<PAGE>
- --------------------------------------------------------------------------------
Goldman Sachs Money Market Trust
Financial Square Funds
- --------------------------------------------------------------------------------
Taxable Funds
Financial Square Prime Obligations Fund. A diversified money market portfolio
which invests 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 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" by Standard & Poors
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, its political subdivisions, agencies, authorities, and
instrumentalities, and the District of Columbia, the interest from which is
exempt from federal income tax.
1
<PAGE>
<TABLE>
<CAPTION>
Statement of Investments
- --------------------------------------------------------------------------------
Financial Square Prime Obligations Fund
June 30, 1996
(Unaudited)
- --------------------------------------------------------------------------------
Principal Interest Maturity Amortized
Amount Rate Date Cost
- --------------------------------------------------------------------------------
<S> <C> <C> <C>
Commercial Paper and Corporate Obligations--57.7%
Bank Holding Companies
Bankers Trust New York Corp.
$100,000,000 5.35% 11/12/96 $ 98,008,611
NationsBank Corp.
25,000,000 5.17 07/16/96 24,946,146
50,000,000 5.52 12/06/96 48,788,667
Business Credit Institutions
CIT Group Holdings, Inc.
15,000,000 7.13 11/15/96 15,077,185
General Electric Capital Corp.
50,000,000 5.18 07/08/96 49,949,639
25,000,000 5.20 07/09/96 24,971,111
Chemicals
Sherwin Williams Co.
73,742,000 5.20 07/08/96 73,667,438
Commercial Banks
Chase Manhattan Corp.
75,000,000 5.50 12/09/96 73,155,208
CP Trust Certificates Series 1996-1
85,000,000 5.42/(b)/ 03/28/97 85,000,000
JP Morgan & Co., Inc.
60,000,000 4.95 08/26/96 59,538,000
Norwest Corporation
75,000,000 5.49/(a)/ 10/28/96 75,000,000
Financial Services
USL Capital Corp.
15,000,000 5.32 07/19/96 14,960,100
Industrial
Caterpillar Financial Services Corp.
30,000,000 4.86 08/21/96 29,793,450
26,000,000 5.30 09/27/96 25,663,155
Life Insurance
Commonwealth Life Insurance Co.
20,000,000 5.58/(a)/ 09/06/96 20,000,000
Pacific Mutual Life Insurance Co.
50,000,000 5.48/(a)/ 02/28/97 50,000,000
Prudential Funding Corp.
25,000,000 5.00 07/26/96 24,913,194
Motor Vehicles and Equipment
Ford Motor Credit Co.
75,000,000 5.18 07/08/96 74,924,458
25,000,000 5.00 07/26/96 24,913,194
Personal Credit Institutions
American Express Credit Corp.
$ 25,000,000 5.10% 07/22/96 $ 24,925,625
40,000,000 4.89 08/05/96 39,809,833
Associates Corp. of North America
75,000,000 4.94 08/23/96 74,454,542
Beneficial Corp.
25,000,000 5.45/(a)/ 11/15/96 24,996,330
Receivable/Asset Financings
Beta Finance Inc.
50,000,000 5.18 07/12/96 49,920,861
63,500,000 4.85 08/14/96 63,123,586
37,000,000 4.85 08/16/96 36,770,703
17,000,000 4.90 08/23/96 16,877,364
25,000,000 6.11 06/17/97 25,000,000
Delaware Funding Corp.
25,671,000 5.30 07/18/96 25,606,751
New Center Asset Trust
150,000,000 5.30 08/22/96 148,851,667
10,500,000 5.50 11/25/96 10,264,188
14,500,000 5.50 11/26/96 14,172,139
Savings and Loans
World Savings and Loan Association
20,000,000 5.73/(a)/ 12/13/96 20,006,150
Security and Commodity Brokers, Dealers and Services
Bankers Trust Securities Corp.
50,000,000 5.33 07/15/96 49,896,361
Bear Stearns Companies., Inc.
150,000,000 5.29 08/20/96 148,897,917
Cargill Financial Services Corp.
30,000,000 4.88 08/02/96 29,869,867
Merrill Lynch & Co., Inc.
100,000,000 5.15 07/12/96 99,842,639
Morgan Stanley Group, Inc.
50,000,000 5.30 07/01/96 50,000,000
60,000,000 5.06 08/02/96 59,730,133
24,000,000 5.29 08/30/96 23,788,400
40,000,000 5.27/(b)/ 09/03/96 40,000,000
30,000,000 5.50 12/11/96 29,252,917
Smith Barney, Inc.
25,000,000 5.35 07/01/96 25,000,000
</TABLE>
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
2
<PAGE>
- --------------------------------------------------------------------------------
Financial Square Prime Obligations Fund (continued)
June 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------
Principal Interest Maturity Amortized
Amount Rate Date Cost
=====================================================================================
<S> <C> <C> <C>
Commercial Paper and Corporate Obligations
(continued)
Telecommunications
Ameritech Corp.
$ 75,000,000 4.95% 09/06/96 $ 74,309,063
AT&T Corp.
35,000,000 5.15 07/01/96 35,000,000
Tobacco
Phillip Morris Co.
100,000,000 5.29 07/18/96 99,750,194
- -------------------------------------------------------------------------------------
Total Commercial Paper and Corporate Obligations $2,233,386,786
- -------------------------------------------------------------------------------------
Bank Notes--27.0%
FCC National Bank
$ 25,000,000 5.33% 07/12/96 $ 25,000,000
40,000,000 5.70 05/22/97 39,893,798
First Bank FSB
50,000,000 5.45/(a)/ 02/11/97 50,000,000
First National Bank of Maryland
50,000,000 5.39/(a)/ 10/02/96 49,996,189
50,000,000 5.39/(a)/ 11/01/96 49,994,959
First Union National Bank of North Carolina
50,000,000 5.00 07/31/96 50,000,000
50,000,000 5.00 08/16/96 50,000,000
Household Bank FSB
50,000,000 5.38 08/21/96 50,000,000
75,000,000 5.47/(a)/ 11/06/96 74,984,747
40,000,000 5.37/(a)/ 01/07/97 39,986,409
Huntington National Bank
25,000,000 5.47 11/08/96 24,997,655
M&I Madison Bank
25,000,000 5.49/(a)/ 07/29/96 25,001,171
10,500,000 5.52/(a)/ 09/09/96 10,501,224
PNC Bank, N.A.
30,000,000 5.43/(a)/ 08/16/96 29,999,019
75,000,000 5.43/(a)/ 09/13/96 74,995,605
58,500,000 5.35/(a)/ 04/01/97 58,465,725
Seattle First National Bank
60,000,000 5.33 07/10/96 60,000,000
50,000,000 5.35/(a)/ 11/08/96 49,984,204
Society National Bank of Cleveland
100,000,000 5.32/(a)/ 05/14/97 99,907,610
Southtrust Bank of Alabama, N.A.
50,000,000 5.46/(a)/ 08/26/96 50,000,000
30,000,000 5.38/(a)/ 10/02/96 29,996,951
25,000,000 5.43%/(a)/ 10/04/96 24,997,446
25,000,000 5.43/(a)/ 05/15/97 24,988,878
- -------------------------------------------------------------------------------------
Total Bank Notes $1,043,691,590
- -------------------------------------------------------------------------------------
Certificates of Deposit--2.9%
Chase Manhattan Bank, USA
$ 100,000,000 5.00% 08/12/96 $ 100,000,000
First Alabama Bank
15,000,000 5.33 07/09/96 14,999,997
- -------------------------------------------------------------------------------------
Total Certificates of Deposit $ 114,999,997
- -------------------------------------------------------------------------------------
U.S. Government Agency Obligations--3.6%
Federal Farm Credit Bank
$ 50,000,000 4.96% 07/02/96 $ 49,993,112
Federal National Mortgage Association
89,105,000 4.91 08/16/96 88,545,965
- -------------------------------------------------------------------------------------
Total U.S. Government Agency Obligations $ 138,539,077
- -------------------------------------------------------------------------------------
Repurchase Agreements 9.0%
Salomon Brothers, Inc., dated 6/28/96, repurchase price $100,045,833 (U.S.
Treasury Stripped Securities: $102,045,251, 08/15/97-02/15/02)
$100,000,000 5.50% 07/01/96 $ 100,000,000
Joint Repurchase Agreement Accounts
120,300,000 5.42 07/01/96 120,300,000
127,200,000 5.35 07/01/96 127,200,000
- -------------------------------------------------------------------------------------
Total Repurchase Agreements $ 347,500,000
- -------------------------------------------------------------------------------------
Total Investments $3,878,117,450/(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
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.
Interest rates represent either the stated coupon rate, annualized yield on date
of purchase for discounted notes, or, for floating rate securities, the current
reset rate, which is based upon current interest rate indices.
The percentages shown for each investment category reflect the value of
investments in that category as a percentage of total net assets.
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
3
<PAGE>
Statement of Investments
- --------------------------------------------------------------------------------
Financial Square Money Market Fund
June 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------
Principal Interest Maturity Amortized
Amount Rate Date Cost
=============================================================================
<S> <C> <C> <C>
Commercial Paper and Corporate Obligations--41.0%
Business Credit Institutions
Eksportfinans
$ 7,520,000 5.00% 08/19/96 7,468,822
20,500,000 5.00 08/22/96 20,351,944
8,250,000 5.00 08/28/96 8,183,542
Commercial Banks
Chase Manhattan Corp.
50,000,000 5.50 12/09/96 48,770,139
CP Trust Certificates Series 1996-1
60,000,000 5.42/(b)/ 03/28/97 60,000,000
Food Products
Grand Metropolitan Investment Corp.
25,000,000 5.93/(a)/ 07/22/96 25,005,950
Foreign Banks
Banca Crt Financial Corp.
5,000,000 5.33 07/31/96 4,977,792
10,000,000 5.33 08/21/96 9,924,492
5,000,000 5.33 08/28/96 4,957,064
11,000,000 5.36 11/15/96 10,775,624
6,000,000 5.53 12/20/96 5,841,473
10,000,000 5.55 12/30/96 9,719,417
6,000,000 5.55 11/12/96/(d)/ 5,876,050
Bank of Scotland Treasury Services
25,000,000 5.20 07/10/96 24,967,500
50,000,000 5.20 07/12/96 49,920,556
IMI Funding Corp., USA
5,160,000 5.55 12/31/96 5,014,424
Swedbank, Inc.
50,000,000 5.15 07/02/96 49,992,847
50,000,000 5.01 07/09/96 49,944,333
Unifunding, Inc.
30,000,000 4.94 08/02/96 29,868,267
25,000,000 4.94 08/05/96 24,879,931
Life Insurance
Sunamerica Life Insurance Co.
50,000,000 5.59/(a)/ 11/03/96 50,000,000
Mortgage Brokers
Nationwide Building Society
15,000,000 5.10 07/22/96 14,955,375
Motor Vehicles and Equipment
Ford Motor Credit Company
$ 50,000,000 5.00% 07/26/96 49,826,389
General Motors Acceptance Corp.
5,000,000 5.18 07/12/96 4,992,086
25,000,000 5.40 11/08/96 24,512,500
25,000,000 5.56 12/04/96 24,397,667
18,390,000 5.61 12/23/96 17,888,489
Personal Credit Institutions
Beneficial Corp.
25,000,000 5.45/(a)/ 11/15/96 24,996,330
Receivable/Asset Financings
Dakota Certificates of Standard Credit Card Master Trust
12,500,000 5.33 07/16/96 12,472,240
Emprise One Corp.
50,000,000 5.70/(a)/ 12/23/96 50,000,000
Security and Commodity Brokers, Dealers and Services
Morgan Stanley Group, Inc.
90,000,000 5.27/(b)/ 09/03/96 90,000,000
- -----------------------------------------------------------------------------
Total Commercial Paper and Corporate Obligations $ 820,481,243
- -----------------------------------------------------------------------------
Bank Notes--9.7%
FCC National Bank
$ 25,000,000 5.70% 05/22/97 $ 24,933,624
Household Bank FSB
25,000,000 5.39/(a)/ 09/27/96 24,997,448
35,000,000 5.37/(a)/ 01/07/97 34,988,108
Huntington National Bank
10,000,000 6.05 06/13/97 9,992,459
PNC Bank, N.A.
30,000,000 5.43/(a)/ 08/16/96 29,999,019
25,000,000 5.43/(a)/ 09/13/96 24,998,535
20,000,000 5.39/(a)/ 09/30/96 19,996,050
Seattle First National Bank
25,000,000 5.35/(a)/ 11/08/96 24,992,102
- -----------------------------------------------------------------------------
Total Bank Notes $ 194,897,345
- -----------------------------------------------------------------------------
Certificates of Deposit--1.3%
Chase Manhattan Bank, USA/(d)/
$ 25,000,000 6.03% 07/01/97 $ 25,000,000
- -----------------------------------------------------------------------------
Total Certificates of Deposit $ 25,000,000
=============================================================================
</TABLE>
The accompanying notes are an integral part of these financial statements.
4
<PAGE>
- -------------------------------------------------------------------------------
Financial Square Money Market Fund (continued)
June 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
Principal Interest Maturity Amortized
Amount Rate Date Cost
- -----------------------------------------------------------
<S> <C> <C> <C>
Certificates of Deposit - Foreign Eurodollar--9.7%
Bank of Tokyo, Mitsubishi Bank Ltd., London
$ 50,000,000 5.36% 07/29/96 $ 50,000,379
Bayerische Hypotheken, Germany
75,000,000 5.34 07/08/96 74,999,813
Sumitomo Bank, London
70,000,000 5.50 07/02/96 70,000,100
- ------------------------------------------------------------
Total Certificates of Deposit - Foreign
Eurodollar $ 195,000,292
- -----------------------------------------------------------
Certificates of Deposit - Yankeedollar--12.2%
Fuji Bank, New York
$ 10,000,000 5.53% 07/02/96 $ 10,000,021
Industrial Bank of Japan, New York
75,000,000 5.46 07/16/96 75,000,308
Norinchukin Bank, New York
65,000,000 5.49 08/27/96 65,000,930
Societe Generale, New York
20,000,000 6.06 06/10/97 19,990,990
Westpac Banking Corp., New York
25,000,000 5.37 07/16/96 25,000,000
50,000,000 5.23 07/30/96 50,000,000
- -----------------------------------------------------------
Total Certificates of Deposit - Yankeedollar $ 244,992,249
- -----------------------------------------------------------
Sovereign Credits--3.7%
Caisse D'Amortissement De La Dette Sociale
$ 20,000,000 5.50% 12/27/96 $ 19,453,056
25,000,000 5.51 12/27/96 24,315,076
Caisse Des Depots Et Consignations
30,000,000 4.87 08/15/96 29,817,375
- -----------------------------------------------------------
Total Sovereign Credits $ 73,585,507
- -----------------------------------------------------------
Time Deposit--2.5%
Bank of Tokyo, Mitsubishi Bank Ltd.
$ 50,000,000 5.50% 07/17/96 $ 50,000,000
- -----------------------------------------------------------
Total Time Deposit $ 50,000,000
- -----------------------------------------------------------
Repurchase Agreements--21.4%
Salomon Brothers, Inc., dated 6/28/96, repurchase price
$100,045,833 (U.S. Treasury Stripped Securities:
$102,029,488, 08/15/96-05/15/01)
$100,000,000 5.50% 07/01/96 $ 100,000,000
Joint Repurchase Agreement Accounts
200,000,000 5.35 07/01/96 200,000,000
129,000,000 5.42/(e)/ 07/01/96 129,000,000
- -----------------------------------------------------------
Total Repurchase Agreements $ 429,000,000
- -----------------------------------------------------------
Total Investments $2,032,956,636/(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
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.
/(d)/When-issued security.
/(e)/Portions of these securities are being segregated for when-issued
securities.
Interest rates represent either the stated coupon rate, annualized yield on date
of purchase for discounted notes, or, for floating rate securities, the current
reset rate, which is based upon current interest rate indices.
The percentages shown for each investment category reflect the value of
investments in that category as a percentage of total net assets.
- -------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
5
<PAGE>
Statement of Investments
- -------------------------------------------------------------------------------
Financial Square Treasury Obligations Fund
June 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------
Principal Interest Maturity Amortized
Amount Rate Date Cost
- -----------------------------------------------------------------------------------
<S> <C> <C> <C>
U.S. Treasury Obligations--12.6%
United States Treasury Bills
$ 60,000,000 5.29% 05/01/97 $ 57,319,733
United States Treasury Notes
25,000,000 6.25 08/31/96 25,041,331
50,000,000 6.63 03/31/97 50,322,729
65,000,000 6.50 05/15/97 65,422,935
100,000,000 5.63 06/30/97 99,660,227
- -----------------------------------------------------------------------------------
Total U.S. Treasury Obligations $ 297,766,955
- -----------------------------------------------------------------------------------
Repurchase Agreements--87.6%
Bankers Trust Securities, Inc., dated 6/28/96, repurchase price
$85,038,250 (U.S. Treasury Notes:$86,721,798, 5.88%-6.38%,
06/30/97-07/31/97)
$ 85,000,000 5.40% 07/01/96 $ 85,000,000
Bear Stearns Companies, Inc., dated 6/28/96, repurchase price
$85,037,896 (U.S.Treasury Bills:$86,803,620, 08/15/97-02/15/98)
85,000,000 5.35 07/01/96 85,000,000
C.S. First Boston Corp., dated 6/28/96, repurchase price $85,037,896
(U.S. Treasury Note:$86,911,619, 7.25%, 11/15/96)
85,000,000 5.35 07/01/96 85,000,000
Daiwa Securities, dated 6/28/96, repurchase price $175,080,208
(U.S. Treasury Bills:$178,500,932, 12/19/96)
175,000,000 5.50 07/01/96 175,000,000
Goldman, Sachs & Co., dated 6/28/96, repurchase price $85,038,604
(U.S. Treasury Note:$19,697,268, 6.50%, 04/30/97; U.S. Treasury
Stripped Securities:$67,002,786, 05/15/98-05/15/00)
85,000,000 5.45 07/01/96 85,000,000
JP Morgan Securities, Inc., dated 6/28/96, repurchase price $85,038,250
(U.S. Treasury Notes:$86,865,976, 6.13%, 05/31/97-05/15/98)
85,000,000 5.40 07/01/96 85,000,000
Lehman Government Securities, Inc., dated 6/28/96, repurchase
price $85,038,958 (U.S. Treasury Stripped Securities:$86,703,110,
02/15/00-08/15/00)
85,000,000 5.50 07/01/96 85,000,000
Merrill Lynch Government Securities, Inc., dated 6/28/96,
repurchase price $85,037,542 (U.S. Treasury Stripped
Securities:$86,701,386, 11/15/96-05/15/01)
85,000,000 5.30 07/01/96 85,000,000
Nikko Securities Company International, Inc., dated 6/28/96,
repurchase price $85,038,250 (U.S. Treasury Notes:$86,710,206,
5.38%, 11/30/97)
85,000,000 5.40 07/01/96 85,000,000
Sanwa Securities, dated 6/28/96, repurchase price $85,037,542 (U.S.
Treasury Notes: $86,670,062, 6.63%-7.75%, 03/31/97-12/31/99)
$85,000,000 5.30% 07/01/96 $85,000,000
Smith Barney, Inc., dated 6/28/96, repurchase price $85,039,171
(U.S. Treasury Notes:$49,533,040, 5.75%-6.50%, 08/31/96-10/31/97;
U.S. Treasury Stripped Securities:$17,976,369, 05/15/97;
U.S. Treasury Bill:$19,190,697, 03/06/97)
85,000,000 5.53 07/01/96 85,000,000
UBS Securities, Inc., dated 6/28/96, repurchase price $85,038,604
(U.S. Treasury Notes:$86,428,352, 5.13%-5.25%, 12/31/97-12/31/98)
85,000,000 5.45 07/01/96 85,000,000
SBC Government Securities, Inc., dated 6/28/96, repurchase price
$85,038,746 (U.S. Treasury Notes:$86,700,483, 5.00%-7.75%,
02/15/99-02/15/03)
85,000,000 5.47 07/01/96 85,000,000
Joint Repurchase Agreement Account
881,900,000 5.42 07/01/96 881,900,000
- ------------------------------------------------------------------------------------
Total Repurchase Agreements $2,076,900,000
- ------------------------------------------------------------------------------------
Total Investments $2,374,666,955/(a)/
- ------------------------------------------------------------------------------------
</TABLE>
/(a)/The amount stated also represents aggregate cost for federal
income tax purposes.
Interest rates represent either the stated coupon rate, annualized yield on date
of purchase for discounted notes, or, for floating rate securities, the current
reset rate, which is based upon current interest rate indices.
The percentages shown for each investment category reflect the value of
investments in that category as a percentage of total net assets.
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
6
<PAGE>
Statement of Investments
- -------------------------------------------------------------------------------
Financial Square Government Fund
June 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------
Principal Interest Maturity Amortized
Amount Rate Date Cost
- ---------------------------------------------------------------------------------
<S> <C> <C> <C>
U.S. Government Agency Obligations--30.8%
Federal Home Loan Bank
$ 35,000,000 5.28%/(a)/ 04/04/97 $ 34,975,302
Federal National Mortgage Association
10,000,000 5.07 07/12/96 9,984,508
50,000,000 5.35/(a)/ 08/16/96 49,995,986
25,000,000 5.24/(a)/ 09/03/96 24,998,237
50,000,000 4.95 09/06/96 49,539,375
25,000,000 5.64 10/02/96 24,996,756
10,000,000 5.68 10/07/96 9,999,675
50,000,000 5.45/(a)/ 11/15/96 49,986,571
50,000,000 5.33/(a)/ 12/16/96 49,979,934
20,000,000 5.40/(a)/ 04/04/97 19,957,497
75,000,000 5.12/(a)/ 04/21/97 74,932,825
- ---------------------------------------------------------------------------------
Total U.S. Government Agency Obligations $ 399,346,666
- ---------------------------------------------------------------------------------
U.S. Treasury Obligations--7.8%
United States Treasury Bills
$ 15,000,000 5.29% 05/01/97 $ 14,329,934
United States Treasury Notes
11,000,000 6.50 09/30/96 11,042,162
25,000,000 6.50 05/15/97 25,173,566
50,000,000 5.63 06/30/97 49,828,274
- ---------------------------------------------------------------------------------
Total U.S. Treasury Obligations $ 100,373,936
- ---------------------------------------------------------------------------------
Repurchase Agreements--61.5%
Bear Stearns Companies, Inc., dated 6/28/96, repurchase price
$50,022,292, (U.S. Treasury Stripped Securities:$51,055,743,
02/15/99-11/15/99)
$ 50,000,000 5.35% 07/01/96 $ 50,000,000
C.S. First Boston Corp., dated 5/22/96, repurchase price $75,673,542
(FNMA:$77,837,401, 5.26%-7.36%, 08/01/18-05/01/35)
75,000,000 5.30 07/22/96 75,000,000
Daiwa Securities, dated 6/28/96, repurchase price $50,022,917
(U.S. Treasury Bill:$51,000,187, 12/12/96)
50,000,000 5.50 07/01/96 50,000,000
Goldman, Sachs & Co., dated 5/24/96, repurchase price $40,359,222
(FHLMC:$41,208,354, 6.23%-6.95%, 12/01/19-12/01/34)
40,000,000 5.30 07/24/96 40,000,000
Lehman Government Securities, Inc., dated 6/28/96, repurchase
price $33,515,354
(U.S. Treasury Stripped Securities: $34,170,067, 08/15/00)
33,500,000 5.50 07/01/96 33,500,000
Merrill Lynch Government Securities, Inc., dated 6/28/96,
repurchase price $25,010,938 (FNMA:$796,827, 9.40%-11.90%,
10/20/97-08/10/98; FHLMC:$24,704,635, 5.04%-7.74%,
03/27/00-06/01/04)
$ 25,000,000 5.25% 07/01/96 $ 25,000,000
Nomura Securities International, Inc., dated 6/28/96,
repurchase price $50,023,125 (FNMA:$38,055,475, 7.00%-9.00%,
09/01/24-06/01/26; FHLMC:$13,632,368, 9.00%, 07/01/25)
50,000,000 5.55 07/01/96 50,000,000
Smith Barney, Inc., dated 6/28/96, repurchase price $50,023,042
(FNMA:$2,937,663, 4.55%, 10/05/98; FHLMC:$6,780,097,
5.27%-8.22%, 09/20/00-06/19/06; FHLB:$35,855,383,
5.42%-9.15%, 12/02/96-04/01/23; U.S. Treasury Note:
$5,427,332, 6.50%, 05/15/97)
50,000,000 5.53 07/01/96 50,000,000
SBC Government Securities, Inc., dated 6/28/96, repurchase price
$25,011,354 (U.S. Treasury Note:$27,335,514, 7.25%, 11/30/96)
25,000,000 5.45 07/01/96 25,000,000
Joint Repurchase Agreement Account
398,800,000 5.42 07/01/96 398,800,000
- ---------------------------------------------------------------------------------
Total Repurchase Agreements $ 797,300,000
- ---------------------------------------------------------------------------------
Total Investments $1,297,020,602 /(b)/
- ---------------------------------------------------------------------------------
</TABLE>
/(a)/Variable rate securitybase index is one of the following:
Federal Funds
Prime lending rate
One month LIBOR
/(b)/The amount stated also represents aggregate cost for federal
income tax purposes.
Interest rates represent either the stated coupon rate, annualized yield on date
of purchase for discounted notes, or, for floating rate securities, the current
reset rate, which is based upon current interest rate indices.
The percentages shown for each investment category reflect 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 Tax-Free Money Market Fund
June 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
- ---------------------------------------------------------------
Principal Interest Maturity Amortized
Amount Rate Date Cost
- ---------------------------------------------------------------
<S> <C> <C> <C>
Alabama--6.0%
Columbia, AL IDB PCRB Series 1995 B VRDN for Alabama
Power Company(A-1/MIG1)
$ 1,500,000 3.70% 07/01/96 $ 1,500,000
Columbia, AL IDB PCRB Series 1995 C VRDN for Alabama
Power Co.(A-1/MIG1)
3,500,000 3.75 07/01/96 3,500,000
Gadsden City, AL IDB PCRB Series 1994 VRDN for Alabama
Power Company(A-1/MIG1)
6,150,000 3.70 07/01/96 6,150,000
Columbia, AL IDB PCRB Series 1995 A VRDN for Alabama
Power Company(A-1/P-1)
3,600,000 3.70 07/01/96 3,600,000
Jefferson County, AL MF Hsg. Series 1994 Refunding RB for
Hickory Knolls Project (Amsouth Bank LOC)(P-1)
4,040,000 3.50 07/07/96 4,040,000
Jefferson County, AL Sewer Revenue Warrants Series 1995 A
(Bayerische Landesbank Girozentrale LOC)(A-1+/P-1)
7,800,000 3.40 07/07/96 7,800,000
Parrish, AL IDB PCRB for Alabama Power Series 1994A VRDN
(A-1/MIG1)
2,150,000 3.70 07/01/96 2,150,000
- ---------------------------------------------------------------
$28,740,000
- ---------------------------------------------------------------
Alaska--0.4%
City of Valdez, AK Marine RB Series 1993 C for Exxon Corporation
(A-1+)
$ 2,100,000 3.50% 07/01/96 $ 2,100,000
- ---------------------------------------------------------------
Arizona--1.6%
City of Phoenix IDA MF Hsg. for Del Mar Terrace Apartments
VRDN (Bank of America LOC)(MIG1)
$ 1,300,000 3.40% 07/07/96 $ 1,300,000
Maricopa, AZ PCRB Series 1985 C for Southern California
Edison Co.(A-1/P-1)
6,450,000 3.65 08/15/96 6,450,000
- ---------------------------------------------------------------
$ 7,750,000
- ---------------------------------------------------------------
Arkansas--0.9%
Crossett, AR PCRB for Georgia Pacific Corp. Series 1991 VRDN
(Suntrust Bank LOC)(AA3)
$ 4,500,000 3.35% 07/07/96 $ 4,500,000
- ---------------------------------------------------------------
California--6.0%
California School Cash Reserve Program Authority Series 1995 B
(MBIA)(SP-1+/MIG1)
$ 6,000,000 4.50% 12/20/96 $ 6,019,000
- ---------------------------------------------------------------
The accompanying notes are an integral part of these financial
statements.
<CAPTION>
- ---------------------------------------------------------------
Principal Interest Maturity Amortized
Amount Rate Date Cost
- ---------------------------------------------------------------
<S> <C> <C> <C>
California (continued)
California School Cash Reserve Program Authority Series 1995 A
(MBIA)(SP-1+/MIG 1)
$ 2,000,000 4.75% 07/03/96 $ 2,000,105
Chillicothe City, IA PCRB Series 1993 A for Midwest Power
Systems(A-1/MIG1)
2,300,000 3.40 07/07/96 2,300,000
Los Angeles County, CA TRANS (Bank of America/Credit
Suisse/Morgan GuarantyTrust Co./UBS/ Westbdeutsche
Landesbank Girozentrale LOC)(SP-1/MIG1)/ (a)/
5,000,000 4.50 06/30/97 5,031,200
Los Angeles County, VRDN MF Hsg. for Valencia Village
Series 1984 C (Industrial Bank of Japan Ltd. LOC) (A-1)
5,000,000 3.50 07/07/96 5,000,000
Los Angeles Housing Authority MF Hsg. VRDN for Canyon Country
Villas Series 1985 H (Industrial Bank of Japan Ltd. LOC)(MIG1)
7,895,000 3.25 07/07/96 7,895,000
Orange County, CA Apartment Development RB Issue 1984 C
Seaside Meadow (Fuji Bank)(MIG1)
500,000 4.05 07/07/96 500,000
- ---------------------------------------------------------------
$28,745,305
- ---------------------------------------------------------------
District of Columbia--1.3%
District of Columbia VRDN ACES Series 1988 C and D for
Georgetown University(A-1/MIG1)
$ 6,100,000 3.60% 07/07/96 $ 6,100,000
- ---------------------------------------------------------------
Florida--6.0%
Dade County, FL Water & Sewer Series 1994 VRDN (FGIC)
(A-1+/MIG1)
$ 3,700,000 3.30% 07/07/96 $ 3,700,000
Florida Local Government Pooled CP Notes (First Union
National Bank of Florida LOC)(A-1/P-1)
15,000,000 3.70 08/08/96 15,000,000
Jacksonville, FL PCRB Series 1995 for Florida Power & Light Co.
(A-1/MIG1)
600,000 3.55 07/01/96 600,000
Putnam County Development Authority for Seminole Electric
Series 84 H VRDN(CFC)(A-1/MIG1)
9,100,000 3.15 07/07/96 9,100,000
- ---------------------------------------------------------------
$28,400,000
- ---------------------------------------------------------------
Georgia--7.2%
Burke County, GA PCRB for Georgia Power Co. VRDN(A-1/MIG1)
$ 6,600,000 3.70% 07/01/96 $ 6,600,000
- ---------------------------------------------------------------
</TABLE>
8
<PAGE>
- --------------------------------------------------------------------------------
Financial Square Tax-Free Money Market Fund (continued)
June 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
- ---------------------------------------------------------------
Principal Interest Maturity Amortized
Amount Rate Date Cost
- ---------------------------------------------------------------
<S> <C> <C> <C>
Georgia(continued)
Burke County, GA PCRB for Georgia Power Co. Series 1994
VRDN(A-1/MIG1)
$ 1,500,000 3.70% 07/01/96 $ 1,500,000
Burke County, GA PCRB for Georgia Power Co. Series 1995
VRDN(A+/MIG1)
3,400,000 3.70 07/01/96 3,400,000
Monroe County, GA Development Authority Series 1995 for
Georgia Power Scherer Project(A-1/MIG1)
3,300,000 3.70 07/01/96 3,300,000
Municipal Electric Authority of Georgia Project One Subordinated
Bonds, Series 1985 A (Credit Suisse/Morgan Guaranty Trust
Company/Bayerische Landesbank Girozentrale LOC)(A-1+/P-1)
6,585,000 3.70 08/20/96 6,585,000
Municipal Electric Authority of Georgia Subordinate General
Resolution Series 1985 C (Credit Suisse/Morgan Guaranty/
Bayerische Landesbank Girozentrale LOC)(A-1+/MIG1)
5,200,000 3.60 08/13/96 5,200,000
Municipal Electric Authority of Georgia Subordinate General
Resolution Series 1987 A (Credit Suisse/Morgan Guaranty
Trust Company/Bayerische Landesbank Girozentrale LOC)
(A-1+/P-1)
7,500,000 3.60 07/12/96 7,500,000
- ---------------------------------------------------------------
$34,085,000
- ---------------------------------------------------------------
Hawaii--0.8%
Hawaii Housing Finance and Development Authority VRDN
(FHLB LOC)(A-1+)
$ 4,000,000 3.45% 07/07/96 $ 4,000,000
- ---------------------------------------------------------------
Illinois--10.1%
Illinois Health Facilities Authority VRDN Series 1985 C and D
Revolving Fund Pooled Finance Program (First National Bank
of Chicago LOC)(A-1/MIG1)/ (b)/
$ 9,700,000 3.40% 07/07/96 $ 9,700,000
Illinois Health Facilities Authority Series 1985 A VRDN for
Evangelical Hospitals Corp. (First National Bank of Chicago
LOC)(MIG1)
2,600,000 3.45 07/07/96 2,600,000
Illinois Health Facilities Authority VRDN for Elmhurst Memorial
Hospital(MIG1)
6,810,000 3.75 07/01/96 6,810,000
Illinois Health Facilities Authority VRDN for Northwest
Community Hospital(A-1/MIG1)
18,200,000 3.55 07/07/96 18,200,000
Illinois Health Facilities Authority VRDN Series 1985 A for
Healthcorp Affiliates Projects (Northern Trust Company LOC)
(MIG1)
$ 2,700,000 3.75% 07/07/96 $ 2,700,000
Sauget Village of IL PCRB VRDN Series 1992(P-1)
1,000,000 3.20 07/07/96 1,000,000
Sauget Village of IL PCRB VRDN Series 1993(P-1)
6,900,000 3.20 07/07/96 6,900,000
- ---------------------------------------------------------------
$47,910,000
- ---------------------------------------------------------------
Indiana--4.3%
Indiana Health Facility Financing Authority Series 1992 C ACES
for Methodist Hospital(A-1+/MIG1)
$ 1,000,000 3.35% 07/07/96 $ 1,000,000
Jasper County, IN PCRB for Nipsco Series 1994 C(A-1/MIG1)
12,000,000 3.80 07/01/96 12,000,000
Warrick County PCRB Series 1992 for Aluminum Company
of America(A-1)
7,475,000 3.50 07/07/96 7,475,000
- ---------------------------------------------------------------
$20,475,000
- ---------------------------------------------------------------
Iowa--1.5%
Muscatine County, IA for Monsanto Corp. VRDN(P-1)
$ 7,200,000 3.20% 07/07/96 $ 7,200,000
- ---------------------------------------------------------------
Kentucky--0.6
City of Calvert, KY PCRB Series 1993 A for Air Products and
Chemicals Inc. Project(A-1)
$ 3,000,000 3.35% 07/07/96 $ 3,000,000
- ---------------------------------------------------------------
Louisiana--0.5%
Ascension Parish, LA PCRB Series 1985 for BASF Wyandotte
Corp. (Bank of Tokyo LOC)(P-1)
$ 2,600,000 3.60% 07/01/96 $ 2,600,000
- ---------------------------------------------------------------
Maryland--2.4%
Anne Arundel Baltimore Gas & Electric Co. Series 1985(A-1/MIG1)
$ 1,000,000 3.75% 08/19/96 $ 1,000,000
5,380,000 3.75 08/21/96 5,380,000
Baltimore County, MD PCRB Series 1985 for Baltimore Gas &
Electric(A-1/MIG1)
5,000,000 3.70 07/25/96 5,000,000
- ---------------------------------------------------------------
$11,380,000
- ---------------------------------------------------------------
Massachusetts--0.9%
Massachusetts Bay Transportation Authority Series 1996 A Notes
(SP-1/MIG2)
$ 4,000,000 3.75% 02/28/97 $ 4,012,313
- ---------------------------------------------------------------
- ---------------------------------------------------------------
</TABLE>
The accompanying notes are an integral part of these financial
statements.
9
<PAGE>
Statement of Investments
- --------------------------------------------------------------------------------
Financial Square Tax-Free Money Market Fund (continued)
June 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
- ---------------------------------------------------------------
Principal Interest Maturity Amortized
Amount Rate Date Cost
- ---------------------------------------------------------------
<S> <C> <C> <C>
Michigan--4.1%
Michigan Job Development Authority for Mazda Motor
Manufacturing VRDN (Sumitomo Bank LOC)(MIG1)
$ 1,400,000 3.55% 07/07/96 $ 1,400,000
Michigan State Strategic Fund Ltd. Obligation RB Series 1994
for Dow Chemical(A-1/P-1)
5,200,000 3.60 07/01/96 5,200,000
State of Michigan GO TRANS (SP-1+/MIG1)
13,000,000 4.00 09/30/96 13,027,596
- ---------------------------------------------------------------
$19,627,596
- ---------------------------------------------------------------
Minnesota--2.1%
Minnesota State Higher Education Facility for Carleton College
Series 3-12 VRDN(MIG1)
$ 6,000,000 3.25% 07/07/96 $ 6,000,000
Port Authority of the City of St. Paul Minnesota, VRDN IDA
Series 1993 for Weyerhaeuser Project(A-1)
4,000,000 3.30 07/07/96 4,000,000
- ---------------------------------------------------------------
$10,000,000
- ---------------------------------------------------------------
Mississippi--0.2%
Grenada County, MS Refunding RB VRDN Series 1994 for
Georgia Pacific Corp. Project (Sumitomo Bank Ltd. LOC)(A1)
$ 1,000,000 3.35% 07/07/96 $ 1,000,000
- ---------------------------------------------------------------
Missouri--0.5%
Missouri Health & Educational Facility Authority VRDN for
Washington University Facility Series 1984(A-1/MIG1)
$ 900,000 3.35% 07/07/96 $ 900,000
Monsanto Corporation State Environmental Improvement and
Energy Resources Authority for Monsanto Corp.(P-1)
1,500,000 3.20 07/07/96 1,500,000
- ---------------------------------------------------------------
$ 2,400,000
- ---------------------------------------------------------------
New York--2.4%
Great Neck, NY North Water Authority Water System RB
Series 1993 A VRDN (FGIC)(A-1/MIG1)
$ 2,700,000 2.85% 07/07/96 $ 2,700,000
New York City GO Fiscal 1995 Series B-6 (MBIA)(A-1/MIG1)
5,700,000 3.55 07/07/96 5,700,000
New York State Triborough Bridge & Tunnel Authority VRDN
(FGIC)(A-1/MIG1)
2,900,000 3.05 07/07/96 2,900,000
- ---------------------------------------------------------------
$11,300,000
- ---------------------------------------------------------------
North Carolina--9.9%
North Carolina Eastern Municipal Power Agency TECP
(Industrial Bank of Japan LOC)(A-1/P-1)
$10,782,000 3.70% 07/10/96 $10,782,000
Rockingham County, NC IDA PCRB for Philip Morris
Company VRDN(A-1/P-1)
7,700,000 3.35 07/07/96 7,700,000
Wake County, NC PCRB for Carolina Power & Light Series 1990
A and B (Fuji Bank LOC)(A-2/P-1)
8,870,000 3.70 07/15/96 8,870,000
10,000,000 3.70 07/18/96 10,000,000
10,000,000 3.80 07/26/96 10,000,000
- ---------------------------------------------------------------
$47,352,000
- ---------------------------------------------------------------
Ohio--0.8%
City of Columbus, OH Electric System Series 1994 RB (Union
Bank of Switzerland LOC)(MIG1)
$ 4,000,000 3.55% 07/01/96 $ 4,000,000
- ---------------------------------------------------------------
Oregon--2.0%
Portland, OR for Columbia Grain Inc. Project VRDN (Fuji Bank/
Bank of Tokyo LOC)(MIG1)
$ 9,450,000 3.55% 07/07/96 $ 9,450,000
- ---------------------------------------------------------------
Pennsylvania--3.8%
Allegheny County, PA IDA PCRB Series 1986 for U.S. Steel Corp.
(Dresdner Bank LOC)(A-1+/P-1)
$13,600,000 3.70% 07/22/96 $13,600,000
City of Philadelphia, TRANS Series A(SP-1/MIG1) /(a)/
4,500,000 4.50 06/30/97 4,523,580
- ---------------------------------------------------------------
$18,123,580
- ---------------------------------------------------------------
South Carolina--1.3%
York County Floating/Fixed Rate PCRB Pooled Series 1984 N,
North Carolina Electric Membership Corp. VRDN
(CFC)(A-1/MIG1)
$ 5,900,000 3.15% 07/07/96 $ 5,900,000
- ---------------------------------------------------------------
Tennessee--0.5%
IDB Blount County, TN PCRB Series 1992 for Aluminum
Company of America(A-1)
$ 2,450,000 3.50% 07/07/96 $ 2,450,000
- ---------------------------------------------------------------
Texas--8.4%
Harris County, TX Hospital RB for Childrens Hospital
Series 1989 B-2(MIG1)
$ 2,500,000 3.35% 07/07/96 $ 2,500,000
- ---------------------------------------------------------------
</TABLE>
The accompanying notes are an integral part of these financial
statements.
10
<PAGE>
- --------------------------------------------------------------------------------
Financial Square Tax-Free Money Market Fund (continued)
June 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Principal Interest Maturity Amortized
Amount Rate Date Cost
- --------------------------------------------------------------------------------
<S> <C> <C> <C>
Texas (continued)
Lower Colorado River Authority CP Notes Series C(A-1+/P-1)
$ 7,000,000 3.70% 07/26/96 $ 7,000,000
San Antonio, TX Electric & Gas Systems CP Notes Series A
(A-1+/P-1)
3,500,000 3.55 08/12/96 3,500,000
State of Texas TRANS CP Notes Series 1995 B(A-1+/P-1)
6,000,000 3.65 08/20/96 6,000,000
State of Texas TRANS Series 1995 A(A-1+/MIG1)
16,100,000 4.75 08/30/96 16,132,149
Texas Public Finance Authority Tax-Exempt CP Revenue Notes
Series B(A-1+/P-1)
5,000,000 3.22 08/08/96 5,000,000
- --------------------------------------------------------------------------------
$ 40,132,149
- --------------------------------------------------------------------------------
Virginia--8.5%
IDA of Louisa PCRB Series 1984 for Virginia Electric & Power
Co. Project(A-1/MIG1)
$ 1,500,000 3.75% 07/22/96 $ 1,500,000
3,910,000 3.75 07/29/96 3,910,000
3,500,000 3.65 08/15/96 3,500,000
4,000,000 3.65 08/16/96 4,000,000
Roanoke, VA for Carilion Health Systems Hospital VRDN
Series A and B(A-1) /(b)/
15,500,000 3.35 07/07/96 15,500,000
York County, VA IDA PCRB Series 1985 for Virginia Electric
& Power Co.(A-1/A3)
9,000,000 3.65 08/13/96 9,000,000
2,900,000 3.60 09/16/96 2,900,000
- --------------------------------------------------------------------------------
$ 40,310,000
- --------------------------------------------------------------------------------
Washington--2.0%
Pierce County, WA Economic Development Corp. Series 1984
for Sea Land Project (Deutsche Bank LOC)(P-1)
$ 4,340,000 3.90% 11/01/96 $ 4,340,000
Washington Public Power Supply Project Electric RB Series 1993
A2 (Bank of America LOC)(A-1/MIG1)
5,000,000 3.35 07/07/96 5,000,000
- --------------------------------------------------------------------------------
$ 9,340,000
- --------------------------------------------------------------------------------
Wisconsin--1.7%
Milwaukee, WI IDRB Multi-Modal Series 1994 for Pharmacia
Biotech Inc. (Pharmacia & Upjohn, Inc. LOC)(P-1)
$ 8,000,000 3.85% 07/07/96 $ 8,000,000
- --------------------------------------------------------------------------------
Wyoming--1.9%
Kemmerer, WY PCRB Series 1984 for Exxon Project
VRDN(A-1+)
$ 2,800,000 3.50% 07/01/96 $ 2,800,000
Pacificorp for Sweetwater County PCRB Series 1990 A VRDN
(Credit Suisse LOC)(MIG1)
6,200,000 3.30 07/07/96 6,200,000
- --------------------------------------------------------------------------------
$ 9,000,000
- --------------------------------------------------------------------------------
Total Investments $479,382,943/(c)/
- --------------------------------------------------------------------------------
</TABLE>
/(a)/When issued security.
/(b)/Portions of these securities are being segregated for when-issued
securities.
/(c)/The amount stated also represents aggregate cost for federal
income tax purposes.
Interest rates represent either the stated coupon rate, annualized yield on date
of purchase for discounted notes, or, for floating rate securities, the current
reset rate, which is based upon current interest rate indices.
Maturity dates represent either the stated date on the security, the next
interest reset date for floating rate securities, or the prerefunded date for
those types of securities.
The percentages shown for each investment category reflect the value of
investments in that category as a percentage of total net assets.
- --------------------------------------------------------------------------------
Investment Abbreviations
ACES --Adjustable Convertible Extendible Securities
CFC --Unconditionally guaranteed by CFC,
Cooperative Finance Corp.
CP --Commercial Paper
FGIC --Insured by Financial Guaranty Insurance Co.
FHLB --Federal Home Loan Bank
GO --General Obligation
IDA --Industrial Development Authority
IDB --Industrial Development Bond
IDRB --Industrial Development Revenue Bond
LOC --Letter of Credit
MBIA --Insured by Municipal Bond Investors
Assurance
MF Hsg. --Multi-Family Housing
PCRB --Pollution Control Revenue Bond
RB --Revenue Bond
TECP --Tax-Exempt Commercial Paper
TRANS --Tax Revenue Anticipation Notes
VRDN --Variable Rate Demand Note
- -------------------------------------------------------------------------------
The accommpanying notes are an integral part of these financial statements.
11
<PAGE>
Goldman Sachs Money Market Trust--Financial Square Funds
- -------------------------------------------------------------------------------
Statements of Assets and Liabilities
June 30, 1996
(Unaudited)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
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 $3,878,117,450 $2,032,956,636 $2,374,666,955 $1,297,020,602 $ 479,382,943
Investment securities sold --- --- --- --- 5,300,000
Interest receivable 11,302,674 9,497,877 5,656,302 5,095,863 2,749,815
Cash 49,755 77,522 3,425 178,090
Deferred organization expenses, net --- 26,028 --- --- 47,512
Other assets 100,879 46,767 151,232 122,524 20,512
- ------------------------------------------------------------------------------------------------------------------------------------
Total assets 3,889,570,758 2,042,527,308 2,380,552,011 1,302,242,414 487,678,872
- ------------------------------------------------------------------------------------------------------------------------------------
Liabilities:
Payable for investment securities
purchased --- 30,876,050 --- --- 9,554,780
Dividends payable 18,454,754 9,093,200 9,721,368 5,574,503 1,299,410
Due to bank --- 100,721 --- --- ---
Accrued expenses and other liabilities 693,527 470,918 581,336 468,800 130,803
- ------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 19,148,281 40,540,889 10,302,704 6,043,303 10,984,993
- ------------------------------------------------------------------------------------------------------------------------------------
Net Assets:
Paid in capital 3,870,415,356 2,002,093,790 2,370,331,913 1,296,175,602 476,705,031
Accumulated undistributed net realized
gain (loss) on investments 7,121 (107,371) (82,606) 23,509 (11,152)
- -----------------------------------------------------------------------------------------------------------------------------------
Net assets $3,870,422,477 $2,001,986,419 $2,370,249,307 $1,296,199,111 $ 476,693,879
- -----------------------------------------------------------------------------------------------------------------------------------
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 3,577,663,773 1,782,206,232 1,752,349,547 910,584,980 418,864,918
FST Administration shares 174,187,278 205,103,387 428,638,656 86,850,009 37,197,084
FST Service shares 118,563,301 13,807,060 183,990,496 298,739,609 15,592,005
FST Preferred shares 1,004 977,111 5,353,214 1,004 5,051,024
- -----------------------------------------------------------------------------------------------------------------------------------
Total shares of beneficial interest
outstanding, $0.01 par value (unlimited
number of shares authorized) 3,870,415,356 2,002,093,790 2,370,331,913 1,296,175,602 476,705,031
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
- -------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
12
<PAGE>
- -------------------------------------------------------------------------------
Statements of Operations
For the Six Months Ended June 30, 1996
(Unaudited)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Prime Treasury Tax-Free
Obligations Money Market Obligations Government Money Market
Fund Fund Fund Fund Fund
================================================================================
<S> <C> <C> <C> <C> <C>
Investment income:
Interest income $136,655,312 $80,086,605 $60,212,388 $30,105,958 $9,790,235
- -----------------------------------------------------------------------------------------------------------
Expenses:
Investment adviser fees 1,875,571 1,092,048 839,302 415,866 209,175
Account administration fees 3,250,990 1,892,883 1,454,790 720,834 362,569
Custodian fees 267,460 179,087 167,374 108,619 13,244
Registration fees 54,412 22,106 55,760 74,384 28,848
Trustee fees 37,556 24,707 17,298 9,116 4,667
Amortization of deferred
organization expenses --- 4,511 --- --- 7,776
Other 107,098 62,139 54,137 30,005 18,398
- -----------------------------------------------------------------------------------------------------------
Total expenses 5,593,087 3,277,481 2,588,661 1,358,824 644,677
Less--Expenses reimbursed and
fees waived (1,091,681) (727,786) (574,317) (360,751) (164,068)
- -----------------------------------------------------------------------------------------------------------
Net expenses 4,501,406 2,549,695 2,014,344 998,073 480,609
Administration share fees 251,610 234,540 484,618 108,841 65,713
Service share fees 246,439 24,186 336,015 344,482 42,013
Preferred share fees --- 332 278 200 537
- -----------------------------------------------------------------------------------------------------------
Net expenses and share fees 4,999,455 2,808,753 2,835,255 1,451,596 588,872
- -----------------------------------------------------------------------------------------------------------
Net investment income 131,655,857 77,277,852 57,377,133 28,654,362 9,201,363
- -----------------------------------------------------------------------------------------------------------
Net realized gain (loss)
on investment transactions 2,065 34,510 363,300 88,267 (4,288)
- -----------------------------------------------------------------------------------------------------------
Net increase in net assets
resulting from operations $131,657,922 $77,312,362 $57,740,433 $28,742,629 $9,197,075
===========================================================================================================
</TABLE>
- -------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
13
<PAGE>
Goldman Sachs Money Market Trust Financial Square Funds
- --------------------------------------------------------------------------------
Statements of Changes in Net Assets
For the Six Months Ended June 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Prime Treasury Tax-Free
Obligations Money Market Obligations Government Money Market
Fund Fund Fund Fund Fund
============================================================================================
<S> <C> <C> <C> <C> <C>
From Operations:
Net investment income $ 131,655,857 $ 77,277,852 $ 57,377,133 $ 28,654,362 $ 9,201,363
Net realized gain (loss) on
investment transactions 2,065 34,510 363,300 88,267 (4,288)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets
resulting from operations 131,657,922 77,312,362 57,740,433 28,742,629 9,197,075
- ------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareholders from:
Net investment income
FST shares (124,247,895) (72,275,273) (44,617,656) (23,219,729) (8,134,946)
FST Administration shares (5,058,806) (4,754,016) (9,583,793) (2,178,824) (810,222)
FST Service shares (2,349,148) (231,592) (3,161,533) (3,245,610) (239,226)
FST Preferred shares (8) (16,971) (14,151) (10,199) (16,969)
Net realized gain on investment transactions
FST shares (27,928) (133,910) (365,345) (55,627) ---
FST Administration shares (803) (7,726) (59,606) (5,639) ---
FST Service shares (352) (197) (25,688) (3,492) ---
FST Preferred shares --- (48) (69) --- ---
- ------------------------------------------------------------------------------------------------------------------------------------
Total distributions to
shareholders (131,684,940) (77,419,733) (57,827,841) (28,719,120) (9,201,363)
- ------------------------------------------------------------------------------------------------------------------------------------
From share transactions (at $1.00 per share):
Proceeds from sales of shares 20,863,776,004 19,751,638,414 8,480,006,743 6,004,964,267 2,414,423,133
Reinvestment of dividends and
distributions 64,517,555 45,982,889 20,557,165 11,468,412 3,441,645
Cost of shares repurchased (20,566,807,542) (20,006,355,908) (8,140,245,216) (5,561,035,257) (2,430,332,527)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net
assets resulting from share
transactions 361,486,017 (208,734,605) 360,318,692 455,397,422 (12,467,749)
- ------------------------------------------------------------------------------------------------------------------------------------
Total increase (decrease) 361,458,999 (208,841,976) 360,231,284 455,420,931 (12,472,037)
Net Assets:
Beginning of period 3,508,963,478 2,210,828,395 2,010,018,023 840,778,180 489,165,916
- ------------------------------------------------------------------------------------------------------------------------------------
End of period $ 3,870,422,477 $ 2,001,986,419 $ 2,370,249,307 $ 1,296,199,111 $ 476,693,879
====================================================================================================================================
</TABLE>
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
14
<PAGE>
- --------------------------------------------------------------------------------
Statements of Changes in Net Assets
For the Year Ended December 31, 1995
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Prime Treasury Tax-Free
Obligations Money Market Obligations Government Money Market
Fund Fund Fund Fund Fund
============================================================================================
<S> <C> <C> <C> <C> <C>
From Operations:
Net investment income $ 247,196,840 $ 136,963,014 $ 79,821,378 $ 38,042,394 $ 13,622,900
Net realized gain (loss) on investment
transactions 95,511 7,374 781,869 65,308 (6,864)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting
from operations 247,292,351 136,970,388 80,603,247 38,107,702 13,616,036
- ------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareholders from:
Net investment income
FST shares (236,894,656) (130,522,374) (63,729,881) (34,713,840) (12,702,550)
FST Administration shares (7,108,569) (6,351,769) (9,995,927) (2,917,098) (455,025)
FST Service shares (3,193,615) (88,871) (6,095,570) (411,456) (465,325)
Net realized gain on investment transactions
FST shares (55,079) (9,474) (612,499) (59,324) ---
FST Administration shares (4,463) (504) (99,062) (5,878) ---
FST Service shares (1,830) --- (62,143) (106) ---
- ------------------------------------------------------------------------------------------------------------------------------------
Total distributions to shareholders (247,258,212) (136,972,992) (80,595,082) (38,107,702) (13,622,900)
- ------------------------------------------------------------------------------------------------------------------------------------
From share transactions (at $1.00 per share):
Proceeds from sales of shares 35,913,627,249 33,159,975,346 12,055,344,504 8,904,113,596 3,459,116,162
Reinvestment of dividends and
distributions 88,104,801 69,894,471 14,492,584 15,345,902 3,954,598
Cost of shares repurchased (35,375,137,049) (31,948,570,256) (11,181,309,002) (8,391,284,391) (3,161,776,879)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting
from share transactions 626,595,001 1,281,299,561 888,528,086 528,175,107 301,293,881
- ------------------------------------------------------------------------------------------------------------------------------------
Total increase 626,629,140 1,281,296,957 888,536,251 528,175,107 301,287,017
Net Assets:
Beginning of year 2,882,334,338 929,531,438 1,121,481,772 312,603,073 187,878,899
- ------------------------------------------------------------------------------------------------------------------------------------
End of year $ 3,508,963,478 $ 2,210,828,395 $ 2,010,018,023 $ 840,778,180 $ 489,165,916
====================================================================================================================================
Summary of Share Transactions (at $1.00 per share):
FST Shares:
Shares sold 34,469,057,699 31,539,337,948 8,859,672,375 8,279,786,329 3,135,487,639
Reinvestment of dividends and
distributions 85,898,572 66,409,325 11,189,134 14,336,357 3,262,842
Shares repurchased (34,034,050,903) (30,399,518,678) (8,241,356,158) (7,808,586,957) (2,873,945,734)
- ------------------------------------------------------------------------------------------------------------------------------------
520,905,368 1,206,228,595 629,505,351 485,535,729 264,804,747
- ------------------------------------------------------------------------------------------------------------------------------------
FST Administration shares:
Shares sold 721,501,944 1,608,362,145 1,309,118,844 331,435,289 110,334,205
Reinvestment of dividends and
distributions 761,953 3,443,404 845,389 785,525 320,945
Shares repurchased (640,480,667) (1,540,953,481) (1,108,896,222) (304,089,584) (91,758,941)
- ------------------------------------------------------------------------------------------------------------------------------------
81,783,230 70,852,068 201,068,011 28,131,230 18,896,209
- ------------------------------------------------------------------------------------------------------------------------------------
FST Service shares:
Shares sold 723,067,606 12,275,253 1,886,553,285 292,891,978 213,294,318
Reinvestment of dividends and
distributions 1,444,276 41,742 2,458,061 224,020 370,811
Shares repurchased (700,605,479) (8,098,097) (1,831,056,622) (278,607,850) (196,072,204)
- ------------------------------------------------------------------------------------------------------------------------------------
23,906,403 4,218,898 57,954,724 14,508,148 17,592,925
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in shares 626,595,001 1,281,299,561 888,528,086 528,175,107 301,293,881
====================================================================================================================================
</TABLE>
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
15
<PAGE>
Goldman Sachs Money Market Trust--Financial Square Funds
- --------------------------------------------------------------------------------
Notes to Financial Statements
June 30, 1996
(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 seven
diversified funds: Prime Obligations, Money Market, Treasury Obligations,
Government, Tax-Free Money Market, Municipal Money Market (inactive) and Money
Market Plus (inactive). The Financial Square Funds offer four classes of
shares: FST shares, FST Administration shares, FST Service shares and FST
Preferred shares. The investment objective of the Funds is to maximize current
income to the extent consistent with the preservation of capital and maintenance
of liquidity.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently
followed by the Funds which are in conformity with those generally accepted in
the investment company industry. The preparation of financial statements in
conformity with generally accepted accounting principles requires management to
make estimates and assumptions that affect the reported amounts.
A. Investment Valuation---
- ------------------------
Each Fund uses the amortized-cost method for valuing portfolio securities which
approximates market value. 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.
The characterization of distributions to shareholders for financial reporting
purposes is determined in accordance with federal income tax rules. Therefore,
the source of the Fund's distributions may be shown in the accompanying
financial statements as either from or in excess of net investment income or net
realized gain on investment transactions, or from paid-in capital, depending on
the type of book/tax differences that may exist.
At December 31, 1995, the Fund's tax year end, the Tax-Free Money Market Fund
had approximately $6,900 of capital loss carryforward for U.S. Federal tax
purposes. This capital loss carryforward expires in the year 2003.
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, FST Service and FST Preferred 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
- --------------------------------------------------------------------------------
16
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
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,
1996, GSAM voluntarily agreed to waive a portion of the advisory fees amounting
to approximately $875,000, $581,000, $391,000, $194,000 and $119,000 for the
Prime Obligations, Money Market, Treasury Obligations, Government and Tax-Free
Money Market Funds, respectively. At June 30, 1996, the advisory fees due GSAM
were approximately $143,000, $71,000, $75,000, $44,000 and $17,000 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.
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, 1996, the amounts due from
GSAM were approximately $67,000, $27,000, $107,000, $113,000 and $16,000 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. For the six months ended
June 30, 1996, the amounts reimbursed by GSAM amounted to approximately
$217,000, $147,000, $183,000, $167,000 and $45,000 for the Prime Obligations,
Money Market, Treasury Obligations, Government and Tax-Free Money Market Funds,
respectively.
GSAM also serves as administrator pursuant to an Administration Agreement.
Under the Administration Agreement, GSAM administers each Fund's business
affairs, including providing facilities and transfer agency services. 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. At June 30, 1996, the
account administration fees due GSAM were approximately $465,000, $231,000,
$245,000, $142,000 and $54,000 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 receives no fee.
4. Administration, Service and Preferred Plans
The Funds have adopted Administration, Service and Preferred Plans. These plans
allow for FST Administration shares, FST Service shares and FST Preferred
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, Service
and Preferred Plans provide for compensation to the service organizations in an
amount up to .25%, .50% and .10% (on an annualized basis), respectively, of the
average daily net asset value of the respective shares.
5. Line of Credit Facility
The Funds participate in a $100,000,000 uncommitted, unsecured revolving line of
credit facility to be used solely for temporary or emergency purposes. Under
the most restrictive arrangement, each Fund must own securities having a market
value in excess of 300% of the total bank borrowings. The interest rate on the
borrowings is based on the Federal Funds rate. During the six months ended June
30, 1996, the Funds did not have any borrowings under this facility.
- --------------------------------------------------------------------------------
17
<PAGE>
Goldman Sachs Money Market Trust--Financial Square Funds
- --------------------------------------------------------------------------------
Notes to Financial Statements (continued)
June 30, 1996
(Unaudited)
- --------------------------------------------------------------------------------
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 or its affiliates, 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, 1996, the Prime Obligations, Money Market, Treasury Obligations
and Government Funds had, respectively, a 4.9%, 5.3%, 36.0% and 16.3% undivided
interest in the repurchase agreements in the following joint account, which
equaled $120,300,000, $129,000,000, $881,900,000 and $398,800,000 in principal
amount, respectively. At June 30, 1996, 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
Chase Securities, Inc., dated 06/28/96, repurchase price $1,300,590,417 (U.S.
Treasury Notes: $1,212,070,372, 4.75%-9.25%, 09/30/96-02/15/03; U.S. Treasury
Bills: $113,931,124, 08/15/96-06/26/97)
$1,300,000,000 5.45% 07/01/96 $ 1,300,000,000
Morgan Stanley & Co., dated 06/28/96, repurchase price $1,150,515,583
(U.S. Treasury Notes: $741,705,815, 5.25%-8.50%, 04/30/97-12/31/00; U.S.
Treasury Bills: $431,869,506, 08/15/96-06/26/97)
1,150,000,000 5.38 07/01/96 1,150,000,000
- --------------------------------------------------------------------------------
Total Joint Repurchase Agreement Account $2,450,000,000
- --------------------------------------------------------------------------------
At June 30, 1996, the Prime Obligations and Money Market Funds had,
respectively, a 26.0% and 40.8%, undivided interest in the repurchase agreements
in the following joint account, which equaled $127,200,000 and $200,000,000 in
principal amount, respectively. At June 30, 1996, 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
Lehman Government Securities, Inc., dated 06/28/96, repurchase
price $100,044,583 (U.S. Treasury Stripped Securities:
$102,003,401, 08/15/96-02/15/97)
$100,000,000 5.35% 07/01/96 $ 100,000,000
Lehman Government Securities, Inc., dated 06/28/96, repurchase
price $82,537,125 (U.S. Treasury Stripped Securities:
$84,153,600, 05/15/97-11/15/97)
82,500,000 5.40 07/01/96 82,500,000
SBC Government Securities, Inc., dated 06/28/96, repurchase
price $307,336,448 (U.S. Treasury Notes: $290,127,413, 4.38%-8.88%, 08/15/96-
08/15/01; U.S. Treasury Bonds: $14,290, 15.75%, 11/15/01; U.S. Treasury Bills:
$23,216,045, 08/22/96-12/19/96)
307,200,000 5.33 07/01/96 307,200,000
- --------------------------------------------------------------------------------
Total Joint Repurchase Agreement Account $489,700,000
- --------------------------------------------------------------------------------
8. Other Matters
Pursuant to an SEC exemptive order, each taxable Fund may enter into certain
principal transactions, including repurchase agreements, with Goldman, Sachs &
Co., or its affiliate, Goldman Sachs Money Markets L.P. subject to certain
limitations as follows: 25% of eligible security transactions, as defined, and
10% of repurchase agreement transactions.
- --------------------------------------------------------------------------------
18
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
9. Summary of Share Transactions
Share activity for the six months ended June 30, 1996 is as follows:
<TABLE>
<CAPTION>
Tax-Free
Prime Obligations Money Market Treasury Obligations Government Money Market
Fund Fund Fund Fund Fund
------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
FST Shares:
Shares sold 19,462,774,158 18,635,854,631 6,384,838,928 4,887,966,924 2,203,162,782
Reinvestment of dividends
and distributions 62,036,507 43,027,680 16,180,951 10,618,551 2,721,386
Shares repurchased (19,242,901,445) (18,965,873,180) (6,236,370,629) (4,731,885,702) (2,235,393,729)
------------------------------------------------------------------------------------------------------
281,909,220 (286,990,869) 164,649,250 166,699,773 (29,509,561)
FST Administration Shares:
Shares sold 746,473,768 1,069,300,112 1,206,372,289 540,624,127 89,485,120
Reinvestment of dividends
and distributions 1,035,520 2,811,168 1,767,571 435,879 495,181
Shares repurchased (721,217,924) (1,004,420,289) (1,062,694,642) (536,594,822) (73,721,724)
------------------------------------------------------------------------------------------------------
26,291,364 67,690,991 145,445,218 4,465,184 16,258,577
FST Service Shares:
Shares sold 654,527,078 32,764,196 879,953,685 571,024,449 111,722,788
Reinvestment of dividends
and distributions 1,445,524 136,339 2,606,433 413,978 225,075
Shares repurchased (602,688,173) (23,312,373) (837,689,108) (287,206,966) (116,215,652)
------------------------------------------------------------------------------------------------------
53,284,429 9,588,162 44,871,010 284,231,461 (4,267,789)
FST Preferred Shares:
Shares sold 1,000 13,719,475 8,841,841 5,348,767 10,052,443
Reinvestment of dividends
and distributions 4 7,702 2,210 4 3
Shares repurchased --- (12,750,066) (3,490,837) (5,347,767) (5,001,422)
------------------------------------------------------------------------------------------------------
1,004 977,111 5,353,214 1,004 5,051,024
------------------------------------------------------------------------------------------------------
Net increase (decrease) in
shares 361,486,017 (208,734,605) 360,318,692 455,397,422 (12,467,749)
======================================================================================================
</TABLE>
- --------------------------------------------------------------------------------
19
<PAGE>
Goldman Sachs Money Market Trust--Financial Square Funds
- --------------------------------------------------------------------------------
Financial Highlights
Selected Data for a Share Outstanding Throughout Each Period
Prime Obligations Fund
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Income from investment operations
------------------------------------------
Total
Net asset Net realized income Net asset
value at Net gain 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,
- -----------------------------------
1996-FST shares (unaudited)........... $1.00 $0.0263 -- $0.0263 $ (0.0263) $1.00
1996-FST Administration shares
(unaudited).......................... 1.00 0.0250 -- 0.0250 (0.0250) 1.00
1996-FST Service shares
(unaudited).......................... 1.00 0.0237 -- 0.0237 (0.0237) 1.00
1996-FST Preferred shares
(unaudited)/(c)/..................... 1.00 0.0084 -- 0.0084 (0.0084) 1.00
For the Year Ended December 31,
- -----------------------------------
1995-FST shares....................... 1.00 0.0586 -- 0.0586 (0.0586) 1.00
1995-FST Administration shares........ 1.00 0.0559 -- 0.0559 (0.0559) 1.00
1995-FST Service shares............... 1.00 0.0533 -- 0.0533 (0.0533) 1.00
For the Period Ended December 31,
- -----------------------------------
1994-FST shares /(d)/................. 1.00 0.0401 -- 0.0401 (0.0401) 1.00
1994-FST Administration shares /(d)/.. 1.00 0.0383 -- 0.0383 (0.0383) 1.00
1994-FST Service shares /(d)/......... 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 /(e)/.. 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 /(e)/......... 1.00 0.0027 -- 0.0027 (0.0027) 1.00
For the Period March 8, 1990 /(f)/ 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 invesment
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,
- ---------------------------------
1996-FST shares (unaudited)................. 5.40%/(b)/ 0.18%/(b)/ 5.29%/(b)/ $3,577,674 0.22%/(b)/ 5.25%/(b)/
1996-FST Administration shares (unaudited).. 5.14/(b)/ 0.43/(b)/ 5.03/(b)/ 174,185 0.47/(b)/ 4.99/(b)/
1996-FST Service shares (unaudited)......... 4.88/(b)/ 0.68/(b)/ 4.77/(b)/ 118,562 0.72/(b)/ 4.73/(b)/
1996-FST Preferred shares (unaudited)/(c)/.. 5.19/(b)/ 0.28/(b)/ 5.06/(b)/ 1 0.32/(b)/ 5.02/(b)/
For the Year Ended December 31,
- ---------------------------------
1995-FST shares............................. 6.02 0.18 5.86 3,295,791 0.22 5.82
1995-FST Administration shares.............. 5.75 0.43 5.59 147,894 0.47 5.55
1995-FST Service shares..................... 5.49 0.68 5.33 65,278 0.72 5.29
For the Period Ended December 31,
- ---------------------------------
1994-FST shares /(d)/....................... 4.38/(b)/ 0.18/(b)/ 4.38/(b)/ 2,774,849 0.24/(b)/ 4.32/(b)/
1994-FST Administration shares /(d)/........ 4.12/(b)/ 0.43/(b)/ 4.18/(b)/ 66,113 0.49/(b)/ 4.12/(b)/
1994-FST Service shares /(d)/............... 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 /(e)/........ 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 /(e)/............... 4.10/(b)/ 0.66/(b)/ 4.10/(b)/ 118 0.74/(b)/ 4.02/(b)/
For the Period March 8, 1990 /(f)/ 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)/FST Preferred share activity commenced on May 1, 1996.
/(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 a series of Goldman Sachs Money Market Trust.
/(e)/FST Administration and FST Service share activity commenced during November
of 1992 and January of 1992, respectively.
/(f)/Commencement of operations.
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20
<PAGE>
Goldman Sachs Money Market Trust--Financial Square Funds
- --------------------------------------------------------------------------------
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
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 Period Ended June 30,
- ----------------------------------
1996-FST shares (unaudited).............. $1.00 $0.0265 -- $0.0265 $(0.0265) $1.00
1996-FST Administration shares (unaudited) 1.00 0.0252 -- 0.0252 (0.0252) 1.00
1996-FST Service shares (unaudited)...... 1.00 0.0238 -- 0.0238 (0.0238) 1.00
1996-FST Preferred shares (unaudited)/(c)/ 1.00 0.0085 -- 0.0085 (0.0085) 1.00
For the Year Ended December 31,
- ----------------------------------
1995-FST shares.......................... 1.00 0.0589 -- 0.0589 (0.0589) 1.00
1995-FST Administration shares........... 1.00 0.0561 -- 0.0561 (0.0561) 1.00
1995-FST Service shares/(d)/............. 1.00 0.0231 -- 0.0231 (0.0231) 1.00
For the Period Ended December 31,
- ----------------------------------
1994-FST shares /(d)/.................... 1.00 0.0305 -- 0.0305 (0.0305) 1.00
1994-FST Administration shares /(d)/..... 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 000's) assets assets
----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
For the Period Ended June 30,
- ----------------------------------
1996-FST shares (unaudited).............. 5.45%/(b)/ 0.18%/(b)/ 5.33%/(b)/ $1,782,107 0.23%/(b)/ 5.28%/(b)/
1996-FST Administration shares (unaudited) 5.19/(b)/ 0.43/(b)/ 5.07/(b)/ 205,096 0.48/(b)/ 5.02/(b)/
1996-FST Service shares (unaudited)...... 4.93/(b)/ 0.68/(b)/ 4.79/(b)/ 13,806 0.73/(b)/ 4.74/(b)/
1996-FST Preferred shares (unaudited)/(c)/ 5.22/(b)/ 0.28/(b)/ 5.12/(b)/ 977 0.33/(b)/ 5.07/(b)/
For the Year Ended December 31,
- ----------------------------------
1995-FST shares.......................... 6.07 0.15 5.89 2,069,197 0.23 5.81
1995-FST Administration shares........... 5.80 0.40 5.61 137,412 0.48 5.53
1995-FST Service shares /(d)/............ 5.41/(b)/ 0.65/(b)/ 4.93/(b)/ 4,219 0.73/(b)/ 4.85/(b)/
For the Period Ended December 31,
- ----------------------------------
1994-FST shares /(d)/.................... 4.91/(b)/ 0.11/(b)/ 4.88/(b)/ 862,971 0.25/(b)/ 4.74/(b)/
1994-FST Administration shares /(d)/..... 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 Preferred share activity commenced on May 1, 1996.
/(d)/FST, FST Administration and FST Service share activity commenced May 18,
1994, May 20, 1994 and July 14, 1995, respectively.
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
21
<PAGE>
Goldman Sachs Money Market Trust--Financial Square Funds
- --------------------------------------------------------------------------------
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
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,
- ----------------------------------
1996-FST shares (unaudited).............. $1.00 $0.0259 $0.0001 $ 0.0260 $(0.0260) $1.00
1996-FST Administration shares (unaudited) 1.00 0.0246 0.0001 0.0247 (0.0247) 1.00
1996-FST Service shares (unaudited)...... 1.00 0.0234 0.0001 0.0235 (0.0235) 1.00
1996-FST Preferred shares (unaudited)/(c)/ 1.00 0.0085 (0.0001) 0.0084 (0.0084) 1.00
For the Year Ended December 31,
- ----------------------------------
1995-FST shares.......................... 1.00 0.0573 0.0005 0.0578 (0.0578) 1.0000
1995-FST Administration shares........... 1.00 0.0547 0.0005 0.0552 (0.0552) 1.00
1995-FST Service shares.................. 1.00 0.0521 0.0005 0.0526 (0.0526) 1.00
For the Period Ended December 31,
- ----------------------------------
1994-FST shares /(d)/.................... 1.00 0.0379 (0.0001) 0.0378 (0.0378) 1.00
1994-FST Administration shares /(d)/..... 1.00 0.0388 (0.0001) 0.0387 (0.0387) 1.00
1994-FST Service shares /(d)/............ 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 /(e)/..... 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 /(e)/............ 1.00 0.0113 0.0006 0.0119 (0.0116) 1.00
For the Period March 8, 1990 /(f)/ 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 000's) assets assets
----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
For the Period Ended June 30,
- ----------------------------------
1996-FST shares (unaudited).............. 5.36%/(b)/ 0.18%/(b)/ 5.20%/(b)/ $1,752,315 0.23%/(b)/ 5.15%/(b)/
1996-FST Administration shares (unaudited) 5.10/(b)/ 0.43/(b)/ 4.94/(b)/ 428,599 0.48/(b)/ 4.89/(b)/
1996-FST Service shares (unaudited)...... 4.84/(b)/ 0.68/(b)/ 4.70/(b)/ 183,982 0.73/(b)/ 4.65/(b)/
1996-FST Preferred shares (unaudited)/(c)/ 5.22/(b)/ 0.28/(b)/ 5.09/(b)/ 5,353 0.33/(b)/ 5.04/(b)/
For the Year Ended December 31,
- ----------------------------------
1995-FST shares.......................... 5.96 0.18 5.73 1,587,715 0.23 5.68
1995-FST Administration shares........... 5.69/(b)/ 0.43/(b)/ 5.47/(b)/ 283,186 0.48/(b)/ 5.42/(b)/
1995-FST Service shares.................. 5.43/(b)/ 0.68/(b)/ 5.21/(b)/ 139,117 0.73/(b)/ 5.16/(b)/
For the Period Ended December 31,
- ----------------------------------
1994-FST shares /(d)/.................... 4.23/(b)/ 0.18/(b)/ 4.13/(b)/ 958,196 0.25/(b)/ 4.06/(b)/
1994-FST Administration shares /(d)/..... 3.97/(b)/ 0.43/(b)/ 4.24/(b)/ 82,124 0.50/(b)/ 4.17/(b)/
1994-FST Service shares /(d)/............ 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 /(e)/..... 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 /(e)/............ 4.47/(b)/ 0.68/(b)/ 3.77/(b)/ 3,634 0.78/(b)/ 3.67/(b)/
For the Period March 8, 1990 /(f)/ 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)/FST Preferred share activity commenced on May 1, 1996.
/(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 a series of Goldman Sachs Money Market Trust.
/(e)/FST Administration and FST Service share activity commenced during January
of 1993 and October of 1991, respectively.
/(f)/Commencement of operations
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22
<PAGE>
Goldman Sachs Money Market Trust--Financial Square Funds
- --------------------------------------------------------------------------------
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
Government Fund
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Income from investment operations
---------------------------------------
Net asset Net realized Total Net asset
value at Net gain 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,
- ----------------------------------
1996-FST shares (unaudited).................. $1.00 $0.0261 $0.0001 $0.0262 $(0.0262) $1.00
1996-FST Administration shares (unaudited)... 1.00 0.0249 0.0001 0.0250 (0.0250) 1.00
1996-FST Service shares (unaudited).......... 1.00 0.0234 0.0001 0.0235 (0.0235) 1.00
1996-FST Preferred shares (unaudited)/(c)/... 1.00 0.0085 -- 0.0085 (0.0085) 1.00
For the Year Ended December 31,
- ----------------------------------
1995-FST shares.............................. 1.00 0.0581 0.0001 0.0582 (0.0582) 1.00
1995-FST Administration shares............... 1.00 0.0554 0.0001 0.0555 (0.0555) 1.00
1995-FST Service shares /(d)/................ 1.00 0.0320 -- 0.0320 (0.0320) 1.00
For the Period Ended December 31,
- ----------------------------------
1994-FST shares /(e)/........................ 1.00 0.0424 -- 0.0424 (0.0424) 1.00
1994-FST Administration shares /(e)/......... 1.00 0.0426 -- 0.0426 (0.0426) 1.00
For the Period Ended January 31,
- ----------------------------------
1994-FST shares /(d)/........................ 1.00 0.0256 0.0001 0.0257 (0.0257) 1.00
1994-FST Administration/(d)/................. 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,
- ---------------------------------
1996-FST shares (unaudited).................. 5.38%/(b)/ 0.18%/(b)/ 5.26%/(b)/ $910,608 0.25%/(b)/ 5.19%/(b)/
1996-FST Administration shares (unaudited)... 5.12/(b)/ 0.43/(b)/ 5.00/(b)/ 86,854 0.50/(b)/ 4.93/(b)/
1996-FST Service shares (unaudited).......... 4.86/(b)/ 0.68/(b)/ 4.71/(b)/ 298,736 0.75/(b)/ 4.64/(b)/
1996-FST Preferred shares (unaudited)/(c).... 5.22/(b)/ 0.28/(b)/ 5.09/(b)/ 1 0.35/(b)/ 5.02/(b)/
For the Year Ended December 31,
- ----------------------------------
1995-FST shares.............................. 6.00 0.18 5.81 743,884 0.24 5.75
1995-FST Administration shares............... 5.74 0.43 5.54 82,386 0.49 5.48
1995-FST Service shares/(d)/................. 5.40/(b)/ 0.68/(b)/ 5.08/(b)/ 14,508 0.74/(b)/ 5.02/(b)/
For the Period Ended December 31,
- ----------------------------------
1994-FST shares /(e)/........................ 4.36/(b)/ 0.15/(b)/ 4.64/(b)/ 258,350 0.25/(b)/ 4.54/(b)/
1994-FST Administration shares/(e)/.......... 4.10/(b)/ 0.40/(b)/ 4.67/(b)/ 54,253 0.50/(b)/ 4.57/(b)/
For the Period Ended January 31,
- ----------------------------------
1994-FST shares /(d)/........................ 3.14/(b)/ 0.08/(b)/ 3.10/(b)/ 44,697 0.59/(b)/ 2.59/(b)/
1994-FST Administration shares /(d)/......... 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 Preferred share activity commenced on May 1, 1996.
/(d)/FST share, FST Administration share and FST Service share activity
commenced April 6, 1993, September 1, 1993 and May 16, 1995, respectively.
/(e)/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 a series of Goldman Sachs Money Market Trust.
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
23
<PAGE>
Goldman Sachs Money Market Trust--Financial Square Funds
- --------------------------------------------------------------------------------
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
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 Period Ended June 30,
- ----------------------------------
1996-FST shares (unaudited)............... $1.00 $0.0166 -- $0.0166 $(0.0166) $1.00
1996-FST Administration shares (unaudited) 1.00 0.0153 -- 0.0153 (0.0153) 1.00
1996-FST Service shares (unaudited)....... 1.00 0.0142 -- 0.0142 (0.0142) 1.00
1996-FST Preferred shares (unaudited)/(c)/ 1.00 0.0053 -- 0.0053 (0.0053) 1.00
For the Year Ended December 31,
- ----------------------------------
1995-FST shares........................... 1.00 0.0381 -- 0.0381 (0.0381) 1.00
1995-FST Administration shares............ 1.00 0.0354 -- 0.0354 (0.0354) 1.00
1995-FST Service shares................... 1.00 0.0332 -- 0.0332 (0.0332) 1.00
For the Period Ended December 31,
- ----------------------------------
1994-FST shares /(d)/..................... 1.00 0.0156 -- 0.0156 (0.0156) 1.00
1994-FST Administration shares /(d)/...... 1.00 0.0136 -- 0.0136 (0.0136) 1.00
1994-FST Service shares /(d)/............. 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 Ratios 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,
- ----------------------------------
1996-FST shares (unaudited)............. 3.40%/(b)/ 0.17%/(b)/ 3.34%/(b)/ $418,855 0.23%/(b)/ 3.28%/(b)/
1996-FST Administration shares (unaudited) 3.14/(b)/ 0.42/(b)/ 3.08/(b)/ 37,196 0.48/(b)/ 3.02/(b)/
1996-FST Service shares (unaudited)..... 2.88/(b)/ 0.67/(b)/ 2.85/(b)/ 15,592 0.73/(b)/ 2.79/(b)/
1996-FST Preferred shares (unaudited)/(c) 3.37/(b)/ 0.28/(b)/ 3.16/(b)/ 5,051 0.33/(b)/ 3.11/(b)/
For the Year Ended December 31,
- ----------------------------------
1995-FST shares........................ 3.89 0.14 3.81 448,367 0.24 3.71
1995-FST Administration shares......... 3.63 0.39 3.54 20,939 0.49 3.44
1995-FST Service shares................ 3.38 0.64 3.32 19,860 0.74 3.22
For the Period Ended December 31,
- ----------------------------------
1994-FST shares /(d)/................. 3.41/(b)/ 0.07/(b)/ 3.42/(b)/ 183,570 0.31/(b)/ 3.18/(b)/
1994-FST Administration shares /(d)/.. 3.19/(b)/ 0.32/(b)/ 3.25/(b)/ 2,042 0.56/(b)/ 3.01/(b)/
1994-FST Service shares /(d)/......... 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 Preferred share activity commenced on May 1, 1996.
/(d)/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.
24
<PAGE>
[This page intentionally left blank]
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 Funds
objectives and policies, management, expenses and other information.
- --------------------------------------------------------------------------------
27
<PAGE>
================================================================================
Goldman Sachs
1 New York Plaza
New York, NY 10004
Trustees
Ashok N. Bakhru, Chairman
David B. Ford
Alan A. Shuch
Jackson W. Smart, Jr.
William H. Springer
Richard P. Strubel
Officers
Doug Grip, President
John W. Mosior, Vice President
Nancy L. Mucker, Vice President
Pauline Taylor, Vice President
Scott M. Gilman, Treasurer
John M. Perlowski, Assistant Treasurer
Michael J. Richman, Secretary
Howard B. Surloff, Assistant Secretary
Goldman Sachs
Investment Adviser, Administrator,
Distributor and Transfer Agent
fst/semi/0696
================================================================================
Goldman Sachs
Money Market Trust
Financial Square
Funds
- --------------------------------------------------------------------------------
Semiannual Report
June 30, 1996
Prime Obligations Fund
Money Market Fund
Treasury Obligations Fund
Government Fund
Tax-Free Money Market Fund
[LOGO OF GOLDMAN SACHS APPEARS HERE]
================================================================================
