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SIGNATURE MICHAEL TANSLEY
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> S&S PROGRAM MUTUAL FUND
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Form PW Attachment
Rule # 10f-3
The Goldman Sachs Group, Inc.
Shares: 69,000,000
Public Offering Price: $53.00
Market Value: $3,657,000,000
Fund Name Trade Amount Total Percent Percent of
Date of Value of Fund Offering
Shares of Shares
S&S Program Mutual Fund 5/4/99 133,300 $7,064,900 .001480% .002%
GE US Equity Fund 5/4/99 19,301 1,022,953 .001428% .000280%
GE Institutional Equity Fund 5/4/99 4,693 248,729 .001469% .000068%
GE Investments US Equity Fund 5/4/99 1,041 55,173 .001430% .000015%
WRL US Equity Equity Fund 5/4/99 3,857 204,421 .001383% .000056%
Totals $8,596,176 .002419%
All trades were in compliance with Rule #10f-3
17) Underwriting commission or spread: $1.35
18) Is the commission or spread reasonable or fair compared to
commission or spread in underwriting of similar securities
during a comparable time period? Yes
19) Affirm that the order was placed with unaffiliated underwriter(s)
(including name of such unaffiliated underwriter(s):
Yes, the order placed with unaffiliated underwriter(s)
as described in item #16
20) Affirm that purchase was not part of a group sale and not otherwise
allocated or allotted to the account of Paine Webber
(or other affiliate): Yes, the purchase was not of a group sale and
not otherwise allocated to the account of Paine Webber.
The Board of Trustees and Shareholders of
the GE S&S Program Mutual Fund:
In planning and performing our audit of the financial statements of the GE
S&S Program Mutual Fund, for the year ended December 31, 1999, we
considered its internal control, including control activities for
safeguarding securities, in order to determine our auditing procedures for
the purpose of expressing our opinion on the financial statements and to
comply with the requirements of Form N-SAR, not to provide assurance on
internal control.
The management of the GE S&S Program Mutual Fund is responsible for
establishing and maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are required to
assess the expected benefits and related costs of controls. Generally,
controls that are relevant to an audit pertain to the entity's objective of
preparing financial statements for external purposes that are fairly
presented in conformity with generally accepted accounting principles.
Those controls include the safeguarding of assets against unauthorized
acquisition, use or disposition.
Because of inherent limitations in internal control, errors or
irregularities may occur and not be detected. Also, projection of any
evaluation of internal control to future periods is subject to the risks
that it may become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of internal control would not necessarily disclose all
matters in internal control that might be material weaknesses under
standards established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the design or
operation of one or more of the internal control components does not reduce
to a relatively low level the risk that errors or irregularities in amounts
that would be material in relation to the financial statements being
audited may occur and not be detected within a timely period by employees
in the normal course of performing their assigned functions. However, we
noted no matters involving internal control and its operation, including
controls for safeguarding securities, that we consider to be material
weaknesses as defined above.
This report is intended solely for the information and use of management,
the Board of Trustees of the GE S&S Program Mutual Fund, and the Securities
and Exchange Commission and is not intended to be and should not be used by
anyone other than these specified parties.
New York, New York
February 4, 2000
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