UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT
COMPANIES
Investment Company Act file number 811-5349
Goldman Sachs Trust
(Exact name of registrant as specified in charter)
71 South Wacker Drive, Suite 500, Chicago, Illinois 60606
(Address of principal executive offices) (Zip code)
Peter V. Bonanno, Esq. | Copies to: | |
Goldman, Sachs & Co. | Jeffrey A. Dalke, Esq. | |
One New York Plaza | Drinker Biddle & Reath LLP | |
New York, New York 10004 | One Logan Square | |
18th and Cherry Streets | ||
Philadelphia, PA 19103 | ||
(Name and address of agents for service) |
Registrant’s telephone number, including area code: (312) 655-4400
Date of fiscal year end: October 31
Date of reporting period: April 30, 2006
ITEM 1. | REPORTS TO STOCKHOLDERS. | |
The Semi–Annual Report to Stockholders is filed herewith. |
Goldman Sachs Funds
MUNICIPAL FIXED INCOME FUNDS | Semiannual Report April 30, 2006 |
High current income potential from portfolios that invest primarily in municipal securities. |
Goldman Sachs Municipal Fixed Income Funds
n GOLDMAN SACHS SHORT DURATION TAX-FREE FUND | |
n GOLDMAN SACHS CALIFORNIA INTERMEDIATE AMT-FREE MUNICIPAL FUND | |
n GOLDMAN SACHS NEW YORK INTERMEDIATE AMT-FREE MUNICIPAL FUND | |
n GOLDMAN SACHS MUNICIPAL INCOME FUND | |
n GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND | |
Goldman Sachs Short Duration Tax-Free Fund is not a money market fund. Investors in this Fund should understand that the net asset value of the Fund will fluctuate, which may result in a loss of the principal amount invested. Investments in fixed income securities are subject to the risks associated with debt securities including credit and interest rate risk. Under normal conditions, the Short Duration Tax-Free Fund will invest at least 80% of its net assets in municipal securities, the interest on which is exempt from regular federal income tax and is not a tax preference item under the federal alternative minimum tax. Under normal conditions, the Fund’s investments in private activity bonds and taxable investments will not exceed, in the aggregate, 20% of the Fund’s net assets. The interest from private activity bonds (including the Fund’s distributions of such interest) may be a preference item for purposes of the federal alternative minimum tax. The Fund may be adversely impacted by changes in tax law rates and policies, and is not suited for IRAs and other tax-exempt or deferred accounts. |
Goldman Sachs California Intermediate AMT-Free Municipal Fund invests in municipal securities, the interest on which is exempt from regular federal income tax. Up to 20% of the Fund’s net assets may include securities whose income may be subject to the federal alternative minimum tax and state income taxes. The Fund is non-diversified and may invest more of its assets in fewer issuers than diversified funds, may be more susceptible to adverse developments affecting any single issuer held in its portfolio and may be susceptible to greater losses because of these developments. Investments in fixed income securities are subject to the risks associated with debt securities including credit and interest rate risk. The Fund may be adversely impacted by changes in tax law rates and policies, and are not suited for IRAs, and other tax-exempt or deferred accounts.
Goldman Sachs New York Intermediate AMT-Free Municipal Fund invests in municipal securities, the interest on which is exempt from regular federal income tax. Up to 20% of the Fund’s net assets may include securities whose income may be subject to the federal alternative minimum tax and state income taxes. The Fund is non-diversified and may invest more of its assets in fewer issuers than diversified funds, may be more susceptible to adverse developments affecting any single issuer held in its portfolio and may be susceptible to greater losses because of these developments. Investments in fixed income securities are subject to the risks associated with debt securities including credit and interest rate risk. The Fund may be adversely impacted by changes in tax law rates and policies, and are not suited for IRAs, and other tax-exempt or deferred accounts.
NOT FDIC-INSURED | May Lose Value | No Bank Guarantee | ||
GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS
Goldman Sachs Municipal Income Fund invests in municipal securities, the interest on which is exempt from regular federal income tax. The Fund may include securities whose income may be subject to the federal alternative minimum tax and state income taxes. The Fund may be adversely impacted by changes in tax law rates and policies, and is not suited for IRAs and other tax-exempt or deferred accounts. Investments in fixed income securities are subject to the risks associated with debt securities including credit and interest rate risk. |
Goldman Sachs High Yield Municipal Fund invests in high yield municipal securities that, at the time of purchase, are medium quality or noninvestment grade. High yield, lower rated securities involve greater price volatility and present greater risks than higher rated fixed income securities. At times, the High Yield Municipal Fund may be unable to sell certain of its portfolio securities without a substantial drop in price, if at all. The Fund may also include securities whose income is subject to the federal alternative minimum tax and state income tax. The Fund is nondiversified and may invest more of its assets in fewer issuers than diversified funds, may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be susceptible to greater losses because of these developments. The Fund may be adversely impacted by changes in tax law rates and policies, and is not suited for IRAs and other tax-exempt or deferred accounts. Investments in fixed income securities are subject to the risks associated with debt securities including credit and interest rate risk.
1
GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS
What Distinguishes Goldman Sachs’
Fixed Income Investment Process?
Fixed Income Investment 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: n Assess relative value among states, sectors and sub-sectors n Leverage the vast resources of Goldman Sachs in selecting securities for each portfolio n Team approach to decision making n Manage risk by avoiding significant sector and interest rate bets n Careful management of yield curve strategies — while closely managing portfolio duration Fixed Income portfolios that: n Include domestic and global investment options, tax-free income opportunities, and access to areas of specialization such as high yield n Capitalize on GSAM’s industry-renowned credit research capabilities n Use a risk-managed framework to seek total return, recognizing the importance of investors’ capital accumulation goals as well as their need for income |
2
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, 2006.
Performance Review
Over the six-month period that ended April 30, 2006, the Fund’s Class A, B, C, Institutional and Service Shares generated cumulative total returns, without sales charges, of 0.78%, 0.48%, 0.41%, 0.96% and 0.71%, respectively. These returns were about in line with the 0.80% cumulative total return of the Fund’s benchmark, the Lehman Brothers 1-3 Year Municipal Bond Index, over the same time period. |
Market Environment
The six-month period under review saw the continuation of a number of trends in existence during prior periods. For example, the municipal yield curve flattened further, with the two-year/ 10-year spread narrowing from 82 basis points at the beginning of November 2005 to 48 basis points at the end of April. Other spreads, including the two-year/ 30-year and the 10-year/ 30-year, narrowed as well. The short end of the curve was sensitive to actions by the Federal Reserve Board (the “Fed”), which raised the target federal funds rate from 3.75% to 4.75% in four 0.25% increments. Longer-term yields also rose, although not as much. Inflation, a key determinant of longer-term yields, remained under control for the most part, although crude oil rallied once again to penetrate the $70-per-barrel level. Furthermore, gold, which is thought by some investors to be a leading indicator of inflation, ended the period with a surge that carried it above the $650 mark. | |
Credit spreads, reflecting the difference between yields of comparable securities with different credit quality ratings, also continued their narrowing pattern. Investors were increasingly comfortable with buying lower-quality securities, as a maturing economic recovery provided municipalities with ample tax receipts and other entities, such as hospitals, continued to strengthen their financial positions. | |
One departure from conditions during the previous period was a slackening of supply in the municipal market, particularly in 2006. While 2005 witnessed an all-time record supply of approximately $410 billion, the pace during the first four months of the new year was down by roughly 24% versus the same stretch a year earlier. In large part, the decrease was attributable to fewer refinancing opportunities in a rising rate environment. Additionally, IRS regulations state that municipal issuers can refinance their debt only once, unlike consumers, who are able to refinance their home mortgages repeatedly. Lower supply, together with robust demand from retail and institutional investors, enabled municipal securities to outperform their counterparts in the Treasury market. |
3
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. |
Investment Strategies
In seeking to meet the Fund’s objective, we invest at least 80% of the Fund’s net assets in municipal securities, for which the interest is exempt from regular federal income tax. In addition, the Fund may invest in derivative securities, including futures and swaps, primarily for duration management purposes or to take advantage of temporary opportunities in the marketplace. Derivatives are not used for speculative purposes. |
Factors Affecting Performance
The Fund’s heavier-than-benchmark exposure to A and BBB rated securities was one factor boosting our results. With the economy strong, defaults low and spreads narrowing, we thought it was an opportune time to pursue potentially higher returns by owning some bonds at the lower end of the investment-grade spectrum, and the Fund was rewarded for that decision. Security selection also was a positive factor for the Fund during the period. For example, some bonds issued by the Rhode Island Health and Education Authority for South County Hospital Healthcare System performed well, as they were pre-refunded. As a result of the pre-refunding process, the bonds significantly appreciated in value. | |
Counterbalancing those positive influences to some extent were a few negative factors. While we maintained a duration that was modestly shorter than that of the benchmark for much of the period, it would have improved performance if we had shortened the Fund’s duration more aggressively. Additionally, toward the end of the period the Fund experienced some outflows due to investors raising cash to pay their income taxes. These outflows required us to sell securities under less-than-ideal market conditions. | |
During the period under review, we bought a number of pre-refunded bonds, although most of these purchases didn’t have a material impact on performance. Due to the large number of recent pre-refundings, these issues had sold off to the point where they had lost most of their normal premium over lower-rated securities. We thought this was a temporary phenomenon and tried to position the Fund to benefit in the event that these bonds regain their customary premiums. |
4
PORTFOLIO RESULTS
Outlook
We continue to like the prospects for the municipal securities market. Although recent inflation data is somewhat higher than investors were expecting, we think that core inflation, excluding food and energy, should remain relatively benign. We do look for the U.S. economy to slow somewhat as the effects of previous Fed rate hikes work their way through the system. Overall, though, we believe economic growth should be sufficient for most municipal issuers to remain financially sound. Additionally, as interest rates rise, we find that demand for municipal bonds tends to increase, which should help our sector to remain competitive with other fixed income sectors. | |
We thank you for your investment and look forward to your continued confidence. | |
Goldman Sachs U.S. Fixed Income — Municipal Investment Management Team | |
May 22, 2006 |
5
FUND BASICS
Short Duration Tax-Free Fund
as of April 30, 2006
PERFORMANCE REVIEW |
Lehman Brothers | 30-Day | |||||||||||||||||
November 1, 2005– | Fund Total Return | 1–3 Year Municipal | 30-Day Taxable | Standardized | ||||||||||||||
April 30, 2006 | (based on NAV)1 | Bond Index2 | Equivalent Yield3 | Yield4 | ||||||||||||||
Class A | 0.78 | % | 0.80 | % | 4.97 | % | 3.23 | % | ||||||||||
Class B | 0.48 | 0.80 | 4.15 | 2.70 | ||||||||||||||
Class C | 0.41 | 0.80 | 3.92 | 2.55 | ||||||||||||||
Institutional | 0.96 | 0.80 | 5.65 | 3.67 | ||||||||||||||
Service | 0.71 | 0.80 | 4.88 | 3.17 | ||||||||||||||
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 reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges. |
2 | 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. It is not possible to invest directly in an unmanaged index. |
3 | The 30-Day Taxable Equivalent Yield of the Fund is calculated by dividing the current 30-Day Standardized Yield by 1 minus the highest 2005 federal income tax rate of 35%. |
4 | 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 reflect income actually earned and distributed by the Fund and, therefore, may not be correlated with the dividends or other distributions paid to shareholders. |
STANDARDIZED TOTAL RETURNS5 |
For the period ended 3/31/06 | One Year | Five Years | Ten Years | Since Inception | Inception Date | |||||||||||||||
Class A | -0.32 | % | 2.06 | % | n/a | 3.04 | % | 5/1/97 | ||||||||||||
Class B | -0.91 | 1.87 | n/a | 2.64 | 5/1/97 | |||||||||||||||
Class C | -0.05 | 1.71 | n/a | 2.36 | 8/15/97 | |||||||||||||||
Institutional | 2.00 | 2.88 | 3.72 | % | 3.82 | 10/1/92 | ||||||||||||||
Service | 1.60 | 2.39 | 3.19 | 3.366 | 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 NAV. These returns reflect a maximum initial sales charge of 2% for Class A Shares, the assumed contingent deferred sales charge for Class B Shares (2% maximum declining to 0% after three years) and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional and Service Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns. |
The returns represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that 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 performance quoted above. Please visit our Web site at: www.goldmansachsfunds.com to obtain the most recent month-end returns. Performance reflects expense limitations in effect. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
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 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. |
6
FUND BASICS
SECTOR ALLOCATION6 |
Percentage of Portfolio
6 | The percentage shown for each investment sector reflects the value of investments in that sector as a percentage of total market value. |
7
PORTFOLIO RESULTS |
California Intermediate AMT-Free Municipal Fund
Dear Shareholder,
This report provides an overview on the performance of the Goldman Sachs California Intermediate AMT-Free Municipal Fund for the period from its inception on November 1, 2005 through April 30, 2006.
Performance Review
Over the period from the Fund’s inception on November 1, 2005 through April 30, 2006, the Fund’s Class A, C and Institutional Shares generated cumulative total returns, without sales charges, of 0.91%, 0.64% and 1.21%, respectively. These returns compare to the 0.89% cumulative total returns of the Fund’s benchmark, the Lehman Brothers CA 1-10 Year Municipal Bond Index, over the same time period. |
Market Environment
The six-month period under review saw a continuation of a number of trends in existence during prior periods. For example, credit spreads, reflecting the difference between yields of comparable securities with different credit quality ratings, continued their narrowing pattern. Investors were increasingly comfortable with buying lower-quality securities, as a maturing economic recovery provided municipalities with ample tax receipts and other entities, such as hospitals, continued to strengthen their financial positions. In California, conditions mirrored national developments, as the state’s fiscal picture appeared to be modestly improving, driven by constructive trends in the economy and tax revenues. The state’s service and construction sectors did particularly well during the period. | |
The municipal yield curve flattened further, with the two-year/ 30-year spread narrowing from 149 basis points at the beginning of November 2005 to 93 basis points at the end of April. Other spreads, including the two-year/ 10-year and the 10-year/ 30-year, narrowed as well. The short end of the curve was sensitive to actions by the Federal Reserve Board (the “Fed”), which raised the target federal funds rate from 3.75% to 4.75% in four 0.25% increments. Longer-term yields also rose, although not as much. Inflation, a key determinant of longer-term yields, remained under control for the most part, although crude oil rallied once again to penetrate the $70-per-barrel level. Furthermore, gold, which is thought by some investors to be a leading indicator of inflation, ended the period with a surge that carried it above the $650 mark. | |
One departure from conditions during the previous period was a slackening of supply in the municipal market, particularly in 2006. While 2005 witnessed an all-time record supply of approximately $410 billion, the pace during the first four months of the new year was down by roughly 24% versus the same stretch a year earlier. In large part, the decrease was attributable to fewer refinancing opportunities in a rising rate environment. Additionally, IRS regulations state that municipal issuers can refinance their debt only once, unlike consumers, who are able to refinance their home mortgages repeatedly. Lower supply, together with robust demand from retail and institutional investors, enabled municipal securities to outperform their counterparts in the Treasury market. |
8
PORTFOLIO RESULTS
Investment Objective
The Fund seeks a high level of current income that is exempt from regular federal income tax, is not a tax preference item under the federal alternative minimum tax, is exempt from California State personal income tax, and is consistent with preservation of capital. As a secondary objective, the Fund seeks to maximize after-tax total return consistent with the Fund’s intermediate duration and AA/ A+ average credit quality. |
Factors Affecting Performance
The Fund’s yield curve positioning was beneficial to performance, as our overweighting in securities with longer maturities benefited from the flattening yield curve. The Fund’s heavier-than-benchmark exposure to A- and BBB-rated securities was another factor boosting our results. With the economy strong, defaults low and spreads narrowing, we thought it was an opportune time to pursue potentially higher returns by owning some bonds at the lower end of the investment-grade spectrum, and the Fund was rewarded for that decision. | |
Counterbalancing those positive influences to some extent were a few negative factors. While we maintained a duration that was modestly shorter than that of the benchmark for much of the period, it would have improved performance if we had shortened the Fund’s duration more aggressively. Additionally, the Fund had a small position in some uninsured Puerto Rico bonds that underperformed near the end of the period, as the Commonwealth struggled to cover a budget shortfall. |
Outlook
We continue to like the prospects for the municipal securities market. Although recent inflation data is somewhat higher than investors were expecting, we think that core inflation, excluding food and energy, should remain relatively benign. We do look for the U.S. economy to slow somewhat as the effects of previous Fed rate hikes work their way through the system. If the nation’s economic momentum slows, we will be vigilant for opportunities and potential pitfalls in the California municipal market. Overall, though, we believe economic growth should be sufficient for most municipal issuers to remain financially sound. Additionally, as interest rates rise, we find that demand for municipal bonds tends to increase, which should help our sector to remain competitive with other fixed-income sectors. | |
We thank you for your investment and look forward to your continued confidence. | |
Goldman Sachs U.S. Fixed Income — Municipal Investment Management Team | |
May 22, 2006 |
9
FUND BASICS
California Intermediate AMT-Free Municipal Fund
as of April 30, 2006
PERFORMANCE REVIEW |
November 1, 2005– | Fund Total Return | Lehman CA 1-10-Year | 30-Day Taxable | 30-Day | ||||||||||||||
April 30, 2006 | (based on NAV)1 | Municipal Bond Index2 | Equivalent Yield3 | Standardized Yield4 | ||||||||||||||
Class A | 0.91 | % | 0.89 | % | 5.43 | % | 3.53 | % | ||||||||||
Class C | 0.64 | 0.89 | 4.43 | 2.88 | ||||||||||||||
Institutional | 1.21 | 0.89 | 6.25 | 4.06 | ||||||||||||||
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 reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges. |
2 | The Lehman Brothers CA 1-10 Year Municipal Bond Index, with income reinvested, is representative of municipal bonds with maturities ranging from 1-10 years. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index. |
3 | The 30-Day Taxable Equivalent Yield of the Fund is calculated by dividing the current 30-Day Standardized Yield by 1 minus the highest 2005 federal income tax rate of 35%. |
4 | 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 reflect income actually earned and distributed by the Fund and, therefore, may not be correlated with the dividends or other distributions paid to shareholders. |
STANDARDIZED TOTAL RETURNS5 |
For the period ended 3/31/06 | One Year | Since Inception | Inception Date | |||||||||
Class A | n/a | -3.61 | % | 11/1/05 | ||||||||
Class C | n/a | -0.29 | 11/1/05 | |||||||||
Institutional | n/a | 1.18 | 11/1/05 | |||||||||
5 | The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 4.5% for Class A Shares 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. |
The returns represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that 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 performance quoted above. Please visit our Web site at: www.goldmansachsfunds.com to obtain the most recent month-end returns. Performance reflects expense limitations in effect. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
10
FUND BASICS
SECTOR ALLOCATION AS OF 4/30/066 |
Percentage of Portfolio
6 | The percentage shown for each investment sector reflects the value of investments in that sector as a percentage of total market value. The California Intermediate AMT-Free Municipal Fund commenced operations on November 1, 2005. |
11
PORTFOLIO RESULTS
New York Intermediate AMT-Free Municipal Fund
Dear Shareholder,
This report provides an overview on the performance of the Goldman Sachs New York Intermediate AMT-Free Municipal Fund for the period from its inception on November 1, 2005 through April 30, 2006.
Performance Review
Over the period from the Fund’s inception on November 1, 2005 through April 30, 2006, the Fund’s Class A, C and Institutional Shares generated cumulative total returns, without sales charges, of 0.96%, 0.61% and 1.15%, respectively. These returns compare to the 1.09% cumulative total returns of the Fund’s benchmark, the Lehman Brothers NY 1-10 Year Municipal Bond Index, over the same time period. |
Market Environment
The six-month period under review saw a continuation of a number of trends in existence during prior periods. For example, credit spreads, reflecting the difference between yields of comparable securities with different credit quality ratings, continued their narrowing pattern. Investors were increasingly comfortable with buying lower-quality securities, as a maturing economic recovery provided municipalities with ample tax receipts and other entities, such as hospitals, continued to strengthen their financial positions. In New York, conditions mirrored national developments, as the state’s fiscal picture appeared to be modestly improving, driven by constructive trends in the economy and tax revenues. The state’s robust financial services sector did particularly well during the period. | |
The municipal yield curve flattened further, with the two-year/30-year spread narrowing from 149 basis points at the beginning of November 2005 to 93 basis points at the end of April. Other spreads, including the two-year/10-year and the 10-year/30-year, narrowed as well. The short end of the curve was sensitive to actions by the Federal Reserve Board (the “Fed”), which raised the target federal funds rate from 3.75% to 4.75% in four 0.25% increments. Longer-term yields also rose, although not as much. Inflation, a key determinant of longer-term yields, remained under control for the most part, although crude oil rallied once again to penetrate the $70-per-barrel level. Furthermore, gold, which is thought by some investors to be a leading indicator of inflation, ended the period with a surge that carried it above the $650 mark. | |
One departure from conditions during the previous period was a slackening of supply in the municipal market, particularly in 2006. While 2005 witnessed an all-time record supply of approximately $410 billion, the pace during the first four months of the new year was down by roughly 24% versus the same stretch a year earlier. In large part, the decrease was attributable to fewer refinancing opportunities in a rising rate environment. Additionally, IRS regulations state that municipal issuers can refinance their debt only once, unlike consumers, who are able to refinance their home mortgages repeatedly. Lower supply, together with robust demand from retail and institutional investors, enabled municipal securities to outperform their counterparts in the Treasury market. |
12
PORTFOLIO RESULTS
Investment Objective
The Fund seeks a high level of current income that is exempt from regular federal income tax, is not a tax preference item under the federal alternative minimum tax, is exempt from New York State personal income tax, and is consistent with preservation of capital. As a secondary objective, the Fund seeks to maximize after-tax total return consistent with the Fund’s intermediate duration and AA/A+ average credit quality. |
Factors Affecting Performance
The Fund’s yield curve positioning was beneficial to performance, as our overweighting in securities with longer maturities benefited from the flattening yield curve. The Fund’s heavier-than-benchmark exposure to A and BBB rated securities was another factor boosting our results. With the economy strong, defaults low and spreads narrowing, we thought it was an opportune time to pursue potentially higher returns by owning some bonds at the lower end of the investment-grade spectrum, and the Fund was rewarded for that decision. | |
Counterbalancing those positive influences to some extent were a few negative factors. While we maintained a duration that was modestly shorter than that of the benchmark for much of the period, it would have improved performance if we had shortened the Fund’s duration more aggressively. Additionally, the Fund had a small position in some uninsured Puerto Rico bonds that underperformed near the end of the period, as the Commonwealth struggled to cover a budget shortfall. |
Outlook
We continue to like the prospects for the municipal securities market. Although recent inflation data is somewhat higher than investors were expecting, we think that core inflation, excluding food and energy, should remain relatively benign. We do look for the U.S. economy to slow somewhat as the effects of previous Fed rate hikes work their way through the system. If the nation’s economic momentum slows, we will be vigilant for opportunities and potential pitfalls in the New York municipal market. Overall, though, we believe economic growth should be sufficient for most municipal issuers to remain financially sound. Additionally, as interest rates rise, we find that demand for municipal bonds tends to increase, which should help our sector to remain competitive with other fixed-income sectors. | |
We thank you for your investment and look forward to your continued confidence. | |
Goldman Sachs U.S. Fixed Income — Municipal Investment Management Team | |
May 22, 2006 |
13
FUND BASICS
New York Intermediate AMT-Free Municipal Fund
as of April 30, 2006
PERFORMANCE REVIEW |
November 1, 2005– | Fund Total Return | Lehman NY 1-10-Year | 30-Day Taxable | 30-Day | ||||||||||||||
April 30, 2006 | (based on NAV)1 | Municipal Bond Index2 | Equivalent Yield3 | Standardized Yield4 | ||||||||||||||
Class A | 0.96 | % | 1.09 | % | 4.92 | % | 3.20 | % | ||||||||||
Class C | 0.61 | 1.09 | 4.02 | 2.61 | ||||||||||||||
Institutional | 1.15 | 1.09 | 5.72 | 3.72 | ||||||||||||||
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 reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges. |
2 | The Lehman Brothers NY 1-10 Year Municipal Bond Index, with income reinvested, is representative of municipal bonds with maturities ranging from 1–10 years. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index. |
3 | The 30-Day Taxable Equivalent Yield of the Fund is calculated by dividing the current 30-Day Standardized Yield by 1 minus the highest 2005 federal income tax rate of 35%. |
4 | 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 reflect income actually earned and distributed by the Fund and, therefore, may not be correlated with the dividends or other distributions paid to shareholders. |
STANDARDIZED TOTAL RETURNS5 |
For the period ended 3/31/06 | One Year | Since Inception | Inception Date | |||||||||
Class A | n/a | -3.63 | % | 11/1/05 | ||||||||
Class C | n/a | -0.30 | 11/1/05 | |||||||||
Institutional | n/a | 1.16 | 11/1/05 | |||||||||
5 | The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 4.5% for Class A Shares 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. |
The returns represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that 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 performance quoted above. Please visit our Web site at: www.goldmansachsfunds.com to obtain the most recent month-end returns. Performance reflects expense limitations in effect. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
14
FUND BASICS
SECTOR ALLOCATION AS OF 4/30/066 |
Percentage of Portfolio
6 | The percentage shown for each investment sector reflects the value of investments in that sector as a percentage of total market value. The New York Intermediate AMT-Free Municipal Fund commenced operations on November 1, 2005. |
15
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, 2006.
Performance Review
Over the six-month period that ended April 30, 2006, the Fund’s Class A, B, C, Institutional and Service Shares generated cumulative total returns, without sales charges, of 1.55%, 1.18%, 1.11%, 1.74% and 1.49%, respectively. These returns were about in line with the 1.56% cumulative total return of the Fund’s benchmark, the Lehman Brothers Aggregate Municipal Bond Index, over the same time period. |
Market Environment
The six-month period under review saw a continuation of a number of trends in existence during prior periods. For example, the municipal yield curve flattened further, with the two-year/ 30-year spread narrowing from 149 basis points at the beginning of November 2005 to 93 basis points at the end of April. Other spreads, including the two-year/ 10-year and the 10-year/ 30-year, narrowed as well. The short end of the curve was sensitive to actions by the Federal Reserve Board (the “Fed”), which raised the target federal funds rate from 3.75% to 4.75% in four 0.25% increments. Longer-term yields also rose, although not as much. Inflation, a key determinant of longer-term yields, remained under control for the most part, although crude oil rallied once again to penetrate the $70-per-barrel level. Furthermore, gold, which is thought by some investors to be a leading indicator of inflation, ended the period with a surge that carried it above the $650 mark. | |
Credit spreads, reflecting the difference between yields of comparable securities with different credit quality ratings, also continued their narrowing pattern. Investors were increasingly comfortable with buying lower-quality securities, as a maturing economic recovery provided municipalities with ample tax receipts and other entities, such as hospitals, continued to strengthen their financial positions. | |
One departure from conditions during the previous period was a slackening of supply in the municipal market, particularly in 2006. While 2005 witnessed an all-time record supply of approximately $410 billion, the pace during the first four months of the new year was down by roughly 24% versus the same stretch a year earlier. In large part, the decrease was attributable to fewer refinancing opportunities in a rising rate environment. Additionally, IRS regulations state that municipal issuers can refinance their debt only once, unlike consumers, who are able to refinance their home mortgages repeatedly. Lower supply, together with robust demand from retail and institutional investors, enabled municipal securities to outperform their counterparts in the Treasury market. |
Investment Objective
The Fund seeks a high level of current income that is exempt from regular federal income tax, consistent with preservation of capital. |
16
PORTFOLIO RESULTS
Investment Strategies
In seeking to meet the Fund’s objective, we invest at least 80% of the Fund’s net assets in municipal securities, for which the interest is exempt from regular federal income tax. In addition, the Fund may invest in derivative securities, including futures and swaps, primarily for duration management purposes or to take advantage of temporary opportunities in the marketplace. Derivatives are not used for speculative purposes. |
Factors Affecting Performance
Security selection was a positive factor for the Fund during the period. For example, some bonds issued by the Tobacco Settlement Authority of Iowa performed well, as they were pre-refunded. As a result of the pre-refunding process, the bonds were upgraded from Baa3/ BBB to Aaa and significantly appreciated in value. The Fund’s heavier-than-benchmark exposure to A and BBB rated securities was another factor boosting our results. With the economy strong, defaults low and spreads narrowing, we thought it was an opportune time to pursue potentially higher returns by owning some bonds at the lower end of the investment-grade spectrum, and the Fund was rewarded for that decision. | |
Counterbalancing those positive influences to some extent were a few negative factors. While we maintained a duration that was modestly shorter than that of the benchmark for much of the period, it would have improved performance if we had shortened the Fund’s duration more aggressively. Additionally, the Fund had a small position in some uninsured Puerto Rico bonds that underperformed near the end of the period, as the Commonwealth struggled to cover a budget shortfall. |
Outlook
We continue to like the prospects for the municipal securities market. Although recent inflation data is somewhat higher than investors were expecting, we think that core inflation, excluding food and energy, should remain relatively benign. We do look for the U.S. economy to slow somewhat as the effects of previous Fed rate hikes work their way through the system. Overall, though, we believe economic growth should be sufficient for most municipal issuers to remain financially sound. Additionally, as interest rates rise, we find that demand for municipal bonds tends to increase, which should help our sector to remain competitive with other fixed income sectors. | |
We thank you for your investment and look forward to your continued confidence. | |
Goldman Sachs U.S. Fixed Income — Municipal Investment Management Team | |
May 22, 2006 |
17
FUND BASICS
Municipal Income Fund
as of April 30, 2006
PERFORMANCE REVIEW |
November 1, 2005– | Fund Total Return | Lehman Brothers Aggregate | 30-Day Taxable | 30-Day | ||||||||||||||
April 30, 2006 | (based on NAV)1 | Municipal Bond Index2 | Equivalent Yield3 | Standardized Yield4 | ||||||||||||||
Class A | 1.55 | % | 1.56 | % | 6.11 | % | 3.97 | % | ||||||||||
Class B | 1.18 | 1.56 | 5.25 | 3.41 | ||||||||||||||
Class C | 1.11 | 1.56 | 5.25 | 3.41 | ||||||||||||||
Institutional | 1.74 | 1.56 | 6.97 | 4.53 | ||||||||||||||
Service | 1.49 | 1.56 | 6.18 | 4.02 | ||||||||||||||
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. |
2 | 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. It is not possible to invest directly in an unmanaged index. |
3 | The 30-Day Taxable Equivalent Yield of the Fund is calculated by dividing the current 30-Day Standardized Yield by 1 minus the highest 2005 federal income tax rate of 35%. |
4 | 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 reflect income actually earned and distributed by the Fund and, therefore, may not be correlated with the dividends or other distributions paid to shareholders. |
STANDARDIZED TOTAL RETURNS5 |
For the period ended 3/31/06 | One Year | Five Years | Ten Years | Since Inception | Inception Date | |||||||||||||||
Class A | -0.61 | % | 4.17 | % | 5.03 | % | 4.98 | % | 7/20/93 | |||||||||||
Class B | -1.89 | 3.94 | n/a | 4.82 | 5/1/96 | |||||||||||||||
Class C | 2.24 | 4.33 | n/a | 4.27 | 8/15/97 | |||||||||||||||
Institutional | 4.51 | 5.54 | n/a | 5.46 | 8/15/97 | |||||||||||||||
Service | 3.97 | 5.03 | n/a | 5.32 | 6 | 7/20/93 | ||||||||||||||
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 NAV. 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 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns. The Fund will charge a 2% redemption fee on the redemption of shares (including by exchange) held for 30 calendar days or less. The performance figures do not reflect the deduction of the redemption fee. If reflected, the redemption fee would reduce the performance quoted. |
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 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. |
The returns represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that 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 performance quoted above. Please visit our Web site at: www.goldmansachsfunds.com to obtain the most recent month-end returns. Performance reflects expense limitations in effect. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
18
FUND BASICS
SECTOR ALLOCATION7 |
Percentage of Portfolio
7 | The percentage shown for each investment sector reflects the value of investments in that sector as a percentage of total market value. |
19
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, 2006.
Performance Review
Over the six-month period that ended April 30, 2006, the Fund’s Class A, B, C and Institutional Shares generated cumulative total returns, without sales charges, of 3.76%, 3.38%, 3.37% and 3.95%, respectively. These returns compare to the 5.23% and 1.56% 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. |
Market Environment
High-yield municipal securities significantly outperformed those rated as investment grade, aided by a robust U.S. economy that resulted in a healthy flow of tax revenues at the municipal level, as well as delivering significant improvements to specific sectors, such as health care, airlines and utilities. With many issuers enjoying improving credit quality, credit spreads narrowed, boosting prices in the sector. | |
Higher quality investment-grade securities, which tend to correlate more directly with the Treasury market, generally underperformed lower quality bonds due to the upward trend in Treasury yields. The short end of the Treasury market was pressured by four 0.25% hikes in the target federal funds rate by the Federal Reserve Board (the “Fed”), while longer-term Treasury yields rose due to a strong rebound in first-quarter gross domestic product (“GDP”) growth and increasing concerns about inflation. | |
As a result of the Fed’s actions, the municipal yield curve flattened further, with the two-year/30-year spread narrowing from 149 basis points at the beginning of November 2005 to 93 basis points at the end of April. Other spreads, including the two-year/10-year and the 10-year/30-year, narrowed as well. | |
One departure from conditions during the previous period was a slackening of supply in the municipal market, particularly in 2006. While 2005 witnessed an all-time record supply of approximately $410 billion, the pace during the first four months of the new year was down by roughly 24% versus the same stretch a year earlier. In large part, the decrease was attributable to fewer refinancing opportunities in a rising rate environment. Additionally, IRS regulations state that municipal issuers can refinance their debt only once, unlike consumers, who are able to refinance their home mortgages repeatedly. Lower supply, together with robust demand from retail and institutional investors, helped municipal securities to outperform their counterparts in the Treasury market. |
20
PORTFOLIO RESULTS
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. |
Investment Strategies
In seeking to meet the Fund’s objective, we invest at least 80% of the Fund’s net assets in municipal securities, for which the interest is exempt from regular federal income tax. In addition, the Fund may invest in derivative securities, including futures and swaps, primarily for duration management purposes or to take advantage of temporary opportunities in the marketplace. Derivatives are not used for speculative purposes. |
Factors Affecting Performance
An increase in the Fund’s exposure to unsecured airline-backed bonds was one factor aiding performance during the period. Cost-cutting, reduced capacity and better pricing power all helped the group. | |
The Fund also benefited from some opportunistic trades during the period. For example, we purchased bonds backed by automaker General Motors (GM) after they sold off sharply in response to GM’s own well-publicized financial challenges and the bankruptcy filing by auto parts company Delphi, which was spun off from GM in 1999. As GM’s credit prospects stabilized later in the period, we sold the bonds at a significant profit. | |
On the negative side, an underweighted position in bonds backed by copper mining company Asarco held back the Fund’s results. Given the company’s distressed financial position and the recent volatility in commodity prices, we were reluctant to take a meaningful position in these securities. However, despite our reservations, they rallied during the period. | |
The Fund continued to hold securities with an average credit quality of BBB. Since its inception, the Fund generally has held a mix of investment-grade and high yield securities because we feel there are attractive opportunities in both sectors. That said, lower-quality bonds outperformed during the period under review, and Fund performance would have benefited from holding more of them. |
21
PORTFOLIO RESULTS
Outlook
We continue to like the prospects for the municipal securities market. Although recent inflation data is somewhat higher than investors were expecting, we think that core inflation, excluding food and energy, should remain relatively benign. We do look for the U.S. economy to slow somewhat as the effects of previous Fed rate hikes work their way through the system, and consequently we anticipate being a bit more cautious about bonds in the lower credit quality sectors. Overall, however, we believe economic growth should be sufficient for most municipal issuers to remain financially sound. Additionally, as interest rates rise, we find that demand for municipal bonds tends to increase, which should help our sector to remain competitive with other fixed-income sectors. | |
We thank you for your investment and look forward to your continued confidence. | |
Goldman Sachs U.S. Fixed Income — Municipal Investment Management Team | |
May 22, 2006 |
22
FUND BASICS
High Yield Municipal Fund
as of April 30, 2006
PERFORMANCE REVIEW |
Lehman | Lehman Brothers | |||||||||||||||||||||
Fund | Brothers High | Aggregate | 30-Day | 30-Day | ||||||||||||||||||
November 1, 2005– | Total Return | Yield Municipal | Municipal | Taxable | Standardized | |||||||||||||||||
April 30, 2006 | (based on NAV)1 | Bond Index2 | Bond Index3 | Equivalent Yield4 | Yield5 | |||||||||||||||||
Class A | 3.76 | % | 5.23 | % | 1.56 | % | 6.80 | % | 4.42 | % | ||||||||||||
Class B | 3.38 | 5.23 | 1.56 | 5.97 | 3.88 | |||||||||||||||||
Class C | 3.37 | 5.23 | 1.56 | 5.97 | 3.88 | |||||||||||||||||
Institutional | 3.95 | 5.23 | 1.56 | 7.71 | 5.01 | |||||||||||||||||
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. |
2 | 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. It is not possible to invest directly in an unmanaged index. |
3 | 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. It is not possible to invest directly in an unmanaged index. |
4 | The 30-Day Taxable Equivalent Yield of the Fund is calculated by dividing the current 30-Day Standardized Yield by 1 minus the highest 2005 federal income tax rate of 35%. |
5 | 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 reflect income actually earned and distributed by the Fund and, therefore, may not be correlated with the dividends or other distributions paid to shareholders. |
STANDARDIZED TOTAL RETURNS6 |
For the period ended 3/31/06 | One Year | Five Years | Since Inception | Inception Date | ||||||||||||
Class A | 2.73 | % | 6.06 | % | 6.76 | % | 4/3/00 | |||||||||
Class B | 1.58 | 5.84 | 6.62 | 4/3/00 | ||||||||||||
Class C | 5.74 | 6.24 | 6.78 | 4/3/00 | ||||||||||||
Institutional | 8.08 | 7.48 | 8.02 | 4/3/00 | ||||||||||||
6 | The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. 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. |
The returns represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that 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 performance quoted above. Please visit our Web site at: www.goldmansachsfunds.com to obtain the most recent month-end returns. Performance reflects expense limitations in effect. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
23
FUND BASICS
SECTOR ALLOCATION7 |
Percentage of Portfolio
7 | The percentage shown for each investment sector reflects the value of investments in that sector as a percentage of total market value. |
24
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
Statement of Investments
April 30, 2006 (Unaudited)
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Municipal Debt Obligations – 90.6% | ||||||||||||||||
Alabama – 1.9% | ||||||||||||||||
Alexander City Alabama Special Care Facilities Financing Authority Medical Facilities RB Refunding for Russell Hospital Corp. Series 2006 A (BBB-) | ||||||||||||||||
$ | 2,910,000 | 5.000 | % | 12/01/11 | $ | 2,915,267 | ||||||||||
Health Care Authority RB Refunding for Baptist Health Series 2006 D (GO OF AUTH) (BBB+/A3) | ||||||||||||||||
600,000 | 5.000 | 11/15/09 | 616,590 | |||||||||||||
Jefferson County Alabama Limited Obligation School Warrants RB Series 2004 A (A/A2) | ||||||||||||||||
4,000,000 | 5.000 | 01/01/08 | 4,075,080 | |||||||||||||
7,606,937 | ||||||||||||||||
Arizona – 0.2% | ||||||||||||||||
Pinal County Arizona IDA RB for Correctional Facilities Contract Florence West Prison Project Series 2006 A (ACA)(A) | ||||||||||||||||
750,000 | 4.500 | 10/01/09 | 759,675 | |||||||||||||
Arkansas – 0.8% | ||||||||||||||||
Springdale Arkansas Sales & Use Tax RB Series 2004 (MBIA) (Aaa) | ||||||||||||||||
2,250,000 | 4.000 | 07/01/16 | 2,211,998 | |||||||||||||
Washington County Hospital RB Refunding for Regional Medical Center Series 2005 B (BBB/Baa2) | ||||||||||||||||
1,000,000 | 5.000 | 02/01/11 | 1,029,690 | |||||||||||||
3,241,688 | ||||||||||||||||
California – 8.9% | ||||||||||||||||
Alameda County COPS Refunding for Santa Rita Jail Project Series 1993 (ETM) (MBIA) (AAA/Aaa) | ||||||||||||||||
4,015,000 | 5.375 | 06/01/09 | 4,097,227 | |||||||||||||
California Health Facilities Financing Authority RB for Catholic Healthcare West Unrefunded Balance Series 2004 H (A-/A3)(a) | ||||||||||||||||
3,785,000 | 4.450 | 07/01/11 | 3,816,075 | |||||||||||||
California Health Facilities Financing Authority RB for Catholic West Series 2004 H (A-/A3)(b) | ||||||||||||||||
340,000 | 4.450 | 07/01/11 | 351,380 | |||||||||||||
California State Department of Water Resource Power Supply RB Series 2002 A (FSA) (AAA/Aaa) | ||||||||||||||||
1,250,000 | 5.250 | 05/01/11 | 1,332,912 | |||||||||||||
California State GO Bonds Series 2004 (A/A2) | ||||||||||||||||
4,500,000 | 4.000 | 02/01/09 | 4,525,380 | |||||||||||||
1,000,000 | 4.000 | 02/01/10 | 1,005,830 | |||||||||||||
California State GO Bonds Variable Purpose Series 2004 (A/A2) | ||||||||||||||||
6,500,000 | 5.000 | 04/01/11 | 6,822,465 | |||||||||||||
California Statewide Communities Development Authority RB for Daughters of Charity Health Series 2005 F (BBB+) | ||||||||||||||||
1,160,000 | 5.000 | 07/01/07 | 1,173,897 | |||||||||||||
1,000,000 | 5.000 | 07/01/08 | 1,017,960 | |||||||||||||
Del Mar Race Track Authority RB Series 2005 (BBB-) | ||||||||||||||||
620,000 | 4.000 | 08/15/06 | 620,608 | |||||||||||||
1,000,000 | 5.000 | 08/15/08 | 1,017,840 | |||||||||||||
Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Series 2003 B (ETM) (AAA/Aaa) | ||||||||||||||||
2,000,000 | 5.000 | 06/01/10 | 2,097,520 | |||||||||||||
Kings River Conservation District Revenue COPS for Partnership Peaking Project Series 2004 (Baa1) | ||||||||||||||||
1,000,000 | 5.000 | 05/01/07 | 1,010,140 | |||||||||||||
1,000,000 | 4.000 | 05/01/08 | 998,860 | |||||||||||||
Tobacco Securitization Authority of Southern California Tobacco Settlement RB for Asset Backed Bonds Senior Series 2002 A (BBB/Baa3) | ||||||||||||||||
4,875,000 | 5.250 | 06/01/27 | 4,954,316 | |||||||||||||
34,842,410 | ||||||||||||||||
Colorado – 1.5% | ||||||||||||||||
Colorado Department of Transportation RANS RB Series A (MBIA) (AAA/Aaa) | ||||||||||||||||
1,000,000 | 5.500 | 06/15/06 | 1,002,100 | |||||||||||||
Colorado Health Facilities Authority RB for Covenant Retirement Communities, Inc. Series 2005 (BBB) | ||||||||||||||||
250,000 | 4.500 | 12/01/07 | 251,995 | |||||||||||||
400,000 | 4.500 | 12/01/08 | 403,476 | |||||||||||||
500,000 | 4.500 | 12/01/09 | 505,580 | |||||||||||||
500,000 | 5.000 | 12/01/10 | 513,555 | |||||||||||||
Colorado Health Facilities Authority RB for Evangelical Lutheran Series 2005 (A-/A3) | ||||||||||||||||
255,000 | 5.000 | 06/01/08 | 260,284 | |||||||||||||
275,000 | 5.000 | 06/01/09 | 283,442 | |||||||||||||
Eagle Bend Metropolitan District No. 2 GO Bonds Refunding & Improvement Series 2003 (Radian) (AA) | ||||||||||||||||
480,000 | 4.000 | 12/01/09 | 473,957 | |||||||||||||
East Quincy Highlands Metropolitan District GO Bonds Series 2002 (LOC-U.S. Bank N.A.) (Aa1) (a)(b) | ||||||||||||||||
2,230,000 | 2.250 | 12/01/06 | 2,212,271 | |||||||||||||
5,906,660 | ||||||||||||||||
Delaware – 0.2% | ||||||||||||||||
Delaware State Health Facilities Authority RB for Beebe Medical Center Project Series 2005 A (BBB+/Baa1) | ||||||||||||||||
605,000 | 5.000 | 06/01/09 | 619,871 | |||||||||||||
Florida – 5.8% | ||||||||||||||||
Broward County Florida Resource Recovery RB Refunding for Wheelabrator Series 2001 A (AA/A3) | ||||||||||||||||
4,000,000 | 5.375 | 12/01/10 | 4,186,480 | |||||||||||||
Florida State Board Education GO Bonds for Public Education Series 1998 B (AAA/Aa1) | ||||||||||||||||
2,000,000 | 6.000 | 06/01/06 | 2,003,560 | |||||||||||||
Highlands County Florida Health Facilities Authority RB for Adventist Health/Sunbelt Hospital Series 2002 (A+/A2)(a) | ||||||||||||||||
2,450,000 | 3.950 | 09/01/12 | 2,384,291 | |||||||||||||
Highlands County Florida Health Facilities Authority RB Refunding for Adventist Health Hospital Series 2005 B (A+/A2) | ||||||||||||||||
400,000 | 5.000 | 11/15/08 | 409,832 | |||||||||||||
500,000 | 5.000 | 11/15/09 | 515,985 |
The accompanying notes are an integral part of these financial statements.
25
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
Statement of Investments (continued)
April 30, 2006 (Unaudited)
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Municipal Debt Obligations – (continued) | ||||||||||||||||
Florida – (continued) | ||||||||||||||||
Huntington Community Development District RB for Special Assessment Series 2004 B | ||||||||||||||||
$ | 5,290,000 | 5.000 | % | 05/01/09 | $ | 5,247,997 | ||||||||||
Jacksonville Florida Electric Authority Water and Sewer System RB for Water Utility Improvements Series 2001 C (MBIA-IBC) (AAA)(b) | ||||||||||||||||
3,000,000 | 5.250 | 10/01/06 | 3,020,460 | |||||||||||||
Leesburg Florida Hospital RB for Leesburg Regional Medical Center Project Series 2003 A (BBB+/Baa1) | ||||||||||||||||
1,820,000 | 5.000 | 07/01/08 | 1,846,299 | |||||||||||||
Meadow Pointe II Community Development District RB for Capital Improvement Series 2004 (Baa3) | ||||||||||||||||
300,000 | 2.000 | 05/01/06 | 300,000 | |||||||||||||
610,000 | 2.375 | 05/01/07 | 594,299 | |||||||||||||
625,000 | 2.800 | 05/01/08 | 596,988 | |||||||||||||
300,000 | 3.000 | 05/01/09 | 284,118 | |||||||||||||
Meadow Pointe III Community Development District RB for Capital Improvement Series 2004 B | ||||||||||||||||
845,000 | 5.000 | 05/01/09 | 840,200 | |||||||||||||
Tampa Palms Florida Open Space & Transportation Community Development District Revenue for Special Assessment Refunding Capital Improvement Area 7 Project Series 2004 (MBIA) (AAA/Aaa) | ||||||||||||||||
405,000 | 3.125 | 05/01/09 | 396,531 | |||||||||||||
22,627,040 | ||||||||||||||||
Georgia – 3.1% | ||||||||||||||||
Atlanta Georgia RB for Airport and Marina Improvements Series 2000 A (FGIC) (AAA/Aaa)(b) | ||||||||||||||||
2,500,000 | 5.500 | 01/01/10 | 2,674,475 | |||||||||||||
Atlanta Georgia Water & Sewer RB Second Lien Series 1997 (FGIC) (AAA/Aaa)(b) | ||||||||||||||||
3,875,000 | 5.400 | 01/01/07 | 3,957,809 | |||||||||||||
Dekalb County Development Authority RB for Dekalb Senior Center Project Series 2004 | ||||||||||||||||
1,400,000 | 4.850 | 06/01/09 | 1,401,932 | |||||||||||||
Downtown Savannah Authority RB Refunding for Public Improvement Series 2005 (AA/A1) | ||||||||||||||||
1,530,000 | 4.000 | 01/01/07 | 1,532,616 | |||||||||||||
2,760,000 | 4.000 | 01/01/08 | 2,771,344 | |||||||||||||
12,338,176 | ||||||||||||||||
Idaho – 0.9% | ||||||||||||||||
Boise-Kuna Idaho Irrigation District RB (AMBAC) (AAA/Aaa) | ||||||||||||||||
2,750,000 | 5.000 | 07/01/06 | 2,755,582 | |||||||||||||
Madison County Idaho Hospital COPS Refunding Series 2006 (BBB-) | ||||||||||||||||
120,000 | 4.125 | 09/01/08 | 119,402 | |||||||||||||
250,000 | 4.375 | 09/01/10 | 249,605 | |||||||||||||
425,000 | 5.000 | 09/01/11 | 435,702 | |||||||||||||
3,560,291 | ||||||||||||||||
Illinois – 4.8% | ||||||||||||||||
Chicago Illinois Park District Harbour Facilities RB for Airport and Marina Improvements Series 2000 (XLCA) (AAA/Aaa)(b) | ||||||||||||||||
4,610,000 | 5.650 | 01/01/11 | 4,975,435 | |||||||||||||
Chicago Illinois Tax Increment RB for Central Loop Redevelopment Series 2000 A (ACA)(A) | ||||||||||||||||
1,000,000 | 6.500 | 12/01/06 | 1,013,290 | |||||||||||||
Illinois Development Finance Authority RB for Revolving Fund Master Trust Series 2002 (Aaa) | ||||||||||||||||
2,500,000 | 5.000 | 03/01/07 | 2,526,950 | |||||||||||||
Illinois Educational Facilities Authority RB for Loyola University Chicago Series 1991 A (ETM) (AAA) | ||||||||||||||||
1,500,000 | 7.000 | 07/01/07 | 1,531,245 | |||||||||||||
Illinois Health Facilities Authority RB for Hospital Sisters Services Inc. Series 1998 A (MBIA) (Aaa) | ||||||||||||||||
4,375,000 | 5.250 | 06/01/09 | 4,536,481 | |||||||||||||
Illinois State Sales Tax RB for Public Improvements Series 2006 (FSA) (AAA/Aaa) | ||||||||||||||||
1,040,000 | 5.000 | 06/15/08 | 1,065,958 | |||||||||||||
2,700,000 | 5.000 | 06/15/11 | 2,846,691 | |||||||||||||
Metropolitan Pier and Exposition Authority Hospitality Facilities RB for McCormick Place Series 1996 (ETM) (AAA/Aaa) | ||||||||||||||||
255,000 | 5.750 | 07/01/06 | 255,893 | |||||||||||||
18,751,943 | ||||||||||||||||
Indiana – 1.8% | ||||||||||||||||
Indiana Health Facilities Financing Authority Hospital RB for Clarian Health Partners Inc. Series 1996 A (A+/A2)(b) | ||||||||||||||||
1,500,000 | 5.500 | 02/15/07 | 1,550,310 | |||||||||||||
Indiana Health Facilities Financing Authority Hospital RB for Community Foundation Northwest Industry Series 2001 A (BBB-) | ||||||||||||||||
500,000 | 5.500 | 08/01/06 | 501,490 | |||||||||||||
Lawrenceburg Indiana PCRB for Indiana Michigan Power Co. Project Series 2003 F (BBB/Baa2) (a) | ||||||||||||||||
5,000,000 | 2.625 | 10/01/06 | 4,965,550 | |||||||||||||
7,017,350 | ||||||||||||||||
Kansas – 1.4% | ||||||||||||||||
Burlington Kansas PCRB Refunding Kansas Gas & Electric Co. Project Series 2004 B (MBIA) (AAA/Aaa)(a) | ||||||||||||||||
4,500,000 | 2.650 | 06/01/06 | 4,495,950 | |||||||||||||
Kansas State Development Finance Authority Health Facilities RB for Hays Medical Center Inc. Series 2005 L (A2) | ||||||||||||||||
425,000 | 4.000 | 11/15/08 | 426,012 | |||||||||||||
500,000 | 5.250 | 11/15/10 | 524,825 | |||||||||||||
5,446,787 | ||||||||||||||||
Kentucky – 3.9% | ||||||||||||||||
Kentucky Economic Development Finance Authority RB for Norton Healthcare Inc. Series 2000 C (MBIA) (AAA/Aaa) | ||||||||||||||||
1,775,000 | 5.250 | 10/01/07 | 1,809,967 |
The accompanying notes are an integral part of these financial statements.
26
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Municipal Debt Obligations – (continued) | ||||||||||||||||
Kentucky – (continued) | ||||||||||||||||
Logan/Todd Regional Water Commission of Kentucky RB Refunding Series 2003 (MIG1) | ||||||||||||||||
$ | 13,500,000 | 4.000 | % | 02/01/07 | $ | 13,519,035 | ||||||||||
15,329,002 | ||||||||||||||||
Louisiana – 4.2% | ||||||||||||||||
City of New Orleans GO Bonds for Public Improvement Series 1999 (FSA) (AAA/Aaa)(b) | ||||||||||||||||
3,390,000 | 5.875 | 11/01/09 | 3,630,758 | |||||||||||||
Ernest N. Morial — Exhibit Hall Authority Special Tax Series 2003 A (AMBAC) (AAA/Aaa) | ||||||||||||||||
1,080,000 | 5.000 | 07/15/07 | 1,091,200 | |||||||||||||
Jefferson Parish Hospital Service District No. 001 RB for West Jefferson Medical Center Series 1998 A (FSA) (AAA/Aaa) | ||||||||||||||||
1,755,000 | 5.000 | 01/01/08 | 1,787,081 | |||||||||||||
Livingston Parish Louisiana RB Certificates of Indebtedness Series 2005 | ||||||||||||||||
2,500,000 | 4.750 | 05/01/15 | 2,400,050 | |||||||||||||
Morehouse Parish PCRB Refunding for International Paper Co. Project Series 2001 A (BBB/Baa3) | ||||||||||||||||
800,000 | 5.250 | 11/15/13 | 825,584 | |||||||||||||
New Orleans Sewer Services RB BANS Series 2005 (SP-3) | ||||||||||||||||
5,490,000 | 3.000 | 07/26/06 | 5,442,621 | |||||||||||||
State of Louisiana GO Bonds Series 2004 A (AMBAC) (AAA/Aaa) | ||||||||||||||||
1,450,000 | 5.000 | 10/15/08 | 1,489,962 | |||||||||||||
16,667,256 | ||||||||||||||||
Maryland – 1.3% | ||||||||||||||||
Maryland State Community Development Administration Department RB Refunding for Residential Housing & Community Development Series 2006 C (MIG1) | ||||||||||||||||
5,000,000 | 3.375 | 03/07/07 | 4,978,900 | |||||||||||||
Massachusetts – 3.7% | ||||||||||||||||
Massachusetts State GO Bonds Series 2002 C (FSA) (AAA/Aaa) | ||||||||||||||||
10,000,000 | 5.500 | 11/01/10 | 10,717,600 | |||||||||||||
Massachusetts State Health & Educational Facilities Authority RB for Emerson Hospital Series 2005 E (Radian) (AA) | ||||||||||||||||
445,000 | 5.000 | 08/15/10 | 460,206 | |||||||||||||
780,000 | 5.000 | 08/15/11 | 811,114 | |||||||||||||
465,000 | 5.000 | 08/15/12 | 483,763 | |||||||||||||
Massachusetts State Health & Educational Facilities Authority RB for Harvard Pilgrim Health Series 1998 A (FSA) (AAA/Aaa) | ||||||||||||||||
2,000,000 | 5.250 | 07/01/09 | 2,075,420 | |||||||||||||
14,548,103 | ||||||||||||||||
Michigan – 1.0% | ||||||||||||||||
Kalamazoo Michigan Hospital Finance Authority Hospital Facilities RB Refunding for Bronson Methodist Hospital Series 2005 A (MBIA) (Aaa) | ||||||||||||||||
4,000,000 | 5.000 | 10/15/08 | 4,113,080 | |||||||||||||
Minnesota – 0.9% | ||||||||||||||||
Minneapolis Minnesota Health Care Systems RB for Fairview Health Services Series 2002 B (MBIA) (AAA/Aaa) | ||||||||||||||||
1,430,000 | 5.125 | 05/15/08 | 1,468,982 | |||||||||||||
Minnesota State Municipal Power Agency Electric RB Series 2005 (A3) | ||||||||||||||||
1,000,000 | 3.500 | 10/01/07 | 994,060 | |||||||||||||
1,110,000 | 4.000 | 10/01/09 | 1,114,895 | |||||||||||||
3,577,937 | ||||||||||||||||
Mississippi – 1.3% | ||||||||||||||||
Mississippi State GO Bonds Refunding Series 1978 (ETM) (AAA/Aaa) | ||||||||||||||||
5,130,000 | 6.200 | 02/01/08 | 5,313,038 | |||||||||||||
Missouri – 0.1% | ||||||||||||||||
Cameron Missouri IDA Health Facilities RB for Cameron Community Hospital Series 2000 (ACA)(A) | ||||||||||||||||
345,000 | 5.875 | 12/01/06 | 347,777 | |||||||||||||
Montana(a) – 0.3% | ||||||||||||||||
Forsyth Montana PCRB Refunding Portland General Series 1998-A RMKT 5/1/03 (BBB+/Baa1) | ||||||||||||||||
1,000,000 | 5.200 | 05/01/09 | 1,025,340 | |||||||||||||
Nevada – 0.5% | ||||||||||||||||
Clark County Airport RB Sub Lien Series 1998 A (MBIA) (AAA/Aaa) | ||||||||||||||||
1,250,000 | 6.000 | 07/01/08 | 1,308,850 | |||||||||||||
Nevada Department of Business and Industry Capital Appreciation RB for Las Vegas Monorail Series 2000 (ETM) (AMBAC) (AAA/Aaa)(c) | ||||||||||||||||
800,000 | 0.000 | 01/01/07 | 779,632 | |||||||||||||
2,088,482 | ||||||||||||||||
New Hampshire – 0.4% | ||||||||||||||||
New Hampshire Health and Education Facilities Authority RB for Southern New Hampshire Medical Center Series 2004 A (A-) | ||||||||||||||||
1,475,000 | 4.000 | 10/01/08 | 1,477,655 | |||||||||||||
New Jersey – 6.8% | ||||||||||||||||
New Jersey Economic Development Authority RB for Cigarette Tax Series 2004 (BBB/Baa2) | ||||||||||||||||
3,750,000 | 5.000 | 06/15/07 | 3,787,538 | |||||||||||||
New Jersey Economic Development Authority RB for School Facilities Construction Series 2005 O (AA-/A1) | ||||||||||||||||
1,000,000 | 5.000 | 03/01/09 | 1,031,020 | |||||||||||||
New Jersey Health Care Facilities Financing Authority Department of Human Services RB for Greystone Park Psychiatric Hospital Series 2005 (AA-/A1) | ||||||||||||||||
1,000,000 | 5.000 | 09/15/08 | 1,029,160 | |||||||||||||
1,000,000 | 5.000 | 09/15/09 | 1,038,180 | |||||||||||||
1,000,000 | 5.000 | 09/15/10 | 1,044,550 | |||||||||||||
New Jersey State Educational Facilities Authority RB for Fairleigh Dickinson University Series 2002 D (ACA)(A) | ||||||||||||||||
355,000 | 5.000 | 07/01/06 | 355,433 |
The accompanying notes are an integral part of these financial statements.
27
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
Statement of Investments (continued)
April 30, 2006 (Unaudited)
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Municipal Debt Obligations – (continued) | ||||||||||||||||
New Jersey – (continued) | ||||||||||||||||
New Jersey State Educational Facilities Authority RB for Fairleigh Dickinson University Series 2004 C | ||||||||||||||||
$ | 1,300,000 | 5.000 | % | 07/01/07 | $ | 1,305,876 | ||||||||||
1,405,000 | 5.000 | 07/01/08 | 1,424,431 | |||||||||||||
New Jersey State Educational Facilities Authority Refunding RB for Higher Education Training Fund Series 2005 Subseries A-1 (AA-/A1) | ||||||||||||||||
3,500,000 | 5.000 | 09/01/07 | 3,553,235 | |||||||||||||
New Jersey State Transportation Trust Fund Authority RB for Transportation Systems Series 2001 C (FSA) (AAA/Aaa) | ||||||||||||||||
5,285,000 | 5.750 | 12/15/12 | 5,837,124 | |||||||||||||
New Jersey Tobacco Settlement Financing Corp. RB for Public Improvement Series 2002 (BBB/Baa3) | ||||||||||||||||
5,420,000 | 5.750 | 06/01/32 | 5,623,792 | |||||||||||||
Tobacco Settlement Financing Corp. RB Series 2003 (BBB/Baa3) | ||||||||||||||||
755,000 | 4.375 | 06/01/19 | 753,852 | |||||||||||||
26,784,191 | ||||||||||||||||
New York – 5.2% | ||||||||||||||||
Monroe County Industrial Development Agency Civic Facilities RB for Highland Hospital Project Series 2005 (BBB+/Baa1) | ||||||||||||||||
1,580,000 | 5.000 | 08/01/12 | 1,633,783 | |||||||||||||
1,480,000 | 5.000 | 08/01/13 | 1,532,614 | |||||||||||||
New York City GO Bonds Series 1998 F (FGIC-TCRS) (AAA/Aaa) | ||||||||||||||||
4,700,000 | 5.375 | 08/01/09 | 4,880,480 | |||||||||||||
New York City IDA Civic Facility RB for Polytechnic University Project Series 2000 (BB+/Ba3) | ||||||||||||||||
250,000 | 5.200 | 11/01/07 | 248,268 | |||||||||||||
New York GO Bonds Refunding Series 1996 A (MBIA-IBC) (AAA/Aaa) | ||||||||||||||||
500,000 | 6.250 | 08/01/08 | 510,565 | |||||||||||||
New York GO Bonds Refunding Series 2002 C (A+/A1) | ||||||||||||||||
2,000,000 | 5.250 | 08/01/10 | 2,103,760 | |||||||||||||
New York State Dormitory Authority RB for North Shore Long Island Jewish Group Series 2003 (A3) | ||||||||||||||||
500,000 | 5.000 | 05/01/06 | 500,000 | |||||||||||||
260,000 | 5.000 | 05/01/07 | 262,332 | |||||||||||||
New York State Dormitory Authority RB Refunding for State University Educational Facilities Series 1995 A (AA-/A1) | ||||||||||||||||
1,605,000 | 6.500 | 05/15/06 | 1,606,428 | |||||||||||||
New York State Urban Development Corp. RB for Correctional & Youth Facilities Services Series 2003 A (AA-)(a) | ||||||||||||||||
5,475,000 | 5.250 | 01/01/09 | 5,658,413 | |||||||||||||
Saratoga County New York Industrial Development Agency Civic Facilities RB for Saratoga Hospital Project Series 2004 A (BBB+) | ||||||||||||||||
500,000 | 5.000 | 12/01/07 | 507,405 | |||||||||||||
Tobacco Settlement Financing Corp. RB Series B-1 (AA-/A1) | ||||||||||||||||
1,000,000 | 5.000 | 06/01/10 | 1,039,920 | |||||||||||||
20,483,968 | ||||||||||||||||
North Carolina – 0.3% | ||||||||||||||||
North Carolina Eastern Municipal Power RB Refunding Series 2003 C (BBB/Baa2) | ||||||||||||||||
1,190,000 | 5.000 | 01/01/08 | 1,209,266 | |||||||||||||
North Dakota – 1.0% | ||||||||||||||||
Fargo North Dakota RB for Public Improvements Series 2005 (AMBAC) (AAA/Aaa) | ||||||||||||||||
2,000,000 | 5.000 | 07/01/09 | 2,073,160 | |||||||||||||
North Dakota State Building Authority RB for Facilities Improvement Series 2005 A (MBIA) (AAA/Aaa) | ||||||||||||||||
1,690,000 | 4.250 | 12/01/09 | 1,716,871 | |||||||||||||
3,790,031 | ||||||||||||||||
Ohio – 1.2% | ||||||||||||||||
Ohio GO Bonds for Higher Educational Capital Facilities Series 2000 A (AA+/Aa1) | ||||||||||||||||
1,775,000 | 5.000 | 02/01/07 | 1,792,466 | |||||||||||||
Ohio State Water Development Authority PCRB Refunding for Economic Development (AMBAC) (AAA/Aaa) | ||||||||||||||||
1,000,000 | 5.000 | 06/01/06 | 1,001,000 | |||||||||||||
Ohio Water Development Authority PCRB RMKT Refunding for Economic Development Series 2005 (BBB+/Baa1)(a) | ||||||||||||||||
2,000,000 | 3.350 | 06/01/06 | 1,997,600 | |||||||||||||
4,791,066 | ||||||||||||||||
Oklahoma – 4.3% | ||||||||||||||||
Comanche County Hospital Authority RB Series 2004 (Radian) (AA/Aa3) | ||||||||||||||||
1,565,000 | 4.250 | 07/01/08 | 1,570,697 | |||||||||||||
1,000,000 | 4.500 | 07/01/09 | 1,011,400 | |||||||||||||
Grand River Dam Authority RB Series 1993 (BBB+/A2) | ||||||||||||||||
750,000 | 5.750 | 06/01/06 | 751,020 | |||||||||||||
Oklahoma County Independent School District No. 12 Edmond GO Bonds for Combination Purposes Series 2005 (AMBAC) (AAA/Aaa) | ||||||||||||||||
2,485,000 | 4.000 | 07/01/07 | 2,494,691 | |||||||||||||
Oklahoma Development Finance Authority RB for Hillcrest Healthcare Systems Series 1999 A (AAA/Aaa)(b) | ||||||||||||||||
7,500,000 | 5.625 | 08/15/09 | 7,986,975 | |||||||||||||
Tulsa Oklahoma Metropolitan Utilities Authority RB Series 2005 (MBIA) (AAA/Aaa) | ||||||||||||||||
3,005,000 | 4.000 | 09/01/08 | 3,026,816 | |||||||||||||
16,841,599 | ||||||||||||||||
Oregon – 1.1% | ||||||||||||||||
Klamath Falls Oregon Intercommunity Hospital Authority RB for Merle West Medical Center Project Series 2002 (BBB) | ||||||||||||||||
400,000 | 5.500 | 09/01/11 | 417,004 | |||||||||||||
550,000 | 5.600 | 09/01/12 | 577,396 | |||||||||||||
875,000 | 5.800 | 09/01/14 | 930,650 | |||||||||||||
825,000 | 5.900 | 09/01/15 | 879,136 | |||||||||||||
Lane County Oregon School District No. 19 Springfield GO Bonds Series 1997 (FGIC) (AAA/Aaa) | ||||||||||||||||
1,230,000 | 6.000 | 10/15/10 | 1,340,848 | |||||||||||||
4,145,034 | ||||||||||||||||
The accompanying notes are an integral part of these financial statements.
28
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Municipal Debt Obligations – (continued) | ||||||||||||||||
Pennsylvania – 5.2% | ||||||||||||||||
Delaware River Port Authority of Pennsylvania and New Jersey Refunding RB Series 1998 (AMBAC) (AAA/Aaa) | ||||||||||||||||
$ | 10,000,000 | 5.250 | % | 01/01/08 | $ | 10,245,400 | ||||||||||
Pennsylvania GO Bonds First Series 2001 (AA/Aa2) | ||||||||||||||||
1,000,000 | 5.000 | 01/15/10 | 1,043,810 | |||||||||||||
Pennsylvania GO Bonds First Series 2001 (AAA/Aa2)(b) | ||||||||||||||||
1,500,000 | 5.125 | 01/15/11 | 1,601,970 | |||||||||||||
Pennsylvania Hills Township GO Bonds Series 1995 (AMBAC) (AAA/Aaa) | ||||||||||||||||
750,000 | 5.000 | 12/01/06 | 750,803 | |||||||||||||
Pennsylvania State Higher Educational Facilities Authority RB for University of Pennsylvania Health Systems Series 2005 A (A+/A2) | ||||||||||||||||
1,900,000 | 4.000 | 08/15/06 | 1,901,273 | |||||||||||||
2,300,000 | 5.000 | 08/15/08 | 2,358,167 | |||||||||||||
Pennsylvania State Higher Educational Facilities Authority RB for Widener University Series 2003 (BBB+) | ||||||||||||||||
795,000 | 5.000 | 07/15/08 | 806,845 | |||||||||||||
1,000,000 | 5.000 | 07/15/09 | 1,017,660 | |||||||||||||
Philadelphia Water and Wastewater RB Series 1999 (AMBAC) (AAA/Aaa) | ||||||||||||||||
750,000 | 5.000 | 12/15/06 | 756,135 | |||||||||||||
20,482,063 | ||||||||||||||||
Puerto Rico – 2.6% | ||||||||||||||||
Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2003 C (MBIA) (AAA/Aaa)(a) | ||||||||||||||||
3,125,000 | 5.000 | 07/01/08 | 3,206,531 | |||||||||||||
Puerto Rico Commonwealth Highway & Transportation Authority RB Series 2004 J (BBB+/Baa2) | ||||||||||||||||
2,145,000 | 5.000 | 07/01/06 | 2,148,518 | |||||||||||||
Puerto Rico Public Finance Corp. RB Commonwealth Appropriations Series 2004 A (LOC-Government Bank for Puerto Rico) (BBB-/Baa3)(a) | ||||||||||||||||
4,700,000 | 5.750 | 02/01/12 | 5,040,797 | |||||||||||||
10,395,846 | ||||||||||||||||
Rhode Island – 1.1% | ||||||||||||||||
Rhode Island State Health & Educational Building Corp. RB for Hospital Financing Series 2003 A (Baa2)(b) | ||||||||||||||||
585,000 | 4.300 | 09/15/08 | 592,202 | |||||||||||||
610,000 | 4.500 | 09/15/08 | 620,242 | |||||||||||||
635,000 | 4.750 | 09/15/08 | 649,224 | |||||||||||||
Rhode Island State Health & Educational Building Corp. RB for Hospital Financing Series 2003 A (ETM) (Baa2) | ||||||||||||||||
525,000 | 3.200 | 09/15/06 | 523,703 | |||||||||||||
485,000 | 4.000 | 09/15/08 | 487,706 | |||||||||||||
Rhode Island State Health & Educational Building Corp. RB for Hospital Financing-Memorial Hospital Series 2003 (LOC-Fleet Bank) (AA) | ||||||||||||||||
1,540,000 | 4.000 | 07/01/08 | 1,542,464 | |||||||||||||
4,415,541 | ||||||||||||||||
South Carolina – 3.0% | ||||||||||||||||
Beaufort County School District GO BANS (SCSDE) (MIG1) | ||||||||||||||||
3,250,000 | 4.500 | 02/28/07 | 3,270,215 | |||||||||||||
South Carolina Jobs Economic Development Authority Hospital Facilities RB for Palmetto Health Alliance Refunding Series 2003 A (BBB+/Baa1) | ||||||||||||||||
370,000 | 4.500 | 08/01/06 | 369,874 | |||||||||||||
South Carolina Jobs Economic Development Authority Hospital Facilities RB for Palmetto Health Alliance Series 2003 C (BBB+/Baa1)(b) | ||||||||||||||||
1,780,000 | 6.875 | 08/01/13 | 2,090,397 | |||||||||||||
South Carolina State Public Service Authority RB Refunding Series 2002 D (FSA) (AAA/Aaa) | ||||||||||||||||
2,000,000 | 5.000 | 01/01/09 | 2,062,660 | |||||||||||||
South Carolina Tobacco Settlement Revenue Management Authority RB Series 2001 B (BBB/Baa3) | ||||||||||||||||
3,750,000 | 6.000 | 05/15/22 | 3,926,550 | |||||||||||||
11,719,696 | ||||||||||||||||
Tennessee – 1.6% | ||||||||||||||||
Johnson City Health & Educational Facilities Board Hospital RB for First Mortgage Mountain States Series 2001 B (Baa2)(a)(b) | ||||||||||||||||
1,175,000 | 5.250 | 07/01/26 | 1,178,595 | |||||||||||||
Johnson City Health & Educational Facilities Board Hospital RB for First Mortgage Mountain States Series 2006 A (BBB+/Baa2) | ||||||||||||||||
955,000 | 4.500 | 07/01/08 | 960,415 | |||||||||||||
670,000 | 4.500 | 07/01/09 | 676,057 | |||||||||||||
665,000 | 4.500 | 07/01/10 | 672,761 | |||||||||||||
Shelby County Health Educational & Housing Facilities Board RB PA 1277 A (RITES) (AA) (a)(d) | ||||||||||||||||
2,250,000 | 7.989 | 10/01/08 | 2,454,570 | |||||||||||||
Shelby County Health Educational & Housing Facilities Board RB PA 1277 B (RITES) (AA)(d) | ||||||||||||||||
320,000 | 7.989 | 09/01/08 | 348,109 | |||||||||||||
6,290,507 | ||||||||||||||||
Texas – 3.0% | ||||||||||||||||
Brazoria County Texas Health Facilities Development Corp. RB for Brazosport Memorial Hospital Series 2004 (Radian) (AA/Aa3) | ||||||||||||||||
1,065,000 | 5.000 | 07/01/09 | 1,091,188 | |||||||||||||
Harris County Texas Health Facilities Development Corp. RB for Christus Health Series 1999 A (ETM) (MBIA) (AAA/Aaa) | ||||||||||||||||
400,000 | 5.250 | 07/01/07 | 407,420 | |||||||||||||
Harris County Texas Health Facilities Development Corp. RB for Christus Health Unrefunded Balance Series 1999 A (MBIA) (AAA/Aaa) | ||||||||||||||||
2,600,000 | 5.250 | 07/01/07 | 2,637,856 | |||||||||||||
Mesquite Texas Health Facilities Development Corp. RB for Christian Care Retirement Facility Series 2005 (BBB-) | ||||||||||||||||
150,000 | 5.000 | 02/15/07 | 150,837 | |||||||||||||
170,000 | 5.000 | 02/15/08 | 171,720 | |||||||||||||
395,000 | 5.000 | 02/15/09 | 400,811 | |||||||||||||
610,000 | 5.000 | 02/15/10 | 620,462 |
The accompanying notes are an integral part of these financial statements.
29
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
Statement of Investments (continued)
April 30, 2006 (Unaudited)
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Municipal Debt Obligations – (continued) | ||||||||||||||||
Texas – (continued) | ||||||||||||||||
Sam Rayburn Texas Municipal Power Agency RB Refunding (Radian) (AA/Baa2) | ||||||||||||||||
$ | 2,000,000 | 5.000 | % | 10/01/08 | $ | 2,044,080 | ||||||||||
Tomball Texas Hospital Authority Refunding RB Series 2005 (Baa3) | ||||||||||||||||
1,140,000 | 5.000 | 07/01/08 | 1,158,593 | |||||||||||||
Travis County Health Facilities Development Corp. RB for Acension Health Credit Series 1999 A (AMBAC) (AAA/Aaa)(b) | ||||||||||||||||
3,000,000 | 5.875 | 11/15/09 | 3,236,430 | |||||||||||||
11,919,397 | ||||||||||||||||
U.S. Virgin Islands – 0.4% | ||||||||||||||||
Virgin Islands Public Finance Authority RB Senior Lien Matching Fund Loan Note Series 2004 A (BBB) | ||||||||||||||||
325,000 | 5.000 | 10/01/06 | 326,836 | |||||||||||||
1,100,000 | 5.000 | 10/01/08 | 1,120,955 | |||||||||||||
1,447,791 | ||||||||||||||||
Utah(a) – 1.3% | ||||||||||||||||
Utah Intermountain Power Agency Power Supply RB Series 1985 E (AMBAC) (AAA/Aaa) | ||||||||||||||||
5,000,000 | 3.450 | 09/15/06 | 4,995,350 | |||||||||||||
Virginia – 1.8% | ||||||||||||||||
Chesapeake Virginia Hospital Authority Facilities RB for Refunding Chesapeake General Hospital Series 2004 A (A3) | ||||||||||||||||
2,075,000 | 5.000 | 07/01/06 | 2,076,743 | |||||||||||||
Fairfax County Virginia Economic Development Authority Lease RB for Public Uses Complex Project Series 2006 (AA+/Aa1) | ||||||||||||||||
2,650,000 | 5.000 | 05/15/10 | 2,773,887 | |||||||||||||
Loudoun County GO Bonds for Public Improvement Series 2001 C (AAA/Aaa) | ||||||||||||||||
1,250,000 | 5.250 | 11/01/06 | 1,260,263 | |||||||||||||
Virginia Commonwealth Transportation Board RANS RB for Federal Highway Reimbursement Series 2000 (AA/Aa2) | ||||||||||||||||
1,000,000 | 5.500 | 10/01/06 | 1,007,710 | |||||||||||||
7,118,603 | ||||||||||||||||
Wisconsin – 1.8% | ||||||||||||||||
Badger Power Marketing Authority Inc. Transmission Delivery Facilities RB Series 1993 (ETM) (AMBAC) (AAA/Aaa) | ||||||||||||||||
155,000 | 5.300 | 10/01/08 | 158,218 | |||||||||||||
Badger Power Marketing Authority Inc. Transmission Delivery Facilities RB Series 1993 Unrefunded Balance (AMBAC) (AAA/Aaa) | ||||||||||||||||
760,000 | 5.300 | 10/01/08 | 772,988 | |||||||||||||
Milwaukee Wisconsin GO Bonds for Promissory Notes Series 2005 N1 (FSA) (AAA/Aaa) | ||||||||||||||||
1,415,000 | 5.000 | 02/15/10 | 1,476,765 | |||||||||||||
2,630,000 | 5.000 | 02/15/11 | 2,767,891 | |||||||||||||
Wisconsin State Health & Educational Facilities Authority RB for Fort Healthcare Inc. Project Series 2004 (BBB+) | ||||||||||||||||
665,000 | 4.000 | 05/01/07 | 665,126 | |||||||||||||
695,000 | 4.000 | 05/01/08 | 690,406 | |||||||||||||
715,000 | 4.000 | 05/01/09 | 706,499 | |||||||||||||
7,237,893 | ||||||||||||||||
TOTAL MUNICIPAL DEBT OBLIGATIONS | ||||||||||||||||
(Cost $360,380,262) | $ | 356,253,240 | ||||||||||||||
Other Municipals – 5.3% | ||||||||||||||||
MMA Financial CDD Senior Securitization Trust RB for Various States Bartram Springs Passthru Series 2003 B (A1)(e) | ||||||||||||||||
$ | 6,115,000 | 3.375 | % | 11/01/08 | $ | 5,913,449 | ||||||||||
Municipal Mortgage & Equity LLC Tax-Exempt Special Purpose Entity Series A-3 (A3)(a)(e) | ||||||||||||||||
2,000,000 | 4.950 | 09/30/12 | 1,996,660 | |||||||||||||
Tax Exempt Municipal Infrastructure Improvement Trust Certificates RB Series 2005 A Class A (A1) | ||||||||||||||||
10,000,000 | 4.050 | 05/04/10 | 9,876,600 | |||||||||||||
Tax Exempt Municipal Infrastructure Improvement Trust Certificates RB Series 2006 A (A1) (e) | ||||||||||||||||
3,000,000 | 4.220 | 11/02/10 | 2,998,590 | |||||||||||||
TOTAL OTHER MUNICIPALS | ||||||||||||||||
(Cost $21,155,767) | $ | 20,785,299 | ||||||||||||||
Short-Term Investment – 1.3% | ||||||||||||||||
Puerto Rico – 1.3% | ||||||||||||||||
Puerto Rico Government Development Bank (A-2) | ||||||||||||||||
$ | 5,000,000 | 4.200 | % | 05/02/2006 | $ | 5,000,000 | ||||||||||
(Cost $5,000,000) | ||||||||||||||||
TOTAL INVESTMENTS — 97.2% | ||||||||||||||||
(Cost $386,536,029) | $ | 382,038,539 | ||||||||||||||
Other Assets in Excess of Liabilities — 2.8% | 10,907,756 | |||||||||||||||
Net Assets — 100.0% | $ | 392,946,295 | ||||||||||||||
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
(a) | Securities with “Put” features with resetting interest rates. Maturity dates disclosed are the next interest reset dates. | |
(b) | Prerefunded security. Maturity date disclosed is prerefunding date. | |
(c) | Security issued with a zero coupon. Income is recognized through the accretion of discount. | |
(d) | Inverse variable rate security. Coupon rate disclosed is that which is in effect at April 30, 2006. | |
(e) | 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 |
The accompanying notes are an integral part of these financial statements.
30
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $10,908,699, which represents approximately 2.8% of net assets as of April 30, 2006. |
Security ratings disclosed, if any, are issued by Standard & Poor’s/Moody’s Investors Service/Fitch and are unaudited. A brief description of the ratings is available in the Fund’s Statement of Additional Information. |
Investment Abbreviations: | ||||||
ACA | — | Insured by American Capital Access | ||||
AMBAC | — | Insured by American Municipal Bond Assurance Corp. | ||||
BANS | — | Bond Anticipation Notes | ||||
BMA | — | Bond Market Association | ||||
COPS | — | Certificates of Participation | ||||
ETM | — | Escrow to Maturity | ||||
FGIC | — | Insured by Financial Guaranty Insurance Co. | ||||
FGIC-TCRS | — | Insured by Financial Guaranty Insurance Co. - Transferable Custodial Receipts | ||||
FSA | — | Insured by Financial Security Assurance Co. | ||||
GO | — | General Obligation | ||||
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 | ||||
PCRB | — | Pollution Control Revenue Bond | ||||
Radian | — | Insured by Radian Asset Assurance | ||||
RANS | — | Revenue Anticipation Notes | ||||
RB | — | Revenue Bond | ||||
RMKT | — | Remarketed | ||||
RITES | — | Residual Interest Tax Exempt Securities | ||||
XLCA | — | Insured by XL Capital Assurance, Inc. | ||||
ADDITIONAL INVESTMENT INFORMATION |
SWAP CONTRACTS — At April 30, 2006, the Fund had outstanding swap contracts with the following terms:
Rate Type | ||||||||||||||||||||||||
Notional | Payments | Payments | ||||||||||||||||||||||
Swap | Amount | Termination | received by | made by | Unrealized | |||||||||||||||||||
Swap Type(a) | Counterparty | (000s) | Date | the Fund | the Fund | Gain | ||||||||||||||||||
Interest Rate | JP Morgan | $ | 18,000 | 06/02/2016 | BMA Municipal Swap Index | 3.85 | % | $ | 312,639 | |||||||||||||||
(a) | Represents forward starting interest rate swap whose effective date of commencement of accruals and cash flows are June 2, 2006. |
The accompanying notes are an integral part of these financial statements.
31
GOLDMAN SACHS CALIFORNIA INTERMEDIATE AMT-FREE MUNICIPAL FUND
Statement of Investments
April 30, 2006 (Unaudited)
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Municipal Debt Obligations – 99.4% | ||||||||||||||||
California – 87.4% | ||||||||||||||||
Abag Finance Authority RB for Non-Profit Corp. for San Diego Hospital Association Series 2001 A (BBB+/Baa1) | ||||||||||||||||
$ | 725,000 | 6.125 | % | 08/15/20 | $ | 779,375 | ||||||||||
Abag Finance Authority RB for Non-Profit Corps. Sansum-Santa Barbara Series 2002 A (A) | ||||||||||||||||
1,500,000 | 5.500 | 04/01/21 | 1,557,315 | |||||||||||||
Banning Utilities Authority Water Enterprise RB for Refunding and Improvement Projects Series 2005 (FGIC) (AAA/Aaa) | ||||||||||||||||
1,135,000 | 5.000 | 11/01/22 | 1,183,022 | |||||||||||||
California Health Facilities Financing Authority RB for Catholic Healthcare West Unrefunded Balance Series 2004 H (A-/A3)(a) | ||||||||||||||||
805,000 | 4.450 | 07/01/11 | 811,609 | |||||||||||||
California Health Facilities Financing Authority RB for Catholic West Series 2004 H (A-/A3)(b) | ||||||||||||||||
70,000 | 4.450 | 07/01/11 | 72,343 | |||||||||||||
California Infrastructure & Economic Development Bank RB for LA County Department of Public Social Services Series 2003 (AMBAC) (AAA/Aaa) | ||||||||||||||||
505,000 | 5.750 | 09/01/23 | 564,060 | |||||||||||||
California State Department Water Resources Power Supply RB Series 2002 A (MBIA) (AAA/Aaa) | ||||||||||||||||
200,000 | 5.250 | 05/01/10 | 211,336 | |||||||||||||
California State Economic Recovery GO Bonds Series 2004 B (AA-/Aa3)(a) | ||||||||||||||||
4,000,000 | 5.000 | 07/01/07 | 4,062,480 | |||||||||||||
California State Economic Recovery RB Series 2004 A (AA-/Aa3) | ||||||||||||||||
425,000 | 5.000 | 01/01/09 | 438,532 | |||||||||||||
California State GO Bonds Refunded Series 1998 (A/A2) | ||||||||||||||||
1,100,000 | 6.000 | 02/01/08 | 1,143,989 | |||||||||||||
California State GO Bonds Series 2003 (A/A2) | ||||||||||||||||
1,000,000 | 5.250 | 02/01/15 | 1,063,650 | |||||||||||||
California State GO Bonds Series 2004 (A/A2) | ||||||||||||||||
500,000 | 4.000 | 02/01/09 | 502,820 | |||||||||||||
California State Public Works Board RB for Department of Mental Health Coalinga Series 2004 A (A-/A3) | ||||||||||||||||
1,000,000 | 5.000 | 06/01/11 | 1,045,980 | |||||||||||||
California State Public Works Board RB Refunding for Department of Health Services Series 2005 K (A-/A3) | ||||||||||||||||
200,000 | 5.000 | 11/01/22 | 205,478 | |||||||||||||
California Statewide Communities Development Authority RB for Daughters of Charity Health Series 2005 F (BBB+) | ||||||||||||||||
725,000 | 5.000 | 07/01/06 | 726,138 | |||||||||||||
California Statewide Communities Development Authority RB for Kaiser Permanente Series 2002 C (A+/A3)(a) | ||||||||||||||||
725,000 | 3.850 | 06/01/12 | 708,833 | |||||||||||||
Cathedral City Improvement Bond Act of 1915 Special Assessment for Cove Improvement District 04-02 Series 2005 | ||||||||||||||||
740,000 | 5.000 | 09/02/20 | 735,101 | |||||||||||||
Coast Community College GO Bonds Refunding Series 2005 (MBIA) (AAA/Aaa) | ||||||||||||||||
1,155,000 | 4.500 | 08/01/11 | 1,198,624 | |||||||||||||
Colton Joint Unified School District GO Bonds for Election of 2001 Series 2006 C (FGIC) (AAA/Aaa) | ||||||||||||||||
500,000 | 5.250 | 02/01/22 | 532,780 | |||||||||||||
Del Mar Race Track Authority RB Series 2005 (BBB-) | ||||||||||||||||
600,000 | 5.000 | 08/15/09 | 614,910 | |||||||||||||
Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Series 2003 B (AAA/Aaa)(b) | ||||||||||||||||
2,065,000 | 5.500 | 06/01/13 | 2,255,558 | |||||||||||||
Kings River Conservation District California Revenue COPS for Peaking Project Series 2004 (Baa1) | ||||||||||||||||
1,455,000 | 5.000 | 05/01/10 | 1,499,552 | |||||||||||||
Lake Elsinore Unified School District Community Facilities District Special Tax Series 2005-3 | ||||||||||||||||
275,000 | 5.000 | 09/01/25 | 271,604 | |||||||||||||
Los Angeles County Public Works Financing Authority Special Assessment RB Refunding for L.A. Regal Park & Open Space Series 2005 (FSA) (AAA/Aaa) | ||||||||||||||||
400,000 | 5.000 | 10/01/10 | 421,304 | |||||||||||||
Manteca Unified School District GO Bonds Refunding Series 2005 (FGIC) (AAA/Aaa) | ||||||||||||||||
775,000 | 5.000 | 08/01/20 | 810,557 | |||||||||||||
Mission Springs Water District Improvement Bond Act of 1915 Special Assessment for District No. 13 Series 2005 | ||||||||||||||||
275,000 | 5.000 | 09/02/21 | 268,815 | |||||||||||||
New Haven Unified School District GO Bonds Refunding Series 2005 (MBIA) (AAA/Aaa) | ||||||||||||||||
1,250,000 | 5.250 | 08/01/21 | 1,344,650 | |||||||||||||
Palo Alto Improvement Bond Act 1915 Special Assessment for University Avenue Area Off Shore Parking Series 2002 A (BBB) | ||||||||||||||||
355,000 | 5.250 | 09/02/16 | 362,650 | |||||||||||||
400,000 | 5.250 | 09/02/17 | 408,552 | |||||||||||||
Poway Unified School District Special Tax Community Facilities District No. 6-4 South Ranch Series 2005 | ||||||||||||||||
200,000 | 4.850 | 09/01/20 | 195,842 | |||||||||||||
Sacramento North Natomas Community Facilities 97-01 Special Tax Series 2005 | ||||||||||||||||
765,000 | 5.000 | 09/01/23 | 760,402 | |||||||||||||
San Gabriel Unified School District GO Bonds Series 2002 A (FSA) (AAA/Aaa)(b) | ||||||||||||||||
445,000 | 5.375 | 08/01/12 | 484,383 | |||||||||||||
Sierra View Local Health Care District RB Refunding Series 1998 (BBB+) | ||||||||||||||||
500,000 | 5.400 | 07/01/22 | 513,240 | |||||||||||||
South Orange County Public Financing Authority Special Tax for Ladera Ranch Series 2005 A (AMBAC) (AAA/Aaa) | ||||||||||||||||
200,000 | 5.000 | 08/15/21 | 206,434 |
The accompanying notes are an integral part of these financial statements.
32
GOLDMAN SACHS CALIFORNIA INTERMEDIATE AMT-FREE MUNICIPAL FUND
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Municipal Debt Obligations – (continued) | ||||||||||||||||
California – (continued) | ||||||||||||||||
Sweetwater Authority Water RB Series 2002 (FSA) (AAA/Aaa)(b) | ||||||||||||||||
$ | 635,000 | 5.250 | % | 04/01/10 | $ | 678,409 | ||||||||||
Tobacco Securitization Authority of Southern California Tobacco Settlement RB for Asset Backed Bonds Senior Series 2002 A (BBB/Baa3) | ||||||||||||||||
1,255,000 | 5.250 | 06/01/27 | 1,275,419 | |||||||||||||
29,915,746 | ||||||||||||||||
Puerto Rico – 8.1% | ||||||||||||||||
Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2003 C (MBIA) (AAA/Aaa)(a) | ||||||||||||||||
1,550,000 | 5.000 | 07/01/08 | 1,590,439 | |||||||||||||
Puerto Rico Commonwealth Highway & Transportation Authority RB Series 2004 J (BBB+/Baa2) | ||||||||||||||||
300,000 | 5.000 | 07/01/06 | 300,492 | |||||||||||||
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities RB for Ana G Mendez University System Project Series 2006 (BBB-) | ||||||||||||||||
270,000 | 5.000 | 03/01/09 | 276,194 | |||||||||||||
575,000 | 5.000 | 03/01/12 | 594,619 | |||||||||||||
2,761,744 | ||||||||||||||||
U.S. Virgin Islands – 3.9% | ||||||||||||||||
Virgin Islands Public Finance Authority RB Senior Lien Matching Fund Loan Note Series 2004 A (BBB) | ||||||||||||||||
1,350,000 | 5.000 | 10/01/06 | 1,357,628 | |||||||||||||
TOTAL MUNICIPAL DEBT OBLIGATIONS | ||||||||||||||||
(Cost $34,226,145) | $ | 34,035,118 | ||||||||||||||
Short Term Investment – 4.1% | ||||||||||||||||
Puerto Rico – 4.1% | ||||||||||||||||
Puerto Rico Government Development Bank (A-2) | ||||||||||||||||
$ | 1,400,000 | 5.000 | % | 10/12/06 | $ | 1,400,000 | ||||||||||
(Cost $1,400,000) | ||||||||||||||||
TOTAL INVESTMENTS — 103.5% | ||||||||||||||||
(Cost $35,626,145) | $ | 35,435,118 | ||||||||||||||
Liabilities in Excess of other assets — (3.5)% | (1,201,006 | ) | ||||||||||||||
Net Assets — 100.0% | $ | 34,234,112 | ||||||||||||||
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
(a) | Securities with “Put” features with resetting interest rates. Maturity dates disclosed are the next interest reset dates. | |
(b) | Prerefunded security. Maturity date disclosed is prerefunding date. |
Security ratings disclosed are issued by Standard & Poor’s/Moody’s Investors Service. A description of the ratings is available in the Funds’ Statement of Additional Information. |
Investment Abbreviations: | ||||||
AMBAC | — | Insured by American Municipal Bond Assurance Corp. | ||||
COPS | — | Certificates of Participation | ||||
FGIC | — | Insured by Financial Guaranty Insurance Co. | ||||
FSA | — | Insured by Financial Security Assurance Co. | ||||
GO | — | General Obligation | ||||
MBIA | — | Insured by Municipal Bond Investors Assurance | ||||
RB | — | Revenue Bond | ||||
The accompanying notes are an integral part of these financial statements.
33
GOLDMAN SACHS NEW YORK INTERMEDIATE AMT-FREE MUNICIPAL FUND
Statement of Investments
April 30, 2006 (Unaudited)
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Municipal Debt Obligations – 91.7% | ||||||||||||||||
New York – 76.1% | ||||||||||||||||
Buffalo Fiscal Stability Authority Special Tax for Sales Tax & State Aid Series 2006 A (Aa2) | ||||||||||||||||
$ | 430,000 | 4.000 | % | 09/01/07 | $ | 431,969 | ||||||||||
Erie County GO Bonds Refunding Series 2005 D-1 (MBIA) (AAA/Aaa) | ||||||||||||||||
300,000 | 5.000 | 06/01/21 | 313,935 | |||||||||||||
Long Island Power Authority Electric System RB Series 1998A (AMBAC) (AAA/Aaa) | ||||||||||||||||
325,000 | 5.500 | 12/01/11 | 352,186 | |||||||||||||
Monroe County Industrial Development Agency Civic Facilities RB for Highland Hospital of Rochester Series 2005 (BBB+/Baa1) | ||||||||||||||||
300,000 | 5.000 | 08/01/22 | 302,631 | |||||||||||||
Nassau County IDA Civic Facility RB for North Shore Health System Project Series 2001 D (A3) | ||||||||||||||||
200,000 | 5.625 | 11/01/09 | 209,240 | |||||||||||||
New York GO Bonds Refunding Series 2002 C (A+/A1) | ||||||||||||||||
500,000 | 5.250 | 08/01/10 | 525,940 | |||||||||||||
New York GO Bonds Series 2000 A (XLCA) (AAA/Aaa)(a) | ||||||||||||||||
200,000 | 6.500 | 05/15/10 | 222,924 | |||||||||||||
New York GO Bonds Series 2003 D (A+/A1) | ||||||||||||||||
520,000 | 5.250 | 10/15/18 | 546,796 | |||||||||||||
New York State Dormitory Authority Lease RB for Court Facilities Series 2003 A (ETM) (A+/A2) | ||||||||||||||||
200,000 | 5.000 | 05/15/07 | 202,710 | |||||||||||||
New York State Dormitory Authority Non State Supported Debt Insured RB for Siena College Series 2006 (MBIA) (Aaa) | ||||||||||||||||
400,000 | 5.000 | 07/01/13 | 425,440 | |||||||||||||
New York State Dormitory Authority RB for Columbia University Series 2001 A (AAA/Aaa)(a) | ||||||||||||||||
225,000 | 5.250 | 07/01/11 | 243,320 | |||||||||||||
New York State Dormitory Authority RB for North Shore Long Island Jewish Group Series 2003 (A3) | ||||||||||||||||
75,000 | 5.000 | 05/01/06 | 75,000 | |||||||||||||
200,000 | 5.000 | 05/01/07 | 201,794 | |||||||||||||
New York State Dormitory Authority RB Non State Supported Debt for Columbia University Series 2006 A (AAA/Aaa) | ||||||||||||||||
300,000 | 5.000 | 07/01/10 | 315,609 | |||||||||||||
New York State Dormitory Authority State Personal Income Tax RB for Education Series 2005 F (AAA) | ||||||||||||||||
200,000 | 5.000 | 03/15/10 | 209,058 | |||||||||||||
New York State Environmental Facilities Corp. State Clean Water & Drinking RB for Revolving Funds Pooled Funding Program Series 2002 F (AAA/Aaa) | ||||||||||||||||
325,000 | 5.250 | 11/15/20 | 346,417 | |||||||||||||
New York State GO Bonds Refunding Series 1998 F (AA/Aa3) | ||||||||||||||||
400,000 | 5.250 | 09/15/13 | 417,112 | |||||||||||||
New York State Thruway Authority Service Contract RB for Local Highway & Bridge Series 1999 (MBIA) (AAA/Aaa)(a) | ||||||||||||||||
225,000 | 5.625 | 04/01/09 | 239,184 | |||||||||||||
New York State Urban Development Corp. RB for Correctional & Youth Facilities Services Series 2003 A (AA-)(b) | ||||||||||||||||
275,000 | 5.250 | 01/01/09 | 284,213 | |||||||||||||
Suffolk County Water Authority Waterworks RB Senior Lien Series 1993 (ETM) (MBIA) (AAA/Aaa) | ||||||||||||||||
25,000 | 5.100 | 06/01/07 | 25,392 | |||||||||||||
Suffolk County Water Authority Waterworks RB Unrefunded Balance Senior Lien Series 1993 (MBIA) (AAA/Aaa) | ||||||||||||||||
275,000 | 5.100 | 06/01/07 | 279,081 | |||||||||||||
Tobacco Settlement Financing Corp. RB for New York Asset Backed Bonds Series A/1 (AA-/A1) | ||||||||||||||||
1,250,000 | 5.500 | 06/01/18 | 1,336,325 | |||||||||||||
Triborough Bridge & Tunnel Authority RB for General Purpose Series 1999 A (AAA/Aa2)(a) | ||||||||||||||||
325,000 | 5.250 | 07/01/09 | 341,825 | |||||||||||||
7,848,101 | ||||||||||||||||
Puerto Rico – 12.5% | ||||||||||||||||
Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2003 C (MBIA) (AAA/Aaa)(b) | ||||||||||||||||
325,000 | 5.000 | 07/01/08 | 333,479 | |||||||||||||
Puerto Rico Commonwealth Highway & Transportation Authority RB Series 2004 J (BBB+/Baa2) | ||||||||||||||||
400,000 | 5.000 | 07/01/06 | 400,656 | |||||||||||||
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities RB for Ana G Mendez University System Project Series 2006 (BBB-) | ||||||||||||||||
225,000 | 5.000 | 03/01/09 | 230,162 | |||||||||||||
Puerto Rico Public Finance Corp. RB Commonwealth Appropriations Series 2004 A (LOC - Government Bank for Puerto Rico) (BBB-/Baa3)(b) | ||||||||||||||||
300,000 | 5.750 | 02/01/12 | 321,753 | |||||||||||||
1,286,050 | ||||||||||||||||
U.S. Virgin Islands – 3.1% | ||||||||||||||||
Virgin Islands Public Finance Authority RB Senior Lien Matching Fund Loan Note Series 2004 A (BBB) | ||||||||||||||||
325,000 | 5.000 | 10/01/06 | 326,836 | |||||||||||||
TOTAL MUNICIPAL DEBT OBLIGATIONS | ||||||||||||||||
(Cost $9,526,160) | $ | 9,460,987 | ||||||||||||||
Short-Term Investments – 10.0% | ||||||||||||||||
Jay Street Development Corp. Certificate Facilities Lease RB VRDN for Jay Street Project Series 2001 A-2 (LOC - Depfa Bank PLC) (A-1+/VMIG1)(b)(c) | ||||||||||||||||
$ | 200,000 | 3.76 | % | 05/01/2006 | $ | 200,000 | ||||||||||
Metropolitan Transportation Authority RB VRDN for Transportation Series 2005 G (LOC – BNP Paribas) (A-1+/VMIG1)(b)(c) | ||||||||||||||||
400,000 | 3.76 | 05/01/2006 | 400,000 |
The accompanying notes are an integral part of these financial statements.
34
GOLDMAN SACHS NEW YORK INTERMEDIATE AMT-FREE MUNICIPAL FUND
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Short-Term Investments – (continued) | ||||||||||||||||
New York City Municipal Water Finance Authority Water & Sewer System RB VRDN Series 2003 Subseries F-2 (SPA - Bayerische Landesbank) (A-1+/VMIG1)(b)(c) | ||||||||||||||||
$ | 425,000 | 3.78 | % | 05/01/2006 | $ | 425,000 | ||||||||||
TOTAL SHORT-TERM INVESTMENTS | ||||||||||||||||
(Cost $1,025,000) | $ | 1,025,000 | ||||||||||||||
TOTAL INVESTMENTS – 101.7% | ||||||||||||||||
(Cost $10,551,160) | $ | 10,485,987 | ||||||||||||||
Liabilities in Excess of other assets – (1.7)% | (172,355 | ) | ||||||||||||||
Net Assets – 100.0% | $ | 10,313,632 | ||||||||||||||
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
(a) | Prerefunded security. Maturity date disclosed is prerefunding date. | |
(b) | Securities with “Put” features with resetting interest rates. Maturity dates disclosed are the next interest reset dates. | |
(c) | Variable rate security. Interest rate disclosed is that which is in effect at April 30, 2006. |
Security ratings disclosed are issued by Standard & Poor’s/Moody’s Investors Service. A description of the ratings is available in the Funds’ Statement of Additional Information. |
Investment Abbreviations: | ||||||
AMBAC | — | Insured by American Municipal Bond Assurance Corp. | ||||
ETM | — | Escrow to Maturity | ||||
GO | — | General Obligation | ||||
IDA | — | Industrial Development Authority | ||||
LOC | — | Letter of Credit | ||||
MBIA | — | Insured by Municipal Bond Investors Assurance | ||||
RB | — | Revenue Bond | ||||
SPA | — | Stand-by Purchase Agreement | ||||
VRDN | — | Variable Rate Demand Notes | ||||
XLCA | — | Insured by XL Capital Assurance, Inc. | ||||
The accompanying notes are an integral part of these financial statements.
35
GOLDMAN SACHS MUNICIPAL INCOME FUND
Statement of Investments
April 30, 2006 (Unaudited)
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Municipal Debt Obligations – 95.7% | ||||||||||||||||
Alabama – 3.0% | ||||||||||||||||
Alabama State Municipal Electric Authority Power Supply RB Series 2003 A (MBIA) (Aaa) | ||||||||||||||||
$ | 1,000,000 | 5.000 | % | 09/01/33 | $ | 1,025,960 | ||||||||||
Alabama State Public School & College Authority RB for Capital Improvement Series 1999 D (AA/Aa2) | ||||||||||||||||
1,150,000 | 5.750 | 08/01/19 | 1,233,766 | |||||||||||||
Alexander City Special Care Facilities Financing Authority Medical Facilities RB for Russell Hospital Corp. Series 2006 A (BBB-) | ||||||||||||||||
1,780,000 | 5.750 | 12/01/36 | 1,800,951 | |||||||||||||
Birmingham Alabama GO Bonds for Capital Improvement Warrants Series 2000 A (AA/Aa3) | ||||||||||||||||
1,000,000 | 5.550 | 08/01/21 | 1,068,750 | |||||||||||||
Health Care Authority RB for Baptist Health Series 2006 D (BBB+/A3) | ||||||||||||||||
575,000 | 5.000 | 11/15/17 | 589,858 | |||||||||||||
Huntsville Alabama GO Refunding Warrants Series 2005 A (FSA) (AAA/Aaa) | ||||||||||||||||
1,000,000 | 5.750 | 02/01/15 | 1,126,420 | |||||||||||||
Jefferson County Alabama Limited Obligation School Warrants RB Series 2004 A (A/A2) | ||||||||||||||||
3,500,000 | 5.250 | 01/01/11 | 3,675,070 | |||||||||||||
Montgomery Alabama GO Bonds Warrants Series 1997 A (AA/Aa2)(a) | ||||||||||||||||
1,000,000 | 5.100 | 04/01/07 | 1,032,650 | |||||||||||||
Tuscaloosa GO Bonds Warrants Series 2000 (AA/Aa3) | ||||||||||||||||
1,000,000 | 5.650 | 01/01/17 | 1,066,730 | |||||||||||||
12,620,155 | ||||||||||||||||
Alaska – 2.3% | ||||||||||||||||
Alaska State Housing Finance Corp. RB for General Housing Series 2005 A (FGIC) (AAA/Aaa) | ||||||||||||||||
4,000,000 | 5.250 | 12/01/34 | 4,208,480 | |||||||||||||
Alaska State Housing Finance Corp. RB Series 1999 A (MBIA) (AAA/Aaa) | ||||||||||||||||
2,490,000 | 6.000 | 06/01/49 | 2,565,920 | |||||||||||||
Anchorage Alaska Water RB Refunding Series 2004 (MBIA) (AAA/Aaa) | ||||||||||||||||
1,000,000 | 5.125 | 05/01/29 | 1,038,850 | |||||||||||||
Northern Tobacco Securitization Corp. RB for Alaska Asset Backed Bonds Series 2001 (BBB/Baa3) | ||||||||||||||||
1,500,000 | 5.500 | 06/01/29 | 1,518,585 | |||||||||||||
9,331,835 | ||||||||||||||||
Arizona – 2.3% | ||||||||||||||||
Arizona School Facilities Board RB for State School Trust Series 2004 A (AMBAC) (AAA/Aaa) | ||||||||||||||||
3,410,000 | 5.750 | 07/01/18 | 3,774,290 | |||||||||||||
Coconino County PCRB for Nevada Power Co. Project Series 1995 E (B-) | ||||||||||||||||
325,000 | 5.350 | 10/01/22 | 324,278 | |||||||||||||
Maricopa County MF Hsg. IDA RB for Place Five and Greenery Apartments Series 1996 A (ETM) (AAA) | ||||||||||||||||
530,000 | 5.850 | 01/01/08 | 539,784 | |||||||||||||
Maricopa County Unified School District No. 41 Gilbert GO Bonds Prerefunded Series 1995 (FSA) (AAA)(a) | ||||||||||||||||
2,304,000 | 6.250 | 07/01/08 | 2,427,264 | |||||||||||||
Maricopa County Unified School District No. 41 Gilbert GO Bonds Unrefunded Balance Series 1995 (FSA) (AAA) | ||||||||||||||||
196,000 | 6.250 | 07/01/15 | 206,069 | |||||||||||||
Northern Arizona University RB Series 2003 (FGIC) (AAA/Aaa) | ||||||||||||||||
1,235,000 | 5.500 | 06/01/25 | 1,344,853 | |||||||||||||
Yavapai County IDA Solid Waste Disposal RB for Waste Management Inc. Project Series 2002 (AMT) (BBB)(b) | ||||||||||||||||
1,000,000 | 4.000 | 06/01/10 | 989,960 | |||||||||||||
9,606,498 | ||||||||||||||||
Arkansas – 1.7% | ||||||||||||||||
Arkansas Development Finance Authority Hospital RB for Washington Regional Medical Center Series 2000 (BBB/Baa2)(a) | ||||||||||||||||
4,000,000 | 7.250 | 02/01/10 | 4,477,120 | |||||||||||||
Paragould Sales and Use Tax RB Series 2001 (AMBAC) (AAA/Aaa) | ||||||||||||||||
1,000,000 | 5.100 | 06/01/18 | 1,027,480 | |||||||||||||
265,000 | 5.050 | 06/01/21 | 266,974 | |||||||||||||
Washington County Hospital RB Refunding for Regional Medical Center Series 2005 A (BBB/Baa2) | ||||||||||||||||
150,000 | 5.000 | 02/01/35 | 146,193 | |||||||||||||
Washington County Hospital RB Refunding for Regional Medical Center Series 2005 B (BBB/Baa2) | ||||||||||||||||
160,000 | 4.250 | 02/01/15 | 153,840 | |||||||||||||
675,000 | 5.000 | 02/01/25 | 678,274 | |||||||||||||
150,000 | 5.000 | 02/01/30 | 148,140 | |||||||||||||
6,898,021 | ||||||||||||||||
California – 12.3% | ||||||||||||||||
Abag Finance Authority RB for Non-Profit Corp. for San Diego Hospital Association Series 2001 A (BBB+/Baa1) | ||||||||||||||||
275,000 | 6.125 | 08/15/20 | 295,625 | |||||||||||||
California County Tobacco Securitization Agency RB for Stanislaus Series 2006 A (BBB)(c) | ||||||||||||||||
2,775,000 | 0.000 | 06/01/46 | 242,036 | |||||||||||||
California County Tobacco Securitization Agency RB for Stanislaus Series 2006 B (BBB-)(c) | ||||||||||||||||
450,000 | 0.000 | 06/01/46 | 37,755 | |||||||||||||
California County Tobacco Securitization Agency Refunding Asset Backed RB for Merced County Series 2005 A (Baa3) | ||||||||||||||||
275,000 | 5.125 | 06/01/38 | 268,089 | |||||||||||||
California County Tobacco Securitization Agency Refunding Asset Backed RB for Sonoma County Corp. Series 2005 (BBB) | ||||||||||||||||
125,000 | 5.125 | 06/01/38 | 121,859 | |||||||||||||
75,000 | 5.250 | 06/01/45 | 73,679 | |||||||||||||
California Educational Facilities Authority RB for Pepperdine University Series 2005 A (AMBAC) (Aaa) | ||||||||||||||||
5,000,000 | 5.000 | 12/01/35 | 5,157,250 |
The accompanying notes are an integral part of these financial statements.
36
GOLDMAN SACHS MUNICIPAL INCOME FUND
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Municipal Debt Obligations – (continued) | ||||||||||||||||
California – (continued) | ||||||||||||||||
California Infrastructure & Economic Development Bank RB for LA County Department of Public Social Services Series 2003 (AMBAC) (AAA/Aaa) | ||||||||||||||||
$ | 1,000,000 | 5.750 | % | 09/01/23 | $ | 1,116,950 | ||||||||||
California State Economic Recovery RB for Drivers Series 2004 448 (RITES) (AA-)(b)(d) | ||||||||||||||||
625,000 | 7.672 | 07/01/07 | 690,225 | |||||||||||||
California State Economic Recovery RB for Drivers Series 2004 448 (RITES) (AA-)(d) | ||||||||||||||||
940,000 | 8.672 | 01/01/12 | 1,237,153 | |||||||||||||
California State GO Bonds Series 2000 (FGIC) (AAA/Aaa) | ||||||||||||||||
1,280,000 | 5.250 | 09/01/30 | 1,333,120 | |||||||||||||
California State GO Bonds Series 2003 (A/A2) | ||||||||||||||||
1,000,000 | 5.250 | 02/01/33 | 1,037,840 | |||||||||||||
California State Public Works Board Lease RB for UCLA Replacement Hospital Series 2002 A (FSA) (AAA/Aaa) | ||||||||||||||||
2,000,000 | 5.375 | 10/01/19 | 2,129,660 | |||||||||||||
California State University Fresno Association, Inc. RB for Senior Auxiliary Organization Event Center Series 2002 (Baa3)(a) | ||||||||||||||||
1,000,000 | 6.000 | 07/01/12 | 1,125,950 | |||||||||||||
Cathedral City Improvement Bond Act of 1915 Special Assessment for Cove Improvement District 04-02 Series 2005 | ||||||||||||||||
250,000 | 5.000 | 09/02/20 | 248,345 | |||||||||||||
Del Mar Race Track Authority RB Series 2005 (BBB-) | ||||||||||||||||
200,000 | 5.000 | 08/15/25 | 203,656 | |||||||||||||
Golden State Tobacco Securitization Corp. California Tobacco Settlement RB for Asset Backed Bonds Series 2005 A (AMBAC-TCRS) (AAA/AAA) | ||||||||||||||||
3,000,000 | 5.000 | 06/01/45 | 3,045,810 | |||||||||||||
Golden State Tobacco Securitization Corp. California Tobacco Settlement RB for Asset Backed Bonds Series 2005 A (FGIC-TCRS) (AAA/Aaa) | ||||||||||||||||
1,000,000 | 5.000 | 06/01/45 | 1,015,270 | |||||||||||||
Golden State Tobacco Securitization Corp. California Tobacco Settlement RB for Enhanced Asset Backed Bonds Series 2005 A (Radian-IBCC) (AA) | ||||||||||||||||
1,500,000 | 5.000 | 06/01/45 | 1,506,465 | |||||||||||||
Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Series 2003 A-1 (BBB/Baa3) | ||||||||||||||||
1,225,000 | 6.750 | 06/01/39 | 1,362,996 | |||||||||||||
Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Series 2003 A-3 (BBB/Baa3) | ||||||||||||||||
350,000 | 7.875 | 06/01/42 | �� | 416,258 | ||||||||||||
Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Series 2003 A-5 (BBB/Baa3) | ||||||||||||||||
650,000 | 7.875 | 06/01/42 | 773,051 | |||||||||||||
Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Series 2003 B (AAA/Aaa)(a) | ||||||||||||||||
7,800,000 | 5.500 | 06/01/13 | 8,519,784 | |||||||||||||
Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Series 2005 A (AMBAC-TCRS) (A-/A3) | ||||||||||||||||
2,300,000 | 5.000 | 06/01/45 | 2,320,447 | |||||||||||||
Kaweah Delta Health Care District RB Series 2004 (A3) | ||||||||||||||||
325,000 | 6.000 | 08/01/34 | 348,069 | |||||||||||||
Kings River Conservation District California Revenue COPS for Peaking Project Series 2004 (Baa1) | ||||||||||||||||
300,000 | 5.000 | 05/01/11 | 310,302 | |||||||||||||
300,000 | 5.000 | 05/01/12 | 310,512 | |||||||||||||
285,000 | 5.000 | 05/01/15 | 292,686 | |||||||||||||
Lafayette Redevelopment Agency Tax Allocation RB for Lafayette Redevelopment Project Series 2005 (Radian) (AA) | ||||||||||||||||
120,000 | 5.000 | 08/01/35 | 120,520 | |||||||||||||
Lake Elsinore Unified School District Community Facilities District Special Tax Series 2005-3 | ||||||||||||||||
595,000 | 5.000 | 09/01/25 | 587,652 | |||||||||||||
Los Angeles Unified School District GO Bonds for Election of 1997 Series 2002 E (MBIA) (AAA/Aaa) | ||||||||||||||||
1,000,000 | 5.125 | 01/01/27 | 1,044,180 | |||||||||||||
Menlo Park GO Bonds Series 2002 (Aa1) | ||||||||||||||||
1,000,000 | 5.250 | 08/01/27 | 1,056,330 | |||||||||||||
Metropolitan Water District Waterworks RB Refunding Series 2001 A (AA+/Aa2) | ||||||||||||||||
1,000,000 | 5.100 | 07/01/25 | 1,034,630 | |||||||||||||
Palo Alto Improvement Bond Act of 1915 for Special Assessment University Avenue Area off Street Parking Series 2002 A (BBB) | ||||||||||||||||
955,000 | 5.250 | 09/02/15 | 975,771 | |||||||||||||
Placentia California COPS Improvement Project Series 2004 | ||||||||||||||||
1,000,000 | 5.450 | 07/01/25 | 999,990 | |||||||||||||
Poway California Unified School District Special Tax Community Facilities District 6-4 South Series 2005 | ||||||||||||||||
250,000 | 5.125 | 09/01/35 | 245,810 | |||||||||||||
Sacramento North Natomas Community Facilities 97-01 Special Tax Series 2005 | ||||||||||||||||
1,190,000 | 5.000 | 09/01/29 | 1,169,223 | |||||||||||||
Sacramento Special Tax Refunding for North Natomas Community Facilities 97-01 Series 2005 | ||||||||||||||||
565,000 | 5.000 | 09/01/25 | 558,022 | |||||||||||||
San Diego Unified School District GO Bonds for Election 1998 Series 2002 D (FGIC) (AAA/Aaa) | ||||||||||||||||
1,000,000 | 5.250 | 07/01/24 | 1,079,310 | |||||||||||||
San Gabriel Unified School District GO Bonds Unrefunded Balance Series 2002 A (FSA) (AAA/Aaa) | ||||||||||||||||
55,000 | 5.375 | 08/01/21 | 58,825 | |||||||||||||
Sierra View Local Health Care District RB Refunding Series 1998 (BBB+) | ||||||||||||||||
500,000 | 5.400 | 07/01/22 | 513,240 | |||||||||||||
Tobacco Securitization Authority Northern California Tobacco Settlement RB for Asset Backed Bonds Series 2005 A-1 (BBB/Baa3) | ||||||||||||||||
350,000 | 5.500 | 06/01/45 | 353,283 | |||||||||||||
Tobacco Securitization Authority RB for Southern California Tobacco Settlement Asset Backed Bonds Series 2002 A (BBB/Baa3) | ||||||||||||||||
3,000,000 | 5.625 | 06/01/43 | 3,063,390 |
The accompanying notes are an integral part of these financial statements.
37
GOLDMAN SACHS MUNICIPAL INCOME FUND
Statement of Investments (continued)
April 30, 2006 (Unaudited)
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Municipal Debt Obligations – (continued) | ||||||||||||||||
California – (continued) | ||||||||||||||||
Torrance California COPS Refunding & Public Improvement Project Series 2005 B (AMBAC) (AAA/Aaa) | ||||||||||||||||
$ | 310,000 | 5.250 | % | 06/01/34 | $ | 326,018 | ||||||||||
University of California RB for Multiple Purpose Projects Series 2001 M (FGIC) (AAA/Aaa) | ||||||||||||||||
1,000,000 | 5.125 | 09/01/22 | 1,037,410 | |||||||||||||
1,000,000 | 5.125 | 09/01/23 | 1,043,120 | |||||||||||||
50,807,566 | ||||||||||||||||
Colorado – 2.3% | ||||||||||||||||
Adams Colorado RB VRDN Series 2006-1260 (FHA/MBIA) (AAA)(d) | ||||||||||||||||
455,000 | 8.790 | 02/01/31 | 510,692 | |||||||||||||
Aurora Centretech Metropolitan District GO Bonds Series 1998 C (BNP Paribas LOC) (AA)(b) | ||||||||||||||||
2,000,000 | 4.875 | 12/01/08 | 2,036,500 | |||||||||||||
Colorado Health Facilities Authority RB for Covenant Retirement Communities Inc. Series 2005 (BBB) | ||||||||||||||||
1,150,000 | 5.000 | 12/01/35 | 1,117,110 | |||||||||||||
Colorado Health Facilities Authority RB for Hospital Poudre Valley Health Care Series 2005 F (BBB+/Baa2) | ||||||||||||||||
1,000,000 | 5.000 | 03/01/25 | 996,310 | |||||||||||||
Colorado Health Facilities Authority RB for Portercare Adventist Health System Series 2001 (A2)(a) | ||||||||||||||||
500,000 | 6.500 | 11/15/11 | 570,045 | |||||||||||||
Denver City & County GO Bonds for Various Purposes Series 1999 B (AA+/Aa1) | ||||||||||||||||
1,000,000 | 5.625 | 08/01/07 | 1,023,260 | |||||||||||||
E-470 Public Highway Authority RB Series 2004 B (MBIA) (AAA/Aaa)(c) | ||||||||||||||||
5,000,000 | 0.000 | 09/01/27 | 1,664,700 | |||||||||||||
La Plata County School District No. 9-R Durango GO Bonds Series 2002 (MBIA) (Aaa)(a) | ||||||||||||||||
1,000,000 | 5.250 | 11/15/12 | 1,078,580 | |||||||||||||
SBC Metropolitan District GO Refunding Series 2005 (ACA)(A) | ||||||||||||||||
500,000 | 5.000 | 12/01/29 | 499,980 | |||||||||||||
Tower Metropolitan District GO Bonds Refunding and Improvement Series 2005 (Radian) (AA/Aa3) | ||||||||||||||||
140,000 | 5.000 | 12/01/35 | 141,161 | |||||||||||||
9,638,338 | ||||||||||||||||
Connecticut – 1.5% | ||||||||||||||||
Connecticut State Development Authority PCRB Refunding for Connecticut Light & Power Co. RMKT 9/23/98 Series 1993 A (BBB-/Baa1) | ||||||||||||||||
2,500,000 | 5.850 | 09/01/28 | 2,638,175 | |||||||||||||
Connecticut State GO Bonds Residual Certificates Series 2001 515 (RITES) (Aa3)(d) | ||||||||||||||||
1,335,000 | 8.410 | 12/15/13 | 1,729,132 | |||||||||||||
Diamond Hill Community Development District Tax Allocation for Capital Improvement Series 2004 | ||||||||||||||||
1,730,000 | 6.000 | 05/01/34 | 1,741,383 | |||||||||||||
6,108,690 | ||||||||||||||||
District Of Columbia – 1.5% | ||||||||||||||||
District of Columbia Tobacco Settlement Financing Corp. RB for Asset Backed Bonds Series 2001 (BBB/Baa3) | ||||||||||||||||
805,000 | 6.250 | 05/15/24 | 853,075 | |||||||||||||
1,000,000 | 6.500 | 05/15/33 | 1,132,450 | |||||||||||||
Metropolitan Washington DC Airports Authority RB Series 2005 A (AMT) (MBIA) (AAA/Aaa) | ||||||||||||||||
2,000,000 | 5.000 | 10/01/35 | 2,025,380 | |||||||||||||
Metropolitan Washington DC Airports Authority RB Series 2006 A (AMT) (FSA) (AAA/Aaa) | ||||||||||||||||
2,000,000 | 5.000 | 10/01/35 | 2,027,480 | |||||||||||||
6,038,385 | ||||||||||||||||
Florida – 6.5% | ||||||||||||||||
Bobcat Trail Community Development District RB Refunding for Capital Improvement Series 2005 | ||||||||||||||||
1,250,000 | 5.200 | 05/01/29 | 1,224,987 | |||||||||||||
Bridgewater Wesley Chapel Community Development District RB for Capital Improvement Series 2005 | ||||||||||||||||
2,500,000 | 5.750 | 05/01/35 | 2,528,900 | |||||||||||||
Covington Park Community Development District Special Assessment Refunding for Capital Improvement Series 2005 (A-) | ||||||||||||||||
750,000 | 5.000 | 05/01/21 | 739,110 | |||||||||||||
Crossings at Fleming Island Community Development District RB for Special Assignment Series 2000 B (MBIA) (AAA/Aaa) | ||||||||||||||||
1,765,000 | 5.800 | 05/01/16 | 1,910,542 | |||||||||||||
Double Branch Community Development District Special Assessment Series 2005 A | ||||||||||||||||
585,000 | 5.350 | 05/01/34 | 567,005 | |||||||||||||
Florida State GO Bonds Department of Transportation Right of Way Series 1997 B (AAA/Aaa) (a) | ||||||||||||||||
1,000,000 | 5.500 | 07/01/07 | 1,030,960 | |||||||||||||
High Ridge Quantum Community Development District Special Assessment for Boynton Beach Series 2005 A | ||||||||||||||||
1,960,000 | 5.750 | 05/01/35 | 1,925,190 | |||||||||||||
Hollywood Community Redevelopment Agency RB for Beach CRA Series 2004 (Baa2) | ||||||||||||||||
300,000 | 5.625 | 03/01/24 | 314,574 | |||||||||||||
Jacksonville Economic Development Community Health Care Facilities RB for Mayo Clinic Series 2006 (AA/Aa2) | ||||||||||||||||
825,000 | 5.000 | 11/15/36 | 841,269 | |||||||||||||
Keys Cove Community Development District Special Assessment Series 2004 | ||||||||||||||||
1,225,000 | 5.875 | 05/01/35 | 1,255,943 | |||||||||||||
Longleaf Community Development District Special Assessment Refunding Series 2006 | ||||||||||||||||
1,350,000 | 5.375 | 05/01/30 | 1,347,570 | |||||||||||||
Marsh Harbour Community Development District Special Assessment Series 2005 A | ||||||||||||||||
965,000 | 5.450 | 05/01/36 | 963,938 | |||||||||||||
Meadow Pointe III Community Development District RB for Capital Improvement Series 2004 A | ||||||||||||||||
1,000,000 | 6.000 | 05/01/35 | 1,015,560 |
The accompanying notes are an integral part of these financial statements.
38
GOLDMAN SACHS MUNICIPAL INCOME FUND
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Municipal Debt Obligations – (continued) | ||||||||||||||||
Florida – (continued) | ||||||||||||||||
North Springs Improvement District RB Refunding for Water Management Series 2005 A | ||||||||||||||||
$ | 200,000 | 5.375 | % | 05/01/24 | $ | 198,474 | ||||||||||
North Springs Improvement District RB Refunding for Water Management Series 2005 B | ||||||||||||||||
450,000 | 5.500 | 05/01/35 | 448,875 | |||||||||||||
Orange County Florida Health Facilities Authority RB for Orlando Regional Healthcare Hospital Series 2006 B (A/A2) | ||||||||||||||||
135,000 | 4.750 | 11/15/36 | 130,976 | |||||||||||||
Palm Beach County GO Bonds Series 1999 A (AAA/Aaa)(a) | ||||||||||||||||
1,000,000 | 5.450 | 08/01/09 | 1,053,290 | |||||||||||||
Port Everglades Authority RB Series 1986 (ETM) (AAA/Aaa) | ||||||||||||||||
2,785,000 | 7.125 | 11/01/16 | 3,269,117 | |||||||||||||
Sail Harbour Community Development District Special Assessment Series 2005 A | ||||||||||||||||
1,000,000 | 5.500 | 05/01/36 | 1,000,060 | |||||||||||||
Sonoma Bay Community Development District Special Assessment Series 2005 A | ||||||||||||||||
650,000 | 5.450 | 05/01/36 | 649,285 | |||||||||||||
Sumter Landing Community Development District Recreational RB Series 2005 A (MBIA) (AAA/Aaa) | ||||||||||||||||
250,000 | 4.625 | 10/01/30 | 244,443 | |||||||||||||
Tampa Palms Open Space and Transportation Community Development District Revenue Special Assessment for Capital Improvement Area 7 Project Series 2004 (MBIA) (AAA/Aaa) | ||||||||||||||||
250,000 | 4.000 | 05/01/13 | 250,605 | |||||||||||||
1,400,000 | 4.500 | 05/01/18 | 1,428,658 | |||||||||||||
Thousand Oaks Community Development District Special Assessment RB Series 2005 A1 | ||||||||||||||||
1,000,000 | 5.350 | 05/01/35 | 990,210 | |||||||||||||
Villagewalk of Bonita Springs Community Development District Special Assessment for Capital Improvements Series 2005 | ||||||||||||||||
1,000,000 | 5.600 | 05/01/36 | 1,001,710 | |||||||||||||
Volusia County Educational Facility Authority RB Refunding for Embry-Riddle Aeronautical Series 2005 (Radian) (AA/Aa3) | ||||||||||||||||
650,000 | 5.000 | 10/15/35 | 658,288 | |||||||||||||
26,989,539 | ||||||||||||||||
Georgia – 2.1% | ||||||||||||||||
Augusta Georgia Water & Sewer RB Series 2004 (FSA) (AAA/Aaa) | ||||||||||||||||
7,000,000 | 5.250 | 10/01/39 | 7,364,000 | |||||||||||||
Chatham County Hospital Authority RB for Hospital Improvement Memorial Health University Series 2004 A (A-/A3) | ||||||||||||||||
325,000 | 5.500 | 01/01/34 | 339,628 | |||||||||||||
Georgia State GO Bonds Series 1992 B (AAA/Aaa) | ||||||||||||||||
1,000,000 | 6.000 | 03/01/12 | 1,116,750 | |||||||||||||
8,820,378 | ||||||||||||||||
Hawaii – 0.9% | ||||||||||||||||
Hawaii State Airport Systems RB Series 2000 B (AMT) (FGIC) (AAA/Aaa) | ||||||||||||||||
3,500,000 | 6.625 | 07/01/17 | 3,857,175 | |||||||||||||
Illinois – 5.2% | ||||||||||||||||
Chicago Illinois GO Bonds Series 2000 C (FGIC) (AAA/Aaa)(a) | ||||||||||||||||
1,365,000 | 5.500 | 07/01/10 | 1,470,597 | |||||||||||||
Chicago Illinois GO Bonds Unrefunded Balance Series 2000 C (FGIC) (AAA/Aaa) | ||||||||||||||||
815,000 | 5.500 | 01/01/19 | 868,619 | |||||||||||||
Chicago Illinois Ohare International Airport RB for General Airport 3rd Lien Series 2003 A-1 (XLCA) (AAA/Aaa) | ||||||||||||||||
490,000 | 5.250 | 01/01/34 | 510,658 | |||||||||||||
Chicago Illinois Tax Increment for Near South Redevelopment Project Series 2001 A (ACA)(A) | ||||||||||||||||
750,000 | 5.000 | 11/15/11 | 780,465 | |||||||||||||
1,250,000 | 6.250 | 11/15/13 | 1,373,388 | |||||||||||||
Chicago Illinois Tax Increment Junior Lien for Central Loop Redevelopment Project Series 2000 A (ACA)(A) | ||||||||||||||||
2,000,000 | 6.500 | 12/01/08 | 2,115,700 | |||||||||||||
Illinois Development Finance Authority PCRB for Amerencips Series 2000 A (BBB/Baa1)(b) | ||||||||||||||||
2,300,000 | 5.500 | 02/28/14 | 2,343,769 | |||||||||||||
Illinois Educational Facilities Authority Student Housing RB for Educational Advancement Fund University Center Project Series 2002 (Baa3) | ||||||||||||||||
2,000,000 | 6.250 | 05/01/30 | 2,150,900 | |||||||||||||
1,500,000 | 6.250 | 05/01/34 | 1,530,945 | |||||||||||||
Illinois Finance Authority RB Refunding for Proctor Hospital Series 2006 (BBB-/Baa3) | ||||||||||||||||
400,000 | 5.125 | 01/01/25 | 396,420 | |||||||||||||
Illinois Finance Authority Solid Waste Disposal RB for Waste Management Inc. Project Series 2005 A (AMT) (BBB) | ||||||||||||||||
400,000 | 5.050 | 08/01/29 | 394,048 | |||||||||||||
Illinois State GO First Series 2002 (MBIA) (AAA/Aaa) | ||||||||||||||||
3,000,000 | 5.375 | 07/01/19 | 3,201,180 | |||||||||||||
Lake County Community Consolidated School District No. 041 GO Bonds Series 1999 A (FSA) (AAA/Aaa) | ||||||||||||||||
2,725,000 | 9.000 | 11/01/16 | 3,755,622 | |||||||||||||
Lombard Public Facilities Corp. RB for Conference Center and Hotel First Tier Series 2005 A-2 (ACA)(A) | ||||||||||||||||
425,000 | 5.500 | 01/01/36 | 444,741 | |||||||||||||
21,337,052 | ||||||||||||||||
Indiana – 0.4% | ||||||||||||||||
Indiana Health & Educational Facilities Finance Authority Hospital RB for Clarian Health Obligations Series 2006 A (A+/A2) | ||||||||||||||||
1,000,000 | 5.000 | 02/15/39 | 1,002,230 | |||||||||||||
Indianapolis Airport Authority RB for Special Facilities Federal Express Corp. Project Series 2004 (AMT) (BBB/Baa2) | ||||||||||||||||
640,000 | 5.100 | 01/15/17 | 656,416 | |||||||||||||
1,658,646 | ||||||||||||||||
The accompanying notes are an integral part of these financial statements.
39
GOLDMAN SACHS MUNICIPAL INCOME FUND
Statement of Investments (continued)
April 30, 2006 (Unaudited)
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Municipal Debt Obligations – (continued) | ||||||||||||||||
Iowa – 0.4% | ||||||||||||||||
Tobacco Settlement Authority of Iowa RB for Asset Backed Bonds Series 2005 C (BBB/Baa3) | ||||||||||||||||
$ | 1,875,000 | 5.375 | % | 06/01/38 | $ | 1,871,138 | ||||||||||
Kansas – 0.5% | ||||||||||||||||
Burlington Environmental Improvement RB for Kansas City Power & Lighting Co. Project Series 2005 (XCLA) (AAA/Aaa) | ||||||||||||||||
1,250,000 | 4.650 | 09/01/35 | 1,228,300 | |||||||||||||
Wichita Hospital RB for Refunding and Improvement Facilities Series 2001 III (A+) | ||||||||||||||||
1,000,000 | 5.500 | 11/15/25 | 1,039,410 | |||||||||||||
2,267,710 | ||||||||||||||||
Kentucky – 0.9% | ||||||||||||||||
Kentucky Economic Development Finance Authority RB for Norton Healthcare Inc. Series 2000 C (MBIA) (AAA/Aaa) | ||||||||||||||||
3,250,000 | 6.000 | 10/01/18 | 3,629,795 | |||||||||||||
Louisiana – 1.5% | ||||||||||||||||
De Soto Parish Environmental Improvement RB Refunding for International Paper Co. Project Series 2004 A (AMT) (BBB/Baa3) | ||||||||||||||||
675,000 | 5.000 | 11/01/18 | 670,045 | |||||||||||||
Louisiana State Offshore Terminal Authority Deepwater Port RB for Loop LLC Project Series 2003 C (A/A3) | ||||||||||||||||
1,000,000 | 5.250 | 09/01/15 | 1,049,490 | |||||||||||||
500,000 | 5.250 | 09/01/16 | 522,840 | |||||||||||||
New Orleans Levee District Public Improvement RB Series 1995 (FSA) (AAA/Aaa) | ||||||||||||||||
1,340,000 | 5.950 | 11/01/15 | 1,375,979 | |||||||||||||
Tobacco Settlement Financing Corp. RB Series 2001 B (BBB/Baa3) | ||||||||||||||||
1,285,000 | 5.500 | 05/15/30 | 1,333,419 | |||||||||||||
1,220,000 | 5.875 | 05/15/39 | 1,277,987 | |||||||||||||
6,229,760 | ||||||||||||||||
Maine – 0.5% | ||||||||||||||||
Maine Municipal Bond Bank RB Series 2005 E (AAA/Aa1) | ||||||||||||||||
2,165,000 | 5.000 | 11/01/34 | 2,234,367 | |||||||||||||
Maryland – 2.7% | ||||||||||||||||
Anne Arundel County Special Obligation RB for Aundel Mills Project Series 2004 (AA+/Aa1) | ||||||||||||||||
1,500,000 | 5.125 | 07/01/29 | 1,574,850 | |||||||||||||
Baltimore RB for Wastewater Projects Series 2005 B (MBIA) (AAA/Aaa) | ||||||||||||||||
3,260,000 | 5.000 | 07/01/35 | 3,376,121 | |||||||||||||
Frederick County Special Tax for Lake Linganore Village Community Development Series 2001 A (Radian) (AA) | ||||||||||||||||
500,000 | 5.600 | 07/01/20 | 537,640 | |||||||||||||
1,000,000 | 5.700 | 07/01/29 | 1,075,470 | |||||||||||||
Maryland State Department of Transportation RB Series 2004 PA 1259 (RITES) (AA)(d) | ||||||||||||||||
575,000 | 7.897 | 05/01/14 | 724,569 | |||||||||||||
Maryland State Health & Higher Educational Facilities Authority RB for Maryland Institute College of Art (Baa1) | ||||||||||||||||
1,000,000 | 5.000 | 06/01/35 | 1,003,100 | |||||||||||||
1,000,000 | 5.000 | 06/01/40 | 1,001,530 | |||||||||||||
Maryland State Health & Higher Educational Facilities Authority RB for Medstar Health Series 2004 (BBB+/Baa1) | ||||||||||||||||
500,000 | 5.375 | 08/15/24 | 521,155 | |||||||||||||
750,000 | 5.500 | 08/15/33 | 775,118 | |||||||||||||
Maryland State Health and Higher Educational Facilities Authority RB for Maryland Institute College of Art Series 2001 (Baa1) | ||||||||||||||||
500,000 | 5.500 | 06/01/32 | 516,040 | |||||||||||||
11,105,593 | ||||||||||||||||
Massachusetts – 3.3% | ||||||||||||||||
Massachusetts Bay Transportation Authority (AAA/Aa1)(a) | ||||||||||||||||
1,000,000 | 5.000 | 07/01/14 | 1,067,560 | |||||||||||||
Massachusetts State GO Bonds for Consolidated Loan Series 2000 A (AAA/Aa2)(a) | ||||||||||||||||
2,000,000 | 6.000 | 02/01/10 | 2,169,460 | |||||||||||||
Massachusetts State GO Bonds Series 1996 D (AMBAC) (AAA/Aaa) | ||||||||||||||||
3,000,000 | 4.500 | 11/01/15 | 3,013,830 | |||||||||||||
Massachusetts State Health & Educational Facilities Authority RB for Milton Hospital Series 2005 D (BBB-) | ||||||||||||||||
575,000 | 5.500 | 07/01/40 | 588,236 | |||||||||||||
Massachusetts State Health and Educational Facilities Authority RB for Emerson Hospital Series 2005 E (Radian) (AA) | ||||||||||||||||
2,275,000 | 5.000 | 08/15/35 | 2,257,528 | |||||||||||||
Massachusetts State Health and Educational Facilities Authority RB for Harvard Pilgrim Health Series 1998 A (FSA) (AAA/Aaa) | ||||||||||||||||
3,750,000 | 5.250 | 07/01/12 | 3,899,325 | |||||||||||||
Massachusetts State Health and Educational Facilities Authority RB for UMass Memorial Issue Series 2005 D (BBB/Baa2) | ||||||||||||||||
300,000 | 5.000 | 07/01/33 | 296,028 | |||||||||||||
Massachusetts State School Building Authority Sales Tax RB Series 2005 A (FSA) (AAA/Aaa) | ||||||||||||||||
500,000 | 5.000 | 08/15/30 | 518,000 | |||||||||||||
13,809,967 | ||||||||||||||||
Michigan – 0.8% | ||||||||||||||||
Michigan State Hospital Finance Authority RB for Ascension Health Credit Series 1999 A (MBIA) (AAA/Aaa)(a) | ||||||||||||||||
2,000,000 | 6.125 | 11/15/09 | 2,170,560 | |||||||||||||
Pontiac Tax Increment Finance Authority RB for Tax Increment Development Area No. 3 Series 2002 (ACA)(A) | ||||||||||||||||
1,000,000 | 5.375 | 06/01/17 | 1,040,810 | |||||||||||||
3,211,370 | ||||||||||||||||
Minnesota – 0.7% | ||||||||||||||||
Minnesota State Municipal Power Agency RB Series 2005 (A3) | ||||||||||||||||
3,000,000 | 5.000 | 10/01/35 | 3,042,600 | |||||||||||||
The accompanying notes are an integral part of these financial statements.
40
GOLDMAN SACHS MUNICIPAL INCOME FUND
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Municipal Debt Obligations – (continued) | ||||||||||||||||
Mississippi – 0.2% | ||||||||||||||||
Mississippi Business Finance Corp. PCRB for Systems Energy Resources Inc. Project Series 1998 (BBB-/Ba1) | ||||||||||||||||
$ | 685,000 | 5.875 | % | 04/01/22 | $ | 690,391 | ||||||||||
Missouri – 2.0% | ||||||||||||||||
Cameron IDA Health Facilities RB Insured by Cameron Community Hospital Series 2000 (ACA)(A) | ||||||||||||||||
1,800,000 | 6.250 | 12/01/21 | 1,928,952 | |||||||||||||
Missouri State Development Finance Board Infrastructure Facilities RB for Branson Landing Project Series 2005 A (BBB+/Baa1) | ||||||||||||||||
270,000 | 4.750 | 06/01/25 | 259,824 | |||||||||||||
1,325,000 | 5.000 | 06/01/35 | 1,312,903 | |||||||||||||
Missouri State Environmental Improvement & Energy Resource Authority RB for Kansas City Power & Light Series 1993 (BBB/A2) | ||||||||||||||||
515,000 | 4.000 | 01/02/12 | 503,757 | |||||||||||||
Missouri State Health and Educational Facilities Authority RB for St. Lukes Episcopal-Presbyterian Hospital Series 2001 (FSA) (AAA/Aaa) | ||||||||||||||||
1,000,000 | 5.500 | 12/01/15 | 1,068,850 | |||||||||||||
Truman State University Housing System RB Series 2004 (AMBAC) (Aaa) | ||||||||||||||||
3,000,000 | 5.000 | 06/01/30 | 3,089,940 | |||||||||||||
8,164,226 | ||||||||||||||||
Montana(b) �� 0.2% | ||||||||||||||||
Forsyth Montana PCRB Refunding Portland General Series 1998-A RMKT 5/1/03 (BBB+/Baa1) | ||||||||||||||||
1,000,000 | 5.200 | 05/01/09 | 1,025,340 | |||||||||||||
Nevada – 2.2% | ||||||||||||||||
Clark County Industrial Development RB for Southwest Gas Corp. Project Series 2003 C (BBB-/Baa2)(b) | ||||||||||||||||
765,000 | 5.450 | 03/01/13 | 790,008 | |||||||||||||
Las Vegas New Convention and Visitors Authority RB Series 1999 (AMBAC) (AAA/Aaa)(a) | ||||||||||||||||
2,500,000 | 6.000 | 07/01/09 | 2,694,500 | |||||||||||||
Nevada Department of Business and Industry RB for Las Vegas Monorail Project 1st Tier Series 2000 (AMBAC) (AAA/Aaa) | ||||||||||||||||
2,500,000 | 5.625 | 01/01/32 | 2,679,300 | |||||||||||||
North Las Vegas Local Improvement Special Assessment Refunding for Special Improvement District No. 60 Series 2006 B | ||||||||||||||||
1,115,000 | 5.100 | 12/01/22 | 1,115,000 | |||||||||||||
Washoe County GO Bonds for Reno Sparks Convention Series 2000 A (FSA) (AAA/Aaa)(a) | ||||||||||||||||
1,585,000 | 6.375 | 01/01/10 | 1,728,839 | |||||||||||||
9,007,647 | ||||||||||||||||
New Hampshire – 0.7% | ||||||||||||||||
New Hampshire Health and Educational Facilities Authority RB for Healthcare Systems Covenant Health Series 2002(A) | ||||||||||||||||
500,000 | 6.000 | 07/01/22 | 535,275 | |||||||||||||
New Hampshire Municipal Bond Bank RB Series 2003 (MBIA) (AAA/Aaa) | ||||||||||||||||
1,000,000 | 5.250 | 08/15/19 | 1,076,280 | |||||||||||||
New Hampshire State Business Finance Authority RB for Waste Management Inc. Project Series 2002 (AMT) (BBB)(b) | ||||||||||||||||
1,250,000 | 5.200 | 05/01/27 | 1,248,412 | |||||||||||||
2,859,967 | ||||||||||||||||
New Jersey – 4.3% | ||||||||||||||||
New Jersey Economic Development Authority RB for Cigarette Tax Series 2004 (Radian) (AA) | ||||||||||||||||
1,085,000 | 5.500 | 06/15/16 | 1,157,793 | |||||||||||||
New Jersey Health Care Facilities Financing Authority RB for Children’s Specialized Hospital Series 2005 A (Baa3) | ||||||||||||||||
600,000 | 5.000 | 07/01/24 | 596,334 | |||||||||||||
175,000 | 5.500 | 07/01/30 | 180,010 | |||||||||||||
New Jersey Health Care Facilities Financing Authority RB for Palisades Medical Center of New York Healthcare Series 2002 (BBB-/Baa3) | ||||||||||||||||
500,000 | 6.500 | 07/01/21 | 543,130 | |||||||||||||
New Jersey State GO Bonds Refunding Series 1999 F (AA/Aa3) | ||||||||||||||||
1,000,000 | 5.500 | 08/01/11 | 1,080,080 | |||||||||||||
New Jersey State Transportation Trust Fund Authority RB for Transportation System Series 2003 C (AAA/Aaa)(a) | ||||||||||||||||
3,000,000 | 5.500 | 06/15/13 | 3,287,850 | |||||||||||||
New Jersey Tobacco Settlement Financing Corp. RB for Public Improvement Series 2002 (BBB/Baa3) | ||||||||||||||||
2,775,000 | 5.750 | 06/01/32 | 2,879,340 | |||||||||||||
Tobacco Settlement Financing Corp. RB for New Jersey Asset Backed Bonds Series 2002 (BBB/Baa3) | ||||||||||||||||
2,370,000 | 6.000 | 06/01/37 | 2,475,939 | |||||||||||||
Tobacco Settlement Financing Corp. RB Series 2003 (BBB/Baa3) | ||||||||||||||||
300,000 | 6.750 | 06/01/39 | 334,365 | |||||||||||||
University of Medicine & Dentistry of New Jersey COPS Series 2004 (MBIA) (AAA/Aaa) | ||||||||||||||||
5,000,000 | 5.000 | 06/15/36 | 5,133,950 | |||||||||||||
17,668,791 | ||||||||||||||||
New Mexico – 0.9% | ||||||||||||||||
Farmington PCRB Public Service Co. New Mexico Series 1997 D (BBB/Baa2) | ||||||||||||||||
3,530,000 | 6.375 | 04/01/22 | 3,693,086 | |||||||||||||
New York – 4.8% | ||||||||||||||||
Metropolitan Transportation Authority RB Refunding for Transportation Series 2002 F (MBIA) (AAA/Aaa) | ||||||||||||||||
1,000,000 | 5.250 | 11/15/27 | 1,060,610 | |||||||||||||
Metropolitan Transportation Authority RB Series 2002 PA 1027 (RITES) (AMBAC)(d) | ||||||||||||||||
1,000,000 | 6.976 | 11/15/15 | 1,174,540 |
The accompanying notes are an integral part of these financial statements.
41
GOLDMAN SACHS MUNICIPAL INCOME FUND
Statement of Investments (continued)
April 30, 2006 (Unaudited)
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Municipal Debt Obligations – (continued) | ||||||||||||||||
New York – (continued) | ||||||||||||||||
New York City GO Bonds Unrefunded Balance Series 1997 C (MBIA-IBC) (AAA/Aaa) | ||||||||||||||||
$ | 745,000 | 5.375 | % | 11/15/17 | $ | 770,807 | ||||||||||
New York City IDA Civic Facility RB for Polytechnic University Project Series 2000 (BB+/Ba3) | ||||||||||||||||
1,250,000 | 6.000 | 11/01/20 | 1,239,700 | |||||||||||||
New York City Transitional Finance Authority RB for Future Tax Secured Series 2002 C (FGIC) (AAA/Aaa) | ||||||||||||||||
1,000,000 | 5.250 | 08/01/14 | 1,066,700 | |||||||||||||
New York City Transitional Finance Authority RB Series 2002 R PA 1043 (RITES) (AAA)(d) | ||||||||||||||||
1,000,000 | 6.976 | 11/01/26 | 1,153,820 | |||||||||||||
New York State Dormitory Authority RB for Montefiore Hospital Series 2004 (FGIC/FHA) (AAA/Aaa) | ||||||||||||||||
2,500,000 | 5.000 | 08/01/29 | 2,583,900 | |||||||||||||
New York State Dormitory Authority RB for North Shore University Hospital Series 1998 (MBIA) (AAA/Aaa) | ||||||||||||||||
1,500,000 | 5.500 | 11/01/14 | 1,649,355 | |||||||||||||
New York State Environmental Facilities Corp. State Clean Water & Drinking RB for Revolving Funds Pooled Funding Program Series 2002 F (AAA/Aaa) | ||||||||||||||||
175,000 | 5.250 | 11/15/20 | 186,532 | |||||||||||||
New York State GO Bonds Refunding Series 1998 F (AA/Aa3) | ||||||||||||||||
100,000 | 5.250 | 09/15/13 | 104,278 | |||||||||||||
Tobacco Settlement Financing Corp. RB for New York Asset Backed Bonds Series 2003 A-1 (AA-/A1) | ||||||||||||||||
2,600,000 | 5.500 | 06/01/19 | 2,791,828 | |||||||||||||
Tobacco Settlement Financing Corp. RB Series 2003 C-1 (AA-/A1) | ||||||||||||||||
5,000,000 | 5.500 | 06/01/19 | 5,368,900 | |||||||||||||
Triborough Bridge & Tunnel Authority RB for General Purpose Series 1999 A (AAA/Aa2)(a) | ||||||||||||||||
675,000 | 5.250 | 07/01/09 | 709,945 | |||||||||||||
19,860,915 | ||||||||||||||||
North Carolina – 2.5% | ||||||||||||||||
Charlotte North Carolina Water & Sewer System RB Series 2001 (AAA/Aa1) | ||||||||||||||||
1,000,000 | 5.125 | 06/01/26 | 1,040,420 | |||||||||||||
North Carolina Capital Facilities Finance Agency RB for Duke University Project Series 2002 A (AA+/Aa1) | ||||||||||||||||
2,000,000 | 5.125 | 07/01/42 | 2,059,880 | |||||||||||||
North Carolina Eastern Municipal Power Agency Power System RB Series 2003 C (BBB/Baa2) | ||||||||||||||||
500,000 | 5.375 | 01/01/16 | 524,910 | |||||||||||||
850,000 | 5.375 | 01/01/17 | 889,856 | |||||||||||||
North Carolina Eastern Municipal Power Agency Power System RB Series 2003 D (BBB/Baa2) | ||||||||||||||||
600,000 | 5.125 | 01/01/23 | 611,994 | |||||||||||||
North Carolina Medical Care Community Hospital RB for Northeast Medical Center Project Series 2000 (AMBAC) (AAA/Aaa) | ||||||||||||||||
3,000,000 | 5.500 | 11/01/25 | 3,164,190 | |||||||||||||
North Carolina Municipal Power Agency No. 1 Catawba Electric RB Series 2003 A (BBB+/A3) | ||||||||||||||||
450,000 | 5.500 | 01/01/13 | 479,084 | |||||||||||||
Winston-Salem North Carolina Water & Sewer Systems RB Refunding Series 2001 (AAA/Aa2)(a) | ||||||||||||||||
1,500,000 | 5.250 | 06/01/11 | 1,616,970 | |||||||||||||
10,387,304 | ||||||||||||||||
Ohio – 0.8% | ||||||||||||||||
Ohio Housing Finance Agency Mortgage RB for Residential Mortgaged Backed Securities Series 2006 E (AMT) (FNMA/GNMA) (Aaa) | ||||||||||||||||
1,500,000 | 5.000 | 09/01/36 | 1,500,240 | |||||||||||||
Pickerington Local School District GO Bonds for School Facilities Construction & Improvement Series 2001 (FGIC) (AAA/Aaa)(a) | ||||||||||||||||
500,000 | 5.250 | 12/01/11 | 536,635 | |||||||||||||
Summit County Port Authority Program Development RB for Twinsburg Township Project Series 2005 D | ||||||||||||||||
655,000 | 5.125 | 05/15/25 | 661,629 | |||||||||||||
Toledo-Lucas County of Ohio Port Authority Development RB for Northwest Ohio Bond FD-Truckload Series 2005 C (AMT) | ||||||||||||||||
435,000 | 5.125 | 11/15/25 | 431,546 | |||||||||||||
3,130,050 | ||||||||||||||||
Oklahoma – 0.1% | ||||||||||||||||
Norman Oklahoma Regional Hospital Authority RB Series 2005 (BBB-) | ||||||||||||||||
250,000 | 5.375 | 09/01/36 | 252,260 | |||||||||||||
Oregon – 0.5% | ||||||||||||||||
Klamath Falls Intermediate Community Hospital Authority RB for Merle West Medical Center Project Series 2002 (BBB) | ||||||||||||||||
2,000,000 | 6.125 | 09/01/22 | 2,138,600 | |||||||||||||
Pennsylvania – 0.9% | ||||||||||||||||
Montgomery County Higher Education & Health Authority RB for Catholic Health Systems East Series 2004 C (A/A1) | ||||||||||||||||
150,000 | 5.375 | 11/15/34 | 155,766 | |||||||||||||
Pennsylvania Economic Development Financing Authority Exempt Facilities RB for Amtrak Project Series 2001 A (AMT) (BBB/A3) | ||||||||||||||||
2,000,000 | 6.250 | 11/01/31 | 2,116,740 | |||||||||||||
Pennsylvania Intergovernmental Cooperative Authority Special Tax Revenue Refunding for Philadelphia Funding Program Series 1999 (FGIC) (AAA/Aaa) | ||||||||||||||||
1,000,000 | 5.250 | 06/15/15 | 1,040,410 | |||||||||||||
Pennsylvania State Public School Building Authority RB for Montgomery County Community College Project Series 2005 (AMBAC) (Aaa) | ||||||||||||||||
160,000 | 5.000 | 05/01/24 | 167,067 | |||||||||||||
St. Mary Hospital Authority RB Refunding for Catholic Health East Series 2004 B (A/A1) | ||||||||||||||||
225,000 | 5.375 | 11/15/34 | 235,089 | |||||||||||||
3,715,072 | ||||||||||||||||
The accompanying notes are an integral part of these financial statements.
42
GOLDMAN SACHS MUNICIPAL INCOME FUND
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Municipal Debt Obligations – (continued) | ||||||||||||||||
Puerto Rico – 1.0% | ||||||||||||||||
Puerto Rico Commonwealth Highway and Transportation Authority RB Series 1996 Y (XLCA) (AAA/Aaa) | ||||||||||||||||
$ | 2,500,000 | 5.000 | % | 07/01/36 | $ | 2,582,350 | ||||||||||
Puerto Rico Commonwealth Infrastructure Financing Authority RB Series 2005 B (BBB/Baa2) | ||||||||||||||||
1,000,000 | 5.000 | 07/01/41 | 999,930 | |||||||||||||
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities RB for Ana G Mendez University System Project Series 2006 (BBB-) | ||||||||||||||||
425,000 | 5.000 | 03/01/36 | 422,361 | |||||||||||||
4,004,641 | ||||||||||||||||
South Carolina – 2.8% | ||||||||||||||||
Grand Strand Water & Sewer Authority South Carolina Waterworks & Sewer Systems RB Series 2001 (FSA) (AAA/Aaa) | ||||||||||||||||
5,000,000 | 5.000 | 06/01/31 | 5,126,150 | |||||||||||||
Greenville County School District Installment Purchase RB Prerefunded for Building Equity Series 2002 (AA-/Aa3)(a) | ||||||||||||||||
550,000 | 6.000 | 12/01/12 | 620,009 | |||||||||||||
Greenville County School District Installment Purchase RB Unrefunded Balance for Building Equity Series 2002 (AA-/Aa3)(a) | ||||||||||||||||
450,000 | 6.000 | 12/01/12 | 508,676 | |||||||||||||
Lancaster County School District GO Bonds Series 1999 (FSA) (AAA/Aaa) | ||||||||||||||||
1,000,000 | 5.100 | 03/01/15 | 1,045,770 | |||||||||||||
Medical University Hospital Authority RB for Hospital Facilities Series 2004 A (MBIA/FHA) (AAA/Aaa) | ||||||||||||||||
4,000,000 | 5.000 | 08/15/31 | 4,089,520 | |||||||||||||
11,390,125 | ||||||||||||||||
Tennessee – 2.8% | ||||||||||||||||
Elizabethton Health and Educational Board RB First Mortgage Series 2000 B (MBIA) (AAA/Aaa) | ||||||||||||||||
2,000,000 | 6.250 | 07/01/15 | 2,295,880 | |||||||||||||
Hallsdale Powell Utility District RB for Knox County Water & Sewer Improvement Series 2004 B (FGIC) (AAA/Aaa) | ||||||||||||||||
1,260,000 | 5.000 | 04/01/34 | 1,291,752 | |||||||||||||
Johnson City Health & Educational Facilities Board Hospital RB for First Mortgage Mountain States Health Series 2006 A (BBB+/Baa2) | ||||||||||||||||
775,000 | 5.500 | 07/01/36 | 803,024 | |||||||||||||
Johnson City Health and Educational Facilities Board Hospital for Mountain States Health RB First Mortgage Series 2000 A (MBIA) (AAA/Aaa) | ||||||||||||||||
3,000,000 | 6.250 | 07/01/16 | 3,469,260 | |||||||||||||
McMinnville Housing Authority RB First Mortgage for Beersheba Heights Tower Series 1997 (Baa1) | ||||||||||||||||
560,000 | 6.000 | 10/01/09 | 576,822 | |||||||||||||
Shelby County Health Educational & Housing Facilities Board RB PA 1277 A (RITES) (AA) (b)(d) | ||||||||||||||||
810,000 | 7.989 | 10/01/08 | 883,645 | |||||||||||||
Shelby County Health Educational & Housing Facilities Board RB PA 1277 B (RITES) (AA)(d) | ||||||||||||||||
120,000 | 7.989 | 09/01/08 | 130,541 | |||||||||||||
Tennessee Housing Development Agency RB for Homeownership Program 1 Series 2000 (AMT) (AA/Aa2) | ||||||||||||||||
2,130,000 | 5.850 | 07/01/11 | 2,242,315 | |||||||||||||
11,693,239 | ||||||||||||||||
Texas – 6.0% | ||||||||||||||||
Alliance Airport Authority Special Facilities RB for Fedex Corp. Project Series 2006 (AMT) (BBB/Baa2) | ||||||||||||||||
850,000 | 4.850 | 04/01/21 | 841,959 | |||||||||||||
Brazos River Authority PCRB for TXU Electric Co. Project Series 1999 A (AMT) (BBB-/Baa2) | ||||||||||||||||
700,000 | 7.700 | 04/01/33 | 813,372 | |||||||||||||
Brazos River Authority PCRB for TXU Electric Co. Project Series 1999 C (AMT) (BBB-/Baa2) | ||||||||||||||||
1,200,000 | 7.700 | 03/01/32 | 1,395,120 | |||||||||||||
Brazos River Authority PCRB for TXU Electric Co. Project Series 2001 C (AMT) (BBB-/Baa2) (b) | ||||||||||||||||
1,045,000 | 5.750 | 11/01/11 | 1,108,484 | |||||||||||||
Brazos River Authority RB for Reliant Energy Inc. Project Series 1999 A (BBB-/Ba1) | ||||||||||||||||
1,250,000 | 5.375 | 04/01/19 | 1,266,462 | |||||||||||||
Fort Bend County Municipal Utilities District No. 30 GO Bonds Series 2004 (FSA) (AAA/Aaa) | ||||||||||||||||
2,015,000 | 5.750 | 09/01/27 | 2,186,839 | |||||||||||||
Frisco Independent School District GO Bonds Series 2002 (PSF-GTD) (Aaa) | ||||||||||||||||
1,000,000 | 5.125 | 08/15/30 | 1,034,920 | |||||||||||||
Grand Prairie Independent School District GO Bonds Series 2003 (FSA) (AAA/Aaa) | ||||||||||||||||
1,000,000 | 5.375 | 02/15/18 | 1,066,840 | |||||||||||||
Gregg County Health Facilities Development Corp. RB for Good Shepherd Medical Center Project Series 2000 (Radian) (AA) | ||||||||||||||||
3,000,000 | 6.375 | 10/01/25 | 3,282,540 | |||||||||||||
Gulf Coast Waste Disposal Authority Texas Waste Disposal RB for Valero Energy Corp. Project Series 2001 (AMT) (BBB-/Baa3) | ||||||||||||||||
1,000,000 | 6.650 | 04/01/32 | 1,083,170 | |||||||||||||
Harris County Hospital District RB (MBIA) (AAA/Aaa) | ||||||||||||||||
2,050,000 | 6.000 | 02/15/16 | 2,217,321 | |||||||||||||
Hidalgo County Health Services RB for Mission Hospital Inc. Project Series 2005 (BBB/Baa2) | ||||||||||||||||
700,000 | 5.000 | 08/15/19 | 697,928 | |||||||||||||
Mesquite Independent School District GO Bonds Refunding Series 2002 (PSF-GTD) (AAA) | ||||||||||||||||
1,160,000 | 5.500 | 08/15/21 | 1,248,415 | |||||||||||||
Mesquite Texas Health Facilities Development Corp. RB for Christian Care Retirement Facilities (BBB-) | ||||||||||||||||
150,000 | 5.500 | 02/15/25 | 153,840 | |||||||||||||
250,000 | 5.625 | 02/15/35 | 257,848 |
The accompanying notes are an integral part of these financial statements.
43
GOLDMAN SACHS MUNICIPAL INCOME FUND
Statement of Investments (continued)
April 30, 2006 (Unaudited)
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Municipal Debt Obligations – (continued) | ||||||||||||||||
Texas – (continued) | ||||||||||||||||
Metropolitan Health Facilities Development Corp. RB for Wilson N. Jones Memorial Hospital Project Series 2001 (B1) | ||||||||||||||||
$ | 1,300,000 | 6.625 | % | 01/01/11 | $ | 1,328,691 | ||||||||||
Tomball Hospital Authority RB Refunding Series 2005 (Baa3) | ||||||||||||||||
650,000 | 5.000 | 07/01/20 | 645,723 | |||||||||||||
750,000 | 5.000 | 07/01/23 | 739,567 | |||||||||||||
University of Texas RB for Fing System Series 2003 B (AAA/Aaa) | ||||||||||||||||
1,000,000 | 5.250 | 08/15/20 | 1,054,960 | |||||||||||||
Waxahachie Independent School District GO Bonds Capital Appreciating Prerefunding Series 2000 (PSF-GTD) (Aaa)(a)(c) | ||||||||||||||||
1,775,000 | 0.000 | 08/15/10 | 1,248,109 | |||||||||||||
Waxahachie Independent School District GO Bonds Capital Appreciating Unrefunded Balance Series 2000 (PSF-GTD) (Aaa)(c) | ||||||||||||||||
80,000 | 0.000 | 08/15/13 | 58,642 | |||||||||||||
Williamson County GO Bonds for Road Series 2002 (FSA) (AAA/Aaa) | ||||||||||||||||
1,040,000 | 5.250 | 02/15/27 | 1,090,045 | |||||||||||||
24,820,795 | ||||||||||||||||
U.S. Virgin Islands – 0.3% | ||||||||||||||||
Virgin Islands Public Finance Authority RB for Senior Lien Matching Fund Loan Note Series 2004 A (BBB) | ||||||||||||||||
500,000 | 5.000 | 10/01/14 | 524,105 | |||||||||||||
500,000 | 5.250 | 10/01/16 | 523,145 | |||||||||||||
1,047,250 | ||||||||||||||||
Utah – 0.5% | ||||||||||||||||
Tooele County Hazardous Waste Treatment RB for Union Pacific Project Series 1992 A (AMT) (BBB/Baa2) | ||||||||||||||||
2,000,000 | 5.700 | 11/01/26 | 2,090,280 | |||||||||||||
Virginia – 0.9% | ||||||||||||||||
Bristol Virginia Utilities System RB Refunding Series 2003 (MBIA) (AAA/Aaa) | ||||||||||||||||
1,850,000 | 5.250 | 07/15/26 | 1,953,026 | |||||||||||||
Chesapeake IDA PCRB for Virginia Electric & Power Project Series 1985 (BBB/Baa1) | ||||||||||||||||
750,000 | 5.250 | 02/01/08 | 756,570 | |||||||||||||
Virginia Commonwealth Transportation Board RB for Northern Virginia Transportation District Program Series 1999 A (AA+/Aa1)(a) | ||||||||||||||||
1,000,000 | 5.500 | 05/15/09 | 1,061,020 | |||||||||||||
3,770,616 | ||||||||||||||||
Washington – 5.4% | ||||||||||||||||
Chelan County Public Utilities District No. 001 RB for Chelan Hydro Project Series 1997 D (AMT) (MBIA) (AAA/Aaa) | ||||||||||||||||
2,500,000 | 6.350 | 07/01/28 | 2,608,625 | |||||||||||||
King County Sewer RB Series 1999-2 (FGIC) (AAA/Aaa)(a) | ||||||||||||||||
3,965,000 | 6.250 | 01/01/09 | 4,257,855 | |||||||||||||
Skagit County Public Hospital District No. 002 GO Refunding Bonds for Improvement Series 2005 (MBIA) (Aaa) | ||||||||||||||||
3,700,000 | 5.000 | 12/01/30 | 3,796,163 | |||||||||||||
Tacoma Washington GO Bonds Series 2004 (MBIA) (AAA/Aaa) | ||||||||||||||||
4,000,000 | 5.000 | 12/01/30 | 4,123,640 | |||||||||||||
Vancouver Downtown Redevelopment Authority RB for Conference Center Project Series 2003 A (ACA)(A) | ||||||||||||||||
3,025,000 | 6.000 | 01/01/34 | 3,247,156 | |||||||||||||
Washington Health Care Facilities Authority RB for Overlake Hospital Medical Center Series 2005 A (Assured Guaranty) (AAA/Aa1) | ||||||||||||||||
475,000 | 5.000 | 07/01/15 | 500,669 | |||||||||||||
Washington Housing Finance Commission RB for Single Family Program Series 2000 5-NR (FNMA/FHLMC/GNMA) (Aaa) | ||||||||||||||||
220,000 | 5.700 | 06/01/16 | 223,984 | |||||||||||||
Washington Public Power Supply System RB for Nuclear Project No. 2 Series 1996 A (AMBAC) (AAA/Aaa)(a) | ||||||||||||||||
2,500,000 | 5.700 | 07/01/06 | 2,558,250 | |||||||||||||
Washington State GO Bonds Series 2000 B (AA/Aa1)(a) | ||||||||||||||||
1,000,000 | 6.000 | 01/01/10 | 1,076,240 | |||||||||||||
22,392,582 | ||||||||||||||||
West Virginia – 0.9% | ||||||||||||||||
Monongalia County Building Community Hospital RB for Monongalia General Hospital Series 2005 A (A-) | ||||||||||||||||
1,380,000 | 5.250 | 07/01/25 | 1,407,048 | |||||||||||||
1,190,000 | 5.250 | 07/01/35 | 1,197,652 | |||||||||||||
West Virginia State GO Bonds for State Road Series 2000 (FGIC) (AAA/Aaa)(a) | ||||||||||||||||
1,000,000 | 5.625 | 06/01/10 | 1,078,850 | |||||||||||||
3,683,550 | ||||||||||||||||
Wisconsin – 1.7% | ||||||||||||||||
Badger Tobacco Asset Securitization Corp. RB Asset Backed Bonds Series 2002 (BBB/Baa3) | ||||||||||||||||
1,000,000 | 6.375 | 06/01/32 | 1,070,540 | |||||||||||||
Wisconsin State GO Bonds Series 1999 C (AA-/Aa3)(a) | ||||||||||||||||
5,380,000 | 6.250 | 05/01/10 | 5,874,637 | |||||||||||||
6,945,177 | ||||||||||||||||
TOTAL MUNICIPAL DEBT OBLIGATIONS | ||||||||||||||||
(Cost $380,276,839) | $ | 395,546,482 | ||||||||||||||
Other Municipals – 1.6% | ||||||||||||||||
GMAC Municipal Mortgage Trust Series A (A3)(b)(e) | ||||||||||||||||
$ | 525,000 | 4.150 | % | 10/31/09 | $ | 519,283 | ||||||||||
GMAC Municipal Mortgage Trust Series A-1 (A3)(b)(e) | ||||||||||||||||
375,000 | 4.900 | 10/31/14 | 377,329 | |||||||||||||
GMAC Municipal Mortgage Trust Series A-2 (A3)(b)(e) | ||||||||||||||||
1,350,000 | 5.300 | 10/31/19 | 1,382,737 | |||||||||||||
GMAC Municipal Mortgage Trust Series B (Baa1)(b)(e) | ||||||||||||||||
1,350,000 | 5.600 | 10/31/19 | 1,383,439 |
The accompanying notes are an integral part of these financial statements.
44
GOLDMAN SACHS MUNICIPAL INCOME FUND
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Other Municipals – (continued) | ||||||||||||||||
Municipal Mortgage & Equity LLC Tax-Exempt Special Purpose Entity Series C-3(b)(e) | ||||||||||||||||
$ | 2,000,000 | 5.500 | % | 09/30/15 | $ | 1,995,540 | ||||||||||
Tax Exempt Municipal Infrastructure Improvement Trust Certificates RB Series 2005 A Class A (A1) | ||||||||||||||||
1,000,000 | 4.050 | 05/04/10 | 987,660 | |||||||||||||
TOTAL OTHER MUNICIPALS | ||||||||||||||||
(Cost $6,601,789) | $ | 6,645,988 | ||||||||||||||
Short-Term Investments – 2.9% | ||||||||||||||||
California(f) – 2.7% | ||||||||||||||||
California Housing Finance Agency RB VRDN for Home Mortgage Series 2005 H (AMT) (Dexia Credit Local SPA) (A-1+/VMIG1) | ||||||||||||||||
$ | 4,350,000 | 3.420 | % | 05/01/2006 | $ | 4,350,000 | ||||||||||
Southern California Home Financing Authority Single Family RB VRDN Series 2006 A (AMT) (Dexia Credit Local SPA) (A-1+/VMIG1) | ||||||||||||||||
6,700,000 | 3.440 | 05/05/2006 | 6,700,000 | |||||||||||||
11,050,000 | ||||||||||||||||
Puerto Rico – 0.2% | ||||||||||||||||
Puerto Rico Government Development Bank (A-2) | ||||||||||||||||
1,000,000 | 4.200 | 05/02/2006 | 1,000,000 | |||||||||||||
TOTAL SHORT-TERM INVESTMENTS | ||||||||||||||||
(Cost $12,050,000) | $ | 12,050,000 | ||||||||||||||
TOTAL INVESTMENTS – 100.2% | ||||||||||||||||
(Cost $398,928,628) | $ | 414,242,470 | ||||||||||||||
Liabilities in Excess of other assets – (0.2)% | (622,978 | ) | ||||||||||||||
Net Assets – 100.0% | $ | 413,619,492 | ||||||||||||||
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
(a) | Prerefunded security. Maturity date disclosed is prerefunding date. | |
(b) | Securities with “Put” features with resetting interest rates. Maturity dates disclosed are the next interest reset dates. | |
(c) | Security issued with a zero coupon. Income is recognized through the accretion of discount. | |
(d) | Inverse variable rate security. Interest rate disclosed is that which is in effect at April 30, 2006. | |
(e) | Securities are exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to 5,658,328, which represents approximately 1.4% of net assets as of April 30, 2006. | |
(f) | Variable rate security. Coupon rate disclosed is that which is in effect at April 30, 2006. |
Security ratings disclosed, if any, are issued by Standard & Poor’s/Moody’s Investors Service. A brief description of the ratings is available in the Fund’s Statement of Additional Information. |
The accompanying notes are an integral part of these financial statements.
45
GOLDMAN SACHS MUNICIPAL INCOME FUND
Statement of Investments (continued)
April 30, 2006 (Unaudited)
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 | ||||
AMT | — | Alternative Minimum Tax | ||||
BMA | — | Bond Market Association | ||||
COPS | — | Certificates of Participation | ||||
CRA | — | Community Reinvestment Act | ||||
ETM | — | Escrow to Maturity | ||||
FGIC | — | Insured by Financial Guaranty Insurance Co. | ||||
FGIC-TCRS | — | Insured by Financial Guaranty Insurance Co. - Transferable Custodial Receipts | ||||
FHA | — | Insured by Federal Housing Administration | ||||
FHLMC | — | Insured by Federal Home Loan Mortgage Corp. | ||||
FNMA | — | Insured by Federal National Mortgage Association | ||||
FSA | — | Insured by Financial Security Assurance Co. | ||||
GNMA | — | Insured by Government National Mortgage Association | ||||
GO | — | General Obligation | ||||
IDA | — | Industrial Development Authority | ||||
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 | ||||
Radian | — | Insured by Radian Asset Assurance | ||||
RB | — | Revenue Bond | ||||
RMKT | — | Remarketed | ||||
RITES | — | Residual Interest Tax Exempt Securities | ||||
SPA | — | Stand-by Purchase Agreement | ||||
VRDN | — | Variable Rate Demand Notes | ||||
XLCA | — | Insured by XL Capital Assurance, Inc. | ||||
ADDITIONAL INVESTMENT INFORMATION |
SWAP CONTRACTS — At April 30, 2006, Fund had outstanding swap contracts with the following terms:
Rate Type | ||||||||||||||||||
Notional | Payments | Payments | ||||||||||||||||
Swap | Amount | Termination | made by | received by | Unrealized | |||||||||||||
Swap Type(a) | Counterparty | (000s) | Date | the Fund | the Fund | Gain | ||||||||||||
Interest Rate | JP Morgan | $ | 12,000 | 06/02/2016 | 3.85 | BMA Municipal Swap Index | $ | 208,426 | ||||||||||
Interest Rate | Salomon Smith Barney Inc. | 7,000 | 06/02/2016 | 3.88 | BMA Municipal Swap Index | 101,377 | ||||||||||||
TOTAL | $ | 309,803 | ||||||||||||||||
(a) | Represents forward starting interest rate swaps whose effective date of commencement of accruals and cash flows are June 2, 2006. |
The accompanying notes are an integral part of these financial statements.
46
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
Statement of Investments
April 30, 2006 (Unaudited)
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Municipal Debt Obligations – 97.3% | ||||||||||||||||
Alabama – 1.3% | ||||||||||||||||
Alexander City Special Care Facilities Financing Authority Medical Facilities RB for Russell Hospital Corp. Series 2006 A (BBB-) | ||||||||||||||||
$ | 3,405,000 | 5.375 | % | 12/01/16 | $ | 3,438,812 | ||||||||||
4,425,000 | 5.500 | 12/01/21 | 4,459,692 | |||||||||||||
5,775,000 | 5.625 | 12/01/26 | 5,831,884 | |||||||||||||
12,100,000 | 5.750 | 12/01/36 | 12,242,417 | |||||||||||||
Butler Industrial Development Board Solid Waste Disposal RB for Georgia Pacific Corp. Project Series 2004 (AMT)(B) | ||||||||||||||||
5,000,000 | 5.750 | 09/01/28 | 4,894,600 | |||||||||||||
Courtland Industrial Development Board PCRB Refunding for International Paper Co. Projects Series 2005 A (BBB/Baa3) | ||||||||||||||||
5,000,000 | 5.000 | 06/01/25 | 4,862,000 | |||||||||||||
Courtland Industrial Development Board Solid Waste Disposal RB Refunding for International Paper Co. Projects Series 2005 A (AMT) (BBB/Baa3) | ||||||||||||||||
9,400,000 | 5.200 | 06/01/25 | 9,473,978 | |||||||||||||
Health Care Authority RB for Baptist Health Series 2006 D (BBB+/A3) | ||||||||||||||||
3,805,000 | 5.000 | 11/15/17 | 3,903,321 | |||||||||||||
Health Care Authority RB for Baptist Health Series 2006 D (GO OF AUTH) (BBB+/A3) | ||||||||||||||||
2,375,000 | 5.000 | 11/15/13 | 2,459,336 | |||||||||||||
1,600,000 | 5.000 | 11/15/15 | 1,653,920 | |||||||||||||
2,200,000 | 5.000 | 11/15/16 | 2,265,384 | |||||||||||||
950,000 | 5.000 | 11/15/21 | 963,652 | |||||||||||||
Health Care Authority RB Refunding for Baptist Health Series 2006 D (GO OF AUTH) (BBB+/A3) | ||||||||||||||||
1,600,000 | 5.000 | 11/15/09 | 1,644,240 | |||||||||||||
Sylacauga Health Care Authority RB for Coosa Valley Medical Center Series 2005 A | ||||||||||||||||
6,900,000 | 5.375 | 08/01/15 | 6,849,906 | |||||||||||||
7,600,000 | 6.000 | 08/01/25 | 7,775,256 | |||||||||||||
5,000,000 | 6.000 | 08/01/35 | 5,085,700 | |||||||||||||
77,804,098 | ||||||||||||||||
Alaska – 0.2% | ||||||||||||||||
Northern Tobacco Securitization Corp. RB for Alaska Asset Backed Bonds Series 2001 (BBB/Baa3) | ||||||||||||||||
9,160,000 | 5.500 | 06/01/29 | 9,273,493 | |||||||||||||
Northern Tobacco Securitization Corporate Settlement RB for Asset Backed Bonds Series 2000 (BBB/Baa3) | ||||||||||||||||
4,570,000 | 6.200 | 06/01/22 | 4,741,923 | |||||||||||||
14,015,416 | ||||||||||||||||
Arizona – 1.0% | ||||||||||||||||
Apache County IDA PCRB for Tuscon Electric Power Co. Project Series 1998 A (B+/Ba1) | ||||||||||||||||
5,000,000 | 5.850 | 03/01/28 | 5,018,800 | |||||||||||||
Apache County IDA PCRB for Tuscon Electric Power Co. Project Series 1998 B (B+/Ba1) | ||||||||||||||||
5,000,000 | 5.875 | 03/01/33 | 5,018,700 | |||||||||||||
Coconino County PCRB for Nevada Power Co. Project Series 1995 E (B-) | ||||||||||||||||
1,500,000 | 5.350 | 10/01/22 | 1,496,670 | |||||||||||||
Coconino County PCRB for Nevada Power Co. Series 1997 B (AMT) (B-) | ||||||||||||||||
2,500,000 | 5.800 | 11/01/32 | 2,477,000 | |||||||||||||
Maricopa County PCRB for Public Service Palo Verde Series 2003 A (BBB/Baa2)(a) | ||||||||||||||||
4,000,000 | 4.000 | 07/01/09 | 3,961,200 | |||||||||||||
Red Hawk Canyon Community Facilities District No. 1 Special Assessment Series 2005 | ||||||||||||||||
1,530,000 | 5.200 | 06/01/09 | 1,531,805 | |||||||||||||
University Medical Center Corp. RB for Hospital Revenue Series 2005 (BBB+/Baa1) | ||||||||||||||||
9,675,000 | 5.000 | 07/01/35 | 9,586,377 | |||||||||||||
University Medical Center Corp. RB Series 2004 (BBB+/Baa1) | ||||||||||||||||
2,150,000 | 5.000 | 07/01/24 | 2,174,273 | |||||||||||||
Yavapai County IDA Hospital Facilities RB for Regional Medical Center 2003 A (Aa3) | ||||||||||||||||
1,250,000 | 6.000 | 08/01/33 | 1,318,863 | |||||||||||||
Yavapai County IDA Solid Waste Disposal RB for Waste Management Inc. Project Series 2002 (AMT) (BBB)(a) | ||||||||||||||||
24,800,000 | 4.000 | 06/01/10 | 24,551,008 | |||||||||||||
57,134,696 | ||||||||||||||||
Arkansas – 0.4% | ||||||||||||||||
Little River County RB for Georgia Pacific Corp. Project Series 1998 (AMT) (B2) | ||||||||||||||||
3,010,000 | 5.600 | 10/01/26 | 2,959,131 | |||||||||||||
Washington County Hospital RB Refunding for Regional Medical Center Series 2005 A (BBB/Baa2) | ||||||||||||||||
1,850,000 | 5.000 | 02/01/35 | 1,803,047 | |||||||||||||
Washington County Hospital RB Refunding for Regional Medical Center Series 2005 B (BBB/Baa2) | ||||||||||||||||
1,850,000 | 4.250 | 02/01/15 | 1,778,775 | |||||||||||||
1,000,000 | 4.500 | 02/01/20 | 956,390 | |||||||||||||
8,325,000 | 5.000 | 02/01/25 | 8,365,376 | |||||||||||||
6,850,000 | 5.000 | 02/01/30 | 6,765,060 | |||||||||||||
22,627,779 | ||||||||||||||||
California – 13.9% | ||||||||||||||||
Abag Finance Authority for Non-Profit Corps. Community Facilities District Special Tax No. 2004-2 Windemere Ranch Series 2004 | ||||||||||||||||
3,855,000 | 6.000 | 09/01/27 | 4,014,289 | |||||||||||||
4,900,000 | 6.000 | 09/01/34 | 5,092,423 | |||||||||||||
Abag Finance Authority RB for Non-Profit Corps. Sansum-Santa Barbara Series 2002 A (A) | ||||||||||||||||
2,000,000 | 5.500 | 04/01/21 | 2,076,420 | |||||||||||||
Abag Finance Authority RB for Non-Profit Corps. Sansum-Santa Barbara Series 2002 A (CA Mortgage Insurers) (A) | ||||||||||||||||
2,750,000 | 5.600 | 04/01/26 | 2,850,485 | |||||||||||||
Brentwood California Infrastructure Refunding Authority RB CIFP Series 2004-1 | ||||||||||||||||
1,350,000 | 5.750 | 09/02/24 | 1,392,093 | |||||||||||||
2,200,000 | 5.800 | 09/02/28 | 2,268,222 | |||||||||||||
2,500,000 | 5.875 | 09/02/34 | 2,578,125 |
The accompanying notes are an integral part of these financial statements.
47
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
Statement of Investments (continued)
April 30, 2006 (Unaudited)
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Municipal Debt Obligations – (continued) | ||||||||||||||||
California – (continued) | ||||||||||||||||
Brentwood Infrastructure Financing Authority Special Assessment Series 2005 B | ||||||||||||||||
$ | 235,000 | 5.000 | % | 09/02/25 | $ | 231,529 | ||||||||||
535,000 | 5.150 | 09/02/32 | 529,811 | |||||||||||||
California County Tobacco Securitization Agency RB for Stanislaus Series 2006 A (BBB)(b) | ||||||||||||||||
40,725,000 | 0.000 | 06/01/46 | 3,552,034 | |||||||||||||
California County Tobacco Securitization Agency RB for Stanislaus Series 2006 B (BBB-)(b) | ||||||||||||||||
6,550,000 | 0.000 | 06/01/46 | 549,545 | |||||||||||||
California County Tobacco Securitization Agency RB for Alameda County Asset Backed Bonds Series 2002 (Baa3) | ||||||||||||||||
555,000 | 5.750 | 06/01/29 | 577,045 | |||||||||||||
California County Tobacco Securitization Agency RB for Kern County Asset Backed Bonds Series 2002 B (BBB) | ||||||||||||||||
195,000 | 6.000 | 06/01/29 | 205,277 | |||||||||||||
California County Tobacco Securitization Agency RB for Stanislaus Series 2006 C (BB)(b) | ||||||||||||||||
42,250,000 | 0.000 | 06/01/55 | 1,602,120 | |||||||||||||
California County Tobacco Securitization Agency RB for Stanislaus Series 2006 D(b) | ||||||||||||||||
52,000,000 | 0.000 | 06/01/55 | 1,318,200 | |||||||||||||
California Department Water Resources Power Supply RB for Drivers Series 2002 310 (AMBAC) (RITES) (AAA)(c) | ||||||||||||||||
5,000,000 | 6.867 | 05/01/14 | 5,882,500 | |||||||||||||
California Educational Facilities Authority RB for Dominican University Series 2001 (Baa3) | ||||||||||||||||
1,445,000 | 5.750 | 12/01/30 | 1,483,206 | |||||||||||||
California Educational Facilities Authority RB for Golden Gate University Series 2005 (Baa3) | ||||||||||||||||
2,000,000 | 5.000 | 10/01/36 | 1,963,100 | |||||||||||||
California Financing Authority PCRB for Drivers Series 2004 475 (AMT) (FGIC) (Aaa)(a)(c) | ||||||||||||||||
7,500,000 | 1.615 | 06/01/06 | 7,420,800 | |||||||||||||
California State Department Water Resources Power Supply RB Series 2003 PA 1152 R (FSA) (RITES) (AAA)(c) | ||||||||||||||||
18,250,000 | 6.466 | 05/01/09 | 20,671,045 | |||||||||||||
California State Economic Recovery GO Bonds for Rols RR II Series 2004 R 281 (RITES) (AA-) (a)(c) | ||||||||||||||||
6,250,000 | 8.128 | 07/01/23 | 6,902,250 | |||||||||||||
California State Economic Recovery GO Bonds Residuals Series 2004 933 (RITES) (Aa3)(c) | ||||||||||||||||
6,250,000 | 8.910 | 07/01/14 | 8,225,750 | |||||||||||||
California State Economic Recovery RB for Drivers Series 2004 448 (RITES) (AA-)(c) | ||||||||||||||||
625,000 | 7.672 | (a) | 07/01/07 | 690,225 | ||||||||||||
4,060,000 | 8.672 | 01/01/12 | 5,343,447 | |||||||||||||
California State GO Bonds Refunding Series 2001 (XLCA-ICR) (AAA/Aaa) | ||||||||||||||||
3,250,000 | 5.500 | 03/01/11 | 3,494,400 | |||||||||||||
California State GO Bonds Series 2003 (A/A2) | ||||||||||||||||
1,000,000 | 5.250 | 02/01/15 | 1,063,650 | |||||||||||||
California State GO for Various Purposes Series 2006 (A/A2) | ||||||||||||||||
18,000,000 | 5.000 | 03/01/28 | 18,462,780 | |||||||||||||
California State GO for Various Purposes Series 2006 (AMBAC) (AAA/Aaa) | ||||||||||||||||
7,370,000 | 4.500 | 03/01/35 | 7,050,658 | |||||||||||||
California Statewide Communities Development Authority RB for Golden Gate Park Series 2005 (First Republic Bank LOC) | ||||||||||||||||
26,500,000 | 6.000 | 12/01/11 | 26,934,070 | |||||||||||||
California Statewide Communities Development Authority RB for Notre Dame De Namur University Series 2003 | ||||||||||||||||
3,000,000 | 6.625 | 10/01/33 | 3,056,430 | |||||||||||||
California Statewide Financing Authority Tobacco Settlement RB Asset Backed Pooled Tobacco Security Series 2002 A (Baa3) | ||||||||||||||||
3,000,000 | 6.000 | 05/01/37 | 3,132,630 | |||||||||||||
California Statewide Financing Authority Tobacco Settlement RB Capital Appreciation Turbo Pooled Program Series 2006 A (BBB)(b) | ||||||||||||||||
100,000,000 | 0.000 | 06/01/46 | 8,488,000 | |||||||||||||
California Statewide Financing Authority Tobacco Settlement RB Capital Appreciation Turbo Pooled Program Series 2006 B (BBB-)(b) | ||||||||||||||||
35,000,000 | 0.000 | 06/01/46 | 2,835,350 | |||||||||||||
California University Fresno Association Inc. RB for AUX Organization Event Center Series 2002 (Ba1)(d) | ||||||||||||||||
940,000 | 6.750 | 07/01/12 | 1,056,776 | |||||||||||||
Carlsbad Improvement Bond Act of 1915 Special Assessment for District No. 2003-01 Series 2004 | ||||||||||||||||
3,315,000 | 6.000 | 09/02/34 | 3,381,598 | |||||||||||||
Cathedral City Improvement Bond Act of 1915 Special Assessment for Cove Improvement District 04-02 Series 2005 | ||||||||||||||||
1,090,000 | 5.000 | 09/02/30 | 1,070,609 | |||||||||||||
1,340,000 | 5.050 | 09/02/35 | 1,320,382 | |||||||||||||
Chino Community Facilities District Special Tax No. 03-3 Improvement Area 1 Series 2004 | ||||||||||||||||
655,000 | 5.500 | 09/01/22 | 677,205 | |||||||||||||
565,000 | 5.550 | 09/01/23 | 583,724 | |||||||||||||
365,000 | 5.600 | 09/01/24 | 377,067 | |||||||||||||
1,300,000 | 5.700 | 09/01/29 | 1,345,552 | |||||||||||||
1,420,000 | 5.750 | 09/01/34 | 1,467,613 | |||||||||||||
Chula Vista Community Facilities District RB No. 99-1-Otay Series 2000(d) | ||||||||||||||||
1,185,000 | 7.625 | 09/01/09 | 1,350,663 | |||||||||||||
Chula Vista Community Facilities District Special Tax No. 07-I-Otay Ranch Village Eleven Series 2004 | ||||||||||||||||
1,700,000 | 5.700 | 09/01/24 | 1,760,622 | |||||||||||||
2,300,000 | 5.800 | 09/01/28 | 2,387,952 | |||||||||||||
3,150,000 | 5.875 | 09/01/34 | 3,264,691 | |||||||||||||
Del Mar Race Track Authority RB Series 2005 (BBB-) | ||||||||||||||||
2,300,000 | 5.000 | 08/15/25 | 2,342,044 | |||||||||||||
Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Enhanced Asset Backed Bonds Series 2003 B (AAA/Aaa)(d) | ||||||||||||||||
3,810,000 | 5.625 | 06/01/13 | 4,190,695 |
The accompanying notes are an integral part of these financial statements.
48
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Municipal Debt Obligations – (continued) | ||||||||||||||||
California – (continued) | ||||||||||||||||
Golden State Tobacco Securitization Corp. California Tobacco Settlement RB for Asset Backed Bonds Series 2005 A (AMBAC-TCRS) (AAA/Aaa) | ||||||||||||||||
$ | 157,435,000 | 5.000 | % | 06/01/45 | $ | 159,839,032 | ||||||||||
Golden State Tobacco Securitization Corp. California Tobacco Settlement RB for Asset Backed Bonds Series 2005 A (FGIC-TCRS) (AAA/Aaa) | ||||||||||||||||
14,500,000 | 5.000 | 06/01/45 | 14,721,415 | |||||||||||||
Golden State Tobacco Securitization Corp. California Tobacco Settlement RB for Enhanced Asset Backed Bonds Series 2005 A (Radian-IBCC) (AA) | ||||||||||||||||
32,000,000 | 5.000 | 06/01/45 | 32,137,920 | |||||||||||||
Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Series 2003 A-1 (BBB/Baa3) | ||||||||||||||||
20,485,000 | 6.750 | 06/01/39 | 22,792,635 | |||||||||||||
Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Series 2003 A-2 (BBB/Baa3) | ||||||||||||||||
6,000,000 | 7.900 | 06/01/42 | 7,144,800 | |||||||||||||
Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Series 2003 A-3 (BBB/Baa3) | ||||||||||||||||
2,650,000 | 7.875 | 06/01/42 | 3,151,671 | |||||||||||||
Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Series 2003 A-4 (BBB/Baa3) | ||||||||||||||||
3,000,000 | 7.800 | 06/01/42 | 3,554,520 | |||||||||||||
Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Series 2003 A-5 (BBB/Baa3) | ||||||||||||||||
8,330,000 | 7.875 | 06/01/42 | 9,906,952 | |||||||||||||
Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Series 2003 B (AAA/Aaa)(d) | ||||||||||||||||
44,670,000 | 5.500 | 06/01/13 | 48,792,148 | |||||||||||||
Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Series 2005 A (AMBAC-TCRS) (A-/A3) | ||||||||||||||||
98,595,000 | 5.000 | 06/01/45 | 99,471,510 | |||||||||||||
Hawthorne Community Redevelopment Agency Tax Allocation for Hawthorne Plaza Project Series 2001 | ||||||||||||||||
2,375,000 | 6.875 | 07/01/20 | 2,406,587 | |||||||||||||
HI Desert California Memorial Health Care District RB Refunding Series 1998 | ||||||||||||||||
2,250,000 | 5.500 | 10/01/15 | 2,252,903 | |||||||||||||
2,000,000 | 5.500 | 10/01/19 | 2,009,520 | |||||||||||||
Kaweah Delta Health Care District RB Series 2004 (A3) | ||||||||||||||||
3,675,000 | 6.000 | 08/01/34 | 3,935,851 | |||||||||||||
Kings River Conservation District California Revenue COPS for Peaking Project Series 2004 (Baa1) | ||||||||||||||||
1,000,000 | 4.500 | 05/01/09 | 1,010,320 | |||||||||||||
2,700,000 | 5.000 | 05/01/11 | 2,792,718 | |||||||||||||
2,715,000 | 5.000 | 05/01/12 | 2,810,134 | |||||||||||||
2,345,000 | 5.000 | 05/01/15 | 2,408,245 | |||||||||||||
Lafayette Redevelopment Agency Tax Allocation RB for Lafayette Redevelopment Project Series 2005 (Radian) (AA) | ||||||||||||||||
1,495,000 | 5.000 | 08/01/35 | 1,501,473 | |||||||||||||
Lake Elsinore Improvement Bond Act 1915 for Special Assessment District No. 93-1 Series 2000 | ||||||||||||||||
1,900,000 | 7.000 | 09/02/30 | 2,048,580 | |||||||||||||
Lake Elsinore Unified School District Community Facilities District Special Tax Series 2005-3 | ||||||||||||||||
1,435,000 | 5.050 | 09/01/30 | 1,417,421 | |||||||||||||
690,000 | 5.050 | 09/01/35 | 677,842 | |||||||||||||
Lakewood Ranch Community Development District No. 6 Capital Improvements RB Special Assessment Series 2005 A | ||||||||||||||||
8,495,000 | 5.700 | 05/01/36 | 8,497,379 | |||||||||||||
Lakewood Ranch Community Development District No. 6 RB for Capital Improvement Series 2004 A | ||||||||||||||||
5,860,000 | 6.125 | 05/01/34 | 6,022,849 | |||||||||||||
Lincoln Special Tax for Community Facilities District No. 2003-1 Series 2004 | ||||||||||||||||
3,800,000 | 5.950 | 09/01/28 | 4,015,992 | |||||||||||||
3,300,000 | 6.000 | 09/01/34 | 3,484,635 | |||||||||||||
Long Beach Special Tax for Community Facilities District #6 Pike Series 2002 | ||||||||||||||||
5,000,000 | 6.300 | 10/01/32 | 5,206,350 | |||||||||||||
Los Angeles Community College District GO Bonds Series 2001 II-R-71-A (MBIA) (RITES) (Aaa) (c) | ||||||||||||||||
1,665,000 | 8.615 | 02/01/09 | 2,094,670 | |||||||||||||
Los Angeles Community College District GO Bonds Series 2001 II-R-71-B (MBIA) (RITES) (Aaa) (c) | ||||||||||||||||
1,670,000 | 8.629 | 02/01/09 | 2,100,960 | |||||||||||||
Los Angeles Community Facilities District Special Tax Escrow 4 Playa Vista Phase 1 Series 2003 (AMBAC) (AAA/Aaa) | ||||||||||||||||
12,440,000 | 4.750 | 09/01/31 | 12,276,787 | |||||||||||||
Los Angeles Regional Airports Improvement Corp. RB for Facilities Sublease Continental Airlines Series 1994 (AMT)(B) | ||||||||||||||||
960,000 | 9.250 | 08/01/24 | 964,531 | |||||||||||||
Los Angeles Regional Airports Improvement Corp. RB Series 2002 C (AMT) (B-/Caa2) | ||||||||||||||||
1,580,000 | 6.125 | 12/01/07 | 1,590,159 | |||||||||||||
7,140,000 | 7.000 | 12/01/12 | 7,331,852 | |||||||||||||
50,280,000 | 7.500 | 12/01/24 | 53,746,806 | |||||||||||||
Merced Community Facilities District No. 2003-1 Special Tax Series 2005 | ||||||||||||||||
1,000,000 | 5.000 | 09/01/30 | 992,550 | |||||||||||||
1,000,000 | 5.100 | 09/01/35 | 992,900 | |||||||||||||
Murrieta Community Facilities District Special Tax for No. 3 Creekside Village Improvement Area 1 Series 2005 | ||||||||||||||||
1,660,000 | 5.200 | 09/01/35 | 1,655,717 | |||||||||||||
Oakley Public Finance Authority RB Series 2004 | ||||||||||||||||
1,430,000 | 5.875 | 09/02/24 | 1,475,403 | |||||||||||||
2,000,000 | 6.000 | 09/02/28 | 2,075,620 | |||||||||||||
2,515,000 | 6.000 | 09/02/34 | 2,601,340 | |||||||||||||
Oceanside Community Development Commerce Tax Allocation for Downtown Redevelopment Project Series 2002 (Baa3)(d) | ||||||||||||||||
1,500,000 | 5.750 | 09/01/25 | 1,550,145 | |||||||||||||
Orange County Community Facilities District Special Tax for No. 1 Ladera Ranch Series 2000 A(d) | ||||||||||||||||
1,000,000 | 6.200 | 08/15/08 | 1,055,310 |
The accompanying notes are an integral part of these financial statements.
49
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
Statement of Investments (continued)
April 30, 2006 (Unaudited)
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Municipal Debt Obligations – (continued) | ||||||||||||||||
California – (continued) | ||||||||||||||||
Palo Alto Improvement Bond Act 1915 Special Assessment for University Avenue Area Off Shore Parking Series 2002 A (BBB) | ||||||||||||||||
$ | 650,000 | 5.250 | % | 09/02/16 | $ | 664,008 | ||||||||||
655,000 | 5.250 | 09/02/17 | 669,004 | |||||||||||||
Poway California Unified School District Special Tax Community Facilities District 6-4 South Series 2005 | ||||||||||||||||
3,050,000 | 5.125 | 09/01/35 | 2,998,882 | |||||||||||||
Roseville Community Facilities District Special Tax No. 1-Westpark Series 2005 | ||||||||||||||||
3,500,000 | 5.200 | 09/01/36 | 3,475,115 | |||||||||||||
Sacramento North Natomas Community Facilities 97-01 Special Tax Series 2005 | ||||||||||||||||
450,000 | 5.000 | 09/01/23 | 447,296 | |||||||||||||
1,160,000 | 5.000 | 09/01/24 | 1,148,771 | |||||||||||||
1,000,000 | 5.000 | 09/01/29 | 982,540 | |||||||||||||
3,040,000 | 5.100 | 09/01/35 | 3,000,237 | |||||||||||||
Sierra View Local Health Care District RB Refunding Series 1998 (BBB+) | ||||||||||||||||
7,525,000 | 5.400 | 07/01/22 | 7,724,262 | |||||||||||||
Soledad Improvement Bond Act 1915 for Special Assessment District No. 1 The Vineyards Series 2000 | ||||||||||||||||
1,985,000 | 7.250 | 09/02/30 | 2,037,603 | |||||||||||||
Temecula Valley Unified School District Community Facilities District Special Tax No. 02-2 Series 2005 | ||||||||||||||||
1,030,000 | 5.000 | 09/01/25 | 997,534 | |||||||||||||
3,395,000 | 5.125 | 09/01/35 | 3,254,413 | |||||||||||||
Tobacco Securitization Authority of Northern California Tobacco Settlement RB for Asset Backed Bonds Series 2005 A-1 (BBB/Baa3) | ||||||||||||||||
4,650,000 | 5.500 | 06/01/45 | 4,693,617 | |||||||||||||
Tobacco Securitization Authority of Southern California Tobacco Settlement RB for Asset Backed Bonds Senior Series 2002 A (BBB/Baa3) | ||||||||||||||||
16,000,000 | 5.250 | 06/01/27 | 16,260,320 | |||||||||||||
Tobacco Securitization Authority RB for Southern California Tobacco Settlement Asset Backed Bonds Series 2002 A (BBB/Baa3) | ||||||||||||||||
8,895,000 | 5.625 | 06/01/43 | 9,082,951 | |||||||||||||
Upland Community Facilities District Special Tax for 2003-2 San Antonio Improvement Series 2004 1-A | ||||||||||||||||
4,000,000 | 6.000 | 09/01/34 | 4,113,800 | |||||||||||||
Valley Health System Hospital RB Refunding & Improvement Project Series 1996 A (B+) | ||||||||||||||||
2,410,000 | 6.500 | 05/15/15 | 2,418,483 | |||||||||||||
5,770,000 | 6.500 | 05/15/25 | 5,674,333 | |||||||||||||
Valley Health Systems COPS Refunding Project Series 1993 (B+) | ||||||||||||||||
21,005,000 | 6.875 | 05/15/23 | 21,138,802 | |||||||||||||
Yuba County Community Facilities District Special Tax 2004-1 Edgewater Series 2005 | ||||||||||||||||
1,575,000 | 5.000 | 09/01/23 | 1,538,775 | |||||||||||||
2,635,000 | 5.125 | 09/01/35 | 2,559,982 | |||||||||||||
829,911,982 | ||||||||||||||||
Colorado – 0.9% | ||||||||||||||||
Adams Colorado RB VRDN Series 2006-1260 (FHA/MBIA) (AAA)(c) | ||||||||||||||||
6,605,000 | 8.790 | 02/01/31 | 7,413,452 | |||||||||||||
Colorado Health Facilities Authority RB for Covenant Retirement Communities Inc. Series 2005 (BBB) | ||||||||||||||||
13,850,000 | 5.000 | 12/01/35 | 13,453,890 | |||||||||||||
Colorado Health Facilities Authority RB for Hospital Poudre Valley Health Care Series 2005 F (BBB+/Baa2) | ||||||||||||||||
10,000,000 | 5.000 | 03/01/25 | 9,963,100 | |||||||||||||
Eagle Bend Metropolitan GO Bonds District No. 2 Series 2004 (Radian) (AA/Aa3) | ||||||||||||||||
1,000,000 | 5.000 | 12/01/20 | 1,018,110 | |||||||||||||
McKay Landing Metropolitan GO Bonds District No. 2 Series 2000 | ||||||||||||||||
1,500,000 | 7.500 | 12/01/19 | 1,602,330 | |||||||||||||
McKay Landing Metropolitan GO Bonds District No. 2 Subseries 2004 A | ||||||||||||||||
2,000,000 | 7.500 | 12/01/34 | 2,059,400 | |||||||||||||
Saddle Rock South Metropolitan GO Bonds Mill Levy Obligation Series 2000 | ||||||||||||||||
3,000,000 | 7.200 | 12/01/19 | 3,178,050 | |||||||||||||
Tablerock Metropolitan District Colorado GO Bonds | ||||||||||||||||
2,750,000 | 7.000 | 12/01/33 | 2,834,123 | |||||||||||||
Vista Ridge Metropolitan District GO Bonds Series 2001 | ||||||||||||||||
9,575,000 | 7.500 | 12/01/31 | 10,086,879 | |||||||||||||
51,609,334 | ||||||||||||||||
Connecticut – 0.2% | ||||||||||||||||
Bridgeport Senior Living Facilities RB for 3030 Park Retirement Community Project Series 2005 | ||||||||||||||||
7,000,000 | 7.250 | 04/01/35 | 5,910,660 | |||||||||||||
Connecticut State GO Bonds Residual Certificates Series 2001 515 (RITES) (Aa3)(c) | ||||||||||||||||
3,485,000 | 8.410 | 12/15/13 | 4,513,876 | |||||||||||||
Connecticut State Health and Educational Facility Authority RB for St. Mary’s Hospital Corp. Series 1997 E (Ba1) | ||||||||||||||||
695,000 | 5.875 | 07/01/22 | 674,484 | |||||||||||||
University of Connecticut GO Bonds Series 2004 PA 1255 (MBIA) (RITES) (AAA)(c) | ||||||||||||||||
2,660,000 | 7.945 | 01/15/11 | 3,330,746 | |||||||||||||
14,429,766 | ||||||||||||||||
Delaware – 0.2% | ||||||||||||||||
Bridgeville Special Obligation RB for Heritage Shores Special Development District Series 2005 A | ||||||||||||||||
6,847,000 | 5.450 | 07/01/35 | 6,789,759 | |||||||||||||
Bridgeville Special Obligation RB for Heritage Shores Special Development District Series 2005 B | ||||||||||||||||
500,000 | 5.125 | 07/01/35 | 500,280 | |||||||||||||
Delaware State Health Facilities Authority RB for Beebe Medical Center Project Series 2004 A (BBB+/Baa1) | ||||||||||||||||
1,250,000 | 5.500 | 06/01/24 | 1,302,025 |
The accompanying notes are an integral part of these financial statements.
50
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Municipal Debt Obligations – (continued) | ||||||||||||||||
Delaware – (continued) | ||||||||||||||||
Delaware State Health Facilities Authority RB for Beebe Medical Center Project Series 2005 A (BBB+/Baa1) | ||||||||||||||||
$ | 1,000,000 | 5.000 | % | 06/01/24 | $ | 1,010,140 | ||||||||||
1,000,000 | 5.000 | 06/01/30 | 988,920 | |||||||||||||
10,591,124 | ||||||||||||||||
District Of Columbia – 0.2% | ||||||||||||||||
District of Columbia Housing Finance Agency Mortgage RB for Single Family Series 1997 B (GNMA/FNMA) (AMT) (AAA) | ||||||||||||||||
340,000 | 6.350 | 06/01/28 | 340,275 | |||||||||||||
District of Columbia Tobacco Settlement Financing Corp. RB for Asset Backed Bonds Series 2001 (BBB/Baa3) | ||||||||||||||||
1,610,000 | 6.250 | 05/15/24 | 1,706,149 | |||||||||||||
6,000,000 | 6.500 | 05/15/33 | 6,794,700 | |||||||||||||
Washington D.C. Metropolitan Area Transportation Authority Gross Revenue RB for Rols RR II Series 2003 R 245 (MBIA) (RITES) (AAA)(c) | ||||||||||||||||
2,785,000 | 8.101 | 01/01/10 | 3,303,233 | |||||||||||||
12,144,357 | ||||||||||||||||
Florida – 35.8% | ||||||||||||||||
Aberdeen Community Development District Special Assessment Series 2005 | ||||||||||||||||
13,000,000 | 5.500 | 05/01/36 | 13,017,420 | |||||||||||||
Amelia National Community Development District RB for Capital Improvement Series 2004 A | ||||||||||||||||
4,860,000 | 6.300 | 05/01/35 | 5,089,149 | |||||||||||||
Amelia National Community Development District RB for Capital Improvement Series 2006 A | ||||||||||||||||
2,000,000 | 5.375 | 05/01/37 | 1,997,120 | |||||||||||||
Anthem Park Community Development District RB for Capital Improvement Series 2004 | ||||||||||||||||
2,800,000 | 5.800 | 05/01/36 | 2,853,732 | |||||||||||||
Arborwood Community Development District Capital Improvement RB for Centex Homes Project Series 2006 A-1 | ||||||||||||||||
42,000,000 | 5.500 | 05/01/36 | 41,711,460 | |||||||||||||
Arborwood Community Development District Capital Improvement RB for Centex Homes Project Series 2006 A-2 | ||||||||||||||||
28,800,000 | 5.250 | 05/01/36 | 28,620,000 | |||||||||||||
Arborwood Community Development District RB for Centex Homes Projects Series 2005 | ||||||||||||||||
61,000,000 | 5.000 | 05/01/06 | 61,000,000 | |||||||||||||
Arborwood Community Development District RB for School Site Acquisition Project Series 2005 | ||||||||||||||||
6,115,000 | 5.500 | 05/01/14 | 6,181,715 | |||||||||||||
Arborwood Community Development District Special Assessment for Master Infrastructure Projects Series 2005 A | ||||||||||||||||
26,375,000 | 5.350 | 05/01/36 | 26,133,405 | |||||||||||||
Arlington Ridge Community Development District Special Assessment Series 2006 A | ||||||||||||||||
10,500,000 | 5.500 | 05/01/36 | 10,397,415 | |||||||||||||
Avelar Creek Community Development District Special Assessment for Capital Improvement Revenue Series 2006 | ||||||||||||||||
2,500,000 | 5.375 | 05/01/36 | 2,492,250 | |||||||||||||
Ballantrae Community Development District RB for Capital Improvement Series 2004 | ||||||||||||||||
4,925,000 | 6.000 | 05/01/35 | 5,064,427 | |||||||||||||
Bartam Park Community Development District Special Assessment Series 2005 | ||||||||||||||||
5,000,000 | 5.300 | 05/01/35 | 4,943,600 | |||||||||||||
Bay Laurel Center Community Development District Special Assessment Indigo Series 2006 | ||||||||||||||||
1,770,000 | 5.450 | 05/01/37 | 1,769,628 | |||||||||||||
Baywinds Community Development District Special Assessment Series 2006 A | ||||||||||||||||
1,000,000 | 5.250 | 05/01/37 | 996,430 | |||||||||||||
Baywinds Community Development District Special Assessment Series 2006 B | ||||||||||||||||
1,500,000 | 4.900 | 05/01/12 | 1,502,655 | |||||||||||||
Beacon Tradeport Community Development District RB Special Assessment Project Series 2002 A (Radian) (AA) | ||||||||||||||||
1,965,000 | 5.250 | 05/01/16 | 2,080,621 | |||||||||||||
Bellalago Educational Facilities Benefits District RB for Capital Improvement Series 2004 A | ||||||||||||||||
7,000,000 | 6.000 | 05/01/33 | 7,151,900 | |||||||||||||
Bellalago Educational Facilities Benefits District RB for Capital Improvement Series 2004 B | ||||||||||||||||
6,220,000 | 5.800 | 05/01/34 | 6,283,693 | |||||||||||||
Bluewaters Community Development District Special Assessment Series 2004 | ||||||||||||||||
3,000,000 | 6.000 | 05/01/35 | 3,104,250 | |||||||||||||
Bobcat Trail Community Development District RB Refunding for Capital Improvement Series 2005 | ||||||||||||||||
2,500,000 | 5.200 | 05/01/29 | 2,449,975 | |||||||||||||
Bonita Springs Vasari Community Development District RB for Capital Improvement Series 2001 A | ||||||||||||||||
7,755,000 | 6.950 | 05/01/32 | 8,286,993 | |||||||||||||
Bonnet Creek Resort Community Development District Special Assessment RB Series 2002 | ||||||||||||||||
1,000,000 | 7.125 | 05/01/12 | 1,086,380 | |||||||||||||
10,000,000 | 7.375 | 05/01/34 | 10,823,300 | |||||||||||||
2,000,000 | 7.500 | 05/01/34 | 2,177,160 | |||||||||||||
Brandy Creek Community Development District Special Assessment Series 2003 A | ||||||||||||||||
3,470,000 | 6.350 | 05/01/34 | 3,622,645 | |||||||||||||
Brandy Creek Community Development District Special Assessment Series 2003 B | ||||||||||||||||
570,000 | 5.400 | 05/01/09 | 570,308 | |||||||||||||
Bridgewater Community Development District Special Assessment Series 2004 A | ||||||||||||||||
13,485,000 | 6.000 | 05/01/35 | 13,775,467 | |||||||||||||
Bridgewater Wesley Chapel Community Development District RB for Capital Improvement Series 2005 | ||||||||||||||||
3,595,000 | 5.750 | 05/01/35 | 3,636,558 | |||||||||||||
Briger Community Development District Special Assessment RB Series 2002 A | ||||||||||||||||
2,930,000 | 6.750 | 05/01/33 | 3,080,836 |
The accompanying notes are an integral part of these financial statements.
51
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
Statement of Investments (continued)
April 30, 2006 (Unaudited)
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Municipal Debt Obligations – (continued) | ||||||||||||||||
Florida – (continued) | ||||||||||||||||
Brighton Lakes Community Development District Special Assessment Series 2004 A | ||||||||||||||||
$ | 1,500,000 | 6.125 | % | 05/01/35 | $ | 1,562,070 | ||||||||||
Brooks of Bonita Springs II Community Development District RB for Capital Improvement Series 2000 A | ||||||||||||||||
5,900,000 | 7.000 | 05/01/31 | 6,178,185 | |||||||||||||
Brooks of Bonita Springs II Community Development District RB for Capital Improvement Series 2003 A | ||||||||||||||||
1,610,000 | 6.125 | 05/01/34 | 1,621,962 | |||||||||||||
Capital Region Community Development District RB for Capital Improvement Series 2002 A | ||||||||||||||||
11,965,000 | 6.700 | 05/01/32 | 12,760,792 | |||||||||||||
Capital Region Community Development District Special Assessment for Capital Improvement Series 2001 A-1 | ||||||||||||||||
1,080,000 | 6.700 | 05/01/31 | 1,130,933 | |||||||||||||
Capital Region Community Development District Special Assessment for Capital Improvement Series 2001 A-2 | ||||||||||||||||
2,855,000 | 6.850 | 05/01/31 | 3,024,416 | |||||||||||||
Capital Trust Agency RB for Seminole Tribe Convention Series 2003 A (AAA)(d)(e) | ||||||||||||||||
3,000,000 | 8.950 | 10/01/12 | 3,735,570 | |||||||||||||
Catalina at Winkler Preserve Community Development District Special Assessment Series 2005 | ||||||||||||||||
3,560,000 | 5.600 | 05/01/36 | 3,551,100 | |||||||||||||
Cedar Pointe Community Development District Special Assessment for Florida Capital Improvements Series 2005 A | ||||||||||||||||
6,090,000 | 5.375 | 05/01/35 | 6,001,573 | |||||||||||||
Celebration Community Development District Special Assessment Series 2003 A | ||||||||||||||||
2,965,000 | 6.400 | 05/01/34 | 3,104,889 | |||||||||||||
Century Gardens Community Development District Special Assessment Series 2004 | ||||||||||||||||
2,385,000 | 5.900 | 05/01/34 | 2,402,220 | |||||||||||||
CFM Community Development District RB for Capital Improvement Series 2004 A | ||||||||||||||||
20,000,000 | 6.250 | 05/01/35 | 21,032,000 | |||||||||||||
CFM Community Development District RB for Capital Improvement Series 2004 B | ||||||||||||||||
1,725,000 | 5.875 | 05/01/14 | 1,755,377 | |||||||||||||
City Center Community Development District Special Assessment Series 2005 A | ||||||||||||||||
7,320,000 | 6.125 | 05/01/36 | 7,265,832 | |||||||||||||
Clearwater Cay Community Development District RB BANS Series 2005 | ||||||||||||||||
23,650,000 | 5.375 | 12/01/06 | 23,557,055 | |||||||||||||
Colonial Country Club Community Development District Florida Capital Improvement RB Series 2003 | ||||||||||||||||
11,270,000 | 6.400 | 05/01/33 | 11,904,276 | |||||||||||||
Concord Station Community Development District RB for Capital Improvement Series 2005 | ||||||||||||||||
2,055,000 | 5.000 | 05/01/15 | 2,028,902 | |||||||||||||
16,110,000 | 5.300 | 05/01/35 | 15,814,059 | |||||||||||||
Concorde Estates Community Development District RB for Capital Improvement Series 2004 A | ||||||||||||||||
2,350,000 | 5.850 | 05/01/35 | 2,413,614 | |||||||||||||
Concorde Estates Community Development District RB for Capital Improvement Series 2004 B | ||||||||||||||||
1,105,000 | 5.000 | 05/01/11 | 1,101,221 | |||||||||||||
Connerton West Community Development District for Special Assessment Capital Improvement Series 2004 A-1 | ||||||||||||||||
3,015,000 | 5.950 | 05/01/35 | 3,066,074 | |||||||||||||
Connerton West Community Development District for Special Assessment Capital Improvement Series 2004 A-2 | ||||||||||||||||
2,290,000 | 5.850 | 05/01/24 | 2,290,779 | |||||||||||||
1,590,000 | 5.950 | 05/01/36 | 1,598,666 | |||||||||||||
Copper Oaks Community Development District Special Assessment Series 2005 A | ||||||||||||||||
3,670,000 | 5.450 | 05/01/35 | 3,629,116 | |||||||||||||
Copper Oaks Community Development District Special Assessment Series 2005 B | ||||||||||||||||
1,625,000 | 4.875 | 05/01/10 | 1,618,890 | |||||||||||||
Cory Lakes Community Development District for Special Assessment Series 2001 A | ||||||||||||||||
545,000 | 8.375 | 05/01/17 | 591,707 | |||||||||||||
Cory Lakes Community Development District for Special Assessment Series 2001 B | ||||||||||||||||
675,000 | 8.375 | 05/01/17 | 696,128 | |||||||||||||
Country Greens Community Development District Special Assessment RB Series 2003 | ||||||||||||||||
6,035,000 | 6.625 | 05/01/34 | 6,390,220 | |||||||||||||
Covington Park Community Development District RB for Capital Improvement Series 2004 A | ||||||||||||||||
1,130,000 | 6.250 | 05/01/34 | 1,163,301 | |||||||||||||
Covington Park Community Development District RB for Capital Improvement Series 2004 B | ||||||||||||||||
160,000 | 5.300 | 11/01/09 | 159,874 | |||||||||||||
Covington Park Community Development District Refunding Special Assessment for Capital Improvement Series 2005 (A-) | ||||||||||||||||
1,000,000 | 5.000 | 05/01/31 | 980,420 | |||||||||||||
Crossings at Fleming Island Community Development District RB for Special Assessment Series 2000 C | ||||||||||||||||
5,000,000 | 7.050 | 05/01/15 | 5,316,250 | |||||||||||||
Cutler Cay Community Development District Special Assessment Series 2004 | ||||||||||||||||
4,765,000 | 6.125 | 05/01/24 | 4,865,446 | |||||||||||||
2,480,000 | 6.300 | 05/01/34 | 2,605,885 | |||||||||||||
Cypress Creek of Hillsborough County Community Development District RB Series 2006 | ||||||||||||||||
15,685,000 | 5.350 | 05/01/37 | 15,481,722 | |||||||||||||
Diamond Hill Community Development District Tax Allocation for Capital Improvement Series 2004 | ||||||||||||||||
1,765,000 | 6.000 | 05/01/34 | 1,776,614 | |||||||||||||
Double Branch Community Development District Special Assessment Series 2002 A | ||||||||||||||||
10,980,000 | 6.700 | 05/01/34 | 11,830,621 | |||||||||||||
Double Branch Community Development District Special Assessment Series 2003 B | ||||||||||||||||
2,195,000 | 5.375 | 05/01/08 | 2,196,295 |
The accompanying notes are an integral part of these financial statements.
52
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Municipal Debt Obligations – (continued) | ||||||||||||||||
Florida – (continued) | ||||||||||||||||
Double Branch Community Development District Special Assessment Series 2003 C | ||||||||||||||||
$ | 65,000 | 5.125 | % | 05/01/08 | $ | 64,667 | ||||||||||
Double Branch Community Development District Special Assessment Series 2005 A | ||||||||||||||||
1,000,000 | 5.350 | 05/01/34 | 969,240 | |||||||||||||
Durbin Crossing Community Development District Special Assessment Series 2005 A | ||||||||||||||||
45,995,000 | 5.500 | 05/01/37 | 46,124,706 | |||||||||||||
Durbin Crossing Community Development District Special Assessment Series 2005 B-1 | ||||||||||||||||
3,000,000 | 4.875 | 11/01/10 | 2,991,300 | |||||||||||||
Durbin Crossing Community Development District Special Assessment Series 2005 B-2 | ||||||||||||||||
8,000,000 | 4.875 | 11/01/10 | 7,976,800 | |||||||||||||
East Homestead Community Development District Special Assessment Series 2005 | ||||||||||||||||
4,000,000 | 5.450 | 05/01/36 | 3,990,000 | |||||||||||||
East Park Development District Special Assessment Series 2002 | ||||||||||||||||
5,240,000 | 6.850 | 05/01/33 | 5,574,679 | |||||||||||||
Escambia County PCRB Series 2006 A (BBB/Baa3) | ||||||||||||||||
2,850,000 | 4.700 | 04/01/15 | 2,823,324 | |||||||||||||
Fishhawk Community Development District II Special Assessment RB Series 2003 A | ||||||||||||||||
5,920,000 | 6.250 | 05/01/34 | 6,181,072 | |||||||||||||
Fishhawk Community Development District II Special Assessment RB Series 2003 B | ||||||||||||||||
155,000 | 5.000 | 11/01/07 | 154,191 | |||||||||||||
Fishhawk Community Development District II Special Assessment RB Series 2004 A | ||||||||||||||||
2,470,000 | 6.125 | 05/01/34 | 2,565,836 | |||||||||||||
Fleming Island Plantation Community Development District RB for Special Assessment Series 2000 B | ||||||||||||||||
4,930,000 | 7.300 | 05/01/15 | 5,275,839 | |||||||||||||
Forest Creek Community Development District Special Assessment for Capital Improvement Series 2005 A | ||||||||||||||||
8,725,000 | 5.450 | 05/01/36 | 8,614,105 | |||||||||||||
Forest Creek Community Development District Special Assessment for Capital Improvement Series 2005 B | ||||||||||||||||
2,000,000 | 4.850 | 05/01/11 | 1,990,080 | |||||||||||||
Gateway Services Community Development District Special Assessment for Stoneybrook Project Series 2003 | ||||||||||||||||
3,345,000 | 5.500 | 07/01/08 | 3,355,035 | |||||||||||||
Gateway Services Community Development District Special Assessment for Sun City Center-Fort Meyers Project Series 2003 A | ||||||||||||||||
2,640,000 | 6.500 | 05/01/33 | 2,750,273 | |||||||||||||
Gateway Services Community Development District Special Assessment for Sun City Center-Fort Meyers Project Series 2003 B | ||||||||||||||||
995,000 | 5.500 | 05/01/10 | 1,000,691 | |||||||||||||
Gateway Services District Water & Sewer RB Refunding Series 2003 | ||||||||||||||||
2,215,000 | 6.000 | 10/01/19 | 2,206,805 | |||||||||||||
Grand Hampton Community Development District RB for Capital Improvement Series 2003 | ||||||||||||||||
5,200,000 | 6.150 | 05/01/34 | 5,389,644 | |||||||||||||
Grand Hampton Community Development District RB for Capital Improvement Series 2005 | ||||||||||||||||
4,045,000 | 5.500 | 05/01/36 | 4,060,331 | |||||||||||||
Grand Haven Community Development District Special Assessment Series 2002 | ||||||||||||||||
400,000 | 6.125 | 11/01/07 | 400,044 | |||||||||||||
Grand Haven Community Development District Special Assessment Series 2003 | ||||||||||||||||
280,000 | 5.200 | 11/01/07 | 279,364 | |||||||||||||
Grand Haven Community Development District Special Assessment Series 2004 B | ||||||||||||||||
1,480,000 | 5.000 | 05/01/09 | 1,486,172 | |||||||||||||
Greyhawk Landing Community Development District Special Assessment Series 2002 A | ||||||||||||||||
3,025,000 | 7.000 | 05/01/33 | 3,233,180 | |||||||||||||
Greyhawk Landing Community Development District Special Assessment Series 2002 B | ||||||||||||||||
885,000 | 6.250 | 05/01/09 | 893,629 | |||||||||||||
Griffin Lakes Community Development District Special Assessment Series 2002 A | ||||||||||||||||
4,495,000 | 6.700 | 05/01/33 | 4,707,389 | |||||||||||||
Habitat Community Development RB Series 2004 | ||||||||||||||||
4,745,000 | 5.850 | 05/01/35 | 4,782,675 | |||||||||||||
Halifax Hospital Medical Center RB Series 1999 A (BBB+) | ||||||||||||||||
955,000 | 7.250 | 10/01/24 | 1,064,481 | |||||||||||||
Hamal Community Development District Special Assessment Series 2001 | ||||||||||||||||
3,725,000 | 6.750 | 05/01/31 | 3,902,310 | |||||||||||||
Hammocks Community Development District Special Assessment Series 2005 A | ||||||||||||||||
6,020,000 | 5.500 | 05/01/37 | 5,960,643 | |||||||||||||
Hammocks Community Development District Special Assessment Series 2005 B | ||||||||||||||||
1,600,000 | 4.875 | 11/01/10 | 1,590,832 | |||||||||||||
Harbor Bay Community Development District Special Assessment for Capital Improvement Series 2001 A | ||||||||||||||||
2,310,000 | 7.000 | 05/01/33 | 2,452,666 | |||||||||||||
Harbour Isles Community Development District Special Assessment Series 2004 | ||||||||||||||||
4,365,000 | 6.125 | 05/01/35 | 4,450,860 | |||||||||||||
Harbourage at Braden River Community Development District Special Assessment for Capital Improvement Series 2003 A | ||||||||||||||||
2,970,000 | 6.125 | 05/01/34 | 3,031,241 | |||||||||||||
Heritage Bay Community Development District RB for Capital Improvements Series 2005 | ||||||||||||||||
16,125,000 | 5.500 | 05/01/36 | 16,214,171 | |||||||||||||
Heritage Harbor South Community Development District RB for Capital Improvement Series 2002 A | ||||||||||||||||
3,940,000 | 6.500 | 05/01/34 | 4,127,702 | |||||||||||||
Heritage Harbor South Community Development District RB for Capital Improvement Series 2003 A | ||||||||||||||||
1,235,000 | 6.200 | 05/01/35 | 1,267,530 |
The accompanying notes are an integral part of these financial statements.
53
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
Statement of Investments (continued)
April 30, 2006 (Unaudited)
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Municipal Debt Obligations – (continued) | ||||||||||||||||
Florida – (continued) | ||||||||||||||||
Heritage Harbor South Community Development District RB for Capital Improvement Series 2003 B | ||||||||||||||||
$ | 2,155,000 | 5.250 | % | 11/01/08 | $ | 2,153,492 | ||||||||||
Heritage Harbour Market Place Community Development District Special Assessment for Capital Improvement Series 2005 | ||||||||||||||||
9,000,000 | 5.600 | 05/01/36 | 9,002,700 | |||||||||||||
Heritage Isle at Viera Community Development District Special Assessment Series 2004 A | ||||||||||||||||
3,180,000 | 6.000 | 05/01/35 | 3,237,463 | |||||||||||||
Heritage Isle at Viera Community Development District Special Assessment Series 2004 B | ||||||||||||||||
1,575,000 | 5.000 | 11/01/09 | 1,569,267 | |||||||||||||
Heritage Isle at Viera Community Development District Special Assessment Series 2005 | ||||||||||||||||
7,195,000 | 5.550 | 05/01/37 | 7,155,859 | |||||||||||||
Heritage Isles Community Development District RB for Special Assessment Series 2002 | ||||||||||||||||
1,050,000 | 5.900 | 11/01/06 | 1,049,591 | |||||||||||||
Heritage Lake Park Community Development District Special Assessment Series 2004 B | ||||||||||||||||
5,570,000 | 5.100 | 11/01/09 | 5,550,115 | |||||||||||||
Heritage Lake Park Community Development Special Assessment Series 2005 | ||||||||||||||||
1,700,000 | 5.700 | 05/01/36 | 1,706,443 | |||||||||||||
Heritage Landing Community Development District Special Assessment Series 2005 | ||||||||||||||||
11,000,000 | 5.600 | 05/01/36 | 11,035,750 | |||||||||||||
Heritage Palms Community Development District RB for Capital Improvement Series 1999 | ||||||||||||||||
130,000 | 6.250 | 11/01/07 | 130,000 | |||||||||||||
Heritage Park Community Development District RB for Special Assessment Series 2004 A | ||||||||||||||||
5,900,000 | 6.300 | 05/01/35 | 6,199,484 | |||||||||||||
Heritage Plantation Community Development District RB BANS Series 2005 | ||||||||||||||||
6,655,000 | 5.000 | 11/01/06 | 6,654,734 | |||||||||||||
Highlands Community Development District Special Assessment Series 2005 | ||||||||||||||||
3,750,000 | 5.550 | 05/01/36 | 3,754,837 | |||||||||||||
Hollywood Community Redevelopment Agency RB for Beach CRA Series 2004 (Baa2) | ||||||||||||||||
2,700,000 | 5.625 | 03/01/24 | 2,831,166 | |||||||||||||
Hypoluxo/Haverhill Community Development District Special Assessment Series 2002 A | ||||||||||||||||
1,370,000 | 6.750 | 05/01/33 | 1,446,199 | |||||||||||||
Indian Trace Development District Special Assessment for Isles at Weston Project Series 2003 | ||||||||||||||||
1,960,000 | 5.500 | 05/01/33 | 1,964,861 | |||||||||||||
Indigo Community Development District for Capital Improvement Special Assessment Series 2005 | ||||||||||||||||
9,000,000 | 5.750 | 05/01/36 | 9,049,500 | |||||||||||||
Indigo Community Development District RB for Capital Improvement Series 1999 B | ||||||||||||||||
25,000 | 6.400 | 05/01/06 | 25,000 | |||||||||||||
Islands at Doral Florida Special Assessment Series 2003 | ||||||||||||||||
1,820,000 | 6.375 | 05/01/35 | 1,901,773 | |||||||||||||
Islands at Doral III Community Development District Special Assessment Series 2004 A | ||||||||||||||||
11,000,000 | 5.900 | 05/01/35 | 11,308,660 | |||||||||||||
Islands at Doral Ne Community Development District Special Assessment Series 2004 | ||||||||||||||||
1,835,000 | 6.250 | 05/01/34 | 1,912,474 | |||||||||||||
Jacksonville Economic Development Community Health Care Facilities RB for Mayo Clinic Series 2006 (AA/Aa2) | ||||||||||||||||
11,675,000 | 5.000 | 11/15/36 | 11,905,231 | |||||||||||||
Keys Cove Community Development District II Series 2005 | ||||||||||||||||
2,935,000 | 5.500 | 05/01/36 | 2,933,826 | |||||||||||||
Keys Cove Community Development District Special Assessment Series 2004 | ||||||||||||||||
1,220,000 | 5.875 | 05/01/35 | 1,250,817 | |||||||||||||
Killarney Community Development District Special Assessment Series 2004 A | ||||||||||||||||
2,535,000 | 6.000 | 05/01/35 | 2,578,019 | |||||||||||||
Killarney Community Development District Special Assessment Series 2004 B | ||||||||||||||||
4,215,000 | 5.125 | 05/01/09 | 4,200,079 | |||||||||||||
Laguna Lakes Community Development District Florida Special Assessment RB Series 2003 A | ||||||||||||||||
2,425,000 | 6.400 | 05/01/33 | 2,521,976 | |||||||||||||
Laguna Lakes Community Development District Florida Special Assessment RB Series 2003 B | ||||||||||||||||
70,000 | 5.250 | 11/01/07 | 69,841 | |||||||||||||
Lake Ashton II Community Development District Special Assessment for Capital Improvement Series 2005 A | ||||||||||||||||
4,705,000 | 5.375 | 05/01/36 | 4,665,478 | |||||||||||||
Lake Ashton II Community Development District Special Assessment for Capital Improvement Series 2005 B | ||||||||||||||||
1,000,000 | 4.875 | 11/01/10 | 995,940 | |||||||||||||
Lake Powell Residential Golf Community Development District Special Assessment Series 2000 A | ||||||||||||||||
2,440,000 | 7.450 | 05/01/22 | 2,583,448 | |||||||||||||
3,640,000 | 7.500 | 05/01/32 | 3,870,776 | |||||||||||||
Lakes by the Bay South Community Development District Special Assessment RB Series 2004 A | ||||||||||||||||
7,725,000 | 6.100 | 05/01/23 | 8,075,715 | |||||||||||||
5,000,000 | 6.250 | 05/01/34 | 5,265,300 | |||||||||||||
Lakes by the Bay South Community Development District Special Assessment RB Series 2004 B | ||||||||||||||||
5,850,000 | 5.300 | 05/01/09 | 5,835,609 | |||||||||||||
Lakewood Ranch Community Development District No. 4 Special Assessment RB Series 2004 | ||||||||||||||||
2,160,000 | 5.950 | 05/01/34 | 2,195,230 | |||||||||||||
Lakewood Ranch Community Development District No. 5 Special Assessment RB Series 2001 A | ||||||||||||||||
4,580,000 | 6.700 | 05/01/31 | 4,855,670 | |||||||||||||
Lakewood Ranch Stewardship District Special Assessment for Lake Club Project Series 2005 | ||||||||||||||||
5,390,000 | 4.875 | 08/01/10 | 5,360,193 |
The accompanying notes are an integral part of these financial statements.
54
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Municipal Debt Obligations – (continued) | ||||||||||||||||
Florida – (continued) | ||||||||||||||||
Lakewood Ranch Stewardship District Special Assessment Series 2006 A | ||||||||||||||||
$ | 15,000,000 | 5.500 | % | 05/01/36 | $ | 14,767,200 | ||||||||||
Lee County IDA Health Care Facilities RB for Shell Point Village Project Series 1999 A (BBB-) | ||||||||||||||||
7,000,000 | 5.500 | 11/15/29 | 7,063,070 | |||||||||||||
Lexington Oaks Community Development District Special Assessment Series 2002 A | ||||||||||||||||
2,500,000 | 6.700 | 05/01/33 | 2,628,950 | |||||||||||||
Live Oak Community Development District No. 001 Special Assessment Series 2003 A | ||||||||||||||||
4,445,000 | 6.300 | 05/01/34 | 4,600,308 | |||||||||||||
Live Oak Community Development District No. 001 Special Assessment Series 2003 B | ||||||||||||||||
325,000 | 5.300 | 05/01/08 | 324,818 | |||||||||||||
Live Oak Community Development District No. 002 Special Assessment Series 2004 A | ||||||||||||||||
6,230,000 | 5.850 | 05/01/35 | 6,278,407 | |||||||||||||
Live Oak Community Development District No. 002 Special Assessment Series 2004 B | ||||||||||||||||
7,220,000 | 5.000 | 11/01/09 | 7,180,723 | |||||||||||||
Longleaf Community Development District Special Assessment Refunding Series 2005 (AAA) | ||||||||||||||||
6,270,000 | 5.400 | 05/01/30 | 6,230,060 | |||||||||||||
Longleaf Community Development District Special Assessment Refunding Series 2006 | ||||||||||||||||
3,000,000 | 5.375 | 05/01/30 | 2,994,600 | |||||||||||||
Longleaf Community Development District Special Assessment Series 2001 | ||||||||||||||||
1,030,000 | 7.250 | 05/01/09 | 1,042,669 | |||||||||||||
Maple Ridge Community Development District Special Assessment Series 2000 A | ||||||||||||||||
1,530,000 | 7.150 | 05/01/31 | 1,634,576 | |||||||||||||
Marshall Creek Community Development District Special Assessment Series 2002 | ||||||||||||||||
2,920,000 | 6.625 | 05/01/32 | 3,051,750 | |||||||||||||
Meadow Pines Community Development District Special Assessment RB Series 2004 A | ||||||||||||||||
7,010,000 | 6.250 | 05/01/34 | 7,341,293 | |||||||||||||
Meadow Pointe II Community Development District RB for Capital Improvement Series 2004 (Baa3) | ||||||||||||||||
685,000 | 3.700 | 05/01/11 | 653,956 | |||||||||||||
710,000 | 3.875 | 05/01/12 | 668,969 | |||||||||||||
300,000 | 4.000 | 05/01/13 | 280,377 | |||||||||||||
1,745,000 | 4.600 | 05/01/18 | 1,674,991 | |||||||||||||
Meadow Pointe III Community Development District RB for Capital Improvement Series 2001 A | ||||||||||||||||
2,925,000 | 6.850 | 05/01/33 | 3,075,082 | |||||||||||||
Meadow Pointe III Community Development District RB for Capital Improvement Series 2003 A | ||||||||||||||||
3,925,000 | 6.400 | 05/01/34 | 4,146,409 | |||||||||||||
Meadow Pointe III Community Development District RB for Capital Improvement Series 2003 B | ||||||||||||||||
765,000 | 5.250 | 11/01/07 | 763,263 | |||||||||||||
Meadow Pointe III Community Development District RB for Capital Improvement Series 2004 A | ||||||||||||||||
1,000,000 | 6.000 | 05/01/35 | 1,015,560 | |||||||||||||
Meadow Pointe IV Community Development District RB for Capital Improvement Series 2003 A | ||||||||||||||||
2,755,000 | 6.300 | 05/01/34 | 2,878,259 | |||||||||||||
Meadow Pointe IV Community Development District Special Assessment for Capital Improvements Series 2005 | ||||||||||||||||
4,455,000 | 5.250 | 05/01/15 | 4,415,796 | |||||||||||||
Meadow Pointe IV Community Development District Tax Allocation for Capital Improvement Series 2004 A | ||||||||||||||||
3,005,000 | 6.000 | 05/01/36 | 3,100,799 | |||||||||||||
Mediterra North Community Development District RB for Capital Improvement Series 2001 A | ||||||||||||||||
4,740,000 | 6.800 | 05/01/31 | 5,036,392 | |||||||||||||
Mediterra South Community Development District RB for Capital Improvement Series 1999 A | ||||||||||||||||
465,000 | 6.950 | 05/01/31 | 484,037 | |||||||||||||
Mediterra South Community Development District RB for Capital Improvement Series 2001 | ||||||||||||||||
1,575,000 | 6.850 | 05/01/31 | 1,657,924 | |||||||||||||
Mediterra South Community Development District RB for Capital Improvement Series 2003 A | ||||||||||||||||
4,975,000 | 6.375 | 05/01/34 | 5,246,685 | |||||||||||||
Mediterra South Community Development District RB for Capital Improvement Series 2003 B | ||||||||||||||||
5,310,000 | 5.500 | 05/01/10 | 5,322,213 | |||||||||||||
Miami Beach Health Facilities Authority Hospital RB for Mount Sinai Medical Center Florida Project Series 1998 (BB+) | ||||||||||||||||
7,720,000 | 5.375 | 11/15/28 | 7,652,682 | |||||||||||||
Miami Beach Health Facilities Authority Hospital RB for Mount Sinai Medical Center Series 2001 A (BB+/Ba1) | ||||||||||||||||
4,975,000 | 6.125 | 11/15/11 | 5,314,345 | |||||||||||||
Miami Beach Health Facilities Authority Hospital RB for Mount Sinai Medical Center Series 2004 (BB+/Ba1) | ||||||||||||||||
13,600,000 | 6.750 | 11/15/29 | 15,043,096 | |||||||||||||
Middle Village Community Development District Special Assessment Series 2004 A | ||||||||||||||||
6,000,000 | 5.800 | 05/01/22 | 6,130,260 | |||||||||||||
15,620,000 | 6.000 | 05/01/35 | 16,111,718 | |||||||||||||
Middle Village Community Development District Special Assessment Series 2004 B | ||||||||||||||||
2,165,000 | 5.000 | 05/01/09 | 2,161,255 | |||||||||||||
Middle Village Community Development District Special Assessment Series 2004 C | ||||||||||||||||
610,000 | 5.125 | 05/01/09 | 608,945 | |||||||||||||
Mira Lago West Community Development District Special Assessment for Capital Improvement Series 2005 | ||||||||||||||||
960,000 | 5.375 | 05/01/36 | 933,187 | |||||||||||||
Montecito Community Development District Special Assessment Series 2006 A | ||||||||||||||||
1,900,000 | 5.500 | 05/01/37 | 1,894,965 |
The accompanying notes are an integral part of these financial statements.
55
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
Statement of Investments (continued)
April 30, 2006 (Unaudited)
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Municipal Debt Obligations – (continued) | ||||||||||||||||
Florida – (continued) | ||||||||||||||||
Montecito Community Development District Special Assessment Series 2006 B | ||||||||||||||||
$ | 8,000,000 | 5.100 | % | 05/01/13 | $ | 7,935,840 | ||||||||||
Monterey/Congress Community Development District Special Assessment Series 2005 A | ||||||||||||||||
4,045,000 | 5.375 | 05/01/36 | 3,989,705 | �� | ||||||||||||
Monterra Community Development District Revenue BANS Series 2005 | ||||||||||||||||
28,000,000 | 5.000 | 06/01/06 | 28,005,040 | |||||||||||||
Monterra Community Development District Special Assessment Series 2005 A | ||||||||||||||||
22,000,000 | 5.500 | 05/01/36 | 22,162,360 | |||||||||||||
Monterra Community Development District Special Assessment Series 2005 B | ||||||||||||||||
30,000,000 | 5.000 | 11/01/10 | 29,829,600 | |||||||||||||
Moody River Estates Community Development District Capital Improvement RB Series 2005 | ||||||||||||||||
7,000,000 | 5.350 | 05/01/36 | 6,808,970 | |||||||||||||
Narcoossee Community Development District Special Assessment Series 2002 A | ||||||||||||||||
4,980,000 | 6.850 | 05/01/33 | 5,306,937 | |||||||||||||
Narcoossee Community Development District Special Assessment Series 2002 B | ||||||||||||||||
70,000 | 5.750 | 05/01/08 | 70,182 | |||||||||||||
North Springs Improvement District RB Refunding for Water Management Series 2005 A | ||||||||||||||||
2,725,000 | 5.375 | 05/01/24 | 2,704,208 | |||||||||||||
North Springs Improvement District RB Refunding for Water Management Series 2005 B | ||||||||||||||||
5,915,000 | 5.500 | 05/01/35 | 5,900,212 | |||||||||||||
North Springs Improvement District Special Assessment for Parkland Golf Country Club Series 2005 A-1 | ||||||||||||||||
8,000,000 | 5.450 | 05/01/26 | 7,893,600 | |||||||||||||
North Springs Improvement District Special Assessment for Parkland Golf Country Club Series 2005 A-2 | ||||||||||||||||
4,000,000 | 5.500 | 05/01/26 | 3,951,720 | |||||||||||||
North Springs Improvement District Special Assessment for Parkland Golf Country Club Series 2005 B-1 | ||||||||||||||||
2,750,000 | 5.125 | 05/01/15 | 2,718,732 | |||||||||||||
Oak Creek Community Development District Special Assessment Series 2004 | ||||||||||||||||
1,775,000 | 5.800 | 05/01/35 | 1,822,357 | |||||||||||||
Oakstead Community Development District RB for Capital Improvement Series 2002 A | ||||||||||||||||
4,685,000 | 6.875 | 05/01/33 | 4,963,383 | |||||||||||||
Oakstead Community Development District RB for Capital Improvement Series 2002 B | ||||||||||||||||
325,000 | 5.900 | 05/01/07 | 323,775 | |||||||||||||
Old Palm Community Development District Special Assessment for Palm Beach Gardens Series 2004 A | ||||||||||||||||
6,815,000 | 5.900 | 05/01/35 | 6,973,789 | |||||||||||||
Old Palm Community Development District Special Assessment for Palm Beach Gardens Series 2004 B | ||||||||||||||||
3,130,000 | 5.375 | 05/01/14 | 3,141,769 | |||||||||||||
Orange County Florida Health Facilities Authority RB for Orlando Regional Healthcare Hospital Series 2006 B (A/A2) | ||||||||||||||||
1,865,000 | 4.750 | 11/15/36 | 1,809,404 | |||||||||||||
Orange County Health Facilities Authority RB for Orlando Lutheran Healthcare Series 2005 | ||||||||||||||||
1,100,000 | 5.375 | 07/01/20 | 1,074,337 | |||||||||||||
1,000,000 | 5.700 | 07/01/26 | 992,790 | |||||||||||||
Orlando Urban Community Development District Special Assessment for Capital Improvement Series 2004 | ||||||||||||||||
965,000 | 6.000 | 05/01/20 | 1,009,718 | |||||||||||||
4,500,000 | 6.250 | 05/01/34 | 4,715,910 | |||||||||||||
Orlando Urban Community Development District Special Assessment Series 2001 A | ||||||||||||||||
7,855,000 | 6.950 | 05/01/33 | 8,376,179 | |||||||||||||
Overoaks Community Development District Special Assessment for Capital Improvement Series 2004 A | ||||||||||||||||
2,305,000 | 6.125 | 05/01/35 | 2,413,704 | |||||||||||||
Overoaks Community Development District Special Assessment for Capital Improvement Series 2004 B | ||||||||||||||||
6,880,000 | 5.125 | 05/01/09 | 6,896,787 | |||||||||||||
Palm Beach County Plantation Community Development District Special Assessment RB Series 2004 A | ||||||||||||||||
7,165,000 | 6.250 | 05/01/34 | 7,375,651 | |||||||||||||
Palm Glades Community Development District Special Assessment Series 2006 A | ||||||||||||||||
1,300,000 | 5.300 | 05/01/36 | 1,300,741 | |||||||||||||
Palma Sola Trace Community Development District RB for Capital Improvement Series 2005 | ||||||||||||||||
4,000,000 | 5.750 | 05/01/35 | 4,000,120 | |||||||||||||
Panther Trace Community Development District Special Assessment Series 2002 A | ||||||||||||||||
1,665,000 | 7.250 | 05/01/33 | 1,821,726 | |||||||||||||
Panther Trace II Community Development District Special Assessment Series 2005 A | ||||||||||||||||
7,000,000 | 5.600 | 05/01/35 | 7,004,830 | |||||||||||||
Panther Trails Community Development District Special Assessment Series 2005 | ||||||||||||||||
3,810,000 | 5.600 | 05/01/36 | 3,791,674 | |||||||||||||
Park Place Community Development District Special Assessment Series 2003 | ||||||||||||||||
4,430,000 | 6.375 | 05/01/34 | 4,661,069 | |||||||||||||
Parklands Lee Community Development District Special Assessment Series 2004 A | ||||||||||||||||
4,000,000 | 5.800 | 05/01/35 | 4,056,560 | |||||||||||||
Parklands Lee Community Development District Special Assessment Series 2004 B | ||||||||||||||||
445,000 | 5.125 | 05/01/11 | 442,432 | |||||||||||||
Parklands West Community Development District Special Assessment Series 2001 A | ||||||||||||||||
3,375,000 | 6.900 | 05/01/32 | 3,546,416 | |||||||||||||
Parklands West Community Development District Special Assessment Series 2001 B | ||||||||||||||||
40,000 | 6.000 | 05/01/06 | 40,000 |
The accompanying notes are an integral part of these financial statements.
56
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Municipal Debt Obligations – (continued) | ||||||||||||||||
Florida – (continued) | ||||||||||||||||
Parkway Center Community Development District Special Assessment Series 2000 A | ||||||||||||||||
$ | 484,116 | 8.250 | % | 05/01/31 | $ | 483,680 | ||||||||||
Paseo Community Development District Capital Improvement RB Series 2005 A | ||||||||||||||||
10,555,000 | 5.400 | 05/01/36 | 10,313,607 | |||||||||||||
Pier Park Community Development District RB for Capital Improvement Series 2002 1 | ||||||||||||||||
10,125,000 | 7.150 | 05/01/34 | 10,786,567 | |||||||||||||
Pine Island Community Development District Special Assessment Series 2004 | ||||||||||||||||
5,435,000 | 5.300 | 11/01/10 | 5,374,345 | |||||||||||||
11,780,000 | 5.750 | 05/01/35 | 11,919,593 | |||||||||||||
Poinciana Community Development District Special Assessment Series 2000 A | ||||||||||||||||
5,770,000 | 7.125 | 05/01/31 | 6,102,640 | |||||||||||||
Port Tampa Bay Community Development District Special Assessment Series 2006 A | ||||||||||||||||
15,000,000 | 5.875 | 05/01/38 | 15,198,000 | |||||||||||||
Port Tampa Bay Community Development District Special Assessment Series 2006 B | ||||||||||||||||
1,555,000 | 5.300 | 11/01/12 | 1,543,524 | |||||||||||||
Principal One Community Development District Jacksonville Special Assessment Series 2005 | ||||||||||||||||
1,000,000 | 5.650 | 05/01/35 | 990,440 | |||||||||||||
Renaissance Community Development District RB for Capital Improvement Series 2002 A | ||||||||||||||||
7,195,000 | 7.000 | 05/01/33 | 7,638,860 | |||||||||||||
Renaissance Community Development District RB for Capital Improvement Series 2002 B | ||||||||||||||||
475,000 | 6.250 | 05/01/08 | 477,817 | |||||||||||||
Reunion East Community Development District Special Assessment Series 2002 A | ||||||||||||||||
19,620,000 | 7.200 | 05/01/22 | 21,146,240 | |||||||||||||
2,450,000 | 7.375 | 05/01/33 | 2,662,072 | |||||||||||||
Reunion East Community Development District Special Assessment Series 2002 B | ||||||||||||||||
1,255,000 | 5.900 | 11/01/07 | 1,257,836 | |||||||||||||
Reunion East Community Development District Special Assessment Series 2003 | ||||||||||||||||
2,775,000 | 5.200 | 11/01/07 | 2,775,000 | |||||||||||||
Reunion East Community Development District Special Assessment Series 2005 | ||||||||||||||||
12,880,000 | 5.800 | 05/01/36 | 13,111,711 | |||||||||||||
Reunion West Community Development District Special Assessment Series 2004 | ||||||||||||||||
25,500,000 | 6.250 | 05/01/36 | 26,549,325 | |||||||||||||
River Bend Community Development District Capital Improvement RB Series 2005 | ||||||||||||||||
9,000,000 | 5.450 | 05/01/35 | 8,904,870 | |||||||||||||
River Hall Community Development District RB for Capital Improvement Series 2005 | ||||||||||||||||
5,000,000 | 5.450 | 05/01/36 | 5,019,350 | |||||||||||||
Rivercrest Community Development District Special Assessment Series 2001 | ||||||||||||||||
5,425,000 | 7.000 | 05/01/32 | 5,786,847 | |||||||||||||
Riverside Park Community Development District Special Assessment Series 2004 | ||||||||||||||||
2,000,000 | 6.125 | 05/01/34 | 2,028,840 | |||||||||||||
Saddlebrook Community Development District Special Assessment Series 2001 A | ||||||||||||||||
5,000,000 | 6.900 | 05/01/33 | 5,331,750 | |||||||||||||
Saddlebrook Community Development District Special Assessment Series 2001 B | ||||||||||||||||
35,000 | 6.250 | 05/01/09 | 35,571 | |||||||||||||
Sail Harbour Community Development District Special Assessment Series 2005 A | ||||||||||||||||
6,960,000 | 5.500 | 05/01/36 | 6,960,418 | |||||||||||||
Sampson Creek Community Development District Capital Improvement Special Assessment Series 2000 A | ||||||||||||||||
2,255,000 | 6.950 | 05/01/31 | 2,325,446 | |||||||||||||
Sandy Creek Community Development District Special Assessment Series 2005 A | ||||||||||||||||
10,550,000 | 5.700 | 05/01/37 | 10,589,984 | |||||||||||||
Sandy Creek Community Development District Special Assessment Series 2005 B | ||||||||||||||||
15,000,000 | 5.000 | 11/01/10 | 14,908,800 | |||||||||||||
Seven Oaks Community Development District I RB Special Assessment Series 2002 | ||||||||||||||||
400,000 | 5.600 | 11/01/07 | 397,908 | |||||||||||||
Seven Oaks Community Development District II RB Special Assessment Series 2003 A | ||||||||||||||||
4,700,000 | 6.400 | 05/01/34 | 4,955,774 | |||||||||||||
Seven Oaks Community Development District II RB Special Assessment Series 2003 B | ||||||||||||||||
800,000 | 5.300 | 11/01/08 | 800,000 | |||||||||||||
Seven Oaks Community Development District II RB Special Assessment Series 2004 A | ||||||||||||||||
5,000,000 | 5.875 | 05/01/35 | 5,077,700 | |||||||||||||
Seven Oaks Community Development District II RB Special Assessment Series 2004 B | ||||||||||||||||
2,945,000 | 5.000 | 05/01/09 | 2,940,052 | |||||||||||||
Shingle Creek BANS Series 2005 | ||||||||||||||||
27,000,000 | 5.125 | 08/01/06 | 27,013,500 | |||||||||||||
South Bay Community Development District RB for Capital Improvement Series 2005 A | ||||||||||||||||
22,755,000 | 5.950 | 05/01/36 | 23,351,864 | |||||||||||||
South Bay Community Development District RB for Capital Improvement Series 2005 B-1 | ||||||||||||||||
11,000,000 | 5.125 | 11/01/09 | 11,033,440 | |||||||||||||
South Bay Community Development District RB for Capital Improvement Series 2005 B-2 | ||||||||||||||||
4,000,000 | 5.375 | 05/01/13 | 4,032,240 | |||||||||||||
South Fork Community Development District RB Special Assessment Series 2004 A-1 | ||||||||||||||||
515,000 | 5.900 | 05/01/34 | 518,105 |
The accompanying notes are an integral part of these financial statements.
57
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
Statement of Investments (continued)
April 30, 2006 (Unaudited)
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Municipal Debt Obligations – (continued) | ||||||||||||||||
Florida – (continued) | ||||||||||||||||
South Fork Community Development District RB Special Assessment Series 2004 A-2 | ||||||||||||||||
$ | 1,825,000 | 5.900 | % | 05/01/35 | $ | 1,847,539 | ||||||||||
South Fork Community Development RB Series 2003 | ||||||||||||||||
2,490,000 | 6.150 | 05/01/33 | 2,550,258 | |||||||||||||
South Fork East Community Development District Capital Improvement RB Series 2005 | ||||||||||||||||
9,000,000 | 5.350 | 05/01/36 | 8,891,190 | |||||||||||||
South Village Community Development District RB for Capital Improvement Series 2005 A | ||||||||||||||||
13,500,000 | 5.700 | 05/01/35 | 13,652,415 | |||||||||||||
South-Dade Venture Community Development District Special Assessment Series 2004 | ||||||||||||||||
2,745,000 | 6.000 | 05/01/24 | 2,842,365 | |||||||||||||
Southern Hills Plantation I Community Development District RB for Capital Improvement Series 2004 | ||||||||||||||||
8,395,000 | 5.800 | 05/01/35 | 8,436,303 | |||||||||||||
Southern Hills Plantation II Community Development District Capital Improvement Special Assessment Series 2004 | ||||||||||||||||
3,570,000 | 5.850 | 05/01/34 | 3,561,075 | |||||||||||||
Spicewood Community Development District Special Assessment Series 2003 A | ||||||||||||||||
2,965,000 | 6.100 | 05/01/34 | 3,058,635 | |||||||||||||
St. Johns Forest Community Development District RB for Capital Improvement Series 2003 A | ||||||||||||||||
5,060,000 | 6.125 | 05/01/34 | 5,339,059 | |||||||||||||
St. Johns Forest Community Development District RB for Capital Improvement Series 2003 B | ||||||||||||||||
580,000 | 5.300 | 05/01/10 | 582,291 | |||||||||||||
Sterling Hill Community Development District RB for Capital Improvement Series 2003 A | ||||||||||||||||
4,000,000 | 6.200 | 05/01/35 | 4,101,480 | |||||||||||||
Sterling Hill Community Development District RB for Capital Improvement Series 2003 B | ||||||||||||||||
2,625,000 | 5.500 | 11/01/10 | 2,626,706 | |||||||||||||
Stonegate Community Development District RB Special Assessment Series 2004 | ||||||||||||||||
2,250,000 | 6.125 | 05/01/34 | 2,320,515 | |||||||||||||
Stonelake Ranch Community Development District Special Assessment Series 2004 A | ||||||||||||||||
3,570,000 | 5.900 | 05/01/34 | 3,615,767 | |||||||||||||
Summerville Community Development District Special Assessment Series 2006 | ||||||||||||||||
1,000,000 | 5.500 | 05/01/36 | 982,190 | |||||||||||||
Sumter County IDA RB for North Sumter Utility Co. LLC Project Series 2002 (AMT) | ||||||||||||||||
6,780,000 | 6.800 | 10/01/32 | 7,044,556 | |||||||||||||
Sumter County IDA RB for North Sumter Utility Co. LLC Project Series 2003 (AMT) | ||||||||||||||||
4,575,000 | 6.900 | 10/01/34 | 4,767,562 | |||||||||||||
Sumter Landing Community Development District Recreational RB SubSeries 2005 B | ||||||||||||||||
6,500,000 | 5.700 | 10/01/38 | 6,464,315 | |||||||||||||
Sumter Landing Community Development District Special Assessment Series 2003 | ||||||||||||||||
900,000 | 6.250 | 05/01/13 | 900,000 | |||||||||||||
10,000,000 | 6.950 | 05/01/33 | 10,000,000 | |||||||||||||
Suncoast Community Development District RB for Capital Improvement Series 2004 A | ||||||||||||||||
5,370,000 | 5.875 | 05/01/34 | 5,391,695 | |||||||||||||
Tern Bay Community Development District Special Assessment for Capital Improvement Series 2005 A | ||||||||||||||||
13,280,000 | 5.375 | 05/01/37 | 13,259,549 | |||||||||||||
Tern Bay Community Development District Special Assessment for Capital Improvement Series 2005 B | ||||||||||||||||
9,500,000 | 5.000 | 05/01/15 | 9,442,240 | |||||||||||||
The Quarry Community Development District Special Assessment Series 2005 A-1 | ||||||||||||||||
55,350,000 | 5.500 | 05/01/36 | 55,445,755 | |||||||||||||
The Quarry Community Development District Special Assessment Series 2005 A-2 | ||||||||||||||||
7,345,000 | 5.250 | 05/01/36 | 7,315,620 | |||||||||||||
Thousand Oaks Community Development District Special Assessment RB Series 2005 A1 | ||||||||||||||||
4,455,000 | 5.350 | 05/01/35 | 4,411,386 | |||||||||||||
Thousand Oaks Community Development District Special Assessment RB Series 2005 A2 | ||||||||||||||||
1,000,000 | 5.350 | 05/01/36 | 988,640 | |||||||||||||
Tisons Landing Community Development District Special Assessment RB Series 2005 A | ||||||||||||||||
2,600,000 | 5.625 | 05/01/37 | 2,583,646 | |||||||||||||
Tisons Landing Community Development District Special Assessment RB Series 2005 B | ||||||||||||||||
4,000,000 | 5.000 | 11/01/11 | 4,015,760 | |||||||||||||
Tolomato Community Development District Special Assessment Series 2006 | ||||||||||||||||
61,500,000 | 5.400 | 05/01/37 | 61,498,155 | |||||||||||||
Tomoka Community Development District Series 2004 A | ||||||||||||||||
8,250,000 | 6.100 | 05/01/35 | 8,505,915 | |||||||||||||
Town Center at Palm Coast Community Development District Special Assessment for Capital Improvement Series 2005 | ||||||||||||||||
10,000,000 | 6.000 | 05/01/36 | 10,191,200 | |||||||||||||
Turnbull Creek Community Development District Special Assessment Series 2005 | ||||||||||||||||
7,000,000 | 5.800 | 05/01/35 | 7,053,760 | |||||||||||||
University Place Community Development District Special Assessment Series 2001 A | ||||||||||||||||
1,680,000 | 7.000 | 05/01/32 | 1,788,578 | |||||||||||||
Venetian Community Development District RB for Capital Improvement Series 2002 A | ||||||||||||||||
3,900,000 | 6.750 | 05/01/34 | 4,124,601 | |||||||||||||
Verano Center Community Development District Special Assessment for Community Infrastructure Project Series 2006 A | ||||||||||||||||
8,000,000 | 5.375 | 05/01/37 | 7,975,200 |
The accompanying notes are an integral part of these financial statements.
58
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Municipal Debt Obligations – (continued) | ||||||||||||||||
Florida – (continued) | ||||||||||||||||
Verano Center Community Development District Special Assessment for Community Infrastructure Project Series 2006 B | ||||||||||||||||
$ | 5,000,000 | 5.000 | % | 11/01/12 | $ | 4,982,000 | ||||||||||
7,000,000 | 5.000 | 11/01/13 | 6,948,340 | |||||||||||||
Verona Walk Community Development District RB for Capital Improvement Series 2004 | ||||||||||||||||
7,000,000 | 5.850 | 05/01/35 | 7,119,070 | |||||||||||||
Village Center Community Development District Recreational RB SubSeries 1998 B | ||||||||||||||||
1,930,000 | 8.250 | 01/01/17 | 2,007,181 | |||||||||||||
Village Center Community Development District Recreational RB SubSeries 1998 C | ||||||||||||||||
2,145,000 | 7.375 | 01/01/19 | 2,262,074 | |||||||||||||
Village Center Community Development District Recreational RB SubSeries 2003 | ||||||||||||||||
4,005,000 | 6.350 | 01/01/18 | 4,197,480 | |||||||||||||
Village Center Community Development District Recreational RB SubSeries 2004 B | ||||||||||||||||
5,570,000 | 5.875 | 01/01/15 | 5,703,791 | |||||||||||||
Village Community Development District No. 3 Special Assessment Series 2002 | ||||||||||||||||
7,000,000 | 6.500 | 05/01/32 | 7,407,190 | |||||||||||||
Village Community Development District No. 4 Special Assessment Series 2000 | ||||||||||||||||
2,770,000 | 7.150 | 05/01/18 | 2,994,148 | |||||||||||||
Village Community Development District No. 4 Special Assessment Series 2002 | ||||||||||||||||
4,050,000 | 6.875 | 05/01/22 | 4,354,722 | |||||||||||||
5,675,000 | 6.950 | 05/01/32 | 6,093,134 | |||||||||||||
Village Community Development District No. 4 Special Assessment Series 2003 | ||||||||||||||||
500,000 | 6.500 | 05/01/33 | 528,090 | |||||||||||||
Village Community Development District No. 5 Special Assessment Series 2002 A | ||||||||||||||||
16,595,000 | 6.500 | 05/01/33 | 17,623,060 | |||||||||||||
Village Community Development District No. 5 Special Assessment Series 2003 A | ||||||||||||||||
4,035,000 | 6.000 | 05/01/22 | 4,191,033 | |||||||||||||
21,600,000 | 6.100 | 05/01/34 | 22,460,112 | |||||||||||||
Village Community Development District No. 5 Special Assessment Series 2003 B | ||||||||||||||||
830,000 | 5.000 | 05/01/08 | 830,000 | |||||||||||||
Village Community Development District No. 6 Special Assessment RB Series 2004 | ||||||||||||||||
5,695,000 | 5.625 | 05/01/22 | 5,744,660 | |||||||||||||
44,400,000 | 5.800 | 05/01/35 | 45,027,816 | |||||||||||||
Village Community Development District No. 7 Special Assessment Series 2006 | ||||||||||||||||
89,570,000 | 5.375 | 05/01/36 | 90,332,241 | |||||||||||||
Villages of Westport Community Development District RB for Capital Improvement Series 2005 A | ||||||||||||||||
12,700,000 | 5.700 | 05/01/35 | 12,836,144 | |||||||||||||
Villagewalk of Bonita Springs Community Development District Special Assessment for Capital Improvements Series 2005 | ||||||||||||||||
5,505,000 | 5.600 | 05/01/36 | 5,514,414 | |||||||||||||
Villasol Community Development District Special Assessment RB Series 2003 A | ||||||||||||||||
4,115,000 | 6.600 | 05/01/34 | 4,334,453 | |||||||||||||
Villasol Community Development District Special Assessment RB Series 2003 B | ||||||||||||||||
705,000 | 5.375 | 05/01/08 | 705,035 | |||||||||||||
Vista Lakes Community Development District RB for Capital Improvement Series 2002 A | ||||||||||||||||
3,660,000 | 6.750 | 05/01/34 | 3,917,884 | |||||||||||||
Vizcaya Community Development District Special Assessment Series 2002 | ||||||||||||||||
250,000 | 5.900 | 05/01/07 | 250,000 | |||||||||||||
Vizcaya Community Development District Special Assessment Series 2003 B | ||||||||||||||||
635,000 | 5.400 | 11/01/07 | 635,000 | |||||||||||||
Vizcaya in Kendall Community Development District BANS Series 2005 | ||||||||||||||||
15,000,000 | 5.125 | 12/01/06 | 15,031,650 | |||||||||||||
Walnut Creek Community Development District Special Assessment Series 2000 A | ||||||||||||||||
3,890,000 | 7.300 | 05/01/21 | 4,156,387 | |||||||||||||
Waterchase Community Development District RB for Capital Improvement Series 2001 A | ||||||||||||||||
2,860,000 | 6.700 | 05/01/32 | 3,038,207 | |||||||||||||
Watergrass Community Development District Special Assessment Series 2005 A | ||||||||||||||||
6,230,000 | 5.500 | 05/01/36 | 6,174,553 | |||||||||||||
Watergrass Community Development District Special Assessment Series 2005 B | ||||||||||||||||
4,000,000 | 4.875 | 11/01/10 | 3,965,480 | |||||||||||||
Waterlefe Community Development District RB for Capital Improvement Series 2001 A | ||||||||||||||||
950,000 | 6.950 | 05/01/31 | 1,005,357 | |||||||||||||
Waters Edge Community Development District RB for Capital Improvement Series 2005 | ||||||||||||||||
2,000,000 | 5.300 | 05/01/36 | 1,986,060 | |||||||||||||
West Villages Improvement District Revenue Special Assessment Unit of Development No. 3 Series 2006 | ||||||||||||||||
11,000,000 | 5.500 | 05/01/37 | 11,035,200 | |||||||||||||
Westchester Community Development District No. 1 Special Assessment for Community Infrastructure Series 2003 | ||||||||||||||||
4,500,000 | 6.000 | 05/01/23 | 4,694,850 | |||||||||||||
24,250,000 | 6.125 | 05/01/35 | 25,334,702 | |||||||||||||
Westside Community Development District Special Assessment Series 2005 | ||||||||||||||||
5,000,000 | 5.650 | 05/01/37 | 5,055,000 | |||||||||||||
World Commerce Community Development District Special Assessment Series 2004 A-1 | ||||||||||||||||
1,000,000 | 6.250 | 05/01/22 | 1,030,100 | |||||||||||||
500,000 | 6.500 | 05/01/36 | 515,930 |
The accompanying notes are an integral part of these financial statements.
59
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
Statement of Investments (continued)
April 30, 2006 (Unaudited)
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Municipal Debt Obligations – (continued) | ||||||||||||||||
Florida – (continued) | ||||||||||||||||
World Commerce Community Development District Special Assessment Series 2004 A-2 | ||||||||||||||||
$ | 3,000,000 | 6.125 | % | 05/01/35 | $ | 3,096,180 | ||||||||||
Wyndam Park Community Development District Special Assessment Series 2003 | ||||||||||||||||
2,500,000 | 6.375 | 05/01/34 | 2,597,625 | |||||||||||||
Wynnfield Lakes Community Development District Special Assessment Series 2005 A | ||||||||||||||||
11,550,000 | 5.600 | 05/01/36 | 11,487,745 | |||||||||||||
2,131,176,120 | ||||||||||||||||
Georgia – 0.5% | ||||||||||||||||
Atlanta Tax Allocation for Eastside Project Series 2005 A (AMT) | ||||||||||||||||
1,230,000 | 5.625 | 01/01/16 | 1,256,261 | |||||||||||||
Atlanta Tax Allocation for Eastside Project Series 2005 B | ||||||||||||||||
1,085,000 | 5.400 | 01/01/20 | 1,098,649 | |||||||||||||
2,250,000 | 5.600 | 01/01/30 | 2,292,682 | |||||||||||||
Atlanta Tax Allocation RB for Atlantic Station Project Series 2001 | ||||||||||||||||
10,000,000 | 7.750 | 12/01/14 | 11,055,600 | |||||||||||||
Chatham County Hospital Authority RB for Hospital Improvement Memorial Health University Series 2004 A (A-/A3) | ||||||||||||||||
3,675,000 | 5.500 | 01/01/34 | 3,840,412 | |||||||||||||
Dekalb County Development Authority RB for Dekalb Senior Center Project Series 2004 | ||||||||||||||||
5,845,000 | 4.850 | 06/01/09 | 5,853,066 | |||||||||||||
Fulton County Residential Care Facilities RB for Canterbury Court Project Series 2004 A | ||||||||||||||||
1,750,000 | 6.125 | 02/15/34 | 1,809,728 | |||||||||||||
27,206,398 | ||||||||||||||||
Guam — 0.2% | ||||||||||||||||
Guam Government GO Bonds Series 1993 A (B) | ||||||||||||||||
5,000,000 | 5.375 | 11/15/13 | 5,012,500 | |||||||||||||
Guam Government Waterworks Authority Water & Wastewater System RB Series 2005 (Ba2) | ||||||||||||||||
1,500,000 | 6.000 | 07/01/25 | 1,599,615 | |||||||||||||
3,000,000 | 5.875 | 07/01/35 | 3,131,670 | |||||||||||||
9,743,785 | ||||||||||||||||
Hawaii – 0.2% | ||||||||||||||||
Hawaii Airport System RB Series 2001 II-R-59 (AMT) (FGIC) (Aaa)(c) | ||||||||||||||||
2,500,000 | 11.019 | 07/01/15 | 3,188,000 | |||||||||||||
Hawaii Department of Transport Special Facilities RB for Continental Airlines Inc. Series 1997 (AMT) (B/Caa2) | ||||||||||||||||
7,195,000 | 5.625 | 11/15/27 | 5,946,020 | |||||||||||||
Hawaii Improvement District RB No. 17 Special Assessment Kaloko Subdivision Series 2001 | ||||||||||||||||
2,840,000 | 7.375 | 08/01/11 | 2,885,099 | |||||||||||||
12,019,119 | ||||||||||||||||
Idaho – 0.1% | ||||||||||||||||
Madison County Hospital Revenue COPS Series 2006 (BBB-) | ||||||||||||||||
1,300,000 | 5.250 | 09/01/20 | 1,343,862 | |||||||||||||
1,000,000 | 5.250 | 09/01/26 | 1,014,170 | |||||||||||||
3,335,000 | 5.250 | 09/01/37 | 3,355,544 | |||||||||||||
5,713,576 | ||||||||||||||||
Illinois – 1.4% | ||||||||||||||||
Chicago Illinois Special Assessment for Lake Shore East Series 2003 | ||||||||||||||||
4,000,000 | 6.750 | 12/01/32 | 4,281,880 | |||||||||||||
Chicago Illinois Tax Increment for Central Loop Redevelopment Series 2000 A | ||||||||||||||||
6,550,000 | 6.500 | 12/01/07 | 6,778,398 | |||||||||||||
Chicago Illinois Tax Increment Junior Lien for Central Loop Redevelopment Project Series 2000 A (ACA) (A) | ||||||||||||||||
2,000,000 | 6.500 | 12/01/08 | 2,115,700 | |||||||||||||
Chicago Illinois Tax Increment RB for Central Loop Redevelopment Series 2000 A (ACA) (A) | ||||||||||||||||
250,000 | 6.500 | 12/01/06 | 253,323 | |||||||||||||
Chicago Single Family Mortgage RB for Collateral Series 2001 A (FHLMC/FNMA/GNMA) (AMT) (AAA/Aaa) | ||||||||||||||||
2,295,000 | 6.250 | 10/01/32 | 2,349,896 | |||||||||||||
Illinois Development Finance Authority PCRB for Amerencips Series 2000 A (BBB/Baa1)(a) | ||||||||||||||||
6,050,000 | 5.500 | 02/28/14 | 6,165,131 | |||||||||||||
Illinois Educational Facilities Authority Student Housing RB for Educational Advancement Fund University Center Project Series 2002 (Baa3) | ||||||||||||||||
8,000,000 | 6.250 | 05/01/30 | 8,603,600 | |||||||||||||
7,840,000 | 6.250 | 05/01/34 | 8,001,739 | |||||||||||||
Illinois Finance Authority RB Refunding for Proctor Hospital Series 2006 (BBB-/Baa3) | ||||||||||||||||
5,600,000 | 5.125 | 01/01/25 | 5,549,880 | |||||||||||||
Illinois Finance Authority RB for Friendship Village Schaumburg Series 2005 A (BB+) | ||||||||||||||||
2,500,000 | 5.000 | 02/15/15 | 2,480,900 | |||||||||||||
5,000,000 | 5.375 | 02/15/25 | 4,978,250 | |||||||||||||
4,000,000 | 5.625 | 02/15/37 | 4,026,880 | |||||||||||||
Illinois Finance Authority Solid Waste Disposal RB for Waste Management Inc. Project Series 2005 A (AMT) (BBB) | ||||||||||||||||
4,600,000 | 5.050 | 08/01/29 | 4,531,552 | |||||||||||||
Illinois Finance Authority Student Housing RB for MJH Educational Assistance IV-SR Series 2004 A (Baa2) | ||||||||||||||||
6,905,000 | 5.000 | 06/01/24 | 6,923,920 | |||||||||||||
5,760,000 | 5.125 | 06/01/35 | 5,763,110 | |||||||||||||
Illinois Finance Authority Student Housing RB for MJH Educational Assistance IV-Subseries 2004 B (Baa3) | ||||||||||||||||
2,075,000 | 5.000 | 06/01/24 | 2,064,833 | |||||||||||||
4,000,000 | 5.375 | 06/01/35 | 4,001,520 | |||||||||||||
Illinois Health Facilities Authority RB for Loyola University Health Systems Series 2001 A (Baa1) | ||||||||||||||||
2,000,000 | 6.000 | 07/01/21 | 2,119,660 | |||||||||||||
Lincolnshire Special Service Area No. 1 Special Tax for Sedgebrook Project Series 2004 | ||||||||||||||||
1,805,000 | 6.250 | 03/01/34 | 1,868,446 |
The accompanying notes are an integral part of these financial statements.
60
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Municipal Debt Obligations – (continued) | ||||||||||||||||
Illinois – (continued) | ||||||||||||||||
Ottawa Illinois Health Care Facilities RB for Ottawa Community Hospital Series 2004 (Radian) (AA) | ||||||||||||||||
$ | 1,900,000 | 5.125 | % | 08/15/19 | $ | 1,952,117 | ||||||||||
1,100,000 | 5.000 | 08/15/21 | 1,112,562 | |||||||||||||
85,923,297 | ||||||||||||||||
Indiana – 1.1% | ||||||||||||||||
Indiana Health & Educational Facilities Finance Authority Hospital RB for Clarian Health Obligations Series 2006 A (A+/A2) | ||||||||||||||||
10,000,000 | 5.000 | 02/15/36 | 10,030,000 | |||||||||||||
42,620,000 | 5.000 | 02/15/39 | 42,715,043 | |||||||||||||
Indiana Health Facility Financing Authority Hospital RB for Community Foundation Northwest Industry Series 2001 A (BBB-) | ||||||||||||||||
1,500,000 | 6.375 | 08/01/31 | 1,586,145 | |||||||||||||
Indianapolis Airport Authority RB for Special Facilities Federal Express Corp. Project Series 2004 (AMT) (BBB/Baa2) | ||||||||||||||||
7,360,000 | 5.100 | 01/15/17 | 7,548,784 | |||||||||||||
Indianapolis Airport Authority RB for Special Facilities United Air Lines Project Series 1995 A (AMT)(f) | ||||||||||||||||
10,000,000 | 6.500 | 11/15/31 | 300,000 | |||||||||||||
Jasper County Industrial Economic Development RB for Georgia Pacific Corp. Project Series 2000 (AMT) (B2) | ||||||||||||||||
2,500,000 | 6.700 | 04/01/29 | 2,581,000 | |||||||||||||
64,760,972 | ||||||||||||||||
Iowa – 1.4% | ||||||||||||||||
Tobacco Settlement Authority of Iowa RB for Asset Backed Bonds Series 2005 C (BBB/Baa3) | ||||||||||||||||
27,675,000 | 5.375 | 06/01/38 | 27,617,989 | |||||||||||||
12,500,000 | 5.500 | 06/01/42 | 12,554,750 | |||||||||||||
9,530,000 | 5.625 | 06/01/46 | 9,656,273 | |||||||||||||
Tobacco Settlement Authority RB Series 2001 B (AAA/Baa3)(d) | ||||||||||||||||
31,645,000 | 5.300 | 06/01/11 | 33,618,699 | |||||||||||||
83,447,711 | ||||||||||||||||
Kansas – 0.5% | ||||||||||||||||
Olathe Senior Living Facilities RB Refunding for Aberdeen Village Inc. Series 2005 A | ||||||||||||||||
3,500,000 | 5.600 | 05/15/28 | 3,473,645 | |||||||||||||
Salina Hospital RB Refunding & Improvement for Salina Regional Health Series 2006 (A1) | ||||||||||||||||
1,000,000 | 4.500 | 10/01/26 | 947,010 | |||||||||||||
1,000,000 | 4.625 | 10/01/31 | 949,100 | |||||||||||||
825,000 | 5.000 | 10/01/36 | 832,673 | |||||||||||||
Wyandotte County/Kansas City University Government Special Obligation RB Refunding for Sales Tax 2nd Lien Area B Series 2005 (BBB-) | ||||||||||||||||
5,000,000 | 4.750 | 12/01/16 | 5,070,100 | |||||||||||||
16,850,000 | 5.000 | 12/01/20 | 17,258,949 | |||||||||||||
28,531,477 | ||||||||||||||||
Kentucky – 0.2% | ||||||||||||||||
Kentucky Economic Development Finance Authority RB for Appalachian Regional Health Care Series 1997 (BB-) | ||||||||||||||||
500,000 | 5.700 | 10/01/10 | 500,715 | |||||||||||||
Kentucky Economic Development Finance Authority RB for Norton Healthcare Inc. Series 2000 B (MBIA) (AAA/Aaa)(b) | ||||||||||||||||
2,000,000 | 0.000 | 10/01/22 | 915,320 | |||||||||||||
Kentucky Economic Development Finance Authority RB for Norton Healthcare Inc. Series 2000 C (MBIA) (AAA/Aaa) | ||||||||||||||||
6,750,000 | 6.000 | 10/01/18 | 7,538,805 | |||||||||||||
8,954,840 | ||||||||||||||||
Louisiana – 1.6% | ||||||||||||||||
De Soto Parish Environmental Improvement RB Refunding for International Paper Co. Project Series 2004 A (AMT) (BBB/Baa3) | ||||||||||||||||
6,260,000 | 5.000 | 11/01/18 | 6,214,052 | |||||||||||||
Hodge Utility RB Series 2003 (AMT) (CCC+) | ||||||||||||||||
6,750,000 | 7.450 | 03/01/24 | 7,549,605 | |||||||||||||
New Orleans Sewer Services RB BANS Series 2005 | ||||||||||||||||
34,420,000 | 3.000 | 07/26/06 | 34,122,955 | |||||||||||||
Tobacco Settlement Financing Corp. RB Series 2001 B (BBB/Baa3) | ||||||||||||||||
17,225,000 | 5.500 | 05/15/30 | 17,874,038 | |||||||||||||
28,575,000 | 5.875 | 05/15/39 | 29,933,170 | |||||||||||||
95,693,820 | ||||||||||||||||
Maryland – 1.1% | ||||||||||||||||
Baltimore Maryland Convention Center Hotel RB SubSeries 2006 B (BB/Ba1) | ||||||||||||||||
600,000 | 5.000 | 09/01/16 | 598,938 | |||||||||||||
15,155,000 | 5.875 | 09/01/39 | 15,826,670 | |||||||||||||
Baltimore Maryland Special Obligation RB for Clipper Mill Project Series 2004 | ||||||||||||||||
4,627,000 | 6.250 | 09/01/33 | 4,827,071 | |||||||||||||
Baltimore Maryland Special Obligation RB for Harborview Lot No. 2 Series 2003 | ||||||||||||||||
3,000,000 | 6.500 | 07/01/31 | 3,175,200 | |||||||||||||
Baltimore Maryland Special Obligation RB for Strathdale Manor Project Series 2003 | ||||||||||||||||
3,750,000 | 7.000 | 07/01/33 | 4,037,213 | |||||||||||||
Maryland State Department of Transportation RB Series 2004 PA 1259 (RITES) (AA)(c) | ||||||||||||||||
5,825,000 | 7.897 | 05/01/12 | 7,340,199 | |||||||||||||
Maryland State Economic Development Corp. Solid Waste Disposal RB for Waste Management, Inc. Project Series 2006 (AMT) (BBB)(a) | ||||||||||||||||
2,000,000 | 4.600 | 04/01/16 | 1,971,760 | |||||||||||||
Maryland State Health & Higher Educational Facilities Authority RB for Medstar Health Series 2004 (BBB+/Baa1) | ||||||||||||||||
1,000,000 | 5.750 | 08/15/16 | 1,079,110 | |||||||||||||
4,500,000 | 5.375 | 08/15/24 | 4,690,395 | |||||||||||||
10,750,000 | 5.500 | 08/15/33 | 11,110,017 | |||||||||||||
Prince Georges County Special Obligation Bonds for National Harbor Project Series 2004 RMKT 9/21/05 | ||||||||||||||||
1,890,000 | 4.700 | 07/01/15 | 1,889,357 | |||||||||||||
4,750,000 | 5.200 | 07/01/34 | 4,709,958 |
The accompanying notes are an integral part of these financial statements.
61
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
Statement of Investments (continued)
April 30, 2006 (Unaudited)
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Municipal Debt Obligations – (continued) | ||||||||||||||||
Maryland – (continued) | ||||||||||||||||
Prince Georges County Special Tax District for Victoria Falls Project Series 2005 | ||||||||||||||||
$ | 1,500,000 | 5.250 | % | 07/01/35 | $ | 1,497,915 | ||||||||||
Westminster Maryland Economic Development RB for Carroll Lutheran Village Series 2004 A | ||||||||||||||||
4,000,000 | 6.250 | 05/01/34 | 4,109,000 | |||||||||||||
66,862,803 | ||||||||||||||||
Massachusetts – 0.8% | ||||||||||||||||
Massachusetts Development Finance Agency RB for Eastern Nazarene College Series 1999 (BB+) | ||||||||||||||||
2,235,000 | 5.625 | 04/01/19 | 2,281,667 | |||||||||||||
2,000,000 | 5.625 | 04/01/29 | 2,026,480 | |||||||||||||
Massachusetts GO Bonds Series 2001 II-R-101(FSA) (AAA/Aaa)(c) | ||||||||||||||||
2,500,000 | 9.619 | 12/01/14 | 3,150,125 | |||||||||||||
Massachusetts Health and Educational Facilities Authority RB for Civic Investments Series 2002 A | ||||||||||||||||
2,900,000 | 9.000 | 12/15/15 | 3,475,215 | |||||||||||||
Massachusetts Health and Educational Facilities Authority RB for Civic Investments Series 2002 B | ||||||||||||||||
2,000,000 | 9.200 | 12/15/31 | 2,299,440 | |||||||||||||
Massachusetts Health and Educational Facilities Authority RB for Saint Memorial Medical Center Series 1993 A (Ba1) | ||||||||||||||||
265,000 | 5.750 | 10/01/06 | 266,389 | |||||||||||||
5,400,000 | 6.000 | 10/01/23 | 5,431,050 | |||||||||||||
Massachusetts State Development Finance Agency RB for Hampshire College Series 2004 (BBB/Baa2) | ||||||||||||||||
1,000,000 | 5.625 | 10/01/24 | 1,050,850 | |||||||||||||
1,000,000 | 5.700 | 10/01/34 | 1,044,050 | |||||||||||||
Massachusetts State Health & Educational Facilities Authority RB for Milton Hospital Series 2005 D (BBB-) | ||||||||||||||||
7,530,000 | 5.500 | 07/01/40 | 7,703,340 | |||||||||||||
Massachusetts State Health and Educational Facilities Authority RB for Emerson Hospital Series 2005 E (Radian) (AA) | ||||||||||||||||
3,845,000 | 5.000 | 08/15/35 | 3,815,470 | |||||||||||||
Massachusetts State Health and Educational Facilities Authority RB for UMass Memorial Issue Series 2005 D (BBB/Baa2) | ||||||||||||||||
13,700,000 | 5.000 | 07/01/33 | 13,518,612 | |||||||||||||
46,062,688 | ||||||||||||||||
Michigan – 0.7% | ||||||||||||||||
Flint Michigan Hospital Building Authority RB for Hurley Medical Center Refunding Series 2003 (Baa3) | ||||||||||||||||
3,205,000 | 5.500 | 07/01/08 | 3,227,659 | |||||||||||||
Flint Michigan Hospital Building Authority RB for Hurley Medical Center Series 1998 B (Baa3) | ||||||||||||||||
1,250,000 | 5.375 | 07/01/28 | 1,179,488 | |||||||||||||
Michigan State Hospital Finance Authority RB for Chelsea Community Hospital Obligation Series 2005 (BBB) | ||||||||||||||||
415,000 | 5.000 | 05/15/25 | 406,509 | |||||||||||||
400,000 | 5.000 | 05/15/30 | 384,316 | |||||||||||||
1,000,000 | 5.000 | 05/15/37 | 950,170 | |||||||||||||
Michigan State Hospital Finance Authority RB for Marquette General Hospital Obligation Group Series 2005 A (Baa1) | ||||||||||||||||
1,530,000 | 5.000 | 05/15/26 | 1,518,494 | |||||||||||||
2,000,000 | 5.000 | 05/15/34 | 1,949,920 | |||||||||||||
Michigan State Strategic Fund Solidwaste Disposal RB Refunding for Waste Management Inc. Project Series 2002 (AMT) (BBB) | ||||||||||||||||
10,000,000 | 4.625 | 12/01/12 | 10,104,200 | |||||||||||||
Midland County Economic Development RB for Obligation-Midland Series 2000 B (BB-/B3) | ||||||||||||||||
5,000,000 | 6.750 | 07/23/09 | 5,004,750 | |||||||||||||
Midland County Economic Development RB for Sub-Ltd. Obligation Series 2000 A (AMT) (B/B3) | ||||||||||||||||
11,150,000 | 6.875 | 07/23/09 | 11,200,286 | |||||||||||||
Wayne Charter County Special Airport Facilities RB for Northwest Airlines Inc. Series 1995 (f) | ||||||||||||||||
3,250,000 | 6.750 | 12/01/15 | 1,782,300 | |||||||||||||
Wayne Charter County Special Airport Facilities RB for Northwest Airlines Inc. Series 1999 (AMT)(f) | ||||||||||||||||
8,235,000 | 6.000 | 12/01/29 | 5,439,218 | |||||||||||||
43,147,310 | ||||||||||||||||
Minnesota – 0.8% | ||||||||||||||||
Becker PCRB for Northern States Power Series 2000 A (A-/A2) | ||||||||||||||||
10,000,000 | 8.500 | 04/01/30 | 12,345,900 | |||||||||||||
Duluth Economic Development Authority Health Care Facilities RB for St. Luke’s Hospital Series 2002 (BB) | ||||||||||||||||
7,500,000 | 7.250 | 06/15/32 | 8,098,425 | |||||||||||||
St. Paul Housing and Redevelopment Authority Hospital RB for Healtheast Project Series 2005 (BB+/Baa3) | ||||||||||||||||
11,500,000 | 6.000 | 11/15/30 | 12,298,560 | |||||||||||||
10,000,000 | 6.000 | 11/15/35 | 10,671,000 | |||||||||||||
St. Paul Port Authority Lease RB for Healtheast Midway Campus Series 2003 A (BB) | ||||||||||||||||
2,700,000 | 5.750 | 05/01/25 | 2,756,970 | |||||||||||||
1,400,000 | 5.875 | 05/01/30 | 1,425,886 | |||||||||||||
St. Paul Port Authority Lease RB for Healtheast Midway Campus Series 2003 B | ||||||||||||||||
2,700,000 | 6.000 | 05/01/30 | 2,773,548 | |||||||||||||
50,370,289 | ||||||||||||||||
Mississippi – 0.1% | ||||||||||||||||
Adams County Environmental Improvement RB for International Paper Co. Project Series 1999 A (AMT) (BBB/Baa3) | ||||||||||||||||
1,000,000 | 6.250 | 09/01/23 | 1,059,830 | |||||||||||||
Mississippi Business Finance Corp. PCRB for Systems Energy Resources Inc. Project Series 1998 (BBB-/Ba1) | ||||||||||||||||
7,400,000 | 5.875 | 04/01/22 | 7,458,238 | |||||||||||||
8,518,068 | ||||||||||||||||
The accompanying notes are an integral part of these financial statements.
62
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Municipal Debt Obligations – (continued) | ||||||||||||||||
Missouri – 0.7% | ||||||||||||||||
Kansas City IDA Health Facilities RB for First Mortgage Bishop Spencer Series 2004 A | ||||||||||||||||
$ | 2,150,000 | 5.500 | % | 01/01/09 | $ | 2,158,450 | ||||||||||
1,000,000 | 6.250 | 01/01/24 | 1,018,830 | |||||||||||||
2,500,000 | 6.500 | 01/01/35 | 2,578,675 | |||||||||||||
Kansas City IDA RB for Air Cargo Series 2002 (AMT) (Baa3) | ||||||||||||||||
1,290,000 | 6.250 | 01/01/30 | 1,361,350 | |||||||||||||
Missouri State Development Finance Board Infrastructure Facilities RB for Branson Landing Project Series 2005 A (BBB+/Baa1) | ||||||||||||||||
3,230,000 | 4.750 | 06/01/25 | 3,108,261 | |||||||||||||
15,960,000 | 5.000 | 06/01/35 | 15,814,285 | |||||||||||||
Missouri State Environmental Improvement & Energy Resource Authority RB for Kansas City Power & Light Series 1993 (BBB/A2) | ||||||||||||||||
5,845,000 | 4.000 | 01/02/12 | 5,717,404 | |||||||||||||
St. Louis IDA MF Hsg. for Vaughn Elderly Apartments Project Series 2004 (AMT)(a) | ||||||||||||||||
2,610,000 | 4.000 | 12/20/06 | 2,609,739 | |||||||||||||
St. Louis IDA MF Hsg. RB for Bluemeyer Elderly Apartments Project Series 2004 (AMT)(a) | ||||||||||||||||
6,500,000 | 3.125 | 08/20/06 | 6,489,730 | |||||||||||||
40,856,724 | ||||||||||||||||
Montana(a) – 0.2% | ||||||||||||||||
Forsyth Montana PCRB Refunding Portland General Series 1998-A RMKT 5/1/03 (BBB+/Baa1) | ||||||||||||||||
10,500,000 | 5.200 | 05/01/09 | 10,766,070 | |||||||||||||
Nevada – 1.3% | ||||||||||||||||
Clark County Improvement District No. 142-Local Improvement Special Assessment Series 2003 | ||||||||||||||||
1,460,000 | 5.800 | 08/01/15 | 1,509,377 | |||||||||||||
5,000,000 | 6.100 | 08/01/18 | 5,172,700 | |||||||||||||
3,995,000 | 6.375 | 08/01/23 | 4,135,624 | |||||||||||||
Clark County Industrial Development RB for Nevada Power Co. Project Series 1995 A (AMT) (B-) | ||||||||||||||||
10,380,000 | 5.600 | 10/01/30 | 10,454,529 | |||||||||||||
Clark County Industrial Development RB for Nevada Power Co. Project Series 1995 B (AMT) (B-) | ||||||||||||||||
13,665,000 | 5.900 | 10/01/30 | 13,666,640 | |||||||||||||
Clark County Industrial Development RB for Nevada Power Co. Project Series 1995 C (B-) | ||||||||||||||||
710,000 | 5.500 | 10/01/30 | 709,929 | |||||||||||||
Clark County Industrial Development RB for Southwest Gas Corp. Project Series 2003 C (BBB-/Baa2)(a) | ||||||||||||||||
4,835,000 | 5.450 | 03/01/13 | 4,993,056 | |||||||||||||
Clark County School District GO Bonds Series 2003 PA 1220 (MBIA) (RITES) (AAA)(c) | ||||||||||||||||
4,475,000 | 9.900 | 06/15/10 | 6,009,209 | |||||||||||||
Henderson Local Improvement Districts No. T-14 Special Assessment Series 2003 | ||||||||||||||||
1,880,000 | 5.550 | 03/01/17 | 1,938,224 | |||||||||||||
Henderson Local Improvement Districts No. T-16 Special Assessment Series 2005 | ||||||||||||||||
620,000 | 4.500 | 03/01/08 | 622,988 | |||||||||||||
1,060,000 | 4.900 | 03/01/17 | 1,046,750 | |||||||||||||
1,555,000 | 5.000 | 03/01/20 | 1,532,670 | |||||||||||||
820,000 | 5.100 | 03/01/22 | 814,367 | |||||||||||||
3,600,000 | 5.125 | 03/01/25 | 3,562,812 | |||||||||||||
Henderson Local Improvement Districts No. T-17 Special Assessment Series 2005 | ||||||||||||||||
1,400,000 | 5.000 | 09/01/25 | 1,374,254 | |||||||||||||
Las Vegas Local Improvement Bonds Special Assessment District No. 808 Summerlin Area Series 2001 | ||||||||||||||||
1,135,000 | 5.700 | 06/01/08 | 1,170,321 | |||||||||||||
1,975,000 | 6.750 | 06/01/21 | 2,036,521 | |||||||||||||
Las Vegas Local Improvement Bonds Special Assessment for Special Improvement District No. 607 Series 2004 | ||||||||||||||||
1,335,000 | 5.900 | 06/01/17 | 1,369,670 | |||||||||||||
1,375,000 | 5.900 | 06/01/18 | 1,409,774 | |||||||||||||
500,000 | 6.000 | 06/01/19 | 514,165 | |||||||||||||
5,000,000 | 6.250 | 06/01/24 | 5,119,500 | |||||||||||||
North Las Vegas Local Improvement Special Assessment for Special Improvement District No. 60-Aliante Series 2003 | ||||||||||||||||
990,000 | 6.125 | 12/01/17 | 1,019,918 | |||||||||||||
1,485,000 | 6.400 | 12/01/22 | 1,529,906 | |||||||||||||
Washoe County Water Facilities RB for Sierra Pacific Power Co. Series 2001 (AMT) (BB/Ba1) (a) | ||||||||||||||||
8,000,000 | 5.000 | 07/01/09 | 7,946,480 | |||||||||||||
79,659,384 | ||||||||||||||||
New Hampshire – 0.1% | ||||||||||||||||
New Hampshire Health & Educational Facilities Authority RB for Speare Memorial Hospital Series 2004 (BBB-) | ||||||||||||||||
1,000,000 | 5.500 | 07/01/25 | 1,003,140 | |||||||||||||
1,400,000 | 5.875 | 07/01/34 | 1,419,670 | |||||||||||||
New Hampshire State Business Finance Authority RB for Waste Management Inc. Project Series 2002 (AMT) (BBB)(a) | ||||||||||||||||
3,750,000 | 5.200 | 05/01/27 | 3,745,237 | |||||||||||||
6,168,047 | ||||||||||||||||
New Jersey – 3.8% | ||||||||||||||||
New Jersey Economic Development Authority RB for First Mortgage Lions Gate Project Series 2005 A | ||||||||||||||||
825,000 | 5.000 | 01/01/15 | 813,186 | |||||||||||||
710,000 | 5.750 | 01/01/25 | 723,206 | |||||||||||||
1,230,000 | 5.875 | 01/01/37 | 1,252,915 | |||||||||||||
New Jersey Economic Development Authority RB for First Mortgage of The Presbyterian Home Series 2001 A | ||||||||||||||||
1,500,000 | 6.250 | 11/01/20 | 1,535,595 | |||||||||||||
New Jersey Economic Development Authority Retirement RB for Seabrook Village Inc. Series 2000 A | ||||||||||||||||
2,500,000 | 8.000 | 11/15/15 | 2,788,675 | |||||||||||||
New Jersey Economic Development Authority Special Facilities RB for Continental Airlines Inc. Project Series 1998 (AMT) (CCC+/Caa2) | ||||||||||||||||
7,480,000 | 5.500 | 04/01/28 | 5,830,136 |
The accompanying notes are an integral part of these financial statements.
63
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
Statement of Investments (continued)
April 30, 2006 (Unaudited)
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Municipal Debt Obligations – (continued) | ||||||||||||||||
New Jersey – (continued) | ||||||||||||||||
New Jersey Economic Development Authority Special Facilities RB for Continental Airlines Inc. Project Series 1999 (AMT) (B/Caa2) | ||||||||||||||||
$ | 7,000,000 | 6.625 | % | 09/15/12 | $ | 7,077,700 | ||||||||||
24,520,000 | 6.250 | 09/15/19 | (a) | 24,064,418 | ||||||||||||
4,060,000 | 6.400 | 09/15/23 | (a) | 4,036,817 | ||||||||||||
10,635,000 | 6.250 | 09/15/29 | (a) | 10,377,527 | ||||||||||||
New Jersey Health Care Facilities Financing Authority RB for Children’s Specialized Hospital Series 2005 A (Baa3) | ||||||||||||||||
1,825,000 | 5.500 | 07/01/30 | 1,877,250 | |||||||||||||
New Jersey Health Care Facilities Financing Authority RB for Palisades Medical Center of New York Healthcare Series 2002 (BBB-/Baa3) | ||||||||||||||||
820,000 | 6.500 | 07/01/21 | 890,733 | |||||||||||||
500,000 | 6.625 | 07/01/31 | 540,050 | |||||||||||||
New Jersey Health Care Facilities Financing Authority RB for South Jersey Hospital Series 2002 (Baa1) | ||||||||||||||||
2,000,000 | 6.000 | 07/01/32 | 2,095,060 | |||||||||||||
New Jersey Health Care Facilities Financing Authority RB for St. Peters University Hospital Series 2000 A (BBB+/Baa1) | ||||||||||||||||
1,500,000 | 6.875 | 07/01/30 | 1,627,185 | |||||||||||||
New Jersey State Educational Facilities Authority RB for Fairleigh Dickinson Series 2004 C (BBB-) | ||||||||||||||||
1,000,000 | 5.500 | 07/01/23 | 1,059,490 | |||||||||||||
New Jersey Tobacco Settlement Financing Corp. RB for Public Improvement Series 2002 (BBB/Baa3) | ||||||||||||||||
44,470,000 | 5.750 | 06/01/32 | 46,142,072 | |||||||||||||
Tobacco Settlement Financing Corp. RB for New Jersey Asset Backed Bonds Series 2002 (BBB/Baa3) | ||||||||||||||||
21,055,000 | 6.000 | 06/01/37 | 21,996,159 | |||||||||||||
40,105,000 | 6.125 | 06/01/42 | 42,092,604 | |||||||||||||
Tobacco Settlement Financing Corp. RB Series 2003 (BBB/Baa3) | ||||||||||||||||
7,630,000 | 6.750 | 06/01/39 | 8,504,017 | |||||||||||||
5,130,000 | 7.000 | 06/01/41 | 5,830,091 | |||||||||||||
32,345,000 | 6.250 | 06/01/43 | 34,948,449 | |||||||||||||
226,103,335 | ||||||||||||||||
New Mexico – 0.6% | ||||||||||||||||
Farmington PCRB for Public Service Co. San Juan Series 1996 B (BBB/Baa2) | ||||||||||||||||
2,500,000 | 6.300 | 12/01/16 | 2,591,700 | |||||||||||||
Farmington PCRB for San Juan Project Series 2003 A (BBB/Baa2) | ||||||||||||||||
31,000,000 | 4.875 | 04/01/33 | 30,428,670 | |||||||||||||
Farmington PCRB for Tucson Electric Power Co. San Juan Series 1997 A (B+/Ba1) | ||||||||||||||||
3,000,000 | 6.950 | 10/01/20 | 3,145,470 | |||||||||||||
36,165,840 | ||||||||||||||||
New York – 2.2% | ||||||||||||||||
Metropolitan Transportation Authority RB Series 2002 PA 1027 (RITES) (AMBAC)(c) | ||||||||||||||||
5,000,000 | 6.976 | 05/15/10 | 5,872,700 | |||||||||||||
Monroe County Industrial Development Agency Civic Facilities RB for Highland Hospital of Rochester Series 2005 (BBB+/Baa1) | ||||||||||||||||
1,000,000 | 5.000 | 08/01/22 | 1,008,770 | |||||||||||||
Nassau County IDA Civic Facility RB for North Shore Health System Project Series 2001 A (A3) | ||||||||||||||||
400,000 | 6.250 | 11/01/21 | 425,936 | |||||||||||||
Nassau County IDA Civic Facility RB for North Shore Health System Project Series 2001 B (A3) | ||||||||||||||||
1,000,000 | 5.875 | 11/01/11 | 1,048,390 | |||||||||||||
Nassau County IDA Civic Facility RB for North Shore Health System Project Series 2001 C (A3) | ||||||||||||||||
615,000 | 5.625 | 11/01/10 | 634,871 | |||||||||||||
Nassau County IDA Civic Facility RB for North Shore Health System Project Series 2001 D (A3) | ||||||||||||||||
800,000 | 5.625 | 11/01/09 | 836,960 | |||||||||||||
New York City IDA Civic Facility RB for Polytechnic University Project Series 2000 (BB+/Ba3) | ||||||||||||||||
150,000 | 5.200 | 11/01/07 | 148,961 | |||||||||||||
2,000,000 | 6.000 | 11/01/20 | 1,983,520 | |||||||||||||
New York City IDA Civic Facility RB for Staten Island University Hospital Series 2000 (B2) | ||||||||||||||||
1,010,000 | 6.375 | 07/01/31 | 1,024,564 | |||||||||||||
New York City IDA Special Facilities RB for British Airways PLC Project Series 1998 (AMT) (BB-/Ba2) | ||||||||||||||||
4,135,000 | 5.250 | 12/01/32 | 3,753,174 | |||||||||||||
New York City IDA Special Facilities RB for Continental Airlines Inc. Series 2003 (AMT) (CCC+) | ||||||||||||||||
1,740,000 | 7.250 | 11/01/08 | 1,759,314 | |||||||||||||
4,055,000 | 8.000 | 11/01/12 | 4,163,309 | |||||||||||||
New York City Industrial Development Agency Civic Facilities RB for Staten Island University Hospital Series 2002 PJ-C (B2) | ||||||||||||||||
1,485,000 | 6.450 | 07/01/32 | 1,507,186 | |||||||||||||
New York City Industrial Development Agency Special Facilities RB for American Airlines, Inc. Project Series 1990 (AMT) (CCC/Caa2) | ||||||||||||||||
7,960,000 | 5.400 | 07/01/20 | 6,550,602 | |||||||||||||
New York City Industrial Development Agency Special Facilities RB for American Airlines, Inc. Project Series 1994 (AMT) (CCC/Caa2) | ||||||||||||||||
4,000,000 | 6.900 | 08/01/24 | 3,693,200 | |||||||||||||
New York City Industrial RB for Liberty 7 World Trade Center Project Series 2005 B | ||||||||||||||||
2,000,000 | 6.750 | 03/01/15 | 2,136,360 | |||||||||||||
New York City Industrial RB for Liberty 7 World Trade Center Series 2005 A | ||||||||||||||||
10,000,000 | 6.250 | 03/01/15 | 10,536,600 | |||||||||||||
New York City Transitional Finance Authority RB Series 2002 R PA 1043 (RITES) (AAA)(c) | ||||||||||||||||
8,000,000 | 6.976 | 11/01/09 | 9,230,560 | |||||||||||||
New York Convention Center Operating Corp. COPS for Yale Building Acquisition Project Series 2003 | ||||||||||||||||
4,000,000 | 5.250 | 06/01/08 | 4,103,240 |
The accompanying notes are an integral part of these financial statements.
64
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Municipal Debt Obligations – (continued) | ||||||||||||||||
New York – (continued) | ||||||||||||||||
New York GO Bonds Series 2003 A (A+/A1) | ||||||||||||||||
$ | 4,000,000 | 5.000 | % | 08/01/12 | $ | 4,207,560 | ||||||||||
New York GO Bonds Series 2003 D (A+/A1) | ||||||||||||||||
6,000,000 | 5.250 | 10/15/18 | 6,309,180 | |||||||||||||
New York GO Bonds Series 2005 M (A+/A1) | ||||||||||||||||
7,980,000 | 5.000 | 04/01/25 | 8,210,861 | |||||||||||||
New York State Dormitory Authority RB for New York Methodist Hospital Series 2004 (A3) | ||||||||||||||||
1,000,000 | 5.250 | 07/01/24 | 1,036,860 | |||||||||||||
New York State Dormitory Authority RB for North Shore Long Island Jewish Group Series 2003 (A3) | ||||||||||||||||
6,620,000 | 5.000 | 05/01/18 | 6,792,782 | |||||||||||||
New York State Environmental Facilities Corp. PCRB Series 2004 PA 1261 (MBIA) (RITES) (AAA) (c) | ||||||||||||||||
5,465,000 | 11.923 | 12/15/09 | 7,745,217 | |||||||||||||
New York State Urban Development Corp. RB for Correctional & Youth Facilities Services Series 2003 PA 1218 (RITES)(c) | ||||||||||||||||
3,625,000 | 8.602 | 07/01/07 | 4,110,750 | |||||||||||||
Niagara County Industrial Development Agency RB for Solid Waste Disposal Refunding Series 2001 A (AMT) (BB+/Baa3)(a) | ||||||||||||||||
5,000,000 | 5.450 | 11/15/26 | 5,213,400 | |||||||||||||
Saratoga County IDA Civic Facility RB for Saratoga Hospital Project Series 2004 A (BBB+) | ||||||||||||||||
975,000 | 5.000 | 12/01/08 | 995,270 | |||||||||||||
1,205,000 | 5.000 | 12/01/12 | 1,242,391 | |||||||||||||
300,000 | 5.000 | 12/01/14 | 307,773 | |||||||||||||
Tobacco Settlement Financing Corp. RB for New York Asset Backed Bonds Series A/1 (AA-/A1) | ||||||||||||||||
16,910,000 | 5.500 | 06/01/18 | 18,077,805 | |||||||||||||
Westchester County Healthcare Corp. RB for Senior Lien Series 2000 A (BB/Ba2) | ||||||||||||||||
4,000,000 | 5.875 | 11/01/25 | 4,019,760 | |||||||||||||
128,687,826 | ||||||||||||||||
North Carolina – 1.2% | ||||||||||||||||
Charlotte Special Facilities RB for Charlotte/Douglas International US Airways Airport Series 1998 (AMT) | ||||||||||||||||
6,760,000 | 5.600 | 07/01/27 | 6,103,536 | |||||||||||||
Charlotte Special Facilities RB for Douglas International Airport US Airways Series 2000 (AMT) | ||||||||||||||||
3,000,000 | 7.750 | 02/01/28 | 3,150,090 | |||||||||||||
Gaston County Industrial Facilities & Pollution Control Financing Authority RB for National Gypsum Co. Project Series 2005 (AMT) | ||||||||||||||||
20,500,000 | 5.750 | 08/01/35 | 21,411,635 | |||||||||||||
North Carolina Eastern Municipal Power Agency Power System RB Series 2003 C (BBB/Baa2) | ||||||||||||||||
6,495,000 | 5.375 | 01/01/16 | 6,818,581 | |||||||||||||
4,850,000 | 5.375 | 01/01/17 | 5,077,416 | |||||||||||||
North Carolina Eastern Municipal Power Agency Power System RB Series 2003 D (BBB/Baa2) | ||||||||||||||||
3,400,000 | 5.125 | 01/01/23 | 3,467,966 | |||||||||||||
North Carolina Medical Care Community Hospital RB for Maria Parham Medical Center Series 2003 (Radian) (AA) | ||||||||||||||||
2,505,000 | 5.500 | 10/01/13 | 2,661,287 | |||||||||||||
North Carolina Medical Care Community Retirement Facilities RB 1st Mortgage for Givens Estates Project Series 2003 A | ||||||||||||||||
3,000,000 | 6.500 | 07/01/32 | 3,137,130 | |||||||||||||
North Carolina Medical Care Community Retirement Facilities RB Refunding 1st Mortgage for United Church Project Series 2005 A | ||||||||||||||||
2,750,000 | 5.250 | 09/01/21 | 2,737,185 | |||||||||||||
North Carolina Medical Care Community Retirement Facilities RB Refunding 1st Mortgage for United Church Project Series 2005 B(a) | ||||||||||||||||
1,500,000 | 4.300 | 09/01/08 | 1,494,675 | |||||||||||||
North Carolina Medical Care Community Retirement Facilities RB Refunding 1st Mortgage for United Methodist Church Series 2005 C | ||||||||||||||||
1,000,000 | 5.250 | 10/01/24 | 1,004,090 | |||||||||||||
1,600,000 | 5.500 | 10/01/32 | 1,623,536 | |||||||||||||
North Carolina Municipal Power Agency No. 1 Catawba Electric RB Series 1998 A (MBIA) (AAA/Aaa) | ||||||||||||||||
1,000,000 | 5.500 | 01/01/14 | 1,093,250 | |||||||||||||
North Carolina Municipal Power Agency No. 1 Catawba Electric RB Series 1999 B (BBB+/A3) | ||||||||||||||||
1,750,000 | 6.375 | 01/01/13 | 1,897,788 | |||||||||||||
5,000,000 | 6.500 | 01/01/20 | 5,445,100 | |||||||||||||
North Carolina Municipal Power Agency No. 1 Catawba Electric RB Series 2003 A (BBB+/A3) | ||||||||||||||||
2,550,000 | 5.500 | 01/01/13 | 2,714,807 | |||||||||||||
69,838,072 | ||||||||||||||||
Ohio – 1.3% | ||||||||||||||||
Cleveland Airport Special RB for Continental Airlines Inc. Series 1998 (AMT) (B-/Caa2) | ||||||||||||||||
28,025,000 | 5.375 | 09/15/27 | 24,049,934 | |||||||||||||
Cleveland Airport Special RB for Continental Airlines Inc. Series 1999 (AMT) (B-/Caa2) | ||||||||||||||||
3,925,000 | 5.500 | 12/01/08 | 3,899,802 | |||||||||||||
20,550,000 | 5.700 | 12/01/19 | 18,994,365 | |||||||||||||
Cleveland-Cuyahoga County Health Care Facilities RB Refunding for Benjamin Rose Institute Project Series 1998 (BBB-)(d) | ||||||||||||||||
5,600,000 | 5.500 | 12/01/08 | 5,876,274 | |||||||||||||
Coshocton County Environmental RB Refunding for Smurfit Stone Container Series 2005 (CCC+) (e) | ||||||||||||||||
3,000,000 | 5.125 | 08/01/13 | 2,878,980 | |||||||||||||
Cuyahoga County Port Authority RB for Columbia National Series 2005 D (AMT) (BBB+) | ||||||||||||||||
820,000 | 5.000 | 05/15/20 | 808,602 | |||||||||||||
Ohio Water Development Authority PCRB for Cleveland Electric Series 1998 A (BBB-/Baa2)(a) | ||||||||||||||||
16,255,000 | 3.750 | 10/01/08 | 16,169,336 | |||||||||||||
Ohio Water Development Authority PCRB RMKT Refunding for Economic Development Series 2005 (BBB+/Baa1)(a) | ||||||||||||||||
5,000,000 | 3.350 | 06/01/33 | 4,994,000 |
The accompanying notes are an integral part of these financial statements.
65
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
Statement of Investments (continued)
April 30, 2006 (Unaudited)
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Municipal Debt Obligations – (continued) | ||||||||||||||||
Ohio – (continued) | ||||||||||||||||
Pinnacle Community Infrastructure Financing Authority RB for Ohio Facilities Series 2004 A | ||||||||||||||||
$ | 2,500,000 | 6.250 | % | 12/01/36 | $ | 2,599,650 | ||||||||||
80,270,943 | ||||||||||||||||
Oklahoma – 1.5% | ||||||||||||||||
Comanche County Hospital Authority RB Refunding Series 2005 (Radian) (AA/Aa3) | ||||||||||||||||
1,000,000 | 5.250 | 07/01/14 | 1,053,490 | |||||||||||||
1,320,000 | 5.250 | 07/01/16 | 1,391,544 | |||||||||||||
990,000 | 5.250 | 07/01/17 | 1,030,838 | |||||||||||||
3,135,000 | 5.250 | 07/01/18 | 3,266,701 | |||||||||||||
Langston Economic Development Authority RB Series 2005 (ACA)(A) | ||||||||||||||||
1,150,000 | 4.500 | 05/01/20 | 1,088,659 | |||||||||||||
Norman Oklahoma Regional Hospital Authority RB Series 2005 (BBB-) | ||||||||||||||||
3,250,000 | 5.375 | 09/01/36 | 3,279,380 | |||||||||||||
Oklahoma Development Finance Authority RB for Hillcrest Healthcare Systems Series 1999 A (AAA/Aaa)(d) | ||||||||||||||||
4,320,000 | 5.625 | 08/15/09 | 4,600,498 | |||||||||||||
Tulsa Municipal Airport Trust RB for American Airlines Series 2000 B (AMT) (B-/Caa2)(a) | ||||||||||||||||
16,100,000 | 6.000 | 12/01/08 | 16,155,062 | |||||||||||||
Tulsa Municipal Airport Trust RB for American Airlines Series 2001 A (AMT) (B-/Caa2)(a) | ||||||||||||||||
2,850,000 | 5.375 | 12/01/06 | 2,842,732 | |||||||||||||
Tulsa Municipal Airport Trust RB for American Airlines Series 2001 B (AMT) (B-/Caa2)(a) | ||||||||||||||||
27,675,000 | 5.650 | 12/01/08 | 27,562,363 | |||||||||||||
Tulsa Municipal Airport Trust RB VRDN Refunding Series 2000 A RMKT 12/1/04 (AMT) (B-/Caa2)(a) | ||||||||||||||||
25,500,000 | 7.750 | 12/01/14 | 27,767,715 | |||||||||||||
90,038,982 | ||||||||||||||||
Oregon – 0.4% | ||||||||||||||||
Gilliam County Solid Waste Disposal RB for Waste Management Project Series 2002 (AMT) (BBB) (a) | ||||||||||||||||
15,000,000 | 5.250 | 07/01/29 | 14,998,950 | |||||||||||||
Klamath Falls Electric RB Refunding for Senior Lien Klamath Cogen Series 1999 (B-) | ||||||||||||||||
5,365,000 | 5.500 | 01/01/07 | 5,304,215 | |||||||||||||
Oregon State Economic Development RB for Georgia Pacific Corp. Series 1995 CLVII (AMT) (B/B2) | ||||||||||||||||
195,000 | 6.350 | 08/01/25 | 195,727 | |||||||||||||
Portland Multifamily RB for Pacific Tower Series 2001 C (AMT) | ||||||||||||||||
2,620,000 | 7.000 | 12/01/34 | 2,619,659 | |||||||||||||
23,118,551 | ||||||||||||||||
Pennsylvania – 4.2% | ||||||||||||||||
Allegheny County Airport RB for Pittsburgh International Airport Series 1997 A-1 (MBIA) (AMT) (AAA/Aaa) | ||||||||||||||||
2,000,000 | 5.750 | 01/01/09 | 2,084,320 | |||||||||||||
Allegheny County Hospital Development Authority RB for Health Systems Series 2000 B (B+/Ba3) | ||||||||||||||||
210,000 | 9.250 | 11/15/15 | 250,181 | |||||||||||||
16,460,000 | 9.250 | 11/15/22 | 19,609,456 | |||||||||||||
14,540,000 | 9.250 | 11/15/30 | 17,322,084 | |||||||||||||
Allegheny County Hospital Development Authority RB for Ohio Valley General Hospital Project Series 2005 A (Baa2) | ||||||||||||||||
2,300,000 | 5.000 | 04/01/25 | 2,258,508 | |||||||||||||
3,000,000 | 5.125 | 04/01/35 | 2,970,840 | |||||||||||||
Allegheny County IDA RB Refunding for Environmental Improvement Series 2005 (BB/Ba1) | ||||||||||||||||
10,000,000 | 5.500 | 11/01/16 | 10,412,600 | |||||||||||||
Allegheny County Redevelopment Authority for Pittsburgh Mills Project Series 2004 | ||||||||||||||||
1,000,000 | 5.100 | 07/01/14 | 1,027,050 | |||||||||||||
2,000,000 | 5.600 | 07/01/23 | 2,087,920 | |||||||||||||
Allentown Area Hospital Authority RB for Sacred Heart Hospital Series 2005 (BB+/Ba1) | ||||||||||||||||
7,265,000 | 6.000 | 11/15/16 | 7,207,171 | |||||||||||||
Bucks County IDA Retirement Community RB for Ann’s Choice, Inc. Facilities Series 2005 A | ||||||||||||||||
3,000,000 | 6.250 | 01/01/35 | 3,061,560 | |||||||||||||
Chester County Health & Education RB for Jenners Pond Inc. Project Series 2002 | ||||||||||||||||
3,000,000 | 7.625 | 07/01/34 | 3,344,400 | |||||||||||||
Chester Economic Development Authority RB GTD Series 2004 | ||||||||||||||||
8,640,000 | 7.000 | 03/01/19 | 9,444,384 | |||||||||||||
Cumberland County Municipal Authority Retirement Community RB Prerefunded Wesley Series 2002 A(d) | ||||||||||||||||
3,610,000 | 7.250 | 01/01/13 | 4,308,246 | |||||||||||||
Cumberland County Municipal Authority Retirement Community RB Unrefunded Balance Wesley Series 2002 A | ||||||||||||||||
1,390,000 | 7.250 | 01/01/35 | 1,483,686 | |||||||||||||
Delaware County IDA RB Refunding for Residential Recovery Facilities Series 1997 A (BB+/Ba2) | ||||||||||||||||
32,100,000 | 6.100 | 07/01/13 | 33,507,264 | |||||||||||||
Fulton County IDA RB for Medical Center Project Series 2006 | ||||||||||||||||
1,500,000 | 5.875 | 07/01/31 | 1,487,145 | |||||||||||||
2,000,000 | 5.900 | 07/01/40 | 1,976,520 | |||||||||||||
Lehigh County General Purpose Authority RB for Saint Lukes Bethlehem Hospital Series 2003 (BBB/Baa1) | ||||||||||||||||
11,500,000 | 5.375 | 08/15/33 | 11,809,005 | |||||||||||||
Montgomery County Higher Education & Health Authority RB for Catholic Health Systems East Series 2004 C (A/A1) | ||||||||||||||||
1,550,000 | 5.375 | 11/15/34 | 1,609,582 | |||||||||||||
Montgomery County IDA RB for Whitemarsh Continued Care Project Series 2005 | ||||||||||||||||
1,720,000 | 5.125 | 02/01/12 | 1,730,458 | |||||||||||||
1,775,000 | 5.300 | 02/01/13 | 1,798,554 | |||||||||||||
2,000,000 | 6.125 | 02/01/28 | 2,099,080 | |||||||||||||
New Morgan IDA Solid Waste Disposal RB for New Morgan Landfill Co. Inc. Project Series 1994 (AMT) (BB-/Caa1)(a) | ||||||||||||||||
8,115,000 | 6.500 | 04/01/19 | 8,149,245 |
The accompanying notes are an integral part of these financial statements.
66
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Municipal Debt Obligations – (continued) | ||||||||||||||||
Pennsylvania – (continued) | ||||||||||||||||
Pennsylvania Economic Development Financing Authority Exempt Facilities RB for Amtrak Project Series 2001 A (AMT) (BBB/A3) | ||||||||||||||||
$ | 9,500,000 | 6.375 | % | 11/01/41 | $ | 10,084,725 | ||||||||||
Pennsylvania Economic Development Financing Authority Exempt Facilities RB for Reliant Energy Series 2002 A (AMT) (B2) | ||||||||||||||||
6,150,000 | 6.750 | 12/01/36 | 6,548,397 | |||||||||||||
Pennsylvania Economic Development Financing Authority Exempt Facilities RB for Reliant Energy Series 2002 B Converted 12/22/04 (AMT) (B2) | ||||||||||||||||
36,500,000 | 6.750 | 12/01/36 | 38,864,470 | |||||||||||||
Pennsylvania Economic Development Financing Authority Exempt Facilities RB for Reliant Energy Series 2003 A (AMT) (B2) | ||||||||||||||||
2,000,000 | 6.750 | 12/01/36 | 2,129,560 | |||||||||||||
Pennsylvania Economic Development Financing Authority Exempt Facilities RB for Reliant Energy Seward Series 2001 A (AMT) (B2) | ||||||||||||||||
18,500,000 | 6.750 | 12/01/36 | 19,698,430 | |||||||||||||
Pennsylvania State Public School Building Authority RB for Montgomery County Community College Project Series 2005 (AMBAC) (Aaa) | ||||||||||||||||
1,410,000 | 5.000 | 05/01/24 | 1,472,280 | |||||||||||||
675,000 | 5.000 | 05/01/25 | 704,302 | |||||||||||||
Philadelphia Gas Works RB Eighteenth Series 2004 (CIFG) (AAA/Aaa) | ||||||||||||||||
3,195,000 | 5.000 | 08/01/14 | 3,357,721 | |||||||||||||
3,350,000 | 5.000 | 08/01/15 | 3,501,654 | |||||||||||||
Scranton Lackawanna Health & Welfare Authority RB for Moses Taylor Hospital Project Series 1997 (B-) | ||||||||||||||||
500,000 | 6.150 | 07/01/14 | 465,250 | |||||||||||||
4,825,000 | 6.200 | 07/01/17 | 4,360,642 | |||||||||||||
6,155,000 | 6.250 | 07/01/20 | 5,450,068 | |||||||||||||
St. Mary Hospital Authority RB Refunding for Catholic Health East Series 2004 B (A/A1) | ||||||||||||||||
2,275,000 | 5.375 | 11/15/34 | 2,377,011 | |||||||||||||
250,053,769 | ||||||||||||||||
Puerto Rico – 1.3% | ||||||||||||||||
Childrens Trust Fund RB for Tobacco Settlement Series 2000 II-R-39 (RITES) (AAA)(c)(d) | ||||||||||||||||
3,115,000 | 7.544 | 07/01/10 | 3,361,895 | |||||||||||||
Puerto Rico Commonwealth GO Bonds Series 2003 PA 1138R (MBIA) (RITES) (AAA)(a)(c) | ||||||||||||||||
7,500,000 | 6.015 | 01/01/07 | 7,891,350 | |||||||||||||
Puerto Rico Commonwealth Highway & Transportation Authority RB Series 2003 G (BBB+/Baa2) | ||||||||||||||||
1,000,000 | 5.000 | 07/01/42 | 1,001,130 | |||||||||||||
Puerto Rico Commonwealth Highway & Transportation Authority RB Series 2004 J (BBB+/Baa2) | ||||||||||||||||
2,000,000 | 5.125 | 07/01/39 | 2,033,880 | |||||||||||||
Puerto Rico Commonwealth Highway & Transportation Authority RB Series 2005 K (BBB+/Baa2) | ||||||||||||||||
3,230,000 | 5.000 | 07/01/30 | 3,267,662 | |||||||||||||
5,840,000 | 5.000 | 07/01/35 | 5,895,188 | |||||||||||||
12,915,000 | 5.000 | 07/01/40 | 12,932,952 | |||||||||||||
Puerto Rico Commonwealth Infrastructure Financing Authority RB Series 2005 B (BBB/Baa2) | ||||||||||||||||
13,000,000 | 5.000 | 07/01/41 | 12,999,090 | |||||||||||||
Puerto Rico Industrial Medical & Environmental PCRB Financing Authority Special Facilities for American Airlines Series 1985 A (CCC/Caa2) | ||||||||||||||||
5,400,000 | 6.450 | 12/01/25 | 4,951,746 | |||||||||||||
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities RB for Ana G. Mendez University System Project Series 2006 (BBB-) | ||||||||||||||||
6,285,000 | 5.000 | 03/01/36 | 6,245,970 | |||||||||||||
Puerto Rico Public Finance Corp. RB Commonwealth Appropriations Series 2004 A (LOC-Government Bank for Puerto Rico) (BBB-/Baa3)(a) | ||||||||||||||||
9,100,000 | 5.750 | 02/01/12 | 9,759,841 | |||||||||||||
Puerto Rico Public Finance Corp. RB for Residential Certificates Series 2001 520 (MBIA) (Aaa)(c) | ||||||||||||||||
3,225,000 | 8.430 | 08/01/16 | 4,033,249 | |||||||||||||
74,373,953 | ||||||||||||||||
Rhode Island – 0.7% | ||||||||||||||||
Rhode Island Industrial Facilities Corp. Solid Waste Disposal RB for Waste Management, Inc. Series 2004 A (AMT) (BBB)(a) | ||||||||||||||||
3,000,000 | 4.620 | 04/01/16 | 3,000,000 | |||||||||||||
Rhode Island State Health & Educational Building Corp. RB for Hospital Financing Series 2003 A (BBB/Baa2)(d) | ||||||||||||||||
2,840,000 | 6.000 | 09/15/08 | 2,983,278 | |||||||||||||
Tobacco Settlement Financing Corp. RB for Rhode Island Asset Backed Bonds Series 2002 A (BBB/Baa3) | ||||||||||||||||
4,955,000 | 6.000 | 06/01/23 | 5,187,043 | |||||||||||||
7,500,000 | 6.125 | 06/01/32 | 7,847,850 | |||||||||||||
20,340,000 | 6.250 | 06/01/42 | 21,306,353 | |||||||||||||
40,324,524 | ||||||||||||||||
South Carolina – 1.8% | ||||||||||||||||
Connector 2000 Association, Inc. Toll Road RB for Capital Appreciation Series 1998 B (B-) (b) | ||||||||||||||||
15,000,000 | 0.000 | 01/01/33 | 1,425,900 | |||||||||||||
Greenville County Airport RB for Donaldson Industrial Air Park Project Series 2001 (AMT) (Baa3) | ||||||||||||||||
4,300,000 | 6.125 | 10/01/17 | 4,463,228 | |||||||||||||
Lancaster County Assessment RB for Edgewater Improvement Direct Series 2003 A | ||||||||||||||||
5,268,000 | 6.875 | 11/01/35 | 5,235,022 | |||||||||||||
Lancaster County Assessment RB for Edgewater Improvement Direct Series 2003 B | ||||||||||||||||
5,046,000 | 6.125 | 11/01/14 | 5,008,660 | |||||||||||||
South Carolina Jobs Economic Development Authority RB for Palmetto Health Alliance Series 2000 A (Baa2)(d) | ||||||||||||||||
8,750,000 | 7.125 | 12/15/10 | 10,077,637 |
The accompanying notes are an integral part of these financial statements.
67
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
Statement of Investments (continued)
April 30, 2006 (Unaudited)
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Municipal Debt Obligations – (continued) | ||||||||||||||||
South Carolina – (continued) | ||||||||||||||||
South Carolina Jobs Economic Development Authority RB for Palmetto Health Alliance Series 2000 A (BBB+/Baa1) | ||||||||||||||||
$ | 10,000,000 | 6.250 | % | 08/01/31 | $ | 10,719,600 | ||||||||||
South Carolina Tobacco Settlement Revenue Management Authority RB Series 2001 B (BBB/Baa3) | ||||||||||||||||
19,510,000 | 6.000 | 05/15/22 | 20,428,531 | |||||||||||||
Tobacco Settlement Management Authority RB Series 2001 B (BBB/Baa3) | ||||||||||||||||
35,695,000 | 6.375 | 05/15/28 | 38,137,609 | |||||||||||||
York County Industrial RB Exempt Facility Hoechst Celanese Series 1994 (AMT) (B/B2) | ||||||||||||||||
11,430,000 | 5.700 | 01/01/24 | 11,439,944 | |||||||||||||
106,936,131 | ||||||||||||||||
Tennessee – 0.8% | ||||||||||||||||
Chattanooga Health, Educational & Housing Facilities Board RB for CDFI Phase I LLC Project Series 2005 A (BBB-) | ||||||||||||||||
5,000,000 | 5.000 | 10/01/25 | 4,895,900 | |||||||||||||
9,750,000 | 5.125 | 10/01/35 | 9,529,260 | |||||||||||||
Elizabethton Health and Educational Facilities Board RB Series 2001 PA 813 (RITES)(c) | ||||||||||||||||
6,000,000 | 11.680 | 07/01/33 | 8,058,480 | |||||||||||||
Johnson City Health & Educational Facilities Board Hospital RB for First Mortgage Mountain States Health Series 2006 A (BBB+/Baa2) | ||||||||||||||||
10,225,000 | 5.500 | 07/01/36 | 10,594,736 | |||||||||||||
Johnson City Health and Educational Board Retirement Facilities RB for Appalachian Christian Village Project Series 2004 A | ||||||||||||||||
1,000,000 | 6.250 | 02/15/32 | 1,026,080 | |||||||||||||
Shelby County Health Educational & Housing Facilities Board Hospital RB for Methodist Healthcare Prerefunded Series 2002 (A-/A3)(d) | ||||||||||||||||
935,000 | 6.000 | 09/01/12 | 1,042,993 | |||||||||||||
Shelby County Health Educational & Housing Facilities Board Hospital RB for Methodist Healthcare Refunded Balance Series 2002 (A-/A3)(d) | ||||||||||||||||
1,565,000 | 6.000 | 09/01/12 | 1,745,757 | |||||||||||||
Shelby County Health Educational & Housing Facilities Board RB for Trezevant Manor Project Series 2006 A | ||||||||||||||||
2,000,000 | 5.625 | 09/01/26 | 1,976,900 | |||||||||||||
Shelby County Health Educational & Housing Facilities Board RB PA 1277 A (RITES) (AA) (a)(c)(d) | ||||||||||||||||
9,190,000 | 7.989 | 09/01/12 | 10,025,555 | |||||||||||||
Shelby County Health Educational & Housing Facilities Board RB PA 1277 B (RITES) (AA) (c)(d) | ||||||||||||||||
1,310,000 | 7.989 | 09/01/12 | 1,425,070 | |||||||||||||
50,320,731 | ||||||||||||||||
Texas – 7.7% | ||||||||||||||||
Alliance Airport Authority Inc. Special Facilities RB for American Airlines Inc. Project Series 1991 (AMT) (CCC/Caa2) | ||||||||||||||||
13,990,000 | 7.000 | 12/01/11 | 13,695,650 | |||||||||||||
55,395,000 | 7.500 | 12/01/29 | 53,471,686 | |||||||||||||
Alliance Airport Authority Special Facilities RB for Fedex Corp. Project Series 2006 (AMT) (BBB/Baa2) | ||||||||||||||||
13,150,000 | 4.850 | 04/01/21 | 13,025,601 | |||||||||||||
Bexar County Health Facilities Development Corp. RB for Army Retirement Residence Project Series 2002 (BBB-) | ||||||||||||||||
1,200,000 | 6.125 | 07/01/22 | 1,264,392 | |||||||||||||
1,000,000 | 6.300 | 07/01/32 | 1,055,510 | |||||||||||||
Brazos River Authority PCRB for TXU Electric Co. Project Series 1999 A (AMT) (BBB-/Baa2) | ||||||||||||||||
14,375,000 | 7.700 | 04/01/33 | 16,703,175 | |||||||||||||
Brazos River Authority PCRB for TXU Electric Co. Project Series 1999 C (AMT) (BBB-/Baa2) | ||||||||||||||||
6,800,000 | 7.700 | 03/01/32 | 7,905,680 | |||||||||||||
Brazos River Authority PCRB for TXU Electric Co. Project Series 2001 C (AMT) (BBB-/Baa2) (a) | ||||||||||||||||
21,940,000 | 5.750 | 11/01/11 | 23,272,855 | |||||||||||||
Brazos River Authority PCRB for TXU Energy Co. LLC Project Series 2003 C (AMT) (BBB-/Baa2) | ||||||||||||||||
9,275,000 | 6.750 | 10/01/38 | 10,292,282 | |||||||||||||
Brazos River Authority PCRB for TXU Energy Co. LLC Project Series 2003 D (BBB-/Baa2)(a) | ||||||||||||||||
3,025,000 | 5.400 | 10/01/14 | 3,154,470 | |||||||||||||
Brazos River Authority RB for Reliant Energy Inc. Project Series 1999 A (BBB-/Ba1) | ||||||||||||||||
6,250,000 | 5.375 | 04/01/19 | 6,332,312 | |||||||||||||
Brazos River Authority RB for Reliant Energy Inc. Project Series 1999 B (BBB-/Ba1) | ||||||||||||||||
10,000,000 | 7.750 | 12/01/18 | 10,852,100 | |||||||||||||
Dallas County Flood Control District GO Bonds Series 2002(e) | ||||||||||||||||
6,000,000 | 7.250 | 04/01/32 | 6,327,420 | |||||||||||||
Dallas Fort Worth International Airport Facility Improvement Corp. RB for American Airlines Inc. Series 1992 (AMT) (CCC/Caa2) | ||||||||||||||||
6,000,000 | 7.250 | 11/01/30 | 5,635,500 | |||||||||||||
Dallas Fort Worth International Airport Facility Improvement Corp. RB for American Airlines Inc. Series 1995 (CCC/Caa2) | ||||||||||||||||
41,760,000 | 6.000 | 11/01/14 | 37,151,784 | |||||||||||||
Dallas Fort Worth International Airport Facility Improvement Corp. RB for American Airlines Inc. Series 1995 (AMT) (CCC/Caa2) | ||||||||||||||||
53,395,000 | 6.375 | 05/01/35 | 44,514,344 | |||||||||||||
Dallas Fort Worth International Airport Facility Improvement Corp. RB Refunding for American Airlines Inc. Series 2000 C (AMT) (CCC/Caa2)(a) | ||||||||||||||||
15,860,000 | 6.150 | 11/01/07 | 15,663,019 | |||||||||||||
Dallas Fort Worth International Airport RB Series 2003 A (AMBAC) (AMT) (AAA/Aaa) | ||||||||||||||||
1,725,000 | 5.000 | 11/01/32 | 1,735,712 | |||||||||||||
Dallas-Fort Worth International Airport Facilities Improvement Corp. RB RMKT Refunding Series 2000 Subseries A-1 (AMT) (CCC/Caa2)(a) | ||||||||||||||||
5,620,000 | 8.500 | 05/01/08 | 5,718,125 |
The accompanying notes are an integral part of these financial statements.
68
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Municipal Debt Obligations – (continued) | ||||||||||||||||
Texas – (continued) | ||||||||||||||||
Dallas-Fort Worth International Airport Facilities Improvement Corp. RB RMKT Refunding Series 2000 Subseries A-2 (AMT) (CCC/Caa2)(a) | ||||||||||||||||
$ | 5,020,000 | 9.000 | % | 05/01/15 | $ | 5,338,268 | ||||||||||
Dallas-Fort Worth International Airport Facilities Improvement Corp. RB RMKT Refunding Series 2000 Subseries A-3 (AMT) (CCC/Caa2) | ||||||||||||||||
20,000,000 | 9.125 | 05/01/29 | 21,458,800 | |||||||||||||
Georgetown Health Facilities Development Corp. RB for Georgetown Hospital Healthcare System Series 1999 (BB) | ||||||||||||||||
3,000,000 | 6.250 | 08/15/29 | 3,278,670 | |||||||||||||
Gulf Coast Waste Disposal Authority Texas Waste Disposal RB for Valero Energy Corp. Project Series 2001 (AMT) (BBB-/Baa3) | ||||||||||||||||
1,500,000 | 6.650 | 04/01/32 | 1,624,755 | |||||||||||||
Harris County Health Facilities Development Corp. Hospital RB for Memorial Hermann Healthcare System Series 2004 A (A/A2) | ||||||||||||||||
2,595,000 | 5.000 | 12/01/20 | 2,653,024 | |||||||||||||
435,000 | 5.000 | 12/01/21 | 443,496 | |||||||||||||
1,000,000 | 5.125 | 12/01/22 | 1,023,300 | |||||||||||||
1,000,000 | 5.125 | 12/01/23 | 1,021,180 | |||||||||||||
Houston Airport System Special Facilities RB for Continental Airlines Series 1998 B (AMT) (B-/Caa2) | ||||||||||||||||
1,000,000 | 5.700 | 07/15/29 | 882,630 | |||||||||||||
Houston Airport System Special Facilities RB for Continental Airlines Series 1998 C (AMT) (B-/Caa2) | ||||||||||||||||
4,730,000 | 5.700 | 07/15/29 | 4,174,840 | |||||||||||||
Houston Airport System Special Facilities RB for Continental Airlines Series 2001 E (AMT) (B-/Caa2) | ||||||||||||||||
3,400,000 | 6.750 | 07/01/21 | 3,445,730 | |||||||||||||
26,660,000 | 6.750 | 07/01/29 | 27,018,577 | |||||||||||||
Houston Health Facilities Development Corp. Retirement Facility RB for Buckingham Senior Living Community Series 2004 A | ||||||||||||||||
1,500,000 | 7.125 | 02/15/34 | 1,624,935 | |||||||||||||
Houston Texas GO Bonds Rols RR II Series 2003 R 242 (MBIA) (AAA)(c) | ||||||||||||||||
6,455,000 | 8.100 | 03/01/10 | 7,603,990 | |||||||||||||
Matagorda County Navigation District No. 1 RB for Reliant Energy Project Series 1999 B (AMT) (BBB-/Ba1) | ||||||||||||||||
11,000,000 | 5.950 | 05/01/30 | 11,247,280 | |||||||||||||
Mesquite Texas Health Facilities Development Corp. RB for Christian Care Retirement Facilities (BBB-) | ||||||||||||||||
1,500,000 | 5.000 | 02/15/15 | 1,516,365 | |||||||||||||
2,025,000 | 5.500 | 02/15/25 | 2,076,840 | |||||||||||||
3,250,000 | 5.625 | 02/15/35 | 3,352,018 | |||||||||||||
Metropolitan Health Facilities Development Corp. RB for Wilson N. Jones Memorial Hospital Project Series 2001 (B1) | ||||||||||||||||
4,200,000 | 7.200 | 01/01/21 | 4,360,230 | |||||||||||||
5,000,000 | 7.250 | 01/01/31 | 5,180,450 | |||||||||||||
Port Corpus Christi Authority RB for Celanese Project Series 2002 B (AMT) (B/B2) | ||||||||||||||||
8,500,000 | 6.700 | 11/01/30 | 9,130,190 | |||||||||||||
Port Corpus Christi Industrial Development Corp. RB Refunding for Valero Convertible 3/17/98 Series 1997 B (BBB-/Baa3) | ||||||||||||||||
2,500,000 | 5.400 | 04/01/18 | 2,598,275 | |||||||||||||
Port Corpus Christi Industrial Development Corp. RB Refunding for Valero Convertible 3/17/98 Series 1997 C (BBB-/Baa3) | ||||||||||||||||
1,000,000 | 5.400 | 04/01/18 | 1,039,310 | |||||||||||||
Red River Authority PCRB for Celanese Project Series 2002 B (AMT) (B/B2) | ||||||||||||||||
4,500,000 | 6.700 | 11/01/30 | 4,833,630 | |||||||||||||
Red River Authority PCRB for Hoechst Celanese Corp. Project Series 1994 (B/B2) | ||||||||||||||||
3,000,000 | 5.200 | 05/01/07 | 3,003,750 | |||||||||||||
Sabine River Authority PCRB for TXU Energy Co. LLC Project Series 2003 B (BBB-/Baa2) | ||||||||||||||||
3,000,000 | 6.150 | 08/01/22 | 3,260,790 | |||||||||||||
Sabine River Authority PCRB VRDN for TXU Electric Co. Project Series 2001 A (BBB-/Baa2) (a) | ||||||||||||||||
19,040,000 | 5.500 | 11/01/11 | 20,109,477 | |||||||||||||
Tom Green County Health Facilities Development Corp. Hospital RB for Shannon Health Systems Project Series 2001 (Baa3) | ||||||||||||||||
2,000,000 | 6.750 | 05/15/21 | 2,149,360 | |||||||||||||
Tomball Hospital Authority RB Refunding Series 2005 (Baa3) | ||||||||||||||||
8,650,000 | 5.000 | 07/01/20 | 8,593,083 | |||||||||||||
9,250,000 | 5.000 | 07/01/23 | 9,121,332 | |||||||||||||
Travis County Health Facilities Development Corp. Retirement Facilities RB for Querencia Barton Creek Project Series 2005 | ||||||||||||||||
1,600,000 | 5.650 | 11/15/35 | 1,560,016 | |||||||||||||
Weslaco Health Facilities RB for Knapp Medical Center Project Series 2002 (BBB+) | ||||||||||||||||
4,395,000 | 6.000 | 06/01/17 | 4,669,995 | |||||||||||||
457,166,203 | ||||||||||||||||
U. S. Virgin Islands – 0.2% | ||||||||||||||||
Virgin Islands Public Finance Authority RB for Senior Lien Matching Fund Loan Note Series 2004 A (BBB) | ||||||||||||||||
2,225,000 | 5.000 | 10/01/10 | 2,297,713 | |||||||||||||
1,045,000 | 5.000 | 10/01/12 | 1,087,950 | |||||||||||||
1,000,000 | 5.000 | 10/01/14 | 1,048,210 | |||||||||||||
1,250,000 | 5.250 | 10/01/16 | 1,307,862 | |||||||||||||
1,000,000 | 5.250 | 10/01/18 | 1,042,040 | |||||||||||||
1,000,000 | 5.250 | 10/01/19 | 1,042,750 | |||||||||||||
1,720,000 | 5.250 | 10/01/20 | 1,787,441 | |||||||||||||
1,000,000 | 5.250 | 10/01/21 | 1,037,810 | |||||||||||||
500,000 | 5.250 | 10/01/22 | 517,500 | |||||||||||||
500,000 | 5.250 | 10/01/23 | 516,445 | |||||||||||||
11,685,721 | ||||||||||||||||
Utah – 0.2% | ||||||||||||||||
Tooele County Hazardous Waste Treatment RB for Union Pacific Project Series 1992 A (AMT) (BBB/Baa2) | ||||||||||||||||
9,850,000 | 5.700 | 11/01/26 | 10,294,629 | |||||||||||||
The accompanying notes are an integral part of these financial statements.
69
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
Statement of Investments (continued)
April 30, 2006 (Unaudited)
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Municipal Debt Obligations – (continued) | ||||||||||||||||
Virginia – 0.6% | ||||||||||||||||
Bedford County IDA RB for Nekoosa Packaging Corp. Project Series 1998 (AMT) (B2) | ||||||||||||||||
$ | 320,000 | 5.600 | % | 12/01/25 | $ | 309,568 | ||||||||||
Celebrate North Community Development Authority Special Assessment Project Series 2003 B | ||||||||||||||||
5,000,000 | 6.750 | 03/01/34 | 5,239,600 | |||||||||||||
Chesapeake IDA PCRB for Virginia Electric & Power Project Series 1985 (BBB/Baa1) | ||||||||||||||||
3,250,000 | 5.250 | 02/01/08 | 3,278,470 | |||||||||||||
Goochland County IDA RB for Nekoosa Packaging Corp. Series 1998 (AMT) (B2) | ||||||||||||||||
560,000 | 5.650 | 12/01/25 | 544,981 | |||||||||||||
Henrico County IDA RB for Solid Waste Browning Series 1997 A (AMT) (BB-/Caa1) | ||||||||||||||||
3,750,000 | 5.875 | 03/01/17 | 3,657,562 | |||||||||||||
James City County Economic Development Authority Residential Care Facilities RB for Williamsburg Landing Series 2005 A | ||||||||||||||||
750,000 | 5.350 | 09/01/26 | 759,623 | |||||||||||||
750,000 | 5.500 | 09/01/34 | 762,308 | |||||||||||||
Loudoun County IDA Hospital RB for Loudoun Hospital Center Series 2002 A (BBB)(d) | ||||||||||||||||
1,000,000 | 6.100 | 06/01/12 | 1,124,170 | |||||||||||||
Loudoun County IDA Residential Care Facility RB for Falcons Landing Series 2004 A | ||||||||||||||||
2,750,000 | 6.000 | 08/01/24 | 2,832,830 | |||||||||||||
Norfolk Redevelopment & Housing Authority RB for First Mortgage Retirement Community Series 2004 A | ||||||||||||||||
500,000 | 6.000 | 01/01/25 | 507,410 | |||||||||||||
1,100,000 | 6.125 | 01/01/35 | 1,116,577 | |||||||||||||
Pocahontas Parkway Association Toll Road RB Senior Series 1998 A (BB-/Ba3) | ||||||||||||||||
10,505,000 | 5.500 | 08/15/28 | 10,747,350 | |||||||||||||
Virginia Beach Development Authority Residential Care Facilities Mortgage RB Refunding for Westminster-Canterbury Series 2005 | ||||||||||||||||
1,000,000 | 5.000 | 11/01/22 | 990,840 | |||||||||||||
1,000,000 | 5.250 | 11/01/26 | 1,004,930 | |||||||||||||
1,000,000 | 5.375 | 11/01/32 | 1,008,160 | |||||||||||||
Winchester IDA Residential Care Facilities RB for Westminster Canterbury Series 2005 A | ||||||||||||||||
1,000,000 | 5.200 | 01/01/27 | 998,120 | |||||||||||||
1,000,000 | 5.300 | 01/01/35 | 999,490 | |||||||||||||
35,881,989 | ||||||||||||||||
Washington – 0.3% | ||||||||||||||||
Skagit County Public Hospital District No. 1 RB for Skagit Valley Hospital Series 2005 (Baa3) | ||||||||||||||||
600,000 | 5.500 | 12/01/15 | 630,420 | |||||||||||||
1,175,000 | 5.375 | 12/01/22 | 1,203,423 | |||||||||||||
1,500,000 | 5.500 | 12/01/30 | 1,537,770 | |||||||||||||
Tobacco Settlement Authority RB for Asset Backed Bonds Series 2002 (BBB/Baa3) | ||||||||||||||||
9,740,000 | 6.500 | 06/01/26 | 10,595,270 | |||||||||||||
Washington Health Care Facilities Authority RB for Overlake Hospital Medical Center Series 2005 A (Assured Guaranty) (AAA/Aa1) | ||||||||||||||||
3,035,000 | 5.000 | 07/01/15 | 3,199,011 | |||||||||||||
3,410,000 | 5.000 | 07/01/16 | 3,552,265 | |||||||||||||
20,718,159 | ||||||||||||||||
West Virginia – 0.5% | ||||||||||||||||
Monongalia County Building Community Hospital RB for Monongalia General Hospital Series 2005 A (A-) | ||||||||||||||||
10,000,000 | 5.250 | 07/01/20 | 10,292,400 | |||||||||||||
10,000,000 | 5.250 | 07/01/25 | 10,196,000 | |||||||||||||
10,000,000 | 5.250 | 07/01/35 | 10,064,300 | |||||||||||||
30,552,700 | ||||||||||||||||
Wisconsin – 0.6% | ||||||||||||||||
Badger Tobacco Asset Securitization Corp. RB Asset Backed Bonds Series 2002 (BBB/Baa3) | ||||||||||||||||
2,165,000 | 6.125 | 06/01/27 | 2,283,859 | |||||||||||||
16,250,000 | 6.375 | 06/01/32 | 17,396,275 | |||||||||||||
Wisconsin Health & Educational Facilities Authority RB for Aurora Health Care Series 1999 B (BBB+) | ||||||||||||||||
1,500,000 | 5.625 | 02/15/20 | 1,519,455 | |||||||||||||
Wisconsin Health & Educational Facilities Authority RB for Beaver Dam Community Hospitals Inc. Series 2004 A | ||||||||||||||||
2,500,000 | 6.750 | 08/15/34 | 2,707,800 | |||||||||||||
Wisconsin Health & Educational Facilities Authority RB for Fort Healthcare Inc. Project Series 2004 (BBB+) | ||||||||||||||||
3,000,000 | 5.750 | 05/01/29 | 3,089,010 | |||||||||||||
2,750,000 | 6.100 | 05/01/34 | 2,915,742 | |||||||||||||
Wisconsin Health & Educational Facilities Authority RB for Vernon Memorial Healthcare, Inc. Project Series 2005 (BBB-) | ||||||||||||||||
3,000,000 | 5.100 | 03/01/25 | 2,911,470 | |||||||||||||
2,800,000 | 5.250 | 03/01/35 | 2,706,984 | |||||||||||||
35,530,595 | ||||||||||||||||
Wyoming – 0.3% | ||||||||||||||||
Converse County RB for Memorial Hospital Project Series 2000(d) | ||||||||||||||||
3,605,000 | 9.000 | 12/01/10 | 4,399,001 | |||||||||||||
Sweetwater County Solid Waste Disposal RB Refunding for FMC Corp. Project Series 2005 (AMT) (BBB-/Baa3) | ||||||||||||||||
11,750,000 | 5.600 | 12/01/35 | 12,269,703 | |||||||||||||
16,668,704 | ||||||||||||||||
TOTAL MUNICIPAL DEBT OBLIGATIONS | ||||||||||||||||
(Cost $5,578,403,035) | $ | 5,790,582,407 | ||||||||||||||
Other Municipals – 2.4% | ||||||||||||||||
Charter Mac Equity Issuer Trust Series 2004 A-4-1 (A3)(a)(e) | ||||||||||||||||
$ | 9,000,000 | 5.750 | % | 04/30/15 | $ | 9,490,680 | ||||||||||
GMAC Municipal Mortgage Trust (A3)(a)(e) | ||||||||||||||||
7,500,000 | 4.800 | 04/30/15 | 7,451,325 |
The accompanying notes are an integral part of these financial statements.
70
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Other Municipals – (continued) | ||||||||||||||||
GMAC Municipal Mortgage Trust (Baa1)(a)(e) | ||||||||||||||||
$ | 5,000,000 | 5.500 | % | 04/30/25 | $ | 4,930,450 | ||||||||||
GMAC Municipal Mortgage Trust(a)(e) | ||||||||||||||||
9,500,000 | 5.700 | 04/30/25 | 9,423,810 | |||||||||||||
GMAC Municipal Mortgage Trust Series A (A3)(a)(e) | ||||||||||||||||
6,475,000 | 4.150 | 10/31/09 | 6,404,487 | |||||||||||||
GMAC Municipal Mortgage Trust Series A-1 (A3)(a)(e) | ||||||||||||||||
9,625,000 | 4.900 | 10/31/14 | 9,684,771 | |||||||||||||
GMAC Municipal Mortgage Trust Series A-2 (A3)(a)(e) | ||||||||||||||||
16,650,000 | 5.300 | 10/31/19 | 17,053,763 | |||||||||||||
GMAC Municipal Mortgage Trust Series B (Baa1)(a)(e) | ||||||||||||||||
17,150,000 | 5.600 | 10/31/19 | 17,574,805 | |||||||||||||
Municipal Mortgage & Equity LLC Tax-Exempt Special Purpose Entity Series A-2 (A3)(a)(e) | ||||||||||||||||
6,000,000 | 4.900 | 09/30/14 | 5,942,700 | |||||||||||||
Municipal Mortgage & Equity LLC Tax-Exempt Special Purpose Entity Series A-3 (A3)(a)(e) | ||||||||||||||||
4,000,000 | 4.950 | 09/30/12 | 3,993,320 | |||||||||||||
Municipal Mortgage & Equity LLC Tax-Exempt Special Purpose Entity Series A-4(a)(e) | ||||||||||||||||
8,000,000 | 5.125 | 09/30/15 | 7,984,880 | |||||||||||||
Municipal Mortgage & Equity LLC Tax-Exempt Special Purpose Entity Series B (Baa1)(a)(e) | ||||||||||||||||
4,000,000 | 7.750 | 11/01/10 | 4,444,680 | |||||||||||||
Municipal Mortgage & Equity LLC Tax-Exempt Special Purpose Entity Series B-2 (Baa1)(a)(e) | ||||||||||||||||
4,000,000 | 5.200 | 09/30/14 | 4,043,240 | |||||||||||||
Municipal Mortgage & Equity LLC Tax-Exempt Special Purpose Entity Series B-3(a)(e) | ||||||||||||||||
6,000,000 | 5.300 | 09/30/15 | 6,039,480 | |||||||||||||
Municipal Mortgage & Equity LLC Tax-Exempt Special Purpose Entity Series C (Baa2)(a)(e) | ||||||||||||||||
5,000,000 | 4.700 | 09/30/09 | 4,959,500 | |||||||||||||
Municipal Mortgage & Equity LLC Tax-Exempt Special Purpose Entity Series C-1 (Baa2)(a)(e) | ||||||||||||||||
3,000,000 | 5.400 | 09/30/14 | 2,989,830 | |||||||||||||
Municipal Mortgage & Equity LLC Tax-Exempt Special Purpose Entity Series C-2 (Baa2)(a)(e) | ||||||||||||||||
3,000,000 | 5.800 | 09/30/19 | 2,958,630 | |||||||||||||
Municipal Mortgage & Equity LLC Tax-Exempt Special Purpose Entity Series C-3(a)(e) | ||||||||||||||||
3,000,000 | 5.500 | 09/30/15 | 2,993,310 | |||||||||||||
Municipal Mortgage & Equity LLC Tax-Exempt Special Purpose Entity Series D(a)(e) | ||||||||||||||||
6,000,000 | 5.900 | 09/30/20 | 5,986,800 | |||||||||||||
Tax Exempt Municipal Infrastructure Improvement Trust Certificates RB Series 2005 A Class A (A1) | ||||||||||||||||
8,750,000 | 4.050 | 05/04/10 | 8,642,025 | |||||||||||||
TOTAL OTHER MUNICIPALS | ||||||||||||||||
(Cost $142,550,786) | $ | 142,992,486 | ||||||||||||||
Shares | Description | Value | ||||||||||||||
Common Stock – 0.0% | ||||||||||||||||
Airline – 0.0% | ||||||||||||||||
35,376 | UAL Corp. | |||||||||||||||
(Cost $1,389,215) | $ | 1,273,890 | ||||||||||||||
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Short-Term Investment(a) – 0.1% | ||||||||||||||||
California – 0.1% | ||||||||||||||||
Southern California Home Financing Authority Single Family RB VRDN Series 2006 A (AMT) (Dexia Credit Local SPA) (A-1+/Aa2) | ||||||||||||||||
$ | 5,800,000 | 3.440 | % | 05/08/2006 | $ | 5,800,000 | ||||||||||
(Cost $5,800,000) | ||||||||||||||||
TOTAL INVESTMENTS — 99.8% | ||||||||||||||||
(Cost $5,728,143,036) | $ | 5,940,648,783 | ||||||||||||||
Other Assets in Excess of Liabilities — 0.2% | 8,958,962 | |||||||||||||||
Net Assets — 100.0% | $ | 5,949,607,745 | ||||||||||||||
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
(a) | Securities with “Put” features with resetting interest rates. Maturity dates disclosed are the next interest reset dates. | |
(b) | Security issued with a zero coupon. Income is recognized through the accretion of discount. | |
(c) | Inverse variable rate security. Coupon rate disclosed is that which is in effect at April 30, 2006. | |
(d) | Prerefunded security. Maturity date disclosed is prerefunding date. | |
(e) | Securities are exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $147,292,431, which represents approximately 2.5% of net assets as of April 30, 2006. | |
(f) | Security is currently in default/Non income producing. |
Security ratings disclosed, if any, are issued by Standard & Poor’s / Moody’s Investors Service. A brief description of the ratings is available in the Fund’s Statement of Additional Information. |
The accompanying notes are an integral part of these financial statements.
71
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
Statement of Investments (continued)
April 30, 2006 (Unaudited)
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 | ||||
AMT | — | Alternative Minimum Tax | ||||
BANS | — | Bond Anticipation Notes | ||||
BMA | — | Bond Market Association | ||||
COPS | — | Certificates of Participation | ||||
CRA | — | Community Reinvestment Act | ||||
FGIC | — | Insured by Financial Guaranty Insurance Co. | ||||
FGIC-TCRS | — | Insured by Financial Guaranty Insurance Co. - Transferable Custodial Receipts | ||||
FHA | — | Insured by Federal Housing Administration | ||||
FHLMC | — | Insured by Federal Home Loan Mortgage Corp. | ||||
FNMA | — | Insured by Federal National Mortgage Association | ||||
FSA | — | Insured by Financial Security Assurance Co. | ||||
GNMA | — | Insured by Government National Mortgage Association | ||||
GO | — | General Obligation | ||||
GTD | — | Guaranteed | ||||
IDA | — | Industrial Development Authority | ||||
LOC | — | Letter of Credit | ||||
MBIA | — | Insured by Municipal Bond Investors Assurance | ||||
MF Hsg. | — | Multi-Family Housing | ||||
PCRB | — | Pollution Control Revenue Bond | ||||
Radian | — | Insured by Radian Asset Assurance | ||||
RB | — | Revenue Bond | ||||
RMKT | — | Remarketed | ||||
RITES | — | Residual Interest Tax Exempt Securities | ||||
SPA | — | Stand-by Purchase Agreement | ||||
VRDN | — | Variable Rate Demand Notes | ||||
The accompanying notes are an integral part of these financial statements.
72
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
ADDITIONAL INVESTMENT INFORMATION |
SWAP CONTRACTS — At April 30, 2006, the Fund had outstanding swap contracts with the following terms:
Rate Type | ||||||||||||||||||||||||
Notional | Payments | Payments | ||||||||||||||||||||||
Swap | Amount | Termination | made by | received by | Unrealized | |||||||||||||||||||
Swap Type(a) | Counterparty | (000s) | Date | the Fund | the Fund | Gain | ||||||||||||||||||
Interest Rate | JP Morgan | $ | 167,000 | 06/02/2016 | 3.85 | % | BMA Municipal Swap Index | $ | 2,900,595 | |||||||||||||||
Interest Rate | Salomon Smith Barney | 168,000 | 06/02/2016 | 3.88 | BMA Municipal Swap Index | 2,433,050 | ||||||||||||||||||
TOTAL | $ | 5,333,645 | ||||||||||||||||||||||
(a) | Represents forward starting interest rate swaps whose effective date of commencement of accruals and cash flows are June 2, 2006. |
The accompanying notes are an integral part of these financial statements.
73
GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS
Statements of Assets and Liabilities
April 30, 2006 (Unaudited)
Short Duration | |||||||||
Tax-Free Fund | |||||||||
Assets: | |||||||||
Investment in securities, at value (identified cost $386,536,029, $35,626,145, $10,551,160, $398,928,628, and $5,728,143,036, respectively) | $ | 382,038,539 | |||||||
Cash | 8,058,199 | ||||||||
Collateral for swap contracts | — | ||||||||
Receivables: | |||||||||
Interest, net of allowances | 5,833,615 | ||||||||
Fund shares sold | 376,184 | ||||||||
Investment securities sold | — | ||||||||
Swap contracts, at value | 312,639 | ||||||||
Reimbursement from adviser | 41,360 | ||||||||
Deferred organization expenses, net | — | ||||||||
Other assets | 5,306 | ||||||||
Total assets | 396,665,842 | ||||||||
Liabilities: | |||||||||
Due to custodian | — | ||||||||
Payables: | |||||||||
Investment securities purchased | 2,923,910 | ||||||||
Fund shares repurchased | 303,884 | ||||||||
Income distribution | 211,316 | ||||||||
Amounts owed to affiliates | 170,962 | ||||||||
Accrued Offering Expense | — | ||||||||
Accrued expenses and other liabilities | 109,475 | ||||||||
Total liabilities | 3,719,547 | ||||||||
Net Assets: | |||||||||
Paid-in capital | 407,938,575 | ||||||||
Accumulated undistributed (distributions in excess of) net investment income | (83,420 | ) | |||||||
Accumulated net realized gain (loss) on investment transactions | (10,724,009 | ) | |||||||
Net unrealized gain (loss) on investments | (4,184,851 | ) | |||||||
NET ASSETS | $ | 392,946,295 | |||||||
Net assets: | |||||||||
Class A | $ | 104,700,316 | |||||||
Class B | 2,167,349 | ||||||||
Class C | 7,516,555 | ||||||||
Institutional | 278,507,041 | ||||||||
Service | 55,034 | ||||||||
Shares outstanding: | |||||||||
Class A | 10,337,029 | ||||||||
Class B | 214,152 | ||||||||
Class C | 742,083 | ||||||||
Institutional | 27,509,821 | ||||||||
Service | 5,438 | ||||||||
Total shares outstanding, $0.001 par value (unlimited number of shares authorized) | 38,808,523 | ||||||||
Net asset value, offering and redemption price per share:(a) | |||||||||
Class A | $10.13 | ||||||||
Class B | 10.12 | ||||||||
Class C | 10.13 | ||||||||
Institutional | 10.12 | ||||||||
Service | 10.12 | ||||||||
(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 California Intermediate AMT-Free, New York Intermediate AMT-Free, Municipal Income and High Yield Municipal Funds (NAV per share multiplied by 1.0471) is $10.34, $10.40, $10.41, $16.24 and $11.79 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.
74
GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS
California | New York | |||||||||||||||||
Intermediate | Intermediate | |||||||||||||||||
AMT-Free | AMT-Free | Municipal | High Yield | |||||||||||||||
Municipal Fund | Municipal Fund | Income Fund | Municipal Fund | |||||||||||||||
$ | 35,435,118 | $ | 10,485,987 | $ | 414,242,470 | $ | 5,940,648,783 | |||||||||||
— | 26,018 | 2,490,366 | 33,950,017 | |||||||||||||||
— | — | — | 2,036,101 | |||||||||||||||
482,075 | 133,742 | 7,129,475 | 132,346,749 | |||||||||||||||
690,169 | 150,000 | 972,973 | 24,230,265 | |||||||||||||||
— | — | 814,705 | 21,349,251 | |||||||||||||||
— | — | 309,803 | 5,333,645 | |||||||||||||||
17,994 | 13,190 | 55,828 | 121,550 | |||||||||||||||
27,627 | 27,965 | — | — | |||||||||||||||
120 | — | 4,641 | 58,470 | |||||||||||||||
36,653,103 | 10,836,902 | 426,020,261 | 6,160,074,831 | |||||||||||||||
753,209 | — | — | — | |||||||||||||||
522,175 | 425,944 | 10,288,668 | 191,661,881 | |||||||||||||||
1,001,440 | — | 1,201,598 | 9,778,626 | |||||||||||||||
40,037 | 6,049 | 509,522 | 5,033,622 | |||||||||||||||
22,312 | 5,043 | 277,192 | 3,688,178 | |||||||||||||||
32,232 | 32,232 | — | — | |||||||||||||||
47,586 | 54,002 | 123,789 | 304,779 | |||||||||||||||
2,418,991 | 523,270 | 12,400,769 | 210,467,086 | |||||||||||||||
34,477,469 | 10,378,890 | 402,964,162 | 5,728,167,662 | |||||||||||||||
(1,467 | ) | — | (145,810 | ) | 3,417,448 | |||||||||||||
(50,863 | ) | (85 | ) | (4,822,505 | ) | 183,243 | ||||||||||||
(191,027 | ) | (65,173 | ) | 15,623,645 | 217,839,392 | |||||||||||||
$ | 34,234,112 | $ | 10,313,632 | $ | 413,619,492 | $ | 5,949,607,745 | |||||||||||
$ | 26,930,099 | $ | 4,232,586 | $ | 259,865,479 | $ | 2,759,127,671 | |||||||||||
— | — | 12,701,191 | 51,067,848 | |||||||||||||||
179,294 | 10,135 | 8,732,608 | 109,445,526 | |||||||||||||||
7,124,719 | 6,070,911 | 131,557,923 | 3,029,966,700 | |||||||||||||||
— | — | 762,291 | — | |||||||||||||||
2,710,812 | 425,952 | 16,757,303 | 245,050,167 | |||||||||||||||
— | — | 818,857 | 4,535,366 | |||||||||||||||
18,041 | 1,020 | 562,859 | 9,720,967 | |||||||||||||||
716,783 | 610,797 | 8,484,140 | 269,048,758 | |||||||||||||||
— | — | 48,860 | — | |||||||||||||||
3,445,636 | 1,037,769 | 26,672,019 | 528,355,258 | |||||||||||||||
$9.93 | $ | 9.94 | $ | 15.51 | $ | 11.26 | ||||||||||||
— | — | 15.51 | 11.26 | |||||||||||||||
9.94 | 9.94 | 15.51 | 11.26 | |||||||||||||||
9.94 | 9.94 | 15.51 | 11.26 | |||||||||||||||
— | — | 15.60 | — | |||||||||||||||
The accompanying notes are an integral part of these financial statements.
75
GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS
Statements of Operations
For the Six Months Ended April 30, 2006 (Unaudited)
Short Duration | |||||||
Tax-Free Fund | |||||||
Investment income: | |||||||
Interest, net of allowances | $ | 8,057,365 | |||||
Total income | 8,057,365 | ||||||
Expenses: | |||||||
Management fees | 864,502 | ||||||
Distribution and Service fees(b) | 212,173 | ||||||
Transfer Agent fees(b) | 169,471 | ||||||
Custody and accounting fees | 93,385 | ||||||
Registration fees | 31,909 | ||||||
Printing fees | 37,011 | ||||||
Professional fees | 26,878 | ||||||
Offering expense | — | ||||||
Trustee fees | 8,223 | ||||||
Service share fees | 136 | ||||||
Other | 22,417 | ||||||
Total expenses | 1,466,105 | ||||||
Less — expense reductions | (330,801 | ) | |||||
Net expenses | 1,135,304 | ||||||
NET INVESTMENT INCOME | 6,922,061 | ||||||
Realized and unrealized gain (loss) on investment and swap transactions: | |||||||
Net realized gain (loss) from: | |||||||
Investment transactions | (2,942,163 | ) | |||||
Swap contracts | (65,970 | ) | |||||
Net change in unrealized gain (loss) on: | |||||||
Investments | 187,484 | ||||||
Swap contracts | (39,418 | ) | |||||
Net realized and unrealized gain (loss) on investment and swap transactions | (2,860,067 | ) | |||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 4,061,994 | |||||
(a) | California Intermediate AMT-Free Municipal and New York Intermediate AMT-Free Municipal Funds commenced operations on November 1, 2005. |
(b) | 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 | $ | 159,889 | $ | 11,773 | $ | 40,511 | $ | 102,329 | $ | 1,884 | $ | 6,482 | $ | 58,765 | $ | 11 | ||||||||||||||||
California Intermediate AMT-Free Municipal | 25,800 | — | 211 | 16,513 | — | 33 | 1,236 | — | ||||||||||||||||||||||||
New York Intermediate AMT-Free Municipal | 2,293 | — | 49 | 1,468 | — | 7 | 1,111 | — | ||||||||||||||||||||||||
Municipal Income | 301,560 | 68,101 | 41,234 | 192,999 | 10,896 | 6,597 | 25,791 | 69 | ||||||||||||||||||||||||
High Yield Municipal | 3,122,334 | 251,141 | 490,908 | 1,998,294 | 40,182 | 78,545 | 541,148 | — |
The accompanying notes are an integral part of these financial statements.
76
GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS
California | New York | |||||||||||||||
Intermediate | Intermediate | |||||||||||||||
AMT-Free | AMT-Free | Municipal | High Yield | |||||||||||||
Municipal Fund(a) | Municipal Fund(a) | Income Fund | Municipal Fund | |||||||||||||
$ | 564,417 | $ | 147,722 | $ | 9,982,713 | $ | 152,543,812 | |||||||||
564,417 | 147,722 | 9,982,713 | 152,543,812 | |||||||||||||
60,459 | 16,648 | 1,079,136 | 14,389,390 | |||||||||||||
26,011 | 2,342 | 410,895 | 3,864,383 | |||||||||||||
17,782 | 2,586 | 236,352 | 2,658,169 | |||||||||||||
19,496 | 14,880 | 97,204 | 378,989 | |||||||||||||
50,873 | 48,539 | 56,744 | 103,121 | |||||||||||||
14,998 | 12,893 | 35,728 | 123,534 | |||||||||||||
24,712 | 29,235 | 28,879 | 30,215 | |||||||||||||
32,232 | 32,232 | — | — | |||||||||||||
8,223 | 8,223 | 8,223 | 8,223 | |||||||||||||
— | — | 864 | — | |||||||||||||
14,149 | 13,916 | 21,027 | 62,020 | |||||||||||||
268,935 | 181,494 | 1,975,052 | 21,618,044 | |||||||||||||
(165,802 | ) | (162,263 | ) | (345,641 | ) | (1,185,025 | ) | |||||||||
103,133 | 19,231 | 1,629,411 | 20,433,019 | |||||||||||||
461,284 | 128,491 | 8,353,302 | 132,110,793 | |||||||||||||
(50,863 | ) | (85 | ) | 1,052,605 | 21,862,055 | |||||||||||
— | — | 333,901 | 6,099,131 | |||||||||||||
(191,027 | ) | (65,173 | ) | (3,413,379 | ) | 42,119,220 | ||||||||||
— | — | (291,521 | ) | (4,531,129 | ) | |||||||||||
(241,890 | ) | (65,258 | ) | (2,318,394 | ) | 65,549,277 | ||||||||||
$ | 219,394 | $ | 63,233 | $ | 6,034,908 | $ | 197,660,070 | |||||||||
The accompanying notes are an integral part of these financial statements.
77
GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS
Statements of Changes in Net Assets
Short Duration Tax-Free Fund | |||||||||||
For the | |||||||||||
Six Months Ended | For the | ||||||||||
April 30, 2006 | Year Ended | ||||||||||
(Unaudited) | October 31, 2005 | ||||||||||
From operations: | |||||||||||
Net investment income | $ | 6,922,061 | $ | 14,006,228 | |||||||
Net realized gain (loss) from investment and swap transactions | (3,008,133 | ) | (3,111,978 | ) | |||||||
Net change in unrealized gain (loss) on investment and swap transactions | 148,066 | (7,235,690 | ) | ||||||||
Net increase in net assets resulting from operations | 4,061,994 | 3,658,560 | |||||||||
Distributions to shareholders: | |||||||||||
From net investment income | |||||||||||
Class A Shares | (1,883,325 | ) | (4,148,187 | ) | |||||||
Class B Shares | (27,636 | ) | (64,159 | ) | |||||||
Class C Shares | (89,083 | ) | (213,391 | ) | |||||||
Institutional Shares | (4,886,675 | ) | (9,692,673 | ) | |||||||
Service Shares | (768 | ) | (1,251 | ) | |||||||
Total distributions to shareholders | (6,887,487 | ) | (14,119,661 | ) | |||||||
From share transactions: | |||||||||||
Proceeds from sales of shares | 92,516,180 | 178,419,279 | |||||||||
Proceeds received in connection with merger | — | — | |||||||||
Reinvestment of dividends and distributions | 5,638,631 | 11,564,706 | |||||||||
Cost of shares repurchased(b) | (170,169,745 | ) | (332,407,892 | ) | |||||||
Net increase (decrease) in net assets resulting from share transactions | (72,014,934 | ) | (142,423,907 | ) | |||||||
NET INCREASE (DECREASE) | (74,840,427 | ) | (152,885,008 | ) | |||||||
Net assets: | |||||||||||
Beginning of period | 467,786,722 | 620,671,730 | |||||||||
End of period | $ | 392,946,295 | $ | 467,786,722 | |||||||
Accumulated undistributed (distributions in excess of) net investment income | $ | (83,420 | ) | $ | (117,994 | ) | |||||
(a) | California Intermediate AMT-Free Municipal and New York Intermediate AMT-Free Municipal Funds commenced operations on November 1, 2005. |
(b) | Net of $24,728 and $20,934 in redemption fees remitted to the Municipal Income Fund for the periods ended April 30, 2006 and October 31, 2005, respectively. |
The accompanying notes are an integral part of these financial statements.
78
GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS
California Intermediate | New York Intermediate | |||||||||||||||||||||||
AMT-Free Municipal Fund | AMT-Free Municipal Fund | Municipal Income Fund | High Yield Municipal Fund | |||||||||||||||||||||
For the | For the | For the | For the | |||||||||||||||||||||
Six Months Ended | Six Months Ended | Six Months Ended | For the | Six Months Ended | For the | |||||||||||||||||||
April 30, 2006 | April 30, 2006 | April 30, 2006 | Year Ended | April 30, 2006 | Year Ended | |||||||||||||||||||
(Unaudited)(a) | (Unaudited)(a) | (Unaudited) | October 31, 2005 | (Unaudited) | October 31, 2005 | |||||||||||||||||||
$ | 461,284 | $ | 128,491 | $ | 8,353,302 | $ | 14,891,853 | $ | 132,110,793 | $ | 198,273,384 | |||||||||||||
(50,863 | ) | (85 | ) | 1,386,506 | 466,007 | 27,961,186 | 9,607,511 | |||||||||||||||||
(191,027 | ) | (65,173 | ) | (3,704,900 | ) | (3,025,420 | ) | 37,588,091 | 50,687,703 | |||||||||||||||
219,394 | 63,233 | 6,034,908 | 12,332,440 | 197,660,070 | 258,568,598 | |||||||||||||||||||
(351,865 | ) | (29,890 | ) | (5,009,300 | ) | (9,136,905 | ) | (59,164,523 | ) | (89,601,188 | ) | |||||||||||||
— | — | (231,918 | ) | (472,770 | ) | (1,004,719 | ) | (2,010,115 | ) | |||||||||||||||
(551 | ) | (122 | ) | (140,420 | ) | (229,418 | ) | (1,954,912 | ) | (2,901,299 | ) | |||||||||||||
(110,335 | ) | (98,479 | ) | (2,916,785 | ) | (5,327,223 | ) | (69,239,565 | ) | (105,930,956 | ) | |||||||||||||
— | — | (6,887 | ) | (13,073 | ) | — | — | |||||||||||||||||
(462,751 | ) | (128,491 | ) | (8,305,310 | ) | (15,179,389 | ) | (131,363,719 | ) | (200,443,558 | ) | |||||||||||||
46,800,489 | 10,343,866 | 95,423,694 | 314,381,656 | 1,494,941,387 | 2,422,682,360 | |||||||||||||||||||
— | — | — | 59,489,535 | — | — | |||||||||||||||||||
264,088 | 107,034 | 5,177,859 | 9,483,272 | 101,942,790 | 155,081,432 | |||||||||||||||||||
(12,587,108 | ) | (72,010 | ) | (75,117,656 | ) | (250,122,559 | ) | (655,256,702 | ) | (823,023,189 | ) | |||||||||||||
34,477,469 10 | ,378,890 25,48 | 3,897 133,23 | 1,904 941,6 | 27,475 1,754,7 | 40,603 | |||||||||||||||||||
34,234,112 | 10,313,632 | 23,213,495 | 130,384,955 | 1,007,923,826 | 1,812,865,643 | |||||||||||||||||||
— | — | 390,405,997 | 260,021,042 | 4,941,683,919 | 3,128,818,276 | |||||||||||||||||||
$ | 34,234,112 | $ | 10,313,632 | $ | 413,619,492 | $ | 390,405,997 | $ | 5,949,607,745 | $ | 4,941,683,919 | |||||||||||||
$ | (1,467 | ) | $ | — | $ | (145,810 | ) | $ | (193,802 | ) | $ | 3,417,448 | $ | 2,670,374 | ||||||||||
The accompanying notes are an integral part of these financial statements.
79
GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS
Notes to Financial Statements
April 30, 2006 (Unaudited)
1. ORGANIZATION |
Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended, (the “Act”) as an open-end management investment company. The Trust includes the Goldman Sachs Short Duration Tax-Free Fund, the Goldman Sachs California Intermediate AMT-Free Municipal Fund, the Goldman Sachs New York Intermediate AMT-Free Municipal Fund, the Goldman Sachs Municipal Income Fund and the Goldman Sachs High Yield Municipal Fund, (collectively, the “Funds” or individually a “Fund”). California Intermediate AMT-Free Municipal and New York Intermediate AMT-Free Municipal commenced operations on November 1, 2005. Short Duration Tax-Free and Municipal Income are diversified portfolios offering five classes of shares — Class A, Class B, Class C, Institutional and Service. California Intermediate AMT-Free Municipal and New York Intermediate AMT-Free Municipal are non-diversified portfolios offering three classes of shares — Class A and Class C and Institutional. High Yield Municipal is a non-diversified portfolio offering four classes of shares — Class A, Class B, Class C and Institutional. Class A shares of the Funds are sold with front-end sales charges of up to 2.00%, 4.50%, 4.50%, 4.50% and 4.50%, respectively. Class B shares of Short Duration Tax-Free, Municipal Income and High Yield Municipal are sold with contingent deferred sales charges that decline from 2.00% to zero, 5.00% to zero, and 5.00% to zero, respectively, depending upon the period of time that shares are held. Class C shares of the Funds are sold with a contingent deferred sales charge of 1.00% during the first 12 months. Institutional and Service Class shares of the Funds are not subject to a sales charge. Such sales loads are paid directly to Goldman, Sachs & Co. (“Goldman Sachs”) as distributor of the Funds.
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 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 market quotations are not readily available or are deemed not to reflect market value by the investment adviser 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 market value.
80
GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS
2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
B. Security Transactions and Investment Income — Security transactions are reflected 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 of the Funds are allocated daily to each class of shares of the respective Fund based upon the relative proportion of net assets of each class.
Pursuant to applicable law and procedures adopted by the Trust’s Board of Trustees, securities transactions in portfolio securities (including futures transactions) may be effected from time to time through Goldman Sachs or an affiliate. In order for Goldman Sachs or an affiliate, acting as an agent, to effect securities or futures transactions for a Fund, the commissions, fees or other renumeration received by Goldman Sachs or an affiliate must be reasonable and fair compared to the commissions, fees or other renumerations received by other brokers in connection with comparable transactions involving similar securities or other futures contracts.
C. 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 and/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.
D. Offering Costs — Offering costs paid in connection with the offering of shares of the California Intermediate AMT-Free Municipal and the New York Intermediate AMT-Free Municipal Funds are amortized on a straight-line basis over 12 months from the date of commencement of operations.
E. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code (the “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 the ex-dividend date. Income distributions are declared daily and paid monthly. Capital gain distributions, if any, are declared and paid annually for all Funds.
The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with Federal income tax rules, which may differ from generally accepted accounting principles. Therefore, the source of each Fund’s distributions may be shown in the accompanying financial statements as either from net investment income or net realized gain, or as a tax return of capital.
F. Segregation Transactions — As set forth in the prospectus, 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 these transactions, the Funds are required to segregate or physically move liquid assets, on the books of their custodian or to respective counterparties, with a current value equal to or greater than the market value of the corresponding transactions.
G. 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, rates or indices 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.
81
GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS
Notes to Financial Statements (continued)
April 30, 2006 (Unaudited)
2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
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, including terminated swaps, are recorded as realized gains or losses.
H. Inverse Floaters — The Funds may invest in inverse floating rate debt securities (“inverse floaters”). The interest rate on inverse floaters resets in the opposite direction from the market rate of interest to which the inverse floater is indexed. An inverse floater may be considered to be leveraged to the extent that its interest rate varies by a magnitude that exceeds the magnitude of the change in the index rate of interest. The higher the degree of leverage of an inverse floater, the greater the volatility of its market value.
3. AGREEMENTS |
Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs, serves as an investment adviser pursuant to an Investment Management Agreement (the “Agreement”) with the Trust on behalf of the Funds. Under this Agreement, 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.
GSAM has entered into a fee reduction commitment for the Short Duration Tax-Free, Municipal Income and High Yield Municipal Funds which was implemented on a voluntary basis beginning July 1, 2005 and on a contractual basis as of February 28, 2006 to achieve the rates listed below.
The rates listed below for the California Intermediate AMT-Free Municipal and New York Intermediate AMT-Free Municipal Funds have been contractual for the six months ended April 30, 2006.
For the six months ended April 30, 2006, the Funds’ Management fees as an annual percentage rate of average daily net assets were as follows:
Management Fee | Average Daily | |||||
Fund | Annual Rate | Net Assets | ||||
Short Duration Tax-Free | 0.40 | % | First $1 Billion | |||
0.36 | Next $1 Billion | |||||
0.34 | Over $2 Billion | |||||
California Intermediate AMT-Free Municipal | 0.45 | % | First $1 Billion | |||
0.41 | Next $1 Billion | |||||
0.39 | Over $2 Billion | |||||
New York Intermediate AMT-Free Municipal | 0.45 | % | First $1 Billion | |||
0.41 | Next $1 Billion | |||||
0.39 | Over $2 Billion | |||||
Municipal Income | 0.55 | % | First $1 Billion | |||
0.50 | Next $1 Billion | |||||
0.48 | Over $2 Billion | |||||
High Yield Municipal | 0.55 | % | First $2 Billion | |||
0.50 | Over $2 Billion | |||||
82
GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS
3. AGREEMENTS (continued) |
Prior to July 1, 2005, the Short Duration Tax-Free, Municipal Income and High Yield Municipal Funds’ Management fees as an annual percentage rate of average daily net assets were as follows:
Management | ||||
Fund | Fee | |||
Short Duration Tax-Free | 0.40 | % | ||
Municipal Income | 0.55 | |||
High Yield Municipal | 0.55 | |||
For the six months ended April 30, 2006, GSAM has voluntarily agreed to waive a portion of its Management fee for Short Duration Tax-Free and Municipal Income equal to 0.05% of their respective average daily net assets. 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 Agency fees and expenses, taxes, Service Share fees, interest, brokerage fees and litigation, indemnification, shareholder meeting and other extraordinary expenses exclusive of any expense offset arrangements) 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, 2006, the Other Expense limitations for the Short Duration Tax-Free, California Intermediate AMT-Free Municipal, New York Intermediate AMT-Free Municipal, Municipal Income and High Yield Municipal as an annual percentage rate of average daily net assets were 0.004%, 0.044%, 0.044%, 0.004% and 0.004%, respectively.
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 to, on an annual basis, 0.25%, 0.75% and 0.75% of the Funds’ 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 each Fund’s average daily net assets attributable to Class B and Class C Shares. For the six months ended April 30, 2006, 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 retain 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, 2006, Goldman Sachs advised the Funds that it retained the following approximate amounts:
Contingent Deferred | ||||||||||||
Sales Charge | ||||||||||||
Sales Load | ||||||||||||
Fund | Class A | Class B | Class C | |||||||||
Short Duration Tax-Free | $ | 1,200 | $ | — | $ | — | ||||||
California Intermediate AMT-Free Municipal | 2,200 | — | — | |||||||||
New York Intermediate AMT-Free Municipal | — | — | — | |||||||||
Municipal Income | 56,400 | — | — | |||||||||
High Yield Municipal | 226,000 | — | — | |||||||||
83
GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS
Notes to Financial Statements (continued)
April 30, 2006 (Unaudited)
3. AGREEMENTS (continued) |
California Intermediate AMT-Free Municipal, New York Intermediate AMT-Free Municipal and Municipal Income will charge a 2% redemption fee on the redemption of shares (including by exchange) held for 30 calendar days or less. For this purpose, these Funds use a first-in first-out (“FIFO”) method so that shares held longest will be treated as being redeemed first and shares held shortest will be treated as being redeemed last. Redemption fees are reimbursed to the Funds as a reduction in share redemptions and are reflected on the Statement of Changes in Net Assets. Redemption fees are credited to Paid-in capital and are allocated to each share class of the Funds on a pro rata basis.
Goldman Sachs also serves as the Transfer Agent of the Funds for a fee. The fees charged for such Transfer Agency services are calculated daily and payable monthly at an annual rate as follows: 0.16% of 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 the Short Duration Tax-Free, Municipal Income and High Yield Municipal Funds, 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 equal to, on an annualized basis, 0.25% and 0.25%, respectively, of the average daily net assets of the Service Shares.
For the six months ended April 30, 2006, GSAM and Goldman Sachs have voluntarily agreed to waive certain fees and reimburse other expenses. In addition, the Funds have entered into certain offset arrangements with the custodian resulting in a reduction of the Funds’ expenses. These expense reductions were as follows (in thousands):
Fee Waivers | ||||||||||||||||||||
Class B | Other | |||||||||||||||||||
Distribution | Expense | Custody | Total Expense | |||||||||||||||||
Fund | Management | and Service | Reimbursement | Fee Reduction | Reductions | |||||||||||||||
Short Duration Tax-Free | $ | 109 | $ | 2 | $ | 211 | $ | 9 | $ | 331 | ||||||||||
California Intermediate AMT-Free Municipal | — | — | 159 | 7 | 166 | |||||||||||||||
New York Intermediate AMT-Free Municipal | — | — | 158 | 4 | 162 | |||||||||||||||
Municipal Income | 98 | — | 240 | 8 | 346 | |||||||||||||||
High Yield Municipal | 513 | — | 599 | 73 | 1,185 | |||||||||||||||
At April 30, 2006, the amounts owed to affiliates of the Trust were as follows (in thousands):
Management | Distribution and | Transfer | ||||||||||||||
Fund | Fees | Service Fees | Agent Fees | Total | ||||||||||||
Short Duration Tax-Free | $ | 116 | $ | 30 | $ | 25 | $ | 171 | ||||||||
California Intermediate AMT-Free Municipal | 12 | 6 | 4 | 22 | ||||||||||||
New York Intermediate AMT-Free Municipal | 3 | 1 | 1 | 5 | ||||||||||||
Municipal Income | 167 | 70 | 40 | 277 | ||||||||||||
High Yield Municipal | 2,511 | 696 | 481 | 3,688 | ||||||||||||
84
GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS
4. PORTFOLIO SECURITIES TRANSACTIONS |
The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended April 30, 2006, were as follows (in thousands):
Fund | Purchases | Sales and Maturities | ||||||
Short Duration Tax-Free | $ | 115,666,149 | $ | 202,267,080 | ||||
California Intermediate AMT-Free Municipal | 42,397,048 | 8,062,346 | ||||||
New York Intermediate AMT-Free Municipal | 9,932,437 | 379,947 | ||||||
Municipal Income | 62,711,794 | 46,074,043 | ||||||
High Yield Municipal | 2,059,224,288 | 1,030,723,260 | ||||||
5. LINE OF CREDIT FACILITY |
The Funds participate in a $350,000,000 committed, unsecured revolving line of credit facility together with other registered investment companies having management or investment advisory agreements with GSAM. Under the most restrictive arrangement, the Funds must own securities having a market value in excess of 300% of each Fund’s 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, 2006, the Funds did not have any borrowings under this facility.
6. TAX INFORMATION |
As of the Funds’ most recent fiscal year end, October 31, 2005, 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 | |||||||||||
Capital loss carryforward:(1) | |||||||||||||
Expiring 2007 | $ | (183,057 | ) | $ | (736,796 | ) | $ | — | |||||
Expiring 2008 | (1,858,014 | ) | (3,726,522 | ) | — | ||||||||
Expiring 2011 | — | (872,080 | ) | (3,914,571 | ) | ||||||||
Expiring 2012 | (2,563,121 | ) | (873,613 | ) | (23,410,699 | ) | |||||||
Expiring 2013 | (3,111,684 | ) | — | — | |||||||||
Total capital loss carryforward | $ | (7,715,876 | ) | $ | (6,209,011 | ) | $ | (27,325,270 | ) | ||||
Timing differences (dividends payable) | (210,684 | ) | (499,775 | ) | (4,519,063 | ) | |||||||
(1) | Expiration occurs on October 31 of the year indicated. Utilization on these losses may be limited under the Code. |
At April 30, 2006, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes was as follows:
California | New York | |||||||||||||||||||
Short Duration | Intermediate | Intermediate | Municipal | High Yield | ||||||||||||||||
Tax-Free | AMT-Free Municipal | AMT-Free Municipal | Income | Municipal | ||||||||||||||||
Tax Cost | $ | 386,473,383 | $ | 35,626,145 | $ | 10,551,160 | $ | 398,579,906 | $ | 5,716,751,563 | ||||||||||
Gross unrealized gain | 18,772,064 | 43,573 | 756 | 36,173,035 | 587,655,878 | |||||||||||||||
Gross unrealized loss | (23,206,908 | ) | (234,600 | ) | (65,929 | ) | (20,510,471 | ) | (363,758,658 | ) | ||||||||||
Net unrealized security gain (loss) | $ | (4,434,844 | ) | $ | (191,027 | ) | $ | (65,173 | ) | $ | 15,662,564 | $ | 223,897,220 | |||||||
85
GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS
Notes to Financial Statements (continued)
April 30, 2006 (Unaudited)
6. TAX INFORMATION (continued) |
The difference between book-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, accretion of market discount, amortization of premium and the tax treatment of partnership investments for book accounting purposes.
7. OTHER MATTERS |
Mergers and Reorganizations — At a meeting held on November 4, 2004, the Board of Trustees of the Trust approved an Agreement and Plan of Reorganization (“the Agreement”) providing for the tax-free acquisition of the Expedition Tax-Free Investment Grade Bond Fund by the Goldman Sachs Municipal Income Fund. The acquisition was completed on February 28, 2005 as of the close of business on February 25, 2005.
Pursuant to the Agreement, the assets and liabilities of the Expedition Tax-Free Investment Grade Bond Fund (“Acquired Fund”) Institutional Class, Class A and Class B were transferred into the Goldman Sachs Municipal Income Fund (“Survivor Fund”) Institutional Class, Class A and Class B, respectively, in a tax free exchange as follows:
Exchanged Shares | Acquired Fund’s | |||||||||||
of Survivor | Value of | Shares Outstanding | ||||||||||
Survivor/Acquired Fund | Issued | Exchanged Shares | as of February 25, 2005 | |||||||||
Goldman Sachs Municipal Income Class A/Expedition Tax-Free Investment Grade Bond Class A | 22,516 | $ | 354,853 | 33,157 | ||||||||
Goldman Sachs Municipal Income Class B/Expedition Tax-Free Investment Grade Bond Class B | 13,804 | 217,561 | 20,322 | |||||||||
Goldman Sachs Municipal Income Institutional Class/Expedition Tax-Free Investment Grade Bond Institutional Class | 3,740,766 | 58,917,121 | 5,500,562 | |||||||||
The following chart shows the Survivor Fund’s and Acquired Fund’s aggregate net assets (immediately before and after the completion of the acquisition) and the Acquired Fund’s unrealized appreciation.
Survivor Fund’s | ||||||||||||||||
Survivor Fund’s | Acquired Fund’s | Aggregate | ||||||||||||||
Aggregate | Aggregate | Acquired | Net Assets | |||||||||||||
Net Assets | Net Assets | Fund’s | Immediately | |||||||||||||
Before | Before | Unrealized | After | |||||||||||||
Survivor/Acquired Fund | Acquisition | Acquisition | Appreciation | Acquisition | ||||||||||||
Goldman Sachs Municipal Income/Expedition Tax-Free Investment Grade Bond | $ | 380,232,783 | $ | 59,489,535 | $ | 3,814,099 | $ | 439,722,318 | ||||||||
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 the Goldman Sachs Group, Inc. (“GSG”), GSAM and certain related parties, including certain Goldman Sachs Funds including the Short Duration Tax-Free, Municipal Income and High Yield Municipal Funds, and the Trustees and Officers of the Goldman Sachs Trust. In June 2004, these lawsuits were consolidated into one action and in November 2004 a consolidated and amended complaint was filed against GSG, GSAM, Goldman Sachs Asset Management International (“GSAMI”), Goldman Sachs and certain related parties including certain Goldman Sachs Funds and the Trustees and Officers of the Trust. The Short Duration Tax-Free, Municipal Income and High Yield Municipal Funds along with certain other investment portfolios of the Trust, were named as nominal defendants in the amended complaint. Plaintiffs filed a second amended consolidated complaint on April 15, 2005. The second amended consolidated complaint alleges violations of the Act and the Investment Advisers Act of 1940. The complaint also asserts claims involving common law breach of fiduciary duty and unjust enrichment. The complaint alleges, among other things, that between April 2, 1999 and January 9, 2004 (the “Class Period”), GSAM and other defendants made improper and
86
GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS
7. OTHER MATTERS (continued) |
excessive brokerage commission and other payments to brokers that sold shares of the Goldman Sachs Funds and omitted statements of fact in registration statements and reports filed pursuant to the Act which were necessary to prevent such registration statements and reports from being materially false and misleading. The complaint further alleges that the Goldman Sachs Funds paid excessive and improper advisory fees to Goldman Sachs. The complaint also alleges that GSAM and GSAMI used 12b-1 fees for improper purposes and made improper use of soft dollars. The complaint further alleges that the Trust’s Officers and Trustees breached their fiduciary duties in connection with the foregoing. On January 13, 2006, all claims against the defendants were dismissed by the U.S. District Court. On February 22, 2006, the plaintiffs appealed this decision.
Based on currently available information, GSAM and GSAMI believe that the likelihood that the pending purported class action and derivative action lawsuit will have a material adverse financial impact on the Funds is remote, and the pending action is not likely to materially affect their ability to provide investment management services to their clients, including the Goldman Sachs Funds.
87
GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS
Notes to Financial Statements (continued)
April 30, 2006 (Unaudited)
8. SUMMARY OF SHARE TRANSACTIONS |
Share activity is as follows:
Short Duration Tax-Free | ||||||||||||||||
For the Six Months Ended | For the Year Ended | |||||||||||||||
April 30, 2006 (Unaudited) | October 31, 2005 | |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
Class A Shares | ||||||||||||||||
Shares sold | 4,437,502 | $ | 45,154,561 | 9,460,762 | $ | 97,337,331 | ||||||||||
Shares issued in connection with merger | — | — | — | — | ||||||||||||
Reinvestment of dividends and distributions | 151,538 | 1,540,579 | 336,460 | 3,456,711 | ||||||||||||
Shares converted from Class B(a) | 1,247 | 12,705 | 2,479 | 25,438 | ||||||||||||
Shares repurchased | (8,713,261 | ) | (88,631,363 | ) | (13,479,149 | ) | (138,499,236 | ) | ||||||||
(4,122,974 | ) | (41,923,518 | ) | (3,679,448 | ) | (37,679,756 | ) | |||||||||
Class B Shares | ||||||||||||||||
Shares sold | 824 | 8,369 | 11,465 | 118,530 | ||||||||||||
Shares issued in connection with merger | — | — | — | — | ||||||||||||
Reinvestment of dividends and distributions | 1,823 | 18,515 | 4,176 | 42,868 | ||||||||||||
Shares converted to Class A(a) | (1,248 | ) | (12,705 | ) | (2,481 | ) | (25,438 | ) | ||||||||
Shares repurchased | (43,648 | ) | (443,895 | ) | (201,643 | ) | (2,073,419 | ) | ||||||||
(42,249 | ) | (429,716 | ) | (188,483 | ) | (1,937,459 | ) | |||||||||
Class C Shares | ||||||||||||||||
Shares sold | 39,320 | 399,565 | 125,695 | 1,295,839 | ||||||||||||
Reinvestment of dividends and distributions | 4,655 | 47,330 | 11,746 | 120,694 | ||||||||||||
Shares repurchased | (227,768 | ) | (2,317,870 | ) | (971,195 | ) | (9,996,909 | ) | ||||||||
(183,793 | ) | (1,870,975 | ) | (833,754 | ) | (8,580,376 | ) | |||||||||
Institutional Shares | ||||||||||||||||
Shares sold | 4,621,467 | 46,953,685 | 7,764,067 | 79,667,579 | ||||||||||||
Shares issued in connection with merger | — | — | — | — | ||||||||||||
Reinvestment of dividends and distributions | 396,856 | 4,031,439 | 773,703 | 7,943,180 | ||||||||||||
Shares repurchased | (7,758,152 | ) | (78,776,474 | ) | (17,689,673 | ) | (181,838,311 | ) | ||||||||
(2,739,829 | ) | (27,791,350 | ) | (9,151,903 | ) | (94,227,552 | ) | |||||||||
Service Shares | ||||||||||||||||
Shares sold | — | — | — | — | ||||||||||||
Reinvestment of dividends and distributions | 76 | 768 | 122 | 1,253 | ||||||||||||
Shares repurchased | (14 | ) | (143 | ) | (2 | ) | (17 | ) | ||||||||
62 | 625 | 120 | 1,236 | |||||||||||||
NET INCREASE (DECREASE) | (7,088,783 | ) | $ | (72,014,934 | ) | (13,853,468 | ) | $ | (142,423,907 | ) | ||||||
(a) | Class B Shares automatically convert into Class A Shares at the end of the calendar quarter that is eight years after the initial purchase date of either the Fund or another Goldman Sachs Fund. |
(b) | Commencement date of operations was November 1, 2005 for all shares of classes. |
88
GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS
California Intermediate | New York Intermediate | |||||||||||||||
AMT-Free Municipal | AMT-Free Municipal | |||||||||||||||
For the Six Months Ended | For the Six Months Ended | |||||||||||||||
April 30, 2006 (Unaudited)(b) | April 30, 2006 (Unaudited)(b) | |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
3,370,971 | $ | 33,735,556 | 431,501 | $ | 4,314,964 | |||||||||||
— | — | — | — | |||||||||||||
21,636 | 216,173 | 1,486 | 14,831 | |||||||||||||
— | — | — | — | |||||||||||||
(681,795 | ) | (6,815,102 | ) | (7,035 | ) | (70,000 | ) | |||||||||
2,710,812 | 27,136,627 | 425,952 | 4,259,795 | |||||||||||||
— | — | — | — | |||||||||||||
— | — | — | — | |||||||||||||
— | — | — | — | |||||||||||||
— | — | — | — | |||||||||||||
— | — | — | — | |||||||||||||
— | — | — | — | |||||||||||||
18,027 | 179,842 | 1,008 | 10,075 | |||||||||||||
14 | 140 | 12 | 122 | |||||||||||||
— | — | — | — | |||||||||||||
18,041 | 179,982 | 1,020 | 10,197 | |||||||||||||
1,287,694 | 12,885,091 | 601,792 | 6,018,827 | |||||||||||||
— | — | — | — | |||||||||||||
4,779 | 47,775 | 9,205 | 92,081 | |||||||||||||
(575,690 | ) | (5,772,006 | ) | (200 | ) | (2,010 | ) | |||||||||
716,783 | 7,160,860 | 610,797 | 6,108,898 | |||||||||||||
— | — | — | — | |||||||||||||
— | — | — | — | |||||||||||||
— | — | — | — | |||||||||||||
— | — | — | — | |||||||||||||
3,445,636 | $ | 34,477,469 | 1,037,769 | $ | 10,378,890 | |||||||||||
89
GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS
Notes to Financial Statements (continued)
April 30, 2006 (Unaudited)
8. SUMMARY OF SHARE TRANSACTIONS (continued) |
Share activity is as follows:
Municipal Income | ||||||||||||||||
For the Six Months Ended | For the Year Ended | |||||||||||||||
April 30, 2006 (Unaudited) | October 31, 2005 | |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
Class A Shares | ||||||||||||||||
Shares sold | 3,981,532 | $ | 62,185,557 | 12,169,621 | $ | 191,257,618 | ||||||||||
Shares issued in connection with merger | — | — | 22,516 | 354,853 | ||||||||||||
Reinvestment of dividends and distributions | 278,077 | 4,344,112 | 500,799 | 7,873,953 | ||||||||||||
Shares converted from Class B(a) | 7,597 | 119,016 | 17,426 | 273,549 | ||||||||||||
Shares repurchased | (2,912,768 | ) | (45,480,261 | ) | (8,739,244 | ) | (136,957,291 | ) | ||||||||
1,354,438 | 21,168,424 | 3,971,118 | 62,802,682 | |||||||||||||
Class B Shares | ||||||||||||||||
Shares sold | 75,399 | 1,179,200 | 139,704 | 2,198,044 | ||||||||||||
Shares issued in connection with merger | — | — | 13,804 | 217,561 | ||||||||||||
Reinvestment of dividends and distributions | 10,523 | 164,457 | 21,238 | 333,886 | ||||||||||||
Shares converted to Class A(a) | (7,597 | ) | (119,016 | ) | (17,426 | ) | (273,549 | ) | ||||||||
Shares repurchased | (143,437 | ) | (2,243,948 | ) | (173,761 | ) | (2,732,543 | ) | ||||||||
(65,112 | ) | (1,019,307 | ) | (16,441 | ) | (256,601 | ) | |||||||||
Class C Shares | ||||||||||||||||
Shares sold | 79,682 | 1,246,909 | 227,183 | 3,575,890 | ||||||||||||
Reinvestment of dividends and distributions | 6,850 | 107,037 | 10,409 | 163,741 | ||||||||||||
Shares repurchased | (28,490 | ) | (444,497 | ) | (105,023 | ) | (1,651,312 | ) | ||||||||
58,042 | 909,449 | 132,569 | 2,088,319 | |||||||||||||
Institutional Shares | ||||||||||||||||
Shares sold | 1,941,800 | 30,364,288 | 7,497,869 | 117,349,953 | ||||||||||||
Shares issued in connection with merger | — | — | 3,740,766 | 58,917,121 | ||||||||||||
Reinvestment of dividends and distributions | 35,932 | 561,352 | 70,694 | 1,111,096 | ||||||||||||
Shares repurchased | (1,725,088 | ) | (26,948,950 | ) | (6,937,929 | ) | (108,760,950 | ) | ||||||||
252,644 | 3,976,690 | 4,371,400 | 68,617,220 | |||||||||||||
Service Shares | ||||||||||||||||
Shares sold | 28,700 | 447,740 | 9 | 151 | ||||||||||||
Reinvestment of dividends and distributions | 57 | 901 | 38 | 596 | ||||||||||||
Shares repurchased | — | — | (1,285 | ) | (20,463 | ) | ||||||||||
28,757 | 448,641 | (1,238 | ) | (19,716 | ) | |||||||||||
NET INCREASE (DECREASE) | 1,628,769 | $ | 25,483,897 | 8,457,408 | $ | 133,231,904 | ||||||||||
(a) | Class B Shares automatically convert into Class A Shares at the end of the calendar quarter that is eight years after the initial purchase date of either the Fund or another Goldman Sachs Fund. |
(b) | Commencement date of operations was November 1, 2005 for all shares of classes. |
90
GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS
High Yield Municipal | ||||||||||||||||
For the Six Months Ended | For the Year Ended | |||||||||||||||
April 30, 2006 (Unaudited) | October 31, 2005 | |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
65,121,272 | $ | 732,313,896 | 103,014,985 | $ | 1,144,128,341 | |||||||||||
— | — | — | — | |||||||||||||
3,970,033 | 44,672,193 | 5,926,748 | 65,979,887 | |||||||||||||
3,987 | 45,208 | 6,022 | 67,289 | |||||||||||||
(27,942,359 | ) | (313,634,270 | ) | (43,879,461 | ) | (487,691,984 | ) | |||||||||
41,152,933 | 463,397,027 | 65,068,294 | 722,483,533 | |||||||||||||
265,749 | 2,994,175 | 538,020 | 5,959,362 | |||||||||||||
— | — | — | — | |||||||||||||
57,538 | 647,477 | 110,349 | 1,227,492 | |||||||||||||
(3,983 | ) | (45,208 | ) | (6,022 | ) | (67,289 | ) | |||||||||
(222,431 | ) | (2,503,650 | ) | (631,798 | ) | 7,020,979 | ) | |||||||||
96,873 | 1,092,794 | 10,549 | 98,586 | |||||||||||||
2,351,027 | 26,504,254 | 2,832,934 | 31,482,755 | |||||||||||||
105,208 | 1,184,004 | 155,556 | 1,731,277 | |||||||||||||
(611,033 | ) | (6,861,298 | ) | (734,229 | ) | (8,170,264 | ) | |||||||||
1,845,202 | 20,826,960 | 2,254,261 | 25,043,768 | |||||||||||||
65,191,231 | 733,129,062 | 111,740,477 | 1,241,111,902 | |||||||||||||
— | — | — | — | |||||||||||||
4,924,080 | 55,439,116 | 7,730,710 | 86,142,776 | |||||||||||||
(29,740,855 | ) | (332,257,484 | ) | (28,823,876 | ) | (320,139,962 | ) | |||||||||
40,374,456 | 456,310,694 | 90,647,311 | 1,007,114,716 | |||||||||||||
— | — | — | — | |||||||||||||
— | — | — | — | |||||||||||||
— | — | — | — | |||||||||||||
— | — | — | — | |||||||||||||
83,469,464 | $ | 941,627,475 | 157,980,418 | $ | 1,754,740,603 | |||||||||||
91
GOLDMAN SACHS SHORT DURATION TAX-FREE FUND
Financial Highlights
Selected Data for a Share Outstanding Throughout Each Period
Income (loss) from | Distributions | |||||||||||||||||||||||
investment operations | to shareholders | |||||||||||||||||||||||
Net asset | ||||||||||||||||||||||||
value, | Net | Net realized | Total from | From net | ||||||||||||||||||||
beginning | investment | and unrealized | investment | investment | ||||||||||||||||||||
Year - Share Class | of period | income(a) | gain (loss) | operations | income | |||||||||||||||||||
FOR THE SIX MONTHS ENDED APRIL 30, (Unaudited) | ||||||||||||||||||||||||
2006 - A | $ | 10.20 | $ | 0.15 | $ | (0.07 | ) | $ | 0.08 | $ | (0.15 | ) | ||||||||||||
2006 - B | 10.19 | 0.15 | (0.10 | ) | 0.05 | (0.12 | ) | |||||||||||||||||
2006 - C | 10.20 | 0.12 | (0.08 | ) | 0.04 | (0.11 | ) | |||||||||||||||||
2006 - Institutional | 10.19 | 0.17 | (0.07 | ) | 0.10 | (0.17 | ) | |||||||||||||||||
2006 - Service | 10.19 | 0.14 | (0.07 | ) | 0.07 | (0.14 | ) | |||||||||||||||||
FOR THE YEARS ENDED OCTOBER 31, | ||||||||||||||||||||||||
2005 - A | 10.39 | 0.24 | (0.18 | ) | 0.06 | (0.25 | ) | |||||||||||||||||
2005 - B | 10.38 | 0.18 | (0.18 | ) | (0.00 | ) | (0.19 | ) | ||||||||||||||||
2005 - C | 10.39 | 0.16 | (0.18 | ) | (0.02 | ) | (0.17 | ) | ||||||||||||||||
2005 - Institutional | 10.39 | 0.28 | (0.19 | ) | 0.09 | (0.29 | ) | |||||||||||||||||
2005 - Service | 10.38 | 0.23 | (0.18 | ) | 0.05 | (0.24 | ) | |||||||||||||||||
2004 - A | 10.45 | 0.19 | (0.06 | ) | 0.13 | (0.19 | ) | |||||||||||||||||
2004 - B | 10.44 | 0.12 | (0.05 | ) | 0.07 | (0.13 | ) | |||||||||||||||||
2004 - C | 10.45 | 0.11 | (0.06 | ) | 0.05 | (0.11 | ) | |||||||||||||||||
2004 - Institutional | 10.44 | 0.23 | (0.05 | ) | 0.18 | (0.23 | ) | |||||||||||||||||
2004 - Service | 10.44 | 0.17 | (0.05 | ) | 0.12 | (0.18 | ) | |||||||||||||||||
2003 - A | 10.36 | 0.17 | 0.10 | 0.27 | (0.18 | ) | ||||||||||||||||||
2003 - B | 10.35 | 0.11 | 0.10 | 0.21 | (0.12 | ) | ||||||||||||||||||
2003 - C | 10.36 | 0.10 | 0.09 | 0.19 | (0.10 | ) | ||||||||||||||||||
2003 - Institutional | 10.36 | 0.21 | 0.09 | 0.30 | (0.22 | ) | ||||||||||||||||||
2003 - Service | 10.34 | 0.15 | 0.12 | 0.27 | (0.17 | ) | ||||||||||||||||||
2002 - A | 10.26 | 0.26 | (d) | 0.12 | (d) | 0.38 | (0.28 | ) | ||||||||||||||||
2002 - B | 10.25 | 0.21 | (d) | 0.10 | (d) | 0.31 | (0.21 | ) | ||||||||||||||||
2002 - C | 10.26 | 0.18 | (d) | 0.12 | (d) | 0.30 | (0.20 | ) | ||||||||||||||||
2002 - Institutional | 10.25 | 0.31 | (d) | 0.12 | (d) | 0.43 | (0.32 | ) | ||||||||||||||||
2002 - Service | 10.24 | 0.26 | (d) | 0.10 | (d) | 0.36 | (0.26 | ) | ||||||||||||||||
2001 - A | 9.94 | 0.38 | 0.33 | 0.71 | (0.39 | ) | ||||||||||||||||||
2001 - B | 9.94 | 0.32 | 0.32 | 0.64 | (0.33 | ) | ||||||||||||||||||
2001 - C | 9.94 | 0.29 | 0.34 | 0.63 | (0.31 | ) | ||||||||||||||||||
2001 - Institutional | 9.94 | 0.42 | 0.32 | 0.74 | (0.43 | ) | ||||||||||||||||||
2001 - Service | 9.92 | 0.38 | 0.32 | 0.70 | (0.38 | ) | ||||||||||||||||||
(a) | Calculated based on the average shares outstanding methodology. |
(b) | 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. |
(c) | Annualized. |
(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. |
The accompanying notes are an integral part of these financial statements.
92
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(b) | (in 000s) | assets | assets | net assets | assets | rate | |||||||||||||||||||||||||||
$ | 10.13 | 0.78 | % | $ | 104,700 | 0.76 | %(c) | 2.96 | %(c) | 0.91 | %(c) | 2.81 | %(c) | 27 | % | |||||||||||||||||||
10.12 | 0.48 | 2,167 | 1.36 | (c) | 2.95 | (c) | 1.66 | (c) | 2.65 | (c) | 27 | |||||||||||||||||||||||
10.13 | 0.41 | 7,517 | 1.51 | (c) | 2.38 | (c) | 1.66 | (c) | 2.23 | (c) | 27 | |||||||||||||||||||||||
10.12 | 0.96 | 278,507 | 0.39 | (c) | 3.34 | (c) | 0.54 | (c) | 3.19 | (c) | 27 | |||||||||||||||||||||||
10.12 | 0.71 | 55 | 0.89 | (c) | 2.83 | (c) | 1.04 | (c) | 2.68 | (c) | 27 | |||||||||||||||||||||||
10.20 | 0.56 | 147,425 | 0.78 | 2.37 | 0.91 | 2.24 | 46 | |||||||||||||||||||||||||||
10.19 | (0.04 | ) | 2,612 | 1.38 | 1.77 | 1.66 | 1.49 | 46 | ||||||||||||||||||||||||||
10.20 | (0.19 | ) | 9,440 | 1.53 | 1.61 | 1.66 | 1.48 | 46 | ||||||||||||||||||||||||||
10.19 | 0.86 | 308,255 | 0.39 | 2.77 | 0.52 | 2.64 | 46 | |||||||||||||||||||||||||||
10.19 | 0.45 | 55 | 0.89 | 2.27 | 1.02 | 2.14 | 46 | |||||||||||||||||||||||||||
10.39 | 1.25 | 188,487 | 0.79 | 1.80 | 0.90 | 1.69 | 37 | |||||||||||||||||||||||||||
10.38 | 0.64 | 4,619 | 1.39 | 1.20 | 1.65 | 0.94 | 37 | |||||||||||||||||||||||||||
10.39 | 0.49 | 18,283 | 1.54 | 1.04 | 1.65 | 0.93 | 37 | |||||||||||||||||||||||||||
10.39 | 1.75 | 409,228 | 0.39 | 2.20 | 0.50 | 2.09 | 37 | |||||||||||||||||||||||||||
10.38 | 1.15 | 55 | 0.89 | 1.70 | 1.00 | 1.59 | 37 | |||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
93
GOLDMAN SACHS CALIFORNIA INTERMEDIATE AMT-FREE MUNICIPAL FUND
Financial Highlights
Selected Data for a Share Outstanding Throughout Each Period
Income (loss) from | Distributions | |||||||||||||||||||||||||
investment operations | to shareholders | |||||||||||||||||||||||||
Net asset | ||||||||||||||||||||||||||
value, | Net | Net realized | Total from | From net | Net asset | |||||||||||||||||||||
beginning | investment | and unrealized | investment | investment | value, end | |||||||||||||||||||||
Year - Share Class | of period | income(a) | loss | operations | income | of period | ||||||||||||||||||||
FOR THE SIX MONTHS ENDED APRIL 30, (Unaudited) | ||||||||||||||||||||||||||
2006 - A (commenced November 1, 2005) | $ | 10.00 | $ | 0.17 | $ | (0.08 | ) | $ | 0.09 | $ | (0.16 | ) | $ | 9.93 | ||||||||||||
2006 - C (commenced November 1, 2005) | 10.00 | 0.13 | (0.07 | ) | 0.06 | (0.12 | ) | 9.94 | ||||||||||||||||||
2006 - Institutional (commenced November 1, 2005) | 10.00 | 0.18 | (0.06 | ) | 0.12 | (0.18 | ) | 9.94 | ||||||||||||||||||
(a) | Calculated based on the average shares outstanding methodology. |
(b) | 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. |
(c) | Annualized. |
The accompanying notes are an integral part of these financial statements.
94
GOLDMAN SACHS CALIFORNIA INTERMEDIATE AMT-FREE MUNICIPAL FUND
Ratios assuming no | ||||||||||||||||||||||||||||||
expense reductions | ||||||||||||||||||||||||||||||
Ratio of net | Ratio of | Ratio of net | ||||||||||||||||||||||||||||
Net assets | Ratio of net | investment | total | investment | ||||||||||||||||||||||||||
at end of | expenses to | income to | expenses | income to | Portfolio | |||||||||||||||||||||||||
Total | period | average net | average net | to average | average net | turnover | ||||||||||||||||||||||||
return(b) | (in 000s) | assets | assets | net assets | assets | rate | ||||||||||||||||||||||||
0.91 | % | $ | 26,930 | 0.85 | %(c) | 3.39 | %(c) | 1.91 | %(c) | 2.33 | %(c) | 28 | % | |||||||||||||||||
0.64 | 179 | 1.65 | (c) | 2.62 | (c) | 2.57 | (c) | 1.63 | (c) | 28 | ||||||||||||||||||||
1.21 | 7,125 | 0.53 | (c) | 3.57 | (c) | 2.32 | (c) | 1.74 | (c) | 28 | ||||||||||||||||||||
95
GOLDMAN SACHS NEW YORK INTERMEDIATE AMT-FREE MUNICIPAL FUND
Financial Highlights
Selected Data for a Share Outstanding Throughout Each Period
Income (loss) from | Distributions | |||||||||||||||||||||||||||
investment operations | to shareholders | |||||||||||||||||||||||||||
Net asset | ||||||||||||||||||||||||||||
value, | Net | Net realized | Total from | From net | Net asset | |||||||||||||||||||||||
beginning | investment | and unrealized | investment | investment | value, end | |||||||||||||||||||||||
Year - Share Class | of period | income(a) | loss | operations | income | of period | ||||||||||||||||||||||
FOR THE SIX MONTHS ENDED APRIL 30, (Unaudited) | ||||||||||||||||||||||||||||
2006 - A (commenced November 1, 2005) | $ | 10.00 | $ | 0.16 | $ | (0.06 | ) | $ | 0.10 | $ | (0.16 | ) | $ | 9.94 | ||||||||||||||
2006 - C (commenced November 1, 2005) | 10.00 | 0.12 | (0.06 | ) | 0.06 | (0.12 | ) | 9.94 | ||||||||||||||||||||
2006 - Institutional (commenced November 1, 2005) | 10.00 | 0.18 | (0.07 | ) | 0.11 | (0.17 | ) | 9.94 | ||||||||||||||||||||
(a) | Calculated based on the average shares outstanding methodology. |
(b) | 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. |
(c) | Annualized. |
The accompanying notes are an integral part of these financial statements.
96
GOLDMAN SACHS NEW YORK INTERMEDIATE AMT-FREE MUNICIPAL FUND
Ratios assuming no | ||||||||||||||||||||||||||||||
expense reductions | ||||||||||||||||||||||||||||||
Ratio of net | Ratio of | Ratio of net | ||||||||||||||||||||||||||||
Net assets | Ratio of net | investment | total | investment | ||||||||||||||||||||||||||
at end of | expenses to | income to | expenses | income to | Portfolio | |||||||||||||||||||||||||
Total | period | average net | average net | to average | average net | turnover | ||||||||||||||||||||||||
return(b) | (in 000s) | assets | assets | net assets | assets | rate | ||||||||||||||||||||||||
0.96 | % | $ | 4,233 | 0.90 | %(c) | 3.27 | %(c) | 4.36 | %(c) | (0.30 | )%(c) | 5 | % | |||||||||||||||||
0.61 | 10 | 1.65 | (c) | 2.43 | (c) | 6.23 | (c) | (2.27 | )(c) | 5 | ||||||||||||||||||||
1.15 | 6,071 | 0.53 | (c) | 3.54 | (c) | 5.08 | (c) | (1.11 | )(c) | 5 | ||||||||||||||||||||
97
GOLDMAN SACHS MUNICIPAL INCOME FUND
Financial Highlights
Selected Data for a Share Outstanding Throughout Each Period
Income (loss) from | Distributions | |||||||||||||||||||||||||||
investment operations | to shareholders | |||||||||||||||||||||||||||
Net asset | ||||||||||||||||||||||||||||
value, | Net | Net realized | Total from | From net | Net asset | |||||||||||||||||||||||
beginning | investment | and unrealized | investment | investment | value, end | |||||||||||||||||||||||
Year - Share Class | of period | income(a) | gain (loss) | operations | income | of period | ||||||||||||||||||||||
FOR THE PERIOD ENDED APRIL 30, (Unaudited) | ||||||||||||||||||||||||||||
2006 - A | $ | 15.59 | $ | 0.32 | $ | (0.08 | ) | $ | 0.24 | $ | (0.32 | ) | $ | 15.51 | ||||||||||||||
2006 - B | 15.59 | 0.26 | (0.08 | ) | 0.18 | (0.26 | ) | 15.51 | ||||||||||||||||||||
2006 - C | 15.60 | 0.27 | (0.10 | ) | 0.17 | (0.26 | ) | 15.51 | ||||||||||||||||||||
2006 - Institutional | 15.59 | 0.35 | (0.08 | ) | 0.27 | (0.35 | ) | 15.51 | ||||||||||||||||||||
2006 - Service | 15.68 | 0.47 | (0.24 | ) | 0.23 | (0.31 | ) | 15.60 | ||||||||||||||||||||
FOR THE YEARS ENDED OCTOBER 31, | ||||||||||||||||||||||||||||
2005 - A | 15.68 | 0.63 | (0.08 | ) | 0.55 | (0.64 | ) | 15.59 | ||||||||||||||||||||
2005 - B | 15.68 | 0.51 | (0.08 | ) | 0.43 | (0.52 | ) | 15.59 | ||||||||||||||||||||
2005 - C | 15.68 | 0.52 | (0.08 | ) | 0.44 | (0.52 | ) | 15.60 | ||||||||||||||||||||
2005 - Institutional | 15.67 | 0.70 | (0.08 | ) | 0.62 | (0.70 | ) | 15.59 | ||||||||||||||||||||
2005 - Service | 15.76 | 0.61 | (0.07 | ) | 0.54 | (0.62 | ) | 15.68 | ||||||||||||||||||||
2004 - A | 15.41 | 0.65 | 0.27 | 0.92 | (0.65 | ) | 15.68 | |||||||||||||||||||||
2004 - B | 15.41 | 0.54 | 0.26 | 0.80 | (0.53 | ) | 15.68 | |||||||||||||||||||||
2004 - C | 15.41 | 0.54 | 0.26 | 0.80 | (0.53 | ) | 15.68 | |||||||||||||||||||||
2004 - Institutional | 15.40 | 0.72 | 0.26 | 0.98 | (0.71 | ) | 15.67 | |||||||||||||||||||||
2004 - Service | 15.49 | 0.65 | 0.25 | 0.90 | (0.63 | ) | 15.76 | |||||||||||||||||||||
2003 - A | 15.29 | 0.64 | 0.13 | 0.77 | (0.65 | ) | 15.41 | |||||||||||||||||||||
2003 - B | 15.29 | 0.53 | 0.12 | 0.65 | (0.53 | ) | 15.41 | |||||||||||||||||||||
2003 - C | 15.30 | 0.53 | 0.11 | 0.64 | (0.53 | ) | 15.41 | |||||||||||||||||||||
2003 - Institutional | 15.29 | 0.71 | 0.11 | 0.82 | (0.71 | ) | 15.40 | |||||||||||||||||||||
2003 - Service | 15.37 | 0.63 | 0.12 | 0.75 | (0.63 | ) | 15.49 | |||||||||||||||||||||
2002 - A | 15.32 | 0.65 | (d) | (0.01 | )(d) | 0.64 | (0.67 | ) | 15.29 | |||||||||||||||||||
2002 - B | 15.32 | 0.54 | (d) | (0.01 | )(d) | 0.53 | (0.56 | ) | 15.29 | |||||||||||||||||||
2002 - C | 15.33 | 0.54 | (d) | (0.01 | )(d) | 0.53 | (0.56 | ) | 15.30 | |||||||||||||||||||
2002 - Institutional | 15.32 | 0.71 | (d) | (0.01 | )(d) | 0.70 | (0.73 | ) | 15.29 | |||||||||||||||||||
2002 - Service | 15.39 | 0.64 | (d) | — | (d)(e) | 0.64 | (0.66 | ) | 15.37 | |||||||||||||||||||
2001 - A | 14.48 | 0.67 | 0.82 | 1.49 | (0.65 | ) | 15.32 | |||||||||||||||||||||
2001 - B | 14.49 | 0.56 | 0.81 | 1.37 | (0.54 | ) | 15.32 | |||||||||||||||||||||
2001 - C | 14.50 | 0.56 | 0.81 | 1.37 | (0.54 | ) | 15.33 | |||||||||||||||||||||
2001 - Institutional | 14.48 | 0.73 | 0.82 | 1.55 | (0.71 | ) | 15.32 | |||||||||||||||||||||
2001 - Service | 14.53 | 0.61 | 0.88 | 1.49 | (0.63 | ) | 15.39 | |||||||||||||||||||||
(a) | Calculated based on the average shares outstanding methodology. |
(b) | 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. |
(c) | Annualized. |
(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) | Less than $0.005 per share. |
The accompanying notes are an integral part of these financial statements.
98
GOLDMAN SACHS MUNICIPAL INCOME FUND
Ratios assuming no | ||||||||||||||||||||||||||||||
expense reductions | ||||||||||||||||||||||||||||||
Ratio of net | Ratio of net | |||||||||||||||||||||||||||||
Net assets | Ratio of net | investment | Ratio of total | investment | ||||||||||||||||||||||||||
at end | expenses to | income to | expenses | income to | Portfolio | |||||||||||||||||||||||||
Total | of period | average net | average net | to average | average net | turnover | ||||||||||||||||||||||||
return(b) | (in 000s) | assets | assets | net assets | assets | rate | ||||||||||||||||||||||||
1.55 | % | $ | 259,865 | 0.91 | %(c) | 4.17 | %(c) | 1.09 | %(c) | 3.99 | %(c) | 12 | % | |||||||||||||||||
1.18 | 12,701 | 1.66 | (c) | 3.47 | (c) | 1.84 | (c) | 3.29 | (c) | 12 | ||||||||||||||||||||
1.11 | 8,733 | 1.66 | (c) | 3.51 | (c) | 1.84 | (c) | 3.33 | (c) | 12 | ||||||||||||||||||||
1.74 | 131,558 | 0.54 | (c) | 4.55 | (c) | 0.72 | (c) | 4.37 | (c) | 12 | ||||||||||||||||||||
1.49 | 762 | 1.04 | (c) | 6.08 | (c) | 1.22 | (c) | 5.90 | (c) | 12 | ||||||||||||||||||||
3.55 | 240,123 | 0.93 | 3.99 | 1.09 | 3.83 | 38 | ||||||||||||||||||||||||
2.78 | 13,783 | 1.68 | 3.25 | 1.84 | 3.09 | 38 | ||||||||||||||||||||||||
2.85 | 7,873 | 1.68 | 3.24 | 1.84 | 3.08 | 38 | ||||||||||||||||||||||||
4.02 | 128,311 | 0.54 | 4.37 | 0.70 | 4.21 | 38 | ||||||||||||||||||||||||
3.49 | 315 | 1.04 | 3.88 | 1.20 | 3.72 | 38 | ||||||||||||||||||||||||
6.09 | 179,223 | 0.94 | 4.21 | 1.12 | 4.03 | 32 | ||||||||||||||||||||||||
5.30 | 14,117 | 1.69 | 3.46 | 1.87 | 3.28 | 32 | ||||||||||||||||||||||||
5.30 | 5,838 | 1.69 | 3.46 | 1.87 | 3.28 | 32 | ||||||||||||||||||||||||
6.52 | 60,506 | 0.54 | 4.61 | 0.72 | 4.43 | 32 | ||||||||||||||||||||||||
5.95 | 337 | 1.04 | 4.11 | 1.22 | 3.93 | 32 | ||||||||||||||||||||||||
5.10 | 160,856 | 0.95 | 4.17 | 1.13 | 3.99 | 54 | ||||||||||||||||||||||||
4.32 | 15,143 | 1.70 | 3.44 | 1.88 | 3.26 | 54 | ||||||||||||||||||||||||
4.25 | 4,615 | 1.70 | 3.45 | 1.88 | 3.27 | 54 | ||||||||||||||||||||||||
5.45 | 57,696 | 0.55 | 4.58 | 0.73 | 4.40 | 54 | ||||||||||||||||||||||||
4.97 | 283 | 1.05 | 4.11 | 1.23 | 3.93 | 54 | ||||||||||||||||||||||||
4.30 | 119,161 | 0.94 | 4.27 | (d) | 1.11 | 4.10 | (d) | 39 | ||||||||||||||||||||||
3.52 | 16,903 | 1.69 | 3.53 | (d) | 1.86 | 3.36 | (d) | 39 | ||||||||||||||||||||||
3.52 | 6,155 | 1.69 | 3.54 | (d) | 1.86 | 3.37 | (d) | 39 | ||||||||||||||||||||||
4.71 | 76,733 | 0.54 | 4.69 | (d) | 0.71 | 4.52 | (d) | 39 | ||||||||||||||||||||||
4.24 | 270 | 1.04 | 4.21 | (d) | 1.21 | 4.04 | (d) | 39 | ||||||||||||||||||||||
10.48 | 80,735 | 0.94 | 4.47 | 1.18 | 4.23 | 22 | ||||||||||||||||||||||||
9.57 | 11,902 | 1.69 | 3.72 | 1.93 | 3.48 | 22 | ||||||||||||||||||||||||
9.64 | 5,300 | 1.69 | 3.72 | �� | 1.93 | 3.48 | 22 | |||||||||||||||||||||||
10.91 | 100,970 | 0.54 | 4.86 | 0.78 | 4.62 | 22 | ||||||||||||||||||||||||
10.48 | 67 | 1.04 | 4.30 | 1.28 | 4.06 | 22 | ||||||||||||||||||||||||
99
GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND
Financial Highlights
Selected Data for a Share Outstanding Throughout Each Period
Income (loss) from | ||||||||||||||||||||||||||||||||
investment operations | Distributions to shareholders | |||||||||||||||||||||||||||||||
Net asset | ||||||||||||||||||||||||||||||||
value, | Net | Net realized | Total from | From net | From net | |||||||||||||||||||||||||||
beginning | investment | and unrealized | investment | investment | realized | Total | ||||||||||||||||||||||||||
Year - Share Class | of period | income(a) | gain (loss) | operations | income | gains | distributions | |||||||||||||||||||||||||
FOR THE SIX MONTHS ENDED APRIL 30, (Unaudited) | ||||||||||||||||||||||||||||||||
2006 - A | $ | 11.11 | $ | 0.26 | $ | 0.15 | $ | 0.41 | $ | (0.26 | ) | $ | — | $ | (0.26 | ) | ||||||||||||||||
2006 - B | 11.11 | 0.30 | 0.07 | 0.37 | (0.22 | ) | — | (0.22 | ) | |||||||||||||||||||||||
2006 - C | 11.11 | 0.26 | 0.11 | 0.37 | (0.22 | ) | — | (0.22 | ) | |||||||||||||||||||||||
2006 - Institutional | 11.11 | 0.28 | 0.16 | 0.44 | (0.29 | ) | — | (0.29 | ) | |||||||||||||||||||||||
FOR THE YEARS ENDED OCTOBER 31, | ||||||||||||||||||||||||||||||||
2005 - A | 10.90 | 0.54 | 0.21 | 0.75 | (0.54 | ) | — | (0.54 | ) | |||||||||||||||||||||||
2005 - B | 10.90 | 0.45 | 0.22 | 0.67 | (0.46 | ) | — | (0.46 | ) | |||||||||||||||||||||||
2005 - C | 10.90 | 0.45 | 0.22 | 0.67 | (0.46 | ) | — | (0.46 | ) | |||||||||||||||||||||||
2005 - Institutional | 10.91 | 0.59 | 0.19 | 0.78 | (0.58 | ) | — | (0.58 | ) | |||||||||||||||||||||||
2004 - A | 10.66 | 0.54 | 0.23 | 0.77 | (0.53 | ) | — | (0.53 | ) | |||||||||||||||||||||||
2004 - B | 10.66 | 0.46 | 0.23 | 0.69 | (0.45 | ) | — | (0.45 | ) | |||||||||||||||||||||||
2004 - C | 10.66 | 0.46 | 0.23 | 0.69 | (0.45 | ) | — | (0.45 | ) | |||||||||||||||||||||||
2004 - Institutional | 10.66 | 0.59 | 0.23 | 0.82 | (0.57 | ) | — | (0.57 | ) | |||||||||||||||||||||||
2003 - A | 10.34 | 0.54 | 0.33 | 0.87 | (0.55 | ) | — | (0.55 | ) | |||||||||||||||||||||||
2003 - B | 10.34 | 0.47 | 0.32 | 0.79 | (0.47 | ) | — | (0.47 | ) | |||||||||||||||||||||||
2003 - C | 10.34 | 0.47 | 0.32 | 0.79 | (0.47 | ) | — | (0.47 | ) | |||||||||||||||||||||||
2003 - Institutional | 10.34 | 0.59 | 0.32 | 0.91 | (0.59 | ) | — | (0.59 | ) | |||||||||||||||||||||||
2002 - A | 10.57 | 0.57 | (d) | (0.19 | )(d) | 0.38 | (0.58 | ) | (0.03 | ) | (0.61 | ) | ||||||||||||||||||||
2002 - B | 10.57 | 0.49 | (d) | (0.19 | )(d) | 0.30 | (0.50 | ) | (0.03 | ) | (0.53 | ) | ||||||||||||||||||||
2002 - C | 10.57 | 0.49 | (d) | (0.19 | )(d) | 0.30 | (0.50 | ) | (0.03 | ) | (0.53 | ) | ||||||||||||||||||||
2002 - Institutional | 10.57 | 0.61 | (d) | (0.19 | )(d) | 0.42 | (0.62 | ) | (0.03 | ) | (0.65 | ) | ||||||||||||||||||||
2001 - A | 10.18 | 0.59 | 0.41 | 1.00 | (0.61 | ) | — | (0.61 | ) | |||||||||||||||||||||||
2001 - B | 10.18 | 0.51 | 0.41 | 0.92 | (0.53 | ) | — | (0.53 | ) | |||||||||||||||||||||||
2001 - C | 10.18 | 0.52 | 0.40 | 0.92 | (0.53 | ) | — | (0.53 | ) | |||||||||||||||||||||||
2001 - Institutional | 10.18 | 0.64 | 0.40 | 1.04 | (0.65 | ) | — | (0.65 | ) | |||||||||||||||||||||||
(a) | Calculated based on the average shares outstanding methodology. |
(b) | 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. |
(c) | Annualized. |
(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. |
The accompanying notes are an integral part of these financial statements.
100
GOLDMAN SACHS HIGH YIELD MUNICIPAL 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(b) | (in 000s) | assets | assets | net assets | assets | rate | |||||||||||||||||||||||||||
$ | 11.26 | 3.76 | % | $ | 2,759,128 | 0.93 | %(c) | 4.74 | %(c) | 0.97 | %(c) | 4.70 | %(c) | 19 | % | |||||||||||||||||||
11.26 | 3.38 | 51,068 | 1.68 | (c) | 5.30 | (c) | 1.73 | (c) | 5.25 | (c) | 19 | |||||||||||||||||||||||
11.26 | 3.37 | 109,445 | 1.68 | (c) | 4.64 | (c) | 1.72 | (c) | 4.60 | (c) | 19 | |||||||||||||||||||||||
11.26 | 3.95 | 3,029,967 | 0.56 | (c) | 5.12 | (c) | 0.60 | (c) | 5.08 | (c) | 19 | |||||||||||||||||||||||
11.11 | 6.99 | 2,264,580 | 0.97 | 4.78 | 0.99 | 4.76 | 28 | |||||||||||||||||||||||||||
11.11 | 6.20 | 49,299 | 1.72 | 4.05 | 1.75 | 4.02 | 28 | |||||||||||||||||||||||||||
11.11 | 6.20 | 87,466 | 1.72 | 4.03 | 1.74 | 4.01 | 28 | |||||||||||||||||||||||||||
11.11 | 7.31 | 2,540,339 | 0.58 | 5.16 | 0.60 | 5.14 | 28 | |||||||||||||||||||||||||||
10.90 | 7.40 | 1,513,843 | 0.99 | 5.03 | 1.01 | 5.01 | 41 | |||||||||||||||||||||||||||
10.90 | 6.60 | 48,286 | 1.74 | 4.29 | 1.76 | 4.27 | 41 | |||||||||||||||||||||||||||
10.90 | 6.60 | 61,299 | 1.74 | 4.28 | 1.76 | 4.26 | 41 | |||||||||||||||||||||||||||
10.91 | 7.93 | 1,505,390 | 0.59 | 5.44 | 0.61 | 5.42 | 41 | |||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
101
GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS
Fund Expenses (Unaudited) — Six Month Period Ended April 30, 2006
As a shareholder of Class A, Class B, Class C, Institutional or Service Shares of the Funds you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments (with respect to Class A Shares), or contingent deferred sales charges (loads) on redemptions (with respect to Class B and Class C Shares), and redemption fees (with respect to Municipal Income Fund only); and (2) ongoing costs, including management fees; distribution and service (12b-1) fees (with respect to Class A, Class B and Class C Shares); and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class B, Class C, Institutional and Service Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2005 through April 30, 2006.
Actual Expenses — The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Short Duration Tax-Free Fund | California Intermediate AMT-Free Municipal Fund | New York Intermediate AMT-Free Municipal Fund | Municipal Income Fund | High Yield Municipal Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expenses | Expenses | Expenses | Expenses | Expenses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning | Ending | Paid for the | Beginning | Ending | Paid for the | Beginning | Ending | Paid for the | Beginning | Ending | Paid for the | Beginning | Ending | Paid for the | ||||||||||||||||||||||||||||||||||||||||||||||
Account Value | Account Value | 6 months ended | Account Value | Account Value | 6 months ended | Account Value | Account Value | 6 months ended | Account Value | Account Value | 6 months ended | Account Value | Account Value | 6 months ended | ||||||||||||||||||||||||||||||||||||||||||||||
Share Class | 11/1/05 | 4/30/06 | 4/30/06* | 11/1/05 | 4/30/06 | 4/30/06* | 11/1/05 | 4/30/06 | 4/30/06* | 11/1/05 | 4/30/06 | 4/30/06* | 11/1/05 | 4/30/06 | 4/30/06* | |||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,007.80 | $ | 3.78 | $ | 1,000 | $ | 1,009.10 | $ | 4.23 | $ | 1,000 | $ | 1,009.60 | $ | 3.92 | $ | 1,000 | $ | 1,015.50 | $ | 4.55 | $ | 1,000 | $ | 1,037.60 | $ | 4.69 | ||||||||||||||||||||||||||||||
Hypothetical 5% return | 1,000 | 1,021.03 | + | 3.81 | 1,000 | 1,020.59 | + | 4.25 | 1,000 | 1,020.89 | + | 3.94 | 1,000 | 1,020.28 | + | 4.56 | 1,000 | 1,020.19 | + | 4.65 | ||||||||||||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Actual | 1,000 | 1,004.80 | 6.76 | N/A | N/A | N/A | N/A | N/A | N/A | 1,000 | 1,011.80 | 8.28 | 1,000 | 1,033.80 | 8.47 | |||||||||||||||||||||||||||||||||||||||||||||
Hypothetical 5% return | 1,000 | 1,018.05 | + | 6.80 | N/A | N/A | N/A | N/A | N/A | N/A | 1,000 | 1,016.56 | + | 8.30 | 1,000 | 1,016.46 | + | 8.40 | ||||||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Actual | 1,000 | 1,004.10 | 7.50 | 1,000 | 1,006.40 | 7.85 | 1,000 | 1,006.10 | 7.53 | 1,000 | 1,011.10 | 8.28 | 1,000 | 1,033.70 | 8.47 | |||||||||||||||||||||||||||||||||||||||||||||
Hypothetical 5% return | 1,000 | 1,017.31 | + | 7.55 | 1,000 | 1,016.97 | + | 7.89 | 1,000 | 1,017.29 | + | 7.57 | 1,000 | 1,016.56 | + | 8.30 | 1,000 | 1,016.47 | + | 8.39 | ||||||||||||||||||||||||||||||||||||||||
Institutional | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Actual | 1,000 | 1,009.60 | 1.94 | 1,000 | 1,012.10 | 2.45 | 1,000 | 1,011.50 | 2.14 | 1,000 | 1,017.40 | 2.70 | 1,000 | 1,039.50 | 2.83 | |||||||||||||||||||||||||||||||||||||||||||||
Hypothetical 5% return | 1,000 | 1,022.86 | + | 1.95 | 1,000 | 1,022.35 | + | 2.47 | 1,000 | 1,022.66 | + | 2.15 | 1,000 | 1,022.12 | + | 2.71 | 1,000 | 1,022.02 | + | 2.81 | ||||||||||||||||||||||||||||||||||||||||
Service | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Actual | 1,000 | 1,007.10 | 4.41 | N/A | N/A | N/A | N/A | N/A | N/A | 1,000 | 1,014.90 | 5.18 | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||||||||||||
Hypothetical 5% return | 1,000 | 1,020.40 | + | 4.44 | N/A | N/A | N/A | N/A | N/A | N/A | 1,000 | 1,019.65 | + | 5.20 | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||||||||||
* | Expenses for each share class are calculated using the fund’s expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended 4/30/06. Expenses are calculated by multiplying the expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized expense ratios for the period were as follows: |
Fund | Class A | Class B | Class C | Institutional | Service | |||||||||||||||
Short Duration Tax-Free | 0.76 | % | 1.36 | % | 1.51 | % | 0.39 | % | 0.89 | % | ||||||||||
California Intermediate AMT-Free Municipal | 0.85 | N/A | 1.58 | 0.49 | N/A | |||||||||||||||
New York Intermediate AMT-Free Municipal | 0.79 | N/A | 1.51 | 0.43 | N/A | |||||||||||||||
Municipal Income | 0.91 | 1.66 | 1.66 | 0.54 | 1.04 | |||||||||||||||
High Yield Municipal | 0.93 | 1.68 | 1.68 | 0.56 | N/A | |||||||||||||||
+ | Hypothetical expenses are based on each Fund’s actual annualized expense ratios and an assumed rate of return of 5% per year before expenses. |
102
GOLDMAN SACHS CALIFORNIA INTERMEDIATE AMT-FREE MUNICIPAL FUND
GOLDMAN SACHS NEW YORK INTERMEDIATE AMT-FREE MUNICIPAL FUND
Statement Regarding Basis for Approval of Management Agreement (Unaudited)
The Goldman Sachs California Intermediate AMT-Free Municipal Fund and New York Intermediate AMT-Free Municipal Fund (the “Funds”) are newly-organized investment portfolios of Goldman Sachs Trust (the “Trust”) that commenced investment operations on November 1, 2005.
In connection with the Funds’ organization, the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) for the Funds was approved by the Trustees, including all of the Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), on August 4, 2005 (the “Meeting”).
At the Meeting the Trustees reviewed the Management Agreement as it applied to the Funds, including information regarding the terms of the Management Agreement; the nature, extent and quality of the Investment Adviser’s services; the fees and expenses to be paid by each Fund; the Investment Adviser’s anticipated costs; the Investment Adviser’s potential economies of scale; the Investment Adviser’s proposal to voluntarily reimburse certain expenses of the Funds that exceeded a specified level; other benefits to be derived by the Investment Adviser and its affiliates from their relationship with the Funds; and a comparison of each Fund’s fees and expenses with those paid by other similar mutual funds.
In connection with the Meeting, the Trustees received written materials and oral presentations, and were advised by their independent legal counsel regarding their responsibilities under applicable law. In evaluating the Management Agreement at the Meeting, the Trustees relied upon their knowledge of the Investment Adviser resulting from their meetings and other interactions throughout the year, including recent meetings at which the Trustees considered the renewal of the Investment Adviser’s management agreements for other investment portfolios of the Trust.
In connection with their approval of the Management Agreement for the Funds, the Trustees gave weight to various factors, but did not identify any particular factor as controlling their decision. As part of their review, the Trustees considered the nature, extent and quality of the services provided by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and the other non-advisory services that would be provided by the Investment Adviser and its affiliates for the Funds. These services included services as the Funds’ transfer agent and distributor. In addition, affiliates of the Investment Adviser would receive compensation in connection with the execution of Funds’ portfolio securities transactions and sales loads on the sale of certain classes of shares offered by the Funds. The Trustees concluded that the Investment Adviser was able to provide quality services to the Funds. In this regard, the Trustees noted that, although the Funds were new and did not have a prior performance record, the Investment Adviser did have past experience in managing other municipal fixed income portfolios for the Trust. The Trustees believed that the investment returns of these other portfolios had been competitive.
The Board of Trustees also considered the proposed contractual fee rates payable by each Fund under the Management Agreement. In this regard, information on the fees paid by each Fund and the Funds’ projected total operating expense ratios were compared to similar information for mutual funds advised by other, unaffiliated investment management firms. The comparisons of the Funds’ fee rates and total operating expense ratios were compiled by a third-party consultant. More particularly, the analyses compared each Fund’s management fee and projected expenses to a relevant peer group and category median. In addition, the analyses compared each Fund’s other expenses to the peer group and median. The Trustees believed that this information was useful in evaluating the reasonableness of the management fees payable by the Funds.
103
GOLDMAN SACHS CALIFORNIA INTERMEDIATE AMT-FREE MUNICIPAL FUND
GOLDMAN SACHS NEW YORK INTERMEDIATE AMT-FREE MUNICIPAL FUND
Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)
In addition, in connection with the approval of the Management Agreement, the Board approved the following breakpoints in the contractual management fee rate for each Fund:
California Intermediate AMT-Free | ||||
Municipal Fund | ||||
New York Intermediate AMT-Free | ||||
Municipal Fund (fee rates | ||||
applied to assets of each Fund | ||||
separately) | ||||
Up to $1 billion | 0.45 | % | ||
Next $1 billion | 0.41 | |||
Over $2 billion | 0.39 | |||
In approving these fee breakpoints, the Trustees considered information regarding the Investment Adviser’s potential economies of scale, and whether the Funds and their shareholders would participate in the benefits of these economies. In this regard, the Trustees considered the Funds’ projected assets, the Investment Adviser’s anticipated expenses and the fee comparisons that had been provided. The Trustees noted again that the Funds were new and that the costs of the Investment Adviser in providing its services, and the related profitability information, would be reviewed periodically by the Trustees. The Trustees agreed that the fee breakpoints were a way to ensure that benefits of scalability would be passed along to shareholders at the specified asset levels. The Trustees also noted the Investment Adviser’s voluntary undertaking to limit the Funds’ total expense ratios (excluding certain expenses) to specified levels.
The Trustees also considered the other benefits that would be derived by the Investment Adviser and its affiliates from the Funds as stated above, including the fees received by them for transfer agency, distribution and brokerage services, and the brokerage and research services that may be received by the Investment Adviser in connection with the placement of brokerage transactions for the Funds.
After deliberation, the Trustees concluded at the Meeting that the proposed management fees to be paid by each Fund were reasonable in light of the services to be provided by the Investment Adviser and the Funds’ reasonably foreseeable asset levels, and that the Management Agreement should be approved.
104
FUNDS PROFILE
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GOLDMAN SACHS FUNDS |
In building a globally diversified portfolio, you can select from more than 50 Goldman Sachs Funds and gain access to investment opportunities across borders, investment styles, asset classes and security capitalizations.
International Equity Funds ▪ Asia Equity Fund2 ▪ Emerging Markets Equity Fund ▪ International Small Cap Fund2 ▪ Japanese Equity Fund ▪ European Equity Fund ▪ International Equity Fund ▪ Structured International Equity Fund2 | Domestic Equity Funds ▪ Small Cap Value Fund ▪ Structured Small Cap Equity Fund2 ▪ Small/ Mid Cap Growth Fund ▪ Growth Opportunities Fund ▪ Mid Cap Value Fund ▪ Concentrated Growth Fund ▪ Research Select FundSM ▪ Strategic Growth Fund ▪ Capital Growth Fund ▪ Large Cap Value Fund ▪ Growth and Income Fund ▪ Structured Large Cap Growth Fund2 ▪ Structured Large Cap Value Fund2 ▪ Structured U.S. Equity Fund2 Asset Allocation Funds ▪ Balanced Fund ▪ Asset Allocation Portfolios | Specialty Funds ▪ Tollkeeper FundSM ▪ Structured Tax-Managed Equity Fund2 ▪ U.S. Equity Dividend and Premium Fund ▪ Real Estate Securities Fund Fixed Income Funds ▪ Emerging Markets Debt Fund ▪ High Yield Fund ▪ High Yield Municipal Fund ▪ Global Income Fund ▪ Investment Grade Credit Fund ▪ Core Fixed Income Fund ▪ Government Income Fund ▪ U.S. Mortgages Fund ▪ Municipal Income Fund ▪ California Intermediate AMT-Free Municipal Fund ▪ New York Intermediate AMT-Free Municipal Fund ▪ Short Duration Tax-Free Fund ▪ Short Duration Government Fund ▪ Ultra-Short Duration Government Fund ▪ Enhanced Income 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. | |
2 | Effective December 30, 2005, the Asia Growth Fund was renamed the Asia Equity Fund and the International Growth Opportunities Fund was renamed the International Small Cap Fund. Also effective December 30, 2005, the CORESM International Equity, CORESM Small Cap Equity, CORESM Large Cap Growth, CORESM Large Cap Value and CORESM U.S. Equity Funds were renamed, respectively, the Structured International Equity, Structured Small Cap Equity, Structured Large Cap Growth, Structured Large Cap Value and Structured U.S. Equity Funds. Effective January 6, 2006, the CORESM Tax-Managed Equity Fund was renamed the Structured Tax-Managed Equity Fund. |
The Goldman Sachs Research Select FundSM, CORESM and Tollkeeper FundSM are registered service marks of Goldman, Sachs & Co. |
GOLDMAN SACHS ASSET MANAGEMENT, L.P. 32 OLD SLIP, 32ND FLOOR, NEW YORK, NEW YORK 10005
TRUSTEES Ashok N. Bakhru, Chairman John P. Coblentz, Jr. Patrick T. Harker Mary Patterson McPherson Alan A. Shuch Wilma J. Smelcer Richard P. Strubel Kaysie P. Uniacke | OFFICERS Kaysie P. Uniacke, President James A. Fitzpatrick, Vice President James A. McNamara, Vice President John M. Perlowski, Treasurer Peter V. Bonanno, Secretary |
GOLDMAN, SACHS & CO. Distributor and Transfer Agent | GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser |
Visit our Web site at www.goldmansachsfunds.com 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 and information regarding how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 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.
The Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. Beginning the fiscal quarter ended January 31, 2005 and every first and third fiscal quarter thereafter, the Funds’ Form N-Q will become available on the SEC’s website at http://www.sec.gov within 60 days after the Funds’ first and third fiscal quarters. When available, the Funds’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. When available, Form N-Q may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).
Holdings and allocations shown may not be representative of current or future investments. Holdings and allocations may not include the Fund’s entire investment portfolio, which may change at any time. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities.
This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus. Please consider a Fund’s objectives, risks, and charges and expenses, and read the Prospectus carefully before investing. The Prospectus contains this and other information about the Funds.
Copyright 2006 Goldman, Sachs & Co. All rights reserved. 06-855 MFISAR / 26.1K / 06-06
ITEM 2. | CODE OF ETHICS. Not applicable to the Semi–Annual Report for the period ended April 30, 2006 |
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. Not applicable to the Semi–Annual Report for the period ended April 30, 2006 |
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. Not applicable to the Semi–Annual Report for the period ended April 30, 2006 | |
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. | |
Not applicable. |
ITEM 6. | SCHEDULE OF INVESTMENTS. | |
Schedule of Investments is included as part of the Report to Shareholders filed under Item 1. |
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. | |
Not applicable. |
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED END MANAGEMENT INVESTMENT COMPANIES. | |
Not applicable. |
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. | |
Not applicable. |
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees. | |
ITEM 11. | CONTROLS AND PROCEDURES. | |
(a) | The registrant’s principal executive and principal financial officers or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934, as amended. | ||
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect the registrant’s internal control over financial reporting. | ||
ITEM 12. | EXHIBITS. |
(a)(1) | Goldman Sachs Trust’s Code of Ethics for Principal Executive and Senior Financial Officers is incorporated by reference to Exhibit 11(a)(1) of the registrant’s Form N-CSR filed on March 8, 2004 for its Real Estate Securities Fund (Accession Number 0000950123-04-0002984). | ||
(a)(2) | Exhibit 99.CERT | Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith. | ||
(b) | Exhibit 99.906CERT | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 filed herewith. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. |
Goldman Sachs Trust | ||||||
By: | /s/ Kaysie P. Uniacke | |||||
Kaysie P. Uniacke | ||||||
President/Principal Executive Officer | ||||||
Goldman Sachs Trust | ||||||
Date: | June 28, 2006 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. |
By: | /s/ Kaysie P. Uniacke | |||||
Kaysie P. Uniacke | ||||||
President/Principal Executive Officer | ||||||
Goldman Sachs Trust | ||||||
Date: | June 28, 2006 | |||||
By: | /s/ John M. Perlowski | |||||
John M. Perlowski | ||||||
Treasurer/Principal Financial Officer | ||||||
Goldman Sachs Trust | ||||||
Date: | June 28, 2006 |