<PAGE>
Goldman Sachs Trust
Financial Square Funds
. Prime Obligations Fund
. Money Market Fund
. Premium Money Market Fund
. Treasury Obligations Fund
. Treasury Instruments Fund
. Government Fund
. Federal Fund
. Tax-Free Money Market Fund
SEMI-ANNUAL REPORT [LOGO] Goldman
June 30, 1999 Sachs
<PAGE>
This Semiannual Report is authorized for distribution to prospective investors
only when preceded or accompanied by a Goldman Sachs Trust Financial Square
Funds Prospectus which contains facts concerning each Fund's objectives and
policies, management, expenses and other information.
<PAGE>
- --------------------------------------------------------------------------------
Goldman Sachs Trust
Financial Square Funds
- --------------------------------------- ---------------------------------------
Taxable Funds
Financial Square Prime Obligations Fund. The Fund 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. The Fund invests in U.S. dollar denominated
obligations of U.S. banks and foreign banks, U.S. dollar denominated commercial
paper and other high-quality, short-term obligations of U.S. and foreign
companies, securities of the U.S. Government, its agencies, authorities and
instrumentalities, and of foreign governments, states, municipalities and other
entities, and repurchase agreements.
Financial Square Premium Money Market Fund. The Fund invests in securities of
the U.S. Government, its agencies, authorities and instrumentalities, U.S.
dollar denominated obligations of U.S. and foreign banks, U.S. dollar
denominated commercial paper and other short-term obligations of U.S. and
foreign companies, foreign governments, states, municipalities and other
entities, and repurchase agreements.
Financial Square Treasury Obligations Fund. Rated "AAA" by Standard & Poor's
Rating Group and "Aaa" by Moody's Investors services, Inc., the Fund invests in
securities issued 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 Treasury Instruments Fund. The Fund invests in securities
issued by the U.S. Treasury, the interest income from which is generally exempt
from state income taxation.
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.
Financial Square Federal Fund. The Fund invests in securities of the U.S.
Government and certain of its agencies, authorities and instrumentalities, the
interest income from which is generally exempt from state income taxation.
Tax-Exempt 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>
Statement of Investments
- --------------------------------------------------------------------------------
Financial Square Prime Obligations Fund
June 30, 1999
(Unaudited)
- --------------------------------------- ---------------------------------------
<TABLE>
<CAPTION>
Principal Interest Maturity Amortized
Amount Rate Date Cost
<S> <C> <C> <C>
- ---------------------------------------------------------------------------------------------
Commercial Paper and Corporate Obligations--35.8%
Bank Holding Companies
BankAmerica Corp.
$ 45,000,000 4.81% 07/08/1999 $ 44,957,913
50,000,000 4.84 08/19/1999 49,670,611
55,000,000 4.84 11/10/1999 54,023,933
Business Credit Institutions
CIT Group Holdings, Inc.
75,000,000 4.83 08/16/1999 74,537,125
General Electric Capital Corp.
70,000,000 4.87 07/29/1999 69,734,856
Commercial Banks
CP Trust Certificates Series 1996-1
72,250,000 5.09 07/01/1999 72,250,000
Insurance
Prudential Funding Corp.
100,000,000 4.75 07/13/1999 99,841,667
Receivable/Asset Financings
Asset Portfolio Funding
50,000,000 4.83 07/15/1999 49,906,083
Blue Ridge Asset Funding
23,000,000 5.08 08/18/1999 22,844,213
Centric Capital Corp.
28,000,000 4.81 07/23/1999 27,917,696
20,000,000 4.81 07/30/1999 19,922,506
25,000,000 5.06 08/23/1999 24,813,764
Corporate Receivables Corp.
50,000,000 4.81 07/12/1999 49,926,514
75,000,000 5.06 08/23/1999 74,441,292
Dakota Certificates of Standard Credit Card Master Trust
25,000,000 4.83 08/11/1999 24,862,479
50,000,000 5.11 08/19/1999 49,652,236
Delaware Funding Corp.
20,172,000 5.06 08/16/1999 20,041,577
Edison Asset Securitization Corp.
25,000,000 4.82 07/09/1999 24,973,222
100,000,000 4.87 07/29/1999 99,622,000
50,000,000 5.12 08/19/1999 49,651,556
Enterprise Funding
79,944,000 5.06 08/25/1999 79,325,988
Falcon Asset Securitization Corp.
31,505,000 5.06 08/25/1999 31,261,449
General Electric Financial Assurances Corp.
50,000,000 5.75 07/01/1999 50,000,000
International Securitization Corp.
50,000,000 4.82 07/08/1999 49,953,139
50,000,000 4.81 07/22/1999 49,859,708
63,060,000 5.06 08/05/1999 62,749,780
</TABLE>
<TABLE>
<CAPTION>
Principal Interest Maturity Amortized
Amount Rate Date Cost
<S> <C> <C> <C>
- ---------------------------------------------------------------------------------------------
Commercial Paper and Corporate Obligations (continued)
Receivable/Asset Financings (continued)
Intrepid Funding Notes
$ 50,000,000 4.85% 07/08/1999 $ 49,952,847
35,000,000 4.84 08/05/1999 34,835,306
50,000,000 4.82 08/24/1999 49,638,500
Park Avenue Receivables Corp.
50,000,000 5.20 07/07/1999 49,956,667
43,392,000 4.81 07/13/1999 43,322,428
Preferred Receivables Funding
100,000,000 5.07 08/24/1999 99,239,500
Receivables Capital Corp.
20,000,000 5.06 08/11/1999 19,884,744
Variable Funding Capital Corp.
25,322,000 4.82 07/20/1999 25,257,584
WCP Funding Corp.
50,000,000 4.87 07/26/1999 49,830,903
50,000,000 5.07 08/18/1999 49,662,000
30,000,000 5.06 08/24/1999 29,772,300
50,000,000 5.06 08/25/1999 49,613,472
Security and Commodity Brokers, Dealers and Services
Bear Stearns Companies, Inc.
100,000,000 5.72 07/01/1999 100,000,000
Salomon Smith Barney Holdings, Inc.
120,000,000 4.82 07/22/1999 119,662,600
100,000,000 5.06 08/25/1999 99,226,944
- ---------------------------------------------------------------------------------------------
Total Commercial Paper and Corporate Obligations $2,196,597,102
- ---------------------------------------------------------------------------------------------
Bank and Medium-Term Notes--8.4%
Associates Corp. of North America
$ 15,000,000 6.68% 09/17/1999 $ 15,051,356
First National Bank of Maryland
70,000,000 5.09 01/13/2000 69,992,753
First Union National Bank
50,000,000 5.25 02/28/2000 50,000,000
Huntington National Bank
55,000,000 4.98 01/11/2000 54,994,358
45,000,000 5.05 02/09/2000 44,989,397
J.P. Morgan & Co., Inc.
60,000,000 5.03 02/07/2000 60,000,000
Keybank, N.A.
20,000,000 5.65 06/26/2000 19,986,735
Morgan Stanley Dean Witter & Co.
18,650,000 5.89 03/20/2000 18,725,804
National City Bank
45,000,000 5.08 02/11/2000 44,989,346
</TABLE>
- --------------------------------------- ---------------------------------------
The accompanying notes are an integral
part of these financial statements.
2
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------- ---------------------------------------
<TABLE>
<CAPTION>
Principal Interest Maturity Amortized
Amount Rate Date Cost
<S> <C> <C> <C>
- ---------------------------------------------------------------------------------------------
Bank and Medium-Term Notes (continued)
NationsBank Corp.
$ 25,000,000 4.96% 11/18/1999 $ 24,998,149
50,000,000 5.00 01/05/2000 49,995,031
Salomon Smith Barney Holdings, Inc.
25,000,000 6.50 03/01/2000 25,236,414
Wachovia Bank, N.A.
25,000,000 4.95 08/16/1999 25,000,000
Wells Fargo & Co.
11,000,000 6.68 09/15/1999 11,033,666
- ---------------------------------------------------------------------------------------------
Total Bank and Medium-Term Notes $ 514,993,009
- ---------------------------------------------------------------------------------------------
Certificates of Deposit--4.0%
Chase Manhattan Corp.
$ 50,000,000 4.87% 07/21/1999 $ 50,000,000
50,000,000 4.90 08/04/1999 50,000,000
First National Bank of Maryland
75,000,000 4.99 01/25/2000 74,987,630
40,000,000 5.11 02/23/2000 39,991,245
Regions Bank
30,000,000 5.15 02/18/2000 30,000,000
- ---------------------------------------------------------------------------------------------
Total Certificates of Deposit $ 244,978,875
- ---------------------------------------------------------------------------------------------
Taxable Municipal Note--0.2%
Ocean Spray Cranberries, Inc.(a)
$ 15,000,000 5.22% 07/07/1999 $ 15,000,000
- ---------------------------------------------------------------------------------------------
Total Taxable Municipal Note $ 15,000,000
- ---------------------------------------------------------------------------------------------
Time Deposits--6.6%
Amsouth Bank
$130,000,000 5.38% 07/01/1999 $ 130,000,000
Marshall & Ilsley Bank
75,000,000 4.97 07/01/1999 75,000,000
Suntrust Bank of Atlanta
100,000,000 5.63 07/01/1999 100,000,000
100,000,000 5.88 07/01/1999 100,000,000
- ---------------------------------------------------------------------------------------------
Total Time Deposits $ 405,000,000
- ---------------------------------------------------------------------------------------------
U.S. Government Agency Obligations--1.2%
Federal Home Loan Bank
$ 20,000,000 5.10% 05/17/2000 $ 19,984,810
Federal National Mortgage Association
34,000,000 5.00 05/05/2000 33,966,702
22,000,000 5.56 07/24/2000 21,989,843
- ---------------------------------------------------------------------------------------------
Total U.S. Government Agency Obligations $ 75,941,355
</TABLE>
<TABLE>
<CAPTION>
Principal Interest Maturity Amortized
Amount Rate Date Cost
<S> <C> <C> <C>
- ---------------------------------------------------------------------------------------------
Variable Rate Obligations(a)--39.8%
Allmerica Funding
$ 25,000,000 5.07% 08/08/1999 $ 25,000,000
American Express Centurion Bank
25,000,000 4.93 07/12/1999 25,000,000
50,000,000 4.99 07/23/1999 50,000,000
Associates Corp. of North America
100,000,000 4.90 07/20/1999 99,946,683
Bank One, N.A.
160,000,000 4.87 07/01/1999 159,992,068
Chase Manhattan Corp.
75,000,000 5.00 07/26/1999 74,956,650
Comerica Bank Detroit
50,000,000 4.88 07/02/1999 49,991,289
50,000,000 4.88 07/19/1999 49,998,543
First National Bank of Chicago
40,000,000 4.84 07/14/1999 39,999,145
First Union Corp.
50,000,000 4.97 08/18/1999 50,000,000
First U.S.A. Bank
10,000,000 5.40 07/20/1999 10,011,213
Fleet National Bank
35,000,000 5.07 07/01/1999 34,985,189
50,000,000 5.08 07/01/1999 49,989,650
33,000,000 5.12 07/26/1999 33,045,040
General Electric Capital Corp.
60,000,000 4.95 07/12/1999 60,000,000
45,000,000 5.06 09/08/1999 45,000,000
IBM Corp.
50,000,000 4.83 08/12/1999 49,994,041
J.P. Morgan & Co., Inc.
40,000,000 4.95 07/06/1999 40,000,943
80,000,000 4.84 07/07/1999 79,999,027
40,000,000 5.02 09/02/1999 40,001,976
Keybank, N.A.
65,000,000 5.00 07/13/1999 65,025,454
70,000,000 4.98 07/30/1999 70,007,185
10,000,000 4.96 08/20/1999 9,998,915
Merrill Lynch & Co., Inc.
25,000,000 4.91 07/06/1999 25,000,000
35,000,000 5.00 07/12/1999 35,000,000
40,000,000 4.90 07/13/1999 39,999,529
25,000,000 5.00 07/22/1999 24,998,384
30,000,000 4.97 09/01/1999 29,999,490
Monumental Life Insurance Co.
55,000,000 5.10 07/01/1999 55,000,000
</TABLE>
- --------------------------------------- ---------------------------------------
The accompanying notes are an integral
part of these financial statements.
3
<PAGE>
Statement of Investments
- --------------------------------------------------------------------------------
Financial Square Prime Obligations Fund (continued)
June 30, 1999
(Unaudited)
- --------------------------------------- ---------------------------------------
<TABLE>
<CAPTION>
Principal Interest Maturity Amortized
Amount Rate Date Cost
<S> <C> <C> <C>
- ---------------------------------------------------------------------------------------------
Variable Rate Obligations (continued)
Morgan Stanley Dean Witter & Co.
$ 25,000,000 5.11% 08/23/1999 $ 25,016,400
15,500,000 5.43 09/01/1999 15,542,892
35,000,000 5.53 09/15/1999 35,105,712
National Rural Utilities Corp.
25,000,000 4.97 08/25/1999 25,000,000
NationsBank Corp.
50,000,000 5.06 07/01/1999 49,986,412
New York Life Insurance Co.
40,000,000 5.08 09/01/1999 40,000,000
25,000,000 5.15 09/20/1999 25,000,000
Pacific Mutual Life Insurance Co.
50,000,000 4.93 07/01/1999 50,000,000
PepsiCo, Inc.
75,000,000 4.84 08/19/1999 74,988,639
PNC Bank, N.A.
100,000,000 4.81 07/02/1999 99,999,798
75,000,000 5.02 07/27/1999 74,995,993
Seattle Washington Taxable Series 1994
25,000,000 4.96 07/01/1999 25,000,000
SMM Trust Series 1998-A
35,000,000 5.26 09/16/1999 35,000,000
Southtrust Bank of Alabama, N.A.
75,000,000 4.87 07/08/1999 74,979,143
Texas State Taxable Veterans Series 1996 A
14,255,000 4.96 07/01/1999 14,255,000
U.S. Bank, N.A.
50,000,000 4.89 07/08/1999 49,997,335
50,000,000 5.02 07/21/1999 50,006,502
50,000,000 5.05 07/21/1999 50,035,466
U.S. Central Credit Union
50,000,000 4.91 07/14/1999 50,000,000
Wells Fargo & Co.
60,000,000 4.99 09/10/1999 59,977,597
100,000,000 5.17 09/29/1999 99,945,209
- ---------------------------------------------------------------------------------------------
Total Variable Rate Obligations $2,447,772,512
- ---------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Principal Interest Maturity Amortized
Amount Rate Date Cost
<S> <C> <C> <C>
- -------------------------------------------------------------------------------------------
Repurchase Agreements--4.0%
Goldman, Sachs & Co.(b)
$ 5,000,000 4.90% 07/01/1999 $ 5,000,000
Joint Repurchase Agreement Account
234,400,000 4.85 07/01/1999 234,400,000
Lehman Brothers, Inc.(b)
4,100,000 4.83 07/01/1999 4,100,000
- -------------------------------------------------------------------------------------------
Total Repurchase Agreements $ 243,500,000
- -------------------------------------------------------------------------------------------
Total Investments $6,143,782,853(c)
- -------------------------------------------------------------------------------------------
</TABLE>
(a) Variable rate security-base index is either Federal Funds or LIBOR.
(b) At June 30, 1999, these agreements were fully collateralized by U.S.
Treasury obligations.
(c) The amount stated also represents aggregate cost for federal income tax
purposes.
Interest rates represent either the stated coupon rate, annualized discounted
yield on date of purchase for discounted securities, or, for floating rate
securities, the current reset rate, which is based upon current interest rate
indicies.
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 percentage shown for each investment category reflects the value of
investments in that category as a percentage of total net assets.
- --------------------------------------- ---------------------------------------
The accompanying notes are an integral
part of these financial statements.
4
<PAGE>
Statement of Investments
- --------------------------------------------------------------------------------
Financial Square Money Market Fund
June 30, 1999
(Unaudited)
- --------------------------------------- ---------------------------------------
<TABLE>
<CAPTION>
Principal Interest Maturity Amortized
Amount Rate Date Cost
<S> <C> <C> <C>
- ---------------------------------------------------------------------------------------------
Commercial Paper and Corporate Obligations--38.7%
Bank Holding Companies
Bank of Nova Scotia
$100,000,000 4.85% 09/01/1999 $ 99,164,722
Banque Et Caisse Epargne
45,000,000 4.82 07/12/1999 44,933,725
Bavaria Trust Corp.
38,500,000 5.20 07/27/1999 38,355,411
Nordbanken North America
100,000,000 4.81 07/16/1999 99,799,583
67,000,000 4.83 09/24/1999 66,235,921
Swedbank
60,000,000 4.81 07/20/1999 59,847,683
42,550,000 4.85 08/26/1999 42,228,984
Business Credit Institutions
Ford Motor Credit Corp.
100,000,000 4.82 07/08/1999 99,906,278
Chemicals
Zeneca Wilmington, Inc.
40,000,000 4.82 07/21/1999 39,892,889
Commercial Banks
CP Trust Certificates Series 1996-1
51,000,000 5.09 07/01/1999 51,000,000
CP Trust Certificates Series 1996-2
75,000,000 5.14 07/01/1999 75,000,000
Communications
Telstra Corp Ltd.
30,000,000 4.81 07/26/1999 29,899,792
Insurance
Prudential Funding Corp.
40,000,000 4.85 11/08/1999 39,299,444
Receivable/Asset Financings
Asset Portfolio Funding
30,000,000 4.85 07/14/1999 29,947,458
Atlantis One Funding
50,000,000 5.12 07/01/1999 50,000,000
40,000,000 4.82 08/11/1999 39,780,422
100,000,000 4.82 08/23/1999 99,290,389
52,578,000 4.85 08/24/1999 52,195,495
70,000,000 4.81 09/08/1999 69,354,658
BCI Funding Corp.
25,000,000 4.82 08/06/1999 24,879,500
Blue Ridge Asset Funding(a)
90,000,000 5.20 07/20/1999 89,753,000
Centric Capital Corp.
36,427,000 4.82 07/06/1999 36,402,614
</TABLE>
<TABLE>
<CAPTION>
Principal Interest Maturity Amortized
Amount Rate Date Cost
<S> <C> <C> <C>
- ---------------------------------------------------------------------------------------------
Commercial Paper and Corporate Obligations (continued)
Receivable/Asset Financings (continued)
Corporate Receivables Corp.
$ 70,000,000 4.82% 07/20/1999 $ 69,821,928
50,000,000 4.87 07/29/1999 49,810,611
50,000,000 5.06 08/23/1999 49,627,528
Edison Asset Securitization Corp.
15,000,000 4.82 07/09/1999 14,983,933
90,000,000 4.83 07/22/1999 89,746,425
100,000,000 4.87 07/29/1999 99,621,222
25,000,000 5.12 08/19/1999 24,825,778
30,000,000 4.86 09/15/1999 29,692,200
Eureka Securities
50,000,000 4.87 07/27/1999 49,824,139
General Electric Financial Assurances Corp.
50,000,000 5.75 07/01/1999 50,000,000
Generale Funding LLC
25,000,000 4.82 08/11/1999 24,862,764
Grand Funding Corp.
45,324,000 4.83 07/14/1999 45,244,947
40,000,000 4.82 07/15/1999 39,925,022
97,500,000 4.87 07/23/1999 97,209,829
25,000,000 4.88 07/23/1999 24,925,444
25,069,000 5.09 08/23/1999 24,881,143
International Securitization Corp.
47,430,000 4.83 08/11/1999 47,169,095
Intrepid Funding Notes
37,364,000 4.84 08/05/1999 37,188,182
Prefco, Inc.
25,000,000 4.80 07/07/1999 24,980,000
Rose One Plus
50,000,000 4.82 07/12/1999 49,926,361
59,610,000 4.83 07/13/1999 59,514,028
42,807,000 4.78 07/21/1999 42,693,324
23,716,000 4.83 07/23/1999 23,645,998
40,588,000 4.82 07/27/1999 40,446,709
WCP Funding Corp.
40,000,000 4.82 07/21/1999 39,892,889
30,000,000 4.82 08/12/1999 29,831,300
Westpac Capital Corp.
40,000,000 4.85 07/19/1999 39,903,000
Security and Commodity Brokers, Dealers and Services
Bear Stearns Companies, Inc.
100,000,000 5.72 07/01/1999 100,000,000
50,000,000 4.82 07/12/1999 49,926,361
J.P. Morgan & Co., Inc.
50,000,000 4.82 07/12/1999 49,926,361
</TABLE>
- --------------------------------------- ---------------------------------------
The accompanying notes are an integral
part of these financial statements.
5
<PAGE>
Statement of Investments
- --------------------------------------------------------------------------------
Financial Square Money Market Fund (continued)
June 30, 1999
(Unaudited)
- --------------------------------------- ---------------------------------------
<TABLE>
<CAPTION>
Principal Interest Maturity Amortized
Amount Rate Date Cost
<S> <C> <C> <C>
- ---------------------------------------------------------------------------------------------
Commercial Paper and Corporate Obligations (continued)
Security and Commodity Brokers, Dealers and Services (continued)
Salomon Smith Barney Holdings, Inc.
$ 50,000,000 4.82% 07/09/1999 $ 49,946,444
- ---------------------------------------------------------------------------------------------
Total Commercial Paper and Corporate Obligations $2,747,160,933
- ---------------------------------------------------------------------------------------------
Bank and Medium-Term Notes--1.8%
C.S. First Boston Corp.
$ 55,000,000 5.15% 02/17/2000 $ 55,000,000
Keybank, N.A.
25,000,000 5.65 06/26/2000 24,983,418
NationsBank Corp.
50,000,000 4.96 11/18/1999 49,996,298
- ---------------------------------------------------------------------------------------------
Total Bank and Medium-Term Notes $ 129,979,716
- ---------------------------------------------------------------------------------------------
Certificate of Deposit--0.9%
First National Bank of Maryland
$ 60,000,000 4.99% 01/25/2000 $ 59,990,104
- ---------------------------------------------------------------------------------------------
Total Certificate of Deposit $ 59,990,104
- ---------------------------------------------------------------------------------------------
Certificate of Deposit--Eurodollar--0.7%
Barclays Bank, New York(a)
$ 50,000,000 5.18% 09/07/1999 $ 50,000,867
- ---------------------------------------------------------------------------------------------
Total Certificate of Deposit--Eurodollar $ 50,000,867
- ---------------------------------------------------------------------------------------------
Certificates of Deposit--Yankeedollar--6.2%
Bank Austria, New York
$ 50,000,000 5.08% 12/30/1999 $ 49,997,596
Commerzbank, New York
20,000,000 5.01 01/10/2000 19,993,883
65,000,000 5.00 02/02/2000 64,992,578
50,000,000 5.05 02/08/2000 49,991,203
30,000,000 5.06 02/09/2000 29,983,064
Deutsche Bank, New York
25,000,000 5.02 01/12/2000 24,996,135
35,000,000 5.25 05/18/2000 34,985,148
Royal Bank of Canada, New York(a)
45,000,000 5.70 07/03/2000 44,978,275
Toronto Dominion Bank, New York
25,000,000 5.10 12/29/1999 25,000,598
45,000,000 5.18 02/29/2000 44,985,583
</TABLE>
<TABLE>
<CAPTION>
Principal Interest Maturity Amortized
Amount Rate Date Cost
<S> <C> <C> <C>
- ---------------------------------------------------------------------------------------------
Certificates of Deposit--Yankeedollar (continued)
UBS, New York
$ 50,000,000 5.20% 02/29/2000 $ 49,990,389
- ---------------------------------------------------------------------------------------------
Total Certificates of Deposit--Yankeedollar $ 439,894,452
- ---------------------------------------------------------------------------------------------
Taxable Municipal Notes--0.8%
Florida Housing Finance Authority
$ 27,700,000 5.21% 07/01/1999 $ 27,700,000
Illinois Health & Education Facilities Authority for Elmhurst Memorial
Series 1998 B
29,400,000 5.25 07/01/1999 29,400,000
- ---------------------------------------------------------------------------------------------
Total Taxable Municipal Notes $ 57,100,000
- ---------------------------------------------------------------------------------------------
Time Deposits--11.7%
Keybank, N.A.
$100,000,000 5.50% 07/01/1999 $ 100,000,000
Landesbank Hessen-Thuringen Girozentrale
127,200,000 5.88 07/01/1999 127,200,000
Societe Generale
200,000,000 5.81 07/01/1999 200,000,000
Southtrust Bank of Alabama, N.A.(b)
150,000,000 5.88 07/01/1999 150,000,000
Suntrust Bank of Atlanta, N.A.
250,000,000 5.63 07/01/1999 250,000,000
- ---------------------------------------------------------------------------------------------
Total Time Deposits $ 827,200,000
- ---------------------------------------------------------------------------------------------
U.S. Government Agency Obligations--1.3%
Federal Home Loan Bank
$20,000,000 5.10% 05/17/2000 $ 19,984,810
Federal National Mortgage Association
50,000,000 5.00 05/05/2000 49,951,033
22,000,000 5.56 07/24/2000 21,989,843
- ---------------------------------------------------------------------------------------------
Total U.S. Government Agency Obligations $ 91,925,686
- ---------------------------------------------------------------------------------------------
Variable Rate Obligations(c)--40.0%
Abbey National Treasury Services
$115,000,000 4.85% 07/20/1999 $ 114,995,065
Allmerica Funding
25,000,000 5.07 08/08/1999 25,000,000
Associates Corp. of North America
100,000,000 4.90 07/20/1999 99,946,683
Banca CRT Financial Corp.
20,000,000 4.95 07/01/1999 20,000,000
25,000,000 4.85 07/02/1999 24,999,968
</TABLE>
- --------------------------------------- ---------------------------------------
The accompanying notes are an integral
part of these financial statements.
6
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------- ---------------------------------------
<TABLE>
<CAPTION>
Principal Interest Maturity Amortized
Amount Rate Date Cost
<S> <C> <C> <C>
- ---------------------------------------------------------------------------------------------
Variable Rate Obligations (continued)
Bank of Western Australia
$ 15,000,000 5.00% 08/10/1999 $ 14,999,510
Bayerische Hypo-Vereins
75,000,000 4.88 07/13/1999 74,973,888
50,000,000 4.91 07/15/1999 49,978,446
100,000,000 5.01 07/26/1999 99,959,700
Bayerische Landesbank
50,000,000 4.84 07/12/1999 49,972,916
75,000,000 4.85 07/22/1999 74,996,613
Bos, International (Australia) Ltd.
75,000,000 5.05 08/26/1999 75,001,775
C.S. First Boston Corp.
40,000,000 5.15 07/07/1999 40,000,000
Chase Manhattan Corp.
45,000,000 4.96 07/01/1999 44,995,486
85,000,000 5.00 07/26/1999 84,950,870
Ciesco, Inc.
25,000,000 4.93 07/06/1999 25,000,000
Comerica Bank Detroit
55,000,000 4.88 07/02/1999 54,990,418
35,000,000 4.88 07/19/1999 34,998,981
DaimlerChrysler N.A. Corp.(a)
100,000,000 5.06 08/06/1999 99,879,519
Den Danske Bank Corp.
20,000,000 4.84 07/02/1999 19,999,973
50,000,000 5.02 07/26/1999 49,986,904
First Union Corp.
75,000,000 4.91 07/02/1999 75,000,000
35,000,000 5.02 07/21/1999 35,000,000
80,000,000 4.97 08/18/1999 80,000,000
Fleet National Bank
40,000,000 5.07 07/01/1999 39,983,073
50,000,000 5.08 07/01/1999 49,989,650
General Electric Capital Corp.
80,000,000 4.95 07/12/1999 80,000,000
Halifax PLC
40,000,000 5.10 09/10/1999 40,002,960
J.P. Morgan & Co., Inc.
40,000,000 4.95 07/06/1999 40,000,943
75,000,000 4.84 07/07/1999 74,999,281
50,000,000 5.02 09/02/1999 50,002,471
Keybank, N.A.
50,000,000 4.98 07/30/1999 50,004,916
</TABLE>
<TABLE>
<CAPTION>
Principal Interest Maturity Amortized
Amount Rate Date Cost
<S> <C> <C> <C>
- -------------------------------------------------------------------------------------------
Variable Rate Obligations (continued)
Merrill Lynch & Co., Inc.
$115,000,000 4.91% 07/06/1999 $ 115,000,000
25,000,000 5.00 07/22/1999 24,998,384
25,000,000 5.07 07/26/1999 25,012,930
25,000,000 5.13 07/28/1999 24,998,555
25,000,000 5.01 09/24/1999 25,003,313
National Rural Utilities Corp.
25,000,000 4.97 08/25/1999 25,000,000
New York Life Insurance Co.
40,000,000 5.08 09/01/1999 40,000,000
25,000,000 5.15 09/20/1999 25,000,000
Northern Rock PLC
100,000,000 5.11 09/14/1999 100,000,000
PNC Bank, N.A.
50,000,000 4.81 07/01/1999 50,000,000
100,000,000 4.82 07/06/1999 99,993,978
SMM Trust Series 1998-A
40,000,000 5.26 09/16/1999 40,000,000
Societe Generale, New York
100,000,000 4.87 07/06/1999 99,953,503
Southtrust Bank of Alabama, N.A.
50,000,000 4.87 07/08/1999 49,986,096
20,000,000 4.89 07/28/1999 19,981,600
SunAmerica Life Insurance Co.
50,000,000 4.98 07/01/1999 50,000,000
U.S. Bank, N.A.
50,000,000 4.88 07/21/1999 49,968,325
Wells Fargo & Co.
100,000,000 4.99 09/10/1999 99,962,662
30,000,000 5.12 09/20/1999 29,999,360
Westpac Banking Corp.
50,000,000 4.88 08/03/1999 49,998,005
- -------------------------------------------------------------------------------------------
Total Variable Rate Obligations $2,839,466,720
- -------------------------------------------------------------------------------------------
Repurchase Agreement--2.0%
Joint Repurchase Agreement Account(b)
$143,700,000 4.85% 07/01/1999 $ 143,700,000
- -------------------------------------------------------------------------------------------
Total Repurchase Agreement $ 143,700,000
- -------------------------------------------------------------------------------------------
Total Investments $7,386,418,478(d)
- -------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------- ---------------------------------------
The accompanying notes are an integral
part of these financial statements.
7
<PAGE>
Statement of Investments
- --------------------------------------------------------------------------------
Financial Square Money Market Fund (continued)
June 30, 1999
(Unaudited)
- --------------------------------------- ---------------------------------------
- --------------------------------------------------------------------------------
(a) Forward commitments.
(b) A portion of this security is segregated for forward commitments.
(c) Variable rate security-base index is either Federal Funds, LIBOR, or Prime
lending rate.
(d) The amount stated also represents aggregate cost for federal income tax
purposes.
Interest rates represent either the stated coupon rate, annualized discounted
yield on date of purchase for discounted securities, or, for floating rate
securities, the current reset rate, which is based upon current interest rate
indices.
Maturity dates represent either the date on the security, the next interest
reset date for floating rate securities, or the prerefunded date for those
types of securities.
The percentage shown for each investment category reflects the value of
investments in that category as a percentage of total net assets.
- --------------------------------------------------------------------------------
- --------------------------------------- ---------------------------------------
The accompanying notes are an integral
part of these financial statements.
8
<PAGE>
Statement of Investments
- --------------------------------------------------------------------------------
Financial Square Premium Money Market Fund
June 30, 1999
(Unaudited)
- --------------------------------------- ---------------------------------------
<TABLE>
<CAPTION>
Principal Interest Maturity Amortized
Amount Rate Date Cost
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Commercial Paper and Corporate Obligations--34.5%
Bank Holding Companies
Generale Bank, Inc.
$17,700,000 4.82% 07/19/1999 $ 17,657,343
Chemicals
Zeneca Wilmington, Inc.
18,135,000 4.81 07/21/1999 18,086,539
Insurance
Prudential Funding Corp.
15,000,000 4.75 07/13/1999 14,976,250
Receivable/Asset Financings
Asset Portfolio Funding
9,436,000 4.83 07/16/1999 9,417,010
Atlantis One Funding
15,000,000 5.12 07/01/1999 15,000,000
BCI Funding Corp.
15,000,000 4.82 07/09/1999 14,983,933
Centric Capital Corp.
15,000,000 4.82 07/06/1999 14,989,959
Corporate Receivables Corp.
15,000,000 4.82 07/20/1999 14,961,842
Dakota Certificates of Standard Credit Card Master Trust
15,000,000 4.82 07/28/1999 14,945,775
Edison Asset Securitization Corp.
10,000,000 4.83 07/22/1999 9,971,825
10,885,000 4.79 07/30/1999 10,842,999
International Securitization Corp.
20,000,000 4.82 07/08/1999 19,981,256
Intrepid Funding Notes
15,000,000 4.81 07/22/1999 14,957,913
WCP Funding Corp.
15,000,000 4.81 07/14/1999 14,973,946
Security and Commodity Brokers, Dealers and Services
C.S. First Boston Corp.
10,000,000 4.82 07/20/1999 9,974,561
Salomon Smith Barney Holdings, Inc.
10,000,000 4.82 07/22/1999 9,971,883
- -----------------------------------------------------------------------------------------------
Total Commercial Paper and Corporate Obligations $225,693,034
- -----------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Principal Interest Maturity Amortized
Amount Rate Date Cost
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Bank and Medium-Term Notes--3.1%
CIT Group Holdings, Inc.
$ 5,000,000 6.40% 01/28/2000 $ 5,036,326
First National Bank of Maryland
10,000,000 5.09 01/13/2000 9,998,965
Huntington National Bank
5,000,000 4.98 01/11/2000 4,999,487
- ---------------------------------------------------------------------------------------------------
Total Bank and Medium-Term Notes $20,034,778
- ---------------------------------------------------------------------------------------------------
Certificate of Deposit--1.5%
Chase Manhattan Corp.
$10,000,000 4.87% 07/21/1999 $10,000,000
- ---------------------------------------------------------------------------------------------------
Total Certificate of Deposit $10,000,000
- ---------------------------------------------------------------------------------------------------
Time Deposit--4.6%
Societe Generale, New York
$30,000,000 4.88% 07/01/1999 $30,000,000
- ---------------------------------------------------------------------------------------------------
Total Time Deposit $30,000,000
- ---------------------------------------------------------------------------------------------------
U.S. Government Agency Obligation--1.2%
World Bank
$ 8,000,000 7.13% 09/27/1999 $ 8,036,876
- ---------------------------------------------------------------------------------------------------
Total U.S. Government Agency Obligation $ 8,036,876
- ---------------------------------------------------------------------------------------------------
Variable Rate Obligations(a)--16.4%
BankAmerica Corp.
$ 6,000,000 5.04% 07/15/1999 $ 6,001,602
C.S. First Boston Corp.
10,000,000 5.15 07/07/1999 10,000,000
Citigroup, Inc.
5,000,000 5.14 09/17/1999 5,000,000
Comerica Bank Detroit
5,000,000 4.88 07/02/1999 4,999,129
First Union Corp.
2,000,000 5.15 07/01/1999 1,999,456
Fleet National Bank
10,000,000 5.08 07/01/1999 9,997,930
IBM Corp.
10,000,000 4.83 08/12/1999 9,998,808
J.P. Morgan & Co., Inc.
12,050,000 4.84 07/07/1999 12,049,836
</TABLE>
- --------------------------------------- ---------------------------------------
The accompanying notes are an integral
part of these financial statements.
9
<PAGE>
Statement of Investments
- --------------------------------------------------------------------------------
Financial Square Premium Money Market Fund (continued)
June 30, 1999
(Unaudited)
- --------------------------------------- ---------------------------------------
<TABLE>
<CAPTION>
Principal Interest Maturity Amortized
Amount Rate Date Cost
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Variable Rate Obligations (continued)
Merrill Lynch & Co., Inc.
$ 5,000,000 4.90% 07/13/1999 $ 4,999,941
National Rural Utilities Corp.
5,000,000 4.97 08/25/1999 5,000,000
PepsiCo, Inc.
10,000,000 4.84 08/19/1999 9,998,485
PNC Bank, N.A.
5,000,000 4.82 07/06/1999 4,999,699
5,000,000 5.02 07/27/1999 4,999,733
SMM Trust Series 1998-A
2,000,000 5.26 09/16/1999 2,000,000
U.S. Bank, N.A.
10,000,000 4.89 07/08/1999 9,999,467
Westpac Banking Corp.
5,000,000 4.88 08/03/1999 4,999,800
- ---------------------------------------------------------------------------------------------
Total Variable Rate Obligations $107,043,886
- ---------------------------------------------------------------------------------------------
Repurchase Agreements--38.9%
ABN/AMRO, Inc.(b)
$25,000,000 5.30% 07/01/1999 $ 25,000,000
Bear Stearns Companies, Inc.(b)
25,000,000 5.00 07/01/1999 25,000,000
Goldman, Sachs & Co.(b)
10,000,000 4.90 07/01/1999 10,000,000
Joint Repurchase Agreement Account
93,400,000 4.85 07/01/1999 93,400,000
Lehman Brothers, Inc.(b)
26,300,000 4.83 07/01/1999 26,300,000
25,000,000 5.00 07/01/1999 25,000,000
Salomon Smith Barney, Inc.(b)
25,000,000 5.10 07/01/1999 25,000,000
SBC Warburg Dillon Read Corp.(b)
25,000,000 4.80 07/01/1999 25,000,000
- ---------------------------------------------------------------------------------------------
Total Repurchase Agreements $254,700,000
- ---------------------------------------------------------------------------------------------
Total Investments $655,508,574(c)
- ---------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
(a) Variable rate security-base index is either Federal Funds or LIBOR.
(b) At June 30, 1999, these agreements were fully collateralized by U.S.
Treasury and Federal Agency obligations.
(c) The amount stated also represents aggregate cost for federal income tax
purposes.
Interest rates represent either the stated coupon rate, annualized discounted
yield on date of purchase for discounted securities, 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 percentage shown for each investment category reflects the value of
investments in that category as a percentage of total net assets.
- --------------------------------------- ---------------------------------------
10
<PAGE>
Statement of Investments
- --------------------------------------------------------------------------------
Financial Square Treasury Obligations Fund
June 30, 1999
(Unaudited)
- --------------------------------------- ---------------------------------------
<TABLE>
<CAPTION>
Principal Interest Maturity Amortized
Amount Rate Date Cost
- -------------------------------------------------------------------------------------------
<S> <C> <C> <C>
U.S. Treasury Obligations--16.7%
United States Treasury Notes
$ 50,000,000 7.75% 11/30/1999 $ 50,616,266
254,000,000 6.38 01/15/2000 255,876,383
100,000,000 5.38 01/31/2000 100,362,335
52,000,000 7.75 01/31/2000 52,887,254
43,000,000 5.88 02/15/2000 43,264,909
60,000,000 8.50 02/15/2000 61,403,296
40,000,000 7.13 02/29/2000 40,591,721
25,000,000 5.50 05/31/2000 25,119,116
26,000,000 6.13(a) 07/31/2000 26,201,094
- -------------------------------------------------------------------------------------------
Total U.S. Treasury Obligations $ 656,322,374
- -------------------------------------------------------------------------------------------
Repurchase Agreements--83.9%
ABN/AMRO, Inc.(b)
$ 175,000,000 4.90% 07/01/1999 $ 175,000,000
Bear Stearns Companies, Inc.(b)
172,000,000 4.80 07/01/1999 172,000,000
C.S. First Boston Corp.(b)
95,000,000 4.69 07/12/1999 95,000,000
Deutsche Bank(b)
172,000,000 4.95 07/01/1999 172,000,000
Donaldson, Lufkin & Jenrette, Inc.(b)
42,000,000 4.75 08/11/1999 42,000,000
Goldman, Sachs & Co.(b)
220,000,000 4.90 07/01/1999 220,000,000
Joint Repurchase Agreement Account(c)
1,476,000,000 4.85 07/01/1999 1,476,000,000
J.P. Morgan Securities, Inc.(b)
175,000,000 4.90 07/01/1999 175,000,000
Lehman Brothers, Inc.(b)
50,000,000 4.83 07/01/1999 50,000,000
100,000,000 4.85 07/01/1999 100,000,000
Merrill Lynch Government Securities, Inc.(b)
175,000,000 5.00 07/01/1999 175,000,000
Morgan Stanley Dean Witter & Co.(b)
62,000,000 4.95 07/01/1999 62,000,000
115,000,000 4.69 07/12/1999 115,000,000
Salomon Smith Barney, Inc.(b)
180,000,000 4.80 07/08/1999 180,000,000
</TABLE>
<TABLE>
<CAPTION>
Principal Interest Maturity Amortized
Amount Rate Date Cost
- -------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Repurchase Agreements (continued)
SBC Warburg Dillon Read Corp.(b)
$ 60,300,000 4.80% 07/01/1999 $ 60,300,000
25,000,000 4.85 07/01/1999 25,000,000
- -------------------------------------------------------------------------------------------
Total Repurchase Agreements $3,294,300,000
- -------------------------------------------------------------------------------------------
Total Investments $3,950,622,374(d)
- -------------------------------------------------------------------------------------------
</TABLE>
(a) Forward commitment.
(b) At June 30, 1999, these agreements were fully collateralized by U.S.
Treasury obligations.
(c) A portion of this security is segregated for forward commitments.
(d) The amount stated also represents aggregate cost for federal income tax
purposes.
The percentage shown for each investment category reflects the value of the
investments in that category as a percentage of total net assets.
- --------------------------------------- ---------------------------------------
The accompanying notes are an integral
part of these financial statements.
11
<PAGE>
Statement of Investments
- --------------------------------------------------------------------------------
Financial Square Treasury Instruments Fund
June 30, 1999
(Unaudited)
- --------------------------------------- ---------------------------------------
<TABLE>
<CAPTION>
Principal Interest Maturity Amortized
Amount Rate Date Cost
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C>
U.S. Treasury Obligations--98.6%
United States Treasury Bills
$ 1,700,000 4.42% 07/15/1999 $ 1,697,081
52,400,000 4.18 07/29/1999 52,229,642
2,000,000 4.26 08/12/1999 1,990,071
20,279,000 4.70 08/15/1999 20,159,748
1,700,000 4.51 08/26/1999 1,688,073
3,100,000 4.50 09/16/1999 3,070,163
United States Treasury Notes
60,000,000 5.88 07/31/1999 60,061,773
85,000,000 6.88 07/31/1999 85,160,957
75,000,000 6.00 08/15/1999 75,108,960
- ---------------------------------------------------------------------------------------------
Total U.S. Treasury Obligations $301,166,468
- ---------------------------------------------------------------------------------------------
Total Investments $301,166,468(a)
- ---------------------------------------------------------------------------------------------
</TABLE>
(a) The amount stated also represents aggregate cost for federal income tax
purposes.
Interest rates represent either the stated coupon rate or annualized discounted
yield on date of purchase for discounted securities.
The percentage shown for each category reflects the value of investments in
that category as a percentage of total net assets.
- --------------------------------------------------------------------------------
- --------------------------------------- ---------------------------------------
The accompanying notes are an integral
part of these financial statements.
12
<PAGE>
Statement of Investments
- --------------------------------------------------------------------------------
Financial Square Government Fund
June 30, 1999
(Unaudited)
- --------------------------------------- ---------------------------------------
<TABLE>
<CAPTION>
Principal Interest Maturity Amortized
Amount Rate Date Cost
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
U.S. Government Agency Obligations--58.4%
Federal Farm Credit Bank
$ 50,000,000 4.76%(a) 07/10/1999 $ 49,983,064
70,000,000 4.79(a) 07/11/1999 69,991,542
48,000,000 4.76 01/18/2000 47,953,542
Federal Home Loan Bank
70,000,000 4.96(a) 07/01/1999 69,972,459
175,000,000 4.76(a) 07/01/1999 174,979,796
125,000,000 4.80(a) 07/11/1999 124,954,158
38,045,000 5.52 08/12/1999 38,071,183
75,000,000 4.78(a) 08/12/1999 74,944,959
30,000,000 4.90 01/14/2000 29,997,470
50,000,000 4.80 01/26/2000 49,970,511
38,000,000 4.79 02/04/2000 37,974,467
17,000,000 5.04 02/25/2000 16,992,987
25,000,000 5.02 05/12/2000 24,962,119
Federal Home Loan Mortgage Corp.
150,000,000 4.82(a) 07/18/1999 149,986,389
100,000,000 4.83(a) 07/18/1999 99,929,617
50,000,000 4.82(a) 07/20/1999 49,971,335
50,000,000 4.86(a) 07/22/1999 49,980,750
100,000,000 4.71 08/13/1999 99,437,417
70,000,000 5.02 09/23/1999 69,180,067
Federal National Mortgage Association
44,495,000 4.74 07/09/1999 44,448,132
55,000,000 4.74 07/12/1999 54,920,342
125,000,000 5.18(a) 07/15/1999 124,949,775
50,000,000 4.77(a) 07/23/1999 49,997,633
25,000,000 4.79(a) 08/10/1999 24,987,131
70,000,000 4.78 11/30/1999 69,987,744
25,890,000 4.72 12/16/1999 25,879,877
20,500,000 5.00 05/05/2000 20,479,923
40,000,000 5.05 05/12/2000 39,961,666
31,160,000 5.56 07/24/2000 31,148,062
Student Loan Marketing Association(a)
40,000,000 4.94 07/01/1999 39,987,523
100,000,000 4.77 07/03/1999 99,972,397
- -----------------------------------------------------------------------------------------------
Total U.S. Government Agency Obligations $1,955,954,037
- -----------------------------------------------------------------------------------------------
Repurchase Agreements--41.6%
ABN/AMRO, Inc.(b)
$145,000,000 5.30% 07/01/1999 $ 145,000,000
Banc of America Securities(b)
150,000,000 5.05 07/01/1999 150,000,000
Goldman, Sachs & Co.(b)
75,000,000 4.90 07/01/1999 75,000,000
</TABLE>
<TABLE>
<CAPTION>
Principal Interest Maturity Amortized
Amount Rate Date Cost
- -------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Repurchase Agreements (continued)
Joint Repurchase Agreement Account
$354,300,000 4.85% 07/01/1999 $ 354,300,000
Joint Repurchase Agreement Account II
330,000,000 5.13 07/01/1999 330,000,000
Lehman Brothers, Inc.(b)
88,100,000 4.83 07/01/1999 88,100,000
Merrill Lynch Government Securities, Inc.(b)
50,000,000 4.90 07/01/1999 50,000,000
Salomon Smith Barney, Inc.(b)
150,000,000 5.10 07/01/1999 150,000,000
SBC Warburg Dillon Read Corp.(b)
50,000,000 4.80 07/01/1999 50,000,000
- -------------------------------------------------------------------------------------------
Total Repurchase Agreements $1,392,400,000
- -------------------------------------------------------------------------------------------
Total Investments $3,348,354,037(c)
- -------------------------------------------------------------------------------------------
</TABLE>
(a) Variable rate security-base index is either Federal Funds or LIBOR.
(b) At June 30, 1999, these agreements were fully collateralized by U.S.
Treasury and Federal Agency obligations.
(c) The amount stated also represents aggregate cost for federal income tax
purposes.
Interest rates represent either the stated coupon rate, annualized discounted
yield on date of purchase for discounted securities, 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 percentage shown for each investment category reflects the value of
investments in that category as a percentage of total net assets.
- --------------------------------------- ---------------------------------------
The accompanying notes are an integral
part of these financial statements.
13
<PAGE>
Statement of Investments
- --------------------------------------------------------------------------------
Financial Square Federal Fund
June 30, 1999
(Unaudited)
- --------------------------------------- ---------------------------------------
<TABLE>
<CAPTION>
Principal Interest Maturity
Amount Rate Date Amortized Cost
- ----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
U.S. Government Agency Obligations--99.9%
Federal Farm Credit Bank
$100,000,000 4.72%(a) 07/01/1999 $ 99,993,392
34,000,000 4.74(a) 07/01/1999 33,988,893
17,000,000 4.77 07/01/1999 17,000,000
35,000,000 4.80(a) 07/01/1999 35,000,000
40,000,000 4.93(a) 07/01/1999 39,987,649
35,000,000 4.95(a) 07/01/1999 34,987,091
60,000,000 5.06(a) 07/01/1999 60,000,000
245,400,000 4.69(a) 07/01/1999 245,400,000
49,196,000 4.77 07/01/1999 49,163,408
75,000,000 4.76(a) 07/10/1999 74,974,596
20,000,000 4.68 07/12/1999 19,971,400
50,000,000 4.79(a) 07/13/1999 50,000,000
60,000,000 4.82(a) 07/15/1999 60,000,000
5,800,000 4.78 07/20/1999 5,785,368
100,000,000 4.85 07/22/1999 99,717,083
90,000,000 4.82(a) 07/23/1999 89,995,721
25,000,000 4.86(a) 07/23/1999 24,991,097
75,000,000 4.82 07/27/1999 74,738,917
50,000,000 5.50 09/01/1999 50,023,396
6,700,000 5.05 09/23/1999 6,621,052
7,500,000 4.75 12/01/1999 7,495,982
58,000,000 4.76 01/18/2000 57,969,676
Federal Home Loan Bank
32,300,000 4.47 07/01/1999 32,300,000
75,000,000 4.91(a) 07/01/1999 74,981,534
50,000,000 4.96(a) 07/01/1999 49,980,328
4,879,000 4.74 07/02/1999 4,878,358
23,243,000 4.70 07/07/1999 23,224,793
125,000,000 5.20(a) 07/07/1999 124,962,572
100,000,000 4.77(a) 07/08/1999 99,990,548
50,000,000 4.70 07/09/1999 49,947,777
125,000,000 4.80(a) 07/11/1999 124,954,158
46,555,000 4.69 07/14/1999 46,476,154
153,725,000 4.86 07/14/1999 153,455,490
97,500,000 4.85 07/16/1999 97,302,969
30,000,000 4.90 07/21/1999 29,918,333
75,000,000 4.99 07/21/1999 74,792,292
41,400,000 4.99 07/23/1999 41,273,753
43,000,000 4.87 07/30/1999 42,831,309
65,390,000 4.73 08/04/1999 65,098,197
54,330,000 4.73 08/06/1999 54,073,019
18,533,000 4.90 08/13/1999 18,424,530
50,600,000 4.90 08/18/1999 50,269,413
2,200,000 4.92 08/18/1999 2,185,568
</TABLE>
<TABLE>
<CAPTION>
Principal Interest Maturity Amortized
Amount Rate Date Cost
- -------------------------------------------------------------------------------------------
<S> <C> <C> <C>
U.S. Government Agency Obligations (continued)
Federal Home Loan Bank (continued)
$ 25,000,000 4.90% 01/14/2000 $ 24,997,892
65,000,000 4.80 01/26/2000 64,961,664
75,000,000 4.79 02/04/2000 74,949,606
35,000,000 4.95 02/17/2000 34,988,149
25,000,000 5.15 03/08/2000 24,993,400
45,000,000 5.10 05/17/2000 44,973,408
25,000,000 5.26 05/26/2000 24,995,650
Student Loan Marketing Association
60,000,000 4.94(a) 07/01/1999 59,981,284
100,000,000 4.77(a) 07/03/1999 99,972,397
15,300,000 4.80 07/06/1999 15,289,800
41,200,000 5.48(a) 07/07/1999 41,207,273
65,000,000 5.54(a) 07/07/1999 64,983,072
75,000,000 4.82(a) 07/15/1999 75,000,000
130,000,000 4.94(a) 09/15/1999 129,980,004
10,000,000 4.94(a) 09/16/1999 9,996,185
Tennessee Valley Authority
13,100,000 4.75 07/01/1999 13,100,000
15,000,000 4.82 07/22/1999 14,957,825
- -------------------------------------------------------------------------------------------
Total U.S. Government Agency Obligations $3,318,453,425
- -------------------------------------------------------------------------------------------
Total Investments $3,318,453,425(b)
</TABLE>
- --------------------------------------------------------------------------------
(a) Variable rate security-base index is either U.S. Treasury Bill, Federal
Funds, or LIBOR.
(b) The amount stated also represents aggregate cost for federal income tax
purposes.
Interest rates represent either the stated coupon rate, annualized discounted
yield on date of purchase for discounted securities, 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 percentage shown for each investment category reflects the value of
investments in that category as a percentage of total net assets.
- --------------------------------------- ---------------------------------------
The accompanying notes are an integral
part of these financial statements.
14
<PAGE>
Statement of Investments
- --------------------------------------------------------------------------------
Financial Square Tax-Free Money Market Fund
June 30, 1999
(Unaudited)
- --------------------------------------- ---------------------------------------
<TABLE>
<CAPTION>
Principal Interest Maturity Amortized
Amount Rate Date Cost
<S> <C> <C> <C>
- -------------------------------------------------------------------------------------------------
Alabama--4.6%
City of Mobile Industrial Development PCRB for Alabama Power Series 1993 A
(A-1/VMIG1)
$ 5,100,000 3.80% 07/07/1999 $ 5,100,000
Columbia IDRB for Alabama Power Company Series 1995 B (A-1/VMIG1)
10,500,000 3.45 07/01/1999 10,500,000
Columbia IDRB for Alabama Power Company Series 1996 A (A-1/VMIG1)
6,000,000 3.45 07/01/1999 6,000,000
Columbia IDRB for Alabama Power Company Series 1999 A (A-1/VMIG1)
10,000,000 3.45 07/01/1999 10,000,000
Eutaw City IDB PCRB for Mississippi Power Co. Greene County Plant Project
Series 1992 (A-1/VMIG1)
6,550,000 3.85 07/07/1999 6,550,000
Eutaw City IDB PCRB for Alabama Power Company Series 1998 (A-1/VMIG1)
7,700,000 3.45 07/01/1999 7,700,000
Gadsden City IDB PCRB for Alabama Power Company Series 1994 (A-1/VMIG1)
3,500,000 3.50 07/01/1999 3,500,000
Homewood City Educational Building Authority Educational Facilities RB for
Samford University Series 1996 (Bank of Nova Scotia) (A-1+/VMIG1)
22,600,000 3.45 07/01/1999 22,600,000
Jefferson County MF Hsg. RB for Hickory Knolls Project Series 1994 (Amsouth
Bank LOC) (P-1)
3,625,000 3.75 07/07/1999 3,625,000
Montgomery City Special Care RB Series 1994 A (Amsouth Bank) (VMIG1)
7,900,000 3.65 07/07/1999 7,900,000
- -------------------------------------------------------------------------------------------------
$ 83,475,000
- -------------------------------------------------------------------------------------------------
Alaska--1.4%
Valdez Marine Terminal RB for Exxon Corporation Series 1993 A (A-1+/VMIG1)
$18,250,000 3.40% 07/01/1999 $ 18,250,000
Valdez Marine Terminal RB Series 1994 B (A-1/VMIG1)
8,200,000 3.45 07/07/1999 8,200,000
- -------------------------------------------------------------------------------------------------
$ 26,450,000
- -------------------------------------------------------------------------------------------------
Arizona--0.8%
Tempe VRDN Excise Tax Revenue Obligations Series 1998 (A-1+/VMIG1)
$13,800,000 3.55% 07/01/1999 $ 13,800,000
</TABLE>
<TABLE>
<CAPTION>
Principal Interest Maturity Amortized
Amount Rate Date Cost
<S> <C> <C> <C>
- ---------------------------------------------------------------------------------------------
California--0.4%
City of Long Beach TRANS Series 1998-1999 (SP1+)
$ 3,400,000 4.00% 10/05/1999 $ 3,407,281
Los Angeles County TRANS Series 1999-2000 (SP1/MIG1)(a)
5,000,000 4.00 06/30/2000 5,032,800
- ---------------------------------------------------------------------------------------------
$ 8,440,081
- ---------------------------------------------------------------------------------------------
Colorado--1.7%
Colorado Health Facilities Authority VRDN RB for Catholic Health
Initiatives Series 1997 B (A-1+/VMIG1)
$ 30,000,000 3.50% 07/07/1999 $ 30,000,000
- ---------------------------------------------------------------------------------------------
Florida--2.2%
Florida Local Government Financing Commission Pooled CP Notes Series A
(First Union National Bank) (A-1/P-1)
$ 17,890,000 3.20% 09/09/1999 $ 17,890,000
1,940,000 3.30 09/09/1999 1,940,000
Orange County Educational Facilities Authority RB for Rollins College
Project Series 1999 (NationsBank) (VMIG1)
8,200,000 3.75 07/07/1999 8,200,000
Putnam County IDA Floating/Fixed Rate PCRB for Seminole Electric Series
1984 H-1 ((NRU LOC)(A-1+/P-1)
9,880,000 3.55 07/07/1999 9,880,000
Putnam County IDA Floating/Fixed Rate PCRB for Seminole Electric Series
1984 S (NRU LOC) (A-1+/P-1)
2,555,000 3.55 07/07/1999 2,555,000
- ---------------------------------------------------------------------------------------------
$ 40,465,000
- ---------------------------------------------------------------------------------------------
Georgia--12.4%
Bartow County IDA PCRB for Georgia Power Co. First Series 1997 (A-1/VMIG1)
$ 32,600,000 3.45% 07/01/1999 $ 32,600,000
Burke County IDA Adjustable Tender PCRB for Oglethorpe Power Corp. Series
1993 A (FGIC) (A-1+/VMIG1)
32,925,000 3.30 07/07/1999 32,925,000
Burke County IDA PCRB for Georgia Power Co. Ninth Series 1994 (A-1/VMIG1)
9,600,000 3.65 07/01/1999 9,600,000
Burke County IDA PCRB for Georgia Power Co. Fifth Series 1995 (VMIG1)
5,100,000 3.65 07/01/1999 5,100,000
Burke County IDA PCRB for Oglethorpe Power Corp. Series 1994 A (FGIC) (A-
1+/VMIG1)
3,175,000 3.30 07/07/1999 3,175,000
Dekalb County Hospital Authority Revenue Anticipation Certificates for
Dekalb Medical Center Series 1993 B (Suntrust Bank) (VMIG1)
2,030,000 3.75 07/07/1999 2,030,000
</TABLE>
- --------------------------------------- ---------------------------------------
The accompanying notes are an integral
part of these financial statements.
15
<PAGE>
Statement of Investments
- --------------------------------------------------------------------------------
Financial Square Tax-Free Money Market Fund (continued)
June 30, 1999
(Unaudited)
- --------------------------------------- ---------------------------------------
<TABLE>
<CAPTION>
Principal Interest Maturity Amortized
Amount Rate Date Cost
<S> <C> <C> <C>
- -------------------------------------------------------------------------------------------------
Georgia (continued)
Dekalb County School District TANS Series 1999 (VMIG1)
$15,000,000 2.88% 12/30/1999 $ 15,000,000
Dekalb Private Hospital Authority VRDN for Childrens Health Care System
Project Series 1998 B (Suntrust Bank) (VMIG1)
11,000,000 3.35 07/07/1999 11,000,000
Effingham County PCRB for Savannah Electric & Power Company Series 1997 (A-
1/VMIG1)
6,170,000 3.65 07/01/1999 6,170,000
Fulco Hospital Authority Revenue Anticipation Certificates for Piedmont
Hospital Project Series 1999 (Suntrust Bank) (A-1+/VMIG1)
12,000,000 3.75 07/07/1999 12,000,000
Georgia Municipal Electric and Gas Project One Subordinated Bonds Series
1994 E (ABN/AMRO Bank) (A-1+/VMIG1)
9,380,000 3.50 07/07/1999 9,380,000
Georgia Municipal Gas Authority Gas RB for Gas Portfolio II Project Series A
(C.S. First Boston Corp./Morgan Guaranty Trust Company of New
York/Bayerische Landesbank Girozentrale/Wachovia Bank/ABN/AMRO Bank) (A-1+)
6,840,000 3.30 07/07/1999 6,840,000
Georgia Municipal Gas Authority RB for Agency Project Series B (C.S. First
Boston/Morgan Guaranty/Bayerische Landesbank Girozentrale/Wachovia
Bank/ABN/AMRO Bank) (A-1+)
9,625,000 3.50 07/07/1999 9,625,000
Georgia Municipal Gas Authority RB for Gas Portfolio II Project Series B
(C.S. First Boston/Morgan Guaranty/Bayerische Landesbank
Girozentrale/Wachovia Bank) (A-1+)
41,465,000 3.30 07/07/1999 41,465,000
Georgia Municipal Gas Authority RB Series A (C.S. First Boston/Morgan
Guaranty/Bayerische Landesbank Girozentrale/Wachovia Bank/ABN/AMRO Bank)
(A-1+)
6,405,000 3.50 07/07/1999 6,405,000
Monroe County IDA PCRB for Georgia Power Co. Second Series 1995 (A-1/VMIG1)
12,400,000 3.50 07/01/1999 12,400,000
Municipal Electric Authority of Georgia Subordinate General Resolution Bonds
Series 1985 B (Landesbank Hessen-Thueringen Girozentrale LOC) (A-1+/VMIG1)
9,500,000 3.35 07/07/1999 9,500,000
- -------------------------------------------------------------------------------------------------
$ 225,215,000
- -------------------------------------------------------------------------------------------------
Idaho--0.4%
State of Idaho TANS Series 1999 (SP1+/VMIG1)(a)
$ 6,500,000 4.25% 06/30/2000 $ 6,553,235
</TABLE>
<TABLE>
<CAPTION>
Principal Interest Maturity Amortized
Amount Rate Date Cost
<S> <C> <C> <C>
- -------------------------------------------------------------------------------------------------
Illinois--11.8%
Chicago City RB for Chicago Midway Airport Series 1996A Societe Generale
Trustor Municipal Securities Trust Receipts (MBIA) (A-1+)
$ 7,540,000 3.77% 07/07/1999 $ 7,540,000
Cook County GO VRDN Series 1996 (A-1+/VMIG1)
33,100,000 3.45 07/07/1999 33,100,000
Illinois Health Facilities Authority VRDN Adjustable RB for Evanston
Northwestern Health Care Corp. Series 1998 (A-1+/VMIG1)
15,000,000 3.25 05/31/2000 15,000,000
Illinois Health Facilities Authority VRDN for Elmhurst Memorial Health
System Series 1998 A (VMIG1)
37,885,000 3.50 07/01/1999 37,885,000
Illinois Health Facilities Authority VRDN for Elmhurst Memorial Health
Systems Series 1993 B (VMIG1)
23,300,000 3.50 07/01/1999 23,300,000
Illinois Health Facilities Authority VRDN for Northwest Community Hospital
Series 1997 (A-1+/VMIG1)
10,800,000 3.65 07/07/1999 10,800,000
Illinois Health Facilities Authority VRDN for Resurrection Health Care
Series 1993 (VMIG1)
22,700,000 3.45 07/01/1999 22,700,000
Illinois Health Facilities Authority VRDN RB for Northwest Community
Hospital Series 1995 (A-1+/VMIG1)
4,800,000 3.65 07/07/1999 4,800,000
Illinois Health Facilities Authority VRDN for The Revolving Fund Pooled
Finance Program Series 1985 C (The First National Bank of Chicago) (A-
1+/VMIG1)
20,200,000 3.65 07/07/1999 20,200,000
Illinois Health Facility Authority VRDN for The Revolving Fund Pooled
Finance Program Series 1985 D (The First National Bank of Chicago) (A-
1+/VMIG1)
21,000,000 3.65 07/01/1999 21,000,000
Illinois State GO Eagle Tax Exempt Trust Series 1995 C Class A COPS (FGIC)
(A-1)
14,850,000 3.69 07/07/1999 14,850,000
Village of Sauget VRDN PCRB for Monsanto Project Series 1992 (P-1)
1,000,000 3.65 07/07/1999 1,000,000
Village of Sauget VRDN PCRB for Monsanto Project Series 1993 (P-1)
1,900,000 3.65 07/07/1999 1,900,000
- -------------------------------------------------------------------------------------------------
$ 214,075,000
- -------------------------------------------------------------------------------------------------
Indiana--2.9%
Fort Wayne City Hospital Authority VRDN for Parkview Memorial Hospital
Series 1985 B (Bank of America LOC) (VMIG1)
$ 1,600,000 3.50% 07/07/1999 $ 1,600,000
</TABLE>
- --------------------------------------- ---------------------------------------
The accompanying notes are an integral
part of these financial statements.
16
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------- ---------------------------------------
<TABLE>
<CAPTION>
Principal Interest Maturity Amortized
Amount Rate Date Cost
<S> <C> <C> <C>
- -------------------------------------------------------------------------------------------------
Indiana (continued)
Indiana Health Facility Authority Variable Rate Hospital RB for Daughters of
Charity National Health System Series 1997 E (A-1+/VMIG1)
$29,640,000 3.35% 07/07/1999 $ 29,640,000
Indiana Hospital Equipment Financing Authority VRDN Series 1985 A (CIBC) (A-
1+)
6,950,000 3.55 07/07/1999 6,950,000
Princeton City PCRB for PSI Energy, Inc. Project Series 1997 (Morgan
Guaranty Trust Company of New York) (A-1+/VMIG1)
7,200,000 3.75 07/01/1999 7,200,000
Warrick County PCRB for ALCOA Series 1992 (A-1)
7,475,000 3.90 07/07/1999 7,475,000
- -------------------------------------------------------------------------------------------------
$ 52,865,000
- -------------------------------------------------------------------------------------------------
Iowa--2.3%
Chillicothe City PCRB for Midamerican Energy Co./Midwest Power Systems
Series 1993 A (A-1/VMIG1)
$ 2,400,000 3.75% 07/07/1999 $ 2,400,000
Louisa County PCRB for Iowa-Illinois Gas & Electric Co./Midamerican Energy
Co. Series 1986 A (A-1)
9,100,000 3.70 07/07/1999 9,100,000
Louisa County PCRB for Midwest Power Systems, Inc. Series 1994
(A-1/VMIG1)(b)
20,000,000 3.70 07/07/1999 20,000,000
Salix City PCRB for Midamerican Energy Co./Midwest Power Systems Series 1993
(A-1/VMIG1)
10,900,000 3.75 07/07/1999 10,900,000
- -------------------------------------------------------------------------------------------------
$ 42,400,000
- -------------------------------------------------------------------------------------------------
Kentucky--3.4%
Calvert PCRB for Air Products and Chemicals, Inc. Project Series 1993 A (A-
1)
$ 3,000,000 3.70% 07/07/1999 $ 3,000,000
Kentucky Asset/Liability Commission TRAN Series 1999A (SP1+/VMIG1)(a)
25,000,000 4.25 06/28/2000 25,209,750
Kentucky Economic Development Financing Authority Adjustable Rate Hospital
Facilities RB for The Health Alliance of Greater Cincinnati Series 1997 D
(MBIA) (A-1+/VMIG1)
11,308,000 3.35 07/07/1999 11,308,000
Kentucky Turnpike Authority Resource Recovery Road Refunding RB Series 1987
A Trust Receipts, Series 1997 (FSA) (A-1+/VMIG1)
18,165,000 3.60 07/07/1999 18,165,000
</TABLE>
<TABLE>
<CAPTION>
Principal Interest Maturity Amortized
Amount Rate Date Cost
<S> <C> <C> <C>
- -------------------------------------------------------------------------------------------------
Kentucky (continued)
Trimble County PCRB For Louisville Gas And Electric Co. Series 1996 A (A-
1/VMIG1)
$ 4,000,000 3.15% 07/29/1999 $ 4,000,000
- -------------------------------------------------------------------------------------------------
$ 61,682,750
- -------------------------------------------------------------------------------------------------
Louisiana--1.0%
Calcasieu Parish VRDN for Olin Corp. Series 1993 B (Wachovia Bank) (A-1+)
$ 5,500,000 3.75% 07/01/1999 $ 5,500,000
Louisiana Offshore Terminal Authority Deepwater Port First Stage Series 1992
A (Suntrust Bank) (A-1+)
11,970,000 3.40 07/01/1999 11,970,000
- -------------------------------------------------------------------------------------------------
$ 17,470,000
- -------------------------------------------------------------------------------------------------
Maryland--2.8%
Baltimore County Metropolitan District CP BANS Series 1995 (A-1+/P-1)
$10,000,000 3.20% 09/09/1999 $ 10,000,000
Maryland State & Local Loan of 1998 GO Puttable Floating Option Tax-Exempt
Securities Receipts Series 1 (A-1+)
29,665,000 3.77 07/07/1999 29,665,000
Washington Suburban Sanitary District GO VRDN Series 1998 (A-1+/VMIG1)
10,300,000 3.45 07/07/1999 10,300,000
- -------------------------------------------------------------------------------------------------
$ 49,965,000
- -------------------------------------------------------------------------------------------------
Massachusetts--5.7%
Commonwealth of Massachusetts GO Refunding Bonds Series 1994 A (AA-/AA3)
$ 5,000,000 5.50% 07/01/1999 $ 5,000,000
Commonwealth of Massachusetts GO Refunding Bonds Series 1997 A (AA-/AA3)
9,485,000 4.50 08/01/1999 9,497,600
Commonwealth of Massachusetts GO Refunding Bonds Series 1998 A (A-1+/VMIG1)
40,000,000 3.60 07/01/1999 40,000,000
Massachusetts Health & Education Authority RB for Harvard University Series
I (A-1+/VMIG1)
26,900,000 3.70 07/01/1999 26,900,000
Massachusetts Health & Education Facility Authority for Harvard University
Series A Eagle Tax-Exempt Trust Series 972104 Class A COPS (A-1+)
10,000,000 3.69 07/07/1999 10,000,000
</TABLE>
- --------------------------------------- ---------------------------------------
The accompanying notes are an integral
part of these financial statements.
17
<PAGE>
Statement of Investments
- --------------------------------------------------------------------------------
Financial Square Tax-Free Money Market Fund (continued)
June 30, 1999
(Unaudited)
- --------------------------------------- ---------------------------------------
<TABLE>
<CAPTION>
Principal Interest Maturity Amortized
Amount Rate Date Cost
<S> <C> <C> <C>
- -------------------------------------------------------------------------------------------------
Massachusetts (continued)
Massachusetts Health & Education Facility Authority RB for Harvard
University Series I (A-1+/VMIG1)
$12,925,000 3.70% 07/07/1999 $ 12,925,000
- -------------------------------------------------------------------------------------------------
$ 104,322,600
- -------------------------------------------------------------------------------------------------
Michigan--2.1%
Michigan State Building Authority CP Notes Series 2 (CIBC) (A-1+/P-1)
$26,675,000 3.15% 08/05/1999 $ 26,675,000
Michigan State Trunk Line Fund Series 1998 A--Eagle Tax-Exempt Trust Series
982202 Class A Certificates (A-1+)
12,165,000 3.69 07/07/1999 12,165,000
- -------------------------------------------------------------------------------------------------
$ 38,840,000
- -------------------------------------------------------------------------------------------------
Minnesota--0.2%
Port Authority of St. Paul VRDN For Weyerhaeuser Project Series 1993 (A-1)
$ 4,000,000 3.70% 07/01/1999 $ 4,000,000
- -------------------------------------------------------------------------------------------------
Mississippi--0.5%
Canton IDRB for Levi Strauss & Co. Series 1995 (Bank of America National
Trust & Savings Association) (A-1+)
$ 8,400,000 3.45% 07/07/1999 $ 8,400,000
- -------------------------------------------------------------------------------------------------
Missouri--0.1%
Missouri Environmental Improvement & Energy VRDN PCRB for Monsanto Series
1993 (P-1)
$ 1,500,000 3.60% 07/07/1999 $ 1,500,000
- -------------------------------------------------------------------------------------------------
Nevada--2.6%
Clark County Refunding RB for Nevada Airport System Series 1993 A (MBIA) (A-
1+/VMIG1)
$47,060,000 3.30% 07/07/1999 $ 47,060,000
- -------------------------------------------------------------------------------------------------
New Mexico--0.7%
New Mexico State TRANS 1999-2000 Series 1999 (SP-1+/VMIG1)(a)
$12,500,000 4.00% 06/30/2000 $ 12,592,875
- -------------------------------------------------------------------------------------------------
New York--5.5%
Long Island Power Authority Electric System Subordinated RB Series 3
(Bayerische Landesbank Girozentrale/Westdeutsche Landesbank Girozentrale)
(A-1+/VMIG1)
$22,000,000 3.20% 07/22/1999 $ 22,000,000
Long Island Power Authority Electric System Subordinated RB Series 4
(Bayerische Landesbank Girozentrale/Westdeutsche Landesbank Girozentrale)
(A-1+/VMIG1)
24,800,000 3.20 08/25/1999 24,800,000
14,000,000 3.15 08/26/1999 14,000,000
Nassau County IDA Civic Facility Refunding and Improvement RB for Cold
Spring Harbor Laboratory Project Series 1999 (A-1+)
12,100,000 3.35 07/01/1999 12,100,000
</TABLE>
<TABLE>
<CAPTION>
Principal Interest Maturity Amortized
Amount Rate Date Cost
<S> <C> <C> <C>
- -------------------------------------------------------------------------------------------------
New York (continued)
New York City GO Bonds Fiscal 1994 Series E (Morgan Guaranty Trust Company
of New York) (A-1+/VMIG1)
$ 7,000,000 3.50% 07/01/1999 $ 7,000,000
New York City GO Bonds Series 1994 E (Morgan Guaranty Trust Company of New
York) (A-1+/VMIG1)
3,200,000 3.50 07/01/1999 3,200,000
New York City Municipal Water & Sewer System RB Series 1995 A (FGIC) (A-
1+/VMIG1)
1,600,000 3.55 07/01/1999 1,600,000
New York Municipal Water Finance Authority Series 1994 C (FGIC)
(A-1+/VMIG1)
1,700,000 3.70 07/01/1999 1,700,000
New York State Energy Research & Development Authority PCRB for New York
State Electric & Gas Corp. Series D-2 (First National Bank of Chicago)
(VMIG1)
4,800,000 3.45 07/01/1999 4,800,000
New York State Environmental Facility Corp. RB Eagle Tax-Exempt Trust Series
1994 D, Class A COPS (A-1+)
9,000,000 3.65 07/07/1999 9,000,000
- -------------------------------------------------------------------------------------------------
$ 100,200,000
- -------------------------------------------------------------------------------------------------
North Carolina--2.8%
City of Greensboro COPS Series 1998 (A-1+/VMIG1)
$10,000,000 3.65% 07/01/1999 $ 10,000,000
North Carolina Medical Care Commission Health Care Facilities RB for
Wakenmed Project Series 1999 (Wachovia Bank) (A-1+)
17,265,000 3.60 07/07/1999 17,265,000
Person County PCRB for Carolina Power & Light Series 1992 A
(A-1/P-1)
16,400,000 3.55 07/07/1999 16,400,000
Rockingham County Refunding PCRB for Philip Morris Project Series 1992 (A-
1/P-1)(b)
7,700,000 3.70 07/07/1999 7,700,000
- -------------------------------------------------------------------------------------------------
$ 51,365,000
- -------------------------------------------------------------------------------------------------
Ohio--1.1%
Columbus Electric System Series 1994 RB (Union Bank of Switzerland LOC)
(VMIG1)(b)
$10,900,000 3.00% 07/01/1999 $ 10,900,000
Hamilton County Adjustable Rate Hospital Facilities RB for The Health
Alliance of Greater Cincinnati Series 1997 B (MBIA) (A-1+/VMIG1)
2,500,000 3.35 07/07/1999 2,500,000
Ohio State Air Quality Development Authority PCRB for Cincinnati Gas and
Electric Series 1985 B (Morgan Guaranty Trust Company of New York) (A-1+)
6,400,000 3.50 07/01/1999 6,400,000
- -------------------------------------------------------------------------------------------------
$ 19,800,000
</TABLE>
- --------------------------------------- ---------------------------------------
The accompanying notes are an integral
part of these financial statements.
18
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------- ---------------------------------------
<TABLE>
<CAPTION>
Principal Interest Maturity Amortized
Amount Rate Date Cost
<S> <C> <C> <C>
- -------------------------------------------------------------------------------------------------
Oklahoma--1.2%
Southeastern Oklahoma IDA Solid Waste Disposal RB for Weyerhaeuser Co. (A-1)
$21,000,000 3.70% 07/01/1999 $ 21,000,000
- -------------------------------------------------------------------------------------------------
Oregon--1.1%
Oregon Veterans Welfare VRDN Series 73 H (A-1+/VMIG1)
$20,000,000 3.45% 07/07/1999 $ 20,000,000
- -------------------------------------------------------------------------------------------------
Pennsylvania--1.7%
City of Philadelphia TRANS Series A 1999-2000 (SP1+/MIG1)(a)
$15,000,000 4.25% 06/30/2000 $ 15,108,600
Commonwealth of Pennsylvania GO Bonds First Series 1994 Eagle Tax-Exempt
Trust 943804 Class A COPS (AMBAC) (A-1)(b)
15,030,000 3.69 07/07/1999 15,030,000
- -------------------------------------------------------------------------------------------------
$ 30,138,600
- -------------------------------------------------------------------------------------------------
South Carolina--0.7%
Berkeley County Multi-Mode VRDN RB for Bayer Corporation Series 1997 (A-
1+/VMIG1)
$ 4,500,000 3.80% 07/01/1999 $ 4,500,000
York County Floating/Fixed Rate PCRB Pooled Series 1984-North Carolina
Electric Membership Corp. VRDN (NRU) (A-1+/VMIG1)
8,425,000 3.55 07/07/1999 8,425,000
- -------------------------------------------------------------------------------------------------
$ 12,925,000
- -------------------------------------------------------------------------------------------------
Tennessee--0.1%
Blount County IDB PCRB for Aluminum Company of America Series 1992 (A-1)
$ 2,450,000 3.90% 07/01/1999 $ 2,450,000
- -------------------------------------------------------------------------------------------------
Texas--14.9%
City of Houston GO CP Notes Series A (A-1+/P-1)
$10,000,000 3.20% 08/19/1999 $ 10,000,000
10,000,000 3.20 08/24/1999 10,000,000
12,000,000 3.15 09/15/1999 12,000,000
5,000,000 3.30 10/07/1999 5,000,000
7,000,000 3.45 10/07/1999 7,000,000
City of San Antonio Electric & Gas System Revenue RB Series 1997 SG 104, SG
105 (A-1+)
20,200,000 3.77 07/07/1999 20,200,000
Coastal Bend Health Facilities Development Corp. Incarnate Word Health
System RB Series 1998 B (AMBAC) (VMIG1)
10,100,000 3.30 07/07/1999 10,100,000
Coastal Bend Health Facilities Development Corp. RB Series 1997
(First National Bank of Chicago) (VMIG1)
1,000,000 3.65 07/07/1999 1,000,000
</TABLE>
<TABLE>
<CAPTION>
Principal Interest Maturity Amortized
Amount Rate Date Cost
<S> <C> <C> <C>
- -------------------------------------------------------------------------------------------------
Texas (continued)
Gulf Coast Waste Disposal Authority PCRB for Monsanto Series 1996 (P-1)
$ 5,300,000 3.65% 07/07/1999 $ 5,300,000
Harris County Health Facilities Development Corp. RB for Memorial Hospital
System Series 1997 B (MBIA) (A-1+/VMIG1)
3,400,000 3.30 07/07/1999 3,400,000
Harris County Health Facilities Development Corp. Unit Priced Demand
Adjustable RB for St. Luke's Episcopal Hospital Series 1997 A (A-1+)
11,000,000 3.85 07/01/1999 11,000,000
Harris County Toll Road Fixed Rate Series 1994 B (A-1+/VMIG1)
18,100,000 3.35 07/07/1999 18,100,000
Harris County Toll Road VRDN Series 1994 E (A-1+/VMIG1)
22,900,000 3.35 07/07/1999 22,900,000
Harris County Toll Road VRDN Series 1994 F (A-1+/VMIG1)
13,900,000 3.35 07/07/1999 13,900,000
San Antonio Electric & Gas System CP Notes Series A (A-1+/P-1)
18,000,000 3.15 08/17/1999 18,000,000
10,000,000 3.10 08/23/1999 10,000,000
State of Texas TRANS CP Notes Series 1997 B (A-1+/P-1)
14,000,000 2.95 07/28/1999 14,000,000
14,000,000 2.95 08/23/1999 14,000,000
State of Texas TRANS Series 1998 (SP-1+/VMIG1)
41,000,000 4.50 08/31/1999 41,095,593
Texas Public Finance Authority Tax-Exempt GO CP Notes Series 1993A (A-1+/P-
1)
9,250,000 3.45 02/08/2000 9,250,000
University of Texas System Revenue Financing System CP Series A (A-1+/P-1)
6,209,000 3.15 09/15/99 6,209,000
Waco Health Facilities Development Corp. Variable Rate RB for Charity
Obligation Group Series 1997 E (A-1+/VMIG1)
4,800,000 3.35 07/07/1999 4,800,000
West Side Calhoun County Development Corp. PCRB Series 1985 (A-1+/P-1)
3,200,000 3.50 07/01/1999 3,200,000
- -------------------------------------------------------------------------------------------------
$ 270,454,593
- -------------------------------------------------------------------------------------------------
Utah--6.8%
Central Utah Water Conservancy District GO Limited Tax Refunding Bonds
Variable Rate Tender Option Bonds Series 1998 E (AMBAC) (A-1+/VMIG1)
$ 5,400,000 3.45% 07/07/1999 $ 5,400,000
Central Utah Water Conservancy District GO Limited Tax Refunding Bonds
Variable Rate Tender Option Bonds Series 1998 F (AMBAC) (A-1+/VMIG1)
15,510,000 3.45 07/07/1999 15,510,000
</TABLE>
- --------------------------------------- ---------------------------------------
The accompanying notes are an integral
part of these financial statements.
19
<PAGE>
Statement of Investments
- --------------------------------------------------------------------------------
Financial Square Tax-Free Money Market Fund (continued)
June 30, 1999
(Unaudited)
- --------------------------------------- ---------------------------------------
<TABLE>
<CAPTION>
Principal Interest Maturity Amortized
Amount Rate Date Cost
<S> <C> <C> <C>
- -------------------------------------------------------------------------------------------------
Utah (continued)
Intermountain Power Agency Variable Rate Power Supply Refunding RB Series E
(AMBAC) (A-1+/VMIG1)
$16,500,000 3.15% 07/22/1999 $ 16,500,000
6,200,000 3.20 09/16/1999 6,200,000
Intermountain Power Agency Variable Rate Power Supply Refunding RB Series E
(AMBAC) (A-1+/VMIG1)
10,000,000 3.13 09/15/1999 10,000,000
State of Utah Adjustable Rate GO Highway Bonds Series 1999 D (A-1+/VMIG1)
47,500,000 3.60 07/01/1999 47,500,000
Utah State Board of Regents Auxiliary and Campus Facilities System RB Series
1997 A (A-1+/VMIG1)
22,080,000 3.45 07/07/1999 22,080,000
- -------------------------------------------------------------------------------------------------
$ 123,190,000
- -------------------------------------------------------------------------------------------------
Virginia--1.9%
Chesterfield County IDA PCRB for Philip Morris Companies, Inc. Series 1992
(A-1/P-1)(b)
$14,700,000 3.70% 07/07/1999 $ 14,700,000
Chesterfield County IDA PCRB For Virginia Electric & Power Series 1985 (A-
1/VMIG1)
8,000,000 3.15 08/13/1999 8,000,000
Louisa County PCRB For Virginia Electric & Power Series 1984 (A-1/VMIG1)
1,700,000 3.30 07/09/1999 1,700,000
3,500,000 3.15 08/04/1999 3,500,000
Roanoke City IDA VRDN for Carilion Health Systems Series A (A-1/VMIG1)
100,000 3.50 07/01/1999 100,000
Roanoke City IDA VRDN for Carilion Health Systems Series B (A-1/VMIG1)
200,000 3.50 07/01/1999 200,000
York County IDA PCRB For Virginia Electric & Power Series 1985 (A-1/VMIG1)
5,600,000 3.15 08/13/1999 5,600,000
- -------------------------------------------------------------------------------------------------
$ 33,800,000
- -------------------------------------------------------------------------------------------------
Washington--1.1%
King County Limited Tax GO Bonds Series 1994 A Eagle Tax-Exempt Trust Series
97C 4701 Class A Certificates (A-1+)
$ 5,410,000 3.69% 07/07/1999 $ 5,410,000
King County Sewer Revenue BANS CP Series A (A-1/P-1)
7,500,000 3.15 08/16/1999 7,500,000
5,000,000 3.30 10/07/1999 5,000,000
</TABLE>
<TABLE>
<CAPTION>
Principal Interest Maturity Amortized
Amount Rate Date Cost
<S> <C> <C> <C>
- -----------------------------------------------------------------------------------------------
Washington (continued)
Washington Health Care Facilities Authority VRDN for Fred Hutchinson
Cancer Research Center Series 1996 (Morgan Guaranty Trust LOC) (VMIG1)
$ 1,500,000 3.60% 07/01/1999 $ 1,500,000
- -----------------------------------------------------------------------------------------------
$ 19,410,000
- -----------------------------------------------------------------------------------------------
Wisconsin--4.0%
City of Milwaukee Short-Term School Order Notes Series 1998 B
(SP1+/VMIG1)
$48,500,000 4.25% 08/26/1999 $ 48,551,892
Milwaukee IDRB Multi-Modal for Pharmacia & Upjohn, Inc. Series 1994 (P-1)
8,000,000 3.95 07/07/1999 8,000,000
Milwaukee Metropolitan Sewage District GO Capital Purpose Bonds Series
1992 A Eagle Tax-Exempt Trust Series 944905 (A-1)
10,300,000 3.69 07/07/1999 10,300,000
Wisconsin Health & Educational Facilities Authority VRDN for Wheaton
Franciscan Services Series 1997 (Toronto Dominion Bank) (A-1+/VMIG1)
6,575,000 3.80 07/07/1999 6,575,000
- -----------------------------------------------------------------------------------------------
$ 73,426,892
- -----------------------------------------------------------------------------------------------
Total Investments $1,867,731,626(c)
- -----------------------------------------------------------------------------------------------
</TABLE>
(a) Forward commitments.
(b) A portion of this security is segregated for forward commitments.
(c) The amount stated also represents aggregate cost for federal income tax
purposes.
Interest rates represent either the stated coupon rate, annualized discounted
yield on date of purchase for discounted securities, or, for floating rate
securities, the current resent 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 percentage shown for each investment category reflects the value of
investments in that category as a percentage of total net assets.
- --------------------------------------- ---------------------------------------
The accompanying notes are an integral
part of these financial statements.
20
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------- ---------------------------------------
- --------------------------------------------------------------------------------
Investment Abbreviations:
<TABLE>
<C> <S>
AMBAC --Insured by American Municipal Bond Assurance Corp.
BANS --Bond Anticipation Notes
COPS --Certificates of Participation
CP --Commercial Paper
FGIC --Insured by Financial Guaranty Insurance Co.
FSA --Insured by Financial Security Assistance Co.
GO --General Obligation
IDA --Industrial Development Authority
IDB --Industrial Development Bond
IDRB --Industrial Development Revenue Bond
LOC --Letter of Credit
MBIA --Insured by Municipal Bond Investors Assurance
MF Hsg. --Multi-Family Housing
NRU --National Rural Utilities Cooperative Finance Corp.
PCRB --Pollution Control Revenue Bond
RB --Revenue Bond
TANS --Tax Anticipation Note
TRANS --Tax Revenue Anticipation Note
VRDN --Variable Rate Demand Note
- -------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
- --------------------------------------- ---------------------------------------
The accompanying notes are an integral
part of these financial statements.
21
<PAGE>
Goldman Sachs Trust--Financial Square Funds
- --------------------------------------------------------------------------------
Statements of Assets and Liabilities
June 30, 1999
(Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Prime Premium
Obligations Money Market Money Market
Fund Fund Fund
---------------------------------------------
<S> <C> <C> <C>
Assets:
Investment in securities, at
value based on amortized cost $6,143,782,853 $7,386,418,478 $655,508,574
Cash 35,477 48,678 22,863
Receivables:
Investment securities sold -- -- --
Interest 26,773,780 25,358,919 1,314,707
Reimbursement from adviser 33,765 5,164 19,346
Deferred organization expenses,
net -- -- --
Other assets 99,414 33,880 2,114
- --------------------------------------------------------------------------------
Total assets 6,170,725,289 7,411,865,119 656,867,604
- --------------------------------------------------------------------------------
Liabilities:
Payables:
Investment securities purchased -- 284,611,664 --
Income distribution 24,464,805 27,855,543 2,204,939
Management fee 880,437 996,609 87,098
Accrued expenses and other
liabilities 545,261 473,513 66,737
- --------------------------------------------------------------------------------
Total liabilities 25,890,503 313,937,329 2,358,774
- --------------------------------------------------------------------------------
Net Assets:
Paid-in capital 6,144,824,875 7,097,929,619 654,509,235
Accumulated undistributed
(distributions in excess of) net
investment income 10,256 -- (336)
Accumulated net realized gain
(loss) on
investment transactions (345) (1,829) (69)
- --------------------------------------------------------------------------------
Net assets $6,144,834,786 $7,097,927,790 $654,508,830
- --------------------------------------------------------------------------------
Net asset value, offering and
redemption price per share
(net assets/shares outstanding) $1.00 $1.00 $1.00
- --------------------------------------------------------------------------------
Shares outstanding:
FST shares 4,954,418,547 6,114,785,160 495,636,984
FST Preferred shares 108,918,106 276,923,949 117,567,464
FST Administration shares 589,732,213 415,667,186 15,937,676
FST Service shares 491,756,009 290,553,324 25,367,111
- --------------------------------------------------------------------------------
Total shares outstanding, $.001
par value (unlimited number of
shares authorized) 6,144,824,875 7,097,929,619 654,509,235
- --------------------------------------------------------------------------------
</TABLE>
- --------------------------------------- ---------------------------------------
The accompanying notes are an integral
part of these financial statements.
22
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Treasury Treasury Tax-Free
Obligations Instruments Government Federal Money Market
Fund Fund Fund Fund Fund
- ----------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$3,950,622,374 $301,166,468 $3,348,354,037 $3,318,453,425 $1,867,731,626
33,167 60,459 23,640 43,425 89,833
-- -- -- -- 3,619,884
19,355,017 5,564,200 12,421,533 17,286,083 12,150,099
52,765 13,535 15,298 18,817 --
-- -- -- -- 768
62,918 4,030 14,573 18,300 7,984
- ----------------------------------------------------------------------------
3,970,126,241 306,808,692 3,360,829,081 3,335,820,050 1,883,600,194
- ----------------------------------------------------------------------------
26,865,369 -- -- -- 64,497,260
14,555,437 1,125,793 12,634,467 12,770,519 4,288,081
566,719 44,309 487,760 479,764 245,639
562,366 49,362 784,445 357,597 105,987
- ----------------------------------------------------------------------------
42,549,891 1,219,464 13,906,672 13,607,880 69,136,967
- ----------------------------------------------------------------------------
3,927,945,154 305,583,100 3,346,913,336 3,322,212,059 1,814,476,639
4,507 (1,743) 4,047 (2,552) --
(373,311) 7,871 5,026 2,663 (13,412)
- ----------------------------------------------------------------------------
$3,927,576,350 $305,589,228 $3,346,922,409 $3,322,212,170 $1,814,463,227
- ----------------------------------------------------------------------------
$1.00 $1.00 $1.00 $1.00 $1.00
- ----------------------------------------------------------------------------
2,107,795,914 221,187,026 1,718,299,994 2,352,991,072 1,570,148,982
160,796,907 145,045 209,501,049 29,403,190 65,155,886
1,117,733,019 73,595,069 495,990,702 565,274,293 128,730,604
541,619,314 10,655,960 923,121,591 374,543,504 50,441,167
- ----------------------------------------------------------------------------
3,927,945,154 305,583,100 3,346,913,336 3,322,212,059 1,814,476,639
- ----------------------------------------------------------------------------
</TABLE>
- --------------------------------------- ---------------------------------------
23
<PAGE>
Goldman Sachs Trust--Financial Square Funds
- --------------------------------------------------------------------------------
Statements of Operations
For the Six Months Ended June 30, 1999
(Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Prime Premium
Obligations Money Market Money Market
Fund Fund Fund
----------------------------------------
<S> <C> <C> <C>
Investment Income:
Interest income $179,593,322 $192,890,108 $16,677,923
- -------------------------------------------------------------------------------
Expenses:
Management fees 7,325,651 7,858,503 686,826
Custodian fees 370,480 368,558 59,096
Registration fees 141,303 97,359 2,597
Professional fees 19,167 19,582 19,167
Trustee fees 5,394 6,640 5,348
Amortization of deferred organization
expenses -- 3,394 --
Service share fees 993,315 1,031,168 69,861
Administration share fees 538,124 580,810 19,935
Preferred share fees 169,286 81,569 65,744
Other 75,492 46,111 12,461
- -------------------------------------------------------------------------------
Total expenses 9,638,212 10,093,694 941,035
Less--expenses reimbursed and fees
waived (1,362,269) (1,346,858) (169,026)
- -------------------------------------------------------------------------------
Net expenses 8,275,943 8,746,836 772,009
- -------------------------------------------------------------------------------
Net investment income 171,317,379 184,143,272 15,905,914
- -------------------------------------------------------------------------------
Net realized gain on investment
transactions 27,803 14,080 2,038
- -------------------------------------------------------------------------------
Net increase in net assets resulting
from operations $171,345,182 $184,157,352 $15,907,952
- -------------------------------------------------------------------------------
</TABLE>
- --------------------------------------- ---------------------------------------
The accompanying notes are an integral
part of these financial statements.
24
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Treasury Treasury Tax-Free
Obligations Instruments Government Federal Money Market
Fund Fund Fund Fund Fund
- ---------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$107,207,922 $9,708,409 $78,682,963 $93,521,720 $25,580,072
- ---------------------------------------------------------------------------------
4,614,297 441,322 3,287,420 3,906,223 1,674,849
316,343 26,932 208,977 182,966 126,037
124,238 1,928 27,076 66,872 14,988
19,167 19,167 19,167 19,582 19,167
5,370 5,348 5,360 4,662 5,353
-- -- -- -- 7,727
1,301,090 39,342 2,129,425 892,705 126,772
1,343,882 51,079 615,762 744,696 188,850
143,885 14 105,162 11,378 19,342
60,860 9,093 37,087 26,526 16,009
- ---------------------------------------------------------------------------------
7,929,132 594,225 6,435,436 5,855,610 2,199,094
(998,663) (107,677) (634,717) (700,758) (374,413)
- ---------------------------------------------------------------------------------
6,930,469 486,548 5,800,719 5,154,852 1,824,681
- ---------------------------------------------------------------------------------
100,277,453 9,221,861 72,882,244 88,366,868 23,755,391
- ---------------------------------------------------------------------------------
23,201 34,968 7,180 48,711 207
- ---------------------------------------------------------------------------------
$100,300,654 $9,256,829 $72,889,424 $88,415,579 $23,755,598
- ---------------------------------------------------------------------------------
</TABLE>
- --------------------------------------- ---------------------------------------
25
<PAGE>
Goldman Sachs Trust--Financial Square Funds
- --------------------------------------------------------------------------------
Statements of Changes in Net Assets
For the Six Months Ended June 30, 1999
(Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Prime Premium
Obligations Money Market Money Market
Fund Fund Fund
----------------------------------------------------
<S> <C> <C> <C>
From operations:
Net investment income $ 171,317,379 $ 184,143,272 $ 15,905,914
Net realized gain on
investment transactions 27,803 14,080 2,038
- -------------------------------------------------------------------------------
Net increase in net
assets resulting from
operations 171,345,182 184,157,352 15,907,952
- -------------------------------------------------------------------------------
Distribution to
shareholders:
From net investment
income
FST shares (144,820,456) (160,622,038) (11,850,882)
FST Preferred shares (8,042,090) (3,866,679) (3,096,923)
FST Administration
shares (9,867,811) (10,678,515) (361,898)
FST Service shares (8,604,914) (8,991,949) (598,654)
- -------------------------------------------------------------------------------
Total distributions to
shareholders (171,335,271) (184,159,181) (15,908,357)
- -------------------------------------------------------------------------------
From share transactions
(at $1.00 per share):
Proceeds from sales of
shares 33,234,895,111 40,336,270,941 4,765,566,205
Reinvestment of dividends
and distributions 66,280,097 106,850,739 8,070,911
Cost of shares
repurchased (33,788,082,416) (39,330,185,814) (4,739,878,138)
- -------------------------------------------------------------------------------
Net increase (decrease)
in net assets
resulting from share
transactions (486,907,208) 1,112,935,866 33,758,978
- -------------------------------------------------------------------------------
Total increase
(decrease) (486,897,297) 1,112,934,037 33,758,573
Net assets:
Beginning of period 6,631,732,083 5,984,993,753 620,750,257
- -------------------------------------------------------------------------------
End of period $ 6,144,834,786 $ 7,097,927,790 $ 654,508,830
- -------------------------------------------------------------------------------
Accumulated undistributed
(distributions in excess
of) net investment
income $ 10,256 $ -- $ (336)
- -------------------------------------------------------------------------------
</TABLE>
- --------------------------------------- ---------------------------------------
The accompanying notes are an integral
part of these financial statements.
26
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Treasury Treasury Tax-Free
Obligations Instruments Government Federal Money Market
Fund Fund Fund Fund Fund
- ----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 100,277,453 $ 9,221,861 $ 72,882,244 $ 88,366,868 $ 23,755,391
23,201 34,968 7,180 48,711 207
- ----------------------------------------------------------------------------------------
100,300,654 9,256,829 72,889,424 88,415,579 23,755,598
- ----------------------------------------------------------------------------------------
(60,118,961) (8,115,942) (39,051,419) (66,999,324) (20,565,007)
(6,473,744) (663) (4,870,195) (526,798) (554,360)
(23,404,533) (837,805) (11,015,516) (13,343,611) (2,016,733)
(10,672,220) (300,944) (17,943,221) (7,546,243) (619,291)
- ----------------------------------------------------------------------------------------
(100,669,458) (9,255,354) (72,880,351) (88,415,976) (23,755,391)
- ----------------------------------------------------------------------------------------
21,935,244,020 2,021,379,618 13,631,663,240 11,647,407,870 6,554,190,130
44,309,817 6,515,892 21,201,862 55,625,204 10,427,839
(23,440,310,970) (2,585,320,481) (13,222,298,917) (11,765,006,285) (6,424,829,239)
- ----------------------------------------------------------------------------------------
(1,460,757,133) (557,424,971) 430,566,185 (61,973,211) 139,788,730
- ----------------------------------------------------------------------------------------
(1,461,125,937) (557,423,496) 430,575,258 (61,973,608) 139,788,937
5,388,702,287 863,012,724 2,916,347,151 3,384,185,778 1,674,674,290
- ----------------------------------------------------------------------------------------
$ 3,927,576,350 $ 305,589,228 $ 3,346,922,409 $ 3,322,212,170 $ 1,814,463,227
- ----------------------------------------------------------------------------------------
$ 4,507 $ (1,743) $ 4,047 $ (2,552) $ --
- ----------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------- ---------------------------------------
27
<PAGE>
Goldman Sachs Trust--Financial Square Funds
- --------------------------------------------------------------------------------
Statements of Changes in Net Assets
For the Year Ended December 31, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Prime Money Premium
Obligations Market Money Market
Fund Fund Fund
----------------------------------------------------
<S> <C> <C> <C>
From operations:
Net investment income $ 305,811,261 $ 324,028,066 $ 21,956,146
Net realized gain on
investment transactions 78,008 66,176 16,410
- ---------------------------------------------------------------------------------
Net increase in net assets
resulting from operations 305,889,269 324,094,242 21,972,556
- ---------------------------------------------------------------------------------
Distributions to
shareholders:
From net investment income
FST shares (269,081,520) (276,370,684) (15,650,407)
FST Preferred shares (8,232,389) (4,076,565) (5,432,663)
FST Administration shares (17,131,415) (19,556,691) (410,201)
FST Service shares (11,435,814) (24,091,684) (479,285)
- ---------------------------------------------------------------------------------
Total distributions to
shareholders (305,881,138) (324,095,624) (21,972,556)
- ---------------------------------------------------------------------------------
From share transactions (at
$1.00 per share):
Proceeds from sales of
shares 57,969,401,996 69,898,690,078 5,229,951,088
Reinvestment of dividends
and distributions 93,909,532 166,197,933 14,446,374
Cost of shares repurchased (55,869,833,965) (68,984,229,619) (4,844,668,494)
- ---------------------------------------------------------------------------------
Net increase in net assets
resulting from share
transactions 2,193,477,563 1,080,658,392 399,728,968
- ---------------------------------------------------------------------------------
Total increase 2,193,485,694 1,080,657,010 399,728,968
Net assets:
Beginning of year 4,438,246,389 4,904,336,743 221,021,289
- ---------------------------------------------------------------------------------
End of year $ 6,631,732,083 $ 5,984,993,753 $ 620,750,257
- ---------------------------------------------------------------------------------
Accumulated undistributed
net investment income -- -- --
- ---------------------------------------------------------------------------------
</TABLE>
- --------------------------------------- ---------------------------------------
The accompanying notes are an integral
part of these financial statements
28
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Treasury Treasury Tax-Free
Obligations Instruments Government Federal Money Market
Fund Fund Fund Fund Fund
- ----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 238,595,463 $ 20,343,941 $ 141,201,262 $ 130,484,575 $ 45,674,271
1,450,576 174,690 -- 31,979 1,321
- ----------------------------------------------------------------------------------------
240,046,039 20,518,631 141,201,262 130,516,554 45,675,592
- ----------------------------------------------------------------------------------------
(157,673,844) (18,729,601) (87,893,105) (92,448,326) (36,931,756)
(47,202,665) (78) (4,985,314) (6,428,582) (2,953,491)
(19,083,866) (927,699) (17,131,280) (19,097,019) (4,375,262)
(16,085,664) (857,978) (31,191,563) (12,542,759) (1,413,762)
- ----------------------------------------------------------------------------------------
(240,046,039) (20,515,356) (141,201,262) (130,516,686) (45,674,271)
- ----------------------------------------------------------------------------------------
53,000,555,348 3,317,001,578 29,790,708,579 14,894,751,480 9,696,660,958
91,114,922 8,446,401 37,971,285 64,289,412 19,443,237
(51,218,122,026) (2,983,195,546) (29,278,022,826) (13,748,692,419) (9,161,617,389)
- ----------------------------------------------------------------------------------------
1,873,548,244 342,252,433 550,657,038 1,210,348,473 554,486,806
- ----------------------------------------------------------------------------------------
1,873,548,244 342,255,708 550,657,038 1,210,348,341 554,488,127
3,515,154,043 520,757,016 2,365,690,113 2,173,837,437 1,120,186,163
- ----------------------------------------------------------------------------------------
$ 5,388,702,287 $ 863,012,724 $ 2,916,347,151 $ 3,384,185,778 $ 1,674,674,290
- ----------------------------------------------------------------------------------------
-- -- -- -- --
- ----------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------- ---------------------------------------
29
<PAGE>
Goldman Sachs Trust--Financial Square Funds
- --------------------------------------------------------------------------------
Notes to Financial Statements
June 30, 1999
(Unaudited)
- --------------------------------------- ---------------------------------------
1. Organization
The Goldman Sachs Trust (the "Trust") is a Delaware business trust registered
under the Investment Company Act of 1940 (as amended) as an open-end,
management investment company. The Trust includes the Financial Square Funds,
collectively, "the Funds", or individually, a "Fund." Financial Square consists
of nine diversified funds: Prime Obligations, Money Market, Premium Money
Market, Treasury Obligations, Treasury Instruments, Government, Federal, Tax-
Free Money Market and Municipal Money Market (inactive as of June 30, 1999).
The Funds offer four classes of shares-- FST shares, FST Preferred shares, FST
Administration shares and FST Service 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 by investing exclusively
in high quality money market instruments.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently
followed by the Funds. The preparation of financial statements in conformity
with generally accepted accounting principles requires management to make
estimates and assumptions that may affect the reported amounts. Actual results
could differ from those estimates.
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 recorded 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 of its investment company tax-exempt and taxable
income to its shareholders. Accordingly, no federal tax provisions are
required.
The characterization of distributions to shareholders for financial reporting
purposes is determined in accordance with income tax rules. Therefore, the
source of the Funds' 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, 1998 (tax year-end), the following fund had a capital loss
carryforward for U.S. Federal tax purposes of approximately:
<TABLE>
<CAPTION>
Years of
Fund Amount Expiration
---- ------- ----------
<S> <C> <C>
Tax-Free Money Market....................................... $11,000 2003-2005
</TABLE>
This amount is available to be carried forward to offset future capital gains
to the extent permitted by applicable laws or regulations.
D. Deferred Organization Expenses--
- -----------------------------------
Organization-related costs are amortized on a straight-line basis over a period
of five years.
E. Expenses--
- -------------
Expenses incurred by the Funds which do not specifically relate to an
individual Fund are allocated to the Funds on a straight-line or pro rata basis
depending upon the nature of the expense.
Shareholders of FST Preferred, FST Administration and FST Service shares bear
all expenses and fees paid to service organizations.
- --------------------------------------- ---------------------------------------
30
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------- ---------------------------------------
3. Agreements
Goldman Sachs Asset Management ("GSAM"), a separate operating division of
Goldman, Sachs & Co. ("Goldman Sachs"), acts as investment adviser pursuant to
an Investment Management Agreement (the "Agreement"). Under the Agreement,
GSAM, subject to the general supervision of the Trust's Board of Trustees,
manages the Funds' portfolios. As compensation for the services rendered
pursuant to the Agreement and the assumption of the expenses related thereto
and administering the Funds' business affairs, including providing facilities,
GSAM is entitled to a fee, computed daily and payable monthly, at an annual
rate equal to .205% of each Fund's average daily net assets. For the six months
ended June 30, 1999, GSAM has voluntarily agreed to waive a portion of its
management fee.
GSAM has voluntarily agreed to limit "Other Expenses" of each Fund (excluding
management fees, service organization fees, taxes, interest, brokerage
commissions, litigation, indemnification, and other extraordinary expenses) to
the extent such expenses exceed, on an annual basis, .01% of the average daily
net assets of each Fund.
Goldman Sachs serves as Transfer Agent and Distributor of shares of the Funds
pursuant to Transfer Agent and Distribution Agreements and receives no separate
fee.
For the six months ended June 30, 1999, the adviser has voluntarily agreed to
waive certain fees and reimburse other expenses as follows (in thousands):
<TABLE>
<CAPTION>
Management Expenses
Fees Reimbursed
Fund Waived by Adviser Total
- -------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Prime Obligations $1,251 $111 $1,362
- -------------------------------------------------------------------------------------------
Money Market 1,342 5 1,347
- -------------------------------------------------------------------------------------------
Premium Money Market 117 52 169
- -------------------------------------------------------------------------------------------
Treasury Obligations 788 211 999
- -------------------------------------------------------------------------------------------
Treasury Instruments 75 33 108
- -------------------------------------------------------------------------------------------
Government 562 73 635
- -------------------------------------------------------------------------------------------
Federal 667 34 701
- -------------------------------------------------------------------------------------------
Tax-Free Money Market 286 -- 286
</TABLE>
In addition, the Tax-Free Money Market Fund has entered into certain expense
offset arrangements with the custodian resulting in a reduction in the Fund's
expense. For the six months ended June 30, 1999, the Fund's custody fees were
reduced by approximately $88,000 under such arrangement.
- --------------------------------------- ---------------------------------------
31
<PAGE>
Goldman Sachs Trust--Financial Square Funds
- --------------------------------------------------------------------------------
Notes to Financial Statements (continued)
June 30, 1999
(Unaudited)
- --------------------------------------- ---------------------------------------
4. Preferred, Administration and Service Plans
The Funds have adopted Preferred, Administration and Service Plans 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 Preferred, Administration and Service
Plans provide for compensation to the service organizations in an amount up to,
on an annual basis, .10%, .25% and .50%, respectively, of the average daily net
asset value of each share class.
5.Line of Credit Facility
The Funds participated in a $250,000,000 uncommitted, unsecured revolving line
of credit facility. Under the most restrictive arrangement, each Fund must have
owned securities having a market value in excess of 300% of the total bank
borrowings. Effective April 30, 1999, the Funds now participate in a
$250,000,000 uncommitted, unsecured revolving line of credit facility.
Additionally, Prime Obligations, Premium Money Market, Treasury Obligations,
and Government Funds participate in a $250,000,000 committed, unsecured
revolving line of credit facility. Under the most restrictive arrangement, each
Fund must own securities having a market value in excess of 400% of the total
bank borrowings. These facilities are to be used solely for temporary or
emergency purposes. The interest rate on borrowings is based on the Federal
Funds rate. The committed facility also requires a fee to be paid by the Funds
based on the amount of the commitment which has not been utilized. During the
six months ended June 30, 1999, the Funds did not have any borrowings under any
of these facilities.
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 at the Funds' custodian.
7.Joint Repurchase Agreement Accounts
The Funds, together with other registered investment companies having
management agreements with GSAM or its affiliates, may transfer uninvested cash
balances into joint accounts, the daily aggregate balances of which are
invested in one or more repurchase agreements.
At June 30, 1999, the Prime Obligations, Money Market, Premium Money Market,
Treasury Obligations and Government Funds had undivided interests in the
following joint repurchase agreement account, which equaled $234,400,000,
$143,700,000, $93,400,000, $1,476,000,000 and $354,300,000 in principal amount,
respectively. At June 30, 1999, the repurchase agreements held in this joint
account were fully collateralized by U.S. Treasury obligations.
<TABLE>
<CAPTION>
Principal Interest Maturity Amortized
Amount Rate Date Cost
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Barclays Bank
$ 500,000,000 4.85% 07/01/1999 $ 500,000,000
Donaldson, Lufkin & Jenrette, Inc.
1,090,000,000 4.85 07/01/1999 1,090,000,000
SBC Warburg Dillon Read Corp.
1,573,800,000 4.85 07/01/1999 1,573,800,000
- -----------------------------------------------------------------------------------------------
Total Joint Repurchase Agreement Account $3,163,800,000
- -----------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------- ---------------------------------------
32
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------- ---------------------------------------
At June 30, 1999, the Government Fund had an undivided interest in the
following joint repurchase agreement account II, which equaled $330,000,000 in
principal amount. At June 30, 1999, the repurchase agreements held in this
joint account II were fully collateralized by Federal Agency obligations.
<TABLE>
<CAPTION>
Principal Interest Maturity Amortized
Amount Rate Date Cost
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C>
ABN/AMRO, Inc.
$412,400,000 5.30% 07/01/1999 $ 412,400,000
Banc of America Securities
500,000,000 5.05 07/01/1999 500,000,000
Bear Stearns Companies, Inc.
200,000,000 5.00 07/01/1999 200,000,000
- ---------------------------------------------------------------------------------------------
Total Joint Repurchase Agreement Account II $1,112,400,000
- ---------------------------------------------------------------------------------------------
</TABLE>
8.Other Matters
Pursuant to an SEC exemptive order, certain of the Funds may enter into certain
principal transactions, including repurchase agreements, with Goldman, Sachs &
Co. subject to certain annual limitations as follows: 25% of eligible security
transactions, as defined, and 10% of repurchase agreement transactions.
- --------------------------------------- ---------------------------------------
33
<PAGE>
Goldman Sachs Trust--Financial Square Funds
- --------------------------------------------------------------------------------
Notes to Financial Statements (continued)
June 30, 1999
(Unaudited)
- --------------------------------------------------------------------------------
9. Summary of Share Transactions (at $1.00 per share)
Share activity for the six months ended June 30, 1999 is as follows:
<TABLE>
<CAPTION>
Prime Premium
Obligations Money Market Money Market
Fund Fund Fund
- -------------------------------------------------------------------------------
<S> <C> <C> <C>
FST shares:
Shares sold 26,946,895,390 36,414,863,596 4,109,260,423
Reinvestment of dividends
and distributions 52,853,834 95,011,126 5,175,371
Shares repurchased (27,877,098,865) (35,390,869,600) (4,098,650,249)
-----------------------------------------
(877,349,641) 1,119,005,122 15,785,545
- -------------------------------------------------------------------------------
FST Preferred shares:
Shares sold 1,699,670,943 1,263,759,619 409,393,198
Reinvestment of dividends
and distributions 6,450,150 2,628,067 2,479,876
Shares repurchased (1,729,764,658) (1,082,681,910) (401,821,632)
-----------------------------------------
(23,643,565) 183,705,776 10,051,442
- -------------------------------------------------------------------------------
FST Administration shares:
Shares sold 2,256,855,977 1,770,339,064 46,170,636
Reinvestment of dividends
and distributions 2,580,429 6,654,389 140,115
Shares repurchased (2,000,902,015) (1,760,797,527) (44,100,904)
-----------------------------------------
258,534,391 16,195,926 2,209,847
- -------------------------------------------------------------------------------
FST Service shares:
Shares sold 2,331,472,801 887,308,662 200,741,948
Reinvestment of dividends
and distributions 4,395,684 2,557,157 275,549
Shares repurchased (2,180,316,878) (1,095,836,777) (195,305,353)
-----------------------------------------
155,551,607 (205,970,958) 5,712,144
- -------------------------------------------------------------------------------
Net increase (decrease) in
shares (486,907,208) 1,112,935,866 33,758,978
- -------------------------------------------------------------------------------
</TABLE>
- --------------------------------------- ---------------------------------------
34
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Treasury Treasury Tax-Free
Obligations Instruments Government Federal Money Market
Fund Fund Fund Fund Fund
- ----------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
13,223,054,571 1,907,004,261 9,025,849,288 7,530,532,430 6,132,128,999
25,112,569 5,845,690 11,586,170 44,830,043 8,968,067
(14,661,703,463) (2,513,869,294) (8,883,006,366) (7,568,625,234) (6,026,963,152)
- ----------------------------------------------------------------------------------
(1,413,536,323) (601,019,343) 154,429,092 6,737,239 114,133,914
- ----------------------------------------------------------------------------------
1,811,205,940 143,597 723,333,565 150,133,663 100,805,786
2,153,323 239 2,867,175 378,947 64,371
(1,937,806,956) (407) (762,327,988) (147,833,300) (56,596,326)
- ----------------------------------------------------------------------------------
(124,447,693) 143,429 (36,127,248) 2,679,310 44,273,831
- ----------------------------------------------------------------------------------
4,153,379,137 65,354,474 2,110,922,537 2,264,479,425 174,368,376
8,463,463 610,978 5,259,478 6,894,462 1,178,835
(4,124,605,778) (16,044,019) (2,027,552,268) (2,396,183,643) (193,617,362)
- ----------------------------------------------------------------------------------
37,236,822 49,921,433 88,629,747 (124,809,756) (18,070,151)
- ----------------------------------------------------------------------------------
2,747,604,372 48,877,286 1,771,557,850 1,702,262,352 146,886,969
8,580,462 58,985 1,489,039 3,521,752 216,566
(2,716,194,773) (55,406,761) (1,549,412,295) (1,652,364,108) (147,652,399)
- ----------------------------------------------------------------------------------
39,990,061 (6,470,490) 223,634,594 53,419,996 (548,864)
- ----------------------------------------------------------------------------------
(1,460,757,133) (557,424,971) 430,566,185 (61,973,211) 139,788,730
- ----------------------------------------------------------------------------------
</TABLE>
- --------------------------------------- ---------------------------------------
35
<PAGE>
Goldman Sachs Trust--Financial Square Funds
- --------------------------------------------------------------------------------
Notes to Financial Statements (continued)
June 30, 1999
(Unaudited)
- --------------------------------------------------------------------------------
9. Summary of Share Transactions (at $1.00 per share) (continued)
Share activity for the year ended December 31, 1998 is as follows:
<TABLE>
<CAPTION>
Prime Premium
Obligations Money Market Money Market
Fund Fund Fund
- -------------------------------------------------------------------------------
<S> <C> <C> <C>
FST shares:
Shares sold 50,577,781,681 64,642,205,884 4,885,235,788
Reinvestment of dividends
and distributions 81,013,084 145,091,154 9,694,829
Shares repurchased (48,694,767,051) (64,138,032,706) (4,633,271,570)
-----------------------------------------
1,964,027,714 649,264,332 261,659,047
- -------------------------------------------------------------------------------
FST Preferred shares:
Shares sold 1,635,375,108 587,335,211 212,622,508
Reinvestment of dividends
and distributions 1,663,959 3,560,753 4,477,152
Shares repurchased (1,657,247,424) (517,936,393) (110,141,465)
-----------------------------------------
(20,208,357) 72,959,571 106,958,195
- -------------------------------------------------------------------------------
FST Administration shares:
Shares sold 2,386,485,745 2,258,106,370 37,942,427
Reinvestment of dividends
and distributions 5,232,944 13,668,515 128,617
Shares repurchased (2,302,131,386) (2,093,556,998) (25,799,913)
-----------------------------------------
89,587,303 178,217,887 12,271,131
- -------------------------------------------------------------------------------
FST Service shares:
Shares sold 3,369,759,462 2,411,042,613 94,150,365
Reinvestment of dividends
and distributions 5,999,545 3,877,511 145,776
Shares repurchased (3,215,688,104) (2,234,703,522) (75,455,546)
-----------------------------------------
160,070,903 180,216,602 18,840,595
- -------------------------------------------------------------------------------
Net increase in shares 2,193,477,563 1,080,658,392 399,728,968
- -------------------------------------------------------------------------------
</TABLE>
- --------------------------------------- ---------------------------------------
36
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Treasury Treasury Tax-Free
Obligations Instruments Government Federal Money Market
Fund Fund Fund Fund Fund
- -----------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
38,811,128,138 3,155,786,943 19,929,403,199 10,287,288,538 8,343,229,377
53,825,326 7,667,006 28,357,386 45,213,214 17,430,024
(37,561,525,035) (2,837,666,325) (19,872,424,728) (9,111,928,825) (7,844,065,473)
- -----------------------------------------------------------------------------------
1,303,428,429 325,787,624 85,335,857 1,220,572,927 516,593,928
- -----------------------------------------------------------------------------------
2,747,117,320 -- 1,063,864,036 138,883,456 451,367,441
6,885,153 77 2,648,231 7,188,094 155,091
(2,714,118,870) -- (828,030,762) (313,722,647) (465,792,140)
- -----------------------------------------------------------------------------------
39,883,603 77 238,481,505 (167,651,097) (14,269,608)
- -----------------------------------------------------------------------------------
5,954,832,820 69,117,817 5,103,623,628 2,165,279,603 557,825,919
16,115,116 770,968 4,155,641 6,022,375 1,389,127
(5,629,346,838) (50,374,164) (5,000,220,220) (2,106,551,874) (515,464,054)
- -----------------------------------------------------------------------------------
341,601,098 19,514,621 107,559,049 64,750,104 43,750,992
- -----------------------------------------------------------------------------------
5,487,477,070 92,096,818 3,693,817,716 2,303,299,883 344,238,221
14,289,327 8,350 2,810,027 5,865,729 468,995
(5,313,131,283) (95,155,057) (3,577,347,116) (2,216,489,073) (336,295,722)
- -----------------------------------------------------------------------------------
188,635,114 (3,049,889) 119,280,627 92,676,539 8,411,494
- -----------------------------------------------------------------------------------
1,873,548,244 342,252,433 550,657,038 1,210,348,473 554,486,806
- -----------------------------------------------------------------------------------
</TABLE>
- --------------------------------------- ---------------------------------------
37
<PAGE>
Goldman Sachs Trust--Financial Square Funds
- -------------------------------------------------------------------------------
Financial Highlights
Selected Data for a Share Outstanding Throughout Each Period
Prime Obligations Fund
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Net Ratio of net
Net asset Net asset assets at Ratio of net investment
value at Net Distributions value at end expenses to income to
beginning investment to end Total of period average net average net
of period income(a) shareholders of period return(b) (in 000's) assets assets
-------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
For the Six Months Ended June 30, (Unaudited)
- ---------------------------------------------
1999-FST
shares.......... $1.00 $0.02 $(0.02) $1.00 4.95%(c) $4,954,432 0.18%(c) 4.84%(c)
1999-FST Pre-
ferred shares... 1.00 0.02 (0.02) 1.00 4.84(c) 108,915 0.28(c) 4.75(c)
1999-FST Admin-
istration
shares.......... 1.00 0.02 (0.02) 1.00 4.69(c) 589,731 0.43(c) 4.58(c)
1999-FST Service
shares.......... 1.00 0.02 (0.02) 1.00 4.43(c) 491,757 0.68(c) 4.33(c)
- ---------------------------------------------------------------------------------------------------------------
For the Years Ended December 31,
- --------------------------------
1998-FST
shares.......... 1.00 0.05 (0.05) 1.00 5.55 5,831,773 0.18 5.39
1998-FST Pre-
ferred shares... 1.00 0.05 (0.05) 1.00 5.45 132,558 0.28 5.26
1998-FST Admin-
istration
shares.......... 1.00 0.05 (0.05) 1.00 5.29 331,196 0.43 5.14
1998-FST Service
shares.......... 1.00 0.05 (0.05) 1.00 5.03 336,205 0.68 4.89
- ---------------------------------------------------------------------------------------------------------------
1997-FST
shares.......... 1.00 0.05 (0.05) 1.00 5.60 3,867,739 0.18 5.46
1997-FST Pre-
ferred shares... 1.00 0.05 (0.05) 1.00 5.50 152,767 0.28 5.38
1997-FST Admin-
istration
shares.......... 1.00 0.05 (0.05) 1.00 5.34 241,607 0.43 5.22
1997-FST Service
shares.......... 1.00 0.05 (0.05) 1.00 5.08 176,133 0.68 4.97
- ---------------------------------------------------------------------------------------------------------------
1996-FST
shares.......... 1.00 0.05 (0.05) 1.00 5.41 3,901,797 0.18 5.29
1996-FST Pre-
ferred Shares
(commenced May
1).............. 1.00 0.03 (0.03) 1.00 5.28(c) 127,126 0.28(c) 5.19(c)
1996-FST Admin-
istration
shares.......... 1.00 0.05 (0.05) 1.00 5.14 215,898 0.43 5.06
1996-FST Service
shares.......... 1.00 0.05 (0.05) 1.00 4.88 115,114 0.68 4.78
- ---------------------------------------------------------------------------------------------------------------
1995-FST
shares.......... 1.00 0.06 (0.06) 1.00 6.02 3,295,791 0.18 5.86
1995-FST Admin-
istration
shares.......... 1.00 0.06 (0.06) 1.00 5.75 147,894 0.43 5.59
1995-FST Service
shares.......... 1.00 0.05 (0.05) 1.00 5.49 65,278 0.68 5.33
- ---------------------------------------------------------------------------------------------------------------
For the Period Ended December 31,(d)
- ------------------------------------
1994-FST
shares.......... 1.00 0.04 (0.04) 1.00 4.38(c) 2,774,849 0.18(c) 4.38(c)
1994-FST Pre-
ferred Shares... 1.00 0.04 (0.04) 1.00 4.12(c) 66,113 0.43(c) 4.18(c)
1994-FST Service
shares.......... 1.00 0.04 (0.04) 1.00 3.86(c) 41,372 0.68(c) 3.98(c)
- ---------------------------------------------------------------------------------------------------------------
For the Year Ended January 31,
- ------------------------------
1994-FST
shares.......... 1.00 0.03 (0.03) 1.00 3.18 1,831,413 0.17 3.11
1994-FST Admin-
istration
shares.......... 1.00 0.03 (0.03) 1.00 2.92 35,250 0.42 2.86
1994-FST Service
shares.......... 1.00 0.03 (0.03) 1.00 2.66 14,001 0.67 2.61
<CAPTION>
Ratios assuming no
waiver of fees and no
expense limitations
-------------------------
Ratio of net
Ratio of investment
expenses to income to
average net average net
assets assets
-------------------------------------------------------------------------------------------
<S> <C> <C>
For the Six Months Ended June 30, (Unaudited)
- ---------------------------------------------
1999-FST
shares.......... 0.22%(c) 4.80%(c)
1999-FST Pre-
ferred shares... 0.32(c) 4.71(c)
1999-FST Admin-
istration
shares.......... 0.47(c) 4.54(c)
1999-FST Service
shares.......... 0.72(c) 4.29(c)
- ---------------------------------------------------------------------------------------------------------------
For the Years Ended December 31,
- --------------------------------
1998-FST
shares.......... 0.24 5.33
1998-FST Pre-
ferred shares... 0.34 5.20
1998-FST Admin-
istration
shares.......... 0.49 5.08
1998-FST Service
shares.......... 0.74 4.83
- ---------------------------------------------------------------------------------------------------------------
1997-FST
shares.......... 0.23 5.41
1997-FST Pre-
ferred shares... 0.33 5.33
1997-FST Admin-
istration
shares.......... 0.48 5.17
1997-FST Service
shares.......... 0.73 4.92
- ---------------------------------------------------------------------------------------------------------------
1996-FST
shares.......... 0.23 5.24
1996-FST Pre-
ferred Shares
(commenced May
1).............. 0.33(c) 5.14(c)
1996-FST Admin-
istration
shares.......... 0.48 5.01
1996-FST Service
shares.......... 0.73 4.73
- ---------------------------------------------------------------------------------------------------------------
1995-FST
shares.......... 0.22 5.82
1995-FST Admin-
istration
shares.......... 0.47 5.55
1995-FST Service
shares.......... 0.72 5.29
- ---------------------------------------------------------------------------------------------------------------
For the Period Ended December 31,(d)
- ------------------------------------
1994-FST
shares.......... 0.24(c) 4.32(c)
1994-FST Pre-
ferred Shares... 0.49(c) 4.12(c)
1994-FST Service
shares.......... 0.74(c) 3.92(c)
- ---------------------------------------------------------------------------------------------------------------
For the Year Ended January 31,
- ------------------------------
1994-FST
shares.......... 0.25 3.03
1994-FST Admin-
istration
shares.......... 0.50 2.78
1994-FST Service
shares.......... 0.75 2.53
</TABLE>
(a) Calculated based on the average shares outstanding methodology.
- ----
(b) 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.
(c) Annualized.
(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 Trust (formerly Goldman Sachs Money
Market Trust).
- -------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
38
<PAGE>
Goldman Sachs Trust--Financial Square Funds
- -------------------------------------------------------------------------------
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
Money Market Fund
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Net Ratio of net
Net asset Net asset assets at Ratio of net investment
value at Net Distributions value at end expenses to income to
beginning investment to end Total of period average net average net
of period income(a) shareholders of period return(b) (in 000's) assets assets
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
For the Six Months Ended June 30, (Unaudited)
- ---------------------------------------------
1999-FST
shares.......... $1.00 $0.02 $(0.02) $1.00 4.96%(c) $6,114,786 0.18%(c) 4.85%(c)
1999-FST Pre-
ferred shares... 1.00 0.02 (0.02) 1.00 4.85(c) 276,924 0.28(c) 4.74(c)
1999-FST Admin-
istration
shares.......... 1.00 0.02 (0.02) 1.00 4.70(c) 415,669 0.43(c) 4.60(c)
1999-FST Service
shares.......... 1.00 0.02 (0.02) 1.00 4.44(c) 290,549 0.68(c) 4.36(c)
- ---------------------------------------------------------------------------------------------------------------
For the Years Ended December 31,
- --------------------------------
1998-FST
shares.......... 1.00 0.05 (0.05) 1.00 5.55 4,995,782 0.18 5.40
1998-FST Pre-
ferred shares... 1.00 0.05 (0.05) 1.00 5.45 93,218 0.28 5.30
1998-FST Admin-
istration
shares.......... 1.00 0.05 (0.05) 1.00 5.29 399,474 0.43 5.16
1998-FST Service
shares.......... 1.00 0.05 (0.05) 1.00 5.03 496,520 0.68 4.86
- ---------------------------------------------------------------------------------------------------------------
1997-FST
shares.......... 1.00 0.06 (0.06) 1.00 5.63 4,346,519 0.18 5.50
1997-FST Pre-
ferred shares... 1.00 0.05 (0.05) 1.00 5.53 20,258 0.28 5.44
1997-FST Admin-
istration
shares.......... 1.00 0.05 (0.05) 1.00 5.37 221,256 0.43 5.26
1997-FST Service
shares.......... 1.00 0.05 (0.05) 1.00 5.11 316,304 0.68 4.99
- ---------------------------------------------------------------------------------------------------------------
1996-FST
shares.......... 1.00 0.05 (0.05) 1.00 5.45 2,540,366 0.18 5.33
1996-FST Pre-
ferred shares
(commenced May
1).............. 1.00 0.03 (0.03) 1.00 5.31(c) 17,510 0.28(c) 5.23(c)
1996-FST Admin-
istration
shares.......... 1.00 0.05 (0.05) 1.00 5.19 165,766 0.43 5.04
1996-FST Service
shares.......... 1.00 0.05 (0.05) 1.00 4.93 234,376 0.68 4.84
- ---------------------------------------------------------------------------------------------------------------
1995-FST
shares.......... 1.00 0.06 (0.06) 1.00 6.07 2,069,197 0.15 5.89
1995-FST Admin-
istration
shares.......... 1.00 0.06 (0.06) 1.00 5.80 137,412 0.40 5.61
1995-FST Service
shares
(commenced
July 14)........ 1.00 0.02 (0.02) 1.00 5.41(c) 4,219 0.65(c) 4.93(c)
- ---------------------------------------------------------------------------------------------------------------
For the Period Ended December 31,
- ---------------------------------
1994-FST shares
(commenced May
18)............. 1.00 0.03 (0.03) 1.00 4.91(c) 862,971 0.11(c) 4.88(c)
1994-FST Admin-
istration shares
(commenced May
20)............. 1.00 0.03 (0.03) 1.00 4.65(c) 66,560 0.36(c) 4.82(c)
<CAPTION>
Ratios assuming no
waiver of fees and no
expense limitations
-------------------------
Ratio of net
Ratio of investment
expenses to income to
average net average net
assets assets
--------------------------------------------------------------------------------------------
<S> <C> <C>
For the Six Months Ended June 30, (Unaudited)
- ---------------------------------------------
1999-FST
shares.......... 0.22%(c) 4.81%(c)
1999-FST Pre-
ferred shares... 0.32(c) 4.70(c)
1999-FST Admin-
istration
shares.......... 0.47(c) 4.56(c)
1999-FST Service
shares.......... 0.72(c) 4.32(c)
- ---------------------------------------------------------------------------------------------------------------
For the Years Ended December 31,
- --------------------------------
1998-FST
shares.......... 0.23 5.35
1998-FST Pre-
ferred shares... 0.33 5.25
1998-FST Admin-
istration
shares.......... 0.48 5.11
1998-FST Service
shares.......... 0.73 4.81
- ---------------------------------------------------------------------------------------------------------------
1997-FST
shares.......... 0.23 5.45
1997-FST Pre-
ferred shares... 0.33 5.39
1997-FST Admin-
istration
shares.......... 0.48 5.21
1997-FST Service
shares.......... 0.73 4.94
- ---------------------------------------------------------------------------------------------------------------
1996-FST
shares.......... 0.23 5.28
1996-FST Pre-
ferred shares
(commenced May
1).............. 0.33(c) 5.18(c)
1996-FST Admin-
istration
shares.......... 0.48 4.99
1996-FST Service
shares.......... 0.73 4.79
- ---------------------------------------------------------------------------------------------------------------
1995-FST
shares.......... 0.23 5.81
1995-FST Admin-
istration
shares.......... 0.48 5.53
1995-FST Service
shares
(commenced
July 14)........ 0.73(c) 4.85(c)
- ---------------------------------------------------------------------------------------------------------------
For the Period Ended December 31,
- ---------------------------------
1994-FST shares
(commenced May
18)............. 0.25(c) 4.74(c)
1994-FST Admin-
istration shares
(commenced May
20)............. 0.50(c) 4.68(c)
</TABLE>
- ----
(a) Calculated based on the average shares outstanding methodology.
(b) 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.
(c) Annualized.
- -------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
39
<PAGE>
Goldman Sachs Trust--Financial Square Funds
- -------------------------------------------------------------------------------
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
Premium Money Market Fund
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Net
assets at Ratio of net
Net asset Net asset end Ratio of net investment
value at Net Distributions value at of period expenses to income to
beginning investment to end Total (in average net average net
of period income(a) shareholders of period return(b) 000's) assets assets
----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
For the Six Months Ended June 30, (Unaudited)
- ---------------------------------------------
1999- FST
shares.......... $1.00 $0.02 $(0.02) $1.00 4.90%(c) $495,637 0.18%(c) 4.79%(c)
1999- FST Pre-
ferred shares... 1.00 0.02 (0.02) 1.00 4.80(c) 117,568 0.28(c) 4.71(c)
1999- FST Admin-
istration
shares.......... 1.00 0.02 (0.02) 1.00 4.64(c) 15,938 0.43(c) 4.54(c)
1999- FST Serv-
ice shares...... 1.00 0.02 (0.02) 1.00 4.38(c) 25,366 0.68(c) 4.28(c)
- ------------------------------------------------------------------------------------------------------------
For the Year Ended December 31,
- -------------------------------
1998-FST
shares.......... 1.00 0.05 (0.05) 1.00 5.55 479,851 0.16 5.38
1998-FST Pre-
ferred shares... 1.00 0.05 (0.05) 1.00 5.45 107,517 0.26 5.29
1998-FST Admin-
istration
shares.......... 1.00 0.05 (0.05) 1.00 5.29 13,728 0.41 5.08
1998-FST Service
shares.......... 1.00 0.05 (0.05) 1.00 5.03 19,655 0.66 4.79
- ------------------------------------------------------------------------------------------------------------
For the Period Ended December 31,
- ---------------------------------
1997-FST shares
(commenced
August 1)....... 1.00 0.02 (0.02) 1.00 5.73(c) 218,192 0.08(c) 5.59(c)
1997-FST
Preferred Shares
(commenced
August 1)....... 1.00 0.02 (0.02) 1.00 5.62(c) 558 0.18(c) 5.50(c)
1997-FST
Administration
shares
(commenced
August 1)....... 1.00 0.02 (0.02) 1.00 5.47(c) 1,457 0.33(c) 5.33(c)
1997-FST Service
shares
(commenced
August 1)....... 1.00 0.02 (0.02) 1.00 5.20(c) 814 0.58(c) 5.17(c)
<CAPTION>
Ratios assuming no
waiver of fees and no
expense limitations
-------------------------
Ratio of net
Ratio of investment
expenses to income to
average net average net
assets assets
----------------------------------------------------------------------------------------
<S> <C> <C>
For the Six Months Ended June 30, (Unaudited)
- ---------------------------------------------
1999- FST
shares.......... 0.24%(c) 4.73%(c)
1999- FST Pre-
ferred shares... 0.34(c) 4.65(c)
1999- FST Admin-
istration
shares.......... 0.49(c) 4.48(c)
1999- FST Serv-
ice shares...... 0.74(c) 4.22(c)
- ------------------------------------------------------------------------------------------------------------
For the Year Ended December 31,
- -------------------------------
1998-FST
shares.......... 0.29 5.25
1998-FST Pre-
ferred shares... 0.39 5.16
1998-FST Admin-
istration
shares.......... 0.54 4.95
1998-FST Service
shares.......... 0.79 4.66
- ------------------------------------------------------------------------------------------------------------
For the Period Ended December 31,
- ---------------------------------
1997-FST shares
(commenced
August 1)....... 0.43(c) 5.24(c)
1997-FST
Preferred Shares
(commenced
August 1)....... 0.53(c) 5.15(c)
1997-FST
Administration
shares
(commenced
August 1)....... 0.68(c) 4.98(c)
1997-FST Service
shares
(commenced
August 1)....... 0.93(c) 4.82(c)
</TABLE>
- ----
(a) Calculated based on the average shares outstanding methodology.
(b) 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.
(c) Annualized.
- -------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
40
<PAGE>
Goldman Sachs Trust--Financial Square Funds
- -------------------------------------------------------------------------------
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
Treasury Obligations Fund
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Net Ratio of net
Net asset Net asset assets at Ratio of net investment
value at Net Distributions value at end expenses to income to
beginning investment to end Total of period average net average net
of period income(a) shareholders of period return(b) (in 000's) assets assets
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
For the Six Months Ended June 30, (Unaudited)
- ---------------------------------------------
1999-FST
shares.......... $1.00 $0.02 $(0.02) $1.00 4.70%(c) $2,107,663 0.18%(c) 4.58%(c)
1999-FST Pre-
ferred shares... 1.00 0.02 (0.02) 1.00 4.59(c) 160,761 0.28(c) 4.48(c)
1999-FST Admin-
istration
shares.......... 1.00 0.02 (0.02) 1.00 4.44(c) 1,117,591 0.43(c) 4.33(c)
1999-FST Service
shares.......... 1.00 0.02 (0.02) 1.00 4.18(c) 541,561 0.68(c) 4.08(c)
- ----------------------------------------------------------------------------------------------------------------
For the Years Ended December 31,
- --------------------------------
1998-FST
shares.......... 1.00 0.05 (0.05) 1.00 5.40 3,521,389 0.18 5.22
1998-FST Pre-
ferred shares... 1.00 0.05 (0.05) 1.00 5.29 285,240 0.28 5.20
1998-FST Admin-
istration
shares.......... 1.00 0.05 (0.05) 1.00 5.14 1,080,454 0.43 4.94
1998-FST Service
shares.......... 1.00 0.05 (0.05) 1.00 4.87 501,619 0.68 4.69
- ----------------------------------------------------------------------------------------------------------------
1997-FST
shares.......... 1.00 0.05 (0.05) 1.00 5.50 2,217,943 0.18 5.36
1997-FST Pre-
ferred shares... 1.00 0.05 (0.05) 1.00 5.40 245,355 0.28 5.32
1997-FST Admin-
istration
shares.......... 1.00 0.05 (0.05) 1.00 5.24 738,865 0.43 5.12
1997-FST Service
shares.......... 1.00 0.05 (0.05) 1.00 4.98 312,991 0.68 4.87
- ----------------------------------------------------------------------------------------------------------------
1996-FST
shares.......... 1.00 0.05 (0.05) 1.00 5.35 2,291,051 0.18 5.22
1996-FST Pre-
ferred
shares (commenced
May 1).......... 1.00 0.03 (0.03) 1.00 5.24(c) 46,637 0.28(c) 5.11(c)
1996-FST Admin-
istration shares
................ 1.00 0.05 (0.05) 1.00 5.09 536,895 0.43 4.97
1996-FST Service
shares ......... 1.00 0.05 (0.05) 1.00 4.83 220,560 0.68 4.72
- ----------------------------------------------------------------------------------------------------------------
1995-FST shares
................ 1.00 0.06 (0.06) 1.00 5.96 1,587,715 0.18 5.73
1995-FST Admin-
istration shares
................ 1.00 0.06 (0.06) 1.00 5.69 283,186 0.43 5.47
1995-FST Service
shares ......... 1.00 0.05 (0.05) 1.00 5.43 139,117 0.68 5.21
- ----------------------------------------------------------------------------------------------------------------
For the Period Ended December 31,(d)
- ------------------------------------
1994-FST
shares ......... 1.00 0.04 (0.04) 1.00 4.23(c) 958,196 0.18(c) 4.13(c)
1994-FST Admin-
istration
shares ......... 1.00 0.04 (0.04) 1.00 3.97(c) 82,124 0.43(c) 4.24(c)
1994-FST Service
shares ......... 1.00 0.03 (0.03) 1.00 3.71(c) 81,162 0.68(c) 3.82(c)
- ----------------------------------------------------------------------------------------------------------------
For the Year Ended January 31,
- ------------------------------
1994-FST
shares.......... $1.00 0.03 (0.03) 1.00 3.11 812,420 0.17 3.01
1994-FST Admin-
istration shares
................ 1.00 0.03 (0.03) 1.00 2.85 24,485 0.42 2.76
1994-FST Service
shares ......... 1.00 0.03 (0.03) 1.00 2.60 35,656 0.67 2.51
<CAPTION>
Ratios assuming no
waiver of fees and no
expense limitations
-------------------------
Ratio of net
Ratio of investment
expenses to income to
average net average net
assets assets
--------------------------------------------------------------------------------------------
<S> <C> <C>
For the Six Months Ended June 30, (Unaudited)
- ---------------------------------------------
1999-FST
shares.......... 0.23%(c) 4.53%(c)
1999-FST Pre-
ferred shares... 0.33(c) 4.43(c)
1999-FST Admin-
istration
shares.......... 0.48(c) 4.28(c)
1999-FST Service
shares.......... 0.73(c) 4.03(c)
- ----------------------------------------------------------------------------------------------------------------
For the Years Ended December 31,
- --------------------------------
1998-FST
shares.......... 0.23 5.17
1998-FST Pre-
ferred shares... 0.33 5.15
1998-FST Admin-
istration
shares.......... 0.48 4.89
1998-FST Service
shares.......... 0.73 4.64
- ----------------------------------------------------------------------------------------------------------------
1997-FST
shares.......... 0.23 5.31
1997-FST Pre-
ferred shares... 0.33 5.27
1997-FST Admin-
istration
shares.......... 0.48 5.07
1997-FST Service
shares.......... 0.73 4.82
- ----------------------------------------------------------------------------------------------------------------
1996-FST
shares.......... 0.24 5.16
1996-FST Pre-
ferred
shares (commenced
May 1).......... 0.34(c) 5.05(c)
1996-FST Admin-
istration shares
................ 0.49 4.91
1996-FST Service
shares ......... 0.74 4.66
- ----------------------------------------------------------------------------------------------------------------
1995-FST shares
................ 0.23 5.68
1995-FST Admin-
istration shares
................ 0.48 5.42
1995-FST Service
shares ......... 0.73 5.16
- ----------------------------------------------------------------------------------------------------------------
For the Period Ended December 31,(d)
- ------------------------------------
1994-FST
shares ......... 0.25(c) 4.06(c)
1994-FST Admin-
istration
shares ......... 0.50(c) 4.17(c)
1994-FST Service
shares ......... 0.75(c) 3.75(c)
- ----------------------------------------------------------------------------------------------------------------
For the Year Ended January 31,
- ------------------------------
1994-FST
shares.......... 0.24 2.94
1994-FST Admin-
istration shares
................ 0.49 2.69
1994-FST Service
shares ......... 0.74 2.44
</TABLE>
(a) Calculated based on the average shares outstanding methodology.
- ----
(b) 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.
(c) Annualized.
(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 Trust (formerly Goldman Sachs Money
Market Trust).
- -------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
41
<PAGE>
Goldman Sachs Trust--Financial Square Funds
- -------------------------------------------------------------------------------
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
Treasury Instruments Fund
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Net
assets at Ratio of net
Net asset Net asset end Ratio of net investment
value at Net Distributions value at of period expenses to income to
beginning investment to end Total (in average net average net
of period income(a) shareholders of period return(b) 000's) assets assets
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
For the Six Months Ended June 30, (Unaudited)
- ---------------------------------------------
1999-FST
shares.......... $1.00 $0.02 $(0.02) $1.00 4.43%(c) $221,188 0.18%(c) 4.32%(c)
1999-FST Pre-
ferred shares... 1.00 0.02 (0.02) 1.00 4.33(c) 145 0.28(c) 4.25(c)
1999-FST Admin-
istration
shares.......... 1.00 0.02 (0.02) 1.00 4.17(c) 73,598 0.43(c) 4.08(c)
1999-FST Service
shares.......... 1.00 0.02 (0.02) 1.00 3.91(c) 10,658 0.68(c) 3.82(c)
- ---------------------------------------------------------------------------------------------------------------
For the Year Ended December 31,
- -------------------------------
1998-FST
shares.......... 1.00 0.05 (0.05) 1.00 5.05 822,207 0.18 4.74
1998-FST Pre-
ferred shares... 1.00 0.05 (0.05) 1.00 4.94 2 0.28 4.68
1998-FST Admin-
istration
shares.......... 1.00 0.05 (0.05) 1.00 4.79 23,676 0.43 4.62
1998-FST Service
shares.......... 1.00 0.04 (0.04) 1.00 4.53 17,128 0.68 4.37
- ---------------------------------------------------------------------------------------------------------------
For the Period Ended December 31,
- ---------------------------------
1997-FST
shares (commenced
March 3)........ 1.00 0.04 (0.04) 1.00 5.25(c) 496,419 0.18(c) 5.09(c)
1997-FST Pre-
ferred shares
(commenced
May 30)......... 1.00 0.03 (0.03) 1.00 5.13(c) 2 0.28(c) 5.00(c)
1997-FST Admin-
istration shares
(commenced
April 1)........ 1.00 0.04 (0.04) 1.00 4.99(c) 4,159 0.43(c) 4.84(c)
1997-FST Service
shares (com-
menced
March 5)........ 1.00 0.04 (0.04) 1.00 4.71(c) 20,177 0.68(c) 4.62(c)
<CAPTION>
Ratios assuming no
waiver of fees and no
expense limitations
-------------------------
Ratio of net
Ratio of investment
expenses to income to
average net average net
assets assets
--------------------------------------------------------------------------------------------
<S> <C> <C>
For the Six Months Ended June 30, (Unaudited)
- ---------------------------------------------
1999-FST
shares.......... 0.24%(c) 4.26%(c)
1999-FST Pre-
ferred shares... 0.34(c) 4.19(c)
1999-FST Admin-
istration
shares.......... 0.49(c) 4.02(c)
1999-FST Service
shares.......... 0.74(c) 3.76(c)
- ---------------------------------------------------------------------------------------------------------------
For the Year Ended December 31,
- -------------------------------
1998-FST
shares.......... 0.29 4.63
1998-FST Pre-
ferred shares... 0.39 4.57
1998-FST Admin-
istration
shares.......... 0.54 4.51
1998-FST Service
shares.......... 0.79 4.26
- ---------------------------------------------------------------------------------------------------------------
For the Period Ended December 31,
- ---------------------------------
1997-FST
shares (commenced
March 3)........ 0.29(c) 4.98(c)
1997-FST Pre-
ferred shares
(commenced
May 30)......... 0.39(c) 4.89(c)
1997-FST Admin-
istration shares
(commenced
April 1)........ 0.54(c) 4.73(c)
1997-FST Service
shares (com-
menced
March 5)........ 0.79(c) 4.51(c)
</TABLE>
- ----
(a) Calculated based on the average shares outstanding methodology.
(b) 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.
(c) Annualized.
- -------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
42
<PAGE>
Goldman Sachs Trust--Financial Square Funds
- -------------------------------------------------------------------------------
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
Government Fund
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Net Ratio of net
Net asset Net asset assets at Ratio of net investment
value at Net Distributions value at end expenses to income to
beginning investment to end Total of period average net average net
of period income(a) shareholders of period return(b) (in 000's) assets assets
--------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
For the Six Months Ended June 30, (Unaudited)
- ---------------------------------------------
1999-FST
shares.......... $1.00 $0.02 $(0.02) $1.00 4.83%(c) $1,718,308 0.18%(c) 4.73%(c)
1999-FST Pre-
ferred shares... 1.00 0.02 (0.02) 1.00 4.72(c) 209,501 0.28(c) 4.63(c)
1999-FST Admin-
istration
shares.......... 1.00 0.02 (0.02) 1.00 4.57(c) 495,994 0.43(c) 4.47(c)
1999-FST Service
shares.......... 1.00 0.02 (0.02) 1.00 4.31(c) 923,119 0.68(c) 4.21(c)
- ------------------------------------------------------------------------------------------------------------------------
For the Years Ended December 31,
- --------------------------------
1998-FST
shares.......... 1.00 0.05 (0.05) 1.00 5.46 1,563,875 0.18 5.32
1998-FST Pre-
ferred shares... 1.00 0.05 (0.05) 1.00 5.36 245,628 0.28 5.15
1998-FST Admin-
istration
shares.......... 1.00 0.05 (0.05) 1.00 5.20 407,363 0.43 5.06
1998-FST Service
shares.......... 1.00 0.05 (0.05) 1.00 4.94 699,481 0.68 4.83
- ------------------------------------------------------------------------------------------------------------------------
1997-FST
shares.......... 1.00 0.05 (0.05) 1.00 5.54 1,478,539 0.18 5.41
1997-FST Pre-
ferred shares... 1.00 0.05 (0.05) 1.00 5.43 7,147 0.28 5.34
1997-FST Admin-
istration
shares.......... 1.00 0.05 (0.05) 1.00 5.28 299,804 0.43 5.15
1997-FST Service
shares.......... 1.00 0.05 (0.05) 1.00 5.02 580,200 0.68 4.91
- ------------------------------------------------------------------------------------------------------------------------
1996-FST
shares.......... 1.00 0.05 (0.05) 1.00 5.38 858,769 0.18 5.25
1996-FST Pre-
ferred shares
(commenced May
1).............. 1.00 0.03 (0.03) 1.00 5.26(c) 112 0.28(c) 5.14(c)
1996-FST Admin-
istration
shares.......... 1.00 0.05 (0.05) 1.00 5.12 145,108 0.43 5.01
1996-FST Service
shares.......... 1.00 0.05 (0.05) 1.00 4.86 223,554 0.68 4.74
- ------------------------------------------------------------------------------------------------------------------------
1995-FST
shares.......... 1.00 0.06 (0.06) 1.00 6.00 743,884 0.18 5.81
1995-FST Admin-
istration
shares.......... 1.00 0.06 (0.06) 1.00 5.74 82,386 0.43 5.54
1995-FST Service
shares (com-
menced May 16).. 1.00 0.03 (0.03) 1.00 5.40(c) 14,508 0.68(c) 5.08(c)
- ------------------------------------------------------------------------------------------------------------------------
For the Period Ended December 31,(d)
- ------------------------------------
1994-FST
shares.......... 1.00 0.04 (0.04) 1.00 4.36(c) 258,350 0.15(c) 4.64(c)
1994-FST Admin-
istration
shares.......... 1.00 0.04 (0.04) 1.00 4.10(c) 54,253 0.40(c) 4.67(c)
- ------------------------------------------------------------------------------------------------------------------------
For the Period Ended January 31,
- --------------------------------
1993-FST shares
(commenced April
6).............. 1.00 0.03 (0.03) 1.00 3.14(c) 44,697 0.08(c) 3.10(c)
1993-FST
Administration
shares
(commenced September 1).. 1.00 0.01 (0.01) 1.00 2.87(c) 14,126 0.35(c) 2.85(c)
<CAPTION>
Ratios assuming no
waiver of fees and no
expense limitations
-------------------------
Ratio of net
Ratio of investment
expenses to income to
average net average net
assets assets
--------------------------------------------------------------------------------------------------
<S> <C> <C>
For the Six Months Ended June 30, (Unaudited)
- ---------------------------------------------
1999-FST
shares.......... 0.22%(c) 4.69%(c)
1999-FST Pre-
ferred shares... 0.32(c) 4.59(c)
1999-FST Admin-
istration
shares.......... 0.47(c) 4.43(c)
1999-FST Service
shares.......... 0.72(c) 4.17(c)
- ------------------------------------------------------------------------------------------------------------------------
For the Years Ended December 31,
- --------------------------------
1998-FST
shares.......... 0.23 5.27
1998-FST Pre-
ferred shares... 0.33 5.10
1998-FST Admin-
istration
shares.......... 0.48 5.01
1998-FST Service
shares.......... 0.73 4.78
- ------------------------------------------------------------------------------------------------------------------------
1997-FST
shares.......... 0.24 5.35
1997-FST Pre-
ferred shares... 0.34 5.28
1997-FST Admin-
istration
shares.......... 0.49 5.09
1997-FST Service
shares.......... 0.74 4.85
- ------------------------------------------------------------------------------------------------------------------------
1996-FST
shares.......... 0.24 5.19
1996-FST Pre-
ferred shares
(commenced May
1).............. 0.34(c) 5.08(c)
1996-FST Admin-
istration
shares.......... 0.49 4.95
1996-FST Service
shares.......... 0.74 4.68
- ------------------------------------------------------------------------------------------------------------------------
1995-FST
shares.......... 0.24 5.75
1995-FST Admin-
istration
shares.......... 0.49 5.48
1995-FST Service
shares (com-
menced May 16).. 0.74(c) 5.02(c)
- ------------------------------------------------------------------------------------------------------------------------
For the Period Ended December 31,(d)
- ------------------------------------
1994-FST
shares.......... 0.25(c) 4.54(c)
1994-FST Admin-
istration
shares.......... 0.50(c) 4.57(c)
- ------------------------------------------------------------------------------------------------------------------------
For the Period Ended January 31,
- --------------------------------
1993-FST shares
(commenced April
6).............. 0.59(c) 2.59(c)
1993-FST
Administration
shares
(commenced September 1).. 0.76(c) 2.44(c)
</TABLE>
(a) Calculated based on the average shares outstanding methodology.
(b) Assumes investment at the net asset value at the beginning of the period,
reinvestment of all distributions and complete redemption of the
investment at the net asset value at the end of the period.
- ----
(c) Annualized.
(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 Trust (formerly Goldman Sachs Money
Market Trust).
- -------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
43
<PAGE>
Goldman Sachs Trust--Financial Square Funds
- -------------------------------------------------------------------------------
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
Federal Fund
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Net Ratio of net
Net Asset Net asset assets at Ratio of net investment
value at Net Distributions value at end expenses to income to
beginning investment to end Total of period average net average net
of period income(a) shareholders of period return(b) (in 000's) assets assets
-------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
For the Six Months Ended June 30, (Unaudited)
- ---------------------------------------------
1999-FST
shares.......... $1.00 $0.02 $(0.02) $1.00 4.83%(c) $2,352,991 0.18%(c) 4.72%(c)
1999-FST
Preferred
shares.......... 1.00 0.02 (0.02) 1.00 4.73(c) 29,403 0.28(c) 4.63(c)
1999-FST
Administration
shares.......... 1.00 0.02 (0.02) 1.00 4.57(c) 565,274 0.43(c) 4.48(c)
1999-FST Service
shares.......... 1.00 0.02 (0.02) 1.00 4.31(c) 374,544 0.68(c) 4.22(c)
- -------------------------------------------------------------------------------------------------------------
For the Year Ended December 31,
- -------------------------------
1998-FST
shares.......... 1.00 0.05 (0.05) 1.00 5.41 2,346,254 0.18 5.24
1998-FST
Preferred
shares.......... 1.00 0.05 (0.05) 1.00 5.31 26,724 0.28 5.20
1998-FST
Administration
shares.......... 1.00 0.05 (0.05) 1.00 5.15 690,084 0.43 5.02
1998-FST Service
shares.......... 1.00 0.05 (0.05) 1.00 4.89 321,124 0.68 4.78
- -------------------------------------------------------------------------------------------------------------
For the Period Ended December 31,
- ---------------------------------
1997-FST shares
(commenced
February 28).... 1.00 0.05 (0.05) 1.00 5.51(c) 1,125,681 0.18(c) 5.39(c)
1997-FST
Preferred shares
(commenced May
30)............. 1.00 0.03 (0.03) 1.00 5.43(c) 194,375 0.28(c) 5.26(c)
1997-FST
Administration
shares
(commenced April
1).............. 1.00 0.04 (0.04) 1.00 5.27(c) 625,334 0.43(c) 5.15(c)
1997-FST Service
shares
(commenced March
25)............. 1.00 0.04 (0.04) 1.00 5.00(c) 228,447 0.68(c) 4.78(c)
<CAPTION>
Ratios assuming no
waiver of fees and no
expense limitations
-------------------------
Ratio of net
Ratio of investment
expenses to income to
average net average net
assets assets
-------------------------------------------------------------------------------------------
<S> <C> <C>
For the Six Months Ended June 30, (Unaudited)
- ---------------------------------------------
1999-FST
shares.......... 0.22%(c) 4.68%(c)
1999-FST
Preferred
shares.......... 0.32(c) 4.59(c)
1999-FST
Administration
shares.......... 0.47(c) 4.44(c)
1999-FST Service
shares.......... 0.72(c) 4.18(c)
- -------------------------------------------------------------------------------------------------------------
For the Year Ended December 31,
- -------------------------------
1998-FST
shares.......... 0.24 5.18
1998-FST
Preferred
shares.......... 0.34 5.14
1998-FST
Administration
shares.......... 0.49 4.96
1998-FST Service
shares.......... 0.74 4.72
- -------------------------------------------------------------------------------------------------------------
For the Period Ended December 31,
- ---------------------------------
1997-FST shares
(commenced
February 28).... 0.27(c) 5.30(c)
1997-FST
Preferred shares
(commenced May
30)............. 0.37(c) 5.17(c)
1997-FST
Administration
shares
(commenced April
1).............. 0.52(c) 5.06(c)
1997-FST Service
shares
(commenced March
25)............. 0.77(c) 4.69(c)
</TABLE>
- ----
(a) Calculated based on the average shares outstanding methodology.
(b) 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.
(c) Annualized.
- -------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
44
<PAGE>
Goldman Sachs Trust--Financial Square Funds
- -------------------------------------------------------------------------------
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
Tax-Free Money Market Fund
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Net Ratio of net
Net asset Net asset assets at Ratio of net investment
value at Net Distributions value at end expenses to income to
beginning investment to end Total of period average net average net
of period income(a) shareholders of period return(b) (in 000's) assets assets
-------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
For the Six Months Ended June 30, (Unaudited)
- ---------------------------------------------
1999-FST
shares.......... $1.00 $0.01 $(0.01) $1.00 2.98%(c) $1,570,136 0.18%(c) 2.95%(c)
1999-FST Pre-
ferred shares... 1.00 0.01 (0.01) 1.00 2.88(c) 65,156 0.28(c) 2.87(c)
1999-FST Admin-
istration
shares.......... 1.00 0.01 (0.01) 1.00 2.72(c) 128,730 0.43(c) 2.67(c)
1999-FST Service
shares.......... 1.00 0.01 (0.01) 1.00 2.47(c) 50,441 0.68(c) 2.44(c)
- ---------------------------------------------------------------------------------------------------------------
For the Years Ended December 31,
- --------------------------------
1998-FST
shares.......... 1.00 0.03 (0.03) 1.00 3.34 1,456,002 0.18 3.28
1998-FST Pre-
ferred shares... 1.00 0.03 (0.03) 1.00 3.24 20,882 0.28 3.17
1998-FST Admin-
istration
shares.......... 1.00 0.03 (0.03) 1.00 3.08 146,800 0.43 3.04
1998-FST Service
shares.......... 1.00 0.03 (0.03) 1.00 2.83 50,990 0.68 2.77
- ---------------------------------------------------------------------------------------------------------------
1997-FST
shares.......... 1.00 0.04 (0.04) 1.00 3.54 939,407 0.18 3.50
1997-FST Pre-
ferred shares... 1.00 0.03 (0.03) 1.00 3.43 35,152 0.28 3.39
1997-FST Admin-
istration
shares.......... 1.00 0.03 (0.03) 1.00 3.28 103,049 0.43 3.27
1997-FST Service
shares.......... 1.00 0.03 (0.03) 1.00 3.02 42,578 0.68 3.01
- ---------------------------------------------------------------------------------------------------------------
1996-FST
shares.......... 1.00 0.03 (0.03) 1.00 3.39 440,838 0.18 3.35
1996-FST Pre-
ferred shares
(commenced May
1).............. 1.00 0.02 (0.02) 1.00 3.30(c) 28,731 0.28(c) 3.26(c)
1996-FST Admin-
istration shares
................ 1.00 0.03 (0.03) 1.00 3.13 51,661 0.43 3.10
1996-FST Service
shares.......... 1.00 0.03 (0.03) 1.00 2.88 19,855 0.68 2.85
- ---------------------------------------------------------------------------------------------------------------
1995-FST
shares.......... 1.00 0.04 (0.04) 1.00 3.89 448,367 0.14 3.81
1995-FST Admin-
istration
shares.......... 1.00 0.04 (0.04) 1.00 3.63 20,939 0.39 3.54
1995-FST Service
shares.......... 1.00 0.03 (0.03) 1.00 3.38 19,860 0.64 3.32
- ---------------------------------------------------------------------------------------------------------------
For the Period Ended December 31,
- ---------------------------------
1994-FST shares
(commenced July
19)............. 1.00 0.02 (0.02) 1.00 3.41(c) 183,570 0.07(c) 3.42(c)
1994-FST Admin-
istration shares
(commenced Au-
gust 1)......... 1.00 0.01 (0.01) 1.00 3.19(c) 2,042 0.32(c) 3.25(c)
1994-FST Service
shares (com-
menced September
23)............. 1.00 0.01 (0.01) 1.00 3.11(c) 2,267 0.57(c) 3.32(c)
<CAPTION>
Ratios assuming no
waiver of fees and no
expense limitations
-------------------------
Ratio of net
Ratio of investment
expenses to income to
average net average net
assets assets
-------------------------------------------------------------------------------------------
<S> <C> <C>
For the Six Months Ended June 30, (Unaudited)
- ---------------------------------------------
1999-FST
shares.......... 0.23%(c) 2.90%(c)
1999-FST Pre-
ferred shares... 0.33(c) 2.82(c)
1999-FST Admin-
istration
shares.......... 0.48(c) 2.62(c)
1999-FST Service
shares.......... 0.73(c) 2.39(c)
- ---------------------------------------------------------------------------------------------------------------
For the Years Ended December 31,
- --------------------------------
1998-FST
shares.......... 0.23 3.23
1998-FST Pre-
ferred shares... 0.33 3.12
1998-FST Admin-
istration
shares.......... 0.48 2.99
1998-FST Service
shares.......... 0.73 2.72
- ---------------------------------------------------------------------------------------------------------------
1997-FST
shares.......... 0.24 3.44
1997-FST Pre-
ferred shares... 0.34 3.33
1997-FST Admin-
istration
shares.......... 0.49 3.21
1997-FST Service
shares.......... 0.74 2.95
- ---------------------------------------------------------------------------------------------------------------
1996-FST
shares.......... 0.23 3.30
1996-FST Pre-
ferred shares
(commenced May
1).............. 0.33(c) 3.21(c)
1996-FST Admin-
istration shares
................ 0.48 3.05
1996-FST Service
shares.......... 0.73 2.80
- ---------------------------------------------------------------------------------------------------------------
1995-FST
shares.......... 0.24 3.71
1995-FST Admin-
istration
shares.......... 0.49 3.44
1995-FST Service
shares.......... 0.74 3.22
- ---------------------------------------------------------------------------------------------------------------
For the Period Ended December 31,
- ---------------------------------
1994-FST shares
(commenced July
19)............. 0.31(c) 3.18(c)
1994-FST Admin-
istration shares
(commenced Au-
gust 1)......... 0.56(c) 3.01(c)
1994-FST Service
shares (com-
menced September
23)............. 0.81(c) 3.08(c)
</TABLE>
- ----
(a) Calculated based on the average shares outstanding methodology.
(b) 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.
(c) Annualized.
- -------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
45
<PAGE>
TRUSTEES
Ashok N. Bakhru, Chairman
David B. Ford
Douglas C. Grip
John P. McNulty
Mary P. McPherson
Alan A. Shuch
Jackson W. Smart, Jr.
William H. Springer
Richard P. Strubel
OFFICERS
Douglas C. Grip, President
Jesse H. Cole, Vice President
James A. Fitzpatrick, Vice President
Anne E. Marcel, Vice President
John M. Perlowski, Treasurer
Adrien E. Deberghes, Jr., Assistant Treasurer
Philip V. Giuca, Jr., Assistant Treasurer
Michael J. Richman, Secretary
Howard B. Surloff, Assistant Secretary
Valerie A. Zondorak, Assistant Secretary
GOLDMAN SACHS
Investment Adviser,
Distributor and Transfer Agent
Goldman Sachs Funds [LOGO] Goldman
32 Old Slip, 24th Floor Sachs
FS/SAR 6/99 New York, NY 10005
