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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05349

Goldman Sachs Trust

(Exact name of registrant as specified in charter)

71 South Wacker Drive,

Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)


Copies to:
Caroline Kraus		Geoffrey R.T. Kenyon, Esq.
Goldman, Sachs & Co.		Dechert LLP
200 West Street		200 Clarendon Street
New York, New York 10282		27th 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, 2012

ITEM 1.

REPORTS TO STOCKHOLDERS.

The Semi-Annual Report to Stockholders is filed herewith.

Goldman Sachs Funds

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Semi-Annual Report				September 30, 2012

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

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Goldman Sachs Municipal Fixed Income Funds

HIGH YIELD MUNICIPAL

MUNICIPAL INCOME

SHORT DURATION TAX-FREE


TABLE OF CONTENTS

Principal Investment Strategies and Risks			1

Investment Process			2

Market Review			3

Portfolio Management Discussions and Performance Summaries			5

Schedules of Investments			20

Financial Statements			78

Financial Highlights			82

Notes to the Financial Statements			88

Other Information			103



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Principal Investment Strategies and Risks

This is not a complete list of risks that may affect the Funds. For additional information concerning the risks applicable to the Funds, please see the Funds’ Prospectuses.

The Goldman Sachs High Yield Municipal Fund invests primarily in high yield municipal 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. 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 investments without a substantial drop in price, if at all. The Fund may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in bonds of similar projects or in particular types of municipal securities. Because the Fund may invest heavily in investments in particular sectors (for example, specific types of municipal securities) or states, the Fund is subject to greater risk of loss as a result of adverse events affecting those sectors or states 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. 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. 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 is “non-diversified” and may invest more of its assets in fewer issuers than “diversified” funds. Accordingly, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio and to greater losses resulting from these developments.

The Goldman Sachs Municipal Income Fund invests primarily in municipal 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. At times, the Fund may be unable to sell certain of its investments without a substantial drop in price, if at all. The Fund may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in bonds of similar projects or in particular types of municipal securities. Because the Fund may invest heavily in investments in particular states and sectors, the Fund is subject to greater risk of loss as a result of adverse events affecting those states and sectors than if its investments were not so concentrated. 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 Goldman Sachs Short Duration Tax-Free Fund invests primarily in municipal securities, the interest on which is exempt from regular federal income tax and is not a tax preference item under the federal alternative minimum tax. The Fund may invest up to 20% of its portfolio in private activity bonds whose income may be subject to the federal alternative minimum tax and taxable investments. Investments in fixed income securities are subject to the risks associated with debt securities generally, including credit/default risk and interest rate risk. At times, the Fund may be unable to sell certain of its investments without a substantial drop in price, if at all. The Fund may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in bonds of similar projects or in particular types of municipal securities. Because the Fund may invest heavily in investments in particular states and sectors, the Fund is subject to greater risk of loss as a result of adverse events affecting those states and sectors than if its investments were not so concentrated. 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:

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Assess relative value among securities and sectors

Leverage the vast resources of GSAM in selecting securities for each portfolio

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Team approach to decision making

Manage risk by avoiding significant sector and interest rate bets

Careful management of yield curve strategies — while closely managing portfolio duration

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Fixed Income portfolios that:

Include domestic investment options, tax-free income opportunities, and access to areas of specialization

Capitalize on GSAM’s industry-renowned credit research capabilities

Use a risk-managed framework to seek total return, recognizing the importance of investors’ capital accumulation goals as well as their need for income

MARKET REVIEW

Goldman Sachs Municipal Fixed Income Funds

Market Review

The municipal bond market recorded solid gains during the six months ended September 30, 2012 (the “Reporting Period”) on favorable supply and demand dynamics.

In the broader fixed income market, riskier fixed income assets (i.e., non-U.S. Treasury sectors) began the Reporting Period under pressure, as U.S. economic data weakened in April after a strong start to the year 2012. The performance trend continued in May, as the benchmark 10-year U.S. Treasury yield fell to a new low of 1.56%, and non-U.S. Treasury sectors of the fixed income market continued to perform poorly. Economic data was again a key driver of the weakness in riskier assets, as U.S. payrolls added just 69,000 jobs, less than half the expected gain. Concerns about Europe, and the health of the Spanish banking system in particular, also weighed on investors’ risk appetites.

June marked a turning point for non-U.S. Treasury sectors, although U.S. Treasury yields continued to decline. Developments in Europe were again a key driver of risk sentiment, as Greece held a presidential election that raised concerns about the country potentially exiting the Eurozone, and Spain finally appealed to the European Union for assistance for its banking system. Continued weakness in U.S. and global economic data also weighed on sentiment. As a result, U.S. Treasury yields continued to decline, but non-U.S. Treasury sectors gained ground during the month as Greece elected a pro-Eurozone administration and the European Union agreed to provide support to Spain’s banking system. Even as government bond yields hit new record lows, investors began moving back into higher yielding corporate and emerging market bonds.

Non-U.S. Treasury sectors continued to outperform U.S. Treasuries through the remainder of the Reporting Period, largely as a function of the market searching for yield in an environment of extremely low interest rates. In addition, market expectations for more quantitative easing by the U.S. Federal Reserve (the “Fed”) increased in August in light of minutes from the August 1 Federal Open Market Committee meeting and Fed Chairman Ben Bernanke’s speech at the Fed’s annual conference in Jackson Hole, Wyoming.

In September, the Fed exceeded most expectations for additional quantitative easing with an announcement of open-ended asset purchases, dubbed QE3, and an extension of the likely period of low short-term interest rates from mid-2014 to at least mid-2015. With the Fed holding short-term interest rates at low levels, demand for higher yielding sectors remained strong. Over the course of Reporting Period, the U.S. Treasury yield curve flattened on the short-term end and steepened slightly in the longer maturities.

The Municipal Bond Market

Municipal yields declined during the Reporting Period, generally taking their lead from the U.S. Treasury market, and the municipal yield curve flattened. The yield on a 2-year AAA-rated municipal security fell six basis points to end the Reporting Period at 0.32%. (A basis point is 1/100th of a percentage point.) The yield on a 10-year AAA-rated municipal bond dropped 41 basis points to 1.70%, while the yield on a 30-year AAA-rated municipal security fell 54 basis points to end the Reporting Period at 2.85%.

As municipal yields declined, the ratio between the yields on longer-term municipal bonds and those of comparable-maturity U.S. Treasuries tightened. Intermediate-term and short-term municipal bonds did not keep pace with the rally in U.S. Treasuries, and the ratios between their yields versus those of comparable-maturity U.S. Treasuries widened.

MARKET REVIEW

The technical backdrop for municipal bonds remained favorable during the Reporting Period as a result of strong demand and a robust new issuance calendar. Of the new supply, a significant amount was refinancing, as issuers replaced higher-yield debt with debt issued at lower interest rates. There were 91% more refunding bonds issued between January 1, 2012 and September 30, 2012 than there were issued during the same nine-month period in 2011. Between January 1, 2012 and September 30, 2012, new debt issuance was up only 9%.¹

Meanwhile, municipal bond funds received more than $40.3 billion in new investment flows from the beginning of 2012 through the end of the Reporting Period. Of that total, approximately $8.1 billion were invested in high-yield municipal bond funds, approximately $10.6 billion flowed into intermediate-term municipal bond funds, and approximately $18.5 billion went into long-term municipal bond funds.²

Looking Ahead

At the end of the Reporting Period, supply and demand conditions for the municipal bond market remained supportive, in our view. Investment flows continued to be robust, and supply had not kept up with demand. In addition, we saw the yield differential between municipal bond and U.S. Treasury securities as attractive. Going forward, we plan to continue positioning our municipal bond portfolios for an extended period of low interest rates.

Still, we believe municipal bond investors face a number of potential risks in the coming months. Though states appear to have made progress with their fiscal challenges, their steady revenue growth since the second quarter of 2010 seems to be slowing. Meanwhile, in our opinion, municipal governments are showing significant weakness. Additionally, we believe that pension reform could be a source of negative headlines in the months ahead. Going forward, we will continue to monitor developments in Washington, D.C., especially those relating to the potential expiration of the Bush era tax cuts and the tax-exempt status of municipal bonds.

Source: Bond Buyer as of September 30, 2012.

Data courtesy of AMG/Lipper.

PORTFOLIO RESULTS

Goldman Sachs High Yield Municipal Fund

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Municipal Fixed Income Investment Management Team discusses the Goldman Sachs High Yield Municipal Fund’s (the “Fund”) performance and positioning for the six-month period ended September 30, 2012 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, B, C, Institutional and IR Shares generated cumulative total returns, without sales charges, of 7.09%, 6.57%, 6.69%, 7.12% and 7.10%, respectively. These returns compare to the 6.52% 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 Composite is comprised 40% of the Barclays Aggregate Municipal Bond Index (with dividends reinvested) and 60% of the Barclays High Yield Municipal Bond Index (with dividends reinvested), which generated cumulative total returns of 4.24% and 8.06%, respectively, during the Reporting Period.

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

The Fund’s credit quality positioning added to relative returns during the Reporting Period. The Fund’s duration and yield curve strategy also enhanced performance.

Which municipal bond market sectors most significantly affected Fund performance?

During the first half of the Reporting Period, the Fund benefited from its exposure to lower credit-quality bonds, which generally outperformed higher credit-quality bonds, as investors sought securities with higher yields. The Fund was slightly hampered by its position in higher quality issues, including state-appropriation debt and higher education bonds.

In the second half of the Reporting Period, issue selection among AA-rated and unrated bonds contributed positively. In addition, the Fund’s exposure to higher yielding issues, such as hospital bonds, special assessment bonds and tobacco bonds, enhanced performance.

For the Reporting Period overall, the Fund benefited from its exposure to zero coupon bonds.

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

The Fund’s longer duration position relative to the High Yield Municipal Composite contributed positively to performance as yields declined during the Reporting Period. Duration is a measure of the Fund’s sensitivity to changes in interest rates.

Our yield curve positioning strategy also enhanced the Fund’s relative returns. The Fund’s overweighted exposure to maturities of 20 years and longer added to results, as longer maturities outperformed shorter maturities during the Reporting Period. Yields on longer maturity municipal bonds declined more than those on shorter maturity municipal bonds, and the yield curve flattened. The Fund’s yield curve positioning was particularly advantageous during May when concerns about Europe’s financial problems sparked a strong rally in riskier assets. Yield curve indicates the spectrum of maturities within a particular sector.

How did the Fund use derivatives and similar instruments during the Reporting Period?

The Fund used municipal credit default swaps as we sought to capture the upside potential of select securities that were trading below what we considered their intrinsic value.

PORTFOLIO RESULTS

Also during the Reporting Period, the Fund used municipal inverse variable rate securities to take advantage of the steepness of the municipal yield curve, wherein yields on shorter-term maturity municipal bonds were lower than those on longer-term maturity municipal bonds. These securities have an inverse relationship to short-term interest rates — the interest rate they pay generally increases as short-term interest rates fall and vice versa — and they therefore have the potential to increase or decrease the Fund’s income.

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

During the Reporting Period, we increased the Fund’s exposure to select corporate-backed municipal bonds. As a result of heightened volatility, we selectively trimmed the Fund’s exposure to Puerto Rico bonds.

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

At the end of the Reporting Period, the Fund was overweight the hospital sector and underweight the tobacco sector compared to the High Yield Municipal Composite. The Fund continued to have an overweight relative to the High Yield Municipal Composite in the 20-year to 30-year portion of the municipal yield curve. The Fund’s credit quality improved during the Reporting Period, but it remained underweight high quality municipal bonds and pre-refunded municipal bonds at the end of the Reporting Period. 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 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.

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

At the end of the Reporting Period, our outlook for the municipal market — and the high yield municipal market in particular — was positive because of favorable supply and demand dynamics and the difference in yields among various municipal credits, which we considered attractive. 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 High Yield Municipal Composite.

FUND BASICS

High Yield Municipal Fund

as of September 30, 2012

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PERFORMANCE REVIEW


April 1, 2012– September 30, 2012	Fund Total Return (based on NAV)¹			High Yield Municipal Fund Composite Index²			Barclays High Yield Municipal Bond Index³			Barclays Aggregate Municipal Bond index⁴			30-Day Standardized Subsidized Yield⁵			30-Day Standardized Unsubsidized Yield⁵			30-Day Taxable Equivalent Yield⁶
Class A		7.09	%		6.52	%		8.06	%		4.24	%		3.52	%		3.46	%		5.42	%
Class B		6.57			6.52			8.06			4.24			2.94			2.88			4.52
Class C		6.69			6.52			8.06			4.24			2.94			2.88			4.52
Institutional		7.12			6.52			8.06			4.24			3.97			3.96			6.11
Class IR		7.10			6.52			8.06			4.24			3.93			3.87			6.05

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.

The High Yield Municipal Fund Composite Index is comprised of the Barclays Aggregate Municipal Bond Index (40%) (with dividends reinvested) and the Barclays High Yield Municipal Bond Index (60%) (with dividends reinvested).

The Barclays 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.

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The Barclays Aggregate Municipal Bond Index is an unmanaged broad-based total return index composed of approximately 40,000 investment grade, fixed rate, and tax-exempt issues, with a remaining maturity of at least one year. The Index does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

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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.

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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 2011 federal income tax rate of 35%.

The returns set forth in the table above 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.

FUND BASICS


STANDARDIZED TOTAL RETURNS⁷
For the period ended 9/30/12	One Year			Five Years	Ten Years	Since Inception	Inception Date
Class A		7.62	%	1.49%	3.41%	4.41%	4/3/00
Class B		6.67		1.26	3.25	4.28	4/3/00
Class C		10.83		1.67	3.12	4.01	4/3/00
Institutional		13.02		2.77	4.26	5.17	4/3/00
Class IR		12.99		N/A	N/A	9.59	7/30/10

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The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 4.5% for Class A Shares, the assumed contingent deferred sales charge for Class B Shares (5% maximum declining to 0% after six years) and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). 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 Total Returns. 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.


EXPENSE RATIOS⁸
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.86	%		0.93	%
Class B		1.61			1.68
Class C		1.61			1.68
Institutional		0.57			0.59
Class IR		0.61			0.68

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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 Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. The Fund’s waivers and/or expense limitations will remain in place through at least July 27, 2013, and prior to such date the investment adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

FUND BASICS

SECTOR ALLOCATION⁹

Percentage of Market Value

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The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. The above graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

PORTFOLIO RESULTS

Goldman Sachs Municipal Income Fund

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Municipal Fixed Income Investment Management Team discusses the Goldman Sachs Municipal Income Fund’s (the “Fund”) performance and positioning for the six-month period ended September 30, 2012 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, B, C, Institutional, Service and IR Shares generated cumulative total returns, without sales charges, of 4.87%, 4.48%, 4.48%, 5.11%, 4.80% and 5.00%, respectively. These returns compare to the 4.24% cumulative total return of the Fund’s benchmark, the Barclays Aggregate Municipal Bond Index (the “Index”), during the same time period.

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

The Fund’s duration and yield curve strategy contributed positively to relative performance during the Reporting Period. Sector and issue selection also enhanced results. The Fund’s credit quality positioning added value as well.

Which municipal bond market sectors most significantly affected Fund performance?

In the first half of the Reporting Period, the Fund benefited from its holdings of multi-family housing bonds, tobacco bonds and dedicated tax-backed securities. Its focus on lower-quality investment grade bonds, specifically A-rated and BBB-rated securities, added to results. The Fund’s exposure to California and Puerto Rico municipal securities was advantageous, however its investments in state general obligation (“GO”) bonds overall detracted slightly. The Fund’s allocation to water and sewer bonds was also a modest drag on performance.

During the second half of the Reporting Period, as spread, or non-U.S. Treasury, sectors rallied, the Fund benefited from its positions in traditionally higher yielding segments of the municipal bond market, such as tobacco and hospital bonds. Exposure to California municipal securities also continued to add value.

For the Reporting Period as a whole, the Fund benefited from its exposure to zero coupon bonds.

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

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

Our yield curve positioning strategy also enhanced relative results. The Fund’s overweighted exposure to maturities of 12 years and longer contributed to performance, as yields declined and the yield curve flattened during the Reporting Period. Yield curve indicates the spectrum of maturities within a particular sector.

How did the Fund use derivatives and similar instruments during the Reporting Period?

In seeking to achieve its investment objective, and as market conditions warranted during the Reporting Period, the Fund used municipal inverse variable rate securities to take advantage of changes in interest rates. These securities have an inverse relationship to short-term interest rates — the interest rate they pay generally increases as short-term interest rates fall — and they therefore have the potential to increase the Fund’s income.

PORTFOLIO RESULTS

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

During the Reporting Period, we increased the Fund’s exposure to California municipal securities and its allocations to airport bonds and water and sewer bonds. We reduced the Fund’s exposure to BBB-rated securities.

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

At the end of the Reporting Period, the Fund was overweight lower credit quality investment grade municipal bonds and bonds with maturities of 13 months and less relative to the Index. It held overweighted allocations relative to the Index in bonds issued in California, Illinois and Puerto Rico. The Fund was overweight bonds in the hospital and airport sectors. Compared to the Index, the Fund was underweight state and local GO bonds and pre-refunded municipal bonds at the end of the Reporting Period.

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

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, 2012

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PERFORMANCE REVIEW


April 1, 2012– September 30, 2012	Fund Total Return (based on NAV)¹			Barclays Aggregate Municipal Bond Index²			30-Day Standardized Subsidized Yield³			30-Day Standardized Unsubsidized Yield³			30-Day Taxable Equivalent Yield⁴
Class A		4.87	%		4.24	%		2.28	%		2.07	%		3.51	%
Class B		4.48			4.24			1.63			1.41			2.51
Class C		4.48			4.24			1.62			1.41			2.49
Institutional		5.11			4.24			2.70			2.48			4.15
Service		4.80			4.24			2.18			1.97			3.35
Class IR		5.00			4.24			2.62			2.40			4.03

The Barclays 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.

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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 2011 federal income tax rate of 35%.

FUND BASICS


STANDARDIZED TOTAL RETURNS⁵
For the period ended 9/30/12	One Year			Five Years	Ten Years	Since Inception	Inception Date
Class A		6.94	%	4.85%	4.22%	5.00%	7/20/93
Class B		5.13		4.46	3.98	4.95	5/1/96
Class C		9.24		4.85	3.83	4.21	8/15/97
Institutional		11.47		6.01	5.00	5.38	8/15/97
Service		10.91		5.44	4.46	4.88	7/20/93
Class IR		11.38		N/A	N/A	7.93	7/30/10

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The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 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. Prior to July 29, 2009, the maximum initial sales charge applicable to Class A Shares of the Fund was 4.5%, which is not reflected in the figures shown. Because Institutional Shares, Service Shares and Class IR Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns. 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		0.78	%		0.99	%
Class B		1.53			1.74
Class C		1.53			1.74
Institutional		0.44			0.65
Service		0.94			1.15
Class IR		0.53			0.74

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FUND BASICS


SECTOR ALLOCATION⁷
Percentage of Market Value

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PORTFOLIO RESULTS

Goldman Sachs Short Duration Tax-Free Fund

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Municipal Fixed Income Investment Management Team discusses the Goldman Sachs Short Duration Tax-Free Fund’s (the “Fund”) performance and positioning for the six-month period ended September 30, 2012 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, B, C, Institutional, Service and IR Shares generated cumulative total returns, without sales charges, of 1.25%, 0.94%, 1.05%, 1.42%, 1.17% and 1.38%, respectively. These returns compare to the 0.83% cumulative total return of the Fund’s benchmark, the Barclays 1-3 Year Municipal Bond Index (with dividends reinvested) (the “Index”), during the same time period.

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

State and sector selection contributed positively to relative performance during the Reporting Period. The Fund’s credit quality positioning also enhanced results. Our yield curve strategy added value as well.

Which municipal bond market sectors most significantly affected Fund performance?

During the Reporting Period overall, the Fund benefited from its allocation to lower rated credits, particularly A-rated and BBB-rated securities. Also, as yields declined, the Fund’s investments in zero coupon bonds boosted relative returns.

In addition, during the first half of the Reporting Period, the Fund’s exposure to Florida and Michigan municipal securities added to relative returns, though investments overall in state general obligation (“GO”) bonds detracted slightly. The Fund’s allocation to water and sewer bonds was a modest drag on performance.

During the second half of the Reporting Period, the Fund’s exposure to Illinois and Michigan municipal bonds contributed positively.

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

The Fund’s duration position did not have a meaningful impact on relative performance during the Reporting Period. Duration is a measure of the Fund’s sensitivity to changes in interest rates.

Our yield curve positioning strategy enhanced relative results. The Fund’s overweighted exposure to maturities of five years and longer contributed to performance, as yields declined and the yield curve flattened during the Reporting Period. Yield curve indicates the spectrum of maturities within a particular sector.

How did the Fund use derivatives and similar instruments during the Reporting Period?

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

During the Reporting Period, we sold part of the Fund’s position in zero coupon bonds to capture profits. As a result of heightened volatility, we slightly reduced the Fund’s exposure to Puerto Rico bonds. We increased the Fund’s exposure to the five-year to seven-year portion of the municipal bond yield curve.

PORTFOLIO RESULTS

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

At the end of the Reporting Period, the Fund was overweight lower credit quality investment grade municipal bonds and bonds with maturities of 13 months and less relative to the Index. It held overweighted allocations relative to the Index in bonds issued in Illinois and Florida. Compared to the Index, the Fund was underweight California GO bonds and pre-refunded municipal bonds at the end of the Reporting Period.

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

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, 2012

LOGO


PERFORMANCE REVIEW


April 1, 2012– September 30, 2012	Fund Total Return (based on NAV)¹			Barclays 1-3 Year Municipal Bond Index²			30-Day Standardized Subsidized Yield³			30-Day Standardized Unsubsidized Yield³			30-Day Taxable Equivalent Yield⁴
Class A		1.25	%		0.83	%		0.63	%		0.60	%		0.97	%
Class B		0.94			0.83			0.05			-0.13			0.08
Class C		1.05			0.83			0.25			-0.13			0.38
Institutional		1.42			0.83			0.98			0.95			1.51
Service		1.17			0.83			0.50			0.47			0.77
Class IR		1.38			0.83			0.89			0.86			1.37

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.

The Barclays 1-3 Year Municipal Bond Index, an unmanaged index, represents investment grade municipal bonds with maturities greater than one year and less than 4 years, and does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

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 2011 federal income tax rate of 35%.

FUND BASICS


STANDARDIZED TOTAL RETURNS⁵
For the period ended 9/30/12	One Year			Five Years	Ten Years	Since Inception	Inception Date
Class A		1.02	%	2.89%	2.37%	3.15%	5/1/97
Class B		-0.08		2.58	2.01	2.92	5/1/97
Class C		1.48		2.57	1.83	2.45	8/15/97
Institutional		2.80		3.53	2.89	3.74	10/1/92
Service		2.39		3.03	2.38	3.25	9/20/94
Class IR		2.70		N/A	N/A	2.38	7/30/10

⁵

The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 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 (0.65% 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. Prior to July 29, 2009, the maximum initial sales charge applicable to Class A Shares of the Fund was 2.0%, which is not reflected in the figures shown. Because Institutional, Service and Class IR Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns. 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 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	%		0.77	%
Class B		1.33			1.52
Class C		1.13			1.52
Institutional		0.39			0.43
Service		0.89			0.93
Class IR		0.48			0.52

⁶

FUND BASICS


SECTOR ALLOCATION⁷
Percentage of Market Value

LOGO

⁷

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments

September 30, 2012 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – 96.5%
	Alabama – 2.1%
	Alabama Special Care Facilities Financing Authority RB for Birmingham Ascension Health Series 2009 C-1 (AA+/NR)^(a)(b)(c)
$	6,875,000		14.080	%		11/03/16	$	10,104,600
	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		3,665,142
	4,425,000		5.500			12/01/21		4,633,506
	5,775,000		5.625			12/01/26		6,002,131
	16,515,000		5.750			12/01/36		16,998,889
	Courtland Industrial Development Board PCRB Refunding for International Paper Co. Projects Series 2005 A (BBB/Baa3)
	1,000,000		5.000			06/01/25		1,030,560
	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		8,080,050
	Prattville Alabama Industrial Development Board Environmental Improvement RB Refunding for International Paper Co. Project Series A (AMT) (BBB/Baa3)
	3,185,000		4.750			12/01/30		3,185,574
	Selma Industrial Development Board Gulf Opportunity Zone Bonds for International Paper Company Project Series 2011 A (BBB/Baa3)
	2,250,000		5.375			12/01/35		2,454,570
	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		7,677,748
	15,000,000		6.000			08/01/35		15,052,500

								78,885,270

	Arizona – 2.5%
	Apache County IDA PCRB for Tucson Electric Power Company Series 2012 A (BBB-/Baa3)
	7,000,000		4.500			03/01/30		7,311,150
	Arizona Health Facilities Authority Hospital RB for Phoenix Children’s Hospital Series 2007 A (BBB+/NR)^(b)
	39,070,000		1.180			02/02/15		38,704,696
	City of Tempe IDA RB Refunding for Friendship Village Series 2012 A (NR/NR)
	1,325,000		6.250			12/01/46		1,428,271
	City of Tempe Industrial Development Authority RB Refunding for Friendship Village Series 2012 A (NR/NR)
	1,250,000		6.250			12/01/42		1,349,312
	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		10,422,104
	Maricopa County Arizona Pollution Control Corp. PCRB Refunding for Public Service Co. of New Mexico Palo Verde Project Series 2003 A (BBB-/Baa3)
	5,000,000		6.250			01/01/38		5,671,150
	Pima County IDA RB for Tucson Electric Power Co. Project RMKT 01/12/10 Series 2008 B (BBB-/Baa3)
	7,850,000		5.750			09/01/29		8,369,121


	State-Specific Municipal Debt Obligations – (continued)
	Arizona – (continued)
	Pima County IDA RB for Tucson Electric Power Co. Project Series 2010 A (BBB-/Baa3)
$	7,485,000		5.250	%		10/01/40	$	8,125,117
	Pima County IDA RB Refunding for Tucson Electric Power Co. Project Series 2012 A (BBB-/Baa3)
	5,350,000		4.500			06/01/30		5,592,943
	University Medical Center Corp. RB Series 2009 (BBB+/Baa1)
	500,000		6.250			07/01/29		583,895
	1,000,000		6.500			07/01/39		1,163,760
	University Medical Center Corp. RB Series 2011 (GO OF CORP) (BBB+/Baa1)
	3,500,000		6.000			07/01/39		4,059,615

								92,781,134

	California – 14.9%
	ABC Unified School District GO Bonds Series 2001 C (NATL-RE FGIC) (A+/Aa3)^(d)
	1,600,000		0.000			08/01/26		889,648
	Alameda County Oakland Unified School District GO Bonds for Election of 2006 Series 2012 A (NR/NR)
	2,800,000		5.500			08/01/32		3,099,964
	Alvord Unified School District GO Bonds Capital Appreciation for 2007 Election Series 2007 B (AGM) (AA-/Aa3)^(d)
	1,210,000		0.000			08/01/36		341,510
	Anaheim Public Financing Authority RB Capital Appreciation for Public Improvements Project Series 1997 C (AGM) (AA-/Aa3)^(d)
	855,000		0.000			09/01/29		384,622
	Anaheim Redevelopment Agency Tax Allocation Refunding for Merged Redevelopment Project Area Series 2007 A (AGM) (AA-/Aa3)
	1,725,000		5.000			02/01/22		1,881,216
	3,875,000		5.000			02/01/24		4,174,615
	Bakersfield School District GO Bonds Capital Appreciation for Election of 2006 Series 2012 C (A+/Aa2)^(e)
	600,000		0.000			05/01/37		208,254
	5,250,000		0.000			05/01/42		1,794,188
	7,380,000		0.000			05/01/47		2,471,931
	Calaveras Unified School District GO Bonds for Capital Appreciation Series 2000 (AGM) (AA-/Aa3)^(d)
	1,055,000		0.000			08/01/25		599,124
	California Health Facilities Financing Authority RB for California Sutter Health Facilities Series 2007 A (AA-/Aa3)
	5,870,000		5.250			11/15/46		6,209,638
	California Health Facilities Financing Authority RB for Children’s Hospital Los Angeles Series 2012 A (BBB+/Baa2)
	1,000,000		5.000			11/15/34		1,068,740
	California Municipal Finance Authority COPS for Community Hospitals of Central California Obligated Group Series 2009 (BBB/Baa2)
	19,500,000		5.500			02/01/39		20,595,120
	California Public Works Board Lease RB for various Judicial Council Projects Series 2011 D (BBB+/A2)
	3,000,000		5.000			12/01/31		3,278,610
	California State Various Purpose Refunding (A-/A1)
	20,000,000		5.000			04/01/42		22,167,000


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND


Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	California – (continued)
	California Statewide Communities Development Authority RB for California Baptist University Series 2007 A (NR/NR)
$	2,000,000		5.400	%		11/01/27	$	2,127,780
	11,850,000		5.500			11/01/38		12,263,209
	California Statewide Communities Development Authority RB for Methodist Hospital Project Series 2009 (FHA INS) (NR/Aa2)
	6,000,000		6.625			08/01/29		7,604,760
	California Statewide Financing Authority Tobacco Settlement RB Capital Appreciation for Turbo Pooled Program Series 2006 B (B/NR)^(d)
	35,000,000		0.000			06/01/46		1,767,500
	California Various Purpose GO Bonds Series 2011 (A-/A1)
	10,000,000		5.000			09/01/41		11,034,800
	Capistrano Unified School District Special Tax for Capital Appreciation Series 2005 (NATL-RE FGIC) (BBB/WR)^(d)
	7,000,000		0.000			09/01/33		2,283,190
	City of Davis Redevelopment Agency Tax Allocation for Davis Redevelopment Project Series 2011 A (A+/NR)
	750,000		6.500			12/01/26		874,417
	2,830,000		7.000			12/01/36		3,356,154
	City of Goleta Redevelopment Agency Tax Allocation for Goleta Old Town Redevelopment Project Series 2011 (NR/NR)
	670,000		7.750			12/01/31		724,283
	5,000,000		8.000			06/01/44		5,408,600
	City of Palo Alto Limited Obligation Refunding Improvement Bonds for University Avenue Area Off-Street Parking Assessment District Series 2012 (BBB/NR)
	600,000		5.000			09/02/30		654,330
	Coronado Community Development Agency Tax Allocation for Coronado Community Development Project Series 2005 (AMBAC) (AA-/NR)
	175,000		5.000			09/01/20		186,242
	El Dorado County Community Facilities District No. 1992-1 Special Tax Bonds Series 2012 (A/NR)
	700,000		4.000			09/01/31		693,560
	Encinitas Community Facilities District No.1 Special Tax Refunding Bonds for Encinitas Ranch Public Improvements Series 2012 (A-/NR)
	775,000		5.000			09/01/29		840,518
	2,000,000		4.000			09/01/30		1,964,780
	Fontana Public Financing Authority Tax Allocation for North Fontana Redevelopment Project Series 2001 A (AGM) (AA-/Aa3)
	1,540,000		5.250			09/01/20		1,543,942
	Fullerton Public Financing Authority Tax Allocation Series 2005 (AMBAC) (A/WR)
	200,000		5.000			09/01/27		203,512
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds for Capital Appreciation Subseries 2007 B (CCC+/NR)^(d)
	125,785,000		0.000			06/01/47		9,543,308
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds for Capital Appreciation Subseries 2007 C (CCC/NR)^(d)
	307,000,000		0.000			06/01/47		6,431,650


	State-Specific Municipal Debt Obligations – (continued)
	California – (continued)
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2007 A-1 (B-/B3)
$	1,590,000		5.125	%		06/01/47	$	1,219,784
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Enhanced Asset-Backed Bonds Series 2005 A (AGC-ICC) (AA-/Aa3)
	23,400,000		5.000			06/01/45		23,989,914
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Enhanced Asset-Backed Bonds Series 2005 A (FGIC) (BBB+/A2)
	15,535,000		5.000			06/01/35		15,938,444
	13,190,000		5.000			06/01/38		13,492,315
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Enhanced Asset-Backed Bonds Series 2005 A (Radian-IBCC) (BBB+/A2)
	150,000		5.000			06/01/45		153,172
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Senior Asset-Backed Bonds Series 2007 A-1 (B-/B3)
	32,135,000		5.750			06/01/47		27,285,828
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Series 2005 (AMBAC-TCRS-BNY) (BBB+/A2)
	20,805,000		5.000			06/01/45		21,245,026
	Golden State Tobacco Securitization Corp. Enhanced Tobacco Settlement Asset-Backed Bonds Series 2005 A (BBB+/A2)
	220,000		5.000			06/01/45		224,321
	Hartnell Community College District GO Bonds Capital Appreciation for Election of 2002 Series 2009 D (AA-/Aa2)^(d)
	50,000,000		0.000			08/01/49		3,841,000
	Inland Empire Tobacco Securitization Authority RB Turbo Asset- Backed Bonds for Capital Appreciation Series 2007 C-1 (B/NR)^(d)
	101,195,000		0.000			06/01/36		8,795,869
	Inland Empire Tobacco Securitization Authority RB Turbo Asset- Backed Bonds for Capital Appreciation Series 2007 C-2 (B/NR)^(d)
	211,235,000		0.000			06/01/47		7,441,809
	Inland Empire Tobacco Securitization Authority RB Turbo Asset- Backed Bonds for Capital Appreciation Series 2007 D (B/NR)^(d)
	260,660,000		0.000			06/01/57		3,091,428
	Lake Elsinore Unified School District Community Facilities District Special Tax Series 2005-3 (NR/NR)
	1,435,000		5.050			09/01/30		1,440,324
	690,000		5.050			09/01/35		690,338
	Lemoore Redevelopment Agency Tax Allocation for Lemoore Redevelopment Project Series 2011 (A-/NR)
	665,000		6.625			08/01/24		715,580
	1,000,000		7.250			08/01/31		1,094,150
	9,315,000		7.375			08/01/40		10,194,895
	Los Angeles County GO Bonds for Westside Union School District Election Series 2008 B (AA-/Aa3)^(d)
	49,925,000		0.000			08/01/50		6,876,170


The accompanying notes are an integral part of these financial statements.		21

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2012 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	California – (continued)
	Los Angeles County Sanitation Districts Financing Authority RB for Capital Projects District No. 20 Subseries 2007 A (AMBAC) (A/WR)
$	4,000,000		4.500	%		10/01/42	$	4,097,000
	Los Angeles Regional Airports Improvement Corp. Lease RB Series 2002 C (AMT) (NR/C)^(b)(f)
	32,425,000		7.500			12/01/24		32,125,069
	Los Angeles Unified School District GO Bonds Refunding Series 2007 A-1 (NATL-RE) (AA-/Aa2)
	13,745,000		4.500			01/01/28		14,935,180
	Lynwood Redevelopment Agency Tax Allocation for Housing Projects Series 2011 A (A-/NR)
	1,625,000		6.750			09/01/26		1,833,618
	1,500,000		7.000			09/01/31		1,699,665
	875,000		7.250			09/01/38		999,565
	Madera County Unified School District GO Bonds Capital Appreciation for Election of 2002 Series 2005 (NATL-RE FGIC) (A+/WR)^(d)
	2,740,000		0.000			08/01/26		1,389,728
	2,590,000		0.000			08/01/27		1,239,911
	1,395,000		0.000			08/01/28		630,582
	Merced City School District GO Bonds Capital Appreciation for Election of 2003 Series 2005 (NATL-RE) (A/NR)^(d)
	1,330,000		0.000			08/01/27		671,756
	Merced-Union High School District Election of 2008 GO Bonds Series 2011 C (NR/Aa3)^(d)
	3,750,000		0.000			08/01/35		1,172,100
	Monrovia Unified School District GO Bonds for Capital Appreciation Series 2001 B (NATL-RE FGIC) (A+/Aa3)^(d)
	1,000,000		0.000			08/01/24		612,340
	M-S-R Energy Authority Gas RB Series 2009 A (A-/NR)
	8,250,000		6.500			11/01/39		10,708,748
	M-S-R Energy Authority Gas RB Series 2009 B (A-/NR)
	2,000,000		6.500			11/01/39		2,596,060
	M-S-R Energy Authority Gas RB Series 2009 C (A-/NR)
	10,000,000		6.125			11/01/29		12,096,200
	13,500,000		6.500			11/01/39		17,523,405
	Mt. Diablo Unified School District GO Bonds Capital Appreciation for Election of 2010 Series 2010 A (AGM) (AA-/Aa3)^(e)
	7,000,000		0.000			08/01/30		4,979,170
	Murrieta Community Facilities District No. 3 Special Tax for Creekside Village Improvement Area 1 Series 2005 (NR/NR)
	1,615,000		5.200			09/01/35		1,615,371
	Natomas Unified School District GO Bonds Refunding Series 2012 (AGM) (AA-/Aa3)
	1,435,000		4.000			09/01/23		1,521,789
	1,545,000		4.000			09/01/24		1,621,076
	1,665,000		4.000			09/01/25		1,725,689
	1,735,000		4.000			09/01/26		1,772,025
	1,400,000		4.000			09/01/27		1,419,432


	State-Specific Municipal Debt Obligations – (continued)
	California – (continued)
	New Haven Unified School District GO Bonds Refunding for Capital Appreciation Series 2009 (ASSURED GTY) (AA-/Aa3)^(d)
$	860,000		0.000	%		08/01/25	$	503,960
	1,105,000		0.000			08/01/26		607,794
	5,550,000		0.000			08/01/30		2,458,428
	7,830,000		0.000			08/01/32		3,080,870
	7,000,000		0.000			08/01/34		2,428,090
	Palomar Pomerado Health COPS Series 2009 (BB+/Baa3)
	16,450,000		6.750			11/01/39		18,470,225
	Palomar Pomerado Health COPS Series 2010 (BB+/Baa3)
	7,000,000		6.000			11/01/41		7,551,810
	Palomar Pomerado Health GO Bonds Capital Appreciation for Election of 2004 Series 2009 B (ASSURED GTY) (AA-/Aa3)^(e)
	10,750,000		0.000			08/01/38		9,303,803
	Placer Union High School District GO Bonds for Capital Appreciation Series 2000 A (NATL-RE FGIC) (AA-/Aa3)^(d)
	1,805,000		0.000			08/01/25		1,071,105
	Poway Unified School District Community Facilities District No. 6-4S Ranch Improvement Area C Special Tax Bonds Series 2012 (NR/NR)
	250,000		4.600			09/01/35		248,588
	1,500,000		5.000			09/01/42		1,524,555
	Riverside County Redevelopment Agency Tax Allocation for Capital Appreciation Jurupa Valley Redevelopment Project Area Series 2011 B (A-/NR)^(d)
	2,220,000		0.000			10/01/33		586,702
	2,220,000		0.000			10/01/35		503,230
	1,840,000		0.000			10/01/37		360,419
	5,000,000		0.000			10/01/38		915,250
	8,425,000		0.000			10/01/39		1,433,429
	13,395,000		0.000			10/01/40		2,122,706
	7,275,000		0.000			10/01/41		1,076,409
	6,000,000		0.000			10/01/42		826,320
	Riverside County Redevelopment Agency Tax Allocation for Jurupa Valley Redevelopment Project Area Series 2011 B (A-/NR)
	1,225,000		6.500			10/01/25		1,366,193
	1,950,000		6.750			10/01/30		2,182,791
	San Bernardino City Unified School District GO Bonds Capital Appreciation for Election of 1999 Series 2003 C (NATL-RE FGIC) (A/A2)^(d)
	1,420,000		0.000			08/01/25		739,621
	San Diego Unified School District GO Bonds for Election of 2008 Series 2010 C (AA-/Aa2)^(d)
	30,265,000		0.000			07/01/44		6,137,439
	San Diego Unified School District GO Bonds Refunding Series 2012 R-1 (AA-/Aa2)^(d)
	10,000,000		0.000			07/01/30		4,611,500
	3,000,000		0.000			07/01/31		1,295,580
	San Francisco City & County Public Utilities Commission Water RB Refunding Subseries 2012 C (AA-/Aa3)
	13,210,000		4.000			11/01/31		14,233,907


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND


Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	California – (continued)
	San Francisco City & County Redevelopment Financing Authority Tax Allocation for Mission Bay North Redevelopment Series 2011 C (A-/NR)
$	500,000		6.750	%		08/01/33	$	587,630
	2,000,000		6.750			08/01/41		2,305,000
	San Francisco City & County Redevelopment Financing Authority Tax Allocation for Mission Bay North Redevelopment Series 2011 D (BBB/NR)
	435,000		6.625			08/01/27		490,523
	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		817,170
	555,000		6.375			08/01/29		605,333
	305,000		6.500			08/01/31		331,163
	1,000,000		6.625			08/01/39		1,088,110
	San Francisco City & County Redevelopment Financing Authority Tax Allocation for Mission Bay South Redevelopment Series 2011 D (BBB/NR)
	1,000,000		7.000			08/01/33		1,134,780
	1,500,000		7.000			08/01/41		1,691,280
	San Juan Unified School District GO Bonds for Capital Appreciation Series 2000 (NATL-RE FGIC) (A+/Aa2)^(d)
	1,580,000		0.000			08/01/24		976,503
	1,595,000		0.000			08/01/25		929,981
	San Marcos Unified School District GO Bonds Capital Appreciation for Election of 2010 Series B (AA-/Aa2)^(d)
	3,500,000		0.000			08/01/47		595,630
	Santa Monica Redevelopment Agency Tax Allocation for Earthquake Recovery Redevelopment Project Series 2011 (AA/NR)
	2,000,000		5.000			07/01/42		2,198,900
	Santa Monica Redevelopment Agency Tax Allocation for Earthquake Recovery Redevelopment RB Series 2011 (AA/NR)
	2,000,000		5.000			07/01/32		2,264,460
	Santee Community Development Commission Tax Allocation for Santee Community Redevelopment Project Series 2011 A (A/NR)
	1,000,000		7.000			08/01/31		1,128,240
	2,000,000		7.000			08/01/41		2,236,340
	Simi Valley Community Development Agency Tax Allocation Refunding for Merged Tapo Canyon and West End Community Development Project Series 2003 (NATL-RE FGIC) (A/WR)
	525,000		5.250			09/01/19		541,138
	Stockton Unified School District GO Bonds Capital Appreciation for Election of 2008 Series 2011 D (AGM) (AA-/Aa3)^(d)
	13,025,000		0.000			08/01/39		2,898,844
	17,470,000		0.000			08/01/44		2,902,291
	14,850,000		0.000			08/01/45		2,331,747
	17,405,000		0.000			08/01/46		2,574,548
	690,000		0.000			08/01/47		96,455
	14,015,000		0.000			08/01/48		1,851,662


	State-Specific Municipal Debt Obligations – (continued)
	California – (continued)
	Stockton Unified School District GO Bonds Election of 2005 Series 2007 (AGM) (AA-/Aa3)
$	1,690,000		5.000	%		08/01/20	$	1,799,309
	1,165,000		5.000			08/01/21		1,233,456
	525,000		5.000			08/01/22		549,927
	2,540,000		5.000			08/01/23		2,660,599
	Temecula Public Financing Authority Community Facilities District No. 03-03 Special Tax Refunding Bonds for Wolf Creek Series 2012 (NR/NR)
	3,515,000		5.000			09/01/34		3,625,758
	Temecula Redevelopment Agency Tax Allocation for Housing Redevelopment Project No. 1 Series 2011 A (A/NR)
	1,000,000		6.750			08/01/31		1,131,210
	2,100,000		7.000			08/01/39		2,399,838
	Tobacco Securitization Authority Southern California Tobacco Settlement RB Senior Asset-Backed Bonds for San Diego County Tobacco Asset Securitization Corp. Series 2006 A-1 (B+/B2)
	7,470,000		5.125			06/01/46		5,937,380
	Tobacco Securitization Authority Southern California Tobacco Settlement RB Senior Asset-Backed Bonds for San Diego County Tobacco Asset Securitization Corp. Series 2006 A-1 (BB+/B3)
	2,235,000		5.000			06/01/37		1,818,508
	Union City Community Redevelopment Agency Tax Allocation for Community Redevelopment Project Sub Lien Series 2011 (A/NR)
	1,500,000		6.875			12/01/33		1,702,200
	Upland Community Facilities District No. 2003-2 Special Tax Refunding Bonds 2012 (BBB/NR)
	1,000,000		5.000			09/01/34		1,032,310
	Walnut Public Financing Authority Tax Allocation for Walnut Improvement Project Series 2002 (AMBAC) (A+/WR)
	550,000		5.375			09/01/19		551,017
	West Hollywood Community Development Commission Tax Allocation for East Side Redevelopment Project Series 2011 A (BBB/NR)
	1,000,000		7.250			09/01/31		1,124,160
	5,000,000		7.500			09/01/42		5,666,550
	William S. Hart Union High School District Election of 2008 GO Bonds Series 2011 B (AGM) (AA-/Aa2)^(d)
	7,000,000		0.000			08/01/35		2,302,860
	3,325,000		0.000			08/01/36		1,027,425
	Wiseburn School District GO Unltd Bonds Capital Appreciation Series 2008 A (ASSURED GTY) (AA-/Aa3)^(d)
	8,775,000		0.000			08/01/33		3,240,871

								561,408,391

	Colorado – 2.0%
	Colorado Health Facilities Authority RB for Covenant Retirement Communities, Inc. Series 2005 (BBB-/NR)
	9,050,000		5.000			12/01/35		9,329,283
	Colorado Health Facilities Authority RB for Covenant Retirement Communities, Inc. Series 2012 A (BBB-/NR)
	3,500,000		4.500			12/01/33		3,448,130
	3,500,000		5.000			12/01/33		3,670,380


The accompanying notes are an integral part of these financial statements.		23

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2012 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	Colorado – (continued)
	Colorado Health Facilities Authority RB for The Evangelical Lutheran Good Samaritan Society Project Series 2012 (A-/A3)
$	16,110,000		5.000	%		12/01/42	$	17,058,235
	Colorado Regional Transportation District Tax-Exempt Private Activity RB for Denver Transit Partners Eagle P3 Project Series 2010 (BBB-/Baa3)
	12,860,000		6.000			01/15/41		14,881,335
	Cross Creek Metropolitan District No. 2 GO Bonds Refunding Limited Tax Series 2006 (NR/NR)^(g)
	4,500,000		3.500			12/01/12		3,577,410
	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		9,335,250
	E-470 Public Highway Authority RB Series 2004 A (NATL-RE) (BBB/Baa2)^(d)
	15,000,000		0.000			09/01/28		6,720,750
	4,100,000		0.000			09/01/34		1,243,448
	E-470 Public Highway Authority RB Series 2004 B (NATL-RE) (BBB/Baa2)^(d)
	1,715,000		0.000			09/01/28		733,351
	E-470 Public Highway Authority RB Series 2010 A (BBB-/Baa2)^(d)
	4,000,000		0.000			09/01/40		819,840
	Park Meadows Business Improvement District RB Series 2007 (NR/NR)
	475,000		5.300			12/01/27		502,830
	720,000		5.350			12/01/31		755,295
	Vista Ridge Metropolitan District GO Bonds Refunding Limited Tax Subseries 2006 B (NR/NR)
	1,725,000		6.625			12/01/40		1,306,273

								73,381,810

	Connecticut – 0.3%
	West Haven Connecticut GO Bonds Series 2012 (AGM) (AA-/Aa3)
	3,495,000		5.000			08/01/21		3,992,653
	2,095,000		5.000			08/01/22		2,393,663
	2,000,000		5.000			08/01/23		2,272,520
	1,000,000		5.000			08/01/25		1,128,220

								9,787,056

	Delaware – 0.2%
	Bridgeville Delaware Special Obligation Special Tax for Heritage Shores Special Development District Series 2005 A (NR/NR)
	6,501,000		5.450			07/01/35		5,009,736
	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		3,352,350

								8,362,086


	State-Specific Municipal Debt Obligations – (continued)
	District of Columbia – 1.7%
	District of Columbia Tax Increment RB Refunding Gallery Place Project Series 2012 (A-/A1)
$	3,725,000		5.000	%		06/01/29	$	4,150,991
	3,910,000		5.000			06/01/30		4,344,753
	Metropolitan Washington DC Airports Authority Dulles Toll Road RB Second Senior Lien Capital Appreciation for Dulles Metrorail and Capital Improvement Project Series 2009 (ASSURED GTY) (AA-/Aa3)^(e)
	25,000,000		0.000			10/01/41		24,918,000
	Metropolitan Washington DC Airports Authority Dulles Toll Road RB Second Senior Lien Capital Appreciation for Dulles Metrorail and Capital Improvement Project Series 2010 B (BBB+/Baa1)^(e)
	37,100,000		0.000			10/01/44		31,610,684

								65,024,428

	Florida – 14.0%
	Aberdeen Community Development District Special Assessment Series 2006-1 (NR/NR)^(f)
	1,810,000		5.250			11/01/15		950,250
	Amelia National Community Development District Special Assessment for Capital Improvement Series 2004 A (NR/NR)
	4,295,000		6.300			05/01/35		3,679,956
	Amelia National Community Development District Special Assessment for Capital Improvement Series 2006 A (NR/NR)
	1,690,000		5.375			05/01/37		1,176,341
	Arborwood Community Development District RB Capital Improvement for Centex Homes Project Series 2006 A-3 (NR/NR)
	8,925,000		5.500			05/01/36		8,994,794
	Arborwood Community Development District RB Capital Improvement for Master Infrastructure Project Series 2005 B (NR/NR)
	570,000		5.100			05/01/14		479,330
	Arborwood Community Development District Special Assessment Capital Improvement for Centex Homes Project Series 2006 A-1 (NR/NR)^(f)
	17,510,000		5.500			05/01/36		2,976,700
	Arborwood Community Development District Special Assessment Capital Improvement for Centex Homes Project Series 2006 A-2 (NR/NR)
	230,000		5.250			05/01/36		234,425
	Arborwood Community Development District Special Assessment for Master Infrastructure Projects Series 2005 A (NR/NR)
	26,175,000		5.350			05/01/36		19,194,128
	Arborwood Community Development District Special Assessment for School Site Acquisition Project Series 2005 (NR/NR)^(f)
	4,660,000		5.500			05/01/14		2,863,787
	Bellalago Educational Facilities Benefits District Special Assessment for Capital Improvement Series 2004 A (NR/NR)
	1,870,000		5.850			05/01/22		1,901,079
	8,000,000		6.000			05/01/33		8,138,960


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND


Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	Florida – (continued)
	Bellalago Educational Facilities Benefits District Special Assessment for Capital Improvement Series 2004 B (NR/NR)
$	12,150,000		5.800	%		05/01/34	$	12,324,595
	Bluewaters Community Development District Special Assessment Series 2004 (NR/NR)
	470,000		6.000			05/01/35		492,541
	Brevard County Health Facilities Authority RB for Health First, Inc. Project Series 2009 (A-/A3)
	4,750,000		7.000			04/01/39		5,844,732
	Bridgewater Community Development District Special Assessment Series 2004 A (NR/NR)
	3,140,000		6.000			05/01/35		3,175,231
	Bridgewater Community Development District Special Assessment Series 2011 A (NR/NR)
	9,140,000		7.210			05/01/35		8,891,483
	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		2,133,000
	Capital Trust Agency Fixed Rate Air Cargo RB for Aero Miami FX, LLC Project Series 2010 A (NR/Baa3)
	8,540,000		5.350			07/01/29		8,890,567
	Century Parc Community Development District Special Assessment Refunding Series 2012 (A-/NR)
	200,000		3.500			11/01/20		203,524
	210,000		3.750			11/01/21		211,607
	215,000		3.875			11/01/22		217,141
	225,000		4.000			11/01/23		229,122
	235,000		4.150			11/01/24		238,149
	245,000		4.250			11/01/25		249,241
	1,705,000		4.500			11/01/31		1,749,006
	CityPlace Community Development District Special Assessment RB Refunding Series 2012 (A/NR)
	2,250,000		5.000			05/01/26		2,549,633
	Concord Station Community Development District Special Assessment for Capital Improvement Series 2005 (NR/NR)
	730,000		5.000			05/01/15		725,948
	Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2011 A-1 (NR/NR)
	4,065,000		5.850			05/01/35		4,331,705
	Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2011 A-2 (NR/NR)^(e)
	2,545,000		0.000			05/01/35		1,703,521
	Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2011 B (NR/NR)^(d)
	6,860,000		0.000			05/01/17		4,687,301
	Cory Lakes Community Development District Special Assessment Series 2001 A (NR/NR)
	260,000		8.375			05/01/17		278,062
	Cory Lakes Community Development District Special Assessment Series 2001 B (NR/NR)
	325,000		8.375			05/01/17		347,578
	Crossings at Fleming Island Community Development District Special Assessment Refunding Series 2000 C (NR/NR)
	2,860,000		7.050			05/01/15		2,767,279

Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	Florida – (continued)
	Cutler Cay Community Development District Special Assessment Series 2004 (NR/NR)
$	3,740,000		6.300	%		05/01/34	$	3,922,288
	Durbin Crossing Community Development District Special Assessment Series 2005 A (NR/NR)
	41,975,000		5.500			05/01/37		37,372,021
	Durbin Crossing Community Development District Special Assessment Series 2005 B-2 (NR/NR)
	1,595,000		6.830			11/01/15		1,630,249
	Escambia County Health Facilities Authority Health Care Facilities RB for Baptist Hospital, Inc. Project Series 2010 A (BBB+/Baa1)
	27,950,000		6.000			08/15/36		31,649,182
	Florida Higher Educational Facilities Financing Authority RB for Flagler College, Inc. Project Series 2006 (XLCA) (NR/WR)
	11,180,000		5.250			11/01/36		11,709,261
	Florida Higher Educational Facilities Financing Authority RB Refunding for Nova Southeastern University Project Series 2012 A (BBB/Baa2)
	1,500,000		5.000			04/01/27		1,629,885
	1,035,000		5.000			04/01/32		1,103,455
	Florida Higher Educational Facilities Financing Authority RB Refunding for Nova Southeastern University Project Series 2012 A (BBB+/NR)
	600,000		5.000			04/01/32		650,958
	5,620,000		5.250			04/01/42		6,151,821
	Forest Creek Community Development District RB for Capital Improvement Series 2010 B (NR/NR)
	550,000		7.000			11/01/13		545,820
	Hammocks Community Development District Special Assessment Series 2005 B (NR/NR)
	150,000		6.960			11/01/15		154,020
	Harbour Isles Community Development District Special Assessment Series 2004 (NR/NR)
	2,955,000		6.125			05/01/35		3,015,725
	Heritage Harbour Market Place Community Development District Special Assessment for Capital Improvement Series 2005 (NR/NR)
	7,925,000		5.600			05/01/36		7,220,864
	Heritage Harbour South Community Development District RB for Capital Improvement Series 2003 A (NR/NR)
	1,040,000		6.200			05/01/35		1,089,764
	Heritage Isle At Viera Community Development District Special Assessment Series 2005 (NR/NR)
	6,655,000		5.550			05/01/37		5,891,272
	Heritage Lake Park Community Development District Special Assessment Series 2005 (NR/NR)
	2,440,000		5.700			05/01/36		2,421,114
	Hillsborough County IDA RB for Health Facilities RMKT 08/06/09 Series 2008 B (NR/WR)^(h)
	4,980,000		8.000			08/15/19		7,113,332
	Killarney Community Development District Special Assessment Series 2004 A (NR/NR)^(f)
	2,395,000		6.000			05/01/35		1,077,750


The accompanying notes are an integral part of these financial statements.		25

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2012 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	Florida – (continued)
	Killarney Community Development District Special Assessment Series 2004 B (NR/NR)^(f)
$	1,750,000		5.125	%		05/01/16	$	787,500
	Lakeland Hospital RB for Florida Southern College Project Series 2012 A (BBB+/NR)
	1,500,000		5.000			09/01/42		1,588,920
	Lakewood Ranch Stewardship District Special Assessment for Lake Club Project Series 2005 (NR/NR)
	3,655,000		7.210			11/01/20		3,703,685
	Lakewood Ranch Stewardship District Special Assessment for Lake Club Project Series 2006 B (NR/NR)
	8,665,000		6.770			11/01/20		8,522,027
	Lakewood Ranch Stewardship District Special Assessment RB for Lakewood Centre & NW Sector Project Series 2011 (NR/NR)
	19,760,000		8.000			05/01/40		21,999,994
	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		19,727,466
	Lee County IDA Health Care Facilities RB Refunding for Shell Point Project Series 2011 B (BB/NR)
	2,600,000		6.500			11/15/31		2,859,220
	Lee County IDA Health Care Facilities RB Refunding for Shell Point/Alliance Community Project Series 2007 (BB/NR)
	1,000,000		5.000			11/15/13		1,031,030
	2,245,000		5.000			11/15/15		2,400,376
	4,000,000		5.000			11/15/22		4,136,240
	10,000,000		5.000			11/15/29		10,024,000
	Live Oak Community Development District No. 2 Special Assessment Series 2004 A (NR/NR)
	8,240,000		5.850			05/01/35		8,322,153
	Live Oak Community Development District No. 2 Special Assessment Series 2010 (NR/NR)
	3,220,000		7.360			11/01/20		3,511,088
	Longleaf Community Development District Special Assessment Refunding Series 2005 (NR/NR)
	5,215,000		5.400			05/01/30		4,501,223
	Longleaf Community Development District Special Assessment Refunding Series 2006 (NR/NR)^(f)
	2,635,000		5.375			05/01/30		1,714,489
	Marsh Harbour Community Development District Special Assessment Series 2005 A (NR/NR)
	2,790,000		5.450			05/01/36		2,862,596
	Meadow Pointe IV Community Development District Capital Improvement Series 2012 B (NR/NR)^(e)
	1,140,000		0.000			05/01/20		995,437
	Meadow Pointe IV Community Development District RB for Capital Improvement Series 2005 (NR/NR)
	1,910,000		5.250			05/01/15		744,900
	Meadow Pointe IV Community Development District RB for Capital Improvement Series 2007 B (NR/NR)^(f)
	1,380,000		6.150			11/01/14		14
	Meadow Pointe IV Community Development District RB for Capital Improvement Series 2012 A-1 (NR/NR)^(e)
	445,000		0.000			05/01/36		360,348


	State-Specific Municipal Debt Obligations – (continued)
	Florida – (continued)
	Meadow Pointe IV Community Development District RB for Capital Improvement Series 2012 A-2 (NR/NR)^(e)
$	850,000		0.000	%		05/01/38	$	662,465
	Meadow Pointe IV Community Development District Special Assessment for Capital Improvement Series 2005 (NR/NR)^(f)
	1,410,000		5.250			05/01/15		14
	Mediterra South Community Development District RB Refunding for Capital Improvement Series 2012 (BBB-/NR)
	295,000		4.000			05/01/19		300,463
	305,000		4.200			05/01/20		312,354
	325,000		4.400			05/01/21		333,639
	335,000		4.500			05/01/22		343,137
	350,000		4.650			05/01/23		358,971
	1,250,000		5.100			05/01/31		1,282,337
	Miami Beach Health Facilities Authority Hospital RB for Mount Sinai Medical Center Florida Project Series 2004 (NR/Baa2)
	1,849,000		6.750			11/15/14		2,097,062
	11,751,000		6.750			11/15/29		12,922,457
	Miami Beach Health Facilities Authority Hospital RB for Mount Sinai Medical Center Florida Project Series 2012 (BBB/Baa2)
	2,000,000		5.000			11/15/29		2,180,620
	Miami-Dade County Florida Expressway Authority RB Series 2012 (AA/A1)
	8,000,000		5.000			07/01/42		8,962,080
	New River Community Development District Special Assessment RB for Capital Improvement Series 2010 A-1 (NR/NR)^(e)
	2,120,000		0.000			05/01/38		1,552,921
	New River Community Development District Special Assessment RB for Capital Improvement Series 2010 A-2 (NR/NR)^(e)
	5,340,000		0.000			05/01/38		2,403,000
	New River Community Development District Special Assessment RB for Capital Improvement Series 2010 B-1 (NR/NR)^(e)
	2,915,000		0.000			05/01/15		2,729,868
	New River Community Development District Special Assessment RB for Capital Improvement Series 2010 B-2 (NR/NR)^(e)
	4,185,000		0.000			05/01/18		1,883,250
	New River Community Development District Special Assessment Series 2006 A (NR/NR)^(f)
	545,000		5.350			05/01/38		5
	New River Community Development District Special Assessment Series 2006 B (NR/NR)^(f)
	3,260,000		5.000			05/01/13		33
	Orange County Health Facilities Authority RB Refunding for Orlando Lutheran Healthcare Series 2005 (NR/NR)
	1,100,000		5.375			07/01/20		1,123,936
	Orlando Florida Community Redevelopment Agency Tax Increment RB Refunding for Conroy Road District Series 2012 (A-/NR)
	1,305,000		5.000			04/01/19		1,489,371
	1,375,000		5.000			04/01/20		1,573,220
	1,445,000		5.000			04/01/21		1,650,970
	1,680,000		5.000			04/01/24		1,884,960
	1,765,000		5.000			04/01/25		1,957,738
	1,005,000		5.000			04/01/26		1,103,731


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND


Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	Florida – (continued)
	Overoaks Community Development District RB for Capital Improvement Series 2010 A-1 (NR/NR)
$	1,075,000		6.125	%		05/01/35	$	1,150,089
	Overoaks Community Development District RB for Capital Improvement Series 2010 A-2 (NR/NR)
	1,475,000		6.125			05/01/35		1,291,864
	Overoaks Community Development District RB for Capital Improvement Series 2010 B (NR/NR)
	3,375,000		5.125			05/01/17		3,174,525
	Overoaks Community Development District Special Assessment for Capital Improvement Series 2004 A (NR/NR)^(f)
	1,200,000		5.125			05/01/16		12,000
	210,000		6.125			05/01/35		2,100
	Parklands Lee Community Development District Special Assessment Refunding Series 2011 A (NR/NR)
	3,205,000		5.800			05/01/35		3,268,203
	Parklands West Community Development District Special Assessment Refunding Series 2012 A (NR/NR)
	2,500,000		5.650			05/01/32		2,570,625
	Paseo Community Development District Capital Improvement Revenue Bonds Capital Appreciation Series 2011 A-2 (NR/NR)^(d)
	30,590,000		0.000			05/01/36		10,787,258
	Paseo Community Development District Capital Improvement Revenue Bonds Special Assessment Series 2011 A-1 (NR/NR)⁽ⁱ⁾
	2,200,000		5.400			05/01/36		2,279,728
	Paseo Community Development District RB for Capital Improvement Series 2005 A (NR/NR)^(f)
	6,355,000		5.400			05/01/36		64
	Pelican Marsh Community Development District Special Assessment RB Series 2012 (NR/NR)
	805,000		4.875			05/01/22		800,403
	1,370,000		5.375			05/01/31		1,365,945
	Pine Island Community Development District Utility System Bonds Series 2004 (NR/NR)^(f)
	1,355,000		5.300			11/01/15		704,600
	Reunion East Community Development District Special Assessment Series 2002 A-1 (NR/NR)
	9,860,000		7.200			05/01/22		9,984,433
	Reunion East Community Development District Special Assessment Series 2002 A-2 (NR/NR)^(f)
	4,670,000		7.200			05/01/22		1,868,000
	River Hall Community Development District Special Assessment for Capital Improvement Series 2011 A (NR/NR)
	5,470,000		5.450			05/01/36		4,952,319
	Sandy Creek Community Development District Special Assessment Refunding Series 2007 B (NR/NR)
	2,330,000		5.500			05/01/15		2,256,605
	Sarasota County Public Hospital District RB for Sarasota Memorial Hospital Project Series 2009 A (AA-/A1)
	1,500,000		5.625			07/01/39		1,652,985
	Seven Oaks Community Development District II Special Assessment Series 2004 B (NR/NR)
	930,000		7.500			05/01/16		933,655


	State-Specific Municipal Debt Obligations – (continued)
	Florida – (continued)
	South Kendall Community Development District Special Assessment Series 2010 A (NR/NR)
$	1,890,000		6.200	%		11/01/40	$	2,175,730
	South-Dade Venture Community Development District Special Assessment RB Refunding Series 2012 (BBB-/NR)
	1,020,000		5.000			05/01/26		1,049,692
	1,500,000		5.125			05/01/33		1,540,500
	Southern Hills Plantation I Community Development District Special Assessment for Capital Improvement Series 2011 A-1 (NR/NR)
	4,570,000		5.800			05/01/35		4,239,452
	Southern Hills Plantation I Community Development District Special Assessment for Capital Improvement Series 2011 A-2 (NR/NR)^(e)
	3,455,000		0.000			05/01/35		2,335,062
	Southern Hills Plantation II Community Development District Special Assessment for Capital Improvement Series 2004 (NR/NR)^(f)
	3,265,000		5.850			05/01/34		1,799,407
	St. Petersburg Health Facilities Authority RB Refunding for All Children’s Hospital Series 2009 A (AA/A1)
	5,835,000		6.500			11/15/39		7,063,968
	Sterling Hill Community Development District RB for Capital Improvement Series 2003 B (NR/NR)^(f)
	455,000		5.500			11/01/15		273,000
	Stonelake Ranch Community Development District Special Assessment Series 2004 A (NR/NR)
	3,065,000		5.900			05/01/34		3,065,552
	Sumter Landing Community Development District Recreational RB Series 2005 A (NATL-RE) (BBB/Baa2)
	2,500,000		5.125			10/01/38		2,533,325
	Venetian Community Development District Capital Improvement RB Refunding Series 2012 A-1 (NR/NR)
	500,000		5.500			05/01/34		508,915
	750,000		6.125			05/01/42		763,815
	Venetian Community Development District Capital Improvement RB Refunding Series 2012 A-2 (NR/NR)
	1,500,000		5.000			05/01/23		1,509,015
	2,500,000		5.500			05/01/34		2,544,575
	Verona Walk Community Development District RB for Capital Improvement Series 2004 (NR/NR)
	1,215,000		5.850			05/01/35		1,225,862
	Village Center Community Development District Recreational RB Series 2003 A (NATL-RE) (BBB/Baa2)
	5,780,000		5.000			11/01/32		5,834,216
	Village Center Community Development District Recreational RB Series 2004 A (NATL-RE) (BBB/Baa2)
	1,875,000		5.125			11/01/36		1,902,338
	Village Center Community Development District Recreational RB Subseries 1998 B (NR/NR)
	1,090,000		8.250			01/01/17		1,094,829
	Village Center Community Development District Recreational RB Subseries 1998 C (NR/NR)
	1,600,000		7.375			01/01/19		1,607,856


The accompanying notes are an integral part of these financial statements.		27

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2012 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	Florida – (continued)
	Village Center Community Development District Recreational RB Subseries 2003 B (NR/NR)
$	4,005,000		6.350	%		01/01/18	$	4,202,687
	Village Center Community Development District Recreational RB Subseries 2004 B (NR/NR)
	3,230,000		5.875			01/01/15		3,512,948
	Village Community Development District No. 8 Special Assessment RB Series 2008 (NR/NR)
	9,560,000		6.375			05/01/38		11,532,610
	Village Community Development District No. 8 Special Assessment Refunding Phase II Series 2010 (NR/NR)
	9,635,000		6.125			05/01/39		11,326,424
	Village Community Development District No. 9 Special Assessment RB Series 2011 (NR/NR)
	5,985,000		7.000			05/01/41		6,938,111
	Village Community Development District No. 9 Special Assessment Refunding Series 2012 (NR/NR)
	2,250,000		5.500			05/01/42		2,432,520
	Villasol Community Development District RB Series 2003 A (NR/NR)^(f)
	3,755,000		6.600			05/01/34		2,091,197
	Waters Edge Community Development District Capital Improvement RB Refunding Series 2012 A-1 (NR/NR)
	16,000		5.350			05/01/39		15,514
	Waters Edge Community Development District Capital Improvement RB Refunding Series 2012 A-2 (NR/NR)^(e)
	1,145,000		0.000			05/01/39		610,067
	Waters Edge Community Development District Special Assessment for Capital Improvement Series 2006 B (NR/NR)^(f)
	180,000		5.000			11/01/12		2
	West Villages Improvement District Special Assessment Unit of Development No. 3 Series 2006 (NR/NR)^(f)
	11,745,000		5.500			05/01/37		5,050,350

								525,915,745

	Georgia – 2.2%
	Atlanta Tax Allocation for Beltline Project RMKT 12/15/09 Series 2009 A (NR/NR)
	8,340,000		7.500			01/01/31		9,827,189
	Atlanta Tax Allocation for Eastside Project Series 2005 B (A-/NR)
	1,085,000		5.400			01/01/20		1,185,135
	1,750,000		5.600			01/01/30		1,883,297
	Chatham County Hospital Authority RB for Hospital Improvement Memorial Health University Series 2004 A (NR/WR)^(h)
	5,675,000		5.500			01/01/14		6,033,149
	Clayton County Development Authority Special Facilities RB for Delta Airlines, Inc. Series 2009 A (CCC+/NR)
	8,000,000		8.750			06/01/29		9,883,360
	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		9,805,600
	Fulton County Development Authority RB for Tuff Caub LLC Project Series 2007 A (NR/NR)
	2,380,000		5.250			11/01/28		2,263,309


	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	$	1,788,202
	Marietta Development Authority University Facilities RB Refunding for Life University, Inc. Project Series 2008 (NR/Ba3)
	2,500,000		7.000			06/15/39		2,649,775
	Milledgeville & Baldwin County Development Authority Student Housing RB Refunding for Georgia College & State University Foundation Series 2007 (AMBAC) (A+/WR)^(g)
	46,820,000		0.959			10/01/33		33,930,454
	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		5,003,200

								84,252,670

	Guam – 1.0%
	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		2,744,700
	3,355,000		6.875			12/01/40		3,680,133
	Guam Government Limited Obligation GO Bonds Section 30 Series 2009 A (BBB+/NR)
	2,400,000		5.375			12/01/24		2,657,112
	3,000,000		5.625			12/01/29		3,354,240
	2,750,000		5.750			12/01/34		3,096,143
	Guam Power Authority RB Series 2010 A (BBB/Baa3)
	11,705,000		5.500			10/01/40		12,227,862
	Guam Waterworks Authority RB for Water & Wastewater System Series 2010 (BB/Ba2)
	9,785,000		5.625			07/01/40		10,372,589

								38,132,779

	Idaho – 0.6%
	Madison County Hospital Revenue COPS Series 2006 (BB+/NR)
	1,000,000		5.250			09/01/20		1,047,760
	4,645,000		5.250			09/01/26		4,788,623
	1,500,000		5.250			09/01/30		1,524,810
	15,285,000		5.250			09/01/37		15,429,291

								22,790,484

	Illinois – 5.2%
	Chicago Illinois Board of Education GO Bonds Refunding Series 2005 A (AMBAC) (A+/A2)
	8,965,000		5.500			12/01/29		11,699,056
	Chicago Illinois O’Hare International Airport Special Facility RB Refunding for American Airlines, Inc. Project Series 2007 (NR/WR)^(f)
	16,400,000		5.500			12/01/30		10,769,060
	Chicago Illinois Second Lien Water RB Project Series 2012 (AA-/Aa3)
	4,000,000		5.000			11/01/42		4,556,760
	Cook County Illinois Recovery Zone Facility RB for Navistar International Corp. Project Series 2010 (CCC+/B2)
	8,520,000		6.500			10/15/40		8,848,616


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND


Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	Illinois – (continued)
	Du Page County Special Service Area No. 31 Special Tax for Monarch Landing Project Series 2006 (NR/NR)
$	134,000		5.400	%		03/01/16	$	138,797
	1,450,000		5.625			03/01/36		1,443,374
	Illinois Finance Authority RB for Friendship Village Schaumburg Series 2005 A (BB-/NR)
	1,340,000		5.000			02/15/15		1,377,841
	6,025,000		5.375			02/15/25		6,075,791
	4,000,000		5.625			02/15/37		4,015,920
	Illinois Finance Authority RB for Midwest Regional Medical Center Series 2006 A (NR/NR)
	34,585,000		6.750			10/01/46		31,963,803
	Illinois Finance Authority RB Refunding for Christian Homes, Inc. Obligated Group Series 2007 A (BBB-/NR)
	4,500,000		5.750			05/15/31		4,689,990
	Illinois Finance Authority RB Refunding for Christian Homes, Inc. Obligated Group Series 2010 (BBB-/NR)
	1,250,000		6.125			05/15/27		1,379,688
	Illinois Finance Authority RB Refunding for OSF Healthcare System Series 2010 A (A/A3)
	18,115,000		6.000			05/15/39		20,523,571
	Illinois Finance Authority RB Refunding for Proctor Hospital Series 2006 A (BB+/Ba2)
	5,600,000		5.125			01/01/25		5,603,696
	Illinois Finance Authority Recovery Zone Facility RB for Navistar International Corp. Project Series 2010 (CCC+/B2)
	13,000,000		6.500			10/15/40		13,501,410
	Illinois Finance Authority Student Housing RB for MJH Educational Assistance IV Series 2004 B (NR/C)^(f)
	15,000		4.500			06/01/14		2,250
	2,150,000		5.000			06/01/24		322,500
	4,000,000		5.375			06/01/35		600,000
	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		2,110,020
	Illinois Finance Authority Water Facilities RB for American Water Capital Corp. Project Series 2010 (NR/Baa2)
	10,500,000		5.250			05/01/40		11,104,170
	Illinois GO Bonds Refunding Series 2012 (A+/A2)
	2,000,000		5.000			08/01/25		2,245,800
	Illinois GO Bonds Series 2012 (A+/A2)
	1,000,000		5.000			03/01/37		1,090,040
	Lincolnshire Special Service Area No. 1 Special Tax for Sedgebrook Project Series 2004 A (NR/NR)
	2,438,000		6.250			03/01/34		2,470,645
	Metropolitan Pier & Exposition Authority RB for McCormick Place Expansion Project Residual Series 2010 A-3219 (AAA/NR)^(a)(c)
	20,000,000		11.410			12/15/40		23,699,600
	Ottawa Illinois Health Care Facilities RB Refunding for Ottawa Community Hospital Series 2004 (Radian) (BBB+/NR)^(h)
	1,900,000		5.125			08/15/14		2,067,523
	Plano Special Service Area No. 5 Special Tax for Lakewood Springs Club Unit 6 Series 2006 (NR/NR)
	4,567,000		6.000			03/01/36		3,918,760


	State-Specific Municipal Debt Obligations – (continued)
	Illinois – (continued)
	Quad Cities Regional Economic Development Authority RB for Augustana College Series 2012 (NR/Baa1)
$	840,000		4.750	%		10/01/29	$	876,691
	1,010,000		4.750			10/01/32		1,041,633
	Southwestern Illinois Development Authority RB Capital Appreciation for United States Steel Corporation Project Series 2012 (AMT) (BB/B1)
	15,000,000		5.750			08/01/42		14,829,900
	Volo Village Special Service Area No. 6 Special Tax for Lancaster Falls Project Series 2006 (NR/NR)
	4,082,000		5.750			03/01/36		3,959,254

								196,926,159

	Indiana – 1.1%
	Anderson Indiana Economic Development RB Refunding & Improvement for Anderson University Project Series 2007 (BB+/NR)
	1,355,000		5.000			10/01/24		1,198,850
	1,500,000		5.000			10/01/32		1,185,135
	Delaware County Hospital Authority RB for Cardinal Health System Obligated Group Series 2006 (NR/Baa2)
	3,250,000		5.250			08/01/36		3,409,153
	Indiana Finance Authority Environmental Improvement RB Refunding for United States Steel Corporation Project Series 2010 (BB/B1)
	9,750,000		6.000			12/01/26		10,331,685
	Indiana Finance Authority Hospital RB for Indiana University Health Obligated Group Series 2011 N (A+/A1)
	2,000,000		5.125			03/01/38		2,153,380
	Indiana Finance Authority Midwestern Disaster Relief RB for Ohio Valley Electric Co. Project Series 2012 A (BBB-/Baa3)
	5,000,000		5.000			06/01/39		5,286,200
	Indiana Health Facility Financing Authority RB for Ascension Health Subordinate Credit Group Residual I Series 2010-3224 (AA/NR)^(a)(c)
	1,195,000		29.010			05/01/15		2,379,663
	Indianapolis Airport Authority Special Facilities RB for United Air Lines, Inc. Project Series 1995 A (AMT) (NR/WR)^(f)
	7,737,197		6.500			11/15/31		403,417
	Rockport Indiana RB Refunding for AK Steel Corp. Project Series 2012 A (AMT) (B+/B2)
	14,000,000		7.000			06/01/28		14,671,580
	Vigo County Hospital Authority RB for Vigo Union Hospital, Inc. Series 2007 (NR/NR)^(c)
	2,000,000		5.500			09/01/27		2,073,780

								43,092,843

	Iowa – 0.5%
	Coralville Iowa COPS Series 2006 D (NR/Baa2)
	2,250,000		5.250			06/01/26		2,261,723
	Iowa Finance Authority Midwestern Disaster Area RB for Alcoa, Inc. Projects Series 2012 (BBB-/Baa3)
	15,000,000		4.750			08/01/42		15,163,500


The accompanying notes are an integral part of these financial statements.		29

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2012 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	Iowa – (continued)
	Pottawattamie County RB Refunding for Christian Homes, Inc. Series 2007 E (BBB-/NR)
$	1,355,000		5.750	%		05/15/31	$	1,417,926

								18,843,149

	Kentucky – 0.8%
	Kentucky Economic Development Finance Authority Health System RB for Norton Healthcare, Inc. Series 2000 B (NATL-RE) (BBB/Baa2)^(d)
	1,720,000		0.000			10/01/22		1,122,059
	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		9,486,160
	9,000,000		6.500			03/01/45		10,720,170
	Kentucky Economic Development Finance Authority RB Residuals Series 2009-3125 (AA/NR)^(a)(c)
	2,340,000		17.740			11/11/14		3,096,031
	Louisville & Jefferson County Metro Government Health System RB for Norton Healthcare, Inc. Series 2006 (A-/NR)
	6,815,000		5.000			10/01/30		7,198,207

								31,622,627

	Louisiana – 1.3%
	Louisiana Local Government Environmental Facilities and Community Development Authority RB for Westlake Chemical Corp. Projects Series 2010 A-2 (BBB-/Baa3)
	5,000,000		6.500			11/01/35		5,825,350
	Louisiana Local Government Environmental Facilities and Community Development Authority RB for Women’s Hospital Foundation Project Series 2010 A (BBB+/A3)
	20,015,000		6.000			10/01/44		22,716,225
	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		8,343,691
	New Orleans GO Bonds Refunding Series 2012 (BBB/A3)
	1,765,000		5.000			12/01/32		1,972,052
	St. Charles Parish Gulf Opportunity Zone RB for Valero Energy Corp. Project Series 2010 (BBB/Baa2)^(b)
	7,500,000		4.000			06/01/22		8,144,400

								47,001,718

	Maryland – 1.1%
	Baltimore Maryland Convention Center Hotel RB Subseries 2006 B (BB-/Ba2)
	600,000		5.000			09/01/16		627,696
	Baltimore Maryland Special Obligation Tax Allocation for Clipper Mill Project Series 2004 (NR/NR)
	4,454,000		6.250			09/01/33		4,639,242
	Baltimore Maryland Special Obligation Tax Allocation for Harborview Lot No. 2 Series 2003 (NR/NR)
	2,616,000		6.500			07/01/31		2,699,267
	Baltimore Maryland Special Obligation Tax Allocation for Strathdale Manor Project Series 2003 (NR/NR)
	3,663,000		7.000			07/01/33		3,813,733


	State-Specific Municipal Debt Obligations – (continued)
	Maryland – (continued)
	Frederick County Maryland Educational Facilities RB for Mount St. Mary’s University Series 2007 (BB+/Ba2)
$	2,590,000		5.000	%		09/01/30	$	2,547,757
	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		5,443,150
	Maryland State Health & Higher Educational Facilities Authority RB for Doctors Community Hospital Series 2010 (BBB-/Baa3)
	9,500,000		5.750			07/01/38		10,378,845
	Maryland State Health & Higher Educational Facilities Authority RB for Mercy Medical Center Series 2007 A (BBB/Baa2)
	7,530,000		5.500			07/01/42		7,969,827
	Maryland State Health & Higher Educational Facilities Authority RB for Mercy Medical Center Series 2012 (BBB/Baa2)
	2,100,000		5.000			07/01/31		2,303,511

								40,423,028

	Massachusetts – 0.8%
	Massachusetts State Development Finance Agency RB for Eastern Nazarene College Series 1999 (BB+/NR)
	2,010,000		5.625			04/01/19		2,012,131
	2,000,000		5.625			04/01/29		2,000,600
	Massachusetts State Health & Educational Facilities Authority RB for Milton Hospital Series 2005 D (BB-/NR)
	5,000,000		5.250			07/01/30		5,035,100
	Massachusetts State Health & Educational Facilities Authority RB for Simmons College Series 2009 I (BBB+/Baa1)
	8,660,000		8.000			10/01/39		10,168,485
	Massachusetts State Health & Educational Facilities Authority RB for Suffolk University Series 2009 A (BBB/Baa2)
	10,000,000		5.750			07/01/39		11,213,100

								30,429,416

	Michigan – 6.3%
	Detroit Michigan GO Bonds Series 2003 A (XLCA) (B/B3)
	1,845,000		5.250			04/01/15		1,825,092
	2,935,000		5.250			04/01/18		2,759,986
	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		4,281,270
	3,000,000		6.000			05/01/21		3,701,700
	Detroit Michigan Sewage Disposal System RB Refunding Senior Lien Floating LIBOR Notes 2006 D (AGM) (AA-/Aa3)^(g)
	14,555,000		0.909			07/01/32		11,272,265
	Detroit Michigan Water Supply System RB Senior Lien Series 2011 C (A+/Baa2)
	1,705,000		5.000			07/01/41		1,760,975
	Detroit Michigan Water Supply System Revenue Senior Lien Bonds Series 2011-A (A+/Baa2)
	50,005,000		5.250			07/01/41		53,208,820
	Flint Michigan Hospital Building Authority RB Refunding for Hurley Medical Center Series 1998 A (BB+/Ba1)
	1,460,000		5.375			07/01/20		1,462,132


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND


Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	Michigan – (continued)
	Flint Michigan Hospital Building Authority RB Refunding for Hurley Medical Center Series 1998 B (BB+/Ba1)
$	3,630,000		5.375	%		07/01/28	$	3,631,743
	Michigan Finance Authority RB for Detroit School District Series 2012 C (A+/A3)
	10,010,000		5.000			11/01/32		10,717,006
	Michigan Finance Authority RB for Rols Railroad II Series 2012 R- 14017 (AAA/NR)^(a)(c)
	13,885,000		13.841			01/01/18		24,110,053
	Michigan Tobacco Settlement Finance Authority RB for Capital Appreciation Series 2007 B (CCC+/NR)^(d)
	196,775,000		0.000			06/01/52		3,140,529
	Michigan Tobacco Settlement Finance Authority RB for Capital Appreciation Series 2007 C (CCC/NR)^(d)
	70,100,000		0.000			06/01/52		1,407,608
	Monroe County Hospital Finance Authority RB Refunding for Mercy Memorial Hospital Corp. Obligation Series 2006 (BBB/Baa3)
	4,000,000		5.375			06/01/26		4,228,640
	8,800,000		5.500			06/01/35		9,141,528
	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		10,649,600
	Royal Oak Hospital Finance Authority RB for William Beaumont Hospital Series 2009 (A/A1)
	40,000,000		8.250			09/01/39		51,496,400
	Wayne County Airport Authority RB Refunding for Detroit Metropolitan Wayne County Airport Series 2011 A (AMT) (A/A2)
	9,000,000		5.000			12/01/21		10,223,640
	11,000,000		5.000			12/01/22		12,375,000
	Wayne County Airport Authority RB Refunding for Detroit Metropolitan Wayne County Airport Series 2012 A (A/A2)
	5,000,000		5.000			12/01/37		5,483,900
	4,500,000		5.000			12/01/42		4,907,835
	Wayne County Michigan Stadium Authority RB Series 2012 (AGM) (AA-/Aa3)
	5,850,000		5.000			10/01/26		6,454,832

								238,240,554

	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		7,584,450
	Duluth Economic Development Authority Health Care Facilities RB for St. Luke’s Hospital Series 2012 (NR/NR)⁽ⁱ⁾
	2,500,000		5.750			06/15/32		2,568,975
	3,750,000		6.000			06/15/39		3,877,725

								14,031,150


	State-Specific Municipal Debt Obligations – (continued)
	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	$	3,204,637
	1,825,000		5.250			12/01/26		1,923,714

								5,128,351

	Missouri – 0.1%
	Branson Regional Airport Transportation Development District RB for Branson Regional Airport Series 2007 A (NR/NR)^(f)
	1,535,000		6.000			07/01/37		337,700
	Branson Regional Airport Transportation Development District RB for Branson Regional Airport Series 2007 B (AMT) (NR/NR)^(f)
	7,750,000		6.000			07/01/25		1,705,000
	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		1,048,390
	Stone Canyon Community Improvement District RB for Public Infrastructure Improvement Project Series 2007 (NR/NR)^(f)
	1,250,000		5.750			04/01/27		837,500
	Strother Interchange Transportation Development District-Lees Summit RB Series 2006 (NR/NR)
	675,000		5.000			05/01/24		664,490

								4,593,080

	Montana – 0.1%
	Montana Board of Investments RB for Yellowstone Energy LP Project Series 1993 (AMT) (NR/NR)
	3,520,000		7.000			12/31/19		3,521,514

	Nevada – 0.8%
	Clark County Improvement District No. 142 Local Improvement Special Assessment Series 2012 (BBB-/NR)
	2,385,000		4.000			08/01/22		2,373,385
	1,795,000		4.000			08/01/23		1,774,717
	Henderson Local Improvement District No. T-16 Special Assessment Limited Obligation Series 2005 (NR/NR)
	1,735,000		4.800			03/01/15		1,688,433
	1,995,000		4.900			03/01/17		1,899,080
	2,465,000		5.000			03/01/20		2,282,911
	2,480,000		5.100			03/01/21		2,278,698
	1,280,000		5.100			03/01/22		1,154,394
	3,505,000		5.125			03/01/25		3,028,495
	Henderson Local Improvement District No. T-17 Special Assessment Limited Obligation Series 2005 (NR/NR)
	1,335,000		5.000			09/01/25		1,329,914
	Las Vegas Local Improvement District No. 607 Series 2004 (NR/NR)
	1,250,000		5.900			06/01/17		1,283,675
	1,290,000		5.900			06/01/18		1,315,090
	475,000		6.000			06/01/19		482,453
	4,730,000		6.250			06/01/24		4,803,741


The accompanying notes are an integral part of these financial statements.		31

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2012 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	Nevada – (continued)
	North Las Vegas Local Improvement District No. 60 Special Assessment Refunding for Special Improvement Subseries 2006 B (NR/NR)
$	55,000		5.100	%		12/01/22	$	55,544
	Reno Health Facility RB for Catholic Healthcare West Series 2007 A (A/A2)
	5,665,000		5.250			07/01/31		6,074,126

								31,824,656

	New Hampshire – 0.5%
	Manchester New Hampshire General Airport RB Refunding Series 2012 B (AGM) (AMT) (AA-/Aa3)
	2,800,000		5.000			01/01/18		3,153,696
	3,000,000		5.000			01/01/19		3,395,790
	2,580,000		5.000			01/01/20		2,915,426
	New Hampshire Health & Education Facilities Authority RB for Speare Memorial Hospital Series 2004 (BBB-/NR)
	1,000,000		5.500			07/01/25		1,059,110
	1,400,000		5.875			07/01/34		1,482,810
	New Hampshire Health & Education Facilities Authority RB for The Memorial Hospital Series 2006 (BBB/Baa3)
	1,050,000		5.250			06/01/26		1,070,212
	4,185,000		5.250			06/01/36		4,219,317

								17,296,361

	New Jersey – 3.5%
	New Jersey Economic Development Authority Cigarette Tax RB Refunding Series 2012 (BBB+/Baa1)
	2,500,000		5.000			06/15/26		2,747,750
	1,000,000		5.000			06/15/28		1,089,760
	1,000,000		5.000			06/15/29		1,085,550
	New Jersey Economic Development Authority Energy Facilities RB for UMM Energy Partners, LLC Project Series 2012 A (AMT) (NR/Baa3)
	1,000,000		4.750			06/15/32		1,002,250
	1,000,000		5.000			06/15/37		1,012,200
	1,000,000		5.125			06/15/43		1,017,910
	New Jersey Economic Development Authority RB for School Facilities Construction Series 2009 BB (A+/A1)
	1,640,000		5.000			09/01/34		1,833,553
	New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 1998 (AMT) (B-/B3)
	7,500,000		5.500			04/01/28		7,354,500
	New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 1999 (AMT) (B/B3)
	5,500,000		5.125			09/15/23		5,586,955
	8,500,000		5.250			09/15/29		8,665,240
	New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 2012 (AMT) (B-/B3)
	8,800,000		5.750			09/15/27		8,826,136
	New Jersey Health Care Facilities Financing Authority RB for St. Joseph’s Healthcare System Series 2008 (BBB-/Ba1)
	32,380,000		6.625			07/01/38		37,547,200


	State-Specific Municipal Debt Obligations – (continued)
	New Jersey – (continued)
	New Jersey Health Care Facilities Financing Authority RB for Trinitas Hospital Obligated Group Series 2007 A (BBB-/Baa3)
$	8,980,000		5.250	%		07/01/30	$	9,424,510
	New Jersey Health Care Facilities Financing Authority RB for Trinitas Hospital Obligated Group Series 2007 B (BBB-/Baa3)
	15,840,000		5.250			07/01/23		16,926,941
	New Jersey Transportation Trust Fund Authority for Transportation System Bonds Series 2011 B (A+/A1)
	7,000,000		5.000			06/15/42		7,927,220
	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		2,518,180
	Tobacco Settlement Financing Corp. RB for Capital Appreciation Series 2007 1-C (CCC/NR)^(d)
	164,600,000		0.000			06/01/41		7,988,038
	Tobacco Settlement Financing Corp. RB Senior Asset-Backed Bonds for Capital Appreciation Series 2007 1-A (B-/B2)
	12,000,000		4.750			06/01/34		9,853,800

								132,407,693

	New Mexico – 0.7%
	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 (BBB-/Baa3)
	3,620,000		4.875			04/01/33		3,749,125
	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 (BBB-/Baa3)
	6,925,000		4.875			04/01/33		7,172,015
	Farmington New Mexico PCRB Refunding for Public Service Co. of New Mexico San Juan Project Series 2010 D (BBB-/Baa3)
	14,000,000		5.900			06/01/40		15,583,260

								26,504,400

	New York – 1.3%
	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		1,686,135
	Nassau County GO Revenue Anticipation Notes Series 2012 A (SP-1+/NR)
	18,250,000		2.000			03/29/13		18,388,882
	New York City Industrial Development Agency PILOT RB for Queens Baseball Stadium Project Series 2006 (AMBAC) (BB+/Ba1)
	515,000		5.000			01/01/39		523,817
	New York City Industrial Development Agency PILOT RB for Queens Baseball Stadium Project Series 2009 (ASSURED GTY) (AA-/Aa3)
	1,000,000		6.125			01/01/29		1,187,340
	3,000,000		6.375			01/01/39		3,511,020
	5,000,000		6.500			01/01/46		5,846,750


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND


Principal Amount		Interest Rate			Maturity Date			Value

	State-Specific Municipal Debt Obligations – (continued)
	New York – (continued)
	New York City Municipal Water Finance Authority Water & Sewer Systems Second General Resolution RB Series 2011 BB (AA+/Aa2)
$	10,000,000		5.000	%		06/15/44		$	11,398,600
	Newburgh New York GO Serial Bonds Series 2012 A (NR/Ba1)
	1,565,000		5.750			06/15/35			1,596,316
	Troy City Capital Resource Corp. RB for Rensselaer Polytechnic Institute Project Series 2010 A (A-/A3)
	5,000,000		5.125			09/01/40			5,524,350

									49,663,210

	North Carolina – 0.3%
	Charlotte Special Facilities RB Refunding for Charlotte/Douglas International Airport US Airways Series 1998 (AMT) (NR/NR)
	6,860,000		5.600			07/01/27			6,402,438
	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			1,112,220
	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			512,570
	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			1,543,035

									9,570,263

	Ohio – 5.8%
	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			7,645,120
	Buckeye Ohio Tobacco Settlement Financing Authority RB Senior Turbo Asset-Backed Bonds Series 2007 A-2 (B-/B3)
	16,500,000		5.125			06/01/24			13,885,080
	44,000,000		5.875			06/01/30			36,275,360
	2,000,000		5.875			06/01/47			1,608,380
	49,150,000		6.500			06/01/47	��		43,318,352
	Cleveland Airport Special RB for Continental Airlines, Inc. Project Series 1998 (AMT) (B-/B3)
	30,450,000		5.375			09/15/27			30,448,477
	Cleveland Airport Special RB Refunding for Continental Airlines, Inc. Series 1999 (AMT) (B-/B3)
	7,465,000		5.700			12/01/19			7,467,687
	Cleveland Airport System RB Refunding Series 2012 A (A-/Baa1)
	8,500,000		5.000			01/01/29			9,513,370
	3,250,000		5.000			01/01/31			3,583,418
	Cleveland Airport System RB Refunding Series 2012 A (AGM) (AA-/Aa3)
	6,900,000		5.000			01/01/30			7,705,299


	State-Specific Municipal Debt Obligations – (continued)
	Ohio – (continued)
	Hamilton County Health Care RB Refunding for Life Enriching Community Project Series 2006 A (BBB/NR)
$	15,540,000		5.000	%		01/01/27		$	15,993,302
	15,000,000		5.000			01/01/37			15,320,700
	Jeffrey Place New Community Authority RB for Jeffrey Place Redevelopment Series 2007 A (NR/NR)
	800,000		5.000			12/01/22			699,240
	1,000,000		5.000			12/01/32			784,660
	Lorain County Port Authority Recovery Zone Facility RB for United States Steel Corp. Project Series 2010 (BB/B1)
	8,730,000		6.750			12/01/40			9,650,404
	Ohio State Solid Waste Disposal RB for USG Corp. Project Series 1997 (AMT) (B-/Caa2)
	6,000,000		5.600			08/01/32			5,663,640
	Ohio State Solid Waste Disposal RB for USG Corp. Project Series 1998 (AMT) (B-/Caa2)
	7,050,000		5.650			03/01/33			6,674,165

									216,236,654

	Oklahoma – 0.2%
	Oklahoma Development Finance Authority RB for Great Plains Regional Medical Center Project Series 2007 (BBB-/NR)
	4,725,000		5.000			12/01/27			4,778,203
	Weatherford Hospital Authority RB Series 2006 (NR/NR)
	2,200,000		6.000			05/01/25			2,255,044
	865,000		6.000			05/01/31			871,479

									7,904,726

	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			4,861,625
	Oregon Facilities Authority Student Housing RB for CHF-Ashland, L.L.C.-Southern Oregon University Project Series 2012 (AGM) (AA-/Aa3)
	1,500,000		5.000			07/01/44			1,611,195
	Portland Oregon Multi-Family Housing RB for Pacific Tower Series 2001 C (AMT) (NR/NR)
	2,390,000		7.000			12/01/34			2,391,553

									8,864,373

	Pennsylvania – 5.4%
	Allegheny County Higher Education Building Authority RB for Chatham University Series 2012 A (BBB/NR)
	1,500,000		5.000			09/01/30			1,634,505
	1,000,000		5.000			09/01/35			1,073,500
	Allegheny County Hospital Development Authority RB for West Pennsylvania Health System Series 2007 A (B-/Caa1)
	78,845,000		5.000			11/15/28			60,135,081
	21,390,000		5.375			11/15/40			16,222,604
	Allegheny County IDA Environmental Improvement RB Refunding for United States Steel Corp. Project Series 2009 (BB/B1)
	1,200,000		6.750			11/01/24			1,332,120


The accompanying notes are an integral part of these financial statements.		33

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2012 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	Pennsylvania – (continued)
	Allentown Area Hospital Authority RB for Sacred Heart Hospital Series 2005 (NR/WR)
$	4,730,000		6.000	%		11/15/16	$	4,728,439
	Allentown Neighborhood Improvement Zone Development Authority Tax RB 2012 A (NR/Baa2)
	10,000,000		5.000			05/01/42		10,361,600
	Chester Economic Development Authority RB Series 2004 (MUN GOVT GTD) (NR/NR)
	8,640,000		7.000			03/01/19		9,234,173
	City of Philadelphia GO Bonds Series 2011 (BBB+/A2)
	4,000,000		6.000			08/01/36		4,661,440
	City of Pittsburgh GO Bonds Series 2012 B (BBB/A1)
	4,380,000		5.000			09/01/26		5,097,532
	Clairton Municipal Authority Sewer RB Series 2012 B (BBB/NR)
	1,000,000		5.000			12/01/37		1,032,940
	1,000,000		5.000			12/01/42		1,029,660
	Dauphin County General Authority Health System RB for Pinnacle Health System Project Series 2012 A (A/A3)
	7,690,000		5.000			06/01/42		8,294,434
	Geisinger Authority Health System RB for Geisinger Health System Series 2007 (AA/Aa2)^(g)
	48,250,000		1.068			05/01/37		36,807,995
	Montgomery County IDA RB for Whitemarsh Continuing Care Series 2005 (NR/NR)
	1,775,000		5.300			02/01/13		1,789,963
	2,000,000		6.125			02/01/28		2,037,260
	Pennsylvania Economic Development Financing Authority Exempt Facilities RB Refunding for Amtrak Project Series 2012 A (AMT) (A-/A1)
	2,750,000		5.000			11/01/41		2,957,267
	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		8,452,650
	Pennsylvania Economic Development Financing Authority Solid Waste Disposal RB for USG Corp. Project Series 1999 (AMT) (B-/Caa2)
	3,000,000		6.000			06/01/31		2,973,150
	Pennsylvania Economic Development Financing Authority Special Facilities RB for US Airways Group, Inc. Project Series 2010 A (CCC+/NR)
	1,000,000		7.500			05/01/20		1,123,180
	Pennsylvania Economic Development Financing Authority Special Facilities RB for US Airways Group, Inc. Project Series 2010 B (CCC+/NR)
	2,500,000		8.000			05/01/29		2,889,600
	Pennsylvania State Higher Educational Facilities Authority RB for La Salle University Series 2012 (BBB/NR)
	4,000,000		5.000			05/01/42		4,318,640
	Philadelphia Authority Industrial Development RB for Please Touch Museum Project Series 2006 (BBB-/NR)
	3,000,000		5.250			09/01/26		2,893,680
	3,000,000		5.250			09/01/31		2,805,300


	State-Specific Municipal Debt Obligations – (continued)
	Pennsylvania – (continued)
	Philadelphia Hospitals & Higher Education Facilities Authority RB Refunding for Temple University Health System Obligated Group Series 2012 B (BBB-/Ba1)
$	10,000,000		5.625	%		07/01/42	$	10,603,300

								204,490,013

	Puerto Rico – 6.3%
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2008 A (BBB-/Baa2)
	59,485,000		6.000			07/01/38		62,843,523
	38,845,000		6.000			07/01/44		40,918,935
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2008 A (Radian-IBCC) (NR/Baa2)
	1,710,000		6.000			07/01/44		1,801,297
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2012 A (BBB-/Baa2)
	13,500,000		5.250			07/01/42		13,601,250
	Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2009 C (BBB/Baa1)
	8,780,000		6.000			07/01/39		9,286,957
	Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2012 A (BBB/Baa1)
	7,555,000		5.500			07/01/27		8,040,862
	2,545,000		5.000			07/01/41		2,544,796
	Puerto Rico Electric Power Authority RB Refunding Series 2010 ZZ (BBB+/Baa1)
	9,700,000		5.250			07/01/26		10,268,129
	Puerto Rico Electric Power Authority RB Series 2010 XX (BBB+/Baa1)
	25,000,000		5.250			07/01/40		25,331,250
	Puerto Rico Public Buildings Authority RB Refunding for Government Facilities Series 2007 M (COMWLTH GTD) (BBB/Baa1)
	2,000,000		6.250			07/01/23		2,308,360
	Puerto Rico Public Buildings Authority RB Refunding for Government Facilities Series 2007 P (COMWLTH GTD) (BBB/Baa1)
	1,000,000		6.125			07/01/23		1,148,010
	Puerto Rico Sales Tax Financing Corp. RB First Subseries 2009 A (A+/A3)
	21,550,000		6.000			08/01/42		23,951,963
	Puerto Rico Sales Tax Financing Corp. RB First Subseries 2010 A (A+/A3)^(d)
	10,000,000		0.000			08/01/36		2,519,400
	Puerto Rico Sales Tax Financing Corp. RB First Subseries 2010 C (A+/A3)^(d)
	25,000,000		0.000			08/01/39		5,078,750
	Puerto Rico Sales Tax Financing Corp. RB First Subseries 2011 A-1 (A+/A3)
	7,000,000		5.000			08/01/43		7,272,930
	Puerto Rico Sales Tax Financing Corp. RB for Capital Appreciation First Subseries 2009 A (A+/A3)^(e)
	12,750,000		0.000			08/01/32		13,002,195


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND


Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	Puerto Rico – (continued)
	Puerto Rico Sales Tax Financing Corp. RB for Capital Appreciation First Subseries 2010 A (A+/A3)^(e)
$	10,000,000		0.000	%		08/01/33	$	8,592,700

								238,511,307

	Rhode Island – 0.1%
	Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2007 B (CCC/NR)^(d)
	85,300,000		0.000			06/01/52		2,577,766

	South Carolina – 0.6%
	Lancaster County Assessment RB for Edgewater Improvement District Series 2003 A (NR/NR)
	3,984,000		6.875			11/01/35		3,887,069
	South Carolina Jobs – Economic Development Authority Hospital Refunding RB for Palmetto Health Series 2011 A (AGM) (AA-/Aa3)
	4,000,000		6.500			08/01/39		4,894,120
	York County Industrial RB Exempt Facility Hoechst Celanese Series 1994 (AMT) (B+/B1)
	12,280,000		5.700			01/01/24		12,009,963

								20,791,152

	South Dakota – 0.1%
	South Dakota State Health & Educational Facilities Authority RB for Sanford Health Series 2007 (A+/A1)
	5,000,000		5.000			11/01/40		5,277,750

	Tennessee – 0.9%
	Blount County Health & Educational Facilities Board RB Refunding for Asbury, Inc. Series 2007 A (NR/NR)
	1,675,000		5.125			04/01/23		1,717,160
	Chattanooga Health Educational & Housing Facility Board RB Refunding for CDFI Phase I LLC Project Series 2005 A (BBB-/NR)
	350,000		5.000			10/01/15		374,049
	6,710,000		5.000			10/01/25		6,926,263
	7,500,000		5.125			10/01/35		7,598,475
	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		1,009,140
	Johnson City Health & Educational Board Retirement Facilities RB for Mountain States Health Alliance Series 2012 A (BBB+/Baa1)
	1,500,000		5.000			08/15/42		1,582,395
	Johnson City Health & Educational Facilities Board RB for Mountain States Health Alliance Series 2010 A (BBB+/Baa1)
	5,500,000		6.500			07/01/38		6,556,990
	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		2,110,320
	Memphis Health Educational & Housing Facility Board RB for Memphis Multi-Family Housing Apartment Projects Series 2007 A (AMT) (NR/NR)^(b)(f)
	8,680,000		5.750			04/01/25		5,204,528


	State-Specific Municipal Debt Obligations – (continued)
	Tennessee – (continued)
	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	$	2,063,860

								35,143,180

	Texas – 5.3%
	Alliance Airport Authority Special Facilities RB Refunding for American Airlines, Inc. Project Series 2007 (AMT) (NR/NR)^(f)
	17,000,000		5.750			12/01/29		11,121,230
	Austin Texas Convention Center Enterprises, Inc. RB Third Tier Series 2001 C-1 (NR/NR)
	185,000		9.750			01/01/26		187,912
	Austin Texas Convention Center Enterprises, Inc. RB Third Tier Series 2001 C-2 (NR/NR)
	8,975,000		9.750			01/01/26		9,115,369
	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		3,661,970
	Brazos River Authority PCRB for TXU Energy Co. LLC Project Series 2006 (AMT) (CC/Ca)
	12,740,000		5.000			03/01/41		1,256,928
	Brazos River Authority PCRB Refunding for TXU Energy Co. LLC Project Series 2003 C (AMT) (CC/Ca)
	9,275,000		6.750			10/01/38		1,181,913
	Dallas County Flood Control District No.1 GO Bonds Refunding Series 2002 (NR/NR)^(c)
	6,000,000		7.250			04/01/32		6,078,000
	Dallas-Fort Worth International Airport Facilities Improvement Corp. RB for American Airlines, Inc. Series 1995 (NR/WR)^(f)
	9,230,000		6.000			11/01/14		6,049,065
	Dallas-Fort Worth International Airport Facilities Improvement Corp. RB Series 2001 A-1 (AMT) (NR/Ba2)
	13,245,000		6.150			01/01/16		13,260,232
	Houston Airport System RB Refunding Sub Lien Series 2012 A (AMT) (A/NR)
	5,045,000		5.000			07/01/28		5,745,448
	Houston Airport System Special Facilities RB for Continental Airlines, Inc. Series 1998 B (AMT) (B-/B3)
	1,000,000		5.700			07/15/29		1,002,680
	Houston Airport System Special Facilities RB for Continental Airlines, Inc. Terminal Improvement Projects Series 2011 A (AMT) (B-/B3)
	4,000,000		6.625			07/15/38		4,466,160
	Matagorda County Texas Navigation District No. 1 PCRB Refunding for Central Power & Light Co. Project RMKT 07/01/09 Series 2001 A (BBB/Baa2)
	5,200,000		6.300			11/01/29		6,054,152
	Mesquite Texas Health Facilities Development Corp. RB for Christian Care Retirement Facilities Series 2005 (BBB-/NR)
	5,165,000		5.625			02/15/35		5,298,929
	North Texas Tollway Authority RB First Tier Series 2009 A (A-/A2)
	25,585,000		6.250			01/01/39		29,314,014


The accompanying notes are an integral part of these financial statements.		35

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2012 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	Texas – (continued)
	North Texas Tollway Authority RB Refunding Toll Second Tier Series 2008 F (BBB+/A3)
$	53,205,000		5.750	%		01/01/38	$	58,013,668
	Port Corpus Christi Authority of Nueces County PCRB for Celanese Project Series 2002 B (AMT) (B+/B1)
	5,000,000		6.700			11/01/30		5,055,250
	Port of Bay City Authority of Matagorda County RB for Hoechst Celanese Corp. Project Series 1996 (AMT) (B+/B1)
	1,870,000		6.500			05/01/26		1,871,795
	Sabine River Authority Texas PCRB Refunding for TXU Electric Co. Project RMKT 11/29/05 Series 2001 C (C/Ca)
	5,950,000		5.200			05/01/28		609,875
	Sabine River Authority Texas PCRB Refunding for TXU Electric Co. Project Series 2000 A (AMT) (CC/Ca)^(g)
	7,110,000		6.450			06/01/21		888,892
	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		4,207,922
	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		9,021,675
	Tomball Hospital Authority RB Refunding Series 2005 (ETM) (NR/Aaa)^(h)
	250,000		5.000			07/01/15		281,355
	Tomball Hospital Authority RB Refunding Series 2005 (NR/Aaa)^(h)
	14,500,000		5.000			07/01/15		16,318,590

								200,063,024

	U.S. Virgin Islands – 0.1%
	Virgin Islands Public Finance Authority RB Senior Lien Matching Fund Loan Notes Refunding for Cruzan Project Series 2009 A (NR/Baa3)
	2,000,000		6.000			10/01/39		2,238,080

	Utah – 0.8%
	Carbon County Solid Waste Disposal RB Refunding for Sunnyside Cogeneration Series 1999 A (AMT) (NR/NR)
	26,852,000		7.100			08/15/23		30,541,465

	Vermont – 0.1%
	Vermont Economic Development Authority Mortgage RB for Wake Robin Corp. Project Series 2006 A (NR/NR)
	1,300,000		5.250			05/01/26		1,327,105
	Vermont Educational & Health Buildings Financing Agency RB for St. Michael’s College Project Series 2012 (A-/Baa1)
	2,250,000		5.000			10/01/42		2,468,857

								3,795,962

	Virginia – 0.8%
	Albemarle County IDA RB Refunding Westminster-Canterbury Series 2007 (NR/NR)
	1,000,000		5.000			01/01/31		1,020,220


	State-Specific Municipal Debt Obligations – (continued)
	Virginia – (continued)
	Mosaic District Community Development Authority RB Series 2011 A (NR/NR)
$	3,580,000		6.250	%		03/01/21	$	4,092,656
	2,000,000		6.625			03/01/26		2,270,800
	7,000,000		6.875			03/01/36		7,912,380
	Norfolk Redevelopment & Housing Authority First Mortgage for Retirement Community Series 2004 A (NR/NR)
	500,000		6.000			01/01/25		503,635
	1,100,000		6.125			01/01/35		1,107,392
	Suffolk IDA Retirement Facilities RB Refunding First Mortgage for Lake Prince Center Series 2006 (NR/NR)
	725,000		5.150			09/01/24		753,021
	1,000,000		5.300			09/01/31		1,016,880
	Virginia Beach Development Authority Residential Care Facilities Mortgage RB Refunding for Westminster-Canterbury Series 2005 (NR/NR)
	500,000		5.000			11/01/22		518,880
	Virginia Small Business Financing Authority Senior Lien RB for Elizabeth River Crossings Opco, LLC Project Series 2012 (AMT) (BBB-/NR)
	4,250,000		5.500			01/01/42		4,677,083
	Washington County IDA RB for Mountain States Health Alliance Series 2009 C (BBB+/Baa1)
	4,000,000		7.750			07/01/38		4,966,120

								28,839,067

	Washington – 1.2%
	Port of Seattle Industrial Development Corporation Special Facilities RB Refunding for Delta Air Lines, Inc. Project Series 2012 (AMT) (B+/B-)
	4,000,000		5.000			04/01/30		4,012,960
	Puttable Floating Option Tax-Exempt Receipts (RITES) GO Bonds Series 2009 A (NR/NR)^(a)(c)
	3,955,000		16.108			12/14/17		6,999,599
	Puttable Floating Option Tax-Exempt Receipts (RITES) GO Bonds Series 2009 B (NR/NR)^(a)(c)
	4,150,000		16.115			12/14/17		7,234,363
	Skagit County Public Hospital District No. 1 RB for Skagit Valley Hospital Series 2010 (NR/Baa2)
	3,000,000		5.250			12/01/25		3,392,490
	4,000,000		5.750			12/01/35		4,346,640
	Washington Health Care Facilities Authority RB for Kadlec Regional Medical Center Series 2012 (NR/Baa3)
	3,000,000		5.000			12/01/42		3,066,180
	Washington Health Care Facilities Authority RB for MultiCare Health System Series 2008 A (ASSURED GTY) (AA-/Aa3)
	750,000		6.000			08/15/39		874,485
	Washington Health Care Facilities Authority RB for MultiCare Health System Series 2008 B (ASSURED GTY) (AA-/Aa3)
	1,750,000		6.000			08/15/39		2,040,465
	Washington Health Care Facilities Authority RB for Swedish Health Services Series 2011 A (AAA/A2)^(h)
	8,505,000		6.250			05/15/21		11,792,097

								43,759,279


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND


Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	West Virginia – 0.3%
	West Virginia Economic Development Authority Solid Waste Disposal Facilities RB Refunding for Appalachian Power Co. – Amos Project Series 2010 A (BBB/Baa2)^(b)
$	4,000,000		5.375	%		12/01/38	$	4,408,800
	West Virginia Higher Education Policy Commission RB Refunding for Higher Education Facilities Series A (A+/Aa3)
	5,000,000		4.000			04/01/34		5,200,450

								9,609,250

	Wisconsin – 1.9%
	Kaukauna Wisconsin Environmental Improvement RB for International Paper Co. Project Series 2005 A (AMT) (BBB/Baa3)
	6,510,000		5.250			06/01/29		6,653,676
	Public Finance Authority Senior Airport Facilities RB Refunding for Transportation Improvements Obligated Group Series 2012 B (AMT) (BBB-/NR)
	3,000,000		5.000			07/01/42		3,015,870
	Wisconsin State Health & Educational Facilities Authority RB for Fort Healthcare, Inc. Project Series 2004 (BBB+/NR)
	1,500,000		6.100			05/01/34		1,588,275
	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		6,029,457
	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		2,243,582
	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		3,110,670
	3,800,000		5.250			03/01/35		3,872,086
	Wisconsin State Health & Educational Facilities Authority RB for Wheaton Franciscan Healthcare Series 2006 (A-/Baa1)
	2,000,000		5.250			08/15/31		2,091,560
	27,365,000		5.250			08/15/34		28,597,793
	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		1,301,482
	2,385,000		5.800			08/01/29		2,402,840
	Wisconsin State Health & Educational Facilities Authority RB Refunding for Wheaton Healthcare Series 2006 B (A-/Baa1)
	10,220,000		5.125			08/15/30		10,649,955

								71,557,246

	TOTAL STATE-SPECIFIC MUNICIPAL DEBT OBLIGATIONS
	(Cost $3,481,316,635)						$	3,632,042,319


Principal Amount		Interest Rate			Maturity Date		Value

	Other Municipal Debt Obligations – 1.4%
	Municipal Mortgage & Equity LLC Tax-Exempt Special Purpose Entity Series 2000 (AMT) (NR/Ba2)^(c)
$	7,000,000		9.640	%		06/30/50	$	6,650,000
	Municipal Mortgage & Equity LLC Tax-Exempt Special Purpose Entity Series 2004 (AMT) (NR/Ba2)^(b)(c)
	4,000,000		5.200			09/30/14		3,280,840
	Municipal Mortgage & Equity LLC Tax-Exempt Special Purpose Entity Series 2004 (AMT) (NR/Ba3)^(b)(c)
	3,000,000		5.400			09/30/14		2,085,630
	3,000,000		5.800			09/30/19		2,146,350
	Municipal Mortgage & Equity LLC Tax-Exempt Special Purpose Entity Series 2004 A-2 (AMT) (NR/Ba1)^(b)(c)
	6,000,000		4.900			09/30/14		5,460,060
	Municipal Mortgage & Equity LLC Tax-Exempt Special Purpose Entity Series 2004 C (AMT) (NR/Ba3)^(b)(c)
	13,000,000		9.750			06/29/49		11,700,260
	Municipal Mortgage & Equity LLC Tax-Exempt Special Purpose Entity Series 2005 (AMT) (NR/B1)^(b)(c)
	6,000,000		5.900			09/30/20		3,542,280
	Municipal Mortgage & Equity LLC Tax-Exempt Special Purpose Entity Series 2005 (AMT) (NR/Ba1)^(b)(c)
	8,000,000		5.125			09/30/15		7,200,080
	Municipal Mortgage & Equity LLC Tax-Exempt Special Purpose Entity Series 2005 (AMT) (NR/Ba2)^(b)(c)
	8,000,000		5.300			09/30/15		5,882,080
	Municipal Mortgage & Equity LLC Tax-Exempt Special Purpose Entity Series 2005 A-3 (AMT) (NR/Ba1)^(b)(c)
	4,000,000		4.950			11/29/49		4,000,000
	Municipal Mortgage & Equity LLC Tax-Exempt Special Purpose Entity Series 2005 C-3 (AMT) (NR/Ba3)^(b)(c)
	3,000,000		5.500			09/30/15		2,025,720

								53,973,300

	TOTAL OTHER MUNICIPAL DEBT OBLIGATIONS
	(Cost $63,770,838)						$	53,973,300


Shares	Description	Value

Common Stock – 0.0%
280	Delta Air Lines, Inc.^(j)	$	2,565
(Cost $0 )


Principal Amount		Interest Rate			Maturity Date		Value

	Corporate Bond – 0.1%
	Capital Goods – 0.1%
	Navistar International Corp.
$	2,000,000		8.250	%		11/01/21	$	1,900,000
	(Cost $1,846,303 )


The accompanying notes are an integral part of these financial statements.		37

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2012 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

	Short-Term Investments — 0.6%
	Alaska – 0.0%
	Valdez Alaska Marine Terminal VRDN RB Refunding for ExxonMobil Co. Pipeline Project Series 1993 A (A-1+/VMIG1)^(b)
$	1,000,000		0.200	%		10/01/12	$	1,000,000

	Illinois – 0.1%
	Chicago Illinois GO VRDN Project Series 2003 B-2 RMKT 03/18/09 (A-1/VMIG1)^(b)
	600,000		0.200			10/01/12		600,000
	Chicago Illinois GO VRDN Refunding Project RMKT 03/18/09 Series 2003 B-1 (A-1/VMIG1)^(b)
	1,300,000		0.210			10/01/12		1,300,000
	Chicago Illinois GO VRDN Refunding RMKT 04/18/12 Series 2007 F (NR/VMIG1)^(b)
	1,200,000		0.200			10/01/12		1,200,000

								3,100,000

	Maryland – 0.0%
	Montgomery County VRDN GO Bonds Refunding for Consolidated Public Improvement Bond Anticipation Notes Series 2006 B (A-1+/VMIG1)^(b)
	1,250,000		0.200			10/01/12		1,250,000

	Massachusetts – 0.0%
	Massachusetts State Health & Educational Facilities Authority VRDN RB for Wellesley College Series 1999 G (LIQ – Wellesley College) (A-1+/VMIG1)^(b)
	1,200,000		0.180			10/01/12		1,200,000

	Missouri – 0.1%
	Missouri State Health & Educational Facilities Authority VRDN RB for Washington University Series 1996 D (GO OF INSTN) (A-1/VMIG1)^(b)
	1,200,000		0.190			10/01/12		1,200,000
	Missouri State Health & Educational Facilities Authority VRDN RB for Washington University Series 2000 B (A-1/VMIG1)^(b)
	1,000,000		0.200			10/01/12		1,000,000

								2,200,000

	New York – 0.2%
	New York City Municipal Water Finance Authority Water & Sewer Systems VRDN RB Fiscal Subseries 2012 B-1 (A-1+/VMIG1)^(b)
	6,400,000		0.200			10/01/12		6,400,000
	New York City VRDN GO Bonds Fiscal 1994 Subseries A-7 (LOC – JPMorgan Chase Bank, N.A.) (A+/Aa3)^(b)
	1,000,000		0.170			10/01/12		1,000,000

								7,400,000

	Rhode Island – 0.0%
	Rhode Island State Industrial Facilities Corp. Marine Terminal VRDN RB Refunding for ExxonMobil Project Series 2001 (A-1+/VMIG1)^(b)
	1,000,000		0.200			10/01/12		1,000,000

Principal Amount		Interest Rate			Maturity Date		Value

	Short-Term Investments — (continued)
	Texas – 0.1%
	Lower Neches Valley Authority Industrial Development Corp. VRDN RB Refunding for ExxonMobil Project Series 2010 (A-1+/VMIG1)^(b)
$	300,000		0.180	%		10/01/12	$	300,000
	Lower Neches Valley Authority Industrial Development Corp. VRDN RB Refunding for ExxonMobil Project Series 2012 (A-1+/VMIG1)^(b)
	300,000		0.180			10/01/12		300,000
	Texas Water Development Board VRDN RB Refunding State Revolving Sub Lien Series 2007 A (A-1/VMIG1)^(b)
	2,185,000		0.220			10/01/12		2,185,000

								2,785,000

	Virginia – 0.1%
	Virginia College Building Authority Educational Facilities VRDN RB for 21st Century College and Equipment Programs Series 2006 B (ST APPROP) (A-1+/VMIG1)^(b)
	2,140,000		0.210			10/01/12		2,140,000

	TOTAL SHORT-TERM INVESTMENTS
	(Cost $22,075,000)						$	22,075,000

	TOTAL INVESTMENTS – 98.6%
	(Cost $3,569,008,776)						$	3,709,993,184

	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.4%							53,298,359

	NET ASSETS – 100.0%						$	3,763,291,543


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)		Inverse floating rate security. Interest rate disclosed is that which is in effect at September 30, 2012.
(b)		Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect at September 30, 2012.
(c)		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 $139,748,989, which represents approximately 3.7% of net assets as of September 30, 2012.
(d)		Issued with a zero coupon. Income is recognized through the accretion of discount.
(e)		Zero coupon bond until next reset date.
(f)		Security is currently in default.
(g)		Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect at September 30, 2012.
(h)		Pre-refunded security. Maturity date disclosed is pre-refunding date.
(i)		When-issued security.
(j)		Non-income producing security.


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

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-ICC		—Agency Insured Custody Certificate
AGM		— Insured by Assured Guaranty Municipal Corp.
AMBAC		— Insured by American Municipal Bond Assurance Corp.
AMT		—Alternative Minimum Tax
ASSURED GTY		—Insured by Assured Guaranty
BNY		—Insured by the Bank of New York Mellon Corp.
COMWLTH GTD		—Commonwealth Guaranteed
COPS		—Certificates of Participation
ETM		—Escrowed to Maturity
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 CORP		—General Obligation of Corporation
GO OF CITY		—General Obligation of City
GO OF INSTN		—General Obligation of Institution
IDA		—Industrial Development Authority
LIBOR		—London Interbank Offered Rate
LIQ		—Liquidity Agreement
LOC		—Letter of Credit
MUN GOVT GTD		—Municipal Government Guaranteed
NATL-RE		—Insured by National Public Finance Guarantee Corp.
NATL-RE FGIC		—Insured by National Public Finance Guarantee Corp., which re-insures Financial Guaranty Insurance Co.
NR		—Not Rated
PCRB		—Pollution Control Revenue Bond
PILOT		—Payment in Lieu of Taxes
Q-SBLF		—Qualified School Board Loan Fund
Radian		—Insured by Radian Asset Assurance
Radian IBCC		—Insured by Radian Asset Insurance Bond Custodial Certificate
RB		—Revenue Bond
RITES		—Residual Interest Tax Exempt Securities
RMKT		—Remarketed
ST APPROP		—State Appropriation
TCRS		—Transferable Custodial Receipts
VRDN		—Variable Rate Demand Notes
WR		—Withdrawn Rating
XLCA		—Insured by XL Capital Assurance, Inc.


The accompanying notes are an integral part of these financial statements.		39

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2012 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

SWAP CONTRACTS — At September 30, 2012, the Fund had the following swap contracts:

CREDIT DEFAULT SWAP CONTRACTS


Counterparty	Referenced Obligation	Notional Amount (000’s)		Rates Received (Paid)			Termination Date		Credit Spread at September 30, 2012^(a)			Unrealized Gain (Loss)^(b)
Protection Sold:
JPMorgan Chase Bank, N.A.	California State Various Purpose GO Bonds Series 2003, 5.250%, 02/01/18	$	10,000		1.700	%		06/20/21		1.920	%	$	(140,120	)
	Illinois State GO Bonds Series A, 5.000%, 06/01/29		10,000		1.830			06/20/21		2.294			(283,049	)
TOTAL												$	(423,169	)

(a)

Credit spread on the Referenced Obligation, together with the period of expiration, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and term of the swap contract increase.

(b)

There are no upfront payments on the swap contracts listed above, therefore the unrealized gains (losses) on the swap contracts are equal to their market value.


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

GOLDMAN SACHS MUNICIPAL INCOME FUND

Schedule of Investments

September 30, 2012 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – 93.9%
	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		14.080	%		10/11/12	$	1,469,760
	Alabama State Port Authority RB for Docks Facilities Series 2010 (BBB+/NR)
	2,500,000		5.750			10/01/30		2,857,450
	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		1,832,154
	Health Care Authority RB for Baptist Health Series 2006 D (GO OF AUTH) (BBB+/A3)
	575,000		5.000			11/15/17		624,312
	100,000		5.000			11/15/21		106,458

								6,890,134

	Alaska – 0.2%
	Anchorage Alaska Water RB Refunding Series 2004 (NATL-RE) (AA/WR)^(d)
	1,000,000		5.125			05/01/14		1,075,720

	Arizona – 1.3%
	Arizona Health Facilities Authority Hospital RB for Phoenix Children’s Hospital Series 2007 A (BBB+/NR)^(b)
	2,170,000		1.180			02/02/15		2,149,710
	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		2,605,526
	Navajo County Arizona Pollution Control Corp. PCRB Refunding for Arizona Public Service Co. Project Series 2009 B (BBB/Baa1)^(b)
	2,000,000		5.500			06/01/14		2,146,840
	Northern Arizona University RB Series 2003 (FGIC) (A+/A1)^(d)
	1,235,000		5.500			06/01/14		1,340,679

								8,242,755

	Arkansas – 0.1%
	Arkansas State Development Finance Authority RB for Single Family Mortgage-Backed Securities Series 2008 B (AMT) (GNMA/FNMA) (AA+/NR)
	505,000		5.500			07/01/23		546,440

	California – 23.0%
	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		4,531,240
	California Educational Facilities Authority RB for California Institute of Technology Series 2009 (GO OF INSTN) (AA+/Aa1)
	5,000,000		5.000			11/01/39		5,626,500
	California Health Facilities Financing Authority RB for Providence Health & Services Series 2008 C (AA/Aa2)
	1,000,000		6.500			10/01/33		1,227,020

	Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	California – (continued)
	California Infrastructure & Economic Development Bank RB for Los Angeles County Department of Public Social Services Series 2003 (AMBAC) (A+/WR)
$	1,000,000		5.750	%		09/01/23	$	1,033,320
	California State Public Works Board Lease RB for UCLA Replacement Hospital Series 2002 A (AGM) (AA-/Aa2)^(d)
	2,000,000		5.375			11/01/12		2,008,080
	California State Various Purpose GO Bonds Series 2009 (A-/A1)
	5,000,000		5.250			10/01/25		5,856,350
	5,000,000		6.500			04/01/33		6,318,700
	2,750,000		6.000			04/01/38		3,278,247
	California State Various Purpose GO Bonds Series 2010 (A-/A1)
	1,250,000		6.000			03/01/33		1,552,875
	1,500,000		5.500			03/01/40		1,730,250
	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		1,559,615
	California Statewide Communities Development Authority RB for Sutter Health Series 2011 A (AA-/Aa3)
	2,000,000		6.000			08/15/42		2,383,580
	California Statewide Community Development Authority Water & Wastewater RB Unrefunded Balance Series 2004 (AGM) (AA-/Aa3)
	155,000		5.250			10/01/19		164,207
	Chabot-Las Positas Community College District GO for Capital Appreciation Series 2006 C (AMBAC) (AA-/Aa2)^(e)
	6,340,000		0.000			08/01/35		1,946,634
	Citrus Community College District GO Bonds Capital Appreciation for Election of 2004 Series 2009 C (AA-/Aa2)^(e)
	6,500,000		0.000			06/01/34		2,416,765
	Eastern California Municipal Water District Community Facilities Special Tax District No. 2003-25 Improvement Area D Series 2006 (NR/NR)
	385,000		5.000			09/01/36		369,931
	Eastern California Municipal Water District Community Facilities Special Tax District No. 2005-40 Mahogany Promontory Pointe Series 2006 (NR/NR)
	355,000		5.000			09/01/36		353,513
	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		6,940,980
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds for Capital Appreciation Subseries 2007 B (CCC+/NR)^(e)
	18,000,000		0.000			06/01/47		1,365,660
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds for Capital Appreciation Subseries 2007 C (CCC/NR)^(e)
	19,500,000		0.000			06/01/47		408,525
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2003 A-3 (AA+/Aaa)^(d)
	350,000		7.875			06/01/13		367,713


The accompanying notes are an integral part of these financial statements.		41

GOLDMAN SACHS MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2012 (Unaudited)


	Principal Amount	Interest Rate		Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	California – (continued)
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2003 A-5 (AA+/Aaa)^(d)
$	650,000	7.875	%	06/01/13	$	682,897
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2007 A-1 (B-/B3)
	5,000,000	5.000		06/01/33		4,065,600
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Enhanced Asset-Backed Bonds Series 2005 A (AGM-CR) (FGIC) (AA-/Aa3)
	3,500,000	5.000		06/01/35		3,611,440
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Enhanced Asset-Backed Bonds Series 2005 A (AMBAC) (BBB+/A2)
	1,150,000	5.000		06/01/29		1,151,254
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Senior Asset-Backed Bonds Series 2007 A-1 (B-/B3)
	3,300,000	5.750		06/01/47		2,802,030
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Series 2005 (AMBAC-TCRS-BNY) (BBB+/A2)
	5,000,000	5.000		06/01/45		5,105,750
	Hacienda La Puente California Unified School District GO Bonds for Election of 2000 Series 2003 B (AGM) (AA-/Aa3)^(d)
	1,200,000	5.250		08/01/13		1,249,992
	Lake Elsinore California Unified School District Community Facilities Special Tax Series 2005-3 (NR/NR)
	595,000	5.000		09/01/25		597,207
	Los Angeles Community College District GO Bonds for 2008 Election Series 2010 C (AA/Aa1)
	5,000,000	5.250		08/01/39		5,802,150
	Los Angeles Department of Airports RB Refunding for Los Angeles International Airport Series 2010 A (Non-Amt) (AA/Aa3)
	3,000,000	5.000		05/15/35		3,412,320
	Los Angeles Unified School District GO Bonds Refunding Series A (AA-/Aa2)
	2,500,000	4.000		07/01/20		2,911,600
	Menifee Union School District Riverside County GO Bonds Capital Appreciation for Election of 2008 Series 2009 C (ASSURED GTY) (AA-/Aa3)^(e)
	2,000,000	0.000		08/01/37		579,800
	4,500,000	0.000		08/01/38		1,237,950
	4,500,000	0.000		08/01/39		1,168,380
	Merced City School District GO Bonds Capital Appreciation for Election of 2003 Series 2005 (NATL-RE) (A/NR)^(e)
	1,205,000	0.000		08/01/26		639,036
	M-S-R Energy Authority Gas RB Series 2009 A (A-/NR)
	1,750,000	6.500		11/01/39		2,271,552
	M-S-R Energy Authority Gas RB Series 2009 C (A-/NR)
	3,500,000	6.125		11/01/29		4,233,670
	Mt. Diablo Unified School District GO Bonds Capital Appreciation for Election of 2010 Series 2010 A (AGM) (AA-/Aa3)^(f)
	10,000,000	0.000		08/01/35		6,789,800

	Principal Amount	Interest Rate		Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	California – (continued)
	Palomar Pomerado Health COPS Series 2009 (BB+/Baa3)
$	2,500,000	6.750	%	11/01/39	$	2,807,025
	Palomar Pomerado Health GO Bonds Capital Appreciation for Election of 2004 Series 2009 A (ASSURED GTY) (AA-/Aa3)^(e)
	2,150,000	0.000		08/01/31		925,038
	4,150,000	0.000		08/01/32		1,684,319
	3,500,000	0.000		08/01/33		1,338,155
	Palomar Pomerado Health GO Bonds Capital Appreciation for Election of 2004 Series 2009 A (ASSURED GTY) (AA-/Aa3)^(f)
	6,450,000	0.000		08/01/38		5,582,281
	Port of Oakland RB Refunding Senior Lien Series 2012 P (AMT) (A+/A2)^(g)
	3,500,000	5.000		05/01/33		3,908,905
	Sacramento County Sanitation District Financing Authority RB Refunding for Sacramento County Regional Series 2007 B (NATL-RE FGIC) (AA/Aa3)^(h)
	3,000,000	0.810		12/01/35		2,220,480
	San Diego Community College District GO Bonds for Election of 2002 Series 2005 (AGM) (AA+/Aa1)^(d)
	3,000,000	5.000		05/01/15		3,357,660
	San Diego Community College District GO Bonds Refunding Series 2012 (AA+/Aa1)
	2,575,000	5.000		08/01/27		3,178,271
	San Diego County Water Authority COPS Series 2008 A (AGM) (AA+/Aa2)
	5,000,000	5.000		05/01/33		5,499,200
	San Diego Public Facilities Financing Authority Water RB Refunding Subseries 2012 A (AA-/Aa3)
	2,500,000	5.000		08/01/31		2,993,350
	San Diego Unified School District GO Bonds for Election of 2008 Series 2010 C (AA-/Aa2)^(e)
	5,000,000	0.000		07/01/39		1,334,650
	San Francisco City & County GO Bonds for Earthquake Safety & Emergency Response Series 2012 A (AA/Aa2)
	3,930,000	3.000		06/15/22		4,151,495
	San Joaquin Hills Transportation Corridor Agency RB Refunding for Capital Appreciation Series 1997 A (NATL-RE) (BBB/Baa2)^(e)
	1,605,000	0.000		01/15/26		801,136
	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		1,851,777
	Torrance California COPS for Refunding & Public Improvement Project Series 2005 B (AMBAC) (AA/Aa3)
	310,000	5.250		06/01/34		318,159
	Vernon California Redevelopment Agency Tax Allocation for Industrial Redevelopment Project Series 2005 (NATL-RE) (BBB/Baa2)
	725,000	5.250		09/01/19		747,635


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

GOLDMAN SACHS MUNICIPAL INCOME FUND


	Principal Amount	Interest Rate		Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	California – (continued)
	West Contra Costa Unified School District GO Bonds Capital Appreciation for Election of 2002 Series 2004 C (NATL-RE FGIC) (A+/WR)^(e)
$	1,175,000	0.000	%	08/01/25	$	657,295

						143,108,964

	Colorado – 1.3%
	Colorado Health Facilities Authority Hospital RB for Poudre Valley Health Care, Inc. Series 2005 F (A+/A1)
	800,000	5.000		03/01/25		847,080
	Colorado Health Facilities Authority RB for Covenant Retirement Communities, Inc. Series 2005 (BBB-/NR)
	1,150,000	5.000		12/01/35		1,185,489
	E-470 Public Highway Authority RB for Capital Appreciation Series 2004 B (NATL-RE) (BBB/Baa2)^(e)
	5,000,000	0.000		09/01/27		2,280,550
	E-470 Public Highway Authority RB Series 2010 A (BBB-/Baa2)^(e)
	6,000,000	0.000		09/01/40		1,229,760
	West Metro Fire Protection District GO Bonds Series 2006 A (NATL-RE) (NR/Aa2)
	2,200,000	5.250		12/01/26		2,531,540

						8,074,419

	District of Columbia – 1.2%
	District of Columbia Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2001 (BBB/A1)
	490,000	6.250		05/15/24		501,064
	District of Columbia Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2001 (BBB/Baa1)
	1,000,000	6.500		05/15/33		1,142,500
	District of Columbia Water & Sewer Authority RB Public Utility Senior Lien Series 2009 A (AA+/Aa2)
	5,000,000	6.000		10/01/35		6,115,050

						7,758,614

	Florida – 9.5%
	Arbor Greene Community Development District Special Assessment Refunding Series 2006 (A-/NR)
	1,495,000	5.000		05/01/19		1,625,708
	Bluewaters Community Development District Special Assessment Series 2004 (NR/NR)
	2,325,000	6.000		05/01/35		2,436,507
	Bridgewater Wesley Chapel Community Development District Special Assessment for Capital Improvement Series 2005 (NR/NR)
	2,180,000	5.750		05/01/35		2,197,178
	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		4,265,354
	Coconut Cay Community Development District Special Assessment Series 2006 (NR/NR)
	905,000	5.375		05/01/36		911,770
	Coral Gables Health Facilities Authority RB for Baptist Health South Florida Series 2004 (AGM) (AA-/Aaa)^(d)
	1,000,000	5.250		08/15/14		1,091,480

	Principal Amount	Interest Rate		Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	Florida – (continued)
	Covington Park Florida Community Development District Special Assessment Refunding for Capital Improvement Series 2005 (A-/NR)
$	490,000	5.000	%	05/01/21	$	499,344
	Crossings At Fleming Island Community Development District RB Refunding Series 2007 (NATL-RE) (BBB/Baa2)
	125,000	4.750		10/01/36		117,176
	Crossings At Fleming Island Community Development District Special Assignment Refunding Series 2000 B (NATL-RE) (BBB/Baa2)
	1,240,000	5.800		05/01/16		1,240,322
	Diamond Hill Community Development District Tax Allocation for Capital Improvement Series 2004 (NR/NR)
	1,505,000	6.000		05/01/34		1,521,886
	Florida State Municipal Power Agency RB Series 2009 A (A+/A2)
	1,000,000	6.250		10/01/31		1,201,590
	Greater Orlando Aviation Authority RB Refunding Series 2012 A (AMT) (A+/Aa3)
	2,000,000	5.000		10/01/21		2,365,160
	Hamal Florida Community Development District Special Assessment for Refunding and Improvement Series 2006 A (NATL-RE) (BBB+/Baa2)
	2,755,000	5.375		05/01/22		2,879,526
	High Ridge Quantum Community Development District Special Assessment for Boyton Beach Series 2005 A (NR/NR)
	1,750,000	5.750		05/01/35		1,764,665
	Hollywood Community Redevelopment Agency RB for Beach CRA Series 2004 (A-/A3)
	300,000	5.625		03/01/24		308,997
	Keys Cove Community Development District Special Assessment Series 2004 (NR/NR)
	2,270,000	5.875		05/01/35		2,378,869
	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		2,577,575
	Longleaf Community Development District Special Assessment Refunding Series 2006 (NR/NR)⁽ⁱ⁾
	1,185,000	5.375		05/01/30		771,032
	Meadow Pointe III Community Development District RB for Capital Improvement Series 2004 A (NR/NR)
	895,000	6.000		05/01/35		905,570
	Miami Special Obligation Non-Ad Valorem RB Refunding Series 2011 A (AGM) (AA-/Aa3)
	1,200,000	6.000		02/01/30		1,418,832
	1,500,000	6.000		02/01/31		1,767,600
	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		521,740
	425,000	5.250		10/01/14		460,313
	575,000	5.250		10/01/16		656,374
	Miami-Dade County Florida Expressway Authority RB Series 2004 B (NATL-RE FGIC) (A/A3)
	1,000,000	5.250		07/01/26		1,052,060


The accompanying notes are an integral part of these financial statements.		43

GOLDMAN SACHS MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2012 (Unaudited)


	Principal Amount	Interest Rate		Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	Florida – (continued)
	North Sumter County Utility Dependent District RB Series 2010 (AGM) (AA-/Aa3)
$	1,250,000	5.375	%	10/01/40	$	1,379,200
	Pentathlon Community Development District Special Assessment Revenue Refunding Series 2012 (A-/NR)
	1,330,000	4.500		11/01/33		1,377,082
	Port Everglades Authority RB for Port Facilities Series 1986 (ETM) (AA+/Aaa)^(d)
	1,620,000	7.125		11/01/16		1,838,992
	Sail Harbour Community Development District Special Assessment Series 2005 A (NR/NR)
	910,000	5.500		05/01/36		939,793
	Sonoma Bay Community Development District Special Assessment Series 2005 A (NR/NR)
	605,000	5.450		05/01/36		623,422
	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		2,421,240
	Sumter Landing Florida Community Development District Recreational RB Series 2005 A (NATL-RE) (BBB/Baa2)
	250,000	4.625		10/01/30		251,770
	Tampa Palms Open Space & Transportation Community Development District Special Assessment Refunding for Capital Improvement Area 7 Project Series 2004 (NATL-RE) (A-/Baa2)
	1,395,000	4.500		05/01/18		1,541,684
	Thousand Oaks Community Development District Special Assessment Series 2005 A-1 (NR/NR)
	890,000	5.350		05/01/35		904,623
	Trails at Monterey Community Development District Special Assessment Refunding Bonds, Series 2012 (A-/NR)
	1,210,000	4.500		05/01/33		1,235,471
	Verona Walk Community Development District RB for Capital Improvement Series 2004 (NR/NR)
	4,385,000	5.850		05/01/35		4,424,202
	Village Community Development District No. 5 Special Assessment Series 2003 A (NR/NR)
	2,240,000	6.100		05/01/34		2,311,680
	Village Community Development District No. 6 Special Assessment Series 2007 (NR/NR)
	1,775,000	5.250		05/01/37		1,850,331
	Villagewalk of Bonita Springs Community Development District Special Assessment for Capital Improvement Series 2005 (NR/NR)
	985,000	5.600		05/01/36		1,002,031

						59,038,149

	Georgia – 1.0%
	Atlanta Airport RB Refunding Series 2012 C (AMT) (A+/A1)
	1,250,000	5.000		01/01/27		1,404,287
	Chatham County Hospital Authority RB for Hospital Improvement Memorial Health University Series 2004 A (NR/WR)^(d)
	365,000	5.500		01/01/14		388,035

	Principal Amount	Interest Rate		Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	Georgia – (continued)
	Metropolitan Atlanta Rapid Transit Authority Sales Tax RB Series 2009 A (AA+/A1)
$	4,075,000	5.250	%	07/01/36	$	4,668,361

						6,460,683

	Guam – 0.4%
	Guam Government Limited Obligation GO Bonds Section 30 Series 2009 A (BBB+/NR)
	600,000	5.375		12/01/24		664,278
	850,000	5.625		12/01/29		950,368
	750,000	5.750		12/01/34		844,403

						2,459,049

	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		1,190,380

	Illinois – 4.1%
	Chicago Illinois O’Hare International Airport RB Refunding Third Lien Series 2003 A-1 (XLCA) (A-/A2)
	490,000	5.250		01/01/34		502,015
	Chicago Illinois Sales Tax RB Series 2011 A (AAA/Aa3)
	2,000,000	5.000		01/01/41		2,246,860
	Chicago Illinois Tax Allocation Junior Lien for Near South Redevelopment Project Series 2001 A (ACA) (NR/NR)
	705,000	6.250		11/15/13		707,051
	Illinois Finance Authority RB for Edward Hospital RMKT 04/09/08 Series 2008 A (AMBAC) (A+/A2)
	350,000	6.250		02/01/33		401,520
	Illinois Finance Authority RB Refunding for Proctor Hospital Series 2006 A (BB+/Ba2)
	400,000	5.125		01/01/25		400,264
	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		418,396
	Illinois Municipal Electric Agency RB Power Supply System Series 2007 A (NATL-RE FGIC) (A+/A1)
	4,020,000	5.250		02/01/22		4,548,228
	Illinois State GO Bonds Prerefunded (NATL-RE) (BBB/A2)^(d)
	1,525,000	5.000		06/01/13		1,572,504
	Illinois State GO Bonds Series 2012 A (A/A2)
	2,500,000	4.000		01/01/26		2,579,925
	Illinois State GO Bonds Unrefunded (NATL-RE) (A/A2)
	975,000	5.000		06/01/19		1,001,998
	Lake County Illinois Community Consolidated School District No. 41 GO Bonds Series 1999 A (AGM) (AA-/Aa2)
	2,725,000	9.000		11/01/16		3,449,959
	Railsplitter Tobacco Settlement Authority Tobacco Settlement RB Series 2010 (A-/NR)
	1,125,000	6.000		06/01/28		1,317,004
	Round Lake Illinois Lakewood Grove Special Service Area No. 1 Special Tax Refunding Series 2007 (ASSURED GTY) (AA-/NR)
	2,320,000	5.500		03/01/32		2,561,976


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

GOLDMAN SACHS MUNICIPAL INCOME FUND


	Principal Amount	Interest Rate		Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	Illinois – (continued)
	Southwestern Illinois Development Authority RB Capital Appreciation for Local Government Program Series 2007 (AGM) (GO OF DIST) (AA-/NR)^(e)
$	6,500,000	0.000	%	12/01/25	$	3,970,720

						25,678,420

	Indiana – 1.6%
	Delaware County Hospital Authority RB for Cardinal Health System Obligated Group Series 2006 (NR/Baa2)
	2,000,000	5.250		08/01/36		2,097,940
	Indiana Health Facility Financing Authority RB for Ascension Health Subordinate Credit Group Residual I Series 2010-3224 (AA/NR)^(a)(c)
	205,000	29.010		10/11/12		408,227
	Indiana State Educational Facilities Authority RB for Earlham College Project Series 1998 (NR/A1)
	325,000	4.950		10/15/12		325,491
	Indianapolis Indiana Airport Authority RB Refunding Special Facilities for Federal Express Corp. Project Series 2004 (AMT) (BBB/Baa1)
	640,000	5.100		01/15/17		730,931
	Indianapolis Indiana Gas Utility RB Second Lien Series 2008 A (ASSURED GTY) (AA-/Aa3)^(b)
	3,500,000	5.000		08/15/13		3,636,325
	Jasper County PCRB Refunding for Northern RMKT 08/25/08 Series 1994 C (NATL-RE) (BBB/Baa2)
	650,000	5.850		04/01/19		756,496
	Mitchell Multi School Building Corp. RB Refunding for First Mortgage Series 2002 (ST AID WITHHLDG) (AA+/NR)
	275,000	4.650		07/05/13		283,827
	Princeton Indiana Sewer Works RB Refunding Series 2003 (NR/NR)
	275,000	4.500		05/01/13		275,792
	Vanderburgh County Indiana Redevelopment Commission Tax Increment Tax Allocation Series 2006 (A/NR)
	1,400,000	5.250		02/01/31		1,472,114

						9,987,143

	Iowa – 0.5%
	Coralville Iowa COPS Series 2006 D (NR/Baa2)
	1,325,000	5.250		06/01/22		1,364,432
	Tobacco Settlement Authority of Iowa RB Asset-Backed Bonds Series 2005 C (B+/B2)
	1,875,000	5.375		06/01/38		1,681,819

						3,046,251

	Kentucky – 1.9%
	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		3,214,350
	Kentucky Economic Development Finance Authority RB Residuals Series 2009-3125 (AA/NR)^(a)(c)
	470,000	17.740		10/11/12		621,852

	Principal Amount	Interest Rate		Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	Kentucky – (continued)
	Kentucky Economic Development Finance Authority System RB for Norton Healthcare, Inc. Series 2000 C (NATL-RE) (BBB/WR)
$	1,085,000	6.000	%	10/01/13	$	1,156,274
	Kentucky Economic Development Finance Authority System RB Unrefunded Balance for Norton Healthcare, Inc. Series 2000 C (NATL-RE) (BBB/Baa2)^(d)
	2,165,000	6.000		10/01/18		2,270,414
	Louisville & Jefferson County Metropolitan Government RB for Jewish Hospital St. Mary’s Healthcare Series 2008 (NR/Aaa)^(d)
	3,750,000	6.125		02/01/18		4,812,037

						12,074,927

	Louisiana – 1.4%
	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		719,273
	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		2,674,330
	East Baton Rouge Parish Louisiana Sales Tax RB for Road and Street Improvement Series 2009 A (ASSURED GTY) (AA-/Aa3)
	1,230,000	5.250		08/01/28		1,476,086
	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		1,035,090
	New Orleans Louisiana Aviation Board RB Refunding for Restructuring GARBs Series 2009 A-1 (ASSURED GTY) (AA-/Aa3)
	1,350,000	6.000		01/01/23		1,600,101
	Tobacco Settlement Financing Corp. RB for Asset-Backed Bonds Series 2001 B (A-/A3)
	1,220,000	5.875		05/15/39		1,247,670

						8,752,550

	Maryland – 1.4%
	Baltimore Maryland Special Obligation Tax Allocation for Harborview Lot No. 2 Series 2003 (NR/NR)
	1,088,000	6.500		07/01/31		1,122,631
	Frederick County Maryland Special Tax Unrefunded Balance for Lake Linganore Village Community Development Series 2001 A (Radian) (NR/NR)
	255,000	5.600		07/01/20		255,171
	555,000	5.700		07/01/29		555,194
	Maryland State Health & Higher Educational Facilities Authority RB Refunding for Medstar Health Series 2004 (A-/A2)
	500,000	5.375		08/15/24		535,045
	750,000	5.500		08/15/33		789,217


The accompanying notes are an integral part of these financial statements.		45

GOLDMAN SACHS MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2012 (Unaudited)


	Principal Amount	Interest Rate		Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	Maryland – (continued)
	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	$	2,010,260
	1,025,000	5.375		12/01/14		1,075,092
	500,000	5.625		12/01/16		542,600
	Maryland State Transportation Authority RB Refunding Series 2007 (AAA/Aa1)
	1,500,000	5.000		03/01/19		1,756,140

						8,641,350

	Massachusetts – 2.0%
	Massachusetts Bay Transportation Authority Assessment RB Series 2004 A (AA+/Aa1)^(d)
	1,000,000	5.000		07/01/14		1,081,160
	Massachusetts Development Finance Agency RB for Harvard University Series 2010 B-2 (AAA/Aaa)
	5,000,000	5.250		02/01/34		6,095,000
	Massachusetts Educational Financing Authority RB Series 2008 H (AMT) (ASSURED GTY) (AA/Aa3)
	1,850,000	6.350		01/01/30		2,055,554
	Massachusetts State Health & Educational Facilities Authority RB for Boston Medical Center Project Series 2008 (BBB+/Baa1)
	3,000,000	5.750		07/01/31		3,252,450

						12,484,164

	Michigan – 0.8%
	Michigan Finance Authority Revenue for Rol Railroad II R- 14017 (AAA/NR)^(a)(c)
	2,780,000	13.881		01/01/18		4,827,220

	Minnesota – 0.8%
	Minneapolis Minnesota Health Care System RB for Fairview Health Services Series 2008 A (A/A3)
	1,500,000	6.750		11/15/32		1,829,010
	St. Paul Minnesota Housing & Redevelopment Authority RB for Healthpartners Obligated Group Project Series 2006 (BBB+/A3)
	2,900,000	5.250		05/15/36		3,045,203

						4,874,213

	Mississippi – 0.2%
	Mississippi Development Bank Special Obligation RB for Hinds Community College District Capital Improvement Project Series 2009 (ASSURED GTY) (NR/Aa2)
	1,095,000	5.375		10/01/33		1,269,959

	Missouri – 0.9%
	Missouri State Development Finance Board Infrastructure Facilities RB for Branson Landing Project Series 2005 A (A/A2)
	270,000	4.750		06/01/25		285,968
	4,125,000	5.000		06/01/35		4,324,609
	Missouri State Health & Educational Facilities Authority RB for St. Louis University Series 1998 (AA-/A1)
	1,000,000	5.500		10/01/15		1,117,320

						5,727,897

	Principal Amount	Interest Rate		Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	Nevada – 0.6%
	Clark County Nevada Industrial Development RB for Southwest Gas Corp. Project Series 2003 C (BBB+/Baa1)^(b)
$	765,000	5.450	%	03/01/13	$	780,017
	Clark County Nevada School District GO Bonds Refunding Series 1998 (AGM) (AA-/Aa3)
	800,000	5.500		06/15/13		828,600
	North Las Vegas Local Improvement District No. 60 Special Assessment Refunding for Special Improvement Subseries 2006 B (NR/NR)
	620,000	4.850		12/01/15		639,003
	1,375,000	5.100		12/01/22		1,388,612

						3,636,232

	New Hampshire – 0.4%
	New Hampshire Municipal Bond Bank RB Series 2003 (NATL-RE) (AA/WR)^(d)
	1,000,000	5.250		08/15/13		1,043,440
	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		1,441,413

						2,484,853

	New Jersey – 4.8%
	New Jersey Economic Development Authority RB for School Facilities Construction Series 2009 BB (A+/A1)
	360,000	5.000		09/01/34		402,487
	New Jersey Economic Development Authority RB for School Facilities Construction Series 2009 Z (ASSURED GTY) (AA-/Aa3)
	1,000,000	6.000		12/15/34		1,174,710
	New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2009 AA (A+/A1)
	4,000,000	5.500		12/15/29		4,690,080
	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		2,212,860
	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		620,460
	175,000	5.500		07/01/30		181,379
	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		2,898,950
	New Jersey State Higher Education Assistance Authority RB for Student Loan Series 2008 A (AMT) (ASSURED GTY) (AA-/Aa3)
	3,000,000	6.125		06/01/30		3,289,680
	New Jersey State Housing and Mortgage Finance Agency RB for Single Family Housing Series 2008 AA (AMT) (AA/Aa2)
	575,000	6.150		10/01/23		652,366
	New Jersey State Turnpike Authority RB Refunding Series 2012 B (A+/A3)
	1,810,000	5.000		01/01/28		2,162,443
	New Jersey State Turnpike Authority RB Series 2009 G (A+/A3)
	1,650,000	5.000		01/01/18		1,957,577


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

GOLDMAN SACHS MUNICIPAL INCOME FUND


	Principal Amount	Interest Rate		Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	New Jersey – (continued)
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2011 A (ST APPROP) (A+/A1)
$	4,810,000	5.500	%	06/15/41	$	5,636,117
	Tobacco Settlement Financing Corp. RB for Capital Appreciation Series 2007 1-C (CCC/NR)^(e)
	11,250,000	0.000		06/01/41		545,963
	Tobacco Settlement Financing Corp. RB Series 2003 (AA+/Aaa)^(d)
	300,000	6.750		06/01/13		313,017
	Tobacco Settlement Financing Corp. RB Series 2007 1-A (B-/B1)
	3,015,000	4.625		06/01/26		2,799,307

						29,537,396

	New Mexico – 0.6%
	Farmington New Mexico PCRB Refunding for Public Service Co. of New Mexico San Juan Project Series 2010 D (BBB-/Baa3)
	2,500,000	5.900		06/01/40		2,782,725
	Santa Fe County New Mexico RB for Gross Receipts Series 2008 (AGM) (AA+/Aa3)
	1,000,000	5.250		06/01/31		1,138,060

						3,920,785

	New York – 4.0%
	Erie County New York Industrial Development Agency RB for the City of Buffalo School District Series 2008 A (AGM) (AA-/Aa3)
	6,500,000	5.750		05/01/26		7,686,185
	4,500,000	5.750		05/01/29		5,300,505
	New York City GO Bonds Series 2006 A (AA/Aa2)
	400,000	5.000		08/01/18		463,860
	New York City Industrial Development Agency RB for Polytechnic University Project Series 2007 (ACA) (BBB-/NR)
	2,045,000	5.000		11/01/12		2,052,260
	New York Mortgage Agency RB for Homeowner Mortgage Series 2003-109 (AMT) (NR/Aa1)
	900,000	4.800		10/01/23		909,315
	New York State Dormitory Authority RB for North Shore University Hospital Series 1998 (NATL-RE) (BBB/A3)
	1,500,000	5.500		11/01/14		1,638,120
	New York State Dormitory Authority RB for Personal Income Tax Series 2012 B (AAA/NR)
	3,500,000	5.000		03/15/42		4,016,355
	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		176,011
	Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2003 A-1 (AA-/Aa3)
	2,600,000	5.500		06/01/19		2,692,040

						24,934,651

	North Carolina – 0.8%
	Charlotte North Carolina Water and Sewer System RB Series 2009 B (AAA/Aaa)
	2,000,000	5.000		07/01/38		2,373,200

	Principal Amount	Interest Rate		Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	North Carolina – (continued)
	North Carolina Eastern Municipal Power Agency Power System RB Refunding Series 2003 C (A-/Baa1)^(d)
$	1,350,000	5.375	%	01/01/13	$	1,367,023
	North Carolina Eastern Municipal Power Agency Power System RB Series 2008 C (ASSURED GTY) (AA-/Aa3)
	500,000	6.000		01/01/19		585,150
	North Carolina Municipal Power Agency No. 1 Catawba Electric RB Series 2003 A (ETM) (NR/NR)
	145,000	5.500		01/01/13		146,855
	North Carolina Municipal Power Agency No. 1 Catawba Electric RB Unrefunded Series 2003 A (A/A2)^(d)
	305,000	5.500		01/01/13		308,840

						4,781,068

	Ohio – 0.3%
	Buckeye Ohio Tobacco Settlement Financing Authority RB Senior Turbo Asset-Backed Bonds Series 2007 A-2 (B-/B3)
	440,000	5.125		06/01/24		370,269
	2,000,000	5.875		06/01/30		1,648,880

						2,019,149

	Oklahoma – 0.1%
	Oklahoma Development Finance Authority RB for Great Plains Regional Medical Center Project Series 2007 (BBB-/NR)
	240,000	5.000		12/01/27		242,702
	140,000	5.125		12/01/36		140,651

						383,353

	Oregon – 0.9%
	Deschutes County Oregon Hospital Facilities Authority RB Refunding for Cascade Healthcare Series 2008 (NR/A3)
	1,500,000	8.250		01/01/38		1,925,565
	Klamath Falls Oregon Intercommunity Hospital Authority RB Unrefunded Balance for Merle West Medical Center Series 2002 (BBB/NR)
	745,000	6.125		09/01/22		753,866
	Oregon State GO Bonds Refunding for Oregon University System Series 2012 A (AA+/Aa1)
	2,100,000	5.000		08/01/27		2,612,862

						5,292,293

	Pennsylvania – 0.9%
	Mifflin County Pennsylvania School District GO Bonds Series 2007 (NATL-RE-IBC) (XLCA) (ST AID WITHHLDG) (A/Baa2)
	2,000,000	7.500		09/01/26		2,499,300
	Montgomery County Pennsylvania Higher Education & Health Authority RB for Catholic Health System East Series 2004 C (A+/A2)^(d)
	150,000	5.375		11/15/14		165,612
	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		2,625,675


The accompanying notes are an integral part of these financial statements.		47

GOLDMAN SACHS MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2012 (Unaudited)


	Principal Amount	Interest Rate		Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	Pennsylvania – (continued)
	St. Mary Hospital Authority RB Refunding for Catholic Health East Series 2004 B (A+/A2)^(d)
$	225,000	5.375	%	11/15/14	$	247,412

						5,537,999

	Puerto Rico – 5.1%
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2008 A (BBB-/Baa2)
	3,635,000	6.125		07/01/24		4,165,419
	2,000,000	6.000		07/01/38		2,112,920
	2,500,000	6.000		07/01/44		2,633,475
	Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2009 B (BBB/Baa1)
	3,000,000	6.500		07/01/37		3,328,860
	Puerto Rico Commonwealth GO Bonds Refunding Subseries 2003 C-7 (NATL-RE) (BBB/Baa1)
	2,000,000	6.000		07/01/27		2,179,780
	Puerto Rico Commonwealth Highway & Transportation Authority RB Subseries 2003 (FGIC) (BBB-/Baa2)
	900,000	5.250		07/01/18		921,411
	Puerto Rico Sales Tax Financing Corp. RB First Subseries 2010 C (A+/A3)
	2,500,000	6.000		08/01/39		2,818,725
	Puerto Rico Sales Tax Financing Corp. RB for Capital Appreciation First Subseries 2009 A (A+/A3)^(f)
	13,000,000	0.000		08/01/32		13,257,140

						31,417,730

	South Carolina – 0.9%
	City of Columbia Waterworks and Sewer System RB Series 2011 A (AA/Aa1)
	2,500,000	5.000		02/01/41		2,887,850
	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		2,501,600

						5,389,450

	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		551,055
	300,000	5.250		07/01/38		323,526

						874,581

	Tennessee – 1.3%
	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		1,882,459
	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		2,848,932

	Principal Amount	Interest Rate		Maturity 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)^(b)
$	1,000,000	4.850	%	06/01/25	$	1,024,220
	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		2,194,101

						7,949,712

	Texas – 11.7%
	Arlington Permanent Improvement GO Bonds Refunding Series 2012 B (AA+/Aa1)
	1,185,000	3.000		08/15/19		1,307,067
	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		2,875,224
	Dallas-Fort Worth International Airport Joint RB Refunding Series 2012 B (A+/A1)
	2,500,000	5.000		11/01/27		2,889,225
	Grand Prairie Texas Independent School District GO Bonds Series 2003 (AGM) (AA+/Aa3)^(d)
	1,000,000	5.375		02/15/13		1,018,920
	Hidalgo County Health Services RB for Mission Hospital, Inc. Project Series 2005 (BBB/Baa2)
	700,000	5.000		08/15/19		715,652
	Houston Airport System RB Refunding Senior Lien Series 2009 A (AA-/Aa3)
	10,000,000	5.500		07/01/34		11,434,500
	Houston Utilities System RB Refunding First Lien Series 2004 A (NATL-RE) (AA/Aa2)
	1,000,000	5.250		05/15/25		1,063,810
	Lower Colorado River Authority RB Prerefunded Series 2008 (NR/A1)^(d)
	100,000	5.750		05/15/15		113,968
	Lower Colorado River Authority RB Unrefunded Balance Series 2008 (A/A1)
	4,900,000	5.750		05/15/37		5,331,984
	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		1,513,538
	Matagorda County Texas Navigation District No. 1 PCRB Refunding for Central Power & Light Co. Project Series 1996 (AMT) (NATL-RE) (BBB/Baa2)^(b)
	2,500,000	5.200		05/01/30		2,671,825
	Mesquite Texas Health Facilities Development Corp. RB for Christian Care Retirement Facilities Series 2005 (BBB-/NR)
	150,000	5.500		02/15/25		156,580
	235,000	5.625		02/15/35		241,094
	Mission Economic Development Corp. RB for Waste Management, Inc. Project Series 2008 (AMT) (BBB/NR)^(b)
	1,000,000	6.000		08/01/13		1,043,400


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

GOLDMAN SACHS MUNICIPAL INCOME FUND


	Principal Amount	Interest Rate		Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	Texas – (continued)
	North Texas Tollway Authority RB Convertible Capital Appreciation Special Project System Series 2011 (AA/NR)^(f)
$	1,000,000	0.000	%	09/01/43	$	732,500
	North Texas Tollway Authority RB First Tier Series 2009 A (A-/A2)
	2,500,000	6.250		01/01/24		3,013,100
	1,100,000	6.250		01/01/39		1,260,325
	North Texas Tollway Authority RB Special Project System Series 2011 A (AA/NR)
	1,000,000	5.500		09/01/41		1,194,190
	1,000,000	6.000		09/01/41		1,250,790
	North Texas Tollway Authority System RB Refunding for Capital Appreciation First Tier Series 2008 I (A-/A2)^(f)
	6,000,000	0.000		01/01/43		6,579,360
	North Texas Tollway Authority System RB Refunding for First Tier Series 2008 A (A-/A2)
	5,000,000	5.750		01/01/40		5,657,200
	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		1,643,551
	1,000,000	5.500		02/01/29		1,154,260
	1,670,000	5.500		02/01/31		1,920,099
	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		3,501,900
	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		3,243,813
	Schertz Texas GO Bonds Series 2006 (NATL-RE) (AA/Baa2)
	1,715,000	5.250		02/01/25		1,898,796
	1,900,000	5.250		02/01/27		2,090,703
	Tarrant County Cultural Education Facilities Finance Corp. RB for Air Force Village Obligated Group Series 2007 (BBB/NR)
	425,000	5.125		05/15/37		427,839
	Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2008 D (A-/Baa2)
	3,000,000	6.250		12/15/26		3,674,280
	Tomball Hospital Authority RB Refunding Series 2005 (NR/Aaa)^(d)
	900,000	5.000		07/01/15		1,012,878

						72,632,371

	U.S. Virgin Islands – 0.3%
	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		1,882,055

	Utah – 0.6%
	Utah Housing Corp. Single Family Mortgage RB Series 2008 B-1 Class I (AMT) (AAA/Aaa)
	2,005,000	5.875		07/01/39		2,112,648
	Utah Housing Corp. Single Family Mortgage RB Series 2008 B-1 Class II (AMT) (AA/Aa2)
	1,570,000	5.900		07/01/36		1,637,149

						3,749,797

	Principal Amount	Interest Rate		Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	Virginia – 1.1%
	Bristol Virginia Utilities System RB Refunding Series 2003 (NATL-RE) (BBB/Baa2)^(d)
$	1,850,000	5.250	%	07/15/13	$	1,922,631
	Virginia Small Business Financing Authority Senior Lien RB for Elizabeth River Crossings Opco, LLC Project Series 2012 (AMT) (BBB-/NR)
	750,000	5.500		01/01/42		825,367
	Virginia State Housing Development Authority RB Series 2008 E (GO OF AUTH) (AAA/Aaa)
	2,770,000	6.250		07/01/31		3,071,847
	Washington County Virginia IDA RB for Mountain States Health Alliance Series 2009 C (BBB+/Baa1)
	1,000,000	7.750		07/01/38		1,241,530

						7,061,375

	Washington – 3.6%
	Energy Northwest Columbia Generating Station Electric RB Series 2012 D (AA-/Aa1)
	1,460,000	5.000		07/01/32		1,741,824
	Puttable Floating Option Tax-Exempt Receipts (RITES) GO Bonds Series 2009 A (NR/NR)^(a)(c)
	700,000	16.108		12/14/17		1,238,867
	Puttable Floating Option Tax-Exempt Receipts (RITES) GO Bonds Series 2009 B (NR/NR)^(a)(c)
	730,000	16.115		12/14/17		1,272,550
	Skagit County Washington Public Hospital District No. 2 GO Bonds Refunding and Improvement Series 2005 (NATL-RE) (A-/Baa2)
	2,000,000	5.000		12/01/30		2,074,980
	Tacoma Washington GO Bonds Series 2004 (NATL-RE) (AA/Aa3)
	2,000,000	5.000		12/01/30		2,126,680
	Tobacco Settlement Authority of Washington RB Asset-Backed Bonds Series 2002 (BBB/Baa1)
	3,165,000	6.625		06/01/32		3,288,435
	University of Washington RB Refunding Series 2012 A (AA+/Aaa)
	2,500,000	5.000		07/01/29		3,042,300
	Washington State GO Bonds Series 1992 B & AT-7 (AA+/Aa1)
	500,000	6.400		06/01/17		585,655
	Washington State Health Care Facilities Authority RB for MultiCare Health System Series 2008 A (ASSURED GTY) (AA-/Aa3)
	250,000	6.000		08/15/39		291,495
	Washington State Health Care Facilities Authority RB for MultiCare Health System Series 2008 B (ASSURED GTY) (AA-/Aa3)
	250,000	6.000		08/15/39		291,495
	Washington State Health Care Facilities Authority RB for Swedish Health Services Series 2009 A (AAA/A2)^(d)
	3,000,000	6.500		11/15/14		3,390,090
	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		3,289,170

						22,633,541


The accompanying notes are an integral part of these financial statements.		49

GOLDMAN SACHS MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2012 (Unaudited)


	Principal Amount	Interest Rate		Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	West Virginia – 0.5%
	Monongalia County Building Commission RB for Monongalia General Hospital Series 2005 A (A-/NR)
$	2,000,000	5.250	%	07/01/25	$	2,149,900
	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		1,094,240

						3,244,140

	Wisconsin – 0.4%
	Wisconsin State Health & Educational Facilities Authority RB for Upland Hills Health, Inc. Series 2006 A (BBB/NR)
	375,000	5.125		05/15/29		388,163
	Wisconsin State Health & Educational Facilities Authority RB for Upland Hills Health, Inc. Series 2006 B (BBB/NR)
	100,000	5.000		05/15/36		101,981
	Wisconsin State Health & Educational Facilities Authority RB for Wheaton Franciscan Healthcare Series 2006 (A-/Baa1)
	1,750,000	5.250		08/15/31		1,830,115

						2,320,259

	TOTAL STATE-SPECIFIC MUNICIPAL DEBT OBLIGATIONS
	(Cost $524,718,756)				$	583,892,191


	Other Municipal Debt Obligation – 0.2%
	Municipal Mortgage & Equity LLC Tax-Exempt Special Purpose Entity Series 2005 C-3 (AMT) (NR/Ba3)^(b)(c)
$	2,000,000	5.500	%	09/30/15	$	1,350,480
	(Cost $2,000,000 )


	Short-Term Investments – 3.6%
	Illinois – 0.8%
	Chicago Illinois GO VRDN Project Series 2003 B-1 RMKT 03/18/09 (A-1/VMIG1)^(b)
$	1,500,000	0.210	%	10/01/12	$	1,500,000
	Chicago Illinois GO VRDN Project Series 2003 B-2 RMKT 03/18/09 (A-1/Aa3)^(b)
	1,000,000	0.200		10/01/12		1,000,000
	Chicago Illinois GO VRDN Project Series 2003 B-3 RMKT 03/18/09 (A-1/VMIG1)^(b)
	1,000,000	0.200		10/01/12		1,000,000
	Chicago Illinois GO VRDN Refunding RMKT 04/18/12 Series 2007 F (NR/VMIG1)^(b)
	1,500,000	0.200		10/01/12		1,500,000

						5,000,000

	Mississippi – 1.5%
	Jackson County Port Facility VRDN RB Refunding for Chevron U.S.A., Inc. Project Series 1993 (A-1+/P-1)^(b)
	5,000,000	0.180		10/01/12		5,000,000

	Principal Amount	Interest Rate		Maturity Date		Value

	Short-Term Investments –(continued)
	Mississippi – (continued)
	Mississippi Business Finance Corp. Gulf Opportunity Zone Industrial Development VRDN RB for Chevron U.S.A., Inc. Project Series 2007 C (A-1+/VMIG1)^(b)
$	4,500,000	0.190	%	10/01/12	$	4,500,000

						9,500,000

	Missouri – 0.2%
	Missouri State Health & Educational Facilities Authority VRDN RB for Washington University Series 2000 B (A-1/VMIG1)^(b)
	1,000,000	0.200		10/01/12		1,000,000
	Missouri State Health & Educational Facilities Authority VRDN RB for Washington University Series 2004 A (A-1+/VMIG1)^(b)
	200,000	0.200		10/01/12		200,000

						1,200,000

	New York – 0.5%
	New York City Municipal Water Finance Authority Water & Sewer Systems VRDN RB Fiscal Subseries 2012 B-1 (A-1+/VMIG1)^(b)
	2,600,000	0.200		10/01/12		2,600,000
	New York City VRDN GO Bonds Fiscal Subseries 2012 G-5 (A-1+/VMIG1)^(b)
	290,000	0.180		10/01/12		290,000

						2,890,000

	Texas – 0.4%
	Lower Neches Valley Authority Industrial Development Corp. Exempt Facilities VRDN RB Refunding for ExxonMobil Project Series 2001 A (A-1+/VMIG1)^(b)
	1,000,000	0.200		10/01/12		1,000,000
	Lower Neches Valley Authority Industrial Development Corp. VRDN RB Refunding for ExxonMobil Project Series 2010 (A-1+/VMIG1)^(b)
	300,000	0.180		10/01/12		300,000
	Lower Neches Valley Authority Industrial Development Corp. VRDN RB Refunding for ExxonMobil Project Series 2012 (A-1+/VMIG1)^(b)
	1,000,000	0.180		10/01/12		1,000,000
	Texas Water Development Board VRDN RB Refunding State Revolving Sub Lien Series 2007 A (A-1/VMIG1)^(b)
	415,000	0.220		10/01/12		415,000

						2,715,000

	Virginia – 0.2%
	Virginia College Building Authority Educational Facilities VRDN RB for 21st Century College and Equipment Programs Series 2006 B (ST APPROP) (A-1+/VMIG1)^(b)
	1,000,000	0.210		10/01/12		1,000,000

	TOTAL SHORT-TERM INVESTMENTS
	(Cost $22,305,000)				$	22,305,000

	TOTAL INVESTMENTS – 97.7%
	(Cost $549,023,756)				$	607,547,671

	OTHER ASSETS IN EXCESS OF LIABILITIES – 2.3%					14,606,879

	NET ASSETS – 100.0%				$	622,154,550


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

GOLDMAN SACHS MUNICIPAL INCOME FUND


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)		Inverse floating rate security. Interest rate disclosed is that which is in effect at September 30, 2012.
(b)		Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect at September 30, 2012.
(c)		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 $11,188,956, which represents approximately 1.8% of net assets as of September 30, 2012.
(d)		Pre-refunded security. Maturity date disclosed is pre-refunding date.
(e)		Issued with a zero coupon. Income is recognized through the accretion of discount.
(f)		Zero coupon bond until next reset date.
(g)		When-issued security.
(h)		Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect at September 30, 2012.
(i)		Security is currently in default.



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
BNY		—Insured by the Bank of New York Mellon Corp.
CAL MTG INS		—Insured by California Mortgage Insurance
COPS		—Certificates of Participation
CRA		—Community Reinvestment Act
ETM		—Escrowed to Maturity
FGIC		—Insured by Financial Guaranty Insurance Co.
FNMA		—Federal National Mortgage Association
GARB		—General Airport Revenue Bond
GNMA		—Government National Mortgage Association
GO		—General Obligation
GO OF AUTH		—General Obligation of Authority
GO OF DIST		—General Obligation of District
GO OF INSTN		—General Obligation of Institution
IDA		—Industrial Development Authority
NATL-RE		—Insured by National Public Finance Guarantee Corp.
NATL-RE FGIC		—Insured by National Public Finance Guarantee Corp., which re-insures Financial Guaranty Insurance Co.
NATL-RE-IBC		—Insured by National Public Finance Guarantee Corp. - Insured Bond Certificates
NR		—Not Rated
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
ST APPROP		—State Appropriation
TCRS		—Transferable Custodial Receipts
VRDN		—Variable Rate Demand Notes
WR		—Withdrawn Rating
XLCA		—Insured by XL Capital Assurance, Inc.


The accompanying notes are an integral part of these financial statements.		51

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments

September 30, 2012 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – 93.8%
	Alabama – 1.2%
	Alabama 21st Century Authority Tobacco Settlement RB Series 2012 A (A/NR)
$	2,435,000		5.000	%		06/01/17	$	2,842,351
	1,500,000		5.000			06/01/18		1,775,835
	Alabama Federal Aid Highway Finance Authority Refunding for Grant Anticipation Bonds Series 2011 (AA/Aa2)
	11,400,000		4.000			03/01/17		12,951,426
	Alabama State GO Bonds Series 2007 A (AGM) (AA/Aa1)
	5,000,000		5.000			08/01/17		5,982,000
	Birmingham Waterworks & Sewer Board RB Series 2002 B (NATL-RE) (AA+/WR)^(a)
	5,000,000		5.000			01/01/13		5,058,500
	Courtland Industrial Development Board RB Refunding for International Paper Co. Project Series 2003 A (BBB/Baa3)
	1,415,000		5.000			11/01/13		1,477,388
	Infirmary Health System Special Care Facilities Financing Authority of Mobile RB for Infirmary Health System, Inc. Series 2010 A (A-/NR)
	1,000,000		5.000			02/01/13		1,011,470
	Tuscaloosa Alabama Public Educational Building Authority RB Refunding Series 2009 B (AA-/NR)
	2,345,000		3.000			08/15/13		2,376,986
	2,795,000		3.500			08/15/14		2,883,881
	3,300,000		4.000			08/15/15		3,497,142
	3,850,000		3.000			08/15/16		4,007,118

								43,864,097

	Alaska – 0.2%
	Northern Tobacco Securitization Corp. RB Asset-Backed Bonds Series 2006 A (BB/Ba1)
	6,740,000		4.625			06/01/23		6,752,941

	Arizona – 2.1%
	Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (AA-/NR)^(b)
	2,150,000		1.119			01/01/37		1,610,479
	Arizona Health Facilities Authority Hospital RB for Phoenix Children’s Hospital Series 2007 A (BBB+/NR)^(c)
	4,500,000		1.180			02/02/15		4,457,925
	Arizona Health Facilities Authority Hospital RB for Phoenix Children’s Hospital Series 2007 C (BBB+/NR)^(c)
	10,000,000		1.180			02/02/15		9,797,800
	Arizona Health Facilities Authority Hospital RB Refunding for Phoenix Children’s Hospital Series 2012 A (BBB+/NR)
	1,000,000		2.000			02/01/15		1,009,550
	Arizona Transportation Board Refunding for Grant Anticipation Notes Series 2012 (AA/Aa2)
	8,195,000		4.000			07/01/15		8,952,218
	7,235,000		4.000			07/01/16		8,121,505
	Gilbert Arizona Street & Highway User RB Refunding Series 2012 (AA/NR)
	3,000,000		5.000			07/01/19		3,624,000

Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	Arizona – (continued)
	Glendale City Senior Lien Water & Sewer RB Refunding Obligations Series 2012 (AA/Aa3)
$	1,000,000		4.000	%		07/01/15	$	1,088,970
	1,000,000		4.000			07/01/16		1,117,800
	1,500,000		5.000			07/01/17		1,771,215
	4,825,000		3.000			07/01/18		5,260,794
	Maricopa County Arizona Pollution Control Corp. PCRB Refunding for Arizona Public Service Co. of New Mexico Palo Verde Project Series 2010 A (BBB-/Baa3)^(c)
	5,000,000		4.000			06/01/15		5,222,050
	Maricopa County Arizona Pollution Control Corp. PCRB Refunding for Arizona Public Service Co. Palo Verde Project Series 2009 A (BBB/Baa1)^(c)
	4,500,000		6.000			05/01/14		4,849,065
	Maricopa County Arizona Pollution Control Corp. PCRB Refunding for Arizona Public Service Co. Palo Verde Project Series 2009 E (BBB/Baa1)^(c)
	1,000,000		6.000			05/01/14		1,077,570
	Maricopa County Community College District GO Bonds Series 2009 C (AAA/Aaa)
	5,000,000		3.000			07/01/13		5,104,850
	Maricopa County Phoenix High School District No. 210 School Improvement GO Bonds Series 2006 C (NATL-RE) (AA/Aa2)
	3,800,000		5.000			07/01/17		4,399,754
	Navajo County Arizona Pollution Control Corp. PCRB Refunding for Arizona Public Service Co. Project Series 2009 A (BBB/Baa1)^(c)
	2,000,000		1.250			05/30/14		2,007,200
	Navajo County Arizona Pollution Control Corp. PCRB Refunding for Arizona Public Service Co. Project Series 2009 B (BBB/Baa1)^(c)
	3,000,000		5.500			06/01/14		3,220,260
	Phoenix Arizona GO Bonds Refunding Series 2009 C (AAA/Aa1)
	4,000,000		2.500			07/01/13		4,068,680
	Scottsdale Arizona GO Bonds for Projects of 1999 and 2000 Series 2004 (AAA/Aaa)
	3,900,000		5.000			07/01/14		4,217,967

								80,979,652

	Arkansas – 0.2%
	Arkansas Development Finance Authority State Park Facilities RB Refunding for Mt. Magazine Project Series 2012 (AGM) (AA-/NR)
	1,550,000		2.000			01/01/14		1,572,971
	1,985,000		2.000			01/01/15		2,030,278
	1,720,000		2.000			01/01/16		1,764,204
	2,065,000		2.000			01/01/17		2,122,758
	1,885,000		3.000			01/01/18		2,022,134

								9,512,345

	California – 13.7%
	Abag Finance Authority RB for Sharp Health Care Series 2011 A (A+/A2)
	3,000,000		5.000			08/01/16		3,393,900


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND


Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	California – (continued)
	Alameda Corridor Transportation Authority Tax-Exempt Lien RB Refunding for Capital Appreciation Series 2004 B (AMBAC) (BBB+/Baa2)^(d)
$	7,790,000		0.000	%		10/01/12	$	7,790,000
	Anaheim Redevelopment Agency Tax Allocation Refunding for Merged Redevelopment Project Area Series 2007 A (AGM) (AA-/Aa3)
	50,000		5.000			02/01/24		53,866
	Bonita Canyon Public Facilities Financing Authority Special Tax for Community Facilities District No. 98-1 Series 2012 (NR/NR)
	580,000		2.000			09/01/13		585,087
	500,000		2.250			09/01/14		506,940
	465,000		3.000			09/01/15		479,280
	650,000		3.000			09/01/16		670,364
	735,000		3.000			09/01/17		756,337
	1,000,000		3.250			09/01/18		1,028,190
	Buena Park Community Redevelopment Agency Tax Allocation for Consolidated Redevelopment Project Series 2008 A (A/Ba1)
	25,000		4.300			09/01/16		26,342
	Burbank Public Financing Authority RB Unrefunded for Golden State Series 2003 A (AMBAC) (A/Ba1)
	985,000		5.250			12/01/18		1,014,402
	230,000		5.250			12/01/19		236,279
	California Community College Financing Authority Tax and Revenue Anticipation Notes Series 2012 C (SP-2/NR)
	10,000,000		2.500			06/28/13		10,094,900
	California Health Facilities Financing Authority RB for Catholic Healthcare West Series 2009 F (A/A2)^(c)
	2,500,000		5.000			07/01/14		2,669,750
	California Health Facilities Financing Authority RB for Children’s Hospital Los Angeles Series 2012 B (BBB+/Baa2)^(c)
	8,000,000		1.980			07/01/17		8,006,320
	California Health Facilities Financing Authority RB Refunding for Lucile Salter Packard Children’s Hospital at Stanford Series 2008 B (AA/Aa3)^(c)
	5,000,000		1.450			03/15/17		5,077,950
	California Health Facilities Financing Authority RB Refunding for St. Joseph Health System Series 2009 C (AA-/A1)^(c)
	5,000,000		5.000			10/16/14		5,386,300
	California Infrastructure & Economic Development Bank RB Refunding for The J. Paul Getty Trust Series 2012 B-2 (AAA/Aaa)^(c)
	14,250,000		0.048			04/01/15		14,262,397
	California State Department of Water Resources Power Supply RB Series 2010 M (AA-/Aa3)
	10,885,000		5.000			05/01/13		11,185,208
	8,000,000		5.000			05/01/14		8,590,080
	15,585,000		4.000			05/01/16		17,498,994
	California State Economic Recovery GO Bonds Refunding Series 2009 B (A+/Aa3)^(c)
	40,940,000		5.000			07/01/14		43,935,170
	California State Economic Recovery GO Bonds Series 2004 A (ETM) (AA+/Aaa)^(a)
	255,000		5.250			07/01/14		276,945

Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	California – (continued)
	California State Economic Recovery GO Bonds Series 2004 A (ETM) (NATL-RE FGIC) (A+/Aa3)
$	2,650,000		5.250	%		07/01/14	$	2,876,575
	California State Economic Recovery GO Bonds Unrefunded Balance Series 2004 A (A+/Aa3)
	890,000		5.250			07/01/14		966,095
	California State GO Bonds Refunding Series 2005 (A-/A1)
	3,000,000		5.000			05/01/14		3,208,440
	California State GO Bonds Series 1993 (FGIC-TCRS) (A-/A1)
	4,150,000		4.750			09/01/23		4,195,692
	California State GO Bonds Series 2004 (A-/A1)
	2,000,000		4.125			04/01/13		2,038,180
	California State Public Works Board Lease RB for Department of Mental Health Series 2004 A (BBB+/A2)
	4,185,000		5.250			06/01/14		4,494,523
	California State Public Works Board Lease RB for Various Judicial Council Projects Series 2011 D (BBB+/A2)
	11,685,000		2.000			12/01/14		11,906,431
	California State Revenue Anticipation Notes Series 2012 A-2 (SP-1+/MIG1)
	20,000,000		2.500			06/20/13		20,318,000
	California State Various Purpose GO Bonds Refunding Series 2012 (A-/A1)^(e)
	2,405,000		5.000			09/01/18		2,905,120
	California State Various Purpose GO Bonds Series 2005 (A-/A1)
	3,850,000		5.000			03/01/13		3,925,075
	California State Various Purpose GO Bonds Series 2006 (A-/A1)
	2,500,000		5.000			03/01/14		2,655,775
	California State Various Purpose GO Bonds Series 2012 (A-/A1)^(e)
	6,000,000		5.000			09/01/19		7,312,080
	California Statewide Communities Development Authority RB for California State Proposition 1A Receivables Program Series 2009 (A-/A1)
	15,775,000		4.000			06/15/13		16,183,888
	41,405,000		5.000			06/15/13		42,767,639
	California Statewide Communities Development Authority RB for Kaiser Permanente Series 2009 A (A+/NR)
	5,000,000		5.000			04/01/14		5,319,850
	Carson Redevelopment Agency Project Area No. 1 Tax Allocation Refunding Series 2001 (NATL-RE) (A-/Baa2)
	275,000		5.500			10/01/15		297,171
	Carson Redevelopment Agency Tax Allocation Refunding Series 2003 A (NATL-RE) (AA-/Baa2)
	100,000		4.000			10/01/12		100,000
	Cerritos Public Financing Authority Tax Allocation Redevelopment Projects Series 2002 A (AMBAC) (A-/WR)
	1,275,000		5.000			11/01/14		1,340,446
	Colton Public Financing Authority Tax Allocation Series 1998 A (NATL-RE) (BBB/Baa2)
	125,000		5.000			08/01/18		125,035
	Corona Redevelopment Agency Tax Allocation Refunding for Merged Downtown Series 2004 A (NATL-RE FGIC) (BBB/WR)
	500,000		5.000			09/01/16		517,390


The accompanying notes are an integral part of these financial statements.		53

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2012 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	California – (continued)
	El Cajon Redevelopment Agency Tax Allocation Refunding Series 2005 (AMBAC) (A-/WR)
$	100,000		4.000	%		10/01/12	$	100,000
	30,000		4.000			10/01/18		30,670
	El Monte City School District GO Bonds BANS for Capital Appreciation Series 2010 (SP-1/A2)^(d)
	13,300,000		0.000			09/01/15		12,508,118
	Emeryville Public Financing Authority Redevelopment Series 2001 A (NATL-RE) (BBB/Baa2)
	150,000		4.800			09/01/15		150,189
	Fairfield-Suisun Unified School District Public Financing Authority Special Tax Refunding Series 2006 A (AMBAC) (A-/Baa2)
	250,000		5.000			08/15/14		261,275
	Fontana Public Financing Authority Tax Allocation Revenue for North Fontana Redevelopment Project Series 2001 A (AGM) (AA-/Aa3)
	750,000		5.500			09/01/13		752,693
	Fontana Redevelopment Agency Tax Allocation Refunding for Jurupa Hills Redevelopment Project Series 1999 A (A-/NR)
	880,000		5.500			10/01/17		880,889
	Fullerton City Public Financing Authority Tax Allocation RB Series 2005 (AMBAC) (A/WR)
	325,000		4.500			09/01/14		339,407
	Glendale Redevelopment Agency Tax Allocation for Central Glendale Redevelopment Project Series 2002 (NATL-RE) (A/Baa2)
	25,000		4.000			12/01/12		25,078
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2003 A-1 (AA+/Aaa)^(a)
	2,000,000		6.750			06/01/13		2,086,360
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2007 A-1 (B/B3)
	18,670,000		4.500			06/01/27		16,293,682
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Enhanced Asset-Backed Bonds Series 2003 B (AA+/Aaa)^(a)
	7,000,000		5.500			06/01/13		7,244,510
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Enhanced Asset-Backed Bonds Series 2003 B (AMBAC) (AA+/Aaa)^(a)
	5,000,000		5.000			06/01/13		5,158,150
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Enhanced Asset-Backed Bonds Series 2005 A (AMBAC) (BBB+/A2)
	550,000		5.000			06/01/14		584,265
	Irvine City Limited Obligation Improvement Bond Reassessment District No. 12-1 Series 2012 Act 1915 (BBB+/NR)
	1,215,000		4.000			09/02/17		1,343,170
	1,250,000		4.000			09/02/18		1,397,650
	1,900,000		4.000			09/02/19		2,093,857

Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	California – (continued)
	Irvine City Limited Obligation Improvement Bond Series 2011 (BBB+/NR)
$	225,000		3.000	%		09/02/13	$	229,871
	300,000		3.000			09/02/14		311,343
	300,000		3.000			09/02/15		310,995
	500,000		3.000			09/02/16		517,495
	400,000		3.250			09/02/17		413,808
	750,000		3.625			09/02/18		775,733
	Irvine Public Facilities & Infrastructure Authority Assessment RB Series 2012 A (BBB+/NR)
	1,070,000		2.000			09/02/13		1,077,169
	635,000		3.000			09/02/15		655,619
	1,285,000		3.000			09/02/16		1,327,726
	1,325,000		3.000			09/02/17		1,359,768
	600,000		3.000			09/02/18		608,784
	Lake Elsinore School Financing Authority RB Refunding Series 2012 (NR/NR)
	3,435,000		2.000			09/01/13		3,461,072
	3,180,000		2.000			09/01/14		3,197,840
	1,370,000		2.000			09/01/15		1,368,068
	Los Alamitos Unified School District GO Bonds for School Facilities Improvement District No.1 Series 2011 (SP-1+/Aa2)^(d)
	1,750,000		0.000			09/01/16		1,633,450
	Los Angeles Community Redevelopment Agency Tax Allocation for Hollywood Redevelopment Project Series 1998 C (NATL-RE) (BBB/Baa2)
	540,000		5.500			07/01/17		583,616
	Los Angeles County Metropolitan Transportation Authority Sales Tax RB Refunding First Tier Senior Series 2011 A (AAA/Aa2)
	10,000,000		5.000			07/01/17		11,977,200
	Los Angeles County Metropolitan Transportation Authority Sales Tax RB Refunding Second Senior Tier Series 2009 B (AA+/Aa3)
	2,385,000		4.000			07/01/13		2,451,661
	Los Angeles County Schools Pooled Financing Program Tax and Revenue Anticipation Notes Series 2012 B-4 (GO OF PARTICIPANTS) (SP-1+/NR)
	11,275,000		2.000			01/31/13		11,332,390
	Los Angeles Unified School District GO Bonds Refunding Series 2009 A (AA-/Aa2)
	3,080,000		3.000			07/01/13		3,143,664
	3,735,000		3.000			07/01/14		3,908,976
	Los Angeles Unified School District GO Bonds Series 2003 A (NATL-RE) (AA-/Aa2)
	2,000,000		5.000			07/01/13		2,071,060
	Los Angeles Unified School District GO Bonds Series 2006 F (FGIC) (AA-/Aa2)
	1,805,000		5.000			07/01/17		2,097,157
	Metropolitan Water District of Southern California Water RB Refunding Series 2012 B-1 (AAA/Aa1)^(c)
	24,640,000		0.530			05/01/15		24,650,102
	Milpitas California Redevelopment Agency Tax Allocation for Redevelopment Project Area No. 1 2003 (NATL-RE) (A/Baa2)
	1,300,000		5.250			09/01/17		1,351,311


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND


Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	California – (continued)
	Miramar Ranch North California Special Tax Refunding for Community Facilities District No.1 Series 2012 (A/NR)
$	1,230,000		3.000	%		09/01/14	$	1,279,298
	1,000,000		3.000			09/01/16		1,060,680
	1,895,000		4.000			09/01/17		2,101,385
	3,080,000		4.000			09/01/19		3,433,584
	Modesto Irrigation District RB for Electric System Series 2011 A (A+/A2)
	1,000,000		5.000			07/01/17		1,172,710
	Moreno Valley Unified School District Tax and Revenue Anticipation Notes (NR/MIG2)
	6,000,000		2.500			10/01/12		6,000,900
	Mountain View California Shoreline Regional Park Community Tax Allocation Series 2011 A (A/NR)
	125,000		4.000			08/01/14		130,658
	570,000		4.000			08/01/15		601,179
	300,000		4.000			08/01/16		320,055
	225,000		4.000			08/01/17		241,312
	350,000		5.000			08/01/18		393,932
	Murrieta Public Financing Authority Special Tax RB Refunding Series 2012 (BBB-/NR)
	1,965,000		5.000			09/01/18		2,237,978
	1,000,000		5.000			09/01/19		1,142,070
	Natomas Unified School District GO Bonds Refunding Series 2012 (AGM) (AA-/Aa3)
	590,000		3.000			09/01/14		610,455
	620,000		3.000			09/01/15		649,649
	890,000		3.000			09/01/16		936,707
	Northern California Power Agency Capital Facilities RB Refunding Series 2010 A (A-/A3)
	1,790,000		3.000			08/01/13		1,822,864
	1,235,000		4.000			08/01/14		1,295,935
	1,705,000		3.000			08/01/15		1,776,968
	Oakland Redevelopment Agency Senior Tax Allocation Refunding for Central District Redevelopment Series 1992 (AMBAC) (NR/WR)
	220,000		5.500			02/01/14		227,102
	Oakland Redevelopment Agency Subordinated Tax Allocation for Central District Redevelopment Series 2003 (NATL-RE FGIC) (A-/WR)
	300,000		5.500			09/01/18		304,245
	Ontario Redevelopment Financing Authority RB for Center City and Cimarron Redevelopment Project No. 1 Series 2002 (NATL-RE) (BBB/Baa2)
	500,000		5.250			08/01/14		501,225
	Oxnard Community Development Commission Tax Allocation for HERO Project Area Series 2008 (AGM) (AA-/Aa3)
	120,000		5.000			09/01/16		136,091
	Palm Desert Financing Authority RB Tax Allocation for Project Area No. 1 As Amended Series 2006 A (NATL-RE) (A-/Baa2)
	700,000		5.250			04/01/20		732,690
	Palm Desert Financing Authority Tax Allocation RB Refunding for Housing Set-Aside Series 2007 (NATL-RE) (NR/Baa2)
	100,000		5.000			10/01/20		105,133

Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	California – (continued)
	Palo Alto Limited Obligation Refunding & Improvement for University Avenue Area Off-Street Parking Assessment District (BBB/NR)
$	385,000		3.000	%		09/02/18	$	396,373
	Pinole Redevelopment Agency Tax Allocation for Vista Redevelopment Project 3rd Subordinated Series 2004 A (AMBAC) (A-/WR)
	100,000		4.500			08/01/18		100,108
	Pittsburgh Redevelopment Agency Tax Allocation for Los Medanos Community Development Project Series 1999 (AMBAC) (BBB+/WR)
	240,000		5.600			08/01/14		242,383
	Pittsburgh Redevelopment Agency Tax Allocation for Los Medanos Community Development Project Series 2003 A (NATL-RE) (BBB+/Baa2)
	500,000		5.000			08/01/16		509,335
	Pittsburgh Redevelopment Agency Tax Allocation Refunding for Los Medanos Community Development Project Series 2002 A (NATL-RE) (BBB+/Baa2)
	1,000,000		5.250			08/01/13		1,015,090
	Port of Oakland RB Refunding Intermediate Lien Series 2007 B (NATL-RE) (A/A3)
	400,000		5.000			11/01/15		444,504
	Poway Redevelopment Agency Tax Allocation for Paguay Redevelopment Project Series 2003 A (NATL-RE) (A/Baa2)
	1,845,000		5.250			06/15/18		1,880,313
	Rancho Cucamonga Redevelopment Agency Set Aside Allocation for Rancho Redevelopment Housing Series 2007 A (NATL-RE) (A+/Baa2)
	150,000		5.500			09/01/17		164,061
	Richmond California Wastewater RB Refunding Series 2006 A (AMBAC) (AA-/A2)
	255,000		5.000			08/01/14		272,462
	Roseville Finance Authority Special Tax Revenue Refunding Bonds Series 2012 (A/NR)
	1,855,000		3.000			09/01/17		1,954,688
	Sacramento County Sanitation District Financing Authority RB Refunding for Sacramento County Regional Series 2007 B (NATL-RE FGIC) (AA/Aa3)^(b)
	2,250,000		0.810			12/01/35		1,665,360
	Salida Area Public Facilities Financing Agency Community Facilities District No. 1988-1 Special Tax Bonds Series 2011 (AGM) (AA-/NR)
	445,000		3.000			09/01/13		452,561
	465,000		3.000			09/01/14		475,783
	715,000		3.000			09/01/15		732,260
	1,470,000		3.000			09/01/16		1,517,731
	1,515,000		3.000			09/01/17		1,556,148
	1,310,000		3.000			09/01/18		1,332,034
	San Bernardino Joint Powers Financing Authority Tax Allocation Revenue Refunding Series 2005 A (AGM) (AA-/Aa3)
	550,000		5.750			10/01/12		550,000
	500,000		5.750			10/01/13		515,215
	San Diego Public Facilities Financing Authority RB Refunding Series 2009 B (A+/Aa3)
	1,000,000		5.000			05/15/13		1,029,180


The accompanying notes are an integral part of these financial statements.		55

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2012 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	California – (continued)
	San Diego Redevelopment Agency Tax Allocation for Centre City Redevelopment Series 2006 A (AMBAC) (AA-/Ba1)
$	655,000		5.000	%		09/01/13	$	672,220
	1,450,000		5.250			09/01/21		1,572,859
	665,000		5.250			09/01/23		715,227
	San Diego Redevelopment Agency Tax Allocation for Centre City Series 2004 A (XLCA) (A/Ba1)
	115,000		5.250			09/01/15		121,239
	150,000		5.250			09/01/16		157,705
	300,000		5.000			09/01/17		313,104
	San Francisco City & County Airport Commission San Francisco International Airport RB Refunding Second Series 2010 D (AGM) (AA-/Aa3)
	4,455,000		5.000			05/01/17		5,211,192
	San Francisco City & County GO Bonds for Clean & Safe Neighborhood Parks Series 2012 B (AA/Aa2)
	2,750,000		4.000			06/15/19		3,261,747
	San Francisco City & County GO Bonds Refunding Series 2011 R1 (AA/Aa2)
	22,215,000		5.000			06/15/13		22,958,758
	San Francisco City & County Redevelopment Agency Tax Allocation for Mission Bay South Redevelopment Series 2009 D (BBB/NR)
	250,000		4.500			08/01/13		253,362
	200,000		5.000			08/01/14		207,272
	San Francisco City & County Redevelopment Financing Authority Tax Allocation for San Francisco Redevelopment Project Series 2003 B (NATL-RE FGIC) (A/Ba1)
	250,000		5.250			08/01/17		256,778
	San Francisco City & County Redevelopment Financing Authority Tax Allocation RB Refunding for Redevelopment Project Series 2007 B (NATL-RE) (A/Baa2)
	1,150,000		5.000			08/01/14		1,209,673
	San Jacinto Redevelopment Agency Tax Allocation for Redevelopment Project Area Series 2005 (XLCA) (A-/WR)
	160,000		3.900			08/01/17		164,739
	San Luis & Delta-Mendota Water Authority RB for DHCCP Development Projects Series 2009 A (A+/NR)
	3,000,000		4.500			03/01/14		3,130,320
	San Marcos Public Financing Authority Special Tax RB Refunding Series 2012 (A-/NR)
	1,000,000		1.000			09/01/13		1,003,170
	1,050,000		1.500			09/01/14		1,052,961
	930,000		1.750			09/01/15		931,051
	620,000		2.000			09/01/16		619,299
	1,260,000		2.250			09/01/17		1,257,077
	1,000,000		4.000			09/01/19		1,076,860
	San Mateo Union High School District GO BANS Series 2012 (SP-1+/NR)^(d)
	5,000,000		0.000			02/15/15		4,900,650
	San Mateo Union High School District GO Bond Anticipation Project Series 2011 (SP-1+/NR)^(d)
	4,500,000		0.000			02/15/15		4,410,585
	Seaside City Redevelopment Agency Tax Allocation RB for Merged Project Area Series 2003 (NATL-RE) (A/Baa2)
	100,000		4.250			08/01/13		101,381

Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	California – (continued)
	Simi Valley Community Development Agency Tax Allocation Refunding for Tapo Canyon and West End Project Series 2003 (NATL-RE FGIC) (A/WR)
$	600,000		5.250	%		09/01/18	$	619,002
	Stockton Public Financing Authority Special Assessment Refunding for Districts Subordinated Lien Series 2005 B (NR/NR)
	65,000		4.375			09/02/14		65,478
	Temecula Public Financing Authority for Wolf Creek Community Facilities District 03-03 Series 2012 Special Tax Refunding Bonds (NR/NR)
	780,000		2.000			09/01/13		787,269
	585,000		2.000			09/01/14		590,821
	830,000		2.000			09/01/15		834,208
	825,000		3.000			09/01/16		852,885
	600,000		3.000			09/01/17		615,732
	Tobacco Securitization Authority of Northern California Tobacco Settlement RB Senior Asset-Backed Bonds Series 2005 A-1 (B+/B3)
	1,570,000		4.750			06/01/23		1,496,555

								516,485,820

	Colorado – 0.1%
	Denver Colorado Airport System RB Series 2009 A (A+/A1)
	750,000		5.000			11/15/12		754,132
	E-470 Public Highway Authority RB Senior Series 1997 A (NATL-RE) (BBB/Baa2)
	4,125,000		5.750			09/01/13		4,298,374

								5,052,506

	Connecticut – 1.9%
	Connecticut State GO Bonds for Economic Recovery Series 2009 D (AA/Aa3)
	10,000,000		5.000			01/01/13		10,117,000
	Connecticut State GO Bonds Refunding Series 2004 B (NATL-RE) (AA/Aa3)
	4,325,000		5.000			12/01/13		4,560,929
	Connecticut State GO Bonds Refunding Series 2006 E (AA/Aa3)
	5,250,000		5.000			12/15/17		6,218,625
	Connecticut State Health & Educational Facilities Authority RB for Sacred Heart University Series 2012 H (AGM) (AA-/Aa3)
	1,000,000		4.000			07/01/14		1,050,490
	1,695,000		4.000			07/01/15		1,806,599
	1,830,000		4.000			07/01/16		1,982,713
	1,000,000		2.000			07/01/17		1,004,050
	1,260,000		4.000			07/01/18		1,386,013
	Connecticut State Health & Educational Facilities Authority RB for Yale University Series 2010 A-4 (AAA/Aaa)^(c)
	19,345,000		5.000			02/12/15		21,364,037
	New Haven GO Bonds Refunding Series 2012 A (A-/A1)
	4,090,000		5.000			11/01/16		4,676,833
	Trumbull GO Bonds Series 2012 (AA/Aa2)
	1,070,000		2.000			09/01/14		1,102,977
	820,000		2.000			09/01/15		853,317
	1,070,000		2.000			09/01/16		1,123,992


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND


Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	Connecticut – (continued)
	University of Connecticut GO Bonds Refunding Series 2011 A (GO OF UNIV) (AA/Aa3)
$	2,415,000		5.000	%		02/15/15	$	2,667,923
	4,730,000		4.000			02/15/16		5,258,483
	West Haven GO Refunding Bonds Series 2012 (AGM) (AA-/Aa3)
	555,000		3.000			08/01/15		569,558
	2,000,000		4.000			08/01/17		2,153,520
	2,100,000		4.000			08/01/18		2,276,904
	West Haven GO Refunding Bonds Series 2012 (BBB/Baa1)
	500,000		4.000			08/01/14		519,775

								70,693,738

	Delaware – 0.1%
	Delaware Municipal Electric Corp. RB Series 2011 (A/A2)
	1,215,000		4.000			07/01/15		1,305,190
	Sussex County Delaware GO Bonds Refunding Series 2012 A (AA+/Aa1)
	865,000		3.000			09/15/17		954,519
	Sussex County Delaware GO Bonds Refunding Series 2012 B (AA+/Aa1)
	1,435,000		4.000			09/15/17		1,652,890

								3,912,599

	District of Columbia – 0.1%
	District of Columbia GO Bonds Series 2004 A (AGM) (AA-/Aa2)^(a)
	3,000,000		5.000			06/01/15		3,364,920

	Florida – 5.8%
	Alachua County Health Facilities Authority RB for Shands Healthcare Project Series 2010 B (A/A2)
	920,000		3.000			12/01/12		922,401
	Century Parc Community Development District Special Assessment Refunding Series 2012 (A-/NR)
	170,000		1.500			11/01/13		170,435
	175,000		2.125			11/01/14		176,118
	175,000		2.250			11/01/15		176,246
	180,000		2.500			11/01/16		181,672
	185,000		2.750			11/01/17		187,633
	190,000		3.000			11/01/18		192,639
	195,000		3.250			11/01/19		198,709
	Citizens Property Insurance Corp. Senior Secured RB for High- Risk Account Series 2010 A-1 (A+/A2)
	2,000,000		5.000			06/01/13		2,059,860
	7,500,000		5.000			06/01/14		8,001,900
	2,800,000		5.000			06/01/15		3,063,116
	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		4,599,656
	CityPlace Community Development District Special Assessment RB Refunding Series 2012 (A/NR)
	500,000		5.000			05/01/13		511,580
	885,000		5.000			05/01/15		963,491
	615,000		5.000			05/01/17		694,741
	1,375,000		5.000			05/01/18		1,566,730
	1,890,000		5.000			05/01/19		2,163,823

Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	Florida – (continued)
	Escambia County 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	$	2,054,468
	2,240,000		5.000			08/15/14		2,405,267
	2,365,000		5.000			08/15/15		2,607,602
	Florida Higher Educational Facilities Financing Authority RB for Nova Southeastern University Project Series 2012 A (BBB/Baa2)
	100,000		3.000			04/01/14		102,658
	150,000		4.000			04/01/15		158,732
	825,000		3.000			04/01/17		853,099
	500,000		5.000			04/01/18		563,800
	500,000		5.000			04/01/19		564,590
	Florida Hurricane Catastrophe Fund Finance Corp. RB Series 2008 A (AA-/Aa3)
	8,000,000		5.000			07/01/13		8,277,520
	Florida Hurricane Catastrophe Fund Finance Corp. RB Series 2010 A (AA-/Aa3)
	13,305,000		5.000			07/01/15		14,799,551
	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		3,254,299
	Florida State Board of Education GO Bonds Refunding for Public Education Capital Outlay Series 2012 A (AAA/Aa1)
	18,055,000		5.000			06/01/18		21,997,851
	7,280,000		5.000			06/01/19		9,003,758
	Florida State Department of Transportation Turnpike RB Refunding Series 2003 B (AMBAC) (AA-/Aa3)
	3,650,000		5.000			07/01/17		3,814,432
	Florida State Municipal Power Agency RB for St. Lucie Project Series 2009 A (A/A2)
	2,845,000		5.000			10/01/13		2,971,261
	2,985,000		5.000			10/01/14		3,205,413
	Florida State Municipal Power Agency RB for Stanton II Project Series 2009 A (A+/A1)
	420,000		4.000			10/01/12		420,000
	250,000		4.000			10/01/14		262,790
	Florida State Municipal Power Agency RB for Stanton Project Series 2009 A (A+/A1)
	885,000		4.000			10/01/12		885,000
	415,000		5.000			10/01/13		433,841
	890,000		5.000			10/01/14		952,256
	Florida State Municipal Power Agency RB for Tri-City Project Series 2009 A (A+/A2)
	265,000		3.000			10/01/12		265,000
	290,000		3.000			10/01/13		297,126
	290,000		3.000			10/01/14		300,898
	Florida State Municipal Power Agency RB Refunding for Stanton Project Series 2008 (NR/A1)
	1,030,000		4.250			10/01/12		1,030,000
	Halifax Hospital Medical Center RB Refunding & Improvement Series 2006 A (A-/NR)
	1,255,000		5.000			06/01/13		1,291,796
	855,000		5.000			06/01/14		912,952


The accompanying notes are an integral part of these financial statements.		57

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2012 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	Florida – (continued)
	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	$	2,097,540
	1,000,000		5.000			11/15/15		1,117,520
	Hillsborough County Aviation Authority RB for Tampa International Airport Series 2009 A (A+/A1)
	3,050,000		5.000			10/01/13		3,190,971
	Jacksonville Florida Special RB Series 2010 B-1 (AA-/Aa2)
	4,415,000		5.000			10/01/14		4,800,474
	JEA Florida Electric System RB Refunding Series 2009-3A (AA-/Aa2)
	2,275,000		5.000			10/01/13		2,382,266
	JEA Florida Electric System RB Refunding Subseries 2009 C (ASSURED GTY) (AA-/Aa3)
	2,000,000		5.000			10/01/14		2,129,180
	Lake County School Board COPS for Master Lease Program Series 2012 A (A/NR)
	855,000		5.000			06/01/14		909,729
	Lakeland Hospital RB for Lakeland Regional Health System Series 2011 (NR/A2)
	5,020,000		5.000			11/15/16		5,686,556
	6,315,000		5.000			11/15/17		7,275,069
	6,250,000		5.000			11/15/18		7,273,438
	Manatee County Florida Public Utilities RB Refunding Series 2011 (AA+/Aa2)
	1,180,000		4.000			10/01/16		1,313,859	��
	Mediterra South Community Development District Capital Improvement RB Refunding Series 2012 (BBB-/NR)
	240,000		2.400			05/01/13		240,463
	250,000		2.900			05/01/14		251,457
	255,000		3.100			05/01/15		257,392
	265,000		3.400			05/01/16		268,387
	275,000		3.600			05/01/17		279,293
	285,000		3.800			05/01/18		290,016
	Miami Beach Health Facilities Authority Hospital RB Refunding for Mount Sinai Medical Center Series 2012 (BBB/Baa2)
	5,525,000		3.000			11/15/13		5,641,743
	1,750,000		4.000			11/15/17		1,905,155
	2,220,000		4.000			11/15/18		2,405,126
	Miami Special Obligation Refunding Series 2011 A (AGM) (AA-/Aa3)
	830,000		5.000			02/01/17		927,600
	Miami-Dade County School Board COPS Series 2011 B (A/A1)^(c)
	3,000,000		5.000			05/01/16		3,307,020
	Miami-Dade County School Board COPS Series 2012 A (A/A1)^(c)
	7,595,000		5.000			08/01/16		8,436,146
	Miami-Dade County Water and Sewer System RB Refunding Series 2008 B (AGM) (AA-/Aa2)
	1,500,000		5.000			10/01/13		1,570,875

Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	Florida – (continued)
	Orlando Florida Community Redevelopment Agency Tax Increment RB Refunding for Conroy Road District Series 2012 (A-/NR)
$	255,000		2.000	%		04/01/13	$	256,810
	300,000		3.000			04/01/14		308,244
	580,000		5.000			04/01/15		629,074
	1,130,000		4.000			04/01/16		1,212,637
	1,180,000		5.000			04/01/17		1,326,568
	1,245,000		5.000			04/01/18		1,414,133
	Osceola County School Board COPS for Harter Educational Facilities Lease Purchase Agreement Series 2009 A (ASSURED GTY) (AA-/Aa3)
	2,495,000		5.000			06/01/14		2,677,035
	Palm Beach County School Board COPS Refunding Series 2005 A (AGM) (AA-/Aa3)
	2,085,000		5.000			08/01/17		2,336,201
	Palm Beach County School Board COPS Refunding Series 2011 A (AA-/Aa3)^(c)
	3,000,000		5.000			08/01/16		3,437,340
	Polk County Florida RB Refunding for Capital Improvement Series 2010 (AA/A1)
	1,000,000		3.000			12/01/15		1,041,400
	Port St. Lucie Florida Utility System RB Series 2003 (NATL-RE) (BBB/Baa2)^(a)(d)
	3,650,000		0.000			09/01/13		1,264,324
	Sarasota County School Board COPS for Master Lease Program Series 2010 B (AA-/Aa2)
	1,000,000		3.000			07/01/13		1,019,230
	1,400,000		3.000			07/01/14		1,459,458
	1,400,000		3.000			07/01/15		1,453,928
	South Florida Water Management District Leasing Corp. COPS Series 2006 (AMBAC) (AA/Aa2)
	12,375,000		5.000			10/01/17		14,188,061
	South-Dade Venture Community Development District Special Assessment RB Refunding Series 2012 (BBB-/NR)
	280,000		2.250			05/01/13		280,319
	290,000		3.000			05/01/14		291,464
	295,000		3.250			05/01/15		298,275
	305,000		3.500			05/01/16		309,096
	320,000		3.750			05/01/17		325,520
	330,000		4.000			05/01/18		335,940
	345,000		4.125			05/01/19		353,687
	375,000		4.375			05/01/21		384,019
	390,000		4.500			05/01/22		400,374
	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		5,388,101
	Tampa Tax Allocation RB Refunding Cigarette – H. Lee Moffitt Cancer Center Series 2012 A (A+/A1)
	400,000		3.000			09/01/15		421,596
	560,000		3.000			09/01/16		595,963
	425,000		4.000			09/01/17		473,837


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND


Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	Florida – (continued)
	Trails at Monterey Community Development District Special Assessment Refunding Series 2012 (A-/NR)
$	95,000		1.750	%		05/01/13	$	95,120
	95,000		2.125			05/01/14		95,286
	100,000		2.250			05/01/15		100,299
	105,000		2.500			05/01/16		105,428
	105,000		2.750			05/01/17		105,811
	110,000		3.000			05/01/18		110,730
	110,000		3.250			05/01/19		111,169
	115,000		3.500			05/01/20		115,990
	115,000		3.750			05/01/21		115,922
	125,000		3.875			05/01/22		126,044
	125,000		4.000			05/01/23		126,505
	135,000		4.125			05/01/24		136,866
	140,000		4.150			05/01/25		141,876
	145,000		4.250			05/01/26		147,510

								218,991,175

	Georgia – 3.6%
	Albany-Dougherty County Hospital Authority RB for Regional Linked Stars and Cars Series 1993 (AMBAC) (AA-/Aa3)
	850,000		5.700			09/01/13		853,145
	Burke County Development Authority Pollution Control RB for Georgia Transmission Corporation Vogtle Project Series 2012 (AA-/A2)^(c)
	6,000,000		1.250			05/01/15		6,034,980
	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		1,689,334
	Chatham County Hospital Authority RB for Hospital Improvement Memorial Health University Series 2004 A (NR/WR)^(a)
	1,400,000		5.500			01/01/14		1,488,354
	Clayton County & Clayton County Water Authority Water and Sewerage RB Refunding Series 2009 (AA+/NR)
	1,000,000		4.000			05/01/13		1,021,990
	Cobb County Water and Sewer Improvement RB Series 2009 (AAA/Aaa)
	1,025,000		5.000			07/01/13		1,061,736
	1,000,000		4.500			07/01/14		1,073,020
	Cobb County-Marietta Water Authority RB Series 2009 (AAA/Aaa)
	1,500,000		5.000			11/01/13		1,576,635
	2,850,000		5.000			11/01/14		3,122,859
	DeKalb County School District GO Bonds Series 2007 (ST AID WITHHLDG) (AA+/Aa1)
	10,000,000		5.000			02/01/13		10,157,500
	DeKalb County Water and Sewerage RB Second Resolution Series 2011 A (A+/Aa3)
	200,000		2.000			10/01/14		204,338
	1,500,000		5.000			10/01/16		1,734,375
	Douglas County School District GO Bonds Refunding Series 2012 (ST AID WITHHLDG) (AA+/Aa2)
	2,985,000		4.000			04/01/17		3,398,781

Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	Georgia – (continued)
	East Point Building Authority RB for Water and Sewer Project Series 2006 A (XLCA) (NR/WR)
$	750,000		5.000	%		02/01/13	$	757,313
	Fulton County Development Authority RB Refunding for Spelman College Series 2012 (NR/A1)
	1,010,000		4.000			06/01/18		1,127,907
	Gainesville Georgia School District GO Bonds Series 2011 (ST AID WITHHLDG) (AA+/NR)
	2,595,000		3.000			12/01/14		2,695,452
	2,500,000		4.000			12/01/15		2,710,775
	Georgia State GO Bonds Refunding Series 2005 B (AAA/Aaa)
	7,950,000		5.000			07/01/17		8,965,771
	Georgia State GO Bonds Refunding Series 2009 E (AAA/Aaa)
	2,220,000		4.000			07/01/13		2,283,048
	Georgia State GO Bonds Refunding Series 2011 E-2 (AAA/Aaa)
	9,325,000		4.000			09/01/16		10,595,252
	11,495,000		4.000			09/01/17		13,365,351
	Gwinnett County School District Sales Tax GO Bonds Series 2012 A (AAA/Aaa)
	15,765,000		4.500			10/01/17		18,666,233
	Henry County School District GO Bonds Series 2012 (ST AID WITHHLDG) (AA+/Aa2)
	4,000,000		2.000			12/01/15		4,169,960
	Jackson County School District GO Bonds Refunding Series 2012 (AA+/Aa2)
	3,030,000		5.000			03/01/17		3,574,703
	4,215,000		5.000			03/01/18		5,100,867
	Marietta Georgia GO Bonds Refunding Series 2009 A (AA+/Aa2)
	1,000,000		2.500			02/01/13		1,007,560
	1,000,000		5.000			02/01/14		1,061,820
	Municipal Electric Authority RB for Combustion Turbine Project Series 2002 A (NATL-RE) (A/A1)^(a)
	8,260,000		5.250			11/01/12		8,292,627
	Municipal Electric Authority RB Subseries 2010 B (A/A2)
	2,355,000		3.000			01/01/13		2,369,413
	1,685,000		3.000			01/01/14		1,734,842
	Public Gas Partners, Inc. RB Series 2009 A (A+/A2)
	6,130,000		5.000			10/01/15		6,845,800
	Richmond County Board of Education GO Bonds for Sales Tax Series 2012 (AA+/Aa1)
	2,500,000		5.000			10/01/16		2,931,350
	2,000,000		3.000			10/01/17		2,196,440
	Thomas County School District Sales Tax GO Bonds Series 2012 (ST AID WITHHLDG) (AA+/NR)
	2,655,000		4.000			03/01/17		3,005,221

								136,874,752

	Guam – 0.4%
	Guam Education Financing Foundation COPS for Public School Facilities Project Series 2006 A (A-/NR)
	1,030,000		5.000			10/01/12		1,030,000
	Guam Government Limited Obligation RB for Section 30 Series 2009 A (BBB+/NR)
	1,000,000		5.000			12/01/13		1,036,470


The accompanying notes are an integral part of these financial statements.		59

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2012 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	Guam – (continued)
	Guam Power Authority RB Subseries 2010 A (BBB-/Ba1)
$	11,680,000		6.500	%		10/01/12	$	11,680,000

								13,746,470

	Hawaii – 0.3%
	Hawaii State GO Bonds Refunding Series 2003 DT (AA/Aa2)
	4,000,000		4.000			11/01/14		4,299,400
	Hawaii State GO Bonds Series 2003 DA (NATL-RE) (AA/Aa2)^(a)
	3,745,000		5.250			09/01/13		3,915,997
	Hawaii State Highway RB Series 2011 A (AA+/Aa2)
	750,000		3.000			01/01/14		774,562
	Honolulu City and County GO Bonds Series 2004 B (NATL-RE) (AA+/Aa1)
	3,600,000		5.000			07/01/15		3,879,684

								12,869,643

	Idaho – 0.3%
	Boise City Independent School District GO Bonds Refunding Series 2012 B (AA/Aa1)
	1,000,000		3.000			08/01/17		1,107,480
	2,085,000		4.000			08/01/18		2,449,854
	6,135,000		4.000			08/01/19		7,248,993

								10,806,327

	Illinois – 8.1%
	Berwyn Illinois GO Bonds Refunding Series 2004 (AMBAC) (NR/WR)
	200,000		5.000			12/01/12		201,038
	Chicago Illinois Board of Education GO Bonds Refunding Capital Appreciation for School Reform Series 1999 A (NATL-RE FGIC) (A+/A2)^(d)
	2,500,000		0.000			12/01/15		2,384,650
	Chicago Illinois GO Bonds for City Colleges of Chicago Capital Improvement Project Series 1999 (NATL-RE FGIC) (A+/Aa3)^(d)
	2,000,000		0.000			01/01/14		1,969,960
	Chicago Illinois GO Bonds Refunding Series 2005 A (AGM) (AA-/Aa3)
	5,000,000		5.000			01/01/15		5,449,750
	Chicago Illinois Midway Airport Second Lien RB Series 2010 B (A-/A3)^(c)
	3,750,000		5.000			01/01/15		4,048,050
	Chicago Illinois O'Hare International Airport RB Series 2008 A (AGM) (AA-/Aa3)
	6,275,000		5.000			01/01/15		6,756,355
	Chicago Illinois Public Building Commission RB Refunding Series 2006 (AMBAC) (A/A1)
	1,000,000		5.000			03/01/15		1,087,540
	Chicago Illinois Tax Allocation Junior Lien for Near South Redevelopment Project Series 2001 A (ACA) (NR/NR)
	1,525,000		6.250			11/15/13		1,529,438
	Chicago Illinois Water RB Refunding Second Lien Project Series 2012 (AA-/Aa3)
	500,000		4.000			11/01/16		561,495
	400,000		5.000			11/01/19		490,060
	1,000,000		5.000			11/01/20		1,235,330

Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	Illinois – (continued)
	Illinois Educational Facilities Authority RB for University of Chicago RMKT 07/01/09 Series 1998 (AA/Aa1)^(c)
$	3,000,000		3.375	%		02/03/14	$	3,122,970
	Illinois Educational Facilities Authority RB for University of Chicago Series 2001 B-2 (AA/Aa1)^(c)
	2,000,000		1.875			02/12/15		2,050,600
	Illinois Finance Authority Gas Supply RB Refunding for The Peoples Gas Light and Coke Co. Project Series 2010 (A-/A1)^(c)
	2,250,000		2.125			07/01/14		2,293,650
	Illinois Finance Authority RB for Art Institute of Chicago Series 2010 B (A+/A1)
	5,250,000		4.000			07/01/15		5,373,585
	Illinois Finance Authority RB for Northwestern University Series 2008 (AAA/Aaa)^(c)
	10,500,000		1.200			03/01/13		10,541,370
	Illinois Finance Authority RB Refunding for Advocate Health Care Network Series 2010 D (AA/Aa2)
	5,110,000		3.000			04/01/13		5,175,306
	Illinois Finance Authority RB Refunding for Resurrection Health Care Corp. Series 2009 (BBB+/Baa1)
	1,750,000		5.000			05/15/13		1,796,760
	5,000,000		5.000			05/15/14		5,320,700
	4,400,000		5.250			05/15/15		4,834,896
	Illinois Health Facilities Authority RB for Advocate Health Care Network Series 2003 A (AA/Aa2)^(c)
	1,610,000		4.375			07/01/14		1,709,498
	Illinois State Build Illinois Sales Tax RB Junior Obligation Series 2010 (AAA/NR)
	5,050,000		5.000			06/15/14		5,437,739
	Illinois State Build Illinois Sales Tax RB Series 2011 (AAA/NR)
	2,375,000		4.000			06/15/17		2,695,459
	Illinois State GO Bonds First Series 2001 (AGM) (AA-/Aa3)
	1,900,000		5.500			05/01/15		2,112,914
	Illinois State GO Bonds Refunding Series 2006 (A/A2)
	7,750,000		5.000			01/01/15		8,419,910
	Illinois State GO Bonds Refunding Series 2009 A (A/A2)
	16,000,000		4.000			09/01/20		17,084,000
	Illinois State GO Bonds Refunding Series 2010 (A/A2)
	5,020,000		5.000			01/01/17		5,710,953
	11,800,000		5.000			01/01/18		13,598,320
	15,890,000		5.000			01/01/20		18,472,442
	Illinois State GO Bonds Refunding Series 2010 (AGM) (AA-/Aa3)
	6,725,000		5.000			01/01/15		7,309,470
	Illinois State GO Bonds Refunding Series 2012 (A/A2)
	16,375,000		3.000			08/01/13		16,707,249
	6,250,000		5.000			08/01/16		7,080,625
	7,025,000		5.000			08/01/19		8,212,084
	Illinois State GO Bonds Series 2002 (NATL-RE) (A/A2)
	2,710,000		5.500			08/01/15		3,040,241
	Illinois State GO Bonds Series 2003 (NATL-RE) (A/A2)^(a)
	3,200,000		5.000			06/01/13		3,300,768
	5,000,000		5.000			06/01/13		5,157,450
	Illinois State GO Bonds Series 2003 A (A/A2)
	7,525,000		5.000			10/01/16		7,834,353


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND


Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	Illinois – (continued)
	Illinois State GO Bonds Series 2003 A (NR/NR)^(a)
$	4,235,000		5.000	%		10/01/13	$	4,433,367
	Illinois State GO Bonds Series 2007 B (A/A2)
	4,000,000		4.250			01/01/14		4,164,880
	Illinois State GO Bonds Series 2012 (A/A2)
	6,000,000		4.000			03/01/15		6,414,360
	Illinois State GO Bonds Series 2012 A (A/A2)
	2,000,000		4.000			01/01/14		2,076,280
	Illinois Unemployment Insurance Fund Building Receipts RB Series 2012 B (AA/NR)
	7,500,000		5.000			12/15/17		8,880,300
	Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 1994 (NATL-RE) (AAA/A3)^(d)
	3,000,000		0.000			06/15/15		2,843,820
	Quad Cities Regional Economic Development Authority RB for Augustana College Series 2012 (NR/Baa1)
	840,000		3.000			10/01/17		867,997
	Railsplitter Tobacco Settlement Authority Tobacco Settlement RB Series 2010 (A/NR)
	5,110,000		4.000			06/01/13		5,223,391
	5,030,000		5.000			06/01/15		5,520,727
	11,350,000		4.125			06/01/16		12,394,540
	4,000,000		5.000			06/01/16		4,493,800
	10,000,000		5.000			06/01/17		11,362,000
	Regional Transportation Authority Illinois Refunding Series 2011 A (AGM) (GO OF AUTH) (AA/Aa3)
	5,000,000		4.000			06/01/13		5,119,400
	13,420,000		5.000			06/01/16		15,287,661
	13,545,000		5.000			06/01/17		15,857,809

								305,047,310

	Indiana – 1.1%
	Anderson School Building Corp. RB for First Mortgage Series 2003 (AMBAC) (AA+/WR)^(a)
	1,750,000		5.000			07/15/13		1,815,293
	Delaware County Indiana Hospital Authority RB Refunding for Ball Memorial Hospital, Inc. Obligated Group Series 2009 A (NR/Baa2)
	2,545,000		5.000			08/01/13		2,629,316
	1,085,000		5.500			08/01/17		1,262,159
	4,535,000		5.625			08/01/18		5,396,468
	Duneland School Building Corp. RB Refunding for First Mortgage Series 2009 (ST AID WITHHLDG) (AA+/NR)
	1,070,000		4.000			02/01/13		1,082,712
	Indiana Bond Bank RB for State Revenue Funding Program Series 2004 B (AAA/NR)
	4,000,000		5.000			02/01/13		4,062,720
	Indiana Finance Authority Hospital RB for University Health Obligated Group Series 2011 N (A+/A1)
	2,365,000		3.000			03/01/14		2,434,484
	2,000,000		4.000			03/01/15		2,138,600
	Indiana Health Facility Financing Authority RB for Ascension Health Credit Group Series 2001 A-2 (AA+/Aa1)^(c)
	4,575,000		1.600			02/01/17		4,607,482

Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	Indiana – (continued)
	Indiana Health Facility Financing Authority RB for Ascension Health RB Series 2005 A-3 (AA/Aa2)^(c)
$	1,500,000		1.700	%		09/01/14	$	1,531,590
	Indiana Health Facility Financing Authority RB for Ascension Health RMKT 05/01/09 Series 2009 A (AA/NR)^(c)
	1,500,000		5.000			08/01/13		1,554,150
	Indiana Health Facility Financing Authority RB for Ascension Health Subordinate Credit Group Residual I Series 2010-3224 (AA/NR)^(f)
	850,000		29.010			05/01/15		1,692,647
	Indiana Health Facility Financing Authority RB for Ascension Health Subordinate Credit Group Series 2011 (AA+/Aa1)^(c)
	2,950,000		1.500			08/01/14		2,999,265
	Indianapolis Thermal Energy System First Lien RB Refunding Series 2010 B (AGM) (AA-/Aa3)
	3,905,000		5.000			10/01/15		4,321,898
	Jasper County PCRB Refunding for Northern Indiana Public Service Co. Project RMKT 08/25/08 Series 1994 B (NATL-RE) (NR/Baa2)
	2,500,000		5.200			06/01/13		2,568,800
	Rockport Indiana PCRB Refunding for Michigan Power Co. Project Series 2009 B (BBB/Baa2)^(c)
	2,500,000		6.250			06/02/14		2,702,550

								42,800,134

	Iowa – 0.1%
	State University of Iowa Athletic Facilities RB Series 2010 S.U.I. (AA-/Aa2)
	450,000		2.500			07/01/15		470,223
	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		1,002,200
	1,185,000		3.000			11/01/13		1,218,358

								2,690,781

	Kansas – 1.4%
	Kansas Department of Transportation Highway RB Refunding Series 2012 A-2 (AAA/Aa1)^(b)
	10,000,000		0.410			09/01/14		10,012,700
	Kansas Department of Transportation Highway RB Refunding Series 2012 A-3 (AAA/Aa1)^(b)
	9,000,000		0.480			09/01/15		9,004,410
	Kansas Development Finance Authority Hospital RB for Adventist Health System Series 2009 (AA-/Aa3)
	1,000,000		4.000			11/15/12		1,004,330
	2,390,000		4.000			11/15/13		2,481,394
	Kansas Development Finance Authority Hospital RB for Adventist Health System/Sunbelt Obligated Group Series 2009 D (AA-/Aa3)
	355,000		3.500			11/15/12		356,331
	200,000		5.000			11/15/13		209,870
	225,000		5.000			11/15/14		243,455
	Kansas Development Finance Authority RB for Public Water Supply Revolving Loan Fund Series 2004 (AAA/Aaa)
	4,455,000		5.000			04/01/13		4,561,296


The accompanying notes are an integral part of these financial statements.		61

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2012 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	Kansas – (continued)
	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	$	1,048,210
	Olathe Health Facilities RB for Medical Center Series 2012 B (A+/NR)^(c)
	3,000,000		2.000			03/01/17		3,022,710
	Overland Park City Kansas GO Bonds for Internal Improvement Series 2006 A (AAA/Aaa)
	2,065,000		4.250			09/01/13		2,141,095
	Wichita GO Bonds Temporary Notes Renewal and Improvement Series 248 (SP-1+/MIG1)
	15,000,000		0.300			08/15/13		15,000,900
	Wyandotte County/Kansas City Unified Government RB for Utility System Improvement Series 2011 A (A+/NR)
	2,340,000		3.500			09/01/16		2,558,158

								51,644,859

	Kentucky – 0.5%
	Kentucky Economic Development Finance Authority RB Residuals Series 2009-3125 (AA/NR)^(f)
	940,000		17.740			11/11/14		1,243,705
	Kentucky State Property and Buildings Refunding Series 2011 A (A+/Aa3)
	1,325,000		5.000			08/01/16		1,533,820
	5,000,000		4.000			08/01/17		5,684,950
	Louisville/Jefferson County Metro Government GO Bonds Refunding Series 2010 D (AA+/Aa1)
	2,875,000		3.000			10/01/14		3,005,726
	Louisville/Jefferson County PCRB for Louisville Gas & Electric Company Project Series 2003 A (A-/A2)^(c)
	5,000,000		1.650			04/03/17		5,035,300
	Western Kentucky University RB for General Recipients Series 2009 (ASSURED GTY) (AA-/Aa3)
	1,080,000		3.000			09/01/13		1,101,222

								17,604,723

	Louisiana – 1.8%
	Baton Rouge Louisiana Public Improvement Sales Tax RB Refunding Series 2010 B (AA+/Aa2)
	450,000		3.000			08/01/14		466,258
	500,000		3.000			08/01/15		526,520
	DeSoto Parish Louisiana PCRB Refunding for International Paper Co. Projects Series 2002 A (BBB/Baa3)
	1,240,000		5.000			10/01/12		1,240,000
	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		4,719,297
	Greater New Orleans Expressway Commission RB Refunding Series 2009 (ASSURED GTY) (AA-/Aa3)
	225,000		2.750			11/01/12		225,281
	100,000		2.750			11/01/13		101,752
	205,000		2.750			11/01/14		210,138
	Louisiana Citizens Property Insurance Corp. RB Series 2006 B (AMBAC) (A-/A3)
	2,700,000		5.000			06/01/16		3,069,495


	State-Specific Municipal Debt Obligations – (continued)
	Louisiana – (continued)
	Louisiana Local Government Environmental Facilities & Community Development Authority RB for BRCC Facilities Corp. Project Series 2011 (AGM) (AA-/Aa3)
$	1,250,000		3.000	%		12/01/16	$	1,341,575
	Louisiana Local Government Environmental Facilities & Community Development Authority RB for Jefferson Parish Series 2009 A (AA-/Aa2)
	370,000		3.000			04/01/13		373,752
	Louisiana Local Government Environmental Facilities & Community Development Authority RB for LCTCS Facilities Corp. Project Series 2011 (AA-/A1)^(d)
	1,500,000		0.000			10/01/15		1,430,100
	Louisiana Local Government Environmental Facilities & Community Development Authority RB for Parish of East Baton Rouge Road Improvements Project Series 2012 (AA/Aa3)
	1,315,000		3.000			08/01/15		1,395,346
	Louisiana Public Facilities Authority RB for Hurricane Recovery Program Series 2007 (AGC-ICC) (AA-/Aa3)
	8,250,000		5.000			06/01/20		9,163,357
	Louisiana State Gasoline and Fuels Tax RB Second Lien RMKT 06/01/10 Series 2010 A-1 (NR/Aa2)^(c)
	5,000,000		0.930			06/01/13		5,007,400
	Louisiana State Offshore Terminal Authority Deepwater Port RB for LOOP LLC Project Series 2007 B-1A1 (A-/NR)^(c)
	3,000,000		1.375			10/01/16		3,002,910
	Louisiana State Offshore Terminal Authority Deepwater Port RB for LOOP LLC Project Series 2010 B-1 (A-/NR)^(c)
	4,750,000		1.875			10/01/13		4,800,492
	Louisiana State Offshore Terminal Authority Deepwater Port RB for LOOP LLC Project Series 2010 B-2 (A-/NR)^(c)
	4,845,000		2.100			10/01/14		4,936,474
	Morehouse Parish Louisiana PCRB Refunding for International Paper Co. Project Series 2001 A (BBB/Baa3)
	3,520,000		5.250			11/15/13		3,690,509
	New Orleans Audubon Commission for Aquarium Tax Bonds Series 2011 (A/NR)
	500,000		5.000			10/01/16		559,760
	2,825,000		5.000			10/01/17		3,220,161
	New Orleans GO Bonds Refunding Series 2012 (BBB/A3)
	1,295,000		3.000			12/01/14		1,350,219
	1,805,000		4.000			12/01/15		1,963,046
	4,145,000		4.000			12/01/16		4,577,323
	4,030,000		4.000			12/01/17		4,498,770
	New Orleans Regional Transit Authority Sales Tax RB Series 2010 (AGM) (AA-/Aa3)
	500,000		4.000			12/01/15		543,295
	610,000		4.000			12/01/16		676,234
	St. Tammany Parish Hospital Service District No. 1 RB Refunding Project Series 2011 (A-/NR)
	1,190,000		2.000			07/01/13		1,195,700
	1,390,000		2.000			07/01/14		1,400,717
	1,800,000		2.300			07/01/15		1,827,360


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND


Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	Louisiana – (continued)
	Terrebonne Parish Louisiana Hospital Service District No. 1 RB Refunding for Terrebonne General Medical Center Project Series 2010 (A/A2)
$	500,000		4.000	%		04/01/13	$	506,855
	420,000		4.000			04/01/16		451,748
	Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2001 B (A/A1)
	115,000		5.500			05/15/30		117,793

								68,589,637

	Maine – 0.2%
	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		3,409,437
	Maine State Housing Authority Mortgage Purchase Bonds Series 2011 E (AA+/Aa1)
	2,700,000		1.350			11/15/14		2,713,500
	2,455,000		1.700			11/15/15		2,479,624

								8,602,561

	Maryland – 3.6%
	Anne Arundel County Maryland GO Bonds for Consolidated General Improvements Series 2009 (AAA/Aa1)
	2,345,000		4.000			04/01/13		2,389,250
	Baltimore County Maryland GO Bonds 71st Issue for Metropolitan District Public Improvement Series 2008 (AAA/Aaa)
	1,420,000		5.000			02/01/14		1,508,764
	Baltimore County Maryland GO Bonds 74th Issue for Metropolitan District Public Improvement Series 2011 (AAA/Aaa)
	6,650,000		4.000			02/01/14		6,977,579
	2,500,000		4.000			02/01/16		2,795,450
	9,000,000		5.000			02/01/17		10,697,670
	Baltimore County Maryland GO Bonds Refunding for Pension Funds Series 2009 (AAA/Aaa)
	3,575,000		5.000			08/01/13		3,717,142
	Calvert County Maryland GO Bonds Refunding Series 2011 (AAA/Aa1)
	1,455,000		2.000			07/15/14		1,498,694
	Carroll County Maryland Consolidated Public Improvement and Refunding Bonds Series 2011 (AA+/Aa1)
	2,075,000		5.000			11/01/17		2,529,757
	3,055,000		4.000			11/01/18		3,631,815
	1,635,000		4.000			11/01/19		1,958,223
	Charles County Maryland GO Bonds Refunding Series 2011 (AA/Aa1)
	2,365,000		4.000			11/01/15		2,621,319
	1,115,000		4.000			11/01/16		1,271,356
	5,405,000		4.000			11/01/17		6,302,068
	Harford County Maryland GO Bonds for Consolidated Public Improvement Series 2009 (AA+/Aaa)
	1,170,000		2.250			07/01/16		1,236,011

Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	Maryland – (continued)
	Maryland State GO Bonds Refunding for State and Local Facilities Loan Second Series 2012 (AAA/Aaa)
$	55,465,000		4.500	%		08/01/18	$	67,127,071
	Maryland State GO Bonds Refunding Series 2004 (AAA/Aaa)
	5,000,000		5.000			02/01/13		5,079,250
	Maryland State Health & Higher Educational Facilities Authority RB for MedStar Health Issue Series 2011 (A-/A2)
	2,325,000		4.000			08/15/15		2,516,115
	3,445,000		4.000			08/15/16		3,775,479
	Maryland State Transportation Authority Grant and Revenue Anticipation Bonds Series 2008 (AAA/Aa1)
	4,500,000		5.250			03/01/15		5,038,200
	Montgomery County Maryland GO Bonds Refunding for Consolidated Public Improvement Series 2009 A (AAA/Aaa)
	5,000,000		5.000			11/01/13		5,256,550

								137,927,763

	Massachusetts – 0.6%
	Massachusetts State Department of Transportation Senior RB for Metropolitan Highway System Series 2010 B (A/A3)
	4,000,000		5.000			01/01/15		4,347,640
	Massachusetts State Development Finance Agency RB for Boston University Series 2009 V-2 (A/A2)
	4,000,000		2.875			10/01/14		4,165,520
	Massachusetts State Development Finance Agency RB for Partners Healthcare System Issue Series 2012 L (AA/Aa2)
	400,000		5.000			07/01/15		447,600
	300,000		5.000			07/01/16		345,546
	Massachusetts State Development Finance Agency Resource Recovery RB for SEMASS System Series 2001 A (NATL-RE) (BBB/Baa2)
	260,000		5.625			01/01/14		261,953
	Massachusetts State GO Bonds Consolidated Loan Series 2004 A (AA+/Aa1)^(a)
	5,000,000		5.000			08/01/14		5,415,550
	Massachusetts State GO Bonds Consolidated Loan Series 2004 D (AGM) (AA+/Aa1)^(a)
	3,475,000		5.000			12/01/14		3,812,249
	Massachusetts State GO Bonds Refunding Series 2010 A (AA+/Aa1)^(b)
	2,500,000		0.710			02/01/14		2,505,975
	Massachusetts State Health & Educational Facilities Authority RB for Amherst College Series 2009 K-2 (AA+/Aaa)^(c)
	3,005,000		1.700			11/01/16		3,079,133

								24,381,166

	Michigan – 2.7%
	Detroit Michigan Water Supply System RB Senior Lien Series 2005 C (NATL-RE FGIC) (A+/Baa2)
	3,000,000		5.000			07/01/16		3,260,910


The accompanying notes are an integral part of these financial statements.		63

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2012 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	Michigan – (continued)
	Detroit Michigan Water Supply System RB Senior Lien Series 2011 A (A+/Baa2)
$	1,100,000		5.000	%		07/01/13	$	1,132,450
	1,700,000		5.000			07/01/14		1,801,728
	700,000		5.000			07/01/15		757,155
	500,000		5.000			07/01/16		546,460
	1,295,000		5.000			07/01/17		1,433,449
	Detroit Wayne County Stadium Authority RB Refunding Series 2012 (BBB+/Baa2)
	500,000		5.000			10/01/14		528,780
	1,100,000		5.000			10/01/18		1,224,344
	Kent Hospital Finance Authority RB Refunding for Spectrum Health System Series 2008 A (AA/Aa3)^(c)
	6,850,000		4.250			01/15/14		7,092,833
	Michigan Finance Authority RB for Detroit School District Series 2011 (A+/NR)
	7,500,000		5.250			06/01/17		8,444,100
	Michigan Finance Authority RB for Local Government Loan Program Series 2012 C (A+/A3)
	5,185,000		4.000			11/01/18		5,706,974
	5,395,000		4.000			11/01/19		5,905,906
	Michigan Finance Authority RB Refunding for Detroit School District Series 2012 (A+/NR)
	750,000		4.000			06/01/14		782,145
	1,375,000		4.000			06/01/17		1,472,694
	Michigan Finance Authority RB Refunding for Unemployment Obligation Assessment Series 2012 B (AAA/Aaa)
	4,000,000		5.000			07/01/23		4,294,760
	Michigan State Building Authority RB Refunding for Facilities Program Series 2003 I (AGM) (AA-/Aa3)
	7,580,000		5.250			10/15/14		7,945,735
	Michigan State GO Bonds Refunding for Environmental Program Series 2005 B (NATL-RE) (AA-/Aa2)
	10,025,000		5.000			11/01/19		11,188,702
	Michigan State Hospital Finance Authority RB for Ascension Health Credit Group RMKT 08/16/10 Series 1999 B-3 (AA+/Aa1)^(c)
	3,875,000		2.000			08/01/14		3,972,030
	Michigan State Hospital Finance Authority RB Refunding for Ascension Health Credit Group Series 2010 F-1 (AA+/Aa1)^(c)
	3,000,000		2.000			05/30/18		3,105,870
	Michigan State Hospital Finance Authority RB Refunding for Henry Ford Health System Series 2009 (A/A1)
	1,000,000		3.000			11/15/12		1,002,510
	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)
	2,500,000		5.250			08/01/14		2,722,025
	Michigan State Trunk Line Fund Bonds Series 2011 (AA+/Aa2)
	550,000		3.000			11/15/14		580,228
	Rochester Community School District GO Refunding Series 2012 (Q-SBLF) (AA-/NR)
	875,000		4.000			05/01/18		990,115
	700,000		4.000			05/01/19		793,261


	State-Specific Municipal Debt Obligations – (continued)
	Michigan – (continued)
	Royal Oak Hospital Finance Authority RB for William Beaumont Hospital Series 2009 (A/A1)
$	2,000,000		6.250	%		09/01/14	$	2,156,200
	Wayne County Airport Authority Airport RB Refunding for Detroit Metropolitan Wayne County Airport Series 2010 C (A/A2)
	5,000,000		5.000			12/01/14		5,467,100
	10,000,000		5.000			12/01/15		11,268,200
	Wayne County Airport Authority Airport RB Refunding for Detroit Metropolitan Wayne County Airport Series 2012 A (A/A2)
	1,270,000		5.000			12/01/18		1,510,868
	1,385,000		5.000			12/01/19		1,635,574
	Wyandotte Electric RB Refunding Series 2009 A (ASSURED GTY) (AA-/Aa3)
	3,235,000		4.000			10/01/12		3,235,000

								101,958,106

	Minnesota – 1.5%
	Minneapolis Minnesota Convention Center GO Bonds Refunding Series 2011 A (AAA/Aaa)
	7,980,000		2.000			12/01/17		8,551,129
	Minneapolis Minnesota Special School District Refunding Series 2011 A (SD CRED PROG) (AA+/Aa2)
	3,525,000		2.000			02/01/13		3,545,903
	3,520,000		2.000			02/01/14		3,587,901
	Minnesota State COPS for Technology System Lease Purchase Agreement Series 2009 (AA/NR)
	8,575,000		4.000			06/01/14		9,012,239
	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		1,014,710
	950,000		3.000			10/01/14		985,701
	Minnesota State Trunk Highway GO Bonds Series 2012 B (AA+/Aa1)
	11,700,000		5.000			08/01/17		14,102,595
	Minnesota State Various Purpose GO Bonds Series 2009 D (ETM) (AA+/Aa1)^(a)
	9,445,000		5.000			08/01/13		9,817,322
	Osseo Independent School District No. 279 GO Bonds Refunding for School Building Series 2009 C (SD CRED PROG) (AA+/Aa2)
	3,820,000		3.000			02/01/13		3,855,411
	Watertown Independent School District No. 111 GO Refunding for School Building Series 2012 B (SD CRED PROG) (AA+/NR)
	1,620,000		3.000			02/01/16		1,730,727
	1,000,000		3.000			02/01/17		1,084,490

								57,288,128

	Mississippi – 0.3%
	DeSoto County Mississippi GO Bonds Refunding Series 2009 (AA/Aa2)
	250,000		3.000			11/01/12		250,460
	700,000		3.000			11/01/13		718,018


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND


Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	Mississippi – (continued)
	Greenville Public School District RB Refunding Series 2009 (AA-/NR)
$	605,000		4.000	%		08/01/13	$	619,919
	Mississippi State GO Bonds for Capital Improvement Series 2002 (AGM-CR) (AA/Aa2)^(a)
	5,000,000		5.000			11/01/12		5,018,550
	Ocean Springs School District GO Bonds Series 2009 (AA-/NR)
	1,135,000		4.000			05/01/13		1,158,222
	University Education Building Corp. RB Refunding Series 2009 B (AA/Aa2)
	1,790,000		3.000			10/01/13		1,824,082

								9,589,251

	Missouri – 0.9%
	Curators University of Missouri System Facilities Unrefunded-RB for System Facilities Series 2006 A (AA+/Aa1)
	5,070,000		5.000			11/01/17		5,765,959
	Kansas City GO Bonds Refunding & Improvement Series 2012 A (AA/Aa2)
	5,000,000		2.000			02/01/15		5,179,250
	7,600,000		2.000			02/01/16		7,955,148
	Missouri State Board of Public Buildings RB Series 2003 A (NR/NR)^(a)
	3,425,000		5.000			10/15/13		3,591,695
	Missouri State Board of Public Buildings Special Obligation Series 2003 A (AA+/Aa1)
	400,000		5.000			10/15/14		419,296
	St. Louis Board of Education GO Bonds Refunding for Missouri Direct Deposit Program Series 2004 (NATL-RE) (AA+/Baa2)
	2,595,000		5.250			04/01/16		2,896,746
	St. Louis Board of Education GO Bonds Refunding for Missouri Direct Deposit Program Series 2004 (NATL-RE) (ST AID DIR DEP) (AA+/Baa2)
	5,980,000		5.000			04/01/17		6,639,953
	St. Louis Missouri Airport Revenue Refunding for Lambert-St. Louis International Airport Series 2011 (A-/Baa1)
	2,000,000		5.000			07/01/14		2,141,940
	1,000,000		5.000			07/01/15		1,106,850

								35,696,837

	Montana – 0.3%
	Montana State Department of Transportation Refunding Grant Anticipation Notes for Highway 93 Advance Construction Project-Garvees Series 2012 (AA/Aa2)
	1,600,000		2.000			06/01/17		1,685,408
	2,000,000		3.000			06/01/17		2,198,020
	1,750,000		3.000			06/01/18		1,930,985
	800,000		4.000			06/01/18		926,504
	1,790,000		3.000			06/01/19		1,975,122
	1,440,000		4.000			06/01/19		1,680,293

								10,396,332


	State-Specific Municipal Debt Obligations – (continued)
	Nevada – 1.0%
	Clark County Improvement District Refunding for Special Improvement District No. 142 Mountain Edge Local Improvement Series 2012 (BBB-/NR)
$	1,865,000		2.000	%		08/01/13	$	1,874,157
	3,000,000		3.000			08/01/14		3,052,440
	3,195,000		3.000			08/01/15		3,225,193
	3,410,000		3.000			08/01/16		3,422,174
	4,115,000		4.000			08/01/17		4,272,234
	Clark County McCarran International Airport RB Refunding for Passenger Facility Charge Series 2010 F-1 (A+/A1)
	3,000,000		5.000			07/01/16		3,394,920
	Clark County School District GO Bonds Refunding Series 2004 A (AGM) (AA-/Aa3)
	3,000,000		5.000			06/15/16		3,217,590
	Clark County School District Limited Tax GO Bonds Refunding Series 2003 D (NATL-RE) (AA-/Aa2)^(a)
	3,450,000		5.000			12/15/13		3,644,511
	Las Vegas City Limited Tax GO Bonds Medium-Term Various Purpose Series 2011 A (AA/Aa2)
	1,000,000		2.000			12/01/15		1,035,150
	2,700,000		4.000			12/01/16		3,023,433
	2,810,000		4.000			12/01/17		3,112,693
	Las Vegas Valley Water District GO Bonds Refunding Series 2008 B (ETM) (AA+/Aa2)^(a)
	5,000,000		5.000			06/01/13		5,157,450
	North Las Vegas Nevada Local Improvement Special Assessment Refunding for Sub-Special Improvement District No. 60-B Series 2006 (NR/NR)
	590,000		4.700			12/01/12		591,410
	520,000		4.800			12/01/14		531,643

								39,554,998

	New Hampshire – 0.4%
	Manchester New Hampshire General Airport RB Refunding Series 2009 B (BBB+/A3)
	5,105,000		5.000			01/01/13		5,149,056
	5,240,000		5.000			01/01/14		5,461,862
	New Hampshire Health & Education Facilities Authority RB for Dartmouth-Hitchcock Obligated Group Series 2009 (A+/NR)
	2,900,000		3.250			08/01/13		2,951,446

								13,562,364

	New Jersey – 3.9%
	Atlantic County Utilities Authority Sewer RB Refunding Series 2009 (ASSURED GTY) (AA-/NR)
	4,000,000		5.000			01/15/13		4,050,280
	Bergen County New Jersey GO Bonds for General Improvement Series 2011 A (ST AID WITHHLDG) (NR/Aaa)
	1,730,000		2.000			12/01/13		1,765,275
	1,275,000		2.000			12/01/14		1,316,055
	1,320,000		2.000			12/01/15		1,378,621
	1,725,000		2.000			12/01/16		1,819,720
	2,355,000		2.000			12/01/17		2,487,798
	2,500,000		2.000			12/01/18		2,638,250


The accompanying notes are an integral part of these financial statements.		65

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2012 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	New Jersey – (continued)
	Brick Township GO Bonds for General Improvements Series 2012 (NR/Aa2)
$	2,140,000		2.000	%		08/15/16	$	2,249,290
	Gloucester County New Jersey GO Bonds Refunding Series 2011 (AA+/NR)
	325,000		2.000			10/01/14		333,482
	660,000		2.000			10/01/15		682,988
	1,245,000		3.000			10/01/17		1,359,652
	Monmouth County GO Bonds Refunding Series 2010 C (AAA/Aaa)
	5,425,000		4.000			03/01/16		6,050,719
	Montgomery Township GO Bonds Refunding Series 2012 (NR/Aa1)^(e)
	2,320,000		3.000			08/01/16		2,510,194
	New Jersey COPS for Equipment Lease Purchase Agreement Series 2009 A (A+/A1)
	2,000,000		5.000			06/15/13		2,055,640
	New Jersey Economic Development Authority RB for School Facilities Construction RMKT 04/30/08 Series 2008 (AGM) (AA-/Aa3)^(c)
	2,000,000		5.000			09/01/14		2,151,440
	New Jersey Economic Development Authority RB for School Facilities Construction Series 2003 F (NATL-RE FGIC) (A+/A1)^(a)
	2,695,000		5.250			06/15/13		2,789,568
	New Jersey Economic Development Authority RB for School Facilities Construction Series 2005 K (A+/A1)^(a)
	3,905,000		5.000			03/01/15		4,337,596
	New Jersey Economic Development Authority RB for School Facilities Construction Series 2005 K (NATL-RE FGIC) (A+/A1)
	3,685,000		5.250			12/15/14		4,034,191
	New Jersey Economic Development Authority RB for School Facilities Construction Series 2007 (AGM) (AA-/Aa3)^(c)
	5,000,000		5.000			09/01/15		5,561,700
	New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2008 W (ETM) (A+/A1)^(a)
	1,300,000		5.000			03/01/13		1,325,571
	New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2010 DD-1 (A+/A1)
	7,500,000		5.000			12/15/16		8,727,450
	New Jersey Educational Facilities Authority RB for Rider University Series 2012 A (BBB+/Baa1)
	1,240,000		5.000			07/01/17		1,427,563
	1,265,000		4.000			07/01/18		1,399,444
	New Jersey Health Care Facilities Financing Authority RB for Meridian Health System Obligated Group Issue Series 2011 (A-/NR)
	500,000		4.000			07/01/13		512,755
	1,000,000		5.000			07/01/14		1,072,240
	1,000,000		5.000			07/01/15		1,108,290
	2,000,000		5.000			07/01/16		2,283,740
	New Jersey Health Care Facilities Financing Authority RB Refunding for Barnabas Health Issue Series 2011 A (BBB/Baa2)
	4,875,000		3.000			07/01/13		4,959,923


	State-Specific Municipal Debt Obligations – (continued)
	New Jersey – (continued)
	New Jersey Health Care Facilities Financing Authority RB Refunding for Hackensack University Medical Center Issue Series 2010 B (A-/A3)
$	1,900,000		4.000	%		01/01/13	$	1,912,673
	4,680,000		3.500			01/01/16		4,926,542
	New Jersey State GO Bonds Refunding Series 2010 Q (AA-/Aa3)
	10,000,000		5.000			08/15/15		11,279,200
	5,000,000		5.000			08/15/16		5,820,800
	New Jersey State Turnpike Authority RB Series 2012 B (A+/A3)
	10,000,000		5.000			01/01/19		12,105,200
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2001 C (AGM) (AA-/Aa3)
	5,285,000		5.750			12/15/12		5,342,712
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2004 B (NATL-RE) (A+/A1)
	6,800,000		5.500			12/15/16		8,129,808
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2011 B (A+/A1)
	1,500,000		5.000			06/15/15		1,665,795
	1,000,000		5.000			06/15/16		1,146,500
	Newark Housing Authority RB for South Ward Police Facility Series 2009 (ASSURED GTY) (GO OF CITY) (NR/Aa3)
	1,000,000		3.500			12/01/12		1,003,560
	1,235,000		3.500			12/01/13		1,263,306
	Somerset County New Jersey GO Bonds Series 2009 A (AAA/Aaa)
	3,320,000		2.000			08/01/13		3,369,667
	Sussex County New Jersey GO Bonds for General Improvement Series 2010 (NR/Aa2)
	2,665,000		2.000			08/15/14		2,735,143
	Tobacco Settlement Financing Corp. RB Series 2003 (AA+/Aaa)^(a)
	1,750,000		6.750			06/01/13		1,825,932
	Tobacco Settlement Financing Corp. RB Series 2007 1-A (B/B1)
	9,590,000		4.500			06/01/23		9,250,610
	Union County New Jersey GO Bonds Refunding for General Improvement Series 2009 (AA+/Aa1)
	4,195,000		4.000			03/01/14		4,403,617

								148,570,500

	New Mexico – 1.2%
	Albuquerque New Mexico GO Bonds Series 2009 A (AAA/Aa1)
	4,000,000		3.000			07/01/13		4,083,560
	Farmington New Mexico PCRB Refunding for Southern California Edison Co. Four Corners Project RMKT 04/01/10 Series 2010 B (NR/A1)^(c)
	10,000,000		2.875			04/01/15		10,367,800
	New Mexico State Severance Tax RB Refunding Series 2011 A-2 (AA/Aa1)
	5,000,000		5.000			07/01/16		5,817,400
	12,625,000		5.000			07/01/18		15,484,689
	New Mexico State Severance Tax RB Series 2010 A (AA/Aa1)
	2,000,000		5.000			07/01/17		2,394,400
	New Mexico State Severance Tax RB Series 2011 A-1 (AA/Aa1)
	5,475,000		5.000			07/01/17		6,554,670

								44,702,519


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND


Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	New York – 11.1%
	Albany County Airport Authority RB Refunding Series 2010 A (AGM) (AA-/Aa3)
$	1,625,000		5.000	%		12/15/15	$	1,820,439
	Albany County GO Serial Bonds Series 2010 (AA/Aa3)
	1,920,000		2.000			06/01/14		1,967,904
	1,640,000		3.000			06/01/15		1,729,462
	1,385,000		3.000			06/01/16		1,486,396
	Marlboro Central School District GO Serial Bonds Series 2010 (AGM) (ST AID WITHHLDG) (AA-/NR)
	890,000		3.000			10/15/12		890,739
	870,000		3.000			10/15/13		890,201
	950,000		4.000			10/15/14		1,003,865
	990,000		4.000			10/15/15		1,068,329
	Metropolitan Transportation Authority New York RB Refunding for Transportation Series 2012 C (A/A2)
	1,000,000		5.000			11/15/15		1,131,670
	730,000		4.000			11/15/16		820,615
	Metropolitan Transportation Authority RB Series 2008 (A/A2)^(c)
	2,940,000		5.000			11/15/12		2,955,229
	Metropolitan Transportation Authority RB Series 2011 D (A/A2)
	725,000		3.000			11/15/13		746,968
	1,000,000		4.000			11/15/15		1,100,900
	Monroe County GO Bonds Refunding Series 2012 (BBB+/A3)
	1,500,000		5.000			03/01/13		1,527,180
	1,000,000		5.000			03/01/15		1,085,790
	3,000,000		5.000			03/01/16		3,340,440
	Monroe County Industrial Development Agency Civic Facilities RB for Highland Hospital Project Series 2005 (BBB+/A2)
	515,000		5.000			08/01/13		532,325
	Nassau County GO Revenue Anticipation Notes Series 2012 A (SP-1+/NR)
	7,250,000		2.000			03/29/13		7,305,173
	Nassau County New York GO Bonds Refunding Series 2009 E (A+/A1)
	3,000,000		4.000			06/01/13		3,063,960
	New York City GO Bonds Series 2009 E (AA/Aa2)
	9,340,000		3.000			08/01/13		9,555,380
	New York City GO Bonds Series 2009 H-1 (AA/Aa2)
	2,500,000		4.000			03/01/13		2,539,225
	New York City GO Bonds Series 2010 A (AA/Aa2)
	1,200,000		3.000			08/01/16		1,305,960
	New York City GO Bonds Series 2010 B (AA/Aa2)
	6,770,000		5.000			08/01/15		7,630,467
	New York City Prerefunded Refunding Series 2009 C (ETM) (NR/Aa2)^(a)
	560,000		5.000			08/01/13		581,935
	New York City Tax Exempt GO Bonds Subseries 2009 H-1 (ASSURED GTY) (AA/Aa2)
	5,000,000		5.000			03/01/15		5,552,600
	New York City Transitional Finance Authority RB Future Tax Secured Subseries 2009 (AAA/Aa1)
	1,075,000		5.000			11/01/12		1,079,031
	New York City Transitional Finance Authority RB Future Tax Secured Subseries 2009 (ETM) (NR/NR)^(a)
	1,675,000		5.000			11/01/12		1,681,214


	State-Specific Municipal Debt Obligations – (continued)
	New York – (continued)
	New York City Transitional Finance Authority RB Future Tax Secured Subseries 2009 B (AAA/Aa1)
$	12,285,000		3.000	%		11/01/12	$	12,312,027
	New York City Transitional Finance Authority RB Future Tax Secured Subseries 2009 B (ETM) (NR/Aa1)^(a)
	4,965,000		3.000			11/01/12		4,975,724
	New York City Transitional Finance Authority RB Future Tax Subordinate Refunding Series 2012 B (AAA/Aa1)
	4,885,000		5.000			11/01/15		5,553,952
	10,650,000		5.000			11/01/17		12,853,698
	5,000,000		5.000			11/01/18		6,159,850
	22,790,000		5.000			11/01/19		28,544,019
	New York City Unrefunded Refunding Series 2009 C (AA/Aa2)
	6,440,000		5.000			08/01/13		6,694,960
	New York State Bridge Authority General RB Refunding Series 2011 (GO OF AUTH) (AA-/Aa3)
	3,145,000		3.000			01/01/14		3,249,194
	2,000,000		4.000			01/01/15		2,159,760
	New York State Dormitory Authority Lease RB for Municipal Health Facilities Improvement Program Series 2010-1 (CITY APPROP) (AA-/Aa3)
	4,825,000		5.000			01/15/14		5,101,086
	New York State Dormitory Authority North Shore-Long Island Jewish Obligated Group RB Series 2011 A (A-/A3)
	2,215,000		4.000			05/01/17		2,466,358
	New York State Dormitory Authority Personal Income Tax RB Series 2010 E (AAA/NR)
	21,935,000		3.000			02/15/14		22,741,988
	7,095,000		5.000			02/15/15		7,855,868
	New York State Dormitory Authority RB for State University Educational Facilities Series 1993 A (NATL-RE-IBC) (BBB/Aa3)
	2,715,000		5.500			05/15/13		2,802,939
	New York State Dormitory Authority Tax Exempt General Purpose Personal Income Tax RB Series 2011 E (AAA/NR)
	8,375,000		5.000			08/15/17		10,063,903
	New York State Energy Research & Development Authority Pollution Control RB for New York State Electric & Gas Corporation Project Series 2011 B (BBB+/Baa1)
	5,000,000		2.250			10/15/15		5,171,050
	New York State Energy Research & Development Authority Pollution Control RB for New York State Electric & Gas Corporation Project Series 2011 C (BBB+/Baa1)
	8,000,000		2.250			12/01/15		8,285,040
	New York State GO Bonds Refunding Series 2009 C (AA/Aa2)
	27,085,000		3.000			02/01/13		27,334,182
	23,075,000		3.000			02/01/15		24,491,344
	New York State Tax Exempt GO Bonds Series 2011 E (AA/Aa2)
	6,950,000		5.000			12/15/17		8,469,409
	New York State Thruway Authority RB for General Highway and Bridge Trust Series 2011 A-1 (AA/NR)
	6,440,000		5.000			04/01/17		7,597,332
	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		4,644,451
	2,730,000		5.000			04/01/14		2,918,206


The accompanying notes are an integral part of these financial statements.		67

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2012 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	New York – (continued)
	New York State Urban Development Corp. RB for State Personal Income Tax Series 2009 B-1 (AAA/NR)
$	1,060,000		5.000	%		03/15/13	$	1,082,970
	New York State Urban Development Corp. RB for State Personal Income Tax Series 2010 A (AAA/NR)
	8,000,000		5.000			03/15/16		9,209,040
	New York State Urban Development Corp. RB for State Personal Income Tax Series 2010 B (AA-/NR)
	21,775,000		5.000			01/01/14		23,019,877
	Suffolk County New York Public Improvement Series 2011 A (A+/A1)
	4,520,000		3.000			05/15/15		4,768,510
	Suffolk County New York Refunding Serial Bonds Series 2012 A (A+/A1)
	1,000,000		3.000			04/01/13		1,012,280
	3,275,000		4.000			04/01/14		3,440,420
	2,000,000		4.000			04/01/15		2,154,140
	Suffolk County New York Refunding Serial Bonds Series 2012 B (A+/A1)
	680,000		3.000			10/01/13		696,497
	2,310,000		4.000			10/01/14		2,466,918
	2,000,000		4.000			10/01/16		2,220,260
	1,000,000		4.000			10/01/17		1,118,330
	Suffolk County New York Tax Anticipation Notes Series 2012 III (SP-1/NR)
	23,000,000		2.000			09/12/13		23,350,290
	Suffolk Tobacco Asset Securitization Corp. RB Tobacco Settlement Asset-Backed Bonds Series 2012 B (A/NR)
	370,000		4.000			06/01/17		397,983
	490,000		4.000			06/01/18		528,024
	575,000		5.000			06/01/19		653,988
	620,000		5.000			06/01/20		707,017
	Tobacco Settlement Financing Corp. RB Asset-Backed Bonds for State Contingency Contract Secured Series 2011 B (AA-/NR)
	30,000,000		5.000			06/01/17		35,421,300
	Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2003 B-1C (AA-/Aa3)
	12,500,000		5.500			06/01/19		12,942,500
	Yonkers New York GO Bonds Series 2011 A (BBB+/Baa1)
	2,000,000		5.000			10/01/13		2,068,020
	2,020,000		5.000			10/01/14		2,147,300
	2,000,000		5.000			10/01/15		2,184,540
	2,000,000		5.000			10/01/16		2,230,880

								420,660,821

	North Carolina – 2.9%
	Centennial Authority RB Refunding Series 2009 (ASSURED GTY) (AA-/Aa2)
	3,190,000		5.000			09/01/13		3,298,875
	Charlotte North Carolina Douglas International Airport RB Series 2010 A (A+/Aa3)
	1,220,000		2.250			07/01/14		1,251,647
	Charlotte North Carolina GO Bonds Refunding Series 2009 B (AAA/Aaa)
	6,010,000		5.000			06/01/13		6,201,298


	State-Specific Municipal Debt Obligations – (continued)
	North Carolina – (continued)
	Charlotte-Mecklenburg Hospital Authority RB Refunding for Carolinas HealthCare System Series 2009 A (AA-/Aa3)
$	740,000		4.000	%		01/15/13	$	747,748
	Durham North Carolina Utility System Revenue Refunding Series 2011 (AAA/Aa1)
	500,000		3.000			06/01/14		522,435
	300,000		4.000			06/01/16		337,809
	North Carolina Eastern Municipal Power Agency Power System RB Refunding Series 2008 A (A-/Baa1)
	1,000,000		5.000			01/01/14		1,053,430
	North Carolina Eastern Municipal Power Agency Power System RB Refunding Series 2010 A (A-/Baa1)
	5,500,000		5.000			01/01/16		6,230,730
	North Carolina Eastern Municipal Power Agency Power System RB Refunding Series 2012 B (A-/Baa1)
	6,000,000		5.000			01/01/15		6,581,940
	1,500,000		5.000			01/01/16		1,705,500
	4,535,000		5.000			01/01/17		5,278,695
	3,000,000		5.000			01/01/19		3,607,740
	North Carolina Eastern Municipal Power Agency Power System RB Series 2009 A (A-/Baa1)
	1,500,000		3.200			01/01/13		1,509,495
	500,000		5.000			01/01/13		505,360
	North Carolina Eastern Municipal Power Agency Power System RB Series 2009 B (A-/Baa1)
	500,000		3.000			01/01/13		502,925
	3,000,000		3.000			01/01/14		3,086,070
	North Carolina Eastern Municipal Power Agency Power System RB Series 2012 A (A-/Baa1)
	5,235,000		2.000			01/01/15		5,367,341
	1,815,000		3.000			01/01/16		1,928,183
	2,000,000		3.000			01/01/18		2,165,460
	1,275,000		5.000			01/01/18		1,517,671
	2,000,000		3.000			01/01/19		2,153,380
	1,000,000		5.000			01/01/19		1,202,580
	North Carolina GO Bonds Refunding Series 2005 B (AAA/Aaa)
	16,925,000		5.000			04/01/17		20,230,791
	North Carolina Grant and Revenue Anticipation Vehicle Bonds Series 2011 (AA/Aa2)^(c)
	6,000,000		4.000			03/01/18		6,820,380
	North Carolina Infrastructure Finance Corp. COPS Capital Improvement Series 2006 A (AGM) (AA+/Aa1)
	6,490,000		5.000			02/01/14		6,883,099
	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		1,062,590
	North Carolina Municipal Power Agency No. 1 Catawba Electric RB Series 2008 C (ETM) (A/A2)^(a)
	5,395,000		5.250			01/01/13		5,461,412
	North Carolina Turnpike Authority Monroe Connector System State Appropriation RB Series 2011 (AA/Aa2)
	3,000,000		4.000			07/01/14		3,179,970
	Wake County GO Bonds Refunding Series 2009 D (AAA/Aaa)
	10,000,000		4.000			02/01/13		10,125,800


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND


Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	North Carolina – (continued)
	Winston-Salem North Carolina Water and Sewer System RB Refunding Series 2010 D (AAA/Aa1)
$	985,000		3.000	%		06/01/15	$	1,048,661

								111,569,015

	Ohio – 1.5%
	Akron City Ohio Jedd RB Refunding Series 2011 (AA-/NR)
	470,000		4.000			12/01/14		498,816
	1,000,000		4.000			12/01/15		1,086,260
	1,425,000		5.000			12/01/16		1,635,373
	1,740,000		5.000			12/01/17		2,040,393
	Bowling Green Ohio City Student Housing RB for CFP I LLC Bowling Green State University Project Series 2010 (BBB-/NR)
	2,595,000		4.000			06/01/16		2,783,942
	Buckeye Ohio Tobacco Settlement Financing Authority RB Senior Turbo Asset-Backed Bonds Series 2007 A-2 (B-/B3)
	13,745,000		5.125			06/01/24		11,566,692
	3,415,000		5.375			06/01/24		2,940,554
	Cincinnati Ohio City School District GO Bonds for Classroom Facilities Construction and Improvement Series 2003 (AGM) (AA-/Aa2)^(a)
	5,000,000		5.000			12/01/13		5,272,750
	Cleveland Ohio Airport System RB Series 2009 C (A-/Baa1)
	5,000,000		4.000			01/01/13		5,033,600
	New Albany Community Authority RB Refunding Series 2012 C (NR/A1)
	1,100,000		4.000			10/01/17		1,220,098
	800,000		4.000			10/01/18		895,240
	Ohio Housing Finance Agency Single Family Prerefunded Series 1985 (FGIC FHA/VA/PRIV MTGS) (AA+/WR)^(a)(d)
	1,500,000		0.000			01/15/14		1,346,730
	Ohio State Air Quality Development Authority PCRB Refunding for FirstEnergy Series 2009 D (BBB-/Baa3)^(c)
	3,000,000		2.250			09/15/16		3,005,640
	Ohio State GO Bonds for Highway Capital Improvement Series 2010 N (AAA/Aa1)
	7,620,000		3.000			05/01/14		7,936,230
	Ohio State GO Bonds Refunding for Higher Education Series 2009 C (AA+/Aa1)
	2,450,000		5.000			08/01/13		2,547,216
	Ohio State Higher Education Facility Commission RB for University Hospitals Health System, Inc. Series 2009 C (A/A2)^(a)(c)
	4,100,000		3.750			01/15/13		4,136,490
	Ohio State RB for Mental Health Capital Facilities Series II – 2009 A (ST APPROP) (AA/Aa2)
	1,320,000		4.000			12/01/13		1,372,787
	Ohio State Water Development Authority Solid Waste Disposal RB for Waste Management, Inc. Project Series 2004 (BBB/NR)^(c)
	2,000,000		2.625			01/02/13		2,000,000

								57,318,811

	Oklahoma – 1.4%
	Norman Oklahoma GO Bonds Series 2012 B (NR/Aa2)
	3,750,000		0.050			03/01/15		3,695,363


	State-Specific Municipal Debt Obligations – (continued)
	Oklahoma – (continued)
	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	$	4,049,386
	4,745,000		2.250			03/01/14		4,868,370
	Oklahoma County Independent School District No. 12 Combined Purpose GO Bonds for Edmond School District Series 2012 (AA/NR)
	4,845,000		0.050			03/01/14		4,821,163
	3,765,000		2.000			03/01/16		3,933,597
	5,470,000		2.000			03/01/17		5,756,354
	Oklahoma County Independent School District No. 52 GO Bonds for Midwest City-Del City School District Series 2012 (NR/Aa2)
	2,160,000		2.000			01/01/14		2,203,934
	1,860,000		2.000			01/01/15		1,906,184
	2,160,000		2.000			01/01/17		2,227,651
	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		1,378,203
	Oklahoma Development Finance Authority Solid Waste Disposal RB for Waste Management of Oklahoma, Inc. Project Series 2004 A (BBB/NR)^(c)
	3,000,000		2.250			06/02/14		3,059,220
	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		12,155,251
	Tulsa Oklahoma GO Bonds Refunding Series 2009 A (AA/Aa1)
	1,015,000		3.000			03/01/13		1,026,794
	Tulsa Oklahoma GO Bonds Refunding Series 2009 B (AA/Aa1)
	1,985,000		3.000			03/01/13		2,008,066
	Tulsa Oklahoma GO Bonds Series 2009 (AA/Aa1)
	1,000,000		5.000			10/01/14		1,091,290

								54,180,826

	Oregon – 0.7%
	Clackamas County Hospital Facility Authority RB Legacy Health System Series 2009 C (A+/A2)^(c)
	2,000,000		5.000			07/15/14		2,130,360
	Gilliam County Oregon Solid Waste Disposal RB for Waste Management, Inc. Project RMKT 03/01/10 Series 2007 (BBB/NR)^(c)
	5,000,000		2.000			09/02/14		5,133,000
	Klamath Falls Oregon Intercommunity Hospital Authority RB Unrefunded Balance for Merle West Medical Center Project Series 2002 (BBB/BBB+)
	325,000		5.800			09/01/14		329,267
	175,000		5.900			09/01/15		177,272
	Lake Oswego Oregon GO Bonds Series 2009 A (AAA/Aa1)
	1,575,000		3.000			12/01/13		1,624,250
	North Clackamas School District No. 12 GO Bonds Refunding Series 2004 (AGM) (SCH BD GTY) (AA+/Aa1)
	3,000,000		5.000			06/15/13		3,100,440


The accompanying notes are an integral part of these financial statements.		69

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2012 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	Oregon – (continued)
	Oregon Coast Community College District GO Bonds Refunding Series 2012 (SCH BD GTY) (NR/Aa1)
$	1,050,000		2.000	%		06/15/15	$	1,088,735
	1,120,000		2.000			06/15/16		1,173,088
	790,000		2.000			06/15/17		830,645
	1,165,000		2.000			06/15/18		1,222,108
	1,445,000		3.000			06/15/19		1,595,280
	1,245,000		3.000			06/15/20		1,366,998
	Oregon State Facilities Authority RB Refunding for Legacy Health System Series 2010 A (A+/A2)
	500,000		5.000			03/15/13		510,235
	500,000		5.000			03/15/14		528,790
	Oregon State Facilities Authority RB Refunding for Legacy Health System Series 2011 A (A+/A2)
	500,000		5.000			05/01/15		550,095
	2,000,000		5.000			05/01/16		2,265,360
	Oregon State GO Bonds Refunding for Oregon University System Series 2012 B (AA+/Aa1)
	1,175,000		3.000			08/01/17		1,306,612
	1,120,000		3.000			08/01/18		1,258,656

								26,191,191

	Pennsylvania – 1.3%
	Allegheny County Higher Education Building Authority RB for Chatham University Series 2012 A (BBB/NR)
	750,000		5.000			09/01/18		858,188
	Allegheny County Redevelopment Authority Tax Increment Refunding for Waterfront Project Series 2007 A (A/NR)
	1,300,000		4.250			12/15/12		1,307,982
	1,345,000		4.250			12/15/13		1,389,439
	1,050,000		4.250			12/15/15		1,110,785
	645,000		4.250			12/15/17		682,887
	Carbon County Hospital Authority RB Refunding for Gnaden Huetten Memorial Hospital Series 2000 (AMBAC) (CNTY GTD) (NR/WR)
	790,000		5.400			11/15/14		809,055
	Chester County Health & Education Facilities Authority RB for Jefferson Health System Series 2010 A (AA/Aa3)
	1,775,000		4.000			05/15/14		1,865,152
	Pennsylvania Economic Development Financing Authority Solid Waste Disposal RB for Waste Management, Inc. Project Series 2009 (BBB/NR)^(c)
	2,500,000		2.625			12/03/12		2,509,800
	Pennsylvania Higher Educational Facilities Authority RB for La Salle University Series 2012 (BBB/NR)
	285,000		3.000			05/01/15		296,725
	390,000		3.000			05/01/16		408,630
	440,000		3.000			05/01/17		461,120
	1,165,000		5.000			05/01/18		1,333,354
	1,000,000		5.000			05/01/19		1,150,750
	Pennsylvania State Commonwealth GO Bonds for City of Pittsburgh Series 2006 B (AGM) (AA-/Aa3)
	6,455,000		5.000			09/01/14		6,943,773


	State-Specific Municipal Debt Obligations – (continued)
	Pennsylvania – (continued)
	Pennsylvania State Commonwealth GO Bonds for City of Pittsburgh Series 2012 A (BBB/A1)
$	625,000		4.000	%		09/01/15	$	670,075
	600,000		4.000			09/01/16		653,424
	500,000		3.000			09/01/17		527,835
	550,000		4.000			09/01/17		606,353
	Pennsylvania State Commonwealth GO Bonds Refunding Series 2002 (AA/Aa2)
	1,850,000		5.500			02/01/13		1,882,171
	Pennsylvania State Commonwealth RB for Harrisburg Area Community College Project Series 2011 (AGM) (AA-/NR)
	1,305,000		4.000			10/01/15		1,385,975
	Pennsylvania State Department of General Services COPS Refunding Series 2001 (AGM) (AA-/Aa3)
	250,000		5.000			11/01/12		250,817
	Pennsylvania State University Bonds Refunding Series 2002 (AA/Aa1)
	1,000,000		5.250			08/15/15		1,127,070
	Philadelphia GO Bonds Series 2011 (AGM) (AA-/Aa3)
	1,460,000		5.000			08/01/16		1,661,641
	Philadelphia Hospitals & Higher Education Facilities Authority Hospital RB Refunding for Temple University Health System Series 2012 B (BBB-/Ba1)
	1,500,000		5.000			07/01/15		1,584,495
	1,500,000		5.000			07/01/16		1,600,500
	2,000,000		5.000			07/01/17		2,146,280
	Philadelphia School District GO Bonds Refunding Series 2005 A (AMBAC) (ST AID WITHHLDG) (A+/Aa3)
	1,000,000		5.000			08/01/13		1,037,550
	Pittsburgh Water & Sewer Authority RB Refunding Subordinate Series 2012 C-1D (AGM) (AA-/NR)^(c)
	6,000,000		1.400			09/01/15		6,006,780
	Red Lion Area School District GO Bonds RMKT 10/01/09 Series 2005 (AGM) (ST AID WITHHLDG) (AA-/NR)
	1,000,000		4.000			05/01/13		1,020,690
	Southeastern Pennsylvania Transportation Authority RB Refunding Series 2010 (AA-/A1)
	3,000,000		3.000			03/01/14		3,092,850
	University of Pittsburgh RB for University Capital Project RMKT 12/17/08 Series 2005 A (GO OF UNIV) (AA/Aa1)^(c)
	2,000,000		5.500			09/15/13		2,084,280

								48,466,426

	Puerto Rico – 1.8%
	Government Development Bank for Puerto Rico RB Refunding RMKT 12/30/09 Series 1985 (NATL-RE) (COMWLTH GTD) (BBB/NR)
	11,365,000		4.750			12/01/15		11,548,204
	Government Development Bank for Puerto Rico Senior Notes RB Series 2006 B (BBB/Baa1)
	2,645,000		5.000			12/01/15		2,859,774
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2012 A (BBB-/Baa2)
	14,595,000		5.000			07/01/17		15,991,304
	7,285,000		5.000			07/01/19		7,904,152


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND


Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	Puerto Rico – (continued)
	Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2008 A (ASSURED GTY) (AA-/Aa3)
$	825,000		5.000	%		07/01/14	$	880,275
	Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding for Transportation Series 2004 I (BBB/Baa1)
	2,100,000		5.000			07/01/24		2,170,413
	Puerto Rico Electric Power Authority Power RB Refunding Series 2005 SS (NATL-RE) (BBB+/Baa1)
	1,000,000		5.000			07/01/31		1,031,020
	Puerto Rico Electric Power Authority Power RB Refunding Series 2007 UU (NATL-RE) (BBB+/Baa1)
	835,000		4.000			07/01/14		869,176
	Puerto Rico Electric Power Authority Power RB Refunding Series 2012 B (BBB+/Baa1)
	2,000,000		5.000			07/01/16		2,194,880
	Puerto Rico Electric Power Authority RB Refunding LIBOR Series 2007 UU (BBB+/Baa1)^(b)
	20,825,000		1.009			07/01/12		14,036,883
	Puerto Rico Electric Power Authority RB Refunding Series 1999 OO (AGC) (AA-/Aa3)
	500,000		5.000			07/01/13		515,510
	Puerto Rico Municipal Finance Agency GO Bonds Series 2002 A (AGM) (AA-/Aa3)
	1,125,000		5.250			08/01/16		1,128,037
	Puerto Rico Public Buildings Authority RB for Government Facilities Series 2002 C (COMWLTH GTD) (BBB/Baa1)
	2,250,000		5.500			07/01/16		2,466,945
	Puerto Rico Public Buildings Authority RB for Government Facilities Series 2007 N (COMWLTH GTD) (BBB/Baa1)
	3,940,000		5.000			07/01/14		4,140,822

								67,737,395

	Rhode Island – 0.0%
	Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2002 A (BBB/Baa1)
	890,000		6.000			06/01/23		891,486

	South Carolina – 1.9%
	Beaufort-Jasper South Carolina Water & Sewer Authority Waterworks and Sewer System RB Series 2010 B (AA/Aa1)
	1,255,000		4.000			03/01/13		1,274,741
	2,400,000		5.000			03/01/14		2,548,152
	Clemson University RB Refunding Series 2012 (AA/Aa2)
	5,770,000		2.000			05/01/16		6,013,725
	4,440,000		2.000			05/01/17		4,648,325
	5,000,000		2.000			05/01/18		5,228,950
	Columbia City South Carolina Waterworks and Sewer System RB Refunding Series 2011 B (AA/Aa1)
	1,205,000		4.000			02/01/15		1,298,098
	Columbia City South Carolina Waterworks and Sewer System RB Series 2011 A (AA/Aa1)
	1,020,000		3.000			02/01/15		1,075,284
	1,025,000		3.000			02/01/16		1,096,104
	Florence County South Carolina Hospital RB for McLeod Regional Medical Center Project Series 2010 A (AA-/NR)
	1,125,000		3.000			11/01/12		1,126,946
	1,905,000		4.000			11/01/16		2,110,226


	State-Specific Municipal Debt Obligations – (continued)
	South Carolina – (continued)
	Georgetown County South Carolina School District GO Bonds Refunding Series 2011 B (SCSDE) (AA/Aa1)
$	6,455,000		3.000	%		03/01/13	$	6,529,491
	4,330,000		5.000			03/01/16		4,984,999
	5,895,000		5.000			03/01/17		7,016,759
	5,500,000		5.000			03/01/19		6,851,240
	Oconee County PCRB Refunding for Duke Power Co. Project Series 2009 (A/A1)
	6,000,000		3.600			02/01/17		6,510,240
	Richland County South Carolina GO Bonds Series 2009 A (AA+/Aa1)
	1,585,000		5.000			03/01/13		1,616,446
	Richland County South Carolina GO Bonds Series 2012 A (ST AID WITHHLDG) (AA+/Aa1)
	2,000,000		4.000			03/01/17		2,291,820
	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		1,633,637
	1,595,000		3.000			03/01/14		1,655,132
	South Carolina Jobs-Economic Development Authority Hospital RB Refunding and Improvement for Palmetto Health Series 2009 (BBB+/Baa1)
	1,080,000		3.500			08/01/13		1,104,905
	1,000,000		5.000			08/01/14		1,073,200
	Western Carolina Regional Sewer Authority RB Refunding for Sewer System Series 2005 B (AGM) (AA/Aa2)
	2,200,000		5.000			03/01/15		2,434,718

								70,123,138

	South Dakota – 0.0%
	South Dakota State Health & Educational Facilities Authority RB for Sanford Health Series 2009 (A+/A1)
	1,250,000		4.250			11/01/14		1,328,525

	Tennessee – 0.7%
	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		970,661
	Maury County Tennessee GO Bonds Series 2006 (XLCA) (NR/Aa2)^(a)
	2,180,000		3.600			04/01/14		2,286,863
	Memphis Tennessee Electric System RB Subseries 2003 A (NATL-RE) (AA+/Aa2)^(a)
	6,000,000		5.000			12/01/13		6,327,300
	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		5,000,000
	Metropolitan Nashville Airport Authority Airport Improvement RB Refunding Series 2010 A (A/A2)
	3,285,000		4.000			07/01/13		3,365,581
	Sevier County Public Building Authority RB for Local Government Public Improvement Series VII-D-1 (MUN GOVT GTD) (AA/NR)
	5,000,000		5.000			06/01/14		5,337,200


The accompanying notes are an integral part of these financial statements.		71

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2012 (Unaudited)


Principal Amount		Interest Rate			Maturity 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	$	1,589,565

								24,877,170

	Texas – 6.5%
	Collin & Denton County Texas GO Bonds Refunding Series 2011 (AA/Aa1)
	3,335,000		5.000			02/15/16		3,831,748
	Collin County Texas GO Bonds Refunding Limited Tax Series 2009 A (AAA/Aaa)
	1,105,000		3.000			02/15/13		1,116,492
	1,135,000		3.000			02/15/14		1,176,598
	Collin County Texas GO Bonds Refunding Series 2009 A (AAA/Aaa)
	1,385,000		5.000			02/15/13		1,409,556
	550,000		3.000			02/15/14		570,009
	Dallas County Limited Tax GO Notes Series 2011 (AAA/Aaa)
	3,855,000		5.000			02/15/18		4,687,988
	Dallas Texas Independent School District GO Bonds Refunding Series 2009 (A+/Aa2)
	2,000,000		5.000			02/15/13		2,035,240
	Dallas Waterworks and Sewer System RB Refunding Series 2012 A (AAA/Aa1)
	3,155,000		5.000			10/01/18		3,899,927
	1,500,000		5.000			10/01/19		1,881,315
	Dallas-Fort Worth International Airport Joint RB Refunding Series 2009 A (A+/A1)
	2,500,000		4.000			11/01/13		2,598,075
	2,000,000		4.000			11/01/14		2,143,220
	Dallas-Fort Worth International Airport Joint RB Refunding Series 2011 D (A+/A1)
	750,000		4.000			11/01/16		832,373
	250,000		4.000			11/01/17		281,620
	Dallas-Fort Worth International Airport Joint RB Refunding Series 2012 B (A+/A1)
	8,045,000		3.000			11/01/13		8,274,122
	1,750,000		5.000			11/01/18		2,097,760
	Del Mar College District Limited Tax Refunding Bonds Series 2011 (AA/Aa2)
	510,000		3.000			08/15/14		534,633
	1,145,000		4.000			08/15/15		1,255,813
	Fort Bend County Texas GO Bonds Unlimited Tax Road Refunding Series 2009 (AA+/Aa1)
	800,000		4.000			03/01/13		812,584
	500,000		4.000			03/01/14		525,665
	Fort Worth Texas General Purpose GO Bonds Series 2009 (AA+/Aa1)
	4,260,000		4.000			03/01/13		4,327,010
	Fort Worth Texas GO Bonds Refunding and Improvement Series 2012 (AA+/Aa1)
	2,000,000		4.000			03/01/19		2,331,120
	2,500,000		5.000			03/01/19		3,067,200


	State-Specific Municipal Debt Obligations – (continued)
	Texas – (continued)
	Garland Independent School District Unlimited Tax Refunding Bonds Series 2011 A (PSF-GTD) (AAA/Aaa)^(d)
$	1,930,000		0.000	%		02/15/17	$	1,845,331
	Gulf Coast Waste Disposal Authority Environmental Facilities RB for BP Products North America, Inc. Project RMKT 09/01/09 Series 2004 (A/A2)^(c)
	5,000,000		2.300			09/03/13		5,085,000
	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		1,729,258
	Harris County Texas Cultural Education Facilities Finance Corp. RB Refunding for Methodist Hospital System Series 2009 B-2 (AA/NR)^(c)
	3,000,000		5.000			06/01/13		3,085,110
	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		1,005,360
	Harris County Texas GO Bonds Refunding for Permanent Improvement Series 2009 B (AAA/NR)
	1,000,000		4.000			10/01/13		1,037,630
	Harris County Texas Spring Independent School District Unlimited Tax Refunding Bonds Series 2011 (PSF-GTD) (AAA/Aaa)
	3,040,000		3.000			08/15/16		3,317,218
	2,250,000		4.000			08/15/17		2,595,307
	Harrison County Texas Health Facilities Development Corp. Hospital RB for Good Shepherd Health System Series 2010 (BBB+/Baa2)
	500,000		4.000			07/01/13		509,700
	855,000		4.000			07/01/14		889,243
	930,000		4.000			07/01/15		981,448
	2,005,000		4.500			07/01/16		2,179,615
	Hockley County Texas GO Bonds Series 2009 (ASSURED GTY) (AA-/NR)
	1,050,000		4.000			02/15/13		1,061,256
	Houston Public Improvement GO Bonds Refunding Series 2004 A (NATL-RE) (AA/Aa2)^(a)
	7,315,000		5.375			03/01/14		7,836,267
	Houston Texas Water and Sewer System Junior Lien RB Forward Refunding Series 2002 B (AMBAC) (AA+/WR)^(a)
	5,500,000		5.750			12/01/12		5,548,510
	Houston Texas Water and Sewer System Junior Lien RB Refunding Series 2002 A (AGM) (AA/Aa3)^(a)
	7,775,000		5.000			12/01/12		7,834,168
	3,855,000		5.125			12/01/12		3,885,107
	Houston Utilities System RB Refunding First Lien Series 2012 C (AA/NR)^(c)
	8,000,000		0.780			08/01/16		8,002,560
	Houston Utilities System RB Refunding Series 2012 (AA/NR)^(c)
	4,500,000		0.730			06/01/15		4,503,825
	Klein Texas Independent School District GO Bonds Refunding Series 2003 A (PSF-GTD) (AAA/Aaa)
	2,050,000		4.250			08/15/14		2,196,616


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND


Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	Texas – (continued)
	Leander Independent School District Unlimited Tax GO Bonds Refunding Series 2010 A (PSF-GTD) (AAA/NR)^(d)
$	1,500,000		0.000	%		08/15/13	$	1,496,760
	2,000,000		0.000			08/15/14		1,980,340
	1,000,000		0.000			08/15/15		984,940
	Longview Independent School District Unlimited Tax GO Bonds for School Building Series 2008 (PSF-GTD) (AAA/NR)^(d)
	1,000,000		0.000			02/15/13		999,190
	Lower Colorado River Authority RB Refunding Series 2008 (ETM) (NR/A1)^(a)
	5,000		5.500			05/15/14		5,418
	Lower Colorado River Authority RB Series 2008 (ETM) (NR/A1)^(a)
	205,000		5.500			05/15/14		222,144
	Lower Colorado River Authority RB Unrefunded Series 2012 (A/A1)
	2,240,000		5.500			05/15/14		2,420,858
	Lubbock Health Facilities Development Corp. RB for St. Joseph Health System Series 2008 B (AA-/A1)
	3,300,000		5.000			07/01/17		3,823,677
	Mansfield Independent School District VRDN GO Bonds Series 2012 (PSF-GTD) (AAA/Aaa)^(c)
	6,000,000		1.750			08/01/17		6,200,040
	Midland Texas COPS GO Bonds Series 2007 (NATL-RE) (AA+/Aa1)
	1,155,000		4.000			03/01/13		1,173,168
	1,255,000		4.000			03/01/14		1,319,055
	Mission Economic Development Corp. Solid Waste Disposal RB for Waste Management, Inc. Project RMKT 12/01/09 Series 2006 (BBB/NR)^(c)
	4,000,000		3.750			06/01/15		4,310,040
	North East Independent School District GO Bonds Series 2004 (PSF-GTD) (NR/Aaa)^(a)
	7,890,000		5.000			08/01/14		8,553,312
	North East Independent School District GO Bonds Unrefunded Series 2004 (PSF-GTD) (AAA/Aaa)
	5,570,000		5.000			08/01/15		6,048,964
	North Texas Tollway Authority System RB Refunding First Tier Series 2008 E-3 (A-/A2)^(c)
	5,100,000		5.750			01/01/16		5,830,881
	North Texas Tollway Authority System RB Refunding First Tier Series 2008 H (A-/A2)^(c)
	4,200,000		5.000			01/01/13		4,249,140
	North Texas Tollway Authority System RB Refunding First Tier Series 2011 B (A-/A2)
	3,000,000		5.000			01/01/19		3,512,310
	Northside Texas Independent School District GO Bonds for School Building Series 2012 (PSF-GTD) (AAA/Aaa)^(c)
	8,000,000		1.000			05/31/16		8,005,680
	Northside Texas Independent School District Unlimited Tax Refunding Series 2011 A (PSF-GTD) (AAA/Aaa)^(c)
	6,885,000		1.350			06/01/14		6,966,794
	Plano Texas Independent School District Unlimited Tax GO Bonds Refunding Series 2010 (PSF-GTD) (AAA/Aaa)
	4,000,000		5.000			02/15/15		4,433,960

Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	Texas – (continued)
	Point Isabel Independent School District Unlimited Tax GO Bonds Refunding for School Building Series 1996 (PSF-GTD) (NR/Aaa)^(d)
$	1,000,000		0.000	%		02/01/13	$	999,280
	Sam Rayburn Municipal Power Agency RB Refunding Series 2012 (BBB+/NR)
	1,700,000		5.000			10/01/15		1,885,725
	2,315,000		5.000			10/01/19		2,719,963
	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		1,014,760
	Sugar Land Texas GO Bonds Refunding for Fort Bend County Series 2012 (AAA/NR)
	1,815,000		3.000			02/15/14		1,881,520
	1,240,000		3.000			02/15/15		1,309,824
	Tarrant County Limited Tax GO Bonds Series 2008 (AAA/Aaa)
	3,110,000		5.000			07/15/13		3,227,278
	Tarrant Regional Water District RB Prerefunded Refunding and Improvement Series 2002 (AGM) (AA-/Aa1)^(a)
	1,275,000		5.375			03/01/13		1,302,311
	Tarrant Regional Water District RB Refunding and Improvement Series 2002 (AGM) (AAA/Aa1)
	4,850,000		5.375			03/01/15		4,945,739
	Texas Municipal Gas Acquisition & Supply Corp. RB for Senior Lien Series 2008 D (A-/Baa2)
	10,360,000		5.625			12/15/17		11,465,205
	Texas State Public Finance Authority Unemployment Compensation Obligation Assessment RB Series 2010 A (AAA/Aaa)
	16,725,000		4.000			07/01/15		18,337,792
	7,355,000		5.000			07/01/16		8,400,881
	Tyler Texas Independent School District Series 2011 (PSF-GTD) (AAA/NR)^(c)
	1,485,000		1.150			08/15/14		1,493,078
	University of North Texas Financing System RB Series 2009 A (AA/Aa2)
	1,195,000		5.000			04/15/13		1,225,556

								247,564,180

	U.S. Virgin Islands – 0.2%
	Virgin Islands Public Finance Authority Senior Lien RB Matching Fund Loan Notes Series 2004 A (BBB/Baa2)
	1,045,000		5.000			10/01/12		1,045,000
	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		2,588,325
	Virgin Islands Water & Power Authority Electric System RB Refunding Series 2010 A (BBB-/Baa2)
	1,285,000		4.000			07/01/13		1,303,774
	480,000		4.000			07/01/14		494,112
	680,000		4.750			07/01/15		723,295

								6,154,506


The accompanying notes are an integral part of these financial statements.		73

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2012 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	Utah – 0.7%
	Box Elder School District GO Bonds for Utah School Bond Guaranty Program Series 2011 (SCH BD GTY) (NR/Aaa)
$	2,510,000		3.000	%		07/15/13	$	2,564,969
	Centerville Utah Sales Tax RB Series 2009 (ASSURED GTY) (AA/NR)
	1,340,000		4.000			05/01/14		1,402,122
	Utah Associated Municipal Power Systems RB for Horse Butte Wind Project Series 2012 A (A-/NR)
	500,000		5.000			09/01/14		539,445
	610,000		5.000			09/01/15		680,388
	750,000		5.000			09/01/16		860,115
	500,000		5.000			09/01/17		584,360
	500,000		5.000			09/01/18		595,200
	500,000		5.000			09/01/19		597,430
	Utah State GO Bonds Series 2009 A (AAA/Aaa)
	5,850,000		5.000			07/01/14		6,330,168
	Utah State GO Bonds Series 2009 B (AAA/Aaa)
	7,450,000		4.000			07/01/14		7,931,941
	Utah State University RB Refunding for Student Fee and Housing System Series 2009 (ASSURED GTY) (AA/Aa3)
	1,615,000		4.000			12/01/12		1,624,852
	1,575,000		3.000			12/01/14		1,638,724

								25,349,714

	Vermont – 0.1%
	Vermont Educational & Health Buildings Financing Agency RB Refunding for St. Michael's College Project Series 2012 (A-/Baa1)
	1,250,000		3.000			10/01/15		1,319,387
	1,420,000		4.000			10/01/16		1,564,102
	1,680,000		4.000			10/01/17		1,871,083

								4,754,572

	Virginia – 1.4%
	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		512,180
	Louisa IDA Pollution Control RB Refunding for Electric and Power Co. Project Series 2008 C (A-/WR)^(c)
	6,250,000		1.500			12/01/14		6,358,375
	Newport News Virginia GO Bonds Series 2009 B (AA/Aa1)
	4,315,000		3.000			09/01/13		4,424,515
	Smyth County Virginia IDA Hospital RB for Mountain States Health Alliance Series 2010 B (BBB+/Baa1)
	3,330,000		5.000			07/01/14		3,535,228
	Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2005 (AA+/Aaa)^(a)
	8,765,000		5.625			06/01/15		9,963,438
	Virginia Beach Virginia GO Bonds for Public Improvement Series 2009 (AAA/Aaa)
	1,000,000		3.000			06/01/13		1,018,620
	Virginia Beach Virginia GO Bonds Refunding for Public Improvement Series 2004 B (AAA/Aaa)
	1,455,000		5.000			05/01/13		1,495,478


	State-Specific Municipal Debt Obligations – (continued)
	Virginia – (continued)
	Virginia College Building Authority Educational Facilities RB for 21st Century College Program Series 2004 A (ETM) (ST APPROP) (AA+/NR)^(a)
$	105,000		5.000	%		02/01/13	$	106,646
	Virginia College Building Authority Educational Facilities RB Unrefunded Balance for 21st Century College Program Series 2004 (ST APPROP) (AA+/Aa1)
	2,395,000		5.000			02/01/13		2,432,889
	Virginia State Housing Development Authority Homeownership Mortgage RB Series 2010 A (AA+/Aa1)
	3,015,000		2.500			03/01/15		3,101,319
	Virginia State Housing Development Authority Homeownership Mortgage RB Series 2011 B (GO OF AUTH) (AA+/Aa1)
	1,900,000		2.200			03/01/17		1,959,850
	Virginia State Public School Authority School Financing 1997 Resolution RB Series 2005 D (AA+/Aa1)
	3,000,000		4.500			08/01/13		3,106,620
	Virginia State Public School Authority School Financing 1997 Resolution Series 2004 A (ST AID WITHHLDG) (AA+/Aa1)^(a)
	6,185,000		5.000			08/01/14		6,710,911
	Wise County Virginia Industrial Development Authority Solid Waste and Sewage Disposal RB for Virginia Electric and Power Company Project Series 2010 A (A-/A3)^(c)
	5,000,000		2.375			11/01/15		5,155,500
	York County Economic Development Authority Electricity and Power RB Refunding Series 2009 A (A-/A3)^(c)
	2,000,000		4.050			05/01/14		2,085,600

								51,967,169

	Washington – 1.3%
	Seattle Washington Water System RB Refunding Series 2012 (AA+/Aa1)
	12,990,000		5.000			09/01/19		16,186,059
	Tobacco Settlement Authority of Washington RB Asset-Backed Bonds Series 2002 (BBB/A3)
	2,730,000		6.500			06/01/26		2,842,995
	Washington State GO Bonds Refunding Series R – 2012 A (AA+/Aa1)
	13,560,000		5.000			07/01/18		16,614,390
	Washington State GO Bonds Series 2005 D (AGM) (AA+/Aa1)^(a)
	10,000,000		5.000			01/01/15		11,031,500
	Washington State Various Purpose GO Bonds Refunding Series 2005 R-A (AMBAC) (AA+/Aa1)
	3,500,000		5.000			01/01/13		3,541,020

								50,215,964

	West Virginia – 0.5%
	Kanawha Putnam County Huntington Compound RB for Single Family Mortgage Series 1984 A (ETM) (NR/Aaa)^(a)(d)
	10,125,000		0.000			12/01/16		9,790,065
	Mason County Pollution Control RB for Appalachian Power Co. Project Series 2003 L (NR/Baa2)^(c)
	5,300,000		2.000			10/01/14		5,405,470


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND


Principal Amount		Interest Rate			Maturity Date		Value

	State-Specific Municipal Debt Obligations – (continued)
	West Virginia – (continued)
	Princeton West Virginia Hospitals RB Refunding Princeton Community Hospital Project Series 2012 A (BBB/NR)
$	500,000		5.000	%		05/01/17	$	552,600
	1,445,000	��	5.000			05/01/18		1,611,233
	1,565,000		5.000			05/01/19		1,753,520

								19,112,888

	Wisconsin – 0.2%
	Kenosha City Promissory Notes GO Bonds for Capital Appreciation Series 2005 D (AMBAC) (AA/Aa2)^(d)
	1,500,000		0.000			09/01/15		1,439,880
	Milwaukee Wisconsin GO Bonds Series 2010 N-1 (AA/Aa2)
	4,050,000		5.000			02/01/16		4,633,321

								6,073,201

	TOTAL STATE-SPECIFIC MUNICIPAL DEBT OBLIGATIONS
	(Cost $3,485,123,070)						$	3,549,051,952


	Other Municipal Debt Obligation – 0.1%
	Municipal Mortgage & Equity LLC Tax-Exempt Special Purpose Entity Series 2005 A-3 (AMT) (NR/Ba1)^(g)
$	2,000,000		4.950	%		09/30/13	$	2,000,000
	(Cost $2,000,000)


	Short-Term Investments – 3.9%
	Alabama – 0.1%
	Mobile County Industrial Development Authority PCRB VRDN Refunding for ExxonMobil Project Series 2002 (AAA/VMIG1)^(c)
$	3,200,000		0.200	%		10/01/12	$	3,200,000

	Alaska – 0.2%
	Valdez Alaska Marine Terminal VRDN RB Refunding for ExxonMobil Co. Pipeline Project Series 1993 A (A-1+/VMIG1)^(c)
	1,250,000		0.200			10/01/12		1,250,000
	Valdez Alaska Marine Terminal VRDN RB Refunding for ExxonMobil Co. Pipeline Project Series 1993 B (A-1+/VMIG1)^(c)
	7,000,000		0.200			10/01/12		7,000,000

								8,250,000

	California – 0.3%
	Metropolitan Water District of Southern California VRDN RB Refunding Series 2012 B-2 (AAA/Aa1)^(c)
	3,940,000		0.530			10/01/12		3,941,615
	Metropolitan Water District of Southern California Waterworks VRDN RB Series 2000 B-3 (A-1+/VMIG1)^(c)
	4,000,000		0.150			10/01/12		4,000,000

								7,941,615

Principal Amount		Interest Rate			Maturity Date		Value

	Short-Term Investments – (continued)
	Illinois – 0.3%
	Chicago Illinois GO VRDN Project Series 2003 B-2 RMKT 03/18/09 (A-1/Aa3)^(c)
$	7,900,000		0.200	%		10/01/12	$	7,900,000
	Chicago Illinois GO VRDN Project Series 2003 B-3 RMKT 03/18/09 (A-1/VMIG1)^(c)
	1,000,000		0.200			10/01/12		1,000,000
	Illinois Finance Authority Solid Waste Disposal RB for Waste Management, Inc. Project Series 2007 (BBB/NR)
	4,000,000		0.550			04/01/13		4,000,000

								12,900,000

	Louisiana – 0.0%
	East Baton Rouge Parish Louisiana VRDN PCRB Refunding for ExxonMobil Project Series 1989 (A-1+/Aaa)^(c)
	1,890,000		0.180			10/01/12		1,890,000

	Maryland – 0.0%
	Montgomery County GO VRDN Bonds Refunding for Public Improvement Anticipation Notes Series 2006 B (A-1+/VMIG1)^(c)
	1,000,000		0.200			10/01/12		1,000,000

	Massachusetts – 0.3%
	Massachusetts State Health & Educational Facilities Authority VRDN RB for Tufts University Issue Series 1995 G (NR/VMIG1)^(c)
	1,775,000		0.200			10/01/12		1,775,000
	Massachusetts State Health & Educational Facilities Authority VRDN RB for Tufts University Series 2008 N2 (A-1/VMIG1)^(c)
	8,050,000		0.200			10/01/12		8,050,000
	Massachusetts State Health & Educational Facilities Authority VRDN RB for Wellesley College Series 2008 I (A-1+/VMIG1)^(c)
	1,000,000		0.180			10/01/12		1,000,000

								10,825,000

	Mississippi – 0.9%
	Jackson County Port Facility VRDN RB Refunding for Chevron U.S.A., Inc. Project Series 1993 (A-1+/Aa1)^(c)
	5,000,000		0.180			10/01/12		5,000,000
	Mississippi Business Finance Corp. Gulf Opportunity Zone Industrial Development VRDN RB for Chevron U.S.A., Inc. Project Series 2007 C (A-1+/VMIG1)^(c)
	5,830,000		0.190			10/01/12		5,830,000
	Mississippi Business Finance Corp. Gulf Opportunity Zone Industrial Development VRDN RB for Chevron U.S.A., Inc. Project Series 2009 G (NR/VMIG1)^(c)
	4,500,000		0.190			10/01/12		4,500,000
	Mississippi Business Finance Corp. Gulf Opportunity Zone Industrial Development VRDN RB for Chevron U.S.A., Inc. Project Series 2010 G (A-1+/VMIG1)^(c)
	5,020,000		0.190			10/01/12		5,020,000
	Mississippi Business Finance Corp. Gulf Opportunity Zone Industrial Development VRDN RB for Chevron U.S.A., Inc. Project Series 2011 A (A-1+/VMIG1)^(c)
	4,000,000		0.190			10/01/12		4,000,000


The accompanying notes are an integral part of these financial statements.		75

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2012 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

	Short-Term Investments – (continued)
	Mississippi – (continued)
	Mississippi Business Finance Corp. Gulf Opportunity Zone Industrial Development VRDN RB for Chevron U.S.A., Inc. Project Series 2011 G (A-1+/VMIG1)^(c)
$	2,000,000		0.200	%		10/01/12	$	2,000,000
	Mississippi Business Finance Corp. Gulf Opportunity Zone VRDN RB for Chevron U.S.A., Inc. Project Series 2010 L (A-1+/VMIG1)^(c)
	7,600,000		0.200			10/01/12		7,600,000

								33,950,000

	Missouri – 0.0%
	Missouri State Health & Educational Facilities Authority VRDN RB for Washington University Series 2003 B (A-1+/VMIG1)^(c)
	1,000,000		0.190			10/01/12		1,000,000

	New York – 1.3%
	New York City Municipal Water Finance Authority Water & Sewer Systems Second General Resolution VRDN RB Series 2010 DD-3B (A-1+/VMIG1)^(c)
	2,800,000		0.200			10/01/12		2,800,000
	New York City Municipal Water Finance Authority Water & Sewer Systems VRDN RB Fiscal Subseries 2012 B-1 (LIQ – U.S. BANK N.A.) (A-1+/VMIG1)^(c)
	4,400,000		0.200			10/01/12		4,400,000
	New York City Municipal Water Finance Authority Water & Sewer Systems VRDN RB Subseries 2012 B-2 (A-1+/VMIG1)^(c)
	2,150,000		0.200			10/01/12		2,150,000
	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)^(c)
	5,835,000		0.220			10/01/12		5,835,000
	New York City VRDN GO Bonds Subseries 1993 A-7 (LOC – JPMorgan Chase Bank, N.A.) (A-1/VMIG1)^(c)
	2,200,000		0.170			10/01/12		2,200,000
	New York City VRDN GO Bonds Subseries 1993 B-3 (LOC – JPMorgan Chase Bank, N.A.) (A-1/VMIG1)^(c)
	2,400,000		0.170			10/01/12		2,400,000
	2,500,000		0.170			10/01/12		2,500,000
	New York City VRDN GO Bonds Subseries 1993 E-5 (A-1/VMIG1)^(c)
	3,300,000		0.170			10/01/12		3,300,000
	New York City VRDN GO Bonds Subseries 2008 L-4 (LOC – U.S. BANK N.A. ) (A-1+/VMIG1)^(c)
	3,500,000		0.190			10/01/12		3,500,000
	New York City VRDN GO Bonds Subseries 2012 G-5 (A-1+/VMIG1)^(c)
	5,210,000		0.180			10/01/12		5,210,000
	Triborough Bridge Tunnel Authority VRDN RB General Series 2003 B-3 (GO OF AUTH/LOC – U.S. BANK N.A.) (A-1+/VMIG1)^(c)
	5,300,000		0.200			10/01/12		5,300,000
	Triborough Bridge Tunnel Authority VRDN RB General Series 2005 A-1 (GO OF AUTH/LOC – CA PUBLIC EMPLOYEES RET) (A-1+/VMIG1)^(c)
	7,500,000		0.200			10/01/12		7,500,000


	Short-Term Investments – (continued)
	New York – (continued)
	Triborough Bridge Tunnel Authority VRDN RB General Series 2005 B-4c (GO OF AUTH/LOC – U.S. BANK N.A.) (A-1+/VMIG1)^(c)
$	1,245,000		0.200	%		10/01/12	$	1,245,000

								48,340,000

	Rhode Island – 0.0%
	Rhode Island State Industrial Facilities Corp. Marine Terminal VRDN RB Refunding for ExxonMobil Project Series 2001 (A-1+/VMIG1)^(c)
	1,000,000		0.200			10/01/12		1,000,000

	Texas – 0.4%
	Houston Higher Education Finance Corp. VRDN RB for Rice University Project Series 2008 B (A-1+/VMIG1)^(c)
	1,600,000		0.180			10/01/12		1,600,000
	Lower Neches Valley Authority Industrial Development Corp. VRDN RB Refunding for ExxonMobil Project Series 2003 A-2 (A-1+/VMIG1)^(c)
	2,500,000		0.200			10/01/12		2,500,000
	Lower Neches Valley Authority Industrial Development Corp. VRDN RB Refunding for ExxonMobil Project Series 2011 (A-1+/VMIG1)^(c)
	8,050,000		0.180			10/01/12		8,050,000
	Lower Neches Valley Authority Industrial Development Corporation ExxonMobil Project VRDN RB Series 2012 (A-1+/VMIG1)^(c)
	1,900,000		0.180			10/01/12		1,900,000
	Texas Water Development Board VRDN RB Refunding State Revolving Sub Lien Series 2007 A (LIQ – JPMorgan Chase Bank, N.A.) (A-1/VMIG1)^(c)
	1,320,000		0.220			10/01/12		1,320,000

								15,370,000

	Virginia – 0.1%
	Virginia College Building Authority Educational Facilities VRDN RB for 21st Century College Series 2006 C (ST APPROP) (A-1+/VMIG1)^(c)
	2,600,000		0.210			10/01/12		2,600,000

	TOTAL SHORT-TERM INVESTMENTS
	(Cost $148,266,888)						$	148,266,615

	TOTAL INVESTMENTS – 97.8%
	(Cost $3,635,389,958)						$	3,699,318,567

	OTHER ASSETS IN EXCESS OF LIABILITIES – 2.2%							83,947,289

	NET ASSETS – 100.0%						$	3,783,265,856


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)		Pre-refunded security. Maturity date disclosed is pre-refunding date.
(b)		Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect at September 30, 2012.
(c)		Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect at September 30, 2012.
(d)		Issued with a zero coupon. Income is recognized through the accretion of discount.
(e)		When-issued security.
(f)		Inverse floating rate security. Interest rate disclosed is that which is in effect at September 30, 2012.
(g)		Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $2,000,000, which represents approximately 0.1% of net assets as of September 30, 2012.


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:
ACA		—Insured by American Capital Access
AGC		—Insured by ACE Guaranty Corp.
AGC-ICC		—Agency Insured Custody Certificate
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
CITY APPROP		—City Appropriation
CNTY GTD		—County Guaranteed
COMWLTH GTD		—Commonwealth Guaranteed
COPS		—Certificates of Participation
ETM		—Escrowed to Maturity
FGIC		—Insured by Financial Guaranty Insurance Co.
FHA		—Federal Housing Administration
GO		—General Obligation
GO OF AUTH		—General Obligation of Authority
GO OF CITY		—General Obligation of City
GO OF PARTICIPANTS		—General Obligation of Participants
GO OF UNIV		—General Obligation of University
IDA		—Industrial Development Authority
LIBOR		—London Interbank Offered Rate
LIQ		—Liquidity Agreement
LOC		—Letter of Credit
MUN GOVT GTD		—Municipal Government Guaranteed
NATL-RE		—Insured by National Public Finance Guarantee Corp.
NATL-RE FGIC		—Insured by National Public Finance Guarantee Corp., which re-insures Financial Guaranty Insurance Co.
NATL-RE-IBC		—Insured by National Public Finance Guarantee Corp. - Insured Bond Certificates
NR		—Not Rated
PCRB		—Pollution Control Revenue Bond
PRIV MTGS		—Private Mortgages
PSF-GTD		—Guaranteed by Permanent School Fund
Q-SBLF		—Qualified School Board Loan Fund
RB		—Revenue Bond
RMKT		—Remarketed
SCH BD GTY		—School Bond Guaranty
SCSDE		—South Carolina State Department of Education
SD CRED PROG		—School District Credit Program
ST AID DIR DEP		—State Aid Direct Deposit
ST AID WITHHLDG		—State Aid Withholding
ST APPROP		—State Appropriation
TCRS		—Transferable Custodial Receipts
VA		—Veterans Administration
VRDN		—Variable Rate Demand Notes
WR		—Withdrawn Rating
XLCA		—Insured by XL Capital Assurance, Inc.


The accompanying notes are an integral part of these financial statements.		77

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Statements of Assets and Liabilities

September 30, 2012 (Unaudited)


	High Yield Municipal Fund			Municipal Income Fund			Short Duration Tax-Free Fund
Assets:
Investments, at value (cost $3,569,008,776, $549,023,756 and $3,635,389,958)	$	3,709,993,184		$	607,547,671		$	3,699,318,567
Cash		18,067,841			6,559,136			26,486,911
Receivables:
Interest and dividends, net of allowances		57,045,854			8,238,388			35,643,722
Fund shares sold		8,494,046			1,485,937			40,323,755
Investments sold		6,187,620			—			13,197,917
Investments sold on an extended-settlement basis		380,000			6,220,000			11,190,000
Collateral on certain derivative contracts		370,000			—			—
Reimbursement from investment adviser		37,064			35,335			55,137
Other assets		6,400			9,644			7,270
Total assets		3,800,582,009			630,096,111			3,826,223,279

Liabilities:
Payables:
Investments purchased on an extended-settlement basis		20,672,265			3,881,255			15,648,266
Fund shares redeemed		12,627,170			1,238,060			20,852,538
Amounts owed to affiliates		1,916,519			350,856			1,490,415
Income distribution		821,311			263,216			843,865
Investments purchased		654,673			2,144,868			4,000,000
Unrealized loss on swap contracts		423,169			—			—
Accrued expenses		175,359			63,306			122,339
Total liabilities		37,290,466			7,941,561			42,957,423

Net Assets:
Paid-in capital		4,963,701,296			600,990,922			3,719,554,747
Undistributed net investment income		46,862,298			1,517,363			1,236,762
Accumulated net realized loss		(1,387,833,290	)		(38,877,650	)		(1,454,262	)
Net unrealized gain		140,561,239			58,523,915			63,928,609
NET ASSETS	$	3,763,291,543		$	622,154,550		$	3,783,265,856
Net Assets:
Class A	$	361,539,176		$	355,785,652		$	1,045,186,709
Class B		10,357,925			5,198,293			24,238
Class C		107,646,259			27,900,054			55,823,168
Institutional		3,279,722,610			230,172,072			2,662,438,158
Service		—			41,897			2,312,763
Class IR		4,025,573			3,056,582			17,480,820
Total Net Assets	$	3,763,291,543		$	622,154,550		$	3,783,265,856
Shares outstanding $0.001 par value (unlimited shares authorized):
Class A		38,790,642			21,973,776			97,879,145
Class B		1,111,194			321,071			2,272
Class C		11,550,253			1,722,861			5,228,116
Institutional		351,854,462			14,220,622			249,422,481
Service		—			2,575			216,772
Class IR		431,800			189,040			1,637,873
Net asset value, offering and redemption price per share:^(a)
Class A		$9.32			$16.19			$10.68
Class B		9.32			16.19			10.67
Class C		9.32			16.19			10.68
Institutional		9.32			16.19			10.67
Service		—			16.27			10.67
Class IR		9.32			16.17			10.67

(a)

Maximum public offering price per share for Class A Shares of the High Yield Municipal, Municipal Income and Short Duration Tax-Free Funds is $9.76, $16.82 and $10.84, respectively. At redemption, Class B and Class C Shares may be subject to a contingent deferred sales charge assessed on the amount equal to the lesser of the current NAV or the original purchase price of the shares.


78		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, 2012 (Unaudited)


	High Yield Municipal Fund			Municipal Income Fund			Short Duration Tax-Free Fund
Investment income:
Interest, net of allowances	$	100,236,025		$	14,462,689		$	35,812,491

Expenses:
Management fees		9,492,966			1,685,450			6,218,400
Distribution and Service fees^(a)		1,020,016			602,217			1,485,948
Transfer Agent fees^(a)		932,965			296,619			1,153,280
Custody and accounting fees		116,663			32,288			111,808
Registration fees		58,918			57,097			61,106
Professional fees		57,454			42,179			41,810
Printing and mailing costs		32,300			19,672			34,189
Trustee fees		11,890			8,002			11,877
Service share fees — Service Plan		—			61			5,678
Service share fees — Shareholder Administration Plan		—			61			5,678
Other		42,882			10,330			34,007
Total expenses		11,766,054			2,753,976			9,163,781
Less — expense reductions		(369,740	)		(617,612	)		(627,650	)
Net expenses		11,396,314			2,136,364			8,536,131
NET INVESTMENT INCOME		88,839,711			12,326,325			27,276,360

Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments		(3,118,708	)		(447,597	)		6,421,585
Swap contracts		180,423			—			—
Net change in unrealized gain on:
Investments		160,769,483			17,726,990			12,964,626
Swap contracts		41,812			—			—
Net realized and unrealized gain		157,873,010			17,279,393			19,386,211
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	246,712,721		$	29,605,718		$	46,662,571

(a)

Class specific Distribution and Service, and Transfer Agent fees were as follows:


	Distribution and Service Fees						Transfer Agent Fees
Fund	Class A		Class B		Class C		Class A		Class B		Class C		Institutional		Service		Class IR
High Yield Municipal	$	444,907	$	56,322	$	518,787	$	231,351	$	7,322	$	67,442	$	624,540	$	—	$	2,310
Municipal Income		439,962		27,171		135,084		228,780		3,532		17,561		45,217		10		1,519
Short Duration Tax-Free		1,217,450		144		268,354		633,072		19		34,886		475,270		909		9,124


The accompanying notes are an integral part of these financial statements.		79

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Statements of Changes in Net Assets


	High Yield Municipal Fund
	For the Six Months Ended September 30, 2012 (Unaudited)			For the Fiscal Year Ended March 31, 2012
From operations:
Net investment income	$	88,839,711		$	180,655,698
Net realized gain (loss)		(2,938,285	)		(75,623,947	)
Net change in unrealized gain		160,811,295			408,376,520
Net increase in net assets resulting from operations		246,712,721			513,408,271

Distributions to shareholders:
From net investment income
Class A Shares		(8,021,425	)		(17,144,055	)
Class B Shares		(211,685	)		(574,804	)
Class C Shares		(1,946,874	)		(4,259,466	)
Institutional Shares		(74,794,069	)		(150,607,737	)
Service Shares		—			—
Class IR Shares		(84,158	)		(94,950	)
Total distributions to shareholders		(85,058,211	)		(172,681,012	)

From share transactions:
Proceeds from sales of shares		399,164,293			641,524,125
Reinvestment of distributions		79,891,160			159,220,985
Cost of shares redeemed		(298,238,237	)^(a)		(808,921,612	)^(b)
Net increase (decrease) in net assets resulting from share transactions		180,817,216			(8,176,502	)
TOTAL INCREASE		342,471,726			332,550,757

Net assets:
Beginning of period		3,420,819,817			3,088,269,060
End of period	$	3,763,291,543		$	3,420,819,817
Undistributed net investment income	$	46,862,298		$	43,080,798

(a)

Net of $18,553 of redemption fees.

(b)

Net of $94,111 of redemption fees.


80		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 Six Months Ended September 30, 2012 (Unaudited)			For the Fiscal Year Ended March 31, 2012			For the Six Months Ended September 30, 2012 (Unaudited)			For the Fiscal Year Ended March 31, 2012

$	12,326,325		$	25,531,631		$	27,276,360		$	52,693,925
	(447,597	)		(1,286,773	)		6,421,585			346,010
	17,726,990			57,914,303			12,964,626			41,810,988
	29,605,718			82,159,161			46,662,571			94,850,923



	(6,622,780	)		(14,206,265	)		(6,586,562	)		(14,062,879	)
	(82,036	)		(211,306	)		(109	)		(627	)
	(406,958	)		(838,129	)		(255,434	)		(547,548	)
	(4,637,979	)		(9,757,565	)		(20,093,426	)		(37,218,616	)
	(885	)		(3,260	)		(27,850	)		(179,393	)
	(46,194	)		(25,471	)		(111,472	)		(55,328	)
	(11,796,832	)		(25,041,996	)		(27,074,853	)		(52,064,391	)


	74,057,092			158,087,648			1,305,431,866			2,234,832,473
	10,039,135			20,641,589			21,952,708			38,813,816
	(83,960,799	)		(210,274,490	)		(771,238,349	)		(1,519,686,302	)
	135,428			(31,545,253	)		556,146,225			753,959,987
	17,944,314			25,571,912			575,733,943			796,746,519


	604,210,236			578,638,324			3,207,531,913			2,410,785,394
$	622,154,550		$	604,210,236		$	3,783,265,856		$	3,207,531,913
$	1,517,363		$	987,870		$	1,236,762		$	1,035,255


The accompanying notes are an integral part of these financial statements.		81

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


			Income (loss) from investment operations								Distributions to shareholders
Year - Share Class	Net asset value, beginning of period		Net investment income^(a)		Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions
FOR THE SIX MONTHS ENDED SEPTEMBER 30, (UNAUDITED)
2012 - A	$	8.90	$	0.22	$	0.41		$	0.63		$	(0.21	)	$	—		$	(0.21	)
2012 - B		8.91		0.18		0.40			0.58			(0.17	)		—			(0.17	)
2012 - C		8.90		0.18		0.41			0.59			(0.17	)		—			(0.17	)
2012 - Institutional		8.91		0.23		0.40			0.63			(0.22	)		—			(0.22	)
2012 - IR		8.91		0.23		0.40			0.63			(0.22	)		—			(0.22	)

FOR THE FISCAL YEARS ENDED MARCH 31,
2012 - A		8.00		0.46		0.88			1.34			(0.44	)		—			(0.44	)
2012 - B		8.00		0.40		0.88			1.28			(0.37	)		—			(0.37	)
2012 - C		8.00		0.40		0.88			1.28			(0.38	)		—			(0.38	)
2012 - Institutional		8.00		0.49		0.88			1.37			(0.46	)		—			(0.46	)
2012 - IR		8.00		0.47		0.90			1.37			(0.46	)		—			(0.46	)
2011 - A		8.45		0.46		(0.47	)		(0.01	)		(0.44	)		—			(0.44	)
2011 - B		8.45		0.40		(0.47	)		(0.07	)		(0.38	)		—			(0.38	)
2011 - C		8.45		0.40		(0.47	)		(0.07	)		(0.38	)		—			(0.38	)
2011 - Institutional		8.45		0.49		(0.47	)		0.02			(0.47	)		—			(0.47	)
2011 - IR (Commenced July 30, 2010)		8.57		0.33		(0.58	)		(0.25	)		(0.32	)		—			(0.32	)
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 YEAR 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	)

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 Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c)

The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

(d)

Annualized.


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND



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

$	9.32		7.09	%	$	361,539		0.86	%^(d)		0.86	%^(d)		0.92	%^(d)		0.92	%^(d)		4.70	%^(d)		11	%
	9.32		6.57			10,358		1.61	^(d)		1.61	^(d)		1.67	^(d)		1.67	^(d)		3.96	^(d)		11
	9.32		6.69			107,646		1.61	^(d)		1.61	^(d)		1.67	^(d)		1.67	^(d)		3.95	^(d)		11
	9.32		7.12			3,279,723		0.57	^(d)		0.57	^(d)		0.58	^(d)		0.58	^(d)		4.98	^(d)		11
	9.32		7.10			4,026		0.61	^(d)		0.61	^(d)		0.67	^(d)		0.67	^(d)		4.93	^(d)		11


	8.90		17.08			348,577		0.88			0.88			0.94			0.94			5.42			27
	8.91		16.33			11,505		1.63			1.63			1.69			1.69			4.70			27
	8.90		16.21			99,817		1.63			1.63			1.69			1.69			4.67			27
	8.91		17.55			2,957,868		0.58			0.58			0.60			0.60			5.72			27
	8.91		17.50			3,054		0.63			0.63			0.69			0.69			5.49			27
	8.00		(0.24	)		326,886		0.91			0.91			0.93			0.93			5.46			28
	8.00		(0.99	)		14,113		1.66			1.66			1.68			1.68			4.70			28
	8.00		(0.87	)		96,011		1.66			1.66			1.68			1.68			4.71			28
	8.00		0.09			2,650,808		0.57			0.57			0.59			0.59			5.80			28
	8.00		(3.06	)		451		0.66	^(d)		0.66	^(d)		0.68	^(d)		0.68	^(d)		6.08	^(d)		28
	8.45		27.93			438,134		0.91			0.91			0.94			0.94			6.15			31
	8.45		26.99			21,083		1.66			1.66			1.69			1.69			5.33			31
	8.45		26.84			118,070		1.66			1.66			1.69			1.69			5.28			31
	8.45		28.37			3,108,202		0.57			0.57			0.60			0.60			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	^(d)		0.90	^(d)		0.93	^(d)		0.92	^(d)		5.07	^(d)		16
	9.77		(7.74	)		44,026		1.66	^(d)		1.65	^(d)		1.68	^(d)		1.67	^(d)		4.30	^(d)		16
	9.77		(7.74	)		162,459		1.66	^(d)		1.65	^(d)		1.68	^(d)		1.67	^(d)		4.31	^(d)		16
	9.77		(7.32	)		2,578,017		0.57	^(d)		0.56	^(d)		0.59	^(d)		0.58	^(d)		5.42	^(d)		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


The accompanying notes are an integral part of these financial statements.		83

GOLDMAN SACHS MUNICIPAL INCOME FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


			Income (loss) from investment operations
Year - Share Class	Net asset value, beginning of period		Net investment income^(a)		Net realized and unrealized gain (loss)			Total from investment operations			Distributions to shareholders from net investment income
FOR THE SIX MONTHS ENDED SEPTEMBER 30, (UNAUDITED)
2012 - A	$	15.73	$	0.31	$	0.45		$	0.76		$	(0.30	)
2012 - B		15.73		0.26		0.44			0.70			(0.24	)
2012 - C		15.73		0.25		0.45			0.70			(0.24	)
2012 - Institutional		15.72		0.34		0.46			0.80			(0.33	)
2012 - Service		15.80		0.30		0.46			0.76			(0.29	)
2012 - IR		15.71		0.33		0.45			0.78			(0.32	)

FOR THE FISCAL YEARS ENDED MARCH 31,
2012 - A		14.25		0.65		1.47			2.12			(0.64	)
2012 - B		14.25		0.54		1.46			2.00			(0.52	)
2012 - C		14.25		0.54		1.46			2.00			(0.52	)
2012 - Institutional		14.25		0.70		1.46			2.16			(0.69	)
2012 - Service		14.32		0.63		1.47			2.10			(0.62	)
2012 - IR		14.26		0.68		1.44			2.12			(0.67	)
2011 - A		14.83		0.63		(0.59	)		0.04			(0.62	)
2011 - B		14.83		0.52		(0.59	)		(0.07	)		(0.51	)
2011 - C		14.84		0.52		(0.60	)		(0.08	)		(0.51	)
2011 - Institutional		14.83		0.68		(0.59	)		0.09			(0.67	)
2011 - Service		14.91		0.61		(0.60	)		0.01			(0.60	)
2011 - IR (Commenced July 30, 2010)		15.06		0.45		(0.80	)		(0.35	)		(0.45	)
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 YEAR 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	)

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

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

(d)

Annualized.


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

GOLDMAN SACHS MUNICIPAL INCOME FUND



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

$	16.19		4.87	%	$	355,786		0.78	%^(d)		0.78	%^(d)		0.98	%^(d)		0.98	%^(d)		3.92	%^(d)		7	%
	16.19		4.48			5,198		1.53	^(d)		1.53	^(d)		1.73	^(d)		1.73	^(d)		3.18	^(d)		7
	16.19		4.48			27,900		1.53	^(d)		1.53	^(d)		1.73	^(d)		1.73	^(d)		3.18	^(d)		7
	16.19		5.11			230,172		0.44	^(d)		0.44	^(d)		0.64	^(d)		0.64	^(d)		4.26	^(d)		7
	16.27		4.80			42		0.94	^(d)		0.94	^(d)		1.14	^(d)		1.14	^(d)		3.78	^(d)		7
	16.17		5.00			3,057		0.53	^(d)		0.53	^(d)		0.73	^(d)		0.73	^(d)		4.10	^(d)		7


	15.73		15.09			348,890		0.81			0.81			0.99			0.99			4.32			9
	15.73		14.24			5,644		1.56			1.56			1.74			1.74			3.58			9
	15.73		14.24			26,448		1.56			1.56			1.74			1.74			3.56			9
	15.72		15.41			221,617		0.47			0.47			0.65			0.65			4.66			9
	15.80		14.86			84		0.97			0.97			1.15			1.15			4.15			9
	15.71		15.15			1,527		0.56			0.56			0.74			0.74			4.43			9
	14.25		0.20			326,083		0.88			0.88			0.98			0.98			4.26			14
	14.25		(0.55	)		6,264		1.63			1.63			1.73			1.73			3.51			14
	14.25		(0.61	)		23,443		1.63			1.63			1.73			1.73			3.52			14
	14.25		0.55			222,650		0.54			0.54			0.64			0.64			4.62			14
	14.32		(0.03	)		75		1.04			1.04			1.14			1.14			4.05			14
	14.26		(2.40	)		123		0.63	^(d)		0.63	^(d)		0.73	^(d)		0.73	^(d)		4.74	^(d)		14
	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	^(d)		0.88	^(d)		1.01	^(d)		1.00	^(d)		4.19	^(d)		19
	14.64		(2.55	)		11,646		1.64	^(d)		1.63	^(d)		1.76	^(d)		1.75	^(d)		3.44	^(d)		19
	14.64		(2.55	)		20,474		1.64	^(d)		1.63	^(d)		1.76	^(d)		1.75	^(d)		3.46	^(d)		19
	14.64		(2.04	)		245,843		0.55	^(d)		0.54	^(d)		0.67	^(d)		0.66	^(d)		4.53	^(d)		19
	14.72		(2.29	)		582		1.05	^(d)		1.04	^(d)		1.17	^(d)		1.16	^(d)		4.03	^(d)		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


The accompanying notes are an integral part of these financial statements.		85

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


			Income (loss) from investment operations
Year - Share Class	Net asset value, beginning of period		Net investment income^(a)		Net realized and unrealized gain (loss)			Total from investment operations		Distributions to shareholders from net investment income
FOR THE SIX MONTHS ENDED SEPTEMBER 30, (UNAUDITED)
2012 - A	$	10.62	$	0.07	$	0.06		$	0.13	$	(0.07	)
2012 - B		10.61		0.04		0.06			0.10		(0.04	)
2012 - C		10.62		0.05		0.06			0.11		(0.05	)
2012 - Institutional		10.61		0.09		0.06			0.15		(0.09	)
2012 - Service		10.61		0.07		0.05			0.12		(0.06	)
2012 - IR		10.61		0.08		0.07			0.15		(0.09	)

FOR THE FISCAL YEARS ENDED MARCH 31,
2012 - A		10.44		0.18		0.18			0.36		(0.18	)
2012 - B		10.43		0.12		0.18			0.30		(0.12	)
2012 - C		10.44		0.14		0.18			0.32		(0.14	)
2012 - Institutional		10.44		0.22		0.17			0.39		(0.22	)
2012 - Service		10.43		0.17		0.17			0.34		(0.16	)
2012 - IR		10.44		0.19		0.19			0.38		(0.21	)
2011 - A		10.46		0.18		(0.02	)		0.16		(0.18	)
2011 - B		10.45		0.12		(0.03	)		0.09		(0.11	)
2011 - C		10.46		0.12		(0.02	)		0.10		(0.12	)
2011 - Institutional		10.46		0.22		(0.03	)		0.19		(0.21	)
2011 - Service		10.46		0.17		(0.04	)		0.13		(0.16	)
2011 - IR (Commenced July 30, 2010)		10.56		0.14		(0.12	)		0.02		(0.14	)
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		—	^(e)		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		—	^(e)		0.34		(0.34	)
2009 - Service		10.24		0.29		—	^(e)		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 YEAR 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	)

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

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

(d)

Annualized.

(e)

Amount is less than $0.005 per share.


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



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

$	10.68		1.25	%	$	1,045,187		0.73	%^(d)		0.76	%^(d)		1.36	%^(d)		10	%
	10.67		0.94			24		1.33	^(d)		1.51	^(d)		0.77	^(d)		10
	10.68		1.05			55,823		1.13	^(d)		1.51	^(d)		0.96	^(d)		10
	10.67		1.42			2,662,438		0.39	^(d)		0.42	^(d)		1.70	^(d)		10
	10.67		1.17			2,313		0.89	^(d)		0.92	^(d)		1.24	^(d)		10
	10.67		1.38			17,481		0.48	^(d)		0.51	^(d)		1.59	^(d)		10


	10.62		3.46			945,940		0.73			0.77			1.72			24
	10.61		2.84			31		1.33			1.52			1.16			24
	10.62		3.05			48,865		1.13			1.52			1.32			24
	10.61		3.72			2,195,766		0.39			0.43			2.05			24
	10.61		3.31			6,362		0.89			0.93			1.63			24
	10.61		3.62			10,568		0.48			0.52			1.83			24
	10.44		1.52			775,171		0.73			0.77			1.71			34
	10.43		0.91			91		1.33			1.52			1.10			34
	10.44		0.94			41,115		1.31			1.53			1.14			34
	10.44		1.86			1,576,602		0.39			0.43			2.05			34
	10.43		1.26			17,730		0.89			0.93			1.57			34
	10.44		0.17			77		0.48	^(d)		0.52	^(d)		1.97	^(d)		34
	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	^(d)		0.95	^(d)		3.21	^(d)		19
	10.24		1.99			633		1.33	^(d)		1.70	^(d)		2.65	^(d)		19
	10.25		1.93			6,742		1.48	^(d)		1.70	^(d)		2.48	^(d)		19
	10.25		2.39			192,500		0.39	^(d)		0.61	^(d)		3.57	^(d)		19
	10.24		2.18			51		0.89	^(d)		1.11	^(d)		3.06	^(d)		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


The accompanying notes are an integral part of these financial statements.		87

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Notes to Financial Statements

September 30, 2012 (Unaudited)

1. ORGANIZATION

Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the “Funds” or individually a “Fund”), along with their corresponding share classes and respective diversification status under the Act:


Fund	Share Classes Offered*	Diversified/ Non-diversified
High Yield Municipal	A, B, C, Institutional and IR	Non-diversified
Municipal Income and Short Duration Tax-Free	A, B, C, Institutional, Service and IR	Diversified

Class B Shares are generally no longer available for purchase by current or prospective investors.

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 a contingent deferred sales charge (“CDSC”) that declines 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 of High Yield Municipal, Municipal Income and Short Duration Tax-Free Funds are sold with a CDSC of 1.00%, 1.00% and 0.65%, respectively, which is imposed on redemptions made within 12 months of purchase. Institutional, Service and Class IR Shares are not subject to a sales charge.

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman, Sachs & Co. (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to management agreements (the “Agreements”) with the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions.

A. Investment Valuation — The Funds’ valuation policy is to value investments at fair value.

B. Investment Income and Investments — Investment income includes interest income and dividend income, net of any foreign withholding taxes, less any amounts reclaimable. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments.

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

For derivatives, realized gains and losses are recorded upon termination of the contract or upon receipt of cash. Upfront payments on swaps are recorded as realized gains or losses and are recognized over the contract’s term/event, with realized gain or losses on forward starting interest rate swaps recognized from the effective start date. For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities and excess amounts are recorded as gains. For treasury inflation protected securities (“TIPS”), adjustments to principal due to inflation/deflation are reflected as increases/decreases to interest income with a corresponding adjustment to cost.

C. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agent and Service and Shareholder Administration fees. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the respective Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses.

D. Redemption Fees — A 2% redemption fee is imposed on the redemption of shares (including by exchange) of the High Yield Municipal Fund held for 60 calendar days or less. For this purpose, the High Yield Municipal Fund uses a first-in first-out method so that shares held longest will be treated as being redeemed first and shares held shortest will be treated as being redeemed last. Redemption fees are reimbursed to the 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 the Fund on a pro-rata basis.

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. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2012 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. 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 investments, interest rates, foreign exchange rates, volatility 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).

A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Equity Securities — Equity securities and investment companies traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges including, but not limited to the Americas, 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, equity securities and exchange traded investment companies are valued at the last bid price for long positions and at the last ask price for short positions. Investments in investment companies (other than those that are exchange traded) are valued at the NAV on the valuation date. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under valuation procedures approved by the trustees and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. Investments applying these valuation adjustments are classified as Level 2 of the fair value hierarchy.

Debt Securities — Debt securities, for which market quotations are readily available, are valued daily on the basis of quotations supplied by dealers or an independent pricing service approved by the trustees. 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 securities dealers to determine current value. 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 fair value. With the exception of treasury securities, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

i. 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 are indexed. An

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

ii. When-Issued Securities and Forward Commitments — When-issued securities, including TBA (“To Be Announced”) securities, are securities that are authorized but not yet issued in the market and purchased in order to secure what is considered to be an advantageous price or yield to the Fund. A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. 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 which may result in a realized gain or loss.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors.

Exchange-traded derivatives, including futures contracts, typically fall within Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing. Where models are used, the selection of a particular model to value an OTC derivative depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

Swap Contracts — Swaps are marked to market daily using pricing vendor quotations, counterparty prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss.

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 cash settled trade.

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2012 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (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 Fund sells protection through a credit default swap, the Fund 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, a Fund, as a seller 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. A Fund 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 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, a Fund is entitled to a return of any assets, which have been pledged as collateral to the counterparty.

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.

B. Level 3 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 3 are as follows:

To the extent that the aforementioned significant inputs are unobservable, or if 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 under valuation procedures approved by the trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation 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 a Fund’s NAV. Significant events which could affect a large number of securities in a particular market may include, but are not limited to: significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions or unscheduled market closings. Significant events which could also affect a single issuer, may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; ratings downgrades; and bankruptcies.

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of September 30, 2012:



HIGH YIELD MUNICIPAL

Investment Type	Level 1		Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments	$	2,565	$	—		$	—
Corporate Bonds		—		1,900,000			—
Municipal Debt Obligations		—		3,686,015,619			—
Short-term Investments		—		22,075,000			—
Total	$	2,565	$	3,709,990,619		$	—

Derivative Type
Liabilities^(a)
Credit Default Swap Contracts	$	—	$	(423,169	)	$	—

MUNICIPAL INCOME FUND

Investment Type	Level 1		Level 2			Level 3
Assets
Municipal Debt Obligations	$	—	$	585,242,671		$	—
Short-term Investments		—		22,305,000			—
Total	$	—	$	607,547,671		$	—

SHORT DURATION TAX-FREE

Investment Type	Level 1		Level 2			Level 3
Assets
Municipal Debt Obligations	$	—	$	3,551,051,952		$	—
Short-term Investments		—		148,266,615			—
Total	$	—	$	3,699,318,567		$	—

(a)

Amount shown represents unrealized gain (loss) at period end.

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2012 (Unaudited)

4. INVESTMENTS IN DERIVATIVES

The following table sets forth, by certain risk types, the gross value of derivative contracts as of September 30, 2012. These instruments were used to meet the High Yield Municipal Fund’s investment objectives and to obtain and/or manage exposure related to the risks below. The value in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Fund’s net exposure.


Risk	Statements of Assets and Liabilities	Liabilities^(a)
Credit	Payable for unrealized loss on swap contracts	$(423,169)

(a)

Amount represents the payments to be made pursuant to bilateral agreements should counterparties exercise their “right to terminate” provisions based on, among others, the Fund’s performance, its failure to pay on its obligations or failure to pledge collateral. Such amounts do not include incremental charges directly associated with the close-out of the agreements. They also do not reflect the fair value of any assets pledged as collateral which, through the daily margining process, substantially offsets the aforementioned amounts and for which the Fund is entitled to a full return.

The following table sets forth, by certain risk types, the High Yield Municipal Fund’s gains (losses) related to these derivatives and their indicative volumes for the six months ended September 30, 2012. These gains (losses) should be considered in the context that these derivative contracts may have been executed to economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:

Risk

Statements of Operations

Net
Realized
Gain (Loss)

Net Change in
Unrealized
Gain (Loss)

Average
Number of
Contracts^(a)

Credit

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

$180,423

41,812

(a)

Average number of contracts is based on the average of month end balances for the period ended September 30, 2012.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

A. Management Agreements — Under the Agreements, GSAM manages the Funds, subject to the general supervision of the trustees.

As compensation for the services rendered pursuant to the Agreements, the assumption of the expenses related thereto and administration of the Funds’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund’s average daily net assets.

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended September 30, 2012, contractual and effective net management fees with GSAM were at the following rates:


	Contractual Management Fee Rate												Effective Net Management Fee Rate
Fund	First $1 billion	Next $1 billion	Next $3 billion			Next $3 billion	Over $8 billion			Effective Rate			Effective Net Management Fee 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			0.40	*
Short Duration Tax-Free	0.40	0.36		0.34		0.33		0.32			0.36			0.35	*

GSAM agreed to waive a portion of its management fee in order to achieve the effective net management rate of shown above through at least July 27, 2013. 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 as long as such total compensation does not exceed the maximum cap on “service fees” imposed by the Financial Industry Regulatory Authority.

For the six months ended September 30, 2012, Goldman Sachs agreed to waive a portion of the distribution and service fees equal to 0.15% and 0.35% as an annual percentage rate of the average daily net assets attributable to Class B Shares and Class C Shares, respectively, of the Short Duration Tax-Free Fund. These arrangements will remain in place through at least July 27, 2013. Prior to such date, Goldman Sachs may not terminate these 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 CDSC. During the six months ended September 30, 2012, Goldman Sachs advised that it retained front end sales charges of approximately $46,000, $27,200 and $7,700 for the High Yield Municipal, Municipal Income and Short Duration Tax-Free Funds, respectively. Goldman Sachs retained no contingent deferred sales charges.

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2012 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

D. Service Plan and Shareholder Administration Plan — The Trust, on behalf of each Fund that offers Service Shares, has adopted a Service Plan and a Shareholder Administration Plan. These plans allow for service organizations to provide 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 which is accrued daily and paid monthly at an annual rate as follows: 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 accrued daily and paid monthly at annual rates as follows: 0.13% of the average daily net assets of Class A, Class B, Class C and Class IR Shares and 0.04% of the average daily net assets of Institutional and Service Shares. Goldman Sachs agreed to waive a portion of the transfer agency fee equal to 0.05% as an annual percentage rate of the average daily net assets attributable to Class A, Class B, Class C and Class IR Shares of the High Yield Municipal Fund. This arrangement will remain in effect through at least July 27, 2013. Prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the trustees.

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, acquired fund fees and expenses, litigation, indemnification, shareholder meetings and other extraordinary expenses, exclusive of any custody and transfer agent fee reductions) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitation as an annual percentage rate of average daily net assets for each Fund is 0.004%. These Other Expense reimbursements will remain in place through at least July 27, 2013, 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 the transfer agent, which may result in a reduction of the Funds’ expenses.

For the six months ended September 30, 2012, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows (in thousands):


	Fee Waivers
Fund	Management Fee		Class B Distribution and Service Fee			Class C Distribution and Service Fee		Transfer Agent Fee^(a)		Other Expense Reimbursement		Custody Fee Credits		Total Expense Reductions
High Yield Municipal	$	—	$	—		$	—	$	119	$	248	$	3	$	370
Municipal Income		460		—			—		—		157		1		618
Short Duration Tax-Free		300		—	^(b)		94		—		226		8		628

(a)

Applicable to Class A, B, C and IR Shares.

(b)

Amount rounds to less than $1,000.

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

As of September 30, 2012, the amounts owed to affiliates of the Funds were as follows (in thousands):


Fund	Management Fees		Distribution and Service Fees		Transfer Agent Fees		Total
High Yield Municipal	$	1,609	$	170	$	138	$	1,917
Municipal Income		202		100		49		351
Short Duration Tax-Free		1,048		240		202		1,490

G. Line of Credit Facility — As of September 30, 2012, the Funds participated in a $630,000,000 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 (“Other Borrowers”). 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 $970,000,000. 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, 2012, the Funds did not have any borrowings under the facility. Prior to May 8, 2012, the amount available through the facility was $580,000,000.

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, 2012, were as follows:


Fund	Purchases		Sales and Maturities
High Yield Municipal	$	542,637,089	$	385,027,921
Municipal Income		38,910,893		49,418,697
Short Duration Tax-Free		746,185,105		327,577,701

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2012 (Unaudited)

7. TAX INFORMATION

As of the Funds’ most recent fiscal year end, March 31, 2012, the Funds’ capital loss carryforwards and certain timing differences, on a tax-basis were as follows:


	High Yield Municipal			Municipal Income			Short Duration Tax-Free
Capital loss carryforwards:⁽¹⁾
Expiring 2013	$	—		$	—		$	(345,706	)
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	)
Expiring 2019		(11,174,752	)		(704,599	)		—
Perpetual Short-term		(7,011,601	)		(1,962,129	)		—
Perpetual Long-term		(56,051,166	)		(821,574	)		—
Total capital loss carryforwards	$	(1,281,643,383	)	$	(36,993,581	)	$	(7,585,064	)
Timing differences (post-October losses/income distribution payable/defaulted bond income)	$	(89,379,927	)	$	(1,775,489	)	$	(1,252,374	)

(1)

Except for perpetual capital loss carryforward, expiration occurs on March 31 of the year indicated.

As of September 30, 2012, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


	High Yield Municipal			Municipal Income			Short Duration Tax-Free
Tax cost	$	3,567,669,127		$	548,784,410		$	3,634,607,590
Gross unrealized gain		431,666,174			66,054,504			69,138,854
Gross unrealized loss		(289,342,117	)		(7,291,243	)		(4,427,877	)
Net unrealized security gain	$	142,324,057		$	58,763,261		$	64,710,977

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, swap transactions, premium amortization 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.

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

8. OTHER RISKS

The Funds’ risks include, but are not limited to, the following:

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 entities of their holdings in the Funds may impact the Funds’ liquidity and NAV. These redemptions may also force the Funds to sell securities.

Liquidity Risk — The Funds may make investments that may be illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions.

Market and Credit Risks — In the normal course of business, the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, the Funds may also be exposed to credit risk in the event that an issuer fails to perform or that an institution or entity with which the Funds have unsettled or open transaction defaults.

Non-Diversification Risk — High Yield Municipal Fund is non-diversified and is permitted to invest more of its assets in fewer issuers than a “diversified” mutual fund. Thus, the Fund may be subject to greater risks than a fund that invests in a greater number of issuers.

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, region, currency 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. OTHER MATTERS

Other — On February 8, 2012, the Commodity Futures Trading Commission (CFTC) adopted amendments to several of its rules relating to commodity pool operators, including Rule 4.5. The Funds currently rely on Rule 4.5’s exclusion from CFTC regulation for regulated investment companies. GSAM is currently evaluating the amendments and their impact, if any, on the Funds’ financial statements.

11. SUBSEQUENT EVENTS

Subsequent events after the balance sheet date have been evaluated through the date the financial statements were issued. GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2012 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	High Yield Municipal Fund

	For the Six Months Ended September 30, 2012 (Unaudited)						For the Fiscal Year Ended March 31, 2012

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		3,632,866		$	33,265,067			7,569,764		$	64,466,270
Shares converted from Class B^(a)		9,613			88,033			36,911			311,197
Reinvestment of distributions		785,450			7,224,590			1,710,718			14,569,164
Shares redeemed		(4,781,512	)		(43,710,907	)		(11,019,821	)		(93,359,709	)
		(353,583	)		(3,133,217	)		(1,702,428	)		(14,013,078	)
Class B Shares
Shares sold		13,314			122,516			38,872			329,078
Shares converted to Class A^(a)		(9,606	)		(88,033	)		(36,911	)		(311,197	)
Reinvestment of distributions		20,290			186,517			58,885			500,202
Shares redeemed		(204,553	)		(1,878,953	)		(532,563	)		(4,511,548	)
		(180,555	)		(1,657,953	)		(471,717	)		(3,993,465	)
Class C Shares
Shares sold		1,050,918			9,646,705			1,602,757			13,707,600
Reinvestment of distributions		162,583			1,495,429			364,384			3,101,437
Shares redeemed		(873,086	)		(7,997,419	)		(2,755,449	)		(23,279,054	)
		340,415			3,144,715			(788,308	)		(6,470,017	)
Institutional Shares
Shares sold		38,699,668			355,085,498			65,544,688			559,965,320
Reinvestment of distributions		7,706,961			70,900,466			16,554,797			140,955,182
Shares redeemed		(26,677,770	)		(244,339,264	)		(81,189,293	)		(687,060,328	)
		19,728,859			181,646,700			910,192			13,860,174
Class IR Shares
Shares sold		113,687			1,044,507			358,216			3,055,857
Reinvestment of distributions		9,141			84,158			11,047			95,000
Shares redeemed		(33,859	)		(311,694	)		(82,810	)		(710,973	)
		88,969			816,971			286,453			2,439,884
NET INCREASE (DECREASE)		19,624,105		$	180,817,216			(1,765,808	)	$	(8,176,502	)

(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.

100

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Municipal Income Fund

	For the Six Months Ended September 30, 2012 (Unaudited)						For the Fiscal Year Ended March 31, 2012

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		2,429,042		$	38,906,278			6,152,118		$	92,306,959
Shares converted from Class B^(a)		2,605			41,581			6,985			105,391
Reinvestment of distributions		399,003			6,403,135			882,604			13,324,956
Shares redeemed		(3,040,466	)		(48,649,407	)		(7,740,886	)		(115,999,039	)
		(209,816	)		(3,298,413	)		(699,179	)		(10,261,733	)
Class B Shares
Shares sold		10,549			168,875			35,673			543,578
Shares converted to Class A^(a)		(2,605	)		(41,581	)		(6,985	)		(105,391	)
Reinvestment of distributions		4,212			67,556			11,442			172,451
Shares redeemed		(49,977	)		(799,723	)		(120,827	)		(1,828,773	)
		(37,821	)		(604,873	)		(80,697	)		(1,218,135	)
Class C Shares
Shares sold		234,565			3,758,331			332,495			5,052,669
Reinvestment of distributions		19,577			314,150			42,806			646,374
Shares redeemed		(212,632	)		(3,409,531	)		(338,799	)		(5,063,974	)
		41,510			662,950			36,502			635,069
Institutional Shares
Shares sold		1,834,646			29,323,190			3,881,621			58,583,866
Reinvestment of distributions		199,970			3,207,731			429,169			6,471,539
Shares redeemed		(1,909,907	)		(30,585,288	)		(5,844,145	)		(87,118,120	)
		124,709			1,945,633			(1,533,355	)		(22,062,715	)
Service Shares
Reinvestment of distributions		23			369			50			763
Shares redeemed		(2,768	)		(44,232	)		(1	)		(10	)
		(2,745	)		(43,863	)		49			753
Class IR Shares
Shares sold		118,355			1,900,418			104,537			1,600,576
Reinvestment of distributions		2,877			46,194			1,663			25,506
Shares redeemed		(29,395	)		(472,618	)		(17,598	)		(264,574	)
		91,837			1,473,994			88,602			1,361,508
NET INCREASE (DECREASE)		7,674		$	135,428			(2,188,078	)	$	(31,545,253	)

(a)

101

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2012 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Short Duration Tax-Free Fund

	For the Six Months Ended September 30, 2012 (Unaudited)						For the Fiscal Year Ended March 31, 2012

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		32,057,492		$	341,620,451			62,696,479		$	662,858,683
Reinvestment of distributions		584,468			6,229,063			1,236,986			13,081,697
Shares redeemed		(23,861,136	)		(254,247,916	)		(49,070,446	)		(518,590,784	)
		8,780,824			93,601,598			14,863,019			157,349,596
Class B Shares
Shares sold		1			14			—			—
Reinvestment of distributions		10			109			59			620
Shares redeemed		(653	)		(6,949	)		(5,823	)		(61,402	)
		(642	)		(6,826	)		(5,764	)		(60,782	)
Class C Shares
Shares sold		1,235,664			13,161,961			1,945,490			20,599,647
Reinvestment of distributions		16,305			173,740			35,815			378,632
Shares redeemed		(626,913	)		(6,680,986	)		(1,316,149	)		(13,907,779	)
		625,056			6,654,715			665,156			7,070,500
Institutional Shares
Shares sold		88,493,182			942,478,709			145,317,302			1,535,420,674
Reinvestment of distributions		1,446,542			15,410,516			2,375,614			25,118,208
Shares redeemed		(47,414,557	)		(504,751,168	)		(91,840,122	)		(969,823,249	)
		42,525,167			453,138,057			55,852,794			590,715,633
Service Shares
Reinvestment of distributions		2,612			27,813			17,001			179,330
Shares redeemed		(385,638	)		(4,103,754	)		(1,116,621	)		(11,787,762	)
		(383,026	)		(4,075,941	)		(1,099,620	)		(11,608,432	)
Class IR Shares
Shares sold		767,470			8,170,731			1,503,618			15,953,469
Reinvestment of distributions		10,463			111,467			5,207			55,329
Shares redeemed		(135,962	)		(1,447,576	)		(520,271	)		(5,515,326	)
		641,971			6,834,622			988,554			10,493,472
NET INCREASE		52,189,350		$	556,146,225			71,264,139		$	753,959,987

102

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Fund Expenses — Six Month Period Ended September 30, 2012 (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) and contingent deferred sales charges on redemptions (with respect to Class B and Class C Shares); and redemption fees (with respect to Class A, Class B, Class C, Institutional, Service and Class IR Shares, if any); and (2) ongoing costs, including management fees; distribution and service (12b-1) fees (with respect to Class A, Class B and Class C Shares); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class B, Class C, Institutional, Service and 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, 2012 through September 30, 2012.

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
Share Class	Beginning Account Value 4/01/12		Ending Account Value 9/30/12			Expenses Paid for the 6 Months Ended 9/30/12*		Beginning Account Value 4/01/12		Ending Account Value 9/30/12			Expenses Paid for the 6 Months Ended 9/30/12*		Beginning Account Value 4/01/12		Ending Account Value 9/30/12			Expenses Paid for the 6 Months Ended 9/30/12*
Class A
Actual	$	1,000	$	1,070.90		$	4.46	$	1,000	$	1,048.70		$	4.01	$	1,000	$	1,012.50		$	3.68
Hypothetical 5% return		1,000		1.020.76	+		4.36		1,000		1,021.16	+		3.95		1,000		1,021.41	+		3.70
Class B
Actual		1,000		1,065.70			8.34		1,000		1,044.80			7.84		1,000		1,009.40			6.70
Hypothetical 5% return		1,000		1,017.00	+		8.14		1,000		1,017.40	+		7.74		1,000		1,018.40	+		6.73
Class C
Actual		1,000		1,066.90			8.34		1,000		1,044.80			7.84		1,000		1,010.50			5.70
Hypothetical 5% return		1,000		1,017.00	+		8.14		1,000		1,017.40	+		7.74		1,000		1,019.40	+		5.72
Institutional
Actual		1,000		1,071.20			2.96		1,000		1,051.10			2.26		1,000		1,014.20			1.97
Hypothetical 5% return		1,000		1,022.21	+		2.89		1,000		1,022.86	+		2.23		1,000		1,023.11	+		1.98
Service
Actual		N/A		N/A			N/A		1,000		1,048.00			4.83		1,000		1,011.70			4.49
Hypothetical 5% return		N/A		N/A			N/A		1,000		1,020.36	+		4.76		1,000		1,020.61	+		4.51
Class IR
Actual		1,000		1,071.00			3.17		1,000		1,050.00			2.72		1,000		1,013.80			2.42
Hypothetical 5% return		1,000		1,022.01	+		3.09		1,000		1,022.41	+		2.69		1,000		1,022.66	+		2.43

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, 2012. 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		0.86	%		1.61	%		1.61	%		0.57	%		N/A			0.61	%
Municipal Income		0.78			1.53			1.53			0.44			0.94	%		0.53
Short Duration Tax-Free		0.73			1.33			1.13			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.

103

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

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, 2013 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 13, 2012 (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 the Management Agreements were last approved. 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, compliance testing, market risk analysis, finance and strategy and central funding), 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 Investment Adviser’s undertakings to waive certain management fees (with respect to the Municipal Income and Short Duration Tax-Free Funds) and limit certain expenses of each of the Funds that exceed specified levels; the undertakings of Goldman, Sachs & Co. (“Goldman Sachs”), the Funds’ affiliated distributor and transfer agent, to waive a portion of the distribution and service fees paid by the Short Duration Tax-Free Fund’s Class B and Class C Shares and a portion of the transfer agency fees paid by the High Yield Municipal Fund’s Class A, Class B, Class C and Class IR 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;

104

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

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

(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)

whether each Fund’s existing management fee schedule adequately addressed any economies of scale;

(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, portfolio trading, 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)

information regarding portfolio trading and how the Investment Adviser carries out its duty to seek best execution;

(l)

portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; 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. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. 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 Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the potential benefit to the Funds of the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. The Independent Trustees concluded that the Investment Adviser continued to commit 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 its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2011, and updated performance information prepared by the Investment Adviser using the peer groups identified by the Outside Data Provider as of March 31, 2012. The information on each Fund’s investment performance was provided for the one-, three-, five- and ten-year periods ending on the applicable dates. 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

105

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

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

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.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management 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 Independent Trustees observed that the High Yield Municipal Fund had placed in the top half of its peer group for the one- and three-year periods, had placed in the bottom half of its peer group for the five- and ten-year periods, outperformed its benchmark index for the one- and three-year periods and underperformed its benchmark index for the five- and ten-year periods ended March 31, 2012. They noted that the Short Duration Tax-Free Fund had placed in the top half of its peer group during the five-year period and had placed in the bottom half of its peer group during the one-, three-, and ten-year periods ended March 31, 2012. They observed that the Municipal Income Fund had placed in the top half of its peer group during the one-, three-, and ten-year periods and in the third quartile of its peer group during the five-year period ended March 31, 2012. The Independent Trustees observed that each of the Short Duration Tax-Free Fund and the Municipal Income Fund outperformed its respective benchmark index during the one- and three-year periods and underperformed its respective benchmark index during the five- and ten-year periods ended March 31, 2012.

Costs of Services Provided and Competitive Information

The Trustees considered the contractual fee rates payable by each Fund under its respective Management Agreement. 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 overall net and gross expenses to a peer group and a category universe; and a five-year history comparing each Fund’s net expenses to the peer and category medians. The analyses also compared each Fund’s transfer agency, custody, and distribution fees, other expenses and fee waivers/reimbursements to those of other funds in the peer group and the peer group and category medians. 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 waive a portion of its management fees (with respect to the Municipal Income and Short Duration Tax-Free Funds) and to limit certain expenses of each of the Funds that exceed specified levels, as well as Goldman Sachs’ undertakings to waive a portion of the distribution and service fees paid by the Short Duration Tax-Free Fund’s Class B and Class C Shares and to waive a portion of the transfer agency fees paid by the High Yield Municipal Fund’s Class A, Class B, Class C and Class IR 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

106

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

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

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 2011 and 2010, 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. 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 Net Assets	High Yield Municipal Fund			Municipal Income Fund			Short Duration 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 were meant to 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 groups; and the Investment Adviser’s undertakings to waive a portion of its management fees (with respect to the Municipal Income and Short Duration Tax-Free Funds) and to limit certain expenses of each of the Funds that exceed specified levels. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels. They also noted that the Investment Adviser had passed along savings to shareholders of the High Yield Municipal and Short Duration Tax-Free Funds, which had asset levels above at least the first breakpoint during the prior fiscal year.

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 possibility that the working relationship between the Investment Adviser and the Funds’ third party service providers may cause those service providers to be open to doing business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these 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 Investment Adviser’s

107

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

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

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 risk management systems and databases), subject to certain restrictions; 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 unanimously concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders and that the Management Agreements should be approved and continued with respect to each applicable Fund until June 30, 2013.

108

FUNDS PROFILE

Goldman Sachs Funds

LOGO

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 approximately $735.5 billion in assets under management as of September 30, 2012, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. GSAM’s assets under management includes assets managed by Goldman Sachs Asset Management, LP and its Investment Advisory Affiliates.

OVERVIEW OF GOLDMAN SACHS FUNDS

LOGO

Money Market¹

Financial Square Funds^SM

Financial Square Tax-Exempt Funds

Financial Square Government Fund

Financial Square Money Market Fund

Financial Square Prime Obligations Fund

Financial Square Treasury Instruments Fund

Financial Square Treasury Obligations Fund

Fixed Income

Short Duration and Government

Enhanced Income Fund

High Quality Floating Rate Fund²

Short Duration Government Fund

Short Duration Income Fund

Government Income Fund

Inflation Protected Securities Fund

Multi-Sector

Core Fixed Income Fund

Core Plus Fixed Income Fund

Global Income Fund

Strategic Income Fund

Municipal and Tax-Free

High Yield Municipal Fund

Municipal Income Fund

Short Duration Tax-Free Fund

Single Sector

Investment Grade Credit Fund

U.S. Mortgages Fund

High Yield Fund

High Yield Floating Rate Fund

Emerging Markets Debt Fund

Local Emerging Markets Debt Fund

Corporate Credit

Credit Strategies Fund

Fundamental Equity

Growth and Income Fund

Small Cap Value Fund

Mid Cap Value Fund

Large Cap Value Fund

Capital Growth Fund

Strategic Growth Fund

Focused Growth Fund

Small/Mid Cap Growth Fund

Flexible Cap Growth Fund

Concentrated Growth Fund

Technology Tollkeeper Fund

Growth Opportunities Fund

Rising Dividend Growth Fund

U.S. Equity Fund

Income Builder Fund³

Structured Equity

Structured Small Cap Equity Fund

Structured U.S. Equity Fund

Structured Small Cap Growth Fund

Structured Large Cap Growth Fund

Structured Large Cap Value Fund

Structured Small Cap Value Fund

Structured Tax-Managed Equity Fund

Structured International Tax-Managed Equity Fund

U.S. Equity Dividend and Premium Fund

International Equity Dividend and Premium Fund

Structured International Small Cap Fund

Structured International Equity Fund

Structured Emerging Markets Equity Fund

Fundamental Equity International⁴

Strategic International Equity Fund

Concentrated International Equity Fund

International Small Cap Fund

Asia Equity Fund

Emerging Markets Equity Fund

BRIC Fund (Brazil, Russia, India, China)

N-11 Equity Fund

Brazil Equity Fund

China Equity Fund

Korea Equity Fund

India Equity Fund

Select Satellite⁵

Real Estate Securities Fund

International Real Estate Securities Fund

Commodity Strategy Fund

Dynamic Allocation Fund

Absolute Return Tracker Fund

Managed Futures Strategy Fund

Retirement Portfolio Completion Fund

Total Portfolio Solutions⁵

Balanced Strategy Portfolio

Growth and Income Strategy Portfolio

Growth Strategy Portfolio

Equity Growth Strategy Portfolio

Income Strategies Portfolio

Satellite Strategies Portfolio

Retirement Strategies Portfolios⁶

Enhanced Dividend Global Equity Portfolio

Tax Advantaged Global Equity Portfolio

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.

Effective at the close of business on July 27, 2012, the Goldman Sachs Ultra-Short Duration Government Fund was renamed the Goldman Sachs High Quality Floating Rate Fund.

Effective at the close of business on June 29, 2012, the Goldman Sachs Balanced Fund was renamed the Goldman Sachs Income Builder Fund.

⁴

Since October 18, 2012, shares of the Goldman Sachs Brazil Equity, India Equity and Korea Equity Funds (each, a “Fund,” and collectively, the “Funds”) have not been available for purchase by investors. Each Fund will be liquidated pursuant to a Board-approved Plan of Liquidation on or about November 30, 2012 (the “Liquidation Date”). At any time prior to the Liquidation Date, shareholders may redeem their shares of the Funds and receive the net asset value thereof in cash or in kind, as provided in the Prospectus.

⁵

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.

⁶

Since July 28, 2012, shares of each of the Goldman Sachs Retirement Strategy Portfolios (the “Portfolios”) have not been available for purchase except to participants within certain Retirement Plans (as defined in the Prospectus). As of the close of business on December 6, 2012, shares of the Portfolios will no longer be available for purchase by any investors.

Financial Square Funds^SM is a registered service mark of Goldman, Sachs & Co.


TRUSTEES Ashok N. Bakhru, Chairman Donald C. Burke John P. Coblentz, Jr. Diana M. Daniels 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 Caroline Kraus, Secretary Scott M. McHugh, Treasurer

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 (“SEC”) web site at http://www.sec.gov.

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s web site at http://www.sec.gov within 60 days after the Funds’ first and third fiscal quarters. The Funds’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. Forms 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 are as of September 30, 2012 and may not be representative of future investments. 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.

SCHEDULE OF INVESTMENTS.

Schedule of Investments is included as part of the Report to Stockholders filed under Item 1.

ITEM 7.

DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9.

PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

ITEM 11.

CONTROLS AND PROCEDURES.

(a)

The registrant’s principal executive and principal financial officers, or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s second fiscal quarter of the period covered by this report that 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 connection with 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 filed herewith.

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

SIGNATURES

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


				Goldman Sachs Trust

By:				/s/ James A. McNamara
				James A. McNamara
				President/Principal Executive Officer
				Goldman Sachs Trust

Date:				November 19, 2012

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


By:				/s/ James A. McNamara
				James A. McNamara
				President/Principal Executive Officer
				Goldman Sachs Trust

Date:				November 19, 2012

By:				/s/ George F. Travers
				George F. Travers
				Principal Financial Officer
				Goldman Sachs Trust

Date:				November 16, 2012

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