Goldman Sachs Trust

Financial  Square  Funds ^SM

4 Prime Obligations Fund

4 Money Market Fund

4 Treasury Obligations Fund

4 Treasury Instruments Fund

4 Government Fund

4 Federal Fund

4 Tax-Free Money Market Fund

SEMIANNUAL REPORT

June 30, 2004

Goldman Sachs Trust

Financial Square Funds^SM

Taxable Funds*

Financial Square Prime Obligations Fund. The Fund invests in securities of the U.S. Government, its agencies, authorities, and instrumentalities, obligations of U.S. banks, commercial paper and other high quality, short-term obligations of U.S. companies, states, municipalities and other entities and repurchase agreements.

Financial Square Money Market Fund. The Fund invests in securities of the U.S. Government, its agencies, authorities, and instrumentalities, U.S. dollar denominated obligations of U.S. banks and foreign banks, U.S. dollar denominated commercial paper and other high-quality, short-term obligations of states, municipalities and other entities, U.S. and foreign companies, and of foreign governments, and repurchase agreements.

Financial Square Treasury Obligations Fund. Rated “AAA” by Standard & Poor’s Rating Group and “Aaa” by Moody’s Investors Service, Inc., the Fund invests only in securities issued by the U.S. Treasury which are backed by the full faith and credit of the U.S. Government, and repurchase agreements relating to such securities.

Financial Square Treasury Instruments Fund. The Fund invests only in certain U.S. Treasury obligations, the interest income from which is generally exempt from state income taxation.

Financial Square Government Fund. The Fund invests, directly or indirectly, only in securities of the U.S. Government, its agencies, authorities and instrumentalities, and repurchase agreements relating to such securities.

Financial Square Federal Fund. The Fund invests only in certain securities of the U.S. Government and certain of its agencies, authorities and instrumentalities, the interest income from which is generally exempt from state income taxation.

Tax-Exempt Fund*

Financial Square Tax-Free Money Market Fund. The Fund invests in securities issued by or on behalf of states, territories and possessions of the United States, its political subdivisions, agencies, authorities, and instrumentalities, and the District of Columbia, the interest from which is exempt from federal income tax, and not an item of tax preference under the federal alternative minimum tax.

*  Past performance is no guarantee of future results. Yields will vary. An investment in any of the Financial Square Funds is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Funds. More complete information, including management fees and expenses, is included in the Financial Square Funds’ Prospectuses and/or Statement of Additional Information, or may be obtained by calling Goldman Sachs Funds at 1-800-621-2550. Goldman Sachs Financial Square Funds^SM is a service mark of Goldman, Sachs & Co.

1

Financial Square Prime Obligations Fund

June 30, 2004 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Commercial Paper and Corporate Obligations—36.9%
Asset Backed
Asset Portfolio Funding Corp.
$	84,408,000		1.08	%		07/13/2004	$	84,377,613
	180,176,000		1.40			09/07/2004		179,699,535
Blue Ridge Asset Funding Corp.
	88,099,000		1.23			07/15/2004		88,056,859
	225,000,000		1.22			07/19/2004		224,862,750
Citibank Credit Card Issuance Trust (Dakota Corp.)
	95,000,000		1.14			07/13/2004		94,963,900
	125,000,000		1.11			07/19/2004		124,930,625
	50,000,000		1.12			07/19/2004		49,972,000
	150,000,000		1.11			07/20/2004		149,912,125
	250,000,000		1.23			07/21/2004		249,829,167
	30,000,000		1.23			07/22/2004		29,978,475
	75,000,000		1.30			08/05/2004		74,905,208
CXC, Inc.
	100,000,000		1.23			08/25/2004		99,812,083
Discover Card Master Trust I Series 2000-A (New Castle)
	50,000,000		1.21			07/16/2004		49,974,791
	150,000,000		1.23			07/19/2004		149,907,750
	50,000,000		1.50			09/21/2004		49,829,167
Edison Asset Securitization Corp.
	56,307,000		1.50			09/20/2004		56,116,964
Falcon Asset Securitization Corp.
	83,005,000		1.08			07/12/2004		82,977,608
	125,345,000		1.07			07/15/2004		125,292,843
	90,000,000		1.25			07/19/2004		89,943,750
	150,000,000		1.25			07/21/2004		149,895,833
	50,000,000		1.09			07/22/2004		49,968,208
	200,476,000		1.25			07/22/2004		200,329,820
	84,295,000		1.30			07/26/2004		84,218,900
	225,000,000		1.27			07/28/2004		224,785,688
FCAR Owner Trust Series I
	250,000,000		1.10			07/08/2004		249,946,528
	200,000,000		1.15			08/20/2004		199,680,555
Ford Credit Floor Plan Master Owner Trust A Series 2002-1
	65,000,000		1.10			07/13/2004		64,976,167
	107,000,000		1.21			07/16/2004		106,946,054
	75,000,000		1.08			07/19/2004		74,959,500
	50,000,000		1.11			08/02/2004		49,950,667
	100,000,000		1.23			08/18/2004		99,836,000
	52,000,000		1.50			09/15/2004		51,835,333
	51,000,000		1.51			09/21/2004		50,824,588
Fountain Square Commercial Funding Corp.
	100,000,000		1.48			09/14/2004		99,691,667
Govco, Inc.
	25,000,000		1.23			08/25/2004		24,953,021
	140,000,000		1.40			09/10/2004		139,613,444
Hatteras Funding Corp.
	70,544,000		1.09			07/19/2004		70,505,553
	43,675,000		1.15			07/21/2004		43,647,097
	60,125,000		1.14			07/27/2004		60,075,497
Independence Funding LLC
	185,000,000		1.25			07/06/2004		184,967,882
Jupiter Securitization Corp.
	100,000,000		1.09			07/06/2004		99,984,861
	121,259,000		1.10			07/07/2004		121,236,769
	270,000,000		1.25			07/22/2004		269,803,125
	110,000,000		1.25			07/23/2004		109,915,973
	215,000,000		1.30			07/28/2004		214,790,375
KittyHawk Funding Corp.
	295,783,000		1.07			07/19/2004		295,625,229
	150,287,000		1.25			07/21/2004		150,182,634
Park Avenue Receivables Corp.
	137,400,000		1.25			07/22/2004		137,299,813
	174,450,000		1.30			07/28/2004		174,279,911
Park Granada, LLC
	100,009,000		1.60			07/01/2004		100,009,000
	50,000,000		1.65			07/01/2004		50,000,000
	115,105,000		1.14			07/07/2004		115,083,130
	70,000,000		1.12			07/08/2004		69,984,756
	110,000,000		1.16			07/08/2004		109,975,189
	95,092,000		1.16			07/09/2004		95,067,487
Preferred Receivables Funding Corp.
	35,246,000		1.10			07/01/2004		35,246,000
	100,000,000		1.07			07/02/2004		99,997,028
Receivables Capital Corp.
	53,038,000		1.06			07/01/2004		53,038,000
	65,000,000		1.25			07/20/2004		64,957,118
	163,517,000		1.27			07/20/2004		163,407,398
	112,781,000		1.25			07/22/2004		112,698,764
Three Pillars Funding Corp.
	30,801,000		1.25			07/22/2004		30,778,541
Ticonderoga Funding LLC
	147,173,000		1.13			07/02/2004		147,168,381
	200,167,000		1.20			07/08/2004		200,120,294
	200,000,000		1.27			07/13/2004		199,915,333
	150,000,000		1.21			07/14/2004		149,934,458
Variable Funding Capital Corp.
	90,000,000		1.14			07/21/2004		89,943,000
Yorktown Capital, LLC
	78,000,000		1.25			07/20/2004		77,948,542
Commercial Bank
Bank of America Corp.
	61,627,000		1.07			07/19/2004		61,594,184
Financial Services
General Electric Capital International Funding
	400,000,000		1.10			07/01/2004		400,000,000
	300,000,000		1.11			07/06/2004		299,953,750
	150,000,000		1.11			07/07/2004		149,972,250

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

2

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Commercial Paper and Corporate Obligations (continued)
Security and Commodity Brokers, Dealers and Services
Bear Stearns Companies, Inc.
$	500,000,000		1.55	%		07/01/2004	$	500,000,000
Total Commercial Paper and Corporate Obligations							$	9,286,862,508
Certificates of Deposit—5.1%
Citibank, N.A.
$	288,000,000		1.10	%		08/06/2004	$	288,000,000
	70,000,000		1.23			08/26/2004		70,000,000
	425,000,000		1.29			09/07/2004		425,000,000
Wells Fargo Bank & Co.
	490,000,000		1.10			07/08/2004		490,000,000
Total Certificates of Deposit							$	1,273,000,000
Bank Note—0.3%
World Savings Bank, FSB
$	65,000,000		1.07	%		08/12/2004	$	64,996,976
Total Bank Note							$	64,996,976
Master Demand Note—1.5%
Bank of America Corp.
$	390,000,000		1.60	%		07/01/2004	$	390,000,000
Total Master Demand Note							$	390,000,000
U.S. Government Agency Obligations—31.3%
Federal Home Loan Bank
$	210,000,000		1.00	%#		07/03/2004	$	209,867,459
	275,000,000		0.99	#		07/05/2004		274,807,785
	500,000,000		1.07	#		07/19/2004		499,879,404
	375,000,000		1.44	#		09/15/2004		374,933,773
	400,000,000		1.48	#		09/21/2004		399,942,054
	65,000,000		1.48			11/19/2004		65,000,000
	28,880,000		1.40			04/01/2005		28,869,422
	335,000,000		1.40			04/15/2005		334,951,948
	150,000,000		1.33			05/02/2005		150,000,000
	50,000,000		1.50			05/04/2005		50,000,000
Federal Home Loan Mortgage Corp.
	909,125,000		1.10	#		07/07/2004		909,125,000
	75,000,000		1.36			08/06/2004		74,998,694
	245,000,000		1.14	#		08/07/2004		245,000,000
	31,200,000		4.50			08/15/2004		31,329,147
	275,615,000		1.37	#		09/09/2004		275,689,443
	116,922,000		1.24			10/07/2004		116,528,915
	225,000,000		1.51			12/07/2004		224,993,753
	64,685,000		1.24			01/11/2005		64,252,761
	50,000,000		1.35			01/11/2005		49,637,597
Federal National Mortgage Association
	200,000,000		0.98	#		07/03/2004		199,835,912
	150,000,000		1.20	#		07/18/2004		150,000,000
	100,000,000		1.07	#		07/28/2004		99,980,580
	400,000,000		1.21	#		07/29/2004		399,647,457
	145,000,000		1.10	#		08/11/2004		144,973,141
	105,000,000		6.50			08/15/2004		105,687,578
	39,547,000		1.38			08/20/2004		39,471,476
	330,000,000		1.23	#		09/06/2004		329,764,802
	350,000,000		1.43	#		09/15/2004		349,960,570
	100,000,000		1.24			09/17/2004		99,732,417
	190,750,000		1.49	#		09/23/2004		190,735,558
	50,000,000		1.25			10/15/2004		49,815,972
	125,000,000		1.27			11/12/2004		124,409,097
	100,521,000		1.17			12/01/2004		100,023,295
	192,400,000		1.10			12/16/2004		191,412,347
	295,000,000		1.16			12/16/2004		293,403,066
	80,964,000		1.14			01/07/2005		80,476,867
	50,000,000		1.24			01/07/2005		49,674,097
	52,000,000		1.30			01/07/2005		51,643,222
	192,131,000		1.31			01/07/2005		190,802,628
	146,048,000		1.35			03/04/2005		144,700,707
	75,000,000		1.36			04/01/2005		74,223,667
	50,000,000		1.36			05/03/2005		49,998,043
Total U.S. Government Agency Obligations							$	7,890,179,654
Variable Rate Obligations#—12.8%
AIG FP Matched Funding
$	110,000,000		1.10	%		07/20/2004	$	109,984,030
Allstate Life Global Funding II
	50,000,000		1.28			07/15/2004		50,000,000
	70,000,000		1.27			07/16/2004		70,000,000
American Express Centurion Bank
	100,000,000		1.20			07/15/2004		99,984,061
	100,000,000		1.24			07/22/2004		100,000,000
	100,000,000		1.27			07/26/2004		99,997,145
	150,000,000		1.28			07/26/2004		150,000,000
	100,000,000		1.28			07/28/2004		99,981,678
American Express Credit Corp.
	70,000,000		1.20			07/05/2004		70,000,000
BellSouth Telecommunications, Inc.
	200,000,000		1.40			09/07/2004		200,000,000
Citigroup Global Markets Holdings, Inc.
	50,000,000		1.72			09/20/2004		50,024,656
Citigroup, Inc.
	54,500,000		1.25			08/09/2004		54,534,689
General Electric Capital Corp.
	65,000,000		1.76			07/01/2004		65,033,514
	155,000,000		1.25			07/09/2004		155,000,000

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

3

Statement of Investments

Financial Square Prime Obligations Fund (continued)

June 30, 2004 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Variable Rate Obligations (continued)
Hartford Life Insurance Co.†
$	100,000,000		1.24	%		07/01/2004	$	100,000,000
M & I Marshall & IIsley Bank
	68,000,000		1.05			07/02/2004		67,995,345
Merrill Lynch & Co., Inc.
	125,000,000		1.13			07/06/2004		125,000,000
	58,700,000		1.46			07/13/2004		58,820,021
	150,000,000		1.45			07/21/2004		150,301,445
Metropolitan Life Global Funding I
	85,000,000		1.36			07/28/2004		85,000,000
Monumental Life Insurance Co.†
	120,000,000		1.26			07/01/2004		120,000,000
	55,000,000		1.28			07/01/2004		55,000,000
Morgan Stanley
	350,000,000		1.58			07/01/2004		350,000,000
	25,000,000		1.13			07/06/2004		25,000,000
	150,000,000		1.33			07/27/2004		150,000,000
New York Life Insurance Co.†
	75,000,000		1.18			07/01/2004		75,000,000
	225,000,000		1.64			07/01/2004		225,000,000
Pacific Life Global Funding
	100,000,000		1.12			07/06/2004		100,000,000
Travelers Insurance Co.†
	150,000,000		1.25			07/31/2004		150,000,000
U.S. Bank N.A.
	25,000,000		1.25			07/30/2004		24,993,420
Total Variable Rate Obligations							$	3,236,650,004
Time Deposits—2.3%
Chase Manhattan Bank, N.A.
$	72,000,000		1.25	%		07/01/2004	$	72,000,000
Regions Bank
	300,000,000		1.38			07/01/2004		300,000,000
U.S. Bank, N.A.
	200,000,000		1.31			07/01/2004		200,000,000
Total Time Deposits							$	572,000,000
Total Investments before Repurchase Agreements							$	22,713,689,142
Repurchase Agreements—Unaffiliated Issuers^*—9.0%
Joint Repurchase Agreement Account I
$	264,400,000		1.29	%		07/01/2004	$	264,400,000
Maturity Value: $264,409,467
Joint Repurchase Agreement Account II
	1,750,000,000		1.55			07/01/2004		1,750,000,000
Maturity Value: $1,750,075,104
UBS LLC
	250,000,000		1.55			07/01/2004		250,000,000
Maturity Value: $250,010,764
Total Repurchase Agreements—Unaffiliated Issuers							$	2,264,400,000
Repurchase Agreements—Affiliated Issuers^*—0.8%
Goldman, Sachs & Co.
$	200,000,000		1.55	%		07/01/2004	$	200,000,000
Maturity Value: $200,008,611
Total Repurchase Agreements—Affiliated Issuers							$	200,000,000
Total Investments—100.0%							$	25,178,089,142

#	Variable or floating rate security index is based on either federal funds or LIBOR lending rate.
^	At June 30, 2004, these agreements were fully collateralized by U.S. Treasury or Federal Agency obligations.
*	Unless noted, all repurchase agreements were entered into on June 30, 2004.
†	Insurance company issued short-term funding agreement.

Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.

Maturity dates represent either the stated date on the security or the next interest reset date for floating rate securities.

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

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

4

Statement of Investments

Financial Square Money Market Fund

June 30, 2004 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Commercial Paper and Corporate Obligations—26.8%
Asset Backed
Atlantic Asset Securitization Corp.
$	91,295,000		1.26	%		07/22/2004	$	91,227,898
Atlantis One Funding Corp.
	50,000,000		1.07			07/20/2004		49,971,764
Blue Ridge Asset Funding Corp.
	125,000,000		1.22			07/19/2004		124,923,750
Falcon Asset Securitization Corp.
	110,000,000		1.26			07/15/2004		109,946,100
FCAR Owner Trust Series I
	105,000,000		1.11			08/03/2004		104,893,162
	90,000,000		1.48			09/15/2004		89,718,800
Ford Credit Floor Plan Master Owner Trust (Motown)
	115,000,000		1.23			08/18/2004		114,811,400
	100,000,000		1.52			09/22/2004		99,649,556
Govco, Inc.
	122,000,000		1.50			09/13/2004		121,623,833
	30,000,000		1.50			09/14/2004		29,906,250
Liberty Street Funding Corp.
	85,000,000		1.24			07/09/2004		84,976,578
Nieuw Amsterdam Receivables Corp.
	150,000,000		1.28			07/26/2004		149,866,667
Old Line Funding Corp.
	59,323,000		1.27			07/28/2004		59,266,495
Sheffield Receivables Corp.
	160,000,000		1.25			07/20/2004		159,894,444
Thames Asset Global Securitization I
	50,000,000		1.23			07/19/2004		49,969,250
	99,286,000		1.23			08/18/2004		99,123,171
Thunder Bay Funding, Inc.
	38,106,000		1.10			07/07/2004		38,099,014
Ticonderoga Funding LLC
	133,645,000		1.27			07/13/2004		133,588,424
Tulip Funding Corp.
	150,000,000		1.08			07/01/2004		150,000,000
	74,506,000		1.24			08/25/2004		74,364,852
Asset-Backed-Special Purpose Finance Companies
Citibank Credit Card Issuance Trust (Dakota Corp.)
	115,000,000		1.22			07/20/2004		114,925,953
Scaldis Capital LLC
	70,458,000		1.19			08/18/2004		70,346,206
Commercial Banks
Norddeutsche Landesbank Girozentrale
	50,000,000		1.41			09/10/2004		49,860,959
Svenska Handlesbanken, Inc.
	50,000,000		1.40			09/13/2004		49,856,111
Transportation Services
Network Rail Finance PLC
	50,000,000		1.10			07/30/2004		49,955,896
	78,000,000		1.50			09/23/2004		77,727,000
	50,000,000		1.30			11/04/2004		49,772,937
Total Commercial Paper and Corporate Obligations							$	2,398,266,470
Medium-Term Note-Eurodollar#—0.4%
Bank Of Western Australia Ltd.
$	34,400,000		1.30	%		07/26/2004	$	34,424,649
Total Medium-Term Note-Eurodollar							$	34,424,649
Certificates of Deposit-Eurodollar—13.9%
Alliance & Leicester PLC
$	25,000,000		1.12	%		07/14/2004	$	25,000,045
	45,000,000		1.53			12/02/2004		45,000,948
	30,000,000		1.56			12/07/2004		30,001,303
	25,000,000		1.40			01/13/2005		25,000,671
	27,000,000		1.42			02/02/2005		27,001,597
Barclays Bank PLC
	150,000,000		1.10			07/22/2004		150,000,435
DePfa-Bank Europe PLC
	50,000,000		1.10			07/23/2004		50,000,000
	100,000,000		1.10			08/26/2004		100,000,000
HBOS Treasury Services PLC
	50,000,000		1.12			08/10/2004		50,001,101
ING Bank NV
	100,000,000		1.10			07/23/2004		100,000,000
KBC Bank NV
	80,000,000		1.26			07/16/2004		80,000,333
Landesbank Baden-Wuerttemberg
	50,000,000		1.19			10/20/2004		50,001,532
	40,000,000		1.13			12/29/2004		40,001,994
Landesbank Hessen-Thueringen Girozentrale
	80,000,000		1.31			10/18/2004		79,966,529
	50,000,000		1.51			11/19/2004		50,000,000
	39,000,000		1.51			11/30/2004		39,000,000
	50,000,000		1.21			12/31/2004		50,019,937
Unicredito Italiano SpA
	200,000,000		1.10			07/14/2004		200,000,359
	50,000,000		1.10			07/15/2004		50,000,097
Total Certificates of Deposit-Eurodollar							$	1,240,996,881

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

5

Statement of Investments

Financial Square Money Market Fund (continued)

June 30, 2004 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Certificates of Deposit-Yankeedollar—5.9%
Bayerische Landesbank Girozentrale
$	25,000,000		1.49	%		05/06/2005	$	24,996,833
HSH Nordbank AG
	55,000,000		1.38			01/31/2005		54,999,194
Landesbank Hessen-Thueringen Girozentrale
	25,000,000		1.40			02/02/2005		24,997,782
Royal Bank Canada
	30,000,000		1.40			02/08/2005		30,000,000
Toronto-Dominion Bank
	50,000,000		1.06			07/20/2004		50,000,000
	65,000,000		1.14			12/29/2004		65,000,000
UBS AG
	40,000,000		1.11			09/21/2004		40,000,000
Westdeutsche Landesbank Girozentrale
	140,000,000		1.16			07/06/2004		140,000,953
	50,000,000		1.42			09/02/2004		50,000,000
	50,000,000		1.25			09/16/2004		50,000,000
Total Certificates of Deposit-Yankeedollar							$	529,994,762
U.S. Government Agency Obligations—11.6%
Federal Home Loan Bank
$	200,000,000		0.99	%#		07/05/2004	$	199,854,729
	100,000,000		1.07#			07/19/2004		99,975,881
	20,000,000		1.40			04/15/2005		19,997,791
	15,000,000		1.50			05/04/2005		15,000,000
Federal Home Loan Mortgage Corp.
	182,000,000		1.10#			07/07/2004		182,000,000
	25,000,000		1.34			08/12/2004		24,961,063
	45,000,000		1.24			10/07/2004		44,848,712
	35,000,000		1.35			03/08/2005		34,671,875
Federal National Mortgage Association
	170,000,000		0.98#			07/03/2004		169,860,525
	140,000,000		1.23#			09/06/2004		139,900,219
	109,872,000		1.30			11/12/2004		109,342,386
Total U.S. Government Agency Obligations							$	1,040,413,181
Variable Rate Obligations#—29.9%
Allstate Life Global Funding II
$	30,000,000		1.27	%		07/16/2004	$	30,000,000
American Express Credit Corp.
	30,000,000		1.20			07/05/2004		30,000,000
Bank of Nova Scotia
	50,000,000		1.27			07/26/2004		49,999,098
Barclays Bank PLC
	50,000,000		1.06			07/06/2004		49,993,661
	60,000,000		1.09			07/08/2004		59,994,227
Bayerische Landesbank Girozentrale
	105,000,000		1.21			07/20/2004		104,987,564
BNP Paribas SA
	160,000,000		1.04			07/01/2004		159,973,338
	50,000,000		1.51			09/30/2004		49,989,484
Canadian Imperial Bank of Commerce
	75,000,000		1.29			07/27/2004		75,000,843
	85,000,000		1.27			07/29/2004		84,978,854
Compass Securitization LLC
	75,000,000		1.11			07/08/2004		75,000,000
	75,000,000		1.16			07/12/2004		74,999,566
Credit Agricole Indosuez
	50,000,000		1.05			07/01/2004		49,992,719
	100,000,000		1.23			08/31/2004		99,982,139
DePfa-Bank Europe PLC
	50,000,000		1.27			09/15/2004		50,000,000
Deutsche Bank AG
	150,000,000		1.11			07/08/2004		150,000,000
Fairway Finance Corp.
	100,000,000		1.09			07/07/2004		99,998,924
General Electric Capital Corp.
	75,000,000		1.25			07/09/2004		75,000,000
HBOS Treasury Services PLC
	177,000,000		1.17			07/21/2004		177,051,351
	50,000,000		1.32			07/23/2004		50,004,357
	75,000,000		1.28			08/20/2004		75,000,000
HSH Nordbank AG
	50,000,000		1.05			06/30/2004		49,993,707
ING Bank NV
	51,000,000		1.23			08/20/2004		51,000,957
Landesbank Baden-Wuerttemberg
	30,000,000		1.15			07/12/2004		29,998,337
	35,000,000		1.23			08/31/2004		34,994,477
Metropolitan Life Global Funding I
	40,000,000		1.25			07/15/2004		40,000,000
Monumental Life Insurance Co.†
	80,000,000		1.26			07/01/2004		80,000,000
Morgan Stanley, Inc.
	25,000,000		1.13			07/06/2004		25,000,000
Natexis Banque Populaires
	100,000,000		1.55			07/01/2004		99,999,417
Nationwide Building Society
	85,000,000		1.14			07/23/2004		85,000,000
	50,000,000		1.59			09/28/2004		50,000,000
New York Life Insurance Co.†
	40,000,000		1.18			07/01/2004		40,000,000
	25,000,000		1.18			07/01/2004		25,000,000
	100,000,000		1.64			07/01/2004		100,000,000
Rabobank Nederland
	65,000,000		1.04			07/01/2004		64,989,386

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

6

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Variable Rate Obligations (continued)
Societe Generale
$	100,000,000		1.11	%		07/12/2004	$	99,984,357
	75,000,000		1.28			07/30/2004		74,991,348
Westdeutsche Landesbank Girozentrale
	60,000,000		1.24			08/31/2004		59,990,068
Total Variable Rate Obligations							$	2,682,888,179
Time Deposit—2.0%
J.P. Morgan Chase & Co.
$	181,600,000		1.25	%		07/01/2004	$	181,600,000
Total Time Deposit							$	181,600,000
Total Investments before Repurchase Agreements							$	8,108,584,122
Repurchase Agreements^*—9.4%
Joint Repurchase Agreement Account I
$	345,000,000		1.29	%		07/01/2004	$	345,000,000
Maturity Value: $345,012,353
Joint Repurchase Agreement Account II
	250,000,000		1.55			07/01/2004		250,000,000
Maturity Value: $250,010,729
UBS LLC
	250,000,000		1.55			07/01/2004		250,000,000
Maturity Value: $250,010,764
Total Repurchase Agreements							$	845,000,000
Total Investments—99.9%							$	8,953,584,122

#	Variable or floating rate security index is based on federal funds, LIBOR or Prime lending rate.
^	At June 30, 2004, these agreements were fully collateralized by U.S. Treasury or Federal Agency obligations.
*	Unless noted, all repurchase agreements were entered into on June 30, 2004.
†	Insurance company issued short-term funding agreement.

Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.

Maturity dates represent either the stated date on the security or the next interest reset date for floating rate securities.

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

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

7

Statement of Investments

Financial Square Treasury Obligations Fund

June 30, 2004 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
U.S. Treasury Obligations—19.9%
United States Treasury Bills
$	25,000,000		1.05	%		09/16/2004	$	24,943,854
	40,000,000		1.18			10/28/2004		39,844,639
United States Treasury Notes
	138,000,000		6.00			08/16/2004		138,838,806
	125,000,000		2.13			08/31/2004		125,185,640
	80,000,000		5.88			11/15/2004		81,369,384
	67,000,000		2.00			11/30/2004		67,175,342
	150,000,000		1.75			12/31/2004		150,328,264
	100,000,000		1.50			02/28/2005		100,189,615
	55,000,000		1.63			05/02/2005		55,152,242
	20,000,000		6.75			05/16/2005		20,906,250
Total U.S. Treasury Obligations							$	803,934,036
Total Investments before Repurchase Agreements							$	803,934,036
Repurchase Agreements—Unaffiliated Issuers^*—78.8%
Joint Repurchase Agreement Account I
$	2,910,300,000		1.29	%		07/01/2004	$	2,910,300,000
Maturity Value: $2,910,404,124
Lehman Brothers Holdings, Inc.
	117,700,000		1.25			07/01/2004		117,700,000
Maturity Value: $117,704,087
UBS LLC
	150,000,000		1.23			07/01/2004		150,000,000
Maturity Value: $150,005,125
Total Repurchase Agreements—Unaffiliated Issuers							$	3,178,000,000
Repurchase Agreements—Affiliated Issuers^*—1.2%
Goldman, Sachs & Co.
$	50,000,000		1.29	%		07/01/2004	$	50,000,000
Maturity Value: $50,001,792
Total Repurchase Agreements—Affiliated Issuers							$	50,000,000
Total Investments—99.9%							$	4,031,934,036

^	At June 30, 2004, these agreements were fully collateralized by U.S. Treasury obligations.
*	Unless noted, all repurchase agreements were entered into on June 30, 2004.

Interest rates represent either the stated coupon rate or the annualized yield on date of purchase for discounted securities.

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

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

8

Statement of Investments

Financial Square Treasury Instruments Fund

June 30, 2004 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
U.S. Treasury Obligations—162.2%
United States Treasury Bills
$	210,000,000		0.94	%		07/01/2004	$	210,000,000
	221,400,000		0.95			07/01/2004		221,400,000
	45,000,000		1.05			07/01/2004		45,000,000
	6,100,000		1.06			07/08/2004		6,098,743
	33,100,000		0.99			07/15/2004		33,087,321
	5,700,000		1.00			07/15/2004		5,697,794
	50,000,000		1.06			07/15/2004		49,979,389
	100,000,000		0.96			07/22/2004		99,944,292
	320,600,000		1.07			07/22/2004		320,400,269
	100,000,000		1.14>			07/29/2004		99,911,334
	550,000,000		1.15>			07/29/2004		549,509,514
	100,000,000		1.17>			07/29/2004		99,909,194
	65,000,000		1.03			10/07/2004		64,817,747
	150,000,000		1.09			10/21/2004		149,493,667
Total U.S. Treasury Obligations							$	1,955,249,264
Total Investments—162.2%							$	1,955,249,264

> All or portion represents a forward commitment.

Interest rates represent the annualized yield on date of purchase for discounted securities.

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

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

9

Statement of Investments

Financial Square Government Fund

June 30, 2004 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
U.S. Government Agency Obligations—66.2%
Federal Farm Credit Bank
$	60,000,000		1.01	%#		07/01/2004	$	59,999,457
Federal Home Loan Bank
	20,000,000		1.00	#		07/03/2004		19,987,377
	50,000,000		0.99	#		07/05/2004		49,960,669
	50,000,000		1.04	#		07/05/2004		49,998,716
	75,000,000		1.00	#		07/14/2004		74,999,465
	50,000,000		1.07	#		07/19/2004		49,987,940
	30,000,000		1.19	#		07/27/2004		29,997,828
	17,000,000		1.22			08/04/2004		16,999,741
	75,000,000		1.06	#		08/11/2004		74,997,898
	60,000,000		1.15	#		08/25/2004		59,996,824
	50,000,000		1.37			09/09/2004		50,000,000
	20,000,000		1.44	#		09/15/2004		19,997,277
	20,000,000		1.48	#		09/21/2004		19,999,671
	40,000,000		1.51	#		09/30/2004		39,998,644
	42,135,000		2.00			11/15/2004		42,215,550
	20,000,000		1.40			04/01/2005		19,992,674
	20,000,000		1.40			04/15/2005		19,997,002
Federal Home Loan Mortgage Corp.
	50,000,000		1.10	#		07/07/2004		50,000,000
	25,000,000		6.25			07/15/2004		25,046,191
	75,000,000		1.07			08/03/2004		74,926,781
	10,000,000		1.31			08/12/2004		9,984,717
	60,567,000		4.50			08/15/2004		60,816,640
	25,000,000		1.37	#		09/09/2004		25,001,771
	23,000,000		1.43	#		09/20/2004		22,992,934
	35,000,000		1.42			09/21/2004		34,886,794
	25,994,000		1.44			09/21/2004		25,909,036
	25,000,000		1.51			12/07/2004		24,999,306
Federal National Mortgage Association
	25,000,000		0.98	#		07/03/2004		24,979,489
	50,000,000		0.99	#		07/03/2004		49,993,668
	50,000,000		1.12	#		07/15/2004		49,982,083
	75,000,000		1.20	#		07/18/2004		74,992,831
	50,000,000		1.16			07/23/2004		49,964,556
	75,000,000		1.07	#		07/28/2004		74,986,969
	118,000,000		1.21	#		07/29/2004		117,918,841
	100,000,000		1.04	#		07/30/2004		99,997,985
	30,000,000		1.08			08/04/2004		29,969,400
	70,000,000		1.10	#		08/11/2004		69,987,033
	20,000,000		6.50			08/15/2004		20,131,395
	43,918,000		1.38			08/20/2004		43,833,824
	100,000,000		1.23	#		09/06/2004		99,928,728
	70,000,000		1.33			09/08/2004		69,822,229
	33,000,000		1.36			09/08/2004		32,913,980
	50,000,000		1.42			09/15/2004		49,850,111
	30,000,000		1.44			09/22/2004		29,900,400
	35,000,000		1.25			11/03/2004		34,848,090
	40,000,000		1.30			01/07/2005		39,725,556
	30,000,000		7.13			02/15/2005		31,076,546
	10,000,000		3.88			03/15/2005		10,180,837
	25,000,000		1.35			04/28/2005		25,000,000
Total U.S. Government Agency Obligations							$	2,183,675,454
Total Investments before Repurchase Agreements							$	2,183,675,454
Repurchase Agreements—Unaffiliated Issuers^*—29.2%
Joint Repurchase Agreement Account I
$	45,800,000		1.29	%		07/01/2004	$	45,800,000
Maturity Value: $45,801,640
Joint  Repurchase  Agreement  Account II
	675,000,000		1.55			07/01/2004		675,000,000
Maturity Value: $675,028,969
Lehman Brothers Holdings, Inc.
	92,400,000		1.25			07/01/2004		92,400,000
Maturity Value: $92,403,208
UBS LLC
	50,000,000		1.23			07/01/2004		50,000,000
Maturity Value: $50,001,708
	100,000,000		1.05			07/06/2004		100,000,000
Maturity Value: $100,262,500
Dated:04/07/04
Total Repurchase Agreements—Unaffiliated Issuers							$	963,200,000
Repurchase Agreements—Affiliated Issuers^*—4.5%
Goldman, Sachs & Co.
$	150,000,000		1.29	%		07/01/2004	$	150,000,000
Maturity Value: $150,005,375
Total Repurchase Agreements—Affiliated Issuers							$	150,000,000
Total Investments—99.9%							$	3,296,875,454

#	Variable or floating rate security index is based on either LIBOR or Prime lending rate.
^	At June 30, 2004, these agreements were fully collateralized by U.S. Treasury or Federal Agency obligations.
*	Unless noted, all repurchase agreements were entered into on June 30, 2004.

Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.

Maturity dates represent either the stated date on the security or the next interest reset date for floating rate securities.

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

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

10

Statement of Investments

Financial Square Federal Fund

June 30, 2004 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
U.S. Government Agency Obligations—99.8%
Federal Farm Credit Bank
$	650,000,000		0.98	%†		07/01/2004	$	650,000,000
	70,000,000		1.01	#		07/01/2004		69,975,055
	100,000,000		1.02	#		07/01/2004		99,988,214
	100,000,000		1.05	#		07/01/2004		100,000,000
	50,000,000		0.98			07/02/2004		49,998,639
	60,000,000		1.00			07/02/2004		59,998,333
	42,000,000		1.00	#		07/03/2004		41,989,465
	100,000,000		1.02	#		07/03/2004		99,997,367
	70,000,000		1.03	#		07/03/2004		70,000,000
	50,000,000		1.00			07/06/2004		49,993,056
	75,000,000		1.05			07/06/2004		74,989,062
	75,000,000		1.06			07/06/2004		74,988,958
	70,000,000		1.06			07/07/2004		69,987,633
	125,000,000		1.06			07/08/2004		124,974,236
	42,000,000		1.20			07/08/2004		41,990,200
	60,000,000		1.06			07/09/2004		59,985,867
	50,000,000		1.10			07/12/2004		49,983,195
	30,000,000		1.13	#		07/12/2004		29,986,974
	35,100,000		1.09			07/13/2004		35,087,247
	50,000,000		1.23			07/14/2004		49,977,792
	130,000,000		1.20			07/15/2004		129,939,333
	50,000,000		1.22			07/16/2004		49,974,583
	50,000,000		1.21	#		07/17/2004		49,991,447
	17,200,000		1.22			07/19/2004		17,189,508
	80,000,000		1.17	#		07/20/2004		79,996,466
	100,000,000		1.22			07/20/2004		99,935,611
	30,000,000		1.00			07/23/2004		29,981,667
	110,000,000		1.17	#		07/24/2004		109,995,926
	35,715,000		1.18	#		07/25/2004		35,687,191
	50,000,000		1.23	#		07/25/2004		49,996,717
	70,000,000		1.01	#		08/03/2004		69,999,367
	70,000,000		1.02	#		08/12/2004		69,992,187
	70,000,000		1.02	#		08/24/2004		69,991,957
Federal Home Loan Bank
	60,000,000		1.00	#		07/03/2004		59,962,131
	220,000,000		0.99	#		07/05/2004		219,835,677
	200,000,000		1.04	#		07/05/2004		199,994,848
	25,000,000		0.97	#		07/06/2004		24,999,850
	44,970,000		1.18			07/09/2004		44,958,208
	142,000,000		1.00	#		07/14/2004		141,998,987
	600,000		1.03			07/14/2004		599,777
	20,000,000		1.00			07/16/2004		19,998,902
	47,672,000		1.15			07/16/2004		47,649,157
	75,000,000		1.07	#		07/19/2004		74,981,911
	17,000,000		1.03			07/21/2004		16,990,272
	113,800,000		1.19			07/21/2004		113,724,766
	29,788,000		1.26			07/21/2004		29,767,148
	16,950,000		1.06			07/23/2004		16,939,072
	35,000,000		1.22			07/23/2004		34,973,906
	17,032,000		1.25			07/23/2004		17,018,989
	70,000,000		1.22	#		07/25/2004		69,988,525
	35,000,000		1.21	#		07/27/2004		34,997,466
	110,000,000		1.06			07/28/2004		109,912,963
	50,000,000		1.27			07/28/2004		49,952,375
	50,000,000		1.04			08/04/2004		49,950,889
	100,000,000		1.22			08/04/2004		99,998,476
	100,000,000		1.06	#		08/11/2004		99,997,197
	9,500,000		4.63			08/13/2004		9,537,881
	67,910,000		6.25			08/13/2004		68,298,249
	87,500,000		1.14			08/18/2004		87,367,583
	267,000,000		1.05			08/20/2004		266,610,625
	22,200,000		1.23			08/20/2004		22,162,075
	110,000,000		1.15	#		08/25/2004		109,994,177
	75,000,000		1.32			08/25/2004		74,848,750
	150,000,000		1.17	#		08/26/2004		149,921,842
	54,435,000		1.34			08/27/2004		54,319,938
	33,196,000		1.25			09/03/2004		33,122,231
	50,000,000		1.30			09/03/2004		49,884,445
	100,000,000		1.29			09/08/2004		99,752,750
	50,000,000		1.37			09/09/2004		50,000,000
	100,000,000		1.45			09/10/2004		99,714,028
	35,000,000		1.42			09/15/2004		34,895,078
	345,000,000		1.44	#		09/15/2004		344,947,923
	70,000,000		1.42			09/17/2004		69,784,633
	57,000,000		1.48	#		09/21/2004		56,999,058
	25,000,000		1.42			09/24/2004		24,916,180
	75,000,000		1.43			09/24/2004		74,746,771
	170,000,000		1.51	#		09/30/2004		169,986,390
	33,400,000		1.15			10/13/2004		33,289,038
	70,000,000		1.15			10/15/2004		69,762,972
	19,000,000		3.63			10/15/2004		19,138,426
	43,000,000		2.00			11/15/2004		43,082,203
	70,000,000		1.43			11/17/2004		69,613,503
	50,000,000		1.44			11/19/2004		49,718,000
	35,000,000		1.50			12/07/2004		35,000,000
	60,000,000		1.73			12/17/2004		59,512,717
	50,000,000		1.43			12/24/2004		50,000,000
	30,000,000		4.38			02/15/2005		30,571,056
	35,000,000		1.40			04/01/2005		34,987,180
	35,000,000		1.40			04/15/2005		34,996,134
	35,000,000		1.33			05/02/2005		35,000,000
	30,000,000		4.13			05/13/2005		30,684,123
Student Loan Marketing Association
	38,000,000		3.38			07/15/2004		38,029,702

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

11

Statement of Investments

Financial Square Federal Fund (continued)

June 30, 2004 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
U.S. Government Agency Obligations (continued)
Tennessee Valley Authority
$	40,000,000		1.21	%		07/08/2004	$	39,990,589
Total U.S. Government Agency Obligations							$	6,970,940,995
Total Investments—99.8%							$	6,970,940,995

#	Variable or floating rate security index is based on either LIBOR or Prime lending rate.
†	Federal Farm Credit Bank Funding Corporation issued Master Note Purchase Agreement.

Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.

Maturity dates represent either the stated date on the security or the next interest reset date for floating rate securities.

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

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

12

Statement of Investments

Financial Square Tax-Free Money Market Fund

June 30, 2004 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Alabama—2.4%
Alabama Housing Finance Authority MF Hsg. VRDN RB Refunding for Rime Village Huntsville Series 1996 B (FNMA) (A-1+)
$	11,275,000		1.10	%		07/07/2004	$	11,275,000
Birmingham GO VRDN Capital Improvement Series 1998 A (Regions Bank LOC) (A-1/VMIG1)
	4,420,000		1.08			07/01/2004		4,420,000
Birmingham GO VRDN Capital Improvement Series 2004 A (AMBAC) (SouthTrust Bank SPA) (A-1/P-1)
	18,490,000		1.08			07/01/2004		18,490,000
Columbia IDB VRDN PCRB Refunding for Alabama Power Co. Project Series 1995 A (A-1/VMIG1)
	19,400,000		1.10			07/01/2004		19,400,000
Columbia IDB VRDN PCRB Refunding for Alabama Power Co. Project Series 1995 E (A-1/VMIG1)
	13,500,000		1.08			07/01/2004		13,500,000
Columbia IDB VRDN PCRB Refunding for Alabama Power Co. Project Series 1996 A (A-1/VMIG1)
	7,000,000		1.10			07/01/2004		7,000,000
Columbia IDB VRDN PCRB Refunding for Alabama Power Co. Project Series 1999 B (A-1/VMIG1)
	15,600,000		1.10			07/01/2004		15,600,000
Gadsden IDA VRDN PCRB Refunding for Alabama Power Co. Project Series 1994 (A-1/VMIG1)
	6,150,000		1.13			07/01/2004		6,150,000
Huntsville Alabama GO VRDN Warrants Series 2002 G (Regions Bank LOC) (A-1/VMIG1)
	10,030,000		1.10			07/01/2004		10,030,000
Jefferson County Sewer Revenue Capital Improvement VRDN Series 2002 A (FGIC) (JP Morgan Chase & Co. SPA) (A-1+/VMIG1)
	35,250,000		1.08			07/01/2004		35,250,000
Mobile City IDRB VRDN PCRB Refunding for Alabama Power Co. Series 1993 A (A-1/VMIG1)
	5,100,000		1.14			07/01/2004		5,100,000
Mobile City IDRB VRDN PCRB Refunding for Alabama Power Co. Series 1994 (A-1/VMIG1)
	14,100,000		1.10			07/01/2004		14,100,000
Parrish IDRB VRDN PCRB Refunding for Alabama Power Co. Project Series 1994 A (A-1/VMIG1)
	14,850,000		1.10			07/01/2004		14,850,000
University of Alabama VRDN RB Series 1993 B (A-1+/VMIG1)
	6,800,000		1.07			07/07/2004		6,800,000
West Jefferson IDB VRDN PCRB Refunding for Alabama Power Co. Project Series 1998 (A-1/VMIG1)
	23,500,000		1.09			07/01/2004		23,500,000
							$	205,465,000
Alaska—1.0%
Alaska State Housing Finance Corp. RB for State Capital Project Series 1998 A2 (AA/Aa2)
$	6,485,000		5.00	%>		06/01/2005	$	6,681,690
Alaska State Housing Finance Corp. VRDN Series 2000 B (A-1+/VMIG1)
	33,300,000		1.06			07/07/2004		33,300,000
Valdez Marine Terminal VRDN RB Refunding for Exxon Pipeline Co. Project Series 1993 B (A-1+/VMIG1)
	13,100,000		0.98			07/01/2004		13,100,000
Valdez Marine Terminal VRDN RB Refunding for Exxon Pipeline Co. Project Series 1993 C (A-1+/VMIG1)
	30,085,000		0.98			07/01/2004		30,085,000
							$	83,166,690
Arizona—0.9%
Arizona School District TANS Financing Program COPS Series 2003 (SP-1+/MIG1)
$	40,000,000		1.75	%		07/30/2004	$	40,023,571
Arizona State Transportation Board Highway VRDN RB ROCS II-R-4003 (Citigroup SPA) (VMIG1)
	5,190,000		1.14			07/01/2004		5,190,000
Arizona State University RB P-Floats PT 2264 Series 2004 (A-1)
	7,195,000		1.12			07/08/2004		7,195,000
City of Phoenix Water CP (Dexia Credit Local LOC) (A-1)
	5,000,000		1.09			11/10/2004		5,000,000
	10,000,000		1.10			12/09/2004		10,000,000
Salt River Agricultural Project CP Series S-B (Bank of America/ Bank One, N.A./ JP Morgan Chase & Co./ Citibank, N.A./M & I Marshall/ Wells Fargo Bank SPA)
	5,000,000		0.95			08/09/2004		5,000,000
	9,000,000		0.96			09/13/2004		9,000,000
							$	81,408,571
California—6.2%
California Health Facilities Financing Authority VRDN RB for Insured Hospital Adventist Series 1998 A (MBIA) (California State Teachers Retirement Plan SPA) (A-1+/VMIG1)
$	14,600,000		1.08	%		07/01/2004	$	14,600,000
California Health Facilities Financing Authority VRDN RB for Sisters Charity Health System Series 2003 (A-1+/VMIG1)
	28,655,000		1.03			07/07/2004		28,655,000
California State Economic Recovery VRDN RB Series 2004 C01 (Landesbank Baden Wurttemberg SPA) (A-1+/VMIG1)
	13,830,000		1.12			07/01/2004		13,830,000
California State Economic Recovery VRDN RB Series 2004 C02 (Bank of America SPA) (A-1+/VMIG1)
	12,500,000		1.06			07/01/2004		12,500,000
California State Economic Recovery VRDN RB Series 2004 C03 (Landesbank Hessen-Thueringen SPA) (A-1+/VMIG1)
	36,000,000		1.06			07/01/2004		36,000,000

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

13

Statement of Investments

Financial Square Tax-Free Money Market Fund (continued)

June 30, 2004 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
California (continued)
California State Economic Recovery VRDN RB Series 2004 C13 (XLCA) (Depfa Bank PLC SPA) (A-1+/VMIG1)
$	4,000,000		1.03	%		07/07/2004	$	4,000,000
California Statewide Communities Development Authority VRDN RB for Kaiser Permanente Series 2003 C (HSH Nordbank AG SPA) (A-1)
	28,960,000		1.04			07/07/2004		28,960,000
California Statewide Communities Development Authority VRDN RB Series 2004 J (JP Morgan Chase & Co. SPA) (A-1)
	13,000,000		1.04			07/07/2004		13,000,000
California Statewide Communities Development Authority VRDN RB Series 2004 M (A-1)
	11,500,000		1.15			07/07/2004		11,500,000
California Statewide Community Development Authority CP for Kaiser Permanente Series S-K (A-1)
	18,000,000		1.04			08/09/2004		18,000,000
Clovis Unified School District TRANS Series 2004 (SP-1+)
	25,500,000		2.50>			06/30/2005		25,725,165
Glendale California COPS VRDN for Police Building Project (JP Morgan Chase & Co. SPA) (A-1+/VMIG1)
	5,300,000		1.06			07/01/2004		5,300,000
Los Angeles GO Refunding Series 2003 B (FSA) (AAA/Aaa)
	5,080,000		6.00			09/01/2004		5,122,948
Los Angeles Unified School District GO TRANS Series 2003 A (SP-1+/MIG1)
	18,500,000		2.00			07/01/2004		18,500,000
Los Angeles Unified School District GO VRDN Merlots Series 2003 (FSA) (Wachovia Bank SPA) (VMIG1)
	6,230,000		1.09			07/07/2004		6,230,000
Los Angeles Water & Power VRDN RB for Power Systems Subseries 2002 A-4 (Bayerische Landesbank/ BNP Paribas/ Dexia Credit/ JP Morgan Chase & Co./ Westdeutsche Landesbank SPA) (A-1+/VMIG1)
	25,000,000		1.07			07/01/2004		25,000,000
Los Angeles Water & Power VRDN RB for Power Systems Subseries 2002 A-5 (Bayerische Landesbank/ BNP Paribas/ Dexia Credit/ JP Morgan Chase & Co/ Westdeutsche Landesbank SPA) (A-1+/VMIG1)
	36,900,000		1.07			07/01/2004		36,900,000
Los Angeles Water & Power VRDN RB for Power Systems Subseries 2002 A-6 (Bayerische Landesbank/ BNP Paribas/ Dexia Credit/ JP Morgan Chase & Co./ Westdeutsche Landesbank SPA) (A-1+/VMIG1)
	10,000,000		1.06			07/01/2004		10,000,000
Los Angeles Water & Power VRDN RB Subseries 2001 B-5 (Landesbank Baden-Wurttemberg/ Bank of America/ Bayerische Landesbank/ Dexia Credit/ JP Morgan Chase & Co./ State Street Corp./ Westdeutsche Landesbank SPA) (A-1+/VMIG1)
	4,000,000		1.06			07/01/2004		4,000,000
Los Angeles Water & Power VRDN RB Subseries 2001 B-6 (Landesbank Baden-Wurttemberg/ Bank of America/ Bayerische Landesbank/ Dexia Credit/ JP Morgan Chase & Co./ State Street Corp./ Westdeutsche Landesbank SPA) (A-1+/VMIG1)
	22,550,000		1.08			07/01/2004		22,550,000
Los Angeles Water & Power VRDN RB Subseries 2001 B-7 (Landesbank Baden-Wurttemberg/ Bank of America/ Bayerische Landesbank/ Dexia Credit/ JP Morgan Chase & Co./ State Street Corp./ Westdeutsche Landesbank SPA) (A-1+/VMIG1)
	3,050,000		1.06			07/01/2004		3,050,000
Los Angeles Water & Power VRDN RB Subseries 2002 A-7 (Bayerische Landesbank/ BNP Paribas/ Dexia Credit Local/ JP Morgan Chase & Co./ Westdeutsche Landesbank SPA) (A-1+/VMIG1)
	11,525,000		1.07			07/01/2004		11,525,000
Metropolitan Water District of Southern California Waterworks VRDN RB Series 2001 C-1 (Lloyds TSB Bank SPA) (A-1+/VMIG1)
	6,200,000		1.10			07/01/2004		6,200,000
New Haven Unified School District GO TRANS Series 2003 (SP-1+)
	6,000,000		2.00			07/14/2004		6,002,323
Newport Beach VRDN RB for Hoag Memorial Hospital Series 1999 A (A-1+/VMIG1)
	12,500,000		1.08			07/07/2004		12,500,000
Newport Beach VRDN RB for Hoag Memorial Hospital Series 1999 B (A-1+/VMIG1)
	10,400,000		1.08			07/07/2004		10,400,000
Newport Beach VRDN RB for Hoag Memorial Hospital Series 1999 C (A-1+/VMIG1)
	6,000,000		1.08			07/07/2004		6,000,000
Sacramento County TRANS Series 2004 A (SP-1+/MIG1)
	6,900,000		3.00>			07/11/2005		6,994,116
Southern California Public Power Authority Transmission Project VRDN RB Sub-Refunding for Southern Transmission Series 1991 (AMBAC) (Lloyds TSB Bank PLC LOC) (A-1+/VMIG1)
	140,000,000		1.04>			07/07/2004		140,000,000
							$	543,044,552
Colorado—1.1%
Adams & Arapahoe Countys School District NOO 28J Aurora GO VRDN ROCS II-R-2015 (FSA) (Citigroup SPA) (VMIG1)
$	5,365,000		1.14	%		07/01/2004	$	5,365,000
Colorado Health Facilities Authority VRDN RB for Sisters of Charity Series 2002 (A-1+/VMIG1)
	17,200,000		1.05			07/07/2004		17,200,000

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

14

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Colorado (continued)
Colorado Springs Utilities VRDN RB Sub Lien Series 2000 A (Bayerische Landesbank SPA) (A-1+/VMIG1)
$	7,300,000		1.06	%		07/01/2004	$	7,300,000
Denver City & County VRDN COPS Refunding for Wellington Series 2003 E Web-C3 (AMBAC) (Dexia Credit Local SPA) (A-1+/VMIG1)
	5,000,000		1.06			07/07/2004		5,000,000
Moffat County VRDN PCRB Adjusted Refunding for Pacificorp Projects Series 1994 (AMBAC) (Bank One N.A. SPA) (A-1/VMIG1)
	10,055,000		1.08			07/01/2004		10,055,000
Northern Water Conservancy District COPS VRDN P-Floats-PT 1395 (MBIA) (Merrill Lynch SPA) (A-1+)
	5,130,000		1.12			07/01/2004		5,130,000
Platte River Power Authority Electric VRDN RB Sub Lien Series 1993 S-1 (JP Morgan Chase & Co. SPA) (A-1+/VMIG1)
	13,200,000		1.08			07/07/2004		13,200,000
Regional Transportation District CP Series 2001 A (Westdeutsche Landesbank LOC) (P-1)
	5,000,000		1.00			08/09/2004		5,000,000
Regional Transportation District Sales Tax VRDN RB P-Floats-PT 1413 Series 2002 (AMBAC) (Merrill Lynch SPA) (A-1)
	7,265,000		1.12			07/01/2004		7,265,000
Regional Transportation District Sales Tax VRDN RB P-Floats-PT 2184 Series 2004 (AMBAC) (Merrill Lynch SPA)
	17,185,000		1.12			07/01/2004		17,185,000
							$	92,700,000
Connecticut—0.1%
Connecticut State Health & Educational Facilities Authority VRDN RB Eagle Series 20026027 Class A (Citibank SPA) (A-1+)
$	8,500,000		1.14	%		07/01/2004	$	8,500,000
Florida—4.6%
Broward County GO Float-PT 2138 Series 2004 (Merrill Lynch SPA) (A-1)
$	7,040,000		1.12	%		07/01/2004	$	7,040,000
Broward County MF Hsg. VRDN RB for Island Club Apartments Series 2001 A (FHLMC) (A-1+)
	2,500,000		1.12			07/01/2004		2,500,000
Broward County MF Hsg. VRDN RB for Landings of Inverrary Apartments Series 1985 (FNMA) (VMIG1)
	9,600,000		1.11			07/01/2004		9,600,000
Broward County MF Hsg. VRDN RB for Sanctuary Apartments Project Series 1985 (FNMA) (A-1+/VMIG1)
	6,000,000		1.09			07/01/2004		6,000,000
Eagle Tax Exempt Trust GO VRDN Weekly Participation Certificate State of Florida Board of Education 20026006 B (MBIA)(Citibank SPA) (A-1+)
	7,880,000		1.14			07/01/2004		7,880,000
Florida Board of Education Eagle Tax-Exempt Trust Series 20010901 (Citibank SPA) (A-1+)
	26,850,000		1.14			07/01/2004		26,850,000
Florida Board of Education Eagle Tax-Exempt Trust Series 20010906 Class A COPS (FGIC) (Citibank SPA) (A-1+)
	1,500,000		1.14			07/01/2004		1,500,000
Florida Department of Transportation Eagle Tax-Exempt Trust Series 96C 0903 (Citibank SPA) (A-1+)
	24,750,000		1.14			07/01/2004		24,750,000
Florida Local Government Pooled CP Notes (Wachovia Bank N.A. LOC) (P-1)
	23,000,000		1.05			07/12/2004		23,000,000
	5,000,000		1.00			08/12/2004		5,000,000
Florida State Board of Education Public Education VRDN P-Floats-PT 1465 Series 2002 (Merrill Lynch SPA) (A-1+)
	8,530,000		1.12			07/01/2004		8,530,000
Florida State Board of Education VRDN RB for Lottery P-Floats-PT-2036 Series 2003 (MBIA) (Merrill Lynch SPA) (F-1+)
	8,200,000		1.12			07/01/2004		8,200,000
Florida State Turnpike Authority VRDN RB P-Floats-PT 1944 Series 2003 (AMBAC) (Merrill Lynch SPA) (F-1+)
	14,975,000		1.12			07/01/2004		14,975,000
Jackson County VRDN PCRB RB Refunding for Gulf Power Co. Project Series 1997 (A-1/VMIG1)
	1,930,000		1.15			07/01/2004		1,930,000
Jacksonville Electric Authority CP Series C-1 (JP Morgan Chase & Co. SPA) (A-1+)
	15,000,000		1.00			08/12/2004		15,000,000
Jacksonville Electric Authority CP Series 2000 A (Westdeutsche Landesbank SPA) (A-1+/VMIG1)
	24,100,000		1.03			09/09/2004		24,100,000
Jacksonville Electric Authority CP Series 2000 F (Landesbank Hessen-Thueringen SPA) (A-1+)
	21,500,000		1.05			10/13/2004		21,500,000
	21,500,000		1.05			10/15/2004		21,500,000
Jacksonville Electric Authority CP Series 2000 S-B (Landesbank Hessen-Thueringen SPA) (A-1+)
	19,000,000		1.10			07/22/2004		19,000,000
	7,600,000		1.03			09/09/2004		7,600,000
Jacksonville Electric Authority CP Series C-1 (JP Morgan Chase & Co. SPA) (A-1+)
	14,680,000		1.00			09/10/2004		14,680,000
Jacksonville Electric Authority VRDN RB Subordinated Electric System Series 2001 B (Bank of America SPA) (A-1+)
	43,625,000		1.10			07/01/2004		43,625,000
Jacksonville Health Facilities Authority Hospital VRDN RB for Baptist Medical Center Project Series 2001 (Wachovia Bank N.A. LOC) (A-1)
	17,685,000		1.10			07/01/2004		17,685,000

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

15

Statement of Investments

Financial Square Tax-Free Money Market Fund (continued)

June 30, 2004 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Florida (continued)
Kissimmee Utility Authority CP (Bank of Nova Scotia SPA) (P-1)
$	28,000,000		1.09	%		07/07/2004	$	28,000,000
	13,500,000		0.95			07/20/2004		13,500,000
Lakeland Energy Systems VRDN RB Refunding (Suntrust Bank SPA) (A-1+/VMIG1)
	24,360,000		1.08			07/07/2004		24,360,000
Miami Dade County School Board VRDN COPS ROCS II-R-5004 Series 2003 (VMIG1)
	6,325,000		1.14			07/01/2004		6,325,000
							$	404,630,000
Georgia—2.9%
Albany Dougherty Payroll Development Authority VRDN PCRB for Georgia Power Co. Series 1991 (VMIG1)
$	2,120,000		1.14	%		07/01/2004	$	2,120,000
Appling County Development Authority VRDN PCRB for Georgia Power Co. Pollution Hatch Project Series 1997 (A-1/VMIG1)
	8,700,000		1.10			07/01/2004		8,700,000
Atlanta Airport VRDN RB Refunding for RF-C-2 General Series 2003 (MBIA) (Wachovia Bank N.A. SPA) (A-1/VMIG1)
	15,800,000		1.08			07/01/2004		15,800,000
Burke County IDA VRDN PCRB for Oglethorpe Power Corp. Series 1994 A (FGIC) (Dexia Credit Local SPA) (A-1+/VMIG1)
	46,334,000		1.04			07/07/2004		46,334,000
Cobb County IDA VRDN PCRB for Georgia Power Co. Plant Project Series 1991 (VMIG1)
	8,330,000		1.10			07/01/2004		8,330,000
Cobb County School District GO TANS Series 2004 (MIG1)
	48,000,000		1.75			12/31/2004		48,180,878
Dekalb County Hospital Authority VRDN Anticipation Certificates for Dekalb Medical Center, Inc. Series 1993 B (Suntrust Bank LOC) (VMIG1)
	3,590,000		1.08			07/07/2004		3,590,000
Dekalb County Hospital Authority VRDN Anticipation Certificates for Dekalb Medical Center, Inc. Series 2003 B (FSA) (Wachovia Bank N.A. SPA) (VMIG1)
	26,355,000		1.09			07/01/2004		26,355,000
Dekalb Private Hospital Authority VRDN RB Anticipation Certificates for Children’s Health Care System Project Series 1998 B (Suntrust Bank LOC) (VMIG1)
	10,970,000		1.05			07/07/2004		10,970,000
Fulco Hospital Authority VRDN Revenue Anticipation Certificates for Peidmont Hospital Project Series 1999 (Suntrust Bank LOC) (A-1+/VMIG1)
	29,315,000		1.08			07/07/2004		29,315,000
Georgia Municipal Electric Authority Power VRDN RB P-Floats-PT 2154 (FSA) (Merrill Lynch SPA) (F-1+)
	5,000,000		1.12			07/08/2004		5,000,000
Georgia Municipal Electric Authority Power VRDN RB P-Floats-PT 975 Series 2004 (MBIA) (Merrill Lynch SPA) (F-1+)
	9,795,000		1.12			07/01/2004		9,795,000
Georgia State GO VRDN Eagle Tax-Exempt Trust Series 20041004 Class A (Citibank N.A.SPA) (A-1+)
	6,000,000		1.14			07/01/2004		6,000,000
Georgia State GO VRDN P-Float-PT 2228 Series 2004 (Merrill Lynch SPA) (F-1+)
	5,110,000		1.12			07/01/2004		5,110,000
Metropolitan Atlanta Rapid Transit Authority Georgia Sales Tax VRDN RB Eagle Class Series 20026022 (Citibank SPA) (A-1+)
	14,760,000		1.14			07/01/2004		14,760,000
Municipal Electric Authority of Georgia VRDN RB Project One Subseries 2000 E (MBIA) (Westdeutsche Landesbank AG/ Bayerische Landesbank/ Landesbank Hessen-Thueringen/ State Street Corp. SPA) (A-1+/VMIG1)
	9,000,000		1.02			07/07/2004		9,000,000
Putnam County Development Authority VRDN PCRB for Georgia Power Co. Pollution Branch Project Series 1998 (A-1)
	2,800,000		1.10			07/01/2004		2,800,000
Savannah Economic Development Authority VRDN PCRB Refunding for Savannah Electric & Power Project Series 1993 (A-1/VMIG1)
	2,785,000		1.10			07/01/2004		2,785,000
							$	254,944,878
Hawaii—0.3%
Honolulu Hawaii City & County CP (Westdeutsche Landesbank AG SPA) (A-1)
$	8,150,000		1.00	%		07/08/2004	$	8,150,000
	750,000		1.17			07/08/2004		750,000
Honolulu Hawaii City & County GO VRDN P-Floats-PT 943 Series 2004 (MBIA) (Merrill Lynch SPA) (F-1+)
	4,435,000		1.12			07/01/2004		4,435,000
Honolulu Hawaii City & County GO VRDN Series 2004 78 (MBIA) (BNP Paribas SPA) (VMIG1)
	11,685,000		1.12			07/01/2004		11,685,000
							$	25,020,000
Illinois—8.2%
Chicago Illinois GO Eagle Tax-Exempt Trust VRDN Series 20011301 Class A (FGIC) (Citibank SPA) (A-1+)
$	8,910,000		1.14	%		07/01/2004	$	8,910,000
Chicago Illinois GO VRDN for Neighborhoods Alive 21-B (MBIA) (Lloyds TSB Bank PLC SPA) (A-1+/VMIG1)
	96,800,000		1.08			07/01/2004		96,800,000
Chicago Illinois GO VRDN Series 2002 B (FGIC) (Landesbank Baden SPA) (A-1+/VMIG1)
	14,000,000		1.09			07/01/2004		14,000,000

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

16

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Illinois (continued)
Chicago Illinois Merlots VRDN Series 2000 A43 (AMBAC) (Wachovia Bank N.A. SPA) (VMIG1)
$	7,635,000		1.12	%		07/07/2004	$	7,635,000
Chicago Illinois Metropolitan Water Reclamation District GO VRDN for Capital Improvement Series 2003 E (Landesbank Hessen-Thueringen SPA) (A-1+/VMIG1)
	13,320,000		1.02>			07/07/2004		13,320,000
Chicago Illinois Metropolitan Water Reclamation District GO VRDN Refunding Series 2002 A (Bank of America/ Lloyds TSB Bank PLC SPA) (A-1+/VMIG1)
	51,875,000		1.06			07/07/2004		51,875,000
Chicago Illinois VRDN GO Project Series 2003 B-1 (FSA) (Bank One, N.A. SPA) (A-1/VMIG1)
	24,650,000		1.08			07/07/2004		24,650,000
Chicago Illinois Wastewater Transmission VRDN RB Merlots Series 2001 A125 (MBIA) (Wachovia Bank N.A. SPA) (VMIG1)
	3,985,000		1.12			07/07/2004		3,985,000
Chicago Illinois Water VRDN RB Second Lien Series 1999 (Bank One, N.A. LOC) (A-1/VMIG1)
	11,415,000		1.03			07/07/2004		11,415,000
City of Chicago Board of Education GO VRDN Series 2000 C (FSA) (Dexia Credit Local SPA) (A-1+/VMIG1)
	10,000,000		1.08			11/01/2004		10,000,000
City of Chicago Board of Education GO VRDN Series 2000 D (FSA) (Dexia Credit Local SPA) (A-1+/VMIG1)
	22,100,000		1.08			07/01/2004		22,100,000
Cook County Illinois GO VRDN P-Floats-PT 1522 Series 2002 (AMBAC) (Merrill Lynch SPA) (A-1+)
	8,860,000		1.12			07/01/2004		8,860,000
Cook County Illinois VRDN Capital Improvement Series 2002 B (Landesbank Hessen-Thueringen LOC) (A-1+/VMIG1)
	32,000,000		1.11			07/07/2004		32,000,000
Du Page County Illinois GO VRDN Community Unit School District No. 200 Wheaton ROCS II-R-2048 (FSA) (Citigroup SPA) (VMIG1)
	5,245,000		1.14			07/01/2004		5,245,000
Evanston GO VRDN Capital Improvement Project Series 2000 D (Bank of America SPA) (VMIG1)
	4,700,000		1.08			07/01/2004		4,700,000
Evanston GO VRDN Maple Street Project Series 2000 A (Bank of America SPA) (VMIG1)
	17,200,000		1.08			07/01/2004		17,200,000
Evanston GO VRDN Recreation Center Project Series 2000 C (Bank of America SPA) (VMIG1)
	5,400,000		1.08			07/01/2004		5,400,000
Ilinois Finance Authority VRDN RB Northwestern Memorial Hospital Subseries 2004 B-1 (JP Morgan Chase & Co. SPA) (A-1/VMIG1)
	12,200,000		1.10			07/01/2004		12,200,000
Illinois Development Finance Authority VRDN RB for Bradley University Project Series 2002 (FGIC) (National City Bank SPA) (A-1)
	5,880,000		1.09			07/01/2004		5,880,000
Illinois Education Facilities Authority RB University of Chicago Series 1998 B (AA+/A-1+)
	29,000,000		4.40			07/01/2004		29,000,000
Illinois Educational Facilities Authority RB for Adjusted University of Chicago Series 2001 B1 (AA/Aa1)
	19,000,000		0.98			07/01/2004		19,000,000
Illinois Educational Facilities Authority VRDN RB for Adjusted University of Chicago Series 2003 B (A-1+/VMIG1)
	15,000,000		1.07			07/01/2004		15,000,000
Illinois Educational Facilities Authority VRDN RB for ROCS II-R-4543 Series 2003 (Citigroup SPA) (A-1+)
	5,575,000		1.14			07/01/2004		5,575,000
Illinois Finance Authority VRDN RB for Northwestern Memorial Hospital Series 2004 B-2 (UBS AG SPA) (A-1+/VMIG1)
	8,500,000		1.03			07/01/2004		8,500,000
Illinois Health Facilities Authority VRDN for The Revolving Fund Pooled Finance Program Series 1985 C (Bank One, N.A. LOC) (A-1+/VMIG1)
	39,600,000		1.08			07/07/2004		39,600,000
Illinois Health Facilities Authority VRDN for The Revolving Fund Pooled Finance Program Series 1985 D (Bank One, N.A. LOC) (A-1+/VMIG1)
	36,225,000		1.08			07/07/2004		36,225,000
Illinois Health Facilities Authority VRDN RB for Herman M Finch University (Bank One, N.A. LOC) (A-1/VMIG1)
	44,500,000		1.05			07/07/2004		44,500,000
Illinois Health Facilities Authority VRDN RB for Resurrection Health Series 1999 B (FSA) (Lasalle Bank, N.A. SPA) (A-1+/VMIG1)
	30,100,000		1.05			07/07/2004		30,100,000
Illinois State GO Eagle Tax-Exempt Trust Series 95C 1305 Class A COPS (FGIC) (Citibank SPA) (A-1)
	14,850,000		1.14			07/01/2004		14,850,000
Illinois State GO Eagle Tax-Exempt Trust VRDN Series 96C 1301 (Citibank SPA) (A-1+)
	5,000,000		1.14			07/01/2004		5,000,000
Illinois State GO VRDN P-Floats PT 1975 Series 2003 (FGIC) (Merril Lynch SPA) (A-1+)
	4,070,000		1.12			07/01/2004		4,070,000
Illinois State GO VRDN P-Floats PT-2009 Series 2003 (FSA) (Merril Lynch SPA) (A-1+)
	5,365,000		1.12			07/01/2004		5,365,000
Illinois State GO VRDN P-Floats-PT 1882 Series 2003 (MBIA) (Merrill Lynch SPA) (A-1+)
	10,320,000		1.12			07/01/2004		10,320,000

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

17

Statement of Investments

Financial Square Tax-Free Money Market Fund (continued)

June 30, 2004 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Illinois (continued)
Illinois State GO VRDN P-Floats-PT 2131 Series 2004 (Merrill Lynch SPA) (A-1+)
$	7,775,000		1.12	%		07/01/2004	$	7,775,000
Illinois State GO VRDN ROCS II-R-4529 Series 2003 (MBIA) (Citigroup SPA) (A-1+)
	5,055,000		1.14			07/01/2004		5,055,000
Illinois State GO VRDN ROCS II-R-4536 Series 2003 (Citigroup SPA) (A-1+)
	5,490,000		1.14			07/01/2004		5,490,000
Illinois State GO VRDN ROCS Series II-R-1007 (MBIA) (Citigroup SPA) (VMIG1)
	11,730,000		1.14			07/01/2004		11,730,000
Illinois State Sales Tax Revenue P-Float-PT 1929 Series 2003 (Merril Lynch SPA) (F-1+)
	3,990,000		1.12			07/01/2004		3,990,000
Illinois State Sales Tax Revenue VRDN Merlots Series 2001 A102 (Wachovia Bank SPA) (A-1+)
	13,085,000		1.12			07/07/2004		13,085,000
Metropolitan Pier & Exposition Authority for Dedicated State Tax Floater-PT 1450 Series 2002 (MBIA) (Merrill Lynch SPA) (A-1+)
	7,850,000		1.12			07/01/2004		7,850,000
Metropolitan Pier & Exposition Authority for Dedicated State Tax Floating Rate Receipts Series 2003 (MBIA) (Societe Generale SPA) (A-1+)
	17,500,000		1.12			07/01/2004		17,500,000
Metropolitan Pier Eagle Tax-Exempt Trust Series 20001307 Class A (FGIC) (Citibank SPA) (A-1)
	19,205,000		1.14			07/01/2004		19,205,000
							$	714,960,000
Indiana—1.0%
ABN AMRO Munitops VRDN RB Non-AMT Trust Certificates (Indiana Transportation Finance Authority) Series 2004-28 (FGIC) (ABN AMRO SPA) (AAA)
$	19,560,000		1.14	%		07/07/2004	$	19,560,000
Indiana Bond Bank VRDN RB ROCS II-R-1065 Series 2004 (Citibank SPA) (A-1+)
	5,350,000		1.14			07/01/2004		5,350,000
Indiana TFA Eagle Tax-Exempt Trust Series 200011401 Class A (Citibank SPA) (A-1+)
	12,915,000		1.14			07/01/2004		12,915,000
Indiana TFA Eagle Tax-Exempt Trust Series 20001401 (Citibank SPA) (A-1+)
	19,800,000		1.14			07/01/2004		19,800,000
Indiana TFA Highway VRDN RB P-Floats-PT 2022 Series 2003 (Merril Lynch SPA) (F-1+)
	5,280,000		1.12			07/01/2004		5,280,000
Indiana TFA Highway VRDN RB P-Floats-PT 2262 Series 2004 (FGIC) (Merrill Lynch SPA) (F-1+)
	5,170,000		1.12			07/01/2004		5,170,000
Indianapolis Bond Bank Eagle Tax-Exempt Trust Series 20021401 Class A (Citibank SPA) (A-1+)
	18,165,000		1.14			07/01/2004		18,165,000
							$	86,240,000
Iowa—0.7%
Chillicothe City VRDN PCRB Refunding for Midwest Power Systems, Inc. Series 1993 A (A-1/VMIG1)
$	2,400,000		1.10	%		07/07/2004	$	2,400,000
Iowa Financing Authority VRDN RB Refunding for Trinity Health Series 2000 D (Northern Trust/ Landesbank Hessen-Thueringen SPA) (A-1+/VMIG1)
	45,315,000		1.07			07/01/2004		45,315,000
Iowa Higher Education Loan Authority VRDN RB for Grinnell Private College Facility (A-1+/VMIG1)
	12,500,000		1.08			07/01/2004		12,500,000
							$	60,215,000
Kansas—0.4%
Kansas State Department of Transportation Highway VRDN RB Series 2000 C-1 (Kansas State LOC) (A-1+/VMIG1)
$	21,000,000		1.05	%		07/07/2004	$	21,000,000
Kansas State Department of Transportation Highway VRDN RB Series 2000 C-2 (Kansas State LOC) (A-1+/VMIG1)
	10,500,000		1.05			07/07/2004		10,500,000
Sedgwick County Unified School District No. 259 Wichita GO VRDN P-Floats-PT 813 Series 2003 (FSA) (Landesbank Hessen-Thueringen SPA) (F-1+)
	4,360,000		1.12			07/01/2004		4,360,000
							$	35,860,000
Kentucky—0.5%
Kentucky Association of Counties Advance Revenue COPS TRANS Series 2004 A (Bank One, N.A. SPA) (SP-1)
$	23,500,000		3.00	%>		06/30/2005	$	23,804,090
Kentucky Economic Development Financing Authority Hospital Facilities VRDN RB for The Health Alliance of Greater Cincinnati Series 1997 D (MBIA) (Credit Suisse First Boston SPA) (A-1/VMIG1)
	12,858,000		1.03			07/07/2004		12,858,000
Louisville & Jefferson County Eagle Tax-Exempt Trust Series 20011701 Class A COPS (MBIA) (Citibank SPA) (A-1+)
	2,500,000		1.14			07/01/2004		2,500,000
							$	39,162,090

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

18

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Kentucky (continued)
Louisiana—1.6%
East Baton Rouge Parish VRDN PCRB Refunding for Exxon Project Series 1989 (A-1+/P-1)
$	11,900,000		1.01	%		07/01/2004	$	11,900,000
Louisiana Offshore Terminal Authority VRDN RB Refunding for Deepwater Port First Stage Series 1992 A Loop LLC (Suntrust Bank Nashville LOC) (A-1+/VMIG1)
	8,000,000		1.08			07/07/2004		8,000,000
Louisiana Offshore Terminal Authority VRDN RB Refunding for Deepwater Port First Stage Series 1997 A Loop LLC (Bank One, N.A. LOC) (A-1/VMIG1)
	5,100,000		1.06			07/01/2004		5,100,000
Louisiana Offshore Terminal Authority VRDN RB Refunding for Deepwater Port Series 2003 A Loop LLC Project (Suntrust Bank LOC) (A-1+)
	7,200,000		1.10			07/01/2004		7,200,000
New Orleans Aviation Board RB Refunding Series 1995 A (MBIA) (Dexia Credit Local SPA) (A-1+/VMIG1)
	9,480,000		1.08			07/07/2004		9,480,000
New Orleans Aviation Board VRDN Refunding Series 1993 B (MBIA) (Dexia Credit Local SPA) (A-1+/VMIG1)
	67,390,000		1.08			07/07/2004		67,390,000
Saint James Parish VRDN PCRB Refunding for Occidental Petroleum Series 1996 (Bayerische Landesbank LOC) (P-1)
	19,500,000		1.03			07/07/2004		19,500,000
South Louisiana Commission Port VRDN RB Refunding for Occidental Petroleum Corp. Series 1996 (Bank of New York LOC) (VMIG1)
	12,700,000		1.03			07/07/2004		12,700,000
							$	141,270,000
Maine—0.0%
Maine State GO Bonds General Purpose Series 2004 (AA/Aa2)
$	4,000,000		2.00	%		01/15/2005	$	4,014,771
Maryland—0.3%
Maryland State Department of Transportation VRDN RB P-Floats-PA 1259 Series 2004 (Merrill Lynch SPA) (F-1+)
$	11,100,000		1.12	%		07/01/2004	$	11,100,000
Maryland State Health & Higher Educational Facilities VRDN RB for University of Maryland Medical System Series 2004 A (AMBAC) (JP Morgan Chase & Co. SPA) (A-1+/VMIG1)
	13,000,000		1.08			07/01/2004		13,000,000
University of Maryland System Auxiliary Facility & Tuition VRDN P-Floats-PT 428 Series 2000 (Merrill Lynch SPA) (A-1+)
	4,930,000		1.12			07/01/2004		4,930,000
							$	29,030,000
Massachusetts—6.3%
Massachusetts Bay Transport Authority GO VRDN General Transportation System (Westdeutsche Landesbank SPA) (A-1+/VMIG1)
$	60,350,000		1.02	%		07/07/2004	$	60,350,000
Massachusetts Bay Transportation Authority Sales Tax Revenue Series 2004 B (Wachovia Bank SPA) (A-1)
	4,480,000		1.09			07/07/2004		4,480,000
Massachusetts Development Finance Agency VRDN RB Refunding for Phillips Academy (Bank of New York SPA) (A-1+/VMIG1)
	26,910,000		1.08			07/01/2004		26,910,000
Massachusetts GO VRDN Refunding Series 1998 A (Westdeutsche Landesbank SPA) (A-1+/VMIG1)
	68,200,000		1.08			07/01/2004		68,200,000
Massachusetts GO VRDN Series 1998 B (Depfa Bank SPA) (A-1+/VMIG1)
	173,410,000		1.08			07/01/2004		173,410,000
Massachusetts Health & Educational Facilities Authority VRDN RB for Capital Asset Program Series 1985 E (Fleet National Bank LOC) (VMIG1)
	8,300,000		1.08			07/01/2004		8,300,000
Massachusetts Health & Educational Facilities Authority VRDN RB for Partners Healthcare Systems Series 2003 D-3 (JP Morgan Chase & Co. SPA) (A-1+/VMIG1)
	21,700,000		1.06			07/01/2004		21,700,000
Massachusetts Health & Educational Facilities Authority VRDN RB for Partners Healthcare Systems Series 2003 D-4 (Bank One, N.A. SPA) (A-1+/VMIG1)
	24,000,000		1.07			07/01/2004		24,000,000
Massachusetts Health Harvard University CP Series EE (A-1+)
	7,000,000		0.95			07/14/2004		7,000,000
	22,161,000		0.98			07/14/2004		22,161,000
	18,000,000		1.12			08/06/2004		18,000,000
Massachusetts Housing Finance Agency VRDN RB Series 2003 G (HSBC Bank PLC SPA) (VMIG1)
	36,375,000		1.02			07/07/2004		36,375,000
Massachusetts Housing Finance Agency VRDN RB Series 2003 F (FSA) (Dexia Credit Local SPA) (A-1+/VMIG1)
	25,850,000		1.02			07/07/2004		25,850,000
Massachusetts State GO VRDN Merlots Series 2004 B03 (AMBAC) (FSA) (MBIA) (Wachovia Bank SPA) (A-1+)
	30,000,000		1.09			07/07/2004		30,000,000
Massachusetts State GO VRDN Merlots Series 2004 B12 (AMBAC) (Wachovia Bank SPA) (A-1)
	9,000,000		1.09			07/07/2004		9,000,000
Massachusetts State Health & Educational Facilities Authority VRDN RB Merlots Series 2004 A14 (Wachovia Bank SPA) (VMIG1)
	6,250,000		1.09			07/07/2004		6,250,000

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

19

Statement of Investments

Financial Square Tax-Free Money Market Fund (continued)

June 30, 2004 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Massachusetts (continued)
Massachusetts Water Resources Authority CP Series S-94 (Bayerische Landesbank SPA)
$	5,000,000		1.10	%		09/07/2004	$	5,000,000
							$	546,986,000
Michigan—3.5%
Detroit Water Supply System VRDN RB Refunding Senior Lien Series 2003 D (MBIA) (Bank One, N.A SPA) (A-1/VMIG1)
$	15,000,000		1.05	%		07/07/2004	$	15,000,000
Detroit Water Supply System VRDN RB Refunding Senior Lien Series 2004 B (MBIA) (Dexia Credit Local SPA) (A-1+/VMIG1)
	15,000,000		1.09			07/01/2004		15,000,000
Michigan Building Authority Eagle Tax-Exempt Trust Series 20012204 Class A (Citibank SPA) (A-1+)
	16,000,000		1.14			07/01/2004		16,000,000
Michigan Municipal Bond Authority RANS Series 2003 B-1 (SP-1+)
	20,000,000		2.00			08/20/2004		20,026,503
Michigan Municipal Bond Authority VRDN P-Floats-PT 396 Series 2000 (Merrill Lynch SPA) (A-1+)
	8,750,000		1.12			07/01/2004		8,750,000
Michigan State Building Authority VRDN RB P-Floats-PT 398 Series 2000 (Merrill Lynch SPA) (A-1+)
	6,605,000		1.12			07/01/2004		6,605,000
Michigan State GO TANS Series 2004 A (SP-1+/MIG1)
	65,000,000		2.00			09/30/2004		65,164,333
Michigan State Hospital Finance Authority VRDN RB Refunding for Trinity Health Series 2000 E (AMBAC) (Bank One, N.A. SPA) (A-1/VMIG1)
	82,300,000		1.07			07/01/2004		82,300,000
Michigan State Trunk Line Fund Series 1998 A-Eagle Tax-Exempt Trust Series 982202 Class A (Citibank SPA)
	30,165,000		1.14			07/01/2004		30,165,000
University of Michigan VRDN RB General Series 2002 (A-1+/VMIG1)
	44,005,000		1.05			07/01/2004		44,005,000
							$	303,015,836
Minnesota—1.9%
Elk River Independent School District #728 GO VRDN ROCS Series II-R-183 (FSA) (Citigroup SPA) (VMIG1)
$	9,175,000		1.14	%		07/01/2004	$	9,175,000
Minnesota School District COPS for Tax Aid Participate Borrowing Program Aid Anticipate Certificate Series 2003 A (MIG1)
	82,000,000		1.75			08/27/2004		82,096,299
Minnesota State P-Floats-PT 1941 Series 2003 (Merril Lynch SPA) (A-1/VMIG1)
	15,840,000		1.12			07/01/2004		15,840,000
Minnesota State Eagle Tax-Exempt Trust Series 20012301 Class A (Citibank SPA) (A-1+)
	3,300,000		1.14			07/01/2004		3,300,000
Rochester Health Care Facilities CP Series 2000 B (U.S. Bank National SPA)
	18,000,000		1.15			08/19/2004		18,000,000
Rochester Health Facilities Mayo Medical Center CP Series S-E (Chase Manhattan SPA)
	4,135,000		1.12			07/13/2004		4,135,000
Rochester Health Facilities Mayo Medical Center CP Series S-F (Chase Manhattan SPA)
	5,100,000		1.12			08/23/2004		5,100,000
Rochester Mayo Medical Center RB CP Series 1992 C
	9,250,000		0.94			07/21/2004		9,250,000
University of Minnesota VRDN RB Cap Projects Series 1999 A (A-1+/VMIG1)
	19,160,000		1.09			07/07/2004		19,160,000
							$	166,056,299
Mississippi—0.5%
Jackson County VRDN PCRB Refunding for Chevron USA, Inc. Project Series 1992 (VMIG1)
$	10,150,000		1.05	%		07/01/2004	$	10,150,000
Jackson County VRDN PCRB Refunding for Chevron USA, Inc. Project Series 1993 (P-1)
	7,750,000		1.05			07/01/2004		7,750,000
Mississippi State GO Eagle Tax-Exempt Trust Series 20012402 Class A (Citibank SPA)
	11,000,000		1.14			07/01/2004		11,000,000
Mississippi State GO VRDN Merlots Series 2003 B08 (FSA) (Wachovia Bank SPA) (VMIG1)
	15,640,000		1.12			07/07/2004		15,640,000
							$	44,540,000
Missouri—1.6%
Missouri Board Public Buildings VRDN RB P-Floats-PT 1843 Series 2003 (Merrill Lynch SPA) (F-1+)
$	6,960,000		1.12	%		07/01/2004	$	6,960,000
Missouri Development Finance Board Cultural Facilities VRDN RB for Nelson Gallery Foundation Series 2004 A (JP Morgan Chase & Co. SPA) (A-1+/VMIG1)
	46,500,000		1.08			07/01/2004		46,500,000
Missouri Health & Educational Facilities Authority VRDN RB for Medical Research Facilities-Stowers Institution (MBIA) (JP Morgan Chase & Co. SPA) (A-1+/VMIG1)
	48,200,000		1.08			07/01/2004		48,200,000
Missouri Health & Educational Facility Authority VRDN RB for Washington University Project Series 1984 (JP Morgan Chase & Co. SPA) (A-1+/VMIG1)
	11,350,000		1.04			07/07/2004		11,350,000

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

20

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Missouri (continued)
Missouri State Health & Educational Facility Authority VRDN RB for Medical Research Facilities-Stowers (MBIA) (BNP Paribas SPA) (A-1+/VMIG1)
$	30,000,000		1.08	%		07/01/2004	$	30,000,000
							$	143,010,000
Nebraska—0.3%
Douglas County School District No. 1 Floaters VRDN Series 2003890 (Morgan Stanley SPA) (A-1)
$	7,300,000		1.13	%		07/01/2004	$	7,300,000
Douglas County School District GO VRDN P-Floats-PT 2060 No. 1 Series 2003 (Merril Lynch Capital Services SPA) (A-1)
	6,665,000		1.12			07/01/2004		6,665,000
Omaha Nebraska GO VRDN Eagle Tax-Exempt Trust Series 20040011 Class A (Citibank N.A. SPA) (A-1+)
	5,995,000		1.14			07/01/2004		5,995,000
Omaha Nebraska GO VRDN Stars Certificates Series 2004-98 (BNP Paribas SPA) (VMIG1)
	10,150,000		1.12			07/01/2004		10,150,000
							$	30,110,000
Nevada—0.7%
Clark County Nevada CP Series 2003 (BNP Paribas/ Bayerische Landesbank SPA)
$	13,000,000		0.95	%		08/10/2004	$	13,000,000
Clark County Nevada Eagle Tax-Exempt Trust Series 002801 Class A (Citibank SPA)
	1,000,000		1.14			07/01/2004		1,000,000
Clark County Nevada Eagle Tax-Exempt Trust Series 1996 Class A (FGIC) (Citibank SPA) (A-1+)
	8,345,000		1.14			07/01/2004		8,345,000
Clark County Nevada School District GO VRDN Star Certificates Series 2004-68 (FSA) (BNP Paribas SPA) (VMIG1)
	13,455,000		1.12			07/01/2004		13,455,000
Las Vegas Valley Water District CP (BNP Paribas/ Lloyds TSB Bank PLC SPA)
	4,000,000		1.12			08/17/2004		4,000,000
Las Vegas Valley Water District GO VRDN P-Floats-PT 1672 Series 2003 (FGIC) (Merrill Lynch SPA) (A-1)
	11,060,000		1.12			07/01/2004		11,060,000
University of Nevada VRDN RB ROCS II-R-5001 Series 2003 (FGIC) (Citigroup SPA) (VMIG1)
	5,805,000		1.14			07/01/2004		5,805,000
							$	56,665,000
New Hampshire—0.5%
Manchester School Facilities VRDN RB P-Floats-PT-1939 Series 2003 (MBIA) (Merrill Lynch SPA) (F-1+)
$	5,445,000		1.12	%		07/01/2004	$	5,445,000
New Hampshire Health & Educational Facilities Authority VRDN RB for Phillips Exeter Academy (A-1+/VMIG1)
	19,000,000		1.08			07/01/2004		19,000,000
New Hampshire State CP (Landesbank Hessen-Thueringen SPA)
	6,000,000		0.99			07/08/2004		6,000,000
New Hampshire State GO Floater-PT 1845 Series 2003 (Merrill Lynch SPA) (F-1+)
	8,880,000		1.45			04/28/2005		8,880,000
							$	39,325,000
New Jersey—0.3%
New Jersey Economic Development Authority VRDN RB Merlots Series 2003 A 41 (FGIC) (Wachovia Bank N.A. SPA) (VMIG1)
$	12,865,000		1.09	%		07/07/2004	$	12,865,000
New Jersey Economic Development Authority VRDN RB Merlots Series 2004 B-14 (AMBAC) (Wachovia Bank SPA) (A-1)
	14,645,000		1.09			07/07/2004		14,645,000
							$	27,510,000
New Mexico—0.9%
Albuquerque NM GO Series 2003 B (AA/Aa3)
$	7,250,000		2.50	%		07/01/2004	$	7,250,000
Albuquerque NM VRDN RB Refunding Series 2000 (MBIA) (Bank of America SPA) (A-1+)
	8,595,000		1.06			07/07/2004		8,595,000
Farmington NM VRDN PCRB Refunding for Arizona Public Service Co. Series 1994 B (Barclays Bank PLC LOC) (A-1+/P-1)
	26,800,000		1.06			07/01/2004		26,800,000
New Mexico State Severance Tax VRDN P-Floats-PT 1428 Series 2002 (Merrill Lynch SPA) (A-1)
	11,515,000		1.12			07/01/2004		11,515,000
University of New Mexico VRDN RB Refunding for Sub Lien Systems Series 2003 B (Westdeutsche Landesbank SPA) (A-1+/VMIG1)
	2,800,000		1.05			07/07/2004		2,800,000
University of New Mexico VRDN RB Sub Lien Systems Improvement Series 2001 (Westdeutsche Landesbank SPA) (A-1+/VMIG1)
	20,715,000		1.10			07/07/2004		20,715,000
							$	77,675,000
New York—14.6%
Long Island Power Authority CP-1 Series 2003/A2 (JP Morgan Chase & Co. LOC)
$	12,700,000		1.00	%		10/12/2004	$	12,700,000
Long Island Power Authority CP-2 (Landesbank SC LOC)
	6,000,000		1.02			10/07/2004		6,000,000

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

21

Statement of Investments

Financial Square Tax-Free Money Market Fund (continued)

June 30, 2004 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
New York (continued)
Long Island Power Authority Electric System VRDN RB Subseries 1998 1A (Bayerische Landesbank/Landesbank Baden-Wurttemberg LOC) (A-1+/VMIG1)
$	10,700,000		1.03	%		07/07/2004	$	10,700,000
Long Island Power Authority Electric System VRDN RB Subseries 1998 3A (JP Morgan Chase & Co./ Landesbank Baden-Wurttemberg LOC) (A-1+/VMIG1)
	17,000,000		1.03			07/07/2004		17,000,000
Long Island Power Authority VRDN RB Subseries 1998 2B (Bayerische Landesbank LOC) (A-1+/VMIG1)
	8,975,000		1.03			07/01/2004		8,975,000
Metropolitan Transportation Authority Eagle Tax-Exempt Trust Series 20022303 Class A (FSA) (Citibank SPA) (A-1+)
	9,155,000		1.10			07/01/2004		9,155,000
Metropolitan Transportation Authority Eagle Tax-Exempt Trust Series 20022304 Class A (FGIC) (Citibank SPA) (A-1+)
	14,290,000		1.10			07/01/2004		14,290,000
Metropolitan Transportation Authority Eagle Tax-Exempt Trust Series 20022305 Class A (FSA) (Citibank SPA) (A-1+)
	6,470,000		1.10			07/01/2004		6,470,000
Metropolitan Transportation Authority GO VRDN Subseries 2004 A-1 (Depfa Bank PLC SPA) (A-1+/VMIG1)
	15,000,000		1.10			07/01/2004		15,000,000
Metropolitan Transportation Authority GO VRDN Subseries 2004 A-3 (XLCA) (Depfa Bank PLC SPA) (A1+/VMIG1)
	6,000,000		1.10			07/01/2004		6,000,000
Metropolitan Transportation Authority VRDN RB Merlots Series 2003 B25 (FGIC) (Wachovia Bank SPA) (VMIG1)
	11,155,000		1.08			07/07/2004		11,155,000
Nassau County IDA Civic Facility VRDN RB Refunding & Improvement for Cold Spring Harbor (JP Morgan Chase & Co. SPA) (A-1+)
	595,000		1.08			07/01/2004		595,000
New York City GO VRDN Adjusted ROCS II-R-251A Series 2003 (Citigroup SPA) (A-1+/VMIG1)
	18,000,000		1.15			07/01/2004		18,000,000
New York City GO VRDN Adjusted Subseries 2003 A-5 (HSBC Bank LLC LOC) (A-1+/VMIG1)
	14,050,000		1.07			07/07/2004		14,050,000
New York City GO VRDN Subseries 2002 C-2 (Bayerische Landesbank LOC) (A-1+/VMIG1)
	12,435,000		1.03			07/07/2004		12,435,000
New York City GO VRDN Subseries 2002 C-3 (BNP Paribas LOC) (A-1+/VMIG1)
	54,400,000		1.02			07/07/2004		54,400,000
New York City GO VRDN Subseries 2002 C-5 (Bank of New York LOC) (A-1+/VMIG1)
	5,900,000		1.07			07/07/2004		5,900,000
New York City GO VRDN Subseries 2003 A-3 (BNP Paribas LOC) (A-1+/VMIG1)
	19,160,000		1.03			07/07/2004		19,160,000
New York City GO VRDN Subseries 2003 G-3 (Westdeutsche Landesbank AG LOC) (A-1+/VMIG1)
	10,300,000		1.00			07/07/2004		10,300,000
New York City GO VRDN Subseries 2004 H-1 (Bank of New York LOC) (A-1+/VMIG1)
	5,000,000		1.08			07/01/2004		5,000,000
New York City GO VRDN Subseries 2004 H-2 (Bank of New York LOC) (A-1+/VMIG1)
	7,500,000		1.07			07/07/2004		7,500,000
New York City GO VRDN Subseries 2004 H-4 (Bank of New York LOC) (A-1+/VMIG1)
	17,500,000		1.03			07/01/2004		17,500,000
New York City GO VRDN Subseries 2004 H-7 (KBC Bank NV LOC) (A-1/VMIG1)
	33,100,000		1.04			07/01/2004		33,100,000
New York City GO VRDN Subseries 2004 H-8 (Westdeutsche Landesbank AG LOC) (A-1+/VMIG1)
	66,745,000		1.01			07/07/2004		66,745,000
New York City Housing Development Corp. Multifamily VRDN 90 West Street Series 2004 A (HSBC Bank LOC) (A-1+)
	8,300,000		1.03			07/07/2004		8,300,000
New York City Municipal Water Finance Authority CP (Westdeutsche Landesbank/ Bayerische Landesbank SPA)
	5,300,000		1.00			07/01/2004		5,300,000
New York City Municipal Water Finance Authority VRDN RB for Water & Sewer Systems Series 1993 C (FGIC) (FGIC-SPI SPA) (A-1+/VMIG1)
	5,900,000		1.06			07/01/2004		5,900,000
New York City Municipal Water Finance Authority VRDN RB for Water & Sewer Systems Series 1994 G (FGIC) (FGIC-SPI SPA) (A-1+/VMIG1)
	36,470,000		1.03			07/01/2004		36,470,000
New York City Municipal Water Finance Authority VRDN RB for Water & Sewer Systems Series 2003 F Subseries F-2 (Bayerische Landesbank SPA) (A-1+/VMIG1)
	6,020,000		1.04			07/01/2004		6,020,000
New York City Municipal Water Finance Authority VRDN RB for Water & Sewer Systems Subseries F-1 (Dexia Credit Local SPA) (A-1+/VMIG1)
	47,395,000		1.08			07/01/2004		47,395,000
New York City Municipal Water Finance Authority Water & Sewer Systems VRDN RB Fiscal 2003 Subseries 2002 C-3 (Bank of New York SPA) (A-1+/VMIG1)
	18,260,000		1.03			07/01/2004		18,260,000
New York City Municipal Water Finance Authority Water & Sewer Systems VRDN RB Series 1995 A (FGIC) (FGIC-SPI SPA) (A-1+/VMIG1)
	6,000,000		1.08			07/01/2004		6,000,000
New York City Municipal Water Finance Authority Water & Sewer Systems VRDN RB Series 2004 914 (Morgan Stanley SPA) (A-1)
	9,600,000		1.11			07/01/2004		9,600,000

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

22

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
New York (continued)
New York City Municipal Water Finance Authority Water & Sewer Systems VRDN RB Municipal Securities Trust Receipts Series 1997 (FSA) (Societe Generale SPA) (A-1+)
$	6,500,000		1.10	%		07/01/2004	$	6,500,000
New York City Transitional Finance Authority Eagle Tax Exempt Trust Series 20003203 Class A COPS (Citibank SPA)
	2,890,000		1.10			07/01/2004		2,890,000
New York City Transitional Finance Authority VRDN RB for Recovery Series 2002 3 Subseries 3 E (Bank of New York SPA) (A-1+/VMIG1)
	20,400,000		1.08			07/01/2004		20,400,000
New York City Transitional Finance Authority VRDN RB for Recovery Series 2002 3 Subseries 3 F (Bank of New York SPA) (A-1+/VMIG1)
	6,060,000		1.08			07/01/2004		6,060,000
New York City Transitional Finance Authority VRDN RB for Recovery Series 2002 3 Subseries 3 G (Bank of New York SPA) (A-1+/VMIG1)
	21,115,000		1.03			07/07/2004		21,115,000
New York City Transitional Finance Authority VRDN RB for Recovery Series 2002 Subseries 1C (Societe Generale SPA) (A-1+/VMIG1)
	53,200,000		1.06			07/01/2004		53,200,000
New York City Transitional Finance Authority VRDN RB for Recovery Series 2002 Subseries 3 H (Bank of New York SPA) (A-1+/VMIG1)
	26,855,000		1.06			07/01/2004		26,855,000
New York City Transitional Finance Authority VRDN RB Future Tax Secured Series 1998 A-2 (Bank of Nova Scotia SPA) (A-1+/VMIG1)
	43,250,000		1.03			07/07/2004		43,250,000
New York City Transitional Finance Authority VRDN RB Future Tax Secured Series 2004 C (AA+/Aa2)
	3,435,000		2.00			02/01/2005		3,447,503
New York City Transitional Finance Authority VRDN RB Merlots Series 2003 B29 (Wachovia Bank N.A. SPA) (VMIG1)
	12,655,000		1.08			07/07/2004		12,655,000
New York City Transitional Finance Authority VRDN RB Subseries 2002 2A (Dexia Credit Local SPA) (A-1+/VMIG1)
	3,000,000		1.08			07/01/2004		3,000,000
New York State Dormitory Authority VRDN RB for Mental Health Facilities Series 2004 F-2A (FSA) (Dexia Credit Local SPA) (A-1+)
	15,000,000		1.06			07/01/2004		15,000,000
New York State Dormitory Authority VRDN RB Mental Health Services Subseries 2003 D-2H (HSBC Bank PLC SPA) (A-1+)
	12,800,000		1.06			07/01/2004		12,800,000
New York State Environmental Facilities Corp. RB Eagle Tax-Exempt Trust Series 96C 3204 COPS (Citibank SPA)
	9,300,000		1.10			07/01/2004		9,300,000
New York State Environmental State Revolving Fund CP Series 97A (Bayerische Landesbank/ Landesbank Hessen-Thueringen LOC)
	4,500,000		0.95			07/14/2004		4,500,000
	12,300,000		1.12			08/19/2004		12,300,000
New York State Housing Finance Agency VRDN RB for 20 River Terrace Housing Series 2002 A (FNMA) (VMIG1)
	55,500,000		1.03			07/07/2004		55,500,000
New York State Housing Finance Agency VRDN RB for Housing Historic Front Series 2003 A (Bank of New York LOC) (VMIG1)
	3,700,000		1.05			07/07/2004		3,700,000
New York State Housing Finance Agency VRDN RB for Liberty View Apartments Housing Series 1997 A (FNMA) (A-1+)
	16,000,000		1.00			07/07/2004		16,000,000
New York State Housing Finance Agency VRDN RB for Tribeca Green Housing Series 2003 A (Landesbank Hessen-Thueringen LOC) (VMIG1)
	5,900,000		1.00			07/07/2004		5,900,000
New York State Housing Finance Agency VRDN RB for Housing 10 Liberty Street Series 2003 (Fleet National Bank LOC) (VMIG1)
	31,700,000		1.00			07/07/2004		31,700,000
New York State Local Government Assistance Corp. VRDN RB Refunding Sub Lien Series 2003 3V (FGIC) (Landesbank Baden-Wurttemberg SPA) (A-1+)
	50,200,000		1.02			07/07/2004		50,200,000
New York State Local Government Assistance Corp. VRDN RB Series 1995 C (Landesbank Hessen-Thueringen LOC) (A-1+/VMIG1)
	20,710,000		1.01			07/07/2004		20,710,000
New York State Power Authority CP Series 2 (Bank of Nova Scotia/ JP Morgan Chase & Co./ State Street/Bayerische Landesbank/Landesbank Baden-Wurttemberg/ Wachovia Bank/ Bank of New York SPA)
	10,552,000		1.09			07/09/2004		10,552,000
New York State Power Authority VRDN RB Subseries 2000 5 (JP Morgan Chase & Co./ State Street Corp./ Bank of Nova Scotia/ Bank of New York SPA) (A-1/VMIG1)
	30,000,000		1.00			07/07/2004		30,000,000
New York State Urban Development Corp. RB Floating Rate Receipts Series 2003 SG 164 (A-1+)
	12,900,000		1.10			07/01/2004		12,900,000
Rockland County GO TANS (MIG1)
	39,000,000		2.00			03/24/2005		39,252,795
Triborough Bridge & Tunnel Authority VRDN RB for General Purpose Series 2001 B (AMBAC) (State Street Corp. SPA) (A-1+/VMIG1)
	52,300,000		1.06			07/07/2004		52,300,000

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

23

Statement of Investments

Financial Square Tax-Free Money Market Fund (continued)

June 30, 2004 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
New York (continued)
Triborough Bridge & Tunnel Authority VRDN RB for General Purpose Series 2001 C (AMBAC) (Bayerische Landesbank SPA) (A-1+/VMIG1)
$	23,800,000		1.06	%		07/07/2004	$	23,800,000
Triborough Bridge & Tunnel Authority VRDN RB for General Purpose Series 2003 B (Dexia Credit Local SPA) (A-1+/VMIG1)
	17,000,000		1.07			07/07/2004		17,000,000
Triborough Bridge & Tunnel Authority VRDN RB Merlots Series 2004 A-08 (Wachovia Bank N.A. SPA) (VMIG1)
	11,615,000		1.08			07/07/2004		11,615,000
Triborough Bridge & Tunnel Authority VRDN RB Refunding for General Purpose Series 2003 F (ABN Amro Bank N.V. SPA) (A-1+/VMIG1)
	99,080,000		1.06			07/01/2004		99,080,000
Triborough Bridge & Tunnel Authority VRDN RB Refunding Series 2002 C (AMBAC) (Westdeutsche Landesbank AG SPA) (A-1+/VMIG1)
	5,000,000		1.07			07/01/2004		5,000,000
Triborough Bridge & Tunnel Authority VRDN RB Special Obligation Refunding Series 2000 D (FSA) (Lloyds TSB Bank PLC SPA) (A-1+/VMIG1)
	6,400,000		1.06			07/07/2004		6,400,000
							$	1,270,257,298
North Carolina—2.2%
Cabarrus County VRDN COPS ROCS II-R-4520 Series 2003 (AMBAC) (Citigroup SPA) (A-1+)
$	5,340,000		1.14	%		07/01/2004	$	5,340,000
Charlotte Water & Sewer Systems VRDN RB Refunding Series 2002 C (Bank of America SPA) (A-1+/VMIG1)
	39,390,000		1.07			07/01/2004		39,390,000
North Carolina Health Care Facilities VRDN RB Wakemed Project Series 1999 (Wachovia Bank LOC) (A-1+)
	14,405,000		1.09			07/01/2004		14,405,000
North Carolina State GO Highway Series 2003 (AAA/Aa1)
	8,000,000		3.00			05/01/2005		8,124,321
North Carolina State GO VRDN P-Floats-PT 2115 Series 2004 (Merrill Lynch SPA) (A-1)
	5,460,000		1.12			07/01/2004		5,460,000
North Carolina State GO VRDN P-Floats-PT 2206 Series 2004 (Merrill Lynch SPA) (F-1+)
	15,710,000		1.12			07/01/2004		15,710,000
North Carolina State GO VRDN P-Floats-PT 2207 Series 2004 (Merrill Lynch SPA) (F-1+)
	8,570,000		1.12			07/01/2004		8,570,000
North Carolina State GO VRDN P-Floats-PT-1962 Series 2003 (Merrill Lynch Capital Services SPA) (F-1+)
	6,010,000		1.12			07/01/2004		6,010,000
Raleigh North Carolina COPS VRDN for Downtown Improvement Project Series 2004 A (Depfa Bank PLC SPA) (A-1+/VMIG1)
	10,000,000		1.07			07/07/2004		10,000,000
University of North Carolina Hospital Chapel Hill VRDN RB Series 2001 B (Landesbank Hessen-Thueringen SPA) (A-1+/VMIG1)
	32,265,000		1.10			07/01/2004		32,265,000
Wake County GO VRDN for Public Improvement Series 2003 C (Lloyds TSB Bank PLC SPA) (A-1+/VMIG1)
	32,000,000		2.50			04/01/2005		32,273,045
Wilmington GO VRDN Refunding Bonds Series 2002 (Wachovia Bank SPA) (A-1+/VMIG1)
	6,225,000		1.08			07/07/2004		6,225,000
Winston Salem Water & Sewer Systems VRDN RB Series 2002 B (Dexia Credit Local SPA) (A-1+/VMIG1)
	9,100,000		1.09			07/07/2004		9,100,000
							$	192,872,366
Ohio—2.2%
Franklin County VRDN RB for Trinity Health Credit Series 2000 F (JP Morgan Chase & Co./Bayerische Landesbank SPA) (A-1+/VMIG1)
$	79,550,000		1.07	%		07/01/2004	$	79,550,000
Hamilton County Hospital Facilities VRDN RB for The Health Alliance of Greater Cincinnati Series 1997 B (MBIA) (Credit Suisse First Boston SPA) (A-1/VMIG1)
	20,953,000		1.03			07/07/2004		20,953,000
Hamilton County Hospital Facilities VRDN RB for The Health Alliance of Greater Cincinnati Series 1997 F (MBIA) (Credit Suisse First Boston SPA) (A-1/VMIG1)
	3,130,000		1.03			07/07/2004		3,130,000
Ohio State GO VRDN P-Floats-PT 2137 Series 2004 (Merrill Lynch SPA) (A-1)
	5,625,000		1.12			07/01/2004		5,625,000
Ohio State GO VRDN ROCS II-R-4544 Series 2003 (Citigroup SPA) (A-1+)
	7,945,000		1.15			07/01/2004		7,945,000
Ohio State University CP Series 2003 C (A-1+)
	14,750,000		1.05			10/14/2004		14,750,000
Ohio State University CP Series 2003 E (A-1+)
	23,600,000		1.00			08/11/2004		23,600,000
Ohio State University General Receipts VRDN RB Series 1999 B-2 (A-1+/VMIG1)
	2,985,000		1.06			07/07/2004		2,985,000
Ohio State Water Development Authority VRDN RB Refunding for Water Development Pure Water Series 2002 B (MBIA) (State Street Corp. SPA) (A-1+/VMIG1)
	14,450,000		1.04			07/07/2004		14,450,000

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

24

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Ohio (continued)
University of Cincinnati General Receipts VRDN RB Series 2004 B (AMBAC) (Bayerische Landesbank SPA) (A-1+/VMIG1)
$	20,000,000		1.08	%		07/01/2004	$	20,000,000
							$	192,988,000
Oklahoma—0.6%
Oklahoma State GO VRDN Floater-PT-1879 Series 2003 (FGIC) (Merrill Lynch SPA) (F-1+)
$	9,880,000		1.12	%		07/01/2004	$	9,880,000
Payne County Economic Development Authority Student Housing VRDN RB for Osuf Phase III Project Series 2002 (AMBAC) (Dexia Credit Local SPA) (VMIG1)
	46,655,000		1.11			07/01/2004		46,655,000
							$	56,535,000
Oregon—1.9%
Clackamas County Hospital Facility Authority VRDN RB for Legacy Health System Series 2003 (A-1+/VMIG1)
$	5,000,000		1.08	%		07/07/2004	$	5,000,000
Oregon State GO Veteran’s Welfare VRDN Series 1985 73 H (Bayerische Landesbank SPA) (A-1+/VMIG1)
	77,400,000		1.02			07/07/2004		77,400,000
Oregon State GO VRDN Series 1985 73 G (JP Morgan Chase & Co. SPA) (A-1+/VMIG1)
	76,300,000		1.02			07/07/2004		76,300,000
Portland Oregon GO for Refinancing Limited Tax Series 2002 B (Aa2)
	5,000,000		3.00			12/15/2004		5,043,532
							$	163,743,532
Pennsylvania—3.2%
Allegheny County Hospital Development Authority VRDN RB for Presbyterian University Health System Series 1990 D (MBIA) (JP Morgan Chase & Co. SPA) (A-1+/VMIG1)
$	3,260,000		1.08	%		07/01/2004	$	3,260,000
Allegheny County Hospital Development Authority VRDN RB Health Center Presbyterian Series 1990 B (MBIA) (JP Morgan Chase & Co. SPA) (A-1+/VMIG1)
	7,550,000		1.08			07/01/2004		7,550,000
Allegheny County IDA VRDN RB for UPMC Childrens Hospital Series 2004 A (JP Morgan Chase & Co. LOC) (A-1+)
	34,000,000		1.08			07/01/2004		34,000,000
Delaware County IDA Airport Facilities VRDN RB for United Parcel Service Project Series 1985 (A-1+)
	11,360,000		1.00			07/01/2004		11,360,000
Delaware Valley Regional Finance Authority Local Government VRDN Eagle Tax Exempt Trust Series 20040026 Class A (AMBAC) (Citibank SPA) (A-1+)
	5,490,000		1.15			07/01/2004		5,490,000
Lancaster County Hospital Authority VRDN RB for Health Center Masonic Homes Project (AMBAC) (A-1)
	11,725,000		1.06			07/07/2004		11,725,000
Lancaster County Hospital Authority VRDN RB for Health Center Masonic Homes Series 1999 (AMBAC) (PNC Bank SPA) (A-1/VMIG1)
	3,415,000		1.06			07/07/2004		3,415,000
Lancaster County Hospital Authority VRDN RB for Health Center Masonic Homes Series 2001 (AMBAC) (Wachovia Bank N.A. SPA) (A-1+)
	28,540,000		1.06			07/07/2004		28,540,000
Northampton County General Purpose Authority VRDN RB for Higher Education Lehigh University Series 2004 (JP Morgan Chase & Co. SPA) (A-1+/VMIG1)
	6,000,000		1.08			07/01/2004		6,000,000
Pennsylvania Intergovernmental Cooperative Authority VRDN Special Tax Refunding for Philadelphia Funding Series 2003 (AMBAC) (JP Morgan Chase & Co. SPA) (A-1+/VMIG1)
	58,990,000		1.09			07/01/2004		58,990,000
Pennsylvania Turnpike Commission VRDN RB Series 2002 A-1 (Westdeutsche Landesbank SPA) (A-1+/VMIG1)
	28,850,000		1.04			07/07/2004		28,850,000
Pennsylvania Turnpike Commission VRDN RB Series 2002 A-3 (Bayerische Landesbank SPA) (A-1+/VMIG1)
	36,785,000		1.04			07/07/2004		36,785,000
Pennsylvania Turnpike Commission VRDN RB Series 2002 B (Dexia Credit Local SPA) (A-1+/VMIG1)
	28,605,000		1.08			07/01/2004		28,605,000
Philadelphia Hospitals & Higher Education Facilities Authority VRDN RB for Children’s Hospital Project Series 2002 B (JP Morgan Chase & Co./ Westdeutsche Landesbank SPA) (A-1+/VMIG1)
	3,000,000		1.10			07/01/2004		3,000,000
Temple University of Commonwealth Systems of Higher Education University Funding Obligation (MIG1)
	12,500,000		2.25			05/02/2005		12,601,073
							$	280,171,073
Puerto Rico—2.1%
Commonwealth of Puerto Rico TRANS Series 2003 (SP-1+/MIG1)
$	19,000,000		2.00	%		07/30/2004	$	19,014,967

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

25

Statement of Investments

Financial Square Tax-Free Money Market Fund (continued)

June 30, 2004 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Puerto Rico (continued)
Puerto Rico Government Development Bank CP (A-1)
$	22,112,000		0.99	%		07/09/2004	$	22,112,000
	6,000,000		0.97			07/12/2004		6,000,000
	2,055,000		0.98			07/12/2004		2,055,000
	17,898,000		0.99			07/13/2004		17,898,000
	14,632,000		0.99			07/20/2004		14,632,000
	18,503,000		0.99			07/29/2004		18,503,000
	7,620,000		0.96			08/09/2004		7,620,000
	17,185,000		0.96			08/12/2004		17,185,000
	16,000,000		0.97			08/13/2004		16,000,000
	13,500,000		0.99			08/26/2004		13,500,000
	13,000,000		1.20			08/26/2004		13,000,000
	5,000,000		1.17			09/09/2004		5,000,000
	12,000,000		1.20			10/08/2004		12,000,000
							$	184,519,967
Rhode Island—0.3%
Narragansett Bay Commission Wastewater System VRDN RB Series 2004 A (MBIA) (Dexia Credit Local SPA) (A-1+)
$	25,100,000		1.01	%		07/07/2004	$	25,100,000
Rhode Island Clean Water Protection Finance Agency VRDN PCRB P-Floats-PT 1403 Series 2002 (Merrill Lynch SPA) (A-1+)
	5,165,000		1.12			07/01/2004		5,165,000
							$	30,265,000
South Carolina—1.1%
Charleston Waterworks & Sewer VRDN RB Refunding for Capital Improvement Series 2003 A (Bank of America N.A. SPA) (A-1+/VMIG1)
$	9,000,000		1.10	%		07/01/2004	$	9,000,000
South Carolina Association of Governmental Organizations TANS Series 2004 (MIG1)
	20,000,000		2.75	>		04/15/2005		20,190,000
South Carolina Eagle Tax-Exempt Trust Series 20014001 Class A (MBIA) (Citibank SPA) (A-1+)
	7,000,000		1.14			07/01/2004		7,000,000
South Carolina Public Service Authority CP (BNP Paribas/ Dexia Credit Local LOC) (A-1+)
	13,000,000		1.12			08/17/2004		13,000,000
	13,000,000		1.12			08/18/2004		13,000,000
South Carolina Public Service Authority VRDN RB P-Floats-PT-1877 Series 2003 (AMBAC) (Merrill Lynch SPA) (F-1+)
	5,980,000		1.12			07/01/2004		5,980,000
South Carolina State Public Services Authority VRDN RB Eagle Tax-Exempt Trust Series 20040017 Class A (AMBAC) (Citibank SPA) (A-1+)
	10,000,000		1.14			07/01/2004		10,000,000
South Carolina State Public Services Authority VRDN RB Merlots Series 2004 B06 (AMBAC) (Wachovia Bank SPA) (A-1)
	10,000,000		1.12			07/07/2004		10,000,000
South Carolina State Public Services Authority VRDN RB ROCS II-R-6007 (AMBAC) (Citibank SPA) (A-1+)
	4,585,000		1.14			07/01/2004		4,585,000
South Carolina State VRDN P-Floats-PT 1225 Series 2000 (Merrill Lynch SPA) (A-1+)
	6,805,000		1.10			07/01/2004		6,805,000
							$	99,560,000
Tennessee—2.2%
City of Memphis GO CP Series 2001 (Westdeutsche Landesbank SPA) (A-1+/P-1)
$	14,100,000		0.96	%		08/11/2004	$	14,100,000
	12,000,000		0.97			09/10/2004		12,000,000
	5,000,000		0.97			09/14/2004		5,000,000
Knoxville Utilities Board VRDN RB Adjusted Subordinate Gas System Notes Series 2000 (FSA) (Suntrust Bank SPA) (A-1+/VMIG1)
	2,600,000		1.07			07/01/2004		2,600,000
Knoxville Utilities Board VRDN RB Adjusted Subordinated Water System Notes Series 2000 (FSA) (Suntrust Bank SPA) (A-1+/VMIG1)
	2,780,000		1.07			07/01/2004		2,780,000
Metropolitan Government Nashville & Davidson County Health & Education Facilities Board VRDN RB Refunding for Vanderbilt University Series 2000 B (Bayerische Landesbank SPA) (A-1+/VMIG1)
	35,385,000		1.07			07/01/2004		35,385,000
Metropolitan Government Nashville & Davidson County Health & Education Facilities Board VRDN RB Refunding for Vanderbilt University Series 2003 A (Landesbank Hessen-Thueringen SPA) (A-1+/VMIG1)
	35,155,000		1.07			07/01/2004		35,155,000
Metropolitan Government Nashville & Davidson County Health & Education Facilities Board VRDN RB for Vanderbilt University Series 2002 B (Bayerische Landesbank/ Landesbank Hessen-Thueringen SPA) (A-1+/VMIG1)
	13,100,000		1.06			07/01/2004		13,100,000
Metropolitan Government of Nashville & Davidson CP (A-1+)
	5,000,000		0.98			09/10/2004		5,000,000
	10,000,000		1.07			10/14/2004		10,000,000
Sevier County Public Building Authority VRDN RB for Local Government Improvement Series 1999 III-F (AMBAC) (Landesbank Hessen-Thueringen Girozentrale SPA) (VMIG1)
	24,760,000		1.10			07/01/2004		24,760,000
Shelby Eagle Tax-Exempt Trust Series 20014202 Class A COPS (Citibank SPA) (A-1+)
	17,000,000		1.14			07/01/2004		17,000,000

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

26

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Tennessee (continued)
Tennessee GO CP Series A (Tennessee Consolidated Retirement System) (A-1+)
$	5,000,000		1.15	%		09/07/2004	$	5,000,000
	7,425,000		0.98			09/09/2004		7,425,000
							$	189,305,000
Texas—11.9%
City of Houston CP Notes (Dexia Credit Local/ Landesbank Hessen-Thueringen SPA) (A-1+)
$	15,000,000		1.12	%		08/06/2004	$	15,000,000
City of Houston CP Series E (Bank of America NA SPA) (A-1+)
	5,000,000		0.95			07/20/2004		5,000,000
City of San Antonio Electric & Gas System VRDN Series 1997 SG 105 (Societe Generale SPA) (A-1+)
	19,170,000		1.12			07/01/2004		19,170,000
Coastal Bend Health Facilities Development Corp. VRDN Updates Series 1998 B (AMBAC) (Bank One, N.A. SPA) (F-1+/VMIG1)
	26,800,000		1.06			07/07/2004		26,800,000
Cypress Fairbanks Texas Independent School District VRDN Merlots Series 2001 A129 (Wachovia Bank N.A. SPA) (A-1)
	9,980,000		1.12			07/07/2004		9,980,000
Dallas Texas Area Rapid Transit CP (Westdeutsche Landesbank/ Bayerische Landesbank/ Landesbank Baden-Wurttemberg/State Street Corp. SPA) (A-1+)
	9,000,000		0.98			07/12/2004		9,000,000
Dallas Texas Area Rapid Transit VRDN RB P-Floats-PT 1503 Series 2002 (FGIC) (Merrill Lynch SPA) (A-1+)
	5,450,000		1.12			07/01/2004		5,450,000
Dallas Texas Area Rapid Transit VRDN RB P-Floats-PT 2069 Series 2003 (AMBAC) (Merril Lynch SPA) (F-1+)
	5,755,000		1.12			07/01/2004		5,755,000
Dallas Texas Independent School District P-Floats-PT 1909 Series 2003 (Merrill Lynch SPA) (F-1+)
	5,650,000		1.12			07/01/2004		5,650,000
Dallas Texas Water Utilities CP (JP Morgan Chase & Co. SPA) (A-1+)
	4,000,000		1.12			08/06/2004		4,000,000
	10,475,000		1.13			08/06/2004		10,475,000
Harris County Health Facilities Development Corp. VRDN RB for Methodist Hospital (A-1+)
	258,560,000		1.10			07/01/2004		258,560,000
Harris County Health Facilities Development Corp. VRDN RB for St. Lukes Episcopal Hospital Series 2001 B (JP Morgan Chase & Co./ Bayerische Landesbank/Northern Trust/ Bank of America SPA) (A1+)
	44,095,000		1.10			07/01/2004		44,095,000
Harris County Municipal Securities Trust Receipts Series 2004 SGB-52-A (A-1+)
	11,960,000		1.12			07/01/2004		11,960,000
Houston Texas Community College GO VRDN ROCS II-R-2084 Series 2004 (AMBAC) (Citigroup SPA) (A-1+)
	2,775,000		1.14			07/01/2004		2,775,000
Houston Texas CP Series B (JP Morgan Chase & Co. SPA) (A-1+)
	7,000,000		1.10			08/09/2004		7,000,000
	9,000,000		1.00			08/17/2004		9,000,000
Houston Texas GO Refunding & Public Improvement Series 1999 A (AA-/Aa3)
	8,800,000		5.00			03/01/2005		9,030,722
Houston Texas GO VRDN P-Floats-PT 1817 Series 2003 (FSA) (Westdeutsche Landesbank SPA) (A-1+)
	5,440,000		1.12			07/01/2004		5,440,000
Houston Texas GO VRDN P-Floats-PT 2214 Series 2004 (MBIA) (Merrill Lynch SPA) (F-1+)
	10,730,000		1.12			07/01/2004		10,730,000
Houston Texas GO VRDN P-Floats-PT 2233 Series 2004 (MBIA) (Merrill Lynch SPA) (A-1)
	16,070,000		1.12			07/01/2004		16,070,000
Houston Texas GO VRDN ROCS II-R-1048 (Citigroup SPA) (VMIG1)
	10,310,000		1.14			07/01/2004		10,310,000
Houston Texas GO VRDN ROCS II-R-4062 Series 2004 (Citigroup SPA) (A-1+)
	5,345,000		1.15			07/01/2004		5,345,000
Lower Colorado River Authority CP (Westdeutsche Landesbank/ J.P. Morgan Chase & Co./ State Street Corp. LOC) (A-1+)
	5,700,000		1.02			07/08/2004		5,700,000
North Texas Tollway Authority VRDN RB Dallas North Tollway Systems Floating Rate RCPTS Series 2003 SG-167 (A-1+)
	8,975,000		1.12			07/01/2004		8,975,000
Rice University CP (A-1+)
	14,000,000		0.99			08/11/2004		14,000,000
	6,300,000		1.00			10/18/2004		6,300,000
San Antonio Electric & Gas RB Refunding Series 2003 (AA+/Aa1)
	10,000,000		4.00			02/01/2005		10,172,847
San Antonio Electric & Gas Systems CP (Westdeutsche Landesbank/Landesbank Baden-Wurttemberg/ JP Morgan Chase & Co./ Bank of New York SPA) (A-1+)
	18,000,000		0.95			07/08/2004		18,000,000
	11,900,000		1.12			07/13/2004		11,900,000
	8,000,000		0.95			07/20/2004		8,000,000
	10,000,000		1.12			07/27/2004		10,000,000
	13,700,000		1.12			08/17/2004		13,700,000
	10,000,000		1.12			08/18/2004		10,000,000
	17,900,000		1.12			08/23/2004		17,900,000
	7,200,000		1.06			08/25/2004		7,200,000
	12,000,000		1.00			09/08/2004		12,000,000

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

27

Statement of Investments

Financial Square Tax-Free Money Market Fund (continued)

June 30, 2004 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Texas (continued)
San Antonio Electric & Gas VRDN RB Systems Junior Lien Series 2003 (Bank of America SPA) (A-1+/VMIG1)
$	10,000,000		1.09	%		07/07/2004	$	10,000,000
San Antonio Water VRDN RB ROCS II-R-4064 Series 2004 (FGIC) (Citigroup SPA) (A-1+)
	5,390,000		1.14			07/01/2004		5,390,000
South Texas Community College District VRDN P-Floats-PT 1415 Series 2002 (AMBAC) (Merrill Lynch SPA) (A-1+)
	6,570,000		1.12			07/01/2004		6,570,000
Texas A & M University CP Series B (A-1+)
	12,000,000		0.95			08/10/2004		12,000,000
	19,000,000		0.95			08/12/2004		19,000,000
Texas A & M University Paramount University Fund CP Series 2002 (A-1+)
	10,000,000		0.98			08/09/2004		10,000,000
	5,000,000		0.95			08/10/2004		5,000,000
	5,000,000		0.95			08/17/2004		5,000,000
	5,000,000		1.10			08/17/2004		5,000,000
	7,000,000		1.10			08/18/2004		7,000,000
	6,000,000		1.10			08/19/2004		6,000,000
Texas Public Finance Authority CP Series 2002 (A-1+)
	4,000,000		1.12			08/18/2004		4,000,000
Texas State GO VRDN P-Floats-PT 1529 Series 2002 (Merrill Lynch SPA) (A-1+)
	6,780,000		1.12			07/01/2004		6,780,000
Texas State TRANS Series 2003 (SP-1+/MIG1)
	193,000,000		2.00			08/31/2004		193,271,561
University of Texas Permanent University Fund VRDN RB for Municipal Trust Receipts (Societe Generale SPA) (A-1+)
	6,690,000		1.14			07/01/2004		6,690,000
University of Texas School Board of Regents CP (A-1+)
	20,000,000		0.95			07/13/2004		20,000,000
	5,857,000		1.00			07/20/2004		5,857,000
	12,000,000		1.12			09/07/2004		12,000,000
	12,000,000		1.12			09/08/2004		12,000,000
University of Texas VRDN RB P-Floats-PT 1698 Series 2003 A (Merrill Lynch SPA) (A-1)
	500,000		1.12			07/01/2004		500,000
Westside Calhoun County Development VRDN RB for Updates-Sohio Chemical Corp. Project Series 1985 (A-1+)
	8,900,000		1.10			07/01/2004		8,900,000
Williamson County GO VRDN Stars Certificates BNP Series 2004-65 (FSA) (BNP Paribas SPA) (VMIG1)
	15,785,000		1.12			07/01/2004		15,785,000
							$	1,037,187,130
Utah—3.6%
Central Water Conservancy District GO VRDN Refunding for Tender Option Series 1998 E (AMBAC) (Landesbank Hessen-Thueringen SPA) (A-1+/VMIG1)
$	27,410,000		1.05	%		07/07/2004	$	27,410,000
Central Water Conservancy District GO VRDN Refunding for Tender Option Series 1998 F (AMBAC) (Landesbank Hessen-Thueringen SPA) (A-1+/VMIG1)
	14,405,000		1.05			07/07/2004		14,405,000
Central Water Conservancy District GO VRDN Refunding Series 2002 A (AMBAC) (Landesbank Hessen-Thueringen SPA) (A-1+/VMIG1)
	14,850,000		1.05			07/07/2004		14,850,000
Murray City Hospital VRDN RB for IHC Health Services, Inc. Series 2003 A (A-1+)
	47,000,000		1.08			07/01/2004		47,000,000
Murray City Hospital VRDN RB for IHC Health Services, Inc. Series 2003 B (A-1+)
	25,000,000		1.08			07/01/2004		25,000,000
Murray City Hospital VRDN RB for IHC Health Services, Inc. Series 2003 C (A-1+)
	42,150,000		1.10			07/01/2004		42,150,000
Murray City Hospital VRDN RB for IHC Health Services, Inc. Series 2003 D (A-1+)
	32,900,000		1.10			07/01/2004		32,900,000
Salt Lake County GO TRANS Series 2004
	5,000,000		2.50	>		12/30/2004		5,028,350
University of Utah VRDN RB for Auxiliary & Campus Facilities Series 1997 A (Bank of Nova Scotia SPA) (A-1+/VMIG1)
	4,225,000		1.06			07/07/2004		4,225,000
Utah County Hospital VRDN RB for IHC Health Services, Inc. Series 2002 C (Westdeutsche Landesbank SPA) (A-1+/VMIG1)
	19,000,000		1.08			07/01/2004		19,000,000
Utah Transit Authority Sales Tax VRDN RB for Tender Option Subseries 2002 B (Bayerische Landesbank LOC) (A-1+/VMIG1)
	7,500,000		1.08			07/01/2004		7,500,000
Utah Water Finance Agency VRDN RB Series 2002 A-1 (AMBAC) (JP Morgan Chase & Co. SPA) (A-1+/VMIG1)
	8,245,000		1.10			07/07/2004		8,245,000
Utah Water Finance Agency VRDN RB Series 2004 A-9 (AMBAC) (JP Morgan Chase & Co. SPA) (VMIG1)
	10,000,000		1.10			07/07/2004		10,000,000
Weber County Hospital VRDN RB for IHC Health Services, Inc. Series 2000 A (Landesbank Hessen-Thueringen SPA) (A-1+/VMIG1)
	29,100,000		1.10			07/01/2004		29,100,000
Weber County Utah Hospital VRDN RB for IHC Health Services, Inc. Series 2000 C (Landesbank Hessen-Thueringen SPA) (A-1+/VMIG1)
	25,800,000		1.10			07/01/2004		25,800,000
							$	312,613,350

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

28

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Virginia—1.8%
Fairfax County Virginia GO Refunding & Public Improvement Series 2004 A (AAA/Aaa)
$	11,730,000		2.00	%		04/01/2005	$	11,807,611
Fairfax Virginia County Economic DAR VRDN RB for Smithsonian Institution Series 2003 A (Bank of America N.A. SPA) (A-1+/VMIG1)
	20,900,000		1.03			07/01/2004		20,900,000
Loudoun Virginia County IDA VRDN RB for Howard Hughes Medical Series 2003 D (A-1+/VMIG1)
	27,080,000		1.01			07/07/2004		27,080,000
Loudoun Virginia County IDA VRDN RB for Howard Hughes Medical Series 2003 E (A-1+/VMIG1)
	17,035,000		1.06			07/01/2004		17,035,000
Loudoun Virginia County IDA VRDN RB for Howard Hughes Medical Series 2003 F (A-1+/VMIG1)
	16,585,000		1.05			07/07/2004		16,585,000
Roanoke IDA Hospital VRDN RB Refunding for Carilion Health System Series 2002 B (JP Morgan Chase & Co. SPA) (A-1+/VMIG1)
	30,810,000		1.10			07/01/2004		30,810,000
Roanoke IDA Hospital VRDN RB Refunding for Carilion Health System Series 2002 C (Wachovia Bank N.A. SPA) (A-1+/VMIG1)
	4,525,000		1.10			07/01/2004		4,525,000
Roanoke IDA Hospital VRDN RB Refunding for Carilion Health Systems Series 2002 D (Bank of America N.A. SPA) (A-1+/VMIG1)
	17,545,000		1.08			07/01/2004		17,545,000
Virginia College Building Authority Educational Facilities VRDN RB for The University of Richmond Project Series 1999 (Suntrust Bank SPA) (VMIG1)
	3,000,000		1.06			07/07/2004		3,000,000
Virginia State Public School Authority RB for School Equipment Financing Notes Issue VI Series 2000 (AA/Aa2)
	4,500,000		5.25			04/01/2005		4,638,302
							$	153,925,913
Washington—4.1%
Energy Northwest Electric VRDN RB Merlots Series 2003-A04 (MBIA) (Wachovia Bank SPA) (VMIG1)
$	8,785,000		1.12	%		07/07/2004	$	8,785,000
Energy Northwest Electric VRDN RB P-Floats-PT 2236 (MBIA) (Merrill Lynch SPA) (F-1+)
	5,700,000		1.12			07/01/2004		5,700,000
Energy Northwest Electric VRDN RB Refunding Project No. 3 Series 2003 E (JP Morgan Chase & Co. LOC) (A-1+/VMIG1)
	83,225,000		1.04			07/07/2004		83,225,000
Energy Northwest Washington Electric VRDN RB Floater-PT 2165 Series 2004 (FSA) (Merrill Lynch SPA) (F-1+)
	5,450,000		1.12			07/01/2004		5,450,000
Grant County Public Utility District Eagle Trust Series 20014702 Class A (FSA) (Citibank SPA) (A-1+)
	8,810,000		1.14			07/01/2004		8,810,000
King & Snohomish Counties Washington School District #417 Northshore GO VRDN P-Floats-PT 1445 Series 2002 (Merrill Lynch SPA) (A-1+)
	5,215,000		1.12			07/01/2004		5,215,000
King County CP Series 2002 A (Bayerische Landesbank SPA) (A-1)
	6,400,000		1.10			07/29/2004		6,400,000
	16,300,000		1.12			08/02/2004		16,300,000
King County School District No. 401 Highline Public Schools GO VRDN PT 1423 (FGIC) (Merrill Lynch SPA) (A-1)
	11,145,000		1.12			07/01/2004		11,145,000
Port Seattle VRDN RB Floaters Series 2003 849-D (MBIA) (Morgan Stanley SPA) (A-1+)
	20,439,500		1.13			07/01/2004		20,439,500
Snohomish County Public Utility District No. 1 VRDN RB Adjusted Refunding Series 2002 A-2 (FSA) (Dexia Credit Local SPA) (A-1+/VMIG1)
	12,035,000		1.07			07/07/2004		12,035,000
Tacoma Regional Water Supply Systems VRDN RB Merlots Series 2003-B05 (MBIA) (Wachovia Bank N.A. SPA) (VMIG1)
	13,875,000		1.12			07/07/2004		13,875,000
Washington State P-Floats-PT 1781 Series 2003 (MBIA) (Merrill Lynch SPA) (F-1+)
	7,050,000		1.25			04/07/2005		7,050,000
Washington State GO VRDN P-Floats-PT 433 Floaters Series 2000 (Merrill Lynch SPA) (A-1+)
	19,865,000		1.12			07/01/2004		19,865,000
Washington State Eagle Tax-Exempt Trust Series 2000 Class A COPS (Citibank SPA) (A-1+)
	12,000,000		1.14			07/01/2004		12,000,000
Washington State Eagle Tax-Exempt Trust Series 20024701 Class A (FSA) (Citibank SPA) (A-1+)
	10,060,000		1.14			07/01/2004		10,060,000
Washington State Eagle Tax-Exempt Trust Series 20024703 Class A (MBIA) (Citibank SPA) (A-1+)
	6,915,000		1.14			07/01/2004		6,915,000
Washington State Eagle Tax-Exempt Trust Series 984702 Class A (Citibank SPA) (A-1+)
	6,500,000		1.14			07/01/2004		6,500,000
Washington State GO Series 1994 A (AA+/Aa1)
	7,000,000		6.10			09/01/2004		7,059,056
Washington State GO Series 2003 A (AA+/Aa1)
	12,890,000		6.00			09/01/2004		12,996,611
Washington State GO Eagle Tax-Exempt Trust Series 96C 4704 Class A (Citibank SPA) (A-1+)
	8,525,000		1.14			07/01/2004		8,525,000
Washington State GO VRDN for Merlots Series 2002 A57 (MBIA) (Wachovia Bank N.A. SPA) (VMIG1)
	20,560,000		1.12			07/07/2004		20,560,000

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

29

Statement of Investments

Financial Square Tax-Free Money Market Fund (continued)

June 30, 2004 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Washington (continued)
Washington State GO VRDN for Merlots Series 2002 A65 (MBIA) (Wachovia Bank N.A. SPA) (VMIG1)
$	7,610,000		1.12	%		07/07/2004	$	7,610,000
Washington State GO VRDN for Merlots Series 2003 B23 (MBIA) (Wachovia Bank N.A. SPA) (VMIG1)
	18,195,000		1.12			07/07/2004		18,195,000
Washington State GO VRDN P-Floats-PT 2093 Series 2004 (AMBAC) (Merrill Lynch SPA) (F-1+)
	8,980,000		1.12			07/01/2004		8,980,000
Washington State GO VRDN P-Floats-PT 1407 Series 2002 (Merrill Lynch SPA) (A-1+)
	7,465,000		1.12			07/01/2004		7,465,000
Washington State GO VRDN P-Floats-PT 775 Series 2003 (FSA) (Svenska Handelsbanken SPA) (A-1+)
	2,310,000		1.14			07/01/2004		2,310,000
Washington State Public Power Supply System Nuclear Project No. 1 VRDN Refunding Series 1993 1A-2 (Bank of America LOC) (A-1+/VMIG1)
	3,340,000		1.07			07/07/2004		3,340,000
							$	356,810,167
West Virginia—0.1%
Marshall County VRDN PCRB Updates-Mountaineer Carbon Co. (A-1+/P-1)
$	9,000,000		1.10	%		07/01/2004	$	9,000,000
Wisconsin—1.4%
Milwaukee Metropolitan Sewage District GO Capital Purpose Bonds Series 1992 A Eagle Tax-Exempt Trust Series 944905 Class A (Citibank SPA) (A-1+)
$	10,300,000		1.14	%		07/01/2004	$	10,300,000
Southeast Professional Baseball Park District Sales Tax Revenue VRDN P-Floats-PT 425 Series 2002 (MBIA) (Merrill Lynch SPA) (A-1)
	5,500,000		1.12			07/01/2004		5,500,000
Wisconsin Eagle Tax-Exempt Trust Series 20004901 Class A (Citibank SPA) (A-1+)
	7,615,000		1.14			07/01/2004		7,615,000
Wisconsin State GO VRDN Floater-PT 1507 Series 2002 (FGIC) (Merrill Lynch SPA) (A-1+)
	5,840,000		1.12			07/01/2004		5,840,000
Wisconsin State GO VRDN P-Floats-PT 2213 Series 2004 (MBIA) (Merrill Lynch SPA)
	30,070,000		1.12			07/01/2004		30,070,000
Wisconsin State GO VRDN Series 2004-901 (MBIA) (Morgan Stanley SPA) (VMIG1)
	6,000,000		1.13			07/01/2004		6,000,000
Wisconsin State Health & Educational Facilities Authority VRDN RB P-Floats-PT 917 Series 2004 (MBIA) (Merrill Lynch SPA) (F-1+)
	57,000,000		1.12			07/01/2004		57,000,000
							$	122,325,000
Wyoming—0.3%
Sublette County VRDN PCRB Floating Rate for Exxon Project Series 1984 (A-1+/P-1)
$	14,285,000		1.01	%		07/01/2004	$	14,285,000
Uinta County VRDN PCRB Refunding for Chevron USA, Inc. Project Series 1993 (P-1)
	9,850,000		1.05			07/01/2004		9,850,000
							$	24,135,000
Total Investments—102.3%							$	8,920,738,483

> All or portion represents a forward commitment.

Interest rates represent either the stated coupon rate, or for floating rate securities, the current reset rate, which is based upon current interest rate indices.

Maturity dates represent either the stated date on the security, the next interest reset date for floating rate securities, or the prerefunded date for those types of securities.

Security ratings are obtained from Standard & Poor’s/Moody’s Investors Service/Fitch and are unaudited.

The percentage shown for each category reflects the value of investments in that category as a percentage of net assets.

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

30

Investment Abbreviations:

AMBAC	—	Insured by American Municipal Bond Assurance Corp.
AMT	—	Alternative Minimum Tax
COPS	—	Certificates of Participation
CP	—	Commercial Paper
DAR	—	Development Authority Revenue
FGIC	—	Insured by Financial Guaranty Insurance Co.
FHLMC	—	Insured by Federal Home Loan Mortgage Corp.
FNMA	—	Insured by Federal National Mortgage Association
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
PCRB	—	Pollution Control Revenue Bond
P-Floats	—	Puttable Floating Rate Securities
RANS	—	Revenue Anticipation Notes
RB	—	Revenue Bond
RCPTS	—	Receipts
ROCS	—	Reset Option Certificates
SPA	—	Stand-by-Purchase Agreement
SPI	—	Securities Purchase Inc.
TANS	—	Tax Anticipation Notes
TFA	—	Transportation Finance Authority
TRANS	—	Tax Revenue Anticipation Notes
VRDN	—	Variable Rate Demand Note
XLCA	—	XL Capital Assurance

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

31

Goldman Sachs Trust—Financial Square Funds

Statements of Assets and Liabilities

June 30, 2004 (Unaudited)

			Prime
			Obligations		Money Market
			Fund		Fund
Assets:
Investment in securities, at value based on amortized cost			$	22,713,689,142	$	8,108,584,122
Repurchase agreements, at value based on amortized cost — unaffiliated issuers				2,264,400,000		845,000,000
Repurchase agreements, at value based on amortized cost — affiliated issuers				200,000,000		—
Cash				61,401		57,145
Receivables:
		Interest		18,508,853		14,509,768
		Fund shares sold		—		2,581,310
		Reimbursements from investment adviser		—		—
Other assets				355,246		128,071
	Total assets			25,197,014,642		8,970,860,416
Liabilities:
Payables:
		Investment securities purchased		—		—
		Income distribution		11,997,109		3,640,882
		Fund shares repurchased		839,834		554,083
		Amounts owed to affiliates		3,465,111		1,304,423
Accrued expenses and other liabilities				1,723,753		503,105
	Total liabilities			18,025,807		6,002,493
Net Assets:
Paid-in capital				25,178,988,835		8,964,857,923
Accumulated net realized loss on investment transactions				—		—
	Net assets		$	25,178,988,835	$	8,964,857,923
Net asset value, offering and redemption price per share:				$1.00	$	1.00
Shares outstanding:
FST Shares				19,567,405,913		8,175,298,218
FST Select Shares				116,481,277		28,969,968
FST Preferred Shares				1,740,710,821		110,447,569
FST Capital Shares				179,665,821		30,289,563
FST Administration Shares				2,719,871,670		360,564,428
FST Service Shares				854,853,333		259,288,177
Total shares outstanding, $.001 par value (unlimited number of shares authorized)				25,178,988,835		8,964,857,923

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

32

Treasury		Treasury
Obligations		Instruments		Government		Federal		Tax-Free Money
Fund		Fund		Fund		Fund		Market Fund
$	803,934,036	$	1,955,249,264	$	2,183,675,454	$	6,970,940,995	$	8,920,738,483
	3,178,000,000		—		963,200,000		—		—
	50,000,000		—		150,000,000		—		—
	2,871		21,640		85,429		25,004		18,838,787
	5,653,525		—		5,919,340		8,304,852		21,224,621
	—		—		6,562		9,539,332		40,378
	—		19,664		—		—		—
	59,198		32,512		58,801		139,386		106,078
	4,037,649,630		1,955,323,080		3,302,945,586		6,988,949,569		8,960,948,347
	—		749,330,042		—		—		238,846,726
	1,499,189		534,552		1,205,699		1,225,790		1,741,922
	—		—		—		—		19,593
	605,604		188,477		477,862		1,137,367		1,079,866
	666,817		166,306		457,933		420,575		60,551
	2,771,610		750,219,377		2,141,494		2,783,732		241,748,658
	4,034,878,020		1,205,103,703		3,300,804,092		6,986,165,837		8,719,358,726
	—		—		—		—		(159,037	)
$	4,034,878,020	$	1,205,103,703	$	3,300,804,092	$	6,986,165,837	$	8,719,199,689
	$1.00	$	1.00	$	1.00	$	1.00	$	1.00
	1,425,014,222		921,294,595		1,552,151,257		6,058,838,332		8,041,328,010
	2,748		64,322		131,114,667		3,069		190,778,912
	530,420,078		7,256,509		478,396,600		138,449,827		170,968,382
	949,828		29,177,514		93,597,391		3,872,033		10,984,528
	1,556,260,527		181,691,746		805,161,658		338,698,323		244,865,174
	522,230,617		65,619,017		240,382,519		446,304,253		60,296,971
	4,034,878,020		1,205,103,703		3,300,804,092		6,986,165,837		8,719,221,977

33

Goldman Sachs Trust—Financial Square Funds

Statements of Operations

For the Six Months Ended June 30, 2004 (Unaudited)

		Prime			Money
		Obligations			Market
		Fund			Fund
Investment income:
Interest — unaffiliated		$	142,115,108		$	55,027,228
Interest — affiliated			914,968			315,234
	Total income		143,030,076			55,342,462
Expenses:
Non-Class Specific Expenses:
Management fees			26,284,665			10,113,636
Custody and accounting fees			880,744			417,185
Registration fees			160,485			53,912
Professional fees			30,684			34,898
Printing fees			13,880			13,373
Trustee fees			7,062			7,062
Other			344,578			136,915
	Subtotal		27,722,098			10,776,981
Class Specific Expenses:
Administration Share fees			3,877,173			468,422
Service Share fees			2,112,335			716,337
Preferred Share fees			831,294			51,853
Capital Share fees			199,548			41,557
Select Share fees			15,487			5,709
	Total expenses		34,757,935			12,060,859
	Less—expense reductions		(4,487,835	)		(1,726,903	)
	Net expenses		30,270,100			10,333,956
Net investment income			112,759,976			45,008,506
Net realized gain on investment transactions			1,012,926			289,942
Net increase in net assets resulting from operations		$	113,772,902		$	45,298,448

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

34

Treasury			Treasury									Tax-Free
Obligations			Instruments			Government			Federal			Money Market
Fund			Fund			Fund			Fund			Fund
$	19,770,236		$	5,773,714		$	18,655,685		$	39,118,180		$	41,097,912
	252,642			—			1,188,104			—			—
	20,022,878			5,773,714			19,843,789			39,118,180			41,097,912
	3,967,617			1,234,383			3,731,633			7,577,145			8,354,376
	249,883			147,164			220,977			317,812			194,499
	63,598			45,294			78,039			84,108			33,638
	25,226			23,237			24,362			27,712			33,628
	13,357			13,357			13,346			13,707			13,174
	7,062			7,062			7,062			7,062			7,062
	64,074			26,638			43,020			101,203			100,400
	4,390,817			1,497,135			4,118,439			8,128,749			8,736,777
	1,668,604			249,294			1,110,918			443,671			331,197
	1,194,769			242,427			638,839			1,129,262			142,249
	230,221			4,568			233,642			46,746			103,106
	4,413			18,763			57,978			2,962			8,475
	720			5			14,713			1			24,160
	7,489,544			2,012,192			6,174,529			9,751,391			9,345,964
	(442,768	)		(269,012	)		(769,273	)		(588,797	)		(1,561,050	)
	7,046,776			1,743,180			5,405,256			9,162,594			7,784,914
	12,976,102			4,030,534			14,438,533			29,955,586			33,312,998
	68,766			186,359			2,384			171,259			28,303
$	13,044,868		$	4,216,893		$	14,440,917		$	30,126,845		$	33,341,301

35

Goldman Sachs Trust—Financial Square Funds

Statements of Changes in Net Assets

For the Six Months Ended June 30, 2004 (Unaudited)

		Prime			Money
		Obligations			Market
		Fund			Fund
From operations:
Net investment income		$	112,759,976		$	45,008,506
Net realized gain on investment transactions			1,012,926			289,942
	Net increase in net assets resulting from operations		113,772,902			45,298,448
Distributions to shareholders:
From net investment income
	FST Shares		(92,660,175	)		(42,527,900	)
	FST Select Shares		(470,729	)		(174,175	)
	FST Preferred Shares		(6,992,302	)		(438,353	)
	FST Capital Shares		(1,054,107	)		(219,814	)
	FST Administration Shares		(10,726,381	)		(1,302,158	)
	FST Service Shares		(1,869,208	)		(636,048	)
	Total distributions to shareholders		(113,772,902	)		(45,298,448	)
From share transactions (at $1.00 per share):
Proceeds from sales of shares			102,552,826,992			24,089,138,104
Reinvestment of dividends and distributions			42,777,316			24,537,415
Cost of shares repurchased			(105,941,529,708	)		(26,520,483,374	)
	Net increase (decrease) in net assets resulting from share transactions		(3,345,925,400	)		(2,406,807,855	)
	Total increase (decrease)		(3,345,925,400	)		(2,406,807,855	)
Net assets:
Beginning of period			28,524,914,235			11,371,665,778
End of period		$	25,178,988,835		$	8,964,857,923

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

36

Treasury			Treasury									Tax-Free
Obligations			Instruments			Government			Federal			Money Market
Fund			Fund			Fund			Fund			Fund
$	12,976,102		$	4,030,534		$	14,438,533		$	29,955,586		$	33,312,998
	68,766			186,359			2,384			171,259			28,303
	13,044,868			4,216,893			14,440,917			30,126,845			33,341,301
	(6,613,509	)		(3,433,369	)		(8,397,135	)		(27,864,839	)		(30,990,920	)
	(19,168	)		(135	)		(429,966	)		(38	)		(658,092	)
	(1,690,497	)		(31,327	)		(1,884,330	)		(356,198	)		(757,843	)
	(20,073	)		(79,827	)		(292,376	)		(14,005	)		(37,932	)
	(3,902,189	)		(534,143	)		(2,917,499	)		(1,080,280	)		(772,268	)
	(799,432	)		(138,092	)		(519,611	)		(811,485	)		(95,943	)
	(13,044,868	)		(4,216,893	)		(14,440,917	)		(30,126,845	)		(33,312,998	)
	15,728,545,745			3,672,686,457			13,534,549,357			15,171,647,588			23,289,639,041
	4,519,068			910,008			6,193,971			22,854,339			21,857,831
	(15,681,583,445	)		(3,604,724,822	)		(13,992,914,411	)		(16,322,985,488	)		(22,261,221,357	)
	51,481,368			68,871,643			(452,171,083	)		(1,128,483,561	)		1,050,275,515
	51,481,368			68,871,643			(452,171,083	)		(1,128,483,561	)		1,050,303,818
	3,983,396,652			1,136,232,060			3,752,975,175			8,114,649,398			7,668,895,871
$	4,034,878,020		$	1,205,103,703		$	3,300,804,092		$	6,986,165,837		$	8,719,199,689

37

Goldman Sachs Trust—Financial Square Funds

Statements of Changes in Net Assets

For the Year Ended December 31, 2003

		Prime			Money
		Obligations			Market
		Fund			Fund
From operations:
Net investment income		$	268,511,622		$	112,790,371
Net realized gain (loss) on investment transactions			267,584			99,704
	Net increase in net assets resulting from operations		268,779,206			112,890,075
Distributions to shareholders:
From net investment income
	FST Shares		(215,994,373	)		(105,482,669	)
	FST Select Shares		(1,423,245	)		(618,328	)
	FST Preferred Shares		(17,097,317	)		(1,236,439	)
	FST Capital Shares		(2,899,080	)		(174,606	)
	FST Administration Shares		(25,849,019	)		(3,398,251	)
	FST Service Shares		(5,516,172	)		(1,979,782	)
	Total distributions to shareholders		(268,779,206	)		(112,890,075	)
From share transactions (at $1.00 per share):
Proceeds from sales of shares			225,087,976,745			69,260,071,771
Reinvestment of dividends and distributions			119,207,698			60,261,263
Cost of shares repurchased			(226,225,840,901	)		(68,212,292,973	)
	Net increase (decrease) in net assets resulting from share transactions		(1,018,656,458	)		1,108,040,061
	Total increase (decrease)		(1,018,656,458	)		1,108,040,061
Net assets:
Beginning of year			29,543,570,693			10,263,625,717
End of year		$	28,524,914,235		$	11,371,665,778

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

38

Treasury			Treasury									Tax-Free
Obligations			Instruments			Government			Federal			Money Market
Fund			Fund			Fund			Fund			Fund
$	34,734,419		$	8,603,775		$	40,691,235		$	78,638,718		$	56,017,377
	2,011,255			525,657			132,562			1,023,647			(187,340	)
	36,745,674			9,129,432			40,823,797			79,662,365			55,830,037
	(17,437,213	)		(7,361,361	)		(24,508,107	)		(72,022,335	)		(52,104,038	)
	(620,741	)		(4,742	)		(1,392,138	)		(185	)		(204,005	)
	(4,988,134	)		(191,426	)		(4,163,954	)		(881,502	)		(1,672,154	)
	(63,479	)		(24,544	)		(1,180,290	)		(29,582	)		(22,700	)
	(10,578,410	)		(1,234,309	)		(8,020,716	)		(4,149,757	)		(1,782,793	)
	(3,057,697	)		(313,050	)		(1,558,592	)		(2,579,004	)		(231,687	)
	(36,745,674	)		(9,129,432	)		(40,823,797	)		(79,662,365	)		(56,017,377	)
	25,866,324,129			6,717,213,489			32,965,605,463			34,866,591,689			35,564,333,193
	13,065,921			2,450,576			17,072,247			57,770,699			40,356,091
	(27,398,313,328	)		(6,891,820,130	)		(34,842,459,560	)		(37,223,034,176	)		(32,934,054,242	)
	(1,518,923,278	)		(172,156,065	)		(1,859,781,850	)		(2,298,671,788	)		2,670,635,042
	(1,518,923,278	)		(172,156,065	)		(1,859,781,850	)		(2,298,671,788	)		2,670,447,702
	5,502,319,930			1,308,388,125			5,612,757,025			10,413,321,186			4,998,448,169
$	3,983,396,652		$	1,136,232,060		$	3,752,975,175		$	8,114,649,398		$	7,668,895,871

39

Goldman Sachs Trust—Financial Square Funds

Notes to Financial Statements

June 30, 2004 (Unaudited)

1. Organization

Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940 (as amended) (the “Act”) as an open-end, management investment company. The Trust includes the Financial Square Funds, collectively, “the Funds,” or individually, a “Fund.” Financial Square consists of seven diversified funds: Prime Obligations, Money Market, Treasury Obligations, Treasury Instruments, Government, Federal and Tax-Free Money Market. The Funds offer six classes of shares—FST Shares, FST Select Shares, FST Preferred Shares, FST Capital Shares, FST Administration Shares and FST Service Shares. The investment objective of the Funds is to maximize current income to the extent consistent with the preservation of capital and maintenance of liquidity by investing exclusively in high quality money market instruments.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Funds. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that may affect the reported amounts. Actual results could differ from those estimates.

A. Investment Valuation—

Each Fund uses the amortized-cost method for valuing portfolio securities, which approximates market value. Under this method, all investments purchased at a discount or premium are valued by amortizing the difference between the original purchase price and maturity value of the issue over the period to maturity.

B. Security Transactions and Interest Income—

Security transactions are recorded as of the trade date. Realized gains and losses on sales of portfolio securities are calculated using the identified cost basis. Interest income is recorded on the basis of interest accrued, premium amortized and discount accreted. Net investment income (other than class specific expenses) and realized gains or losses are allocated daily to each class of shares of the Fund based upon the relative proportion of net assets of each class.

C. Federal Taxes—

It is each Fund’s policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable and tax-exempt income to its shareholders. Accordingly, no federal tax provisions are required. Income distributions to shareholders are recorded on the ex-dividend date, declared daily and paid monthly by the Funds.

   The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with Federal income tax rules. Therefore, the source of the Funds’ distributions is shown in the accompanying financial statements as from net investment income.

   At December 31, 2003 (tax-year-end), the following Fund had a capital loss carryforward for U.S. federal tax purposes of approximately:

Fund	Amount		Year of Expiration
Tax-Free Money Market	$	187,000		2011

   Expiration occurs on December 31 of the year indicated. This amount is available to be carried forward to offset future capital gains to the extent permitted by applicable laws and regulations.

   The amortized cost for each Fund stated in the accompanying Statements of Assets and Liabilities also represents aggregate cost for U.S. federal income tax purposes.

40

D. Expenses—

Expenses incurred by the Trust that do not specifically relate to an individual Fund of the Trust are allocated to the Funds on a straight-line or pro-rata basis depending upon the nature of the expense. FST Select, FST Preferred, FST Capital, FST Administration and FST Service Shares bear all expenses and fees relating to their respective service plans.

E. Forward Commitment Transactions—

The Funds may enter into forward commitments. These transactions involve a commitment by the Funds to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond a customary settlement. As a result of entering into these transactions, the Funds are required to segregate liquid assets equal to or greater than the market value of the corresponding transactions. Losses may arise due to changes in the market value of the security or from the inability of counterparties to meet the terms of the transaction.

F. Repurchase Agreements—

Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase them at a mutually agreed upon date and price. During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of the Funds, including accrued interest, is required to equal or exceed the value of the repurchase agreement, including accrued interest. If the seller defaults or becomes insolvent, realization of the collateral by each Fund may be delayed or limited and there may be a decline in the value of the collateral during the period while the Funds seek to assert their rights. The underlying securities for all repurchase agreements are held in safekeeping at the Funds’ custodian or designated subcustodians under triparty repurchase agreements.

3. Agreements

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman, Sachs & Co. (“Goldman Sachs”), serves as investment adviser pursuant to an Investment Management Agreement (the “Agreement”) with the Trust on behalf of the Funds. Under the Agreements, GSAM manages the Funds, subject to the general supervision of the Trust’s Board of Trustees.

   As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administering the Funds’ business affairs, including providing facilities, GSAM is entitled to a fee (“Management fee”) computed daily and payable monthly, at an annual percentage rate equal to .205% of each Fund’s average daily net assets.

   For the six months ended June 30, 2004, GSAM has voluntarily agreed to waive a portion of its Management Fee equal annually to .035% of the average daily net assets of Prime Obligations, Money Market, Government and Tax-Free Money Market Funds and .015% of the average daily net assets of the Treasury Obligations, Treasury Instruments and Federal Funds.

   Additionally, GSAM has voluntarily agreed to limit certain “Other Expenses” of the Funds (excluding Management fees, Select service fees, Preferred administration fees, Capital administration fees, Administration fees, Service fees, taxes, interest and brokerage fees and litigation, indemnification, shareholder meeting and other extraordinary expenses) to the extent such expenses exceed, on an annual basis, .014% of the average daily net assets of each Fund. Such expense reimbursements, if any, are computed daily and paid monthly. In addition, the Portfolios are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any.

41

Goldman Sachs Trust—Financial Square Funds

Notes to Financial Statements (continued)

June 30, 2004 (Unaudited)

   In addition, the Funds have entered into certain expense offset arrangements with the custodian resulting in a reduction in the Funds’ expenses.

   For the six months ended June 30, 2004, expense reductions were as follows (in thousands):

			Other
			Expenses		Custody
	Management		Reimbursed		Fee
Fund	Fees Waived		by Adviser		Reductions		Total
Prime Obligations	$	4,488	$	—	$	—	$	4,488
Money Market		1,727		—		—		1,727
Treasury Obligations		291		152		—		443
Treasury Instruments		90		179		—		269
Government		637		132		—		769
Federal		555		34		—		589
Tax-Free Money Market		1,426		—		135		1,561

   Goldman Sachs serves as Transfer Agent and Distributor of shares of the Funds pursuant to Transfer Agent and Distribution Agreements and receives no separate fee.

   At June 30, 2004, amounts owed to affiliates were as follows (in thousands):

					Over
					Reimbursement
					of Other
			Affiliated		Expenses by
Fund	Management		Dealers		Adviser		Total
Prime Obligations	$	3,465	$	—	$	—	$	3,465
Money Market		1,300		4		—		1,304
Treasury Obligations		594		—		12		606
Treasury Instruments		188		—		—		188
Government		464		—		14		478
Federal		1,105		—		32		1,137
Tax-Free Money Market		1,080		—		—		1,080

4. Select, Preferred, Capital, Administration and Service Plans

The Trust, on behalf of each Fund, has adopted Service Plans. These plans allow for FST Select, FST Preferred, FST Capital, FST Administration and FST Service Shares, respectively, to compensate service organizations for providing varying levels of account administration and shareholder liaison services to their customers who are beneficial owners of such shares. The Service Plans for FST Select, FST Preferred, FST Capital, FST Administration and FST Service Shares provide for compensation to the service organizations in an amount up to 0.03%, 0.10%, 0.15%, 0.25% and 0.50% (on an annual basis), respectively, of the average daily net asset value of the respective shares.

42

5. Line of Credit Facility

The Funds participate in a $350,000,000 committed, unsecured revolving line of credit facility. Under the most restrictive arrangement, each Fund must own securities having a market value in excess of 300% (400% prior to May 26, 2004) of the total bank borrowings. This facility is to be used solely for temporary or emergency purposes. The interest rate on borrowings is based on the federal funds rate. The committed facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. During the six months ended June 30, 2004, the Funds did not have any borrowings under this facility.

6. Portfolio Concentrations

As a result of the Tax-Free Money Market Fund’s ability to invest a large percentage of its assets in obligations of issuers within certain states, it is subject to possible concentration risks associated with economic, political or legal developments or industrial or regional matters specifically affecting such states.

7. Joint Repurchase Agreement Accounts

Pursuant to exemptive relief granted by the SEC and terms and conditions contained therein, the Funds, together with other registered investment companies having management agreements with GSAM or its affiliates, transfer uninvested cash into joint accounts, the daily aggregate balance of which is invested in one or more repurchase agreements.

   At June 30, 2004, the Prime Obligations, Money Market, Treasury Obligations and Government Funds had undivided interests in the following Joint Repurchase Agreement Account I, which equaled $264,400,000, $345,000,000, $2,910,300,000 and $45,800,000, respectively, in principal amount. At June 30, 2004, the following repurchase agreements held in Joint Repurchase Agreement Account I were fully collateralized by U.S. Treasury obligations.

JOINT REPURCHASE AGREEMENT ACCOUNT I
Repurchase	Principal		Interest			Maturity		Maturity
Agreements	Amount		Rate			Date		Value
ABN AMRO, Inc.
	$	960,000,000		1.30	%		07/01/2004	$	960,034,667
Barclays Capital PLC
		300,000,000		1.30			07/01/2004		300,010,833
Deutsche Bank Securities, Inc.
		250,000,000		1.30			07/01/2004		250,009,028
Greenwich Capital Markets
		400,000,000		1.28			07/01/2004		400,014,222
J.P. Morgan Chase & Co.
		905,000,000		1.30			07/01/2004		905,032,680
Morgan Stanley & Co.
		500,000,000		1.28			07/01/2004		500,017,778
UBS LLC
		514,800,000		1.28			07/01/2004		514,818,304
Westdeutsche Landesbank AG
		400,000,000		1.25			07/01/2004		400,013,889
TOTAL	$	4,229,800,000						$	4,229,951,401

43

Goldman Sachs Trust—Financial Square Funds

Notes to Financial Statements (continued)

June 30, 2004 (Unaudited)

   At June 30, 2004, the Prime Obligations, Money Market, and Government Funds had undivided interests in the following Joint Repurchase Agreement Account II, which equaled $1,750,000,000, $250,000,000 and $675,000,000, respectively, in principal amount. At June 30, 2004, the following repurchase agreements held in Joint Repurchase Agreement Account II were fully collateralized by Federal Agency obligations.

JOINT REPURCHASE AGREEMENT ACCOUNT II
Repurchase	Principal		Interest			Maturity		Maturity
Agreements	Amount		Rate			Date		Value
Banc of America Securities LLC	$	750,000,000		1.55	%		07/01/2004	$	750,032,292
Bear Stearns & Co.		675,000,000		1.55			07/01/2004		675,029,063
Greenwich Capital Markets		400,000,000		1.53			07/01/2004		400,017,000
J.P. Morgan Chase & Co.		700,000,000		1.55			07/01/2004		700,030,139
Morgan Stanley & Co.		775,000,000		1.55			07/01/2004		775,033,368
UBS LLC		950,500,000		1.55			07/01/2004		950,540,924
Westdeutsche Landesbank AG		500,000,000		1.52			07/01/2004		500,021,111
TOTAL	$	4,750,500,000						$	4,750,703,897

8. Other Matters

Exemptive Orders—Pursuant to Securities and Exchange Commission (“SEC”) exemptive orders, certain of the Funds may enter into certain principal transactions with Goldman Sachs.

Legal Proceedings—Purported class and derivative action lawsuits were filed in April and May 2004 in the United States District Court for the Southern District of New York against GSAM and certain related parties, including certain Goldman Sachs Funds and the Trustees and Officers of the Trust. The actions allege violations of the Act, the Investment Advisers Act of 1940 and common law breach of fiduciary duty. The complaints allege, among other things, that between April 2, 1999 and January 9, 2004 (the “Class Period”), GSAM charged the Goldman Sachs Funds improper Rule 12b-1 fees; made improper brokerage commission and other payments to brokers that sold shares of the Goldman Sachs Funds; and made untrue statements of material fact in registration statements and reports filed pursuant to the Act. Based on currently available information, GSAM believes that the likelihood that the purported class action lawsuits will have a material adverse financial impact on the Funds is remote, and the pending actions are not likely to materially affect its ability to provide investment management services to its clients, including the Goldman Sachs Funds.

44

9. Subsequent Event

At a meeting held on August 5, 2004, the Board of Trustees of the Trust approved an Agreement and Plan of Reorganization providing for the tax-free acquisition of the Golden Oak Prime Obligation Money Market Portfolio by the Goldman Sachs Financial Square Prime Obligations Fund. The acquisition is expected to be completed in September 2004.

45

Goldman Sachs Trust—Financial Square Funds

Notes to Financial Statements (continued)

June 30, 2004 (Unaudited)

10. Summary of Share Transactions (at $1.00 per share)

Share activity for the six months ended June 30, 2004 is as follows:

	Prime
	Obligations			Money Market
	Fund			Fund
FST Shares:
Shares sold		76,816,813,795			20,805,139,411
Reinvestment of dividends and distributions		33,542,226			22,774,571
Shares repurchased		(80,033,459,744	)		(23,041,927,573	)
		(3,183,103,723	)		(2,214,013,591	)
FST Select Shares:
Shares sold		1,052,802,165			113,471,240
Reinvestment of dividends and distributions		426,048			161,283
Shares repurchased		(990,606,095	)		(177,700,210	)
		62,622,118			(64,067,687	)
FST Preferred Shares:
Shares sold		7,315,205,821			213,805,517
Reinvestment of dividends and distributions		4,784,625			417,085
Shares repurchased		(7,007,250,020	)		(217,074,125	)
		312,740,426			(2,851,523	)
FST Capital Shares:
Shares sold		1,691,580,671			193,779,621
Reinvestment of dividends and distributions		447,425			103,307
Shares repurchased		(1,851,704,638	)		(187,773,679	)
		(159,676,542	)		6,109,249
FST Administration Shares:
Shares sold		11,693,864,263			2,359,025,376
Reinvestment of dividends and distributions		2,524,718			722,514
Shares repurchased		(12,057,297,547	)		(2,446,473,822	)
		(360,908,566	)		(86,725,932	)
FST Service Shares:
Shares sold		3,982,560,277			403,916,939
Reinvestment of dividends and distributions		1,052,274			358,655
Shares repurchased		(4,001,211,664	)		(449,533,965	)
		(17,599,113	)		(45,258,371	)
Net increase (decrease) in shares		(3,345,925,400	)		(2,406,807,855	)

46

Treasury			Treasury
Obligations			Instruments			Government			Federal			Tax-Free Money
Fund			Fund			Fund			Fund			Market Fund
	4,593,068,886			2,702,454,401			6,184,106,549			12,150,749,038			21,907,742,130
	3,354,780			682,193			3,615,285			21,804,755			21,272,871
	(4,871,425,286	)		(2,587,589,377	)		(6,541,641,850	)		(13,189,759,503	)		(20,939,858,870	)
	(275,001,620	)		115,547,217			(353,920,016	)		(1,017,205,710	)		989,156,131
	6,200,000			63,069			117,057,855			34			312,485,024
	19,168			133			385,283			13			208,942
	(15,729,499	)		—			(100,461,584	)		(16,251	)		(197,726,166	)
	(9,510,331	)		63,202			16,981,554			(16,204	)		114,967,800
	1,356,078,366			23,708,672			1,597,693,391			329,527,469			353,798,781
	74,168			13,135			895,925			53,545			97,118
	(1,326,963,627	)		(24,518,051	)		(1,553,888,059	)		(299,767,904	)		(387,031,610	)
	29,188,907			(796,244	)		44,701,257			29,813,110			(33,135,711	)
	9,066,561			27,836,246			1,655,795,022			—			69,199,468
	3,120			78,741			174,447			14,004			31,168
	(19,100,000	)		(21,399,518	)		(1,679,787,831	)		(890,000	)		(61,029,507	)
	(10,030,319	)		6,515,469			(23,818,362	)		(875,996	)		8,201,129
	7,852,294,738			641,079,741			3,007,488,291			985,131,465			318,852,982
	467,133			71,131			917,310			523,262			199,131
	(7,495,863,624	)		(647,144,385	)		(3,138,008,003	)		(1,066,703,705	)		(347,851,632	)
	356,898,247			(5,993,513	)		(129,602,402	)		(81,048,978	)		(28,799,519	)
	1,911,837,194			277,544,328			972,408,249			1,706,239,582			327,560,656
	600,699			64,675			205,721			458,760			48,601
	(1,952,501,409	)		(324,073,491	)		(979,127,084	)		(1,765,848,125	)		(327,723,572	)
	(40,063,516	)		(46,464,488	)		(6,513,114	)		(59,149,783	)		(114,315	)
	51,481,368			68,871,643			(452,171,083	)		(1,128,483,561	)		1,050,275,515

47

Goldman Sachs Trust—Financial Square Funds

Notes to Financial Statements (continued)

June 30, 2004 (Unaudited)

10. Summary of Share Transactions (at $1.00 per share) (continued)

Share activity for the year ended December 31, 2003 is as follows:

	Prime
	Obligations			Money Market
	Fund			Fund
FST Shares:
Shares sold		172,811,517,351			62,660,685,275
Reinvestment of dividends and distributions		96,091,795			55,174,520
Shares repurchased		(172,722,811,886	)		(61,521,396,137	)
		184,797,260			1,194,463,658
FST Select Shares:
Shares sold		2,656,012,319			761,238,343
Reinvestment of dividends and distributions		1,115,648			606,864
Shares repurchased		(2,799,045,343	)		(671,553,111	)
		(141,917,376	)		90,292,096
FST Preferred Shares:
Shares sold		16,016,232,199			754,996,661
Reinvestment of dividends and distributions		11,176,931			1,184,863
Shares repurchased		(16,951,764,867	)		(819,561,521	)
		(924,355,737	)		(63,379,997	)
FST Capital Shares (commenced August 12, 2002):
Shares sold		4,340,557,731			37,679,143
Reinvestment of dividends and distributions		454,015			172,532
Shares repurchased		(4,430,363,397	)		(13,672,366	)
		(89,351,651	)		24,179,309
FST Administration Shares:
Shares sold		20,429,710,746			4,085,890,635
Reinvestment of dividends and distributions		7,142,395			2,177,269
Shares repurchased		(20,283,839,939	)		(4,121,136,043	)
		153,013,202			(33,068,139	)
FST Service Shares:
Shares sold		8,833,946,399			959,581,714
Reinvestment of dividends and distributions		3,226,914			945,215
Shares repurchased		(9,038,015,469	)		(1,064,973,795	)
		(200,842,156	)		(104,446,866	)
Net increase (decrease) in shares		(1,018,656,458	)		1,108,040,061

48

Treasury			Treasury									Tax-Free
Obligations			Instruments			Government			Federal			Money Market
Fund			Fund			Fund			Fund			Fund
	11,063,249,161			4,463,918,390			16,277,555,979			27,366,286,190			33,019,921,699
	8,225,115			1,790,706			9,067,140			54,318,562			39,376,645
	(11,638,885,984	)		(4,630,997,116	)		(17,443,088,876	)		(29,300,402,600	)		(30,544,377,238	)
	(567,411,708	)		(165,288,020	)		(1,156,465,757	)		(1,879,797,848	)		2,514,921,106
	40,000,000			30,000,000			495,505,489			161			198,230,268
	574,483			3,192			1,218,237			29			84,149
	(97,499,895	)		(35,006,275	)		(625,989,114	)		—			(122,533,379	)
	(56,925,412	)		(5,003,083	)		(129,265,388	)		190			75,781,038
	1,383,344,871			40,792,550			6,209,624,911			691,224,728			511,714,412
	377,606			123,988			2,729,162			109,022			132,274
	(1,720,989,090	)		(61,537,188	)		(6,768,706,427	)		(704,440,767	)		(485,562,793	)
	(337,266,613	)		(20,620,650	)		(556,352,354	)		(13,107,017	)		26,283,893
	10,994,166			296,373,878			3,121,738,293			5,102,442			2,484,472
	14,803			23,080			849,849			29,582			18,320
	(29,827	)		(287,349,268	)		(3,032,632,013	)		(385,000	)		(6,940,858	)
	10,979,142			9,047,690			89,956,129			4,747,024			(4,438,066	)
	8,306,001,939			1,220,604,537			5,298,096,032			2,649,221,538			1,369,677,183
	1,594,356			405,682			2,795,241			1,839,467			632,852
	(8,504,998,895	)		(1,241,511,087	)		(5,310,527,605	)		(2,916,896,125	)		(1,303,431,828	)
	(197,402,600	)		(20,500,868	)		(9,636,332	)		(265,835,120	)		66,878,207
	5,062,733,992			665,524,134			1,563,084,759			4,154,756,630			462,305,159
	2,279,558			103,928			412,618			1,474,037			111,851
	(5,435,909,637	)		(635,419,196	)		(1,661,515,525	)		(4,300,909,684	)		(471,208,146	)
	(370,896,087	)		30,208,866			(98,018,148	)		(144,679,017	)		(8,791,136	)
	(1,518,923,278	)		(172,156,065	)		(1,859,781,850	)		(2,298,671,788	)		2,670,635,042

49

Goldman Sachs Trust—Financial Square Funds

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

Prime Obligations Fund

																					Ratios assuming no
																					expense reductions
																		Ratio of net			Ratio of			Ratio of net
	Net asset							Net asset					Net assets,		Ratio of net			investment			total			investment
	value,		Net		Distributions			value,					end		expenses to			income to			expenses to			income to
	beginning		investment		to			end		Total			of period		average net			average net			average net			average net
	of period		income(a)		shareholders			of period		return(b)			(in 000’s)		assets			assets			assets			assets
For the Six Months Ended June 30, (Unaudited)
2004-FST Shares	$	1.00	$	0.005	$	(0.005	)	$	1.00		0.47	%	$	19,567,406		0.18	%(c)		0.93	%(c)		0.22	%(c)		0.89	%(c)
2004-FST Select Shares		1.00		0.005		(0.005	)		1.00		0.45			116,481		0.21	(c)		0.90	(c)		0.25	(c)		0.86	(c)
2004-FST Preferred Shares		1.00		0.004		(0.004	)		1.00		0.42			1,740,711		0.28	(c)		0.83	(c)		0.32	(c)		0.79	(c)
2004-FST Capital Shares		1.00		0.004		(0.004	)		1.00		0.39			179,666		0.33	(c)		0.78	(c)		0.37	(c)		0.74	(c)
2004-FST Administration Shares		1.00		0.003		(0.003	)		1.00		0.34			2,719,872		0.43	(c)		0.68	(c)		0.47	(c)		0.64	(c)
2004-FST Service Shares		1.00		0.002		(0.002	)		1.00		0.22			854,853		0.68	(c)		0.43	(c)		0.72	(c)		0.39	(c)
For the Years Ended December 31,
2003-FST Shares		1.00		0.011		(0.011	)		1.00		1.06			22,750,510		0.18			1.07			0.22			1.03
2003-FST Select Shares		1.00		0.010		(0.010	)		1.00		1.03			53,859		0.21			1.06			0.25			1.02
2003-FST Preferred Shares		1.00		0.010		(0.010	)		1.00		0.96			1,427,970		0.28			0.96			0.32			0.92
2003-FST Capital Shares		1.00		0.009		(0.009	)		1.00		0.91			339,342		0.33			0.94			0.37			0.90
2003-FST Administration Shares		1.00		0.008		(0.008	)		1.00		0.81			3,080,780		0.43			0.80			0.47			0.76
2003-FST Service Shares		1.00		0.006		(0.006	)		1.00		0.56			872,453		0.68			0.56			0.72			0.52
2002-FST Shares		1.00		0.02		(0.02)			1.00		1.75			22,565,712		0.18			1.74			0.22			1.70
2002-FST Select Shares		1.00		0.02		(0.02)			1.00		1.72			195,777		0.21			1.70			0.25			1.66
2002-FST Preferred Shares		1.00		0.02		(0.02)			1.00		1.65			2,352,326		0.28			1.60			0.32			1.56
2002-FST Capital Shares (commenced August 12)		1.00		0.01		(0.01)			1.00		0.56			428,694		0.33	(c)		1.29	(c)		0.37	(c)		1.25	(c)
2002-FST Administration Shares		1.00		0.01		(0.01)			1.00		1.50			2,927,767		0.43			1.48			0.47			1.44
2002-FST Service Shares		1.00		0.01		(0.01)			1.00		1.24			1,073,295		0.68			1.24			0.72			1.20
2001-FST Shares		1.00		0.04		(0.04)			1.00		4.15			25,429,443		0.18			3.87			0.23			3.82
2001-FST Select Shares		1.00		0.04		(0.04)			1.00		4.12			189,492		0.21			3.41			0.26			3.36
2001-FST Preferred Shares		1.00		0.04		(0.04)			1.00		4.05			1,003,414		0.28			3.72			0.33			3.67
2001-FST Administration Shares		1.00		0.04		(0.04)			1.00		3.89			2,803,798		0.43			3.64			0.48			3.59
2001-FST Service Shares		1.00		0.04		(0.04)			1.00		3.63			1,225,547		0.68			3.46			0.73			3.41
2000-FST Shares		1.00		0.06		(0.06)			1.00		6.44			12,777,000		0.18			6.32			0.22			6.28
2000-FST Select Shares (commenced January 31)		1.00		0.06		(0.06)			1.00		5.93			70,819		0.21	(c)		6.48	(c)		0.25	(c)		6.44	(c)
2000-FST Preferred Shares		1.00		0.06		(0.06)			1.00		6.34			454,883		0.28			6.21			0.32			6.17
2000-FST Administration Shares		1.00		0.06		(0.06)			1.00		6.18			2,084,745		0.43			6.09			0.47			6.05
2000-FST Service Shares		1.00		0.06		(0.06)			1.00		5.91			1,005,373		0.68			5.81			0.72			5.77
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

(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. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions. Returns for periods less than a full year are not annualized.
(c)	Annualized.

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

50

Goldman Sachs Trust—Financial Square Funds

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Money Market Fund

																					Ratios assuming no
																					expense reductions
																		Ratio of net						Ratio of net
	Net asset							Net asset					Net assets,		Ratio of net			investment			Ratio of total			investment
	value,		Net		Distributions			value,					end		expenses to			income to			expenses to			income to
	beginning		investment		to			end		Total			of period		average net			average net			average net			average net
	of period		income(a)		shareholders			of period		return(b)			(in 000’s)		assets			assets			assets			assets
For the Six Months Ended June 30, (Unaudited)
2004-FST Shares	$	1.00	$	0.005	$	(0.005	)	$	1.00		0.47	%	$	8,175,298		0.18	%(c)		0.94	%(c)		0.22	%(c)		0.90	%(c)
2004-FST Select Shares		1.00		0.005		(0.005	)		1.00		0.46			28,970		0.21	(c)		0.91	(c)		0.25	(c)		0.87	(c)
2004-FST Preferred Shares		1.00		0.004		(0.004	)		1.00		0.42			110,448		0.28	(c)		0.84	(c)		0.32	(c)		0.80	(c)
2004-FST Capital Shares		1.00		0.004		(0.004	)		1.00		0.40			30,290		0.33	(c)		0.79	(c)		0.37	(c)		0.75	(c)
2004-FST Administration Shares		1.00		0.003		(0.003	)		1.00		0.35			360,564		0.43	(c)		0.69	(c)		0.47	(c)		0.65	(c)
2004-FST Service Shares		1.00		0.002		(0.002	)		1.00		0.22			259,288		0.68	(c)		0.44	(c)		0.72	(c)		0.40	(c)
For the Years Ended December 31,
2003-FST Shares		1.00		0.011		(0.011	)		1.00		1.06			10,389,312		0.18			1.07			0.22			1.03
2003-FST Select Shares		1.00		0.010		(0.010	)		1.00		1.03			93,038		0.21			1.03			0.25			0.99
2003-FST Preferred Shares		1.00		0.010		(0.010	)		1.00		0.96			113,299		0.28			0.98			0.32			0.94
2003-FST Capital Shares		1.00		0.009		(0.009	)		1.00		0.91			24,180		0.33			0.85			0.37			0.81
2003-FST Administration Shares		1.00		0.008		(0.008	)		1.00		0.81			447,290		0.43			0.81			0.47			0.77
2003-FST Service Shares		1.00		0.006		(0.006	)		1.00		0.56			304,547		0.68			0.57			0.72			0.53
2002-FST Shares		1.00		0.02		(0.02)			1.00		1.75			9,194,848		0.18			1.76			0.22			1.72
2002-FST Select Shares		1.00		0.02		(0.02)			1.00		1.72			2,746		0.21			1.81			0.25			1.77
2002-FST Preferred Shares		1.00		0.02		(0.02)			1.00		1.65			176,679		0.28			1.62			0.32			1.58
2002-FST Capital Shares (commenced August 12)		1.00		0.01		(0.01)			1.00		0.56			1		0.33	(c)		1.73	(c)		0.37	(c)		1.69	(c)
2002-FST Administration Shares		1.00		0.01		(0.01)			1.00		1.50			480,359		0.43			1.50			0.47			1.46
2002-FST Service Shares		1.00		0.01		(0.01)			1.00		1.24			408,993		0.68			1.24			0.72			1.20
2001-FST Shares		1.00		0.04		(0.04)			1.00		4.16			15,909,394		0.18			3.74			0.23			3.69
2001-FST Select Shares		1.00		0.04		(0.04)			1.00		4.13			301,797		0.21			3.79			0.26			3.74
2001-FST Preferred Shares		1.00		0.04		(0.04)			1.00		4.06			194,015		0.28			4.22			0.33			4.17
2001-FST Administration Shares		1.00		0.04		(0.04)			1.00		3.91			645,588		0.43			3.72			0.48			3.67
2001-FST Service Shares		1.00		0.04		(0.04)			1.00		3.65			492,794		0.68			3.52			0.73			3.47
2000-FST Shares		1.00		0.06		(0.06)			1.00		6.44			5,954,862		0.18			6.25			0.22			6.21
2000-FST Select Shares (commenced January 31)		1.00		0.06		(0.06)			1.00		5.93			22,595		0.21	(c)		6.41	(c)		0.25	(c)		6.37	(c)
2000-FST Preferred Shares		1.00		0.06		(0.06)			1.00		6.34			163,779		0.28			6.11			0.32			6.07
2000-FST Administration Shares		1.00		0.06		(0.06)			1.00		6.18			421,498		0.43			6.02			0.47			5.98
2000-FST Service Shares		1.00		0.06		(0.06)			1.00		5.92			396,927		0.68			5.78			0.72			5.74
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

(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. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions. Returns for periods less than a full year are not annualized.
(c)	Annualized.

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

51

Goldman Sachs Trust—Financial Square Funds

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Treasury Obligations Fund

																					Ratios assuming no
																					expense reductions
																		Ratio of net						Ratio of net
	Net asset							Net asset					Net assets,		Ratio of net			investment			Ratio of total			investment
	value,		Net		Distributions			value,					end		expenses to			income to			expenses to			income to
	beginning		investment		to			end		Total			of period		average net			average net			average net			average net
	of period		income(a)		shareholders			of period		return(b)			(in 000’s)		assets			assets			assets			assets
For the Six Months Ended June 30, (Unaudited)
2004-FST Shares	$	1.00	$	0.004	$	(0.004	)	$	1.00		0.42	%	$	1,425,014		0.20	%(c)		0.83	%(c)		0.22	%(c)		0.81	%(c)
2004-FST Select Shares		1.00		0.004		(0.004	)		1.00		0.40			3		0.23	(c)		0.79	(c)		0.25	(c)		0.77	(c)
2004-FST Preferred Shares		1.00		0.004		(0.004	)		1.00		0.37			530,420		0.30	(c)		0.73	(c)		0.32	(c)		0.71	(c)
2004-FST Capital Shares		1.00		0.003		(0.003	)		1.00		0.34			950		0.35	(c)		0.68	(c)		0.37	(c)		0.66	(c)
2004-FST Administration Shares		1.00		0.003		(0.003	)		1.00		0.29			1,556,260		0.45	(c)		0.58	(c)		0.47	(c)		0.56	(c)
2004-FST Service Shares		1.00		0.002		(0.002	)		1.00		0.17			522,231		0.70	(c)		0.33	(c)		0.72	(c)		0.31	(c)
For the Years Ended December 31,
2003-FST Shares		1.00		0.010		(0.010	)		1.00		0.96			1,700,016		0.20			0.92			0.22			0.90
2003-FST Select Shares		1.00		0.009		(0.009	)		1.00		0.93			9,513		0.23			0.88			0.25			0.86
2003-FST Preferred Shares		1.00		0.009		(0.009	)		1.00		0.86			501,231		0.30			0.82			0.32			0.80
2003-FST Capital Shares		1.00		0.008		(0.008	)		1.00		0.81			10,980		0.35			0.72			0.37			0.70
2003-FST Administration Shares		1.00		0.007		(0.007	)		1.00		0.71			1,199,363		0.45			0.67			0.47			0.65
2003-FST Service Shares		1.00		0.005		(0.005	)		1.00		0.46			562,294		0.70			0.44			0.72			0.42
2002-FST Shares		1.00		0.02		(0.02)			1.00		1.65			2,267,428		0.20			1.58			0.22			1.56
2002-FST Select Shares		1.00		0.02		(0.02)			1.00		1.62			66,438		0.23			1.53			0.25			1.51
2002-FST Preferred Shares		1.00		0.02		(0.02)			1.00		1.55			838,498		0.30			1.44			0.32			1.42
2002-FST Capital Shares (commenced August 12)		1.00		0.01		(0.01)			1.00		0.53			1		0.35	(c)		1.38	(c)		0.37	(c)		1.36	(c)
2002-FST Administration Shares		1.00		0.01		(0.01)			1.00		1.40			1,396,765		0.45			1.31			0.47			1.29
2002-FST Service Shares		1.00		0.01		(0.01)			1.00		1.15			933,190		0.70			1.06			0.72			1.04
2001-FST Shares		1.00		0.04		(0.04)			1.00		3.87			3,985,276		0.20			3.66			0.23			3.63
2001-FST Select Shares		1.00		0.04		(0.04)			1.00		3.83			70,040		0.23			1.83			0.26			1.80
2001-FST Preferred Shares		1.00		0.04		(0.04)			1.00		3.76			205,440		0.30			4.06			0.33			4.03
2001-FST Administration Shares		1.00		0.04		(0.04)			1.00		3.61			1,515,737		0.45			3.54			0.48			3.51
2001-FST Service Shares		1.00		0.03		(0.03)			1.00		3.35			1,155,241		0.70			3.09			0.73			3.06
2000-FST Shares		1.00		0.06		(0.06)			1.00		6.18			2,493,450		0.18			6.04			0.23			5.99
2000-FST Select Shares (commenced January 31)		1.00		0.06		(0.06)			1.00		5.75			1		0.21	(c)		6.33	(c)		0.26	(c)		6.28	(c)
2000-FST Preferred Shares		1.00		0.06		(0.06)			1.00		6.08			271,388		0.28			5.95			0.33			5.90
2000-FST Administration Shares		1.00		0.06		(0.06)			1.00		5.92			1,379,728		0.43			5.83			0.48			5.78
2000-FST Service Shares		1.00		0.06		(0.06)			1.00		5.66			676,118		0.68			5.55			0.73			5.50
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

^(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. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions. Returns for periods less than a full year are not annualized.

^(c) Annualized.

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

52

Goldman Sachs Trust—Financial Square Funds

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Treasury Instruments Fund

																					Ratios assuming no
																					expense reductions
																		Ratio of net						Ratio of net
	Net asset							Net asset					Net assets,		Ratio of net			investment			Ratio of total			investment
	value,		Net		Distributions			value,					end		expenses to			income to			expenses to			income to
	beginning		investment		to			end		Total			of period		average net			average net			average net			average net
	of period		income(a)		shareholders			of period		return(b)			(in 000’s)		assets			assets			assets			assets
For the Six Months Ended June 30, (Unaudited)
2004-FST Shares	$	1.00	$	0.004	$	(0.004	)	$	1.00		0.39	%	$	921,295		0.20	%(c)		0.76	%(c)		0.25	%(c)		0.71	%(c)
2004-FST Select Shares		1.00		0.004		(0.004	)		1.00		0.38			64		0.23	(c)		0.75	(c)		0.28	(c)		0.70	(c)
2004-FST Preferred Shares		1.00		0.003		(0.003	)		1.00		0.34			7,256		0.30	(c)		0.65	(c)		0.35	(c)		0.60	(c)
2004-FST Capital Shares		1.00		0.003		(0.003	)		1.00		0.32			29,178		0.35	(c)		0.61	(c)		0.40	(c)		0.56	(c)
2004-FST Administration Shares		1.00		0.003		(0.003	)		1.00		0.27			181,692		0.45	(c)		0.50	(c)		0.50	(c)		0.45	(c)
2004-FST Service Shares		1.00		0.001		(0.001	)		1.00		0.14			65,619		0.70	(c)		0.25	(c)		0.75	(c)		0.20	(c)
For the Years Ended December 31,
2003-FST Shares		1.00		0.009		(0.009	)		1.00		0.89			805,747		0.20			0.84			0.25			0.79
2003-FST Select Shares		1.00		0.009		(0.009	)		1.00		0.86			1		0.23			0.83			0.28			0.78
2003-FST Preferred Shares		1.00		0.008		(0.008	)		1.00		0.79			8,053		0.30			0.77			0.35			0.72
2003-FST Capital Shares		1.00		0.007		(0.007	)		1.00		0.74			22,662		0.35			0.70			0.40			0.65
2003-FST Administration Shares		1.00		0.006		(0.006	)		1.00		0.64			187,685		0.45			0.59			0.50			0.54
2003-FST Service Shares		1.00		0.004		(0.004	)		1.00		0.39			112,084		0.70			0.33			0.75			0.28
2002-FST Shares		1.00		0.02		(0.02)			1.00		1.57			971,035		0.20			1.47			0.25			1.42
2002-FST Select Shares		1.00		0.02		(0.02)			1.00		1.54			5,004		0.23			1.76			0.28			1.71
2002-FST Preferred Shares		1.00		0.01		(0.01)			1.00		1.47			28,674		0.30			1.39			0.35			1.34
2002-FST Capital Shares (commenced August 12)		1.00		0.01		(0.01)			1.00		0.52			13,614		0.35	(c)		1.09	(c)		0.40	(c)		1.04	(c)
2002-FST Administration Shares		1.00		0.01		(0.01)			1.00		1.31			208,186		0.45			1.14			0.50			1.09
2002-FST Service Shares		1.00		0.01		(0.01)			1.00		1.06			81,875		0.70			0.98			0.75			0.93
2001-FST Shares		1.00		0.04		(0.04)			1.00		3.79			1,161,245		0.20			3.52			0.26			3.46
2001-FST Select Shares		1.00		0.04		(0.04)			1.00		3.75			12,052		0.23			1.91			0.29			1.85
2001-FST Preferred Shares		1.00		0.04		(0.04)			1.00		3.68			50,561		0.30			3.32			0.36			3.26
2001-FST Administration Shares		1.00		0.03		(0.03)			1.00		3.53			117,089		0.45			3.22			0.51			3.16
2001-FST Service Shares		1.00		0.03		(0.03)			1.00		3.27			115,500		0.70			3.01			0.76			2.95
2000-FST Shares		1.00		0.06		(0.06)			1.00		5.90			734,427		0.18			5.80			0.28			5.70
2000-FST Select Shares (commenced January 31)		1.00		0.05		(0.05)			1.00		5.44			1		0.21	(c)		5.85	(c)		0.31	(c)		5.75	(c)
2000-FST Preferred Shares		1.00		0.06		(0.06)			1.00		5.79			2,380		0.28			5.67			0.38			5.57
2000-FST Administration Shares		1.00		0.06		(0.06)			1.00		5.64			42,533		0.43			5.40			0.53			5.30
2000-FST Service Shares		1.00		0.05		(0.05)			1.00		5.38			68,194		0.68			5.18			0.78			5.08
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

^(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. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions. Returns for periods less than a full year are not annualized.

^(c) Annualized.

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

53

Goldman Sachs Trust—Financial Square Funds

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Government Fund

																					Ratios assuming no
																					expense reductions
																		Ratio of net						Ratio of net
	Net asset							Net asset					Net assets,		Ratio of net			investment			Ratio of total			investment
	value,		Net		Distributions			value,					end		expenses to			income to			expenses to			income to
	beginning		investment		to			end		Total			of period		average net			average net			average net			average net
	of period		income(a)		shareholders			of period		return(b)			(in 000’s)		assets			assets			assets			assets
For the Six Months Ended June 30, (Unaudited)
2004-FST Shares	$	1.00	$	0.005	$	(0.005	)	$	1.00		0.45	%	$	1,552,151		0.18	%(c)		0.91	%(c)		0.22	%(c)		0.87	%(c)
2004-FST Select Shares		1.00		0.004		(0.004	)		1.00		0.44			131,115		0.21	(c)		0.88	(c)		0.25	(c)		0.84	(c)
2004-FST Preferred Shares		1.00		0.004		(0.004	)		1.00		0.40			478,397		0.28	(c)		0.81	(c)		0.32	(c)		0.77	(c)
2004-FST Capital Shares		1.00		0.004		(0.004	)		1.00		0.38			93,597		0.33	(c)		0.76	(c)		0.37	(c)		0.72	(c)
2004-FST Administration Shares		1.00		0.003		(0.003	)		1.00		0.33			805,162		0.43	(c)		0.66	(c)		0.47	(c)		0.62	(c)
2004-FST Service Shares		1.00		0.002		(0.002	)		1.00		0.20			240,382		0.68	(c)		0.41	(c)		0.72	(c)		0.37	(c)
For the Years Ended December 31,
2003-FST Shares		1.00		0.010		(0.010	)		1.00		1.04			1,906,071		0.18			1.05			0.22			1.01
2003-FST Select Shares		1.00		0.010		(0.010	)		1.00		1.01			114,133		0.21			1.02			0.25			0.98
2003-FST Preferred Shares		1.00		0.009		(0.009	)		1.00		0.94			433,695		0.28			0.96			0.32			0.92
2003-FST Capital Shares		1.00		0.009		(0.009	)		1.00		0.89			117,416		0.33			0.87			0.37			0.83
2003-FST Administration Shares		1.00		0.008		(0.008	)		1.00		0.79			934,764		0.43			0.78			0.47			0.74
2003-FST Service Shares		1.00		0.005		(0.005	)		1.00		0.54			246,896		0.68			0.54			0.72			0.50
2002-FST Shares		1.00		0.02		(0.02)			1.00		1.69			3,062,537		0.18			1.68			0.22			1.64
2002-FST Select Shares		1.00		0.02		(0.02)			1.00		1.66			243,398		0.21			1.60			0.25			1.56
2002-FST Preferred Shares		1.00		0.02		(0.02)			1.00		1.59			990,048		0.28			1.58			0.32			1.54
2002-FST Capital Shares (commenced August 12)		1.00		0.01		(0.01)			1.00		0.54			27,460		0.33	(c)		1.18	(c)		0.37	(c)		1.14	(c)
2002-FST Administration Shares		1.00		0.01		(0.01)			1.00		1.44			944,400		0.43			1.40			0.47			1.36
2002-FST Service Shares		1.00		0.01		(0.01)			1.00		1.19			344,914		0.68			1.19			0.72			1.15
2001-FST Shares		1.00		0.04		(0.04)			1.00		4.09			4,201,586		0.18			3.76			0.24			3.70
2001-FST Select Shares		1.00		0.04		(0.04)			1.00		4.05			51,609		0.21			3.15			0.27			3.09
2001-FST Preferred Shares		1.00		0.04		(0.04)			1.00		3.98			850,943		0.28			3.68			0.34			3.62
2001-FST Administration Shares		1.00		0.04		(0.04)			1.00		3.83			1,169,694		0.43			3.52			0.49			3.46
2001-FST Service Shares		1.00		0.04		(0.04)			1.00		3.57			576,226		0.68			3.17			0.74			3.11
2000-FST Shares		1.00		0.06		(0.06)			1.00		6.31			1,859,266		0.18			6.14			0.23			6.09
2000-FST Select Shares (commenced January 31)		1.00		0.06		(0.06)			1.00		5.84			11,247		0.21	(c)		6.30	(c)		0.26	(c)		6.25	(c)
2000-FST Preferred Shares		1.00		0.06		(0.06)			1.00		6.21			361,111		0.28			6.19			0.33			6.14
2000-FST Administration Shares		1.00		0.06		(0.06)			1.00		6.05			595,037		0.43			5.93			0.48			5.88
2000-FST Service Shares		1.00		0.06		(0.06)			1.00		5.79			273,355		0.68			5.60			0.73			5.55
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

(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. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions. Returns for periods less than a full year are not annualized.
(c)	Annualized.

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

54

Goldman Sachs Trust—Financial Square Funds

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Federal Fund

																					Ratios assuming no
																					expense reductions
																		Ratio of						Ratio of
															Ratio of			net						net
	Net asset							Net asset					Net assets,		net			investment			Ratio of total			investment
	value,		Net		Distributions			value,					end of		expenses			income to			expenses			income to
	beginning		investment		to			end of		Total			period		to average			average net			to average			average net
	of period		income(a)		shareholders			period		return(b)			(in 000’s)		net assets			assets			net assets			assets
For the Six Months Ended June 30, (Unaudited)
2004-FST Shares	$	1.00	$	0.004	$	(0.004	)	$	1.00		0.43	%	$	6,058,839		0.20	%(c)		0.85	%(c)		0.22	%(c)		0.83	%(c)
2004-FST Select Shares		1.00		0.004		(0.004	)		1.00		0.41			3		0.23	(c)		0.82	(c)		0.25	(c)		0.80	(c)
2004-FST Preferred Shares		1.00		0.004		(0.004	)		1.00		0.38			138,450		0.30	(c)		0.76	(c)		0.32	(c)		0.74	(c)
2004-FST Capital Shares		1.00		0.004		(0.004	)		1.00		0.35			3,872		0.35	(c)		0.70	(c)		0.37	(c)		0.68	(c)
2004-FST Administration Shares		1.00		0.003		(0.003	)		1.00		0.30			338,698		0.45	(c)		0.60	(c)		0.47	(c)		0.58	(c)
2004-FST Service Shares		1.00		0.002		(0.002	)		1.00		0.18			446,304		0.70	(c)		0.35	(c)		0.72	(c)		0.33	(c)
For the Years Ended December 31,
2003-FST Shares		1.00		0.010		(0.010	)		1.00		1.00			7,076,044		0.20			0.99			0.22			0.97
2003-FST Select Shares		1.00		0.010		(0.010	)		1.00		0.97			19		0.23			0.95			0.25			0.93
2003-FST Preferred Shares		1.00		0.009		(0.009	)		1.00		0.90			108,637		0.30			0.87			0.32			0.85
2003-FST Capital Shares		1.00		0.008		(0.008	)		1.00		0.84			4,748		0.35			0.77			0.37			0.75
2003-FST Administration Shares		1.00		0.007		(0.007	)		1.00		0.74			419,747		0.45			0.75			0.47			0.73
2003-FST Service Shares		1.00		0.005		(0.005	)		1.00		0.49			505,454		0.70			0.49			0.72			0.47
2002-FST Shares		1.00		0.02		(0.02)			1.00		1.65			8,955,842		0.20			1.64			0.22			1.62
2002-FST Select Shares		1.00		0.02		(0.02)			1.00		1.62			19		0.23			1.23			0.25			1.21
2002-FST Preferred Shares		1.00		0.02		(0.02)			1.00		1.55			121,744		0.30			1.54			0.32			1.52
2002-FST Capital Shares (commenced August 12)		1.00		0.01		(0.01)			1.00		0.53			1		0.35	(c)		1.43	(c)		0.37	(c)		1.41	(c)
2002-FST Administration Shares		1.00		0.01		(0.01)			1.00		1.40			685,582		0.45			1.39			0.47			1.37
2002-FST Service Shares		1.00		0.01		(0.01)			1.00		1.15			650,133		0.70			1.14			0.72			1.12
2001-FST Shares		1.00		0.04		(0.04)			1.00		4.05			14,153,371		0.20			3.87			0.22			3.85
2001-FST Select Shares		1.00		0.04		(0.04)			1.00		4.02			1		0.23			3.59			0.25			3.57
2001-FST Preferred Shares		1.00		0.04		(0.04)			1.00		3.95			126,915		0.30			3.76			0.32			3.74
2001-FST Administration Shares		1.00		0.04		(0.04)			1.00		3.79			1,134,424		0.45			3.75			0.47			3.73
2001-FST Service Shares		1.00		0.03		(0.03)			1.00		3.53			814,384		0.70			3.43			0.72			3.41
2000-FST Shares		1.00		0.06		(0.06)			1.00		6.26			8,296,788		0.20			6.16			0.23			6.13
2000-FST Select Shares (commenced January 31)		1.00		0.06		(0.06)			1.00		5.77			1		0.23	(c)		6.16	(c)		0.24	(c)		6.13	(c)
2000-FST Preferred Shares		1.00		0.06		(0.06)			1.00		6.16			145,000		0.30			5.93			0.32			5.90
2000-FST Administration Shares		1.00		0.06		(0.06)			1.00		6.00			1,024,184		0.45			5.89			0.48			5.86
2000-FST Service Shares		1.00		0.06		(0.06)			1.00		5.74			899,691		0.70			5.61			0.73			5.58
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

(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. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions. Returns for periods less than a full year are not annualized.
(c)	Annualized.

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

55

Goldman Sachs Trust— Financial Square Funds

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

Tax-Free Money Market Fund

																					Ratios assuming no
																					expense reductions
																		Ratio of net			Ratio of			Ratio of net
	Net asset							Net asset					Net assets,		Ratio of net			investment			total			investment
	value,		Net		Distributions			value,					end		expenses to			income to			expenses			income to
	beginning		investment		to			end		Total			of period		average net			average net			to average			average net
	of period		income(a)		shareholders			of period		return(b)			(in 000’s)		assets			assets			net assets			assets
For the Six Months Ended June 30, (Unaudited)
2004-FST Shares	$	1.00	$	0.004	$	(0.004	)	$	1.00		0.42	%	$	8,041,305		0.18	%(c)		0.83	%(c)		0.22	%(c)		0.79	%(c)
2004-FST Select Shares		1.00		0.004		(0.004	)		1.00		0.40			190,779		0.21	(c)		0.82	(c)		0.25	(c)		0.78	(c)
2004-FST Preferred Shares		1.00		0.004		(0.004	)		1.00		0.37			170,970		0.28	(c)		0.74	(c)		0.32	(c)		0.70	(c)
2004-FST Capital Shares		1.00		0.003		(0.003	)		1.00		0.34			10,985		0.33	(c)		0.67	(c)		0.37	(c)		0.63	(c)
2004-FST Administration Shares		1.00		0.003		(0.003	)		1.00		0.29			244,863		0.43	(c)		0.58	(c)		0.47	(c)		0.54	(c)
2004-FST Service Shares		1.00		0.002		(0.002	)		1.00		0.17			60,298		0.68	(c)		0.34	(c)		0.72	(c)		0.30	(c)
For the Years Ended December 31,
2003-FST Shares		1.00		0.009		(0.009	)		1.00		0.89			7,052,124		0.18			0.87			0.22			0.83
2003-FST Select Shares		1.00		0.009		(0.009	)		1.00		0.86			75,811		0.21			0.85			0.25			0.81
2003-FST Preferred Shares		1.00		0.008		(0.008	)		1.00		0.79			204,104		0.28			0.79			0.32			0.75
2003-FST Capital Shares		1.00		0.007		(0.007	)		1.00		0.74			2,784		0.33			0.75			0.37			0.71
2003-FST Administration Shares		1.00		0.006		(0.006	)		1.00		0.64			273,661		0.43			0.61			0.47			0.57
2003-FST Service Shares		1.00		0.004		(0.004	)		1.00		0.39			60,412		0.68			0.38			0.72			0.34
2002-FST Shares		1.00		0.01		(0.01)			1.00		1.30			4,537,375		0.18			1.29			0.22			1.25
2002-FST Select Shares		1.00		0.01		(0.01)			1.00		1.27			30		0.21			1.28			0.25			1.24
2002-FST Preferred Shares		1.00		0.01		(0.01)			1.00		1.20			177,825		0.28			1.20			0.32			1.16
2002-FST Capital Shares (commenced August 12)		1.00		— (d)		—(d	)		1.00		0.44			7,222		0.33	(c)		0.94	(c)		0.37	(c)		0.90	(c)
2002-FST Administration Shares		1.00		0.01		(0.01)			1.00		1.05			206,792		0.43			1.04			0.47			1.00
2002-FST Service Shares		1.00		0.01		(0.01)			1.00		0.80			69,204		0.68			0.79			0.72			0.75
2001-FST Shares		1.00		0.03		(0.03)			1.00		2.60			3,588,030		0.18			2.46			0.23			2.41
2001-FST Select Shares		1.00		0.03		(0.03)			1.00		2.57			1		0.21			2.73			0.26			2.68
2001-FST Preferred Shares		1.00		0.02		(0.02)			1.00		2.50			17,722		0.28			2.45			0.33			2.40
2001-FST Administration Shares		1.00		0.02		(0.02)			1.00		2.34			146,621		0.43			2.27			0.48			2.22
2001-FST Service Shares		1.00		0.02		(0.02)			1.00		2.09			68,298		0.68			2.04			0.73			1.99
2000-FST Shares		1.00		0.04		(0.04)			1.00		3.95			2,693,098		0.18			3.93			0.23			3.88
2000-FST Select Shares (commenced January 31)		1.00		0.04		(0.04)			1.00		3.66			1		0.21	(c)		3.97	(c)		0.26	(c)		3.92	(c)
2000-FST Preferred Shares		1.00		0.04		(0.04)			1.00		3.85			18,568		0.28			3.81			0.33			3.76
2000-FST Administration Shares		1.00		0.04		(0.04)			1.00		3.69			108,335		0.43			3.66			0.48			3.61
2000-FST Service Shares		1.00		0.03		(0.03)			1.00		3.43			71,614		0.68			3.46			0.73			3.41
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

(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. Returns for periods less than a full year are not annualized.
(c)	Annualized.

^(d) Less than $.005 per share.

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

56

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission Website at http://www.sec.gov.

This Semiannual Report is authorized for distribution to prospective investors only when preceded or accompanied by a Goldman Sachs Trust Financial Square Funds Prospectus, which contains facts concerning each Fund’s objectives and policies, management, expenses and other information.

TRUSTEES

Ashok N. Bakhru, Chairman

John P. Coblentz, Jr.

Patrick T. Harker

Mary Patterson McPherson

Alan A. Shuch

Wilma J. Smelcer

Richard P. Strubel

Kaysie P. Uniacke

OFFICERS

Kaysie P. Uniacke, President

James A. Fitzpatrick, Vice President

James A. McNamara, Vice President

John M. Perlowski, Treasurer

Howard B. Surloff, Secretary

GOLDMAN, SACHS & CO.

Distributor and Transfer Agent

GOLDMAN SACHS ASSET MANAGEMENT, L.P.

Investment Adviser

FSQ/ SAR 06/04 Goldman Sachs Funds
32 Old Slip
New York, NY 10005