Item 77D - POLICIES WITH RESPECT TO SECURITY INVESTMENTS:
Amendment to the investment policies for the Municipal Income Fund reducing the
Fund's minimum credit quality from a weighted average of AA or Aa to A by a
NRSRO, or, if unrated, determined by GSAM to be of comparable quality.
Amendment to the investment policies for the Short Duration Government,
Adjustable Rate Government, Global Income, Short Duration Tax-Free, Government
Income, Municipal Income and Core Fixed Income Funds to require that any insured
municipal securities acquired by the Funds are insured by insurance companies
rated, at the time of purchase, A or higher by a NRSRO, or, if unrated,
determined by GSAM to be of comparable quality.
Amendment to the investment policies for the Municipal Income Fund to eliminate
the investment limiations for corporate debt obligations, asset-backed
securities, convertible securities and structured securities.
Amendment to the investment policies for the Short Duration Tax-Free Fund to
eliminate the investment limitations for asset-backed securities, convertible
securities and structured securities, and to establish a 20% investment
limitation for corporate and debt obligations.
