<PAGE>
- --------------------------------------------------------------------------------
Goldman Sachs Money Market Trust
Institutional Liquid Assets
- --------------------------------------------------------------------------------
Taxable Portfolios
Prime Obligations Portfolio. Securities of the U.S. Government, its agencies,
authorities and instrumentalities, obligations of U.S. banks, commercial paper
and other high quality, short-term obligations of U.S. companies, and repurchase
agreements.
Money Market Portfolio. Securities of the U.S. Government, its agencies,
authorities and instrumentalities, U.S. dollar denominated obligations of U.S.
and foreign banks, U.S. dollar denominated commercial paper and other high
quality, short-term obligations of U.S. and foreign companies and foreign
governments, and repurchase agreements.
Government Portfolio. Securities of the U.S. Government, its agencies,
authorities and instrumentalities, and repurchase agreements.
Treasury Obligations Portfolio. Securities issued or guaranteed by the U.S.
Treasury and repurchase agreements.
Treasury Instruments Portfolio. Securities issued or guaranteed by the U.S.
Treasury.
Federal Portfolio. Securities of the U.S. Government and certain of its
agencies, authorities and instrumentalities, the interest income from which is
generally exempt from state income taxation.
- --------------------------------------------------------------------------------
Tax-Exempt Portfolios
Tax-Exempt Diversified Portfolio. A diversified portfolio of municipal
obligations issued by or on behalf of states, territories and possessions of the
United States and their political subdivisions, agencies, authorities and
instrumentalities, and the District of Columbia.
Tax-Exempt California Portfolio. A non-diversified portfolio consisting
primarily of municipal obligations issued by or on behalf of the State of
California, and its political subdivisions, agencies and instrumentalities and
other obligations that are exempt from federal and California state income
taxes.
Tax-Exempt New York Portfolio. A non-diversified portfolio consisting
primarily of municipal obligations issued by or on behalf of the State of New
York, and its political subdivisions, agencies and instrumentalities and other
obligations that are exempt from federal, New York state and New York City
income taxes.
- --------------------------------------------------------------------------------
1
<PAGE>
Statement of Investments
- --------------------------------------------------------------------------------
ILA Prime Obligations Portfolio
June 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Principal Interest Maturity Amortized
Amount Rate Date Cost
================================================================================
<S> <C> <C> <C>
Commercial Paper and Corporate Obligations--80.9%
Bank Holding Companies
Bank of America/(a)/
$ 15,000,000 5.92% 10/05/95 $ 15,000,000
Bankamerica Corp.
50,000,000 5.93 08/22/95 49,571,722
Bankers Trust New York Corp.
30,000,000 6.09 07/10/95 29,954,325
35,000,000 5.82 09/25/95 34,513,383
Chase Manhattan Corp.
65,000,000 5.78 11/27/95 63,445,019
Corestates Capital Corp.
20,000,000 6.09/(b)/ 12/11/95 20,000,000
First Union Corp.
50,000,000 5.94 08/14/95 49,637,000
JP Morgan and Co., Inc.
25,000,000 6.05 10/30/95 24,491,632
NationsBank Corp.
25,000,000 6.05 07/17/95 24,932,778
NationsBank of Georgia/(a)/
10,100,000 6.00 08/28/95 10,005,733
Norwest Financial Corp.
20,000,000 5.95 08/16/95 19,847,944
Business Credit Institutions
CIT Group Holdings, Inc.
25,000,000 5.60 12/04/95 24,393,333
15,000,000 5.60 12/22/95 14,594,000
15,000,000 6.40/(b)/ 12/22/95 14,994,277
General Electric Capital Corp.
10,000,000 6.66 07/07/95 9,988,900
50,000,000 5.60 12/08/95 48,755,556
Heller Financial, Inc.
25,000,000 6.07 07/10/95 24,962,063
50,000,000 6.05 07/11/95 49,915,974
Xerox Credit Corp.
10,000,000 5.95 08/03/95 9,945,458
Financial Services
National Rural Utility Co-operative
50,000,000 5.94 08/21/95 49,579,250
Life Insurance
Commonwealth Life Insurance Co.
55,000,000 6.28/(b)/ 01/08/96 55,000,000
<CAPTION>
- --------------------------------------------------------------------------------
Principal Interest Maturity Amortized
Amount Rate Date Cost
================================================================================
<S> <C> <C> <C>
Commercial Paper and Corporate Obligations
(continued)
Life Insurance (continued)
Pacific Mutual Life Insurance Co.
$ 25,000,000 6.17%/(b)/ 03/01/96 $ 25,000,000
Miscellaneous Business Services
PHH Corp.
15,000,000 6.09/(b)/ 10/03/95 14,998,119
Motor Vehicles and Equipment
Ford Motor Credit Corp.
25,000,000 5.94 08/18/95 24,802,000
40,000,000 5.55 11/28/95 39,075,000
Personal Credit Institutions
American Express Credit Corp.
25,000,000 6.04 07/10/95 24,962,250
Associates Corp. of North America
50,000,000 5.95 07/05/95 49,966,944
Household Finance Corp.
50,000,000 5.95 08/11/95 49,661,180
Transamerica Finance Corp.
50,000,000 6.05 10/27/95 49,008,472
Receivable/Asset Financings
Corporate Receivables Corp.
25,000,000 5.95 08/15/95 24,814,063
Delaware Funding Corp.
10,000,000 5.95 08/18/95 9,920,667
Falcon Asset Securitization Corp.
24,700,000 5.98 07/17/95 24,634,352
27,950,000 5.95 08/14/95 27,746,741
McKenna Triangle National Corp.
12,000,000 5.95 08/04/95 11,932,567
25,000,000 5.95 08/11/95 24,830,590
10,000,000 5.81 11/07/95 9,791,808
New Center Asset Trust
20,000,000 5.95 08/07/95 19,877,694
20,000,000 5.96 08/18/95 19,841,067
25,000,000 5.80 11/22/95 24,420,000
Security and Commodity Brokers, Dealers and Services
Bear Stearns Companies, Inc.
20,000,000 5.98 07/14/95 19,956,811
Merrill Lynch & Co., Inc.
20,000,000 6.04/(b)/ 11/27/95 19,998,389
</TABLE>
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
2
<PAGE>
- --------------------------------------------------------------------------------
ILA Prime Obligations Portfolio (continued)
June 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Principal Interest Maturity Amortized
Amount Rate Date Cost
================================================================================
<S> <C> <C> <C>
Commercial Paper and Corporate Obligations
(continued)
Security and Commodity Brokers, Dealers and Services
(continued)
Morgan Stanley Group, Inc.
$ 75,000,000 5.96% 09/01/95 $ 75,000,000
Telecommunications
AT&T Corp.
65,000,000 5.95 07/21/95 64,785,139
Tobacco
Phillip Morris Companies, Inc.
30,000,000 5.95 08/07/95 29,816,542
Water Supply and Other Sanitary Services
WMX Technologies, Inc.
15,000,000 6.56 08/01/95 14,915,267
12,000,000 6.09 11/16/95 11,719,860
9,400,000 6.09 11/28/95 9,161,475
20,100,000 5.60 12/12/95 19,587,227
- --------------------------------------------------------------------------------
Total Commercial Paper and Corporate
Obligations $1,383,752,571
- --------------------------------------------------------------------------------
Bank Notes--9.4%
American Express Centurion Bank
$ 15,000,000 6.06%/(b)/ 10/24/95 $ 14,999,527
25,000,000 6.06/(b)/ 11/29/95 24,997,932
Boatmens First National Bank, Kansas City
20,000,000 6.16/(b)/ 02/14/96 19,998,751
First American Bank of Michigan
35,000,000 6.04 08/21/95 35,000,000
Fleet National Bank of Providence
15,000,000 5.96/(b)/ 07/11/95 14,999,466
PNC Bank, N.A.
50,000,000 6.00 11/27/95 50,008,654
- --------------------------------------------------------------------------------
Total Bank Notes $ 160,004,330
- --------------------------------------------------------------------------------
U.S. Government Agency Obligations--1.4%
Federal National Mortgage Association
$ 25,050,000 5.53% 11/27/95 $ 24,464,213
- --------------------------------------------------------------------------------
Total U.S. Government Agency Obligations $ 24,464,213
- --------------------------------------------------------------------------------
<CAPTION>
- --------------------------------------------------------------------------------
Principal Interest Maturity Amortized
Amount Rate Date Cost
================================================================================
<S> <C> <C> <C>
Repurchase Agreements--10.3%
Lehman Brothers, Inc., dated 06/30/95, repurchase
price $100,052,500 (U.S. Treasury Strips: $102,003,446,
08/15/95-05/15/02)
$100,000,000 6.30% 07/03/95 $ 100,000,000
Joint Repurchase Agreement Accounts
51,600,000 6.13 07/03/95 51,600,000
23,900,000 6.23 07/03/95 23,900,000
- --------------------------------------------------------------------------------
Total Repurchase Agreements $ 175,500,000
- --------------------------------------------------------------------------------
Total Investments $1,743,721,114/(c)/
================================================================================
</TABLE>
/(a)/When issued security.
/(b)/Variable rate security--base index is one of the following:
U.S. Treasury Bill
One or three month LIBOR
One month commercial paper composite
Federal Funds
Prime lending rate
/(c)/The amount stated also represents aggregate cost for federal income tax
purposes.
The percentages shown for each investment category reflects the value of
investments in that category as a percentage of total net assets.
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
3
<PAGE>
Statement of Investments
- --------------------------------------------------------------------------------
ILA Money Market Portfolio
June 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Principal Interest Maturity Amortized
Amount Rate Date Cost
================================================================================
<S> <C> <C> <C>
Commercial Paper and Corporate Obligations--58.9%
Bank Holding Companies
Bank of New York
$ 5,000,000 5.85% 11/15/95 $ 4,888,688
Bankers Trust New York Corp.
25,000,000 6.09 07/10/95 24,961,938
10,000,000 5.82 09/25/95 9,860,967
Compagnie Bancaire USA Funding Corp.
11,500,000 6.08 07/10/95 11,482,520
NationsBank Corp.
5,000,000 6.04 11/13/95 4,886,750
Business Credit Institutions
CIT Group Holdings, Inc.
30,000,000 5.60 12/22/95 29,188,000
5,000,000 6.40/(a)/ 12/22/95 4,998,092
Eksportfinans AS
7,300,000 5.53 12/04/95 7,125,068
General Electric Capital Corp.
5,000,000 6.66 07/07/95 4,994,450
10,000,000 5.92 09/05/95 9,891,467
15,000,000 5.60 12/08/95 14,626,667
Foreign Banks
Banca CRT Financial Corp./(b)/
14,000,000 5.91 09/29/95 13,797,747
Compagnie Bancaire USA
12,780,000 5.95 08/11/95 12,693,398
6,000,000 5.95 08/25/95 5,945,458
Den Danske Corp.
15,000,000 5.83 09/19/95 14,805,667
15,000,000 6.09 10/23/95 14,710,725
IMI Funding Corp., USA
23,391,000 6.12 10/31/95 22,905,871
Skandinaviska Enskilda Banken Fund
10,000,000 6.70 07/03/95 9,996,278
Life Insurance
Commonwealth Life Insurance Co.
25,000,000 6.28/(a)/ 01/08/96 25,000,000
Miscellaneous Business Services
PHH Corp.
5,000,000 6.09/(a)/ 10/03/95 4,999,373
<CAPTION>
- --------------------------------------------------------------------------------
Principal Interest Maturity Amortized
Amount Rate Date Cost
================================================================================
<S> <C> <C> <C>
Commercial Paper and Corporate Obligations
(continued)
Motor Vehicles and Equipment
Ford Motor Credit Corp.
$ 25,000,000 5.97% 07/26/95 $ 24,896,354
10,000,000 5.55 11/28/95 9,768,750
Personal Credit Institutions
American Express Credit Corp.
25,000,000 6.04 07/10/95 24,962,250
Transamerica Finance Corp.
10,000,000 5.82 11/17/95 9,775,283
Radio and Television Equipment
Toshiba America, Inc.
10,000,000 5.80 12/11/95 9,737,389
Receivable/Asset Financings
Bowater PLC
6,794,000 5.95 08/16/95 6,742,347
Ciesco LP
5,000,000 6.05 11/02/95 4,895,806
Corporate Receivables Corp.
20,000,000 5.95 07/19/95 19,940,500
Delaware Funding Corp.
25,000,000 5.95 08/18/95 24,801,667
New Center Asset Trust
5,000,000 6.07 07/10/95 4,992,413
5,000,000 5.95 08/07/95 4,969,424
15,000,000 5.81 11/15/95 14,668,346
Security and Commodity Brokers, Dealers and Services
Bear Stearns Companies, Inc.
40,000,000 5.98 07/14/95 39,913,622
Merrill Lynch & Co., Inc.
10,000,000 5.95 08/14/95 9,927,278
10,000,000 6.06/(a)/ 09/01/95 9,999,490
5,000,000 6.04/(a)/ 11/27/95 4,999,597
Morgan Stanley Group, Inc.
35,000,000 5.96 09/01/95 35,000,000
Wholesale-Special Line
Mitsui & Co., USA
15,000,000 5.99 08/15/95 14,887,688
- --------------------------------------------------------------------------------
Total Commercial Paper and Corporate
Obligations $ 526,637,328
- --------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
4
<PAGE>
- --------------------------------------------------------------------------------
ILA Money Market Portfolio (continued)
June 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Principal Interest Maturity Amortized
Amount Rate Date Cost
================================================================================
<S> <C> <C> <C>
Bank Notes--7.3%
American Express Centurion
Bank
$ 5,000,000 6.06%/(a)/ 10/24/95 $ 4,999,842
Boatmens First National Bank, Kansas City
15,000,000 6.16/(a)/ 02/14/96 14,999,063
Fleet National Bank of Providence
10,000,000 5.96 07/11/95 9,999,644
Sanwa Bank Ltd.
10,000,000 6.07 08/22/95 10,000,540
25,000,000 6.07 08/23/95 25,001,413
- --------------------------------------------------------------------------------
Total Bank Notes $ 65,000,502
- --------------------------------------------------------------------------------
Certificate of Deposit - Foreign Eurodollar--1.1%
Dai Ichi EURO CD
$ 10,000,000 6.24% 11/09/95 $ 10,006,945
- --------------------------------------------------------------------------------
Total Certificate of Deposit - Foreign
Eurodollar $ 10,006,945
- --------------------------------------------------------------------------------
Certificates of Deposit - Yankeedollar--8.5%
Industrial Bank of Japan Ltd., New York
$ 15,000,000 6.05% 07/17/95 $ 14,999,999
15,000,000 5.93 09/26/95 14,999,930
Mitsubishi Bank Ltd., New York
15,000,000 6.73 07/24/95 15,000,000
15,000,000 5.95 09/15/95 14,998,254
Sumitomo Bank Ltd., New York
16,000,000 5.99 09/29/95 15,999,173
- --------------------------------------------------------------------------------
Total Certificates of Deposit - Yankeedollar $ 75,997,356
- --------------------------------------------------------------------------------
Sovereign Credit--4.9%
International Bank for Reconstruction and Development
World Bank
$ 20,000,000 5.55% 11/27/95 $ 19,540,583
Kingdom of Sweden
25,000,000 6.07 10/25/95 24,511,024
- --------------------------------------------------------------------------------
Total Sovereign Credit $ 44,051,607
- --------------------------------------------------------------------------------
Taxable Municipal Notes--3.3%
Florida Housing Authority (Union Bank of Switzerland LOC)
$ 29,400,000 6.10%/(a)/ 07/01/95 $ 29,400,000
- --------------------------------------------------------------------------------
Total Taxable Municipal Notes $ 29,400,000
- --------------------------------------------------------------------------------
<CAPTION>
- --------------------------------------------------------------------------------
Principal Interest Maturity Amortized
Amount Rate Date Cost
================================================================================
<S> <C> <C> <C>
Time Deposit--1.7%
Fleet National Bank of New York
$ 15,000,000 6.03% 07/10/95 $ 15,000,000
- --------------------------------------------------------------------------------
Total Time Deposit $ 15,000,000
- --------------------------------------------------------------------------------
Repurchase Agreements--16.1%
Joint Repurchase Agreement Accounts
$ 69,200,000 6.13% 07/03/95 $ 69,200,000
75,000,000 6.23 07/03/95 75,000,000
- --------------------------------------------------------------------------------
Total Repurchase Agreements $ 144,200,000
- --------------------------------------------------------------------------------
Total Investments $ 910,293,738/(c)/
================================================================================
</TABLE>
/(a)/Variable rate security-base index is one of the following:
U.S. Treasury Bill
One or three month LIBOR
One month commercial paper composite
Federal Funds
Prime lending rate
/(b)/When issued security.
/(c)/The amount stated also represents aggregate cost for federal income tax
purposes.
The percentages shown for each investment category reflects the value of
investments in that category as a percentage of total net assets.
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
5
<PAGE>
Statement of Investments
- --------------------------------------------------------------------------------
ILA Government Portfolio
June 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Principal Interest Maturity Amortized
Amount Rate Date Cost
================================================================================
<S> <C> <C> <C>
U.S. Government Agency
Obligations79.6%
Federal Farm Credit Bank
$ 20,000,000 6.33% 07/19/95 $ 19,936,700
15,000,000 6.25 07/28/95 14,929,688
17,000,000 6.12/(a)/ 05/09/96 16,994,401
Federal Home Loan Bank
30,000,000 6.27 07/27/95 29,864,150
75,000,000 5.98/(a)/ 10/06/95 74,992,227
50,000,000 5.98/(a)/ 10/20/95 49,991,090
19,000,000 5.52 11/27/95 18,565,913
11,070,000 5.65 11/27/95 10,811,131
Federal Home Loan Mortgage Corp.
25,000,000 6.25/(a)/ 06/03/96 24,950,666
Federal National Mortgage Association
20,000,000 6.65 07/17/95 19,940,889
25,000,000 6.63 07/24/95 24,894,104
50,000,000 6.39 07/27/95 49,769,250
100,000,000 5.99/(a)/ 08/25/95 100,000,000
50,000,000 5.88 09/11/95 49,412,000
40,000,000 6.03 09/25/95 39,423,800
13,245,000 5.40 11/13/95 12,976,789
25,000,000 5.55 12/07/95 24,387,188
10,000,000 5.53 12/08/95 9,754,222
20,000,000 5.62 12/18/95 19,469,222
33,500,000 6.40/(a)/ 12/20/95 33,486,690
37,075,000 5.50 12/22/95 36,089,423
Total U.S. Government Agency Obligations $ 680,639,543
Repurchase Agreements--20.6%
CS First Boston Corp., dated 04/10/95, repurchase price
$76,152,667 (FNMA: $77,617,161, 5.60%-10.00%,
05/01/09-02/01/32)
$ 75,000,000 6.08% 07/10/95 $ 75,000,000
Nomura Securities International Inc., dated 04/20/95,
repurchase price $30,516,800 (FNMA: $31,153,447,
6.00%, 10/01/08)
30,000,000 6.08 07/31/95 30,000,000
Salomon Brothers, Inc., dated 06/30/95, repurchase price
$40,020,667 (U.S. Treasury Notes: $40,811,060, 4.00%-9.00%,
01/31/96-11/30/99)
40,000,000 6.20 07/03/95 40,000,000
<CAPTION>
- --------------------------------------------------------------------------------
Principal Interest Maturity Amortized
Amount Rate Date Cost
================================================================================
<S> <C> <C> <C>
Repurchase Agreements (continued)
Joint Repurchase Agreement Account
30,800,000 6.13 07/03/95 30,800,000
- --------------------------------------------------------------------------------
Total Repurchase Agreements $ 175,800,000
- --------------------------------------------------------------------------------
Total Investments $ 856,439,543/(b)/
================================================================================
</TABLE>
/(a)/Variable rate security.
/(b)/The amount stated also represents aggregate cost for federal income tax
purposes.
The percentages shown for each investment category reflects the value of
investments in that category as a percentage of total net assets.
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
6
<PAGE>
Statement of Investments
- --------------------------------------------------------------------------------
ILA Treasury Obligations Portfolio
June 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Principal Interest Maturity Amortized
Amount Rate Date Cost
================================================================================
<S> <C> <C> <C>
U.S. Treasury Obligations--16.0%
United States Treasury Bills
$ 25,000,000 5.21% 11/30/95 $ 24,450,056
25,000,000 5.39 12/07/95 24,404,854
20,000,000 5.48 12/07/95 19,515,933
20,000,000 5.36 12/21/95 19,484,844
75,000,000 5.40 12/21/95 73,053,750
20,000,000 5.41 12/21/95 19,480,039
- --------------------------------------------------------------------------------
Total U.S. Treasury Obligations $ 180,389,476
- --------------------------------------------------------------------------------
Repurchase Agreements--84.3%
Bankers Trust Securities Corp., dated 06/21/95,
repurchase price $40,093,644 (U.S. Treasury Note:
$40,744,565, 6.50%, 05/15/97)
$ 40,000,000 6.02% 07/05/95 $ 40,000,000
Barclays de Zoete Wedd Government Securities dated
06/30/95, repurchase price: $45,022,875 (U.S. Treasury
Interest-Only Stripped Securities: $10,357,631,
05/15/96-11/15/97; U.S. Treasury Notes: $24,637,085,
4.00%-7.38%, 01/31/96-04/30/00; U.S. Treasury Bill:
$10,905,652, 08/17/95)
45,000,000 6.10 07/03/95 45,000,000
CS First Boston Corp. dated 06/30/95, repurchase price
$45,038,125 (U.S. Treasury Bills: $45,216,949,
11/09/95-05/30/96)
45,000,000 6.10 07/05/95 45,000,000
Deutsche Bank Securities Corp., dated 6/30/95, repurchase
price $45,022,988 (U.S. Treasury Note:
$45,892,511, 6.50%, 12/31/96)
45,000,000 6.13 07/03/95 45,000,000
Lehman Government Securities, Inc., dated 06/21/95,
repurchase price $40,093,800 (U.S. Treasury Notes:
$40,603,504, 6.50%-7.88%, 01/15/98-04/30/99)
40,000,000 6.03 07/05/95 40,000,000
Merrill Lynch Government Securities Inc., dated 05/12/95,
repurchase price $30,376,833 (U.S. Treasury Notes:
$30,863,707, 4.25%-6.75%, 05/15/96-05/31/99)
30,000,000 5.95 07/27/95 30,000,000
Morgan Stanley & Co., Inc., dated 5/17/95, repurchase
price $30,451,208 (U.S. Treasury Note: $31,077,367,
5.13%, 03/31/98)
30,000,000 5.95 08/16/95 30,000,000
<CAPTION>
- --------------------------------------------------------------------------------
Principal Interest Maturity Amortized
Amount Rate Date Cost
================================================================================
<S> <C> <C> <C>
Repurchase Agreements (continued)
Nikko Securities Co. International, dated 6/30/95,
repurchase price $45,022,875 (U.S. Treasury Notes:
$45,895,380, 7.50%, 11/15/01)
$ 45,000,000 6.10% 07/03/95 $ 45,000,000
Smith Barney, Inc., dated 06/23/95, repurchase price
$40,080,267 (U.S. Treasury Notes: $40,684,971, 6.50%-7.00%,
09/30/96 - 04/30/96)
40,000,000 6.02 07/05/95 40,000,000
Swiss Bank Corp. Government Securities, Inc., dated
05/05/95, repurchase price $35,521,500 (U.S. Treasury
Notes: $35,833,163, 7.50%-8.50%, 11/15/95-12/31/96)
35,000,000 5.96 08/03/95 35,000,000
UBS Securities, Inc., dated 06/30/95, repurchase price
$45,037,813 (U.S. Treasury Note: $912,103, 6.13%,
05/15/98; U.S. Treasury Bill: $45,025,614, 12/28/95)
45,000,000 6.05 07/05/95 45,000,000
Joint Repurchase Agreement Account
510,000,000 6.13 07/03/95 510,000,000
- --------------------------------------------------------------------------------
Total Repurchase Agreements $ 950,000,000
- --------------------------------------------------------------------------------
Total Investments $1,130,389,476/(a)/
================================================================================
</TABLE>
/(a)/The amount stated also represents aggregate cost for federal income tax
purposes.
The percentages shown for each investment category reflects the value of
investments in that category as a percentage of total net assets.
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
7
<PAGE>
Statement of Investments
- --------------------------------------------------------------------------------
ILA Treasury Instruments Portfolio
June 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Principal Interest Maturity Amortized
Amount Rate Date Cost
================================================================================
<S> <C> <C> <C>
U.S. Treasury Obligations--99.0%
United States Treasury Bills
$ 50,000,000 5.36% 08/17/95 $ 49,650,111
2,400,000 5.43 08/17/95 2,383,002
15,000,000 5.49 08/24/95 14,876,475
91,300,000 5.72 08/24/95 90,516,646
31,100,000 5.51 08/31/95 30,809,902
20,000,000 5.45 09/28/95 19,730,775
10,500,000 5.51 09/28/95 10,357,099
United States Treasury Notes
6,300,000 8.88 07/17/95 6,307,307
50,270,000 4.25 07/31/95 50,216,326
46,660,000 4.63 08/15/95 46,597,942
100,000,000 8.50 08/15/95 100,339,007
50,000,000 10.50 08/15/95 50,277,549
181,000,000 3.88 08/31/95 180,439,672
- --------------------------------------------------------------------------------
Total U.S. Treasury Obligations $ 652,501,813
- --------------------------------------------------------------------------------
Total Investments $ 652,501,813/(a)/
================================================================================
</TABLE>
/(a)/The amount stated also represents aggregate cost for federal income tax
purposes.
The percentages shown for each investment category reflects the value of
investments in that category as a percentage of total net assets.
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
8
<PAGE>
Statement of Investments
- --------------------------------------------------------------------------------
ILA Federal Portfolio
June 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Principal Interest Maturity Amortized
Amount Rate Date Cost
================================================================================
<S> <C> <C> <C>
U.S. Government Agency Obligations--100.1%
Federal Farm Credit Bank
$ 24,900,000 5.90% 07/05/95 $ 24,883,677
19,000,000 6.67 07/05/95 18,999,820
37,000,000 5.93 07/06/95 36,969,526
25,000,000 6.50 07/06/95 24,977,431
50,000,000 6.45 07/07/95 49,946,250
2,800,000 5.89 07/10/95 2,795,877
22,000,000 6.00 07/10/95 21,967,028
50,000,000 5.83 07/12/95 49,910,931
19,000,000 5.86 07/13/95 18,962,887
20,000,000 5.87 07/13/95 19,960,867
25,000,000 5.83 07/14/95 24,947,368
100,000,000 5.84 07/25/95 99,610,667
8,700,000 5.80 08/03/95 8,653,745
50,000,000 5.82 08/07/95 49,700,917
17,000,000 5.79 08/10/95 16,890,633
50,000,000 6.15/(a)/ 08/14/95 49,991,212
16,500,000 5.87 08/15/95 16,378,931
22,425,000 5.65 10/31/95 22,014,623
24,000,000 5.54 11/22/95 23,468,160
42,500,000 5.65 11/29/95 41,492,809
20,470,000 5.59 12/04/95 19,974,148
20,000,000 5.48 12/05/95 19,522,022
2,000,000 5.48 12/06/95 1,951,898
10,000,000 5.54 12/18/95 9,738,389
24,000,000 6.33/(a)/ 01/26/96 23,987,116
125,000,000 5.90 02/01/96 125,000,000
24,000,000 6.29/(a)/ 03/21/96 23,997,293
50,000,000 6.12/(a)/ 05/09/96 49,983,533
Federal Home Loan Bank
84,900,000 5.97 07/05/95 84,843,730
20,000,000 5.88 07/06/95 19,983,667
9,250,000 5.91 07/06/95 9,242,407
2,900,000 5.96 07/06/95 2,897,599
9,320,000 5.96 07/07/95 9,310,742
16,500,000 6.58 07/07/95 16,481,905
15,000,000 5.92 07/10/95 14,977,800
65,800,000 5.88 07/11/95 65,692,527
42,700,000 5.87 07/17/95 42,588,600
70,275,000 5.88 07/20/95 70,056,913
40,000,000 5.89 07/21/95 39,869,111
<CAPTION>
- --------------------------------------------------------------------------------
Principal Interest Maturity Amortized
Amount Rate Date Cost
================================================================================
<S> <C> <C> <C>
U.S. Government Agency Obligations (continued)
Federal Home Loan Bank (continued)
$ 35,000,000 5.86% 07/24/95 $ 34,868,964
26,740,000 10.30 07/25/95 26,794,969
80,000,000 5.87 08/15/95 79,413,000
51,000,000 5.53 09/05/95 50,482,945
100,000,000 5.98/(a)/ 10/06/95 99,989,636
40,000,000 5.98 10/10/95 39,328,911
50,000,000 5.98/(a)/ 10/20/95 49,995,160
37,985,000 5.53 11/27/95 37,115,597
40,000,000 5.65 11/27/95 39,064,611
25,000,000 5.53 11/29/95 24,420,118
6,000,000 5.60 12/12/95 5,846,933
11,500,000 5.61 12/12/95 11,206,098
14,500,000 5.54 12/13/95 14,131,821
50,000,000 5.94/(a)/ 12/15/95 49,986,406
5,000,000 5.51 12/20/95 4,868,372
45,000,000 5.82/(a)/ 08/05/96 44,926,538
Student Loan Marketing Association
117,500,000 5.56/(a)/ 09/14/95 117,497,636
20,000,000 5.59/(a)/ 10/12/95 19,993,563
Tennessee Valley Authority
100,000,000 5.90 07/05/95 99,934,444
20,000,000 5.90 07/06/95 19,983,611
25,000,000 5.91 07/13/95 24,950,750
- --------------------------------------------------------------------------------
Total U.S. Government Agency Obligations $2,167,422,842
- --------------------------------------------------------------------------------
Total Investments $2,167,422,842/(b)/
================================================================================
</TABLE>
/(a)/Variable rate security-base index is one of the following:
U.S. Treasury Bill
One or three month LIBOR
Federal Funds
Prime lending rate
/(b)/The amount stated also represents aggregate cost for federal income tax
purposes.
The percentages shown for each investment category reflects the value of
investments in that category as a percentage of total net assets.
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
9
<PAGE>
Statement of Investments
- --------------------------------------------------------------------------------
ILA Tax-Exempt Diversified Portfolio
June 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Principal Interest Maturity Amortized
Amount Rate Date Cost
================================================================================
<S> <C> <C> <C>
Alabama--5.9%
City of Montgomery, AL for Baptist Medical Center
VRDN (Amsouth Bank LOC)(Aa3/MIG-1)
$ 17,000,000 4.10% 07/07/95 $ 17,000,000
Columbia, AL IDB PCRB 1995 Series B VRDN (Alabama
Power Company)(A-1/MIG-1)
15,000,000 4.35 07/01/95 15,000,000
Gadsden City, AL Industrial Development Bond Series 1994
for Alabama Power VRDN(A-1/MIG-1)
6,150,000 4.35 07/01/95 6,150,000
Homewood, AL VRDN for Samford University (Dai-Ichi
Kangyo LOC)(Aa3/MIG-1)
10,000,000 4.20 07/07/95 10,000,000
Jefferson County, AL MF Hsg. for Hickory Knolls Project
VRDN (Amsouth Bank LOC)(A-1/MIG-1)
4,165,000 4.20 07/07/95 4,165,000
Mobile County, AL IDA PCR for M+T Chemicals VRDN
(Bankers Trust LOC)(Aa2/MIG-1)
3,000,000 4.25 07/07/95 3,000,000
Mobile, AL IDA PCRB For Alabama Power Series 1993A
(A-1/MIG-1)
8,600,000 4.20 07/07/95 8,600,000
Parrish, AL IDA PCRB for Alabama Power VRDN
(A-1/MIG-1)
17,550,000 4.35 07/01/95 17,550,000
- --------------------------------------------------------------------------------
$ 81,465,000
- --------------------------------------------------------------------------------
Alaska--0.7%
City of Valdez, AK Marine RB 1994 Series B VRDN
(A-1/MIG-1)
$ 10,000,000 4.10% 07/07/95 $ 10,000,000
- --------------------------------------------------------------------------------
Arizona--0.3%
City of Phoenix IDA MF Hsg. for Del Mar Terrace
Apartments VRDN (Bank of America LOC)(MIG-1)
$ 3,800,000 3.80% 07/07/95 $ 3,800,000
Maricopa County, AZ PCRB Series 1994C for Arizona
Public Service VRDN (Toronto Dominion LOC)(A-1+)
1,000,000 4.50 07/01/95 1,000,000
- --------------------------------------------------------------------------------
$ 4,800,000
- --------------------------------------------------------------------------------
California--11.1%
California Health Facility Finance Authority RB Series
1990A VRDN (Swiss Bank LOC)(A-1+/MIG-1)
$ 5,400,000 4.10% 07/07/95 $ 5,400,000
<CAPTION>
- --------------------------------------------------------------------------------
Principal Interest Maturity Amortized
Amount Rate Date Cost
================================================================================
<S> <C> <C> <C>
California (continued)
California Schools Cash Reserve Authority(SP-1/MIG-1)
$ 5,000,000 4.75% 07/03/96 $ 5,000,000
City of Fremont MF Hsg. VRDN Series 1985 D-Creekside
Village Apartment Project (Fuji Bank LOC)(MIG-1)
500,000 4.15 07/07/95 500,000
City of San Francisco, CA USD TRANS(SP-1+/MIG-1)
18,000,000 4.75 08/24/95 18,014,553
Humboldt County TRANS 1994-95(SP-1+)
9,000,000 4.75 08/01/95 9,003,809
Los Angeles County, CA TRANS(SP-1/MIG-1)/(a)/
37,000,000 4.50 07/01/96 37,247,900
State of California RAWS Series C (Bank of America/Banque
Nationale de Paris/Bank of Nova Scotia/Chemical/
CIBC/Citibank/Morgan Guaranty Trust Co./Credit
Suisse/National Westminster Bank/Societe General/Swiss
Bank Corp./Sumitomo Bank Ltd./Toronto Dominion Bank/
Westdeutsche Landesbank Girozentrale LOC)(Sp-1/MIG-1)
76,940,000 5.75 04/25/96 77,824,093
- --------------------------------------------------------------------------------
$ 152,990,355
- --------------------------------------------------------------------------------
Colorado--0.4%
Colorado Student Obligation Bond Authority Series 1990 C
(Fuji Bank LOC)(Aa3/MIG-1)
$ 4,900,000 4.30% 07/07/95 $ 4,900,000
- --------------------------------------------------------------------------------
Connecticut--1.6%
State of Connecticut GO VRDN Economic Recovery Notes
Series B(A-1+/MIG-1)
$ 1,200,000 3.95% 07/07/95 $ 1,200,000
State of Connecticut Series 1993 Unemployment RB VRDN
(Mitsubishi Bank LOC)(A-1+/MIG-1)
20,510,000 4.20 07/07/95 20,510,000
- --------------------------------------------------------------------------------
$ 21,710,000
- --------------------------------------------------------------------------------
District of Columbia--1.1%
District of Columbia VRDN ACES-Series 1988 B-E Georgetown
University(A-1+/VMIG-1)
$ 7,975,000 4.30% 07/07/95 $ 7,975,000
HFA MF Hsg. for McLean Gardens South Apartments VRDN
(Sumitomo Bank LOC)(MIG-1)
7,000,000 4.30 07/07/95 7,000,000
- --------------------------------------------------------------------------------
$ 14,975,000
- --------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
10
<PAGE>
- --------------------------------------------------------------------------------
ILA Tax-Exempt Diversified Portfolio (continued)
June 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Principal Interest Maturity Amortized
Amount Rate Date Cost
================================================================================
<S> <C> <C> <C>
Florida--6.2%
Brevard County, FL IDA for Lockheed Space Company Project
VRDN (Bankers Trust LOC)(Aa2)
$ 4,000,000 4.25% 07/07/95 $ 4,000,000
Dade County, FL Water & Sewer Series 1994 VRDN
(FGIC)(A-1+/MIG-1)
17,700,000 4.20 07/07/95 17,700,000
Florida Local Government Pooled CP Notes (First Union
National Bank of Florida LOC)(A-1+/P-1)
2,145,000 3.35 07/25/95 2,145,000
22,886,000 3.95 08/29/95 22,886,000
7,060,000 3.60 09/12/95 7,060,000
Jacksonville Electric Authority Systems Tax-Exempt CP
Notes Series D-1(A-1+/P-1)
6,100,000 4.20 09/18/95 6,100,000
Putnam County Development Authority for Seminole
Electric H-1 VRDN (CFC)(A-1/MIG-1)
25,800,000 4.30 07/07/95 25,800,000
- --------------------------------------------------------------------------------
$ 85,691,000
- --------------------------------------------------------------------------------
Georgia--14.4%
Albany Dougherty, GA PCRB Series 1991 for Georgia Power
VRDN(MIG-1)
$ 2,120,000 4.15% 07/07/95 $ 2,120,000
Albany Dougherty, GA PCRB for Philip Morris Company
VRDN(A-1/P-1)
8,400,000 4.15 07/07/95 8,400,000
Burke County, GA PCRB for Georgia Power Company
Vogtle Project VRDN(A-1+)
9,000,000 4.15 07/07/95 9,000,000
Burke County, GA PCRB Ogelthorpe Power Corp. Series
1992 A (Credit Suisse LOC)(A-1+/P-1)
10,000,000 3.95 09/07/95 10,000,000
Cobb County Development Authority PCRB First Series
1991 for Georgia Power(Aa3)
2,330,000 4.15 07/07/95 2,330,000
Cobb County, GA Power Operations Inc. VRDN (Trust
Company Bank)(Aa3)
4,890,000 4.15 07/07/95 4,890,000
Columbus, GA Hospital Authority for Saint Francis
Hospital VRDN(Aa3/MIG-1)
7,750,000 4.15 07/07/95 7,750,000
<CAPTION>
- --------------------------------------------------------------------------------
Principal Interest Maturity Amortized
Amount Rate Date Cost
================================================================================
<S> <C> <C> <C>
Georgia (continued)
Dekalb County GA, IDA for Siemens Energy and
Automation Inc.(P-1)
$ 3,750,000 4.20% 07/07/95 $ 3,750,000
Development Authority Burke County, GA Pollution
Control RB Second Series 1995(A-1/MIG-1)
38,300,000 4.35 07/01/95 38,300,000
Fulco, GA Hospital Authority for Piedmont Hospital
VRDN (Trust Company Bank LOC)(A-1+)
4,915,000 4.15 07/07/95 4,915,000
Henry County, GA IDA PCRB for Georgia Pacific Corp.
VRDN (Trust Company LOC)(Aa3)
4,000,000 4.15 07/07/95 4,000,000
Municipal Electric Authority of Georgia Short Term BANS
CP(A-1/MIG-1)
5,000,000 4.05 07/19/95 5,000,000
4,000,000 4.15 07/19/95 4,000,000
10,000,000 4.15 07/20/95 10,000,000
13,920,000 4.30 07/25/95 13,920,000
20,000,000 3.80 08/07/95 20,000,000
16,830,000 4.25 08/08/95 16,830,000
2,900,000 4.25 08/09/95 2,900,000
4,685,000 4.30 08/16/95 4,685,000
10,800,000 4.20 09/11/95 10,800,000
8,000,000 4.25 09/15/95 8,000,000
Municipal Electric Authority of Georgia Subordinate
General Resolution Series C(A-1/MIG-1)
3,000,000 4.90 03/01/96 3,009,578
Savannah, GA Economic Development Authority PCRB for
Savannah Electric & Power VRDN(A-1/MIG-1)
4,085,000 4.15 07/07/95 4,085,000
- --------------------------------------------------------------------------------
$ 198,684,578
- --------------------------------------------------------------------------------
Hawaii--0.2%
Hawaii Housing Finance and Development Authority VRDN
(Federal Home Loan Bank LOC)(A-1+)
$ 2,200,000 4.10% 07/07/95 $ 2,200,000
- --------------------------------------------------------------------------------
Illinois--4.2%
Belleville, IL IDA for Weyerhaeuser Company Series 1993
VRDN(A-1)
$ 1,800,000 4.20% 07/07/95 $ 1,800,000
</TABLE>
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
11
<PAGE>
Statement of Investments
- --------------------------------------------------------------------------------
ILA Tax-Exempt Diversified Portfolio (continued)
June 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Principal Interest Maturity Amortized
Amount Rate Date Cost
================================================================================
<S> <C> <C> <C>
Illinois (continued)
Illinois Health Facilities Authority Series 1993 Resurrection
Healthcare System VRDN(A-1/MIG-1)
$ 6,000,000 4.65% 07/01/95 $ 6,000,000
Illinois Health Facilities Authority VRDN Series 1985 C
and D-Revolving Fund Pooled Finance Program (First
National Bank of Chicago LOC)(A-1/MIG-1)
40,200,000 4.20 07/07/95 40,200,000
Sauget Village of IL PCRB VRDN Series 1993(A-1/P-1)
9,335,000 4.10 07/07/95 9,335,000
- --------------------------------------------------------------------------------
$ 57,335,000
- --------------------------------------------------------------------------------
Indiana--2.9%
Fort Wayne Parkview Memorial Hospital VRDN Series
1985 B, C & D (Fuji Bank LOC)(Aa3/MIG-1)
$ 18,855,000 4.20% 07/07/95 $ 18,855,000
Indiana Health Facility for Methodist Hospital VRDN
(A-1+/MIG-1)
11,500,000 4.15 07/07/95 11,500,000
Schereville Economic Development VRDN Series 1983 Avery
International Corp. Project (Bankers Trust LOC)(Aa2)
4,000,000 4.13 07/07/95 4,000,000
Warrick County PCRB Series 1992 VRDN for Aluminum
Company of America(A-1)
6,000,000 4.15 07/07/95 6,000,000
- --------------------------------------------------------------------------------
$ 40,355,000
- --------------------------------------------------------------------------------
Iowa--1.3%
Louisa County, IA PCRB for Midwest Power Systems VRDN
(A-1/MIG-1)
$ 15,000,000 4.35% 07/07/95 $ 15,000,000
Salix IA PCRB for Midwest Power Systems Inc. VRDN
(A-1/MIG-1)
2,300,000 4.00 07/07/95 2,300,000
- --------------------------------------------------------------------------------
$ 17,300,000
- --------------------------------------------------------------------------------
Kentucky--2.1%
Mason County, KT Variable/Fixed Rate PCRB Pooled for
East Kentucky Power Facility VRDN (CFC)(A-1+/Aa3)
$ 29,000,000 4.30% 07/07/95 $ 29,000,000
- --------------------------------------------------------------------------------
Maryland--1.0%
Anne Arundel County, MD for Baltimore Gas & Electric
Company(A-1/MIG-1)
$ 1,000,000 4.20% 08/08/95 $ 1,000,000
7,380,000 4.20 08/11/95 7,380,000
<CAPTION>
- --------------------------------------------------------------------------------
Principal Interest Maturity Amortized
Amount Rate Date Cost
================================================================================
<S> <C> <C> <C>
Maryland (continued)
City of Frederick, MD GO Bond VRDN (Fuji Bank LOC)
(Aa3/MIG-1)
$ 5,600,000 4.25% 07/07/95 $ 5,600,000
- --------------------------------------------------------------------------------
$ 13,980,000
- --------------------------------------------------------------------------------
Massachusetts--1.2%
Massachusetts State Health & Education Facility Authority
RB, Capital Asset Program Series G-1 (MBIA)(A-1+/VMIG-1)
$ 5,200,000 3.75% 07/07/95 $ 5,200,000
Massachusetts State Health & Education for Harvard
University(A-1+/VMIG-1)
11,100,000 3.55 07/07/95 11,100,000
- --------------------------------------------------------------------------------
$ 16,300,000
- --------------------------------------------------------------------------------
Minnesota--1.5%
Becker, MN Series 1993A for Northern State Power
(A-1+/VMIG-1)
$ 8,400,000 3.85% 08/09/95 $ 8,400,000
Minnesota State Higher Education Facility for Carleton
College Series 3-12 VRDN(MIG-1)
6,000,000 3.80 07/07/95 6,000,000
White Bear Lake, MN IDA for Weyerhaeuser Company
Series 1993 VRDN(A-1)
6,800,000 4.20 07/07/95 6,800,000
- --------------------------------------------------------------------------------
$ 21,200,000
- --------------------------------------------------------------------------------
Mississippi--0.7%
Clairborne County, MS for Southern Mississippi Electric Power
Association Project Pooled Series 1985G (CFC)(A-1+/P-1)
$ 3,000,000 4.05% 07/19/95 $ 3,000,000
1,700,000 4.20 08/17/95 1,700,000
Mississippi Hospital Equipment Facilities VRDN, Series
1990B for Baptist Medical Center (Sanwa Bank LOC)(MIG-1)
5,500,000 4.40 07/07/95 5,500,000
- --------------------------------------------------------------------------------
$ 10,200,000
- --------------------------------------------------------------------------------
Missouri--0.7%
Kansas City Cloversett IDA MFH RB Series 1988 VRDN
(Boatmen's Bank of Kansas City LOC)(A-1+)
$ 8,845,000 4.40% 07/07/95 $ 8,845,000
Missouri Health Facility VRDN for Sisters of Mercy
Series A,B,C(A-1+/MIG-1)
700,000 4.00 07/07/95 700,000
- --------------------------------------------------------------------------------
$ 9,545,000
- --------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
12
<PAGE>
- --------------------------------------------------------------------------------
ILA Tax-Exempt Diversified Portfolio (continued)
June 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Principal Interest Maturity Amortized
Amount Rate Date Cost
================================================================================
<S> <C> <C> <C>
Montana--1.4%
City of Forsyth, Rosebud County, MT PCRB Series 1988
for Pacificorp (Industrial Bank of Japan LOC)(A-1/P-1)
$ 14,900,000 3.95% 07/20/95 $ 14,900,000
Montana State Board of Investments VRDN Payroll Tax
Bonds (A/MIG-1)
1,000,000 4.10 07/07/95 1,000,000
Montana State Health Facility Pooled Loan Program
Series A VRDN (FGIC)(A-1+/MIG-1)
3,900,000 4.05 07/07/95 3,900,000
- --------------------------------------------------------------------------------
$ 19,800,000
- --------------------------------------------------------------------------------
Nebraska--0.3%
Lancaster County, NE IDA for AS Mid-America Project
VRDN (Heller Financial GTD)(A-1)
$ 4,200,000 4.33% 07/07/95 $ 4,200,000
- --------------------------------------------------------------------------------
New Mexico--0.1%
Albuquerque City, NM Sisters of Charity Healthcare
VRDN(A-1+/MIG-1)
$ 1,000,000 3.95% 07/07/95 $ 1,000,000
- --------------------------------------------------------------------------------
New York--0.5%
IDA Civic Facility RB, Cold Spring Harbor Labs
Series 1989 VRDN (Morgan Guaranty Trust Co.)(A-1+)
$ 600,000 4.40% 07/01/95 $ 600,000
City of Yonkers IDA Series 1991 Civic Facility VRDN
(Industrial Bank of Japan LOC)(MIG-1)
1,400,000 3.95 07/07/95 1,400,000
New York City Water Finance Authority Water & Sewer
System RB (FGIC)(A-1+/VMIG-1)
2,000,000 4.50 07/01/95 2,000,000
New York City GO (UBS LOC)(A-1+/MIG-1)
1,100,000 4.50 07/01/95 1,100,000
New York City Muni Water Finance Authority VRDN
Fiscal 1993 Series C (FGIC)(A-1+/MIG-1)
100,000 4.25 07/01/95 100,000
Syracuse University IDA VRDN (JP Morgan LOC)
(A-1+/MIG-1)
2,200,000 4.35 07/01/95 2,200,000
- --------------------------------------------------------------------------------
$ 7,400,000
- --------------------------------------------------------------------------------
North Carolina--4.3%
Charlotte City, NC VRDN Airport Refunding RB
Series 1993A (MBIA)(A-1+/VMIG-1)
$ 28,900,000 3.15% 07/07/95 $ 28,900,000
<CAPTION>
- --------------------------------------------------------------------------------
Principal Interest Maturity Amortized
Amount Rate Date Cost
================================================================================
<S> <C> <C> <C>
North Carolina (continued)
North Carolina Eastern Municipal Power Agency System
Series 1988 (Morgan Guaranty Trust Company/
UBS LOC)(A-1+)
$ 2,400,000 3.60% 09/07/95 $ 2,400,000
Rockingham County, NC IDA PCRB for Philip Morris
Company VRDN(A-1+/P-1)
3,960,000 4.15 07/07/95 3,960,000
Wake County, NC PCRB for Carolina Power & Light
(Fuji Bank LOC)(A-1/P-1)
10,000,000 4.00 08/07/95 10,000,000
14,000,000 4.25 10/11/95 14,000,000
- --------------------------------------------------------------------------------
$ 59,260,000
- --------------------------------------------------------------------------------
Ohio--1.3%
City of Columbus, OH Electric System Series 1984 VRDN
(Dai Ichi Kangyo Bank Ltd., NY LOC)(MIG-1)
$ 11,480,000 3.65% 07/07/95 $ 11,480,000
Cleveland-Cuyahoga County Port Authority, OH
Rock & Roll Hall of Fame VRDN (Credit Local de
France LOC)(A-1+)
6,000,000 4.15 07/07/95 6,000,000
- --------------------------------------------------------------------------------
$ 17,480,000
- --------------------------------------------------------------------------------
Oklahoma--1.4%
Tulsa, OK IDA for St. Johns Medical Center Series
1987 B VRDN(A-1+/MIG-1)
$ 14,040,000 4.13% 07/07/95 $ 14,040,000
Tulsa, OK IDA for University of Tulsa Project VRDN
(Fuji Bank LOC)(MIG-1)
5,000,000 4.25 07/07/95 5,000,000
- --------------------------------------------------------------------------------
$ 19,040,000
- --------------------------------------------------------------------------------
Oregon--1.8%
Lane County, OR PCRB Series 1994 Weyerhaeuser
Company VRDN(A-1)
$ 6,500,000 4.20% 07/07/95 $ 6,500,000
Portland, OR for Columbia Grain Inc. Project VRDN
(Fuji Bank/Bank of Tokyo LOC)(MIG-1)
17,650,000 4.25 07/07/95 17,650,000
- --------------------------------------------------------------------------------
$ 24,150,000
- --------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
13
<PAGE>
Statement of Investments
- --------------------------------------------------------------------------------
ILA Tax-Exempt Diversified Portfolio (continued)
June 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Principal Interest Maturity Amortized
Amount Rate Date Cost
================================================================================
<S> <C> <C> <C>
Pennsylvania--0.9%
Allegheny County, PA IDA PCRB Series 1985 for U.S.
Steel Corp. (Norinchukin Bank LOC)(A-1+/P-1)
$ 1,600,000 4.25% 08/09/95 $ 1,600,000
11,000,000 4.20 09/11/95 11,000,000
- --------------------------------------------------------------------------------
$ 12,600,000
- --------------------------------------------------------------------------------
Puerto Rico--0.2%
Puerto Rico Government Bank, Tax-Exempt CP Program(A-1+)
$ 2,680,000 3.90% 07/20/95 $ 2,680,000
- --------------------------------------------------------------------------------
South Carolina--0.8%
York County Floating/Fixed Rate PCRB Pooled
Series 1984-North Carolina Electric Membership Corp.
VRDN (CFC)(A-1+/MIG-1)
$ 11,650,000 4.30% 07/07/95 $ 11,650,000
- --------------------------------------------------------------------------------
Tennessee--0.2%
Memphis, TN General Improvement Bond Series 1985 B
VRDN (Sanwa Bank LOC)(Aa3/MIG-1)
$ 3,000,000 4.25% 07/07/95 $ 3,000,000
- --------------------------------------------------------------------------------
Texas--23.1%
Belton, TX IDRB for H.E. Butt Grocery Project VRDN
(Texas Commerce Bank LOC)(P-1)
$ 5,175,000 4.35% 07/07/95 $ 5,175,000
Brazos Harbor Authority VRDN for Monsanto Company
(A-1/P-1)
11,200,000 4.10 07/07/95 11,200,000
Brazos River Harbor Navigation District for Dow
Chemical(A-1/P-1)
16,300,000 4.45 07/24/95 16,300,000
City of Ft. Worth, TX Water & Sewer System CP Notes
Series A(A-1+/P-1)
13,000,000 3.25 08/07/95 13,000,000
5,000,000 4.05 08/08/95 5,000,000
12,230,000 4.20 08/08/95 12,230,000
City of San Antonio, TX Water System CP Notes (A-1/P-1)
8,000,000 3.70 08/04/95 8,000,000
6,000,000 4.45 08/16/95 6,000,000
Gulf Coast Waste Disposal Authority TX PCRB for
Monsanto Co. VRDN(A-1/P-1)
2,925,000 4.10 07/07/95 2,925,000
Harris County Health Facility, TX Health Care System(MIG-1)
2,900,000 4.15 08/29/95 2,900,000
<CAPTION>
- --------------------------------------------------------------------------------
Principal Interest Maturity Amortized
Amount Rate Date Cost
================================================================================
<S> <C> <C> <C>
Texas (continued)
Harris County Hospital for Texas Children's Hospital
VRDN(MIG-1)
$ 12,700,000 4.00% 07/07/95 $ 12,700,000
Harris County, TX Industrial Development Corp.,
PCRB 1984 B for Exxon Corp. VRDN(A-1+)
1,700,000 4.25 07/01/95 1,700,000
Lower Colorado River Authority CP Program(A-1+/P-1)
10,000,000 4.20 08/14/95 10,000,000
12,000,000 3.95 09/14/95 12,000,000
Nueces River Authority (San Miguel) UPDATE
(A-1+/MIG-1)
25,000,000 3.40 08/09/95 25,000,000
25,700,000 3.30 09/06/95 25,700,000
San Antonio, TX Electric & Gas Systems CP Notes
Series A(A-1+/P-1)
5,000,000 4.05 07/19/95 5,000,000
6,800,000 4.15 07/19/95 6,800,000
State of Texas TRANS(SP-1+/MIG-1)
124,500,000 5.00 08/31/95 124,623,461
Texas A&M University Board of Regents Series B
(A-1+/VMIG-1)
2,800,000 4.15 08/29/95 2,800,000
Texas Public Finance Authority Tax-Exempt CP Revenue
Notes, Series B(A-1+/P-1)
10,000,000 4.20 10/03/95 10,000,000
- --------------------------------------------------------------------------------
$ 319,053,461
- --------------------------------------------------------------------------------
Utah--2.5%
Intermountain Power Agency, UT Power Supply
Series E(A-1+/VMIG-1)
$ 5,100,000 4.55% 08/14/95 $ 5,100,000
29,250,000 4.20 08/16/95 29,250,000
- --------------------------------------------------------------------------------
$ 34,350,000
- --------------------------------------------------------------------------------
Virginia--3.0%
IDA Chesapeake PCRB Series 1985-Virginia Electric &
Power Co. (A-1/P-1)
$ 2,000,000 4.20% 08/09/95 $ 2,000,000
</TABLE>
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
14
<PAGE>
- --------------------------------------------------------------------------------
ILA Tax-Exempt Diversified Portfolio (continued)
June 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Principal Interest Maturity Amortized
Amount Rate Date Cost
================================================================================
<S> <C> <C> <C>
Virginia (continued)
IDA of Louisa PCRB Series 1984-Virginia Electric &
Power Co. Project(A-1/P-1)
$ 3,000,000 4.10% 07/19/95 $ 3,000,000
3,700,000 4.10 07/26/95 3,700,000
4,000,000 4.10 08/03/95 4,000,000
4,000,000 4.00 08/08/95 4,000,000
4,000,000 3.70 08/18/95 4,000,000
IDA of York County PCRB Series 1985-Virginia Electric &
Power Co.(A-1/P-1)
7,600,000 3.95 07/20/95 7,600,000
2,000,000 4.10 07/20/95 2,000,000
2,900,000 4.20 08/09/95 2,900,000
Roanoke, VA IDA Hospital RB for Roanoke Memorial
Hospital Project A VRDN (Morgan Guaranty
Trust Co. LOC)(A-1+/MIG-1)
2,100,000 4.50 07/01/95 2,100,000
Spotsylvania, VA IDA for Carlisle Corporation (Trust
Company Bank LOC)(Aa3)
6,500,000 4.15 07/07/95 6,500,000
- --------------------------------------------------------------------------------
$ 41,800,000
- --------------------------------------------------------------------------------
Washington--2.2%
Port of Grays Harbor, VA IDA for Weyerhaeuser Project
Series 1992 VRDN(A-1)
$ 6,850,000 4.20% 07/07/95 $ 6,850,000
Union Gap City IDA for Weyerhaeuser Project
Series 1992 VRDN(A-1)
1,600,000 4.20 07/07/95 1,600,000
Washington Health Care Facility Authority
(Sisters of Providence) Series 1985D VRDN(A-1+/VMIG-1)
8,200,000 4.10 07/01/95 8,200,000
Washington Public Power Supply Project Electric RB
VRDN (Bank of America LOC)(A-1+/VMIG-1)
13,700,000 3.80 07/07/95 13,700,000
- --------------------------------------------------------------------------------
$ 30,350,000
- --------------------------------------------------------------------------------
West Virginia--1.5%
West Virginia Project for St. Mary's Hospital VRDN
(Mitsubishi Bank LOC)(AA3/MIG-1)
$ 20,900,000 4.30% 07/07/95 $ 20,900,000
- --------------------------------------------------------------------------------
<CAPTION>
- --------------------------------------------------------------------------------
Principal Interest Maturity Amortized
Amount Rate Date Cost
================================================================================
<S> <C> <C> <C>
Wisconsin--0.1%
Wisconsin Health Facility Authority VRDN
Series 1985-Franciscan Healthcare System Financing
(Toronto Dominion Bank)(A-1+/MIG-1)
$ 2,060,000 4.40% 07/07/95 $ 2,060,000
- --------------------------------------------------------------------------------
Wyoming--2.6%
Kemmerer, WY PCRB Series 1984 for Exxon Project VRDN(A-1+)
$ 10,600,000 4.10% 07/01/95 $ 10,600,000
Lincoln County, WY PCRB Series 1984 A for Exxon Project
VRDN(A-1+/P-1)
3,500,000 4.25 07/01/95 3,500,000
2,500,000 4.35 07/01/95 2,500,000
Pacificorp for Sweetwater County PCRB Series 1990A
VRDN (Credit Suisse LOC)(MIG-1)
1,100,000 3.95 07/07/95 1,100,000
Uinta County, WY PCRB for Chevron Project
Series 1993 VRDN(Aa2)
18,100,000 4.05 07/01/95 18,100,000
- --------------------------------------------------------------------------------
$ 35,800,000
- --------------------------------------------------------------------------------
Total Investments $1,459,204,394/(b)/
================================================================================
</TABLE>
/(a)/When issued security.
/(b)/The amount stated also represents aggregate cost for federal income tax
purposes.
The percentages shown for each investment category reflects the value of
investments in that category as a percentage of total net assets.
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
15
<PAGE>
Statement of Investments
- --------------------------------------------------------------------------------
ILA Tax-Exempt California Portfolio
June 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Principal Interest Maturity Amortized
Amount Rate Date Cost
================================================================================
<S> <C> <C> <C>
California--99.5%
California Health Facility Finance Authority RB Series 1990A
VRDN (Swiss Bank LOC)(A-1+/MIG-1)
$ 2,600,000 4.10% 07/07/95 $ 2,600,000
California PCRB for Pacific Gas & Electric (Banque Nationale
de Paris LOC)(A-1/P-1)
11,000,000 3.45 08/07/95 11,000,000
California Pollution Control Finance Authority Series 1986 for
Southern California Edison Co. VRDN(A-1/MIG-1)
3,500,000 3.85 07/01/95 3,500,000
14,300,000 4.50 07/01/95 14,300,000
California School Cash Reserve Program Authority TRANS
Series A(MIG-1)
10,500,000 4.50 07/05/95 10,548,335
California State Department Water Resources CP Notes
Series 1(A-1+/P-1)
1,000,000 3.60 08/10/95 1,000,000
3,810,000 4.15 08/16/95 3,810,000
California Statewide Communities Development Authority
for Irvine Apartment Communities RB Subordinate
Series A-3 VRDN(A-1+)
13,700,000 3.75 07/07/95 13,700,000
City of Fremont MF Hsg. VRDN Series 1985 D-Creekside
Village Apartment Project (Fuji Bank LOC)(MIG-1)
20,300,000 4.15 07/07/95 20,300,000
City of Irwindale IDRB Series 1984 Toys-R-Us VRDN
(Bankers Trust LOC)(Aa2)
2,000,000 4.13 07/07/95 2,000,000
City of Los Angeles, VRDN MF Hsg. Museum Terrace-84H
(Bank of America LOC)(MIG-1)
3,500,000 3.90 07/07/95 3,500,000
City of Newport Beach Floating/Fixed Rate Health Facilities
Memorial Hospital Facility VRDN(A-1/MIG-1)
16,630,000 4.25 07/01/95 16,630,000
City of Sacramento TRANS(Sp-1+/MIG-1)
11,000,000 4.50 07/28/95 11,002,498
City of San Diego VRDN MF Hsg. RB Series 1985 E
(Bank of America LOC)(MIG-1)
7,900,000 3.60 07/07/95 7,900,000
City of San Diego, CA MF Hsg. for Lacima Apartments
VRDN (Citibank LOC)(MIG-1)
21,790,000 4.00 07/07/95 21,790,000
<CAPTION>
- --------------------------------------------------------------------------------
Principal Interest Maturity Amortized
Amount Rate Date Cost
================================================================================
<S> <C> <C> <C>
California (continued)
Contra Costa, CA MF Hsg. for Lakeshore Apartments VRDN
(FNMA)(A-1+)
$ 4,800,000 3.95% 07/07/95 $ 4,800,000
Golden Empire Schools Financial Authority Kern High
School District Project VRDN (Barclays Bank LOC)(A-1+)
1,500,000 4.10 07/07/95 1,500,000
Huntington Beach City Monthly MF Hsg. VRDN Series
1985 A (Bank of America LOC)(MIG-1)
7,600,000 3.75 07/07/95 7,600,000
Los Angeles County Metro Transportation Authority
RANS (Swiss Bank Corp. LOC)(MIG-1)
20,000,000 5.00 04/25/96 20,195,945
Los Angeles County Metro Transportation Authority
VRDN (MBIA)(A-1+/MIG-1)
10,195,000 3.90 07/07/95 10,195,000
Los Angeles County MF Hsg. for Canyon Country
Villas VRDN (Industrial Bank of Japan LOC)(MIG-1)
12,900,000 4.05 07/07/95 12,900,000
Los Angeles County, CA TRANS (Bank of America/Credit
Suisse/Morgan Guaranty Trust Co./Swiss Bank
Corp./UBS/Westdeutsche Landesbank Girozentrale LOC)
(Sp-1/MIG-1)/(a)/
5,500,000 4.50 07/01/96 5,536,850
Los Angeles County, VRDN MF Hsg. for Valencia Village-
Series 1994 C (Industrial Bank of Japan LOC)(A-1+)
7,600,000 4.05 07/07/95 7,600,000
Orange County Seaside Meadows VRDN (Fuji Bank LOC)
(A-1/VMIG-1)
11,900,000 4.45 07/07/95 11,900,000
Placer Union High School District TRANS 1994(Sp-1+)
3,000,000 5.00 08/24/95 3,003,182
Porterville Union High School District, Tulare City School
District, Tulare Joint Union High School District VRDN
COP (Bank of California LOC)(MIG-1)
5,000,000 4.30 07/07/95 5,000,000
Roseville Joint Union High School District TRANS(Sp-1+)
2,000,000 5.00 08/24/95 2,002,122
Sacramento County 1990 COP Admin-Center Courthouse Project
VRDN (Union Bank of Switzerland LOC)(A-1+/MIG-1)
500,000 3.65 07/07/95 500,000
San Bernadino County VRDN-Woodview Apartments
Series 1985 (Bank of America LOC)(MIG-1)
700,000 3.60 07/07/95 700,000
</TABLE>
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
16
<PAGE>
- --------------------------------------------------------------------------------
ILA Tax-Exempt California Portfolio (continued)
June 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Principal Interest Maturity Amortized
Amount Rate Date Cost
================================================================================
<S> <C> <C> <C>
California (continued)
San Diego County Regulation Transportation Commission
2nd Sales Tax RB (FGIC)(A-1+/MIG-1)
$ 35,000,000 4.05% 07/07/95 $ 35,000,000
San Diego County, CA MF Hsg. for Country Hills VRDN
(FNMA)(A-1+)
10,400,000 3.95 07/07/95 10,400,000
San Diego, CA IDRB 1995 Series B for San Diego Gas and
Electric (A-1/VMIG-1)
2,700,000 3.35 08/09/95 2,700,000
Southern California Public Power Authority VRDN
(Swiss Bank LOC)(A-1+/MIG-1)
7,800,000 3.90 07/07/95 7,800,000
State of California RAWS Series C (Bank of America/Banque
Nationale de Paris/Bank of Nova Scotia/Chemical/
CIBC/Citibank/Morgan Guaranty Trust Co./Credit
Suisse/National Westminster Bank/Societe General/Swiss
Bank Corp./Sumitomo Bank Ltd./Toronto Dominion Bank/
Westdeutsche Landesbank Girozentrale LOC)(Sp-1/MIG-1)
30,690,000 5.75 04/25/96 31,028,150
Ventura County, CA for Triurfo Sanitation District VRDN
(Banque Nationale de Paris LOC)(A-1+)
2,500,000 4.10 07/07/95 2,500,000
- --------------------------------------------------------------------------------
Total Investments $ 326,442,082/(b)/
================================================================================
</TABLE>
/(a)/When issued security.
/(b)/The amount stated also represents aggregate cost for federal income tax
purposes.
The percentages shown for each investment category reflects the value of
investments in that category as a percentage of total net assets.
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
17
<PAGE>
Statement of Investments
- --------------------------------------------------------------------------------
ILA Tax-Exempt New York Portfolio
June 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Principal Interest Maturity Amortized
Amount Rate Date Cost
================================================================================
<S> <C> <C> <C>
New York--98.6%
IDA Civic Facility RB, Cold Spring Harbor Labs Series 1989
VRDN (Morgan Guaranty Trust Co.)(A-1+)
$ 4,800,000 4.40% 07/01/95 $ 4,800,000
City of Yonkers IDA Series 1991 Civic Facility VRDN
(Industrial Bank of Japan LOC)(MIG-1)
4,300,000 3.95 07/07/95 4,300,000
Erie County, New York RANS (UBS LOC)(MIG-1)
3,000,000 4.75 08/15/95 3,002,336
Metropolitan Transportation Authority Commuter Facility
VRDN-Series 1991 (Morgan Guaranty & Trust
Co./Mitsubishi Bank/Bank of Tokyo LOC)(A-1+/MIG-1)
3,500,000 3.75 07/07/95 3,500,000
Nassau County RANS(SP-1)
3,500,000 4.25 03/15/96 3,512,028
Nassau County, GO Refunding Bond Import Series 1993 H
(MBIA)(AAA/Aaa)
1,585,000 3.80 06/15/96 1,587,197
New York City GO Bonds Series 1994 VRDN (Dai-Ichi
Kangyo Bank LOC)(A-1/MIG-1)
1,600,000 4.55 07/01/95 1,600,000
New York City GO Bonds Series B VRDN (FGIC)
(A-1/MIG-1)
1,200,000 4.50 07/01/95 1,200,000
New York City GO Bonds VRDN (Norinchunkin Bank LOC)
(A-1/MIG-1)
1,500,000 4.55 07/01/95 1,500,000
New York City GO VRDN Bonds(A-1/MIG-1)
2,200,000 4.55 07/01/95 2,200,000
New York City Housing Development Corp. MF Hsg. for
York Avenue Development VRDN (Chemical Bank LOC)
(AMT)(MIG-1)
2,000,000 3.95 07/07/95 2,000,000
New York City IDA for Columbia Grammar Prep School
VRDN (Chemical Bank LOC)(A-1+)
2,500,000 3.80 07/07/95 2,500,000
New York City IDA-Civic Facility RB, 1989 National
Audubon Society, Inc. VRDN (Swiss Bank Corp. LOC)(A-1+)
4,000,000 4.35 07/01/95 4,000,000
New York City Municipal Water Finance Authority
(A-1+/P-1)
2,000,000 4.50 07/28/95 2,000,000
2,300,000 4.15 08/16/95 2,300,000
<CAPTION>
- --------------------------------------------------------------------------------
Principal Interest Maturity Amortized
Amount Rate Date Cost
================================================================================
<S> <C> <C> <C>
New York (continued)
New York City Trust for Cultural Resources American Museum
of Natural History Adjustable Rate TRB VRDN(MIG-1)
$ 3,200,000 3.95% 07/07/95 $ 3,200,000
New York Medicare Facility for Childrens Hospital
of Buffalo VRDN (Barclays Bank LOC)(MIG-1)
2,200,000 3.85 07/07/95 2,200,000
New York State Dormitory Authority RB, Series 1990 B
Cornell University VRDN(A-1+/MIG-1)
4,100,000 4.35 07/01/95 4,100,000
New York State Energy Research & Development Authority
for Long Island Lighting Co. VRDN (Toronto Dominion
Bank LOC) (AMT)(MIG-1)
3,000,000 4.10 07/07/95 3,000,000
2,000,000 4.70 03/01/96 2,000,000
New York State Energy Research & Development Authority
for Niagara Mohawk Power Corp. Project VRDN (Toronto
Dominion Bank LOC)(A-1+)
3,500,000 4.55 07/01/95 3,500,000
New York State Energy Research & Development Authority
PCRB 1985 Series B-Central Hudson VRDN(MIG-1)
1,300,000 3.75 07/07/95 1,300,000
New York State Energy Research & Development Authority
PCRB-Rochester Series 1984 G and E(MIG-1)
2,100,000 3.80 07/31/95 2,100,000
New York State Job Development Authority VRDN Bonds,
Series 1985 (Sumitomo Bank LOC)(A-1+/MIG-1)
410,000 3.65 08/01/95 410,000
New York State Research & Development PCRB Series B for
New York State Electric and Gas (UBS LOC)(A-1+/MIG-1)
3,000,000 4.20 07/01/95 3,000,000
New York State Research & Development PCRB Series D for
New York State Electric and Gas (UBS LOC)(A-1+/MIG-1)
3,300,000 4.55 07/01/95 3,300,000
New York State Triborough Bridge & Tunnel Authority
VRDN (FGIC)(A-1+/MIG-1)
2,200,000 3.75 07/07/95 2,200,000
Port Authority of New York/New Jersey(A-1+/P-1)
3,955,000 4.05 07/25/95 3,955,000
2,000,000 4.05 08/10/95 2,000,000
State of New York Short-Term Series 60 BANS Series P
(A-1/P-1)
1,500,000 4.05 07/19/95 1,500,000
</TABLE>
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18
<PAGE>
- --------------------------------------------------------------------------------
ILA Tax-Exempt New York Portfolio (continued)
June 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Principal Interest Maturity Amortized
Amount Rate Date Cost
================================================================================
<S> <C> <C> <C>
New York (continued)
State of New York Short-Term Series 60 BANS Series P
(A-1/P-1) (continued)
$ 2,000,000 3.85% 07/27/95 $ 2,000,000
5,000,000 4.15 08/09/95 5,000,000
2,300,000 3.90 08/28/95 2,300,000
1,200,000 3.55 09/07/95 1,200,000
Syracuse University IDA VRDN (JP Morgan LOC)
(A-1+/MIG-1)
4,200,000 4.35 07/01/95 4,200,000
Water Authority of Greatneck North Series 1993A VRDN
(FGIC)(A-1+/MIG-1)
6,400,000 4.00 07/07/95 6,400,000
- --------------------------------------------------------------------------------
$ 98,866,561
- --------------------------------------------------------------------------------
Puerto Rico--1.0%
Puerto Rico Government Development Bank-Adjustable
Refunding Bonds, Series 1985 VRDN (Credit Suisse LOC)
(A-1/MIG-1)
$ 1,000,000 3.80% 07/07/95 $ 1,000,000
- --------------------------------------------------------------------------------
Total Investments $ 99,866,561/(a)/
================================================================================
</TABLE>
/(a)/The amount stated also represents aggregate cost for federal income tax
purposes.
The percentages shown for each investment category reflects the value of
investments in that category as a percentage of total net assets.
- --------------------------------------------------------------------------------
Investment Abbreviations:
AMT --Alternative Minimum Tax
BANS --Bond Anticipation Notes
CFC --Unconditionally Guaranteed by Cooperative Finance Corp.
COP --Certificates of Participation
CP --Commercial Paper
FGIC --Insured by Financial Guaranty Insurance Co.
GO --General Obligation
IDA --Industrial Development Authority
IDB --Industrial Development Bond
IDRB --Industrial Development Revenue Bond
LOC --Letter of Credit
MBIA --Insured by Municipal Bond Investors Assurance
MF Hsg. --Multi-Family Housing
PCRB --Pollution Control Revenue
Bond
RANS --Revenue Anticipation Notes
RAWS --Revenue Anticipation
Warrants
RB --Revenue Bond
TRANS --Tax Revenue Anticipation
Notes
TRB --Tender Revenue Bond
UBS --Union Bank of Switzerland
VRDN --Variable Rate Demand Note
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
19
<PAGE>
Goldman Sachs Money Market Trust--Institutional Liquid Assets
- --------------------------------------------------------------------------------
Statements of Assets and Liabilities
June 30, 1995
(Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ILA ILA
Prime Money ILA
Obligations Market Government
Portfolio Portfolio Portfolio
===================================================
<S> <C> <C> <C>
Assets:
Investments in securities, at value based on amortized cost $1,743,721,114 $910,293,738 $856,439,543
Interest receivable 1,744,349 1,713,624 4,075,258
Cash 79,493 9,860 7,303
Other assets 155,309 73,130 136,432
- ------------------------------------------------------------------------------------------------------------------------------
Total assets 1,745,700,265 912,090,352 860,658,536
- ------------------------------------------------------------------------------------------------------------------------------
Liabilities:
Payable for investment securities purchased 25,005,733 13,797,747 --
Dividends payable 9,546,418 4,163,252 4,792,111
Accrued expenses and other liabilities 914,486 379,679 490,558
- ------------------------------------------------------------------------------------------------------------------------------
Total liabilities 35,466,637 18,340,678 5,282,669
- ------------------------------------------------------------------------------------------------------------------------------
Net Assets:
Paid in capital 1,710,233,628 893,749,674 855,315,773
Accumulated undistributed net investment income -- -- --
Accumulated net realized gain (loss) on investment transactions -- -- 60,094
- ------------------------------------------------------------------------------------------------------------------------------
Net assets $1,710,233,628 $893,749,674 $855,375,867
==============================================================================================================================
Net asset value, offering and redemption price per unit
(net assets/units outstanding) $1.00 $1.00 $1.00
==============================================================================================================================
Units Outstanding:
ILA units 1,335,639,269 729,923,701 682,994,776
ILA Administration units 87,108,401 144,020,335 67,466,161
ILA Service units 287,485,958 19,805,638 104,854,836
- ------------------------------------------------------------------------------------------------------------------------------
Total units of beneficial interest outstanding, $.001 par value
(unlimited number of units authorized) 1,710,233,628 893,749,674 855,315,773
==============================================================================================================================
</TABLE>
- ------------------------------------ ----------------------------------------
The accompanying notes are an integral
part of these financial statements.
20
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------
ILA ILA ILA ILA ILA
Treasury Treasury ILA Tax-Exempt Tax-Exempt Tax-Exempt
Obligations Instruments Federal Diversified California New York
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
==========================================================================================================
<S> <C> <C> <C> <C> <C>
$1,130,389,476 $652,501,813 $2,167,422,842 $1,459,204,394 $326,442,082 $ 99,866,561
1,113,600 9,467,272 8,614,899 14,031,662 3,869,821 543,719
62,213 81,210 107,234 5,162,601 13,310,294 119,363
159,036 91,395 122,297 134,326 11,765 14,160
----------------------------------------------------------------------------------------------------------
1,131,724,325 662,141,690 2,176,267,272 1,478,532,983 343,633,962 100,543,803
----------------------------------------------------------------------------------------------------------
-- -- -- 94,705,855 14,600,777 --
4,336,556 2,972,174 10,033,285 4,244,525 716,073 272,699
477,309 138,487 641,659 367,555 95,821 33,940
----------------------------------------------------------------------------------------------------------
4,813,865 3,110,661 10,674,944 99,317,935 15,412,671 306,639
----------------------------------------------------------------------------------------------------------
1,126,768,811 658,898,032 2,165,642,317 1,379,282,697 328,245,739 100,237,510
-- -- -- 362,642 10,495 1,634
141,649 132,997 (49,989) (430,291) (34,943) (1,980)
----------------------------------------------------------------------------------------------------------
$1,126,910,460 $659,031,029 $2,165,592,328 $1,379,215,048 $328,221,291 $100,237,164
==========================================================================================================
$1.00 $1.00 $1.00 $1.00 $1.00 $1.00
==========================================================================================================
904,085,349 533,490,426 1,506,099,626 1,265,420,846 328,093,361 77,250,242
106,906,366 89,927,935 596,734,531 46,791,532 152,378 22,987,268
115,777,096 35,479,671 62,808,160 67,070,319 -- --
----------------------------------------------------------------------------------------------------------
1,126,768,811 658,898,032 2,165,642,317 1,379,282,697 328,245,739 100,237,510
==========================================================================================================
</TABLE>
- -------------------------------------- --------------------------------------
21
<PAGE>
Goldman Sachs Money Market Trust--Institutional Liquid Assets
- --------------------------------------------------------------------------------
Statements of Operations
For the Six Months Ended June 30, 1995
(Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ILA ILA
Prime Money ILA
Obligations Market Government
Portfolio Portfolio/(a)/ Portfolio
================================================
<S> <C> <C> <C>
Investment income:
Interest income $65,230,480 $27,638,127 $32,730,096
- ---------------------------------------------------------------------------------------------------------------------
Expenses:
Investment adviser fees 3,694,274 1,338,546 1,872,362
Transfer agent fees 422,203 178,473 213,984
Custodian fees 218,344 108,022 119,412
Trustees' fees 22,271 8,945 11,359
Other 81,956 20,811 121,664
- ---------------------------------------------------------------------------------------------------------------------
Total expenses 4,439,048 1,654,797 2,338,781
Less--Reimbursable expenses (155,546) (65,970) (168,287)
- ---------------------------------------------------------------------------------------------------------------------
Net expenses 4,283,502 1,588,827 2,170,494
Administration unit fees 81,407 117,522 61,942
Service unit fees 417,989 49,930 230,736
- ---------------------------------------------------------------------------------------------------------------------
Net expenses and unit fees 4,782,898 1,756,279 2,463,172
- ---------------------------------------------------------------------------------------------------------------------
Net investment income 60,447,582 25,881,848 30,266,924
- ---------------------------------------------------------------------------------------------------------------------
Net realized gain (loss) on investment transactions 8,942 23,170 159,269
- ---------------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $60,456,524 $25,905,018 $30,426,193
=====================================================================================================================
</TABLE>
/(a)/ For the six months ended June 30, 1995, the investment adviser waived fees
of $223,091.
/(b)/ For the six months ended June 30, 1995, the investment adviser waived fees
of $653,967.
/(c)/ For the six months ended June 30, 1995, the investment adviser waived fees
of $1,688,117.
/(d)/ For the six months ended June 30, 1995, the investment adviser waived fees
of $765,717.
/(e)/ For the six months ended June 30, 1995, the investment adviser waived fees
of $66,433.
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------
ILA ILA ILA ILA ILA
Treasury Treasury ILA Tax-Exempt Tax-Exempt Tax-Exempt
Obligations Instruments Federal Diversified California New York
Portfolio Portfolio(b) Portfolio(c) Portfolio(d) Portfolio Portfolio(e)
============================================================================================================
<S> <C> <C> <C> <C> <C>
$26,577,009 $19,308,437 $68,626,989 $30,892,647 $5,209,736 $1,898,496
------------------------------------------------------------------------------------------------------------
1,544,531 490,475 2,250,895 1,914,292 470,800 110,287
176,518 130,793 450,179 306,287 53,806 20,197
107,844 76,504 173,150 71,198 28,506 11,101
10,757 6,130 19,646 12,287 2,481 911
65,317 70,027 105,014 172,102 -- 8,322
------------------------------------------------------------------------------------------------------------
1,904,967 773,929 2,998,884 2,476,166 555,593 150,818
(113,139) (100,300) (119,412) (135,290) (9,018) (12,458)
------------------------------------------------------------------------------------------------------------
1,791,828 673,629 2,879,472 2,340,876 546,575 138,360
81,686 52,889 295,660 65,447 496 12,816
224,260 88,189 79,296 95,317 -- --
------------------------------------------------------------------------------------------------------------
2,097,774 814,707 3,254,428 2,501,640 547,071 151,176
------------------------------------------------------------------------------------------------------------
24,479,235 18,493,730 65,372,561 28,391,007 4,662,665 1,747,320
------------------------------------------------------------------------------------------------------------
487,872 296,634 2,396 (40,393) (9,409) --
------------------------------------------------------------------------------------------------------------
$24,967,107 $18,790,364 $65,374,957 $28,350,614 $4,653,256 $1,747,320
============================================================================================================
</TABLE>
- -------------------------------------- --------------------------------------
23
<PAGE>
Goldman Sachs Money Market Trust--Institutional Liquid Assets
- --------------------------------------------------------------------------------
Statements of Changes in Net Assets
For the Six Months Ended June 30, 1995
(Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ILA ILA
Prime Money ILA
Obligations Market Government
Portfolio Portfolio Portfolio
===========================================================
<S> <C> <C> <C>
From operations:
Net investment income $ 60,447,582 $ 25,881,848 $ 30,266,924
Net realized gain(loss) on investment transactions 8,942 23,170 159,269
- ----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations 60,456,524 25,905,018 30,426,193
- ----------------------------------------------------------------------------------------------------------------------------------
Distributions to unitholders from:
Net investment income
ILA units (51,765,157) (20,759,095) (24,942,051)
ILA Administration units (3,053,282) (4,444,805) (2,281,293)
ILA Service units (5,629,143) (677,948) (3,043,580)
Net realized gain on investment transactions
ILA units (7,832) (18,304) (126,050)
ILA Administration units (488) (4,225) (11,448)
ILA Service units (622) (641) (15,597)
- ----------------------------------------------------------------------------------------------------------------------------------
Total distributions to unitholders (60,456,524) (25,905,018) (30,420,019)
- ----------------------------------------------------------------------------------------------------------------------------------
From unit transactions (at $1.00 per unit):
Proceeds from sales of units 7,016,097,076 3,692,334,164 3,395,426,226
Reinvestment of dividends and distributions 25,880,589 17,091,088 9,576,145
Cost of units repurchased (7,615,277,337) (3,542,874,662) (3,683,566,028)
- ----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) in net assets resulting
from unit transactions (573,299,672) 166,550,590 (278,563,657)
- ----------------------------------------------------------------------------------------------------------------------------------
Total increase (decrease) (573,299,672) 166,550,590 (278,557,483)
Net Assets:
Beginning of period 2,283,533,300 727,199,084 1,133,933,350
- ----------------------------------------------------------------------------------------------------------------------------------
End of period $ 1,710,233,628 $ 893,749,674 $ 855,375,867
==================================================================================================================================
Accumulated undistributed net investment income -- -- --
==================================================================================================================================
Summary of unit transactions:
ILA units:
Units sold 6,021,327,082 2,865,554,072 2,866,842,498
Reinvestment of dividends and distributions 24,685,487 15,400,992 6,996,674
Units repurchased (6,674,178,521) (2,710,501,323) (3,072,328,353)
- ----------------------------------------------------------------------------------------------------------------------------------
(628,165,952) 170,453,741 (198,489,181)
- ----------------------------------------------------------------------------------------------------------------------------------
ILA Administration units:
Units sold 535,207,545 733,572,743 251,232,543
Reinvestment of dividends and distributions 807,203 1,560,415 236,715
Units repurchased (598,177,175) (736,979,531) (279,478,201)
- ----------------------------------------------------------------------------------------------------------------------------------
(62,162,427) (1,846,373) (28,008,943)
- ----------------------------------------------------------------------------------------------------------------------------------
ILA Service units:
Units sold 459,562,449 93,207,349 277,351,185
Reinvestment of dividends and distributions 387,899 129,681 2,342,756
Units repurchased (342,921,641) (95,393,808) (331,759,474)
- ----------------------------------------------------------------------------------------------------------------------------------
117,028,707 (2,056,778) (52,065,533)
- ----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in units (573,299,672) 166,550,590 (278,563,657)
==================================================================================================================================
</TABLE>
- -------------------------------------- --------------------------------------
The accompanying notes are an integral part of these financial statements.
24
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ILA ILA ILA ILA ILA
Treasury Treasury ILA Tax-Exempt Tax-Exempt Tax-Exempt
Obligations Instruments Federal Diversified California New York
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
===================================================================================================================
<S> <C> <C> <C> <C> <C>
$ 24,479,235 $ 18,493,730 $ 65,372,561 $ 28,391,007 $ 4,662,665 $ 1,747,320
487,872 296,634 2,396 (40,393) (9,409) --
- --------------------------------------------------------------------------------------------------------------------
24,967,107 18,790,364 65,374,957 28,350,614 4,653,256 1,747,320
- --------------------------------------------------------------------------------------------------------------------
(18,563,409) (15,372,593) (53,071,227) (26,038,426) (4,651,566) (1,463,618)
(2,979,774) (1,953,080) (11,216,818) (1,555,747) (11,099) (283,702)
(2,926,261) (1,168,057) (1,084,516) (796,834) -- --
(151,097) (134,263) -- -- -- --
(122,555) (19,856) -- -- -- --
(72,571) (15,015) -- -- -- --
- --------------------------------------------------------------------------------------------------------------------
(24,815,667) (18,662,864) (65,372,561) (28,391,007) (4,662,665) (1,747,320)
- --------------------------------------------------------------------------------------------------------------------
2,782,244,414 2,223,007,899 6,694,414,804 4,853,165,177 1,081,344,899 328,349,222
7,151,840 8,360,544 29,320,779 17,860,823 4,476,287 1,547,287
(2,583,050,808) (2,258,655,070) (6,529,148,067) (5,061,005,110) (985,779,360) (353,146,682)
- --------------------------------------------------------------------------------------------------------------------
206,345,446 (27,286,627) 194,587,516 (189,979,110) 100,041,826 (23,250,173)
- --------------------------------------------------------------------------------------------------------------------
206,496,886 (27,159,127) 194,589,912 (190,019,503) 100,032,417 (23,250,173)
920,413,574 686,190,156 1,971,002,416 1,569,234,551 228,188,874 123,487,337
- --------------------------------------------------------------------------------------------------------------------
$ 1,126,910,460 $ 659,031,029 $ 2,165,592,328 $ 1,379,215,048 $ 328,221,291 $ 100,237,164
===================================================================================================================
-- -- -- $ 362,642 $ 10,495 $ 1,634
===================================================================================================================
2,269,940,389 1,865,119,438 5,298,693,243 4,638,071,947 1,081,010,344 223,943,598
5,986,229 7,911,052 28,074,983 17,552,037 4,466,603 1,244,904
(2,085,557,974) (1,886,882,330) (5,446,250,080) (4,825,202,463) (984,798,062) (232,456,124)
- --------------------------------------------------------------------------------------------------------------------
190,368,644 (13,851,840) (119,481,854) (169,578,479) 100,678,885 (7,267,622)
- --------------------------------------------------------------------------------------------------------------------
361,931,941 254,728,764 1,213,451,840 144,288,810 334,555 104,405,624
1,165,611 447,026 1,170,295 235,569 9,684 302,383
(353,896,979) (229,635,549) (947,821,697) (195,507,773) (981,298) (120,690,558)
- --------------------------------------------------------------------------------------------------------------------
9,200,573 25,540,241 266,800,438 (50,983,394) (637,059) (15,982,551)
- --------------------------------------------------------------------------------------------------------------------
150,372,084 103,159,697 182,269,721 70,804,420 -- --
2,466 75,501 73,217 -- --
(143,595,855) (142,137,191) (135,076,290) (40,294,874) -- --
- --------------------------------------------------------------------------------------------------------------------
6,776,229 (38,975,028) 47,268,932 30,582,763 -- --
- --------------------------------------------------------------------------------------------------------------------
206,345,446 (27,286,627) 194,587,516 (189,979,110) 100,041,826 (23,250,173)
====================================================================================================================
</TABLE>
- -------------------------------------- --------------------------------------
25
<PAGE>
Goldman Sachs Money Market Trust--Institutional Liquid Assets
- --------------------------------------------------------------------------------
Statements of Changes in Net Assets
For the Year Ended December 31, 1994
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ILA ILA
Prime Money ILA
Obligations Market Government
Portfolio Portfolio Portfolio
======================================================
<S> <C> <C> <C>
From operations:
Net investment income $ 102,000,915 $ 35,271,209 $ 51,191,147
Net realized gain (loss) on investment transactions 22,898 1,379 210,100
- -------------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting
from operations 102,023,813 35,272,588 51,401,247
- -------------------------------------------------------------------------------------------------------------------
Distributions to unitholders:
From net investment income
ILA units (89,611,120) (27,629,787) (40,943,467)
ILA Administration units (6,633,576) (6,900,562) (4,966,425)
ILA Service units (5,756,219) (740,860) (5,281,255)
In excess of net investment income
ILA units -- -- --
ILA Administration units -- -- --
ILA Service units -- -- --
From net realized gain on investment transactions
ILA units (20,115) (1,085) (226,026)
ILA Administration units (1,605) (260) (29,098)
ILA Service units (1,178) (34) (26,399)
- -------------------------------------------------------------------------------------------------------------------
Total distributions to unitholders (102,023,813) (35,272,588) (51,472,670)
- -------------------------------------------------------------------------------------------------------------------
From unit transactions (at $1.00 per unit):
Proceeds from sale of units 18,942,358,212 8,134,683,883 9,152,798,250
Reinvestment of dividends and distributions 43,235,395 21,934,470 15,739,748
Cost of units repurchased (19,362,066,753) (8,290,641,120) (9,613,028,411)
- -------------------------------------------------------------------------------------------------------------------
Increase (decrease) in net assets resulting
from unit transactions (376,473,146) (134,022,767) (444,490,413)
- -------------------------------------------------------------------------------------------------------------------
Total increase (decrease) (376,473,146) (134,022,767) (444,561,836)
Net Assets:
Beginning of year 2,660,006,446 861,221,851 1,578,495,186
- -------------------------------------------------------------------------------------------------------------------
End of year $ 2,283,533,300 $ 727,199,084 $ 1,133,933,350
===================================================================================================================
Accumulated undistributed (distribution in excess of)
net investment income -- -- --
===================================================================================================================
Summary of unit transactions:
ILA units:
Units sold 17,069,145,403 6,527,992,495 7,241,535,390
Reinvestment of dividends and distributions 40,475,407 20,052,124 11,995,781
Units repurchased (17,478,545,420) (6,688,177,414) (7,687,338,826)
- -------------------------------------------------------------------------------------------------------------------
(368,924,610) (140,132,795) (433,807,655)
- -------------------------------------------------------------------------------------------------------------------
ILA Administration units:
Units sold 1,310,578,974 1,437,965,563 941,022,566
Reinvestment of dividends and distributions 2,533,724 1,716,679 584,943
Units repurchased (1,353,310,306) (1,444,274,909) (1,007,963,198)
- -------------------------------------------------------------------------------------------------------------------
(40,197,608) (4,592,667) (66,355,689)
- -------------------------------------------------------------------------------------------------------------------
ILA Service units:
Units sold 562,633,835 168,725,825 970,240,294
Reinvestment of dividends and distributions 226,264 165,667 3,159,024
Units repurchased (530,211,027) (158,188,797) (917,726,387)
- -------------------------------------------------------------------------------------------------------------------
32,649,072 10,702,695 55,672,931
- -------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in units (376,473,146) (134,022,767) (444,490,413)
===================================================================================================================
</TABLE>
- -------------------------------------- ----------------------------------------
The accompanying notes are an integral part of these financial statements.
26
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
ILA ILA ILA ILA ILA
Treasury Treasury ILA Tax-Exempt Tax-Exempt Tax-Exempt
Obligations Instruments Federal Diversified California New York
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
=======================================================================================================================
<S> <C> <C> <C> <C> <C>
$ 37,665,016 $ 18,067,220 $ 68,529,060 $ 45,851,945 $ 6,189,541 $ 2,024,157
16,928 33,799 (16,697) 48,154 16,702 --
- -----------------------------------------------------------------------------------------------------------------------
37,681,944 18,101,019 68,512,363 45,900,099 6,206,243 2,024,157
- -----------------------------------------------------------------------------------------------------------------------
(29,686,671) (14,791,986) (55,476,234) (42,382,812) (6,159,244) (1,586,734)
(4,280,505) (1,534,410) (12,715,593) (2,438,862) (30,117) (437,423)
(3,697,840) (1,740,824) (337,233) (1,029,042) -- --
(9,054) -- -- -- -- --
(737) -- -- -- -- --
-- -- -- -- -- --
(30,901) (49,308) -- -- -- --
(2,517) (3,439) -- -- -- --
-- (4,089) -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
(37,708,225) (18,124,056) (68,529,060) (45,850,716) (6,189,361) (2,024,157)
- -----------------------------------------------------------------------------------------------------------------------
5,310,839,810 3,123,698,015 9,899,967,810 11,289,202,553 1,460,150,550 537,712,309
11,653,368 7,630,093 26,961,558 22,770,526 5,494,692 1,403,300
(5,678,451,559) (2,962,092,645) (9,750,028,739) (11,657,332,806) (1,468,737,443) (484,301,741)
- -----------------------------------------------------------------------------------------------------------------------
(355,958,381) 169,235,463 176,900,629 (345,359,727) (3,092,201) 54,813,868
- -----------------------------------------------------------------------------------------------------------------------
(355,984,662) 169,212,426 176,883,932 (345,310,344) (3,075,319) 54,813,868
1,276,398,236 516,977,730 1,794,118,484 1,914,544,895 231,264,193 68,673,469
- -----------------------------------------------------------------------------------------------------------------------
$ 920,413,574 $ 686,190,156 $ 1,971,002,416 $ 1,569,234,551 $ 228,188,874 $ 123,487,337
=======================================================================================================================
$(9,791) -- -- $362,642 $10,495 $1,634
=======================================================================================================================
4,145,495,977 2,604,056,684 8,598,427,526 10,834,591,814 1,457,109,899 358,860,803
10,734,731 7,228,126 26,683,021 22,155,772 5,473,342 1,010,558
(4,411,963,120) (2,520,326,417) (8,429,822,187) (11,191,304,544) (1,465,039,917) (323,722,255)
- -----------------------------------------------------------------------------------------------------------------------
(255,732,412) 90,958,393 195,288,360 (334,556,958) (2,456,676) 36,149,106
- -----------------------------------------------------------------------------------------------------------------------
835,736,562 285,580,424 1,172,289,474 369,065,934 3,040,641 178,851,506
918,637 399,805 278,537 562,006 21,350 392,742
(860,345,269) (248,144,894) (1,205,069,467) (371,749,391) (3,697,498) (160,579,486)
- -----------------------------------------------------------------------------------------------------------------------
(23,690,070) 37,835,335 (32,501,456) (2,121,451) (635,507) 18,664,762
- -----------------------------------------------------------------------------------------------------------------------
329,607,271 234,060,907 129,250,810 85,544,805 10 --
-- 2,162 -- 52,748 -- --
(406,143,170) (193,621,334) (115,137,085) (94,278,871) (28) --
- -----------------------------------------------------------------------------------------------------------------------
(76,535,899) 40,441,735 14,113,725 (8,681,318) (18) --
- -----------------------------------------------------------------------------------------------------------------------
(355,958,381) 169,235,463 176,900,629 (345,359,727) (3,092,201) 54,813,868
=======================================================================================================================
- --------------------------------------------------------------- -----------------------------------------------------------------
</TABLE>
27
<PAGE>
Goldman Sachs Money Market Trust--Institutional Liquid Assets
- ---------------------------------------------------------------------------
Notes to Financial Statements
June 30, 1995
(Unaudited)
- ----------------------------------------------------------------------------
1. Organization
Goldman Sachs Money Market Trust ("the Trust"), a business trust organized under
the laws of the Commonwealth of Massachusetts on December 6, 1978, includes the
Goldman Sachs--Institutional Liquid Assets Portfolios ("ILA"). The Trust is
registered under the Investment Company Act of 1940 (as amended) as an open-end
management investment company. ILA consists of nine portfolios: Prime
Obligations, Money Market, Government, Treasury Obligations, Treasury
Instruments, Federal, Tax-Exempt Diversified, Tax-Exempt California and Tax-
Exempt New York. All of the portfolios are diversified except for the Tax-
Exempt California and Tax-Exempt New York Portfolios. ILA offers three classes
of units for each of its portfolios: ILA units, ILA Administration units and ILA
Service units.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently
followed by ILA which are in conformity with those generally accepted in the
investment company industry:
A. Investment Valuation--
- -- --------------------
ILA uses the amortized cost method for valuing portfolio securities. Under this
method, all investments purchased at a discount or premium are valued by
amortizing the difference between the original purchase price and maturity value
of the issue over the period to maturity.
B. Interest Income--
- -- ---------------
Interest income is determined on the basis of interest accrued, premium
amortized and discount earned.
C. Federal Taxes--
- -- -------------
It is each portfolio's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute each
year substantially all of its investment company taxable and tax-exempt income
to its unitholders. Accordingly, no federal tax provisions are required.
At December 31, 1994, the following portfolios had approximately the following
amounts of capital loss carryforward for U.S. Federal tax purposes:
<TABLE>
<CAPTION>
Years of
Portfolio Amount Expiration
--------- ------ -----------
<S> <C> <C>
Federal $ 56,000 2000 to 2002
Tax-Exempt Diversified 390,000 1995 to 2001
Tax-Exempt California 26,000 1999 to 2001
Tax-Exempt New York 2,000 1999
</TABLE>
These amounts are available to be carried forward to offset future capital gains
to the extent permitted by applicable laws or regulations.
D. Deferred Organization Expenses--
- -- ------------------------------
Organization-related costs are being amortized on a straight-line basis over a
period of five years.
Included in "Other Assets" in the accompanying Statements of Assets and
Liabilities is approximately $11,000 and $8,000 for the Treasury Instruments
Portfolio and the Tax-Exempt New York Portfolio, respectively, related to the
unamortized organization costs for each portfolio at June 30, 1995.
E. Expenses--
- -- --------
Expenses incurred by ILA which do not specifically relate to an individual
portfolio of ILA are allocated to the portfolios based on each portfolio's
relative average net assets for the period.
Unitholders of ILA Administration and ILA Service units bear all expenses and
fees paid to service organizations for their services with respect to such units
as well as other expenses (subject to expense limitations) which are directly
attributable to such units.
- --------------------------------------------------------------------------------
28
<PAGE>
3. Agreements
Goldman Sachs Asset Management ("GSAM"), a separate operating division of
Goldman, Sachs & Co. ("Goldman Sachs"), acts as investment adviser and
administrator under an Advisory Agreement. Under the Advisory Agreement, GSAM,
subject to general supervision of the Trust's Board of Trustees, manages the
portfolios and provides for the administration of ILA's other affairs. As
compensation for the services rendered under the Advisory Agreement and the
assumption of the expenses related thereto, GSAM is entitled to a fee, computed
daily and payable monthly at an annual rate equal to .35% of each portfolio's
average daily net assets. Goldman Sachs also serves as ILA's transfer agent
under a Transfer Agency Agreement for a fee. In addition, Goldman Sachs acts as
ILA's distributor under a Distribution Agreement for which it receives no
compensation. At June 30, 1995, payment of approximately $2,494,000 was due
Goldman Sachs for their services as investment adviser and transfer agent; such
amounts are included in "Accrued expenses and other liabilities" in the
accompanying Statements of Assets and Liabilities.
GSAM has agreed that if the sum of a portfolio's expenses (including the
advisory fee, but excluding interest, taxes, brokerage commissions, litigation
and indemnification expenses, administration and service plan fees and other
extraordinary expenses) exceeds on an annualized basis .41% of such portfolio's
net assets, the portfolio will be reimbursed in the amount of such excess
monthly. Prior to March 15, 1995, the expense limitation referred to above was
.40%.
As of June 30, 1995 and until further notice, GSAM has agreed to waive .05%,
.20%, .15%, .10% and .09% of its advisory fees for the Money Market, Treasury
Instruments, Federal, Tax-Exempt Diversified and Tax-Exempt New York Portfolios,
respectively, and to reimburse these portfolios to the extent that each
portfolio's expenses, as defined above, exceed .36%, .21%, .26%, .31% and .32%
of such portfolio's average net assets per annum. GSAM has also waived advisory
fees and reimbursed varying levels of expenses for certain portfolios in prior
periods. At June 30, 1995, amounts reimbursable to ILA were approximately
$286,000; such amounts are included in "Other assets" in the accompanying
Statements of Assets and Liabilities.
4. Administration and Service Plans
ILA has adopted Administration and Service Plans. These plans allow for ILA
Administration units and ILA Service units, respectively, to compensate service
organizations for providing varying levels of account administration and
unitholder liaison services to their customers who are beneficial owners of such
units. The Administration and Service Plans provide for compensation to the
service organizations in an amount up to .15% and .40% (on an annualized basis),
respectively, of the average daily net asset value of the respective units.
5. Repurchase Agreements
During the term of a repurchase agreement, the value of the underlying
securities, including accrued interest, is required to equal or exceed the value
of the repurchase agreement. The underlying securities for all repurchase
agreements are held in safekeeping in the customer-only account of State Street
Bank & Trust Co., ILA's custodian, at the Federal Reserve Bank of Boston or at
subcustodians. GSAM monitors the market value of the underlying securities by
pricing them daily.
6. Joint Repurchase Agreement Accounts
The ILA portfolios, together with other registered investment companies having
advisory agreements with GSAM, transfer uninvested cash balances into joint
accounts, the daily aggregate balances of which are invested in repurchase
agreements. The underlying securities for the repurchase agreements are U.S.
Treasury obligations.
As of June 30, 1995, the Prime Obligations, Money Market, Government and
Treasury Obligations Portfolios had, respectively, a 2.9%, 4.0%, 1.8% and 29.1%
undivided interest in the repurchase agreements in the following joint account
which equaled $51,600,000, $69,200,000,
29
<PAGE>
Goldman Sachs Money Market Trust--Institutional Liquid Assets
- ------------------------------------------------------------------------------
Notes to Financial Statements (continued)
June 30, 1995
(Unaudited)
- ------------------------------------------------------------------------------
6. Joint Repurchase Agreement Accounts (continued)
$30,800,000 and $510,000,000 in principal amount, respectively. As of June 30,
1995, the repurchase agreements in this joint account, along with the
corresponding underlying securities (including the type of security, market
value, interest rate and maturity date), were as follows:
<TABLE>
<CAPTION>
Principal Interest Maturity Amortized
Amount Rate Date Cost
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
<S> <C> <C> <C>
Repurchase Agreements
Bear Stearns Companies, Inc., dated 06/30/95, repurchase
price $550,279,583 (U.S. Treasury Interest-Only Strips:
$459,067,871, 05/15/97-11/15/00; U.S. Treasury Note:
$102,019,385, 7.75%, 01/31/00)
$550,000,000 6.10% 07/03/95 $ 550,000,000
Daiwa Securities, Inc., dated 06/30/95, repurchase
price $250,127,083 (U.S. Treasury Notes: $255,388,075,
4.75%-7.875%, 08/31/96-06/30/99)
250,000,000 6.10 07/03/95 250,000,000
J.P. Morgan Securities, Inc., dated 06/30/95, repurchase
price $100,053,125 (U.S. Treasury Notes: $102,186,484,
6.25%-7.125%, 08/31/96-02/29/00)
100,000,000 6.38 07/03/95 100,000,000
Morgan Stanley & Co., dated 06/30/95, repurchase price
$600,307,500 (U.S. Treasury Note: $274,138, 5.125%,
03/31/98; U.S. Treasury Bills: $611,769,068,
11/09/95-06/27/96)
600,000,000 6.15 07/03/95 600,000,000
Nomura Securities International, Inc., dated 06/30/95,
repurchase price $250,126,042 (U.S. Treasury Notes:
$254,957,841, 4.75%-8.625%, 04/30/96-03/31/00)
250,000,000 6.05 07/03/95 250,000,000
- ------------------------------------------------------------------------------
Total Joint Repurchase Agreement Account $1,750,000,000
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
</TABLE>
At June 30, 1995, the Prime Obligations and Money Market Portfolios had,
respectively, a 3.4% and 10.8% undivided interest in the repurchase agreements
in the following joint account which equaled $23,900,000 and $75,000,000 in
principal amount, respectively. At June 30, 1995, the repurchase agreements in
this joint account, along with the corresponding underlying securities,
(including the type of security, market value, interest rate and maturity date),
were as follows:
<TABLE>
- ------------------------------------------------------------------------------
<CAPTION>
Principal Interest Maturity Amortized
Amount Rate Date Cost
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
<S> <C> <C> <C>
Repurchase Agreements
C.S. First Boston Corp., dated 06/30/95, repurchase price
$73,937,720 (U.S. Treasury Note: $73,993,242, 4.00%,
01/31/96; U.S. Treasury Bill: $92,356, 08/24/95)
$73,900,000 6.13% 07/03/95 $ 73,900,000
Lehman Government Securities, Inc., dated 06/30/95,
repurchase price $285,148,438 (U.S. Treasury Notes:
$290,601,864, 3.875%-9.50%, 10/15/95-02/15/96)
285,000,000 6.25 07/03/95 285,000,000
Salomon Brothers, dated 06/30/95, repurchase price
$88,345,622 (U.S. Treasury Notes: $25,051,773,
4.75%-6.875%, 03/31/97-09/30/98; U.S. Treasury
Interest-Only Strips: $30,588,376, 08/15/95-02/15/02;
U.S. Treasury Principal-Only Strips: $34,460,175,
7.50%-10.50%, 08/15/95-05/15/02)
88,300,000 6.20 07/03/95 88,300,000
SBC Government Securities, Inc., dated 06/30/95,
repurchase price $250,130,208 (U.S. Treasury
Note: $8,582,288, 5.625%, 06/30/97;
U.S. Treasury Bill: $194,600,167, 12/28/95;
U.S. Treasury Note: $51,784,647, 7.50%, 02/29/96)
250,000,000 6.25 07/03/95 250,000,000
- ------------------------------------------------------------------------------
Total Joint Repurchase Agreement Account $697,200,000
- ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------
</TABLE>
30
<PAGE>
Goldman Sachs Money Market Trust--Institutional Liquid Assets
- --------------------------------------------------------------------------------
Financial Highlights
Selected Data for a Unit Outstanding Throughout Each Period
Prime Obligations Portfolio
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Income from investment operations
-------------------------------------
Net
Net asset realized Total
value at Net gain income from
beginning investment on investment investment Distributions
of period income transactions operations to unitholders
--------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
For the Six Months Ended June 30,
- ---------------------------------
1995-ILA units (unaudited)...................... $1.00 $0.0286 $-- $0.0286 $(0.0286)
1995-ILA Administration units (unaudited)....... 1.00 0.0279 -- 0.0279 (0.0279)
1995-ILA Service units (unaudited).............. 1.00 0.0267 -- 0.0267 (0.0267)
For the Years Ended December 31,
- --------------------------------
1994-ILA units.................................. 1.00 0.0394 -- 0.0394 (0.0394)
1994-ILA Administration units................... 1.00 0.0379 -- 0.0379 (0.0379)
1994-ILA Service units.......................... 1.00 0.0365 -- 0.0365 (0.0365)
1993-ILA units.................................. 1.00 0.0291 0.0002 0.0293 (0.0293)
1993-ILA Administration units................... 1.00 0.0275 0.0003 0.0278 (0.0278)
1993-ILA Service units.......................... 1.00 0.0250 0.0001 0.0251 (0.0252)
1992-ILA units.................................. 1.00 0.0364 0.0010 0.0374 (0.0374)
1992-ILA Administration units................... 1.00 0.0339 0.0010 0.0349 (0.0349)
1992-ILA Service units.......................... 1.00 0.0311 0.0010 0.0321 (0.0320)
1991-ILA units.................................. 1.00 0.0591 0.0003 0.0594 (0.0594)
1991-ILA Administration units................... 1.00 0.0568 0.0003 0.0571 (0.0571)
1991-ILA Service units.......................... 1.00 0.0558 0.0003 0.0561 (0.0561)
1990-ILA units.................................. 1.00 0.0793 -- 0.0793 (0.0793)
1990-ILA Administration units/(c)/.............. 1.00 0.0438 -- 0.0438 (0.0438)
1990-ILA Service units/(c)/..................... 1.00 0.0425 -- 0.0425 (0.0425)
1989-ILA units.................................. 1.00 0.0890 -- 0.0890 (0.0890)
1988-ILA units.................................. 1.00 0.0714 -- 0.0714 (0.0714)
1987-ILA units.................................. 1.00 0.0634 -- 0.0634 (0.0634)
1986-ILA units.................................. 1.00 0.0644 0.0001 0.0645 (0.0645)
1985-ILA units.................................. 1.00 0.0792 0.0004 0.0796 (0.0796)
<CAPTION>
Ratio of net Net
Net asset Ratio of Net investment assets at
value at expenses to income to end of
end Total average net average net period
of period return/(a)/ assets assets (in 000s)
-----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
For the Six Months Ended June 30,
- ---------------------------------
1995-ILA units (unaudited)...................... $1.00 5.94%/(b)/ 0.41%/(b)/ 5.77%/(b)/ $1,335,639
1995-ILA Administration units (unaudited)....... 1.00 5.78/(b)/ 0.56/(b)/ 5.63/(b)/ 87,109
1995-ILA Service units (unaudited).............. 1.00 5.52/(b)/ 0.81/(b)/ 5.39/(b)/ 287,486
For the Years Ended December 31,
- -------------------------------
1994-ILA units.................................. 1.00 4.07 0.40 3.94 1,963,846
1994-ILA Administration units................... 1.00 3.91 0.55 3.79 149,234
1994-ILA Service units.......................... 1.00 3.66 0.80 3.65 170,453
1993-ILA units.................................. 1.00 2.97 0.40 2.91 2,332,771
1993-ILA Administration units................... 1.00 2.82 0.55 2.75 189,431
1993-ILA Service units.......................... 1.00 2.56 0.80 2.50 137,804
1992-ILA units.................................. 1.00 3.75 0.40 3.64 3,444,591
1992-ILA Administration units................... 1.00 3.60 0.55 3.39 257,321
1992-ILA Service units.......................... 1.00 3.34 0.80 3.11 22,044
1991-ILA units.................................. 1.00 6.10 0.40 5.91 3,531,736
1991-ILA Administration units................... 1.00 5.94 0.55 5.68 198,417
1991-ILA Service units.......................... 1.00 5.68 0.80 5.58 18,789
1990-ILA units.................................. 1.00 8.21 0.38 7.93 2,833,541
1990-ILA Administration units/(c)/.............. 1.00 7.81/(b)/ 0.55/(b)/ 7.62/(b)/ 209,272
1990-ILA Service units/(c)/..................... 1.00 7.56/(b)/ 0.80/(b)/ 7.25/(b)/ 19,039
1989-ILA units.................................. 1.00 9.27 0.40 8.90 3,761,964
1988-ILA units.................................. 1.00 7.48 0.40 7.14 3,799,628
1987-ILA units.................................. 1.00 6.50 0.40 6.34 5,814,280
1986-ILA units.................................. 1.00 6.67 0.40 6.44 4,654,076
1985-ILA units.................................. 1.00 8.25 0.38 7.92 5,149,617
</TABLE>
- ------------------
/(a)/Assumes investment at the net asset value at the beginning of the period,
reinvestment of all distributions and a complete redemption of the
investment at the net asset value at the end of the period.
/(b)/Annualized.
/(c)/ILA Administration and Service unit activity commenced during June of 1990.
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
31
<PAGE>
Goldman Sachs Money Market Trust--Institutional Liquid Assets
- --------------------------------------------------------------------------------
Financial Highlights (continued)
Money Market Portfolio
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Income from investment operations
-----------------------------------------
Net
Net asset realized Total Net asset
value at Net gain income from value at
beginning investment on investment investment Distributions end
of period income transactions operations to unitholders of period
---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
For the Six Months Ended June 30,
- ---------------------------------
1995-ILA units (unaudited)................ $1.00 $0.0290 $-- $0.0290 $(0.0290) $1.00
1995-ILA Administration units
(unaudited)............................. 1.00 0.0282 -- 0.0282 (0.0282) 1.00
1995-ILA Service units (unaudited)........ 1.00 0.0270 -- 0.0270 (0.0270) 1.00
For the Years Ended December 31,
- --------------------------------
1994-ILA units............................ 1.00 0.0401 -- 0.0401 (0.0401) 1.00
1994-ILA Administration units............ 1.00 0.0388 -- 0.0388 (0.0388) 1.00
1994-ILA Service units.................... 1.00 0.0364 -- 0.0364 (0.0364) 1.00
1993-ILA units............................ 1.00 0.0296 0.0003 0.0299 (0.0299) 1.00
1993-ILA Administration units............. 1.00 0.0281 0.0003 0.0284 (0.0284) 1.00
1993-ILA Service units.................... 1.00 0.0257 0.0002 0.0259 (0.0259) 1.00
1992-ILA units............................ 1.00 0.0368 0.0004 0.0372 (0.0372) 1.00
1992-ILA Administration units............. 1.00 0.0356 0.0004 0.0360 (0.0360) 1.00
1992-ILA Service units.................... 1.00 0.0358 0.0006 0.0364 (0.0364) 1.00
1991-ILA units............................ 1.00 0.0591 0.0004 0.0595 (0.0595) 1.00
1991-ILA Administration units............. 1.00 0.0574 0.0004 0.0578 (0.0578) 1.00
1991-ILA Service units ................... 1.00 0.0547 0.0004 0.0551 (0.0551) 1.00
1990-ILA units............................ 1.00 0.0793 0.0001 0.0794 (0.0794) 1.00
1990-ILA Administration units/(c)/........ 1.00 0.0424 0.0001 0.0425 (0.0425) 1.00
1990-ILA Service units/(c)/............... 1.00 0.0438 -- 0.0438 (0.0438) 1.00
1989-ILA units............................ 1.00 0.0885 0.0001 0.0886 (0.0886) 1.00
1988-ILA units............................ 1.00 0.0751 -- 0.0751 (0.0751) 1.00
For the Period December 2, 1987 (commencement of operations) through December 31,
- ---------------------------------------------------------------------------------
1987-ILA units............................ 1.00 0.0063 -- 0.0063 (0.0063) 1.00
<CAPTION>
Ratio information
assuming no
waiver of advisory fees
---------------------------
Ratio of net Net Ratio of net
Ratio of net investment assets at Ratio of net investment
expenses to income to end of expenses to income to
Total average net average net period average net average net
return/(a)/ assets assets (in 000s) assets assets
-----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
For the Six Months Ended June 30,
- ---------------------------------
1995-ILA units (unaudited)............... 5.99%/(b)/ 0.36%/(b)/ 5.84%/(b) $729,924 0.41%/(b)/ 5.79%/(b)/
1995-ILA Administration units
(unaudited)............................ 5.83/(b)/ 0.51/(b)/ 5.67/(b)/ 144,020 0.56/(b)/ 5.62/(b)/
1995-ILA Service units (unaudited)....... 5.57/(b)/ 0.76/(b)/ 5.43/(b)/ 19,806 0.81/(b)/ 5.38/(b)/
For the Years Ended December 31,
- --------------------------------
1994-ILA units........................... 4.13 0.35 4.01 559,470 0.40 3.96
1994-ILA Administration units............ 3.98 0.50 3.88 145,867 0.55 3.83
1994-ILA Service units................... 3.72 0.75 3.61 21,862 0.80 3.56
1993-ILA units........................... 3.03 0.35 2.96 699,604 0.40 2.91
1993-ILA Administration units............ 2.88 0.50 2.81 150,452 0.55 2.76
1993-ILA Service units................... 2.62 0.75 2.57 11,166 0.80 2.52
1992-ILA units........................... 3.76 0.35 3.68 884,571 0.40 3.63
1992-ILA Administration units............ 3.61 0.50 3.56 187,445 0.55 3.51
1992-ILA Service units................... 3.35 0.75 3.58 15,114 0.80 3.53
1991-ILA units........................... 6.12 0.35 5.91 1,153,191 0.40 5.86
1991-ILA Administration units............ 5.96 0.50 5.74 210,330 0.55 5.69
1991-ILA Service units................... 5.70 0.75 5.47 56,586 0.80 5.42
1990-ILA units........................... 8.24 0.35 7.93 924,141 0.40 7.88
1990-ILA Administration units/(c)/....... 7.86/(b)/ 0.50/(b)/ 7.63/(b)/ 204,477 0.55/(b)/ 7.58/(b)/
1990-ILA Service units/(c)/.............. 7.61/(b)/ 0.75/(b)/ 7.46/(b)/ 38,128 0.80/(b)/ 7.41/(b)/
1989-ILA units........................... 9.31 0.35 8.85 1,295,389 0.40 8.80
1988-ILA units........................... 7.66 0.27 7.51 701,105 0.40 7.38
For the Period December 2, 1987 (commencement of operations) through December 31,
- ---------------------------------------------------------------------------------
1987-ILA units........................... 7.38/(b)/ 0.15/(b)/ 7.62/(b)/ 183,633 0.40/(b)/ 7.37/(b)/
</TABLE>
- ------------------
/(a)/Assumes investment at the net asset value at the beginning of the period,
reinvestment of all distributions and a complete redemption of the
investment at the net asset value at the end of the period.
/(b)/Annualized.
/(c)/ILA Administration and Service unit activity commenced during June of 1990.
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
32
<PAGE>
Goldman Sachs Money Market Trust--Institutional Liquid Assets
- --------------------------------------------------------------------------------
Financial Highlights (continued)
Government Portfolio
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Income from investment operations
=========================================
Net
Net asset realized Total
value at Net gain income from
beginning investment on investment investment Distributions
of period income transactions operations to unitholders
=======================================================================
<S> <C> <C> <C> <C> <C>
For the Six Months Ended June 30,
=================================
1995-ILA units (unaudited)........................ $1.00 $0.0284 $0.0001 $0.0285 $(0.0285)
1995-ILA Administration units (unaudited)......... 1.00 0.0275 0.0002 0.0277 (0.0277)
1995-ILA Service units (unaudited)................ 1.00 0.0262 0.0002 0.0264 (0.0264)
For the Years Ended December 31,
================================
1994-ILA units.................................... 1.00 0.0378 0.0002 0.0380 (0.0380)
1994-ILA Administration units..................... 1.00 0.0362 0.0002 0.0364 (0.0364)
1994-ILA Service units............................ 1.00 0.0350 0.0002 0.0352 (0.0352)
1993-ILA units.................................... 1.00 0.0282 0.0008 0.0290 (0.0291)
1993-ILA Administration units..................... 1.00 0.0267 0.0008 0.0275 (0.0276)
1993-ILA Service units............................ 1.00 0.0242 0.0006 0.0248 (0.0250)
1992-ILA units.................................... 1.00 0.0338 0.0027 0.0365 (0.0364)
1992-ILA Administration units..................... 1.00 0.0325 0.0027 0.0352 (0.0351)
1992-ILA Service units............................ 1.00 0.0309 0.0030 0.0339 (0.0336)
1991-ILA units.................................... 1.00 0.0567 0.0011 0.0578 (0.0578)
1991-ILA Administration units..................... 1.00 0.0545 0.0011 0.0556 (0.0556)
1991-ILA Service units............................ 1.00 0.0522 0.0011 0.0533 (0.0533)
1990-ILA units.................................... 1.00 0.0779 0.0003 0.0782 (0.0782)
1990-ILA Administration units/(c)/................ 1.00 0.0439 0.0004 0.0443 (0.0443)
1990-ILA Service units/(c)/....................... 1.00 0.0359 0.0002 0.0361 (0.0363)
1989-ILA units.................................... 1.00 0.0877 0.0001 0.0878 (0.0878)
1988-ILA units.................................... 1.00 0.0716 0.0002 0.0718 (0.0718)
1987-ILA units.................................... 1.00 0.0622 0.0001 0.0623 (0.0624)
1986-ILA units.................................... 1.00 0.0629 0.0011 0.0640 (0.0641)
1985-ILA units.................................... 1.00 0.0780 0.0007 0.0787 (0.0785)
<CAPTION>
Ratio of net Net
Net asset Ratio of net investment assets at
value at expenses to income to end of
end Total average net average net period
of period return/(a)/ assets assets (in 000s)
=========================================================================
<S> <C> <C> <C> <C> <C>
For the Six Months Ended June 30,
=================================
1995-ILA units (unaudited)........................ $1.00 5.90%/(b)/ 0.41%/(b)/ 5.72%/(b)/ $ 682,995
1995-ILA Administration units (unaudited)......... 1.00 5.74/(b)/ 0.56/(b)/ 5.55/(b)/ 67,526
1995-ILA Service units (unaudited)................ 1.00 5.48/(b)/ 0.81/(b)/ 5.29/(b)/ 104,855
For the Years Ended December 31,
================================
1994-ILA units.................................... 1.00 3.94 0.40 3.78 881,520
1994-ILA Administration units..................... 1.00 3.79 0.55 3.62 95,483
1994-ILA Service units............................ 1.00 3.53 0.80 3.50 156,930
1993-ILA units.................................... 1.00 2.94 0.40 2.82 1,315,378
1993-ILA Administration units..................... 1.00 2.79 0.55 2.67 161,845
1993-ILA Service units............................ 1.00 2.53 0.80 2.42 101,272
1992-ILA units.................................... 1.00 3.70 0.40 3.38 1,785,472
1992-ILA Administration units..................... 1.00 3.55 0.55 3.25 461,542
1992-ILA Service units............................ 1.00 3.29 0.80 3.09 56,389
1991-ILA units.................................... 1.00 5.91 0.40 5.67 2,103,627
1991-ILA Administration units..................... 1.00 5.75 0.55 5.45 464,060
1991-ILA Service units............................ 1.00 5.49 0.80 5.22 200,176
1990-ILA units.................................... 1.00 8.11 0.39 7.79 2,203,756
1990-ILA Administration units/(c)/................ 1.00 7.74/(b)/ 0.55/(b)/ 7.49/(b)/ 296,313
1990-ILA Service units/(c)/....................... 1.00 7.42/(b)/ 0.80/(b)/ 7.15/(b)/ 132,888
1989-ILA units.................................... 1.00 9.15 0.40 8.77 2,268,330
1988-ILA units.................................... 1.00 7.42 0.40 7.16 2,197,796
1987-ILA units.................................... 1.00 6.43 0.40 6.22 2,243,870
1986-ILA units.................................... 1.00 6.65 0.40 6.29 2,401,140
1985-ILA units.................................... 1.00 8.14 0.38 7.80 2,085,494
</TABLE>
- -----------------
/(a)/ Assumes investment at the net asset value at the beginning of the period,
reinvestment of all distributions and a complete redemption of the
investment at the net asset value at the end of the period.
/(b)/ Annualized.
/(c)/ ILA Administration and Service unit activity commenced during June and
July of 1990, respectively.
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
33
<PAGE>
Goldman Sachs Money Market Trust--Institutional Liquid Assets
- --------------------------------------------------------------------------------
Financial Highlights (continued)
Treasury Obligations Portfolio
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Income from investment operations
=========================================
Net
Net asset realized Total
value at Net gain income for
beginning investment on investment investment Distributions
of period income transactions operations to unitholders
=======================================================================
<S> <C> <C> <C> <C> <C>
For the Six Months Ended June 30,
=================================
1995-ILA units (unaudited)........................ $1.00 $0.0278 $0.0006 $ 0.0284 $(0.0282)
1995-ILA Administration units (unaudited)......... 1.00 0.0272 0.0005 0.0277 (0.0276)
1995-ILA Service units (unaudited)................ 1.00 0.0259 0.0005 0.0264 (0.0263)
For the Years Ended December 31,
================================
1994-ILA units.................................... 1.00 0.0377 -- 0.0377 (0.0377)
1994-ILA Administration units..................... 1.00 0.0368 -- 0.0368 (0.0368)
1994-ILA Service units............................ 1.00 0.0340 -- 0.0340 (0.0340)
1993-ILA units.................................... 1.00 0.0279 0.0006 0.0285 (0.0286)
1993-ILA Administration units..................... 1.00 0.0264 0.0006 0.0270 (0.0270)
1993-ILA Service units............................ 1.00 0.0239 0.0006 0.0245 (0.0246)
1992-ILA units.................................... 1.00 0.0339 0.0025 0.0364 (0.0362)
1992-ILA Administration units..................... 1.00 0.0320 0.0023 0.0343 (0.0343)
1992-ILA Service units............................ 1.00 0.0294 0.0024 0.0318 (0.0318)
1991-ILA units.................................... 1.00 0.0557 0.0018 0.0575 (0.0575)
1991-ILA Administration units..................... 1.00 0.0540 0.0018 0.0558 (0.0558)
1991-ILA Service units............................ 1.00 0.0515 0.0018 0.0533 (0.0533)
1990-ILA units.................................... 1.00 0.0772 0.0002 0.0774 (0.0774)
1990-ILA Administration units/(c)/................ 1.00 0.0413 0.0002 0.0415 (0.0415)
1990-ILA Service units/(c)/....................... 1.00 0.0417 0.0003 0.0420 (0.0421)
1989-ILA units.................................... 1.00 0.0864 0.0005 0.0869 (0.0869)
1988-ILA units.................................... 1.00 0.0704 0.0004 0.0708 (0.0708)
1987-ILA units.................................... 1.00 0.0617 0.0002 0.0619 (0.0619)
1986-ILA units.................................... 1.00 0.0625 0.0012 0.0637 (0.0637)
1985-ILA units.................................... 1.00 0.0766 0.0009 0.0775 (0.0773)
<CAPTION>
Ratio of net Net
Net asset Ratio of net investment assets at
value at expenses to income to end of
end Total average net average net period
of period return/(a)/ assets assets (in 000s)
=========================================================================
<S> <C> <C> <C> <C> <C>
For the Six Months Ended June 30,
=================================
1995-ILA units (unaudited)........................ $1.00 5.84%/(b)/ 0.41%/(b)/ 5.61%/(b)/ $ 904,301
1995-ILA Administration units (unaudited)......... 1.00 5.69/(b)/ 0.56/(b)/ 5.48/(b)/ 106,843
1995-ILA Service units (unaudited)................ 1.00 5.42/(b)/ 0.81/(b)/ 5.22/(b)/ 115,766
For the Years Ended December 31,
================================
1994-ILA units.................................... 1.00 3.91 0.40 3.77 713,816
1994-ILA Administration units..................... 1.00 3.75 0.55 3.68 97,626
1994-ILA Service units............................ 1.00 3.49 0.80 3.39 108,972
1993-ILA units.................................... 1.00 2.89 0.40 2.79 969,565
1993-ILA Administration units..................... 1.00 2.74 0.55 2.64 121,327
1993-ILA Service units............................ 1.00 2.48 0.80 2.39 185,506
1992-ILA units.................................... 1.00 3.65 0.40 3.39 1,328,036
1992-ILA Administration units..................... 1.00 3.49 0.55 3.20 152,804
1992-ILA Service units............................ 1.00 3.23 0.80 2.94 183,208
1991-ILA units.................................... 1.00 5.90 0.40 5.57 1,709,321
1991-ILA Administration units..................... 1.00 5.74 0.55 5.40 146,795
1991-ILA Service units............................ 1.00 5.48 0.80 5.15 154,419
1990-ILA units.................................... 1.00 8.05 0.39 7.72 1,816,991
1990-ILA Administration units/(c)/................ 1.00 7.67/(b)/ 0.55/(b)/ 7.42/(b)/ 132,088
1990-ILA Service units/(c)/....................... 1.00 7.42/(b)/ 0.80/(b)/ 7.11/(b)/ 148,323
1989-ILA units.................................... 1.00 9.06 0.40 8.64 1,769,974
1988-ILA units.................................... 1.00 7.30 0.40 7.04 1,657,215
1987-ILA units.................................... 1.00 6.32 0.40 6.17 1,693,767
1986-ILA units.................................... 1.00 6.63 0.40 6.25 1,625,331
1985-ILA units.................................... 1.00 8.08 0.40 7.66 1,400,877
</TABLE>
- --------------
/(a)/ Assumes investment at the net asset value at the beginning of the period,
reinvestment of all distributions and a complete redemption of the
investment at the net asset value at the end of the period.
/(b)/ Annualized.
/(c)/ ILA Administration and Service unit activity commenced during June of
1990.
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
34
<PAGE>
Goldman Sachs Money Market Trust--Institutional Liquid Assets
- --------------------------------------------------------------------------------
Financial Highlights (continued)
Treasury Instruments Portfolio
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Income from investment operations
-----------------------------------------
Net asset Net realized Total Net asset
value at Net gain income from value at
beginning investment on investment investment Distributions end
of period income transactions operations to unitholders of period
-------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
For the Six Months Ended June 30,
- ---------------------------------
1995-ILA units (unaudited)............ $1.00 $0.0283 $0.0004 $0.0287 $(0.0286) $1.00
1995-ILA Administration units
(unaudited)......................... 1.00 0.0275 0.0005 0.0280 (0.0277) 1.00
1995-ILA Service units (unaudited).... 1.00 0.0263 0.0005 0.0268 (0.0266) 1.00
For the Years Ended December 31,
- ---------------------------------
1994-ILA units........................ 1.00 0.0397 0.0001 0.0398 (0.0398) 1.00
1994-ILA Administration units......... 1.00 0.0397 0.0001 0.0398 (0.0398) 1.00
1994-ILA Service units................ 1.00 0.0371 0.0001 0.0372 (0.0372) 1.00
1993-ILA units........................ 1.00 0.0288 0.0006 0.0294 (0.0294) 1.00
1993-ILA Administration units......... 1.00 0.0273 0.0006 0.0279 (0.0279) 1.00
1993-ILA Service units................ 1.00 0.0248 0.0006 0.0254 (0.0254) 1.00
1992-ILA units........................ 1.00 0.0338 0.0012 0.0350 (0.0350) 1.00
1992-ILA Administration units......... 1.00 0.0326 0.0012 0.0338 (0.0338) 1.00
1992-ILA Service units................ 1.00 0.0275 0.0011 0.0286 (0.0286) 1.00
For the Period January 30, 1991 (commencement of operations) through December 31,
- ---------------------------------------------------------------------------------
1991-ILA units........................ 1.00 0.0486 0.0013 0.0499 (0.0499) 1.00
1991-ILA Administration units/(c)/.... 1.00 0.0210 0.0010 0.0220 (0.0220) 1.00
1991-ILA Service units/(c)/........... 1.00 0.0473 0.0009 0.0482 (0.0482) 1.00
<CAPTION>
Ratio information
assuming no waiver of
advisory fees and
no voluntary expense
limitations
---------------------------
Ratio of net Net Ratio of net
Ratio of net investment assets at Ratio of net investment
expenses to income to end expenses to income to
Total average net average net of period average net average net
return/(a)/ assets assets (in 000s) assets assets
-------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
For the Six Months Ended June 30,
- ---------------------------------
1995-ILA units (unaudited)............ 5.90%/(b)/ 0.21%/(b)/ 5.70%/(b)/ $533,601 0.41%/(b)/ 5.50%/(b)/
1995-ILA Administration units
(unaudited)......................... 5.74/(b)/ 0.36/(b)/ 5.54/(b)/ 89,945 0.56/(b)/ 5.34/(b)/
1995-ILA Service units (unaudited).... 5.48/(b)/ 0.61/(b)/ 5.30/(b)/ 35,485 0.81/(b)/ 5.10/(b)/
For the Years Ended December 31,
- ---------------------------------
1994-ILA units........................ 4.01 0.20 3.96 547,351 0.40 3.76
1994-ILA Administration units......... 3.85 0.35 3.97 64,388 0.55 3.77
1994-ILA Service units................ 3.59 0.60 3.72 74,451 0.80 3.52
1993-ILA units........................ 2.98 0.20 2.88 456,411 0.40 2.68
1993-ILA Administration units......... 2.83 0.35 2.73 26,553 0.55 2.53
1993-ILA Service units................ 2.57 0.60 2.48 34,014 0.80 2.28
1992-ILA units........................ 3.54 0.18 3.38 422,506 0.40 3.16
1992-ILA Administration units......... 3.38 0.33 3.26 6,915 0.55 3.04
1992-ILA Service units................ 3.13 0.58 2.75 29,522 0.80 2.53
For the Period January 30, 1991 (commencement of operations) through December 31,
- ---------------------------------------------------------------------------------
1991-ILA units........................ 5.75/(b)/ 0.10/(b)/ 5.28/(b)/ 424,436 0.40/(b)/ 4.98/(b)/
1991-ILA Administration units/(c)/.... 5.21/(b)/ 0.25/(b)/ 4.77/(b)/ 17,649 0.55/(b)/ 4.47/(b)/
1991-ILA Service units/(c)/........... 5.33/(b)/ 0.50/(b)/ 5.13/(b)/ 9,430 0.80/(b)/ 4.83/(b)/
</TABLE>
- ---------------
/(a)/Assumes investment at the net asset value at the beginning of the period,
reinvestment of all distributions and a complete redemption of the
investment at the net asset value at the end of the period.
/(b)/Annualized.
/(c)/ILA Administration and Service unit activity commenced during July and
January of 1991, respectively.
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
35
<PAGE>
Goldman Sachs Money Market Trust--Institutional Liquid Assets
- --------------------------------------------------------------------------------
Financial Highlights (continued)
Federal Portfolio
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Income from investment operations
========================================
Net asset Net realized Total Net asset
value at Net gain income from value at
beginning investment on investment investment Distributions end
of period income transactions operations to unitholders of period
=================================================================================
<S> <C> <C> <C> <C> <C> <C>
For the Six Months Ended June 30,
=================================
1995-ILA units (unaudited)................... $1.00 $0.0290 $-- $0.0290 $(0.0290) $1.00
1995-ILA Administration units (unaudited).... 1.00 0.0283 -- 0.0283 (0.0283) 1.00
1995-ILA Service units (unaudited).......... 1.00 0.0271 -- 0.0271 (0.0271) 1.00
For the Years Ended December 31,
=================================
1994-ILA units............................... 1.00 0.0407 -- 0.0407 (0.0407) 1.00
1994-ILA Administration units................ 1.00 0.0388 -- 0.0388 (0.0388) 1.00
1994-ILA Service units....................... 1.00 0.0392 -- 0.0392 (0.0392) 1.00
1993-ILA units............................... 1.00 0.0296 -- 0.0296 (0.0296) 1.00
1993-ILA Administration units................ 1.00 0.0281 -- 0.0281 (0.0281) 1.00
1993-ILA Service units/(c)/.................. 1.00 0.0157 -- 0.0157 (0.0157) 1.00
1992-ILA units............................... 1.00 0.0358 -- 0.0358 (0.0358) 1.00
1992-ILA Administration units................ 1.00 0.0340 -- 0.0340 (0.0340) 1.00
1991-ILA units............................... 1.00 0.0576 -- 0.0576 (0.0576) 1.00
1991-ILA Administration units................ 1.00 0.0542 -- 0.0542 (0.0542) 1.00
1991-ILA Service units/(c)/.................. 1.00 0.0196 -- 0.0196 (0.0196) 1.00
1990-ILA units............................... 1.00 0.0772 -- 0.0772 (0.0772) 1.00
1990-ILA Administration units/(d)/........... 1.00 0.0205 -- 0.0205 (0.0205) 1.00
For the Period May 22, 1989 (commencement
=========================================
of operations) through December 31,
===================================
1989-ILA units............................... 1.00 0.0516 -- 0.0516 (0.0516) 1.00
<CAPTION>
Ratio Information
assuming no waiver of
advisory fees and
no voluntary expense
limitations
==============================
Ratio of net Net Ratio of net
Ratio of net investment assets at Ratio of net investment
expenses to income to end expenses to income to
Total average net average net of period average net average net
return/(a)/ assets assets (in 000s) assets assets
======================================================================================
<S> <C> <C> <C> <C> <C> <C>
For the Six Months Ended June 30,
=================================
1995-ILA units (unaudited) 6.00%/(b)/ 0.26%/(b)/ 5.84%/(b)/ $1,506,087 0.41%/(b)/ 5.69%/(b)/
1995-ILA Administration units (unaudited) 5.84/(b)/ 0.41/(b)/ 5.69/(b)/ 596,697 0.56/(b)/ 5.54/(b)/
1995-ILA Service units (unaudited) 5.58/(b)/ 0.66/(b)/ 5.47/(b)/ 62,808 0.81/(b)/ 5.32/(b)
For the Years Ended December 31,
=================================
1994-ILA units 4.11 0.25 4.07 1,625,567 0.40 3.92
1994-ILA Administration units 3.95 0.40 3.88 329,896 0.55 3.73
1994-ILA Service units 3.69 0.65 3.92 15,539 0.80 3.77
1993-ILA units 3.00 0.25 2.96 1,430,292 0.40 2.81
1993-ILA Administration units 2.84 0.40 2.81 362,401 0.55 2.66
1993-ILA Service units/(c)/ 2.56/(b)/ 0.65/(b)/ 2.54/(b)/ 1,425 0.80/(b)/ 2.39/(b)/
1992-ILA units 3.61 0.25 3.58 1,600,989 0.40 3.43
1992-ILA Administration units 3.46 0.40 3.40 312,792 0.55 3.25
1991-ILA units 5.94 0.25 5.76 1,656,232 0.40 5.61
1991-ILA Administration units 5.78 0.40 5.42 291,810 0.55 5.27
1991-ILA Service units/(c)/ 5.55/(b)/ 0.65/(b)/ 5.56/(b)/ -- 0.80/(b)/ 5.41/(b)/
1990-ILA units 8.06 0.25 7.72 1,368,765 0.40 7.57
1990-ILA Administration units /(d)/ 7.39/(b)/ 0.40/(b)/ 7.25/(b)/ 90,748 0.55/(b)/ 7.10/(b)/
For the Period May 22, 1989 (commencement
=========================================
of operations) through December 31,
===================================
1989-ILA units 7.62/(b)/ 0.19/(b)/ 8.41/(b)/ 455,230 0.40/(b)/ 8.19/(b)/
</TABLE>
- ------------------
/(a)/ Assumes investment at the net asset value at the beginning of the period,
reinvestment of all distributions and a complete redemption of the
investment at the net asset value at the end of the period.
/(b)/ Annualized.
/(c)/ ILA Service unit activity commenced during April of 1991; no shares were
outstanding during the period from August 7, 1991 through May 15, 1993.
/(d)/ ILA Administration unit activity commenced during September of 1990.
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
36
<PAGE>
Goldman Sachs Money Market Trust--Institutional Liquid Assets
- --------------------------------------------------------------------------------
Financial Highlights (continued)
Tax-Exempt Diversified Portfolio
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Income from investment operations
==========================================
Net asset Net realized Total Net asset
value at Net gain (loss) income from Distributions value at
beginning investment on investment investment to end
of period income transactions operations unitholders of period
=====================================================================================
<S> <C> <C> <C> <C> <C> <C>
For the Six Months Ended June 30,
=================================
1995-ILA units (unaudited)............ $1.00 $0.0185 $-- $0.0185 $(0.0185) $1.00
1995-ILA Administration units
(unaudited)......................... 1.00 0.0177 -- 0.0177 (0.0177) 1.00
1995-ILA Service units (unaudited).... 1.00 0.0166 -- 0.0166 (0.0166) 1.00
For the Years Ended December 31,
================================
1994-ILA units........................ 1.00 0.0264 -- 0.0264 (0.0264) 1.00
1994-ILA Administration units......... 1.00 0.0250 -- 0.0250 (0.0250) 1.00
1994-ILA Service units................ 1.00 0.0220 -- 0.0220 (0.0220) 1.00
1993-ILA units........................ 1.00 0.0222 -- 0.0222 (0.0222) 1.00
1993-ILA Administration units......... 1.00 0.0207 -- 0.0207 (0.0207) 1.00
1993-ILA Service units................ 1.00 0.0183 -- 0.0183 (0.0183) 1.00
1992-ILA units........................ 1.00 0.0277 -- 0.0277 (0.0277) 1.00
1992-ILA Administration units......... 1.00 0.0266 -- 0.0266 (0.0266) 1.00
1992-ILA Service units................ 1.00 0.0243 -- 0.0243 (0.0243) 1.00
1991-ILA units........................ 1.00 0.0424 -- 0.0424 (0.0424) 1.00
1991-ILA Administration units......... 1.00 0.0406 -- 0.0406 (0.0406) 1.00
1991-ILA Service units................ 1.00 0.0386 -- 0.0386 (0.0386) 1.00
1990-ILA units........................ 1.00 0.0550 (0.0001) 0.0549 (0.0549) 1.00
1990-ILA Administration units/(c)/.... 1.00 0.0301 -- 0.0301 (0.0300) 1.00
1990-ILA Service units/(c)/........... 1.00 0.0259 -- 0.0259 (0.0259) 1.00
1989-ILA units........................ 1.00 0.0591 (0.0001) 0.0590 (0.0590) 1.00
1988-ILA units........................ 1.00 0.0487 0.0003 0.0490 (0.0490) 1.00
1987-ILA units........................ 1.00 0.0413 (0.0003) 0.0410 (0.0410) 1.00
1986-ILA units........................ 1.00 0.0426 -- 0.0426 (0.0426) 1.00
1985-ILA units........................ 1.00 0.0491 -- 0.0491 (0.0491) 1.00
<CAPTION>
Ratio information
assuming no waiver
of advisory fees
===========================
Ratio of net Net Ratio of net
Ratio of net investment assets at Ratio of net investment
expenses to income to end of expenses to income to
Total average net average net period average net average net
return/(a)/ assets assets (in 000s) assets assets
-------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
For the Six Months Ended June 30,
=================================
1995-ILA units (unaudited)............ 3.81%/(b)/ 0.31%/(b)/ 3.73%/(b)/ $1,265,350 0.41%/(b)/ 3.63%/(b)/
1995-ILA Administration units
(unaudited)......................... 3.65/(b)/ 0.46/(b)/ 3.57/(b)/ 46,792 0.56/(b)/ 3.47/(b)/
1995-ILA Service units (unaudited).... 3.39/(b)/ 0.71/(b)/ 3.34/(b)/ 67,073 0.81/(b)/ 3.24/(b)/
For the Years Ended December 31,
================================
1994-ILA units........................ 2.71 0.30 2.64 1,434,965 0.40 2.54
1994-ILA Administration units......... 2.55 0.45 2.50 97,778 0.55 2.40
1994-ILA Service units................ 2.30 0.70 2.20 36,492 0.80 2.10
1993-ILA units........................ 2.25 0.30 2.22 1,769,477 0.40 2.12
1993-ILA Administration units......... 2.09 0.45 2.08 99,896 0.55 1.98
1993-ILA Service units................ 1.84 0.70 1.83 45,172 0.80 1.73
1992-ILA units........................ 2.82 0.30 2.77 133,925 0.40 2.67
1992-ILA Administration units......... 2.67 0.45 2.66 50,225 0.55 2.56
1992-ILA Service units................ 2.41 0.70 2.43 29,534 0.80 2.33
1991-ILA units........................ 4.33 0.32 4.24 1,044,986 0.40 4.16
1991-ILA Administration units......... 4.17 0.47 4.06 37,567 0.55 3.98
1991-ILA Service units................ 3.91 0.72 3.86 52,399 0.80 3.78
1990-ILA units........................ 5.64 0.40 5.50 603,895 0.40 5.50
1990-ILA Administration units/(c)/.... 5.43/(b)/ 0.55/(b)/ 5.40/(b)/ 42,498 0.55/(b)/ 5.40/(b)/
1990-ILA Service units/(c)/........... 5.17/(b)/ 0.80/(b)/ 5.16/(b)/ 56,810 0.80/(b)/ 5.16/(b)/
1989-ILA units........................ 6.07 0.40 5.91 688,556 0.40 5.91
1988-ILA units........................ 5.03 0.40 4.87 907,782 0.40 4.87
1987-ILA units........................ 4.23 0.40 4.13 965,714 0.40 4.13
1986-ILA units........................ 4.45 0.40 4.26 1,492,752 0.40 4.26
1985-ILA units........................ 5.04 0.40 4.91 652,033 0.40 4.91
</TABLE>
- ---------
/(a)/ Assumes investment at the net asset value at the beginning of the period,
reinvestment of all distributions and a complete redemption of the
investment at the net asset value at the end of the period.
/(b)/ Annualized.
/(c)/ ILA Administration and Service unit activity commenced during June and
July of 1990, respectively.
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
37
<PAGE>
Goldman Sachs Money Market Trust--Institutional Liquid Assets
- --------------------------------------------------------------------------------
Financial Highlights (continued)
Tax-Exempt California Portfolio
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Income from investment operations
==========================================
Net asset Net realized Total Net asset
value at Net gain(loss) income from value at
beginning investment on investment investment Distributions end
of period income transactions operations to unitholders of period
====================================================================================
<S> <C> <C> <C> <C> <C> <C>
For the Six Months Ended June 30,
- ---------------------------------
1995-ILA units (unaudited)............. $1.00 $0.0172 $ -- $0.0172 $(0.0172) $1.00
1995-ILA Administration units
(unaudited)........................... 1.00 0.0165 -- 0.0165 (0.0165) 1.00
For the Years Ended December 31,
- --------------------------------
1994-ILA units......................... 1.00 0.0250 -- 0.0250 (0.0250) 1.00
1994-ILA Administration units.......... 1.00 0.0233 -- 0.0233 (0.0233) 1.00
1993-ILA units......................... 1.00 0.0206 -- 0.0206 (0.0206) 1.00
1993-ILA Administration units.......... 1.00 0.0191 -- 0.0191 (0.0191) 1.00
1993-ILA Service units................. 1.00 0.0166 -- 0.0166 (0.0166) 1.00
1992-ILA units......................... 1.00 0.0256 (0.0001) 0.0255 (0.0256) 1.00
1992-ILA Administration units.......... 1.00 0.0235 (0.0002) 0.0233 (0.0235) 1.00
1992-ILA Service units/(c)/............ 1.00 0.0081 -- 0.0081 (0.0081) 1.00
1991-ILA units......................... 1.00 0.0388 -- 0.0388 (0.0388) 1.00
1991-ILA Administration units.......... 1.00 0.0376 -- 0.0376 (0.0376) 1.00
1990-ILA units......................... 1.00 0.0511 (0.0001) 0.0510 (0.0511) 1.00
1990-ILA Administration units/(c)/..... 1.00 0.0042 -- 0.0042 (0.0042) 1.00
1989-ILA units......................... 1.00 0.0573 (0.0001) 0.0572 (0.0572) 1.00
For the Period October 3, 1988 (commencement of operations) through December 31,
- --------------------------------------------------------------------------------
1988-ILA units......................... 1.00 0.0139 -- 0.0139 (0.0139) 1.00
<CAPTION>
Ratio information
assuming no waiver of
advisory fees and
no voluntary expense
limitations
----------------------------
Ratio of net Net Ratio of net
Ratio of net investment assets at Ratio of net investment
expenses to income to end expenses to income to
Total average net average net of period average net average net
return/(a)/ assets assets (in 000s) assets assets
======================================================================================
<S> <C> <C> <C> <C> <C> <C>
For the Six Months Ended June 30,
- ---------------------------------
1995-ILA units (unaudited)............. 3.53%/(b)/ 0.41%/(b)/ 3.47%/(b)/ $328,069 0.41%/(b)/ 3.47%/(b)/
1995-ILA Administration units
(unaudited)........................... 3.38/(b)/ 0.56/(b)/ 3.36/(b)/ 152 0.56/(b)/ 3.36/(b)/
For the Years Ended December 31,
- --------------------------------
1994-ILA units......................... 2.53 0.40 2.50 227,399 0.40 2.50
1994-ILA Administration units.......... 2.37 0.55 2.33 790 0.55 2.33
1993-ILA units......................... 2.09 0.40 2.06 229,839 0.40 2.06
1993-ILA Administration units.......... 1.93 0.55 1.91 1,425 0.55 1.91
1993-ILA Service units................. 1.68 0.76 1.66 0.76 1.66
1992-ILA units......................... 2.62 0.40 2.56 161,868 0.40 2.56
1992-ILA Administration units.......... 2.47 0.55 2.35 31 0.55 2.35
1992-ILA Service units/(c)/............ 1.99/(b)/ 0.80/(b)/ 2.03/(b)/ 3 0.80/(b)/ 2.03/(b)/
1991-ILA units......................... 3.92 0.40 3.88 102,494 0.40 3.88
1991-ILA Administration units.......... 3.80 0.55 3.76 13 0.55/(b)/ 3.76
1990-ILA units......................... 5.24 0.40 5.11 106,972 0.40 5.11
1990-ILA Administration units/(c)/..... 5.14/(b)/ 0.55/(b)/ 5.33/(b)/ 68 0.55/(b)/ 5.33/(b)/
1989-ILA units......................... 5.93 0.40 5.73 112,463 0.40 5.73
For the Period October 3, 1988 (commencement of operations) through December 31,
- --------------------------------------------------------------------------------
1988-ILA units......................... 5.81/(b)/ 0.24/(b)/ 5.74/(b)/ 41,028 0.38/(b)/ 5.60/(b)/
</TABLE>
- -----------------
/(a)/Assumes investment at the net asset value at the beginning of the period,
reinvestment of all distributions and a complete redemption of the
investment at the net asset value at the end of the period.
/(b)/Annualized.
/(c)/ILA Administration and Service unit activity commenced during December of
1990 and August of 1992, respectively. No service shares were outstanding
for the year ended December 31, 1994 or the six months ended June 30,
1995.
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
38
<PAGE>
Goldman Sachs Money Market Trust--Institutional Liquid Assets
- --------------------------------------------------------------------------------
Financial Highlights (continued)
Tax-Exempt New York Portfolio
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Income from investment operations
------------------------------------------
Net asset Net realized Total Net asset
value at Net gain (loss) income from Distributions value at
beginning investment on investment investment to end
of period income transactions operations unitholders of period
-------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
For the Six Months Ended June 30,
- ---------------------------------
1995-ILA units (unaudited)............ $1.00 $0.0173 $-- $0.0173 $(0.0173) $1.00
1995-ILA Administration units
(unaudited)......................... 1.00 0.0165 -- 0.0165 (0.0165) 1.00
For the Years Ended December 31,
- --------------------------------
1994-ILA units........................ 1.00 0.0262 -- 0.0262 (0.0262) 1.00
1994-ILA Administration units......... 1.00 0.0247 -- 0.0247 (0.0247) 1.00
1993-ILA units........................ 1.00 0.0221 -- 0.0221 (0.0221) 1.00
1993-ILA Administration units......... 1.00 0.0205 -- 0.0205 (0.0205) 1.00
1992-ILA units........................ 1.00 0.0265 -- 0.0265 (0.0265) 1.00
1992-ILA Administration units......... 1.00 0.0253 -- 0.0253 (0.0253) 1.00
For the Period February 15, 1991 (commencement of operations) through December 31,
- ----------------------------------------------------------------------------------
1991-ILA units........................ 1.00 0.0347 (0.0002) 0.0345 (0.0347) 1.00
1991-ILA Administration units/(c)/.... 1.00 0.0330 -- 0.0330 (0.0330) 1.00
<CAPTION>
Ratio information
assuming no waiver of
advisory fees and
no voluntary expense
limitations
---------------------------
Ratio of net Net Ratio of net
Ratio of net investment assets at Ratio of net investment
expenses to income to end expenses to income to
Total average net average net of period average net average net
return/(a)/ assets assets (in 000s) assets assets
-------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
For the Six Months Ended June 30,
- ---------------------------------
1995-ILA units (unaudited)............ 3.57%/(b)/ 0.28%/(b)/ 3.49%/(b)/ $77,250 0.41%/(b)/ 3.36%/(b)/
1995-ILA Administration units
(unaudited)......................... 3.41/(b)/ 0.43/(b)/ 3.32/(b)/ 22,987 0.56/(b)/ 3.19/(b)/
For the Years Ended December 31,
- --------------------------------
1994-ILA units........................ 2.56 0.24 2.62 84,517 0.40 2.46
1994-ILA Administration units......... 2.41 0.39 2.47 38,970 0.55 2.31
1993-ILA units........................ 2.21 0.10 2.21 48,367 0.40 1.96
1993-ILA Administration units......... 2.05 0.25 2.05 20,306 0.55 1.80
1992-ILA units........................ 2.71 0.10 2.65 16,844 0.40 2.35
1992-ILA Administration units......... 2.55 0.25 2.53 14,641 0.55 2.23
For the Period February 15, 1991 (commencement of operations) through December 31,
- ----------------------------------------------------------------------------------
1991-ILA units........................ 4.02/(b)/ 0.10/(b)/ 3.96/(b)/ 11,070 0.40/(b)/ 3.66/(b)/
1991-ILA Administration units/(c)/.... 3.87/(b)/ 0.25/(b)/ 3.90/(b)/ 19,198 0.55/(b)/ 3.60/(b)/
</TABLE>
- ---------
/(a)/Assumes investment at the net asset value at the beginning of the period,
reinvestment of all distributions and a complete redemption of the
investment at the net asset value at the end of the period.
/(b)/Annualized.
/(c)/ILA Administration unit activity commenced during February of 1991.
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
39
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------- ---------------------------------------
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- --------------------------------------- ---------------------------------------
40
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------- ---------------------------------------
[This page intentionally left blank]
- --------------------------------------- ---------------------------------------
41
<PAGE>
- --------------------------------------------------------------------------------
- ------------------------------------- ---------------------------------------
[This page intentionally left blank]
- ------------------------------------- --------------------------------------
42
<PAGE>
- --------------------------------------------------------------------------------
- ------------------------------------- ---------------------------------------
- --------------------------------------------------------------------------------
This Semiannual Report is authorized for distribution to prospective investors
only when preceded or accompanied by a Goldman Sachs Money Market
Trust--Institutional Liquid Assets Funds Prospectus which contains facts
concerning each Fund's objectives and policies, management, expenses and other
information.
- --------------------------------------------------------------------------------
43
<PAGE>
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Goldman Sachs
1 New York Plaza
New York, NY 10004
Trustees
Paul C. Nagel, Jr., Chairman
Ashok N. Bakhru
Marcia L. Beck
David B. Ford
Alan A. Shuch
Jackson W. Smart, Jr.
William H. Springer
Richard P. Strubel
Officers
Marcia L. Beck, President
John W. Mosior, Vice President
Nancy L. Mucker, Vice President
Pauline Taylor, Vice President
Scott M. Gilman, Treasurer
Michael J. Richman, Secretary
Howard B. Surloff, Assistant Secretary
Goldman Sachs
Investment Adviser, Administrator,
Distributor and Transfer Agent
ILA/SEMI/0695
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Goldman Sachs
Money Market Trust
Institutional
Liquid Assets
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Semiannual Report
June 30, 1995
Prime Obligations Portfolio
Money Market Portfolio
Government Portfolio
Treasury Obligations Portfolio
Treasury Instruments Portfolio
Federal Portfolio
Tax-Exempt Diversified Portfolio
Tax-Exempt California Portfolio
Tax-Exempt New York Portfolio
[LOGO OF GOLDMAN SACHS APPEARS HERE]
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