GOLDMAN SACHS TRUST
N-30D, 2000-09-07

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Goldman Sachs Trust

Financial Square Funds

è	Prime Obligations Fund
è	Money Market Fund
è	Treasury Obligations Fund
è	Treasury Instruments Fund
è	Government Fund
è	Federal Fund
è	Tax-Free Money Market Fund

SEMIANNUAL REPORT

June 30, 2000

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Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Commercial Paper and Corporate Obligations—22.1%
Asset Backed
Asset Portfolio Funding Corp.
$    52,768,000		6.60	%		07/17/2000		$    52,613,214
50,000,000		6.63			09/18/2000		49,272,542
Blue Ridge Asset Funding
90,276,000		6.61			07/17/2000		90,010,789
50,000,000		6.14			07/18/2000		49,855,028
33,000,000		6.72			12/01/2000		32,057,520
Centric Capital Corp.
50,000,000		6.66			08/15/2000		49,583,750
Corporate Receivables Corp.
100,000,000		6.66			08/24/2000		99,001,000
100,000,000		6.63			09/20/2000		98,508,250
CXC, Inc.
100,000,000		6.66			08/18/2000		99,112,000
50,000,000		6.67			08/24/2000		49,499,750
125,000,000		6.61			09/15/2000		123,255,694
100,000,000		6.63			09/26/2000		98,397,750
Edison Asset Securitization Corp.
100,000,000		6.57			08/09/2000		99,288,250
Falcon Asset Securitization Corp.
130,523,000		6.63			09/26/2000		128,431,695
Forrestal Funding
50,000,000		6.41			07/06/2000		49,955,486
102,759,000		6.67			08/21/2000		101,788,013
150,000,000		6.69			08/28/2000		148,383,250
Intrepid Funding Notes
30,000,000		6.70			08/21/2000		29,715,250
150,000,000		6.68			08/23/2000		148,524,833
50,000,000		6.70			08/23/2000		49,506,806
30,620,000		6.71			09/06/2000		30,237,616
Preferred Receivables Funding
62,935,000		6.63			09/27/2000		61,915,033
Triple-A One Funding
30,518,000		6.66			08/23/2000		30,218,771
32,563,000		6.66			10/02/2000		32,002,754
Variable Funding Capital Corp.
25,000,000		6.60			09/08/2000		24,683,750
WCP Funding Corp.
100,000,000		6.66			08/21/2000		99,056,500
45,000,000		6.67			08/23/2000		44,558,113
Insurance Carriers
General Electric Financial Assurances Holdings
110,000,000		7.00			07/05/2000		109,914,444
143,294,000		6.66			08/24/2000		141,862,493
Prudential Funding Corp.
250,000,000		6.68			08/23/2000		247,541,389

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Commercial Paper and Corporate Obligations (continued)
Security and Commodity Brokers, Dealers and Services
Merrill Lynch & Co., Inc.
$    50,000,000		6.68	%		08/21/2000		$49,526,833
50,000,000		6.60	%>		07/05/2001		49,980,000
Salomon Smith Barney Holdings, Inc.
100,000,000		6.66			08/15/2000		99,167,500
Total Commercial Paper and Corporate Obligations							$2,667,426,066
Bank and Medium-Term Notes—4.9%
AT&T Corp.
$    65,000,000		6.67	%		03/08/2001		$65,000,000
Bank of America, N.A.
200,000,000		6.82			10/27/2000		200,000,000
BankOne, N.A.
65,000,000		7.01			12/01/2000		65,000,000
50,000,000		6.48			01/10/2001		49,986,817
50,000,000		6.55			01/16/2001		49,986,481
Fifth Third Bank
20,000,000		6.60			07/24/2000		20,000,254
SunTrust Bank
75,000,000		6.78			04/18/2001		74,982,987
U.S. Bank, N.A.
70,000,000		6.73			02/08/2001		69,978,828
Total Bank and Medium-Term Notes							$594,935,367
Certificates of Deposit—6.2%
Chase Manhattan Bank
$  150,000,000		6.70	%		09/05/2000		$150,000,000
Citibank, N.A.
100,000,000		6.73			09/12/2000		100,000,000
First Union National Bank
80,000,000		6.55			01/24/2001		80,000,000
100,000,000		6.73			02/12/2001		100,000,000
140,000,000		6.90			04/27/2001		140,000,000
Huntington National Bank
30,000,000		6.52			01/16/2001		29,991,910
Southtrust Bank of Alabama, N.A.
90,000,000		6.71			03/09/2001		89,976,508
U.S. Bank, N.A.
60,000,000		6.57			01/16/2001		60,000,000
Total Certificates of Deposit							$749,968,418

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Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Time Deposits—18.0%
Fifth Third Bank
$  400,000,000		6.88	%		07/03/2000		$ 400,000,000
Keybank, N.A.
200,000,000		7.06			07/03/2000		200,000,000
Norwest Bank
250,000,000		6.88			07/03/2000		250,000,000
100,000,000		6.94			07/06/2000		100,000,000
Regions Bank
500,000,000		7.00			07/03/2000		500,000,000
Southtrust Bank of Alabama, N.A.
125,000,000		7.00			07/03/2000		125,000,000
SunTrust Banks, N.A.
450,000,000		6.88			07/03/2000		450,000,000
Wachovia Bank, N.A.
150,000,000		7.00			07/03/2000		150,000,000
Total Time Deposits							$ 2,175,000,000
U.S. Government Agency Obligation—0.2%
Federal National Mortgage Association
$    22,000,000		5.56	%		07/24/2000		$ 21,999,400
Total U.S. Government Agency Obligation							$21,999,400
Variable Rate Obligations#—40.4%
Amsouth Bank
$    50,000,000		6.65	%		07/17/2000		$ 49,988,437
Associates Corp. of North America
175,000,000		6.55			07/17/2000		174,915,390
78,000,000		6.91			09/14/2000		78,080,004
AT&T Corp.
135,000,000		6.57			07/10/2000		134,982,025
150,000,000		6.78			09/14/2000		150,000,000
Bank of America, N.A.
75,000,000		6.65			07/03/2000		75,000,000
40,000,000		6.87			08/29/2000		40,022,588
Bank One Corp.
90,000,000		6.32			07/05/2000		89,988,456
50,000,000		6.85			09/08/2000		50,004,762
100,000,000		6.87			09/13/2000		99,990,178
BankAmerica Corp.
25,000,000		6.82			09/15/2000		25,000,021
Bear Stearns Companies, Inc.
200,000,000		7.20			07/03/2000		200,000,000
Boeing Capital Corp.
51,600,000		6.21			07/25/2000		51,581,042

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Variable Rate Obligations (continued)
Chase Manhattan Bank, N.A.
$  50,000,000		6.35	%		07/26/2000		$50,012,126
CIT Group, Inc.
43,600,000		6.97			07/07/2000		43,717,131
Citicorp
85,000,000		6.68			07/03/2000		85,000,000
Citigroup, Inc.
125,000,000		6.61			07/10/2000		125,000,000
Comerica Bank Detroit
100,000,000		6.58			07/03/2000		99,971,082
100,000,000		6.57			07/07/2000		99,971,973
50,000,000		6.58			07/20/2000		49,984,238
First Union National Bank
25,000,000		6.75			07/03/2000		25,000,000
50,000,000		6.84			09/08/2000		50,017,463
25,000,000		6.80			09/01/2000		25,002,555
J.P. Morgan & Co., Inc.
275,000,000		6.63			07/06/2000		275,000,000
125,000,000		6.64			07/17/2000		125,000,000
Keybank, N.A.
110,000,000		6.55			07/03/2000		109,957,086
85,000,000		6.60			07/05/2000		84,976,316
50,000,000		6.62			07/10/2000		49,989,344
25,000,000		6.64			08/02/2000		25,024,664
75,000,000		6.76			08/25/2000		74,980,307
25,000,000		6.82			09/07/2000		25,001,963
Merrill Lynch & Co., Inc.
100,000,000		6.60			07/03/2000		99,993,361
100,000,000		6.57			07/26/2000		100,157,589
60,000,000		6.82			08/07/2000		60,091,541
Monumental Life Insurance Co.
55,000,000		6.79			07/01/2000		55,000,000
National City Bank
100,000,000		6.63			07/05/2000		99,971,448
100,000,000		6.82			08/30/2000		99,990,164
National Rural Utilities Corp.
300,000,000		6.77			09/15/2000		300,000,000
New York Life Insurance Co.
40,000,000		6.85			08/28/2000		40,000,000
25,000,000		6.75			09/21/2000		25,000,000
Old Kent Bank and Trust Co.
85,000,000		6.65			07/03/2000		84,986,203
Pacific Mutual Life Insurance Co.
50,000,000		6.67			07/01/2000		50,000,000
PNC Bank, N.A.
30,000,000		6.59			07/12/2000		29,999,644
60,000,000		6.55			07/26/2000		59,976,831
160,000,000		6.63			07/31/2000		159,953,297

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Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Variable Rate Obligations (continued)
SBC Communications Capital Corp.
$  175,000,000		6.33	%		08/01/2000		$    175,000,000
Seattle Washington Taxable Series 1994
25,000,000		6.68			07/01/2000		25,000,000
SMM Trust
100,000,000		6.67			07/14/2000		100,000,000
65,000,000		6.34			07/25/2000		65,000,000
150,000,000		6.81			09/13/2000		150,000,000
Southtrust Bank of Alabama, N.A.
75,000,000		6.66			07/03/2000		74,993,851
SunAmerica Life Insurance Co.
100,000,000		6.43			07/31/2000		100,000,000
Texas State Veterans Taxable Series 1996-A
14,255,000		6.67			07/01/2000		14,255,000
U.S. Bank, N.A.
36,000,000		6.79			07/19/2000		36,037,228
Wells Fargo & Co.
225,000,000		6.72			09/19/2000		224,952,015
Total Variable Rate Obligations							$4,873,517,323
Repurchase Agreementsˆ*—8.5%
Joint Repurchase Agreement Account
$  216,400,000		6.55	%		07/03/2000		$   216,400,000
Joint Repurchase Agreement Account II
750,000,000		6.87			07/03/2000		750,000,000
Lehman Brothers Holdings, Inc.
63,600,000		6.70			07/03/2000		63,600,000
Maturity Value: $63,635,510
Total Repurchase Agreements							$1,030,000,000
Total Investments							$12,112,846,574

>	Forward commitment.

#	Variable rate security index is based on either Federal Funds, LIBOR or Prime lending rate.

ˆ	At June 30, 2000, these agreements were fully collateralized by U.S. Treasury Obligations.

*	Unless noted, all repurchase agreements were entered into on June 30, 2000.

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Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Commercial Paper and Corporate Obligations—19.5%
Asset Backed
Asset Securitization Corp.
$  125,000,000		6.68	%		08/23/2000		$123,770,695
Atlantis One Funding Corp.
50,000,000		6.66			08/21/2000		49,528,250
Blue Ridge Asset Funding
40,000,000		6.67			08/21/2000		39,622,033
Dakota Certificates of Standard Credit Card Master Trust
25,000,000		6.66			08/17/2000		24,782,625
Edison Asset Securitization Corp.
100,000,000		6.57			08/09/2000		99,288,250
Fidex PLC
30,000,000		6.67			08/21/2000		29,716,525
15,000,000		6.64			09/06/2000		14,814,633
60,000,000		6.63			09/19/2000		59,116,000
Grand Funding Corp.
120,000,000		6.63			09/28/2000		118,033,100
Intrepid Funding Notes
75,000,000		6.70			08/23/2000		74,260,208
Surrey Funding Corp.
100,000,000		6.63			07/06/2000		99,907,917
Variable Funding Capital Corp.
25,000,000		6.60			09/08/2000		24,683,750
WCP Funding Corp.
50,000,000		6.66			08/21/2000		49,528,250
50,000,000		6.67			08/23/2000		49,509,014
Commercial Banks
Bank of Nova Scotia
100,000,000		6.69			08/23/2000		99,015,083
C.S. First Boston Corp.
100,000,000		6.66			08/17/2000		99,130,500
Fortis Funding LLC
50,000,000		6.56			07/14/2000		49,881,556
20,000,000		6.56			07/17/2000		19,941,689
45,000,000		6.56			07/18/2000		44,860,600
50,000,000		6.59			07/25/2000		49,780,333
50,000,000		6.59			07/27/2000		49,762,028
40,000,000		6.63			09/20/2000		39,403,300
UBS AG, New York
200,000,000		6.74			07/05/2000		199,850,222
Engineering, Account Services
Vattenfall Treasury, Inc.
150,000,000		6.64			09/15/2000		147,897,333
Financial Services
Associates First Capital Corp.
50,000,000		6.66			08/25/2000		49,491,250

Principal  Amount		Interest Rate			Maturity Date		Amortized Cost
Commercial Paper and Corporate Obligations (continued)
Mortgage Banks
Nationwide Building Society
$    50,000,000		6.62	%		09/12/2000		$49,328,806
Savings Institutions
Northern Rock PLC
50,000,000		6.66			08/17/2000		49,565,250
Security and Commodity Brokers, Dealers and Services
Merrill Lynch & Co., Inc.
90,000,000		6.68			08/21/2000		89,148,300
Total Commercial Paper and Corporate Obligations							$1,893,617,500
Bank and Medium-Term Notes—2.7%
AT&T Corp.
$    25,000,000		6.67	%		03/08/2001		$25,000,000
Bank of America, N.A.
100,000,000		6.82			10/27/2000		100,000,000
BankOne, N.A.
35,000,000		7.01			12/01/2000		35,000,000
Deutsche Bank
25,000,000		6.87			09/18/2000		25,020,262
U.S. Bank, N.A.
80,000,000		6.73			02/08/2001		79,975,804
Total Bank and Medium-Term Notes							$264,996,066
Bank and Medium-Term Notes-Eurodollar—2.2%
Argentaria Global Finance Ltd.
$    31,000,000		6.65	%		08/08/2000		$30,993,508
Bank of Scotland Treasury Services
80,000,000		6.28			07/19/2000		79,994,549
France Telecom S.A.
100,000,000		6.67	>		07/17/2000		99,999,500
Total Bank and Medium-Term Notes— Eurodollar							$210,987,557
Certificates of Deposit—1.8%
Citibank, N.A.
$    65,000,000		6.73	%		09/12/2000		$65,000,000
First Union National Bank
20,000,000		6.90			04/27/2001		20,000,000
Huntington National Bank
45,000,000		6.52			01/16/2001		44,987,866
U.S. Bank, N.A.
40,000,000		6.57			01/16/2001		40,000,000
Total Certificates of Deposit							$169,987,866

 

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Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Certificates of Deposit—Yankeedollar—8.8%
Bank of Scotland, New York
$    90,000,000		6.70	%		02/15/2001		$   89,973,213
Banque Nationale de Paris
25,000,000		6.55			01/16/2001		24,993,259
Commerzbank, New York
55,000,000		6.60			02/01/2001		54,984,616
Deutsche Bank, New York
87,000,000		6.54			01/16/2001		86,976,541
65,000,000		6.67			03/08/2001		64,978,870
45,000,000		7.07			05/03/2001		44,989,296
Royal Bank of Canada
45,000,000		5.70			07/03/2000		44,999,882
100,000,000		6.47			01/10/2001		99,973,634
Societe Generale, New York
72,000,000		6.56			01/24/2001		71,982,542
50,000,000		6.88			04/30/2001		49,992,136
Svenska Handelsbanken
60,000,000		6.77			03/22/2001		59,983,537
UBS AG, Stamford
50,000,000		6.88			04/30/2001		49,992,136
Westpac Banking Corp.
50,000,000		6.71			03/09/2001		49,986,949
55,000,000		6.78			04/17/2001		54,987,573
Total Certificates of Deposit— Yankeedollar							$848,794,184
Time Deposits—13.9%
Chase Manhattan Bank, N.A.
$  200,000,000		7.00	%		07/05/2000		$  200,000,000
Keybank, N.A.
200,000,000		7.13			07/03/2000		200,000,000
Norwest Bank
100,000,000		6.94			07/06/2000		100,000,000
Regions Bank
150,000,000		7.06			07/03/2000		150,000,000
Southtrust Bank of Alabama, N.A.
200,000,000		7.13			07/03/2000		200,000,000
Svenska Handelsbanken
200,000,000		6.75			07/13/2000		200,000,000
Toronto-Dominion Bank
200,000,000		7.06			07/03/2000		200,000,000
Westdeutsche Landesbank
100,000,000		7.06			07/03/2000		100,000,000
Total Time Deposits							$    1,350,000,000

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
U.S. Government Agency Obligation—0.2%
Federal National Mortgage Association
$    22,000,000		5.56	%		07/24/2000		$21,999,399
Total U.S. Government Agency Obligation							$21,999,399
Variable Rate Obligations#—46.3%
Abbey National Treasury Services
$  185,000,000		6.55	%		07/17/2000		$ 184,878,742
Asset Securitization Corp.
100,000,000		6.60			07/20/2000		99,994,924
AT&T Corp.
100,000,000		6.67			07/07/2000		100,000,000
75,000,000		6.57			07/10/2000		74,990,014
100,000,000		6.78			09/14/2000		100,000,000
Bank of Scotland Treasury Services
80,000,000		6.83			09/05/2000		80,000,000
Bank of Scotland, New York
50,000,000		6.76			09/05/2000		49,983,562
Bank One Corp.
30,000,000		6.83			09/12/2000		30,002,056
Bayerische Hypo-Vereins
100,000,000		6.59			07/28/2000		99,967,634
100,000,000		6.61			07/31/2000		99,959,757
Bayerische Landesbank, New York
100,000,000		6.58			07/03/2000		99,958,772
75,000,000		6.75			07/03/2000		74,996,776
80,000,000		6.60			07/10/2000		79,995,237
70,000,000		6.59			07/31/2000		69,977,208
100,000,000		6.69			09/15/2000		99,954,372
Canadian Imperial Bank of Commerce
150,000,000		6.60			07/31/2000		149,932,930
Citicorp
50,000,000		6.68			07/03/2000		50,000,000
Comerica Bank Detroit
50,000,000		6.58			07/03/2000		49,985,541
100,000,000		6.59			07/13/2000		99,998,381
50,000,000		6.64			07/20/2000		49,988,555
Commerzbank, New York
165,000,000		6.59			07/28/2000		164,943,068
Credit Agricole Indosuez, New York
40,000,000		6.64			07/31/2000		39,988,448
Credit Communal de Belgique S.A.
50,000,000		6.71			09/14/2000		49,982,844

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Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Variable Rate Obligations (continued)
DaimlerChrysler, N.A. Corp.
$  100,000,000		6.53	%		07/06/2000		$99,998,354
80,000,000		6.69			08/22/2000		79,962,333
Den Danske Bank Corp.
100,000,000		6.58			07/20/2000		99,964,684
35,000,000		6.60			07/21/2000		34,999,056
First Union National Bank
75,000,000		6.75			07/03/2000		75,000,000
75,000,000		6.83			08/16/2000		75,010,965
50,000,000		6.83			08/31/2000		50,000,000
FleetBoston Financial Corp.
100,000,000		6.71			09/13/2000		99,945,856
Ford Motor Credit Co.
100,000,000		6.73			08/18/2000		99,989,374
General Motors Acceptance Corp.
25,000,000		7.10			09/11/2000		25,032,627
J.P. Morgan & Co., Inc.
110,000,000		6.63			07/06/2000		110,000,000
50,000,000		6.64			07/17/2000		50,000,000
Keybank, N.A.
31,000,000		6.70			07/03/2000		30,999,283
55,000,000		6.62			07/10/2000		54,988,279
Merrill Lynch & Co., Inc.
50,000,000		6.60			07/03/2000		49,996,680
70,000,000		6.58			07/07/2000		69,995,276
50,000,000		6.24			07/12/2000		50,000,000
100,000,000		6.57			07/26/2000		100,157,590
Morgan Stanley Dean Witter & Co.
150,000,000		6.80			09/30/2000		149,994,129
National Rural Utilities Corp.
135,000,000		6.65			07/03/2000		134,997,639
New York Life Insurance Co.
40,000,000		6.85			08/28/2000		40,000,000
25,000,000		6.75			09/21/2000		25,000,000
PNC Bank, N.A.
100,000,000		6.59			07/12/2000		99,998,813
SMM Trust
50,000,000		6.81			09/13/2000		50,000,000
Societe Generale, New York
40,000,000		6.66			07/05/2000		39,991,652
60,000,000		6.59			07/31/2000		59,976,553
Southtrust Bank of Alabama, N.A.
110,000,000		6.65			07/03/2000		109,935,219
50,000,000		6.64			07/20/2000		49,988,557
SunAmerica Life Insurance Co.
50,000,000		6.67			07/03/2000		50,000,000

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Variable Rate Obligations (continued)
Wells Fargo & Co.
$    75,000,000		6.72	%		09/19/2000		$74,984,005
Westdeutsche Landesbank, New York
100,000,000		6.57			07/23/2000		99,964,621
150,000,000		6.59			07/28/2000		149,951,451
100,000,000		6.60			07/31/2000		99,955,271
Total Variable Rate Obligations							$4,490,257,088
Repurchase Agreements*—5.9%
Joint Repurchase Agreement Account
$    70,400,000		6.55	%		07/03/2000		$70,400,000
Joint Repurchase Agreement Account II
500,000,000		6.87			07/03/2000		500,000,000
Total Repurchase Agreements							$570,400,000
Total Investments							$9,821,039,660

>	Forward commitment.

#	Variable rate security index is based on either Federal Funds, LIBOR, or Prime lending rate.

*	Unless noted, all repurchase agreements were entered into on June 30, 2000.

---

The accompanying notes are an integral part of these financial statements.

---

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
U.S. Treasury Obligations—10.7%
United States Treasury Notes
$    52,000,000		6.13	%		07/31/2000		$      52,028,965
50,000,000		6.25			08/31/2000		50,054,940
20,000,000		4.50			10/02/2000		19,948,129
25,000,000		4.00			10/31/2000		24,863,394
25,000,000		5.75			11/15/2000		25,000,000
52,000,000		4.50			01/31/2001		51,503,214
50,000,000		5.38			02/15/2001		49,727,952
102,000,000		5.00			02/28/2001		101,096,184
62,000,000		4.88			04/02/2001		61,313,492
50,000,000		5.63			05/15/2001		49,659,452
Total U.S. Treasury Obligations							$  485,195,722
Repurchase Agreements_*—89.4%
ABN/AMRO, Inc.
$  195,000,000		6.60	%		07/03/2000		$    195,000,000
Maturity Value: $195,107,250
Bank of America
170,000,000		6.63			07/03/2000		170,000,000
Maturity Value: $170,093,925
Bear Stearns Companies, Inc.
190,000,000		6.40			08/15/2000		190,000,000
Maturity Value: $191,925,333
Dated: June 19, 2000
C.S. First Boston Corp.
170,000,000		6.41			09/05/2000		170,000,000
Maturity Value: $172,724,250
Dated: June 7, 2000
Chase Manhattan Corp.
195,000,000		6.40			07/03/2000		195,000,000
Maturity Value: $195,104,000
Goldman, Sachs & Co.
205,000,000		6.50			07/03/2000		205,000,000
Maturity Value: $205,111,042
J.P. Morgan Securities, Inc.
195,000,000		6.30			07/03/2000		195,000,000
Maturity Value: $195,102,375
Joint Repurchase Agreement Account
1,803,400,000		6.55			07/03/2000		1,803,400,000
Lehman Brothers Holdings, Inc.
50,000,000		6.60			07/03/2000		50,000,000
Maturity Value: $50,027,500

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Repurchase Agreements (continued)
Merrill Lynch & Co., Inc.
$   195,000,000		6.50	%		07/03/2000		$  195,000,000
Maturity Value: $195,105,625
Morgan Stanley Dean Witter & Co.
195,000,000		6.60			07/05/2000		195,000,000
Maturity Value: $195,178,750
Salomon Smith Barney, Inc.
50,000,000		6.53			07/03/2000		50,000,000
Maturity Value: $50,027,208
167,000,000		6.55			07/03/2000		167,000,000
Maturity Value: $167,091,154
UBS Warburg LLC
86,500,000		6.55			07/03/2000		86,500,000
Maturity Value: $86,547,215
170,000,000		6.45			09/07/2000		170,000,000
Maturity Value: $172,741,250
Dated: June 9, 2000
Total Repurchase Agreements							$4,036,900,000
Total Investments							$4,522,095,722

_	At June 30, 2000, these agreements were fully collateralized by U.S. Treasury obligations.

*	Unless noted, all repurchase agreements were entered into on June 30, 2000.

---

---

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
U.S. Treasury Obligations—98.8%
United States Treasury Bills
$  8,500,000		5.30	%		07/20/2000		$  8,476,224
400,000		5.49			08/10/2000		397,562
17,000,000		5.54			08/10/2000		16,895,356
17,500,000		5.59			08/10/2000		17,391,305
19,300,000		5.49			08/17/2000		19,161,667
4,100,000		5.53			08/24/2000		4,066,021
15,000,000		5.54			08/24/2000		14,875,350
9,000,000		5.60			08/31/2000		8,914,600
United States Treasury Notes
45,000,000		5.38			07/31/2000		44,974,346
56,000,000		6.13			07/31/2000		56,008,795
155,000,000		6.00			08/15/2000		154,983,923
30,000,000		5.13			08/31/2000		29,951,427
30,000,000		6.25			08/31/2000		30,015,540
84,000,000		4.50			10/02/2000		83,662,380
Total U.S. Treasury Obligations							$489,774,496
Total Investments							$489,774,496

---

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
U.S. Government Agency Obligations—64.9%
Federal Home Loan Bank
$ 30,000,000		6.62	%#		07/03/2000		$        29,998,859
32,000,000		5.52			08/02/2000		31,997,048
25,000,000		6.35			02/01/2001		24,988,589
30,000,000		6.30			02/07/2001		29,956,887
35,000,000		6.39			02/07/2001		34,992,328
25,000,000		6.52			03/28/2001		24,962,727
40,000,000		6.68			05/08/2001		40,000,000
Federal Home Loan Mortgage Corp.
100,000,000		6.06	#		07/10/2000		99,949,904
175,000,000		6.43	#		07/21/2000		174,855,049
75,000,000		6.47	#		07/26/2000		74,971,304
214,072,000		6.47			09/14/2000		211,186,488
66,000,000		6.53	#		09/20/2000		65,966,074
50,000,000		6.51			09/21/2000		49,258,583
50,000,000		6.35			01/05/2001		49,945,579
35,000,000		6.26			01/12/2001		34,979,861
Federal National Mortgage Association
117,000,000		6.52	#		07/03/2000		116,954,555
50,000,000		6.49	#		07/22/2000		49,984,670
31,160,000		5.56			07/24/2000		31,159,294
80,000,000		6.39	#		08/04/2000		79,995,298
50,000,000		6.50	#		08/13/2000		49,979,952
100,000,000		6.44			08/17/2000		99,159,222
150,000,000		6.52			08/17/2000		148,723,167
100,000,000		6.59	#		09/01/2000		99,946,740
21,690,000		6.66	#		09/06/2000		21,687,216
50,000,000		6.51			09/21/2000		49,258,583
50,000,000		6.65			11/22/2000		48,670,000
25,000,000		6.65			11/30/2000		24,298,056
35,000,000		6.55			03/20/2001		34,992,237
Student Loan Marketing Association
100,000,000		6.28	#		07/05/2000		99,966,657
120,000,000		6.29	#		07/05/2000		119,965,811
30,000,000		6.43	#		07/05/2000		29,992,008
Total U.S. Government Agency Obligations							$    2,082,742,746
Repurchase Agreements_*—34.9%
Goldman, Sachs & Co.
$  105,000,000		6.50	%		07/03/2000		$      105,000,000
Maturity Value: $105,056,875
Joint Repurchase Agreement Account
243,600,000		6.55			07/03/2000		243,600,000
Joint Repurchase Agreement Account II
600,000,000		6.87			07/03/2000		600,000,000

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Repurchase Agreements (continued)
Lehman Brothers Holdings, Inc.
$ 80,900,000		6.70	%		07/03/2000		$        80,900,000
Maturity Value: $80,945,169
Merrill Lynch & Co., Inc.
25,000,000		6.45			07/03/2000		25,000,000
Maturity Value: $25,013,438
UBS Warburg LLC
65,000,000		6.55			07/03/2000		65,000,000
Maturity Value: $65,035,479
Total Repurchase Agreements							$    1,119,500,000
Total Investments							$3,202,242,746

#	Variable rate security index is based on either Federal Funds, LIBOR, U.S. Treasury Bill, or Prime lending rate.

_	At June 30, 2000, these agreements were fully collateralized by U.S. Treasury obligations.

*	Unless noted, all repurchase agreements were entered into on June 30, 2000.

---

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
U.S. Government Agency Obligations—99.8%
Federal Farm Credit Bank
$ 25,000,000		6.44	%#		07/01/2000		$   25,000,000
155,000,000		6.46	#		07/01/2000		154,969,484
75,000,000		6.47	#		07/01/2000		74,990,608
339,700,000		6.41	#		07/03/2000		339,700,000
42,000,000		6.36			07/05/2000		41,970,320
25,000,000		6.35			07/06/2000		24,977,951
28,000,000		6.37			07/07/2000		27,970,273
25,000,000		6.47	#		07/10/2000		24,998,099
50,000,000		6.41			07/11/2000		49,910,972
20,000,000		6.32			07/12/2000		19,961,378
50,000,000		6.35			07/12/2000		49,902,986
26,000,000		6.37			07/13/2000		25,944,793
16,000,000		6.40			07/13/2000		15,965,867
60,000,000		6.47	#		07/13/2000		59,974,856
10,000,000		6.35			07/14/2000		9,977,069
39,000,000		6.36			07/14/2000		38,910,430
25,000,000		6.36			07/17/2000		24,929,333
12,410,000		6.38			07/17/2000		12,374,811
30,000,000		6.36			07/18/2000		29,909,900
39,950,000		6.39			07/18/2000		39,829,451
20,612,000		6.41			07/20/2000		20,542,268
50,000,000		6.49	#		07/20/2000		49,992,570
19,000,000		6.32			07/21/2000		18,933,289
11,215,000		6.41			07/21/2000		11,175,062
15,000,000		6.36			07/25/2000		14,936,400
211,900,000		6.40			07/25/2000		210,995,893
19,211,000		6.41			07/25/2000		19,128,905
20,000,000		6.36			07/26/2000		19,911,667
21,000,000		6.36			07/27/2000		20,903,540
19,000,000		6.41			07/27/2000		18,912,041
15,000,000		6.38			08/04/2000		14,909,617
15,000,000		6.41			08/22/2000		14,861,117
18,230,000		6.42			08/24/2000		18,054,445
24,406,000		6.46			09/21/2000		24,046,879
66,985,000		6.47			09/21/2000		65,997,827
20,000,000		6.48			09/21/2000		19,704,800
60,000,000		6.60			03/01/2001		59,997,324
Federal Home Loan Bank
100,000,000		6.49	#		07/03/2000		99,985,118
60,000,000		6.51	#		07/03/2000		60,000,000
250,000,000		6.57			07/03/2000		249,908,750
85,000,000		6.62	#		07/03/2000		84,996,934
150,000,000		6.13	#		07/05/2000		149,973,225

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
U.S. Government Agency Obligations (continued)
Federal Home Loan Bank (continued)
$ 80,000,000		6.34	%#		07/05/2000		$   80,000,000
26,300,000		6.35			07/05/2000		26,281,444
60,000,000		6.36	#		07/05/2000		60,000,000
68,800,000		6.40			07/05/2000		68,751,075
120,600,000		6.44			07/05/2000		120,513,704
100,000,000		6.41			07/07/2000		99,893,167
7,000,000		6.38			07/12/2000		6,986,354
1,200,000		6.39			07/12/2000		1,197,657
79,000,000		6.49	#		07/12/2000		78,994,515
25,000,000		5.56			07/14/2000		24,999,867
75,000,000		6.45	#		07/15/2000		74,971,879
20,000,000		5.50			07/19/2000		19,999,390
1,500,000		6.42			07/19/2000		1,495,185
60,000,000		5.50			07/21/2000		59,972,633
92,000,000		6.51	#		07/21/2000		91,993,911
22,100,000		6.45			07/28/2000		21,993,091
20,000,000		5.52			08/02/2000		19,998,155
12,300,000		6.42			08/04/2000		12,225,421
20,000,000		6.43			08/04/2000		19,878,544
600,000		5.93			08/11/2000		595,948
25,000,000		6.52			08/11/2000		24,814,361
30,000,000		6.53			08/16/2000		29,749,683
16,700,000		6.41			08/18/2000		16,557,271
31,000,000		6.50			08/18/2000		30,731,333
50,000,000		6.43			08/23/2000		49,526,681
139,997,000		6.49			08/23/2000		138,659,367
40,907,000		6.50			08/23/2000		40,515,543
60,000,000		6.51			08/23/2000		59,424,950
200,000,000		6.51			08/25/2000		198,010,833
262,320,000		6.52			08/25/2000		259,707,384
105,900,000		6.52			08/30/2000		104,749,220
43,750,000		6.45			09/06/2000		43,224,818
45,663,000		6.45			09/08/2000		45,098,491
131,905,000		6.46			09/08/2000		130,271,796
70,000,000		6.44			09/13/2000		69,073,355
150,820,000		6.46			09/13/2000		148,817,278
34,089,000		6.44			09/15/2000		33,625,541
75,000,000		6.52	#		09/17/2000		74,934,361
87,836,000		6.49			09/20/2000		86,553,375
46,233,000		6.50			09/20/2000		45,556,842
36,892,000		6.45			09/27/2000		36,310,336
25,000,000		6.45			09/29/2000		24,596,875
50,000,000		6.05			11/03/2000		49,991,462

---

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
U.S. Government Agency Obligations (continued)
Federal Home Loan Bank (continued)
$    34,079,000		6.63	%		11/29/2000		$        33,132,006
65,000,000		6.36			01/18/2001		64,989,648
60,000,000		6.35			02/01/2001		59,978,148
25,000,000		6.50			03/15/2001		24,960,164
30,000,000		6.52			03/28/2001		29,955,210
50,000,000		6.63			05/02/2001		49,894,214
80,000,000		6.68			05/08/2001		80,000,000
Student Loan Marketing Association
100,000,000		6.57			07/03/2000		99,963,500
210,000,000		6.29	#		07/05/2000		210,011,905
70,000,000		6.43	#		07/05/2000		69,979,470
50,000,000		6.44	#		07/05/2000		50,004,360
60,000,000		6.55			02/14/2001		59,977,574
Tennessee Valley Authority
50,000,000		6.37			07/03/2000		49,982,306
35,000,000		6.38			07/03/2000		34,987,594
25,000,000		6.37			07/05/2000		24,982,306
100,000,000		6.34			07/06/2000		99,911,945
58,000,000		6.36			07/07/2000		57,938,520
60,000,000		6.34			07/10/2000		59,904,900
50,000,000		6.34			07/11/2000		49,911,944
125,000,000		6.36			07/18/2000		124,624,583
Total U.S. Government Agency Obligations							$6,326,369,645
Total Investments							$6,326,369,645

#	Variable rate security index is based on either U.S. Treasury Bill, Federal Funds, LIBOR or Prime lending rate.

---

---

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Alabama—2.8%
Columbia IDB VRDN PCRB Refunding for Alabama Power Co. Project Series 1999 B (A-1/VMIG1)
$  25,000,000		4.55	%		07/03/2000		$25,000,000
Columbia IDB VRDN PCRB Refunding for Alabama Power Co. Series 1999 A (A-1/VMIG1)
11,050,000		4.55			07/03/2000		11,050,000
Columbia IDRB VRDN PCRB Refunding for Alabama Power Co. Series 1995 B (A-1/VMIG1)
3,100,000		4.55			07/03/2000		3,100,000
Homewood City VRDN for Educational Facilities—Samford University Series 1999 (AMBAC) (VMIG1)
20,200,000		4.55			07/03/2000		20,200,000
Jefferson County MF Hsg. VRDN RB for Hickory Knolls Project Series 1994 (Amsouth Bank LOC) (P-1)
3,470,000		4.85			07/06/2000		3,470,000
Mobile City IDRB VRDN PCRB for Alabama Power Co. Series 1993 A (A-1/VMIG1)
5,100,000		4.72			07/06/2000		5,100,000
Montgomery City Special Care Facilities VRDN RB for Baptist Medical Centre Series 1994 A (VMIG1)
11,765,000		4.80			07/06/2000		11,765,000
							$79,685,000
Alaska—0.4%
Valdez Marine Terminal VRDN RB Refunding for Exxon Pipeline Co. Project Series 1993 B (A-1+/P1)
$    3,200,000		4.50	%		07/03/2000		$3,200,000
Valdez Marine Terminal VRDN RB Refunding for Exxon Pipeline Co. Project Series 1993 C (A-1+/P1)
6,975,000		4.50			07/03/2000		6,975,000
							$10,175,000
Arizona—1.7%
Arizona Transportation Board Highway RB Subordinate Series 1991 A (AA/Aaa)
$    3,600,000		6.50	%		07/02/2001		$3,721,501
Maricopa County VRDN PCRB Refunding for Arizona Public Service Co. Series 1994 A (Morgan Guaranty Trust LOC) (A-1+/P-1)
20,550,000		4.55			07/03/2000		20,550,000
Maricopa County VRDN PCRB Refunding for Arizona Public Service Co. Series 1994 C (Toronto Dominion Bank LOC) (A-1+/P1)
4,600,000		4.50			07/03/2000		4,600,000
Maricopa County VRDN PCRB Refunding for Arizona Public Service Co. Series 1994 F (Bank of America LOC) (A-1+/P-1)
15,480,000		4.50			07/03/2000		15,480,000

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Arizona (continued)
Mesa IDA VRDN RB for Discovery Health Systems Series 1999 B (MBIA) (A1+/VMIG1)
$    3,500,000		4.95	%		07/05/2000		$3,500,000
							$47,851,501
California—3.2%
California Pollution Control Financing Authority PCRB for Pacific Gas & Electric Co. Series 1996 F (Banque Nationale de Paris SA LOC) (A-1+)
$    6,600,000		4.00	%		07/03/2000		$6,600,000
California Pollution Control Financing Authority PCRB for Pacific Gas & Electric C Series 1996 E (Morgan Guaranty LOC) (A-1+/VMIG1)
15,200,000		4.35			07/03/2000		15,200,000
California School Cash Reserve Program Authority Pool Bonds Series 1999 A (AMBAC) (SP-1+/MIG1)
10,000,000		4.00			07/03/2000		10,000,257
California Statewide Communities Development Authority TRANS Series 1999 C-2 (SP-1+/MIG1)
16,000,000		4.00			09/29/2000		16,005,077
Irvine Ranch Water District VRDN RB Series 1993 A (A-1+/VMIG1)
1,005,000		4.30			07/03/2000		1,005,000
Los Angeles County Department of Water & Power Electric Plant VRDN Series 2000 E (A-1+/VMIG1)
16,700,000		4.25			07/06/2000		16,700,000
Los Angeles County Department of Water & Power Electric Plant VRDN Series 2000 F (A-1+/VMIG1)
1,400,000		4.25			07/06/2000		1,400,000
Los Angeles County Schools TRANS Series 1999 B (FSA) (SP-1+)
5,000,000		4.00			09/29/2000		5,001,342
Newport Beach VRDN RB for Hoag Memorial Presbyterian Hospital Series 1992 (A-1+/VMIG1)
10,860,000		4.25			07/03/2000		10,860,000
Newport Beach VRDN RB for Hoag Memorial Presbyterian Hospital Series 1996 A (A-1+/VMIG1)
7,200,000		4.25			07/03/2000		7,200,000
Orange County VRDN Apartment Development RB for Niguel Summit Series 1985 A (FHLMC) (VMIG1)
2,200,000		4.75			07/04/2000		2,200,000
							$92,171,676
Colorado—0.6%
Moffat County VRDN PCRB Refunding for Pacificorp Projects Series 1994 (AMBAC) (A-1+/VMIG1)
$  16,355,000		4.55	%		07/03/2000		$16,355,000

---

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Florida—5.6%
Broward County MF Hsg. VRDN RB for Sanctuary Apartments Project Series 1985 (VMIG1)
$    9,600,000		4.66	%		07/06/2000		$9,600,000
Collier County Health Facilities Authority Hospital Revenue VRDN for Cleveland Clinic Health Systems Series 1999 (A-1/VMIG1)
21,900,000		4.50			07/03/2000		21,900,000
Dade County Water & Sewer Systems VRDN RB Series 1994 (FGIC) (A-1+/VMIG1)
20,000,000		4.70			07/05/2000		20,000,000
Escambia County VRDN PRCB Refunding for Gulf Power Co. Project Series 1997 (A-1/VMIG1)
5,700,000		4.65			07/03/2000		5,700,000
Florida Local Government Financing Commission Pooled CP Notes Series A (First Union National Bank LOC) (A-1/P-1)
21,930,000		4.60			10/11/2000		21,930,000
Jacksonville County Electric Authority VRDN Subordinated Electric Systems Series 2000 A (A-1+/VMIG1)
13,200,000		4.55			07/03/2000		13,200,000
Jacksonville County Electric Authority VRDN Subordinated Electric Systems Series 2000 B (A-1+/VMIG1)
18,400,000		4.55			07/03/2000		18,400,000
Jacksonville County Electric Authority VRDN RB Subordinated Electric Systems Series 2000 C (A-1+/VMIG1)
10,100,000		4.55			07/03/2000		10,100,000
Jacksonville County VRDN PCRB Refunding for Florida Power and Light Co. Series 1995 (A-1+/VMIG1)
12,000,000		4.45			07/03/2000		12,000,000
Orange County Educational Facilities Authority VRDN RB for Rollins College Project Series 1999 (Bank of America N.A. LOC) (VMIG1)
10,900,000		4.80			07/05/2000		10,900,000
Palm Beach County School Board COPS Floating Rate PA-658 Series 2000 A (A-1+)
7,870,000		4.85			07/06/2000		7,870,000
Putnam County IDA Floating/Fixed Rate PCRB for Seminole Electric Series 1984 H-1 (NRU LOC) (A-1+/P-1)
3,400,000		4.85			07/05/2000		3,400,000
Putnam County IDA Floating/Fixed Rate PCRB for Seminole Electric Series 1984 H-2 (NRU LOC) (A-1+/P-1)
6,180,000		4.85			07/05/2000		6,180,000
Putnam County IDA Floating/Fixed Rate PCRB for Seminole Electric Series 1984 S (NRU LOC) (A-1+/P-1)
2,455,000		4.85			07/05/2000		2,455,000
							$163,635,000

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Georgia—6.5%
Bartow County IDA VRDN PCRB for Georgia Power Co. First Series 1997 (A-1/VMIG1)
$    8,900,000		4.55	%		07/03/2000		$8,900,000
Burke County IDA VRDN PCRB for Georgia Power Co. Ninth Series 1994 (A-1/VMIG1)
6,600,000		4.50			07/03/2000		6,600,000
Burke County IDA PCRB for Oglethorpe Power Corp. Series 1994 A (FGIC) (A-1+/VMIG1)
50,125,000		4.75			07/05/2000		50,125,000
Burke County IDA VRDN PCRB Georgia Power Co. Plant Vogtle First Series 1997 (A-1/VMIG1)
28,000,000		4.50			07/03/2000		28,000,000
Dekalb County Hospital Authority Anticipation Certificates for Dekalb Medical Center, Inc. Series 1993 B (Suntrust Bank LOC) (VMIG1)
1,880,000		4.80			07/05/2000		1,880,000
Dekalb Private Hospital Authority VRDN RB Anticipation Certificates for Childrens Health Care System Project Series 1998 B (Suntrust Bank LOC) (VMIG1)
11,000,000		4.75			07/05/2000		11,000,000
Effingham County IDA PCRB Adjustment for Savannah Electric & Power Co. Project Series 1997 (A-1/VMIG1)
6,000,000		4.55			07/03/2000		6,000,000
Fulco Hospital Authority VRDN Revenue Anticipation Certificates for Peidmont Hospital Project Series 1999 (Suntrust Bank LOC) (A-1+/VMIG1)
24,900,000		4.75			07/05/2000		24,900,000
Municipal Electric Authority of Georgia VRDN RB General Series 1985 C (Bayerische Landesbank Girozentrale LOC) (A-1+/VMIG1)
3,200,000		4.75			07/05/2000		3,200,000
Municipal Electric Authority of Georgia VRDN RB Project One Series 1994 B (ABN AMRO Bank LOC) (A-1+/VMIG1)
9,700,000		4.50			07/05/2000		9,700,000
Municipal Electric Authority of Georgia VRDN RB Project One Series 1994 D (ABN AMRO Bank LOC) (A-1+/VMIG1)
3,000,000		4.75			07/05/2000		3,000,000
Municipal Electric Authority of Georgia VRDN RB Series 1985 B (A-1+/VMIG1)
17,000,000		4.50			07/05/2000		17,000,000
Municipal Electric Authority RB Series 1994 E (ABN AMRO Bank LOC) (A-1+/VMIG1)
10,000,000		4.70			07/05/2000		10,000,000
Putnam County IDA VRDN PCRB Georgia Power Co. Second Series 1997 (A-1/VMIG1)
7,600,000		4.55			07/03/2000		7,600,000
							$187,905,000

---

---

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Hawaii—0.3%
Honolulu City & County GO VRDN Series 2000 A (Landesbank Hessen-Thueringen Girozentrale LOC) (A-1+/VMIG1)
$    8,150,000		5.00	%		07/05/2000		$8,150,000
Idaho—0.3%
Idaho State for TANS Series 2000 (SP-1+/MIG1)
$  10,000,000		5.38	%>		06/29/2001		$10,095,200
Illinois—7.1%
Chicago City RB for Chicago Midway Airport Series 1997 Societe Generale Trustor Floating Rate Receipts (A-1+)
$    7,540,000		4.85	%		07/06/2000		$7,540,000
Chicago Park District Tax Anticipation Warrants Series 1999 (SP-1+/MIG1)
5,500,000		4.38			09/15/2000		5,508,284
City of Chicago Water RB Series 2000 (Bank One, N.A. LOC) (A-1+/VMIG1)
7,300,000		4.65			07/05/2000		7,300,000
Cook County GO VRDN Series 1996 (A-1+/VMIG1)
32,800,000		4.75			07/05/2000		32,800,000
Evanston GO VRDN Maple Street Project Series 2000 A (VMIG1)
9,500,000		4.80			07/05/2000		9,500,000
Evanston GO VRDN Maple Street Project Series 2000 C (VMIG1)
5,400,000		4.80			07/05/2000		5,400,000
Evanston GO VRDN Maple Street Project Series 2000 D (VMIG1)
5,000,000		4.80			07/05/2000		5,000,000
Illinois Health Facilities Authority VRDN RB for Evanston Northwestern Corp. Series 1998 (A-1+/VMIG1)
10,000,000		4.75			05/31/2001		10,000,000
Illinois Health Facilities Authority VRDN RB for Northwest Community Hospital Series 1995 (A-1/VMIG1)
20,700,000		4.80			07/06/2000		20,700,000
Illinois Health Facilities Authority VRDN for Central Dupage Healthcorp Project Series 1990 (US Treasury Bond) (VMIG1)
12,500,000		5.00			08/03/2000		12,500,000
Illinois Health Facilities Authority VRDN for Northwest Community Hospital Series 1997 (A-1+/VMIG1)
200,000		4.80			07/06/2000		200,000
Illinois Health Facilities Authority VRDN for The Revolving Fund Pooled Finance Program Series 1985 C (Bank One, N.A. LOC) (A-1+/VMIG1)
18,325,000		4.70			07/05/2000		18,325,000
Illinois Health Facilities Authority VRDN for The Revolving Fund Pooled Finance Program Series 1985 D (Bank One, N.A. LOC) (A-1+/VMIG1)
19,300,000		4.70			07/05/2000		19,300,000

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Illinois (continued)
Illinois State GO Eagle Tax-Exempt Trust Series 96C 1305 Class A COPS (FGIC) (A-1)
$14,850,000		4.87	%		07/06/2000		$14,850,000
Illinois State Toll Highway Authority VRDN RB Series 1998 B (FSA) (VMIG1)
24,500,000		4.65			07/06/2000		24,500,000
Illinois State Toll Highway Priority Series 1993 B (Societe Generale LOC) (MBIA) (A-1/VMIG1)
8,600,000		4.70			07/05/2000		8,600,000
Village of Sauget VRDN PCRB for Pharmacia Corp. Project Series 1992 (P-1)
1,000,000		4.90			07/05/2000		1,000,000
Village of Sauget VRDN PCRB for Pharmacia Corp. Project Series 1993 (P-1)
1,900,000		4.90			07/05/2000		1,900,000
							$204,923,284
Indiana—1.5%
Fort Wayne City Hospital Authority VRDN RB for Parkview Memorial Hospital Series 1985 B (Bank of America LOC) (VMIG1)
$    1,600,000		4.60	%		07/05/2000		$1,600,000
Fort Wayne City Hospital Authority VRDN RB for Parkview Memorial Hospital Series 1989 B (Bank of America LOC) (VMIG1)
15,700,000		4.60			07/06/2000		15,700,000
Indiana Hospital Equipment Financing Authority VRDN Series 1985 A (MBIA) (A-1/VMIG1)
10,600,000		4.85			07/05/2000		10,600,000
Princeton Indiana PCRB for PSI Energy, Inc. Project Series 1997 (A-1+/VMIG1)
9,500,000		4.45			07/03/2000		9,500,000
Warrick County VRDN PCRB for ALCOA Project Series 1992 (A-1)
7,475,000		5.00			07/06/2000		7,475,000
							$44,875,000
Iowa—0.5%
Chillicothe City VRDN PCRB for Midamerican Energy Co./Midwest Power Systems Series 1993 A (A-1/VMIG1)
$    2,400,000		4.85	%		07/05/2000		$2,400,000
Salix City VRDN PCRB for Midwest Power Systems, Inc. Project Series 1993 (A-1/VMIG1)
10,900,000		4.85			07/05/2000		10,900,000
							$13,300,000

---

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Kentucky—1.1%
Kentucky Asset/Liability Commission Project Notes 1999 1st Series (SP-1+/MIG1)
$    4,100,000		4.40	%		10/02/2000		$4,100,000
Kentucky Asset/Liability Commission TRANS Series 2000 A (SP-1+/MIG1)
13,000,000		5.25	>		06/27/2001		13,086,840
Kentucky Economic Development Financing Authority Hospital Facilities VRDN RB for The Health Alliance of Greater Cincinnati Series 1997 D (MBIA) (A-1+/VMIG1)
15,508,000		4.85			07/05/2000		15,508,000
							$32,694,840
Louisiana—1.9%
Calcasieu Parish IDA VRDN Refunding for Olin Corp. Series 1993 B (Wachovia Bank LOC) (A-1+)
$    3,400,000		4.50	%		07/03/2000		$3,400,000
Louisiana Offshore Terminal Authority VRDN RB Refunding for Deepwater Port First Stage Series 1992 A (A-1+/VMIG1)
5,400,000		4.55			07/03/2000		5,400,000
New Orleans Aviation Board VRDN RB Refunding Series 1993 B (MBIA) (A-1+/VMIG1)
22,600,000		4.80			07/05/2000		22,600,000
Plaquemine Port Harbor & Terminal District CP Series 85 B (A-1+/P-1)
3,200,000		4.60			10/11/2000		3,200,000
Plaquemine Port Harbor & Terminal District CP Series 85 D (A-1+/P-1)
6,100,000		4.60			10/11/2000		6,100,000
Saint James Parish Louisiana VRDN PCRB Refunding for Occidental Petroleum Series 1996 (Wachovia Bank of Georgia LOC) (P-1)
14,000,000		4.60			07/05/2000		14,000,000
							$54,700,000
Maryland—0.5%
University of Maryland System Auxiliary Facility & Tuition P-Floats-PT 428 Series 1998 A (A-1+)
$    4,930,000		4.85	%		07/06/2000		$4,930,000
Washington Suburban Sanitary District GO VRDN BANS Series 1998 (A-1+/VMIG1)
9,745,000		4.75			07/05/2000		9,745,000
							$14,675,000
Massachusetts—5.4%
Commonwealth of Massachusetts GO VRDN Refunding Bonds Series 1998 A (A-1+/VMIG1)
$    2,600,000		4.50	%		07/06/2000		$2,600,000
Massachusetts VRDN Series 1998 B (A-1+/VMIG1)
15,050,000		4.50			07/06/2000		15,050,000

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Massachusetts (continued)
Massachusetts Bay Transportation Authority RB Refunding for General Transportation Systems RB Series 1994 A (AA-/Aa2)
$    5,650,000		5.00	%		03/01/2001		$5,671,659
Massachusetts Health & Educational Facilities Authority VRDN Capital Assets Program Series 1985 D (A-1+/VMIG1)
24,400,000		4.45			07/03/2000		24,400,000
Massachusetts Health & Educational Facilities Authority VRDN for Harvard University Series A Eagle Tax-Exempt Trust Series 972104 Class A COPS (A-1+c)
10,000,000		4.77			07/06/2000		10,000,000
Massachusetts Health & Educational Facilities Authority VRDN Harvard University Issue Series 2000 Y (A-1+/VMIG1)
19,340,000		4.40			07/06/2000		19,340,000
Massachusetts Health & Educational Facilities Authority VRDN RB for Capital Asset Program Series 1985 E (Bank One LOC) (VMIG1)
16,300,000		4.50			07/03/2000		16,300,000
Massachusetts Health & Educational Facilities Authority VRDN RB Options for Harvard University Series 1985 (A-1+/VMIG1)
20,890,000		4.50			07/06/2000		20,890,000
Massachusetts Health & Educational Facilities Authority VRDN RB Options for Harvard University Series I (A-1+/VMIG1)
12,850,000		4.50			07/06/2000		12,850,000
Massachusetts State Water Resources Authority VRDN RB Refunding for Multi-Modal General Series 1999 B (Landesbank Hessen- Thueringen Girozentrale LOC) (A-1+/P-1)
10,000,000		4.40			07/05/2000		10,000,000
Massachusetts Water Resources Authority Refunding for Multi-Modal General Series 1998 D (FGIC) (A-1+/VMIG1)
13,000,000		4.60			07/05/2000		13,000,000
Massachusetts Water Resources Authority RB Series 1999 (State Street Bank and Trust LOC) (A-1+/VMIG1)
7,500,000		4.38			10/02/2000		7,500,000
							$157,601,659
Michigan—1.5%
Michigan Municipal Bond Authority P-Floats-PT 396 Series 2000 (A-1+)
$    8,750,000		4.85	%		07/06/2000		$8,750,000
Michigan State Building Authority RB P-Floats-PT 398 Series 2000 (A-1+)
6,605,000		4.85			07/06/2000		6,605,000
Michigan State Strategic Fund VRDN RB Series 1995 (Barclays Bank PLC LOC) (A-1+/P-1)
15,950,000		4.45			07/03/2000		15,950,000
Michigan State Trunk Line Fund Series 1998 A-Eagle Tax-Exempt Trust Series 982202 Class A Certificates (A-1+c)
12,165,000		4.87			07/06/2000		12,165,000
							$43,470,000

---

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Minnesota—2.3%
Becker MN PCRB Northern States Power Series 1992 A (A-1+/MIG1)
$    5,000,000		4.05	%		08/11/2000		$     5,000,000
5,200,000		4.20			09/12/2000		5,200,000
Becker MN PCRB Northern States Power Series 1993 A (A-1+/MIG1)
7,000,000		4.15			09/13/2000		7,000,000
City of Rochester MN Health Care Facilities Mayo Foundation Series 1992 C (SP-1+)
6,450,000		4.60			10/02/2000		6,450,000
City of Rochester MN Health Care Facilities Mayo Foundation Series 2000 B (SP-1+)
20,000,000		4.15			08/01/2000		20,000,000
5,000,000		4.75			10/05/2000		5,000,000
City of Rochester MN Health Care Facilities Mayo Foundation Series 2000 C (SP-1+)
5,000,000		4.60			10/06/2000		5,000,000
University of Minnesota VRDN RB Cap Projects Series 1999 A (A-1+/VMIG1)
13,000,000		4.80			07/05/2000		13,000,000
							$66,650,000
Mississipi—0.1%
Jackson County VRDN PCRB Refunding for Chevron U.S.A., Inc. Project Series 1992 (VMIG1)
$    4,355,000		4.40	%		07/03/2000		$     4,355,000
Missouri—0.6%
Missouri Environmental Improvement & Energy VRDN PCRB Refunding for Monsanto Co. Series 1993 (P-1)
$    1,500,000		4.75	%		07/05/2000		$     1,500,000
Missouri Health & Educational Facility Authority RB for Washington University Series 1984 (A-1+/VMIG1)
9,450,000		4.75			07/05/2000		9,450,000
University of Missouri Capital Project Notes Series FY 2000-01 (SP-1+/MIG1)
6,000,000		5.25	>		06/29/2001		6,051,180
							$17,001,180
Nevada—1.5%
Clark County P-Floats PA 653 Series 2000 (FGIC) (A-1+c)
$    5,765,000		4.85	%		07/06/2000		$     5,765,000
Clark County VRDN RB for Nevada Airport Improvement Series 1993 A (MBIA) (A-1/VMIG1)
38,760,000		4.70			07/05/2000		38,760,000
							$ 44,525,000

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
New Mexico—1.0%
Albuquerque NM GO Series 2000 A (AA/Aa3)
$  20,000,000		5.25	%>		07/01/2001		$   20,109,000
Farmington VRDN PCRB Refunding for Arizona Public Services Co. Series 1994 B (Barclays Bank PLC LOC) VRDN (A-1+/P-1)
7,500,000		4.45			07/03/2000		7,500,000
							$27,609,000
New York—12.2%
Long Island Power Authority Electric System RB Series 1998 5 (Morgan Guaranty Trust/ABN AMRO Bank LOC) (A-1+/VMIG1)
$  14,100,000		4.40	%		07/03/2000		$   14,100,000
Long Island Power Authority Electric System VRDN RB Series 1 (Bayerische Landesbank Girozentrale/Westdeutsche Landesbank Girozentrale) (A-1+/VMIG1)
92,700,000		4.65			07/05/2000		92,700,000
Long Island Power Authority Electric System VRDN RB Series 3 (Bayerische Landesbank Girozentrale/Westdeutsche Landesbank Girozentrale) (A-1+/VMIG1)
12,000,000		4.35			08/08/2000		12,000,000
Long Island Power Authority Electric System VRDN RB Series 4 (Bayerische Landesbank Girozentrale/Westdeutsche Landesbank Girozentrale) (A-1+/VMIG1)
4,200,000		4.10			08/10/2000		4,200,000
12,000,000		4.05			08/11/2000		12,000,000
4,700,000		4.15			09/13/2000		4,700,000
Long Island Power Authority NY Electric System Series 6 (Morgan Guaranty Trust/ABN AMRO Bank LOC) (A-1+/VMIG1)
9,880,000		4.45			07/03/2000		9,880,000
Metropolitan Transportation Authority Dedicated Tax Fund P-Floats-PT 656 Series 2000 A (FGIC) (A-1+)
2,625,000		4.82			07/06/2000		2,625,000
Nassau County IDA Civic Facility & Improvement RB for Cold Spring Harbor Laboratory Series 1999 (A-1+)
8,800,000		4.45			07/03/2000		8,800,000
New York City (Morgan Guaranty Trust LOC) Municipal Water Finance Authority Water & Sewer Systems RB Series 1994 C (FGIC) (A-1+/VMIG1)
31,550,000		4.45			07/03/2000		31,550,000
New York City GO VRDN Series 1994 E-5 (Morgan Guaranty Trust Company of New York LOC) (A-1+/VMIG1)
6,200,000		4.55			07/03/2000		6,200,000
New York City GO VRDN Series 1995 B-6 (MBIA) (A-1/VMIG1)
15,000,000		4.50			07/03/2000		15,000,000

---

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
New York (continued)
New York City Municipal Water Finance Authority VRDN RB Series G (FGIC) (A-1+/VMIG1)
$    5,550,000		4.40	%		07/03/2000		$5,550,000
New York City Municipal Water Finance Authority Water & Sewer System Adjustable Series 1995 A (FGIC) (A-1+/VMIG1)
8,585,000		4.75			07/03/2000		8,585,000
New York City Municipal Water Finance Authority Water & Sewer System Adjustable Series 2000 C (A-1+/VMIG1)
33,550,000		4.50			07/03/2000		33,550,000
New York City Transitional Finance Authority Eagle Tax Exempt Trust Class A COPS (A-1)
2,890,000		4.84			07/06/2000		2,890,000
New York City Transitional Finance Authority Future Tax Secured Bonds Series 1999 A-2 (A-1+/VMIG1)
19,300,000		4.40			07/05/2000		19,300,000
17,500,000		4.40			07/05/2000		17,500,000
New York City Trust for Resources for American Museum of National History Series 1999 B (AMBAC) (AAA/Aaa)
10,000,000		3.70			07/01/2000		10,000,000
New York State Environmental Facilities Corp. RB Eagle Tax-Exempt Trust Series 1996 (A-1+c)
10,400,000		4.84			07/06/2000		10,400,000
New York State Housing Finance Agency RB VRDN for Liberty View Apartments Housing Series 1997 A (FNMA) (A-1+)
21,900,000		4.40			07/05/2000		21,900,000
Triborough Bridge & Tunnel Authority Series 1999 C (AMBAC) (A-1+/VMIG1)
9,400,000		4.25			07/06/2000		9,400,000
							$352,830,000
North Carolina—3.0%
Charlotte Airport VRDN RB Refunding Series 1993 A (MBIA) (A-1+/VMIG1)
$    5,415,000		4.70	%		07/05/2000		$5,415,000
City of Greensboro COPS VRDN for Municipal Property Acquisition Project Series 1998 (A-1+/VMIG1)
8,500,000		4.80			07/06/2000		8,500,000
North Carolina Health Care Facilities VRDN RB Series 1999 (Wachovia Bank N.A. LOC) (A-1+)
23,890,000		4.75			07/06/2000		23,890,000
North Carolina Medical Care Commission VRDN RB for Baptist Hospitals Project Series 2000 (Wachovia Bank N.A.) (A-1+/VMIG1)
20,000,000		4.95			07/05/2000		20,000,000
Rockingham County Adjustable VRDN PCRB Refunding for Philip Morris, Inc. Series 1992 (A-1/P-1)
7,700,000		4.90			07/05/2000		7,700,000

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
North Carolina (continued)
Wake County Industrial Facilities VRDN PCRB Refunding Series 1990 B (Bank of New York LOC) (A-1+/VMIG1)
$20,000,000		4.75	%		07/03/2000		$20,000,000
							$85,505,000
Ohio—1.7%
Columbus Electric System VRDN RB Series 1984 (Union Bank of Switzerland LOC) (VMIG1)
$  10,400,000		4.00	%		07/03/2000		$10,400,000
Cuyahoga County Hospital VRDN RB for University Hospitals Health Systems, Inc. Series 1999 C (AMBAC) (A-1+/VMIG1)
11,400,000		4.80			07/06/2000		11,400,000
Hamilton County Hospital Facilities RB for The Drake Center, Inc. Series 1999 A (FIRSTAR Bank N.A. LOC) (MIG1)
4,950,000		4.90			07/06/2000		4,950,000
Hamilton County Hospital Facilities RB for The Health Alliance of Greater Cincinnati Series 1997 B (MBIA) (A-1+/VMIG1)
18,200,000		4.85			07/05/2000		18,200,000
Ohio State University General Receipts VRDN RB Series 1999 B-2 (A-1+/VMIG1)
5,000,000		4.95			07/05/2000		5,000,000
							$49,950,000
Oklahoma—0.6%
Muskogee Industrial Trust PCRB for Oklahoma Gas & Electric Co. Series 1997 A (A-1/VMIG1)
$  17,000,000		4.80	%		07/05/2000		$17,000,000
Oregon—0.4%
Oregon State GO VRDN Series 73-G (A-1+/VMIG1)
$    3,300,000		4.80	%		07/05/2000		$3,300,000
Oregon State GO VRDN Series 73-H (A-1+/VMIG1)
8,800,000		4.80			07/05/2000		8,800,000
							$12,100,000
Pennsylvania—0.8%
Commonwealth of Pennsylvania GO Bonds First Series 1994 Eagle Tax- Exempt Trust 943804 Class A COPS (AMBAC) (A-1+)
$  15,030,000		4.87	%		07/06/2000		$15,030,000
Lancaster County Hospital Authority VRDN RB for Health Center Masonic Homes Series 1999 (AMBAC) (A-1/VMIG1)
3,500,000		4.75			07/05/2000		3,500,000
Philadelphia Hospitals & Higher Education Facilities Authority VRDN Children’s Hospital of Philadelphia Project Series 1992 B (A-1+/VMIG1)
5,700,000		4.50			07/03/2000		5,700,000
							$24,230,000

---

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
South Carolina—1.4%
South Carolina Public Service Authority Tax Exempt Revenue Notes (A-1+/P-1)
$  15,000,000		4.66	%		10/12/2000		$   15,000,000
10,000,000		4.35			11/14/2000		10,000,000
South Carolina State P-Floats-PT 225 (A-1+)
6,805,000		4.82			07/06/2000		6,805,000
York County PCRB for North Carolina Electric Project Series 1984 N-2 (NRU) (A-1+/VMIG1)
8,125,000		4.85			07/05/2000		8,125,000
							$        39,930,000
Tennessee—4.1%
Blount County IDB VRDN PCRB Refunding for ALCOA Series 1992 (A-1)
$    2,450,000		5.00	%		07/06/2000		$     2,450,000
Knoxville Utilities Board VRDN RB Subordinate Electric System Notes (FSA) (A-1+/VMIG1)
20,900,000		4.55			07/03/2000		20,900,000
Knoxville Utilities Board VRDN RB Subordinate Wastewater System Notes (FSA) (A-1+/VMIG1)
4,900,000		4.55			07/03/2000		4,900,000
Knoxville Utilities Board VRDN RB Subordinate Water System Notes (FSA) (A-1+/VMIG1)
10,300,000		4.55			07/03/2000		10,300,000
Metropolitan Government Nashville & Davidson County Health & Education Facilities Board VRDN RB for Vanderbilt University Series B (A-1+/VMIG1)
22,250,000		4.75			07/06/2000		22,250,000
Sevier County Public Building Authority RB for Local Government Improvement Series 1999 F (AMBAC) (VMIG1)
26,700,000		4.80			07/06/2000		26,700,000
State of Tennessee GO CP Series A (A-1+/P-1)
12,500,000		4.05			08/14/2000		12,500,000
12,500,000		4.30			08/18/2000		12,500,000
5,000,000		4.40			09/08/2000		5,000,000
							$      117,500,000
Texas—19.9%
City of Houston CP Notes (A-1+/P-1)
$    4,000,000		4.65	%		09/12/2000		$     4,000,000
8,400,000		4.40			10/06/2000		8,400,000
6,000,000		4.60			10/12/2000		6,000,000
1,000,000		4.71			10/12/2000		1,000,000
City of San Antonio Electric & Gas System Series 1997 SG 105 (A-1+)
20,200,000		4.85			07/06/2000		20,200,000
Coastal Bend Health Facilities Development Corp. Incarnate Word Health System RB Series 1998 B (AMBAC) (VMIG1)
10,100,000		4.95			07/05/2000		10,100,000

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Texas (continued)
Dallas Area Rapid Transportation VRDN RB North Central Light Series 2000 (Dexia Credit LOC) (A-1+/VMIG1)
$27,200,000		4.75	%		07/05/2000		$27,200,000
Fort Worth Refunding Series 1996 A (AA/Aa2)
4,220,000		6.00			03/01/2001		4,264,809
Gulf Coast Waste Disposal Authority PCRB Adjustment Refunding for Amoco Oil Co. Series 1992 (A-1+/VMIG1)
5,400,000		4.50			07/03/2000		5,400,000
Gulf Coast Waste Disposal Authority PCRB Variable Refunding for Monsanto Co. Series 1996 (P-1)
5,300,000		4.90			07/05/2000		5,300,000
Harris County GO RB Toll Road Series 1994 H (A-1+/VMIG1)
15,000,000		4.75			07/05/2000		15,000,000
Harris County GO VRDN RB Toll Road Series 1994 B (A-1+/VMIG1)
9,100,000		4.70			07/05/2000		9,100,000
Harris County GO VRDN RB Toll Road Series 1994 C (A-1+/VMIG1)
8,000,000		4.70			07/05/2000		8,000,000
Harris County GO VRDN RB Toll Road Series 1994 F (A-1+/MIG1)
30,800,000		4.70			07/05/2000		30,800,000
Harris County Health Facilities Development Corp. RB for St. Luke’s Episcopal Hospital Series 1997 A (A-1+)
49,800,000		4.55			07/03/2000		49,800,000
Harris County Health Facilities Development Corp. RB Variable for Methodist Hospital Series 1997 (A-1+)
26,160,000		4.55			07/03/2000		26,160,000
Harris County Health Facilities Development Corp. RB for St. Luke’s Episcopal Hospital Series 1997 B (A-1+)
25,520,000		4.55			07/03/2000		25,520,000
Harris County Health Facilities Development Corp. RB VRDN for Methodist Hosiptal Series 1994 (A-1+)
100,800,000		4.55			07/03/2000		100,800,000
Harris County IDRB Adjustable Refunding for Shell Oil Co. Project Series 1997 (A-1+/VMIG1)
5,100,000		4.50			07/03/2000		5,100,000
Houston Texas Water & Sewer System CP Notes Series A (A-1+/P-1)
10,000,000		4.10			08/24/2000		10,000,000
7,400,000		4.42			10/02/2000		7,400,000
9,000,000		4.70			10/12/2000		9,000,000
5,000,000		4.60			11/10/2000		5,000,000
San Antonio Electric & Gas System CP Notes Series A (A-1+/P-1)
4,900,000		4.10			08/11/2000		4,900,000
15,000,000		4.35			08/22/2000		15,000,000
10,200,000		4.15			09/13/2000		10,200,000
3,500,000		4.65			09/13/2000		3,500,000
6,000,000		4.40			10/12/2000		6,000,000

---

---

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Texas (continued)
State of Texas TRANS Series 1999 A (SP-1+/MIG1)
$  86,100,000		4.50	%		08/31/2000		$86,193,274
Tarrant County Water Control & Improvement Series 1992 (Aaa)
2,500,000		6.00			03/01/2001		2,525,723
Texas Public Finance Authority Series 1993 A (A-1+)
7,500,000		4.38			07/24/2000		7,500,000
10,000,000		4.55			07/25/2000		10,000,000
7,900,000		4.35			08/08/2000		7,900,000
5,500,000		4.05			08/09/2000		5,500,000
10,000,000		4.40			08/28/2000		10,000,000
5,000,000		4.25			09/12/2000		5,000,000
10,000,000		4.60			10/12/2000		10,000,000
							$577,763,806
Utah—4.0%
Central Water Conservancy District GO VRDN Refunding for Tender Option Series 1998 E (AMBAC) (A-1+/VMIG1)
$    5,400,000		4.80	%		07/05/2000		$5,400,000
Central Water Conservancy District GO VRDN Tender Option Bonds Series 1998 F (AMBAC) (A-1+/VMIG1)
15,310,000		4.80			07/05/2000		15,310,000
Intermountain Power Agency Power Supply Refunding VRDN RB Series 1985 E (AMBAC) (A-1+/VMIG1)
13,250,000		4.10			08/08/2000		13,250,000
5,000,000		4.15			08/10/2000		5,000,000
Intermountain Power Agency Series 1985 E (A-1+/VMIG1)
2,000,000		4.50			07/03/2000		2,000,000
5,500,000		4.25			08/28/2000		5,500,000
State of Utah GO Highway Bonds Series 1999 D (A-1+/VMIG1)
33,000,000		4.55			07/06/2000		33,000,000
State of Utah GO Series 1998 A (AAA/Aaa)
2,400,000		5.00			07/01/2001		2,415,054
State of Utah Highway Bonds Series 1999 C (A-1+/VMIG1)
15,000,000		4.55			07/06/2000		15,000,000
University of Utah VRDN RB for Auxiliary & Campus Facilities Series 1997 A (A-1/VMIG1)
17,920,000		4.70			07/05/2000		17,920,000
							$114,795,054
Virginia—2.0%
Chesterfield County IDA VRDN PCRB Refunding for Philip Morris Companies., Inc. Series 1992 (A-1/P-1)
$  14,700,000		4.90	%		07/05/2000		$14,700,000
Fairfax County Virginia IDA VRDN for Health Care Inova Health Systems Series 2000 (A-1+/VMIG1)
12,500,000		4.90			07/05/2000		12,500,000

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Virginia (continued)
Roanoke IDA Hospital RB for Roanoke Memorial Hospitals Series 1995 A (A-1/VMIG1)
$  16,350,000		4.55	%		07/03/2000		$16,350,000
Roanoke IDA VRDN RB for Roanoke Memorial Hospitals Series 1995 B (A-1/VMIG1)
8,500,000		4.55			07/03/2000		8,500,000
Virginia College Building Authority Educational Facilities VRDN RB for The University of Richmond Project Series 1999 (VMIG1)
3,000,000		4.75			07/05/2000		3,000,000
Virginia Commonwealth Transportation Board US Route 58 Corridor Development PG Series 1999 B (AA+/Aa1)
2,015,000		5.00			05/15/2001		2,025,504
							$57,075,504
Washington—1.8%
King County Limited Tax GO Bonds Series 1994 A Eagle Tax-Exempt Trust Series (A-1+c)
$    5,410,000		4.87	%		07/06/2000		$5,410,000
King County Sewer RB CP Series A (A-1+/P-1)
7,900,000		4.05			08/11/2000		7,900,000
15,000,000		4.10			08/14/2000		15,000,000
11,900,000		4.20			09/12/2000		11,900,000
State of Washington Eagle Tax Exempt Trust Series 2000 Class A COPS (A-1+c)
8,000,000		4.87			07/06/2000		8,000,000
Washington Public Power Supply System Nuclear Project No. 1 Series 1993 1A-2 (Bank of America LOC) (A-1+/VMIG1)
5,400,000		4.70			07/05/2000		5,400,000
							$53,610,000
Wisconsin—1.2%
Milwaukee IDRB Multi-Modal Refunding for Pharmacia Biotech, Inc. Series 1994 (P-1)
$    8,000,000		5.00	%		07/05/2000		$8,000,000
Milwaukee Metropolitan Sewage District GO Capital Purpose Bonds Series 1992 A Eagle Tax-Exempt Trust Series 944905 (A-1+c)
10,300,000		4.87			07/06/2000		10,300,000
Wisconsin Health & Educational Facilities Authority VRDN RB for Wheaton Franciscan Services Series 1997 (Toronto Domion Bank LOC) (A-1+/VMIG1)
6,175,000		4.90			07/06/2000		6,175,000
Wisconsin Health Facilities Authority VRDN RB for Franciscan Health Care, Inc. Series 1985 A-1 (Toronto Dominion Bank LOC) (A-1+/VMIG1)
6,000,000		4.95			07/05/2000		6,000,000
Wisconsin State Refunding GO Bonds Series 1992 (AA/Aa2)
4,490,000		5.80			05/01/2001		4,541,365
							$35,016,365

---

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Wyoming—2.4%
Sweetwater County PCRB Daily Refunding for Idaho Power Co. Project Series 1996 (A-1/VMIG1)
$    6,900,000		4.55	%		07/03/2000		$6,900,000
Sweetwater County PCRB for Pacificorp Project Series 1990 A (Commerzbank LOC) (VMIG1)
23,500,000		4.70			07/05/2000		23,500,000
Uinta County PCRB VRDN Refunding for Chevron U.S.A., Inc. Project Series 1993 (P-1)
20,300,000		4.40			07/03/2000		20,300,000
Wyoming State Education Fund TRANS Series 2000 B (SP-1+)
20,000,000		5.25	>		06/27/2001		20,168,800
							$70,868,800
Total Investments							$2,950,577,869

>	Forward commitment.

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---

AMBAC		—Insured by American Municipal Bond Assurance Corp.
BANS		—Bond Anticipation Notes
CP		—Commercial Paper
COPS		—Certificates of Participation
FGIC		—Insured by Financial Guaranty Insurance Co.
FHA		—Insured by Federal Housing Administration
FHLMC		—Federal Home Loan Mortgage Corp.
FNMA		—Insured by Federal National Mortgage Assoc.
FSA		—Insured by Financial Security Assurance 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 Cooperation Finance Corp.
PCRB		—Pollution Control Revenue Bond
RB		—Revenue Bond
TANS		—Tax Anticipation Notes
TRANS		—Tax Revenue Anticipation Notes
VRDN		—Variable Rate Demand Note

---

---

		Prime Obligations Fund		Money Market Fund
Assets:
Investment in securities, at value based on amortized cost		$12,112,846,574		$9,821,039,660
Cash		24,584		87,646
Receivables:
Interest		49,349,820		48,171,454
Fund shares sold		—		—
Reimbursement from adviser		—		118,072
Other assets		76,301		108,164
Total assets		12,162,297,279		9,869,524,996
Liabilities:
Payables:
Investment securities purchased		49,980,000		99,999,500
Income distribution		37,040,910		19,374,634
Fund shares repurchased		2,511,055		55,675,988
Management fee		1,660,294		1,374,918
Accrued expenses and other liabilities		583,052		1,105,231
Total liabilities		91,775,311		177,530,271
Net Assets:
Paid-in capital		12,070,521,968		9,691,994,725
Accumulated undistributed net investment income		—		—
Accumulated net realized loss on investment transactions		—		—
Net assets		$12,070,521,968		$9,691,994,725
Net asset value, offering and redemption price per share:		$1.00		$1.00
Shares outstanding:
FST Shares		8,783,539,258		8,640,102,308
FST Select Shares		38,643,787		5,525,541
FST Preferred Shares		558,684,270		216,517,385
FST Administration Shares		1,993,551,286		444,222,612
FST Service Shares		696,103,367		385,626,879
Total shares outstanding, $.001 par value (unlimited number of shares authorized)		12,070,521,968		9,691,994,725

 

---

The accompanying notes are an integral part of these financial statements.

---

---

Treasury Obligations Fund		Treasury Instruments Fund		Government Fund		Federal Fund		Tax-Free Money Market Fund
$4,522,095,722		$489,774,496		$3,202,242,746		$6,326,369,645		$2,950,577,869
71,932		23,849		23,964		68,327		208,357
10,197,354		8,033,145		15,570,867		26,771,592		18,948,325
—		—		—		348,176		—
7,956		66,647		87,556		—		—
38,835		35,626		42,235		87,189		57,884
4,532,411,799		497,933,763		3,217,967,368		6,353,644,929		2,969,792,435
—		—		—		—		69,511,020
13,025,055		1,849,116		9,925,401		12,171,103		3,491,478
—		—		115,066		—		252,650
596,069		68,756		423,834		1,080,900		413,259
626,582		116,886		366,638		354,187		140,852
14,247,706		2,034,758		10,830,939		13,606,190		73,809,259
4,518,164,093		495,899,005		3,207,136,429		6,340,038,739		2,896,012,349
—		—		—		—		—
—		—		—		—		(29,173	)
$4,518,164,093		$495,899,005		$3,207,136,429		$6,340,038,739		$2,895,983,176
$1.00		$1.00		$1.00		$1.00		$1.00
2,098,108,458		446,984,090		1,824,868,206		5,057,564,371		2,734,911,395
1,024		1,023		1,026		1,025		1,016
352,951,949		525,999		493,229,985		110,247,790		28,816,017
1,479,931,171		11,298,660		574,086,044		615,531,066		74,357,089
587,171,491		37,089,233		314,951,168		556,694,487		57,926,832
4,518,164,093		495,899,005		3,207,136,429		6,340,038,739		2,896,012,349

 

---

---

---

		Prime Obligations Fund(a)			Money Market Fund(a)
Investment income:
Interest		$331,238,840			$310,342,017
Expenses:
Management fees		10,927,421			10,267,631
Service Share fees		1,672,795			970,186
Administration Share fees		1,569,317			569,431
Custodian fees		388,701			488,416
Preferred Share fees		191,473			129,725
Registration fees		92,519			707,386
Professional fees		19,411			25,070
Trustee fees		5,249			4,241
Select Share fees		1,135			420
Other		73,349			66,529
Total expenses		14,941,370			13,229,035
Less—expense reductions		(1,874,548	)		(2,343,449	)
Net expenses		13,066,822			10,885,586
Net investment income		318,172,018			299,456,431
Net realized gain (loss) on investment transactions		17,793			5,566
Net increase in net assets resulting from operations		$318,189,811			$299,461,997

---

---

Treasury Obligations Fund(a)		Treasury Instruments Fund(a)			Government Fund(a)			Federal Fund(a)			Tax-Free Money Market Fund(a)
$116,751,437		$13,625,288			$92,087,328			$197,248,964			$45,397,670
4,041,085		496,559			3,118,043			6,693,722			2,338,845
1,240,333		95,247			872,554			1,400,771			163,680
1,460,617		38,563			714,057			842,542			102,627
245,632		46,679			197,895			241,201			148,384
194,759		343			116,655			68,521			19,241
48,843		686			67,772			17,979			126,384
22,687		21,321			22,673			18,915			22,778
2,940		2,984			2,954			5,869			2,984
—		—			112			—			—
83,786		52,561			66,197			32,947			42,570
7,340,682		754,943			5,178,912			9,322,467			2,967,493
(817,852)		(175,098	)		(676,901	)		(914,841	)		(582,689	)
6,522,830		579,845			4,502,011			8,407,626			2,384,804
110,228,607		13,045,443			87,585,317			188,841,338			43,012,866
6,292		121,738			10,401			14,211			(13,881	)
$110,234,899		$13,167,181			$87,595,718			$188,855,549			$42,998,985

 

---

---

		Prime Obligations Fund			Money Market Fund
From operations:
Net investment income		$      318,172,018			$      299,456,431
Net realized gain (loss) on investment transactions		17,793			5,566
Net increase in net assets resulting from operations		318,189,811			299,461,997
Distributions to shareholders:
From net investment income
FST Shares		(251,647,129	)		(267,839,513	)
FST Select Shares		(243,677	)		(86,840	)
FST Preferred Shares		(11,357,574	)		(7,645,266	)
FST Administration Shares		(36,433,466	)		(13,154,195	)
FST Service Shares		(18,507,965	)		(10,736,183	)
Total distributions to shareholders		(318,189,811	)		(299,461,997	)
From share transactions (at $1.00 per share):
Proceeds from sales of shares		61,665,633,056			44,319,243,402
Reinvestment of dividends and distributions		111,516,790			186,104,414
Cost of shares repurchased		(59,731,459,877	)		(44,511,967,400	)
Net increase (decrease) in net assets resulting from share           transactions		2,045,689,969			(6,619,584	)
Total increase (decrease)		2,045,689,969			(6,619,584	)
Net assets:
Beginning of period		10,024,831,999			9,698,614,309
End of period		$  12,070,521,968			$    9,691,994,725

 

---

The accompanying notes are an integral part of these financial statements

---

---

Treasury Obligations Fund		Treasury Instruments Fund			Government Fund			Federal Fund			Tax-Free Money Market Fund
$      110,228,607		$      13,045,443			$        87,585,317			$      188,841,338			$      43,012,866
6,292		121,738			10,401			14,211			(13,881	)
110,234,899		13,167,181			87,595,718			188,855,549			42,998,985
(54,156,433)		(11,411,639	)		(55,361,887	)		(151,055,210	)		(39,819,207	)
(24)		(23	)		(21,675	)		(25	)		(16	)
(10,991,714)		(18,836	)		(6,776,267	)		(3,925,699	)		(717,724	)
(32,138,439)		(785,642	)		(16,134,839	)		(18,905,579	)		(1,426,444	)
(12,948,289)		(951,041	)		(9,301,050	)		(14,969,036	)		(1,049,475	)
(110,234,899)		(13,167,181	)		(87,595,718	)		(188,855,549	)		(43,012,866	)
27,538,165,488		1,395,998,132			13,292,766,127			22,144,932,538			10,140,347,229
42,837,035		2,951,944			27,160,908			115,507,379			24,076,954
(27,409,162,205)		(1,441,834,342	)		(13,508,678,960	)		(21,581,274,395	)		(9,272,544,952	)
171,840,318		(42,884,266	)		(188,751,925	)		679,165,522			891,879,231
171,840,318		(42,884,266	)		(188,751,925	)		679,165,522			891,865,350
4,346,323,775		538,783,271			3,395,888,354			5,660,873,217			2,004,117,826
$    4,518,164,093		$    495,899,005			$    3,207,136,429			$    6,340,038,739			$  2,895,983,176

 

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---

		Prime Obligations Fund			Money Market Fund			Premium Money Market Fund
From operations:
Net investment income		$      386,301,816			$      398,037,623			$      29,347,669
Net realized gain (loss) on investment transactions		27,505			14,080			2,040
Net increase in net assets resulting from operations		386,329,321			398,051,703			29,349,709
Distribution to shareholders:
From net investment income
FST shares		(319,734,377	)		(350,173,540	)		(22,796,106	)
FST Preferred shares		(13,245,261	)		(9,102,769	)		(4,619,730	)
FST Administration shares		(31,384,131	)		(22,518,305	)		(817,718	)
FST Service shares		(21,965,552	)		(16,257,089	)		(1,116,155	)
Total distributions to shareholders		(386,329,321	)		(398,051,703	)		(29,349,709	)
From share transactions (at $1.00 per share):
Proceeds from sales of shares		79,579,532,778			78,515,803,235			8,717,491,247
Reinvestment of dividends and distributions		151,750,248			264,541,691			16,768,178
Cost of shares repurchased		(76,338,183,110	)		(75,066,724,370	)		(8,955,673,189	)
Net increase (decrease) in net assets resulting from           share transactions		3,393,099,916			3,713,620,556			(221,413,764	)
Total increase (decrease)		3,393,099,916			3,713,620,556			(221,413,764	)
Net assets:
Beginning of year		6,631,732,083			5,984,993,753			620,750,257
End of year		$  10,024,831,999			$    9,698,614,309			$    399,336,493

 

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The accompanying notes are an integral part of these financial statements.

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---

Treasury Obligations Fund		Treasury Instruments Fund			Government Fund			Federal Fund			Tax-Free Money Market Fund
$      194,127,369		$      19,290,675			$      141,298,265			$      198,859,437			$        53,505,376
7,186		51,713			7,180			46,182			(1,673	)
194,134,555		19,342,388			141,305,445			198,905,619			53,503,703
(109,297,057)		(16,226,463	)		(77,286,766	)		(148,425,766	)		(46,739,196	)
(13,167,759)		(4,200	)		(9,320,232	)		(3,744,402	)		(1,359,653	)
(49,244,678)		(2,371,266	)		(23,202,438	)		(29,061,008	)		(3,963,701	)
(22,425,061)		(745,112	)		(31,496,009	)		(17,674,951	)		(1,442,826	)
(194,134,555)		(19,347,041	)		(141,305,445	)		(198,906,127	)		(53,505,376	)
41,201,456,868		3,987,971,816			26,420,363,747			28,097,430,341			13,621,514,785
83,752,356		11,588,203			48,048,760			132,421,372			28,266,083
(42,327,587,736)		(4,323,784,819	)		(25,988,871,304	)		(25,953,163,766	)		(13,320,335,659	)
(1,042,378,512)		(324,224,800	)		479,541,203			2,276,687,947			329,445,209
(1,042,378,512)		(324,229,453	)		479,541,203			2,276,687,439			329,443,536
5,388,702,287		863,012,724			2,916,347,151			3,384,185,778			1,674,674,290
$    4,346,323,775		$    538,783,271			$    3,395,888,354			$    5,660,873,217			$    2,004,117,826

 

---

Fund		Amount		Years of Expiration
Tax-Free Money Market		$14,000		2005-2007

 

---

Fund		Management Fees Waived		Expenses Reimbursed by Adviser		Custody Fee Reductions		Total
Prime Obligations		$1,866		—		$    9		$1,875
Money Market		1,753		$572		18		2,343
Treasury Obligations		690		127		1		818
Treasury Instruments		85		89		1		175
Government		532		137		8		677
Federal		914		—		1		915
Tax-Free Money Market		399		68		116		583

 

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Repurchase Agreements
Principal Amount		Interest Rate			Maturity Date		Amortized Cost		Maturity Value
Barclays Capital PLC
$1,000,000,000		6.50	%		07/03/2000		$    1,000,000,000		$    1,000,541,667
Donaldson, Lufkin & Jenrette, Inc.
1,000,000,000		6.60			07/03/2000		1,000,000,000		1,000,550,000
UBS Warburg LLC
350,000,000		6.45			07/03/2000		350,000,000		350,188,125
UBS Warburg LLC
1,003,500,000		6.60			07/03/2000		1,003,500,000		1,004,051,925
Total Joint Repurchase Agreement Account							$    3,353,500,000		$3,355,331,717

 

---

Repurchase Agreements
Principal Amount		Interest Rate			Maturity Date		Amortized Cost		Maturity Value
ABN/AMRO, Inc.
$995,900,000		6.85	%		07/03/00		$      995,900,000		$      996,468,493
Banc of America Securities LLC
800,000,000		6.88			07/03/00		800,000,000		800,458,667
Bear Stearns Companies, Inc.
500,000,000		6.85			07/03/00		500,000,000		500,285,417
Donaldson, Lufkin & Jenrette, Inc.
500,000,000		6.90			07/03/00		500,000,000		500,287,500
Total Joint Repurchase Agreement Account II							$2,795,900,000		$2,797,500,077

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---

		Prime Obligations Fund			Money Market Fund
FST Shares:
Shares sold		50,657,935,930			40,205,573,989
Reinvestment of dividends and distributions		80,750,980			165,232,780
Shares repurchased		(50,017,697,092	)		(40,478,565,958	)
		720,989,818			(107,759,189	)
FST Select Shares: (commenced January 31, 2000)
Shares sold		38,870,162			10,601,034
Reinvestment of dividends and distributions		243,625			82,625
Shares repurchased		(470,000	)		(5,158,118	)
		38,643,787			5,525,541
FST Preferred Shares:
Shares sold		2,139,600,962			1,478,254,618
Reinvestment of dividends and distributions		5,935,267			7,016,075
Shares repurchased		(1,806,563,004	)		(1,509,932,541	)
		338,973,225			(24,661,848	)
FST Administration Shares:
Shares sold		5,308,166,179			1,580,612,680
Reinvestment of dividends and distributions		13,240,220			8,247,128
Shares repurchased		(4,379,685,739	)		(1,548,238,760	)
		941,720,660			40,621,048
FST Service Shares:
Shares sold		3,521,059,823			1,044,201,081
Reinvestment of dividends and distributions		11,346,698			5,525,806
Shares repurchased		(3,527,044,042	)		(970,072,023	)
		5,362,479			79,654,864
Net increase (decrease) in shares		2,045,689,969			(6,619,584	)

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---

---

Treasury Obligations Fund		Treasury Instruments Fund			Government Fund			Federal Fund			Tax-Free Money Market Fund
17,045,025,196		1,227,918,207			9,756,544,526			17,050,110,083			9,680,781,971
20,419,550		2,293,692			12,459,728			103,170,506			22,977,824
(17,287,917,069)		(1,211,960,304	)		(10,204,410,721	)		(16,301,834,818	)		(8,744,189,838	)
(222,472,323)		18,251,595			(435,406,467	)		851,445,771			959,569,957
1,000		1,000			11,991,000			1,000			1,000
24		23			12,293			25			16
		—			(12,002,267	)		—			—
1,024		1,023			1,026			1,025			1,016
2,115,318,536		6,962,991			1,427,791,814			1,160,208,401			164,700,173
1,049,042		14,860			4,529,011			3,487,980			164,993
(2,061,340,359)		(6,659,792	)		(1,120,246,746	)		(1,240,038,797	)		(167,408,405	)
55,027,219		318,059			312,074,079			(76,342,416	)		(2,543,239	)
5,925,987,438		12,916,014			1,379,031,097			1,558,523,578			151,592,857
11,137,140		445,283			7,303,457			3,411,209			614,832
(5,615,018,663)		(69,810,137	)		(1,331,514,666	)		(1,735,932,833	)		(205,817,736	)
322,105,915		(56,448,840	)		54,819,888			(173,998,046	)		(53,610,047	)
2,451,833,318		148,199,920			717,407,690			2,376,089,476			143,271,228
10,231,279		198,086			2,856,419			5,437,659			319,289
(2,444,886,114)		(153,404,109	)		(840,504,560	)		(2,303,467,947	)		(155,128,973	)
17,178,483		(5,006,103	)		(120,240,451	)		78,059,188			(11,538,456	)
171,840,318		(42,884,266	)		(188,751,925	)		679,165,522			891,879,231

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---

		Prime Obligations Fund			Money Market Fund			Premium Money Market Fund
FST Shares:
Shares sold		64,383,395,508			70,907,338,993			7,587,630,663
Reinvestment of dividends and distributions		119,603,587			234,988,734			12,150,091
Shares repurchased		(62,272,217,843	)		(67,390,246,268	)		(7,767,125,023	)
		2,230,781,252			3,752,081,459			(167,344,269	)
FST Preferred Shares:
Shares sold		3,347,403,106			2,317,273,791			674,544,518
Reinvestment of dividends and distributions		8,655,703			7,987,294			3,814,280
Shares repurchased		(3,268,909,435	)		(2,177,300,025	)		(735,027,475	)
		87,149,374			147,961,060			(56,668,677	)
FST Administration Shares:
Shares sold		6,580,990,548			3,606,115,900			89,156,387
Reinvestment of dividends and distributions		10,434,546			14,795,343			288,454
Shares repurchased		(5,870,792,290	)		(3,616,780,939	)		(84,502,269	)
		720,632,804			4,130,304			4,942,572
FST Service Shares:
Shares sold		5,267,743,616			1,685,074,551			366,159,679
Reinvestment of dividends and distributions		13,056,412			6,770,320			515,353
Shares repurchased		(4,926,263,542	)		(1,882,397,138	)		(369,018,422	)
		354,536,486			(190,552,267	)		(2,343,390	)
Net increase (decrease) in shares		3,393,099,916			3,713,620,556			(221,413,764	)

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---

---

Treasury Obligations Fund		Treasury Instruments Fund			Government Fund			Federal Fund			Tax-Free Money Market Fund
23,009,203,473		3,663,990,081			17,578,801,495			18,264,327,905			12,815,993,017
44,674,187		9,299,834			25,486,580			105,168,778			24,551,976
(24,254,629,116)		(4,066,763,789	)		(16,907,884,304	)		(16,509,631,916	)		(12,521,218,623	)
(1,200,751,456)		(393,473,874	)		696,403,771			1,859,864,767			319,326,370
4,027,430,083		204,597			1,803,540,334			1,349,295,944			156,777,353
3,527,064		4,204			6,337,649			2,813,787			491,031
(4,018,277,017)		(2,477	)		(1,874,350,374	)		(1,192,243,405	)		(146,791,183	)
12,680,130		206,324			(64,472,391	)		159,866,326			10,477,201
8,793,649,044		115,095,488			4,360,433,701			4,962,474,534			340,711,614
16,304,690		2,127,294			12,566,113			16,095,704			2,659,134
(8,732,624,675)		(73,148,918	)		(4,261,094,613	)		(4,879,125,175	)		(362,204,367	)
77,329,059		44,073,864			111,905,201			99,445,063			(18,833,619	)
5,371,174,268		208,681,650			2,677,588,217			3,521,331,958			308,032,801
19,246,415		156,871			3,658,418			8,343,103			563,942
(5,322,056,928)		(183,869,635	)		(2,945,542,013	)		(3,372,163,270	)		(290,121,486	)
68,363,755		24,968,886			(264,295,378	)		157,511,791			18,475,257
(1,042,378,512)		(324,224,800	)		479,541,203			2,276,687,947			329,445,209

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---

																						Ratios assuming no waiver of fees and no expense limitations
		Net asset value at beginning of period		Net investment income (a)		Distributions to shareholders			Net asset value at end of period		Total    return (b)			Net assets at end of period (in 000’s)		Ratio of net expenses to average net assets			Ratio of net investment income to average net assets			Ratio of expenses to average net assets			Ratio of net investment income to average net assets
For the Six Months Ended June 30, (Unaudited)
2000-FST shares		$1.00		$0.03		$(0.03	)		$1.00		3.03	% (d)		$8,783,539		0.18	% (c)		6.03	% (c)		0.22	% (c)		5.99	% (c)
2000-FST Select shares (commenced January 31)		1.00		0.03		(0.03	)		1.00		2.54	(d)		38,644		0.21	(c)		6.44	(c)		0.25	(c)		6.40	(c)
2000-FST Preferred shares		1.00		0.03		(0.03	)		1.00		2.98	(d)		558,684		0.28	(c)		5.93	(c)		0.32	(c)		5.89	(c)
2000-FST Administration shares		1.00		0.03		(0.03	)		1.00		2.90	(d)		1,993,551		0.43	(c)		5.80	(c)		0.47	(c)		5.76	(c)
2000-FST Service shares		1.00		0.03		(0.03	)		1.00		2.78	(d)		696,104		0.68	(c)		5.53	(c)		0.72	(c)		5.49	(c)
For the Years Ended December 31,
1999-FST shares		1.00		0.05		(0.05	)		1.00		5.18			8,062,549		0.18			5.09			0.23			5.04
1999-FST Preferred shares		1.00		0.05		(0.05	)		1.00		5.07			219,711		0.28			4.87			0.33			4.82
1999-FST Administration shares		1.00		0.05		(0.05	)		1.00		4.91			1,051,831		0.43			4.88			0.48			4.83
1999-FST Service shares		1.00		0.05		(0.05	)		1.00		4.65			690,741		0.68			4.60			0.73			4.55
1998-FST shares		1.00		0.05		(0.05	)		1.00		5.55			5,831,773		0.18			5.39			0.24			5.33
1998-FST Preferred shares		1.00		0.05		(0.05	)		1.00		5.45			132,558		0.28			5.26			0.34			5.20
1998-FST Administration shares		1.00		0.05		(0.05	)		1.00		5.29			331,196		0.43			5.14			0.49			5.08
1998-FST Service shares		1.00		0.05		(0.05	)		1.00		5.03			336,205		0.68			4.89			0.74			4.83
1997-FST shares		1.00		0.05		(0.05	)		1.00		5.60			3,867,739		0.18			5.46			0.23			5.41
1997-FST Preferred shares		1.00		0.05		(0.05	)		1.00		5.50			152,767		0.28			5.38			0.33			5.33
1997-FST Administration shares		1.00		0.05		(0.05	)		1.00		5.34			241,607		0.43			5.22			0.48			5.17
1997-FST Service shares		1.00		0.05		(0.05	)		1.00		5.08			176,133		0.68			4.97			0.73			4.92
1996-FST shares		1.00		0.05		(0.05	)		1.00		5.41			3,901,797		0.18			5.29			0.23			5.24
1996-FST Preferred shares (commenced May 1)		1.00		0.03		(0.03	)		1.00		5.28	(c)		127,126		0.28	(c)		5.19	(c)		0.33	(c)		5.14	(c)
1996-FST Administration shares		1.00		0.05		(0.05	)		1.00		5.14			215,898		0.43			5.06			0.48			5.01
1996-FST Service shares		1.00		0.05		(0.05	)		1.00		4.88			115,114		0.68			4.78			0.73			4.73
1995-FST shares		1.00		0.06		(0.06	)		1.00		6.02			3,295,791		0.18			5.86			0.22			5.82
1995-FST Administration shares		1.00		0.06		(0.06	)		1.00		5.75			147,894		0.43			5.59			0.47			5.55
1995-FST Service shares		1.00		0.05		(0.05	)		1.00		5.49			65,278		0.68			5.33			0.72			5.29

(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)	Not annualized.

---

---

																						Ratios assuming no waiver of fees and no expense limitations
		Net asset value at beginning of period		Net investment income (a)		Distributions to shareholders			Net asset value at end of period		Total    return (b)			Net assets at end of period (in 000’s)		Ratio of net expenses to average net assets			Ratio of net investment income to average net assets			Ratio of expenses to average net assets			Ratio of net investment income to average net assets
For the Six Months Ended June 30, (Unaudited)
2000-FST shares		$1.00		$0.03		$(0.03	)		$1.00		3.03	% (d)		$8,640,102		0.18	% (c)		6.01	% (c)		0.23	% (c)		5.96	% (c)
2000-FST Select shares (commenced January 31)		1.00		0.03		(0.03	)		1.00		2.54	(d)		5,526		0.21	(c)		6.20	(c)		0.26	(c)		6.15	(c)
2000-FST Preferred shares		1.00		0.03		(0.03	)		1.00		2.98	(d)		216,517		0.28	(c)		5.89	(c)		0.33	(c)		5.84	(c)
2000-FST Administration shares		1.00		0.03		(0.03	)		1.00		2.91	(d)		444,223		0.43	(c)		5.78	(c)		0.48	(c)		5.73	(c)
2000-FST Service shares		1.00		0.03		(0.03	)		1.00		2.78	(d)		385,627		0.68	(c)		5.53	(c)		0.73	(c)		5.48	(c)
For the Years Ended December 31,
1999-FST shares		1.00		0.05		(0.05	)		1.00		5.18			8,747,861		0.18			5.08			0.22			5.04
1999-FST Preferred shares		1.00		0.05		(0.05	)		1.00		5.07			241,179		0.28			4.99			0.32			4.95
1999-FST Administration shares		1.00		0.05		(0.05	)		1.00		4.92			403,602		0.43			4.81			0.47			4.77
1999-FST Service shares		1.00		0.05		(0.05	)		1.00		4.66			305,972		0.68			4.53			0.72			4.49
1998-FST shares		1.00		0.05		(0.05	)		1.00		5.55			4,995,782		0.18			5.40			0.23			5.35
1998-FST Preferred shares		1.00		0.05		(0.05	)		1.00		5.45			93,218		0.28			5.30			0.33			5.25
1998-FST Administration shares		1.00		0.05		(0.05	)		1.00		5.29			399,474		0.43			5.16			0.48			5.11
1998-FST Service shares		1.00		0.05		(0.05	)		1.00		5.03			496,520		0.68			4.86			0.73			4.81
1997-FST shares		1.00		0.06		(0.06	)		1.00		5.63			4,346,519		0.18			5.50			0.23			5.45
1997-FST Preferred shares		1.00		0.05		(0.05	)		1.00		5.53			20,258		0.28			5.44			0.33			5.39
1997-FST Administration shares		1.00		0.05		(0.05	)		1.00		5.37			221,256		0.43			5.26			0.48			5.21
1997-FST Service shares		1.00		0.05		(0.05	)		1.00		5.11			316,304		0.68			4.99			0.73			4.94
1996-FST shares		1.00		0.05		(0.05	)		1.00		5.45			2,540,366		0.18			5.33			0.23			5.28
1996-FST Preferred shares (commenced May 1)		1.00		0.03		(0.03	)		1.00		5.31	(c)		17,510		0.28	(c)		5.23	(c)		0.33	(c)		5.18	(c)
1996-FST Administration shares		1.00		0.05		(0.05	)		1.00		5.19			165,766		0.43			5.04			0.48			4.99
1996-FST Service shares		1.00		0.05		(0.05	)		1.00		4.93			234,376		0.68			4.84			0.73			4.79
1995-FST shares		1.00		0.06		(0.06	)		1.00		6.07			2,069,197		0.15			5.89			0.23			5.81
1995-FST Administration shares		1.00		0.06		(0.06	)		1.00		5.80			137,412		0.40			5.61			0.48			5.53
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)		0.73	(c)		4.85	(c)

(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)	Not annualized.

---

---

																						Ratios assuming no waiver of fees and no expense limitations
		Net asset value at beginning of period		Net investment income (a)		Distributions to shareholders			Net asset value at end of period		Total    return (b)			Net assets at end of period (in 000’s)		Ratio of net expenses to average net assets			Ratio of net investment income to average net assets			Ratio of expenses to average net assets			Ratio of net investment income to average net assets
For the Six Months Ended June 30, (Unaudited)
2000-FST shares		$1.00		$0.03		$(0.03	)		$1.00		2.88	% (d)		$2,098,108		0.18	% (c)		5.74	% (c)		0.23	% (c)		5.69	% (c)
2000-FST Select shares (commenced January 31)		1.00		0.02		(0.02	)		1.00		2.45	(d)		1		0.21	(c)		5.97	(c)		0.26	(c)		5.92	(c)
2000-FST Preferred shares		1.00		0.03		(0.03	)		1.00		2.83	(d)		352,952		0.28	(c)		5.64	(c)		0.33	(c)		5.59	(c)
2000-FST Administration shares		1.00		0.03		(0.03	)		1.00		2.75	(d)		1,479,931		0.43	(c)		5.50	(c)		0.48	(c)		5.45	(c)
2000-FST Service shares		1.00		0.03		(0.03	)		1.00		2.63	(d)		587,172		0.68	(c)		5.22	(c)		0.73	(c)		5.17	(c)
For the Years Ended December 31,
1999-FST shares		1.00		0.05		(0.05	)		1.00		4.88			2,320,581		0.18			4.75			0.23			4.70
1999-FST Preferred shares		1.00		0.05		(0.05	)		1.00		4.78			297,925		0.28			4.67			0.33			4.62
1999-FST Administration shares		1.00		0.05		(0.05	)		1.00		4.62			1,157,825		0.43			4.53			0.48			4.48
1999-FST Service shares		1.00		0.04		(0.04	)		1.00		4.36			569,993		0.68			4.28			0.73			4.23
1998-FST shares		1.00		0.05		(0.05	)		1.00		5.40			3,521,389		0.18			5.22			0.23			5.17
1998-FST Preferred shares		1.00		0.05		(0.05	)		1.00		5.29			285,240		0.28			5.20			0.33			5.15
1998-FST Administration shares		1.00		0.05		(0.05	)		1.00		5.14			1,080,454		0.43			4.94			0.48			4.89
1998-FST Service shares		1.00		0.05		(0.05	)		1.00		4.87			501,619		0.68			4.69			0.73			4.64
1997-FST shares		1.00		0.05		(0.05	)		1.00		5.50			2,217,943		0.18			5.36			0.23			5.31
1997-FST Preferred shares		1.00		0.05		(0.05	)		1.00		5.40			245,355		0.28			5.32			0.33			5.27
1997-FST Administration shares		1.00		0.05		(0.05	)		1.00		5.24			738,865		0.43			5.12			0.48			5.07
1997-FST Service shares		1.00		0.05		(0.05	)		1.00		4.98			312,991		0.68			4.87			0.73			4.82
1996-FST shares		1.00		0.05		(0.05	)		1.00		5.35			2,291,051		0.18			5.22			0.24			5.16
1996-FST Preferred shares (commenced May 1)		1.00		0.03		(0.03	)		1.00		5.24	(c)		46,637		0.28	(c)		5.11	(c)		0.34	(c)		5.05	(c)
1996-FST Administration shares		1.00		0.05		(0.05	)		1.00		5.09			536,895		0.43			4.97			0.49			4.91
1996-FST Service shares		1.00		0.05		(0.05	)		1.00		4.83			220,560		0.68			4.72			0.74			4.66
1995-FST shares		1.00		0.06		(0.06	)		1.00		5.96			1,587,715		0.18			5.73			0.23			5.68
1995-FST Administration shares		1.00		0.06		(0.06	)		1.00		5.69			283,186		0.43			5.47			0.48			5.42
1995-FST Service shares		1.00		0.05		(0.05	)		1.00		5.43			139,117		0.68			5.21			0.73			5.16

(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)	Not annualized.

---

---

																						Ratios assuming no waiver of fees and no expense limitations
		Net asset value at beginning of period		Net investment income (a)		Distributions to shareholders			Net asset value at end of period		Total return (b)			Net assets at end of period (in 000’s)		Ratio of net expenses to average net assets			Ratio of net investment income to average net assets			Ratio of expenses to average net assets			Ratio of net investment income to average net assets
For the Six Months Ended June 30, (Unaudited)
2000-FST shares		$1.00		$0.03		$(0.03	)		$1.00		2.77	% (d)		$446,984		0.18	% (c)		5.50	% (c)		0.26	% (c)		5.42	% (c)
2000-FST Select shares (commenced January 31)		1.00		0.02		(0.02	)		1.00		2.32	(d)		1		0.21	(c)		5.73	(c)		0.29	(c)		5.65	(c)
2000-FST Preferred shares		1.00		0.03		(0.03	)		1.00		2.72	(d)		526		0.28	(c)		5.49	(c)		0.36	(c)		5.41	(c)
2000-FST Administration shares		1.00		0.03		(0.03	)		1.00		2.64	(d)		11,299		0.43	(c)		5.09	(c)		0.51	(c)		5.01	(c)
2000-FST Service shares		1.00		0.02		(0.02	)		1.00		2.51	(d)		37,089		0.68	(c)		4.99	(c)		0.76	(c)		4.91	(c)
For the Years Ended December 31,
1999-FST shares		1.00		0.05		(0.05	)		1.00		4.60			428,732		0.18			4.51			0.24			4.45
1999-FST Preferred shares		1.00		0.04		(0.04	)		1.00		4.49			208		0.28			4.53			0.34			4.47
1999-FST Administration shares		1.00		0.04		(0.04	)		1.00		4.34			67,748		0.43			4.29			0.49			4.23
1999-FST Service shares		1.00		0.04		(0.04	)		1.00		4.08			42,095		0.68			4.07			0.74			4.01
1998-FST shares		1.00		0.05		(0.05	)		1.00		5.05			822,207		0.18			4.74			0.29			4.63
1998-FST Preferred shares		1.00		0.05		(0.05	)		1.00		4.94			2		0.28			4.68			0.39			4.57
1998-FST Administration shares		1.00		0.05		(0.05	)		1.00		4.79			23,676		0.43			4.62			0.54			4.51
1998-FST Service shares		1.00		0.04		(0.04	)		1.00		4.53			17,128		0.68			4.37			0.79			4.26
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)		0.29	(c)		4.98	(c)
1997-FST Preferred shares (commenced May 30)		1.00		0.03		(0.03	)		1.00		5.13	(c)		2		0.28	(c)		5.00	(c)		0.39	(c)		4.89	(c)
1997-FST Administration shares (commenced April 1)		1.00		0.04		(0.04	)		1.00		4.99	(c)		4,159		0.43	(c)		4.84	(c)		0.54	(c)		4.73	(c)
1997-FST Service shares (commenced March 5)		1.00		0.04		(0.04	)		1.00		4.71	(c)		20,177		0.68	(c)		4.62	(c)		0.79	(c)		4.51	(c)

(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)	Not annualized.

---

---

																						Ratios assuming no waiver of fees and no expense limitations
		Net asset value at beginning of period		Net investment income (a)		Distributions to shareholders			Net asset value at end of period		Total return (b)			Net assets at end of period (in 000’s)		Ratio of net expenses to average net assets			Ratio of net investment income to average net assets			Ratio of expenses to average net assets			Ratio of net investment income to average net assets
For the Six Months Ended June 30, (Unaudited)
2000-FST shares		$1.00		$0.03		$(0.03	)		$1.00		2.96	% (d)		$1,824,868		0.18	% (c)		5.87	% (c)		0.23	% (c)		5.82	% (c)
2000-FST Select shares (commenced January 31)		1.00		0.02		(0.02	)		1.00		2.50	(d)		1		0.21	(c)		5.79	(c)		0.26	(c)		5.74	(c)
2000-FST Preferred shares		1.00		0.03		(0.03	)		1.00		2.91	(d)		493,230		0.28	(c)		5.81	(c)		0.33	(c)		5.76	(c)
2000-FST Administration shares		1.00		0.03		(0.03	)		1.00		2.83	(d)		574,086		0.43	(c)		5.65	(c)		0.48	(c)		5.60	(c)
2000-FST Service shares		1.00		0.03		(0.03	)		1.00		2.70	(d)		314,951		0.68	(c)		5.33	(c)		0.73	(c)		5.28	(c)
For the Years Ended December 31,
1999-FST shares		1.00		0.05		(0.05	)		1.00		5.03			2,260,275		0.18			4.91			0.22			4.87
1999-FST Preferred shares		1.00		0.05		(0.05	)		1.00		4.93			181,155		0.28			4.81			0.32			4.77
1999-FST Administration shares		1.00		0.05		(0.05	)		1.00		4.77			519,266		0.43			4.67			0.47			4.63
1999-FST Service shares		1.00		0.04		(0.04	)		1.00		4.51			435,192		0.68			4.35			0.72			4.31
1998-FST shares		1.00		0.05		(0.05	)		1.00		5.46			1,563,875		0.18			5.32			0.23			5.27
1998-FST Preferred shares		1.00		0.05		(0.05	)		1.00		5.36			245,628		0.28			5.15			0.33			5.10
1998-FST Administration shares		1.00		0.05		(0.05	)		1.00		5.20			407,363		0.43			5.06			0.48			5.01
1998-FST Service shares		1.00		0.05		(0.05	)		1.00		4.94			699,481		0.68			4.83			0.73			4.78
1997-FST shares		1.00		0.05		(0.05	)		1.00		5.54			1,478,539		0.18			5.41			0.24			5.35
1997-FST Preferred shares		1.00		0.05		(0.05	)		1.00		5.43			7,147		0.28			5.34			0.34			5.28
1997-FST Administration shares		1.00		0.05		(0.05	)		1.00		5.28			299,804		0.43			5.15			0.49			5.09
1997-FST Service shares		1.00		0.05		(0.05	)		1.00		5.02			580,200		0.68			4.91			0.74			4.85
1996-FST shares		1.00		0.05		(0.05	)		1.00		5.38			858,769		0.18			5.25			0.24			5.19
1996-FST Preferred shares (commenced May 1)		1.00		0.03		(0.03	)		1.00		5.26	(c)		112		0.28	(c)		5.14	(c)		0.34	(c)		5.08	(c)
1996-FST Administration shares		1.00		0.05		(0.05	)		1.00		5.12			145,108		0.43			5.01			0.49			4.95
1996-FST Service shares		1.00		0.05		(0.05	)		1.00		4.86			223,554		0.68			4.74			0.74			4.68
1995-FST shares		1.00		0.06		(0.06	)		1.00		6.00			743,884		0.18			5.81			0.24			5.75
1995-FST Administration shares		1.00		0.06		(0.06	)		1.00		5.74			82,386		0.43			5.54			0.49			5.48
1995-FST Service shares (commenced May 16)		1.00		0.03		(0.03	)		1.00		5.40	(c)		14,508		0.68	(c)		5.08	(c)		0.74	(c)		5.02	(c)

---

(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)	Not annualized.

---

---

		Net Asset value at beginning of period		Net investment income (a)		Distributions to shareholders			Net asset value at end of period		Total return (b)			Net assets at end of period (in 000’s)		Ratio of net expenses to average net assets			Ratio of net investment income to average net assets			Ratios assuming no waiver of fees and no expense limitations
																						Ratio of expenses to average net assets			Ratio of net investment income to average net assets
For the Six Months Ended June 30, (Unaudited)
2000-FST shares		$1.00		$0.03		$(0.03	)		$1.00		2.94	% (d)		$5,057,564		0.19	% (c)		5.86	% (c)		0.22	% (c)		5.83	% (c)
2000-FST Select shares (commenced January 31)		1.00		0.02		(0.02	)		1.00		2.46	(d)		1		0.22	(c)		5.73	(c)		0.25	(c)		5.70	(c)
2000-FST Preferred shares		1.00		0.03		(0.03	)		1.00		2.89	(d)		110,248		0.29	(c)		5.73	(c)		0.32	(c)		5.70	(c)
2000-FST Administration shares		1.00		0.03		(0.03	)		1.00		2.81	(d)		615,531		0.44	(c)		5.61	(c)		0.47	(c)		5.58	(c)
2000-FST Service shares		1.00		0.03		(0.03	)		1.00		2.68	(d)		556,695		0.69	(c)		5.34	(c)		0.72	(c)		5.31	(c)
For the Years Ended December 31,
1999-FST shares		1.00		0.05		(0.05	)		1.00		5.05			4,206,119		0.18			4.96			0.23			4.91
1999-FST Preferred shares		1.00		0.05		(0.05	)		1.00		4.94			186,590		0.28			5.05			0.33			5.00
1999-FST Administration shares		1.00		0.05		(0.05	)		1.00		4.79			789,529		0.43			4.71			0.48			4.66
1999-FST Service shares		1.00		0.04		(0.04	)		1.00		4.53			478,635		0.68			4.46			0.73			4.41
1998-FST shares		1.00		0.05		(0.05	)		1.00		5.41			2,346,254		0.18			5.24			0.24			5.18
1998-FST Preferred shares		1.00		0.05		(0.05	)		1.00		5.31			26,724		0.28			5.20			0.34			5.14
1998-FST Administration shares		1.00		0.05		(0.05	)		1.00		5.15			690,084		0.43			5.02			0.49			4.96
1998-FST Service shares		1.00		0.05		(0.05	)		1.00		4.89			321,124		0.68			4.78			0.74			4.72
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)		0.27	(c)		5.30	(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)		0.37	(c)		5.17	(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)		0.52	(c)		5.06	(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)		0.77	(c)		4.69	(c)

---

(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)	Not annualized.

---

---

																						Ratios assuming no waiver of fees and no expense limitations
		Net asset value at beginning of period		Net investment income (a)		Distributions to shareholders			Net asset value at end of period		Total return (b)			Net assets at end of period (in 000’s)		Ratio of net expenses to average net assets			Ratio of net investment income to average net assets			Ratio of expenses to average net assets			Ratio of net investment income to average net assets
For the Six Months Ended June 30, (Unaudited)
2000-FST shares		$1.00		$0.02		$(0.02	)		$1.00		1.87	% (d)		$2,734,885		0.18	% (c)		3.80	% (c)		0.24	% (c)		3.74	% (c)
2000-FST Select shares (commenced January 31)		1.00		0.02		(0.02	)		1.00		1.59	(d)		1		0.21	(c)		4.07	(c)		0.27	(c)		4.01	(c)
2000-FST Preferred shares		1.00		0.02		(0.02	)		1.00		1.82	(d)		28,816		0.28	(c)		3.72	(c)		0.34	(c)		3.66	(c)
2000-FST Administration shares		1.00		0.02		(0.02	)		1.00		1.75	(d)		74,356		0.43	(c)		3.47	(c)		0.49	(c)		3.41	(c)
2000-FST Service shares		1.00		0.02		(0.02	)		1.00		1.62	(d)		57,925		0.68	(c)		3.20	(c)		0.74	(c)		3.14	(c)
For the Years Ended December 31,
1999-FST shares		1.00		0.03		(0.03	)		1.00		3.13			1,775,327		0.18			3.12			0.22			3.08
1999-FST Preferred shares		1.00		0.03		(0.03	)		1.00		3.03			31,359		0.28			2.99			0.32			2.95
1999-FST Administration shares		1.00		0.03		(0.03	)		1.00		2.88			127,967		0.43			2.81			0.47			2.77
1999-FST Service shares		1.00		0.03		(0.03	)		1.00		2.62			69,465		0.68			2.61			0.72			2.57
1998-FST shares		1.00		0.03		(0.03	)		1.00		3.34			1,456,002		0.18			3.28			0.23			3.23
1998-FST Preferred shares		1.00		0.03		(0.03	)		1.00		3.24			20,882		0.28			3.17			0.33			3.12
1998-FST Administration shares		1.00		0.03		(0.03	)		1.00		3.08			146,800		0.43			3.04			0.48			2.99
1998-FST Service shares		1.00		0.03		(0.03	)		1.00		2.83			50,990		0.68			2.77			0.73			2.72
1997-FST shares		1.00		0.04		(0.04	)		1.00		3.54			939,407		0.18			3.50			0.24			3.44
1997-FST Preferred shares		1.00		0.03		(0.03	)		1.00		3.43			35,152		0.28			3.39			0.34			3.33
1997-FST Administration shares		1.00		0.03		(0.03	)		1.00		3.28			103,049		0.43			3.27			0.49			3.21
1997-FST Service shares		1.00		0.03		(0.03	)		1.00		3.02			42,578		0.68			3.01			0.74			2.95
1996-FST shares		1.00		0.03		(0.03	)		1.00		3.39			440,838		0.18			3.35			0.23			3.30
1996-FST Preferred shares (commenced May 1)		1.00		0.02		(0.02	)		1.00		3.30	(c)		28,731		0.28	(c)		3.26	(c)		0.33	(c)		3.21	(c)
1996-FST Administration shares		1.00		0.03		(0.03	)		1.00		3.13			51,661		0.43			3.10			0.48			3.05
1996-FST Service shares		1.00		0.03		(0.03	)		1.00		2.88			19,855		0.68			2.85			0.73			2.80
1995-FST shares		1.00		0.04		(0.04	)		1.00		3.89			448,367		0.14			3.81			0.24			3.71
1995-FST Administration shares		1.00		0.04		(0.04	)		1.00		3.63			20,939		0.39			3.54			0.49			3.44
1995-FST Service shares		1.00		0.03		(0.03	)		1.00		3.38			19,860		0.64			3.32			0.74			3.22

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(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)	Not annualized.

TRUSTEES

Ashok N. Bakhru, Chairman

David B. Ford

Douglas C. Grip

John P. McNulty

Mary P. McPherson

Alan A. Shuch

William H. Springer

Richard P. Strubel

OFFICERS

Douglas C. Grip, President

Jesse H. Cole, Vice President

James A. Fitzpatrick, Vice President

Nancy L. Mucker, Vice President

John M. Perlowski, Treasurer

Peter W. Fortner, Assistant Treasurer

Philip V. Giuca, Jr., Assistant Treasurer

Michael J. Richman, Secretary

Howard B. Surloff, Secretary

Amy E. Belanger, Assistant Secretary

Kaysie P. Uniacke, Assistant Secretary

Valerie A. Zondorak, Assistant Secretary

GOLDMAN, SACHS & CO.

Distributor and Transfer Agent

GOLDMAN SACHS ASSET MANAGEMENT

Investment Adviser

FSQ/SAR 6/00

Goldman Sachs Funds
32 Old Slip
New York, NY 10005