<PAGE>
Goldman Sachs Trust
Goldman Sachs Financial Square Funds
FST Shares
FST Administration Shares
FST Service Shares
FST Preferred Shares
Supplement dated January 31, 2000 to
Prospectuses dated May 1, 1999
Under Appendix B, Financial Highlights, the following replaces the financial
highlights tables in each Goldman Sachs Financial Square Prospectus indi-
cated above:
Appendix B
Financial Highlights
The financial highlights tables are intended to help you understand a Fund's
financial performance for the past five years (or less if the Fund has been
in operation for less than five years). Certain information reflects finan-
cial results for a single Fund share. The total returns in the table repre-
sent the rate that an investor would have earned or lost on an investment in
a Fund (assuming reinvestment of all dividends and distributions). The data
with respect to a share (of the Class specified) of the Funds outstanding
for the period ended June 30, 1999 is unaudited. The remaining data has been
audited by Arthur Andersen LLP, whose report, along with a Fund's financial
statements, is included in the Fund's annual report (available upon request
without charge). During the periods shown the Trust did not offer Select
Shares of the Funds. Accordingly, there are no financial highlights for the
Select Shares.
FSTSTCKI/0030K
<PAGE>
PRIME OBLIGATIONS FUND
<TABLE>
<CAPTION>
Net asset
value at Net Distributions
beginning investment to
of period incomea shareholders
- ------------------------------------------------------------------------------
<S> <C> <C> <C>
For the Six Months Ended June 30, (Unaudited)
1999 - FST shares $1.00 $0.02 $(0.02)
1999 - FST Preferred shares 1.00 0.02 (0.02)
1999 - FST Administration shares 1.00 0.02 (0.02)
1999 - FST Service shares 1.00 0.02 (0.02)
- ------------------------------------------------------------------------------
For the Years Ended December 31,
1998 - FST shares 1.00 0.05 (0.05)
1998 - FST Preferred shares 1.00 0.05 (0.05)
1998 - FST Administration shares 1.00 0.05 (0.05)
1998 - FST Service shares 1.00 0.05 (0.05)
- ------------------------------------------------------------------------------
1997 - FST shares 1.00 0.05 (0.05)
1997 - FST Preferred shares 1.00 0.05 (0.05)
1997 - FST Administration shares 1.00 0.05 (0.05)
1997 - FST Service shares 1.00 0.05 (0.05)
- ------------------------------------------------------------------------------
1996 - FST shares 1.00 0.05 (0.05)
1996 - FST Preferred Shares (commenced May
1) 1.00 0.03 (0.03)
1996 - FST Administration shares 1.00 0.05 (0.05)
1996 - FST Service shares 1.00 0.05 (0.05)
- ------------------------------------------------------------------------------
1995 - FST shares 1.00 0.06 (0.06)
1995 - FST Administration shares 1.00 0.06 (0.06)
1995 - FST Service shares 1.00 0.05 (0.05)
- ------------------------------------------------------------------------------
For the Period Ended December 31,d
1994 - FST shares 1.00 0.04 (0.04)
1994 - FST Preferred Shares 1.00 0.04 (0.04)
1994 - FST Service shares 1.00 0.04 (0.04)
- ------------------------------------------------------------------------------
For the Years Ended January 31,
1994 - FST shares 1.00 0.03 (0.03)
1994 - FST Administration shares 1.00 0.03 (0.03)
1994 - FST Service shares 1.00 0.03 (0.03)
- ------------------------------------------------------------------------------
</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).
2
<PAGE>
APPENDIX B
<TABLE>
<CAPTION>
Ratios assuming no
waiver of fees and no
expense limitations
------------------------
Net Ratio of net Ratio of net
Net asset assets at Ratio of net investment Ratio of investment
value at end expenses to income to expenses to income to
end Total of period average net average net average net average net
of period returnb (in 000's) assets assets assets assets
- ----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$1.00 4.95%c $4,954,432 0.18%c 4.84%c 0.22%c 4.80%c
1.00 4.84c 108,915 0.28c 4.75c 0.32c 4.71c
1.00 4.69c 589,731 0.43c 4.58c 0.47c 4.54c
1.00 4.43c 491,757 0.68c 4.33c 0.72c 4.29c
- ----------------------------------------------------------------------------------
1.00 5.55 5,831,773 0.18 5.39 0.24 5.33
1.00 5.45 132,558 0.28 5.26 0.34 5.20
1.00 5.29 331,196 0.43 5.14 0.49 5.08
1.00 5.03 336,205 0.68 4.89 0.74 4.83
- ----------------------------------------------------------------------------------
1.00 5.60 3,867,739 0.18 5.46 0.23 5.41
1.00 5.50 152,767 0.28 5.38 0.33 5.33
1.00 5.34 241,607 0.43 5.22 0.48 5.17
1.00 5.08 176,133 0.68 4.97 0.73 4.92
- ----------------------------------------------------------------------------------
1.00 5.41 3,901,797 0.18 5.29 0.23 5.24
1.00 5.28c 127,126 0.28c 5.19c 0.33c 5.14c
1.00 5.14 215,898 0.43 5.06 0.48 5.01
1.00 4.88 115,114 0.68 4.78 0.73 4.73
- ----------------------------------------------------------------------------------
1.00 6.02 3,295,791 0.18 5.86 0.22 5.82
1.00 5.75 147,894 0.43 5.59 0.47 5.55
1.00 5.49 65,278 0.68 5.33 0.72 5.29
- ----------------------------------------------------------------------------------
1.00 4.38c 2,774,849 0.18c 4.38c 0.24c 4.32c
1.00 4.12c 66,113 0.43c 4.18c 0.49c 4.12c
1.00 3.86c 41,372 0.68c 3.98c 0.74c 3.92c
- ----------------------------------------------------------------------------------
1.00 3.18 1,831,413 0.17 3.11 0.25 3.03
1.00 2.92 35,250 0.42 2.86 0.50 2.78
1.00 2.66 14,001 0.67 2.61 0.75 2.53
- ----------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
MONEY MARKET FUND
<TABLE>
<CAPTION>
Net asset
value at Net Distributions
beginning investment to
of period incomea shareholders
- -------------------------------------------------------------------------------
<S> <C> <C> <C>
For the Six Months Ended June 30, (Unaudited)
1999 - FST shares $1.00 $0.02 $(0.02)
1999 - FST Preferred shares 1.00 0.02 (0.02)
1999 - FST Administration shares 1.00 0.02 (0.02)
1999 - FST Service shares 1.00 0.02 (0.02)
- -------------------------------------------------------------------------------
For the Years Ended December 31,
1998 - FST shares 1.00 0.05 (0.05)
1998 - FST Preferred shares 1.00 0.05 (0.05)
1998 - FST Administration shares 1.00 0.05 (0.05)
1998 - FST Service shares 1.00 0.05 (0.05)
- -------------------------------------------------------------------------------
1997 - FST shares 1.00 0.06 (0.06)
1997 - FST Preferred shares 1.00 0.05 (0.05)
1997 - FST Administration shares 1.00 0.05 (0.05)
1997 - FST Service shares 1.00 0.05 (0.05)
- -------------------------------------------------------------------------------
1996 - FST shares 1.00 0.05 (0.05)
1996 - FST Preferred shares (commenced May
1) 1.00 0.03 (0.03)
1996 - FST Administration shares 1.00 0.05 (0.05)
1996 - FST Service shares 1.00 0.05 (0.05)
- -------------------------------------------------------------------------------
1995 - FST shares 1.00 0.06 (0.06)
1995 - FST Administration shares 1.00 0.06 (0.06)
1995 - FST Service shares (commenced
July 14) 1.00 0.02 (0.02)
- -------------------------------------------------------------------------------
For the Period Ended December 31,
1994 - FST shares (commenced May 18) 1.00 0.03 (0.03)
1994 - FST Administration shares (commenced
May 20) 1.00 0.03 (0.03)
- -------------------------------------------------------------------------------
</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.
4
<PAGE>
APPENDIX B
<TABLE>
<CAPTION>
Ratios assuming no
waiver of fees and no
expense limitations
------------------------
Net Ratio of net Ratio of net
Net asset assets at Ratio of net investment Ratio of investment
value at end expenses to income to expenses to income to
end Total of period average net average net average net average net
of period returnb (in 000's) assets assets assets assets
- ----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$1.00 4.96%c $6,114,786 0.18%c 4.85%c 0.22%c 4.81%c
1.00 4.85c 276,924 0.28c 4.74c 0.32c 4.70c
1.00 4.70c 415,669 0.43c 4.60c 0.47c 4.56c
1.00 4.44c 290,549 0.68c 4.36c 0.72c 4.32c
- ----------------------------------------------------------------------------------
1.00 5.55 4,995,782 0.18 5.40 0.23 5.35
1.00 5.45 93,218 0.28 5.30 0.33 5.25
1.00 5.29 399,474 0.43 5.16 0.48 5.11
1.00 5.03 496,520 0.68 4.86 0.73 4.81
- ----------------------------------------------------------------------------------
1.00 5.63 4,346,519 0.18 5.50 0.23 5.45
1.00 5.53 20,258 0.28 5.44 0.33 5.39
1.00 5.37 221,256 0.43 5.26 0.48 5.21
1.00 5.11 316,304 0.68 4.99 0.73 4.94
- ----------------------------------------------------------------------------------
1.00 5.45 2,540,366 0.18 5.33 0.23 5.28
1.00 5.31c 17,510 0.28c 5.23c 0.33c 5.18c
1.00 5.19 165,766 0.43 5.04 0.48 4.99
1.00 4.93 234,376 0.68 4.84 0.73 4.79
- ----------------------------------------------------------------------------------
1.00 6.07 2,069,197 0.15 5.89 0.23 5.81
1.00 5.80 137,412 0.40 5.61 0.48 5.53
1.00 5.41c 4,219 0.65c 4.93c 0.73c 4.85c
- ----------------------------------------------------------------------------------
1.00 4.91c 862,971 0.11c 4.88c 0.25c 4.74c
1.00 4.65c 66,560 0.36c 4.82c 0.50c 4.68c
- ----------------------------------------------------------------------------------
</TABLE>
5
<PAGE>
PREMIUM MONEY MARKET FUND
<TABLE>
<CAPTION>
Net asset
value at Net Distributions
beginning investment to
of period incomea shareholders
- -------------------------------------------------------------------------------
<S> <C> <C> <C>
For the Six Months Ended June 30, (Unaudited)
1999 - FST shares $1.00 $0.02 $(0.02)
1999 - FST Preferred shares 1.00 0.02 (0.02)
1999 - FST Administration shares 1.00 0.02 (0.02)
1999 - FST Service shares 1.00 0.02 (0.02)
- -------------------------------------------------------------------------------
For the Year Ended December 31,
1998 - FST shares 1.00 0.05 (0.05)
1998 - FST Preferred shares 1.00 0.05 (0.05)
1998 - FST Administration shares 1.00 0.05 (0.05)
1998 - FST Service shares 1.00 0.05 (0.05)
- -------------------------------------------------------------------------------
For the Period Ended December 31,
1997 - FST shares (commenced August 1) 1.00 0.02 (0.02)
1997 - FST Preferred shares (commenced
August 1) 1.00 0.02 (0.02)
1997 - FST Administration shares (commenced
August 1) 1.00 0.02 (0.02)
1997 - FST Service shares (commenced August
1) 1.00 0.02 (0.02)
- -------------------------------------------------------------------------------
</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.
6
<PAGE>
APPENDIX B
<TABLE>
<CAPTION>
Ratios assuming no
waiver of fees and no
expense limitations
------------------------
Net
assets at Ratio of net Ratio of net
Net asset end Ratio of net investment Ratio of investment
value at of period expenses to income to expenses to income to
end Total (in average net average net average net average net
of period returnb 000's) assets assets assets assets
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$1.00 4.90%c $495,637 0.18%c 4.79%c 0.24%c 4.73%c
1.00 4.80c 117,568 0.28c 4.71c 0.34c 4.65c
1.00 4.64c 15,938 0.43c 4.54c 0.49c 4.48c
1.00 4.38c 25,366 0.68c 4.28c 0.74c 4.22c
- -------------------------------------------------------------------------------
1.00 5.55 479,851 0.16 5.38 0.29 5.25
1.00 5.45 107,517 0.26 5.29 0.39 5.16
1.00 5.29 13,728 0.41 5.08 0.54 4.95
1.00 5.03 19,655 0.66 4.79 0.79 4.66
- -------------------------------------------------------------------------------
1.00 5.73c 218,192 0.08c 5.59c 0.43c 5.24c
1.00 5.62c 558 0.18c 5.50c 0.53c 5.15c
1.00 5.47c 1,457 0.33c 5.33c 0.68c 4.98c
1.00 5.20c 814 0.58c 5.17c 0.93c 4.82c
- -------------------------------------------------------------------------------
</TABLE>
7
<PAGE>
TREASURY OBLIGATIONS FUND
<TABLE>
<CAPTION>
Net asset
value at Net Distributions
beginning investment to
of period incomea shareholders
- ------------------------------------------------------------------------------
<S> <C> <C> <C>
For the Six Months Ended June 30, (Unaudited)
1999 - FST shares $1.00 $0.02 $(0.02)
1999 - FST Preferred shares 1.00 0.02 (0.02)
1999 - FST Administration shares 1.00 0.02 (0.02)
1999 - FST Service shares 1.00 0.02 (0.02)
- ------------------------------------------------------------------------------
For the Years Ended December 31,
1998 - FST shares 1.00 0.05 (0.05)
1998 - FST Preferred shares 1.00 0.05 (0.05)
1998 - FST Administration shares 1.00 0.05 (0.05)
1998 - FST Service shares 1.00 0.05 (0.05)
- ------------------------------------------------------------------------------
1997 - FST shares 1.00 0.05 (0.05)
1997 - FST Preferred shares 1.00 0.05 (0.05)
1997 - FST Administration shares 1.00 0.05 (0.05)
1997 - FST Service shares 1.00 0.05 (0.05)
- ------------------------------------------------------------------------------
1996 - FST shares 1.00 0.05 (0.05)
1996 - FST Preferred shares (commenced May
1) 1.00 0.03 (0.03)
1996 - FST Administration shares 1.00 0.05 (0.05)
1996 - FST Service shares 1.00 0.05 (0.05)
- ------------------------------------------------------------------------------
1995 - FST shares 1.00 0.06 (0.06)
1995 - FST Administration shares 1.00 0.06 (0.06)
1995 - FST Service shares 1.00 0.05 (0.05)
- ------------------------------------------------------------------------------
For the Period Ended December 31,d
1994 - FST shares 1.00 0.04 (0.04)
1994 - FST Administration shares 1.00 0.04 (0.04)
1994 - FST Service shares 1.00 0.03 (0.03)
- ------------------------------------------------------------------------------
For the Year Ended January 31,
1994 - FST shares 1.00 0.03 (0.03)
1994 - FST Administration shares 1.00 0.03 (0.03)
1994 - FST Service shares 1.00 0.03 (0.03)
- ------------------------------------------------------------------------------
</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).
8
<PAGE>
APPENDIX B
<TABLE>
<CAPTION>
Ratios assuming no
waiver of fees and no
expense limitations
------------------------
Net Ratio of net Ratio of net
Net asset assets at Ratio of net investment Ratio of investment
value at end expenses to income to expenses to income to
end Total of period average net average net average net average net
of period returnb (in 000's) assets assets assets assets
- ----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$1.00 4.70%c $2,107,663 0.18%c 4.58%c 0.23%c 4.53%c
1.00 4.59c 160,761 0.28c 4.48c 0.33c 4.43c
1.00 4.44c 1,117,591 0.43c 4.33c 0.48c 4.28c
1.00 4.18c 541,561 0.68c 4.08c 0.73c 4.03c
- ----------------------------------------------------------------------------------
1.00 5.40 3,521,389 0.18 5.22 0.23 5.17
1.00 5.29 285,240 0.28 5.20 0.33 5.15
1.00 5.14 1,080,454 0.43 4.94 0.48 4.89
1.00 4.87 501,619 0.68 4.69 0.73 4.64
- ----------------------------------------------------------------------------------
1.00 5.50 2,217,943 0.18 5.36 0.23 5.31
1.00 5.40 245,355 0.28 5.32 0.33 5.27
1.00 5.24 738,865 0.43 5.12 0.48 5.07
1.00 4.98 312,991 0.68 4.87 0.73 4.82
- ----------------------------------------------------------------------------------
1.00 5.35 2,291,051 0.18 5.22 0.24 5.16
1.00 5.24c 46,637 0.28c 5.11c 0.34c 5.05c
1.00 5.09 536,895 0.43 4.97 0.49 4.91
1.00 4.83 220,560 0.68 4.72 0.74 4.66
- ----------------------------------------------------------------------------------
1.00 5.96 1,587,715 0.18 5.73 0.23 5.68
1.00 5.69 283,186 0.43 5.47 0.48 5.42
1.00 5.43 139,117 0.68 5.21 0.73 5.16
- ----------------------------------------------------------------------------------
1.00 4.23c 958,196 0.18c 4.13c 0.25c 4.06c
1.00 3.97c 82,124 0.43c 4.24c 0.50c 4.17c
1.00 3.71c 81,162 0.68c 3.82c 0.75c 3.75c
- ----------------------------------------------------------------------------------
1.00 3.11 812,420 0.17 3.01 0.24 2.94
1.00 2.85 24,485 0.42 2.76 0.49 2.69
1.00 2.60 35,656 0.67 2.51 0.74 2.44
- ----------------------------------------------------------------------------------
</TABLE>
9
<PAGE>
TREASURY INSTRUMENTS FUND
<TABLE>
<CAPTION>
Net asset
value at Net Distributions
beginning investment to
of period incomea shareholders
- -------------------------------------------------------------------------------
<S> <C> <C> <C>
For the Six Months Ended June 30, (Unaudited)
1999 - FST shares $1.00 $0.02 $(0.02)
1999 - FST Preferred shares 1.00 0.02 (0.02)
1999 - FST Administration shares 1.00 0.02 (0.02)
1999 - FST Service shares 1.00 0.02 (0.02)
- -------------------------------------------------------------------------------
For the Year Ended December 31,
1998 - FST shares 1.00 0.05 (0.05)
1998 - FST Preferred shares 1.00 0.05 (0.05)
1998 - FST Administration shares 1.00 0.05 (0.05)
1998 - FST Service shares 1.00 0.04 (0.04)
- -------------------------------------------------------------------------------
For the Period Ended December 31,
1997 - FST shares (commenced March 3) 1.00 0.04 (0.04)
1997 - FST Preferred shares (commenced
May 30) 1.00 0.03 (0.03)
1997 - FST Administration shares (commenced
April 1) 1.00 0.04 (0.04)
1997 - FST Service shares (commenced
March 5) 1.00 0.04 (0.04)
- -------------------------------------------------------------------------------
</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.
10
<PAGE>
APPENDIX B
<TABLE>
<CAPTION>
Ratios assuming no
waiver of fees and no
expense limitations
------------------------
Net
assets at Ratio of net Ratio of net
Net asset end Ratio of net investment Ratio of investment
value at of period expenses to income to expenses to income to
end Total (in average net average net average net average net
of period returnb 000's) assets assets assets assets
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$1.00 4.43%c $221,188 0.18%c 4.32%c 0.24%c 4.26%c
1.00 4.33c 145 0.28c 4.25c 0.34c 4.19c
1.00 4.17c 73,598 0.43c 4.08c 0.49c 4.02c
1.00 3.91c 10,658 0.68c 3.82c 0.74c 3.76c
- --------------------------------------------------------------------------------
1.00 5.05 822,207 0.18 4.74 0.29 4.63
1.00 4.94 2 0.28 4.68 0.39 4.57
1.00 4.79 23,676 0.43 4.62 0.54 4.51
1.00 4.53 17,128 0.68 4.37 0.79 4.26
- --------------------------------------------------------------------------------
1.00 5.25c 496,419 0.18c 5.09c 0.29c 4.98c
1.00 5.13c 2 0.28c 5.00c 0.39c 4.89c
1.00 4.99c 4,159 0.43c 4.84c 0.54c 4.73c
1.00 4.71c 20,177 0.68c 4.62c 0.79c 4.51c
- --------------------------------------------------------------------------------
</TABLE>
11
<PAGE>
GOVERNMENT FUND
<TABLE>
<CAPTION>
Net asset
value at Net Distributions
beginning investment to
of period incomea shareholders
- ------------------------------------------------------------------------------
<S> <C> <C> <C>
For the Six Months Ended June 30, (Unaudited)
1999 - FST shares $1.00 $0.02 $(0.02)
1999 - FST Preferred shares 1.00 0.02 (0.02)
1999 - FST Administration shares 1.00 0.02 (0.02)
1999 - FST Service shares 1.00 0.02 (0.02)
- ------------------------------------------------------------------------------
For the Years Ended December 31,
1998 - FST shares 1.00 0.05 (0.05)
1998 - FST Preferred shares 1.00 0.05 (0.05)
1998 - FST Administration shares 1.00 0.05 (0.05)
1998 - FST Service shares 1.00 0.05 (0.05)
- ------------------------------------------------------------------------------
1997 - FST shares 1.00 0.05 (0.05)
1997 - FST Preferred shares 1.00 0.05 (0.05)
1997 - FST Administration shares 1.00 0.05 (0.05)
1997 - FST Service shares 1.00 0.05 (0.05)
- ------------------------------------------------------------------------------
1996 - FST shares 1.00 0.05 (0.05)
1996 - FST Preferred shares (commenced May
1) 1.00 0.03 (0.03)
1996 - FST Administration shares 1.00 0.05 (0.05)
1996 - FST Service shares 1.00 0.05 (0.05)
- ------------------------------------------------------------------------------
1995 - FST shares 1.00 0.06 (0.06)
1995 - FST Administration shares 1.00 0.06 (0.06)
1995 - FST Service shares (commenced May
16) 1.00 0.03 (0.03)
- ------------------------------------------------------------------------------
For the Period Ended December 31,d
1994 - FST shares 1.00 0.04 (0.04)
1994 - FST Administration shares 1.00 0.04 (0.04)
- ------------------------------------------------------------------------------
For the Period Ended January 31,
1993 - FST shares (commenced April 6) 1.00 0.03 (0.03)
1993 - FST Administration shares (com-
menced September 1) 1.00 0.01 (0.01)
- ------------------------------------------------------------------------------
</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).
12
<PAGE>
APPENDIX B
<TABLE>
<CAPTION>
Ratios assuming no
waiver of fees and no
expense limitations
------------------------
Net Ratio of net Ratio of net
Net asset assets at Ratio of net investment Ratio of investment
value at end expenses to income to expenses to income to
end Total of period average net average net average net average net
of period returnb (in 000's) assets assets assets assets
- ---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$1.00 4.83%c $1,718,308 0.18%c 4.73%c 0.22%c 4.69%c
1.00 4.72c 209,501 0.28c 4.63c 0.32c 4.59c
1.00 4.57c 495,994 0.43c 4.47c 0.47c 4.43c
1.00 4.31c 923,119 0.68c 4.21c 0.72c 4.17c
- ---------------------------------------------------------------------------------
1.00 5.46 1,563,875 0.18 5.32 0.23 5.27
1.00 5.36 245,628 0.28 5.15 0.33 5.10
1.00 5.20 407,363 0.43 5.06 0.48 5.01
1.00 4.94 699,481 0.68 4.83 0.73 4.78
- ---------------------------------------------------------------------------------
1.00 5.54 1,478,539 0.18 5.41 0.24 5.35
1.00 5.43 7,147 0.28 5.34 0.34 5.28
1.00 5.28 299,804 0.43 5.15 0.49 5.09
1.00 5.02 580,200 0.68 4.91 0.74 4.85
- ---------------------------------------------------------------------------------
1.00 5.38 858,769 0.18 5.25 0.24 5.19
1.00 5.26c 112 0.28c 5.14c 0.34c 5.08c
1.00 5.12 145,108 0.43 5.01 0.49 4.95
1.00 4.86 223,554 0.68 4.74 0.74 4.68
- ---------------------------------------------------------------------------------
1.00 6.00 743,884 0.18 5.81 0.24 5.75
1.00 5.74 82,386 0.43 5.54 0.49 5.48
1.00 5.40c 14,508 0.68c 5.08c 0.74c 5.02c
- ---------------------------------------------------------------------------------
1.00 4.36c 258,350 0.15c 4.64c 0.25c 4.54c
1.00 4.10c 54,253 0.40c 4.67c 0.50c 4.57c
- ---------------------------------------------------------------------------------
1.00 3.14c 44,697 0.08c 3.10c 0.59c 2.59c
1.00 2.87c 14,126 0.35c 2.85c 0.76c 2.44c
- ---------------------------------------------------------------------------------
</TABLE>
13
<PAGE>
FEDERAL FUND
<TABLE>
<CAPTION>
Net Asset
value at Net Distributions
beginning investment to
of period incomea shareholders
- -------------------------------------------------------------------------------
<S> <C> <C> <C>
For the Six Months Ended June 30, (Unaudited)
1999 - FST shares $1.00 $0.02 $(0.02)
1999 - FST Preferred shares 1.00 0.02 (0.02)
1999 - FST Administration shares 1.00 0.02 (0.02)
1999 - FST Service shares 1.00 0.02 (0.02)
- -------------------------------------------------------------------------------
For the Year Ended December 31,
1998 - FST shares 1.00 0.05 (0.05)
1998 - FST Preferred shares 1.00 0.05 (0.05)
1998 - FST Administration shares 1.00 0.05 (0.05)
1998 - FST Service shares 1.00 0.05 (0.05)
- -------------------------------------------------------------------------------
For the Period Ended December 31,
1997 - FST shares (commenced February 28) 1.00 0.05 (0.05)
1997 - FST Preferred shares (commenced May
30) 1.00 0.03 (0.03)
1997 - FST Administration shares (commenced
April 1) 1.00 0.04 (0.04)
1997 - FST Service shares (commenced March
25) 1.00 0.04 (0.04)
- -------------------------------------------------------------------------------
</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.
14
<PAGE>
APPENDIX B
<TABLE>
<CAPTION>
Ratios assuming no
waiver of fees and no
expense limitations
------------------------
Net Ratio of net Ratio of net
Net asset assets at Ratio of net investment Ratio of investment
value at end expenses to income to expenses to income to
end Total of period average net average net average net average net
of period returnb (in 000's) assets assets assets assets
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$1.00 4.83%c $2,352,991 0.18%c 4.72%c 0.22%c 4.68%c
1.00 4.73c 29,403 0.28c 4.63c 0.32c 4.59c
1.00 4.57c 565,274 0.43c 4.48c 0.47c 4.44c
1.00 4.31c 374,544 0.68c 4.22c 0.72c 4.18c
- --------------------------------------------------------------------------------
1.00 5.41 2,346,254 0.18 5.24 0.24 5.18
1.00 5.31 26,724 0.28 5.20 0.34 5.14
1.00 5.15 690,084 0.43 5.02 0.49 4.96
1.00 4.89 321,124 0.68 4.78 0.74 4.72
- --------------------------------------------------------------------------------
1.00 5.51c 1,125,681 0.18c 5.39c 0.27c 5.30c
1.00 5.43c 194,375 0.28c 5.26c 0.37c 5.17c
1.00 5.27c 625,334 0.43c 5.15c 0.52c 5.06c
1.00 5.00c 228,447 0.68c 4.78c 0.77c 4.69c
- --------------------------------------------------------------------------------
</TABLE>
15
<PAGE>
TAX-FREE MONEY MARKET FUND
<TABLE>
<CAPTION>
Net asset
value at Net Distributions
beginning investment to
of period incomea shareholders
- -------------------------------------------------------------------------------
<S> <C> <C> <C>
For the Six Months Ended June 30, (Unaudited)
1999 - FST shares $1.00 $0.01 $(0.01)
1999 - FST Preferred shares 1.00 0.01 (0.01)
1999 - FST Administration shares 1.00 0.01 (0.01)
1999 - FST Service shares 1.00 0.01 (0.01)
- -------------------------------------------------------------------------------
For the Years Ended December 31,
1998 - FST shares 1.00 0.03 (0.03)
1998 - FST Preferred shares 1.00 0.03 (0.03)
1998 - FST Administration shares 1.00 0.03 (0.03)
1998 - FST Service shares 1.00 0.03 (0.03)
- -------------------------------------------------------------------------------
1997 - FST shares 1.00 0.04 (0.04)
1997 - FST Preferred shares 1.00 0.03 (0.03)
1997 - FST Administration shares 1.00 0.03 (0.03)
1997 - FST Service shares 1.00 0.03 (0.03)
- -------------------------------------------------------------------------------
1996 - FST shares 1.00 0.03 (0.03)
1996 - FST Preferred shares (commenced May
1) 1.00 0.02 (0.02)
1996 - FST Administration shares 1.00 0.03 (0.03)
1996 - FST Service shares 1.00 0.03 (0.03)
- -------------------------------------------------------------------------------
1995 - FST shares 1.00 0.04 (0.04)
1995 - FST Administration shares 1.00 0.04 (0.04)
1995 - FST Service shares 1.00 0.03 (0.03)
- -------------------------------------------------------------------------------
For the Period Ended December 31,
1994 - FST shares (commenced July 19) 1.00 0.02 (0.02)
1994 - FST Administration shares (commenced
August 1) 1.00 0.01 (0.01)
1994 - FST Service shares (commenced Sep-
tember 23) 1.00 0.01 (0.01)
- -------------------------------------------------------------------------------
</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.
16
<PAGE>
APPENDIX B
<TABLE>
<CAPTION>
Ratios assuming no
waiver of fees and no
expense limitations
------------------------
Net Ratio of net Ratio of net
Net asset assets at Ratio of net investment Ratio of investment
value at end expenses to income to expenses to income to
end Total of period average net average net average net average net
of period returnb (in 000's) assets assets assets assets
- ---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$1.00 2.98%c $1,570,136 0.18%c 2.95%c 0.23%c 2.90%c
1.00 2.88c 65,156 0.28c 2.87c 0.33c 2.82c
1.00 2.72c 128,730 0.43c 2.67c 0.48c 2.62c
1.00 2.47c 50,441 0.68c 2.44c 0.73c 2.39c
- ---------------------------------------------------------------------------------
1.00 3.34 1,456,002 0.18 3.28 0.23 3.23
1.00 3.24 20,882 0.28 3.17 0.33 3.12
1.00 3.08 146,800 0.43 3.04 0.48 2.99
1.00 2.83 50,990 0.68 2.77 0.73 2.72
- ---------------------------------------------------------------------------------
1.00 3.54 939,407 0.18 3.50 0.24 3.44
1.00 3.43 35,152 0.28 3.39 0.34 3.33
1.00 3.28 103,049 0.43 3.27 0.49 3.21
1.00 3.02 42,578 0.68 3.01 0.74 2.95
- ---------------------------------------------------------------------------------
1.00 3.39 440,838 0.18 3.35 0.23 3.30
1.00 3.30c 28,731 0.28c 3.26c 0.33c 3.21c
1.00 3.13 51,661 0.43 3.10 0.48 3.05
1.00 2.88 19,855 0.68 2.85 0.73 2.80
- ---------------------------------------------------------------------------------
1.00 3.89 448,367 0.14 3.81 0.24 3.71
1.00 3.63 20,939 0.39 3.54 0.49 3.44
1.00 3.38 19,860 0.64 3.32 0.74 3.22
- ---------------------------------------------------------------------------------
1.00 3.41c 183,570 0.07c 3.42c 0.31c 3.18c
1.00 3.19c 2,042 0.32c 3.25c 0.56c 3.01c
1.00 3.11c 2,267 0.57c 3.32c 0.81c 3.08c
- ---------------------------------------------------------------------------------
</TABLE>
17
