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

ANNUAL REPORT

December 31, 2003

Letter to Shareholders

Dear Shareholders:

We welcome the opportunity to provide you with a summary of the trends and key events that affected the economy and the Goldman Sachs Trust-Financial Square Funds^SM during the one-year reporting period that ended December 31, 2003.

The Economy in Review

After a tepid start, the economy gained momentum as the reporting period progressed. During the first quarter of 2003, gross domestic product (“GDP”) was a lackluster 1.4%, the same growth rate as the last three months of 2002. However, second quarter GDP rose to 3.3%, due in part to a sharp increase in military spending, rising exports, and a stronger manufacturing sector. Third quarter GDP was a higher than anticipated 8.2%—its sharpest advance in two decades. Consumer spending, which has propelled the economy in recent years, continued to be robust. In addition, business spending, which has been relatively weak, surged to a multi-year high. The preliminary estimate for fourth quarter GDP was 4.0%, a solid gain, but somewhat lower than market expectations.

The Federal Reserve Board (the “Fed”) held short-term interest rates steady for the first five months of 2003. However, given the lack of a pronounced economic “bounce” following the end of the major fighting in Iraq, the Fed cut the federal funds rate by a quarter of a percentage point to 1.0% in June 2003, its lowest level since 1958. Since then, the Fed has left rates unchanged. At its most recent meeting in early December, the Fed stated that “an accommodative stance of monetary policy, coupled with robust underlying growth in productivity, is providing important ongoing support to economic activity.” It also stated that, given the modest rate of inflation, rates could remain low “for a considerable period.”

Money Market Review

The past year was an extremely challenging one for money market funds overall. Money market fund assets were down 11% in 2003, and, while assets fell, the demand for commercial paper exceeded the supply from issuers. Yields reached a 40-year low in 2003 as the Fed kept the fed funds target rate of 1.0% after it eased 25 basis points in June. This brought on an even more challenging environment, as it was difficult for some money market funds to produce positive yield returns. As the economy began to show signs of improvement in the later half of the year, we took advantage of opportunities along the yield curve.

Strategy

Taxable—Taxable funds focused on the front end of the yield curve in the first half of the year with the threat of the Fed easing. Once the Fed eased 25 basis points in June and the economic picture started improving in the third quarter, the yield curve began to steepen. Given our forecast of no immediate Fed tightening, we shifted our focus to the one-year sector as we looked to maintain weighted average maturities (“WAMs”) in the 45- to 50-day range. Coming into year end, as the job market began to disappoint and the yield curve became flat, our focus went back to the shorter end of the yield curve. We continue to look to maintain WAMs in the 45- to 50-day range.

Tax-Exempt—Tax-exempt money market funds experienced continued strong cash inflows in the first half of 2003 as tax-exempt funds continued to outperform their taxable counterparts on an after-tax basis. We focused on the one-year sector as issuance increased and provided opportunities for the Funds to extend WAMs to the mid- to upper-end of their ranges. Although the tax-exempt market experienced volatile cash flows in the fourth quarter, the Fund’s assets continue to grow. We are looking to maintain WAMs

1

Letter to Shareholders

(continued)

in the 35-45 day range by purchasing in the 3 and 6-month sectors.

Summary of Financial Square Funds Institutional Shares* as of December 31, 2003.

	Standardized		Standardized				Weighted
	7-Day		7-Day		30-Day		Avg.
Financial Square	Current		Effective		Average		Maturity
Funds	Yield		Yield		Yield		(days)
Prime Obligations		0.95%		0.96%		0.96%		40
Money Market		0.96		0.96		0.96		47
Treasury Obligations		0.81		0.81		0.83		46
Treasury Instruments		0.72		0.72		0.78		56
Government		0.91		0.92		0.91		40
Federal		0.87		0.87		0.88		44
Tax-Free Money Market		0.99		1.00		0.88		37

*  Financial Square Funds offers six separate classes of shares (Institutional, Select, Preferred, Capital, Administration and Service), each of which is subject to different fees and expenses that affect performance and entitle shareholders to different services. The Select, Preferred, Capital, Administration and Service shares offer financial institutions the opportunity to receive a fee for providing administrative support. The Select shares pay 0.03%, Preferred shares pay 0.10%, Capital shares pay 0.15%, Administration shares pay 0.25%, and the Service shares pay 0.50% of the daily average net assets of each Fund. If these fees were reflected in the above performance, performance would have been reduced. From time to time Goldman Sachs Asset Management may voluntarily waive a portion of the existing service fees of the Funds. 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, 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.

In closing, we thank you for your continued support. As in the past, we will look for additional ways to improve our services while seeking to provide competitive performance.

Goldman Sachs Money Market Management Team

January 15, 2004

2

Statement of Investments

Financial Square Prime Obligations Fund

December 31, 2003

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Commercial Paper and Corporate Obligations—53.9%
Asset Backed
Blue Ridge Asset Funding Corp.
$	150,000,000		1.09	%		01/06/2004	$	149,977,292
	150,000,000		1.09			01/08/2004		149,968,208
	50,000,000		1.09			01/15/2004		49,978,806
Citibank Credit Card Issuance Trust (Dakota Corp.)
	200,000,000		1.10			01/07/2004		199,963,333
	100,000,000		1.10			01/08/2004		99,978,611
	100,000,000		1.10			01/09/2004		99,975,556
	200,000,000		1.10			01/14/2004		199,920,556
	200,000,000		1.10			01/16/2004		199,908,333
	200,000,000		1.10			01/23/2004		199,865,555
	100,000,000		1.11			01/23/2004		99,932,167
Corporate Receivables Corp.
	50,000,000		1.09			01/05/2004		49,993,944
	50,000,000		1.09			01/06/2004		49,992,431
	50,000,000		1.09			01/07/2004		49,990,917
	50,000,000		1.10			01/07/2004		49,990,833
	50,000,000		1.10			01/08/2004		49,989,354
	50,000,000		1.09			01/26/2004		49,962,153
	100,000,000		1.10			01/26/2004		99,923,958
	50,000,000		1.10			01/28/2004		49,958,938
	100,000,000		1.10			02/02/2004		99,902,222
	200,000,000		1.10			02/04/2004		199,792,222
CXC, Inc.
	200,000,000		1.08			01/07/2004		199,964,000
Delaware Funding Corp.
	101,199,000		1.09			01/05/2004		101,186,744
	70,140,000		1.09			01/06/2004		70,129,381
	51,105,000		1.09			01/09/2004		51,092,621
Discover Card Master Trust I Series 2000-A (New Castle)
	62,855,000		1.11			01/27/2004		62,804,611
	100,000,000		1.12			02/18/2004		99,850,667
	27,000,000		1.11			02/20/2004		26,958,375
	170,755,000		1.10			03/11/2004		170,389,774
Eagle Funding Capital Corp.
	49,345,000		1.11			01/05/2004		49,338,914
	117,914,000		1.10			01/06/2004		117,895,985
	50,056,000		1.09			01/09/2004		50,043,876
	75,133,000		1.11			01/09/2004		75,114,467
	100,173,000		1.10			01/12/2004		100,139,331
Edison Asset Securitization Corp.
	300,000,000		1.08			01/05/2004		299,964,000
	100,000,000		1.09			01/06/2004		99,984,861
	94,651,000		1.10			01/06/2004		94,636,605
	200,000,000		1.09			01/07/2004		199,963,667
	250,000,000		1.10			01/21/2004		249,847,222
Falcon Asset Securitization Corp.
	110,000,000		1.09			01/05/2004		109,986,678
	200,000,000		1.09			01/07/2004		199,963,667
	185,000,000		1.09			01/08/2004		184,960,790
	196,570,000		1.09			01/15/2004		196,486,676
	149,777,000		1.10			01/22/2004		149,680,893
	70,000,000		1.09			01/30/2004		69,938,536
FCAR Owner Trust Series I
	59,918,000		1.09			01/05/2004		59,910,743
	150,000,000		1.09			01/06/2004		149,977,291
	100,000,000		1.09			01/26/2004		99,924,306
	100,000,000		1.10			01/26/2004		99,923,611
	100,000,000		1.09			01/27/2004		99,921,278
	50,000,000		1.11#			02/17/2004		49,927,542
Ford Credit Floor Plan Master Owner Trust A Series 2002-1
	175,500,000		1.11			01/21/2004		175,391,775
	133,000,000		1.12			01/21/2004		132,917,244
	255,000,000		1.11			01/22/2004		254,834,888
	35,000,000		1.11			01/28/2004		34,970,863
	65,000,000		1.12			02/09/2004		64,921,133
	50,000,000		1.12			02/12/2004		49,934,667
	175,000,000		1.11			03/17/2004		174,589,916
	50,000,000		1.12			03/17/2004		49,881,778
Fountain Square Commercial Funding Corp.
	50,000,000		1.09			01/16/2004		49,977,292
	20,000,000		1.09			01/20/2004		19,988,495
	50,000,000		1.09			02/06/2004		49,945,500
	55,000,000		1.10			02/13/2004		54,927,736
	50,000,000		1.11			02/25/2004		49,915,208
	100,000,000		1.12			03/01/2004		99,813,333
Govco, Inc.
	68,000,000		1.10			01/12/2004		67,977,144
	41,310,000		1.09			01/16/2004		41,291,238
	145,840,000		1.10			01/21/2004		145,750,876
	50,000,000		1.09			02/03/2004		49,950,042
	66,000,000		1.09			02/04/2004		65,932,057
	48,000,000		1.09			02/06/2004		47,947,680
	70,000,000		1.10			02/17/2004		69,899,472
	75,000,000		1.09			03/08/2004		74,847,854
Hatteras Funding Corp.
	66,922,000		1.10			01/06/2004		66,911,776
	75,134,000		1.10			01/07/2004		75,120,226
	66,191,000		1.11			01/12/2004		66,168,651
	51,943,000		1.09			01/15/2004		51,920,982
	152,412,000		1.11			01/27/2004		152,289,816
	66,593,000		1.11			01/28/2004		66,537,811
Independence Funding LLC
	254,590,000		1.09			01/14/2004		254,489,790

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

3

Statement of Investments

Financial Square Prime Obligations Fund (continued)

December 31, 2003

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Commercial Paper and Corporate Obligations (continued)
Asset Backed (continued)
Jupiter Securitization Corp.
$	300,000,000		1.09	%		01/05/2004	$	299,963,667
	114,919,000		1.09			01/06/2004		114,901,602
	280,000,000		1.09			01/07/2004		279,949,133
	200,000,000		1.09			01/09/2004		199,951,556
	60,812,000		1.09			01/12/2004		60,791,746
	86,275,000		1.10			01/12/2004		86,246,134
	50,312,000		1.09			01/20/2004		50,283,057
New Center Asset Trust
	40,000,000		1.10			01/09/2004		39,990,222
	125,000,000		1.10			01/12/2004		124,957,986
	100,000,000		1.10			01/13/2004		99,963,334
	200,000,000		1.10			02/04/2004		199,792,222
	100,000,000		1.10			02/10/2004		99,877,778
	105,000,000		1.10			03/11/2004		104,775,417
	50,000,000		1.09			03/24/2004		49,874,347
Park Avenue Receivables Corp.
	73,154,000		1.09			01/06/2004		73,142,925
	42,019,000		1.06			01/14/2004		42,002,916
	101,154,000		1.09			01/21/2004		101,092,746
Preferred Receivables Funding Corp.
	42,500,000		1.09			01/06/2004		42,493,566
	160,000,000		1.09			01/09/2004		159,961,244
	66,062,000		1.09			01/12/2004		66,039,998
Receivables Capital Corp.
	227,696,000		1.09			01/30/2004		227,496,070
	193,130,000		1.09			02/24/2004		192,814,233
Three Pillars Funding Corp.
	172,824,000		1.10			01/02/2004		172,818,719
	60,206,000		1.09			01/05/2004		60,198,709
	46,153,000		1.09			01/15/2004		46,133,436
Ticonderoga Funding LLC
	200,000,000		1.10			01/09/2004		199,951,333
	99,244,000		1.10			01/15/2004		99,201,546
	390,086,000		1.09			01/16/2004		389,908,836
	125,000,000		1.09			01/20/2004		124,928,090
	161,776,000		1.10			01/27/2004		161,648,062
Variable Funding Capital Corp.
	116,002,000		1.09			01/20/2004		115,935,266
	171,067,000		1.09			01/22/2004		170,958,230
Yorktown Capital, LLC
	200,000,000		1.10			01/05/2004		199,975,556
	407,945,000		1.10			01/20/2004		407,708,165
Commercial Bank
Citicorp
	200,000,000		1.10			01/08/2004		199,957,222
	100,000,000		1.10			01/09/2004		99,975,555
	100,000,000		1.09			02/09/2004		99,881,917
Financial Services
General Electric Capital International Funding
	198,507,000		1.10			01/05/2004		198,482,738
	150,000,000		1.10			01/07/2004		149,972,500
	140,000,000		1.10			01/08/2004		139,970,056
	100,000,000		1.10			02/04/2004		99,896,111
General Electric Capital Services, Inc.
	100,000,000		1.10			01/26/2004		99,923,611
Insurance Carriers
General Electric Financial Assurances Holdings
	120,000,000		1.10			01/21/2004		119,926,667
	150,233,000		1.11			02/12/2004		150,038,448
Security and Commodity Brokers, Dealers and Services
Bear Stearns Companies, Inc.
	500,000,000		1.03			01/02/2004		499,985,695
Citigroup Global Market Holding, Inc.
	200,000,000		1.09			01/13/2004		199,927,333
Morgan Stanley Dean Witter & Co
	100,000,000		1.09			01/23/2004		99,933,389
Total Commercial Paper and Corporate Obligations							$	15,371,516,833
Certificates of Deposit—2.1%
Discover Bank
$	100,000,000		1.11	%		01/02/2004	$	100,000,000
Wells Fargo Bank & Co.
	500,000,000		1.08			01/08/2004		499,999,514
Total Certificates of Deposit							$	599,999,514
Certificates of Deposit-Yankeedollar—1.1%
Citibank, N.A.
$	325,000,000		1.09	%		02/23/2004	$	325,000,000
Total Certificates of Deposit-Yankeedollar							$	325,000,000
Bank and Medium-Term Notes—0.9%
World Savings Bank, FSB
$	169,000,000		1.07	%		01/15/2004	$	168,998,688
	50,000,000		1.06			02/12/2004		49,997,621
	50,000,000		1.08			02/12/2004		49,998,836
Total Bank and Medium-Term Notes							$	268,995,145
Medium-Term Notes-Eurodollar#—0.9%
AIG FP Matched Funding
$	100,000,000		1.14	%		01/02/2004	$	99,986,010
	150,000,000		1.15			02/23/2004		150,002,144
Total Medium-Term Notes-Eurodollar							$	249,988,154

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

4

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
U.S. Government Agency Obligations—23.6%
Federal Home Loan Bank
$	500,000,000		1.08	%#		01/20/2004	$	499,804,238
	375,000,000		1.09#			03/15/2004		374,886,873
	400,000,000		1.10#			03/22/2004		399,901,954
	50,000,000		1.12			06/04/2004		49,758,889
	65,000,000		1.48			11/19/2004		65,000,000
Federal Home Loan Mortgage Corp.
	909,125,000		1.11#			01/07/2004		909,125,000
	245,000,000		1.13#			02/09/2004		245,000,000
	37,463,000		5.25			02/17/2004		37,659,066
	100,000,000		1.15			03/17/2004		99,757,222
	108,229,000		1.18			05/12/2004		107,762,713
	280,000,000		1.18			05/14/2004		278,770,178
	43,694,000		1.17			05/20/2004		43,496,042
	100,000,000		1.13			07/09/2004		99,403,611
	114,960,000		1.13			07/15/2004		114,252,740
	301,750,000		3.00			07/15/2004		304,577,868
	75,000,000		6.25			07/15/2004		76,933,768
	75,000,000		1.36			08/06/2004		74,992,093
	15,000,000		1.31			08/12/2004		14,877,733
	50,000,000		1.34			08/12/2004		49,584,667
	31,200,000		4.50			08/16/2004		31,840,121
	116,922,000		1.24			10/07/2004		115,798,899
	225,000,000		1.51			12/07/2004		224,986,604
Federal National Mortgage Association
	150,000,000		1.09#			01/20/2004		150,000,000
	100,000,000		1.06#			01/28/2004		99,963,828
	145,000,000		1.08#			02/11/2004		144,951,415
	350,000,000		1.08#			03/15/2004		349,917,599
	190,750,000		1.10#			03/23/2004		190,725,639
	125,000,000		1.17			05/05/2004		124,492,187
	70,000,000		1.18			05/12/2004		69,698,417
	100,000,000		1.18			05/12/2004		99,567,333
	49,535,000		1.17			05/19/2004		49,312,182
	245,000,000		1.17			05/26/2004		243,841,531
	140,000,000		1.18			05/26/2004		139,330,022
	100,000,000		1.17			06/02/2004		99,502,112
	81,855,000		1.18			06/02/2004		81,446,237
	75,000,000		1.16			07/23/2004		74,507,000
	50,000,000		1.21			07/23/2004		49,658,583
	37,150,000		1.29			07/23/2004		36,878,434
	105,000,000		6.50			08/16/2004		108,407,997
	239,547,000		1.38			08/20/2004		237,424,347
	100,000,000		1.24			09/17/2004		99,108,056
	50,000,000		1.25			10/15/2004		49,500,000
Total U.S. Government Agency Obligations							$	6,716,403,198
Variable Rate Obligations#—9.7%
Allstate Life Global Funding II
	70,000,000		1.18	%		01/16/2004		70,000,000
American Express Centurion Bank
	50,000,000		1.14			01/12/2004		50,000,000
	100,000,000		1.11			01/22/2004		100,000,000
	150,000,000		1.10			01/26/2004		150,000,000
American Express Credit Corp.
	70,000,000		1.20			01/05/2004		70,000,000
Bank One N.A.
	44,500,000		1.19			01/26/2004		44,506,434
BellSouth Telecommunications, Inc.
	200,000,000		1.24			03/04/2004		200,000,000
General Electric Capital Corp.
	155,000,000		1.25			01/09/2004		155,000,000
	87,000,000		1.14			01/28/2004		87,002,593
Hartford Life Insurance Co.†
	100,000,000		1.25			01/02/2004		100,000,000
Jackson National Life Global Funding
	130,000,000		1.22			01/22/2004		130,000,000
M & I Marshall & IIsley Bank
	68,000,000		1.11			01/02/2004		67,988,513
	150,000,000		1.08			01/29/2004		149,985,286
Metropolitan Life Global Funding I
	85,000,000		1.15			01/28/2004		85,000,000
Monumental Life Insurance Co.†
	55,000,000		1.29			01/02/2004		55,000,000
	120,000,000		1.32			01/02/2004		120,000,000
Morgan Stanley Dean Witter & Co
	435,000,000		1.08			01/02/2004		435,000,000
	150,000,000		1.15			01/27/2004		150,000,000
National City Bank of Indiana
	50,000,000		1.09			01/30/2004		49,998,769
New York Life Insurance Co.†
	225,000,000		1.23			01/02/2004		225,000,000
	50,000,000		1.24			01/02/2004		50,000,000
	25,000,000		1.23			03/19/2004		25,000,000
Pacific Life Insurance Co.†
	50,000,000		1.15			01/02/2004		50,000,000
Travelers Insurance Co.†
	150,000,000		1.25			01/30/2004		150,000,000
Total Variable Rate Obligations							$	2,769,481,595
Time Deposit—0.5%
Chase Manhattan Bank, N.A.
$	150,000,000		0.91	%		01/02/2004	$	150,000,000
Total Time Deposit							$	150,000,000
Total Investments before Repurchase Agreements							$	26,451,384,439

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

5

Statement of Investments

Financial Square Prime Obligations Fund (continued)

December 31, 2003

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Repurchase Agreements^*—7.3%
Goldman, Sachs & Co
$	150,000,000		1.02	%		01/02/2004	$	150,000,000
Maturity Value: $150,008,500
Joint Repurchase Agreement Account I
	120,500,000		0.84			01/02/2004		120,500,000
Maturity Value: $120,505,590
Joint Repurchase Agreement Account II
	1,800,000,000		0.99			01/02/2004		1,800,000,000
Maturity Value: $1,800,099,400
Total Repurchase Agreements							$	2,070,500,000
Total Investments							$	28,521,884,439

#	Variable or floating rate security index is based on either federal funds or LIBOR lending rate.
^	At December 31, 2003, these agreements were fully collateralized by U.S. Treasury or Federal Agency obligations.
*	Unless noted, all repurchase agreements were entered into on December 31, 2003.
†	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.

6

Statement of Investments

Financial Square Money Market Fund

December 31, 2003

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Commercial Paper and Corporate Obligations—42.2%
Asset Backed
Amstel Funding Corp.
$	96,037,000		1.09	%		02/04/2004	$	95,938,135
	131,050,000		1.10			02/27/2004		130,821,755
	150,000,000		1.10			03/15/2004		149,660,833
Atlantis One Funding Corp.
	89,757,000		1.09			01/07/2004		89,740,694
	214,184,000		1.10			01/20/2004		214,059,654
	100,536,000		1.10			04/08/2004		100,234,951
Citibank Credit Card Issuance Trust (Dakota Corp.)
	50,000,000		1.10			01/20/2004		49,970,972
	50,000,000		1.10			01/23/2004		49,966,389
Compass Securitization LLC
	40,000,000		1.10			03/22/2004		39,901,000
Corporate Receivables Corp.
	50,000,000		1.10			01/07/2004		49,990,833
	60,000,000		1.09			01/22/2004		59,961,850
Discover Card Master Trust I Series 2000-A (New Castle)
	77,000,000		1.10			01/09/2004		76,981,178
Eagle Funding Capital Corp.
	75,120,000		1.12			01/13/2004		75,091,955
Edison Asset Securitization Corp.
	55,000,000		1.09			01/06/2004		54,991,674
	100,000,000		1.09			01/07/2004		99,981,833
Fairway Finance Corp.
	42,748,000		1.09			03/15/2004		42,652,221
Falcon Asset Securitization Corp.
	50,000,000		1.10			01/13/2004		49,981,750
FCAR Owner Trust Series I
	50,000,000		1.11			02/17/2004		49,927,542
Gemini Securitization Corp.
	75,000,000		1.10			01/05/2004		74,990,833
	100,000,000		1.10			01/09/2004		99,975,667
Govco, Inc.
	45,000,000		1.10			01/26/2004		44,965,625
	50,000,000		1.09			03/08/2004		49,898,569
Grampian Funding Ltd.
	187,000,000		1.09			01/05/2004		186,977,352
	250,000,000		1.10			01/06/2004		249,961,806
	100,000,000		1.10			03/11/2004		99,786,111
Hatteras Funding Corp.
	80,000,000		1.10			01/13/2004		79,970,667
	30,000,000		1.11			01/27/2004		29,975,950
New Center Asset Trust
	150,000,000		1.10			02/10/2004		149,816,667
Old Line Funding Corp.
	67,727,000		1.09			01/02/2004		67,724,950
	50,081,000		1.11			02/12/2004		50,016,145
Park Avenue Receivables Corp.
	51,067,000		1.09			01/14/2004		51,046,899
Scaldis Capital LLC
	155,000,000		1.10			01/15/2004		154,933,996
	68,053,000		1.11			01/20/2004		68,013,132
	75,000,000		1.10			03/15/2004		74,830,417
Sheffield Receivables Corp.
	63,400,000		1.09			01/14/2004		63,375,045
	90,000,000		1.09			01/16/2004		89,959,125
Thames Asset Global Securitization I
	38,747,000		1.10			01/14/2004		38,731,609
	122,815,000		1.11			01/20/2004		122,743,051
	99,408,000		1.09			03/12/2004		99,194,300
Thunder Bay Funding, Inc.
	53,915,000		1.09			01/02/2004		53,913,368
	50,941,000		1.09			01/05/2004		50,934,830
Ticonderoga Funding LLC
	75,290,000		1.09			01/20/2004		75,246,687
Windmill Funding Corp.
	125,000,000		1.09			01/08/2004		124,973,507
	50,000,000		1.09			01/22/2004		49,968,208
Commercial Bank
Nordea North America, Inc.
	75,000,000		1.10			01/13/2004		74,972,500
Financial Services
General Electric Capital International Funding
	100,000,000		1.10			01/05/2004		99,987,778
	100,000,000		1.10			02/04/2004		99,896,111
Mortgage Banks
Nationwide Building Society
	200,000,000		1.10			03/29/2004		199,462,222
Security and Commodity Brokers, Dealers and Services
Bear Stearns Companies, Inc.
	250,000,000		1.03			01/02/2004		249,992,847
Greenwich Capital Holding, Inc.
	50,000,000		1.09			01/22/2004		49,968,209
	40,000,000		1.09			02/05/2004		39,957,611
KBC Finance Products International
	100,000,000		1.09			01/06/2004		99,984,861
Morgan Stanley Dean Witter & Co.
	100,000,000		1.09			01/23/2004		99,933,389
Total Commercial Paper and Corporate Obligations							$	4,795,935,263
Certificates of Deposit—2.6%
Wells Fargo Bank & Co.
$	300,000,000		1.05	%		02/02/2004	$	300,000,000
Total Certificates of Deposit							$	300,000,000

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

7

Statement of Investments

Financial Square Money Market Fund (continued)

December 31, 2003

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Medium-Term Note-Eurodollar#—0.4%
Credit Agricole
$	50,000,000		1.16	%		04/08/2004	$	50,004,774
Total Medium-Term Note-Eurodollar							$	50,004,774
Certificates of Deposit-Eurodollar—9.0%
Alliance & Leicester PLC
$	85,000,000		1.11	%		02/04/2004	$	85,000,801
	25,000,000		1.12			07/14/2004		25,000,670
	45,000,000		1.53			12/02/2004		45,002,068
	30,000,000		1.56			12/07/2004		30,002,794
DePfa-Bank Europe PLC
	100,000,000		1.12			02/26/2004		100,000,000
HBOS Treasury Services PLC
	200,000,000		1.06			01/21/2004		200,000,000
ING Bank NV
	150,000,000		1.10			01/20/2004		150,000,000
Landesbank Baden-Wuerttemberg
	70,000,000		1.20			05/12/2004		70,000,000
Landesbank Hessen-Thueringen Girozentrale
	80,000,000		1.31			10/18/2004		79,910,640
	50,000,000		1.51			11/19/2004		50,000,000
	39,000,000		1.51			11/30/2004		39,000,000
Unicredito Italiano SpA
	50,000,000		1.12			01/02/2004		50,000,000
	100,000,000		1.12			01/26/2004		100,001,385
Total Certificates of Deposit-Eurodollar							$	1,023,918,358
Certificates of Deposit-Yankeedollar—4.1%
Credit Agricole Indosuez
$	75,000,000		1.39	%		08/05/2004	$	74,995,543
Natexis Banques Populaires
	40,000,000		1.20			05/04/2004		40,000,000
Societe Generale
	150,000,000		1.06			01/20/2004		150,000,000
Westdeutsche Landesbank Girozentrale
	50,000,000		1.42			09/02/2004		50,000,000
	50,000,000		1.25			09/16/2004		50,000,000
World Savings Bank, FSB
	50,000,000		1.06			01/15/2004		49,999,414
	50,000,000		1.05			03/18/2004		49,995,710
Total Certificates of Deposit-Yankeedollar							$	464,990,667
U.S. Government Agency Obligations—8.1%
Federal Home Loan Bank
$	100,000,000		1.08	%#		01/19/2004	$	99,960,847
Federal Home Loan Mortgage Corp.
	182,000,000		1.11	#		01/07/2004		182,000,000
	130,500,000		3.00			07/15/2004		131,761,436
	110,000,000		1.36			08/06/2004		109,988,403
	25,000,000		1.34			08/12/2004		24,792,333
	45,000,000		1.24			10/07/2004		44,567,750
Federal National Mortgage Association
	25,000,000		1.17			05/05/2004		24,898,437
	25,000,000		1.18			05/12/2004		24,892,292
	40,000,000		1.17			06/02/2004		39,801,100
	25,000,000		1.16			07/23/2004		24,835,667
	50,000,000		1.21			07/23/2004		49,658,583
	50,000,000		1.25			10/15/2004		49,500,000
	109,872,000		1.30			11/12/2004		108,623,061
Total U.S. Government Agency Obligations							$	915,279,909
Variable Rate Obligations#—25.0%
Allstate Life Global Funding II
$	30,000,000		1.18	%		01/16/2004	$	30,000,000
American Express Credit Corp.
	30,000,000		1.20			01/05/2004		30,000,000
Asset Securitization Corp.
	150,000,000		1.11			01/22/2004		150,000,000
Bank of Nova Scotia
	50,000,000		1.09			01/26/2004		49,992,528
Barclays Bank PLC
	50,000,000		1.10			01/05/2004		49,986,218
	60,000,000		1.10			01/08/2004		59,986,144
Bayerische Landesbank
	105,000,000		1.08			01/20/2004		104,974,404
BNP Paribas SA New York
	50,000,000		1.09			03/30/2004		49,979,027
Canadian Imperial Bank of Commerce
	200,000,000		1.04			01/02/2004		199,981,603
	75,000,000		1.11			01/27/2004		75,002,585
Compass Securitization LLC
	45,000,000		1.12			01/12/2004		44,999,476
Credit Agricole Indosuez
	100,000,000		1.04			01/02/2004		99,990,801
	100,000,000		1.10			02/27/2004		99,960,612
Deutshe Bank Financial
	211,510,000		1.20			02/25/2004		211,531,327
Fairway Finance Corp.
	65,000,000		1.13			01/12/2004		65,000,000
	100,000,000		1.11			01/20/2004		100,000,000
General Electric Capital Corp.
	75,000,000		1.25			01/09/2004		75,000,000

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

8

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Variable Rate Obligations# (continued)
HBOS Treasury Services PLC
$	50,000,000		1.13	%		01/02/2004	$	50,024,349
	50,000,000		1.18			01/23/2004		50,019,317
	75,000,000		1.19			02/20/2004		75,000,000
HSH Nordbank AG
	50,000,000		1.08			01/28/2004		49,986,173
Landesbank Baden-Wuerttemberg
	30,000,000		1.11			01/12/2004		29,996,078
	50,000,000		1.16			01/15/2004		50,003,609
	35,000,000		1.10			02/27/2004		34,987,821
Metropolitan Life Global Funding I
	40,000,000		1.17			01/15/2004		40,000,000
Monumental Life Insurance Co.†
	80,000,000		1.32			01/02/2004		80,000,000
Nationwide Building Society
	85,000,000		1.14			01/23/2004		85,000,000
	50,000,000		1.17			03/29/2004		50,000,000
New York Life Insurance Co.†
	25,000,000		1.23			03/19/2004		25,000,000
	100,000,000		1.23			04/01/2004		100,000,000
	40,000,000		1.24			04/01/2004		40,000,000
Norddeutsche Landesbank Girozentrale
	100,000,000		1.11			01/05/2004		99,991,454
Sheffield Receivables Corp.
	145,000,000		1.11			01/20/2004		145,000,000
	100,000,000		1.10			01/26/2004		100,000,000
Societe Generale
	100,000,000		1.11			01/12/2004		99,966,784
	75,000,000		1.08			01/30/2004		74,980,988
Westdeutsche Landesbank Girozentrale
	60,000,000		1.11			03/01/2004		59,978,097
Total Variable Rate Obligations							$	2,836,319,395
Time Deposit—2.6%
J.P. Morgan Chase & Co.
$	300,000,000		0.91	%		01/02/2004	$	300,000,000
Total Time Deposit							$	300,000,000
Total Investments before Repurchase Agreements							$	10,686,448,366
Repurchase Agreements^*—6.0%
Goldman, Sachs & Co.
	150,000,000		1.02	%		01/02/2004		150,000,000
Maturity Value: $150,008,500
Joint Repurchase Agreement Account I
	110,300,000		0.84			01/02/2004		110,300,000
Maturity Value: $110,305,117
Joint Repurchase Agreement Account II
	420,000,000		0.99			01/02/2004		420,000,000
Maturity Value: $420,023,193
Total Repurchase Agreements							$	680,300,000
Total Investments							$	11,366,748,366

#	Variable or floating rate security index is based on federal funds, LIBOR or Prime lending rate.
^	At December 31,2003, these agreements were fully collateralized by U.S. Treasury or Federal Agency obligations.
*	Unless noted, all repurchase agreements were entered into on December 31,2003.
†	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.

9

Statement of Investments

Financial Square Treasury Obligations Fund

December 31, 2003

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
U.S. Treasury Obligations—15.2%
United States Treasury Notes
$	188,000,000		6.00	%		08/15/2004	$	193,657,436
	25,000,000		7.25			08/15/2004		25,940,924
	125,000,000		2.13			08/31/2004		125,739,517
	40,000,000		5.88			11/15/2004		41,589,714
	67,000,000		2.00			11/30/2004		67,385,291
	150,000,000		1.75			12/31/2004		150,654,735
Total U.S. Treasury Obligations							$	604,967,617
Total Investments before Repurchase Agreements							$	604,967,617
Repurchase Agreements^*—84.7%
Bank of America, N.A.
$	75,000,000		0.80	%		01/02/2004	$	75,000,000
Maturity Value: $75,003,333
Barclays Bank PLC
	165,000,000		0.86			01/02/2004		165,000,000
Maturity Value: $165,007,883
Bear Stearns Cos., Inc.
	180,000,000		0.85			01/02/2004		180,000,000
Maturity Value: $180,008,500
C.S. First Boston Corp.
	180,000,000		0.88			01/02/2004		180,000,000
Maturity Value: $180,008,800
Deutsche Bank
	180,000,000		0.97			02/02/2004		180,000,000
Maturity Value: $180,160,050
Goldman, Sachs & Co.
	180,000,000		0.83			01/02/2004		180,000,000
Maturity Value: $180,008,300
Greenwich Capital
	180,000,000		0.85			01/02/2004		180,000,000
Maturity Value: $180,008,500
Joint Repurchase Agreement Account I
	1,809,600,000		0.84			01/02/2004		1,809,600,000
Maturity Value: $1,809,683,945
Lehman Brothers Holdings, Inc.
	180,000,000		0.85			01/02/2004		180,000,000
Maturity Value: $180,008,500
Morgan Stanley Dean Witter & Co.
	120,000,000		0.82			01/02/2004		120,000,000
Maturity Value: $120,005,467
UBS LLC
	125,000,000		0.99			01/08/2004		125,000,000
Maturity Value: $125,312,813
Dated: 10/09/03
Total Repurchase Agreements							$	3,374,600,000
Total Investments							$	3,979,567,617

^	At December 31, 2003, these agreements were fully collateralized by U.S. Treasury obligations.
*	Unless noted, all repurchase agreements were entered into on December 31, 2003.

Interest rates represent the stated coupon rate.

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 Treasury Instruments Fund

December 31, 2003

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
U.S. Treasury Obligations—151.3%
United States Treasury Bills
$	67,500,000		0.75	%		01/02/2004	$	67,498,603
	100,000,000		0.89			01/02/2004		99,997,528
	143,500,000		0.90			01/02/2004		143,496,432
	73,300,000		0.75			01/08/2004		73,289,310
	266,500,000		0.84			01/08/2004		266,456,472
	585,000,000		0.88	>		01/15/2004		584,814,705
	15,800,000		0.80			01/29/2004		15,790,169
	1,600,000		0.93			02/26/2004		1,597,698
	115,000,000		1.04			06/03/2004		114,490,838
United States Treasury Notes
	100,000,000		3.00			01/31/2004		100,172,794
	100,000,000		3.00			02/29/2004		100,324,276
	100,000,000		3.25			05/31/2004		100,902,707
	50,000,000		2.88			06/30/2004		50,460,597
Total U.S. Treasury Obligations							$	1,719,292,129
Total Investments							$	1,719,292,129

> Forward commitment.

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.

11

Statement of Investments

Financial Square Government Fund

December 31, 2003

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
U.S. Government Agency Obligations—73.0%
Federal Farm Credit Bank
$	50,000,000		1.02	%#		01/16/2004	$	49,995,887
	60,000,000		1.01	#		02/03/2004		59,996,463
Federal Home Loan Bank
	50,000,000		1.08	#>		01/05/2004		49,997,500
	250,000,000		1.05	#		01/06/2004		249,998,705
	75,000,000		1.01	#		01/14/2004		74,991,972
	50,000,000		1.08	#		01/20/2004		49,980,424
	30,000,000		1.03	#		01/27/2004		29,993,335
	75,000,000		1.04	#		02/11/2004		74,988,567
	60,000,000		1.04	#		02/25/2004		59,986,313
	100,000,000		1.02	#		02/27/2004		99,977,520
	17,000,000		1.22			08/04/2004		16,998,354
	50,000,000		1.37			09/09/2004		50,000,000
	42,135,000		2.00			11/15/2004		42,322,558
Federal Home Loan Mortgage Corp
	50,000,000		1.11	#		01/07/2004		50,000,000
	40,700,000		1.06			01/08/2004		40,691,611
	30,000,000		5.00			01/15/2004		30,040,373
	50,000,000		5.25			02/15/2004		50,261,679
	25,000,000		1.15	#		03/09/2004		25,002,512
	23,000,000		1.07	#		03/22/2004		22,985,457
	25,000,000		6.25			07/15/2004		25,646,670
	10,000,000		1.31			08/12/2004		9,918,489
	60,567,000		4.50			08/15/2004		61,804,349
	25,000,000		1.51			12/07/2004		24,998,512
Federal National Mortgage Association
	79,000,000		1.05			01/02/2004		78,997,696
	200,000,000		1.05			01/05/2004		199,976,667
	204,000,000		1.09			01/14/2004		203,919,703
	125,000,000		1.02	#		01/20/2004		124,997,232
	75,000,000		1.09	#		01/20/2004		74,987,208
	200,000,000		1.07			01/21/2004		199,881,667
	75,000,000		1.06	#		01/28/2004		74,975,729
	100,000,000		1.03	#		01/30/2004		99,985,342
	70,000,000		1.08	#		02/11/2004		69,976,545
	50,000,000		1.03	#		02/13/2004		49,996,831
	50,000,000		1.02	#		03/11/2004		49,996,462
	50,000,000		1.03	#		04/05/2004		49,987,471
	21,270,000		1.18			05/05/2004		21,182,852
	50,000,000		1.16			07/23/2004		49,671,333
	20,000,000		6.50			08/16/2004		20,651,261
	43,918,000		1.38			08/20/2004		43,527,423
Student Loan Marketing Association
	75,000,000		1.12	#		01/09/2004		74,999,676
Total U.S. Government Agency Obligations							$	2,738,288,348
Total Investments before Repurchase Agreements							$	2,738,288,348
Repurchase Agreements^*—28.2%
Goldman, Sachs & Co.
	400,000,000		1.05	%		01/07/2004		400,000,000
Maturity Value: $400,081,667
Joint Repurchase Agreement Account I
	60,500,000		0.84			01/02/2004		60,500,000
Maturity Value: $60,502,807
Joint Repurchase Agreement Account II
	400,000,000		0.99			01/02/2004		400,000,000
Maturity Value: $400,022,089
UBS LLC
	200,000,000		1.06			02/17/2004		200,000,000
Maturity Value: $200,282,667
Dated 12/17/03
Total Repurchase Agreements							$	1,060,500,000
Total Investments							$	3,798,788,348

>	Forward commitment.
#	Variable or floating rate security index is based on either U.S. Treasury Bill, LIBOR or Prime lending rate.
^	At December 31, 2003, these agreements were fully collateralized by U.S. Treasury or Federal Agency obligations.
*	Unless noted, all repurchase agreements were entered into on December 31, 2003.

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 Federal Fund

December 31, 2003

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
U.S. Government Agency Obligations—98.4%
Federal Farm Credit Bank
$	75,000,000		0.97	%		01/02/2004	$	74,997,979
	100,000,000		1.06	#		01/02/2004		100,000,000
	22,900,000		0.94			01/05/2004		22,897,608
	50,000,000		0.96			01/05/2004		49,994,667
	100,000,000		1.06	#		01/05/2004		99,970,776
	100,000,000		1.07	#		01/05/2004		99,989,878
	45,000,000		0.96			01/07/2004		44,992,800
	30,000,000		0.99			01/07/2004		29,995,050
	40,000,000		0.96			01/08/2004		39,992,533
	150,000,000		0.93			01/09/2004		149,969,000
	60,000,000		0.95			01/12/2004		59,982,583
	100,000,000		1.06	#		01/12/2004		99,991,186
	30,000,000		1.09	#		01/12/2004		29,982,493
	25,000,000		1.00			01/13/2004		24,991,667
	35,000,000		0.88			01/15/2004		34,988,022
	100,000,000		1.02	#		01/16/2004		99,991,775
	50,000,000		0.96			01/20/2004		49,974,667
	80,000,000		1.04	#		01/20/2004		79,988,523
	55,000,000		0.96			01/21/2004		54,970,667
	110,000,000		1.02	#		01/26/2004		109,982,195
	50,000,000		1.07	#		01/26/2004		49,994,217
	70,000,000		1.04	#		01/27/2004		69,992,923
	650,000,000		1.00	#		02/02/2004		650,000,000
	70,000,000		1.01	#		02/03/2004		69,995,873
	25,000,000		1.02			02/13/2004		24,969,542
	50,000,000		1.00			02/18/2004		49,933,333
	78,700,000		1.01			02/24/2004		78,580,769
	50,000,000		1.01			03/17/2004		49,893,389
	125,000,000		1.02	#		03/24/2004		124,988,025
	20,000,000		1.00			03/29/2004		19,951,111
	50,000,000		1.02			04/13/2004		49,854,083
	50,000,000		1.08			05/19/2004		49,791,500
	40,000,000		1.09			05/24/2004		39,825,600
Federal Home Loan Bank
	124,000,000		0.75			01/02/2004		123,997,417
	30,000,000		0.99			01/02/2004		29,999,175
	104,067,000		1.02			01/02/2004		104,064,051
	228,300,000		1.04			01/02/2004		228,293,405
	200,000,000		1.08	#>		01/05/2004		199,989,970
	202,695,000		5.38			01/05/2004		202,784,988
	25,000,000		1.01	#		01/06/2004		24,994,403
	250,000,000		1.05	#		01/06/2004		249,998,705
	20,800,000		1.05			01/07/2004		20,796,360
	150,000,000		0.96			01/09/2004		149,968,000
	47,058,000		1.02			01/09/2004		47,047,334
	142,000,000		1.01	#		01/14/2004		141,984,801
	100,000,000		1.02			01/14/2004		99,963,167
	104,600,000		1.01			01/16/2004		104,555,981
	75,000,000		1.08	#		01/20/2004		74,970,636
	50,000,000		1.13			01/20/2004		49,970,180
	200,000,000		1.01			01/21/2004		199,887,778
	125,600,000		1.02			01/21/2004		125,529,175
	100,000,000		1.06			01/21/2004		99,941,111
	96,644,000		1.01			01/23/2004		96,584,349
	50,000,000		1.06			01/23/2004		49,967,611
	70,000,000		1.06	#		01/26/2004		69,979,787
	35,000,000		1.03	#		01/27/2004		34,992,224
	220,938,000		0.98			01/28/2004		220,775,610
	55,500,000		1.05			01/28/2004		55,456,294
	13,677,000		1.05			01/30/2004		13,665,410
	25,780,000		1.02			02/06/2004		25,753,704
	10,000,000		1.05			02/06/2004		9,989,530
	100,000,000		1.04	#		02/11/2004		99,984,756
	92,545,000		1.05			02/13/2004		92,429,486
	110,000,000		1.04	#		02/25/2004		109,974,907
	107,000,000		1.07			02/25/2004		106,825,085
	75,000,000		1.02	#		02/27/2004		74,983,140
	35,000,000		1.08			02/27/2004		34,940,316
	275,000,000		1.09	#		03/15/2004		274,927,532
	100,000,000		1.05			03/19/2004		99,773,583
	100,000,000		1.10	#		03/30/2004		99,981,244
	90,410,000		3.75			04/15/2004		91,094,690
	58,500,000		1.13			04/16/2004		58,306,219
	14,835,000		4.88			04/16/2004		14,995,345
	20,000,000		1.13			04/23/2004		19,929,375
	23,728,000		1.15			05/26/2004		23,617,335
	105,000,000		1.17			06/02/2004		104,480,119
	63,900,000		4.75			06/28/2004		65,025,889
	50,000,000		1.25			07/02/2004		50,000,000
	20,000,000		1.00			07/16/2004		19,985,575
	100,000,000		1.22			08/04/2004		99,990,321
	9,500,000		4.63			08/13/2004		9,698,215
	67,910,000		6.25			08/13/2004		69,941,537
	50,000,000		1.37			09/09/2004		50,000,000
	43,000,000		2.00			11/15/2004		43,191,408
	35,000,000		1.50			12/07/2004		35,000,000
	50,000,000		1.43			12/24/2004		50,000,000
Student Loan Marketing Association
	18,130,000		0.98			01/06/2004		18,127,532
	47,500,000		1.00			01/08/2004		47,490,764
	100,000,000		1.12	#		01/09/2004		99,999,568
	53,200,000		1.00			01/13/2004		53,182,267
	50,000,000		1.01			01/15/2004		49,980,361
	14,050,000		5.00			06/30/2004		14,316,708
	38,000,000		3.38			07/15/2004		38,415,829

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

13

Statement of Investments

Financial Square Federal Fund (continued)

December 31, 2003

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
U.S. Government Agency Obligations (continued)
Tennessee Valley Authority
$	319,000,000		1.00	%		01/22/2004	$	318,813,916
Total U.S. Government Agency Obligations							$	7,980,718,612
U.S. Treasury Obligations—4.0%
United States Treasury Bill
$	293,400,000		0.75	%		01/02/2004	$	293,393,917
	31,300,000		0.76			01/02/2004		31,299,344
Total U.S. Treasury Obligations							$	324,693,261
Total Investments							$	8,305,411,873

>	Forward commitment.
#	Variable or floating rate security index is based on either U.S. Treasury Bill, LIBOR or Prime lending rate.

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.

14

Statement of Investments

Financial Square Tax-Free Money Market Fund

December 31, 2003

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Alabama—2.0%
Birmingham GO VRDN Capital Improvement Series 1998 A (Regions Bank LOC) (A-1/VMIG1)
$	4,960,000		1.25	%		01/02/2004	$	4,960,000
Columbia IDB VRDN PCRB Refunding for Alabama Power Co. Project Series 1995 A (A-1/VMIG1)
	19,400,000		1.30			01/02/2004		19,400,000
Columbia IDB VRDN PCRB Refunding for Alabama Power Co. Project Series 1995 E (A-1/VMIG1)
	16,450,000		1.30			01/02/2004		16,450,000
Columbia IDB VRDN PCRB Refunding for Alabama Power Co. Project Series 1996 A (A-1/VMIG1)
	7,000,000		1.30			01/02/2004		7,000,000
Columbia IDB VRDN PCRB Refunding for Alabama Power Co. Project Series 1999 B (A-1/VMIG1)
	18,600,000		1.30			01/02/2004		18,600,000
Columbia IDB VRDN PCRB Refunding for Alabama Power Co. Project Series 1999 C (A-1/VMIG1)
	5,000,000		1.33			01/02/2004		5,000,000
Gadsden IDA VRDN PCRB Refunding for Alabama Power Co. Project Series 1994 (A-1/VMIG1)
	6,150,000		1.32			01/02/2004		6,150,000
Huntsville Alabama GO VRDN Warrants Series 2002 G (Regions Bank LOC) (A-1/VMIG1)
	10,030,000		1.26			01/02/2004		10,030,000
Jefferson County Sewer Revenue Capital Improvement VRDN Series 2002 A (FGIC) (JP Morgan Chase SPA) (A-1+/VMIG1)
	5,000,000		1.25			01/02/2004		5,000,000
Mobile City IDRB VRDN PCRB Refunding for Alabama Power Co. Series 1993 A (A-1/VMIG1)
	5,100,000		1.29			01/02/2004		5,100,000
Mobile City IDRB VRDN PCRB Refunding for Alabama Power Co. Series 1994 (A-1/VMIG1)
	13,000,000		1.30			01/02/2004		13,000,000
University of Alabama VRDN RB Series 1993 B (A-1+/VMIG1)
	6,800,000		1.10			01/07/2004		6,800,000
West Jefferson IDB VRDN PCRB Refunding for Alabama Power Co. Project Series 1998 (A-1/VMIG1)
	36,400,000		1.30			01/02/2004		36,400,000
							$	153,890,000
Alaska—0.7%
Alaska State Housing Finance Corp. VRDN RB for Governmental Purposes Series 2001 A (MBIA) (A-1+/VMIG1)
$	24,000,000		1.25	%		01/02/2004	$	24,000,000
Alaska State Housing Finance Corp. VRDN Series 2000 B (A-1+/VMIG1)
	33,300,000		1.20			01/07/2004		33,300,000
							$	57,300,000
Arizona—0.9%
Arizona School District TANS Financing Program COPS Series 2003 (SP-1+)
	40,000,000		1.75	%		07/30/2004		40,171,499
Arizona State Transportation Board Highway VRDN RB ROCS RR II-R-4003 (Citigroup LOC) (VMIG1)
	5,200,000		1.30			01/02/2004		5,200,000
City of Phoenix Water CP (Dexia Guarantor) (A-1+)
	12,000,000		0.95			05/10/2004		12,000,000
Mesa IDA VRDN RB for Discovery Health Systems Series 1999 B (MBIA) (JP Morgan Chase SPA) (A-1+/VMIG1)
	13,240,000		1.12			01/07/2004		13,240,000
							$	70,611,499
California—6.6%
Alameda County Board of Education TRANS Series 2003 (SP-1+)
$	17,500,000		1.50	%		06/30/2004	$	17,547,948
California Health Facilities Financing Authority VRDN RB for Sisters Charity Health System Series 2003 (A-1+/VMIG1)
	18,255,000		1.12			01/07/2004		18,255,000
California Statewide Communities Development Authority TRANS Series 2003 A-3 Riverside (A-1+/MIG1)
	20,600,000		2.00>			06/30/2004		20,713,084
California Statewide Communities Development Authority TRANS RB A-2-Fresno Series 2003 (SP-1+/MIG1)
	14,200,000		2.00			06/30/2004		14,267,419
Desert Sands California University School District TRANS (SP-1+)
	5,000,000		1.50>			06/30/2004		5,014,703
Fresno California VRDN RB for Trinity Health Credit Series 2000 C (JP Morgan Chase SPA/Landesbank Hessen-Thueringen SPA) (A-1+/VMIG1)
	40,805,000		1.18			01/02/2004		40,805,000
Glendale California COPS VRDN for Police Building Project (JP Morgan Chase SPA) (A-1+/VMIG1)
	11,500,000		1.25			01/02/2004		11,500,000
Los Angeles City GO Unlimited Notes TRANS (SP-1+/MIG1)
	30,000,000		2.00			06/30/2004		30,141,091
Los Angeles County GO TRANS RB Series 2003 A (SP-1+/MIG1)
	32,000,000		2.00			06/30/2004		32,152,948
Los Angeles Department Water & Power Waterworks VRDN RB Subseries 2001 B-4 (Landesbank Hessen-Thueringen SPA) (A-1+/VMIG1)
	13,900,000		1.20			01/02/2004		13,900,000
Los Angeles Unified School District GO TRANS Series 2003 A (SP-1+/MIG1)
	71,500,000		2.00>			07/01/2004		71,864,673
Los Angeles Unified School District GO TRANS Series 2003 B (SP-1+/MIG1)
	14,000,000		1.50>			07/01/2004		14,039,264

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

15

Statement of Investments

Financial Square Tax-Free Money Market Fund (continued)

December 31, 2003

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
California (continued)
Los Angeles Unified School District GO VRDN Merlots Series 2003 (FSA) (Wachovia Bank SPA) (VMIG1)
$	6,235,000		1.15	%		01/07/2004	$	6,235,000
Los Angeles Water & Power VRDN RB for Power Systems Subseries 2002 A-6 (A-1+/VMIG1)
	7,100,000		1.20			01/02/2004		7,100,000
Los Angeles Water & Power VRDN RB Subseries 2001 B-7 (A-1+/VMIG1)
	17,100,000		1.25			01/02/2004		17,100,000
Los Angeles Water & Power VRDN RB Subseries 2002 A-7 (A-1+/VMIG1)
	13,200,000		1.20			01/02/2004		13,200,000
Los Angeles Water & Power VRDN RB for Power Systems Subseries 2002 A-3 (Bayerische Landesbank SPA/BNP Paribas SPA/Dexia Credit Local SPA/JP Morgan Chase SPA/Westdeutsche Landesbank SPA) (A-1+/VMIG1)
	12,300,000		1.20			01/02/2004		12,300,000
Los Angeles Water & Power VRDN RB Subseries 2001 B-8 (Bank of America SPA) (A-1+/VMIG1)
	6,100,000		1.25			01/02/2004		6,100,000
M-S-R Public Power Agency VRDN RB Refunding for San Juan Project Subordinate Lien Series 1997 D (MBIA) (JP Morgan Chase SPA) (A-1+/VMIG1)
	10,000,000		1.25			01/02/2004		10,000,000
Metropolitan Water District of Southern California Waterworks VRDN RB Refunding Series 2002 A (Landesbank Baden-Wurttm SPA) (A-1+/VMIG1)
	4,000,000		1.25			01/02/2004		4,000,000
Metropolitan Water District of Southern California Waterworks VRDN RB Series 2000 B-1 (Westdeutsche Landesbank SPA) (A-1+/VMIG1)
	10,350,000		1.27			01/02/2004		10,350,000
New Haven Unified School District GO TRANS Series 2003 (SP-1+)
	6,000,000		2.00>			07/14/2004		6,034,844
Newport Beach VRDN RB for Hoag Memorial Hospital Series 1999 A (A-1+/VMIG1)
	8,500,000		1.16			01/07/2004		8,500,000
Newport Beach VRDN RB for Hoag Memorial Hospital Series 1999 B (A-1+/VMIG1)
	7,900,000		1.16			01/07/2004		7,900,000
Newport Beach VRDN RB for Hoag Memorial Hospital Series 1999 C (A-1+/VMIG1)
	6,000,000		1.16			01/07/2004		6,000,000
Oakland TRANS Series 2003 (SP-1+/MIG1)
	10,165,000		2.00			07/29/2004		10,227,402
Orange County Water District VRDN COPS Series 2003 A (Lloyds TSB Bank PLC SPA) (A-1+/VMIG1)
	6,400,000		1.03			01/07/2004		6,400,000
Sacramento County TRANS Series 2003 A (SP-1+/MIG1)
	38,700,000		2.00			07/30/2004		38,931,956
Sacramento County VRDN COPS for Weekly Administration Center and Courthouse Project Series 1990 (Bayerische Landebank LOC) (A-1+/VMIG1)
	6,300,000		1.25			01/02/2004		6,300,000
San Diego Unified School District TRANS Series 2003 A (SP-1+/MIG1)
	12,300,000		2.00			06/30/2004		12,366,301
South Coast Local Educational Agencies TRANS Series 2003 (MIG1)
	24,000,000		2.00>			06/30/2004		24,113,932
							$	503,360,565
Colorado—2.1%
Adams & Arapahoe Countys School District NOO 28J Aurora GO VRDN ROCS RR II-R-2015 (FSA) (Citigroup SPA) (VMIG1)
$	5,380,000		1.30	%		01/02/2004	$	5,380,000
Colorado Health Facilities Authority VRDN RB for Sisters of Charity Series 2002 (JP Morgan Chase) (A-1+/VMIG1)
	17,200,000		1.15			01/07/2004		17,200,000
Colorado Springs Utilities VRDN RB Sub Lien Series 2000 A (Bayerische Landesbank SPA) (A-1+/VMIG1)
	21,600,000		1.20			01/02/2004		21,600,000
Denver City & County VRDN COPS Refunding for Wellington E Web-C1 Series 2003 (AMBAC) (JP Morgan Chase & Co. SPA) (A-1+/VMIG1)
	11,300,000		1.12			01/07/2004		11,300,000
Denver City & County VRDN COPS Refunding for Wellington Series 2003 E Web-C3 (AMBAC) (Dexia Credit Local) (A-1+/VMIG1)
	5,000,000		1.17			01/07/2004		5,000,000
Moffat County VRDN PCRB Adjusted Refunding for Pacificorp Projects Series 1994 (AMBAC)(Bank One Trust Co. SPA) (A-1+/VMIG1)
	20,755,000		1.30			01/02/2004		20,755,000
Northern Water Conservancy District COPS VRDN P-Floats-PT 1395 (MBIA) (Merrill Lynch SPA) (A-1)
	5,135,000		1.28			01/02/2004		5,135,000
Platte River Power Authority Electric VRDN RB Sub Lien Series 1993 S-1 (JP Morgan Chase SPA) (A-1+/VMIG1)
	13,200,000		1.10			01/07/2004		13,200,000
Regional Transportation District Company VRDN Transit Vehicles Project Series 2002 A (AMBAC) (Bayerische Landesbank SPA) (A-1+/VMIG1)
	31,500,000		1.22			01/02/2004		31,500,000
Regional Transportation District COPS for Transit Vehicles Project Series 2002 A (Westdeutsche Landesbank LOC) (A-1+/VMIG1)
	5,000,000		0.90			02/09/2004		5,000,000
	17,000,000		1.05			04/07/2004		17,000,000

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

16

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Colorado (continued)
Regional Transportation District Sales Tax VRDN RB P-Floats-PT 1413 Series 2002 (AMBAC) (Merrill Lynch SPA) (A-1)
$	7,275,000		1.28	%		01/02/2004	$	7,275,000
							$	160,345,000
Connecticut—0.1%
Connecticut State Health & Educational Facilities Authority VRDN RB Eagle Series 20026027 Class A (Citibank SPA) (A-1+)
$	8,500,000		1.30	%		01/02/2004	$	8,500,000
Florida—2.9%
Broward County MF Hsg. VRDN RB for Island Club Apartments Series 2001 A (FHLMC) (A-1+)
$	2,500,000		1.27	%		01/02/2004	$	2,500,000
Broward County MF Hsg. VRDN RB for Landings of Inverrary Apartments Series 1985 (FNMA) (VMIG1)
	9,600,000		1.15			01/02/2004		9,600,000
Broward County MF Hsg. VRDN RB for Sanctuary Apartments Project Series 1985 (FNMA) (VMIG1)
	6,000,000		1.15			01/07/2004		6,000,000
Eagle Tax Exempt Trust GO VRDN Weekly Participation Certificate State of Florida Board of Education 20026006 CL B (MBIA) (Citibank SPA) (A-1+)
	7,880,000		1.30			01/02/2004		7,880,000
Florida Board of Education Eagle Tax-Exempt Trust Series 20010901 (Citibank SPA) (A-1+)
	26,850,000		1.30			01/02/2004		26,850,000
Florida Board of Education Eagle Tax-Exempt Trust Series 20010906 Class A COPS (FGIC) (Citibank SPA) (A-1+)
	1,500,000		1.30			01/02/2004		1,500,000
Florida Department of Transportation Eagle Tax-Exempt Trust Series 96C 0903 (Citibank SPA) (A-1+)
	24,750,000		1.30			01/02/2004		24,750,000
Florida Local Government Financing Commission Pooled CP Notes Series A (First Union National Bank) (Wachovia LOC) (A-1+)
	8,625,000		1.00			02/09/2004		8,625,000
	10,315,000		1.05			02/09/2004		10,315,000
Florida State Board of Education Public Education VRDN P-Floats-PT 1465 Series 2002 (Merrill Lynch SPA) (A-1)
	8,560,000		1.28			01/02/2004		8,560,000
Florida State Board of Education VRDN RB for Lottery Floaters Series 858 2003 (MBIA) (VMIG1)
	6,220,000		1.29			01/02/2004		6,220,000
Florida State Board of Education VRDN RB for Lottery P-FLOATS-PT-2036 Series 2003 (MBIA)
	8,200,000		1.28			01/02/2004		8,200,000
Florida State Turnpike Authority VRDN RB P-FLOAT-PT 1944 Series 2003 (AMBAC) (Merrill Lynch Capital Services SPA)
	14,975,000		1.28			01/02/2004		14,975,000
Jackson County VRDN PCRB RB Refunding for Gulf Power Co. Project Series 1997 (A-1/VMIG1)
	1,930,000		1.36			01/02/2004		1,930,000
Jacksonville Electric Authority VRDN RB Subordinated Electric Systems Series 2000 B (Landesbank Hessen-Thueringen SPA) (A-1+/VMIG1)
	10,000,000		1.25			01/02/2004		10,000,000
Jacksonville Electric CP Series C-1 (JP Morgan Chase SPA) (A-1+)
	15,000,000		0.96			02/13/2004		15,000,000
Jacksonville Health Facilities CP Refunding for St. Lukes Hospital Association Series 2001 B (A-1+)
	17,000,000		1.05			02/24/2004		17,000,000
Jea Water & Sewer CP Series C
	10,000,000		1.05			05/13/2004		10,000,000
Lakeland Energy Systems VRDN RB Refunding (Suntrust Bank SPA) (A-1+/VMIG1)
	24,360,000		1.10			01/07/2004		24,360,000
Miami Dade County School Board VRDN COPS ROCS RR II-R-5004 Series 2003 (FGIC) (Citigroup Global Market SPA) (VMIG1)
	6,345,000		1.30			01/02/2004		6,345,000
							$	220,610,000
Georgia—2.7%
Albany Dougherty County Hospital Authority VRDN RB Anticipation Certificates for Phoebe Putney Memorial Hospital Series 2002 (AMBAC) (Regions Bank SPA) (AAA/VMIG1)
$	13,105,000		1.31	%		01/02/2004	$	13,105,000
Albany Dougherty Payroll Development Authority VRDN PCRB for Georgia Power Co. Series 1991 (VMIG1)
	2,120,000		1.30			01/02/2004		2,120,000
Atlanta Airport VRDN RB Refunding for RF-C-2 General Series 2003 (MBIA) (Wachovia Bank N.A.SPA) (A-1/VMIG1)
	10,800,000		1.20			01/02/2004		10,800,000
Burke County IDA VRDN PCRB for Oglethorpe Power Corp. Series 1994 A (FGIC) (Dexia Credit Local SPA) (A-1+/VMIG1)
	47,494,000		1.15			01/07/2004		47,494,000
Cobb County IDA VRDN PCRB for Georgia Power Co. Plant Project Series 1991 (A/VMIG1)
	8,330,000		1.25			01/02/2004		8,330,000
Dekalb County Hospital Authority VRDN Anticipation Certificates for Dekalb Medical Center, Inc. Series 1993 B (Suntrust Bank LOC) (VMIG1)
	3,590,000		1.20			01/07/2004		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)
	20,755,000		1.20			01/02/2004		20,755,000

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

17

Statement of Investments

Financial Square Tax-Free Money Market Fund (continued)

December 31, 2003

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Georgia (continued)
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		1.10	%		01/07/2004	$	10,970,000
Floyd County Development Authority VRDN PCRB for Georgia Power Co. Plant Hammond Project Series 1996 (A-1/VMIG1)
	8,680,000		1.31			01/02/2004		8,680,000
Fulco Hospital Authority VRDN Revenue Anticipation Certificates for Peidmont Hospital Project Series 1999 (Suntrust Bank LOC) (A-1+/VMIG1)
	30,365,000		1.20			01/07/2004		30,365,000
Metropolitan Atlanta Rapid Transit Authority Georgia Sales Tax VRDN RB Eagle Class Series 20026022 (Citibank SPA) (A-1+)
	14,760,000		1.30			01/02/2004		14,760,000
Municipal Electric Authority of Georgia VRDN RB Series 1985 C (Bayerische Landesbank LOC) (A-1/VMIG1)
	31,000,000		1.15			01/07/2004		31,000,000
Savannah Economic Development Authority VRDN PCRB Refunding for Savannah Electric & Power Project Series 1993 (A-1/VMIG1)
	2,785,000		1.25			01/02/2004		2,785,000
							$	204,754,000
Hawaii—0.2%
Honolulu City & County GO VRDN Series 2000 A (Landesbank Hessen-Thueringen LOC) (A-1+/VMIG1)
$	8,150,000		1.06	%		01/07/2004	$	8,150,000
	8,150,000		1.06			01/07/2004		8,150,000
							$	16,300,000
Illinois—9.4%
Chicago Illinois GO Eagle Tax-Exempt Trust VRDN Series 20011301 Class A (FGIC) (Citibank SPA) (A-1+)
$	8,910,000		1.30	%		01/02/2004	$	8,910,000
Chicago Illinois GO VRDN for Neighborhoods Alive 21-B (MBIA) (Lloyds TSB Bank PLC SPA) (A-1+/VMIG1)
	79,600,000		1.30			01/02/2004		79,600,000
Chicago Illinois GO VRDN ROCS RR II-R-1060 (MBIA) (Salomon Smith Barney SPA) (VMIG1)
	5,440,000		1.30			01/02/2004		5,440,000
Chicago Illinois GO VRDN Series 2002 B (FGIC) (Landesbank Baden SPA) (A-1+/VMIG1)
	14,000,000		1.28			01/02/2004		14,000,000
Chicago Illinois Merlots VRDN Series 2000 A43 (First Union National Bank SPA) (VMIG1)
	7,635,000		1.21			01/07/2004		7,635,000
Chicago Illinois Metropolitan Water Reclamation District GO VRDN Refunding Series 2002 A (Bank of America SPA/Lloyds TSB Bank PLC SPA) (A-1+/VMIG1)
	38,025,000		1.07			01/07/2004		38,025,000
Chicago Illinois Park District TANS Series 2003 A (SP-1+/MIG1)
	15,000,000		1.75			05/01/2004		15,042,223
Chicago Illinois VRDN GO Project Series 2003 B-1 (FSA) (Bank One N.A.) (A-1/VMIG1)
	21,650,000		1.11			01/07/2004		21,650,000
Chicago Illinois Wastewater Transmission VRDN RB Merlots Series 2001 A125 (MBIA) (Wachovia Bank SPA) (VMIG1)
	3,990,000		1.21			01/07/2004		3,990,000
Chicago Illinois Water VRDN RB Second Lien Series 1999 (Bank One, N.A. LOC) (A-1/VMIG1)
	4,380,000		1.15			01/07/2004		4,380,000
City of Chicago Board of Education GO VRDN Series 2000 C (FSA) (Dexia Public Finance Bank SPA) (A-1+/VMIG1)
	10,000,000		1.25			01/02/2004		10,000,000
City of Chicago Board of Education GO VRDN Series 2000 D (FSA) (Dexia Public Finance Bank SPA) (A-1+/VMIG1)
	22,100,000		1.30			01/08/2004		22,100,000
Cook County Illinois GO VRDN P-Floats-PT 1522 Series 2002 (AMBAC) (Merrill Lynch SPA) (A-1)
	8,890,000		1.28			01/02/2004		8,890,000
Cook County Illinois GO VRDN P-Floats-PT 1809 Series 2003 (FGIC) (Westdeutsche Landesbank SPA) (A-1+)
	5,405,000		1.28			01/01/2004		5,405,000
Cook County Illinois VRDN Capital Improvement Series 2002 B (Landesbank Hessen-Thueringen LOC) (A-1+/VMIG1)
	32,000,000		1.28			01/07/2004		32,000,000
Du Page County Illinois GO VRDN Community Unit School District No. 200 Wheaton ROCS RR II 2048 (FSA) (VMIG1)
	5,245,000		1.30			01/02/2004		5,245,000
Evanston GO VRDN Capital Improvement Project Series 2000 D (Bank of America SPA) (VMIG1)
	4,700,000		1.27			01/02/2004		4,700,000
Evanston GO VRDN Maple Street Project Series 2000 A (Bank of America SPA) (VMIG1)
	17,200,000		1.27			01/02/2004		17,200,000
Evanston GO VRDN Recreation Center Project Series 2000 C (Bank of America SPA) (VMIG1)
	5,400,000		1.27			01/02/2004		5,400,000
Illinois Development Finance Authority VRDN RB for Bradley University Project Series 2002 (FGIC) (National City Bank SPA) (A-1)
	5,880,000		1.30			01/02/2004		5,880,000
Illinois Educational Facilities Authority RB for Adjusted University of Chicago Series 2001 B1 (A-1+)
	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)
	12,000,000		1.18			01/08/2004		12,000,000
Illinois Educational Facilities Authority VRDN RB for ROCS RR II R 4543 Series 2003 (Citigroup SPA) (A-1+)
	5,585,000		1.30			01/08/2004		5,585,000

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

18

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Illinois (continued)
Illinois GO Eagle Tax-Exempt Trust VRDN Series 96C 1301 (Citibank SPA) (A-1+)
$	5,000,000		1.30	%		01/02/2004	$	5,000,000
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		1.20			01/07/2004		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		1.20			01/07/2004		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		1.12			01/07/2004		44,500,000
Illinois Health Facilities Authority VRDN RB for Nortwestern Memorial Hospital Series 2002 A (Westdeutsche Landesbank SPA) (A-1+/VMIG1)
	12,700,000		1.30			01/02/2004		12,700,000
Illinois Health Facilities Authority VRDN RB for Resurrection Health Series 1999 B (FSA) (Lasalle Bank, N.A. SPA) (A-1/VMIG1)
	5,450,000		1.12			01/07/2004		5,450,000
Illinois State GO Eagle Tax-Exempt Trust Series 95C 1305 Class A COPS (FGIC) (Citibank SPA) (A-1+/VMIG1)
	14,850,000		1.30			01/02/2004		14,850,000
Illinois State GO Series 2003 (SP-1+/MIG1)
	65,000,000		2.00			04/15/2004		65,188,849
Illinois State GO VRDN P-Floats-PT 1882 Series 2003 (MBIA) (Merrill Lynch SPA)
	10,350,000		1.28			01/02/2004		10,350,000
Illinois State GO VRDN P-FLOATS-PT 1975 Series 2003 (FGIC) (Merril Lynch SPA) (A-1)
	4,070,000		1.28			01/02/2004		4,070,000
Illinois State GO VRDN P-FLOATS-PT-2009 Series 2003 (FSA) (A-1)
	5,365,000		1.28			01/02/2004		5,365,000
Illinois State GO VRDN ROCS RR II R 4529 Series 2003 (MBIA) (A-1+)
	5,070,000		1.30			01/02/2004		5,070,000
Illinois State GO VRDN ROCS RR II R 4536 Series 2003 (MBIA) (A-1+)
	5,500,000		1.30			01/02/2004		5,500,000
Illinois State GO VRDN ROCS Series II-R-1007 (MBIA) (Salomon Smith Barney SPA) (VMIG1)
	11,765,000		1.30			01/02/2004		11,765,000
Illinois State GO VRDN Series 2003 B (Depfa SPA) (A-1+/VMIG1)
	11,000,000		1.28			01/07/2004		11,000,000
Illinois State Sales Tax Revenue P-FLOAT PT 1929 Series 2003 (Merril Lynch SPA)
	3,990,000		1.28			01/02/2004		3,990,000
Illinois State Sales Tax Revenue VRDN Merlots Series 2001 A102 (Wachovia Bank SPA) (A-1+)
	13,100,000		1.21			01/07/2004		13,100,000
Illinois State Toll Highway Priority VRDN Refunding Series 1993 B (MBIA) (Societe Generale LOC) (A-1+/VMIG1)
	28,305,000		1.07			01/07/2004		28,305,000
Metropolitan Pier & Exposition Authority for Dedicated State Tax Floater-PT 1450 Series 2002 (MBIA) (Merrill Lynch SPA) (A-1)
	7,870,000		1.28			01/02/2004		7,870,000
Metropolitan Pier & Exposition Authority for Dedicated State Tax Floating Rate Receipts Series 2003 SG-165 (MBIA) (A-1+)
	17,500,000		1.28			01/02/2004		17,500,000
Metropolitan Pier Eagle Tax-Exempt Trust Series 20001307 Class A (FGIC) (Citibank SPA) (A-1+)
	19,205,000		1.30			01/02/2004		19,205,000
							$	718,681,072
Indiana—0.7%
Indiana TFA Eagle Tax-Exempt Trust Series 200011401 Class A (Citibank SPA) (A-1+)
$	12,915,000		1.30	%		01/02/2004	$	12,915,000
Indiana TFA Eagle Tax-Exempt Trust Series 20001401 (Citibank SPA) (A-1+)
	19,800,000		1.30			01/02/2004		19,800,000
Indiana TFA Highway VRDN RB P-Floats-PT 2022 Series 2003 (FSA) (Merril Lynch Capital Services SPA)
	5,290,000		1.28			01/02/2004		5,290,000
Indianapolis Bond Bank Eagle Tax-Exempt Trust Series 20021401 Class A (Citibank SPA) (A-1+)
	18,165,000		1.30			01/02/2004		18,165,000
							$	56,170,000
Iowa—1.4%
Chillicothe City VRDN PCRB Refunding for Midwest Power Systems, Inc. Series 1993 A (A-1/VMIG1)
$	2,400,000		1.20	%		01/07/2004	$	2,400,000
Iowa Financing Authority VRDN RB Refunding for Trinity Health Series 2000 D (Northern Trust/Landesbank Heleba SPA) (A-1+/VMIG1)
	38,615,000		1.18			01/02/2004		38,615,000
Iowa Higher Education Loan Authority VRDN RB for Grinnell Private College Facility (A-1+/VMIG1)
	12,500,000		1.27			01/02/2004		12,500,000
Iowa State RANS RB for Primary Road Fund Series 2003 (SP-1+/MIG1)
	25,000,000		2.00			06/30/2004		25,124,139
Iowa State TRANS Series 2003 (SP-1+/MIG1)
	32,000,000		2.00			06/29/2004		32,148,626
							$	110,787,765

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

19

Statement of Investments

Financial Square Tax-Free Money Market Fund (continued)

December 31, 2003

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Kansas—0.5%
Kansas State Department of Transportation Highway VRDN RB Series 2000 C-1 (Kansas State LOC) (A-1+/VMIG1)
$	21,000,000		1.14	%		01/07/2004	$	21,000,000
Kansas State Department of Transportation Highway VRDN RB Series 2000 C-2 (Kansas State LOC) (A-1+/VMIG1)
	10,500,000		1.14			01/07/2004		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+)
	7,705,000		1.28			01/02/2004		7,705,000
							$	39,205,000
Kentucky—0.6%
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)
$	13,358,000		1.12	%		01/07/2004	$	13,358,000
Louisville & Jefferson County Eagle Tax-Exempt Trust Series 20011701 Class A COPS (MBIA) (Citibank SPA) (A-1+)
	2,500,000		1.30			01/02/2004		2,500,000
Louisville & Jefferson County Metropolitan Sewer District Sewer & Drainage Systems VRDN RB Series 2003 B (FSA) (Bank One, N.A. SPA) (A-1/VMIG1)
	27,200,000		1.12			01/07/2004		27,200,000
							$	43,058,000
Louisiana—1.6%
Louisiana Offshore Terminal Authority VRDN RB Refunding for Deepwater Port First Stage Series 1992 A Loop, Inc. (Suntrust Bank Nashville LOC) (A-1+/VMIG1)
$	8,000,000		1.20	%		01/07/2004	$	8,000,000
New Orleans Aviation Board RB Refunding Series 1995 A (MBIA) (Dexia Credit Local SPA) (A-1+/VMIG1)
	8,480,000		1.12			01/07/2004		8,480,000
New Orleans Aviation Board VRDN Refunding Series 1993 B (MBIA) (Dexia Credit Local SPA) (A-1+/VMIG1)
	67,390,000		1.12			01/07/2004		67,390,000
Saint James Parish VRDN PCRB Refunding for Occidental Petroleum Series 1996 (Bayerische Landesbank LOC) (P-1)
	19,500,000		1.10			01/07/2004		19,500,000
South Louisiana Commission Port VRDN RB Refunding for Occidental Petroleum Corp. Series 1996 (Bank of New York LOC) (P-1)
	17,700,000		1.10			01/07/2004		17,700,000
							$	121,070,000
Maine—0.3%
Maine State GO TANS Series 2003 (SP-1+/MIG1)
$	20,000,000		1.75	%>		06/30/2004	$	20,080,165
Maryland—0.1%
Maryland State Transportation Authority Special Obligations VRDN RB for Baltimore/Washington Airport Series 2003 A (State Street Bank and Trust Company) (VMIG1)
$	6,100,000		1.22	%		01/02/2004	$	6,100,000
University of Maryland System Auxiliary Facility & Tuition VRDN P-Floats-PT 428 Series 2000 (Merrill Lynch SPA) (A-1)
	4,930,000		1.28			01/02/2004		4,930,000
							$	11,030,000
Massachusetts—7.0%
Massachusetts Bay Transport Authority GO VRDN General Transportation System (Westdeutsche Landesbank SPA) (A-1+/VMIG1)
$	60,350,000		1.10	%		01/07/2004	$	60,350,000
Massachusetts Development Finance Agency VRDN RB Refunding for Phillips Academy (Bank of New York SPA) (A-1+/VMIG1)
	15,000,000		1.25			01/02/2004		15,000,000
Massachusetts GO VRDN Refunding Series 1998 A (Westdeutsche Landesbank SPA) (A-1+/VMIG1)
	90,600,000		1.22			01/02/2004		90,600,000
Massachusetts Health & Educational Facilities Authority VRDN RB for Capital Asset Program Series 1985 E (First National Bank LOC) (VMIG1)
	22,400,000		1.30			01/02/2004		22,400,000
Massachusetts Health & Educational Facilities Authority VRDN RB for Partners Healthcare Systems Series 2003 D-3 (JP Morgan Chase SPA) (A-1+/VMIG1)
	45,000,000		1.25			01/02/2004		45,000,000
Massachusetts Health & Educational Facilities Authority VRDN RB for Partners Healthcare Systems Series 2003 D-4 (Bank One, N.A. SPA) (A-1/VMIG1)
	49,000,000		1.20			01/02/2004		49,000,000
Massachusetts Health & Educational Facilities Authority VRDN RB for Partners Healthcare Systems Series 2003 D-5 (A-1+/VMIG1)
	9,000,000		1.25			01/02/2004		9,000,000
Massachusetts Health & Educational Facilities Authority VRDN RB for Partners Healthcare Systems Series 2003 D-6 (A-1+/VMIG1)
	8,550,000		1.33			01/02/2004		8,550,000
Massachusetts Housing Finance Agency VRDN RB Series 2003 G (HSBC Bank U.S.A. SPA) (A-1+/VMIG1)
	36,535,000		1.10			01/07/2004		36,535,000
Massachusetts Housing Finance Agency VRDN RB Series 2003 F (FSA) (Dexia Credit Local SPA) (A-1+/VMIG1)
	25,850,000		1.10			01/07/2004		25,850,000
Massachusetts VRDN GO Series 1998 B (Toronto-Dominion Bank SPA) (A-1+/VMIG1)
	120,050,000		1.22			01/02/2004		120,050,000

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

20

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Massachusetts (continued)
Massachusetts Water Authority CP Series S-94 (P-1/A-1+/F-1+)
$	10,000,000		1.05	%		03/30/2004	$	10,000,000
Massachusetts Water Resources Authority Series 1999 (State Street Corp. LOC) (A-1+)
	16,000,000		0.93			01/22/2004		16,000,000
Massachusetts Water Resources Authority VRDN RB for Multi-Modal-Refunding-Sub-General Series 1998 D (FGIC) (A-1+/VMIG1)
	25,260,000		1.10			01/07/2004		25,260,000
							$	533,595,000
Michigan—2.9%
Detroit Sewer Disposal VRDN RB Senior Lien Series 2003 B (FSA) (Dexia Credit Local SPA) (A-1+/VMIG1)
$	5,600,000		1.30	%		01/02/2004	$	5,600,000
Detroit Water Supply System VRDN RB Refunding Senior Lien Series 2003 D (MBIA) (Bank One, N.A. SPA) (A-1+/VMIG1)
	15,000,000		1.15			01/07/2004		15,000,000
Michigan Building Authority Eagle Tax-Exempt Trust Series 20012204 Class A (Citibank SPA) (A-1+)
	16,000,000		1.30			01/02/2004		16,000,000
Michigan Municipal Bond Authority Revenue Notes Series 2003 B-1 (SP-1+)
	20,000,000		2.00			08/20/2004		20,122,973
Michigan Municipal Bond Authority VRDN P-Floats-PT 396 Series 2000 (Merrill Lynch SPA) (A-1)
	8,750,000		1.28			01/02/2004		8,750,000
Michigan State Building Authority VRDN RB P-Floats-PT 398 Series 2000 (Merrill Lynch SPA) (A-1)
	6,605,000		1.28			01/02/2004		6,605,000
Michigan State Hospital Finance Authority VRDN RB Refunding for Trinity Health Series 2000 E (AMBAC) (JP Morgan Chase SPA/Northern Trust SPA) (A-1/VMIG1)
	78,500,000		1.23			01/02/2004		78,500,000
Michigan State Trunk Line Fund Series 1998 A-Eagle Tax-Exempt Trust Series 982202 Class A (Citibank SPA) (A-1+)
	30,165,000		1.30			01/02/2004		30,165,000
Michigan State University VRDN RB General Series 2003 A (Landesbank Hesson-Thrgn SPA) (A-1+/VMIG1)
	44,570,000		1.05			01/07/2004		44,570,000
							$	225,312,973
Minnesota—2.2%
Elk River Independent School District #728 GO VRDN ROCS Series II-R-183 (FSA) (Salomon Smith Barney SPA) (VMIG1)
$	9,175,000		1.30	%		01/02/2004	$	9,175,000
Minnesota School District COPS for Tax Aid Participate Borrowing Program Aid Anticipate Certificate INDBT-Series 2003 A (MIG1)
	40,000,000		1.75			08/27/2004		40,207,301
Minnesota State P-Floats-PT 1941 Series 2003 (Merril Lynch SPA) (VMIG1/A-1)
$	15,840,000		1.28	%		01/01/2004	$	15,840,000
Minnesota State Eagle Tax-Exempt Trust Series 20012301 Class A (Citibank SPA) (A-1+)
	3,300,000		1.30			01/02/2004		3,300,000
Minnesota State GO Refunding for Various Purposes Series 1998 (AAA/Aa1)
	7,000,000		5.00			06/01/2004		7,115,401
Rochester CP Series 2001 D (VMIG1/A-1+)
	6,000,000		1.03			01/22/2004		6,000,000
Rochester CP Series F (A-1+)
	5,100,000		1.05			02/25/2004		5,100,000
Rochester Health Care Facilities CP Series 2000 B (A-1+)
	9,000,000		1.10			01/12/2004		9,000,000
Rochester Health Care Facilities CP Series 2001 A (VMIG1/A-1)
	25,000,000		0.95			01/13/2004		25,000,000
Rochester Health Care Facilities CP Series 2001 C (VMIG1/A-1+)
	5,000,000		1.10			01/12/2004		5,000,000
Rochester Health Facilities CP Series S-E (A-1+)
	4,135,000		1.08			02/18/2004		4,135,000
University of Minnesota VRDN RB Cap Projects Series 1999 A (A-1+/VMIG1)
	40,535,000		1.28>			01/07/2004		40,535,000
							$	170,407,702
Mississippi—0.4%
Mississippi State GO Eagle Tax-Exempt Trust Series 20012402 Class A (Citibank SPA) (A-1+)
$	11,000,000		1.30	%		01/02/2004	$	11,000,000
Mississippi State GO VRDN Merlots Series 2003 B08 (FSA-CR) (Wachovia Bank SPA) (VMIG1)
	15,655,000		1.21			01/02/2004		15,655,000
							$	26,655,000
Missouri—1.3%
Missouri Board Public Buildings VRDN RB P-Floats-PT 1843 Series 2003 (Merrill Lynch SPA) (F-1+)
$	6,980,000		1.28	%		01/02/2004	$	6,980,000
Missouri Health & Educational Facilities Authority VRDN RB for Medical Research Facilities-Stowers Institution (MBIA) (JP Morgan Chase SPA) (A-1+/VMIG1)
	48,200,000		1.25			01/02/2004		48,200,000
Missouri Health & Educational Facility Authority VRDN RB for Washington University Project Series 1984 (JP Morgan Chase SPA) (A-1+/VMIG1)
	11,350,000		1.15			01/02/2004		11,350,000

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

21

Statement of Investments

Financial Square Tax-Free Money Market Fund (continued)

December 31, 2003

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		1.25	%		01/08/2004	$	30,000,000
							$	96,530,000
Nebraska—0.2%
Douglas County School District No. 1 Floaters VRDN Series 2003890 (Morgan Stanley SPA) (A-1)
$	7,300,000		1.28	%		01/02/2004	$	7,300,000
Douglas County School District GO VRDN P-Floats-PT 2060 No. 1 Series 2003 (Merril Lynch Capital Services SPA) (A-1)
	6,685,000		1.28			01/02/2004		6,685,000
							$	13,985,000
Nevada—0.3%
Clark County Nevada Eagle Tax-Exempt Trust Series 002801 Class A (Citibank SPA) (A-1+)
$	1,000,000		1.30	%		01/02/2004	$	1,000,000
Clark County Nevada Eagle Tax-Exempt Trust Series 1996 Class A (FGIC) (Citibank SPA) (A-1+)
	8,345,000		1.30			01/02/2004		8,345,000
Las Vegas Valley Water District GO VRDN P-Floats-PT 1672 Series 2003 (FGIC) (Merrill Lynch SPA) (A-1)
	11,060,000		1.28			01/02/2004		11,060,000
University of Nevada VRDN RB ROCS RR-II-R 5001 Series 2003 (FGIC) (Citigroup Global Market SPA) (VMIG1)
	5,820,000		1.30			01/02/2004		5,820,000
							$	26,225,000
New Hampshire—0.4%
Manchester School Facilities VRDN RB P-Floats-PT-1939 Series 2003 (F-1+)
$	5,460,000		1.28	%		01/02/2004	$	5,460,000
Manchester School Facilities VRDN RB ROCS RR II R 5018 Series 2003 (MBIA) (A-1+)
	4,190,000		1.30			01/02/2004		4,190,000
New Hampshire Health & Educational Facilities Authority VRDN RB for Phillips Exeter Academy (Northern Trust SPA) (A-1+/VMIG1)
	12,000,000		1.27			01/02/2004		12,000,000
New Hampshire State GO Floater-PT 1845 Series 2003 (Merrill Lynch SPA) (F-1+)
	8,880,000		1.28			01/02/2004		8,880,000
							$	30,530,000
New Jersey—0.6%
New Jersey Economic Development Authority VRD RB Merlots Series 2003 A 41 (FGIC) (Wachovia Bank N.A. SPA) (VMIG1)
$	12,885,000		1.15	%		01/07/2004	$	12,885,000
New Jersey State TRANS 2004 Series 2003 A (SP-1+/VMIG1)
	35,000,000		2.00			06/25/2004		35,160,520
							$	48,045,520
New Mexico—0.7%
Albuquerque NM GO Series 2003 B (AA/Aa3)
$	7,250,000		2.50	%>		07/01/2004	$	7,303,632
Albuquerque NM VRDN RB Refunding Series 2000 (MBIA) (Bank of America SPA) (A-1+/VMIG1)
	8,595,000		1.20			01/07/2004		8,595,000
New Mexico State Severance Tax VRDN P-Floats-PT 1428 Series 2002 (Merrill Lynch SPA) (A-1)
	11,555,000		1.28			01/02/2004		11,555,000
University of New Mexico VRDN RB Refunding for Sub Lien Systems Series 2003 B (Westdeutsche Landesbank SPA) (A-1+/VMIG1)
	2,800,000		1.15			01/07/2004		2,800,000
University of New Mexico VRDN RB Sub Lien Systems Improvement Series 2001 (Westdeutsche Landesbank SPA) (A-1+/VMIG1)
	20,980,000		1.20			01/07/2004		20,980,000
							$	51,233,632
New York—12.2%
Jay Street Development Corp. Centers Facilities VRDN RB for Lease Series 2003 A-1 (Depfa LOC) (A-1+/VMIG1)
$	8,925,000		1.08	%		01/07/2004	$	8,925,000
Jay Street Development Corp. Centers Facilities VRDN RB for Lease Series 2003 A-2 (Depfa LOC) (A-1+/VMIG1)
	17,535,000		1.11			01/07/2004		17,535,000
Lindenhurst Unified Free School District TANS Series 2003 (MIG1)
	2,000,000		1.50			06/24/2004		2,005,304
Long Island Power Authority 3/A2-Series CP1 (JP Morgan Chase LOC/Bayerische Landesbank LOC/BNP Paribas LOC/State Street Corp. LOC) (A-1+/P1)
	15,700,000		0.95			02/09/2004		15,700,000
Long Island Power Authority Electric System VRDN RB General Series 2003 G (FSA) (Dexia Credit Local SPA) (A-1+/VMIG1)
	22,600,000		1.07			01/07/2004		22,600,000
Long Island Power Authority Electric System VRDN RB Subseries 1998 1A RMKT 5/23/03 (Bayerische Landesbank LOC/Landesbank Baden-Wurtim LOC) (A-1+/VMIG1)
	4,466,000		1.12			01/07/2004		4,466,000
Long Island Power Authority Electric System VRDN RB Subseries 1998 2A (Westdeutsche Landesbank LOC/State Street Corp. LOC) (A-1+/VMIG1)
	14,800,000		1.10			01/07/2004		14,800,000

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

22

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
New York (continued)
Long Island Power Authority Electric System VRDN RB Subseries 1998 3A (JP Morgan LOC/Landesbank Baden-Wurtim LOC) (A-1+/VMIG1)
$	17,000,000		1.10	%		01/07/2004	$	17,000,000
Long Island Power Authority Electric System VRDN RB Subseries 1998 3B (Westdeutsche Landesbank LOC) (A-1+/VMIG1)
	29,125,000		1.30			01/02/2004		29,125,000
Metropolitan Transportation Authority Dedicated Tax Fund VRDN RB Series 2002 B (FSA) (Dexia Credit Local SPA) (A-1+)
	11,000,000		1.23			01/02/2004		11,000,000
Metropolitan Transportation Authority Eagle Tax-Exempt Trust Series 20022303 Class A (FSA) (Citibank SPA) (A-1+)
	9,155,000		1.26			01/02/2004		9,155,000
Metropolitan Transportation Authority Eagle Tax-Exempt Trust Series 20022304 Class A (FGIC) (Citibank SPA) (A-1+)
	14,290,000		1.26			01/02/2004		14,290,000
Metropolitan Transportation Authority Eagle Tax-Exempt Trust Series 20022305 Class A (FSA) (Citibank SPA) (A-1+)
	6,470,000		1.26			01/02/2004		6,470,000
Metropolitan Transportation Authority VRDN RB Merlots Series 2003 B25 (FGIC) (Wachovia Bank SPA) (VMIG1)
	11,165,000		1.17			01/07/2004		11,165,000
Nassau County IDA Civic Facility VRDN RB Refunding & Improvement for Cold Spring Harbor (JP Morgan Chase SPA) (A-1+)
	14,550,000		1.27			01/02/2004		14,550,000
New York City GO VRDN Adjusted ROCS RR II-R-251A Series 2003 (JP Morgan Chase SPA) (VMIG1)
	18,000,000		1.30			01/08/2004		18,000,000
New York City GO VRDN Adjusted Subseries 2003 A-2 (Bank of America N. A. LOC) (A-1+/VMIG1)
	22,100,000		1.05			01/07/2004		22,100,000
New York City GO VRDN Adjusted Subseries 2003 A-5 (HSBC Bank USA LOC) (A-1+/VMIG1)
	10,000,000		1.15			01/07/2004		10,000,000
New York City GO VRDN Series 1994 B Subseries B6 (MBIA) (Bank of Nova Scotia SPA) (A-1/VMIG1)
	6,150,000		1.27			01/02/2004		6,150,000
New York City GO VRDN Subseries 2002 C-2 (Bayerische Landesbank LOC) (A-1+/VMIG1)
	26,435,000		1.10			01/07/2004		26,435,000
New York City GO VRDN Subseries 2002 C-3 (BNP Paribas LOC) (A-1+/VMIG1)
	17,000,000		1.12			01/07/2004		17,000,000
New York City GO VRDN Subseries 2002 C-4 (BNP Paribas LOC) (A-1+/VMIG1)
	25,100,000		1.05			01/07/2004		25,100,000
New York City GO VRDN Subseries 2002 C-5 (Bank of New York LOC) (A-1+/VMIG1)
	12,300,000		1.08			01/07/2004		12,300,000
New York City Municipal Water Finance Authority VRDN RB for Water & Sewer Systems Series 1993 C (FGIC SPA) (A-1+ /VMIG1)
	6,100,000		1.27			01/02/2004		6,100,000
New York City Transitional Finance Authority Eagle Tax Exempt Trust Series 20003203 Class A COPS (Citibank SPA) (A-1+)
	2,890,000		1.26			01/02/2004		2,890,000
New York City Transitional Finance Authority VRDN RB for New York City Recovery Series 2002 3 Subseries 3 B (Bank of New York SPA) (A-1+/VMIG1)
	16,900,000		1.34			01/02/2004		16,900,000
New York City Transitional Finance Authority VRDN RB for Recovery Series 2002 3 Subseries 3 E (Bank of New York SPA) (A-1+/VMIG1)
	35,500,000		1.27			01/02/2004		35,500,000
New York City Transitional Finance Authority VRDN RB for Recovery Series 2002 3 Subseries 3 G (Bank of New York SPA) (A-1+/VMIG1)
	31,115,000		1.12			01/07/2004		31,115,000
New York City Transitional Finance Authority VRDN RB for Recovery Series 2002 Subseries 3 H (Bank of New York SPA) (A-1+/VMIG1)
	15,040,000		1.28			01/02/2004		15,040,000
New York City Transitional Finance Authority VRDN RB Future Tax Secured Series 1998 A-2 (Bank of Nova Scotia SPA) (A-1+/VMIG1)
	31,870,000		1.10			01/07/2004		31,870,000
New York City Transitional Finance Authority VRDN RB Merlots Series 2003 B29 (Wachovia Bank SPA) (VMIG1)
	12,660,000		1.17			01/07/2004		12,660,000
New York State Dormitory Authority VRDN RB Mental Health Services Subseries 2003 D-2H (A-1+)
	12,800,000		1.22			01/02/2004		12,800,000
New York State Environmental Facilities Corp. RB Eagle Tax-Exempt Trust Series 96C 3204 COPS (Citibank SPA) (A-1+)
	9,300,000		1.26			01/02/2004		9,300,000
New York State Housing Finance Agency Service Contract VRDN RB Refunding Series 2003 I (Landebank Hessen-Thueringen LOC) (A-1+)
	9,200,000		1.12			01/07/2004		9,200,000
New York State Housing Finance Agency VRDN RB for 20 River Terrace Housing Series 2002 A (Fleet National Bank LOC) (VMIG1)
	56,600,000		1.12			01/07/2004		56,600,000
New York State Housing Finance Agency VRDN RB for Housing Historic Front Series 2003 A (Bank of New York LOC) (VMIG1)
	5,800,000		1.18			01/07/2004		5,800,000
New York State Housing Finance Agency VRDN RB for Liberty View Apartments Housing Series 1997 A (FNMA) (A-1+)
	16,000,000		1.10			01/07/2004		16,000,000

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

23

Statement of Investments

Financial Square Tax-Free Money Market Fund (continued)

December 31, 2003

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
New York (continued)
New York State Housing Finance Agency VRDN RB for Housing 10 Liberty Street Series 2003 (Fleet National Bank LOC) (VMIG1)
$	23,500,000		1.10	%		01/07/2004	$	23,500,000
New York State Local Government Assistance Corp. VRDN RB Series 1994 B (Westdeutsche Landesbank LOC) (A-1+/VMIG1)
	5,000,000		1.08			01/07/2004		5,000,000
New York State Local Government Assistance Corp. VRDN RB Series 1995 C (Landesbank Hessen-Thueringen LOC) (A-1+/VMIG1)
	14,420,000		1.10			01/07/2004		14,420,000
New York State Power Authority VRDN RB Subseries 2000 5 (JP Morgan Chase/Bayerishe/Wachovia/State Street/Bank of Winoscotia/Bank of NY LOC) (A-1/VMIG1)
	14,900,000		1.10			01/07/2004		14,900,000
New York State Thruway Authority General Revenue CP Series 2001 (Landesbank Hessen-Thueringen LOC) (A-1+)
	16,000,000		1.03			03/09/2004		16,000,000
New York State Urban Development Corp. RB Floating Rate Receipts Series 2003 SG 164 (A-1+)
	12,900,000		1.25			01/02/2004		12,900,000
New York VRDN GO Adjusted Subseries 2003 A-6 (Landesbank Baden-Wurtim LOC) (A-1+)
	12,200,000		1.05			01/07/2004		12,200,000
Rockland County GO RANS (SP-1+/MIG1)
	15,000,000		2.00			02/26/2004		15,020,376
Sachem Central School District of Holbrook GO Unlimited Notes TANS Series 2003 (SP-1+)
	10,500,000		1.75			06/24/2004		10,539,251
Three Villages Central School District Brookhaven & Smithtown TANS Series 2003 (MIG1)
	15,500,000		1.50			06/30/2004		15,545,786
Triborough Bridge & Tunnel Authority Special Obligation VRDN RB Refunding Series 2000 A (FSA) (Morgan Guaranty Trust SPA) (A-1+/VMIG1)
	8,400,000		1.10			01/07/2004		8,400,000
Triborough Bridge & Tunnel Authority Special Obligation VRDN RB Refunding Series 2000 C (FSA) (JP Morgan Chase SPA/Lloyds TSB Bank PLC SPA) (A-1+/VMIG1)
	19,100,000		1.08			01/07/2004		19,100,000
Triborough Bridge & Tunnel Authority VRDN RB for General Purpose Series 2001 B (AMBAC) (State Street Corp. SPA) (A-1+/VMIG1)
	5,100,000		1.08			01/07/2004		5,100,000
Triborough Bridge & Tunnel Authority VRDN RB for General Purpose Series 2001 C (AMBAC) (Bayerische Landesbank SPA) (A-1+/VMIG1)
	61,100,000		1.08			01/07/2004		61,100,000
Triborough Bridge & Tunnel Authority VRDN RB General Purpose Series 2003 B (Dexia Credit Local SPA) (A-1+/VMIG1)
	42,900,000		1.13>			01/07/2004		42,900,000
Triborough Bridge & Tunnel Authority VRDN RB Merlots Series 2003 A 26 (AMBAC) (Wachovia Bank SPA) (A+/Aa3)
	10,395,000		1.17			01/07/2004		10,395,000
Triborough Bridge & Tunnel Authority VRDN RB Refunding for General Purpose Series 2003 F (ABN Amro Bank N.V. SPA) (A-1+/VMIG1)
	51,180,000		1.25			01/02/2004		51,180,000
							$	935,846,717
North Carolina—2.2%
Cabarrus County VRDN COPS ROCS-RR-II-R-4520 Series 2003 (AMBAC) (Citigroup Global SPA) (A-1+)
$	5,350,000		1.30	%		01/02/2004	$	5,350,000
Charlotte Water & Sewer Systems VRDN RB Refunding Series 2002 C (Bank of America SPA) (A-1+/VMIG1)
	41,800,000		1.23			01/02/2004		41,800,000
North Carolina Health Care Facilities VRDN RB Wakemed Project Series 1999 (Wachovia Bank LOC) (A-1)
	17,795,000		1.25			01/02/2004		17,795,000
North Carolina State GO VRDN P-Floats-PT-1962 Series 2003 (Merrill Lynch Capital Services SPA) (F-1+)
	6,020,000		1.28			01/02/2004		6,020,000
North Carolina State GO VRDN Refunding Series 2002 C (Bayerische Landesbank SPA) (A-1+/VMIG1)
	22,100,000		1.06>			01/07/2004		22,100,000
North Carolina State GO VRDN Refunding Series 2002 D (Landesbank Baden-Wurttm SPA) (A-1+/VMIG1)
	21,600,000		1.00			01/07/2004		21,600,000
University of North Carolina Hospital Chapel Hill VRDN RB Series 2001 B (Landesbank Hessen-Thueringen SPA) (A-1+/VMIG1)
	29,000,000		1.30			01/02/2004		29,000,000
University of North Carolina Hospital Chapel Hill VRDN RB Series 2003 B (Wachovia Bank N.A. SPA) (A-1/VMIG1)
	9,375,000		1.20			01/02/2004		9,375,000
Wilmington GO VRDN Refunding Bonds Series 2002 (Wachovia Bank SPA) (A-1/VMIG1)
	6,425,000		1.10			01/07/2004		6,425,000
Winston Salem Water & Sewer Systems VRDN RB Series 2002 B (Dexia Credit Local SPA) (A-1+/VMIG1)
	9,100,000		1.11			01/07/2004		9,100,000
							$	168,565,000

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

24

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Ohio—2.6%
Franklin County VRDN RB for Trinity Health Credit Series 2000 F (JP Morgan Chase SPA/Bayerische Landesbank SPA) (A-1+/VMIG1)
$	74,550,000		1.23	%		01/02/2004	$	74,550,000
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)
	24,353,000		1.12			01/07/2004		24,353,000
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)
	3,230,000		1.12			01/07/2004		3,230,000
Ohio State GO VRDN ROCS RR II-R-4544 Series 2003 (Citigroup Global SPA) (A-1+)
	7,950,000		1.30			01/08/2004		7,950,000
Ohio State University CP Series 2003 C (A-1+/VMIG1/F-1+)
	15,000,000		1.05			04/09/2004		15,000,000
Ohio State University General Receipts VRDN RB Series 1999 B-2 (A-1+/VMIG1)
	2,985,000		1.13			01/07/2004		2,985,000
Ohio State VRDN Refunding for Infrastructure Improvement Series 2003 B (A-1+/VMIG1/F-1+)
	60,615,000		1.12			01/07/2004		60,615,000
Ohio State Water Development Authority VRDN RB Refunding for Water Development Pure Water Series 2002 B (MBIA) (State Street Corp. SPA) (A-1+/VMIG1)
	10,000,000		1.10			01/07/2004		10,000,000
								198,683,000
Oklahoma—0.3%
Oklahoma State GO VRDN Floater-PT-1879 Series 2003 (FGIC) (Merrill Lynch SPA)
$	10,000,000		1.28	%		01/02/2004	$	10,000,000
Payne County Economic Development Authority Student Housing VRDN RB for Osuf Phase III Project Series 2002 (AMBAC) (Dexia Credit Local SPA) (VMIG1)
	15,470,000		1.26			01/02/2004		15,470,000
							$	25,470,000
Oregon—2.0%
Clackamas County Hospital Facility Authority VRDN RB for Legacy Health System Series 2003 (A-1+/VMIG1)
$	5,000,000		1.19	%		01/07/2004	$	5,000,000
Oregon State GO Veteran’s Welfare VRDN Series 1985 73 H (Bayerische Landesbank SPA) (A-1+/VMIG1)
	77,400,000		1.13			01/07/2004		77,400,000
Oregon State GO VRDN Series 1985 73 G (JP Morgan Chase SPA) (A-1+/VMIG1)
	22,800,000		1.13			01/07/2004		22,800,000
Tri-County Metropolitan Transportation District VRDN RB for Interstate Max Project Series 2001 A (Bayerische Landesbank LOC) (A-1+/VMIG1)
	48,030,000		1.20			01/02/2004		48,030,000
							$	153,230,000
Pennsylvania—3.6%
Allegheny County Hospital Development Authority VRDN RB for Presbyterian University Health System Series 1990 D (MBIA) (JP Morgan Chase SPA) (A-1+/VMIG1)
$	3,360,000		1.27	%		01/02/2004	$	3,360,000
Allegheny County Hospital Development Authority VRDN RB Health Center Presbyterian Series 1990 B (MBIA) (J.P. Morgan Chase Bank) (A-1+/VMIG1)
	7,850,000		1.27			01/02/2004		7,850,000
Commonwealth of Pennsylvania GO Bonds First Series 1994 Eagle Tax-Exempt Trust 943804 Class A COPS (AMBAC) (Citibank SPA) (A-1+)
	15,030,000		1.30			01/02/2004		15,030,000
Lancaster County Hospital Authority VRDN RB for Health Center Masonic Homes Project (AMBAC) (A-1/VMIG1)
	11,725,000		1.15			01/07/2004		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		1.15			01/07/2004		3,415,000
Lancaster County Hospital Authority VRDN RB for Health Center Masonic Homes Series 2001 (AMBAC) (Wachovia SPA) (A-1+/VMIG1)
	28,540,000		1.15			01/07/2004		28,540,000
Pennsylvania Intergovernmental Cooperative Authority VRDN Special Tax Refunding for Philadelphia Funding Series 2003 (AMBAC) (JP Morgan Chase SPA) (A-1+/VMIG1)
	55,000,000		1.24			01/02/2004		55,000,000
Pennsylvania State University VRDN RB Series 2002 A (Toronto-Dominion Bank SPA) (A-1+/VMIG1)
	18,900,000		1.24			01/02/2004		18,900,000
Pennsylvania Turnpike Commission VRDN RB Series 2002 A-1 (Westdeutsche Landesbank SPA) (A-1+/VMIG1)
	38,850,000		1.15			01/07/2004		38,850,000
Pennsylvania Turnpike Commission VRDN RB Series 2002 A-3 (Bayerische Landesbank SPA) (A-1+/VMIG1)
	36,785,000		1.15			01/07/2004		36,785,000
Pennsylvania Turnpike Commission VRDN RB Series 2002 B (Dexia Credit Local SPA) (A-1+/VMIG1)
	28,605,000		1.25			01/02/2004		28,605,000
Philadelphia Hospitals & Higher Education Facilities Authority Hospital VRDN RB for Children’s Hospital Project Series 2003 A (JP Morgan Chanse Bank SPA) (A-1+/VMIG1)
	3,500,000		1.30			01/02/2004		3,500,000

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

25

Statement of Investments

Financial Square Tax-Free Money Market Fund (continued)

December 31, 2003

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Pennsylvania (continued)
Philadelphia Water & Wastewater VRDN RB Refunding Series 2003 (FSA) (Dexia Credit Local) (A-1+/VMIG1)
$	14,750,000		1.09	%		01/07/2004	$	14,750,000
Temple University of the Commonwealth Systems of Higher Education RB for University Funding Obligation (MIG1)
	10,425,000		1.20			05/04/2004		10,425,000
							$	276,735,000
Puerto Rico—2.4%
Commonwealth of Puerto Rico TRANS Series 2003 (SP-1+/MIG1)
$	19,000,000		2.00	%		07/30/2004	$	19,108,895
Puerto Rico Government Development Bank CP (A-1+)
	14,941,000		0.95			01/16/2004		14,941,000
	10,075,000		0.98			02/12/2004		10,075,000
	20,000,000		1.05			02/13/2004		20,000,000
	5,023,000		1.00			02/18/2004		5,023,000
	10,148,000		1.10			02/18/2004		10,148,000
	16,488,000		1.00			02/19/2004		16,488,000
	14,632,000		1.08			02/20/2004		14,632,000
	18,530,000		1.08			02/27/2004		18,530,000
	9,491,000		1.05			03/09/2004		9,491,000
	17,185,000		1.03			03/10/2004		17,185,000
	21,000,000		1.08			04/07/2004		21,000,000
	5,358,000		1.08			04/16/2004		5,358,000
							$	181,979,895
Rhode Island—0.1%
Rhode Island Clean Water Protection Finance Agency VRDN PCRB P-Floats-PT 1403 Series 2002 (Merrill Lynch SPA) (A-1)
$	5,165,000		1.28	%		01/02/2004	$	5,165,000
Rhode Island State Health & Educational Building Corp. VRDN RB for Higher Education Facilities-Brown Series 2003 B (A-1+/VMIG1)
	4,000,000		1.20			01/02/2004		4,000,000
							$	9,165,000
South Carolina—0.5%
Charleston Waterworks & Sewer VRDN RB Refunding for Capital Improvement Series 2003 A (Bank of America N.A.) (A-1+/VMIG1)
$	9,000,000		1.27	%		01/02/2004	$	9,000,000
South Carolina Eagle Tax-Exempt Trust Series 20014001 Class A (MBIA) (Citibank SPA) (A-1+)
	7,000,000		1.30			01/02/2004		7,000,000
South Carolina Public Service Authority CP (A-1+/P-1)
	13,000,000		1.05			06/09/2004		13,000,000
South Carolina Public Service Authority VRDN RB P-Floats-PT-1877 Series 2003 (AMBAC) (Merrill Lynch SPA) (AAA)
	6,000,000		1.28			01/02/2004		6,000,000
South Carolina State VRDN P-Floats-PT 1225 Series 2000 (Merrill Lynch SPA) (A-1+)
	6,805,000		1.25			01/02/2004		6,805,000
							$	41,805,000
Tennessee—2.4%
City of Memphis GO CP Series 2001 (Westdeutsche Landesbank SPA) (A-1+/P-1)
$	12,500,000		0.95	%		02/13/2004	$	12,500,000
	7,100,000		1.03			03/10/2004		7,100,000
Knoxville Utilities Board VRDN RB Adjusted Subordinate Gas System Notes Series 2000 (FSA) (SunTrust Bank) (A-1+/VMIG1)
	2,700,000		1.31			01/02/2004		2,700,000
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		1.23			01/02/2004		35,385,000
Metropolitan Government Nashville & Davidson County Health & Education Facilities Board VRDN RB Refunding for Vanderbilt University Series 2002 B (Bayerische Landesbank SPA) (A-1+/VMIG1)
	29,400,000		1.30			01/02/2004		29,400,000
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		1.23			01/02/2004		35,155,000
Metropolitan Government of Tennessee CP (A-1+/F-1+)
	5,000,000		0.97			02/10/2004		5,000,000
Sevier County Public Building Authority VRDN RB for Local Government Improvement Series 1999 III-F (AMBAC) (Landesbank Hessen-Thueringen Girozentrale LOC) (VMIG1)
	25,805,000		1.26			01/02/2004		25,805,000
Shelby Eagle Tax-Exempt Trust Series 20014202 Class A COPS (Citibank SPA) (A-1+)
	17,000,000		1.30			01/02/2004		17,000,000
Tennessee GO CP Series A (Tennessee Consolidated Retirement System) (A-1+)
	11,250,000		1.00			03/11/2004		11,250,000
							$	181,295,000

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

26

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Texas—13.6%
City of Houston Texas Water & Sewer System CP Notes Series A (Bayerische Landesbank LOC/Westdeutsche Landesbank LOC) (A-1+/P-1)
$	5,000,000		0.95	%		01/28/2004	$	5,000,000
	17,000,000		1.00			01/28/2004		17,000,000
	37,750,000		0.95			01/29/2004		37,750,000
	20,000,000		1.05			01/29/2004		20,000,000
	13,000,000		1.03			02/11/2004		13,000,000
	11,000,000		0.95			02/18/2004		11,000,000
City of San Antonio Electric & Gas System VRDN Series 1997 SG 105 (Societe Generale SPA) (A-1+)
	19,170,000		1.28			01/02/2004		19,170,000
Clear Creek Texas Independent School District GO VRDN ROCS RR II-R-1022 (PSF-GTD) (Citigroup Global Market Holding, Inc.) (A-1+)
	8,255,000		1.30			01/02/2004		8,255,000
Coastal Bend Health Facilities Development Corp. VRDN Updates Series 1998 B (AMBAC) (Bank One, N.A. SPA) (SP-1+/VMIG1)
	26,800,000		1.15			01/07/2004		26,800,000
Cypress Fairbanks Texas Independent School District VRDN Merlots Series 2001 A129 (Wachovia Bank SPA) (A-1)
	9,985,000		1.21			01/07/2004		9,985,000
Dallas Texas Area Rapid Transit CP (A-1+/P-1)
	9,000,000		1.05			01/27/2004		9,000,000
Dallas Texas Area Rapid Transit VRDN RB P-Floats-PT 1503 Series 2002 (FGIC) (Merrill Lynch SPA) (A-1)
	5,470,000		1.28			01/02/2004		5,470,000
Dallas Texas Area Rapid Transit VRDN RB P-Floats-PT 2069 Series 2003 (AMBAC) (Merril Lynch Capiltal Services SPA) (F-1+)
	5,765,000		1.28			01/02/2004		5,765,000
Dallas Texas Independent School District P-Floats-PT 1909 Series 2003 (U.S. Bank Trust N.A.) (F-1+)
	5,665,000		1.28			01/02/2004		5,665,000
Harris County GO VRDN Floaters Series 2003885 (A-1)
	7,700,000		1.28			01/02/2004		7,700,000
Harris County Health Facilities Development Corp. VRDN RB for Methodist Hospital (A-1+)
	239,930,000		1.30			01/02/2004		239,930,000
Harris County Texas Toll Road CP (Dexin Credit Local SPA) (A-1/P-1/F-1+)
	37,300,000		1.00			03/10/2004		37,300,000
	8,000,000		1.05			04/12/2004		8,000,000
Houston Texas GO VRDN P-Floats-PT 1817 Series 2003 (FSA) (Westdeutsche Landesbank SPA) (A-1+)
	5,470,000		1.28			01/02/2004		5,470,000
Houston Texas GO VRDN ROCS RR II-R-1048 (MBIA) (Citigroup Global Markets Holdings Inc. SPA) (VMIG1)
	10,340,000		1.30			01/02/2004		10,340,000
Houston Texas Higher Education Finance Corporation Rice University (A-1+/P-1)
	6,000,000		0.95			01/16/2004		6,000,000
	11,500,000		0.95			02/06/2004		11,500,000
	17,000,000		0.95			02/12/2004		17,000,000
Houston Texas TRANS (A-1+/MIG1)
	40,000,000		1.50			06/30/2004		40,127,741
North Texas Tollway Authority VRDN RB Dallas North Tollway Systems Floating Rate RCPTS Series 2003 SG-167 (AMBAC) (Socite Generale SPA) (A-1+)
	8,975,000		1.28			01/02/2004		8,975,000
Red River Texas Education Financing VRDN RB for Texas Christian University Project Series 2000 (VMIG1)
	28,100,000		1.25			01/07/2004		28,100,000
San Antonio Electric & Gas CP
	5,000,000		1.02			03/08/2004		5,000,000
San Antonio Electric & Gas System CP Notes Series A (A-1+/ P-1)
	10,000,000		0.95			01/13/2004		10,000,000
	24,400,000		0.90			01/14/2004		24,400,000
	15,900,000		0.95			01/14/2004		15,900,000
	5,000,000		0.93			01/22/2004		5,000,000
	11,900,000		1.10			02/10/2004		11,900,000
	13,700,000		1.05			06/09/2004		13,700,000
San Antonio Electric & Gas VRDN RB Systems Junior Lien Series 2003 (Bank of America SPA) (A-1+/VMIG1)
	10,000,000		1.28			01/07/2004		10,000,000
San Antonio Water System CP (A-1/P-1/F-1+)
	4,000,000		0.95			01/22/2004		4,000,000
South Texas Community College District VRDN P-Floats-PT 1415 Series 2002 (AMBAC) (Merrill Lynch SPA) (A-1)
	6,580,000		1.28			01/02/2004		6,580,000
Texas A & M University CP Series B (A-1+)
	19,000,000		0.95			01/21/2004		19,000,000
Texas A & M University Paramount University Fund (A-1+/ F-1+)
	5,000,000		0.93			01/21/2004		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 State P-Floats-PT-1895 Series 2003 (Westdeutsche Landesbank SPA) (A-1+)
	5,505,000		1.28			01/02/2004		5,505,000
Texas State GO VRDN P-Floats-PT 1529 Series 2002 (Merrill Lynch SPA) (A-1)
	6,800,000		1.28			01/02/2004		6,800,000
Texas State TRANS Series 2003 (A-1+/MIG1)
	243,000,000		2.00			08/31/2004		244,380,801
Texas Water Development Board VRDN RB Refunding State Revolving Fund-Sub Series 2003 (JP Morgan Chase Bank SPA) (A-1+/VMIG1)
	11,440,000		1.30			01/02/2004		11,440,000

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

27

Statement of Investments

Financial Square Tax-Free Money Market Fund (continued)

December 31, 2003

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Texas (continued)
University of Texas VRDN RB P-Floats-PT 1698 Series 2003 A (Merrill Lynch SPA) (A-1)
$	500,000		1.28	%		01/02/2004	$	500,000
West Calhoun County Development VRDN RB for Updates-Sohio Chemical Corp. Project Series 1985 (A-1+/P1)
	14,000,000		1.30			01/02/2004		14,000,000
							$	1,045,408,542
Utah—3.0%
Central Water Conservancy District GO VRDN Refunding for Tender Option Series 1998 E (AMBAC) (JP Morgan Chase SPA) (Landesbank Hessen-Thueringen SPA) (A-1+/VMIG1)
$	27,410,000		1.15	%		01/07/2004	$	27,410,000
Central Water Conservancy District GO VRDN Refunding for Tender Option Series 1998 F (AMBAC) (Landesbank Hessen-Thueringen SPA) (A-1+/VMIG1)
	14,640,000		1.15			01/07/2004		14,640,000
Central Water Conservancy District GO VRDN Refunding Series 2002 A (AMBAC) (Landesbank Hessen-Thueringen SPA) (VMIG1)
	14,925,000		1.15			01/07/2004		14,925,000
Murray City Hospital VRDN RB for IHC Health Services, Inc. Series 2003 B (A-1+/Aa2)
	20,000,000		1.25			01/02/2004		20,000,000
Murray City Hospital VRDN RB for IHC Health Services, Inc. Series 2003 D (A -1+/Aa2)
	9,200,000		1.33			01/02/2004		9,200,000
Murray City Hospital VRDN RB for IHC Health Services, Inc. Series 2003 A (A-1+/Aa2)
	47,000,000		1.25			01/02/2004		47,000,000
Murray City Hospital VRDN RB for IHC Health Services, Inc. Series 2003 C (A-1+/Aa2)
	40,300,000		1.30			01/02/2004		40,300,000
Salt Lake City GO Unlimited Notes TRANS Series 2003
	12,000,000		2.00			06/30/2004		12,063,427
University of Utah VRDN RB for Auxiliary & Campus Facilities Series 1997 A (Bank of Nova Scotia SPA) (A-1/VMIG1)
	11,120,000		1.25			01/07/2004		11,120,000
Utah County Hospital VRDN RB for IHC Health Services, Inc. Series 2002 C (Westdeutsche Landesbank SPA) (A-1+/VMIG1)
	10,000,000		1.12			01/02/2004		10,000,000
Utah Transit Authority Sales Tax VRDN RB Subseries 2002 B (Bayerische Landesbank LOC) (A-1+/VMIG1)
	7,500,000		1.22			01/02/2004		7,500,000
Utah Water Finance Agency VRDN RB Series 2002 A1 (AMBAC) (JP Morgan Chase SPA) (VMIG1)
	8,245,000		1.20			01/07/2004		8,245,000
Weber County Hospital VRDN RB for IHC Health Services, Inc. Series 2000 A (Dexia Credit Local SPA) (A-1+/VMIG1)
	6,000,000		1.33			01/02/2004		6,000,000
							$	228,403,427
Virginia—1.5%
Fairfax County Virginia GO Series 2003 B (AAA/Aaa)
$	9,765,000		2.00	%		06/01/2004	$	9,804,299
Fairfax Virginia County Economic DAR VRDN RB for Smithsonian Institution Series 2003 A (Bank of America N.A. SPA) (A-1+/VMIG1)
	20,800,000		1.18			01/02/2004		20,800,000
Fairfax Virginia County Economic DAR VRDN RB for Smithsonian Institution Series 2003 B (Bank of America N.A. SPA) (A-1+/VMIG1)
	5,000,000		1.25			01/02/2004		5,000,000
Loudoun Virginia County IDA VRDN RB for Howard Hughes Medical Institution Series 2003 F (A-1+/VMIG1)
	13,685,000		1.06			01/07/2004		13,685,000
Roanoke IDA Hospital VRDN RB Refunding for Carilion Health System Series 2002 B (JP Morgan Chase SPA) (A-1+/VMIG1)
	30,810,000		1.30			01/02/2004		30,810,000
Roanoke IDA Hospital VRDN RB Refunding for Carilion Health System Series 2002 C (Wachovia Bank N.A. SPA) (A-1/VMIG1)
	5,100,000		1.18			01/02/2004		5,100,000
Roanoke IDA Hospital VRDN RB Refunding for Carilion Health Systems Series 2002 D (Bank of America N.A.) (A-1+/VMIG1)
	16,545,000		1.30			01/02/2004		16,545,000
Virginia College Building Authority Educational Facilities RB for 21st Century College Program Series 2000 (AA+/Aa1)
	9,220,000		5.75			02/02/2004		9,257,046
Virginia College Building Authority Educational Facilities VRDN RB for The University of Richmond Project Series 1999 (Suntrust Bank SPA) (VMIG1)
	3,000,000		1.15			01/07/2004		3,000,000
							$	114,001,345
Washington—3.8%
Energy Northwest Electric VRDN RB Merlots Series 2003-A04 (MBIA) (Wachovia Bank SPA) (VMIG1)
$	8,805,000		1.21	%		01/07/2004	$	8,805,000
Energy Northwest Electric VRDN RB Refunding Project No. 3 Series 2003 E (JP Morgan Chase LOC) (A-1+/VMIG1)
	46,125,000		1.15			01/07/2004		46,125,000
Grant County Public Utility District Eagle Trust Series 20014702 Class A (FSA) (Citibank SPA) (A-1+)
	8,810,000		1.30			01/02/2004		8,810,000
King & Snohomish Counties Washington School District #417 Northshore GO VRDN P-Floats-PT 1445 Series 2002 (Merrill Lynch SPA) (A-1)
	5,230,000		1.28			01/02/2004		5,230,000

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

28

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Washington (continued)
King County School District No. 401 Highline Public Schools GO VRDN PT 1423 (FGIC) (Merrill Lynch SPA) (A-1)
$	11,165,000		1.28	%		01/02/2004	$	11,165,000
King County Sewer RB CP Series 2002 A (Bayerische Landesbank SPA) (A-1)
	15,000,000		0.95			01/12/2004		15,000,000
Port Seattle VRDN RB Floaters Series 2003 849-D (MBIA) (A-1)
	14,460,000		1.29			01/02/2004		14,460,000
Snohomish County Public Utility District No. 1 VRDN RB Adjusted Refunding Series 2002 A-1 (FSA) (Dexia Credit Local SPA) (A-1+/VMIG1)
	6,150,000		1.09			01/07/2004		6,150,000
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		1.09			01/07/2004		12,035,000
State of Washington Eagle Tax-Exempt Trust Series 2000 Class A COPS (Citibank SPA) (A-1+)
	12,000,000		1.30			01/02/2004		12,000,000
Tacoma Regional Water Supply Systems VRDN RB Merlots Series 2003-B05 (MBIA) (Wachovia Bank SPA) (VMIG1)
	13,880,000		1.21			01/07/2004		13,880,000
Washington Public Power Supply System Nuclear Project No. 1 VRDN Refunding Series 1993 1A-2 (Bank of America LOC) (A-1+/VMIG2)
	4,770,000		1.07			01/07/2004		4,770,000
Washington State GO VRDN P-Floats-PT 433 Series 2000 (MBIA) (Merrill Lynch SPA) (A-1)
	19,865,000		1.28			01/02/2004		19,865,000
Washington State Eagle Tax-Exempt Trust Series 20024701 Class A (FSA) (Citibank SPA) (A-1+)
	10,060,000		1.30			01/02/2004		10,060,000
Washington State Eagle Tax-Exempt Trust Series 20024703 Class A (MBIA) (Citibank SPA) (A-1+)
	6,915,000		1.30			01/02/2004		6,915,000
Washington State Eagle Tax-Exempt Trust Series 984702 Class A (Citibank SPA) (A-1+)
	6,500,000		1.30			01/02/2004		6,500,000
Washington State GO Series 1994 A (AA+/Aa1)
	7,000,000		6.10			09/01/2004		7,232,412
Washington State GO Series 2003 A (AA+/Aa1)
	12,890,000		6.00			09/01/2004		13,309,567
Washington State GO Eagle Tax-Exempt Trust Series 96C 4704 Class A (Citibank SPA) (A-1+)
	8,525,000		1.30			01/02/2004		8,525,000
Washington State GO VRDN for Merlots Series 2002 A57 (MBIA) (Wachovia Bank SPA) (VMIG1)
	20,610,000		1.21			01/07/2004		20,610,000
Washington State GO VRDN for Merlots Series 2002 A65 (MBIA) (Wachovia Bank SPA) (VMIG1)
	7,620,000		1.21			01/07/2004		7,620,000
Washington State GO VRDN for Merlots Series 2003 B23 (MBIA) (Wachovia Bank SPA) (VMIG1)
	18,200,000		1.21			01/07/2004		18,200,000
Washington State GO VRDN P-Floats-PT 1407 Series 2002 (Merrill Lynch SPA) (A-1+)
	7,495,000		1.28			01/02/2004		7,495,000
Washington State GO VRDN P-Floats-PT 775 Series 2003 (FSA) (Svenska Handelsbanken SPA) (A-1+)
	2,310,000		1.30			01/02/2004		2,310,000
Washington State P-Floats-PT 1781 Series 2003 (AAA/F-1+)
	7,050,000		1.28			01/02/2004		7,050,000
							$	294,121,979
West Virginia—0.1%
Marshall County VRDN PCRB Updates-Mountaineer Carbon Co. (A-1+/P1)
$	9,000,000		1.30	%		01/02/2004	$	9,000,000
Wisconsin—1.0%
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		1.30	%		01/02/2004	$	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		1.28			01/02/2004		5,500,000
Wisconsin Eagle Tax-Exempt Trust Series 20004901 Class A (Citibank SPA) (A-1+)
	7,615,000		1.30			01/02/2004		7,615,000
Wisconsin State GO VRDN Floater-PT 1507 Series 2002 (FGIC) (Merrill Lynch SPA) (A-1)
	5,850,000		1.28			01/02/2004		5,850,000
Wisconsin State Health & Educational Facilities Authority VRDN RB for Aurora Health Care Series 1999 C (Bank One LOC) (A-1)
	39,000,000		1.12			01/07/2004		39,000,000

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

29

Statement of Investments

Financial Square Tax-Free Money Market Fund (continued)

December 31, 2003

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Wisconsin (continued)
Wisconsin State Operating Revenue Notes Series 2003 (SP-1+/MIG1)
$	5,000,000		2.25	%		06/15/2004	$	5,027,404
							$	73,292,404
Total Investments							$	7,675,275,202

> 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 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.
COPS	—	Certificates of Participation
CP	—	Commercial Paper
DAR	—	Development Authority Revenue
FGIC	—	Insured by Financial Guaranty Insurance Co.
FHLMC	—	Insured Federal Home Loan Mortgage Corp.
FNMA	—	Insured by Federal National Mortgage Assoc.
FSA	—	Insured by Financial Security Assurance Co.
GO	—	General Obligation
IDA	—	Industrial Development Authority
IDB	—	Industrial Development Bond
IDRB	—	Industrial Development Revenue Bond
LOC	—	Letter of Credit
MBIA	—	Insured by Municipal Bond Investors Assurance
MF Hsg.	—	Multi-Family Housing
PCRB	—	Pollution Control Revenue Bond
PSF-GTD	—	Guaranteed by Permanent School Fund
RANS	—	Revenue Anticipation Notes
RB	—	Revenue Bond
ROCS	—	Reset Option Certificates
SPA	—	Stand-by-Purchase Agreement
TANS	—	Tax Anticipation Notes
TFA	—	Transportation Finance Authority
TRANS	—	Tax Revenue Anticipation Notes
VRDN	—	Variable Rate Demand Note

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

31

Goldman Sachs Trust—Financial Square Funds

Statements of Assets and Liabilities

December 31, 2003

			Prime		Money
			Obligations		Market
			Fund		Fund
Assets:
Investment in securities, at value based on amortized cost			$	26,451,384,439	$	10,686,448,366
Repurchase Agreements				2,070,500,000		680,300,000
Cash				79,282		37,143
Receivables:
		Interest		20,591,423		9,903,585
		Fund shares sold		56,822		1,154,234
		Reimbursement from investment adviser		—		—
Other assets				533,407		188,635
	Total assets			28,543,145,373		11,378,031,963
Liabilities:
Payables:
		Investment securities purchased		—		—
		Income distribution		11,793,832		3,754,563
		Fund shares repurchased		470,014		551,776
		Amounts owed to affiliates		3,941,961		1,512,451
Accrued expenses and other liabilities				2,025,331		547,395
	Total liabilities			18,231,138		6,366,185
Net Assets:
Paid-in capital				28,524,914,235		11,371,665,778
Accumulated net realized loss on investment transactions				—		—
	Net assets		$	28,524,914,235	$	11,371,665,778
Net asset value, offering and redemption price per share:				$1.00		$1.00
Shares outstanding:
FST Shares				22,750,509,636		10,389,311,809
FST Select Shares				53,859,159		93,037,655
FST Preferred Shares				1,427,970,395		113,299,092
FST Capital Shares				339,342,363		24,180,314
FST Administration Shares				3,080,780,236		447,290,360
FST Service Shares				872,452,446		304,546,548
Total shares outstanding, $.001 par value (unlimited number of shares authorized)				28,524,914,235		11,371,665,778

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

32

Treasury		Treasury						Tax-Free
Obligations		Instruments		Government		Federal		Money Market
Fund		Fund		Fund		Fund		Fund
$	604,967,617	$	1,719,292,129	$	2,738,288,348	$	8,305,411,873	$	7,675,275,202
	3,374,600,000		—		1,060,500,000		—		—
	57,961		10,012		31,564		71,156		10,004,715
	6,639,008		2,509,610		6,461,065		12,318,173		18,236,614
	200,008		—		60,800		647		98,918
	30,440		37,459		60,017		—		—
	47,175		29,670		96,742		102,099		139,163
	3,986,542,209		1,721,878,880		3,805,498,536		8,317,903,948		7,703,754,612
	—		584,814,705		49,997,500		199,989,970		32,100,926
	1,442,416		468,594		1,469,584		1,462,145		1,475,357
	350,000		—		—		—		3,045
	644,028		180,074		533,949		1,231,640		1,020,071
	709,113		183,447		522,328		570,795		259,342
	3,145,557		585,646,820		52,523,361		203,254,550		34,858,741
	3,983,396,652		1,136,232,060		3,752,975,175		8,114,649,398		7,669,083,211
	—		—		—		—		(187,340	)
$	3,983,396,652	$	1,136,232,060	$	3,752,975,175	$	8,114,649,398	$	7,668,895,871
	$1.00		$1.00		$1.00		$1.00		$1.00
	1,700,015,842		805,747,378		1,906,071,273		7,076,044,042		7,052,171,879
	9,513,079		1,120		114,133,113		19,273		75,811,112
	501,231,171		8,052,753		433,695,343		108,636,717		204,104,093
	10,980,147		22,662,045		117,415,753		4,748,029		2,783,399
	1,199,362,280		187,685,259		934,764,060		419,747,301		273,664,693
	562,294,133		112,083,505		246,895,633		505,454,036		60,411,286
	3,983,396,652		1,136,232,060		3,752,975,175		8,114,649,398		7,668,946,462

33

Goldman Sachs Trust—Financial Square Funds

Statements of Operations

For the Year Ended December 31, 2003

		Prime			Money
		Obligations			Market
		Fund			Fund
Investment income:
Interest		$	331,754,482		$	135,526,923
Expenses:
Management fees			54,762,363			22,225,399
Administration Share fees			8,026,896			1,045,986
Service Share fees			4,901,376			1,730,813
Custody and accounting fees			1,779,128			900,978
Preferred Share fees			1,787,993			125,563
Registration fees			236,134			131,900
Capital Share fees			460,117			30,823
Professional fees			65,893			61,691
Printing fees			27,030			27,030
Select Share fees			40,272			17,919
Trustee fees			10,861			10,861
Other			494,974			222,644
	Total expenses		72,593,037			26,531,607
	Less—expense reductions		(9,350,177	)		(3,795,055	)
	Net expenses		63,242,860			22,736,552
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

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
$	51,537,019		$	11,851,220		$	53,352,328		$	99,747,980		$	69,000,675
	9,367,836			2,321,169			8,891,505			17,142,079			13,510,893
	3,728,654			482,424			2,570,073			1,359,606			732,157
	3,143,134			420,265			1,430,285			2,583,311			300,900
	574,617			317,393			520,855			723,620			575,616
	574,158			23,431			433,744			99,995			212,579
	113,684			76,368			100,872			133,273			88,795
	12,671			4,906			204,172			5,704			4,569
	59,013			55,013			56,134			64,100			52,703
	27,030			27,030			27,030			27,030			27,030
	20,321			155			40,732			6			7,174
	10,861			10,861			10,861			10,861			10,861
	127,309			57,268			159,045			215,446			111,826
	17,759,288			3,796,283			14,445,308			22,365,031			15,635,103
	(956,688	)		(548,838	)		(1,784,215	)		(1,255,769	)		(2,651,805	)
	16,802,600			3,247,445			12,661,093			21,109,262			12,983,298
	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

35

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.

36

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

37

Goldman Sachs Trust—Financial Square Funds

Statements of Changes in Net Assets

For the Year Ended December 31, 2002

		Prime			Money
		Obligations			Market
		Fund(a)			Fund(a)
From operations:
Net investment income		$	456,275,134		$	226,575,484
Net realized gain on investment transactions			705,761			107,640
	Net increase in net assets resulting from operations		456,980,895			226,683,124
Distributions to shareholders:
From net investment income
	FST Shares		(374,118,889	)		(208,315,863	)
	FST Select Shares		(2,283,209	)		(1,428,517	)
	FST Preferred Shares		(22,628,669	)		(2,783,095	)
	FST Capital Shares		(693,993	)		(5	)
	FST Administration Shares		(42,937,785	)		(8,597,768	)
	FST Service Shares		(14,318,350	)		(5,557,876	)
	Total distributions to shareholders		(456,980,895	)		(226,683,124	)
From share transactions (at $1.00 per share):
Proceeds from sales of shares			234,971,119,330			100,763,527,489
Reinvestment of dividends and distributions			225,924,771			125,631,709
Cost of shares repurchased			(236,305,167,665	)		(108,169,121,311	)
	Net increase (decrease) in net assets resulting from share transactions		(1,108,123,564	)		(7,279,962,113	)
	Total increase (decrease)		(1,108,123,564	)		(7,279,962,113	)
Net assets:
Beginning of year			30,651,694,257			17,543,587,830
End of year		$	29,543,570,693		$	10,263,625,717

^(a) FST Capital Shares commenced operations on August 12, 2002.

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

38

Treasury			Treasury									Tax-Free
Obligations			Instruments			Government			Federal			Money Market
Fund(a)			Fund(a)			Fund(a)			Fund(a)			Fund(a)
$	79,188,014		$	15,776,030		$	85,256,647		$	191,045,867		$	55,295,405
	4,534,964			962,664			128,835			1,454,939			138,584
	83,722,978			16,738,694			85,385,482			192,500,806			55,433,989
	(42,435,378	)		(13,993,735	)		(45,460,809	)		(173,339,625	)		(50,332,298	)
	(879,357	)		(51,070	)		(2,816,133	)		(1,950	)		(32,320	)
	(8,221,692	)		(644,319	)		(14,577,981	)		(1,285,812	)		(2,626,176	)
	(5	)		(27,413	)		(38,681	)		(5	)		(7,219	)
	(20,436,977	)		(1,061,863	)		(18,058,779	)		(10,244,711	)		(1,770,208	)
	(11,749,569	)		(960,294	)		(4,433,099	)		(7,628,703	)		(527,184	)
	(83,722,978	)		(16,738,694	)		(85,385,482	)		(192,500,806	)		(55,295,405	)
	32,360,830,621			6,688,311,327			46,842,799,132			48,059,231,121			22,548,068,053
	40,543,397			5,532,514			35,254,396			140,561,911			36,189,254
	(33,830,788,310	)		(6,841,902,502	)		(48,115,354,861	)		(54,015,567,214	)		(21,406,619,919	)
	(1,429,414,292	)		(148,058,661	)		(1,237,301,333	)		(5,815,774,182	)		1,177,637,388
	(1,429,414,292	)		(148,058,661	)		(1,237,301,333	)		(5,815,774,182	)		1,177,775,972
	6,931,734,222			1,456,446,786			6,850,058,358			16,229,095,368			3,820,672,197
$	5,502,319,930		$	1,308,388,125		$	5,612,757,025		$	10,413,321,186		$	4,998,448,169

39

Goldman Sachs Trust-Financial Square Funds

Notes to Financial Statements

December 31, 2003

1. Organization

Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940 (as amended) as an open-end, management investment company. The Trust includes the Financial Square Funds, collectively, “the Funds”, or individually, a “Fund”. Financial Square consists of 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 accounting principles generally accepted in the United States 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. There were no significant book-to-tax differences. Each Fund has distributed substantially all of its current year income and realized gains. The tax character of distributions paid during 2003 and 2002 was from ordinary income for the Prime Obligations, Money Market, Treasury Obligations, Treasury Instruments, Government and Federal Funds and from tax-exempt income for Tax-Free Money Market Fund.

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

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

40

   This amount is available to be carried forward to offset future net capital gains to the extent permitted by applicable laws or 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.

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.

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. 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 Funds Management, L.P., a subsidiary of The Goldman Sachs Group, Inc., was renamed Goldman Sachs Asset Management, L.P. (“GSAM” or the “Adviser”) effective at the end of April 2003 and assumed Goldman, Sachs & Co.’s (“Goldman Sachs”) investment advisory responsibilities under its Investment Management Agreement (the “Agreement”) with the Trust on behalf of the Funds. The fees payable under the Agreement, and the personnel who manage the Funds, did not change as a result of GSAM’s assumption of responsibilities. GSAM is an affiliate of Goldman Sachs, and under the Agreement, 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 rate equal to .205% of each Fund’s average daily net assets.

   For the year ended December 31, 2003, 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 “Other Expenses” (excluding Management fees, service organization fees, taxes, interest, brokerage, litigation, indemnification, shareholder meeting and other extraordinary expenses) to the extent such expenses exceed, on an annual basis, .01% (rounded) of the average daily net assets of each Fund.

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

41

Goldman Sachs Trust—Financial Square Funds

Notes to Financial Statements (continued)

December 31, 2003

   For the year ended December 31, 2003, the expense reductions were as follows (in thousands):

			Expenses		Custody
	Management		Reimbursed		Fee
Fund	Fees Waived		by Adviser		Reductions		Total
Prime Obligations	$	9,349	$	—	$	1	$	9,350
Money Market		3,794		—		1		3,795
Treasury Obligations		685		271		1		957
Treasury Instruments		170		377		2		549
Government		1,518		260		6		1,784
Federal		1,254		1		1		1,256
Tax-Free Money Market		2,307		—		345		2,652

   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 December 31, 2003, the amounts owed to affiliates were as follows (in thousands):

					Over
					Reimbursement of
			Affiliated		Expenses by
Fund	Management		Dealers		Adviser		Total
Prime Obligations	$	3,941	$	1	$	—	$	3,942
Money Market		1,512		—		—		1,512
Treasury Obligations		644		—		—		644
Treasury Instruments		180		—		—		180
Government		533		1		—		534
Federal		1,217		1		14		1,232
Tax-Free Money Market		1,020		—		—		1,020

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.

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 400% 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 year ended December 31, 2003, 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.

42

7. Certain Reclassifications

In order to present the capital accounts on a tax basis, the Tax-Free Money Market Fund reclassified $27,648 from accumulated net realized gain on investment transactions to paid-in capital. This reclassification has no impact on the net asset value of the Fund. This reclassification resulted from retained long term capital gains. All taxable Funds classified short term capital gain distributions as distributions from net investment income.

8. Joint Repurchase Agreement Accounts

The Funds, together with other registered investment companies having management agreements with GSAM or its affiliates, may transfer uninvested cash balances into joint accounts, the daily aggregate balances of which are invested in one or more repurchase agreements.

   At December 31, 2003, the Prime Obligations, Money Market, Treasury Obligations and Government Funds had undivided interests in the following Joint Repurchase Agreement Account I, which equaled $120,500,000, $110,300,000, $1,809,600,000 and $60,500,000, in principal amount, respectively. At December 31, 2003, the following repurchase agreements held in this 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.
	$	800,000,000		0.85	%		01/02/2004	$	800,037,778
J.P. Morgan Chase & Co.
		401,600,000		0.85			01/02/2004		401,618,964
Merrill Lynch & Co., Inc.
		600,000,000		0.80			01/02/2004		600,026,667
UBS LLC
		400,000,000		0.84			01/02/2004		400,018,667
UBS LLC
		700,000,000		0.84			01/02/2004		700,032,667
TOTAL	$	2,901,600,000						$	2,901,734,743

   At December 31, 2003, the Prime Obligations, Money Market, and Government Funds had undivided interests in the following Joint Repurchase Agreement Account II, which equaled $1,800,000,000, $420,000,000 and $400,000,000, respectively, in principal amount. At December 31, 2003, the following repurchase agreements held in this 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
ABN AMRO, Inc.
	$	150,000,000		0.98	%		01/02/2004	$	150,008,167
Banc of America Securities LLC
		500,000,000		1.01			01/02/2004		500,028,056
Barclays Capital PLC
		200,000,000		1.00			01/02/2004		200,011,111
Deutsche Bank Securities, Inc.
		500,000,000		0.98			01/02/2004		500,027,222
Greenwich Capital Markets
		400,000,000		1.01			01/02/2004		400,022,444
J.P. Morgan Chase & Co.
		400,000,000		1.01			01/02/2004		400,022,444
Morgan Stanley
		100,000,000		0.90			01/02/2004		100,005,000
Morgan Stanley
		220,000,000		0.99			01/02/2004		220,012,100
UBS LLC
		248,400,000		0.97			01/02/2004		248,413,386
UBS LLC
		380,000,000		0.98			01/02/2004		380,020,689
UBS LLC
		500,000,000		1.00			01/02/2004		500,027,778
Westdeutsche Landesbank AG
		300,000,000		1.02			01/02/2004		300,017,000
TOTAL	$	3,898,400,000						$	3,898,615,397

9. Other Matters

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

43

Goldman Sachs Trust—Financial Square Funds

Notes to Financial Statements (continued)

December 31, 2003

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

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:
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

44

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

45

Goldman Sachs Trust—Financial Square Funds

Notes to Financial Statements (continued)

December 31, 2003

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

Share activity for the year ended December 31, 2002 is as follows:

	Prime
	Obligations			Money Market
	Fund			Fund
FST Shares:
Shares sold		191,464,413,709			92,480,465,082
Reinvestment of dividends and distributions		189,185,762			114,221,767
Shares repurchased		(194,517,330,157	)		(99,309,233,285	)
		(2,863,730,686	)		(6,714,546,436	)
FST Select Shares:
Shares sold		1,836,573,932			931,456,444
Reinvestment of dividends and distributions		1,598,521			879,885
Shares repurchased		(1,831,888,041	)		(1,231,387,829	)
		6,284,412			(299,051,500	)
FST Preferred Shares:
Shares sold		10,243,777,866			640,795,453
Reinvestment of dividends and distributions		14,273,391			2,659,843
Shares repurchased		(8,909,138,766	)		(660,790,801	)
		1,348,912,491			(17,335,505	)
FST Capital Shares (commenced August 12, 2002):
Shares sold		955,580,069			1,000
Reinvestment of dividends and distributions		45,763			5
Shares repurchased		(526,931,818	)		—
		428,694,014			1,005
FST Administration Shares:
Shares sold		20,338,891,049			5,203,083,922
Reinvestment of dividends and distributions		12,676,099			5,566,687
Shares repurchased		(20,227,598,659	)		(5,373,879,990	)
		123,968,489			(165,229,381	)
FST Service Shares:
Shares sold		10,131,882,705			1,507,725,588
Reinvestment of dividends and distributions		8,145,235			2,303,522
Shares repurchased		(10,292,280,224	)		(1,593,829,406	)
		(152,252,284	)		(83,800,296	)
Net increase (decrease) in shares		(1,108,123,564	)		(7,279,962,113	)

46

Treasury			Treasury									Tax-Free
Obligations			Instruments			Government			Federal			Money Market
Fund			Fund			Fund			Fund			Fund
	14,738,118,185			5,168,207,078			18,132,692,197			39,489,140,284			20,848,121,753
	23,690,942			4,332,202			13,597,830			132,470,018			35,003,098
	(16,479,657,276	)		(5,362,748,337	)		(19,285,338,895	)		(44,819,139,925	)		(19,933,905,453	)
	(1,717,848,149	)		(190,209,057	)		(1,139,048,868	)		(5,197,529,623	)		949,219,398
	88,391,165			130,573,622			885,889,300			5,016,057			20,023,573
	873,343			23,384			2,616,484			1,926			32,318
	(92,865,748	)		(137,645,088	)		(696,716,812	)		(5,000,000	)		(20,026,880	)
	(3,601,240	)		(7,048,082	)		191,788,972			17,983			29,011
	3,634,026,895			125,024,423			18,973,559,752			629,846,685			630,573,675
	751,638			525,118			12,495,530			454,149			681,435
	(3,001,721,240	)		(147,436,975	)		(18,846,950,234	)		(635,471,876	)		(471,156,993	)
	633,057,293			(21,887,434	)		139,105,048			(5,171,042	)		160,098,117
	1,000			21,297,942			202,243,834			1,000			7,637,256
	5			27,413			24,532			5			6,116
	—			(7,711,000	)		(174,808,742	)		—			(421,907	)
	1,005			13,614,355			27,459,624			1,005			7,221,465
	7,778,146,620			727,749,780			6,800,529,305			3,220,192,699			568,656,792
	5,271,168			416,812			5,444,181			3,757,724			244,986
	(7,902,389,718	)		(637,069,777	)		(7,031,267,049	)		(3,672,791,771	)		(508,736,278	)
	(118,971,930	)		91,096,815			(225,293,563	)		(448,841,348	)		60,165,500
	6,122,146,756			515,458,482			1,847,884,744			4,715,034,396			473,055,004
	9,956,301			207,585			1,075,839			3,878,089			221,301
	(6,354,154,328	)		(549,291,325	)		(2,080,273,129	)		(4,883,163,642	)		(472,372,408	)
	(222,051,271	)		(33,625,258	)		(231,312,546	)		(164,251,157	)		903,897
	(1,429,414,292	)		(148,058,661	)		(1,237,301,333	)		(5,815,774,182	)		1,177,637,388

47

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 net
	Net asset							Net asset					Net assets,		Ratio of net			investment			Ratio of			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 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.

48

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			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 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 Share		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.

49

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			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 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.

50

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			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 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.

51

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			investment
	value,		Net		Distributions			value,					end		expenses to			income to			expenses to			income to
	beginning		investment		to			end		Total			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 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.

52

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			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 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.

53

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 net
	Net asset							Net asset					Net assets,		Ratio of net			investment			Ratio of			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 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.

54

Report of Independent Auditors

To the Board of Trustees of Goldman Sachs Trust and the
Shareholders of Financial Square Funds:

In our opinion, the accompanying statements of assets and liabilities, including the statements of investments (excluding bond ratings), and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Prime Obligations Fund, Money Market Fund, Treasury Obligations Fund, Treasury Instruments Fund, Government Fund, Federal Fund and Tax-Free Money Market Fund (collectively, the “Financial Square Funds”), funds of Goldman Sachs Trust, at December 31, 2003, and the results of each of their operations and the changes in each of their net assets for each of the periods indicated and the financial highlights for each of the four periods then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Financial Square Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with auditing standards generally accepted in the United States of America, which require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2003 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion. The financial highlights of the Financial Square Funds for the period ended prior to December 31, 2000 were audited by other independent auditors who have ceased operations. Those independent auditors expressed an unqualified opinion on the financial statements in their report dated February 14, 2000.

PricewaterhouseCoopers LLP

Boston, Massachusetts

February 20, 2004

55

Trustees and Officers (Unaudited)

Independent Trustees

						Number of
			Term of			Portfolios in
			Office and			Fund
			Length of		Principal	Complex
	Position(s) Held		Time		Occupation(s)	Overseen by
Name, Address and Age1	with the Trust2		Served3		During Past 5 Years	Trustee4		Other Directorships Held by Trustee5
Ashok N. Bakhru Age: 61		Chairman & Trustee		Since 1991	President, ABN Associates (July 1994-March 1996 and November 1998-Present); Executive Vice President— Finance and Administration and Chief Financial Officer, Coty Inc. (manufacturer of fragrances and cosmetics) (April 1996-November 1998); Director of Arkwright Mutual Insurance Company (1984-1999); Trustee of International House of Philadelphia (program center and residential community for students and professional trainees from the United States and foreign countries) (1989-Present); Member of Cornell University Council (1992-Present); Trustee of the Walnut Street Theater (1992-Present); Trustee, Citizens Scholarship Foundation of America (1998- Present); Director, Private Equity Investors-III and IV (November 1998-Present), and Equity-Limited Investors II (April 2002- Present); and Chairman, Lenders Service Inc. (provider of mortgage lending services) (2000-Present).		64		None
					Chairman of the Board and Trustee— Goldman Sachs Mutual Fund Complex (registered investment companies).
John P. Coblentz, Jr. Age: 62		Trustee		Since 2003	Partner, Deloitte & Touche LLP (June 1975-May 2003). Trustee— Goldman Sachs Mutual Fund Complex (registered investment companies).		64		None

56

						Number of
			Term of			Portfolios in
			Office and			Fund
			Length of		Principal	Complex
	Position(s) Held		Time		Occupation(s)	Overseen by
Name, Address and Age1	with the Trust2		Served3		During Past 5 Years	Trustee4		Other Directorships Held by Trustee5
Patrick T. Harker Age: 45		Trustee		Since 2000	Dean and Reliance Professor of Operations and Information Management, The Wharton School, University of Pennsylvania (February 2000- Present); Interim and Deputy Dean, The Wharton School, University of Pennsylvania (July 1999-Present); and Professor and Chairman of Department of Operations and Information Management, The Wharton School, University of Pennsylvania (July 1997-August 2000).		64		None
					Trustee— Goldman Sachs Mutual Fund Complex (registered investment companies).
Mary P. McPherson Age: 68		Trustee		Since 1997	Vice President, The Andrew W. Mellon Foundation (provider of grants for conservation, environmental and educational purposes) (October 1997-Present); Director, Smith College (1998- Present); Director, Josiah Macy, Jr. Foundation (health educational programs) (1977- Present); Director, Philadelphia Contributionship (insurance) (1985-Present); Director Emeritus, Amherst College (1986-1998); Director, The Spencer Foundation (educational research) (1993- February 2003); member of PNC Advisory Board (banking) (1993- 1998); and Director, American School of Classical Studies in Athens (1997-Present).		64		None
					Trustee— Goldman Sachs Mutual Fund Complex (registered investment companies).
Wilma J. Smelcer Age: 54		Trustee		Since 2001	Chairman, Bank of America, Illinois (banking) (1998-January 2001); and Governor, Board of Governors, Chicago Stock Exchange (national securities exchange) (April 2001-Present).		64		None
					Trustee— Goldman Sachs Mutual Fund Complex (registered investment companies).

57

						Number of
			Term of			Portfolios in
			Office and			Fund
			Length of		Principal	Complex
	Position(s) Held		Time		Occupation(s)	Overseen by
Name, Address and Age1	with the Trust2		Served3		During Past 5 Years	Trustee4		Other Directorships Held by Trustee5
Richard P. Strubel Age: 64		Trustee		Since 1987	President, COO and Director Unext, Inc. (provider of educational services via the internet) (1999- Present); Director, Cantilever Technologies, Inc. (a private software company) (1999- Present); Trustee, The University of Chicago (1987-Present); and Managing Director, Tandem Partners, Inc. (management services firm) (1990-1999).		64	Gildan Activewear Inc. (an activewear clothing marketing and manufacturing company); Unext, Inc. (provider of educational services via the internet); Northern Mutual Fund Complex (53  Portfolios).
					Trustee— Goldman Sachs Mutual Fund Complex (registered investment companies).
Interested Trustees
*Gary D. Black Age: 43		Trustee		Since 2002	Managing Director, Goldman Sachs (June 2001-Present); Executive Vice President, AllianceBernstein (investment adviser) (October 2000-June 2001); Managing Director, Global Institutional Investment Management, Sanford Bernstein (investment adviser) (January 1999-October 2000); and Senior Research Analyst Sanford Bernstein (investment adviser) (February 1992-December 1998).		64		None
					Trustee— Goldman Sachs Mutual Fund Complex (registered investment companies).
*James A. McNamara Age: 41	Trustee & Vice President			Since 2002	Managing Director, Goldman Sachs (December 1998- Present); and Director of Institutional Fund Sales, GSAM (April 1998-December 2000).		64		None
				Since 2001	Vice President— Goldman Sachs Mutual Fund Complex (registered investment companies).
					Trustee— Goldman Sachs Mutual Fund Complex (registered investment companies).
*Alan A. Shuch Age: 54		Trustee		Since 1990	Advisory Director— GSAM (May 1999- Present); Consultant to GSAM (December 1994-May 1999); and Limited Partner, Goldman Sachs (December 1994-May 1999).		64		None
					Trustee— Goldman Sachs Mutual Fund Complex (registered investment companies).

58

						Number of
			Term of			Portfolios in
			Office and			Fund
			Length of		Principal	Complex
	Position(s) Held		Time		Occupation(s)	Overseen by
Name, Address and Age1	with the Trust2		Served3		During Past 5 Years	Trustee4		Other Directorships Held by Trustee5
*Kaysie P. Uniacke Age: 43		Trustee & President		Since 2001	Managing Director, GSAM (1997-Present). Trustee— Goldman Sachs Mutual Fund Complex (registered investment companies).		64		None
				Since 2002	President— Goldman Sachs Mutual Fund Complex (2002- Present) (registered investment companies).
					Assistant Secretary— Goldman Sachs Mutual Fund Complex (1997- 2002) (registered investment companies).

*   These persons are considered to be “Interested Trustees” because they hold positions with Goldman Sachs and own securities issued by The Goldman Sachs Group, Inc. Each Interested Trustee holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.

1	Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, One New York Plaza, 37th Floor, New York, New York, 10004, Attn: Howard B. Surloff.
2	The Trust is a successor to a Massachusetts business trust that was combined with the Trust on April 30, 1997.
3	Each Trustee holds office for an indefinite term until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board of Trustees or shareholders, in accordance with the Trust’s Declaration of Trust; (c) the date the Trustee attains the age of 72 years (in accordance with the current resolutions of the Board of Trustees, which may be changed by the Trustees without shareholder vote); or (d) the termination of the Trust.
4	The Goldman Sachs Mutual Fund Complex consists of the Trust and Goldman Sachs Variable Insurance Trust. As of December 31, 2003, the Trust consisted of 58 portfolios, including the Funds described in this Annual Report, and Goldman Sachs Variable Insurance Trust consisted of 6 portfolios.
5	This column includes only directorships of companies required to report to the SEC under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act.

Additional information about the Trustees is available in the Funds’ Statement of Additional Information which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-292-4726.

59

Officers of the Trust*

			Term of
			Office and
	Position(s) Held		Length of		Principal Occupation(s)
Name, Address and Age	With the Trust		Time Served1		During Past 5 Years
Kaysie P. Uniacke 32 Old Slip New York, NY 10005 Age: 43		President & Trustee	Since 2002 Since 2001		Managing Director, GSAM (1997-Present). Trustee— Goldman Sachs Mutual Fund Complex (registered investment companies). President— Goldman Sachs Mutual Fund Complex (registered investment companies). Assistant Secretary— Goldman Sachs Mutual Fund Complex (1997-2002) (registered investment companies).
John M. Perlowski 32 Old Slip New York, NY 10005 Age: 39		Treasurer		Since 1997	Managing Director, Goldman Sachs (December 2003- Present) Vice President, Goldman Sachs (July 1995- December 2003). Treasurer— Goldman Sachs Mutual Fund Complex (registered investment companies).
James A. Fitzpatrick 4900 Sears Tower Chicago, IL 60606 Age: 43		Vice President		Since 1997	Managing Director, Goldman Sachs (October 1999- Present); and Vice President of GSAM (April 1997- December 1999).
					Vice President— Goldman Sachs Mutual Fund Complex (registered investment companies).
James A. McNamara 32 Old Slip New York, NY 10005 Age: 41	Vice President & Trustee			Since 2001	Managing Director, Goldman Sachs (December 1998- Present); and Director of Institutional Fund Sales, GSAM (April 1998-December 2000).
				Since 2002	Vice President— Goldman Sachs Mutual Fund Complex (registered investment companies).
					Trustee— Goldman Sachs Mutual Fund Complex (registered investment companies).
Howard B. Surloff One New York Plaza 37th Floor New York, NY 10004 Age: 38		Secretary		Since 2001	Managing Director, Goldman Sachs (November 2002- Present); Associate General Counsel, Goldman Sachs and General Counsel to the U.S. Funds Group (December 1997-Present). Secretary— Goldman Sachs Mutual Fund Complex (registered investment companies) (2001-Present) and Assistant Secretary prior thereto.

1	Officers hold office at the pleasure of the Board of Trustees or until their successors are duly elected and qualified. Each officer holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.
*	Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Funds’ Statement of Additional Information which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-292-4726.

60

Goldman Sachs Financial Square Funds—Tax Information (unaudited)

       During the year ended December 31, 2003, 100% of the distributions from net investment income paid by the Financial Square Tax-Free Money Market Fund were exempt-interest dividends and as such, are not subject to U.S. Federal income tax.

This Annual 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.

61

TRUSTEES

Ashok N. Bakhru, Chairman

Gary D. Black

John P. Coblentz, Jr.

Patrick T. Harker

James A. McNamara

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/AR 12/03 Goldman Sachs Funds
32 Old Slip
New York, NY 10005