Goldman Sachs High Yield Instl (GSHIX) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT
COMPANIES

Investment Company Act file number 811-5349

Goldman Sachs Trust

(Exact name of registrant as specified in charter)

71 South Wacker Drive, Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

Peter V. Bonanno, Esq.	Copies to:
Goldman, Sachs & Co.	Jack Murphy, Esq.
One New York Plaza	Dechert
New York, New York 10004	1775 I Street, NW
	Washington, DC 20006
(Name and address of agents for service)

Registrant’s telephone number, including area code: (312) 655-4400

Date of fiscal year end: December 31

Date of reporting period: June 30, 2007

ITEM 1.	REPORTS TO STOCKHOLDERS.
	The Semiannual Report to Stockholders is filed herewith.

Goldman Sachs Trust

Financial  Square  Funds ^SM

4 Prime Obligations Fund

4 Money Market Fund

4 Treasury Obligations Fund

4 Treasury Instruments Fund

4 Government Fund

4 Federal Fund

4 Tax-Free Money Market Fund

SEMIANNUAL REPORT

June 30, 2007

Goldman Sachs Trust

Financial Square Funds^SM

Taxable Funds*

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

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

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

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

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

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

Tax-Exempt Fund*

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

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

1

Goldman Sachs Trust

Financial Square Funds^SM

Summary of Financial Square Funds Institutional (“FST”) Shares* as of

June 30, 2007

	Standardized			Standardized						Weighted
	7-Day			7-Day			30 Day			Avg.
	Current			Effective			Current			Maturity
Financial Square Funds	Yield			Yield			Yield			(days)
Prime Obligations		5.21	%		5.35	%		5.19	%		38
Money Market		5.21			5.34			5.19			40
Treasury Obligations		4.73			4.84			4.92			5
Treasury Instruments		4.33			4.42			4.75			13
Government		5.19			5.32			5.15			22
Federal		5.08			5.20			5.06			47
Tax-Free Money Market		3.60			3.66			3.57			17

*  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 the respective Shares. 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

The yields represent past performance. Past performance does not guarantee future results. Current performance may be lower or higher than the performance quoted above. Please visit www.goldmansachsfunds.com to obtain the most recent daily returns.

     Yields will fluctuate as market conditions change. The yield quotations more closely reflect the current earnings of the Fund.

2

Sector Allocations†

Taxable Funds

As of June 30, 2007

	Prime			Money			Treasury			Treasury
Security Type	Obligations			Market			Obligations			Instruments			Government			Federal
Bank Notes		0.7	%		—			—			—			—			—
Certificates of Deposit		2.4			—			—			—			—			—
Certificates of Deposit—Eurodollar		—			2.2	%		—			—			—			—
Certificates of Deposit—Yankeedollar		—			11.5			—			—			—			—
Commercial Paper & Corporate Obligations		56.3			40.2			—			—			—			—
Master Demand Notes		1.1			0.7			—			—			—			—
Medium-Term Notes		1.3			1.1			—			—			—			—
Repurchase Agreements		11.0			8.0			100.1	%		—			99.9	%		—
Time Deposits		1.5			7.2			—			—			—			—
U.S. Government Agency Obligation		—			—			—			—			—			99.6	%
U.S. Treasury Obligation		—			—			—			100.2	%		—			—
Variable Rate Obligations		25.8			29.2			—			—			—			—

As of December 31, 2006

	Prime			Money			Treasury			Treasury
Security Type	Obligations			Market			Obligations			Instruments			Government			Federal
Bank Notes		1.6	%		—			—			—			—			—
Certificates of Deposit		4.6			0.1	%		—			—			—			—
Certificates of Deposit— Eurodollar		—			4.4			—			—			—			—
Certificates of Deposit— Yankeedollar		—			10.7			—			—			—			—
Commercial Paper & Corporate Obligations		50.8			43.7			—			—			—			—
Master Demand Notes		3.7			3.1			—			—			—			—
Medium-Term Notes		1.1			1.2			—			—			—			—
Repurchase Agreements		8.4			7.5			100.1	%		—			90.3	%		—
Time Deposits		1.4			1.7			—			—			—			—
U.S. Government Agency Obligations		1.1			1.0			—			—			9.7			99.7	%
U.S. Treasury Obligations		—			—			—			100.4	%		—			—
Variable Rate Obligations		27.3			26.9			—			—			—			—

†  The Funds are actively managed and, as such, their composition may differ over time. The percentage shown for each investment category reflects the value (based on amortized cost) of investments in that category as a percentage of net assets. Percentages for other assets and/or liabilities are not shown, therefore figures may not sum to 100%.

3

Sector Allocations†

Tax-Exempt Fund

As of June 30, 2007

	Tax-Free
Security Type	Money Market
Commercial Paper		12.1	%
General Obligation Bond		0.3
Put Bonds		0.4
Revenue Anticipation Notes		0.6
Revenue Bonds		0.1
Tax and Revenue Anticipation Notes		0.2
Tax Anticipation Notes		0.4
Variable Rate Obligations		91.0

As of December 31, 2006

	Tax-Free
Security Type	Money Market
Commercial Paper		5.4	%
General Obligation Bond		0.2
Put Bonds		0.9
Revenue Anticipation Notes		0.1
Revenue Bonds		0.1
Tax and Revenue Anticipation Notes		3.6
Tax Anticipation Notes		0.7
Variable Rate Obligations		83.8

†  The Funds are actively managed and, as such, their composition may differ over time. The percentage shown for each investment category reflects the value (based on amortized cost) of investments in that category as a percentage of net assets. Percentages for other assets and/or liabilities are not shown, therefore figures may not sum to 100%.

4

Schedule of Investments

Financial Square Prime Obligations Fund

June 30, 2007 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Commercial Paper and Corporate Obligations—56.3%
Adirondack Corp.
$	100,000,000		5.320	%		08/08/07	$	99,438,444
	265,000,000		5.330			08/10/07		263,430,611
Altius I Funding Corp.
	90,000,000		5.260			07/10/07		89,881,650
	85,000,000		5.300			07/12/07		84,862,347
	49,550,000		5.270			08/07/07		49,281,618
Amstel Funding Corp.
	171,800,000		5.235			07/20/07		171,325,331
Aspen Funding Corp.
	110,000,000		5.235			07/23/07		109,648,092
	50,000,000		5.210			07/25/07		49,826,333
Atlantic Asset Securitization Corp.
	198,090,000		5.350			07/02/07		198,060,562
	91,000,000		5.235			07/06/07		90,933,835
	34,822,000		5.160			09/20/07		34,417,717
Atlantis One Funding Corp.
	75,000,000		5.235			07/20/07		74,792,781
	37,541,000		5.240			08/17/07		37,284,178
	97,000,000		5.260			09/19/07		95,866,178
	130,000,000		5.260			09/20/07		128,461,450
	56,214,000		5.260			09/24/07		55,515,853
	100,000,000		5.275			09/28/07		98,695,903
Austra Corp.
	110,000,000		5.300			07/19/07		109,708,500
BA Credit Card Trust (Emerald)
	273,900,000		5.240			07/16/07		273,301,985
	82,120,000		5.245			07/19/07		81,904,640
	140,000,000		5.245			07/24/07		139,530,864
	115,000,000		5.240			08/16/07		114,230,011
	200,000,000		5.255			08/22/07		198,481,889
	98,500,000		5.255			08/23/07		97,737,952
	38,100,000		5.260			08/29/07		37,771,557
	259,100,000		5.260			09/04/07		256,639,270
	125,000,000		5.275			09/06/07		123,772,830
Bank of America Corp.
	240,000,000		5.170			07/05/07		239,862,133
Barton Capital LLC
	416,520,000		5.350			07/02/07		416,458,100
	75,000,000		5.300			08/10/07		74,558,333
Bavaria Trust Corp.
	400,185,000		5.400			07/02/07		400,124,972
	75,000,000		5.300			07/05/07		74,955,833
	70,000,000		5.320			07/05/07		69,958,622
	11,585,000		5.250			08/08/07		11,520,800
Bear Stearns & Cos., Inc.
	243,000,000		5.170			07/02/07		242,965,102
	184,400,000		5.200			07/13/07		184,080,373
Beethoven Funding Corp.
	86,112,000		5.250			07/20/07		85,873,398
	67,873,000		5.240			08/14/07		67,438,311
	177,403,000		5.250			09/06/07		175,669,625
	100,000,000		5.270			09/13/07		98,916,722
	175,000,000		5.270			09/25/07		172,796,847
Beta Finance Corp.
	39,000,000		5.240			07/24/07		38,869,437
	110,000,000		5.260			09/17/07		108,746,367
	70,000,000		5.258			09/20/07		69,171,865
Cafco LLC
	238,000,000		5.350			07/02/07		237,964,631
	100,000,000		5.230			07/09/07		99,883,778
Cancara Asset Securitization LLC
	96,366,000		5.240			08/14/07		95,748,829
Cancara Asset Securitization Ltd.
	66,902,000		5.240			08/16/07		66,454,054
Chariot Funding LLC
	102,276,000		5.250			08/30/07		101,381,085
Charta LLC
	80,300,000		5.280			07/25/07		80,017,344
	150,000,000		5.300			08/02/07		149,293,334
	100,000,000		5.300			08/24/07		99,205,000
	80,000,000		5.245			09/13/07		79,137,489
Citibank Credit Card Issuance Trust (Dakota Corp.)
	84,000,000		5.240			07/03/07		83,975,547
	105,000,000		5.245			07/10/07		104,862,319
	175,000,000		5.240			07/20/07		174,516,028
	50,000,000		5.240			08/14/07		49,679,778
	95,000,000		5.240			08/16/07		94,363,922
	180,000,000		5.250			08/24/07		178,582,500
	100,000,000		5.260			09/04/07		99,050,278
	262,989,000		5.250			09/14/07		260,112,558
	150,000,000		5.255			09/14/07		148,357,812
	125,000,000		5.270			09/19/07		123,536,111
Citigroup Funding, Inc.
	90,000,000		5.285			09/20/07		88,929,787
Compass Securitization LLC
	67,000,000		5.270			09/17/07		66,234,972
Concord Minutemen Capital Co. LLC
	60,000,000		5.210			08/02/07		59,722,133
	97,200,000		5.190			08/03/07		96,737,571
	55,000,000		5.240			08/03/07		54,735,817
	51,122,000		5.185			08/10/07		50,827,480
	147,165,000		5.240			08/14/07		146,222,490
	71,930,000		5.140			08/20/07		71,416,500
CRC Funding LLC
	90,000,000		5.230			07/09/07		89,895,400
	40,000,000		5.270			07/30/07		39,830,189
	100,000,000		5.300			08/15/07		99,337,500
	100,000,000		5.290			08/29/07		99,133,028
Crown Point Capital Co. LLC
	190,000,000		5.180			10/10/07		187,238,772

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

5

Schedule of Investments

Financial Square Prime Obligations Fund (continued)

June 30, 2007 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Commercial Paper and Corporate Obligations (continued)
Curzon Funding LLC
$	245,000,000		5.235	%		07/24/07	$	244,180,577
	87,000,000		5.260			09/19/07		85,983,067
	95,000,000		5.170			11/13/07		93,158,187
	100,000,000		5.170			11/16/07		98,018,167
Davis Square Funding III (Delaware) Corp.
	79,000,000		5.290			07/13/07		78,860,697
Davis Square Funding IV (Delaware) Corp.
	75,000,000		5.300			07/09/07		74,911,667
	100,000,000		5.290			07/13/07		99,823,667
Davis Square Funding V (Delaware) Corp.
	70,000,000		5.290			07/13/07		69,876,567
	85,000,000		5.290			07/20/07		84,762,685
Fountain Square Commercial Funding Corp.
	43,381,000		5.300			07/12/07		43,310,747
	90,000,000		5.240			08/14/07		89,423,600
	75,000,000		5.250			08/22/07		74,431,250
G Street Finance (Delaware) Corp.
	50,000,000		5.260			07/19/07		49,868,500
	140,000,000		5.260			07/24/07		139,529,522
Galaxy Funding, Inc.
	45,000,000		5.250			09/05/07		44,566,875
Galleon Capital Corp.
	45,350,000		5.300			07/10/07		45,289,911
	150,000,000		5.300			07/11/07		149,779,167
	136,303,000		5.240			08/22/07		135,271,338
	75,000,000		5.260			09/17/07		74,145,250
Gemini Securitization Corp.
	85,000,000		5.235			08/09/07		84,517,944
	43,296,000		5.250			09/04/07		42,885,590
General Electric Capital Corp.
	200,000,000		5.150			10/15/07		196,967,222
	150,000,000		5.145			11/02/07		147,341,750
General Electric Capital Services
	300,000,000		5.155			11/09/07		294,372,458
George Street Finance LLC
	53,825,000		5.340			07/23/07		53,649,351
	80,000,000		5.260			09/11/07		79,158,400
Govco, Inc.
	47,940,000		5.240			08/22/07		47,577,147
	50,000,000		5.240			08/23/07		49,614,278
	20,000,000		5.240			08/24/07		19,842,800
	52,000,000		5.220			12/21/07		50,695,580
Grampian Funding LLC
	150,000,000		5.210			07/31/07		149,348,750
	289,000,000		5.210			08/03/07		287,619,784
	195,000,000		5.175			10/05/07		192,309,000
	210,000,000		5.175			10/09/07		206,981,250
	200,000,000		5.190			11/21/07		195,876,833
	240,000,000		5.220			12/18/07		234,084,000
K2 (USA) LLC
	100,000,000		5.210			08/02/07		99,536,889
Lake Constance Funding Ltd.
	140,000,000		5.240			07/13/07		139,755,467
	50,000,000		5.210			08/14/07		49,681,611
	45,000,000		5.240			08/17/07		44,692,150
	58,000,000		5.260			09/13/07		57,372,891
Landale Funding LLC
	78,559,000		5.240			08/15/07		78,044,439
	115,000,000		5.250			09/10/07		113,809,271
	125,000,000		5.255			09/10/07		123,704,497
Legacy Capital Co. LLC
	148,160,000		5.300			07/13/07		147,898,251
	107,943,000		5.210			08/24/07		107,099,425
Liberty Street Funding Corp.
	50,000,000		5.240			08/20/07		49,636,111
Mane Funding Corp.
	64,738,000		5.240			08/16/07		64,304,543
	50,000,000		5.260			09/18/07		49,422,861
Monument Gardens Funding LLC
	80,000,000		5.430			07/02/07		79,987,933
	80,000,000		5.450			07/02/07		79,987,889
	100,000,000		5.260			08/09/07		99,430,167
	62,500,000		5.270			09/12/07		61,832,101
	50,000,000		5.270			09/13/07		49,458,361
Morgan Stanley
	180,000,000		5.180			07/02/07		179,974,100
Newport Funding Corp.
	135,000,000		5.235			07/23/07		134,568,113
	50,000,000		5.210			07/25/07		49,826,333
	62,600,000		5.240			08/10/07		62,235,529
	50,000,000		5.180			10/05/07		49,309,333
Nieuw Amsterdam Receivables Corp.
	53,083,000		5.240			07/25/07		52,897,563
North Sea Funding LLC
	69,092,000		5.230			07/19/07		68,911,324
	170,628,000		5.260			09/04/07		169,007,508
	27,868,000		5.185			10/17/07		27,434,513
Park Avenue Receivables Co. LLC
	100,227,000		5.280			07/16/07		100,006,501
	50,000,000		5.270			07/23/07		49,838,972
Park Granada LLC
	55,000,000		5.420			07/02/07		54,991,719
Sierra Madre Funding Ltd.
	70,000,000		5.300			07/06/07		69,948,472
	130,000,000		5.300			07/20/07		129,636,361
Simba Funding Corp.
	100,000,000		5.235			07/23/07		99,680,083
	145,000,000		5.240			08/23/07		143,881,406
	128,130,000		5.240			08/24/07		127,122,898
	227,120,000		5.240			08/27/07		225,235,660
	70,000,000		5.250			08/28/07		69,407,917
Solitaire Funding LLC
	65,000,000		5.175			10/11/07		64,046,937

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

6

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Commercial Paper and Corporate Obligations (continued)
Thames Asset Global Securitization, Inc.
$	14,229,000		5.240	%		07/16/07	$	14,197,933
	48,396,000		5.310			07/17/07		48,281,785
	40,786,000		5.240			07/18/07		40,685,077
	90,000,000		5.310			07/18/07		89,774,325
	10,000,000		5.240			07/30/07		9,957,789
Three Pillars Funding LLC
	42,131,000		5.260			07/16/07		42,038,663
Three Rivers Funding Corp.
	194,664,000		5.280			07/09/07		194,435,594
	145,062,000		5.280			07/10/07		144,870,518
	99,409,000		5.300			07/16/07		99,189,472
	60,000,000		5.240			08/14/07		59,615,733
Thunder Bay Funding, Inc.
	44,537,000		5.300			07/12/07		44,464,875
	77,394,000		5.175			10/10/07		76,270,336
Ticonderoga Funding LLC
	100,000,000		5.280			07/09/07		99,882,667
	80,000,000		5.310			07/27/07		79,693,200
	76,830,000		5.240			08/03/07		76,460,960
Tulip Funding Corp.
	130,000,000		5.295			07/05/07		129,923,517
	41,225,000		5.310			07/05/07		41,200,677
	185,000,000		5.260			08/15/07		183,783,625
United Parcel Service, Inc.
	45,000,000		5.210			07/31/07		44,804,625
Victory Receivables Corp.
	100,000,000		5.300			07/16/07		99,779,167
	70,000,000		5.235			07/24/07		69,765,879
Yorktown Capital LLC
	70,000,000		5.310			07/18/07		69,824,475
	60,541,000		5.300			08/15/07		60,139,916
	91,343,000		5.270			09/13/07		90,353,502
Total Commercial Paper and Corporate Obligations							$	18,614,197,244
Bank Note—0.7%
Bank of America Corp.
$	220,000,000		5.250	%		05/02/08	$	220,000,000
Certificates of Deposit—2.4%
Bank of America Corp.
$	250,000,000		5.280	%		01/10/08	$	250,000,000
SunTrust Bank
	299,000,000		5.350			08/03/07		299,000,000
Wells Fargo Bank
	147,000,000		5.600			07/19/07		147,000,000
	105,000,000		5.500			08/07/07		105,000,000
Total Certificates of Deposit							$	801,000,000
Master Demand Note—1.1%
Bank of America Securities LLC
$	365,000,000		5.435	%		07/02/07	$	365,000,000
Medium Term Notes—1.3%
K2 (USA) LLC
$	120,000,000		5.355	%		06/09/08	$	119,994,564
Lehman Brothers Holdings, Inc.
	22,040,000		7.000			02/01/08		22,246,406
Wal-Mart Stores, Inc.
	285,000,000		5.502			07/16/07		285,007,544
Total Medium Term Notes							$	427,248,514
Variable Rate Obligations(a)—25.8%
AIG Matched Funding Corp.
$	190,000,000		5.320	%		07/02/07	$	190,000,000
Allstate Life Global Funding II
	140,000,000		5.290			07/11/07		140,000,000
	50,000,000		5.360			07/16/07		50,000,000
	70,000,000		5.410			07/16/07		70,000,000
	50,000,000		5.320			07/27/07		50,000,000
American Express Bank FSB
	100,000,000		5.290			07/09/07		99,996,369
	150,000,000		5.290			07/19/07		150,000,000
American Express Centurion Bank
	23,500,000		5.320			07/18/07		23,502,046
	150,000,000		5.290			07/19/07		150,000,000
American Express Credit Corp.
	70,000,000		5.420			07/05/07		70,000,000
American International Group, Inc.
	150,000,000		5.360			09/24/07		150,041,147
Bank of America NA
	200,000,000		5.280			07/02/07		200,000,000
Bank of New York Co., Inc.
	200,000,000		5.290			07/12/07		200,000,000
	100,000,000		5.335			09/17/07		100,010,420
Cancara Asset Securitization Ltd.
	195,000,000		5.285			07/16/07		194,999,194
Crown Point Capital Co. LLC
	95,000,000		5.270			07/05/07		94,999,788
	100,000,000		5.270			07/09/07		99,996,183
	190,000,000		5.310			09/10/07		189,993,030
Fairway Finance Corp.
	95,000,000		5.280			07/02/07		94,998,214
	95,000,000		5.280			07/09/07		94,999,974
Fifth Third Bank
	369,225,000		5.260			07/05/07		369,156,642
Florida Hurricane Catastrophe Fund
	200,000,000		5.330			07/16/07		200,000,000
General Electric Capital Corp.
	156,000,000		5.445			07/09/07		156,000,000
	215,000,000		5.280			07/24/07		215,000,000

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

7

Schedule of Investments

Financial Square Prime Obligations Fund (continued)

June 30, 2007 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Variable Rate Obligations(a) (continued)
Hartford Life Insurance Co.(b)
$	100,000,000		5.450	%		07/02/07	$	100,000,000
JPMorgan Chase & Co.
	100,000,000		5.290			07/02/07		100,000,000
Lehman Brothers Holdings, Inc.
	145,000,000		5.460			08/20/07		145,020,003
	140,000,000		5.350			09/27/07		140,000,000
Lexington Parker Capital Corp.
	95,000,000		5.270			07/06/07		94,996,510
	195,000,000		5.300			07/10/07		194,999,043
Merrill Lynch & Co., Inc.
	145,000,000		5.400			07/05/07		145,000,000
	50,000,000		5.475			07/09/07		50,001,568
	145,000,000		5.570			07/11/07		145,000,000
	100,000,000		5.330			07/16/07		100,000,000
MetLife, Inc.(b)
	150,000,000		5.415			07/26/07		150,000,000
	190,000,000		5.410			08/22/07		190,000,000
Metropolitan Life Global Funding I
	85,000,000		5.430			07/30/07		85,000,000
Morgan Stanley
	225,000,000		5.435			07/02/07		225,000,000
Morgan Stanley & Co.
	700,000,000		5.445			07/02/07		700,000,000
	25,000,000		5.400			07/05/07		25,000,000
	150,000,000		5.410			07/27/07		150,000,000
National City Bank
	50,000,000		5.380			07/02/07		50,037,011
	87,000,000		5.411			08/06/07		87,064,668
New York Life Insurance Co.(b)
	65,000,000		5.420			09/28/07		65,000,000
	250,000,000		5.420			09/30/07		250,000,000
Pacific Life Global Funding
	100,000,000		5.390			07/05/07		100,000,000
Pacific Life Insurance Co.
	50,000,000		5.370			07/13/07		50,000,000
SunTrust Bank
	38,000,000		5.290			07/19/07		37,999,975
	295,000,000		5.355			07/23/07		295,086,292
	225,000,000		5.360			09/12/07		225,075,199
Union Hamilton Reinsurance Co.
	155,000,000		5.360			09/28/07		155,000,000
US Bank NA
	120,000,000		5.280			07/02/07		119,991,946
Variable Funding Capital Corp.
	400,000,000		5.290			07/23/07		400,000,000
Wachovia Asset Securitization, Inc.(b)
	103,364,226		5.310			07/25/07		103,364,226
Wachovia Bank NA
	10,000,000		5.320			07/19/07		10,000,884
	125,000,000		5.310			07/27/07		125,021,124
	60,000,000		5.350			09/28/07		60,004,233
Wells Fargo & Co.
	31,000,000		5.370			07/10/07		31,019,013
	265,000,000		5.280			07/18/07		265,000,000
Total Variable Rate Obligations							$	8,523,374,702
Time Deposit—1.5%
Wells Fargo Bank
$	500,000,000		5.281	%		07/02/07	$	500,000,000
Total Investments Before Repurchase Agreements							$	29,450,820,460
Repurchase Agreements-Unaffiliated Issuers(c)—10.1%
Citigroup Global Markets, Inc.
$	310,000,000		5.430	%		07/02/07	$	310,000,000
Maturity Value: $310,140,275
	310,000,000		5.470			07/02/07		310,000,000
Maturity Value: $310,141,308
Repurchase agreements issued by Citigroup Global Markets, Inc., with a total amortized cost of $620,000,000, are collateralized by various corporate issues, 0.000% to 8.072%, due 07/13/12 to 02/05/47. The aggregate market value of the collateral, including accrued interest, was $645,667,547.
Joint Repurchase Agreement Account I
	250,800,000		4.321			07/02/07		250,800,000
Maturity Value: $250,890,309
Joint Repurchase Agreement Account II
	1,625,000,000		5.369			07/02/07		1,625,000,000
Maturity Value: $1,625,727,052
Lehman Brothers Holdings, Inc.
	25,000,000		4.450			07/02/07		25,000,000
Maturity Value: $25,009,271
Collateralized by U.S. Treasury Note, 4.625%, due 02/15/17. The market value of the collateral, including accrued interest, was $25,503,319.
UBS Securities LLC
	29,800,000		4.300			07/02/07		29,800,000
Maturity Value: $29,810,678
Collateralized by U.S. Treasury Note, 5.125%, due 06/30/08. The market value of the collateral, including accrued interest, was $30,396,630.
	175,000,000		5.350			07/02/07		175,000,000
Maturity Value: $175,078,021
Collateralized by Federal National Mortgage Association, 4.500% to 7.500%, due 02/01/17 to 08/01/36. The aggregate market value of the collateral, including accrued interest, was $178,502,810.

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

8

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Repurchase Agreements-Unaffiliated Issuers(c) (continued)
Wachovia Capital Markets
$	630,000,000		5.450	%		07/02/07	$	630,000,000
Maturity Value: $630,286,125
Collateralized by various corporate issues, 5.083% to 10.114%, due 07/05/07 to 08/12/48. The aggregate market value of the collateral, including accrued interest, was $660,764,690.
Total Repurchase Agreements-Unaffiliated Issuers							$	3,355,600,000
Repurchase Agreement-Affiliated Issuer(c)—0.9%
Goldman, Sachs & Co.
$	300,000,000		5.380	%		07/02/07	$	300,000,000
Maturity Value: $300,134,500
Collateralized by Federal Home Loan Mortgage Corp., 4.500% to 6.500%, due 01/01/17 to 02/01/37 and Federal National Mortgage Association, 4.000% to 7.500%, due 08/01/08 to 06/01/37. The aggregate market value of the collateral, including accrued interest, was $308,999,953.
Total Investments—100.1%							$	33,106,420,460
Liabilities in Excess of Other Assets— (0.1)%								(22,238,241	)
Net Assets—100.0%							$	33,084,182,219

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

(a)	Variable or floating rate security index is based on either U.S. Treasury Bill Rate, London Interbank Offering Rate, or Prime Rate. Interest rate disclosed is that which is in effect at June 30, 2007.
(b)	Securities not registered under the Securities Act of 1933, as amended. Such securities have been determined to be illiquid by the Investment Adviser. At June 30, 2007, these securities amounted to $858,364,226 or approximately 2.6% of net assets.
(c)	Unless noted, all repurchase agreements were entered into on June 29, 2007. Additional information on Joint Repurchase Agreement Accounts I & II appears on page 42 and 43.

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 accompanying notes are an integral part of these financial statements.

9

Schedule of Investments

Financial Square Money Market Fund

June 30, 2007 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Commercial Paper and Corporate Obligations—40.2%
Adirondack Corp.
$	75,200,000		5.320	%		08/08/07	$	74,777,710
	140,000,000		5.330			08/10/07		139,170,889
Alliance & Leicester PLC
	75,000,000		5.240			08/23/07		74,421,417
Altius I Funding Corp.
	30,000,000		5.260			07/10/07		29,960,550
	30,000,000		5.300			07/12/07		29,951,417
Aspen Funding Corp.
	75,000,000		5.235			07/23/07		74,760,063
Atlantic Asset Securitization Corp.
	15,000,000		5.160			09/20/07		14,825,850
Atlantis One Funding Corp.
	45,000,000		5.235			07/06/07		44,967,281
	26,147,000		5.235			07/20/07		26,074,758
	30,142,000		5.240			08/16/07		29,940,183
	50,000,000		5.260			09/19/07		49,415,556
	67,000,000		5.260			09/20/07		66,207,055
	44,605,000		5.275			09/28/07		44,023,307
Austra Corp.
	24,000,000		5.290			07/03/07		23,992,947
	51,700,000		5.300			07/19/07		51,562,995
BA Credit Card Trust (Emerald)
	31,000,000		5.245			07/19/07		30,918,703
	70,000,000		5.245			07/24/07		69,765,432
	73,000,000		5.250			07/26/07		72,733,854
	100,000,000		5.255			08/23/07		99,226,347
	70,000,000		5.260			09/05/07		69,324,967
	75,000,000		5.275			09/06/07		74,263,698
Barton Capital LLC
	75,509,000		5.300			08/10/07		75,064,336
Bavaria Trust Corp.
	155,605,000		5.295			07/02/07		155,582,113
	31,145,000		5.300			07/05/07		31,126,659
	30,590,000		5.320			07/05/07		30,571,918
Beethoven Funding Corp.
	30,125,000		5.275			09/05/07		29,833,666
	100,000,000		5.270			09/25/07		98,741,056
Beta Finance Corp.
	30,000,000		5.258			09/20/07		29,645,085
Cancara Asset Securitization LLC
	24,786,000		5.260			09/13/07		24,518,008
Charta LLC
	40,000,000		5.280			07/25/07		39,859,200
	79,000,000		5.300			08/24/07		78,371,950
	40,000,000		5.245			09/13/07		39,568,744
Citibank Credit Card Issuance Trust (Dakota Corp.)
	40,000,000		5.240			07/03/07		39,988,356
	72,000,000		5.240			07/20/07		71,800,880
	25,000,000		5.240			08/14/07		24,839,889
	59,000,000		5.250			08/24/07		58,535,375
	75,000,000		5.255			09/14/07		74,178,906
	56,200,000		5.270			09/19/07		55,541,836
Citigroup Funding, Inc.
	55,000,000		5.285			09/20/07		54,345,981
Clipper Receivables Co. LLC
	72,377,000		5.300			07/16/07		72,217,167
Compass Securitization LLC
	31,775,000		5.270			09/17/07		31,412,182
Concord Minutemen Capital Co. LLC
	29,000,000		5.210			08/02/07		28,865,698
	25,000,000		5.240			08/03/07		24,879,917
CRC Funding LLC
	20,000,000		5.270			07/30/07		19,915,094
	100,000,000		5.300			08/15/07		99,337,500
	100,000,000		5.290			08/29/07		99,133,028
Curzon Funding LLC
	75,000,000		5.235			07/24/07		74,749,156
	51,000,000		5.260			09/19/07		50,403,867
Davis Square Funding III (Delaware) Corp.
	50,822,000		5.290			07/13/07		50,732,384
Davis Square Funding IV (Delaware) Corp.
	40,650,000		5.300			07/09/07		40,602,123
	30,000,000		5.290			07/13/07		29,947,100
	45,000,000		5.290			07/20/07		44,874,363
Davis Square Funding V (Delaware) Corp.
	33,000,000		5.290			07/20/07		32,907,866
Dorada Corp.
	113,000,000		5.260			09/18/07		111,695,666
Dorada Finance, Inc.
	88,000,000		5.260			09/17/07		86,997,093
Fountain Square Commercial Funding Corp.
	30,000,000		5.260			09/07/07		29,701,933
	98,600,000		5.260			09/10/07		97,577,135
G Street Finance (Delaware) Corp.
	100,000,000		5.260			07/24/07		99,663,944
Galleon Capital Corp.
	93,500,000		5.280			07/12/07		93,349,153
	37,000,000		5.260			09/17/07		36,578,323
Gemini Securitization Corp.
	65,000,000		5.240			08/13/07		64,593,172
General Electric Capital Corp.
	75,000,000		5.145			11/02/07		73,670,875
George Street Finance LLC
	58,412,000		5.280			07/05/07		58,377,732
	27,452,000		5.310			07/18/07		27,383,164
	29,740,000		5.310			07/19/07		29,661,040
	42,799,000		5.340			07/24/07		42,652,984
German Residential Funding PLC
	75,000,000		5.250			08/22/07		74,431,250

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

10

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Commercial Paper and Corporate Obligations (continued)
Govco, Inc.
$	57,400,000		5.240	%		08/20/07	$	56,982,256
	30,000,000		5.240			08/24/07		29,764,200
Grampian Funding LLC
	175,000,000		5.210			08/03/07		174,164,229
	90,000,000		5.190			11/21/07		88,144,575
Irish Life & Permanent PLC
	82,900,000		5.180			10/15/07		81,635,591
	58,000,000		5.180			10/16/07		57,107,026
Ivory Funding Corp.
	24,329,000		5.240			08/17/07		24,162,563
Lake Constance Funding Ltd.
	49,300,000		5.270			09/17/07		48,737,076
Landale Funding LLC
	200,000,000		5.240			08/15/07		198,690,000
	84,211,000		5.250			09/10/07		83,339,065
	70,000,000		5.255			09/10/07		69,274,518
Liberty Street Funding Corp.
	25,000,000		5.240			08/17/07		24,828,972
	40,000,000		5.290			08/20/07		39,706,111
	23,461,000		5.250			09/05/07		23,235,188
Mane Funding Corp.
	26,008,000		5.260			09/18/07		25,707,795
Monument Gardens Funding LLC
	40,000,000		5.430			07/02/07		39,993,967
	38,927,000		5.450			07/02/07		38,921,107
	25,352,000		5.260			08/13/07		25,192,719
	49,568,000		5.270			09/13/07		49,031,041
Nationwide Building Society
	100,000,000		5.210			08/09/07		99,435,583
	95,000,000		5.240			08/10/07		94,446,889
Newport Funding Corp.
	28,450,000		5.240			08/13/07		28,271,935
North Sea Funding LLC
	23,950,000		5.300			07/10/07		23,918,266
Northern Rock PLC
	34,900,000		5.260			09/18/07		34,497,157
Park Avenue Receivables Co. LLC
	40,534,000		5.280			07/11/07		40,474,550
	100,000,000		5.290			07/12/07		99,838,361
	51,213,000		5.300			07/12/07		51,130,063
	52,398,000		5.270			07/23/07		52,229,249
	126,038,000		5.270			07/25/07		125,595,187
Park Granada LLC
	31,000,000		5.420			07/02/07		30,995,333
Ranger Funding Co. LLC
	79,411,000		5.300			07/19/07		79,200,561
Sierra Madre Funding Ltd.
	30,000,000		5.300			07/06/07		29,977,917
	60,000,000		5.300			07/20/07		59,832,167
Simba Funding Corp.
	87,430,000		5.235			07/23/07		87,150,297
	31,353,000		5.250			08/28/07		31,087,806
Skandinaviska Enskilda Banken AB
	100,000,000		5.210			08/13/07		99,377,694
Tasman Funding, Inc.
	141,754,000		5.290			09/28/07		139,900,133
Thames Asset Global Securitization, Inc.
	56,683,000		5.310			07/18/07		56,540,867
	55,366,000		5.250			09/07/07		54,816,954
Three Rivers Funding Corp.
	66,672,000		5.400			07/06/07		66,621,996
Ticonderoga Funding LLC
	45,000,000		5.310			07/27/07		44,827,425
	71,783,000		5.300			07/31/07		71,465,958
	60,000,000		5.240			08/03/07		59,711,800
Tulip Funding Corp.
	100,000,000		5.295			07/05/07		99,941,167
	50,000,000		5.330			07/30/07		49,785,319
Westpac Banking Corp.
	50,000,000		5.255			09/24/07		49,379,618
	88,000,000		5.185			11/26/07		86,124,182
	57,725,000		5.200			12/21/07		56,282,516
Windmill Funding Corp.
	80,000,000		5.300			07/11/07		79,882,222
Total Commercial Paper and Corporate Obligations							$	6,990,067,017
Certificates of Deposit-Eurodollar—2.2%
Credit Agricole
$	148,000,000		5.350	%		08/06/07	$	147,999,771
Societe Generale
	75,000,000		5.510			08/03/07		75,000,325
	80,000,000		5.250			12/03/07		80,000,000
	79,000,000		5.300			01/03/08		79,000,000
Total Certificates of Deposit-Eurodollar							$	382,000,096
Certificates of Deposit-Yankeedollar—11.5%
Barclays Bank PLC
$	95,000,000		5.310	%		08/03/07	$	95,000,000
	90,000,000		5.310			08/07/07		90,000,000
	100,000,000		5.320			08/23/07		100,000,000
	100,000,000		5.340			09/28/07		100,000,000
Credit Suisse First Boston, Inc.
	75,000,000		5.620			07/18/07		75,000,000
	75,000,000		5.360			01/22/08		75,000,000
	73,000,000		5.300			04/17/08		73,000,000
	100,000,000		5.310			05/22/08		100,000,000

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

11

Schedule of Investments

Financial Square Money Market Fund (continued)

June 30, 2007 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Certificates of Deposit-Yankeedollar (continued)
DePfa Bank PLC
$	99,000,000		5.310	%		08/09/07	$	99,000,000
	95,000,000		5.310			08/10/07		95,000,000
	150,000,000		5.350			08/10/07		150,000,000
Deutsche Bank AG
	150,000,000		5.350			08/06/07		150,000,000
	152,000,000		5.310			10/11/07		152,000,000
	85,000,000		5.400			11/21/07		85,000,000
Norinchukin Bank NY
	118,000,000		5.350			08/20/07		117,999,455
	100,000,000		5.270			09/07/07		100,000,000
	160,000,000		5.330			09/10/07		159,995,657
	50,000,000		5.375			12/14/07		49,998,878
Societe Generale
	94,000,000		5.225			10/09/07		93,967,873
Westpac Banking Corp.
	45,000,000		5.490			08/03/07		44,999,248
Total Certificates of Deposit-Yankeedollar							$	2,005,961,111
Master Demand Note—0.7%
Bank of America Securities LLC
$	125,000,000		5.435	%		07/02/07	$	125,000,000
Medium-Term Notes—1.1%
UBS AG Stamford
$	85,000,000		5.400	%		11/28/07	$	85,000,000
Wal-Mart Stores, Inc.
	100,000,000		5.502			07/16/07		100,002,647
Total Medium-Term Notes							$	185,002,647
Variable Rate Obligations(a)—29.2%
Allstate Life Global Funding II
$	30,000,000		5.410	%		07/16/07	$	30,000,000
American Express Credit Corp.
	74,000,000		5.420			07/05/07		74,000,000
Australia and New Zealand Banking Group Ltd.
	32,000,000		5.340			07/23/07		32,000,000
Banco Bilbao Vizcaya Argentaria SA
	35,000,000		5.377			07/17/07		35,013,715
Banco Espanol de Credito
	50,000,000		5.335			07/18/07		50,000,000
Banco Santander Totta SA
	150,000,000		5.320			07/09/07		150,000,000
Bank of Ireland
	100,000,000		5.320			07/20/07		100,000,000
Bank of The West San Francisco
	75,000,000		5.310			07/17/07		75,005,625
Barclays Bank PLC
	40,000,000		5.270			07/05/07		39,995,789
	200,000,000		5.281			07/16/07		199,977,174
BNP Paribas SA
	193,000,000		5.290			07/03/07		192,984,543
	75,000,000		5.326			08/07/07		75,000,000
Caisse Nationale des Caisses D’Epargne et de Prevoyance
	100,000,000		5.327			08/10/07		100,000,000
Caja de Ahorros y Pensiones de Barcelona(b)
	75,000,000		5.360			10/23/07		75,000,000
Caja Madrid
	70,000,000		5.360			07/19/07		70,000,000
Calyon
	85,000,000		5.260			07/03/07		84,993,421
	50,000,000		5.300			09/13/07		49,997,230
Canadian Imperial Bank of Commerce
	100,000,000		5.410			08/28/07		100,066,655
Commonwealth Bank of Australia
	100,000,000		5.280			07/13/07		99,981,156
	16,000,000		5.320			07/24/07		16,000,000
Credit Agricole SA
	75,000,000		5.325			07/23/07		75,000,000
Credit Suisse First Boston, Inc.
	200,000,000		5.330			08/28/07		200,000,000
DePfa Bank PLC
	50,000,000		5.420			09/17/07		50,000,000
Deutsche Bank AG
	80,000,000		5.290			07/02/07		80,000,000
Fortis Bank
	100,000,000		5.341			10/19/07		100,000,000
General Electric Capital Corp.
	75,000,000		5.445			07/09/07		75,000,000
HBOS Treasury Services PLC
	105,000,000		5.290			07/09/07		105,000,000
	125,000,000		5.310			07/09/07		125,000,000
	100,000,000		5.430			08/20/07		100,008,361
Lexington Parker Capital Corp.
	50,000,000		5.300			07/10/07		49,999,755
Metropolitan Life Global Funding I
	40,000,000		5.410			07/16/07		40,000,000
Morgan Stanley
	80,000,000		5.445			07/02/07		80,000,000
Morgan Stanley & Co.
	25,000,000		5.400			07/05/07		25,000,000
Natexis Banques Populaires
	25,000,000		5.330			07/16/07		25,000,000
	75,000,000		5.335			07/23/07		75,021,106
	125,000,000		5.347			08/09/07		125,000,000
	100,000,000		5.300			09/28/07		99,974,506
National Australia Bank Ltd.
	160,000,000		5.310			07/09/07		160,000,000
Nationwide Building Society
	50,000,000		5.440			09/28/07		50,000,000

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

12

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Variable Rate Obligations(a) (continued)
New York Life Insurance Co.(c)
$	80,000,000		5.420	%		09/28/07	$	80,000,000
	100,000,000		5.420			09/30/07		100,000,000
Royal Bank of Canada
	150,000,000		5.265			07/03/07		149,966,465
	40,000,000		5.290			07/06/07		40,000,000
Royal Bank of Scotland Group PLC
	80,000,000		5.265			07/26/07		79,982,555
Skandinaviska Enskilda Banken AB
	140,000,000		5.320			07/09/07		140,000,000
Societe Generale
	113,000,000		5.271			07/02/07		112,999,940
	85,000,000		5.310			07/02/07		85,000,000
	35,000,000		5.265			07/23/07		34,997,872
	53,000,000		5.270			07/26/07		52,988,442
Svenska Handelsbanken AB
	111,000,000		5.290			07/13/07		111,000,000
	100,000,000		5.290			07/23/07		100,000,000
Swedbank AB
	50,000,000		5.315			09/17/07		49,997,926
Toyota Motor Credit Corp.
	100,000,000		5.290			07/02/07		99,998,052
UBS AG Stamford
	48,000,000		5.290			07/16/07		48,000,000
Unicredito Italiano NY
	50,000,000		5.310			07/02/07		49,995,680
	75,000,000		5.330			09/11/07		75,000,059
Union Hamilton Special Funding LLC
	90,000,000		5.360			09/21/07		90,000,000
Variable Funding Capital Corp.
	200,000,000		5.290			07/23/07		200,000,000
Westpac Banking Corp. NY
	75,000,000		5.300			07/06/07		75,000,000
	2,250,000		5.420			09/11/07		2,250,000
Total Variable Rate Obligations							$	5,067,196,027
Time Deposits—7.2%
Deutsche Bank AG
$	390,000,000		5.375	%		07/02/07	$	390,000,000
Dexia Bank SA
	200,000,000		5.400			07/02/07		200,000,000
ING Bank
	200,000,000		5.360			07/02/07		200,000,000
Landesbank Hessen-Thueringen Girozentrale
	108,000,000		5.375			07/02/07		108,000,000
Societe Generale
	200,000,000		5.375			07/02/07		200,000,000
UBS AG
	150,000,000		5.344			07/02/07		150,000,000
Total Time Deposits							$	1,248,000,000
Total Investments Before Repurchase Agreement							$	16,003,226,898
Repurchase Agreements-Unaffiliated Issuers(d)—7.6%
Citigroup Global Markets, Inc.
$	110,000,000		5.430	%		07/02/07	$	110,000,000
Maturity Value: $110,049,775
	110,000,000		5.470			07/02/07		110,000,000
Maturity Value: $110,050,142
Repurchase agreements issued by Citigroup Global Markets, Inc., with a total amortized cost of $220,000,000, are collateralized by various corporate issues, 5.590% to 6.000%, due 12/31/13 to 07/27/37. The aggregate market value of the collateral, including accrued interest, was $230,294,353.
Joint Repurchase Agreement Account I
	175,200,000		4.321			07/02/07		175,200,000
Maturity Value: $175,263,087
Joint Repurchase Agreement Account II
	300,000,000		5.369			07/02/07		300,000,000
Maturity Value: $300,134,225
Lehman Brothers Holdings, Inc.
	25,000,000		4.450			07/02/07		25,000,000
Maturity Value: $25,009,271
Collateralized by U.S. Treasury Note, 4.625%, due 02/15/17. The market value of the collateral, including accrued interest, was $25,503,319.
UBS Securities LLC
	32,000,000		4.300			07/02/07		32,000,000
Maturity Value: $32,011,467
Collateralized by U.S. Treasury Note, 5.125%, due 06/30/08. The market value of the collateral, including accrued interest, was $32,643,292.
	200,000,000		5.350			07/02/07		200,000,000
Maturity Value: $200,089,167
Collateralized by Federal National Mortgage Association, 5.000% to 8.000%, due 01/01/18 to 06/01/47. The aggregate market value of the collateral, including accrued interest, was $204,000,136.

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

13

Schedule of Investments

Financial Square Money Market Fund (continued)

June 30, 2007 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Repurchase Agreements-Unaffiliated Issuers(d) (continued)
Wachovia Capital Markets
$	360,000,000		5.450	%		07/02/07	$	360,000,000
Maturity Value: $360,163,500
Collateralized by various corporate issues, 5.398% to 6.076%, due 10/25/36 to 12/11/49. The aggregate market value of the collateral, including accrued interest, was $377,999,997.
Total Repurchase Agreements- Unaffiliated Issuers							$	1,312,200,000
Repurchase Agreement-Affiliated Issuer(d)—0.4%
Goldman, Sachs & Co.
$	75,000,000		5.300	%		07/02/07	$	75,000,000
Maturity Value: $75,033,125
Collateralized by Federal National Mortgage Association, 4.000% to 7.500% due 10/01/18 to 04/01/37 and Federal Home Loan Mortgage Corp., 4.000% to 7.000% due 05/01/17 to 06/01/36. The aggregate market value of the collateral, including accrued interest, was $77,250,000.
Total Investments—100.1%							$	17,390,426,898
Liabilities in Excess of    Other Assets—(0.1)%								(18,794,043	)
Net Assets—100.0%							$	17,371,632,855

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

(a)	Variable or floating rate security is based on the London Interbank Offering Rate or Federal Funds Rate.
(b)	All or a portion represents a forward commitment.
(c)	Securities not registered under the Securities Act of 1933, as amended. Such securities have been determined to be illiquid by the Investment Adviser. At June 30, 2007, these securities amounted to $180,000,000 or approximately 1.0% of net assets.
(d)	Unless noted, all repurchase agreements were entered into on June 29, 2007. Additional information on Joint Repurchase Agreement Accounts I & II appears on page 42 and 43.

Interest rates represent either the stated coupon rate, annualized yield on the 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 accompanying notes are an integral part of these financial statements.

14

Schedule of Investments

Financial Square Treasury Obligations Fund

June 30, 2007 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Repurchase Agreements-Unaffiliated Issuers(a)—87.2%
Bank of America Securities LLC
$	62,500,000		5.270	%		09/18/07	$	62,500,000
Maturity Value: $65,839,497
Dated: 09/18/06
Collateralized by U.S. Treasury Notes, 3.000% to 3.875%, due 01/15/09 to 07/15/12 and U.S. Treasury STRIPS, 0.000%, due 08/15/13. The aggregate market value of the collateral, including accrued interest, was $63,751,094.
Joint Repurchase Agreement Account I
	5,457,500,000		4.321			07/02/07		5,457,500,000
Maturity Value: $5,459,465,155
Lehman Brothers Holdings, Inc.
	104,600,000		4.450			07/02/07		104,600,000
Maturity Value: $104,638,789
Collateralized by U.S. Treasury Notes, 3.875% to 5.625%, due 02/15/08 to 09/15/10. The aggregate market value of the collateral, including accrued interest, was $106,692,359.
UBS Securities LLC
	91,000,000		4.300			07/02/07		91,000,000
Maturity Value: $91,032,608
Collateralized by U.S. Treasury STRIPS, 0.000%, due 01/15/10 to 02/15/10. The aggregate market value of the collateral, including accrued interest, was $92,821,450.
UBS Securities LLC
	61,000,000		5.320			08/13/07		61,000,000
Maturity Value: $64,263,229
Dated: 08/16/06
Collateralized by U.S. Treasury STRIPS, 0.000%, due 05/15/09 to 08/15/14. The aggregate market value of the collateral, including accrued interest, was $62,221,141.
UBS Securities LLC
	58,000,000		5.380			08/14/07		58,000,000
Maturity Value: $61,155,071
Dated: 08/15/06
Collateralized by U.S. Treasury STRIPS, 0.000%, due 05/15/09 to 02/15/11. The aggregate market value of the collateral, including accrued interest, was $59,161,295.
UBS Securities LLC
	62,000,000		5.210			10/15/07		62,000,000
Maturity Value: $65,266,091
Dated: 10/16/06
Collateralized by U.S. Treasury STRIPS, 0.000%, due 01/15/09 to 08/15/10. The aggregate market value of the collateral, including accrued interest, was $63,243,754.
UBS Securities LLC
	67,500,000		5.220			01/11/08		67,500,000
Maturity Value: $71,062,650
Dated: 01/12/07
Collateralized by U.S. Treasury STRIPS, 0.000%, due 08/15/10 to 02/15/11. The aggregate market value of the collateral, including accrued interest, was $68,853,569.
Total Repurchase Agreements- Unaffiliated Issuers							$	5,964,100,000
Repurchase Agreement-Affiliated Issuers(a)—12.9%
Goldman, Sachs & Co.
$	880,000,000		4.250	%		07/02/07	$	880,000,000
Maturity Value: $880,311,667
Collateralized by U.S. Treasury Bill, 0.000%, due 08/16/07, U.S. Treasury Bonds, 9.250% to 11.750%, due 11/15/14 to 02/15/16 and U.S. Treasury Notes, 3.000% to 6.500%, due 11/15/07 to 05/15/17. The aggregate market value of the collateral, including accrued interest, was $897,600,569.
Total Investments—100.1%							$	6,844,100,000
Liabilities in Excess of   Other Assets—(0.1)%								(4,341,078	)
Net Assets—100.0%							$	6,839,758,922

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

^(a) Unless noted, all repurchase agreements were entered into on June 29, 2007. Additional information on Joint Repurchase Agreement Account I appears on page 42 and 43.

Investment Abbreviation:

STRIPS — Separate Trading of Registered Interest and Principal of Securities

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

15

Schedule of Investments

Financial Square Treasury Instruments Fund

June 30, 2007 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
U.S. Treasury Obligations—100.2%
United States Treasury Bills
$	6,600,000		3.800	%		07/05/07	$	6,597,213
	35,000,000		3.820			07/05/07		34,985,144
	110,000,000		3.860			07/05/07		109,952,822
	300,000,000		4.180			07/05/07		299,860,667
	21,700,000		4.200			07/05/07		21,689,873
	182,000,000		4.240			07/05/07		181,914,258
	25,000,000		4.300			07/05/07		24,988,056
	247,000,000		4.340			07/05/07		246,880,891
	884,000,000		4.570			07/05/07		883,551,124
	270,000,000		4.580			07/05/07		269,862,600
	442,000,000		4.600			07/05/07		441,774,089
	126,000,000		4.605			07/05/07		125,935,530
	14,100,000		4.610			07/05/07		14,092,778
	80,000,000		4.625			07/05/07		79,958,889
	15,700,000		4.690			07/05/07		15,691,819
	200,000,000		3.950			07/19/07		199,605,000
	31,000,000		3.930			07/26/07		30,915,396
	15,000,000		4.120			07/26/07		14,957,083
	167,500,000		4.250			07/26/07		167,005,642
	65,500,000		4.435			07/26/07		65,298,269
	20,700,000		4.500			07/26/07		20,578,688
	453,000,000		4.477	(a)		08/02/07		451,260,228
United States Treasury Note
	180,000,000		3.875			07/31/07		179,914,300
Total Investments—100.2%							$	3,887,270,359
Liabilities in Excess of Other Assets—(0.2)%								(8,408,357	)
Net Assets—100.0%							$	3,878,862,002

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

^(a) All or a portion represents a forward commitment.

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

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

16

Schedule of Investments

Financial Square Government Fund

June 30, 2007 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Repurchase Agreements-Unaffiliated Issuers(a)—93.8%
Barclays Bank PLC(b)
$	250,000,000		5.290	%		08/15/07	$	250,000,000
Maturity Value: $263,408,680
Dated: 02/14/07
Collateralized by Federal National Mortgage Association, 4.500%, due 07/01/20. The market value of the collateral, including accrued interest, was $255,000,000.
Barclays Bank PLC(b)
	500,000,000		5.290			09/21/07		500,000,000
Maturity Value: $526,817,361
Dated: 03/21/07
Collateralized by Federal Home Loan Mortgage Corp., 6.000%, due 10/01/36 and Federal National Mortgage Association, 4.500% to 5.500%, due 07/01/20 to 07/01/37. The aggregate market value of the collateral, including accrued interest, was $509,999,998.
Bear Stearns & Cos., Inc.
	250,000,000		5.280			07/17/07		250,000,000
Maturity Value: $251,063,333
Dated: 06/18/07
Collateralized by Federal Home Loan Mortgage Corp., 5.000% to 7.500%, due 05/01/22 to 06/01/37 and Federal National Mortgage Association, 5.000% to 6.500%, due 01/19/19 to 06/01/37. The aggregate market value of the collateral, including accrued interest, was $255,004,211.
Deutsche Bank Securities, Inc.
	34,000,000		5.350			07/02/07		34,000,000
Maturity Value: $34,015,158
	70,000,000		5.560			07/17/07		70,000,000
Maturity Value: $73,946,055
Dated: 07/17/06
	60,000,000		5.250			04/16/08		60,000,000
Maturity Value: $63,202,500
Dated: 04/16/07
Repurchase agreements issued by Deutsche Bank Securities, Inc., with a total amortized cost of $164,000,000, are collateralized by Federal Home Loan Mortgage Corp., 5.000% to 6.000%, due 05/01/34 to 03/01/36.
The aggregate market value of the collateral, including accrued interest, was $168,919,998.
Joint Repurchase Agreement Account I
	44,200,000		4.321			07/02/07		44,200,000
Maturity Value: $44,215,916
Joint Repurchase Agreement Account II
	3,553,100,000		5.369			07/02/07		3,553,100,000
Maturity Value: $3,554,689,716
Lehman Brothers Holdings, Inc.
	50,000,000		4.450			07/02/07		50,000,000
Maturity Value: $50,018,542
Collateralized by U.S. Treasury Note, 5.500%, due 02/15/08. The market value of the collateral, including accrued interest, was $51,003,745.
UBS Securities LLC
	74,200,000		4.300			07/02/07		74,200,000
Maturity Value: $74,226,588
Collateralized by U.S. Treasury Note, 5.125%, due 06/30/08. The market value of the collateral, including accrued interest, was $75,688,942.
UBS Securities LLC
	40,000,000		5.450			08/01/07		40,000,000
Maturity Value: $42,210,278
Dated: 08/01/06
Collateralized by Federal National Mortgage Association, 4.500% to 6.000%, due 05/01/19 to 10/01/36. The aggregate market value of the collateral, including accrued interest, was $40,804,098.
UBS Securities LLC
	50,000,000		5.290			10/12/07		50,000,000
Maturity Value: $52,674,389
Dated: 10/13/06
Collateralized by Federal National Mortgage Association, 5.000% to 7.000%, due 01/01/18 to 05/01/37. The aggregate market value of the collateral, including accrued interest, was $51,000,071.
UBS Securities LLC
	50,000,000		5.240			01/04/08		50,000,000
Maturity Value: $52,612,722
Dated: 01/10/07
Collateralized by Federal National Mortgage Association, 5.000% to 6.500%, due 01/01/18 to 02/01/36. The aggregate market value of the collateral, including accrued interest, was $51,000,123.
UBS Securities LLC(b)
	390,000,000		5.286			08/07/07		390,000,000
Maturity Value: $410,901,725
Dated: 02/05/07
Collateralized by Federal National Mortgage Association, 4.500% to 7.000%, due 06/01/18 to 05/01/37. The aggregate market value of the collateral, including accrued interest, was $397,804,140.
Total Repurchase Agreements-Unaffiliated Issuers							$	5,415,500,000

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

17

Schedule of Investments

Financial Square Government Fund (continued)

June 30, 2007 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Repurchase Agreements-Affiliated Issuers(a)—6.1%
Goldman, Sachs & Co.
$	150,000,000		5.300	%		07/02/07	$	150,000,000
Maturity Value: $150,066,250
Collateralized by Federal National Mortgage Association, 4.000% to 8.000%, due 03/01/15 to 03/01/37 and Federal Home Loan Mortgage Corp., 4.000% to 7.000%, due 06/01/19 to 05/01/37. The aggregate market value of the collateral, including accrued interest, was $154,500,001.
	200,000,000		5.380			07/02/07		200,000,000
Maturity Value: $200,089,667
Collateralized by Federal Home Loan Mortgage Corp., 4.000% to 7.000%, due 11/01/17 to 12/01/36 and Federal National Mortgage Association, 4.000% to 7.500%, due 07/01/15 to 06/01/37. The aggregate market value of the collateral, including accrued interest, was $205,999,929.
Total Repurchase Agreements-Affiliated Issuers							$	350,000,000
Total Investments—99.9%							$	5,765,500,000
Other Assets In Excess of Liabilities—0.1%								4,408,187
Net Assets—100.0%							$	5,769,908,187

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

(a)	Unless noted, all repurchase agreements were entered into on June 29, 2007. Additional information on Joint Repurchase Agreement Accounts I & II appear on page 42 and 43.
(b)	Variable rate security. Interest rate disclosed is that which is in effect at June 30, 2007.

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

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

18

Schedule of Investments

Financial Square Federal Fund

June 30, 2007 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
U.S. Government Agency Obligations—99.6%
Federal Farm Credit Bank
$	123,900,000		5.180	%(a)		07/02/07	$	123,881,484
	85,000,000		5.190	(a)		07/02/07		84,984,922
	208,000,000		5.200	(a)		07/02/07		207,945,850
	478,000,000		5.210	(a)		07/02/07		477,885,721
	236,000,000		5.230	(a)		07/02/07		235,975,764
	125,000,000		5.240	(a)		07/02/07		124,974,727
	38,000,000		5.010	(a)		07/03/07		37,995,858
	85,000,000		5.180	(a)		07/03/07		84,992,871
	25,000,000		5.180	(a)		07/04/07		24,994,681
	70,000,000		5.190	(a)		07/05/07		69,999,847
	18,000,000		5.190	(a)		07/06/07		17,996,678
	40,000,000		5.220	(a)		07/11/07		40,000,267
	85,000,000		5.185	(a)		07/13/07		84,979,073
	40,000,000		5.206	(a)		07/14/07		39,987,599
	75,000,000		5.180	(a)		07/17/07		74,979,830
	20,000,000		5.270	(a)		07/20/07		20,008,733
	150,000,000		5.170	(a)		07/23/07		149,964,007
	20,000,000		5.180	(a)		07/24/07		19,993,102
	95,000,000		5.170	(a)		07/30/07		94,967,714
	80,000,000		5.180	(a)		08/01/07		79,977,932
	16,000,000		5.120			08/21/07		15,883,947
	50,000,000		5.220	(a)		09/24/07		49,988,147
	42,000,000		5.220	(a)		09/30/07		41,993,025
Federal Home Loan Bank
	100,000,000		5.189	(a)		07/01/07		99,970,405
	18,429,000		4.750			07/02/07		18,426,568
	150,000,000		5.189	(a)		07/02/07		149,955,614
	41,000,000		5.220	(a)		07/02/07		40,982,538
	450,000,000		5.180	(a)		07/03/07		449,999,025
	35,000,000		5.130			07/05/07		34,980,050
	5,300,000		5.100			07/06/07		5,296,246
	390,000,000		5.210	(a)		07/06/07		389,997,913
	240,000,000		5.190	(a)		07/10/07		239,912,346
	8,700,000		5.153			07/11/07		8,687,548
	130,000,000		5.155			07/11/07		129,813,847
	94,980,000		5.160			07/11/07		94,843,862
	315,345,000		5.125			07/13/07		314,806,286
	7,000,000		5.150			07/13/07		6,987,983
	13,700,000		5.160			07/13/07		13,676,436
	44,600,000		4.625			07/16/07		44,583,659
	205,000,000		5.181	(a)		07/16/07		204,921,099
	67,150,000		4.625			07/18/07		67,126,105
	18,200,000		5.050			07/20/07		18,151,492
	237,611,000		5.150			07/20/07		236,965,160
	92,000,000		5.155			07/20/07		91,749,696
	113,372,000		5.160			07/20/07		113,063,250
	64,135,000		5.500			07/20/07		64,138,003
	19,007,000		5.050			07/23/07		18,948,342
	16,400,000		2.300			07/24/07		16,368,008
	28,776,000		5.120			07/25/07		28,677,778
	114,040,000		5.125			07/25/07		113,650,363
	66,500,000		5.145			07/25/07		66,271,905
	79,402,000		5.160			07/25/07		79,128,857
	104,192,000		5.142			07/30/07		103,760,419
	79,500,000		4.250			08/08/07		79,409,031
	235,122,000		5.145			08/08/07		233,845,092
	75,000,000		5.217	(a)		08/10/07		74,996,830
	112,000,000		4.875			08/22/07		111,921,519
	81,290,000		5.137			08/22/07		80,686,819
	80,000,000		5.135			08/24/07		79,383,800
	410,000,000		5.180	(a)		08/28/07		409,801,117
	314,240,000		5.140			08/29/07		311,592,877
	410,000,000		5.140			08/31/07		406,429,128
	8,738,000		5.140			09/12/07		8,646,926
	137,000,000		5.135			09/14/07		135,534,385
	182,770,000		5.135			09/19/07		180,684,391
	320,000,000		5.200	(a)		09/19/07		319,910,964
	168,000,000		5.210	(a)		09/19/07		167,940,521
	215,000,000		5.200	(a)		09/20/07		214,946,885
	285,100,000		5.130			09/21/07		281,768,607
	99,000,000		5.138			09/21/07		97,841,381
	270,742,000		5.140			09/21/07		267,572,213
	80,000,000		4.250			09/26/07		79,791,200
	171,000,000		5.140			09/26/07		168,875,895
	240,000,000		5.145			09/26/07		237,015,900
	26,895,000		4.125			10/19/07		26,800,217
	57,000,000		3.060			11/21/07		56,543,926
	35,000,000		3.085			12/21/07		34,670,158
	29,375,000		5.125			01/22/08		29,348,950
	45,000,000		5.125			02/12/08		44,951,402
	10,675,000		4.875			03/05/08		10,645,980
	20,945,000		4.000			03/10/08		20,770,243
	66,625,000		4.600			04/11/08		66,317,298

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

19

Schedule of Investments

Financial Square Federal Fund (continued)

June 30, 2007 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
U.S. Government Agency Obligations (continued)
Federal Home Loan Bank (continued)
$	80,000,000		5.125	%		05/21/08	$	79,913,812
	20,000,000		5.125			05/23/08		19,979,518
Total Investments—99.6%							$	9,808,729,567
Other Assets in Excess of Liabilities—0.4%								34,581,592
Net Assets—100.0%							$	9,843,311,159

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

^(a) Variable or floating rate security index is based on either London Interbank Offering Rate or Prime 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 the floating rate securities.

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

20

Schedule of Investments

Financial Square Tax-Free Money Market Fund

June 30, 2007 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Alabama—2.5%
Columbia IDB VRDN PCRB Refunding for Alabama Power Co. Project Series 1999-A (A-1/ VMIGI)
$	7,500,000		3.900	%		07/02/07	$	7,500,000
Columbia IDB VRDN PCRB Refunding for Alabama Power Co. Project Series 1996 A (VMIG1)
	10,800,000		3.860			07/02/07		10,800,000
Columbia IDB VRDN PCRB Refunding for Alabama Power Co. Project Series 1999 B (A-1/ VMIG1)
	18,500,000		3.860			07/02/07		18,500,000
Columbia IDB VRDN PCRB Refunding for Alabama Power Co. Project Series 1999 C (A-1/ VMIG1)
	4,000,000		3.950			07/02/07		4,000,000
Eclipse Funding Trust VRDN RB for Alabama State University Series 2006 (U.S. Bank N.A. SPA) (A-1+)(XLCA)(a)
	6,905,000		3.790			07/05/07		6,905,000
Eclipse Funding Trust VRDN RB for Montgomery County Series 2006 (MBIA) (U.S. Bank N.A. SPA) (A-1+)(a)
	5,385,000		3.790			07/05/07		5,385,000
Eclipse Funding Trust VRDN RB Alabama Special Care Facilities Series 2007-0046 (AMBAC) (U.S. Bank N.A. SPA) (A-1+)(a)(b)
	10,000,000		3.780			07/05/07		10,000,000
Gadsden IDB VRDN PCRB Refunding for Alabama Power Co. Project Series 1994 (A-1)
	6,150,000		3.860			07/02/07		6,150,000
Lehman Municipal Trust Receipts VRDN RB for University of Alabama Floaters Series 2006-K62 Reg D (XLCA) (Lehman Brothers SPA) (VMIG1)(a)
	4,755,000		3.770			07/04/07		4,755,000
Mobile City IDB VRDN PCRB for Alabama Power Co. Project Series 1993 A (A-1/ VMIG1)
	7,500,000		3.790			07/05/07		7,500,000
Mobile City IDB VRDN PCRB Refunding for Alabama Power Co. Project Series 1994 (A-1/ VMIG1)
	8,000,000		3.860			07/02/07		8,000,000
Southeast Alabama Gas District VRDN RB Supply Project Series 2007 A (VMIG1) (Societe Generale)
	73,500,000		3.910			07/02/07		73,500,000
University of Alabama VRDN RB Eagle Series 2004-0032 Class A (MBIA) (Citibank N.A. SPA) (A-1+) (a)
	11,000,000		3.800			07/05/07		11,000,000
University of Alabama VRDN RB Series 1993 B (A-1+/ VMIG1)
	2,800,000		3.780			07/04/07		2,800,000
West Jefferson IDB VRDN PCRB Refunding for Alabama Power Co. Project Series 1998 (A-1/ VMIG1)
	24,000,000		3.920			07/02/07		24,000,000
							$	200,795,000
Alaska—0.9%
ABN AMRO Munitops Certificates Trust VRDN RB for State of Alaska International Airport System Non-AMT Series 2006-9 (MBIA) (ABN AMRO Bank N.V.) (F1+)(a)
$	8,100,000		3.790	%		07/05/07	$	8,100,000
Alaska Housing Finance Corp. VRDN RB Spears Series 2005 DB-162 (FGIC) (Deutsche Bank AG SPA) (F1+)(a)
	21,820,000		3.790			07/05/07		21,820,000
Alaska Industrial Development & Export Authority VRDN RB Stars Series 2007-014 (BNP Paribas N.A. SPA) (A-1+/VMIG1)(a)
	6,315,000		3.780			07/05/07		6,315,000
Alaska State Housing Finance Corp. VRDN RB ROCS RR-II-R-9078 Series 2007 (Citibank N.A. SPA) (VMIG1)(a)
	9,230,000		3.790			07/05/07		9,230,000
Alaska State Housing Finance Corp. VRDN RB Spears Series 2005 DB-131 (FGIC) (Deutsche Bank A.G. SPA) (F1+)(a)
	2,090,000		3.790			07/05/07		2,090,000
Alaska State Housing Finance Corp. VRDN RB Spears Series 2005 DB-140 (MBIA) (Deutsche Bank A.G. SPA) (F1+)(a)
	10,320,000		3.790			07/05/07		10,320,000
Anchorage Alaska GO TANS Series 2007 (SP-1+)
	5,000,000		4.250			12/28/07		5,011,912
Eclipse Funding Trust VRDN RB for Alaska State Housing Finance Corp. Series 2006-22 (MBIA) (U.S. Bank N.A. SPA) (VMIG1)(a)
	9,935,000		3.790			07/05/07		9,935,000
							$	72,821,912
Arizona(a)—2.7%
Arizona Health Facilities Authority VRDN RB F Series 2007-1782 (Morgan Stanley SPA) (F1+)
$	46,650,000		3.800	%		07/05/07	$	46,650,000
Arizona State Transportation Board Highway Revenue VRDN RB Floaters Series 2006-1539 (Morgan Stanley SPA) (A-1)
	14,347,000		3.790			07/05/07		14,347,000
Arizona State Transportation Board Highway VRDN RB ROCS II-R-4003 (Citigroup Global Markets SPA) (VMIG1)
	5,135,000		3.790			07/05/07		5,135,000
Chandler GO VRDN Floaters Series 2007-1648 (Morgan Stanley SPA) (A-1)
	9,280,000		3.790			07/05/07		9,280,000
Maricopa County Community College District GO VRDN Merlots Series 2007-C-32 (Bank of New York SPA) (A-1+)
	13,385,000		3.790			07/04/07		13,385,000
Municipal Security Trust Certificates VRDN RB Arizona Health Facilities Authority Series 2007-333 (Bear Stearns Capital Markets) (A-1+)
	5,000,000		3.780			07/05/07		5,000,000
Phoenix GO VRDN Merlots Series 2007-H05 (Wachovia Bank N.A. SPA) (A-1+)
	10,000,000		3.790			07/04/07		10,000,000

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

21

Schedule of Investments

Financial Square Tax-Free Money Market Fund (continued)

June 30, 2007 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Arizona(a) (continued)
Phoenix GO VRDN ROCS-RR-II-R-7005 Series 2007 (Citigroup Financial Products) (A-1+)
$	4,000,000		3.790	%		07/05/07	$	4,000,000
Phoenix Puttable Floating Option GO VRDN Tax-Exempt Receipts P-Floats-EC-1118 (Merrill Lynch Capital Services SPA) (A-1+)
	10,270,000		3.820			07/05/07		10,270,000
Salt River Project Agricultural Improvement & Power District Electric Systems Revenue VRDN RB Floaters Series 2006-1430 (Morgan Stanley SPA) (A-1)
	6,850,000		3.790			07/05/07		6,850,000
Salt River Project Agricultural Improvement & Power District Electric Systems VRDN RB Eagle Series 2006-0022 Class A (Citibank N.A. SPA) (A-1+)
	6,100,000		3.800			07/05/07		6,100,000
Salt River Project Agricultural Improvement & Power District Electric Systems VRDN RB Eagle Series 2007-0012 A (Landesbank Hessen-Thueringen SPA) (A-1)
	15,850,000		3.780			07/05/07		15,850,000
Salt River Project Agricultural Improvement & Power District Electric Systems VRDN RB Floaters Series 2007-1841 (Morgan Stanley SPA) (VMIG1)
	5,603,500		3.790			07/05/07		5,603,500
Salt River Project Agricultural Improvement & Power District Electric Systems VRDN RB Floaters Series 2007-1840 (Morgan Stanley SPA) (VMIG1)
	7,697,500		3.790			07/05/07		7,697,500
Salt River Project Agricultural Improvement & Power District Electric Systems VRDN RB ROC-II-R-1002 Series 2002 (Citigroup Global Markets SPA) (VMIG1)
	10,830,000		3.790			07/05/07		10,830,000
Salt River Project Agricultural Improvement & Power District Electrical Systems VRDN RB Eagle Series 2006-0014 Class A (Citibank N.A. SPA) (A-1+)
	10,875,000		3.800			07/05/07		10,875,000
Salt River Project Agricultural Improvement & Power District VRDN RB Eagle Series 2006-0141 (Citibank N.A. SPA) (A-1+)
	16,500,000		3.800			07/05/07		16,500,000
Salt River Project Agricultural Improvement & Power District VRDN RB ROCS RR-II-640 (Citibank N.A. SPA) (VMIG1)
	7,440,000		3.790			07/05/07		7,440,000
Salt River Project VRDN RB for Agricultural Improvement & Power District Electrical Systems Series 2005-1076 (Morgan Stanley SPA) (A-1)
	4,845,000		3.790			07/05/07		4,845,000
Scottsdale Municipal Property Corp. Excise Tax VRDN RB Putters Series 2006-1570 (JPMorgan Chase & Co.) (A-1+)
	4,500,000		3.800			07/05/07		4,500,000
							$	215,158,000
Arkansas(a)—0.1%
University of Arkansas VRDN RB Series 1396 (AMBAC) (Morgan Stanley SPA) (VMIG1)
$	4,394,000		3.790	%		07/05/07	$	4,394,000
Colorado—1.6%
Colorado Health Facilities Authority VRDN RB Floaters Series 2007-1646 (Morgan Stanley SPA) (A-1)(a)
$	6,230,000		3.790	%		07/05/07	$	6,230,000
Colorado Health Facilities Authority VRDN RB Refunding for Catholic Health Series 2004 B-2 (Bayerische Landesbank SPA) (A-1+/ VMIG1)
	23,200,000		3.780			07/04/07		23,200,000
Colorado Regional Transportation District BB&T Municipal Trust VRDN RB Floaters Series 2017 (VMIG1) (Branch Bank and Trust)(a)
$	9,000,000		3.790	%		07/05/07	$	9,000,000
Eclipse Funding Trust VRDN RB for University of Colorado Series 2006-66 (FGIC) (U.S. Bank N.A. SPA) (A-1+)(a)
	21,555,000		3.790			07/05/07		21,555,000
Puttable Floating Option Tax Exempt Receipts VRDN RB P-Floats-EC-1031 Regional Transit District Series 2007 (FSA) (Merrill Lynch Capital Services SPA) (F1+)(a)
	49,510,000		3.820			07/05/07		49,510,000
Puttable Floating Option Tax Exempt Receipts VRDN RB P-Floats-EC-1039 Colorado Regional Transportation Series 2007 (FSA) (Merrill Lynch Capital Services SPA) (F1+)(a)
	18,100,000		3.820			07/05/07		18,100,000
							$	127,595,000
Delaware—0.4%
Delaware Transportation Authority Transit System Revenue Floaters Series 2005-1205 (Morgan Stanley SPA) (A-1)(a)
$	19,005,000		3.790	%		07/05/07	$	19,005,000
Puttable Floating Option VRDN RB Tax-Exempt Receipts Relating to Delaware Transit P-Floats-EC-1090 (FGIC) (Merrill Lynch Capital Services SPA) (F1+)
	6,400,000		3.820			07/05/07		6,400,000
University of Delaware VRDN RB Series 2005 (Landesbank Hessen-Thueringen SPA) (A-1+)
	8,935,000		3.890			07/02/07		8,935,000
							$	34,340,000
District of Columbia—0.4%
Washington DC Metropolitan Transit Authority CP Series 2007 A (Wachovia Bank N.A. LOC) (A-1+/P-1)
$	32,200,000		3.720	%		10/16/07	$	32,200,000
Florida—8.1%
ABN AMRO Munitops Certificate Trust VRDN RB for Miami-Dade County, FL Non-AMT Trust Certificates Series 2006-24 (XLCA) (ABN AMRO Bank N.V.) (VMIG1)
$	14,265,000		3.780	%		07/05/07	$	14,265,000

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

22

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Florida (continued)
Broward County Electrical BB&T Municipal Trust GO VRDN Floaters Series 2015 (VMIG1) (Branch Bank and Trust)(a)
$	11,055,000		3.790	%		07/05/07	$	11,055,000
Broward County Electric Puttable Floating Option Tax-Exempt Receipts VRDN RB P-Floats-EC-1095 Series 2007 (Merrill Lynch Capital Services SPA) (F1+)
	5,270,000		3.820			07/05/07		5,270,000
Broward County School Board COPS Floaters Series 1877 (FGIC) (F1+) (Morgan Stanley)(a)
	7,960,000		3.790			07/05/07		7,960,000
Citizens Property Insurance Corp. VRDN RB for Municipal Securities Trust Receipts Series 2007 SGB-67 A (MBIA) (Societe Generale SPA) (A-1+)(a)
	18,000,000		3.780			07/05/07		18,000,000
Eclipse Funding Trust VRDN RB for Miami-Dade County Series 2006-0049 (FGIC) (U.S. Bank N.A. SPA) (A-1+)(a)(b)
	11,320,000		3.780			07/05/07		11,320,000
Eclipse Funding Trust VRDN RB Solar Eclipse Miami Dade County Series 2007-0045 (AMBAC) (U.S. Bank N.A. SPA) (A-1+)(a)
	10,000,000		3.930			07/02/07		10,000,000
Puttable Floating Option Tax Exempt Receipts GO VRDN P-Floats-EC-1053 Florida Board of Education Series 2007 (Merrill Lynch Capital Services SPA) (F1+)(a)
	57,055,000		3.820			07/05/07		57,055,000
Puttable Floating Option Tax Exempt Receipts VRDN COPS P-Floats-EC-1006 Broward County School Board Certificates Series 2007 (FGIC) (Merrill Lynch Capital Services) (F+)(a)
	6,420,000		3.820			07/05/07		6,420,000
Puttable Floating Option Tax Exempt Receipts VRDN COPS P-Floats-EC-1034 Miami-Dade County School Board Series 2007 (FGIC) (Merrill Lynch Capital Services SPA) (F1+)(a)
	29,515,000		3.820			07/05/07		29,515,000
Puttable Floating Option Tax Exempt Receipts VRDN RB P Floats-EC-1027 Relating to Florida State Department of Environmental Protection (FSA) (Merrill Lynch Capital Services SPA) (F1+)(a)
	10,625,000		3.820			07/05/07		10,625,000
Puttable Floating Option Tax Exempt Receipts VRDN RB P-Floats-EC 1026 Florida State Department of Environmental Protection (F1+) (FGIC) (Merrill Lynch Capital Services) (F+)(a)
	11,420,000		3.820			07/05/07		11,420,000
Puttable Floating Option Tax Exempt Receipts VRDN RB P-Floats-EC-1002L Florida Board of Education (AMBAC) (Merrill Lynch Capital Services SPA) (F1+)(a)
	55,460,000		3.820			07/05/07		55,460,000
Puttable Floating Option Tax Exempt Receipts VRDN RB P-Floats-EC-1020 University of Miami Series 2007 (AMBAC) (Merrill Lynch Capital Services SPA) (F1+)(a)
	26,765,000		3.820			07/05/07		26,765,000
Puttable Floating Option Tax Exempt Receipts VRDN RB P-Floats-EC-1025 Florida State Department of Environmental Protection Series 2007 (AMBAC) (Merrill Lynch Capital Services SPA) (F1+)(a)
	53,575,000		3.820			07/05/07		53,575,000
Puttable Floating Option Tax Exempt Receipts VRDN RB P-Floats-EC-1028 Florida State Department of Environmental Protection (MBIA) (Merrill Lynch Capital Services SPA) (F1+)(a)
	35,500,000		3.820			07/05/07		35,500,000
Florida Hurricane Catastrophe Enhanced Return Puttable Floating Option Tax Exempt Receipts VRDN RB P-Floats-EC-1056 (Merrill Lynch Capital Services SPA) (F1+)
	5,325,000		3.830			07/05/07		5,325,000
Florida Local Government CP (Wachovia Bank N.A. LOC) (A-1/P-1)
	4,700,000		3.780			08/14/07		4,700,000
Florida Local Government Pooled CP (Wachovia Bank N.A. LOC) (A-1/P-1)
	6,300,000		3.680			08/09/07		6,300,000
	33,397,000		3.730			08/22/07		33,397,000
Florida State Board of Education GO VRDN for Municipal Securities Trust Certificates Series 2006-7022 (Bear Stearns Capital Markets SPA) (VMIG1)(a)
	3,750,000		3.780			07/05/07		3,750,000
Florida State Board of Education GO VRDN Eagle Tax-Exempt Trust Series 2001-0901 (Bayerische Landesbank SPA) (A-1)(a)
	26,850,000		3.790			07/05/07		26,850,000
Florida State Board of Education GO VRDN Eagle Tax-Exempt Trust Series 2005-0057 Class A (Citibank N.A. SPA) (A-1+)(a)
	6,565,000		3.800			07/05/07		6,565,000
Florida State Board Public Education GO VRDN Eagle Series 2007-0048 Class A (Bayerische Landesbank SPA) (A-1)(a)
	21,445,000		3.790			07/05/07		21,445,000
Florida State Turnpike Authority VRDN RB Floaters Series 2006-1450 (Morgan Stanley SPA) (VMIG1) (a)
	5,216,000		3.790			07/05/07		5,216,000
Gainesville Utilities System VRDN RB Series 2005 C (SunTrust Bank SPA) (A-1+/ VMIG1)
	20,450,000		3.900			07/02/07		20,450,000
Hillsborough CP Series 2007 A (State Street Bank LOC) (A-1+/P-1)
	5,500,000		3.770			07/26/07		5,500,000
Jackson County VRDN PCRB Refunding for Gulf Power Co. Project Series 1997 (A-1/ VMIG1)
	1,930,000		3.940			07/02/07		1,930,000
Jacksonville Electric Authority CP Series 2000 F (Landesbank Hessen-Thueringen SPA) (A-1/P-1)
	16,000,000		3.800			07/10/07		16,000,000
Jacksonville Water & Sewer Systems VRDN RB Floaters Series 2007-1653 (Morgan Stanley SPA) (F1+) (a)
	5,319,500		3.790			07/05/07		5,319,500

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

23

Schedule of Investments

Financial Square Tax-Free Money Market Fund (continued)

June 30, 2007 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Florida (continued)
Miami Dade County VRDN RB Eagle Series 2006-0106 Class A (FGIC) (Citibank N.A. SPA) (A-1+)(a)
$	4,950,000		3.800	%		07/05/07	$	4,950,000
Palm Beach County School Board COPS VRDN Eagle Series 2007-0021 A (FGIC) (Bayerische Landesbank SPA) (A-1)(a)
	19,960,000		3.780			07/05/07		19,960,000
Palm Beach County School District CP (Bank of America N.A. LOC) (A1+/P1)
	13,800,000		3.750			02/14/08		13,800,000
Palm Beach County Water & Sewer VRDN RB ROCS-RR-II-R-877 Series 2007 (Citibank N.A. SPA) (VMIG1)(a)
	9,885,000		3.790			07/05/07		9,885,000
Puttable Floating Option VRDN RB Tax-Exempt Receipts P-Floats-PA-1493 Relating to South Miami (Merrill Lynch SPA) (A-1+)(a)
	4,910,000		3.810			07/05/07		4,910,000
State of Florida Austin Trust Certificates GO VRDN Series 2007-137 (Bank of America N.A. SPA) (A-1+)(a)
	5,670,000		3.790			07/05/07		5,670,000
Sunshine State Governmental Funding for Miami-Dade CP Series 2007-1 (DePfa Bank PLC SPA) (A-1+/P-1)
	47,915,000		3.750			09/11/07		47,915,000
	20,000,000		3.750			09/12/07		20,000,000
							$	654,042,500
Georgia—3.7%
Albany-Dougherty County Hospital Authority VRDN RB Phobe Hospital Series 2002 (AMBAC) (Regions Bank SPA) (VMIG1)
$	11,450,000		3.950	%		07/02/07	$	11,450,000
Dekalb County VRDN RB Water & Sewer ROCS RR-II-R-567 (Citibank N.A. SPA) (VMIG1)(a)
	3,135,000		3.790			07/05/07		3,135,000
Douglas County School District GO VRDN ROCS-RR-II-R-11061 (Citibank N.A. SPA) (A-1+) (FSA)(a)
	5,065,000		3.790			07/05/07		5,065,000
Downtown Smyrna Development Authority VRDN Spears Series 2005 DB-141 (Deutsche Bank AG SPA) (A-1+)(a)
	22,620,000		3.790			07/05/07		22,620,000
Puttable Floating Option Tax Exempt Receipts GO VRDN P-Floats-EC-1018 State of Georgia Series 2007 (Merrill Lynch Capital Services SPA) (F1+)(a)
	97,260,000		3.820			07/05/07		97,260,000
Puttable Floating Option Tax Exempt Receipts GO VRDN P-Floats-EC-1019 State of Georgia Series 2007 (Merrill Lynch Capital Services SPA) (F1+)(a)
	39,635,000		3.820			07/05/07		39,635,000
Fulton County Water & Sewer VRDN RB Eagle Series 2005-005 A (FGIC) (Citibank N.A. SPA) (A-1+) (a)
	4,295,000		3.800			07/05/07		4,295,000
Georgia Municipal Electric Authority Power VRDN RB Municipal Securities Trust Receipts SGB 68 A Series 2007 (FGIC) (Societe Generale) (A-1+)(a)
	11,205,000		3.780			07/05/07		11,205,000
Georgia Oglethorpe CP Series 2006 A (AMBAC) (Rabobank Netherlands SPA) (VMIG1/A1+)
	8,000,000		3.650			07/12/07		8,000,000
	6,525,000		3.750			09/13/07		6,525,000
Gwinnett County Development Authority COPS P-Floats-MT-337 (MBIA) (BNP Paribas SPA) (F1+)(a)
	18,000,000		3.800			07/05/07		18,000,000
Metropolitan Atlanta Rapid Transit Authority Sales Tax VRDN RB Eagle Series 2002-6022 (MBIA) (Citibank N.A. SPA) (A-1+)(a)
	14,760,000		3.800			07/05/07		14,760,000
Metropolitan Atlanta Rapid Transit Authority Sales Tax VRDN RB Floaters Series 2007-1656 (FGIC) (Morgan Stanley SPA) (VMIG1)(a)
	11,425,000		3.790			07/05/07		11,425,000
Puttable Floating Option VRDN RB Tax-Exempt Receipts P-Floats-PT-4017 Metropolitan Atlanta Rapid Transit Authority (F1+) (Dexia) (FGIC)(a)
	9,845,000		3.790			07/05/07		9,845,000
Savannah Economic Development Authority VRDN PCRB Refunding for Savannah Electric & Power Project Series 1993 (A-1/ VMIG1)
	2,785,000		3.940			07/02/07		2,785,000
State of Georgia Lehman Municipal Trust Receipts GO VRDN Floater Series 2007-K23W Reg D (Lehman Liquidity Co.) (VMIG1)
	13,765,000		3.770			07/04/07		13,765,000
State of Georgia Lehman Municipal Trust Receipts GO VRDN Floater Series 2007-K25 Reg D (VMIG1) (Lehman Liquidity Co.)
	19,055,000		3.770			07/04/07		19,055,000
							$	298,825,000
Hawaii—0.8%
ABN AMRO Munitops Certificate Trust VRDN RB for Honolulu, HI Non-AMT Single Series 2005-37 (FGIC) (ABN AMRO Bank N.V. SPA) (F1+)(a)
$	21,040,000		3.790	%		07/05/07	$	21,040,000
Eclipse Funding Trust VRDN RB Solar Eclipse Honolulu City & County Series 2006-0096 (MBIA) (U.S. Bank N.A. SPA) (A-1+)(a)(b)
	5,000,000		3.780			07/05/07		5,000,000
Hawaii State VRDN RB P-Floats-PT 960 Series 2006 (FSA) (BNP Paribas N.A. SPA) (F1+)(a)
	5,900,000		3.790			07/05/07		5,900,000

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

24

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Hawaii (continued)
Honolulu GO CP Series H (Landesbank Hessen-Thueringen SPA) (A1+/P1)
$	35,000,000		3.650	%		09/05/07	$	35,000,000
							$	66,940,000
Idaho(b)—0.3%
Idaho State GO TANS Series 2007 (SP-1+/ MIG1)
$	27,500,000		4.500	%		06/30/08	$	27,702,950
Illinois—6.5%
Austin Trust Certificates GO VRDN Series 2007-150 for Chicago Board of Education (FSA) (Bank of America N.A. SPA) (A-1+)(a)
$	11,990,000		3.790	%		07/05/07	$	11,990,000
Austin Trust Certificates VRDN RB Series 2007-166 for University of Illinois (A-1+) (Bank of America N.A.) (MBIA)(a)
	5,410,000		3.790			07/05/07		5,410,000
Chicago GO VRDN Eagle Tax-Exempt Trust Series 2001-1301 Class A (FGIC) (Citibank N.A. SPA) (A1+)(a)
	8,910,000		3.800			07/05/07		8,910,000
Chicago GO VRDN Floaters Series 2006-1435 (MBIA) (Morgan Stanley SPA) (A-1)(a)
	8,822,000		3.790			07/05/07		8,822,000
Chicago GO VRDN Merlots Series 2000 WWW (AMBAC) (Bank of New York SPA) (VMIG1)(a)
	6,000,000		3.790			07/04/07		6,000,000
Chicago GO VRDN Merlots Series 2004 B-24 (FSA) (Wachovia Bank N.A. SPA) (A-1+)(a)
	8,065,000		3.790			07/04/07		8,065,000
Chicago GO VRDN Spears Series 2005 DB-158 (FSA) (Deutsche Bank AG SPA) (F1+)(a)
	4,755,000		3.790			07/05/07		4,755,000
Chicago GO VRDN Spears Series 2005 DB-171 (FSA) (Deutsche Bank AG SPA) (F1+)(a)
	5,255,000		3.790			07/05/07		5,255,000
Chicago Metropolitan Water Reclamation District GO VRDN ROCS RR-II-R-6077 Series 2006 (Citibank N.A. SPA) (VMIG1)(a)
	4,890,000		3.790			07/05/07		4,890,000
Chicago VRDN Merlots Series 2003 A43 (AMBAC) (Bank of New York SPA) (VMIG1)(a)
	15,225,000		3.790			07/04/07		15,225,000
City of Chicago, IL Deutsche Bank Spears Lifers Trusts GO VRDN Series 2007-DB257 (Deutsche Bank A.G. SPA) (A-1+)(a)
	11,280,000		3.790			07/05/07		11,280,000
Cook County Munitops Certificate Trust GO VRDN Non-AMT Series 2004-47 (MBIA) (ABN AMRO Bank N.V. SPA) (VMIG1)(a)
	14,360,000		3.790			07/05/07		14,360,000
Eclipse Funding Trust GO VRDN for City of Chicago Solar Eclipse Series 2006-3 (FSA) (U.S. Bank N.A. SPA) (VMIG1)(a)
	6,215,000		3.790			07/05/07		6,215,000
Eclipse Funding Trust VRDN RB Series 2006-007 Solar Eclipse Springfield Electric Revenue (MBIA) (U.S. Bank N.A. SPA) (VMIG1)(a)
	15,595,000		3.790			07/05/07		15,595,000
Greater Chicago Metropolitan Water Reclamation District BB&T Municipal Trust GO VRDN Floater Series 2007 (Branch Banking & Trust N.A. SPA) (VMIG1)(a)
	10,000,000		3.790			07/05/07		10,000,000
Illinois Finance Authority VRDN RB Floater Series 2005 K19-Reg D (Lehman Brothers SPA) (VMIG1) (a)
	4,750,000		3.800			07/04/07		4,750,000
Illinois Finance Authority VRDN RB Floaters Series 2006-1489 (Morgan Stanley Municipal Products) (F1+)(a)
	11,745,000		3.790			07/05/07		11,745,000
Illinois Finance Authority VRDN RB Floaters Series 2006-2001 (Landesbank Hessen-Thueringen SPA) (A-1)(a)
	14,000,000		3.780			07/05/07		14,000,000
Illinois Finance Authority VRDN RB Floaters Series 2007-1766 (Morgan Stanley N.A. SPA) (F1+)(a)
	5,195,500		3.790			07/05/07		5,195,500
Illinois Finance Authority VRDN RB for Northwestern University Series 2004-B (A-1+/ VMIG1)(b)
	40,955,000		3.760			07/04/07		40,955,000
Illinois Finance Authority VRDN RB for Resurection Health Series 2005-C (Lasalle Bank N.A. LOC) (A-1/ VMIG1)(b)
	18,145,000		3.690			07/05/07		18,145,000
Illinois Finance Authority VRDN RB ROCS RR-II-R 6015 Series 2004 (Citigroup, Inc. SPA) (A-1+) (a)
	5,585,000		3.790			07/05/07		5,585,000
Illinois Health System Evanston Hospital CP Series 1987 D (A1+/VMIG1)
	18,000,000		3.680			07/12/07		18,000,000
Illinois Health System Evanston Hospital CP Series 1995 (A1+)
	37,000,000		3.730			09/12/07		37,000,000
Illinois State GO Eagle Tax-Exempt Trust Series 95C-1305 Class A COPS (FGIC) (Citibank N.A. SPA) (A1+)(a)
	9,605,000		3.800			07/05/07		9,605,000
Illinois State GO VRDN Eagle Tax-Exempt Trust Series 1996-C-1301 Class A (Citibank N.A. SPA) (A1+)(a)
	6,805,000		3.800			07/05/07		6,805,000
Illinois State GO VRDN Eagle Tax-Exempt Trust Series 2005-3002 Class A (Citibank N.A. SPA) (A-1+)(a)
	4,000,000		3.800			07/05/07		4,000,000
Illinois State GO VRDN Macon Trust Certificates Series 2006 L (Bank of America N.A. SPA) (VMIG1)(a)
	3,500,000		3.790			07/05/07		3,500,000
Illinois State GO VRDN ROCS-RR-II-R-1072 (Citibank N.A. SPA) (F1+)(a)
	4,785,000		3.790			07/05/07		4,785,000
Illinois State GO VRDN ROCS-RR-II-R-2164 Series 2004 (MBIA) (Citigroup, Inc. SPA) (VMIG1)(a)
	5,320,000		3.800			07/05/07		5,320,000

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

25

Schedule of Investments

Financial Square Tax-Free Money Market Fund (continued)

June 30, 2007 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Illinois (continued)
Illinois State GO VRDN ROCS-RR-II-R-6065 (Citibank N.A. SPA) (F1+)(a)
$	4,390,000		3.790	%		07/05/07	$	4,390,000
Illinois State GO VRDN Series 2003B (DePfa Bank PLC SPA) (A-1+/ VMIG1)
	5,285,000		3.730			07/04/07		5,285,000
Illinois State GO VRDN Stars Series 2007-040 (VMIG1) (BNP Paribas)(a)(b)
	23,375,000		3.780			07/05/07		23,375,000
Illinois State Sales Tax Revenue VRDN Merlots Series 2001 A-102 (Bank of New York N.A. SPA) (A-1+)(a)
	20,390,000		3.790			07/04/07		20,390,000
Illinois State Sales Tax VRDN RB Spears Series 2005 DB-165 (FSA) (Deutsche Bank A.G. SPA) (F1+) (a)
	10,540,000		3.790			07/05/07		10,540,000
Illinois State Toll Highway Authority VRDN RB P-Floats-MT 270 Series 2006 (FSA) (Bayerische Landesbank SPA) (F1+)(a)
	14,995,000		3.790			07/05/07		14,995,000
Lehman Municipal Trust Receipts VRDN RB Series 2006-K65 Reg D for University of Illinois (MBIA) (Lehman Liquidity Co. SPA) (VMIG1)
	4,240,000		3.770			07/04/07		4,240,000
Metropolitan Pier & Exposition Authority for Dedicated State Tax VRDN RB Eagle Tax-Exempt Trust Series 2004-0030 Class A (MBIA) (Citibank N.A. SPA) (A-1+)(a)
	6,500,000		3.800			07/05/07		6,500,000
Metropolitan Pier & Exposition Authority Hospitality Facilities VRDN RB P-Floats-PT 3554 Series 2006 (Dexia Credit Local SPA) (F1+)(a)
	17,935,000		3.790			07/05/07		17,935,000
Metropolitan Pier Exposition Authority VRDN RB Eagle Tax-Exempt Trust Series 2000-1307 Class A (FGIC) (Citibank N.A. SPA) (A1)(a)
	19,205,000		3.800			07/05/07		19,205,000
Regional Transportation Authority GO VRDN Merlots Series 2001 A48 (FSA) (Bank of New York N.A. SPA) (A-1+)(a)
	4,910,000		3.790			07/04/07		4,910,000
Regional Transportation Authority GO VRDN Merlots Series 2002 A41(FGIC) (Bank of New York N.A. SPA) (VMIG1)(a)
	8,370,000		3.790			07/04/07		8,370,000
Regional Transportation Authority GO VRDN P-Floats-PT 2394 Series 2004 (FGIC) (Dexia Credit Local SPA) (A-1)(a)
	14,770,000		3.790			07/05/07		14,770,000
Regional Transportation Authority VRDN RB Macon Certificates Series 2004-A (MBIA) (Bank of America N.A. SPA) (VMIG1)(a)
	6,665,000		3.790			07/05/07		6,665,000
Regional Transportation Authority VRDN RB Macon Certificates Trust Series 2006-K (VMIG1) (Bank of America N.A.) (MBIA)(a)
	5,505,000		3.790			07/05/07		5,505,000
Regional Transportation Authority VRDN RB P-Floats-PT 2886 Series 2005 (MBIA) (Dexia Credit Local SPA) (F1+)(a)
	5,960,000		3.790			07/05/07		5,960,000
Regional Transportation Authority VRDN RB P-Floats-PT-3871 (FGIC) (Dexia Credit Local SPA) (F1+) (a)
	6,800,000		3.790			07/05/07		6,800,000
Regional Transportation Authority VRDN RB Stars Certificates Series 2003-21 (FGIC) (BNP Paribas SPA) (VMIG1)(a)
	5,865,000		3.790			07/05/07		5,865,000
Regional Transportation Authority VRDN RB Stars Certificates Series 2005-119 (AMBAC) (BNP Paribas SPA) (VMIG1)(a)
	8,230,000		3.790			07/05/07		8,230,000
Schaumburg GO VRDN Series 1346 (FGIC) (Morgan Stanley Municipal Products) (VMIG1)(a)
	7,405,000		3.790			07/05/07		7,405,000
							$	527,497,500
Indiana—3.1%
ABN AMRO Munitops VRDN Indiana Transportation Finance Authority RB Non-AMT Trust Certificates Series 2004-28 (FGIC) (ABN AMRO Bank N.V. SPA) (F1+)(a)
$	24,560,000		3.790	%		07/05/12	$	24,560,000
ABN AMRO Munitops VRDN Indiana Highway RB Non-AMT Trust Certificates Series 2007-46 (FGIC) (ABN AMRO Bank N.V. SPA) (F1+)(a)
	14,870,000		3.790			07/05/07		14,870,000
Anderson Industrial School Building Corp. Spears DB-196 Series 2006 (FSA) (Deutsche Bank AG SPA) (A-1+)(a)
	10,975,000		3.790			07/05/07		10,975,000
Austin Trust Certificates VRDN RB Series 2007-149 (FGIC) Indiana Finance Authority (Bank of America N.A. SPA) (A-1+)(a)
	9,040,000		3.790			07/05/07		9,040,000
Indiana Finance Authority Puttable Floating Option VRDN RB Tax-Exempt Receipts P-Floats-EC-1084 (Merrill Lynch Capital Services SPA) (F1+)
	18,445,000		3.820			07/05/07		18,445,000
Indiana State Finance Authority VRDN RB Floaters Series 2007-1885 (Wells Fargo Bank N.A. SPA) (A-1+)(a)
	12,860,000		3.780			07/05/07		12,860,000
Indiana State Finance Authority VRDN RB Putters Series 2006-1642 (JPMorgan Chase N.A. SPA) (VMIG1)(a)
	26,480,000		3.790			07/05/07		26,480,000
Indiana State Finance Authority VRDN RB ROCS RR-II-R-6072 Series 2006 (Citibank N.A. SPA) (VMIG1)(a)
	5,280,000		3.790			07/05/07		5,280,000
Indiana TFA Eagle Tax-Exempt Trust VRDN RB Series 2000-1401 (Citibank N.A. SPA) (A1+)(a)
	19,800,000		3.800			07/05/07		19,800,000
Indiana TFA Eagle Tax-Exempt Trust VRDN RB Series 2000-1401 Class A (Citibank N.A. SPA) (A1+) (a)
	12,915,000		3.800			07/05/07		12,915,000

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

26

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Indiana (continued)
Indianapolis Bank Bond Eagle Tax-Exempt Trust Series 2002-1401 Class A (MBIA) (Citibank N.A. SPA) (A1+)(a)
$	18,165,000		3.800	%		07/05/07	$	18,165,000
Indianapolis Industrial Local Public Improvement Bond Bank VRDN RB Certificates for Macon Trust Series 2006 S (MBIA) (Bank of America N.A. SPA) (A-1+)(a)
	4,240,000		3.790			07/05/07		4,240,000
Indianapolis Local Public Improvement Bond Bank Revenue Notes Series 2007-E-1 (SP-1+)
	54,300,000		4.250			09/27/07		54,364,404
Indianapolis Local Public Improvement Bond Bank VRDN RB Series 2006-3390 (Dexia Credit PLC SPA) (A-1+)(a)
	5,170,000		3.790			07/05/07		5,170,000
Indianapolis Local Public Improvement Bond Bank VRDN RB Waterworks Project Series 2005-G-2 (MBIA) (DePfa Bank PLC SPA) (A-1+/ VMIG1)
	7,990,000		3.750			07/05/07		7,990,000
Indianapolis Water Municipal Security Trust Certificates VRDN RB Series 2007-3067 (MBIA) (Bear Stearns Capital Markets) (VMIG1)(a)
	4,375,000		3.930			07/02/07		4,375,000
							$	249,529,404
Iowa—0.4%
Chillicothe City VRDN PCRB Refunding for Midwest Power Systems, Inc. Series 1993 A (A-1/ VMIG1)
$	5,900,000		3.800	%		07/04/07	$	5,900,000
Eclipse Funding Trust VRDN RB Des Moines Metropolitan Wastewater Series 2006-0084 (MBIA) (U.S. Bank N.A. SPA) (A-1+)(a)
	6,470,000		3.790			07/05/07		6,470,000
Salix City VRDN PCRB for Midwest Power Systems, Inc. Project Series 1993 (A-1/ VMIG1)
	21,395,000		3.800			07/04/07		21,395,000
							$	33,765,000
Kansas(a)—0.3%
ABN AMRO Munitops VRDN RB Wyandotte County Kansas City United Government of Kansas Non-AMT Trust Certificates Series 2004-42 (FSA) (ABN AMRO Bank N.V. SPA) (F1+)
$	20,235,000		3.790	%		07/05/07	$	20,235,000
Kansas Development Finance Authority VRDN RB ROCS RR-II-R 6518 Series 2005 (Citigroup, Inc. SPA) (VMIG1)
	5,655,000		3.790			07/05/07		5,655,000
							$	25,890,000
Kentucky—0.7%
ABN AMRO Munitops Certificate Trust VRDN RB for Louisville & Jefferson County Metropolitan Sewer District, KY Non-AMT Series 2006-38 (AMBAC) (ABN AMRO Bank N.V. SPA) (F1+)(a)
$	8,145,000		3.790	%		07/05/07	$	8,145,000
Kentucky Property and Building Commission Municipal Securities Trust Certificates RB Series 2002-9027 (A-1) (FSA) (Bear Stearns & Co.)(a)(b)
	9,990,000		3.780			07/05/07		9,990,000
Kentucky Public Energy Authority VRDN RB Gas Supply Series 2006-A (Societe Generale SPA) (A-1+/ VMIG1)
	34,350,000		3.910			07/02/07		34,350,000
Kentucky State Property & Buildings Commission VRDN RB P-Floats-PT 3912 Series 2007 (MBIA) (Dexia Credit Local SPA) (F1+)(a)
	5,305,000		3.800			07/05/07		5,305,000
Louisville & Jefferson County COPS Eagle Tax-Exempt Trust Series 2001-1701 Class A (MBIA) (Citibank N.A. SPA) (A-1+)(a)
	2,500,000		3.800			07/05/07		2,500,000
							$	60,290,000
Louisiana(a)—0.0%
Louisiana GO VRDN Merlots Series 2006 C-04 (FSA) (Bank of New York SPA) (A-1+)
$	2,265,000		3.790	%		07/04/07	$	2,265,000
Maryland—4.4%
Anne Arundel County CP (Westdeutsche Landesbank AG SPA) (A1+/P1)
$	18,000,000		3.730	%		10/05/07	$	18,000,000
Maryland Health & Higher Education for John Hopkins CP Series 2007-B (A1+/P1)
	6,350,000		3.650			07/11/07		6,350,000
	16,500,000		3.670			07/12/07		16,500,000
	9,900,000		3.680			09/12/07		9,900,000
Maryland State GO VRDN Putters Series 2007-1790-B (JPMorgan Chase & Co.) (VMIG1)(a)
	4,605,000		3.790			07/05/07		4,605,000
Maryland State VRDN RB ROCS RR-II-R-9036 Series 2006 (Citigroup Financial Products) (VMIG1) (Wachovia Bank N.A.)(a)
	7,775,000		3.790			07/05/07		7,775,000
Montgomery County GO VRDN Anticipation Notes for Public Improvement Series 2006-B (Dexia Credit Local SPA) (A-1+/VMIG1)
	8,700,000		3.900			07/02/07		8,700,000
Prince Georges County GO VRDN Merlots Series 2007-H06 (A-1+) (Wachovia Bank N.A.)(a)
	7,770,000		3.790			07/04/07		7,770,000

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

27

Schedule of Investments

Financial Square Tax-Free Money Market Fund (continued)

June 30, 2007 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Maryland (continued)
State of Maryland Puttable Floating Option Tax Exempt Receipts GO VRDN P-Floats-EC-1012 Series 2007 (Merrill Lynch Capital Services SPA) (F1+)(a)
$	141,515,000		3.820	%		07/05/07	$	141,515,000
State of Maryland Puttable Floating Option Tax Exempt Receipts GO VRDN P-Floats-EC-1013 Series 2007 (Merrill Lynch Capital Services SPA) (F1+)(a)
	54,695,000		3.820			07/05/07		54,695,000
State of Maryland Puttable Floating Option Tax Exempt Receipts GO VRDN P-Floats-EC-1030 Series 2007 (Merrill Lynch Capital Services SPA) (F1+)(a)
	49,000,000		3.820			07/05/07		49,000,000
State of Maryland Puttable Floating Option Tax Exempt Receipts GO VRDN P-Floats-EC-1072 (Merrill Lynch Capital Services SPA) (F1+)(a)
	25,000,000		3.820			07/05/07		25,000,000
University of Maryland Systems Auxiliary Facilities & Tuition RB Series 1998 A (Aa3/AA)
	8,000,000		5.000			04/01/08		8,076,229
							$	357,886,229
Massachusetts—1.6%
Commonwealth of Massachusetts BB&T Municipal Trust GO VRDN Floaters Series 2005 (Branch Banking & Trust) (VMIG1)(a)
$	6,450,000		3.790	%		07/05/07	$	6,450,000
Massachusetts Bay Transportation Authority Sales Tax Revenue VRDN RB Floaters Series 2007-1818 (Morgan Stanley Municipal Products) (A-1)(a)
	7,990,000		3.790			07/05/07		7,990,000
Massachusetts Bay Transportation Authority Sales Tax VRDN RB Floaters Series 2006-02 (Bank of New York SPA) (A-1+)(a)
	17,700,000		3.750			07/05/07		17,700,000
Massachusetts Bay Transportation Authority Sales Tax VRDN RB Floaters Series 2007-1819 (Morgan Stanley SPA) (A-1)(a)
	9,990,000		3.790			07/05/07		9,990,000
Massachusetts Health & Educational Facilities Harvard University CP Series EE (A1/P1+)
	12,304,000		3.650			07/12/07		12,304,000
Massachusetts State GO VRDN Floater Series 2007-1798 (A-1+) (CIFG) (Depfa Bank PLC)(a)
	21,000,000		3.790			07/05/07		21,000,000
Massachusetts State Health & Educational Facilities Authority VRDN RB Eagle Tax-Exempt Trust Series 2005-3012 Class A (Citibank N.A. SPA) (A-1+)(a)
	17,090,000		3.790			07/05/07		17,090,000
Massachusetts State Health & Educational Facilities Authority VRDN RB for Partners Healthcare Systems Series 2003 D-6 (A-1+/ VMIG1)
	13,265,000		3.900			07/02/07		13,265,000
Massachusetts State Water Resources Authority VRDN RB Floaters Series 2007-1702 (F1+) (FGIC) (Morgan Stanley)(a)(b)
	17,275,000		3.780			07/05/07		17,275,000
Massachusetts State Water Resources Authority VRDN RB Floaters Series 2007-1889 (F1+) (Morgan Stanley)(a)
	5,135,000		3.790			07/05/07		5,135,000
							$	128,199,000
Michigan—4.3%
ABN AMRO Munitops Certificate GO VRDN for Grand Rapids Public Schools Kent County, MI Non-AMT Series 2004-44 (MBIA) (ABN AMRO Bank N.V. SPA) (F1+)(a)
$	10,320,000		3.780	%		07/05/07	$	10,320,000
ABN AMRO Munitops Certificate VRDN RB for Michigan State Building Authority Michigan Non-AMT Series 2002-35 (FSA) (ABN AMRO Bank N.V. SPA) (VMIG1)(a)
	14,845,000		3.780			07/05/07		14,845,000
ABN AMRO Munitops Certificates VRDN RB Michigan State Building Authority Non-AMT Series 2003-35 (MBIA) (ABN AMRO Bank N.V. SPA) (VMIG1)(a)
	7,900,000		3.780			07/05/07		7,900,000
City of Detroit, MI Municipal Security Trust Certificates VRDN RB Series 2007-3066 Class A (FSA) (Bear Stearns Capital Markets) (VMIG1)(a)
	4,000,000		3.930			07/02/07		4,000,000
City of Detroit, MI RBC Municipal Products Inc. Trust VRDN RB Floater Certificates Series 2007 I-18 Relating to Detroit Water (FSA) (Royal Bank of Canada) (VMIG1)(a)
	5,700,000		3.780			07/05/07		5,700,000
Detroit City School District GO VRDN Merlots Series 2006-27 B (FSA) (Wachovia Bank N.A. SPA) (A-1+)(a)
	8,480,000		3.790			07/04/07		8,480,000
Detroit City School District GO VRDN P-Floats-PT 3556 Series 2006 (FGIC) (Dexia Credit Local SPA) (F1+)(a)
	13,530,000		3.790			07/05/07		13,530,000
Detroit City School District GO VRDN Spears Series 2005-182 (FSA) (Deutsche Bank AG SPA) (F1+) (a)
	10,955,000		3.780			07/05/07		10,955,000
Detroit Eagle Tax-Exempt Trust VRDN RB Series 1999-2202 (FGIC) (Citibank N.A. SPA) (A-1+)
	12,520,000		3.790			07/05/07		12,520,000
Detroit Sewer Disposal VRDN RB Eagle Series 2006-0127 (FGIC) (Citibank N.A. SPA) (A-1+)(a)
	19,600,000		3.800			07/05/07		19,600,000
Detroit Sewer Disposal VRDN RB Floaters Series 2005-1182 (FGIC) (Cooperative Centrale Raiffersen-Boerenkenbank SPA) (A-1)(a)(b)
	8,775,000		3.790			07/05/07		8,775,000
Detroit Sewer Disposal VRDN RB Floaters Series 2006-1568 (FGIC) (Morgan Stanley SPA) (F1+)(a)
	6,125,000		3.790			07/05/07		6,125,000

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

28

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Michigan (continued)
Detroit Sewer Disposal VRDN RB P-Floats-MT-370 Series 2007 (MBIA) (DePfa Bank PLC SPA) (F1+)(a)
$	7,995,000		3.790	%		07/05/07	$	7,995,000
Grosse Pointe Public School Systems GO VRDN Series 1085 (Morgan Stanley SPA) (VMIG1)(a)
	5,450,000		3.790			07/05/07		5,450,000
Kentwood Public Schools GO VRDN Eagle Series 2003-0024 A (MBIA) (Citibank N.A. SPA) (A-1+)(a)
	9,585,000		3.800			07/05/07		9,585,000
Michigan Municipal Bond Authority Eagle Tax Exempt Trust VRDN RB Series 2000-2201 Class A (A-1+) (Banco Bilbao Vizcaya Argentaria)(b)
	16,110,000		3.800			07/05/07		16,110,000
Michigan Municipal Bond Authority VRDN P-Floats-PT 396 Series 2000 (BNP Paribas SPA) (A1+)(a)
	17,350,000		3.790			07/05/07		17,350,000
Michigan State Building Authority VRDN RB Eagle Series 2006-0142 (FGIC) (Citibank N.A. SPA) (A-1+)(a)
	10,500,000		3.800			07/05/07		10,500,000
Michigan State Building Authority VRDN RB Eagle Series 2006-0156 (FGIC) (Citibank N.A. SPA) (A-1+)(a)
	4,100,000		3.800			07/05/07		4,100,000
Michigan State Building Authority VRDN RB P-Floats-PT 3611 (FGIC) (DePfa Bank PLC SPA) (F1+)(a)
	14,090,000		3.780			07/05/07		14,090,000
Michigan State GO VRDN Floaters Series 2006-1491 (FGIC) (Morgan Stanley SPA) (A-1)(a)
	10,770,000		3.790			07/05/07		10,770,000
Michigan State Hospital Finance Authority VRDB RB Floaters Series 2006-1308 (Morgan Stanley SPA) (VMIG1)(a)
	4,980,000		3.790			07/05/07		4,980,000
Michigan State Hospital Finance Authority VRDN RB for Trinity Health Credit Series 2005 E (Bank of Nova Scotia SPA) (A-1+/ VMIG1)
	24,450,000		3.900			07/02/07		24,450,000
Michigan State Hospital Finance Authority VRDN RB for Trinity Health Credit Series 2005-G (CIFG) (Lasalle Bank N.A. SPA) (A-1/ VMIG1)
	9,925,000		3.900			07/02/07		9,925,000
Michigan State Trunk Line Fund Series 1998 A Eagle Tax-Exempt Trust Series 1998-2202 Class A (Citibank N.A. SPA) (Al+, MIG1)(a)
	30,165,000		3.800			07/05/07		30,165,000
University of Michigan VRDN RB Hospital Series 2007-B (A-1+/ VMIG1)
	9,000,000		3.730			07/05/07		9,000,000
University of Michigan VRDN RB Hospital Series 1995 A (A-1+/ VMIG1)(b)
	33,105,000		3.750			07/04/07		33,105,000
University of Michigan VRDN RB Hospital Series 2005 A (A-1+/ VMIG1)
	20,300,000		3.900			07/02/07		20,300,000
University of Michigan VRDN RB Refunding for Hospital Series 1992 A (A-1+/ VMIG1)
	1,200,000		3.900			07/02/07		1,200,000
							$	351,825,000
Minnesota(a)—1.1%
Hennepin County Minnesota Sales Tax VRDN RB Floaters Series 2007-1809 (A-1) (Morgan Stanley SPA)
$	6,170,000		3.790	%		07/05/07	$	6,170,000
Hennepin County Minnesota Sales Tax VRDN RB Floaters Series 2007-1810 (A-1) (Morgan Stanley SPA)
	6,185,000		3.790			07/05/07		6,185,000
Minnesota State GO VRDN Eagle Tax-Exempt Trust Series 2001-2301 Class A (Citibank N.A. SPA) (A-1+)
	3,300,000		3.800			07/05/07		3,300,000
Minnesota State VRDN RB Floater Series 2006-1462 (Morgan Stanley SPA) (F1+)
	16,700,000		3.790			07/05/07		16,700,000
Minnesota State VRDN RB Putters Series 2006-1421 (JPMorgan Chase & Co. SPA) (A-1+)
	14,415,000		3.790			07/05/07		14,415,000
Municipal Security Trust Certificates VRDN RB for Minneapolis & St. Paul Metropolitan Airports Commission Series 2007-288 A (AMBAC) (Bear Stearns Capital Markets) (A-1)
	16,070,000		3.790			07/05/07		16,070,000
Rochester Health Care Facilities VRDN RB ROCS RR-II-R 568 Series 2006 (Citibank N.A. SPA) (VMIG1)
	5,500,000		3.790			07/05/07		5,500,000
University of Minnesota Special Purpose VRDN RB P-Floats-MT-368 Series 2007 (DePfa Bank PLC SPA) (A-1+)
	15,000,000		3.790			07/05/07		15,000,000
University of Minnesota VRDN RB ROCS-II-R 29 Series 2000 (Citigroup Global Markets SPA) (A-1+)
	7,165,000		3.790			07/05/07		7,165,000
							$	90,505,000
Mississippi(a)—0.5%
Mississippi Development Bank Reset Option Certificates Trust II-R VRDN RB ROCS-RR-II-R-3046 Series 2006 (FGIC) (Citigroup Financial Products) (VMIG1)
$	5,615,000		3.790	%		07/05/07	$	5,615,000
Mississippi Development Bank Special Obligation VRDN RB Merlots Series 2006-D05 (FGIC) (Wachovia Bank N.A. SPA) (A-1+)
	7,805,000		3.790			07/04/07		7,805,000
Mississippi State GO VRDN Merlots Series 2003 B08 (FSA) (Wachovia Bank N.A. SPA) (VMIG1)
	15,570,000		3.790			07/04/07		15,570,000

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

29

Schedule of Investments

Financial Square Tax-Free Money Market Fund (continued)

June 30, 2007 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Mississippi(a) (continued)
State of Mississippi Eagle Tax Exempt Trust GO VRDN Series 1999-2401 (Banco Bilbao Vizcaya Argentaria) (A-1+)(b)
$	10,900,000		3.800	%		07/05/07	$	10,900,000
							$	39,890,000
Missouri—1.4%
ABN AMRO Munitops Certificate Trust VRDN RB for City of Springfield, MO Non-AMT Series 2006-72 (FGIC) (ABN AMRO Bank N.V. SPA) (F1+)(a)
$	15,000,000		3.780	%		07/05/07	$	15,000,000
ABN AMRO Munitops Certificate Trust VRDN RB for Missouri Health and Education Facilities Authority Non-AMT Series 2006-90 (ABN AMRO Bank N.V. SPA) (VMIG1)(a)
	9,050,000		3.780			07/05/07		9,050,000
City of Springfield Municipal Securities Trust Certificates VRDN RB Series 2007- 343 Class A(VMIG1) (FGIC) (Bear Stearns & Co.)(a)(b)
	17,675,000		3.780			07/05/07		17,675,000
Curators University Systems Facilities VRDN RB Series 2006-B (A-1+/ VMIG1)
	5,305,000		3.900			07/02/07		5,305,000
Hazelwood Missouri School District GO VRDN Merlots Series 2007H-03 (FSA) (Wachovia Bank N.A. SPA) (A-1+)(a)
	4,730,000		3.790			07/04/07		4,730,000
Missouri Development Finance Board Cultural Facilities VRDN RB Merlots Series 2007-H07 (A-1+) (Wachovia Bank, N.A.)(a)
	12,770,000		3.790			07/04/07		12,770,000
Missouri Development Financial Board VRDN RB Cultural Facilities Floaters Series 2007-1893 (A-1) (Morgan Stanley SPA)(a)(b)
	9,835,000		3.790			07/05/07		9,835,000
Missouri State Board of Public Buildings Special Obligation VRDN RB Floaters Series 2006-1433 (Morgan Stanley SPA) (A-1)(a)
	10,590,500		3.790			07/05/07		10,590,500
Missouri State Health & Educational Facilities Authority Health Facilities VRDN RB Putters Series 2006-1393 (JPMorgan Chase & Co. SPA) (A-1+)(a)
	5,000,000		3.800			07/05/07		5,000,000
Missouri State Health & Educational Facilities Authority VRDN RB Floaters Series 2005 1049 (Morgan Stanley SPA) (VMIG1)(a)
	21,070,000		3.790			07/05/07		21,070,000
							$	111,025,500
Nebraska(a)—1.0%
Douglas County School District GO VRDN ROCS-RR-II-R-4058 No. 1 Series 2003 (Citibank N.A. SPA) (A-1+)
$	7,280,000		3.790	%		07/05/07	$	7,280,000
Omaha GO VRDN Eagle Tax-Exempt Trust Series 2004-011 Class A (Landesbank Hessen-Thueringen SPA) (A-1)
	5,995,000		3.790			07/05/07		5,995,000
Omaha GO VRDN Stars Certificates Series 2004-98 (BNP Paribas SPA) (VMIG1)
	10,050,000		3.780			07/05/07		10,050,000
Omaha Public Power District VRDN RB Eagle Series 2005-3008A (A-1) (AMBAC) (Bayersche Landesbank)
	17,760,000		3.790			07/05/07		17,760,000
Omaha Public Power District VRDN RB Eagle Series 2006-0104A (A-1) (AMBAC) (Landesbank Hessen-Thueringen Girozentrale)
	22,135,000		3.790			07/05/07		22,135,000
Omaha Public Power District VRDN RB Floater Series 2007-1019 (FGIC) (Bank of New York) (A1+)(b)
	19,725,000		3.780			07/05/07		19,725,000
							$	82,945,000
Nevada—2.7%
ABN AMRO Munitops Certificate Trust VRDN RB for North Las Vegas Series 2006-47 (MBIA) (ABN AMRO Bank N.V.) (VMIG1)(a)
$	13,600,000		3.790	%		07/05/07	$	13,600,000
Clark County Airport VRDN RB Eagle Series 2005-0024A (A-1+)(a)(b) (FGIC) (Banco Bilbao Vizacaya Argentiaria SA)
	17,205,000		3.800			07/05/07		17,205,000
Clark County Airport VRDN RB Spears Series 2005-180 (AMBAC) (Deutsche Bank AG SPA) (F1+)(a)
	3,425,000		3.790			07/05/07		3,425,000
Clark County CP Series 2003 (BNP Paribas and Bayerische Landesbank SPA) (A1+/P1)
	7,000,000		3.630			09/05/07		7,000,000
Clark County GO VRDN Eagle Series 2007-0011 A (AMBAC) (Landesbank Hessen-Thueringen SPA) (A-1) (a)
	18,800,000		3.780			07/05/07		18,800,000
Clark County GO VRDN Floaters Series 2006-1282 (FGIC) (Morgan Stanley SPA) (A-1)(a)
	7,000,000		3.790			07/05/07		7,000,000
Clark County GO VRDN Merlots Series 2006 C-06 (AMBAC) (Bank of New York SPA) (A-1+)(a)
	25,395,000		3.790			07/04/07		25,395,000
Clark County Highway Improvement VRDN RB Merlots Series 2007-D12 (A-1+) (AMBAC) (Wachovia Bank N.A.)(a)
	4,690,000		3.790			07/04/07		4,690,000
Clark County VRDN Eagle Tax-Exempt Trust Series 2000-2801 Class A (Citibank N.A. SPA) (A1+) (a)
	1,000,000		3.800			07/05/07		1,000,000
Eclipse Funding Trust GO VRDN Solar Eclipse for Clark County Series 2006-0146 (AMBAC) (U.S. Bank N.A. SPA) (A-1+)(a)
	23,915,000		3.750			07/06/07		23,915,000
Eclipse Funding Trust GO VRDN Solar Eclipse for Washoe County Series 2006-0142 (MBIA) (U.S. Bank N.A. SPA) (A-1+)(a)
	6,535,000		3.790			07/05/07		6,535,000

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

30

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Nevada (continued)
Eclipse Funding Trust VRDN RB for Las Vegas Series 2006-0083 (XLCA) (U.S. Bank N.A. SPA) (A-1+)(a)
$	8,290,000		3.790	%		07/05/07	$	8,290,000
Eclipse Funding Trust VRDN RB for Truckee Meadows Water Authority Series 2007-0015 (XLCA) (U.S. Bank N.A. SPA) (A-1+)(a)
	29,960,000		3.790			07/05/07		29,960,000
Eclipse Funding Trust VRDN RB Truckee Meadows Water Authority Series 2007-0044 (XLCA) (U.S. Bank N.A. SPA) (A-1+)(a)
	5,375,000		3.780			07/05/07		5,375,000
Las Vegas Valley Water CP Series 2007 (BNP Paribas & Lloyds TSB Bank SPA) (A1+/P1)
	4,000,000		3.650			07/11/07		4,000,000
	3,000,000		3.650			07/12/07		3,000,000
	2,800,000		3.740			09/13/07		2,800,000
Municipal Security Trust Certificates VRDN RB Clark County Airport Revenue Series 2007-330 A (AMBAC) (Bear Stearns Capital Markets) (VMIG1)(a)(b)
	9,000,000		3.780			07/05/07		9,000,000
Nevada State GO Capital Improvements Series 1998 B (Aa1/AA+)(b)
	3,600,000		5.000			06/01/08		3,640,140
Truckee Meadows Water Authority VRDN RB ROCS-RR-II-R-1084 Series 2007 (FSA) (Citibank N.A. SPA) (VMIG1)(a)
	16,440,000		3.790			07/05/07		16,440,000
University of Nevada VRDN RB ROCS-RR-II-R-5001 Series 2003 (FGIC) (Citigroup Global Markets SPA) (VMIG1)(a)
	5,685,000		3.790			07/05/07		5,685,000
							$	216,755,140
New Mexico(a)—0.1%
Eclipse Funding Trust VRDN RB for New Mexico Financing Authority Trust Series 2006 (AMBAC) (U.S. Bank N.A. SPA) (A-1+)
$	9,280,000		3.790	%		07/05/07	$	9,280,000
New York—2.2%
Metropolitan Transportation Authority VRDN RB Merlots Series B26 (AMBAC) (Wachovia Bank N.A. SPA) (A-1+)(a)
$	5,385,000		3.790	%		07/04/07	$	5,385,000
New York City Municipal Water Finance Authority CP Series 6 (Landesbank Baden-Wurttemberg and Landesbank Hessen-Thueringen SPA) (A1+/P1)
	44,400,000		3.770			08/23/07		44,400,000
	36,800,000		3.740			09/05/07		36,800,000
New York City, NY Stars GO VRDN Series 2006-156 (BNP Paribas LOC) (VMIG1)(a)
	4,750,000		3.770			07/05/07		4,750,000
New York State Dorm Authority Lehman Municipal Trust Receipts VRDN RB Floater Series 2007-P44W Reg D (A-1) (Lehman Brothers)(a)
$	23,125,000		3.720	%		07/04/07	$	23,125,000
New York State Dormitory Authority VRDN RB Eagle Series 2006-0138 (Citibank N.A. SPA) (A-1+)(a)
	15,000,000		3.790			07/05/07		15,000,000
New York State Thruway Authority Municipal Security Trust Certificates VRDN RB Series 2007-3068 Class A (Bear Stearns Capital Markets SPA) (A-1)(a)
	5,675,000		3.930			07/02/07		5,675,000
New York State Urban Development Corp. VRDN RB Floaters Series 2007-1664 (Morgan Stanley SPA) (A-1)(a)(b)
	38,725,000		3.780			07/05/07		38,725,000
Triborough Bridge Tunnel Authority Municipal Securities Trust Certificates VRDN RB Series 2000-109 Class A (Bear Stearns Capital Markets) (VMIG1)(a)
	1,800,000		3.930			07/02/07		1,800,000
							$	175,660,000
North Carolina—5.1%
Charlotte-Mecklenberg Hospital Authority Health Care Systems VRDN RB Refunding for Carolinas Healthcare Series 2005-C (Bank of America N.A. SPA) (A-1+/ VMIG1)
$	6,800,000		3.900	%		07/02/07	$	6,800,000
Charlotte-Mecklenburg Hospital Authority Health Care System VRDN RB Series 2006-1272 (Morgan Stanley SPA) (A-1)(a)
	6,855,000		3.790			07/05/07		6,855,000
Puttable Floating Option Tax Exempt Receipts State of North Carolina GO VRDN P-Floats-EC-1050 Series 2007 (Merrill Lynch Capital Services SPA) (F1+)(a)
	136,520,000		3.820			07/05/07		136,520,000
Puttable Floating Option Tax Exempt Receipts VRDN RB P-Floats-EC-1037 Series 2007 Relating to North Carolina State (Merrill Lynch N.A. SPA) (F1+)(a)
	4,730,000		3.820			07/05/07		4,730,000
North Carolina Capital Facilities Finance Agency GO VRDN Floaters Series 1512 (Morgan Stanley SPA) (VMIG1)(a)
	9,402,500		3.790			07/05/07		9,402,500
North Carolina Capital Facilities Finance Agency VRDN RB Eagle Series 2006-0012 A (Citibank N.A. SPA) (A-1+)(a)
	14,365,000		3.800			07/05/07		14,365,000
North Carolina Capital Facilities Finance Agency VRDN RB Eagle Series 2007-0015 A (Landesbank Hessen-Thueringen SPA) (A-1)(a)
	10,890,000		3.780			07/05/07		10,890,000
North Carolina Capital Facilities Finance Agency VRDN RB Eagle Series 2007-0016 Class A (Landesbank Hessen-Thueringen) (A-1)(a)
	13,110,000		3.780			07/05/07		13,110,000

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

31

Schedule of Investments

Financial Square Tax-Free Money Market Fund (continued)

June 30, 2007 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
North Carolina (continued)
North Carolina Capital Facilities Finance Agency VRDN RB Eagle Tax-Exempt Trust Series 2005-3016 Class A (Citibank N.A. SPA) (A-1+)(a)
$	8,600,000		3.800	%		07/05/07	$	8,600,000
North Carolina Capital Facilities Finance Agency VRDN RB Floaters Series 2007-1895 (A-1) (Morgan Stanley)(a)
	12,500,000		3.790			07/05/07		12,500,000
North Carolina Capital Facilities Finance Agency VRDN RB Floaters Series 2007-1923 (A-1) (Morgan Stanley)(a)
	4,450,000		3.790			07/05/07		4,450,000
North Carolina Capital Facilities Finance Agency VRDN RB ROCS-RR-II-R-9048 (Citibank N.A. SPA) (VMIG1)(a)
	11,915,000		3.790			07/05/07		11,915,000
North Carolina Capital Facilities VRDN RB Eagle Tax-Exempt Trust Series 2005-0060 Class A (Citibank N.A. SPA) (A-1+)(a)
	15,600,000		3.800			07/05/07		15,600,000
North Carolina State GO VRDN Stars Series 2007-033 (BNP Paribas SPA) (VMIG1)(a)
	35,450,000		3.780			07/05/07		35,450,000
North Carolina State VRDN RB Putters Series 2006-1400 (JPMorgan Chase & Co. SPA) (A-1+)(a)
	4,440,000		3.800			07/05/07		4,440,000
Raleigh VRDN RB ROCS RR-II-R 645 Series 2006 (Citibank N.A. SPA) (F1+)(a)
	6,525,000		3.790			07/05/07		6,525,000
University of North Carolina CP Series 2007 A (A1+/P1)
	18,000,000		3.640			07/12/07		18,000,000
	23,900,000		3.750			09/12/07		23,900,000
	4,600,000		3.720			01/16/08		4,600,000
University of North Carolina Lehman Municipal Trust Receipts VRDN RB Floater Series 2007-P39W Reg D (Lehman Liquidity Co. SPA) (VMIG1)
	5,275,000		3.800			07/04/07		5,275,000
University of North Carolina VRDN RB Eagle Series 2006-0024 Class A (Landesbank Hessen-Thueringen SPA) (A-1)(a)
	19,800,000		3.790			07/05/07		19,800,000
University of North Carolina VRDN RB Eagle Tax-Exempt Trust Series 2005-3014 Class A (Citibank N.A. SPA) (A-1+)(a)
	10,345,000		3.800			07/05/07		10,345,000
University of North Carolina VRDN RB Floaters Series 2006-1287 (Morgan Stanley SPA) (A-1)(a)
	3,000,000		3.790			07/05/07		3,000,000
University of North Carolina VRDN RB Floaters Series 2006-1354 (Morgan Stanley SPA) (VMIG1)(a)
	10,398,000		3.790			07/05/07		10,398,000
Wake County Puttable Floating Option Tax-Exempt Receipts GO VRDN P-Floats-EC-1115 Series 2007 (F1+) (Merrill Lynch Capital Services)
	12,800,000		3.820			07/05/07		12,800,000
							$	410,270,500
Ohio—0.2%
Columbus City School District GO VRDN Floaters Series 2007-1638 (FSA) (Morgan Stanley SPA) (VMIG1)(a)
$	8,272,500		3.790	%		07/05/07	$	8,272,500
Montgomery County VRDN RB Catholic Health Series 1997-B (Bayerische Landesbank SPA) (A-1+/ VMIG1)
	5,100,000		3.780			07/04/07		5,100,000
Ohio State GO Higher Education Capital Facilities Series 2000 A (Aa1/AA+)
	4,710,000		5.125			02/01/08		4,750,034
							$	18,122,534
Oregon—1.5%
Puttable Floating Option GO VRDN Oregon Board of Education Tax Exempt Receipts P Floats-EC-1015 Series 2007 (Merrill Lynch SPA) (F1+)(a)
$	63,415,000		3.820	%		07/05/07	$	63,415,000
Oregon Department of Transportation Puttable Floating Option VRDN RB Tax-Exempt Receipts P-Floats-EC-1110 (Merrill Lynch N.A. SPA) (F1+)
	11,955,000		3.820			07/05/07		11,955,000
Oregon State GO VRDN Veteran’s Welfare Series 1985 73-H (Bayerische Landesbank SPA) (A-1+/ VMIG1)
	40,200,000		3.770			07/04/07		40,200,000
Oregon State GO VRDN Veteran’s Welfare Series 2006-85 (Dexia Credit Local SPA) (A-1+/ VMIG1)
	7,000,000		3.900			07/02/07		7,000,000
							$	122,570,000
Pennsylvania—0.8%
ABN AMRO Munitops Certificates Trust VRDN Pennsylvania Turnpike Commission RB Non-AMT Series 2004-9 (AMBAC) (ABN AMRO Bank N.V. SPA) (VMIG1)(a)
$	4,000,000		3.780	%		07/05/07	$	4,000,000
Delaware Valley Regional Financial Authority Local Government VRDN RB ROCS-RR-R 627 Series 2006 (Citigroup Financial Products) (A-1+/ VMIG1)(a)
	12,940,000		3.790			07/05/07		12,940,000
Geisinger Authority Health Systems VRDN RB Series 2005-C (Wachovia Bank N.A. SPA) (A-1+/ VMIG1)
	12,400,000		3.860			07/02/07		12,400,000
Pennsylvania State GO VRDN Floaters Series 2007-1624 (Morgan Stanley SPA) (A-1)(a)
	14,055,000		3.790			07/05/07		14,055,000
Pennsylvania State GO VRDN Floaters Series 2007-1848 (Morgan Stanley SPA) (F1+)(a)
	6,730,000		3.790			07/05/07		6,730,000
Pennsylvania State GO VRDN Floaters Series 2007-1924 (A-1) (Morgan Stanley SPA)(a)
	4,190,000		3.790			07/05/07		4,190,000
Pennsylvania State GO VRDN ROCS-RR-II-R-11056 (Citibank N.A. SPA) (A-1+)(a)
	3,700,000		3.790			07/05/07		3,700,000

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

32

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Pennsylvania (continued)
Pennsylvania Turnpike Commission VRDN RB Series 2006 (AMBAC) (Bayerische Landesbank SPA) (F1+) (a)
$	3,795,000		3.780	%		07/05/07	$	3,795,000
							$	61,810,000
Rhode Island(a)—0.1%
Narragansett Bay Commission VRDN RB Trust Receipts Series 2005-K7-Reg D (MBIA) (Lehman Brothers SPA) (VMIG1)
$	5,290,000		3.770	%		07/04/07	$	5,290,000
South Carolina—1.9%
Eclipse Funding Trust VRDN RB for South Carolina Transportation Infrastructure Bank Series 2007-0009 (XLCA) (U.S. Bank N.A. SPA) (VMIG1)(a)
$	25,065,000		3.790	%		07/05/07	$	25,065,000
South Carolina GO VRDN ROCS RR-II-R 337 Series 2005 (Citibank N.A. SPA) (VMIG1)(a)
	5,000,000		3.790			07/05/07		5,000,000
South Carolina Public Service Authority VRDN RB Eagle Tax-Exempt Trust Series 2004-0017 Class A (AMBAC) (Citibank N.A. SPA) (A-1+)(a)
	10,000,000		3.800			07/05/07		10,000,000
South Carolina State Public Service Authority VRDN RB Floaters Series 2007-1901 (A-1) (Morgan Stanley SPA) (MBIA)(a)
	9,850,000		3.790			07/05/07		9,850,000
South Carolina State Public Service Authority VRDN RB Stars Series 2006-158-B (AMBAC) (BNP Paribas SPA) (VMIG1)(a)
	49,345,000		3.790			07/05/07		49,345,000
South Carolina State Public Services Revenue for Santee Cooper CP Series 2007 (BNP Paribas and Dexia Credit Local LOC) (A1+/P1)
	5,500,000		3.700			08/07/07		5,500,000
South Carolina Transportation Infrastructure Bank Lehman Municipal Trust Receipts VRDN RB Floater Series 2007-K30W Reg D (XCLA) (Lehman Brothers Holdings, Inc.) (VMIG1)(a)
	9,000,000		3.770			07/04/07		9,000,000
South Carolina Transportation Infrastructure Bank VRDN RB Floater Series 2006-1460 (AMBAC) (Morgan Stanley SPA) (F1+)(a)
	6,360,000		3.790			07/05/07		6,360,000
South Carolina Transportation Infrastructure Bank VRDN RB Floater Series 2007-1821 (F1+) (Morgan Stanley SPA) (AMBAC)(a)
	7,355,000		3.790			07/05/07		7,355,000
South Carolina Transportation Infrastructure Bank VRDN RB Floaters Series 2006-1359 (AMBAC) (Morgan Stanley SPA) (VMIG1)(a)
	25,735,000		3.790			07/05/07		25,735,000
							$	153,210,000
Tennessee—3.0%
Memphis Electric System VRDN RB Series 2005-1031 (MBIA) (Morgan Stanley SPA) (VMIG1)(a)
$	5,600,000		3.790	%		07/05/07	$	5,600,000
Memphis GO CP Series 2001 (Westdeutsche Landesbank AG SPA) (A1+/P1)
	11,100,000		3.670			07/09/07		11,100,000
	7,300,000		3.750			09/07/07		7,300,000
	4,600,000		3.750			10/12/07		4,600,000
Memphis GO VRDN Certificates Series 2005-7 Class A (MBIA) (IXIS Municipals Products SPA) (A-1+) (a)
	5,750,000		3.790			07/05/07		5,750,000
Memphis GO VRDN Series 2005-1018 (MBIA) (Morgan Stanley SPA) (F1+)(a)
	11,105,000		3.790			07/05/07		11,105,000
Metropolitan Government Nashville & Davidson County GO Series 2005A (Aa2/AA)
	5,035,000		5.000			01/01/08		5,069,342
Metropolitan Government Nashville & Davidson County Health & Education Facilities Board VRDN RB Refunding for Vanderbilt University Series 2000 B (A-1+/ VMIG1)(b)
	24,065,000		3.750			07/05/07		24,065,000
Metropolitan Government Nashville & Davidson County Health & Education Facilities Board VRDN RB Refunding for Vanderbilt University Series 2003 A (A-1+/ VMIG1)
	30,525,000		3.750			07/05/07		30,525,000
Metropolitan Government of Nashville County CP Series 2005 (State Street Bank & Trust) (A1+/P1)
	9,500,000		3.730			09/20/07		9,500,000
	18,500,000		3.750			09/20/07		18,500,000
Municipal Security Trust Certificates VRDN RB Blount County Public Building Authority Series 2007-7051 A (XLCA) (Bear Stearns Capital Markets) (VMIG1)(a)
	5,665,000		3.780			07/05/07		5,665,000
Municipal Security Trust VRDN RB Series 2006-7038 Shelby County Health (Bear Stearns Capital Markets) (VMIG1)(a)
	5,000,000		3.780			07/05/07		5,000,000
Sevier County Public Building Authority VRDN RB Local Government Public Improvements VI-K-1 Series 2007 (DePfa Bank PLC) (VMIG1)
	34,500,000		3.950			07/02/07		34,500,000
Sevierville Public Building Authority VRDN RB Local Government Public Improvements Series 2006 (XLCA) (DePfa Bank PLC SPA) (VMIG1)
	16,500,000		3.950			07/02/07		16,500,000
Shelby County COPS Eagle Tax-Exempt Trust Series 2001-4202 Class A (FGIC) (Bayerische Landesbank SPA) (A-1)(a)
	32,550,000		3.790			07/05/07		32,550,000
Shelby County Eagle Tax Exempt Trust GO VRDN Series 2000-4201 Class A (A-1+) (Banco Bilbao Vizcaya Argentaria)(b)
	10,000,000		3.800			07/05/07		10,000,000

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

33

Schedule of Investments

Financial Square Tax-Free Money Market Fund (continued)

June 30, 2007 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Tennessee (continued)
Tennessee GO CP Series A (Tennessee Consolidated Retirement System) (A-1+/ P-1)
$	9,134,000		3.730	%		08/22/07	$	9,134,000
							$	246,463,342
Texas—16.5%
ABN AMRO Munitops Certificate Trust GO VRDN for Northside ISD Non-AMT Trust Certificates Series 2006-23 (PSF-GTD) (ABN AMRO Bank N.V. SPA) (F1+)(a)
$	5,000,000		3.790	%		07/05/07	$	5,000,000
ABN AMRO Munitops Certificate Trust GO VRDN for Sharyland ISD Non-AMT Trust Certificates Series 2006-54 (PSF-GTD) (ABN AMRO Bank N.V. SPA) (VMIG1)(a)
	9,940,000		3.790			07/05/07		9,940,000
ABN AMRO Munitops Certificate Trust GO VRDN for Pearland ISD Non-AMT Trust Certificates Series 2007-01 (PSF-GTD) (ABN AMRO Bank N.V.) (F1+)(a)
	5,000,000		3.790			07/05/07		5,000,000
ABN AMRO Munitops Certificate Trust VRDN RB for City of Tyler Water Sewer System Non-AMT Series 2005-20 (MBIA) (ABN AMRO Bank N.V. SPA) (VMIG1)(a)
	8,735,000		3.790			07/05/07		8,735,000
ABN AMRO Munitops Certificates GO VRDN for Katy ISD Non-AMT Trust Certificates Series 2006-62 (PSF-GTD) (ABN AMRO Bank N.V. SPA) (VMIG1)(a)
	5,000,000		3.790			07/05/07		5,000,000
ABN AMRO Munitops Certificates Trust GO VRDN for Frisco ISD Non-AMT Series 2006-56 (PSF-GTD) (ABN AMRO Bank N.V. SPA) (F1+)(a)
	4,000,000		3.790			07/05/07		4,000,000
ABN AMRO Munitops Certificates Trust GO VRDN for Irving ISD Non-AMT Series 2007-8 (PSF-GTD) (ABN AMRO Bank N.V. SPA) (VMIG1)(a)
	29,115,000		3.790			07/05/07		29,115,000
ABN AMRO Munitops Certificates Trust VRDN (Duncanville Independent School District) GO Non-AMT Series 2006-22 (PSF-GTD) (ABN AMRO Bank N.V. SPA) (F1+)(a)
	17,120,000		3.790			07/05/07		17,120,000
Alamo Community College District GO VRDN ROCS-RR-II-R 883WF Series 2007 (FGIC) (Wells Fargo Bank N.A. SPA) (VMIG1)(a)
	19,750,000		3.780			07/05/07		19,750,000
Aldine Independent School District GO VRDN ROCS-RR-II-R 912 Series 2007 (PSF-GTD) (Citibank N.A. SPA) (VMIG1)(a)
	5,700,000		3.790			07/05/07		5,700,000
City of Austin TX Water & Wastewater VRDN RB Merlots Series 2001-A63 (FSA) (Bank of New York SPA) (A-1)(a)
	6,415,000		3.790			07/04/07		6,415,000
City of Garland GO CP Series 2002 (DePfa Bank PLC SPA) (A1+)
	15,500,000		3.650			07/10/07		15,500,000
City of Houston Airport Systems VRDN RB Eagle Series 2006-0123 (FSA) (Citibank N.A. SPA) (A-1+) (a)
	13,200,000		3.800			07/05/07		13,200,000
City of Houston CP Series D (DePfa Bank PLC SPA) (A-1+/ P-1)
	4,500,000		3.650			07/11/07		4,500,000
	22,500,000		3.670			07/11/07		22,500,000
	4,000,000		3.650			08/08/07		4,000,000
	10,750,000		3.730			08/20/07		10,750,000
	15,000,000		3.680			09/12/07		15,000,000
	6,500,000		3.730			11/08/07		6,500,000
City of Houston CP Series F (DePfa Bank PLC SPA) (A1+/P1)
	11,700,000		3.750			10/18/07		11,700,000
City of Houston GO VRDN P-Floats-PT 969 Series 2004 (MBIA) (DePfa Bank PLC SPA) (F1+)(a)
	12,700,000		3.790			07/05/07		12,700,000
City of Houston Utilities System VRDN RB Spears DB-102 Series 2004 (FGIC) (Deutsche Bank AG SPA) (A-1+)(a)
	5,420,000		3.790			07/05/07		5,420,000
Collin County GO VRDN Spears Series 2005 DB-177 (Deutsche Bank AG SPA) (A-1+)(a)
	4,770,000		3.790			07/05/07		4,770,000
Cypress-Fairbanks Independent School District GO VRDN Putters Series 2006-1308 (PSF-GTD) (JPMorgan Chase & Co. SPA) (VMIG1)(a)
	8,660,000		3.800			07/05/07		8,660,000
Dallas Area Rapid Transit CP Series 2006 (Bayerische Landesbank, Landesbank Baden-Wurttemberg, State Street Bank and Westdeutsche Landesbank AG SPA) (A-1+/ P-1)
	9,300,000		3.730			09/10/07		9,300,000
	9,200,000		3.750			10/09/07		9,200,000
	9,300,000		3.730			11/05/07		9,300,000
	18,800,000		3.730			11/29/07		18,800,000
Dallas Area Rapid Transit CP Series 2007 (Bayerische Landesbank, Landesbank Baden-Wurttemberg, State Street Bank and Westdeutsche Landesbank AG SPA) (A1+/P1)
	6,500,000		3.750		��	10/11/07		6,500,000
Dallas Area Rapid Transit Macon Trust Certificates VRDN RB Series 2007-326 (A-1+) (AMBAC) (Bank of America N.A.)(a)
	3,305,000		3.790			07/05/07		3,305,000
Dallas Area Rapid Transit VRDN RB Eagle Series 2007-0020 Class A (AMBAC) (Bayerische Landesbank SPA) (A-1)(a)
	19,800,000		3.780			07/05/07		19,800,000
Dallas Area Rapid Transit VRDN RB ROCS-RR-II-R-7049 Series 2007 (AMBAC) (Citigroup Financial Products) (VMIG1)(a)
	13,175,000		3.790			07/05/07		13,175,000
Dallas Independent School District Austin Trust Certificates GO VRDN Series 2007-140 (PSF-GTD) (Bank of America N.A. SPA) (A-1+)(a)
	5,000,000		3.790			07/05/07		5,000,000

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

34

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Texas (continued)
Dallas Independent School District Austin Trust Certificates GO VRDN Series 2007-141 (PSF-GTD) (Bank of America N.A. SPA) (A-1+)(a)
$	5,100,000		3.790	%		07/05/07	$	5,100,000
Dallas Independent School District GO VRDN ROCS RR-II-R 6038 Series 2004 (PSF-GTD) (Citigroup, Inc. SPA) (VMIG1)(a)
	6,110,000		3.790			07/05/07		6,110,000
Dallas VRDN RB ROCS RR-II-R 7047 Series 2006 (Citigroup Financial Products SPA) (A-1+)(a)
	10,345,000		3.790			07/05/07		10,345,000
Dallas Water & Sewer Austin Trust Certificates VRDN RB Series 2007-136 (AMBAC) (Bank of America N.A. SPA) (A-1+)(a)
	16,850,000		3.790			07/05/07		16,850,000
Deutsche Bank Spears Lifers Trust GO VRDN Series 2007 DB-262 (PSF-GTD) (Deutsche Bank) (A1+) (a)
	10,365,000		3.800			07/05/07		10,365,000
Eclipse Funding Trust GO VRDN for Houston Independent School District Series 2006-0019 (FSA) (U.S. Bank N.A. SPA) (VMIG1)(a)
	4,710,000		3.780			07/05/07		4,710,000
Eclipse Funding Trust VRDN RB Solar Eclipse Houston Community College Series 2007-0033 (AMBAC) (U.S. Bank N.A. SPA) (A-1+)(a)
	16,080,000		3.790			07/05/07		16,080,000
Ector County Independent School District GO VRDN ROCS RR-II-R-1085 Series 2007 (PSF-GTD) (Citigroup Financial Products) (VMIG1)(a)
	4,365,000		3.790			07/05/07		4,365,000
Fort Bend Independent School District GO VRDN ROCS II-R-2141 Series 2004 (PSF-GTD) (Citigroup Global Markets SPA) (A-1+)(a)
	8,340,000		3.790			07/05/07		8,340,000
Frisco Independent School District GO VRDN Spears-DB-202 Series 2006 (PSF-GTD) (Deutsche Bank A.G. SPA) (A-1+)(a)
	5,000,000		3.790			07/05/07		5,000,000
Harlingen Independent School District VRDN Spears Series 2005 DB-143 (PSF-GTD) (Deutsche Bank AG SPA) (A-1+)(a)
	5,565,000		3.790			07/05/07		5,565,000
Harris County Flood Control District GO VRDN Floaters Series 2007-1715 (VMIGI) (Morgan Stanley N.A. SPA)(a)
	7,090,000		3.790			07/05/07		7,090,000
Harris County GO Metropolitan Transit Authority (DePfa Bank PLC LOC) (A-1+)
	10,200,000		3.670			09/10/07		10,200,000
Harris County GO VRDN Eagle 2006-0154 Class A (Citibank N.A. SPA) (A-1+)(a)
	10,000,000		3.800			07/05/07		10,000,000
Harris County Health Facilities Development Corp. VRDN RB Series 2000-357 (MBIA) (Morgan Stanley SPA) (VMIG1)(a)
	5,392,000		3.790			07/05/07		5,392,000
Harris County Metropolitan Transit Authority CP Series 2006 (DePfa Bank PLC LOC) (A1+)
	5,000,000		3.650			10/04/07		5,000,000
Harris County Municipal Securities Trust Certificates GO VRDN Series 2006-280 (Bear Stearns Capital Markets SPA) (VMIG1)(a)
	4,995,000		3.780			07/05/07		4,995,000
Harris County VRDN RB Eagle Series 2007-0078 (MBIA) (Banco Bilbao Vizcaya SPA) (A-1+)(a)
	9,600,000		3.780			07/05/07		9,600,000
Houston Eagle Tax Exempt Trust VRDN RB Series 2002-4302 Class A (A-1+) (FSA) (Banco Bilbao Vizcaya Argentaria)(b)
	21,830,000		3.800			07/05/07		21,830,000
Houston GO VRDN ROCS II-R-1048 Series 2004 (Citigroup Global Markets SPA) (VMIG1)(a)
	10,140,000		3.790			07/05/07		10,140,000
Houston Higher Education Finance Corp. VRDN RB Floaters Series 2007-1915 (Morgan Stanley N.A. SPA) (A-1)(a)
	11,350,000		3.790			07/05/07		11,350,000
Houston Higher Education Finance Corp. VRDN RB ROCS-RR-II-R-11066 (Citibank N.A. SPA) (A-1+)(a)
	2,600,000		3.790			07/05/07		2,600,000
Houston Independent School District GO VRDN Floater-Series 2005-1231(PSF-GTD) (Morgan Stanley SPA) (VMIG1)(a)
	5,040,000		3.790			07/05/07		5,040,000
Houston Independent School District Spears DB-169 Series 2005 (PSF-GTD) (Citibank N.A. SPA) (VMIG1)(a)
	7,845,000		3.790			07/05/07		7,845,000
Houston Independent School District Spears DB-169 Series 2005 (PSF-GTD) (Deutsche Bank AG SPA) (A-1+)(a)
	3,970,000		3.790			07/05/07		3,970,000
Houston Texas Puttable Floating Option Tax-Exempt Receipts VRDN RB P-Floats-MT-448 Series 2007 (F1+) (MBIA) (Landesbank Hessen-Thueringen)
	9,000,000		3.790			07/05/07		9,000,000
Houston Texas Utilities Systems Revenue (Bayerische Landesbank, Dexia Credit Local, Landesbank Baden-Wurttemberg and Westdeutsche Landesbank AG SPA) (A-1+/P1)
	20,000,000		3.670			07/10/07		20,000,000
	21,000,000		3.680			07/10/07		21,000,000
	2,500,000		3.700			07/10/07		2,500,000
	16,000,000		3.800			07/10/07		16,000,000
	22,500,000		3.830			07/10/07		22,500,000
	10,600,000		3.700			07/12/07		10,600,000
	9,200,000		3.780			08/09/07		9,200,000
	9,000,000		3.730			09/27/07		9,000,000
Houston Utilities Systems Revenue VRDN RB Merlots Series 2004 B-17 (MBIA) (Wachovia Bank N.A. SPA) (A-1+)(a)
	24,300,000		3.790			07/04/07		24,300,000

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

35

Schedule of Investments

Financial Square Tax-Free Money Market Fund (continued)

June 30, 2007 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Texas (continued)
Irving Independent School District Puttable Floating Options Tax-Exempts Receipts GO VRDN P-Floats-PT-3954 Series 2007 (PSF-GTD) (Wells Fargo Bank SPA) (F1+)(a)
$	8,900,000		3.790	%		07/05/07	$	8,900,000
Katy Independent School District Austin Trust Certificates GO VRDN Series 2007-133 (PSF-GTD) (Bank of America N.A. SPA) (A-1+)(a)
	12,000,000		3.790			07/05/07		12,000,000
Katy Independent School District GO VRDN Merlots Series 2007-C-33 (PSF-GTD) (Bank of New York N.A. SPA) (A-1+)(a)
	16,370,000		3.790			07/04/07		16,370,000
Katy Independent School District GO VRDN ROCS-RR-II-R-910 Series 2007 (PSF-GTD) (Citibank N.A. SPA) (VMIG1)(a)
	6,000,000		3.790			07/05/07		6,000,000
Keller Independent School District GO VRDN ROCS- RR-II-R-7048 (PSF-GTD) (Citigroup Financial Products) (VMIG1)(a)
	4,700,000		3.790			07/05/07		4,700,000
Lamar Consolidated Independent School District GO VRDN Floaters Series 2007-1752 (PSF-GTD) (Morgan Stanley N.A. SPA) (VMIG1)(a)
	6,000,000		3.790			07/05/07		6,000,000
Lehman Municipal Trust Receipts GO VRDN for Coppel Independent School District Floaters Series 2007-K12 Reg D (PSF-GTD) (Lehman Brothers SPA) (A-1)(a)
	8,780,000		3.770			07/04/07		8,780,000
Lehman Municipal Trust Receipts GO VRDN for Klein Independent School District Floater Series 2007-K1 D (PSF-GTD) (Lehman Brothers SPA) (VMIG1)(a)
	6,210,000		3.770			07/04/07		6,210,000
Lehman Municipal Trust Receipts VRDN for Texas Water Development Board RB Floater Series 2007-K26 Reg D (VMIG1) (Lehman Brothers SPA)(a)
	10,000,000		3.770			07/04/07		10,000,000
Lewisville Independent School District Austin Trust Certificates GO VRDN Series 2007-139 (PSF-GTD) (Bank of America N.A.) (A-1+)(a)
	4,775,000		3.790			07/05/07		4,775,000
Lewisville Independent School District GO VRDN Merlots Series 2007-C-38 (PSF-GTD) (Bank of New York SPA) (A-1+)(a)
	10,080,000		3.790			07/04/07		10,080,000
Lewisville Independent School District GO VRDN Putters Series 2006-1441 (PSF-GTD) (JPMorgan Chase & Co. SPA) (A-1+)(a)
	8,370,000		3.800			07/05/07		8,370,000
Mansfield Independent School District GO VRDN Merlots Series 2004-B11 (PSF-GTD) (Wachovia Bank N.A. SPA) (A-1+)(a)
	14,565,000		3.790			07/04/07		14,565,000
Mansfield Independent School District GO VRDN Spears Series 2005 DB-159 (PSF-GTD) (Deutsche Bank A.G. SPA) (F1+)(a)
	5,590,000		3.790			07/05/07		5,590,000
Municipal Securities Trust Certificates for North East Independent School District GO VRDN Series 2007-305 A (PSF-GTD) (Bear Stearns Capital Markets) (VMIG1)(a)
	4,685,000		3.780			07/05/07		4,685,000
Municipal Securities Trust Certificates Texas Transportation Commission GO VRDN Series 2007-302A (Bear Stearns Capital Markets) (VMIG1)(a)
	6,980,000		3.780			07/05/07		6,980,000
Municipal Securities Trust Certificates Texas Transportation Commission GO VRDN Series 2007-312 Class A (Bear Stearns Capital Markets) (VMIG1)(a)
	6,000,000		3.780			07/05/07		6,000,000
Municipal Security Trust Certificates VRDN RB Dallas Waterworks & Sewer Systems Series 2007-7053 Class A (AMBAC) (Bear Stearns Capital Markets) (VMIG1)(a)(b)
	6,665,000		3.780			07/05/07		6,665,000
Municipal Security Trust Certificates VRDN RB City of Houston Series 2007-3069 Class A (MBIA) (Bear Stearns Capital Markets) (VMIG1)(a)
	5,820,000		3.930			07/02/07		5,820,000
North East Independent School District GO VRDN Merlots Series 2007-C-26 (PSF-GTD) (Bank of New York SPA) (A-1+)(a)
	11,595,000		3.790			07/04/07		11,595,000
North Texas Tollway Authority CP Series A (Bank of America LOC) (A-1+/ P1)
	8,500,000		3.650			08/07/07		8,500,000
Northside Independent School District GO VRDN ROCS-RR-II-R-6071 (PSF-GTD) (Citigroup, Inc. SPA) (VMIG1)(a)
	4,385,000		3.790			07/05/07		4,385,000
Northside Independent School District GO VRDN Series 1099 (PSF-GTD) (Morgan Stanley SPA) (F1+) (a)
	4,017,500		3.790			07/05/07		4,017,500
Pflugerville Independent School District GO VRDN Series 2005-1058 (PSF-GTD) (Morgan Stanley SPA) (VMIG1)(a)
	7,900,000		3.790			07/05/07		7,900,000
Puttable Floating Option Tax-Exempt Receipts Texas Transportation Commission GO VRDN P-Floats-EC-1113 Series 2007 (Merrill Lynch Capital Services SPA) (F1+)(a)
	9,780,000		3.820			07/05/07		9,780,000
Puttable Floating Option VRDN RB Tax-Exempt Receipts P-Floats-MT-445 Relating to Harris County (MBIA) (Bayerische Landesbank) (F1+)(a)
	5,275,000		3.790			07/05/07		5,275,000
Puttable Floating Option VRDN RB Tax Exempt Receipts P Floats-EC-1021 Relating to Texas Water Development Board (Merrill Lynch Capital Services SPA) (F1+)(a)
	9,300,000		3.820			07/05/07		9,300,000

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

36

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Texas (continued)
RBC Municipal Products, Inc. Trust GO VRDN Relating to Mansfield Floater Certificates Series 2007-I-26 (PSF-GTD) (Royal Bank of Canada N.A. SPA) (VMIG1)(a)(b)
$	13,465,000		3.770	%		07/05/07	$	13,465,000
Rice University CP (A-1+/ P-1)
	8,000,000		3.670			07/12/07		8,000,000
San Antonio Electric & Gas Puttable Floating Option VRDN RB Tax Exempt Receipts P-Floats-MT-452 (F1+) (KBC Bank N.A.)(a)
	6,800,000		3.790			07/05/07		6,800,000
San Antonio Electric & Gas Systems CP Series A (Bank of America N.A. and State Street Corp. SPA) (A1+/P1)
	25,100,000		3.740			09/11/07		25,100,000
	2,500,000		3.750			09/11/07		2,500,000
San Antonio Puttable Floating Option VRDN RB Tax-Exempt Receipts P-Floats-EC-1087 (Merrill Lynch N.A. SPA) (F1+)
	10,895,000		3.820			07/05/07		10,895,000
San Antonio Water Revenue VRDN Merlots Series 2000 VV (Wachovia Bank N.A. SPA) (VMIG1)(a)
	17,420,000		3.790			07/04/07		17,420,000
San Antonio Water Revenue VRDN RB Municipal Securities Trust Receipts SGB 66 (FGIC) (Societe Generale SPA) (A-1+)(a)(b)
	19,500,000		3.780			07/05/07		19,500,000
San Antonio Water Revenue VRDN RB Stars Series 2007-009 (FGIC) (BNP Paribas SPA) (A-1+)(a)
	5,755,000		3.780			07/05/07		5,755,000
Texas A & M University CP Series B (A-1+/ P-1)
	29,400,000		3.650			07/11/07		29,400,000
	2,000,000		3.750			09/11/07		2,000,000
Texas A & M University VRDN RB Putters Series 2005-945 (JPMorgan Chase & Co. SPA) (A-1+)(a)
	5,405,000		3.800			07/05/07		5,405,000
Texas State GO VRDN Eagle Series 2006-0126 (Citibank N.A. SPA) (A-1+)(a)
	10,000,000		3.800			07/05/07		10,000,000
Texas State GO VRDN Floater Series 2007-1851 (Morgan Stanley SPA) (F1+)(a)
	18,205,000		3.790			07/05/07		18,205,000
Texas State GO VRDN Floater Series 2007-1852 (Morgan Stanley SPA) (F1+)(a)
	30,460,000		3.790			07/05/07		30,460,000
Texas State GO VRDN Floater Series 2007-1853 (Morgan Stanley SPA) (F1+)(a)
	4,360,000		3.790			07/05/07		4,360,000
Texas State GO VRDN Floater Series 2007-1871 (Morgan Stanley SPA) (F1+)(a)
	8,395,000		3.790			07/05/07		8,395,000
Texas State GO VRDN Floaters Series 2007-1903 (Pepfa Bank PLC) (F1+)(a)
	10,135,000		3.780			07/05/07		10,135,000
Texas State GO VRDN Macon Certificates Trust Series 2005-I (A-1+) (Bank of America N.A.)(a)
	9,390,000		3.790			07/05/07		9,390,000
Texas State GO VRDN Putters Series 2006-1215 (JPMorgan Chase & Co. SPA) (F1+)(a)
	4,455,000		3.800			07/05/07		4,455,000
Texas State GO VRDN ROCS RR-II-R 378 Series 2005 (Citibank N.A. SPA) (VMIG1)(a)
	9,940,000		3.790			07/05/07		9,940,000
Texas State GO VRDN Series 2006-114 (Bank of America N.A. SPA) (VMIG1)(a)
	10,940,000		3.790			07/05/07		10,940,000
Texas State GO VRDN Stars Series 2007-037 (BNP Paribas SPA) (VMIG1)(a)(b)
	43,990,000		3.780			07/05/07		43,990,000
Texas State GO VRDN Stars Series 2007-039 (VMIG1) (BNP Paribas)(a)(b)
	15,375,000		3.780			07/05/07		15,375,000
Texas State Public Finance Authority CP Series 2002 (A-1+/ P-1)
	4,000,000		3.650			07/11/07		4,000,000
	7,700,000		3.670			07/11/07		7,700,000
	10,000,000		3.700			08/09/07		10,000,000
Texas State Transportation Commission Trust Certificates VRDN RB Series 2006-7026 (Bear Stearns Capital Markets) (VMIG1)(a)
	5,000,000		3.780			07/05/07		5,000,000
Texas State Transportation Commission VRDN RB Putters Series 2006-1613 (JPMorgan Chase & Co. SPA) (A-1+)(a)
	9,495,000		3.800			07/05/07		9,495,000
Texas Water Development Board Austin Trust Certificates VRDN RB Series 2007-148 (Bank of America N.A. SPA) (A-1+)(a)
	10,675,000		3.790			07/05/07		10,675,000
University of Texas CP Series 2005 (A-1+/P1)
	23,200,000		3.700			08/20/07		23,200,000
	9,200,000		3.720			10/11/07		9,200,000
University of Texas VRDN RB Floater Series 2007-1897 (Morgan Stanley)(A1+)(a)
	6,850,000		3.790			07/05/07		6,850,000
University of Texas VRDN RB P-Floats-MT-354 Series 2007 (Lloyds TSB Bank PLC) (F1+)(a)
	12,155,000		3.790			07/05/07		12,155,000
West University Place GO VRDN Spears Series 2006 DB-197 (FGIC) (Deutsche Bank AG SPA) (A-1+)(a)
	9,985,000		3.790			07/05/07		9,985,000
							$	1,340,724,500
Utah—2.3%
Utah Transit Authority Municipal Security Trust Certificates VRDN RB Series 2007-339 Class A (VMIG1) (MBIA) (Bear Stearns & Co.)(a)
$	5,000,000		3.930	%		07/02/07	$	5,000,000

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

37

Schedule of Investments

Financial Square Tax-Free Money Market Fund (continued)

June 30, 2007 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Utah (continued)
Murray City Hospital VRDN RB for IHC Health Services, Inc. Series 2003 C (A-1+)
$	17,400,000		3.860	%		07/02/07	$	17,400,000
Murray City Hospital VRDN RB for IHC Health Services, Inc. Series 2003 D (A-1+)
	2,600,000		3.900			07/02/07		2,600,000
Puttable Floating Option VRDN RB Tax-Exempt Receipts P-Floats-PT-4173 Relating to Utah Transit Authority (MBIA) (Dexia Credit Local SPA) (F1+)(a)
	5,000,000		3.800			07/05/07		5,000,000
Riverton Hospital Revenue VRDN RB Putters Series 2007-1762 (JPMorgan Chase & Co. SPA) (VMIG1) (a)
	57,500,000		3.790			07/05/07		57,500,000
State of Utah GO Series 2002 A (Aaa/ AAA)
	5,825,000		5.000			07/01/07		5,825,201
State of Utah GO Series 2003 A (Aaa/ AAA)
	5,000,000		5.000			07/01/07		5,000,173
Utah County Hospital VRDN RB for IHC Health Services, Inc. Series 2002-C (Westdeutsche Landesbank AG SPA) (A-1+/VMIG1)(b)
	10,000,000		3.750			07/05/07		10,000,000
Utah Transit Authority VRDN RB Sales Tax Merlots Series 2006 B 29 (FSA) (Wachovia Bank N.A. SPA) (A-1+)(a)
	29,300,000		3.790			07/04/07		29,300,000
Weber County Hospital VRDN RB for IHC Health Services Series 2000-C (Landesbank Hessen-Thueringen SPA) (A-1+/VMIG1)
	9,300,000		3.860			07/02/07		9,300,000
Weber County Hospital VRDN RB for IHC Health Services, Inc. Series 2000 A (Landesbank Hessen Thueringen SPA) (A-1+/VMIG1)
	36,680,000		3.900			07/02/07		36,680,000
							$	183,605,374
Vermont(a)—0.1%
Vermont Education & Health Buildings Middlebury College VRDN RB Floater Series 2007-1913 (Morgan Stanley) (A1)
$	6,900,000		3.790	%		07/05/07	$	6,900,000
Virginia—1.0%
Educational Facilities VRDN RB for University of Richmond Project Series 2006 (Suntrust Bank SPA) (VMIG1)
$	43,800,000		3.950	%		07/02/07	$	43,800,000
Fairfax County GO VRDN Putters Series 2007-1801 (JPMorgan Chase & Co.) (A-1+)(a)
	8,295,000		3.800			07/05/07		8,295,000
University of Virginia VRDN RB Eagle Series 2006-0017 Class A (Citibank N.A. SPA) (A-1+)(a)
	12,200,000		3.800			07/05/07		12,200,000
Virginia Commonwealth University VRDN RB Series 2006-B (AMBAC) (Wachovia Bank SPA) (A-1+/ VMIG1)
	9,200,000		3.950			07/02/07		9,200,000
Virginia State Resources Authority VRDN RB Clean Water ROCS-RR-II-R-11010 (Citibank N.A. SPA) (VMIG1)(a)
	10,000,000		3.790			07/05/07		10,000,000
							$	83,495,000
Washington—5.2%
ABN AMRO Munitops Certificate Trust VRDN RB for Port of Tacoma, WA Non-AMT Trust Certificates Series 2006-84 (XLCA) (ABN AMRO Bank N.V. SPA) (VMIG1)(a)
$	9,450,000		3.790	%		07/05/07	$	9,450,000
ABN AMRO Munitops Certificates Trust VRDN RB for City of Tacoma Non-AMT Series 2006-52, (FGIC) (ABN AMRO Bank N.V. SPA) (F1+)(a)
	11,810,000		3.790			07/05/07		11,810,000
Eclipse Funding Trust GO VRDN for Washington State Series 2006-13 (AMBAC) (U.S. Bank N.A. SPA) (F1+)(a)
	25,765,000		3.790			07/05/07		25,765,000
Eclipse Funding Trust VRDN RB for King County Series 2006 (FSA) (U.S. Bank N.A. SPA) (A-1+) (a)
	15,325,000		3.790			07/05/07		15,325,000
Eclipse Funding Trust VRDN RB for Seattle Water Systems Series 2006-2 (MBIA) (U.S. Bank N.A. SPA) (VMIG1)(a)
	6,700,000		3.820			07/05/07		6,700,000
Eclipse Funding Trust VRDN RB for Port of Seattle, WA Series 2006-0063 (MBIA) (U.S. Bank N.A. SPA) (A-1+)(a)
	6,465,000		3.790			07/05/07		6,465,000
Energy Northwest Electric VRDN RB for Washington Spears Series 2004 DB-100 (MBIA) (Deutsche Bank N.A. SPA) (A-1+)(a)
	5,405,000		3.790			07/05/07		5,405,000
Energy Northwest Electric VRDN RB ROCS RR-II-R-6063 Series 2006 (Citibank N.A. SPA) (VMIG1)(a)
	14,645,000		3.790			07/05/07		14,645,000
Energy Northwest Puttable Floating Option Tax-Exempt Receipts VRDN RB P-Floats-PT-4158 Series 2007 (Dexia Credit Local SPA) (F1+)
	14,995,000		3.800			07/05/07		14,995,000
Energy Northwest Washington Electric RB Unrefunded Columbia Series 2004 A (Aaa/AA-)
	5,455,000		5.250			07/01/08		5,534,912
Energy Northwest Washington Wind Project ROCS-RR-II-R-11015 Series 2007 (AMBAC) (Citibank N.A. SPA) (VMIG1)(a)
	10,700,000		3.790			07/05/07		10,700,000
Grant County Public Utility District No. 2 VRDN RB for Priest Rapids Hydro Electric ROCS-RR-II-R-4088 (MBIA) (Citibank N.A. SPA) (VMIG1)(a)
	12,210,000		3.790			07/05/07		12,210,000
Grant County Public Utility District VRDN Eagle Tax-Exempt Trust Series 2001-4702 Class A (FSA) (Citibank N.A. SPA) (A-1+)(a)
	8,810,000		3.800			07/05/07		8,810,000

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

38

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Washington (continued)
King County GO VRDN Series 2005-1242 (FGIC) (Morgan Stanley SPA) (VMIG1)(a)
$	6,630,000		3.790	%		07/05/07	$	6,630,000
Lehman Municipal Trust Receipts GO VRDN Floaters Trust Snohomish County Series 2007-P32W Reg D (MBIA) (Lehman Liquidity Co.) (VMIG1)(a)
	15,210,000		3.770			07/04/07		15,210,000
Port of Seattle Puttable Floating Option Tax Exempt Receipts VRDN RB P-Floats-MT-453 (MBIA) (KBC Bank N.V.) (F1+)(a)
	10,000,000		3.790			07/05/07		10,000,000
Port Seattle VRDN RB Series 2003 849-D (MBIA) (Morgan Stanley SPA) (A-1)(a)
	28,195,000		3.790			07/05/07		28,195,000
Port Seattle VRDN RB Series 2005 DB-168 (MBIA) (Deutsche Bank A.G. SPA) (F1+)(a)
	3,980,000		3.790			07/05/07		3,980,000
Puttable Floating Option Tax Exempt Receipts VRDN RB P-Floats-EC-1007 Energy Northwest Washington Electric Revenue Series 2007 (Merrill Lynch SPA) (F1+)(a)
	21,810,000		3.820			07/05/07		21,810,000
Seattle Washington Municipal Security Trust Certificates GO VRDN Series 2007-322 Class A (Bear Stearns Capital Markets) (VMIG1)(a)
	6,500,000		3.780			07/05/07		6,500,000
Seattle Water Systems VRDN RB Eagle Tax-Exempt Trust Series 2005-0016 Class A (MBIA) (Citibank N.A. SPA) (A-1+)(a)
	12,530,000		3.800			07/05/07		12,530,000
Seattle Water Systems VRDN RB Spears Series 2006-191 DB (MBIA) (Deutsche Bank A.G. SPA) (A-1+) (a)
	6,775,000		3.790			07/05/07		6,775,000
State of Washington Deutsche Bank Spear Lifers Trust GO VRDN P-Floats Series 2007-DB270 (Deutsche Bank) (F+)
	20,000,000		3.800			07/05/07		20,000,000
Tacoma Regional Water Supply Systems VRDN RB Merlots Series 2003-B05 (MBIA) (Wachovia Bank N.A. SPA) (VMIG1)(a)
	18,830,000		3.790			07/04/07		18,830,000
Washington State COPS Eagle Tax-Exempt Trust Series 2000 Class A (Citibank N.A. SPA) (A1+)(a)
	12,000,000		3.800			07/05/07		12,000,000
Washington State Eagle Tax-Exempt Trust Series 2002-4703 Class A (MBIA) (Citibank N.A. SPA) (A1+)(a)
	8,915,000		3.800			07/05/07		8,915,000
Washington State GO Eagle Tax-Exempt Trust Series 1996C-4704 Class A (Citibank N.A. SPA) (A1+) (a)
	17,025,000		3.800			07/05/07		17,025,000
Washington State GO VRDN Eagle Series 2007-0006 Class A (FGIC) (Landesbank Hessen-Thueringen SPA) (A-1)(a)(b)
	22,825,000		3.780			07/05/07		22,825,000
Washington State GO VRDN Eagle Tax-Exempt Trust Series 2002-4701 Class A (FSA) (Citibank N.A. SPA) (A-1+)(a)
	10,060,000		3.800			07/05/07		10,060,000
Washington State GO VRDN Floater Series 2007-1790 (FSA) (Morgan Stanley SPA) (A-1)(a)
	3,000,000		3.790			07/05/07		3,000,000
Washington State GO VRDN Floaters Series 2005-1161 (AMBAC) (Morgan Stanley SPA) (A-1)(a)
	9,969,500		3.790			07/05/07		9,969,500
Washington State GO VRDN Merlots Series 2003 B-23 (MBIA) (Wachovia Bank N.A. SPA) (VMIG1)(a)
	18,175,000		3.790			07/04/07		18,175,000
Washington State GO VRDN Merlots Series 2004 B-22 (FSA) (Wachovia Bank N.A. SPA) (A-1+)(a)
	8,715,000		3.790			07/04/07		8,715,000
Washington State GO VRDN ROCS-RR-II-R-9081 (FSA) (Citigroup Financial Products) (VMIG1)(a)
	2,225,000		3.790			07/05/07		2,225,000
Washington State Lehman Municipal Trust Receipts GO VRDN Floaters Series 2007-P33W Reg D (FGIC) (Lehman Liquidity Co. SPA) (VMIG1)
	25,000		3.770			07/04/07		25,000
Washington State University VRDN RB Floaters Series 2006-1405 (AMBAC) (Morgan Stanley SPA) (A-1) (a)
	10,580,000		3.790			07/05/07		10,580,000
							$	421,789,412
Wisconsin—2.3%
Eclipse Funding Trust VRDN RB for Wisconsin State Series 2007-0004 (FSA) (U.S. Bank N.A. SPA) (A-1+)(a)
$	19,320,000		3.780	%		07/05/07	$	19,320,000
Milwaukee Metropolitan Sewage District GO VRDN P-Floats-PT 2678 Series 2005 (Dexia Credit Local SPA) (F1+)(a)
	16,510,000		3.780			07/05/07		16,510,000
Municipal Security Trust Certificates VRDN RB Wisconsin State Clean Water Series 2007-335 (Bear Stearns Capital Markets) (VMIG1)(a)
	6,510,000		3.780			07/05/07		6,510,000
Wisconsin State CP Series 2006-A (State Street Bank and California State) (A1+/P1)
	30,700,000		3.750			09/12/07		30,700,000
Wisconsin State Health & Educational Facilities Authority VRDN RB P-Floats-PT 917 Series 2004 (MBIA) (Landesbank Hessen-Thueringen SPA) (A-1)(a)
	80,340,000		3.800			07/05/07		80,340,000
Wisconsin State TRANS Series 2007 (SP-1+/ MIG1)(b)
	16,500,000		4.500			06/16/08		16,615,665
Wisconsin State Transit VRDN RB Floater Series 2007-1864 (FSA) (Rabobank Netherlands SPA) (F1+) (a)
	7,565,000		3.790			07/05/07		7,565,000

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

39

Schedule of Investments

Financial Square Tax-Free Money Market Fund (continued)

June 30, 2007 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Wisconsin (continued)
Wisconsin State Transportation Board VRDN RB Eagle Tax-Exempt Trust Series 2000-4901 Class A (Citibank N.A. SPA) (A1+)(a)
$	7,615,000		3.800	%		07/05/07	$	7,615,000
							$	185,175,665
Other Territories(a)—13.5%
JPMorgan Chase & Co. GO VRDN Putters Series 1683-2007 P (CIFG) (PSF-GTD MBIA, FSA, FGIC and AMBAC JPMorgan Chase & Co.) (F1+)
$	328,080,000		3.970	%		07/05/07	$	328,080,000
JPMorgan Chase & Co. VRDN RB Putters Series 1751P (PSF-GTD, MBIA, FGIC, FSA and AMBAC) (JPMorgan Chase & Co.) (F1+)
	125,255,000		3.950			07/05/07		125,255,000
JPMorgan Chase & Co. VRDN RB Putters Series 2006-1632P (PSF-GTD, AMBAC, FGIC, FSA, CIFG and MBIA) (JPMorgan Chase & Co.) (F1+)
	170,190,000		3.970			07/05/07		170,190,000
JPMorgan Chase & Co. VRDN RB Putters Series 2006-1633P (PSF-GTD, AMBAC, FSA, MBIA and XLCA) (JPMorgan Chase & Co.) (F1+)
	82,745,000		3.980			07/05/07		82,745,000
JPMorgan Chase & Co. VRDN RB Putters Series 2007-1684P (PSF-GTD, FSA and MBIA) (JPMorgan Chase & Co.) (F1+)
	35,030,000		3.980			07/05/07		35,030,000
Puttable Floating Option Tax Exempt Receipts VRDN RB P-Floats-EC-001 (FGIC, AMBAC, FSA and MBIA) (Merrill Lynch Capital Services SPA) (F1+)
	88,205,000		3.950			07/05/07		88,205,000
Puttable Floating Option Tax Exempt Receipts VRDN RB P-Floats-EC-002 Series 2006 (Merrill Lynch Capital Services SPA) (F1+)
	46,500,000		3.950			07/05/07		46,500,000
Puttable Floating Option Tax Exempt Receipts VRDN RB P-Floats-EC-003 Series 2006 (PSF-GTD, FGIC, AMBAC, FSA and MBIA) (Merrill Lynch Capital Services SPA) (F1+)
	94,580,000		3.950			07/05/07		94,580,000
UBS Municipal GO VRDN Floaters Series 2007-GM01 Pooled Trust (FSA, AMBAC, FGIC and MBIA) (BNP Paribas SPA) (A-1+)
	18,880,000		3.830			07/05/07		18,880,000
Wachovia Bank Bruts VRDN RB Merlots Series 2007-ON2 (FSA, MBIA and AMBAC) (Wachovia Bank N.A. SPA) (F1+)(b)
	103,290,000		3.930			07/05/07		103,290,000
							$	1,092,755,000
Total Investments—105.1%							$	8,530,203,462
Liabilities in Excess of   Other Assets—(5.1)%								(414,068,604	)
Net Assets—100.0%							$	8,116,134,858

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

(a)	Securities not registered under the Securities Act of 1933, as amended. Such securities have been determined to be liquid by the Investment Adviser. At June 30, 2007, these securities amounted to $6,590,132,500 or approximately 81.2% of net assets.
(b)	All or a 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 Investor Service/Fitch. A description of the ratings is available in the Fund’s Statement of Additional Information.

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

40

Investment Abbreviations:

AMBAC	—	Insured by American Municipal Bond Assurance Corp.
AMT	—	Alternative Minimum Tax
CIFG	—	CDC IXIS Financial Guarantee
COPS	—	Certificates of Participation
CP	—	Commercial Paper
FGIC	—	Insured by Financial Guaranty Insurance Co.
FSA	—	Insured by Financial Security Assurance Co.
GO	—	General Obligation
IDB	—	Industrial Development Bond
LOC	—	Letter of Credit
MBIA	—	Insured by Municipal Bond Investors Assurance
PCRB	—	Pollution Control Revenue Bond
PSF-GTD	—	Guaranteed by Permanent School Fund
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 Notes
XLCA	—	Insured by XL Capital Assurance, Inc.

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

41

Schedule of Investments

Financial Square Funds

June 30, 2007 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

Joint Repurchase Agreement Account I—At June 30, 2007, certain Funds had undivided interests in the Joint Repurchase Agreement Account I, as follows:

	Principal
Fund	Amount
Financial Square Prime Obligations	$	250,800,000
Financial Square Treasury Obligations		5,457,500,000
Financial Square Money Market		175,200,000
Financial Square Government		44,200,000

Repurchase Agreements	Principal		Interest			Maturity		Maturity
Counterparty	Amount		Rate			Date		Value
Barclays Capital PLC	$	500,000,000		4.50	%		07/02/07	$	500,187,500
Bear Stearns		1,700,000,000		4.30			07/02/07		1,700,609,167
Citigroup Global Markets, Inc.		500,000,000		4.00			07/02/07		500,166,667
Citigroup Global Markets, Inc.		500,000,000		4.25			07/02/07		500,177,083
Deutsche Bank Securities, Inc.		750,000,000		4.45			07/02/07		750,278,125
JPMorgan Securities, Inc.		1,250,000,000		4.40			07/02/07		1,250,458,333
Lehman Brothers Holdings, Inc.		500,000,000		4.25			07/02/07		500,177,083
Merrill Lynch		100,000,000		4.00			07/02/07		100,033,333
Morgan Stanley & Co.		493,500,000		4.35			07/02/07		493,678,894
TOTAL	$	6,293,500,000						$	6,295,766,185

At June 30, 2007, the Joint Repurchase Agreement Account I was fully collateralized by U.S. Treasury Bills, 0.000%, due 07/05/07 to 12/27/07; U.S. Treasury Bonds, 0.000% to 13.250%, due 01/15/14 to 05/15/16; U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 07/15/07 to 08/15/33; U.S. Treasury Notes, 2.625% to 6.500%, due 07/31/07 to 08/15/16 and U.S. Principal-Only Stripped Securities, 0.000% to 8.750%, due 01/15/08 to 05/15/17. The aggregate market value of the collateral, including accrued interest, was $6,419,377,569.

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

42

ADDITIONAL INVESTMENT INFORMATION (continued)

Joint Repurchase Agreement Account II—At June 30, 2007, certain Funds had undivided interests in the Joint Repurchase Agreement Account II, as follows:

	Principal
Fund	Amount
Financial Square Prime Obligations	$	1,625,000,000
Financial Square Money Market		300,000,000
Financial Square Government		3,553,100,000

Repurchase Agreements	Principal		Interest		Maturity		Maturity
Counterparty	Amount		Rate		Date		Value
Banc of America Securities LLC	$	1,000,000,000		5.36%		07/02/07	$	1,000,446,667
Barclays Capital PLC		1,000,000,000		5.38		07/02/07		1,000,448,333
Bear Stearns		750,000,000		5.40		07/02/07		750,337,500
Citigroup Global Markets, Inc.		1,500,000,000		5.40		07/02/07		1,500,675,000
Credit Suisse Securities (USA) LLC		250,000,000		5.38		07/02/07		250,112,083
Deutsche Bank Securities, Inc.		100,000,000		5.25		07/02/07		100,043,750
Deutsche Bank Securities, Inc.		2,000,000,000		5.35		07/02/07		2,000,891,667
Greenwich Capital Markets		500,000,000		5.38		07/02/07		500,224,167
Lehman Brothers Holdings, Inc.		250,000,000		5.29		07/02/07		250,110,208
Lehman Brothers Holdings, Inc.		250,000,000		5.30		07/02/07		250,110,417
UBS Securities LLC		100,000,000		5.35		07/02/07		100,044,583
Wachovia Capital Markets		250,000,000		5.40		07/02/07		250,112,500
TOTAL	$	7,950,000,000					$	7,953,556,875

At June 30, 2007, the Joint Repurchase Agreement Account II was fully collateralized by Federal Home Loan Bank, 5.000% to 6.000%, due 06/14/13 to 08/15/19; Federal Home Loan Mortgage Association, 3.500% to 8.000%, due 01/01/08 to 02/01/46; Federal National Mortgage Association, 0.000% to 11.500%, due 01/01/08 to 06/01/47; Government National Mortgage Association, 4.500% to 8.500%, due 07/15/09 to 06/15/37. The aggregate market value of the collateral, including accrued interest, was $8,144,019,914.

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

43

Goldman Sachs Trust—Financial Square Funds

Statements of Assets and Liabilities

June 30, 2007 (Unaudited)

			Prime			Money
			Obligations			Market
			Fund			Fund
Assets:
Investments in securities, at value based on amortized cost— unaffiliated issuers			$	29,450,820,460		$	16,003,226,898
Repurchase agreements, at value based on amortized cost— unaffiliated issuers				3,355,600,000			1,312,200,000
Repurchase agreements, at value based on amortized cost— affiliated issuers				300,000,000			75,000,000
Cash				85,936			33,496
Receivables:
		Investment securities sold		—			—
		Interest		78,012,731			74,061,435
		Fund shares sold		307,818			14,455,469
		Reimbursement from investment adviser		—			—
Other assets				225,315			173,308
	Total assets			33,185,052,260			17,479,150,606
Liabilities:
Due to custodian				—			—
Payables:
		Investment securities purchased		—			75,000,000
		Dividend distribution		92,887,737			26,422,610
		Amounts owed to affiliates		4,826,651			2,533,740
		Fund shares repurchased		671,094			2,766,644
Accrued expenses				2,484,559			794,757
	Total liabilities			100,870,041			107,517,751
Net Assets:
Paid-in capital				33,084,201,681			17,371,849,174
Undistributed (distribution in excess of) net investment income				1,150,363			(55,733	)
Accumulated net realized gain (loss) on investment transactions				(1,169,825	)		(160,586	)
	Net assets		$	33,084,182,219		$	17,371,632,855
Net asset value, offering and redemption price per share				$1.00			$1.00
Net Assets:
FST Shares			$	23,795,092,663		$	15,829,464,589
FST Select Shares				239,575,719			143,272,805
FST Preferred Shares				1,280,650,333			109,436,859
FST Capital Shares				630,869,479			9,846,666
FST Administration Shares				5,402,782,065			658,216,569
FST Service Shares				1,735,211,960			621,395,367
Shares outstanding:
FST Shares				23,795,101,769			15,829,652,443
FST Select Shares				239,576,002			143,274,576
FST Preferred Shares				1,280,650,949			109,438,143
FST Capital Shares				630,869,811			9,846,869
FST Administration Shares				5,402,784,186			658,223,653
FST Service Shares				1,735,212,728			621,401,740
Total shares outstanding, $0.001 par value (unlimited number of shares authorized)				33,084,195,445			17,371,837,424

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

44

Treasury			Treasury									Tax-Free
Obligations			Instruments			Government			Federal			Money Market
Fund			Fund			Fund			Fund			Fund
$	—		$	3,887,270,359		$	—		$	9,808,729,567		$	8,530,203,462
	5,964,100,000			—			5,415,500,000			—			—
	880,000,000			—			350,000,000			—			—
	47,578			53,853			22,605			55,180			—
	—			451,739,150			—			—			91,149,489
	13,810,329			2,909,461			16,931,909			42,917,907			60,897,302
	—			—			142,918			—			3,394,606
	—			8,623			2,689			—			—
	51,675			33,620			48,335			62,149			30,434
	6,858,009,582			4,342,015,066			5,782,648,456			9,851,764,803			8,685,675,293
	—			—			—			—			15,932,879
	—			451,260,228			—			—			541,751,656
	15,770,759			10,894,473			11,386,374			6,360,429			9,376,887
	1,042,857			604,258			698,115			1,463,812			1,229,652
	—			—			29,232			—			779,629
	1,437,044			394,105			626,548			629,403			469,732
	18,250,660			463,153,064			12,740,269			8,453,644			569,540,435
	6,839,775,061			3,878,601,975			5,769,933,083			9,843,316,510			8,116,235,691
	1,655,201			(770,985	)		961,244			363,704			(35,515	)
	(1,671,340	)		1,031,012			(986,140	)		(369,055	)		(65,318	)
$	6,839,758,922		$	3,878,862,002		$	5,769,908,187		$	9,843,311,159		$	8,116,134,858
	$1.00		$	1.00		$	1.00		$	1.00		$	1.00
$	2,142,942,535		$	2,627,513,086		$	3,148,746,069		$	8,420,382,588		$	6,855,933,829
	5,001,924			28,176,946			82,329,857			1,266			52,015,386
	113,313,978			160,087,044			396,957,702			145,471,462			314,275,992
	162,799,627			37,006,669			244,477,905			5,039,156			115,195,811
	2,849,183,746			776,122,357			1,477,783,914			661,325,503			514,982,133
	1,566,517,112			249,955,900			419,612,740			611,091,184			263,731,707
	2,142,947,191			2,627,336,033			3,148,753,776			8,420,387,143			6,855,974,934
	5,001,926			28,175,083			82,330,072			1,266			52,017,485
	113,314,432			160,076,256			396,958,672			145,471,501			314,275,813
	162,799,949			37,004,555			244,478,341			5,039,161			115,194,343
	2,849,190,435			776,071,080			1,477,786,880			661,325,916			514,990,214
	1,566,521,128			249,938,968			419,613,868			611,091,523			263,731,948
	6,839,775,061			3,878,601,975			5,769,921,609			9,843,316,510			8,116,184,737

45

Goldman Sachs Trust—Financial Square Funds

Statements of Operations

For the Six Months Ended June 30, 2007 (Unaudited)

			Prime			Money
			Obligations			Market
			Fund			Fund
Investment income:
Interest income—unaffiliated			$	816,786,937		$	424,780,580
Interest income—affiliated				9,217,951			3,658,862
Total investment income				826,004,888			428,439,442
Expenses:
Portfolio-Level Expenses:
	Management fees			31,511,158			16,351,307
	Transfer agent fees			2,305,695			1,196,437
	Custody and accounting fees			885,585			495,150
	Registration fees			171,262			79,819
	Printing fees			98,931			60,704
	Professional fees			50,074			49,578
	Shareholder meeting expense			33,839			233,670
	Trustee fees			9,719			9,719
	Other			299,011			349,673
		Subtotal		35,365,274			18,826,057
Class Specific Expenses:
	FST Administration Share fees			6,229,911			788,488
	FST Service Share fees			4,215,917			1,260,213
	FST Preferred Share fees			646,081			50,061
	FST Capital Share fees			500,525			11,690
	FST Select Share fees			61,347			20,834
		Total expenses		47,019,055			20,957,343
		Less— expense reductions		(7,686,341	)		(3,991,403	)
		Net expenses		39,332,714			16,965,940
Net investment income				786,672,174			411,473,502
Net realized and unrealized gain (loss) on investment transactions				31,522			14,877
Net increase in net assets resulting from operations			$	786,703,696		$	411,488,379

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

46

Treasury			Treasury									Tax-Free
Obligations			Instruments			Government			Federal			Money Market
Fund			Fund			Fund			Fund			Fund
$	162,303,326		$	83,773,807		$	127,333,730		$	257,757,815		$	154,287,038
	9,092,453			—			5,140,855			—			—
	171,395,779			83,773,807			132,474,585			257,757,815			154,287,038
	6,704,086			3,433,366			5,088,968			10,027,234			8,476,239
	490,543			251,222			372,364			733,700			620,213
	235,730			155,271			184,864			367,356			325,146
	78,852			14,835			19,127			60,311			81,138
	40,229			33,428			35,965			48,073			47,017
	47,087			45,409			49,967			47,583			48,976
	17,713			15,317			15,522			23,487			38,981
	9,719			9,719			9,719			9,719			9,719
	85,653			48,745			83,686			123,588			136,625
	7,709,612			4,007,312			5,860,182			11,441,051			9,784,054
	3,388,810			1,067,900			1,382,783			853,433			604,545
	4,068,792			469,008			1,035,647			1,527,730			506,065
	91,908			67,236			178,971			62,935			73,923
	97,868			11,911			122,699			3,875			101,209
	110			4,629			11,915			—			9,857
	15,357,100			5,627,996			8,592,197			13,889,024			11,079,653
	(1,021,098	)		(577,146	)		(1,277,540	)		(1,496,990	)		(2,164,856	)
	14,336,002			5,050,850			7,314,657			12,392,034			8,914,797
	157,059,777			78,722,957			125,159,928			245,365,781			145,372,241
	—			1,345,344			(4,479	)		25,604			(65,318	)
$	157,059,777		$	80,068,301		$	125,155,449		$	245,391,385		$	145,306,923

47

Goldman Sachs Trust—Financial Square Funds

Statements of Changes in Net Assets

		Prime Obligations Fund
		For the
		Six Months
		Ended			For the
		June 30, 2007			Year Ended
		(Unaudited)			December 31, 2006
From operations:
Net investment income		$	786,672,174		$	1,389,768,056
Net realized gain (loss) on investment transactions			31,522			(442,918	)
	Net increase in net assets resulting from operations		786,703,696			1,389,325,138
Distributions to shareholders:
From net investment income:
	FST Shares		(563,636,528	)		(1,029,549,409	)
	FST Select Shares		(10,559,375	)		(8,084,513	)
	FST Preferred Shares		(32,910,285	)		(78,882,954	)
	FST Capital Shares		(16,830,458	)		(20,878,613	)
	FST Administration Shares		(123,200,435	)		(187,841,920	)
	FST Service Shares		(39,579,841	)		(64,087,729	)
	Total distributions to shareholders		(786,716,922	)		(1,389,325,138	)
From share transactions (at $1.00 per share):
Proceeds from sales of shares			112,327,987,104			229,878,004,648
Proceeds received in connection with merger			—			—
Reinvestment of dividends and distributions			257,375,067			488,936,715
Cost of shares repurchased			(106,581,055,481	)		(229,262,145,498	)
	Net increase (decrease) in net assets resulting from share transactions		6,004,306,690			1,104,795,865
Net increase (decrease)			6,004,293,464			1,104,795,865
Net assets:
Beginning of period			27,079,888,755			25,975,092,890
End of period		$	33,084,182,219		$	27,079,888,755
Undistributed (distribution in excess of) net investment income		$	1,150,363		$	1,195,111

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

48

Money Market Fund						Treasury Obligations
For the						For the
Six Months						Six Months
Ended			For the			Ended			For the
June 30, 2007			Year Ended			June 30, 2007			Year Ended
(Unaudited)			December 31, 2006			(Unaudited)			December 31, 2006
$	411,473,502		$	688,757,902		$	157,059,777		$	269,113,902
	14,877			(138,865	)		—			(430,806	)
	411,488,379			688,619,037			157,059,777			268,683,096
	(377,779,493	)		(626,492,422	)		(47,494,044	)		(86,415,950	)
	(3,582,534	)		(5,424,655	)		(18,074	)		(49,113	)
	(2,547,112	)		(3,973,857	)		(4,545,708	)		(33,024,399	)
	(392,437	)		(1,064,137	)		(3,187,413	)		(470,190	)
	(15,574,732	)		(34,052,271	)		(64,884,740	)		(98,023,648	)
	(11,816,619	)		(17,611,695	)		(36,945,937	)		(50,699,796	)
	(411,692,927	)		(688,619,037	)		(157,075,916	)		(268,683,096	)
	39,110,417,441			75,852,484,820			19,227,665,023			40,307,442,277
	—			72,020,325			—			—
	246,277,566			359,538,208			59,442,607			86,355,900
	(37,138,285,212	)		(72,447,802,619	)		(19,344,985,835	)		(38,693,158,795	)
	2,218,409,795			3,836,240,734			(57,878,205	)		1,700,639,382
	2,218,205,247			3,836,240,734			(57,894,344	)		1,700,639,382
	15,153,427,608			11,317,186,874			6,897,653,266			5,197,013,884
$	17,371,632,855		$	15,153,427,608		$	6,839,758,922		$	6,897,653,266
$	(55,733	)	$	163,692		$	1,655,201		$	1,671,340

49

Goldman Sachs Trust—Financial Square Funds

Statements of Changes in Net Assets

		Treasury Instruments Fund
		For the
		Six Months
		Ended			For the
		June 30, 2007			Year Ended
		(Unaudited)			December 31, 2006
From operations:
Net investment income		$	78,722,957		$	121,426,922
Net realized gain (loss) on investment transactions			1,345,344			(314,332	)
	Net increase in net assets resulting from operations		80,068,301			121,112,590
Distributions to shareholders:
From net investment income:
	FST Shares		(51,733,896	)		(72,696,713	)
	FST Select Shares		(747,062	)		(597,407	)
	FST Preferred Shares		(3,204,785	)		(6,086,441	)
	FST Capital Shares		(371,071	)		(478,060	)
	FST Administration Shares		(19,723,842	)		(33,741,077	)
	FST Service Shares		(4,089,639	)		(7,505,301	)
From net realized gains:
	FST Shares		—			—
	FST Select Shares		—			—
	FST Preferred Shares		—			—
	FST Capital Shares		—			—
	FST Administration Shares		—			—
	FST Service Shares		—			—
	Total distributions to shareholders		(79,870,295	)		(121,104,999	)
From share transactions (at $1.00 per share):
Proceeds from sales of units/shares			10,155,083,146			16,842,892,070
Proceeds received in connection with merger			—			—
Reinvestment of dividends and distributions			17,481,846			28,318,839
Cost of shares repurchased			(9,502,690,341	)		(15,810,617,066	)
	Net increase (decrease) in net assets resulting from share transactions		669,874,651			1,060,593,843
Net increase (decrease)			670,072,657			1,060,601,434
Net assets:
Beginning of period			3,208,789,345			2,148,187,911
End of period		$	3,878,862,002		$	3,208,789,345
Undistributed (distributions in excess of) net investment income		$	(770,985	)	$	376,353

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

50

Government Fund						Federal Fund						Tax-Free Money Market Fund
For the						For the						For the
Six Months						Six Months						Six Months
Ended			For the			Ended			For the			Ended			For the
June 30, 2007			Year Ended			June 30, 2007			Year Ended			June 30, 2007			Year Ended
(Unaudited)			December 31, 2006			(Unaudited)			December 31, 2006			(Unaudited)			December 31, 2006
$	125,159,928		$	215,789,727		$	245,365,781		$	394,264,259		$	145,372,241		$	260,635,819
	(4,479	)		(499,145	)		25,604			(279,964	)		(65,318	)		509,316
	125,155,449			215,290,582			245,391,385			393,984,295			145,306,923			261,145,135
	(73,247,516	)		(123,059,583	)		(211,750,795	)		(329,433,024	)		(128,375,413	)		(223,795,480	)
	(2,034,326	)		(4,081,987	)		(31	)		(70	)		(1,152,507	)		(3,507,444	)
	(9,041,224	)		(14,030,530	)		(3,125,936	)		(6,575,275	)		(2,528,295	)		(10,662,952	)
	(4,092,271	)		(6,744,369	)		(127,068	)		(167,760	)		(2,290,260	)		(8,480,296	)
	(27,112,753	)		(53,056,600	)		(16,444,910	)		(33,415,970	)		(7,972,519	)		(9,999,661	)
	(9,640,781	)		(14,317,513	)		(13,952,350	)		(24,393,192	)		(3,088,762	)		(4,189,986	)
	—			—			—			—			—			(226,553	)
	—			—			—			—			—			(3,347	)
	—			—			—			—			—			(13,648	)
	—			—			—			—			—			(14,101	)
	—			—			—			—			—			(13,170	)
	—			—			—			—			—			(7,573	)
	(125,168,871	)		(215,290,582	)		(245,401,090	)		(393,985,291	)		(145,407,756	)		(260,914,211	)
	19,570,953,735			40,117,844,723			16,141,537,287			28,887,530,049			27,495,804,195			65,508,104,052
	—			128,482,724			—			—			—			55,824,203
	54,107,583			91,863,148			203,773,750			308,087,102			93,362,943			180,652,951
	(19,118,467,425	)		(39,841,597,838	)		(16,737,576,879	)		(27,967,444,356	)		(27,063,295,732	)		(66,856,076,493	)
	506,593,893			496,592,757			(392,265,842	)		1,228,172,795			525,871,406			(1,111,495,287	)
	506,580,471			496,592,757			(392,275,547	)		1,228,171,799			525,770,573			(1,111,264,363	)
	5,263,327,716			4,766,734,959			10,235,586,706			9,007,414,907			7,590,364,285			8,701,628,648
$	5,769,908,187		$	5,263,327,716		$	9,843,311,159		$	10,235,586,706		$	8,116,134,858		$	7,590,364,285
$	961,244		$	970,187		$	363,704		$	399,013		$	(35,515	)	$	—

51

Goldman Sachs Trust—Financial Square Funds

Notes to Financial Statements

June 30, 2007 (Unaudited)

1. Organization

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

2. Significant Accounting Policies

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

A. Investment Valuation—

Each Fund uses the amortized-cost method, as permitted by Rule 2a-7 under the Act, for valuing portfolio securities, which approximates market value. Under this method, all investments purchased at a discount or at a premium are valued by accreting or 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 reflected 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 unrealized and realized gains or losses are allocated to each class of shares of the respective Funds based upon the relative proportion of settled shares of each class.

C. Federal Taxes and Distributions to Shareholders—

It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “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 declared and recorded daily and paid monthly by the Funds.

   The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with U.S. Federal income tax rules, which may differ from U.S. generally accepted accounting principles. Therefore, the source of the Funds’ distributions is shown in the accompanying financial statements as from net investment income.

   As of December 31, 2006, the components of accumulated earnings (losses) on a tax basis consisted primarily of capital loss carryforwards and certain timing differences, if any. Such timing differences include prior year non-deductible organization costs.

52

   At December 31, 2006 (tax-year end), the following Funds had a capital loss carryforward for U.S. Federal tax purposes of approximately:

		Capital loss carryforward1:
		Prime		Money		Treasury		Treasury
Year Expiring		Obligations		Market		Obligations		Instruments		Government		Federal
	2007	$	—	$	—	$	—	$	—	$	6,010	$	—
	2008		—		—		—		—		3,440		—
	2009		—		—		—		—		557		—
	2010		—		11,758		—		—		1,243		—
	2011		5,692		—		—		—		—		—
	2012		544		13		—		—		—		—
	2013		752,193		24,827		1,240,534				471,266		114,695
	2014		442,918		138,865		430,806		314,322		499,145		279,964
Total capital loss carryforward		$	1,201,347	$	175,463	$	1,671,340	$	314,322	$	981,661	$	394,659

¹  Expiration occurs on December 31 of the year indicated.

   These amounts are available to be carried forward to offset future capital gains to the extent permitted by applicable laws and regulations.

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

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 and/or “pro-rata” basis depending upon the nature of the expense. Select, Preferred, Capital, Administration and 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 the 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. The purchased securities in the forward commitment transactions do not begin to accrue interest income until the settlement date of these securities. Losses may arise due to changes in the market value of the security or from the inability of counterparties to meet the terms of the transaction.

F. Repurchase Agreements—

Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase the securities 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 exceed the value of the repurchase agreement, including accrued interest. If the seller defaults or becomes insolvent, realization of the collateral by the Funds may be delayed or limited and there may be a decline in the value of the collateral during the period while the Funds seek to assert their rights. The underlying securities for all repurchase agreements are held in safekeeping at the Funds’ custodian or designated subcustodians under triparty repurchase agreements.

   Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and terms and conditions contained therein, the Funds, together with other registered investment companies having management or investment advisory agreements with Goldman Sachs Asset Management, L.P. (“GSAM”), or its affiliates, may transfer uninvested cash into joint accounts, the daily aggregate balance of which is invested in one or more repurchase agreements. With the exception of certain transaction fees, the Funds are not subject to any expenses in relation to these investments.

53

Goldman Sachs Trust—Financial Square Funds

Notes to Financial Statements (continued)

June 30, 2007 (Unaudited)

3. Agreements

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

   As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administering the Funds’ business affairs, including providing facilities, GSAM is entitled to a fee (“Management fee”), computed daily and payable monthly, at an annual percentage rate equal to 0.205% of each Fund’s average daily net assets.

   For the six months ended June 30, 2007, GSAM has voluntarily agreed to waive a portion of its Management fee equal to an annual percentage rate of the average daily net assets of the Funds.

   GSAM has voluntarily waived a portion of its Management fee equal annually to 0.05% of the average daily net assets of Prime Obligations, Money Market, Government and Tax-Free Money Market Funds and 0.03% of the average daily net assets of the Treasury Obligations, Treasury Instruments and Federal Funds.

   Additionally, GSAM has voluntarily agreed to limit certain “Other Expenses” of the Funds (excluding Management fees, Transfer agent fees and expenses, Select service fees, Preferred administration fees, Capital administration fees, Administration fees, Service fees, taxes, interest, brokerage fees and litigation, indemnification, shareholder meeting and other extraordinary expenses exclusive of any custody and transfer agent fee credit reductions) to the extent such expenses exceed, on an annual basis, 0.014% of the average daily net assets of each Fund. Such expense reimbursements, if any, are computed daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any.

   In addition, the Funds have entered into certain expense offset arrangements with the custodian resulting in a reduction in the Funds’ expenses. Such custody expense reductions are in addition to other expenses reimbursed by the investment adviser.

   For the six months ended June 30, 2007, expense reductions were as follows (in thousands):

			Other		Custody
	Management		Expense		Expense
Fund	Fees Waived		Reimbursement		Reductions		Total
Prime Obligations	$	7,685	$	—	$	1	$	7,686
Money Market		3,988		—		3		3,991
Treasury Obligations		981		39		1		1,021
Treasury Instruments		502		73		2		577
Government		1,241		36		1		1,278
Federal		1,467		—		30		1,497
Tax-Free Money Market		2,067		70		28		2,165

   Goldman Sachs serves as Distributor of shares of the Funds pursuant to a Distribution Agreement and receives no separate fee.

   Goldman Sachs also serves as the Transfer Agent of the Funds for a fee. The fees charged for such transfer agency services are calculated daily and payable monthly equal to an annual rate of 0.015% of the average daily net assets of each Fund.

54

   At June 30, 2007, the amounts owed to GSAM and its affiliates were as follows (in thousands):

							Affiliated
							Dealers
	Management		Over		Transfer		Service
Fund	Fees		Reimbursement		Agent Fees		Fees		Total
Prime Obligations	$	4,400	$	—	$	426	$	1	$	4,827
Money Market		2,308		—		224		2		2,534
Treasury Obligations		959		2		82		—		1,043
Treasury Instruments		555		—		48		1		604
Government		636		—		62		—		698
Federal		1,348		—		116		—		1,464
Tax-Free Money Market		1,113		6		108		3		1,230

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, Preferred, Capital, Administration and Service Shares 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, Preferred, Capital, Administration and 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 assets of the respective shares.

5. Line of Credit Facility

The Funds participate in a $450,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other registered investment companies having management or investment advisory agreements with GSAM or affiliates. Under the most restrictive arrangement under the facility, each Fund must own securities having a market value in excess of 300% of each Fund’s total bank borrowings. The facility is to be used solely for temporary or emergency purposes. The interest rate on borrowings is based on the federal funds rate plus a spread. 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. For the period ended June 30, 2007, the Funds did not have any borrowings under the facility.

6. Portfolio Concentrations

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

7. Other Matters

Exemptive Orders— Pursuant to SEC exemptive orders, the Goldman Sachs money market funds may enter into certain principal transactions with Goldman Sachs.

New Accounting Pronouncement— On September 15, 2006, FASB released Statement Financial Accounting Standard No. 157 “Fair Value Measurement” (“FAS 157”) which provides enhanced guidance for using fair value to measure assets and liabilities. The standard requires companies to provide expanded information about the assets and liabilities measured at fair value and the potential effect of these fair valuations on an entity’s financial performance. The standard does not expand the use of fair value in any new circumstances, but provides clarification on acceptable fair valuation methods and applications. FAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007. The investment adviser does not believe the adoption of FAS 157 will impact the amounts reported in the financials statements, however, additional disclosures will be required.

55

Goldman Sachs Trust—Financial Square Funds

Notes to Financial Statements (continued)

June 30, 2007 (Unaudited)

Mergers and Reorganizations— At a meeting held on December 14, 2005, the Board of Trustees approved an Agreement and Plan of Reorganization (the “Agreement”) providing for the tax-free acquisitions of the First Funds Cash Reserve Portfolio by the Goldman Sachs Financial Square Money Market Fund, the First Funds U.S. Government Money Market Portfolio by the Goldman Sachs Financial Square Government Fund, and the First Funds Municipal Money Market Portfolio by the Goldman Sachs Financial Square Tax-Free Money Market Fund. The trustees approved certain amendments to the Agreement on April 7, 2006. The acquisitions were completed on June 5, 2006.

   Pursuant to the Agreement, the assets and liabilities of the First Funds Cash Reserve Portfolio, First Funds U.S. Government Money Market Portfolio and the First Funds Municipal Money Market Portfolio (“Acquired Funds”) Institutional Class and Class C were transferred into the Goldman Sachs Financial Square Money Market, Goldman Sachs Financial Square Tax-Free Money Market Funds’ (“Survivor Funds”) FST Class and FST Administration Class, respectively, in a tax-free exchange as follows:

						Acquired
						Fund’s
						Shares
		Exchanged				Outstanding
		Shares of		Value of		as of
		Survivor		Exchanged		June 5,
Survivor/Acquired Fund		Issued		Shares		2006
Financial Square Money Market FST Class/
	First Funds Cash Reserve Institutional Class		29,951,814	$	29,951,804		29,951,814
Financial Square Money Market FST Administration Class/
	First Funds Cash Reserve Class C		42,068,532	$	42,068,521		42,068,532
Financial Square Government FST Class/
	First Funds U.S. Government Money Market Institutional Class		118,595,969	$	118,595,969		118,595,969
Financial Square Government FST Administration Class/
	First Funds U.S. Government Money Market Class C		9,886,755	$	9,886,755		9,886,755
Financial Square Tax-Free Money Market FST Class/
	First Funds Municipal Money Market Institutional Class		48,831,245	$	48,831,002		48,831,245
Financial Square Tax-Free Money Market FST Administration Class/
	First Funds Municipal Money Market Class C		6,993,410	$	6,993,181		6,993,410

56

   The following chart shows the Survivor Funds’ and Acquired Funds’ aggregate net assets (immediately before and after the completion of the acquisition) as well as the Acquired Fund’s Capital Loss Carryforwards:

								Survivor
		Survivor		Acquired				Fund’s
		Fund’s		Fund’s				Aggregate
		Aggregate		Aggregate		Acquired		Net Assets
		Net Assets		Net Assets		Fund’s		immediately
		before		before		Capital Loss		after
Survivor/ Acquired Fund		acquisition		acquisition		Carryforward		acquisition
Financial Square Money Market/
	First Funds Cash Reserve	$	13,476,835,558	$	72,020,325	$	11,771	$	13,548,855,904
Financial Square Government/
	First Funds U.S. Government Money Market	$	4,350,998,480	$	128,482,724	$	11,474	$	4,479,481,204
Financial Square Tax-Free/
	First Funds Municipal Money Market	$	7,516,749,991	$	55,824,183	$	4,088	$	7,572,574,646

57

Goldman Sachs Trust—Financial Square Funds

Notes to Financial Statements (continued)

June 30, 2007 (Unaudited)

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

Share activity is as follows:

	Prime Obligations Fund
	For the
	Six Months Ended			For the
	June 30, 2007			Year Ended
	(Unaudited)			December 31, 2006
FST Shares
Shares sold		76,855,216,651			170,612,831,603
Shares issued in connection with merger		—			—
Reinvestment of dividends and distributions		179,030,098			361,123,897
Shares repurchased		(71,377,632,360	)		(171,679,544,733	)
		5,656,614,389			(705,589,233	)
FST Select Shares
Shares sold		1,693,168,584			2,622,537,919
Reinvestment of dividends and distributions		9,895,864			7,263,449
Shares repurchased		(1,754,167,904	)		(2,438,015,801	)
		(51,103,456	)		191,785,567
FST Preferred Shares
Shares sold		6,769,294,518			14,291,461,219
Reinvestment of dividends and distributions		22,813,858			49,447,374
Shares repurchased		(7,283,701,833	)		(14,325,501,029	)
		(491,593,457	)		15,407,564
FST Capital Shares
Shares sold		3,712,571,000			6,073,945,225
Reinvestment of dividends and distributions		9,535,497			11,916,555
Shares repurchased		(3,679,546,291	)		(5,976,409,125	)
		42,560,206			109,452,655
FST Administration Shares
Shares sold		16,562,900,887			23,817,166,145
Shares issued in connection with merger		—			—
Reinvestment of dividends and distributions		20,081,165			34,422,826
Shares repurchased		(15,790,528,599	)		(22,662,620,796	)
		792,453,453			1,188,968,175
FST Service Shares
Shares sold		6,734,835,464			12,460,062,537
Reinvestment of dividends and distributions		16,018,585			24,762,614
Shares repurchased		(6,695,478,494	)		(12,180,054,014	)
		55,375,555			304,771,137
Net increase (decrease) in shares		6,004,306,690			1,104,795,865

58

Money Market Fund						Treasury Obligations Fund						Treasury Instruments Fund
For the						For the						For the
Six Months Ended			For the			Six Months Ended			For the			Six Months Ended			For the
June 30, 2007			Year Ended			June 30, 2007			Year Ended			June 30, 2007			Year Ended
(Unaudited)			December 31, 2006			(Unaudited)			December 31, 2006			(Unaudited)			December 31, 2006
	35,059,677,290			68,561,639,792			6,695,771,062			17,516,997,455			7,168,653,759			10,153,093,298
	—			29,951,814			—			—			—			—
	223,674,104			318,700,601			20,834,225			35,939,641			11,793,382			22,035,732
	(33,365,450,647	)		(65,190,211,686	)		(6,429,486,729	)		(17,330,154,873	)		(6,461,072,625	)		(9,468,444,910	)
	1,917,900,747			3,720,080,521			287,118,558			222,782,223			719,374,516			706,684,120
	713,772,604			1,072,742,598			83,300,000			260,571,000			—			33,390,476
	3,312,985			5,181,699			6,371			30,599			747,038			597,413
	(601,877,369	)		(1,091,969,604	)		(78,308,376	)		(260,600,763	)		(6,171,288	)		(455,130	)
	115,208,220			(14,045,307	)		4,997,995			836			(5,424,250	)		33,532,759
	342,766,076			703,052,729			229,685,867			1,966,462,034			43,708,473			84,181,680
	2,525,826			3,915,697			253,531			307,370			42,971			152,924
	(333,491,444	)		(705,779,023	)		(892,705,080	)		(1,859,866,571	)		(45,176,440	)		(56,636,983	)
	11,800,458			1,189,403			(662,765,682	)		106,902,833			(1,424,996	)		27,697,621
	53,853,508			60,771,898			183,032,801			98,903,970			121,205,120			252,341,426
	386,990			1,037,940			1,615,888			70,607			330,249			450,179
	(57,399,842	)		(84,389,381	)		(112,746,159	)		(10,003,326	)		(102,476,157	)		(241,314,019	)
	(3,159,344	)		(22,579,543	)		71,902,530			88,971,251			19,059,212			11,477,586
	2,241,794,095			4,408,180,593			7,932,714,884			13,506,141,815			2,088,699,692			4,882,502,145
	—			42,068,532			—			—			—			—
	9,538,468			19,809,694			4,799,623			7,350,111			2,855,052			2,235,411
	(2,209,619,119	)		(4,463,395,378	)		(7,441,707,718	)		(13,016,838,197	)		(2,184,853,611	)		(4,553,267,958	)
	41,713,444			6,663,441			495,806,789			496,653,729			(93,298,867	)		331,469,598
	698,553,868			1,046,097,210			4,103,160,409			6,958,366,004			732,816,102			1,437,383,045
	6,839,193			10,892,577			31,932,969			42,657,571			1,713,154			2,847,180
	(570,446,791	)		(912,057,547	)		(4,390,031,773	)		(6,215,695,065	)		(702,940,220	)		(1,490,498,066	)
	134,946,270			144,932,240			(254,938,395	)		785,328,510			31,589,036			(50,267,841	)
	2,218,409,795			3,836,240,755			(57,878,205	)		1,700,639,382			669,874,651			1,060,593,843

59

Goldman Sachs Trust—Financial Square Funds

Notes to Financial Statements (continued)

June 30, 2007 (Unaudited)

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

Share activity is as follows:

	Government Fund
	For the
	Six Months Ended			For the
	June 30, 2007			Year Ended
	(Unaudited)			December 31, 2006
FST Shares
Shares sold		9,353,286,700			22,345,461,625
Shares issued in connection with merger		—			118,595,969
Reinvestment of dividends and distributions		32,597,759			54,600,265
Shares repurchased		(9,354,809,359	)		(22,116,289,005	)
		31,075,100			402,368,854
FST Select Shares
Shares sold		12,691,228			142,020,852
Reinvestment of dividends and distributions		1,968,580			4,007,757
Shares repurchased		(14,830,141	)		(139,299,857	)
		(170,333	)		6,728,752
FST Preferred Shares
Shares sold		914,176,595			2,004,998,495
Reinvestment of dividends and distributions		6,123,063			8,380,818
Shares repurchased		(907,737,609	)		(2,035,007,637	)
		12,562,049			(21,628,324	)
FST Capital Shares
Shares sold		3,124,762,130			5,735,982,157
Reinvestment of dividends and distributions		2,783,777			4,809,218
Shares repurchased		(3,036,322,016	)		(5,700,998,295	)
		91,223,891			39,793,080
FST Administration Shares
Shares sold		4,183,782,673			7,890,011,432
Shares issued in connection with merger		—			9,886,755
Reinvestment of dividends and distributions		6,889,550			14,166,748
Shares repurchased		(3,863,839,941	)		(7,926,156,728	)
		326,832,282			(12,091,793	)
FST Service Shares
Shares sold		1,982,254,409			1,999,370,162
Reinvestment of dividends and distributions		3,744,854			5,898,342
Shares repurchased		(1,940,928,359	)		(1,923,846,316	)
		45,070,904			81,422,188
Net increase (decrease) in shares		506,593,893			496,592,757

60

Federal Fund						Tax-Free Money Market Fund
For the						For the
Six Months Ended			For the			Six Months Ended			For the
June 30, 2007			Year Ended			June 30, 2007			Year Ended
(Unaudited)			December 31, 2006			(Unaudited)			December 31, 2006
	11,669,459,036			21,411,144,577			25,121,618,662			53,347,512,139
	—			—			—			48,831,245
	184,699,518			275,274,755			89,506,956			170,756,215
	(11,999,523,837	)		(20,676,244,293	)		(24,598,719,072	)		(54,871,412,677	)
	(145,365,283	)		1,010,175,039			612,406,546			(1,304,313,078	)
	—			—			92,919,647			434,748,775
	31			70			730,739			2,240,088
	—			(2,019	)		(142,877,834	)		(511,511,241	)
	31			(1,949	)		(49,227,448	)		(74,522,378	)
	75,571,006			255,600,161			434,957,499			998,974,012
	2,946,462			5,471,096			709,780			712,666
	(65,576,019	)		(271,145,171	)		(448,010,488	)		(916,250,803	)
	12,941,449			(10,073,914	)		(12,343,209	)		83,435,875
	6,665,000			—			264,392,628			8,104,326,858
	127,067			167,758			694,927			3,710,427
	(5,366,022	)		(327,000	)		(573,105,631	)		(7,905,726,404	)
	1,426,045			(159,242	)		(308,018,076	)		202,310,881
	1,309,768,283			2,733,101,088			1,018,773,258			1,774,160,173
	—			—			—			6,993,410
	9,068,554			15,528,545			967,329			2,174,265
	(1,412,377,575	)		(2,690,661,555	)		(827,953,333	)		(1,809,220,902	)
	(93,540,738	)		57,968,078			191,787,254			(25,893,054	)
	3,080,073,962			4,487,684,222			563,142,501			848,382,095
	6,932,118			11,644,879			753,212			1,059,290
	(3,254,733,426	)		(4,329,064,318	)		(472,629,374	)		(841,954,466	)
	(167,727,346	)		170,264,783			91,266,339			7,486,919
	(392,265,842	)		1,228,172,795			525,871,406			(1,111,494,835	)

61

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				Distributions		Net asset					Net assets		Ratio of net			investment			Ratio of total			investment
	value,		Net		from net		value,					end		expenses to			income to			expenses to			income to
Year—Share	beginning		investment		investment		end		Total			of period		average net			average net			average net			average net
Class	of period		income(a)		income		of period		return(b)			(in 000’s)		assets			assets			assets			assets
For the Six Months Ended June 30, (Unaudited)
2007-FST Shares	$	1.00	$	0.026	$	(0.026)	$	1.00		2.60	%	$	23,795,092		0.18	%(c)		5.19	%(c)		0.23	%(c)		5.14	%(c)
2007-FST Select Shares		1.00		0.026		(0.026)		1.00		2.59			239,576		0.21	(c)		5.16	(c)		0.26	(c)		5.11	(c)
2007-FST Preferred Shares		1.00		0.025		(0.025)		1.00		2.55			1,280,650		0.28	(c)		5.09	(c)		0.33	(c)		5.04	(c)
2007-FST Capital Shares		1.00		0.025		(0.025)		1.00		2.53			630,870		0.33	(c)		5.04	(c)		0.38	(c)		4.99	(c)
2007-FST Administration Shares		1.00		0.025		(0.025)		1.00		2.48			5,402,782		0.43	(c)		4.94	(c)		0.48	(c)		4.89	(c)
2007-FST Service Shares		1.00		0.023		(0.023)		1.00		2.35			1,735,212		0.68	(c)		4.69	(c)		0.73	(c)		4.64	(c)
For the Years Ended December 31,
2006-FST Shares		1.00		0.049		(0.049)		1.00		4.99			18,138,487		0.18			4.88			0.23			4.83
2006-FST Select Shares		1.00		0.049		(0.049)		1.00		4.96			290,680		0.21			4.94			0.26			4.89
2006-FST Preferred Shares		1.00		0.048		(0.048)		1.00		4.89			1,772,244		0.28			4.79			0.33			4.74
2006-FST Capital Shares		1.00		0.047		(0.047)		1.00		4.83			588,310		0.33			4.78			0.38			4.73
2006-FST Administration Shares		1.00		0.046		(0.046)		1.00		4.73			4,610,331		0.43			4.64			0.48			4.59
2006-FST Service Shares		1.00		0.044		(0.044)		1.00		4.47			1,679,837		0.68			4.41			0.73			4.36
2005-FST Shares		1.00		0.031		(0.031)		1.00		3.14			18,844,076		0.18			3.10			0.22			3.06
2005-FST Select Shares		1.00		0.031		(0.031)		1.00		3.11			98,894		0.21			3.08			0.25			3.04
2005-FST Preferred Shares		1.00		0.030		(0.030)		1.00		3.04			1,756,837		0.28			2.99			0.32			2.95
2005-FST Capital Shares		1.00		0.029		(0.029)		1.00		2.98			478,857		0.33			3.03			0.37			2.99
2005-FST Administration Shares		1.00		0.028		(0.028)		1.00		2.88			3,421,363		0.43			2.88			0.47			2.84
2005-FST Service Shares		1.00		0.026		(0.026)		1.00		2.62			1,375,066		0.68			2.64			0.72			2.60
2004-FST Shares		1.00		0.012		(0.012)		1.00		1.25			15,981,734		0.18			1.22			0.22			1.18
2004-FST Select Shares		1.00		0.012		(0.012)		1.00		1.22			80,638		0.21			1.18			0.25			1.14
2004-FST Preferred Shares		1.00		0.011		(0.011)		1.00		1.15			1,412,563		0.28			1.13			0.32			1.09
2004-FST Capital Shares		1.00		0.011		(0.011)		1.00		1.10			241,806		0.33			1.07			0.37			1.03
2004-FST Administration Shares		1.00		0.010		(0.010)		1.00		1.00			2,765,553		0.43			0.99			0.47			0.95
2004-FST Service Shares		1.00		0.007		(0.007)		1.00		0.75			1,111,799		0.68			0.75			0.72			0.71
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

(a)	Calculated based on the average shares outstanding methodology.
(b)	Assumes reinvestment of all distributions. 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.

62

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					Distributions			Net asset					Net assets		Ratio of net			investment			Ratio of total			investment
	value,		Net			from net			value,					end		expenses to			income to			expenses to			income to
	beginning		investment			investment			end		Total			of period		average net			average net			average net			average net
Year—Share Class	of period		income(a)			income			of period		return(b)			(in 000’s)		assets			assets			assets			assets
For the Six Months Ended June 30, (Unaudited)
2007-FST Shares	$	1.00	$	0	.026	$	(0	.026)	$	1.00		2.60	%	$	15,829,465		0.19	%(c)		5.19	%(c)		0.24	%(c)		5.14	%(c)
2007-FST Select Shares		1.00		0	.026		(0	.026)		1.00		2.59			143,273		0.22	(c)		5.16	(c)		0.27	(c)		5.11	(c)
2007-FST Preferred Shares		1.00		0	.025		(0	.025)		1.00		2.55			109,437		0.29	(c)		5.09	(c)		0.34	(c)		5.04	(c)
2007-FST Capital Shares		1.00		0	.025		(0	.025)		1.00		2.52			9,847		0.34	(c)		5.03	(c)		0.39	(c)		4.98	(c)
2007-FST Administration Shares		1.00		0	.024		(0	.024)		1.00		2.47			658,217		0.44	(c)		4.94	(c)		0.49	(c)		4.89	(c)
2007-FST Service Shares		1.00		0	.023		(0	.023)		1.00		2.35			621,395		0.69	(c)		4.69	(c)		0.74	(c)		4.64	(c)
For the Years Ended December 31,
2006-FST Shares		1.00		0	.049		(0	.049)		1.00		4.99			13,911,751		0.18			4.92			0.23			4.87
2006-FST Select Shares		1.00		0	.049		(0	.049)		1.00		4.96			28,066		0.21			4.87			0.26			4.82
2006-FST Preferred Shares		1.00		0	.048		(0	.048)		1.00		4.89			97,638		0.28			4.80			0.33			4.75
2006-FST Capital Shares		1.00		0	.047		(0	.047)		1.00		4.84			13,006		0.33			4.69			0.38			4.64
2006-FST Administration Shares		1.00		0	.046		(0	.046)		1.00		4.73			616,511		0.43			4.65			0.48			4.60
2006-FST Service Shares		1.00		0	.044		(0	.044)		1.00		4.47			486,455		0.68			4.42			0.73			4.37
2005-FST Shares		1.00		0	.031		(0	.031)		1.00		3.14			10,191,671		0.18			3.07			0.22			3.03
2005-FST Select Shares		1.00		0	.031		(0	.031)		1.00		3.11			42,112		0.21			3.03			0.25			2.99
2005-FST Preferred Shares		1.00		0	.030		(0	.030)		1.00		3.04			96,448		0.28			2.93			0.32			2.89
2005-FST Capital Shares		1.00		0	.029		(0	.029)		1.00		2.99			35,586		0.33			3.12			0.37			3.08
2005-FST Administration Shares		1.00		0	.029		(0	.029)		1.00		2.88			609,847		0.43			2.85			0.47			2.81
2005-FST Service Shares		1.00		0	.026		(0	.026)		1.00		2.63			341,523		0.68			2.62			0.72			2.58
2004-FST Shares		1.00		0	.013		(0	.013)		1.00		1.26			9,209,408		0.18			1.25			0.22			1.21
2004-FST Select Shares		1.00		0	.012		(0	.012)		1.00		1.23			24,850		0.21			1.22			0.25			1.18
2004-FST Preferred Shares		1.00		0	.012		(0	.012)		1.00		1.16			70,246		0.28			1.14			0.32			1.10
2004-FST Capital Shares		1.00		0	.011		(0	.011)		1.00		1.11			12,975		0.33			0.98			0.37			0.94
2004-FST Administration Shares		1.00		0	.010		(0	.010)		1.00		1.01			626,210		0.43			1.05			0.47			1.01
2004-FST Service Shares		1.00		0	.008		(0	.008)		1.00		0.76			285,976		0.68			0.75			0.72			0.71
2003-FST Shares		1.00		0	.011		(0	.011)		1.00		1.06			10,389,312		0.18			1.07			0.22			1.03
2003-FST Select Shares		1.00		0	.010		(0	.010)		1.00		1.03			93,038		0.21			1.03			0.25			0.99
2003-FST Preferred Shares		1.00		0	.010		(0	.010)		1.00		0.96			113,299		0.28			0.98			0.32			0.94
2003-FST Capital Shares		1.00		0	.009		(0	.009)		1.00		0.91			24,180		0.33			0.85			0.37			0.81
2003-FST Administration Shares		1.00		0	.008		(0	.008)		1.00		0.81			447,290		0.43			0.81			0.47			0.77
2003-FST Service Shares		1.00		0	.006		(0	.006)		1.00		0.56			304,547		0.68			0.57			0.72			0.53
2002-FST Shares		1.00		0	.02		(0	.02)		1.00		1.75			9,194,848		0.18			1.76			0.22			1.72
2002-FST Select Shares		1.00		0	.02		(0	.02)		1.00		1.72			2,746		0.21			1.81			0.25			1.77
2002-FST Preferred Shares		1.00		0	.02		(0	.02)		1.00		1.65			176,679		0.28			1.62			0.32			1.58
2002-FST Capital Shares (commenced August 12)		1.00		0	.01		(0	.01)		1.00		0.56			1		0.33	(c)		1.73	(c)		0.37	(c)		1.69	(c)
2002-FST Administration Shares		1.00		0	.01		(0	.01)		1.00		1.50			480,359		0.43			1.50			0.47			1.46
2002-FST Service Shares		1.00		0	.01		(0	.01)		1.00		1.24			408,993		0.68			1.24			0.72			1.20

(a)	Calculated based on the average shares outstanding methodology.
(b)	Assumes reinvestment of all distributions. 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.

63

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					Distributions			Net asset					Net assets		Ratio of net			investment			Ratio of total			investment
	value,		Net			from net			value,					end		expenses to			income to			expenses to			income to
	beginning		investment			investment			end		Total			of period		average net			average net			average net			average net
Year—Share Class	of period		income(a)			income			of period		return(b)			(in 000’s)		assets			assets			assets			assets
For the Six Months Ended June 30, (Unaudited)
2007-FST Shares	$	1.00	$	0	.025	$	(0	.025)	$	1.00		2.52	%	$	2,142,942		0.20	%(c)		5.03	%(c)		0.24	%(c)		5.00	%(c)
2007-FST Select Shares		1.00		0	.025		(0	.025)		1.00		2.51			5,002		0.23	(c)		4.93	(c)		0.26	(c)		4.90	(c)
2007-FST Preferred Shares		1.00		0	.024		(0	.024)		1.00		2.47			113,314		0.30	(c)		4.95	(c)		0.33	(c)		4.91	(c)
2007-FST Capital Shares		1.00		0	.024		(0	.024)		1.00		2.45			162,800		0.35	(c)		4.88	(c)		0.39	(c)		4.85	(c)
2007-FST Administration Shares		1.00		0	.024		(0	.024)		1.00		2.40			2,849,184		0.45	(c)		4.79	(c)		0.49	(c)		4.75	(c)
2007-FST Service Shares		1.00		0	.023		(0	.023)		1.00		2.27			1,566,517		0.70	(c)		4.54	(c)		0.74	(c)		4.51	(c)
For the Years Ended December 31,
2006-FST Shares		1.00		0	.048		(0	.048)		1.00		4.86			1,855,829		0.20			4.79			0.24			4.75
2006-FST Select Shares		1.00		0	.047		(0	.047)		1.00		4.83			4		0.23			4.75			0.27			4.71
2006-FST Preferred Shares		1.00		0	.047		(0	.047)		1.00		4.76			776,080		0.30			4.69			0.34			4.65
2006-FST Capital Shares		1.00		0	.046		(0	.046)		1.00		4.71			90,897		0.35			4.79			0.39			4.75
2006-FST Administration Shares		1.00		0	.045		(0	.045)		1.00		4.60			2,353,384		0.45			4.55			0.49			4.51
2006-FST Service Shares		1.00		0	.043		(0	.043)		1.00		4.34			1,821,459		0.70			4.31			0.74			4.27
2005-FST Shares		1.00		0	.030		(0	.030)		1.00		3.00			1,633,047		0.20			3.00			0.23			2.97
2005-FST Select Shares		1.00		0	.030		(0	.030)		1.00		2.97			3		0.23			3.83			0.26			3.80
2005-FST Preferred Shares		1.00		0	.029		(0	.029)		1.00		2.90			669,177		0.30			2.97			0.33			2.94
2005-FST Capital Shares		1.00		0	.028		(0	.028)		1.00		2.85			1,926		0.35			2.73			0.38			2.70
2005-FST Administration Shares		1.00		0	.027		(0	.027)		1.00		2.75			1,856,730		0.45			2.78			0.48			2.75
2005-FST Service Shares		1.00		0	.025		(0	.025)		1.00		2.49			1,036,131		0.70			2.55			0.73			2.52
2004-FST Shares		1.00		0	.011		(0	.011)		1.00		1.14			2,262,617		0.20			1.16			0.22			1.14
2004-FST Select Shares		1.00		0	.011		(0	.011)		1.00		1.11			2		0.23			0.82			0.25			0.80
2004-FST Preferred Shares		1.00		0	.010		(0	.010)		1.00		1.04			493,548		0.30			1.04			0.32			1.02
2004-FST Capital Shares		1.00		0	.010		(0	.010)		1.00		0.99			1,038		0.35			0.77			0.37			0.75
2004-FST Administration Shares		1.00		0	.009		(0	.009)		1.00		0.89			1,581,650		0.45			0.90			0.47			0.88
2004-FST Service Shares		1.00		0	.006		(0	.006)		1.00		0.64			676,295		0.70			0.67			0.72			0.65
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

(a)	Calculated based on the average shares outstanding methodology.
(b)	Assumes reinvestment of all distributions. 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.

64

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					Distributions			Net asset					Net assets		Ratio of net			investment			Ratio of total			investment
	value,		Net			from net			value,					end		expenses to			income to			expenses to			income to
	beginning		investment			investment			end		Total			of period		average net			average net			average net			average net
Year—Share Class	of period		income(a)			income			of period		return(b)			(in 000’s)		assets			assets			assets			assets
For the Six Months Ended June 30, (Unaudited)
2007-FST Shares	$	1.00	$	0	.024	$	(0	.024)	$	1.00		2.44	%	$	2,627,513		0.20	%(c)		4.80	%(c)		0.24	%(c)		4.76	%(c)
2007-FST Select Shares		1.00		0	.024		(0	.024)		1.00		2.42			28,177		0.23	(c)		4.78	(c)		0.27	(c)		4.75	(c)
2007-FST Preferred Shares		1.00		0	.024		(0	.024)		1.00		2.39			160,087		0.30	(c)		4.70	(c)		0.34	(c)		4.67	(c)
2007-FST Capital Shares		1.00		0	.023		(0	.023)		1.00		2.36			37,007		0.35	(c)		4.61	(c)		0.39	(c)		4.57	(c)
2007-FST Administration Shares		1.00		0	.023		(0	.023)		1.00		2.31			776,122		0.45	(c)		4.55	(c)		0.49	(c)		4.52	(c)
2007-FST Service Shares		1.00		0	.022		(0	.022)		1.00		2.19			249,956		0.70	(c)		4.30	(c)		0.74	(c)		4.26	(c)
For the Years Ended December 31,
2006-FST Shares		1.00		0	.046		(0	.046)		1.00		4.66			1,907,998		0.20			4.60			0.24			4.56
2006-FST Select Shares		1.00		0	.045		(0	.045)		1.00		4.63			33,599		0.23			4.82			0.27			4.78
2006-FST Preferred Shares		1.00		0	.045		(0	.045)		1.00		4.55			161,504		0.30			4.48			0.34			4.44
2006-FST Capital Shares		1.00		0	.044		(0	.044)		1.00		4.50			17,946		0.35			4.45			0.39			4.41
2006-FST Administration Shares		1.00		0	.043		(0	.043)		1.00		4.40			869,388		0.45			4.37			0.49			4.33
2006-FST Service Shares		1.00		0	.041		(0	.041)		1.00		4.14			218,354		0.70			4.05			0.74			4.01
2005-FST Shares		1.00		0	.028		(0	.028)		1.00		2.84			1,201,313		0.20			2.78			0.24			2.74
2005-FST Select Shares		1.00		0	.028		(0	.028)		1.00		2.81			67		0.23			2.78			0.27			2.74
2005-FST Preferred Shares		1.00		0	.027		(0	.027)		1.00		2.74			133,806		0.30			3.07			0.34			3.03
2005-FST Capital Shares		1.00		0	.027		(0	.027)		1.00		2.69			6,468		0.35			2.58			0.39			2.54
2005-FST Administration Shares		1.00		0	.026		(0	.026)		1.00		2.58			537,912		0.45			2.67			0.49			2.63
2005-FST Service Shares		1.00		0	.023		(0	.023)		1.00		2.33			268,622		0.70			2.44			0.74			2.40
2004-FST Shares		1.00		0	.011		(0	.011)		1.00		1.08			1,398,794		0.20			1.11			0.24			1.07
2004-FST Select Shares		1.00		0	.010		(0	.010)		1.00		1.05			65		0.23			1.27			0.27			1.23
2004-FST Preferred Shares		1.00		0	.010		(0	.010)		1.00		0.98			372,946		0.30			1.26			0.34			1.22
2004-FST Capital Shares		1.00		0	.009		(0	.009)		1.00		0.93			17,035		0.35			0.89			0.39			0.85
2004-FST Administration Shares		1.00		0	.008		(0	.008)		1.00		0.83			236,848		0.45			0.84			0.49			0.80
2004-FST Service Shares		1.00		0	.006		(0	.006)		1.00		0.58			100,678		0.70			0.54			0.74			0.50
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

(a)	Calculated based on the average shares outstanding methodology.
(b)	Assumes reinvestment of all distributions. 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.

65

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					Distributions			Net asset					Net assets		Ratio of net			investment			Ratio of total			investment
	value,		Net			from net			value,					end		expenses to			income to			expenses to			income to
	beginning		investment			investment			end		Total			of period		average net			average net			average net			average net
Year—Share Class	of period		income(a)			income			of period		return(b)			(in 000’s)		assets			assets			assets			assets
For the Six Months Ended June 30, (Unaudited)
2007-FST Shares	$	1.00	$	0	.026	$	(0	.026)	$	1.00		2.58	%	$	3,148,746		0.18	%(c)		5.15	%(c)		0.24	%(c)		5.10	%(c)
2007-FST Select Shares		1.00		0	.025		(0	.025)		1.00		2.57			82,330		0.21	(c)		5.12	(c)		0.27	(c)		5.07	(c)
2007-FST Preferred Shares		1.00		0	.025		(0	.025)		1.00		2.53			396,958		0.28	(c)		5.05	(c)		0.34	(c)		5.00	(c)
2007-FST Capital Shares		1.00		0	.025		(0	.025)		1.00		2.51			244,478		0.33	(c)		5.00	(c)		0.39	(c)		4.95	(c)
2007-FST Administration Shares		1.00		0	.024		(0	.024)		1.00		2.46			1,477,784		0.43	(c)		4.90	(c)		0.49	(c)		4.85	(c)
2007-FST Service Shares		1.00		0	.023		(0	.023)		1.00		2.33			419,613		0.68	(c)		4.65	(c)		0.74	(c)		4.60	(c)
For the Years Ended December 31,
2006-FST Shares		1.00		0	.049		(0	.049)		1.00		4.95			3,117,679		0.18			4.89			0.24			4.83
2006-FST Select Shares		1.00		0	.048		(0	.048)		1.00		4.92			82,500		0.21			4.83			0.27			4.77
2006-FST Preferred Shares		1.00		0	.047		(0	.047)		1.00		4.85			384,397		0.28			4.74			0.34			4.68
2006-FST Capital Shares		1.00		0	.047		(0	.047)		1.00		4.80			153,254		0.33			4.71			0.39			4.65
2006-FST Administration Shares		1.00		0	.046		(0	.046)		1.00		4.69			1,150,955		0.43			4.60			0.49			4.54
2006-FST Service Shares		1.00		0	.043		(0	.043)		1.00		4.43			374,543		0.68			4.38			0.74			4.32
2005-FST Shares		1.00		0	.031		(0	.031)		1.00		3.10			2,715,310		0.18			3.07			0.23			3.02
2005-FST Select Shares		1.00		0	.030		(0	.030)		1.00		3.07			75,772		0.21			2.87			0.26			2.82
2005-FST Preferred Shares		1.00		0	.030		(0	.030)		1.00		3.00			406,025		0.28			2.91			0.33			2.86
2005-FST Capital Shares		1.00		0	.029		(0	.029)		1.00		2.95			113,461		0.33			2.99			0.38			2.94
2005-FST Administration Shares		1.00		0	.028		(0	.028)		1.00		2.85			1,163,046		0.43			2.86			0.48			2.81
2005-FST Service Shares		1.00		0	.026		(0	.026)		1.00		2.59			293,121		0.68			2.58			0.73			2.53
2004-FST Shares		1.00		0	.012		(0	.012)		1.00		1.23			2,386,970		0.18			1.27			0.22			1.23
2004-FST Select Shares		1.00		0	.012		(0	.012)		1.00		1.20			142,390		0.21			1.21			0.25			1.17
2004-FST Preferred Shares		1.00		0	.011		(0	.011)		1.00		1.13			630,711		0.28			1.15			0.32			1.11
2004-FST Capital Shares		1.00		0	.011		(0	.011)		1.00		1.08			95,441		0.33			1.10			0.37			1.06
2004-FST Administration Shares		1.00		0	.010		(0	.010)		1.00		0.98			1,072,788		0.43			0.99			0.47			0.95
2004-FST Service Shares		1.00		0	.007		(0	.007)		1.00		0.73			290,341		0.68			0.72			0.72			0.68
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

(a)	Calculated based on the average shares outstanding methodology.
(b)	Assumes reinvestment of all distributions. 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.

66

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 net						Ratio of net
	Net asset					Distributions			Net asset					Net assets		Ratio of net			investment			Ratio of total			investment
	value,		Net			from net			value,					end		expenses to			income to			expenses to			income to
Year—Share	beginning		investment			investment			end		Total			of period		average net			average net			average net			average net
Class	of period		income(a)			income			of period		return(b)			(in 000’s)		assets			assets			assets			assets
For the Six Months Ended June 30, (Unaudited)
2007-FST Shares	$	1.00	$	0	.025	$	(0	.025)	$	1.00		2.54	%	$	8,420,383		0.20	%(c)		5.07	%(c)		0.23	%(c)		5.04	%(c)
2007-FST Select Shares		1.00		0	.025		(0	.025)		1.00		2.52			1		0.23	(c)		5.02	(c)		0.26	(c)		4.99	(c)
2007-FST Preferred Shares		1.00		0	.025		(0	.025)		1.00		2.49			145,471		0.30	(c)		4.97	(c)		0.33	(c)		4.94	(c)
2007-FST Capital Shares		1.00		0	.024		(0	.024)		1.00		2.46			5,039		0.35	(c)		4.92	(c)		0.38	(c)		4.89	(c)
2007-FST Administration Shares		1.00		0	.024		(0	.024)		1.00		2.41			661,326		0.45	(c)		4.82	(c)		0.48	(c)		4.79	(c)
2007-FST Service Shares		1.00		0	.023		(0	.023)		1.00		2.29			611,091		0.70	(c)		4.57	(c)		0.73	(c)		4.54	(c)
For the Years Ended December 31,
2006-FST Shares		1.00		0	.048		(0	.048)		1.00		4.87			8,565,756		0.20			4.77			0.23			4.74
2006-FST Select Shares		1.00		0	.047		(0	.047)		1.00		4.84			1		0.23			4.60			0.26			4.57
2006-FST Preferred Shares		1.00		0	.047		(0	.047)		1.00		4.77			132,530		0.30			4.66			0.33			4.63
2006-FST Capital Shares		1.00		0	.046		(0	.046)		1.00		4.72			3,613		0.35			4.62			0.38			4.59
2006-FST Administration Shares		1.00		0	.045		(0	.045)		1.00		4.61			754,867		0.45			4.54			0.48			4.51
2006-FST Service Shares		1.00		0	.043		(0	.043)		1.00		4.35			778,820		0.70			4.27			0.73			4.24
2005-FST Shares		1.00		0	.030		(0	.030)		1.00		3.03			7,555,583		0.20			3.02			0.22			3.00
2005-FST Select Shares		1.00		0	.030		(0	.030)		1.00		3.00			3		0.21			2.99			0.23			2.97
2005-FST Preferred Shares		1.00		0	.029		(0	.029)		1.00		2.93			142,604		0.30			3.15			0.32			3.13
2005-FST Capital Shares		1.00		0	.029		(0	.029)		1.00		2.88			3,772		0.35			2.84			0.37			2.82
2005-FST Administration Shares		1.00		0	.028		(0	.028)		1.00		2.78			696,899		0.45			2.78			0.47			2.76
2005-FST Service Shares		1.00		0	.025		(0	.025)		1.00		2.52			608,554		0.70			2.56			0.72			2.54
2004-FST Shares		1.00		0	.012		(0	.012)		1.00		1.18			7,336,617		0.20			1.17			0.22			1.15
2004-FST Select Shares		1.00		0	.011		(0	.011)		1.00		1.15			3		0.23			0.98			0.25			0.96
2004-FST Preferred Shares		1.00		0	.011		(0	.011)		1.00		1.08			41,311		0.30			1.03			0.32			1.01
2004-FST Capital Shares		1.00		0	.010		(0	.010)		1.00		1.03			3,823		0.35			1.01			0.37			0.99
2004-FST Administration Shares		1.00		0	.009		(0	.009)		1.00		0.93			679,050		0.45			1.00			0.47			0.98
2004-FST Service Shares		1.00		0	.007		(0	.007)		1.00		0.67			484,309		0.70			0.68			0.72			0.66
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

(a)	Calculated based on the average shares outstanding methodology.
(b)	Assumes reinvestment of all distributions. 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.

67

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					Distributions			Net asset					Net assets		Ratio of net			investment			Ratio of total			investment
	value,		Net			from net			value,					end		expenses to			income to			expenses to			income to
	beginning		investment			investment			end		Total			of period		average net			average net			average net			average net
Year—Share Class	of period		income(a)			income			of period		return(b)			(in 000’s)		assets			assets			assets			assets
For the Six Months Ended June 30, (Unaudited)
2007-FST Shares	$	1.00	$	0	.018	$	(0	.018)	$	1.00		1.77	%	$	6,855,934		0.18	%(c)		3.55	%(c)		0.24	%(c)		3.50	%(c)
2007-FST Select Shares		1.00		0	.017		(0	.017)		1.00		1.76			52,015		0.21	(c)		3.51	(c)		0.27	(c)		3.45	(c)
2007-FST Preferred Shares		1.00		0	.017		(0	.017)		1.00		1.72			314,276		0.28	(c)		3.41	(c)		0.34	(c)		3.36	(c)
2007-FST Capital Shares		1.00		0	.017		(0	.017)		1.00		1.70			115,196		0.33	(c)		3.39	(c)		0.39	(c)		3.34	(c)
2007-FST Administration Shares		1.00		0	.016		(0	.016)		1.00		1.65			514,982		0.43	(c)		3.30	(c)		0.49	(c)		3.24	(c)
2007-FST Service Shares		1.00		0	.015		(0	.015)		1.00		1.52			263,732		0.68	(c)		3.05	(c)		0.74	(c)		3.00	(c)
For the Years Ended December 31,
2006-FST Shares		1.00		0	.033		(0	.033)(e)		1.00		3.32			6,243,612		0.18			3.25			0.23			3.20
2006-FST Select Shares		1.00		0	.032		(0	.032)(e)		1.00		3.29			101,244		0.21			3.21			0.26			3.16
2006-FST Preferred Shares		1.00		0	.032		(0	.032)(e)		1.00		3.22			326,624		0.28			3.19			0.33			3.14
2006-FST Capital Shares		1.00		0	.031		(0	.031)(e)		1.00		3.17			423,215		0.33			3.12			0.38			3.07
2006-FST Administration Shares		1.00		0	.030		(0	.030)(e)		1.00		3.07			323,201		0.43			3.01			0.48			2.96
2006-FST Service Shares		1.00		0	.028		(0	.028)(e)		1.00		2.81			172,468		0.68			2.77			0.73			2.72
2005-FST Shares		1.00		0	.022		(0	.022)		1.00		2.26			7,547,716		0.18			2.23			0.22			2.19
2005-FST Select Shares		1.00		0	.022		(0	.022)		1.00		2.23			175,764		0.21			2.20			0.25			2.16
2005-FST Preferred Shares		1.00		0	.022		(0	.022)		1.00		2.16			243,181		0.28			2.16			0.32			2.12
2005-FST Capital Shares		1.00		0	.021		(0	.021)		1.00		2.11			220,902		0.33			2.24			0.37			2.20
2005-FST Administration Shares		1.00		0	.020		(0	.020)		1.00		2.01			349,087		0.43			1.98			0.47			1.94
2005-FST Service Shares		1.00		0	.017		(0	.017)		1.00		1.75			164,979		0.68			1.79			0.72			1.75
2004-FST Shares		1.00		0	.010		(0	.010)		1.00		1.05			8,026,117		0.18			1.03			0.22			0.99
2004-FST Select Shares		1.00		0	.010		(0	.010)		1.00		1.02			160,472		0.21			1.02			0.25			0.98
2004-FST Preferred Shares		1.00		0	.009		(0	.009)		1.00		0.94			186,208		0.28			0.94			0.32			0.90
2004-FST Capital Shares		1.00		0	.009		(0	.009)		1.00		0.89			32,599		0.33			0.93			0.37			0.89
2004-FST Administration Shares		1.00		0	.008		(0	.008)		1.00		0.79			345,968		0.43			0.81			0.47			0.77
2004-FST Service Shares		1.00		0	.005		(0	.005)		1.00		0.54			85,930		0.68			0.58			0.72			0.54
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

(a)	Calculated based on the average shares outstanding methodology.
(b)	Assumes reinvestment of all distributions. Returns for periods less than a full year are not annualized.
(c)	Annualized.
(d)	Less than $0.005 per share.
(e)	Amount includes $0.00004 of distribution from net realized gains.

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

68

Goldman Sachs Trust—Financial Square Funds

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

     The Trustees oversee the management of Goldman Sachs Trust (the “Trust”), and review the investment performance and expenses of the investment funds covered by this Report (the “Funds”) at regularly scheduled meetings held during the Funds’ fiscal year. In addition, the Trustees determine annually whether to approve and continue the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) for the Funds.

     The Management Agreement was most recently approved by the Trustees, including all of the Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), on June 13, 2007 (the “Annual Contract Meeting”).

     To assist the Trustees in their deliberations at the Annual Contract Meeting, and in addition to the reviews of the Funds’ investment performance, expenses and other matters at regularly scheduled Board meetings, the Trustees have a Contract Review Committee (the “Committee”) whose members include all of the Independent Trustees. The Committee held meetings on December 14, 2006, February 7, 2007 and May 9, 2007. At these Committee meetings, the Independent Trustees considered matters relating to the Management Agreement including: (a) the Funds’ investment performance; (b) the Funds’ management fee arrangements; (c) the Investment Adviser’s management fee waivers and its undertaking to reimburse certain expenses of the Funds that exceed specified levels; (d) potential economies of scale; (e) the relative expense level of the Funds as compared to comparable funds; (f) data relating to the Investment Adviser’s profitability with respect to the Trust and the Funds; (g) the quality of the non-advisory services provided by the Investment Adviser and its affiliates; (h) information on the processes followed by a third party mutual fund data provider engaged as part of the Trustees’ contract review (the “Outside Data Provider”) in producing investment performance and expense comparisons for the Funds; and (i) the quality of the services provided by the Funds’ unaffiliated service providers and reports on due diligence visits to outside service providers.

     At the Annual Contract Meeting, the Trustees reviewed the matters that were considered at the Committee meetings and also considered additional matters, including: (a) a summary of fee concessions by the Investment Adviser and its affiliates with respect to the Goldman Sachs mutual funds; (b) the quality of the Investment Adviser’s services; (c) the structure, staff and capabilities of the Investment Adviser and its portfolio management teams; (d) the groups within the Investment Adviser that support the portfolio management teams, including the legal and compliance departments, the credit department, the valuation oversight group, the risk and performance analytics group, the business planning team and the technology group; (e) the Investment Adviser’s business continuity and disaster recovery planning; (f) the Investment Adviser’s financial resources and its ability to hire and retain talented personnel; (g) the fees received by the Investment Adviser’s affiliates from the Funds for transfer agency and other services; (h) the terms of the Management Agreement; (i) the administrative services provided under the Management Agreement, including the nature and extent of the Investment Adviser’s oversight of the Funds’ other service providers including the custodian and fund accounting agent; and (j) the Investment Adviser’s policies addressing various types of potential conflicts of interest. At the Annual Contract Meeting, the Trustees also considered at further length the Funds’ investment performance, fees and expenses, including the Funds’ expense trends over time.

     In connection with the Committee meetings and the Annual Contract Meeting, the Trustees received written materials and oral presentations on the topics covered, and were advised by their independent legal counsel regarding their responsibilities under applicable law. Also, in conjunction with these meetings, the Trustees received information relating to revenue sharing payments made by the Investment Adviser and other matters. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser present.

     The presentations made at the Contract Review Committee meetings and at the Annual Contract Meeting encompassed the Funds and other mutual fund portfolios for which the Board of Trustees has responsibility. While the Management Agreement for all of the Funds was approved at the same Annual Contract Meeting, the Trustees considered the Management Agreement as it applied to each Fund separately.

     In evaluating the Management Agreement at the Annual Contract Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser, its services and the Funds. At those meetings the Trustees received materials relating to the Investment Adviser’s investment management and other services under the Management Agreement, including: (a) information on the investment performance of the Funds in comparison to other money market mutual funds; (b) general investment outlooks in the markets in which the Funds invest; (c) compliance reports; and (d) expenses borne by the Funds. In addition, the Trustees were provided with disclosure materials regarding the Goldman Sachs mutual funds and their expenses that are provided to investors who invest in the funds, as well as information on the Goldman Sachs mutual funds’ competitive universe and discussed the broad range of other investment choices that are available to those investors.

69

Goldman Sachs Trust—Financial Square Funds

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

     In connection with their approval of the Management Agreement, the Trustees gave weight to various factors, but did not identify any particular factor as controlling their decision. As part of their review, the Trustees considered the nature, extent and quality of the services provided by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services, and the other, non-advisory services, that are provided to the Funds by the Investment Adviser and its affiliates. These services include services as the Funds’ transfer agent and distributor. The Trustees concluded that the Investment Adviser was both able to commit substantial financial and other resources to the operations of the Funds and had, in fact, continued to commit those resources in multiple areas including portfolio management, trading, technology, human resources, tax, treasury, legal, compliance, vendor oversight and risk management. The Trustees also believed that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser, including education and training initiatives.

     The Trustees also considered the investment performance of the Funds and the Investment Adviser. In this regard, the Trustees compared the investment performance of the Funds to the performance rankings issued by the Outside Data Provider. This information on the Funds’ investment performance was provided for one, three and five year (and in some cases longer) periods. In addition, the Trustees considered the Funds’ investment performance in light of the investment objectives and credit parameters applicable to the Funds and the predominantly institutional investor base the Funds serve. The Trustees also considered the Funds’ compliance with regulations of the Securities and Exchange Commission (the “SEC”) applicable to money market mutual funds and the stability of the Funds’ net asset values. In light of these considerations, the Trustees concluded that the Funds were providing investment performance within a competitive range for investors.

     The Board of Trustees also considered the contractual fee rates payable by the Funds under the Management Agreement. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as registered mutual funds. They also considered information that indicated that these mutual fund services differed in various significant respects from the services provided to the Investment Adviser’s institutional accounts, which generally paid lower fees. In addition, the fees paid by the Funds and the Funds’ total operating expense ratios (before and after applicable fee waivers and expense reimbursements) were compared to similar information for comparable money market mutual funds advised by other, unaffiliated investment management firms. Most of the comparisons of the Funds’ fee rates and total operating expense ratios were prepared by the Outside Data Provider.

     More particularly, the Trustees reviewed analyses prepared by the Outside Data Provider of the expense rankings of the Funds. The analyses provided a comparison of the Funds’ management fee rates to relevant peer groups and category universes; an expense analysis which compared each Fund’s expenses to a peer group and a category universe; and a five-year history comparing each Fund’s expenses to a category average. The analyses also compared the Funds’ transfer agency fees, custody and accounting fees and other expenses to peer groups and medians. The Trustees believed that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees paid by the Funds.

     In addition, the Trustees reviewed information regarding potential economies of scale, and whether the Funds and their shareholders were participating in the benefits of those economies. In this regard, the Trustees considered the amount of assets in the Funds; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and the profits realized by them; and information comparing the contractual fee rates charged by the Investment Adviser (which do not include fee breakpoints) with fee rates charged by other, unaffiliated investment managers to other mutual funds. In this connection, the Trustees noted that the fees actually paid by the Funds were reduced by the Investment Adviser’s voluntary fee waivers and that the Investment Adviser had voluntarily reimbursed certain expenses of the Funds.

     The Trustees also considered the other benefits, such as transfer agency and service fees, derived by the Investment Adviser and its affiliates from the Funds as stated above. In this regard, the Trustees noted that pursuant to exemptive orders issued by the SEC, affiliates of the Investment Adviser receive compensation in connection with certain portfolio transactions executed by the Funds. In addition, the Trustees reviewed the Investment Adviser’s pre-tax revenues and pre-tax margins with respect to the Trust and the Funds. The Trustees reviewed, among other things, profitability analyses and summaries, revenue and expense schedules, and expense allocation methodologies, as well as a report of independent accountants regarding the results of certain agreed-upon procedures to verify expense allocation calculations that were designed to assist the Trustees in their evaluation of the Investment Adviser’s schedules of revenues and expenses. The Trustees considered the Investment Adviser’s revenues and margins both in absolute terms and in comparison to the information on the reported margins earned by other asset management firms.

     After deliberation and consideration of the information provided, including the factors described above, the Trustees concluded that the management fees paid by each of the Funds were reasonable in light of the services provided by the Investment Adviser, its costs and the Funds’ current and reasonably foreseeable asset levels, and that each Fund’s Management Agreement should be approved and continued.

70

Goldman Sachs Trust—Financial Square Funds

Fund Expenses (Unaudited) — Six Month Period Ended June 30, 2007 

          As a shareholder of FST Shares, FST Select Shares, FST Preferred Shares, FST Capital Shares, FST Administration Shares or FST Service Shares of the Funds you incur ongoing costs, including management fees; distribution (12b-1), service and/or shareholder administration fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in FST Shares, FST Select Shares, FST Preferred Shares, FST Capital Shares, FST Administration Shares or FST Service Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

          The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2007 through June 30, 2007.

Actual Expenses — The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the column heading entitled “Expenses Paid” to estimate the expenses you paid on your account for this period.

Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

          Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Prime Obligations Fund							Money Market Fund							Treasury Obligations Fund							Treasury Instruments Fund
						Expenses							Expenses							Expenses							Expenses
						Paid for							Paid for							Paid for							Paid for
	Beginning		Ending			the		Beginning		Ending			the		Beginning		Ending			the		Beginning		Ending			the
	Account		Account			6 months		Account		Account			6 months		Account		Account			6 months		Account		Account			6 months
Share	Value		Value			ended		Value		Value			ended		Value		Value			ended		Value		Value			ended
Class	1/1/07		6/30/07			6/30/07*		1/1/07		6/30/07			6/30/07*		1/1/07		6/30/07			6/30/07*		1/1/07		6/30/07			6/30/07
FST Shares
Actual	$	1,000.00	$	1,026.00		$	0.90	$	1,000.00	$	1,026.00		$	0.93	$	1,000.00	$	1,025.20		$	1.03	$	1,000.00	$	1,024.40		$	1.03
Hypothetical 5% return		1,000.00		1,023.90	+		0.90		1,000.00		1,023.87	+		0.93		1,000.00		1,023.78	+		1.03		1,000.00		1,023.78	+		1.03
FST Select Shares
Actual		1,000.00		1,025.90			1.06		1,000.00		1,025.90			1.09		1,000.00		1,025.10			1.18		1,000.00		1,024.20			1.18
Hypothetical 5% return		1,000.00		1,023.75	+		1.05		1,000.00		1,023.72	+		1.09		1,000.00		1,023.63	+		1.18		1,000.00		1,023.63	+		1.18
FST Preferred Shares
Actual		1,000.00		1,025.50			1.41		1,000.00		1,025.50			1.44		1,000.00		1,024.70			1.53		1,000.00		1,023.90			1.53
Hypothetical 5% return		1,000.00		1,023.41	+		1.41		1,000.00		1,023.38	+		1.44		1,000.00		1,023.29	+		1.53		1,000.00		1,023.28	+		1.53
FST Capital
Actual		1,000.00		1,025.30			1.66		1,000.00		1,025.20			1.69		1,000.00		1,024.50			1.78		1,000.00		1,023.60			1.78
Hypothetical 5% return		1,000.00		1,023.16	+		1.66		1,000.00		1,023.12	+		1.69		1,000.00		1,023.04	+		1.78		1,000.00		1,023.03	+		1.78
FST Administration
Actual		1,000.00		1,024.80			2.16		1,000.00		1,024.70			2.19		1,000.00		1,024.00			2.28		1,000.00		1,023.10			2.28
Hypothetical 5% return		1,000.00		1,022.66	+		2.16		1,000.00		1,022.63	+		2.19		1,000.00		1,022.54	+		2.28		1,000.00		1,022.54	+		2.28
FST Service
Actual		1,000.00		1,023.50			3.41		1,000.00		1,023.50			3.44		1,000.00		1,022.70			3.53		1,000.00		1,021.90			3.53
Hypothetical 5% return		1,000.00		1,021.42	+		3.41		1,000.00		1,021.39	+		3.44		1,000.00		1,021.30	+		3.53		1,000.00		1,021.30	+		3.53

71

	Government Fund							Federal Fund								Tax-Free Money Market Fund
						Expenses								Expenses							Expenses
						Paid for								Paid for							Paid for
	Beginning		Ending			the		Beginning			Ending			the		Beginning		Ending			the
	Account		Account			6 months		Account			Account			6 months		Account		Account			6 months
	Value		Value			ended		Value			Value			ended		Value		Value			ended
Share Class	1/1/07		6/30/07			6/30/07*		1/1/07			6/30/07			6/30/07*		1/1/07		6/30/07			6/30/07*
FST Shares										��
Actual	$	1,000.00	$	1,025.80		$	0.93	$	1,000.00		$	1,025.40		$	1.02	$	1,000.00	$	1,017.70		$	0.92
Hypothetical 5% return		1,000.00		1,023.88	+		0.93		1,000.00			1,023.79	+		1.02		1,000.00		1,023.88	+		0.92
FST Select Shares
Actual		1,000.00		1,025.70			1.08		1,000.00			1,025.20			1.22		1,000.00		1,017.60			1.07
Hypothetical 5% return		1,000.00		1,023.73	+		1.08		1,000.00			1,023.59	+		1.22		1,000.00		1,023.73	+		1.07
FST Preferred Shares
Actual		1,000.00		1,025.30			1.43		1,000.00			1,024.90			1.52		1,000.00		1,017.20			1.42
Hypothetical 5% return		1,000.00		1,023.38	+		1.43		1,000.00			1,023.29	+		1.52		1,000.00		1,023.39	+		1.42
FST Capital
Actual		1,000.00		1,025.10			1.68		1,000.00			1,024.60			1.77		1,000.00		1,017.00			1.67
Hypothetical 5% return		1,000.00		1,023.14	+		1.68		1,000.00			1,023.04	+		1.77		1,000.00		1,023.14	+		1.68
FST Administration
Actual		1,000.00		1,024.60			2.18		1,000.00			1,024.10			2.27		1,000.00		1,016.50			2.17
Hypothetical 5% return		1,000.00		1,022.64	+		2.18		1,000.00			1,022.55	+		2.27		1,000.00		1,022.64	+		2.18
FST Service
Actual		1,000.00		1,023.30			3.43		1,000.00			1,022.90			3.53		1,000.00		1,015.20			3.42
Hypothetical 5% return		1,000.00		1,021.40	+		3.43		1,000.00			1,021.31	+		3.53		1,000.00		1,021.40	+		3.43

*  Expenses for each share class are calculated using the Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended June 30, 2007. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the year. Expense ratios for the most recent fiscal half year may differ from expense ratios based on one-year data in the financial highlights. The annualized net expense ratios for the period were as follows:

Fund	FST Shares			FST Select Shares			FST Preferred Shares			FST Capital Shares			FST Administration Shares			FST Service Shares
Prime Obligations		0.18	%		0.21	%		0.28	%		0.33	%		0.43	%		0.68	%
Money Market		0.19			0.22			0.29			0.34			0.44			0.69
Treasury Obligations		0.20			0.23			0.30			0.35			0.45			0.70
Treasury Instruments		0.20			0.23			0.30			0.35			0.45			0.70
Government		0.18			0.21			0.28			0.33			0.43			0.68
Federal		0.20			0.24			0.30			0.35			0.45			0.70
Tax-Free Money Market		0.18			0.21			0.28			0.33			0.43			0.68

+  Hypothetical expenses are based on the Fund’s actual annualized expense ratios and an assumed rate of return of 5% per year before expenses.

72

The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (I) without charge, upon request by calling 1-800-621-2550; and (II) on the Securities and Exchange Commission Web site at http://www.sec.gov.

The Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Form N-Q will become available on the SEC’s website at http://www.sec.gov within 60 days after the Funds’ first and third fiscal quarters. When available, the Funds’ Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. When available, Form N-Q may be obtained upon request and without charge by calling 1-800-621-2550.

The Standardized 7-Day Current Yield is calculated in accordance with securities industry regulations and does not include capital gains. The Standardized 7-Day Current Yield may differ slightly from the actual distribution rate of a given portfolio because of the exclusion of distributed capital gains, which are non-recurring.

The Standardized 7-Day Effective Yield is calculated in accordance with securities industry regulations and does not include capital gains. The Standardized 7-Day Effective Yield assumes reinvestment of monthly dividends.

The Standardized 30-Day Yield is calculated by annualizing the net investment income per share earned over a 30-day period divided by the maximum public offering price per share on the last day of the period. This yield does not necessarily reflect income earned and distributed by the Fund and, therefore, may not be correlated with the dividends or other distributions paid to shareholders.

Holdings and allocations shown may not be representative of current or future investments. Holdings and allocations may not include the Fund’s entire investment portfolio, which may change at any time. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities.

This material is not authorized for distribution unless preceded or accompanied by a current prospectus. Investors should consider a fund’s objectives, risks, and charges and expenses, and read the prospectus carefully before investing or sending money. The prospectus contains this and other information about the Funds.

Goldman, Sachs & Co. is the distributor of the Goldman Sachs Funds.

Copyright 2006 Goldman, Sachs & Co. All rights reserved. 06-260/148.1K / 08-07

TRUSTEES

Ashok N. Bakhru, Chairman

John P. Coblentz, Jr.

Diana M. Daniels

Patrick T. Harker

Jessica Palmer

Alan A. Shuch

Richard P. Strubel

Kaysie P. Uniacke

OFFICERS

Kaysie P. Uniacke, President

James A. McNamara, Senior Vice President

John M. Perlowski, Senior Vice President and Treasurer

Peter V. Bonanno, Secretary

GOLDMAN, SACHS & CO.

Distributor and Transfer Agent

GOLDMAN SACHS ASSET MANAGEMENT, L.P.

Investment Adviser

FSS/ SAR 06/07 Goldman Sachs Funds
32 Old Slip
New York, NY 10005

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5.	AUDIT COMMITTEE OF LISTED REGISTRANTS.
	Not applicable.

ITEM 6.	SCHEDULE OF INVESTMENTS.
	Schedule of Investments is included as part of the Report to Stockholders filed under Item 1.

ITEM 7.	DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
	Not applicable.

ITEM 8.	PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
	Not applicable.

ITEM 9.	PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
	Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
 
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

ITEM 11. CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS.

(a)	Exhibit 99.CERT	Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith.
(b)	Exhibit 99.906CERT	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Goldman Sachs Trust
By:	/s/ Kaysie P. Uniacke
	Kaysie P. Uniacke
	President/Principal Executive Officer
	Goldman Sachs Trust
Date:	September 5, 2007

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Kaysie P. Uniacke
	Kaysie P. Uniacke
	President/Principal Executive Officer
	Goldman Sachs Trust
Date:	September 5, 2007
By:	/s/ John M. Perlowski
	John M. Perlowski
	Treasurer/Principal Financial Officer
	Goldman Sachs Trust
Date:	September 5, 2007