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: December 31

Date of reporting period: September 30, 2009


ITEM 1.		REPORTS TO STOCKHOLDERS.

		The Semi-Annual Report to Stockholders is filed herewith.

Goldman Sachs Funds



Semi-Annual Report			September 30, 2009



			Municipal Fixed Income Funds
			High Yield Municipal
			Municipal Income
			Short Duration Tax-Free

Goldman Sachs Municipal Fixed Income Funds


n	GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

n	GOLDMAN SACHS MUNICIPAL INCOME FUND

n	GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

TABLE OF CONTENTS


Principal Investment Strategies and Risks		1
Investment Process		2
Market Review		3
Portfolio Management Discussions and Performance Summaries		5
Schedules of Investments		15
Financial Statements		60
Notes to the Financial Statements		64
Financial Highlights		78
Other Information		84


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 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.

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.

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 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

MARKET OVERVIEW

Goldman Sachs Municipal Fixed Income Funds

Market Review

The municipal bond market rallied during the six months ended September 30, 2009 (the “reporting period”). As prices rose, municipal bonds, as measured by the Barclays Capital Aggregate Municipal Bond Index, outperformed the taxable bond market, as measured by the Barclays Capital U.S. Aggregate Bond Index, and gradually moved back into equilibrium with Treasury securities. At the end of September, the municipal-to-Treasury yield ratio was below 100% across all maturities, having moved toward its historical average. Longer maturities, however, appeared slightly “cheap” relative to their long-term average ratios.

A significant factor driving long-term rates was the Build America Bond (“BAB”) program, which was introduced as part of the federal government’s fiscal stimulus package. BABs can be issued as taxable securities, allowing states and municipalities to offer a higher yield to investors and potentially attract the interest of non-traditional buyers, such as institutions and foreign investors. At the same time, issuers receive a 35% federal rebate on the interest they pay bondholders. BABs have been a very successful mode of debt issuance for issuers to date, resulting in savings of up to 100 basis points (or 1%). In other words, states and municipalities — which are grappling with budgetary shortfalls as a result of decreasing tax revenues — have been able to reduce their financing costs. According to some market participants, they believe the BAB program could reach $75 billion to $150 billion of total issuance by the end of 2010. If so, it would remove an extremely meaningful amount of supply from the tax-exempt market, which typically absorbs $350 billion to $400 billion of new paper every year.

Indeed, BAB issuance already reduced tax-exempt supply during the reporting period, bolstering prices and driving down yields, particularly in the longer maturities. Remember, bond yields typically move in the opposite direction of bond prices. The municipal yield curve, or spectrum of maturities, flattened over the course of the period, meaning that the difference in yields between shorter-term and longer-term municipal securities narrowed. At the same time, however, the municipal yield curve remained steep relative to long-term averages.

High Yield Municipal Market

Lower quality bonds outperformed higher quality bonds during the reporting period, as spreads, or the difference in yields between securities, tightened across the credit spectrum. For example, spreads between high yield and investment grade municipal bonds tightened 1.92% during the reporting period, largely because of improved liquidity and investors’ growing risk appetite. However, they remained abnormally wide — at 4.52% at the end of the reporting period — relative to the historical average of 2.00% to 2.50%. Notably, spreads also tightened between BBB-rated municipal bonds and AAA-rated municipal bonds within the investment grade spectrum.

Defaults within the high yield segment of the municipal market increased, but remained low relative to other asset classes.

MARKET OVERVIEW

Looking Ahead

We expect the municipal bond market to continue its recovery. The widespread forced selling that characterized the market during 2008 has ended. We believe that demand is likely to outstrip supply as long as states and municipalities keep issuing BABs. For these reasons, and because inflation appears to be under control, we anticipate that municipal bonds will perform well relative to Treasuries in the months ahead.

Importantly, most municipal bond sectors have weathered the U.S. economic slowdown without broad credit fundamental deterioration, a trend we expect to continue. Nevertheless, state and municipal governments face tough decisions. To balance their budgets, we believe many will have to cut spending and/or raise taxes and fees. We also believe that they must also be proactive with the federal stimulus dollars they receive. We believe most will take appropriate action and, consequently, we do not anticipate widespread defaults, although there may be some scattered credit issues over the next several months.

PORTFOLIO RESULTS

High Yield Municipal Fund

Investment Objective

The Fund seeks a high level of current income that is exempt from regular federal income tax and may also consider the potential for capital appreciation.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Municipal Fixed Income Investment Management Team discusses the Fund’s performance and positioning for the six months ended September 30, 2009.


Q	How did the Goldman Sachs High Yield Municipal Fund (the “Fund”) perform during the semi-annual period ended September 30, 2009?

A	During the six-month reporting period ended September 30, 2009, the Fund’s Class A, B, C and Institutional Shares generated cumulative total returns, without sales charges, of 25.85%, 25.39%, 25.39% and 26.06%, respectively. These returns compare to the 17.64% cumulative total return of the Fund’s benchmark, the Goldman Sachs High Yield Municipal Fund Composite Index (“High Yield Municipal Composite”), during the same time period.

The High Yield Municipal Composite is comprised 40% of the Barclays Capital Aggregate Municipal Bond Index (with dividends reinvested) and 60% of the Barclays Capital High Yield Municipal Bond Index (with dividends reinvested) which generated cumulative total returns of 9.38% and 23.33%, respectively, during the same time period.


Q	What key factors were responsible for the Fund’s performance during the six-month reporting period?

A	Individual issue selection contributed most to the Fund’s relative performance during the reporting period. The Fund’s slightly long duration bias also added value.

Q	Which municipal bond market sectors most significantly affected Fund performance?

A	The Fund benefited from overweighted positions in airline and tobacco municipal bonds, which posted the strongest returns in the Barclays Capital High Yield Municipal Bond Index during the reporting period. These results were only partially offset by the Fund’s exposure to certain special assessment credits, which are not represented in the Barclays Capital High Yield Municipal Bond Index.

Q	How did duration and yield curve positioning decisions affect the Fund’s performance?

A	Because rates rallied, the Fund’s slightly long duration position compared to its benchmark indices contributed to its relative results. Duration is a measure of the Fund’s sensitivity to changes in interest rates. The Fund was also modestly overweighted in the long-term end of the yield curve, or spectrum of maturities, specifically in 20- to 30-year maturities. This yield curve positioning strategy helped performance, as longer maturities outperformed shorter maturities during the reporting period.

Q	What changes did you make in the Fund’s weightings and investments during the reporting period?

A	We decreased the Fund’s exposure to special assessment bonds and rotated into what we considered more favorable risk/return opportunities in the health care sector. We also purchased state and local debt as well as select corporate bonds, especially within the utilities sector, at attractive prices.

Q	What is the Fund’s tactical view and strategy for the months ahead?

A	We intend to maintain our unconstrained approach in which we focus on seeking attractive risk/return opportunities across all maturities along the municipal bond yield curve and inclusive of all credit qualities. We further intend to target a neutral duration within the Fund relative to the Barclays Capital High Yield Municipal Bond Index over the near term.

FUND BASICS

High Yield Municipal Fund

as of September 30, 2009

PERFORMANCE REVIEW


				Barclays			Barclays			Goldman
				Capital			Capital			Sachs			30-Day
	Fund			High Yield			Aggregate			High Yield			Taxable			30-Day
April 1, 2009–	Total Return			Municipal			Municipal			Municipal			Equivalent			Standardized
Sept. 30, 2009	(based on NAV)¹			Bond Index²			Bond Index³			Composite⁴			Yield⁵			Yield⁶


Class A		25.85	%		23.33	%		9.38	%		17.64	%		8.00	%		5.20	%
Class B		25.39			23.33			9.38			17.64			7.28			4.73
Class C		25.39			23.33			9.38			17.64			7.28			4.73
Institutional		26.06			23.33			9.38			17.64			8.89			5.78


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 Barclays Capital 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 index.
³	The Barclays Capital 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 index.
⁴	The Goldman Sachs High Yield Municipal Composite is comprised of the Barclays Capital Aggregate Municipal Bond Index (40%) and the Barclays Capital High Yield Municipal Bond Index (60%). It is not possible to invest directly in an 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 2009 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 9/30/09	One Year			Five Years			Since Inception			Inception Date


Class A		-2.11	%		-0.54	%		3.19	%		4/3/00
Class B		-3.33			-0.78			2.92			4/3/00
Class C		0.74			-0.38			2.92			4/3/00
Institutional		2.87			0.73			4.09			4/3/00

⁷

The Standardized Average Annual 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 Average Annual 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.

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 fee waivers and/or 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.

EXPENSE RATIOS⁸


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


Class A		0.91	%		0.93	%
Class B		1.66			1.68
Class C		1.66			1.68
Institutional		0.57			0.59

⁸

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.

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

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Municipal Fixed Income Investment Management Team discusses the Fund’s performance and positioning for the six months ended September 30, 2009.


Q	How did the Goldman Sachs Municipal Income Fund (the “Fund”) perform during the semi-annual period ended September 30, 2009?

A	During the six-month reporting period ended September 30, 2009, the Fund’s Class A, B, C, Institutional and Service Shares generated cumulative total returns, without sales charges, of 15.13%, 14.62%, 14.62%, 15.25% and 14.87%, respectively. These returns compare to the 9.38% cumulative total return of the Fund’s benchmark, the Barclays Capital Aggregate Municipal Bond Index (the “Barclays Index”), during the same time period.

Q	What key factors were responsible for the Fund’s performance during the six-month reporting period?

A	The Fund’s overweighted allocation to BBB-rated securities compared to the Barclays Index added to returns, as lower-quality issues outperformed higher-quality issues during the reporting period. The Fund’s slightly long duration position also contributed to relative performance.

Q	Which municipal bond market sectors most significantly affected Fund performance?

A	An overweighted allocation to hospital bonds enhanced the Fund’s results, as that sector outperformed the Barclays Index during the reporting period. Likewise, the Fund’s modestly overweighted position to BBB-rated tobacco bonds added positively to its relative performance, as the tobacco sector performed strongly during the six-month reporting period. However, the Fund’s underweighted position in state general obligation bonds detracted from performance as did security selection within the housing sector. Also hampering Fund results particularly during the second quarter were certain California zero-coupon bonds, which declined on credit concerns and headlines about the state’s budget and cash crisis.

Q	How did duration and yield curve positioning decisions affect the Fund’s performance?

A	Because interest rates rallied across the municipal yield curve, or spectrum of maturities, the Fund’s slightly long duration position modestly contributed positively to its relative performance. Duration is a measure of the Fund’s sensitivity to changes in interest rates. The Fund was also overweighted in the long-term end of the yield curve, specifically in bonds with maturities of 22 years or more. Such yield curve positioning added to the Fund’s results, as longer maturities outperformed shorter maturities during the reporting period.

Q	What changes did you make in the Fund’s weightings and investments during the reporting period?

A	We decreased the Fund’s exposure to pre-refunded bonds, taking profits as yields declined. Pre-refunded bonds, also known as advance refunding bonds, have a procedure in which the bond issuer floats a second bond at a lower interest rate, and the proceeds from the sale of the second bond are invested, usually in Treasury securities, which in turn, are held in escrow collateralizing the first bond. Advance refunding bonds no longer represent the credit risk profile of the original borrower, and given the high credit quality of the escrow account they often increase in value — sometimes significantly.

At the beginning of the reporting period, we purchased tobacco bonds at relatively cheap prices and increased the Fund’s exposure to corporate bonds because of their attractive yields.


Q	What is the Fund’s tactical view and strategy for the months ahead?

A	We intend to continue managing the Fund to seek opportunities along the entire municipal bond yield curve and across the spectrum of investment grade credits. We further intend to target a neutral duration within the Fund relative to the Barclays Index over the near term.

FUND BASICS

Municipal Income Fund

as of September 30, 2009

PERFORMANCE REVIEW


				Barclays Capital						30–Day
April 1, 2009–	Fund Total Return			Aggregate Municipal			30–Day Taxable			Standardized
Sept. 30, 2009	(based on NAV)¹			Bond Index²			Equivalent Yield³			Yield⁴


Class A		15.13	%		9.38	%		5.48	%		3.56	%
Class B		14.62			9.38			4.57			2.97
Class C		14.62			9.38			4.55			2.96
Institutional		15.25			9.38			6.20			4.03
Service		14.87			9.38			5.45			3.54


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 Barclays Capital 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 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 2009 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 9/30/09	One Year			Five Years			Ten Years			Since Inception			Inception Date


Class A		10.11	%		2.81	%		4.49	%		4.69	%	7/20/93
Class B		8.37			2.41			4.11			4.24		5/1/96
Class C		12.45			2.82			4.10			3.79		8/15/97
Institutional		14.73			3.96			5.28			4.96		8/15/97
Service		14.08			3.42			4.79			4.47		8/15/97

⁵

The Standardized Average Annual 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 3.75% 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). Effective July 29, 2009, the maximum sales charge for Class A was changed retroactively from 4.50% to the current charge of 3.75% for Class A shares. As a result, the Standardized Average Total Returns reflect the updated sales charge for Class A since inception. Because Institutional and Service Shares do not involve a sales charge, such a charge is not applied to their Standardized Average Annual 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.

FUND BASICS

EXPENSE RATIOS⁷


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


Class A		0.88	%		0.98	%
Class B		1.63			1.73
Class C		1.63			1.73
Institutional		0.54			0.64
Service		1.04			1.14

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

Short Duration Tax-Free Fund

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Municipal Fixed Income Investment Management Team discusses the Fund’s performance and positioning for the six months ended September 30, 2009.


Q	How did the Goldman Sachs Short Duration Tax-Free Fund (the “Fund”) perform during the semi-annual period ended September 30, 2009?

A	During the six-month reporting period ended September 30, 2009, the Fund’s Class A, B, C, Institutional and Service Shares generated cumulative total returns, without sales charges of 3.14%, 2.93%, 2.75%, 3.32%, 3.15%, respectively. These returns compare to the 1.86% cumulative total return of the Fund’s benchmark, the Barclays Capital 1-3 Year Municipal Bond Index (with dividends reinvested) (the “Barclays Index”), during the same time period.

Q	What key factors were responsible for the Fund’s performance during the six-month reporting period?

A	The Fund’s overweighted position in BBB-rated securities relative to the Barclays Index added to returns, as lower-quality issues outperformed higher-quality issues during the reporting period.

Q	Which municipal bond market sectors most significantly affected Fund performance?

A	An underweighted allocation to pre-refunded bonds compared to the Barclays Index added the most to the Fund’s relative returns. Pre-refunded bonds underperformed every other sector in the Barclays Index during the reporting period. Pre-refunded bonds, also known as advance refunding bonds, have a procedure in which the bond issuer floats a second bond at a lower interest rate, and the proceeds from the sale of the second bond are invested, usually in Treasury securities, which in turn, are held in escrow collateralizing the first bond. Advance refunding bonds no longer represent the credit risk profile of the original borrower, and given the high credit quality of the escrow account they often increase in value — sometimes significantly.

Q	How did duration and yield curve positioning decisions affect the Fund’s performance?

A	The Fund’s modestly long duration position relative to the Barclays Index boosted its returns, as interest rates declined as much as a half-percent during the reporting period on municipal bonds with maturities of five years and less. Duration is a measure of the Fund’s sensitivity to changes in interest rates.

As longer maturities outperformed shorter maturities during the reporting period, the Fund benefited from its yield curve positioning overall, which was barbelled relative to the Barclays Index. Barbelling balances investments in short-term maturities with investments in longer-term maturities. The Fund’s exposure to longer-term maturities contributed positively to relative returns.

However, detracting from Fund results were its investments in municipal bonds with maturities of less than one year, which experienced less price appreciation than other maturities and provided little yield.


Q	What changes did you make in the Fund’s weightings and investments during the reporting period?

A	We reduced the Fund’s exposure to pre-refunded bonds, given how expensive they had become. In addition, we increased exposure to agency debentures, which offered higher after-tax yields than short-term municipal bonds. We also took advantage of attractive yields among general obligation bonds, particularly within California, in the form of commercial paper, revenue anticipation notes and daily bonds (which have interest rates that reset daily).

Q	What is the Fund’s tactical view and strategy for the months ahead?

A	We intend to continue managing the Fund to seek opportunities in the short-term end of the municipal bond yield curve, including investment grade credits. We further intend to target a neutral duration within the Fund relative to the Barclays Index over the near term.

FUND BASICS

Short Duration Tax-Free Fund

as of September 30, 2009

PERFORMANCE REVIEW


				Barclays Capital						30-Day
April 1, 2009–	Fund Total Return			1-3 Year Municipal			30-Day Taxable			Standardized
Sept. 30, 2009	(based on NAV)¹			Bond Index²			Equivalent Yield³			Yield⁴


Class A		3.14	%		1.86	%		2.37	%		1.54	%
Class B		2.93			1.86			1.51			0.98
Class C		2.75			1.86			1.26			0.82
Institutional		3.32			1.86			2.92			1.90
Service		3.15			1.86			2.17			1.41


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 Barclays Capital 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 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 2009 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 9/30/09	One Year			Five Years			Ten Years			Since Inception			Inception Date


Class A		4.42	%		2.71	%		3.19	%		3.33	%	5/1/97
Class B		3.29			2.43			2.73			2.84		5/1/97
Class C		4.15			2.25			2.57			2.59		8/15/97
Institutional		6.33			3.41			3.73			3.93		10/1/92
Service		5.79			2.90			3.23			3.46		9/20/94

⁵

The Standardized Average Annual 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 1.5% for Class A Shares, the assumed contingent deferred sales charge for Class B Shares (2% maximum declining to 0% after three years) and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Effective July 29, 2009, the maximum sales charge for Class A was changed retroactively from 2.0% to the current charge of 1.5% for Class A shares. As a result, the Standardized Average Total Returns reflect the updated sales charge for Class A since inception. Because Institutional and Service Shares do not involve a sales charge, such a charge is not applied to their Standardized Average Annual Total Returns.

FUND BASICS

EXPENSE RATIOS⁶


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


Class A		0.73	%		0.85	%
Class B		1.33			1.60
Class C		1.48			1.60
Institutional		0.39			0.51
Service		0.89			1.01

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 HIGH YIELD MUNICIPAL FUND

Schedule of Investments

September 30, 2009 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

State-Specific Municipal Debt Obligations – 92.4%


	Alabama – 2.6%
	Alabama Special Care Facilities Financing Authority RB for Birmingham Ascension Health Series 2009 C-1 (AA)^(a)(b)(c)
	$	6,875,000		13.740	%		11/03/16	$	8,535,656
	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		3,326,787
		4,425,000		5.500			12/01/21		4,148,482
		5,775,000		5.625			12/01/26		5,206,798
		16,155,000		5.750			12/01/36		13,834,980
	Birmingham Baptist Medical Centers Special Care Facilities Financing Authority RB for Baptist Health Systems, Inc. Series 2005 A (Baa2)
		10,355,000		5.000			11/15/30		8,968,051
	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		4,474,950
	Courtland Industrial Development Board Environmental Improvement RB Refunding for International Paper Co. Series 2003 B (AMT) (BBB/Baa3)
		2,000,000		6.250			08/01/25		2,020,040
	Jefferson County Alabama RB Limited Obligation School Warrants Series 2004 (FSA-CR) (AAA/Aa3)
		3,810,000		5.500			01/01/22		3,720,199
	Sylacauga Health Care Authority RB for Coosa Valley Medical Center Series 2005 A (GO OF AUTH)
		5,445,000		5.375			08/01/15		5,146,396
		7,600,000		6.000			08/01/25		6,553,176
		5,000,000		6.000			08/01/35		3,959,450
	Tuscaloosa Educational Building Authority RB for Stillman College Project Series 2007 A (BBB-)
		14,465,000		5.250			06/01/37		11,416,067
	Tuskegee City of Alabama GO Bonds Series 2007 (ACA)
		300,000		4.400			01/01/22		223,566
		500,000		4.625			01/01/27		353,805
		500,000		4.625			01/01/32		344,735
	University of Alabama at Birmingham Hospital RB Series 2006 A (A+/A1)
		2,785,000		5.000			09/01/41		2,776,395

									85,009,533


	Arizona – 2.8%
	Arizona Health Facilities Authority RB for Phoenix Children’s Hospital Series 2007 A^(c)(h)
		63,720,000		1.400			02/02/15		54,402,224
	Gila County IDA RB Refunding for Environmental Asarco, Inc. Series 1998^(d)
		6,750,000		5.550			01/01/27		8,573,985
	Maricopa County Arizona Pollution Control Corp. PCRB Refunding for Arizona Public Service Co. Series 2009 E (BBB-/Baa2)^(c)
		6,000,000		6.000			05/01/14		6,408,840


	Maricopa County Arizona Pollution Control Corp. PCRB Refunding for El Paso Electric Co. Project Series 2009 A (BBB/Baa2)
		8,800,000		7.250			02/01/40		10,062,536
	Navajo County Arizona Pollution Control Corp. PCRB Series 2009 D (BBB-/Baa2)^(c)
		6,600,000		5.750			06/01/16		6,937,788
	Queen Creek Improvement District No. 1 Special Assessment Series 2006 (BBB/Baa2)
		600,000		5.000			01/01/20		590,052
		2,000,000		5.000			01/01/26		1,887,200
		3,000,000		5.000			01/01/32		2,724,930
	University Medical Center Corp. RB Series 2009 (BBB+/Baa1)
		500,000		6.250			07/01/29		541,260
		1,000,000		6.500			07/01/39		1,073,740

									93,202,555


	Arkansas – 0.1%
	Little River Country RB Refunding for Georgia Pacific Corp. Project Series 1998 (AMT) (B2)
		3,645,000		5.600			10/01/26		3,228,377


	California – 17.2%
	Abag Finance Authority for Nonprofit Corps. RB for Sharp HealthCare Series 2009 B (A-/A3)
		9,510,000		6.250			08/01/39		10,052,165
	ABC Unified School District GO Bonds Series 2001 C (NATL-RE-FGIC) (A+/A1)^(e)
		1,600,000		0.000			08/01/26		648,624
	Anaheim Public Financing Authority RB Capital Appreciation for Public Improvements Project Series 1997 C (FSA) (AAA/Aa3)^(e)
		855,000		0.000			09/01/29		250,181
	Austin Trust Various States RB for Inverse Certificates Bank of America Series 2008-1099 (AA-)^(a)
		5,000,000		10.158			08/01/33		4,362,800
	Calaveras Unified School District GO Bonds for Capital Appreciation Series 2000 (FSA) (AAA/Aa3)^(e)
		1,055,000		0.000			08/01/25		460,402
	California County Tobacco Securitization Agency RB for Kern County Corp. Asset Backed Bonds Series 2002 B (BBB)
		190,000		6.000			06/01/29		186,519
	California County Tobacco Securitization Agency RB for Los Angeles County Securitization Corp. Convertible Asset Backed Bonds Series 2006 (BBB+/Baa3)^(e)(f)
		6,070,000		0.000			06/01/28		4,843,617
		4,990,000		0.000			06/01/36		3,919,845
	California County Tobacco Securitization Agency RB Refunding for Sonoma County Corp. Assets Backed Bonds Series 2005 (BBB)
		5,935,000		5.250			06/01/45		4,570,900
	California Health Facilities Financing Authority RB for California Sutter Health Facilities Series 2007 A (A+/Aa3)
		5,000,000		5.250			11/15/46		5,061,800

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2009 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

State-Specific Municipal Debt Obligations – (continued)
	California – (continued)

	California Health Facilities Financing Authority RB for California Sutter Health Facilities Series 2008 A (A+/Aa3)
	$	2,000,000		5.000	%		08/15/38	$	1,999,980
	California Municipal Finance Authority COPS for Community Hospitals of Central California Obligated Group Series 2009 (BBB-/Baa2)^(g)
		7,500,000		5.500			02/01/39		7,488,525
	California Pollution Control Financing Authority Solid Waste Disposal PCRB for Waste Management, Inc. Project Series 2005 C (BBB)
		9,250,000		5.125			11/01/23		9,153,707
	California State GO Bonds for Various Purposes Series 2005 (A/Baa1)
		5,000,000		5.000			08/01/35		5,014,650
	California State GO Bonds for Various Purposes Series 2007 (A/Baa1)
		10,000,000		5.000			06/01/32		10,068,900
		34,020,000		5.000			06/01/37		34,103,689
		3,390,000		5.000			11/01/37		3,398,814
		2,000,000		5.000			12/01/37		2,005,180
	California State GO Bonds for Various Purposes Series 2008 (A/Baa1)
		5,000,000		5.000			04/01/38		5,010,250
	California State GO Bonds for Various Purposes Series 2009 (A/Baa1)
		10,000,000		6.500			04/01/33		11,597,800
	California State Veterans GO Bonds Series 2006 CD (AMT) (AA-/Baa1)
		30,000,000		4.600			12/01/32		25,536,600
	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		27,067,630
	California Statewide Communities Development Authority RB for California Baptist University Series 2007 A
		6,500,000		5.500			11/01/38		5,045,170
	California Statewide Communities Development Authority RB for Methodist Hospital Project Series 2009 (FHA INS) (AA/Aa2)
		6,000,000		6.625			08/01/29		6,874,380
	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		1,272,250
	Capistrano Unified School District Special Tax for Capital Appreciation Series 2005 (NATL-RE-FGIC) (A)^(e)
		7,000,000		0.000			09/01/33		1,668,240
	Fresno California Airport RB Series 2000 B (AMT) (FSA) (AAA/Aa3)
		10,000,000		5.800			07/01/30		10,096,000
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Capital Appreciation for Asset Backed Bonds Subseries 2007 B (BB)^(e)
		388,285,000		0.000			06/01/47		15,162,529


	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		10,195,470
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB for Enhanced Asset Backed Bonds Series 2005 A (A-/Baa2)
		39,600,000		5.000			06/01/45		37,053,324
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB for Enhanced Asset Backed Bonds Series 2005 A (AGC-ICC) (AAA/Aa2)
		20,000,000		5.000			06/01/45		19,899,600
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB for Enhanced Asset Backed Bonds Series 2005 A (FGIC) (A-/Baa2)
		18,085,000		5.000			06/01/38		17,214,931
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB for Senior Asset Backed Bonds Series 2007 A-1 (BBB/Baa3)
		24,195,000		5.750			06/01/47		20,165,565
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Series 2005 (AMBAC-TCRS-BNY) (A-/Baa2)
		44,790,000		5.000			06/01/45		41,909,555
	Hartnell Community College District GO Bonds Capital Appreciation for Election of 2002 Series 2009 D (AA-/A1)^(e)
		30,000,000		0.000			08/01/44		2,497,500
		50,000,000		0.000			08/01/49		2,741,500
	Inland Empire Tobacco Securitization Authority RB Capital Appreciation for Turbo Asset Backed Bonds Series 2007 C-1 (B+)^(e)
		101,195,000		0.000			06/01/36		9,681,326
	Inland Empire Tobacco Securitization Authority RB Capital Appreciation for Turbo Asset Backed Bonds Series 2007 C-2 (B+)^(e)
		211,235,000		0.000			06/01/47		7,270,709
	Inland Empire Tobacco Securitization Authority RB Capital Appreciation for Turbo Asset Backed Bonds Series 2007 D (B)^(e)
		360,660,000		0.000			06/01/57		3,862,669
	Lake Elsinore Unified School District Community Facilities District Special Tax Series 2005-3
		1,435,000		5.050			09/01/30		1,066,707
		690,000		5.050			09/01/35		494,371
	Los Angeles County Sanitation Districts Financing Authority RB for Capital Projects District No. 20 Subseries 2007 A (AMBAC) (A)
		4,000,000		4.500			10/01/42		3,644,520
	Los Angeles Department of Water & Power RB Power System Subseries 2007 A-1 (FSA-CR AMBAC) (AAA/Aa3)
		13,500,000		5.000			07/01/37		14,380,875
	Los Angeles Regional Airports Improvement Corp. Lease RB Series 2002 C (AMT) (B-/Caa2)
		29,425,000		7.500			12/01/24		29,404,697

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

State-Specific Municipal Debt Obligations – (continued)
	California – (continued)

	Los Angeles Unified School District GO Bonds Series 2009 F (AA-/Aa3)
	$	2,000,000		5.000	%		01/01/34	$	2,092,480
	Merced City School District GO Bonds Capital Appreciation for Election of 2003 Series 2005 (NATL-RE) (A)^(e)
		1,330,000		0.000			08/01/27		472,788
	Monrovia Unified School District GO Bonds for Capital Appreciation Series 2001 B (NATL-RE-FGIC) (A+/A2)^(e)
		1,000,000		0.000			08/01/24		447,440
	M-S-R Energy Authority Gas RB Series 2009 A (A)
		8,250,000		6.500			11/01/39		9,416,055
	M-S-R Energy Authority Gas RB Series 2009 B (A)
		2,000,000		6.500			11/01/39		2,282,680
	M-S-R Energy Authority Gas RB Series 2009 C (A)
		21,500,000		6.125			11/01/29		23,958,740
		13,250,000		6.500			11/01/39		15,122,755
	Murrieta Community Facilities District Special Tax for No. 3 Creekside Village Improvement Area 1 Series 2005
		1,660,000		5.200			09/01/35		1,278,914
	New Haven Unified School District GO Bonds Refunding for Capital Appreciation Series 2009 (ASSURED GTY) (AAA/Aa2)^(e)
		860,000		0.000			08/01/25		362,241
		1,105,000		0.000			08/01/26		434,243
		5,550,000		0.000			08/01/30		1,637,139
		7,830,000		0.000			08/01/32		2,026,952
		7,000,000		0.000			08/01/34		1,594,320
	Northern California Gas Authority No. 1 Gas Project RB Series 2007 (A+/A2)^(h)
		8,000,000		1.030			07/01/19		6,841,600
	Oakland Unified School District GO Bonds for Election of 2006 Series 2009 A (BBB+/Baa1)
		5,350,000		6.125			08/01/29		5,734,932
	Palomar Pomerado Health GO Bonds Capital Appreciation for Election of 2004 Series 2009 A (ASSURED GTY) (AAA/Aa2)^(e)
		14,530,000		0.000			08/01/31		4,181,443
		25,195,000		0.000			08/01/32		6,757,803
		12,805,000		0.000			08/01/33		3,197,409
	Palomar Pomerado Health GO Bonds Capital Appreciation for Election of 2004 Series 2009 A (ASSURED GTY) (AAA/Aa2)^(e)(f)
		10,750,000		0.000			08/01/38		7,077,155
	Placer Union High School District GO Bonds for Capital Appreciation Series 2000 A (NATL-RE-FGIC) (A+/A2)^(e)
		1,805,000		0.000			08/01/25		775,663
	Sacramento County California Airport System RB Senior Series 2009 A (ASSURED GTY) (AAA/Aa2)
		7,250,000		5.500			07/01/41		7,822,895
	San Bernardino City Unified School District GO Bonds Capital Appreciation for Election of 1999 Series 2003 C (NATL-RE-FGIC) (A/A3)^(e)
		1,420,000		0.000			08/01/25		613,980
	San Diego Community College District GO Bonds for Election of 2002 Series 2005 (FSA) (AAA/Aa2)
		14,870,000		5.000			05/01/30		15,636,102


	San Francisco City & County Redevelopment Financing Authority Tax Allocation for Mission Bay South Redevelopment Series 2009 D (BBB)
		750,000		6.250			08/01/28		792,180
		555,000		6.375			08/01/29		587,534
		305,000		6.500			08/01/31		322,422
		1,000,000		6.625			08/01/39		1,054,120
	San Juan Unified School District GO Bonds for Capital Appreciation Series 2000 (NATL-RE-FGIC) (A+/A1)^(e)
		1,580,000		0.000			08/01/24		738,239
		1,595,000		0.000			08/01/25		692,852
	Silicon Valley Tobacco Securitization Authority Tobacco Settlement RB Turbo Capital Appreciation for Santa Clara County Tobacco Securitization Corp. Series 2007 A (BBB)^(e)
		17,000,000		0.000			06/01/36		1,756,270
		73,990,000		0.000			06/01/47		2,688,797
	Silicon Valley Tobacco Securitization Authority Tobacco Settlement RB Turbo Capital Appreciation for Santa Clara County Tobacco Securitization Corp. Series 2007 B (BBB)^(e)
		13,505,000		0.000			06/01/47		490,772
	Tobacco Securitization Authority Northern California Tobacco Settlement RB for Asset Backed Bonds Series 2005 A-1 (BBB/Baa3)
		2,000,000		5.375			06/01/38		1,706,520
	Tobacco Securitization Authority Southern California Tobacco Settlement RB Senior Series 2006 A-1 (BBB/Baa3)
		7,350,000		5.125			06/01/46		5,529,478
	Vallejo California Sanitation & Flood Control District COPS Series 1993 (NATL-RE-FGIC) (A)
		186,000		5.000			07/01/19		189,061

									574,718,440


	Colorado – 0.6%
	Colorado Health Facilities Authority Hospital RB for Poudre Valley Health Care, Inc. Series 2005 F (A-/A3)
		1,010,000		5.000			03/01/25		1,014,222
	Colorado Health Facilities Authority RB for Covenant Retirement Communities, Inc. Series 2005 (BBB-)
		6,850,000		5.000			12/01/35		5,499,865
	Cross Creek Metropolitan District No. 2 GO Bonds Refunding Limited Tax Series 2006
		4,500,000		6.125			12/01/37		3,443,535
	Denver Colorado City & County Special Facilities Airport RB Refunding for United Air Lines Project Series 2007 A (B-/Caa1)
		9,000,000		5.750			10/01/32		7,404,930
	Park Meadows Business Improvement District RB Series 2007
		475,000		5.300			12/01/27		399,551
		720,000		5.350			12/01/31		591,358
	Vista Ridge Metropolitan District GO Bonds Refunding Limited Tax Subseries 2006 B
		1,750,000		6.625			12/01/40		1,579,707

									19,933,168

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2009 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

State-Specific Municipal Debt Obligations – (continued)

	Delaware – 0.1%
	Bridgeville Delaware Special Obligation Special Tax for Heritage Shores Special Development District Series 2005 A
	$	6,698,000		5.450	%		07/01/35	$	4,534,747
	Bridgeville Delaware Special Obligation Special Tax for Heritage Shores Special Development District Series 2005 B
		200,000		5.125			07/01/35		143,870

									4,678,617


	District of Columbia – 1.4%
	District of Columbia Ballpark RB Series 2006 B-1 (NATL-RE-FGIC) (A/Baa1)
		4,000,000		5.000			02/01/21		3,979,200
	District of Columbia Hospital RB for Children’s Hospital Obligated Group Series 2005 Subseries 2 (FSA) (AAA)
		5,000,000		5.450			07/15/35		5,223,100
	District of Columbia Hospital RB for Children’s Hospital Obligated Group Series 2005 Subseries 3 (FSA) (AAA/Aa3)
		10,000,000		5.450			07/15/35		10,446,200
	District of Columbia Hospital RB for Children’s Hospital Obligated Group Series 2008 (FSA) (AAA)
		9,500,000		5.250			07/15/45		9,673,090
	Metropolitan Washington DC Airports Authority RB Capital Appreciation for Dulles Toll Road Second Senior Lien Series 2009 (ASSURED GTY) (AAA/Aa2)^(e)(f)
		25,000,000		0.000			10/01/41		18,205,000

									47,526,590


	Florida – 12.8%
	Aberdeen Community Development District Special Assessment Series 2006-1
		1,935,000		5.250			11/01/15		912,140
	Amelia National Community Development District Special Assessment for Capital Improvement Series 2004 A
		4,610,000		6.300			05/01/35		3,278,171
	Amelia National Community Development District Special Assessment for Capital Improvement Series 2006 A
		1,855,000		5.375			05/01/37		1,043,326
	Arborwood Community Development District Special Assessment for Capital Improvement Centex Homes Project Series 2006 A-1
		39,980,000		5.500			05/01/36		21,147,821
	Arborwood Community Development District Special Assessment for Capital Improvement Centex Homes Project Series 2006 A-2
		300,000		5.250			05/01/36		214,356
	Arborwood Community Development District Special Assessment for Master Infrastructure Projects Series 2005 A
		27,675,000		5.350			05/01/36		15,847,535
	Arborwood Community Development District Special Assessment for School Site Acquisition Projects Series 2005
		5,460,000		5.500			05/01/14		3,149,710
	Bellalago Educational Facilities Benefits District Special Assessment for Capital Improvement Series 2004 A
		7,000,000		6.000			05/01/33		5,368,440


	Bellalago Educational Facilities Benefits District Special Assessment for Capital Improvement Series 2004 B
		9,615,000		5.800			05/01/34		7,063,564
	Belmont Community Development District Special Assessment for Capital Improvement Series 2006 B^(d)
		9,785,000		5.125			11/01/14		2,446,250
	Bluewaters Community Development District Special Assessment Series 2004
		380,000		6.000			05/01/35		332,599
	Brevard County Health Facilities Authority RB for Health First, Inc. Project Series 2009 (A-/A3)
		4,750,000		7.000			04/01/39		5,249,035
	Bridgewater Community Development District Special Assessment Series 2004 A
		12,745,000		6.000			05/01/35		6,826,859
	Cedar Pointe Community Development District Special Assessment for Capital Improvement Series 2005 A
		5,720,000		5.375			05/01/35		3,406,031
	Channing Park Community Development District Special Assessment Series 2007
		5,140,000		5.300			05/01/38		2,843,088
	Citizens Property Insurance Corp. Senior Secured RB for High Risk Account Series 2009 A-1 (A+/A2)
		28,835,000		5.500			06/01/17		30,568,272
	Concord Station Community Development District Special Assessment for Capital Improvement Series 2005
		1,360,000		5.000			05/01/15		1,021,401
	Concorde Estates Community Development District Special Assessment Series 2004 A
		5,200,000		5.850			05/01/35		2,787,304
	Concorde Estates Community Development District Special Assessment Series 2004 B
		685,000		5.000			05/01/11		423,303
	Connerton West Community Development District Special Assessment for Capital Improvement Series 2007 B
		6,410,000		5.125			05/01/16		2,779,953
	Copper Oaks Community Development District Special Assessment Series 2005 B
		210,000		4.875			05/01/10		190,111
	Cory Lakes Community Development District for Special Assessment Series 2001 A
		415,000		8.375			05/01/17		430,089
	Cory Lakes Community Development District for Special Assessment Series 2001 B
		515,000		8.375			05/01/17		530,759
	Country Greens Community Development District Special Assessment Series 2003
		5,710,000		6.625			05/01/34		4,780,698
	Covington Park Community Development District Special Assessment for Capital Improvement Series 2004 B
		105,000		5.300			11/01/09		104,854
	Crossings at Fleming Island Community Development District Special Assessment Refunding Series 2000 C
		3,535,000		7.050			05/01/15		3,533,126

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

State-Specific Municipal Debt Obligations – (continued)
	Florida – (continued)

	Durbin Crossing Community Development District Special Assessment Series 2005 A
	$	45,515,000		5.500	%		05/01/37	$	26,527,507
	Durbin Crossing Community Development District Special Assessment Series 2005 B-2
		6,965,000		4.875			11/01/10		5,133,135
	Fishhawk Community Development District II Special Assessment Series 2007 A
		2,385,000		5.250			05/01/38		1,525,541
	Forest Creek Community Development District Special Assessment for Capital Improvement Series 2005 B^(d)
		1,375,000		4.850			05/01/11		804,031
	Gateway Services District Water & Sewer RB Refunding Series 2003
		1,755,000		6.000			10/01/19		1,691,241
	Halifax Hospital Medical Center RB Refunding & Improvement Series 2006 A (A-)
		5,310,000		5.000			06/01/38		4,943,291
	Hammocks Community Development District Special Assessment Series 2005 B
		595,000		4.875			11/01/10		437,551
	Harbour Isles Community Development District Special Assessment Series 2004
		4,130,000		6.125			05/01/35		2,635,023
	Heritage Harbor South Community Development District RB for Capital Improvement Series 2003 A
		1,170,000		6.200			05/01/35		1,175,932
	Heritage Harbour Market Place Community Development District Special Assessment for Capital Improvement Series 2005
		8,450,000		5.600			05/01/36		5,405,042
	Heritage Isle at Viera Community Development District Special Assessment Series 2005
		6,995,000		5.550			05/01/37		4,422,938
	Heritage Lake Park Community Development District Special Assessment Series 2005
		1,700,000		5.700			05/01/36		1,241,425
	Highlands Community Development District Special Assessment Series 2005
		3,730,000		5.550			05/01/36		1,913,677
	Hillsborough County Industrial Development Authority RB for Health Facilities RMKT 8/06/09 Series 2008 B (BBB/Baa3)
		4,980,000		8.000			08/15/32		5,434,325
	JEA Florida St. Johns River Power Park System RB Series 2009 (AA-/Aa2)
		2,840,000		5.500			10/01/34		2,982,454
	Killarney Community Development District Special Assessment Series 2004 A
		2,395,000		6.000			05/01/35		1,297,419
	Killarney Community Development District Special Assessment Series 2004 B^(d)
		1,750,000		5.125			05/01/16		1,051,733
	Lake Powell Residential Golf Community Development District Special Assessment Series 2000 A
		1,945,000		7.450			05/01/22		1,964,839
		3,370,000		7.500			05/01/32		3,400,364


	Lakewood Ranch Stewardship District BANS Series 2009
		15,395,000		7.500			06/01/11		15,583,127
	Lakewood Ranch Stewardship District Special Assessment for Lake Club Project Series 2005
		4,240,000		4.875			08/01/10		3,364,779
	Lakewood Ranch Stewardship District Special Assessment for Lake Club Project Series 2006 B
		8,185,000		5.000			05/01/13		5,845,236
	Landmark at Doral Community Development District Special Assessment Series 2006 A
		4,000,000		5.500			05/01/38		1,482,280
	Lee County IDA Health Care Facilities RB for Shell Point/Alliance Obligation Group Series 2006 (BB+)
		13,750,000		5.125			11/15/36		10,408,063
	Lee County IDA Health Care Facilities RB Refunding for Shell Point/Alliance Community Project Series 2007 (BB+)
		40,000		5.000			11/15/10		40,213
		60,000		5.000			11/15/11		60,295
		1,000,000		5.000			11/15/13		990,810
		4,000,000		5.000			11/15/22		3,462,920
		10,000,000		5.000			11/15/29		7,831,200
	Legends Bay Community Development District RB Series 2007 A
		2,725,000		5.875			05/01/38		1,592,490
	Live Oak Community Development District No. 2 Special Assessment Series 2004 A
		8,720,000		5.850			05/01/35		4,542,771
	Live Oak Community Development District No. 2 Special Assessment Series 2004 B
		6,820,000		5.000			11/01/09		3,550,833
	Longleaf Community Development District Special Assessment Refunding Series 2005
		5,730,000		5.400			05/01/30		3,804,434
	Longleaf Community Development District Special Assessment Refunding Series 2006
		2,790,000		5.375			05/01/30		2,247,680
	Longleaf Community Development District Special Assessment Series 2001^(d)
		620,000		7.250			05/01/16		372,453
	Meadow Pointe IV Community Development District RB for Capital Improvement Series 2007 B
		2,915,000		6.150			11/01/14		1,760,514
	Meadow Pointe IV Community Development District Special Assessment for Capital Improvement Series 2005
		4,455,000		5.250			05/01/15		2,542,558
	Mediterra North Community Development District RB for Capital Improvement Series 2001 A
		4,235,000		6.800			05/01/31		4,178,166
	Mediterra South Community Development District RB for Capital Improvement Series 1999 A
		425,000		6.950			05/01/31		405,391
	Mediterra South Community Development District RB for Capital Improvement Series 2001
		1,365,000		6.850			05/01/31		1,253,097

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2009 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

State-Specific Municipal Debt Obligations – (continued)
	Florida – (continued)

	Mediterra South Community Development District RB for Capital Improvement Series 2003 B
	$	1,600,000		5.500	%		05/01/10	$	1,566,288
	Miami Beach Health Facilities Authority Hospital RB for Mount Sinai Medical Center Florida Project Series 1998 (BB)
		4,720,000		5.375			11/15/28		3,948,610
	Miami Beach Health Facilities Authority Hospital RB for Mount Sinai Medical Center Florida Project Series 2001 A (BB/Ba2)
		2,705,000		6.125			11/15/11		2,807,898
	Miami Beach Health Facilities Authority Hospital RB Refunding for Mount Sinai Medical Center Florida Project Series 2004 (BB/Ba2)
		13,600,000		6.750			11/15/29		13,234,704
	Middle Village Community Development District Special Assessment Series 2004 A
		5,060,000		5.800			05/01/22		4,194,183
		6,610,000		6.000			05/01/35		5,076,943
	Naturewalk Community Development District Florida Special Assessment Series 2007 B
		1,970,000		5.300			05/01/16		1,111,848
	New River Community Development District Special Assessment Series 2006 A
		2,330,000		5.350			05/01/38		1,014,971
	New River Community Development District Special Assessment Series 2006 B
		8,980,000		5.000			05/01/13		4,081,679
	Orange County Health Facilities Authority RB Refunding for Orlando Lutheran Healthcare Series 2005
		1,100,000		5.375			07/01/20		950,752
	Overoaks Community Development District Special Assessment for Capital Improvement Series 2004 B^(d)
		4,845,000		5.125			05/01/16		2,385,048
	Panther Trace II Community Development District Special Assessment Series 2005 A
		6,545,000		5.600			05/01/35		4,628,886
	Panther Trails Community Development District Special Assessment Series 2005 (BBB-)
		3,640,000		5.600			05/01/36		3,236,288
	Parker Road Community Development District Special Assessment Series 2007 A
		2,470,000		5.600			05/01/38		1,419,361
	Parklands Lee Community Development District Special Assessment Series 2004 A
		3,765,000		5.800			05/01/35		1,850,836
	Parklands Lee Community Development District Special Assessment Series 2004 B^(d)
		240,000		5.125			05/01/11		126,338
	Parkway Center Community Development District Special Assessment Series 2000 A⁽ⁱ⁾
		460,186		8.250			05/01/10		484,157
	Paseo Community Development District Capital Improvement RB Series 2005 A
		10,095,000		5.400			05/01/36		5,161,473


	Pine Island Community Development District RB Series 2004
		1,355,000		5.300			11/01/10		1,308,957
	Pine Island Community Development District Special Assessment Series 2004
		5,435,000		5.750			05/01/35		3,503,564
	Reunion East Community Development District Special Assessment Series 2002 A
		16,895,000		7.200			05/01/22		13,167,456
	River Hall Community Development District Special Assessment for Capital Improvement Series 2005
		6,820,000		5.450			05/01/36		3,159,365
	Riverwood Estates Community Development District Special Assessment Series 2006 A^(d)
		9,370,000		5.350			05/01/37		2,342,500
	Sandy Creek Community Development District Special Assessment Refunding Series 2007 B
		4,150,000		5.500			05/01/15		3,297,341
	Sarasota County Public Hospital District RB for Sarasota Memorial Hospital Project Series 2009 A (AA-/A1)
		1,500,000		5.625			07/01/39		1,566,750
	Seven Oaks Community Development District II Special Assessment Series 2004 B
		1,670,000		7.500			05/01/16		1,497,272
	Shingle Creek Community Development District Special Assessment for Capital Improvement Series 2006
		1,580,000		5.750			05/01/15		823,796
		4,000,000		6.100			05/01/25		1,842,960
		16,985,000		6.125			05/01/37		7,794,587
	South Bay Community Development District Special Assessment for Capital Improvement Series 2005 B-1^(d)
		230,000		5.125			11/01/09		78,057
	South Fork East Community Development District Special Assessment for Capital Improvement Series 2007 A
		20,000		6.500			05/01/38		10,703
	Southern Hills Plantation I Community Development District RB for Capital Improvement Series 2004
		7,930,000		5.800			05/01/35		3,917,658
	Southern Hills Plantation I Community Development District Special Assessment for Capital Improvement Series 2004
		3,265,000		5.850			05/01/34		2,192,415
	St. Johns Forest Community Development District RB for Capital Improvement Series 2003 B
		325,000		5.300			05/01/10		319,917
	St. Petersburg Health Facilities Authority RB Refunding for All Children’s Hospital Series 2009 A (AA/A1)
		5,765,000		6.500			11/15/39		6,216,400
	Sterling Hill Community Development District Special Assessment Series 2003 B
		515,000		5.500			11/01/10		478,790
	Stonelake Ranch Community Development District Special Assessment Series 2004 A
		3,335,000		5.900			05/01/34		2,815,007
	Sumter County IDA RB for North Sumter Utility Co. LLC Project Series 2002 (AMT)
		6,365,000		6.800			10/01/32		6,108,427

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

State-Specific Municipal Debt Obligations – (continued)
	Florida – (continued)

	Sumter County IDA RB for North Sumter Utility Co. LLC Project Series 2003 (AMT)
	$	4,340,000		6.900	%		10/01/34	$	4,199,731
	Tern Bay Community Development District Special Assessment for Capital Improvement Series 2005 B^(d)
		100,000		5.000			05/01/15		34,999
	Village Center Community Development District Recreational RB Subseries 1998 B
		1,570,000		8.250			01/01/17		1,573,721
	Village Center Community Development District Recreational RB Subseries 1998 C
		1,930,000		7.375			01/01/19		1,929,711
	Village Center Community Development District Recreational RB Subseries 2003 B
		4,005,000		6.350			01/01/18		3,795,619
	Village Center Community Development District Recreational RB Subseries 2004 B
		5,150,000		5.875			01/01/15		4,944,515
	Villasol Community Development District RB Series 2003 A
		3,900,000		6.600			05/01/34		2,825,121
	Waters Edge Community Development District Special Assessment for Capital Improvement Series 2006 B
		1,150,000		5.000			11/01/12		669,231
	Wentworth Estates Community Development District Special Assessment Series 2006 B
		7,590,000		5.125			11/01/12		4,245,163
	West Villages Improvement District Revenue Special Assessment Unit of Development No. 3 Series 2006
		12,135,000		5.500			05/01/37		5,861,812
	World Commerce Community Development District Special Assessment Series 2004 A-1^(d)
		925,000		6.250			05/01/22		372,359
	Zephyr Ridge Community Development District Special Assessment for Capital Improvement Series 2006 B^(d)
		1,790,000		5.250			05/01/13		951,689

									426,711,429


	Georgia – 1.5%
	Atlanta Tax Allocation for Eastside Project Series 2005 B
		1,085,000		5.400			01/01/20		1,009,777
		1,750,000		5.600			01/01/30		1,550,727
	Chatham County Hospital Authority RB for Hospital Improvement Memorial Health University Series 2004 A (BBB-/Baa2)
		5,675,000		5.500			01/01/34		5,120,496
	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
		2,525,000		5.250			11/01/28		2,049,871
	Fulton County Residential Care Facilities RB for Canterbury Court Project Series 2004 A
		1,750,000		6.125			02/15/34		1,524,372


	Marietta Development Authority University Facilities RB Refunding for Life University, Inc. Project Series 2008 (Ba3)
		2,500,000		7.000			06/15/39		2,293,750
	Milledgeville & Baldwin County Development Authority Student Housing RB Refunding for Georgia College & State University Foundation Series 2007 (AMBAC) (A+)^(h)
		46,820,000		1.050			10/01/33		31,508,924
	Richmond County Development Authority Environmental Improvement RB for International Paper Co. Projects Series 2006 A (BBB/Baa3)
		7,000,000		5.000			08/01/30		6,273,330

									51,595,082


	Guam – 0.9%
	Guam Government GO Bonds Series 2009 A (B+)
		6,000,000		6.750			11/15/29		6,550,980
		14,000,000		7.000			11/15/39		15,337,840
	Guam Government Limited Obligation GO Bonds Section 30 Series 2009 A (BBB-)
		2,400,000		5.375			12/01/24		2,527,488
		3,000,000		5.625			12/01/29		3,099,390
		2,750,000		5.750			12/01/34		2,822,105

									30,337,803


	Hawaii – 0.1%
	Hawaii State Department of Budget and Finance Special Purpose RB for 15 Craigside Project Series 2009 A
		1,000,000		8.750			11/15/29		1,120,760
		2,700,000		9.000			11/15/44		2,897,964

									4,018,724


	Idaho – 0.2%
	Madison County Hospital Revenue COPS Series 2006 (BBB-)
		1,300,000		5.250			09/01/20		1,266,265
		3,145,000		5.250			09/01/26		2,905,823
		3,335,000		5.250			09/01/37		2,869,634

									7,041,722


	Illinois – 2.0%
	Chicago Illinois Special Assessment for Lake Shore East Series 2003
		5,000,000		6.750			12/01/32		4,321,700
	Du Page County Special Service Area No. 31 Special Tax for Monarch Landing Project Series 2006
		220,000		5.400			03/01/16		133,628
		1,450,000		5.625			03/01/36		880,063
	Illinois Finance Authority RB for Friendship Village Schaumburg Series 2005 A (BB-)
		2,500,000		5.000			02/15/15		2,349,525
		6,000,000		5.375			02/15/25		4,928,760
		4,000,000		5.625			02/15/37		3,039,760
	Illinois Finance Authority RB for Midwest Regional Medical Center Series 2006 A
		28,740,000		6.750			10/01/46		24,088,431

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2009 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

State-Specific Municipal Debt Obligations – (continued)
	Illinois – (continued)

	Illinois Finance Authority RB Refunding for Christian Home, Inc. Series 2007 A
	$	4,500,000		5.750	%		05/15/31	$	3,470,040
	Illinois Finance Authority RB Refunding for Proctor Hospital Series 2006 A (BBB-/Baa3)
		5,600,000		5.125			01/01/25		4,722,592
	Illinois Finance Authority Student Housing RB for MJH Educational Assistance IV Senior Series 2004 A (Ca)^(d)
		6,905,000		5.000			06/01/24		3,590,600
	Illinois Finance Authority Student Housing RB for MJH Educational Assistance IV Subseries 2004 B (C)^(d)
		2,075,000		5.000			06/01/24		518,750
		4,000,000		5.375			06/01/35		1,000,000
	Illinois Finance Authority Water Facilities RB Capital Appreciation for American Water Capital Corp. Project Series 2009 (BBB+/Baa2)
		2,000,000		5.250			10/01/39		2,004,600
	Lincolnshire Special Service Area No. 1 Special Tax for Sedgebrook Project Series 2004 A
		1,805,000		6.250			03/01/34		1,193,755
	Ottawa Illinois Health Care Facilities RB Refunding for Ottawa Community Hospital Series 2004 (Radian) (A-)
		1,900,000		5.125			08/15/19		1,996,064
	Plano Special Service Area No. 5 Special Tax for Lakewood Springs Club Unit 6 Series 2006
		4,698,000		6.000			03/01/36		3,476,896
	Volo Village Special Service Area No. 4 Special Tax for Symphony Meadows Project Series 2006-2
		2,824,000		5.000			03/01/16		2,338,667
	Volo Village Special Service Area No. 6 Special Tax for Lancaster Falls Project Series 2006
		4,182,000		5.750			03/01/36		2,768,066

									66,821,897


	Indiana – 0.7%
	Anderson Indiana Economic Development Revenue Refunding & Improvement RB for Anderson University Project Series 2007 (BBB-)
		1,355,000		5.000			10/01/24		1,163,335
		1,500,000		5.000			10/01/32		1,169,490
	Indianapolis Airport Authority RB for Special Facilities United Air Lines, Inc. Project Series 1995 A (AMT)^(d)
		7,798,283		6.500			11/15/31		194,957
	Indianapolis Local Public Improvement Bond Bank RB for Waterworks Project Series 2009 A (AA-/A3)
		15,000,000		5.750			01/01/38		16,618,650
	Jasper County Industrial Economic Development RB Refunding for Georgia Pacific Corp. Project Series 2000 (AMT) (B2)
		2,570,000		6.700			04/01/29		2,558,898
	Vigo County Hospital Authority RB for Vigo Union Hospital, Inc. Series 2007^(b)
		2,000,000		5.500			09/01/27		1,692,700

									23,398,030


	Iowa – 0.4%
	Coralville Iowa COPS Series 2006 D (A3)
		2,250,000		5.250			06/01/26		2,309,535
	Coralville Iowa Urban Renewal Tax Allocation Series 2007 C (Baa1)
		500,000		5.125			06/01/39		491,360
		850,000		5.000			06/01/47		809,863
	Pottawattamie County RB Refunding for Christian Homes, Inc. Series 2007 E
		1,355,000		5.750			05/15/31		1,044,868
	Tobacco Settlement Authority Iowa RB for Asset Backed Bonds Series 2005 C (BBB/Baa3)
		9,270,000		5.625			06/01/46		7,430,832

									12,086,458


	Kansas – 0.1%
	Overland Park Transportation Development District Special Assessment for Grass Creek Project Series 2006
		735,000		4.850			09/01/16		649,211
		1,565,000		5.125			09/01/28		1,172,013

									1,821,224


	Kentucky – 0.0%
	Kentucky Economic Development Finance Authority RB for Norton Healthcare, Inc. Series 2000 B (NATL-RE) (A/Baa1)^(e)
		1,720,000		0.000			10/01/22		837,296
	Kentucky Economic Development Finance Authority RB Refunding for Appalachian Regional Health Care Series 1997 (BB-)
		500,000		5.700			10/01/10		500,015

									1,337,311


	Louisiana – 0.3%
	Morehouse Parish Louisiana PCRB Refunding for International Paper Co. Project Series 2001 A (BBB/Baa3)
		2,000,000		5.250			11/15/13		2,136,800
	St. John Baptist Parish Louisiana RB for Marathon Oil Corp. Series 2007 A (BBB+/Baa1)
		8,000,000		5.125			06/01/37		7,652,160

									9,788,960


	Maryland – 0.8%
	Baltimore Maryland Convention Center Hotel RB Subseries 2006 B (BB/Ba1)
		600,000		5.000			09/01/16		566,772
		12,155,000		5.875			09/01/39		10,277,782
	Baltimore Maryland Special Obligation Tax Allocation for Clipper Mill Project Series 2004
		4,609,000		6.250			09/01/33		3,963,509
	Baltimore Maryland Special Obligation Tax Allocation for Harborview Lot No. 2 Series 2003
		2,910,000		6.500			07/01/31		2,580,297
	Baltimore Maryland Special Obligation Tax Allocation for Strathdale Manor Project Series 2003
		3,739,000		7.000			07/01/33		3,790,935

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

State-Specific Municipal Debt Obligations – (continued)
	Maryland – (continued)

	Frederick County Maryland Educational Facilities RB for Mount St. Mary’s University Series 2007 (BBB-/Baa3)
	$	2,590,000		5.000	%		09/01/30	$	2,214,916
	Maryland State Health & Higher Educational Facilities Authority RB for Mercy Medical Center Series 2007 A (BBB/Baa2)
		3,000,000		5.500			07/01/42		3,022,260

									26,416,471


	Massachusetts – 0.7%
	Massachusetts State Development Finance Agency RB for Eastern Nazarene College Series 1999 (BB+) (GO OF INSTN)
		2,235,000		5.625			04/01/19		2,024,485
		2,000,000		5.625			04/01/29		1,579,560
	Massachusetts State Health & Educational Facilities Authority RB for Milton Hospital Series 2005 D (BB-)
		5,000,000		5.250			07/01/30		3,402,550
		7,530,000		5.500			07/01/40		4,978,987
	Massachusetts State Health & Educational Facilities Authority RB for Simmons College Series 2009 I (BBB+/Baa1)
		8,660,000		8.000			10/01/39		9,691,146

									21,676,728


	Michigan – 3.6%
	Detroit Michigan GO Bonds for Capital Improvement Limited Tax Series 2008 A-1 (BB/B1)
		10,275,000		5.000			04/01/16		9,556,880
	Detroit Michigan GO Bonds Series 2003 A (XLCA) (BB/Ba2)
		1,845,000		5.250			04/01/15		1,810,572
		2,935,000		5.250			04/01/18		2,736,565
		1,000,000		5.250			04/01/20		908,120
		2,000,000		5.250			04/01/20		1,816,240
	Detroit Michigan School District GO Bonds for School Building and Site Improvement Series 2002 A (FGIC Q-SBLF) (AA-/Aa3)
		3,500,000		6.000			05/01/20		3,808,560
		3,000,000		6.000			05/01/21		3,263,820
	Detroit Michigan Sewage Disposal System RB Refunding Senior Lien Bonds Floating LIBOR Notes 2006 D (FSA) (AAA/Aa3)^(h)
		14,630,000		1.000			07/01/32		11,371,899
	Flint Michigan Hospital Building Authority RB for Hurley Medical Center Series 1998 B (Ba1)
		3,570,000		5.375			07/01/28		2,936,860
	Flint Michigan Hospital Building Authority RB Refunding for Hurley Medical Center Series 1998 A (Ba1)
		1,460,000		5.375			07/01/20		1,325,870
	Michigan Municipal Bond Authority RB State Aid Notes Series 2009 D
		5,000,000		9.500			08/20/10		5,000,350
	Michigan State Hospital Finance Authority RB for Marquette General Hospital Obligation Group Series 2005 A (Baa3)
		1,530,000		5.000			05/15/26		1,349,858
		2,000,000		5.000			05/15/34		1,642,380


	Michigan State Strategic Fund Limited Obligation RB Refunding for The Detroit Edison Co. Exempt Facilities Project RMKT 06/01/09 Series 2008 (A/A3)
		4,000,000		5.625			07/01/20		4,419,080
	Michigan State Strategic Fund Limited Obligation RB Refunding for The Detroit Edison Co. Exempt Facilities Project RMKT 06/01/09 Series 2008 ET-1 (A/A3)^(c)
		5,000,000		5.250			08/01/14		5,287,100
	Michigan State Strategic Fund Limited Obligation RB Refunding for The Detroit Edison Co. Exempt Facilities Project RMKT 06/01/09 Series 2008 ET-2 (A/A3)^(c)
		5,000,000		5.500			08/01/16		5,387,950
	Michigan Tobacco Settlement Finance Authority RB for Capital Appreciation Series 2007 B (BB)^(e)
		196,775,000		0.000			06/01/52		4,510,083
	Michigan Tobacco Settlement Finance Authority RB for Capital Appreciation Series 2007 C (BB-)^(e)
		70,100,000		0.000			06/01/52		1,113,889
	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		2,524,680
		3,500,000		5.500			06/01/35		2,763,635
	Royal Oak Hospital Finance Authority RB for William Beaumont Hospital Series 2009 (A/A1)
		40,000,000		8.250			09/01/39		47,910,000
	Wayne Charter County Special Airport Facilities RB for Northwest Airlines, Inc. Series 1995^(d)
		3,250,000		6.750			12/01/15		74,656

									121,519,047


	Minnesota – 0.4%
	Duluth Economic Development Authority Health Care Facilities RB for St. Luke’s Hospital Series 2002 (BB-)
		7,500,000		7.250			06/15/32		7,546,950
	Washington County Housing & Redevelopment Authority RB for Birchwood & Woodbury Projects Series 2007 A
		7,475,000		5.625			06/01/37		5,965,573

									13,512,523


	Mississippi – 0.2%
	Adams County Environmental Improvement RB for International Paper Co. Project Series 1999 A (AMT) (BBB/Baa3)
		1,000,000		6.250			09/01/23		1,007,760
	Mississippi Hospital Equipment & Facilities Authority RB Refunding & Improvement for South Central Hospital Series 2006 (BBB)
		3,000,000		5.250			12/01/21		2,933,910
		1,825,000		5.250			12/01/26		1,707,288

									5,648,958


	Missouri – 0.6%
	Branson Regional Airport Transportation Development District RB for Branson Regional Airport Series 2007 A
		1,635,000		6.000			07/01/37		1,126,139

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2009 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

State-Specific Municipal Debt Obligations – (continued)
	Missouri – (continued)

	Branson Regional Airport Transportation Development District RB for Branson Regional Airport Series 2007 B (AMT)
	$	11,000,000		6.000	%		07/01/25	$	8,174,430
		3,000,000		6.000			07/01/37		1,980,480
	Grindstone Plaza Transportation Development District Sales Tax RB Series 2006 A
		250,000		5.250			10/01/21		197,780
		385,000		5.400			10/01/26		284,546
	Jennings Missouri Tax Increment RB Refunding for Northland Redevelopment Area Project Series 2006
		900,000		5.000			11/01/23		798,759
	Kansas City IDA Health Facilities RB for First Mortgage Bishop Spencer Series 2004 A
		1,000,000		6.250			01/01/24		892,410
		2,500,000		6.500			01/01/35		2,116,875
	Kansas City IDA RB for Air Cargo Series 2002 (AMT) (Baa3)
		1,275,000		6.250			01/01/30		1,074,162
	Missouri State Development Finance Board Infrastructure Facilities RB for Branson Landing Project Series 2005 A (A/Baa1)
		1,000,000		5.000			06/01/35		907,410
	Stone Canyon Community Improvement District RB for Public Infrastructure Improvement Project Series 2007
		1,250,000		5.750			04/01/27		979,725
	Strother Interchange Transportation Development District-Lees Summit RB Series 2006
		675,000		5.000			05/01/24		535,038

									19,067,754


	Nevada – 0.6%
	Clark County Improvement District No. 142-Local Improvement Special Assessment Series 2003
		1,395,000		5.800			08/01/15		1,387,397
		4,775,000		6.100			08/01/18		4,660,209
		3,815,000		6.375			08/01/23		3,618,413
	Clark County Industrial Development RB Refunding for Nevada Power Co. Project Series 1995 C (BB+)
		710,000		5.500			10/01/30		710,362
	Director of the State of Nevada Department of Business & Industry RB for Las Vegas Monorail Project Series 2000 Second Tier^(d)
		3,000,000		7.250			01/01/23		150,000
		1,250,000		7.375			01/01/30		62,500
		16,000,000		7.375			01/01/40		800,000
	Henderson Local Improvement Districts No. T-16 Special Assessment Series 2005
		1,025,000		4.900			03/01/17		462,162
		1,505,000		5.000			03/01/20		678,259
		800,000		5.100			03/01/22		360,496
	Henderson Local Improvement Districts No. T-17 Special Assessment Series 2005
		1,375,000		5.000			09/01/25		991,636
	Las Vegas Local Improvement Bonds Special Assessment for Special Improvement District No. 607 Series 2004
		1,295,000		5.900			06/01/17		1,048,251


		1,330,000		5.900			06/01/18		1,051,511
		485,000		6.000			06/01/19		377,883
		4,850,000		6.250			06/01/24		3,542,634

									19,901,713


	New Hampshire – 0.2%
	New Hampshire Health & Education Facilities Authority RB for Speare Memorial Hospital Series 2004 (BBB-)
		1,000,000		5.500			07/01/25		957,280
		1,400,000		5.875			07/01/34		1,335,012
	New Hampshire Health & Education Facilities Authority RB for The Memorial Hospital Series 2006 (BBB-/Baa3)
		1,050,000		5.250			06/01/26		972,909
		2,050,000		5.250			06/01/36		1,771,180

									5,036,381


	New Jersey – 2.1%
	New Jersey Economic Development Authority RB for First Mortgage Lions Gate Project Series 2005 A
		710,000		5.750			01/01/25		639,852
	New Jersey Economic Development Authority RB for School Facilities Construction Series 2009 BB (AA-/A1)
		1,640,000		5.000			09/01/34		1,743,992
	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		5,055,375
	New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 1999 (AMT) (B/B3)
		9,000,000		6.250			09/15/29		8,136,900
	New Jersey Health Care Facilities Financing Authority RB for Palisades Medical Center of New York Healthcare Series 2002 (BB+/Ba2)
		820,000		6.500			07/01/21		776,770
		500,000		6.625			07/01/31		438,400
	New Jersey Health Care Facilities Financing Authority RB for St. Joseph’s Healthcare System Series 2008 (BBB-/Ba1)
		30,070,000		6.625			07/01/38		30,898,128
	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		1,514,025
	New Jersey Health Care Facilities Financing Authority RB for Trinitas Hospital Obligated Group Series 2007 B (BBB-/Baa3)
		10,840,000		6.500			07/01/23		9,372,372
	Newark New Jersey Housing Authority RB for South Ward Police Facility Series 2009 A (ASSURED GTY GO OF CITY) (Aa2)
		2,000,000		6.750			12/01/38		2,279,320
	Tobacco Settlement Financing Corp. RB for Capital Appreciation Bonds Series 2007 1-C (BB-)^(e)
		164,600,000		0.000			06/01/41		9,839,788

									70,694,922

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

State-Specific Municipal Debt Obligations – (continued)

	New Mexico – 0.8%
	Farmington New Mexico PCRB Refunding for Public Service Co. RMKT 12/01/97 Series 1997 A (BB+/Baa3)
	$	4,290,000		5.800	%		04/01/22	$	4,291,759
	Farmington New Mexico PCRB Refunding for Public Service Co. RMKT 12/01/97 Series 1997 C (BB+/Baa3)
		580,000		5.800			04/01/22		580,238
	Farmington New Mexico PCRB Refunding for Public Service Co. Series 1996 C (AMBAC) (BB+/Baa1)
		13,550,000		5.700			12/01/16		13,559,214
	Farmington New Mexico PCRB Refunding for San Juan Project RMKT 04/01/06 Series 2003 B (BB+/Baa3)
		5,925,000		4.875			04/01/33		5,185,323
	Farmington New Mexico PCRB Refunding RMKT 12/01/97 Series 1997 B (BB+/Baa3)
		945,000		5.800			04/01/22		945,387
	Mariposa East Public Improvement District GO Bonds Series 2006
		500,000		5.500			09/01/16		470,300
		1,000,000		6.000			09/01/32		780,140

									25,812,361


	New York – 1.6%
	Hudson Yards Infrastructure Corp. RB Senior Series 2006 A (A/A3)
		25,000,000		5.000			02/15/47		24,706,500
	New York City Industrial Development Agency Civic Facility RB for Staten Island University Hospital Project Series 2001 B (BB+/Ba2)
		975,000		6.375			07/01/31		915,584
	New York City Industrial Development Agency Civic Facility RB for Staten Island University Hospital Project Series 2002 C (BB+/Ba2)
		1,430,000		6.450			07/01/32		1,351,793
	New York City Industrial Development Agency RB Capital Appreciation for Yankee Stadium – Pilot Series 2009 (ASSURED GTY) (AAA/Aa2)^(e)
		10,210,000		0.000			03/01/42		1,442,979
		10,430,000		0.000			03/01/44		1,302,081
		7,690,000		0.000			03/01/45		900,576
		9,075,000		0.000			03/01/46		1,000,337
		5,045,000		0.000			03/01/47		521,502
	New York City Industrial Development Agency RB for Queens Baseball Stadium – Pilot Series 2009 (ASSURED GTY) (AAA/Aa2)
		1,000,000		6.125			01/01/29		1,139,500
		3,000,000		6.375			01/01/39		3,380,010
		5,000,000		6.500			01/01/46		5,639,800
	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		10,597,164

									52,897,826


	North Carolina – 0.3%
	Charlotte Special Facilities RB Refunding for Charlotte/Douglas International Airport US Airways Series 1998 (AMT)
		6,760,000		5.600			07/01/27		4,566,245
	North Carolina Medical Care Commission Retirement Facilities RB Refunding for First Mortgage United Methodist Church Series 2005 C
		1,500,000		5.250			10/01/24		1,406,700
	North Carolina Medical Care Community Hospital RB for Maria Parham Medical Center Series 2003 (Radian) (BBB-)
		2,505,000		5.500			10/01/13		2,533,532
	North Carolina Medical Care Community Retirement Facilities RB Refunding First Mortgage for United Church Project Series 2005 A
		500,000		5.250			09/01/21		485,970

									8,992,447


	North Dakota – 0.0%
	Ward County Health Care Facilities RB for Trinity Obligated Group Series 2006 (BBB+)
		1,500,000		5.125			07/01/29		1,395,090


	Ohio – 4.5%
	Buckeye Tobacco Settlement Financing Authority RB for Asset Backed Bonds Senior Turbo Series 2007 A-2 (BBB/Baa3)
		88,580,000		6.500			06/01/47		78,890,234
	Cleveland Airport Special RB for Continental Airlines, Inc. Project Series 1998 (AMT) (CCC+/B3)
		28,290,000		5.375			09/15/27		22,937,532
	Cleveland-Cuyahoga County Port Authority RB for Columbia National Series 2005 D (AMT) (BBB-)
		690,000		5.000			05/15/20		571,451
	Cleveland-Cuyahoga County Port Authority RB for Perrysburg Project Series 2006 (BBB-)
		1,020,000		4.800			11/15/35		735,410
	Hamilton County Health Care RB Refunding for Life Enriching Community Project Series 2006 A (BBB)
		15,540,000		5.000			01/01/27		13,761,136
		15,000,000		5.000			01/01/37		12,680,250
	Jeffrey Place New Community Authority RB for Jeffrey Place Redevelopment Series 2007 A
		1,000,000		5.000			12/01/22		728,400
		1,000,000		5.000			12/01/32		635,190
	Ohio Air Quality Development Authority PCRB Refunding for FirstEnergy Solutions Corp. Series 2009 C (BBB/Baa1)
		6,000,000		5.625			06/01/18		6,532,980
	Ohio Air Quality Development Authority RB Refunding for Columbus Southern Power Co. Project Series 2009 B (BBB/A3)^(c)
		3,000,000		5.800			12/01/19		3,198,180
	Ohio State Water Development Authority PCRB Refunding for FirstEnergy Solutions Corp. Series 2009 A (BBB/Baa1)^(c)
		6,000,000		5.875			06/01/16		6,610,800
	Pinnacle Community Infrastructure Financing Authority RB for Ohio Facilities Series 2004 A
		2,500,000		6.250			12/01/36		1,947,850

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2009 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

State-Specific Municipal Debt Obligations – (continued)
	Ohio – (continued)

	Toledo-Lucas County Ohio Port Authority Development RB for Northwest Ohio Bond Fund-Preston Series 2006 B (BBB-)
	$	2,040,000		4.800	%		11/15/35	$	1,254,314

									150,483,727


	Oklahoma – 0.8%
	Oklahoma Development Finance Authority RB for Great Plains Regional Medical Center Project Series 2007 (BBB)
		4,725,000		5.000			12/01/27		4,363,585
	Tulsa Municipal Airport Trust RB for American Airlines, Inc. Project Series 1995 (B-/Caa2)
		21,000,000		6.250			06/01/20		19,203,870
	Weatherford Hospital Authority RB Series 2006
		2,200,000		6.000			05/01/25		2,078,758
		1,365,000		6.000			05/01/31		1,223,859

									26,870,072


	Oregon – 0.3%
	Forest Grove Oregon Student Housing RB for Oak Tree Foundation Project Series 2007
		4,750,000		5.500			03/01/37		3,789,550
	Gilliam County Solid Waste Disposal RB for Waste Management, Inc. Convertible 05/05/04 Series 2000 A (BBB)^(c)
		2,500,000		6.000			05/03/10		2,538,050
	Oregon State Economic Development RB for Georgia Pacific Corp. Series 1995 Class VII (AMT) (B/B2)
		890,000		6.350			08/01/25		856,438
	Portland Oregon Multi-Family Housing RB for Pacific Tower Series 2001 C
		2,510,000		7.000			12/01/34		2,336,534

									9,520,572


	Pennsylvania – 5.6%
	Allegheny County Hospital Development Authority RB for West Pennsylvania Health System Series 2007 A (BB/Ba3)
		30,000,000		5.000			11/15/28		23,861,400
		82,860,000		5.375			11/15/40		65,019,413
	Allentown Area Hospital Authority RB for Sacred Heart Hospital Series 2005 (BB-/Ca)
		6,675,000		6.000			11/15/16		5,867,525
	Chester Economic Development Authority RB Guaranteed Series 2004 (MUN GOVT GTD)
		8,640,000		7.000			03/01/19		8,704,109
	Geisinger Authority Health System Variable RB for Geisinger Health System Series 2007 (AA/Aa2)^(h)
		48,000,000		1.094			05/01/37		34,734,240
	Montgomery County IDA RB for Whitemarsh Continuing Care Series 2005
		1,720,000		5.125			02/01/12		1,649,669
		1,775,000		5.300			02/01/13		1,678,707
		2,000,000		6.125			02/01/28		1,493,880
	Pennsylvania Economic Development Financing Authority Exempt Facilities RB for Reliant Energy, Inc. Series 2002 A (BB-/B1)
		3,810,000		6.750			12/01/36		3,961,752


	Pennsylvania Economic Development Financing Authority Exempt Facilities RB for Reliant Energy, Inc. Series 2003 A (BB/B1)
		3,715,000		6.750			12/01/36		3,862,968
	Pennsylvania Economic Development Financing Authority Exempt Facilities RB for Reliant Energy, Inc. Series 2004 A (AMT) (BB-/B1)
		11,235,000		6.750			12/01/36		11,682,490
	Pennsylvania Economic Development Financing Authority Exempt Facilities RB for Reliant Energy Seward LLC Project Series 2001 A (BB-/B1)
		6,665,000		6.750			12/01/36		6,930,467
	Pennsylvania Economic Development Financing Authority Exempt Facilities RB Refunding for Exelon Generation Co. LLC Project Series 2009 A (BBB/A3)^(c)
		2,000,000		5.000			06/01/12		2,112,840
	Philadelphia Authority Industrial Development RB for Please Touch Museum Project Series 2006 (BBB-)
		3,000,000		5.250			09/01/26		2,612,970
		3,000,000		5.250			09/01/31		2,512,860
		2,000,000		5.250			09/01/36		1,636,260
	Scranton Lackawanna Health & Welfare Authority RB for Moses Taylor Hospital Project Series 1997 (B-)
		500,000		6.150			07/01/14		456,075
		4,825,000		6.200			07/01/17		4,127,546
		6,840,000		6.250			07/01/20		5,523,232

									188,428,403


	Puerto Rico – 8.0%
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2008 A (BBB-/Baa3)
		13,225,000		6.000			07/01/38		13,789,443
		9,615,000		6.000			07/01/44		9,984,601
	Puerto Rico Commonwealth GO Bonds for Public Improvement Series 2007 A (BBB-/Baa3)
		1,750,000		5.250			07/01/31		1,750,945
		11,035,000		5.250			07/01/34		10,794,768
	Puerto Rico Commonwealth GO Bonds Unrefunded Balance for Public Improvement Series 2001 A (BBB-/Baa3)
		2,660,000		5.125			07/01/31		2,660,452
	Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2005 L (NATL-RE) (A/Baa1)
		36,000,000		5.250			07/01/35		36,558,720
	Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2007 N (AMBAC) (BBB/Baa3)^(h)
		48,250,000		0.930			07/01/45		26,311,208
	Puerto Rico Commonwealth Infrastructure Financing Authority Special Tax Series 2006 B (BBB+/Baa3)
		10,000,000		5.000			07/01/46		9,011,400
	Puerto Rico Electric Power Authority RB Series 2007 TT (BBB+/A3)
		13,040,000		5.000			07/01/32		13,205,999

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

State-Specific Municipal Debt Obligations – (continued)
	Puerto Rico – (continued)

	Puerto Rico Public Buildings Authority RB for Government Facilities Series 2007 N (COMWLTH GTD) (BBB-/Baa3)
	$	2,060,000		5.500	%		07/01/21	$	2,149,425
	Puerto Rico Public Buildings Authority RB Refunding for Government Facilities Series 2002 F (CIFG-TCRS/COMWLTH GTD) (BBB-/Baa3)
		11,500,000		5.250			07/01/17		12,535,805
	Puerto Rico Public Buildings Authority RB Refunding for Government Facilities Series 2007 M (COMWLTH GTD) (BBB-/Baa3)
		2,000,000		6.250			07/01/23		2,250,380
	Puerto Rico Public Buildings Authority RB Refunding for Government Facilities Series 2007 P (COMWLTH GTD) (BBB-/Baa3)
		1,000,000		6.125			07/01/23		1,087,420
	Puerto Rico Public Finance Corp. RB Commonwealth Appropriations Series 2004 A (LOC – Government Development Bank of Puerto Rico) (BBB-/Ba1)^(c)
		845,000		5.750			02/01/12		881,056
	Puerto Rico Public Finance Corp. RB for Commonwealth Appropriations Series 2004 A (LOC – Government Development Bank for Puerto Rico) (NATL-RE) (A/Baa1)^(c)
		9,585,000		5.250			02/01/12		9,888,461
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB First Subordinate Series 2009 A (A+/A2)
		45,000,000		6.000			08/01/42		49,445,100
		20,000,000		6.500			08/01/44		22,669,800
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB for Capital Appreciation First Subordinate Series 2009 A (A+/A2)^(e)(f)
		27,750,000		0.000			08/01/32		21,136,342
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Rolls RR II R-11758-1 Series 2009 (AA-)^(a)(b)
		16,665,000		15.621			12/01/47		20,586,774

									266,698,099


	Rhode Island – 0.1%
	Tobacco Settlement Financing Corp. RB for Asset Backed Bonds Series 2007 A (BB)^(e)
		68,950,000		0.000			06/01/52		1,580,334
	Tobacco Settlement Financing Corp. RB for Asset Backed Bonds Series 2007 B (BB-)^(e)
		85,300,000		0.000			06/01/52		1,500,427

									3,080,761


	South Carolina – 0.5%
	Connector 2000 Association, Inc. Toll Road RB for Capital Appreciation Series 1998 B (CC)^(e)
		15,000,000		0.000			01/01/33		831,000
	Lancaster County Assessment RB for Edgewater Improvement District Series 2003 A
		4,304,000		6.875			11/01/35		3,393,273
	Lancaster County Assessment Special Assessment for Edenmoor Improvement District Series 2006 A
		4,935,000		5.750			12/01/37		2,022,215


	York County Industrial RB Exempt Facility Hoechst Celanese Series 1994 (AMT) (B+/B1)
		12,230,000		5.700			01/01/24		10,809,975

									17,056,463


	South Dakota – 0.3%
	South Dakota State Health & Educational Facilities Authority RB for Sanford Health Series 2007 (AA-/A1)
		5,000,000		5.000			11/01/40		5,035,800
	South Dakota State Health & Educational Facilities Authority RB for Sanford Health Series 2009 (AA-/A1)
		1,500,000		5.250			11/01/29		1,544,895
		2,500,000		5.500			11/01/40		2,616,000

									9,196,695


	Tennessee – 1.0%
	Blount County Health & Educational Facilities Board RB Refunding for Asbury, Inc. Series 2007 A
		1,675,000		5.125			04/01/23		1,359,447
	Chattanooga Health Educational & Housing Facility Board RB Refunding for CDFI Phase I LLC Project Series 2005 A (BBB-)
		660,000		5.000			10/01/15		627,198
		11,710,000		5.000			10/01/25		9,644,473
		14,500,000		5.125			10/01/35		11,152,385
	Johnson City Health & Educational Board Retirement Facilities RB for Appalachian Christian Village Project Series 2004 A
		1,000,000		6.250			02/15/32		813,680
	Knox County Health Educational & Housing Facilities Board RB for University Health System, Inc. Series 2007 (BBB+)
		2,000,000		5.250			04/01/36		1,914,560
	Memphis Health Educational & Housing Facility Board RB for Memphis Multi-Family Housing Apartment Projects Series 2007 A (AMT)^(c)
		9,080,000		5.750			04/01/25		6,163,685
	Memphis Health Educational & Housing Facility Board RB for Memphis Multi-Family Housing Apartment Projects Series 2007 B^(h)
		1,840,000		1.750			04/01/42		1,430,232
	Shelby County Health Educational & Housing Facilities Board RB for Trezevant Manor Project Series 2006 A
		2,000,000		5.625			09/01/26		1,713,860

									34,819,520


	Texas – 11.5%
	Alliance Airport Authority Special Facilities RB Refunding for American Airlines, Inc. Project Series 2007 (AMT) (CCC+)
		64,470,000		5.250			12/01/29		42,242,033
		25,000,000		5.750			12/01/29		17,535,250
	Austin Texas Convention Enterprises, Inc. RB for Third Tier Series 2001 C-2
		9,785,000		9.750			01/01/26		9,855,354
	Brazos River Authority PCRB for TXU Energy Co. LLC Project Series 2006 (AMT) (CCC/Caa3)
		17,740,000		5.000			03/01/41		10,089,270

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2009 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

State-Specific Municipal Debt Obligations – (continued)
	Texas – (continued)

	Brazos River Authority PCRB Refunding for TXU Electric Co. LLC Project Series 2001 C (AMT) (CCC/Caa3)^(c)
	$	8,000,000		5.750	%		11/01/11	$	6,855,920
	Brazos River Authority PCRB Refunding for TXU Energy Co. LLC Project Series 2003 C (AMT) (CCC/Caa3)
		9,275,000		6.750			10/01/38		5,555,261
	Brazos River Authority RB for Houston Industries, Inc. Project Series 1998 A (AMBAC) (BBB+/Baa1)
		14,000,000		5.125			05/01/19		14,036,260
	Brazos River Authority RB for Houston Industries, Inc. Project Series 1998 C (AMBAC) (BBB+/Baa1)
		20,425,000		5.125			05/01/19		20,478,514
	Dallas County Flood Control District GO Bonds Refunding Series 2002^(b)
		6,000,000		7.250			04/01/32		6,302,040
	Dallas-Fort Worth International Airport Facilities Improvement Corp. RB for American Airlines, Inc. Series 1995 (CCC+/Caa2)
		12,750,000		6.000			11/01/14		11,470,028
	Dallas-Fort Worth International Airport Facilities Improvement Corp. RB for American Airlines, Inc. Series 1999 (AMT) (GTY AGMT) (CCC+/Caa2)
		46,720,000		6.375			05/01/35		34,596,627
	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		11,284,864
	Dallas-Fort Worth International Airport Facilities Improvement Corp. RB Series 2001 A-1 (Ba2)
		17,100,000		6.150			01/01/16		16,880,778
	Gulf Coast Waste Disposal Authority RB Refunding Series 2002 A (BBB/Baa3)
		8,115,000		6.100			08/01/24		8,103,152
	Houston Airport System RB Refunding Senior Lien Bonds Series 2009 A (AA-/Aa3)
		18,335,000		5.500			07/01/34		19,687,390
	Houston Airport System RB Special Facilities for Continental Airlines, Inc. Series 1998 B (AMT) (CCC+/B3)
		1,000,000		5.700			07/15/29		802,710
	Matagorda County Navigation District No. 1 PCRB Refunding for Central Power and Light Co. Project RMKT 07/01/09 Series 2001 A (BBB/Baa2)
		5,200,000		6.300			11/01/29		5,691,140
	Mesquite Texas Health Facilities Development Corp. RB for Christian Care Retirement Facilities Series 2005 (BBB-)
		2,025,000		5.500			02/15/25		1,840,887
		4,115,000		5.625			02/15/35		3,516,432
	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		4,219,488
		5,000,000		7.250			01/01/31		4,903,750


	North Texas Tollway Authority RB First Tier Series 2009 A (A-/A2)
		25,400,000		6.250			01/01/39		28,321,000
	North Texas Tollway Authority RB Refunding for Toll Second Tier Series 2008 F (BBB+/A3)
		53,205,000		5.750			01/01/38		56,272,800
	Rio Grande Valley Health Facilities Development Corp. Texas Hospital RB for Valley Health Medical Centre Project Series 1992 A (NATL-RE) (A/Baa1)
		4,040,000		6.375			08/01/22		4,044,444
	Sabine River Authority Texas PCRB Refunding for TXU Electric Co. Project RMKT 11/29/05 Series 2001 C (CCC/Caa3)
		5,950,000		5.200			05/01/28		3,563,158
	Sabine River Authority Texas PCRB Refunding for TXU Electric Co. Project Series 2000 A (CCC/Caa3)
		7,110,000		6.450			06/01/21		4,260,170
	Sabine River Authority Texas PCRB Refunding for TXU Electric Co. Project Series 2001 A (CCC/Caa3)^(c)
		16,265,000		5.500			11/01/11		13,938,942
	Tarrant County Cultural Education Facilities Finance Corp. RB for Air Force Village Obligation Group Series 2007 (BBB+)
		4,075,000		5.125			05/15/37		3,328,867
	Tom Green County Health Facilities Development Corp. Hospital RB for Shannon Health System Project Series 2001 (BBB/Baa3)
		2,000,000		6.750			05/15/21		2,063,360
	Tomball Hospital Authority RB Refunding Series 2005 (Baa3)
		250,000		5.000			07/01/15		248,628
		8,650,000		5.000			07/01/20		7,397,999
		5,850,000		5.000			07/01/23		5,322,564

									384,922,605


	Utah – 0.1%
	Carbon County Solid Waste Disposal RB Refunding for Sunnyside Cogeneration Series 1999 A
		4,720,000		6.375			08/15/11		4,650,333


	Vermont – 0.0%
	Vermont Economic Development Authority Mortgage RB for Wake Robin Corp. Project Series 2006 A
		1,300,000		5.250			05/01/26		1,111,812


	Virginia – 0.3%
	Albemarle County IDA RB Refunding Westminster-Canterbury Series 2007
		1,000,000		5.000			01/01/31		766,820
	Bedford County IDA RB Refunding for Nekoosa Packaging Corp. Project Series 1998 (AMT) (B2)
		520,000		5.600			12/01/25		462,134
	Loudoun County IDA Residential Care Facility RB Refunding for Falcons Landing Series 2004 A
		1,750,000		6.000			08/01/24		1,631,140
	Norfolk Redevelopment & Housing Authority RB for First Mortgage Retirement Community Series 2004 A
		500,000		6.000			01/01/25		457,035
		1,100,000		6.125			01/01/35		950,653

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

State-Specific Municipal Debt Obligations – (continued)
	Virginia – (continued)

	Suffolk IDA Retirement Facilities RB Refunding First Mortgage for Lake Prince Center Series 2006
	$	725,000		5.150	%		09/01/24	$	628,046
		1,000,000		5.300			09/01/31		811,830
	Virginia Beach Development Authority Residential Care Facilities Mortgage RB Refunding for Westminster-Canterbury Series 2005
		500,000		5.000			11/01/22		432,210
	Washington County IDA RB for Mountain States Health Alliance Series 2009 C (BBB+/Baa1)
		4,000,000		7.750			07/01/38		4,619,480

									10,759,348


	Washington – 0.2%
	Terrace Heights Sewer District RB for Refunding and Capital Improvement Series 2006
		680,000		4.750			01/01/29		642,233
		1,075,000		5.000			01/01/33		1,000,234
	Washington Health Care Facilities Authority RB for MultiCare Health System Series 2008 A (ASSURED GTY) (AAA/Aa2)
		750,000		6.000			08/15/39		800,550
	Washington Health Care Facilities Authority RB for MultiCare Health System Series 2008 B (ASSURED GTY) (AAA/Aa2)
		1,750,000		6.000			08/15/39		1,867,950
	Washington Health Care Facilities Authority RB Series 2007 C (Radian) (BBB/Baa2)
		2,000,000		5.500			08/15/42		1,909,380

									6,220,347


	West Virginia – 0.0%
	Ohio County Commission Sewage System Tax Allocation for Fort Henry Centre Financing District Series 2007 A
		640,000		5.850			06/01/34		535,776


	Wisconsin – 3.1%
	Wisconsin State Health & Educational Facilities Authority RB for Fort Healthcare, Inc. Project Series 2004 (BBB+)
		1,500,000		6.100			05/01/34		1,515,375
	Wisconsin State Health & Educational Facilities Authority RB for Upland Hills Health, Inc. Series 2006 A (BBB)
		5,825,000		5.125			05/15/29		5,155,824
	Wisconsin State Health & Educational Facilities Authority RB for Upland Hills Health, Inc. Series 2006 B (BBB)
		1,400,000		5.000			05/15/36		1,188,726
	Wisconsin State Health & Educational Facilities Authority RB for Vernon Memorial Healthcare, Inc. Project Series 2005 (BBB-)
		3,000,000		5.100			03/01/25		2,787,810
		3,800,000		5.250			03/01/35		3,345,330
	Wisconsin State Health & Educational Facilities Authority RB for Wheaton Franciscan Healthcare Series 2006 (BBB+/Baa2)
		11,365,000		5.250			08/15/21		11,324,540
		9,700,000		5.250			08/15/23		9,530,735
		7,565,000		5.250			08/15/24		7,374,135


		9,715,000		5.250			08/15/25		9,389,645
		2,000,000		5.250			08/15/31		1,834,420
		16,500,000		5.250			08/15/34		15,049,155
	Wisconsin State Health & Educational Facilities Authority RB for Wheaton Franciscan Services, Inc. Series 1993 (NATL-RE) (A/Baa1)
		15,000,000		5.750			08/15/22		15,018,450
	Wisconsin State Health & Educational Facilities Authority RB for Wheaton Franciscan Services, Inc. Series 2003 A (BBB+/Baa2)
		5,000,000		5.250			08/15/25		4,832,550
		1,585,000		5.125			08/15/33		1,423,076
	Wisconsin State Health & Educational Facilities Authority RB Refunding for Illinois Senior Housing, Inc. Series 2006
		1,275,000		5.650			08/01/21		1,111,966
		2,385,000		5.800			08/01/29		1,867,336
	Wisconsin State Health & Educational Facilities Authority RB Refunding for Wheaton Healthcare Series 2006 B (BBB+/Baa2)
		10,970,000		5.125			08/15/30		9,895,818

									102,644,891


	Wyoming – 0.4%
	Sweetwater County Wyoming PCRB Refunding for Idaho Power Co. Project Series 2006 (A/A3)
		12,000,000		5.250			07/15/26		12,783,000


	TOTAL STATE-SPECIFIC MUNICIPAL DEBT OBLIGATIONS
	(Cost $3,324,863,914)							$	3,085,610,565




Other Municipal Debt Obligations – 1.9%


	Charter Mac Equity Issuer Trust Series 2004 A-4-1 (AMT) (Aaa)^(b)(c)
		9,000,000		5.750			05/15/15		9,163,260
	Municipal Mortgage & Equity LLC Tax-Exempt Special Purpose Entity Series 2000 (Ba2)^(b)(c)
		4,000,000		7.750			11/01/10		3,080,080
	Municipal Mortgage & Equity LLC Tax-Exempt Special Purpose Entity Series 2004 (Baa2)^(b)(c)
		4,000,000		5.200			09/30/14		2,839,960
	Municipal Mortgage & Equity LLC Tax-Exempt Special Purpose Entity Series 2004 (Baa3)^(b)(c)
		3,000,000		5.400			09/30/14		1,965,000
		3,000,000		5.800			09/30/19		1,964,850
	Municipal Mortgage & Equity LLC Tax-Exempt Special Purpose Entity Series 2004 A-2 (Baa1)^(b)(c)
		6,000,000		4.900			09/30/14		4,927,320
	Municipal Mortgage & Equity LLC Tax-Exempt Special Purpose Entity Series 2004 C (Baa3)^(b)(c)
		11,000,000		4.700			11/17/09		9,892,850
	Municipal Mortgage & Equity LLC Tax-Exempt Special Purpose Entity Series 2005 (Baa1)^(b)(c)
		8,000,000		5.125			09/30/15		6,400,160

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2009 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Other Municipal Debt Obligations – (continued)

	Municipal Mortgage & Equity LLC Tax-Exempt Special Purpose Entity Series 2005 (Baa2)^(b)(c)
	$	8,000,000		5.300	%		09/30/15	$	5,560,240
	Municipal Mortgage & Equity LLC Tax-Exempt Special Purpose Entity Series 2005 (Ba1)^(b)(c)
		6,000,000		5.900			09/30/20		3,119,700
	Municipal Mortgage & Equity LLC Tax-Exempt Special Purpose Entity Series 2005 A-3 (Baa1)^(b)(c)
		4,000,000		4.950			09/30/12		3,480,080
	Municipal Mortgage & Equity LLC Tax-Exempt Special Purpose Entity Series 2005 C-3 (Baa3)^(b)(c)
		3,000,000		5.500			09/30/15		1,902,420
	Tax Exempt Municipal Infrastructure Improvement Trust Certificates RB Series 2005 A (A2)^(b)
		8,409,000		4.050			05/04/10		8,482,495


	TOTAL OTHER MUNICIPAL DEBT OBLIGATIONS
	(Cost $77,255,801)							$	62,778,415


	Shares		Description	Value

Common Stock – 0.0%

		13,163	Delta Air Lines, Inc.^(j)	$	117,940
	(Cost $0)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Short-Term Investments – 1.7%


	Connecticut – 0.4%
	Connecticut State Health & Educational Facilities Authority VRDN RB for Yale University Series 2001 V-1 (A-1+/VMIG1)^(h)
	$	6,800,000		0.230	%		10/01/09	$	6,800,000
	Connecticut State Health & Educational Facilities Authority VRDN RB for Yale University Series 2001 V-2 (A-1+/VMIG1)^(h)
		6,300,000		0.220			10/01/09		6,300,000

									13,100,000


	Massachusetts – 0.2%
	Massachusetts Health & Educational Facilities Authority VRDN RB for Harvard University Series 1999 R (A-1+/VMIG1)^(h)
		6,000,000		0.220			10/01/09		6,000,000


	New Hampshire – 0.1%
	New Hampshire Health & Education Facilities Authority VRDN RB for Dartmouth College Series 2007 A (A-1+/VMIG1)^(h)
		1,600,000		0.280			10/01/09		1,600,000


	New Hampshire Health & Education Facilities Authority VRDN RB for Dartmouth College Series 2007 B (A-1+/VMIG1)^(h)
		2,000,000		0.280			10/01/09		2,000,000

									3,600,000


	New York – 0.9%
	New York City Municipal Water Finance Authority Water & Sewer VRDN RB Second Generation Resolution Series 2008 BB-1 (A-1/VMIG1)^(h)
		1,900,000		0.290			10/01/09		1,900,000
	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)^(h)
		8,000,000		0.280			10/01/09		8,000,000
	New York City VRDN GO Bonds Subseries 1993 A-8 (LOC – JPMorgan Chase Bank) (A-1+/VMIG1)^(h)
		11,500,000		0.250			10/01/09		11,500,000
	New York State Dormitory Authority VRDN RB for Cornell University Series 1990 B (A-1+/VMIG1)^(h)
		800,000		0.280			10/01/09		800,000
	Tompkins County Industrial Development Agency VRDN RB for Cornell University Civic Facilities Series 2008 A-1 (A-1+/VMIG1)^(h)
		8,000,000		0.280			10/01/09		8,000,000

									30,200,000


	Texas – 0.1%
	Texas Water Development Board VRDN RB Refunding State Revolving Sub Lien Series 2007 A (A-1+/VMIG1)^(h)
		5,089,000		0.330			10/01/09		5,089,000


	TOTAL SHORT-TERM INVESTMENTS
	(Cost $57,989,000)							$	57,989,000


	Shares		Rate	Value

Investment Companies – 3.3%


	JPMorgan Tax Free Money Market Fund – Institutional Shares^(h)
		101,894,983	0.250%	$	101,894,983
	Morgan Stanley Institutional Liquidity Fund – Tax-Exempt Portfolio – Institutional Shares^(h)
		7,262,287	0.215		7,262,287


	TOTAL INVESTMENT COMPANIES
	(Cost $109,157,270)			$	109,157,270


	TOTAL INVESTMENTS – 99.3%
	(Cost $3,569,265,985)			$	3,315,653,190


	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.7%				22,489,769


	NET ASSETS – 100.0%			$	3,338,142,959

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

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


(a)		Inverse variable rate security. Interest rate disclosed is that which is in effect at September 30, 2009.

(b)		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 $99,895,585, which represents approximately 3.0% of net assets as of September 30, 2009.

(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, 2009.

(d)		Security is currently in default.

(e)		Security issued with 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)		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, 2009.

(i)		Pre-refunded security. Maturity date disclosed is pre-refunding date.

(j)		Non-income producing security.




Investment Abbreviations:
ACA	—	Insured by American Capital Access
AGC	—	Insured by ACE Guaranty Corp.
AMBAC	—	Insured by American Municipal Bond Assurance Corp.
AMT	—	Alternative Minimum Tax
ASSURED GTY	—	Insured by Assured Guaranty
BANS	—	Bond Anticipation Notes
BNY	—	Insured by the Bank of New York Mellon Corp.
CIFG	—	CIFC Assurance North America, Inc.
COMWLTH GTD	—	Commonwealth Guaranteed
COPS	—	Certificates of Participation
FGIC	—	Insured by Financial Guaranty Insurance Co.
FHA INS	—	Insured by Federal Housing Administration
FSA	—	Insured by Financial Security Assurance Co.
FSA-CR	—	Insured by Financial Security Assurance Co. Insured Custodial Receipts
GO	—	General Obligation
GO OF AUTH	—	General Obligation of Authority
GO OF CITY	—	General Obligation of City
GO OF INSTN	—	General Obligation of Institution
GTY AGMT	—	Guaranteed Agreement
ICC	—	Insured Custody Certificates
IDA	—	Industrial Development Authority
LIBOR	—	London Interbank Offered Rate
LIQ	—	Liquidity Agreement
LOC	—	Letter of Credit
MUN GOVT GTD	—	Municipal Government Guaranteed
NATL-RE	—	Insured by National Public Finance Guarantee Corp.
NATL-RE FGIC	—	National Public Finance Guarantee Corp. Re-insures Financial Guaranty Insurance Co.
PCRB	—	Pollution Control Revenue Bond
Q-SBLF	—	Qualified School Board Loan 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.

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2009 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

SWAP CONTRACT — At September 30, 2009, the Fund had an outstanding swap contract with the following terms:

CREDIT DEFAULT SWAP CONTRACT

Notional

Rate

Credit Spread at

Amount

Received

Termination

September 30, 2009^(a)

Market

Swap Counterparty

Reference Obligation

(000’s)

by the Fund

Date

(basis points)

Value^(b)

Protection Sold:

JPMorgan Chase Bank, N.A.

California State Various Purpose GO Bonds Series 2003, 5.250%, 02/01/18

10,000

3.000%

06/20/19

178

867,893


^(a)	A credit spread on the referenced obligation, together with the period of expiration, is an indicator of payment/performance risk. The likelihood of a credit event occurring which would require a fund to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and term of the swap contract increase.
^(b)	There are no upfront payments on the swap contract listed above, therefore the unrealized gain on the swap contract is equal to its market value.

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

GOLDMAN SACHS MUNICIPAL INCOME FUND

Schedule of Investments

September 30, 2009 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

State-Specific Municipal Debt Obligations – 94.0%


	Alabama – 1.4%
	Alabama Special Care Facilities Financing Authority RB for Birmingham Ascension Health Series 2009 C-1 (AA)^(a)(b)(d)
	$	1,000,000		13.740	%		11/03/16	$	1,241,550
	Alabama State Public School & College Authority RB for Capital Improvement Series 1999 D (AA/Aa2)
		1,150,000		5.750			08/01/19		1,171,287
	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		1,524,374
	Birmingham Alabama GO Bonds Capital Improvement Warrants Series 2000 A (AA/Aa3)
		1,000,000		5.550			08/01/21		1,025,730
	Health Care Authority RB for Baptist Health Series 2006 D (GO OF AUTH) (BBB+/A3)
		575,000		5.000			11/15/17		579,485
		100,000		5.000			11/15/21		94,150
	Mobile Alabama Board of Water & Sewer Commissioners RB Series 2002 (NATL-RE FGIC) (AA-/A2)
		1,000,000		5.250			01/01/18		1,035,570
	Tuscaloosa Alabama Educational Building Authority RB for Stillman College Project Series 2007 A (BBB-)
		2,900,000		5.250			06/01/37		2,288,738

									8,960,884


	Alaska – 0.9%
	Alaska State Housing Finance Corp. RB for General Housing Series 2005 A (FGIC) (AA/Aa2)
		4,000,000		5.250			12/01/34		4,138,280
	Anchorage Alaska Water RB Refunding Series 2004 (NATL-RE) (AA)^(c)
		1,000,000		5.125			05/01/14		1,154,330

									5,292,610


	Arizona – 2.3%
	Arizona Health Facilities Authority RB for Phoenix Children’s Hospital Series 2007 A^(d)(g)
		4,170,000		1.400			02/02/15		3,560,221
	Arizona School Facilities Board RB for State School Trust Series 2004 A (AMBAC)^(c)
		3,410,000		5.750			07/01/14		4,051,558
	Maricopa County Arizona Pollution Control Corp. PCRB Refunding for El Paso Electric Co. Project Series 2009 A (BBB/Baa2)
		2,200,000		7.250			02/01/40		2,515,634
	Navajo County Arizona Pollution Control Corp. PCRB Series 2009 B (BBB-/Baa2)^(d)
		2,000,000		5.500			06/01/14		2,096,720
	Northern Arizona University RB Series 2003 (FGIC) (A+/A2)^(c)
		1,235,000		5.500			06/01/14		1,449,618
	Queen Creek Arizona Improvement District No. 1 Special Assessment Series 2006 (BBB/Baa2)
		500,000		5.000			01/01/26		471,800

									14,145,551


	Arkansas – 0.1%
	Arkansas State Development Finance Authority RB for Single Family Mortgage Backed Securities Series 2008 B (AMT) (GNMA/FNMA) (AAA)
		520,000		5.500			07/01/23		552,120
	Paragould Arkansas Sales and Use Tax RB Series 2001 (AMBAC)
		25,000		5.100			06/01/18		25,133

									577,253


	California – 18.4%
	Abag Finance Authority RB for Non-Profit Corps. RB for San Diego Hospital Association Series 2001 A (A-/A3)
		1,790,000		6.125			08/15/20		1,826,606
	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		4,410,120
	California Educational Facilities Authority RB for California Institute of Technology Series 2009 (GO OF INSTN) (AAA/Aa1)
		5,000,000		5.000			11/01/39		5,419,650
	California Health Facilities Financing Authority RB for Providence Health & Services Series 2008 C (AA/Aa2)
		1,000,000		6.500			10/01/33		1,134,650
	California Housing Finance Agency RB for Home Mortgage Series 2006 I (AMT) (AA-/Aa3)
		2,000,000		4.800			08/01/36		1,719,720
	California Infrastructure & Economic Development Bank RB for Los Angeles County Department of Public Social Services Series 2003 (AMBAC)
		1,000,000		5.750			09/01/23		1,032,660
	California Pollution Control Financing Authority PCRB Refunding for U.S.A. Waste Services, Inc. Series 1998 A (AMT) (BBB)^(d)
		2,500,000		4.500			06/01/10		2,497,950
	California State GO Bonds for Various Purposes Series 2009 (A/Baa1)
		5,000,000		6.500			04/01/33		5,798,900
		2,750,000		6.000			04/01/38		3,016,722
	California State GO Bonds Refunded Balance Series 2000 (FGIC) (AAA/Baa1)^(c)
		75,000		5.250			09/01/10		78,390
	California State Public Works Board Lease RB for UCLA Replacement Hospital Series 2002 A (FSA) (AAA/Aa2)
		2,000,000		5.375			10/01/19		2,144,880
	California Statewide Communities Development Authority RB for Enloe Medical Center Series 2008 (CAL MTG INS) (A)
		1,435,000		5.750			08/15/38		1,509,089
	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		1,288,415
	Citrus Community College District GO Bonds for Capital Appreciation of the 2004 Election Series 2009 C (AA-/Aa3)^(e)
		6,500,000		0.000			06/01/34		1,602,705

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

GOLDMAN SACHS MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2009 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

State-Specific Municipal Debt Obligations – (continued)
	California – (continued)

	Eastern California Municipal Water District Community Facilities Special Tax District No. 2003-25 Improvement Area D Series 2006
	$	425,000		5.000	%		09/01/36	$	312,090
	Eastern California Municipal Water District Community Facilities Special Tax District No. 2005-40 Mahogany Promontory Pointe Series 2006
		410,000		5.000			09/01/36		314,864
	Foothill-De Anza California Community College District GO Bonds for Capital Appreciation Bonds Series 2007 B (AMBAC) (AA/Aa1)^(e)
		11,235,000		0.000			08/01/36		2,747,632
	Foothill-De Anza California Community College District GO Bonds Series 2007 A (AMBAC) (AA/Aa1)
		6,000,000		5.000			08/01/27		6,453,540
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Capital Appreciation for Asset Backed Bonds Subseries 2007 B (BB)^(e)
		50,000,000		0.000			06/01/47		1,952,500
	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		647,595
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB for Asset Backed Bonds Series 2003 A-3 (AAA/Aaa)^(c)
		350,000		7.875			06/01/13		428,508
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB for Asset Backed Bonds Series 2003 A-5 (AAA/Aaa)^(c)
		650,000		7.875			06/01/13		795,801
	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		4,318,750
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB for Enhanced Asset Backed Bonds Series 2003 B (AAA/Aaa)^(c)
		7,800,000		5.500			06/01/13		8,893,638
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB for Enhanced Asset Backed Bonds Series 2005 A (A-/Baa2)
		3,075,000		5.000			06/01/45		2,877,247
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB for Senior Asset Backed Bonds Series 2007 A-1 (BBB/Baa3)
		4,500,000		5.750			06/01/47		3,750,570
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Series 2003 A-1 (AAA/Aaa)^(c)
		1,225,000		6.750			06/01/13		1,450,988
	Hacienda La Puente California Unified School District GO Bonds for Election 2000 Series 2003 B (FSA) (AAA/Aa3)^(c)
		1,200,000		5.250			08/01/13		1,382,952


	Lafayette California Redevelopment Agency Tax Allocation RB for Lafayette Redevelopment Project Series 2005 (Radian) (A)
		120,000		5.000			08/01/35		110,222
	Lake Elsinore California Unified School District Community Facilities District Special Tax Series 2005-3
		595,000		5.000			09/01/25		461,345
	Menifee Union School District Riverside County GO Bonds Capital Appreciation for Election of 2008 Series 2009 C (ASSURED GTY) (AAA/Aa2)^(e)
		2,000,000		0.000			08/01/37		379,900
		4,500,000		0.000			08/01/38		802,980
		4,500,000		0.000			08/01/39		754,200
	Menlo Park California GO Bonds Series 2002 (AAA/Aa1)
		1,000,000		5.250			08/01/27		1,067,640
	Merced City School District GO Bonds Capital Appreciation for Election of 2003 Series 2005 (NATL-RE) (A)^(e)
		1,205,000		0.000			08/01/26		459,864
	Metropolitan Water District Waterworks of Southern California RB Refunding Series 2001 A (AAA/Aa2)
		1,000,000		5.100			07/01/25		1,053,340
	M-S-R Energy Authority Gas RB Series 2009 A (A)
		1,750,000		6.500			11/01/39		1,997,345
	M-S-R Energy Authority Gas RB Series 2009 C (A)
		3,500,000		6.125			11/01/29		3,900,260
		1,750,000		6.500			11/01/39		1,997,345
	Palomar Pomerado Health GO Bonds Capital Appreciation for Election of 2004 Series 2009 A (ASSURED GTY) (AAA/Aa2)^(e)
		2,150,000		0.000			08/01/31		618,727
		4,150,000		0.000			08/01/32		1,113,113
		3,500,000		0.000			08/01/33		873,950
	Palomar Pomerado Health GO Bonds Capital Appreciation for Election of 2004 Series 2009 A (ASSURED GTY) (AAA/Aa2)^(e)(f)
		6,450,000		0.000			08/01/38		4,246,293
	Sacramento County Sanitation District Financing Authority RB Refunding for Sacramento County Regional Series 2007 B (NATL-RE FGIC) (AA/Aa3)^(g)
		3,000,000		0.763			12/01/35		2,268,690
	San Diego Community College District GO Bonds for Election of 2002 Series 2005 (FSA) (AAA/Aa2)
		3,000,000		5.000			05/01/30		3,154,560
	San Diego County Water Authority COPS Series 2008 A (FSA) (AAA/Aa3)
		10,000,000		5.000			05/01/33		10,526,500
	San Diego Unified School District GO Bonds for Election of 1998 Series 2002 D (FGIC) (AA/Aa2)
		1,000,000		5.250			07/01/24		1,106,690
	San Gabriel Unified School District GO Bonds Unrefunded Balance Series 2002 A (FSA) (AAA/Aa3)
		55,000		5.375			08/01/21		59,125
	San Joaquin Hills Transportation Corridor Agency RB Refunding for Capital Appreciation Series 1997 A (NATL-RE) (A/Baa1)^(e)
		1,605,000		0.000			01/15/26		440,011

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

GOLDMAN SACHS MUNICIPAL INCOME FUND


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

State-Specific Municipal Debt Obligations – (continued)
	California – (continued)

	Santa Ana Unified School District COPS Series 2007 (NATL-RE) (A/A3)
	$	5,000,000		5.250	%		04/01/37	$	5,136,950
	Silicon Valley Tobacco Securitization Authority Tobacco Settlement RB Turbo Capital Appreciation for Santa Clara County Tobacco Securitization Corp. Series 2007 A (BBB)^(e)
		8,000,000		0.000			06/01/36		826,480
	Temecula Valley 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		1,415,666
	Torrance California COPS Refunding & Public Improvement Project Series 2005 B (AMBAC) (AA-/A1)
		310,000		5.250			06/01/34		320,834
	West Contra Costa Unified School District GO Bonds Capital Appreciation for Election of 2002 Series 2004 C (NATL-RE FGIC) (A)^(e)
		1,175,000		0.000			08/01/25		482,138

									115,381,300


	Colorado – 1.2%
	Colorado Health Facilities Authority Hospital RB for Poudre Valley Health Care, Inc. Series 2005 F (A-/A3)
		800,000		5.000			03/01/25		803,344
	Colorado Health Facilities Authority RB for Catholic Health Initiatives Series 2001 (AA/Aa2)^(c)
		325,000		5.500			09/01/11		354,539
	Colorado Health Facilities Authority RB for Covenant Retirement Communities, Inc. Series 2005 (BBB-)
		1,150,000		5.000			12/01/35		923,335
	Colorado Health Facilities Authority RB for Portercare Adventist Health System Series 2001 (A2)^(c)
		275,000		6.500			11/15/11		310,200
	E-470 Public Highway Authority RB for Capital Appreciation Series 2004 B (NATL-RE) (A/Baa1)^(e)
		5,000,000		0.000			09/01/27		1,681,400
	La Plata County Colorado Durango School District No. 9-R GO Bonds Series 2002 (NATL-RE)^(c)
		1,000,000		5.250			11/01/12		1,127,290
	West Metro Fire Protection District GO Bonds Series 2006 A (NATL-RE) (Aa3)
		2,200,000		5.250			12/01/26		2,457,972

									7,658,080


	Connecticut – 0.6%
	Connecticut State Development Authority PCRB Refunding for The Connecticut Light & Power Co. RMKT 9/23/98 Series 1993 A (BBB/Baa1)
		2,150,000		5.850			09/01/28		2,190,054
	Connecticut State Development Authority PCRB Refunding for The Connecticut Light & Power Co. Project RMKT 12/05/08 Series 1996 A (AMT) (BBB+/A2)^(d)
		1,500,000		5.250			04/01/10		1,531,980

									3,722,034


	District of Columbia – 1.5%
	District of Columbia Hospital RB for Children’s Hospital Obligated Group Series 2008 (FSA) (AAA)
		1,500,000		5.250			07/15/45		1,527,330
	District of Columbia Tobacco Settlement Financing Corp. RB for Asset Backed Bonds Series 2001 (BBB/Baa3)
		600,000		6.250			05/15/24		604,824
		1,000,000		6.500			05/15/33		1,035,610
	District of Columbia Water & Sewer Authority RB Public Utility Senior Lien Series 2009 A (AA/Aa3)
		5,000,000		6.000			10/01/35		5,939,900

									9,107,664


	Florida – 7.1%
	Arbor Greene Community Development District Special Assessment Refunding Series 2006 (BBB+)
		1,300,000		5.000			05/01/19		1,278,615
	Bluewaters Community Development District Special Assessment Series 2004
		2,460,000		6.000			05/01/35		2,153,140
	Bridgewater Wesley Chapel Community Development District Special Assessment for Capital Improvement Series 2005
		2,315,000		5.750			05/01/35		2,057,780
	Citizens Property Insurance Corp. Senior Secured RB for High Risk Account Bonds Series 2009 A-1 (A+/A2)
		3,650,000		5.500			06/01/17		3,869,401
	Coconut Cay Community Development District Special Assessment Series 2006
		960,000		5.375			05/01/36		774,854
	Coral Gables Health Facilities Authority RB for Baptist Health South Florida Series 2004 (FSA) (AAA/Aaa)^(c)
		1,000,000		5.250			08/15/14		1,166,970
	Covington Park Florida Community Development District Special Assessment Refunding for Capital Improvement Series 2005 (A-)
		610,000		5.000			05/01/21		611,153
	Crossings At Fleming Island Community Development District of Florida Special Assessment Refunding Series 2000 B (NATL-RE) (A/Baa1)
		1,765,000		5.800			05/01/16		1,782,827
	Crossings At Fleming Island Community Development District of Florida RB Refunding Series 2007 (NATL-RE) (A/Baa1)
		125,000		4.750			10/01/36		127,245
	Diamond Hill Community Development District Tax Allocation for Capital Improvement Series 2004
		1,600,000		6.000			05/01/34		1,473,040
	Double Branch Community Development District Special Assessment Series 2005 A (A-)
		550,000		5.350			05/01/34		500,396
	Florida State Municipal Power Agency RB Series 2009 A (A+/A1)
		1,000,000		6.250			10/01/31		1,171,190
	Hamal Florida Community Development District Special Assessment Refunding and Improvement Series 2006 A (NATL-RE) (A/Baa1)
		2,755,000		5.375			05/01/22		2,791,614

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

GOLDMAN SACHS MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2009 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

State-Specific Municipal Debt Obligations – (continued)
	Florida – (continued)

	High Ridge Quantum Community Development District Special Assessment for Boyton Beach Series 2005 A
	$	1,850,000		5.750	%		05/01/35	$	1,741,553
	Highlands County Health Facilities Authority RB for Adventist Health System/Sunbelt Obligated Group Series 2005 B (ETM) (A+/A1)
		60,000		5.000			11/15/09		60,292
	Hollywood Community Redevelopment Agency RB for Beach CRA Series 2004 (BBB+/Baa1)
		300,000		5.625			03/01/24		294,903
	Keys Cove Community Development District Special Assessment Series 2004
		1,145,000		5.875			05/01/35		1,013,577
	Lee County IDA Health Care Facilities RB Refunding for Shell Point/Alliance Community Project Series 2007 (BB+)
		2,500,000		5.000			11/15/13		2,477,025
	Longleaf Community Development District Special Assessment Refunding Series 2006
		1,255,000		5.375			05/01/30		1,011,053
	Marsh Harbour Community Development District Special Assessment Series 2005 A
		860,000		5.450			05/01/36		614,848
	Meadow Pointe III Community Development District RB for Capital Improvement Series 2004 A
		945,000		6.000			05/01/35		834,199
	Miami-Dade County Florida Aviation RB RMKT 03/17/08 Series 2003 E (AMT) (NATL-RE) (A/A2)
		500,000		5.250			10/01/13		534,425
		425,000		5.250			10/01/14		451,771
		575,000		5.250			10/01/16		608,028
	Miami-Dade County Florida Expressway Authority RB Series 2004 B (NATL-RE FGIC) (A/A3)
		1,000,000		5.250			07/01/26		1,043,760
	Port Everglades Authority RB for Port Facilities Series 1986 (ETM) (AAA/Aaa)
		2,135,000		7.125			11/01/16		2,541,419
	Sail Harbour Community Development District Special Assessment Series 2005 A
		955,000		5.500			05/01/36		738,062
	Sonoma Bay Community Development District Special Assessment Series 2005 A
		625,000		5.450			05/01/36		415,769
	St. Petersburg Health Facilities Authority RB Refunding for All Children’s Hospital Series 2009 A (AA/A1)
		2,000,000		6.500			11/15/39		2,156,600
	Sumter Landing Florida Community Development District Recreational RB Series 2005 A (NATL-RE) (A/Baa1)
		250,000		4.625			10/01/30		159,742
	Tampa Palms Open Space & Transportation Community Development District Special Assessment Refunding for Capital Improvement Area 7 Project Series 2004 (NATL-RE) (A/Baa1)
		1,395,000		4.500			05/01/18		1,438,008
	Tampa Water & Sewer RB Refunding Series 2001 A (AA/Aa2)
		1,000,000		5.250			10/01/19		1,053,340


	Thousand Oaks Community Development District Special Assessment Series 2005 A-1
		940,000		5.350			05/01/35		754,632
	Village Community Development District No. 5 Special Assessment Series 2003 A
		2,325,000		6.100			05/01/34		2,304,424
	Village Community Development District No. 6 Special Assessment Series 2007
		2,235,000		5.250			05/01/37		1,820,229
	Villagewalk of Bonita Springs Community Development District Special Assessment for Capital Improvement Series 2005
		985,000		5.600			05/01/36		775,362

									44,601,246


	Georgia – 0.2%
	Chatham County Hospital Authority RB for Hospital Improvement Memorial Health University Series 2004 A (BBB-/Baa2)
		325,000		5.500			01/01/34		293,244
	Georgia State GO Bonds Prerefunded Series 1992 B (ETM) (AAA/Aaa)
		5,000		6.000			03/01/12		5,608
	Georgia State GO Bonds Unrefunded Balance Series 1992 B (AAA/Aaa)
		995,000		6.000			03/01/12		1,115,485

									1,414,337


	Guam – 0.4%
	Guam Government Limited Obligation GO Bonds Section 30 Series 2009 A (BBB-)
		600,000		5.375			12/01/24		631,872
		850,000		5.625			12/01/29		878,160
		750,000		5.750			12/01/34		769,665

									2,279,697


	Hawaii – 0.6%
	Hawaii State Airport System RB Refunding Series 2000 B (AMT) (NATL-RE FGIC) (A/A2)
		3,500,000		6.625			07/01/17		3,577,735


	Idaho – 0.2%
	Idaho Health Facilities Authority RB for St. Luke’s Health System Project Series 2008 (A/A2)
		1,000,000		6.750			11/01/37		1,101,800


	Illinois – 3.8%
	Chicago Illinois GO Bonds Unrefunded Balance Series 2000 C (NATL-RE FGIC) (AA-/Aa3)
		815,000		5.500			01/01/19		842,229
	Chicago Illinois O’Hare International Airport RB Refunding Third Lien Series 2003 A-1 (XLCA) (A-/A1)
		490,000		5.250			01/01/34		500,780
	Chicago Illinois Tax Allocation Junior Lien for Near South Redevelopment Project Series 2001 A (ACA)
		750,000		5.000			11/15/11		781,065
		1,250,000		6.250			11/15/13		1,320,388

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

GOLDMAN SACHS MUNICIPAL INCOME FUND


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

State-Specific Municipal Debt Obligations – (continued)
	Illinois – (continued)

	Chicago Single Family Mortgage RB Series 2001 A (AMT) (GNMA/FNMA/FHLMC) (AAA/Aaa)
	$	1,225,000		6.250	%		10/01/32	$	1,239,112
	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		20,002
	Illinois Development Finance Authority PCRB Refunding for Amerencips RMKT 12/03/01 Series 2000 A (BBB-/Baa3)^(d)
		2,300,000		5.500			02/28/14		2,301,771
	Illinois Educational Facilities Authority Student Housing RB Educational Advancement Fund for University Center Project Series 2002 (AAA/Aaa)^(c)
		2,000,000		6.250			05/01/12		2,283,800
	Illinois Finance Authority RB for Edward Hospital RMKT 04/09/08 Series 2008 A (AMBAC) (A+/A2)
		350,000		6.250			02/01/33		385,210
	Illinois Finance Authority RB Refunding for Proctor Hospital Series 2006 A (BBB-/Baa3)
		400,000		5.125			01/01/25		337,328
	Illinois Finance Authority Solid Waste Disposal RB for Waste Management, Inc. Project Series 2005 A (AMT) (BBB)
		400,000		5.050			08/01/29		371,568
	Illinois State GO Bonds First Series 2002 (NATL-RE) (AA-/A1)
		3,000,000		5.375			07/01/19		3,274,320
	Lake County Illinois Community Consolidated School District No. 41 GO Bonds Series 1999 A (FSA) (AAA/Aa3)
		2,725,000		9.000			11/01/16		3,797,833
	Metropolitan Pier & Exposition Authority RB for McCormick Place Expansion Project Series 1999 (NATL-RE FGIC) (AAA/A2)
		800,000		5.250			12/15/28		811,728
	Round Lake Illinois Lakewood Grove Special Service Area No. 1 Special Tax Refunding Series 2007 (ASSURED GTY) (AAA)
		2,320,000		5.500			03/01/32		2,553,554
		125,000		4.700			03/01/33		126,949
	Southwestern Illinois Development Authority RB Capital Appreciation for Local Government Program Series 2007 (FSA) (AAA)^(e)
		6,500,000		0.000			12/01/25		3,054,285

									24,001,922


	Indiana – 2.5%
	Eagle-Union Middle School Building Corp. RB Refunding for First Mortgage Series 2001 (AMBAC)
		125,000		4.850			07/05/15		130,016
	Fall Creek Regional Waste District RB Refunding Series 2001 (NATL-RE) (A/Baa1)
		100,000		4.700			03/01/13		104,490
	Greencastle Indiana Waterworks RB Refunding Series 2001 (NATL-RE) (A/Baa1)
		300,000		4.250			07/01/13		318,432


	Indiana Bond Bank RB for Special Program Series 1998 A (FSA) (AAA/Aa3)
		290,000		4.600			02/01/13		295,739
	Indiana Health & Educational Facilities Financing Authority Hospital RB for Clarian Health Obligation Series 2006 A (A+/A2)
		3,900,000		5.000			02/15/39		3,682,224
	Indiana Health Facility Financing Authority RB for Kings Daughters Hospital Series 1997 (Radian) (BBB-)
		70,000		5.500			02/15/10		70,459
	Indiana State Educational Facilities Authority RB for Earlham College Project Series 1998 (Aa3)
		325,000		4.950			10/15/12		325,530
	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		639,565
	Indianapolis Indiana Gas Utility RB Second Lien Series 2008 A (ASSURED GTY) (AAA/Aa2)^(d)
		3,500,000		5.000			08/15/13		3,775,835
	Indianapolis Local Public Improvement Bond Bank RB for Waterworks Project Series 2009 A (AA-/A3)
		2,000,000		5.750			01/01/38		2,215,820
	Jasper County RB Refunding for Northern RMKT 8/25/08 Series 1994 C (NATL-RE) (AA/Baa1)
		650,000		5.850			04/01/19		725,673
	Mitchell Multi School Building Corp. RB Refunding for First Mortgage Series 2002 (ST AID WITHHLDG) (AA+)
		275,000		4.650			07/05/13		306,787
	North Montgomery High School Building Corp. RB for First Mortgage Series 2000 (NATL-RE FGIC) (AA+)
		400,000		5.050			07/15/15		415,512
	Perry Township Multi School Building Corp. RB for First Mortgage Series 2001 (NATL-RE FGIC) (Aa3)
		240,000		4.625			01/15/15		245,611
	Porter County Jail Building Corp. RB Refunding for First Mortgage Series 2001 (FSA) (AAA/Aa3)
		300,000		5.000			07/10/16		312,375
	Princeton Indiana Sewer Works RB Refunding Series 2003
		275,000		4.500			05/01/13		278,138
	South Bend Community School Building Corp. RB for First Mortgage Series 2001 B (FSA) (AAA/Aa3)
		200,000		4.600			07/01/13		203,332
	Vanderburgh County Indiana Redevelopment Commission Tax Increment Tax Allocation for Series 2006 (A)
		1,400,000		5.250			02/01/31		1,315,566

									15,361,104


	Iowa – 0.5%
	Coralville Iowa COPS Series 2006 D (A3)
		1,325,000		5.250			06/01/22		1,390,071
	Tobacco Settlement Authority of Iowa Tobacco Settlement RB for Asset-Backed Bonds Series 2005 C (BBB/Baa3)
		1,875,000		5.375			06/01/38		1,517,381

									2,907,452

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

GOLDMAN SACHS MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2009 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

State-Specific Municipal Debt Obligations – (continued)

	Kentucky – 1.2%
	Kentucky Economic Development Finance Authority System RB for Norton Healthcare, Inc. Series 2000 C (NATL-RE) (A)^(c)
	$	1,085,000		6.000	%		10/01/13	$	1,271,577
	Kentucky Economic Development Finance Authority System RB Unrefunded Balance for Norton Healthcare, Inc. Series 2000 C (NATL-RE) (A/Baa1)
		2,165,000		6.000			10/01/18		2,274,592
	Louisville & Jefferson County Metropolitan Government RB for Jewish Hospital St. Mary’s Healthcare Series 2008 (A/A3)
		3,750,000		6.125			02/01/37		3,984,187

									7,530,356


	Louisiana – 2.0%
	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		664,396
	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		2,425,395
	East Baton Rouge Parish Louisiana Sales Tax RB for Road and Street Improvement Series 2009 A (ASSURED GTY) (AAA/Aa2)
		1,230,000		5.250			08/01/28		1,348,560
	Louisiana Local Government Environmental Facilities & Community Development Authority for Louisiana Tech University Student Housing Series 2007 (AMBAC)
		2,000,000		5.250			10/01/27		2,176,640
	Louisiana Public Facilities Authority RB for Cleco Power LLC Project Series 2008 (BBB/Baa1)^(d)
		900,000		7.000			12/01/11		962,667
	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		1,055,100
	New Orleans Louisiana Aviation Board RB Refunding for Restructuring GARBs Series 2009 A-1 (ASSURED GTY) (AAA/Aa2)
		500,000		6.000			01/01/23		550,185
	St. John Baptist Parish Louisiana RB for Marathon Oil Corp. Series 2007 A (BBB+/Baa1)
		2,500,000		5.125			06/01/37		2,391,300
	Tobacco Settlement Financing Corp. RB for Asset Backed Bonds Series 2001 B (BBB/Baa3)
		1,220,000		5.875			05/15/39		1,172,908

									12,747,151


	Maryland – 1.9%
	Baltimore Maryland RB for Wastewater Projects Series 2005 B (NATL-RE) (AA)^(c)
		3,260,000		5.000			07/01/15		3,816,580
	Baltimore Maryland Special Obligation Tax Allocation for Harborview Lot No. 2 Series 2003
		1,212,000		6.500			07/01/31		1,074,680


	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		263,592
		555,000		5.700			07/01/29		501,393
	Maryland State Health & Higher Educational Facilities Authority RB Refunding for Medstar Health Series 2004 (A-/A2)
		500,000		5.375			08/15/24		517,560
		750,000		5.500			08/15/33		769,530
	Maryland State Industrial Development Financing Authority RB Refunding for Synagro-Baltimore Series 2008 A (AMT) (BBB+)
		2,000,000		5.250			12/01/12		1,991,260
		1,025,000		5.375			12/01/14		1,010,219
		500,000		5.625			12/01/16		485,505
	Maryland State Transportation Authority RB Refunding Series 2007 (AAA/Aa2)
		1,500,000		5.000			03/01/19		1,727,955

									12,158,274


	Massachusetts – 2.3%
	Massachusetts Bay Transportation Authority RB Assessment Series 2004 A (AAA/Aa1)^(c)
		1,000,000		5.000			07/01/14		1,156,530
	Massachusetts Educational Financing Authority RB Series 2008 H (AMT) (ASSURED GTY) (AAA/Aa2)
		3,000,000		6.350			01/01/30		3,271,530
	Massachusetts State Health & Educational Facilities Authority RB for Boston Medical Center Project Series 2008 (A-/Baa1)
		3,000,000		5.750			07/01/31		2,952,180
	Massachusetts State Health & Educational Facilities Authority RB for Emerson Hospital Series 2005 E (Radian) (BBB-)
		2,275,000		5.000			08/15/35		1,657,838
	Massachusetts State Health & Educational Facilities Authority RB for Harvard Pilgrim Health Series 1998 A (FSA) (AAA/Aa3)
		3,750,000		5.250			07/01/12		3,770,025
	Massachusetts State Health & Educational Facilities Authority RB for Milton Hospital Series 2005 D (BB-)
		575,000		5.500			07/01/40		380,201
	Massachusetts State Housing Finance Agency RB for Rental Housing-Mortgage Series 1998 A (AMT) (AMBAC)
		1,700,000		5.500			07/01/40		1,409,164

									14,597,468


	Michigan – 1.6%
	Michigan Higher Education Student Loan Authority RB for Student Loan Series 2003 17-1 (AMT) (AMBAC) (AA/A1)
		5,000,000		5.200			03/01/24		4,728,750
	Michigan State Hospital Finance Authority RB Refunding for Detroit Medical Center Series 2008 A (BHAC-CR AMBAC) (AAA/Aa1)
		5,000,000		5.500			08/15/24		5,001,500

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

GOLDMAN SACHS MUNICIPAL INCOME FUND


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

State-Specific Municipal Debt Obligations – (continued)
	Michigan – (continued)

	Pontiac Tax Increment Finance Authority RB Unrefunded Balance for Development of Area No. 3 Series 2002 (ACA)
	$	360,000		5.375	%		06/01/17	$	240,707

									9,970,957


	Minnesota – 0.7%
	Minneapolis Minnesota Health Care System RB for Fairview Health Services Series 2008 A (A/A2)
		1,500,000		6.750			11/15/32		1,674,990
	St. Paul Minnesota Housing & Redevelopment Authority RB for Healthpartners Obligated Group Project Series 2006 (BBB/Baa1)
		2,900,000		5.250			05/15/36		2,756,421

									4,431,411


	Mississippi – 0.2%
	Mississippi Business Finance Corp. PCRB for System Energy Resources, Inc. Project Series 1998 (BBB/Ba1)
		685,000		5.875			04/01/22		686,754
	Mississippi Development Bank Special Obligation RB for Hinds Community College District Capital Improvement Project Series 2009 (ASSURED GTY) (Aa2)
		500,000		5.375			10/01/33		542,005

									1,228,759


	Missouri – 1.1%
	Jefferson County Missouri School District No. R-1 Northwest GO Bonds Refunding and Improvement for Missouri Direct Deposit Program Series 2004 (NATL-RE) (AA+/Aa1)
		300,000		4.350			03/01/16		319,782
	Missouri State Development Finance Board Infrastructure Facilities RB for Branson Landing Project Series 2005 A (A/Baa1)
		270,000		4.750			06/01/25		251,864
		4,125,000		5.000			06/01/35		3,743,066
	Missouri State Health & Educational Facilities Authority RB for St. Louis University Series 1998 (AA-/A1)
		1,000,000		5.500			10/01/15		1,153,280
	Missouri State Health & Educational Facilities Authority RB for St. Lukes Episcopal-Presbyterian Hospital Series 2001 (FSA) (AAA/Aa3)
		1,000,000		5.500			12/01/15		1,066,360

									6,534,352


	Nevada – 0.9%
	Clark County Nevada Industrial Development RB for Southwest Gas Corp. Project Series 2003 C (BBB/Baa3)^(d)
		765,000		5.450			03/01/13		821,885
	Clark County Nevada School District GO Bonds Refunding Series 1998 (FSA) (AAA/Aa2)
		800,000		5.500			06/15/13		902,560
	Director of the State of Nevada Department of Business & Industry RB for Las Vegas Monorail Project First Tier Series 2000 (AMBAC) (Caa2)
		2,200,000		5.625			01/01/32		625,240


	Henderson Nevada Local Improvement District No. T-14 Special Assessment Refunding Limited Obligation Senior Series 2007 A (FSA) (AAA/Aa3)
		840,000		4.250			03/01/12		844,939
	North Las Vegas Nevada Local Improvement Special Assessment Refunding for Special Improvement of District No. 60 Subseries 2006 B
		650,000		4.850			12/01/15		620,958
		1,470,000		5.100			12/01/22		1,277,974
	University of Nevada RB for Community College System Series 2002 A (NATL-RE FGIC) (AA-/Aa3)
		250,000		4.450			07/01/12		262,695

									5,356,251


	New Hampshire – 0.5%
	New Hampshire Health & Education Facilities Authority RB for Southern New Hampshire University Series 2006 (ACA) (BBB)
		1,000,000		5.000			01/01/27		995,350
	New Hampshire Municipal Bond Bank RB Series 2003 (NATL-RE) (AA)^(c)
		1,000,000		5.250			08/15/13		1,149,890
	New Hampshire State Business Finance Authority RB for Waste Management, Inc. Project Series 2002 (AMT) (BBB)
		1,250,000		5.200			05/01/27		1,197,188

									3,342,428


	New Jersey – 4.5%
	New Jersey Economic Development Authority RB for School Facilities Construction Series 2009 BB (AA-/A1)
		360,000		5.000			09/01/34		382,828
	New Jersey Economic Development Authority RB for School Facilities Construction Series 2009 Z (ASSURED GTY) (AAA/Aa2)
		1,000,000		6.000			12/15/34		1,172,700
	New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2009 AA (AA-/A1)
		4,000,000		5.500			12/15/29		4,602,960
	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		567,600
		175,000		5.500			07/01/30		165,870
	New Jersey Health Care Facilities Financing Authority RB for Palisades Medical Center of New York Healthcare Series 2002 (BB+/Ba2)
		500,000		6.500			07/01/21		473,640
	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		2,568,850
	New Jersey State GO Bonds Refunding Series 1999 F (AA/Aa3)
		1,000,000		5.500			08/01/11		1,085,600
	New Jersey State Higher Education Assistance Authority RB for Student Loan Series 2008 A (AMT) (ASSURED GTY) (AAA/Aa2)
		3,000,000		6.125			06/01/30		3,213,660

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

GOLDMAN SACHS MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2009 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

State-Specific Municipal Debt Obligations – (continued)
	New Jersey – (continued)

	New Jersey State Transportation Trust Fund Authority RB for Transportation System Series 2003 C (AAA/Aaa)^(c)
	$	3,000,000		5.500	%		06/15/13	$	3,457,680
	New Jersey State Turnpike Authority RB Series 2009 G (A+/A3)^(h)
		1,650,000		5.000			01/01/18		1,863,527
	Tobacco Settlement Financing Corp. RB for Asset Backed Bonds Series 2002 (AAA/Aaa)^(c)
		2,370,000		6.000			06/01/12		2,674,403
	Tobacco Settlement Financing Corp. RB for Capital Appreciation Series 2007 1-C (BB-)^(e)
		11,250,000		0.000			06/01/41		672,525
	Tobacco Settlement Financing Corp. RB Series 2003 (AAA/Aaa)^(c)
		300,000		6.750			06/01/13		357,468
	Tobacco Settlement Financing Corp. RB Series 2007 1-A (BBB/Baa3)
		3,015,000		4.625			06/01/26		2,549,966
		3,000,000		5.000			06/01/29		2,574,990

									28,384,267


	New Mexico – 1.2%
	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		3,541,084
	New Mexico Mortgage Financial Authority RB for Sunset View Senior Apartments Series 2006 A (FNMA) (AAA)^(d)
		2,800,000		4.700			08/01/28		2,749,376
	Santa Fe County New Mexico RB for Gross Receipts Series 2008 (FSA) (AAA/Aa3)
		1,000,000		5.250			06/01/31		1,088,350

									7,378,810


	New York – 3.3%
	Erie County New York Industrial Development Agency RB for the City of Buffalo School District Series 2008 A (FSA) (AAA/Aa3)
		4,500,000		5.750			05/01/26		5,045,805
		4,500,000		5.750			05/01/29		4,963,545
	New York City GO Bonds Series 2006 A (AA/Aa3)
		400,000		5.000			08/01/18		447,700
	New York City Industrial Development Agency RB for Polytechnic University Project Series 2007 (ACA) (BB+)
		2,045,000		5.000			11/01/12		2,126,309
	New York City Industrial Development Agency RB for Yankee Baseball Stadium-Pilot Series 2006 (FGIC) (BBB-/Baa3)
		1,500,000		5.000			03/01/31		1,501,665
	New York City Transitional Finance Authority RB Future Tax Series 2002 (NATL-RE FGIC) (AAA/Aa1)^(c)
		965,000		5.250			08/01/12		1,080,839
	New York City Transitional Finance Authority RB Unrefunded Balance Future Tax Series 2002 (NATL-RE FGIC) (AAA/Aa1)
		35,000		5.250			08/01/14		38,942
	New York Mortgage Agency RB for Homeowner Mortgage (AMT) Series 2003 109 (Aa1)
		900,000		4.800			10/01/23		907,794


	New York State Dormitory Authority RB for North Shore University Hospital Series 1998 (NATL-RE) (A/A3)
		1,500,000		5.500			11/01/14		1,574,925
	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		190,025
	Tobacco Settlement Financing Corp. RB for Asset-Backed Bonds Series 2003 A-1 (AA-/A1)
		2,600,000		5.500			06/01/19		2,792,556

									20,670,105


	North Carolina – 0.8%
	North Carolina Capital Facilities Finance Agency RB for Duke University Project Series 2002 A (AAA/Aaa)^(c)
		2,000,000		5.125			10/01/12		2,243,600
	North Carolina Eastern Municipal Power Agency Power System RB Refunding Series 2003 C (A-/Baa1)
		500,000		5.375			01/01/16		538,130
		850,000		5.375			01/01/17		913,189
	North Carolina Eastern Municipal Power Agency Power System RB Series 2008 C (ASSURED GTY) (AAA/Aa2)
		500,000		6.000			01/01/19		552,560
	North Carolina Municipal Power Agency No. 1 Catawba Electric RB Series 2003 A (A/A2)
		450,000		5.500			01/01/13		497,650

									4,745,129


	North Dakota – 0.4%
	Ward County North Dakota Health Care Facilities RB for Trinity Obligated Group Series 2006 (BBB+)
		2,250,000		5.125			07/01/25		2,175,503


	Ohio – 1.6%
	Buckeye Ohio Tobacco Settlement Financing Authority RB for Asset-Backed Bonds Senior Turbo Series 2007 A-2 (BBB/Baa3)
		445,000		5.125			06/01/24		419,217
		4,050,000		6.500			06/01/47		3,606,970
	Marysville Ohio RB Wastewater Treatment System Series 2006 (XLCA) (A-)
		1,670,000		5.250			12/01/24		1,785,831
		1,755,000		5.250			12/01/25		1,818,356
		1,350,000		5.250			12/01/26		1,392,106
	Summit County Ohio Port Authority Program Development RB for Twinsburg Township Project Series 2005 D (BBB+)
		580,000		5.125			05/15/25		483,192
	Toledo-Lucas County Ohio Port Authority Development RB Northwest Ohio Bond Fund for Preston Place Series 2006 B (BBB-)
		130,000		4.800			11/15/35		79,932
	Toledo-Lucas County Ohio Port Authority Development RB Northwest Ohio Bond Fund for Truckloan Place Series 2005 C (AMT) (BBB-)
		410,000		5.125			11/15/25		298,628

									9,884,232

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

GOLDMAN SACHS MUNICIPAL INCOME FUND


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

State-Specific Municipal Debt Obligations – (continued)

	Oklahoma – 0.1%
	Oklahoma Development Finance Authority RB for Great Plains Regional Medical Center Project Series 2007 (BBB)
	$	240,000		5.000	%		12/01/27	$	221,643
		140,000		5.125			12/01/36		124,527

									346,170


	Oregon – 0.6%
	Deschutes County Oregon Hospital Facilities Authority RB Refunding for Cascade Healthcare Series 2008 (A3)
		1,500,000		8.250			01/01/38		1,807,575
	Klamath Falls Oregon Intercommunity Hospital Authority RB for Merle West Medical Center Series 2002 (BB+)^(c)
		1,255,000		6.125			09/01/12		1,447,781
	Klamath Falls Oregon Intercommunity Hospital Authority RB Unrefunded Balance for Merle West Medical Center Series 2002 (BB+)
		745,000		6.125			09/01/22		752,532

									4,007,888


	Pennsylvania – 0.8%
	Mifflin County Pennsylvania School District GO Bonds Series 2007 (NATL-RE-IBC) (A/Baa1)
		2,000,000		7.500			09/01/26		2,504,240
	Montgomery County Pennsylvania Higher Education & Health Authority RB for Catholic Health System East Series 2004 C (A1)^(c)
		150,000		5.375			11/15/14		176,391
	Pennsylvania Economic Development Financing Authority Exempt Facilities RB for Amtrak Project Series 2001 A (AMT) (A-/A2)
		2,000,000		6.250			11/01/31		2,040,700
	Pennsylvania State Higher Educational Facilities Authority RB for Moravian College Project Series 2001 (Radian) (BBB-)
		150,000		5.375			07/01/23		151,286
	St. Mary Hospital Authority RB Refunding for Catholic Health East Series 2004 B (A1)^(c)
		225,000		5.375			11/15/14		264,586

									5,137,203


	Puerto Rico – 5.1%
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2008 A (BBB-/Baa3)
		2,000,000		6.000			07/01/38		2,085,360
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2008 A (BBB-/Baa3)^(e)(f)
		3,000,000		0.000			07/01/24		2,978,250
	Puerto Rico Commonwealth GO Bonds for Public Improvement Series 2006 A (AAA/Baa3)^(c)
		980,000		5.250			07/01/16		1,181,204
	Puerto Rico Commonwealth GO Bonds Refunding Subseries 2003 C-7 (NATL-RE) (A/Baa3)
		2,000,000		6.000			07/01/27		2,105,300
	Puerto Rico Commonwealth GO Bonds Series 2008 A (BBB-/Baa3)
		2,500,000		5.375			07/01/33		2,439,225


	Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2005 L (NATL-RE) (A/Baa1)
		2,500,000		5.250			07/01/35		2,538,800
	Puerto Rico Commonwealth Highway & Transportation Authority RB Series 1996 Y (XLCA-ICR) (BBB+/Aaa)^(c)
		2,500,000		5.000			07/01/16		2,974,025
	Puerto Rico Commonwealth Highway & Transportation Authority RB Subseries 2003 (FGIC) (BBB-/Ba1)
		900,000		5.250			07/01/18		922,302
	Puerto Rico Commonwealth Infrastructure Financing Authority Special Tax Series 2006 B (BBB+/Baa3)
		1,250,000		5.000			07/01/25		1,250,612
	Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority RB for Ana G Mendez University System Project Series 2006 (BBB-)
		225,000		5.000			03/01/36		164,399
	Puerto Rico Public Buildings Authority RB Refunding for Government Facilities Series 2004 J (AMBAC COMWLTH GTD) (BBB-/Baa3)^(d)
		1,480,000		5.000			07/01/12		1,531,149
	Puerto Rico Public Finance Corp. RB Commonwealth Appropriations Series 2004 A (LOC – Government Development Bank of Puerto Rico) (BBB-/Ba1)^(d)
		5,400,000		5.750			02/01/12		5,630,418
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB for Capital Appreciation First Subseries 2009 A (A+/A2)^(e)(f)
		8,000,000		0.000			08/01/32		6,093,360

									31,894,404


	Rhode Island – 0.4%
	Rhode Island Housing & Mortgage Finance Corp. RB Series 2007 A-1 (AMT) (FSA) (AAA/Aa3)
		2,800,000		4.900			10/01/37		2,570,624


	South Carolina – 0.5%
	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		2,269,200
	Lancaster County South Carolina School District GO Bonds Series 1999 (FSA) (AAA/Aa1)^(c)
		1,000,000		5.100			03/01/10		1,029,430

									3,298,630


	South Dakota – 0.1%
	South Dakota Health & Educational Facilities Authority RB for Avera Health Series 2008 B (A+/A1)
		500,000		5.500			07/01/35		522,885
		300,000		5.250			07/01/38		307,155

									830,040


	Tennessee – 1.3%
	Jackson Tennessee Hospital RB Refunding and Improvement for Jackson-Madison Project Series 2008 (A+/A1)
		1,000,000		5.750			04/01/41		1,052,070

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

GOLDMAN SACHS MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2009 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

State-Specific Municipal Debt Obligations – (continued)
	Tennessee – (continued)

	Johnson City Tennessee Health & Educational Facilities Board Hospital RB for First Mortgage Mountain States Health Series 2006 A (BBB+/Baa1)
	$	1,775,000		5.500	%		07/01/36	$	1,760,090
	Knox County Tennessee Health Educational & Housing Facilities Board RB for University Health System, Inc. Series 2007 (BBB+)
		2,700,000		5.250			04/01/36		2,584,656
	Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board RB for Charter Village Apartments Series 2007 (FNMA) (AAA)^(d)
		1,000,000		4.850			06/01/25		1,000,320
	Sullivan County Tennessee Health Educational & Housing Facilities Board Hospital RB for Wellmont Health System Project Series 2006 C (BBB+)
		2,100,000		5.250			09/01/36		1,713,621

									8,110,757


	Texas – 11.9%
	Brazos River Authority PCRB Refunding for TXU Electric Co. Project Series 1999 A (AMT) (CCC/Caa3)
		700,000		7.700			04/01/33		419,356
	Brazos River Authority PCRB Refunding for TXU Electric Co. Project Series 1999 C (AMT) (CCC/Caa3)
		1,200,000		7.700			03/01/32		718,908
	Brazos River Authority PCRB Refunding for TXU Electric Co. Project Series 2001 C (AMT) (CCC/Caa3)^(d)
		1,045,000		5.750			11/01/11		895,555
	Brazos River Authority RB Refunding for Reliant Energy, Inc. Project Series 1999 A (BBB-/Ba1)
		1,250,000		5.375			04/01/19		1,256,987
	Dallas County Utility & Reclamation District GO Bonds Refunding RMKT 06/25/08 Series 2005 B (AMBAC) (BBB+/Baa3)
		2,675,000		5.375			02/15/29		2,670,025
	Dallas-Fort Worth International Airport Facilities Improvement Corp. RB RMKT 04/04/08 Series 2002 C (NATL-RE) (AMT) (A+/A1)
		1,000,000		6.250			11/01/28		1,000,930
	Dallas-Fort Worth International Airport Facilities Improvement Corp. RB RMKT 04/11/08 Subseries 2003 C-2 (XLCA) (AMT) (A+/A1)
		2,000,000		6.125			11/01/18		2,003,540
	Fort Bend County Texas Municipal Utility District No. 30 GO Bonds Series 2004 (FSA) (AAA/Aa3)
		2,015,000		5.750			09/01/27		2,114,682
	Frisco Texas Independent School District GO Bonds Series 2002 (PSF-GTD) (AAA/Aaa)
		1,000,000		5.125			08/15/30		1,038,580
	Grand Prairie Texas Independent School District GO Bonds Series 2003 (FSA) (AAA/Aa3)^(c)
		1,000,000		5.375			02/15/13		1,138,180
	Gulf Coast Waste Disposal Authority Texas Waste Disposal RB for Valero Energy Corp. Project Series 2001 (AMT) (BBB/Baa2)
		1,000,000		6.650			04/01/32		1,005,200


	Harris County Port of Houston Authority GO Bonds Unlimited Tax Refunding Series 2008 A (AMT) (AAA/Aa1)
		3,000,000		6.125			10/01/33		3,352,440
	Hidalgo County Health Services RB for Mission Hospital, Inc. Project Series 2005 (BBB/Baa2)
		700,000		5.000			08/15/19		664,384
	Houston Utilities System RB Refunding First Lien Series 2004 A (NATL-RE) (AA/A1)
		1,000,000		5.250			05/15/25		1,069,930
	Lower Colorado River Authority RB Refunding Series 2008 (A/A1)
		5,000,000		5.750			05/15/37		5,273,650
	Matagorda County Texas Navigation District No. 1 PCRB Refunding for Central Power and Light Co. Project RMKT 07/01/09 Series 2001 A (BBB/Baa2)
		1,300,000		6.300			11/01/29		1,422,785
	Matagorda County Texas Navigation District No. 1 PCRB Refunding for Power & Light Center Series 1996 (AMT) (NATL-RE) (AA-/Baa1)
		2,500,000		5.200			05/01/30		2,259,875
	Matagorda County Texas Navigation District No. 1 RB Refunding for American Electric Power Texas Central Co. Project Series 2008 (BBB/Baa2)^(d)
		7,500,000		5.125			06/01/11		7,717,200
	Mesquite Texas Health Facilities Development Corp. RB for Christian Care Retirement Facilities Series 2005 (BBB-)
		150,000		5.500			02/15/25		136,362
		235,000		5.625			02/15/35		200,817
	Mesquite Texas Independent School District GO Bonds Refunding Series 2002 (PSF-GTD) (AAA)
		1,160,000		5.500			08/15/21		1,247,487
	Metropolitan Health Facilities Development Corp. RB for Wilson N. Jones Memorial Hospital Project Series 2001 (B+/Ba3)
		700,000		6.625			01/01/11		716,310
	Mission Economic Development Corp. RB for Waste Management, Inc. Project Series 2008 (BBB)^(d)
		1,000,000		6.000			08/01/13		1,074,940
	North Texas Tollway Authority System RB First Tier Series 2009 A (A-/A2)
		2,500,000		6.250			01/01/24		2,858,025
		1,100,000		6.250			01/01/39		1,226,500
	North Texas Tollway Authority System RB Refunding First Tier Series 2008 A (A-/A2)
		5,000,000		5.750			01/01/40		5,351,300
	North Texas Tollway Authority System RB Refunding for Capital Appreciation First Tier Series 2008 I (A-/A2)^(e)(f)
		6,000,000		0.000			01/01/43		4,804,920
	Pharr San Juan Alamo Independent School District GO Bonds for School Buildings Series 2007 (PSF-GTD) (AAA/Aaa)
		1,420,000		5.500			02/01/27		1,591,266
		1,000,000		5.500			02/01/29		1,109,740
		1,670,000		5.500			02/01/31		1,835,330
	Round Rock Texas Independent School District GO Bonds Unlimited Tax for School Building Series 2009 (AA/Aa1)
		2,730,000		5.250			08/01/34		2,987,794

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

GOLDMAN SACHS MUNICIPAL INCOME FUND


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

State-Specific Municipal Debt Obligations – (continued)
	Texas – (continued)

	Sam Rayburn Municipal Power Agency RB Refunding Series 2002 (Radian) (Baa2)
	$	5,000,000		5.750	%		10/01/21	$	5,189,950
	Schertz Texas GO Bonds Series 2006 (NATL-RE) (AA/Baa1)
		1,715,000		5.250			02/01/25		1,893,017
		1,900,000		5.250			02/01/27		2,080,253
	Tarrant County Cultural Education Facilities Finance Corp. RB for Air Force Village Obligation Group Series 2007 (BBB+)
		425,000		5.125			05/15/37		347,182
	Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2008 D (A/A2)
		3,000,000		6.250			12/15/26		3,227,010
	Tomball Hospital Authority RB Refunding Series 2005 (Baa3)
		650,000		5.000			07/01/20		555,919
		250,000		5.000			07/01/23		227,460
	Waxahachie Independent School District GO Bonds Unrefunded Balance for Capital Appreciation Series 2000 (PSF-GTD) (Aaa)^(e)
		80,000		0.000			08/15/13		65,299

									74,749,088


	U.S. Virgin Islands – 0.3%
	Virgin Islands Public Finance Authority RB for Senior Lien Matching Fund Loan Note Series 2004 A (BBB/Baa2)
		1,750,000		5.250			10/01/16		1,856,155


	Utah – 1.0%
	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		2,015,520
	Utah Housing Corp. Single Family Mortgage RB Series 2008 B-1 Class I (AMT) (AAA/Aaa)
		2,125,000		5.875			07/01/39		2,182,056
	Utah Housing Corp. Single Family Mortgage RB Series 2008 B-1 Class II (AMT) (AAA/Aa2)
		2,135,000		5.900			07/01/36		2,196,766

									6,394,342


	Virginia – 1.0%
	Bristol Virginia Utilities System RB Refunding Series 2003 (NATL-RE) (A/Baa1)
		1,850,000		5.250			07/15/26		1,875,123
	Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 C-1 (BB)^(e)
		2,250,000		0.000			06/01/47		89,460
	Virginia State Housing Development Authority RB Series 2008 E (GO OF AUTH) (AAA/Aaa)
		3,000,000		6.250			07/01/31		3,289,290
	Washington County Virginia IDA RB for Mountain States Health Alliance Series 2009 C (BBB+/Baa1)
		1,000,000		7.750			07/01/38		1,154,870

									6,408,743


	Washington – 3.1%
	Skagit County Washington Public Hospital District No. 2 GO Bonds Refunding and Improvement Series 2005 (NATL-RE) (Baa1)
		3,700,000		5.000			12/01/30		3,600,840
	Tacoma Washington GO Bonds Series 2004 (NATL-RE) (AA/A1)
		2,000,000		5.000			12/01/30		2,102,700
	Tobacco Settlement Authority Washington RB for Asset-Backed Bonds Series 2002 (BBB/Baa3)
		3,165,000		6.625			06/01/32		3,115,088
	Vancouver Washington Downtown Redevelopment Authority RB for Conference Center Project Series 2003 A (ACA)
		3,025,000		6.000			01/01/34		2,632,930
	Washington State GO Bonds for Various Purposes Series 2002 A (AA+/Aa1)
		300,000		5.000			07/01/14		329,424
	Washington State GO Bonds Series 1992 B & AT-7 (AA+/Aa1)
		500,000		6.400			06/01/17		608,325
	Washington State Health Care Facilities Authority RB for Group Health Corp. Series 2006 (Radian) (BBB+)
		315,000		5.000			12/01/36		287,532
	Washington State Health Care Facilities Authority RB for MultiCare Health System Series 2008 A (ASSURED GTY) (AAA/Aa2)
		250,000		6.000			08/15/39		266,850
	Washington State Health Care Facilities Authority RB for MultiCare Health System Series 2008 B (ASSURED GTY) (AAA/Aa2)
		250,000		6.000			08/15/39		266,850
	Washington State Health Care Facilities Authority RB for Swedish Health Services Series 2009 A (A+/A2)
		3,000,000		6.500			11/15/33		3,203,340
	Washington State Health Care Facilities Authority RB for Virginia Mason Medical Series 2007 B (ACA) (BBB/Baa2)
		3,000,000		6.000			08/15/37		3,044,760

									19,458,639


	West Virginia – 0.3%
	Monongalia County Building Commission RB for Monongalia General Hospital Series 2005 A (BBB+)
		2,000,000		5.250			07/01/25		2,045,540


	Wisconsin – 1.6%
	Badger Tobacco Asset Securitization Corp. RB for Asset Backed Bonds Series 2002 (AAA/Aaa)^(c)
		1,000,000		6.375			06/01/12		1,130,060
	Wisconsin State Health & Educational Facilities Authority RB for Sinai Samaritan Medical Center, Inc. Series 1996 (NATL-RE) (A/Baa1)
		5,000,000		5.875			08/15/26		5,007,800
	Wisconsin State Health & Educational Facilities Authority RB for Upland Hills Health, Inc. Series 2006 A (BBB)
		375,000		5.125			05/15/29		331,920
	Wisconsin State Health & Educational Facilities Authority RB for Upland Hills Health, Inc. Series 2006 B (BBB)
		100,000		5.000			05/15/36		84,909

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

GOLDMAN SACHS MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2009 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

State-Specific Municipal Debt Obligations – (continued)
	Wisconsin – (continued)

	Wisconsin State Health & Educational Facilities Authority RB for Wheaton Franciscan Healthcare Series 2006 (BBB+/Baa2)
	$	1,750,000		5.250	%		08/15/24	$	1,705,848
		1,750,000		5.250			08/15/31		1,605,117

									9,865,654


	TOTAL STATE-SPECIFIC MUNICIPAL DEBT OBLIGATIONS
	(Cost $572,126,372)							$	588,199,999




Other Municipal Debt Obligations – 0.4%


	Municipal Mortgage & Equity LLC Tax-Exempt Special Purpose Entity Series 2005 C-3 (Baa3)^(b)(d)
	$	2,000,000		5.500	%		09/30/15	$	1,268,280
	Tax Exempt Municipal Infrastructure Improvement Trust Certificates RB Series 2005 A (A2)^(b)
		959,000		4.050			05/04/10		967,382


	TOTAL OTHER MUNICIPAL DEBT OBLIGATIONS
	(Cost $2,959,271)							$	2,235,662




Short-Term Investments – 1.6%


	California – 0.8%
	California State Economic Recovery VRDN GO Bonds Series 2004 C-5 (A-1/VMIG3)^(g)
	$	5,000,000		0.950	%		10/01/09	$	5,000,000


	Connecticut – 0.1%
	Connecticut State Health & Educational Facilities Authority VRDN RB for Yale University Series 2001 V-2 (A-1+/VMIG1)^(g)
		800,000		0.220			10/01/09		800,000


	Massachusetts – 0.1%
	Massachusetts State Health & Educational Facilities Authority VRDN RB for Harvard University Series 1999 R (A-1+/VMIG1)^(g)
		1,000,000		0.220			10/01/09		1,000,000


	New Hampshire – 0.5%
	New Hampshire Health & Education Facilities Authority VRDN RB for Dartmouth College Series 2007 B (A-1+/VMIG1)^(g)
		3,000,000		0.280			10/01/09		3,000,000


	New York – 0.1%
	New York City VRDN GO Bonds Subseries 1993 A-8 (LOC – JPMorgan Chase Bank) (A-1+/VMIG1)^(g)
		500,000		0.250			10/01/09		500,000


	TOTAL SHORT-TERM INVESTMENTS
	(Cost $10,300,000)							$	10,300,000


	Shares		Rate	Value

Investment Company – 2.8%


	JPMorgan Tax Free Money Market Fund – Institutional Shares^(g)
		17,837,161	0.250%	$	17,837,161
	(Cost $17,837,161)


	TOTAL INVESTMENTS – 98.8%
	(Cost $603,222,804)			$	618,572,822


	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.2%				7,309,934


	NET ASSETS – 100.0%			$	625,882,756

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, 2009.

(b)		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 $3,477,212, which represents approximately 0.6% of net assets as of September 30, 2009.

(c)		Pre-refunded security. Maturity date disclosed is pre-refunding date.

(d)		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, 2009.

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

(f)		Security is issued with zero coupon until the next reset date.

(g)		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, 2009.

(h)		When-issued security.

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

GOLDMAN SACHS MUNICIPAL INCOME FUND




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
CAL MTG INS	—	Insured by California Mortgage Insurance
COMWLTH GTD	—	Commonwealth Guaranteed
COPS	—	Certificates of Participation
CRA	—	Community Reinvestment Act
ETM	—	Escrowed to Maturity
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
GO OF AUTH	—	General Obligation of Authority
GO OF INSTN	—	General Obligation of Institution
IDA	—	Industrial Development Authority
LOC	—	Letter of Credit
NATL-RE	—	Insured by National Public Finance Guarantee Corp.
NATL-RE FGIC	—	National Public Finance Guarantee Corp. Re-insures Financial Guaranty Insurance Co.
NATL-RE-IBC	—	Insured by National Public Finance Guarantee Corp. – Insured Bond Certificates
PCRB	—	Pollution Control Revenue Bond
PSF-GTD	—	Guaranteed by Permanent School Fund
Radian	—	Insured by Radian Asset Assurance
RB	—	Revenue Bond
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 SHORT DURATION TAX-FREE FUND

Schedule of Investments

September 30, 2009 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

State-Specific Municipal Debt Obligations – 81.5%


	Alabama – 1.5%
	Alabama Agricultural & Mechanical University RB Series 1998 (NATL-RE) (A/Baa1)
	$	1,000,000		4.550	%		11/01/09	$	1,002,190
	Alabama Public Housing Authorities RB Series 2003 B (FSA) (AAA/Aa3)
		3,350,000		3.850			01/01/10		3,376,331
	Alexander City Alabama Special Care Facilities Financing Authority Medical Facilities RB for Russell Hospital Corp. Series 2006 A (BB+)
		1,585,000		5.000			12/01/11		1,600,359
	Birmingham Waterworks & Sewer Board RB Series 2002 B (NATL-RE) (AAA)^(a)
		5,000,000		5.000			01/01/13		5,606,800
	Courtland Industrial Development Board RB Refunding for International Paper Co. Project Series 2003 A (BBB/Baa3)
		1,415,000		5.000			11/01/13		1,497,622
	Health Care Authority RB for Baptist Health Series 2006 D (GO OF AUTH) (BBB+/A3)
		600,000		5.000			11/15/09		602,004
	Jefferson County Alabama Limited Obligation School Warrants RB Series 2004 A (BBB/B3)
		3,500,000		5.250			01/01/11		3,082,170
	Jefferson County Alabama Sewer Warrants RB for Capital Improvement Series 2002 D (FGIC) (AAA/Aaa)^(a)
		5,000,000		5.250			08/01/12		5,520,500

									22,287,976


	Alaska – 0.2%
	Northern Tobacco Securitization Corp. RB for Asset Backed Bonds Series 2006 A (BBB+/Baa3)
		3,450,000		4.625			06/01/23		3,318,555


	Arizona – 1.2%
	Arizona Health Facilities Authority RB for Banner Health Series 2007 B (A+)^(b)
		2,150,000		1.210			01/01/37		1,440,564
	Arizona Health Facilities Authority RB for Phoenix Children’s Hospital Series 2007 A^(c)
		2,500,000		1.400			02/02/15		2,134,425
	Goodyear McDowell Road Commercial Corridor Improvement District Special Assessment Improvement Series 2007 A (AMBAC) (BBB+/A3)
		1,000,000		5.250			01/01/10		1,009,440
		1,160,000		5.250			01/01/11		1,199,637
		1,225,000		5.250			01/01/12		1,297,312
	Maricopa County Arizona Pollution Control Corp. PCRB Refunding for Arizona Public Service Co. Project Series 2009 E (BBB-/Baa2)^(c)
		1,000,000		6.000			05/01/14		1,068,140
	Maricopa County Community College District GO Bonds Series 2009 C (AAA/Aaa)
		5,000,000		3.000			07/01/13		5,301,650
	Navajo County Arizona Pollution Control Corp. PCRB Refunding for Arizona Public Service Co. Project Series 2009 B (BBB-/Baa2)^(c)
		3,000,000		5.500			06/01/14		3,145,080


	Phoenix Civic Improvement Corp. RB Refunding for Junior Lien Series 2009 B (AAA/Aa3)
		1,000,000		3.000			07/01/12		1,048,620
	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		750,000

									18,394,868

	��
	Arkansas – 0.4%
	Arkansas State GO Bonds Federal Highway Series 2001 A (AA/Aa2)
		5,000,000		5.250			08/01/12		5,170,150
	Springdale Arkansas Sales & Use Tax RB Series 2004 (NATL-RE)^(a)
		560,000		4.000			07/01/10		568,422
	Washington County Hospital RB Refunding for Regional Medical Center Series 2005 B (BBB/Baa1)
		1,000,000		5.000			02/01/11		1,024,250

									6,762,822


	California – 7.3%
	Adelanto Public Financing Authority RB Refunding Series 2006
		1,460,000		4.050			09/15/11		1,446,524
	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		3,947,906
	California Health Facilities Financing Authority RB Refunding for St. Joseph Health System Series 2009 C (AA-/A1)^(c)
		5,000,000		5.000			10/16/14		5,422,350
	California Infrastructure & Economic Development Bank RB for The J. Paul Getty Trust RMKT 08/02/06 Series 2003 A (AAA/Aaa)^(c)
		4,650,000		3.900			12/01/11		4,947,089
	California Municipal Finance Authority COPS for Community Hospitals of Central California Obligated Group Series 2009 (BBB-/Baa2)^(d)
		1,000,000		5.000			02/01/12		1,036,070
	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		1,199,796
	California State Economic Recovery GO Bonds Series 2004 A (A/Baa1)
		1,145,000		5.250			07/01/14		1,299,644
	California State Economic Recovery GO Bonds Series 2008 B (A/Baa1)^(c)
		1,000,000		5.000			03/01/10		1,015,930
		8,400,000		5.000			07/01/10		8,635,200
		5,925,000		5.000			07/01/11		6,274,219
	California State GO Bonds for Various Purposes Bonds Series 2006 (A/Baa1)
		2,500,000		5.000			03/01/14		2,772,350
	California State GO Bonds Refunding Series 2002 (A/Baa1)
		2,000,000		5.000			02/01/12		2,155,800

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

State-Specific Municipal Debt Obligations – (continued)
	California – (continued)

	California State GO Bonds Refunding Series 2005 (A/Baa1)
	$	3,000,000		5.000	%		05/01/14	$	3,338,550
	California State GO Bonds Series 1993 (FGIC-TCRS) (A/Baa1)
		4,150,000		4.750			09/01/23		4,157,470
	California State GO Bonds Series 2004 (A/Baa1)
		2,000,000		4.125			04/01/13		2,139,040
	California State RANS Subseries 2009 A-2 (SP-1/MIG1)
		4,450,000		3.000			06/23/10		4,507,805
	California Statewide Communities Development Authority RB for Kaiser Permanente Series 2002 C (A+)^(c)
		1,000,000		3.850			06/01/12		1,026,660
	California Statewide Communities Development Authority RB for Kaiser Permanente Series 2009 A (A+)
		5,000,000		5.000			04/01/14		5,520,950
	California Statewide Communities Development Authority RB for Kaiser Permanente Series 2009 E (A+)^(c)
		3,000,000		3.500			05/02/11		3,058,320
	Coachella Valley California Water District Improvement Bond Act of 1913/1915 Limited Obligation Improvement Assessment District 70 Series 2006
		100,000		4.350			09/02/11		100,360
	Foothill-De Anza Community College District GO Bonds Series 2007 A (AMBAC) (AA/Aa1)
		2,070,000		4.000			08/01/11		2,191,509
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB for Asset Backed Bonds Series 2007 A-1 (BBB/Baa3)
		6,815,000		4.500			06/01/27		6,296,447
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB for Enhanced Asset Backed Bonds Series 2003 B (AAA/Aaa)^(a)
		2,000,000		5.500			06/01/13		2,280,420
	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		2,060,160
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB for Enhanced Asset Backed Bonds Series 2005 A (AMBAC) (A-/Baa2)
		1,815,000		5.000			06/01/11		1,897,419
		1,150,000		5.000			06/01/12		1,226,751
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Series 2003 A-1 (AAA/Aaa)^(a)
		2,000,000		6.750			06/01/13		2,368,960
	Kings River Conservation District COPS for Peaking Project Series 2004 (Baa1)
		300,000		5.000			05/01/11		308,673
		300,000		5.000			05/01/12		309,552
	Los Angeles County Metropolitan Transportation Authority RB Series 2009 B (AA+/A1)
		2,385,000		4.000			07/01/13		2,585,555
	Los Angeles Department of Water & Power RB for Power System Series 2001 A (NATL-RE) (AA-/Aa3)
		6,780,000		5.375			07/01/13		7,281,381


	Los Angeles Unified School District GO Bonds Series 2003 A (NATL-RE) (AA-/Aa3)
		2,000,000		5.000			07/01/13		2,248,120
	Richmond California Wastewater RB Refunding Series 2006 A (AMBAC) (AA-/Baa2)
		255,000		5.000			08/01/14		274,403
	Richmond Joint Powers Financing Authority RB Refunding for Lease Civic Center Project Series 2007 (AMBAC) (A/Baa1)^(c)
		1,445,000		4.125			11/25/09		1,445,058
	Sacramento County Sanitation District Financing Authority RB Refunding for Sacramento County Regional Series 2007 B (NATL-RE FGIC) (AA/Aa3)^(b)
		1,650,000		0.763			12/01/35		1,247,779
	San Bernardino County Transportation Authority RB Series 2009 A (SP-1+/MIG1)
		1,500,000		4.000			05/01/12		1,575,225
	San Diego Public Facilities Financing Authority RB Refunding Series 2009 B (A+/A2)
		1,000,000		5.000			05/15/13		1,119,940
	San Francisco City & County Redevelopment Agency Tax Allocation for Mission Bay South Redevelopment Series 2009 D (BBB)
		500,000		4.000			08/01/10		511,020
		350,000		4.000			08/01/11		362,271
		250,000		4.500			08/01/13		262,763
		200,000		5.000			08/01/14		212,804
	San Luis & Delta-Mendota Water Authority RB for DHCCP Development Projects Series 2009 A (A+)
		3,000,000		4.500			03/01/14		3,099,120
	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		5,096,048

									110,263,411


	Colorado – 0.6%
	Colorado Health Facilities Authority RB for Covenant Retirement Communities, Inc. Series 2005 (BBB-)
		500,000		4.500			12/01/09		500,485
		500,000		5.000			12/01/10		505,795
	E-470 Public Highway Authority RB Senior Series 1997 A (NATL-RE) (A/Baa1)
		4,125,000		5.750			09/01/13		4,259,887
	E-470 Public Highway Authority RB Series 2007 B-2 (NATL-RE) (A/Baa1)^(c)
		3,000,000		5.000			09/02/11		3,049,440
	Northwest Parkway Public Highway Authority RB Senior Series 2001 B (AMBAC)^(a)(e)
		1,500,000		0.000			06/15/11		554,595

									8,870,202


	Connecticut – 0.4%
	Connecticut State GO Bonds Refunding Series 2004 B (NATL-RE) (AA/Aa3)
		4,325,000		5.000			12/01/13		4,943,821

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2009 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

State-Specific Municipal Debt Obligations – (continued)
	Connecticut – (continued)

	Connecticut State Health & Educational Facilities Authority RB for Ascension Health Series 1999 B (AA/Aa1)^(c)
	$	1,000,000		3.500	%		02/01/12	$	1,031,320

									5,975,141


	Florida – 4.5%
	Broward County Florida Port Facilities RB Series 2009 A (A-/A2)
		1,415,000		3.000			09/01/10		1,435,418
		2,360,000		5.000			09/01/11		2,499,429
		2,765,000		5.000			09/01/12		2,970,384
	Broward County Florida Resource Recovery RB Refunding for Wheelabrator Series 2001 A (AA/A3)
		4,000,000		5.375			12/01/10		4,016,120
	Broward County Florida School Board COPS Series 2002 B (FSA) (AAA/Aa3)^(a)
		4,105,000		5.375			07/01/11		4,440,543
	Capital Trust Agency RB for Seminole Tribe Convention Series 2003 A (AAA)^(a)(f)
		5,000,000		8.950			10/01/12		6,067,550
	Citizens Property Insurance Corp. RB Refunding Senior Secured for High Risk Account Series 2007 A (NATL-RE) (A+/A2)
		4,515,000		5.000			03/01/13		4,695,194
	Citizens Property Insurance Corp. Revenue Notes Senior Secured for High Risk Account Series 2009 A-2 (SP-1+/MIG1)
		5,000,000		4.500			06/01/10		5,059,550
	Florida Hurricane Catastrophe Fund Finance Corp. RB Series 2008 A (AA-/Aa3)
		3,000,000		5.000			07/01/13		3,238,140
	Florida State Board of Education GO Bonds Series 2002 B (AAA/Aa1)
		1,505,000		5.375			01/01/11		1,587,384
	Florida State Municipal Power Agency RB Refunding for Stanton Project Series 2008 (A+/A1)
		1,030,000		4.250			10/01/12		1,106,220
	Halifax Hospital Medical Center RB Refunding & Improvement Series 2006 A (A-)
		1,255,000		5.000			06/01/13		1,326,962
		855,000		5.000			06/01/14		901,349
	Highlands County Florida Health Facilities Authority RB for Adventist Health System/Sunbelt Obligated Group Series 2002 (A+/A1)^(c)
		2,450,000		3.950			09/01/12		2,542,635
	Highlands County Florida Health Facilities Authority RB Unrefunded Balance for Adventist Health System Series 2005 B (A+/A1)
		440,000		5.000			11/15/09		442,024
	Hillsborough County Aviation Authority RB for Tampa International Airport Series 2009 A (A+/Aa3)
		3,050,000		5.000			10/01/13		3,297,995
	JEA Florida Electric System RB Refunding Series 2009-3A (AA-/Aa2)
		2,275,000		5.000			10/01/13		2,503,274


	JEA Florida Electric System RB Refunding Subseries 2009 B (A+/Aa3)
		2,000,000		5.000			10/01/11		2,138,280
	JEA Florida Electric System RB Refunding Subseries 2009 C (ASSURED GTY) (AAA/Aa2)
		2,000,000		5.000			10/01/14		2,196,780
	Miami-Dade County IDA RB for Waste Management, Inc. Project Series 2006 (BBB)^(c)
		1,500,000		2.750			04/01/10		1,500,000
	Miami-Dade County RB Refunding for Water and Sewer System Series 2008 B (FSA) (AAA/Aa3)
		1,500,000		5.000			10/01/13		1,661,970
	Miami-Dade County School Board COPS Series 2003 B (NATL-RE) (A/A3)^(c)
		1,500,000		5.000			05/01/11		1,539,885
	Miami-Dade County School Board COPS Series 2008 A (AMBAC) (A/A3)
		3,000,000		5.000			08/01/10		3,088,920
	Palm Beach County Airport System RB Unrefunded Balance Series 2002 (NATL-RE) (A/A2)
		2,000,000		5.750			10/01/11		2,127,360
	Tampa Bay Water Utility System RB Refunding for Regulation of Water Supply Authority Series 2004 (NATL-RE FGIC) (AA+/Aa3)
		5,145,000		5.000			10/01/13		5,795,019

									68,178,385


	Georgia – 3.5%
	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		4,001,840
	Atlanta Georgia Wastewater RB Series 2009 A (A/Baa1)
		2,500,000		4.000			11/01/11		2,582,925
	Banks County Georgia GO Bonds Series 2006 (AMBAC)
		1,000,000		5.000			12/01/09		1,005,550
	Burke County Development Authority Power PCRB for Georgia Power Co. Plant Vogtle Project Fifth Series 1995 (A/A2)^(c)
		1,500,000		4.375			04/01/10		1,526,265
	Cherokee County Georgia GO Bonds Series 2009 (AA+/Aa2)
		1,200,000		3.000			04/01/11		1,239,360
	Cobb County Water and Sewer RB Improvement Series 2009 (AAA/Aaa)
		1,025,000		5.000			07/01/13		1,164,554
		1,000,000		4.500			07/01/14		1,133,280
	Columbia County Georgia GO Bonds Sales Tax Series 2009 (AA+/Aa2)
		1,265,000		4.000			04/01/12		1,355,789
	De Kalb County School District GO Bonds Series 2007 (AA+/Aa1)
		10,000,000		5.000			02/01/13		11,195,600
	East Point Building Authority RB for Water and Sewer Project Series 2006 A (XLCA)
		1,025,000		5.000			02/01/12		1,030,955
		750,000		5.000			02/01/13		751,313

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

State-Specific Municipal Debt Obligations – (continued)
	Georgia – (continued)

	East Point Building Authority RB Refunding for Water and Sewer Project Series 2007 (XLCA)
	$	600,000		4.000	%		02/01/12	$	586,140
	Fulton County Facilities Corp. COPS Public Purposes Project Series 2009 (AA-/A1)
		1,100,000		3.000			11/01/11		1,129,436
	Fulton Dekalb Georgia Hospital Authority RB Refunding Certificates Series 2003 (FSA) (AAA/Aa3)
		1,705,000		5.000			01/01/11		1,804,231
	Georgia State GO Bonds Refunding Series 2005 B (AAA/Aaa)
		3,425,000		5.000			07/01/12		3,797,126
	Georgia State GO Bonds Refunding Series 2009 E (AAA/Aaa)
		2,220,000		4.000			07/01/13		2,441,445
	Henry County School District GO Bonds Refunding Series 2001 (AA-/Aa3)
		1,000,000		5.125			08/01/14		1,073,720
	Monroe County Development Authority PCRB for Georgia Power Co. First Series 1995 (A/A2)^(c)
		2,000,000		4.500			04/01/11		2,089,820
	Municipal Electric Authority RB for Combustion Turbine Project Series 2002 A (NATL-RE) (A/A1)
		5,000,000		5.250			11/01/13		5,484,950
	Polk School District GO Bonds for Capital Appreciation Series 2008 (AA+/Aa1)^(e)
		1,355,000		0.000			04/01/12		1,301,667
	Public Gas Partners, Inc. RB Series 2009 A (A+/A2)^(d)
		6,130,000		5.000			10/01/15		6,783,335

									53,479,301


	Guam – 0.1%
	Guam Education Financing Foundation COPS Public School Facilities Project Series 2006 A (A-)
		1,030,000		5.000			10/01/12		1,078,245
	Guam Government Limited Obligation RB for Section 30 Series 2009 A (BBB-)
		1,000,000		5.000			12/01/13		1,082,430

									2,160,675


	Hawaii – 0.3%
	Hawaii State GO Bonds Series 2003 DA (NATL-RE) (AA/Aa2)
		3,745,000		5.250			09/01/14		4,260,462


	Idaho – 0.7%
	Madison County Idaho Hospital COPS Refunding Series 2006 (BBB-)
		250,000		4.375			09/01/10		251,328
		425,000		5.000			09/01/11		433,334
	University of Idaho RB Refunding Series 2007 A (FSA) (AAA/Aa3)^(c)
		9,240,000		4.375			04/01/11		9,457,509

									10,142,171


	Illinois – 4.3%
	Chicago Illinois GO Bonds for Lakefront Millennium Parking Facility Series 1999 (NATL-RE) (AA-)^(a)
		5,000,000		5.750			01/01/12		5,630,650


	Chicago Illinois GO Bonds Refunding Series 2005 A (FSA) (AAA/Aa3)
		5,000,000		5.000			01/01/15		5,691,650
	Chicago Illinois O’Hare International Airport RB Series 2008 A (FSA) (AAA/Aa3)
		6,275,000		5.000			01/01/15		7,020,972
	Chicago Illinois Park District Harbour Facilities RB for Airport and Marina Improvement Series 2000 (XLCA-ICR) (A2)^(a)
		1,610,000		5.650			01/01/11		1,709,353
	Chicago Illinois Tax Allocation Junior Lien for Near South Redevelopment Project Series 2001 A (ACA)
		300,000		5.000			11/15/11		312,426
		2,715,000		6.250			11/15/13		2,867,882
	Illinois Educational Facilities Authority RB for University of Chicago Series 1998 (AA/Aa1)^(c)
		2,500,000		3.375			02/03/14		2,582,050
	Illinois Health Facilities Authority RB for Advocate HealthCare Network Series 2003 A (AA/Aa3)^(c)
		2,000,000		4.375			07/01/14		2,070,400
	Illinois Health Facilities Authority RB for Delnor Hospital RMKT 06/04/08 Series 2003 A (FSA) (AAA/Aa3)
		1,875,000		5.000			05/15/11		1,968,900
	Illinois Municipal Electric Agency RB Refunding Series 2007 C (NATL-RE FGIC) (A+/A1)
		1,200,000		5.000			02/01/11		1,248,792
	Illinois State GO Bonds Certificates Series 2009 (SP-1)
		20,000,000		4.000			05/20/10		20,416,600
	Illinois State GO Bonds Series 2009 A (AA-/A1)
		10,000,000		3.500			09/01/13		10,583,900
	University of Illinois COPS for Utilities Infrastructure Projects Series 2001 A (AMBAC) (AA-/Aa3)^(a)
		3,000,000		5.000			08/15/11		3,221,250

									65,324,825


	Indiana – 1.6%
	Anderson Indiana RB Refunding for Improvement of Anderson University Project Series 2007 (BBB-)
		605,000		4.500			10/01/10		605,520
	Anderson School Building Corp. RB for First Mortgage Bonds Series 2003 (AMBAC) (AA+)^(a)
		1,750,000		5.000			07/15/13		1,990,695
	Duneland School Building Corp. RB Refunding for First Mortgage Bonds Series 2009 (AA+)
		1,070,000		4.000			02/01/13		1,139,497
	Indiana Bond Bank RB for State Revenue Funding Program Series 2004 B (AAA)
		4,000,000		5.000			02/01/13		4,457,480
	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		1,014,110
	Indiana Health Facility Financing Authority RB for Ascension Health Series 2001 (AA/Aa1)^(c)
		2,000,000		3.625			08/01/11		2,072,500

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2009 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

State-Specific Municipal Debt Obligations – (continued)
	Indiana – (continued)

	Indiana Health Facility Financing Authority RB for Ascension Health Series 2009 A (AA-/Aa2)^(c)
	$	1,500,000		5.000	%		08/01/13	$	1,634,115
	Indiana Transportation Finance Authority Highway RB Series 2000 (NATL-RE-IBC) (AA+)^(a)
		3,600,000		5.500			12/01/10		3,810,564
	Indiana University RB for Student Fees Series 2008 S (AA/Aa1)
		1,200,000		5.000			08/01/12		1,322,628
	Jasper County PCRB Refunding for Northern Indiana Public Service Co. Project RMKT 08/25/08 Series 1994 B (NATL-RE) (AA/Baa1)
		2,500,000		5.200			06/01/13		2,663,100
	Rockport Indiana PCRB Refunding for Michigan Power Co. Project Series 2009 B (BBB/Baa2)^(c)
		2,500,000		6.250			06/02/14		2,714,625

									23,424,834


	Iowa – 0.2%
	University of Iowa RB Refunding for University’s Utility System Series 2009 S (Aa2)
		1,000,000		3.000			11/01/12		1,053,200
		1,185,000		3.000			11/01/13		1,254,477

									2,307,677


	Kansas – 0.9%
	Burlington Kansas Environmental RB Refunding for Kansas City Power & Light RMKT 04/08/08 Series 2007 A-1 (FGIC) (A/A3)^(c)
		2,000,000		5.125			04/01/11		2,074,460
	Kansas Development Finance Authority Health Facilities RB for Hays Medical Center, Inc. Series 2005 L (A2)
		500,000		5.250			11/15/10		519,335
	Kansas Development Finance Authority Hospital RB for Adventist Health System Series 2009 (A+/A1)
		1,000,000		4.000			11/15/12		1,064,070
		1,000,000		4.000			11/15/13		1,057,430
	Kansas Development Finance Authority Hospital RB for Adventist Health System/Sunbelt Obligated Group Series 2009 D (A+/A1)
		475,000		3.000			11/15/11		486,452
		355,000		3.500			11/15/12		368,582
		200,000		5.000			11/15/13		219,250
		225,000		5.000			11/15/14		247,514
	Kansas Development Finance Authority RB for Public Water Supply Revolving Loan Fund Series 2004 (AAA/Aaa)
		4,455,000		5.000			04/01/13		5,017,087
	Lawrence City Kansas Hospital RB for Lawrence Memorial Hospital Series 2006 (A3)
		350,000		5.000			07/01/10		355,628
	Overland Park City Kansas GO Bonds for Internal Improvement Series 2006 A (AAA/Aaa)
		2,065,000		4.250			09/01/13		2,292,894

									13,702,702


	Kentucky – 0.1%
	Western Kentucky University RB for General Recipients Series 2009 (ASSURED GTY) (AAA/Aa2)
		1,080,000		3.000			09/01/13		1,110,931


	Louisiana – 1.3%
	DeSoto Parish Louisiana PCRB Refunding for International Paper Co. Projects Series 2002 A (BBB/Baa3)
		1,240,000		5.000			10/01/12		1,303,141
	East Baton Rouge Parish Louisiana RB Refunding for Public Improvement Series 2004 ST (AMBAC) (AA/A3)^(a)
		4,405,000		5.000			02/01/14		5,091,123
	Livingston Parish Louisiana RB Certificates of Indebtedness Series 2005
		2,500,000		4.750			05/01/15		2,358,550
	Louisiana Local Government Environmental Facilities & Community Development Authority RB for Jefferson Parish Series 2009 A (AA-/Aa3)
		250,000		3.000			04/01/11		255,202
		400,000		3.000			04/01/12		409,960
		370,000		3.000			04/01/13		378,384
	Louisiana Public Facilities Authority RB for Archdiocese of New Orleans Project Series 2007 (CIFG) (Baa2)
		440,000		5.000			07/01/10		442,059
		350,000		5.000			07/01/12		361,638
	Louisiana Public Facilities Authority RB for Cleco Power LLC Project Series 2008 (BBB/Baa1)^(c)
		600,000		7.000			12/01/11		641,778
	Louisiana Public Facilities Authority RB for Hurricane Recovery Program Series 2007 (AMBAC) (A/A2)
		2,030,000		4.000			06/01/12		2,096,076
	Louisiana State GO Bonds Series 2000 A (FGIC) (AAA/A1)^(a)
		3,000,000		5.250			11/15/10		3,160,440
	Morehouse Parish Louisiana PCRB Refunding for International Paper Co. Project Series 2001 A (BBB/Baa3)
		2,300,000		5.250			11/15/13		2,457,320
	Tobacco Settlement Financing Corp. RB for Asset Backed Bonds Series 2001 B (BBB/Baa3)
		200,000		5.500			05/15/30		200,420

									19,156,091


	Maryland – 2.5%
	Anne Arundel County Maryland GO Bonds for Consolidated General Improvements Series 2002 (AAA)^(a)
		3,270,000		5.250			03/01/12		3,609,361
	Anne Arundel County Maryland GO Bonds for Consolidated General Improvements Series 2009 (AAA/Aa1)
		2,345,000		4.000			04/01/13		2,568,690
	Baltimore County Maryland GO Bonds Refunding for Pension Funds Series 2009 (AAA/Aaa)
		3,575,000		5.000			08/01/13		4,069,458
	Maryland State GO Bonds for State and Local Facilities Loan-Second Series 2008 (AAA/Aaa)
		5,000,000		5.000			07/15/12		5,553,750
	Maryland State GO Bonds Refunding Series 2004 (AAA/Aaa)
		5,225,000		5.000			02/01/12		5,721,218
		5,000,000		5.000			02/01/13		5,627,350

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

State-Specific Municipal Debt Obligations – (continued)
	Maryland – (continued)

	Maryland State Transportation Authority Grant and Revenue Anticipation Bonds Series 2008 (AAA/Aa2)
	$	4,500,000		5.250	%		03/01/15	$	5,268,375
	Montgomery County Maryland GO Bonds for Construction Public Improvement Series 2001 (AAA/Aaa)^(a)
		5,000,000		4.750			02/01/11		5,323,100

									37,741,302


	Massachusetts – 0.9%
	Massachusetts State GO Bonds Series 2001 C (AA/Aa2)
		6,250,000		5.500			12/01/12		6,843,938
	Massachusetts State Health & Educational Facilities Authority RB for Amherst College Series 2009 K-2 (AAA/Aaa)^(c)
		3,750,000		2.750			01/04/12		3,834,825
	Massachusetts State Health & Educational Facilities Authority RB for Emerson Hospital Series 2005 E (Radian) (BBB-)
		445,000		5.000			08/15/10		454,216
		780,000		5.000			08/15/11		778,814
		465,000		5.000			08/15/12		460,922
	Massachusetts State Health & Educational Facilities Authority RB for Milford Regional Medical Center Series 2007 E (BBB-/Baa3)
		500,000		5.000			07/15/10		503,645
		285,000		5.000			07/15/11		288,457

									13,164,817


	Michigan – 1.6%
	Detroit Michigan RANS Series 2009 (SP-1+)
		4,000,000		5.000			03/01/10		4,019,040
	Detroit Michigan RB Refunding for Sewage Disposal Series 2003 A (FSA) (AAA/Aa3)
		3,000,000		5.000			07/01/11		3,164,610
	Michigan State Building Authority RB Refunding for Facilities Program Series 2002 III (ETM) (A+/A1)
		3,595,000		5.000			10/15/10		3,761,772
	Michigan State Hospital Finance Authority RB Refunding for Botsford Hospital Obligations Series 1998 A (NATL-RE) (Baa1)
		2,510,000		4.850			02/15/10		2,520,793
	Michigan State Hospital Finance Authority RB Refunding for Henry Ford Health System Series 2006 A (A/A1)
		500,000		5.000			11/15/10		512,490
	Michigan Strategic Fund Limited Obligation RB Refunding for The Detroit Edison Co. Exempt Facilities Project RMKT 06/01/09 Series 2008 ET-1 (A/A3)^(c)
		2,500,000		5.250			08/01/14		2,643,550
	Monroe County Hospital Finance Authority Hospital RB Refunding for Mercy Memorial Hospital Corporate Obligations Series 2006 A (BB/Baa3)
		845,000		5.000			06/01/10		840,758
		980,000		5.000			06/01/12		973,855
	Royal Oak Hospital Finance Authority RB for William Beaumont Hospital Series 2009 (A/A1)
		2,000,000		6.250			09/01/14		2,206,980


	Wyandotte Electric RB Refunding Series 2009 A (ASSURED GTY) (AAA/Aa2)
		3,235,000		4.000			10/01/12		3,373,911

									24,017,759


	Minnesota – 1.6%
	Minnesota State COPS for Technology System Lease Purchase Series 2009 (AA+)
		8,575,000		4.000			06/01/14		9,405,660
	Minnesota State GO Bonds Series 2008 C (AAA/Aa1)
		3,850,000		5.000			08/01/12		4,274,039
	Minnesota State GO for Various Purposes Bonds Series 2009 D (AAA/Aa1)
		9,445,000		5.000			08/01/13		10,732,448

									24,412,147


	Mississippi – 0.8%
	Greenville Public School District RB Refunding Series 2009 (AA-)
		580,000		4.000			08/01/12		614,452
		605,000		4.000			08/01/13		646,763
	Jackson State University Educational Building Corp. RB for Campus Facilities Project Series 2008 (Aa3)^(c)
		2,435,000		5.000			03/01/11		2,575,524
	Mississippi State GO Bonds for Capital Improvement Series 2002 (FSA-CR) (AAA/Aa3)^(a)
		5,000,000		5.000			11/01/12		5,542,550
	Ocean Springs School District GO Bonds Series 2009 (AA-)
		1,135,000		4.000			05/01/13		1,233,325
	University Education Building Corp. RB Refunding Series 2009 B (AA-/Aa3)
		1,790,000		3.000			10/01/13		1,872,322

									12,484,936


	Missouri – 0.3%
	Missouri State Development Financial Board Infrastructure Facilities Tax Allocation Independence-Centerpoint Project Series 2007 E (A+)
		225,000		5.000			04/01/11		235,598
	Missouri State Highways & Transit Commission First Lien RB Series 2006 A (AAA/Aa1)
		4,000,000		5.000			05/01/12		4,403,120

									4,638,718


	Nebraska – 0.3%
	Omaha Nebraska GO Bonds Refunding Series 2008 (AAA/Aa1)
		3,840,000		4.000			06/01/12		4,107,648


	Nevada – 0.8%
	Clark County GO Bonds Series 2000 (NATL-RE) (AA+)^(a)
		1,030,000		5.500			07/01/10		1,069,099
	Henderson Nevada Local Improvement Special Assessment Refunding for District No. T-14 Senior Limited Obligation Series 2007 A (FSA) (AAA/Aa3)
		1,315,000		4.250			03/01/10		1,334,949
		1,420,000		4.250			03/01/11		1,426,887

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2009 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

State-Specific Municipal Debt Obligations – (continued)
	Nevada – (continued)

	Las Vegas Valley Water District GO Bonds Refunding Series 2008 B (AA+/Aa2)
	$	5,000,000		5.000	%		06/01/13	$	5,505,650
	North Las Vegas Nevada Local Improvement Special Assessment Refunding for Sub-Special Improvement District No. 60-B Series 2006
		285,000		4.350			12/01/09		285,365
		570,000		4.600			12/01/11		566,853
		625,000		4.700			12/01/12		618,294
		550,000		4.800			12/01/14		530,013

									11,337,110


	New Hampshire – 0.3%
	New Hampshire Health & Education Facilities Authority RB for Catholic Medical Center Series 2006 (BBB+/Baa1)
		355,000		5.000			07/01/11		361,482
	New Hampshire Health & Education Facilities Authority RB for Dartmouth-Hitchcock Obligated Group Series 2009 (A+)
		2,900,000		3.250			08/01/13		2,967,019
	New Hampshire Health & Education Facilities Authority RB for The Memorial Hospital Series 2006 (BBB-/Baa3)
		355,000		5.000			06/01/10		358,067
		375,000		5.250			06/01/11		383,033
		395,000		5.250			06/01/12		405,795

									4,475,396


	New Jersey – 3.9%
	Atlantic County Utilities Authority Sewer RB Refunding Series 2009 (ASSURED GTY) (AA)^(d)
		1,000,000		5.000			01/15/12		1,065,980
		4,000,000		5.000			01/15/13		4,344,240
	Franklin Township School District GO Bonds Refunding Series 2009 (AA)
		1,315,000		4.000			08/15/12		1,413,993
	Gloucester County Improvement Authority RB Refunding for Solid Waste Management, Inc. Project Series 1999 A (BBB)^(c)
		500,000		6.850			12/01/09		503,310
	Morris County GO Bonds Refunding Series 2009 (AAA/Aaa)
		3,500,000		3.000			03/15/12		3,683,400
	New Jersey COPS for Equipment Lease Purchase Series 2009 A (AA-/A1)
		2,000,000		5.000			06/15/13		2,186,440
	New Jersey Economic Development Authority Cigarette Tax RB Series 2004 (FGIC) (BBB/Baa2)
		5,110,000		5.000			06/15/10		5,128,703
	New Jersey Economic Development Authority RB for School Facilities Construction Series 2008 RMKT 04/30/08 (FSA) (AAA/Aa3)^(c)
		2,000,000		5.000			09/01/14		2,273,980
	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		2,074,040
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2001 C (FSA) (AAA/Aa3)
		5,285,000		5.750			12/15/12		5,958,203


	Newark Housing Authority RB for South Ward Police Facility Series 2009 (ASSURED GTY GO OF CITY) (Aa2)
		1,155,000		3.500			12/01/11		1,187,398
		1,000,000		3.500			12/01/12		1,034,760
		1,235,000		3.500			12/01/13		1,274,544
	Somerset County New Jersey GO Bonds Series 2009 A (AAA/Aaa)
		3,320,000		2.000			08/01/13		3,408,876
	Tobacco Settlement Financing Corp. RB for Asset Backed Bonds Series 2002 (AAA/Aaa)^(a)
		7,805,000		5.750			06/01/12		8,493,245
		5,000,000		6.000			06/01/12		5,642,200
	Tobacco Settlement Financing Corp. RB Series 2003 (AAA/Aaa)^(a)
		1,750,000		6.750			06/01/13		2,085,230
	Tobacco Settlement Financing Corp. RB Series 2007 1-A (BBB/Baa3)
		2,690,000		4.500			06/01/23		2,516,522
	Union County New Jersey GO Bonds Refunding for General Improvement Series 2009 (AAA/Aa1)
		4,195,000		4.000			03/01/14		4,621,590

									58,896,654


	New Mexico – 1.0%
	Albuquerque New Mexico GO Bonds Series 2009 A (AAA/Aa2)
		4,000,000		3.000			07/01/13		4,229,280
	New Mexico State Severance Tax RB Series 2009 A (AA/Aa2)
		10,000,000		4.000			07/01/12		10,754,900

									14,984,180


	New York – 5.6%
	Metropolitan Transportation Authority Dedicated Tax Fund RB Series 2004 A (NATL-RE) (AA/A1)
		600,000		5.000			11/15/10		626,994
	Metropolitan Transportation Authority RB Series 2008 (A/A2)^(c)
		1,825,000		5.000			11/15/12		2,001,477
	Monroe County Industrial Development Agency Civic Facilities RB for Highland Hospital Project Series 2005 (BBB+/A2)
		1,480,000		5.000			08/01/13		1,558,159
	Monroe County Industrial Development Agency Civic Facilities RB Refunding for Highland Hospital of Rochester Series 2005 (BBB+/A2)
		1,000,000		5.000			08/01/12		1,046,510
	Nassau County New York GO Bonds Refunding Series 2009 E (A+/A2)
		500,000		4.000			06/01/12		533,495
		3,000,000		4.000			06/01/13		3,240,180
	New York City GO Bonds Series 2009 H-1 (AA/Aa3)
		2,500,000		4.000			03/01/13		2,682,575
	New York City Health & Hospital Corp. RB Refunding for Health System Series 2003 A (AMBAC) (A+/A1)
		500,000		5.000			02/15/11		522,650

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

State-Specific Municipal Debt Obligations – (continued)
	New York – (continued)

	New York City Industrial Development Agency RB Refunding for Polytechnic University Project Series 2007 (ACA) (BB+)
	$	1,630,000		5.000	%		11/01/11	$	1,682,714
	New York City Transitional Finance Authority RB Future Tax Secured Subordinate Bonds Series 2009 B (AAA/Aa2)
		17,250,000		3.000			11/01/12		18,215,828
		2,750,000		5.000			11/01/12		3,069,550
	New York City Trust for Cultural Resources RB for Juilliard School Series 2009 B (AA/Aa2)^(c)
		1,500,000		2.750			07/01/12		1,518,195
	New York GO Bonds Refunding Series 2002 C (AA/Aa3)
		2,000,000		5.250			08/01/10		2,079,540
	New York State Dormitory Authority RB for New York University Hospital Center Series 2007 A (BB+/Baa2)
		1,000,000		5.000			07/01/11		1,029,820
	New York State Dormitory Authority RB for State University Educational Facilities Series 1993 A (NATL-RE-IBC) (A/A1)
		6,880,000		5.500			05/15/13		7,601,437
	New York State Thruway Authority General BANS Series 2009 (SP-1+/MIG1)
		15,000,000		4.000			07/15/11		15,801,750
	New York State Urban Development Corp. RB for State Personal Income Tax Series 2009 B-1 (AAA)
		1,300,000		3.000			03/15/11		1,342,315
		1,060,000		5.000			03/15/13		1,185,218
	New York State Urban Development Corp. RB Unrefunded Balance Senior Lien Series 1996 (AAA/Aaa)
		2,740,000		5.500			07/01/16		2,745,754
	New York State Urban Development Corp. RB Unrefunded Balance Series 2002 A (AA-/A1)^(c)
		2,000,000		5.500			01/01/11		2,104,120
	Tobacco Settlement Financing Corp. RB for Asset Backed Bonds Series 2003 A-1 (AA-/A1)
		5,000,000		5.500			06/01/15		5,117,250
	Tobacco Settlement Financing Corp. RB Series 2003 B-1 (AA-/A1)
		1,000,000		5.000			06/01/10		1,028,740
	Triborough Bridge & Tunnel Authority RB for General Purpose Series 2008 (GO OF AUTH) (AA-/Aa2)
		2,250,000		5.000			11/15/11		2,447,415
	Triborough Bridge & Tunnel Authority RB Series 2001 A (FGIC-TCRS) (AAA/Aa2)^(a)
		5,000,000		5.000			01/01/12		5,461,500

									84,643,186


	North Carolina – 2.2%
	Albemarle Hospital Authority RB Refunding Series 2007
		250,000		4.250			10/01/09		250,000
		270,000		5.000			10/01/10		271,758
	Centennial Authority RB Refunding Series 2009 (ASSURED GTY) (AA/Aa2)
		1,715,000		5.000			09/01/12		1,888,095
		3,190,000		5.000			09/01/13		3,577,106


	Charlotte-Mecklenburg Hospital Authority RB Refunding for Carolinas HealthCare System Series 2009 A (AA-/Aa3)
		740,000		4.000			01/15/13		792,066
	North Carolina Eastern Municipal Power Agency Power System RB Refunding Series 2008 A (A-/Baa1)
		1,000,000		5.000			01/01/14		1,099,920
	North Carolina Eastern Municipal Power Agency Power System RB Series 2009 A (A-/Baa1)
		1,235,000		5.000			01/01/12		1,323,278
		1,500,000		3.200			01/01/13		1,555,665
		500,000		5.000			01/01/13		546,635
	North Carolina Eastern Municipal Power Agency Power System RB Series 2009 B (A-/Baa1)^(d)
		500,000		3.000			01/01/13		508,345
		3,000,000		3.000			01/01/14		3,008,220
	North Carolina Municipal Power Agency No. 1 Catawba Electric RB Series 1998 A (NATL-RE) (A/A2)
		1,000,000		5.500			01/01/14		1,123,770
	North Carolina Municipal Power Agency No. 1 Catawba Electric RB Series 2008 C (A/A2)
		5,395,000		5.250			01/01/13		5,924,250
	Wake County GO Bonds Refunding Series 2009 D (AAA/Aaa)
		10,000,000		4.000			02/01/13		10,922,800

									32,791,908


	Ohio – 1.7%
	Buckeye Tobacco Settlement Financing Authority RB Senior Turbo Asset Backed Bonds Series 2007 A-2 (BBB/Baa3)
		1,795,000		5.125			06/01/24		1,690,998
		1,840,000		5.375			06/01/24		1,743,639
	Cincinnati Ohio City School District GO Bonds for Classroom Facilities Construction and Improvement Bonds Series 2003 (FSA) (AAA/Aa3)^(a)
		5,000,000		5.000			12/01/13		5,743,750
	Cleveland Ohio Airport System RB Series 2009 C (A-/A3)
		5,000,000		4.000			01/01/13		5,231,800
	Cleveland Ohio RB Sub Lien for Police & Fire Pension Series 2008 (AA)
		2,000,000		5.000			05/15/12		2,185,560
	Ohio State Air Quality Development Authority PCRB Refunding for FirstEnergy Generation Corp. Project Series 2009 D (BBB/Baa1)^(c)
		2,500,000		4.750			08/01/12		2,596,125
	Ohio State GO Bonds Refunding for Higher Education Series 2009 C (AA+/Aa2)^(d)
		2,450,000		5.000			08/01/13		2,759,533
	Ohio State Higher Education Facility Commission RB for University Hospitals Health System, Inc. Series 2009 C (A/A2)^(c)
		3,100,000		3.750			01/15/13		3,162,248

									25,113,653

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2009 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

State-Specific Municipal Debt Obligations – (continued)

	Oklahoma – 1.4%
	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	$	1,445,266
	Oklahoma Development Finance Authority Hospital RB for Great Plains Regional Medical Center Project Series 2007 (BBB)
		700,000		4.250			12/01/09		701,155
		730,000		4.375			12/01/10		738,052
	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		1,475,514
	Tulsa County Industrial Authority RB for Capital Improvement RMKT 08/17/09 Series 2003 A (AA-)
		10,965,000		4.000			05/15/16		11,658,427
	Tulsa Oklahoma GO Bonds Refunding Series 2009 A (AA/Aa2)^(d)
		1,015,000		3.000			03/01/13		1,072,287
	Tulsa Oklahoma GO Bonds Refunding Series 2009 B (AA/Aa2)^(d)
		1,985,000		3.000			03/01/13		2,097,033
	Tulsa Oklahoma GO Bonds Series 2009 (AA/Aa2)^(d)
		1,000,000		5.000			10/01/14		1,158,240

									20,345,974


	Oregon – 0.4%
	Clackamas County Hospital Facility Authority RB Legacy Health System Series 2009 C (A+/A2)^(c)
		2,000,000		5.000			07/15/14		2,138,100
	Klamath Falls Oregon Intercommunity Hospital Authority RB for Merle West Medical Center Project Series 2002 (BB+)^(a)
		550,000		5.800			09/01/12		629,387
		520,000		5.900			09/01/12		596,539
	Klamath Falls Oregon Intercommunity Hospital Authority RB Refunding for Merle West Medical Center Project Series 2002 (BB+)
		400,000		5.500			09/01/11		407,868
		550,000		5.600			09/01/12		563,871
	Klamath Falls Oregon Intercommunity Hospital Authority RB Unrefunded Balance for Merle West Medical Center Project Series 2002 (BB+)
		325,000		5.800			09/01/14		332,254
		175,000		5.900			09/01/15		177,971
	Lake Oswego Oregon GO Bonds Series 2009 A (AAA/Aa1)
		1,575,000		3.000			12/01/13		1,671,784

									6,517,774


	Pennsylvania – 2.6%
	Allegheny County Hospital Development Authority RB for University of Pittsburg Medical Center Series 2003 B (A+/Aa3)
		3,000,000		5.000			06/15/10		3,089,610
	Allegheny County Redevelopment Authority Tax Increment Refunding for Waterfront Project Series 2007 A (A-)
		1,255,000		5.000			12/15/10		1,304,497
		1,300,000		4.250			12/15/12		1,334,710


	Boyertown Area School District GO Bonds Series 2009 (ASSURED GTY) (AAA)
		600,000		4.000			02/01/11		618,438
	Carbon County Hospital Authority RB Refunding for Gnaden Huetten Memorial Hospital Series 2000 (AMBAC CNTY GTD)
		1,260,000		5.400			11/15/14		1,323,290
	Montgomery County Higher Education & Health Authority Hospital RB for Abington Memorial Hospital Series 1998 A (AMBAC) (A)
		3,480,000		4.900			06/01/11		3,498,931
		3,370,000		5.000			06/01/12		3,388,603
	North Penn School District GO Bonds Series 2009 (ASSURED GTY) (Aa2)
		1,830,000		4.000			09/01/10		1,889,493
		4,185,000		5.000			09/01/11		4,433,882
	Pennsylvania Economic Development Financing Authority Exempt Facilities RB Refunding for Exelon Generation Co. LLC Project Series 2009 A (BBB/A3)^(c)
		1,500,000		5.000			06/01/12		1,584,630
	Pennsylvania State Commonwealth GO Bonds Second Refunding Series 2003 A (NATL-RE FGIC) (AA/Aa2)
		10,515,000		5.000			07/01/12		11,615,289
	Pennsylvania State Higher Educational Facilities Authority RB for State System of Higher Education Series 2006 AE (NATL-RE) (AA-/Aa3)
		2,340,000		5.000			06/15/12		2,576,340
	Red Lion Area School District GO Bonds RMKT 10/01/09 Series 2005 (FSA) (AAA)
		1,000,000		4.000			05/01/13		1,078,660
	University of Pittsburgh RB for University Capital Project RMKT 12/17/08 Series 2005 A (GO OF UNIV) (AA/Aa2)^(c)
		2,000,000		5.500			09/15/13		2,208,160

									39,944,533


	Puerto Rico – 3.3%
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2008 A (BBB-/Baa3)
		2,500,000		5.000			07/01/12		2,648,675
	Puerto Rico Commonwealth Government Development Bank RB Senior Notes Series 2006 B (BBB/Baa3)
		7,500,000		5.000			12/01/09		7,535,475
	Puerto Rico Electric Power Authority RB Refunding Series 1999 FF (NATL-RE) (A/A3)
		500,000		5.250			07/01/10		508,090
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2003 H (AMBAC) (BBB/Baa3)^(c)
		250,000		5.000			07/01/10		253,578
	Puerto Rico Municipal Finance Agency GO Bonds Series 1999 A (FSA) (AAA/Aa3)
		120,000		5.750			08/01/12		121,430
	Puerto Rico Public Buildings Authority RB Refunding for Government Facilities Series 2004 J (AMBAC COMWLTH GTD) (BBB-/Baa3)^(c)
		3,705,000		5.000			07/01/12		3,833,045

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

State-Specific Municipal Debt Obligations – (continued)
	Puerto Rico – (continued)

	Puerto Rico Public Buildings Authority RB Refunding for Government Facilities Series 2004 J (COMWLTH GTD) (BBB-/Baa3)^(c)
	$	1,050,000		5.000	%		07/01/12	$	1,086,288
	Puerto Rico Public Finance Corp. RB for Commonwealth Appropriation Series 2004 A (LOC – Government Development Bank for Puerto Rico) (AMBAC) (BBB-/Ba1)^(c)
		1,405,000		5.250			02/01/12		1,449,482
	Puerto Rico Public Finance Corp. RB for Commonwealth Appropriation Series 2004 A (LOC – Government Development Bank for Puerto Rico) (FGIC) (BBB-/Ba1)^(c)
		16,220,000		5.250			02/01/12		16,733,525
	Puerto Rico Public Finance Corp. RB for Commonwealth Appropriation Series 2004 A (LOC – Government Development Bank for Puerto Rico) (NATL-RE) (A/Baa1)^(c)
		4,270,000		5.250			02/01/12		4,405,188
	Puerto Rico Sales Tax Financing Corp. RB Series 2009 A (A+/A2)^(c)
		10,000,000		5.000			08/01/11		10,422,300

									48,997,076


	Rhode Island – 0.4%
	Rhode Island Health & Educational Building Corp. RB for Rhode Island University Higher Educational Facilities Series 2000 B (AMBAC) (A+)^(a)
		5,000,000		5.700			09/15/10		5,287,050
	Tobacco Settlement Financing Corp. RB for Asset Backed Bonds Series 2002 A (BBB/Baa3)
		1,035,000		6.000			06/01/23		1,050,080

									6,337,130


	South Carolina – 2.1%
	Greenville County Tourism Public Facilities Corp. COPS for Greenville Hospitality Tax Series 2008 (NATL-RE) (A/A2)
		1,075,000		4.000			04/01/11		1,124,998
	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		524,040
	Oconee County PCRB Refunding for Duke Power Co. Project Series 2009 (A/A1)
		6,000,000		3.600			02/01/17		6,263,040
	Richland County School District No. 2 GO Bonds Refunding Series 2009 C (AA/Aa1)
		1,615,000		3.000			03/01/13		1,703,389
		1,595,000		3.000			03/01/14		1,681,944
	South Carolina GO Bonds for School Facilities Series 2002 A (AA+/Aaa)
		10,060,000		5.000			01/01/13		11,056,443
	South Carolina Jobs-Economic Development Authority Hospital RB Refunding and Improvement for Palmetto Health Series 2009 (BBB+/Baa1)
		1,000,000		3.000			08/01/12		998,100
		1,080,000		3.500			08/01/13		1,078,812


	South Carolina State Public Service Authority RB Refunding Series 2009 A (AA-/Aa2)
		2,000,000		5.000			01/01/12		2,163,660
	Tobacco Settlement Revenue Management Authority RB Series 2001 B (BBB/Baa3)^(a)
		2,455,000		6.000			05/15/11		2,529,902
	Tobacco Settlement Revenue Management Authority RB Series 2003 (BBB/Baa3)
		2,755,000		5.000			06/01/18		2,760,868

									31,885,196


	South Dakota – 0.1%
	South Dakota State Health & Educational Facilities Authority RB for Sanford Health Series 2009 (AA-/A1)
		1,250,000		4.250			11/01/14		1,312,775


	Tennessee – 2.7%
	Johnson City Health & Educational Facilities Board Hospital RB for First Mortgage Mountain States Health Series 2006 A (BBB+/Baa1)
		665,000		4.500			07/01/10		671,477
	Knox County GO Bonds Refunding Series 2003 (AA+/Aa2)
		4,500,000		5.000			04/01/13		4,914,585
	Lewisburg Industrial Development Board RB for Waste Management, Inc. Project Series 2006 (BBB)^(c)
		5,000,000		5.000			01/04/10		5,008,000
	Memphis Tennessee GO Bonds Refunding for General Improvement Series 2005 (NATL-RE) (AA/A1)
		4,430,000		5.000			10/01/11		4,775,363
	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		5,483,450
	Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board RB Refunding for Vanderbilt University Series 2008 A (GO OF UNIV) (AA/Aa2)
		5,000,000		4.500			10/01/12		5,487,650
	Rutherford County GO Bonds Capital Outlay Notes Series 2009 (SP-1+/MIG1)
		2,500,000		4.000			04/01/12		2,650,225
	Sevier County Public Building Authority RB for Local Government Public Improvement Series VII-D-1 (MUN GOVT GTD) (AA)
		5,000,000		4.000			06/01/12		5,279,900
		5,000,000		5.000			06/01/14		5,564,600
	Sevierville Public Building Authority RB for Local Government Public Improvement Series 2009 (MUN GOVT GTD) (AA)
		1,500,000		4.000			06/01/14		1,610,565

									41,445,815


	Texas – 9.9%
	Aledo Texas Independent School District GO Bonds for School Building Series 2006 (PSF-GTD) (AAA)^(c)
		2,100,000		1.900			08/01/10		2,100,840

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2009 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

State-Specific Municipal Debt Obligations – (continued)
	Texas – (continued)

	Austin Texas Convention Enterprises, Inc. Convention Center RB Refunding First Tier Series 2006 A (XLCA) (BB+/Baa3)
	$	300,000		5.250	%		01/01/10	$	300,552
	Bell County GO Bonds Limited Tax Notes Series 2008 (AA/Aa3)
		500,000		4.000			02/15/11		520,570
		500,000		4.000			02/15/12		531,765
	Collin County Texas GO Bonds Refunding Limited Tax Series 2009 A (AAA/Aaa)
		1,105,000		3.000			02/15/13		1,164,703
		1,135,000		3.000			02/15/14		1,196,755
	Collin County Texas GO Bonds Refunding Series 2009 A (AAA/Aaa)
		1,385,000		5.000			02/15/13		1,550,549
		550,000		3.000			02/15/14		579,926
	Corpus Christi Texas Utility System RB Series 2005 (FSA) (AAA/Aa3)
		1,000,000		5.000			07/15/12		1,083,180
	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		7,214,550
	Dallas County Texas Utility & Reclamation District GO Bonds Refunding RMKT 06/25/08 Series 2005 A (AMBAC) (BBB+/Baa3)
		960,000		4.000			02/15/10		962,851
		835,000		4.000			02/15/11		843,467
	Dallas Texas Independent School District GO Bonds Refunding Series 2009 (A+/A1)
		2,000,000		5.000			02/15/13		2,191,320
	Dallas-Fort Worth International Airport Joint RB Refunding for Series 2009 A (A+/A1)
		2,500,000		4.000			11/01/13		2,685,450
		2,000,000		4.000			11/01/14		2,146,000
	Denton Texas Independent School District GO Bonds for Capital Appreciation Series 2002 (PSF-GTD) (AAA/Aaa)^(a)(e)
		5,745,000		0.000			08/15/12		2,322,589
	Fort Worth Texas GO Bonds for General Purpose Series 2009 (AA+/Aa2)
		4,260,000		4.000			03/01/13		4,616,690
	Harris County Cultural Education Facilities Finance Corp. RB for Texas Childrens Hospitals Project Series 2009 (AA/Aa2)
		1,680,000		3.500			10/01/13		1,742,748
	Harris County Cultural Education Facilities Finance Corp. RB Refunding for Methodist Hospital System Series 2009 B-2 (AA)^(c)
		3,000,000		5.000			06/01/13		3,296,730
	Harris County Cultural Education Facilities Finance Corp. Thermal Utility RB for TECO Project Series 2009 A (AA/Aa3)
		1,000,000		5.000			11/15/12		1,093,830
	Harris County Tax and Sub Lien RB Refunding Series 2004 B (FSA) (AAA/Aa1)^(c)
		5,500,000		5.000			08/15/12		6,009,520


	Hockley County Texas GO Bonds Series 2009 (ASSURED GTY) (AAA)
		1,090,000		4.000			02/15/12		1,154,528
		1,050,000		4.000			02/15/13		1,123,930
	Houston Texas Water and Sewer System Junior Lien RB Forward Refunding Series 2002 B (AMBAC) (AA)^(a)
		5,500,000		5.750			12/01/12		6,267,030
	Houston Texas Water and Sewer System Junior Lien RB Refunding Series 1991 C (AMBAC) (AA/Aa3)^(e)
		5,000,000		0.000			12/01/11		4,838,400
	Houston Texas Water and Sewer System Junior Lien RB Refunding Series 2002 A (FSA) (AAA/Aa3)^(a)
		7,775,000		5.000			12/01/12		8,692,217
		3,855,000		5.125			12/01/12		4,324,654
	Hurst Euless Bedford Texas Independent School District GO Bonds Refunding for Capital Appreciation Series 1994 (PSF-GTD) (AAA/Aaa)^(e)
		4,620,000		0.000			08/15/11		4,526,630
	Klein Texas Independent School District GO Bonds Refunding Series 2003 A (PSF-GTD) (AAA/Aaa)
		2,050,000		4.250			08/15/14		2,286,775
	Lower Colorado River Authority RB Refunding Series 2008 (A/A1)
		2,450,000		5.500			05/15/14		2,784,180
	Lubbock GO Bonds Certificates for Texas Waterworks System Series 2008 (FSA) (AAA/Aa3)
		1,500,000		5.000			02/15/12		1,628,610
	Lubbock GO Bonds for Municipal Drainage Utilities Series 2003 D (NATL-RE) (AA+/Aa3)^(a)
		8,500,000		5.000			02/15/12		9,305,970
	Matagorda County Texas Navigation District No. 1 RB Refunding for American Electric Power Texas Central Co. Project Series 2008 (BBB/Baa2)^(c)
		7,500,000		5.125			06/01/11		7,717,200
	Mesquite Texas Health Facility Development Corp. RB for Christian Care Retirement Facility Series 2005 (BBB-)
		610,000		5.000			02/15/10		611,696
	Midland Texas Certificates of Obligation GO Bonds Series 2007 (NATL-RE) (AA+/Aa2)
		1,155,000		4.000			03/01/13		1,244,917
		1,255,000		4.000			03/01/14		1,363,093
	North East Independent School District GO Bonds Unlimited Tax for Capital Appreciation Series 2007 A (PSF-GTD) (AAA/Aaa)^(e)
		5,300,000		0.000			08/01/11		5,185,679
	North East Independent School District GO Bonds Unlimited Tax Refunding Series 2004 (PSF-GTD) (AAA/Aaa)
		8,225,000		5.000			08/01/15		9,349,686
	North Texas Tollway Authority RB Refunding System First Tier Series 2008 E-2 (A-/A2)^(c)
		4,000,000		5.250			01/01/12		4,173,840
	North Texas Tollway Authority RB Refunding System First Tier Series 2008 H (A-/A2)^(c)
		4,000,000		5.000			01/01/13		4,182,000

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

State-Specific Municipal Debt Obligations – (continued)
	Texas – (continued)

	North Texas Tollway Authority RB Refunding System First Tier Series 2008 L-1 (A-/A2)^(c)
	$	2,500,000		5.500	%		01/01/11	$	2,612,750
	Northside Independent School District GO Bonds for School Building Series 2009 (AA/Aa2)^(c)
		3,000,000		2.100			06/01/11		3,011,160
	San Antonio Texas Hotel Occupancy RB for Capital Appreciation Series 1996 (ETM) (FGIC) (A+/Aa3)^(e)
		1,120,000		0.000			08/15/11		1,095,539
	Tarrant County GO Bonds Limited Tax Series 2008 (AAA/Aaa)
		3,110,000		5.000			07/15/13		3,520,520
	Texas State Public Finance Authority GO Bonds Refunding Series 2002 (AA+/Aa1)
		5,000,000		5.375			10/01/13		5,586,050
	Texas State Public Finance Authority GO Bonds Refunding Series 2008 A (AA+/Aa1)
		3,750,000		5.000			10/01/11		4,060,163
	Texas Transportation Commission RB Refunding for Central Texas Turnpike System First Tier Series 2009 (BBB+/Baa1)^(c)
		2,000,000		5.000			02/15/11		2,030,120
	Weatherford Texas Independent School District GO Bonds for School Building RMKT 08/03/09 Series 2002 A (PSF-GTD) (AAA/Aaa)
		2,000,000		5.000			02/01/12		2,213,180

									149,045,102


	U.S. Virgin Islands – 0.2%
	Virgin Islands Public Finance Authority Senior Lien RB for Matching Fund Loan Notes Series 2004 A (BBB/Baa2)
		1,525,000		5.000			10/01/10		1,527,608
		1,045,000		5.000			10/01/12		1,103,091

									2,630,699


	Utah – 1.2%
	Centerville Utah Sales Tax RB Series 2009 (ASSURED GTY) (AAA)
		1,340,000		4.000			05/01/14		1,445,565
	Intermountain Power Agency RB Refunding for Subordinated Power Supply Series 2009 A (A+/A1)
		3,000,000		5.000			07/01/12		3,257,880
	Utah State GO Bonds Series 2009 B (AAA/Aaa)
		7,450,000		4.000			07/01/14		8,266,297
	Utah State University RB Refunding for Student Fee and Housing System Series 2009 (ASSURED GTY) (AAA)^(d)
		1,545,000		4.000			12/01/11		1,648,376
		1,615,000		4.000			12/01/12		1,755,650
		1,575,000		3.000			12/01/14		1,670,823

									18,044,591


	Virginia – 2.0%
	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		2,724,492


	Newport News Virginia GO Bonds Series 2009 B (AA/Aa2)
		4,315,000		3.000			09/01/13		4,569,714
	Richmond Virginia GO Bonds Series 2000 (FSA) (AAA/Aa3)
		5,000,000		5.500			01/15/15		5,301,750
	Virginia Beach Virginia GO Bonds for Public Improvement Series 2009 (AAA/Aa1)
		2,175,000		3.000			06/01/12		2,287,534
		1,000,000		3.000			06/01/13		1,059,380
	Virginia College Building Authority RB for 21st Century College and Equipment Series 2004 A (AA+/Aa1)
		2,500,000		5.000			02/01/13		2,793,700
	Virginia State Housing Development Authority RB for Commonwealth Mortgage Series 2006 F Subseries F-1 (GO OF AUTH) (AAA/Aaa)
		6,000,000		4.000			04/01/12		6,318,840
	Virginia State Public School Authority RB for School Funding 1997 Resolution Series 2005 D (AA+/Aa1)
		3,000,000		4.500			08/01/13		3,347,280
	York County Economic Development Authority RB Refunding for Electricity and Power Series 2009 A (A-/Baa1)^(c)
		2,000,000		4.050			05/01/14		2,123,340

									30,526,030


	Washington – 1.2%
	Grant County Public Utility District No. 2 Priest Rapids RB Refunded Series 2001 H (FSA) (AAA/Aa2)
		3,000,000		5.375			01/01/12		3,250,770
	King County Washington Public Hospital District No. 2 GO Bonds Refunding & Improvement for Evergreen Healthcare Series 2006 (NATL-RE) (AA-/A1)
		1,000,000		4.000			12/01/10		1,032,260
	Seattle City Light and Power RB Refunding for Improvement Series 2001 (FSA) (AAA/Aa2)
		3,000,000		5.500			03/01/15		3,183,150
	Tobacco Settlement Authority of Washington RB for Asset Backed Bonds Series 2002 (BBB/Baa3)
		2,920,000		6.500			06/01/26		2,956,500
	Washington State GO Bonds for Various Purposes Series 2008 C (AA+/Aa1)
		3,400,000		4.000			01/01/12		3,624,434
	Washington State GO Bonds Refunding for Various Purposes Series 2005 R-A (AMBAC) (AA+/Aa1)
		3,500,000		5.000			01/01/13		3,910,550

									17,957,664


	West Virginia – 0.2%
	West Virginia School Building Authority RB Refunding for Capital Improvement Series 2007 A (NATL-RE FGIC) (A+/A1)
		2,475,000		5.000			07/01/10		2,548,607


	Wisconsin – 1.2%
	Badger Tobacco Asset Securitization Corp. RB for Tobacco Settlement Asset-Backed Bonds Series 2002 (AAA/Aaa)^(a)
		10,000,000		6.000			06/01/12		11,203,200

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2009 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

State-Specific Municipal Debt Obligations – (continued)
	Wisconsin – (continued)

	Wisconsin State GO Bonds Series 2002 G (NATL-RE) (AA/Aa3)
	$	2,500,000		5.000	%		05/01/12	$	2,727,250
	Wisconsin State GO Bonds Series 2007 B (FSA) (AAA/Aa3)
		4,115,000		5.000			05/01/12		4,521,974
	Wisconsin State Health & Educational Facilities Authority RB for Upland Hills Health, Inc. Series 2006 A (BBB)
		260,000		4.125			05/15/10		260,772
	Wisconsin State Health & Educational Facilities Authority RB for Upland Hills Health, Inc. Series 2006 B (BBB)
		105,000		4.125			05/15/10		105,312

									18,818,508


	TOTAL STATE-SPECIFIC MUNICIPAL DEBT OBLIGATIONS
	(Cost $1,205,515,816)							$	1,228,287,917




Other Municipal Debt Obligations – 1.0%


	Municipal Mortgage & Equity LLC Tax-Exempt Special Purpose Entity Series 2005 A-3 (Baa1)^(c)(f)
	$	2,000,000		4.950	%		09/30/12	$	1,740,040
	Tax Exempt Municipal Infrastructure Improvement Trust Certificates RB Series 2005 Class A (A2)^(f)
		9,610,000		4.050			05/04/10		9,693,992
	Tax Exempt Municipal Infrastructure Improvement Trust Certificates RB Series 2005 Class A (A3)^(f)
		2,910,000		4.220			11/02/10		2,967,123


	TOTAL OTHER MUNICIPAL DEBT OBLIGATIONS
	(Cost $14,528,445)							$	14,401,155




Agency Debentures – 4.8%


	FHLB
	$	35,000,000		1.625	%		07/27/11	$	35,415,772
		10,000,000		1.750			08/22/12		10,045,076
		10,000,000		4.625			10/10/12		10,864,805
		15,000,000		3.625			10/18/13		15,836,133


	TOTAL AGENCY DEBENTURES
	(Cost $71,457,701)							$	72,161,786




Short-Term Investments – 5.7%


	California – 2.5%
	California State Economic Recovery VRDN GO Bonds Series 2004 C-5 (A-1/VMIG3)^(b)
	$	8,000,000		0.950	%		10/01/09	$	8,000,000
	California VRDN GO Bonds Municipal Commercial Tax Paper
		4,945,000		3.400			10/08/09		4,945,099
		20,000,000		1.250			12/02/09		20,034,000
		5,000,000		1.150			12/09/09		5,001,400

									37,980,499


	Connecticut – 0.1%
	Connecticut State Health & Educational Facilities Authority VRDN RB for Yale University Series 2001 V-2 (A-1+/VMIG1)^(b)
		2,000,000		0.220			10/01/09		2,000,000


	Delaware – 0.3%
	University of Delaware VRDN RB Series 2004 B (A-1)^(b)
		4,025,000		0.350			10/01/09		4,025,000


	Illinois – 0.4%
	Chicago Board of Education VRDN GO Bonds RMKT 08/19/08 Series 2005 D2 (ASSURED GTY) (A-2/VMIG1)^(b)
		5,500,000		4.100			10/01/09		5,500,000
	Chicago Illinois Sales Tax VRDN RB Refunding RMKT 07/17/08 Series 2002 (A-1+/VMIG1)^(b)
		1,000,000		0.270			10/01/09		1,000,000

									6,500,000


	Louisiana – 0.8%
	East Baton Rouge Parish Louisiana VRDN PCRB Refunding for Exxon Project Series 1989 (A-1+/Aaa)^(b)
		11,500,000		0.230			10/01/09		11,500,000


	Massachusetts – 0.2%
	Massachusetts State Health & Educational Facilities Authority VRDN RB for Harvard University Series 1999 Series R (GO OF INSTN) (A-1+/VMIG1)^(b)
		2,000,000		0.220			10/01/09		2,000,000
	Massachusetts State Health & Educational Facilities Authority VRDN RB for Tufts University Series 2008 N2 (A-1/VMIG1)^(b)
		800,000		0.270			10/01/09		800,000

									2,800,000


	Mississippi – 0.4%
	Jackson County VRDN PCRB Refunding for Chevron U.S.A., Inc. Project Series 1992 (VMIG1)^(b)
		1,000,000		0.270			10/01/09		1,000,000
	Jackson County VRDN PCRB Refunding for Chevron U.S.A., Inc. Project Series 1993 (VMIG1)^(b)
		4,500,000		0.350			10/01/09		4,500,000

									5,500,000


	New Hampshire – 0.1%
	New Hampshire State Health & Education Facilities Authority VRDN RB for Dartmouth College Series 2007 B (A-1+/VMIG1)^(b)
		2,000,000		0.280			10/01/09		2,000,000
	New Hampshire State Health & Education Facilities Authority VRDN RB for University of New Hampshire RMKT 04/01/09 Series 2005 B-1 (A-1/VMIG1)^(b)
		150,000		0.300			10/01/09		150,000

									2,150,000

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

Short-Term Investments – (continued)

	New York – 0.3%
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Second Generation Resolution Series 2008 BB-1 (A-1/VMIG1)^(b)
	$	1,900,000		0.290	%		10/01/09	$	1,900,000
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Series 2008 Subseries B-3 (A-1/VMIG1)^(b)
		1,000,000		0.340			10/01/09		1,000,000
	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)^(b)
		300,000		0.280			10/01/09		300,000
	New York City VRDN GO Bonds Subseries 1993 A-8 (LOC – JPMorgan Chase Bank) (A-1+/VMIG1)^(b)
		200,000		0.250			10/01/09		200,000
	New York State Dormitory Authority VRDN RB for Cornell University Series 2008 C (A-1+/VMIG1)^(b)
		1,700,000		0.280			10/01/09		1,700,000

									5,100,000


	Texas – 0.6%
	Gulf Coast Waste Disposal Authority VRDN PCRB Refunding for Amoco Oil Co. Project RMKT 12/07/06 Series 1992 (A-1+/VMIG1)^(b)
		3,200,000		0.240			10/01/09		3,200,000
	Lower Neches Valley Authority Industrial Development Corp. VRDN RB Refunding for Exxon Mobil Project Subseries 2008 A-3 (VMIG1)^(b)
		300,000		0.240			10/01/09		300,000
	Texas Water Development Board VRDN RB Refunding State Revolving Sub Lien Series 2007 A (A-1+/VMIG1)^(b)
		5,595,000		0.330			10/01/09		5,595,000

									9,095,000


	TOTAL SHORT-TERM INVESTMENTS
	(Cost $86,615,000)							$	86,650,499


	Shares		Rate			Value

Investment Company – 3.6%


	Blackrock Municipal Bond Fund – Institutional Shares^(b)
		54,519,607		0.283	%	$	54,519,607
	(Cost $54,519,607)


	TOTAL INVESTMENTS – 96.6%
	(Cost $1,432,636,569)					$	1,456,020,964


	OTHER ASSETS IN EXCESS OF LIABILITIES – 3.4%						51,708,713


	NET ASSETS – 100.0%					$	1,507,729,677

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


(a)		Pre-refunded security. Maturity date disclosed is pre-refunding 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, 2009.

(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, 2009.

(d)		When-issued security.

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

(f)		Securities are exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $20,468,705, which represents approximately 1.4% of net assets as of September 30, 2009.




Investment Abbreviations:
ACA	—	Insured by American Capital Access
AMBAC	—	Insured by American Municipal Bond Assurance Corp.
ASSURED GTY	—	Insured by Assured Guaranty
BANS	—	Bond Anticipation Notes
CIFG	—	CIFC Assurance North America, Inc.
CNTY GTD	—	County Guaranteed
COMWLTH GTD	—	Commonwealth Guaranteed
COPS	—	Certificates of Participation
ETM	—	Escrowed to Maturity
FGIC	—	Insured by Financial Guaranty Insurance Co.
FHLB	—	Federal Home Loan Bank
FSA	—	Insured by Financial Security Assurance Co.
FSA-CR	—	Insured by Financial Security Assurance Co. Insured Custodial Receipts
GO	—	General Obligation
GO OF AUTH	—	General Obligation of Authority
GO OF CITY	—	General Obligation of City
GO OF INSTN	—	General Obligation of Institution
GO OF UNIV	—	General Obligation of University
IDA	—	Industrial Development Authority
LIQ	—	Liquidity Agreement
LOC	—	Letter of Credit
NATL-RE	—	Insured by National Public Finance Guarantee Corp.
NATL-RE FGIC	—	National Public Finance Guarantee Corp. Re-insures Financial Guaranty Insurance Co.
NATL-RE-IBC	—	Insured by National Public Finance Guarantee Corp. – Insured Bond Certificates
PCRB	—	Pollution Control Revenue Bond
PSF-GTD	—	Guaranteed by Permanent School Fund
Radian	—	Insured by Radian Asset Assurance
RANS	—	Revenue Anticipation Notes
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, 2009 (Unaudited)


	High Yield			Municipal			Short Duration
	Municipal Fund			Income Fund			Tax-Free Fund

Assets:

Investments in securities, at value (identified cost $3,569,265,985, $603,222,804 and $1,432,636,569, respectively)	$	3,315,653,190		$	618,572,822		$	1,456,020,964
Cash		10,092,619			937,432			40,118,967
Receivables:
Interest and dividends, net of allowances		55,706,347			9,022,873			14,458,735
Fund shares sold		29,289,179			2,241,835			41,465,306
Investment securities sold		2,543,810			380,000			—
Swap contracts, at value		867,893			—			—
Reimbursement from adviser		54,122			32,638			34,611
Due from custodian		—			—			4,464,951
Other assets		1,816			1,150			1,041


Total assets		3,414,208,976			631,188,750			1,556,564,575





Liabilities:

Payables:
Investment securities purchased		65,757,019			1,864,286			39,866,444
Income distribution		5,233,632			754,988			617,894
Fund shares redeemed		2,893,746			2,190,556			7,618,716
Amounts owed to affiliates		1,987,409			405,022			616,484
Accrued expenses		194,211			91,142			115,360


Total liabilities		76,066,017			5,305,994			48,834,898





Net Assets:

Paid-in capital		4,813,464,071			644,555,693			1,497,021,149
Accumulated undistributed net investment income		20,730,122			161,826			236,090
Accumulated net realized loss from investment and swap transactions		(1,243,306,332	)		(34,184,781	)		(12,911,957	)
Net unrealized gain (loss) on investments and swap contract		(252,744,902	)		15,350,018			23,384,395


NET ASSETS	$	3,338,142,959		$	625,882,756		$	1,507,729,677



Net Assets:
Class A	$	1,630,028,240		$	381,465,667		$	661,891,449
Class B		24,790,283			11,077,061			430,749
Class C		117,699,681			24,554,154			30,507,409
Institutional		1,565,624,755			208,519,475			814,721,731
Service		—			266,399			178,339



Total Net Assets	$	3,338,142,959		$	625,882,756		$	1,507,729,677


Shares outstanding $0.001 par value (unlimited shares authorized):
Class A		190,950,890			25,317,830			63,314,839
Class B		2,904,028			735,221			41,238
Class C		13,788,065			1,629,442			2,918,280
Institutional		183,352,363			13,843,975			77,967,122
Service		—			17,597			17,070


Net asset value, offering and redemption price per share:^(a)
Class A		$8.54			$15.07			$10.45
Class B		8.54			15.07			10.45
Class C		8.54			15.07			10.45
Institutional		8.54			15.06			10.45
Service		—			15.14			10.45

(a)

Maximum public offering price per share for Class A Shares of High Yield Municipal Fund (NAV per share multiplied by 1.0471) is $8.94, for Class A Shares of Municipal Income Fund (NAV per share multiplied by 1.0390) is $15.66 and for Class A Shares of Short Duration Tax-Free Fund (NAV per share multiplied by 1.0152) is $10.61. 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

Statements of Operations

For the Six Months Ended September 30, 2009 (Unaudited)


	High Yield			Municipal			Short Duration
	Municipal Fund			Income Fund			Tax-Free Fund


Investment income:

Interest, net of allowances	$	89,642,238		$	15,872,901		$	13,667,712
Dividends		92,220			24,566			29,343


Total investment income		89,734,458			15,897,467			13,697,055





Expenses:

Management fees		6,575,199			1,588,466			1,835,716
Distribution and Service fees^(a)		2,169,038			597,246			654,732
Transfer Agent fees^(a)		1,097,043			286,336			387,830
Professional fees		109,096			47,910			44,322
Registration fees		71,872			62,704			74,995
Custody and accounting fees		32,888			13,641			12,288
Printing fees		27,476			16,151			22,130
Trustee fees		8,400			8,400			8,400
Service share fees — Service Plan		—			310			164
Service share fees — Shareholder Administration Plan		—			310			164
Other		98,843			31,344			21,175


Total expenses		10,189,855			2,652,818			3,061,916


Less — expense reductions		(299,842	)		(312,999	)		(394,654	)


Net expenses		9,890,013			2,339,819			2,667,262


NET INVESTMENT INCOME		79,844,445			13,557,648			11,029,793





Realized and unrealized gain (loss) from investment and swap transactions:

Net realized gain (loss) from:
Investment transactions		(127,573,663	)		(4,962,848	)		196,995
Swap contract		151,667			—			—
Net change in unrealized gain on:
Investments		656,126,325			73,701,301			19,522,730
Swap contract		908,234			—			—


Net realized and unrealized gain from investment and swap transactions		529,612,563			68,738,453			19,719,725


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	609,457,008		$	82,296,101		$	30,749,518


(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
High Yield Municipal	$	1,540,485	$	118,064	$	510,489	$	801,044	$	15,348	$	66,363	$	214,288	$	—
Municipal Income		433,561		54,308		109,377		225,450		7,060		14,219		39,558		49
Short Duration Tax-Free		538,281		2,211		114,240		279,903		287		14,851		92,763		26

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

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Statements of Changes in Net Assets


	High Yield Municipal Fund
	For the
	Six Months Ended			For the
	September 30, 2009			Fiscal Year Ended
	(Unaudited)			March 31, 2009


From operations:

Net investment income	$	79,844,445		$	218,868,963
Net realized gain (loss) from investment and swap transactions		(127,421,996	)		(889,662,128	)
Net change in unrealized gain (loss) on investments and swap contract		657,034,559			(286,080,561	)


Net increase (decrease) in net assets resulting from operations		609,457,008			(956,873,726	)





Distributions to shareholders:

From net investment income
Class A Shares		(38,418,602	)		(104,294,218	)
Class B Shares		(656,674	)		(1,691,389	)
Class C Shares		(2,830,756	)		(6,465,376	)
Institutional Shares		(35,070,237	)		(102,220,692	)
Service Shares		—			—


Total distributions to shareholders		(76,976,269	)		(214,671,675	)





From share transactions:

Proceeds from sales of shares		1,036,196,942			778,763,548
Reinvestments of distributions		49,376,634			158,572,380
Cost of shares redeemed		(314,320,021	)^(a)		(3,303,662,493	)^(b)


Net increase (decrease) in net assets resulting from share transactions		771,253,555			(2,366,326,565	)


TOTAL INCREASE (DECREASE)		1,303,734,294			(3,537,871,966	)





Net assets:

Beginning of period		2,034,408,665			5,572,280,631


End of period	$	3,338,142,959		$	2,034,408,665


Accumulated undistributed net investment income	$	20,730,122		$	17,861,946


(a)	Net of $77,345 and $17,438 of redemption fees remitted to the High Yield Municipal and Municipal Income Funds, respectively.
(b)	Net of $600,648 and $14,434 of redemption fees remitted to the 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


Municipal Income Fund						Short Duration Tax-Free Fund
For the						For the
Six Months Ended			For the			Six Months Ended			For the
September 30, 2009			Fiscal Year Ended			September 30, 2009			Fiscal Year Ended
(Unaudited)			March 31, 2009			(Unaudited)			March 31, 2009




$	13,557,648		$	29,147,447		$	11,029,793		$	13,836,484
	(4,962,848	)		(18,744,364	)		196,995			(667,454	)
	73,701,301			(42,352,004	)		19,522,730			82,894


	82,296,101			(31,948,921	)		30,749,518			13,251,924








	(7,943,383	)		(16,476,268	)		(4,834,231	)		(6,318,117	)
	(208,065	)		(408,380	)		(3,817	)		(12,717	)
	(418,856	)		(764,214	)		(173,278	)		(222,838	)
	(4,868,337	)		(11,295,414	)		(5,942,140	)		(7,248,848	)
	(5,443	)		(11,281	)		(1,344	)		(1,462	)


	(13,444,084	)		(28,955,557	)		(10,954,810	)		(13,803,982	)







	99,613,437			323,338,940			1,154,388,249			597,148,312
	8,524,309			18,576,118			8,168,006			10,884,543
	(102,492,840	)^(a)		(410,407,608	)^(b)		(255,998,431	)		(388,619,858	)


	5,644,906			(68,492,550	)		906,557,824			219,412,997


	74,496,923			(129,397,028	)		926,352,532			218,860,939







	551,385,833			680,782,861			581,377,145			362,516,206


$	625,882,756		$	551,385,833		$	1,507,729,677		$	581,377,145


$	161,826		$	48,262		$	236,090		$	161,107

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

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Notes to Financial Statements

September 30, 2009 (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 table lists those series of the Trust that are included in this report (collectively, the “Funds” or individually a “Fund”), along with their corresponding share classes and respective diversification status under the Act:


Fund	Share Classes Offered	Diversified/Non-Diversified

High Yield Municipal	A, B, C and Institutional Shares	Non-diversified


Municipal Income and Short Duration Tax-Free	A, B, C and Institutional and Service Shares	Diversified

Class A Shares of the High Yield Municipal, Municipal Income and Short Duration Tax-Free Funds are sold with a front-end sales charge of up to 4.50%, 3.75% and 1.50%, respectively. Prior to July 29, 2009, the maximum front-end sales charges for the Municipal Income and Short Duration Tax-Free Funds were 4.50% and 2.00%, respectively. 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 5.00% to zero, 5.00% to zero, and 2.00% to zero, respectively, depending upon the period of time that shares are held. Effective November 2, 2009, the Funds’ Class B Shares will no longer be available for purchase by new or existing shareholders (although current Class B shareholders may continue to reinvest income and capital gains distributions into Class B Shares, and Class B shareholders may continue to exchange their shares for Class B Shares of certain other Goldman Sachs Funds.) 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” or the “Distributor”) serves as Distributor of the shares of the Funds pursuant to a Distribution Agreement. Goldman Sachs may retain a portion of such sales charges it receives as Distributor.

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs, serves as investment adviser to each Fund pursuant to a Management Agreement (the “Agreement”) 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 accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that may affect the amounts and disclosures in the financial statements. Actual results could differ from those estimates and assumptions.

A. FASB Financial Accounting Standards Codification — In July 2009, the Financial Accounting Standards Board (“FASB”) launched its “Financial Accounting Standards Codification” (the “Codification”) as the single source of GAAP. While the Codification does not change GAAP, it introduces a new structure to the accounting literature and changes references to accounting standards and other authoritative accounting guidance that have been reflected in the accompanying Notes to Financial Statements.

B. Investment Valuation — The investment valuation policy of the Funds is to value investments at market value. Debt securities for which market quotations are readily available are valued on the basis of quotations furnished by an independent pricing service approved by the trustees or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which consider either (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from bond dealers, 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 trustees. Short-term debt obligations that mature in sixty days or less and that do not exhibit signs of credit deterioration are valued at amortized cost, which approximates market value.

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS


2. SIGNIFICANT ACCOUNTING POLICIES (continued)

Investments in equity securities and investment companies traded on a United States (“U.S.”) securities exchange or the NASDAQ system are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If no sale occurs, such securities and investment companies are valued at the last bid price for long positions and at the last ask price for short positions. Unlisted equity securities for which market quotations are available are valued at the last sale price on valuation date, or if no sale occurs, at the last bid price. In the absence of market quotations, broker quotes will be utilized or the security will be fair valued. Investments in investment companies (other than those that are exchange traded) are valued at the net asset value per share (“NAV”) on the valuation date.

GSAM, consistent with its procedures and applicable regulatory guidance, may 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.

C. Security and Fund Share Transactions, and Investment Income — Security and Fund share transactions are reflected for financial reporting purposes as of the trade date which may cause the NAV as stated in the accompanying financial statements to be different than the NAV applied to fund share transactions. Realized gains and losses on sales of portfolio securities are calculated using the identified cost basis. Dividend income is recognized on the ex-dividend date, net of foreign withholding taxes, if any, which are reduced by any amounts reclaimable by the Funds, where applicable. 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.

D. Expenses — Expenses incurred by the Trust that do not specifically relate to an individual Fund of the Trust are allocated to the Funds on a straight-line and/or “pro-rata” basis depending upon the nature of the expense and are accrued daily.

E. Redemption Fees — All classes of the High Yield Municipal and Municipal Income Funds charge a 2% redemption fee on the redemption of shares (including by exchange) held for 60 and 30 calendar days or less, respectively. 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 a Fund 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 a Fund on a pro-rata basis at the time of payment.

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2009 (Unaudited)


2. SIGNIFICANT ACCOUNTING POLICIES (continued)

F. 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 (mutual funds) and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, no federal income 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
	Declared/Paid		Declared/Paid

All Funds		Daily/Monthly		Annually

Net capital losses are carried forward to future fiscal 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 gains 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. Financial statements are adjusted for permanent book/tax differences to reflect the appropriate tax character, and are not adjusted for temporary differences.

GSAM has reviewed the Funds’ tax positions for all open tax years (the current and prior three years) and has concluded that no provision for income tax is required in the Funds’ financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

G. When-Issued Securities and Forward Commitments — The Funds may purchase when-issued securities and enter into contracts to purchase or sell securities for a fixed price at a future date beyond the customary settlement period. When-issued securities are securities that have been authorized but not yet issued in the market. A forward commitment involves the entering into a contract to purchase or sell securities for a fixed price at a future date beyond the customary settlement period. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although the Funds will generally purchase securities on a when-issued or forward commitment basis with the intention of acquiring the securities for their portfolios, the Funds may dispose of when-issued securities or forward commitments prior to settlement if GSAM deems it appropriate. When purchasing a security on a when-issued basis or entering into a forward commitment, the Funds must set aside liquid assets, or engage in other appropriate measures to cover their obligations under these contracts. The Funds may dispose of or renegotiate these contracts after they have been entered into and may sell these securities before they are delivered, which may result in a capital gain or loss.

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS


2. SIGNIFICANT ACCOUNTING POLICIES (continued)

H. Derivatives — The Funds may make investments in derivative instruments, including, but not limited to, options, futures and swaps. In April 2009, the Funds adopted FASB Accounting Standards Codification (“ASC”) 815 “Disclosures about Derivative Instruments and Hedging Activities”, which requires enhanced disclosures about the Funds’ derivatives and hedging activities. A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. Derivative instruments may be privately negotiated contracts (often referred to as over the counter (“OTC”) derivatives) or they may be listed and traded on an exchange. Derivative contracts may involve future commitments to purchase or sell financial instruments at specified terms on a specified date, or to exchange interest payment streams based on a notional or contractual amount. Derivative instruments may involve a high degree of financial risk. The use of derivatives also involves the risk of loss if the investment adviser is incorrect in its expectation of the timing or level of fluctuations in securities prices and interest rates. Investments in derivative instruments also include the risk of default by the counterparty, the risk that the investment may not be liquid and the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument.

Swap Contracts — The Funds may enter into swap transactions for hedging purposes or to seek to increase total return. The Fund may be required to post collateral under the terms of a swap contract. Risks may arise as a result of the failure of the counterparty to the swap contract to comply with the terms of the swap contract. The loss incurred by the failure of a counterparty is generally limited to the net payment to be received by the Fund and/or the termination value at the end of the contract. Therefore, the Fund considers the creditworthiness of each counterparty to a contract in evaluating potential credit risk. Additionally, risks may arise from unanticipated movements in interest rates or in the value of the underlying reference asset or index. Entering into these agreements involves, to varying degrees, market risk, liquidity risk, and elements of credit, legal and documentation risk in excess of amounts recognized in the Statements of Assets and Liabilities. The Fund may pay or receive cash to collateralize these contracts. This cash collateral is recorded as assets/liabilities on the Fund’s books.

Swaps are marked to market daily using either pricing vendor quotations, counterparty prices or model prices and the change in value, if any, is recorded as an unrealized gain or loss in the Statements of Operations. Upfront payments made and/or received by the Fund, are recorded as an asset and/or liability on the Statements of Assets and Liabilities and are recorded as a realized gain or loss ratably over the contract’s term/event, with the exception of forward starting interest rate swaps, which are recorded as a realized gain or loss ratably beginning on the effective start date. Periodic payments received or made on swap contracts are recorded as realized gains or losses on the Statements of Operations. Gains or losses are also realized upon early termination of the swap agreements and recorded as realized gains or losses on the Statements of Operations. The Fund invests in the following types of swaps:

A credit default swap is an agreement that involves one party making a stream of payments to another party in exchange for the right to receive protection on a reference security or obligation. A Fund may use credit default swaps to provide a measure of protection against defaults of the reference security or obligation or to take a short position with respect to the likelihood of default. A Fund’s investment in credit default swaps may involve greater risks than if the Fund had invested in the referenced obligation directly. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring and obligation acceleration. If a Fund buys protection through a credit default swap and no credit event occurs, its payments are limited to the periodic payments previously made to the counterparty. Upon the occurrence of a specified credit event, a Fund, as a buyer of credit protection, is entitled to receive an amount equal to the notional amount of the swap and deliver to the seller the defaulted reference obligation in a physically settled trade. A Fund may also receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade.

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2009 (Unaudited)


2. SIGNIFICANT ACCOUNTING POLICIES (continued)

As a seller of protection, a Fund generally receives a payment stream throughout the term of the swap, provided that there is no credit event. In addition, if the Funds sell protection through a credit default swap, the Funds could suffer a loss because the value of the referenced obligation may be less than the premium payments received. Upon the occurrence of a specified credit event, the Funds, as sellers of credit protection, may be required to take possession of the defaulted reference obligation and pay the buyer an amount equal to the notional amount of the swap in a physically settled trade. The Funds may also pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade. Recovery values are at times established through the credit event auction process in which market participants are ensured that a trustworthy and transparent price has been set for the defaulted security or obligation. In addition, the Funds are entitled to a return of any assets, which have been pledged as collateral to the counterparty.

The Funds’ credit default swaps are disclosed in the Additional Investment Information section of the Schedules of Investments. The maximum potential amount of future payments (undiscounted) that the Funds as sellers of protection could be required to make under a credit default swap would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations or net amounts received from a settlement of a credit default swap for the same reference security or obligation where the Funds bought credit protection.

3. AGREEMENTS

A. Management Agreement — Under the Agreement applicable to each Fund, GSAM manages the Funds, subject to the general supervision of the trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds’ business affairs, including providing facilities, GSAM is entitled to a 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, 2009, contractual and effective net management fees with GSAM were at the following rates:


	Contractual Management Rate																		Effective Net
	Up to			Next			Next			Next			Over			Effective			Management
Fund	$1 billion			$1 billion			$3 billion			$3 billion			$8 billion			Rate			Rate

High Yield Municipal		0.55	%		0.55	%		0.50	%		0.48	%		0.47	%		0.54	%		0.54	%


Municipal Income		0.55			0.50			0.48			0.47			0.46			0.55			0.50	*


Short Duration Tax-Free		0.40			0.36			0.34			0.33			0.32			0.40			0.35	*


*		GSAM has voluntarily agreed to waive a portion of its management fee in order to achieve the effective net management rates.

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 fee accrued daily and paid monthly for distribution services and account maintenance services at the following annual rates calculated on a Fund’s average daily net assets of each respective share class:


	Distribution and Service Plan Rates
	Class A*			Class B			Class C

Distribution Plan		0.25	%		0.75	%		0.75	%


Service Plan		—			0.25			0.25


*		With respect to Class A Shares, the Distributor at its discretion may use compensation for distribution services paid under the Plan to compensate service organizations for personal and account maintenance services and expenses so long as such total compensation under the Plan does not exceed the maximum cap on “service fees” imposed by the Financial Industry Regulatory Authority.

For the six months ended September 30, 2009, 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 Class B Shares of Short Duration Tax-Free Fund. Goldman Sachs may discontinue or modify this waiver in the future at its discretion.

Goldman Sachs may retain a portion of the Class A front end sales charge and Class B and Class C contingent deferred sales charges. During the six months ended September 30, 2009, Goldman Sachs advised that it retained the following approximate amounts:


	Front End		Contingent
	Sales Charge		Deferred Sales Charge
Fund	Class A		Class B		Class C

High Yield Municipal	$	67,000	$	—	$	—


Municipal Income		45,800		—		—	*


Short Duration Tax-Free		27,400		—		—


*		Amount rounds to less than $100.

C. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent for 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, Class C Shares and 0.04% of the average daily net assets for Institutional and Service Shares.

D. Service Plan and Shareholder Administration Plan — The Trust, on behalf of Municipal Income and Short Duration Tax-Free Funds, 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% (0.50% in aggregate) of the average daily net assets of the Service Shares.

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2009 (Unaudited)


3. AGREEMENTS (continued)

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, Service Share fees, taxes, 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 period expense reimbursements, if any. These expense limitations may be modified or terminated at any time at the option of GSAM. The Other Expenses limitation for each Fund as an annual percentage rate of average daily net assets is 0.004%. 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, 2009, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows (in thousands):


	Fee Waivers
			Class B			Other		Total
	Management		Distribution and			Expense		Expense
Fund	Fee		Service Fee			Reimbursement		Reductions

High Yield Municipal	$	—	$	—		$	300	$	300


Municipal Income		144		—			169		313


Short Duration Tax-Free		230		—	^(a)		165		395


(a)		Amount rounds to less than $1,000.

As of September 30, 2009, the amounts owed to affiliates of the Funds were as follows (in thousands):


			Distribution
	Management		and Service		Transfer
Fund	Fees		Fees		Agent Fees		Total

High Yield Municipal	$	1,343	$	422	$	222	$	1,987


Municipal Income		250		105		50		405


Short Duration Tax-Free		383		144		89		616

F. Line of Credit Facility — The Funds participate in a $660,000,000 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 its affiliates. Pursuant to the terms of the facility, the Funds and other borrowers may increase the credit amount by an additional $340,000,000, for a total of up to $1 billion. 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 facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the six months ended September 30, 2009, the Funds did not have any borrowings under the facility. Prior to May 12, 2009, the amount available through the facility was $700,000,000.

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

4. FAIR VALUE OF INVESTMENTS

The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e. the exit price). GAAP establishes a 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 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.

The following is a summary of the Funds’ investments categorized in the fair value hierarchy:

High Yield Municipal


	Level 1		Level 2		Level 3

Assets
Municipal Debt Obligations	$	—	$	3,147,836,964	$	552,016
Common Stock and/or Other Equity Investments		117,940		—		—
Short-term Investments		109,157,270		57,989,000		—
Derivatives		—		867,893		—


Total	$	109,275,210	$	3,206,693,857	$	552,016

Municipal Income


	Level 1		Level 2		Level 3

Assets
Municipal Debt Obligations	$	—	$	590,435,661	$	—
Short-term Investments		17,837,161		10,300,000		—


Total	$	17,837,161	$	600,735,661	$	—

Short Duration Tax-Free


	Level 1		Level 2		Level 3

Assets
Municipal Debt Obligations	$	—	$	1,242,689,072	$	—
U.S. Government Agency Obligations		—		72,161,786		—
Short-term Investments		54,519,607		86,650,499		—


Total	$	54,519,607	$	1,401,501,357	$	—

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2009 (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, 2009:


	Municipal
Level 3	Debt Obligations

Beginning Balance as of April 1, 2009	$	1,463,266


Realized gain (loss)		—


Unrealized gain (loss) relating to instruments still held at reporting date		—


Net purchases (sales)		—


Net transfers in and/or out of Level 3		(911,250	)


Ending Balance as of September 30, 2009	$	552,016

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, 2009, were as follows:


Fund	Purchases			Sales and Maturities

High Yield Municipal	$	1,290,580,930		$	563,010,586


Municipal Income		70,354,012			78,054,834


Short Duration Tax-Free		806,956,578	*		50,437,531


*		Included in these amounts is the cost of purchases of U.S. Government Agency Obligations in the amount of $71,518,261.

6. TAX INFORMATION

As of the most recent fiscal year ended, March 31, 2009, the components of accumulated earnings (losses) on a tax basis were as follows:


	High Yield			Municipal			Short Duration
	Municipal			Income			Tax-Free

Capital loss carryforward:¹
Expiring 2011	$	—		$	(872,080	)	$	—
Expiring 2012		—			(873,613	)		(2,563,121	)
Expiring 2013		—			—			(3,111,685	)
Expiring 2014		—			—			(4,730,013	)
Expiring 2015		(2,478,411	)		(3,036,076	)		(2,044,683	)
Expiring 2016		(220,731,177	)		(5,753,929	)		—
Expiring 2017		(553,071,659	)		(13,220,467	)		(12,792	)


Total capital loss carryforward	$	(776,281,247	)	$	(23,756,165	)	$	(12,462,294	)


Timing differences (post October losses/income distribution payable)	$	(305,872,732	)	$	(6,310,768	)	$	(928,295	)


¹		Expiration occurs on March 31 of the year indicated.

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS


6. TAX INFORMATION (continued)

At September 30, 2009, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes was as follows:


	High Yield			Municipal			Short Duration
	Municipal			Income			Tax-Free

Tax cost	$	3,595,479,208		$	602,861,889		$	1,432,523,883


Gross unrealized gain		243,326,147			39,124,676			25,706,879


Gross unrealized loss		(523,152,165	)		(23,413,743	)		(2,209,798	)


Net unrealized security gain (loss)	$	(279,826,018	)	$	15,710,933		$	23,497,081

The difference between book-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, differences in the tax treatment of partnership investments and the accretion of market discount as of the most recent fiscal year end.

7. OTHER RISKS

Insurance Concentrations — The Funds may invest in “insured” tax exempt municipal securities (“Insured Municipal Securities”). Insured Municipal Securities are securities for which scheduled payments of interest and principal are guaranteed by a private (nongovernmental) 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 Insured Municipal Securities or the value of the shares of the Funds. As of September 30, 2009, the following private insurers insured 5% or more of the net assets of one or more of the Funds:


	Municipal			Short Duration
Insurer/Rating	Income			Tax-Free

AMBAC Assurance Corp. (Caa2/CC)		5.5	%		—	%


Financial Security Assurance Co. (Aa3/AAA/AA)		8.3			6.6


NATL Reinsurance (Baa1/A)		12.0			8.2

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). Additionally, the Funds may also be exposed to credit risk in the event that an issuer fails to perform or that an institution or entity with which the Funds have unsettled or open transactions defaults.

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.

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2009 (Unaudited)

8. INDEMNIFICATIONS

Under the Trust’s organizational documents, its 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 against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

9. OTHER MATTERS

New Accounting Pronouncement — In May 2009, the FASB issued FASB ASC 855 “Subsequent Events”. This standard requires disclosure in the financial statements to reflect the effects of subsequent events that provide additional information on conditions about the financial statements as of the balance sheet date (recognized subsequent events) and disclosure of subsequent events that provide additional information about conditions after the balance sheet date if the financial statements would otherwise be misleading (unrecognized subsequent events). ASC 855 is effective for interim and annual financial statements issued for fiscal periods ending after June 15, 2009. For purposes of inclusion in the financial statements, GSAM has concluded that subsequent events after the balance sheet date have been evaluated through November 24, 2009, the date that the financial statements were issued.

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

10. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	High Yield Municipal Fund
	For the Six Months Ended
	September 30, 2009						For the Fiscal Year Ended
	(Unaudited)						March 31, 2009
	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		62,595,500		$	477,537,896			41,492,426		$	356,489,738
Shares converted from Class B^(a)		116,966			931,067			284,990			2,420,415
Reinvestments of distributions		3,453,021			26,303,370			9,160,119			77,731,768
Shares redeemed		(25,141,897	)		(188,618,205	)		(186,451,130	)		(1,595,828,271	)


		41,023,590			316,154,128			(135,513,595	)		(1,159,186,350	)


Class B Shares
Shares sold		138,381			1,025,411			310,927			2,605,711
Shares converted to Class A^(a)		(116,966	)		(931,067	)		(284,990	)		(2,420,415	)
Reinvestments of distributions		68,422			518,803			159,187			1,310,430
Shares redeemed		(430,420	)		(3,293,923	)		(1,448,591	)		(11,776,822	)


		(340,583	)		(2,680,776	)		(1,263,467	)		(10,281,096	)


Class C Shares
Shares sold		1,247,349			9,529,093			2,670,814			23,033,093
Reinvestments of distributions		257,092			1,952,113			531,342			4,387,116
Shares redeemed		(1,166,327	)		(8,839,558	)		(6,387,999	)		(53,526,263	)


		338,114			2,641,648			(3,185,843	)		(26,106,054	)


Institutional Shares
Shares sold		72,077,877			548,104,542			45,701,434			396,635,006
Reinvestments of distributions		2,700,201			20,602,348			8,794,794			75,143,066
Shares redeemed		(15,512,503	)		(113,568,335	)		(194,339,626	)		(1,642,531,137	)


		59,265,575			455,138,555			(139,843,398	)		(1,170,753,065	)


NET INCREASE (DECREASE)		100,286,696		$	771,253,555			(279,806,303	)	$	(2,366,326,565	)


(a)		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.

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2009 (Unaudited)


10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Municipal Income Fund
	For the Six Months Ended
	September 30, 2009						For the Fiscal Year Ended
	(Unaudited)						March 31, 2009
	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		4,568,607		$	64,419,665			12,184,091		$	166,636,098
Shares converted from Class B^(a)		26,952			388,673			30,212			414,425
Reinvestments of distributions		467,356			6,609,064			986,546			13,649,953
Shares redeemed		(4,607,661	)		(64,382,433	)		(15,814,979	)		(217,945,356	)


		455,254			7,034,969			(2,614,130	)		(37,244,880	)


Class B Shares
Shares sold		66,394			928,227			262,037			3,568,431
Shares converted to Class A^(a)		(26,952	)		(388,673	)		(30,203	)		(414,425	)
Reinvestments of distributions		10,552			149,207			19,789			273,199
Shares redeemed		(84,058	)		(1,193,008	)		(277,723	)		(3,799,133	)


		(34,064	)		(504,247	)		(26,100	)		(371,928	)


Class C Shares
Shares sold		214,331			3,009,862			704,489			9,638,051
Reinvestments of distributions		20,341			287,803			37,323			514,371
Shares redeemed		(96,314	)		(1,355,241	)		(648,901	)		(8,800,036	)


		138,358			1,942,424			92,911			1,352,386


Institutional Shares
Shares sold		2,237,697			31,250,504			10,327,393			143,496,338
Reinvestments of distributions		104,451			1,477,774			296,687			4,137,927
Shares redeemed		(2,524,955	)		(35,562,158	)		(13,391,562	)		(179,528,868	)


		(182,807	)		(2,833,880	)		(2,767,482	)		(31,894,603	)


Service Shares
Shares sold		381			5,179			2			22
Reinvestments of distributions		33			461			48			668
Shares redeemed		—			—			(22,400	)		(334,215	)


		414			5,640			(22,350	)		(333,525	)


NET INCREASE (DECREASE)		377,155		$	5,644,906			(5,337,151	)	$	(68,492,550	)


(a)		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.

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS


10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Short Duration Tax-Free Fund
	For the Six Months Ended
	September 30, 2009						For the Fiscal Year Ended
	(Unaudited)						March 31, 2009
	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		48,034,612		$	497,593,234			33,166,994		$	337,980,871
Shares converted from Class B^(a)		1,209			12,422			1,194			12,272
Reinvestments of distributions		373,029			3,862,189			522,675			5,325,430
Shares redeemed		(14,699,144	)		(152,085,008	)		(19,944,518	)		(202,540,971	)


		33,709,706			349,382,837			13,746,345			140,777,602


Class B Shares
Shares sold		1			13			14			162
Shares converted to Class A^(a)		(1,211	)		(12,422	)		(1,196	)		(12,272	)
Reinvestments of distributions		248			2,558			856			8,723
Shares redeemed		(1,779	)		(18,431	)		(17,490	)		(177,950	)


		(2,741	)		(28,282	)		(17,816	)		(181,337	)


Class C Shares
Shares sold		1,413,372			14,628,127			1,316,522			13,399,964
Reinvestments of distributions		11,394			117,933			13,684			139,399
Shares redeemed		(201,446	)		(2,082,841	)		(292,938	)		(2,979,772	)


		1,223,320			12,663,219			1,037,268			10,559,591


Institutional Shares
Shares sold		62,018,125			642,046,991			24,075,610			245,765,511
Reinvestments of distributions		403,976			4,183,983			531,096			5,409,529
Shares redeemed		(9,838,378	)		(101,812,151	)		(18,010,172	)		(182,921,165	)


		52,583,723			544,418,823			6,596,534			68,253,875


Service Shares
Shares sold		11,651			119,884			179			1,804
Reinvestments of distributions		130			1,343			143			1,462


		11,781			121,227			322			3,266


NET INCREASE		87,525,789		$	906,557,824			21,362,653		$	219,412,997


(a)		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.

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


				Income (loss) from								Distributions
		Net asset		investment operations								to shareholders
		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)


	2009 - A	$	7.00	$	0.24	$	1.54		$	1.78		$	(0.24	)	$	—		$	(0.24	)
	2009 - B		7.00		0.22		1.53			1.75			(0.21	)		—			(0.21	)
	2009 - C		7.00		0.22		1.53			1.75			(0.21	)		—			(0.21	)
	2009 - Institutional		7.00		0.26		1.53			1.79			(0.25	)		—			(0.25	)


FOR THE FISCAL YEAR ENDED MARCH 31,


	2009 - A		9.77		0.50		(2.78	)		(2.28	)		(0.49	)		—			(0.49	)
	2009 - B		9.77		0.43		(2.78	)		(2.35	)		(0.42	)		—			(0.42	)
	2009 - C		9.77		0.43		(2.78	)		(2.35	)		(0.42	)		—			(0.42	)
	2009 - Institutional		9.77		0.53		(2.78	)		(2.25	)		(0.52	)		—			(0.52	)


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 FISCAL 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	)


*	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 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 returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on capital gains and taxable distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.
(c)	Annualized.

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND


																Ratios assuming no
																expense reductions
							Ratio of			Ratio of						Ratio of			Ratio of
							net expenses			net expenses						total expenses			total expenses
							to average			to average						to average			to average
							net assets			net assets			Ratio of			net assets			net assets			Ratio of
					Net assets,		including			excluding			net investment			including			excluding			net investment
Net asset					end of		interest			interest			income			interest			interest			income			Portfolio
value, end		Total			period		expense			expense			to average			expense			expense			to average			turnover
of period		return^(b)			(in 000s)		and fees			and fees			net assets			and fees			and fees			net assets			rate




$	8.54		25.85	%	$	1,630,028		0.92	%^(c)		0.92	%^(c)		6.45	%^(c)		0.94	%^(c)		0.94	%^(c)		6.43	%^(c)		24	%
	8.54		25.39			24,790		1.67	^(c)		1.67	^(c)		5.79	^(c)		1.69	^(c)		1.69	^(c)		5.77	^(c)		24
	8.54		25.39			117,700		1.67	^(c)		1.67	^(c)		5.77	^(c)		1.69	^(c)		1.69	^(c)		5.75	^(c)		24
	8.54		26.06			1,565,625		0.58	^(c)		0.58	^(c)		6.76	^(c)		0.60	^(c)		0.60	^(c)		6.74	^(c)		24





	7.00		(23.97	)		1,049,054		0.91			0.91			5.76			0.93			0.93			5.74			57
	7.00		(24.55	)		22,705		1.66			1.66			5.08			1.68			1.68			5.06			57
	7.00		(24.55	)		94,113		1.66			1.66			5.09			1.68			1.68			5.07			57
	7.00		(23.71	)		868,537		0.57			0.57			6.08			0.59			0.59			6.06			57





	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

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

GOLDMAN SACHS MUNICIPAL INCOME FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


				Income (loss) from								Distributions
		Net asset		investment operations								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)


	2009 - A	$	13.39	$	0.32	$	1.68		$	2.00		$	(0.32	)
	2009 - B		13.40		0.27		1.67			1.94			(0.27	)
	2009 - C		13.40		0.27		1.67			1.94			(0.27	)
	2009 - Institutional		13.39		0.35		1.67			2.02			(0.35	)
	2009 - Service		13.47		0.31		1.67			1.98			(0.31	)

FOR THE FISCAL YEAR ENDED MARCH 31,


	2009 - A		14.64		0.63		(1.25	)		(0.62	)		(0.63	)
	2009 - B		14.64		0.53		(1.24	)		(0.71	)		(0.53	)
	2009 - C		14.64		0.53		(1.24	)		(0.71	)		(0.53	)
	2009 - Institutional		14.64		0.68		(1.25	)		(0.57	)		(0.68	)
	2009 - Service		14.72		0.62		(1.26	)		(0.64	)		(0.61	)

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 FISCAL 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	)
												��


*	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 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 returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on capital gains and taxable distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.
(c)	Annualized.

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

GOLDMAN SACHS MUNICIPAL INCOME FUND


																Ratios assuming no
																expense reductions
							Ratio of			Ratio of						Ratio of			Ratio of
							net expenses			net expenses						total expenses			total expenses
							to average			to average						to average			to average
							net assets			net assets			Ratio of			net assets			net assets			Ratio of
					Net assets,		including			excluding			net investment			including			excluding			net investment
Net asset					end of		interest			interest			income			interest			interest			income			Portfolio
value, end		Total			period		expense			expense			to average			expense			expense			to average			turnover
of period		return^(b)			(in 000s)		and fees			and fees			net assets			and fees			and fees			net assets			rate




$	15.07		15.13	%	$	381,466		0.88	%^(c)		0.88	%^(c)		4.62	%^(c)		0.99	%^(c)		0.99	%^(c)		4.51	%^(c)		13	%
	15.07		14.62			11,077		1.63	^(c)		1.63	^(c)		3.87	^(c)		1.74	^(c)		1.74	^(c)		3.76	^(c)		13
	15.07		14.62			24,554		1.63	^(c)		1.63	^(c)		3.87	^(c)		1.74	^(c)		1.74	^(c)		3.76	^(c)		13
	15.06		15.25			208,519		0.54	^(c)		0.54	^(c)		4.96	^(c)		0.65	^(c)		0.65	^(c)		4.85	^(c)		13
	15.14		14.87			266		1.04	^(c)		1.04	^(c)		4.43	^(c)		1.15	^(c)		1.15	^(c)		4.32	^(c)		13




	13.39		(4.28	)		333,034		0.88			0.88			4.55			0.98			0.98			4.45			49
	13.40		(4.92	)		10,305		1.63			1.63			3.80			1.73			1.73			3.70			49
	13.40		(4.92	)		19,978		1.63			1.63			3.82			1.73			1.73			3.72			49
	13.39		(3.95	)		187,838		0.54			0.54			4.89			0.64			0.64			4.79			49
	13.47		(4.39	)		231		1.04			1.04			4.39			1.14			1.14			4.29			49




	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

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


				Income (loss) from								Distributions
		Net asset		investment operations								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)


	2009 - A	$	10.25	$	0.12	$	0.20		$	0.32		$	(0.12	)
	2009 - B		10.24		0.09		0.21			0.30			(0.09	)
	2009 - C		10.25		0.08		0.20			0.28			(0.08	)
	2009 - Institutional		10.25		0.13		0.21			0.34			(0.14	)
	2009 - Service		10.24		0.11		0.21			0.32			(0.11	)

FOR THE FISCAL YEAR ENDED MARCH 31,


	2009 - A		10.25		0.30		—	^(d)		0.30			(0.30	)
	2009 - B		10.24		0.25		(0.01	)		0.24			(0.24	)
	2009 - C		10.25		0.22		0.01			0.23			(0.23	)
	2009 - Institutional		10.25		0.34		—	^(d)		0.34			(0.34	)
	2009 - Service		10.24		0.29		—	^(d)		0.29			(0.29	)

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 FISCAL 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	)


*	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 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 returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on capital gains and taxable distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.
(c)	Annualized.
(d)	Amount is less than $0.005 per share.

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND


													Ratios assuming no
													expense reductions
										Ratio of						Ratio of
					Net assets,		Ratio of			net investment			Ratio of			net investment
Net asset					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




$	10.45		3.14	%	$	661,891		0.73	%^(c)		2.25	%^(c)		0.82	%^(c)		2.16	%^(c)		6	%
	10.45		2.93			431		1.33	^(c)		1.74	^(c)		1.57	^(c)		1.50	^(c)		6
	10.45		2.75			30,507		1.48	^(c)		1.53	^(c)		1.57	^(c)		1.44	^(c)		6
	10.45		3.32			814,722		0.39	^(c)		2.56	^(c)		0.48	^(c)		2.47	^(c)		6
	10.45		3.15			178		0.89	^(c)		2.05	^(c)		0.98	^(c)		1.96	^(c)		6




	10.25		3.02			303,446		0.73			2.96			0.85			2.84			33
	10.24		2.41			450		1.33			2.41			1.60			2.14			33
	10.25		2.25			17,373		1.48			2.18			1.60			2.06			33
	10.25		3.37			260,054		0.39			3.31			0.51			3.19			33
	10.24		2.85			54		0.89			2.82			1.01			2.70			33




	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

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

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Fund Expenses — Six Month Period Ended September 30, 2009 (Unaudited)

As a shareholder of Class A, Class B, Class C, Institutional or Service Shares of a Fund you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares) contingent deferred sales charges 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, 2009 through September 30, 2009.

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, 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.


	High Yield Municipal Fund							Municipal Income Fund							Short Duration Tax-Free Fund
						Expenses							Expenses							Expenses
	Beginning		Ending			Paid for the		Beginning		Ending			Paid for the		Beginning		Ending			Paid for the
	Account Value		Account Value			6 months ended		Account Value		Account Value			6 months ended		Account Value		Account Value			6 months ended
Share Class	4/01/09		9/30/09			9/30/09*		4/01/09		9/30/09			9/30/09*		4/01/09		9/30/09			9/30/09*
Class A
Actual	$	1,000	$	1,258.50		$	5.21	$	1,000	$	1,151.30		$	4.75	$	1,000	$	1,031.40		$	3.72
Hypothetical 5% return		1,000		1,020.46	+		4.66		1,000		1,020.66	+		4.46		1,000		1,021.41	+		3.70

Class B
Actual		1,000		1,253.90			9.49		1,000		1,146.20			8.77		1,000		1,029.30			6.82
Hypothetical 5% return		1,000		1,016.65	+		8.49		1,000		1,016.90	+		8.24		1,000		1,018.35	+		6.78

Class C
Actual		1,000		1,253.90			9.49		1,000		1,146.20			8.77		1,000		1,027.50			7.52
Hypothetical 5% return		1,000		1,016.65	+		8.49		1,000		1,016.90	+		8.24		1,000		1,017.65	+		7.49

Institutional
Actual		1,000		1,260.60			3.29		1,000		1,152.50			2.91		1,000		1,033.20			1.99
Hypothetical 5% return		1,000		1,022.16	+		2.94		1,000		1,022.36	+		2.74		1,000		1,023.11	+		1.98

Service
Actual		N/A		N/A			N/A		1,000		1,148.70			5.60		1,000		1,031.50			4.53
Hypothetical 5% return		N/A		N/A			N/A		1,000		1,019.85	+		5.27		1,000		1,020.61	+		4.51

Expenses are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended September 30, 2009. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:


Fund	Class A			Class B			Class C			Institutional			Service

High Yield Municipal		0.92	%		1.67	%		1.67	%		0.58	%		N/A
Municipal Income		0.88			1.63			1.63			0.54			1.04	%
Short Duration Tax-Free		0.73			1.33			1.48			0.39			0.89


+	Hypothetical expenses are based on each Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreements (Unaudited)

Background

The Goldman Sachs Short Duration Tax-Free, Goldman Sachs High Yield Municipal and Goldman Sachs Municipal Income Funds (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”) on behalf of the Funds.

The Management Agreements were most recently approved for continuation until June 30, 2010 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 17, 2009 (the “Annual Contract Meeting”).

To assist the Trustees in their deliberations at the Annual Contract Meeting, and in addition to reports on the Funds’ investment performance, expenses and other matters discussed at regularly scheduled Board meetings during the year, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. The Committee held meetings on December 17, 2008, February 11, 2009 and May 20, 2009. 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 voluntary undertakings of the Investment Adviser and the Funds’ affiliated distributor 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 managed by the Investment Adviser, as well as those managed by other advisers;


	(g)	information relating to the profitability of the Management Agreements and the transfer agency and distribution and service arrangements of each of the Funds and the Trust as a whole to the Investment Adviser and its affiliates;

	(h)	the statutory and regulatory requirements applicable to the approval and continuation of mutual fund investment management agreements;

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreements (Unaudited) (continued)


	(i)	a summary of fee concessions made by the Investment Adviser and its affiliates over the past several years with respect to the Funds;

	(j)	capacity issues relating to the securities in which the Funds invest;


	(k)	to the extent the Investment Adviser manages institutional accounts or collective investment vehicles having investment objectives and policies similar to those of the Funds, comparative information on the advisory fees charged and services provided to those accounts by the Investment Adviser;


	(l)	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;


	(m)	the current pricing of services provided by, and the profitability of, the Funds’ transfer agent, Goldman, Sachs & Co. (“Goldman Sachs”); and


	(n)	the nature and quality of the services provided to the Funds by their 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 teams;


	(c)	the groups or teams within the Investment Adviser that support the portfolio management teams, including legal, compliance, internal audit, the credit department, fund controllers, tax, product services, valuation oversight, market risk analysis, finance and strategy, operations, shareholder services, risk management and advisory, training and technology;


	(d)	whether certain reductions in headcount due to the economic environment were likely to affect the quality of the services provided to the Funds;


	(e)	the Investment Adviser’s business continuity and disaster recovery planning;


	(f)	the Investment Adviser’s financial resources and its ability to hire and retain talented personnel;


	(g)	the fees received by the Investment Adviser’s affiliates from the Funds for transfer agency, distribution and other services;

	(h)	the terms of the Management Agreements and agreements with other service providers entered into by the Trust on behalf of the Funds;

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreements (Unaudited) (continued)


	(i)	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;

	(j)	portfolio trading related issues;


	(k)	the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest;


	(l)	the Investment Adviser’s approach to risk management;


	(m)	an overview of the Funds’ distribution plan; and


	(n)	an annual review of the effectiveness of the Funds’ compliance program. At the Annual Contract Meeting, the Trustees also considered further the Investment Adviser’s profitability with respect to each Fund, and each Fund’s investment performance, fees and expenses, including each Fund’s expense trends over time and any breakpoints in the fee rates payable by each Fund under the Management Agreements.

In connection with the Committee meetings and the Annual Contract Meeting, the Trustees attended sessions at which they reviewed information regarding the Funds’ assets, share purchase and redemption activity, and the payment of Rule 12b-1 distribution and service fees by the Funds and the payment of non-Rule 12b-1 shareholder service and/or administration fees by Municipal Income and Short Duration Tax-Free Funds’ Service Shares. Also, in conjunction with these meetings, 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.

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; the manner in which portfolio manager compensation is determined, the alignment of the interests of the Funds and of 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.

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreements (Unaudited) (continued)

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 regularly 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. The Trustees also discussed the broad range of other investment choices that are available to Fund investors, including the availability of comparable funds managed by other advisers.

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, during the recent financial crisis, the Investment Adviser had demonstrated a willingness and an ability to commit substantial financial and other resources to the operations of the Funds and had represented that it will continue to commit those resources in multiple areas including portfolio management, trading, technology, human resources, tax, treasury, legal, compliance, valuation oversight, vendor oversight and risk management. The Independent Trustees also observed 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 over time on a year-by-year basis relative to its performance benchmark(s). This information on each Fund’s investment performance was provided for the one-, three-, five-and ten-year periods ended December 31, 2008, 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, market conditions, credit and duration parameters, and illiquidity in certain market sectors, 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.

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreements (Unaudited) (continued)

In connection with the High Yield Municipal and Municipal Income Funds’ performance, the Trustees took note of the market events and liquidity issues that had occurred in the municipal markets during 2007 and 2008. 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 Funds’ performance in a responsible manner. With respect to the Short Duration Tax-Free Fund, the Trustees believed that the Fund had provided investment performance within a competitive range for long-term investors. With respect to each Fund, the Trustees concluded that the Investment Adviser’s continued management likely 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 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 those of 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 comparing each Fund’s expenses to the peer and 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 group and peer group median. 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 the management fee payable by the Short Duration Tax-Free and Municipal Income Funds, as well as Goldman Sachs’ voluntary undertaking to waive a portion of the Rule 12b-1 fees attributable to the Short Duration Tax-Free Fund’s Class B Shares. They also considered, to the extent that the Investment Adviser manages institutional accounts or collective investment vehicles having investment objectives and policies similar to those of the Funds, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Funds differed in various significant respects from the services provided to institutional accounts, which operated under less stringent legal and regulatory structures, were in some instances subject to different investment guidelines, required fewer services from the Investment Adviser to a smaller number of client contact points, were less time-intensive and paid lower fees.

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreements (Unaudited) (continued)

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 are 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 the Investment Adviser’s expense allocation methodology. The Trustees also reviewed the report of the internal audit group within the Goldman Sachs organization, which included an assessment of the reasonableness and consistency of the Investment Adviser’s expense allocation methodology and an evaluation of the accuracy of the Investment Adviser’s profitability analysis calculations. Profitability data for the Trust and each Fund were provided for 2008 and 2007, 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 percentage rates of the average daily net assets of the Funds:


	High Yield			Municipal			Short Duration
Average Daily Net Assets	Municipal Fund			Income Fund			Tax-Free Fund

First $1 billion		0.55	%		0.55	%		0.40	%
Next $1 billion		0.55	%		0.50	%		0.36	%
Next $3 billion		0.50	%		0.48	%		0.34	%
Next $3 billion		0.48	%		0.47	%		0.33	%
Over $8 billion		0.47	%		0.46	%		0.32	%

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreements (Unaudited) (continued)

The Trustees noted that the breakpoints at the $5 and $8 billion asset levels had been proposed by the Investment Adviser and approved by the Trustees in 2008 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 Trustees considered the Investment Adviser’s potential economies of scale in managing each Fund, and whether the Funds and their shareholders would participate in the benefits of those economies. In this regard, the Independent Trustees considered the amounts of assets in the Funds; the Funds’ recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer group; and the Investment Adviser’s and Goldman Sachs’ voluntary undertakings to limit fees and other expenses to certain amounts. Upon reviewing these matters at the Annual Contract Meeting, 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; (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; and (h) the Investment Adviser’s ability to leverage relationships with the Funds’ third party service providers to attract more firmwide business.

Other Benefits to the Funds and Their Shareholders

The Independent Trustees also noted that the Funds receive certain potential 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 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 advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (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; (g) the Funds’ access, through the Investment Adviser, to certain firmwide resources (e.g., proprietary databases); and (h) the Funds’ access to certain affiliated distribution channels.

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreements (Unaudited) (continued)

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, 2010.

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 $761 billion in assets under management as of June 30, 2009 — our investment professionals bring firsthand knowledge of local markets to every investment decision, Goldman Sachs Asset Management ranks in the top 10 asset management firms worldwide, based on assets under management.

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 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 n Credit Strategies Fund		Fundamental Equity n Growth and Income Fund n Large Cap Value 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 Cap Value Fund n Small/Mid Cap Growth Fund Structured Equity n Balanced Fund n Structured U.S. Equity Fund n Structured Large Cap Growth Fund n Structured Large Cap Value Fund n Structured Small Cap Equity Fund n Structured Small Cap Value Fund n Structured Small Cap Growth Fund n Structured Tax-Managed Equity Fund n Structured International Tax- Managed Equity Fund n U.S. Equity Dividend and Premium Fund n International Equity Dividend and Premium Fund		Fund of Funds²n 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 Fundamental Equity International 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 BRIC Fund (Brazil, Russia, India, China) Select Satellite²n 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 Select Satellite 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 Scott McHugh, Treasurer* Peter V. Bonanno, Secretary George F. Travers, Principal Financial Officer* * Effective October 16, 2009


GOLDMAN, SACHS & CO. Distributor and Transfer Agent		GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

Visit our Web site at www.goldmansachsfunds.com to obtain the most recent month-end returns.

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.

A prospectus for the Fund containing more complete information may be obtained from your authorized dealer or from Goldman, Sachs & Co. by calling (retail – 1-800-526-7384) (institutional – 1-800-621-2550). 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 Fund.


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 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


				Goldman Sachs Trust

				/s/ James A. McNamara

				By: James A. McNamara
				Chief Executive Officer of
				Goldman Sachs Trust

				Date: December 2, 2009

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


				/s/ James A. McNamara

				By: James A. McNamara
				Chief Executive Officer of
				Goldman Sachs Trust

				Date: December 2, 2009

				/s/ George F. Travers

				By: George F. Travers
				Chief Financial Officer of
				Goldman Sachs Trust

				Date: December 2, 2009

Goldman Sachs High Yield Instl (GSHIX) N-CSRSCertified semi-annual shareholder report (management investment company)