Goldman Sachs High Yield Instl NCSRS Certified semi-annual shareholder report (management investment company)

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 811-05349

Goldman Sachs Trust

(Exact name of registrant as specified in charter)

71 South Wacker Drive, Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)


Peter V. Bonanno, Esq.		Copies to:
Goldman, Sachs & Co.		Jack W. Murphy, Esq.
One New York Plaza		Dechert LLP
New York, New York 10004		1775 I Street, NW
		Washington, D.C. 20006

(Name and address of agents for service)

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

Date of fiscal year end: March 31

Date of reporting period: September 30, 2008


ITEM 1.		REPORTS TO STOCKHOLDERS.

		The Semi-Annual Report to Stockholders is filed herewith.

Goldman Sachs Funds



Semi-Annual Report			September 30, 2008



			Municipal Fixed Income
			California AMT-Free Municipal Fund
			High Yield Municipal Fund
			Municipal Income Fund
			New York AMT-Free Municipal Fund
			Short Duration Tax-Free Fund

Goldman Sachs Municipal Fixed Income Funds


n	GOLDMAN SACHS CALIFORNIA AMT-FREE MUNICIPAL FUND

n	GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

n	GOLDMAN SACHS MUNICIPAL INCOME FUND

n	GOLDMAN SACHS NEW YORK AMT-FREE MUNICIPAL FUND

n	GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

TABLE OF CONTENTS


Principal Investment Strategies and Risks		1
Investment Process		3
Letters to Shareholders and Performance Summaries		4
Schedules of Investments		30
Financial Statements		82
Notes to the Financial Statements		90
Financial Highlights		106
Other Information		116


NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Principal Investment Strategies and Risks

The following is not a complete list of the risks that may affect the Funds. For additional information concerning the risks that may affect the Funds, please see the Funds’ prospectuses.

The California AMT-Free Municipal Fund invests in municipal fixed income securities, the interest on which is exempt from regular federal income tax and California state personal income tax and is not a tax preference item under the federal alternative minimum tax. Under normal circumstances, the Fund may invest up to 20% of its portfolio in private activity bonds and taxable investments, 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. Accordingly, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio and to greater losses resulting from these developments. The Fund will invest primarily in California municipal obligations, and therefore the investments of the Fund will be affected by political and economic developments within California and by the financial condition of the state of California, its public authorities, and political subdivisions. Investments in fixed income securities are subject to the risks associated with debt securities generally, including credit/default risk and interest rate risk. The Fund may be adversely impacted by changes in tax law rates and policies, and is not suited for IRAs or other tax-exempt or deferred accounts.

The High Yield Municipal Fund invests primarily in high yield municipal fixed income securities that, at the time of purchase, are medium quality or non-investment grade, the interest on which is exempt from regular federal income tax. The Fund’s investments in fixed income securities are subject to the risks associated with debt securities generally, including credit/default risk, interest rate risk, call risk, and extension risk. High yield, lower rated securities involve greater price volatility and present greater risks, including greater liquidity risk, than higher rated fixed income securities. Non-investment grade fixed income securities are considered speculative. Such securities and unrated securities of comparable credit quality are subject to a higher risk of an issuer’s inability to meet principal and interest payment obligations. The Fund is subject to the risk that the liquidity of particular issuers or industries, or of all securities within a particular investment category, will shrink or disappear as a result of adverse economic, market or political events or adverse investor perception. At times, the Fund may be unable to sell certain of its portfolio securities without a substantial drop in price, if at all. An inability to sell an illiquid portfolio position can adversely affect the Fund’s NAV and/or prevent the Fund from being able to take advantage of other investment opportunities. To meet redemption requests, the Fund may be forced to sell liquid securities at an unfavorable time and/or under unfavorable conditions. The Fund is non-diversified and may invest more of its assets in fewer issuers than diversified funds. Accordingly, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio and to greater losses resulting from these developments. Additionally, because the Fund may concentrate its investments in particular sectors (for example, specific states or specific types of municipal securities), the Fund is subject to greater risk of loss as a result of adverse events affecting those sectors than if its investments were not so concentrated. As of September 30, 2008 and March 31, 2008, the Fund had invested approximately 25% and 28%, respectively, of its assets in the municipal securities of issuers located in Florida. Additionally, as of September 30, 2008 and March 31, 2008, within the state of Florida, the Fund had approximately 23% and 25%, respectively, of its total assets in special assessment bonds, a type of municipal securities which are backed by tax assessments on residential and commercial development projects. The payments on special assessment bonds generally depend on the ability of the developer, builder or homeowner of the home or property to pay tax assessments levied against the home or property. The High Yield Municipal Fund may own a large percentage of any one general assessment bond issuance. Therefore, the Fund may be adversely impacted if the issuing municipality fails to pay principal and/or interest on those bonds.

The Fund may invest in securities whose income is subject to the federal alternative minimum tax and state income tax. Certain shareholders, including clients or affiliates of the investment adviser, may from time to time own or control a significant percentage of the Fund’s shares. Redemptions by these shareholders of their shares of the Fund may impact the Fund’s liquidity and NAV. The Fund may be adversely impacted by changes in tax law rates and policies, and is not suited for IRAs or other tax exempt or deferred accounts.

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

The Municipal Income Fund invests primarily in municipal fixed income securities, the interest on which is exempt from regular federal income tax. The Fund may invest up to 100% of its net assets in private activity bonds, whose income may be subject to the federal alternative minimum tax. Investments in fixed income securities are subject to the risks associated with debt securities generally, including credit/default risk and interest rate risk. The Fund may be adversely impacted by changes in tax law rates and policies, and is not suited for IRAs or other tax-exempt or deferred accounts.

The New York AMT-Free Municipal Fund invests in municipal fixed income securities, the interest on which is exempt from regular federal income tax and New York State and City personal income taxes, and is not a tax preference item under the federal alternative minimum tax. Under normal circumstances, the Fund may invest up to 20% of its portfolio in private activity bonds and taxable investments, 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. Accordingly, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio and to greater losses resulting from these developments. The Fund will invest primarily in New York municipal obligations, and therefore the investments of the Fund will be affected by political and economic developments within New York and by the financial condition of the state of New York, its public authorities, and political subdivisions. Investments in fixed income securities are subject to the risks associated with debt securities generally, including credit/default risk and interest rate risk. The Fund may be adversely impacted by changes in tax law rates and policies, and is not suited for IRAs or other tax-exempt or deferred accounts.

The Short Duration Tax-Free Fund invests primarily in municipal fixed income 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 circumstances, the Fund may invest up to 20% of its portfolio in securities, including private activity bonds and taxable investments, whose income may be subject to the federal alternative minimum tax. Investments in fixed income securities are subject to the risks associated with debt securities generally, including credit/default risk and interest rate risk. The Fund may be adversely impacted by changes in tax law rates and policies, and is not suited for IRAs or other tax-exempt or deferred accounts.

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

What Differentiates the Goldman Sachs Asset
Management Fixed Income Investment Process?

At Goldman Sachs Asset Management, L.P. (“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 securities and sectors n Leverage the vast resources of GSAM 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 investment options, tax-free income opportunities, and access to areas of specialization 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

PORTFOLIO RESULTS

California AMT-Free Municipal Fund

Dear Shareholder:

This report provides an overview on the performance of the Goldman Sachs California AMT-Free Municipal Fund (the “Fund”) during the six-month reporting period that ended September 30, 2008.

Performance Review

Over the six-month period that ended September 30, 2008, the Fund’s Class A, C and Institutional Shares generated cumulative total returns, without sales charges, of −2.44%,−2.70% and −2.17%, respectively. These returns compared to the −2.60% cumulative total return of the Fund’s benchmark, the Lehman Brothers Aggregate Municipal Bond Index (with dividends reinvested), over the same time period.

The primary drivers of performance over the period were the Fund’s shorter duration position relative to the benchmark as well as security selection. Class C Shares were impacted by the same strategies, however, unlike Class A and Institutional Shares, they did not outperform the benchmark due to higher expenses.

Market Review

During the reporting period, we believe that the global financial crisis reached historic proportions, spreading to the overall economy, prompting a historic response from policy-makers. The month of September proved to be a turning point for the global financial markets. During September, the U.S. government seized mortgage giants Fannie Mae and Freddie Mac, helped to keep American International Group (AIG) solvent, announced the creation of a program designed to provide insurance for participating money market funds, passed the $700 billion Troubled Asset Recovery Program (TARP) and created a program through which the Federal Reserve Board (the “Fed”) will purchase commercial paper outright, among many other measures. Arguably the most pivotal event in our opinion, the Lehman Brothers bankruptcy filing, led to historically wide spreads in the corporate sector, with the financial sub-sector leading the way. Although they fell in September as part of the market’s flight-to-quality, yields on U.S. Treasuries were higher overall during the six-month period, as rising food and energy prices triggered inflationary fears. With the exception of the mortgage sector, spread sectors experienced a dramatic widening as the financial system was shaken to its core.

Municipal securities were treated like one of these “spread sectors” by the markets whereas, in most environments, these securities have been treated as a flight-to-quality asset class (like Treasuries). However, continuing the trend that began in the summer of 2007, municipal bonds underperformed Treasuries during the reporting period as risk aversion continued to guide investors’ allocation strategies. Rates rose approximately 40 basis points across the entire municipal yield curve, with the long end of the curve underperforming the most. By the end of the six-month reporting period, an investor could purchase a 30-year municipal bond that offered over 120% of the yield on a 30-year Treasury bond, effectively getting that tax exemption for free.

PORTFOLIO RESULTS

Liquidity has been difficult all year in the municipal market, but when Lehman Brothers filed for bankruptcy in September 2008, a liquidity crunch ensued that was unlike anything we had seen before. Municipal illiquidity that was driven by the lack of interest from the broker/dealer community and then exacerbated by massive hedge fund selling was further augmented we believe by the fear and uncertainty in the market at the end of the third quarter of 2008. As municipal bonds underperformed the Treasury market, municipal hedge funds were forced to sell their levered positions, which created a downward spiral. More forced selling meant more municipal underperformance, setting off a new round of forced selling.

Municipal supply, though similar to last year’s pace through August 2008, then dried up in September, as issuers were reluctant to come to market in such a strained environment. This created a backlog of pending new issuance that pushed yields higher as the market anticipated that these bonds would eventually be issued in the following months. All told, $318 billion was issued in the municipal primary market year-to-date through September 2008, down 2% from the prior year.

California municipal bonds came under slight pressure relative to the overall tax-free market, as the state had a record 85 day standoff to approve its budget. Pre-refunded securities were among the outperformers, while lower credit quality bonds underperformed during the reporting period.

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.

Factors Affecting Performance

The Fund’s outperformance versus its benchmark over the six month reporting period stemmed from a relatively defensive duration position (shorter than the Lehman Brothers Aggregate Municipal Bond Index), a bias towards higher credit quality securities and superior security selection. In addition, the Fund actively reduced its exposure to the California special assessment sector during this time period, which was a contributor to outperformance as this sector underperformed the overall municipal bond market.

PORTFOLIO RESULTS

Outlook

We expect that U.S. economic growth will be negative in the coming quarters. Inflation is in retreat, with oil prices down more than 25% from the highs seen in July. We believe that inflation expectations are now likely to give way to deflation concerns as global growth slows. However, we do not see deflation as a significant threat, due largely to policymakers’ extraordinary response to the financial crisis.

We believe that, over a reasonable time horizon, municipals should outperform Treasuries in the foreseeable future. At this point, many of the municipal hedge funds are gone and much of the leverage that was once in the market has now left the system. Though there are still pockets of leverage, we believe it appears to be much more contained and should be reduced over time rather than all at once. In our view, it does not appear that deleveraging should continue to be a major driver of volatility going forward. While certain fundamentals have weakened, namely in the form of weaker economic growth that could impact state and local tax revenues, it is important to point out that, thus far, most municipal sectors have weathered the U.S. economic slowdown without broad credit fundamental deterioration.

Goldman Sachs U.S. Fixed Income — Municipal Investment Management Team

October 23, 2008

FUND BASICS

California AMT-Free Municipal Fund

as of September 30, 2008

PERFORMANCE REVIEW


				Lehman Brothers			30-Day
	Fund			Aggregate			Taxable			30-Day
April 1, 2008–	Total Return			Municipal			Equivalent			Standardized
September 30, 2008	(based on NAV)¹			Bond Index²			Yield³			Yield⁴


Class A		-2.44	%		-2.60	%		5.91	%		3.84	%
Class C		-2.70			-2.60			5.00			3.25
Institutional		-2.17			-2.60			6.74			4.38


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 Aggregate Municipal Bond Index is an unmanaged broad-based total return index composed of approximately 40,000 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 2008 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 AVERAGE ANNUAL TOTAL RETURNS⁵


For the period ended 9/30/08	One Year			Since Inception			Inception Date


Class A		-7.50	%		-0.90	%		11/1/05
Class C		-4.69			-0.05			11/1/05
Institutional		-2.68			1.07			11/1/05

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 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 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.

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.

FUND BASICS

EXPENSE RATIOS⁶


	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)


Class A		0.87	%		1.23	%
Class C		1.62			1.98
Institutional		0.53			0.89

⁶

The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations), are as set forth above according to the most recent publicly available Prospectuses for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Applicable waivers and expense limitations are voluntary and may be modified or terminated at any time at the option of the Investment Adviser. If this occurs, the expense ratios may change without shareholder approval.

SECTOR ALLOCATION⁷

Percentage of Net Assets


⁷	The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities.

PORTFOLIO RESULTS

High Yield Municipal Fund

Dear Shareholder:

This report provides an overview on the performance of the Goldman Sachs High Yield Municipal Fund (the “Fund”) during the six-month reporting period that ended September 30, 2008.

Performance Review

Over the six-month period that ended September 30, 2008, the Fund’s Class A, B, C and Institutional Shares generated cumulative total returns, without sales charges, of −6.67%, −7.02%, −7.02% and −6.51%, respectively. These returns compare to the −4.64%, −2.60%, and −3.82% cumulative total returns of the Fund’s benchmarks, the Lehman Brothers High Yield Municipal Bond Index (with dividends reinvested), the Lehman Brothers Aggregate Municipal Bond Index (with dividends reinvested), and the Goldman Sachs High Yield Municipal Fund Composite Index, respectively, over the same time period.

The Fund typically holds both investment grade and high yield securities, as we believe there are generally attractive opportunities in both sectors. As a result, the Fund is benchmarked to both the Lehman Brothers High Yield Municipal Bond and Lehman Brothers Aggregate Municipal Bond Indices. During the reporting period, the Fund underperformed both Indices, due to widening in BBB-rated versus AAA-rated spreads, as well as the Fund’s exposure to longer-term bonds.

Market Review

During the reporting period, the global financial crisis reached historic proportions, rapidly spreading to the overall economy, prompting a historic response from policymakers. The month of September proved to be a turning point for the global financial markets. During September, the U.S. government seized mortgage giants Fannie Mae and Freddie Mac, helped to keep American International Group (AIG) solvent, announced the creation of a program designed to provide insurance for participating money market funds, passed the $700 billion Troubled Asset Recovery Program (TARP) and created a program through which the Federal Reserve Board (the “Fed”) will purchase commercial paper outright, among many other measures. Arguably the most pivotal event, the Lehman Brothers bankruptcy filing, led to historically wide spreads in the corporate sector, with the financial sub-sector leading the way. Although they fell in September as part of the market’s flight-to-quality, yields on U.S. Treasuries were higher overall during the six-month period, as rising food and energy prices triggered inflationary fears. With the exception of the mortgage sector, spread sectors experienced a dramatic widening as the financial system was shaken to its core.

Municipal securities were treated like one of these “spread sectors” by the market when, in most environments, higher-rated municipal securities are treated as a flight-to-quality asset class (like Treasuries). However, continuing the trend that began in the summer of 2007, municipal bonds underperformed Treasuries during the reporting period as risk aversion continued to guide investors’ allocation strategies. Rates rose approximately 40 basis points across the entire municipal yield curve, with the long end of the curve underperforming the most. By the end of the six-month reporting period, an investor could purchase a 30-year municipal bond that offered over 120% of the yield on a 30-year Treasury bond, effectively getting that tax exemption for free.

PORTFOLIO RESULTS

Liquidity has been difficult all year in the municipal market, but when Lehman Brothers filed for bankruptcy in September 2008, a liquidity crunch ensued that was unlike anything we had seen before. Municipal illiquidity that was initially driven by the lack of interest from the broker/dealer community and then exacerbated by massive hedge fund selling was further augmented by the fear and uncertainty in the market at the end of the third quarter of 2008. As municipal bonds underperformed the Treasury market, municipal hedge funds were forced to sell their levered positions, which created a downward spiral. More forced selling meant more municipal underperformance, setting off a new round of forced selling.

Municipal supply, though similar to last year’s pace through August 2008, then dried up in September, as issuers were reluctant to come to market in such a strained environment. This created a backlog of pending issuance, which pushed yields higher as the market anticipated that these bonds would eventually be issued in the following months. All told, $318 billion was issued in the municipal primary market year-to-date through September 2008, down 2% from the prior year.

Turning to the high yield municipal market, rising oil prices in May through July negatively impacted the Airline sector while the market continued to have very little demand for Tobacco bonds, as risk aversion pervaded the market and all credit securities suffered. Conversely, although special assessments (land-backed bonds) experienced spread widening in December 2007 and January of 2008, they found stability and remained relatively unchanged from a spread perspective throughout the six-month reporting period. Most spread widening occurred in the investment grade space, between A/BBB-rated and AAA-rated securities. High yield municipal credit spreads actually stabilized in the third quarter of 2008 and were approximately unchanged during the second half of the reporting period. Most of the high yield municipal asset class’s underperformance versus the overall municipal bond market stemmed from technical factors, such as municipal yields rising and the municipal yield curve steepening. In addition, demand for high yield municipal bonds turned negative in September.

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.

Factors Affecting Performance

As discussed, the Fund is benchmarked to both the Lehman Brothers High Yield Municipal Bond and Lehman Brothers Aggregate Municipal Bond Indices. On one hand, the Lehman Brothers High Yield Municipal Bond Index is purely non-investment grade and, on the other hand, the Lehman Brothers Aggregate Municipal Bond Index is mostly AAA/AA. As a result, the Fund has a relative overweight exposure to the BBB portion of the credit spectrum versus these Indices. Most spread widening that has occurred in the market over the past few months has occurred between the BBB-rated and AAA/AA-rated credit sectors. As a result, during the six-month reporting period, the Fund’s overweight to BBBs contributed to underperformance versus its Indices. Furthermore, yields rising on the long end of the curve negatively impacted performance, as much of the Fund is concentrated in the 20+ year part of the curve.

PORTFOLIO RESULTS

Outlook

We expect that U.S. economic growth will be negative in the coming quarters. We believe that inflation is in retreat, with oil prices down more than 25% from the highs seen in July. Inflation expectations are now likely to give way to deflation concerns as global growth slows. However, we do not see deflation as a significant threat, due largely to policymakers’ extraordinary response to the financial crisis.

In response to the tight liquidity in the marketplace, discussed above, as well as the Fund’s current high levels of large shareholder concentration, and in anticipation of potential year-end redemption activity for tax-loss harvesting purposes, the Fund has begun to increase its positions in cash and cash equivalents (consistent with its investment strategies) to better position the Fund to be able to meet redemption requests over the coming months without having to sell portfolio securities at an inopportune time or price. The majority of this cash raising activity has occurred since the end of the reporting period, with the Fund maintaining a cash or cash equivalent exposure of 8.4% as of September 30, 2008. We anticipate the cash and cash equivalent exposure of the Fund to increase during the current reporting period. To the extent that the Fund remains invested in cash or cash equivalents, the Fund may not be fully pursuing its investment objective.

We thank you for your investment and look forward to your continued confidence.

Goldman Sachs U.S. Fixed Income — Municipal Investment Management Team

October 23, 2008

FUND BASICS

High Yield Municipal Fund

as of September 30, 2008

PERFORMANCE REVIEW


				Lehman			Lehman			Goldman Sachs
				Brothers			Brothers			High Yield			30-Day
	Fund			High Yield			Aggregate			Municipal Fund			Taxable			30-Day
April 1, 2008–	Total Return			Municipal			Municipal			Composite			Equivalent			Standardized
Sept. 30, 2008	(based on NAV)¹			Bond Index²			Bond Index³			Index⁴			Yield⁵			Yield⁶


Class A		-6.67	%		-4.64	%		-2.60	%		-3.82	%		8.98	%		5.84	%
Class B		-7.02			-4.64			-2.60			-3.82			8.20			5.33
Class C		-7.02			-4.64			-2.60			-3.82			8.20			5.33
Institutional		-6.51			-4.64			-2.60			-3.82			9.97			6.48


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 40,000 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	Effective May 31, 2008, the Fund has added the Goldman Sachs High Yield Municipal Fund Composite Index as an additional benchmark against which to measure its performance. The Goldman Sachs High Yield Municipal Fund Composite Index is comprised of the Lehman Brothers Aggregate Municipal Bond Index (40%) and the Lehman Brothers High Yield Municipal Bond Index (60%). The Fund’s Investment Adviser believes that this benchmark represents a better comparison against which to measure the Fund’s performance. It is not possible to invest directly in an unmanaged index.
⁵	The 30-Day Taxable Equivalent Yield of the Fund is calculated by dividing the current 30-Day Standardized Yield by 1 minus the highest 2008 federal income tax rate of 35%.
⁶	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.

FUND BASICS

STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS⁷


For the period ended 9/30/08	One Year			Five Years			Since Inception			Inception Date


Class A		-17.37	%		0.33	%		3.27	%	4/3/00
Class B		-18.41			0.09			3.06		4/3/00
Class C		-14.99			0.49			3.06		4/3/00
Institutional		-13.19			1.63			4.23		4/3/00

⁷

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 Fund will charge a 2% redemption fee on the redemption of shares (including by exchange) held for 60 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.

EXPENSE RATIOS⁸


	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)


Class A		0.89	%		0.92	%
Class B		1.64			1.67
Class C		1.64			1.67
Institutional		0.55			0.58

⁸

FUND BASICS

SECTOR ALLOCATION⁹

Percentage of Net Assets


⁹	The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities.

PORTFOLIO RESULTS

Municipal Income Fund

Dear Shareholder:

This report provides an overview on the performance of the Goldman Sachs Municipal Income Fund (the “Fund”)
during the six-month reporting period that ended September 30, 2008.

Performance Review

Over the six-month period that ended September 30, 2008, the Fund’s Class A, B, C, Institutional and Service Shares generated cumulative total returns, without sales charges, of –3.68%, –4.04%, –3.97%, –3.52% and –3.73%, respectively. These returns compared to the –2.60% cumulative total return of the Fund’s benchmark, the Lehman Brothers Aggregate Municipal Bond Index (with dividends reinvested), over the same time period.

During the reporting period, the primary drivers of the Fund’s relative underperformance versus the benchmark were its maturity distribution and credit quality positioning.

Market Review

PORTFOLIO RESULTS

As municipal bonds underperformed the Treasury market, municipal hedge funds were forced to sell their levered positions, which created a downward spiral. More forced selling meant more municipal underperformance, setting off a new round of forced selling.

Municipal supply, though similar to last year’s pace through August 2008, then dried up in September, as issuers were reluctant to come to market in such a strained environment. This created a backlog of pending new issuance which pushed yields higher as the market anticipated that these bonds would eventually be issued in the following months. All told, $318 billion was issued in the municipal primary market year-to-date through September 2008, down 2% from the prior year.

INVESTMENT OBJECTIVE

The Fund seeks a high level of current income that is exempt from regular federal income tax, consistent with preservation of capital.

Factors Affecting Performance

The Fund continued to favor both the long end of the curve and the A/BBB segments of the municipal market, both of which underperformed their counterparts (e.g. AAA-rated and shorter-term bonds) over the six-month reporting period. Over this period, risk-averse investors continued to favor shorter-term and higher quality bonds. Credit spreads widened during a period where investors shied away from everything except the highest quality securities, namely Treasuries. In addition, municipal yields rose across the entire curve. Longer-term municipal bonds suffered more from the sell-off than did their shorter-term counterparts and there was a slight steepening of the curve between two- and 30-year municipal securities. During the six-month reporting period as a whole, the spread between two- and 30-year municipal bonds moved to 276 basis points from 267 basis points.

Outlook

PORTFOLIO RESULTS

We thank you for your investment and look forward to your continued confidence.

Goldman Sachs U.S. Fixed Income — Municipal Investment Management Team

October 23, 2008

FUND BASICS

Municipal Income Fund

as of September 30, 2008

PERFORMANCE REVIEW


				Lehman Brothers						30-Day
April 1, 2008–	Fund Total Return			Aggregate Municipal			30-Day Taxable			Standardized
September 30, 2008	(based on NAV)¹			Bond Index²			Equivalent Yield³			Yield⁴


Class A		-3.68	%		-2.60	%		6.37	%		4.14	%
Class B		-4.04			-2.60			5.54			3.60
Class C		-3.97			-2.60			5.54			3.60
Institutional		-3.52			-2.60			7.28			4.73
Service		-3.73			-2.60			6.48			4.21


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 40,000 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 2008 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 AVERAGE ANNUAL TOTAL RETURNS⁵


For the period ended 9/30/08	One Year			Five Years			Ten Years			Since Inception			Inception Date


Class A		-9.64	%		0.85	%		2.69	%		4.02	%	7/20/93
Class B		-10.77			0.61			2.39			3.53		5/1/96
Class C		-7.02			1.02			2.40			2.96		8/15/97
Institutional		-5.06			2.16			3.56			4.12		8/15/97
Service		-5.54			1.64			3.09			3.65	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.

FUND BASICS

EXPENSE RATIOS⁷


	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)


Class A		0.88	%		1.01	%
Class B		1.63			1.76
Class C		1.63			1.76
Institutional		0.54			0.67
Service		1.04			1.17

⁷

SECTOR ALLOCATION⁸

Percentage of Net Assets


⁸	The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities.

PORTFOLIO RESULTS

New York AMT-Free Municipal Fund

Dear Shareholder:

This report provides an overview on the performance of the Goldman Sachs New York AMT-Free Municipal Fund (the “Fund”) during the six-month reporting period that ended September 30, 2008.

Performance Review

Over the six-month period that ended September 30, 2008, the Fund’s Class A, C and Institutional Shares generated cumulative total returns, without sales charges, of −2.90%, −3.27% and −2.63%, respectively. These returns compared to the −2.60% cumulative total return of the Fund’s benchmark, the Lehman Brothers Aggregate Municipal Bond Index (with dividends reinvested), over the same time period.

The Fund underperformance versus the benchmark was largely due to its overweight to BBB-rated bonds, as they underperformed AAA-rated bonds during the reporting period.

Market Review

PORTFOLIO RESULTS

Municipal supply, though similar to last year’s pace through August 2008, then dried up in September, as issuers were reluctant to come to market in such a strained environment. This created a backlog of pending issuance which pushed yields higher as the market anticipated that these bonds would eventually be issued in the following months. All told, $318 billion was issued in the municipal primary market year-to-date through September 2008, down 2% from the prior year.

The New York municipal market performed approximately in-line with the rest of the overall tax-free market during the reporting period.

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 and City personal income taxes and is consistent with preservation of capital.

Factors Affecting Performance

The majority of the Fund’s underperformance stemmed from its overweight to BBB-rated bonds relative to the benchmark. BBB-rated bonds underperformed AAA-rated securities over the reporting period. The Fund’s exposure to uninsured BBB-rated Puerto Rico bonds also detracted from performance, as those spreads remained wide in response to the monoline crisis. However, during a period when yields rose, the Fund’s slightly short duration strategy versus the benchmark was a modest positive contributor to performance.

Outlook

PORTFOLIO RESULTS

We thank you for your investment and look forward to your continued confidence.

Goldman Sachs U.S. Fixed Income — Municipal Investment Management Team

October 23, 2008

FUND BASICS

New York AMT-Free Municipal Fund

as of September 30, 2008

PERFORMANCE REVIEW


				Lehman Brothers						30-Day
April 1, 2008–	Fund Total Return			Aggregate Municipal			30-Day Taxable			Standardized
September 30, 2008	(based on NAV)¹			Bond Index²			Equivalent Yield³			Yield⁴


Class A		-2.90	%		-2.60	%		5.66	%		3.68	%
Class C		-3.27			-2.60			4.82			3.13
Institutional		-2.63			-2.60			6.46			4.20


¹	The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance 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 Aggregate Municipal Bond Index is an unmanaged broad-based total return index composed of approximately 40,000 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 2008 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 AVERAGE ANNUAL TOTAL RETURNS⁵


For the period ended 9/30/08	One Year			Since Inception			Inception Date


Class A		-7.32	%		-0.64	%	11/1/05
Class C		-4.66			0.18		11/1/05
Institutional		-2.54			1.33		11/1/05

⁵

FUND BASICS

EXPENSE RATIOS⁶


	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)


Class A		0.85	%		1.81	%
Class C		1.60			2.56
Institutional		0.51			1.47

⁶

SECTOR ALLOCATION⁷

Percentage of Net Assets


⁷	The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities.

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 (the “Fund”) during the six-month reporting period that ended September 30, 2008.

Performance Review

Over the six-month period that ended September 30, 2008, the Fund’s Class A, B, C, Institutional and Service Shares generated cumulative total returns, without sales charges, of 0.28%, 0.07%, −0.10%, 0.45% and 0.29%, respectively. These returns compared to the 0.68% cumulative total return of the Fund’s benchmark, the Lehman Brothers 1-3 Year Municipal Bond Index (with dividends reinvested), over the same time period.

During the reporting period, the primary driver of the Fund’s relative underperformance versus the benchmark was its maturity structure.

Market Review

Municipal securities were treated like one of these “spread sectors” by the market, whereas in most environments, these securities have been treated as a flight-to-quality asset class (like Treasuries). However, continuing the trend that began in the summer of 2007, municipal bonds underperformed Treasuries during the reporting period as risk aversion continued to guide investors’ allocation strategies. Rates rose approximately 40 basis points across the entire municipal yield curve, with the long end of the curve underperforming the most. By the end of the six-month reporting period, an investor could purchase a 30-year municipal bond that offered over 120% of the yield on a 30-year Treasury bond, effectively getting that tax exemption for free.

PORTFOLIO RESULTS

Liquidity has been difficult all year in the municipal market, but when Lehman Brothers filed for bankruptcy in September 2008, a liquidity crunch ensued that was unlike anything we had seen before. Municipal illiquidity that was driven by the lack of interest from the broker/dealer community and then exacerbated by massive hedge fund selling was further augmented by the fear and uncertainty in the market at the end of the third quarter of 2008. As municipal bonds underperformed the Treasury market, municipal hedge funds were forced to sell their levered positions, which created a downward spiral. More forced selling meant more municipal underperformance, setting off a new round of forced selling.

Municipal supply, though similar to last year’s pace through August 2008, then dried up in September, as issuers were reluctant to come to market in such a strained environment. This created a backlog of pending new issuances which pushed yields higher as the market anticipated that these bonds would eventually be issued in the following months. All told, $318 billion was issued in the municipal primary market year-to-date through September 2008, down 2% from the prior year.

INVESTMENT OBJECTIVE

The Fund seeks a high level of current income, consistent with relatively low volatility of principal, which is exempt from regular federal income tax.

Factors Affecting Performance

As yields moved higher across the municipal yield curve during the reporting period, bonds in the five-year portion of the curve underperformed shorter securities. The Fund’s out-of-index exposure to these maturities hurt its relative performance. An overweight to BBB-rated securities versus the benchmark also detracted from relative performance, as BBBs underperformed the rest of the investment grade market over the reporting period. Exposure to short-average life tobacco-backed debt hampered performance as well. Longer-dated tobacco backed debt spreads widened, putting pressure on the shorter-dated bonds as well. However, one tobacco bond helped performance — SC Tobacco — as the issuer was able to refinance those bonds, thus, making them “pre-refunded” securities. Those bonds, which were rated Baa3/BBB, are now backed by U.S. government securities.

PORTFOLIO RESULTS

Outlook

We believe that, over a reasonable time horizon, municipals should outperform Treasuries in the foreseeable future. At this point, many of the municipal hedge funds are gone and much of the leverage that was once in the market has now left the system. Though there are still pockets of leverage, we believe it appears to be much more contained and should be reduced over time rather than all at once. In our view, it does not appear that deleveraging should continue to be a major driver of volatility going forward. While certain fundamentals have weakened, namely in the form of weaker economic growth that could impact state and local tax revenues, it is important to point out that most municipal sectors have weathered the U.S. economic slowdown without broad credit fundamental deterioration.

We thank you for your investment and look forward to your continued confidence.

Goldman Sachs U.S. Fixed Income — Municipal Investment Management Team

October 23, 2008

FUND BASICS

Short Duration Tax-Free Fund

as of September 30, 2008

PERFORMANCE REVIEW


				Lehman Brothers						30-Day
April 1, 2008–	Fund Total Return			1-3 Year Municipal			30-Day Taxable			Standardized
September 30, 2008	(based on NAV)¹			Bond Index²			Equivalent Yield³			Yield⁴


Class A		0.28	%		0.68	%		4.62	%		3.00	%
Class B		0.07			0.68			3.75			2.44
Class C		-0.10			0.68			3.55			2.31
Institutional		0.45			0.68			5.22			3.39
Service		0.29			0.68			4.45			2.89


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 2008 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 AVERAGE ANNUAL TOTAL RETURNS⁵


For the period ended 9/30/08	One Year			Five Years			Ten Years			Since Inception			Inception Date


Class A		0.82	%		1.57	%		2.70	%		3.06	%	5/1/97
Class B		0.35			1.39			2.29			2.63		5/1/97
Class C		1.12			1.22			2.14			2.36		8/15/97
Institutional		3.25			2.38			3.30			3.78		10/1/92
Service		2.84			1.87			2.80			3.30		9/20/94

⁵

FUND BASICS

EXPENSE RATIOS⁶


	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)


Class A		0.73	%		0.95	%
Class B		1.33			1.70
Class C		1.48			1.70
Institutional		0.39			0.61
Service		0.89			1.11

⁶

SECTOR ALLOCATION⁷

Percentage of Net Assets


⁷	The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities.

GOLDMAN SACHS CALIFORNIA AMT-FREE MUNICIPAL FUND

Schedule of Investments

September 30, 2008 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Municipal Debt Obligations – 95.2%


	California – 85.2%
	Abag Finance Authority RB for Non-Profit Corps. RB for San Diego Hospital Association Series 2001 A (A-/Baa1)
	$	725,000		6.125	%		08/15/20	$	734,925
	Abag Finance Authority RB for Non-Profit Corps. RB for Sansum-Santa Barbara Series 2002 A (CA MTG INS) (A+)
		2,000,000		5.500			04/01/21		2,008,800
	Banning Utility Authority Water Enterprise RB for Refunding and Improvement Projects Series 2005 (FGIC) (A-)
		1,135,000		5.000			11/01/22		1,055,561
	Bay Area Infrastructure Financing Authority RB for State Payment Acceleration Notes Series 2006 (FGIC) (A/A3)
		1,500,000		5.000			08/01/17		1,527,975
	Bay Area Toll Authority California Toll Building RB for San Francisco Bay Area Series 2008 F1 (AA/Aa3)
		1,000,000		5.500			04/01/43		962,670
	Brentwood Infrastructure Financing Authority Special Assessment Refunding Subseries 2005 B
		235,000		5.000			09/02/25		198,709
	California Health Facilities Financing Authority RB for Catholic Healthcare West Series 2005 G (A/A2)
		1,000,000		5.000			07/01/10		1,017,130
	California Health Facilities Financing Authority RB for Catholic Healthcare West Unrefunded Balance Series 2004 H (A/A2)^(a)
		805,000		4.450			07/01/11		798,496
	California Infrastructure & Economic Development Bank RB for LA County Department of Public Social Services Series 2003 (AMBAC) (AA/Aa3)
		505,000		5.750			09/01/23		518,953
	California Municipal Finance Authority RB for University Students Cooperation Association Series 2007 (BBB-)
		790,000		5.000			04/01/22		724,477
	California Special Districts Association Finance Corp. COPS for Montecito San District Series 2007 UU (MBIA) (AA/A2)
		750,000		5.000			07/01/33		690,428
	California State Department of Transportation RANS for Federal Highway Grant Series 2004 A (FGIC) (AA-/Aa3)
		1,000,000		5.000			02/01/12		1,056,350
	California State GO Bonds Prerefunded Series 2001 (AAA/Aaa)^(b)
		1,000,000		5.125			06/01/11		1,062,360
	California State GO Bonds Refunding Series 2006 (A+/A1)
		1,000,000		5.000			10/01/24		950,520
	California State Public Works Board RB for California Community College Series 2007 B (FGIC) (A/A2)
		2,000,000		5.000			03/01/24		1,860,400
	California State Public Works Board RB for Department of Mental Health Coalinga Series 2004 A (A/A2)
		1,000,000		5.000			06/01/11		1,045,270
	California State Public Works Board RB Refunding for Department of Health Services Series 2005 K (A/A2)
		200,000		5.000			11/01/22		189,312
	California Statewide Communities Development Authority RB for Enloe Medical Center Series 2008 (CA MTG INS) (A+)
		1,000,000		5.750			08/15/38		937,760


	California Statewide Communities Development Authority RB for Front Porch Communities & Services Series 2007 A (BBB)^(c)
		1,000,000		5.125			04/01/37		784,090
	California Statewide Communities Development Authority RB for Henry Mayo Newhall Memorial Hospital Series 2007 (CA MTG INS) (A+)
		1,000,000		5.000			10/01/37		846,610
	California Statewide Communities Development Authority RB for Kaiser Permanente Series 2002 C (A+)^(a)
		725,000		3.850			06/01/12		719,106
	California Statewide Communities Development Authority RB for Kaiser Permanente Series 2006 B (A+)
		1,000,000		5.250			03/01/45		864,540
	California Statewide Communities Development Authority RB for St. Joseph RMKT 03/27/08 Series 2000 (MBIA) (AAA/Aa3)
		600,000		5.125			07/01/24		549,708
	California Statewide Communities Development Authority RB Refunding for Daughters of Charity Health Series 2005 F (BBB+)
		500,000		5.000			07/01/09		501,850
	Carson Redevelopment Agency Tax Allocation for Sub-Merged Project Area Series 2003 D (AAA)^(b)
		1,000,000		6.000			01/01/14		1,120,300
	Colton Joint Unified School District GO Bonds for Election of 2001 Series 2006 C (FGIC) (A/A2)
		500,000		5.250			02/01/22		492,435
	Coronado Community Development Agency Tax Allocation Refunding for Coronado Community Development Project Series 2006 (FGIC) (A)
		1,000,000		5.000			09/01/22		974,530
	Eastern Municipal Water District Community Facilities Special Tax for Area Improvement District 2004-32 Series 2007 A
		340,000		5.000			09/01/37		256,802
	Elsinore Valley California Municipal Water District COPS Series 2008 A (BHAC) (AAA/Aaa)
		1,000,000		5.000			07/01/27		956,530
	Foothill-De Anza Community College District of California GO Bonds Series 2007 A (AMBAC) (AA/Aa1)
		1,500,000		5.000			08/01/27		1,434,645
	Franklin McKinley School District GO Bonds for Election of 2004 Series 2008 B (FSA) (AAA/Aaa)
		1,500,000		5.250			08/01/32		1,465,995
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB for Asset Backed Bonds Senior Series 2007 A-1 (BBB/Baa3)
		1,000,000		5.750			06/01/47		735,480
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB for Enhanced Asset Backed Bonds Series 2005 A (FGIC) (A/A2)
		1,685,000		5.000			06/01/35		1,419,815
	Hollister Joint Powers Financing Authority RB for Refunding and Improvement Project Series 2006-1 (FSA) (AAA)
		500,000		5.000			06/01/17		519,960

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

GOLDMAN SACHS CALIFORNIA AMT-FREE MUNICIPAL FUND


		Principal		Interest			Maturity
		Amount		Rate			Date		Value

Municipal Debt Obligations – (continued)
		California – (continued)

		Jurupa Community Services District Special Tax Community Facilities District No. 30 Series 2007 A
		$	1,000,000		5.600	%		09/01/37	$	843,480
		Kings River Conservation District California Revenue COPS for Peaking Project Series 2004 (Baa1)
			1,455,000		5.000			05/01/10		1,491,782
		Lake Elsinore California Unified School District Community Facilities District Special Tax Series 2005-3
			275,000		5.000			09/01/25		228,830
		Lammersville School District Community Facilities District No. 2002 Special Tax for Mountain House Series 2006
			250,000		5.000			09/01/26		206,038
		Los Angeles Convention & Exhibit Center Authority Lease RB Refunding Series 2008 A (AA-/A1)^(d)
			500,000		5.000			08/15/17		513,300
		Los Angeles Community College District GO Bonds Series 2001 A (MBIA) (AA/Aa2)^(b)
			1,250,000		5.500			08/01/11		1,340,037
		Los Angeles Housing Authority Multi-Family Housing RB Refunding Series 2007 A (FNMA) (AAA)
			1,500,000		5.000			08/15/37		1,321,050
		Los Angeles Unified School District GO Bonds Series 2003 A (MBIA) (AA/Aa3)^(b)
			1,250,000		5.375			07/01/13		1,362,988
		Manteca Unified School District GO Bonds Refunding Series 2005 (FGIC) (A+/A2)
			775,000		5.000			08/01/20		773,574
		Mission Springs Water District Improvement Bond Act of 1915 Special Assessment Limited Obligation for District No. 13 Series 2005
			275,000		5.000			09/02/21		240,177
		Monterey County Financing Authority RB for Salinas Valley Water Project Assured Guaranty Ltd. Series 2008 A (AAA/Aaa)
			1,000,000		5.000			09/01/23		970,300
		Mountain House Public Financing Authority California Utilities Systems RB Escrow Series 2007 (A-)
			1,000,000		5.000			12/01/32		853,950
		New Haven Union High School District GO Bonds Refunding Series 2005 (MBIA) (AA/A1)
			1,250,000		5.250			08/01/21		1,267,075
		Palmdale Improvement Bond Act of 1915 Special Assessment Limited Obligation for District No. 2006-1 Series 2006
			500,000		5.000			09/02/36		386,555
		Palo Alto Improvement Bond Act of 1915 Special Assessment for University Avenue Area Off Shore Parking Series 2002 A (BBB)
			1,055,000		5.250			09/02/17		1,020,174
		Plumas Elementary School District COPS Series 2007 (BBB)
			1,000,000		5.250			06/01/37		816,140
		Poway Unified School District Public Financing Authority Lease RB Capital Appreciation for Tranche Series 2008 B (FSA) (AAA/Aaa)^(a)(e)
			1,000,000		0.000			12/01/14		767,100


		Poway Unified School District Special Tax Community Facilities District No. 6-4 South Ranch Series 2005 (BBB)
			200,000		4.850			09/01/20		178,104
		Rancho Mirage California Redevelopment Agency Tax Allocation for Northside Sub Area Sub Lien Series 2008 A-1 (A)
			1,000,000		5.000			04/01/26		903,750
		Richmond Joint Powers Financing Authority Variable RB Refunding for Lease Civic Center Project Series 2007 (AMBAC) (AA)^(a)
			985,000		4.125			11/25/09		985,236
		Riverside County Public Financing Authority Tax Allocation Revenue Redevelopment Project Area No. 1 for Mid County Series 2006 B (MBIA) (AA/A2)
			575,000		5.000			10/01/15		599,093
	��	Sacramento County Sanitation District Financing Authority Variable RB Refunding for Sacramento County Regional Series 2007 B (FGIC) (AA/Aa3)^(f)
			820,000		2.413			12/01/35		523,586
		San Diego Redevelopment Agency Tax Allocation for Centre City Redevelopment Series 2006 A (AMBAC) (AA/Aa3)
			1,000,000		5.000			09/01/13		1,060,630
		San Mateo Union High School District GO Bonds Capital Appreciation for Election of 2000 Series 2002 B (FGIC) (AA-/Aa3)^(e)
			1,000,000		0.000			09/01/26		340,280
		Santa Clarita Community College District GO Bonds Capital Appreciation for Election of 2006 Series 2007 (MBIA) (AA/A2)^(e)
			2,030,000		0.000			08/01/36		346,115
		Sierra View Local Health Care District RB Refunding Series 1998 (A-)
			500,000		5.400			07/01/22		460,265
		Tobacco Securitization Authority of Southern California Tobacco Settlement RB for Asset Backed Bonds Senior Series 2002 A (AAA/Aaa)^(b)
			1,180,000		5.250			06/01/12		1,266,270
		Tobacco Securitization Authority of Southern California Tobacco Settlement RB Senior Series 2006 A-1 (BBB/Baa3)
			895,000		4.750			06/01/25		764,760
		Tulare Public Financing Authority Lease RB Refunding for Capital Facilities Project Series 2008 Assured Guaranty Ltd. (AAA/Aaa)
			1,000,000		5.500			04/01/38		991,350
		Turlock California Health Facilities COPS for Emanuel Medical Center Series 2007 B (BBB+)
			1,000,000		5.500			10/15/37		852,920
		Vernon Natural Gas Financing Authority RB for Vernon Gas Project Subseries 2006 A-3 (MBIA) (AA/A2)^(a)
			950,000		5.000			08/03/09		950,323

										55,607,724

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

GOLDMAN SACHS CALIFORNIA AMT-FREE MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2008 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Municipal Debt Obligations – (continued)
	California – (continued)

	Puerto Rico – 7.6%
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding Series 1995 (COMWLTH GTD) (BBB-/Baa3)
	$	250,000		6.250	%		07/01/12	$	276,225
	Puerto Rico Commonwealth Aqueduct & Sewer Authority Senior Lien RB Series 2008 A (BBB-/Baa3)
		250,000		6.000			07/01/38		240,922
		350,000		6.000			07/01/44		336,546
	Puerto Rico Commonwealth Aqueduct & Sewer Authority Senior Lien RB Series 2008 A (BBB-/Baa3)^(e)
		250,000		0.000			07/01/24		200,153
	Puerto Rico Commonwealth Government Development Bank RB Senior Notes Series 2006 B (BBB/Baa3)
		1,500,000		5.000			12/01/09		1,518,480
	Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities RB for Ana G Mendez University Systems Project Series 2006 (BBB-)
		270,000		5.000			03/01/09		271,372
		575,000		5.000			03/01/12		578,375
	Puerto Rico Public Buildings Authority RB for Government Facilities Series 2004 I (COMWLTH GTD) (BBB-/Baa3)^(b)
		1,000,000		5.375			07/01/14		1,073,060
	Puerto Rico Public Finance Corp. RB for Commonwealth Appropriation Series 2004 A (LOC-Government Development Bank for Puerto Rico) (FGIC) (BBB-/Ba1)^(a)
		500,000		5.250			02/01/12		500,115

									4,995,248


	U.S. Virgin Islands – 2.4%
	Virgin Islands Public Finance Authority RB Senior Lien Matching Fund Loan Notes Series 2004 A (BBB)
		1,100,000		5.000			10/01/08		1,100,000
		500,000		5.250			10/01/23		439,505

									1,539,505


	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $66,545,790)							$	62,142,477




Short-Term Investments – 5.4%


	California – 5.4%
	California State Department of Water Resources Power Supply VRDN RB Series 2002 B-3 (LOC-Bank of New York) (A-1+/VMIG1)^(f)
	$	300,000		3.950	%		10/01/08	$	300,000
	California State Department of Water Resources Power Supply VRDN RB Series 2002 B-6 (LOC-State Street Bank & Trust Co.) (A-1+/VMIG1)^(f)
		700,000		5.050			10/01/08		700,000
	California State Department of Water Resources Power Supply VRDN RB
	Subseries 2005 F-4 (LOC-Bank of America N.A. ) (A-1+/VMIG1)^(f)
		100,000		3.950			10/01/08		100,000


	Irvine California Improvement Bond Act 1915 VRDN RB Assessment for District 2005-21 Series 2006 A (LOC-Bank of New York) (VMIG1)^(f)
		260,000		4.250			10/01/08		260,000
	Irvine Ranch California Water District VRDN GO Bonds for Improvement of District 282 Series 1988 A (LOC-Landesbank Hessen-Thuringen) (A-1+)^(f)
		300,000		5.050			10/01/08		300,000
	Los Angeles California Water & Power VRDN RB Series 2001 Subseries B-6 (A-1+/VMIG1)^(f)
		200,000		4.000			10/01/08		200,000
	Metropolitan Water District of Southern California Waterworks VRDN RB Series 2000 B-3 (A-1+/VMIG1)^(f)
		500,000		5.050			10/01/08		500,000
	Metropolitan Water District of Southern California Waterworks VRDN RB Series 2001 C-1 (A-1+/VMIG1)^(f)
		800,000		6.250			10/01/08		800,000
	Western Riverside County California Regional Wastewater Authority VRDN RB for Regional Wastewater Treatment Series 1996 (LOC-Dexia Credit Local) (A-1+/VMIG1)^(f)
		400,000		4.750			10/01/08		400,000


	TOTAL SHORT-TERM INVESTMENTS
	(Cost $3,560,000)							$	3,560,000


	TOTAL INVESTMENTS – 100.6%
	(Cost $70,105,790)							$	65,702,477


	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.6)%								(400,898	)


	NET ASSETS – 100.0%							$	65,301,579

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 date. Interest rate disclosed is that which is in effect at September 30, 2008.

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

(c)		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 $784,090, which represents approximately 1.2% of net assets as of September 30, 2008.

(d)		When-issued security.

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

(f)		Variable rate security. Except for floating rate notes, maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect at September 30, 2008.

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

GOLDMAN SACHS CALIFORNIA AMT-FREE MUNICIPAL FUND

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




Investment Abbreviations:
AMBAC	—	Insured by American Municipal Bond Assurance Corp.
BHAC	—	Insured by Berkshire Hathaway Assurance Corp.
CA MTG INS	—	Insured by California Mortgage Insurance
COMWLTH GTD	—	Commonwealth Guaranteed
COPS	—	Certificates of Participation
FGIC	—	Insured by Financial Guaranty Insurance Co.
FNMA	—	Federal National Mortgage Association
FSA	—	Insured by Financial Security Assurance Co.
GO	—	General Obligation
LOC	—	Letter of Credit
MBIA	—	Insured by Municipal Bond Investor Assurance
RANS	—	Revenue Anticipation Notes
RB	—	Revenue Bond
RMKT	—	Remarketed
VRDN	—	Variable Rate Demand Notes

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments

September 30, 2008 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Municipal Debt Obligations – 87.7%


	Alabama – 1.7%
	Alexander City Special Care Facilities Financing Authority Medical Facilities RB for Russell Hospital Corp. Series 2006 A (BB+)

	$	3,405,000		5.375	%		12/01/16	$	3,243,637
		4,425,000		5.500			12/01/21		4,022,591
		5,775,000		5.625			12/01/26		5,040,131
		12,100,000		5.750			12/01/36		10,262,252
	Butler Industrial Development Board Solid Waste Disposal RB Refunding for Georgia Pacific Corp. Project Series 2004 (AMT) (B)

		5,000,000		5.750			09/01/28		3,656,200
	Courtland Industrial Development Board Solid Waste Disposal RB Refunding for International Paper Co. Projects Series 2005 B (AMT) (BBB/Baa3)

		2,305,000		5.200			06/01/25		1,750,140
	Jefferson County Limited Obligation RB Series 2004 A (BBB/B3)

		4,500,000		5.000			01/01/09		4,434,570
		1,520,000		5.000			01/01/10		1,451,661
	Jefferson County Limited Obligation RB Series 2004 (FSA-CR) (AAA/Aaa)

		850,000		5.500			01/01/21		794,393
	Sylacauga Health Care Authority RB for Coosa Valley Medical Center Series 2005 A

		6,190,000		5.375			08/01/15		5,869,048
		7,600,000		6.000			08/01/25		6,704,188
		5,000,000		6.000			08/01/35		4,133,150
	Tuscaloosa Educational Building Authority RB for Stillman College Project Series 2007 A (BBB-)

		22,365,000		5.250			06/01/37		17,368,883
	Tuskegee City of Alabama GO Bonds Series 2007 (ACA)

		300,000		4.400			01/01/22		245,988
		500,000		4.625			01/01/27		391,190
		500,000		4.625			01/01/32		368,700

									69,736,722


	Alaska – 0.1%
	Northern Tobacco Securitization Corp. RB for Alaska Asset Backed Bonds Series 2000 (AAA/Aaa)^(a)

		3,045,000		6.200			06/01/10		3,169,023


	Arizona – 2.2%
	Apache County IDA PCRB for Tuscon Electric Power Co. Project Series 1998 A (BB+/Baa3)

		5,000,000		5.850			03/01/28		4,171,950
	Apache County IDA PCRB for Tuscon Electric Power Co. Project Series 1998 B (BB+/Baa3)

		5,000,000		5.875			03/01/33		4,053,150
	Arizona Health Facilities Authority RB for Phoenix Children’s Hospital Series 2007A^(b)(c)

		63,500,000		8.960			02/02/15		57,424,955
	Gila County IDA RB Refunding for Environmental Asarco, Inc. Series 1998^(d)

		6,750,000		5.550			01/01/27		8,071,852


	Queen Creek Improvement District No. 1 Special Assessment Series 2006 (BBB-/Baa2)

		600,000		5.000			01/01/20		553,698
		1,000,000		5.000			01/01/21		908,390
		2,000,000		5.000			01/01/26		1,728,720
		3,000,000		5.000			01/01/32		2,467,020
	Yavapai County IDA Hospital Facilities RB for Regional Medical Center Series 2003 A (BBB+/Baa2)

		1,250,000		6.000			08/01/33		1,163,200
	Yuma County IDA Water & Sewer Exempt Facilities RB Refunding Series 2007 A (AMT)

		7,750,000		6.375			12/01/37		6,601,993

									87,144,928


	Arkansas – 0.1%
	Little River Country RB Refunding for Georgia Pacific Corp. Project Series 1998 (AMT) (B2)

		3,010,000		5.600			10/01/26		2,190,738


	California – 6.5%
	Abag Finance Authority RB for Non-Profit Corps. RB for Sansum-Santa Barbara Series 2002 A (CA MTG INS) (A+)

		1,500,000		5.500			04/01/21		1,506,600
	ABC Unified School District GO Bonds Series 2001 C (FGIC) (A+/A1)^(e)

		1,600,000		0.000			08/01/26		528,592
	Anaheim Public Financing Authority RB Capital Appreciation for Public Improvements Project Series 1997 C (FSA) (AAA/Aaa)^(e)

		855,000		0.000			09/01/29		243,376
	Austin Trust Various States RB for Inverse Certificates Bank of America Series 2008-1099 (AA-)^(f)

		3,330,000		5.668			08/01/33		2,163,368
	Calaveras Unified School District GO Bonds for Capital Appreciation Series 2000 (FSA) (AAA/Aaa)^(e)

		1,055,000		0.000			08/01/25		388,219
	California County Tobacco Securitization Agency RB for Alameda County Asset Backed Bonds Series 2002 (BBB+/Baa3)

		555,000		5.750			06/01/29		479,059
	California County Tobacco Securitization Agency RB for Capital Appreciation Bonds Stanislaus Subseries 2006 B (BBB-)^(e)

		6,550,000		0.000			06/01/46		274,838
	California County Tobacco Securitization Agency RB for Kern County Corp. Asset Backed Bonds Series 2002 B (BBB)

		195,000		6.000			06/01/29		173,601
	California Educational Facilities Authority RB for Golden Gate University Series 2005 (Baa3)

		2,000,000		5.000			10/01/36		1,585,360
	California Municipal Finance Authority RB for University Students Cooperation Association Series 2007 (BBB-)

		2,000,000		5.000			04/01/37		1,604,300
	California Pollution Control Financing Authority PCRB Refunding for Pacific Gas RMKT 06/01/07 Series 2004 D (FGIC) (A/A3)

		10,000,000		4.750			12/01/23		7,764,400

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Municipal Debt Obligations – (continued)
	California – (continued)

	California Statewide Communities Development Authority RB BANS for Golden Gate Park Series 2005 (LOC-First Republic Bank)

	$	26,500,000		6.000	%		12/01/11	$	26,452,300
	California Statewide Communities Development Authority RB for California Baptist University Series 2007 A

		7,440,000		5.400			11/01/27		6,370,872
		6,000,000		5.500			11/01/38		4,914,600
	California Statewide Communities Development Authority RB for Notre Dame De Namur University Series 2003

		3,000,000		6.625			10/01/33		2,755,980
	California Statewide Communities Development Authority RB for Valleycare Health Systems Series 2007 A

		5,605,000		4.800			07/15/17		5,040,408
		1,000,000		5.000			07/15/22		842,090
		4,915,000		5.125			07/15/31		3,780,667
	California Statewide Communities Development Authority RB ROLS-RR-II-R-11449 Series 2008 (BHAC-CR) (AAA)^(f)

		8,005,000		7.434			07/01/30		2,265,655
	California Statewide Financing Authority Tobacco Settlement RB Capital Appreciation for Turbo Pooled Program Series 2006 B (BBB-)^(e)

		35,000,000		0.000			06/01/46		1,636,600
	California Statewide Financing Authority Tobacco Settlement RB for Asset Backed Pooled Tobacco Securities Series 2002 A (BBB+/Baa3)

		3,000,000		6.000			05/01/37		2,496,900
	Capistrano Unified School District Special Tax for Capital Appreciation Series 2005 (FGIC)^(e)

		7,000,000		0.000			09/01/33		1,471,400
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Capital Appreciation for Asset Backed Bonds Subseries 2007 B (BBB)^(e)

		646,755,000		0.000			06/01/47		26,368,201
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Capital Appreciation for Asset Backed Bonds Subseries 2007 C (BBB-)^(e)

		307,000,000		0.000			06/01/47		11,623,020
	Hawthorne Community Redevelopment Agency Tax Allocation Refunding for Hawthorne Plaza Project Series 2001

		2,375,000		6.875			07/01/20		2,380,510
	Inland Empire Tobacco Securitization Authority RB Capital Appreciation for Turbo Asset Backed Bonds Series 2007 C-1 (BBB)^(e)

		101,195,000		0.000			06/01/36		10,813,698
	Inland Empire Tobacco Securitization Authority RB Capital Appreciation for Turbo Asset Backed Bonds Series 2007 C-2 (BBB)^(e)

		211,235,000		0.000			06/01/47		9,106,341
	Inland Empire Tobacco Securitization Authority RB Capital Appreciation for Turbo Asset Backed Bonds Series 2007 D (BBB-)^(e)

		360,660,000		0.000			06/01/57		5,853,512


	Lake Elsinore Unified School District Community Facilities District Special Tax Series 2005-3

		1,435,000		5.050			09/01/30		1,107,777
		690,000		5.050			09/01/35		515,927
	Los Angeles Regional Airports Improvement Corp. Lease RB Refunding for Facilities Sublease Continental Airlines Series 1994 (AMT)(B)

		935,000		9.250			08/01/24		853,477
	Los Angeles Regional Airports Improvement Corp. Lease RB Series 2002 C (AMT) (B-/Caa2)

		10,520,000		7.000			12/01/12		9,984,848
		55,425,000		7.500			12/01/24		48,066,777
	Merced City School District GO Bonds Capital Appreciation for Election of 2003 Series 2005 (MBIA) (AA)^(e)

		1,330,000		0.000			08/01/27		401,314
	Monrovia Unified School District GO Bonds for Capital Appreciation Series 2001 B (FGIC) (A+/A2)^(e)

		1,000,000		0.000			08/01/24		384,550
	Murrieta Community Facilities District Special Tax for No. 3 Creekside Village Improvement Area 1 Series 2005

		1,660,000		5.200			09/01/35		1,283,612
	Northern California Gas Authority No. 1 RB Series 2007 (A+/A1)^(c)

		10,000,000		3.201			07/01/17		8,045,000
	Oxnard Union High School District GO Bonds Refunding Series 2001 A (MBIA) (AA/A2)

		225,000		5.800			02/01/18		234,916
	Placer Union High School District GO Bonds for Capital Appreciation Series 2000 A (FGIC) (A+/A2)^(e)

		1,805,000		0.000			08/01/25		637,652
	Sacramento County Sanitation District Financing Authority Variable RB Refunding for Sacramento County Regional Series 2007 B (FGIC) (AA/Aa3)^(c)

		25,230,000		2.413			12/01/35		16,109,859
	San Bernardino City Unified School District GO Bonds Capital Appreciation for Election of 1999 Series 2003 C (FGIC) (A/A3)^(e)

		1,420,000		0.000			08/01/25		504,838
	San Juan Unified School District GO Bonds for Capital Appreciation Series 2000 (FGIC) (A+/A1)^(e)

		1,580,000		0.000			08/01/24		602,028
		1,595,000		0.000			08/01/25		568,075
	Silicon Valley Tobacco Securitization Authority RB Capital Appreciation for Turbo Santa Clara Series 2007 A (BBB+)^(e)

		17,000,000		0.000			06/01/36		1,801,150
		73,990,000		0.000			06/01/47		3,248,901
	Silicon Valley Tobacco Securitization Authority RB Capital Appreciation for Turbo Santa Clara Series 2007 B (BBB)^(e)

		13,505,000		0.000			06/01/47		550,599
	University of California Regents Medical Center RB for Index Series 2007 C2 (AA-/Aa2)^(c)

		10,000,000		2.669			05/15/47		6,708,600
	Vallejo California Sanitation & Flood Control District COPS Series 1993 (FGIC)

		200,000		5.000			07/01/19		187,252

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2008 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Municipal Debt Obligations – (continued)
	California – (continued)

	Vallejo California Water RB Refunding Series 2006 (MBIA) (AA/A2)

	$	780,000		4.000	%		05/01/10	$	785,920
		1,000,000		4.000			05/01/11		1,003,380
		1,220,000		5.000			05/01/20		1,144,409
	Valley Health System COPS Refunding Project Series 1993 (C)

		16,765,000		6.875			05/15/23		13,998,775
	Valley Health System Hospital RB for Refunding & Improvement Project Series 1996 A (C)

		245,000		6.500			05/15/15		204,575
		760,000		6.500			05/15/25		634,600

									260,453,278


	Colorado – 1.0%
	Colorado Health Facilities Authority RB for Covenant Retirement Communities, Inc. Series 2005 (BBB)

		6,850,000		5.000			12/01/35		5,200,931
	Colorado Health Facilities Authority RB for Hospital Poudre Valley Health Care Series 2005 F (BBB+/Baa1)

		6,200,000		5.000			03/01/25		5,434,424
	Colorado Health Facilities Authority RB for Hospital Valley View Association Project Series 2007 (BBB)

		8,000,000		5.250			05/15/42		6,073,840
	Cross Creek Metropolitan District No. 2 GO Bonds Refunding Limited Tax Series 2006

		4,500,000		6.125			12/01/37		3,502,350
	Denver City & County Special Facilities Airport RB Refunding for United Air Lines Project Series 2007 A (AMT) (B-/Caa2)

		27,000,000		5.250			10/01/32		17,184,960
	Park Meadows Business Improvement District RB Series 2007

		475,000		5.300			12/01/27		416,779
		720,000		5.350			12/01/31		613,116
	Vista Ridge Metropolitan District GO Bonds Refunding Limited Tax Subseries 2006 B

		1,750,000		6.625			12/01/40		1,474,848

									39,901,248


	Connecticut – 0.0%
	Connecticut State Health and Educational Facility Authority RB for St. Mary’s Hospital Corp. Series 1997 E (Ba3)

		1,015,000		5.500			07/01/09		1,007,326
		695,000		5.875			07/01/22		606,061

									1,613,387


	Delaware – 0.1%
	Bridgeville Delaware Special Obligation Special Tax for Heritage Shores Special Development District Series 2005 A

		6,783,000		5.450			07/01/35		5,328,996
	Bridgeville Delaware Special Obligation Special Tax for Heritage Shores Special Development District Series 2005 B

		300,000		5.125			07/01/35		241,863

									5,570,859


	District of Columbia – 0.4%
	District of Columbia RB for Friendship Public Charter School Series 2006 (ACA) (BBB)

		900,000		4.000			06/01/16		782,622
	District of Columbia RB for Georgetown University Series 2007 (AMBAC/BHAC-CR) (AAA/Aaa)^(e)

		13,000,000		0.000			04/01/40		6,432,140
	District of Columbia Tobacco Settlement Financing Corp. RB for Asset Backed Bonds Series 2001 (BBB/Baa3)

		1,310,000		6.250			05/15/24		1,244,408
		6,000,000		6.500			05/15/33		5,363,040

									13,822,210


	Florida – 25.1%
	Aberdeen Community Development District Special Assessment Series 2006-1

		2,070,000		5.250			11/01/15		1,771,734
	Amelia National Community Development District Special Assessment for Capital Improvement Series 2004 A

		4,680,000		6.300			05/01/35		3,901,903
	Amelia National Community Development District Special Assessment for Capital Improvement Series 2006 A

		1,930,000		5.375			05/01/37		1,349,321
	Arborwood Community Development District Special Assessment for Capital Improvement Centex Homes Project Series 2006 A-1

		40,645,000		5.500			05/01/36		29,930,165
	Arborwood Community Development District Special Assessment for Capital Improvement Centex Homes Project Series 2006 A-2

		27,145,000		5.250			05/01/36		19,227,889
	Arborwood Community Development District Special Assessment for Capital Improvement Centex Homes Project Series 2006 B-2

		5,455,000		5.100			05/01/16		4,623,822
	Arborwood Community Development District Special Assessment for Master Infrastructure Projects Series 2005 A

		28,215,000		5.350			05/01/36		20,449,668
	Arborwood Community Development District Special Assessment for School Site Acquisition Projects Series 2005

		5,640,000		5.500			05/01/14		5,017,344
	Baywinds Community Development District Special Assessment Series 2006 B

		6,985,000		4.900			05/01/12		6,358,166
	Bellalago Educational Facilities Benefits District Special Assessment for Capital Improvement Series 2004 A

		7,000,000		6.000			05/01/33		6,389,460
	Bellalago Educational Facilities Benefits District Special Assessment for Capital Improvement Series 2004 B

		9,780,000		5.800			05/01/34		8,698,234
	Belmont Community Development District Special Assessment for Capital Improvement Series 2006 B

		9,865,000		5.125			11/01/14		8,580,182
	Bluewaters Community Development District Special Assessment Series 2004

		2,885,000		6.000			05/01/35		2,612,598

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Municipal Debt Obligations – (continued)
	Florida – (continued)

	Bonnet Creek Resort Community Development District Special Assessment RB Series 2002

	$	10,000,000		7.375	%		05/01/34	$	9,928,600
		2,000,000		7.500			05/01/34		2,005,160
	Boyton Village Community Development District Special Assessment Series 2007 A-1

		1,580,000		5.750			05/01/37		1,201,148
	Brandy Creek Community Development District Special Assessment Series 2003 A

		3,340,000		6.350			05/01/34		3,253,360
	Bridgewater Community Development District Special Assessment Series 2004 A

		12,960,000		6.000			05/01/35		10,323,418
	Brighton Lakes Community Development District Special Assessment Series 2004 A

		1,580,000		6.125			05/01/35		1,458,656
	Brooks of Bonita Springs II Community Development District Special Assessment for Capital Improvement Series 2003 A

		1,535,000		6.125			05/01/34		1,434,672
	Capital Region Community Development District Special Assessment for Capital Improvement Series 2001 A-1

		1,030,000		6.700			05/01/31		1,028,733
	Capital Region Community Development District Special Assessment for Capital Improvement Series 2001 A-2

		2,780,000		6.850			05/01/31		2,791,982
	Capital Region Community Development District Special Assessment for Capital Improvement Series 2002 A

		11,445,000		6.700			05/01/32		11,297,359
	Catalina at Winkler Preserve Community Development District Special Assessment Series 2005

		2,000,000		5.600			05/01/36		1,598,600
	Cedar Pointe Community Development District Special Assessment for Capital Improvement Series 2005 A

		5,820,000		5.375			05/01/35		4,186,733
	Celebration Community Development District Special Assessment Series 2003 A

		2,850,000		6.400			05/01/34		2,832,073
	Channing Park Community Development District Special Assessment Series 2007

		5,240,000		5.300			05/01/38		3,698,444
	Colonial Country Club Community Development District Special Assessment for Capital Improvement Series 2003

		10,730,000		6.400			05/01/33		10,482,781
	Concord Station Community Development District Special Assessment for Capital Improvement Series 2005

		1,550,000		5.000			05/01/15		1,330,504
	Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2004 A

		5,400,000		5.850			05/01/35		4,400,568
	Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2004 B

		725,000		5.000			05/01/11		697,870
	Connerton West Community Development District Special Assessment for Capital Improvement Series 2007 B

		7,000,000		5.125			05/01/16		5,932,150


	Copper Oaks Community Development District Special Assessment Series 2005 A

		3,510,000		5.450			05/01/35		2,715,582
	Copper Oaks Community Development District Special Assessment Series 2005 B

		245,000		4.875			05/01/10		236,913
	Coronado Community Development District Special Assessment Series 2007

		1,800,000		6.000			05/01/38		1,424,268
	Cory Lakes Community Development District for Special Assessment Series 2001 A

		450,000		8.375			05/01/17		447,727
	Cory Lakes Community Development District for Special Assessment Series 2001 B

		530,000		8.375			05/01/17		527,323
	Country Greens Community Development District Special Assessment Series 2003

		5,800,000		6.625			05/01/34		5,403,918
	Covington Park Community Development District Special Assessment for Capital Improvement Series 2004 A

		1,060,000		6.250			05/01/34		992,118
	Covington Park Community Development District Special Assessment for Capital Improvement Series 2004 B

		105,000		5.300			11/01/09		103,575
	Crossings at Fleming Island Community Development District Special Assessment Refunding Series 2000 C

		3,895,000		7.050			05/01/15		3,870,500
	Diamond Hill Community Development District Tax Allocation for Capital Improvement Series 2004

		1,665,000		6.000			05/01/34		1,532,882
	Double Branch Community Development District Special Assessment Series 2002 A

		10,570,000		6.700			05/01/34		10,416,735
	Double Branch Community Development District Special Assessment Series 2005 A

		950,000		5.350			05/01/34		765,500
	Durbin Crossing Community Development District Special Assessment Series 2005 A

		47,390,000		5.500			05/01/37		34,397,084
	Durbin Crossing Community Development District Special Assessment Series 2005 B-2

		7,700,000		4.875			11/01/10		7,297,521
	East Homestead Community Development District Special Assessment Series 2006 B

		655,000		5.000			05/01/11		613,735
	East Park Development District Special Assessment Series 2002

		5,010,000		6.850			05/01/33		5,053,387
	Enclave at Black Point Marina Community Development Special Assessment Series 2007 A

		1,000,000		5.400			05/01/37		713,570
	Enclave at Black Point Marina Community Development Special Assessment Series 2007 B

		1,790,000		5.200			05/01/14		1,566,626

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2008 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Municipal Debt Obligations – (continued)
	Florida – (continued)

	Fishhawk Community Development District II Special Assessment Series 2003 A

	$	5,650,000		6.250	%		05/01/34	$	5,294,672
	Fishhawk Community Development District II Special Assessment Series 2007 A

		2,420,000		5.250			05/01/38		1,700,510
	Fishhawk Community Development District II Special Assessment Series 2007 B

		1,680,000		5.000			05/01/12		1,535,470
	Fishhawk Community Development District II Tax Allocation Series 2004 A

		2,360,000		6.125			05/01/34		2,161,548
	Forest Creek Community Development District Special Assessment for Capital Improvement Series 2005 B

		1,690,000		4.850			05/01/11		1,578,460
	Gateway Services Community Development District Special Assessment for Sun City Center-Fort Meyers Project Series 2003 A

		2,515,000		6.500			05/01/33		2,340,534
	Gateway Services Community Development District Special Assessment for Sun City Center-Fort Meyers Project Series 2003 B

		515,000		5.500			05/01/10		505,112
	Gateway Services District Water & Sewer RB Refunding for Second Assessment Area — Phase 1 Series 2007 (Radian) (BBB+/A3)

		2,315,000		5.250			05/01/20		2,236,985
	Gateway Services District Water & Sewer RB Refunding Series 2003

		1,880,000		6.000			10/01/19		1,847,401
	Grand Hampton Community Development District Special Assessment for Capital Improvement Series 2003

		2,580,000		6.150			05/01/34		2,283,197
	Greyhawk Landing Community Development District Special Assessment Series 2002 A

		2,890,000		7.000			05/01/33		2,929,159
	Habitat Community Development Special Assessment Series 2004

		4,745,000		5.850			05/01/35		3,932,798
	Halifax Hospital Medical Center RB Series 1999 A^(a)

		955,000		7.250			10/01/10		1,055,141
	Hammocks Community Development District Special Assessment Series 2005 B

		730,000		4.875			11/01/10		689,317
	Harbor Bay Community Development District Special Assessment for Capital Improvement Series 2001 A

		2,175,000		7.000			05/01/33		2,185,723
	Harbour Isles Community Development District Special Assessment Series 2004

		4,195,000		6.125			05/01/35		3,399,838
	Harbourage at Braden River Community Development District Special Assessment for Capital Improvement Series 2003 A

		2,850,000		6.125			05/01/34		2,594,383
	Heritage Harbor South Community Development District RB for Capital Improvement Series 2002 A

		3,765,000		6.500			05/01/34		3,746,137


	Heritage Harbor South Community Development District RB for Capital Improvement Series 2003 A

		1,185,000		6.200			05/01/35		1,072,555
	Heritage Harbor South Community Development District RB for Capital Improvement Series 2003 B

		305,000		5.250			11/01/08		304,661
	Heritage Harbour Market Place Community Development District Special Assessment for Capital Improvement Series 2005

		8,750,000		5.600			05/01/36		6,518,050
	Heritage Isle at Viera Community Development District Special Assessment Series 2004 A

		3,070,000		6.000			05/01/35		2,766,223
	Heritage Isle at Viera Community Development District Special Assessment Series 2004 B

		435,000		5.000			11/01/09		427,453
	Heritage Isle at Viera Community Development District Special Assessment Series 2005

		7,095,000		5.550			05/01/37		5,245,972
	Heritage Isle at Viera Community Development District Special Assessment Series 2006

		4,070,000		5.000			11/01/13		3,622,870
	Heritage Lake Park Community Development District Special Assessment Series 2004 B

		2,715,000		5.100			11/01/09		2,645,034
	Heritage Lake Park Community Development District Special Assessment Series 2005

		1,700,000		5.700			05/01/36		1,345,448
	Heritage Park Community Development District Special Assessment Series 2004 A

		5,680,000		6.300			05/01/35		5,108,706
	Highlands Community Development District Special Assessment Series 2005

		3,740,000		5.550			05/01/36		2,742,205
	Hollywood Community Redevelopment Agency RB for Beach CRA Series 2004 (BBB+/Baa1)

		2,700,000		5.625			03/01/24		2,601,558
	Hypoluxo/Haverhill Community Development District Special Assessment Series 2002 A

		1,310,000		6.750			05/01/33		1,316,537
	Islands at Doral Ne Community Development District Special Assessment Series 2004

		2,735,000		6.250			05/01/34		2,541,116
	Islands at Doral Townhomes Community Development District Special Assessment Series 2007 A

		2,390,000		6.250			05/01/38		1,840,085
	Killarney Community Development District Special Assessment Series 2004 A

		2,435,000		6.000			05/01/35		2,026,310
	Killarney Community Development District Special Assessment Series 2004 B

		1,810,000		5.125			05/01/09		1,791,194

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Municipal Debt Obligations – (continued)
	Florida – (continued)

	Lake Powell Residential Golf Community Development District Special Assessment Series 2000 A

	$	2,030,000		7.450	%		05/01/22	$	2,055,781
		3,370,000		7.500			05/01/32		3,411,215
	Lakes by the Bay South Community Development District RB Series 2004 A

		6,945,000		6.100			05/01/23		6,481,074
		9,690,000		6.250			05/01/34		8,766,059
	Lakes by the Bay South Community Development District RB Series 2004 B

		3,415,000		5.300			05/01/09		3,388,158
	Lakewood Ranch Community Development District No. 4 RB Series 2004

		2,050,000		5.950			05/01/34		1,801,868
	Lakewood Ranch Community Development District No. 5 Special Assessment Series 2001 A

		8,270,000		5.700			05/01/36		6,260,390
	Lakewood Ranch Community Development District No. 6 RB Series 2004 A

		5,620,000		6.125			05/01/34		4,796,558
	Lakewood Ranch Stewardship District BANS Series 2007

		28,645,000		6.500			06/01/09		28,481,437
	Lakewood Ranch Stewardship District Special Assessment for Country Club East Project Series 2006

		22,690,000		5.400			05/01/37		16,117,161
	Lakewood Ranch Stewardship District Special Assessment for Lake Club Project Series 2005

		4,365,000		4.875			08/01/10		4,158,710
	Lakewood Ranch Stewardship District Special Assessment for Lake Club Project Series 2006 B

		8,425,000		5.000			05/01/13		7,539,111
	Lakewood Ranch Stewardship District Special Assessment Series 2006 A

		14,480,000		5.500			05/01/36		10,909,522
	Landmark at Doral Community Development District Special Assessment Series 2006 A

		4,000,000		5.500			05/01/38		2,481,200
	Lee County IDA Health Care Facilities RB for Shell Point/Alliance Obligation Group Series 2006 (BBB-)

		3,750,000		5.000			11/15/32		2,815,425
		13,750,000		5.125			11/15/36		10,288,988
	Lee County IDA Health Care Facilities RB Refunding for Shell Point/Alliance Community Project Series 2007 (BBB-)

		4,000,000		5.000			11/15/22		3,388,360
		10,000,000		5.000			11/15/29		7,728,300
	Legends Bay Community Development District RB Series 2007 A

		2,725,000		5.875			05/01/38		2,081,955
	Legends Bay Community Development District RB Series 2007 B

		1,000,000		5.500			05/01/14		894,990
	Lexington Oaks Community Development District Special Assessment Series 2002 A

		2,500,000		6.700			05/01/33		2,499,825


	Live Oak Community Development District No. 1 Special Assessment Series 2003 A

		4,180,000		6.300			05/01/34		4,005,945
	Live Oak Community Development District No. 2 Special Assessment Series 2004 A

		8,860,000		5.850			05/01/35		6,323,471
	Live Oak Community Development District No. 2 Special Assessment Series 2004 B

		7,465,000		5.000			11/01/09		7,202,904
	Longleaf Community Development District Special Assessment Refunding Series 2005

		5,885,000		5.400			05/01/30		4,381,912
	Longleaf Community Development District Special Assessment Refunding Series 2006

		2,860,000		5.375			05/01/30		2,274,015
	Longleaf Community Development District Special Assessment Series 2001

		620,000		7.250			05/01/09		617,173
	Marshall Creek Community Development District Special Assessment Series 2002

		2,765,000		6.625			05/01/32		2,753,359
	Meadow Pointe III Community Development District RB for Capital Improvement Series 2003 A

		3,765,000		6.400			05/01/34		3,557,661
	Meadow Pointe III Community Development District RB for Capital Improvement Series 2004 A

		955,000		6.000			05/01/35		867,006
	Meadow Pointe IV Community Development District RB for Capital Improvement Series 2003 A

		2,625,000		6.300			05/01/34		2,469,731
	Meadow Pointe IV Community Development District RB for Capital Improvement Series 2007 B

		2,915,000		6.150			11/01/14		2,696,054
	Meadow Pointe IV Community Development District Special Assessment for Capital Improvement Series 2005

		4,455,000		5.250			05/01/15		3,937,418
	Mediterra North Community Development District RB for Capital Improvement Series 2001 A

		4,350,000		6.800			05/01/31		4,148,552
	Mediterra South Community Development District RB for Capital Improvement Series 1999 A

		440,000		6.950			05/01/31		432,155
	Mediterra South Community Development District RB for Capital Improvement Series 2001

		1,395,000		6.850			05/01/31		1,328,891
	Mediterra South Community Development District RB for Capital Improvement Series 2003 A

		4,755,000		6.375			05/01/34		4,130,573
	Mediterra South Community Development District RB for Capital Improvement Series 2003 B

		1,635,000		5.500			05/01/10		1,589,416
	Mediterranea Community Development District Special Assessment Series 2006 A

		1,530,000		5.600			05/01/37		979,108

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2008 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Municipal Debt Obligations – (continued)
	Florida – (continued)

	Miami Beach Health Facilities Authority Hospital RB for Mount Sinai Medical Center Florida Project Series 1998 (BB+)

	$	7,720,000		5.375	%		11/15/28	$	5,617,690
	Miami Beach Health Facilities Authority Hospital RB for Mount Sinai Medical Center Series 2001 A (BB+/Ba1)

		3,510,000		6.125			11/15/11		3,430,709
	Miami Beach Health Facilities Authority Hospital RB Refunding for Mount Sinai Medical Center Florida Series 2004 (BB+/Ba1)

		13,600,000		6.750			11/15/29		11,634,120
	Miami-Dade County Florida Aviation RB for Miami International Airport Series 2005 A (AMT) (CIFG) (A-/A2)

		1,100,000		5.000			10/01/38		870,496
	Miami-Dade County Florida Aviation RB RMKT 03/17/08 Series 2003 E (AMT) (MBIA) (AA/A2)

		3,980,000		5.250			10/01/13		3,993,850
		3,470,000		5.250			10/01/14		3,454,142
		4,625,000		5.250			10/01/16		4,455,679
	Middle Village Community Development District Special Assessment Series 2004 A

		5,315,000		5.800			05/01/22		4,697,716
		15,610,000		6.000			05/01/35		13,371,682
	Middle Village Community Development District Special Assessment Series 2004 B

		515,000		5.000			05/01/09		510,159
	Middle Village Community Development District Special Assessment Series 2004 C

		200,000		5.125			05/01/09		198,254
	Mira Lago West Community Development District Special Assessment for Capital Improvement Series 2005

		895,000		5.375			05/01/36		675,474
	Naturewalk Community Development District Florida Special Assessment Series 2007 B

		1,970,000		5.300			05/01/16		1,681,947
	New River Community Development District Special Assessment Series 2006 A

		2,000,000		5.350			05/01/38		1,354,280
	New River Community Development District Special Assessment Series 2006 B

		5,500,000		5.000			05/01/13		3,876,565
	North Springs Improvement District Special Assessment for Parkland Golf Country Club Series 2005 A-2

		3,810,000		5.500			05/01/26		2,754,363
	Oak Creek Community Development District Special Assessment Series 2004

		1,700,000		5.800			05/01/35		1,444,473
	Oakmont Grove Community Development District Special Assessment Series 2007 A

		3,000,000		5.400			05/01/38		2,034,180
	Oakstead Community Development District Capital Improvement Special Assessment Refunding Series 2006 A-1 (MBIA) (AA/A2)

		2,000,000		4.500			05/01/32		1,632,180


	Orange County Health Facilities Authority RB for 1st Mortgage Orlando Lutheran Tower Series 2007

		1,000,000		5.500			07/01/32		783,200
		1,750,000		5.500			07/01/38		1,333,675
	Orange County Health Facilities Authority RB for Orlando Regional Healthcare Hospital Series 2006 B (A/A2)

		1,865,000		4.750			11/15/36		1,461,414
	Orange County Health Facilities Authority RB Refunding for Orlando Lutheran Healthcare Series 2005

		1,100,000		5.375			07/01/20		965,228
		1,000,000		5.700			07/01/26		843,860
	Overoaks Community Development District Special Assessment for Capital Improvement Series 2004 B

		5,025,000		5.125			05/01/09		4,954,851
	Palm Beach County Plantation Community Development District Special Assessment Series 2004 A

		6,870,000		6.250			05/01/34		6,406,481
	Panther Trace Community Development District Special Assessment Series 2002 A (AAA)^(a)

		1,600,000		7.250			05/01/12		1,810,160
	Panther Trace II Community Development District Special Assessment Series 2005 A

		6,655,000		5.600			05/01/35		5,138,259
	Panther Trails Community Development District Special Assessment Series 2005

		3,705,000		5.600			05/01/36		3,137,394
	Park Place Community Development District Special Assessment Series 2003

		4,315,000		6.375			05/01/34		3,887,340
	Parker Road Community Development District Special Assessment Series 2007 A

		2,500,000		5.600			05/01/38		1,810,500
	Parklands Lee Community Development District Special Assessment Series 2004 A

		3,825,000		5.800			05/01/35		3,054,492
	Parklands Lee Community Development District Special Assessment Series 2004 B

		240,000		5.125			05/01/11		227,650
	Parklands West Community Development District Special Assessment Series 2001 A

		3,165,000		6.900			05/01/32		3,185,604
	Parkway Center Community Development District Special Assessment Series 2000 A

		466,668		8.250			05/01/31		511,099
	Paseo Community Development District Capital Improvement RB Series 2005 A

		10,285,000		5.400			05/01/36		7,503,319
	Pine Island Community Development District RB Series 2004

		2,710,000		5.300			11/01/10		2,587,589
	Pine Island Community Development District Special Assessment Series 2004

		5,450,000		5.750			05/01/35		4,352,425
	Poinciana Community Development District Special Assessment Series 2000 A

		5,475,000		7.125			05/01/31		5,514,530

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Municipal Debt Obligations – (continued)
	Florida – (continued)

	Portico Community Development District Special Assessment for Capital Improvement Series 2006

	$	4,655,000		5.450	%		05/01/37	$	3,413,837
	Renaissance Community Development District Special Assessment for Capital Improvement Series 2002 A

		6,915,000		7.000			05/01/33		6,957,320
	Reunion East Community Development District Special Assessment Series 2002 A

		17,650,000		7.200			05/01/22		17,798,437
	Ridgewood Trails Community Development District Special Assessment Series 2007 A

		2,305,000		5.650			05/01/38		1,720,936
	River Hall Community Development District Special Assessment for Capital Improvement Series 2005

		6,895,000		5.450			05/01/36		4,879,798
	Riverside Park Community Development District Special Assessment Series 2004

		1,870,000		6.125			05/01/34		1,703,121
	Riverwood Estates Community Development District Special Assessment Series 2006 A

		9,370,000		5.350			05/01/37		6,033,812
	Saddlebrook Community Development District Special Assessment Series 2001 A

		4,770,000		6.900			05/01/33		4,829,720
	Sampson Creek Community Development District Special Assessment Series 2000 A (AA)^(a)

		2,110,000		6.950			05/01/10		2,256,877
	Sandy Creek Community Development District Special Assessment Refunding Series 2007 A

		7,430,000		5.700			05/01/37		5,626,590
	Sandy Creek Community Development District Special Assessment Refunding Series 2007 B

		8,975,000		5.500			05/01/15		7,931,567
	Seven Oaks Community Development District II Special Assessment Series 2004 B

		1,725,000		5.000			05/01/09		1,700,626
	Shingle Creek Community Development District Special Assessment for Capital Improvement Series 2006

		1,795,000		5.750			05/01/15		1,605,753
		4,000,000		6.100			05/01/25		3,343,800
		17,000,000		6.125			05/01/37		13,692,990
	South Bay Community Development District Special Assessment for Capital Improvement Series 2005 B-1

		230,000		5.125			11/01/09		173,383
	South Fork Community Development District RB Series 2003

		2,380,000		6.150			05/01/33		2,159,564
	South Fork East Community Development District Special Assessment for Capital Improvement Series 2007 A

		1,830,000		6.500			05/01/38		1,538,335
	Southern Hills Plantation I Community Development District RB for Capital Improvement Series 2004

		8,060,000		5.800			05/01/35		6,219,177
	Southern Hills Plantation I Community Development District Special Assessment for Capital Improvement Series 2004

		3,320,000		5.850			05/01/34		2,445,645


	Spicewood Community Development District Special Assessment Series 2003 A

		2,835,000		6.100			05/01/34		2,605,337
	St. Johns Forest Community Development District RB for Capital Improvement Series 2003 A

		4,595,000		6.125			05/01/34		3,916,640
	St. Johns Forest Community Development District RB for Capital Improvement Series 2003 B

		325,000		5.300			05/01/10		316,719
	St. Lucie County School Board COPS Series 2007 (MBIA) (A2)

		1,835,000		4.500			08/15/32		1,517,196
	Sterling Hill Community Development District Special Assessment Series 2003 B

		565,000		5.500			11/01/10		553,508
	Stonegate Community Development District Special Assessment Series 2004

		2,235,000		6.125			05/01/34		2,028,084
	Stonelake Ranch Community Development District Special Assessment Series 2004 A

		3,390,000		5.900			05/01/34		2,813,090
	Stoneybrook South Community Development District Special Assessment Series 2007 A

		3,000,000		5.800			05/01/39		2,307,480
	Summerville Community Development District Special Assessment Series 2006

		1,000,000		5.500			05/01/36		714,030
	Sumter County IDA RB for North Sumter Utility Co. LLC Project Series 2002 (AMT)

		6,480,000		6.800			10/01/32		5,945,011
	Sumter County IDA RB for North Sumter Utility Co. LLC Project Series 2003 (AMT)

		4,405,000		6.900			10/01/34		4,162,020
	Tern Bay Community Development District Special Assessment for Capital Improvement Series 2005 B

		100,000		5.000			05/01/15		59,250
	Thousand Oaks Community Development District Special Assessment Series 2005 A-2

		970,000		5.350			05/01/36		775,583
	Tisons Landing Community Development District Special Assessment Series 2005 A

		2,570,000		5.625			05/01/37		1,591,318
	Tisons Landing Community Development District Special Assessment Series 2005 B

		4,000,000		5.000			11/01/11		2,761,120
	Tolomato Community Development District Special Assessment Series 2006

		22,590,000		5.400			05/01/37		17,577,279
	Venetian Community Development District RB for Capital Improvement Series 2002 A

		3,735,000		6.750			05/01/34		3,594,265
	Verona Walk Community Development District RB for Capital Improvement Series 2004

		6,700,000		5.850			05/01/35		6,081,523

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2008 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Municipal Debt Obligations – (continued)
	Florida – (continued)

	Village Center Community Development District Recreational RB Subseries 1998 B

	$	1,705,000		8.250	%		01/01/17	$	1,708,956
	Village Center Community Development District Recreational RB Subseries 1998 C

		2,020,000		7.375			01/01/19		2,045,048
	Village Center Community Development District Recreational RB Subseries 2003 B

		4,005,000		6.350			01/01/18		4,036,399
	Village Center Community Development District Recreational RB Subseries 2004 B

		5,570,000		5.875			01/01/15		5,429,135
	Village Community Development District No. 3 Special Assessment Series 2002

		6,100,000		6.500			05/01/32		5,955,979
	Village Community Development District No. 4 RB Series 2002

		3,150,000		6.875			05/01/22		3,173,656
		4,940,000		6.950			05/01/32		4,987,622
	Village Community Development District No. 4 Special Assessment Series 2000

		2,005,000		7.150			05/01/18		2,040,128
	Village Community Development District No. 4 Special Assessment Series 2003

		445,000		6.500			05/01/33		434,316
	Village Community Development District No. 5 Special Assessment Series 2002 A

		14,110,000		6.500			05/01/33		14,040,438
	Village Community Development District No. 5 Special Assessment Series 2003 A

		3,125,000		6.000			05/01/22		2,998,875
		18,925,000		6.100			05/01/34		17,784,579
	Village Community Development District No. 7 Special Assessment Series 2006

		36,070,000		5.375			05/01/36		30,183,737
	Villages of Westport Community Development District RB for Capital Improvement Series 2005 A

		1,980,000		5.400			05/01/20		1,617,918
		6,455,000		5.700			05/01/35		4,903,476
	Villasol Community Development District RB Series 2003 A

		3,960,000		6.600			05/01/34		3,523,648
	Vizcaya Community Development District BANS Series 2007 A

		15,000,000		7.000			12/20/08		14,933,550
	Waterlefe Community Development District RB for Capital Improvement Series 2001 A

		880,000		6.950			05/01/31		891,282
	Waters Edge Community Development District Special Assessment for Capital Improvement Series 2006 B

		975,000		5.000			11/01/12		884,608
	Wentworth Estates Community Development District Special Assessment Series 2006 B

		7,725,000		5.125			11/01/12		7,009,356
	West Villages Improvement District Revenue Special Assessment Series 2007

		10,000,000		5.500			05/01/38		7,366,300


	West Villages Improvement District Revenue Special Assessment Unit of Development No. 3 Series 2006

		12,320,000		5.500			05/01/37		8,510,163
	Westchester Community Development District No. 1 Special Assessment for Community Infrastructure Series 2003

		4,025,000		6.000			05/01/23		3,372,588
		24,180,000		6.125			05/01/35		19,393,327
	World Commerce Community Development District Special Assessment Series 2004 A-1

		925,000		6.250			05/01/22		799,200
	Wyndam Park Community Development District Special Assessment Series 2003

		2,460,000		6.375			05/01/34		2,362,609
	Zephyr Ridge Community Development District Special Assessment for Capital Improvement Series 2006 B

		1,790,000		5.250			05/01/13		1,250,261

									1,006,990,978


	Georgia – 0.5%
	Atlanta Tax Allocation for Eastside Project Series 2005 A (AMT)

		1,230,000		5.625			01/01/16		1,193,198
	Atlanta Tax Allocation for Eastside Project Series 2005 B

		1,085,000		5.400			01/01/20		962,124
		3,750,000		5.600			01/01/30		3,073,575
	Chatham County Hospital Authority RB for Hospital Improvement Memorial Health University Series 2004 A (BBB/Baa2)

		3,675,000		5.500			01/01/34		2,712,812
	Dekalb County Development Authority RB for Dekalb Senior Center Project Series 2004

		5,845,000		4.850			06/01/09		5,826,997
	Fulton County Development Authority RB for Delta Airlines, Inc. Project Series 1998^(d)

		3,900,000		5.450			05/01/23		263,835
	Fulton County Development Authority RB for Tuff Caub LLC Project Series 2007 A

		2,530,000		5.250			11/01/28		2,005,708
	Fulton County Residential Care Facilities RB for Canterbury Court Project Series 2004 A

		1,750,000		6.125			02/15/34		1,497,790
	Marietta Development Authority RB Refunding for University Facilities-Life University, Inc. Project Series 2008 (Ba3)

		2,500,000		7.000			06/15/39		2,278,400

									19,814,439


	Guam – 0.3%
	Guam Government GO Bonds Series 2007 A (B)

		7,000,000		5.000			11/15/23		5,902,820
		7,000,000		5.125			11/15/27		5,774,930
	Guam Government GO Bonds Unrefunded Balance Series 1993 A (B)

		1,925,000		5.375			11/15/13		1,880,764

									13,558,514

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Municipal Debt Obligations – (continued)
	Guam – (continued)

	Hawaii – 0.0%
	Hawaii County Improvement District No. 17 Special Assessment Refunding for Kaloko Subdivision Series 2001

	$	1,700,000		7.375	%		08/01/11	$	1,699,949


	Idaho – 0.1%
	Madison County Hospital Revenue COPS Series 2006 (BBB-)

		1,300,000		5.250			09/01/20		1,198,015
		1,000,000		5.250			09/01/26		852,780
		3,335,000		5.250			09/01/37		2,598,165

									4,648,960


	Illinois – 2.3%
	Chicago Illinois Special Assessment for Lake Shore East Series 2003

		4,000,000		6.750			12/01/32		3,751,400
	Chicago Illinois Tax Allocation for Central Loop Redevelopment Project Series 2000 A (ACA)

		2,000,000		6.500			12/01/08		2,005,860
	Chicago Illinois Tax Allocation for Junior Lien Near South Redevelopment Project Series 2001 A (ACA)

		100,000		4.750			11/15/08		99,744
	Chicago O’Hare International Airport RB Refunding for American Airlines Series 2007 (Caa2)

		19,500,000		5.500			12/01/30		8,963,175
	Chicago Single Family Mortgage RB for Collateral Series 2001 A (AMT) (FHLMC/FNMA/GNMA) (AAA/Aaa)

		1,470,000		6.250			10/01/32		1,480,878
	Du Page County Special Service Area No. 31 Special Tax for Monarch Landing Project Series 2006

		250,000		5.400			03/01/16		238,845
		1,450,000		5.625			03/01/36		1,132,798
	Illinois Finance Authority Multi-Family Housing RB for Covered Bridges Apartments Project Series 2006 (LIQ-FNMA) (FNMA) (AAA)^(b)

		10,000,000		4.875			06/01/27		8,463,600
	Illinois Finance Authority RB for Friendship Village Schaumburg Series 2005 A (BB-)

		2,500,000		5.000			02/15/15		2,227,500
		6,000,000		5.375			02/15/25		4,676,460
		4,000,000		5.625			02/15/37		2,940,400
	Illinois Finance Authority RB for Midwest Regional Medical Center Series 2006 A

		22,740,000		6.750			10/01/46		18,908,537
	Illinois Finance Authority RB Refunding for Christian Home, Inc. Series 2007 A

		4,500,000		5.750			05/15/31		3,615,120
	Illinois Finance Authority RB Refunding for Proctor Hospital Series 2006 A (BBB-/Baa3)

		5,600,000		5.125			01/01/25		4,768,848
	Illinois Finance Authority RB Refunding for Rush University Medical Center Series 2006 B (MBIA) (AA/A2)

		5,000,000		5.750			11/01/28		4,787,550


	Illinois Finance Authority Student Housing RB for MJH Educational Assistance IV Senior Series 2004 A (B1)

		6,905,000		5.000			06/01/24		4,374,318
		7,760,000		5.125			06/01/35		4,779,306
	Illinois Finance Authority Student Housing RB for MJH Educational Assistance IV Subseries Series 2004 B (B3)

		2,075,000		5.000			06/01/24		703,736
		4,000,000		5.375			06/01/35		1,324,920
	Lincolnshire Special Service Area No. 1 Special Tax for Sedgebrook Project Series 2004 A

		1,805,000		6.250			03/01/34		1,555,080
	Ottawa Illinois Health Care Facilities RB Refunding for Ottawa Community Hospital Series 2004 (Radian) (A-)

		1,900,000		5.125			08/15/19		1,861,924
	Plano Special Service Area No. 5 Special Tax for Lakewood Springs Club Unit 6 Series 2006

		4,750,000		6.000			03/01/36		3,893,005
	Volo Village Special Service Area No. 4 Special Tax for Symphony Meadows Project Series 2006-2

		3,273,000		5.000			03/01/16		3,074,689
	Volo Village Special Service Area No. 6 Special Tax for Lancaster Falls Project Series 2006

		4,200,000		5.750			03/01/36		3,281,880

									92,909,573


	Indiana – 1.5%
	Anderson Indiana Economic Development Revenue Refunding & Improvement RB for Anderson University Project Series 2007 (BBB-)

		1,355,000		5.000			10/01/24		1,164,365
		2,060,000		5.000			10/01/28		1,692,970
		1,500,000		5.000			10/01/32		1,190,175
	Delaware County Hospital Authority RB for Cardinal Health System Obligation Group Series 2006 (Baa2)

		5,000,000		5.125			08/01/29		4,166,150
		8,760,000		5.250			08/01/36		7,119,340
	Indiana Health & Educational Facilities Financing Authority Hospital RB for Clarian Health Obligation Series 2006 A (A+/A2)

		22,120,000		5.000			02/15/39		17,349,601
	Indiana Health & Educational Facilities Financing Authority Hospital RB for Schneck Memorial Hospital Project Series 2006 A (A)

		1,000,000		5.250			02/15/30		868,720
		2,550,000		5.250			02/15/36		2,149,497
	Indiana Health Facility Financing Authority RB Prerefunded for Community Foundation Series 2001 A (BBB)^(a)

		1,135,000		6.375			08/01/11		1,247,512
	Indiana Health Facility Financing Authority RB Unrefunded Balance for Community Foundation Series 2001 A (BBB)

		365,000		6.375			08/01/31		345,487
	Indianapolis Airport Authority RB for Special Facilities United Air Lines Project Series 1995 A (AMT)^(d)

		7,798,283		6.500			11/15/31		389,909

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2008 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Municipal Debt Obligations – (continued)
	Indiana – (continued)

	Jasper County Industrial Economic Development RB Refunding for Georgia Pacific Corp. Project Series 2000 (AMT) (B2)

	$	2,500,000		6.700	%		04/01/29	$	2,046,000
	Lake County Indiana GO Bonds Series 2007

		17,675,000		5.000			01/15/17		17,747,114
	Vigo County Hospital Authority RB for Vigo Union Hospital, Inc. Series 2007^(g)

		2,000,000		5.500			09/01/27		1,630,280

									59,107,120


	Iowa – 1.0%
	Coralville Iowa COPS Series 2006 D (A2)

		2,250,000		5.250			06/01/26		2,031,998
	Coralville Iowa Urban Renewal Tax Allocation Series 2007 C (Baa1)

		500,000		5.125			06/01/39		421,820
		850,000		5.000			06/01/47		691,789
	Pottawattamie County RB Refunding for Christian Homes, Inc. Series 2007 E

		1,355,000		5.750			05/15/31		1,097,252
	Tobacco Settlement Authority of Iowa RB for Asset Backed Bonds Series 2005 C (BBB/Baa3)

		8,050,000		5.375			06/01/38		6,128,465
		13,250,000		5.500			06/01/42		9,952,737
		9,620,000		5.625			06/01/46		7,269,834
	Tobacco Settlement Authority of Iowa RB for Capital Appreciation Asset Backed Bonds Series 2005 B (BBB/Baa3)

		15,340,000		5.600			06/01/34		12,407,606

									40,001,501


	Kansas – 0.4%
	Labette Hospital RB Refunding and Improvement Series 2007 A

		1,400,000		5.750			09/01/29		1,225,840
		1,100,000		5.750			09/01/37		941,171
	Olathe Senior Living Facilities RB Refunding for Aberdeen Village, Inc. Series 2005 A

		4,250,000		5.600			05/15/28		3,412,113
	Overland Park Transportation Development District Special Assessment for Grass Creek Project Series 2006

		735,000		4.850			09/01/16		666,366
		1,565,000		5.125			09/01/28		1,250,810
	Wyandotte County/Kansas City Unified Government Special Obligation RB Refunding for Sales Tax 2nd Lien Area B Series 2005 (BBB-)

		10,600,000		5.000			12/01/20		9,862,664

									17,358,964


	Kentucky – 1.4%
	Kentucky Economic Development Finance Authority RB for Norton Healthcare, Inc. Series 2000 B (MBIA) (AA/A2)^(e)

		1,720,000		0.000			10/01/22		717,120


	Kentucky Economic Development Finance Authority RB Refunding for Appalachian Regional Health Care Series 1997 (BB-)

		500,000		5.700			10/01/10		498,700
	Kentucky Economic Development Finance Authority System RB Prerefunded for Norton Healthcare Series 2000 C (MBIA) (AA/A2)^(a)

		2,250,000		6.000			10/01/13		2,530,125
	Kentucky Economic Development Finance Authority System RB Unrefunded Balance for Norton Healthcare Series 2000 C (MBIA) (AA/A2)

		4,500,000		6.000			10/01/18		4,851,675
	Louisville & Jefferson County Metropolitan Government Health System RB for Norton Healthcare, Inc. Series 2006 (A-)

		27,410,000		5.000			10/01/30		22,424,669
	Louisville & Jefferson County Metropolitan Government RB for Jewish Hospital St. Mary’s Healthcare Series 2008 (A+/A3)

		23,350,000		6.125			02/01/37		22,067,151
	Warren County Kentucky RB Refunding for Community Hospital Corp. Project Series 2007 A (BBB+)

		1,000,000		5.000			08/01/26		860,890
		1,000,000		4.500			08/01/31		762,690

									54,713,020


	Louisiana – 0.2%
	Hodge Utility RB Refunding Series 2003 (AMT) (B-)

		6,750,000		7.450			03/01/24		6,157,350


	Maryland – 1.5%
	Annapolis Maryland Economic Development Corp. RB for St. Johns College Facilities Series 2007 B (BBB+)

		2,465,000		5.000			10/01/36		2,047,947
	Baltimore Maryland Convention Center Hotel RB Subseries 2006 B (BB/Ba1)

		600,000		5.000			09/01/16		560,820
		15,155,000		5.875			09/01/39		12,565,617
	Baltimore Maryland Special Obligation Tax Allocation for Clipper Mill Project Series 2004

		4,627,000		6.250			09/01/33		4,111,228
	Baltimore Maryland Special Obligation Tax Allocation for Harborview Lot No. 2 Series 2003

		3,000,000		6.500			07/01/31		2,776,020
	Baltimore Maryland Special Obligation Tax Allocation for Strathdale Manor Project Series 2003

		3,750,000		7.000			07/01/33		3,701,700
	Frederick County Maryland Educational Facilities Revenue RB for Mount St. Mary’s University Series 2007 (BBB-/Baa3)

		1,500,000		4.500			09/01/25		1,216,095
		2,590,000		5.000			09/01/30		2,113,310
	Maryland Health & Higher Educational Facilities Authority RB for Washington County Hospital Series 2008 (BBB-)

		6,000,000		6.000			01/01/43		5,168,460

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Municipal Debt Obligations – (continued)
	Maryland – (continued)

	Maryland State Economic Development Corp. Solid Waste Disposal RB for Waste Management, Inc. Project Series 2006 (AMT) (BBB)^(b)

	$	2,000,000		4.600	%		04/01/16	$	1,717,400
	Maryland State Health & Higher Educational Facilities Authority RB for Carroll Hospital Center Series 2006 (BBB+/Baa1)

		1,000,000		4.500			07/01/26		831,740
		4,000,000		5.000			07/01/40		3,327,280
	Maryland State Health & Higher Educational Facilities Authority RB for King Farm Presbyterian Community Series 2007 A

		1,000,000		5.300			01/01/37		743,210
	Maryland State Health & Higher Educational Facilities Authority RB Refunding for Medstar Health Series 2004 (A-/A3)

		1,000,000		5.750			08/15/16		1,019,340
		4,500,000		5.375			08/15/24		4,280,625
		2,950,000		5.500			08/15/33		2,605,588
	Maryland State Health & Higher Educational Facilities Authority RB Refunding for Mercy Ridge Series 2007 (BBB+)

		2,700,000		4.750			07/01/34		2,093,418
		1,000,000		4.500			07/01/35		739,760
	Prince Georges County Special Obligation for National Harbor Project RMKT 09/21/05 Series 2004

		1,890,000		4.700			07/01/15		1,750,234
		4,750,000		5.200			07/01/34		3,753,735
	Westminster Maryland Economic Development RB for Carroll Lutheran Village Series 2004 A

		4,000,000		6.250			05/01/34		3,554,120

									60,677,647


	Massachusetts – 2.0%
	Commonwealth of Massachusetts GO Bonds Consolidated Lien Series 2007 A (FGIC) (AA/Aa2)^(c)

		10,000,000		2.446			05/01/37		6,973,600
	Massachusetts Development Finance Agency RB for Eastern Nazarene College Series 1999 (BB+)

		2,235,000		5.625			04/01/19		2,083,064
		2,000,000		5.625			04/01/29		1,628,460
	Massachusetts Development Finance Agency RB for Linden Ponds, Inc. Facilities Series 2007 A

		2,850,000		5.750			11/15/42		2,161,098
	Massachusetts Health & Educational Facilities Authority RB for Boston Medical Center Project Series 2008 (A-/A3)

		52,485,000		5.250			07/01/38		43,511,115
	Massachusetts Health & Educational Facilities Authority RB for Caregroup Series 2008 E-1 (BBB+/A3)

		2,000,000		5.000			07/01/28		1,725,080
		3,000,000		5.125			07/01/33		2,544,330
		3,500,000		5.125			07/01/38		2,918,650
	Massachusetts Health & Educational Facilities Authority RB for Civic Investments Series 2002 B^(a)

		2,000,000		9.200			12/15/12		2,489,460


	Massachusetts Health & Educational Facilities Authority RB for Milton Hospital Series 2005 D (BBB-)

		7,530,000		5.500			07/01/40		6,137,703
	Massachusetts State Development Finance Agency RB for Hampshire College Series 2004 (BBB/Baa2)

		1,000,000		5.625			10/01/24		966,760
		1,000,000		5.700			10/01/34		930,980
	Massachusetts State Housing Finance Agency RB for Rental Housing-Mortgage Series 1998 A (AMT) (AMBAC) (AA/Aa3)

		8,750,000		5.500			07/01/40		7,198,100
	Massachusetts State Port Authority Special Facilities RB for Delta Airlines, Inc. Project Series 2001 A (AMBAC) (AA/Aa3)

		530,000		5.500			01/01/13		477,387

									81,745,787


	Michigan – 0.5%
	Flint Michigan Hospital Building Authority RB for Hurley Medical Center Series 1998 B (Ba1)

		3,570,000		5.375			07/01/28		2,788,313
	Flint Michigan Hospital Building Authority RB Refunding for Hurley Medical Center Series 1998 A (Ba1)

		1,460,000		5.375			07/01/20		1,291,224
	Michigan State Hospital Finance Authority RB for Chelsea Community Hospital Obligation Series 2005 (BBB)

		415,000		5.000			05/15/25		353,410
		400,000		5.000			05/15/30		322,508
		1,000,000		5.000			05/15/37		777,380
	Michigan State Hospital Finance Authority RB for Marquette General Hospital Obligation Group Series 2005 A (Baa3)

		1,530,000		5.000			05/15/26		1,281,344
		2,000,000		5.000			05/15/34		1,532,300
	Michigan Tobacco Settlement Finance Authority RB for Capital Appreciation Series 2007 B (BBB)^(e)

		296,000,000		0.000			06/01/52		6,609,680
	Michigan Tobacco Settlement Finance Authority RB for Capital Appreciation Series 2007 C (BBB-)^(e)

		70,100,000		0.000			06/01/52		1,501,542
	Monroe County Hospital Finance Authority RB Refunding for Mercy Memorial Hospital Corp. Obligation Series 2006 (BB+/Baa3)

		3,000,000		5.375			06/01/26		2,325,150
		3,500,000		5.500			06/01/35		2,555,910
	Wayne Charter County Special Airport Facilities RB for Northwest Airlines, Inc. Series 1995^(d)

		3,250,000		6.750			12/01/15		74,656

									21,413,417


	Minnesota – 1.5%
	Becker Minnesota PCRB for Northern States Power Converted 08/27/02 Series 2000 A (A/A2)

		10,000,000		8.500			04/01/30		11,027,800
	Duluth Economic Development Authority Health Care Facilities RB for St. Luke’s Hospital Series 2002 (BB)

		7,500,000		7.250			06/15/32		7,510,650

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2008 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Municipal Debt Obligations – (continued)
	Minnesota – (continued)

	Minneapolis Minnesota Tax Allocation for Grant Park Project Series 2006

	$	715,000		5.000	%		02/01/16	$	671,836
		420,000		5.200			02/01/22		368,705
	St. Paul Housing & Redevelopment Authority RB for Healthpartners Obligation Group Project Series 2006 (BBB/Baa1)

		36,990,000		5.250			05/15/36		30,438,331
	Washington County Housing & Redevelopment Authority RB for Birchwood & Woodbury Projects Series 2007 A

		4,260,000		5.550			12/01/27		3,681,662
		7,500,000		5.625			06/01/37		6,215,100

									59,914,084


	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		887,080
	Mississippi Hospital Equipment & Facilities Authority RB Refunding & Improvement for South Central Hospital Series 2006 (BBB+)

		3,000,000		5.250			12/01/21		2,766,180
		1,825,000		5.250			12/01/26		1,557,729

									5,210,989


	Missouri – 1.1%
	Branson Regional Airport Transportation Development District RB for Branson Regional Airport Series 2007 A

		1,135,000		6.000			07/01/37		867,560
	Branson Regional Airport Transportation Development District RB for Branson Regional Airport Series 2007 B

		11,000,000		6.000			07/01/25		8,875,350
		5,000,000		6.000			07/01/37		3,734,600
	Clinton County IDA RB Refunding for Cameron Regional Medical Center Series 2007

		1,250,000		5.000			12/01/32		914,525
		1,475,000		5.000			12/01/37		1,048,592
	Grindstone Plaza Transportation Development District Sales Tax RB Series 2006 A

		260,000		5.250			10/01/21		238,178
		385,000		5.400			10/01/26		334,203
	Jennings Missouri Tax Increment RB Refunding for Northland Redevelopment Area Project Series 2006

		1,000,000		5.000			11/01/23		858,870
	Joplin IDA RB Refunding for Christian Homes, Inc. Series 2007 F

		1,500,000		5.750			05/15/31		1,214,670
	Kansas City IDA Health Facilities RB for First Mortgage Bishop Spencer Series 2004 A

		2,150,000		5.500			01/01/09		2,148,495
		1,000,000		6.250			01/01/24		891,600
		2,500,000		6.500			01/01/35		2,196,525
	Kansas City IDA RB for Air Cargo Series 2002 (AMT) (Baa3)

		1,280,000		6.250			01/01/30		1,117,235


	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		2,597,372
		14,960,000		5.000			06/01/35		11,616,739
	Osage Beach Missouri Tax Allocation for Prewitts Point Project Series 2006

		1,500,000		5.000			05/01/23		1,256,325
	St. Louis County Missouri IDA RB Refunding for Ranker Jordan Project Series 2007

		770,000		5.000			11/15/22		654,762
		675,000		5.000			11/15/27		543,571
		1,300,000		5.000			11/15/35		970,879
	Stone Canyon Community Improvement District RB for Public Infrastructure Improvement Project Series 2007

		1,250,000		5.750			04/01/27		1,040,688
	Strother Interchange Transportation Development District-Lees Summit RB Series 2006

		675,000		5.000			05/01/24		564,469

									43,685,208


	Montana – 0.0%
	Flathead Municipal Airport Authority RB Refunding for Glacier Park International Airport Series 2007 A

		1,000,000		5.000			06/01/20		883,090


	Nebraska – 0.5%
	Douglas County Hospital Authority No. 3 RB ROLS-RR-II-R-11481 Series 2008 (BHAC-CR) (AAA)^(f)

		20,145,000		6.063			11/01/48		18,216,318


	Nevada – 0.6%
	Clark County Improvement District No. 142-Local Improvement Special Assessment Series 2003

		1,425,000		5.800			08/01/15		1,351,755
		4,865,000		6.100			08/01/18		4,573,441
		3,880,000		6.375			08/01/23		3,518,578
	Clark County Industrial Development RB Refunding for Nevada Power Co. Project Series 1995 C (BB+)

		710,000		5.500			10/01/30		558,152
	Director of the State of Nevada Department of Business & Industry RB for Las Vegas Monorail Project Series 2000 2nd Tier

		3,000,000		7.250			01/01/23		862,500
		1,250,000		7.375			01/01/30		359,375
		16,000,000		7.375			01/01/40		4,600,000
	Henderson Local Improvement Districts No. T-16 Special Assessment Series 2005

		1,030,000		4.900			03/01/17		685,362
		1,510,000		5.000			03/01/20		982,119
		800,000		5.100			03/01/22		510,608
	Henderson Local Improvement Districts No. T-17 Special Assessment Series 2005

		1,380,000		5.000			09/01/25		1,040,451

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Municipal Debt Obligations – (continued)
	Nevada – (continued)

	Las Vegas Local Improvement Bonds Special Assessment for Special Improvement District No. 607 Series 2004

	$	1,300,000		5.900	%		06/01/17	$	1,147,887
		1,335,000		5.900			06/01/18		1,158,366
		490,000		6.000			06/01/19		422,415
		4,875,000		6.250			06/01/24		4,033,136

									25,804,145


	New Hampshire – 0.1%
	New Hampshire Health & Education Facilities Authority RB for Speare Memorial Hospital Series 2004 (BBB-)

		1,000,000		5.500			07/01/25		885,290
		1,400,000		5.875			07/01/34		1,224,398
	New Hampshire Health & Education Facilities Authority RB for The Memorial Hospital Series 2006 (BBB-/Baa3)

		1,050,000		5.250			06/01/26		906,297
		2,050,000		5.250			06/01/36		1,615,790

									4,631,775


	New Jersey – 2.7%
	New Jersey Economic Development Authority RB for First Mortgage Lions Gate Project Series 2005 A

		825,000		5.000			01/01/15		780,013
		710,000		5.750			01/01/25		616,529
		1,230,000		5.875			01/01/37		1,008,907
	New Jersey Economic Development Authority RB for First Mortgage of The Presbyterian Home Series 2001 A

		1,500,000		6.250			11/01/20		1,401,090
	New Jersey Economic Development Authority Retirement RB Refunding for Seabrook Village, Inc. Series 2006

		1,000,000		5.250			11/15/26		811,220
	New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 1998 (AMT) (CCC+/B3)

		7,500,000		5.500			04/01/28		4,751,025
	New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 1999 (AMT) (B/B3)

		17,405,000		6.625			09/15/12		16,212,583
		19,520,000		6.250			09/15/19		16,053,443
		4,060,000		6.400			09/15/23		3,255,186
		35,135,000		6.250			09/15/29		26,600,709
	New Jersey Health Care Facilities Financing Authority RB for Palisades Medical Center of New York Healthcare Series 2002 (BB+/Ba1)

		820,000		6.500			07/01/21		805,298
		500,000		6.625			07/01/31		469,045
	New Jersey Health Care Facilities Financing Authority RB for St. Joseph’s Healthcare System Series 2008 (BBB-/Ba1)

		25,000,000		6.625			07/01/38		22,569,500
	New Jersey Health Care Facilities Financing Authority RB for St. Peters University Hospital Series 2000 A (BBB-/Baa2)

		1,500,000		6.875			07/01/30		1,504,770
	New Jersey State Educational Facilities Authority RB Refunding for Fairleigh Dickinson Series 2004 C (BBB-)

		1,000,000		5.500			07/01/23		932,880


	Tobacco Settlement Financing Corp. RB for Capital Appreciation Bonds Series 2007 1-C (BBB-)^(e)

		164,600,000		0.000			06/01/41		9,308,130

									107,080,328


	New Mexico – 0.8%
	Farmington New Mexico PCRB Refunding for Public Services Co. San Juan Project Series 1996 B (BB+/Baa3)

		4,625,000		6.300			12/01/16		4,515,295
	Farmington New Mexico PCRB Refunding for San Juan Project – RMKT 04/01/06 Series 2003 A (BB+/Baa3)

		4,000,000		4.875			04/01/33		2,799,880
	Farmington New Mexico PCRB Refunding for San Juan Project – RMKT 04/01/06 Series 2003 B (BB+/Baa3)^(c)

		19,725,000		4.875			04/01/33		13,806,908
	Farmington New Mexico PCRB Refunding RMKT 12/01/97 Series 1997 B (BB+/Baa3)

		1,325,000		5.800			04/01/22		1,168,623
	Mariposa East Public Improvement District GO Bonds Series 2006

		500,000		5.500			09/01/16		466,910
		1,000,000		6.000			09/01/32		810,770
	New Mexico Mortgage Financial Authority RB for Sunset View Senior Apartments Series 2006 A (FNMA) (AAA)^(b)

		8,310,000		4.700			08/01/28		6,871,955

									30,440,341


	New York – 0.4%
	Nassau County Industrial Development Agency Civic Facility RB Refunding for North Shore Health System Projects Series 2001 A (A-/A3)

		400,000		6.250			11/01/21		409,616
	New York City Industrial Development Agency Civic Facility RB for Staten Island University Hospital Project Series 2001 B (B+/B2)

		985,000		6.375			07/01/31		891,534
	New York City Industrial Development Agency Civic Facility RB for Staten Island University Hospital Series 2002 C (B/B2)

		1,450,000		6.450			07/01/32		1,320,805
	New York City Industrial Development Agency RB for American Airlines, Inc. Project Series 1994 (AMT) (CCC+/Caa2)

		4,000,000		6.900			08/01/24		1,918,880
	New York City Industrial Development Agency RB for Continental Airlines, Inc. Series 2003 (CCC+)

		595,000		7.250			11/01/08		594,566
		4,055,000		8.000			11/01/12		3,910,763
	New York City Industrial Development Agency Special Facilities RB for American Airlines, Inc. Project Series 1990 (AMT) (CCC+/Caa2)

		14,010,000		5.400			07/01/20		6,721,718

									15,767,882

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2008 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Municipal Debt Obligations – (continued)
	New York – (continued)

	North Carolina – 1.1%
	Charlotte Special Facilities RB Refunding for Charlotte/Douglas International Airport US Airways Series 1998 (AMT)

	$	6,760,000		5.600	%		07/01/27	$	4,576,723
	Columbus County North Carolina Industrial Facilities & Pollution Control Financing Authority RB Refunding for International Paper Co. Projects Series 2007 A (AMT) (BBB/Baa3)

		7,290,000		4.625			03/01/27		5,016,103
	Gaston County North Carolina Industrial Facilities & Pollution Control Financing Authority RB for National Gypsum Co. Project Series 2005 (AMT)

		18,000,000		5.750			08/01/35		13,303,440
	North Carolina Medical Care Commission Health Care Facilities RB Refunding for First Mortgage Salemtowne Series 2006

		1,100,000		5.100			10/01/30		870,265
	North Carolina Medical Care Commission Retirement Facilities RB Refunding for First Mortgage Givens Estates Series 2007 (BBB-)

		8,800,000		5.000			07/01/33		7,260,264
	North Carolina Medical Care Commission Retirement Facilities RB Refunding for First Mortgage United Methodist Church Series 2005 C

		5,000,000		5.250			10/01/24		4,352,650
	North Carolina Medical Care Community Hospital RB for Maria Parham Medical Center Series 2003 (Radian) (BBB+)

		2,505,000		5.500			10/01/13		2,651,492
	North Carolina Medical Care Community Retirement Facilities RB Refunding First Mortgage for United Church Project Series 2005 A

		2,750,000		5.250			09/01/21		2,406,663
	North Carolina Municipal Power Agency No. 1 Catawba Electric RB Series 1999 B (A-/A2)

		5,000,000		6.500			01/01/20		5,118,250

									45,555,850


	North Dakota – 0.1%
	Ward County Health Care Facilities RB for Trinity Obligated Group Series 2006 (BBB+)

		2,100,000		5.125			07/01/25		1,829,079
		1,500,000		5.125			07/01/29		1,241,475

									3,070,554


	Ohio – 3.6%
	Buckeye Tobacco Settlement Financing Authority RB for Asset Backed Bonds Senior Turbo Series 2007 A-2 (BBB/Baa3)

		13,500,000		5.875			06/01/47		10,206,540
		91,770,000		6.500			06/01/47		76,393,019
	Buckeye Tobacco Settlement Financing Authority RB for Capital Appreciation Asset Backed Bonds 1st Subseries 2007 B (BBB+)^(e)

		41,800,000		0.000			06/01/47		1,905,244
	Cleveland Airport Special RB for Continental Airlines, Inc. Series 1998 (B-/B3)

		28,040,000		5.375			09/15/27		18,855,498


	Cleveland Airport Special RB Refunding for Continental Airlines, Inc. Series 1999 (B-/B3)

		1,515,000		5.500			12/01/08		1,508,183
	Cleveland-Cuyahoga County Port Authority RB for Columbia National Series 2005 D (AMT) (BBB+)

		715,000		5.000			05/15/20		605,741
	Cleveland-Cuyahoga County Port Authority RB for Perrysburg Project Series 2006 (BBB+)

		1,020,000		4.800			11/15/35		753,709
	Coshocton County Environmental RB Refunding for Smurfit-Stone Container Corp. Series 2005 (B-)^(g)

		3,000,000		5.125			08/01/13		2,595,780
	Hamilton County Health Care RB Refunding for Life Enriching Community Project Series 2006 A (BBB)

		15,540,000		5.000			01/01/27		12,709,544
		15,000,000		5.000			01/01/37		11,351,700
	Jeffrey Place New Community Authority RB for Jeffrey Place Redevelopment Series 2007 A

		1,000,000		5.000			12/01/22		836,290
		1,000,000		5.000			12/01/32		755,210
	Pinnacle Community Infrastructure Financing Authority RB for Ohio Facilities Series 2004 A

		2,500,000		6.250			12/01/36		2,156,150
	Toledo-Lucas County Ohio Port Authority Development RB for Northwest Ohio Bond Fund-Preston Series 2006 B (AMT) (BBB+)

		2,040,000		4.800			11/15/35		1,545,422

									142,178,030


	Oklahoma – 1.6%
	Norman Regional Hospital Authority RB Refunding and Improvement Series 2007 (BBB)

		16,345,000		5.125			09/01/37		12,832,133
	Oklahoma Development Finance Authority RB for Great Plains Regional Medical Center Project Series 2007 (BBB)

		4,725,000		5.000			12/01/27		3,954,305
	Tulsa Municipal Airport Trust RB for American Airlines Project Series 1995 (B-/Caa2)

		34,385,000		6.250			06/01/20		27,658,262
	Tulsa Municipal Airport Trust RB Variable Refunding RMKT 12/01/04 Series 2000 A (B-/Caa2)^(b)

		18,805,000		7.750			12/01/14		17,251,707
	Weatherford Hospital Authority RB Series 2006

		2,200,000		6.000			05/01/25		2,004,068
		1,365,000		6.000			05/01/31		1,179,401

									64,879,876


	Oregon – 0.2%
	Forest Grove Oregon Student Housing RB for Oak Tree Foundation Project Series 2007

		4,750,000		5.500			03/01/37		3,993,040
	Oregon State Economic Development RB for Georgia Pacific Corp. Series 1995 CLVII (AMT) (B/B2)

		195,000		6.350			08/01/25		156,470

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Municipal Debt Obligations – (continued)
	Oregon – (continued)

	Portland Oregon Multi-Family Housing RB for Pacific Tower Series 2001 C

	$	2,545,000		7.000	%		12/01/34	$	2,487,992

									6,637,502


	Pennsylvania – 5.6%
	Allegheny County Hospital Development Authority RB for Health System Series 2000 B (AAA/Ba3)^(a)

		190,000		9.250			11/15/10		213,347
	Allegheny County Hospital Development Authority RB for Ohio Valley General Hospital Project Series 2005 A (Baa2)

		2,300,000		5.000			04/01/25		1,958,151
		4,130,000		5.125			04/01/35		3,252,003
	Allegheny County Hospital Development Authority RB for West Pennsylvania Health System Series 2007 A (BB/Ba3)

		103,405,000		5.000			11/15/28		72,781,609
		136,950,000		5.375			11/15/40		94,118,888
	Allegheny County Redevelopment Authority Tax Allocation for Pittsburgh Mills Project Series 2004

		2,860,000		5.100			07/01/14		2,821,247
	Allentown Area Hospital Authority RB for Sacred Heart Hospital Series 2005 (BB-/B3)

		7,265,000		6.000			11/15/16		6,598,291
	Bucks County IDA Retirement Community RB for Ann’s Choice, Inc. Facilities Series 2005 A

		3,000,000		6.250			01/01/35		2,701,260
	Chester Economic Development Authority RB Guaranteed Series 2004

		8,635,000		7.000			03/01/19		8,478,275
	Cumberland County Municipal Authority Retirement Community RB Unrefunded Balance Wesley Series 2002 A^(a)

		1,390,000		7.250			01/01/13		1,611,802
	Harrisburg Pennsylvania Authority RB for Harrisburg University of Science Series 2007 A

		945,000		5.400			09/01/16		910,158
	Harrisburg Pennsylvania Authority RB for Harrisburg University of Science Series 2007 B

		3,000,000		6.000			09/01/36		2,648,940
	Montgomery County IDA RB for Whitemarsh Continuing Care Series 2005

		1,720,000		5.125			02/01/12		1,679,098
		1,775,000		5.300			02/01/13		1,721,537
		2,000,000		6.125			02/01/28		1,705,180
	Pennsylvania State Higher Educational Facilities Authority RB for La Salle University Series 2007 A (BBB)

		2,190,000		5.250			05/01/27		1,928,733
	Philadelphia Authority for Industrial Development RB for Please Touch Museum Project Series 2006 (BBB-)

		3,000,000		5.250			09/01/26		2,572,320
		3,000,000		5.250			09/01/31		2,460,750
		2,000,000		5.250			09/01/36		1,601,920


	Scranton Lackawanna Health & Welfare Authority RB for Moses Taylor Hospital Project Series 1997 (B-)

		500,000		6.150			07/01/14		493,070
		4,825,000		6.200			07/01/17		4,608,406
		6,840,000		6.250			07/01/20		6,334,934
	St. Mary Hospital Authority RB Refunding for Catholic Health East Series 2004 B (A1)^(a)

		2,275,000		5.375			11/15/14		2,470,127

									225,670,046


	Puerto Rico – 0.7%
	Puerto Rico Commonwealth GO Bonds for Public Improvement Series 2004 A (BBB-/Baa3)

		4,000,000		5.250			07/01/20		3,782,200
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AMBAC) (AA/Aa3)^(c)

		38,025,000		2.400			07/01/45		23,355,716
	Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority RB for Ana G Mendez University System Project Series 2006 (BBB-)

		1,490,000		5.000			03/01/21		1,301,321
	Puerto Rico Public Buildings Authority RB Guaranteed Prerefunded for Government Facilities Series 2004-I (COMWLTH GTD) (Baa3)^(a)

		295,000		5.250			07/01/14		314,676

									28,753,913


	Rhode Island – 0.5%
	Rhode Island Housing & Mortgage Finance Corp. RB

	Series 2007 A-1 (AMT) (FSA) (AAA/Aaa)

		5,370,000		4.900			10/01/37		4,227,425
	Rhode Island Industrial Facilities Corp. Solid Waste Disposal RB for Waste Management, Inc. Series 2004 A (AMT) (BBB)^(b)

		3,000,000		4.625			04/01/16		2,571,690
	Tobacco Settlement Financing Corp. RB for Asset Backed Bonds Series 2007 B (BBB-)^(e)

		85,300,000		0.000			06/01/52		1,827,126
	Tobacco Settlement Financing Corp. RB for Rhode Island Asset Backed Bonds Series 2002 A (BBB/Baa3)

		14,540,000		6.250			06/01/42		12,664,486

									21,290,727


	South Carolina – 0.8%
	Connector 2000 Association, Inc. Toll Road RB for Capital Appreciation Series 1998 B (CC)^(e)

		15,000,000		0.000			01/01/33		1,516,200
	Greenville County Airport RB for Donaldson Industrial Air Park Project Series 2001 (AMT) (BBB-/Baa2)

		5,855,000		6.125			10/01/17		5,712,841
	Lancaster County Assessment RB for Edgewater Improvement District Series 2003 A

		4,366,000		6.875			11/01/35		3,600,858

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2008 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Municipal Debt Obligations – (continued)
	South Carolina – (continued)

	Lancaster County Assessment RB for Edgewater Improvement District Series 2003 B

	$	2,668,000		6.125	%		11/01/14	$	2,514,857
	Lancaster County Assessment Special Assessment for Edenmoor Improvement District Series 2006 A

		5,000,000		5.750			12/01/37		3,882,450
	South Carolina Jobs Economic Development Authority RB Refunding First Mortgage for Episcopal Church Series 2007 (AA)

		4,000,000		5.000			04/01/24		3,437,040
	York County Industrial RB Exempt Facility Hoechst Celanese Series 1994 (AMT) (B+/B1)

		11,430,000		5.700			01/01/24		9,532,734

									30,196,980


	South Dakota – 0.2%
	South Dakota Health & Educational Facilities Authority RB for Avera Health Series 2008 B (A+/A1)

		4,000,000		5.500			07/01/35		3,569,280
		2,700,000		5.250			07/01/38		2,298,510

									5,867,790


	Tennessee – 2.6%
	Blount County Health & Educational Facilities Board RB Refunding for Asbury, Inc. Series 2007 A

		1,675,000		5.125			04/01/23		1,389,161
	Chattanooga Health Educational & Housing Facilities Board RB Refunding for CDFI Phase I LLC Project Series 2005 A (BBB-)

		750,000		5.000			10/01/15		700,350
		11,710,000		5.000			10/01/25		9,493,414
		14,500,000		5.125			10/01/35		11,093,950
	Jackson Tennessee Hospital RB Refunding and Improvement for Jackson-Madison Project Series 2008 (A+/A1)

		6,500,000		5.750			04/01/41		5,755,360
	Johnson City Health & Educational Board Retirement Facilities RB for Appalachian Christian Village Project Series 2004 A

		1,000,000		6.250			02/15/32		849,500
	Knox County Health Educational & Housing Facilities Board RB for University Health Systems, Inc. Series 2007 (BBB+)

		50,845,000		5.250			04/01/36		42,525,233
	Memphis Health Educational & Housing Facility Board RB for Memphis Multi-Family Housing Apartment Projects Series 2007 A (AMT)^(b)

		9,080,000		5.750			04/01/25		7,844,303
	Memphis Health Educational & Housing Facility Board RB for Memphis Multi-Family Housing Apartment Projects Series 2007 B^(c)

		1,840,000		9.310			04/01/42		1,758,470
	Shelby County Health Educational & Housing Facilities Board Hospital RB for Methodist Healthcare Prerefunded Series 2002^(a)

		935,000		6.000			09/01/12		1,025,087


	Shelby County Health Educational & Housing Facilities Board Hospital RB for Methodist Healthcare Refunded Balance Series 2002^(a)

		1,565,000		6.000			09/01/12		1,715,788
	Shelby County Health Educational & Housing Facilities Board RB for Trezevant Manor Project Series 2006 A

		2,000,000		5.625			09/01/26		1,716,100
	Sullivan County Tennessee Health Educational & Housing Facilities Board Hospital RB for Wellmont Health System Project Series 2006 C (BBB+)

		21,870,000		5.250			09/01/36		17,654,557

									103,521,273


	Texas – 8.3%
	Alliance Airport Authority Special Facilities RB for American Airlines, Inc. Project Series 1991 (AMT) (CCC+/Caa2)

		15,845,000		7.000			12/01/11		11,490,477
	Alliance Airport Authority Special Facilities RB Refunding for American Airlines, Inc. Project Series 2007 (AMT) (CCC+)

		52,240,000		5.250			12/01/29		23,489,194
		14,500,000		5.750			12/01/29		6,520,360
	Austin Texas Convention Enterprises, Inc. RB for Third Tier Series 2001 C-2

		10,010,000		9.750			01/01/26		9,041,633
	Bexar County Health Facilities Development Corp. RB for Army Retirement Residence Project Series 2002^(a)

		1,200,000		6.125			07/01/12		1,326,792
		1,000,000		6.300			07/01/12		1,111,770
	Bexar County Health Facilities Development Corp. RB Refunding for Army Retirement Residence Project Series 2007 (BBB)

		1,000,000		5.000			07/01/27		826,440
		760,000		5.000			07/01/33		591,189
		1,740,000		5.000			07/01/37		1,328,855
	Brazos River Authority PCRB for TXU Energy Co. LLC Project Series 2006 (AMT) (CCC/Caa1)

		17,990,000		5.000			03/01/41		10,489,789
	Brazos River Authority PCRB Refunding for TXU Electric Co. Project Series 2001 C (AMT) (CCC/Caa1)^(b)

		10,000,000		5.750			11/01/11		9,245,200
	Brazos River Authority PCRB Refunding for TXU Energy Co. LLC Project Series 2003 C (AMT) (CCC/Caa1)

		9,275,000		6.750			10/01/38		7,175,511
	Brazos River Authority RB Refunding for Reliant Energy, Inc. Project Series 1999 A (BBB-/Ba1)

		6,250,000		5.375			04/01/19		5,690,000
	Dallas County Flood Control District GO Bonds Refunding Series 2002^(g)

		6,000,000		7.250			04/01/32		6,056,940
	Dallas-Fort Worth International Airport Facilities Improvement Corp. RB for American Airlines, Inc. Series 1995 (CCC+/Caa2)

		42,000,000		6.000			11/01/14		30,232,860

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

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 for American Airlines, Inc. Series 1999 (AMT) (GTY AGMT) (CCC+/Caa2)

	$	48,395,000		6.375	%		05/01/35	$	22,728,712
	Dallas-Fort Worth International Airport Facilities Improvement Corp. RB for Delta Airlines, Inc. Series 1991^(d)

		3,250,000		7.625			11/01/21		213,525
	Dallas-Fort Worth International Airport Facilities Improvement Corp. RB Refunding for American Airlines, Inc. Series 2007 (CCC+)

		16,450,000		5.500			11/01/30		7,397,072
	Dallas-Fort Worth International Airport Facilities Improvement Corp. RB Refunding RMKT 07/01/05 for American Airlines, Inc. Series 2000 Subseries A-2 (AMT) (CCC+/Caa2)^(b)

		5,020,000		9.000			05/01/15		3,663,696
	Dallas-Fort Worth International Airport Facilities Improvement Corp. RB Refunding RMKT 07/01/05 Series 2000 Subseries A-3 (AMT) (CCC+/Caa2)

		25,545,000		9.125			05/01/29		17,868,728
	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		1,418,475
	Harris County Health Facilities Development Corp. Hospital RB for Memorial Hermann Healthcare Systems Series 2004 A (A/A2)

		2,595,000		5.000			12/01/20		2,461,461
		435,000		5.000			12/01/21		409,287
		1,000,000		5.125			12/01/23		932,060
	Houston Airport System Special Facilities RB for Continental Airlines Series 1998 B (AMT) (B-/B3)

		1,000,000		5.700			07/15/29		695,570
	Houston Airport System Special Facilities RB for Continental Airlines Series 1998 C (AMT) (B-/B3)

		4,730,000		5.700			07/15/29		3,290,046
	Houston Airport System Special Facilities RB for Continental Airlines Series 2001 E (AMT) (B-/B3)

		3,400,000		6.750			07/01/21		2,885,478
		28,310,000		6.750			07/01/29		22,952,049
	Mesquite Texas Health Facilities Development Corp. RB for Christian Care Retirement Facilities Series 2005 (BBB-)

		1,500,000		5.000			02/15/15		1,449,915
		2,025,000		5.500			02/15/25		1,774,528
		3,250,000		5.625			02/15/35		2,655,412
	Metropolitan Health Facilities Development Corp. RB for Wilson N. Jones Memorial Hospital Project Series 2001 (B+/Ba3)

		4,200,000		7.200			01/01/21		4,203,612
		5,000,000		7.250			01/01/31		4,939,400
	Mission Economic Development Corp. RB for Waste Management, Inc. Project Series 2008 (BBB)^(b)

		11,000,000		6.000			08/01/13		10,644,260


	North Texas Tollway Authority RB Refunding Capital Appreciation for System First Tier Series 2008 Assured Guaranty Ltd. (AAA/Aaa)^(e)

		35,000,000		0.000			01/01/29		9,567,950
	North Texas Tollway Authority RB Refunding for Toll Second Tier Series 2008 F (BBB+/A3)

		20,000,000		5.750			01/01/38		17,902,200
	Sabine River Authority Texas PCRB Refunding for TXU Electric Co. Project RMKT 11/29/05 Series 2001 C (CCC/Caa1)

		5,950,000		5.200			05/01/28		4,105,202
	Sabine River Authority Texas PCRB Refunding for TXU Electric Co. Project Series 2000 A (CCC/Caa1)

		7,110,000		6.450			06/01/21		5,886,156
	Sabine River Authority Texas PCRB Refunding for TXU Electric Co. Project Series 2001 A (CCC/Caa1)^(b)

		16,265,000		5.500			11/01/11		15,094,408
	San Leanna Educational Facilities Corp. RB Refunding for Saint Edwards University Project Series 2007 (BBB+/Baa2)

		2,100,000		5.125			06/01/36		1,727,397
	Tarrant County Cultural Education Facilities Finance Corp. RB for Air Force Village Obligation Group Series 2007 (BBB+)

		6,075,000		5.125			05/15/37		4,668,395
	Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2008 D (A/A2)

		20,000,000		6.250			12/15/26		17,851,200
	Tom Green County Health Facilities Development Corp. Hospital RB for Shannon Health Systems Project Series 2001 (BBB/Baa3)

		2,000,000		6.750			05/15/21		2,035,380
	Tomball Hospital Authority RB Refunding Series 2005 (Baa3)

		8,650,000		5.000			07/01/20		7,738,982
		5,850,000		5.000			07/01/23		5,020,119
	Travis County Health Facilities Development Corp. Retirement Facilities RB for Querencia Barton Creek Project Series 2005

		1,600,000		5.650			11/15/35		1,275,776
	Weslaco Health Facilities RB for Knapp Medical Center Project Series 2002 (BBB+)

		4,060,000		6.000			06/01/17		4,112,739

									334,186,200


	Utah – 0.4%
	Carbon County Solid Waste Disposal RB Refunding for Sunnyside Cogeneration Series 1999 A

		2,700,000		7.100			08/15/23		2,666,520
	Tooele County Utah Hazardous Waste Treatment RB for Union Pacific Project RMKT 4/28/98 Series 1992 A (AMT) (BBB/Baa2)

		14,735,000		5.700			11/01/26		12,613,307

									15,279,827

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2008 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Municipal Debt Obligations – (continued)
	Utah – (continued)

	Vermont – 0.1%
	Vermont Economic Development Authority Mortgage RB for Wake Robin Corp. Project Series 2006 A

	$	1,500,000		5.250	%		05/01/26	$	1,219,830
		2,390,000		5.375			05/01/36		1,833,321

									3,053,151


	Virginia – 0.8%
	Albemarle County IDA RB Refunding Westminster-Canterbury Series 2007

		1,000,000		5.000			01/01/31		814,660
	Bedford County IDA RB Refunding for Nekoosa Packaging Corp. Project Series 1998 (AMT) (B2)

		320,000		5.600			12/01/25		234,874
	Celebrate North Community Development Authority Special Assessment Project Series 2003 B

		5,000,000		6.750			03/01/34		4,640,400
	Fairfax County Economic Development Authority RB for Goodwin House, Inc. Series 2007 (BBB)

		12,500,000		5.125			10/01/42		9,816,625
	Goochland County IDA RB Refunding for Nekoosa Packaging Corp. Series 1998 (AMT) (B2)

		560,000		5.650			12/01/25		413,521
	Henrico County IDA RB for Solid Waste Browning Series 1997 A (AMT) (BB-/B2)

		3,750,000		5.875			03/01/17		3,500,700
	Loudoun County IDA Residential Care Facility RB Refunding for Falcons Landing Series 2004 A

		1,750,000		6.000			08/01/24		1,633,012
	Norfolk Redevelopment & Housing Authority RB for First Mortgage Retirement Community Series 2004 A

		500,000		6.000			01/01/25		443,010
		1,100,000		6.125			01/01/35		931,128
	Suffolk IDA Retirement Facilities RB Refunding First Mortgage for Lake Prince Center Series 2006

		725,000		5.150			09/01/24		622,362
		1,000,000		5.300			09/01/31		808,250
	Tobacco Settlement Financing Corp. RB for Capital Appreciation Bonds Subseries 2007 C-1 (BBB)^(e)

		137,195,000		0.000			06/01/47		5,804,720
	Virginia Beach Development Authority Residential Care Facilities Mortgage RB Refunding for Westminster-Canterbury Series 2005

		2,000,000		5.000			11/01/22		1,747,680

									31,410,942


	Washington – 0.5%
	Skagit County Public Hospital District No. 1 RB for Skagit Valley Hospital Series 2005 (Baa2)

		600,000		5.500			12/01/15		601,008
		1,175,000		5.375			12/01/22		1,073,022
		1,500,000		5.500			12/01/30		1,282,800
	Skagit County Public Hospital District No. 1 RB for Skagit Valley Hospital Series 2007 (Baa2)

		1,510,000		5.750			12/01/28		1,359,981
		2,000,000		5.750			12/01/32		1,756,620


	Terrace Heights Sewer District RB for Refunding and Improvement Series 2006

		680,000		4.750			01/01/29		535,561
		1,075,000		5.000			01/01/33		870,933
	Tobacco Settlement Authority RB for Asset Backed Bonds Series 2002 (BBB/Baa3)

		12,455,000		6.500			06/01/26		11,998,898
	Washington State Health Care Facilities Authority RB for Veterans Administration Mason Medical Series 2007 B (ACA) (BBB)

		1,290,000		6.000			08/15/37		1,155,672

									20,634,495


	West Virginia – 0.5%
	Monongalia County Building Commission RB for Monongalia General Hospital Series 2005 A (BBB+)

		8,710,000		5.250			07/01/20		8,500,611
		9,500,000		5.250			07/01/25		8,705,895
		405,000		5.250			07/01/35		348,446
	Ohio County Commission Sewage System Tax Allocation for Fort Henry Centre Financing District Series 2007 A

		1,000,000		5.850			06/01/34		871,180

									18,426,132


	Wisconsin – 3.2%
	Badger Tobacco Asset Securitization Corp. RB for Asset Backed Bonds Series 2002 (BBB/Baa3)

		4,410,000		6.125			06/01/27		4,449,911
	Superior Utility RB for Superior Water, Light & Power Project Series 2007 B (A3)

		5,630,000		5.750			11/01/37		4,588,563
	Superior Utility RB Refunding for Superior Water, Light & Power Project Series 2007 A (A3)

		5,845,000		5.375			11/01/21		5,328,945
	Wisconsin State Health & Educational Facilities Authority RB for Aurora Health Care Series 1999 B (BBB+)

		1,500,000		5.625			02/15/20		1,426,155
	Wisconsin State Health & Educational Facilities Authority RB for Beaver Dam Community Hospitals, Inc. Series 2004 A

		2,500,000		6.750			08/15/34		2,415,075
	Wisconsin State Health & Educational Facilities Authority RB for Fort Healthcare, Inc. Project Series 2004 (BBB+)

		2,750,000		6.100			05/01/34		2,603,727
	Wisconsin State Health & Educational Facilities Authority RB for Upland Hills Health, Inc. Series 2006 A (BBB)

		5,825,000		5.125			05/15/29		4,818,440
	Wisconsin State Health & Educational Facilities Authority RB for Upland Hills Health, Inc. Series 2006 B (BBB)

		1,400,000		5.000			05/15/36		1,075,004
	Wisconsin State Health & Educational Facilities Authority RB for Vernon Memorial Healthcare, Inc. Project Series 2005 (BBB-)

		3,000,000		5.100			03/01/25		2,547,540
		3,800,000		5.250			03/01/35		3,015,566

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Municipal Debt Obligations – (continued)
	Wisconsin – (continued)

	Wisconsin State Health & Educational Facilities Authority RB for Wheaton Franciscan Healthcare Series 2006 (A-/Baa1)

	$	11,365,000		5.250	%		08/15/21	$	9,969,492
		9,700,000		5.250			08/15/23		8,245,776
		7,565,000		5.250			08/15/24		6,325,323
		9,715,000		5.250			08/15/25		8,016,721
		24,515,000		5.250			08/15/31		18,913,322
	Wisconsin State Health & Educational Facilities Authority RB for Wheaton Franciscan Services, Inc. Series 1993 (MBIA) (AA/A2)

		31,320,000		5.750			08/15/22		27,405,626
	Wisconsin State Health & Educational Facilities Authority RB for Wheaton Franciscan Services, Inc. Series 2003 A (A-/Baa1)

		6,635,000		5.250			08/15/25		5,475,136
		1,585,000		5.125			08/15/33		1,192,696
	Wisconsin State Health & Educational Facilities Authority RB Refunding for Illinois Senior Housing, Inc. Series 2006

		1,275,000		5.650			08/01/21		1,140,641
		2,385,000		5.800			08/01/29		1,967,267
	Wisconsin State Health & Educational Facilities Authority RB Refunding for Wheaton Healthcare Series 2006 B (A-/Baa1)

		5,970,000		5.125			08/15/30		4,546,155
	Wisconsin State Health & Educational Facilities Authority RB ROLS-RR-II-R-11405 Series 2008 (AA)^(f)

		5,000,000		2.953			11/15/30		2,183,600

									127,650,681


	Wyoming – 0.2%
	Sweetwater County Solid Waste Disposal RB Refunding for FMC Corp. Project Series 2005 (AMT) (BBB/Baa2)

		11,750,000		5.600			12/01/35		9,615,378


	TOTAL STATE-SPECIFIC MUNICIPAL DEBT OBLIGATIONS
	(Cost $4,276,630,564)							$	3,513,913,119




Other Municipals – 1.7%


	Charter Mac Equity Issuer Trust Series 2004 A-4-1 (AMT) (Aaa)^(b)(g)

	$	9,000,000		5.750	%		04/30/15	$	9,023,940
	Municipal Mortgage & Equity LLC Tax-Exempt Special Purpose Entity (A3)^(b)(g)

		8,000,000		5.125			09/30/15		7,649,200
	Municipal Mortgage & Equity LLC Tax-Exempt Special Purpose Entity (Baa1)^(b)(g)

		4,000,000		7.750			11/01/10		4,199,800
		4,000,000		5.200			09/30/14		3,863,000
		8,000,000		5.300			09/30/15		7,672,560
	Municipal Mortgage & Equity LLC Tax-Exempt Special Purpose Entity (Baa2)^(b)(g)

		3,000,000		5.400			09/30/14		2,927,490
		3,000,000		5.800			09/30/19		2,836,470


	Municipal Mortgage & Equity LLC Tax-Exempt Special Purpose Entity (Baa3)^(b)(g)

		6,000,000		5.900			09/30/20		5,416,140
	Municipal Mortgage & Equity LLC Tax-Exempt Special Purpose Entity Series 2005 A-3 (A3)^(b)(g)

		4,000,000		4.950			09/30/12		3,968,600
	Municipal Mortgage & Equity LLC Tax-Exempt Special Purpose Entity Series 2005 C-3 (Baa2)^(b)(g)

		3,000,000		5.500			09/30/15		2,921,610
	Municipal Mortgage & Equity LLC Tax-Exempt Special Purpose Entity Series A-2 (A3)^(b)(g)

		6,000,000		4.900			09/30/14		5,767,740
	Municipal Mortgage & Equity LLC Tax-Exempt Special Purpose Entity Series C (Baa2)^(b)(g)

		5,000,000		4.700			09/30/09		5,004,300
	Tax Exempt Municipal Infrastructure Improvement LOC-Compass Bank Trust Certificates RB Series 2005 Class A (Aa3)^(g)

		8,517,000		4.050			05/04/10		8,606,428


	TOTAL OTHER MUNICIPALS
	(Cost $72,127,644)							$	69,857,278


	Shares		Description	Value

Common Stocks – 0.1%


		164,651	Delta Air Lines, Inc.^(h)	$	1,226,650
		110,064	Northwest Airlines Corp.^(h)		993,878
		247	UAL Corp.		2,171


	TOTAL COMMON STOCKS
	(Cost $7,499,011)			$	2,222,699


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Short-Term Investments – 5.1%


	Connecticut – 0.6%
	Connecticut State Health & Educational Facility Authority VRDN RB for Yale University Series 2001 V-1 (A-1+/VMIG1)^(c)

	$	15,000,000		3.750	%		10/01/08	$	15,000,000
	Connecticut State Health & Educational Facility Authority VRDN RB for Yale University Series 2005 Y-2 (A-1+/VMIG1)^(c)

		10,000,000		3.750			10/01/08		10,000,000

									25,000,000


	Illinois – 0.1%
	Illinois Finance Authority VRDN RB for Northwestern Memorial Hospital Series 2007 B-2 (A-1+/VMIG1)^(c)

		4,600,000		4.250			10/01/08		4,600,000

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2008 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Short-Term Investments – (continued)
	Illinois – (continued)

	Mississippi – 0.3%
	Mississippi Business Finance Corp. Mississippi Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2007 B (A-1+/VMIG1)^(c)

	$	10,000,000		4.500	%		10/01/08	$	10,000,000


	New Hampshire – 0.4%
	New Hampshire Health & Education Facilities Authority VRDN RB for Dartmouth College Series 2008 A (A-1+/VMIG1)^(c)

		15,800,000		4.350			10/01/08		15,800,000


	New York – 2.7%
	New York City Municipal Water Finance Authority Water & Sewer VRDN RB for Second Generation Resolution Series 2005 BB-1 (A-1/VMIG1)^(c)

		39,200,000		5.200			10/01/08		39,200,000
	New York City Transitional Finance Authority VRDN RB for New York City Recovery Series 2002-1 Subseries 1-D (LIQ – Landesbank Hessen-Thuringen) (A-1+/VMIG1)^(c)

		8,000,000		4.150			10/01/08		8,000,000
	New York City Transitional Finance Authority VRDN RB for New York City Recovery Series 2002-3 Subseries 3-E (A-1+/VMIG1)^(c)

		40,000,000		4.150			10/01/08		40,000,000
	New York State Dormitory Authority VRDN RB for Cornell University Series 1990 B (A-1+/VMIG1)^(c)

		3,900,000		4.150			10/01/08		3,900,000
	Tompkins County Industrial Development Agency VRDN RB for Cornell University Civic Facilities Series 2008 A-1 (A-1+/VMIG1)^(c)

		16,200,000		4.150			10/01/08		16,200,000

									107,300,000


	Texas – 1.0%
	Texas Water Development Board VRDN RB Refunding for State Revolving Sub Lien Series 2007 A (A-1+/VMIG1)^(c)

		39,909,000		5.000			10/01/08		39,909,000


	TOTAL SHORT-TERM INVESTMENTS
	(Cost $202,609,000)							$	202,609,000


	Shares		Rate			Value

Investment Companies – 3.6%⁽ⁱ⁾


	JP Morgan Tax Free Money Market Fund – Institutional Shares

		80,800,000		5.244	%	$	80,800,000
	Morgan Stanley Institutional Liquidity Fund – Tax-Exempt Portfolio – Institutional Shares

		63,350,000		5.023			63,350,000


	TOTAL INVESTMENT COMPANIES
	(Cost $144,150,000)					$	144,150,000


	TOTAL INVESTMENTS – 98.2%
	(Cost $4,703,016,219)					$	3,932,752,096


	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.8%						72,352,470


	NET ASSETS – 100.0%					$	4,005,104,566

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 date. Interest rate disclosed is that which is in effect at September 30, 2008.

(c)		Variable rate security. Except for floating rate notes, maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect at September 30, 2008.

(d)		Security is currently in default.

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

(f)		Inverse variable rate security. Interest rate disclosed is that which is in effect at September 30, 2008.

(g)		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 $80,140,278, which represents approximately 2.0% of net assets as of September 30, 2008.

(h)		Non-income producing security.

(i)		Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2008.

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND




Investment Abbreviations:
ACA	—	Insured by American Capital Access
AMBAC	—	Insured by American Municipal Bond Assurance Corp.
AMT	—	Alternative Minimum Tax
BANS	—	Bond Anticipation Notes
BHAC-CR	—	Insured by Berkshire Hathaway Assurance Corp. – Insured Custodial Receipts
CA MTG INS	—	Insured by California Mortgage Insurance
CIFG	—	CIFC Assurance North America, Inc.
COMWLTH GTD	—	Commonwealth Guaranteed
COPS	—	Certificates of Participation
CRA	—	Community Reinvestment Act
FGIC	—	Insured by Financial Guaranty Insurance Co.
FHLMC	—	Federal Home Loan Mortgage Corp.
FNMA	—	Federal National Mortgage Association
FSA	—	Insured by Financial Security Assurance Co.
GNMA	—	Government National Mortgage Association
GO	—	General Obligation
GTY AGMT	—	Guaranteed Agreement
IDA	—	Industrial Development Authority
LIQ	—	Liquidity Agreement
LOC	—	Letter of Credit
MBIA	—	Insured by MBIA Insurance Corp.
PCRB	—	Pollution Control Revenue Bond
Radian	—	Insured by Radian Asset Assurance
RB	—	Revenue Bond
RMKT	—	Remarketed
VRDN	—	Variable Rate Demand Notes

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

GOLDMAN SACHS MUNICIPAL INCOME FUND

Schedule of Investments

September 30, 2008 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Municipal Debt Obligations – 93.2%


	Alabama – 2.5%
	Alabama Housing Finance Authority RB Series 2007 D (AMT) (GNMA/FNMA/FHLMC) (Aaa)
	$	10,775,000		5.200	%		10/01/38	$	8,991,845
	Alabama Public School & College Authority RB for Capital Improvement Series 1999 D (AA/Aa2)
		1,150,000		5.750			08/01/19		1,185,707
	Alexander City Special Care Facilities Financing Authority Medical Facilities RB for Russell Hospital Corp. Series 2006 A (BB+)
		1,780,000		5.750			12/01/36		1,509,654
	Birmingham Alabama GO Bonds for Capital Improvement Warrants Series 2000 A (AA/Aa3)
		1,000,000		5.550			08/01/21		1,017,160
	Health Care Authority RB for Baptist Health Series 2006 D (BBB+/A3)
		575,000		5.000			11/15/17		546,135
		100,000		5.000			11/15/21		88,410
	Jefferson County Limited Obligation RB Series 2004 A (BBB/B3)
		500,000		5.000			01/01/09		492,730
	Mobile Water & Sewer Commissioners RB Series 2002 (FGIC) (A+/A2)
		1,000,000		5.250			01/01/18		1,012,700
	Puttable Floating Option Tax-Exempt Receipts (RITES) 1511 Series 2007^(a)
		40,000		13.490			10/01/38		13,522
	Tuscaloosa Alabama GO Bonds Warrants Series 2000 (AA/Aa3)^(b)
		1,000,000		5.650			01/01/10		1,047,760

									15,905,623


	Alaska – 1.4%
	Alaska State Housing Finance Corp. RB for General Housing Series 2005 A (FGIC) (AA/Aa2)
		4,000,000		5.250			12/01/34		3,803,360
	Alaska State Housing Finance Corp. RB for General Mortgage Series 1999 A (MBIA) (AAA/Aaa)
		2,490,000		6.000			06/01/49		2,493,959
	Anchorage Alaska Water RB Refunding Series 2004 (MBIA) (AA/A2)^(b)
		1,000,000		5.125			05/01/14		1,083,250
	Northern Tobacco Securitization Corp. RB for Alaska Asset Backed Bonds Series 2001 (AAA/Aaa)^(b)
		1,500,000		5.500			06/01/11		1,588,050

									8,968,619


	Arizona – 1.9%
	Arizona Health Facilities Authority RB for Banner Health Series 2008 D (AA-)
		3,250,000		5.500			01/01/38		2,881,092
	Arizona Health Facilities Authority RB for Phoenix Children’s Hospital Series 2007 A^(c)(d)
		4,000,000		8.960			02/02/15		3,617,320
	Arizona School Facilities Board RB for State School Trust Series 2004 A (AMBAC) (AA/Aa3)^(b)
		3,410,000		5.750			07/01/14		3,789,056


	Northern Arizona University RB Series 2003 (FGIC) (A+/A2)^(b)
		1,235,000		5.500			06/01/14		1,359,463
	Queen Creek Improvement District No. 1 Special Assessment Series 2006 (BBB-/Baa2)
		500,000		5.000			01/01/26		432,180

									12,079,111


	Arkansas – 0.8%
	Arkansas Development Finance Authority Hospital RB for Washington Regional Medical Center Series 2000 (BBB/Baa1)^(b)
		4,000,000		7.250			02/01/10		4,239,920
	Arkansas Development Finance Authority RB for Single Family Mortgage Backed Securities Series 2008 B (AMT) (GNMA/FNMA) (AAA)
		550,000		5.500			07/01/23		509,526
	Paragould Arkansas Sales and Use Tax RB Series 2001 (AMBAC) (AA/Aa3)
		485,000		5.100			06/01/18		490,005

									5,239,451


	California – 12.7%
	Abag Finance Authority RB for Non-Profit Corps. RB for San Diego Hospital Association Series 2001 A (A-/Baa1)
		275,000		6.125			08/15/20		278,765
	Bay Area Infrastructure Financing Authority RB for State Payment Acceleration Notes Series 2006 (FGIC) (A/A3)
		5,000,000		5.000			08/01/17		5,093,250
	Bay Area Toll Authority California Toll Building Authority RB for San Francisco Bay Area Series 2008 F1 (AA/Aa3)
		4,000,000		5.500			04/01/43		3,850,680
	California County Tobacco Securitization Agency RB for Capital Appreciation Bonds Stanislaus Subseries 2006 B (BBB-)^(e)
		450,000		0.000			06/01/46		18,882
	California Housing Finance Agency RB for Home Mortgage AMT Series 2006 I (AA-/Aa2)
		2,425,000		4.800			08/01/36		1,854,422
	California Infrastructure & Economic Development Bank RB for LA County Department of Public Social Services Series 2003 (AMBAC) (AA/Aa3)
		1,000,000		5.750			09/01/23		1,027,630
	California Pollution Control Financing Authority PCRB Refunding for U.S.A. Waste Services, Inc. Series 1998 A (AMT) (BBB)^(c)
		2,500,000		4.500			06/01/10		2,484,875
	California State GO Bonds Refunded Balance Series 2000 (FGIC) (AAA/Aaa)^(b)
		75,000		5.250			09/01/10		78,910
	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		2,055,960
	California State University Fresno Association, Inc. RB for Senior Auxiliary Organization Event Center Series 2002 (Baa3)^(b)
		1,000,000		6.000			07/01/12		1,106,890

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

GOLDMAN SACHS MUNICIPAL INCOME FUND


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Municipal Debt Obligations – (continued)
	California – (continued)

	California Statewide Communities Development Authority RB for Enloe Medical Center Series 2008 (CA MTG INS) (A+)
	$	3,000,000		5.750	%		08/15/38	$	2,813,280
	California Statewide Communities Development Authority RB ROLS-RR-II-R-11449 Series 2008 (BHAC-CR) (AAA)^(a)
		520,000		7.284			07/01/30		147,176
	Chabot-Las Positas Community College District GO Bonds for Capital Appreciation Bonds Series 2006 C (AMBAC) (AA/Aa2)^(e)
		6,340,000		0.000			08/01/35		1,100,941
	Eastern Municipal Water District Community Facilities Special Tax District No. 2003-25 Improvement Area D Series 2006
		425,000		5.000			09/01/36		317,203
	Eastern Municipal Water District Community Facilities Special Tax District No. 2005-40 Mahogany Series 2006
		410,000		5.000			09/01/36		318,234
	Foothill-De Anza Community College District of California GO Bonds for Capital Appreciation Bonds Series 2007 B (AMBAC) (AA/Aa1)^(e)
		11,235,000		0.000			08/01/36		2,006,683
	Foothill-De Anza Community College District of California GO Bonds Series 2007 A (AMBAC) (AA/Aa1)
		6,000,000		5.000			08/01/27		5,738,580
	Foothill-De Anza Community College District of California GO Bonds Series 2007 B (AMBAC) (AA/Aa1)
		3,985,000		5.000			08/01/27		3,834,208
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Capital Appreciation for Asset Backed Bonds Subseries 2007 B (BBB)^(e)
		60,000,000		0.000			06/01/47		2,446,200
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Capital Appreciation for Asset Backed Bonds Subseries 2007 C (BBB-)^(e)
		19,500,000		0.000			06/01/47		738,270
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB for Asset Backed Bonds Series 2003 A-3 (AAA/Aaa)^(b)
		350,000		7.875			06/01/13		407,936
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB for Asset Backed Bonds Series 2003 A-5 (AAA/Aaa)^(b)
		650,000		7.875			06/01/13		757,594
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB for Asset Backed Bonds Series 2007 A-1 (BBB/Baa3)
		5,000,000		5.000			06/01/33		3,476,350
		4,375,000		5.125			06/01/47		2,885,006
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB for Enhanced Asset Backed Bonds Series 2003 B (AAA/Aaa)^(b)
		7,800,000		5.500			06/01/13		8,309,652
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB for Enhanced Asset Backed Bonds Series 2005 A (A/A2)
		3,075,000		5.000			06/01/45		2,421,378


	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Series 2003 A-1 (AAA/Aaa)^(b)
		1,225,000		6.750			06/01/13		1,369,636
	Hacienda La Puente Unified School District of California GO Bonds for Election 2000 Series 2003 B (FSA) (AAA/Aaa)^(b)
		1,200,000		5.250			08/01/13		1,306,380
	Kaweah Delta California Health Care District RB Series 2004 (A3)^(b)
		325,000		6.000			08/01/12		363,906
	Lafayette Redevelopment Agency Tax Allocation RB for Lafayette Redevelopment Project Series 2005 (Radian) (BBB+)
		120,000		5.000			08/01/35		97,112
	Lake Elsinore California Unified School District Community Facilities District Special Tax Series 2005-3
		595,000		5.000			09/01/25		495,105
	Menlo Park California GO Bonds Series 2002 (AAA/Aa1)
		1,000,000		5.250			08/01/27		1,021,550
	Merced City School District GO Bonds Capital Appreciation for Election of 2003 Series 2005 (MBIA) (AA)^(e)
		1,205,000		0.000			08/01/26		388,625
	Metropolitan Water District Waterworks of Southern California RB Refunding Series 2001 A (AAA/Aa2)
		1,000,000		5.100			07/01/25		1,004,650
	Palo Alto California 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		939,223
	Sacramento County Sanitation District Financing Authority Variable RB Refunding for Sacramento County Regional Series 2007 B (FGIC) (AA/Aa3)^(d)
		3,000,000		2.413			12/01/35		1,915,560
	San Diego California Unified School District GO Bonds for Election 1998 Series 2002 D (FGIC) (AA/Aa2)
		1,000,000		5.250			07/01/24		1,066,740
	San Gabriel California Unified School District GO Bonds Unrefunded Balance Series 2002 A (FSA) (AAA/Aaa)
		55,000		5.375			08/01/21		55,955
	San Joaquin Hills Transportation Corridor Agency RB Capital Appreciation for Refunding Series 1997 A (MBIA) (AA/A2)^(e)
		1,605,000		0.000			01/15/26		500,599
	Santa Ana California Unified School District COPS Series 2007 (MBIA) (AA/A2)
		5,000,000		5.250			04/01/37		4,745,450
	Silicon Valley Tobacco Securitization Authority RB Capital Appreciation for Turbo Santa Clara Series 2007 A (BBB+)^(e)
		8,000,000		0.000			06/01/36		847,600
	Temecula Valley California Unified School District Community Facilities District Special Tax District No. 2004-1 Improvement Area A Series 2007
		1,865,000		5.000			09/01/37		1,423,592

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

GOLDMAN SACHS MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2008 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Municipal Debt Obligations – (continued)
	California – (continued)

	Tobacco Securitization Authority of Southern California Settlement RB for Asset Backed Bonds Series 2002 A (AAA/Aaa)^(b)
	$	3,000,000		5.625	%		06/01/12	$	3,257,970
	Torrance California COPS Refunding & Public Improvement Project Series 2005 B (AMBAC) (AA/Aa3)
		310,000		5.250			06/01/34		301,881
	Vernon Natural Gas Financing Authority RB for Vernon Gas Project Subseries 2006 A-3 (MBIA) (AA/A2)^(c)
		2,835,000		5.000			08/03/09		2,835,964
	West Contra Costa Unified School District GO Bonds Capital Appreciation for Election of 2002 Series 2004 C (FGIC) (A-)^(e)
		1,175,000		0.000			08/01/25		404,600

									79,911,053


	Colorado – 2.1%
	Castlewood Ranch Colorado Metropolitan District GO Bonds Refunding Series 2006 (XLCA) (BBB-)
		1,905,000		4.250			12/01/29		1,425,321
		3,520,000		4.250			12/01/34		2,548,726
	Colorado Department of Transportation RB Revenue Anticipated Notes Series 2000 (AMBAC) (AA/Aaa)^(b)
		1,000,000		6.000			06/15/10		1,063,170
	Colorado Health Facilities Authority RB for Catholic Health Initiatives Series 2001 (AA/Aa2)^(b)
		550,000		5.500			09/01/11		587,565
	Colorado Health Facilities Authority RB for Covenant Retirement Communities, Inc. Series 2005 (BBB)
		1,150,000		5.000			12/01/35		873,149
	Colorado Health Facilities Authority RB for Hospital Poudre Valley Health Care Series 2005 F (BBB+/Baa1)
		800,000		5.000			03/01/25		701,216
	Colorado Health Facilities Authority RB for Portercare Adventist Health System Series 2001 (A2)^(b)
		500,000		6.500			11/15/11		554,970
	E-470 Public Highway Authority RB for Capital Appreciation Series 2004 B (MBIA) (AA/A2)^(e)
		5,000,000		0.000			09/01/27		1,452,150
	E-470 Public Highway Authority RB Series 2007 B-2 (MBIA) (AA/A2)^(c)
		500,000		5.000			09/02/11		502,125
	La Plata County Colorado School District No. 9-R Durango GO Bonds Series 2002 (MBIA) (Aa3)^(b)
		1,000,000		5.250			11/01/12		1,077,760
	Tower Colorado Metropolitan District GO Bonds Refunding and Improvement Series 2005 (Radian) (BBB+/A3)
		140,000		5.000			12/01/35		119,413
	West Metro Fire Protection District GO Series 2006 A (MBIA) (Aa3)
		2,200,000		5.250			12/01/26		2,205,632

									13,111,197


	Connecticut – 0.3%
	Connecticut State Development Authority PCRB Refunding for Connecticut Light & Power Co. RMKT 9/23/98 Series 1993 A (BBB-/Baa1)
		2,150,000		5.850			09/01/28		1,979,290


	District of Columbia – 1.4%
	District of Columbia Hospital RB for Children’s Hospital Obligation Group Series 2008 (FSA) (AAA)
		4,500,000		5.250			07/15/45		4,013,145
	District of Columbia RB for Friendship Public Charter School Series 2006 (ACA) (BBB)
		100,000		4.000			06/01/16		86,958
	District of Columbia RB for Georgetown University Series 2007 (AMBAC/BHAC-CR) (AAA/Aaa)^(e)(f)
		6,185,000		0.000			04/01/40		3,060,214
	District of Columbia Tobacco Settlement Financing Corp. RB for Asset Backed Bonds Series 2001 (BBB/Baa3)
		660,000		6.250			05/15/24		626,954
		1,000,000		6.500			05/15/33		893,840

									8,681,111


	Florida – 6.2%
	Arbor Greene Community Development District Special Assessment for Refunding Revenue Series 2006 (BBB+)
		1,410,000		5.000			05/01/19		1,319,563
	Bridgewater Wesley Chapel Community Development District of Florida Special Assessment for Capital Improvement Series 2005
		2,395,000		5.750			05/01/35		2,072,633
	Coconut Cay Community Development District of Florida Special Assessment Series 2006
		975,000		5.375			05/01/36		739,498
	Coral Gables Health Facilities Authority RB for Baptist Health South Florida Series 2004 (FSA) (AAA/Aaa)^(b)
		1,000,000		5.250			08/15/14		1,087,070
	Covington Park Florida Community Development District Special Assessment Refunding for Capital Improvement Series 2005 (A-)
		645,000		5.000			05/01/21		591,362
	Crossings At Fleming Island Community Development District of Florida RB Refunding Series 2007 (MBIA) (AA/A2)
		125,000		4.750			10/01/36		105,966
	Crossings At Fleming Island Community Development District of Florida Special Assignment Refunding for Series 2000 B (MBIA) (AA/A2)
		1,765,000		5.800			05/01/16		1,829,899
	Diamond Hill Community Development District Tax Allocation for Capital Improvement Series 2004
		1,630,000		6.000			05/01/34		1,500,659
	Double Branch Community Development District Special Assessment Series 2005 A
		560,000		5.350			05/01/34		451,242
	Hamal Florida Community Development District Special Assessment for Refunding and Improvement Series 2006 A (MBIA) (AA/A2)
		2,755,000		5.375			05/01/22		2,776,517

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

GOLDMAN SACHS MUNICIPAL INCOME FUND


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Municipal Debt Obligations – (continued)
	Florida – (continued)

	High Ridge Quantum Community Development District of Florida Special Assessment for Boyton Beach Series 2005 A
	$	1,880,000		5.750	%		05/01/35	$	1,640,751
	Highlands County Florida Health Facilities Authority RB Refunding for Adventist Health Hospital Series 2005 B (A+/A1)
		500,000		5.000			11/15/09		506,480
	Hollywood Community Redevelopment Agency RB for Beach CRA Series 2004 (BBB+/Baa1)
		300,000		5.625			03/01/24		289,062
	Keys Cove Community Development District Special Assessment Series 2004
		1,170,000		5.875			05/01/35		1,038,983
	Lee County IDA RB Refunding for Shell PT/Alliance Community Project Series 2007 (BBB-)
		2,500,000		5.000			11/15/13		2,404,900
	Longleaf Community Development District Special Assessment Refunding Series 2006
		1,290,000		5.375			05/01/30		1,025,692
	Marsh Harbour Community Development District Special Assessment Series 2005 A
		860,000		5.450			05/01/36		641,474
	Meadow Pointe III Community Development District RB for Capital Improvement Series 2004 A
		960,000		6.000			05/01/35		871,546
	Miami-Dade County Expressway Authority of Florida RB Series 2004 B (FGIC) (A/A3)
		1,000,000		5.250			07/01/26		963,040
	Miami-Dade County Florida Aviation RB RMKT 03/17/08 Series 2003 E (AMT) (MBIA) (AA/A2)
		500,000		5.250			10/01/13		501,740
		425,000		5.250			10/01/14		423,058
		575,000		5.250			10/01/16		553,949
	Oakstead Community Development District Capital Improvement Special Assessment Refunding Series 2006 A-1 (MBIA) (AA/A2)
		145,000		4.500			05/01/32		118,333
	Orange County Health Facilities Authority RB for Orlando Regional Healthcare Hospital Series 2006 B (A/A2)
		135,000		4.750			11/15/36		105,786
	Orlando City Development Tax RB for Senior 6th Tourist Center Contract Payments Series 2008 A (ASSURED GTY) (AAA/Aaa)
		4,000,000		5.250			11/01/38		3,859,240
	Palm Beach County Florida GO Bonds Series 1999 A (AAA/Aaa)^(b)
		1,000,000		5.450			08/01/09		1,025,230
	Port Everglades Authority RB Series 1986 (ETM) (AAA/Aaa)
		2,365,000		7.125			11/01/16		2,669,659
	Sail Harbour Community Development District Special Assessment Series 2005 A (AA)
		970,000		5.500			05/01/36		816,459
	Sonoma Bay Community Development District Special Assessment Series 2005 A
		635,000		5.450			05/01/36		466,833


	Sumter Landing Florida Community Development District Recreational RB Series 2005 A (MBIA) (AA/A2)
		250,000		4.625			10/01/30		207,505
	Tampa Florida Water & Sewer RB Refunding Series 2001 A (AA/Aa2)
		1,000,000		5.250			10/01/19		1,029,350
	Tampa Palms Open Space & Transportation Community Development District Revenue Special Assessment Refunding for Capital Improvement Area 7 Project Series 2004 (MBIA) (AA/A2)
		1,395,000		4.500			05/01/18		1,349,593
	Thousand Oaks Community Development District Special Assessment Series 2005 A-1
		955,000		5.350			05/01/35		765,413
	Village Community Development District No. 6 Special Assessment Series 2007
		2,620,000		5.250			05/01/37		2,153,326
	Villagewalk of Bonita Springs Community Development District Special Assessment for Capital Improvement Series 2005
		985,000		5.600			05/01/36		841,525

									38,743,336


	Georgia – 1.3%
	Augusta Georgia Water & Sewer RB Series 2004 (FSA) (AAA/Aaa)
		7,000,000		5.250			10/01/39		6,957,510
	Chatham County Hospital Authority RB for Hospital Improvement Memorial Health University Series 2004 A (BBB/Baa2)
		325,000		5.500			01/01/34		239,909
	Georgia State GO Bonds Prerefunded Series 1992 B (ETM) (AAA/Aaa)
		5,000		6.000			03/01/12		5,471
	Georgia State GO Bonds Unrefunded Balance Series 1992 B (AAA/Aaa)
		995,000		6.000			03/01/12		1,088,699

									8,291,589


	Hawaii – 0.6%
	Hawaii State Airport System RB Refunding Series 2000 B (AMT) (FGIC) (A-/A2)
		3,500,000		6.625			07/01/17		3,564,785


	Illinois – 5.2%
	Chicago Illinois GO Bonds Prerefunded Series 2000 C (FGIC) (AAA/Aa3)^(b)
		1,365,000		5.500			07/01/10		1,444,116
	Chicago Illinois GO Bonds Unrefunded Balance Series 2000 C (FGIC) (AA-/Aa3)
		815,000		5.500			01/01/19		837,388
	Chicago Illinois Multi-Family Housing RB for Coppin Housing Project Series 2007 A (AMT) (GNMA/FHA) (Aaa)
		1,375,000		5.000			11/20/48		1,082,056

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

GOLDMAN SACHS MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2008 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Municipal Debt Obligations – (continued)
	Illinois – (continued)

	Chicago Illinois O’Hare International Airport RB Refunding for General Airport 3rd Lien Series 2003 A-1 (XLCA) (A-/A1)
	$	490,000		5.250	%		01/01/34	$	436,673
	Chicago Illinois Skyway Toll Bridge RB Series 2000 (AMBAC) (AA/Aa3)^(b)
		1,000,000		5.500			01/01/11		1,065,880
	Chicago Illinois Tax Allocation for Central Loop Redevelopment Project Series 2000 A (ACA)
		2,000,000		6.500			12/01/08		2,005,860
	Chicago Illinois Tax Increment Junior Lien for Near South Redevelopment Project Series 2001 A (ACA)
		750,000		5.000			11/15/11		740,400
		1,250,000		6.250			11/15/13		1,268,213
	Du Page County High School District No. 87 Glenbard Township GO Bonds Unrefunded Balance Series 1998 A (Aa3)
		20,000		5.050			12/01/14		20,025
	Illinois Development Finance Authority PCRB Refunding for Amerencips RMKT 12/03/01 Series 2000 A (BBB-/Ba1)^(c)
		2,300,000		5.500			02/28/14		2,195,626
	Illinois Educational Facilities Authority Student Housing RB for Educational Advancement Fund University Center Project Series 2002 (Aaa)^(b)
		2,000,000		6.250			05/01/12		2,217,440
	Illinois Finance Authority RB for Edward Hospital RMKT 04/09/08 Series 2008 A (AMBAC) (AA/Aa3)
		350,000		6.250			02/01/33		359,919
	Illinois Finance Authority RB Refunding for Proctor Hospital Series 2006 A (BBB-/Baa3)
		400,000		5.125			01/01/25		340,632
	Illinois Finance Authority Solid Waste Disposal RB for Waste Management, Inc. Project Series 2005 A (AMT) (BBB)
		400,000		5.050			08/01/29		285,348
	Illinois Health Facilities Authority RB for Delnor Hospital RMKT 06/04/08 Series 2003 C (FSA) (AAA/Aaa)
		5,200,000		5.250			05/15/33		4,690,712
	Illinois State GO Bonds First Series 2002 (MBIA) (AA/Aa3)
		3,000,000		5.375			07/01/19		3,111,270
	Lake County Illinois Community Consolidated School District No. 41 GO Bonds Series 1999 A (FSA) (AAA/Aaa)
		2,725,000		9.000			11/01/16		3,615,230
	Metropolitan Pier & Exposition Authority RB for McCormick Place Expansion Project Series 1999 (FGIC) (AAA/A1)
		800,000		5.250			12/15/28		782,400
	Northlake Illinois GO Bonds Refunding for Tax Increment Series 1998 A (AMBAC) (Aa3)
		300,000		5.000			06/01/14		300,564
	Round Lake Illinois Lakewood Grove Special Service Area No. 1 Special Tax Series Refunding 2007 (ASSURED GTY) (AAA)
		2,720,000		5.500			03/01/32		2,586,013
		1,245,000		4.700			03/01/33		1,038,205


	Southwestern Illinois Development Authority RB for Capital Appreciation Bonds Local Government Program Series 2007 (FSA) (AAA)^(e)
		6,500,000		0.000			12/01/25		2,183,870

									32,607,840


	Indiana – 1.8%
	Bloomington Municipal Facilities Corp. RB for Economic Development Lease Rental Series 1998 (AA-/Aa3)
		260,000		4.800			08/01/12		262,140
	City of Indianapolis RB for Indianapolis Industry Gas Utility Revenue 2nd Lien Series 2008 A (ASSURED GTY) (AAA/Aaa)^(c)
		3,500,000		5.000			08/15/13		3,566,360
	Crown Point Indiana Multi-School Building Corp. Series 1999 (MBIA) (AA/A2)^(b)
		200,000		4.800			07/15/09		205,738
	Delaware County Hospital Authority RB for Cardinal Health System Obligation Group Series 2006 (Baa2)
		240,000		5.250			08/01/36		195,050
	Eagle-Union Middle School Building Corp. RB Refunding for First Mortgage Series 2001 (AMBAC) (AA/Aa3)
		125,000		4.850			07/05/15		127,804
	Fall Creek Regional Waste District RB Refunding Series 2001 (MBIA) (AA/A2)
		100,000		4.700			03/01/13		103,099
	Greencastle Indiana Waterworks RB Refunding Series 2001 (MBIA) (AA/A2)
		300,000		4.250			07/01/13		305,907
	Indiana Bond Bank RB for Special Program Series 1998 A (FSA) (AAA/Aaa)
		290,000		4.600			02/01/13		296,887
	Indiana Bond Bank RB Unrefunded Balance for State Revolving Series 1998 A (AAA)
		200,000		4.800			02/01/13		202,228
	Indiana Educational Facilities Authority RB for Earlham College Project Series 1998 (Aa3)
		325,000		4.950			10/15/12		330,434
	Indiana Health & Educational Facilities Financing Authority Hospital RB for Clarian Health Obligation Series 2006 A (A+/A2)
		1,000,000		5.000			02/15/39		784,340
	Indiana Health Facility Financing Authority RB for Kings Daughters Hospital Series 1997 (Radian) (BBB+)
		70,000		5.500			02/15/10		70,801
	Indiana State Office Building Commission RB Refunding Series 1998 A (AA/Aa2)
		300,000		4.700			07/01/11		303,531
	Indianapolis Indiana Airport Authority RB Refunding for Special Facilities Federal Express Corp. Project Series 2004 (AMT) (BBB/Baa2)
		640,000		5.100			01/15/17		563,501
	Jasper County RB Refunding for Northern RMKT 8/25/08 Series 1994 C (MBIA) (AA/A2)
		650,000		5.850			04/01/19		615,394

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

GOLDMAN SACHS MUNICIPAL INCOME FUND


		Principal		Interest			Maturity
		Amount		Rate			Date		Value

Municipal Debt Obligations – (continued)
		Indiana – (continued)

		Mitchell Multi School Building Corp. RB Refunding for First Mortgage Series 2002 (AA+)
		$	275,000		4.650	%		07/05/13	$	291,079
		Mount Vernon of Hancock County Multi-School Building Corp. RB Prerefunded for First Mortgage Series 2001 B (AMBAC) (AA/Aa3)^(b)
			150,000		4.700			07/15/11		155,331
		North Montgomery High School Building Corp. RB for First Mortgage Series 2000 (FGIC) (AA+)
			400,000		5.050			07/15/15		410,812
		Northwest Allen County Middle School Building Corp. RB Prerefunded for First Mortgage Series 1998 (MBIA) (AA/A2)^(b)
			100,000		4.750			01/15/09		101,662
		Perry Township Multi School Building Corp. RB for First Mortgage Series 2001 (FGIC) (Aa3)
			240,000		4.625			01/15/15		243,689
		Porter County Jail Building Corp. RB Refunding for First Mortgage Series 2001 (FSA) (AAA/Aaa)
			300,000		5.000			07/10/16		307,455
		Princeton City Indiana Sewer Works RB Refunding Series 2003
			275,000		4.500			05/01/13		277,992
		Purdue University COPS Series 1998 (AA/Aa1)
			50,000		4.500			07/01/09		50,206
		South Bend Community School Building Corp. RB for First Mortgage Series 2001 A (FSA) (AAA/Aaa)^(b)
			225,000		5.100			01/01/10		234,383
		South Bend Community School Building Corp. RB for First Mortgage Series 2001 B (FSA) (AAA/Aaa)
			200,000		4.600			07/01/13		204,438
		Vanderburgh County Indiana Redevelopment Commission Tax Increment Tax Allocation for Series 2006 (A)
			1,400,000		5.250			02/01/31		1,153,614

										11,363,875


		Iowa – 0.4%
		Coralville Iowa COPS Series 2006 D (A2)
			1,325,000		5.250			06/01/22		1,239,763
		Tobacco Settlement Authority of Iowa RB for Asset Backed Bonds Series 2005 C (BBB/Baa3)
			1,875,000		5.375			06/01/38		1,427,437

										2,667,200


		Kansas – 0.2%
		Wichita Kansas Hospital RB for Refunding and Improvement Facilities Series 2001 III (A+)
			1,000,000		5.500			11/15/25		978,250


		Kentucky – 1.4%
		Kentucky Economic Development Finance Authority System RB Prerefunded for Norton Healthcare Series 2000 C (MBIA) (AA/A2)^(b)
			1,085,000		6.000			10/01/13		1,220,082


		Kentucky Economic Development Finance Authority System RB Unrefunded Balance for Norton Healthcare Series 2000 C (MBIA) (AA/A2)
			2,165,000		6.000			10/01/18		2,334,195
		Kentucky Housing Corp. RB Series 2008 E (AAA/Aaa)^(g)
			1,000,000		5.450			07/01/38		960,140
		Louisville & Jefferson County Metropolitan Government RB for Jewish Hospital St. Mary’s Healthcare Series 2008 (A+/A3)
			4,750,000		6.125			02/01/37		4,489,035

										9,003,452


		Louisiana – 1.6%
		De Soto Parish Louisiana Environmental Improvement RB Refunding for International Paper Co. Project Series 2004 A (AMT) (BBB/Baa3)
			675,000		5.000			11/01/18		552,595
		De Soto Parish Louisiana Environmental Improvement RB Refunding for International Paper Co. Project Series 2005 A (AMT) (BBB/Baa3)
			2,560,000		4.750			03/01/19		2,025,933
		Louisiana Local Government Environmental Facilities & Community Development Authority for Louisiana Tech University Student Housing Series 2007 (AMBAC) (AA/Aa3)
			2,000,000		5.250			10/01/27		1,914,260
		Louisiana State Offshore Terminal Authority Deepwater Port RB Refunding for Loop LLC Project Series 2003 C (A/A3)
			1,000,000		5.250			09/01/15		1,015,070
	��		500,000		5.250			09/01/16		504,280
		Orleans Louisiana Levee District Public Improvement RB Series 1986 (FSA) (AAA/Aaa)
			1,030,000		5.950			11/01/15		1,036,036
		St. John Baptist Parish RB for Marathon Oil Corp. Series 2007 A (BBB+/Baa1)
			2,500,000		5.125			06/01/37		1,906,725
		Tobacco Settlement Financing Corp. RB for Asset Backed Bonds Series 2001 B (BBB/Baa3)
			1,220,000		5.875			05/15/39		1,046,150

										10,001,049


		Maine – 0.5%
		Maine State Housing Authority RB for Mortgage Purposes Series 2005 D-2 (AMT) (AA+/Aa1)
			3,965,000		4.800			11/15/36		3,077,435


		Maryland – 2.6%
		Anne Arundel County Maryland Special Obligation RB Special Tax Refunding for Arundel Mills Project Series 2004 (AAA/Aa1)
			1,500,000		5.125			07/01/29		1,500,990
		Baltimore Maryland RB for Wastewater Projects Series 2005 B (MBIA) (AA/A1)^(b)
			3,260,000		5.000			07/01/15		3,504,696
		Baltimore Maryland Special Obligation Tax Allocation for Harborview Lot No. 2 Series 2003
			1,250,000		6.500			07/01/31		1,156,675

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

GOLDMAN SACHS MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2008 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Municipal Debt Obligations – (continued)
	Maryland – (continued)

	Frederick County Maryland Special Tax Prerefunded for Lake Linganore Village Community Development Series 2001 A (Radian) (BBB+)^(b)
	$	220,000		5.600	%		07/01/10	$	235,224
		445,000		5.700			07/01/10		476,546
	Frederick County Maryland Special Tax Unrefunded Balance for Lake Linganore Village Community Development Series 2001 A (Radian) (BBB+)
		280,000		5.600			07/01/20		278,782
		555,000		5.700			07/01/29		520,595
	Maryland State Health & Higher Educational Facilities Authority RB for Maryland Institute College of Art Series 2001 (BBB+/Baa1)^(b)
		500,000		5.500			06/01/11		531,985
	Maryland State Health & Higher Educational Facilities Authority RB for Maryland Institute College of Art Series 2006 (BBB+/Baa1)
		1,000,000		5.000			06/01/35		795,160
		1,000,000		5.000			06/01/40		775,530
	Maryland State Health & Higher Educational Facilities Authority RB Refunding for Medstar Health Series 2004 (A-/A3)
		500,000		5.375			08/15/24		475,625
		750,000		5.500			08/15/33		662,437
	Maryland State Health & Higher Educational Facilities Authority RB Refunding for Mercy Ridge Series 2007 (BBB+)
		300,000		4.750			07/01/34		232,602
	Maryland State Industrial Development Financing Authority RB Refunding for Synagro-Baltimore Series 2008 A (BBB+)
		2,000,000		5.250			12/01/12		1,980,000
		1,025,000		5.375			12/01/14		1,001,579
		500,000		5.625			12/01/16		484,240
	Maryland State Transportation Authority RB Refunding Series 2007 (AAA/Aa2)
		1,500,000		5.000			03/01/19		1,554,105

									16,166,771


	Massachusetts – 2.6%
	Massachusetts Bay Transportation Authority RB Assessment Series 2004 A (AAA/Aa1)^(b)
		1,000,000		5.000			07/01/14		1,075,240
	Massachusetts Educational Financing Authority RB Series 2008 H (ASSURED GTY) (AAA/Aaa)
		3,000,000		6.350			01/01/30		2,756,910
	Massachusetts State Health & Educational Facilities Authority RB for Boston Medical Center Project Series 2008 (A-/A3)
		3,000,000		5.750			07/01/31		2,714,490
		2,500,000		5.250			07/01/38		2,072,550
	Massachusetts State Health & Educational Facilities Authority RB for Emerson Hospital Series 2005 E (Radian) (BBB+)
		2,275,000		5.000			08/15/35		1,772,908


	Massachusetts State Health & Educational Facilities Authority RB for Harvard Pilgrim Health Series 1998 A (FSA) (AAA/Aaa)
		3,750,000		5.250			07/01/12		3,791,888
	Massachusetts State Health & Educational Facilities Authority RB for Milton Hospital Series 2005 D (BBB-)
		575,000		5.500			07/01/40		468,682
	Massachusetts State Housing Finance Agency RB for Rental Housing-Mortgage Series 1998 A (AMT) (AMBAC) (AA/Aa3)
		1,700,000		5.500			07/01/40		1,398,488
	Massachusetts State School Building Authority Sales Tax RB Series 2005 A (FSA) (AAA/Aaa)
		500,000		5.000			08/15/30		473,865

									16,525,021


	Michigan – 2.1%
	Macomb Township Michigan Building Authority GO Bonds Prerefunded Series 2002 (AMBAC) (AA/Aa3)^(b)
		300,000		4.750			04/01/11		313,779
	Michigan Higher Education Facilities Authority RB Refunding for Limited Obligation Kalamazoo College Project Series 2003 (A1)
		150,000		5.000			12/01/20		147,443
	Michigan Higher Education Student Loan Authority RB for Student Loan Series 2003 17-1 (AMBAC) (AA/Aa3)
		5,000,000		5.200			03/01/24		4,211,250
	Michigan Municipal Bond Authority RB for Clean Water Revolving Fund Series 1999 (AAA/Aaa)^(b)
		500,000		5.750			10/01/09		521,750
	Michigan State Hospital Finance Authority RB for Ascension Health Credit Series 1999 A (MBIA) (AA/Aa1)^(b)
		2,000,000		6.125			11/15/09		2,099,880
	Michigan State Hospital Finance Authority RB Refunding for Michigan State Hospital Detroit Medical Center Series 2008 A (BHAC-CR AMBAC) (AAA/Aaa)
		5,000,000		5.500			08/15/24		5,013,550
	Pontiac Tax Increment Finance Authority RB Prerefunded for Tax Increment Development Series 2002 (ACA)^(b)
		640,000		5.375			06/01/12		690,630
	Pontiac Tax Increment Finance Authority RB Unrefunded for Tax Increment Development Series 2002 (ACA)
		360,000		5.375			06/01/17		287,420

									13,285,702


	Mississippi – 0.1%
	Mississippi Business Finance Corp. PCRB for Systems Energy Resources, Inc. Project Series 1998 (BBB/Ba1)
		685,000		5.875			04/01/22		629,611


	Missouri – 1.2%
	Cameron Missouri IDA Health Facilities RB Insured by Cameron Community Hospital Series 2000 (ACA)^(b)
		1,800,000		6.250			12/01/10		1,948,590

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

GOLDMAN SACHS MUNICIPAL INCOME FUND


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Municipal Debt Obligations – (continued)
	Missouri – (continued)

	Jefferson County School District No. R-1 Northwest GO Bonds Refunding and Improvement for Missouri Direct Deposit Program Series 2004 (MBIA) (AA+/Aa1)
	$	300,000		4.350	%		03/01/16	$	300,564
	Missouri State Development Finance Board Infrastructure Facilities RB for Branson Landing Project Series 2005 A (BBB+/Baa1)
		270,000		4.750			06/01/25		217,118
		1,325,000		5.000			06/01/35		1,028,889
	Missouri State Environmental Improvement & Energy Resources Authority RB for Kansas City Power & Light Series 1993 (BBB/A2)
		515,000		4.000			01/02/12		496,887
	Missouri State Health & Educational Facilities Authority RB for St. Louis University Series 1998 (AA-/A1)
		1,000,000		5.500			10/01/15		1,084,390
	Missouri State Health & Educational Facilities Authority RB for St. Lukes Episcopal-Presbyterian Hospital Series 2001 (FSA) (AAA/Aaa)
		1,000,000		5.500			12/01/15		1,055,540
	Truman State University Housing System RB Series 2004 (AMBAC) (Aa3)
		1,500,000		5.000			06/01/30		1,363,050

									7,495,028


	Montana – 0.2%
	Forsyth Montana PCRB Refunding Portland General Series 1998 A RMKT 05/01/03 (A/Baa1)^(c)
		1,000,000		5.200			05/01/09		1,005,100


	Nebraska – 0.4%
	Douglas County Hospital Authority No 3. RB Refunding for Methodist Health System Series 2008 (A-)
		1,500,000		5.500			11/01/38		1,279,740
	Douglas County Hospital Authority No. 3 RB ROLS-RR-II-R-11481 Series 2008 (BHAC-CR) (AAA)^(a)
		1,165,000		16.590			05/01/16		1,053,463

									2,333,203


	Nevada – 1.2%
	Clark County Nevada Industrial Development RB for Southwest Gas Corp. Project Series 2003 C (BBB-/Baa3)^(c)
		765,000		5.450			03/01/13		749,524
	Clark County School District GO Bonds Refunding Series 1998 (FSA) (AAA/Aaa)
		800,000		5.500			06/15/13		865,136
	Henderson Local Improvement District No. T-14 Special Assessment Refunding Senior Limited Obligation Series 2007 A (FSA) (AAA/Aaa)
		865,000		4.250			03/01/12		894,393
	Nevada Department of Business & Industry RB for Las Vegas Monorail Project 1st Tier Series 2000 (AMBAC) (AA/Aa3)
		2,200,000		5.625			01/01/32		1,422,344
	North Las Vegas Nevada Local Improvement Special Assessment Refunding for Special Improvement District No. 60 Subseries 2006 B
		1,525,000		5.100			12/01/22		1,267,168


	North Las Vegas Nevada Local Special Assessment for Local Improvement District No. 60 Subseries 2006 B
		670,000		4.850			12/01/15		616,453
	University of Nevada RB for Community College System Series 2002 A (FGIC) (AA-/Aa3)
		250,000		4.450			07/01/12		255,955
	Washoe County Nevada GO Bonds for Reno Sparks Convention Series 2000 A (FSA) (AAA/Aaa)^(b)
		1,585,000		6.375			01/01/10		1,661,318

									7,732,291


	New Hampshire – 0.5%
	New Hampshire Business Finance Authority RB for Waste Management, Inc. Project Series 2002 (AMT) (BBB)
		1,250,000		5.200			05/01/27		953,913
	New Hampshire Health & Education Facilities Authority RB for Healthcare System Covenant Health Series 2002 (A)^(b)
		500,000		6.000			01/01/12		546,975
	New Hampshire Health & Education Facilities Authority RB for Southern New Hampshire University Series 2006 (ACA) (BBB-)
		1,000,000		5.000			01/01/27		823,320
	New Hampshire Municipal Bond Bank RB Series 2003 (MBIA) (AA/Aa2)^(b)
		1,000,000		5.250			08/15/13		1,084,630

									3,408,838


	New Jersey – 4.2%
	New Jersey Economic Development Authority RB for Cigarette Tax Series 2004 (Radian-IBC) (A/A3)
		1,085,000		5.500			06/15/16		1,078,186
	New Jersey Health Care Facilities Financing Authority RB for Children’s Specialized Hospital Series 2005 A (BBB/Baa3)
		600,000		5.000			07/01/24		515,238
		175,000		5.500			07/01/30		148,988
	New Jersey Health Care Facilities Financing Authority RB for Hackensack University Medical Center Series 2008 (ASSURED GTY) (AAA/Aaa)
		3,000,000		5.250			01/01/36		2,890,380
	New Jersey Health Care Facilities Financing Authority RB for Palisades Medical Center of New York Healthcare Series 2002 (BB+/Ba1)
		500,000		6.500			07/01/21		491,035
	New Jersey Health Care Facilities Financing Authority RB for St. Joseph’s Healthcare System Series 2008 (BBB-/Ba1)
		2,500,000		6.625			07/01/38		2,256,950
	New Jersey State GO Bonds Refunding Series 1999 F (AA/Aa3)
		1,000,000		5.500			08/01/11		1,066,690
	New Jersey State Higher Education Assistance Authority RB for Student Loan Series 2008 A (ASSURED GTY) (AAA/Aaa)
		3,000,000		6.125			06/01/30		2,701,020
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2003 C (AAA/Aaa)^(b)
		3,000,000		5.500			06/15/13		3,278,190

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

GOLDMAN SACHS MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2008 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Municipal Debt Obligations – (continued)
	New Jersey – (continued)

	Tobacco Settlement Financing Corp. RB for Asset Backed Bonds Series 2002 (AAA/Aaa)^(b)
	$	4,260,000		5.750	%		06/01/12	$	4,558,200
		2,370,000		6.000			06/01/12		2,595,719
	Tobacco Settlement Financing Corp. RB for Capital Appreciation Bonds Series 2007 1-C (BBB-)^(e)
		11,250,000		0.000			06/01/41		636,187
	Tobacco Settlement Financing Corp. RB Series 2003 (AAA/Aaa)^(b)
		300,000		6.750			06/01/13		338,142
	Tobacco Settlement Financing Corp. RB Series 2007 1-A (BBB/Baa3)
		3,015,000		4.625			06/01/26		2,126,962
		3,000,000		5.000			06/01/29		2,062,050

									26,743,937


	New Mexico – 0.8%
	Farmington New Mexico PCRB Refunding for Public Service Co. San Juan Project Series 1997 D (BB+/Baa3)
		3,530,000		6.375			04/01/22		3,286,960
	Santa Fe County New Mexico RB for Gross Receipts Series 2008 (FSA) (AAA/Aaa)
		2,000,000		5.250			06/01/31		1,930,500

									5,217,460


	New York – 4.5%
	Erie County Industrial Development Agency School Facility RB Residuals Series 2008 2490-1 (FSA) (AAA)^(a)
		2,250,000		9.110			05/01/26		2,386,710
	Erie County Industrial Development Agency School Facility RB Residuals Series 2008 2490-2 (FSA) (AAA)^(a)
		2,250,000		9.110			05/01/29		2,420,910
	Metropolitan Transportation Authority RB Refunding for Transportation Series 2002 F (MBIA) (AAA/A2)^(b)
		1,000,000		5.250			11/15/12		1,082,460
	New York City GO Bonds Series 2006 A (AA/Aa3)
		400,000		5.000			08/01/18		402,808
	New York City Industrial Development Agency Civic Facility RB for Polytechnic University Project Series 2000 (AAA)^(b)
		1,250,000		6.000			11/01/10		1,347,500
	New York City Industrial Development Agency RB for Polytechnic University Project Series 2007 (ACA) (BB+)
		2,045,000		5.000			11/01/12		2,044,918
	New York City Industrial Development Agency RB for Yankee Baseball Stadium-Pilot Series 2006 (FGIC) (BBB-/Baa3)
		5,000,000		5.000			03/01/31		4,423,500
	New York City Transitional Finance Authority RB for Future Tax Secured Series 2002 C (FGIC) (AAA/Aa1)
		1,000,000		5.250			08/01/14		1,058,090
	New York Mortgage Agency RB for Homeowner Mortgage Series 2003 109 (AMT) (Aa1)
		1,000,000		4.800			10/01/23		855,910
	New York State Dormitory Authority RB for New York City University System Consolidated Fourth General Series 2000 A (FGIC) (AA-/A1)^(b)
		1,000,000		5.250			07/01/10		1,045,920


	New York State Dormitory Authority RB for North Shore University Hospital Series 1998 (MBIA) (AA/A2)
		1,500,000		5.500			11/01/14		1,630,395
	New York State Environmental Facilities Corp. State Clean Water & Drinking RB Refunding for Revolving Funds Pooled Financing Program Series 2002 F (AAA/Aaa)
		175,000		5.250			11/15/20		178,950
	Tobacco Settlement Financing Corp. RB for Asset Backed Bonds Series 2003 A-1 (AA-/A1)
		2,600,000		5.500			06/01/19		2,660,866
	Tobacco Settlement Financing Corp. RB Series 2003 B-1C (AA-/A1)
		5,905,000		5.500			06/01/21		5,947,930
	Triborough Bridge & Tunnel Authority RB for General Purpose Series 1999 A (AAA/Aa2)^(b)
		675,000		5.250			07/01/09		693,164

									28,180,031


	North Carolina – 1.6%
	Charlotte North Carolina Water & Sewer System RB Series 2001 (AAA/Aa1)
		1,000,000		5.125			06/01/26		1,002,740
	North Carolina Capital Facilities Finance Agency RB for Duke University Project Series 2002 A (AAA/Aaa)^(b)
		2,000,000		5.125			10/01/12		2,147,160
	North Carolina Eastern Municipal Power Agency Power System RB Refunding Series 2003 C (BBB+/Baa1)
		500,000		5.375			01/01/16		506,285
		850,000		5.375			01/01/17		854,888
	North Carolina Medical Care Commission Hospital RB for Northeast Medical Center Project Series 2000 (AMBAC) (AA/Aa3)^(b)
		3,000,000		5.500			11/01/10		3,207,030
	North Carolina Municipal Power Agency No. 1 Catawba Electric RB Series 2003 A (A-/A2)
		450,000		5.500			01/01/13		466,299
	Winston-Salem North Carolina Water & Sewer System RB Refunding Series 2001 (AAA/Aa2)^(b)
		1,500,000		5.250			06/01/11		1,608,285

									9,792,687


	North Dakota – 0.0%
	Ward County Health Care Facilities RB for Trinity Obligated Group Series 2006 (BBB+)
		150,000		5.125			07/01/25		130,649


	Ohio – 1.4%
	Buckeye Tobacco Settlement Financing Authority RB for Asset Backed Bonds Senior Turbo Series 2007 A-2 (BBB/Baa3)
		485,000		5.125			06/01/24		412,206
		3,050,000		6.500			06/01/47		2,538,942

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

GOLDMAN SACHS MUNICIPAL INCOME FUND


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Municipal Debt Obligations – (continued)
	Ohio – (continued)

	Marysville Ohio RB Wastewater Treatment System Series 2006 (XLCA) (BBB+)
	$	1,670,000		5.250	%		12/01/24	$	1,525,328
		1,755,000		5.250			12/01/25		1,592,943
		1,350,000		5.250			12/01/26		1,217,673
	Pickerington Local School District GO Bonds for School Facilities Construction & Improvement Series 2001 (FGIC) (AA-/A1)^(b)
		500,000		5.250			12/01/11		535,540
	Summit County Port Authority Program Development RB for Twinsburg Township Project Series 2005 D (BBB+)
		580,000		5.125			05/15/25		468,402
	Toledo-Lucas County Ohio Port Authority Development RB for Northwest Ohio Bond FD-Truckloan Series 2005 C (AMT) (BBB+)
		420,000		5.125			11/15/25		336,265
	Toledo-Lucas County Ohio Port Authority Development RB for Northwest Ohio Bond Fund-Preston Series 2006 B (AMT) (BBB+)
		130,000		4.800			11/15/35		98,483

									8,725,782


	Oklahoma – 0.1%
	Norman Oklahoma Regional Hospital Authority RB Refunding and Improvement Series 2007 (BBB)
		300,000		5.125			09/01/37		235,524
	Norman Oklahoma Regional Hospital Authority RB Series 2005 A (BBB)
		250,000		5.375			09/01/36		205,430
	Oklahoma Development Finance Authority RB for Great Plains Regional Medical Center Project Series 2007 (BBB)
		240,000		5.000			12/01/27		200,854
		140,000		5.125			12/01/36		111,186

									752,994


	Oregon – 0.3%
	Klamath Falls Oregon Intercommunity Hospital Authority RB Prerefunded for Merle West Medical Center Series 2002 (BBB)^(b)
		1,255,000		6.125			09/01/12		1,397,530
	Klamath Falls Oregon Intercommunity Hospital Authority RB Unrefunded Balance for Merle West Medical Center Series 2002 (BBB)
		745,000		6.125			09/01/22		732,313

									2,129,843


	Pennsylvania – 1.4%
	Bradford County IDA RB Refunding for International Paper Co. Project Series 2005 A (AMT) (BBB/Baa3)
		3,015,000		4.700			03/01/19		2,372,835
	Mifflin County School District GO Bonds Series 2007 (MBIA-IBC) (AA/A2)
		2,000,000		7.500			09/01/26		2,265,100
	Montgomery County Higher Education & Health Authority RB for Catholic Health System East Series 2004 C (A1)^(b)
		150,000		5.375			11/15/14		163,291


	Pennsylvania Economic Development Financing Authority Exempt Facilities RB for Amtrak Project Series 2001 A (AMT) (BBB/A2)
		2,000,000		6.250			11/01/31		1,807,860
	Pennsylvania Higher Educational Facilities Authority RB for Moravian College Project Series 2001 (Radian) (BBB+)
		150,000		5.375			07/01/23		130,913
	Pennsylvania Higher Educational Facilities Authority RB for Widener University Series 2003 (BBB+)
		1,000,000		5.000			07/15/09		1,012,600
	Pennsylvania Intergovernmental Cooperative Authority Special Tax Revenue Refunding for Philadelphia Funding Program Series 1999 (FGIC) (AA/A1)
		1,000,000		5.250			06/15/15		1,010,280
	St. Mary Hospital Authority RB Refunding for Catholic Health East Series 2004 B (A1)^(b)
		225,000		5.375			11/15/14		244,298

									9,007,177


	Puerto Rico – 4.3%
	Commonwealth of Puerto Rico GO Bonds Series 2008 A (BBB-/Baa3)
		2,500,000		5.375			07/01/33		2,218,875
	Puerto Rico Commonwealth Aqueduct & Sewer Authority Senior Lien RB Series 2008 A (BBB-/Baa3)^(e)(f)
		2,000,000		0.000			07/01/24		1,601,220
	Puerto Rico Commonwealth Aqueduct & Sewer Authority Senior Lien RB Series 2008 A (BBB-/Baa3)
		2,000,000		6.000			07/01/38		1,927,380
		4,500,000		6.000			07/01/44		4,327,020
	Puerto Rico Commonwealth GO Bonds for Prerefunded Public Improvement Series 2006 A (AAA/Baa3)^(b)
		980,000		5.250			07/01/16		1,066,279
	Puerto Rico Commonwealth GO Bonds Refunding Subseries 2008 C-7 (MBIA) (AA/A2)
		2,000,000		6.000			07/01/27		2,011,500
	Puerto Rico Commonwealth Government Development Bank RB Senior Notes Series 2006 B (BBB/Baa3)
		6,000,000		5.000			12/01/09		6,073,920
	Puerto Rico Commonwealth Highway & Transportation Authority RB Series 1996 Y (XLCA-ICR) (A-)^(b)
		2,500,000		5.000			07/01/16		2,652,975
	Puerto Rico Commonwealth Highway & Transportation Authority RB Subseries 2003 (FGIC) (BBB/Ba1)
		3,000,000		5.250			07/01/18		2,943,750
	Puerto Rico Commonwealth Infrastructure Financing Authority Special Tax Series 2006 B (BBB+/Baa3)
		1,250,000		5.000			07/01/25		1,092,775
	Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority RB for Ana G Mendez University System Project Series 2006 (BBB-)
		425,000		5.000			03/01/36		336,311

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

GOLDMAN SACHS MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2008 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Municipal Debt Obligations – (continued)
	Puerto Rico – (continued)

	Puerto Rico Public Finance Corp. RB Commonwealth Appropriations Mandatory Tender Refunding Series 2004 A (LOC – Government Development Bank of Puerto Rico) (BBB-/Ba1)^(c)
	$	700,000		5.750	%		02/01/12	$	707,525

									26,959,530


	South Carolina – 1.4%
	Georgetown County South Carolina Environmental RB for International Paper Co. Project Series 2006 A (AMT) (BBB/Baa3)
		2,500,000		5.000			08/01/30		1,742,725
	Grand Strand Water & Sewer Authority South Carolina Waterworks & Sewer System RB Series 2001 (FSA) (AAA/Aaa)
		4,000,000		5.000			06/01/31		3,782,000
	Greenville County School District Installment Purchase RB Prerefunded for Building Equity Series 2002 (AA/Aa3)^(b)
		550,000		6.000			12/01/12		613,206
	Greenville County School District Installment Purchase RB Unrefunded Balance for Building Equity Series 2002 (AA/Aaa)^(b)
		450,000		6.000			12/01/12		502,645
	Lancaster County South Carolina School District GO Bonds Series 1999 (FSA) (AAA/Aaa)
		1,000,000		5.100			03/01/15		1,029,520
	South Carolina State Public Service Authority RB Series 1999 A (MBIA) (AA/Aa2)^(b)
		1,000,000		5.750			01/01/10		1,049,610

									8,719,706


	South Dakota – 0.2%
	South Dakota Health & Educational Facilities Authority RB for Avera Health Series 2008 B (A+/A1)
		500,000		5.500			07/01/35		446,160
		300,000		5.250			07/01/38		255,390
	South Dakota Housing Development Authority RB for Homeownership Mortgage Series 2006 K (AMT) (AAA/Aa1)
		1,000,000		5.050			05/01/36		818,400

									1,519,950


	Tennessee – 3.1%
	Elizabethton Tennessee Health & Educational Facilities Board RB Refunding for Improvement First Mortgage Series 2000 B (ETM) (MBIA) (AA/A2)
		2,000,000		6.250			07/01/15		2,080,860
	Jackson Tennessee Hospital RB Refunding and Improvement for Jackson-Madison Project Series 2008 (A+/A1)
		1,000,000		5.750			04/01/41		885,440
	Johnson City Health & Educational Facilities Board Hospital RB for First Mortgage Mountain States Health Series 2006 A (BBB+/Baa1)
		670,000		4.500			07/01/09		668,747
		1,775,000		5.500			07/01/36		1,488,533


	Johnson City Health & Educational Facilities Board Hospital RB Refunding for First Mortgage Mountain States Health Series 2000 A (ETM) (MBIA) (AA/A2)
		3,000,000		6.250			07/01/16		3,462,780
	McMinnville Housing Authority RB Refunding for First Mortgage Beersheba Heights Tower Series 1997 (HUD) (Baa1)
		175,000		6.000			10/01/09		176,750
	Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board RB for Charter Village Apartments Series 2007 (FNMA) (AAA)^(c)
		2,120,000		4.850			06/01/25		1,823,285
	Shelby County Health Educational & Housing Facilities Board RB for Baptist Memorial Healthcare Series 2004 A (AA)^(d)
		5,000,000		5.000			09/01/20		5,000,000
	Sullivan County Tennessee Health Educational & Housing Facilities Board Hospital RB for Wellmont Health System Project Series 2006 C (BBB+)
		1,625,000		5.250			09/01/36		1,311,781
	Tennessee Housing Development Agency RB for Home Ownership Program Series 2008-3 (AA/Aa2)
		2,500,000		5.450			07/01/38		2,290,975

									19,189,151


	Texas – 10.7%
	Brazos River Authority PCRB Refunding for TXU Electric Co. Project Series 1999 A (AMT) (CCC/Caa1)
		700,000		7.700			04/01/33		611,821
	Brazos River Authority PCRB Refunding for TXU Electric Co. Project Series 1999 C (AMT) (CCC/Caa1)
		1,200,000		7.700			03/01/32		1,062,324
	Brazos River Authority PCRB Refunding for TXU Electric Co. Project Series 2001 C (AMT) (CCC/Caa1)^(c)
		1,045,000		5.750			11/01/11		966,123
	Brazos River Authority RB Refunding for Reliant Energy, Inc. Project Series 1999 A (BBB-/Ba1)
		1,250,000		5.375			04/01/19		1,138,000
	Dallas County Utility & Reclamation District GO Bonds Refunding RMKT 06/25/08 Series 2005 B (AMBAC) (AA/Aa3)
		2,675,000		5.375			02/15/29		2,518,967
	Dallas-Fort Worth International Airport Facilities Improvement Corp. RB RMKT 04/04/08 Series 2002 C (MBIA) (AA/A1)
		1,000,000		6.250			11/01/28		972,120
	Dallas-Fort Worth International Airport Facilities Improvement Corp. RB RMKT 04/11/08 Subseries 2003 C-2 (XLCA) (A+/A1)
		2,000,000		6.125			11/01/18		2,004,520
	Fort Bend County Texas Municipal Utility District No. 30 GO Bonds Series 2004 (FSA) (AAA/Aaa)
		2,015,000		5.750			09/01/27		2,047,260
	Frisco Texas Independent School District GO Bonds Series 2002 (PSF-GTD) (AAA/Aaa)
		1,000,000		5.125			08/15/30		962,410

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

GOLDMAN SACHS MUNICIPAL INCOME FUND


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Municipal Debt Obligations – (continued)
	Texas – (continued)

	Grand Prairie Texas Independent School District GO Bonds Series 2003 (FSA) (AAA/Aaa)^(b)
	$	1,000,000		5.375	%		02/15/13	$	1,081,580
	Gregg County Texas Health Facilities Development Corp. RB for Good Shepherd Medical Center Project Series 2000 (Radian) (BBB+/A3)^(b)
		3,000,000		6.375			10/01/10		3,226,500
	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		945,650
	Harris County Hospital District RB Refunding Series 2000 (MBIA) (AA/A1)^(b)
		2,050,000		6.000			08/15/10		2,164,964
	Hidalgo County Health Services RB for Mission Hospital, Inc. Project Series 2005 (BBB/Baa2)
		700,000		5.000			08/15/19		635,278
	Houston Utilities System RB Refunding First Lien Series 2004 A (MBIA) (AA/A1)
		1,000,000		5.250			05/15/25		947,150
	Lower Colorado River Authority RB Refunding Series 2008 (A/A1)
		5,000,000		5.750			05/15/37		4,796,700
	Matagorda County Texas Navigation District No. 1 PCRB Refunding for Power & Light Center CONV 08/21/07 Series 1996 (MBIA) (AAA/A2)^(d)
		2,500,000		5.200			05/01/30		2,086,975
	Matagorda County Texas Navigation District No. 1 PCRB Refunding for Texas Airport Project RMKT 12/6/06 Series 2005 B (AMT) (AMBAC) (AA/Aa3)
		1,000,000		4.550			05/01/30		739,910
	Matagorda County Texas Navigation District No. 1 RB Refunding for American Electric Power Texas Central Co. Project Series 2008 (BBB/Baa2)^(c)
		10,000,000		5.125			06/01/11		10,049,900
	Mesquite Texas Health Facilities Development Corp. RB for Christian Care Retirement Facilities Series 2005 (BBB-)
		150,000		5.500			02/15/25		131,447
		250,000		5.625			02/15/35		204,262
	Mesquite Texas Independent School District GO Bonds Refunding Series 2002 (PSF-GTD) (AAA)
		1,160,000		5.500			08/15/21		1,183,351
	Metropolitan Health Facilities Development Corp. RB for Wilson N. Jones Memorial Hospital Project Series 2001 (B+/Ba3)
		1,000,000		6.625			01/01/11		1,001,080
	Mission Economic Development Corp. RB for Waste Management, Inc. Project Series 2008 (BBB)^(c)
		1,000,000		6.000			08/01/13		967,660
	North Texas Tollway Authority RB Refunding for Capital Appreciation System First Tier Series 2008 I (A-/A2)^(e)(f)
		3,300,000		0.000			01/01/43		2,155,824
	North Texas Tollway Authority RB Refunding for System First Tier Series 2008 A (A-/A2)
		5,000,000		5.750			01/01/40		4,550,100


	Port of Houston Authority GO Bonds Refunding Series 2008 A (AMT) (AAA/Aa1)
		3,000,000		6.125			10/01/33		3,034,620
	Sam Rayburn Municipal Power Agency RB Refunding Series 2002 (Radian) (BBB+/A3)
		5,000,000		5.750			10/01/21		5,015,850
	Schertz Texas GO Bonds Series 2006 (MBIA) (AA/A2)
		1,715,000		5.250			02/01/25		1,703,733
		1,900,000		5.250			02/01/27		1,871,291
	Tarrant County Cultural Education Facilities Finance Corp. RB for Air Force Village Obligation Group Series 2007 (BBB+)
		425,000		5.125			05/15/37		326,596
	Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2008 D (A/A2)
		3,000,000		6.250			12/15/26		2,677,680
	Tomball Hospital Authority RB Refunding Series 2005 (Baa3)
		650,000		5.000			07/01/20		581,542
		250,000		5.000			07/01/23		214,535
	Waxahachie Independent School District GO Bonds for Capital Appreciation Prerefunded Series 2000 (PSF-GTD) (Aaa)^(b)(e)
		1,775,000		0.000			08/15/10		1,396,215
	Waxahachie Independent School District GO Bonds for Capital Appreciation Unrefunded Balance Series 2000 (PSF-GTD) (Aaa)^(e)
		80,000		0.000			08/15/13		61,773
	Williamson County Texas GO Bonds for Road Series 2002 (FSA) (AAA/Aaa)^(b)
		1,040,000		5.250			02/15/12		1,110,231

									67,145,942


	U.S. Virgin Islands – 0.4%
	Virgin Islands Public Finance Authority RB for Senior Lien Matching Fund Loan Note Series 2004 A (BBB)
		1,045,000		5.000			10/01/12		1,059,327
		1,750,000		5.250			10/01/16		1,742,107

									2,801,434


	Utah – 1.0%
	South Davis Recreational District GO Bonds Series 2004 (XLCA) (A+/A2)
		200,000		4.375			01/01/20		180,282
	Tooele County Utah Hazardous Waste Treatment RB for Union Pacific Project RMKT 4/28/98 Series 1992 A (AMT) (BBB/Baa2)
		2,000,000		5.700			11/01/26		1,712,020
	Utah Housing Corp. Single Family Mortgage RB Series 2008 B-1 Class I (AAA/Aaa)
		2,140,000		5.875			07/01/39		1,943,056
	Utah Housing Corp. Single Family Mortgage RB Series 2008 B-1 Class II (AAA/Aa2)
		2,450,000		5.900			07/01/36		2,262,281

									6,097,639

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

GOLDMAN SACHS MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2008 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Municipal Debt Obligations – (continued)
	Utah – (continued)

	Virginia – 0.3%
	Bristol Virginia Utilities System RB Refunding Series 2003 (MBIA) (AA/A2)
	$	1,850,000		5.250	%		07/15/26	$	1,837,180
	Tobacco Settlement Financing Corp. RB for Capital Appreciation Bonds Subseries 2007 C-1 (BBB)^(e)
		2,250,000		0.000			06/01/47		95,197

									1,932,377


	Washington – 2.3%
	Skagit County Washington Public Hospital District No. 2 GO Bonds Refunding for Improvement Series 2005 (MBIA) (A2)
		3,700,000		5.000			12/01/30		3,288,782
	Tacoma Washington GO Bonds Series 2004 (MBIA) (AA/A1)
		4,000,000		5.000			12/01/30		3,610,160
	Vancouver Downtown Redevelopment Authority RB for Conference Center Project Series 2003 A (ACA)
		3,025,000		6.000			01/01/34		2,505,063
	Washington State GO Bonds for Various Purposes Series 2002 A (AA+/Aa1)
		300,000		5.000			07/01/14		313,503
	Washington State GO Bonds Series 1992 B & AT-7 (AA+/Aa1)
		500,000		6.400			06/01/17		570,100
	Washington State GO Bonds Series 2000 B (AAA/Aa1)^(b)
		1,000,000		6.000			01/01/10		1,043,580
	Washington State Health Care Facilities Authority RB for Group Health Corp. Series 2006 (Radian) (A-/A3)
		315,000		5.000			12/01/36		256,010
	Washington State Health Care Facilities Authority RB for Veterans Administration Mason Medical Series 2007 B (ACA) (BBB)
		3,000,000		6.000			08/15/37		2,687,610

									14,274,808


	West Virginia – 0.5%
	Monongalia County Building Commission RB for Monongalia General Hospital Series 2005 A (BBB+)
		1,380,000		5.250			07/01/25		1,264,646
		595,000		5.250			07/01/35		511,914
	West Virginia State GO Bonds for State Road Series 2000 (FGIC) (AAA/Aa3)^(b)
		1,000,000		5.625			06/01/10		1,060,600

									2,837,160


	Wisconsin – 1.5%
	Badger Tobacco Asset Securitization Corp. RB for Asset Backed Bonds Series 2002 (BBB/Baa3)
		1,000,000		6.375			06/01/32		946,060
	Superior Wisconsin RB for Superior Water, Light & Power Project Series 2007 B (A3)
		500,000		5.750			11/01/37		407,510
	Superior Wisconsin RB Refunding for Superior Water, Light & Power Project Series 2007 A (A3)
		525,000		5.375			11/01/21		478,648


	Wisconsin State Health & Educational Facilities Authority RB for Sinai Samaritan Medical Center, Inc. Series 1996 (MBIA) (AA/A2)
		5,000,000		5.875			08/15/26		4,688,750
	Wisconsin State Health & Educational Facilities Authority RB for Upland Hills Health, Inc. Series 2006 A (BBB)
		375,000		5.125			05/15/29		310,200
	Wisconsin State Health & Educational Facilities Authority RB for Upland Hills Health, Inc. Series 2006 B (BBB)
		100,000		5.000			05/15/36		76,786
	Wisconsin State Health & Educational Facilities Authority RB for Wheaton Franciscan Healthcare Series 2006 (A-/Baa1)
		1,750,000		5.250			08/15/24		1,463,227
		1,750,000		5.250			08/15/31		1,350,125

									9,721,306


	TOTAL STATE-SPECIFIC MUNICIPAL DEBT OBLIGATIONS
	(Cost $635,332,417)							$	592,035,394




Other Municipals – 0.4%


	Municipal Mortgage & Equity LLC Tax-Exempt Special Purpose Entity Series 2005 C-3 (Baa2)^(c)(h)
	$	2,000,000		5.500	%		09/30/15	$	1,947,740
	Tax Exempt Municipal Infrastructure Improvement Trust Certificates RB Series 2005 Class A (Aa3)^(h)
		971,000		4.050			05/04/10		981,196


	TOTAL OTHER MUNICIPALS
	(Cost $2,971,724)							$	2,928,936




Short-Term Investments – 3.7%


	Indiana – 1.2%
	Mount Vernon Pollution Control & Solid Waste Disposal VRDN RB for General Electric Co. Project Series 2004 (AAA/VMIG1)^(d)
	$	7,500,000		5.200	%		10/01/08	$	7,500,000


	New Hampshire – 1.1%
	New Hampshire Health & Education Facilities Authority VRDN RB for Dartmouth College Series 2008 A (A-1+/VMIG1)^(d)
		7,200,000		4.350			10/01/08		7,200,000


	New York – 1.4%
	New York City GO Bonds Subseries 2004 H-4 (LOC – Bank of New York) (AA/Aaa)^(c)
		5,400,000		5.200			10/01/08		5,400,000
	New York City Municipal Water Finance Authority VRDN RB for Second General Resolution Series 2005 AA-2 (A-1+/VMIG1)^(d)
		1,200,000		4.500			10/01/08		1,200,000

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

GOLDMAN SACHS MUNICIPAL INCOME FUND


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Short-Term Investments – (continued)
	New York – (continued)

	New York City Municipal Water Finance Authority VRDN RB for Second Generation Resolution Series 2005 BB-1 (A-1+/VMIG1)^(d)
	$	2,000,000		5.200	%		10/01/08	$	2,000,000
	New York City Transitional Finance Authority VRDN RB for New York City Recovery Series 2002-1 Subseries 1-D (LIQ – Landesbank Hessen-Thuringen) (A-1+/VMIG1)^(d)
		400,000		4.150			10/01/08		400,000

									9,000,000


	Texas – 0.0%
	Texas Water Development Board VRDN RB Refunding for State Revolving Sub Lien Series 2007 A (A-1+/VMIG1)^(d)
		77,000		5.000			10/01/08		77,000


	TOTAL SHORT-TERM INVESTMENTS
	(Cost $18,377,000)							$	18,377,000


	Shares		Rate			Value

Investment Company – 1.1%⁽ⁱ⁾


	JP Morgan Tax Free Money Market Fund – Institutional Shares
		6,600,000		5.244	%	$	6,600,000


	TOTAL INVESTMENT COMPANY
	(Cost $6,600,000)					$	6,600,000


	TOTAL INVESTMENTS – 98.4%
	(Cost $663,281,141)					$	619,941,330


	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.6%						9,863,872


	NET ASSETS – 100.0%					$	629,805,202

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


(a)		Inverse variable rate security. Interest rate disclosed is that which is in effect at September 30, 2008.

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

(c)		Securities with “Put” features with resetting interest rates. Maturity dates disclosed are the next interest reset date. Interest rate disclosed is that which is in effect at September 30, 2008.

(d)		Variable rate security. Except for floating rate notes, maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect at September 30, 2008.

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

(f)		Security is issued with zero coupon until the next reset date.

(g)		When-issued security.


(h)		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 $2,928,936, which represents approximately 0.4% of net assets as of September 30, 2008.

(i)		Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2008.




Investment Abbreviations:
ACA	—	Insured by American Capital Access
AMBAC	—	Insured by American Municipal Bond Assurance Corp.
AMT	—	Alternative Minimum Tax
ASSURED GTY	—	Insured by Assured Guaranty
BHAC-CR	—	Insured by Berkshire Hathaway Assurance Corp. – Insured Custodial Receipts
CA MTG INS	—	Insured by California Mortgage Insurance
CONV	—	Converted
COPS	—	Certificates of Participation
CRA	—	Community Reinvestment Act
ETM	—	Escrowed to Maturity
FGIC	—	Insured by Financial Guaranty Insurance Co.
FHA	—	Insured by Federal Housing Administration
FHLMC	—	Federal Home Loan Mortgage Corp.
FNMA	—	Federal National Mortgage Association
FSA	—	Insured by Financial Security Assurance Co.
GNMA	—	Government National Mortgage Association
GO	—	General Obligation
HUD	—	Insured by Housing and Urban Development
IDA	—	Industrial Development Authority
LIQ	—	Liquidity Agreement
LOC	—	Letter of Credit
MBIA	—	Insured by MBIA Insurance Corp.
MBIA-IBC	—	Insured by MBIA Insurance Corp. – Insured Bonds Certificates
PCRB	—	Pollution Control Revenue Bond
PSF-GTD	—	Guaranteed by Permanent School Fund
Radian	—	Insured by Radian Asset Assurance
Radian-IBC	—	Insured by Radian Asset Assurance – International Bancshares Corp.
RB	—	Revenue Bond
RITES	—	Residual Interest Tax Exempt Securities
RMKT	—	Remarketed
VRDN	—	Variable Rate Demand Notes
XLCA	—	Insured by XL Capital Assurance, Inc.
XLCA-ICR	—	Insured by XL Capital Assurance, Inc. – Insured Custodial Receipts

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

GOLDMAN SACHS NEW YORK AMT-FREE MUNICIPAL FUND

Schedule of Investments

September 30, 2008 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Municipal Debt Obligations – 83.8%


	New York – 69.3%
	Albany Industrial Development Agency Civic Facility RB Refunding for Albany State University Law School Series 2007 A (BBB)
$	$	500,000		5.000	%		07/01/31	$	414,075
	Albany Industrial Development Agency Civic Facility RB Refunding for St. Peters Hospital Project Series 2008 A (BBB+/Baa2)
		500,000		5.250			11/15/32		437,535
	Amherst Industrial Development Agency Civic Facility RB Refunding for Daeman College Mandatory Tender Series 2006 A (Manufacturers & Traders SPA, Wachovia Bank N.A. SPA) (Radian) (AA)^(a)
		470,000		4.200			10/01/11		471,311
	Erie County GO Bonds Refunding Series 2005 D-1 (MBIA) (AA/A2)
		300,000		5.000			06/01/21		282,948
	Erie County Industrial Development Agency School Facility RB Residuals Series 2008 2490-1 (FSA) (AAA)^(b)
		250,000		3.430			05/01/26		265,190
	Erie County Industrial Development Agency School Facility RB Residuals Series 2008 2490-2 (FSA) (AAA)^(b)
		250,000		3.430			05/01/29		268,990
	Long Island Power Authority Electric Systems RB Refunding Series 2006 D (A-/A3)
		200,000		4.000			09/01/10		203,162
	Long Island Power Authority Electric Systems RB Series 2006 C (A-/A3)
		1,000,000		5.000			09/01/35		869,860
	Metropolitan Transportation Authority RB Refunding Series 2005 F (A/A2)
		500,000		5.000			11/15/30		447,620
	Monroe County Industrial Development Agency Civic Facilities RB Refunding for Highland Hospital of Rochester Series 2005 (BBB+/Baa1)
		580,000		5.000			08/01/12		586,397
		300,000		5.000			08/01/22		274,428
	New York City Industrial Development Agency RB for Queens Baseball Stadium-Pilot Series 2006 (AMBAC) (AA/Aa3)
		500,000		5.000			01/01/19		501,300
		500,000		5.000			01/01/36		436,625
	New York City Industrial Development Agency RB for Yankee Stadium-Pilot Series 2006 (MBIA) (AA/A2)
		500,000		5.000			03/01/36		434,585
	New York City Industrial Development Agency RB Refunding for Polytechnic University Project Series 2007 (ACA) (BB+)
		250,000		5.000			11/01/11		251,475
	New York City Municipal Water Finance Authority RB Refunding for Fiscal 2008 Series 2007 A (AAA/Aa2)
		500,000		5.000			06/15/38		466,340
	New York City Municipal Water Finance Authority RB Refunding for Second General Resolution Series 2007 AA (AA+/Aa3)
		500,000		5.000			06/15/37		461,975
	New York GO Bonds Refunding Series 2007 A-1 (AA/Aa3)
		750,000		5.000			08/01/20		737,468


	New York GO Bonds Series 2003 D (AA/Aa3)
$		520,000		5.250			10/15/18		529,412
	New York Local Government Assistance Corp. RB for Series 2008 C (AAA)^(c)
		1,000,000		5.000			04/01/16		1,067,540
	New York State Dormitory Authority Lease RB for Municipal Health Facilities Subseries 2001-2-3 (BHAC-CR) (AAA/Aaa)
		1,000,000		5.000			01/15/26		947,160
	New York State Dormitory Authority RB for New York University 5th General Residence Series 2008 B (AA-)^(c)
		1,000,000		5.000			07/01/21		975,090
	New York State Dormitory Authority RB Non State Supported Debt for Kaleida Hospital Series 2006 (FHA) (AA)
		260,000		4.000			08/15/14		248,485
	New York State Dormitory Authority RB Non State Supported Debt for Memorial Sloan Kettering Subseries 2008 A2 (AA/Aa2)^(c)
		500,000		5.000			07/01/14		523,835
	New York State Dormitory Authority RB Non State Supported Debt for New York University Hospitals Center Series 2006 A (BB/Ba2)^(c)
		500,000		5.000			07/01/13		497,460
	New York State Dormitory Authority RB Non State Supported Debt for New York University Series 2007 A (AMBAC) (Aa3)
		1,000,000		5.000			07/01/20		1,011,220
	New York State Dormitory Authority RB Non State Supported Debt for North Shore Long Island Jewish Obligation Group Series 2007 A (A3)
		1,000,000		5.000			05/01/19		984,640
	New York State Dormitory Authority RB Non State Supported Debt for Residential Institution for Children’s Hospital Series 2008 A-1 (SONYMA) (Aa1)
		500,000		5.000			06/01/33		440,440
	New York State Dormitory Authority RB Refunding for Interfaith Medical Center Series 2007 (AA-)
		850,000		4.750			02/15/12		874,718
	New York State Dormitory Authority State Personnel Income Tax RB Refunding for Education Series 2005 B (AMBAC) (AAA/Aa3)
		2,725,000		5.500			03/15/29		2,731,567
	New York State Dormitory Authority State Personnel Income Tax RB for Education Series 2007 A (AAA)
		750,000		5.000			03/15/19		772,905

	New York State Environmental Facilities Corp. State Clean Water & Drinking RB for Revolving Funds Pooled Funding Series 2007 D (AAA/Aaa)
		600,000		5.000			03/15/20		613,452

	New York State Environmental Facilities Corp. State Clean Water & Drinking RB Refunding for Revolving Funds Pooled Financing Program Series 2002 F (AAA/Aaa)
		325,000		5.250			11/15/20		332,335
	New York State Power Authority RB Refunding Series 2007 C (MBIA) (AA/Aa2)
		550,000		5.000			11/15/21		553,174

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

GOLDMAN SACHS NEW YORK AMT-FREE MUNICIPAL FUND


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Municipal Debt Obligations – (continued)
	New York – (continued)

	New York State Thruway Authority Highway & Bridge Gen RB Refunding Series 2007 H (FGIC) (AA-/Aa3)
$	$	1,000,000		5.000	%		01/01/32	$	935,150
	New York State Thruway Authority Highway & Bridge Second Gen RB Series 2007 A (AMBAC-TCRS-BNY) (AA)
		500,000		5.000			04/01/21		501,025
	New York State Urban Development Corp. RB for State Personnel Income Tax Series 2005 A-1 (AMBAC) (AAA/Aa3)
		1,000,000		5.000			12/15/23		985,280
	Oneida County Industrial Development Agency RB for Hamilton College Civic Facilities Series 2008 (Aa2)
		300,000		5.000			09/15/14		320,652
	Sales Tax Asset Receivables Corp. RB Series 2004 A (MBIA) (AAA/Aa3)
		335,000		5.250			10/15/19		347,425
	Saratoga County Industrial Development Agency Civic Facilities RB for Saratoga Hospital Project Series 2004 A (BBB+)
		725,000		5.000			12/01/08		726,058
		300,000		5.000			12/01/14		298,410
	Seneca County Industrial Development Agency Civic Facilities RB Refunding for New York Chiropractic College Series 2007 (BBB)
		500,000		5.000			10/01/27		432,565
	Suffolk County Industrial Development Agency Continuing Care Retirement RB Refunding for Jeffersons Ferry Project Series 2006 (BBB-)
		250,000		5.000			11/01/12		248,445
	Tobacco Settlement Financing Corp. for New York Asset Backed Bonds RB Series 2003 A-1 (AA-/A1)
		2,750,000		5.500			06/01/18		2,818,365
	Triborough Bridge & Tunnel Authority RB Series 2008 C (AA-/Aa2)
		1,600,000		5.000			11/15/27		1,538,944

									30,067,036


	Guam – 1.0%
	Guam Economic Development & Commerce Authority Tobacco Settlement Asset Backed RB Series 2007 (BBB+)
		235,000		5.250			06/01/32		204,685
		250,000		5.625			06/01/47		216,348

									421,033


	Puerto Rico – 9.8%
	Puerto Rico Commonwealth Aqueduct & Sewer Authority Senior Lien RB Series 2008 A (BBB-/Baa3)
		150,000		6.000			07/01/38		144,554
		150,000		6.000			07/01/44		144,234
	Puerto Rico Commonwealth Aqueduct & Sewer Authority Senior Lien RB Series 2008 A (BBB-/Baa3)^(d)
		150,000		0.000			07/01/24		120,092
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AMBAC) (AA/Aa3)^(e)
		225,000		2.400			07/01/45		138,199


	Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities RB for Ana G Mendez University Systems Project Series 2006 (BBB-)
$	$	225,000		5.000	%		03/01/09	$	226,143
	Puerto Rico Infrastructure Financing Authority Special Tax Refunding Series 2005 C (AMBAC) (AA/Aa3)
		500,000		5.500			07/01/24		470,175
	Puerto Rico Public Buildings Authority RB for Government Facilities Series 2004 I (COMWLTH GTD) (BBB-/Baa3)^(c)
		750,000		5.375			07/01/14		804,795
	Puerto Rico Public Finance Corp. RB Commonwealth Appropriations Mandatory Tender Refunding Series 2004 A (LOC – Government Development Bank of Puerto Rico) (BBB-/Ba1)^(a)
		1,000,000		5.750			02/01/12		1,010,750
	University of Puerto Rico RB Refunding Series 2006 P (BBB-/Baa2)
		230,000		5.000			06/01/13		232,364
		1,000,000		5.000			06/01/19		942,800

									4,234,106


	U.S. Virgin Islands – 3.7%
	Virgin Islands Public Finance Authority Senior Lien Matching Fund Loan RB Series 2004 A (BBB)
		700,000		5.000			10/01/10		714,504
		500,000		5.000			10/01/14		499,485
	Virgin Islands Water & Power Authority RB Series 2007 A (BBB-/Baa3)
		500,000		5.000			07/01/31		413,045

									1,627,034


	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $38,839,493)							$	36,349,209




Short-Term Investments – 14.5%


	New York – 14.5%
	Long Island Power Authority New York Electric Systems VRDN RB RMKT 05/23/03 Series 1998 Subseries 3B (LOC - WestLB AG ) (A-1+/VMIG1)^(e)
	$	100,000		5.200	%		10/01/08	$	100,000
	Nassau County Industrial Development Agency VRDN RB for Cold Spring Harbor Laboratories RMKT Series 2008 (AA-/VMIG1)^(e)
		500,000		4.150			10/01/08		500,000
	New York City Industrial Development Agency VRDN RB for Liberty One Bryant Park LLC Series 2004 1-B (LOC - 50% Bank Of America N.A., 50% Citibank N.A.) (A-1+//VMIG1)^(e)
		1,200,000		4.500			10/01/08		1,200,000
	New York City Municipal Water Finance Authority VRDN RB for Second General Resolution Series 2005 AA-2 (A-1+/VMIG1)^(e)
		200,000		4.500			10/01/08		200,000

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

GOLDMAN SACHS NEW YORK AMT-FREE MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2008 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Short-Term Investments – (continued)
	New York – (continued)

	New York City Municipal Water Finance Authority VRDN RB for Subseries 2008 B-2 (A-1+/VMIG1)^(e)
		200,000		4.150			10/01/08		200,000
	New York City Transitional Finance Authority VRDN RB for New York City Recovery Series 2002-3 Subseries 3-H (A-1+/VMIG1)^(e)
	$	1,000,000		5.000	%		10/01/08	$	1,000,000
	New York City Transitional Finance Authority VRDN RB for Future Tax Secured Subseries 2002-C5 (A-1+/VMIG1)^(e)
		200,000		5.000			10/01/08		200,000
	New York City Transitional Finance Authority VRDN RB for New York City Recovery Series 2002-1 Subseries 1C (LIQ - JPMorgan Chase Bank) (A-1+/VMIG1)^(e)
		100,000		5.000			10/01/08		100,000
	New York City Trust for Cultural Resources VRDN RB Refunding for American National Cultural Museum Series 2008 A-1 (A-1+/VMIG1)^(e)
		800,000		4.500			10/01/08		800,000
	New York City VRDN GO Bonds for Subseries 1993 A-8 (LOC - JP Morgan Chase Bank) (A-1+/VMIG1)^(e)
		300,000		5.200			10/01/08		300,000
	New York State Dormitory Authority VRDN RB for Cornell University Series 1990 B (A-1+/VMIG1)^(e)
		1,300,000		4.150			10/01/08		1,300,000
	New York State Environmental Facilities Corp. VRDN RB Refunding for General Electric Company RMKT 3/17/2005 Series 1987 A (A-1+/P-1)^(e)
		300,000		5.200			10/01/08		300,000
	Tompkins County Industrial Development Agency VRDN RB for Cornell University Civic Facilities Series 2008 A-1 (A-1+/VMIG1)^(e)
		100,000		4.150			10/01/08		100,000


	TOTAL SHORT-TERM INVESTMENTS
	(Cost $6,300,000)							$	6,300,000


	TOTAL INVESTMENTS — 98.3%
	(Cost $45,139,493)							$	42,649,209



	OTHER ASSETS IN EXCESS OF LIABILITIES — 1.7%								759,484


	NET ASSETS — 100.0%							$	43,408,693

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 date. Interest rate disclosed is that which is in effect at September 30, 2008.

(b)		Inverse variable rate security. Interest rate disclosed is that which is in effect at September 30, 2008.

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

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

(e)		Variable rate security. Except for floating rate notes, maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect at September 30, 2008.




Investment Abbreviations:
ACA	—	Insured by American Capital Access
AMBAC	—	Insured by American Municipal Bond Assurance Corp.
BHAC-CR	—	Insured by Berkshire Hathaway Assurance Corp. – Insured Custodial Receipts
BNY	—	Insured by the Bank of New York Mellon Corp.
COMWLTH GTD	—	Commonwealth Guaranteed
FGIC	—	Insured by Financial Guaranty Insurance Co.
FHA	—	Insured by Federal Housing Administration
FSA	—	Insured by Financial Security Assurance Co.
GO	—	General Obligation
LOC	—	Line of Credit
LIQ	—	Liquidity Agreement
MBIA	—	Insured by Municipal Bond Investor Assurance
Radian	—	Insured by Radian Asset Assurance
RB	—	Revenue Bond
RMKT	—	Remarketed
SONYMA	—	Insured by State of New York Mortgage Agency
SPA	—	Stand-by Purchase Agreement
TCRS	—	Transferable Custodial Receipts
VRDN	—	Variable Rate Demand Notes

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments

September 30, 2008 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Municipal Debt Obligations – 89.3%


	Alabama – 2.6%
	Alabama Agricultural & Mechanical University RB Series 1998 (MBIA) (AA/A2)
$	$	1,000,000		4.550	%		11/01/09	$	1,016,940
	Alexander City Alabama Special Care Facilities Financing Authority Medical Facilities RB for Russell Hospital Corp. Series 2006 A (BB+)
		2,035,000		5.000			12/01/11		2,006,856
	Birmingham Waterworks & Sewer Board RB Series 2002 B (MBIA) (AAA/A2)^(a)
		5,000,000		5.000			01/01/13		5,323,650
	Health Care Authority RB for Baptist Health Series 2006 D (GO OF AUTH) (BBB+/A3)
		600,000		5.000			11/15/09		610,740
	Jefferson County Alabama Limited Obligation School Warrants RB Series 2004 A (BBB/B3)
		3,500,000		5.250			01/01/11		3,328,605

									12,286,791


	Arizona – 1.9%
	Arizona Health Facilities Authority RB for Banner Health Series 2007 B (AA-)^(b)
		2,150,000		2.680			01/01/37		1,363,745
	Arizona Health Facilities Authority RB for Phoenix Children’s Hospital Series 2007 A^(b)(c)
		2,500,000		8.960			02/02/15		2,260,825
	Goodyear McDowell Road Commercial Corridor Improvement District Special Assessment Improvement Series 2007 A (AMBAC) (AA/Aa3)
		1,000,000		5.250			01/01/10		1,025,130
		1,160,000		5.250			01/01/11		1,208,998
		1,225,000		5.250			01/01/12		1,286,299
	Pinal County Arizona IDA RB for Correctional Facilities Contract Florence West Prison Project Series 2006 A (ACA) (BBB)
		750,000		4.500			10/01/09		751,658
	Queen Creek Arizona Improvement District No. 1 Special Assessment Series 2006 (BBB-/Baa2)
		1,000,000		5.000			01/01/09		1,000,360

									8,897,015


	Arkansas – 1.5%
	Arkansas State GO Federal Highway Series 2001 A (AA/Aa2)
		5,000,000		5.250			08/01/12		5,183,950
	Springdale Arkansas Sales & Use Tax RB Series 2004 (MBIA) (A2)
		945,000		4.000			07/01/10		955,716
	Washington County Hospital RB Refunding for Regional Medical Center Series 2005 B (BBB/Baa1)
		1,000,000		5.000			02/01/11		1,011,530

									7,151,196


	California – 5.7%
	Adelanto Public Financing Authority RB Refunding Series 2006
		1,460,000		4.050			09/15/11		1,438,450


	California Health Facilities Financing Authority RB for Catholic Healthcare West Unrefunded Balance Series 2004 H (A/A2)^(c)
		3,785,000		4.450			07/01/11		3,754,417
	California Infrastructure & Economic Development Bank Variable RB for J Paul Getty-A-RMKT 08/02/06 Series 2003 B (AAA/Aaa)^(c)
		4,650,000		3.900			12/01/11		4,761,042
	California Pollution Control Financing Authority PCRB Refunding for U.S.A. Waste Services, Inc. Project Series 1998 B (BBB)^(c)
		1,200,000		4.000			06/01/10		1,192,716
	Coachella Valley California Water District Improvement Bond Act of 1913/1915 Limited Obligation Improvement Assessment District 70 Series 2006
		100,000		4.100			09/02/09		100,291
		100,000		4.350			09/02/11		98,866
	Del Mar Race Track Authority RB Series 2005 (BBB-)
		600,000		5.000			08/15/09		603,708
	Foothill-De Anza Community College District GO Bonds Series 2007 A (AMBAC) (AA/Aa1)
		2,070,000		4.000			08/01/11		2,122,826
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB for Enhanced Asset Backed Bonds Series 2003 B (ETM) (AAA/Aaa)
		2,000,000		5.000			06/01/10		2,061,960
	Kings River Conservation District COPS for Peaking Project Series 2004 (Baa1)
		300,000		5.000			05/01/11		310,242
		300,000		5.000			05/01/12		310,404
	Richmond Joint Powers Financing Authority RB Refunding for Lease Civic Center Project Series 2007 (AMBAC) (AA)^(c)
		1,475,000		4.125			11/25/09		1,475,354
	Sacramento County Sanitation District Financing Authority Variable RB Refunding for Sacramento County Regional Series 2007 B (FGIC) (AA/Aa3)^(b)
		1,650,000		2.413			12/01/35		1,053,558
	Tobacco Securitization Authority of Southern California Tobacco Settlement RB for Asset Backed Bonds Senior Series 2002 A (AAA/Aaa)^(a)
		4,590,000		5.250			06/01/12		4,925,575
	Tobacco Securitization Authority of Southern California Tobacco Settlement RB Senior Series 2006 A-1 (BBB/Baa3)
		470,000		4.750			06/01/25		401,606
	Vernon Natural Gas Financing Authority RB for Vernon Gas Project Subseries 2006 A-3 (MBIA) (AA/A2)^(c)
		1,890,000		5.000			08/03/09		1,890,643

									26,501,658


	Colorado – 0.9%
	Colorado Health Facilities Authority RB for Covenant Retirement Communities, Inc. Series 2005 (BBB)
		400,000		4.500			12/01/08		399,944
		500,000		4.500			12/01/09		499,135
		500,000		5.000			12/01/10		503,220

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2008 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Municipal Debt Obligations – (continued)
	Colorado – (continued)

	Colorado Health Facilities Authority RB for Evangelical Lutheran Series 2005 (A-/A3)
	$	275,000		5.000	%		06/01/09	$	278,888
	E-470 Public Highway Authority RB Series 2007 B-2 (MBIA) (AA/A2)^(c)
		2,500,000		5.000			09/02/11		2,510,625

									4,191,812


	Delaware – 0.1%
	Delaware State Health Facilities Authority RB for Beebe Medical Center Project Series 2005 A (BBB+/Baa1)
		605,000		5.000			06/01/09		607,541


	Florida – 5.6%
	Broward County Florida Resource Recovery RB Refunding for Wheelabrator Series 2001 A (AA/A3)
		4,000,000		5.375			12/01/10		4,050,640
	Broward County School Board COPS Series 2002 B (FSA) (AAA/Aaa)^(a)
		4,105,000		5.375			07/01/11		4,373,221
	Capital Trust Agency RB for Seminole Tribe Convention Series 2003 A (AAA)^(a)(d)
		5,000,000		8.950			10/01/12		6,084,150
	Florida Hurricane Catastrophe RB Series 2008 A (AA-/Aa3)
		3,000,000		5.000			07/01/13		3,040,200
	Florida State Board of Education GO Bonds Series 2002 B (AAA/Aa1)
		1,505,000		5.375			01/01/11		1,578,941
	Halifax Hospital Medical Center Hospital RB for Refunding & Improvement Series 2006 A (BBB+)
		1,000,000		5.000			06/01/13		990,520
		855,000		5.000			06/01/14		839,259
	Highlands County Florida Health Facilities Authority RB for Adventist Health/Sunbelt Hospital Series 2002 (A+/A1)^(c)
		2,450,000		3.950			09/01/12		2,399,505
	Highlands County Florida Health Facilities Authority RB Refunding for Adventist Health Hospital Series 2005 B (A+/A1)
		400,000		5.000			11/15/08		399,736
	Meadow Pointe II Community Development District RB Refunding for Capital Improvement Series 2004 A (Baa3)
		300,000		3.000			05/01/09		299,502
	Meadow Pointe III Community Development District RB for Capital Improvement Series 2004 B
		160,000		5.000			05/01/09		158,616
	Miami-Dade County RB Refunding for Water and Sewer System Series 2008 B (FSA) (AAA/Aaa)
		1,500,000		5.000			10/01/13		1,571,445
	Tampa Palms Open Space & Transportation Community Development District Revenue for Special Assessment Refunding Capital Improvement Area 7 Project Series 2004 (MBIA) (AA/A2)
		105,000		3.125			05/01/09		105,127

									25,890,862


	Georgia – 3.9%
	Albany-Dougherty County Hospital Authority RB for Regional Linked Stars and Cars Series 1993 (AMBAC) (AA/Aa3)
		4,000,000		5.700			09/01/13		4,011,320
	Banks County Georgia GO Bonds Series 2006 (AMBAC) (Aa3)
		1,000,000		5.000			12/01/09		1,028,870
	Burke County Development Authority Power PCRB for Georgia Power Company Plant Vogtle Project Fifth Series 1995 (A/A2)^(c)
		1,500,000		4.375			04/01/10		1,510,680
	Dekalb County Development Authority RB for Dekalb Senior Center Project Series 2004
		1,400,000		4.850			06/01/09		1,395,688
	Fulton Dekalb Georgia Hospital Authority RB Refunding Certificates Series 2003 (FSA) (AAA/Aaa)
		1,705,000		5.000			01/01/11		1,774,257
	Monroe County Development Authority Pollution Control RB for Georgia Power Company Scherer First Series 1995 (A/A2)^(c)
		2,000,000		4.500			04/01/11		2,004,200
	Municipal Electric Authority of Georgia RB for Combustion Turbine Project Series 2002 A (MBIA) (AA/A1)
		5,000,000		5.250			11/01/13		5,277,150
	Polk School District GO Bonds Capital Appreciation Series 2008 (AA+/Aa1)^(e)
		1,355,000		0.000			04/01/12		1,186,736

									18,188,901


	Guam – 0.5%
	Guam Education Financing Foundation COPS Public School Facilities Project Series 2006 A (A-)
		1,080,000		5.000			10/01/08		1,080,000
		1,030,000		5.000			10/01/12		1,057,347

									2,137,347


	Idaho – 0.1%
	Madison County Idaho Hospital COPS Refunding Series 2006 (BBB-)
		250,000		4.375			09/01/10		247,490
		425,000		5.000			09/01/11		423,729

									671,219


	Illinois – 4.7%
	Chicago Illinois GO Bonds for Lakefront Millennium Parking Facility Series 1999 (MBIA) (AA/A2)^(a)
		5,000,000		5.750			01/01/12		5,484,800
	Chicago Illinois Park District Harbour Facilities RB for Airport and Marina Improvement Series 2000 (XLCA-ICR) (BBB-/A2)^(a)
		1,610,000		5.650			01/01/11		1,706,181
	Chicago Illinois Park District Parking Facility RB Series 1999 (ACA) (Baa1)^(a)
		4,015,000		6.000			01/01/10		4,177,367
	Chicago Illinois Tax Allocation Junior Lien for Near South Redevelopment Project Series 2001 A (ACA)
		300,000		5.000			11/15/11		296,160
		1,070,000		6.250			11/15/13		1,085,590

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Municipal Debt Obligations – (continued)
	Illinois – (continued)

	Illinois Educational Facilities Authority RB for University of Chicago-B-RMKT 07/02/07 Series 1998 B (AA/Aa1)^(c)
	$	6,000,000		4.050	%		07/01/09	$	6,068,400
	Illinois Health Facilities Authority RB for Delnor Hospital RMKT 06/04/08 Series 2003 A (FSA) (AAA/Aaa)
		1,875,000		5.000			05/15/11		1,950,862
	Illinois Municipal Electric Agency RB Refunding Series 2007 C (FGIC) (A+/A1)
		1,200,000		5.000			02/01/11		1,243,116

									22,012,476


	Indiana – 1.8%
	Anderson Indiana RB Refunding for Improvement Anderson University Project Series 2007 (BBB-)
		310,000		4.500			10/01/08		310,000
		605,000		4.500			10/01/10		603,518
	Indiana Health & Educational Facilities Financing Authority Hospital RB Refunding for Clarian Health Obligation Group Series 2006 B (A+/A2)
		1,000,000		5.000			02/15/10		1,018,060
	Indiana Transportation Finance Authority Highway RB Series 2000 (MBIA-IBC) (AA+/Aa2)^(a)
		3,600,000		5.500			12/01/10		3,810,852
	Jasper County RB Refunding for Northern-B-RMKT 08/25/08 Series 1994 (MBIA) (AA/A2)
		2,500,000		5.200			06/01/13		2,458,275

									8,200,705


	Iowa – 0.3%
	Iowa Finance Authority Health Facilities RB Refunding for Development Care Initiatives Project Series 2006 A (BBB-)
		1,285,000		5.000			07/01/09		1,282,302


	Kansas – 1.7%
	Burlington Kansas Environmental RB Refunding for Kansas City Power & Light-A1-RMKT 04/08/08 Series 2007 (FGIC) (A/A3)^(c)
		2,000,000		5.125			04/01/11		2,028,240
	Kansas State Development Finance Authority Health Facilities RB for Hays Medical Center, Inc. Series 2005 L (A2)
		425,000		4.000			11/15/08		425,060
		500,000		5.250			11/15/10		514,280
	Kansas State Development Finance Authority RB for Public Water Supply Revolving Loan Fund Series 2004 (AAA/Aaa)
		4,455,000		5.000			04/01/13		4,759,321
	Lawrence Kansas Hospital RB for Lawrence Memorial Hospital Series 2006 (A3)
		350,000		5.000			07/01/10		356,650

									8,083,551


	Kentucky – 0.6%
	Kentucky Rural Water Financial Corp. RB for Flexible Term Program Series 2007 C (AA-)
		2,790,000		4.000			02/01/09		2,801,244


	Louisiana – 2.0%
	Livingston Parish Louisiana RB Certificates of Indebtedness Series 2005
		2,500,000		4.750			05/01/15		2,480,425
	Louisiana Public Facilities Authority RB for Archdiocese of New Orleans Project Series 2007 (CIFG) (Baa2)
		440,000		5.000			07/01/10		449,178
		350,000		5.000			07/01/12		360,318
	Louisiana Public Facilities Authority RB for Hurricane Recover Program Series 2007 (AMBAC) (AA/Aa3)
		2,030,000		4.000			06/01/12		2,051,985
	Louisiana State GO Bonds Series 2000 A (FGIC) (AAA/A1)^(a)
		3,000,000		5.250			11/15/10		3,156,900
	Morehouse Parish PCRB Refunding for International Paper Co. Project Series 2001 A (BBB/Baa3)
		800,000		5.250			11/15/13		767,120

									9,265,926


	Maryland – 4.3%
	Anne Arundel County Maryland RB Series 2002 (AAA)^(a)
		3,270,000		5.250			03/01/12		3,499,096
	County of Montgomery GO Bonds for Construction Public Improvement Series 2001 (AAA/Aaa)^(a)
		5,000,000		4.750			02/01/11		5,267,250
	Maryland State GO Bonds for Facilities Loan-Second Series 2008 (AAA/Aaa)
		5,000,000		5.000			07/15/12		5,329,100
	Maryland State GO Bonds Refunding Series 2004 (AAA/Aaa)
		5,225,000		5.000			02/01/12		5,543,203
	Maryland State Health & Higher Educational Facilities Authority RB Refunding for Mercy Ridge Series 2007 (BBB+)
		200,000		4.000			07/01/09		199,496

									19,838,145


	Massachusetts – 1.1%
	Massachusetts State Health & Educational Facilities Authority RB for Emerson Hospital Series 2005 E (Radian) (BBB+)
		445,000		5.000			08/15/10		456,129
		780,000		5.000			08/15/11		794,539
		465,000		5.000			08/15/12		469,855
	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		2,024,320
	Massachusetts State Health & Educational Facilities Authority RB for Milford Regional Medical Center Series 2007 E (BBB-/Baa3)
		350,000		5.000			07/15/09		350,266
		500,000		5.000			07/15/10		499,205
		285,000		5.000			07/15/11		283,082

									4,877,396


	Michigan – 2.0%
	Michigan State Building Authority RB Refunding for Facilities Program Series 2002 III (ETM) (A+/A1)
		3,595,000		5.000			10/15/10		3,754,582

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2008 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Municipal Debt Obligations – (continued)
	Michigan – (continued)

	Michigan State Hospital Finance Authority RB Refunding for Botsford Hospital Obligations Series 1998 A (MBIA) (AAA/A2)
	$	2,510,000		4.850	%		02/15/10	$	2,558,468
	Michigan State Hospital Finance Authority RB Refunding for Henry Ford Health System Series 2006 A (A/A1)
		400,000		5.000			11/15/08		400,560
		500,000		5.000			11/15/10		511,150
	Monroe County Hospital Finance Authority Hospital RB Refunding for Mercy Memorial Hospital Corporate Obligations Series 2006 A (BB+/Baa3)
		250,000		5.000			06/01/09		249,053
		845,000		5.000			06/01/10		834,243
		980,000		5.000			06/01/12		940,996

									9,249,052


	Minnesota – 0.9%
	Minnesota State GO Bonds Series 2008 C (AAA/Aa1)
		3,850,000		5.000			08/01/12		4,100,481


	Mississippi – 0.8%
	Jackson State University Educational Building Corp. RB for Campus Facilities Project Series 2008 (Aa3)^(c)
		2,500,000		5.000			03/01/11		2,548,200
	Mississippi Hospital Equipment & Facilities Authority RB Refunding & Improvement for South Center Hospital Series 2006 A (BBB+)
		1,105,000		4.000			12/01/08		1,104,315

									3,652,515


	Missouri – 0.7%
	Missouri State Development Financial Board Infrastructure Facilities Tax Allocation Independence-Centerpoint Project Series 2007 E (A+)
		225,000		5.000			04/01/11		232,776
	Missouri State Environmental Improvement & Energy Resources Authority RB Refunding for State Revolving Fund Program Series 2001 B (AAA/Aaa)
		3,000,000		5.250			07/01/09		3,066,180

									3,298,956


	Montana – 0.2%
	Forsyth Montana PCRB Refunding Portland General Series 1998 A RMKT 05/01/03 (A/Baa1)^(c)
		1,000,000		5.200			05/01/09		1,005,100


	Nevada – 1.3%
	Clark County GO Bonds Series 2000 (MBIA) (AA+/Aa1)^(a)
		1,030,000		5.500			07/01/10		1,080,758
	Henderson Nevada Local Improvement Special Assessment Refunding for District No. T-14 Senior Limited Obligation Series 2007 A (FSA) (AAA/Aaa)
		1,350,000		4.250			03/01/10		1,380,456
		1,455,000		4.250			03/01/11		1,501,764


	North Las Vegas Nevada Local Improvement Special Assessment Refunding for Sub-Special Improvement District No. 60-B Series 2006
		295,000		4.350			12/01/09		290,519
		590,000		4.600			12/01/11		573,415
		645,000		4.700			12/01/12		620,664
		570,000		4.800			12/01/14		532,927

									5,980,503


	New Hampshire – 0.4%
	New Hampshire Health & Education Facilities Authority Hospital RB for Catholic Medical Center Series 2006 (BBB+/Baa1)
		215,000		5.000			07/01/09		215,905
		355,000		5.000			07/01/11		357,233
	New Hampshire Health & Education Facilities Authority RB for The Memorial Hospital Series 2006 (BBB-/Baa3)
		355,000		5.000			06/01/10		356,771
		375,000		5.250			06/01/11		377,190
		395,000		5.250			06/01/12		395,751

									1,702,850


	New Jersey – 3.8%
	Bayonne Redevelopment Agency RB Series 2007 A
		1,000,000		5.000			04/11/09		1,006,340
	Gloucester County Improvement Authority RB Refunding for Solid Waste Management, Inc. Project Series 1999 A (BBB)^(c)
		500,000		6.850			12/01/09		509,700
	New Jersey Health Care Facilities Financing Authority Department of Human Services RB for Greystone Park Psychiatric Hospital Series 2005 (AA-/A1)
		2,000,000		5.000			09/15/10		2,043,140
	New Jersey State Turnpike Authority Turnpike RB Series 2000 A (MBIA) (AAA/A2)^(a)
		1,750,000		5.750			01/01/10		1,818,740
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2001 C (FSA) (AAA/Aaa)
		5,285,000		5.750			12/15/12		5,696,173
	Tobacco Settlement Financing Corp. RB for Asset Backed Bonds Series 2002 (AAA/Aaa)^(a)
		4,335,000		5.750			06/01/12		4,638,450
	Tobacco Settlement Financing Corp. RB Series 2007 1A (BBB/Baa3)
		2,500,000		4.500			06/01/23		2,053,125

									17,765,668


	New York – 4.6%
	Metropolitan Transportation Authority Dedicated Tax Fund RB Series 2004 A (MBIA) (AA/A1)
		600,000		5.000			11/15/10		626,298
	Monroe County Industrial Development Agency Civic Facilities RB for Highland Hospital Project Series 2005 (BBB+/Baa1)
		1,480,000		5.000			08/01/13		1,488,095

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Municipal Debt Obligations – (continued)
	New York – (continued)

	Monroe County Industrial Development Agency Civic Facilities RB Refunding for Highland Hospital of Rochester Series 2005 (BBB+/Baa1)
	$	1,000,000		5.000	%		08/01/12	$	1,011,030
	New York City Health & Hospital Corp. RB Refunding for Health System Series 2003 A (AMBAC) (AA/Aa3)
		500,000		5.000			02/15/11		522,080
	New York City Industrial Development Agency RB Refunding for Polytechnic University Project Series 2007 (ACA) (BB+)
		1,630,000		5.000			11/01/11		1,639,617
	New York GO Bonds Refunding Series 2002 C (AA/Aa3)
		2,000,000		5.250			08/01/10		2,076,480
	New York State Dormitory Authority RB for New York University Hospitals Center Series 2007 A (BB/Ba2)
		1,000,000		5.000			07/01/09		1,004,280
		1,000,000		5.000			07/01/11		1,006,800
	New York State Dormitory Authority RB Pre-refunded for Mount Sinai Health Series 2000 A (A3)^(a)
		5,160,000		6.625			07/01/10		5,552,728
	Saratoga County Industrial Development Agency Civic Facilities RB for Saratoga Hospital Project Series 2004 A (BBB+)
		250,000		5.000			12/01/08		250,365
	Tobacco Settlement Financing Corp. RB Series 2003 B-1 (AA-/A1)
		1,000,000		5.000			06/01/10		1,030,980
	Triborough Bridge & Tunnel Authority RB Pre-refunded Series 2001 A (FGIC-TCRS ) (AAA/Aa2)^(a)
		5,000,000		5.000			01/01/12		5,303,550

									21,512,303


	North Carolina – 1.8%
	Albemarle Hospital Authority RB Refunding Series 2007 (BBB-)
		250,000		4.250			10/01/09		248,800
		270,000		5.000			10/01/10		270,761
	North Carolina Eastern Municipal Power Agency Paver System RB Refunding Series 2008 A (BBB+/Baa1)
		1,000,000		5.000			01/01/14		1,014,660
	North Carolina Municipal Power Agency No. 1 Catawba Electric RB Series 1998 A (MBIA) (AA/A2)
		1,000,000		5.500			01/01/14		1,061,520
	North Carolina Municipal Power Agency No. 1 Catawba Electricity RB Series 2008 C (A-/A2)
		5,395,000		5.250			01/01/13		5,538,885

									8,134,626


	Ohio – 0.8%
	Buckeye Tobacco Settlement Financing Authority RB for Asset Backed Bonds Senior Turbo Series 2007 A-2 (BBB/Baa3)
		1,945,000		5.125			06/01/24		1,653,075


	Cleveland City RB for Sub Lien-Police & Fire Pension Series 2008 (AA)
		2,000,000		5.000			05/15/12		2,099,620

									3,752,695


	Oklahoma – 0.9%
	Oklahoma County Finance Authority Educational Facilities Lease RB for Western Heights Public Schools Project Series 2006 (Assured GTY) (AAA)
		1,390,000		5.000			09/01/10		1,451,508
	Oklahoma Development Finance Authority Hospital RB for Great Plains Regional Medical Center Project Series 2007 (BBB)
		700,000		4.250			12/01/09		697,536
		730,000		4.375			12/01/10		723,218
	Oklahoma Development Finance Authority RB for Master Oklahoma State System Higher Education Series 2008 A (AA/A1)
		1,340,000		5.000			06/01/13		1,401,037

									4,273,299


	Oregon – 0.6%
	Klamath Falls Oregon Intercommunity Hospital Authority RB Pre-refunding for Merle West Medical Center Project Series 2002 (BBB)^(a)
		550,000		5.800			09/01/12		605,952
		520,000		5.900			09/01/12		574,792
	Klamath Falls Oregon Intercommunity Hospital Authority RB Refunding for Merle West Medical Center Project Series 2002 (BBB)
		400,000		5.500			09/01/11		406,312
		550,000		5.600			09/01/12		559,416
	Klamath Falls Oregon Intercommunity Hospital Authority RB Unrefunded Balance for Merle West Medical Center Project Series 2002 (BBB)
		325,000		5.800			09/01/14		331,367
		305,000		5.900			09/01/15		310,563

									2,788,402


	Pennsylvania – 4.7%
	Allegheny County Hospital Development Authority RB for University of Pittsburg Medical Center Series 2003 B (AA-/Aa3)
		3,000,000		5.000			06/15/10		3,078,000
	Allegheny County Redevelopment Authority for Tax Increment Refunding Waterfront Project Series 2007 A (A-)
		1,255,000		5.000			12/15/10		1,296,892
		1,300,000		4.250			12/15/12		1,310,387
	Carbon County Hospital Authority RB Refunding for Gnaden Hutten Memorial Hospital Series 2000 (AMBAC) (AA/Aa3)
		1,000,000		5.400			11/15/14		1,042,180
	Montgomery County Higher Education & Health Authority Hospital RB for Abington Memorial Hospital Series 1998 A (AMBAC) (AA/Aa3)
		3,775,000		4.800			06/01/10		3,816,902
		3,480,000		4.900			06/01/11		3,518,837
		3,370,000		5.000			06/01/12		3,407,778

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2008 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Municipal Debt Obligations – (continued)
	Pennsylvania – (continued)

	Pennsylvania State Higher Educational Facilities Authority State System RB Series 2006 AE (MBIA) (AA-/Aa3)
	$	1,895,000		5.000	%		06/15/09	$	1,927,992
		2,340,000		5.000			06/15/12		2,473,193

									21,872,161


	Puerto Rico – 4.3%
	Puerto Rico Commonwealth Government Development Bank RB Senior Notes Series 2006 B (BBB/Baa3)
		5,000,000		5.000			12/01/09		5,061,600
	Puerto Rico Public Finance Corp. RB Commonwealth Appropriations Mandatory Tender Refunding Series 2004 A (LOC – Government Development Bank of Puerto Rico) (BBB-/Ba1)^(c)
		4,700,000		5.750			02/01/12		4,750,525
	Puerto Rico Public Finance Corp. RB for Commonwealth Appropriation Series 2004 A (LOC - Government Development Bank for Puerto Rico) (FGIC ) (BBB-/Ba1)^(c)
		10,000,000		5.250			02/01/12		10,002,300
	Puerto Rico Public Financial Corp. RB for Commonwealth Appropriation Series 2004 A (LOC - Government Development Bank of Puerto) (MBIA) (AA/A2)^(c)
		275,000		5.250			02/01/12		275,063

									20,089,488


	Rhode Island – 1.2%
	Rhode Island Health & Educational Building Corp. RB for Higher Educational Facilities Rhode Island University Series 2000 B (AMBAC) (AA/Aa3)^(a)
		5,000,000		5.700			09/15/10		5,341,300


	South Carolina – 2.1%
	Greenville County Tourism Public Facilities Corp. COPS for Greenville Hospitality Tax Series 2008 (MBIA) (AA/A2)
		1,225,000		4.000			04/01/10		1,242,236
		1,075,000		4.000			04/01/11		1,098,574
	Lexington One School Facilities Corp. Installment Purchase RB for Lexington County School District No. 1 Series 2006 (A1)
		500,000		5.000			12/01/10		516,935
	South Carolina Jobs-Economic Development Authority RB Refunding for Improvement of Palmetto Series 2003 C (ACA-CBI)
		3,195,000		5.500			08/01/09		3,259,156
	Tobacco Settlement Revenue Management Authority RB Series 2001 B (BBB/Baa3)
		3,355,000		6.000			05/15/22		3,491,750

									9,608,651


	Tennessee – 3.1%
	Johnson City Health & Educational Facilities Board Hospital RB for First Mortgage Mountain States Series 2006 A (BBB+/Baa1)
		665,000		4.500			07/01/10		660,012
	Memphis Tennessee GO Bonds Refunding for General Improvement Series 2005 (MBIA) (AA/A1)
		4,430,000		5.000			10/01/11		4,670,239


	Metropolitan Government Nashville & Davidson County GO Bonds for Metropolitan Government Nashville & Davidson County Improvement Series 2001 A (FGIC) (AA/Aa2)^(a)
		5,000,000		5.500			10/15/11		5,370,300
	Shelby County Health Educational & Housing Facilities Board RB for Baptist Memorial Healthcare Series 2004 A (AA)^(b)
		3,820,000		5.000			09/01/20		3,820,000

									14,520,551


	Texas – 9.9%
	Austin Texas Convention Enterprises, Inc. Convention Center RB Refunding First Tier Series 2006 A (XLCA) (BBB-/Baa3)
		300,000		5.250			01/01/10		303,906
	Bell County GO Bonds Limited Tax Series 2008 (AA/Aa3)
		500,000		4.000			02/15/11		511,785
		500,000		4.000			02/15/12		511,690
	Cypress-Fairbanks Independent School District GO Bonds Refunding for Capital Appreciation Series 1993 A (PSF-GTD) (AAA/Aaa)^(e)
		7,500,000		0.000			02/15/12		6,611,625
	Dallas County Texas Utility & Reclamation District GO Bonds Refunding RMKT 06/25/08 Series 2005 A (AMBAC) (AA/Aa3)
		960,000		4.000			02/15/10		968,496
		835,000		4.000			02/15/11		841,730
	Harris County RB Refunding for Tax and Sub Lien Series 2004 B (FSA) (AAA/Aaa)^(c)
		5,500,000		5.000			08/15/12		5,814,050
	Lower Colorado River Authority RB Refunding Series 2008 (A/A1)
		2,450,000		5.500			05/15/14		2,617,874
	Lubbock GO Certificates for Texas Waterworks System Series 2008 (FSA) (AAA/Aaa)
		1,500,000		5.000			02/15/12		1,582,035
	Matagorda County Texas Navigation District No. 1 RB Refunding for American Electric Power Texas Central Co. Project Series 2008 (BBB/Baa2)^(c)
		5,000,000		5.125			06/01/11		5,024,950
	Mesquite Texas Health Facility Development Corp. RB for Christian Care Retirement Facility Series 2005 (BBB-)
		395,000		5.000			02/15/09		395,770
		610,000		5.000			02/15/10		612,440
	North Texas Tollway Authority BANS Series 2007 (SP-1/MIG1)
		775,000		4.125			11/19/08		775,961
	North Texas Tollway Authority RB Refunding System First Tier Series 2008 E-2 (A-/A2)^(c)
		4,000,000		5.250			01/01/12		4,047,200
	North Texas Tollway Authority RB Refunding System First Tier Series 2008 H (A-/A2)^(c)
		4,000,000		5.000			01/01/13		3,981,560
	Sam Rayburn Municipal Power Agency RB Refunding Series 2002 (Radian) (BBB+/A3)
		3,960,000		5.000			10/01/08		3,960,000

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Municipal Debt Obligations – (continued)
	Texas – (continued)

	Tarrant County GO Bonds Limited Tax Series 2008 (AAA/Aaa)
	$	3,110,000		5.000	%		07/15/13	$	3,322,133
	Texas State GO Bonds Refunding for Public Finance Authority Series 2008 A (AA/Aa1)
		3,750,000		5.000			10/01/11		3,962,138

									45,845,343


	U.S. Virgin Islands – 0.3%
	Virgin Islands Public Finance Authority RB for Senior Lien Matching Fund Loan RB Series 2004 A (BBB)
		1,525,000		5.000			10/01/10		1,556,598


	Virginia – 1.9%
	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		2,752,979
	Louisa IDA PCRB for Virginia Electric & Power Co. RMKT 11/08/02 Series 1985 (A-/Baa1)
		2,500,000		5.250			12/01/08		2,507,125
	Rappahannock Virginia Regional Jail Authority Facilities RB GANS Series 2006 (MIG1)
		2,500,000		4.250			12/01/09		2,504,175
	Tobacco Settlement Financing Corp. RB Asset Backed Bonds Series 2005 (AAA/Aaa)
		1,069,000		4.000			06/01/13		1,077,659

									8,841,938


	Washington – 3.4%
	Grant County Public Utility District No. 2 Priest Rapids RB Refunded Series 2001 H (FSA) (AAA/Aaa)
		3,000,000		5.375			01/01/12		3,159,630
	King County Washington Public Hospital District No. 2 GO Bonds Refunding & Improvement for Evergreen Healthcare Series 2006 (MBIA) (AA/A1)
		1,000,000		4.000			12/01/10		1,021,370
	Seattle City RB Refunding for Improvement Series 2001 (FSA) (AAA/Aaa)
		3,000,000		5.500			03/01/15		3,106,530
	Washington State GO Bonds for Various Purposes Series 2008 C (AA+/Aa1)
		3,400,000		4.000			01/01/12		3,480,954
	Washington State GO Bonds Refunding for Various Purposes Series 2005 R-A (AMBAC) (AA+/Aa1)
		3,500,000		5.000			01/01/13		3,712,310
	Washington State GO Bonds Series 2000 B (AAA/Aa1)^(a)
		1,225,000		6.000			01/01/10		1,278,386

									15,759,180


	Wisconsin – 0.3%
	Badger Power Marketing Authority, Inc. Transmission Delivery Facilities RB Series 1993 Prerefunded (ETM) (AMBAC) (AAA/Aa3)
		55,000		5.300			10/01/08		55,000


	Badger Power Marketing Authority, Inc. Transmission Delivery Facilities RB Series 1993 Unrefunded Balance (AMBAC) (AAA/Aa3)
		265,000		5.300			10/01/08		265,000
	Wisconsin Health & Educational Facilities Authority RB for Fort Healthcare, Inc. Project Series 2004 (BBB+)
		715,000		4.000			05/01/09		712,362
	Wisconsin Health & Educational Facilities Authority RB for Upland Hills Health, Inc. Series 2006 A (BBB)
		125,000		4.125			05/15/09		124,668
		260,000		4.125			05/15/10		257,171
	Wisconsin Health & Educational Facilities Authority RB for Upland Hills Health, Inc. Series 2006 B (BBB)
		105,000		4.125			05/15/10		103,857

									1,518,058


	TOTAL STATE-SPECIFIC MUNICIPAL DEBT OBLIGATIONS
	(Cost $416,846,551)							$	415,055,805




Other Municipals – 4.5%


	MMA Financial CDD Senior Securitization Trust RB for Various States Bartram Springs Passthru Series 2003 B (LOC-Compass Bank) (Aa3)^(d)
	$	5,906,020		3.375	%		11/01/08	$	5,900,055
	Municipal Mortgage & Equity LLC Tax-Exempt Special Purpose Entity Series 2005 A-3 (A3)^(c)(d)
		2,000,000		4.950			09/30/12		1,984,300
	Tax Exempt Municipal Infrastructure Improvement Trust Certificates RB Series 2005 Class A (Aa3)^(d)
		9,733,000		4.050			05/04/10		9,835,196
	Tax Exempt Municipal Infrastructure Improvement Trust Certificates RB Series 2006 Class A (A1)^(d)
		2,956,000		4.220			11/02/10		3,014,411


	TOTAL OTHER MUNICIPALS
	(Cost $20,613,227)							$	20,733,962




Short-Term Investments – 3.9%


	Municipal Debt Obligations – 3.9%
	Alaska – 0.2%
	Valdez City AK VRDN RB Refunding for BP Pipeline Company Project Series 1993 B (A-1+/VMIG1)^(b)
	$	500,000		4.000	%		10/01/08	$	500,000
	Valdez City AK VRDN RB Refunding for Exxon Pipeline Company Project Series 1993 B (A-1+/VMIG1)^(b)
		700,000		3.900			10/01/08		700,000

									1,200,000


	Delaware – 0.1%
	University of Delaware VRDN RB Series 2004 B (A-1+)^(b)
		300,000		4.250			10/01/08		300,000

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2008 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Short-Term Investments – (continued)
	Delaware – (continued)

	Kansas – 0.1%
	Kansas Development Finance Authority VRDN RB for Sisters Charity Series 2006 C (A-1+/VMIG1)^(b)
	$	300,000		4.250	%		10/01/08	$	300,000


	Mississippi – 0.2%
	Mississippi Business Finance Commission VRDN RB for Chevron USA, Inc. Project Series 2007 A (A-1+/VMIG1)^(b)
		700,000		4.500			10/01/08		700,000
	Mississippi Business Finance Corp. Mississippi Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2007 B (A-1+/VMIG1)^(b)
		200,000		4.500			10/01/08		200,000

									900,000


	New Hampshire – 1.4%
	New Hampshire Health & Education Facilities Authority VRDN RB for Dartmouth College Series 2007 B (A-1+/VMIG1)^(b)
		5,700,000		4.350			10/01/08		5,700,000
	New Hampshire Health & Education Facilities Authority VRDN RB for University of New Hampshire RMKT 04/01/08 Series 2005 B (VMIG1)^(b)
		850,000		4.750			10/01/08		850,000

									6,550,000


	New York – 1.4%
	New York City Industrial Development Agency VDRN RB for Liberty One Bryant Park LLC Series 2004 1-B (LOC - Bank Of America N.A.) (A-1+/VMIG1)^(b)
		200,000		4.500			10/01/08		200,000
	New York City Municipal Water Finance Authority VRDN RB for Second Generation Resolution Series 2005 BB-1 (A-1/VMIG1)^(b)
		1,900,000		5.200			10/01/08		1,900,000
	New York City Municipal Water Finance Authority VRDN RB for Second Generation Resolution Series 2006 CC-1 (A-1+/VMIG1)^(b)
		100,000		4.500			10/01/08		100,000
	New York City Municipal Water Finance Authority VRDN RB for Subseries 2008 B-2 (A-1+/VMIG1)^(b)
		700,000		4.150			10/01/08		700,000
	New York City Transitional Finance Authority VRDN RB for New York City Recovery Series 2002-1 Subseries 1-D (LIQ - Landesbank Hessen-Thuringen) (A-1+/VMIG1)^(b)
		1,800,000		4.150			10/01/08		1,800,000
	New York City Transitional Finance Authority VRDN RB for New York City Recovery Subseries 2002-3 3-H (A-1+/VMIG1)^(b)
		400,000		5.000			10/01/08		400,000
	New York City VRDN GO Subseries 1993 A-7 (LOC - Morgan Guaranty Trust) (A-1+/VMIG1)^(b)
		1,000,000		4.150			10/01/08		1,000,000
	New York City VRDN Subseries 2005 E E-2 (LOC - Bank of America N.A.) (A-1+/VMIG1)^(b)
		300,000		4.500			10/01/08		300,000

									6,400,000


	Rhode Island – 0.2%
	Rhode Island Industrial Facilities Corp. VRDN RB Refunding for Exxon Mobil Project Series 2001 (A-1+/VMIG1)^(b)
		900,000		3.900			10/01/08		900,000


	Texas – 0.3%
	Lower Neches Valley Authority Industrial Development Corp. VRDN RB Refunding for Exxonmobil Project Series 2001 A (A-1+/VMIG1)^(b)
		600,000		3.900			10/01/08		600,000
	Texas Water Development Board VRDN RB Refunding for State Revolving Sub Lien Series 2007 A (A-1+/VMIG1)^(b)
		989,000		5.000			10/01/08		989,000

									1,589,000


	TOTAL SHORT-TERM INVESTMENTS
	(Cost $18,139,000)							$	18,139,000


	TOTAL INVESTMENTS – 97.7%
	(Cost $455,598,778)							$	453,928,767


	OTHER ASSETS IN EXCESS OF LIABILITIES – 2.3%								10,807,947


	NET ASSETS – 100.0%							$	464,736,714

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)		Variable rate security. Except for floating rate notes, maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect at September 30, 2008.

(c)		Securities with “Put” features with resetting interest rates. Maturity dates disclosed are the next interest reset date. Interest rate disclosed is that which is in effect at September 30, 2008.

(d)		Securities are exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $26,818,112, which represents approximately 5.8% of net assets as of September 30, 2008.

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

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND




Investment Abbreviations:
ACA	—	Insured by American Capital Access
ACA-CBI	—	American Capital Access – Certificate of Bond Insurance
AMBAC	—	Insured by American Municipal Bond Assurance Corp.
Assured GTY	—	Assured Guaranty Ltd.
BANS	—	Bond Anticipation Notes
CDD	—	Community Development District
CIFG	—	CIFC Assurance North America, Inc.
COPS	—	Certificates of Participation
ETM	—	Escrowed to Maturity
FGIC	—	Insured by Financial Guaranty Insurance Co.
FGIC-TCRS	—	Financial Guaranty Insurance Co. – Transferable Custodial Receipts
FSA	—	Insured by Financial Security Assurance Co.
GANS	—	Grant Anticipation Notes
GO	—	General Obligation
GO OF AUTH	—	General Obligation of Authority
IDA	—	Industrial Development Authority
LIQ	—	Liquidity Agreement
LOC	—	Letter of Credit
MBIA	—	Insured by Municipal Bond Investor Assurance
MBIA-IBC	—	Insured by Municipal Bond Investor Assurance – Insured Bonds Certificates
PCRB	—	Pollution Control Revenue Bond
PSF-GTD	—	Guaranteed by Permanent School Fund
Radian	—	Insured by Radian Asset Assurance
RB	—	Revenue Bond
RMKT	—	Remarketed
TCRS	—	Transferable Custodial Receipts
VRDN	—	Variable Rate Demand Notes
XLCA	—	Insured by XL Capital Assurance, Inc.
XLCA-ICR	—	Insured by XL Capital Assurance, Inc. – Insured Custodial Receipts

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

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Statements of Assets and Liabilities

September 30, 2008 (Unaudited)


	California
	AMT-Free
	Municipal Fund

Assets:

Investment in securities, at value (identified cost $70,105,790, $4,703,016,219, $663,281,141, $45,139,493 and $455,598,778, respectively)	$	65,702,477
Cash		990,822
Receivables:
Investment securities sold		1,420,750
Interest, net of allowances		835,922
Fund shares sold		13,856
Reimbursement from investment adviser		13,505
Due from broker^(a)		—
Other assets		204


Total assets		68,977,536





Liabilities:

Payables:
Fund shares redeemed		2,939,417
Investment securities purchased		517,285
Income distribution		88,055
Amounts owed to affiliates		46,607
Accrued expenses		84,593


Total liabilities		3,675,957





Net Assets:

Paid-in capital	$	71,142,094
Accumulated undistributed (distributions in excess of) net investment income		12,380
Accumulated net realized loss from investment transactions		(1,449,582	)
Net unrealized loss on investments		(4,403,313	)


NET ASSETS	$	65,301,579




Net Assets:
Class A	$	58,423,974
Class B		—
Class C		649,377
Institutional		6,228,228
Service		—



Total Net Assets	$	65,301,579



Shares outstanding, $0.001 par value (unlimited number of shares authorized):
Class A		6,321,099
Class B		—
Class C		70,215
Institutional		673,268
Service		—



Net asset value, offering and redemption price per share:^(b)
Class A		$9.24
Class B		—
Class C		9.25
Institutional		9.25
Service		—


(a)	Represents restricted cash on deposit with the counterparties as collateral for swaps for the Municipal Income and Short Duration Tax-Free Funds, respectively.
(b)	Maximum public offering price per share for Class A Shares of Short Duration Tax-Free Fund (NAV per share multiplied by 1.0204) is $10.33 and for Class A Shares of California AMT-Free Municipal, High Yield Municipal, Municipal Income and New York AMT-Free Municipal Funds (NAV per share multiplied by 1.0471) is $9.68, $9.30, $14.45 and $9.81, 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.

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS


						New York
High Yield			Municipal			AMT-Free			Short Duration
Municipal Fund			Income Fund			Municipal Fund			Tax-Free Fund



$	3,932,752,096		$	619,941,330		$	42,649,209		$	453,928,767
	5,108,551			4,511,671			307,866			2,077,830

	30,265,068			2,679,920			10,000			1,686,142
	81,386,113			9,493,147			507,536			5,782,815
	19,599,212			361,062			20,689			3,362,604
	—			40,217			33,680			20,982
	—			8,835			—			53,803
	17,685			1,673			86			439


	4,069,128,725			637,037,855			43,529,066			466,913,382










	56,347,395			4,917,615			321			1,600,119
	—			1,000,000			—			—
	4,659,004			797,782			25,387			255,542
	2,781,959			428,587			24,575			219,108
	235,801			88,669			70,090			101,899


	64,024,159			7,232,653			120,373			2,176,668







$	5,277,712,350		$	695,207,512		$	45,970,802		$	478,865,701
	15,817,844			(26,285	)		(11,116	)		137,408
	(518,161,505	)		(22,036,214	)		(60,709	)		(12,596,384	)
	(770,264,123	)		(43,339,811	)		(2,490,284	)		(1,670,011	)


$	4,005,104,566		$	629,805,202		$	43,408,693		$	464,736,714





$	1,979,564,224		$	355,021,789		$	20,450,481		$	220,291,105
	35,416,126			10,654,480			—			510,794
	136,787,606			20,748,843			719,094			9,424,263
	1,853,336,610			243,141,897			22,239,118			234,459,563
	—			238,193			—			50,989



$	4,005,104,566		$	629,805,202		$	43,408,693		$	464,736,714




	223,020,180			25,721,451			2,181,780			21,758,772
	3,990,130			771,850			—			50,498
	15,411,696			1,502,903			76,721			930,934
	208,783,369			17,619,003			2,372,034			23,170,400
	—			17,156			—			5,040




	$8.88			$13.80			$9.37			$10.12
	8.88			13.80			—			10.12
	8.88			13.81			9.37			10.12
	8.88			13.80			9.38			10.12
	—			13.88			—			10.12

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

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Statements of Operations

For the Six Months Ended September 30, 2008 (Unaudited)


	California
	AMT-Free
	Municipal Fund




Investment income:

Interest, net of allowances	$	1,477,621





Expenses:

Management fees		152,052
Distribution and Service fees^(a)		78,750
Transfer Agent fees^(a)		40,978
Professional fees		48,708
Printing fees		13,894
Custody and accounting fees		13,098
Registration fees		16,087
Trustee fees		7,018
Service Share fees — Service Plan		—
Service Share fees — Shareholder Administration Plan		—
Other		3,927


Total expenses		374,512


Less — expense reductions		(89,320	)


Net expenses		285,192



NET INVESTMENT INCOME		1,192,429





Realized and unrealized loss from investment transactions:

Net realized loss from investment transactions		(254,218	)
Net change in unrealized loss on investments		(2,656,299	)


Net realized and unrealized loss from investment transactions		(2,910,517	)


NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,718,088	)


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


	Distribution and Service Fees						Transfer Agent Fees
Fund	Class A		Class B		Class C		Class A		Class B		Class C		Institutional		Service
California AMT-Free Municipal	$	75,462	$	—	$	3,288	$	39,240	$	—	$	428	$	1,310	$	—
High Yield Municipal		3,053,491		204,591		778,925		1,587,809		26,597		101,260		463,017		—
Municipal Income		492,241		57,184		102,457		255,965		7,434		13,319		50,914		58
New York AMT-Free Municipal		26,537		—		2,579		13,799		—		335		2,947		—
Short Duration Tax-Free		239,408		2,964		38,955		124,492		384		5,064		44,099		11

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

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS


						New York
High Yield			Municipal			AMT-Free			Short Duration
Municipal Fund			Income Fund			Municipal Fund			Tax-Free Fund






$	153,499,108		$	17,607,843		$	751,731		$	8,037,998







	12,886,421			1,876,724			82,074			843,211
	4,037,007			651,882			29,116			281,327
	2,178,683			327,690			17,081			174,050
	99,312			47,858			48,708			47,859
	74,640			26,902			13,181			22,190
	123,344			15,361			11,426			18,371
	38,087			49,137			15,292			55,088
	7,018			7,018			7,018			7,018
	—			363			—			64
	—			363			—			64
	99,111			13,918			3,839			7,624


	19,543,623			3,017,216			227,735			1,456,866


	(367,532	)		(344,506	)		(91,261	)		(270,576	)


	19,176,091			2,672,710			136,474			1,186,290


	134,323,017			14,935,133			615,257			6,851,708







	(291,024,106	)		(11,500,465	)		(70,342	)		(146,883	)
	(146,565,223	)		(27,340,532	)		(1,928,997	)		(5,448,782	)



	(437,589,329	)		(38,840,997	)		(1,999,339	)		(5,595,665	)



$	(303,266,312	)	$	(23,905,864	)	$	(1,384,082	)	$	1,256,043

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

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Statements of Changes in Net Assets


	California AMT-Free Municipal Fund
	For the			For the
	Six Months Ended			Period			For the
	September 30, 2008			November 1, 2007 to			Year Ended
	(Unaudited)			March 31, 2008^(a)			October 31, 2007


From operations:

Net investment income	$	1,192,429		$	1,096,023		$	2,200,269
Net realized loss from investment and swap transactions		(254,218	)		(558,613	)		(622,299	)
Net change in unrealized loss on investments and swap contracts		(2,656,299	)		(1,499,801	)		(835,751	)


Net increase (decrease) in net assets resulting from operations		(1,718,088	)		(962,391	)		742,219





Distributions to shareholders:

From net investment income
Class A Shares		(1,058,361	)		(927,998	)		(1,638,625	)
Class B Shares		—			—			—
Class C Shares		(9,073	)		(7,018	)		(10,141	)
Institutional Shares		(126,023	)		(154,739	)		(517,936	)
Service Shares		—			—			—
From net realized gains
Class A Shares		—			—			—
Class B Shares		—			—			—
Class C Shares		—			—			—
Institutional Shares		—			—			—


Total distributions to shareholders		(1,193,457	)		(1,089,755	)		(2,166,702	)





From share transactions:

Proceeds from sales of shares		18,907,520			20,224,084			64,380,354
Proceeds received in connection with merger		—			—			—
Reinvestments of distributions		655,855			759,192			1,514,183
Cost of shares redeemed		(19,982,568	)^(b)		(23,130,011	)^(c)		(37,537,981	)^(d)


Net increase (decrease) in net assets resulting from share transactions		(419,193	)		(2,146,735	)		28,356,556


TOTAL INCREASE (DECREASE)		(3,330,738	)		(4,198,881	)		26,932,073





Net assets:

Beginning of period		68,632,317			72,831,198			45,899,125


End of period	$	65,301,579		$	68,632,317		$	72,831,198


Accumulated undistributed (distributions in excess of) net investment income	$	12,380		$	13,408		$	7,140


(a)	The Fund changed its fiscal year end from October 31 to March 31.
(b)	Net of $13,551, $254,561 and $3,287 in redemption fees remitted to the California AMT-Free Municipal, High Yield Municipal and Municipal Income Funds, respectively.
(c)	Net of $271, $212,468 and $62,619 in redemption fees remitted to the California AMT-Free Municipal, High Yield Municipal and Municipal Income Funds, respectively.
(d)	Net of $1,084, $709,373 and $38,952 in redemption fees remitted to the California AMT-Free Municipal, High Yield Municipal and Municipal Income Funds, respectively.

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

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS


High Yield Municipal Fund									Municipal Income Fund
For the			For the						For the			For the
Six Months Ended			Period			For the			Six Months Ended			Period			For the
September 30, 2008			November 1, 2007 to			Year Ended			September 30, 2008			November 1, 2007 to			Year Ended
(Unaudited)			March 31, 2008^(a)			October 31, 2007			(Unaudited)			March 31, 2008^(a)			October 31, 2007




$	134,323,017		$	141,257,199		$	369,573,428		$	14,935,133		$	11,934,043		$	24,401,424
	(291,024,106	)		(217,832,804	)		(7,261,600	)		(11,500,465	)		(5,611,216	)		(3,160,650	)
	(146,565,223	)		(451,484,992	)		(543,529,700	)		(27,340,532	)		(21,482,578	)		(19,710,879	)


	(303,266,312	)		(528,060,597	)		(181,217,872	)		(23,905,864	)		(15,159,751	)		1,529,895








	(64,011,402	)		(67,945,466	)		(173,602,770	)		(8,424,925	)		(6,779,859	)		(13,708,484	)
	(918,240	)		(849,788	)		(2,134,828	)		(202,032	)		(173,646	)		(374,169	)
	(3,499,837	)		(3,092,028	)		(7,237,009	)		(362,710	)		(262,987	)		(385,092	)
	(64,655,543	)		(67,425,724	)		(182,296,104	)		(5,880,295	)		(4,660,989	)		(9,822,051	)
	—			—			—			(6,008	)		(9,941	)		(25,145	)

	—			—			(11,695,446	)		—			—			—
	—			—			(185,512	)		—			—			—
	—			—			(519,359	)		—			—			—
	—			—			(11,717,321	)		—			—			—


	(133,085,022	)		(139,313,006	)		(389,388,349	)		(14,875,970	)		(11,887,422	)		(24,314,941	)







	495,183,083			841,586,826			3,727,033,452			134,114,052			189,950,235			397,787,564
	—			—			—			—			—			37,404,184
	101,934,376			106,673,321			277,907,191			9,935,149			7,869,899			14,654,684
	(1,727,942,190	)^(b)		(2,684,929,584	)^(c)		(2,729,405,893	)^(d)		(156,245,026	)^(b)		(188,474,291	)^(c)		(205,063,883	)^(d)


	(1,130,824,731	)		(1,736,669,437	)		1,275,534,750			(12,195,825	)		9,345,843			244,782,549


	(1,567,176,065	)		(2,404,043,040	)		704,928,529			(50,977,659	)		(17,701,330	)		221,997,503







	5,572,280,631			7,976,323,671			7,271,395,142			680,782,861			698,484,191			476,486,688


$	4,005,104,566		$	5,572,280,631		$	7,976,323,671		$	629,805,202		$	680,782,861		$	698,484,191


$	15,817,844		$	14,579,849		$	11,414,234		$	(26,285	)	$	(85,448	)	$	(172,484	)

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

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Statements of Changes in Net Assets


	New York AMT-Free Municipal Fund
	For the			For the
	Six Months Ended			Period			For the
	September 30, 2008			November 1, 2007 to			Year Ended
	(Unaudited)			March 31, 2008^(a)			October 31, 2007


From operations:

Net investment income	$	615,257		$	436,091		$	764,603
Net realized gain (loss) from investment and swap transactions		(70,342	)		41,689			(32,608	)
Net change in unrealized gain (loss) on investments and swap contracts		(1,928,997	)		(662,271	)		(92,348	)


Net increase (decrease) in net assets resulting from operations		(1,384,082	)		(184,491	)		639,647





Distributions to shareholders:

From net investment income
Class A Shares		(346,353	)		(273,591	)		(481,150	)
Class B Shares		—			—			—
Class C Shares		(6,516	)		(3,333	)		(1,366	)
Institutional Shares		(264,511	)		(157,045	)		(282,087	)
Service Shares		—			—			—


Total distributions to shareholders		(617,380	)		(433,969	)		(764,603	)





From share transactions:

Proceeds from sales of shares		19,804,146			10,360,439			24,364,078
Reinvestments of distributions		479,920			332,481			541,856
Cost of shares redeemed		(6,247,978	)		(4,835,008	)		(20,079,263	)^(b)


Net increase in net assets resulting from share transactions		14,036,088			5,857,912			4,826,671


TOTAL INCREASE		12,034,626			5,239,452			4,701,715





Net assets:

Beginning of period		31,374,067			26,134,615			21,432,900


End of period	$	43,408,693		$	31,374,067		$	26,134,615


Accumulated undistributed (distributions in excess of) net investment income	$	(11,116	)	$	(8,993	)	$	(11,115	)


(a)	The Fund changed its fiscal year end from October 31 to March 31.
(b)	Net of $16 in redemption fees remitted to the New York AMT-Free Municipal Fund.

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

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS


Short Duration Tax-Free Fund
For the			For the
Six Months Ended			Period			For the
September 30, 2008			November 1, 2007 to			Year Ended
(Unaudited)			March 31, 2008^(a)			October 31, 2007




$	6,851,708		$	4,897,329		$	11,402,492
	(146,883	)		538,841			(2,043,616	)
	(5,448,782	)		2,445,466			870,879


	1,256,043			7,881,636			10,229,755








	(2,963,383	)		(1,961,246	)		(3,830,827	)
	(7,411	)		(9,599	)		(36,203	)
	(91,088	)		(61,824	)		(131,911	)
	(3,788,275	)		(2,852,694	)		(7,175,212	)
	(751	)		(641	)		(1,537	)


	(6,850,908	)		(4,886,004	)		(11,175,690	)







	249,733,529			131,191,326			305,496,597
	5,519,619			4,098,987			8,028,449
	(147,437,775	)		(116,045,228	)		(299,543,782	)


	107,815,373			19,245,085			13,981,264


	102,220,508			22,240,717			13,035,329







	362,516,206			340,275,489			327,240,160


$	464,736,714		$	362,516,206		$	340,275,489


$	137,408		$	136,608		$	126,251

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

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Notes to Financial Statements

September 30, 2008 (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 following are Goldman Sachs Funds included in this report (collectively, the “Funds” or individually a “Fund”), the share classes offered by each Fund and their diversification status under the Act:


		Diversified/
Fund	Share Classes Offered	Non-diversified

California AMT-Free Municipal (“California Municipal”) and New York AMT-Free Municipal (“New York Municipal”)	A, C and Institutional	Non-diversified


High Yield Municipal	A, B, C and Institutional	Non-diversified


Municipal Income and Short Duration Tax-Free	A, B, C, Institutional and Service	Diversified

Class A Shares of Short Duration Tax-Free are sold with a front-end sales charge of up to 2.00%. Class A Shares of the remaining Funds are sold with a front-end sales charge of 4.50%. Class B Shares of High Yield Municipal, Municipal Income, and Short Duration Tax-Free Funds 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. Goldman, Sachs & Co. (“Goldman Sachs”) serves as distributor of the shares of the Funds pursuant to a Distribution Agreement, receives such sales charges and may retain a portion of such sales charges.

Goldman Sachs Asset Management, L.P., (“GSAM”), an affiliate of Goldman Sachs, serves as investment adviser pursuant to Management Agreements (the “Agreements”) with the Trust on behalf of the Funds.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of the significant accounting policies consistently followed by the Funds. The preparation of financial statements in conformity with Generally Accepted Accounting Principles in the United States of America (“GAAP”) requires management to make estimates and assumptions that may affect the reported amounts. Actual results could differ from those estimates.

A. Investment Valuation — The investment valuation policy of the Funds is to value investments at market value. The Funds’ investments for which market quotations are readily available are valued on the basis of quotations furnished by an independent pricing service or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which considers yield or price with respect to comparable bonds, quotations from bond dealers or by reference to other securities that are considered comparable in such characteristics as rating, interest rate and maturity date to determine current value. If accurate quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of the Funds’ investments may be determined based on yield equivalents, a pricing matrix or other sources, under valuation procedures established by the Board of Trustees. Investments in investment companies (other than those that are exchange traded) are valued at the net asset value per share (“NAV”) of the Institutional Share class of each investment company on the valuation date. Short-term debt obligations maturing in sixty days or less are valued at amortized cost, which approximates market value.

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS


2. SIGNIFICANT ACCOUNTING POLICIES (continued)

GSAM, consistent with its procedures and applicable regulatory guidance, may determine to make an adjustment to the previous closing prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining the Funds’ NAV. Significant events that could affect a large number of securities in a particular market may include, but are not limited to: situations relating to one or more single issuers in a market sector; significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions or market closings; equipment failures; natural or man-made disasters or acts of God; armed conflicts; government actions or other developments; as well as the same or similar events which may affect specific issuers or the securities markets even though not tied directly to the securities markets. Other significant events that could relate to a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; corporate announcements, including those relating to earnings, products and regulatory news; significant litigation; low trading volume; and trading limits or suspensions.

B. Security Transactions and Investment Income — Security transactions are reflected for financial reporting purposes 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.

Net investment income (other than class specific expenses) and unrealized and realized gains or losses are allocated daily to each class of shares of the respective Fund based upon the relative proportion of net assets of each class.

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.

D. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (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. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule:


	Income Distributions		Capital Gains Distributions
Fund	Declared and Paid		Declared and Paid

California Municipal, High Yield Municipal, Municipal Income, New York Municipal and Short Duration Tax-Free		Daily/Monthly		Annually

Net capital losses are carried forward to future years and may be used to the extent allowed by the Code to offset any future capital gains. Utilization of capital loss carryforwards will reduce the requirement of future capital gain distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with Federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from net investment income, net realized gain or capital.

GSAM has reviewed the tax positions for the Funds under Financial Accounting Standards Board (“FASB”) Interpretation No. 48, “Accounting for Uncertainty in Income Taxes” (“FIN 48”) for the open tax years (tax years ended October 31, 2004-2007 and March 31, 2008) and determined that the application of FIN 48 did not have a material impact on the Funds’ financial statements. FIN 48 establishes financial accounting and disclosure requirements for recognition and measurement of tax positions taken or expected to be taken on a U.S. income tax return.

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2008 (Unaudited)


2. SIGNIFICANT ACCOUNTING POLICIES (continued)

E. 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 floaters 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.

F. Securities purchased on a when-issued or delayed-delivery basis — The Funds may purchase securities on a when-issued or delayed-delivery basis. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after trade date; interest income is not accrued until settlement date. At the time a Fund enters into such transactions, it is required to have segregated assets with a current value at least equal to the amount of its when-issued or delayed-delivery purchase commitments. Credit risks exist on these commitments to the extent of any unrealized gains on the underlying securities purchased and any unrealized losses on the underlying securities sold. Market risk exists on these commitments to the same extent as if the securities were owned on a settled basis and gains and losses are recorded and reported in the same manner. In addition to the normal credit and market risks, transactions with delayed settlement dates may expose the Funds to greater risk that such transactions may not be consummated.

G. Redemption Fees — California Municipal, High Yield Municipal, Municipal Income and New York Municipal charge a 2% redemption fee on the redemption of shares (including by exchange) held for 30 calendar days or less (60 calendar days or less for High Yield Municipal). For this purpose, the Funds use a first-in first-out 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 and are reflected as a reduction in share redemptions. Redemption fees are credited to Paid-in capital and are allocated to each share class of the Funds on a pro-rata basis at the time of payment.

3. AGREEMENTS

A. Management Agreements — Under the Agreements, GSAM manages the Funds, subject to the general supervision of the Board of Trustees.

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

For the six months ended September 30, 2008, GSAM received a Management fee on a contractual basis at the following rates:


	Contractual Management Rate																		Effective Net
	Up to			Next			Next			Next			Over			Effective			Management Rate
Fund	$1 billion			$1 billion			$3 billion+			$3 billion+			$8 billion+			Rate			(after waiver)

California Municipal		0.45	%		0.41	%		0.39	%		0.38	%		0.37	%		0.45	%		0.45	%


High Yield Municipal		0.55			0.55			0.50			0.48			0.47			0.52			0.52


Municipal Income		0.55			0.50			0.48			0.47			0.46			0.55			0.50	*


New York Municipal		0.45			0.41			0.39			0.38			0.37			0.45			0.45


Short Duration Tax-Free		0.40			0.36			0.34			0.33			0.32			0.40			0.35	*


+		Effective July 1, 2008, GSAM implemented these additional asset level breakpoints to its contractual management rate.

*		GSAM voluntarily agreed to waive a portion of its Management fee in order to achieve an effective management rate of 0.50% and 0.35% as an annual percentage rate of average daily net assets of Municipal Income and Short Duration Tax-Free Funds, respectively for the six months ended September 30, 2008.

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS


3. AGREEMENTS (continued)

B. Distribution Agreement and Service Plans — 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 each Fund’s average daily net assets attributable to Class A, Class B and Class C Shares, respectively. Additionally, Goldman Sachs and/or authorized dealers are entitled to receive, under the Plans, a separate fee for personal and account maintenance services equal to, on an annual basis, 0.25% of each Fund’s average daily net assets attributable to Class B and Class C Shares. With respect to Class A Shares, the Distributor at its discretion may use compensation for distribution services paid under the Plans to compensate service organizations for personal and account maintenance services and expenses so long as such total compensation under the Plans does not exceed the maximum cap on “service fees” imposed by the Financial Industry Regulatory Authority.

For the six months ended September 30, 2008, 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 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 September 30, 2008, Goldman Sachs advised the Funds that it retained the following approximate amounts:


	Front End		Contingent Deferred
	Sales Load		Sales Charge
Fund	Class A		Class B		Class C

California Municipal	$	1,200		N/A	$	—


High Yield Municipal		93,100	$	—		—


Municipal Income		26,400		—		—	^*


New York Municipal		600		N/A		—


Short-Duration Tax-Free		31,700		—		—


*		Amount less than $100.

C. Transfer Agency Agreement — Goldman Sachs also serves as the Transfer Agent of the Funds for a fee pursuant to a Transfer Agency Agreement. The fees charged for such transfer agency services are calculated daily and payable monthly at an annual rate as follows: 0.13% of the average daily net assets for Class A, Class B and Class C Shares and 0.04% of the average daily net assets for Institutional and Service Shares.

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2008 (Unaudited)


3. AGREEMENTS (continued)

D. Service Plan and Shareholder Administration Plans — The Trust, on behalf of Municipal Income and Short Duration Tax-Free, has adopted a Service Plan and a 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 each provide for compensation to the service organizations in an amount equal to, on an annual basis, 0.25% of the average daily net assets of the Service Shares.

E. Other Agreements — GSAM has voluntarily agreed to limit certain “Other Expenses” of the Funds (excluding Management fees, Distribution and Service fees, Transfer Agent fees and expenses, taxes, Service Share fees, interest, brokerage fees and litigation, indemnification, shareholder meetings and other extraordinary expenses, exclusive of any custody and transfer agent fee credit reductions) 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.

The Other Expenses limitations for California Municipal, High Yield Municipal, Municipal Income, New York Municipal and Short Duration Tax-Free as an annual percentage rate of average daily net assets were 0.044%, 0.004%, 0.004%, 0.024% (effective July 1, 2008) and 0.004%, respectively. Prior to July 1, 2008, the Other Expenses limitation for New York Municipal as an annual percentage of average daily net assets was 0.044%.

In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent resulting in a reduction in the Funds’ expenses. For the six months ended September 30, 2008, these expense reductions, including any waivers and expense reimbursements, were as follows (in thousands):


	Fee Waivers					Expense Credits
			Class B								Other		Total
	Management		Distribution and			Custody		Transfer			Expense		Expense
Fund	Fee		Service Fee			Fee		Agent Fee			Reimbursement		Reductions

California Municipal	$	—	$	—		$	1	$	—	^*	$	88	$	89


High Yield Municipal		—		—			23		4			341		368


Municipal Income		175		—			5		1			164		345


New York Municipal		—		—			1		—	^*		90		91


Short Duration Tax-Free		108		—	^*		11		—	^*		152		271


*		Amount less than $500.

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS


3. AGREEMENTS (continued)

As of September 30, 2008, the amounts owed to affiliates of the Funds were as follows (in thousands):


			Distribution
	Management		and Service		Transfer
Fund	Fee		Fees		Agent Fees		Total

California Municipal	$	26	$	7	$	14	$	47


High Yield Municipal		1,885		343		554		2,782


Municipal Income		273		62		94		429


New York Municipal		17		3		5		25


Short Duration Tax-Free		136		29		54		219

4. FAIR VALUE OF INVESTMENTS

For the six months ended September 30, 2008, the Funds adopted FASB Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”). FAS 157 establishes fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under FAS 157 are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly;

Level 3 — Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

As required by FAS 157, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The following is a summary of the levels within the fair value hierarchy in which the Funds invest. All amounts in the following table reflect Investments in Securities Long-Assets:


Level	California Municipal		High Yield Municipal		Municipal Income		New York Municipal		Short Duration Tax-Free

Level 1	$	—	$	146,372,699	$	6,600,000	$	—	$	—


Level 2		65,702,477		3,785,437,472		613,341,330		42,649,209		453,928,767


Level 3		—		941,925		—		—		—


Total	$	65,702,477	$	3,932,752,096	$	619,941,330	$	42,649,209	$	453,928,767

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2008 (Unaudited)


4. FAIR VALUE OF INVESTMENTS (continued)

The following is a reconciliation of Level 3 investments in the High Yield Municipal Fund for the six months ended September 30, 2008:


	Investment in
	Securities
Level 3	Long-Assets

Beginning Balance as of March 31, 2008	$	2,004,032


Realized Gain (Loss)		—


Change in Unrealized Gain (Loss)		(863,947	)


Net Purchase (Sales)		(198,160	)


Net transfers in and/or out of Level 3		—


Ending Balance as of September 30, 2008	$	941,925

5. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended September 30, 2008, were as follows (in thousands):


			Sales and
Fund	Purchases		Maturities

California Municipal	$	16,530	$	17,890


High Yield Municipal		1,229,489		2,299,060


Municipal Income		185,258		188,392


New York Municipal		10,183		986


Short Duration Tax-Free		158,135		75,355

6. LINE OF CREDIT FACILITY

The Funds participate in a $700,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and registered investment companies having management agreements with GSAM or affiliates. 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. Prior to May 13, 2008, the amount of the facility was $450,000,000. For the six months ended September 30, 2008, the Funds did not have any borrowings under the facility.

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

7. TAX INFORMATION

As of the Funds’ most recent fiscal year end, March 31, 2008, the Funds’ capital loss carryforwards and certain timing differences on a tax basis were as follows:


	California			High Yield			Municipal			New York			Short Duration
	Municipal			Municipal			Income			Municipal			Tax-Free

Capital loss carryforward:¹
Expiring 2011	$	—		$	—		$	(872,080	)	$	—		$	—
Expiring 2012		—			—			(873,613	)		—			(2,563,121	)
Expiring 2013		—			—			—			—			(3,111,685	)
Expiring 2014		(14,645	)		—			—			—			(4,730,013	)
Expiring 2015		(621,994	)		(2,478,411	)		(3,036,076	)		—			(2,044,683	)
Expiring 2016		(558,613	)		(220,731,177	)		(5,753,929	)		—			—


Total capital loss carryforward	$	(1,195,252	)	$	(223,209,588	)	$	(10,535,698	)	$	—		$	(12,449,502	)


Timing differences (income distribution payable)		(83,982	)		(5,771,750	)		(812,383	)		(21,723	)		(152,048	)


¹		Expiration occurs on March 31 of the year indicated.

At September 30, 2008, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes was as follows:


	California			High Yield			Municipal			New York			Short Duration
	Municipal			Municipal			Income			Municipal			Tax-Free

Tax cost	$	70,105,902		$	4,706,699,321		$	663,254,170		$	45,139,493		$	455,573,244


Gross unrealized gain		267,616			13,930,775			10,596,683			5,320			2,740,605
Gross unrealized loss		(4,671,041	)		(787,767,909	)		(53,909,523	)		(2,495,604	)		(4,385,082	)


Net unrealized security loss	$	(4,403,425	)	$	(773,837,134	)	$	(43,312,840	)	$	(2,490,284	)	$	(1,644,477	)

The difference between book-basis unrealized gains (losses) is attributable primarily to wash sales, and differences related to the tax treatment of accretion of market discount, amortization of premium and partnership investments as of the most recent fiscal year end.

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2008 (Unaudited)

8. OTHER RISKS

Insurance Concentrations — The Funds may invest in “insured” tax exempt Municipal Securities. Insured Municipal Securities are securities for which scheduled payments of interest and principal are guaranteed by a private (non-governmental) insurance company. The insurance only entitles the Funds to receive interest and the face or par value of the securities held by the Funds in the event that the underlying obligor cannot make timely payments. The insurance does not guarantee the market value of the Municipal Securities or the value of the shares of the Funds. At September 30, 2008, private insurers who insured 5% or greater of the net assets of one or more of the Funds were as follows:


										Short
	California			Municipal			New York			Duration
Insurer/Rating	Municipal			Income			Municipal			Tax-Free

AMBAC Assurance Corp. (Baa1/AA)		6.1	%		6.6	%		15.6	%		8.1	%
California Mortgage Insurance		5.8			—			—			—
Financial Guaranty Insurance Corp. (B1/BB/CCC)		16.1			5.6			—			6.1
Financial Security Assurance Co. (Aaa/AAA/AAA)		—			8.4			—			7.3
MBIA Insurance Corp. (Baa1/AA)		10.9			12.2			—			10.5

Indemnifications — Under the Trust’s organizational documents, its Board of Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown; as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds believe the risk of loss under these arrangements to be remote.

Market and Credit Risks — In the normal course of business the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the contracting party to the transaction to perform (credit risk). The Funds may be exposed to additional credit risk that an institution or other entity with which the Funds have unsettled or open transactions will default. The assets, which potentially expose the Funds to credit risk, consist principally of cash due from counterparties and investments. The extent of the Funds’ exposure to credit risks in respect to these assets approximates their carrying value as recorded in the Funds’ Statements of Assets and Liabilities.

Portfolio Concentrations — As a result of certain of the Funds’ ability to invest a large percentage of their assets in obligations of issuers within the same country, state, industry or economic sector, an adverse economic, business or political development may affect the value of the Funds’ investments more than if their investments were not so concentrated.

At September 30, 2008, the High Yield Municipal Fund had invested approximately 25% of its assets in the Municipal Securities of issuers located in Florida. Additionally as of September 30, 2008, within the State of Florida, High Yield Municipal had invested 23% of its total assets in special assessment bonds, a type of municipal securities which are backed by tax assessments on residential and commercial development projects. The payments on special assessment bonds generally depend on the ability of the developer, builder or homeowner of the home or property to pay tax assessments levied against the home or property.

9. OTHER MATTERS

Mergers and Reorganizations — At a meeting held on December 14, 2006, the Board of Trustees of the Trust approved an Agreement and Plan of Reorganization (the “Reorganization Agreement”) providing for the tax-free acquisition of the Signal Tax-Exempt Income Fund by Municipal Income Fund. The reorganization was completed on April 30, 2007 as of the close of business on April 27, 2007.

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS


9. OTHER MATTERS (continued)

Pursuant to the Agreement, the assets and liabilities of the Signal Tax-Exempt Income Fund’s (“Acquired Fund”) Class A and Institutional Class were transferred into Municipal Income Fund’s (“Survivor Fund”) Class A and Institutional Class, 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 April 27, 2007

Municipal Income Class A/

Signal Tax-Exempt Income Fund Class A

4,026

63,209

6,491

Municipal Income Institutional Class/

Signal Tax-Exempt Income Fund Institutional Class

1,166,611

18,315,915

1,880,414

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 as well as the Acquired Fund’s unrealized appreciation.

Survivor Fund’s

Acquired Fund’s

Survivor Fund’s

Aggregate Net

Acquired Fund’s

Assets Before

Assets Immediately

Unrealized

Fund

reorganization

After reorganization

Appreciation

Municipal Income/Signal Tax-Exempt Income Fund

589,495,588

18,379,124

607,874,712

169,425

At a meeting held on November 9, 2006, the Board of Trustees of the Trust approved an Agreement and Plan of Reorganization (the “Reorganization Agreement”) providing for the tax-free acquisition of the AXA Enterprise Tax Exempt Income Fund by the Municipal Income Fund. The reorganization was completed on June 25, 2007 as of the close of business on June 22, 2007.

Pursuant to Agreement, the assets and liabilities of the AXA Enterprise Tax Exempt Income Fund’s (“Acquired Fund”) Class A, Class B, Class C and Class Y were transferred into Municipal Income Fund’s (“Survivor Fund”) Class A, Class B, Class C and Institutional Class, 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 June 22, 2007

Municipal Income Class A/
AXA Enterprise Tax Exempt Income Fund Class A		925,627	$	14,236,095		1,081,871


Municipal Income Class B/
AXA Enterprise Tax Exempt Income Fund Class B		159,566		2,454,129		199,466


Municipal Income Class C/
AXA Enterprise Tax Exempt Income Fund Class C		148,717		2,287,262		173,117


Municipal Income Institutional Class/
AXA Enterprise Tax Exempt Income Fund Class Y		3,095		47,574		3,603

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2008 (Unaudited)


9. OTHER MATTERS (continued)

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

Acquired Fund’s

Survivor Fund’s

Aggregate Net

Acquired Fund’s

Assets before

Assets immediately

Unrealized

Fund

reorganization

after reorganization

Appreciation

Municipal Income/AXA Enterprise Tax Exempt Income Fund

616,543,145

19,025,060

635,568,205

593,751

10. SUBSEQUENT EVENT

Fund Liquidation — At a meeting held on November 13, 2008, the Board of Trustees approved a proposal to liquidate the California AMT-Free Municipal and New York AMT-Free Municipal Funds pursuant to a board-approved Plan of Liquidation. It is expected that the Funds will be liquidated in December 2008.

100

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS


10. SUBSEQUENT EVENT (continued)

11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	California AMT-Free Municipal

	For the Six Months Ended						For the Period
	September 30, 2008						November 1, 2007 to						For the Year Ended
	(Unaudited)						March 31, 2008^(a)						October 31, 2007

	Shares			Dollars			Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		1,835,332		$	17,849,376			1,922,061		$	18,920,774			3,707,075		$	37,047,995
Reinvestment of distributions		60,369			580,272			67,901			660,297			116,055			1,157,370
Shares redeemed		(1,985,084	)		(19,167,167	)		(1,511,132	)		(14,583,922	)		(1,868,444	)		(18,665,932	)


		(89,383	)		(737,519	)		478,830			4,997,149			1,954,686			19,539,433


Class C Shares
Shares sold		27,016			263,809			45,670			449,760			34,325			342,066
Reinvestment of distributions		539			5,193			367			3,569			606			6,042
Shares redeemed		(19,076	)		(185,139	)		(30,937	)		(304,966	)		(21,534	)		(214,973	)


		8,479			83,863			15,100			148,363			13,397			133,135


Institutional Shares
Shares sold		81,773			794,335			86,160			853,550			2,703,329			26,990,293
Reinvestment of distributions		7,305			70,390			9,755			95,326			35,312			350,771
Shares redeemed		(64,493	)		(630,262	)		(836,030	)		(8,241,123	)		(1,887,429	)		(18,657,076	)


		24,585			234,463			(740,115	)		(7,292,247	)		851,212			8,683,988


NET INCREASE (DECREASE)		(56,319	)	$	(419,193	)		(246,185	)	$	(2,146,735	)		2,819,295		$	28,356,556


(a)		The Fund changed its fiscal year end from October 31 to March 31.

101

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2008 (Unaudited)


11. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	High Yield Municipal

	For the Six Months Ended						For the Period
	September 30, 2008						November 1, 2007 to						For the Year Ended
	(Unaudited)						March 31, 2008^(a)						October 31, 2007

	Shares			Dollars			Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		23,474,483		$	223,850,878			42,612,038		$	437,675,609			170,155,796		$	1,921,378,491
Reinvestment of distributions		5,238,552			49,406,630			5,242,489			53,102,252			11,736,241			133,244,392
Shares converted from Class B^(b)		168,071			1,604,914			6,726			70,404			582			6,321
Shares redeemed		(91,301,821	)		(867,989,895	)		(132,072,796	)		(1,353,523,368	)		(120,744,546	)		(1,358,995,709	)


		(62,420,715	)		(593,127,473	)		(84,211,543	)		(862,675,103	)		61,148,073			695,633,495


Class B Shares
Shares sold		152,301			1,461,946			81,068			830,871			822,231			9,398,485
Reinvestment of distributions		74,316			699,579			62,367			630,625			132,270			1,502,235
Shares converted to Class A^(b)		(168,071	)		(1,604,914	)		(6,726	)		(70,404	)		(582	)		(6,321	)
Shares redeemed		(576,494	)		(5,468,691	)		(581,540	)		(5,949,392	)		(1,004,549	)		(11,305,637	)


		(517,948	)		(4,912,080	)		(444,831	)		(4,558,300	)		(50,630	)		(411,238	)


Class C Shares
Shares sold		1,391,091			13,382,352			1,773,087			18,015,864			7,940,134			90,725,570
Reinvestment of distributions		253,876			2,389,340			206,942			2,093,316			406,991			4,611,293
Shares redeemed		(2,869,065	)		(27,202,528	)		(3,919,623	)		(40,192,230	)		(3,614,481	)		(40,116,624	)


		(1,224,098	)		(11,430,836	)		(1,939,594	)		(20,083,050	)		4,732,644			55,220,239


Institutional Shares
Shares sold		26,748,933			256,487,907			37,360,435			385,064,482			150,813,319			1,705,530,906
Reinvestment of distributions		5,242,070			49,438,827			5,018,346			50,847,128			12,192,854			138,549,271
Shares redeemed		(87,137,820	)		(827,281,076	)		(125,245,828	)		(1,285,264,594	)		(117,171,382	)		(1,318,987,923	)


		(55,146,817	)		(521,354,342	)		(82,867,047	)		(849,352,984	)		45,834,791			525,092,254


NET INCREASE (DECREASE)		(119,309,578	)	$	(1,130,824,731	)		(169,463,015	)	$	(1,736,669,437	)		111,664,878		$	1,275,534,750


(a)		The Fund changed its fiscal year end from October 31 to March 31.
(b)		Class B Shares automatically convert into Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is eight years after the initial purchase date of either the Fund or another Goldman Sachs Fund.

102

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS


11. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Municipal Income

	For the Six Months Ended						For the Period
	September 30, 2008						November 1, 2007 to						For the Year Ended
	(Unaudited)						March 31, 2008^(a)						October 31, 2007

	Shares			Dollars			Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		4,516,292		$	66,162,701			7,848,790		$	117,994,519			11,855,031		$	184,160,849
Shares issued in connection with merger		—			—			—			—			929,653			14,299,304
Reinvestment of distributions		485,168			7,029,975			386,282			5,736,784			701,858			10,920,786
Shares converted from Class B^(b)		13,296			194,230			31,050			463,076			53,840			842,957
Shares redeemed		(6,770,011	)		(98,772,959	)		(5,844,686	)		(87,610,245	)		(7,610,386	)		(117,844,449	)


		(1,755,255	)		(25,386,053	)		2,421,436			36,584,134			5,929,996			92,379,447


Class B Shares
Shares sold		74,298			1,090,557			114,780			1,728,467			121,843			1,893,886
Shares issued in connection with merger		—			—			—			—			159,566			2,454,129
Reinvestment of distributions		9,272			134,337			7,663			113,828			14,445			224,746
Shares converted to Class A^(b)		(13,287	)		(194,230	)		(31,039	)		(463,076	)		(53,830	)		(842,957	)
Share redeemed		(93,818	)		(1,376,640	)		(97,356	)		(1,455,373	)		(180,641	)		(2,803,860	)


		(23,535	)		(345,976	)		(5,952	)		(76,154	)		61,383			925,944


Class C Shares
Shares sold		302,150			4,375,256			785,040			11,799,974			472,428			7,348,542
Shares issued in connection with merger		—			—			—			—			148,717			2,287,262
Reinvestment of distributions		16,944			245,260			11,885			176,357			16,716			260,013
Shares redeemed		(214,364	)		(3,127,678	)		(368,811	)		(5,551,016	)		(286,128	)		(4,456,268	)


		104,730			1,492,838			428,114			6,425,315			351,733			5,439,549


Institutional Shares
Shares sold		4,259,228			62,485,538			3,912,988			58,427,275			13,154,113			204,384,170
Shares issued in connection with merger		—			—			—			—			1,169,706			18,363,489
Reinvestment of distributions		174,528			2,525,249			123,960			1,842,663			209,629			3,248,570
Shares redeemed		(3,609,017	)		(52,633,542	)		(6,226,678	)		(93,857,657	)		(5,172,037	)		(79,916,969	)


		824,739			12,377,245			(2,189,730	)		(33,587,719	)		9,361,411			146,079,260


Service Shares
Shares sold		—			—			—			—			4			117
Reinvestment of distributions		23			328			17			267			37			569
Shares redeemed		(22,400	)		(334,207	)		—			—			(2,746	)		(42,337	)


		(22,377	)		(333,879	)		17			267			(2,705	)		(41,651	)


NET INCREASE (DECREASE)		(871,698	)	$	(12,195,825	)		653,885		$	9,345,843			15,701,818		$	244,782,549


(a)		The Fund changed its fiscal year end from October 31 to March 31.
(b)		Class B Shares automatically convert into Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is eight years after the initial purchase date of either the Fund or another Goldman Sachs Fund.

103

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2008 (Unaudited)


11. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	New York AMT-Free Municipal

	For the Six Months Ended						For the Period
	September 30, 2008						November 1, 2007 to						For the Year Ended
	(Unaudited)						March 31, 2008^(a)						October 31, 2007

	Shares			Dollars			Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		552,601		$	5,442,465			635,397		$	6,324,905			1,642,853		$	16,421,231
Reinvestment of distributions		28,368			276,623			21,363			210,924			31,781			316,592
Shares redeemed		(448,796	)		(4,437,462	)		(372,340	)		(3,690,827	)		(1,230,145	)		(12,270,408	)


		132,173			1,281,626			284,420			2,845,002			444,489			4,467,415


Class C Shares
Shares sold		33,540			325,516			27,188			272,747			17,915			178,182
Reinvestment of distributions		196			1,906			55			541			26			263
Shares redeemed		(122	)		(1,280	)		(42	)		(417	)		(3,067	)		(30,705	)


		33,614			326,142			27,201			272,871			14,874			147,740


Institutional Shares
Shares sold		1,431,082			14,036,165			375,744			3,762,787			777,566			7,764,665
Reinvestment of distributions		20,759			201,391			12,251			121,016			22,551			225,001
Shares redeemed		(185,212	)		(1,809,236	)		(114,137	)		(1,143,764	)		(780,109	)		(7,778,150	)


		1,266,629			12,428,320			273,858			2,740,039			20,008			211,516


NET INCREASE		1,432,416		$	14,036,088			585,479		$	5,857,912			479,371		$	4,826,671


(a)		The Fund changed its fiscal year end from October 31 to March 31.

104

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS


11. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Short Duration Tax-Free

	For the Six Months Ended						Duration For the Period
	September 30, 2008						November 1, 2007 to						For the Year Ended
	(Unaudited)						March 31, 2008^(a)						October 31, 2007

	Shares			Dollars			Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		11,702,794		$	119,744,730			8,290,201		$	84,966,233			13,046,974		$	132,449,724
Reinvestment of distributions		244,808			2,499,304			167,001			1,708,399			295,309			2,998,125
Shares converted from Class B^(b)		1,194			12,272			7,684			78,751			12,532			127,461
Shares redeemed		(6,048,812	)		(61,838,436	)		(5,093,406	)		(52,160,313	)		(12,485,774	)		(126,843,465	)


		5,899,984			60,417,870			3,371,480			34,593,070			869,041			8,731,845


Class B Shares
Shares sold		11			119			116			1,187			600			6,132
Reinvestment of distributions		513			5,237			646			6,601			2,291			23,244
Shares converted to Class A^(b)		(1,196	)		(12,272	)		(7,691	)		(78,751	)		(12,533	)		(127,461	)
Shares redeemed		(10,625	)		(108,832	)		(28,551	)		(291,988	)		(78,001	)		(791,780	)


		(11,297	)		(115,748	)		(35,480	)		(362,951	)		(87,643	)		(889,865	)


Class C Shares
Shares sold		369,258			3,772,512			365,476			3,735,544			124,812			1,266,340
Reinvestment of distributions		5,580			56,960			3,771			38,584			5,500			55,837
Shares redeemed		(101,596	)		(1,039,641	)		(159,277	)		(1,634,331	)		(300,160	)		(3,047,060	)


		273,242			2,789,831			209,970			2,139,797			(169,848	)		(1,724,883	)


Institutional Shares
Shares sold		12,346,493			126,216,168			4,166,736			42,488,362			16,920,613			171,774,271
Reinvestment of distributions		289,851			2,957,367			229,420			2,344,762			487,846			4,949,844
Shares redeemed		(8,252,809	)		(84,450,866	)		(6,069,689	)		(61,958,596	)		(16,626,553	)		(168,853,659	)


		4,383,535			44,722,669			(1,673,533	)		(17,125,472	)		781,906			7,870,456


Service Shares
Shares sold		—			—			—			—			12			130
Reinvestment of distributions		73			751			63			641			138			1,399
Shares redeemed		—			—			—			—			(767	)		(7,818	)


		73			751			63			641			(617	)		(6,289	)


NET INCREASE		10,545,537		$	107,815,373			1,872,500		$	19,245,085			1,392,839		$	13,981,264


(a)		The Fund changed its fiscal year end from October 31 to March 31.
(b)		Class B Shares automatically convert into Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is eight years after the initial purchase date of either the Fund or another Goldman Sachs Fund.

105

GOLDMAN SACHS CALIFORNIA AMT-FREE MUNICIPAL FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


				Income (loss) from
				investment operations
												Distributions
		Net asset										to shareholders
		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 SEPTEMBER 30, (UNAUDITED)


	2008 - A	$	9.64	$	0.17	$	(0.40	)	$	(0.23	)	$	(0.17	)
	2008 - C		9.64		0.13		(0.39	)		(0.26	)		(0.13	)
	2008 - Institutional		9.65		0.19		(0.40	)		(0.21	)		(0.19	)


FOR THE PERIOD NOVEMBER 1, 2007 TO MARCH 31, 2008*


	2008 - A		9.88		0.14		(0.24	)		(0.10	)		(0.14	)
	2008 - C		9.89		0.11		(0.25	)		(0.14	)		(0.11	)
	2008 - Institutional		9.89		0.16		(0.24	)		(0.08	)		(0.16	)


FOR THE YEARS ENDED OCTOBER 31,


	2007 - A		10.09		0.33		(0.22	)		0.11			(0.32	)
	2007 - C		10.10		0.25		(0.21	)		0.04			(0.25	)
	2007 - Institutional		10.10		0.38		(0.23	)		0.15			(0.36	)




	2006 - A (commenced November 1, 2005)		10.00		0.31		0.12			0.43			(0.34	)
	2006 - C (commenced November 1, 2005)		10.00		0.23		0.13			0.36			(0.26	)
	2006 - Institutional (commenced November 1, 2005)		10.00		0.34		0.13			0.47			(0.37	)


*	The Fund changed its fiscal year end from October 31 to March 31.


(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. Total 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)	Includes non-recurring expense for a special shareholder proxy meeting which amounted to approximately 0.04% of average net assets.

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

106

GOLDMAN SACHS CALIFORNIA AMT-FREE MUNICIPAL FUND


													Ratios assuming no
													expense reductions
										Ratio of						Ratio of
					Net assets		Ratio of			net investment			Ratio of			net investment
Net asset					at end of		net expenses			income			total expenses			income			Portfolio
value, end		Total			period		to average			to average			to average			to average			turnover
of period		return^(b)			(in 000s)		net assets			net assets			net assets			net assets			rate




$	9.24		(2.44	)%	$	58,424		0.87	%^(c)		3.49	%^(c)		1.13	%^(c)		3.23	%^(c)		26	%
	9.25		(2.70	)		649		1.62	^(c)		2.74	^(c)		1.88	^(c)		2.48	^(c)		26
	9.25		(2.17	)		6,228		0.53	^(c)		3.83	^(c)		0.79	^(c)		3.57	^(c)		26





	9.64		(0.98	)		61,780		0.85	^(c)		3.54	^(c)		1.23	^(c)		3.16	^(c)		29
	9.64		(1.39	)		595		1.60	^(c)		2.78	^(c)		1.98	^(c)		2.40	^(c)		29
	9.65		(0.94	)		6,257		0.51	^(c)		3.94	^(c)		0.89	^(c)		3.56	^(c)		29





	9.88		1.16			58,632		0.92	^(d)		3.28	^(d)		1.20	^(d)		3.00	^(d)		73
	9.89		0.40			461		1.67	^(d)		2.55	^(d)		1.95	^(d)		2.27	^(d)		73
	9.89		1.53			13,738		0.56	^(d)		3.79	^(d)		0.84	^(d)		3.51	^(d)		73




	10.09		4.34			40,135		0.86			3.09			1.64			2.31			45
	10.10		3.66			336		1.60			2.33			2.29			1.64			45
	10.10		4.84			5,428		0.49			3.37			1.77			2.09			45

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

107

GOLDMAN SACHS HIGH YIELD 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			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 SEPTEMBER 30, (UNAUDITED)


	2008 - A	$	9.77	$	0.25	$	(0.89	)	$	(0.64	)	$	(0.25	)	$	—		$	(0.25	)
	2008 - B		9.77		0.22		(0.90	)		(0.68	)		(0.21	)		—			(0.21	)
	2008 - C		9.77		0.22		(0.90	)		(0.68	)		(0.21	)		—			(0.21	)
	2008 - Institutional		9.77		0.27		(0.89	)		(0.62	)		(0.27	)		—			(0.27	)


FOR THE PERIOD NOVEMBER 1, 2007 TO MARCH 31, 2008*


	2008 - A		10.78	$	0.22		(1.02	)		(0.80	)		(0.21	)		—			(0.21	)
	2008 - B		10.78		0.18		(1.01	)		(0.83	)		(0.18	)		—			(0.18	)
	2008 - C		10.78		0.18		(1.01	)		(0.83	)		(0.18	)		—			(0.18	)
	2008 - Institutional		10.78		0.23		(1.01	)		(0.78	)		(0.23	)		—			(0.23	)


FOR THE YEARS ENDED OCTOBER 31,


	2007 - A		11.57		0.51		(0.76	)		(0.25	)		(0.50	)		(0.04	)		(0.54	)
	2007 - B		11.57		0.43		(0.76	)		(0.33	)		(0.42	)		(0.04	)		(0.46	)
	2007 - C		11.57		0.42		(0.75	)		(0.33	)		(0.42	)		(0.04	)		(0.46	)
	2007 - Institutional		11.57		0.55		(0.76	)		(0.21	)		(0.54	)		(0.04	)		(0.58	)




	2006 - A		11.11		0.52		0.46			0.98			(0.52	)		—			(0.52	)
	2006 - B		11.11		0.44		0.46			0.90			(0.44	)		—			(0.44	)
	2006 - C		11.11		0.44		0.46			0.90			(0.44	)		—			(0.44	)
	2006 - Institutional		11.11		0.57		0.46			1.03			(0.57	)		—			(0.57	)




	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	)


*	The Fund changed its fiscal year end from October 31 to March 31.


(a)	Calculated based on the average shares outstanding methodology.

(b)


(c)	Annualized.

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

108

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND


																Ratios assuming no
																expense reductions
							Ratio of			Ratio of			Ratio of			Ratio of			Ratio of			Ratio of
							net expenses			net expenses			net			total expenses			total expenses			net
					Net assets		to average			to average			investment			to average			to average			investment
Net asset					at end		net assets			net assets			income			net assets			net assets			income			Portfolio
value, end		Total			of period		including interest			excluding interest			to average			including interest			excluding interest			to average			turnover
of period		return^(b)			(in 000s)		expense and fees			expense and fees			net assets			expense and fees			expense and fees			net assets			rate






$	8.88		(6.67	)%	$	1,979,564		0.90	%^(c)		0.90	%^(c)		5.29	%^(c)		0.92	%^(c)		0.92	%^(c)		5.27	%^(c)		27	%
	8.88		(7.02	)		35,416		1.65	^(c)		1.65	^(c)		4.54	^(c)		1.67	^(c)		1.67	^(c)		4.52	^(c)		27
	8.88		(7.02	)		136,788		1.65	^(c)		1.65	^(c)		4.54	^(c)		1.67	^(c)		1.67	^(c)		4.52	^(c)		27
	8.88		(6.51	)		1,853,337		0.56	^(c)		0.56	^(c)		5.63	^(c)		0.58	^(c)		0.58	^(c)		5.61	^(c)		27



																				��

	9.77		(7.45	)		2,787,779		0.91	^(c)		0.90	^(c)		5.07	^(c)		0.93	^(c)		0.92	^(c)		5.05	^(c)		16
	9.77		(7.74	)		44,026		1.66	^(c)		1.65	^(c)		4.30	^(c)		1.68	^(c)		1.67	^(c)		4.28	^(c)		16
	9.77		(7.74	)		162,459		1.66	^(c)		1.65	^(c)		4.31	^(c)		1.68	^(c)		1.67	^(c)		4.29	^(c)		16
	9.77		(7.32	)		2,578,017		0.57	^(c)		0.56	^(c)		5.42	^(c)		0.59	^(c)		0.58	^(c)		5.40	^(c)		16





	10.78		(2.27	)		3,984,269		1.00			0.91			4.50			1.02			0.93			4.48			56
	10.78		(3.00	)		53,384		1.75			1.66			3.76			1.77			1.68			3.74			56
	10.78		(3.00	)		200,199		1.75			1.66			3.76			1.77			1.68			3.74			56
	10.78		(1.92	)		3,738,472		0.64			0.55			4.86			0.66			0.57			4.84			56




	11.57		9.05			3,569,963		1.07			0.92			4.64			1.11			0.96			4.61			32
	11.57		8.24			57,902		1.82			1.67			3.90			1.86			1.71			3.87			32
	11.57		8.24			160,180		1.82			1.67			3.88			1.85			1.70			3.85			32
	11.57		9.45			3,483,350		0.71			0.56			5.02			0.74			0.59			4.99			32




	11.11		6.99			2,264,580		1.13			0.97			4.78			1.15			0.99			4.76			26
	11.11		6.20			49,299		1.88			1.72			4.05			1.91			1.75			4.02			26
	11.11		6.20			87,466		1.88			1.72			4.03			1.90			1.74			4.01			26
	11.11		7.31			2,540,339		0.74			0.58			5.16			0.76			0.60			5.14			26




	10.90		7.40			1,513,843		1.10			0.99			5.03			1.12			1.01			5.01			31
	10.90		6.60			48,286		1.85			1.74			4.29			1.87			1.76			4.27			31
	10.90		6.60			61,299		1.85			1.74			4.28			1.87			1.76			4.26			31
	10.91		7.93			1,505,390		0.70			0.59			5.44			0.72			0.61			5.42			31




	10.66		8.59			895,711		1.12			1.00			5.21			1.15			1.03			5.18			40
	10.66		7.78			45,620		1.87			1.75			4.50			1.90			1.78			4.47			40
	10.66		7.78			40,624		1.87			1.75			4.48			1.90			1.78			4.45			40
	10.66		9.02			934,382		0.72			0.60			5.64			0.75			0.63			5.61			40

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

109

GOLDMAN SACHS MUNICIPAL INCOME FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


				Income (loss) from
				investment operations
												Distributions
		Net asset										to shareholders
		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 SEPTEMBER 30, (UNAUDITED)


	2008 - A	$	14.64	$	0.32	$	(0.85	)	$	(0.53	)	$	(0.31	)
	2008 - B		14.64		0.26		(0.84	)		(0.58	)		(0.26	)
	2008 - C		14.64		0.26		(0.83	)		(0.57	)		(0.26	)
	2008 - Institutional		14.64		0.34		(0.84	)		(0.50	)		(0.34	)
	2008 - Service		14.72		0.31		(0.85	)		(0.54	)		(0.30	)


FOR THE PERIOD NOVEMBER 1, 2007 TO MARCH 31, 2008*


	2008 - A		15.23		0.26		(0.59	)		(0.33	)		(0.26	)
	2008 - B		15.24		0.21		(0.60	)		(0.39	)		(0.21	)
	2008 - C		15.24		0.21		(0.60	)		(0.39	)		(0.21	)
	2008 - Institutional		15.23		0.28		(0.59	)		(0.31	)		(0.28	)
	2008 - Service		15.32		0.25		(0.60	)		(0.35	)		(0.25	)


FOR THE YEARS ENDED OCTOBER 31,


	2007 - A		15.80		0.62		(0.57	)		0.05			(0.62	)
	2007 - B		15.81		0.51		(0.58	)		(0.07	)		(0.50	)
	2007 - C		15.81		0.51		(0.58	)		(0.07	)		(0.50	)
	2007 - Institutional		15.80		0.68		(0.57	)		0.11			(0.68	)
	2007 - Service		15.90		0.60		(0.58	)		0.02			(0.60	)




	2006 - A		15.59		0.63		0.22			0.85			(0.64	)
	2006 - B		15.59		0.52		0.22			0.74			(0.52	)
	2006 - C		15.60		0.52		0.21			0.73			(0.52	)
	2006 - Institutional		15.59		0.69		0.22			0.91			(0.70	)
	2006 - Service		15.68		0.61		0.23			0.84			(0.62	)




	2005 - A		15.68		0.63		(0.08	)		0.55			(0.64	)
	2005 - B		15.68		0.51		(0.08	)		0.43			(0.52	)
	2005 - C		15.68		0.52		(0.08	)		0.44			(0.52	)
	2005 - Institutional		15.67		0.70		(0.08	)		0.62			(0.70	)
	2005 - Service		15.76		0.61		(0.07	)		0.54			(0.62	)




	2004 - A		15.41		0.65		0.27			0.92			(0.65	)
	2004 - B		15.41		0.54		0.26			0.80			(0.53	)
	2004 - C		15.41		0.54		0.26			0.80			(0.53	)
	2004 - Institutional		15.40		0.72		0.26			0.98			(0.71	)
	2004 - Service		15.49		0.65		0.25			0.90			(0.63	)




	2003 - A		15.29		0.64		0.13			0.77			(0.65	)
	2003 - B		15.29		0.53		0.12			0.65			(0.53	)
	2003 - C		15.30		0.53		0.11			0.64			(0.53	)
	2003 - Institutional		15.29		0.71		0.11			0.82			(0.71	)
	2003 - Service		15.37		0.63		0.12			0.75			(0.63	)


*	The Fund changed its fiscal year end from October 31 to March 31.


(a)	Calculated based on the average shares outstanding methodology.

(b)


(c)	Annualized.

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

110

GOLDMAN SACHS MUNICIPAL INCOME FUND


																Ratios assuming no
																expense reductions
							Ratio of			Ratio of			Ratio of			Ratio of			Ratio of			Ratio of
							net expenses			net expenses			net			total expenses			total expenses			net
					Net assets		to average			to average			investment			to average			to average			investment
Net asset					at end		net assets			net assets			income			net assets			net assets			income			Portfolio
value, end		Total			of period		including interest			excluding interest			to average			including interest			excluding interest			to average			turnover
of period		return^(b)			(in 000s)		expense and fees			expense and fees			net assets			expense and fees			expense and fees			net assets			rate




$	13.80		(3.68	)%	$	355,022		0.88	%^(c)		0.88	%^(c)		4.29	%^(c)		0.98	%^(c)		0.98	%^(c)		4.19	%^(c)		29	%
	13.80		(4.04	)		10,654		1.63	^(c)		1.63	^(c)		3.54	^(c)		1.73	^(c)		1.73	^(c)		3.44	^(c)		29
	13.81		(3.97	)		20,749		1.63	^(c)		1.63	^(c)		3.55	^(c)		1.73	^(c)		1.73	^(c)		3.45	^(c)		29
	13.80		(3.52	)		243,142		0.54	^(c)		0.54	^(c)		4.62	^(c)		0.64	^(c)		0.64	^(c)		4.52	^(c)		29
	13.88		(3.73	)		238		1.04	^(c)		1.04	^(c)		4.17	^(c)		1.14	^(c)		1.14	^(c)		4.07	^(c)		29





	14.64		(2.18	)		402,238		0.89	^(c)		0.88	^(c)		4.19	^(c)		1.01	^(c)		1.00	^(c)		4.07	^(c)		19
	14.64		(2.55	)		11,646		1.64	^(c)		1.63	^(c)		3.44	^(c)		1.76	^(c)		1.75	^(c)		3.32	^(c)		19
	14.64		(2.55	)		20,474		1.64	^(c)		1.63	^(c)		3.46	^(c)		1.76	^(c)		1.75	^(c)		3.34	^(c)		19
	14.64		(2.04	)		245,843		0.55	^(c)		0.54	^(c)		4.53	^(c)		0.67	^(c)		0.66	^(c)		4.41	^(c)		19
	14.72		(2.29	)		582		1.05	^(c)		1.04	^(c)		4.03	^(c)		1.17	^(c)		1.16	^(c)		3.91	^(c)		19





	15.23		0.31			381,697		0.96			0.90			3.99			1.07			1.01			3.88			31
	15.24		(0.43	)		12,210		1.71			1.65			3.24			1.82			1.76			3.13			31
	15.24		(0.43	)		14,783		1.71			1.65			3.24			1.82			1.76			3.13			31
	15.23		0.67			289,188		0.60			0.54			4.37			0.71			0.65			4.26			31
	15.32		0.13			606		1.10			1.04			3.85			1.21			1.15			3.74			31




	15.80		5.59			302,271		1.00			0.90			4.05			1.16			1.07			3.88			19
	15.81		4.87			11,698		1.75			1.65			3.31			1.92			1.82			3.14			19
	15.81		4.80			9,777		1.75			1.65			3.30			1.91			1.82			3.14			19
	15.80		5.98			152,070		0.63			0.53			4.42			0.79			0.70			4.26			19
	15.90		5.51			671		1.13			1.03			3.90			1.29			1.20			3.74			19




	15.59		3.55			240,123		1.00			0.93			3.99			1.16			1.09			3.83			37
	15.59		2.78			13,783		1.75			1.68			3.25			1.91			1.84			3.09			37
	15.60		2.85			7,873		1.75			1.68			3.24			1.91			1.84			3.08			37
	15.59		4.02			128,311		0.61			0.54			4.37			0.77			0.70			4.21			37
	15.68		3.49			315		1.11			1.04			3.88			1.27			1.20			3.72			37




	15.68		6.09			179,223		1.02			0.94			4.21			1.20			1.12			4.03			27
	15.68		5.30			14,117		1.77			1.69			3.46			1.95			1.87			3.28			27
	15.68		5.30			5,838		1.77			1.69			3.46			1.95			1.87			3.28			27
	15.67		6.52			60,506		0.62			0.54			4.61			0.80			0.72			4.43			27
	15.76		5.95			337		1.12			1.04			4.11			1.30			1.22			3.93			27




	15.41		5.10			160,856		1.00			0.95			4.17			1.18			1.13			3.99			52
	15.41		4.32			15,143		1.75			1.70			3.44			1.93			1.88			3.26			52
	15.41		4.25			4,615		1.75			1.70			3.45			1.93			1.88			3.27			52
	15.40		5.45			57,696		0.60			0.55			4.58			0.78			0.73			4.40			52
	15.49		4.97			283		1.10			1.05			4.11			1.28			1.23			3.93			52

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

111

GOLDMAN SACHS NEW YORK AMT-FREE MUNICIPAL FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


				Income (loss) from
				investment operations
													Distributions
		Net asset											to shareholders
		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 SEPTEMBER 30, (UNAUDITED)


	2008 - A	$	9.81	$	0.16		$	(0.44	)	$	(0.28	)	$	(0.16	)
	2008 - C		9.81		0.12			(0.44	)		(0.32	)		(0.12	)
	2008 - Institutional		9.81		0.18			(0.43	)		(0.25	)		(0.18	)


FOR THE PERIOD NOVEMBER 1, 2007 TO MARCH 31, 2008*


	2008 - A		10.00		0.14			(0.19	)		(0.05	)		(0.14	)
	2008 - C		10.00		0.11			(0.19	)		(0.08	)		(0.11	)
	2008 - Institutional		10.00		0.15			(0.19	)		(0.04	)		(0.15	)


FOR THE YEARS ENDED OCTOBER 31,


	2007 - A		10.05		0.30	^(d)		(0.05	)		0.25			(0.30	)
	2007 - C		10.05		0.24	^(d)		(0.06	)		0.18			(0.23	)
	2007 - Institutional		10.05		0.33	^(d)		(0.04	)		0.29			(0.34	)




	2006 - A (commenced November 1, 2005)		10.00		0.28			0.09			0.37			(0.32	)
	2006 - C (commenced November 1, 2005)		10.00		0.21			0.08			0.29			(0.24	)
	2006 - Institutional (commenced November 1, 2005)		10.00		0.32			0.08			0.40			(0.35	)


*	The Fund changed its fiscal year end from October 31 to March 31.


(a)	Calculated based on the average shares outstanding methodology.

(b)


(c)	Annualized.


(d)	Includes non-recurring expense for a special shareholder proxy meeting which amounted to approximately $0.01 per share and approximately 0.10% of average net assets.

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

112

GOLDMAN SACHS NEW YORK AMT-FREE MUNICIPAL FUND


													Ratios assuming no
													expense reductions
										Ratio of						Ratio of
					Net assets		Ratio of			net investment			Ratio of			net investment
Net asset					at end of		net expenses			income			total expenses			income (loss)			Portfolio
value, end		Total			period		to average			to average			to average			to average			turnover
of period		return^(b)			(in 000s)		net assets			net assets			net assets			net assets			rate






$	9.37		(2.90	)%	$	20,450		0.86	%^(c)		3.24	%^(c)		1.37	%^(c)		2.73	%^(c)		3	%
	9.37		(3.27	)		719		1.61	^(c)		2.50	^(c)		2.12	^(c)		1.99	^(c)		3
	9.38		(2.63	)		22,239		0.52	^(c)		3.55	^(c)		1.03	^(c)		3.04	^(c)		3





	9.81		(0.54	)		20,105		0.85	^(c)		3.30	^(c)		1.81	^(c)		2.34	^(c)		15
	9.81		(0.85	)		423		1.60	^(c)		2.56	^(c)		2.56	^(c)		1.60	^(c)		15
	9.81		(0.40	)		10,846		0.51	^(c)		3.64	^(c)		1.47	^(c)		2.68	^(c)		15





	10.00		2.56			17,656		0.98	^(d)		3.03	^(d)		1.73	^(d)		2.28	^(d)		73
	10.00		1.78			159		1.73	^(d)		2.45	^(d)		2.48	^(d)		1.70	^(d)		73
	10.00		2.93			8,320		0.62	^(d)		3.34	^(d)		1.37	^(d)		2.61	^(d)		73




	10.05		3.74			13,268		0.83			2.90			2.81			0.92			10
	10.05		2.98			10		1.55			2.15			4.75			(1.04	)		10
	10.05		4.12			8,155		0.46			3.26			3.45			0.27			10

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

113

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


				Income (loss) from
				investment operations
												Distributions
		Net asset										to shareholders
		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 SEPTEMBER 30, (UNAUDITED)


	2008 - A	$	10.25	$	0.16	$	(0.13	)	$	0.03		$	(0.16	)
	2008 - B		10.24		0.13		(0.12	)		0.01			(0.13	)
	2008 - C		10.25		0.12		(0.13	)		(0.01	)		(0.12	)
	2008 - Institutional		10.25		0.18		(0.13	)		0.05			(0.18	)
	2008 - Service		10.24		0.15		(0.12	)		0.03			(0.15	)




FOR THE PERIOD NOVEMBER 1, 2007 TO MARCH 31, 2008*


	2008 - A		10.16		0.14		0.09			0.23			(0.14	)
	2008 - B		10.15		0.11		0.09			0.20			(0.11	)
	2008 - C		10.16		0.11		0.09			0.20			(0.11	)
	2008 - Institutional		10.16		0.15		0.09			0.24			(0.15	)
	2008 - Service		10.15		0.13		0.09			0.22			(0.13	)




FOR THE YEARS ENDED OCTOBER 31,


	2007 - A		10.20		0.33		(0.04	)		0.29			(0.33	)
	2007 - B		10.19		0.27		(0.04	)		0.23			(0.27	)
	2007 - C		10.20		0.26		(0.05	)		0.21			(0.25	)
	2007 - Institutional		10.19		0.37		(0.04	)		0.33			(0.36	)
	2007 - Service		10.19		0.32		(0.05	)		0.27			(0.31	)




	2006 - A		10.20		0.29		0.02			0.31			(0.31	)
	2006 - B		10.19		0.23		0.02			0.25			(0.25	)
	2006 - C		10.20		0.21		0.02			0.23			(0.23	)
	2006 - Institutional		10.19		0.33		0.02			0.35			(0.35	)
	2006 - Service		10.19		0.28		0.02			0.30			(0.30	)




	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	)


*	The Fund changed its fiscal year end from October 31 to March 31.


(a)	Calculated based on the average shares outstanding methodology.

(b)


(c)	Annualized.

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

114

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND


													Ratios assuming no
													expense reductions
										Ratio of						Ratio of
					Net assets		Ratio of			net investment			Ratio of			net investment
Net Asset					at end of		net expenses			income			total expenses			income			Portfolio
value, end		Total			period		to average			to average			to average			to average			turnover
of period		return^(b)			(in 000s)		net assets			net assets			net assets			net assets			rate




$	10.12		0.28	%	$	220,291		0.73	%^(c)		3.08	%^(c)		0.86	%^(c)		2.95	%^(c)		19	%
	10.12		0.07			511		1.33	^(c)		2.50	^(c)		1.61	^(c)		2.22	^(c)		19
	10.12		(0.10	)		9,424		1.48	^(c)		2.33	^(c)		1.61	^(c)		2.20	^(c)		19
	10.12		0.45			234,460		0.39	^(c)		3.42	^(c)		0.52	^(c)		3.29	^(c)		19
	10.12		0.29			51		0.89	^(c)		2.93	^(c)		1.02	^(c)		2.80	^(c)		19







	10.25		2.24			162,590		0.73	^(c)		3.21	^(c)		0.95	^(c)		2.99	^(c)		19
	10.24		1.99			633		1.33	^(c)		2.65	^(c)		1.70	^(c)		2.28	^(c)		19
	10.25		1.93			6,742		1.48	^(c)		2.48	^(c)		1.70	^(c)		2.26	^(c)		19
	10.25		2.39			192,500		0.39	^(c)		3.57	^(c)		0.61	^(c)		3.35	^(c)		19
	10.24		2.18			51		0.89	^(c)		3.06	^(c)		1.11	^(c)		2.84	^(c)		19







	10.16		2.86			126,888		0.75			3.27			0.89			3.13			52
	10.15		2.25			988		1.35			2.67			1.64			2.40			52
	10.16		2.10			4,549		1.50			2.54			1.64			2.40			52
	10.16		3.34			207,801		0.39			3.66			0.53			3.52			52
	10.15		2.72			50		0.89			3.14			1.03			3.00			52




	10.20		3.09			118,460		0.76			2.85			0.91			2.70			55
	10.19		2.48			1,884		1.36			2.25			1.66			1.95			55
	10.20		2.33			6,297		1.51			2.10			1.66			1.95			55
	10.19		3.48			200,543		0.39			3.23			0.54			3.07			55
	10.19		2.96			56		0.89			2.74			1.04			2.58			55




	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

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

115

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Fund Expenses — Six Month Period Ended September 30, 2008 (Unaudited)

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), contingent deferred sales charges (loads) on redemptions (with respect to Class B and Class C Shares), and redemption fees (with respect to Class A, Class B, Class C, Institutional and Service Shares, if any); 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 April 1, 2008 through September 30, 2008.

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.


	California AMT-Free Municipal Fund							High Yield Municipal Fund							Municipal Income Fund							New York AMT-Free Municipal Fund							Short Duration Tax-Free 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			Six Months Ended		Account Value		Account Value			Six Months Ended		Account Value		Account Value			Six Months Ended		Account Value		Account Value			Six Months Ended		Account Value		Account Value			Six Months Ended
Share Class	4/1/08		9/30/08			9/30/08*		4/1/08		9/30/08			9/30/08*		4/1/08		9/30/08			9/30/08*		4/1/08		9/30/08			9/30/08*		4/1/08		9/30/08			9/30/08*
Class A
Actual	$	1,000	$	975.60		$	4.31	$	1,000	$	933.30		$	4.36	$	1,000	$	963.20		$	4.33	$	1,000	$	971.00		$	4.30	$	1,000	$	1,002.80		$	3.61
Hypothetical 5% return		1,000		1,020.71	+		4.41		1,000		1,020.56	+		4.56		1,000		1,020.66	+		4.46		1,000		1,020.71	+		4.41		1,000		1,021.46	+		3.65

Class B
Actual									1,000		929.80			7.98		1,000		959.60			7.96									1,000		1,000.70			6.67
Hypothetical 5% return		N/A		N/A			N/A		1,000		1,016.80	+		8.34		1,000		1,016.95	+		8.19		N/A		N/A			N/A		1,000		1,018.40	+		6.73

Class C
Actual		1,000		973.00			7.96		1,000		929.80			7.98		1,000		960.30			7.96		1,000		967.30			7.99		1,000		999.00			7.37
Hypothetical 5% return		1,000		1,017.00	+		8.14		1,000		1,016.80	+		8.34		1,000		1,016.95	+		8.19		1,000		1,016.95	+		8.19		1,000		1,017.70	+		7.44

Institutional
Actual		1,000		978.30			2.63		1,000		934.90			2.72		1,000		964.80			2.66		1,000		973.70			2.62		1,000		1,004.50			1.96
Hypothetical 5% return		1,000		1,022.41	+		2.69		1,000		1,022.26	+		2.84		1,000		1,022.36	+		2.74		1,000		1,022.41	+		2.69		1,000		1,023.11	+		1.98

Service
Actual																1,000		962.70			5.17									1,000		1,002.90			4.47
Hypothetical 5% return		N/A		N/A			N/A		N/A		N/A			N/A		1,000		1,019.80	+		5.32		N/A		N/A			N/A		1,000		1,020.61	+		4.51

Expenses for each share class are calculated using the Funds’ annualized expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended September 30, 2008. Expenses are calculated by multiplying the annualized 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 calendar year. Expense ratios for the most recent fiscal half year may differ from expense ratios based on one-year data in the financial highlights. The annualized expense ratios for the period were as follows:


Fund	Class A			Class B		Class C			Institutional			Service

California AMT-Free Municipal		0.87	%		N/A		1.62	%		0.53	%		N/A
High Yield Municipal		0.90			1.65		1.65			0.56			N/A
Municipal Income		0.88			1.63		1.63			0.54			1.04
New York AMT-Free Municipal		0.87			N/A		1.62			0.53			N/A
Short Duration Tax-Free		0.73			1.33		1.48			0.39			0.89


+	Hypothetical expenses are based on each Fund’s actual annualized expense ratios and an assumed rate of return of 5% per year before expenses.

116

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreements (Unaudited)

Background

The Goldman Sachs California AMT-Free Municipal Fund, Goldman Sachs High Yield Municipal Fund, Goldman Sachs Municipal Income Fund, Goldman Sachs New York AMT-Free Municipal Fund and Goldman Sachs Short Duration Tax-Free Fund (the “Funds”) are investment portfolios of Goldman Sachs Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held during the year. In addition, the Board of Trustees determines annually whether to approve and continue the Trust’s investment management agreements (the “Management Agreements”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) with respect to the Funds.

The Management Agreements were most recently approved for continuation until June 30, 2009 by the Board of Trustees, including those Trustees who are not parties to the Management Agreements or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 18, 2008 (the “Annual Contract Meeting”).

To assist the Trustees in their deliberations at the Annual Contract Meeting, and in addition to the reviews of the Funds’ investment performance, expenses and other matters discussed at regularly scheduled Board meetings, the Trustees have established a Contract Review Committee (the “Committee”) whose members include all of the Independent Trustees. The Committee held meetings on December 12, 2007, February 6, 2008 and May 21, 2008. At those Committee meetings, the Independent Trustees considered matters relating to the Management Agreements including: (a) the nature and quality of the advisory, administrative and other services provided to the Funds by the Investment Adviser and its affiliates; (b) the Funds’ investment performance; (c) the Funds’ management fee arrangements; (d) the Investment Adviser’s undertakings to reimburse certain fees and expenses of the Funds that exceed specified levels and the estimated annualized savings realized by the Funds from those undertakings; (e) potential economies of scale and the levels of breakpoints in the fees payable by the Funds under the Management Agreements; (f) the relative expense levels of the Funds as compared to those of comparable funds; (g) data relating to the Investment Adviser’s profitability with respect to the Trust and each of the Funds; (h) the statutory and regulatory requirements applicable to the approval and continuation of mutual fund investment management agreements; (i) a summary of fee concessions by the Investment Adviser and its affiliates with respect to the Funds; (j) recently proposed changes to the expense cap arrangements and proposed amendments to the management fee schedules to further reduce the fee rates charged on assets above specified levels; (k) capacity issues relating to the Funds; (l) information on the advisory fees charged to institutional accounts by the Investment Adviser; (m) information on the processes followed by a third party mutual fund data provider engaged as part of the Trustees’ contract review (the “Outside Data Provider”) in producing investment performance and expense comparisons for the Funds; (n) the current pricing and profitability of the Funds’ transfer agent; and (o) the nature and quality of the services provided by the Funds’ unaffiliated service providers and reports on due diligence conducted by the Investment Adviser with respect to those service providers.

At the Annual Contract Meeting, the Trustees reviewed the matters that were considered at the Committee meetings and also considered additional matters including: (a) the quality of the Investment Adviser’s services; (b) the structure, staff and capabilities of the Investment Adviser and its portfolio management team; (c) the groups within the Investment Adviser that support the portfolio management team, including the legal and compliance departments, the credit department, the fund controllers group, the tax group, the product services group, the valuation oversight group, the risk management and analysis group, the business planning team and the technology group; (d) the Investment Adviser’s business continuity and disaster recovery planning; (e) the Investment Adviser’s financial resources and its ability to hire and retain talented personnel; (f) the fees received by the Investment Adviser’s affiliates from the Funds for transfer agency, distribution and other services; (g) the terms of the Management Agreements and agreements with other service providers entered into by the Trust on behalf of the Funds; (h) the administrative services provided under the Management Agreements, including the nature and extent of the Investment Adviser’s oversight of the Funds’ other service providers, including the custodian and fund accounting agent; (i) portfolio trading related issues; and (j) the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest. At the Annual Contract Meeting, the Trustees also considered further the Investment Adviser’s profitability with respect to the Trust and each Fund, and each Fund’s investment performance, fees and expenses, including each Fund’s expense trends over time and existing and proposed breakpoints in the fee rates payable under the Management Agreements.

In connection with the Committee meetings and the Annual Contract Meeting, the Trustees received written materials and oral presentations on the topics covered, and were advised by their independent legal counsel regarding their responsibilities under applicable law. Also, in conjunction with these meetings, the Trustees attended sessions at which they reviewed information regarding the Funds’ assets, sales and redemptions, and the payment of Rule 12b-1 distribution and

117

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreements (Unaudited) (continued)

service fees by the Funds and the payment of non-Rule 12b-1 shareholder service and administration fees by certain of the Funds’ Service Shares.

Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Adviser and its affiliates to intermediaries that promote the sale, distribution and/or servicing of Fund shares; portfolio manager ownership of Fund shares; portfolio manager compensation, the alignment of the interests of the Funds and the portfolio managers and related potential conflicts of interest; the number and types of accounts managed by the portfolio managers; and other matters. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.

The presentations made at the Committee meetings and at the Annual Contract Meeting encompassed the Funds and other mutual fund portfolios for which the Board of Trustees has responsibility. While the management agreements for all of the Funds and the other mutual fund portfolios for which the Trustees have responsibility were considered at the same Annual Contract Meeting, the Trustees separately considered the Management Agreements as they applied to each Fund.

In evaluating the Management Agreements at the Annual Contract Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser, its affiliates, their services and the Funds. At those meetings the Trustees received materials relating to the Investment Adviser’s investment management and other services provided under the Management Agreements, including: (a) information on the investment performance of the Funds in comparison to the performance of similar mutual funds and benchmark performance indices; (b) general investment outlooks in the markets in which the Funds invest; (c) compliance reports; and (d) expenses borne by the Funds. In addition, the Trustees were provided with copies of disclosure materials regarding the Funds and their expenses, as well as information on the Funds’ competitive universe and discussed the broad range of other investment choices that are available to Fund investors.

Nature, Extent and Quality of the Services Provided Under the Management Agreements

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 are provided to the Funds by the Investment Adviser and its affiliates. The Trustees concluded that the Investment Adviser was both able to commit substantial financial and other resources to the operations of the Funds and had continued to commit those resources in multiple areas including portfolio management, trading, technology, human resources, tax, treasury, legal, compliance, vendor oversight and risk management. The Independent Trustees also believed that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser, including the implementation and enhancement of compliance systems and education and training initiatives.

Investment Performance

The Independent Trustees also considered the investment performance of the Funds and the Investment Adviser. In this regard, they compared the investment performance of each Fund to the performance of other similar SEC-registered funds and to rankings and ratings compiled by the Outside Data Provider. The Independent Trustees also reviewed each Fund’s investment performance relative to its performance benchmark. This information on each Fund’s investment performance was provided for the one-, three-, five- and ten-year periods ended December 31, 2007, to the extent that each Fund had been in existence for those periods. In addition, they considered the investment performance trends of the Funds over time, and reviewed the investment performance of each Fund in light of its investment objective and policies, credit and duration parameters, as well as in light of periodic analyses of its quality and risk profile. The Independent Trustees considered whether each Fund had operated within its investment policies, and had complied with its investment limitations. In connection with the High Yield Municipal Fund’s recent performance, the Trustees took note of the market events and liquidity issues that had occurred in the municipal high yield market during 2007. They also noted the Investment Adviser’s responses to these events. The Trustees concluded that the Investment Adviser was reacting to market events and the Fund’s performance in a responsible manner. With respect to the other Funds, the Trustees believed that each of those Funds had provided investment performance within a competitive range for long-term investors. The Trustees believed that the Investment Adviser’s continued management would benefit each Fund and its shareholders.

Costs of Services Provided and Competitive Information

The Independent Trustees considered the contractual fee rates payable by each Fund under the Management Agreements. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the

118

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreements (Unaudited) (continued)

Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as registered mutual funds.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds. The analyses provided a comparison of the Funds’ management fees and breakpoints to relevant peer groups and category universes; an expense analysis which compared each Fund’s expenses to a peer group and a category universe; and a five-year history (or, in the case of Funds that commenced investment operations within a shorter period, since the year in which it commenced operations), comparing each Fund’s expenses to the category averages. The analyses also compared each Fund’s transfer agency fees, custody and accounting fees, distribution fees, other expenses and fee waivers/reimbursements to those of other funds in the peer groups and peer group medians. The Independent Trustees believed that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.

In addition, the Independent Trustees considered the Investment Adviser’s voluntary undertakings to limit the Funds’ “other expenses” ratios (excluding certain expenses) to certain specified levels and to waive a portion of its management fee payable by the Short Duration Tax-Free and Municipal Income Funds, and the voluntary undertaking of Goldman, Sachs & Co. (“Goldman Sachs”) to waive a portion of the Rule 12b-1 fees payable by the Short Duration Tax-Free Fund’s Class B Shares. They also considered comparative fee information for services provided by the Investment Adviser to institutional accounts and information that indicated that services provided to the Funds differed in various significant respects from the services provided to institutional accounts, which generally required fewer services from the Investment Adviser, were less time-intensive and paid lower fees.

The Independent Trustees noted the competitive nature of the mutual fund marketplace, and that many of the Funds’ shareholders invested in the Funds in part because of the Funds’ relationship with the Investment Adviser and have a general expectation that the relationship will continue. They also noted that shareholders may be able to redeem their Fund shares if they believe that the Fund fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

Profitability

The Independent Trustees reviewed the Investment Adviser’s revenues and pre-tax profit margins with respect to the Trust and each of the Funds. In this regard the Independent Trustees reviewed, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and expense allocation methodologies, as well as the report of an independent registered public accounting firm regarding the mathematical accuracy and conformity to the Investment Adviser’s allocation methodologies of the Investment Adviser’s schedule of revenues and expenses. Profitability data for the Trust and each Fund were provided for 2007 and 2006, and the Independent Trustees considered this information in relation to the Investment Adviser’s overall profitability. The Independent Trustees considered the Investment Adviser’s revenues and pre-tax profit margins both in absolute terms and in comparison to information on the reported pre-tax profit margins earned by certain other asset management firms.

Economies of Scale

The Independent Trustees also considered the breakpoints in the fee rate payable under the Management Agreements for each of the Funds at the following annual percentages of the average daily net assets of the Funds:


	California AMT-Free			High Yield		Municipal		New York AMT-Free		Short Duration
	Municipal			Municipal		Income		Municipal		Tax-Free
	Fund			Fund		Fund		Fund		Fund

First $1 billion		0.45	%		0.55%		0.55%		0.45%		0.40%
Next $1 billion		0.41	%		0.55%		0.50%		0.41%		0.36%
Next $3 billion		0.39	%		0.50%		0.48%		0.39%		0.34%
Next $3 billion		0.38	%		0.48%		0.47%		0.38%		0.33%
Over $8 billion		0.37	%		0.47%		0.46%		0.37%		0.32%

The breakpoints at the $5 and $8 billion asset levels were considered by the Independent Trustees at the May Committee meeting and were approved by the Trustees at the Annual Contract Meeting. These additional breakpoints had been proposed by the Investment Adviser to further share potential economies of scale, if any, with the Funds and their shareholders as assets under management reach those asset levels. In approving these fee breakpoints, the Independent

119

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreements (Unaudited) (continued)

Trustees considered the Investment Adviser’s potential economies of scale in managing each Fund, and whether the Funds and their shareholders were participating in the benefits of those economies. In this regard, the Independent Trustees considered the amounts of assets in the Funds; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and the profits realized by them; information comparing fee rates charged by the Investment Adviser with fee rates charged by other, unaffiliated investment managers to other mutual funds; and the Investment Adviser’s voluntary undertakings to limit fees and “other expenses” to certain amounts. Upon reviewing these matters at the Annual Contract Meeting in 2008, the Independent Trustees concluded that the fee breakpoints represented a means of ensuring that benefits of scalability would be passed along to shareholders at the specified asset levels.

Other Benefits to the Investment Adviser and Its Affiliates

The Independent Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationship with the Funds as stated above, including: (a) transfer agency fees received by Goldman Sachs; (b) futures commissions earned by Goldman Sachs for executing futures transactions on behalf of the Funds; (c) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (d) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (e) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (f) Goldman Sachs’ retention of certain fees as Fund Distributor; and (g) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds.

Other Benefits to the Funds and Their Shareholders

The Independent Trustees also noted that the Funds receive certain other benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) improved servicing and pricing from vendors because of the volume of business generated by the Investment Adviser and its affiliates; (c) improved servicing and pricing from broker-dealers because of the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser’s ability to negotiate favorably with derivatives counterparties as a result of the size and reputation of the Goldman Sachs organization; (e) the advantage received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; and (f) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization.

Conclusion

In connection with their consideration of the Management Agreements, the Independent Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Independent Trustees concluded, in the exercise of their business judgment, that the management fees paid by each of the Funds were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s current and reasonably foreseeable asset levels, and that the Management Agreements should be approved and continued with respect to each Fund until June 30, 2009.

120

FUNDS PROFILE

Goldman Sachs Funds

Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.

Today, the Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With portfolio management teams located around the world — and $773.2 billion in assets under management as of June 30, 2008 — our investment professionals bring firsthand knowledge of local markets to every investment decision, making us one of the few truly global asset managers.

GOLDMAN SACHS FUNDS

In building a globally diversified portfolio, you can select from more than 80 Goldman Sachs Funds and gain access to investment opportunities across borders, investment styles, asset classes and security capitalizations.


Money Market¹ Fixed Income §n Enhanced Income Fund §n Ultra-Short Duration Government Fund §n Short Duration Government Fund §n Short Duration Tax-Free Fund §n California AMT-Free Municipal Fund §n New York AMT-Free Municipal Fund §n Municipal Income Fund §n Government Income Fund §n Inflation Protected Securities Fund §n U.S. Mortgages Fund §n Core Fixed Income Fund §n Core Plus Fixed Income Fund §n Investment Grade Credit Fund §n Global Income Fund §n High Yield Municipal Fund §n High Yield Fund §n Emerging Markets Debt Fund §n Local Emerging Markets Debt Fund		Domestic Equity §n Balanced Fund §n Growth and Income Fund §n Structured Large Cap Value Fund §n Large Cap Value Fund §n Structured U.S. Equity Fund §n Structured U.S. Equity Flex Fund §n Structured Large Cap Growth Fund §n Capital Growth Fund §n Strategic Growth Fund §n All Cap Growth Fund §n Concentrated Growth Fund §n Tollkeeper Fund^SM§n Mid Cap Value Fund §n Growth Opportunities Fund §n Small/Mid Cap Growth Fund §n Structured Small Cap Equity Fund §n Structured Small Cap Value Fund §n Structured Small Cap Growth Fund §n Small Cap Value Fund Fund of Funds²§n Asset Allocation Portfolios §n Income Strategies Portfolio §n Satellite Strategies Portfolio §n Enhanced Dividend Global Equity Portfolio §n Tax-Advantaged Global Equity Portfolio		Retirement Strategies² International Equity §n Structured International Equity Fund §n Structured International Equity Flex Fund §n Strategic International Equity Fund §n Concentrated International Equity Fund §n Structured International Small Cap Fund §n International Small Cap Fund §n Asia Equity Fund §n Structured Emerging Markets Equity Fund §n Emerging Markets Equity Fund §n Concentrated Emerging Markets Equity Fund §n BRIC Fund (Brazil, Russia, India, China) Specialty²§n U.S. Equity Dividend and Premium Fund §n International Equity Dividend and Premium Fund §n Structured Tax-Managed Equity Fund §n Structured International Tax-Managed Equity Fund §n Real Estate Securities Fund §n International Real Estate Securities Fund §n Commodity Strategy Fund §n Absolute Return Tracker Fund


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	Individual Funds within the Fund of Funds, Retirement Strategies and Specialty categories will have various placement on the risk/return spectrum and may have greater or lesser risk than that indicated by the placement of the general Fund of Funds, Retirement Strategies or Specialty category.

The Goldman Sachs Tollkeeper Fund^SM is a registered service mark of Goldman, Sachs & Co.


TRUSTEES Ashok N. Bakhru, Chairman John P. Coblentz, Jr. Diana M. Daniels Patrick T. Harker James A. McNamara Jessica Palmer Alan A. Shuch Richard P. Strubel		OFFICERS James A. McNamara, President John M. Perlowski, Senior Vice President and Treasurer Peter V. Bonanno, Secretary


GOLDMAN, SACHS & CO. Distributor and Transfer Agent		GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

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Visit our Web site at www.goldmansachsfunds.com to obtain the most recent month-end returns.

Goldman Sachs Asset Management, L.P. 32 Old Slip, 32nd Floor, New York, New York 10005

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. The Funds’ Forms 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 also 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).

IRS Circular 230 Disclosure: Goldman Sachs does not provide legal, tax or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters is not intended or written to be used, and cannot be used, for the purpose of avoiding penalties imposed on the relevant taxpayer. Clients of Goldman Sachs should obtain their own independent tax advice based on their particular circumstances.

Holdings and allocations shown may not be representative of current or future investments. Holdings and allocations may not include the Funds’ 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.


ITEM 2.		CODE OF ETHICS.

	(a)		The information required by this Item is only required in an annual report on this Form N-CSR.

	(b)		During the period covered by this report, no amendments were made to the provisions of the Code of Ethics.

	(c)		During the period covered by this report, the registrant did not grant any waivers, including an implicit waiver, from any provision of the Code of Ethics.

	(d)		A copy of the Code of Ethics is available as provided in Item 12(a)(1) of this report.


ITEM 3.		AUDIT COMMITTEE FINANCIAL EXPERT.

The information required by this Item is only required in an annual report on this Form N-CSR.


ITEM 4.		PRINCIPAL ACCOUNTANT FEES AND SERVICES.

The information required by this Item is only required in an annual report on this Form N-CSR.


ITEM 5.		AUDIT COMMITTEE OF LISTED REGISTRANTS.

		The information required by this Item is only required in an annual report on this Form N-CSR.


ITEM 6.		SCHEDULE OF INVESTMENTS.

		The Schedule of Investments is included as part of the Semi-Annual Report to Stockholders filed under Item 1 of this Form N-CSR.


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 have materially affected, or are 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, as amended, and the Investment Company Act of 1940, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


				Goldman Sachs Trust

By:				/s/ James A. McNamara

				James A. McNamara
				President/Principal Executive Officer
				Goldman Sachs Trust

Date:				December 5, 2008

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, 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/ James A. McNamara

				James A. McNamara
				President/Principal Executive Officer
				Goldman Sachs Trust

Date:				December 5, 2008

By:				/s/ John M. Perlowski

				John M. Perlowski
				Treasurer/Principal Financial Officer
				Goldman Sachs Trust

Date:				December 5, 2008

Goldman Sachs High Yield Instl (GSHIX) N-CSRSCertified semi-annual shareholder report (management investment company)