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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM NCSR/A

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.		Geoffrey R. T. Kenyon, Esq.
200 West Street		Dechert LLP
New York, New York 10282		200 Clarendon Street
		27^th Floor
		Boston, MA 02116-5021

(Name and address of agents for service)

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

Date of fiscal year end: March 31

Date of reporting period: September 30, 2010

Explanatory Note

The Registrant is filing this amendment to its Form N-CSR for the period ended September 30, 2010, originally filed with the Securities and Exchange Commission on December 1, 2010 (Accession Number 0000950123-10-110112), to amend Item 1, “Reports to Stockholders.” The purpose of the amendment to Item 1 is to supplement the Semi-Annual Shareholder Report for the High Yield Municipal, Municipal Income, and Short Duration Tax-Free Funds to include material inadvertently omitted.


ITEM 1.		REPORTS TO STOCKHOLDERS.

		The Semi-Annual Report to Stockholders is filed herewith.

GOLDMAN SACHS TRUST

Goldman Sachs Municipal Fixed Income Funds

Goldman Sachs High Yield Municipal Fund
Goldman Sachs Municipal Income Fund
Goldman Sachs Short Duration Tax-Free Fund (the “Funds”)

Supplement to the Semi-Annual Report for the period
ended September 30, 2010 (the “Semi-Annual Report”)

This Supplement updates certain information contained in the Funds’ Semi-Annual Report. You may obtain a copy of the Semi-Annual Report free of charge, upon request, by calling Goldman Sachs at 1-800-526-7384. You can also access and download the Funds’ annual and semi-annual reports at the Funds’ website: http://www.goldmansachsfunds.com.

The following disclosure regarding the basis for the Board’s approval of the Funds’ management agreements is hereby inserted after the text box labeled “Fund Expenses — Six Month Period Ended September 30, 2010 (Unaudited)” on page 100 of the Semi-Annual Report:

Statement Regarding Basis for Approval of Management Agreements (Unaudited)

Background

The Goldman Sachs High Yield Municipal, Goldman Sachs Municipal Income and Goldman Sachs Short Duration Tax-Free 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 the continuance of 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, 2011 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 16-17, 2010 (the “Annual Meeting”).

The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. The Committee held three meetings over the course of the year, since last approving the Management Agreements. At those Committee meetings, regularly scheduled Board meetings and/or the Annual

Meeting, the Board, or the Independent Trustees, as applicable, 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, including information about:


	(i)	the structure, staff and capabilities of the Investment Adviser and its portfolio management teams;

	(ii)	the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services and operations), controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, market risk analysis and finance and strategy), sales and distribution support groups and others (e.g., information technology and training);

	(iii)	trends in headcount;

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

	(v)	the parent company’s support of the Investment Adviser and its mutual fund business, as expressed by the firm’s senior management;


	(b)	information on the investment performance of the Funds, including comparisons to the performance of similar mutual funds, as provided by a third party mutual fund data provider engaged as part of the contract review process (the “Outside Data Provider”), and benchmark performance indices, and general investment outlooks in the markets in which the Funds invest;

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

	(d)	expense information for the Funds, including:


	(i)	the relative management fee and expense levels of the Funds as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider;

	(ii)	each Fund’s expense trends over time; and

	(iii)	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;


	(e)	with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Funds;


	(f)	the undertakings of the Investment Adviser to waive certain fees (with respect to the Municipal Income and Short Duration Tax-Free Funds) and reimburse certain expenses of the Funds that exceed specified levels; the undertaking of Goldman, Sachs & Co. (“Goldman Sachs”), the Funds’ affiliated distributor, to waive a portion of the distribution and service fees paid by the Short Duration Tax-Free Fund’s Class B Shares; and a summary of contractual fee reductions made by the Investment Adviser and its affiliates over the past several years with respect to the Funds;

	(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)	potential economies of scale, if any, and the levels of breakpoints in the fees payable by the Funds under the Management Agreements;

	(i)	a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds, including the fees received by the Investment Adviser’s affiliates from the Funds for transfer agency, distribution and other services;

	(j)	a summary of potential benefits derived by the Funds as a result of their relationship with the Investment Adviser;

	(k)	portfolio trading related issues;

	(l)	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; and the number and types of accounts managed by the portfolio managers;

	(m)	the nature and quality of the services provided to the Funds by their unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administration services provided under the Management Agreements; and

	(n)	the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Funds’ compliance program; and compliance reports.

The Trustees also received an overview of the Funds’ distribution arrangements. They received 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 the Municipal Income and Short Duration Tax-Free Funds’ Service Shares. Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Adviser and its affiliates to intermediaries that promote the sale, distribution and/or servicing of Fund shares.

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other mutual fund portfolios for which the Board of Trustees has responsibility. In evaluating the Management Agreements at the Annual 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. 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 and other regulatory requirements related to the approval and continuation of mutual fund investment management agreements under applicable law. 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 Independent 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 Independent Trustees concluded that the Investment Adviser had committed substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also observed that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser.

Investment Performance

The 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. This information on each Fund’s investment performance relative to that of its peers was provided for the one-, three-, five- and ten-year periods ended December 31, 2009, to the extent that each Fund had been in existence for those periods. The Trustees also reviewed each Fund’s investment performance over time on a year-by-year basis relative to its performance benchmark. 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 and credit and duration parameters. The Trustees considered whether each Fund had operated within its investment policies and had complied with its investment limitations.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s Chief Investment Officer and portfolio management personnel, in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Funds’ risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management.

The Trustees noted that each of the Funds outperformed its respective benchmark for the one-year period ended December 31, 2009. They also noted that Municipal Income and Short Duration Tax-Free Funds ranked in the top half of their respective peer groups for the one-year period ended December 31, 2009. The Trustees recognized that despite a challenging track record over the three- and five-year time period ended December 31, 2009 for the High Yield Municipal Fund, the recent performance of the Funds had generally improved. 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 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 the peer group median. The Trustees concluded 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 Trustees considered the Investment Adviser’s undertakings to limit the Funds’ “other expenses” ratios (excluding certain expenses) to certain specified levels and to waive a portion of the contractual management fees paid by the Municipal Income and Short Duration Tax-Free Funds, as well as Goldman Sachs’ undertaking to waive a portion of the distribution and service fees paid by 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 generally operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, were less time-intensive and paid lower fees. By contrast, the Trustees noted that the Investment Adviser provides substantial administrative services to the Funds under the terms of the Management Agreements.

In addition, the Trustees noted that shareholders are able to redeem their Fund shares at any time 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 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 Trustees noted that they had received, 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. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. 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 2009 and 2008, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability. The 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 Trustees considered the information that had been provided regarding the Investment Adviser’s profitability and the rationale for the Funds’ breakpoint structure. The 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:


Average Daily	High Yield			Municipal			Short Duration
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	%

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. The 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 undertakings to limit management fees (with respect to the Municipal Income and Short Duration Tax-Free Funds) and other expenses (with respect to all of the Funds) to certain amounts. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability would be passed along to shareholders at the specified asset levels. They also noted that the Investment

Adviser was passing along savings to shareholders of High Yield Municipal Fund, which had asset levels above at least the first breakpoint.

Other Benefits to the Investment Adviser and Its Affiliates

The 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. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of the fall-out benefits.

Other Benefits to the Funds and Their Shareholders

The 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 favorable terms with derivatives counterparties as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages gained 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. The Trustees noted the competitive nature of the mutual fund marketplace, and noted further that many of the Funds’ shareholders invested in the Funds in part because of the Funds’ relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

Conclusion

In connection with their consideration of the Management Agreements, the 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 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. The Trustees concluded that the Management Agreements should be approved and continued with respect to each applicable Fund until June 30, 2011.

This Supplement should be retained with the Semi-Annual Report for future reference.

MFISARSUPP 01-11

Goldman Sachs Funds



Semi-Annual Report			September 30, 2010



			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		6
Schedules of Investments		20
Financial Statements		76
Notes to the Financial Statements		80
Financial Highlights		94
Other Information		100


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 REVIEW

Goldman Sachs Municipal Fixed Income Funds

Market Review

The six months ended September 30, 2010 (the “Reporting Period”) brought the first signals of slowing momentum in global economic growth — a development that in our view was broadly consistent with the traditional cycle of recovery. After the recession ended in June 2009 (the date officially cited by the National Bureau of Economic Research), the U.S. economy had begun to rebound. However, by the spring of 2010, economic conditions showed signs of deterioration, raising concern about a double-dip recession. The broader market impact of the economic slowdown was magnified by the sovereign debt crisis unfolding in Europe.

In the U.S., consumer demand was weak, constrained by continued job losses and persistently weak housing markets. Inflation concerns decreased, suggesting that interest rates would remain low for longer than previously expected. Furthermore, during September, Federal Reserve (“Fed”) policymakers began to demonstrate a clear willingness to revisit the exceptional bond-buying strategy it had halted earlier this year, thereby opening the door to a resumption of a second round of quantitative easing. As a result, by the end of the Reporting Period, U.S. markets were strongly positioned for more aggressive purchases by the Fed, and two-year Treasury yields had reached an all-time low near 0.5%.

Tax-exempt 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, during the Reporting Period. Overall, lower quality issues outperformed higher quality issues. Within the Barclays Capital Aggregate Municipal Bond Index, hospital and airport bonds turned in strong returns. State general obligation (“GO”) bonds, local GO bonds, essential service revenue bonds and pre-refunded municipal bonds also generated positive returns within the Index.

Supporting the municipal bond market during the Reporting Period were increasing numbers of investors who moved out of low-yielding money market funds into longer duration municipals, driving yields down across the entire municipal yield curve, or spectrum of maturities. Such demand pushed up bond prices, which generally move in the opposite direction of yields. Short-dated municipals with maturities of five years or less experienced greater yield declines than longer-dated bonds with 30-year maturities. As a result, the municipal yield curve flattened over the course of the Reporting Period, meaning the difference in yields between shorter-term and longer-term municipal securities narrowed.

The yield declines on longer maturity municipal bonds, especially those 12 years and longer, were driven by both a slowdown in economic growth and a shortage of tax-exempt supply. The issuance of taxable municipal bonds called Build America Bonds (“BAB”) resulted in a nearly one-to-one transfer of available supply from the tax-exempt market to the taxable market. Between January 1, 2010 and September 30, 2010, 32% of municipal supply was in the form of BABs. The BAB program, which was introduced through the federal government’s fiscal stimulus package, provides states and municipalities with increased incentive to issue debt through the taxable municipal bond market, thereby attracting the interest of non-traditional municipal buyers, such as institutions and foreign investors.

BABs were supportive not only of market technicals — that is, supply and demand, but also of market fundamentals. BAB issuers receive a 35% federal rebate on the interest they pay bondholders, so they have been a successful mode of debt issuance for issuers. 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.

MARKET REVIEW

In general managing municipal credit risk is a critical component of our investment process, and we employ a team of dedicated research analysts to evaluate the credit quality of the obligors in our municipal portfolios. The team monitors risk in two ways — by performing a strict credit review of both secondary and primary issues before we make purchases and by conducting regular surveillance of the bonds held in the Funds. The team does not rely solely on the opinion of the three major ratings agencies — Standard & Poor’s Ratings Services, Moody’s Investors Service or Fitch Ratings — but conducts independent research, applying its own ratings to many municipal issuers. Overall, the Funds held fewer insured bonds during the 12 months ended September 30, 2010 than they once did because the size of the insured municipal bond market has shrunk. The primary reason for the reduced insured municipal bond market is that many municipal insurers were downgraded by ratings agencies following the 2008-2009 financial market collapse. As a result, municipal issuers have subsequently limited the use of insurance for new issue offerings. Further, oftentimes, the underlying credit rating of the issuing municipality can be higher than that of the bond insurer for those positions carrying legacy insurance enhancements that have since been downgraded. Our research team evaluates the bonds we consider for the Funds on the basis of their underlying fundamentals, irrespective of whether they carry insurance.

High Yield Municipal Market

High yield municipal bonds posted strong results during the Reporting Period, driven primarily by low interest rates. The high yield municipal bond market, as measured by the Barclays High Yield Municipal Bond Index, returned 7.78% during the Reporting Period. Relative to specific sectors in that Index, airlines and hospitals were the strongest performers, while tobacco was one of the weakest.

The spreads, or difference in yields, between high yield municipal bonds, as represented by the Barclays Capital High Yield Municipal Index, and investment grade municipal bonds, as represented by the Barclays Capital Aggregate Municipal Bond Index, widened during the Reporting Period from 3.34% to 3.48% as compared to the historic average of 2.59%.* At the end of the Reporting Period, the spread between high yield and investment grade municipal bonds implied a default rate significantly higher than the actual rate and greater than we anticipate in the near future. Relative to historic norms, high yield municipal bonds remained cheap at the end of September, offering a potential source of value and higher return opportunities for tax-conscious investors.

Looking Ahead

During the Reporting Period, we grew increasingly convinced that U.S. economic growth will likely continue at a slow but steady pace, driven by continued modest gains in business investment and consumer spending. We believe the building blocks for growth are still in place and that downside risks are limited by two key factors. First, the Fed is likely, in our view, to resume quantitative easing, which should keep financial conditions highly accommodative. Second, leverage, or the use of borrowed money, in the U.S. private sector and financial system broadly has declined dramatically since 2008, and as such, we think the possibility of another severe pullback in either asset prices or employment is significantly reduced.

The biggest risk to continued economic recovery, in our view, is fiscal tightening. At the end of 2010, $270 billion of tax cuts and $75 billion of tax credits are scheduled to expire. We estimate the expiration of these measures would be equivalent to approximately a 10%

MARKET REVIEW

annualized decline in disposable income, or about 2% of GDP. If this scenario materializes, the risk of a double-dip recession may well rise. We further believe that a massive amount of quantitative easing from the Fed would be required to offset the impact of such a scenario on economic growth. However, that said, at the end of the Reporting Period, we considered this a low-probability risk and that a compromise would likely be reached to extend most of these tax measures for at least the next couple of years.

In this environment, demand for municipal securities is likely to remain robust through the end of 2010 and supply to remain low as states and municipalities continue issuing BABs.

We believe individual security selection and research remain critical to navigating the municipal market. Most municipal bond sectors have weathered the U.S. economic slowdown without broad credit fundamental deterioration, a trend we expect may continue. State and municipal governments have worked to close budget gaps through a combination of cutting expenditures and raising revenues, a trend we also expect will continue through 2011. As a result, we do not anticipate widespread defaults, although there may be some scattered credit events over the next several months.

*Source: Barclays Capital, October 1, 1995 to September 30, 2010

PORTFOLIO RESULTS

High Yield Municipal Fund

Investment Objective

The Goldman Sachs High Yield Municipal Fund (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-month period ended September 30, 2010 (the “Reporting Period”).


Q	How did the Fund perform during the Reporting Period?

A	During the Reporting Period, the Fund’s Class A, B, C and Institutional Shares generated cumulative total returns, without sales charges, of 7.03%, 6.63%, 6.76% and 7.21%, respectively. These returns compare to the 6.87% cumulative total return of the Fund’s benchmark, the High Yield Municipal Fund Composite Index (“High Yield Municipal Composite”), during the same time period.

The High Yield Municipal Fund 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 5.51% and 7.78%, respectively, during the same time period.

The Fund’s Class IR Shares were launched on July 30, 2010. During the period from inception on July 30, 2010 to September 30, 2010, the Fund’s Class IR Shares generated a cumulative total return, without sales charges, of 3.84%. This compares to the 2.73% cumulative total return of the Index during the same time period.


Q	What key factors were responsible for the Fund’s performance during the Reporting Period?

A	The Fund’s overweighted allocations to the hospital and airline sectors contributed to relative performance during the Reporting Period. An overweight to the tobacco sector hampered results.

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

The Fund’s overweighted position in hospital bonds boosted its relative results. We maintained an overweight to the hospital sector because of its favorable risk/return characteristics. The hospital sector has continued to benefit from stricter expense management. In addition, non-profit hospitals appeared to be attractive merger or acquisition candidates. The Fund’s overweighted allocation to airline bonds also enhanced its performance. The airline industry continued to benefit from consolidation, improved expense controls and higher revenues as a result of increased passenger volume.

Detracting from results was the Fund’s overweighted position in tobacco bonds. As mentioned in the Market Review, tobacco was one of the weakest performing sectors in the high yield municipal market during the Reporting Period.


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

A	The Fund’s duration and yield curve positioning did not have a meaningful impact on relative performance.

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

A	We increased the Fund’s exposure to tax-backed credits, specifically sales-tax backed bonds and state appropriation backed bonds. We slightly reduced the Fund’s positions in hospital bonds and tobacco settlement revenue bonds.

Q	How was the Fund positioned relative to its benchmark index at the end of the Reporting Period?

A	At the end of September 2010, the Fund was overweight state GO and hospital bonds relative to the High Yield Municipal Composite. It was underweight local GO bonds.

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. Based on shifts in interest rates, we intend to maintain an appropriate duration target relative to the Barclays Capital High Yield Municipal Bond Index.

FUND BASICS

High Yield Municipal Fund

as of September 30, 2010

PERFORMANCE REVIEW


							Barclays			Barclays
	Fund						Capital			Capital
	Total			High Yield			Aggregate			High Yield			30-Day
	Return			Municipal			Municipal			Municipal			Taxable			30-Day			30-Day
April 1, 2010–	(based			Fund			Bond			Bond			Equivalent			Standardized			Standardized
Sept. 30, 2010	on NAV)¹			Composite			Index²			Index³			Yield⁴			Subsidized Yield⁵			Unsubsidized Yield⁵


Class A		7.03	%		6.87	%		5.51	%		7.78	%		7.06	%		4.59	%		4.58	%
Class B		6.63			6.87			5.51			7.78			6.23			4.05			4.04
Class C		6.76			6.87			5.51			7.78			6.25			4.06			4.04
Institutional		7.21			6.87			5.51			7.78			7.92			5.15			5.14

July 30, 2010– Sept. 30, 2010

Class IR		3.84	%		2.73	%		2.13	%		3.13	%		9.00	%		5.85	%		5.83	%


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 4,000 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.
³	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.
⁴	The 30-Day Taxable Equivalent Yield of the Fund is calculated by dividing the current 30-Day Standardized Subsidized Yield by 1 minus the highest 2010 federal income tax rate of 35%.
⁵	The 30-Day Standardized Subsidized 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 (“POP”) 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. The 30-Day Standardized Unsubsidized Yield does not reflect any applicable expense reductions.

FUND BASICS

STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS⁶


For the period ended 9/30/10	One Year			Five Years			Ten Years			Since Inception		Inception Date


Class A		3.93	%		-0.47	%		3.46	%		3.71	4/3/00
Class B		2.76			-0.70			3.30			3.56	4/3/00
Class C		6.95			-0.30			3.17			3.39	4/3/00
Institutional		9.17			0.78			4.33			4.56	4/3/00
Class IR		N/A			N/A			N/A			3.84	7/30/10

⁶

The Standardized Average Annual Total Returns are average annual total returns or cumulative total returns (only if performance is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 4.5% for Class A Shares, 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). Class B Shares convert automatically to Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is eight years after purchase. Returns for Class B Shares for the period after conversion reflect the performance of Class A Shares. Because Institutional and Class IR Shares do not involve a sales charge, such a charge is not applied to their Standardized Average Annual Total Returns. Effective November 2, 2009, the Fund’s Class B Shares are no longer 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). 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 RATIOS⁷


	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
Class IR		0.66			0.68

⁷

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 may be modified or terminated in the future, consistent with the terms of any agreements in place. If this occurs, the expense ratios may change without shareholder approval.

FUND BASICS

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

Municipal Income Fund

Investment Objective

The Goldman Sachs Municipal Income Fund (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


Q	How did the Fund perform during the Reporting Period?

A	During the Reporting Period, the Fund’s Class A, B, C, Institutional and Service Shares generated cumulative total returns, without sales charges, of 5.72%, 5.33%, 5.26%, 5.90% and 5.54%, respectively. These returns compare to the 5.51% cumulative total return of the Fund’s benchmark, the Barclays Capital Aggregate Municipal Bond Index (the “Index”), during the same time period.

The Fund’s Class IR Shares were launched on July 30, 2010. During the period from inception on July 30, 2010 to September 30, 2010, the Fund’s Class IR Shares generated a cumulative total return, without sales charges, of 2.80%. This compares to the 2.13% cumulative total return of the Index during the same time period.


Q	What key factors were responsible for the Fund’s performance during the Reporting Period?

A	The Fund’s overweighted allocation to BBB-rated and A-rated securities relative to the 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	As mentioned earlier, lower quality bonds outperformed higher quality bonds during the Reporting Period. Consequently, the Fund’s overweighted position in BBB-rated and A-rated bonds relative to the Index contributed to performance. The Fund also benefited from the additional yield provided by its investments in BBB-rated and A-rated bonds. However, the Fund’s overweighted exposure to high-quality AAA-rated securities hampered results.

An overweighted position in Illinois GO bonds detracted. These bonds underperformed, largely because of headlines about the state’s struggle to balance its budget. On the other hand, we took advantage of attractive opportunities in Puerto Rico and California GO bonds, which modestly enhanced results.


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

A	As yields declined during the Reporting Period, the Fund’s short duration position on the municipal yield curve, or spectrum of maturities, detracted from its relative performance. Duration is a measure of the Fund’s sensitivity to changes in interest rates.

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

A	We made opportunistic trades in the lower-rated segments of the municipal market to capitalize on their wider spreads, or difference in yields, relative to higher quality bonds.

Q	How was the Fund positioned relative to its benchmark index at the end of September 2010?

A	At the end of September 2010, the Fund was overweight state and local GO bonds and hospital bonds relative to the Index. The Fund was underweight relative to the Index in pre-refunded municipal bonds. Pre-refunding, also known as advance refunding, is a procedure in which a municipality issues a second bond at a lower interest rate, and uses the proceeds from the sale of the second bond to invest in “escrow collateral” for the first bond. The escrow collateral is typically invested in Treasury securities. Pre-refunded municipal bonds no longer represent the credit risk profile of the original borrower, and given the high credit quality of the escrow collateral, they often increase in value — sometimes significantly.

PORTFOLIO RESULTS


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 will continue to monitor the changing dynamic between agencies and municipals, seeking to keep the Fund invested in the most tax-efficient manner. Based on shifts in interest rates, we intend to maintain an appropriate duration target relative to the Index.

FUND BASICS

Municipal Income Fund

as of September 30, 2010

PERFORMANCE REVIEW


				Barclays Capital
				Aggregate			30-Day Taxable			30-Day			30-Day
April 1, 2010–	Fund Total Return			Municipal			Equivalent			Standardized			Standardized
September 30, 2010	(based on NAV)¹			Bond Index²			Yield³			Subsidized Yield⁴			Unsubsidized Yield⁴


Class A		5.72	%		5.51	%		4.82	%		3.13	%		3.06	%
Class B		5.33			5.51			3.83			2.49			2.43
Class C		5.26			5.51			3.85			2.50			2.43
Institutional		5.90			5.51			5.52			3.59			3.52
Service		5.54			5.51			4.75			3.09			3.02

July 30, 2010– September 30, 2010

Class IR		2.80	%		2.13	%		5.77	%		3.75	%		3.48	%


¹	The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.
²	The 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 Subsidized Yield by 1 minus the highest 2010 federal income tax rate of 35%.
⁴	The 30-Day Standardized Subsidized 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 (“POP”) 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. The 30-Day Standardized Unsubsidized Yield does not reflect any applicable expense reductions.

FUND BASICS

STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS⁵


For the period ended 9/30/10	One Year			Five Years			Ten Years			Since Inception			Inception Date


Class A		2.26	%		3.04	%		4.62	%		4.78	%	7/20/93
Class B		0.30			2.64			4.38			4.67		5/1/96
Class C		4.44			3.05			4.23			3.92		8/15/97
Institutional		6.70			4.19			5.41			5.09		8/15/97
Service		6.06			3.64			4.89			4.59		8/15/97
Class IR		N/A			N/A			N/A			2.80		7/30/10

⁵

The Standardized Average Annual Total Returns are average annual total returns or cumulative total returns (only if performance is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 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). Class B Shares convert automatically to Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is eight years after purchase. Returns for Class B Shares for the period after conversion reflect the performance of Class A Shares. Because Institutional, Class IR and Service Shares do not involve a sales charge, such a charge is not applied to their Standardized Average Annual Total Returns. Effective November 2, 2009, the Fund’s Class B Shares are no longer 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).

EXPENSE RATIOS⁶


	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
Class IR		0.63			0.73

⁶

FUND BASICS

SECTOR ALLOCATION⁷

Percentage of Net Assets


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

PORTFOLIO RESULTS

Short Duration Tax-Free Fund

Investment Objective

The Goldman Sachs Short Duration Tax-Free Fund (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


Q	How did the Fund perform during the Reporting Period?

A	During the Reporting Period, the Fund’s Class A, B, C, Institutional and Service Shares generated cumulative total returns, without sales charges, of 1.90%, 1.60%, 1.52%, 2.07% and 1.73%, respectively. These returns compare to the 1.77% cumulative total return of the Fund’s benchmark, the Barclays Capital Municipal 1-3 Year Blend Index (with dividends reinvested) (the “Index”), during the same time period.

The Fund’s Class IR Shares were launched on July 30, 2010. During the period from inception on July 30, 2010 to September 30, 2010, the Fund’s Class IR Shares generated a cumulative total return, without sales charges, of 0.43%. This compares to the 0.15% cumulative total return of the Index during the same time period.


Q	What key factors were responsible for the Fund’s performance during the Reporting Period?

A	The Fund’s overweighted allocation to BBB-rated securities relative to the Index contributed most to its returns. Overall, issue selection also boosted the Fund’s relative performance. The Fund’s long duration position further added to results. However, the Fund’s position in maturities of 13 months and less detracted from its relative performance during the Reporting Period.

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

A	As mentioned in the Market Review, lower quality bonds outperformed higher quality bonds during the Reporting Period. Consequently, the Fund’s overweighted position in BBB-rated bonds relative to the Index contributed to its performance. Its overweighted allocation to high-quality AAA-rated securities detracted slightly.

The Fund benefited from its overweighted exposures to state-tax advantaged government agency securities and to hospital bonds. Its underweighted allocation to pre-refunded municipal bonds was also advantageous. Pre-refunding, also known as advance refunding, is a procedure in which a municipality issues a second bond at a lower interest rate, and uses the proceeds from the sale of the second bond to invest in “escrow collateral” for the first bond. The escrow collateral is typically invested in Treasury securities. Pre-refunded municipal bonds no longer represent the credit risk profile of the original borrower, and given the high credit quality of the escrow collateral, they often increase in value — sometimes significantly.

Investments in money market eligible bonds, that is, those with maturities of 13 months or less, detracted from the Fund’s relative performance. As yields fell during the Reporting Period, the longer maturities held by the Index experienced greater price appreciation than bonds with maturities of 13 months or less. Although the Fund benefited from the liquidity provided by these ultra-short maturities, its returns were hampered on a relative basis. An overweight in Illinois general obligation bonds (GO) bonds also dampened results. These bonds underperformed, largely because of headlines about the state’s struggle to balance its budget.


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

A	The Fund’s long duration position relative to the Index contributed to its performance as yields declined during the Reporting Period. Duration is a measure of the Fund’s sensitivity to changes in interest rates.

The Fund’s yield curve positioning had a neutral impact on results. Yield curve indicates the spectrum of maturities within a particular sector. Because yields on the shortest maturities declined very little, the Fund’s overweighted exposure to maturities of 13 months or less hurt performance. This was offset by an overweighted position in

PORTFOLIO RESULTS

two- to five-year maturities, which performed well as yields on longer-term maturities declined during the Reporting Period.


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

A	To capture additional yield for the Fund, we took advantage of attractive opportunities among lower-rated securities. We selectively purchased Federal Home Loan Bank (“FHLB”) agency securities when we believed municipal bonds were expensive and reduced the Fund’s position in FHLB agency securities when municipal prices grew more attractive.

Q	How was the Fund positioned relative to its benchmark index at the end of September 2010?

A	At the end of September, the Fund was overweight hospital and local GO bonds relative to the Index. It was neutral in water/sewer revenue bonds and underweight pre-refunded bonds and state GO bonds compared to the Index.

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 will continue to monitor the changing dynamic between agencies and municipals, seeking to keep the Fund invested in the most tax-efficient manner. Based on shifts in interest rates, we intend to maintain an appropriate duration target relative to the Index. We may adjust the Fund’s duration position if we see a broad change in interest rates.

FUND BASICS

Short Duration Tax-Free Fund

as of September 30, 2010

PERFORMANCE REVIEW


	Fund Total			Barclays Capital			30-Day			30-Day			30-Day
April 1, 2010–	Return			Municipal 1–3 Year			Taxable Equivalent			Standardized			Standardized
September 30, 2010	(based on NAV)¹			Blend Index²			Yield³			Subsidized Yield⁴			Unsubsidized Yield⁴


Class A		1.90	%		1.77	%		1.86	%		1.21	%		1.18	%
Class B		1.60			1.77			0.95			0.62			0.60
Class C		1.52			1.77			0.75			0.49			0.47
Institutional		2.07			1.77			2.40			1.56			1.54
Service		1.73			1.77			1.65			1.07			1.04

July 30, 2010– September 30, 2010

Class IR		0.43	%		0.15	%		2.43	%		1.58	%		1.58	%


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 Municipal 1-3 Year Blend 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 Subsidized Yield by 1 minus the highest 2010 federal income tax rate of 35%.
⁴	The 30-Day Standardized Subsidized 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 (“POP”) 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. The 30-Day Standardized Unsubsidized Yield does not reflect any applicable expense reductions.

FUND BASICS

STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS⁵


For the period ended 9/30/10	One Year			Five Years			Ten Years			Since Inception			Inception Date


Class A		1.29	%		3.11	%		3.14	%		3.30	%	5/1/97
Class B		0.10			2.82			2.79			3.04		5/1/97
Class C		1.41			2.66			2.54			2.55		8/15/97
Institutional		3.19			3.82			3.69			3.89		10/1/92
Service		2.57			3.28			3.18			3.41		9/20/94
Class IR		N/A			N/A			N/A			0.43		7/30/10

⁵

The Standardized Average Annual Total Returns are average annual total returns or cumulative total returns (only if the performance is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 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). Class B Shares convert automatically to Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is eight years after purchase. Returns for Class B Shares for the period after conversion reflect the performance of Class A Shares. Because Institutional, Class IR and Service Shares do not involve a sales charge, such a charge is not applied to their Standardized Average Annual Total Returns. Effective November 2, 2009, the Fund’s Class B Shares are no longer 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).

EXPENSE RATIOS⁶


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


Class A		0.73	%		0.79	%
Class B		1.33			1.54
Class C		1.48			1.54
Institutional		0.39			0.45
Service		0.89			0.95
Class IR		0.48			0.54

⁶

FUND BASICS

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, 2010 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

State-Specific Municipal Debt Obligations – 94.5%


	Alabama – 2.2%
	Alabama Special Care Facilities Financing Authority RB for Birmingham Ascension Health Series 2009 C-1 (AA/NR)^(a)(b)(c)
	$	6,875,000		13.980	%		11/03/16	$	8,821,175
	Alexander City Special Care Facilities Financing Authority Medical Facilities RB for Russell Hospital Corp. Series 2006 A (BB+/NR)
		3,405,000		5.375			12/01/16		3,531,904
		4,425,000		5.500			12/01/21		4,417,345
		5,775,000		5.625			12/01/26		5,604,695
		16,515,000		5.750			12/01/36		15,356,308
	Birmingham Baptist Medical Center Special Care Facilities Financing Authority RB for Baptist Health System, Inc. Series 2005 A (NR/Baa2)
		8,440,000		5.000			11/15/30		7,644,023
	Butler Industrial Development Board Solid Waste Disposal RB Refunding for Georgia Pacific Corp. Project Series 2004 (AMT) (BB-/NR)
		5,000,000		5.750			09/01/28		4,691,600
	Courtland Industrial Development Board Environmental Improvement RB Refunding for International Paper Co. Project Series 2003 B (AMT) (BBB/Baa3)
		2,000,000		6.250			08/01/25		2,067,540
	Infirmary Health System Special Care Facilities Financing Authority of Mobile RB for Infirmary Health System, Inc. Series 2010 A (A-/NR)
		7,500,000		5.250			02/01/30		7,688,400
	Sylacauga Health Care Authority RB for Coosa Valley Medical Center Series 2005 A (GO OF AUTH) (NR/NR)
		7,600,000		6.000			08/01/25		7,023,540
		5,000,000		6.000			08/01/35		4,372,300
	Tuscaloosa Alabama Educational Building Authority RB for Stillman College Project Series 2007 A (BBB-/NR)
		14,465,000		5.250			06/01/37		13,863,690
	University of Alabama at Birmingham Hospital RB Series 2006 A (A+/A1)
		2,785,000		5.000			09/01/41		2,804,690

									87,887,210


	Arizona – 2.9%
	Arizona Health Facilities Authority Hospital RB for Phoenix Children’s Hospital Series 2007 A (NR/NR)^(c)(d)
		44,070,000		1.270			02/02/15		40,716,714
	Arizona Health Facilities Authority Hospital RB for Phoenix Children’s Hospital Series 2007 C (NR/NR)^(c)(d)
		10,000,000		1.270			02/02/15		9,239,100
	Maricopa County Arizona Pollution Control Corp. PCRB Refunding for Arizona Public Service Co. Palo Verde Project Series 2009 E (BBB-/Baa2)^(c)
		6,000,000		6.000			05/01/014		6,620,280
	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		10,250,944


	Maricopa County Arizona Pollution Control Corp. PCRB Refunding for Public Service Co. of New Mexico Palo Verde Project Series 2003 A (BB+/Baa3)
		5,000,000		6.250			01/01/38		5,342,600
	Navajo County Arizona Pollution Control Corp. PCRB Series 2009 D (BBB-/Baa2)^(c)
		6,600,000		5.750			06/01/16		7,302,108
	Pima County IDA PCRB for Tucson Electric Power Co. San Juan Project Series 2009 A (BBB-/Baa3)
		7,500,000		4.950			10/01/20		7,992,825
	Pima County IDA RB for Tucson Electric Power Co. Project RMKT 01/12/10 Series 2008 B (BBB-/Baa3)
		12,850,000		5.750			09/01/29		13,395,739
	Pima County IDA RB for Tucson Electric Power Co. Project Series 2010 A (BBB-/Baa3)^(e)
		5,000,000		5.250			10/01/40		5,034,750
	Queen Creek Improvement District No. 1 Special Assessment Series 2006 (BBB/A3)
		600,000		5.000			01/01/20		603,198
		2,000,000		5.000			01/01/26		2,005,180
		3,000,000		5.000			01/01/32		3,003,210
	University Medical Center Corp. RB Series 2009 (BBB+/Baa1)
		500,000		6.250			07/01/29		545,245
		1,000,000		6.500			07/01/39		1,101,330

									113,153,223


	Arkansas – 0.1%
	Little River Country RB Refunding for Georgia Pacific Corp. Project Series 1998 (AMT) (NR/Ba3)
		4,215,000		5.600			10/01/26		4,047,327


	California – 16.9%
	Abag Finance Authority Non-profit Corps. RB for Sharp Healthcare Series 2009 B (A-/A3)
		9,510,000		6.250			08/01/39		10,658,618
	ABC Unified School District GO Bonds Series 2001 C (NATL-RE FGIC) (A+/Aa2)^(f)
		1,600,000		0.000			08/01/26		677,056
	Anaheim Public Financing Authority RB Capital Appreciation for Public Improvements Project Series 1997 C (AGM) (AAA/Aa3)^(f)
		855,000		0.000			09/01/29		280,654
	Calaveras Unified School District GO Bonds for Capital Appreciation Series 2000 (AGM) (AAA/Aa3)^(f)
		1,055,000		0.000			08/01/25		466,637
	California County Tobacco Securitization Agency RB Asset-Backed Bonds Refunding for Sonoma County Corp. Series 2005 (BBB/NR)
		5,935,000		5.250			06/01/45		4,157,171
	California County Tobacco Securitization Agency RB Convertible Asset-Backed Bonds for Los Angeles County Securitization Corp. Series 2006 (BBB+/Baa3)^(g)
		6,070,000		0.000			06/01/28		5,195,191
		4,990,000		0.000			06/01/36		4,119,794

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)

	California Health Facilities Financing Authority RB for California Sutter Health Facilities Series 2007 A (A+/Aa3)
	$	5,000,000		5.250	%		11/15/46	$	5,072,750
	California Health Facilities Financing Authority RB for California Sutter Health Facilities Series 2008 A (A+/Aa3)
		2,000,000		5.000			08/15/38		2,014,100
	California Health Facilities Financing Authority RB for California-Nevada Methodist Homes Series 2006 (CA MTG INS) (A-/NR)
		1,575,000		5.000			07/01/36		1,506,787
	California Municipal Finance Authority COPS for Community Hospital of Central California Obligated Group Series 2009 (BBB-/Baa2)
		7,500,000		5.500			02/01/39		7,403,925
	California Pollution Control Financing Authority Solid Waste Disposal PCRB for Waste Management, Inc. Series 2005 C (AMT) (BBB/NR)
		9,250,000		5.125			11/01/23		9,578,837
	California State Various Purpose GO Bonds Refunding Series 2007 (A-/A1)
		1,940,000		4.500			08/01/30		1,902,461
	California State Various Purpose GO Bonds Refunding Series 2009 (A-/A1)
		5,000,000		5.500			11/01/34		5,319,100
	California State Various Purpose GO Bonds Series 2007 (A-/A1)
		38,020,000		5.000			06/01/37		38,317,316
		9,830,000		5.000			11/01/37		9,911,196
		3,315,000		5.000			12/01/37		3,342,548
	California State Various Purpose GO Bonds Series 2008 (A-/A1)
		15,000,000		5.000			04/01/38		15,121,050
	California State Various Purpose GO Bonds Series 2009 (A-/A1)
		10,000,000		6.500			04/01/33		11,760,800
	California State Various Purpose GO Bonds Series 2010 (A-/A1)
		7,000,000		5.500			03/01/40		7,454,300
	California State Veterans GO Bonds Series 2006 CD (AMT) (AA/Aa2)
		35,000,000		4.600			12/01/32		32,605,650
	California Statewide Communities Development Authority RB BANS for Golden Gate Park Series 2005 (LOC – First Republic Bank) (NR/NR)
		26,500,000		6.000			12/01/11		26,928,505
	California Statewide Communities Development Authority RB for California Baptist University Series 2007 A (NR/NR)
		2,000,000		5.400			11/01/27		1,809,580
		7,500,000		5.500			11/01/38		6,409,275
	California Statewide Communities Development Authority RB for Methodist Hospital Project Series 2009 (FHA INS) (NR/Aa2)
		6,000,000		6.625			08/01/29		7,014,780


	California Statewide Financing Authority Tobacco Settlement RB Capital Appreciation for Turbo Pooled Program Series 2006 B (BB/NR)^(f)
		35,000,000		0.000			06/01/46		1,327,900
	Capistrano Unified School District Special Tax for Capital Appreciation Series 2005 (NATL-RE FGIC) (A/NR)^(f)
		7,000,000		0.000			09/01/33		1,600,620
	East Bay California Municipal Utility District Water System RB Rolls II R-11826-1 Series 2010 (AAA/NR)^(a)(b)
		13,335,000		13.494			12/01/17		17,050,531
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds for Capital Appreciation Subseries 2007 B (BB/NR)^(f)
		388,285,000		0.000			06/01/47		12,013,538
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds for Capital Appreciation Subseries 2007 C (BB-/NR)^(f)
		307,000,000		0.000			06/01/47		9,047,290
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Enhanced Asset-Backed Bonds Series 2005 A (AGC-ICC) (AAA/Aa3)
		24,210,000		5.000			06/01/45		23,855,323
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Enhanced Asset-Backed Bonds Series 2005 A (AGM-CR) (FGIC) (AAA/Aa3)
		9,500,000		5.000			06/01/35		9,601,555
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Enhanced Asset-Backed Bonds Series 2005 A (AMBAC) (BBB+/A2)^(f)
		24,985,000		0.000			06/01/24		11,286,474
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Enhanced Asset-Backed Bonds Series 2005 A (BBB+/A2)
		54,880,000		5.000			06/01/45		51,452,195
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Enhanced Asset-Backed Bonds Series 2005 A (FGIC) (BBB+/A2)
		2,290,000		5.000			06/01/35		2,201,996
		24,875,000		5.000			06/01/38		23,692,691
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Senior Asset-Backed Bonds Series 2007 A-1 (BBB/Baa3)
		34,280,000		5.750			06/01/47		25,876,601
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Series 2005 (AMBAC-TCRS-BNY) (A-/A2)
		76,285,000		5.000			06/01/45		71,520,239
	Hartnell Community College District GO Bonds Capital Appreciation for Election of 2002 Series 2009 D (AA-/Aa2)^(f)
		50,000,000		0.000			08/01/49		3,012,000
	Inland Empire Tobacco Securitization Authority RB Turbo Asset-Backed Bonds for Capital Appreciation Series 2007 C-1 (B+/NR)^(f)
		101,195,000		0.000			06/01/36		5,446,315

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2010 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

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

	Inland Empire Tobacco Securitization Authority RB Turbo Asset-Backed Bonds for Capital Appreciation Series 2007 C-2 (B+/NR)^(f)
	$	211,235,000		0.000	%		06/01/47	$	3,136,840
	Inland Empire Tobacco Securitization Authority RB Turbo Asset-Backed Bonds for Capital Appreciation Series 2007 D (B/NR)^(f)
		360,660,000		0.000			06/01/57		1,626,577
	Lake Elsinore Unified School District Community Facilities District Special Tax Series 2005-3 (NR/NR)
		1,435,000		5.050			09/01/30		1,220,023
		690,000		5.050			09/01/35		560,066
	Los Angeles County Sanitation Districts Financing Authority RB for Capital Projects District No. 20 Subseries 2007 A (AMBAC) (A/NR)
		4,000,000		4.500			10/01/42		3,676,400
	Los Angeles Regional Airports Improvement Corp. Lease RB Series 2002 C (AMT) (B-/Caa2)
		29,425,000		7.500			12/01/24		29,733,963
	Los Angeles Unified School District GO Bonds Series 2009 F (AA-/Aa2)
		2,000,000		5.000			01/01/34		2,108,420
	Madera County Unified School District GO Bonds Capital Appreciation for Election of 2002 Series 2005 (NATL-RE FGIC) (A+/NR)^(f)
		2,740,000		0.000			08/01/26		1,098,658
		2,590,000		0.000			08/01/27		951,825
		1,395,000		0.000			08/01/28		476,406
	Merced City School District GO Bonds Capital Appreciation for Election of 2003 Series 2005 (NATL-RE) (A/NR)^(f)
		1,330,000		0.000			08/01/27		493,869
	Monrovia Unified School District GO Bonds for Capital Appreciation Series 2001 B (NATL-RE FGIC) (A+/Aa3)^(f)
		1,000,000		0.000			08/01/24		477,500
	M-S-R Energy Authority Gas RB Series 2009 A (A/NR)
		8,250,000		6.500			11/01/39		9,668,092
	M-S-R Energy Authority Gas RB Series 2009 B (A/NR)
		2,000,000		6.500			11/01/39		2,343,780
	M-S-R Energy Authority Gas RB Series 2009 C (A/NR)
		21,500,000		6.125			11/01/29		23,858,980
		13,250,000		6.500			11/01/39		15,527,542
	Murrieta Community Facilities District No. 3 Special Tax for Creekside Village Improvement Area 1 Series 2005 (NR/NR)
		1,660,000		5.200			09/01/35		1,472,337
	New Haven Unified School District GO Bonds Refunding for Capital Appreciation Series 2009 (ASSURED GTY) (AAA/Aa2)^(f)
		860,000		0.000			08/01/25		414,812
		1,105,000		0.000			08/01/26		497,327
		5,550,000		0.000			08/01/30		1,839,270
		7,830,000		0.000			08/01/32		2,238,989
		7,000,000		0.000			08/01/34		1,731,800
	Oakland Unified School District GO Bonds for Election of 2006 Series 2009 A (BBB+/A1)
		11,595,000		6.125			08/01/29		12,802,619


	Palomar Pomerado Health COPS Series 2009 (BBB/Baa2)
		16,450,000		6.750			11/01/39		18,149,614
	Palomar Pomerado Health GO Bonds Capital Appreciation for Election of 2004 Series 2009 A (ASSURED GTY) (AAA/Aa3)^(f)
		10,750,000		0.000			08/01/38		7,269,795
	Placer Union High School District GO Bonds for Capital Appreciation Series 2000 A (NATL-RE FGIC) (AA-/Aa3)^(f)
		1,805,000		0.000			08/01/25		842,159
	Sacramento County California Airport System RB Senior Series 2009 A (ASSURED GTY) (AAA/Aa3)
		7,250,000		5.500			07/01/41		7,812,092
	San Bernardino City Unified School District GO Bonds Capital Appreciation for Election of 1999 Series 2003 C (NATL-RE FGIC) (A/A1)^(f)
		1,420,000		0.000			08/01/25		607,604
	San Diego Unified School District GO Bonds for Election of 2008 Series 2010 C (AA/Aa1)^(f)
		30,265,000		0.000			07/01/44		3,908,119
	San Francisco City & County Redevelopment Financing Authority Tax Allocation for Mission Bay South Redevelopment Series 2009 D (BBB/NR)
		750,000		6.250			08/01/28		807,840
		555,000		6.375			08/01/29		599,811
		305,000		6.500			08/01/31		329,827
		1,000,000		6.625			08/01/39		1,071,210
	San Juan Unified School District GO Bonds for Capital Appreciation Series 2000 (NATL-RE FGIC) (A+/Aa2)^(f)
		1,580,000		0.000			08/01/24		798,358
		1,595,000		0.000			08/01/25		758,295
	Silicon Valley Tobacco Securitization Authority Tobacco Settlement RB Capital Appreciation Turbo Asset-Backed Bonds for Santa Clara County Tobacco Securitization Corp. Series 2007 A (BBB/NR)^(f)
		29,000,000		0.000			06/01/36		2,565,340
		73,990,000		0.000			06/01/47		2,025,846
	Silicon Valley Tobacco Securitization Authority Tobacco Settlement RB Capital Appreciation Turbo Asset-Backed Bonds for Santa Clara County Tobacco Securitization Corp. Series 2007 B (BBB-/NR)^(f)
		13,505,000		0.000			06/01/47		369,767
	Tobacco Securitization Authority Northern California Tobacco Settlement RB Asset-Backed Bonds for Sacramento County Tobacco Securitization Corp. Series 2005 A-1 (BBB/Baa3)
		2,000,000		5.375			06/01/38		1,608,880
	Tobacco Securitization Authority Southern California Tobacco Settlement RB Senior Asset-Backed Bonds for San Diego County Tobacco Asset Securitization Corp. Series 2006 A-1 (BBB/Baa3)
		7,350,000		5.125			06/01/46		5,025,195
	Vallejo California Sanitation & Flood Control District COPS Series 1993 (NATL-RE FGIC)(A/NR)
		171,000		5.000			07/01/19		172,541

									660,691,737

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)

	Colorado – 0.8%
	Colorado Health Facilities Authority Hospital RB for Poudre Valley Health Care, Inc. Series 2005 F (A/A2)
	$	1,010,000		5.000	%		03/01/25	$	1,030,341
	Colorado Health Facilities Authority RB for Covenant Retirement Communities, Inc. Series 2005 (BBB-/NR)
		9,050,000		5.000			12/01/35		7,944,543
	Colorado Regional Transportation District Tax-Exempt Private Activity RB for Denver Transit Partners Eagle P3 Project Series 2010 (BBB-/Baa3)
		8,500,000		6.000			01/15/41		8,942,085
	Cross Creek Metropolitan District No. 2 GO Bonds Refunding Limited Tax Series 2006 (NR/NR)
		4,500,000		6.125			12/01/37		3,449,745
	Denver Colorado City & County Special Facilities Airport RB Refunding for United Air Lines, Inc. Project Series 2007 A (AMT) (B/B3)
		9,000,000		5.750			10/01/32		8,070,930
	Park Meadows Business Improvement District RB Series 2007 (NR/NR)
		475,000		5.300			12/01/27		431,594
		720,000		5.350			12/01/31		635,242
	Vista Ridge Metropolitan District GO Bonds Refunding Limited Tax Subseries 2006 B (NR/NR)
		1,750,000		6.625			12/01/40		1,367,380

									31,871,860


	Delaware – 0.2%
	Bridgeville Delaware Special Obligation Special Tax for Heritage Shores Special Development District Series 2005 A (NR/NR)
		6,673,000		5.450			07/01/35		4,795,151
	Bridgeville Delaware Special Obligation Special Tax for Heritage Shores Special Development District Series 2005 B (NR/NR)
		100,000		5.125			07/01/35		76,554
	Delaware Economic Development Authority Gas Facilities RB Refunding for Delmarva Power & Light Co. Project Series 2010 (BBB+/Baa2)
		3,000,000		5.400			02/01/31		3,151,440

									8,023,145


	District of Columbia – 1.2%
	Metropolitan Washington DC Airports Authority Dulles Toll Road RB Second Senior Lien Capital Appreciation for Dulles Metrorail and Capital Improvement Projects Series 2009 (ASSURED GTY) (AAA/Aa3)^(g)
		25,000,000		0.000			10/01/44		19,594,500
	Metropolitan Washington DC Airports Authority Dulles Toll Road RB Second Senior Lien Capital Appreciation for Dulles Metrorail and Capital Improvement Projects Series 2010 B (BBB+/Baa1)^(g)
		39,000,000		0.000			10/01/44		25,607,790

									45,202,290


	Florida – 13.1%
	Aberdeen Community Development District Special Assessment Series 2006-1 (NR/NR)^(h)
		1,810,000		5.250			11/01/15		952,748
	Amelia National Community Development District Special Assessment for Capital Improvement Series 2004 A (NR/NR)
		4,540,000		6.300			05/01/35		3,590,050
	Amelia National Community Development District Special Assessment for Capital Improvement Series 2006 A (NR/NR)
		1,775,000		5.375			05/01/37		1,053,906
	Arborwood Community Development District Special Assessment Capital Improvement for Centex Homes Project Series 2006 A-1 (NR/NR)
		39,320,000		5.500			05/01/36		19,958,832
	Arborwood Community Development District Special Assessment Capital Improvement for Centex Homes Project Series 2006 A-2 (NR/NR)
		240,000		5.250			05/01/36		220,116
	Arborwood Community Development District Special Assessment for Master Infrastructure Projects Series 2005 A (NR/NR)
		27,200,000		5.350			05/01/36		16,544,672
	Arborwood Community Development District Special Assessment for School Site Acquisition Project Series 2005 (NR/NR)
		5,190,000		5.500			05/01/14		2,595,000
	Bellalago Educational Facilities Benefits District Special Assessment for Capital Improvement Series 2004 A (NR/NR)
		7,000,000		6.000			05/01/33		6,541,220
	Bellalago Educational Facilities Benefits District Special Assessment for Capital Improvement Series 2004 B (NR/NR)
		9,440,000		5.800			05/01/34		8,584,642
	Bluewaters Community Development District Special Assessment Series 2004 (NR/NR)
		490,000		6.000			05/01/35		497,193
	Brevard County Health Facilities Authority RB for Health First, Inc. Project Series 2009 (A-/A3)
		4,750,000		7.000			04/01/39		5,383,033
	Bridgewater Community Development District Special Assessment Series 2004 A (NR/NR)
		12,535,000		6.000			05/01/35		9,143,530
	Broward County Florida Airport Exempt Facility RB for Learjet, Inc. Project RMKT 07/19/04 Series 2000 (AMT) (NR/Ba2)
		2,000,000		7.500			11/01/20		2,145,740
	Channing Park Community Development District Special Assessment Series 2007 (NR/NR)
		4,805,000		5.300			05/01/38		3,807,963
	Citizens Property Insurance Corp. RB Senior Secured for High Risk Account Series 2009 A-1 (A+/A2)
		22,835,000		5.500			06/01/17		24,873,480

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2010 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

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

	Concord Station Community Development District Special Assessment for Capital Improvement Series 2005 (NR/NR)
	$	1,160,000		5.000	%		05/01/15	$	1,055,681
	Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2004 A (NR/NR)^(h)
		5,200,000		5.850			05/01/35		2,470,000
	Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2004 B (NR/NR)^(h)
		8,710,000		5.000			05/01/11		4,137,250
	Connerton West Community Development District RB for Capital Improvement Series 2007 B (NR/NR)^(h)
		6,410,000		5.125			05/01/16		2,371,700
	Cory Lakes Community Development District Special Assessment Series 2001 A (NR/NR)
		370,000		8.375			05/01/17		389,455
	Cory Lakes Community Development District Special Assessment Series 2001 B (NR/NR)
		415,000		8.375			05/01/17		434,625
	Crossings at Fleming Island Community Development District Special Assessment Refunding Series 2000 C (NR/NR)
		3,035,000		7.050			05/01/15		3,072,088
	Durbin Crossing Community Development District Special Assessment Series 2005 A (NR/NR)
		44,660,000		5.500			05/01/37		32,474,966
	Durbin Crossing Community Development District Special Assessment Series 2005 B-2 (NR/NR)
		4,880,000		4.875			11/01/10		4,767,126
	Escambia County Health Facilities Authority Health Care Facilities RB for Baptist Hospital, Inc. Project Series 2010 A (BBB+/Baa1)
		22,500,000		6.000			08/15/36		23,155,875
	Florida Higher Educational Facilities Financing Authority RB for Flagler College, Inc. Project Series 2006 (XLCA) (NR/NR)
		11,350,000		5.250			11/01/36		11,372,927
	Forest Creek Community Development District RB for Capital Improvement Series 2010 (NR/NR)
		985,000		7.000			11/01/13		956,061
	Gateway Services District Water & Sewer RB Refunding Series 2003 (NR/NR)
		1,620,000		6.000			10/01/19		1,630,238
	Halifax Hospital Medical Center RB Refunding & Improvement Series 2006 A (A-/NR)
		5,310,000		5.000			06/01/38		5,117,088
	Hammocks Community Development District Special Assessment Series 2005 B (NR/NR)
		580,000		4.875			11/01/10		567,803
	Harbour Isles Community Development District Special Assessment Series 2004 (NR/NR)
		3,075,000		6.125			05/01/35		2,894,836
	Heritage Harbour Market Place Community Development District Special Assessment for Capital Improvement Series 2005 (NR/NR)
		8,310,000		5.600			05/01/36		6,765,420


	Heritage Harbour South Community Development District RB for Capital Improvement Series 2003 A (NR/NR)
		1,155,000		6.200			05/01/35		1,180,468
	Heritage Isle At Viera Community Development District Special Assessment Series 2005 (NR/NR)
		6,890,000		5.550			05/01/37		5,012,544
	Heritage Lake Park Community Development District Special Assessment Series 2005 (NR/NR)
		2,540,000		5.700			05/01/36		2,105,050
	Highlands Community Development District Special Assessment Series 2005 (NR/NR)^(h)
		3,730,000		5.550			05/01/36		1,993,983
	Hillsborough County IDA RB for Health Facilities RMKT 8/06/09 Series 2008 B (BBB/NR)⁽ⁱ⁾
		4,980,000		8.000			08/15/19		6,468,223
	JEA Florida St. Johns River Power Park System RB Series 2009 (AA-/Aa2)
		2,840,000		5.500			10/01/34		2,981,744
	Killarney Community Development District Special Assessment Series 2004 A (NR/NR)^(h)
		2,395,000		6.000			05/01/35		1,213,858
	Killarney Community Development District Special Assessment Series 2004 B (NR/NR)^(h)
		1,750,000		5.125			05/01/16		875,000
	Lake Powell Residential Golf Community Development District Special Assessment Series 2000 A (NR/NR)
		1,855,000		7.450			05/01/22		1,866,056
		3,345,000		7.500			05/01/32		3,364,367
	Lakewood Ranch Stewardship District BANS Series 2009 (NR/NR)
		15,395,000		7.500			06/01/11		15,507,999
	Lakewood Ranch Stewardship District Special Assessment for Lake Club Project Series 2005 (NR/NR)
		4,240,000		7.210			08/01/17		4,145,999
	Lakewood Ranch Stewardship District Special Assessment for Lake Club Project Series 2006 B (NR/NR)
		10,015,000		5.000			05/01/13		8,859,469
	Landmark At Doral Community Development District Special Assessment Series 2006 A (NR/NR)^(h)
		4,000,000		5.500			05/01/38		1,280,000
	Lee County IDA Health Care Facilities RB for Shell Point/Alliance Obligation Group Series 2006 (BB/NR)
		19,960,000		5.125			11/15/36		17,154,622
	Lee County IDA Health Care Facilities RB Refunding for Shell Point/Alliance Community Project Series 2007 (BB/NR)
		40,000		5.000			11/15/10		40,047
		60,000		5.000			11/15/11		60,552
		1,000,000		5.000			11/15/13		1,009,690
		4,000,000		5.000			11/15/22		3,787,360
		10,000,000		5.000			11/15/29		8,768,000
	Live Oak Community Development District No. 2 Special Assessment Series 2004 A (NR/NR)
		8,575,000		5.850			05/01/35		7,552,689

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)

	Live Oak Community Development District No. 2 Special Assessment Series 2010 (NR/NR)
	$	6,780,000		7.360	%		11/01/20	$	7,003,198
	Longleaf Community Development District Special Assessment Refunding Series 2005 (NR/NR)
		5,730,000		5.400			05/01/30		4,544,520
	Longleaf Community Development District Special Assessment Refunding Series 2006 (NR/NR)
		2,715,000		5.375			05/01/30		2,434,622
	Marsh Harbour Community Development District Special Assessment Series 2005 A (NR/NR)
		1,900,000		5.450			05/01/36		1,804,544
	Meadow Pointe IV Community Development District Special Assessment for Capital Improvement Series 2005 (NR/NR)^(h)
		4,455,000		5.250			05/01/15		1,782,000
	Meadow Pointe IV Community Development District Special Assessment for Capital Improvement Series 2007 B (NR/NR)^(h)
		2,915,000		6.150			11/01/14		1,136,850
	Mediterra North Community Development District RB for Capital Improvement Series 2001 A (NR/NR)
		4,135,000		6.800			05/01/31		4,157,867
	Mediterra South Community Development District RB for Capital Improvement Series 1999 A (NR/NR)
		415,000		6.950			05/01/31		415,008
	Mediterra South Community Development District RB for Capital Improvement Series 2001 (NR/NR)
		1,315,000		6.850			05/01/31		1,320,904
	Mediterra South Community Development District RB Capital Improvement Series 2003 B (NR/NR)
		1,195,000		7.250			03/01/15		1,200,879
	Miami Beach Health Facilities Authority Hospital RB for Mount Sinai Medical Center Florida Project Series 1998 (BB+/NR)
		5,130,000		5.375			11/15/28		4,778,441
	Miami Beach Health Facilities Authority Hospital RB for Mount Sinai Medical Center Florida Project Series 2001 A (BB+/Ba1)
		1,860,000		6.125			11/15/11		1,901,627
	Miami Beach Health Facilities Authority Hospital RB Refunding for Mount Sinai Medical Center Florida Project Series 2004 (BB+/Ba1)
		13,600,000		6.750			11/15/29		13,876,488
	Miami-Dade County Aviation RB Series 2010 A (A-/A2)
		2,700,000		5.375			10/01/35		2,832,975
		12,000,000		5.375			10/01/41		12,494,040
	Miami-Dade County Special Obligation Subseries 1997 B (NATL-RE) (A/A2)^(f)
		20,000,000		0.000			10/01/29		6,273,200
		32,855,000		0.000			10/01/33		7,500,139
		8,340,000		0.000			10/01/34		1,764,744
	Middle Village Community Development District Special Assessment Series 2004 A (NR/NR)
		4,795,000		5.800			05/01/22		4,735,206
		6,610,000		6.000			05/01/35		6,363,381


	New River Community Development District Special Assessment Series 2006 A (NR/NR)^(h)
		2,330,000		5.350			05/01/38		1,048,500
	New River Community Development District Special Assessment Series 2006 B (NR/NR)^(h)
		13,905,000		5.000			05/01/13		6,257,250
	Orange County Health Facilities Authority RB Refunding for Orlando Lutheran Healthcare Series 2005 (NR/NR)
		1,100,000		5.375			07/01/20		1,066,274
	Overoaks Community Development District RB for Capital Improvement Series 2010 A-1 (NR/NR)
		680,000		6.125			05/01/35		683,584
	Overoaks Community Development District RB for Capital Improvement Series 2010 A-2 (NR/NR)^(f)
		1,326,763		0.000			05/01/35		861,308
	Overoaks Community Development District RB for Capital Improvement Series 2010 B (NR/NR)^(f)
		3,088,091		0.000			05/01/17		2,475,105
	Overoaks Community Development District Special Assessment for Capital Improvement Series 2004 A (NR/NR)^(h)
		210,000		6.125			05/01/35		2,100
	Overoaks Community Development District Special Assessment for Capital Improvement Series 2004 B (NR/NR)^(h)
		1,200,000		5.125			05/01/16		12,000
	Parker Road Community Development District Special Assessment Series 2007 A (NR/NR)
		2,435,000		5.600			05/01/38		1,339,250
	Parklands Lee Community Development District Special Assessment Series 2004 A (NR/NR)^(h)
		3,765,000		5.800			05/01/35		1,882,500
	Parklands Lee Community Development District Special Assessment Series 2004 B (NR/NR)
		230,000		5.125	%		05/01/11		115,000
	Paseo Community Development District RB for Capital Improvement Series 2005 A (NR/NR)^(h)
		10,095,000		5.400			05/01/36		2,321,850
	Pine Island Community Development District RB Series 2004 (NR/NR)
		1,355,000		5.300			11/01/10		1,219,500
	Pine Island Community Development District Special Assessment Series 2004 (NR/NR)
		5,345,000		5.750			05/01/35		3,567,574
	Reunion East Community Development District Special Assessment Series 2002 A (NR/NR)
		16,075,000		7.200			05/01/22		11,564,034
	River Hall Community Development District Special Assessment for Capital Improvement Series 2005 (NR/NR)
		6,615,000		5.450			05/01/36		3,340,178
	Sandy Creek Community Development District Special Assessment Refunding Series 2007 B (NR/NR)
		3,350,000		5.500			05/01/15		3,077,444
	Sarasota County Public Hospital District RB for Sarasota Memorial Hospital Project Series 2009 A (AA-/A1)
		1,500,000		5.625			07/01/39		1,592,865

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2010 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

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

	Seven Oaks Community Development District II Special Assessment Series 2004 B (NR/NR)
	$	1,570,000		7.500	%		05/01/16	$	1,493,321
	Shingle Creek Community Development District Special Assessment for Capital Improvement Series 2006 (NR/NR)^(h)
		1,580,000		5.750			05/01/15		628,050
		7,995,000		6.100			05/01/25		3,178,013
		20,980,000		6.125			05/01/37		8,339,550
	South Bay Community Development District Special Assessment for Capital Improvement Series 2005 B-1 (NR/NR)^(h)
		230,000		5.125			11/01/19		69,000
	South Kendall Community Development District Special Assessment Series 2010 A (NR/NR)
		1,890,000		6.200			11/01/40		1,867,037
	Southern Hills Plantation I Community Development District Special Assessment for Capital Improvement Series 2004 (NR/NR)
		7,910,000		5.800			05/01/35		3,717,146
	Southern Hills Plantation II Community Development District Special Assessment for Capital Improvement Series 2004 (NR/NR)^(h)
		3,265,000		5.850			05/01/34		1,647,584
	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		6,346,919
	Sterling Hill Community Development District Special Assessment Series 2003 B (NR/NR)
		475,000		5.500			11/01/10		379,991
	Stonelake Ranch Community Development District Special Assessment Series 2004 A (NR/NR)
		3,275,000		5.900			05/01/34		3,020,958
	Sumter County IDA RB for North Sumter Utility Co. LLC Project Series 2002 (AMT) (NR/NR)
		6,240,000		6.800			10/01/32		6,241,123
	Sumter County IDA RB for North Sumter Utility Co. LLC Project Series 2003 (AMT) (NR/NR)
		4,270,000		6.900			10/01/34		4,270,769
	Tern Bay Community Development District Special Assessment for Capital Improvement Series 2005 B (NR/NR)^(h)
		100,000		5.000			05/01/15		32,000
	Verona Walk Community Development District RB for Capital Improvement Series 2004 (NR/NR)
		1,245,000		5.850			05/01/35		1,249,345
	Village Center Community Development District Recreational RB Subseries 1998 B (NR/NR)
		1,415,000		8.250			01/01/17		1,426,702
	Village Center Community Development District Recreational RB Subseries 1998 C (NR/NR)
		1,830,000		7.375			01/01/19		1,837,832
	Village Center Community Development District Recreational RB Subseries 2003 B (NR/NR)
		4,005,000		6.350			01/01/18		4,148,699


	Village Center Community Development District Recreational RB Subseries 2004 B (NR/NR)
		4,565,000		5.875			01/01/15		4,813,427
	Village Community Development District No. 8 Special Assessment Refunding Series 2010 (NR/NR)
		10,000,000		6.125			05/01/39		10,280,000
	Villasol Community Development District RB Series 2003 A (NR/NR)
		3,825,000		6.600			05/01/34		3,347,946
	Water’s Edge Community Development District RB for Capital Improvement Series 2006 B (NR/NR)
		1,110,000		5.000			11/01/12		613,330
	Wentworth Estates Community Development District Special Assessment Series 2006 A (NR/NR)
		2,675,000		5.625			05/01/37		1,003,125
	Wentworth Estates Community Development District Special Assessment Series 2006 B (NR/NR)^(h)
		7,590,000		5.125			11/01/12		2,846,250
	West Villages Improvement District Special Assessment Unit of Development No. 3 Series 2006 (NR/NR)
		11,950,000		5.500			05/01/37		5,979,900
	World Commerce Community Development District Special Assessment Series 2004 A-1 (NR/NR)^(h)
		925,000		6.250			05/01/22		323,963
	Zephyr Ridge Community Development District Special Assessment for Capital Improvement Series 2006 B (NR/NR)^(h)
		1,790,000		5.250			05/01/13		716,000

									515,317,913


	Georgia – 2.0%
	Atlanta Tax Allocation for Beltline Project RMKT 12/15/09 Series 2009 A (NR/NR)
		8,420,000		7.500			01/01/31		8,802,015
	Atlanta Tax Allocation for Eastside Project Series 2005 B (A-/NR)
		1,085,000		5.400			01/01/20		1,119,167
		1,750,000		5.600			01/01/30		1,754,165
	Chatham County Hospital Authority RB for Hospital Improvement Memorial Health University Series 2004 A (BB+/Baa3)
		5,675,000		5.500			01/01/34		5,366,677
	Clayton County Development Authority Special Facilities RB for Delta Airlines, Inc. Series 2009 A (CCC+/NR)
		8,000,000		8.750			06/01/29		9,096,080
	Clayton County Development Authority Special Facilities RB for Delta Airlines, Inc. Series 2009 B (AMT) (CCC+/NR)
		8,750,000		9.000			06/01/35		9,480,538
	Fulton County Development Authority RB for Delta Airlines, Inc. Project Series 1998 (NR/NR)^(h)
		3,900,000		5.450			05/01/23		263,835
	Fulton County Development Authority RB for Tuff Caub LLC Project Series 2007 A (NR/NR)
		2,525,000		5.250			11/01/28		2,142,134

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)
	Georgia – (continued)

	Fulton County Residential Care Facilities RB for Canterbury Court Project Series 2004 A (NR/NR)
	$	1,750,000		6.125	%		02/15/34	$	1,631,840
	Marietta Development Authority University Facilities RB Refunding for Life University, Inc. Project Series 2008 (NR/Ba3)
		2,500,000		7.000			06/15/39		2,514,375
	Milledgeville & Baldwin County Development Authority Student Housing RB Refunding for Georgia College & State University Foundation Series 2007 (AMBAC) (A+/NR)^(d)
		46,820,000		0.844			10/01/33		31,248,604
	Richmond County Development Authority Environmental Improvement RB for International Paper Co. Projects Series 2006 A (AMT) (BBB/Baa3)
		5,000,000		5.000			08/01/30		4,876,850

									78,296,280


	Guam – 1.5%
	Guam Government Department of Education COPS for John F. Kennedy High School Project Series 2010 A (B/NR)
		2,500,000		6.625			12/01/30		2,552,475
		2,700,000		6.875			12/01/40		2,764,017
	Guam Government GO Bonds Series 2009 A (B+/NR)
		6,000,000		6.750			11/15/29		6,826,380
		24,075,000		7.000			11/15/39		27,186,453
	Guam Government Limited Obligation GO Bonds Section 30 Series 2009 A (BBB-/NR)
		2,400,000		5.375			12/01/24		2,618,088
		3,000,000		5.625			12/01/29		3,236,760
		2,750,000		5.750			12/01/34		2,928,942
	Guam Power Authority RB Series 2010 A (BBB/Ba1)
		11,705,000		5.500			10/01/40		12,160,676

									60,273,791


	Hawaii – 0.1%
	Hawaii State Department of Budget and Finance Special Purpose RB for 15 Craigside Project Series 2009 A (NR/NR)
		1,000,000		8.750			11/15/29		1,170,050
		2,700,000		9.000			11/15/44		3,126,060

									4,296,110


	Idaho – 0.2%
	Madison County Hospital Revenue COPS Series 2006 (BBB-/NR)
		1,000,000		5.250			09/01/20		997,660
		3,145,000		5.250			09/01/26		2,978,284
		4,085,000		5.250			09/01/37		3,584,710

									7,560,654


	Illinois – 2.7%
	Bellwood Village Cook County Illinois GO Bonds Series 2006 B (XLCA) (NR/NR)
		4,915,000		4.500			12/01/29		4,434,215


	Chicago Illinois O’Hare International Airport Special Facility RB Refunding for American Airlines, Inc. Project Series 2007 (NR/Caa2)
		17,400,000		5.500			12/01/30		14,087,736
	Chicago Illinois Special Assessment for Lake Shore East Series 2003 (NR/NR)
		5,000,000		6.750			12/01/32		4,837,900
	Du Page County Special Service Area No. 31 Special Tax for Monarch Landing Project Series 2006 (NR/NR)
		200,000		5.400			03/01/16		194,338
		1,450,000		5.625			03/01/36		1,175,268
	Illinois Finance Authority RB for Friendship Village Schaumburg Series 2005 A (BB-/NR)
		2,130,000		5.000			02/15/15		2,124,100
		6,000,000		5.375			02/15/25		5,565,600
		4,000,000		5.625			02/15/37		3,528,960
	Illinois Finance Authority RB for Midwest Regional Medical Center Series 2006 A (NR/NR)
		28,740,000		6.750			10/01/46		20,140,417
	Illinois Finance Authority RB Refunding for Christian Homes, Inc. Obligated Group Series 2007 A (BBB-/NR)
		4,500,000		5.750			05/15/31		4,285,935
	Illinois Finance Authority RB Refunding for Christian Homes, Inc. Obligated Group Series 2010 (BBB-/NR)
		2,250,000		6.125			05/15/27		2,279,970
	Illinois Finance Authority RB Refunding for OSF Healthcare System Series 2010 A (A/A3)
		6,000,000		6.000			05/15/39		6,368,400
	Illinois Finance Authority RB Refunding for Proctor Hospital Series 2006 A (BB+/Ba1)
		5,600,000		5.125			01/01/25		5,060,104
	Illinois Finance Authority Student Housing RB for MJH Educational Assistance IV Senior Series 2004 A (NR/Ca)^(h)
		6,905,000		5.000			06/01/24		4,004,900
	Illinois Finance Authority Student Housing RB for MJH Educational Assistance IV Series 2004 B (NR/C)^(h)
		2,075,000		5.000			06/01/24		560,250
		4,000,000		5.375			06/01/35		1,080,000
	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		2,051,860
	Illinois Finance Authority Water Facilities RB for American Water Capital Corp. Project Series 2010 (BBB+/Baa2)
		10,500,000		5.250			05/01/40		10,785,810
	Lincolnshire Special Service Area No. 1 Special Tax for Sedgebrook Project Series 2004 A (NR/NR)
		1,805,000		6.250			03/01/34		1,608,454
	Ottawa Illinois Health Care Facilities RB Refunding for Ottawa Community Hospital Series 2004 (Radian) (A-/NR)
		1,900,000		5.125			08/15/19		2,021,125
	Plano Special Service Area No. 5 Special Tax for Lakewood Springs Club Unit 6 Series 2006 (NR/NR)
		4,645,000		6.000			03/01/36		3,756,411

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2010 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

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

	Volo Village Special Service Area No. 4 Special Tax for Symphony Meadows Project Series 2006-2 (NR/NR)
	$	2,402,000		5.000	%		03/01/16	$	2,176,957
	Volo Village Special Service Area No. 6 Special Tax for Lancaster Falls Project Series 2006 (NR/NR)
		4,154,000		5.750			03/01/36		3,418,451

									105,547,161


	Indiana – 1.0%
	Anderson Indiana Economic Development RB Refunding & Improvement for Anderson University Project Series 2007 (BBB-/NR)
		1,355,000		5.000			10/01/24		1,358,713
		1,500,000		5.000			10/01/32		1,462,875
	Delaware County Hospital Authority RB for Cardinal Health System Obligated Group Series 2006 (NR/Baa3)
		3,250,000		5.250			08/01/36		3,040,765
	Indiana Finance Authority Environmental Improvement RB Refunding for United States Steel Corp. Project Series 2010 (BB/Ba2)
		9,750,000		6.000			12/01/26		10,395,645
	Indianapolis Airport Authority Special Facilities RB for United Air Lines, Inc. Project Series 1995 A (AMT) (NR/NR)^(h)
		7,798,284		6.500			11/15/31		7,798
	Indianapolis Local Public Improvement Bond Bank RB for Waterworks Project Series 2009 A (AA-/A1)
		15,000,000		5.750			01/01/38		16,972,200
	Jasper County Industrial Economic Development RB Refunding for Georgia Pacific Corp. Project Series 2000 (AMT) (NR/Ba3)
		2,570,000		6.700			04/01/29		2,573,726
	Vigo County Hospital Authority RB for Vigo Union Hospital, Inc. Series 2007 (NR/NR)^(b)
		2,000,000		5.500			09/01/27		1,984,680

									37,796,402


	Iowa – 0.1%
	Coralville Iowa COPS Series 2006 D (NR/A1)
		2,250,000		5.250			06/01/26		2,373,728
	Coralville Iowa Urban Renewal Tax Allocation Series 2007 C (NR/A2)
		500,000		5.125			06/01/39		487,860
		850,000		5.000			06/01/47		803,658
	Pottawattamie County RB Refunding for Christian Homes, Inc. Series 2007 E (BBB-/NR)
		1,355,000		5.750			05/15/31		1,260,692

									4,925,938


	Kansas – 0.4%
	Wyandotte County/Kansas City Unified Government Sales Tax Special Obligation RB Turbo Capital Appreciation for Redevelopment Project Area B, Major Multi-Sport Athletic Complex Project Subseries 2010 B (NR/NR)^(f)
		25,000,000		0.000			06/01/21		14,067,250


	Kentucky – 0.6%
	Kentucky Economic Development Finance Authority Health System RB for Norton Healthcare, Inc. Series 2000 B (NATL-RE) (A/Baa1)^(f)
		1,720,000		0.000			10/01/22		928,387
	Kentucky Economic Development Finance Authority Hospital RB for Owensboro Medical Health System, Inc. Series 2010 A (BBB+/Baa2)
		8,000,000		6.375			06/01/40		8,605,120
		9,000,000		6.500			03/01/45		9,729,450
	Kentucky Economic Development Finance Authority Hospital System RB Refunding & Improvement for Appalachian Regional Healthcare, Inc. Project Series 1997 (BB-/NR)
		500,000		5.700			10/01/10		500,000
	Kentucky Economic Development Finance Authority RB Residuals Series 2009-3125 (AA/NR)^(a)(b)
		2,340,000		17.630			11/11/14		3,508,479

									23,271,436


	Louisiana – 1.9%
	Louisiana Local Government Environmental Facilities and Community Development Authority Hospital RB for Woman’s Hospital Foundation Project Series 2010 A (BBB+/A3)
		18,500,000		5.875			10/01/40		19,171,550
		20,015,000		6.000			10/01/44		20,776,170
	New Orleans Aviation Board Gulf Opportunity Zone RB for Consolidated Rental Car Project Series 2009 A (A-/Baa2)
		7,470,000		6.500			01/01/40		7,953,683
	St. John Baptist Parish Louisiana RB for Marathon Oil Corp. Series 2007 A (BBB+/Baa1)
		24,640,000		5.125			06/01/37		24,727,965

									72,629,368


	Maryland – 0.8%
	Baltimore Maryland Convention Center Hotel RB Subseries 2006 B (BB/Ba1)
		600,000		5.000			09/01/16		613,506
	Baltimore Maryland Special Obligation Tax Allocation for Clipper Mill Project Series 2004 (NR/NR)
		4,583,000		6.250			09/01/33		4,322,456
	Baltimore Maryland Special Obligation Tax Allocation for Harborview Lot No. 2 Series 2003 (NR/NR)
		2,798,000		6.500			07/01/31		2,830,849
	Baltimore Maryland Special Obligation Tax Allocation for Strathdale Manor Project Series 2003 (NR/NR)
		3,725,000		7.000			07/01/33		3,874,819
	Frederick County Maryland Educational Facilities RB for Mount St. Mary’s University Series 2007 (BB+/Baa3)
		2,590,000		5.000			09/01/30		2,413,621
	Maryland State Economic Development Corp. Port Facilities RB Refunding for CNX Marine Terminals, Inc. Port of Baltimore Facility Series 2010 (BB/NR)
		5,000,000		5.750			09/01/25		5,159,700
	Maryland State Health and Higher Educational Facilities Authority RB for Doctors Community Hospital Series 2010 (BBB-/Baa3)
		9,500,000		5.75			07/01/38		9,382,295

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)

	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	$	3,026,610

									31,623,856


	Massachusetts – 0.9%
	Massachusetts State Development Finance Agency RB for Eastern Nazarene College Series 1999 (BB+/NR)
		2,235,000		5.625			04/01/19		2,238,531
		2,000,000		5.625			04/01/29		1,870,320
	Massachusetts State Health & Educational Facilities Authority RB for Milton Hospital Series 2005 D (BB-/NR)
		5,000,000		5.250			07/01/30		4,002,800
		7,530,000		5.500			07/01/40		5,930,101
	Massachusetts State Health & Educational Facilities Authority RB for Simmons College Series 2009 I (BBB+/Baa1)
		8,660,000		8.000			10/01/39		9,984,201
	Massachusetts State Health & Educational Facilities Authority RB for Suffolk University Series 2009 A (BBB/Baa2)
		10,000,000		5.750			07/01/39		10,532,100

									34,558,053


	Michigan – 3.3%
	Detroit Michigan GO Bonds Series 2003 A (XLCA) (BB/Ba3)
		1,845,000		5.250			04/01/15		1,801,827
		2,935,000		5.250			04/01/18		2,738,267
	Detroit Michigan Limited Tax GO Bonds for Capital Improvement Series 2008 A-1 (BB/B1)
		8,175,000		5.000			04/01/16		7,815,054
	Detroit Michigan School District GO Bonds for School Building and Site Improvement Series 2002 A (FGIC) (Q-SBLF) (AA-/Aa2)
		3,500,000		6.000			05/01/20		4,122,195
		3,000,000		6.000			05/01/21		3,538,590
	Detroit Michigan Sewage Disposal System RB Refunding Senior Lien Floating LIBOR Notes 2006 D (AGM) (AAA/Aa3)^(d)
		14,610,000		0.794			07/01/32		10,011,941
	Flint Michigan Hospital Building Authority RB Refunding for Hurley Medical Center Series 1998 A (BB+/Ba1)
		1,460,000		5.375			07/01/20		1,440,845
	Flint Michigan Hospital Building Authority RB Refunding for Hurley Medical Center Series 1998 B (BB+/Ba1)
		3,630,000		5.375			07/01/28		3,274,006
	Michigan Municipal Bond Authority State Aid Revenue Notes for Detroit School District Series 2010 B (SP-1/NR)
		10,000,000		5.000			03/21/11		10,007,600
	Michigan State Strategic Fund Limited Obligation RB Refunding for The Detroit Edison Co. Exempt Facilities Project RMKT 06/01/09 Series 2008 (A-/A2)
		4,000,000		5.625			07/01/20		4,533,600
	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-/NR)^(c)
		5,000,000		5.250			08/01/14		5,656,050


	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-/NR)^(c)
		5,000,000		5.500			08/01/16		5,657,300
	Michigan Tobacco Settlement Finance Authority RB for Capital Appreciation Series 2007 B (BB/NR)^(f)
		196,775,000		0.000			06/01/52		3,170,045
	Michigan Tobacco Settlement Finance Authority RB for Capital Appreciation Series 2007 C (BB-/NR)^(f)
		70,100,000		0.000			06/01/52		1,485,419
	Monroe County Hospital Finance Authority RB Refunding for Mercy Memorial Hospital Corp. Obligation Series 2006 (BB+/Baa3)
		4,000,000		5.375			06/01/26		3,736,600
		3,500,000		5.500			06/01/35		3,111,605
	Oakland County Economic Development Corp. Limited Obligation RB for Michigan Motion Picture Studios Series 2010 (NR/NR)
		10,000,000		7.000			08/01/40		10,262,700
	Royal Oak Hospital Finance Authority RB for William Beaumont Hospital Series 2009 (A/A1)
		40,000,000		8.250			09/01/39		48,546,400
	Wayne Charter County Special Airport Facilities RB for Northwest Airlines, Inc. Series 1995 (NR/NR)^(h)
		3,250,000		6.750			12/01/15		74,656

									130,984,700


	Minnesota – 0.4%
	Duluth Economic Development Authority Health Care Facilities RB for St. Luke’s Hospital Series 2002 (BB-/NR)
		7,500,000		7.250			06/15/32		7,615,650
	Washington County Housing & Redevelopment Authority RB for Birchwood & Woodbury Projects Series 2007 A (NR/NR)
		7,475,000		5.625			06/01/37		7,018,876

									14,634,526


	Mississippi – 0.1%
	Mississippi Hospital Equipment & Facilities Authority RB Refunding & Improvement for South Central Hospital Series 2006 (BBB/NR)
		2,985,000		5.250			12/01/21		3,042,909
		1,825,000		5.250			12/01/26		1,795,599

									4,838,508


	Missouri – 0.4%
	Branson Regional Airport Transportation Development District RB for Branson Regional Airport Series 2007 A (NR/NR)
		1,535,000		6.000			07/01/37		920,371
	Branson Regional Airport Transportation Development District RB for Branson Regional Airport Series 2007 B (AMT) (NR/NR)
		11,000,000		6.000			07/01/25		6,578,220
		3,000,000		6.000			07/01/37		1,799,010

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2010 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

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

	Grindstone Plaza Transportation Development District Sales Tax RB Series 2006 A (NR/NR)
	$	250,000		5.250	%		10/01/21	$	201,140
		385,000		5.400			10/01/26		288,511
	Jennings Missouri Tax Increment RB Refunding for Northland Redevelopment Area Project Series 2006 (NR/NR)
		900,000		5.000			11/01/23		826,866
	Kansas City IDA Health Facilities RB for First Mortgage Bishop Spencer Series 2004 A (NR/NR)
		2,500,000		6.500			01/01/35		2,352,000
	Kansas City IDA RB for Air Cargo Series 2002 (AMT) (NR/Baa3)
		1,265,000		6.250			01/01/30		1,249,529
	Missouri State Development Finance Board Infrastructure Facilities RB for Branson Landing Project Series 2005 A (A/A2)
		1,000,000		5.000			06/01/35		977,750
	Stone Canyon Community Improvement District RB for Public Infrastructure Improvement Project Series 2007 (NR/NR)
		1,250,000		5.750			04/01/27		1,029,562
	Strother Interchange Transportation Development District-Lees Summit RB Series 2006 (NR/NR)
		675,000		5.000			05/01/24		562,073

									16,785,032


	Nevada – 0.7%
	Clark County Improvement District No. 142 Local Improvement Special Assessment Series 2003 (NR/NR)
		1,365,000		5.800			08/01/15		1,380,288
		4,685,000		6.100			08/01/18		4,689,029
		3,740,000		6.375			08/01/23		3,696,130
	Clark County Industrial Development RB Refunding for Nevada Power Co. Project Series 1995 C (BB+/NR)
		710,000		5.500			10/01/30		710,036
	Director of the State of Nevada Department of Business & Industry Second Tier RB for Las Vegas Monorail Project Series 2000 (NR/NR)^(h)
		3,000,000		7.250			01/01/23		15,000
		1,250,000		7.375			01/01/30		6,250
		16,000,000		7.375			01/01/40		80,000
	Henderson Local Improvement District No. T-16 Special Assessment Limited Obligation Series 2005 (NR/NR)
		1,745,000		4.800			03/01/15		939,543
		2,000,000		4.900			03/01/17		1,071,200
		2,475,000		5.000			03/01/20		1,320,858
		2,490,000		5.100			03/01/21		1,327,892
		800,000		5.100			03/01/22		426,392
		2,325,000		5.125			03/01/25		1,237,830
	Henderson Local Improvement District No. T-17 Special Assessment Limited Obligation Series 2005 (NR/NR)
		1,370,000		5.000			09/01/25		1,079,149


	Las Vegas Local Improvement District No. 607 Special Assessment Series 2004 (NR/NR)
		1,285,000		5.900			06/01/17		1,245,769
		1,325,000		5.900			06/01/18		1,268,290
		485,000		6.000			06/01/19		459,271
		4,835,000		6.250			06/01/24		4,559,356

									25,512,283


	New Hampshire – 0.1%
	New Hampshire Health & Education Facilities Authority RB for Speare Memorial Hospital Series 2004 (BBB-/NR)
		1,000,000		5.500			07/01/25		1,001,140
		1,400,000		5.875			07/01/34		1,405,586
	New Hampshire Health & Education Facilities Authority RB for The Memorial Hospital Series 2006 (BBB-/Baa3)
		1,050,000		5.250			06/01/26		1,022,606
		2,050,000		5.250			06/01/36		1,890,018

									5,319,350


	New Jersey – 1.8%
	New Jersey Economic Development Authority RB for First Mortgage Lions Gate Project Series 2005 A (NR/NR)
		710,000		5.750			01/01/25		657,219
	New Jersey Economic Development Authority RB for School Facilities Construction Series 2009 BB (AA-/Aa3)
		1,640,000		5.000			09/01/34		1,741,582
	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		6,076,800
	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		8,708,940
	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		816,769
		500,000		6.625			07/01/31		460,650
	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		31,672,430
	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		1,501,425
	New Jersey Health Care Facilities Financing Authority RB for Trinitas Hospital Obligated Group Series 2007 B (BBB-/Baa3)
		10,840,000		5.250			07/01/23		10,680,869
	Newark New Jersey Housing Authority RB for South Ward Police Facility Series 2009 A (ASSURED GTY) (GO OF CITY) (NR/Aa3)
		2,000,000		6.750			12/01/38		2,327,960
	Tobacco Settlement Financing Corp. RB for Capital Appreciation Series 2007 1-C (BB-/NR)^(f)
		164,600,000		0.000			06/01/41		7,061,340

									71,705,984

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 – 0.6%
	Farmington New Mexico PCRB Refunding for Public Service Co. of New Mexico San Juan Project Series 2010 D (BB+/Baa3)
	$	12,000,000		5.900	%		06/01/40	$	12,455,040
	Farmington New Mexico PCRB Refunding for Public Service Co. of New Mexico San Juan and Four Corners Projects RMKT 04/01/06 Series 2003 A (BB+/Baa3)
		2,800,000		4.875			04/01/33		2,641,184
	Farmington New Mexico PCRB Refunding for Public Service Co. of New Mexico San Juan and Four Corners Projects RMKT 04/01/06 Series 2003 B (BB+/Baa3)
		6,925,000		4.875			04/01/33		6,532,214
	Mariposa East Public Improvement District GO Bonds Series 2006 (NR/NR)
		500,000		5.500			09/01/16		477,135
		1,000,000		6.000			09/01/32		799,870

									22,905,443


	New York – 1.7%
	Chautauqua County Industrial Development Agency Exempt Facility RB for Dunkirk NRG Power Project Series 2009 (BB+/Baa3)
		1,500,000		5.875			04/01/42		1,567,155
	Hudson Yards Infrastructure Corp. RB Senior Series 2006 A (A/A2)
		25,000,000		5.000			02/15/47		24,873,750
	New York City Industrial Development Agency Civic Facility RB for Staten Island University Hospital Project Series 2001 B (BB+/Baa3)
		965,000		6.375			07/01/31		976,165
	New York City Industrial Development Agency Civic Facility RB for Staten Island University Hospital Project Series 2002 C (BB+/Baa3)
		1,405,000		6.450			07/01/32		1,426,201
	New York City Industrial Development Agency PILOT RB Capital Appreciation for Yankee Stadium Project Series 2009 (ASSURED GTY) (AAA/Aa3)^(f)
		10,430,000		0.000			03/01/44		1,626,871
		5,690,000		0.000			03/01/45		833,927
	New York City Industrial Development Agency PILOT RB for Queens Baseball Stadium Project Series 2009 (ASSURED GTY) (AAA/Aa3)
		1,000,000		6.125			01/01/29		1,144,060
		3,000,000		6.375			01/01/39		3,370,230
		5,000,000		6.500			01/01/46		5,659,600
	New York City Industrial Development Agency Special Facilities RB for American Airlines, Inc. Project Series 1990 (AMT) (CCC+/Caa2)
		15,355,000		5.400			07/01/20		12,917,394
	New York City Industrial Development Agency Special Facility RB for Terminal One Group Association, LP Project Series 1994 (AMT) (CCC+/Caa2)
		7,365,000		6.900			08/01/24		6,844,368


	Troy City Capital Resource Corp. RB for Rensselaer Polytechnic Institute Project Series 2010 A (A/A3)
		5,000,000		5.125			09/01/40		5,170,550

									66,410,271


	North Carolina – 0.2%
	Charlotte Special Facilities RB Refunding for Charlotte/Douglas International Airport US Airways Series 1998 (AMT) (NR/NR)
		6,760,000		5.600			07/01/27		5,937,376
	Columbus County Industrial Facilities and Pollution Control Financing Authority Recovery Zone Facility RB Series 2010 A (BBB/Baa3)
		1,000,000		5.700			05/01/34		1,038,580
	North Carolina Medical Care Commission Retirement Facilities RB Refunding First Mortgage for United Methodist Church Project Series 2005 A (NR/NR)
		500,000		5.250			09/01/21		493,045
	North Carolina Medical Care Commission Retirement Facilities RB Refunding First Mortgage for United Methodist Church Project Series 2005 C (NR/NR)
		1,500,000		5.250			10/01/24		1,489,725

									8,958,726


	North Dakota – 0.0%
	Ward County Health Care Facilities RB for Trinity Obligated Group Series 2006 (BBB+/NR)
		1,500,000		5.125			07/01/29		1,431,225


	Ohio – 5.0%
	Bowling Green City Student Housing RB for CFP I LLC – Bowling Green State University Project Series 2010 (BBB-/NR)
		7,000,000		6.000			06/01/45		7,122,430
	Buckeye Ohio Tobacco Settlement Financing Authority RB Senior Turbo Asset-Backed Bonds Series 2007 A-2 (BBB/Baa3)
		17,385,000		5.875			06/01/47		12,697,309
		115,270,000		6.500			06/01/47		92,284,009
	Cleveland Airport Special RB for Continental Airlines, Inc. Project Series 1998 (AMT) (CCC+/B3)
		30,450,000		5.375			09/15/27		26,426,033
	Cleveland Airport Special RB Refunding for Continental Airlines, Inc. Series 1999 (AMT) (CCC+/B3)
		8,135,000		5.700			12/01/19		7,567,258
	Hamilton County Health Care RB Refunding for Life Enriching Community Project Series 2006 A (BBB/NR)
		15,540,000		5.000			01/01/27		14,759,270
		15,000,000		5.000			01/01/37		13,597,050
	Jeffrey Place New Community Authority RB for Jeffrey Place Redevelopment Series 2007 A (NR/NR)
		900,000		5.000			12/01/22		688,401
		1,000,000		5.000			12/01/32		672,400
	Ohio Air Quality Development Authority PCRB Refunding for FirstEnergy Solutions Corp. Series 2009 C (BBB-/Baa1)
		6,000,000		5.625			06/01/18		6,649,680

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2010 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

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

	Ohio Air Quality Development Authority RB Refunding for Columbus Southern Power Co. Project Series 2009 B (BBB/A3)^(c)
	$	3,000,000		5.800	%		12/01/38	$	3,217,650
	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		6,679,560
	Pinnacle Community Infrastructure Financing Authority RB for Ohio Facilities Series 2004 A (NR/NR)
		2,500,000		6.250			12/01/36		2,079,625

									194,440,675


	Oklahoma – 0.7%
	Oklahoma Development Finance Authority RB for Great Plains Regional Medical Center Project Series 2007 (BBB-/NR)
		4,725,000		5.000			12/01/27		4,540,489
	Tulsa Municipal Airport Trust RB for American Airlines, Inc. Project Series 1995 (B-/Caa2)
		21,000,000		6.250			06/01/20		20,189,610
	Weatherford Hospital Authority RB Series 2006 (NR/NR)
		2,200,000		6.000			05/01/25		2,073,588
		1,365,000		6.000			05/01/31		1,215,901

									28,019,588


	Oregon – 0.2%
	Forest Grove Oregon Student Housing RB for Oak Tree Foundation Project Series 2007 (NR/NR)
		4,750,000		5.500			03/01/37		4,469,845
	Oregon State Economic Development RB for Georgia Pacific Corp. Series 1995 Class VII (AMT) (BB-/Ba3)
		1,085,000		6.350			08/01/25		1,085,109
	Portland Oregon Multi-Family Housing RB for Pacific Tower Series 2001 C (AMT) (NR/NR)
		2,470,000		7.000			12/01/34		2,427,343

									7,982,297


	Pennsylvania – 5.9%
	Allegheny County Hospital Development Authority RB for West Pennsylvania Health System Series 2007 A (BB-/B1)
		55,605,000		5.000			11/15/28		44,186,513
		100,240,000		5.375			11/15/40		76,263,595
	Allentown Area Hospital Authority RB for Sacred Heart Hospital Series 2005 (NR/Ca)
		6,115,000		6.000			11/15/16		5,520,133
	Chester Economic Development Authority RB Series 2004 (MUN GOVT GTD) (NR/NR)
		8,640,000		7.000			03/01/19		9,169,459
	Geisinger Authority Health System RB for Geisinger Health System Series 2007 (AA/Aa2)^(d)
		48,000,000		1.082			05/01/37		34,311,360
	Montgomery County IDA RB for Whitemarsh Continuing Care Series 2005 (NR/NR)
		1,720,000		5.125			02/01/12		1,741,930
		1,775,000		5.300			02/01/13		1,811,352
		2,000,000		6.125			02/01/28		1,840,700


	Pennsylvania Economic Development Financing Authority Exempt Facilities RB for Reliant Energy, Inc. Series 2002 A (AMT) (BB-/B1)
		3,810,000		6.750			12/01/36		3,951,198
	Pennsylvania Economic Development Financing Authority Exempt Facilities RB for Reliant Energy, Inc. Series 2003 A (AMT) (BB/B1)
		3,715,000		6.750			12/01/36		3,852,678
	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		11,662,492
	Pennsylvania Economic Development Financing Authority Exempt Facilities RB for Reliant Energy Seward LLC Project Series 2001 A (AMT) (BB-/B1)
		6,665,000		6.750			12/01/36		6,912,005
	Pennsylvania Economic Development Financing Authority Exempt Facilities RB Refunding for Exelon Generation Co. LLC Project Series 2009 A (NR/A3)^(c)
		2,000,000		5.000			06/01/12		2,110,280
	Pennsylvania Economic Development Financing Authority Sewage Sludge Disposal RB for Philadelphia Biosolids Facility Project Series 2009 (BBB+/Baa3)
		7,400,000		6.250			01/01/32		8,048,462
	Pennsylvania Economic Development Financing Authority Special Facilities RB for US Airways Group, Inc. Project Series 2010 A (CCC+/Caa3)
		1,000,000		7.500			05/01/20		1,004,650
	Pennsylvania Economic Development Financing Authority Special Facilities RB for US Airways Group, Inc. Project Series 2010 B (CCC+/Caa3)
		2,500,000		8.000			05/01/29		2,608,325
	Philadelphia Authority Industrial Development RB for Please Touch Museum Project Series 2006 (BBB-/NR)
		3,000,000		5.250			09/01/26		2,777,070
		3,000,000		5.250			09/01/31		2,665,200
		2,000,000		5.250			09/01/36		1,744,860
	Scranton Lackawanna Health & Welfare Authority RB for Moses Taylor Hospital Project Series 1997 (B-/NR)
		500,000		6.150			07/01/14		471,410
		4,825,000		6.200			07/01/17		4,306,891
		6,840,000		6.250			07/01/20		5,768,993

									232,729,556


	Puerto Rico – 8.1%
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2008 A (BBB-/Baa1)
		13,225,000		6.000			07/01/38		14,337,487
		9,615,000		6.000			07/01/44		10,352,663
	Puerto Rico Commonwealth GO Bonds for Public Improvement Series 2007 A (BBB-/A3)
		1,750,000		5.250			07/01/31		1,810,025
	Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2007 A (FGIC) (BBB-/A3)
		1,000,000		5.500			07/01/22		1,097,050

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 Commonwealth GO Bonds Unrefunded Balance for Public Improvement Series 2001 A (BBB-/A3)
	$	2,660,000		5.125	%		07/01/31	$	2,669,842
	Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2005 L (NATL-RE) (A/A3)
		20,115,000		5.250			07/01/35		21,175,865
	Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2007 N (AMBAC) (BBB/A3)^(d)
		48,250,000		0.887			07/01/45		27,835,907
	Puerto Rico Commonwealth Infrastructure Financing Authority Special Tax RB Series 2005 A (AMBAC) (BBB+/A3)^(f)
		20,445,000		0.000			07/01/43		2,486,521
	Puerto Rico Commonwealth Infrastructure Financing Authority Special Tax RB Series 2005 C (FGIC) (BBB+/A3)
		3,570,000		5.500			07/01/21		3,928,642
		3,000,000		5.500			07/01/22		3,291,150
	Puerto Rico Electric Power Authority RB Series 2007 TT (BBB+/A3)
		13,040,000		5.000			07/01/32		13,330,792
	Puerto Rico Electric Power Authority RB Series 2010 XX (BBB+/A3)
		10,000,000		5.250			07/01/40		10,464,900
	Puerto Rico Public Buildings Authority RB for Government Facilities Series 2007 N (COMWLTH GTD) (BBB-/A3)
		2,060,000		5.500			07/01/21		2,216,869
	Puerto Rico Public Buildings Authority RB Refunding for Government Facilities Series 2002 F (CIFG-TCRS) (COMWLTH GTD) (BBB-/A3)
		11,500,000		5.250			07/01/17		12,604,230
	Puerto Rico Public Buildings Authority RB Refunding for Government Facilities Series 2007 M (COMWLTH GTD) (BBB-/A3)
		2,000,000		6.250			07/01/23		2,342,760
	Puerto Rico Public Buildings Authority RB Refunding for Government Facilities Series 2007 P (COMWLTH GTD) (BBB-/A3)
		1,000,000		6.125			07/01/23		1,126,270
	Puerto Rico Public Buildings Authority RB Refunding for Government Facilities Series 2009 Q (COMWLTH GTD) (BBB-/A3)
		6,000,000		5.625			07/01/39		6,283,980
	Puerto Rico Public Finance Corp. RB for Commonwealth Appropriations Series 2004 A (LOC-Government Development Bank for Puerto Rico) (BBB-/Baa1)^(c)
		845,000		5.750			02/01/12		876,654
	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		9,882,327
	Puerto Rico Sales Tax Financing Corp. RB First Subseries 2009 A (A+/A1)
		45,000,000		6.000			08/01/42		49,694,850
		20,000,000		6.500			08/01/44		22,806,400


	Puerto Rico Sales Tax Financing Corp. RB First Subseries 2010 A (A+/A1)
		8,500,000		5.375			08/01/39		8,987,645
		20,000,000		5.500			08/01/42		21,257,200
	Puerto Rico Sales Tax Financing Corp. RB First Subseries 2010 C (A+/A1)
		4,000,000		5.000			08/01/35		4,153,880
		4,000,000		5.250			08/01/41		4,200,120
	Puerto Rico Sales Tax Financing Corp. RB for Capital Appreciation First Subseries 2009 A (A+/A1)^(g)
		27,750,000		0.000			08/01/32		23,873,047
	Puerto Rico Sales Tax Financing Corp. RB First Subseries 2010 C (A+/A1)^(g)
		25,000,000		0.000			08/01/39		4,254,000
	Puerto Rico Sales Tax Financing Corp. RB for Capital Appreciation First Subseries 2010 A (A+/A1)^(f)
		10,000,000		0.000			08/01/33		7,064,200
	Puerto Rico Sales Tax Financing Corp. RB Rolls RR II R-11758-1 Series 2009 (AA-/NR)^(a)(b)
		16,665,000		15.741			12/01/47		21,574,176
	Puerto Rico Sales Tax Financing Corp. RB Series 2007 A (AA-/Aa2)
		1,000,000		5.250			08/01/57		1,050,770

									317,030,222


	Rhode Island – 0.1%
	Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2007 A (BB/NR)^(f)
		68,950,000		0.000			06/01/52		1,179,045
	Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2007 B (BB-/NR)^(f)
		85,300,000		0.000			06/01/52		1,511,516

									2,690,561


	South Carolina – 0.4%
	Lancaster County Assessment RB for Edgewater Improvement District Series 2003 A (NR/NR)
		4,190,000		6.875			11/01/35		3,436,345
	Lancaster County Assessment Special Assessment for Edenmoor Improvement District Series 2006 A (NR/NR)^(h)
		4,865,000		5.750			12/01/37		1,702,750
	York County Industrial RB Exempt Facility Hoechst Celanese Series 1994 (AMT) (B+/B1)
		12,230,000		5.700			01/01/24		11,799,504

									16,938,599


	South Dakota – 0.2%
	South Dakota State Health & Educational Facilities Authority RB for Sanford Health Series 2007 (AA-/A1)
		5,000,000		5.000			11/01/40		5,032,100
	South Dakota State Health & Educational Facilities Authority RB for Sanford Health Series 2009 (AA-/A1)
		1,500,000		5.250			11/01/29		1,562,565
		2,500,000		5.500			11/01/40		2,606,850

									9,201,515

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2010 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

State-Specific Municipal Debt Obligations – (continued)

	Tennessee – 1.0%
	Blount County Health & Educational Facilities Board RB Refunding for Asbury, Inc. Series 2007 A (NR/NR)
	$	1,675,000		5.125	%		04/01/23	$	1,467,015
	Chattanooga Health Educational & Housing Facility Board RB Refunding for CDFI Phase I LLC Project Series 2005 A (BBB-/NR)
		560,000		5.000			10/01/15		577,937
		11,710,000		5.000			10/01/25		11,163,377
		14,500,000		5.125			10/01/35		13,505,735
	Johnson City Health & Educational Board Retirement Facilities RB for Appalachian Christian Village Project Series 2004 A (NR/NR)
		1,000,000		6.250			02/15/32		987,150
	Knox County Tennessee Health Educational & Housing Facilities Board RB for University Health System, Inc. Series 2007 (BBB+/NR)
		2,000,000		5.250			04/01/36		1,994,420
	Memphis Health Educational & Housing Facility Board RB for Memphis Multi-Family Housing Apartment Projects Series 2007 A (AMT) (NR/NR)^(c)
		8,990,000		5.750			04/01/25		5,841,792
	Shelby County Health Educational & Housing Facilities Board RB for Trezevant Manor Project Series 2006 A (NR/NR)
		2,000,000		5.625			09/01/26		1,972,000

									37,509,426


	Texas – 10.1%
	Alliance Airport Authority Special Facilities RB Refunding for American Airlines, Inc. Project Series 2007 (AMT) (CCC+/NR)
		73,225,000		5.250			12/01/29		54,454,504
		29,000,000		5.750			12/01/29		23,379,800
	Austin Texas Convention Center Enterprises, Inc. RB Third Tier Series 2001 C-1 (NR/NR)
		185,000		9.750			01/01/26		185,925
	Austin Texas Convention Center Enterprises, Inc. RB Third Tier Series 2001 C-2 (NR/NR)
		9,540,000		9.750			01/01/26		9,587,700
	Bexar County Texas Health Facilities Development Corp. RB for Army Retirement Residence Foundation Project Series 2010 (BBB/NR)
		3,250,000		6.200			07/01/45		3,394,527
	Brazos River Authority PCRB for TXU Energy Co. LLC Project Series 2006 (AMT) (CCC/Caa3)
		17,740,000		5.000			03/01/41		7,084,824
	Brazos River Authority PCRB Refunding for TXU Electric Co. Project Series 2001 C (AMT) (CCC/Caa3)^(c)
		4,045,000		5.750			11/01/11		3,842,790
	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		4,534,547
	Dallas County Flood Control District No. 1 GO Bonds Refunding Series 2002 (NR/NR)^(b)
		6,000,000		7.250			04/01/32		6,283,680


	Dallas-Fort Worth International Airport Facilities Improvement Corp. RB for American Airlines, Inc. Series 1995 (CCC+/Caa2)
		15,230,000		6.000			11/01/14		14,754,824
	Dallas-Fort Worth International Airport Facilities Improvement Corp. RB for American Airlines, Inc. Series 1999 (AMT) (GTY AGMT) (CCC+/Caa2)
		51,785,000		6.375			05/01/35		43,099,620
	Dallas-Fort Worth International Airport Facilities Improvement Corp. RB for Delta Airlines, Inc. Series 1991 (NR/NR)^(h)
		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 (AMT) (CCC+/NR)
		22,200,000		5.500			11/01/30		17,006,310
	Dallas-Fort Worth International Airport Facilities Improvement Corp. RB Series 2001 A-1 (AMT) (NR/Ba2)
		17,100,000		6.150			01/01/16		17,155,917
	Gulf Coast Waste Disposal Authority RB Refunding Series 2002 A (AMT) (BBB/Baa3)
		8,265,000		6.100			08/01/24		8,442,450
	Houston Airport System RB Refunding Senior Lien Series 2009 A (AA-/Aa3)
		18,335,000		5.500			07/01/34		20,072,241
	Houston Airport System Special Facilities RB for Continental Airlines, Inc. Series 1998 B (AMT) (CCC+/B3)
		1,000,000		5.700			07/15/29		865,190
	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)
		5,200,000		6.300			11/01/29		5,823,636
	Mesquite Texas Health Facilities Development Corp. RB for Christian Care Retirement Facilities Series 2005 (BBB-/NR)
		2,025,000		5.500			02/15/25		1,941,448
		4,115,000		5.625			02/15/35		3,890,774
	Metro Health Facilities Development Corp. RB for Wilson N. Jones Memorial Hospital Project Series 2001 (AAA/Aaa)⁽ⁱ⁾
		4,200,000		7.200			01/01/11		4,267,368
		5,000,000		7.250			01/01/11		5,080,800
	North Texas Tollway Authority RB First Tier Series 2009 A (A-/A2)
		25,585,000		6.250			01/01/39		28,302,895
	North Texas Tollway Authority RB Refunding Toll Second Tier Series 2008 F (BBB+/A3)
		53,205,000		5.750			01/01/38		56,227,576
	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		4,054,100
	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		2,612,467
	Sabine River Authority Texas PCRB Refunding for TXU Electric Co. Project Series 2000 A (AMT) (CCC/Caa3)
		7,110,000		6.450			06/01/21		3,550,094

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)
	Texas – (continued)

	Sabine River Authority Texas PCRB Refunding for TXU Electric Co. Project Series 2001 A (CCC/Caa3)^(c)
	$	19,065,000		5.500	%		11/01/11	$	18,539,378
	Tarrant County Cultural Education Facilities Finance Corp. RB for Air Force Village Obligated Group Series 2007 (BBB/NR)
		4,180,000		5.125			05/15/37		3,706,657
	Texas Private Activity Bond Surface Transportation Corp. RB Senior Lien for Mobility Partners LLC Series 2009 (BBB-/Baa2)
		7,500,000		6.875			12/31/39		8,142,150
	Tom Green County Health Facilities Development Corp. Hospital RB for Shannon Health System Project Series 2001 (BBB+/Ba1)
		2,000,000		6.750			05/15/21		2,050,440
	Tomball Hospital Authority RB Refunding Series 2005 (NR/Baa3)
		250,000		5.000			07/01/15		262,885
		8,650,000		5.000			07/01/20		8,590,142
		5,850,000		5.000			07/01/23		5,584,117

									396,985,301


	U.S. Virgin Islands – 0.2%
	Virgin Islands Public Finance Authority RB Senior Lien Matching Fund Loan Note Series 2010 A (BBB/Baa2)
		4,300,000		5.000			10/01/29		4,408,790
	Virgin Islands Public Finance Authority RB Senior Lien Matching Fund Loan Notes Refunding for Capital Projects Series 2009 A-1 (BBB/Baa2)
		2,000,000		5.000			10/01/39		2,007,180
	Virgin Islands Public Finance Authority RB Senior Lien Matching Fund Loan Notes Refunding for Cruzan Project Series 2009A (BBB-/Baa3)
		2,000,000		6.000			10/01/39		2,158,400

									8,574,370


	Utah – 0.1%
	Carbon County Solid Waste Disposal RB Refunding for Sunnyside Cogeneration Series 1999 A (NR/NR)
		2,360,000		6.375			08/15/11		2,364,224


	Vermont – 0.0%
	Vermont Economic Development Authority Mortgage RB for Wake Robin Corp. Project Series 2006 A (NR/NR)
		1,300,000		5.250			05/01/26		1,151,579


	Virginia – 0.3%
	Albemarle County IDA RB Refunding Westminster-Canterbury Series 2007 (NR/NR)
		1,000,000		5.000			01/01/31		939,320
	Bedford County IDA RB Refunding for Nekoosa Packaging Corp. Project Series 1998 (AMT) (NR/Ba3)
		520,000		5.600			12/01/25		496,948
	Loudoun County IDA Residential Care Facility RB Refunding for Falcons Landing Series 2004 A (NR/NR)
		1,750,000		6.000			08/01/24		1,784,825


	Norfolk Redevelopment & Housing Authority RB First Mortgage for Retirement Community Series 2004 A (NR/NR)
		500,000		6.000			01/01/25		483,245
		1,100,000		6.125			01/01/35		1,015,927
	Suffolk IDA Retirement Facilities RB Refunding First Mortgage for Lake Prince Center Series 2006 (NR/NR)
		725,000		5.150			09/01/24		693,731
		1,000,000		5.300			09/01/31		882,490
	Virginia Beach Development Authority Residential Care Facilities Mortgage RB Refunding for Westminster-Canterbury Series 2005 (NR/NR)
		500,000		5.000			11/01/22		478,095
	Washington County IDA RB for Mountain States Health Alliance Series 2009 C (BBB+/Baa1)
		4,000,000		7.750			07/01/38		4,635,320

									11,409,901


	Washington – 0.5%
	Port of Camas – Washougal Public Industrial Corp. PCRB Refunding for James River Project Series 1993 (BB-/NR)
		2,465,000		6.700			04/01/23		2,467,169
	Puttable Floating Option Tax-Exempt Receipts (RITES) GO Bonds Series 2009 A (NR/NR)^(a)(b)(c)
		3,955,000		15.828			12/14/17		6,204,248
	Puttable Floating Option Tax-Exempt Receipts (RITES) GO Bonds Series 2009 B (NR/NR)^(a)(b)(c)
		4,150,000		15.835			12/14/17		6,344,354
	Terrace Heights Sewer District RB Refunding for Capital Improvement Series 2006 (NR/NR)
		680,000		4.750			01/01/29		663,741
		1,075,000		5.000			01/01/33		1,041,267
	Washington Health Care Facilities Authority RB for MultiCare Health System Series 2008 A (ASSURED GTY) (AAA/Aa3)
		750,000		6.000			08/15/39		823,373
	Washington Health Care Facilities Authority RB for MultiCare Health System Series 2008 B (ASSURED GTY) (AAA/Aa3)
		1,750,000		6.000			08/15/39		1,921,202

									19,465,354


	West Virginia – 0.1%
	West Virginia Economic Development Authority Solid Waste Disposal Facilities RB Refunding for Appalachian Power Co.-Amos Project Series 2010 A (BBB/Baa2)
		4,000,000		5.375			12/01/38		4,092,760


	Wisconsin – 2.4%
	Kaukauna Wisconsin Environmental Improvement RB for International Paper Co. Project Series 2005 A (AMT) (BBB/Baa3)
		6,510,000		5.250			06/01/29		6,433,247
	Wisconsin State Health & Educational Facilities Authority RB for Fort Healthcare, Inc. Project Series 2004 (BBB+/NR)
		1,500,000		6.100			05/01/34		1,535,085

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2010 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

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

	Wisconsin State Health & Educational Facilities Authority RB for Upland Hills Health, Inc. Series 2006 A (BBB/NR)
	$	5,825,000		5.125	%		05/15/29	$	5,638,076
	Wisconsin State Health & Educational Facilities Authority RB for Upland Hills Health, Inc. Series 2006 B (BBB/NR)
		2,200,000		5.000			05/15/36		2,024,814
	Wisconsin State Health & Educational Facilities Authority RB for Vernon Memorial Healthcare, Inc. Project Series 2005 (BBB-/NR)
		3,000,000		5.100			03/01/25		2,925,180
		3,800,000		5.250			03/01/35		3,566,376
	Wisconsin State Health & Educational Facilities Authority RB for Wheaton Franciscan Healthcare Series 2006 (BBB+/Baa2)
		2,450,000		5.250			08/15/19		2,555,130
		9,700,000		5.250			08/15/23		9,845,888
		7,565,000		5.250			08/15/24		7,648,064
		9,715,000		5.250			08/15/25		9,782,519
		2,000,000		5.250			08/15/31		1,955,240
		24,175,000		5.250			08/15/34		23,189,627
	Wisconsin State Health & Educational Facilities Authority RB for Wheaton Franciscan Services, Inc. Series 2003 A (BBB+/Baa2)
		2,715,000		5.125			08/15/33		2,573,114
	Wisconsin State Health & Educational Facilities Authority RB Refunding for Illinois Senior Housing, Inc. Series 2006 (NR/NR)
		1,275,000		5.650			08/01/21		1,271,825
		2,385,000		5.800			08/01/29		2,315,692
	Wisconsin State Health & Educational Facilities Authority RB Refunding for Wheaton Healthcare Series 2006 B (BBB+/Baa2)
		9,970,000		5.125			08/15/30		9,649,564

									92,909,441


	Wyoming – 0.3%
	Sweetwater County Wyoming PCRB Refunding for Idaho Power Co. Project Series 2006 (A-/A2)
		12,000,000		5.250			07/15/26		13,072,560


	TOTAL STATE-SPECIFIC MUNICIPAL DEBT OBLIGATIONS
	(Cost $3,811,877,719)							$	3,707,094,981




Other Municipal Debt Obligations – 1.3%


	Municipal Mortgage & Equity LLC Tax-Exempt Special Purpose Entity Series 2000 (AMT)(NR/Baa2)^(b)(c)
	$	7,000,000		7.750	%		11/01/10	$	5,740,210
	Municipal Mortgage & Equity LLC Tax-Exempt Special Purpose Entity Series 2004 (AMT)(NR/Baa2)^(b)(c)
		4,000,000		5.200			09/30/14		2,917,040
	Municipal Mortgage & Equity LLC Tax-Exempt Special Purpose Entity Series 2004 (AMT)(NR/Baa3)^(b)(c)
		3,000,000		5.400			09/30/14		2,038,050
		3,000,000		5.800			09/30/19		2,066,220


	Municipal Mortgage & Equity LLC Tax-Exempt Special Purpose Entity Series 2004 A-2 (AMT)(NR/Baa1)^(b)(c)
		6,000,000		4.900			09/30/14		4,909,860
	Municipal Mortgage & Equity LLC Tax-Exempt Special Purpose Entity Series 2004 C (AMT)(NR/Baa3)^(b)(c)
		13,000,000		9.750			09/30/12		12,115,870
	Municipal Mortgage & Equity LLC Tax-Exempt Special Purpose Entity Series 2005 (AMT)(NR/Ba1)^(b)(c)
		6,000,000		5.900			09/30/20		3,294,120
	Municipal Mortgage & Equity LLC Tax-Exempt Special Purpose Entity Series 2005 (AMT)(NR/Baa2)^(b)(c)
		8,000,000		5.125			09/30/15		6,625,280
	Municipal Mortgage & Equity LLC Tax-Exempt Special Purpose Entity Series 2005 (AMT)(NR/Baa1)^(b)(c)
		8,000,000		5.300			09/30/15		5,753,120
	Municipal Mortgage & Equity LLC Tax-Exempt Special Purpose Entity Series 2005 A-3 (AMT)(NR/Baa1)^(b)(c)
		4,000,000		4.950			09/30/12		3,314,040
	Municipal Mortgage & Equity LLC Tax-Exempt Special Purpose Entity Series 2005 C-3 (AMT)(NR/Baa3)^(b)(c)
		3,000,000		5.500			09/30/15		1,977,750


	TOTAL OTHER MUNICIPAL DEBT OBLIGATIONS
	(Cost $63,764,442)							$	50,751,560


	Shares		Description	Value

Common Stocks – 0.0%


		13,415	Delta Air Lines, Inc.^(j)	$	156,150
		182	United Continental Holdings, Inc.^(j)		4,301


	TOTAL COMMON STOCKS
	(Cost $0)			$	160,451


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Short-Term Investments – 2.4%


	Alaska – 0.1%
	Valdez Alaska Marine Terminal VDRN RB Refunding for Exxon Mobil Co. Pipeline Project Series 1993 A (A-1+/VMIG1)^(d)
	$	5,600,000		0.230	%		10/01/10	$	5,600,000


	California – 0.2%
	Los Angeles Department of Water & Power, Power System VRDN RB Subseries 2001 B-6 (A-1/VMIG1)^(d)
		6,500,000		0.200			10/01/10		6,500,000


	Connecticut – 0.2%
	Connecticut State Health & Educational Facilities Authority VRDN RB for Yale University Series 2001 V-2 (A-1+/VMIG1)^(d)
		6,300,000		0.220			10/01/10		6,300,000

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Short-Term Investments – (continued)

	Illinois – 0.3%
	Chicago Illinois Sales Tax VRDN RB Refunding RMKT 07/17/08 Series 2002 (A-1+/VMIG1)^(d)
	$	4,800,000		0.290	%		10/01/10	$	4,800,000
	Chicago Illinois VRDN GO Bonds Project and Refunding RMKT 03/18/09 Series 2003 B-1(A-1+/VMIG1)^(d)
		3,150,000		0.240			10/01/10		3,150,000
	Chicago Illinois VRDN GO Bonds Project and Refunding Series 2003 B (A-1+/VMIG1)^(d)
		1,500,000		0.240			10/01/10		1,500,000
	Chicago Illinois Water VRDN RB Second Lien Subseries 2000-1 (A-1+/VMIG1)^(d)
		3,500,000		0.300			10/01/10		3,500,000

									12,950,000


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


	Michigan – 0.2%
	Detroit Michigan Tax Anticipation Notes Series 2009 C (NR/VMIG1)^(d)
		10,000,000		10.000			10/01/10		10,000,000


	Mississippi – (0.1%)
	Jackson County VRDN PCRB Refunding for Chevron U.S.A., Inc. Project Series 1993 (NR/VMIG1)^(d)
		1,500,000		0.200			10/01/10		1,500,000
	Mississippi Business Finance Corp. VRDN RB for Chevron U.S.A. Inc. Project Series 2009 C (NR/VMIG1)^(d)
		4,200,000		0.200			10/01/10		4,200,000

									5,700,000


	Missouri – 0.2%
	Missouri State Health & Educational Facilities Authority VRDN RB for Washington University Series 2000 B (A-1+/VMIG1)^(d)
		1,200,000		0.290			10/01/10		1,200,000
	Missouri State Health & Educational Facilities Authority VRDN RB for Washington University Series 2000 C (A-1+/VMIG1)^(d)
		5,000,000		0.220			10/01/10		5,000,000

									6,200,000


	New Hampshire – 0.4%
	New Hampshire Health & Education Facilities Authority VRDN RB Refunding for Dartmouth College Series 2007 A (A-1+/VMIG1)^(d)
		5,900,000		0.290			10/01/10		5,900,000
	New Hampshire Health & Education Facilities Authority VRDN RB Refunding for Dartmouth College Series 2007 B (A-1+/VMIG1)^(d)
		9,000,000		0.290			10/01/10		9,000,000

									14,900,000


	New York – 0.2%
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Second Generation Resolution Series 2008 BB-1 (A-1/VMIG1)^(d)
		1,900,000		0.200			10/01/10		1,900,000
	New York City VDRN GO Bonds Subseries 1993 A-7 (LOC-JPMorgan Chase Bank, NA) (A-1+/VMIG1)^(d)
		5,200,000		0.220			10/01/10		5,200,000
	New York City VRDN GO Bonds Subseries 1993 A-8 (LOC-JPMorgan Chase Bank, NA) (A-1+/VMIG1)^(d)
		1,600,000		0.160			10/01/10		1,600,000

									8,700,000


	Texas – 0.3%
	Lower Neches Valley Authority Industrial Development Corp. Exempt Facilities VRDN RB Refunding for ExxonMobil Project Series 2001 A (A-1+/VMIG1)^(d)
		5,800,000		0.230			10/01/10		5,800,000
	Texas Water Development Board VRDN RB Refunding State Revolving Sub Lien Series 2007 A (A-1+/VMIG1)^(d)
		4,604,000		0.300			10/01/10		4,604,000

									10,404,000


	TOTAL SHORT-TERM INVESTMENTS
	(Cost $93,254,000)							$	93,254,000


	Shares		Rate			Value

Investment Companies – 0.1%


	JPMorgan Tax Free Money Market Fund – Institutional Shares^(d)
		3,972,482		0.150	%	$	3,972,482
	Morgan Stanley Institutional Liquidity Fund – Tax-Exempt Portfolio – Institutional Shares^(d)
		266,616		0.100			266,616


	TOTAL INVESTMENT COMPANIES
	(Cost $4,239,098)					$	4,239,098


	TOTAL INVESTMENTS – 98.3%
	(Cost $3,973,135,259)					$	3,855,500,090


	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.7%						65,968,298


	NET ASSETS – 100.0%					$	3,921,468,388

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, 2010.

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2010 (Unaudited)




(b)		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 $122,522,883, which represents approximately 3.1% of net assets as of September 30, 2010.

(c)		Security with a “Put” feature and resetting interest rates. Maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect at September 30, 2010.

(d)		Variable rate security. Except for floating rate notes (for which the final maturity date is disclosed), maturity date disclosed is the puttable date. Interest rate disclosed is that which is in effect at September 30, 2010.

(e)		When-issued security.

(f)		Issued with zero coupon. Income is recognized through the accretion of discount.

(g)		Issued with a zero coupon until the next reset date.

(h)		Security is currently in default.

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

(j)		Non-income producing security.

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




Investment Abbreviations:
AGC	—	Insured by ACE Guaranty Corp.
AGM	—	Insured by Assured Guaranty Municipal Corp.
AGM-CR	—	Insured by Assured Guaranty Municipal Corp. — Insured Custodial Receipts
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.
CA MTG INS	—	Insured by California Mortgage Insurance
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
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
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
RITES	—	Residual Interest Tax-Exempt Securities
RMKT	—	Remarketed
TCRS	—	Transferable Custodial Receipts
VRDN	—	Variable Rate Demand Note
XLCA	—	Insured by XL Capital Assurance, Inc.

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

ADDITIONAL INVESTMENT INFORMATION

SWAP CONTRACTS — At September 30, 2010, the Fund had outstanding swap contracts with the following terms:

CREDIT DEFAULT SWAP CONTRACTS


												Upfront
												Payments
		Notional		Rates				Credit Spread at				made/
	Reference	Amount		received			Termination	September 30, 2010^(a)	Market			(received)			Unrealized
Counterparty	Obligation	(000s)		by the Fund			Date	(basis points)	Value			by the Fund			Gain (Loss)

Protection Sold:
Deutsche Bank AG	California State Various Purpose GO Bonds Series 2003, 5.250%, 02/01/18	$	10,000		3.450	%	09/20/20	286	$	315,952		$	—		$	315,952
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	282		95,818			—			95,818
Morgan Stanley Capital Services, Inc.	MCDX North America 14 Index		13,750		2.450		06/20/15	221		(602,300	)		(740,814	)		138,514


TOTAL									$	(190,530	)	$	(740,814	)	$	550,284


^(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.

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

GOLDMAN SACHS MUNICIPAL INCOME FUND

Schedule of Investments

September 30, 2010 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

State-Specific Municipal Debt Obligations – 94.1%


	Alabama – 1.1%
	Alabama Special Care Facilities Financing Authority RB for Birmingham Ascension Health Series 2009 C-1 (AA/NR)^(a)(b)(c)
	$	1,000,000		13.980	%		11/03/16	$	1,283,080
	Alexander City Special Care Facilities Financing Authority Medical Facilities RB for Russell Hospital Corp. Series 2006 A (BB+/NR)
		1,780,000		5.750			12/01/36		1,655,115
	Health Care Authority RB for Baptist Health Series 2006 D (GO OF AUTH) (BBB+/A3)
		575,000		5.000			11/15/17		595,137
		100,000		5.000			11/15/21		100,129
	Mobile Alabama Board of Water & Sewer Commissioners RB Series 2002 (NATL-RE FGIC) (AA-/Aa3)^(d)
		1,000,000		5.250			01/01/12		1,059,480
	Tuscaloosa Alabama Educational Building Authority RB for Stillman College Project Series 2007 A (BBB-/NR)
		2,900,000		5.250			06/01/37		2,779,447

									7,472,388


	Alaska – 0.8%
	Alaska State Housing Finance Corp. RB for General Housing Series 2005 A (FGIC) (AA/Aa2)
		4,000,000		5.250			12/01/34		4,098,600
	Anchorage Alaska Water RB Refunding Series 2004 (NATL-RE) (AA/NR)^(d)
		1,000,000		5.125			05/01/14		1,153,150

									5,251,750


	Arizona – 1.9%
	Arizona Health Facilities Authority RB for Phoenix Children’s Hospital Series 2007 A (NR/NR)^(c)(e)
		2,170,000		1.270			02/02/15		2,004,885
	Arizona School Facilities Board RB for State School Trust Series 2004 A (AMBAC) (NR/NR)^(d)
		3,410,000		5.750			07/01/14		4,018,037
	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		2,562,736
	Navajo County Arizona Pollution Control Corp. PCRB Refunding for Arizona Public Service Co. Project Series 2009 B (BBB-/Baa2)^(c)
		2,000,000		5.500			06/01/14		2,176,880
	Northern Arizona University RB Series 2003 (FGIC) (A+/A1)^(d)
		1,235,000		5.500			06/01/14		1,441,739
	Queen Creek Improvement District No. 1 Special Assessment Series 2006 (BBB/A3)
		500,000		5.000			01/01/26		501,295

									12,705,572


	Arkansas – 0.1%
	Arkansas State Development Finance Authority RB for Single Family Mortgage-Backed Securities Series 2008 B (AMT) (GNMA/FNMA) (AAA/NR)
		520,000		5.500			07/01/23		557,424


	California – 20.2%
	Abag Finance Authority RB for Non-Profit Corps. RB for San Diego Hospital Association Series 2001 A (A-/A3)
		1,675,000		6.125			08/15/20		1,700,309
	Bay Area Toll Authority California Toll Building Authority RB for San Francisco Bay Area Series 2008 F-1 (AA/Aa3)
		4,000,000		5.500			04/01/43		4,366,040
	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		5,480,750
	California Health Facilities Financing Authority RB for Providence Health & Services Series 2008 C (AA/Aa2)
		1,000,000		6.500			10/01/33		1,137,280
	California Infrastructure & Economic Development Bank RB for Los Angeles County Department of Public Social Services Series 2003 (AMBAC) (NR/NR)
		1,000,000		5.750			09/01/23		1,041,870
	California State Public Works Board Lease RB for UCLA Replacement Hospital Series 2002 A (AGM) (AAA/Aa2)
		2,000,000		5.375			10/01/19		2,150,900
	California State Various Purpose GO Bonds Series 2007 (A-/A1)
		2,500,000		5.000			06/01/37		2,519,550
	California State Various Purpose GO Bonds Series 2009 (A-/A1)
		5,000,000		5.250			10/01/25		5,456,150
		10,000,000		5.250			10/01/29		10,648,300
		5,000,000		6.500			04/01/33		5,880,400
		2,750,000		6.000			04/01/38		3,054,755
	California State Various Purpose GO Bonds Series 2010 (A-/A1)
		1,250,000		6.000			03/01/33		1,409,812
		1,500,000		5.500			03/01/40		1,597,350
	California Statewide Communities Development Authority RB for Enloe Medical Center Series 2008 (CAL MTG INS) (A-/NR)
		1,435,000		5.750			08/15/38		1,487,162
	California Statewide Community Development Authority Water & Wastewater RB Unrefunded Balance Series 2004 (AGM) (AAA/Aa3)
		155,000		5.250			10/01/19		170,007
	Chabot-Las Positas Community College District GO Bonds for Capital Appreciation Series 2006 C (AMBAC) (AA-/Aa1)^(f)
		6,340,000		0.000			08/01/35		1,336,916
	Citrus Community College District GO Bonds Capital Appreciation for Election of 2004 Series 2009 C (AA-/Aa2)^(f)
		6,500,000		0.000			06/01/34		1,587,040
	East Bay California Municipal Utility District Water System RB Rolls II R-11826-1 Series 2010 (AAA/NR)^(a)(b)
		1,670,000		13.494			12/01/17		2,135,312
	Eastern California Municipal Water District Community Facilities Special Tax District No. 2003-25 Improvement Area D Series 2006 (NR/NR)
		425,000		5.000			09/01/36		340,217

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)

	Eastern California Municipal Water District Community Facilities Special Tax District No. 2005-40 Mahogany Promontory Pointe Series 2006 (NR/NR)
	$	410,000		5.000	%		09/01/36	$	340,521
	Foothill-De Anza California Community College District GO Bonds for Capital Appreciation Series 2007 B (AMBAC) (AA/Aaa)^(f)
		11,235,000		0.000			08/01/36		2,760,664
	Foothill-De Anza California Community College District GO Bonds for Santa Clara County Election of 2006 Series 2007 A (AMBAC) (AA/Aaa)
		6,000,000		5.000			08/01/27		6,564,600
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds for Capital Appreciation Subseries 2007 B (BB/NR)^(f)
		50,000,000		0.000			06/01/47		1,547,000
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds for Capital Appreciation Subseries 2007 C (BB-/NR)^(f)
		19,500,000		0.000			06/01/47		574,665
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2003 A-1 (AAA/Aaa)^(d)
		1,225,000		6.750			06/01/13		1,419,285
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2003 A-3 (AAA/Aaa)^(d)
		350,000		7.875			06/01/13		415,849
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2003 A-5 (AAA/Aaa)^(d)
		650,000		7.875			06/01/13		772,291
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2007 A-1 (BBB/Baa3)
		5,000,000		5.000			06/01/33		3,923,600
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Enhanced Asset-Backed Bonds Series 2003 B (AAA/Aaa)^(d)
		7,800,000		5.500			06/01/13		8,781,084
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Enhanced Asset-Backed Bonds Series 2005 A (AGM-CR) (FGIC) (AAA/Aa3)
		3,500,000		5.000			06/01/35		3,537,415
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Enhanced Asset-Backed Bonds Series 2005 A (BBB+/A2)
		3,075,000		5.000			06/01/45		2,882,936
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Senior Asset-Backed Bonds Series 2007 A-1 (BBB/Baa3)
		4,500,000		5.750			06/01/47		3,396,870
	Hacienda La Puente California Unified School District GO Bonds for Election of 2000 Series 2003 B (AGM) (AAA/Aa3)^(d)
		1,200,000		5.250			08/01/13		1,355,556


	Lake Elsinore California Unified School District Community Facilities Special Tax Series 2005-3 (NR/NR)
		595,000		5.000			09/01/25		510,064
	Menifee Union School District Riverside County GO Bonds Capital Appreciation for Election of 2008 Series 2009 C (ASSURED GTY) (AAA/Aa3)^(f)
		2,000,000		0.000			08/01/37		401,180
		4,500,000		0.000			08/01/38		847,890
		4,500,000		0.000			08/01/39		796,275
	Menlo Park California GO Bonds Series 2002 (AAA/Aaa)
		1,000,000		5.250			08/01/27		1,066,740
	Merced City School District GO Bonds Capital Appreciation for Election of 2003 Series 2005 (NATL-RE) (A/NR)^(f)
		1,205,000		0.000			08/01/26		484,651
	Metropolitan Water District Waterworks of Southern California RB Refunding Series 2001 A (AAA/Aa1)
		1,000,000		5.100			07/01/25		1,035,240
	M-S-R Energy Authority Gas RB Series 2009 A (A/NR)
		1,750,000		6.500			11/01/39		2,050,807
	M-S-R Energy Authority Gas RB Series 2009 C (A/NR)
		3,500,000		6.125			11/01/29		3,884,020
		1,750,000		6.500			11/01/39		2,050,808
	Palomar Pomerado Health COPS Series 2009 (BBB/Baa2)
		2,500,000		6.750			11/01/39		2,758,300
	Palomar Pomerado Health GO Bonds Capital Appreciation for Election of 2004 Series 2009 A (ASSURED GTY) (AAA/Aa3)^(f)
		2,150,000		0.000			08/01/31		661,727
		4,150,000		0.000			08/01/32		1,186,693
		3,500,000		0.000			08/01/33		928,410
	Palomar Pomerado Health GO Bonds Capital Appreciation for Election of 2004 Series 2009 A (ASSURED GTY) (AAA/Aa3)^(g)
		6,450,000		0.000			08/01/38		4,361,877
	Sacramento County Sanitation District Financing Authority RB Refunding for Sacramento County Regional Series 2007 B (NATL-RE FGIC) (AA/Aa2)^(e)
		3,000,000		0.729			12/01/35		2,117,700
	San Diego Community College District GO Bonds for Election of 2002 Series 2005 (AGM) (AAA/Aa1)
		3,000,000		5.000			05/01/30		3,169,050
	San Diego County Water Authority COPS Series 2008 A (AGM) (AAA/Aa2)
		10,000,000		5.000			05/01/33		10,613,900
	San Diego Unified School District GO Bonds for Election of 1998 Series 2002 D (FGIC) (AA/Aa1)
		1,000,000		5.250			07/01/24		1,085,450
	San Diego Unified School District GO Bonds for Election of 2008 Series 2010 C (AA/Aa1)^(f)
		5,000,000		0.000			07/01/39		899,200
	San Gabriel Unified School District GO Bonds Unrefunded Balance Series 2002 A (AGM) (AAA/Aa3)
		55,000		5.375			08/01/21		58,775

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

GOLDMAN SACHS MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2010 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

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

	San Joaquin Hills Transportation Corridor Agency RB Refunding for Capital Appreciation Series 1997 A (NATL-RE) (A/Baa1)^(f)
	$	1,605,000		0.000	%		01/15/26	$	512,765
	Silicon Valley Tobacco Securitization Authority Tobacco Settlement RB Capital Appreciation Turbo Asset-Backed Bonds for Santa Clara County Tobacco Securitization Corp. Series 2007 A (BBB/NR)^(f)
		8,000,000		0.000			06/01/36		707,680
	Temecula Valley Unified School District Community Facilities District Special Tax District No. 2004-1 Improvement Area A Series 2007 (NR/NR)
		1,865,000		5.000			09/01/37		1,586,667
	Torrance California COPS for Refunding & Public Improvement Project Series 2005 B (AMBAC) (AA/Aa3)
		310,000		5.250			06/01/34		317,421
	Vernon California Redevelopment Agency Tax Allocation for Industrial Redevelopment Project Series 2005 (NATL-RE) (A/Baa1)
		725,000		5.250			09/01/19		732,765
	West Contra Costa Unified School District GO Bonds Capital Appreciation for Election of 2002 Series 2004 C (NATL-RE FGIC) (A/NR)^(f)
		1,175,000		0.000			08/01/25		507,859

									137,106,370


	Colorado – 1.2%
	Colorado Health Facilities Authority Hospital RB for Poudre Valley Health Care, Inc. Series 2005 F (A/A2)
		800,000		5.000			03/01/25		816,112
	Colorado Health Facilities Authority RB for Catholic Health Initiatives Series 2001 (AA/Aa2)^(d)
		325,000		5.500			09/01/11		339,752
	Colorado Health Facilities Authority RB for Covenant Retirement Communities, Inc. Series 2005 (BBB-/NR)
		1,150,000		5.000			12/01/35		1,009,527
	Colorado Health Facilities Authority RB for care Adventist Health System Series 2001 (NR/NR)^(d)
		275,000		6.500			11/15/11		295,928
	E-470 Public Highway Authority RB for Capital Appreciation Series 2004 B (NATL-RE) (A/Baa1)^(f)
		5,000,000		0.000			09/01/27		1,867,850
	La Plata County Colorado Durango School District No. 9-R GO Bonds Series 2002 (NATL-RE) (ST AID WITHHLDG) (NR/NR)^(d)
		1,000,000		5.250			11/01/12		1,097,140
	West Metro Fire Protection District GO Bonds Series 2006 A (NATL-RE) (NR/Aa2)
		2,200,000		5.250			12/01/26		2,451,372

									7,877,681


	Connecticut – 0.3%
	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		2,178,122


	District of Columbia – 1.1%
	District of Columbia Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2001 (BBB/Baa3)
		560,000		6.250			05/15/24		567,213
		1,000,000		6.500			05/15/33		996,390
	District of Columbia Water & Sewer Authority RB Public Utility Senior Lien Series 2009 A (AA/Aa2)
		5,000,000		6.000			10/01/35		5,692,700

									7,256,303


	Florida – 7.5%
	Arbor Greene Community Development District Special Assessment Refunding Series 2006 (BBB+/NR)
		1,860,000		5.000			05/01/19		1,874,378
	Bluewaters Community Development District Special Assessment Series 2004 (NR/NR)
		2,415,000		6.000			05/01/35		2,450,452
	Bridgewater Wesley Chapel Community Development District Special Assessment for Capital Improvement Series 2005 (NR/NR)
		2,275,000		5.750			05/01/35		2,254,207
	Citizens Property Insurance Corp. RB Senior Secured for High Risk Account Series 2009 A-1 (A+/A2)
		3,650,000		5.500			06/01/17		3,975,836
	Coconut Cay Community Development District Special Assessment Series 2006 (NR/NR)
		945,000		5.375			05/01/36		860,205
	Coral Gables Health Facilities Authority RB for Baptist Health South Florida Series 2004 (AGM) (AAA/Aaa)^(d)
		1,000,000		5.250			08/15/14		1,163,040
	Covington Park Florida Community Development District Special Assessment Refunding for Capital Improvement Series 2005 (A-/NR)
		570,000		5.000			05/01/21		580,459
	Crossings At Fleming Island Community Development District RB Refunding Series 2007 (NATL-RE) (A/Baa1)
		125,000		4.750			10/01/36		129,202
	Crossings At Fleming Island Community Development District Special Assignment Refunding Series 2000 B (NATL-RE) (A/Baa1)
		1,765,000		5.800			05/01/16		1,778,255
	Diamond Hill Community Development District Tax Allocation for Capital Improvement Series 2004 (NR/NR)
		1,570,000		6.000			05/01/34		1,576,578
	Double Branch Community Development District Special Assessment Series 2005 A (A-/NR)
		540,000		5.350			05/01/34		523,114
	Florida State Municipal Power Agency RB Series 2009 A (A+/A1)
		1,000,000		6.250			10/01/31		1,175,090
	Hamal Florida Community Development District Special Assessment for Refunding and Improvement Series 2006 A (NATL-RE) (A/Baa1)
		2,755,000		5.375			05/01/22		2,847,981

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)
	Florida – (continued)

	High Ridge Quantum Community Development District Special Assessment for Boyton Beach Series 2005 A (NR/NR)
	$	1,820,000		5.750	%		05/01/35	$	1,820,346
	Hollywood Community Redevelopment Agency RB for Beach CRA Series 2004 (A-/A3)
		300,000		5.625			03/01/24		314,304
	Keys Cove Community Development District Special Assessment Series 2004 (NR/NR)
		1,130,000		5.875			05/01/35		1,132,859
	Lee County IDA Health Care Facilities RB Refunding for Shell Point/Alliance Community Project Series 2007 (BB/NR)
		2,500,000		5.000			11/15/13		2,524,225
	Longleaf Community Development District Special Assessment Refunding Series 2006 (NR/NR)
		1,220,000		5.375			05/01/30		1,094,011
	Meadow Pointe III Community Development District RB for Capital Improvement Series 2004 A (NR/NR)
		930,000		6.000			05/01/35		931,051
	Miami-Dade County Florida Aviation RB RMKT 03/17/08 Series 2003 E (AMT) (NATL-RE) (A/NR)
		500,000		5.250			10/01/13		536,820
		425,000		5.250			10/01/14		459,365
		575,000		5.250			10/01/16		628,941
	Miami-Dade County Florida Expressway Authority RB Series 2004 B (NATL-RE FGIC) (A/A3)
		1,000,000		5.250			07/01/26		1,053,600
	Port Everglades Authority RB for Port Facilities Series 1986 (ETM) (AAA/Aaa)
		1,885,000		7.125			11/01/16		2,170,955
	Sail Harbour Community Development District Special Assessment Series 2005 A (NR/NR)
		940,000		5.500			05/01/36		870,816
	Sonoma Bay Community Development District Special Assessment Series 2005 A (NR/NR)
		625,000		5.450			05/01/36		589,650
	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		2,201,880
	Sumter Landing Florida Community Development District Recreational RB Series 2005 A (NATL-RE) (A/Baa1)
		250,000		4.625			10/01/30		225,920
	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		1,491,841
	Tampa Water & Sewer RB Refunding Series 2001 A (AA/Aa1)
		1,000,000		5.250			10/01/19		1,040,970
	Thousand Oaks Community Development District Special Assessment Series 2005 A-1 (NR/NR)
		925,000		5.350			05/01/35		868,501


	Verona Walk Community Development District RB for Capital Improvement Series 2004 (NR/NR)
		4,485,000		5.850			05/01/35		4,500,653
	Village Community Development District No. 5 Special Assessment Series 2003 A (NR/NR)
		2,325,000		6.100			05/01/34		2,354,551
	Village Community Development District No. 6 Special Assessment Series 2007 (NR/NR)
		1,955,000		5.250			05/01/37		1,820,085
	Villagewalk of Bonita Springs Community Development District Special Assessment for Capital Improvement Series 2005 (NR/NR)
		985,000		5.600			05/01/36		956,307

									50,776,448


	Georgia – 0.2%
	Chatham County Hospital Authority RB for Hospital Improvement Memorial Health University Series 2004 A (BB+/Baa3)
		325,000		5.500			01/01/34		307,343
	Georgia State GO Bonds Prerefunded Series 1992 B (ETM) (AAA/Aaa)
		5,000		6.000			03/01/12		5,393
	Georgia State GO Bonds Unrefunded Balance Series 1992 B (AAA/Aaa)
		995,000		6.000			03/01/12		1,072,431

									1,385,167


	Guam – 0.3%
	Guam Government Limited Obligation GO Bonds Section 30 Series 2009 A (BBB-/NR)
		600,000		5.375			12/01/24		654,522
		850,000		5.625			12/01/29		917,082
		750,000		5.750			12/01/34		798,803

									2,370,407


	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		1,122,780


	Illinois – 4.2%
	Chicago Illinois GO Bonds Unrefunded Balance Series 2000 C (NATL-RE FGIC) (AA-/Aa3)
		815,000		5.500			01/01/19		825,978
	Chicago Illinois O’Hare International Airport RB Refunding Third Lien Series 2003 A-1 (XLCA) (A-/A1)
		490,000		5.250			01/01/34		499,153
	Chicago Illinois O’Hare International Airport RB Refunding Third Lien Series 2003 C-2 (AGM) (AMT) (AAA/Aa3)
		2,500,000		5.250			01/01/30		2,555,000
	Chicago Illinois Tax Allocation Junior Lien for Near South Redevelopment Project Series 2001 A (ACA) (NR/NR)
		750,000		5.000			11/15/11		769,732
		1,250,000		6.250			11/15/13		1,292,925

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

GOLDMAN SACHS MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2010 (Unaudited)


	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)
	$	960,000		6.250	%		10/01/32	$	984,269
	Du Page County High School District No. 87 Glenbard Township GO Bonds Unrefunded Balance Series 1998 A (NR/Aa2)
		20,000		5.050			12/01/14		20,061
	Illinois Development Finance Authority PCRB Refunding for Amerencips RMKT 12/03/01 Series 2000 A (BBB-/Baa3)^(c)
		2,300,000		5.500			02/28/14		2,306,532
	Illinois Finance Authority RB for Edward Hospital RMKT 04/09/08 Series 2008 A (AMBAC) (A+/A2)
		350,000		6.250			02/01/33		375,190
	Illinois Finance Authority RB Refunding for Proctor Hospital Series 2006 A (BB+/Ba1)
		400,000		5.125			01/01/25		361,436
	Illinois Finance Authority Solid Waste Disposal RB for Waste Management, Inc. Project Series 2005 A (AMT) (BBB/NR)
		400,000		5.050			08/01/29		401,576
	Illinois Municipal Electric Agency Power Supply System RB Series 2007 A (NATL-RE FGIC) (A+/A1)
		4,020,000		5.250			02/01/22		4,406,161
	Illinois State GO Bonds First Series 2002 (NATL-RE) (A+/Aa3)
		3,000,000		5.375			07/01/19		3,158,370
	Lake County Illinois Community Consolidated School District No. 41 GO Bonds Series 1999 A (AGM) (AAA/Aa2)
		2,725,000		9.000			11/01/16		3,737,392
	Metropolitan Pier & Exposition Authority RB for McCormick Place Expansion Project Series 1999 (NATL-RE FGIC) (AAA/A2)
		800,000		5.250			12/15/28		809,184
	Round Lake Illinois Lakewood Grove Special Service Area No. 1 Special Tax Refunding Series 2007 (ASSURED GTY) (AAA/NR)
		2,320,000		5.500			03/01/32		2,539,518
	Southwestern Illinois Development Authority RB Capital Appreciation for Local Government Program Series 2007 (AGM) (GO OF DIST) (AAA/NR)^(f)
		6,500,000		0.000			12/01/25		3,316,300

									28,358,777


	Indiana – 2.2%
	Eagle-Union Middle School Building Corp. RB Refunding for First Mortgage Series 2001 (AMBAC) (ST AID WITHHLDG) (NR/NR)
		125,000		4.850			07/05/15		127,598
	Fall Creek Regional Waste District RB Refunding Series 2001 (NATL-RE) (A/Baa1)
		100,000		4.700			03/01/13		100,271
	Greencastle Indiana Waterworks RB Refunding Series 2001 (NATL-RE) (A/Baa1)
		300,000		4.250			07/01/13		312,198


	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		3,847,389
	Indiana State Educational Facilities Authority RB for Earlham College Project Series 1998 (NR/Aa3)
		325,000		4.950			10/15/12		325,968
	Indianapolis Indiana Airport Authority RB Refunding Special Facilities for Federal Express Corp. Project Series 2004 (AMT) (BBB/Baa2)
		640,000		5.100			01/15/17		687,891
	Indianapolis Indiana Gas Utility RB Second Lien Series 2008 A (ASSURED GTY) (AAA/Aa3)^(c)
		3,500,000		5.000			08/15/13		3,791,515
	Indianapolis Local Public Improvement Bond Bank RB for Waterworks Project Series 2009 A (AA-/A1)
		2,000,000		5.750			01/01/38		2,262,960
	Jasper County PCRB Refunding for Northern RMKT 8/25/08 Series 1994 C (NATL-RE) (A/Baa1)
		650,000		5.850			04/01/19		735,332
	Mitchell Multi School Building Corp. RB Refunding for First Mortgage Series 2002 (ST AID WITHHLDG) (AA+/NR)
		275,000		4.650			07/05/13		302,156
	North Montgomery High School Building Corp. RB First Mortgage Series 2000 (NATL-RE FGIC) (AA+/NR)^(d)
		400,000		5.050			01/15/11		405,304
	Porter County Jail Building Corp. RB Refunding First Mortgage Series 2001 (AGM) (AAA/Aa3)
		300,000		5.000			07/10/16		305,742
	Princeton Indiana Sewer Works RB Refunding Series 2003 (NR/NR)
		275,000		4.500			05/01/13		277,090
	Vanderburgh County Indiana Redevelopment Commission Tax Increment Tax Allocation Series 2006 (A/NR)
		1,400,000		5.250			02/01/31		1,428,014

									14,909,428


	Iowa – 0.4%
	Coralville Iowa COPS Series 2006 D (NR/A1)
		1,325,000		5.250			06/01/22		1,405,958
	Tobacco Settlement Authority of Iowa RB Asset-Backed Bonds Series 2005 C (BBB/Baa3)
		1,875,000		5.375			06/01/38		1,476,037

									2,881,995


	Kentucky – 1.7%
	Kentucky Economic Development Finance Authority RB for Ashland Hospital Corp. King’s Daughters Medical Center Series 2010 (A+/A1)
		3,000,000		5.000			02/01/40		3,051,240
	Kentucky Economic Development Finance Authority RB Residuals Series 2009-3125 (AA/NR)^(a)(b)
		470,000		17.630			11/11/14		704,694
	Kentucky Economic Development Finance Authority System RB for Norton Healthcare, Inc. Series 2000 C (NATL-RE) (A/NR)^(d)
		1,085,000		6.000			10/01/13		1,261,540

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)
	Kentucky – (continued)

	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	$	2,347,120
	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		4,029,488

									11,394,082


	Louisiana – 1.9%
	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		699,091
	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		2,600,550
	East Baton Rouge Parish Louisiana Sales Tax RB for Road and Street Improvement Series 2009 A (ASSURED GTY) (AAA/Aa3)
		1,230,000		5.250			08/01/28		1,377,243
	Louisiana Local Government Environmental Facilities & Community Development Authority for Louisiana Tech University Student Housing Series 2007 (AMBAC) (NR/A3)
		2,000,000		5.250			10/01/27		2,068,480
	Louisiana Public Facilities Authority RB for Cleco Power LLC Project Series 2008 (BBB/Baa2)^(c)
		900,000		7.000			12/01/11		954,756
	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		1,068,750
	New Orleans Louisiana Aviation Board RB Refunding for Restructuring GARBs Series 2009 A-1 (ASSURED GTY) (AAA/Aa3)
		500,000		6.000			01/01/23		577,155
	St. John Baptist Parish Louisiana RB for Marathon Oil Corp. Series 2007 A (BBB+/Baa1)
		2,500,000		5.125			06/01/37		2,508,925
	Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2001 B (BBB/Baa3)
		1,220,000		5.875			05/15/39		1,229,492

									13,084,442


	Maryland – 2.0%
	Baltimore Maryland RB for Wastewater Projects Series 2005 B (NATL-RE) (AA/NR)^(d)
		3,260,000		5.000			07/01/15		3,833,890
	Baltimore Maryland Special Obligation Tax Allocation for Harborview Lot No. 2 Series 2003 (NR/NR)
		1,165,000		6.500			07/01/31		1,178,677


	Frederick County Maryland Special Tax Unrefunded Balance for Lake Linganore Village Community Development Series 2001 A (Radian) (NR/NR)
		280,000		5.600			07/01/20		281,537
		555,000		5.700			07/01/29		553,047
	Maryland State Health & Higher Educational Facilities Authority RB for Anne Arundel Health System Series 2010 (A-/A3)
		1,000,000		5.000			07/01/32		1,032,080
	Maryland State Health & Higher Educational Facilities Authority RB Refunding for Medstar Health Series 2004 (A-/A2)
		500,000		5.375			08/15/24		520,895
		750,000		5.500			08/15/33		772,245
	Maryland State Industrial Development Financing Authority RB Refunding for Synagro-Baltimore Series 2008 A (AMT) (BBB+/NR)
		2,000,000		5.250			12/01/12		2,059,800
		1,025,000		5.375			12/01/14		1,066,861
		500,000		5.625			12/01/16		522,265
	Maryland State Transportation Authority RB Refunding Series 2007 (AAA/Aa1)
		1,500,000		5.000			03/01/19		1,751,580

									13,572,877


	Massachusetts – 1.6%
	Massachusetts Bay Transportation Authority Assessment RB Series 2004 A (AAA/Aaa)^(d)
		1,000,000		5.000			07/01/14		1,152,790
	Massachusetts Educational Financing Authority RB Series 2008 H (AMT) (ASSURED GTY) (AAA/Aa3)
		2,420,000		6.350			01/01/30		2,674,003
	Massachusetts State Health & Educational Facilities Authority RB for Boston Medical Center Project Series 2008 (BBB+/Baa1)
		3,000,000		5.750			07/01/31		3,088,350
	Massachusetts State Health & Educational Facilities Authority RB for Harvard Pilgrim Health Care Series 1998 A (AGM) (AAA/Aa3)
		3,750,000		5.250			07/01/12		3,758,700
	Massachusetts State Health & Educational Facilities Authority RB for Milton Hospital Series 2005 D (BB-/NR)
		575,000		5.500			07/01/40		452,830

									11,126,673


	Michigan – 1.5%
	Michigan Higher Education Student Loan Authority RB Series 2003 17-1 (AMT) (AMBAC) (AA/A1)
		5,000,000		5.200			03/01/24		5,052,550
	Michigan State Hospital Finance Authority RB Refunding for Detroit Medical Center Series 2008 A (BHAC-CR) (AMBAC) (AA+/Aa1)
		5,000,000		5.500			08/15/24		5,001,450

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

GOLDMAN SACHS MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2010 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

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

	Pontiac Tax Increment Finance Authority RB Tax Allocation Unrefunded Balance for Development of Area No. 3 Series 2002 (ACA) (B/NR)
	$	360,000		5.375	%		06/01/17	$	260,244

									10,314,244


	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		1,715,085
	St. Paul Minnesota Housing & Redevelopment Authority RB for Healthpartners Obligated Group Project Series 2006 (BBB+/A3)
		2,900,000		5.250			05/15/36		2,796,992

									4,512,077


	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		686,870
	Mississippi Development Bank Special Obligation RB for Hinds Community College District Capital Improvement Project Series 2009 (ASSURED GTY) (NR/Aa2)
		500,000		5.375			10/01/33		548,315

									1,235,185


	Missouri – 1.0%
	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		321,351
	Missouri State Development Finance Board Infrastructure Facilities RB for Branson Landing Project Series 2005 A (A/A2)
		270,000		4.750			06/01/25		266,617
		4,125,000		5.000			06/01/35		4,033,219
	Missouri State Health & Educational Facilities Authority RB for St. Louis University Series 1998 (AA-/A1)
		1,000,000		5.500			10/01/15		1,155,620
	Missouri State Health & Educational Facilities Authority RB for St. Lukes Episcopal-Presbyterian Hospital Series 2001 (AGM) (AAA/Aa3)
		1,000,000		5.500			12/01/15		1,035,000

									6,811,807


	Nevada – 0.7%
	Clark County Nevada Industrial Development RB for Southwest Gas Corp. Project Series 2003 C (BBB/Baa2)^(c)
		765,000		5.450			03/01/13		821,434
	Clark County Nevada School District GO Bonds Refunding Series 1998 (AGM) (AAA/Aa1)
		800,000		5.500			06/15/13		892,056
	Henderson Nevada Local Improvement District No. T-14 Limited Obligation Special Assessment Refunding Senior Series 2007 A (AGM) (AAA/Aa3)
		830,000		4.250			03/01/12		850,850


	North Las Vegas Nevada Local Improvement District No. 60 Special Assessment Refunding for Special Improvement Subseries 2006 B (NR/NR)
		640,000		4.850			12/01/15		625,984
		1,435,000		5.100			12/01/22		1,300,354
	University of Nevada RB for Community College System Series 2002 A (NATL-RE FGIC) (AA-/Aa2)
		250,000		4.450			07/01/12		256,237

									4,746,915


	New Hampshire – 0.5%
	New Hampshire Health & Education Facilities Authority RB for Southern New Hampshire University Series 2006 (ACA) (BBB/NR)
		1,000,000		5.000			01/01/27		988,970
	New Hampshire Municipal Bond Bank RB Series 2003 (NATL-RE) (AA/NR)^(d)
		1,000,000		5.250			08/15/13		1,129,870
	New Hampshire State Business Finance Authority RB for Waste Management, Inc. Project Series 2002 (AMT) (BBB/NR)
		1,250,000		5.200			05/01/27		1,273,438

									3,392,278


	New Jersey – 3.9%
	New Jersey Economic Development Authority RB for School Facilities Construction Series 2009 BB (AA-/Aa3)
		360,000		5.000			09/01/34		382,298
	New Jersey Economic Development Authority RB for School Facilities Construction Series 2009 Z (ASSURED GTY) (AAA/Aa3)
		1,000,000		6.000			12/15/34		1,158,940
	New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2009 AA (AA-/Aa3)
		4,000,000		5.500			12/15/29		4,518,200
	New Jersey Economic Development Authority Water Facilities RB Refunding for American Water Co., Inc. Project Series 2010 B (AMT) (A/A2)
		2,000,000		5.600			11/01/34		2,105,880
	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		600,954
		175,000		5.500			07/01/30		176,071
	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		498,030
	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		2,633,225
	New Jersey State Higher Education Assistance Authority RB for Student Loan Series 2008 A (AMT) (ASSURED GTY) (AAA/Aa3)
		3,000,000		6.125			06/01/30		3,235,980

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)
	New Jersey – (continued)

	New Jersey State Housing and Mortgage Finance Agency RB for Single Family Housing Series 2008 AA (AA/Aa2)
	$	700,000		6.150	%		10/01/23	$	749,630
	New Jersey State Turnpike Authority RB Series 2009 G (A+/A3)
		1,650,000		5.000			01/01/18		1,879,333
	Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2002 (AAA/Aaa)^(d)
		2,370,000		6.000			06/01/12		2,585,457
	Tobacco Settlement Financing Corp. RB Capital Appreciation Bonds Series 2007 1-C (BB-/NR)^(f)
		11,250,000		0.000			06/01/41		482,625
	Tobacco Settlement Financing Corp. RB Series 2003(AAA/Aaa)^(d)
		300,000		6.750			06/01/13		348,012
	Tobacco Settlement Financing Corp. RB Series 2007 1-A (BBB/Baa3)
		3,015,000		4.625			06/01/26		2,575,745
		3,000,000		5.000			06/01/29		2,475,030

									26,405,410


	New Mexico – 0.9%
	Farmington New Mexico PCRB Refunding for Public Service Co. of New Mexico San Juan Project Series 2010 D (BB+/Baa3)
		5,000,000		5.900			06/01/40		5,189,600
	Santa Fe County New Mexico RB for Gross Receipts Series 2008 (AGM) (AAA/Aa3)
		1,000,000		5.250			06/01/31		1,089,940

									6,279,540


	New York – 2.8%
	Erie County New York Industrial Development Agency RB for the City of Buffalo School District Series 2008 A (AGM) (AAA/Aa3)
		4,500,000		5.750			05/01/26		5,262,840
		4,500,000		5.750			05/01/29		5,181,210
	New York City GO Bonds Series 2006 A (AA/Aa2)
		400,000		5.000			08/01/18		458,524
	New York City Industrial Development Agency RB for Polytechnic University Project Series 2007 (ACA) (BB+/NR)
		2,045,000		5.000			11/01/12		2,164,612
	New York Mortgage Agency RB for Homeowner Mortgage (AMT) Series 2003-109 (NR/Aa1)
		900,000		4.800			10/01/23		912,492
	New York State Dormitory Authority RB for North Shore University Hospital Series 1998 (NATL-RE) (A/Baa1)
		1,500,000		5.500			11/01/14		1,676,250
	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		192,316


	Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2003 A-1 (AA-/Aa3)
		2,600,000		5.500			06/01/19		2,878,330

									18,726,574


	North Carolina – 0.7%
	Charlotte North Carolina Water & Sewer System RB Series 2009 B (AAA/Aaa)
		2,000,000		5.000			07/01/38		2,200,560
	North Carolina Eastern Municipal Power Agency Power System RB Refunding Series 2003 C (A-/Baa1)
		500,000		5.375			01/01/16		543,300
		850,000		5.375			01/01/17		914,226
	North Carolina Eastern Municipal Power Agency Power System RB Series 2008 C (ASSURED GTY) (AAA/Aa3)
		500,000		6.000			01/01/19		575,935
	North Carolina Municipal Power Agency No. 1 Catawba Electric RB Series 2003 A (ETM) (NR/NR)
		145,000		5.500			01/01/13		160,914
	North Carolina Municipal Power Agency No. 1 Catawba Electric RB Unrefunded Series 2003 A (A/A2)
		305,000		5.500			01/01/13		336,958

									4,731,893


	North Dakota – 0.3%
	Ward County North Dakota Health Care Facilities RB for Trinity Obligated Group Series 2006 (BBB+/NR)
		2,250,000		5.125			07/01/25		2,248,673


	Ohio – 1.3%
	Buckeye Ohio Tobacco Settlement Financing Authority RB Senior Turbo Asset-Backed Bonds Series 2007 A-2 (BBB/Baa3)
		440,000		5.125			06/01/24		376,820
		4,050,000		6.500			06/01/47		3,242,390
	Marysville Ohio RB Wastewater Treatment System Series 2006 (XLCA) (A-/NR)
		1,670,000		5.250			12/01/24		1,787,518
		1,755,000		5.250			12/01/25		1,871,585
		1,350,000		5.250			12/01/26		1,433,632

									8,711,945


	Oklahoma – 0.0%
	Oklahoma Development Finance Authority RB for Great Plains Regional Medical Center Project Series 2007 (BBB-/NR)
		240,000		5.000			12/01/27		230,628
		140,000		5.125			12/01/36		131,279

									361,907


	Oregon – 0.7%
	Deschutes County Oregon Hospital Facilities Authority RB Refunding for Cascade Healthcare Series 2008 (NR/A3)
		1,500,000		8.250			01/01/38		1,829,130

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

GOLDMAN SACHS MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2010 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

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

	Klamath Falls Oregon Intercommunity Hospital Authority RB for Merle West Medical Center Series 2002 (BB+/NR)^(d)
	$	1,255,000		6.125	%		09/01/12	$	1,400,367
	Klamath Falls Oregon Intercommunity Hospital Authority RB Unrefunded Balance for Merle West Medical Center Series 2002 (BB+/NR)
		745,000		6.125			09/01/22		748,777
	Medford Oregon Hospital Facilities Authority RB for Asante Health System Series 2005 (AGM) (AAA/Aa3)
		1,000,000		5.000			08/15/40		1,035,380

									5,013,654


	Pennsylvania – 1.1%
	Mifflin County Pennsylvania School District GO Bonds Series 2007 (NATL-RE-IBC) (XLCA) (ST AID WITHHLDG) (A/Baa1)
		2,000,000		7.500			09/01/26		2,473,060
	Montgomery County Pennsylvania Higher Education & Health Authority RB for Catholic Health System East Series 2004 C (A+/A1)^(d)
		150,000		5.375			11/15/14		176,431
	Pennsylvania Economic Development Financing Authority Exempt Facilities RB for Amtrak Project Series 2001 A (AMT) (A-/A1)
		2,000,000		6.250			11/01/31		2,033,620
	Pennsylvania Economic Development Financing Authority PCRB Refunding for PPL Electric Utilities Corp. Project Series 2008 (A-/A3)
		2,500,000		4.000			10/01/23		2,506,125
	St. Mary Hospital Authority RB Refunding for Catholic Health East Series 2004 B (A+/A1)^(d)
		225,000		5.375			11/15/14		263,655

									7,452,891


	Puerto Rico – 6.1%
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2008 A (BBB/Baa1)
		2,000,000		6.000			07/01/38		2,168,240
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2008 A (BBB-/Baa1)^(g)
		3,000,000		0.000			07/01/24		3,290,670
	Puerto Rico Commonwealth GO Bonds for Public Improvement Series 2006 A (AAA/A3)^(d)
		980,000		5.250			07/01/16		1,190,357
	Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2009 B (BBB-/A3)
		3,000,000		6.500			07/01/37		3,389,970
	Puerto Rico Commonwealth GO Bonds Refunding Subseries 2003 C-7 (NATL-RE) (A/A3)
		2,000,000		6.000			07/01/27		2,184,500
	Puerto Rico Commonwealth GO Bonds Series 2008 A (BBB-/A3)
		2,500,000		5.375			07/01/33		2,562,575
	Puerto Rico Commonwealth Highway & Transportation Authority RB Series 1996 Y (XLCA-ICR) (BBB+/Aaa)^(d)
		2,500,000		5.000			07/01/16		3,002,225


	Puerto Rico Commonwealth Highway & Transportation Authority RB Subseries 2003 (FGIC) (BBB-/Baa1)
		900,000		5.250			07/01/18		930,267
	Puerto Rico Commonwealth Infrastructure Financing Authority Special Tax Series 2006 B (BBB+/A3)
		1,250,000		5.000			07/01/25		1,288,225
	Puerto Rico Public Buildings Authority RB Refunding for Government Facilities Series 2004 J (AMBAC) (COMWLTH GTD) (BBB-/A3)^(c)
		1,480,000		5.000			07/01/12		1,544,069
	Puerto Rico Public Finance Corp. RB for Commonwealth Appropriations Series 2004 A (LOC – Government Development Bank for Puerto Rico) (BBB-/Baa1)^(c)
		5,400,000		5.750			02/01/12		5,602,284
	Puerto Rico Sales Tax Financing Corp. RB First Subseries 2009 A (A+/A1)
		2,500,000		6.000			08/01/42		2,760,825
	Puerto Rico Sales Tax Financing Corp. RB First Subseries 2009 A (A+/A1)^(g)
		13,000,000		0.000			08/01/32		11,183,770

									41,097,977


	Rhode Island – 0.4%
	Rhode Island Housing & Mortgage Finance Corp. RB Series 2007 A-1 (AMT) (AGM) (AAA/Aa3)
		2,800,000		4.900			10/01/37		2,775,136


	South Carolina – 0.8%
	Columbia South Carolina Waterworks & Sewer System RB Series 2010 (AA/Aa1)
		1,000,000		5.000			02/01/40		1,084,410
	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		2,468,875
	Spartanburg South Carolina Waterworks System RB Series 2009 (ASSURED GTY) (AAA/Aa3)
		1,500,000		5.000			06/01/39		1,617,870

									5,171,155


	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		525,330
		300,000		5.250			07/01/38		309,009

									834,339


	Tennessee – 1.1%
	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		1,795,714
	Knox County Tennessee Health, Educational & Housing Facilities Board RB for University Health System, Inc. Series 2007 (BBB+/NR)
		2,700,000		5.250			04/01/36		2,692,467

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)
	Tennessee – (continued)

	Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board RB for Charter Village Apartments Series 2007 (AMT) (FNMA) (NR/NR)^(c)
	$	1,000,000		4.850	%		06/01/25	$	1,017,350
	Sullivan County Tennessee Health, Educational & Housing Facilities Board Hospital RB for Wellmont Health System Project Series 2006 C (BBB+/NR)
		2,100,000		5.250			09/01/36		2,013,858

									7,519,389


	Texas – 11.6%
	Beaumont Independent School District Unlimited Tax GO Bonds for School Building Series 2008 (PSF-GTD) (AAA/Aaa)
		1,085,000		5.250			02/15/27		1,210,068
	Brazos River Authority PCRB Refunding for TXU Electric Co. Project Series 1999 A (AMT) (CCC/Caa3)
		700,000		7.700			04/01/33		349,755
	Brazos River Authority PCRB Refunding for TXU Electric Co. Project Series 1999 C (AMT) (CCC/Caa3)
		1,200,000		7.700			03/01/32		598,860
	Brazos River Authority RB Refunding for Reliant Energy, Inc. Project Series 1999 A (BBB-/Ba1)
		1,250,000		5.375			04/01/19		1,259,525
	Dallas County Utility & Reclamation District GO Bonds Refunding RMKT 06/25/08 Series 2005 B (AMBAC) (BBB+/A3)
		2,675,000		5.375			02/15/29		2,745,031
	Dallas-Fort Worth International Airport Facilities Improvement Corp. RB RMKT 04/04/08 Series 2002 C (AMT) (NATL-RE) (A+/A1)
		1,000,000		6.250			11/01/28		1,001,410
	Dallas-Fort Worth International Airport Facilities Improvement Corp. RB RMKT 04/11/08 Subseries 2003 C-2 (AMT) (XLCA) (A+/A1)
		2,000,000		6.125			11/01/18		2,005,820
	Fort Bend County Texas Municipal Utility District No. 30 GO Bonds Series 2004 (AGM) (AAA/Aa3)
		2,015,000		5.750			09/01/27		2,095,540
	Frisco Texas Independent School District GO Bonds Series 2002 (PSF-GTD) (AAA/Aaa)
		1,000,000		5.125			08/15/30		1,030,270
	Grand Prairie Texas Independent School District GO Bonds Series 2003 (AGM) (AAA/Aa2)^(d)
		1,000,000		5.375			02/15/13		1,114,030
	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		1,011,950
	Harris County Texas GO Bonds Refunding for Permanent Improvement Series 2008 C (AAA/AAA)^(d)
		2,580,000		5.750			10/01/18		3,251,961
	Hidalgo County Health Services RB for Mission Hospital, Inc. Project Series 2005 (BBB/Baa2)
		700,000		5.000			08/15/19		712,950


	Houston Utilities System RB Refunding First Lien Series 2004 A (NATL-RE) (AA/Aa2)
		1,000,000		5.250			05/15/25		1,097,990
	Lower Colorado River Authority RB Refunding Series 2008 (A/A1)
		5,000,000		5.750			05/15/37		5,287,200
	Matagorda County Texas Navigation District No. 1 PCRB Refunding for Central Power & Light Co. Project RMKT 07/01/09 Series 2001 A (BBB/Baa2)
		1,300,000		6.300			11/01/29		1,455,909
	Matagorda County Texas Navigation District No. 1 PCRB Refunding for Central Power & Light Co. Project Series 1996 (AMT) (NATL-RE) (AA-/Baa1)
		2,500,000		5.200			05/01/30		2,469,675
	Matagorda County Texas Navigation District No. 1 RB Refunding for American Electric Power Texas Central Co. Project Series 2008 (BBB/Baa2)
		7,500,000		5.125			06/01/11		7,662,075
	Mesquite Texas Health Facilities Development Corp. RB for Christian Care Retirement Facilities Series 2005 (BBB-/NR)
		150,000		5.500			02/15/25		143,811
		235,000		5.625			02/15/35		222,195
	Mesquite Texas Independent School District GO Bonds Refunding Series 2002 (PSF-GTD) (AAA/NR)
		1,160,000		5.500			08/15/21		1,226,340
	Metro Health Facilities Development Corp. RB for Wilson N. Jones Memorial Hospital Project Series 2001 (ETM) (AAA/Aaa)
		400,000		6.625			01/01/11		405,868
	Mission Economic Development Corp. RB for Waste Management, Inc. Project Series 2008 (AMT) (BBB/NR)^(c)
		1,000,000		6.000			08/01/13		1,101,950
	North Texas Tollway Authority System RB First Tier Series 2009 A (A-/A2)
		2,500,000		6.250			01/01/24		2,921,925
		1,100,000		6.250			01/01/39		1,216,853
	North Texas Tollway Authority System RB Refunding for Capital Appreciation First Tier Series 2008 I (A-/A2)^(g)
		6,000,000		0.000			01/01/43		5,100,720
	North Texas Tollway Authority System RB Refunding First Tier Series 2008 A (A-/A2)
		5,000,000		5.750			01/01/40		5,356,600
	Pharr-San Juan-Alamo Independent School District Unlimited Tax GO Bonds for Hidalgo School Building Series 2007 (PSF-GTD) (AAA/Aaa)
		1,420,000		5.500			02/01/27		1,595,157
		1,000,000		5.500			02/01/29		1,118,510
		1,670,000		5.500			02/01/31		1,858,877
	Port of Houston Authority Harris County Unlimited Tax GO Bonds Refunding Series 2008 A (AMT) (AAA/Aaa)
		3,000,000		6.125			10/01/33		3,468,000
	Round Rock Texas Independent School District Unlimited Tax GO Bonds for School Building Series 2009 (AA/Aaa)
		2,730,000		5.250			08/01/34		2,989,732

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

GOLDMAN SACHS MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2010 (Unaudited)


	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) (BBB/Baa2)
	$	5,000,000		5.750	%		10/01/21	$	5,120,500
	Schertz Texas GO Bonds Series 2006 (NATL-RE) (AA/Baa1)
		1,715,000		5.250			02/01/25		1,891,902
		1,900,000		5.250			02/01/27		2,080,367
	Tarrant County Cultural Education Facilities Finance Corp. RB for Air Force Village Obligation Group Series 2007 (BBB/NR)
		425,000		5.125			05/15/37		376,873
	Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2008 D (A/A2)
		3,000,000		6.250			12/15/26		3,427,080
	Tomball Hospital Authority RB Refunding Series 2005 (NR/Baa3)
		650,000		5.000			07/01/20		645,502
		250,000		5.000			07/01/23		238,638
	Waxahachie Independent School District GO Bonds Unrefunded Balance for Capital Appreciation Series 2000 (PSF-GTD) (NR/Aaa)
		80,000		0.000			08/15/13		67,105

									78,934,524


	U.S. Virgin Islands – 0.4%
	Virgin Islands Public Finance Authority RB Senior Lien Matching Fund Loan Note Series 2004 A (BBB/Baa2)
		1,750,000		5.250			10/01/16		1,897,665
	Virgin Islands Public Finance Authority RB Senior Lien Matching Fund Loan Note Series 2010 A (BBB/Baa2)
		700,000		5.000			10/01/29		717,710

									2,615,375


	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		2,021,080
	Utah Housing Corp. Single Family Mortgage RB Series 2008 B-1 Class I (AMT) (AAA/Aaa)
		2,125,000		5.875			07/01/39		2,217,629
	Utah Housing Corp. Single Family Mortgage RB Series 2008 B-1 Class II (AMT) (AAA/Aa2)
		2,110,000		5.900			07/01/36		2,209,360

									6,448,069


	Virginia – 1.0%
	Bristol Virginia Utilities System RB Refunding Series 2003 (NATL-RE) (A/Baa1)
		1,850,000		5.250			07/15/26		1,940,891
	Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 C-1 (BB/NR)^(f)
		1,750,000		0.000			06/01/47		60,567
	Virginia State Housing Development Authority RB Series 2008 E (GO OF AUTH) (AAA/Aaa)
		3,000,000		6.250			07/01/31		3,288,300


	Washington County Virginia IDA RB for Mountain States Health Alliance Series 2009 C (BBB+/Baa1)
		1,000,000		7.750			07/01/38		1,158,830

									6,448,588


	Washington – 3.9%
	King County Washington Sewer RB Series 2007 (AGM) (AAA/Aa2)
		5,600,000		5.000			01/01/42		5,937,792
	Puttable Floating Option Tax-Exempt Receipts (RITES) GO Bonds Series 2009 A (NR/NR)^(a)(b)(c)
		700,000		15.828			12/14/17		1,098,097
	Puttable Floating Option Tax-Exempt Receipts (RITES) GO Bonds Series 2009 B (NR/NR)^(a)(b)(c)
		730,000		15.835			12/14/17		1,115,995
	Skagit County Washington Public Hospital District No. 2 GO Bonds Refunding and Improvement Series 2005 (NATL-RE) (A+/Baa1)
		2,000,000		5.000			12/01/30		2,022,500
	Tacoma Washington GO Bonds Series 2004 (NATL-RE) (AA/Aa3)
		2,000,000		5.000			12/01/30		2,104,720
	Tobacco Settlement Authority of Washington RB Asset-Backed Bonds Series 2002 (BBB/Baa3)
		3,165,000		6.625			06/01/32		3,197,125
	Vancouver Washington Downtown Redevelopment Authority RB for Conference Center Project Series 2003 A (ACA) (NR/NR)
		3,025,000		6.000			01/01/34		2,664,118
	Washington State GO Bonds Series 1992 B & AT-7 (AA+/Aa1)
		500,000		6.400			06/01/17		612,755
	Washington State Health Care Facilities Authority RB for Group Health Corp. Series 2006 (Radian) (BBB+/NR)
		315,000		5.000			12/01/36		285,582
	Washington State Health Care Facilities Authority RB for MultiCare Health System Series 2008 A (ASSURED GTY) (AAA/Aa3)
		250,000		6.000			08/15/39		274,457
	Washington State Health Care Facilities Authority RB for MultiCare Health System Series 2008 B (ASSURED GTY) (AAA/Aa3)
		250,000		6.000			08/15/39		274,457
	Washington State Health Care Facilities Authority RB for Swedish Health Services Series 2009 A (A+/A2)
		3,000,000		6.500			11/15/33		3,216,930
	Washington State Health Care Facilities Authority RB for Virginia Mason Medical Center Series 2007 B (ACA) (BBB/Baa2)
		3,000,000		6.000			08/15/37		3,112,260
	Washington State Various Purpose GO Bonds Series 2002 A (AA+/Aa1)^(d)
		300,000		5.000			07/01/12		323,451

									26,240,239

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)

	West Virginia – 0.5%
	Monongalia County Building Commission RB for Monongalia General Hospital Series 2005 A (BBB+/NR)
	$	2,000,000		5.250	%		07/01/25	$	2,043,540
	West Virginia Hospital Finance Authority Hospital RB Refunding and Improvement for West Virginia United Health System Obligated Group Series 2009 C (A+/A2)
		1,000,000		5.500			06/01/39		1,077,890

									3,121,430


	Wisconsin – 2.0%
	Badger Tobacco Asset Securitization Corp. RB Asset-Backed Bonds Series 2002 (AAA/Aaa)^(d)
		1,000,000		6.375			06/01/12		1,094,460
	Madison Community Development Authority Development RB for Wisconsin Alumni Research Foundation Project Series 2009 (AAA/NR)
		3,215,000		5.000			10/01/39		3,443,201
	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		5,016,150
	Wisconsin State Health & Educational Facilities Authority RB for Upland Hills Health, Inc. Series 2006 A (BBB/NR)
		375,000		5.125			05/15/29		362,966
	Wisconsin State Health & Educational Facilities Authority RB for Upland Hills Health, Inc. Series 2006 B (BBB/NR)
		100,000		5.000			05/15/36		92,037
	Wisconsin State Health & Educational Facilities Authority RB for Wheaton Franciscan Healthcare Series 2006 (BBB+/Baa2)
		1,750,000		5.250			08/15/24		1,769,215
		1,750,000		5.250			08/15/31		1,710,835

									13,488,864


	TOTAL STATE-SPECIFIC MUNICIPAL DEBT OBLIGATIONS
	(Cost $606,859,187)							$	637,028,764




Other Municipal Debt Obligation – 0.2%


	Municipal Mortgage & Equity LLC Tax-Exempt Special Purpose Entity Series 2005 C-3 (AMT) (NR/Baa3)^(b)(c)
	$	2,000,000		5.500	%		09/30/15	$	1,318,500
	(Cost $2,000,000)




Short-Term Investments – 2.8%


	Alaska – 0.4%
	Valdez Alaska Marine Terminal VDRN RB Refunding for Exxon Mobil Co. Pipeline Project Series 1993 A (A-1+/VMIG1)^(e)
	$	3,000,000		0.230	%		10/01/10	$	3,000,000


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


	Illinois – 0.2%
	Chicago Illinois Sales Tax VRDN RB Refunding RMKT 07/17/08 Series 2002 (AAA/Aa2)^(e)
		600,000		0.290			10/01/10		600,000
	Chicago Illinois Water VRDN RB Second Lien Series 2001-1 (A-1+/VMIG1)^(e)
		700,000		0.300			10/01/10		700,000

									1,300,000


	Massachusetts – 0.2%
	Massachusetts State Health & Educational Facilities Authority VRDN RB for Harvard University Series 1999 R (GO OF INSTN) (A-1+/VMIG1)^(e)
		1,000,000		0.220			10/01/10		1,000,000


	Missouri – 0.1%
	Missouri State Health & Educational Facilities Authority VRDN RB for Washington University Series 2000 B (A-1+/VMIG1)^(e)
		800,000		0.290			10/01/10		800,000


	New Hampshire – 0.5%
	New Hampshire Health & Education Facilities Authority VRDN RB Refunding for Dartmouth College Series 2007 A (A-1+/VMIG1)^(e)
		2,500,000		0.290			10/01/10		2,500,000
	New Hampshire Health & Education Facilities Authority VRDN RB Refunding for Dartmouth College Series 2007 B (A-1+/VMIG1)^(e)
		1,000,000		0.290			10/01/10		1,000,000

									3,500,000


	New York – 0.9%
	New York City Transitional Finance Authority VRDN RB for New York City Recovery Subseries 2002 1-C (LIQ – JPMorgan Chase Bank, N.A.) (A-1+/VMIG1)^(e)
		3,600,000		0.290			10/01/10		3,600,000
	New York City VRDN GO Bonds Subseries 2008 L-4 (LOC – U.S. BANK, N.A.) (A-1+/VMIG1)^(e)
		2,400,000		0.260			10/01/10		2,400,000

									6,000,000


	Texas – 0.4%
	Lower Neches Valley Authority Industrial Development Corp. Exempt Facilities VRDN RB Refunding for Exxon Mobil Corp. Project Series 2001 A (A-1+/VMIG1)^(e)
		1,300,000		0.230			10/01/10		1,300,000

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

GOLDMAN SACHS MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2010 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Short-Term Investments – (continued)
	Texas – (continued)

	Texas Water Development Board VRDN RB Refunding State Revolving Sub Lien Series 2007 A (A-1+/VMIG1)^(e)
	$	1,380,000		0.300	%		10/01/10	$	1,380,000

									2,680,000


	TOTAL SHORT-TERM INVESTMENTS
	(Cost $19,080,000)							$	19,080,000


	Shares		Rate			Value

Investment Company – 1.9%


	JPMorgan Tax Free Money Market Fund – Institutional Shares^(e)
		13,176,180		0.150	%	$	13,176,180
	(Cost $13,176,180)

	TOTAL INVESTMENTS – 99.0%
	(Cost $641,115,367)					$	670,603,444


	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.0%						6,580,611


	NET ASSETS – 100.0%					$	677,184,055

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, 2010.

(b)		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 $7,655,678, which represents approximately 1.1% of net assets as of September 30, 2010.

(c)		Security with a “Put” feature and resetting interest rates. Maturity date disclosed is the puttable date. Interest rate disclosed is that which is in effect at September 30, 2010.

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

(e)		Variable rate security. Except for floating rate notes (for which the final maturity date is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect at September 30, 2010.


(f)		Issued with zero coupon. Income is recognized through the accretion of discount.

(g)		Security is issued with a zero coupon until next reset date.




Investment Abbreviations:
ACA	—	Insured by American Capital Access
AGM	—	Insured by Assured Guaranty Municipal Corp.
AGM-CR	—	Insured by Assured Guaranty Municipal Corp.-Insured Custodial Receipts
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
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
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
RB	—	Revenue Bond
RITES	—	Residual Interest Tax-Exempt Securities
RMKT	—	Remarketed
ST AID WITHHLDG	—	State Aid Withholding
VRDN	—	Variable Rate Demand Note
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 INCOME FUND

ADDITIONAL INVESTMENT INFORMATION

SWAP CONTRACT — At September 30, 2010, the Fund had an outstanding swap contract with the following terms:

CREDIT DEFAULT SWAP CONTRACT

Upfront

Payment

Notional

Rates

Credit Spread at

made/

Reference

Amount

received by

Termination

September 30, 2010^(a)

Market

(received)

Unrealized

Counterparty

Obligation

(000s)

the Fund

Date

(basis points)

Value

by the Fund

Gain (Loss)

Protection Sold:

Morgan Stanley
Capital Services, Inc.

MCDX North America 14 Index

2,500

2.450%

06/20/15

221

(109,509

)

(134,694

)

25,185


^(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.

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments

September 30, 2010 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

State-Specific Municipal Debt Obligations – 86.8%


	Alabama – 1.3%
	Alexander City Alabama Special Care Facilities Financing Authority Medical Facilities RB for Russell Hospital Corp. Series 2006 A (BB+/NR)
	$	1,110,000		5.000	%		12/01/11	$	1,139,970
	Birmingham Waterworks & Sewer Board RB Series 2002 B (NATL-RE) (AAA/NR)^(a)
		5,000,000		5.000			01/01/13		5,499,100
	Courtland Industrial Development Board RB Refunding for International Paper Co. Project Series 2003 A (BBB/Baa3)
		1,415,000		5.000			11/01/13		1,544,402
	Infirmary Health System Special Care Facilities Financing Authority of Mobile RB for Infirmary Health System, Inc. Series 2010 A (A-/NR)
		1,185,000		5.000			02/01/11		1,195,771
		500,000		5.000			02/01/12		520,535
		1,000,000		5.000			02/01/13		1,065,360
	Jefferson County Alabama Limited Obligation School Warrants RB Series 2004 A (BBB/B3)
		3,500,000		5.250			01/01/11		3,464,510
	Jefferson County Alabama Sewer Warrants RB for Capital Improvement Series 2002 D (FGIC) (AAA/Aaa)^(a)
		5,000,000		5.250			08/01/12		5,427,350
	Tuscaloosa Alabama Public Educational Building Authority RB Refunding Series 2009 B (AA-/NR)
		1,550,000		2.000			08/15/11		1,558,184
		1,925,000		3.000			08/15/12		1,970,276
		2,345,000		3.000			08/15/13		2,408,550
		2,795,000		3.500			08/15/14		2,910,825
		3,300,000		4.000			08/15/15		3,489,486
		3,850,000		3.000			08/15/16		3,854,042

									36,048,361


	Alaska – 0.4%
	Alaska State Housing Finance Corp. RB Series 2002 A (NATL-RE) (GO OF CORP) (AA/Aa2)
		1,000,000		5.000			07/01/11		1,031,320
	Anchorage Alaska GO Bonds Series 2001 B (NATL-RE FGIC) (AA/Aa2)
		1,010,000		5.500			07/01/12		1,046,805
	North Slope Borough Alaska GO Bonds Series 2001 A (NATL-RE) (AA-/Aa3)^(b)
		1,200,000		0.000			06/30/12		1,179,192
	Northern Tobacco Securitization Corp. RB Asset-Backed Bonds Series 2006 A (BBB+/Baa3)
		7,815,000		4.625			06/01/23		7,592,116

									10,849,433


	Arizona – 1.6%
	Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (A+/NR)^(c)
		2,150,000		1.004			01/01/37		1,419,021
	Arizona Health Facilities Authority Hospital RB for Catholic Healthcare West Series 2009 E (A/A2)^(d)
		2,000,000		5.000			07/02/12		2,115,220
	Arizona Health Facilities Authority Hospital RB for Phoenix Children’s Hospital Series 2007 A (NR/NR)^(c)(d)
		4,500,000		1.270			02/02/15		4,157,595


	Goodyear Arizona McDowell Road Commercial Corridor Improvement District Special Assessment Series 2007 A (AMBAC) (A-/A1)
		1,160,000		5.250			01/01/11		1,169,616
		1,225,000		5.250			01/01/12		1,272,212
	Maricopa County Arizona Pollution Control Corp. PCRB Refunding for Arizona Public Service Co. Palo Verde Project Series 2009 A (BBB-/Baa2)^(d)
		4,500,000		6.000			05/01/14		4,965,210
	Maricopa County Arizona Pollution Control Corp. PCRB Refunding for Arizona Public Service Co. Palo Verde Project Series 2009 E (BBB-/Baa2)^(d)
		1,000,000		6.000			05/01/14		1,103,380
	Maricopa County Arizona Pollution Control Corp. PCRB Refunding for Arizona Public Service Co. of New Mexico Palo Verde Project Series 2010 A (BB+/Baa3)^(d)
		5,000,000		4.000			06/01/15		5,082,700
	Maricopa County Community College District GO Bonds Series 2009 C (AAA/Aaa)
		5,000,000		3.000			07/01/13		5,304,400
	Navajo County Arizona Pollution Control Corp. PCRB Refunding for Arizona Public Service Co. Project Series 2009 B (BBB-/Baa2)^(d)
		3,000,000		5.500			06/01/14		3,265,320
	Phoenix Arizona GO Bonds Refunding Series 2009 C (AAA/Aa1)
		1,225,000		2.000			07/01/12		1,254,621
		4,000,000		2.500			07/01/13		4,199,440
	Phoenix Civic Improvement Corp. RB Refunding Junior Lien Series 2009 B (AAA/Aa2)
		1,000,000		3.000			07/01/12		1,040,560
	Scottsdale Arizona GO Bonds for Projects of 1999 and 2000 Series 2004 (AAA/Aaa)
		3,900,000		5.000			07/01/14		4,494,321
	Scottsdale Arizona IDA Hospital RB for Scottsdale Healthcare Series 2006 G (A/A2)
		2,500,000		1.420			05/01/41		2,499,900

									43,343,516


	Arkansas – 0.0%
	Washington County Arkansas Hospital RB Refunding for Regional Medical Center Series 2005 B (BBB/Baa1)
		1,000,000		5.000			02/01/11		1,007,730


	California – 10.3%
	Adelanto Public Financing Authority RB Refunding Series 2006 (NR/NR)
		745,000		4.050			09/15/11		751,593
	Alameda Corridor Transportation Authority Tax-Exempt Lien RB Refunding for Capital Appreciation Series 2004 B (AMBAC) (A-/Baa1)^(b)
		7,790,000		0.000			10/01/12		7,202,712
	Alameda Corridor Transportation Authority Senior Lien RB for Capital Appreciation Series 1999 A (NATL-RE) (A/A3)
		1,000,000		5.125			10/01/16		1,007,510

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 Health Facilities Financing Authority RB for Catholic Healthcare West Series 2009 F (A/A2)^(d)
	$	2,500,000		5.000	%		07/01/14	$	2,749,850
	California Health Facilities Financing Authority RB Refunding for St. Joseph Health System Series 2009 C (AA-/A1)^(d)
		5,000,000		5.000			10/16/14		5,592,450
	California Health Facilities Financing Authority RB Unrefunded Balance for Catholic Healthcare West Series 2004 H (A/A2)^(d)
		3,785,000		4.450			07/01/11		3,891,926
	California Infrastructure & Economic Development Bank RB for The J. Paul Getty Trust RMKT 08/02/06 Series 2003 A (AAA/Aaa)^(d)
		4,650,000		3.900			12/01/11		4,814,889
	California Municipal Finance Authority COPS for Community Hospitals of Central California Obligated Group Series 2009 (BBB-/Baa2)
		1,000,000		5.000			02/01/12		1,032,550
	California State Economic Recovery GO Bonds Refunding Series 2009 B (A+/Aa3)^(d)
		40,290,000		5.000			07/01/14		45,319,401
	California State Economic Recovery GO Bonds Series 2004 A (ETM) (AAA/Aaa)
		255,000		5.250			07/01/14		296,815
	California State Economic Recovery GO Bonds Series 2008 B (AAA/Aaa)^(a)
		5,925,000		5.000			07/01/11		6,132,612
	California State Economic Recovery GO Bonds Unrefunded Balance Series 2004 A (A+/Aa3)
		890,000		5.250			07/01/14		1,024,915
	California State GO Bonds Refunding Series 2002 (A-/A1)
		2,000,000		5.000			02/01/12		2,104,240
	California State GO Bonds Refunding Series 2005 (A-/A1)
		3,000,000		5.000			05/01/14		3,369,420
	California State GO Bonds Series 1993 (FGIC-TCRS) (A/A1)
		4,150,000		4.750			09/01/23		4,199,676
	California State GO Bonds Series 2002 (XLCA-ICR) (A-/NR)
		200,000		5.000			02/01/13		210,316
	California State GO Bonds Series 2004 (A-/A1)
		2,000,000		4.125			04/01/13		2,145,060
	California State Public Works Board Lease RB for Various Capital Projects Subseries 2009 G-1 (BBB+/A2)
		5,000,000		4.000			10/01/11		5,103,850
	California State Various Purpose GO Bonds Series 1991 (NATL-RE) (A/NR)^(b)
		1,750,000		0.000			09/01/11		1,717,975
	California State Various Purpose GO Bonds Series 2005 (A-/A1)
		3,850,000		5.000			03/01/13		4,200,658
	California State Various Purpose GO Bonds Series 2006 (A-/A1)
		2,500,000		5.000			03/01/14		2,797,375


	California Statewide Communities Development Authority RB for California State Proposition 1A Receivables Program Series 2009 (A-/A1)
		12,725,000		4.000			06/15/13		13,575,666
		30,425,000		5.000			06/15/13		33,260,002
	California Statewide Communities Development Authority RB for Kaiser Permanente Series 2002 C (A+/NR)^(d)
		1,000,000		3.850			06/01/12		1,039,770
	California Statewide Communities Development Authority RB for Kaiser Permanente Series 2009 A (A+/NR)
		5,000,000		5.000			04/01/14		5,515,500
	California Statewide Communities Development Authority RB for Kaiser Permanente Series 2009 E (A+/NR)^(d)
		3,000,000		3.500			05/02/11		3,026,850
	Coachella Valley California Water District Improvement Bond Act of 1913/1915 Limited Obligation Improvement Assessment District 70 Series 2006 (NR/NR)
		100,000		4.350			09/02/11		100,715
	El Monte City School District GO Bonds BANS for Capital Appreciation Series 2010 (SP-1+/A2)^(b)
		13,300,000		0.000			09/01/15		11,690,567
	Fairfield-Suisun Unified School District Public Financing Authority Special Tax Refunding Series 2006 A (AMBAC) (A-/Baa2)
		350,000		5.000			08/15/11		358,124
		550,000		5.000			08/15/12		577,814
		250,000		5.000			08/15/14		269,512
	Foothill-De Anza Community College District GO Bonds Series 2007 A (AMBAC) (AA/Aaa)
		2,070,000		4.000			08/01/11		2,128,498
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2003 A-1 (AAA/Aaa)^(a)
		2,000,000		6.750			06/01/13		2,317,200
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2007 A-1 (BBB/Baa3)
		17,295,000		4.500			06/01/27		15,457,925
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Enhanced Asset-Backed Bonds Series 2003 B (AAA/Aaa)^(a)
		2,000,000		5.500			06/01/13		2,251,560
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Enhanced Asset-Backed Bonds Series 2005 A (AMBAC) (BBB+/A2)
		1,815,000		5.000			06/01/11		1,851,082
		1,150,000		5.000			06/01/12		1,204,338
	Kings River Conservation District COPS for Peaking Project Series 2004 (NR/Baa1)
		300,000		5.000			05/01/11		307,002
		300,000		5.000			05/01/12		315,483
	Los Angeles Community Redevelopment Agency Tax Allocation for Hollywood Redevelopment Project Series 1998 C (NATL-RE) (A/Baa1)
		540,000		5.500			07/01/17		577,201

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2010 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

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

	Los Angeles County Metropolitan Transportation Authority Sales Tax RB Refunding First Tier Senior Series 2009 A (AAA/Aa2)
	$	4,000,000		5.000	%		07/01/11	$	4,137,120
	Los Angeles County Metropolitan Transportation Authority Sales Tax RB Refunding Second Senior Tier Series 2009 B (AA+/Aa2)
		2,385,000		4.000			07/01/13		2,594,045
	Los Angeles Department of Water & Power, Power System RB Refunding Subseries 2001 A-2 (NATL-RE) (AA-/Aa3)^(a)
		4,345,000		5.375			07/01/11		4,507,590
	Los Angeles Department of Water & Power, Power System RB Refunding Subseries 2001 A-2 (NATL-RE) (AA-/Aa3)
		2,435,000		5.375			07/01/13		2,520,395
	Los Angeles Unified School District GO Bonds Refunding Series 2009 A (AA-/Aa2)
		4,065,000		2.500			07/01/11		4,124,268
		4,010,000		5.000			07/01/12		4,296,594
		3,080,000		3.000			07/01/13		3,249,431
		3,735,000		3.000			07/01/14		3,972,994
	Los Angeles Unified School District GO Bonds Series 2003 A (NATL-RE) (AA-/Aa2)
		2,000,000		5.000			07/01/13		2,217,880
	Northern California Power Agency Capital Facilities RB Refunding Series 2010 A (A-/A3)
		1,250,000		2.000			08/01/12		1,273,425
		1,790,000		3.000			08/01/13		1,873,521
		1,235,000		4.000			08/01/14		1,344,446
		1,705,000		3.000			08/01/15		1,784,572
	Poway Unified School District GO BANS for School Facilities Improvement District No. 2007-1, Election of 2008 Series 2010 (NR/MIG1)^(b)
		12,000,000		0.000			12/01/11		11,777,400
	Richmond California Wastewater RB Refunding Series 2006 A (AMBAC) (AA-/A2)
		255,000		5.000			08/01/14		277,121
	Sacramento County Sanitation District Financing Authority RB Refunding for Sacramento County Regional Series 2007 B (NATL-RE FGIC) (AA/Aa3)^(c)
		1,650,000		0.729			12/01/35		1,164,735
	San Bernardino County Transportation Authority Sales Tax RB Series 2009 A (SP-1+/MIG1)
		1,500,000		4.000			05/01/12		1,569,780
	San Diego Public Facilities Financing Authority RB Refunding Series 2009 B (A+/Aa3)
		1,000,000		5.000			05/15/13		1,105,290
	San Francisco City & County Airport Commission San Francisco International Airport RB Refunding Second Series 2010 D (AGM) (AAA/Aa3)
		4,455,000		5.000			05/01/17		5,184,729
	San Francisco City & County Redevelopment Agency Tax Allocation for Mission Bay South Redevelopment Series 2009 D (BBB/NR)
		350,000		4.000			08/01/11		353,892
		250,000		4.500			08/01/13		259,928
		200,000		5.000			08/01/14		213,440


	San Jose Redevelopment Agency Tax Allocation for Merged Area Redevelopment Project Series 1993 (NATL-RE) (A/A2)
		2,710,000		6.000			08/01/15		3,047,720
	San Luis & Delta-Mendota Water Authority RB for DHCCP Development Projects Series 2009 A (A+/NR)
		3,000,000		4.500			03/01/14		3,184,560
	Tobacco Securitization Authority of Northern California Tobacco Settlement RB Senior Asset-Backed Bonds Series 2005 A-1 (BBB/Baa3)
		1,600,000		4.750			06/01/23		1,494,272
	Tobacco Securitization Authority of Southern California Tobacco Settlement RB Senior Asset-Backed Bonds Series 2002 A (AAA/Aaa)^(a)
		4,590,000		5.250			06/01/12		4,950,590
	William S. Hart Union High School District GO BANS Series 2009 (SP-1/NR)
		3,730,000		4.000			12/01/11		3,789,829
		2,825,000		5.000			12/01/11		2,902,236

									280,662,405


	Colorado – 0.9%
	Colorado Health Facilities Authority RB for Covenant Retirement Communities, Inc. Series 2005 (BBB-/NR)
		500,000		5.000			12/01/10		502,515
	Denver Colorado Airport System RB Series 2009 A (A+/A1)
		500,000		5.000			11/15/12		535,900
	Denver Colorado GO Bonds for Better Denver and Zoo Series 2009 A (AAA/Aaa)
		1,025,000		4.000			08/01/11		1,055,688
	E-470 Public Highway Authority RB Senior Series 1997 A (NATL-RE) (A/Baa1)
		4,125,000		5.750			09/01/13		4,453,804
	E-470 Public Highway Authority RB Series 2007 B-2 (NATL-RE) (A/Baa1)^(d)
		3,000,000		5.000			09/01/11		3,091,200
	Northwest Parkway Public Highway Authority Senior RB for Capital Appreciation Series 2001 B (AMBAC) (NR/NR)^(a)(b)
		6,500,000		0.000			06/15/11		2,225,290
	Northwest Parkway Public Highway Authority Senior RB Series 2001 A (AGM) (AAA/Aa3)^(a)
		11,400,000		5.250			06/15/11		12,004,542

									23,868,939


	Connecticut – 1.9%
	Connecticut State GO Bonds for Economic Recovery Series 2009 D (AA/Aa2)
		10,000,000		5.000			01/01/13		10,955,800
	Connecticut State GO Bonds Refunding Series 2004 B (NATL-RE) (AA/Aa2)
		4,325,000		5.000			12/01/13		4,888,418
	Connecticut State Health & Educational Facilities Authority RB for Ascension Health Series 1999 B (AA/Aa1)^(d)
		965,000		3.500			02/01/12		988,864
	Connecticut State Health & Educational Facilities Authority RB for Yale University Series 2010 A-3 (AAA/Aaa)^(d)
		10,000,000		4.000			02/07/13		10,773,900

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)
	Connecticut – (continued)

	Connecticut State Health & Educational Facilities Authority RB for Yale University Series 2010 A-4 (AAA/Aaa)^(d)
	$	19,345,000		5.000	%		02/12/15	$	22,426,465
	University of Connecticut RB Series 2010 A (GO OF UNIV) (AA/Aa2)
		1,000,000		5.000			02/15/13		1,101,260

									51,134,707


	District of Columbia – 0.2%
	District of Columbia Income Tax Secured RB Refunding Series 2010 C (AAA/Aa1)^(c)
		5,000,000		0.450			12/01/11		5,000,200


	Florida – 6.2%
	Alachua County Health Facilities Authority RB for Shands HealthCare Project Series 2010 B (A/A2)
		2,065,000		3.000			12/01/11		2,102,232
		920,000		3.000			12/01/12		944,601
	Broward County Florida Port Facilities RB Series 2009 A (A-/A2)
		2,360,000		5.000			09/01/11		2,435,284
		2,765,000		5.000			09/01/12		2,946,080
	Broward County Florida Resource Recovery RB Refunding for Wheelabrator Series 2001 A (AA/A3)
		4,000,000		5.375			12/01/10		4,011,040
	Broward County Florida School Board COPS Series 2002 B (AGM) (AAA/Aa3)^(a)
		4,105,000		5.375			07/01/11		4,257,993
	Capital Trust Agency RB for Seminole Tribe Convention Series 2003 A (AAA/NR)^(a)(e)
		5,000,000		8.950			10/01/12		5,839,850
	Citizens Property Insurance Corp. Senior Secured RB for High-Risk Account Series 2010 A-1 (A+/A2)
		7,500,000		5.000			06/01/14		8,031,525
		2,000,000		5.000			06/01/15		2,148,220
	Citizens Property Insurance Corp. Senior Secured RB Refunding for High Risk Account Series 2007 A (NATL-RE) (A+/A2)
		4,515,000		5.000			03/01/13		4,759,487
	Escambia Country Florida Health Facilities Authority Health Care Facilities RB for Baptist Hospital, Inc. Project Series 2010 A (BBB+/Baa1)
		1,980,000		5.000			08/15/13		2,115,234
		2,240,000		5.000			08/15/14		2,413,130
		2,365,000		5.000			08/15/15		2,554,034
	Florida Hurricane Catastrophe Fund Finance Corp. RB Series 2006 A (NATL-RE-IBC) (AA-/Aa3)
		17,300,000		5.000			07/01/11		17,793,569
	Florida Hurricane Catastrophe Fund Finance Corp. RB Series 2008 A (AA-/Aa3)
		8,000,000		5.000			07/01/13		8,543,520
	Florida Hurricane Catastrophe Fund Finance Corp. RB Series 2010 A (AA-/Aa3)
		13,305,000		5.000			07/01/15		14,551,679
	Florida State Board of Education GO Bonds for Public Education Capital Outlay Series 2009 F (AAA/Aa1)
		3,195,000		3.000			06/01/13		3,375,837


	Florida State Board of Education GO Bonds Series 2002 B (AAA/Aa1)
		1,505,000		5.375			01/01/11		1,523,150
	Florida State Department of Environmental Protection Florida Forever RB Refunding Series 2010 C (AA-/Aa3)
		7,500,000		4.000			07/01/11		7,696,125
	Florida State Department of Transportation GO Bonds for Right-of-Way Acquisition and Bridge Construction Series 2002 (AAA/Aa1)
		3,790,000		5.375			07/01/13		4,122,686
	Florida State Department of Transportation Turnpike RB Refunding Series 2003 B (AMBAC) (AA-/Aa3)
		3,650,000		5.000			07/01/17		3,982,077
	Florida State Municipal Power Agency RB for St. Lucie Project Series 2009 A (A/A2)
		2,845,000		5.000			10/01/13		3,119,201
		2,985,000		5.000			10/01/14		3,320,604
	Florida State Municipal Power Agency RB for Stanton Project Series 2009 A (A+/A1)
		885,000		4.000			10/01/12		932,480
		415,000		5.000			10/01/13		457,683
		890,000		5.000			10/01/14		999,150
	Florida State Municipal Power Agency RB for Stanton II Project Series 2009 A (A+/A1)
		420,000		4.000			10/01/12		442,533
		250,000		4.000			10/01/14		271,078
	Florida State Municipal Power Agency RB for Tri-City Project Series 2009 A (A+/A1)
		265,000		3.000			10/01/12		274,029
		290,000		3.000			10/01/13		302,928
		290,000		3.000			10/01/14		303,337
	Florida State Municipal Power Agency RB Refunding for Stanton Project Series 2008 (A+/A1)
		1,030,000		4.250			10/01/12		1,090,306
	Halifax Hospital Medical Center RB Refunding & Improvement Series 2006 A (A-/NR)
		1,255,000		5.000			06/01/13		1,355,601
		855,000		5.000			06/01/14		937,986
	Highlands County Florida Health Facilities Authority RB for Adventist Health System/Sunbelt Obligated Group Series 2002 (AA-/Aa3)^(d)
		2,450,000		3.950			09/01/12		2,582,251
	Highlands County Florida Health Facilities Authority RB Refunding for Adventist Health System/Sunbelt Obligated Group Series 2009 E (AA-/Aa3)
		2,000,000		5.000			11/15/13		2,201,060
		1,000,000		5.000			11/15/15		1,122,800
	Hillsborough County Aviation Authority RB for Tampa International Airport Series 2009 A (A+/Aa3)
		3,050,000		5.000			10/01/13		3,336,486
	Jacksonville Florida Special RB Series 2010 B-1 (AA-/Aa2)
		4,415,000		5.000			10/01/14		5,024,005
	JEA Florida Electric System RB Refunding Series 2009-3A (AA-/Aa2)
		2,275,000		5.000			10/01/13		2,540,151

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2010 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

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

	JEA Florida Electric System RB Refunding Subseries 2009 B (A+/Aa3)
	$	2,000,000		5.000	%		10/01/11	$	2,075,500
	JEA Florida Electric System RB Refunding Subseries 2009 C (ASSURED GTY) (AAA/Aa3)
		2,000,000		5.000			10/01/14		2,242,140
	Miami-Dade County School Board COPS Series 2003 B (NATL-RE) (A/A1)^(d)
		1,500,000		5.000			05/01/11		1,526,325
		1,400,000		5.500			05/01/11		1,428,532
	Miami-Dade County School District GO Bonds Refunding Series 1996 (NATL-RE) (A+/Aa3)
		1,170,000		5.000			07/15/11		1,207,171
	Miami-Dade County Water and Sewer System RB Refunding Series 2008 B (AGM) (AAA/Aa2)
		1,500,000		5.000			10/01/13		1,675,305
	Miami-Dade County Water and Sewer System RB Refunding Series 2008 C (BHAC) (AA+/Aa1)
		1,750,000		5.000			10/01/12		1,895,092
	Orange County School Board COPS Series 1997 A (NATL-RE) (A+/Aa3)
		2,870,000		6.000			08/01/11		2,987,412
	Osceola County School Board COPS for Harter Educational Facilities Lease Purchase Agreement Series 2009 A (ASSURED GTY) (AAA/Aa3)
		1,665,000		3.000			06/01/12		1,703,195
		2,495,000		5.000			06/01/14		2,708,797
	Palm Beach County Airport System RB Unrefunded Balance Series 2002 (NATL-RE) (A/A2)
		2,000,000		5.750			10/01/11		2,082,720
	Sarasota County School Board COPS for Master Lease Program Series 2010 B (AA-/Aa2)
		1,000,000		3.000			07/01/13		1,041,460
		1,400,000		3.000			07/01/14		1,462,006
		1,400,000		3.000			07/01/15		1,452,038
	Tampa Bay Water Utility System RB Refunding for Regulation of Water Supply Authority Series 2004 (NATL-RE FGIC) (AA+/Aa2)
		5,145,000		5.000			10/01/13		5,739,813

									167,988,528


	Georgia – 2.6%
	Albany-Dougherty County Hospital Authority RB for Regional Linked Stars and Cars Series 1993 (AMBAC) (AA-/Aa3)
		2,500,000		5.700			09/01/13		2,508,875
	Atlanta Georgia Wastewater RB Series 2009 A (A/A1)
		2,500,000		4.000			11/01/11		2,576,775
	Carroll City-County Hospital Authority Revenue Anticipation Certificates for Tanner Medical Center, Inc. Project Series 2010 (CNTY GTD) (AA-/Aa2)
		1,530,000		4.000			07/01/16		1,652,798
	Cherokee County Georgia GO Bonds Series 2009 (AA+/Aa1)
		1,200,000		3.000			04/01/11		1,215,816


	Clayton County & Clayton County Water Authority Water and Sewerage RB Refunding Series 2009 (AA+/NR)
		500,000		3.000			05/01/12		517,390
		1,000,000		4.000			05/01/13		1,078,380
	Clayton County & Clayton County Water Authority Water and Sewerage RB Refunding Series 2010 (AA+/NR)
		500,000		3.000			05/01/12		517,390
	Cobb County Water and Sewer Improvement RB Series 2009 (AAA/Aaa)
		1,025,000		5.000			07/01/13		1,145,837
		1,000,000		4.500			07/01/14		1,132,450
	Cobb County-Marietta Water Authority RB Series 2009 (AAA/Aaa)
		1,500,000		5.000			11/01/13		1,689,345
		2,850,000		5.000			11/01/14		3,282,829
	Coffee County School District Sales Tax GO Bonds Series 2009 (ST AID WITHHLDG) (AA+/NR)
		700,000		3.000			08/01/12		726,376
	Columbia County Georgia Sales Tax GO Bonds Series 2009 (AA+/Aa1)
		1,265,000		4.000			04/01/12		1,331,375
	De Kalb County School District GO Bonds Series 2007 (ST AID WITHHLDG) (AA+/Aa1)
		10,000,000		5.000			02/01/13		10,981,400
	East Point Building Authority RB for Water and Sewer Project Series 2006 A (XLCA) (NR/NR)
		1,025,000		5.000			02/01/12		1,051,199
		750,000		5.000			02/01/13		776,880
	East Point Building Authority RB Refunding for Water and Sewer Project Series 2007 (XLCA) (NR/NR)
		600,000		4.000			02/01/12		606,846
	Fulton County Facilities Corp. COPS for Public Purposes Project Series 2009 (AA-/Aa3)
		1,100,000		3.000			11/01/11		1,121,978
	Fulton Dekalb Georgia Hospital Authority RB Refunding Certificates Series 2003 (AGM) (AAA/Aa3)
		1,705,000		5.000			01/01/11		1,723,073
	Georgia State GO Bonds Refunding Series 2005 B (AAA/Aaa)
		3,425,000		5.000			07/01/12		3,693,349
	Georgia State GO Bonds Refunding Series 2009 E (AAA/Aaa)
		2,220,000		4.000			07/01/13		2,422,175
	Henry County School District GO Bonds Refunding Series 2001 (AA-/Aa2)
		1,000,000		5.125			08/01/14		1,036,970
	Marietta Georgia GO Bonds Refunding Series 2009 A (AA+/Aa2)
		1,000,000		2.500			02/01/13		1,037,860
		1,000,000		5.000			02/01/14		1,126,520
	Marietta Georgia GO Bonds Refunding Series 2009 B (AA+/Aa2)
		645,000		4.000			01/01/12		670,471
		710,000		2.000			01/01/13		728,226
	Monroe County Development Authority PCRB for Georgia Power Co. Project First Series 1995 (A/A3)^(d)
		2,000,000		4.500			04/01/11		2,032,660

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)

	Municipal Electric Authority RB for Combustion Turbine Project Series 2002 A (NATL-RE) (A/A1)
	$	8,260,000		5.250	%		11/01/13	$	9,028,180
	Municipal Electric Authority RB Subseries 2010 B (A/A2)
		1,200,000		3.000			01/01/12		1,229,160
		2,355,000		3.000			01/01/13		2,447,269
		1,685,000		3.000			01/01/14		1,762,948
	Polk School District GO Bonds for Capital Appreciation Series 2008 (ST AID WITHHLDG) (AA+/Aa1)^(b)
		1,355,000		0.000			04/01/12		1,327,534
	Public Gas Partners, Inc. RB Series 2009 A (A+/A2)
		6,130,000		5.000			10/01/15		6,777,880

									70,958,214


	Guam – 0.6%
	Guam Education Financing Foundation COPS for Public School Facilities Project Series 2006 A (A-/NR)
		1,030,000		5.000			10/01/12		1,074,753
	Guam Government Limited Obligation RB for Section 30 Series 2009 A (BBB-/NR)
		1,000,000		5.000			12/01/13		1,076,320
	Guam Power Authority RB Subseries 2010 A (BBB-/Ba2)
		2,000,000		6.000			10/01/11		2,003,960
		11,680,000		6.500			10/01/12		11,733,728

									15,888,761


	Hawaii – 0.5%
	Hawaii State GO Bonds Refunding Series 2003 DT (AA/Aa1)
		4,000,000		4.000			11/01/14		4,465,760
	Hawaii State GO Bonds Series 2003 DA (NATL-RE) (AA/Aa1)^(a)
		3,745,000		5.250			09/01/13		4,238,853
	Honolulu City and County GO Bonds Series 2004 B (NATL-RE) (AA/Aa1)
		3,600,000		5.000			07/01/15		4,117,104

									12,821,717


	Idaho – 0.4%
	Madison County Idaho Hospital COPS Refunding Series 2006 (BBB-/NR)
		425,000		5.000			09/01/11		432,259
	University of Idaho RB Refunding Series 2007 A (AGM) (AAA/Aa3)^(d)
		9,240,000		4.375			04/01/11		9,427,480

									9,859,739


	Illinois – 5.7%
	Berwyn Illinois GO Bonds Refunding Series 2004 (AMBAC) (NR/NR)
		200,000		5.000			12/01/12		212,636
	Chicago Illinois Board of Education GO Bonds Refunding Capital Appreciation for School Reform Series 1999 A (NATL-RE FGIC) (AA-/Aa2)^(b)
		2,500,000		0.000			12/01/15		2,194,950


	Chicago Illinois GO Bonds for City Colleges of Chicago Capital Improvement Project Series 1999 (NATL-RE FGIC) (AA-/Aa3)^(b)
		2,000,000		0.000			01/01/14		1,876,360
	Chicago Illinois GO Bonds for Lakefront Millennium Parking Facility Series 1999 (NATL-RE) (AA-/NR)^(a)
		5,000,000		5.750			01/01/12		5,427,750
	Chicago Illinois GO Bonds Refunding Series 2005 A (AGM) (AAA/Aa3)
		5,000,000		5.000			01/01/15		5,682,900
	Chicago Illinois O’Hare International Airport RB Series 2008 A (AGM) (AAA/Aa3)
		6,275,000		5.000			01/01/15		7,022,666
	Chicago Illinois Park District Harbour Facilities RB for Airport and Marina Improvement Series 2000 (XLCA-ICR) (NR/A1)^(a)
		1,610,000		5.650			01/01/11		1,630,656
	Chicago Illinois Public Building Commission RB Refunding Series 2006 (AMBAC) (A/A1)
		1,000,000		5.000			03/01/15		1,116,490
	Chicago Illinois Tax Allocation Junior Lien for Near South Redevelopment Project Series 2001 A (ACA) (NR/NR)
		300,000		5.000			11/15/11		307,893
		2,715,000		6.250			11/15/13		2,808,233
	Illinois Educational Facilities Authority RB for University of Chicago RMKT 07/01/09 Series 1998 (AA/Aa1)^(d)
		2,500,000		3.375			02/03/14		2,672,325
	Illinois Educational Facilities Authority RB for University of Chicago RMKT 10/04/01 Series 2001 B-1 (AA/Aa1)^(d)
		4,000,000		1.125			02/14/13		4,006,960
	Illinois Finance Authority RB for Art Institute of Chicago Series 2010 B (A+/A1)
		5,250,000		4.000			07/01/15		5,577,495
	Illinois Finance Authority RB Refunding for Advocate Health Care Network Series 2010 D (AA/Aa2)
		1,000,000		3.000			04/01/12		1,022,450
		5,110,000		3.000			04/01/13		5,278,783
	Illinois Finance Authority RB Refunding for Resurrection Health Care Corp. Series 2009 (BBB+/Baa1)
		1,750,000		5.000			05/15/13		1,854,405
		5,000,000		5.000			05/15/14		5,327,300
		4,400,000		5.250			05/15/15		4,705,756
	Illinois Finance Authority Gas Supply RB Refunding for The Peoples Gas Light and Coke Co. Project Series 2010 (A-/A1)^(d)
		2,250,000		2.125			07/01/14		2,243,138
	Illinois Health Facilities Authority RB for Advocate HealthCare Network Series 2003 A (AA/Aa2)^(d)
		1,875,000		4.375			07/01/14		1,999,688
	Illinois Health Facilities Authority RB for Delnor Hospital RMKT 06/04/08 Series 2003 A (AGM) (AAA/Aa3)
		1,875,000		5.000			05/15/11		1,916,831
	Illinois Municipal Electric Agency RB Refunding Series 2007 C (NATL-RE FGIC) (A+/A1)
		1,200,000		5.000			02/01/11		1,213,020

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2010 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

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

	Illinois State Build Illinois Sales Tax RB Junior Obligation Series 2010 (AAA/NR)
	$	5,050,000		5.000	%		06/15/14	$	5,653,778
	Illinois State GO Bonds Refunding Series 2007 B (A+/A1)
		1,800,000		5.000			01/01/11		1,815,696
	Illinois State GO Bonds Refunding Series 2010 (A+/A1)
		25,345,000		5.000			01/01/14		27,567,503
	Illinois State GO Bonds Refunding Series 2010 (AGM) (AAA/Aa3)
		6,725,000		5.000			01/01/15		7,422,652
	Illinois State GO Bonds Series 2003 (NATL-RE) (A+/A1)
		3,200,000		5.000			06/01/14		3,433,216
	Illinois State GO Bonds Series 2004 B (A+/A1)
		7,560,000		5.000			03/01/13		8,121,330
	Illinois State GO Bonds Series 2009 A (A+/A1)
		10,000,000		3.500			09/01/13		10,421,200
	Illinois State GO Bonds Series 2010 (SP-1/NR)
		21,000,000		3.000			06/14/11		21,232,680
	University of Illinois COPS for Utilities Infrastructure Projects Series 2001 A (AMBAC) (AA-/Aa2)^(a)
		3,000,000		5.000			08/15/11		3,119,280

									154,886,020


	Indiana – 1.5%
	Anderson Indiana RB Refunding for Anderson University Improvement Project Series 2007 (BBB-/NR)
		605,000		4.500			10/01/10		605,000
	Anderson School Building Corp. RB for First Mortgage Series 2003 (AMBAC) (AA+/NR)^(a)
		1,750,000		5.000			07/15/13		1,961,278
	Delaware County Indiana Hospital Authority RB Refunding for Ball Memorial Hospital, Inc. Obligated Group Series 2009 A (NR/Baa3)
		2,545,000		5.000			08/01/13		2,652,195
	Duneland School Building Corp. RB Refunding for First Mortgage Series 2009 (ST AID WITHHLDG) (AA+/NR)
		1,070,000		4.000			02/01/13		1,132,830
	Indiana Bond Bank RB for State Revenue Funding Program Series 2004 B (AAA/NR)
		4,000,000		5.000			02/01/13		4,388,640
	Indiana Health Facility Financing Authority RB for Ascension Health RMKT 02/25/09 Series 2001 (AA/Aa1)^(d)
		2,000,000		3.625			08/01/11		2,050,000
	Indiana Health Facility Financing Authority RB for Ascension Health RMKT 05/01/09 Series 2009 A (AA-/Aa2)^(d)
		1,500,000		5.000			08/01/13		1,656,360
	Indiana Transportation Finance Authority Highway RB Series 2000 (NATL-RE-IBC) (AA+/NR)^(a)
		3,600,000		5.500			12/01/10		3,629,376
	Indiana Transportation Finance Authority Highway RB Series 2003 A (AGM) (AAA/Aa1)^(a)
		13,580,000		5.000			06/01/13		15,128,799
	Indiana University RB for Student Fees Series 2008 S (AA/Aaa)
		1,200,000		5.000			08/01/12		1,296,684


	Jasper County PCRB Refunding for Northern Indiana Public Service Co. Project RMKT 08/25/08 Series 1994 B (NATL-RE) (BB+/Baa1)
		2,500,000		5.200			06/01/13		2,701,100
	Rockport Indiana PCRB Refunding for Michigan Power Co. Project Series 2009 B (BBB/Baa2)^(d)
		2,500,000		6.250			06/02/14		2,813,575

									40,015,837


	Iowa – 0.4%
	State University of Iowa Athletic Facilities RB Series 2010 S.U.I. (AA-/Aa2)^(f)
		500,000		2.500			07/01/14		526,135
		450,000		2.500			07/01/15		474,097
	State University of Iowa RB for Academic Building Revenue Flood Anticipation Project Series 2009 (SP-1+/MIG1)
		8,600,000		3.000			01/01/13		8,742,244
	State University of Iowa RB Refunding for University’s Utility System Series 2009 S.U.I. (NR/Aa1)
		1,000,000		3.000			11/01/12		1,045,540
		1,185,000		3.000			11/01/13		1,260,236

									12,048,252


	Kansas – 0.6%
	Burlington Kansas Environmental RB Refunding for Kansas City Power & Light Co. RMKT 04/08/08 Series 2007 A-1 (FGIC) (NR/Baa2)^(d)
		2,000,000		5.125			04/01/11		2,027,600
	Kansas Development Finance Authority Health Facilities RB for Hays Medical Center, Inc. Series 2005 L (NR/A2)
		500,000		5.250			11/15/10		502,255
	Kansas Development Finance Authority Hospital RB for Adventist Health System Series 2009 (AA-/Aa3)
		1,000,000		4.000			11/15/12		1,059,700
		2,390,000		4.000			11/15/13		2,576,229
	Kansas Development Finance Authority Hospital RB for Adventist Health System/Sunbelt Obligated Group Series 2009 D (AA-/Aa3)
		475,000		3.000			11/15/11		485,840
		355,000		3.500			11/15/12		372,501
		200,000		5.000			11/15/13		221,648
		225,000		5.000			11/15/14		254,455
	Kansas Development Finance Authority RB for Public Water Supply Revolving Loan Fund Series 2004 (AAA/Aaa)
		4,455,000		5.000			04/01/13		4,920,993
	Kansas Development Finance Authority RB for University of Kansas Housing System Project Series 2010 A (AA/Aa1)
		1,000,000		3.000			11/01/14		1,066,800
	Overland Park City Kansas GO Bonds for Internal Improvement Series 2006 A (AAA/Aaa)
		2,065,000		4.250			09/01/13		2,274,845

									15,762,866


	Kentucky – 0.1%
	Kentucky Economic Development Finance Authority RB Residuals Series 2009-3125 (AA/NR)^(e)(g)
		940,000		17.630			11/11/14		1,409,389

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)
	Kentucky – (continued)

	Western Kentucky University RB for General Recipients Series 2009 (ASSURED GTY) (AAA/Aa2)
	$	1,080,000		3.000	%		09/01/13	$	1,123,373

									2,532,762


	Louisiana – 1.3%
	Baton Rouge Louisiana Public Improvement Sales Tax RB Refunding Series 2010 B (AA+/Aa2)
		450,000		3.000			08/01/14		479,646
		500,000		3.000			08/01/15		533,795
	DeSoto Parish Louisiana PCRB Refunding for International Paper Co. Projects Series 2002 A (BBB/Baa3)
		1,240,000		5.000			10/01/12		1,317,426
	East Baton Rouge Parish Louisiana RB Refunding for Public Improvement Series 2004 ST (AMBAC) (AA/A1)^(a)
		4,405,000		5.000			02/01/14		5,050,068
	Greater New Orleans Expressway Commission RB Refunding Series 2009 (ASSURED GTY) (AAA/Aa3)
		225,000		2.750			11/01/12		229,788
		100,000		2.750			11/01/13		102,585
		205,000		2.750			11/01/14		209,446
	Livingston Parish Louisiana RB Certificates of Indebtedness Series 2005 (NR/NR)
		2,500,000		4.750			05/01/15		2,457,625
	Louisiana Local Government Environmental Facilities & Community Development Authority RB for Jefferson Parish Series 2009 A (AA-/Aa2)
		250,000		3.000			04/01/11		252,568
		400,000		3.000			04/01/12		410,832
		370,000		3.000			04/01/13		383,601
	Louisiana Public Facilities Authority RB for Archdiocese of New Orleans Project Series 2007 (CIFG) (NR/Baa2)
		350,000		5.000			07/01/12		367,416
	Louisiana Public Facilities Authority RB for Cleco Power LLC Project Series 2008 (BBB/Baa2)^(d)
		600,000		7.000			12/01/11		636,504
	Louisiana Public Facilities Authority RB for Hurricane Recovery Program Series 2007 (AMBAC) (A+/Aa3)
		2,030,000		4.000			06/01/12		2,120,132
	Louisiana State Gasoline and Fuels Tax RB Second Lien RMKT 06/01/10 Series 2010 A-1 (AA/Aa2)^(d)
		5,000,000		1.020			06/01/13		5,004,900
	Louisiana State GO Bonds Series 2000 A (FGIC) (AAA/Aa2)^(a)
		3,000,000		5.250			11/15/10		3,016,650
	Louisiana State Offshore Terminal Authority Deepwater Port RB for LOOP LLC Project RMKT 10/01/10 Series 2007 B-1A (A/NR)^(d)
		3,600,000		1.600			10/01/12		3,598,596
	Louisiana State Offshore Terminal Authority Deepwater Port RB for LOOP LLC Project Series 2010 B-1 (A/NR)^(c)(d)
		4,750,000		1.875			10/01/13		4,754,798
	Morehouse Parish Louisiana PCRB Refunding for International Paper Co. Project Series 2001 A (BBB/Baa3)
		3,520,000		5.250			11/15/13		3,872,282


	New Orleans Regional Transit Authority Sales Tax RB Series 2010 (AGM) (AAA/Aa3)^(f)
		500,000		4.000			12/01/15		546,435
		610,000		4.000			12/01/16		667,724
	Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2001 B (BBB/Baa3)
		180,000		5.500			05/15/30		181,670

									36,194,487


	Maine – 0.3%
	Ellsworth Maine GO BANS Series 2009 (SP-1+/NR)
		4,119,000		2.000			12/15/11		4,181,567
	Finance Authority of Maine Solid Waste Disposal RB for Waste Management, Inc. Project RMKT 11/10/04 Series 2004 (BBB/NR)^(c)
		3,125,000		3.800			11/01/15		3,328,094

									7,509,661


	Maryland – 1.6%
	Anne Arundel County Maryland GO Bonds for Consolidated General Improvements Series 2002 (AAA/NR)^(a)
		3,270,000		5.250			03/01/12		3,493,014
	Anne Arundel County Maryland GO Bonds for Consolidated General Improvements Series 2009 (AAA/Aa1)
		2,345,000		4.000			04/01/13		2,539,846
	Baltimore County Maryland GO Bonds 71st issue for Metropolitan District Public Improvement Series 2008 (AAA/Aaa)
		1,420,000		5.000			02/01/14		1,615,633
	Baltimore County Maryland GO Bonds Refunding for Pension Funds Series 2009 (AAA/Aaa)
		3,575,000		5.000			08/01/13		4,009,148
	Maryland State GO Bonds for State and Local Facilities Loan Second Series 2008 (AAA/Aaa)
		5,000,000		5.000			07/15/12		5,398,600
	Maryland State GO Bonds Refunding Series 2004 (AAA/Aaa)
		5,225,000		5.000			02/01/12		5,538,030
		5,000,000		5.000			02/01/13		5,510,200
	Maryland State Transportation Authority Grant and Revenue Anticipation Bonds Series 2008 (AAA/Aa1)
		4,500,000		5.250			03/01/15		5,298,795
	Montgomery County Maryland GO Bonds for Consolidated Public Improvement Series 2001 (AAA/Aaa)^(a)
		5,000,000		4.750			02/01/11		5,122,850
	Montgomery County Maryland GO Bonds Refunding for Consolidated Public Improvement Series 2009 A (AAA/Aaa)
		5,000,000		5.000			11/01/13		5,660,500

									44,186,616


	Massachusetts – 1.7%
	Boston Massachusetts GO Bonds Refunding Series 2009 C (AA+/Aaa)
		1,000,000		3.000			02/01/13		1,054,550
	Boston Massachusetts GO Bonds Series 2009 A (AA+/Aaa)
		1,000,000		4.000			04/01/13		1,082,310

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2010 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

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

	Massachusetts Bay Transportation Authority Senior Sales Tax RB Series 2002 A (AAA/Aa1)^(a)
	$	10,000,000		5.250	%		07/01/12	$	10,779,500
	Massachusetts State Department of Transportation Senior RB for Metropolitan Highway System Series 2010 B (A/A3)
		4,000,000		5.000			01/01/15		4,507,840
	Massachusetts State Development Finance Agency RB for Boston University Series 2009 V-2 (A/A2)
		4,000,000		2.875			10/01/14		4,081,040
	Massachusetts State Development Finance Agency Resource Recovery RB for SEMASS System Series 2001 A (NATL-RE) (A/Baa1)
		2,175,000		5.625			01/01/12		2,250,820
		260,000		5.625			01/01/14		269,987
	Massachusetts State GO Bonds Consolidated Loan Series 2004 D (AGM) (AAA/Aa1)^(a)
		3,475,000		5.000			12/01/14		4,011,714
	Massachusetts State GO Bonds Refunding Series 2010 A (AA/Aa2)^(c)
		2,500,000		0.800			02/01/14		2,504,900
	Massachusetts State GO Bonds Series 2001 C (AA/Aa1)
		6,250,000		5.500			12/01/12		6,602,812
	Massachusetts State GO Bonds Series 2005 C (AA/Aa1)
		3,250,000		5.000			09/01/12		3,523,748
	Massachusetts State Health & Educational Facilities Authority RB for Amherst College Series 2009 K-2 (AAA/Aaa)^(d)
		3,750,000		2.750			01/05/12		3,841,200
	Massachusetts State Health & Educational Facilities Authority RB for Emerson Hospital Series 2005 E (Radian) (NR/NR)
		780,000		5.000			08/15/11		791,201
		465,000		5.000			08/15/12		474,997
	Massachusetts State Health & Educational Facilities Authority RB for Harvard Pilgrim Health Care Series 1998 A (AGM) (AAA/Aa3)
		690,000		5.250			07/01/12		691,601
	Massachusetts State Health & Educational Facilities Authority RB for Milford Regional Medical Center Series 2007 E (BBB-/Baa3)
		285,000		5.000			07/15/11		287,887

									46,756,107


	Michigan – 2.1%
	Detroit Michigan Sewage Disposal RB Refunding Series 2003 A (AGM) (AAA/Aa3)
		3,000,000		5.000			07/01/11		3,060,450
	Kent Hospital Finance Authority RB Refunding for Spectrum Health System Series 2008 A (AA/Aa3)^(d)
		6,850,000		4.250			01/15/14		7,475,474
	Michigan Municipal Bond Authority State Aid Revenue Notes for Detroit School District Series 2010 B (SP-1/NR)
		7,000,000		5.000			03/21/11		7,005,320
	Michigan State Building Authority RB Refunding for Facilities Program Series 2002 III (ETM) (A+/Aa3)
		3,595,000		5.000			10/15/10		3,599,673


	Michigan State Building Authority RB Refunding for Facilities Program Series 2003 I (AGM) (AAA/Aa3)
		7,580,000		5.250			10/15/14		8,425,397
	Michigan State GO Bonds Refunding for Environmental Program Series 2005 B (NATL-RE) (AA-/Aa2)
		10,025,000		5.000			11/01/19		10,971,561
	Michigan State Hospital Finance Authority RB for Ascension Health Credit Group RMKT 08/16/10 Series 1999 B-3 (AA/NR)^(d)
		3,875,000		2.000			08/01/14		3,875,852
	Michigan State Hospital Finance Authority RB Refunding for Henry Ford Health System Series 2006 A (A/A1)
		500,000		5.000			11/15/10		501,880
	Michigan State Hospital Finance Authority RB Refunding for Henry Ford Health System Series 2009 (A/A1)
		1,000,000		3.000			11/15/10		1,001,550
		1,000,000		3.500			11/15/11		1,022,060
		1,000,000		3.000			11/15/12		1,025,580
	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-/NR)^(d)
		2,500,000		5.250			08/01/14		2,828,025
	Michigan State Strategic Fund Limited Obligation RB Refunding for The Detroit Edison Co. Pollution Control Project Series 1995 CC (AMBAC) (BBB/Baa1)^(d)
		25,000		4.850			09/01/11		25,831
	Monroe County Hospital Finance Authority Hospital RB Refunding for Mercy Memorial Hospital Corporate Obligations Series 2006 A (BB+/Baa3)
		980,000		5.000			06/01/12		994,974
	Royal Oak Hospital Finance Authority RB for William Beaumont Hospital Series 2009 (A/A1)
		2,000,000		6.250			09/01/14		2,287,780
	Wyandotte Electric RB Refunding Series 2009 A (ASSURED GTY) (AAA/Aa3)
		3,235,000		4.000			10/01/12		3,384,425

									57,485,832


	Minnesota – 1.9%
	Hennepin County Minnesota GO Bonds Refunding Series 2009 B (AAA/Aaa)
		8,280,000		3.000			12/01/12		8,721,407
	Minnesota State COPS for Technology System Lease Purchase Agreement Series 2009 (AA+/NR)
		8,575,000		4.000			06/01/14		9,421,438
	Minnesota State GO Bonds Series 2001 (AAA/Aa1)^(a)
		10,000,000		5.000			10/01/11		10,461,700
	Minnesota State GO Bonds Series 2008 C (AAA/Aa1)
		3,850,000		5.000			08/01/12		4,163,852
	Minnesota State Higher Education Facilities Authority RB for University of St. Thomas Series 2009 Seven-A (GO OF UNIV) (NR/A2)
		1,000,000		2.500			10/01/13		1,032,090
		950,000		3.000			10/01/14		1,002,706

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)
	Minnesota – (continued)

	Minnesota State Various Purpose GO Bonds Series 2009 D (AAA/Aa1)
	$	9,445,000		5.000	%		08/01/13	$	10,580,761
	Osseo Independent School District No. 279 GO Bonds Refunding for School Building Series 2009 C (SD CRED PROG) (AAA/Aa2)
		3,820,000		3.000			02/01/13		4,029,260
	St. Paul Independent School District No. 625 GO Bonds Refunding for Minnesota School Credit Enhancement Program Series 2009 C (SD CRED PROG) (AAA/Aa2)
		1,930,000		4.000			02/01/12		2,018,896

									51,432,110


	Mississippi – 0.5%
	DeSoto County Mississippi GO Bonds Refunding Series 2009 (AA/Aa2)
		250,000		3.000			11/01/11		255,642
		250,000		3.000			11/01/12		260,595
		700,000		3.000			11/01/13		742,469
	Greenville Public School District RB Refunding Series 2009 (AA-/NR)
		580,000		4.000			08/01/12		607,568
		605,000		4.000			08/01/13		645,940
	Jackson State University Educational Building Corp. RB for Campus Facilities Project Series 2008 (NR/Aa2)^(a)
		2,375,000		5.000			03/01/11		2,420,505
	Mississippi Business Finance Corp. Solid Waste Disposal RB for Waste Management, Inc. Project RMKT 03/01/10 Series 2004 (BBB/NR)^(d)
		1,000,000		1.750			09/01/11		999,640
	Mississippi Development Bank Special Obligation RB Refunding Series 2009 B-1 (ASSURED GTY) (AAA/Aa3)
		500,000		3.000			07/01/11		507,340
	Mississippi State GO Bonds for Capital Improvement Series 2002 (AGM-CR) (AAA/Aa2)^(a)
		5,000,000		5.000			11/01/12		5,438,250
	Ocean Springs School District GO Bonds Series 2009 (AA-/NR)
		1,135,000		4.000			05/01/13		1,221,544
	University Education Building Corp. RB Refunding Series 2009 B (AA/Aa2)
		1,790,000		3.000			10/01/13		1,880,001

									14,979,494


	Missouri – 0.3%
	Clay County Missouri Reorganized School District No. R-1 GO Bonds Refunding and Improvement for Missouri State Direct Deposit Program Series 2001 (AA+/Aa1)
		2,000,000		5.000			03/01/16		2,033,760
	Columbia School District GO Bonds Refunding Series 2005 B (NR/Aa1)
		1,000,000		5.000			03/01/12		1,063,090
	Missouri State Development Financial Board Infrastructure Facilities Tax Allocation Independence-Centerpoint Project Series 2007 E (A/NR)
		225,000		5.000			04/01/11		228,733


	Missouri State Highways & Transit Commission First Lien RB Series 2006 A (AAA/Aaa)
		4,000,000		5.000			05/01/12		4,282,160

									7,607,743


	Nebraska – 0.1%
	Omaha Nebraska GO Bonds Refunding Series 2008 (AAA/Aaa)
		3,840,000		4.000			06/01/12		4,044,173


	Nevada – 0.7%
	Clark County School District Limited Tax GO Bonds Refunding Series 2001 C (NATL-RE FGIC) (AA/Aa1)
		8,895,000		5.375			06/15/13		9,446,757
	Henderson Nevada Local Improvement Special Assessment Refunding for District No. T-14 Senior Limited Obligation Series 2007 A (AGM) (AAA/Aa3)
		1,395,000		4.250			03/01/11		1,402,826
	Las Vegas Valley Water District GO Bonds Refunding Series 2008 B (AA+/Aa1)
		5,000,000		5.000			06/01/13		5,521,400
	North Las Vegas Nevada Local Improvement Special Assessment Refunding for Sub-Special Improvement District No. 60-B Series 2006 (NR/NR)
		560,000		4.600			12/01/11		560,655
		615,000		4.700			12/01/12		615,086
		540,000		4.800			12/01/14		531,193

									18,077,917


	New Hampshire – 0.7%
	Manchester New Hampshire General Airport RB Refunding Series 2009 B (A-/A3)
		4,855,000		5.000			01/01/12		5,034,635
		5,105,000		5.000			01/01/13		5,407,369
		5,240,000		5.000			01/01/14		5,616,232
	New Hampshire Health & Education Facilities Authority RB for Catholic Medical Center Series 2006 (BBB+/Baa1)
		355,000		5.000			07/01/11		364,035
	New Hampshire Health & Education Facilities Authority RB for Dartmouth-Hitchcock Obligated Group Series 2009 (A+/NR)
		2,900,000		3.250			08/01/13		3,003,791
	New Hampshire Health & Education Facilities Authority RB for The Memorial Hospital Series 2006 (BBB-/Baa3)
		375,000		5.250			06/01/11		379,740
		395,000		5.250			06/01/12		405,815

									20,211,617


	New Jersey – 2.8%
	Atlantic County Utilities Authority Sewer RB Refunding Series 2009 (ASSURED GTY) (AA-/NR)
		1,000,000		5.000			01/15/12		1,054,590
		4,000,000		5.000			01/15/13		4,313,200
	Franklin Township School District GO Bonds Refunding Series 2009 (SCH BD RES FD) (AA/NR)
		1,315,000		4.000			08/15/12		1,391,822

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2010 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

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

	Morris County GO Bonds Refunding Series 2009 (AAA/Aaa)
	$	3,500,000		3.000	%		03/15/12	$	3,628,870
	New Jersey COPS for Equipment Lease Purchase Agreement Series 2009 A (AA-/Aa3)
		2,000,000		5.000			06/15/13		2,188,580
	New Jersey Economic Development Authority RB for School Facilities Construction RMKT 04/30/08 Series 2008 (AGM) (AAA/Aa3)^(d)
		2,000,000		5.000			09/01/14		2,211,600
	New Jersey Economic Development Authority RB for School Facilities Construction Series 2003 F (ETM) (AA-/Aa3)
		6,000,000		5.000			06/15/12		6,457,080
	New Jersey Economic Development Authority RB for School Facilities Construction Series 2003 F (NATL-RE FGIC) (AA-/Aa3)
		2,695,000		5.250			06/15/14		2,951,833
	New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2008 W (ETM) (AA-/Aa3)
		1,300,000		5.000			03/01/13		1,437,722
	New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2010 DD-1 (AA-/Aa3)
		7,500,000		5.000			12/15/16		8,667,300
	New Jersey State Turnpike Authority RB Refunded Balance Series 2000 A (NATL-RE) (A+/A3)
		2,120,000		6.000			01/01/11		2,147,772
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2001 C (AGM) (AAA/Aa3)
		5,285,000		5.750			12/15/12		5,844,312
	Newark Housing Authority RB for South Ward Police Facility Series 2009 (ASSURED GTY) (GO OF CITY) (NR/Aa3)
		1,155,000		3.500			12/01/11		1,178,943
		1,000,000		3.500			12/01/12		1,040,520
		1,235,000		3.500			12/01/13		1,288,266
	Somerset County New Jersey GO Bonds Series 2009 A (AAA/Aaa)
		3,320,000		2.000			08/01/13		3,445,131
	Sussex County New Jersey GO Bonds for General Improvement Series 2010 (NR/Aa2)
		2,665,000		2.000			08/15/14		2,748,255
	Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2002 (AAA/Aaa)^(a)
		6,925,000		5.750			06/01/12		7,413,628
		5,000,000		6.000			06/01/12		5,454,550
	Tobacco Settlement Financing Corp. RB Series 2003 (AAA/Aaa)^(a)
		1,750,000		6.750			06/01/13		2,030,070
	Tobacco Settlement Financing Corp. RB Series 2007 1-A (BBB/Baa3)
		4,965,000		4.500			06/01/23		4,649,722
	Union County New Jersey GO Bonds Refunding for General Improvement Series 2009 (AAA/Aaa)
		4,195,000		4.000			03/01/14		4,636,104

									76,179,870


	New Mexico – 1.3%
	Albuquerque Municipal School District No. 12 GO Bonds for School Building Series 2009 A (ST AID WITHHLDG) (AA/Aa1)
		1,000,000		4.000			08/01/11		1,029,180
	Albuquerque Municipal School District No. 12 GO Bonds Refunding for School Building Series 2006 C (ST AID WITHHLDG) (AA/Aa1)
		2,955,000		5.000			08/01/12		3,183,510
	Albuquerque New Mexico GO Bonds Series 2009 A (AAA/Aa1)
		4,000,000		3.000			07/01/13		4,240,160
	Farmington New Mexico PCRB Refunding for Southern California Edison Co. Four Corners Project RMKT 04/01/10 Series 2010 B (A/A1)^(d)
		10,000,000		2.875			04/01/15		10,308,600
	New Mexico Finance Authority State Transportation RB Refunding Senior Lien Series 2009 A (AA+/Aa1)
		6,000,000		2.000			06/15/12		6,143,460
	New Mexico State Severance Tax RB Series 2009 A (AA/Aa1)
		10,000,000		4.000			07/01/12		10,594,400

									35,499,310


	New York – 7.3%
	Albany County Airport Authority RB Refunding Series 2010 A (AGM) (AAA/Aa3)
		1,625,000		5.000			12/15/15		1,837,761
	Metropolitan Transportation Authority Dedicated Tax Fund RB Series 2004 A (NATL-RE) (AA/Aa3)
		600,000		5.000			11/15/10		603,114
	Metropolitan Transportation Authority RB Series 2008 (A/A2)^(d)
		1,825,000		5.000			11/15/12		1,967,916
	Monroe County Industrial Development Agency Civic Facilities RB for Highland Hospital Project Series 2005 (BBB+/A2)
		1,480,000		5.000			08/01/13		1,599,081
	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		1,060,610
	Nassau County New York GO Bonds Refunding Series 2009 E (A+/Aa3)
		500,000		4.000			06/01/12		526,685
		3,000,000		4.000			06/01/13		3,231,150
	New York City GO Bonds Series 2002 C (AGM) (AAA/Aa2)
		7,625,000		5.250			08/01/11		7,924,968
	New York City GO Bonds Series 2009 C (AA/Aa2)
		7,000,000		5.000			08/01/13		7,797,930
	New York City GO Bonds Series 2009 E (AA/Aa2)
		9,340,000		3.000			08/01/13		9,885,269
	New York City GO Bonds Series 2009 H-1 (AA/Aa2)
		2,500,000		4.000			03/01/13		2,688,350
	New York City GO Bonds Series 2010 A (AA/Aa2)
		1,200,000		3.000			08/01/16		1,267,656

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 GO Bonds Series 2010 B (AA/Aa2)
	$	6,770,000		5.000	%		08/01/15	$	7,857,871
		2,725,000		5.000			08/01/16		3,185,171
	New York City Health & Hospital Corp. RB Refunding for Health System Series 2003 A (AMBAC) (GO OF CORP) (A+/Aa3)
		500,000		5.000			02/15/11		507,440
	New York City Industrial Development Agency RB Refunding for Polytechnic University Project Series 2007 (ACA) (BB+/NR)
		1,630,000		5.000			11/01/11		1,684,947
	New York City Transitional Finance Authority RB Future Tax Secured Subseries 2009 B (AAA/Aa1)
		17,250,000		3.000			11/01/12		18,108,533
		2,750,000		5.000			11/01/12		3,000,002
	New York City Trust Cultural Resources RB for Juilliard School Series 2009 B (AA/Aa2)^(d)
		1,500,000		2.750			07/01/12		1,544,865
	New York State Dormitory Authority Lease RB for Municipal Health Facilities Improvement Program Series 2010-1 (AA-/Aa3)
		4,825,000		5.000			01/15/14		5,322,313
	New York State Dormitory Authority RB for New York University Hospital Center Series 2007 A (BBB/Baa2)
		1,000,000		5.000			07/01/11		1,024,930
	New York State Dormitory Authority RB for State University Educational Facilities Series 1993 A (NATL-RE-IBC) (A/Aa3)
		6,880,000		5.500			05/15/13		7,429,918
	New York State GO Bonds Refunding Series 2009 C (AA/Aa2)
		27,085,000		3.000			02/01/13		28,478,794
		23,075,000		3.000			02/01/15		24,738,477
	New York State Thruway Authority General BANS Series 2009 (SP-1+/MIG1)
		15,000,000		4.000			07/15/11		15,422,400
	New York State Thruway Authority RB for Local Highway and Bridge Service Contract Series 2009 (AA-/NR)
		4,560,000		4.000			04/01/13		4,905,967
		2,730,000		5.000			04/01/14		3,078,430
	New York State Urban Development Corp. RB for State Personal Income Tax Series 2009 B-1 (AAA/NR)
		1,300,000		3.000			03/15/11		1,315,691
		1,060,000		5.000			03/15/13		1,171,364
	New York State Urban Development Corp. RB Unrefunded Balance Senior Lien Series 1996 (GO OF CORP) (AAA/Aaa)
		1,360,000		5.500			07/01/16		1,364,066
	New York State Urban Development Corp. RB Unrefunded Balance Series 2002 A (AA-/Aa3)^(d)
		2,000,000		5.500			01/01/11		2,025,060
	Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2003 A-1 (AA-/Aa3)
		4,445,000		5.500			06/01/15		4,461,358


	Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2003 B-1C (AA-/Aa3)
		12,500,000		5.500			06/01/19		13,838,125
	Triborough Bridge & Tunnel Authority General Purpose RB Series 2008 (GO OF AUTH) (AA-/Aa2)
		2,250,000		5.000			11/15/11		2,361,780
	Triborough Bridge & Tunnel Authority RB Series 2001 A (FGIC-TCRS) (GO OF AUTH) (AAA/Aa2)^(a)
		5,000,000		5.000			01/01/12		5,288,450
	Troy IDA Civic Facilities RB for Rensselaer Polytechnic Institute Project RMKT 05/11/06 Series 2002 E (A/A3)^(d)
		1,500,000		4.050			09/01/11		1,538,145

									200,044,587


	North Carolina – 2.2%
	Albemarle Hospital Authority RB Refunding Series 2007 (NR/NR)
		270,000		5.000			10/01/10		270,000
	Centennial Authority RB Refunding Series 2009 (ASSURED GTY) (AA-/Aa2)
		1,715,000		5.000			09/01/12		1,840,761
		3,190,000		5.000			09/01/13		3,518,698
	Charlotte North Carolina Douglas International Airport RB Series 2010 A (A+/A1)
		1,220,000		2.250			07/01/14		1,240,191
	Charlotte North Carolina GO Bonds Refunding Series 2009 B (AAA/Aaa)
		6,010,000		5.000			06/01/13		6,705,597
	Charlotte-Mecklenburg Hospital Authority RB Refunding for Carolinas HealthCare System Series 2009 A (AA-/Aa3)
		740,000		4.000			01/15/13		791,948
	North Carolina Eastern Municipal Power Agency Power System RB Refunding Series 2008 A (A-/Baa1)
		1,000,000		5.000			01/01/14		1,111,230
	North Carolina Eastern Municipal Power Agency Power System RB Refunding Series 2010 A (A-/Baa1)
		5,500,000		5.000			01/01/16		6,301,900
	North Carolina Eastern Municipal Power Agency Power System RB Series 2009 A (A-/Baa1)
		1,235,000		5.000			01/01/12		1,296,120
		1,500,000		3.200			01/01/13		1,567,080
		500,000		5.000			01/01/13		542,185
	North Carolina Eastern Municipal Power Agency Power System RB Series 2009 B (A-/Baa1)
		500,000		3.000			01/01/13		520,155
		3,000,000		3.000			01/01/14		3,144,630
	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		1,139,610
	North Carolina Municipal Power Agency No. 1 Catawba Electric RB Series 2008 C (ETM) (A/A2)
		5,395,000		5.250			01/01/13		5,957,105
	North Carolina State GO Bonds Refunding Series 2009 A (AAA/Aaa)
		3,115,000		5.000			03/01/12		3,314,703
		10,000,000		5.000			03/01/13		11,054,300

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2010 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

State-Specific Municipal Debt Obligations – (continued)
	North Carolina – (continued)

	Wake County GO Bonds Refunding Series 2009 D (AAA/Aaa)
	$	10,000,000		4.000	%		02/01/13	$	10,809,400

									61,125,613


	Ohio – 2.0%
	Bowling Green Ohio Student Housing RB for CFP I LLC Bowling Green State University Project Series 2010 (BBB-/NR)
		2,595,000		4.000			06/01/16		2,626,374
	Buckeye Ohio Tobacco Settlement Financing Authority RB Senior Turbo Asset-Backed Bonds Series 2007 A-2 (BBB/Baa3)
		13,765,000		5.125			06/01/24		11,788,484
		3,420,000		5.375			06/01/24		3,004,401
	Cincinnati Ohio City School District GO Bonds for Classroom Facilities Construction and Improvement Series 2003 (AGM) (AAA/Aa2)^(a)
		5,000,000		5.000			12/01/13		5,673,150
	Cleveland Ohio Airport System RB Series 2009 C (A-/A3)
		5,000,000		4.000			01/01/13		5,209,950
	Cleveland Ohio RB Sub Lien for Police & Fire Pension Series 2008 (AA/NR)
		2,000,000		5.000			05/15/12		2,120,220
	Ohio State Air Quality Development Authority PCRB Refunding for FirstEnergy Generation Corp. Project Series 2009 D (BBB-/Baa1)^(d)
		10,000,000		4.750			08/01/12		10,365,400
	Ohio State GO Bonds Refunding for Higher Education Series 2009 C (AA+/Aa1)
		2,450,000		5.000			08/01/13		2,735,107
	Ohio State Higher Education Facility Commission RB for University Hospitals Health System, Inc. Series 2009 C (A/A2)^(d)
		4,100,000		3.750			01/15/13		4,252,397
	Ohio State RB for Mental Health Capital Facilities Series II-2009 A (AA/Aa2)
		1,735,000		3.500			12/01/12		1,819,651
		1,320,000		4.000			12/01/13		1,424,715
	Ohio State Water Development Authority Fresh Waste RB Refunding Series 2009 B (AAA/Aaa)
		1,500,000		5.000			06/01/11		1,545,720
	Ohio State Water Development Authority Solid Waste Disposal RB for Waste Management, Inc. Project Series 2004 (BBB/NR)^(d)
		2,000,000		2.625			01/02/13		2,000,000

									54,565,569


	Oklahoma – 1.0%
	Oklahoma County Independent School District No. 12 Combined Purpose GO Bonds for Edmond School District Series 2010 (AA/NR)
		4,020,000		2.000			03/01/13		4,110,450
		4,745,000		2.250			03/01/14		4,899,497


	Oklahoma Development Finance Authority Hospital RB for Great Plains Regional Medical Center Project Series 2007 (BBB-/NR)
		730,000		4.375			12/01/10		731,591
	Oklahoma Development Finance Authority RB for Master Oklahoma State System Higher Education Series 2008 A (AA/Aa3)
		1,340,000		5.000			06/01/13		1,472,674
	Tulsa County Industrial Authority RB for Capital Improvement RMKT 08/17/09 Series 2003 A (AA-/NR)
		10,965,000		4.000			05/15/16		12,184,856
	Tulsa Oklahoma GO Bonds Refunding Series 2009 A (AA/Aa1)
		1,015,000		3.000			03/01/13		1,070,084
	Tulsa Oklahoma GO Bonds Refunding Series 2009 B (AA/Aa1)
		1,985,000		3.000			03/01/13		2,092,726
	Tulsa Oklahoma GO Bonds Series 2009 (AA/Aa1)
		1,000,000		5.000			10/01/14		1,153,490

									27,715,368


	Oregon – 0.5%
	Clackamas County Hospital Facility Authority RB Legacy Health System Series 2009 C (A+/A2)^(d)
		2,000,000		5.000			07/15/14		2,192,720
	Gilliam County Oregon Solid Waste Disposal RB for Waste Management, Inc. Project RMKT 03/01/10 Series 2007 (BBB/NR)^(d)
		2,000,000		1.700			09/01/11		1,999,280
	Klamath Falls Oregon Intercommunity Hospital Authority RB for Merle West Medical Center Project Series 2002 (BB+/NR)^(a)
		550,000		5.800			09/01/12		610,324
		520,000		5.900			09/01/12		578,016
	Klamath Falls Oregon Intercommunity Hospital Authority RB Refunding for Merle West Medical Center Project Series 2002 (BB+/NR)
		400,000		5.500			09/01/11		405,516
		550,000		5.600			09/01/12		565,054
	Klamath Falls Oregon Intercommunity Hospital Authority RB Unrefunded Balance for Merle West Medical Center Project Series 2002 (BB+/NR)
		325,000		5.800			09/01/14		334,523
		175,000		5.900			09/01/15		179,534
	Lake Oswego Oregon GO Bonds Series 2009 A (AAA/Aa1)
		1,575,000		3.000			12/01/13		1,680,714
	North Clackamas School District No. 12 GO Bonds Refunding Series 2004 (AGM) (SCH BD GTY) (AAA/Aa1)
		3,000,000		5.000			06/15/13		3,331,770
	Oregon State Facilities Authority RB Refunding for Legacy Health System Series 2010 A (A+/A2)
		500,000		5.000			03/15/13		537,345
		500,000		5.000			03/15/14		544,975

									12,959,771

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)

	Pennsylvania – 1.7%
	Allegheny County Redevelopment Authority Tax Increment Refunding for Waterfront Project Series 2007 A (A/NR)
	$	1,255,000		5.000	%		12/15/10	$	1,263,233
		1,300,000		4.250			12/15/12		1,334,775
		1,050,000		4.250			12/15/15		1,073,027
		645,000		4.250			12/15/17		640,620
	Boyertown Area School District GO Bonds Series 2009 (ASSURED GTY) (ST AID WITHHLDG) (AAA/NR)
		600,000		4.000			02/01/11		605,418
	Carbon County Hospital Authority RB Refunding for Gnaden Huetten Memorial Hospital Series 2000 (AMBAC) (CNTY GTD) (NR/NR)
		1,260,000		5.400			11/15/14		1,321,186
	Chester County Health & Education Facilities Authority RB for Jefferson Health System Series 2010 A (AA/Aa3)
		1,775,000		4.000			05/15/14		1,930,383
	Lampeter-Strasburg School District GO Bonds Series 2010 (ST AID WITHHLDG) (AA/NR)
		1,000,000		2.000			03/01/12		1,016,450
	North Penn School District GO Bonds Series 2009 (ASSURED GTY) (ST AID WITHHLDG) (NR/Aa2)
		4,185,000		5.000			09/01/11		4,321,180
	Pennsylvania Economic Development Financing Authority Exempt Facilities RB Refunding for Exelon Generation Co. LLC Project Series 2009 A (NR/A3)^(d)
		1,500,000		5.000			06/01/12		1,582,710
	Pennsylvania Economic Development Financing Authority Solid Waste Disposal RB for Waste Management, Inc. Project Series 2009 (BBB/NR)^(d)
		2,500,000		2.625			12/03/12		2,509,100
	Pennsylvania State Commonwealth GO Bonds Refunding Second Series 2003 A (NATL-RE FGIC) (AA/Aa1)
		10,515,000		5.000			07/01/12		11,327,389
	Pennsylvania State Commonwealth GO Bonds Refunding Series 2002 (AA/Aa1)
		1,850,000		5.500			02/01/13		2,054,629
	Pennsylvania State Department of General Services COPS Refunding Series 2001 (AGM) (AAA/Aa3)
		250,000		5.000			11/01/12		261,105
	Pennsylvania State Higher Educational Facilities Authority RB for State System of Higher Education Series 2006 AE (NATL-RE) (GO OF UNIV) (AA/Aa2)
		2,340,000		5.000			06/15/12		2,503,004
	Pennsylvania State Turnpike Commission RB Refunding Series 2001 S (A+/Aa3)
		1,155,000		5.625			06/01/14		1,203,152
	Philadelphia School District GO Bonds Refunding Series 2005 A (AMBAC) (ST AID WITHHLDG) (A+/Aa2)
		1,000,000		5.000			08/01/13		1,094,600
	Pittsburgh Water & Sewer Authority RB Refunding Subseries 2009 C-1D (ASSURED GTY) (AAA/NR)^(d)
		2,000,000		2.625			09/01/12		2,019,500
	Red Lion Area School District GO Bonds RMKT 10/01/09 Series 2005 (AGM) (ST AID WITHHLDG) (AAA/NR)
		1,000,000		4.000			05/01/13		1,068,860


	Sharon City School District GO Bonds Series 2010 (ASSURED GTY) (ST AID WITHHLDG) (AAA/NR)
		1,175,000		3.000			05/15/12		1,211,307
	Southeastern Pennsylvania Transportation Authority RB Refunding Series 2010 (AA-/A1)^(f)
		3,000,000		3.000			03/01/14		3,158,040
	University of Pittsburgh RB for University Capital Project RMKT 12/17/08 Series 2005 A (GO OF UNIV) (AA/Aa1)^(d)
		2,000,000		5.500			09/15/13		2,234,480

									45,734,148


	Puerto Rico – 4.2%
	Government Development Bank for Puerto Rico RB Refunding RMKT 12/30/09 Series 1985 (NATL-RE) (COMWLTH GTD) (A/NR)
		11,365,000		4.750			12/01/15		11,837,216
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2008 A (BBB-/Baa1)
		2,500,000		5.000			07/01/12		2,630,100
	Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2008 A (ASSURED GTY) (AAA/Aa3)
		825,000		5.000			07/01/14		910,883
	Puerto Rico Electric Power Authority RB Refunding Series 1999 OO (CIFG) (BBB+/A3)
		500,000		5.000			07/01/13		543,820
	Puerto Rico Municipal Finance Agency GO Bonds Series 1999 A (AGM) (AAA/Aa3)
		120,000		5.750			08/01/12		121,015
	Puerto Rico Public Buildings Authority RB Refunding for Government Facilities Series 2004 J (AMBAC) (COMWLTH GTD) (BBB-/A3)^(d)
		4,965,000		5.000			07/01/12		5,179,935
	Puerto Rico Public Buildings Authority RB Refunding for Government Facilities Series 2004 J (COMWLTH GTD) (BBB-/A3)^(d)
		1,050,000		5.000			07/01/12		1,095,455
	Puerto Rico Public Finance Corp. RB for Commonwealth Appropriations Series 2004 A (LOC – Government Development Bank for Puerto Rico) (AMBAC) (BBB-/Baa1)^(d)
		1,405,000		5.250			02/01/12		1,448,583
	Puerto Rico Public Finance Corp. RB for Commonwealth Appropriations Series 2004 A (LOC – Government Development Bank for Puerto Rico) (FGIC) (BBB-/Baa1)^(d)
		22,010,000		5.250			02/01/12		22,692,750
	Puerto Rico Public Finance Corp. RB for Commonwealth Appropriations Series 2004 A (LOC – Government Development Bank for Puerto Rico) (NATL-RE) (A/Baa1)^(d)
		4,270,000		5.250			02/01/12		4,402,455
	Puerto Rico Sales Tax Financing Corp. RB Series 2009 A (A+/A1)^(d)
		61,560,000		5.000			08/01/11		63,923,288

									114,785,500

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2010 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

State-Specific Municipal Debt Obligations – (continued)

	Rhode Island – 0.1%
	Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2002 A (BBB/Baa3)
	$	1,480,000		6.000	%		06/01/23	$	1,497,730


	South Carolina – 1.8%
	Beaufort-Jasper South Carolina Water & Sewer Authority Waterworks and Sewer System RB Series 2010 B (AA/Aa1)
		500,000		4.000			03/01/12		523,540
		1,255,000		4.000			03/01/13		1,354,245
		2,400,000		5.000			03/01/14		2,727,528
	Florence County South Carolina Hospital RB for McLeod Regional Medical Center Project Series 2010 A (A+/NR)
		1,125,000		3.000			11/01/12		1,167,964
		1,905,000		4.000			11/01/16		2,043,912
	Greenville County Tourism Public Facilities Corp. COPS for Greenville Hospitality Tax Series 2008 (NATL-RE) (A/A1)
		1,075,000		4.000			04/01/11		1,092,598
	Lexington One School Facilities Corp. Installment Purchase RB for Lexington County School District No. 1 Series 2006 (NR/Aa3)
		500,000		5.000			12/01/10		503,600
	Oconee County PCRB Refunding for Duke Power Co. Project Series 2009 (A/A1)
		6,000,000		3.600			02/01/17		6,372,780
	Richland County South Carolina GO Bonds Series 2009 A (AA+/Aa1)
		1,585,000		5.000			03/01/13		1,756,941
	Richland County South Carolina School District No. 2 GO Bonds Refunding Series 2009 C (SCSDE) (AA/Aa1)
		1,615,000		3.000			03/01/13		1,700,660
		1,595,000		3.000			03/01/14		1,699,871
	Rock Hill South Carolina RB Refunding for Combined Utility System Series 2009 C (ASSURED GTY) (AAA/Aa3)
		1,430,000		4.000			01/01/12		1,480,508
	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		1,016,170
		1,080,000		3.500			08/01/13		1,111,903
	South Carolina Jobs-Economic Development Authority Hospital RB Refunding for AnMed Health Project Series 2010 (A+/NR)
		1,000,000		3.000			02/01/12		1,029,410
	South Carolina State GO Bonds for School Facilities Series 2002 A (AA+/Aaa)
		10,060,000		5.000			01/01/13		10,709,172
	South Carolina State Public Service Authority RB Refunding Series 2009 A (AA-/Aa2)
		2,000,000		5.000			01/01/12		2,111,260
	Tobacco Settlement Revenue Management Authority RB Series 2001 B (BBB/Baa3)^(a)
		1,480,000		6.000			05/15/11		1,495,732
	Tobacco Settlement Revenue Management Authority RB Series 2003 (BBB/Baa3)
		1,885,000		5.000			06/01/18		1,887,111


	Western Carolina Regional Sewer Authority RB Refunding for South Carolina Sewer System Series 2005 B (AGM) (AAA/Aa2)
		2,200,000		5.000			03/01/15		2,545,378
	York County School District No. 3 GO Bonds Series 2001 (SCSDE) (AA/Aa1)
		4,000,000		5.000			03/01/13		4,244,200

									48,574,483


	South Dakota – 0.0%
	South Dakota State Health & Educational Facilities Authority RB for Sanford Health Series 2009 (AA-/A1)
		1,250,000		4.250			11/01/14		1,346,237


	Tennessee – 2.1%
	Chattanooga Tennessee Industrial Development Board Lease Rental RB Refunding Series 2010 (AA/NR)
		4,055,000		3.000			10/01/13		4,285,851
	Johnson City Health & Educational Facilities Board Hospital RB for Mountain States Health Alliance Series 2010 A (BBB+/Baa1)
		890,000		5.000			07/01/15		952,683
	Knox County GO Bonds Refunding Series 2003 (AA+/Aa1)
		4,500,000		5.000			04/01/13		4,786,110
	Lewisburg Industrial Development Board Solid Waste Disposal RB for Waste Management, Inc. Project RMKT 07/28/06 Series 2006 (BBB/NR)^(d)
		2,500,000		2.500			07/01/12		2,527,650
	Memphis Tennessee BANS Series 2010 (SP-1+/MIG1)
		2,500,000		4.000			05/01/12		2,620,700
	Memphis Tennessee Electric System RB Subseries 2003 A (NATL-RE) (AA+/Aa2)^(a)
		6,000,000		5.000			12/01/13		6,787,680
	Memphis Tennessee GO Bonds Refunding for General Improvement Series 2005 (NATL-RE) (AA/Aa2)
		4,430,000		5.000			10/01/11		4,629,128
	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		5,265,550
	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		5,379,800
	Metropolitan Nashville Airport Authority Airport Improvement RB Refunding Series 2010 A (A/A2)
		3,285,000		4.000			07/01/13		3,507,263
	Rutherford County GO Bonds Capital Outlay Notes Series 2009 (SP-1+/MIG1)
		2,500,000		4.000			04/01/12		2,628,875
	Sevier County Public Building Authority RB for Local Government Public Improvement Series VII-D-1 (MUN GOVT GTD) (AA/NR)
		5,000,000		4.000			06/01/12		5,243,950
		5,000,000		5.000			06/01/14		5,614,450

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)
	Tennessee – (continued)

	Sevierville Public Building Authority RB for Local Government Public Improvement Series 2009 (MUN GOVT GTD) (AA/NR)
	$	1,500,000		4.000	%		06/01/14	$	1,639,605

									55,869,295


	Texas – 8.2%
	Bell County GO Bonds Limited Tax Notes Series 2008 (ETM) (NR/Aa3)
		135,000		4.000			02/15/11		136,816
		275,000		4.000			02/15/12		288,307
	Bell County GO Bonds Unrefunded Balance Limited Tax Notes Series 2008 (AA+/Aa2)
		365,000		4.000			02/15/11		369,654
		225,000		4.000			02/15/12		235,793
	Collin County Texas GO Bonds Refunding Limited Tax Series 2009 A (AAA/Aaa)
		1,105,000		3.000			02/15/13		1,165,211
		1,135,000		3.000			02/15/14		1,214,121
	Collin County Texas GO Bonds Refunding Series 2009 A (AAA/Aaa)
		1,385,000		5.000			02/15/13		1,525,245
		550,000		3.000			02/15/14		588,341
	Corpus Christi Texas Utility System RB Series 2005 (AGM) (AAA/Aa3)
		1,000,000		5.000			07/15/12		1,073,980
	Cypress-Fairbanks Independent School District GO Bonds Refunding for Capital Appreciation Series 1993 A (PSF-GTD) (AAA/Aaa)^(b)
		7,500,000		0.000			02/15/12		7,399,875
	Dallas County Texas Utility & Reclamation District GO Bonds Refunding RMKT 06/25/08 Series 2005 A (AMBAC) (BBB+/A3)
		835,000		4.000			02/15/11		838,056
	Dallas Texas Independent School District GO Bonds Refunding Series 2009 (A+/Aa2)
		2,000,000		5.000			02/15/13		2,189,140
	Dallas-Fort Worth International Airport Joint RB Refunding Series 2009 A (A+/A1)
		2,500,000		4.000			11/01/13		2,706,550
		2,000,000		4.000			11/01/14		2,191,800
	Denton Texas Independent School District GO Bonds for Capital Appreciation Series 2002 (PSF-GTD) (AAA/Aaa)^(a)(b)
		5,745,000		0.000			08/15/12		2,385,611
	Duncanville Independent School District Unlimited Tax GO Bonds for School Building Series 2001 B (PSF-GTD) (AAA/Aaa)^(a)
		1,000,000		5.250			02/15/12		1,062,510
	Fort Bend County Texas GO Bonds Unlimited Tax Road Refunding Series 2009 (AA+/Aa1)
		400,000		4.000			03/01/11		405,828
		500,000		3.000			03/01/12		516,125
		800,000		4.000			03/01/13		860,672
		500,000		4.000			03/01/14		548,685


	Fort Worth Texas General Purpose GO Bonds Series 2009 (AA+/Aa1)
		4,260,000		4.000			03/01/13		4,577,753
	Gulf Coast Waste Disposal Authority Environmental Facilities RB for BP Products North America, Inc. Project RMKT 09/01/09 Series 2004 (AA/Aa1)^(d)
		5,000,000		2.300			09/03/13		4,999,950
	Harris County Texas Cultural Education Facilities Finance Corp. RB for Texas Children’s Hospitals Project Series 2009 (AA/Aa2)
		1,680,000		3.500			10/01/13		1,789,032
	Harris County Texas Cultural Education Facilities Finance Corp. RB Refunding for Methodist Hospital System Series 2009 B-2 (AA/NR)^(d)
		3,000,000		5.000			06/01/13		3,305,340
	Harris County Texas Cultural Education Facilities Finance Corp. Thermal Utility RB for TECO Project Series 2009 A (AA/Aa3)
		1,000,000		5.000			11/15/12		1,075,050
	Harris County Texas GO Bonds Refunding for Permanent Improvement Series 2009 B (AAA/NR)
		300,000		4.000			10/01/12		320,322
		1,000,000		4.000			10/01/13		1,094,950
	Harris County Texas Tax and Sub Lien RB Refunding Series 2004 B (AGM) (AAA/Aaa)^(d)
		5,500,000		5.000			08/15/12		5,909,255
	Harrison County Texas Health Facilities Development Corp. Hospital RB for Good Shepherd Health System Series 2010 (BBB+/Baa2)
		500,000		3.000			07/01/11		502,175
		480,000		3.000			07/01/12		482,746
		500,000		4.000			07/01/13		514,895
		855,000		4.000			07/01/14		881,932
		930,000		4.000			07/01/15		946,033
		2,005,000		4.500			07/01/16		2,071,426
	Hockley County Texas GO Bonds Series 2009 (ASSURED GTY) (AAA/NR)
		1,090,000		4.000			02/15/12		1,131,976
		1,050,000		4.000			02/15/13		1,112,916
	Houston Texas Combined Utility System RB Refunding First Lien Houston RMKT 05/23/08 Series 2004 C-2B (AMBAC) (AA/Aa2)^(d)
		6,975,000		5.000			05/15/11		7,157,536
	Houston Texas Water and Sewer System Junior Lien RB Forward Refunding Series 2002 B (AMBAC) (AA/NR)^(a)
		5,500,000		5.750			12/01/12		6,110,720
	Houston Texas Water and Sewer System Junior Lien RB Refunding Series 1991 C (AMBAC) (AA/Aa2)^(b)
		5,000,000		0.000			12/01/11		4,960,950
	Houston Texas Water and Sewer System Junior Lien RB Refunding Series 2002 A (AGM) (AAA/Aa3)^(a)
		7,775,000		5.000			12/01/12		8,495,976
		3,855,000		5.125			12/01/12		4,222,767
		9,350,000		5.250			12/01/12		10,266,955

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2010 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

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

	Hurst Euless Bedford Texas Independent School District GO Bonds Refunding for Capital Appreciation Series 1994 (PSF-GTD) (AAA/Aaa)^(b)
	$	4,620,000		0.000	%		08/15/11	$	4,596,207
	Klein Texas Independent School District GO Bonds Refunding Series 2003 A (PSF-GTD) (AAA/Aaa)
		2,050,000		4.250			08/15/14		2,307,521
	Lower Colorado River Authority RB Refunding Series 2008 (A/A1)
		2,450,000		5.500			05/15/14		2,821,175
	Lubbock GO Bonds Certificates for Texas Waterworks System Series 2008 (AGM) (AAA/Aa2)
		1,500,000		5.000			02/15/12		1,584,885
	Lubbock GO Bonds for Municipal Drainage Utilities Series 2003 D (NATL-RE) (AA+/Aa2)^(a)
		8,500,000		5.000			02/15/12		9,026,575
	Matagorda County Texas Navigation District No. 1 RB Refunding for American Electric Power Texas Central Co. Project Series 2008 (BBB/Baa2)^(d)
		9,000,000		5.125			06/01/11		9,194,490
	Midland Texas Certificates of Obligation GO Bonds Series 2007 (NATL-RE) (AA+/Aa1)
		1,155,000		4.000			03/01/13		1,235,723
		1,255,000		4.000			03/01/14		1,367,950
	Mission Economic Development Corp. Solid Waste Disposal RB for Allied Waste North America, Inc. Project RMKT 10/01/10 Series 2008 A (BBB/NR)^(d)
		7,500,000		0.950			01/03/11		7,500,000
	Mission Economic Development Corp. Solid Waste Disposal RB for Waste Management, Inc. Project RMKT 12/1/09 Series 2006 (BBB/NR)^(d)
		4,000,000		3.750			05/01/15		4,231,000
	North East Independent School District GO Bonds Unlimited Tax for Capital Appreciation Series 2007 A (PSF-GTD) (AAA/Aaa)^(b)
		5,300,000		0.000			08/01/11		5,269,631
	North East Independent School District GO Bonds Unlimited Tax Refunding Series 2004 (PSF-GTD) (AAA/Aaa)
		13,460,000		5.000			08/01/15		15,457,464
	North Texas Municipal Water District RB Refunding for Water System Improvement Series 2009 (AAA/Aa2)
		765,000		4.000			09/01/12		812,698
	North Texas Tollway Authority System RB Refunding First Tier Series 2008 E-2 (A-/A2)^(d)
		4,000,000		5.250			01/01/12		4,180,320
	North Texas Tollway Authority System RB Refunding First Tier Series 2008 E-3 (A-/A2)^(d)
		5,100,000		5.750			01/01/16		5,857,044
	North Texas Tollway Authority System RB Refunding First Tier Series 2008 H (A-/A2)^(d)
		4,000,000		5.000			01/01/13		4,289,600
	North Texas Tollway Authority System RB Refunding First Tier Series 2008 L-1 (A-/A2)^(d)
		2,500,000		5.500			01/01/11		2,530,100


	Northside Texas Independent School District Unlimited Tax GO Bonds for School Building RMKT 06/01/13 Series 2007 A (PSF-GTD) (AAA/Aaa)^(d)
		8,000,000		1.750			06/01/13		8,010,160
	Northside Texas Independent School District Unlimited Tax GO Bonds for School Building Series 2009 (AA/Aa1)^(d)
		3,000,000		2.100			06/01/11		3,023,070
	Point Isabel Independent School District Unlimited Tax GO Bonds Refunding for School Building Series 1996 (PSF-GTD) (NR/Aaa)^(b)
		1,000,000		0.000			02/01/13		973,270
	San Antonio Texas Hotel Occupancy RB for Capital Appreciation Series 1996 (ETM) (FGIC) (A+/Aa2)^(b)
		1,120,000		0.000			08/15/11		1,112,608
	Spring Branch Independent School District Unlimited Tax GO Bonds for Schoolhouse Series 2004 (PSF-GTD) (AAA/Aaa)
		1,000,000		4.750			02/01/14		1,088,990
	Tarrant County Limited Tax GO Bonds Series 2008 (AAA/Aaa)
		3,110,000		5.000			07/15/13		3,468,987
	Tarrant Regional Water District RB Refunding and Improvement Series 2002 (AGM) (AAA/Aa1)
		6,125,000		5.375			03/01/15		6,792,809
	Texas Southern University Constitutional Appropriation RB Series 2005 (NR/Aa1)
		1,000,000		4.000			10/01/11		1,033,170
	Texas State Public Finance Authority GO Bonds Refunding Series 2002 (AA+/Aaa)^(a)
		5,000,000		5.375			10/01/12		5,489,150
	Texas State Public Finance Authority GO Bonds Refunding Series 2008 A (AA+/Aaa)
		3,750,000		5.000			10/01/11		3,921,600
	Texas Transportation Commission RB Refunding for Central Texas Turnpike System First Tier Series 2009 (BBB+/Baa1)^(d)
		2,670,000		5.000			02/15/11		2,703,081
	University of North Texas Financing System RB Series 2009 A (AA/Aa2)
		515,000		5.000			04/15/12		548,346
		1,195,000		5.000			04/15/13		1,318,754
	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		2,119,540

									223,498,893


	U.S. Virgin Islands – 0.3%
	Virgin Islands Public Finance Authority Senior Lien RB Matching Fund Loan Notes Series 2004 A (BBB/Baa2)
		1,525,000		5.000			10/01/10		1,525,000
		1,045,000		5.000			10/01/12		1,109,194
	Virgin Islands Public Finance Authority Senior Lien RB Refunding Matching Fund Loan Notes Series 2009 B (BBB/Baa2)
		2,500,000		5.000			10/01/13		2,704,425

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)
	U.S. Virgin Islands – (continued)

	Virgin Islands Water & Power Authority Electric System RB Refunding Series 2010 A (BBB-/Baa2)
	$	605,000		4.000	%		07/01/12	$	629,370
		1,285,000		4.000			07/01/13		1,347,862
		480,000		4.000			07/01/14		507,648
		680,000		4.750			07/01/15		741,907

									8,565,406


	Utah – 0.9%
	Centerville Utah Sales Tax RB Series 2009 (ASSURED GTY) (AAA/NR)
		1,340,000		4.000			05/01/14		1,470,315
	Intermountain Power Agency RB Refunding for Subordinated Power Supply Series 2009 A (A+/A1)
		3,000,000		5.000			07/01/12		3,214,950
	Utah State GO Bonds Series 2009 A (AAA/Aaa)
		5,850,000		5.000			07/01/14		6,725,160
	Utah State GO Bonds Series 2009 B (AAA/Aaa)
		7,450,000		4.000			07/01/14		8,291,329
	Utah State University RB Refunding for Student Fee and Housing System Series 2009 (ASSURED GTY) (AAA/Aa3)
		1,545,000		4.000			12/01/11		1,607,217
		1,615,000		4.000			12/01/12		1,725,579
		1,575,000		3.000			12/01/14		1,682,289

									24,716,839


	Virginia – 1.6%
	Fairfax County Virginia Economic Development Authority Residential Care Facilities Mortgage RB for Goodwin House, Inc. Series 2007 (BBB/NR)
		500,000		4.150			10/01/13		516,030
	Fairfax County Virginia GO Bonds for Public Improvement Series 2009 A (ST AID WITHHLDG) (AAA/Aaa)
		1,000,000		4.000			04/01/12		1,052,620
	Fairfax County Virginia Redevelopment & Housing Authority BANS for Affordable Housing Acquisition Series 2008 A (AA+/Aa2)
		4,000,000		4.000			03/01/13		4,050,360
	Newport News Virginia GO Bonds Series 2009 B (AA/Aa1)
		4,315,000		3.000			09/01/13		4,589,650
	Richmond Virginia GO Bonds Series 2000 (AGM) (AAA/Aa3)
		5,000,000		5.500			01/15/15		5,118,750
	Smyth County Virginia IDA Hospital RB for Mountain States Health Alliance Series 2010 B (BBB+/Baa1)
		3,330,000		5.000			07/01/14		3,580,849
	Virginia Beach Virginia GO Bonds for Public Improvement Series 2009 (AAA/Aaa)
		2,175,000		3.000			06/01/12		2,265,632
		1,000,000		3.000			06/01/13		1,060,950
	Virginia Beach Virginia GO Bonds Refunding for Public Improvement Series 2004 B (AAA/Aaa)
		1,455,000		5.000			05/01/13		1,616,185
	Virginia College Building Authority Educational Facilities RB for 21st Century College Program Series 2004 A (ETM) (AA+/Aa1)
		105,000		5.000			02/01/13		115,740


	Virginia College Building Authority Educational Facilities RB Unrefunded Balance for 21st Century College Program Series 2004 (AA+/Aa1)
		2,395,000		5.000			02/01/13		2,629,447
	Virginia State Housing Development Authority Commonwealth Mortgage RB Subseries 2006 F-1 (GO OF AUTH) (AAA/Aaa)
		6,000,000		4.000			04/01/12		6,201,120
	Virginia State Housing Development Authority Homeownership Mortgage RB Series 2010 A (AA+/Aa1)
		3,015,000		2.500			03/01/15		3,064,205
	Virginia State Public School Authority School Financing 1997 Resolution RB Series 2003 C (ST AID WITHHLDG) (AA+/Aa1)
		1,500,000		5.250			08/01/11		1,560,165
	Virginia State Public School Authority School Financing 1997 Resolution RB Series 2005 D (AA+/Aa1)
		3,000,000		4.500			08/01/13		3,309,120
	York County Economic Development Authority Electricity and Power RB Refunding Series 2009 A (A-/Baa1)^(d)
		2,000,000		4.050			05/01/14		2,144,940

									42,875,763


	Washington – 1.4%
	Grant County Washington Public Utility District No. 2 Priest Rapids RB Refunded Series 2001 H (AGM) (AAA/Aa3)
		3,000,000		5.375			01/01/12		3,173,430
	King County Washington Limited Tax GO Bonds Refunding Series 2009 D (AAA/Aa1)
		3,195,000		3.000			12/01/12		3,358,967
	King County Washington Public Hospital District No. 2 GO Bonds Refunding & Improvement for Evergreen Healthcare Series 2006 (NATL-RE) (AA-/Aa3)
		1,000,000		4.000			12/01/10		1,005,380
	Port of Seattle Washington Passenger Facility Charge RB Series 1998 A (NATL-RE) (A/A2)
		5,000,000		5.000			12/01/17		5,030,200
	Seattle Washington RB for Municipal Light and Power Improvement Series 2001 (ETM) (AGM) (AAA/Aa2)
		7,710,000		5.250			03/01/11		7,865,511
	Seattle Washington RB Refunding for Municipal Light and Power Improvement Series 2001 (AGM) (AAA/Aa2)^(a)
		2,195,000		5.500			03/01/11		2,241,490
	Seattle Washington RB Unrefunded Balance for Municipal Light and Power Improvement Series 2001 (AGM) (AAA/Aa2)
		2,630,000		5.250			03/01/11		2,682,179
		805,000		5.500			03/01/15		820,714
	Tobacco Settlement Authority of Washington RB Asset-Backed Bonds Series 2002 (BBB/Baa3)
		2,815,000		6.500			06/01/26		2,903,729
	Washington State GO Bonds Refunding Bonds Series 1992 A (AA+/Aa1)
		1,155,000		6.250			02/01/11		1,177,153

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2010 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

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

	Washington State Various Purpose GO Bonds Refunding Series 2005 R-A (AMBAC) (AA+/Aa1)
	$	3,500,000		5.000	%		01/01/13	$	3,834,530
	Washington State Various Purpose GO Bonds Series 2008 C (AA+/Aa1)
		3,400,000		4.000			01/01/12		3,545,044

									37,638,327


	Wisconsin – 1.0%
	Badger Tobacco Asset Securitization Corp. Tobacco Settlement RB Asset-Backed Bonds Series 2002 (AAA/Aaa)^(a)
		10,000,000		6.000			06/01/12		10,882,900
	Green Bay Area Public School District GO Bonds Refunding Series 2009 (NR/Aa1)
		250,000		2.500			04/01/11		252,340
	Madison Wisconsin Community Development Authority RB for Wisconsin Alumni Research Foundation Project Series 2009 (AAA/NR)
		1,530,000		2.500			10/01/12		1,575,089
	Milwaukee Wisconsin GO Bonds Series 2010 N-1 (AA/Aa1)
		4,050,000		5.000			02/01/16		4,754,295
	Wisconsin State GO Bonds Series 2002 G (NATL-RE) (AA/Aa2)
		2,500,000		5.000			05/01/12		2,674,325
	Wisconsin State GO Bonds Series 2007 B (AGM) (AAA/Aa2)
		4,115,000		5.000			05/01/12		4,401,939
	Wisconsin State Health & Educational Facilities Authority RB for Aurora Health Care, Inc. Series 2010 A (A/A3)
		1,500,000		5.000			04/15/12		1,572,930

									26,113,818


	TOTAL STATE-SPECIFIC MUNICIPAL DEBT OBLIGATIONS
	(Cost $2,317,300,124)							$	2,362,470,271




Other Municipal Debt Obligation – 0.1%


	Municipal Mortgage & Equity LLC Tax-Exempt Special Purpose Entity Series 2005 A-3 (NR/Baa1)^(d)(e)
	$	2,000,000		4.950	%		09/30/12	$	1,657,020
	(Cost $2,000,000)




Agency Debentures – 8.6%


	FHLB
	$	140,000,000		0.875	%		08/22/12	$	141,001,238
		10,000,000		4.625			10/10/12		10,817,190
		15,000,000		3.625			10/18/13		16,251,508
		57,500,000		5.250			06/18/14		66,242,933


	TOTAL AGENCY DEBENTURES
	(Cost $230,737,050)							$	234,312,869




Short-Term Investments – 3.4%


	Alaska – 0.3%
	Valdez Alaska Marine Terminal VRDN RB Refunding for Exxon Pipeline Co. Project Series 1993 C (A-1+/VMIG1)^(c)
	$	9,000,000		0.230	%		10/01/10	$	9,000,000


	Connecticut – 0.1%
	Connecticut State Health & Educational Facilities Authority VRDN RB for Yale University Series 2001 V-2 (AAA/Aaa)^(c)
		2,000,000		0.220			10/01/10		2,000,000


	Delaware – 0.2%
	University of Delaware VRDN RB Series 2004 B (A-1/NR)^(c)
		5,425,000		0.310			10/01/10		5,425,000


	Illinois – 0.2%
	Chicago Illinois Board of Education Unlimited Tax GO Bonds RB Refunding Series 2010 B (LOC – JPMorgan Chase Bank, N.A.) (A-1+/VMIG1)^(c)
		1,400,000		0.290			10/01/10		1,400,000
	Chicago Illinois Sales Tax VRDN RB Refunding RMKT 07/17/08 Series 2002 (A-1+/VMIG1)^(c)
		3,100,000		0.290			10/01/10		3,100,000
	Chicago Illinois VRDN GO Bonds Project and Refunding Series 2003 B-1 (A-1+/Aa2)^(c)
		1,400,000		0.290			10/01/10		1,400,000

									5,900,000


	Louisiana – 0.1%
	East Baton Rouge Parish Louisiana VRDN PCRB Refunding for ExxonMobil Project Series 1989 (A-1+/P-1)^(c)
		2,700,000		0.210			10/01/10		2,700,000


	Massachusetts – 0.1%
	Massachusetts State Health & Educational Facilities Authority VRDN RB for Tufts University Series 2008 N-2 (A-1/VMIG1)^(c)
		2,000,000		0.220			10/01/10		2,000,000


	Mississippi – 0.5%
	Jackson County VRDN PCRB Refunding for Chevron U.S.A., Inc. Project Series 1992 (NR/VMIG1)^(c)
		1,000,000		0.270			10/01/10		1,000,000
	Mississippi Business Finance Corp. VRDN RB for Chevron U.S.A., Inc. Project Series 2009 C (NR/VMIG1)^(c)
		2,480,000		0.230			10/01/10		2,480,000


	Mississippi Business Finance Corp. VRDN RB for Chevron U.S.A., Inc. Project Series 2009 G (NR/VMIG1)^(c)
		10,300,000		0.250			10/01/10		10,300,000

									13,780,000


	Missouri – 0.1%
	Missouri State Health & Educational Facilities Authority VRDN RB for Washington University Series 1996 C (A-1+/VMIG1)^(c)
		1,900,000		0.260			10/01/10		1,900,000

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 Hampshire – 0.5%
	New Hampshire Health & Education Facilities Authority VRDN RB for University of New Hampshire RMKT 08/01/05 Series 2005 B-1 (A-1+/VMIG1)^(c)
	$	150,000		0.300	%		10/01/10	$	150,000
	New Hampshire Health & Education Facilities Authority VRDN RB Refunding for Dartmouth College Series 2007 A (A-1/VMIG1)^(c)
		4,900,000		0.290			10/01/10		4,900,000
	New Hampshire Health & Education Facilities Authority VRDN RB Refunding for Dartmouth College Series 2007 B (A-1/VMIG1)^(c)
		7,400,000		0.290			10/01/10		7,400,000

									12,450,000


	New York – 0.5%
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Second Generation Resolution Series 2008 BB-1 (A-1/VMIG1)^(c)
		1,900,000		0.270			10/01/10		1,900,000
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Subseries 2008 B-3 (A-1/VMIG1)^(c)
		1,000,000		0.300			10/01/10		1,000,000
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Second Generation Resolution Series 2007 BB-5 (A-1+/VMIG1)^(c)
		6,500,000		0.230			10/01/10		6,500,000
	New York City Transitional Finance Authority VRDN RB for New York City Recovery Subseries 2002 1-D (LIQ – Landesbank Hessen-Thuringen) (A-1+/VMIG1)^(c)
		260,000		0.270			10/01/10		260,000
	New York City VDRN GO Bonds Subseries 1993 A-7 (LOC – JPMorgan Chase Bank, N.A.) (A-1+/VMIG1)^(c)
		2,000,000		0.270			10/01/10		2,000,000
	New York City VRDN GO Bonds Subseries 1993 A-8 (LOC – JPMorgan Chase Bank, N.A.) (A-1+/VMIG1)^(c)
		200,000		0.230			10/01/10		200,000
	New York City VDRN GO Bonds Subseries 1993 E-2 (LOC – JPMorgan Chase Bank, N.A.) (A-1+/VMIG1)^(c)
		1,600,000		0.270			10/01/10		1,600,000
	New York City VDRN GO Bonds Subseries 1993 E-5 (LOC – JPMorgan Chase Bank, N.A.) (A-1+/VMIG1)^(c)
		1,300,000		0.220			10/01/10		1,300,000

									14,760,000


	Rhode Island – 0.2%
	Rhode Island State Industrial Facilities Corp. Marine Terminal VRDN RB Refunding for ExxonMobil Project Series 2001 (A-1+/VMIG1)^(c)
		5,970,000		0.230			10/01/10		5,970,000


	Texas – 0.3%
	Lower Neches Valley Authority Industrial Development Corp. Exempt Facilities VRDN RB Refunding for ExxonMobil Project Series 2001 A (A-1+/VMIG1)^(c)
		3,300,000		0.230			10/01/10		3,300,000


	Lower Neches Valley Authority Industrial Development Corp. Exempt Facilities VRDN RB Refunding for ExxonMobil Project Subseries 2008 A-3 (NR/VMIG1)^(c)
		300,000		0.230			10/01/10		300,000
	Texas Water Development Board VRDN RB Refunding State Revolving Sub Lien Series 2007 A (A-1+/VMIG1)^(c)
		4,045,000		0.300			10/01/10		4,045,000

									7,645,000


	Virginia – 0.1%
	Virginia College Building Authority Educational Facilities VRDN RB for 21st Century College and Equipment Programs Series 2006 B (Aa1/AA+)^(c)
		2,700,000		0.280			10/01/10		2,700,000


	Wyoming – 0.2%
	Uinta County Wyoming VRDN PCRB Refunding for Chevron U.S.A., Inc. Project Series 1993 (A-1+/VMIG1)^(c)
		6,600,000		0.250			10/01/10		6,600,000


	TOTAL SHORT-TERM INVESTMENTS
	(Cost $92,830,000)							$	92,830,000


	Shares		Rate			Value

Investment Company – 0.0%


	Blackrock Municipal Bond Fund – Institutional Shares^(c)
		761,331		0.138	%	$	761,331
	(Cost $761,331)


	TOTAL INVESTMENTS – 98.9%
	(Cost $2,643,628,505)					$	2,692,031,491


	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.1%						29,510,714


	NET ASSETS – 100.0%					$	2,721,542,205

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)		Issued with zero coupon. Income is recognized through the accretion of discount.

(c)		Variable rate security. Except for floating rate notes (for which the final maturity date is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect at September 30, 2010.

(d)		Security with a “Put” feature and resetting interest rates. Maturity date disclosed is the puttable date. Interest rate disclosed is that which is in effect at September 30, 2010.

(e)		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 $8,906,259, which represents approximately 0.3% of net assets as of September 30, 2010.

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2010 (Unaudited)


(f)		When-issued security.

(g)		Inverse variable rate security. Interest rate disclosed is that which is in effect at September 30, 2010.




Investment Abbreviations:
ACA	—	Insured by American Capital Access
AGM	—	Insured by Assured Guaranty Municipal Corp.
AGM-CR	—	Insured by Assured Guaranty Municipal Corp. — Insured Custodial Receipts
AMBAC	—	Insured by American Municipal Bond Assurance Corp.
ASSURED GTY	—	Insured by Assured Guaranty
BANS	—	Bond Anticipation Notes
BHAC	—	Insured by Berkshire Hathaway Assurance Corp.
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
GO	—	General Obligation
GO OF AUTH	—	General Obligation of Authority
GO OF CITY	—	General Obligation of City
GO OF CORP	—	General Obligation of Corporation
GO OF UNIV	—	General Obligation of University
IDA	—	Industrial Development Authority
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.
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
SCH BD GTY	—	School Bond Guaranty
SCH BD RES FD	—	School Bond Reserve Fund
SCSDE	—	South Carolina State Department of Education
SD CRED PROG	—	School District Credit Program
ST AID WITHHLDG	—	State Aid Withholding
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 SHORT DURATION TAX-FREE FUND

ADDITIONAL INVESTMENT INFORMATION

SWAP CONTRACT — At September 30, 2010, the Fund had an outstanding swap contract with the following terms:

CREDIT DEFAULT SWAP CONTRACT

Upfront

Payment

Notional

Rates

Credit Spread at

made/

Reference

Amount

received by

Termination

September 30, 2010^(a)

Market

(received)

Unrealized

Counterparty

Obligation

(000’s)

the Fund

Date

(basis points)

Value

by the Fund

Gain (Loss)

Protection Sold:

Morgan Stanley
Capital Services, Inc.

MCDX North America 14 Index

8,750

2.450

06/20/15

221

(383,281

)

(471,427

)

88,146


^(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.

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

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Statements of Assets and Liabilities

September 30, 2010 (Unaudited)


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

Assets:

Investments in securities, at value (identified cost $3,973,135,259, $641,115,367 and $2,643,628,505, respectively)	$	3,855,500,090		$	670,603,444		$	2,692,031,491
Cash		904,287			431,537			8,667,702
Receivables:
Interest and dividends, net of allowances		67,938,064			9,820,636			27,806,995
Investment securities sold		13,259,399			540,000			—
Fund shares sold		7,328,431			753,103			20,905,299
Due from broker — collateral for swap contracts		876,476			—			790,000
Swap contracts, at value		411,770			—			—
Due from custodian		191,209			—			—
Reimbursement from investment adviser		46,618			38,233			47,841
Other assets		9,338			1,632			5,699


Total assets		3,946,465,682			682,188,585			2,750,255,027





Liabilities:

Payables:
Investment securities purchased		8,539,365			2,500,000			17,393,199
Fund shares redeemed		7,295,771			1,093,045			8,042,462
Income distribution		6,329,018			779,713			1,632,776
Amounts owed to affiliates		2,062,057			448,174			1,167,208
Swap contracts, at value (includes upfront payments received of $740,814, $134,694, and $471,427, respectively)		602,300			109,509			383,281
Accrued expenses		168,783			74,089			93,896


Total liabilities		24,997,294			5,004,530			28,712,822





Net Assets:

Paid-in capital		5,263,542,647			682,679,581			2,684,395,396
Accumulated undistributed net investment income		27,561,697			277,895			475,742
Accumulated net realized loss from investment and swap transactions		(1,252,551,071	)		(35,286,683	)		(11,820,065	)
Net unrealized gain (loss) on investments and swap contracts		(117,084,885	)		29,513,262			48,491,132


NET ASSETS	$	3,921,468,388		$	677,184,055		$	2,721,542,205



Net Assets:
Class A	$	435,107,194		$	418,491,046		$	972,609,097
Class B		18,902,353			8,630,496			263,949
Class C		122,790,711			28,719,300			47,887,805
Institutional		3,344,616,780			221,099,592			1,679,850,290
Service		—			214,619			20,930,049
Class IR		51,350			29,002			1,015



Total Net Assets	$	3,921,468,388		$	677,184,055		$	2,721,542,205


Shares outstanding $0.001 par value (unlimited shares authorized):
Class A		49,350,856			27,243,654			91,986,542
Class B		2,144,106			561,850			24,990
Class C		13,928,364			1,869,259			4,529,577
Institutional		379,329,483			14,397,018			158,937,432
Service		—			13,905			1,981,240
Class IR		5,824			1,887			96


Net asset value, offering and redemption price per share:^(a)
Class A		$8.82			$15.36			$10.57
Class B		8.82			15.36			10.56
Class C		8.82			15.36			10.57
Institutional		8.82			15.36			10.57
Service		—			15.43			10.56
Class IR		8.82			15.37			10.57

(a)

Maximum public offering price per share for Class A Shares of High Yield Municipal Fund (NAV per share multiplied by 1.0471) is $9.24, for Class A Shares of Municipal Income Fund (NAV per share multiplied by 1.0390) is $15.96 and for Class A Shares of Short Duration Tax-Free Fund (NAV per share multiplied by 1.0152) is $10.73. 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, 2010 (Unaudited)


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


	Investment income:

	Interest, net of allowances	$	117,176,694		$	16,410,764		$	29,555,454
	Dividends		27,473			5,263			29,421


	Total investment income		117,204,167			16,416,027			29,584,875





	Expenses:

	Management fees		10,032,614			1,790,006			4,553,422
	Distribution and Service fees^(a)		1,234,910			689,356			1,428,598
	Transfer Agent fees^(a)		1,018,718			328,957			940,862
	Custody and accounting fees		104,898			22,121			66,733
	Printing and mailing costs		89,643			33,255			34,023
	Professional fees		54,863			42,156			42,098
��	Registration fees		40,996			55,820			70,475
	Trustee fees		11,777			7,945			10,110
	Service share fees — Service Plan		—			264			35,874
	Service share fees — Shareholder Administration Plan		—			264			35,874
	Other		25,079			4,601			25,584


	Total expenses		12,613,498			2,974,745			7,243,653


	Less — expense reductions		(250,981	)		(315,607	)		(501,663	)


	Net expenses		12,362,517			2,659,138			6,741,990


	NET INVESTMENT INCOME		104,841,650			13,756,889			22,842,885





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

	Net realized gain (loss) from:
	Investment transactions		(3,921,859	)		658,655			983,862
	Swap contracts		420,383			33,873			118,554
	Net change in unrealized gain (loss) on:
	Investments		163,075,369			21,783,302			23,143,403
	Swap contracts		(119,458	)		25,185			88,146


	Net realized and unrealized gain from investment and swap transactions		159,454,435			22,501,015			24,333,965


	NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	264,296,085		$	36,257,904		$	47,176,850


(a)	Class specific Distribution and Service, and Transfer Agent fees were as follow:


	Distribution and Service Fees						Transfer Agent Fees
Fund	Class A		Class B		Class C		Class A		Class B		Class C		Institutional		Service		Class IR^(b)
High Yield Municipal	$	537,305	$	100,465	$	597,140	$	279,396	$	13,060	$	77,627	$	648,632		N/A	$	3
Municipal Income		506,427		46,049		136,880		263,340		5,986		17,794		41,795		42		—	^(c)
Short Duration Tax-Free		1,199,199		1,575		227,824		623,577		205		29,617		281,723		5,740		—	^(c)

(b) Commenced operations on July 30, 2010.

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, 2010			Fiscal Year Ended
	(Unaudited)			March 31, 2010


From operations:

Net investment income	$	104,841,650		$	180,012,617
Net realized gain (loss) from investment and swap transactions		(3,501,476	)		(133,479,160	)
Net change in unrealized gain on investments and swap contracts		162,955,911			629,738,665


Net increase in net assets resulting from operations		264,296,085			676,272,122





Distributions to shareholders:

From net investment income
Class A Shares		(10,830,026	)		(53,441,504	)
Class B Shares		(431,396	)		(1,188,990	)
Class C Shares		(2,559,827	)		(5,486,251	)
Institutional Shares		(87,137,616	)		(113,764,895	)
Service Shares		—			—
Class IR Shares^(a)		(110	)		—


Total distributions to shareholders		(100,958,975	)		(173,881,640	)





From share transactions:

Proceeds from sales of shares		447,979,869			2,938,305,583
Reinvestment of distributions		60,628,200			106,002,066
Cost of shares redeemed		(435,966,627	)^(b)		(1,895,616,960	)^(c)


Net increase in net assets resulting from share transactions		72,641,442			1,148,690,689


TOTAL INCREASE		235,978,552			1,651,081,171





Net assets:

Beginning of period		3,685,489,836			2,034,408,665


End of period	$	3,921,468,388		$	3,685,489,836


Accumulated undistributed net investment income	$	27,561,697		$	23,679,022


(a)	Commenced operations on July 30, 2010.

(b) Net of $62,534 and $7,425 of redemption fees remitted to the High Yield Municipal and Municipal Income Funds, respectively.

(c) Net of $188,603 and $18,680 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, 2010			Fiscal Year Ended			September 30, 2010			Fiscal Year Ended
(Unaudited)			March 31, 2010			(Unaudited)			March 31, 2010




$	13,756,889		$	27,073,770		$	22,842,885		$	29,380,536
	692,528			(6,807,607	)		1,102,416			78,678
	21,808,487			66,056,058			23,231,549			21,397,918


	36,257,904			86,322,221			47,176,850			50,857,132








	(8,341,553	)		(16,180,019	)		(8,020,883	)		(11,896,199	)
	(154,996	)		(389,317	)		(1,691	)		(5,868	)
	(460,668	)		(851,918	)		(209,746	)		(331,255	)
	(4,657,601	)		(9,500,008	)		(14,174,025	)		(16,839,355	)
	(4,147	)		(10,462	)		(221,697	)		(100,271	)
	(8	)		—			(3	)		—


	(13,618,973	)		(26,931,724	)		(22,628,045	)		(29,172,948	)







	108,429,229			210,686,438			1,076,608,983			2,662,945,263
	8,908,039			17,288,517			13,794,085			20,225,440
	(98,366,944	)^(b)		(203,176,485	)^(c)		(753,469,513	)		(926,172,187	)


	18,970,324			24,798,470			336,933,555			1,756,998,516


	41,609,255			84,188,967			361,482,360			1,778,682,700







	635,574,800			551,385,833			2,360,059,845			581,377,145


$	677,184,055		$	635,574,800		$	2,721,542,205		$	2,360,059,845


$	277,895		$	139,979		$	475,742		$	260,902

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

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Notes to Financial Statements

September 30, 2010

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:


			Diversified/
Fund	Share Classes Offered*		Non-Diversified

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


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


*	Effective November 2, 2009, Class B Shares are no longer available for purchase by new or existing shareholders except under certain circumstances.

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. Class B Shares of High Yield Municipal, Municipal Income and Short Duration Tax-Free Funds were 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. Class C Shares are sold with a contingent deferred sales charge of 1.00% during the first 12 months. Effective September 30, 2010 the contingent deferred sales charge for Class C Shares of Short Duration Tax-Free Fund was reduced to 0.65%. Institutional, Class IR and Service Shares are not subject to a sales charge. Class IR Shares commenced operations on July 30, 2010.

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman, Sachs & Co. (“Goldman Sachs”), serves as investment adviser to each Fund pursuant to a management agreement (the “Agreement”) with the Trust.

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. 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: (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.

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

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS


2. SIGNIFICANT ACCOUNTING POLICIES (continued)

securities in a particular market may include, but are not limited to: situations relating to one or more single issuers in a market sector; significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions or market closings; equipment failures; natural or man-made disasters or acts of God; armed conflicts; government actions or other developments; as well as the same or similar events which may affect specific issuers or the securities markets even though not tied directly to the securities markets. Other significant events that could relate to a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; corporate announcements, including those relating to earnings, products and regulatory news; significant litigation; low trading volume; and trading limits or suspensions.

B. Security 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.

Investment income and unrealized and realized gains or losses are allocated daily to each class of shares of the respective Fund based upon the relative proportion of net assets of each class.

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

D. 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. Effective October 1, 2010, the redemption fee for the Goldman Sachs Municipal Income Fund has been eliminated.

E. 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, the Funds are not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income distributions, if any, are declared daily and paid monthly, and capital gains distributions, if any, are declared and paid 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. The Funds’ capital accounts on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

F. Inverse Floaters — The Funds may invest in inverse floating rate debt securities (“inverse floaters”). The interest rate on inverse floaters resets in the opposite direction from the market rate of interest to which the inverse floaters is indexed. An inverse floater may be considered to be leveraged to the extent that its interest rate varies by a magnitude that exceeds the magnitude of the change in the index rate of interest. The higher the degree of leverage of an inverse floater, the greater the volatility of its market value.

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2010


2. SIGNIFICANT ACCOUNTING POLICIES (continued)

G. When-Issued Securities and Forward Commitments — The Funds may purchase when-issued securities, including TBA (“To Be Announced”) 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 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.

H. Swap Contracts — The Funds may enter into swap transactions for hedging purposes or to seek to increase total return. 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 Funds and/or the termination value at the end of the contract. Therefore, the Funds consider 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 Funds may pay or receive cash as collateral on these contracts which may be recorded as an asset and/or liability. The Funds must set aside liquid assets, or engage in other appropriate measures, to cover their obligations under these contracts.

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. Upfront payments made and/or received by the Funds are recorded as an asset and/or liability and realized gains or losses are recognized ratably over the contract’s term/event, with the exception of forward starting interest rate swaps, whose realized gains or losses are recognized ratably from the effective start date. Periodic payments received or made on swap contracts are recorded as realized gains or losses. Gains or losses are realized upon termination of a swap contract and are recorded on the Statements of Operations. The Funds invest in the following type of swap:

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


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 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. 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 significant inputs are observable (including, but not limited to, quoted prices for similar securities, interest rates, foreign exchange rates, and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2010


3. FAIR VALUE OF INVESTMENTS (continued)

The following is a summary of the Funds’ investments categorized in the fair value hierarchy, as of September 30, 2010:

High Yield Municipal


	Level 1		Level 2			Level 3

Assets
Municipal Debt Obligations	$	—	$	3,757,294,525		$	552,016
Common Stock and/or Other Equity
Investments		160,451		—			—
Short-term Investments		4,239,098		93,254,000			—
Derivatives		—		411,770			—


Total	$	4,399,549	$	3,850,960,925		$	552,016


Liabilities
Derivatives	$	—	$	(602,300	)	$	—

The following is a reconciliation of Level 3 investments in the High Yield Municipal Fund for the six months ended September 30, 2010:


	Municipal
	Debt
Level 3	Obligations

Beginning Balance as of April 1, 2010	$	552,016


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		—


Ending Balance as of September 30, 2010	$	552,016

Municipal Income


	Level 1		Level 2			Level 3

Assets
Municipal Debt Obligations	$	—	$	638,347,264		$	—
Short-term Investments		13,176,180		19,080,000			—


Total	$	13,176,180	$	657,427,264		$	—


Liabilities
Derivatives	$	—	$	(109,509	)	$	—

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS


3. FAIR VALUE OF INVESTMENTS (continued)

Short Duration Tax-Free


	Level 1		Level 2			Level 3

Assets
Municipal Debt Obligations	$	—	$	2,364,127,291		$	—
U.S. Government Agency Obligations		—		234,312,869			—
Short-term Investments		761,331		92,830,000			—


Total	$	761,331	$	2,691,270,160		$	—


Liabilities
Derivatives	$	—	$	(383,281	)	$	—

4. AGREEMENTS AND AFFILIATED TRANSACTIONS

A. Management Agreement — Under the Agreement, 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 paid monthly, equal to an annual percentage rate of each Fund’s average daily net assets.

For the six months ended September 30, 2010, contractual and effective net management fees with GSAM were at the following rates:


	Contractual Management Rate																		Effective Net
	First			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	%		0.53	%		0.53	%


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			0.37			0.35	*


*	GSAM agreed to waive a portion of its management fee in order to achieve the effective net management rates above, through at least July 29, 2011, and prior to such date GSAM may not terminate the arrangement without the approval of the Trustees.

B. Distribution and Service Plans — The Trust, on behalf of each Fund, has adopted Distribution and Service Plans (the “Plans”). Under the Plans, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers, 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 Distribution Plan to compensate service organizations for personal and account maintenance services and expenses so long as such total compensation does not exceed the maximum cap on “service fees” imposed by the Financial Industry Regulatory Authority.

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2010


4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended September 30, 2010, Goldman Sachs has 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. Effective September 30, 2010, Goldman Sachs agreed to waive a portion of the Distribution and Service fees equal to 0.35% of the average daily net assets attributable to Class C Shares of the Short Duration Tax-Free Fund. These arrangements will remain in place through at least July 29, 2011, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees.

C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, 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, 2010, Goldman Sachs advised that it retained the following approximate amounts:


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

High Yield Municipal	$	56,000	$	—	$	—


Municipal Income		28,100		—		—


Short Duration Tax-Free		10,900		—		—

D. Service Plan and Shareholder Administration Plan — The Trust, on behalf of the Funds that offer Service Shares, has adopted a Service Plan and a Shareholder Administration Plan. These plans allow for Service Shares to compensate service organizations for providing varying levels of personal and account maintenance 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.

E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to a Transfer Agency Agreement. The fees charged for such transfer agency services are calculated daily and paid monthly at an annual rate as follows: 0.13% of the average daily net assets for Class A, Class B, Class C and Class IR Shares and 0.04% of average daily net assets for Institutional and Services Shares.

F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to limit certain “Other Expense” of the Funds (excluding management fees, distribution and service fees, transfer agent fees and expenses, service fees and shareholder administration fees (as applicable), 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, 0.004% of the average daily net assets of each Fund. Such Other Expense reimbursement, if any, are computed daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. These other expense reimbursements will remain in place through at least July 29, 2011, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the custodian and transfer agent which may result in a reduction of the Funds’ expenses.

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS


4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended September 30, 2010, these expense reductions, including any fee waivers and Other Expense reimbursement, were as follows (in thousands):


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

High Yield Municipal	$	—	$	—		$	—		$	251	$	251


Municipal Income		163		—			—			153		316


Short Duration Tax-Free		302		—	^(a)		—	^(a)		200		502


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

As of September 30, 2010, 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	$	1,686	$	205	$	171	$	2,062


Municipal Income		276		117		55		448


Short Duration Tax-Free		760		245		162		1,167

G. Line of Credit Facility — As of September 30, 2010, the Funds participated in a $580,000,000 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 could increase the credit amount by an additional $340,000,000, for a total of up to $920,000,000. 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, 2010, the Funds did not have any borrowings under the facility. Prior to May 11, 2010, the amount available through the facility was $660,000,000.

5. INVESTMENTS IN DERIVATIVES

The Funds may make investments in derivative instruments, including, but not limited to, options, futures, swaps and other derivatives relating to foreign currency transactions. 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 or commodities at specified terms on a specified date, or to exchange interest payment streams or currencies 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, interest rates or currency prices. 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.

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2010


5. INVESTMENTS IN DERIVATIVES (continued)

The following table sets forth, by certain risk types, the gross value of the Funds’ derivative contracts for trading activities as of September 30, 2010. The values in the table below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure.

Statements of Assets

and Liabilities

Derivative

and Liabilities

Derivative

Fund

Risk

Location

Assets

Location

Liabilities

High Yield Municipal

Credit

Receivable for swap contracts, at value

411,770

Payable for swap contracts, at value

(602,300

)

Municipal Income

Credit

—

Payable for swap contract, at value

(109,509

)

Short Duration Tax-Free

Credit

—

Payable for swap contract, at value

(383,281

)

The following table sets forth, by certain risk types, the Funds’ gains (losses) related to derivative activities and their indicative volumes for the six months ended September 30, 2010. These gains (losses) should be considered in the context that these contracts may have been executed to economically hedge securities and accordingly, gains (losses) on such contracts may offset (losses) gains attributable to securities. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:

Net Change in

Average

Statements of

Net Realized

Unrealized

Number of

Fund

Risk

Operations Location

Gain (Loss)

Contracts^(a)

High Yield Municipal

Credit

Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts

420,383

(119,458

)

Municipal Income

Credit

Net realized gain (loss) from swap contract/Net change in unrealized gain (loss) on swap contract

33,873

25,185

Short Duration Tax-Free

Credit

Net realized gain (loss) from swap contract/Net change in unrealized gain (loss) on swap contract

118,554

88,146


(a)	Average number of contracts is based on the average of month end balances for the six months ended September 30, 2010.

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended September 30, 2010, were as follows:


				Sales and
Fund	Purchases			Maturities

High Yield Municipal	$	433,477,027		$	314,195,592


Municipal Income		35,867,824			24,286,430


Short Duration Tax-Free		591,743,671	*		223,664,349	**


*		Includes purchases of U.S. Government Agency Obligations in the amount of $173,504,075.

**		Includes sales of U.S. Government Agency Obligations in the amount of $80,558,870.

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

7. TAX INFORMATION

As of the most recent fiscal year end, March 31, 2010, the capital loss carryforwards and certain timing differences 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	)
Expiring 2018		(431,124,617	)		(11,494,807	)		(451,870	)


Total capital loss carryforward	$	(1,207,405,864	)	$	(35,250,972	)	$	(12,914,164	)


Timing differences (post-October losses/income distribution payable/defaulted bond income)	$	(12,612,341	)	$	(1,527,521	)	$	(1,303,157	)


⁽¹⁾	Expiration occurs on March 31 of the year indicated.

As of September 30, 2010, 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	$	3,991,980,002		$	640,636,155		$	2,643,235,212


Gross unrealized gain		299,520,623			47,521,213			51,354,772


Gross unrealized loss		(436,000,535	)		(17,553,924	)		(2,558,493	)


Net unrealized security gain (loss)	$	(136,479,912	)	$	29,967,289		$	48,796,279

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

GSAM has reviewed the Funds’ tax positions for all open tax years (the current and prior three years, as applicable) 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.

8. OTHER RISKS

Funds’ Shareholder Concentration Risk — Certain funds, accounts, individuals or Goldman Sachs affiliates may from time to time own (beneficially or of record) or control a significant percentage of the Funds’ shares. Redemptions by these funds, accounts or individuals of their holdings in the Funds may impact the Funds’ liquidity and NAV. These redemptions may also force the Funds to sell securities.

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

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2010


8. OTHER RISKS (continued)

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 Concentration Risk — 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.

9. 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 made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

10. SUBSEQUENT EVENTS

Subsequent events after the balance sheet date have been evaluated through the date the financial statements were issued. GSAM has concluded that, excluding the removal of the Redemption fee disclosed in the Significant Accounting Policies, there is no impact requiring adjustment or disclosure in the financial statements.

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	High Yield Municipal Fund

	For the Six Months Ended
	September 30, 2010						For the Fiscal Year Ended
	(Unaudited)						March 31, 2010

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		5,864,082		$	50,430,300			68,343,839		$	525,435,645
Shares converted from Class B^(a)		118,725			1,013,279			179,620			1,452,695
Reinvestment of distributions		1,015,501			8,762,538			4,587,049			35,690,374
Shares redeemed		(9,523,749	)		(81,708,892	)		(171,161,511	)		(1,408,772,269	)


		(2,525,441	)		(21,502,775	)		(98,051,003	)		(846,193,555	)


Class B Shares
Shares sold		25,235			217,251			190,051			1,457,937
Shares converted to Class A^(a)		(118,725	)		(1,013,279	)		(179,620	)		(1,452,695	)
Reinvestment of distributions		42,224			364,219			121,259			956,065
Shares redeemed		(301,040	)		(2,598,512	)		(879,889	)		(7,024,151	)


		(352,306	)		(3,030,321	)		(748,199	)		(6,062,844	)


Class C Shares
Shares sold		1,499,992			12,936,194			2,678,623			21,455,273
Reinvestment of distributions		208,283			1,797,188			482,565			3,818,443
Shares redeemed		(1,760,965	)		(15,128,992	)		(2,630,085	)		(20,940,504	)


		(52,690	)		(395,610	)		531,103			4,333,212


Institutional Shares
Shares sold		44,765,521			384,345,114			292,910,668			2,389,956,728
Reinvestment of distributions		5,758,109			49,704,146			8,125,850			65,537,184
Shares redeemed		(39,192,193	)		(336,530,221	)		(57,125,260	)		(458,880,036	)


		11,331,437			97,519,039			243,911,258			1,996,613,876


Class IR Shares^(b)
Shares sold		5,813			51,010			—			—
Reinvestment of distributions		12			109			—			—
Shares redeemed		(1	)		(10	)		—			—


		5,824			51,109			—			—


NET INCREASE		8,406,824		$	72,641,442			145,643,159		$	1,148,690,689


(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.


(b)	Commenced operations on July 30, 2010.

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2010

11. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Municipal Income Fund

	For the Six Months Ended
	September 30, 2010						For the Fiscal Year Ended
	(Unaudited)						March 31, 2010

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		4,571,805		$	68,927,619			9,185,900		$	132,617,354
Shares converted from Class B^(a)		55,674			837,953			70,260			1,028,057
Reinvestment of distributions		439,256			6,641,027			919,946			13,279,995
Shares redeemed	��	(4,696,167	)		(70,581,728	)		(8,165,596	)		(116,999,100	)


		370,568			5,824,871			2,010,510			29,926,306


Class B Shares
Shares sold		23,893			361,125			110,859			1,584,488
Shares converted to Class A^(a)		(55,674	)		(837,953	)		(70,260	)		(1,028,057	)
Reinvestment of distributions		8,060			121,832			20,060			289,293
Shares redeemed		(53,543	)		(812,719	)		(190,830	)		(2,770,018	)


		(77,264	)		(1,167,715	)		(130,171	)		(1,924,294	)


Class C Shares
Shares sold		202,945			3,057,207			546,653			7,925,988
Reinvestment of distributions		21,992			332,725			41,557			600,685
Shares redeemed		(151,561	)		(2,275,451	)		(283,411	)		(4,119,005	)


		73,376			1,114,481			304,799			4,407,668


Institutional Shares
Shares sold		2,393,074			36,054,262			4,765,135			68,553,420
Reinvestment of distributions		119,763			1,812,090			215,735			3,117,717
Shares redeemed		(1,642,350	)		(24,697,030	)		(5,481,121	)		(79,232,601	)


		870,487			13,169,322			(500,251	)		(7,561,464	)


Service Shares
Shares sold		—			—			381			5,188
Reinvestment of distributions		23			357			57			827
Shares redeemed		—			—			(3,739	)		(55,761	)


		23			357			(3,301	)		(49,746	)


Class IR Shares^(b)
Shares sold		1,888			29,016			—			—
Reinvestment of distributions		—			8			—			—
Shares redeemed		(1	)		(16	)		—			—


		1,887			29,008			—			—


NET INCREASE		1,239,077		$	18,970,324			1,681,586		$	24,798,470


(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.


(b)	Commenced operations on July 30, 2010.

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

11. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Short Duration Tax-Free Fund

	For the Six Months Ended
	September 30, 2010						For the Fiscal Year Ended
	(Unaudited)						March 31, 2010

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		33,393,059		$	351,740,556			103,632,204		$	1,079,170,770
Shares converted from Class B^(a)		—			—			1,209			12,422
Reinvestment of distributions		535,879			5,648,149			860,216			8,959,669
Shares redeemed		(35,816,878	)		(377,057,575	)		(40,224,280	)		(419,214,830	)


		(1,887,940	)		(19,668,870	)		64,269,349			668,928,031


Class B Shares
Shares sold		—			—			—			—
Shares converted to Class A^(a)		—			—			(1,211	)		(12,422	)
Reinvestment of distributions		146			1,537			410			4,257
Shares redeemed		(5,238	)		(55,326	)		(13,096	)		(137,077	)


		(5,092	)		(53,789	)		(13,897	)		(145,242	)


Class C Shares
Shares sold		1,049,846			11,047,055			2,905,076			30,243,709
Reinvestment of distributions		13,214			139,277			21,030			218,743
Shares redeemed		(543,856	)		(5,729,240	)		(610,693	)		(6,363,473	)


		519,204			5,457,092			2,315,413			24,098,979


Institutional Shares
Shares sold		67,715,940			713,817,833			145,002,863			1,510,047,555
Reinvestment of distributions		740,288			7,800,334			1,050,171			10,942,528
Shares redeemed		(33,041,514	)		(347,533,989	)		(47,913,715	)		(500,431,821	)


		35,414,714			374,084,178			98,139,319			1,020,558,262


Service Shares
Shares sold		240			2,517			4,149,690			43,483,229
Reinvestment of distributions		19,467			204,785			9,571			100,243
Shares redeemed		(2,200,627	)		(23,093,373	)		(2,390	)		(24,986	)


		(2,180,920	)		(22,886,071	)		4,156,871			43,558,486


Class IR Shares^(b)
Shares sold		97			1,022			—			—
Reinvestment of distributions		—			3			—			—
Shares redeemed		(1	)		(10	)		—			—


		96			1,015			—			—


NET INCREASE		31,860,062		$	336,933,555			168,867,055		$	1,756,998,516


(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.


(b)	Commenced operations on July 30, 2010.

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


				Income (loss) from								Distributions
				investment operations								to shareholders
		Net asset
		value,		Net		Net realized			Total from			From net			From net
		beginning		investment		and unrealized			investment			investment			realized			Total
	Year - Share Class	of period		income^(a)		gain (loss)			operations			income			gains			distributions

FOR THE SIX MONTHS ENDED SEPTEMBER 30, (UNAUDITED)


	2010 - A	$	8.45	$	0.22	$	0.37		$	0.59		$	(0.22	)	$	—		$	(0.22	)
	2010 - B		8.45		0.19		0.36			0.55			(0.18	)		—			(0.18	)
	2010 - C		8.45		0.19		0.36			0.55			(0.18	)		—			(0.18	)
	2010 - Institutional		8.45		0.23		0.37			0.60			(0.23	)		—			(0.23	)
	2010 - IR (Commenced July 30, 2010)		8.57		0.08		0.25			0.33			(0.08	)		—			(0.08	)


FOR THE FISCAL YEARS ENDED MARCH 31,


	2010 - A		7.00		0.48		1.43			1.91			(0.46	)		—			(0.46	)
	2010 - B		7.00		0.42		1.43			1.85			(0.40	)		—			(0.40	)
	2010 - C		7.00		0.42		1.43			1.85			(0.40	)		—			(0.40	)
	2010 - Institutional		7.00		0.50		1.44			1.94			(0.49	)		—			(0.49	)




	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	)


*	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 other 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


							Ratio of			Ratio of			Ratio of			Ratio of
							net expenses			net expenses			total expenses			total expenses
							to average			to average			to average			to average			Ratio of
					Net assets,		net assets			net assets			net assets			net assets			net investment
Net asset					end of		including			excluding			including			excluding			income			Portfolio
value, end		Total			period		interest expense			interest expense			interest expense			interest expense			to average			turnover
of period		return^(b)			(in 000s)		and fees			and fees			and fees			and fees			net assets			rate




$	8.82		7.03	%	$	435,107		0.91	%^(c)		0.91	%^(c)		0.92	%^(c)		0.92	%^(c)		5.24	%^(c)		9	%
	8.82		6.63			18,902		1.66	^(c)		1.66	^(c)		1.67	^(c)		1.67	^(c)		4.50	^(c)		9
	8.82		6.76			122,791		1.66	^(c)		1.66	^(c)		1.67	^(c)		1.67	^(c)		4.49	^(c)		9
	8.82		7.21			3,344,617		0.57	^(c)		0.57	^(c)		0.58	^(c)		0.58	^(c)		5.58	^(c)		9
	8.82		3.84			51		0.66	^(c)		0.66	^(c)		0.68	^(c)		0.68	^(c)		5.84	^(c)		9





	8.45		27.93			438,134		0.91			0.91			0.93			0.93			6.15			31
	8.45		26.99			21,083		1.66			1.66			1.68			1.68			5.33			31
	8.45		26.84			118,070		1.66			1.66			1.68			1.68			5.28			31
	8.45		28.37			3,108,202		0.57			0.57			0.59			0.59			6.18			31




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





	9.77		(7.45	)		2,787,779		0.91	^(c)		0.90	^(c)		0.93	^(c)		0.92	^(c)		5.07	^(c)		16
	9.77		(7.74	)		44,026		1.66	^(c)		1.65	^(c)		1.68	^(c)		1.67	^(c)		4.30	^(c)		16
	9.77		(7.74	)		162,459		1.66	^(c)		1.65	^(c)		1.68	^(c)		1.67	^(c)		4.31	^(c)		16
	9.77		(7.32	)		2,578,017		0.57	^(c)		0.56	^(c)		0.59	^(c)		0.58	^(c)		5.42	^(c)		16





	10.78		(2.27	)		3,984,269		1.00			0.91			1.02			0.93			4.50			56
	10.78		(3.00	)		53,384		1.75			1.66			1.77			1.68			3.76			56
	10.78		(3.00	)		200,199		1.75			1.66			1.77			1.68			3.76			56
	10.78		(1.92	)		3,738,472		0.64			0.55			0.66			0.57			4.86			56




	11.57		9.05			3,569,963		1.07			0.92			1.11			0.96			4.64			32
	11.57		8.24			57,902		1.82			1.67			1.86			1.71			3.90			32
	11.57		8.24			160,180		1.82			1.67			1.85			1.70			3.88			32
	11.57		9.45			3,483,350		0.71			0.56			0.74			0.59			5.02			32




	11.11		6.99			2,264,580		1.13			0.97			1.15			0.99			4.78			26
	11.11		6.20			49,299		1.88			1.72			1.91			1.75			4.05			26
	11.11		6.20			87,466		1.88			1.72			1.90			1.74			4.03			26
	11.11		7.31			2,540,339		0.74			0.58			0.76			0.60			5.16			26

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
				investment operations
												Distributions
		Net asset										to shareholders
		value,		Net		Net realized			Total from			from net
		beginning		investment		and unrealized			investment			investment
	Year - Share Class	of period		income^(a)		gain (loss)			operations			income

FOR THE SIX MONTHS ENDED SEPTEMBER 30, (UNAUDITED)


	2010 - A	$	14.83	$	0.31	$	0.53		$	0.84		$	(0.31	)
	2010 - B		14.83		0.25		0.53			0.78			(0.25	)
	2010 - C		14.84		0.25		0.52			0.77			(0.25	)
	2010 - Institutional		14.83		0.34		0.53			0.87			(0.34	)
	2010 - Service		14.91		0.30		0.52			0.82			(0.30	)
	2010 - IR (Commenced July 30, 2010)		15.06		0.11		0.31			0.42			(0.11	)


FOR THE FISCAL YEARS ENDED MARCH 31,


	2010 - A		13.39		0.64		1.43			2.07			(0.63	)
	2010 - B		13.40		0.53		1.43			1.96			(0.53	)
	2010 - C		13.40		0.53		1.44			1.97			(0.53	)
	2010 - Institutional		13.39		0.69		1.43			2.12			(0.68	)
	2010 - Service		13.47		0.61		1.44			2.05			(0.61	)




	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	)

* 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 other 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


							Ratio of			Ratio of			Ratio of			Ratio of
							net expenses			net expenses			total expenses			total expenses
							to average			to average			to average			to average			Ratio of
Net asset					Net assets,		net assets			net assets			net assets			net assets			net investment
value,					end of		including			excluding			including			excluding			income to			Portfolio
end of		Total			period		interest expense			interest expense			interest expense			interest expense			average			turnover
period		return^(b)			(in 000s)		and fees			and fees			and fees			and fees			net assets			rate




$	15.36		5.72	%	$	418,491		0.88	%^(c)		0.88	%^(c)		0.98	%^(c)		0.98	%^(c)		4.16	%^(c)		4	%
	15.36		5.33			8,630		1.63	^(c)		1.63	^(c)		1.73	^(c)		1.73	^(c)		3.41	^(c)		4
	15.36		5.26			28,719		1.63	^(c)		1.63	^(c)		1.73	^(c)		1.73	^(c)		3.41	^(c)		4
	15.36		5.90			221,100		0.54	^(c)		0.54	^(c)		0.64	^(c)		0.64	^(c)		4.50	^(c)		4
	15.43		5.54			215		1.04	^(c)		1.04	^(c)		1.14	^(c)		1.14	^(c)		3.97	^(c)		4
	15.37		2.80			29		0.63	^(c)		0.63	^(c)		0.90	^(c)		0.90	^(c)		5.76	^(c)		4





	14.83		15.73			398,646		0.88			0.88			0.98			0.98			4.42			20
	14.83		14.77			9,480		1.63			1.63			1.73			1.73			3.69			20
	14.84		14.86			26,645		1.63			1.63			1.73			1.73			3.67			20
	14.83		16.12			200,596		0.54			0.54			0.64			0.64			4.77			20
	14.91		15.44			207		1.04			1.04			1.14			1.14			4.25			20




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





	14.64		(2.18	)		402,238		0.89	^(c)		0.88	^(c)		1.01	^(c)		1.00	^(c)		4.19	^(c)		19
	14.64		(2.55	)		11,646		1.64	^(c)		1.63	^(c)		1.76	^(c)		1.75	^(c)		3.44	^(c)		19
	14.64		(2.55	)		20,474		1.64	^(c)		1.63	^(c)		1.76	^(c)		1.75	^(c)		3.46	^(c)		19
	14.64		(2.04	)		245,843		0.55	^(c)		0.54	^(c)		0.67	^(c)		0.66	^(c)		4.53	^(c)		19
	14.72		(2.29	)		582		1.05	^(c)		1.04	^(c)		1.17	^(c)		1.16	^(c)		4.03	^(c)		19





	15.23		0.31			381,697		0.96			0.90			1.07			1.01			3.99			31
	15.24		(0.43	)		12,210		1.71			1.65			1.82			1.76			3.24			31
	15.24		(0.43	)		14,783		1.71			1.65			1.82			1.76			3.24			31
	15.23		0.67			289,188		0.60			0.54			0.71			0.65			4.37			31
	15.32		0.13			606		1.10			1.04			1.21			1.15			3.85			31




	15.80		5.59			302,271		1.00			0.90			1.16			1.07			4.05			19
	15.81		4.87			11,698		1.75			1.65			1.92			1.82			3.31			19
	15.81		4.80			9,777		1.75			1.65			1.91			1.82			3.30			19
	15.80		5.98			152,070		0.63			0.53			0.79			0.70			4.42			19
	15.90		5.51			671		1.13			1.03			1.29			1.20			3.90			19




	15.59		3.55			240,123		1.00			0.93			1.16			1.09			3.99			37
	15.59		2.78			13,783		1.75			1.68			1.91			1.84			3.25			37
	15.60		2.85			7,873		1.75			1.68			1.91			1.84			3.24			37
	15.59		4.02			128,311		0.61			0.54			0.77			0.70			4.37			37
	15.68		3.49			315		1.11			1.04			1.27			1.20			3.88			37

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
				investment operations
												Distributions
		Net asset										to shareholders
		value,		Net		Net realized			Total from			from net
		beginning		investment		and unrealized			investment			investment
	Year - Share Class	of period		income^(a)		gain (loss)			operations			income

FOR THE SIX MONTHS ENDED SEPTEMBER 30, (UNAUDITED)


	2010 - A	$	10.46	$	0.09	$	0.11		$	0.20		$	(0.09	)
	2010 - B		10.45		0.06		0.11			0.17			(0.06	)
	2010 - C		10.46		0.05		0.11			0.16			(0.05	)
	2010 - Institutional		10.46		0.11		0.11			0.22			(0.11	)
	2010 - Service		10.46		0.08		0.10			0.18			(0.08	)
	2010 - IR (Commenced July 30, 2010)		10.56		0.04		0.01			0.05			(0.04	)


FOR THE FISCAL YEARS ENDED MARCH 31,


	2010 - A		10.25		0.19		0.23			0.42			(0.21	)
	2010 - B		10.24		0.15		0.20			0.35			(0.14	)
	2010 - C		10.25		0.12		0.22			0.34			(0.13	)
	2010 - Institutional		10.25		0.22		0.23			0.45			(0.24	)
	2010 - Service		10.24		0.15		0.26			0.41			(0.19	)




	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	)


*	The Fund changed its fiscal year end from October 31 to March 31.


(a)	Calculated based on the average shares outstanding methodology.

(b)


(c)	Annualized.


(d)	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


													Ratio of
Net asset					Net assets,		Ratio of			Ratio of			net investment
value,					end of		net expenses			total expenses			income			Portfolio
end of		Total			period		to average			to average			to average			turnover
period		return^(b)			(in 000s)		net assets			net assets			net assets			rate




$	10.57		1.90	%	$	972,609		0.73	%^(c)		0.77	%^(c)		1.69	%^(c)		10	%
	10.56		1.60			264		1.33	^(c)		1.52	^(c)		1.09	^(c)		10
	10.57		1.52			47,888		1.48	^(c)		1.52	^(c)		0.94	^(c)		10
	10.57		2.07			1,679,850		0.39	^(c)		0.43	^(c)		2.03	^(c)		10
	10.56		1.73			20,930		0.89	^(c)		0.93	^(c)		1.57	^(c)		10
	10.57		0.43			1		0.48	^(c)		0.49	^(c)		2.05	^(c)		10





	10.46		4.09			982,297		0.73			0.79			1.84			11
	10.45		3.47			314		1.33			1.54			1.42			11
	10.46		3.31			41,959		1.48			1.54			1.14			11
	10.46		4.44			1,291,972		0.39			0.45			2.16			11
	10.46		4.01			43,518		0.89			0.95			1.39			11




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





	10.25		2.24			162,590		0.73	^(c)		0.95	^(c)		3.21	^(c)		19
	10.24		1.99			633		1.33	^(c)		1.70	^(c)		2.65	^(c)		19
	10.25		1.93			6,742		1.48	^(c)		1.70	^(c)		2.48	^(c)		19
	10.25		2.39			192,500		0.39	^(c)		0.61	^(c)		3.57	^(c)		19
	10.24		2.18			51		0.89	^(c)		1.11	^(c)		3.06	^(c)		19





	10.16		2.86			126,888		0.75			0.89			3.27			52
	10.15		2.25			988		1.35			1.64			2.67			52
	10.16		2.10			4,549		1.50			1.64			2.54			52
	10.16		3.34			207,801		0.39			0.53			3.66			52
	10.15		2.72			50		0.89			1.03			3.14			52




	10.20		3.09			118,460		0.76			0.91			2.85			55
	10.19		2.48			1,884		1.36			1.66			2.25			55
	10.20		2.33			6,297		1.51			1.66			2.10			55
	10.19		3.48			200,543		0.39			0.54			3.23			55
	10.19		2.96			56		0.89			1.04			2.74			55




	10.20		0.56			147,425		0.78			0.91			2.37			46
	10.19		(0.04	)		2,612		1.38			1.66			1.77			46
	10.20		(0.19	)		9,440		1.53			1.66			1.61			46
	10.19		0.86			308,255		0.39			0.52			2.77			46
	10.19		0.45			55		0.89		��	1.02			2.27			46

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, 2010 (Unaudited)

As a shareholder of Class A, Class B, Class C, Institutional, Service or Class IR 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 (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, Service, or Class IR 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, 2010 through September 30, 2010.

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 net 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	4/01/10		9/30/10			9/30/10*		4/01/10		9/30/10			9/30/10*		4/01/10		9/30/10			9/30/10*
Class A
Actual	$	1,000	$	1,070.30		$	4.72	$	1,000	$	1,057.20		$	4.54	$	1,000	$	1,019.00		$	3.69
Hypothetical 5% return		1,000		1,020.51	+		4.61		1,000		1,020.66	+		4.46		1,000		1,021.41	+		3.70

Class B
Actual		1,000		1,066.30			8.60		1,000		1,053.30			8.39		1,000		1,016.00			6.72
Hypothetical 5% return		1,000		1,016.75	+		8.39		1,000		1,016.90	+		8.24		1,000		1,018.40	+		6.73

Class C
Actual		1,000		1,067.60			8.60		1,000		1,052.60			8.39		1,000		1,015.20			7.48
Hypothetical 5% return		1,000		1,016.75	+		8.39		1,000		1,016.90	+		8.24		1,000		1,017.65	+		7.49

Institutional
Actual		1,000		1,072.10			2.96		1,000		1,059.00			2.79		1,000		1,020.70			1.98
Hypothetical 5% return		1,000		1,022.21	+		2.89		1,000		1,022.36	+		2.74		1,000		1,023.11	+		1.98

Service
Actual		N/A		N/A			N/A		1,000		1,055.40			5.36		1,000		1,017.30			4.55
Hypothetical 5% return		N/A		N/A			N/A		1,000		1,019.85	+		5.27		1,000		1,020.56	+		4.56

Class IR^(a)
Actual		1,000		1,038.40			1.11		1,000		1,028.00			1.05		1,000		1,004.30			0.79
Hypothetical 5% return		1,000		1,021.76	+		3.35		1,000		1,021.91	+		3.19		1,000		1,022.66	+		2.43


(a)	Commenced operations on July 30, 2010.
*	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, 2010. 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			Class IR

High Yield Municipal		0.91	%		1.66	%		1.66	%		0.57	%		N/A			0.66	%
Municipal Income		0.88			1.63			1.63			0.54			1.04	%		0.63
Short Duration Tax-Free		0.73			1.33			1.48			0.39			0.89			0.48


+	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.

100

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 $700.8 billion in assets under management as of September 30, 2010 — 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.¹

OVERVIEW OF GOLDMAN SACHS FUNDS


Money Market²Financial Square Funds^SMn Financial Square Tax-Exempt Funds n Financial Square Federal Fund n Financial Square Government Fund n Financial Square Money Market Fund n Financial Square Prime Obligations Fund n Financial Square Treasury Instruments Fund n Financial Square Treasury Obligations Fund Fixed Income Short Duration and Government n Enhanced Income Fund n Ultra-Short Duration Govt. Fund n Short Duration Government Fund n Government Income Fund n Inflation Protected Securities Fund Multi-Sector n Core Fixed Income Fund n Core Plus Fixed Income Fund n Global Income Fund n Strategic Income Fund Municipal and Tax-Free n High Yield Municipal Fund n Municipal Income Fund n Short Duration Tax-Free Fund Single Sector n Investment Grade Credit Fund n U.S. Mortgages Fund n High Yield Fund		n Emerging Markets Debt Fund n Local Emerging Markets Debt Fund Corporate Credit n Credit Strategies Fund Fundamental Equity n Growth and Income Fund n Small Cap Value Fund n Mid Cap Value Fund n Large Cap Value Fund n Capital Growth Fund n Strategic Growth Fund n Small/Mid Cap Growth Fund n All Cap Growth Fund n Concentrated Growth Fund n Technology Tollkeeper Fund^{SM 4}n Growth Opportunities Fund n U.S. Equity Fund Structured Equity n Balanced Fund n Structured Small Cap Equity Fund n Structured U.S. Equity Fund n Structured Small Cap Growth Fund n Structured Large Cap Growth Fund n Structured Large Cap Value Fund n Structured Small Cap Value 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 n Structured International Small Cap Fund n Structured International Equity Fund n Structured Emerging Markets Equity Fund Fundamental Equity International n Strategic International Equity Fund n Concentrated International Equity Fund n International Small Cap Fund n Asia Equity Fund n Emerging Markets Equity Fund n BRIC Fund (Brazil, Russia, India, China) Select Satellite³n Real Estate Securities Fund n International Real Estate Securities Fund n Commodity Strategy Fund n Dynamic Allocation Fund n Absolute Return Tracker Fund Total Portfolio Solutions³n Balanced Strategy Portfolio n Growth and Income Strategy Portfolio n Growth Strategy Portfolio n Equity Growth Strategy Portfolio n Income Strategies Portfolio n Satellite Strategies Portfolio n Retirement Strategies Portfolios n Enhanced Dividend Global Equity Portfolio n Tax Advantaged Global Equity Portfolio

Firmwide assets under management includes assets managed by GSAM and its Investment Advisory Affiliates.


¹	Ranking for Goldman Sachs Group, Inc., includes Goldman Sachs Asset Management, Private Wealth Management and Merchant Banking 2009 year-end assets. Ranked 9th in total assets worldwide. Pensions&Investments, June 2010.
²	An investment in a money market fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) 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.
³	Individual Funds within the Total Portfolio Solutions 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 Total Portfolio Solutions or Select Satellite category.
⁴	Effective July 31, 2010, the Goldman Sachs Tollkeeper Fund was renamed the Goldman Sachs Technology Tollkeeper Fund.

The Goldman Sachs Technology Tollkeeper Fund^SM and Financial Square Funds^SM are registered service marks of Goldman, Sachs & Co.


TRUSTEES Ashok N. Bakhru, Chairman Donald C. Burke** John P. Coblentz, Jr. Diana M. Daniels Patrick T. Harker* Joseph P. LoRusso** James A. McNamara Jessica Palmer Alan A. Shuch Richard P. Strubel		OFFICERS James A. McNamara, President George F. Travers, Principal Financial Officer Peter V. Bonanno, Secretary Scott M. McHugh, Treasurer
Resigned effective September 30, 2010 *Effective August 19, 2010


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. 200 West Street, New York, New York 10282

The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (I) without charge, upon request by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders); and (II) on the Securities and Exchange Commission Web site at http://www.sec.gov.

The Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (”SEC”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q will become available on the SEC’s website at http://www.sec.gov within 60 days after the Funds’ first and third fiscal quarters. When available, the Funds’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. When available, Form N-Q may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).

IRS Circular 230 Disclosure: Goldman Sachs does not provide legal, tax or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters is not intended or written to be used, and cannot be used, for the purpose of avoiding penalties imposed on the relevant taxpayer. Clients of Goldman Sachs should obtain their own independent tax advice based on their particular circumstances.

Holdings and allocations shown may not be representative of current or future investments. Holdings and allocations may not include the Funds’ entire investment portfolio, which may change at any time. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities.

This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investors should consider a Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about a Fund and may be obtained from your authorized dealer or from Goldman, Sachs & Co. by calling (retail — 1-800-526-7384) (institutional — 1-800-621-2550).


ITEM 2.		CODE OF ETHICS.

The information required by this Item is only required in an annual report on this Form N-CSR.


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.

		Not applicable.


ITEM 6.		INVESTMENTS.

	(a)	Schedules of Investments are included as part of the Semi-Annual Report to Stockholders filed under Item 1 of this Form N-CSR.

	(b)	Not applicable.


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)		The information required by this Item is only required in an annual report on this Form N-CSR.

(a)(2)	Exhibit 99.CERT	Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are filed herewith.

(a)(3)		Not applicable.

(b)	Exhibit 99.906CERT	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


				Goldman Sachs Trust

By:				/s/ James A. McNamara

				James A. McNamara
				Principal Executive Officer
				Goldman Sachs Trust

Date:				December 1, 2010

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


By:				/s/ James A. McNamara

				James A. McNamara
				Principal Executive Officer
				Goldman Sachs Trust

Date:				December 1, 2010

By:				/s/ George F. Travers

				George F. Travers
				Principal Financial Officer
				Goldman Sachs Trust

Date:				December 1, 2010

Goldman Sachs High Yield Instl (GSHIX) N-CSRS/ACertified semi-annual shareholder report (management investment company) (amended)