Report of Independent Auditors
To the Shareholders and
Board of Trustees of
Goldman Sachs Trust
In planning and performing our audits of the financial statements of Goldman
Sachs Short Duration Tax-Free Fund, Goldman Sachs Municipal Income Fund,
Goldman Sachs High Yield Municipal Income Fund, Goldman Sachs Enhanced
Income Fund, Goldman Sachs Adjustable Rate Government Fund, Goldman Sachs
Short Duration Government Fund, Goldman Sachs Government Income Fund, Goldman
Sachs Core Fixed Income Fund, Goldman Sachs Global Income Fund and Goldman
Sachs High Yield Fund (ten of the funds comprising the Goldman
Sachs Trust) (collectively, the Funds) for the period ended October 31,
2000, we considered their internal control, including control
activities for safeguarding securities, to determine our auditing procedures
for the purpose of expressing our opinion on the financial statements and to
comply with the requirements of Form N-SAR, and not to provide assurance
on internal control.
The management of the Funds is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and
related costs of control. Generally, internal controls that are relevant
to an audit pertain to the entitys objective of preparing financial
statements for external purposes that are fairly presented in conformity
with generally accepted accounting principles. Those internal controls
include the safeguarding of assets against unauthorized acquisition, use, or
disposition.
Because of inherent limitations in internal control, misstatements
due to errors or fraud may occur and not be detected. Also, projections of
any evaluation of internal control to future periods are subject to the risk
that internal control may become inadequate because of changes in
conditions, or that the degree of compliance with the policies or procedures
may deteriorate.
Our consideration of internal control would not necessarily disclose all
matters in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of
one or more of the specific internal control components does not reduce
to a relatively low level the risk that errors or fraud in amounts
that would be material in relation to the financial statements being
audited may occur and not be detected within a timely period by employees in
the normal course of performing their assigned functions. However, we
noted no matters involving internal control, including control activities for
safeguarding securities, and its operation, that we
consider to be material weaknesses as defined above at October 31, 2000.
This report is intended solely for the information and use of the Board of
Trustees and management of Goldman Sachs Trust and the Securities and
Exchange Commission and is not intended to be and should not be used by anyone
other than these specified parties.
ERNST & YOUNG LLP
December 11, 2000
