Fund Description

The fund was incepted in October 1992 and is managed by Goldman Sachs Asset Management. The fund seeks a high level of current income, consistent with relatively low volatility of principal, that is exempt from regular federal income tax. The fund invests, under normal market conditions, at least 80% of its net assets in fixed-income securities issued by or on behalf of states, territories and possessions of the United States (including the District of Columbia) and the political subdivisions, agencies and instrumentalities thereof, the interest on which is exempt from regular federal income tax and is not a tax preference item under the federal alternative minimum tax. Under normal market conditions, the fund's investments in private activity bonds and taxable investments do not exceed, in the aggregate, 20% of the fund's assets. The interest from private activity bonds may be a preference item for purposes of the federal alternative minimum tax. 100% of the fund's portfolio will be invested in U.S. dollar-denominated securities. Dividends are declared daily and paid monthly. Capital gains are distributed annually.