<PAGE>
- --------------------------------------------------------------------------------
Goldman Sachs Money Market Trust
Financial Square Funds
- --------------------------------------------------------------------------------
Taxable Funds
Financial Square Prime Obligations Fund. A diversified money market portfolio
which invests exclusively in obligations of U.S. banks, commercial paper and
other high quality, short-term obligations of U.S. companies, securities of the
U.S. Government, its agencies, authorities and instrumentalities, and repurchase
agreements.
Financial Square Money Market Fund. A diversified money market portfolio which
invests exclusively in obligations of U.S. banks and foreign banks, commercial
paper and other high-quality, short-term obligations of U.S. and foreign
companies payable in U.S. dollars, securities of the U.S. Government, its
agencies, authorities and instrumentalities, and repurchase agreements.
Financial Square Treasury Obligations Fund. Rated "AAA\\m\\" by Standard &
Poor's Ratings Group and "Aaa" by Moody's Investors Services, Inc., the fund
invests in securities issued or guaranteed by the U.S. Treasury which are backed
by the full faith and credit of the U.S. Government, and repurchase agreements
collateralized by such securities.
Financial Square Government Fund. The Fund invests in securities of the U.S.
Government, its agencies, authorities and instrumentalities, and repurchase
agreements collateralized by such securities.
Tax-Exempt Fund
Financial Square Tax-Free Money Market Fund. The Fund invests in securities
issued by or on behalf of states, territories and possessions of the United
States, political subdivisions, agencies, authorities, and instrumentalities,
and the District of Columbia, the interest from which is exempt from federal
income tax.
- --------------------------------------------------------------------------------
1
<PAGE>
Statement of Investments
- -----------------------------------------------------------------------------
Financial Square Prime Obligations Fund
June 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------
Principal Interest Maturity Amortized
Amount Rate Date Cost
=============================================================================
<S> <C> <C> <C>
Commercial Paper and Corporate Obligations--71.9%
Aircraft
Rockwell International Corp.
$ 30,000,000 5.75% 12/12/95 $ 29,214,167
Bank Holding Companies
Bankamerica Corp.
50,000,000 5.93 08/22/95 49,571,722
Bankers Trust New York Corp.
80,000,000 6.09 07/10/95 79,878,200
45,000,000 5.98 08/16/95 44,656,150
40,000,000 5.82 09/25/95 39,443,867
Chase Manhattan Corp.
85,000,000 5.78 11/27/95 82,966,564
Corestates Capital Corp.
30,000,000 6.09/(a)/ 12/11/95 30,000,000
First Union Corp.
100,000,000 5.94 08/14/95 99,274,000
JP Morgan and Co., Inc.
50,000,000 6.05 10/30/95 48,983,264
NationsBank Corp.
50,000,000 6.05 07/17/95 49,865,556
30,000,000 5.95 08/16/95 29,771,917
35,000,000 6.04 11/13/95 34,207,250
Business Credit Institutions
CIT Group Holdings, Inc.
50,000,000 6.07 11/09/95 48,895,597
75,000,000 5.60 12/04/95 73,180,000
30,000,000 5.60 12/22/95 29,188,000
20,000,000 6.40/(a)/ 12/22/95 19,992,369
General Electric Capital Corp.
10,000,000 6.66 07/07/95 9,988,900
75,000,000 6.04 07/11/95 74,874,167
45,000,000 5.92 09/05/95 44,511,600
45,000,000 5.60 12/08/95 43,880,000
Heller Financial, Inc.
50,000,000 6.07 07/10/95 49,924,125
50,000,000 6.05 07/11/95 49,915,972
25,000,000 5.95 08/17/95 24,805,799
25,000,000 5.85 09/28/95 24,638,438
Xerox Credit Corp.
15,500,000 5.95 08/03/95 15,415,460
<CAPTION>
- -----------------------------------------------------------------------------
Principal Interest Maturity Amortized
Amount Rate Date Cost
=============================================================================
<S> <C> <C> <C>
Commercial Paper and Corporate Obligations
(continued)
Drugs
Schering Plough Corp.
$ 35,000,000 5.60% 12/05/95 $ 34,145,222
Farm Machinery
John Deere Capital Corp.
40,000,000 5.50 11/28/95 39,083,333
Fire, Marine and Casualty Insurance Carriers
Prudential Funding Corp.
50,000,000 6.68 07/05/95 49,962,889
Life Insurance
Commonwealth Life Insurance Co.
20,000,000 6.28/(a)/ 01/08/96 20,000,000
Pacific Mutual Life Insurance Co.
25,000,000 6.17/(a)/ 03/01/96 25,000,000
Miscellaneous Business Services
PHH Corp.
15,000,000 6.09/(a)/ 10/03/95 14,998,119
Motor Vehicles and Equipment
Ford Motor Credit Co.
75,000,000 5.97 07/19/95 74,776,125
50,000,000 5.94 08/18/95 49,604,000
50,000,000 5.55 11/28/95 48,843,750
Personal Credit Institutions
American Express Credit Corp.
125,000,000 6.04 07/10/95 124,811,250
Associates Corp. of North America
50,000,000 5.95 07/05/95 49,966,944
50,000,000 5.95 08/11/95 49,661,181
Household Finance Corp.
75,000,000 5.92 08/21/95 74,371,000
50,000,000 6.08 10/30/95 48,978,222
Transamerica Finance Corp.
45,000,000 5.82 11/17/95 43,988,775
Radio and Television Equipment
MCA Funding Corp.
7,000,000 6.53 07/10/95 6,988,538
35,000,000 6.43 07/12/95 34,931,235
16,193,000 6.53 07/12/95 16,160,690
5,000,000 6.55 07/12/95 4,989,993
</TABLE>
- -----------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
2
<PAGE>
- -----------------------------------------------------------------------------
Financial Square Prime Obligations Fund (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)
Receivable/Asset Financings
Corporate Receivables Corp.
$ 26,400,000 5.96% 07/10/95 $ 26,360,664
25,000,000 5.95 08/15/95 24,814,063
Delaware Funding Corp.
25,000,000 5.95 08/18/95 24,801,667
Falcon Asset Securitization Corp.
9,875,000 5.98 07/13/95 9,855,316
19,350,000 5.98 07/17/95 19,298,572
McKenna Triangle National Corp.
25,000,000 5.95 08/11/95 24,830,590
New Center Asset Trust
10,000,000 6.07 07/10/95 9,984,825
35,000,000 5.95 08/07/95 34,785,965
15,000,000 5.96 08/18/95 14,880,800
40,000,000 6.05 10/27/95 39,206,778
50,000,000 5.80 11/22/95 48,840,000
WCP Funding Corp.
15,900,000 5.96 07/05/95 15,889,471
25,000,000 5.96 07/07/95 24,975,167
Savings and Loans
World Savings and Loan Association
38,000,000 6.06/(a)/ 03/14/96 37,997,337
Security and Commodity Brokers, Dealers and Services
Bear Stearns Companies, Inc.
35,000,000 5.96 07/07/95 34,965,233
90,000,000 5.98 07/14/95 89,805,650
Cargill Financial Services Corp.
25,000,000 5.95 07/05/95 24,983,472
Merrill Lynch & Co., Inc.
50,000,000 5.97 07/17/95 49,867,333
35,000,000 5.95 08/14/95 34,745,472
25,000,000 5.93 08/21/95 24,789,979
10,000,000 6.06/(a)/ 09/01/95 9,999,490
30,000,000 6.04/(a)/ 11/27/95 29,997,584
Morgan Stanley Group, Inc.
60,000,000 5.96/(b)/ 09/01/95 60,000,000
Specialty Cleaners
Colgate Palmolive
40,000,000 5.79 09/25/95 39,446,733
<CAPTION>
- -----------------------------------------------------------------------------
Principal Interest Maturity Amortized
Amount Rate Date Cost
=============================================================================
<S> <C> <C> <C>
Commercial Paper and Corporate Obligations
(continued)
Telecommunications
AT&T Corp.
$ 85,000,000 5.95% 07/21/95 $ 84,719,028
Tobacco
Phillip Morris Companies, Inc.
50,000,000 6.05 07/07/95 49,949,583
Water Supply and Other Sanitary Services
WMX Technologies, Inc.
23,200,000 6.56 08/01/95 23,068,945
50,000,000 6.09 11/28/95 48,731,250
- -----------------------------------------------------------------------------
Total Commercial Paper and Corporate
Obligations $2,899,895,317
- -----------------------------------------------------------------------------
Bank Notes--13.1%
American Express Centurion Bank
$ 20,000,000 6.06%/(a)/ 08/11/95 $ 19,999,443
15,000,000 6.06/(a)/ 10/24/95 14,999,527
25,000,000 6.06/(a)/ 11/29/95 24,997,932
15,000,000 6.06/(a)/ 04/24/96 15,000,000
Bank of America, Illinois/(c)/
125,000,000 5.92 10/05/95 125,000,000
Boatmen's First National Bank, Kansas City
40,000,000 6.16/(a)/ 02/14/96 39,997,501
Boatmen's First National Bank, Southern Missouri
25,000,000 6.06/(a)/ 08/04/95 25,000,000
Fleet National Bank of Providence
15,000,000 5.96/(a)/ 07/11/95 14,999,466
Huntington National Bank
25,000,000 5.73 12/07/95 24,979,425
19,125,000 6.12/(a)/ 01/12/96 19,120,020
NationsBank of Texas, N.A.
35,000,000 5.90 12/06/95 35,000,000
Old Kent Bank & Trust Co.
30,000,000 6.06/(a)/ 01/17/96 29,996,712
PNC Bank, N.A.
100,000,000 6.00 11/27/95 100,017,309
Southtrust Bank of Alabama, N.A.
$ 40,000,000 6.06%/(a)/ 03/25/96 $ 40,000,000
- -----------------------------------------------------------------------------
Total Bank Notes $ 529,107,335
- -----------------------------------------------------------------------------
</TABLE>
- -----------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
3
<PAGE>
Statement of Investments
- -----------------------------------------------------------------------------
Financial Square Prime Obligations Fund (continued)
June 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------
Principal Interest Maturity Amortized
Amount Rate Date Cost
=============================================================================
<S> <C> <C> <C>
U.S. Government Agency Obligations--0.4%
Federal National Mortgage Association
$ 15,275,000 5.53% 11/27/95 $ 14,925,385
- -----------------------------------------------------------------------------
Total U.S. Government Agency Obligations $ 14,925,385
- -----------------------------------------------------------------------------
Other--1.3%
Morgan Guaranty Trust of New York/SMM Trust 1995-K
$50,000,000 6.08%(a) 06/14/96 $ 50,000,000
- -----------------------------------------------------------------------------
Total Other $ 50,000,000
- -----------------------------------------------------------------------------
Repurchase Agreements--16.9%
Lehman Government Securities Inc., dated 06/30/95,
repurchase price $300,157,500 (U.S. Treasury Notes:
$305,949,624, 3.875%-10.50%, 07/15/95-05/15/02)
$300,000,000 6.30% 07/03/95 $ 300,000,000
Joint Repurchase Agreement Accounts
92,300,000 6.13 07/03/95 92,300,000
290,000,000 6.23 07/03/95 290,000,000
- -----------------------------------------------------------------------------
Total Repurchase Agreements $ 682,300,000
- -----------------------------------------------------------------------------
Total Investments $4,176,228,037/(d)/
=============================================================================
</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)/Variable rate master note-base index is Federal Funds.
/(c)/When issued securities.
/(d)/The amount stated also represents aggregate cost for federal income tax
purposes.
The percentage 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.
4
<PAGE>
Statement of Investments
- -----------------------------------------------------------------------------
Financial Square Money Market Fund
June 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------
Principal Interest Maturity Amortized
Amount Rate Date Cost
=============================================================================
<S> <C> <C> <C>
Commercial Paper and Corporate Obligations--64.9%
Bank Holding Companies
Bankers Trust New York Corp.
$ 25,000,000 5.82% 09/25/95 $ 24,652,417
NationsBank Corp.
30,000,000 6.04 11/13/95 29,320,500
Beverages
Grand Metropolitan Investment Corp.
25,000,000 6.68/(a)/ 07/22/96 25,109,642
Beverages-Soft Drinks
Coca-Cola Enterprise
10,000,000 6.12 07/05/95 9,993,200
22,500,000 5.98 07/07/95 22,477,575
Business Credit Institutions
CIT Group Holdings, Inc.
25,000,000 6.07 11/13/95 24,430,938
20,000,000 6.35/(a)/ 12/07/95 19,986,065
20,000,000 5.60 12/22/95 19,458,667
10,000,000 6.40/(a)/ 12/22/95 9,996,185
Compagnie Bancaire US Funding Corp.
7,800,000 5.82 09/25/95 7,691,554
General Electric Capital Corp.
5,000,000 6.66 07/07/95 4,994,450
50,000,000 5.92 09/05/95 49,457,333
Construction
Caterpillar Financial Services Corp.
15,000,000 5.97 08/11/95 14,898,013
39,000,000 6.04 10/30/95 38,208,257
Drugs
American Home Product
25,000,000 5.97 07/28/95 24,888,063
15,000,000 6.00 08/07/95 14,907,500
Financial Services
General Electric Capital Services
20,000,000 5.60 12/08/95 19,502,222
Foreign Banks
Den Danske Corp.
20,000,000 6.07 07/06/95 19,983,139
30,000,000 5.83 09/19/95 29,611,333
20,000,000 6.09 10/23/95 19,614,300
IMI Funding Corp., USA
9,884,000 5.65 12/22/95 9,614,084
<CAPTION>
- -----------------------------------------------------------------------------
Principal Interest Maturity Amortized
Amount Rate Date Cost
=============================================================================
<S> <C> <C> <C>
Commercial Paper and Corporate Obligations
(continued)
Foreign Banks (continued)
Kredietbank of North America Finance Corp.
$ 5,000,000 5.85% 09/15/95 $ 4,938,250
Skandinaviska Enskilda Banken Fund
25,000,000 6.70 07/03/95 24,990,694
25,000,000 6.09 10/25/95 24,509,417
Life Insurance
Sun Life Insurance Co. of America
25,000,000 6.43/(a)/ 10/23/95 25,000,000
Miscellaneous Business Services
PHH Corp.
5,000,000 6.09/(a)/ 10/03/95 4,999,373
Mortgage Brokers
Nationwide Anglia Building Society
50,000,000 5.96 08/11/95 49,660,611
Spintab (Swed Mortgage AB)
30,000,000 6.10 07/06/95 29,974,583
30,000,000 6.10 07/10/95 29,954,250
Motor Vehicles and Equipment
American Honda Finance Corp.
25,000,000 6.06/(a)/ 05/03/96 24,989,871
Daimler Benz North America Corp.
25,500,000 5.55 11/14/95 24,965,350
Ford Motor Credit Co.
50,000,000 5.97 07/26/95 49,792,708
25,000,000 5.55 11/28/95 24,421,875
General Motor Acceptance Corp.
25,000,000 6.15 07/11/95 24,957,292
20,000,000 6.16 10/25/95 19,603,022
20,000,000 6.13 10/30/95 19,587,928
25,000,000 5.63 12/22/95 24,319,708
Personal Credit Institutions
Associates Corp. of North America
25,000,000 5.95 08/11/95 24,830,590
Household Finance Corp.
25,000,000 5.95 08/11/95 24,830,590
Transamerica Finance Corp.
20,000,000 5.82 11/17/95 19,550,567
</TABLE>
- -----------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
5
<PAGE>
Statement of Investments
- -----------------------------------------------------------------------------
Financial Square Money Market Fund
(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)
Radio and Television Equipment
Toshiba America, Inc.
$ 30,000,000 5.55% 12/05/95 $ 29,273,875
14,375,000 5.80 12/11/95 13,997,497
Receivable/Asset Financings
New Center Asset Trust
20,000,000 6.07 07/10/95 19,969,650
40,000,000 5.95 08/07/95 39,755,389
15,000,000 5.81 11/15/95 14,668,346
Savings and Loans
World Savings and Loan Association
30,000,000 6.06/(a)/ 03/14/96 29,997,897
Security and Commodity Brokers, Dealers and Services
Merrill Lynch & Co., Inc.
35,000,000 5.95 08/18/95 34,722,333
5,000,000 6.06/(a)/ 09/01/95 4,999,745
15,000,000 6.04/(a)/ 11/27/95 14,998,792
Morgan Stanley Group, Inc.
70,000,000 5.96/(b)/ 09/01/95 70,000,000
Telecommunications
NYNEX Corp.
50,000,000 5.85 11/03/95 48,984,375
Wholesale-Special Line
Mitsui & Co., USA
20,000,000 5.98 08/14/95 19,853,822
12,000,000 5.99 08/15/95 11,910,300
- -----------------------------------------------------------------------------
Total Commercial Paper and Corporate
Obligations $1,267,804,137
- -----------------------------------------------------------------------------
Bank Notes--10.2%
American Express Centurion Bank
$ 15,000,000 6.06%/(a)/ 10/24/95 $14,999,527
10,000,000 6.06/(a)/ 04/24/96 10,000,000
25,000,000 6.06/(a)/ 04/26/96 25,000,000
Boatmen's First National Bank, Kansas City
25,000,000 6.16/(a)/ 02/14/96 24,998,438
First National Bank of Boston
30,000,000 6.16/(a)/ 04/08/96 29,997,695
45,000,000 6.25/(a)/ 06/05/96 45,000,000
<CAPTION>
- -----------------------------------------------------------------------------
Principal Interest Maturity Amortized
Amount Rate Date Cost
=============================================================================
<S> <C> <C> <C>
Bank Notes (continued)
Fleet National Bank of Providence
$ 5,000,000 5.96%/(a)/ 07/11/95 $ 4,999,822
Old Kent Bank & Trust Co.
20,000,000 6.06/(a)/ 01/17/96 19,997,808
PNC Bank, N.A.
25,000,000 6.07/(a)/ 03/14/96 25,000,000
- -----------------------------------------------------------------------------
Total Bank Notes $ 199,993,290
- -----------------------------------------------------------------------------
Certificates of Deposit - Foreign Eurodollar--4.3%
Bank of Tokyo, London
$ 50,000,000 6.26% 07/06/95 $ 50,000,403
Dai Ichi Kangyo Bank, London
35,000,000 6.24 11/09/95 35,024,308
- -----------------------------------------------------------------------------
Total Certificates of Deposit - Foreign
Eurodollar $ 85,024,711
- -----------------------------------------------------------------------------
Certificates of Deposit - Yankeedollar--8.5%
Industrial Bank of Japan Ltd., New York
$ 50,000,000 5.93% 09/26/95 $ 49,999,768
Mitsubishi Bank Ltd., New York
29,000,000 5.95 09/15/95 28,997,666
Sanwa Bank Ltd., New York
75,000,000 6.04 07/27/95 75,000,000
13,000,000 5.97 09/29/95 12,999,236
- -----------------------------------------------------------------------------
Total Certificates of Deposit - Yankeedollar $ 166,996,670
- -----------------------------------------------------------------------------
Sovereign Credit--6.8%
International Bank for Reconstruction and Development
World Bank
$ 80,000,000 5.55% 11/27/95 $ 78,162,333
Kingdom of Sweden
55,000,000 6.07 10/25/95 53,924,261
- -----------------------------------------------------------------------------
Total Sovereign Credit $ 132,086,594
- -----------------------------------------------------------------------------
Time Deposit--2.0%
Fleet National Bank of New York
$ 40,000,000 6.03% 07/10/95 $ 40,000,000
- -----------------------------------------------------------------------------
Total Time Deposit $ 40,000,000
- -----------------------------------------------------------------------------
Other--2.6%
Morgan Guaranty Trust of New York/SMM Trust 1995-K
$ 50,000,000 6.08%/(a)/ 06/14/96 $ 50,000,000
- -----------------------------------------------------------------------------
Total Other $ 50,000,000
- -----------------------------------------------------------------------------
</TABLE>
- -----------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
6
<PAGE>
- -----------------------------------------------------------------------------
Financial Square Money Market Fund (continued)
June 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------
Principal Interest Maturity Amortized
Amount Rate Date Cost
=============================================================================
<S> <C> <C> <C>
Repurchase Agreement--3.3%
Joint Repurchase Agreement Account
$ 63,600,000 6.13% 07/03/95 $ 63,600,000
- -----------------------------------------------------------------------------
Total Repurchase Agreement $ 63,600,000
- -----------------------------------------------------------------------------
Total Investments $2,005,505,402/(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)/Variable rate master note-base index is Federal Funds.
/(c)/The amount stated also represents aggregate cost for federal income tax
purposes.
The percentage 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
- -----------------------------------------------------------------------------
Financial Square Treasury Obligations Fund
June 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------
Principal Interest Maturity Amortized
Amount Rate Date Cost
=============================================================================
<S> <C> <C> <C>
U.S. Treasury Obligations--19.4%
United States Treasury Bills
$ 35,000,000 5.21% 11/30/95 $ 34,230,078
35,000,000 5.39 12/07/95 34,166,796
20,000,000 5.48 12/07/95 19,515,933
70,000,000 5.36 12/21/95 68,196,955
85,000,000 5.40 12/21/95 82,794,250
75,000,000 5.41 12/21/95 73,050,146
- -----------------------------------------------------------------------------
Total U.S. Treasury Obligations $ 311,954,158
=============================================================================
Repurchase Agreements--80.9%
Bankers Trust Securities Corp., dated 06/21/95,
repurchase price $55,128,761 (U.S. Treasury Note:
$56,023,777, 6.50%, 05/15/97)
$ 55,000,000 6.02% 07/05/95 $ 55,000,000
Barclays de Zoete Wedd Government Securities, dated
06/30/95, repurchase price $70,035,583 (U.S. Treasury
Interest-Only Securities: $14,018,000, 11/15/95-
05/15/01; U.S. Treasury Notes: $35,449,000, 4.25%-
8.875%, 07/15/95-05/15/02; U.S. Treasury Principal-
Only Security: $12,863,000, 05/15/99; U.S. Treasury
Bill: $11,118,000, 08/17/95; U.S. Treasury Bond:
$1,050,000, 13.375%, 08/15/01)
70,000,000 6.10 07/03/95 70,000,000
C.S. First Boston Corporation, dated 06/30/95, repurchase
price $70,059,306 (U.S. Treasury Bill: $72,695,000, 10/12/95)
70,000,000 6.10 07/05/95 70,000,000
Deutsche Bank Securities Corp., dated 06/30/95,
repurchase price $70,035,758 (U.S. Treasury Notes:
$71,373,545, 6.125%-7.50%, 07/31/96-12/31/96)
70,000,000 6.13 07/03/95 70,000,000
Lehman Government Securities Inc., dated 06/21/95,
repurchase price $55,128,975 (U.S. Treasury Notes:
$56,173,720, 5.125%-7.00%, 09/30/96-03/31/00)
55,000,000 6.03 07/05/95 55,000,000
Merrill Lynch Government Securities, Inc., dated 05/12/95,
repurchase price $55,690,861 (U.S. Treasury Notes:
$56,825,555, 4.25%-8.75%, 05/15/96-10/15/97)
55,000,000 5.95 07/27/95 55,000,000
Morgan Stanley & Co., Inc., dated 05/17/95, repurchase
price $45,676,813 (U.S. Treasury Notes: $46,346,164,
5.125%-6.875%, 10/31/96-03/31/98)
45,000,000 5.95 08/16/95 45,000,000
<CAPTION>
- -----------------------------------------------------------------------------
Principal Interest Maturity Amortized
Amount Rate Date Cost
=============================================================================
<S> <C> <C> <C>
Repurchase Agreements (continued)
Nikko Securities International Inc., dated 06/30/95,
repurchase price $70,035,583 (U.S. Treasury Notes:
$71,416,608, 7.875%, 06/30/00-08/15/01)
$ 70,000,000 6.10% 07/03/95 $ 70,000,000
SBC Government Securities, dated 05/05/95, repurchase
price $45,670,500 (U.S. Treasury Notes: $46,261,359,
7.50%-8.50%, 11/15/95-12/31/96)
45,000,000 5.96 08/03/95 45,000,000
Smith Barney Inc., dated 06/23/95, repurchase price
$55,110,367 (U.S. Treasury Note: $56,046,961, 7.00%,
09/30/96)
55,000,000 6.02 07/05/95 55,000,000
UBS Securities, Inc., dated 06/30/95, repurchase price
$70,058,819 (U.S. Treasury Bill: $71,437,721, 12/28/95)
70,000,000 6.05 07/05/95 70,000,000
Joint Repurchase Agreement Account
643,600,000 6.13 07/03/95 643,600,000
- -----------------------------------------------------------------------------
Total Repurchase Agreements $1,303,600,000
- -----------------------------------------------------------------------------
Total Investments $1,615,554,158/(a)/
=============================================================================
</TABLE>
/(a)/The amount stated also represents aggregate cost for federal income tax
purposes.
The percentage 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
- -----------------------------------------------------------------------------
Financial Square Government Fund
June 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------
Principal Interest Maturity Amortized
Amount Rate Date Cost
=============================================================================
<S> <C> <C> <C>
U.S. Government Agency Obligations--50.0%
Federal Farm Credit Bank
$ 10,000,000 6.33% 07/19/95 $ 9,968,350
15,000,000 5.38 08/01/95 14,982,375
20,000,000 5.40 10/31/95 19,617,056
Federal Home Loan Bank
5,000,000 6.27 07/27/95 4,977,358
10,000,000 5.98/(a)/ 10/06/95 9,998,964
60,000,000 5.98/(a)/ 10/20/95 59,993,778
20,000,000 5.65 11/27/95 19,532,306
15,000,000 5.51 12/21/95 14,602,821
Federal Home Loan Mortgage Corp.
28,000,000 6.25 06/03/96 27,944,746
Federal National Mortgage Association
20,000,000 6.39 07/27/95 19,907,700
10,000,000 5.99/(a)/ 08/25/95 10,000,000
25,000,000 5.88 09/11/95 24,706,000
10,000,000 6.03 09/25/95 9,855,950
10,000,000 5.40 11/13/95 9,797,500
4,325,000 5.55 12/04/95 4,220,984
10,000,000 5.51 12/07/95 9,756,642
11,830,000 5.55 12/07/95 11,540,017
9,750,000 5.53 12/08/95 9,510,366
25,000,000 6.40 12/20/95 24,990,067
35,000,000 5.90 06/20/96 34,980,140
- -----------------------------------------------------------------------------
Total U.S. Government Agency Obligations $ 350,883,120
- -----------------------------------------------------------------------------
Repurchase Agreements--50.1%
C.S. First Boston Corporation, dated 04/10/95, repurchase
price $60,922,133 (FNMA: $62,549,665, 6.00%-10.00%,
06/01/07-06/01/29)
$ 60,000,000 6.08% 07/10/95 $ 60,000,000
C.S. First Boston Corporation, dated 06/01/95, repurchase
price $25,370,527 (FNMA: $25,715,220, 6.175%, 04/01/34)
25,000,000 5.95 08/30/95 25,000,000
Lehman Government Securities Inc., dated 06/30/95,
repurchase price $15,506,373 (U.S. Treasury Note:
$15,807,305, 3.875%, 08/31/95)
15,500,000 6.25 07/03/95 15,500,000
<CAPTION>
- -----------------------------------------------------------------------------
Principal Interest Maturity Amortized
Amount Rate Date Cost
=============================================================================
<S> <C> <C> <C>
Repurchase Agreements (continued)
Nomura Securities International Inc., dated 04/20/95,
repurchase price $20,343,431 (FNMA: $20,776,427, 6.00%,
10/01/08)
$ 20,000,000 6.08% 07/31/95 $ 20,000,000
Salomon Brothers, Inc., dated 06/30/95, repurchase price
$165,067,303 (U.S. Treasury Notes: $168,340,757,
5.125%-8.875%, 02/15/96-04/30/00)
165,000,000 6.20 07/03/95 165,000,000
Joint Repurchase Agreement Account
66,100,000 6.13 07/03/95 66,100,000
- -----------------------------------------------------------------------------
Total Repurchase Agreements $ 351,600,000
- -----------------------------------------------------------------------------
Total Investments $ 702,483,120/(b)/
=============================================================================
</TABLE>
/(a)/ Variable rate security-base index is one of the following:
Federal Funds
Prime lending rate
/(b)/ The amount stated also represents aggregate cost for federal income tax
purposes.
The percentage 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
- -----------------------------------------------------------------------------
Financial Square Tax-Free Money Market Fund
June 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------
Principal Interest Maturity Amortized
Amount Rate Date Cost
=============================================================================
<S> <C> <C> <C>
Alabama--5.0%
IDB of the Town of Columbia, Al PCRB Series 1995 B VRDN
(Alabama Power Company)(A-1/MIG-1)
$ 20,000,000 4.35% 07/01/95 $ 20,000,000
Parrish, AL IDA PCRB for Alabama Power VRDN
(A-1/MIG-1)
2,100,000 4.35 07/01/95 2,100,000
- -----------------------------------------------------------------------------
$ 22,100,000
- -----------------------------------------------------------------------------
Arizona--0.3%
City of Phoenix IDA MF Hsg. for Del Mar Terrace
Apartments VRDN (Bank of America LOC)(MIG-1)
$ 1,300,000 3.80% 07/07/95 $ 1,300,000
- -----------------------------------------------------------------------------
Arkansas--3.2%
Crossett, AR PCRB for Georgia Pacific Corp. VRDN
(Trust Company Bank LOC)(Aa3)
$ 14,000,000 4.15% 07/07/95 $ 14,000,000
- -----------------------------------------------------------------------------
California--9.0%
California School Cash Reserve Program Authority TRANS
Series A(Sp-1+/MIG-1)
$ 2,000,000 4.75% 07/03/96 $ 2,019,160
City of Fremont MF Hsg. VRDN Series 1985 D-Creekside
Village Apartment Project (Fuji Bank LOC)(MIG-1)
600,000 4.15 07/07/95 600,000
City of San Francisco, CA USD TRANS(SP-1+/MIG-1)
3,500,000 4.75 08/24/95 3,502,830
Humboldt County TRANS 1994-95(SP-1+)
1,000,000 4.75 08/01/95 1,000,423
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)/
8,600,000 4.50 07/01/96 8,657,620
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)
23,595,000 5.75 04/25/96 23,862,305
- -----------------------------------------------------------------------------
$ 39,642,338
- -----------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------------------
Principal Interest Maturity Amortized
Amount Rate Date Cost
=============================================================================
<S> <C> <C> <C>
Connecticut--3.4%
State of Connecticut 2nd Lien Special Tax Obligation Bonds
Transportation Infrastructure VRDN (Industrial Bank of
Japan LOC)(A-1+/MIG-1)
$ 5,600,000 4.00% 07/07/95 $ 5,600,000
State of Connecticut Series 1993 Unemployment RB VRDN
(Mitsubishi Bank LOC)(A-1+/MIG-1)
9,400,000 4.20 07/07/95 9,400,000
- -----------------------------------------------------------------------------
$ 15,000,000
- -----------------------------------------------------------------------------
District of Columbia--1.0%
District of Columbia VRDN ACES-Series 1988 B-E
Georgetown University(A-1+/VMIG-1)
$ 4,600,000 4.30% 07/07/95 $ 4,600,000
- -----------------------------------------------------------------------------
Florida--4.5%
Dade County, FL Water & Sewer Series 1994 VRDN
(FGIC)(A-1+/MIG-1)
$ 1,000,000 4.20% 07/07/95 $ 1,000,000
Jackson Electric Company Series D-1(A-1+/P-1)
4,300,000 4.20 09/18/95 4,300,000
Orange County, FL MF Hsg. for Sunlake Apartments Series
1985 H (Dai Ichi Kangyo Bank LOC)(A+/MIG-1)
5,155,000 4.50 11/01/95 5,155,000
Putnam County Development Authority for Seminole
Electric H-1 VRDN (CFC)(A-1/MIG-1)
5,500,000 4.30 07/07/95 5,500,000
3,800,000 4.30 07/07/95 3,800,000
- -----------------------------------------------------------------------------
$ 19,755,000
- -----------------------------------------------------------------------------
Georgia--9.1%
Albany Dougherty, GA PCRB for Philip Morris Company
VRDN(A-1/P-1)
$ 1,600,000 4.15% 07/07/95 $ 1,600,000
Burke County Development Authority, GA PCRB for
Oglethorpe Power Corp. Vogtle Series 1992 A (Credit
Suisse LOC)(A-1+/P-1)
2,000,000 3.95 09/07/95 2,000,000
Dekalb County Hospital Authority for Dekalb Medical
Center VRDN (Trust Company Bank LOC)(MIG-1)
13,255,000 4.15 07/07/95 13,255,000
Fulco, GA Hospital Authority for Piedmont Hospital VRDN
(Trust Company Bank LOC)(A-1+)
6,900,000 4.15 07/07/95 6,900,000
</TABLE>
- -----------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
10
<PAGE>
- -----------------------------------------------------------------------------
Financial Square Tax-Free Money Market Fund (continued)
June 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------
Principal Interest Maturity Amortized
Amount Rate Date Cost
=============================================================================
<S> <C> <C> <C>
Georgia (continued)
Monroe County, GA Development Authority PCRB Second
Series 1994 for Gulf Power VRDN(A2)
$ 1,200,000 4.50% 07/01/95 $ 1,200,000
Municipal Electric Authority of Georgia Short Term BANS
CP(A-1+/P-1)
3,800,000 4.30 07/25/95 3,800,000
9,000,000 3.80 08/07/95 9,000,000
Municipal Electric Authority of Georgia Subordinate
General Resolution Series C(A-1/MIG-1)
2,600,000 4.90 03/01/96 2,608,653
- -----------------------------------------------------------------------------
$ 40,363,653
- -----------------------------------------------------------------------------
Hawaii--0.9%
Hawaii Housing Finance and Development Authority
VRDN (Federal Home Loan Bank LOC)(A-1+)
$ 4,000,000 4.10% 07/07/95 $ 4,000,000
- -----------------------------------------------------------------------------
Illinois--5.7%
Illinois Health Facilities Authority Series 1993 Resurrection
Healthcare System VRDN(A-1/MIG-1)
$ 9,700,000 4.65% 07/01/95 $ 9,700,000
Illinois Health Facilities Authority VRDN Series 1985 C and
D-Revolving Fund Pooled Finance Program
(First National Bank of Chicago LOC)(A-1/MIG1)
11,500,000 4.20 07/07/95 11,500,000
4,000,000 4.20 07/07/95 4,000,000
- -----------------------------------------------------------------------------
$ 25,200,000
- -----------------------------------------------------------------------------
Indiana--4.1%
Indiana Health Facility for Methodist Hospital VRDN (A-1+/MIG-1)
$ 6,700,000 4.15% 07/07/95 $ 6,700,000
Indiana Hospital Equipment Financing Authority VRDN
Series 1985 A (MBIA)(A-1/MIG -1)
5,000,000 4.50 07/07/95 5,000,000
Warrick County PCRB Series 1992 VRDN Aluminum
Company of America(A-1)
6,475,000 4.15 07/07/95 6,475,000
- -----------------------------------------------------------------------------
$ 18,175,000
- -----------------------------------------------------------------------------
Iowa--2.0%
Louisa County, IA PCRB for Midwest Power Systems
VRDN(A-1/MIG-1)
$ 5,000,000 4.35% 07/07/95 $ 5,000,000
<CAPTION>
- -----------------------------------------------------------------------------
Principal Interest Maturity Amortized
Amount Rate Date Cost
=============================================================================
<S> <C> <C> <C>
Iowa (continued)
Salix, IA PCRB for Midwest Power Systems Inc.
VRDN(A-1/MIG-1)
$ 3,900,000 4.00% 07/07/95 $ 3,900,000
- -----------------------------------------------------------------------------
$ 8,900,000
- -----------------------------------------------------------------------------
Kansas--0.3%
Burlington, KS for Kansas Power & Light PCRB Series
1985 B (Societe General LOC)(A-1/P-1)
$ 1,500,000 3.95% 08/08/95 $ 1,500,000
- -----------------------------------------------------------------------------
Kentucky--5.1%
City of Calvert, KY Air Products and Chemical Inc. Project
VRDN (A-1)
$ 3,000,000 4.15% 07/07/95 $ 3,000,000
Mason County, KT Variable/Fixed Rate PCRB Pooled for
East Kentucky Power Facility VRDN (CFC)(A-1+/Aa3)
12,600,000 4.30 07/07/95 12,600,000
6,800,000 4.30 07/07/95 6,800,000
- -----------------------------------------------------------------------------
$ 22,400,000
- -----------------------------------------------------------------------------
Louisiana--1.9%
Louisiana State Adj. Ref. Series A Tender GO Refunding Bonds
(Fuji Bank/Credit Local de France LOC)(A-1/MIG -1)
$ 2,400,000 4.05% 08/22/95 $ 2,400,000
Parish of Iberville, LA Air Products and Chemicals Inc.
Project VRDN(A-1)
6,200,000 4.15 07/07/95 6,200,000
- -----------------------------------------------------------------------------
$ 8,600,000
- -----------------------------------------------------------------------------
Michigan--4.0%
Michigan Job Development Authority for Mazda Motor
Manufacturing VRDN (Sumitomo Bank Ltd. LOC) (MIG-1)
$ 12,500,000 4.25% 07/07/95 $ 12,500,000
Monroe County, MI Economic Development Corp. Series
1992 for Detroit Edison VRDN (Barclays Bank
International LOC)(P-1)
5,000,000 4.55 07/01/95 5,000,000
- -----------------------------------------------------------------------------
$ 17,500,000
- -----------------------------------------------------------------------------
Minnesota--0.9%
Port Authority of the City of St. Paul Minnesota, VRDN IDA
for Weyerhaeuser Project(A-1)
$ 4,000,000 4.20% 07/07/95 $ 4,000,000
- -----------------------------------------------------------------------------
</TABLE>
- -----------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
11
<PAGE>
Statement of Investments
- -----------------------------------------------------------------------------
Financial Square Tax-Free Money Market Fund (continued)
June 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------
Principal Interest Maturity Amortized
Amount Rate Date Cost
=============================================================================
<S> <C> <C> <C>
Mississippi--0.2%
Grenada County, MS Refunding RB VRDN for Georgia Pacific
Corporation Project (Sumitomo Bank Ltd. LOC)(A-1)
$ 1,000,000 4.15% 07/07/95 $ 1,000,000
- -----------------------------------------------------------------------------
Missouri--4.3%
Missouri Health and Higher Educational Facility Authority
VRDN-Washington University Facility(A-1+/MIG-1)
$ 9,900,000 4.00% 07/07/95 $ 9,900,000
Missouri Health Facility VRDN for Sisters of Mercy Series
A,B & C(A-1+/MIG-1)
6,700,000 4.00 07/07/95 6,700,000
Missouri State Environmental Improvement and Energy
Residential Authority UPDATE Series A-Union Electric
Company Facility (Sanwa Bank Ltd. LOC)(Aa3)
900,000 4.50 07/07/95 900,000
Monsanto Corporation State Environmental Improvement
and Energy Resources Authority, Missouri (Monsanto)(P-1)
1,500,000 4.05 07/07/95 1,500,000
- -----------------------------------------------------------------------------
$ 19,000,000
- -----------------------------------------------------------------------------
Montana--2.5%
Montana State Board of Investments VRDN Payroll Tax
Bonds(A/MIG-1)
$ 3,800,000 4.10% 07/07/95 $ 3,800,000
Montana State Health Facility Pooled Loan Program Series A
VRDN (FGIC)(A-1+/MIG-1)
7,098,000 4.05 07/07/95 7,098,000
- -----------------------------------------------------------------------------
$ 10,898,000
- -----------------------------------------------------------------------------
New York--6.0%
IDA Civil Facility RB, Cold Spring Harbor Labs Series 1989
VRDN (Morgan Guaranty Trust Co.)(A-1+)
$ 1,200,000 4.40% 07/01/95 $ 1,200,000
City of New York GO Bonds Fiscal 1993 Series D VRDN
(A-1/MIG-1)
20,600,000 4.30 07/01/95 20,600,000
New York State Dormitory Authority RB, Series 1990 B-
Cornell University VRDN(A-1+/MIG-1)
2,200,000 4.35 07/01/95 2,200,000
New York State Energy Research & Development Authority
for Niagara Mohawk Power Corp. Project VRDN
(Toronto Dominion Bank LOC)(A-1+)
1,600,000 4.55 07/01/95 1,600,000
<CAPTION>
- -----------------------------------------------------------------------------
Principal Interest Maturity Amortized
Amount Rate Date Cost
=============================================================================
<S> <C> <C> <C>
New York (continued)
New York State Research & Development PCRB Series B
for New York State Electric and Gas (Union Bank of
Switzerland LOC)(A-1+/MIG-1)
$ 100,000 4.20% 07/01/95 $ 100,000
New York State Research & Development PCRB Series D for
New York State Electric and Gas (Union Bank of
Switzerland LOC)(A-1+/MIG-1)
1,000,000 4.55 07/01/95 1,000,000
- -----------------------------------------------------------------------------
$ 26,700,000
- -----------------------------------------------------------------------------
North Carolina--3.9%
North Carolina Eastern Municipal Power Agency TECP
(Industrial Bank of Japan LOC)(A-1+/P-1)
$ 2,718,000 3.65% 09/07/95 $ 2,718,000
Rockingham County, NC IDA PCRB for Philip Morris
Company VRDN(A-1+/P-1)
7,700,000 4.15 07/07/95 7,700,000
Wake County, NC PCRB for Carolina Power & Light
(Fuji Bank LOC)(MIG-1)
6,900,000 4.00 08/07/95 6,900,000
- -----------------------------------------------------------------------------
$ 17,318,000
- -----------------------------------------------------------------------------
Ohio--0.9%
City of Columbus, OH Electric System Series 1984 VRDN
(Dai Ichi Kangyo Bank Ltd. NY LOC)(MIG-1)
$ 4,000,000 3.65% 07/07/95 $ 4,000,000
- -----------------------------------------------------------------------------
Oregon--2.1%
Portland, OR for Columbia Grain Inc. Project VRDN
(Fuji Bank/Bank of Tokyo LOC)(MIG-1)
$ 9,450,000 4.25% 07/07/95 $ 9,450,000
- -----------------------------------------------------------------------------
Pennsylvania--0.5%
Allegheny County, PA IDA PCRB Series 1985 for US Steel
Corp. (Norinchukin Bank LOC)(A-1+/P-1)
$ 2,000,000 4.20% 09/11/95 $ 2,000,000
- -----------------------------------------------------------------------------
South Carolina--1.4%
York County Floating/Fixed Rate PCRB Pooled Series 1984-
North Carolina Electric Membership Corp. VRDN
(CFC)(A-1+/MIG-1)
$ 6,000,000 4.30% 07/07/95 $ 6,000,000
- -----------------------------------------------------------------------------
Tennessee--0.6%
IDB Blount County, TN PCRB for Aluminum Company
Project VRDN(A-1)
$ 2,450,000 4.15% 07/07/95 $ 2,450,000
- -----------------------------------------------------------------------------
</TABLE>
- -----------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
12
<PAGE>
- -----------------------------------------------------------------------------
Financial Square Tax-Free Money Market Fund (continued)
June 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------
Principal Interest Maturity Amortized
Amount Rate Date Cost
=============================================================================
<S> <C> <C> <C>
Texas--9.7%
Brazos River Harbor Navigation District Series 1991 for Dow
Chemical(A-1/P-1)
$ 5,000,000 4.45% 07/25/95 $ 5,000,000
City of Fort Worth Water and Sewer System TECP(A-1+/P-1)
7,000,000 4.05 08/08/95 7,000,000
Harris County Health Facility for the Methodist Hospital
Series 1994 VRDN(A-1+)
2,500,000 4.50 07/01/95 2,500,000
Lower Colorado River Authority CP Series B(A-1+/P-1)
3,400,000 3.95 08/30/95 3,400,000
10,000,000 3.95 09/13/95 10,000,000
State of Texas TRANS(SP-1+/MIG-1)
15,000,000 5.00 08/31/95 15,013,882
- -----------------------------------------------------------------------------
$ 42,913,882
- -----------------------------------------------------------------------------
Utah--2.5%
Carbon County, UT PCRB Series 1994 VRDN (Pacificorp)
(AMBAC)(A-1/MIG-1)
$ 6,265,000 4.20% 07/01/95 $ 6,265,000
Intermountain Power Agency-Utah Power Supply(A-1+/MIG-1)
3,000,000 4.20 08/16/95 3,000,000
2,000,000 4.20 08/30/95 2,000,000
- -----------------------------------------------------------------------------
$ 11,265,000
- -----------------------------------------------------------------------------
Virginia--4.6%
IDA of Louisa PCRB Series 1984-Virginia Electric & Power
Company Project(A-1/P-1)
$ 3,000,000 4.10% 07/17/95 $ 3,000,000
4,000,000 4.10 07/18/95 4,000,000
1,000,000 4.10 07/19/95 1,000,000
1,500,000 3.25 07/25/95 1,500,000
2,700,000 4.00 07/31/95 2,700,000
3,200,000 4.20 08/04/95 3,200,000
2,500,000 3.85 08/14/95 2,500,000
2,500,000 3.70 08/16/95 2,500,000
- -----------------------------------------------------------------------------
$ 20,400,000
- -----------------------------------------------------------------------------
Washington--1.0%
Washington Public Power Supply System Electric RB VRDN
(Industrial Bank of Japan LOC)(A-1/MIG-1)
$ 4,500,000 3.85% 07/07/95 $ 4,500,000
- -----------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------------------
Principal Interest Maturity Amortized
Amount Rate Date Cost
=============================================================================
<S> <C> <C> <C>
Wisconsin--1.4%
Pharmacia Biotech Inc. Multi-modal City of Milwaukee, WI
IDR Pharmacia Biotech Inc.(P-1)
$ 6,000,000 4.50% 07/07/95 $ 6,000,000
- -----------------------------------------------------------------------------
Total Investments $ 450,930,873/(b)/
=============================================================================
</TABLE>
/(a)/ When issued securities.
/(b)/ The amount stated also represents aggregate cost for federal income tax
purposes.
The percentage shown for each investment category reflects the value of
investments in that category as a percentage of total net assets.
Investment Abbreviations:
ACES --Adjustable Convertible Extendible Securities
BANS --Bond Anticipation Notes
CFC --Unconditionally guaranteed by CFC, Cooperative Finance Corp.
CP --Commercial Paper
FGIC --Insured by Financial Guaranty Insurance Co.
GO --General Obligation
IDA --Industrial Development Authority
IDB --Industrial Development Bond
IDR --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
RAWS --Revenue Anticipation Warrants
RB --Revenue Bond
TECP --Tax-Exempt Commercial Paper
TRANS --Tax Revenue Anticipation Notes
UPDATE --Unit Priced Daily Adjustable Tax-Exempt Security
USD --Unified School District
VRDN --Variable Rate Demand Note
- -----------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
13
<PAGE>
<TABLE>
<CAPTION>
Goldman Sachs Money Market Trust--Financial Square Funds
- ----------------------------------------------------------------------------------------------------------------------------------
Statements of Assets and Liabilities
June 30, 1995
(Unaudited)
- ----------------------------------------------------------------------------------------------------------------------------------
Prime Treasury Tax-Free
Obligations Money Market Obligations Government Money Market
Fund Fund Fund Fund Fund
============================================================================
<S> <C> <C> <C> <C> <C>
Assets:
Investments in securities, at value based on
amortized cost $4,176,228,037 $2,005,505,402 $1,615,554,158 $702,483,120 $450,930,873
Interest receivable 3,157,607 4,320,172 1,640,297 2,754,954 3,575,265
Cash 36,065 -- 81,029 34,569 93,743
Deferred organization expenses, net -- 35,100 -- -- 63,150
Other assets 219,771 155,318 111,254 80,412 15,386
- ----------------------------------------------------------------------------------------------------------------------------------
Total assets 4,179,641,480 2,010,015,992 1,617,386,738 705,353,055 454,678,417
- ----------------------------------------------------------------------------------------------------------------------------------
Liabilities:
Payable for investment securities purchased 125,000,000 42,108,335 -- -- 10,676,780
Dividends payable 22,082,047 12,048,294 6,714,446 3,420,504 1,137,792
Accrued expenses and other liabilities 974,764 942,371 432,546 186,272 138,492
- ----------------------------------------------------------------------------------------------------------------------------------
Total liabilities 148,056,811 55,099,000 7,146,992 3,606,776 11,953,064
- ----------------------------------------------------------------------------------------------------------------------------------
Net Assets:
Paid in capital 4,031,582,433 1,954,923,492 1,610,076,113 701,744,146 442,727,878
Distibutions in excess of net investment income -- (6,500) -- -- --
Accumulated undistributed net realized gain (loss)
on investment transactions 2,236 -- 163,633 2,133 (2,525)
- ----------------------------------------------------------------------------------------------------------------------------------
Net assets $4,031,584,669 $1,954,916,992 $1,610,239,746 $701,746,279 $442,725,353
==================================================================================================================================
Net asset value, offering and redemption price per
share (net assets/shares outstanding) $1.00 $1.00 $1.00 $1.00 $1.00
==================================================================================================================================
Shares Outstanding:
FST shares 3,859,651,195 1,896,417,363 1,352,092,758 685,323,386 404,029,750
FST Administration shares 115,477,518 58,506,129 133,312,400 14,148,868 16,932,048
FST Service shares 56,453,720 -- 124,670,955 2,271,892 21,766,080
- ----------------------------------------------------------------------------------------------------------------------------------
Total shares of beneficial interest outstanding,
$0.001 par value (unlimited number of shares
authorized) 4,031,582,433 1,954,923,492 1,610,076,113 701,744,146 442,727,878
==================================================================================================================================
</TABLE>
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
14
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
Statements of Operations
For the Six Months Ended June 30, 1995
(Unaudited)
- ----------------------------------------------------------------------------------------------------------------------------------
Prime Treasury Tax-Free
Obligations Money Market Obligations Government Money Market
Fund/(a)/ Fund/(b)/ Fund/(c)/ Fund/(d)/ Fund/(e)/
============================================================================
<S> <C> <C> <C> <C> <C>
Investment income:
Interest income $125,345,035 $60,913,445 $33,660,348 $15,920,759 $5,214,120
- ----------------------------------------------------------------------------------------------------------------------------------
Expenses:
Investment adviser fees 812,390 76,450 223,647 103,639 2,015
Account administration fees 2,640,268 1,276,826 726,853 336,827 133,318
Custodian fees 207,270 147,067 56,943 50,321 15,148
Registration fees 129,182 84,737 82,968 42,032 17,409
Trustee fees 19,666 1,479 1,121 847 419
Amortization of deferred organization expenses 1,850 4,487 3,171 -- 7,733
Other 62,353 61,075 32,753 14,946 18,263
- ----------------------------------------------------------------------------------------------------------------------------------
Total expenses 3,872,979 1,652,121 1,127,456 548,612 194,305
Less--Reimbursable expenses (217,223) (201,341) (121,047) (82,240) (48,764)
- ----------------------------------------------------------------------------------------------------------------------------------
Net expenses 3,655,756 1,450,780 1,006,409 466,372 145,541
Administration share fees 128,715 97,468 154,983 52,307 7,199
Service share fees 113,137 -- 224,618 162 27,549
- ----------------------------------------------------------------------------------------------------------------------------------
Net expenses and share fees 3,897,608 1,548,248 1,386,010 518,841 180,289
- ----------------------------------------------------------------------------------------------------------------------------------
Net investment income 121,447,427 59,365,197 32,274,338 15,401,918 5,033,831
- ----------------------------------------------------------------------------------------------------------------------------------
Net realized gain (loss) on investment transactions 61,485 4,181 547,619 58,803 (2,525)
- ----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $121,508,912 $59,369,378 $32,821,957 $15,460,721 $5,031,306
==================================================================================================================================
</TABLE>
/(a)/ For the six months ended June 30, 1995, GSAM waived investment advisory
fees of $710,841.
/(b)/ For the six months ended June 30, 1995, GSAM waived investment advisory
fees of $662,512 and account administration fees of $4,042.
/(c)/ For the six months ended June 30, 1995, GSAM waived investment advisory
fees of $195,691.
/(d)/ For the six months ended June 30, 1995, GSAM waived investment advisory
fees of $90,684.
/(e)/ For the six months ended June 30, 1995, GSAM waived investment advisory
fees of $94,680 and account administration fees of $34,286.
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
15
<PAGE>
<TABLE>
<CAPTION>
Goldman Sachs Money Market Trust--Financial Square Funds
- -----------------------------------------------------------------------------------------------------------------------------------
Statements of Changes in Net Assets
For the Six Months Ended June 30, 1995
(Unaudited)
- -----------------------------------------------------------------------------------------------------------------------------------
Prime Obligations Money Market Treasury Government Tax-Free Money
Fund Fund/(a)/ Obligations Fund Fund Market Fund
================================================================================================
<S> <C> <C> <C> <C> <C>
From operations:
Net investment income $ 121,447,427 $ 59,365,197 $ 32,274,338 $ 15,401,918 $ 5,033,831
Net realized gain (loss) on
investment transactions 61,485 4,181 547,619 58,803 (2,525)
- -----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets
resulting from operations 121,508,912 59,369,378 32,821,957 15,460,721 5,031,306
- -----------------------------------------------------------------------------------------------------------------------------------
Distributions to shareholders:
From net investment income
FST shares (117,248,911) (57,125,371) (26,413,342) (14,209,746) (4,737,019)
FST Administration shares (2,956,243) (2,246,326) (3,473,800) (1,190,394) (106,132)
FST Service shares (1,242,273) -- (2,387,196) (1,778) (190,680)
From net realized gain on
investment transactions
FST shares (53,048) (6,628) (308,178) (51,400) --
FST Administration shares (4,402) (157) (43,500) (5,267) --
FST Service shares (1,799) -- (28,945) (3) --
- -----------------------------------------------------------------------------------------------------------------------------------
Total distributions to shareholders (121,506,676) (59,378,482) (32,654,961) (15,458,588) (5,033,831)
- -----------------------------------------------------------------------------------------------------------------------------------
From share transactions (at $1.00
per share):
Proceeds from sale of shares 18,298,572,907 15,943,137,721 5,162,065,104 4,734,903,983 1,473,212,569
Reinvestment of dividends and
distributions 34,178,963 24,042,880 3,486,256 6,274,830 1,418,310
Cost of shares repurchased (17,183,503,775) (14,941,785,943) (4,676,960,382) (4,352,037,740) (1,219,781,900)
- -----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets
resulting from share
transactions 1,149,248,095 1,025,394,658 488,590,978 389,141,073 254,848,979
- -----------------------------------------------------------------------------------------------------------------------------------
Total increase 1,149,250,331 1,025,385,554 488,757,974 389,143,206 254,846,454
Net Assets:
Beginning of period 2,882,334,338 929,531,438 1,121,481,772 312,603,073 187,878,899
- -----------------------------------------------------------------------------------------------------------------------------------
End of period $ 4,031,584,669 $ 1,954,916,992 $ 1,610,239,746 $ 701,746,279 $ 442,725,353
===================================================================================================================================
Summary of share transactions:
FST Shares:
Shares sold 17,776,564,784 15,314,256,876 3,871,913,124 4,642,294,090 1,324,260,519
Reinvestment of dividends and
distributions 33,609,976 22,404,577 2,856,976 5,913,801 1,222,368
Shares repurchased (16,725,372,750) (14,303,212,596) (3,480,872,288) (4,221,233,983) (1,105,022,869)
- -----------------------------------------------------------------------------------------------------------------------------------
1,084,802,010 1,033,448,857 393,897,812 426,973,908 220,460,018
- -----------------------------------------------------------------------------------------------------------------------------------
FST Administration shares:
Shares sold 311,493,004 628,880,845 442,079,523 90,288,177 44,779,360
Reinvestment of dividends and
distributions 155,680 1,638,303 32,829 360,853 65,922
Shares repurchased (262,283,850) (638,573,347) (390,925,379) (130,753,757) (29,955,532)
- -----------------------------------------------------------------------------------------------------------------------------------
49,364,834 (8,054,199) 51,186,973 (40,104,727) 14,889,750
- -----------------------------------------------------------------------------------------------------------------------------------
FST Service shares:
Shares sold 210,515,119 -- 848,072,457 2,321,716 104,172,690
Reinvestment of dividends and
distributions 413,307 -- 596,451 176 130,020
Shares repurchased (195,847,175) -- (805,162,715) (50,000) (84,803,499)
- -----------------------------------------------------------------------------------------------------------------------------------
15,081,251 -- 43,506,193 2,271,892 19,499,211
- -----------------------------------------------------------------------------------------------------------------------------------
Net increase in shares 1,149,248,095 1,025,394,658 488,590,978 389,141,073 254,848,979
===================================================================================================================================
</TABLE>
(a)For the sixth months ended June 30, 1995, the Money Market Fund distributed
$6,500 in excess of net investment income.
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
16
<PAGE>
- --------------------------------------------------------------------------------
Statements of Changes in Net Assets
For the Periods Ended December 31, 1994
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Prime Obligations Money Market Treasury Government Tax-Free Money
Fund/(a)/ Fund/(b)/ Obligations Fund/(a)/ Fund/(a)/ Market Fund/(b)/
================================================================================================
<S> <C> <C> <C> <C> <C>
From operations:
Net investment income $ 93,745,718 $ 31,366,990 $ 30,473,221 $ 7,980,145 $ 2,421,177
Net realized gain (loss) on
investment transactions 4,990 5,671 (79,393) 3,678 --
- -----------------------------------------------------------------------------------------------------------------------------------
Net increase in net
assets resulting
from operations 93,750,708 31,372,661 30,393,828 7,983,823 2,421,177
- -----------------------------------------------------------------------------------------------------------------------------------
Distributions to shareholders
from:
Net investment income
FST shares (90,514,074) (29,849,508) (27,649,397) (6,434,384) (2,389,827)
FST Administration shares (2,319,934) (1,517,482) (1,338,481) (1,545,761) (23,394)
FST Service shares (919,709) -- (1,485,343) -- (7,956)
Net realized gain on investment
transactions
FST shares (82,819) (3,002) (6,131) (3,010) --
FST Administration shares (13,759) (65) (161) (668) --
FST Service shares (814) -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------------------
Total distributions to
shareholders (93,851,109) (31,370,057) (30,479,513) (7,983,823) (2,421,177)
- -----------------------------------------------------------------------------------------------------------------------------------
From share transactions (at
$1.00 per share):
Proceeds from sale of shares 22,898,595,340 12,775,307,681 4,616,966,952 2,128,561,581 742,552,184
Reinvestment of dividends and
distributions 23,668,421 9,676,488 2,940,080 2,146,045 395,745
Cost of shares repurchased (21,920,493,388) (11,855,455,335) (4,370,900,948) (1,876,927,328) (555,069,030)
- -----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets
resulting from
share transactions 1,001,770,373 929,528,834 249,006,084 253,780,298 187,878,899
- -----------------------------------------------------------------------------------------------------------------------------------
Total increase 1,001,669,972 929,531,438 248,920,399 253,780,298 187,878,899
Net Assets:
Beginning of period 1,880,664,366 -- 872,561,373 58,822,775 --
- -----------------------------------------------------------------------------------------------------------------------------------
End of period $ 2,882,334,338 $ 929,531,438 $ 1,121,481,772 $ 312,603,073 $ 187,878,899
===================================================================================================================================
Summary of share transactions:
FST shares:
Shares sold 22,560,410,624 12,311,243,995 4,110,849,675 1,927,187,116 732,710,640
Reinvestment of dividends and
distributions 23,317,361 8,626,882 2,581,039 1,684,083 380,335
Shares repurchased (21,640,191,346) (11,456,902,371) (3,967,576,749) (1,715,218,895) (549,521,243)
- -----------------------------------------------------------------------------------------------------------------------------------
943,536,639 862,968,506 145,853,965 213,652,304 183,569,732
- -----------------------------------------------------------------------------------------------------------------------------------
FST Administration shares:
Shares sold 212,782,227 464,063,686 194,485,191 201,374,465 6,207,387
Reinvestment of dividends and
distributions 117,315 1,049,606 299,486 461,962 11,734
Shares repurchased (182,036,935) (398,552,964) (137,143,496) (161,708,433) (4,176,823)
- -----------------------------------------------------------------------------------------------------------------------------------
30,862,607 66,560,328 57,641,181 40,127,994 2,042,298
- -----------------------------------------------------------------------------------------------------------------------------------
FST Service shares:
Shares sold 125,402,489 -- 311,632,086 -- 3,634,157
Reinvestment of dividends and
distributions 233,745 -- 59,555 -- 3,676
Shares repurchased (98,265,107) -- (266,180,703) -- (1,370,964)
- -----------------------------------------------------------------------------------------------------------------------------------
27,371,127 -- 45,510,938 -- 2,266,869
- -----------------------------------------------------------------------------------------------------------------------------------
Net increase in shares 1,001,770,373 929,528,834 249,006,084 253,780,298 187,878,899
===================================================================================================================================
</TABLE>
/(a)/The information presented above reflects eleven months of operations due to
a change in fiscal year end. This change was caused by the reorganization
of the funds as series of Goldman Sachs Money Market Trust.
/(b)/The Money Market and Tax-Free Money Market Funds commenced operations on
May 18, 1994 and July 19, 1994, respectively.
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
17
<PAGE>
Goldman Sachs Money Market Trust--Financial Square Funds
- --------------------------------------------------------------------------------
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
Financial Square Funds, collectively "the Funds" or individually a "Fund". The
Trust is registered under the Investment Company Act of 1940, as amended, as an
open-end management investment company. Financial Square consists of six
diversified funds: Prime Obligations, Money Market, Treasury Obligations,
Government, Tax-Free Money Market and Municipal Money Market (inactive).
Financial Square offers three classes of shares: FST shares, FST Administration
shares and FST Service shares.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently
followed by Financial Square Funds which are in conformity with those generally
accepted in the investment company industry:
A. Investment Valuation--
- --------------------------
Each Fund 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 fund's policy to comply with the requirements of the Internal Revenue
Code applicable to regulated investment companies and to distribute each year
substantially all investment company taxable and tax-exempt income to
shareholders. Accordingly, no federal tax provisions are required.
At December 31, 1994, the Treasury Obligations Fund had approximately $79,000
of capital loss carryforward for U.S. Federal tax purposes. This capital loss
carryforward expires in the year 2002.
D. Deferred Organization Expenses--
- ------------------------------------
Organization-related costs are being amortized on a straight-line basis over a
period of five years.
E. Expenses--
- --------------
Expenses incurred by the Funds that do not specifically relate to an individual
fund are allocated to the funds based on each fund's relative average net assets
for the period.
Shareholders of FST Administration and FST Service shares bear all expenses
and fees paid to service organizations for their services with respect to such
shares as well as other expenses (subject to expense limitations) that are
directly attributable to such shares.
3. Agreements
Goldman Sachs Asset Management ("GSAM"), a separate operating division of
Goldman, Sachs & Co. ("Goldman Sachs"), serves as investment adviser pursuant to
an Investment Advisory Agreement. Under the Investment Advisory Agreement,
GSAM, subject to general supervision of the Trust's Board of Trustees, manages
the portfolios of the funds. As compensation for the services rendered under
the Investment 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 .075% of each fund's average daily net assets. During the
six months ended June 30, 1995, GSAM voluntarily agreed to waive a portion of
the advisory fees incurred by each Fund. At June 30, 1995, the advisory fees
due GSAM were approximately $148,000, $8,000, $45,000, $23,000 and $2,000 for
the Prime Obligations, Money Market, Treasury Obligations, Government and Tax-
Free Money Market Funds, respectively.
- -------------------------------------- ----------------------------------------
18
<PAGE>
Goldman Sachs Money Market Trust--Financial Square Funds
Notes to Financial Statements
June 30, 1995
(Unaudited)
- --------------------------------------------------------------------------------
These amounts are included in "Accrued expenses and other liabilities" in the
accompanying Statements of Assets and Liabilities.
Until further notice, GSAM has voluntarily agreed to limit certain of each
of the fund's expenses (excluding advisory fees, account administration fees,
service organization fees, taxes, interest, brokerage commissions and
extraordinary expenses) to the extent that such expenses exceed .01% per annum
of that fund's average daily net assets. At June 30, 1995, the amounts
reimbursable by GSAM were approximately $150,000, $145,000, $50,000, $70,000 and
$15,000 for the Prime Obligations, Money Market, Treasury Obligations,
Government and Tax-Free Money Market Funds, respectively; such amounts are
included in "Other assets" in the accompanying Statements of Assets and
Liabilities.
GSAM also serves as administrator pursuant to an Administration Agreement.
Under the Administration Agreement, GSAM administers each fund's business
affairs, including providing facilities. As compensation for the services
rendered under the Administration Agreement, GSAM is entitled to a fee, computed
daily and payable monthly, at an annual rate equal to .13% of each fund's
average daily net assets. During the six months ended June 30, 1995, GSAM
voluntarily agreed to waive a portion of the account administration fees
incurred by the Money Market and Tax-Free Money Market Funds. At June 30, 1995,
the account administration fees due GSAM were approximately $482,000, $267,000,
$148,000, $75,000 and $39,000 for the Prime Obligations, Money Market, Treasury
Obligations, Government and Tax-Free Money Market Funds, respectively. These
amounts are included in "Accrued expenses and other liabilities" in the
accompanying Statements of Assets and Liabilities.
Goldman Sachs serves as the Distributor of shares of the Funds pursuant to
a Distribution Agreement and recieves no fee. Goldman Sachs also serves as
transfer agent.
4. Administration and Service Plans
The Funds have adopted Administration and Service Plans. These plans allow for
Administration shares and Service shares, respectively, to compensate service
organizations for providing varying levels of account administration and
shareholder liaison services to their customers who are beneficial owners of
such shares. The Administration and Service Plans provide for compensation to
the service organizations in an amount up to .25% and .50% (on an annualized
basis), respectively, of the average daily net asset value of the respective
shares.
5. Other Matters
Effective December 28, 1994, the Financial Square funds were reorganized and
became series of the Trust. Prior to the reorganization, each Financial Square
fund was a series of Financial Square Trust ("FST"), which was also a
Massachusetts business trust. Except for the fact that the Financial Square
funds are now series of the Trust, all shares of the individual funds represent
the same interest in each fund's assets, are of the same class, are subject to
the same terms and conditions, fees and expenses and confer the same rights as
when they were a series of FST.
6. 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., the Funds' custodian, or at subcustodians. GSAM monitors the
market value of the underlying securities by pricing them daily.
7. Joint Repurchase Agreement Accounts
The Funds, 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 one or more repurchase
agreements. The underlying securities for the repurchase agreements are U.S.
Treasury obligations.
At June 30, 1995, the Prime Obligations, Money Market, Treasury Obligations
and Government Funds had, respectively, a 5.3%, 3.6%, 36.8% and 3.8%
- --------------------------------------------------------------------------------
19
<PAGE>
Goldman Sachs Money Market Trust--Financial Square Funds
- --------------------------------------------------------------------------------
Notes to Financial Statements (continued)
June 30, 1995
(Unaudited)
- --------------------------------------------------------------------------------
7. Joint Repurchase Agreement Accounts (continued)
undivided interest in the repurchase agreements in the following joint account
which equaled $92,300,000, $63,600,000, $643,600,000 and $66,100,000 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:
Principal Interest Maturity Amortized
Amount Rate Date Cost
================================================================================
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
================================================================================
At June 30, 1995, the Prime Obligations Fund had a 41.6% undivided interest in
the repurchase agreements in the following joint account which equaled
$290,000,000 in principal amount. At June 30, 1995, the repurchase agreements
held 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:
- --------------------------------------------------------------------------------
Principal Interest Maturity Amortized
Amount Rate Date Cost
================================================================================
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 Notes: $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
================================================================================
- -------------------------------------- ----------------------------------------
20
<PAGE>
Goldman Sachs Money Market Trust--Financial Square Funds
- --------------------------------------------------------------------------------
Financial Highlights
Prime Obligations Fund
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Income from investment operations
-------------------------------------------
Net asset Net realized Total Net asset
value at Net gain income from Distributions value at
beginning investment on investment investment to end
of period income transactions operations shareholders of period
======================================================================================
<S> <C> <C> <C> <C> <C> <C>
For the Six Months Ended June 30,
=================================
1995-FST shares (unaudited)............... $1.00 $0.0297 $ -- $0.0297 $(0.0297) $1.00
1995-FST Administration shares
(unaudited).............................. 1.00 0.0285 -- 0.0285 (0.0285) 1.00
1995-FST Service shares (unaudited)....... 1.00 0.0272 -- 0.0272 (0.0272) 1.00
For the Period Ended December 31,
=================================
1994-FST shares/(c)/...................... 1.00 0.0401 -- 0.0401 (0.0401) 1.00
1994-FST Administration shares/(c)/...... 1.00 0.0383 -- 0.0383 (0.0383) 1.00
1994-FST Service shares/(c)/.............. 1.00 0.0364 -- 0.0364 (0.0364) 1.00
For the Years Ended January 31,
===============================
1994-FST shares........................... 1.00 0.0311 0.0002 0.0313 (0.0313) 1.00
1994-FST Administration shares............ 1.00 0.0286 0.0002 0.0288 (0.0288) 1.00
1994-FST Service shares................... 1.00 0.0261 0.0002 0.0263 (0.0263) 1.00
1993-FST shares........................... 1.00 0.0360 0.0007 0.0367 (0.0367) 1.00
1993-FST Administration shares/(d)/....... 1.00 0.0068 0.0001 0.0069 (0.0069) 1.00
1993-FST Service shares................... 1.00 0.0301 0.0007 0.0308 (0.0308) 1.00
1992-FST shares........................... 1.00 0.0572 0.0002 0.0574 (0.0574) 1.00
1992-FST Service shares/(d)/.............. 1.00 0.0027 -- 0.0027 (0.0027) 1.00
For the Period March 8, 1990/(e)/
=================================
through January 31,
===================
1991-FST shares........................... 1.00 0.0727 -- 0.0727 (0.0727) 1.00
<CAPTION>
Ratios assuming no
waiver of fees and no
expense limitations
-----------------------------
Ratio of net Net Ratio of net
Ratio of net investment assets at Ratio of 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 000's) assets assets
======================================================================================
<S> <C> <C> <C> <C> <C> <C>
For the Six Months Ended June 30,
=================================
1995-FST shares (unaudited)............... 6.16%/(b)/ 0.18%/(b)/ 5.99%/(b)/ $3,859,653 0.23%/(b)/ 5.94%/(b)/
1995-FST Administration shares
(unaudited).............................. 5.89/(b)/ 0.43/(b)/ 5.74/(b)/ 115,478 0.48/(b)/ 5.69/(b)/
1995-FST Service shares (unaudited)....... 5.63/(b)/ 0.68/(b)/ 5.49/(b)/ 56,454 0.73/(b)/ 5.44/(b)/
For the Period Ended December 31,
=================================
1994-FST shares/(c)/...................... 4.38/(b)/ 0.18/(b)/ 4.38/(b)/ 2,774,849 0.24/(b)/ 4.32/(b)/
1994-FST Administration shares/(c)/...... 4.12/(b)/ 0.43/(b)/ 4.18/(b)/ 66,113 0.49/(b)/ 4.12/(b)/
1994-FST Service shares/(c)/.............. 3.86/(b)/ 0.68/(b)/ 3.98/(b)/ 41,372 0.74/(b)/ 3.92/(b)/
For the Years Ended January 31,
===============================
1994-FST shares........................... 3.18 0.17 3.11 1,831,413 0.25 3.03
1994-FST Administration shares............ 2.92 0.42 2.86 35,250 0.50 2.78
1994-FST Service shares................... 2.66 0.67 2.61 14,001 0.75 2.53
1993-FST shares........................... 3.75 0.18 3.60 813,126 0.25 3.53
1993-FST Administration shares/(d)/....... 3.02/(b)/ 0.44/(b)/ 2.96/(b)/ 1,124 0.52/(b)/ 2.88/(b)/
1993-FST Service shares................... 3.23 0.68 3.01 336 0.75 2.94
1992-FST shares........................... 5.99 0.18 5.72 917,073 0.27 5.63
1992-FST Service shares/(d)/................ 4.10/(b)/ 0.66/(b)/ 4.10/(b)/ 118 0.74/(b)/ 4.02/(b)/
For the Period March 8, 1990(e)
===============================
through January 31,
===================
1991-FST shares........................... 8.27/(b)/ 0.18/(b)/ 8.04/(b)/ 578,495 0.28/(b)/ 7.94/(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)/The information presented reflects eleven months of operations due to a
change in fiscal year end. This change was caused by the reorganization of
the funds as series of Goldman Sachs Money Market Trust.
/(d)/FST Administration and FST Service share activity commenced during November
of 1992 and January of 1992, respectively.
/(e)/Commencement of operations.
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
21
<PAGE>
Goldman Sachs Money Market Trust--Financial Square Funds
- --------------------------------------------------------------------------------
Financial Highlights (continued)
Money Market Fund
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Income from investment operations
------------------------------------------
Net asset Net realized Total Net asset
value at Net gain income from Distributions value at
beginning investment on investment investment to end
of period income transactions operations shareholders of period
-------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
For the Six Months Ended June 30,
- ---------------------------------
1995-FST shares (unaudited)........... $1.00 $0.0299 - $0.0299 $(0.0299) $1.00
1995-FST Administration shares
(unaudited)......................... 1.00 0.0286 - 0.0286 (0.0286) 1.00
For the Period Ended December 31,
- ---------------------------------
1994-FST shares/(c)/.................... 1.00 0.0305 - 0.0305 (0.0305) 1.00
1994-FST Administration shares/(c)/..... 1.00 0.0298 - 0.0298 (0.0298) 1.00
<CAPTION>
Ratios assuming no
waiver of fees and no
expense limitations
---------------------------
Ratio of net Net Ratio of net
Ratio of net investment assets at Ratio of 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-FST shares (unaudited)........... 6.19%/(b)/ 0.15%/(b)/ 6.04%/(b)/ $1,896,411 0.23%/(b)/ 5.93%/(b)/
1995-FST Administration shares
(unaudited)......................... 5.93/(b)/ 0.40/(b)/ 5.76/(b)/ 58,506 0.48/(b)/ 5.68/(b)/
For the Period Ended December 31,
- ---------------------------------
1994-FST shares/(c)/.................... 4.91/(b)/ 0.11/(b)/ 4.88/(b)/ 862,971 0.25/(b)/ 4.74/(b)/
1994-FST Administration shares/(c)/..... 4.65/(b)/ 0.36/(b)/ 4.82/(b)/ 66,560 0.50/(b)/ 4.68/(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)/FST share and FST Administration share activity commenced May 18, 1994
and May 20, 1994, respectively.
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22
<PAGE>
Goldman Sachs Money Market Trust--Financial Square Funds
- --------------------------------------------------------------------------------
Financial Highlights (continued)
Treasury Obligations Fund
- --------------------------------------------------------------------------------
<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 shareholders of period
-------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
For the Period Ended June 30,
- -----------------------------
1995-FST shares (unaudited)........... $1.00 $0.0289 $ 0.0005 $0.0294 $(0.0293) $1.00
1995-FST Administration shares
(unaudited)......................... 1.00 0.0278 0.0005 0.0283 (0.0282) 1.00
1995-FST Service shares (unaudited)... 1.00 0.0263 0.0005 0.0268 (0.0267) 1.00
For the Period Ended December 31,
- ---------------------------------
1994-FST shares/(c)/.................. 1.00 0.0379 (0.0001) 0.0378 (0.0378) 1.00
1994-FST Administration shares/(c)/... 1.00 0.0388 (0.0001) 0.0387 (0.0387) 1.00
1994-FST Service shares/(c)/.......... 1.00 0.0349 (0.0001) 0.0348 (0.0348) 1.00
For the Years Ended January 31,
- -------------------------------
1994-FST shares....................... 1.00 0.0301 0.0007 0.0308 (0.0307) 1.00
1994-FST Administration shares........ 1.00 0.0276 0.0006 0.0282 (0.0281) 1.00
1994-FST Service shares............... 1.00 0.0251 0.0008 0.0259 (0.0256) 1.00
1993-FST shares....................... 1.00 0.0342 0.0012 0.0354 (0.0355) 1.00
1993-FST Administration shares/(d)/... 1.00 0.0009 -- 0.0009 (0.0009) 1.00
1993-FST Service shares............... 1.00 0.0296 0.0016 0.0312 (0.0309) 1.00
1992-FST shares....................... 1.00 0.0549 0.0015 0.0564 (0.0561) 1.00
1992-FST Service shares/(d)/.......... 1.00 0.0113 0.0006 0.0119 (0.0116) 1.00
For the Period April 24, 1990/(e)/ through January 31,
- ------------------------------------------------------
1991-FST shares....................... 1.00 0.0600 0.0006 0.0606 (0.0605) 1.00
<CAPTION>
Ratios assuming no
waiver of fees and no
expense limitations
---------------------------
Ratio of net Net Ratio of net
Ratio of net investment assets at Ratio of 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 Period Ended June 30,
- -----------------------------
1995-FST shares (unaudited)........... 6.07%/(b)/ 0.18%/(b)/ 5.84%/(b)/ $1,352,233 0.24%/(b)/ 5.78%/(b)/
1995-FST Administration shares
(unaudited)......................... 5.80/(b)/ 0.43/(b)/ 5.61/(b)/ 133,326 0.49/(b)/ 5.55/(b)/
1995-FST Service shares (unaudited)... 5.54/(b)/ 0.68/(b)/ 5.31/(b)/ 124,681 0.74/(b)/ 5.26/(b)/
For the Period Ended December 31,
- ---------------------------------
1994-FST shares/(c)/.................. 4.23/(b)/ 0.18/(b)/ 4.13/(b)/ 958,196 0.25/(b)/ 4.06/(b)/
1994-FST Administration shares/(c)/... 3.97/(b)/ 0.43/(b)/ 4.24/(b)/ 82,124 0.50/(b)/ 4.17/(b)/
1994-FST Service shares(c)............ 3.71/(b)/ 0.68/(b)/ 3.82/(b)/ 81,162 0.75/(b)/ 3.75/(b)/
For the Years Ended January 31,
- -------------------------------
1994-FST shares....................... 3.11 0.17 3.01 812,420 0.24 2.94
1994-FST Administration shares........ 2.85 0.42 2.76 24,485 0.49 2.69
1994-FST Service shares............... 2.60 0.67 2.51 35,656 0.74 2.44
1993-FST shares....................... 3.69 0.18 3.42 776,181 0.26 3.34
1993-FST Administration shares/(d)/... 2.83/(b)/ 0.43/(b)/ 2.83/(b)/ 1 0.51/(b)/ 2.75/(b)/
1993-FST Service shares............... 3.17 0.68 2.96 5,155 0.76 2.88
1992-FST shares....................... 5.84 0.18 5.49 413,171 0.28 5.39
1992-FST Service shares/(d)/.......... 4.47/(b)/ 0.68/(b)/ 3.77/(b)/ 3,634 0.78/(b)/ 3.67/(b)/
For the Period April 24, 1990/(e)/ through January 31,
- ------------------------------------------------------
1991-FST shares....................... 8.06/(b)/ 0.21/(b)/ 7.74/(b)/ 229,988 0.34/(b)/ 7.61/(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)/The information presented reflects eleven months of operations due to a
change in fiscal year end. This change was caused by the reorganization
of the funds as series of Goldman Sachs Money Market Trust.
/(d)/FST Administration and FST Service share activity commenced during
January of 1993 and October of 1991, respectively.
/(e)/Commencement of operations.
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
23
<PAGE>
Goldman Sachs Money Market Trust--Financial Square Funds
- --------------------------------------------------------------------------------
Financial Highlights (continued)
Government Fund
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Income from investment operations
===========================================
Net asset Net realized Total Net asset
value at Net gain income from Distributions value at
beginning investment on investment investment to end
of period income transactions operations shareholders of period
========================================================================================
<S> <C> <C> <C> <C> <C> <C>
For the Period Ended June 30,
=============================
1995-FST shares (unaudited)................ $1.00 $0.0296 $0.0001 $0.0297 $(0.0297) $1.00
1995-FST Administration shares
(unaudited)............................. 1.00 0.0282 0.0002 0.0284 (0.0284) 1.00
1995-FST Service shares (unaudited)/(c)/... 1.00 0.0068 -- 0.0068 (0.0068) 1.00
For the Period Ended December 31,
=================================
1994-FST shares/(d)/....................... 1.00 0.0424 -- 0.0424 (0.0424) 1.00
1994-FST Administration shares/(d)/........ 1.00 0.0426 -- 0.0426 (0.0426) 1.00
For the Period Ended January 31,
================================
1993-FST shares/(c)/....................... 1.00 0.0256 0.0001 0.0257 (0.0257) 1.00
1993-FST Administration shares/(c)/........ 1.00 0.0120 0.0001 0.0121 (0.0121) 1.00
<CAPTION>
Ratios assuming no
waiver of fees and no
expense limitations
=============================
Ratio of net Net Ratio of net
Ratio of net investment assets at Ratio of 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 000's) assets assets
======================================================================================
<S> <C> <C> <C> <C> <C> <C>
For the Period Ended June 30,
=============================
1995-FST shares (unaudited)................ 6.14%/(b)/ 0.18%/(b)/ 5.97%/(b)/ $685,324 0.25%/(b)/ 5.90%/(b)/
1995-FST Administration shares
(unaudited)............................. 5.88/(b)/ 0.43/(b)/ 5.69/(b)/ 14,150 0.50/(b)/ 5.62/(b)/
1995-FST Service shares (unaudited)/(c)/... 5.66/(b)/ 0.68/(b)/ 5.47/(b)/ 2,272 0.75/(b)/ 5.40/(b)/
For the Period Ended December 31,
=================================
1994-FST shares/(d)/....................... 4.36/(b)/ 0.15/(b)/ 4.64/(b)/ 258,350 0.25/(b)/ 4.54/(b)/
1994-FST Administration shares/(d)/........ 4.10/(b)/ 0.40/(b)/ 4.67/(b)/ 54,253 0.50/(b)/ 4.57/(b)/
For the Period Ended January 31,
================================
1993-FST shares/(c)/....................... 3.14/(b)/ 0.08/(b)/ 3.10/(b)/ 44,697 0.59/(b)/ 2.59/(b)/
1993-FST Administration shares/(c)/........ 2.87/(b)/ 0.35/(b)/ 2.85/(b)/ 14,126 0.76/(b)/ 2.44/(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) FST share, FST Administration share and FST Service share activity commenced
April 6, 1993, September 1, 1993 and May 16, 1995, respectively.
(d) The information presented reflects eleven months of operations due to a
change in fiscal year end. This change was caused by the reorganization of
the funds as series of Goldman Sachs Money Market Trust.
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
24
<PAGE>
Goldman Sachs Money Market Trust--Financial Square Funds
- --------------------------------------------------------------------------------
Financial Highlights (continued)
Tax-Free Money Market Fund
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Income from investment operations
------------------------------------------
Net asset Net realized Total Net asset
value at Net gain income from Distributions value at
beginning investment on investment investment to end
of period income transactions operations shareholders of period
-------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
For the Six Months Ended June 30,
- ---------------------------------
1995-FST shares (unaudited)........... $1.00 $0.0195 - $0.0195 $(0.0195) $1.00
1995-FST Administration shares
(unaudited)......................... 1.00 0.0183 - 0.0183 (0.0183) 1.00
1995-FST Service shares (unaudited)... 1.00 0.0172 - 0.0172 (0.0172) 1.00
For the Period Ended December 31,
- ---------------------------------
1994-FST shares/(c)/.................. 1.00 0.0156 - 0.0156 (0.0156) 1.00
1994-FST Administration shares/(c)/... 1.00 0.0136 - 0.0136 (0.0136) 1.00
1994-FST Service shares/(c)/.......... 1.00 0.0091 - 0.0091 (0.0091) 1.00
<CAPTION>
Ratios assuming no
waiver of fees and no
expense limitations
---------------------------
Ratio of net Net Ratio of net
Ratio of net investment assets at Ratio of 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-FST shares (unaudited)........... 3.99%/(b)/ 0.11%/(b) 3.93%/(b)/ $404,027 0.25%/(b)/ 3.79%/(b)/
1995-FST Administration shares
(unaudited)......................... 3.73/(b)/ 0.36/(b)/ 3.69/(b)/ 16,932 0.50/(b)/ 3.55/(b)/
1995-FST Service shares (unaudited)... 3.47/(b)/ 0.61/(b)/ 3.46/(b)/ 21,766 0.75/(b)/ 3.33/(b)/
For the Period Ended December 31,
- ---------------------------------
1994-FST shares/(c)/.................. 3.41/(b)/ 0.07/(b)/ 3.42/(b)/ 183,570 0.31/(b)/ 3.18/(b)/
1994-FST Administration shares/(c)/... 3.19/(b)/ 0.32/(b)/ 3.25/(b)/ 2,042 0.56/(b)/ 3.01/(b)/
1994-FST Service shares/(c)/.......... 3.11/(b)/ 0.57/(b)/ 3.32/(b)/ 2,267 0.81/(b)/ 3.08/(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)/FST share, FST Administration share and FST Service share activity
commenced July 19, 1994, August 1, 1994 and September 23, 1994,
respectively.
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
25
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------- ---------------------------------------
[This page intentionally left blank]
- --------------------------------------- ---------------------------------------
26
<PAGE>
- --------------------------------------------------------------------------------
- -------------------------------------- --------------------------------------
- --------------------------------------------------------------------------------
This Semiannual Report is authorized for distribution to prospective investors
only when preceded or accompanied by a Goldman Sachs Money Market Trust--
Financial Square Funds Prospectus which contains facts concerning each Fund's
objectives and policies, management, expenses and other information.
- --------------------------------------------------------------------------------
27
<PAGE>
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
================================================================================
Goldman Sachs
Money Market Trust
Financial Square
Funds
- --------------------------------------------------------------------------------
Semiannual Report
June 30, 1995
Prime Obligations Fund
Money Market Fund
Treasury Obligations Fund
Government Fund
Tax-Free Money Market Fund
[LOGO OF GOLDMAN SACHS APPEARS HERE]
================================================================================
