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 811-05349

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 W. Murphy, Esq.
200 West Street	Dechert LLP
New York, NY 10282	1775 I Street, NW
	Washington, D.C. 20006
(Name and address of agents for service)

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

Date of fiscal year end: August 31

Date of reporting period: February 28, 2010

ITEM 1.	REPORTS TO STOCKHOLDERS.
	The Semi-Annual Report to Stockholders is filed herewith.

Goldman Sachs Funds

 

Semi-Annual Report	February 28, 2010
	Financial Square Funds
	Federal
	Government
	Money Market
	Prime Obligations
	Tax-Free Money Market
	Treasury Instruments
	Treasury Obligations

Goldman Sachs Funds – Financial Square Funds

n	FEDERAL
n	GOVERNMENT
n	MONEY MARKET
n	PRIME OBLIGATIONS
n	TAX-FREE MONEY MARKET
n	TREASURY INSTRUMENTS
n	TREASURY OBLIGATIONS

TABLE OF CONTENTS

Principal Investment Strategies and Risks	1
Market Review	2
Portfolio Management Discussion and Analysis	4
Yield Summary	5
Sector Allocations	6
Schedules of Investments	8
Financial Statements	44
Notes to Financial Statements	53
Financial Highlights	68
Other Information	82

NOT FDIC-INSURED May Lose Value No Bank Guarantee

GOLDMAN SACHS FUNDS – FINANCIAL SQUARE FUNDS

Principal Investment Strategies and Risks

Taxable Funds: The Prime Obligations, Money Market, Treasury Obligations, Treasury Instruments, Federal and Government Funds seek to maximize current income to the extent consistent with the preservation of capital and the maintenance of liquidity by investing exclusively in high quality money market instruments. The Prime Obligations and Money Market Funds pursue their investment objectives by investing in U.S. Government Securities (as defined in the Funds’ prospectus), obligations of U.S. banks, commercial paper and other short-term obligations of U.S. companies, states, municipalities and other entities and repurchase agreements. The Money Market Fund may also invest in U.S. dollar-denominated obligations of foreign banks, foreign companies and foreign governments. The Treasury Obligations Fund pursues its investment objective by investing only in securities issued or guaranteed by the U.S. Treasury and repurchase agreements relating to such securities. The Government Fund pursues its investment objective by investing, directly or indirectly, only in U.S. Government securities and repurchase agreements relating to such securities. The Treasury Instruments and Federal Funds pursue their investment objectives by limiting their investments only to U.S. Treasury Obligations (as defined in the Fund’s Prospectus) and U.S. Government Securities, respectively, the interest from which is generally exempt from state income taxation. You should consult your tax adviser to determine whether distributions from the Treasury Instruments and Federal Funds (and any other Fund that may hold such obligations) derived from interest on such obligations are exempt from state income taxation in your own state.

In order to obtain a rating from a rating organization, the Prime Obligations, Money Market, Treasury Instruments, Treasury Obligations, Federal and Government Funds will be subject to additional investment restrictions.

Tax-Exempt Fund: The Tax-Free Money Market Fund pursues its investment objective by investing in securities issued by or on behalf of states, territories, and possessions of the United States and their political subdivisions, agencies, authorities and instrumentalities, and the District of Columbia, the interest from which, if any, is in the opinion of bond counsel excluded from gross income for federal income tax purposes, and generally not an item of tax preference under the federal alternative minimum tax (“AMT”).

In order to obtain a rating from a rating organization, the Tax-Free Money Market Fund may be subject to additional investment restrictions.

An investment in a money market fund 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.

1

MARKET REVIEW

Goldman Sachs Funds – Financial Square Funds

Economic and Market Review

The six months ended February 28, 2010 (the “Reporting Period”) were far less “exciting” and eventful than the months that preceded them, with the Federal Reserve Board (the Fed) maintaining the target federal funds rate near zero throughout, thus driving the dominant theme in the money markets — that is, low yields.

Before the Reporting Period began, shocks to the global financial system, which peaked in September 2008, caused market participants to reduce risk in their investment portfolios in such dramatic fashion as to ultimately create credit, liquidity and confidence crises that lasted largely through the first quarter of 2009. In response to these crises and in an effort to revive confidence, the Fed, the U.S. Treasury Department and the Federal Deposit Insurance Corporation (“FDIC”), along with several global banking bodies, created a host of unprecedented programs and a new framework within which to improve liquidity and restart the flow of credit. For example, in an effort to restore confidence in retail and institutional money market funds, the U.S. Treasury Department created a Temporary Guarantee Program for money market funds. The Federal Reserve Bank of Boston implemented the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (“AMLF”) to provide a source of liquidity for asset-backed securities held by money market funds. The Federal Reserve Bank of New York created a Commercial Paper Funding Facility (“CPFF”) to provide liquidity to U.S. issuers of both unsecured commercial paper and asset-backed commercial paper through what is known as a special purpose vehicle. In other words, the CPFF was designed to provide a backstop financing facility to ensure that corporations would have the ability to repay maturing debt and finance current operations by purchasing commercial paper directly. To further address credit and liquidity concerns, FDIC-insured depository institutions, such as banks, thrifts and certain holding companies, were given the ability to issue senior unsecured debt guaranteed under the Temporary Liquidity Guarantee Program (“TLGP”).

These temporary liquidity facilities, along with a streak of improving economic data, helped stabilize demand for money market funds as 2009 progressed. Indeed, as liquidity and confidence returned to the money markets during the second half of the calendar year, some of these facilities expired with little effect on the asset class. Other facilities, including the CPFF and the AMLF, were extended until February 2010 in order to provide continued support to the money markets. The Fed announced that the purchase of over $300 billion of Treasury securities would be completed by October 2009, months earlier than originally planned. Meanwhile, the European Central Bank (“ECB”) announced the start of a one-year repurchase operation, providing attractive, longer-term financing for eligible European banks, wherein the ECB would lend money at a 1% interest rate. The ECB’s first auction in June 2009 was met with strong demand, and it held a second auction in September 2009. Both auctions had the effect of reducing the need of Yankee banks, or foreign banks with operations in the U.S., to seek financing in the U.S. commercial paper market.

Although conditions in the economy and in the financial markets generally improved during the Reporting Period, the Fed expected economic activity to remain weak for some time and thus kept the 0% to 0.25% target range for the federal funds rate it had first established in December 2008. More specifically, the Fed stated, “Household spending appears to be expanding but remains constrained by ongoing job losses, sluggish income growth, lower housing wealth, and tight credit.” Nevertheless, the Fed raised the discount

 2

MARKET REVIEW

rate, i.e. the rate it charges banks for short-term loans, by 0.25% in mid-February 2010. In raising the discount rate from 0.50% to 0.75%, the Fed appeared to signal that it was focused on dismantling the emergency policies crafted to battle the financial crisis. At the same time, however, the Fed sought to counter the impression that its decision indicated an imminent tightening of its targeted federal funds rate, saying, “The modifications are not expected to lead to tighter financial conditions for households and businesses and do not signal any change in the outlook for the economy or for monetary policy.”

The combination of all of these factors led both the taxable and tax-exempt money markets to face declining yields throughout 2009 and into 2010. These factors also led the taxable and tax-exempt money market yield curves, or spectrums of maturities, to flatten over the Reporting Period as a whole, meaning the difference between yields at the short-term end of the money market yield curve and the longer-term end narrowed.

Looking Ahead

We expect the Fed to maintain its near-zero targeted federal funds rate for much of 2010. Indeed, in our view, the Fed is not likely to begin tightening policy until solid economic growth becomes apparent. This may take some time, as we believe anticipated costs of health care reform, a persistently high unemployment rate hovering around 10%, and consumer spending pressures weigh on economic growth prospects over the coming months. On the positive side, we continue to observe improvement in economic activity across a number of leading indicators. We believe that the long-term inflation outlook will be influenced, among other factors, by massive government credit creation and the U.S. Treasury Department’s borrowing needs.

3

PORTFOLIO RESULTS

Goldman Sachs Funds – Financial Square Funds

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Money Market Portfolio Management Team discusses the Financial Square Funds’ performance and positioning for the Reporting Period.

Q	How did you manage the Financial Square Funds (the “Funds”) during the Reporting Period?
A	The Funds’ yields moved lower over the course of the six-month Reporting Period due primarily to the factors discussed in the Economic and Market Review. We also sacrificed some yield by emphasizing overnight liquidity and steering away from higher-yielding asset-backed commercial paper in favor of lower-yielding conservative investments, such as U.S. Treasury and agency securities.
Q	How were the taxable Funds invested?
A	The taxable Funds had investments in commercial paper, asset-backed commercial paper, Treasury securities, government agency securities, repurchase agreements, government guaranteed paper and certificates of deposit during the Reporting Period. Our focus was on securities with one- to three-month maturities, although we did make purchases with longer maturities when we saw backups, or falling prices, as we sought to lock in the higher yields then available.
Q	How was the tax-exempt Fund invested?
A	The tax-exempt Fund had investments in variable rate demand notes (VRDNs), tax-exempt commercial paper, municipal put bonds, tax and revenue anticipation notes, bond anticipation notes and serial bonds (including revenue bonds and general obligations) during the Reporting Period. Although our focus was on securities with one- to three-month maturities, we made purchases with longer maturities when we saw backups, or falling prices, as we sought to lock in the higher yields then available.
Q	Did you make any changes to the Funds’ portfolios during the Reporting Period?
A	In addition to making adjustments in the Funds’ weighted average maturity as market conditions shifted, we increased the Funds’ concentrations in overnight securities. Within the taxable funds, we also focused more of our investing in government agency and Treasury securities.

During the Reporting Period, the Securities and Exchange Commission (SEC) made a number of regulatory changes that affected money market funds. These included stricter liquidity and credit standards and shorter maturity profiles, which are meant to protect against market disruptions similar to those seen in the fall of 2008. Many money market funds, such as the Financial Square Funds, had already implemented these changes prior to their adoption by the SEC.

Q

What is the Funds’ tactical view and strategy for the months ahead?

A

We will continue to carefully watch market conditions and how they affect the performance of asset-backed commercial paper assets, especially the performance of underlying collateral, credit enhancement and liquidity agreements, and program ratings. We also intend to maintain a healthy liquidity position in the Funds for the near term and to seek opportunities to lengthen the Funds’ weighted average maturity when we see yields improve. Of course, we will continue to closely monitor economic data, Fed policy and any shifts in the money market yield curve, as we strive to strategically navigate the interest rate environment.

 4

YIELD SUMMARY

Goldman Sachs Funds – Financial Square Funds

as of February 28, 2010

SUMMARY OF THE INSTITUTIONAL SHARES* AS OF 2/28/10

				SEC 7–Day			SEC 7–Day			SEC 30–Day			Weighted
	7–Day			Current			Effective			Average			Avg. Maturity
Funds	Dist. Yield			Yield			Yield			Yield			(days)
Federal		0.01	%		-0.01	%		-0.01	%		0.01	%		39
Government		0.01			-0.02			-0.02			0.02			29
Money Market		0.05			0.03			0.03			0.06			26
Prime Obligations		0.05			0.03			0.03			0.05			41
Tax-Free Money Market		0.10			0.10			0.10			0.09			28
Treasury Instruments		0.01			0.00			0.00			0.01			36
Treasury Obligations		0.01			-0.04			-0.04			0.01			22

* Each Financial Square Fund 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 Institutional Shares do not have a service fee. The Select, Preferred, Capital, Administration and Service Shares offer financial institutions the opportunity to receive a fee for providing administrative support and/or personal and account maintenance services. The Select, Preferred, Capital, Administration and Service Shares pay 0.03%, 0.10%, 0.15%, 0.25% and 0.50%, respectively, 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 & Co. may voluntarily waive all or a portion of the existing administration and/or service fees of a Fund. 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.

The Yields represent past performance. Past performance does not guarantee future results. Current performance may be lower or higher than the performance quoted above.

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

The Standardized 7-Day Current Yield and Standardized 7-Day Effective Yield of a Fund are calculated in accordance with securities industry regulations and do not include net capital gains. Standardized 7-Day Current Yield may differ from the actual distribution rate of a given Fund because of the exclusion of distributed capital gains, which are non-recurring. The Standardized 7-Day Effective Yield assumes reinvestment of dividends on a monthly basis for one year.

5

SECTOR ALLOCATIONS

Goldman Sachs Funds – Financial Square Funds

TAXABLE FUNDS^†

As of February 28, 2010							Money			Prime			Treasury			Treasury
Security Type (Percentage of Net Assets)	Federal			Government			Market			Obligations			Instruments			Obligations
Bank Notes		—			—			—			1.8	%		—			—
Certificates of Deposit		—			—			—			—			—			—
Certificates of Deposit — Eurodollar		—			—			8.0	%		—			—			—
Certificates of Deposit — Yankeedollar		—			—			4.1			—			—			—
Commercial Paper & Corporate Obligations		—			—			11.7			28.5			—			—
Master Demand Notes		—			—			2.8			1.3			—			—
Medium-Term Notes		—			—			—			—			—			—
Repurchase Agreements		—			55.5	%		37.9			30.2			—			82.0	%
Time Deposits		—			—			7.2			—			—			—
U.S. Government Agency Obligations		71.1	%		39.8			19.3			30.1			—			—
U.S. Government Guarantee Variable Rate Obligations		—			4.0			0.5			1.0			—			—
U.S. Treasury Obligations		28.9			—			0.6			—			96.1	%		18.0
Variable Rate Obligations		—			—			7.6			4.3			—			—
Variable Rate Municipal Debt Obligations		—			—			0.6			3.1			—			—
As of August 31, 2009							Money			Prime			Treasury			Treasury
Security Type (Percentage of Net Assets)	Federal			Government			Market			Obligations			Instruments			Obligations
Bank Notes		—			—			—			—			—			—
Certificates of Deposit		—			—			—			—			—			—
Certificates of Deposit — Eurodollar		—			—			4.3	%		—			—			—
Certificates of Deposit — Yankeedollar		—			—			7.1			—			—			—
Commercial Paper & Corporate Obligations		—			—			18.9			24.4	%		—			—
Master Demand Notes		—			—			1.0			2.0			—			—
Medium-Term Notes		—			—			—			—			—			—
Repurchase Agreements		—			52.3	%		29.5			34.0			—			52.4	%
Time Deposits		—			—			—			—			—			—
U.S. Government Agency Obligations		64.3	%		41.0			28.1			32.9			—			—
U.S. Government Guarantee Commercial Paper		—			0.8			1.0			—			—			—
U.S. Government Variable Rate Obligations		—			1.8			1.7			0.4			—			—
U.S. Treasury Obligations		37.4			6.9			1.9			3.2			102.2	%		48.5
Variable Rate Obligations		—			—			6.5			3.1			—			—

 6

SECTOR ALLOCATIONS

TAX-FREE MONEY MARKET FUND^†

Security Type
(Percentage of Net Assets)	As of February 28, 2010			As of August 31, 2009
Commercial Paper		4.9	%		9.7	%
Bond Anticipation Notes		0.2			0.2
General Obligation Bond		1.0			1.6
Put Bonds		0.1			3.1
Revenue Anticipation Notes		5.5			4.0
Revenue Bonds		0.2			0.6
Tax and Revenue Anticipation Notes		7.4			3.4
Tax Anticipation Notes		2.2			2.4
Variable Rate Obligations		77.7			76.9
Pre-Refunded Bonds		—			0.2

^† The Fund is actively managed and, as such, its portfolio 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. Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

7

FINANCIAL SQUARE FEDERAL FUND

Schedule of Investments

February 28, 2010 (Unaudited)

	Principal		Interest			Maturity		Amortized
	Amount		Rate			Date		Cost
U.S. Government Agency Obligations – 71.1%
	Federal Farm Credit Bank(a)
	$	132,000,000		0.595	%		03/01/10	$	132,000,000
		183,000,000		0.619			03/01/10		183,370,054
		52,000,000		0.209			03/02/10		51,998,667
		135,000,000		0.329			03/03/10		135,000,000
		27,000,000		0.609			03/03/10		27,000,000
		270,000,000		0.418			03/12/10		270,000,000
		88,000,000		0.084			03/15/10		88,000,000
		750,000,000		0.421			03/15/10		750,000,000
		138,000,000		0.222			03/16/10		138,000,000
		65,000,000		0.169			03/17/10		64,966,399
		226,000,000		0.429			03/18/10		226,000,000
		95,000,000		0.001			03/26/10		95,000,000
		168,000,000		0.154			03/26/10		167,972,059
		401,400,000		0.099			04/23/10		401,400,000
		91,000,000		0.179			04/26/10		91,000,000
	Federal Home Loan Bank
		2,148,000,000		0.060			03/01/10		2,148,000,000
		165,363,000		0.100			03/01/10		165,363,000
		61,000,000		0.850	(a)		03/01/10		61,000,000
		450,000,000		0.110			03/03/10		449,997,250
		558,000,000		0.095			03/05/10		557,994,110
		1,527,000,000		0.100			03/05/10		1,526,983,033
		191,000,000		0.128	(a)		03/11/10		190,839,713
		231,000,000		0.080			03/12/10		230,994,353
		33,085,000		0.100			03/12/10		33,083,989
		735,306,000		0.100			03/17/10		735,273,320
		123,300,000		0.179	(a)		03/25/10		123,254,352
		443,350,000		0.110			04/07/10		443,299,877
		154,000,000		0.900			04/07/10		153,990,555
		585,000,000		0.000	(a)		04/13/10		584,996,554
		363,000,000		0.151	(a)		04/13/10		363,000,000
		200,000,000		0.111	(a)		04/15/10		199,860,895
		404,000,000		0.049	(a)		04/26/10		403,803,438
		50,000,000		0.069	(a)		05/01/10		49,984,239
		450,000,000		0.130	(a)		05/10/10		449,737,658
		133,500,000		0.130	(a)		05/13/10		133,418,588
		200,000,000		0.650			06/15/10		199,966,312
		82,000,000		0.600			06/21/10		81,976,146
		51,000,000		0.500			10/18/10		51,070,066
		33,000,000		0.500			10/22/10		33,000,000
	TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS							$	12,192,594,627
U.S. Treasury Obligations – 28.9%
	United States Treasury Bills
	$	800,000,000		0.080	%		03/25/10	$	799,957,333
		287,000,000		0.075			04/01/10		286,981,465
		545,000,000		0.100			04/22/10		544,921,278
		1,416,000,000		0.105			04/22/10		1,415,785,240
		54,500,000		0.400			06/17/10		54,434,600
		147,000,000		0.410			06/17/10		146,819,190
		36,000,000		0.415			06/17/10		35,955,180
		125,500,000		0.430			06/17/10		125,338,105
		1,254,000,000		0.200			07/01/10		1,253,150,067
		106,000,000		0.135			07/15/10		105,945,940
	United States Treasury Note
		190,000,000		1.500			10/31/10		191,354,076
	TOTAL U.S. TREASURY OBLIGATIONS							$	4,960,642,474
	TOTAL INVESTMENTS – 100.0%							$	17,153,237,101
	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.0%								432,282
	NET ASSETS – 100.0%							$	17,153,669,383

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. Interest rate disclosed is that which is in effect February 28, 2010.

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.

 8

FINANCIAL SQUARE GOVERNMENT FUND

Schedule of Investments

February 28, 2010 (Unaudited)

	Principal		Interest			Maturity		Amortized
	Amount		Rate			Date		Cost
U.S. Government Agency Obligations – 39.8%
	Federal Farm Credit Bank(a)
	$	135,650,000		0.209	%		03/02/10	$	135,646,522
		141,000,000		0.178			03/08/10		140,962,444
		150,000,000		0.178			03/09/10		149,960,042
		247,000,000		0.178			03/12/10		246,907,697
		247,000,000		0.156			03/14/10		246,846,593
		148,000,000		0.151			03/15/10		147,898,284
		155,000,000		0.169			03/17/10		154,919,875
	Federal Home Loan Bank
		308,000,000		0.850	(a)		03/01/10		308,000,000
		828,000,000		0.128	(a)		03/11/10		827,305,145
		319,500,000		0.179	(a)		03/25/10		319,381,715
		300,000,000		0.000	(a)		04/01/10		300,003,780
		150,000,000		0.950			04/05/10		149,989,471
		468,360,000		0.900			04/07/10		468,332,294
		1,850,000,000		0.000	(a)		04/13/10		1,849,989,103
		1,000,000,000		0.049	(a)		04/26/10		999,513,459
		125,000,000		0.069	(a)		05/01/10		124,960,597
		337,000,000		0.130	(a)		05/13/10		336,794,487
		169,425,000		0.650			06/15/10		169,396,462
		269,500,000		0.600			06/21/10		269,421,601
		50,000,000		0.500			10/18/10		50,068,692
		80,500,000		0.500			10/22/10		80,500,000
	Federal Home Loan Mortgage Corp.
		657,300,000		0.235	(a)		03/03/10		657,195,446
		30,336,000		0.327	(a)		03/09/10		30,379,966
		700,000,000		0.148	(a)		03/11/10		699,348,292
		490,000,000		0.149	(a)		03/20/10		489,625,525
		208,543,000		0.311	(a)		04/01/10		208,842,057
		18,500,000		0.303	(a)		04/07/10		18,522,903
		1,000,000,000		0.151	(a)		04/12/10		1,000,000,000
		91,216,000		0.109	(a)		05/01/10		91,202,832
		40,600,000		0.160	(a)		05/04/10		40,589,426
		552,139,000		0.179	(a)		05/05/10		552,074,855
		800,000,000		0.180			05/18/10		799,688,000
		65,124,000		0.230			06/28/10		65,074,488
		152,000,000		0.230			07/01/10		151,881,525
	Federal National Mortgage Association
		300,000,000		0.141	(a)		04/13/10		299,966,841
		4,050,000		0.130	(a)		05/13/10		4,047,576
		592,000,000		0.540			07/12/10		590,818,960
		592,140,000		0.200			07/15/10		591,692,605
		1,949,000,000		0.270			08/16/10		1,946,544,260
		493,000,000		0.300			09/01/10		492,244,067
	TOTAL U.S. GOVERNMENT AGENCY
	OBLIGATIONS							$	16,206,537,887
U.S. Government Guarantee Variable Rate Obligations*(a) – 4.0%
	Bank of America Corp.(b)
	$	5,000,000		1.077	%		03/02/10	$	5,077,302
	Bank of America N.A.
		595,000,000		0.299			04/29/10		595,000,000
	Citibank N.A.(b)
		6,950,000		0.401			03/30/10		6,966,397
		19,380,000		0.251			04/12/10		19,395,331
	Citigroup Funding, Inc.(b)
		80,865,000		0.205			03/03/10		80,884,817
		46,295,000		0.169			05/05/10		46,278,765
	General Electric Capital Corp.
		9,250,000		1.187	(b)		03/09/10		9,412,833
		12,500,000		0.335			03/11/10		12,517,165
	JPMorgan Chase & Co.(b)
		110,775,000		0.381			04/01/10		111,023,030
	Morgan Stanley & Co.
		4,900,000		1.106	(b)		03/01/10		4,978,238
		16,650,000		0.830			03/04/10		16,759,666
		422,900,000		0.601	(b)		03/22/10		425,596,784
	Regions Financial Corp.
		85,700,000		0.906			03/10/10		86,154,728
	Wells Fargo & Co.(b)
		187,480,000		1.107			03/09/10		190,541,179
	TOTAL U.S. GOVERNMENT GUARANTEE
	VARIABLE RATE OBLIGATIONS							$	1,610,586,235
	TOTAL INVESTMENTS BEFORE
	REPURCHASE AGREEMENTS							$	17,817,124,122
Repurchase Agreements – Unaffiliated Issuers(c) – 53.0%
	Banc of America Securities LLC
	$	250,000,000		0.120	%		03/01/10	$	250,000,000
	Maturity Value: $250,002,500
	Collateralized by Federal Home Loan Mortgage Corp., 5.000% to 6.000%, due 01/01/38 to 12/01/39 and Federal National Mortgage Association, 6.000%, due 02/01/38. The aggregate market value of the collateral, including accrued interest, was $257,499,997.
	Barclays Capital, Inc.
		250,000,000		0.100			03/01/10		250,000,000
	Maturity Value: $250,002,083
	Collateralized by U.S. Treasury Note, 2.250%, due 01/31/15. The market value of the collateral, including accrued interest, was $255,000,051.
	Joint Repurchase Agreement Account II
		21,091,400,000		0.119			03/01/10		21,091,400,000
	Maturity Value: $21,091,609,156
	TOTAL REPURCHASE AGREEMENTS –
	UNAFFILIATED ISSUERS							$	21,591,400,000

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

9

FINANCIAL SQUARE GOVERNMENT FUND

Schedule of Investments (continued)

February 28, 2010 (Unaudited)

	Principal		Interest			Maturity		Amortized
	Amount		Rate			Date		Cost
Repurchase Agreement – Affiliated Issuers(c) – 2.5%
	Goldman, Sachs & Co.
	$	1,000,000,000		0.120	%		03/01/10	$	1,000,000,000
	Maturity Value: $1,000,010,000
	Collateralized by Federal Home Loan Mortgage Corp., 3.500% to 9.500%, due 03/01/10 to 08/01/47 and Federal National Mortgage Association, 3.500% to 9.500%, due 02/01/15 to 08/01/47. The aggregate market value of the collateral, including accrued interest, was $1,019,999,543.
	TOTAL INVESTMENTS – 99.3%							$	40,408,524,122
	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.7%								305,262,747
	NET ASSETS – 100.0%							$	40,713,786,869

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

*	This debt is guaranteed under the Federal Deposit Insurance Corporation’s (“FDIC”) Temporary Liquidity Guarantee Program and is backed by the full faith and credit of the United States. The expiration date of the FDIC’s guarantee is the earlier of the maturity date of the debt or June 30, 2012.
(a)	Variable or floating rate security. Interest rate disclosed is that which is in effect at February 28, 2010.
(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 February 28, 2010, these securities amounted to $900,154,676 or approximately 2.2% of net assets.
(c)	Unless noted, all repurchase agreements were entered into on February 26, 2010. Additional information on Joint Repurchase Agreement Account II appears on page 43.

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.

 10

FINANCIAL SQUARE MONEY MARKET FUND

Schedule of Investments

February 28, 2010 (Unaudited)

	Principal		Interest			Maturity		Amortized
	Amount		Rate			Date		Cost
Commercial Paper and Corporate Obligations – 11.7%
	Amstel Funding Corp.
	$	40,000,000		0.450	%		03/01/10	$	40,000,000
		54,000,000		0.600	(a)		04/01/10		53,972,100
	Aspen Funding Corp.
		100,000,000		0.190			03/19/10		99,990,500
		75,000,000		0.200			04/12/10		74,982,500
	Ciesco LLC
		40,000,000		0.200			04/21/10		39,988,667
	Citibank Credit Card Issuance Trust (Dakota Corp.)
		100,000,000		0.200			03/02/10		99,999,444
	Enterprise Funding Co. LLC
		76,580,000		0.280			07/12/10		76,500,782
	General Electric Capital Corp.
		180,000,000		0.190			04/28/10		179,944,900
	Liberty Street Funding LLC
		60,000,000		0.190			04/15/10		59,985,750
	Lloyds TSB Group PLC
		148,825,000		0.250			05/05/10		148,757,822
	Matchpoint Master Trust
		56,000,000		0.180			03/26/10		55,993,000
	NRW. Bank
		129,000,000		0.230			04/06/10		128,970,330
		70,000,000		0.220			04/07/10		69,984,172
	Park Avenue Receivables Co. LLC
		80,405,000		0.160			03/16/10		80,399,640
	Ranger Funding Co. LLC
		40,000,000		0.210			04/09/10		39,990,900
		50,313,000		0.280			07/19/10		50,258,215
	Regency Markets No. 1 LLC
		75,000,000		0.180			03/10/10		74,996,625
		69,141,000		0.200			04/15/10		69,123,715
	Standard Chartered PLC
		95,000,000		0.250			03/25/10		94,984,167
		200,000,000		0.250			03/26/10		199,965,278
	Straight-A Funding LLC
		179,000,000		0.180			03/09/10		178,992,840
	Tasman Funding, Inc.
		55,017,000		0.220			03/26/10		55,008,594
	Thames Asset Global Securitization, Inc.
		41,680,000		0.200			04/12/10		41,670,275
	Ticonderoga Funding LLC
		91,007,000		0.180			03/10/10		91,002,905
		47,123,000		0.200			04/14/10		47,111,481
	Variable Funding Capital Corp.
		50,000,000		0.170			03/09/10		49,998,111
		50,000,000		0.170			03/11/10		49,997,639
		200,000,000		0.175			03/22/10		199,979,583
		93,759,000		0.180			04/14/10		93,738,373
	TOTAL COMMERCIAL PAPER AND CORPORATE OBLIGATIONS							$	2,546,288,308
Certificates of Deposit – Eurodollar – 8.0%
	Banco Bilbao Vizcaya Argentaria SA
	$	250,000,000		0.260	%		03/31/10	$	250,002,082
		200,000,000		0.290			03/31/10		200,001,665
	Credit Industriel et Commercial SA
		250,000,000		0.335			04/26/10		250,013,601
	ING Bank NV
		390,000,000		0.255			03/12/10		390,000,000
	National Australia Bank Ltd.
		100,000,000		0.210			04/30/10		100,001,664
	Societe Generale
		240,000,000		0.255			03/22/10		240,000,699
		295,000,000		0.250			04/12/10		295,003,439
	TOTAL CERTIFICATES OF DEPOSIT – EURODOLLAR							$	1,725,023,150
Certificates of Deposit – Yankeedollar – 4.1%
	Calyon
	$	240,000,000		0.235	%		05/04/10	$	240,000,000
	Mitsubishi UFJ Financial Group, Inc.
		90,000,000		0.240			03/04/10		90,000,000
		50,000,000		0.220			03/30/10		50,000,804
		200,000,000		0.200			04/19/10		200,000,000
	Royal Bank of Scotland Group PLC
		300,000,000		0.275			03/29/10		300,000,000
	TOTAL CERTIFICATES OF DEPOSIT – YANKEEDOLLAR							$	880,000,804
Master Demand Note – 2.8%
	Bank of America Securities LLC
	$	600,000,000		0.230	%		04/12/10	$	600,000,000
Time Deposits – 7.2%
	BNP Paribas SA
	$	500,000,000		0.130	%		03/01/10	$	500,000,000
	Calyon
		500,000,000		0.150			03/01/10		500,000,000
	Citibank N.A.
		51,900,000		0.120			03/01/10		51,900,000
	Lloyds TSB Bank PLC
		250,000,000		0.140			03/01/10		250,000,000
	Natixis SA
		250,000,000		0.140			03/01/10		250,000,000
	TOTAL TIME DEPOSITS							$	1,551,900,000
U.S. Government Agency Obligations – 19.3%
	Federal Home Loan Bank
	$	260,000,000		0.116	%(b)		03/01/10	$	259,964,641
		75,000,000		0.850	(b)		03/01/10		75,000,000
		96,500,0\00		0.128	(b)		03/11/10		96,419,018
		122,300,000		0.179	(b)		03/25/10		122,254,722
		200,000,000		0.950			04/05/10		199,985,962
		100,000,000		0.000	(b)		04/09/10		99,998,932

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

11

FINANCIAL SQUARE MONEY MARKET FUND

Schedule of Investments (continued)

February 28, 2010 (Unaudited)

	Principal		Interest			Maturity		Amortized
	Amount		Rate			Date		Cost
U.S. Government Agency Obligations – (continued)
	Federal Home Loan Bank – (continued)
	$	260,000,000		0.000	%(b)		04/13/10	$	259,998,468
		130,000,000		0.130	(b)		05/13/10		129,920,722
		200,000,000		0.650			05/14/10		199,996,341
		35,600,000		0.101	(b)		05/19/10		35,597,432
		113,300,000		0.600			06/21/10		113,267,037
		110,000,000		0.560			08/27/10		109,974,092
		30,000,000		0.500			10/22/10		30,000,000
		60,000,000		0.500			10/27/10		59,996,055
		204,000,000		0.500			03/14/11		204,000,000
	Federal Home Loan Mortgage Corp.
		220,000,000		0.235	(b)		03/03/10		219,965,006
		2,728,000		0.327	(b)		03/09/10		2,731,853
		200,000,000		0.148	(b)		03/11/10		199,813,798
		11,333,000		0.311	(b)		04/01/10		11,348,279
		261,800,000		0.303	(b)		04/07/10		261,857,096
		350,000,000		0.151	(b)		04/12/10		350,000,000
		7,900,000		0.109	(b)		05/01/10		7,894,782
		10,200,000		0.160	(b)		05/04/10		10,197,422
		69,700,000		0.179	(b)		05/05/10		69,680,070
		490,000,000		0.180			05/18/10		489,808,900
	Federal National Mortgage Association
		289,000,000		0.141	(b)		04/13/10		288,968,056
		1,500,000		0.130	(b)		05/13/10		1,499,102
		275,000,000		0.540			07/12/10		274,451,375
	TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS							$	4,184,589,161
U.S. Government Gurarantee Variable Rate Obligation*(b) – 0.5%
	Bank of America N.A.
	$	100,000,000		0.299	%		04/29/10	$	100,000,000
U.S. Treasury Obligations – 0.6%
	United States Treasury Bills
	$	91,000,000		0.410	%		06/17/10	$	90,888,070
		34,000,000		0.442			06/17/10		33,954,865
	TOTAL U.S. TREASURY OBLIGATIONS							$	124,842,935
Variable Rate Municipal Debt Obligations(b) – 0.6%
	Bay Area Toll Authority California Toll Bridge VRDN RB San Francisco Bay Area Series 2007 E-3 RMKT (Bank of America N.A and California Public Employees Retirement System SPA)
	$	33,200,000		0.150	%		03/04/10	$	33,200,000
	Connecticut State Housing Finance Authority Mortgage Finance Program VRDN RB Taxable Series 2010 Subseries A-6 (Bank of America N.A. SPA)
		25,000,000		0.300			03/04/10		25,000,000
	Harris County Health Facilities Development Corp. VRDN RB Refunding for St. Luke’s Episcopal Hospital Series 2008 B (Bank of America N.A. and Wachovia Bank N.A. SPA)
		40,000,000		0.200			03/04/10		40,000,000
	Texas State GO VRDN Refunding Taxable Veterans Land Series 2002 (Landesbank Hessen-Thueringen SPA)
		27,085,000		0.270			03/02/10		27,085,000
	TOTAL VARIABLE RATE MUNICIPAL DEBT OBLIGATIONS							$	125,285,000
Variable Rate Obligations(b) – 7.6%
	Australia & New Zealand Banking Group Ltd.
	$	169,000,000		0.259	%		03/25/10	$	169,000,000
	Banco Bilbao Vizcaya Argentaria SA
		196,000,000		0.274			03/22/10		196,003,048
	JPMorgan Chase & Co.
		280,000,000		0.229			03/22/10		280,000,000
	Rabobank Nederland
		250,000,000		0.255			03/04/10		250,000,000
		193,000,000		0.253			04/07/10		193,000,000
		98,000,000		0.250			05/17/10		98,000,000
	Westpac Banking Corp.
		234,500,000		0.277			03/09/10		234,500,000
	Westpac Securities New Zealand Ltd.
		200,000,000		0.352			03/16/10		200,000,000
		38,000,000		0.309			03/22/10		38,000,000
	TOTAL VARIABLE RATE OBLIGATIONS							$	1,658,503,048
	TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS							$	13,496,432,406
Repurchase Agreements – Unaffiliated Issuers(c) – 36.1%
	Bank of America Securities LLC
	$	115,000,000		0.120	%		03/01/10	$	115,000,000
	Maturity Value: $115,001,150
	Collateralized by Federal National Mortgage Association, 4.000% to 5.500%, due 02/01/25 to 11/01/38 and Government National Mortgage Association, 5.000%, due 02/15/40. The aggregate market value of the collateral, including accrued interest, was $118,449,997.
	Barclays Capital, Inc.
		75,000,000		0.100			03/01/10		75,000,000
	Maturity Value: $75,000,625
	Collateralized by Federal National Mortgage Association, 5.500%, due 11/01/48 and Government National Mortgage Association, 4.000%, due 02/20/25. The aggregate market value of the collateral, including accrued interest, was $76,500,000.

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

 12

FINANCIAL SQUARE MONEY MARKET FUND

	Principal		Interest			Maturity		Amortized
	Amount		Rate			Date		Cost
Repurchase Agreements – Unaffiliated Issuers(c) – (continued)
	Deutsche Bank Securities, Inc.
	$	100,000,000		0.120	%		03/01/10	$	100,000,000
	Maturity Value: $100,001,000
	Collateralized by Federal Home Loan Mortgage Corp., 5.000%, due 01/01/40 and Federal National Mortgage Association, 4.500%, due 06/01/24. The aggregate market value of the collateral, including accrued interest, was $102,999,998.
	Joint Repurchase Agreement Account I
		4,000,000		0.100			03/01/10		4,000,000
	Maturity Value: $4,000,033
	Joint Repurchase Agreement Account II
		7,537,500,000		0.119			03/01/10		7,537,500,000
	Maturity Value: $7,537,574,747
	TOTAL REPURCHASE AGREEMENTS – UNAFFILIATED ISSUERS							$	7,831,500,000
Repurchase Agreements – Affiliated Issuers(c) – 1.8%
	Goldman, Sachs & Co.
	$	400,000,000		0.120	%		03/01/10	$	400,000,000
	Maturity Value: $400,004,000
	Collateralized by Federal National Mortgage Association, 5.000% to 5.500%, due 08/01/37 to 05/01/38. The aggregate market value of the collateral, including accrued interest, was $407,999,998.
	TOTAL INVESTMENTS – 100.3%							$	21,727,932,406
	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.3)%								(65,065,384	)
	NET ASSETS – 100.0%							$	21,662,867,022

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

*	Guaranteed under the Federal Deposit Insurance Corporation’s (“FDIC”) Temporary Liquidity Guarantee Program and is backed by the full faith and credit of the United States. The expiration date of the FDIC’s guarantee is the earlier of the maturity date of the debt or June 30, 2012.
(a)	All or a portion represents a forward commitment.
(b)	Variable or floating rate security. Interest rate disclosed is that which is in effect at February 28, 2010.
(c)	Unless noted, all repurchase agreements were entered into on February 26, 2010. Additional information on Joint Repurchase Agreement Accounts I & II appears on pages 42-43.

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.

Investment Abbreviations:
GO	—	General Obligation
RB	—	Revenue Bond
RMKT	—	Remarketed
SPA	—	Stand-by Purchase Agreement
VRDN	—	Variable Rate Demand Notes

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

13

FINANCIAL SQUARE PRIME OBLIGATIONS FUND

Schedule of Investments

February 28, 2010 (Unaudited)

	Principal		Interest			Maturity		Amortized
	Amount		Rate			Date		Cost
Bank Note – 1.8%
	Bank of America N.A.
	$	495,000,000		0.300	%		07/09/10	$	495,000,000
Commercial Paper and Corporate Obligations – 28.5%
	Amstel Funding Corp.
	$	50,000,000		0.450	%		03/01/10	$	50,000,000
		100,000,000		0.600	(a)		04/01/10		99,948,333
	Amsterdam Funding Corp.
		50,000,000		0.200			05/14/10		49,979,444
		100,000,000		0.200			05/17/10		99,957,222
		120,000,000		0.200			05/18/10		119,948,000
	Aspen Funding Corp.
		115,000,000		0.190			03/19/10		114,989,075
		75,000,000		0.200			04/12/10		74,982,500
		100,000,000		0.200			04/26/10		99,968,889
		75,000,000		0.210			05/11/10		74,968,938
	Atlantic Asset Securitization LLC
		90,000,000		0.170			03/05/10		89,998,300
	Atlantis One Funding Corp.
		100,000,000		0.200			05/24/10		99,953,333
		110,000,000		0.200			05/25/10		109,948,056
	Cafco LLC
		50,000,000		0.200			04/23/10		49,985,278
	Chariot Funding LLC
		45,027,000		0.160			03/09/10		45,025,399
		53,000,000		0.200			05/18/10		52,977,033
		75,000,000		0.200			05/19/10		74,967,083
	Ciesco LLC
		100,000,000		0.200			04/22/10		99,971,111
	Citibank Credit Card Issuance Trust (Dakota Corp.)
		100,000,000		0.200			03/02/10		99,999,444
		53,000,000		0.200			03/05/10		52,998,822
		150,000,000		0.220			04/07/10		149,966,083
	Clipper Receivables Co. LLC
		200,000,000		0.200			04/12/10		199,953,333
	Enterprise Funding Co. LLC
		40,000,000		0.200			04/13/10		39,990,444
		150,000,000		0.280			07/12/10		149,844,833
		110,000,000		0.280			07/20/10		109,879,367
	Gemini Securitization Corp.
		98,458,000		0.200			04/20/10		98,430,651
	General Electric Capital Corp.
		200,000,000		0.190			04/28/10		199,938,778
	Govco LLC
		300,000,000		0.240			03/15/10		299,972,000
		240,000,000		0.240			03/16/10		239,976,000
		100,000,000		0.200			03/24/10		99,987,222
		75,000,000		0.200			03/26/10		74,989,583
		75,000,000		0.200			04/05/10		74,985,417
		50,000,000		0.200			05/11/10		49,980,278
	Jupiter Securitization Corp.
		100,000,000		0.160			03/16/10		99,993,333
		20,000,000		0.200			05/19/10		19,991,222
	Liberty Street Funding LLC
		80,000,000		0.190			04/15/10		79,981,000
	LMA Americas LLC
		100,000,000		0.180			03/15/10		99,993,000
		100,000,000		0.180			03/16/10		99,992,500
		140,000,000		0.190			03/23/10		139,983,745
		143,200,000		0.200			04/26/10		143,155,449
		145,100,000		0.200			04/29/10		145,052,440
		76,200,000		0.200			04/30/10		76,174,600
	Matchpoint Master Trust
		100,000,000		0.180			03/26/10		99,987,500
	Newport Funding Corp.
		75,000,000		0.200			04/26/10		74,976,667
		90,000,000		0.200			04/28/10		89,971,000
	Ranger Funding Co. LLC
		90,000,000		0.210			04/09/10		89,979,525
		75,000,000		0.280			07/14/10		74,921,250
		100,000,000		0.280			07/19/10		99,891,111
	Regency Markets No. 1 LLC
		95,248,000		0.180			03/10/10		95,243,714
		53,610,000		0.180			03/12/10		53,607,052
	Salisbury Receivables Co. LLC
		60,000,000		0.200			04/06/10		59,988,000
		30,000,000		0.200			04/21/10		29,991,500
		50,000,000		0.200			04/22/10		49,985,556
		30,000,000		0.200			05/07/10		29,988,833
	Straight-A Funding LLC
		125,422,000		0.180			03/08/10		125,417,610
		60,000,000		0.180			03/09/10		59,997,600
		150,000,000		0.180			04/01/10		149,976,750
		150,493,000		0.170			04/19/10		150,458,178
		182,720,000		0.170			04/21/10		182,675,995
		100,000,000		0.180			05/03/10		99,968,500
		50,000,000		0.180			05/07/10		49,983,250
		64,331,000		0.180			05/10/10		64,308,484
		85,315,000		0.190			05/14/10		85,281,680
	Tasman Funding, Inc.
		75,000,000		0.250			03/08/10		74,996,354
		45,031,000		0.210			03/26/10		45,024,433
		60,043,000		0.230			04/22/10		60,023,052
		38,000,000		0.250			05/24/10		37,977,833
	Thames Asset Global Securitization, Inc.
		24,999,000		0.240			03/08/10		24,997,833
		80,603,000		0.190			03/22/10		80,594,067
		49,175,000		0.200			04/30/10		49,158,608
	Ticonderoga Funding LLC
		100,000,000		0.200			04/14/10		99,975,556
		50,000,000		0.200			05/19/10		49,978,056
		150,000,000		0.280			07/26/10		149,828,500
	Variable Funding Capital Corp.
		150,000,000		0.170			03/09/10		149,994,333
		150,000,000		0.170			03/11/10		149,992,917
		110,000,000		0.175			03/22/10		109,988,771
		330,000,000		0.190			04/26/10		329,902,467
	Windmill Funding Corp.
		50,000,000		0.190			03/10/10		49,997,625
		100,000,000		0.200			05/17/10		99,957,222

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

 14

FINANCIAL SQUARE PRIME OBLIGATIONS FUND

	Principal		Interest			Maturity		Amortized
	Amount		Rate			Date		Cost
Commercial Paper and Corporate Obligations – (continued)
	Yorktown Capital LLC
	$	46,827,000		0.220	%		03/22/10	$	46,820,991
		58,000,000		0.200			04/05/10		57,988,722
		84,398,000		0.280			07/14/10		84,309,382
	TOTAL COMMERCIAL PAPER AND CORPORATE OBLIGATIONS							$	7,820,884,015
Master Demand Note – 1.3%
	Bank of America Securities LLC
	$	350,000,000		0.230	%		04/12/10	$	350,000,000
U.S. Government Agency Obligations – 30.1%
	Federal Farm Credit Bank(b)
	$	100,000,000		0.178	%		03/08/10	$	99,973,364
		100,000,000		0.178			03/09/10		99,975,407
	Federal Home Loan Bank
		440,000,000		0.116	(b)		03/01/10		439,940,162
		200,000,000		0.850	(b)		03/01/10		200,000,000
		200,000,000		0.105	(b)		03/06/10		200,000,000
		175,000,000		0.128	(b)		03/11/10		174,853,140
		182,500,000		0.179	(b)		03/25/10		182,432,435
		300,000,000		0.950			04/05/10		299,978,943
		148,000,000		0.000	(b)		04/09/10		147,998,419
		385,000,000		0.000	(b)		04/13/10		384,997,732
		560,000,000		0.049	(b)		04/26/10		559,727,537
		70,000,000		0.069	(b)		05/01/10		69,977,934
		202,000,000		0.130	(b)		05/13/10		201,876,814
		300,000,000		0.650			05/14/10		299,994,511
		100,000,000		0.101	(b)		05/19/10		99,992,788
		217,200,000		0.600			06/21/10		217,136,817
		160,000,000		0.560			08/27/10		159,962,316
		54,000,000		0.500			10/22/10		54,000,000
		80,000,000		0.500			10/27/10		79,994,740
		270,000,000		0.500			03/14/11		270,000,000
	Federal Home Loan Mortgage Corp.
		360,000,000		0.235	(b)		03/03/10		359,942,736
		4,300,000		0.327	(b)		03/09/10		4,306,073
		400,000,000		0.148	(b)		03/11/10		399,627,596
		17,800,000		0.311	(b)		04/01/10		17,823,998
		10,750,000		0.303	(b)		04/07/10		10,763,309
		635,000,000		0.151	(b)		04/12/10		635,000,000
		53,300,000		0.109	(b)		05/01/10		53,292,365
		21,547,000		0.160	(b)		05/04/10		21,541,231
		133,700,000		0.179	(b)		05/05/10		133,665,988
		750,000,000		0.180			05/18/10		749,707,500
		92,000,000		0.230			07/01/10		91,928,291
	Federal National Mortgage Association
		480,000,000		0.141	(b)		04/13/10		479,946,945
		2,350,000		0.130	(b)		05/13/10		2,348,594
		414,500,000		0.540			07/12/10		413,673,072
		650,000,000		0.200			07/15/10		649,508,889
	TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS							$	8,265,889,646
U.S. Government Guarantee Variable Rate Obligations*(b) – 1.0%
	Bank of America N.A.
	$	168,000,000		0.299	%		04/29/10	$	168,000,000
	Wells Fargo & Co.(c)
		97,500,000		1.107			03/09/10		99,091,807
	TOTAL U.S. GOVERNMENT GUARANTEE VARIABLE RATE OBLIGATIONS							$	267,091,807
Variable Rate Municipal Debt Obligations(b) – 3.1%
	Bay Area Toll Authority California Toll Bridge VRDN RB San Francisco Bay Area Series 2007 D-2 RMKT (JPMorgan Chase & Co. SPA)
	$	98,900,000		0.170	%		03/04/10	$	98,900,000
	California State Department of Water Resources Power Supply VRDN RB Series 2002 C-4 (California State Teachers Retirement System and JPMorgan Chase & Co. LOC )
		102,630,000		0.190			03/04/10		102,630,000
	California State Department of Water Resources Power Supply VRDN RB Series 2002 C-8 (Bayerische Landesbank LOC)
		50,510,000		0.160			03/04/10		50,510,000
	Jacksonville Electric Authority Water & Sewer Systems VRDN RB Series 2008 B (JPMorgan Chase & Co. SPA)
		35,090,000		0.230			03/03/10		35,090,000
	Mecklenburg County GO VRDN Series 2004 B (Landesbank Hessen-Thueringen SPA)
		46,470,000		0.180			03/04/10		46,470,000
	Minneapolis Health Care System VRDN RB for Fairview Health Services Series 2008 E (Wells Fargo Bank N.A. LOC)
		52,450,000		0.150			03/03/10		52,450,000
	New York City GO VRDN Series 2002 Subseries C-2 (Bayerische Landesbank LOC)
		62,705,000		0.190			03/03/10		62,705,000
	New York City GO VRDN Taxable for Fiscal Series 2008 Subseries J-14 (Lloyds TSB Bank PLC SPA)
		54,045,000		0.300			03/04/10		54,045,000
	New York City Transitional Finance Authority VRDN RB Taxable Future Tax Secured Series 2001 B (Westdeutsche Landesbank AG)
		20,445,000		0.280			03/03/10		20,445,000
	Oregon State Facilities Authority VRDN RB Peacehealth Series 2008 C (Wells Fargo Bank N.A. LOC)
		64,900,000		0.140			03/04/10		64,900,000
	Raleigh Comb Enterprise System VRDN RB Series 2008 A (Wachovia Bank N.A. SPA)
		69,100,000		0.160			03/03/10		69,100,000
	Raleigh VRDN COPS for Downtown Improvement Project Series 2005 B-1 RMKT (Wachovia Bank N.A. SPA)
		50,000,000		0.160			03/03/10		50,000,000
	Rochester Health Care Facilities VRDN RB Mayo Clinic Series 2008 A (Wells Fargo Bank N.A. SPA)
		100,000,000		0.150			03/03/10		100,000,000

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

15

FINANCIAL SQUARE PRIME OBLIGATIONS FUND

Schedule of Investments (continued)

February 28, 2010 (Unaudited)

	Principal		Interest			Maturity		Amortized
	Amount		Rate			Date		Cost
Variable Rate Municipal Debt Obligations(b) – (continued)
	Union County GO VRDN Series 2007 A (Wachovia Bank N.A. SPA)
	$	53,435,000		0.150	%		03/04/10	$	53,435,000
	TOTAL VARIABLE RATE MUNICIPAL DEBT OBLIGATIONS							$	860,680,000
Variable Rate Obligations(b) – 4.3%
	Bank of America Corp.
	$	231,540,000		2.500	%		05/12/10	$	232,598,129
	JPMorgan Chase & Co.
		42,000,000		0.278			03/08/10		42,003,958
		400,000,000		0.229			03/22/10		400,000,000
		103,000,000		0.281			03/22/10		103,010,686
		23,000,000		0.289			05/07/10		23,000,968
		152,215,000		0.370			05/18/10		152,248,521
	Wachovia Bank N.A.
		225,000,000		0.312			05/25/10		225,036,014
	TOTAL VARIABLE RATE OBLIGATIONS							$	1,177,898,276
	TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS							$	19,237,443,744
Repurchase Agreements – Unaffiliated Issuers(d) – 28.0%
	Bank of America Securities LLC
	$	150,000,000		0.120	%		03/01/10	$	150,000,000
	Maturity Value: $150,001,500
	Collateralized by Federal Home Loan Mortgage Corp., 4.500%, due 10/01/24 and Federal National Mortgage Association, 4.500%, due 02/01/40. The aggregate market value of the collateral, including accrued interest, was $152,999,998.
	Barclays Capital, Inc.
		125,000,000		0.100			03/01/10		125,000,000
	Maturity Value: $125,001,042
	Collateralized by Federal Home Loan Mortgage Corp., 5.000% to 7.000%, due 11/01/37 to 03/01/38 and Federal National Mortgage Association, 4.500%, due 01/01/40. The aggregate market value of the collateral, including accrued interest, was $127,500,000.
	Joint Repurchase Agreement Account I
		300,400,000		0.100			03/01/10		300,400,000
	Maturity Value: $300,402,503
	Joint Repurchase Agreement Account II
		7,117,700,000		0.119			03/01/10		7,117,700,000
	Maturity Value: $7,117,770,584
	TOTAL REPURCHASE AGREEMENTS – UNAFFILIATED ISSUERS							$	7,693,100,000
Repurchase Agreements – Affiliated Issuers(d) – 2.2%
	Goldman, Sachs & Co.
	$	600,000,000		0.120	%		03/01/10	$	600,000,000
	Maturity Value: $600,006,000
	Collateralized by Federal National Mortgage Association, 6.000%, due 05/01/38. The market value of the collateral, including accrued interest, was $611,999,999.
	TOTAL INVESTMENTS – 100.3%							$	27,530,543,744
	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.3)%								(95,493,762	)
	NET ASSETS – 100.0%							$	27,435,049,982

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

*	This debt is guaranteed under the Federal Deposit Insurance Corporation’s (“FDIC”) Temporary Liquidity Guarantee Program and is backed by the full faith and credit of the United States. The expiration date of the FDIC’s guarantee is the earlier of the maturity date of the debt or June 30, 2012.
(a)	All or a portion represents a forward commitment.
(b)	Variable or floating rate security. Interest rate disclosed is that which is in effect at February 28, 2010.
(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 February 28, 2010, these securities amounted to $99,091,807 or approximately 0.4% of net assets.
(d)	Unless noted, all repurchase agreements were entered into on February 26, 2010. Additional information on Joint Repurchase Agreement Accounts I & II appears on pages 42-43.

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.

Investment Abbreviations:
COPS	—	Certificates of Participation
GO	—	General Obligation
LOC	—	Letter of Credit
RB	—	Revenue Bond
SPA	—	Stand-by Purchase Agreement
VRDN	—	Variable Rate Demand Notes

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

 16

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

Schedule of Investments

February 28, 2010 (Unaudited)

	Principal		Interest			Maturity		Amortized
	Amount		Rate			Date		Cost
Municipal Debt Obligations – 99.2%
	Alabama – 0.7%
	Alabama Special Care Facility Financing Authority VRDN RB Birmingham Putters Series 2008-2959 (JPMorgan Chase & Co. SPA) (A-1+/NR)(a)
	$	6,775,000		0.200	%		03/04/10	$	6,775,000
	Columbia IDB VRDN PCRB Refunding for Alabama Power Co. Project Series 1995 A (A-1/VMIG1)
		3,460,000		0.170			03/01/10		3,460,000
	Columbia IDB VRDN PCRB Refunding for Alabama Power Co. Project Series 1995 E (A-1/VMIG1)
		7,300,000		0.140			03/01/10		7,300,000
	Columbia IDB VRDN PCRB Refunding for Alabama Power Co. Project Series 1996 A (NR/VMIG1)
		10,800,000		0.270			03/01/10		10,800,000
	Columbia IDB VRDN PCRB Refunding for Alabama Power Co. Project Series 1999 B (A-1/VMIG1)
		18,500,000		0.170			03/01/10		18,500,000
	Mobile City IDB VRDN PCRB for Alabama Power Co. Project Series 1993 A (A-1/VMIG1)
		7,500,000		0.260			03/04/10		7,500,000
	Mobile City IDB VRDN PCRB Refunding for Alabama Power Co. Project Series 1994 (A-1/VMIG1)
		7,800,000		0.170			03/01/10		7,800,000
	Parrish IDB VRDN PCRB Refunding for Alabama Power Co. Project Series 1994 A (A-1/NR)
		8,200,000		0.170			03/01/10		8,200,000
	University of Alabama VRDN RB Series 1993 B (NR/VMIG1)
		1,200,000		0.190			03/03/10		1,200,000
									71,535,000
	Alaska – 1.6%
	Alaska State Housing Finance Corp. Home Mortgage VRDN RB Series 2009 D (Bank of America SPA) (NR/VMIG1)
		15,000,000		0.200			03/04/10		15,000,000
	Alaska State Housing Finance Corp. VRDN RB Governmental Purpose Series 2001 A RMKT (F1+)
		60,910,000		0.180			03/04/10		60,910,000
	Alaska State Housing Finance Corp. VRDN RB Governmental Purpose Series 2001 B RMKT (F1+)
		73,875,000		0.180			03/04/10		73,875,000
									149,785,000
	Arizona – 1.5%
	Arizona Health Facilities Authority VRDN RB Floaters Series 2007-1782 (Morgan Stanley Municipal Products) (F1)(a)
		17,555,000		0.200			03/04/10		17,555,000
	Arizona Health Facilities Authority VRDN RB for Banner Health Series 2008 C (Bank of Nova Scotia LOC) (A-1+/NR)
		12,205,000		0.170			03/03/10		12,205,000
	Arizona State Transportation Board Highway VRDN RB Putters Series 2008-3151 (JPMorgan Chase & Co. SPA) (A-1+/NR)(a)
		6,605,000		0.200			03/04/10		6,605,000
	Arizona State Transportation Board Highway VRDN RB Putters Series 2009-3466 (JPMorgan Chase & Co.) (A-1+/NR)(a)
		4,425,000		0.200			03/04/10		4,425,000
	Banner Health Puttable Floating Option Tax-Exempt Receipts VRDN RB P-Floats-PT-4511 Series 2008 (Wells Fargo Bank N.A. SPA) (A-1+/NR)(a)
		13,120,000		0.170			03/04/10		13,120,000
	Phoenix Civic Improvement Corp. Wastewater System GO VRDN Putters Series 2009-3440 (JPMorgan Chase & Co.) (A-1+/NR)(a)
		5,200,000		0.200			03/04/10		5,200,000
	Phoenix Civic Improvement Corp. Wastewater System VRDN RB Putters Series 2009-3458 (JPMorgan Chase & Co.) (A-1+/NR)(a)
		7,140,000		0.200			03/04/10		7,140,000
	Salt River Project Agricultural Improvement & Power District Electric Systems VRDN RB Eagle Series 2006-0014 A (Citibank N.A. SPA) (A-1/NR)(a)
		12,275,000		0.200			03/04/10		12,275,000
	Salt River Project Agricultural Improvement & Power District Electric Systems VRDN RB Eagle Series 2006-0141 A (Citibank N.A. SPA) (A-1/NR)(a)
		16,500,000		0.200			03/04/10		16,500,000
	Salt River Project Agricultural Improvement & Power District Electric Systems VRDN RB Eagle Series 2007-0012 A (Landesbank Hessen-Thueringen SPA) (A-1/NR)(a)
		15,850,000		0.200			03/04/10		15,850,000
	Salt River Project Agricultural Improvement & Power District Electric Systems VRDN RB Floater Trust Series 2010-21W (Barclays Bank PLC) (A-1+/NR)(a)
		4,000,000		0.180			03/04/10		4,000,000
	Salt River Project Agricultural Improvement & Power District Electric Systems VRDN RB Floaters Series 2009-40C (Wells Fargo & Co.) (NR/VMIG1)(a)
		12,100,000		0.180			03/04/10		12,100,000
	Salt River Project Agricultural Improvement & Power District Electric Systems VRDN RB ROCS-RR-II R-11712 Series 2009 (Citibank N.A. SPA) (NR/VMIG1)(a)
		2,635,000		0.200			03/04/10		2,635,000
	Salt River Project VRDN RB Putters Series 2008-3226 (JPMorgan Chase & Co. SPA) (NR/VMIG1)(a)
		9,620,000		0.200			03/04/10		9,620,000
	Salt River Project VRDN RB Putters Series 2009-3307 (JPMorgan Chase & Co. SPA) (A-1+/NR)(a)
		3,395,000		0.200			03/04/10		3,395,000
	Yavapai County IDA Hospital Facility VRDN RB for Northern Arizona Healthcare Series 2009 B (Banco Bilbao Vizcaya LOC) (A-1+/VMIG1)
		2,935,000		0.170			03/04/10		2,935,000
									145,560,000
	California – 10.4%
	Abag Finance Authority for Non-Profit Corps. VRDN RB for Sharp Healthcare Series 2009 C (Citibank N.A. LOC) (A-1/VMIG1)
		14,000,000		0.180			03/03/10		14,000,000

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

17

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

Schedule of Investments (continued)

February 28, 2010 (Unaudited)

	Principal		Interest			Maturity		Amortized
	Amount		Rate			Date		Cost
Municipal Debt Obligations – (continued)
	California – (continued)
	Bay Area Toll Authority California Toll Bridge VRDN RB Eagle Series 2008-0056 Class A (Citibank N.A. SPA) (A-1/NR)(a)
	$	6,455,000		0.200	%		03/04/10	$	6,455,000
	Bay Area Toll Authority California Toll Bridge VRDN RB Floater Certificates Series 2009-54C (Wells Fargo & Co.) (F1+)(a)
		800,000		0.160			03/04/10		800,000
	Bay Area Toll Authority California Toll Bridge VRDN RB ROCS RR-II R-11453 Series 2008 (Citibank N.A.) (A-1/NR)(a)
		5,700,000		0.200			03/04/10		5,700,000
	Bay Area Toll Authority California Toll Bridge VRDN RB Series 2007 C-1 RMKT (JPMorgan Chase Bank & Co. SPA) (A-1+/VMIG1)
		3,500,000		0.150			03/04/10		3,500,000
	Bay Area Toll Authority California Toll Bridge VRDN RB Series 2008 D-1 (BNP Paribas SPA) (A-1+/VMIG1)
		31,710,000		0.160			03/04/10		31,710,000
	Bay Area Toll Authority Toll Bridge VRDN RB San Francisco Bay Area Series 2008 B-1 (Bank of America N.A. SPA) (A-1/VMIG1)
		8,400,000		0.170			03/04/10		8,400,000
	Bay Area Toll Authority VRDN RB Putters Series 2008-3130 (JPMorgan Chase & Co. SPA) (A-1+/NR)(a)
		6,145,000		0.180			03/04/10		6,145,000
	California Educational Facilities Authority Austin Trust Certificates VRDN RB for Claremont McKenna College Series 2009-1208 (Bank of America SPA) (NR/VMIG1)(a)
		10,000,000		0.180			03/04/10		10,000,000
	California Educational Facilities Authority Austin Trust Certificates VRDN RB for Southern California University Series 2009-1207 (Bank of America N.A. SPA) (A-1/NR)(a)
		4,440,000		0.180			03/04/10		4,440,000
	California Educational Facilities Authority VRDN RB for Stanford University Floater Certificates Series 2001-487 (Morgan Stanley & Co. SPA) (A-1/NR)(a)
		6,595,000		0.200			03/04/10		6,595,000
	California Educational Facilities Authority VRDN RB for Stanford University Putters Series 2008-2937Z (JPMorgan Chase & Co. SPA) (NR/VMIG1)(a)
		6,660,000		0.180			03/04/10		6,660,000
	California Health Facilities Financing Authority VRDN RB for Scripps Health Series 2008 D (Bank of America N.A. LOC) (A-1/VMIG1)
		36,985,000		0.200			03/03/10		36,985,000
	California Health Facilities Financing Authority VRDN RB Refunding for Lucille Salter Packard Children’s Hospital Series 2008 C (A-1+/VMIG1)
		4,500,000		0.160			03/04/10		4,500,000
	California Health Facilities Financing Authority VRDN RB Sutter Health Putters Series 2009-3338 (JPMorgan Chase & Co. SPA) (NR/VMIG1)(a)
		3,210,000		0.200			03/04/10		3,210,000
	California Health Facilities Financing Authority VRDN RB Sutter Health Series 2007-1858 (Wells Fargo Bank N.A.) (A-1+/NR)(a)
		7,400,000		0.200			03/04/10		7,400,000
	California State Department of Water Resources Power Supply VRDN RB Series 2002 C-10 (Landesbank Hessen-Thueringen LOC) (A-1+/VMIG1)
		82,980,000		0.180			03/04/10		82,980,000
	California State Department of Water Resources Power Supply VRDN RB Series 2002 C-14 (Westdeutsche Landesbank AG LOC) (A-1+/VMIG1)
		63,335,000		0.180			03/04/10		63,335,000
	California State Department of Water Resources Power Supply VRDN RB Series 2002 C-8 (Bayerische Landesbank LOC) (NR/VMIG1)
		13,700,000		0.160			03/04/10		13,700,000
	California State Department of Water Resources Power Supply VRDN RB Series 2005 Subseries G-2 (Lloyds TSB Bank PLC LOC) (A-1/VMIG1)
		1,000,000		0.180			03/04/10		1,000,000
	California State Department of Water Resources VRDN RB ROCS-R-II R-11552 Central Valley Project Series 2008 (BHAC) (Citibank N.A. SPA) (A-1/NR)(a)
		4,000,000		0.200			03/04/10		4,000,000
	California Statewide Communities Development Authority VRDN RB for Cottage Health System Series 2008 A (A-1/NR)
		15,900,000		0.160			03/04/10		15,900,000
	California Statewide Communities Development Authority VRDN RB for Kaiser Permanente Series 2002 B (A-1/NR)
		33,335,000		0.170			03/03/10		33,335,000
	California Statewide Communities Development Authority VRDN RB for Kaiser Permanente Series 2003 A (A-1/NR)
		18,700,000		0.170			03/03/10		18,700,000
	California Statewide Communities Development Authority VRDN RB for Kaiser Permanente Series 2003 B (A-1/NR)
		6,200,000		0.170			03/03/10		6,200,000
	California Statewide Communities Development Authority VRDN RB for Kaiser Permanente Series 2003 D (A-1/NR)
		44,700,000		0.150			03/03/10		44,700,000
	California Statewide Communities Development Authority VRDN RB for Kaiser Permanente Series 2004 J (A-1/NR)
		21,850,000		0.170			03/03/10		21,850,000
	California Statewide Communities Development Authority VRDN RB for Kaiser Permanente Series 2004 L (A-1/NR)
		16,100,000		0.170			03/03/10		16,100,000
	California Statewide Communities Development Authority VRDN RB for Kaiser Permanente Series 2008 A (A-1/NR)
		37,600,000		0.150			03/03/10		37,600,000
	California Statewide Communities Development Authority VRDN RB for Kaiser Permanente Series 2009 C-1 (A-1/NR)
		31,800,000		0.150			03/03/10		31,800,000

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

 18

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

	Principal		Interest			Maturity		Amortized
	Amount		Rate			Date		Cost
Municipal Debt Obligations – (continued)
	California – (continued)
	California Statewide Communities Development Authority VRDN RB for Kaiser Permanente Series 2009 C-2 (A-1/NR)
	$	25,500,000		0.150	%		03/03/10	$	25,500,000
	California Statewide Communities Development Authority VRDN RB for Kaiser Permanente Series 2009 C-3 (F1)
		59,000,000		0.150			03/03/10		59,000,000
	California Statewide Communities Development Authority VRDN RB ROCS-RR-II R-1563 Series 2008 (BHAC) (Citibank N.A.) (A-1/NR)(a)
		4,900,000		0.210			03/04/10		4,900,000
	Eastern Municipal Water District California Water & Sewer VRDN COPS Refunding Series 2008 C (JPMorgan Chase Bank & Co. SPA) (A-1+/VMIG1)
		3,400,000		0.180			03/03/10		3,400,000
	Eastern Municipal Water District California Water & Sewer VRDN COPS Refunding Series 2008 E (Lloyds TSB Bank PLC SPA) (A-1+/VMIG1)
		18,310,000		0.170			03/03/10		18,310,000
	Eastern Municipal Water District California Water & Sewer VRDN COPS Refunding Series 2008 G (JPMorgan Chase & Co.) (A-1+/VMIG1)
		24,050,000		0.170			03/03/10		24,050,000
	Eastern Municipal Water District California Water & Sewer VRDN COPS Series 2008 F (JPMorgan Chase Bank & Co. SPA) (A-1+/VMIG1)
		13,150,000		0.180			03/03/10		13,150,000
	Long Beach City California GO TRANS Series 2009 (SP-1+/MIG1)
		12,000,000		2.500			09/30/10		12,140,720
	Los Angeles Community College District GO VRDN ROCS RR-II R-11607 Series 2008 (Citibank N.A.) (A-1/NR)(a)
		4,500,000		0.200			03/04/10		4,500,000
	Los Angeles Community College GO VRDN Putters Series 2008-3287 (JPMorgan Chase & Co. SPA) (NR/VMIG1)(a)
		8,995,000		0.180			03/04/10		8,995,000
	Los Angeles Community Redevelopment Agency MF Hsg. VRDN RB for Metropolitan Apartments Series 1985 RMKT (FNMA) (NR/VMIG1)
		3,535,000		0.170			03/03/10		3,535,000
	Los Angeles County Metropolitan Transportation Authority Sales Tax VRDN RB Refunding Proposition C-2nd Series 2009 C-1 (Sumitomo Mitsui Banking Corp. LOC) (NR/VMIG1)
		11,700,000		0.180			03/04/10		11,700,000
	Los Angeles County Metropolitan Transportation Authority Sales Tax VRDN RB Refunding Proposition C-2nd Series 2009 C-2 (U.S. Bank N.A. LOC) (A-1+/VMIG1)
		2,625,000		0.180			03/04/10		2,625,000
	Los Angeles County Metropolitan Transportation Authority Sales Tax VRDN RB Refunding Proposition C-2nd Series 2009 C-4 (U.S. Bank N.A. LOC) (A-1+/VMIG1)
		13,200,000		0.150			03/04/10		13,200,000
	Los Angeles County TRANS Series 2009 A (SP-1+/MIG1)
		84,000,000		2.500			06/30/10		84,469,387
	Los Angeles Department of Water & Power VRDN RB for Power System Series 2002 Subseries A-3 (Lloyds TSB Bank PLC SPA) (A-1/VMIG1)
		10,450,000		0.150			03/04/10		10,450,000
	Los Angeles Department of Water & Power VRDN RB for Power System Subseries 2002 A-4 (Lloyds TSB Bank PLC SPA) (A-1+/VMIG1)
		1,300,000		0.150			03/04/10		1,300,000
	Los Angeles Department of Water & Power VRDN RB ROCS-RR-II R-11555 Series 2008 (BHAC) (Citibank N.A. SPA) (A-1/NR)(a)
		2,695,000		0.200			03/04/10		2,695,000
	Los Angeles Wastewater System CP Series 2010 (Westdeutsche Landesbank AG, State Street Bank and Trust and California State Teachers Retirement System) (A-1+/P-1)
		3,500,000		0.370			05/03/10		3,500,000
	Los Angeles Wastewater Systems VRDN RB Refunding Subseries 2008 B (Bank of Nova Scotia LOC) (A-1+/VMIG1)
		3,500,000		0.190			03/04/10		3,500,000
	Metropolitan Water District Southern California Waterworks VRDN RB ROCS-RR-II R-11301 Series 2007 (Citibank N.A. SPA) (A-1/NR)(a)
		6,145,000		0.200			03/04/10		6,145,000
	Metropolitan Water District Southern California Waterworks VRDN RB ROCS-RR-II R-11565 Series 2008 (BHAC) (Citibank N.A. SPA) (A-1/NR)(a)
		5,525,000		0.200			03/04/10		5,525,000
	Metropolitan Water District Southern California Waterworks VRDN RB Series 2000 B-4 (BNP Paribas SPA) (A-1+/VMIG1)
		14,000,000		0.160			03/03/10		14,000,000
	Metropolitan Water District Southern California Waterworks VRDN RB Series 2005 B-1 (Citibank N.A. SPA) (A-1/VMIG1)
		4,025,000		0.160			03/04/10		4,025,000
	Newport Beach VRDN RB Refunding for Hoag Memorial Hospital Series 2008 C (A-1+/VMIG1)
		4,800,000		0.160			03/03/10		4,800,000
	Newport Beach VRDN RB ROCS RR-II R-11753 for Hoag Memorial Hospital Series 2009 (Citibank N.A.) (A-1/NR)(a)
		7,650,000		0.200			03/04/10		7,650,000
	Sacramento Transportation Authority Sales Tax VRDN RB Ltd. Tax Measure Series 2009 A (Barclays Bank PLC) (A-1/VMIG1)
		2,300,000		0.180			03/04/10		2,300,000
	San Diego Community College District GO VRDN Putters Series 2009-3415 (JPMorgan Chase & Co.) (A-1+/NR)(a)
		3,335,000		0.180			03/04/10		3,335,000
	San Diego County Water Authority CP Series 2010 (Bayerische Landesbank SPA) (A-1/NR)
		10,600,000		0.330			04/01/10		10,600,000

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

19

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

Schedule of Investments (continued)

February 28, 2010 (Unaudited)

	Principal		Interest			Maturity		Amortized
	Amount		Rate			Date		Cost
Municipal Debt Obligations – (continued)
	California – (continued)
	San Diego County Water Authority VRDN COPS Putters Series 2008-2873 (ASSURED GTY) (JPMorgan Chase & Co.) (F1+)(a)
	$	3,865,000		0.200	%		03/04/10	$	3,865,000
	San Francisco Bay Area Rapid Transit District GO VRDN ROCS RR-II R-11251 Series 2007 (Citibank N.A.) (A-1/NR)(a)
		8,275,000		0.200			03/04/10		8,275,000
	San Francisco Bay Area Rapid Transit District GO VRDN ROCS-RR-II R-11285 Series 2007 (Citibank N.A. SPA) (A-1/NR)(a)
		4,745,000		0.200			03/04/10		4,745,000
	Southern California Public Power Authority Project VRDN RB Refunding for Palo Verde Subordinated Series 2008 A (JPMorgan Chase & Co. LOC) (A-1+/VMIG1)
		3,265,000		0.180			03/03/10		3,265,000
	University of California VRDN RB Floaters Certificates Series 2009-7C (Wells Fargo & Co. SPA) (NR/VMIG1)(a)
		17,560,000		0.160			03/04/10		17,560,000
	University of California VRDN RB ROCS-R-II R-11567 Series 2008 (BHAC) (Citibank N.A. SPA) (A-1/NR)(a)
		3,440,000		0.200			03/04/10		3,440,000
	University of Southern California Educational Facilities Authority VRDN RB Eagle Series 2007-0064 Class A (Citibank N.A.) (A-1/NR)(a)
		13,700,000		0.200			03/04/10		13,700,000
	University of Southern California Educational Facilities Authority VRDN RB Floaters Trust Series 2009-11B Reg. D (Barclays Bank PLC) (A-1+/NR)(a)
		2,740,000		0.170			03/04/10		2,740,000
	University of Southern California Educational Facilities Authority VRDN RB Putters Series 2009-3342 (JPMorgan Chase & Co.) (NR/VMIG1)(a)
		4,995,000		0.180			03/04/10		4,995,000
	University of Southern California Educational Facilities Authority VRDN RB Putters Series 2009-3424 (JPMorgan Chase & Co. SPA) (A-1+/NR)(a)
		11,325,000		0.180			03/04/10		11,325,000
	University of Southern California Educational Facilities Authority VRDN RB ROCS-RR-II R-11064 Series 2007 (Citibank N.A.) (A-1/NR)(a)
		11,735,000		0.200			03/04/10		11,735,000
	Victor Valley Community College GO VRDN Floater Certificates Series 2009-34C (Wells Fargo & Co.) (F1+)(a)
		5,300,000		0.160			03/04/10		5,300,000
									1,007,945,107
	Colorado – 3.5%
	Colorado Educational & Cultural Facilities Authority VRDN RB Nature Conservancy Series 2003 A-TE Convertible (Bank of America N.A. SPA) (A-1/NR)
		54,200,000		0.200			03/04/10		54,200,000
	Colorado Health Facilities Authority VRDN RB for Adventist Health System-Sunbelt, Inc. Series 2004 B (JPMorgan Chase & Co. LOC) (A-1+/VMIG1)
		8,500,000		0.210			03/04/10		8,500,000
	Colorado Health Facilities Authority VRDN RB for Catholic Health Care Series 2004 B-1 (Bayerische Landesbank SPA) (NR/VMIG1)
		30,120,000		0.250			03/03/10		30,120,000
	Colorado Health Facilities Authority VRDN RB for Catholic Health Care Series 2004 B-2 (Bayerische Landesbank SPA) (NR/VMIG1)
		2,675,000		0.200			03/03/10		2,675,000
	Colorado Health Facilities Authority VRDN RB for Catholic Health Care Series 2004 B-3 (Landesbank Hessen-Thueringen SPA) (A-1+/VMIG1)
		2,585,000		0.180			03/03/10		2,585,000
	Colorado Health Facilities Authority VRDN RB for Catholic Health Care Series 2004 B-6 (Landesbank Hessen-Thueringen SPA) (A-1+/VMIG1)
		4,200,000		0.220			03/03/10		4,200,000
	Colorado Health Facilities Authority VRDN RB for Sisters of Charity Health Systems Series 2003 B (JPMorgan Chase & Co. SPA) (A-1+/VMIG1)
		23,030,000		0.180			03/03/10		23,030,000
	Colorado Springs Utilities Systems VRDN RB Improvement Series 2008 A (JPMorgan Chase & Co. SPA) (A-1+/VMIG1)
		43,875,000		0.180			03/04/10		43,875,000
	Colorado Springs Utilities Systems VRDN RB Subordinated Lien Improvement Series 2005 A (State Street Bank & Trust Co. SPA) (A-1+/VMIG1)
		2,450,000		0.180			03/04/10		2,450,000
	Colorado State General Fund Revenue GO TRANS Series 2009 A (SP-1+/MIG1)
		160,500,000		2.000			06/25/10		161,288,794
	Denver GO VRDN Austin Trust Certificates Series 2008-1050 (Bank of America N.A. SPA) (A-1/NR)(a)
		7,500,000		0.180			03/04/10		7,500,000
									340,423,794
	Connecticut – 1.1%
	Connecticut State Health & Educational Facilities Authority Austin Trust Certificates VRDN RB Series 2008-1086 (Bank of America N.A. SPA) (A-1/NR)(a)
		21,000,000		0.180			03/04/10		21,000,000
	Connecticut State Health & Educational Facilities Authority for Yale University CP Series 2010 (A-1+/VMG1)
		14,100,000		0.200			03/01/10		14,100,000
	Connecticut State Health & Educational Facilities Authority VRDN RB Eagle-7 Series 2005-3031 Class A (Citibank N.A.) (A-1/NR)(a)
		15,000,000		0.200			03/04/10		15,000,000
	Connecticut State Health & Educational Facilities Authority VRDN RB for Yale University ROCS-RR-II R-10347 Series 2009 (Citibank N.A. SPA) (A-1+/NR)(a)
		46,600,000		0.200			03/04/10		46,600,000
	Connecticut State Health & Educational Facilities Authority VRDN RB for Yale University Series 2003 X-2 (A-1+/VMIG1)
		800,000		0.150			03/04/10		800,000

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

 20

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

	Principal		Interest			Maturity		Amortized
	Amount		Rate			Date		Cost
Municipal Debt Obligations – (continued)
	Connecticut – (continued)
	Connecticut State Lehman Municipal Trust Receipts VRDN RB Floater TRS for Yale University Series 2008 K34W-Reg D (Citibank N.A. SPA) (NR/VMIG1)(a)
	$	9,170,000		0.200	%		03/04/10	$	9,170,000
									106,670,000
	Delaware – 0.5%
	Delaware State Health & Educational Facilities Authority VRDN RB for the Nemours Foundation Project Series 2005 (Bank of America N.A.) (A-1/NR)
		29,305,000		0.220			03/03/10		29,305,000
	Delaware State Health Facilities Authority VRDN RB for Christiana Care Health Services, Inc. Series 2008 B (A-1+/NR)
		16,675,000		0.170			03/04/10		16,675,000
									45,980,000
	District of Columbia – 1.5%
	District of Columbia GO TANS Series 2009 (NR/MIG1)
		91,000,000		2.500			09/30/10		92,083,712
	District of Columbia GO VRDN Refunding Series 2002 D RMKT (Wachovia Bank N.A. LOC) (A-1+/NR)
		11,000,000		0.200			03/04/10		11,000,000
	District of Columbia GO VRDN Refunding Series 2008 C1 RMKT (TD Bank N.A. LOC) (A-1+/VMIG1)
		14,900,000		0.180			03/04/10		14,900,000
	District of Columbia VRDN RB Putters Series 2009-3354 (JPMorgan Chase & Co. SPA) (A-1+/NR)(a)
		7,625,000		0.200			03/04/10		7,625,000
	District of Columbia VRDN RB Putters Series 2009-3369 (JPMorgan Chase & Co. SPA) (A-1+/NR)(a)
		4,500,000		0.200			03/04/10		4,500,000
	District of Columbia VRDN RB Refunding Series 2008 B RMKT (Bank of America N.A. LOC) (A-1+/VMIG1)
		7,290,000		0.190			03/04/10		7,290,000
	District of Columbia Water & Sewer Systems VRDN RB Putters Series 2009-3317 (JPMorgan Chase & Co. SPA) (A-1+/NR)(a)
		6,330,000		0.200			03/04/10		6,330,000
									143,728,712
	Florida – 5.1%
	Broward County Water & Sewer Utility Systems VRDN RB ROCS-RR-II R-11719 Series 2009 (Citibank N.A. SPA) (A-1/NR)(a)
		3,095,000		0.200			03/04/10		3,095,000
	Florida State Board of Education Austin Trust Certificates GO VRDN Series 2008-1083 (Bank of America N.A. SPA) (A-1/NR)(a)
		18,911,000		0.180			03/04/10		18,911,000
	Florida State Board of Education GO Bonds Refunding for Capital Outlay Series 2009 D (AAA/Aa1)
		7,000,000		2.500			06/01/10		7,036,967
	Florida State Board of Education GO VRDN Putters Series 2008-2850 (JPMorgan Chase & Co. SPA) (A-1+/NR)(a)
		7,425,000		0.200			03/04/10		7,425,000
	Florida State Board of Education GO VRDN ROCS-RR-II R-11302 Series 2007 (Citibank N.A. SPA) (A-1/NR)(a)
		4,295,000		0.200			03/04/10		4,295,000
	Florida State Board of Education GO VRDN ROCS-RR-II R-11303 Series 2007 (Citibank N.A. SPA) (A-1/NR)(a)
		5,370,000		0.200			03/04/10		5,370,000
	Florida State Board of Education GO VRDN ROCS-RR-II R-11389 Series 2008 (Citibank N.A. SPA) (A-1/NR)(a)
		4,570,000		0.200			03/04/10		4,570,000
	Florida State Turnpike Authority VRDN RB Putters Series 2008-2514 (JPMorgan Chase & Co. SPA) (NR/VMIG1)(a)
		9,030,000		0.200			03/04/10		9,030,000
	Florida State Turnpike Authority VRDN RB Putters Series 2008-2539 (JPMorgan Chase & Co. SPA) (NR/VMIG1)(a)
		2,665,000		0.200			03/04/10		2,665,000
	Highlands County Health Facilities Authority VRDN RB for Adventist Health System Series 2005 I RMKT (A-1+/VMIG1)
		14,000,000		0.160			03/04/10		14,000,000
	Highlands County Health Facilities Authority VRDN RB for Adventist Health System Series 2007 A-2 (A-1+/VMIG1)
		30,000,000		0.160			03/04/10		30,000,000
	Jacksonville Austin Trust Certificates VRDN RB Mayo Foundation Series 2008-3015X (Bank of America N.A. SPA) (A-1/NR)(a)
		5,500,000		0.180			03/04/10		5,500,000
	Jacksonville Capital Project VRDN RB Series 2008 A (Bank of America N.A. LOC) (NR/VMIG1)
		29,255,000		0.200			03/04/10		29,255,000
	Jacksonville Electric Authority CP Series 2000 A (Westdeutsche Landesbank AG SPA) (NR/VMIG1)
		57,600,000		0.300			03/01/10		57,600,000
	Jacksonville Electric Authority VRDN RB for St. Johns River Power Park Systems Putters Series 2008-2935Z (JPMorgan Chase & Co. SPA) (NR/VMIG1)(a)
		5,645,000		0.200			03/04/10		5,645,000
	Jacksonville Electric Authority VRDN RB Series 2008 D (Lloyds TSB Bank PLC SPA) (A-1/VMIG1)
		5,315,000		0.220			03/03/10		5,315,000
	Jacksonville Electric Authority VRDN RB Series 2008-3 B-2 (Bank of America N.A. SPA) (A-1/VMIG1)
		12,520,000		0.200			03/03/10		12,520,000
	Jacksonville Electric Authority VRDN RB Series 2008 3-B-4 (Dexia Credit Local SPA) (A-1+/VMIG1)
		3,000,000		0.180			03/03/10		3,000,000
	Jacksonville Electric Authority Water & Sewer Systems VRDN RB Series 2008 B (JPMorgan Chase & Co. SPA) (A-1+/VMIG1)
		3,350,000		0.230			03/03/10		3,350,000
	Jacksonville Electric Authority Water & Sewer Systems VRDN RB Series 2008 Subseries A-1 (Bank of New York SPA) (A-1+/VMIG1)
		55,000,000		0.190			03/03/10		55,000,000

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

21

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

Schedule of Investments (continued)

February 28, 2010 (Unaudited)

	Principal		Interest			Maturity		Amortized
	Amount		Rate			Date		Cost
Municipal Debt Obligations – (continued)
	Florida – (continued)
	Jacksonville Transportation VRDN RB Series 2008 A (JPMorgan Chase & Co. SPA) (A-1+/VMIG1)
	$	43,635,000		0.170	%		03/04/10	$	43,635,000
	Jacksonville Water & Sewer Systems VRDN RB Series 2008 A-2 (Banco Bilboa Vizcaya SPA) (A-1+/VMIG1)
		30,350,000		0.190			03/03/10		30,350,000
	Orange County Health Facilities Authority VRDN RB for the Nemours Foundation ROCS-RR-II-R 11809 Series 2009 (Citibank N.A) (A-1/NR)(a)
		5,000,000		0.200			03/04/10		5,000,000
	Orange County Health Facilities Authority VRDN RB for the Nemours Foundation Series 2009 C-1 (A-1+/NR)
		21,305,000		0.190			03/04/10		21,305,000
	Orange County Health Facilities Authority VRDN RB for the Nemours Foundation Series 2009 C-2 (A-1+/NR)
		2,965,000		0.190			03/04/10		2,965,000
	Orlando Utilities Commission System VRDN RB Floaters Series 2009-3023 (Morgan Stanley Municipal Products) (A-1/NR)(a)
		5,875,000		0.200			03/04/10		5,875,000
	Sarasota County Public Hospital District VRDN RB Refunding for Sarasota Memorial Hospital Series 2009 B (Bank of America N.A. LOC) (NR/VMIG1)
		7,500,000		0.190			03/03/10		7,500,000
	South Broward Hospital District Austin Trust Certificates VRDN RB Series 2008-1122 (Bank of America N.A. SPA) (A-1/NR)(a)
		7,200,000		0.180			03/04/10		7,200,000
	South Miami Austin Trust Certificates VRDN RB for Baptist Health Series 2007-1025 (Bank of America N.A. SPA) (A-1/NR)(a)
		16,575,000		0.180			03/04/10		16,575,000
	South Miami Austin Trust Certificates VRDN RB for Baptist Health Series 2008-1117 (Bank of America N.A. SPA) (A-1/NR)(a)
		4,245,000		0.180			03/04/10		4,245,000
	South Miami Health Facilities Authority VRDN RB for Baptist Health Putters Series 2007-2318 (JPMorgan Chase & Co. SPA) (NR/VMIG1)(a)
		37,945,000		0.200			03/04/10		37,945,000
	South Miami Health Facilities Authority VRDN RB for Baptist Health Putters Series 2008-2473 (JPMorgan Chase & Co. SPA) (NR/VMIG1)(a)
		3,115,000		0.200			03/04/10		3,115,000
	Tallahassee Construction Utility System VRDN RB Putters Series 2008-2617 (JPMorgan Chase & Co. SPA) (NR/VMIG1)(a)
		6,660,000		0.200			03/04/10		6,660,000
	Tallahassee Construction Utility System VRDN RB ROCS-RR-II R-11306 Series 2007 (Citibank N.A. SPA) (A-1/NR)(a)
		6,765,000		0.200			03/04/10		6,765,000
	Volusia County Health Facilities Authority VRDN RB for Adventist Health System Series 1994 A (JPMorgan Chase & Co. LOC) (A-1+/NR)
		10,875,000		0.210			03/04/10		10,875,000
									493,592,967
	Georgia – 2.4%
	Cobb County Development Authority VRDN PCRB for Georgia Power Co. Plant Project Series 1991 (NR/VMIG1)
		6,100,000		0.150			03/01/10		6,100,000
	Georgia State GO Bonds Series 2009 D (AAA/Aaa)
		8,980,000		2.000			05/01/10		9,003,778
	Georgia State GO Bonds Series 2009 F (AAA/Aaa)
		13,000,000		2.000			11/01/10		13,143,418
	Georgia State GO Bonds Series 2009 G (AAA/Aaa)
		22,935,000		2.000			11/01/10		23,188,023
	Gwinnett County Public School District GO VRDN Putters Series 2008-2868 (JPMorgan Chase & Co. SPA) (NR/VMIG1)(a)
		8,870,000		0.200			03/04/10		8,870,000
	Gwinnett County Water & Sewer Authority RB Series 2009 A (AAA/Aaa)
		7,300,000		2.000			08/01/10		7,348,926
	Metropolitan Atlanta Rapid Transit Authority Sales Tax VRDN RB ROCS-RR-II R-11794 Series 2009 (Citibank N.A.) (A-1/NR)(a)
		4,500,000		0.200			03/04/10		4,500,000
	Metropolitan Atlanta Rapid Transit Authority Sales Tax VRDN RB Series 2000 A (Bayerische Landesbank and Westdeutsche Landesbank AG LOC) (NR/VMIG1)
		25,000,000		0.270			03/03/10		25,000,000
	Metropolitan Atlanta Rapid Transit Authority Sales Tax VRDN RB Series 2000 B (Bayerische Landesbank and Westdeutsche Landesbank AG LOC) (NR/VMIG1)
		56,870,000		0.250			03/03/10		56,870,000
	Monroe County Development Authority VRDN PCRB for Scherer Project Series 1997 RMKT (A-1/P-1)
		4,000,000		0.150			03/01/10		4,000,000
	Municipal Electric Authority of Georgia BANS Series 2009 A (SP-1+/MIG1)
		22,500,000		1.250			05/07/10		22,516,384
	Municipal Electric Authority of Georgia VRDN RB Series 1985 B RMKT (Landesbank Hessen-Thueringen LOC) (A-1+/VMIG1)
		11,000,000		0.200			03/03/10		11,000,000
	Municipal Electric Authority of Georgia VRDN RB Series 1985 C RMKT (Bayerische Landesbank LOC) (NR/VMIG1)
		9,000,000		0.230			03/03/10		9,000,000
	Private Colleges & Universities Authority VRDN RB for Emory University Putters Series 2008-2989 (JPMorgan Chase & Co.) (NR/VMIG1)(a)
		3,545,000		0.200			03/04/10		3,545,000

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

 22

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

	Principal		Interest			Maturity		Amortized
	Amount		Rate			Date		Cost
Municipal Debt Obligations – (continued)
	Georgia – (continued)
	Private Colleges & Universities Authority VRDN RB for Emory University Putters Series 2009-3243 (JPMorgan Chase & Co. SPA) (A-1+/NR)(a)
	$	4,795,000		0.200	%		03/04/10	$	4,795,000
	Private Colleges & Universities Authority VRDN RB for Emory University Series 2005 B-3 (A-1+/VMIG1)(a)
		13,175,000		0.150			03/04/10		13,175,000
	Private Colleges & Universities Facilities Authority Puttable Floating Option Tax-Exempt Receipts VRDN RB for Emory University P-Floats-PT-4664 Series 2010 (Bank of America N.A.) (A-1/NR)
		6,600,000		0.200			03/04/10		6,600,000
	Private Colleges & Universities Facilities Authority VRDN RB for Emory University Series 2005 C-3 RMKT (NR/VMIG1)
		1,300,000		0.150			03/04/10		1,300,000
	Savannah Economic Development Authority VRDN PCRB Refunding for Savannah Electric & Power Project Series 1993 (A-1/VMIG1)
		4,085,000		0.150			03/01/10		4,085,000
									234,040,529
	Idaho – 0.1%
	Idaho Health Facilities Authority VRDN RB for Ascension Health Service Care Series 2008 D (A-1+/VMIG1)
		9,700,000		0.180			03/03/10		9,700,000
	Illinois – 4.8%
	Chicago Board of Education GO VRDN Putters Series 2008-2997 (ASSURED GTY) (JPMorgan Chase & Co. SPA) (A-1+/NR)(a)
		3,115,000		0.250			03/04/10		3,115,000
	Chicago Board of Education GO VRDN Refunding for Dedicated Revenues Series 2009 A-2 (Northern Trust Co. LOC) (A-1+/VMIG1)
		5,000,000		0.200			03/04/10		5,000,000
	Chicago GO VRDN Putters Series 2009-3420 (JPMorgan Chase & Co. SPA) (A-1+/NR)(a)
		6,300,000		0.200			03/04/10		6,300,000
	Chicago Metropolitan Water Reclamation District GO VRDN Floaters Trust Series 2009-27B (Barclays Bank PLC) (NR/VMIG1)(a)
		3,550,000		0.180			03/04/10		3,550,000
	Chicago Metropolitan Water Reclamation District GO VRDN Putters Series 2009-3448 (JPMorgan Chase & Co. SPA) (A-1+/NR)(a)
		8,395,000		0.200			03/04/10		8,395,000
	Chicago Metropolitan Water Reclamation District of Greater Chicago VRDN RB ROCS-RR-II R-11189 Series 2007 (Citigroup Global Markets SPA) (NR/VMIG1)(a)
		4,995,000		0.200			03/04/10		4,995,000
	Chicago Water Authority VRDN RB Floaters Certificates Series 2008-60C (ASSURED GTY) (Wells Fargo & Co. SPA) (F1+)(a)
		15,870,000		0.180			03/04/10		15,870,000
	Illinois Finance Authority VRDN RB for Northwestern Memorial Hospital Series 2007 A-3 (UBS AG SPA) (A-1/VMIG1)
		2,500,000		0.150			03/04/10		2,500,000
	Illinois Finance Authority VRDN RB for Northwestern Memorial Hospital Series 2009 A-2 (Northern Trust Co. SPA) (A-1+/VMIG1)
		5,590,000		0.140			03/01/10		5,590,000
	Illinois Finance Authority VRDN RB for Southern Healthcare Series 2008 (Bank of Nova Scotia LOC) (A-1+/NR)
		4,580,000		0.180			03/03/10		4,580,000
	Illinois Finance Authority VRDN RB for University of Chicago Series 2004 B (A-1+/VMIG1)
		10,490,000		0.200			03/04/10		10,490,000
	Illinois Health Facilities Authority VRDN RB for Evanston Series 1996 RMKT (JPMorgan Chase & Co. SPA) (A-1+/VMIG1)
		12,000,000		0.190			03/04/10		12,000,000
	Illinois Health Facilities Authority VRDN RB for Northwestern Memorial Hospital Series 2002 C (Northern Trust Co. SPA) (A-1+/VMIG1)
		26,700,000		0.140			03/01/10		26,700,000
	Illinois State GO Notes Certificates Series 2009 (SP-1/NR)
		138,000,000		4.000			04/26/10		138,528,930
		189,300,000		4.000			05/20/10		190,256,353
	Illinois State Toll Highway Authority VRDN RB Putters Series 2009-3336 (JPMorgan Chase & Co. SPA) (A-1+/NR)(a)
		5,330,000		0.200			03/04/10		5,330,000
	University of Chicago VRDN RB Austin Trust Certificates Series 2009-1205 (Bank of America N.A. SPA) (A-1/NR)(a)
		4,165,000		0.180			03/04/10		4,165,000
	University of Chicago VRDN RB Putters Series 2009-3288Z (JPMorgan Chase & Co. SPA) (NR/VMIG1)(a)
		3,000,000		0.200			03/04/10		3,000,000
	University of Illinois VRDN RB Auxiliary Facilities System Putters Series 2009-3348 (JPMorgan Chase & Co. SPA) (A-1+/NR)(a)
		8,995,000		0.200			03/04/10		8,995,000
									459,360,283
	Indiana – 3.1%
	Indiana Bond Bank VRDN RB Special Program Gas Revenue Putters Series 2008-2882 (JPMorgan Chase & Co. SPA) (NR/VMIG1)(a)
		13,835,000		0.200			03/04/10		13,835,000
	Indiana Health & Educational Facilities Financing Authority VRDN RB Ascension Health ROCS-RR-II R-11160 Series 2007 (Citibank N.A.) (A-1/NR)(a)
		12,285,000		0.200			03/04/10		12,285,000
	Indiana State Finance Authority Hospital VRDN RB for Parkview Health System Obligation Series 2009 C (Wells Fargo Bank N.A. LOC) (A-1+/VMIG1)
		4,870,000		0.150			03/03/10		4,870,000

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

23

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

Schedule of Investments (continued)

February 28, 2010 (Unaudited)

	Principal		Interest			Maturity		Amortized
	Amount		Rate			Date		Cost
Municipal Debt Obligations – (continued)
	Indiana – (continued)
	Indiana State Finance Authority Puttable Floating Option Tax-Exempt Receipts VRDN RB P-Floats-PT-4659 for Sisters of St. Francis Health Series 2009 (Bank of America N.A) (F1+)(a)
	$	5,000,000		0.180	%		03/04/10	$	5,000,000
	Indiana State Finance Authority VRDN RB Ascension Health Credit Series 2008 E-1 (A-1+/VMIG1)
		8,225,000		0.190			03/03/10		8,225,000
	Indiana State Finance Authority VRDN RB Floater Trust Series 2009-40B (Barclays Bank PLC) (NR/VMIG1)(a)
		6,995,000		0.170			03/04/10		6,995,000
	Indiana State Finance Authority VRDN RB Floaters Series 2007-1885 (Wells Fargo Bank N.A. SPA) (A-1+/NR)(a)
		12,910,000		0.190			03/04/10		12,910,000
	Indiana State Finance Authority VRDN RB for Trinity Health Putters Series 2009-3611 (JPMorgan Chase & Co.) (A-1+/NR)(a)
		18,485,000		0.200			03/04/10		18,485,000
	Indiana State Finance Authority VRDN RB for Trinity Health Putters Series 2010-3464 (JPMorgan Chase & Co.) (A-1+/NR)(a)
		7,000,000		0.200			03/04/10		7,000,000
	Indiana State Finance Authority VRDN RB Lease Appropriation Series 2005 A-2 RMKT (Barclays Bank PLC SPA) (A-1+/VMIG1)
		63,000,000		0.200			03/04/10		63,000,000
	Indiana State Finance Authority VRDN RB Lease Appropriation Series 2005 A-3 RMKT (Barclays Bank PLC SPA) (A-1+/VMIG1)
		30,000,000		0.200			03/04/10		30,000,000
	Indiana State Finance Authority VRDN RB Lease Appropriation Series 2008 A-2 RMKT (A-1+/VMIG1)
		36,000,000		0.200			03/04/10		36,000,000
	Indianapolis Local Public Improvement Bond Bank RANS Series 2009 E (SP-1+/MIG1)
		18,000,000		0.800			03/31/10		18,000,000
	St. Joseph County Educational Facilities VRDN RB for University of Notre Dame Du Lac Series 2003 RMKT (Banco Bilbao Vizcaya SPA) (NR/VMIG1)(a)
		54,075,000		0.170			03/04/10		54,075,000
	University of Indiana VRDN RB Floater Certificates Series 2009-45C (Wells Fargo & Co. SPA) (NR/VMIG1)(a)
		10,300,000		0.180			03/04/10		10,300,000
									300,980,000
	Iowa – 0.0%
	Iowa Financing Authority Health Facilities VRDN RB Iowa Health System Series 2009 B (JPMorgan Chase & Co. LOC) (NR/VMIG1)
		45,000		0.140			03/01/10		45,000
	Kansas – 1.0%
	Kansas State Development Finance Authority VRDN RB Sisters of Charity Series 2006 D (JPMorgan Chase & Co. SPA) (A-1+/VMIG1)
		43,600,000		0.170			03/01/10		43,600,000
	Kansas State DOT Highway VRDN RB Putters Series 2008-2969 (JPMorgan Chase & Co. SPA) (A-1+/NR)(a)
		3,840,000		0.200			03/04/10		3,840,000
	Kansas State DOT Highway VRDN RB Refunding Series 2002 C-1 (JPMorgan Chase & Co. SPA) (A-1+/VMIG1)
		10,000,000		0.180			03/04/10		10,000,000
	Kansas State DOT Highway VRDN RB Refunding Series 2002 C-2 (JPMorgan Chase & Co. SPA) (A-1+/VMIG1)
		28,000,000		0.180			03/04/10		28,000,000
	Kansas State DOT Highway VRDN RB Series 2004 C-4 (JPMorgan Chase & Co. SPA) (A-1+/VMIG1)(a)
		7,000,000		0.180			03/03/10		7,000,000
	Kansas State DOT Highway VRDN RB Series 2008 A-1 (Wachovia Bank N.A. SPA) (NR/VMIG1)
		3,000,000		0.150			03/04/10		3,000,000
									95,440,000
	Kentucky – 0.1%
	Kentucky Economic Development Finance Authority VRDN RB for Catholic Health Series 2004 C (A-1+/VMIG1)
		7,700,000		0.150			03/03/10		7,700,000
	Maine(a) – 0.1%
	Maine Health & Higher Educational Facilities Authority VRDN RB for Bowdoin College Putters Series 2009-3461 (JPMorgan Chase & Co.) (NR/VMIG1)
		6,955,000		0.200			03/04/10		6,955,000
	Maryland – 0.7%
	Anne Arundel County CP Series 2010 (Westdeutsche Landesbank AG SPA) (A-1/NR)
		63,900,000		0.250			03/01/10		63,900,000
	Maryland State Austin Trust Certificates GO VRDN Series 2008-1194 (Bank of America N.A.) (A-1/NR)(a)
		4,875,000		0.180			03/04/10		4,875,000
									68,775,000
	Massachusetts – 4.4%
	Massachusetts Bay Transportation Authority Sales Tax Austin Trust Certificates VRDN RB Series 2008-1111 (Bank of America N.A. SPA) (A-1/NR)(a)
		5,000,000		0.180			03/04/10		5,000,000
	Massachusetts Bay Transportation Authority Sales Tax VRDN RB Putters Series 2006-1387 (JPMorgan Chase & Co. SPA) (A-1+/NR)(a)
		9,720,000		0.190			03/04/10		9,720,000
	Massachusetts State Austin Trust Certificates GO VRDN Series 2008-1203 (Bank of America N.A. SPA) (A-1/NR)(a)
		9,500,000		0.180			03/04/10		9,500,000

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

 24

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

	Principal		Interest			Maturity		Amortized
	Amount		Rate			Date		Cost
Municipal Debt Obligations – (continued)
	Massachusetts – (continued)
	Massachusetts State Austin Trust Certificates VRDN RB for Partners Healthcare Series 2008-1056 (Bank of America N.A. SPA) (A-1/NR)(a)
	$	3,310,000		0.180	%		03/04/10	$	3,310,000
	Massachusetts State Development Finance Agency VRDN RB Smith College Series 2007 (Morgan Stanley SPA) (A-1/VMIG1)
		5,410,000		0.210			03/04/10		5,410,000
	Massachusetts State GO Bonds Construction Loan Series 2009 A (AA/Aa2)
		14,900,000		2.000			03/01/10		14,900,000
	Massachusetts State GO RANS Series 2009 C (SP-1+/MIG1)
		139,000,000		2.500			06/24/10		139,940,682
	Massachusetts State GO VRDN Putters Series 2009-3620 (AMBAC) (JPMorgan Chase & Co.) (A-1+/NR)(a)
		3,360,000		0.250			03/04/10		3,360,000
	Massachusetts State Health & Education Facilities Authority for Partners Healthcare System CP Series 2009 H-2 (A-1/NR)
		18,000,000		0.410			03/01/10		18,000,000
	Massachusetts State Health & Educational Facilities Authority VRDN RB for Amherst College Series 1996 F (A-1+/VMIG1)
		7,000,000		0.160			03/04/10		7,000,000
	Massachusetts State Health & Educational Facilities Authority VRDN RB for Amherst College Series 2005 I (A-1+/VMIG1)
		15,210,000		0.160			03/04/10		15,210,000
	Massachusetts State Health & Educational Facilities Authority VRDN RB for Harvard University Putters Series 2008-3104 (JPMorgan Chase & Co. SPA) (A-1+/NR)(a)
		3,040,000		0.200			03/04/10		3,040,000
	Massachusetts State Health & Educational Facilities Authority VRDN RB for Harvard University ROCS-RR-II R-11514 Series 2008 (Citibank N.A. SPA) (A-1/NR)(a)
		5,390,000		0.200			03/04/10		5,390,000
	Massachusetts State Health & Educational Facilities Authority VRDN RB for Massachusetts Institute of Technology ROCS-RR-II-11824 Series 2010 (Citibank N.A.) (A-1/NR)(a)
		2,665,000		0.200			03/04/10		2,665,000
	Massachusetts State Health & Educational Facilities Authority VRDN RB for Partners Healthcare System Series 2009 I-1 (A-1+/VMIG1)
		10,500,000		0.150			03/04/10		10,500,000
	Massachusetts State Housing Finance Agency VRDN RB Series 2003 F (ASSURED GTY) (Dexia Credit Local SPA) (A-1+/VMIG1)
		46,485,000		0.220			03/03/10		46,485,000
	Massachusetts State Water Resources Authority CP Series 2010 S-94 (Bayerische Landesbank LOC) (A-1/NR)
		30,000,000		0.320			04/15/10		30,000,000
	Massachusetts State Water Resources Authority VRDN RB Putters Series 2008-2848 (ASSURED GTY) (JPMorgan Chase & Co. SPA) (A-1+/NR)(a)
		5,345,000		0.200			03/04/10		5,345,000
	Massachusetts State Water Resources Authority VRDN RB Refunding General Series 2008 E (JPMorgan Chase & Co. SPA) (A-1+/VMIG1)
		42,500,000		0.190			03/04/10		42,500,000
	University of Massachusetts Building Authority Facilities VRDN RB Senior Community GTD Series 2008 A (Bank of America N.A. SPA) (A-1/NR)
		9,000,000		0.230			03/03/10		9,000,000
	University of Massachusetts Building Authority VRDN RB Refunding Senior Community GTD Series 2008-4 (Bank of America N.A. SPA) (A-1/NR)
		37,660,000		0.190			03/03/10		37,660,000
									423,935,682
	Michigan – 0.8%
	Michigan Municipal Bond Authority VRDN RB Putters Series 2002-286 (JPMorgan Chase & Co. SPA) (A-1+/NR)(a)
		4,100,000		0.200			03/04/10		4,100,000
	Michigan Municipal Bond Authority VRDN RB ROCS-RR-II R-11254 Series 2007 (Citibank N.A. SPA) (A-1/NR)(a)
		3,800,000		0.200			03/03/10		3,800,000
	Michigan State Hospital Finance Authority for Trinity Health Credit CP Series 2010 (A-1+/VMG1)
		18,000,000		0.200			03/01/10		18,000,000
	Michigan State Hospital Finance Authority VRDN RB for Ascension Health Credit Series 2008 B-6 (A-1+/VMIG1)
		10,000,000		0.170			03/03/10		10,000,000
	Michigan State Hospital Finance Authority VRDN RB for Trinity Health Credit Series 2005 E (A-1+/VMIG1)
		9,875,000		0.150			03/04/10		9,875,000
	Michigan State Hospital Finance Authority VRDN RB for Trinity Health Putters Series 2008-2976 (JPMorgan Chase & Co. SPA) (NR/VMIG1)(a)
		5,110,000		0.200			03/04/10		5,110,000
	Michigan State University VRDN RB General Series 2005 (Landesbank Hessen-Thueringen SPA) (A-1+/VMIG1)
		11,175,000		0.150			03/03/10		11,175,000
	Michigan State University VRDN RB Refunding General Series 2003 B (Landesbank Hessen-Thueringen SPA) (A-1+/VMIG1)
		2,000,000		0.150			03/03/10		2,000,000
	University of Michigan VRDN RB Hospital Series 1995 A (A-1+/VMIG1)
		3,700,000		0.170			03/03/10		3,700,000
	University of Michigan VRDN RB Hospital Series 2007 A (A-1+/VMIG1)
		1,000,000		0.140			03/01/10		1,000,000
	University of Michigan VRDN RB Medical Services Plan Series 2006 A (A-1+/VMIG1)
		6,300,000		0.170			03/03/10		6,300,000
									75,060,000
	Minnesota – 2.3%
	Minneapolis VRDN RB University Gateway Project Series 2009 (Wells Fargo Bank N.A. SPA) (A-1+/VMIG1)
		5,500,000		0.170			03/04/10		5,500,000

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

25

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

Schedule of Investments (continued)

February 28, 2010 (Unaudited)

	Principal		Interest			Maturity		Amortized
	Amount		Rate			Date		Cost
Municipal Debt Obligations – (continued)
	Minnesota – (continued)
	Minnesota State Higher Education Facilities Authority VRDN RB for Carleton College Series 2000 5-G (Wells Fargo Bank N.A. SPA) (NR/VMIG1)
	$	9,365,000		0.160	%		03/03/10	$	9,365,000
	Minnesota State Higher Education Facilities Authority VRDN RB for Carleton College Series 2005 6-D (Wells Fargo Bank N.A. SPA) (NR/VMIG1)
		15,480,000		0.170			03/04/10		15,480,000
	Rochester GO VRDN Wastewater Series 2007 B (Wells Fargo Bank N.A. SPA) (A-1+/VMIG1)
		11,200,000		0.170			03/04/10		11,200,000
	Rochester Health Care Facilities Mayo Foundation CP Series 2010 B (U.S. Bank N.A. SPA) (SP1+/NR)
		22,500,000		0.300			06/10/10		22,500,000
	Rochester Health Care Facilities Mayo Foundation CP Series 2010-01A (Wachovia Bank N.A. SPA) (A-1/VMIG1)
		29,000,000		0.280			04/01/10		29,000,000
	Rochester Health Care Facilities VRDN RB Mayo Clinic Series 2008 E (A-1+/NR)
		13,300,000		0.550			05/10/10		13,300,000
	University of Minnesota VRDN RB Refunding Series 2008 A RMKT (University of Minnesota SPA) (A-1+/VMIG1)
		25,250,000		0.220			03/03/10		25,250,000
	University of Minnesota VRDN RB Series 1999 A RMKT (U.S. Bank N.A. SPA) (A-1+/VMIG1)
		64,390,000		0.220			03/03/10		64,390,000
	University of Minnesota VRDN RB Series 2001 C (JPMorgan Chase & Co. SPA) (A-1+/VMIG1)
		23,000,000		0.230			03/03/10		23,000,000
									218,985,000
	Missouri – 1.2%
	Kansas City Special Obligation VRDN RB Refunding for H. Roe Bartle Series 2008 E (Bank of America N.A. LOC) (A-1/VMIG1)
		21,250,000		0.190			03/03/10		21,250,000
	Missouri State Health & Educational Facilities Authority VRDN RB for BJC Health Systems Series 2008 A (U.S. Bank N.A. SPA) (A-1+/VMIG1)
		10,000,000		0.190			03/04/10		10,000,000
	Missouri State Health & Educational Facilities Authority VRDN RB for BJC Health Systems Series 2008 B (U.S. Bank N.A. SPA) (A-1+/VMIG1)
		10,000,000		0.150			03/04/10		10,000,000
	Missouri State Health & Educational Facilities Authority VRDN RB for Saint Luke’s Health Systems Series 2008 A (Bank of America N.A. LOC) (A-1/VMIG1)
		19,000,000		0.180			03/03/10		19,000,000
	Missouri State Health & Educational Facilities Authority VRDN RB for Saint Luke’s Health Systems Series 2008 B (Bank of America N.A. LOC) (A-1/VMIG1)
		8,250,000		0.180			03/03/10		8,250,000
	Missouri State Health & Educational Facilities Authority VRDN RB for Washington University Putters Series 2009-3546 (JPMorgan Chase Bank & Co.) (A-1+/NR)(a)
		10,000,000		0.180			03/04/10		10,000,000
	Missouri State Health & Educational Facilities Authority VRDN RB Putters Series 2008-2587 (JPMorgan Chase & Co. SPA) (NR/VMIG1)(a)
		7,955,000		0.200			03/04/10		7,955,000
	Missouri State Health & Educational Facilities Authority VRDN RB Refunding for Saint Luke’s Systems Series 2008 C (Bank of America N.A. LOC) (A-1/VMIG1)
		15,000,000		0.180			03/03/10		15,000,000
	University of Missouri VRDN RB for Systems Facilities Series 2000 B (A-1+/VMIG1)
		8,300,000		0.140			03/01/10		8,300,000
	University of Missouri VRDN RB for Systems Facilities Series 2001 A (A-1+/VMIG1)
		9,140,000		0.140			03/01/10		9,140,000
									118,895,000
	Montana – 0.4%
	Montana Facilities Finance Authority VRDN RB for Sisters of Charity Health Systems Series 2003 (Bank of Montreal SPA) (A-1+/VMIG1)
		21,110,000		0.170			03/03/10		21,110,000
	Montana Facilities Finance Authority VRDN RB for Sisters of Charity Series 2006 A (JPMorgan Chase & Co. SPA) (A-1+/VMIG1)
		20,880,000		0.170			03/01/10		20,880,000
									41,990,000
	Nebraska – 0.8%
	American Public Energy Agency Gas Supply VRDN RB for National Public Gas Agency Project Series 2003 A (BP Corp. North America) (A-1+/VMIG1)
		19,110,000		0.180			03/04/10		19,110,000
	American Public Energy Agency Gas Supply VRDN RB for National Public Gas Agency Project Series 2003 B (BP Corp. North America SPA) (A-1+/VMIG1)
		47,664,000		0.200			03/04/10		47,664,000
	Omaha Public Power District Electric VRDN RB ROCS-RR-II R-11291 Series 2007 (Citibank N.A. SPA) (A-1/NR)(a)
		8,540,000		0.200			03/04/10		8,540,000
									75,314,000
	Nevada – 0.8%
	Clark County GO VRDN Austin Trust Certificates Series 2008-1171 (Bank of America N.A. SPA) (A-1/NR)(a)
		3,600,000		0.180			03/04/10		3,600,000
	Clark County GO VRDN Putters Series 2009-3366 Z (JPMorgan Chase & Co. SPA) (A-1+/NR)(a)
		6,080,000		0.200			03/04/10		6,080,000
	Clark County GO VRDN ROCS-RR-II- R-11245WF Series 2007 (AMBAC) (Wells Fargo Bank N.A. SPA) (A-1+/NR)(a)
		5,000,000		0.200			03/04/10		5,000,000

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

 26

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

	Principal		Interest			Maturity		Amortized
	Amount		Rate			Date		Cost
Municipal Debt Obligations – (continued)
	Nevada – (continued)
	Clark County School District GO VRDN ROCS-RR-II R-11297 Series 2007 (Citibank N.A. SPA) (A-1/NR)(a)
	$	8,720,000		0.200	%		03/04/10	$	8,720,000
	Clark County Water Reclamation District GO VRDN Putters Series 2009-3488Z (JPMorgan Chase & Co.) (A-1+/NR)(a)
		6,305,000		0.200			03/04/10		6,305,000
	Clark County Water Reclamation District GO VRDN Putters Series 2009-3489Z (JPMorgan Chase & Co.) (A-1+/NR)(a)
		5,300,000		0.200			03/04/10		5,300,000
	Las Vegas Valley Water District CP Series 2007 (BNP Paribas SPA) (A-1+/P-1)
		23,000,000		0.180			03/01/10		23,000,000
	Nevada State GO Bonds for Capital Improvement Series 2006 E (ASSURED GTY) (AAA/Aa2)
		4,690,000		5.000			03/01/10		4,690,000
	Nevada State GO Bonds Refunding for Capital Improvement Series 2005 A (AA+/Aa2)
		8,600,000		5.000			02/01/11		8,963,215
	Nevada State GO VRDN Series 2009-3421 (JPMorgan Chase & Co. SPA) (A-1+/NR)(a)
		9,115,000		0.200			03/04/10		9,115,000
									80,773,215
	New Jersey – 0.7%
	New Jersey State TRANS Series 2009 (SP-1+/MIG1)
		70,000,000		2.500			06/24/10		70,435,108
	New Mexico – 0.8%
	New Mexico Municipal Energy Acquisition Authority Gas Supply VRDN RB Series 2009 (Royal Bank of Canada SPA) (NR/VMIG1)
		32,500,000		0.190			03/04/10		32,500,000
	University of New Mexico VRDN RB Refunding Subordinated Lien Systems Series 2002 C (JPMorgan Chase & Co. SPA) (A-1+/VMIG1)
		20,840,000		0.190			03/03/10		20,840,000
	University of New Mexico VRDN RB Refunding Subordinated Lien Systems Series 2003 B (JPMorgan Chase & Co. SPA) (A-1+/VMIG1)
		24,185,000		0.190			03/03/10		24,185,000
									77,525,000
	New York – 15.8%
	Long Island Power Authority Electric System VRDN RB Series 1998 Subseries 1A RMKT (Bayerische Landesbank and Landesbank Baden-Wurttemberg LOC) (NR/VMIG1)
		41,400,000		0.260			03/03/10		41,400,000
	Long Island Power Authority Electric System VRDN RB Series 1998 Subseries 2A (Westdeutsche Landesbank AG LOC) (A-1+/VMIG1)
		38,025,000		0.270			03/03/10		38,025,000
	Nassau County GO TANS Series 2009 A (SP-1+/MIG1)
		60,000,000		1.500			09/15/10		60,375,840
	Nassau County GO VRDN Series 2007 A (Bank of America N.A. LOC) (A-1/VMIG1)
		20,105,000		0.180			03/03/10		20,105,000
	New York City Austin Trust Certificates GO VRDN Series 2008-1064 (Bank of America N.A. SPA) (A-1/NR)(a)
		9,160,000		0.180			03/04/10		9,160,000
	New York City Austin Trust Certificates VRDN RB for Museum of Modern Art VRDN RB Series 2008-3316 (Bank of America N.A. SPA) (A-1/NR)(a)
		7,815,000		0.180			03/04/10		7,815,000
	New York City GO VRDN Floaters Series 2009-3000 (Morgan Stanley Municipal Products) (A-1/NR)(a)
		15,000,000		0.200			03/04/10		15,000,000
	New York City GO VRDN Putters Series 2008-2951 (JPMorgan Chase & Co. SPA) (A-1+/NR)(a)
		4,465,000		0.190			03/04/10		4,465,000
	New York City GO VRDN Putters Series 2008-3006 (JPMorgan Chase & Co. SPA) (A-1+/NR)(a)
		6,660,000		0.190			03/04/10		6,660,000
	New York City GO VRDN Putters Series 2008-3181 (JPMorgan Chase & Co. SPA) (A-1+/NR)(a)
		6,660,000		0.190			03/04/10		6,660,000
	New York City GO VRDN Putters Series 2008-3282 (JPMorgan Chase & Co. SPA) (A-1+/NR)(a)
		3,350,000		0.190			03/04/10		3,350,000
	New York City GO VRDN Putters Series 2009-3457 (JPMorgan Chase & Co.) (A-1+/NR)(a)
		4,245,000		0.190			03/04/10		4,245,000
	New York City GO VRDN ROCS-RR-II R-11464 Series 2008 (Citibank N.A. SPA) (A-1/NR)(a)
		5,145,000		0.200			03/04/10		5,145,000
	New York City GO VRDN ROCS-RR-II R-11515 Series 2008 (Citibank N.A. SPA) (A-1/NR)(a)
		5,940,000		0.200			03/04/10		5,940,000
	New York City GO VRDN ROCS-RR-II R-11668 Series 2008 (Citibank N.A. SPA) (A-1/NR)(a)
		35,695,000		0.200			03/04/10		35,695,000
	New York City GO VRDN ROCS-RR-II R-11747 Series 2009 (Citibank N.A.) (A-1/NR)(a)
		20,225,000		0.200			03/04/10		20,225,000
	New York City GO VRDN ROCS-RR-II R-11751 Series 2009 (Citibank N.A.) (A-1/NR)(a)
		8,500,000		0.200			03/04/10		8,500,000
	New York City GO VRDN Series 1993 Subseries A-4 (Westdeutsche Landesbank AG LOC) (A-1+/VMIG1)
		10,000,000		0.140			03/01/10		10,000,000
	New York City GO VRDN Series 1993 Subseries E-3 (Westdeutsche Landesbank AG LOC) (A-1+/VMIG1)
		24,300,000		0.150			03/01/10		24,300,000
	New York City GO VRDN Series 1996 Subseries J-2 RMKT (Westdeutsche Landesbank AG LOC) (A-1+/VMIG1)
		58,100,000		0.210			03/03/10		58,100,000
	New York City GO VRDN Series 2002 Subseries C-2 (Bayerische Landesbank LOC) (NR/VMIG1)
		4,810,000		0.190			03/03/10		4,810,000
	New York City GO VRDN Series 2003 Subseries A-3 (BNP Paribas LOC) (A-1+/VMIG1)
		18,000,000		0.160			03/03/10		18,000,000

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

27

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

Schedule of Investments (continued)

February 28, 2010 (Unaudited)

	Principal		Interest			Maturity		Amortized
	Amount		Rate			Date		Cost
Municipal Debt Obligations – (continued)
	New York – (continued)
	New York City GO VRDN Series 2008 Subseries B-3 (TD Bank N.A. LOC) (A-1+/VMIG1)
	$	5,745,000		0.160	%		03/03/10	$	5,745,000
	New York City Housing Development Corp. MF Hsg. VRDN RB for 2 Gold Street Series 2006 A (FNMA) (A-1+/NR)
		35,000,000		0.200			03/03/10		35,000,000
	New York City Housing Development Corp. MF Hsg. VRDN RB for 90 West Street Series 2006 A (FNMA) (A-1+/NR)
		25,900,000		0.150			03/03/10		25,900,000
	New York City Municipal Water Finance Authority Austin Trust Certificates VRDN RB Series 2007-1038 (Bank of America N.A. SPA) (A-1/NR)(a)
		12,432,000		0.180			03/04/10		12,432,000
	New York City Municipal Water Finance Authority Austin Trust Certificates VRDN RB Series 2008-1192 (Bank of America N.A. SPA) (A-1/NR)(a)
		2,750,000		0.180			03/04/10		2,750,000
	New York City Municipal Water Finance Authority Austin Trust Certificates VRDN RB Series 2008-3306 (Bank of America N.A. SPA) (A-1/NR)(a)
		5,000,000		0.180			03/04/10		5,000,000
	New York City Municipal Water Finance Authority VRDN RB Putters Series 2008-3092 (JPMorgan Chase & Co. SPA) (A-1+/NR)(a)
		13,405,000		0.190			03/04/10		13,405,000
	New York City Municipal Water Finance Authority VRDN RB Putters Series 2009-3384 (JPMorgan Chase & Co. SPA) (A-1+/NR)(a)
		3,750,000		0.190			03/04/10		3,750,000
	New York City Municipal Water Finance Authority VRDN RB Putters Series 2009-3477 (JPMorgan Chase & Co.) (A-1+/NR)(a)
		3,795,000		0.190			03/04/10		3,795,000
	New York City Municipal Water Finance Authority VRDN RB Putters Series 2009-3561 (JPMorgan Chase & Co.) (A-1+/NR)(a)
		5,500,000		0.190			03/04/10		5,500,000
	New York City Municipal Water Finance Authority VRDN RB ROCS-RR-II R-11556 Series 2008 (BHAC) (Citibank N.A. SPA) (A-1/NR)(a)
		4,365,000		0.200			03/04/10		4,365,000
	New York City Municipal Water Finance Authority Water & Sewer Systems VRDN RB Eagle Series 2006-0074 Class A (Citibank N.A.) (A-1/NR)(a)
		7,045,000		0.200			03/04/10		7,045,000
	New York City Municipal Water Finance Authority Water & Sewer Systems VRDN RB Putters Series 2008-3038Z (JPMorgan Chase & Co. SPA) (A-1+/NR)(a)
		6,045,000		0.190			03/04/10		6,045,000
	New York City Municipal Water Finance Authority Water & Sewer Systems VRDN RB Second General Resolution Series 2006-CC-1 (Bank of Nova Scotia SPA) (A-1+/VMIG1)
		11,750,000		0.140			03/01/10		11,750,000
	New York City Municipal Water Finance Authority Water & Sewer Systems VRDN RB Series 2003 Subseries F-1B RMKT (U.S. Bank N.A. SPA) (NR/VMIG1)
		19,420,000		0.160			03/04/10		19,420,000
	New York City Municipal Water Finance Authority Water & Sewer VRDN RB ROCS-RR-II R-10381 Series 2009 (Citibank N.A. SPA) (A-1/NR)(a)
		11,000,000		0.200			03/04/10		11,000,000
	New York City Municipal Water Finance Authority Water & Sewer VRDN RB ROCS-RR-II R-9301 Series 2008 (Citigroup Financial Products SPA) (A-1+/NR)(a)
		5,440,000		0.190			03/04/10		5,440,000
	New York City Putters Series 2008-2948 (JPMorgan Chase & Co. SPA) (A-1+/NR)(a)
		12,565,000		0.190			03/04/10		12,565,000
	New York City Putters Series 2008-2950 (JPMorgan Chase & Co. SPA) (A-1+/NR)(a)
		6,115,000		0.190			03/04/10		6,115,000
	New York City Transitional Finance Authority Austin Trust Certificates VRDN RB Series 2008-1190 (Bank of America N.A. SPA) (A-1/NR)(a)
		3,170,000		0.180			03/04/10		3,170,000
	New York City Transitional Finance Authority VRDN RB Eagle Series 2007-0019 Class A (Citibank N.A. SPA) (A-1/NR)(a)
		6,800,000		0.200			03/04/10		6,800,000
	New York City Transitional Finance Authority VRDN RB Future Tax Secured Series 1998 A-1 (JPMorgan Chase & Co. SPA) (A-1+/VMIG1)
		2,200,000		0.210			03/03/10		2,200,000
	New York City Transitional Finance Authority VRDN RB Future Tax Secured Series 1998 A-1 (Westdeutsche Landesbank AG SPA) (A-1+/VMIG1)
		63,550,000		0.220			03/03/10		63,550,000
	New York City Transitional Finance Authority VRDN RB Future Tax Secured Series 1998 A-2 (Bank of Nova Scotia SPA) (A-1+/VMIG1)
		39,845,000		0.160			03/03/10		39,845,000
	New York City Transitional Finance Authority VRDN RB Future Tax Secured Series 1999 Subseries B-3 (JP Morgan Chase & Co. SPA) (NR/VMIG1)
		2,300,000		0.210			03/03/10		2,300,000
	New York City Transitional Finance Authority VRDN RB Future Tax Secured Series 2001 C (Landesbank Baden-Wurttemberg SPA) (NR/VMIG1)
		36,000,000		0.220			03/03/10		36,000,000
	New York City Transitional Finance Authority VRDN RB Recovery Series 2002-3 Subseries 3G (Bank of New York SPA) (A-1+/VMIG1)
		13,000,000		0.170			03/03/10		13,000,000
	New York City Transitional Finance Authority VRDN RB ROCS-RR-II R-10344 Series 2009 (Citibank N.A.) (A-1/NR)(a)
		6,240,000		0.200			03/04/10		6,240,000

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

 28

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

	Principal		Interest			Maturity		Amortized
	Amount		Rate			Date		Cost
Municipal Debt Obligations – (continued)
	New York – (continued)
	New York City Transitional Finance Authority VRDN RB Series 2001 N-11 Reg. D (Citibank N.A. SPA) (NR/VMIG1)(a)
	$	8,000,000		0.180	%		03/04/10	$	8,000,000
	New York City Transitional Finance Authority VRDN RB Series 2002 Subseries 2D (Lloyds TSB Bank PLC SPA) (A-1/VMIG1)
		7,320,000		0.170			03/03/10		7,320,000
	New York State Dormitory Authority Austin Trust Certificates VRDN RB Series 2008-1195 (Bank of America N.A. SPA) (A-1/NR)(a)
		15,900,000		0.180			03/04/10		15,900,000
	New York State Dormitory Authority Non-State Supported Debt VRDN RB for Columbia University Series 2009 A (NR/VMIG1)
		10,000,000		0.150			03/03/10		10,000,000
	New York State Dormitory Authority Non-State Supported Debt VRDN RB for Rockefeller University Series 2008 A (A-1+/VMIG1)
		9,500,000		0.170			03/04/10		9,500,000
	New York State Dormitory Authority Personal Income Tax Secondary Issues VRDN RB Eagle Series 2006-0047 Class A (Citibank N.A.) (A-1/NR)(a)
		20,000,000		0.200			03/04/10		20,000,000
	New York State Dormitory Authority Personal Income Tax Secondary Issues VRDN RB Eagle Series 2006-0164 Class A (Citibank N.A.) (A-1/NR)(a)
		6,560,000		0.200			03/04/10		6,560,000
	New York State Dormitory Authority Personal Income Tax Secondary Issues VRDN RB ROCS-RR-II-R-11777 Series 2009 (Citibank N.A.) (A-1/NR)(a)
		4,000,000		0.200			03/04/10		4,000,000
	New York State Dormitory Authority Personal Income Tax VRDN RB Putters Series 2008-3280 (JPMorgan Chase & Co.) (A-1+/NR)(a)
		5,000,000		0.190			03/04/10		5,000,000
	New York State Dormitory Authority Personal Income Tax VRDN RB Putters Series 2009-3397 (JPMorgan Chase & Co. SPA) (A-1+/NR)(a)
		10,565,000		0.190			03/04/10		10,565,000
	New York State Dormitory Authority Secondary Issues VRDN RB Eagle Series 2006-0138 (Citibank N.A. SPA) (A-1/NR)(a)
		10,000,000		0.200			03/04/10		10,000,000
	New York State Dormitory Authority Secondary Issues VRDN RB Eagle Series 2007-0096 Class A (Citibank N.A.) (A-1/NR)(a)
		7,000,000		0.200			03/04/10		7,000,000
	New York State Dormitory Authority Secondary Issues VRDN RB for Columbia University Trust Receipts Series 2006-K1 Reg. D (Citibank N.A.) (NR/VMIG1)(a)
		4,000,000		0.200			03/04/10		4,000,000
	New York State Dormitory Authority Secondary Issues VRDN RB ROCS RR II R-11535 Series 2008 (Citibank N.A.) (A-1/NR)(a)
		2,770,000		0.200			03/04/10		2,770,000
	New York State Dormitory Authority Secondary Issues VRDN RB ROCS-RR-II R-10339 Series 2009 (Citibank N.A. SPA) (A-1/NR)(a)
		14,195,000		0.200			03/04/10		14,195,000
	New York State Dormitory Authority Secondary Issues VRDN RB ROCS-RR-II R-11722 Series 2009 (Citibank N.A. SPA) (A-1/NR)(a)
		5,735,000		0.200			03/04/10		5,735,000
	New York State Dormitory Authority Secondary Issues VRDN RB ROCS-RR-II R-11814 Series 2009 (Citibank N.A.) (A-1/NR)(a)
		5,500,000		0.200			03/04/10		5,500,000
	New York State Dormitory Authority Secondary Issues VRDN RB ROCS-RR-II R-12121 Series 2007 (Citibank N.A. SPA) (A-1/NR)(a)
		8,260,000		0.200			03/04/10		8,260,000
	New York State Dormitory Authority State Supported Debt VRDN RB for Mental Health Services Series 2003 RMKT (JPMorgan Chase & Co. SPA) (A-1+/NR)
		72,990,000		0.180			03/01/10		72,990,000
	New York State Dormitory Authority VRDN RB Floater Certificates for New York University Series 2009-91C (Wells Fargo Bank N.A.) (F1+)(a)
		11,000,000		0.180			03/04/10		11,000,000
	New York State Dormitory Authority VRDN RB for Cornell University Series 2000 A (JPMorgan Chase & Co. SPA) (A-1+/VMIG1)
		7,800,000		0.170			03/04/10		7,800,000
	New York State Dormitory Authority VRDN RB for Memorial Sloan-Kettering Hospital Putters Series 2008-3201 (JPMorgan Chase & Co. SPA) (A-1+/NR)(a)
		3,000,000		0.190			03/04/10		3,000,000
	New York State Dormitory Authority VRDN RB for Memorial Sloan-Kettering Putters Series 2008-3171 (JPMorgan Chase & Co. SPA) (A-1+/NR)(a)
		24,750,000		0.190			03/04/10		24,750,000
	New York State Dormitory Authority VRDN RB Putters for New York University Series 2009-3607 (JPMorgan Chase & Co.) (A-1+/NR)(a)
		6,800,000		0.190			03/04/10		6,800,000
	New York State Dormitory Authority VRDN RB Putters for Rockefeller University Series 2009-3320 (JPMorgan Chase & Co. SPA) (A-1+/NR)(a)
		10,915,000		0.180			03/04/10		10,915,000
	New York State Dormitory Authority VRDN RB Putters Series 2009-3518 (JPMorgan Chase & Co.) (A-1+/NR)(a)
		3,840,000		0.190			03/04/10		3,840,000
	New York State Dormitory Authority VRDN RB Secondary Issues Series 2007-1861 (Wells Fargo Bank) (A-1/NR)(a)
		5,315,000		0.190			03/04/10		5,315,000
	New York State Dormitory Authority VRDN RB Vassar College Putters Series 2008-3204 (JPMorgan Chase & Co. SPA) (A-1+/NR)(a)
		4,635,000		0.190			03/04/10		4,635,000

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

29

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

Schedule of Investments (continued)

February 28, 2010 (Unaudited)

	Principal		Interest			Maturity		Amortized
	Amount		Rate			Date		Cost
Municipal Debt Obligations – (continued)
	New York – (continued)
	New York State Environmental Facilities Corp. VRDN RB for Clean Water & Drinking Putters Series 2008-2870 (JPMorgan Chase & Co. SPA) (NR/VMIG1)(a)
	$	3,620,000		0.190	%		03/04/10	$	3,620,000
	New York State GO VRDN Putters Series 2009-3346 (JPMorgan Chase & Co. SPA) (A-1+/NR)(a)
		3,560,000		0.190			03/04/10		3,560,000
	New York State Housing Finance Agency Service Contract VRDN RB Refunding Series 2003 A (Westdeutsche Landesbank AG LOC) (A-1+/NR)
		42,000,000		0.230			03/03/10		42,000,000
	New York State Housing Finance Agency Service Contract VRDN RB Refunding Series 2003 B (BNP Paribas LOC) (A-1+/NR)
		5,500,000		0.160			03/03/10		5,500,000
	New York State Housing Finance Agency Service Contract VRDN RB Refunding Series 2003 G (Westdeutsche Landesbank AG LOC) (A-1+/NR)
		41,500,000		0.210			03/03/10		41,500,000
	New York State Housing Finance Agency Service Contract VRDN RB Refunding Series 2003 I (Landesbank Hessen-Thueringen LOC) (A-1+/NR)
		26,300,000		0.210			03/03/10		26,300,000
	New York State Housing Finance Agency VRDN RB 100 Maiden Lane Series 2004 A RMKT (FNMA) (NR/VMIG1)
		29,290,000		0.180			03/03/10		29,290,000
	New York State Housing Finance Agency VRDN RB for 20 River Terrace Housing Series 2002 A RMKT (FNMA) (NR/VMIG1)
		13,500,000		0.150			03/03/10		13,500,000
	New York State Housing Finance Agency VRDN RB for North End Series 2004 A RMKT (FNMA) (NR/VMIG1)
		28,800,000		0.150			03/03/10		28,800,000
	New York State Local Government Assistance Corp. Austin Trust Certificates VRDN RB Series 2008-3506 (ASSURED GTY) (Bank of America N.A.) (A-1/NR)(a)
		2,610,000		0.180			03/04/10		2,610,000
	New York State Local Government Assistance Corp. VRDN RB Series 1993 A (Bayerische Landesbank and Westdeutsche Landesbank AG LOC) (NR/VMIG1)
		82,325,000		0.230			03/03/10		82,325,000
	New York State Local Government Assistance Corp. VRDN RB Series 1994 B (Bayerische Landesbank and Westdeutsche Landesbank AG LOC) (NR/VMIG1)
		8,795,000		0.210			03/03/10		8,795,000
	New York State Thruway Authority Second General Highway & Bridge Trust Fund RB Series 2009 A-2 (AA/NR)
		7,790,000		2.500			04/01/10		7,802,155
	New York State Urban Development Corp. Personal Income Tax VRDN RB Floater Trust Series 2009 6W-Reg. D (Barclays Bank PLC) (A-1+/NR)(a)
		2,000,000		0.170			03/04/10		2,000,000
	New York State Urban Development Corp. VRDN RB Refunding for Services Contract Series 2008 A-1 (Wachovia Bank N.A. LOC) (A-1+/NR)
		6,925,000		0.150			03/04/10		6,925,000
	Port Authority of New York & New Jersey VRDN RB Putters Series 2008-3094 (JPMorgan Chase & Co. SPA) (NR/VMIG1)(a)
		11,660,000		0.190			03/04/10		11,660,000
	Port Authority of New York & New Jersey VRDN RB Putters Series 2008-3095 (JPMorgan Chase & Co.) (NR/VMIG1)(a)
		3,900,000		0.190			03/04/10		3,900,000
	Port Authority of New York & New Jersey VRDN RB ROCS-RR-II R-664 Series 2006 (Citibank N.A.) (F1+)(a)
		1,500,000		0.200			03/04/10		1,500,000
	Suffolk County GO TANS Series 2009 (SP-1+/MIG1)
		84,500,000		2.000			08/12/10		85,129,260
	Triborough Bridge & Tunnel Authority Austin Trust Certificates VRDN RB Series 2008-1184 (Bank of America N.A. SPA) (A-1+/NR)(a)
		4,600,000		0.180			03/04/10		4,600,000
	Triborough Bridge & Tunnel Authority Austin Trust Certificates VRDN RB Series 2008-1188 (Bank of America N.A. SPA) (A-1/NR)(a)
		3,000,000		0.180			03/04/10		3,000,000
	Triborough Bridge & Tunnel Authority VRDN RB Putters Series 2008-3063 (JPMorgan Chase & Co. SPA) (NR/VMIG1)(a)
		9,995,000		0.190			03/04/10		9,995,000
	Triborough Bridge & Tunnel Authority VRDN RB Putters Series 2008-3093 (JPMorgan Chase & Co. SPA) (NR/VMIG1)(a)
		5,635,000		0.190			03/04/10		5,635,000
	Triborough Bridge & Tunnel Authority VRDN RB Refunding Series 2005 Subseries B-3 (Bank of America N.A. SPA) (A-1/VMIG1)
		6,495,000		0.250			03/04/10		6,495,000
	Triborough Bridge & Tunnel Authority VRDN RB Refunding Series 2005 Subseries B-4 (Landesbank Baden-Wurttemberg SPA) (NR/VMIG1)
		2,990,000		0.220			03/04/10		2,990,000
	Triborough Bridge & Tunnel Authority VRDN RB ROCS-RR-II R-11665 Series 2008 (Citibank N.A.) (NR/VMIG1)(a)
		5,000,000		0.200			03/04/10		5,000,000
									1,527,884,255
	North Carolina – 7.6%
	Buncombe County Metropolitan Sewer District Systems VRDN RB Refunding Series 2008 B (Bank of America N.A. SPA) (A-1/NR)
		21,345,000		0.200			03/04/10		21,345,000
	Cary GO VRDN Public Improvement Series 2006 (Bank of New York SPA) (A-1+/VMIG1)
		5,215,000		0.160			03/03/10		5,215,000
	Charlotte Douglas International Airport VRDN RB Refunding Series 2008 D (Bank of America N.A. LOC) (A-1/VMIG1)
		4,675,000		0.210			03/03/10		4,675,000

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

 30

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

	Principal		Interest			Maturity		Amortized
	Amount		Rate			Date		Cost
Municipal Debt Obligations – (continued)
	North Carolina – (continued)
	Charlotte Douglas International Airport VRDN RB Series 2007 B (Bank of America N.A. LOC) (A-1/VMIG1)
	$	12,080,000		0.219	%		03/03/10	$	12,080,000
	Charlotte VRDN COPS Transit Projects Series 2004 B (Bank of America N.A. SPA) (A-1/VMIG1)
		13,585,000		0.190			03/03/10		13,585,000
	Charlotte Water & Sewer Systems VRDN RB Putters Series 2009-3443 (JPMorgan Chase & Co. SPA) (A-1+/NR)(a)
		5,990,000		0.200			03/04/10		5,990,000
	Charlotte Water & Sewer Systems VRDN RB Putters Series 2010-3643 (JPMorgan Chase & Co.) (A-1+/NR)(a)
		5,330,000		0.200			03/04/10		5,330,000
	Charlotte Water & Sewer Systems VRDN RB Refunding Series 2002 C (Bank of America N.A. SPA) (A-1/VMIG1)
		14,020,000		0.190			03/04/10		14,020,000
	Charlotte-Mecklenburg Hospital Authority Health Care Systems VRDN RB for Carolinas Healthcare Series 2007 G (ASSURED GTY) (Bank of America N.A. LOC) (A-1/VMIG1)
		18,000,000		0.180			03/04/10		18,000,000
	Durham GO VRDN Public Improvement Series 1993 (Wachovia Bank N.A. SPA) (A-1+/VMIG1)
		6,350,000		0.200			03/04/10		6,350,000
	East Carolina University VRDN RB Series 2004 (Wachovia Bank N.A. SPA) (NR/VMIG1)
		7,755,000		0.180			03/04/10		7,755,000
	Forsyth County GO VRDN Series 2004 A (Wachovia Bank N.A. SPA) (A-1+/VMIG1)
		7,125,000		0.180			03/04/10		7,125,000
	Forsyth County GO VRDN Series 2004 B (Wachovia Bank N.A. SPA) (A-1+/VMIG1)
		4,265,000		0.180			03/04/10		4,265,000
	Greensboro Enterprise System VRDN RB Series 1998 B (Bank of America N.A. SPA) (A-1/VMIG1)
		2,110,000		0.220			03/03/10		2,110,000
	Greensboro Enterprise System VRDN RB Series 2005 B (Bank of America N.A. SPA) (A-1/VMIG1)
		11,970,000		0.200			03/04/10		11,970,000
	Greensboro GO VRDN Public Improvement Series 2003 B (Bank of America N.A. SPA) (A-1/VMIG1)
		1,185,000		0.220			03/03/10		1,185,000
	Greensboro GO VRDN Public Improvement Series 2008 B (Bank of America N.A. SPA) (A-1/VMIG1)
		8,250,000		0.200			03/04/10		8,250,000
	Guilford County GO VRDN Series 2004 (Bank of America N.A. SPA) (A-1/VMIG1)
		19,100,000		0.200			03/03/10		19,100,000
	Guilford County GO VRDN Series 2004 C (Bank of America N.A. SPA) (A-1+/VMIG1)
		29,650,000		0.200			03/03/10		29,650,000
	Guilford County GO VRDN Series 2005 A (Wachovia Bank N.A. SPA) (A-1+/VMIG1)
		1,295,000		0.160			03/04/10		1,295,000
	Mecklenburg County GO VRDN Series 2003 B (Landesbank Hessen-Thueringen SPA) (A-1+/VMIG1)
		9,280,000		0.220			03/03/10		9,280,000
	Mecklenburg County GO VRDN Series 2006 A (A-1+/VMIG1)
		18,070,000		0.180			03/04/10		18,070,000
	North Carolina Capital Facilities Finance Agency VRDN RB for Duke University Eagle Series 2005-0060 Class A (Citibank N.A. SPA) (A-1/NR)(a)
		15,600,000		0.200			03/04/10		15,600,000
	North Carolina Capital Facilities Finance Agency VRDN RB for Duke University Eagle Series 2006-0012 A (Citibank N.A SPA) (A-1/NR)(a)
		26,365,000		0.200			03/04/10		26,365,000
	North Carolina Capital Facilities Finance Agency VRDN RB for Duke University Eagle Series 2007-0015 A (Landesbank Hessen-Thueringen SPA) (A-1/NR)(a)
		10,890,000		0.200			03/04/10		10,890,000
	North Carolina Capital Facilities Finance Agency VRDN RB for Duke University Eagle Series 2007-0016 Class A (Landesbank Hessen-Thueringen SPA) (A-1/NR)(a)
		13,110,000		0.200			03/04/10		13,110,000
	North Carolina Capital Facilities Finance Agency VRDN RB for Duke University Putters Series 2009-3333 (JPMorgan Chase & Co. SPA) (NR/VMIG1)(a)
		8,300,000		0.200			03/04/10		8,300,000
	North Carolina Capital Facilities Finance Agency VRDN RB for Wake Forest University Series 2004 A (A-1+/VMIG1)
		5,605,000		0.180			03/04/10		5,605,000
	North Carolina Educational Facilities Finance Agency VRDN RB for Duke University Project Series 1987 A (A-1+/VMIG1)
		3,550,000		0.200			03/04/10		3,550,000
	North Carolina Educational Facilities Finance Agency VRDN RB for Duke University Project Series 1991 B (A-1+/VMIG1)
		6,400,000		0.200			03/04/10		6,400,000
	North Carolina Educational Facilities Finance Agency VRDN RB for Duke University Project Series 1992 A (A-1+/VMIG1)
		3,625,000		0.200			03/04/10		3,625,000
	North Carolina Medical Care Commission Health Care Facilities VRDN RB for Novant Health Group Series 2004 B (JPMorgan Chase & Co. SPA) (A-1/VMIG1)
		9,320,000		0.180			03/03/10		9,320,000
	North Carolina Medical Care Commission Health Care Facilities VRDN RB for Wakemed, Inc. Series 2009 C (Wachovia Bank N.A. LOC) (NR/VMIG1)
		14,855,000		0.180			03/04/10		14,855,000
	North Carolina Medical Care Commission Health Care Facilities VRDN RB Refunding for Duke University Health Systems Series 2005 A (Bank of America N.A. SPA) (A-1/VMIG1)
		1,950,000		0.180			03/03/10		1,950,000
	North Carolina Medical Care Commission Hospital VRDN RB for CaroMont Health Series 2003 Subseries A (MBIA) (Bank of America N.A. LOC) (A-1/VMIG1)
		14,425,000		0.180			03/03/10		14,425,000

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

31

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

Schedule of Investments (continued)

February 28, 2010 (Unaudited)

	Principal		Interest			Maturity		Amortized
	Amount		Rate			Date		Cost
Municipal Debt Obligations – (continued)
	North Carolina – (continued)
	North Carolina Medical Care Commission Hospital VRDN RB for CaroMont Health, Inc. Series 2003 Subseries B (Bank of America N.A. LOC) (A-1/VMIG1)
	$	29,050,000		0.180	%		03/03/10	$	29,050,000
	North Carolina Medical Care Commission Hospital VRDN RB for Duke University Hospital Series 1985 B (Wachovia Bank N.A. SPA) (A-1+/VMIG1)
		10,000,000		0.200			03/04/10		10,000,000
	North Carolina State GO VRDN for Public Improvement Series 2002 D (Landesbank Hessen-Thueringen SPA) (A-1+/VMIG1)
		41,040,000		0.190			03/03/10		41,040,000
	North Carolina State GO VRDN for Public Improvement Series 2002 E (Landesbank Hessen-Thueringen SPA) (A-1+/VMIG1)
		41,485,000		0.200			03/03/10		41,485,000
	North Carolina State GO VRDN Putters Series 2008-2768 (JPMorgan Chase & Co. SPA) (A-1/NR)(a)
		7,055,000		0.200			03/04/10		7,055,000
	North Carolina State GO VRDN Refunding Series 2002 B (Wachovia Bank N.A. SPA) (A-1+/VMIG1)
		4,000,000		0.160			03/03/10		4,000,000
	North Carolina State GO VRDN Refunding Series 2002 E (Bayerische Landesbank SPA) (NR/VMIG1)
		43,455,000		0.170			03/03/10		43,455,000
	North Carolina State University Raleigh VRDN RB Series 2003 B (Bayerische Landesbank SPA) (NR/VMIG1)
		29,380,000		0.190			03/03/10		29,380,000
	Raleigh Comb Enterprise System VRDN RB Eagle Series 2007-0010 A (Landesbank Hessen-Thueringen SPA) (A-1/NR)(a)
		4,950,000		0.200			03/04/10		4,950,000
	Raleigh Comb Enterprise System VRDN RB Series 2008 A (Wachovia Bank N.A. SPA) (A-1+/VMIG1)
		10,000,000		0.160			03/03/10		10,000,000
	Raleigh Comb Enterprise System VRDN RB Series 2008 B (Wachovia Bank N.A. SPA) (A-1+/VMIG1)
		16,600,000		0.160			03/03/10		16,600,000
	Raleigh VRDN COPS for Downtown Improvement Project Series 2004 A (A-1+/VMIG1)
		10,000,000		0.160			03/03/10		10,000,000
	Raleigh VRDN RB ROCS-RR-II R-645 Series 2006 (Citibank N.A. SPA) (F1+)(a)
		16,525,000		0.200			03/04/10		16,525,000
	Union County Enterprise System VRDN RB Series 2009 (A-1/VMIG1)
		9,000,000		0.190			03/04/10		9,000,000
	University of North Carolina Hospital Chapel Hill VRDN RB Refunding Series 2003 A (Bank of America N.A. SPA) (A-1/VMIG1)
		11,710,000		0.180			03/04/10		11,710,000
	University of North Carolina Hospital Chapel Hill VRDN RB Refunding Series 2003 B (Wachovia Bank N.A. SPA) (A-1+/VMIG1)
		3,295,000		0.180			03/04/10		3,295,000
	University of North Carolina Hospital Chapel Hill VRDN RB Refunding Series 2009 A (A-1+/NR)
		3,180,000		0.160			03/04/10		3,180,000
	University of North Carolina Hospital Chapel Hill VRDN RB Series 2001 B (Landesbank Hessen-Thueringen SPA) (A-1+/VMIG1)
		15,535,000		0.160			03/01/10		15,535,000
	University of North Carolina VRDN RB Eagle Tax-Exempt Trust Series 2005-3014 Class A (Citibank N.A. SPA) (A-1/NR)(a)
		15,345,000		0.200			03/04/10		15,345,000
	University of North Carolina VRDN RB ROCS-RR-II R-11292 for Chapel Hill Hospital Series 2007 (Citibank N.A. SPA) (A-1/NR)(a)
		3,075,000		0.200			03/04/10		3,075,000
	Wake County GO VRDN for Public Improvement Series 2003 B (Lloyds TSB Bank PLC SPA) (A-1/VMIG1)
		12,550,000		0.180			03/04/10		12,550,000
	Wake County GO VRDN for Public Improvement Series 2003 C (Lloyds TSB Bank PLC SPA) (A-1/VMIG1)
		10,850,000		0.190			03/04/10		10,850,000
	Wake County GO VRDN Series 2004 B (Landesbank Hessen-Thueringen SPA) (A-1+/VMIG1)
		6,800,000		0.190			03/04/10		6,800,000
	Wake County VRDN RB Putters Series 2009-3553 (JPMorgan Chase & Co.) (A-1+/NR)(a)
		3,380,000		0.200			03/04/10		3,380,000
	Wilmington VRDN RB Refunding Series 2002 (Wachovia Bank N.A. SPA) (A-1+/VMIG1)
		14,375,000		0.180			03/03/10		14,375,000
									733,275,000
	North Dakota – 0.6%
	Mercer County for Basin Electric and Power Cooperative CP Series 2010 (A-1/NR)
		60,000,000		0.300			04/01/10		60,000,000
	Ohio – 2.0%
	Cleveland Clinic VRDN RB Floater Certificates Series 2008-59C (Wells Fargo & Co. SPA) (NR/VMIG1)(a)
		17,000,000		0.180			03/04/10		17,000,000
	Cleveland Waterworks VRDN RB Series 2008 Q (Bank of America N.A. LOC) (A-1/VMIG1)
		7,000,000		0.180			03/04/10		7,000,000
	Columbus GO VRDN Putters Series 2007-2365 (JPMorgan Chase & Co. SPA) (NR/VMIG1)(a)
		4,360,000		0.200			03/04/10		4,360,000
	Columbus Sewer VRDN RB Putters Series 2008-2456 (JPMorgan Chase & Co. SPA) (NR/VMIG1)(a)
		3,005,000		0.200			03/04/10		3,005,000
	Franklin County Hospital VRDN RB Improvement for Nationwide Children’s Hospital Project Series 2008 B (NR/VMIG1)
		11,700,000		0.150			03/04/10		11,700,000
	Montgomery County VRDN RB Catholic Health Series 2004 B-1 (Bank of New York SPA) (A-1+/VMIG1)
		12,000,000		0.180			03/03/10		12,000,000

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

 32

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

	Principal		Interest			Maturity		Amortized
	Amount		Rate			Date		Cost
Municipal Debt Obligations – (continued)
	Ohio – (continued)
	Montgomery County VRDN RB Catholic Health Series 2004 B-2 (Bayerische Landesbank SPA) (NR/VMIG1)
	$	7,450,000		0.180	%		03/03/10	$	7,450,000
	Montgomery County VRDN RB for Catholic Health Putters Series 2009-3622 (JPMorgan Chase & Co.) (A-1+/NR)(a)
		3,190,000		0.200			03/04/10		3,190,000
	Ohio State GO VRDN Common Schools Series 2005 A (A-1+/VMIG1)
		20,435,000		0.150			03/03/10		20,435,000
	Ohio State GO VRDN Common Schools Series 2005 B (A-1+/VMIG1)
		26,200,000		0.150			03/03/10		26,200,000
	Ohio State GO VRDN Common Schools Series 2006 C (A-1+/VMIG1)
		24,070,000		0.180			03/03/10		24,070,000
	Ohio State GO VRDN Refunding for Infrastructure Improvement Series 2003 B (A-1+/VMIG1)
		27,125,000		0.190			03/03/10		27,125,000
	Ohio State GO VRDN Refunding for Infrastructure Improvement Series 2003 D (A-1+/VMIG1)
		6,485,000		0.190			03/03/10		6,485,000
	Ohio State GO VRDN Refunding for Infrastructure Improvement Series 2004 A (A-1+/VMIG1)
		7,005,000		0.190			03/03/10		7,005,000
	Ohio State Hospital Facility Commission VRDN RB for Cleveland Health Clinic Putters Series 2009-3555Z (JPMorgan Chase & Co.) (A-1+/NR)(a)
		7,995,000		0.200			03/04/10		7,995,000
	Ohio State Hospital Facility Commission VRDN RB for Cleveland Health Clinic Putters Series 2009-3558Z (JPMorgan Chase & Co.) (A-1+/NR)(a)
		5,000,000		0.200			03/04/10		5,000,000
	Ohio State VRDN PCRB Refunding for Sohio Air Project Series 1995 (A-1+/P-1)
		5,400,000		0.140			03/01/10		5,400,000
									195,420,000
	Oklahoma – 0.3%
	Oklahoma State Turnpike Authority VRDN RB Refunding Second Series 2006 D Convertible (Lloyds TSB Bank PLC SPA) (NR/VMIG1)
		27,650,000		0.160			03/04/10		27,650,000
	Oregon – 2.1%
	Oregon State GO TANS Series 2009 (SP-1+/MIG1)
		60,000,000		2.500			06/30/10		60,401,359
	Oregon State GO VRDN Series 1985 73-E (JPMorgan Chase & Co. SPA) (NR/VMIG1)
		14,465,000		0.220			03/03/10		14,465,000
	Oregon State GO VRDN Series 1985 73-F (Bayerische Landesbank SPA) (NR/VMIG1)
		30,000,000		0.220			03/03/10		30,000,000
	Oregon State GO VRDN Welfare Series 1985 73-H (Bayerische Landesbank SPA) (NR/VMIG1)
		86,900,000		0.170			03/03/10		86,900,000
	Umatilla County Hospital Facility Authority VRDN RB Catholic Health Series 1997 B (Bayerische Landesbank N.A. SPA) (NR/VMIG1)
		9,100,000		0.210			03/03/10		9,100,000
									200,866,359
	Pennsylvania – 2.1%
	Allegheny County Hospital Development Authority VRDN RB for Presbyterian University Series 1990 A RMKT (Bank of New York LOC) (A-1+/VMIG1)
		13,400,000		0.150			03/04/10		13,400,000
	Allegheny County Hospital Development Authority VRDN RB for Presbyterian University Series 1990 B RMKT (Bank of New York LOC) (A-1+/VMIG1)
		17,100,000		0.150			03/04/10		17,100,000
	Allegheny County VRDN RB for University of Pittsburgh Medical Center Putters Series 2009-3372 (MBIA) (JPMorgan Chase & Co. SPA) (A-1/VMIG1)(a)
		20,975,000		0.230			03/04/10		20,975,000
	Delaware Valley Regional Finance Authority Local Government VRDN RB Putters Series 2008-3011 (JPMorgan Chase & Co. SPA) (NR/VMIG1)(a)
		13,895,000		0.190			03/04/10		13,895,000
	Lancaster County Hospital Authority VRDN RB Health System of Lancaster General Hospital Series 2008 (Bank of America N.A. LOC) (A-1/VMIG1)
		2,745,000		0.200			03/01/10		2,745,000
	Lehigh County General Purpose Authority VRDN RB for Muhlenberg College Series 2008 (Bank of America N.A. LOC) (A-1/VMIG1)
		6,150,000		0.180			03/04/10		6,150,000
	Northampton County General Purpose Authority VRDN RB for Higher Education Lehigh University Series 2004 (JPMorgan Chase & Co. SPA) (A-1+/VMIG1)
		28,575,000		0.200			03/04/10		28,575,000
	Pennsylvania State GO VRDN ROCS-RR-II R-11056 (Citibank N.A. SPA) (A-1/NR)(a)
		3,700,000		0.200			03/04/10		3,700,000
	Pennsylvania State Higher Educational Facilities VRDN RB University Health System Series 2008 A (Bank of America N.A. LOC) (A-1/VMIG1)
		5,000,000		0.180			03/03/10		5,000,000
	Pennsylvania State University VRDN RB Series 2002 A (Westdeutsche Landesbank AG SPA) (A-1+/VMIG1)
		70,225,000		0.190			03/04/10		70,225,000
	St. Mary’s Hospital Authority Bucks County VRDN RB for Catholic Healthcare Series 2004 B (Landesbank Hessen-Thueringen SPA) (A-1+/VMIG1)
		7,900,000		0.200			03/03/10		7,900,000
	St. Mary’s Hospital Authority Bucks County VRDN RB for Catholic Healthcare Series 2004 C (A-1+/VMIG1)
		9,150,000		0.200			03/03/10		9,150,000
	University of Pittsburgh VRDN RB Floaters Series 2009-38C (Wells Fargo & Co.) (NR/VMIG1)(a)
		4,000,000		0.180			03/04/10		4,000,000

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

33

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

Schedule of Investments (continued)

February 28, 2010 (Unaudited)

	Principal		Interest			Maturity		Amortized
	Amount		Rate			Date		Cost
Municipal Debt Obligations – (continued)
	Pennsylvania – (continued)
	Washington County Authority VRDN RB Refunding for University of Pennsylvania Series 2004 (A-1+/VMIG1)
	$	3,930,000		0.150	%		03/04/10	$	3,930,000
									206,745,000
	Puerto Rico(a) – 0.6%
	Puerto Rico Sales Tax Financing Corp. VRDN RB Floaters Series 2009-3036 (Morgan Stanley Municipal Products SPA) (A-1/NR)
		52,700,000		0.300			03/04/10		52,700,000
	Puerto Rico Sales Tax Financing Corp. VRDN RB Floaters Series 2009-3101 (Morgan Stanley Municipal Products) (A-1/NR)
		9,000,000		0.300			03/04/10		9,000,000
									61,700,000
	Rhode Island(a) – 0.2%
	Rhode Island Health & Educational Building Corp. Higher Educational Facilities VRDN RB for Brown University Putters Series 2009-3517 (JPMorgan Chase & Co.) (A-1+/NR)
		16,560,000		0.200			03/04/10		16,560,000
	South Carolina – 0.4%
	Charleston Waterworks & Sewer VRDN RB Refunding System Series 2007 (Bank of America N.A. SPA) (A-1/NR)
		6,000,000		0.200			03/04/10		6,000,000
	Greenville Hospital System Facilities VRDN RB Refunding Series 2008 C (Bank of America N.A. LOC) (A-1/VMIG1)
		6,195,000		0.200			03/04/10		6,195,000
	South Carolina State GO VRDN ROCS-RR-II R-692WF Series 2006 (Wells Fargo Bank SPA) (NR/VMIG1)(a)
		1,830,000		0.200			03/04/10		1,830,000
	South Carolina State Public Service Authority VRDN RB Floaters Series 2009-3065X (Morgan Stanley Municipal Products) (A-1/NR)(a)
		10,800,000		0.200			03/04/10		10,800,000
	South Carolina State Public Service Authority VRDN RB ROCS-RR-II R-9309 Series 2009 (Citigroup Financial Products) (F1+)(a)
		8,000,000		0.220			03/04/10		8,000,000
	South Carolina Transportation Infrastructure Bank VRDN RB Refunding Series 2003 B1 RMKT (Bank of America N.A. LOC) (NR/VMIG1)
		6,770,000		0.190			03/03/10		6,770,000
									39,595,000
	Tennessee – 0.5%
	Metropolitan Government Nashville & Davidson County Health & Education Facilities Board VRDN RB for Vanderbilt University Floater Trust Series 2010-14B (Barclays Bank PLC) (NR/P-1)(a)
		3,500,000		0.170			03/04/10		3,500,000
	Metropolitan Government Nashville & Davidson County Health & Education Facilities Board VRDN RB for Vanderbilt University Putters Series 2009-3528 (JPMorgan Chase & Co.) (A-1+/NR)(a)
		5,000,000		0.200			03/04/10		5,000,000
	Metropolitan Government Nashville & Davidson County Health & Education Facilities Board VRDN RB Refunding for Vanderbilt University Series 2000 B (A-1+/VMIG1)
		13,840,000		0.150			03/04/10		13,840,000
	Shelby County Health Educational & Housing Facilities Board VRDN RB for St. Jude Children’s Hospital Putters Series 2008-2915Z (JPMorgan Chase & Co. SPA) (NR/VMIG1)(a)
		3,630,000		0.200			03/04/10		3,630,000
	Tennessee State GO CP Series 2010 C (Tennessee Consolidated Retirement System) (A-1+/P-1)
		23,000,000		0.280			06/01/10		23,000,000
									48,970,000
	Texas – 10.4%
	Austin ISD GO VRDN Putters Series 2009-3554 (JPMorgan Chase & Co.) (A-1+/NR)(a)
		3,525,000		0.200			03/04/10		3,525,000
	Austin ISD GO VRDN ROCS RR-II R-11750 Series 2009 (Citibank N.A.) (A-1/NR)(a)
		3,000,000		0.200			03/04/10		3,000,000
	Cypress-Fairbanks ISD GO VRDN Putters Series 2006-1308 (PSF-GTD) (JPMorgan Chase & Co. SPA) (NR/VMIG1)(a)
		6,495,000		0.200			03/04/10		6,495,000
	Dallas Area Rapid Transit Sales Tax VRDN RB ROCS-RR-II R-11716 Series 2009 (Citibank N.A. SPA) (A-1/NR)(a)
		6,785,000		0.200			03/04/10		6,785,000
	Dallas Children’s Medical Center VRDN RB Putters Series 2009-3509 (JPMorgan Chase & Co.) (F1+)(a)
		4,995,000		0.200			03/04/10		4,995,000
	Dallas Children’s Medical Center VRDN RB Putters Series 2009-3512 (JPMorgan Chase & Co.) (F1+)(a)
		8,995,000		0.200			03/04/10		8,995,000
	Denton ISD GO VRDN for School Building Series 2006 B (PSF-GTD) (Bank of America N.A. SPA) (A-1/NR)
		5,495,000		0.210			03/04/10		5,495,000
	Denton ISD GO VRDN Putters Series 2008-2603 (PSF-GTD) (JPMorgan Chase & Co. SPA) (A-1+/NR)(a)
		3,700,000		0.200			03/04/10		3,700,000
	Eagle Mountain and Saginaw ISD GO VRDN Floater Certificates Series 2008 53C (PSF-GTD) (Wells Fargo & Co. SPA) (F1+)(a)
		24,000,000		0.180			03/04/10		24,000,000
	Fort Bend ISD GO VRDN Floaters Series 2008 25C-1 3C7 (PSF-GTD) (Wells Fargo & Co.) (F1+)(a)
		3,100,000		0.180			03/04/10		3,100,000
	Frisco ISD GO VRDN Floater Series 2008-19C (PSF-GTD) (Wells Fargo & Co. SPA) (F1+)(a)
		14,555,000		0.180			03/04/10		14,555,000

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

 34

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

	Principal		Interest			Maturity		Amortized
	Amount		Rate			Date		Cost
Municipal Debt Obligations – (continued)
	Texas – (continued)
	Grand Prairie ISD Eclipse Funding Trust GO VRDN Series 2007-0067 (PSF-GTD) (U.S. Bank N.A. SPA) (A-1+/NR)(a)
	$	7,184,500		0.190	%		03/04/10	$	7,184,500
	Harris County Cultural Education Facilities Finance Corp. VRDN RB for Texas Children’s Hospital Putters Series 2009-3463 (JPMorgan Chase & Co.) (A-1+/NR)(a)
		4,995,000		0.200			03/04/10		4,995,000
	Harris County Flood Control District GO VRDN Putters Series 2009-3562 (ASSURED GTY) (JPMorgan Chase & Co.) (A-1+/NR)(a)
		4,000,000		0.200			03/04/10		4,000,000
	Harris County GO VRDN ROCS-RR-II R-10360 Series 2009 (Citibank N.A. SPA) (A-1/NR)(a)
		16,255,000		0.200			03/04/10		16,255,000
	Harris County Health Facilities Development Corp. VRDN RB for Texas Children’s Hospital Putters Series 2009-3491Z (JPMorgan Chase & Co.) (A-1+/NR)(a)
		4,995,000		0.200			03/04/10		4,995,000
	Harris County Toll Road Authority VRDN RB Floaters Series 2009-3060X (Morgan Stanley Municipal Products) (A-1/NR)(a)
		5,525,000		0.220			03/04/10		5,525,000
	Harris County Toll Road Authority VRDN RB Putters Series 2009-3425 (JPMorgan Chase & Co. SPA) (A-1+/NR)(a)
		5,845,000		0.200			03/04/10		5,845,000
	Harris County VRDN RB Putters Series 2009-3418 (ASSURED GTY) (JPMorgan Chase & Co. SPA) (A-1+/NR)(a)
		1,700,000		0.200			03/04/10		1,700,000
	Houston Community College GO VRDN Putters Series 2009-3356 (AMBAC) (JPMorgan Chase & Co. SPA) (A-1+/NR)(a)
		3,000,000		0.250			03/04/10		3,000,000
	Houston Higher Education Finance Corp. VRDN RB for Rice University Floaters Series 2007-2042 (Wells Fargo Bank N.A. SPA) (NR/VMIG1)(a)
		17,060,000		0.190			03/04/10		17,060,000
	Houston Higher Education Finance Corp. VRDN RB for Rice University Project Series 2008 B (A-1+/VMIG1)
		14,950,000		0.140			03/01/10		14,950,000
	Houston Higher Education Finance Corp. VRDN RB for Rice University ROCS-RR-II R-11066 (Citibank N.A. SPA) (A-1/NR)(a)
		4,575,000		0.200			03/04/10		4,575,000
	Houston ISD GO VRDN ROCS-RR-II R-11394 Series 2008 (PSF-GTD) (Citibank N.A. SPA) (A-1/NR)(a)
		7,500,000		0.200			03/04/10		7,500,000
	Houston Utilities System VRDN RB Series 2008 A-2 (Bank of America N.A. LOC) (A-1/VMIG1)
		6,200,000		0.200			03/04/10		6,200,000
	Irving ISD 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		0.170			03/04/10		8,900,000
	Judson ISD GO VRDN Floaters Series 2007-1859 (PSF-GTD) (Wells Fargo Bank N.A. SPA) (NR/VMIG1)(a)
		3,950,000		0.190			03/04/10		3,950,000
	Lower Colorado River Authority Transportation Contract CP Series 2010 (JPMorgan Chase & Co. SPA) (A-1/P-1)
		29,000,000		0.200			03/01/10		29,000,000
	North Central Texas Health Facilities Development Corp. VRDN RB for Children’s Medical Center Putters Series 2009-3510 (JPMorgan Chase & Co.) (F1+)(a)
		2,995,000		0.200			03/04/10		2,995,000
	North Central Texas Health Facilities Development Corp. VRDN RB for Children’s Medical Center Putters Series 2009-3513 (JPMorgan Chase & Co.) (F1+)(a)
		20,000,000		0.200			03/04/10		20,000,000
	North East ISD Eclipse Funding Trust GO VRDN Solar Eclipse Series 2007-0101 (PSF-GTD) (U.S. Bank N.A. SPA) (A-1+/NR)(a)
		4,165,000		0.170			03/04/10		4,165,000
	North East ISD GO VRDN Eagle Series 2007-0123 A (PSF-GTD) (Banco Bilbao Vizcaya Argentaria SPA) (A-1/NR)(a)
		8,935,000		0.200			03/04/10		8,935,000
	North East ISD GO VRDN Putters Series 2007-2058 (PSF-GTD) (JPMorgan Chase & Co.) (NR/VMIG1)(a)
		9,000,000		0.200			03/04/10		9,000,000
	North Texas Municipal Water District Austin Trust Certificates VRDN RB Series 2008-1174 (Bank of America N.A. SPA) (A-1/NR)(a)
		9,105,000		0.180			03/04/10		9,105,000
	Plano GO VRDN Floater Series 2007-1862 (Wells Fargo & Co. SPA) (NR/VMIG1)(a)
		2,915,000		0.190			03/04/10		2,915,000
	Rice University CP Series 2010 (A-1/NR)
		10,000,000		0.280			07/08/10		10,000,000
	Round Rock ISD GO VRDN Putters Series 2009-3341 (JPMorgan Chase & Co. SPA) (NR/VMIG1)(a)
		4,995,000		0.200			03/04/10		4,995,000
	San Antonio Electric & Gas Systems VRDN RB Putters Series 2008-2957 (JPMorgan Chase & Co. SPA) (NR/VMIG1)(a)
		8,215,000		0.200			03/04/10		8,215,000
	San Antonio Electric & Gas Systems VRDN RB Putters Series 2008-3247 (JPMorgan Chase & Co.) (NR/VMIG1)(a)
		1,360,000		0.200			03/04/10		1,360,000
	San Antonio Electric & Gas Systems VRDN RB Putters Series 2009-3344 (JPMorgan Chase & Co. SPA) (NR/VMIG1)(a)
		3,200,000		0.200			03/04/10		3,200,000
	San Antonio Electric & Gas Systems VRDN RB Putters Series 2009-3560 (JPMorgan Chase & Co.) (A-1+/NR)(a)
		8,260,000		0.200			03/04/10		8,260,000
	San Antonio Electric & Gas Systems VRDN RB ROCS-RR-II R-11277 Series 2007 (Citibank N.A. SPA) (NR/VMIG1)(a)
		5,080,000		0.200			03/04/10		5,080,000

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

35

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

Schedule of Investments (continued)

February 28, 2010 (Unaudited)

	Principal		Interest			Maturity		Amortized
	Amount		Rate			Date		Cost
Municipal Debt Obligations – (continued)
	Texas – (continued)
	San Antonio Electric & Gas Systems VRDN RB Systems Junior Lien Series 2003 (Bank of America N.A. SPA) (A-1/VMIG1)
	$	31,800,000		0.230	%		03/03/10	$	31,800,000
	San Antonio Water System VRDN RB Putters Series 2009-3340 (JPMorgan Chase & Co. SPA) (NR/VMIG1)(a)
		5,000,000		0.200			03/04/10		5,000,000
	Spring Branch GO VRDN Putters Series 2009-3377 (PSF-GTD) (JPMorgan Chase & Co. SPA) (NR/VMIG1)(a)
		4,500,000		0.200			03/04/10		4,500,000
	Tarrant County Cultural Education Facilities Finance Corp. VRDN RB Health Resources Series 2008 A (Texas Health Resources SPA) (A-1+/VMIG1)
		6,500,000		0.180			03/03/10		6,500,000
	Tarrant County Cultural Education Facilities Finance Corp. VRDN RB Texas Health Resources Series 2008 B (A-1+/VMIG1)
		41,960,000		0.230			03/03/10		41,960,000
	Tarrant County Cultural Education Facilities Finance Corp. VRDN RB Texas Health Resources Series 2008 F (Bank of America N.A. SPA) (A-1/VMIG1)
		22,900,000		0.180			03/03/10		22,900,000
	Tarrant County Health Facilities Development Corp. Hospital VRDN RB Cook Children’s Medical Center Series 2010 B (A-1+/VMIG1)
		17,500,000		0.160			03/04/10		17,500,000
	Tarrant County Health Facilities Development Corp. Hospital VRDN RB Cook Children’s Medical Center Series 2010 C (A-1+/VMIG1)
		11,000,000		0.180			03/04/10		11,000,000
	Tarrant County Health Resources VRDN RB Series 2008-1197 (Bank of America N.A. SPA) (A-1/NR)(a)
		4,375,000		0.180			03/04/10		4,375,000
	Tarrant County Health Resources VRDN RB Series 2008-1201 (Bank of America N.A. SPA) (A-1/NR)(a)
		5,790,000		0.180			03/04/10		5,790,000
	Texas A&M University RB Financing Systems Series 2005 B (AA+/Aa1)
		3,600,000		5.000			05/15/10		3,634,010
	Texas State GO Bonds Transportation Commission Mobility Fund Series 2006 (AA+/Aa1)
		2,700,000		4.000			04/01/10		2,708,049
	Texas State GO VRDN Austin Trust Certificates Series 2008-1053 (Bank of America N.A. SPA) (A-1/NR)(a)
		12,190,000		0.180			03/04/10		12,190,000
	Texas State GO VRDN Austin Trust Certificates Series 2008-1147 (Bank of America N.A. SPA) (A-1/NR)(a)
		2,400,000		0.180			03/04/10		2,400,000
	Texas State GO VRDN Eagle Series 2006-0125 Class A (Citibank N.A.) (A-1/NR)(a)
		25,940,000		0.200			03/04/10		25,940,000
	Texas State GO VRDN Eagle Series 2006-0126 (Citibank N.A. SPA) (A-1/NR)(a)
		5,000,000		0.200			03/04/10		5,000,000
	Texas State GO VRDN Eagle Series 2007-0139 A (Citibank N.A. SPA) (A-1/NR)(a)
		8,685,000		0.200			03/04/10		8,685,000
	Texas State GO VRDN Floater Trust Series 2010-18B (Barclays Bank PLC) (NR/VMIG1)(a)
		7,000,000		0.200			03/04/10		7,000,000
	Texas State GO VRDN Putters Series 2008-2568 (JPMorgan Chase & Co. SPA) (NR/VMIG1)(a)
		15,075,000		0.200			03/04/10		15,075,000
	Texas State GO VRDN Putters Series 2008-3238 (JPMorgan Chase & Co.) (NR/VMIG1)(a)
		2,165,000		0.200			03/04/10		2,165,000
	Texas State GO VRDN Putters Series 2009-3534 (JPMorgan Chase & Co.) (A-1+/NR)(a)
		9,550,000		0.200			03/04/10		9,550,000
	Texas State GO VRDN ROCS-RR-II R-11184 Series 2007 (Citibank N.A. SPA) (A-1/NR)(a)
		6,210,000		0.200			03/04/10		6,210,000
	Texas State TRANS Series 2009 (SP-1+/MIG1)
		286,700,000		2.500			08/31/10		289,636,426
	Texas State Transportation Commission Austin Trust Certificates GO VRDN Series 2007-1026 (Bank of America N.A. SPA) (A-1/NR)(a)
		27,500,000		0.180			03/04/10		27,500,000
	Texas State Transportation Commission GO VRDN Floaters Series 2005 K15 Reg. D (Citibank N.A. SPA) (NR/VMIG1)(a)
		3,790,000		0.200			03/04/10		3,790,000
	Texas State Transportation Commission State Highway Fund VRDN RB First Tier Series 2006 B (Banco Bilbao Vizcaya SPA) (A-1+/VMIG1)
		5,000,000		0.160			03/03/10		5,000,000
	Texas State Transportation Commission VRDN RB Putters Series 2007-2214 (JPMorgan Chase & Co. SPA) (A-1+/NR)(a)
		7,495,000		0.200			03/04/10		7,495,000
	Texas State Transportation Commission VRDN RB Putters Series 2008-2563 (JPMorgan Chase & Co. SPA) (A-1+/NR)(a)
		5,335,000		0.200			03/04/10		5,335,000
	Texas State Transportation Commission VRDN RB Putters Series 2008-2902 (JPMorgan Chase & Co. SPA) (A-1+/NR)(a)
		14,395,000		0.200			03/04/10		14,395,000
	Texas State Transportation GO VRDN Floaters Series 2007-2043 (Wells Fargo Bank N.A. SPA) (F1+)(a)
		13,270,000		0.190			03/04/10		13,270,000
	Texas Water Development Board Austin Trust Certificates VRDN RB Series 2008-1173 (Bank of America N.A. SPA) (A-1/NR)
		6,000,000		0.180			03/04/10		6,000,000
	University of Houston VRDN RB Floater Certificates Series 2009-30C (Wells Fargo Bank N.A.) (NR/VMIG1)(a)
		7,000,000		0.180			03/04/10		7,000,000

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

 36

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

	Principal		Interest			Maturity		Amortized
	Amount		Rate			Date		Cost
Municipal Debt Obligations – (continued)
	Texas – (continued)
	University of Texas Permanent University Fund VRDN RB ROCS-RR-II R-11290 Series 2007 (Citibank N.A. SPA) (A-1/NR)(a)
	$	3,970,000		0.200	%		03/04/10	$	3,970,000
	University of Texas Permanent University Fund VRDN RB Series 2007-1574 (Rabobank Netherland SPA) (F1+)(a)
		30,329,000		0.170			03/04/10		30,329,000
	University of Texas VRDN RB Refunding Financing System Series 2001 A (A-1+/VMIG1)
		1,500,000		0.150			03/03/10		1,500,000
	University of Texas VRDN RB Refunding Financing System Series 2007 B (A-1+/VMIG1)
		2,000,000		0.160			03/04/10		2,000,000
	University of Texas VRDN RB ROCS-RR-II R-11077 Series 2007 (Citibank N.A. SPA) (A-1/NR)(a)
		2,100,000		0.200			03/04/10		2,100,000
									999,706,985
	Utah – 2.6%
	Murray City Hospital VRDN RB for IHC Health Services, Inc. Series 2003 D (A-1+/NR)
		18,600,000		0.140			03/01/10		18,600,000
	Riverton Hospital Revenue VRDN RB for IHC Health Services, Inc. Putters Series 2007-1762 (JPMorgan Chase & Co. SPA) (NR/VMIG1)(a)
		54,500,000		0.200			03/04/10		54,500,000
	University of Utah VRDN RB Auxiliary & Campus Facilities Series 1997 A (JPMorgan Chase & Co. SPA) (A-1+/VMIG1)
		6,700,000		0.230			03/03/10		6,700,000
	Utah County Hospital VRDN RB for IHC Health Services, Inc. Series 2002 B (U.S. Bank N.A. SPA) (A-1+/VMIG1)
		52,500,000		0.160			03/04/10		52,500,000
	Utah County Hospital VRDN RB for IHC Health Services, Inc. Series 2002 C (U.S. Bank N.A. SPA) (A-1+/VMIG1)
		51,700,000		0.160			03/04/10		51,700,000
	Weber County Hospital VRDN RB for IHC Health Services, Inc. Series 2000 A (Landesbank Hessen-Thueringen SPA) (A-1+/VMIG1)
		9,580,000		0.170			03/01/10		9,580,000
	Weber County Hospital VRDN RB for IHC Health Services, Inc. Series 2000 C (Landesbank Hessen-Thueringen SPA) (A-1+/VMIG1)
		56,400,000		0.170			03/01/10		56,400,000
									249,980,000
	Virginia – 1.2%
	Fairfax County GO Bonds Public Improvement Series 2008 A (AAA/Aaa)
		5,730,000		4.500			04/01/10		5,748,820
	Fairfax County GO Bonds Series 2003 B (AAA/Aaa)
		5,000,000		5.000			06/01/10		5,057,757
	Fairfax County IDA VRDN RB for Inova Health System Floaters Series 2005-1168 (Morgan Stanley Municipal Products) (A-1+/NR)(a)
		3,330,000		0.220			03/04/10		3,330,000
	Fairfax County IDA VRDN RB for Inova Health System Project ROCS-RR-II R-11733 Series 2009 (Citibank N.A. SPA) (A-1+/NR)(a)
		6,660,000		0.200			03/04/10		6,660,000
	Fairfax County IDA VRDN RB for Inova Health System Project Series 2005 A-1 (Landesbank Baden-Wurttemberg SPA) (A-1+/VMIG1)
		12,720,000		0.170			03/03/10		12,720,000
	Fairfax County VRDN RB for Inova Health System Project Putters Series 2009-3394 (JPMorgan Chase & Co. SPA) (A-1+/NR)(a)
		5,495,000		0.200			03/04/10		5,495,000
	Loudoun County IDA VRDN RB for Howard Hughes Medical Center Series 2003 F (A-1+/VMIG1)
		1,700,000		0.160			03/03/10		1,700,000
	Richmond GO RANS Series 2009 (SP-1+/MIG1)
		41,500,000		1.500			06/24/10		41,653,311
	University of Virginia VRDN RB Eagle Series 2006-0017 Class A (Citibank N.A. SPA) (A-1/NR)(a)
		14,775,000		0.200			03/04/10		14,775,000
	University of Virginia VRDN RB General Series 2003 A (A-1+/VMIG1)
		3,200,000		0.150			03/03/10		3,200,000
	Virginia College Building Authority VRDN RB Putters Series 2008-3276 (JPMorgan Chase & Co. SPA) (A-1/NR)(a)
		4,685,000		0.200			03/04/10		4,685,000
	Virginia State GO Bonds Refunding Series 2004 B (AAA/Aaa)
		4,000,000		5.000			06/01/10		4,046,206
	Virginia State Resources Authority Clean Water VRDN RB Floaters Series 2008-2917 (Morgan Stanley Municipal Products SPA) (A-1/NR)(a)
		4,000,000		0.220			03/04/10		4,000,000
	Virginia State Resources Authority VRDN RB Clean Water Putters Series 2008-3036 (JPMorgan Chase & Co. SPA) (NR/VMIG1)(a)
		3,370,000		0.200			03/04/10		3,370,000
									116,441,094
	Washington – 1.0%
	Energy Northwest Electric VRDN RB Putters Series 2007-2301 (JPMorgan Chase & Co. SPA) (NR/VMIG1)(a)
		7,995,000		0.200			03/04/10		7,995,000
	Energy Northwest Electric VRDN RB Putters Series 2008-2965 (JPMorgan Chase & Co. SPA) (NR/VMIG1)(a)
		4,800,000		0.200			03/04/10		4,800,000
	Energy Northwest Electric VRDN RB Refunding Project No. 3 Series 2003 E (JPMorgan Chase & Co. LOC) (A-1+/VMIG1)
		3,650,000		0.170			03/03/10		3,650,000
	King County Sewer System VRDN RB Junior Lien Series 2001 A (Landesbank Hessen-Thueringen LOC) (A-1+/VMIG1)
		2,325,000		0.220			03/03/10		2,325,000

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

37

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

Schedule of Investments (continued)

February 28, 2010 (Unaudited)

	Principal		Interest			Maturity		Amortized
	Amount		Rate			Date		Cost
Municipal Debt Obligations – (continued)
	Washington – (continued)
	King County Sewer System VRDN RB Junior Lien Series 2001 B (Landesbank Hessen-Thueringen LOC) (A-1+/VMIG1)
	$	12,250,000		0.260	%		03/03/10	$	12,250,000
	King County Sewer System VRDN RB ROCS-RR-II R-11717 Series 2009 (Citibank Bank N.A. SPA) (A-1/NR)(a)
		5,650,000		0.200			03/04/10		5,650,000
	King County VRDN RB Floater Certificates Series 2008 46C (Wells Fargo Bank N.A. SPA) (NR/VMIG1)
		9,940,000		0.180			03/04/10		9,940,000
	Washington State GO VRDN Putters Series 2008-2599 (JPMorgan Chase & Co. SPA) (NR/VMIG1)(a)
		4,500,000		0.200			03/04/10		4,500,000
	Washington State GO VRDN Putters Series 2008-3054 (JPMorgan Chase & Co. SPA) (A-1+/NR)(a)
		3,035,000		0.200			03/04/10		3,035,000
	Washington State GO VRDN Putters Series 2008-3087 (JPMorgan Chase & Co. SPA) (NR/VMIG1)(a)
		2,080,000		0.200			03/04/10		2,080,000
	Washington State GO VRDN Putters Series 2008-3132 (JPMorgan Chase & Co. SPA) (A-1/VMIG1)(a)
		7,495,000		0.200			03/04/10		7,495,000
	Washington State GO VRDN Putters Series 2009-3538 (JPMorgan Chase Bank & Co.) (A-1+/NR)(a)
		9,000,000		0.200			03/04/10		9,000,000
	Washington State Health Austin Trust Certificates VRDN RB Series 2008-1180 (Bank of America N.A. SPA) (NR/VMIG1)(a)
		8,925,000		0.180			03/04/10		8,925,000
	Washington State Health Care Facilities Authority VRDN RB Seattle Children’s Hospital Floater Certificates Series 2009 51C (Wells Fargo & Co.) (F1+)(a)
		9,990,000		0.180			03/04/10		9,990,000
									91,635,000
	West Virginia – 0.1%
	Marshall County VRDN PCRB for Mountaineer Carbon Co. Series 1985 (A-1+/P-1)
		12,700,000		0.170			03/01/10		12,700,000
	Wisconsin – 1.3%
	Wisconsin State Ascension Health Authority VRDN RB Austin Trust Certificates Series 2008-1155 (Bank of America N.A. SPA) (A-1/NR)(a)
		7,600,000		0.180			03/04/10		7,600,000
	Wisconsin State Health & Educational Facilities Authority Sisters Hospital CP Series 2003 B (ASSURED GTY) (A-1/NR)
		42,375,000		0.400			03/01/10		42,375,000
	Wisconsin State Health & Educational Facilities Authority Sisters Hospital CP Series 2010 (A-1+/NR)
		8,980,000		0.320			07/12/10		8,980,000
	Wisconsin State Health & Educational Facilities Authority Sisters Hospital Services CP Series 2010 (ASSURED GTY) (A-1/NR)
		7,000,000		0.400			03/02/10		7,000,000
	Wisconsin State Health & Educational Facilities Authority VRDN RB Children’s Hospital Floater Certificates Series 2009-58C (Wells Fargo & Co.) (NR/VMIG1)(a)
		9,815,000		0.180			03/04/10		9,815,000
	Wisconsin State Health & Educational Facilities Authority VRDN RB Floater Trust for Children’s Hospital Series 2009-15W (Barclays Bank PLC) (NR/VMIG1)(a)
		5,250,000		0.180			03/04/10		5,250,000
	Wisconsin State Health & Educational Facilities Authority VRDN RB for Froedtert & Community Health System Floater Series 2009-3122X (Morgan Stanley Municipal Products) (A-1/NR)(a)
		19,530,000		0.200			03/04/10		19,530,000
	Wisconsin State Health & Educational Facilities Authority VRDN RB for Froedtert & Community Health System Putters Series 2009-3613 (JPMorgan Chase & Co.) (A-1+/NR)(a)
		8,660,000		0.200			03/04/10		8,660,000
	Wisconsin State Health & Educational Facilities Authority VRDN RB Gundersen Lutheran Series 2008 A (Wells Fargo Bank N.A. LOC) (A-1+/VMIG1)
		4,840,000		0.180			03/04/10		4,840,000
	Wisconsin State Health & Educational Facilities Authority VRDN RB Gundersen Lutheran Series 2008 B (Wells Fargo Bank N.A. LOC) (A-1+/VMIG1)
		7,500,000		0.180			03/04/10		7,500,000
									121,550,000
	TOTAL INVESTMENTS – 99.2%							$	9,581,808,090
	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.8%								73,221,321
	NET ASSETS – 100.0%							$	9,655,029,411

The percentage shown for each investment category reflects the value of 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 February 28, 2010, these securities amounted to $2,536,961,500 or approximately 26.3% of net assets.

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 or the next interest reset date for floating rate securities, or the prerefunded date for those types of securities.

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

 38

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

Security ratings disclosed are obtained from Standard & Poor’s (“S&P”)/Moody’s Investor Service (“Moody’s”). In the event where an S&P/Moody’s rating is not available, only a Fitch rating is disclosed. A description of the ratings is available in the Portfolio’s Statement of Additional Information.

Investment Abbreviations:
AMBAC	—	Insured by American Municipal Bond Assurance Corp.
ASSURED GTY	—	Insured by Assured Guaranty
BANS	—	Bond Anticipation Notes
BHAC	—	Berkshire Hathaway Assurance Corp.
COPS	—	Certificates of Participation
CP	—	Commercial Paper
DOT	—	Department of Transportation
FNMA	—	Insured by Federal National Mortgage Association
GO	—	General Obligation
GTD	—	Guaranteed
IDA	—	Industrial Development Authority
IDB	—	Industrial Development Bond
IHC	—	Intermountain Health Care
ISD	—	Independent School District
LOC	—	Letter of Credit
LTD	—	Limited
MBIA	—	Insured by Municipal Bond Investors Assurance
MF Hsg.	—	Multi-Family Housing
NR	—	Not Rated
PCRB	—	Pollution Control Revenue Bond
PSF-GTD	—	Guaranteed by Permanent School Fund
RANS	—	Revenue Anticipation Notes
RB	—	Revenue Bond
RMKT	—	Remarketed
ROCS	—	Reset Option Certificates
RR	—	Revenue Refunding
SPA	—	Stand-by Purchase Agreement
TANS	—	Tax Anticipation Notes
TRANS	—	Tax Revenue Anticipation Notes
VRDN	—	Variable Rate Demand Notes

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

39

FINANCIAL SQUARE TREASURY INSTRUMENTS FUND

Schedule of Investments

February 28, 2010 (Unaudited)

	Principal		Interest			Maturity		Amortized
	Amount		Rate			Date		Cost
U.S. Treasury Obligations – 96.1%
	United States Treasury Bills
	$	888,000,000		0.035	%		03/04/10	$	887,997,410
		1,256,800,000		0.040			03/04/10		1,256,795,811
		734,000,000		0.050			03/11/10		733,989,805
		3,738,000,000		0.055			03/11/10		3,737,942,892
		480,000,000		0.057			03/18/10		479,986,967
		3,593,000,000		0.060			03/18/10		3,592,898,198
		1,671,000,000		0.055			03/25/10		1,670,938,730
		492,000,000		0.080			03/25/10		491,973,760
		491,000,000		0.085			03/25/10		490,972,177
		41,100,000		0.070			04/01/10		41,097,522
		1,810,000,000		0.110			04/01/10		1,809,828,553
		559,600,000		0.080			04/08/10		559,552,745
		58,800,000		0.140			04/15/10		58,789,710
		491,000,000		0.100			04/22/10		490,929,078
		751,200,000		0.105			04/22/10		751,086,068
		626,000,000		0.110			04/22/10		625,900,535
		49,000,000		0.145			05/06/10		48,986,974
		85,600,000		0.150			05/06/10		85,576,460
		10,000,000		0.160			05/06/10		9,997,067
		72,245,000		0.400			06/17/10		72,158,306
		166,000,000		0.410			06/17/10		165,795,820
		41,000,000		0.415			06/17/10		40,948,955
		143,000,000		0.430			06/17/10		142,815,530
		1,382,000,000		0.200			07/01/10		1,381,063,311
		475,000,000		0.180			07/08/10		474,693,625
		118,000,000		0.135			07/15/10		117,939,820
	United States Treasury Note
		238,000,000		1.500			10/31/10		239,696,159
	TOTAL INVESTMENTS – 96.1%							$	20,460,351,988
	OTHER ASSETS IN EXCESS OF LIABILITIES – 3.9%								836,683,289
	NET ASSETS – 100.0%							$	21,297,035,277

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

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

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

 40

FINANCIAL SQUARE TREASURY OBLIGATIONS FUND

Schedule of Investments

February 28, 2010 (Unaudited)

	Principal		Interest			Maturity		Amortized
	Amount		Rate			Date		Cost
U.S. Treasury Obligations – 18.0%
	United States Treasury Bills
	$	161,000,000		0.415	%		06/10/10	$	160,812,547
		188,000,000		0.435			06/10/10		187,770,562
		588,000,000		0.445			06/10/10		587,265,898
		193,000,000		0.450			06/10/10		192,756,338
		408,000,000		0.400			06/17/10		407,510,400
		217,000,000		0.410			06/17/10		216,733,090
		53,000,000		0.415			06/17/10		52,934,015
		80,000,000		0.425			06/17/10		79,898,000
		183,000,000		0.430			06/17/10		182,763,930
		380,000,000		0.442			06/17/10		379,495,550
		455,000,000		0.200			07/01/10		454,691,611
		39,000,000		0.135			07/15/10		38,980,110
	United States Treasury Note
		250,000,000		1.500			10/31/10		251,781,679
	TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS							$	3,193,393,730
Repurchase Agreements(a) – 82.0%
	Barclays Capital, Inc.
	$	250,000,000		0.100	%		03/01/10	$	250,000,000
	Maturity Value: $250,002,083
	Collateralized by U.S. Treasury Note, 1.125%, due 12/15/11. The market value of the collateral, including accrued interest, was $255,000,068.
	HSBC Securities (USA), Inc.
		400,000,000		0.100			03/01/10		400,000,000
	Maturity Value: $400,003,333
	Collateralized by U.S. Treasury Bonds, 8.000% to 8.750%, due 05/15/20 to 11/15/21 and U.S. Treasury Notes, 2.375% to 5.000%, due 04/15/10 to 02/15/17. The aggregate market value of the collateral, including accrued interest, was $408,001,574.
	Joint Repurchase Agreement Account I
		13,718,600,000		0.100			03/01/10		13,718,600,000
	Maturity Value: $13,718,714,322
	UBS Securities LLC
		140,000,000		0.080			03/01/10		140,000,000
	Maturity Value: $140,000,933
	Collateralized by U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/10 to 11/15/19. The aggregate market value of the collateral, including accrued interest, was $142,802,919.
	TOTAL REPURCHASE AGREEMENTS							$	14,508,600,000
	TOTAL INVESTMENTS – 100.0%							$	17,701,993,730
	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.0)%								(2,704,551	)
	NET ASSETS – 100.0%							$	17,699,289,179

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 February 26, 2010. Additional information on Joint Repurchase Agreement Account I appears on page 42.

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

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

41

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

ADDITIONAL INVESTMENT INFORMATION

JOINT REPURCHASE AGREEMENT ACCOUNT I — At February 28, 2010, certain Funds had undivided interests in the Joint Repurchase Agreement Account I, as follows:

Fund	Principal Amount
Money Market	$	4,000,000
Prime Obligations		300,400,000
Treasury Obligations		13,718,600,000

REPURCHASE AGREEMENTS

	Principal		Interest			Maturity		Maturity
Counterparty	Amount		Rate			Date		Value
Banc of America Securities LLC	$	1,050,000,000		0.10	%		03/01/10	$	1,050,008,750
Barclays Capital, Inc.		700,000,000		0.10			03/01/10		700,005,833
BNP Paribas Securities Co.		2,500,000,000		0.10			03/01/10		2,500,020,833
Credit Suisse Securities (USA) LLC		1,500,000,000		0.10			03/01/10		1,500,012,500
Deutsche Bank Securities, Inc.		1,300,200,000		0.10			03/01/10		1,300,210,835
JPMorgan Securities		2,450,000,000		0.10			03/01/10		2,450,020,417
Morgan Stanley & Co.		2,500,000,000		0.10			03/01/10		2,500,020,833
RBS Securities, Inc.		1,500,000,000		0.10			03/01/10		1,500,012,500
UBS Securities LLC		990,000,000		0.10			03/01/10		990,008,250
TOTAL								$	14,490,320,751

At February 28, 2010, the Joint Repurchase Agreement Account I was fully collateralized by:

Issuer	Interest Rates			Maturity Dates
U.S. Treasury Bills		0.000	%		07/22/10 to 11/18/10
U.S. Treasury Inflation Protected Security		2.500			07/15/16
U.S. Treasury Interest-Only Stripped Securities		0.000			05/15/10 to 02/15/38
U.S. Treasury Notes		0.750 to 11.250			05/31/10 to 02/15/20
U.S. Treasury Principal-Only Stripped Securities		0.000			05/15/10 to 11/15/19

The aggregate market value of the collateral, including accrued interest, was $14,780,011,214.

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

 42

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

ADDITIONAL INVESTMENT INFORMATION (continued)

JOINT REPURCHASE AGREEMENT ACCOUNT II — At February 28, 2010, certain Funds had undivided interests in the Joint Repurchase Agreement Account II, as follows:

Fund	Principal Amount
Government	$	21,091,400,000
Money Market		7,537,500,000
Prime Obligations		7,117,700,000

REPURCHASE AGREEMENTS

	Principal		Interest			Maturity		Maturity
Counterparty	Amount		Rate			Date		Value
Banc of America Securities LLC	$	5,050,000,000		0.12	%		03/01/10	$	5,050,050,500
Barclays Capital, Inc.		1,000,000,000		0.10			03/01/10		1,000,008,333
Barclays Capital, Inc.		6,000,000,000		0.12			03/01/10		6,000,060,000
BNP Paribas Securities Co.		3,000,000,000		0.12			03/01/10		3,000,030,000
Citigroup Global Markets, Inc.		1,500,000,000		0.12			03/01/10		1,500,015,000
Credit Suisse Securities (USA) LLC		1,350,000,000		0.12			03/01/10		1,350,013,500
Deutsche Bank Securities, Inc.		1,200,000,000		0.10			03/01/10		1,200,010,000
Deutsche Bank Securities, Inc.		4,550,000,000		0.12			03/01/10		4,550,045,500
JPMorgan Securities		370,000,000		0.12			03/01/10		370,003,700
Merrill Lynch & Co., Inc.		850,000,000		0.12			03/01/10		850,008,500
Morgan Stanley & Co.		600,000,000		0.10			03/01/10		600,005,000
Morgan Stanley & Co.		5,662,000,000		0.12			03/01/10		5,662,056,620
RBS Securities, Inc.		2,000,000,000		0.12			03/01/10		2,000,020,000
UBS Securities LLC		1,825,000,000		0.12			03/01/10		1,825,018,250
Wachovia Capital Markets		3,250,000,000		0.12			03/01/10		3,250,032,500
TOTAL								$	38,207,377,403

At February 28, 2010, the Joint Repurchase Agreement Account II was fully collateralized by:

Issuer	Interest Rates			Maturity Dates
Federal Home Loan Bank		0.000% to 0.800	%		03/10/10 to 07/08/11
Federal Home Loan Mortgage Corp.		1.125 to 14.000			03/15/10 to 11/01/47
Federal National Mortgage Association		0.000 to 16.000			04/01/10 to 01/01/50
Government National Mortgage Association		3.500 to 8.000			10/15/12 to 02/20/40
Tennessee Valley Authority Interest-Only Stripped Security		0.000			11/01/10
U.S. Treasury Bills		0.000			03/11/10 to 02/10/11
U.S. Treasury Bond		4.375			11/15/39
U.S. Treasury Notes		0.875 to 10.625			03/15/10 to 08/15/19
U.S. Treasury Principal-Only Stripped Securities		0.000			08/15/10 to 02/15/20

The aggregate market value of the collateral, including accrued interest, was $39,050,965,108.

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

43

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Statements of Assets and Liabilities

February 28, 2010 (Unaudited)

		Federal			Government
		Fund			Fund
	Assets:
	Investments in securities, at value based on amortized cost — unaffiliated issuers	$	17,153,237,101		$	17,817,124,122
	Repurchase agreements, at value based on amortized cost — unaffiliated issuers		—			21,591,400,000
	Repurchase agreements, at value based on amortized cost — affiliated issuers		—			1,000,000,000
	Cash		16,642			303,748,067
	Receivables:
	Investment securities sold		—			—
	Interest		2,957,170			7,277,418
	Fund shares sold		—			91,685
	Other assets		177,762			534,230
	Total assets		17,156,388,675			40,720,175,522
	Liabilities:
	Due to custodian		—			—
	Payables:
	Investment securities purchased		—			—
	Amounts owed to affiliates		2,481,674			5,813,026
	Fund shares redeemed		8,577			3,799
	Dividend distribution		21,621			369,327
	Accrued expenses		207,420			202,501
	Total liabilities		2,719,292			6,388,653
	Net Assets:
	Paid-in capital		17,153,353,464			40,712,757,198
	Undistributed net investment income (loss)		338,186			974,666
	Accumulated net realized gain (loss) from investments		(22,267	)		55,005
	NET ASSETS	$	17,153,669,383		$	40,713,786,869
	Net asset value, offering and redemption price per share	$	1.00		$	1.00
	Net Assets:
	FST Shares	$	15,220,317,551		$	34,013,497,858
	FST Select Shares		107,999,837			2,150,600,736
	FST Preferred Shares		312,326,664			701,877,830
	FST Capital Shares		116,598,684			733,412,598
	FST Administration Shares		652,753,711			2,574,437,651
	FST Service Shares		743,672,936			539,960,196
	Total Net Assets	$	17,153,669,383		$	40,713,786,869
	Shares outstanding $0.001 par value (unlimited number of shares authorized):
	FST Shares		15,220,037,239			34,012,633,075
	FST Select Shares		107,997,848			2,150,546,057
	FST Preferred Shares		312,320,912			701,859,985
��	FST Capital Shares		116,596,536			733,393,952
	FST Administration Shares		652,741,689			2,574,372,195
	FST Service Shares		743,659,240			539,946,470

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

 44

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Money Market			Prime Obligations			Tax-Free Money		Treasury			Treasury
Fund			Fund			Market Fund		Instruments Fund			Obligations Fund
$	13,496,432,406		$	19,237,443,744		$	9,581,808,090	$	20,460,351,988		$	3,193,393,730
	7,831,500,000			7,693,100,000			—		—			14,508,600,000
	400,000,000			600,000,000			—		—			—
	19,863			—			—		26,150			58,906
	—			2,110,000			83,686,460		829,000,000			—
	5,930,049			7,466,693			25,889,535		9,498,036			1,360,788
	—			487,723			173,022		718			337,264
	288,309			293,756			123,485		213,501			181,244
	21,734,170,627			27,540,901,916			9,691,680,592		21,299,090,393			17,703,931,932
	—			4,850			33,861,230		—			—
	53,972,100			99,948,333			—		—			—
	3,058,261			3,665,893			1,293,406		1,158,800			2,590,193
	13,354,395			1,109,724			387,203		642,722			1,800,000
	155,941			618,172			149,793		43,572			67,375
	762,908			504,962			959,549		210,022			185,185
	71,303,605			105,851,934			36,651,181		2,055,116			4,642,753
	21,661,997,425			27,434,110,166			9,654,789,064		21,296,815,882			17,698,253,516
	1,605,366			7,335,312			—		(1,282,331	)		(386,474	)
	(735,769	)		(6,395,496	)		240,347		1,501,726			1,422,137
$	21,662,867,022		$	27,435,049,982		$	9,655,029,411	$	21,297,035,277		$	17,699,289,179
$	1.00		$	1.00		$	1.00	$	1.00		$	1.00
$	19,859,272,088		$	21,523,649,466		$	8,879,774,967	$	19,023,805,928		$	13,678,683,029
	31,175,339			77,416,980			76,444,327		195,150,466			546,710,466
	42,235,154			983,275,966			42,532,708		350,090,334			362,868,558
	74,099,267			569,319,124			143,996,137		253,985,608			350,491,139
	1,340,468,348			3,459,217,178			447,908,732		1,210,071,918			1,870,768,716
	315,616,826			822,171,268			64,372,540		263,931,023			889,767,271
$	21,662,867,022		$	27,435,049,982		$	9,655,029,411	$	21,297,035,277		$	17,699,289,179
	19,858,467,872			21,522,907,256			8,879,507,039		19,023,609,950			13,677,882,609
	31,174,077			77,414,310			76,442,017		195,148,457			546,678,480
	42,233,442			983,242,060			42,531,422		350,086,726			362,847,326
	74,096,261			569,299,492			143,991,785		253,982,991			350,470,632
	1,340,413,030			3,459,097,905			447,895,253		1,210,059,452			1,870,659,258
	315,604,038			822,142,907			64,370,594		263,928,306			889,715,211

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

45

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Statements of Operations

For the Six Months Ended February 28, 2010 (Unaudited)

	Federal			Government
	Fund			Fund
Investment income:
Interest income — from unaffiliated issuers	$	23,081,486		$	59,676,343
Interest income — from affiliated issuers		—			607,976
Total investment income		23,081,486			60,284,319
Expenses:
Fund-Level Expenses:
Management fees		20,439,726			55,248,896
Transfer Agent fees		997,060			2,695,068
Custody and accounting fees		485,400			1,177,628
Registration fees		102,872			105,255
Printing fees		35,459			69,679
Professional fees		33,698			33,757
Trustee fees		12,823			26,348
Other		361,253			109,982
Subtotal		22,468,291			59,466,613
Class Specific Expenses:
FST Service Share fees		2,008,453			1,362,446
FST Administration Share fees		916,505			3,356,673
FST Preferred Share fees		196,014			413,724
FST Capital Share fees		97,317			670,715
FST Select Share fees		27,300			332,401
Total expenses		25,713,880			65,602,572
Less — expense reductions		(5,384,990	)		(16,135,030	)
Net expenses		20,328,890			49,467,542
NET INVESTMENT INCOME (LOSS)	$	2,752,596		$	10,816,777
Net realized gain from investment transactions		1,389,141			5,818,626
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	4,141,737		$	16,635,403

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

 46

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Money Market			Prime Obligations			Tax-Free Money			Treasury			Treasury
Fund			Fund			Market Fund			Instruments Fund			Obligations Fund
$	28,353,461		$	38,869,158		$	15,759,804		$	9,196,774		$	15,702,406
	207,165			468,760			—			—			174
	28,560,626			39,337,918			15,759,804			9,196,774			15,702,580
	22,570,591			31,687,123			9,941,188			20,046,019			20,363,195
	1,101,004			1,545,713			484,936			977,855			993,327
	432,461			713,525			463,486			470,708			100,759
	112,347			118,514			88,309			105,623			71,072
	56,479			57,956			25,706			38,709			60,388
	42,036			38,573			35,020			34,545			20,990
	18,415			22,748			11,241			12,879			16,282
	1,291,586			1,115,578			352,050			486,305			35,051
	25,624,919			35,299,730			11,401,936			22,172,643			21,661,064
	1,073,356			2,172,101			181,612			517,237			2,390,380
	1,677,835			4,766,118			429,249			1,638,918			2,833,615
	36,872			566,754			23,788			149,419			172,976
	54,187			371,155			101,399			89,127			249,257
	6,282			20,296			11,723			30,570			81,056
	28,473,451			43,196,154			12,149,707			24,597,914			27,388,348
	(6,879,546	)		(12,893,640	)		(2,626,208	)		(12,883,620	)		(9,645,262	)
	21,593,905			30,302,514			9,523,499			11,714,294			17,743,086
$	6,966,721		$	9,035,404		$	6,236,305		$	(2,517,520	)	$	(2,040,506	)
	2,798,499			5,543,570			514,835			2,187,392			1,639,233
$	9,765,220		$	14,578,974		$	6,751,140		$	(330,128	)	$	(401,273	)

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

47

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Statements of Changes in Net Assets

	Federal Fund
	For the
	Six Months Ended			For the Period			For the
	February 28, 2010			January 1, 2009 to			Fiscal Year Ended
	(Unaudited)			August 31, 2009*			December 31, 2008
From operations:
Net investment income	$	2,752,596		$	57,732,828		$	504,951,772
Net realized gain (loss) from investment transactions		1,389,141			7,179,362			6,424,870
Net increase in net assets resulting from operations		4,141,737			64,912,190			511,376,642
Distributions to shareholders:
From net investment income:
FST Shares		(2,738,920	)		(55,977,760	)		(455,548,376	)
FST Select Shares		(13,676	)		(182,634	)		(1,260,815	)
FST Preferred Shares		—			(711,833	)		(8,631,884	)
FST Capital Shares		—			(77,666	)		(480,119	)
FST Administration Shares		—			(782,935	)		(19,286,914	)
FST Service Shares		—			—			(19,743,664	)
From net realized gains:
FST Shares		(2,123,771	)		(5,848,391	)		(5,405,109	)
FST Select Shares		(24,496	)		(24,639	)		(15,066	)
FST Preferred Shares		(49,473	)		(121,284	)		(96,805	)
FST Capital Shares		(15,568	)		(28,704	)		(8,435	)
FST Administration Shares		(88,103	)		(266,862	)		(273,165	)
FST Service Shares		(95,836	)		(247,486	)		(282,447	)
Total distributions to shareholders		(5,149,843	)		(64,270,194	)		(511,032,799	)
From share transactions (at $1.00 per share):
Proceeds from sales of shares		37,126,271,643			71,578,933,218			116,586,733,084
Reinvestment of distributions		3,864,023			49,648,242			418,589,268
Cost of shares redeemed		(42,756,342,012	)		(83,453,479,514	)		(99,331,054,440	)
Net increase (decrease) in net assets resulting from share transactions		(5,626,206,346	)		(11,824,898,054	)		17,674,267,912
NET INCREASE (DECREASE)		(5,627,214,452	)		(11,824,256,058	)		17,674,611,755
Net assets:
Beginning of period		22,780,883,835			34,605,139,893			16,930,528,138
End of period	$	17,153,669,383		$	22,780,883,835		$	34,605,139,893
Undistributed net investment income	$	338,186		$	338,186		$	338,186

* The Funds changed their fiscal year end from December 31 to August 31.

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

 48

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Government Fund									Money Market Fund
For the									For the
Six Months Ended			For the Period			For the			Six Months Ended			For the Period			For the
February 28, 2010			January 1, 2009 to			Fiscal Year Ended			February 28, 2010			January 1, 2009 to			Fiscal Year Ended
(Unaudited)			August 31, 2009*			December 31, 2008			(Unaudited)			August 31, 2009*			December 31, 2008
$	10,816,777		$	144,700,386		$	572,063,641		$	6,966,721		$	80,696,483		$	637,557,196
	5,818,626			26,168,569			32,246,331			2,798,499			3,457,635			(2,642,218	)
	16,635,403			170,868,955			604,309,972			9,765,220			84,154,118			634,914,978
	(10,621,347	)		(134,603,209	)		(457,814,607	)		(6,955,931	)		(77,737,720	)		(591,297,803	)
	(195,430	)		(3,612,545	)		(21,069,146	)		(10,790	)		(144,107	)		(2,485,877	)
	—			(1,467,837	)		(16,862,397	)		—			(288,565	)		(3,678,008	)
	—			(1,791,486	)		(15,886,153	)		—			(155,269	)		(1,045,447	)
	—			(3,225,309	)		(51,375,415	)		—			(1,858,811	)		(20,921,327	)
	—			—			(9,055,923	)		—			(512,011	)		(15,486,516	)
	(9,932,264	)		(29,515,660	)		(15,193,030	)		(3,217,804	)		(1,678,802	)		—
	(456,691	)		(889,653	)		(387,283	)		(6,765	)		(2,286	)		—
	(175,549	)		(445,122	)		(309,031	)		(11,916	)		(6,953	)		—
	(187,714	)		(651,412	)		(419,528	)		(11,715	)		(4,716	)		—
	(564,735	)		(2,030,160	)		(1,352,923	)		(216,657	)		(112,950	)		—
	(112,511	)		(356,460	)		(218,665	)		(69,411	)		(37,835	)		—
	(22,246,241	)		(178,588,853	)		(589,944,101	)		(10,500,989	)		(82,540,025	)		(634,914,978	)
	156,939,055,439			247,795,009,026			220,115,862,932			52,884,879,068			105,488,222,804			160,213,384,096
	9,107,879			98,830,513			298,483,724			7,908,727			59,432,669			367,425,033
	(175,962,428,362	)		(245,161,652,880	)		(177,117,234,724	)		(55,202,281,210	)		(101,353,012,736	)		(164,925,882,658	)
	(19,014,265,044	)		2,732,186,659			43,297,111,932			(2,309,493,415	)		4,194,642,737			(4,345,073,529	)
	(19,019,875,882	)		2,724,466,761			43,311,477,803			(2,310,229,184	)		4,196,256,830			(4,345,073,529	)
	59,733,662,751			57,009,195,990			13,697,718,187			23,973,096,206			19,776,839,376			24,121,912,905
$	40,713,786,869		$	59,733,662,751		$	57,009,195,990		$	21,662,867,022		$	23,973,096,206		$	19,776,839,376
$	974,666		$	974,666		$	974,666		$	1,605,366		$	1,605,366		$	2,815,814

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

49

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Statements of Changes in Net Assets (continued)

	Prime Obligations Fund
	For the
	Six Months Ended			For the Period			For the Fiscal
	February 28, 2010			January 1, 2009 to			Year Ended
	(Unaudited)			August 31, 2009*			December 31, 2008
From operations:
Net investment income (loss)	$	9,035,404		$	98,195,774		$	1,327,513,100
Net realized gain (loss) from investment transactions		5,543,570			9,507,514			(114,800,827	)
Payment by affiliate relating to certain investment transactions		—			—			100,000,000
Net increase (decrease) in net assets resulting from operations		14,578,974			107,703,288			1,312,712,273
Distributions to shareholders:
From net investment income:
FST Shares		(9,006,149	)		(84,330,843	)		(1,096,404,359	)
FST Select Shares		(29,255	)		(257,816	)		(7,822,892	)
FST Preferred Shares		—			(3,278,308	)		(41,721,735	)
FST Capital Shares		—			(1,621,813	)		(23,599,227	)
FST Administration Shares		—			(6,836,786	)		(115,102,019	)
FST Service Shares		—			(836,251	)		(37,709,073	)
From net realized gains:
FST Shares		(4,342,738	)		—			—
FST Select Shares		(28,655	)		—			—
FST Preferred Shares		(186,879	)		—			—
FST Capital Shares		(89,831	)		—			—
FST Administration Shares		(685,697	)		—			—
FST Service Shares		(158,159	)		—			—
Total distributions to shareholders		(14,527,363	)		(97,161,817	)		(1,322,359,305	)
From share transactions (at $1.00 per share):
Proceeds from sales of shares		80,703,576,860			153,178,348,911			353,293,122,864
Reinvestment of distributions		5,769,429			38,035,058			441,214,406
Cost of shares redeemed		(90,784,451,900	)		(148,651,885,869	)		(367,185,329,610	)
Net increase (decrease) in net assets resulting from share transactions		(10,075,105,611	)		4,564,498,100			(13,450,992,340	)
NET INCREASE (DECREASE)		(10,075,054,000	)		4,575,039,571			(13,460,639,372	)
Net assets:
Beginning of period		37,510,103,982			32,935,064,411			46,395,703,783
End of period	$	27,435,049,982		$	37,510,103,982		$	32,935,064,411
Undistributed net investment income (loss)	$	7,335,312		$	7,335,312		$	6,301,355

* The Funds changed their fiscal year end from December 31 to August 31.

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

 50

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Tax-Free Money Market Fund									Treasury Instruments Fund
For the									For the
Six Months Ended			For the Period			For the			Six Months Ended			For the Period			For the
February 28, 2010			January 1, 2009 to			Fiscal Year Ended			February 28, 2010			January 1, 2009 to			Fiscal Year Ended
(Unaudited)			August 31, 2009*			December 31, 2008			(Unaudited)			August 31, 2009*			December 31, 2008
$	6,236,305		$	25,077,901		$	222,486,070		$	(2,517,520	)	$	5,409,763		$	243,260,466
	514,835			1,000,995			555,789			2,187,392			10,309,376			70,239,515
	—			—			—			—			—			—
	6,751,140			26,078,896			223,041,859			(330,128	)		15,719,139			313,499,981
	(6,148,849	)		(24,075,811	)		(196,975,638	)		—			(5,405,155	)		(202,660,734	)
	(42,419	)		(138,485	)		(1,009,573	)		—			(4,608	)		(615,484	)
	(10,370	)		(105,864	)		(2,971,334	)		—			—			(4,738,432	)
	(12,865	)		(351,761	)		(5,282,301	)		—			—			(682,617	)
	(18,007	)		(374,979	)		(11,472,694	)		—			—			(28,977,214	)
	(3,795	)		(31,025	)		(4,774,530	)		—			—			(5,585,985	)
	(1,113,411	)		—			(1,278,622	)		(1,307,973	)		(18,856,496	)		(49,214,094	)
	(9,348	)		—			(5,181	)		(11,877	)		(120,062	)		(152,795	)
	(5,789	)		—			(12,127	)		(16,166	)		(231,620	)		(875,864	)
	(16,014	)		—			(38,562	)		(6,154	)		(59,197	)		(312,628	)
	(40,609	)		—			(44,166	)		(71,572	)		(1,589,561	)		(6,555,921	)
	(10,181	)		—			(33,405	)		(10,999	)		(335,766	)		(1,368,327	)
	(7,431,657	)		(25,077,925	)		(223,898,133	)		(1,424,741	)		(26,602,465	)		(301,740,095	)
	14,251,327,920			19,307,931,291			53,482,338,331			33,722,185,021			33,745,614,688			136,939,196,109
	5,588,364			18,946,839			152,563,776			1,122,083			19,857,585			206,267,487
	(14,690,977,906	)		(19,955,423,598	)		(53,686,012,030	)		(33,089,583,320	)		(50,042,475,454	)		(111,967,016,159	)
	(434,061,622	)		(628,545,468	)		(51,109,923	)		633,723,784			(16,277,003,181	)		25,178,447,437
	(434,742,139	)		(627,544,497	)		(51,966,197	)		631,968,915			(16,287,886,507	)		25,190,207,323
	10,089,771,550			10,717,316,047			10,769,282,244			20,665,066,362			36,952,952,869			11,762,745,546
$	9,655,029,411		$	10,089,771,550		$	10,717,316,047		$	21,297,035,277		$	20,665,066,362		$	36,952,952,869
$	—		$	—		$	—		$	(1,282,331	)	$	1,235,189		$	1,187,938

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

51

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Statements of Changes in Net Assets (continued)

	Treasury Obligations Fund
	For the
	Six Months Ended			For the Period			For the
	February 28, 2010			January 1, 2009 to			Fiscal Year Ended
	(Unaudited)			August 31, 2009*			December 31, 2008
From operations:
Net investment income (loss)	$	(2,040,506	)	$	5,548,103		$	236,371,046
Net realized gain from investment transactions		1,639,233			22,778,788			7,560,120
Net increase (decrease) in net assets resulting from operations		(401,273	)		28,326,891			243,931,166
Distributions to shareholders:
From net investment income:
FST Shares		—			(5,548,103	)		(173,788,449	)
FST Select Shares		—			—			(71,214	)
FST Preferred Shares		—			—			(3,576,007	)
FST Capital Shares		—			—			(3,941,099	)
FST Administration Shares		—			—			(36,977,912	)
FST Service Shares		—			—			(18,016,365	)
From net realized gains:
FST Shares		(3,428,384	)		(16,253,523	)		(4,462,424	)
FST Select Shares		(77,483	)		(167,543	)		(16,681	)
FST Preferred Shares		(35,086	)		(262,204	)		(96,874	)
FST Capital Shares		(31,673	)		(374,926	)		(140,157	)
FST Administration Shares		(206,859	)		(2,568,365	)		(747,149	)
FST Service Shares		(95,452	)		(1,032,580	)		(512,866	)
Total distributions to shareholders		(3,874,937	)		(26,207,244	)		(242,347,197	)
From share transactions (at $1.00 per share):
Proceeds from sales of shares		55,444,792,966			95,529,181,255			110,129,345,005
Reinvestment of distributions		1,627,763			10,339,103			147,912,604
Cost of shares redeemed		(59,245,898,681	)		(90,042,631,001	)		(111,517,640,087	)
Net increase (decrease) in net assets resulting from share transactions		(3,799,477,952	)		5,496,889,357			(1,240,382,478	)
NET INCREASE (DECREASE)		(3,803,754,162	)		5,499,009,004			(1,238,798,509	)
Net assets:
Beginning of period		21,503,043,341			16,004,034,337			17,242,832,846
End of period	$	17,699,289,179		$	21,503,043,341		$	16,004,034,337
Undistributed net investment income (loss)	$	(386,474	)	$	1,654,032		$	1,608,257

* The Funds changed their fiscal year end from December 31 to August 31.

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

 52

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements

February 28, 2010 (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 following table lists those series of the Trust that are included in this report (collectively, the “Funds” or individually a “Fund”), along with their corresponding share classes and respective diversification status under the Act:

		Diversified/
Fund	Share Classes Offered	Non-Diversified
Federal, Government, Money Market, Prime Obligations, Tax-Free Money Market, Treasury Instruments and Treasury Obligations	FST, FST Select, FST Preferred, FST Capital, FST Administration and FST Service	Diversified

The Funds seek to maximize current income to the extent consistent with the preservation of capital and the maintenance of liquidity by investing exclusively in high quality money market instruments. The Tax-Free Money Market Fund pursues its investment objective by investing in securities issued by or on behalf of states, territories, and possessions of the United States and their political subdivisions, agencies, authorities and instrumentalities, and the District of Columbia, the interest from which, if any, is in the opinion of bond counsel excluded from gross income for federal income tax purposes, and generally not an item of tax preference under the federal alternative minimum tax.

Goldman, Sachs & Co. (“Goldman Sachs” or the “Distributor”) serves as Distributor of the shares of the Fund pursuant to a Distribution Agreement. Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs serves as investment adviser to the Funds pursuant to a management agreement (the “Agreement”) with the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of the significant accounting policies consistently followed by the Funds. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that may affect the amounts and disclosures in the financial statements. Actual results could differ from those estimates and assumptions.

A. FASB Financial Accounting Standards Codification — The Financial Accounting Standards Board (“FASB”) implemented its “Financial Accounting Standards Codification” (the “Codification”) as the single source of GAAP. While the Codification does not change GAAP, it introduces a new structure to the accounting literature and changes references to accounting standards and other authoritative accounting guidance that have been reflected in the Notes to Financial Statements.

B. Investment Valuation — It is the Funds’ policy to use the amortized-cost method permitted by Rule 2a-7 under the Act, which approximates market value, for valuing portfolio securities. Under this method, all investments purchased at a discount or 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 or reset date. Under procedures and tolerances established by the trustees, GSAM evaluates the difference between the Funds’ net asset value per share (“NAV”) based upon the amortized cost of the Funds’ securities and the NAV based upon available market quotations (or permitted substitutes) at least once a week.

C. Security and Fund Share Transactions, and Investment Income — Security and Fund share transactions are reflected for financial reporting purposes 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 accumulated unrealized and realized gains or losses are allocated daily to each class of shares of the respective Fund based upon the relative proportion of settled shares of each class.

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 and are accrued daily.

53

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

February 28, 2010 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

E. 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 (mutual funds) and to distribute each year substantially all of its investment company taxable and tax-exempt income, and capital gains to its shareholders. Accordingly, no federal income tax provisions are required. Distributions to shareholders are declared and recorded daily and paid monthly by the Funds. Long-term capital gain distributions, if any, are declared and paid annually.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of the Funds’ distributions may be shown in the accompanying financial statements as either from net investment income, net realized gain or capital. The Funds’ capital accounts on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character, but do not reflect temporary differences.

As of the Funds’ most recent fiscal year end, August 31, 2009, the Prime Obligations Fund had a capital loss carryforward for U.S. federal income tax purposes of $6,447,107 expiring August 31, 2016. The capital loss carryforward amount is available to be carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains.

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.

GSAM has reviewed the Funds’ tax positions for all open tax years (the current and prior three tax years, as applicable) and has concluded that no provision for income tax is required in the Funds’ financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

F. Forward Commitment Transactions — The Funds may enter into forward commitment transactions which 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. 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. The Funds must set aside liquid assets, or engage in other appropriate measures to cover their obligations when entering into a forward commitment.

G. Repurchase Agreements — Certain Funds may enter into repurchase agreements which 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 at the Funds’ custodian or designated sub-custodians under tri-party repurchase agreements. Under these agreements, the Fund is permitted to deliver or re-pledge these securities.

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 agreements with 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. Under these joint accounts, the Funds’ credit exposure is allocated to the underlying repurchase agreements counterparties on a pro-rata basis. With the exception of certain transaction fees, the Funds are not subject to any expenses in relation to these investments.

3. AGREEMENTS AND AFFILIATED TRANSACTIONS

The Fund Contractual Fee Table below summarizes the relevant contractual fee arrangements.

A. Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the trustees.

 54

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

3. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds’ business affairs, including providing facilities, GSAM is entitled to a management fee computed daily and paid monthly, equal to an annual percentage rate of each Fund’s average daily net assets.

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

C. Administration and Service Plans — The Trust, on behalf of each Fund, has adopted Administration and Service Plans (the “Plans”) to allow FST Select, FST Preferred, FST Capital, FST Administration and FST Service Shares to compensate service organizations for providing varying levels of account administration and/or shareholder liaison services to their customers who are beneficial owners of such shares. The Plans provide for compensation to the service organizations equal to an annual percentage rate of the average daily net assets of the FST Select, FST Preferred, FST Capital, FST Administration and FST Service Shares.

D. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to a Transfer Agency Agreement. The fee charged for such transfer agency services is calculated daily and paid monthly equal to an annual percentage rate of each Fund’s average daily net assets.

E. Other Agreements — GSAM has voluntarily agreed to limit certain “Other Expenses” of the Funds (excluding management fees, transfer agent fees and expenses, FST Select fees, FST Preferred fees, FST Capital fees, FST Administration fees, FST Service fees, taxes, interest, brokerage fees and litigation, indemnification, shareholder meetings 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 each Fund’s average daily net assets. Such other expenses reimbursements, if any, are computed daily and paid monthly. This expense limitation may be modified or terminated at any time at the option of GSAM. Additionally, the Funds have entered into certain offset arrangements with the custodian resulting in a reduction in the Funds’ expenses.

F. Total Fund Expenses —

Fund Contractual Fees

The contractual annualized rates for each of the Funds are as follows:

	FST			FST Select			FST Preferred			FST Capital			FST Administration			FST Service
	Shares			Shares			Shares			Shares			Shares			Shares
Management Fee		0.205	%		0.205	%		0.205	%		0.205	%		0.205	%		0.205	%
Administration and/or Service Fees		N/A			0.03			0.10			0.15			0.25			0.50
Transfer Agency Fee		0.01			0.01			0.01			0.01			0.01			0.01

N/A — Reflects fees that are not applicable to respective share class.

Fund Effective Net Expenses (After waivers and reimbursements)

During the six months ended February 28, 2010, GSAM voluntarily agreed to waive a portion of its management fee attributable to each Fund. Additionally, Goldman Sachs, as Distributor and Transfer Agent, voluntarily agreed to waive all or a portion of its respective class-specific fees (consisting of Administration and/or Service Plan fees) and transfer agency fees attributable to certain Funds. These waivers may be modified or terminated at any time at the option of GSAM or Goldman Sachs. The following tables outline such fees (net of waivers) and Other Expenses (net of reimbursements and custodian fee

55

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

February 28, 2010 (Unaudited)

3. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

credit reductions) in order to determine each Fund’s net annualized expenses for the period. The Funds are not obligated to reimburse GSAM or Goldman Sachs for prior fiscal year fee waivers and/or expense reimbursements, if any.

	Ratio of net expenses to average net assets
	for the six months ended February 28, 2010*
				FST			FST			FST			FST			FST
	FST			Select			Preferred			Capital			Administration			Service
	Shares			Shares			Shares			Shares			Shares			Shares
Federal
Management Fee		0.18	%		0.18	%		0.18	%		0.18	%		0.18	%		0.18	%
Administration and/or Service Fees		N/A			0.02			0.05			0.05			0.05			0.05
Transfer Agency Fee		0.01			0.01			0.01			0.01			0.01			0.01
Other Expenses		0.01			0.01			0.01			0.01			0.01			0.01
Net Expenses		0.20	%		0.22	%		0.25	%		0.25	%		0.25	%		0.25	%
Government
Management Fee		0.16	%		0.16	%		0.16	%		0.16	%		0.16	%		0.16	%
Administration and/or Service Fees		N/A			0.03			0.07			0.08			0.08			0.08
Transfer Agency Fee		0.01			0.01			0.01			0.01			0.01			0.01
Other Expenses		0.01			0.01			0.01			0.01			0.01			0.01
Net Expenses		0.18	%		0.21	%		0.25	%		0.26	%		0.26	%		0.26	%
Money Market
Management Fee		0.16	%		0.16	%		0.16	%		0.16	%		0.16	%		0.16	%
Administration and/or Service Fees		N/A			0.03			0.08			0.09			0.10			0.10
Transfer Agency Fee		0.01			0.01			0.01			0.01			0.01			0.01
Other Expenses		0.01			0.01			0.01			0.01			0.01			0.01
Net Expenses		0.18	%		0.21	%		0.26	%		0.27	%		0.28	%		0.28	%
Prime Obligations
Management Fee		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%
Administration and/or Service Fees		N/A			0.03			0.08			0.09			0.10			0.10
Transfer Agency Fee		0.01			0.01			0.01			0.01			0.01			0.01
Other Expenses		0.01			0.01			0.01			0.01			0.01			0.01
Net Expenses		0.17	%		0.20	%		0.25	%		0.26	%		0.27	%		0.27	%
Tax-Free Money Market
Management Fee		0.16	%		0.16	%		0.16	%		0.16	%		0.16	%		0.16	%
Administration and/or Service Fees		N/A			0.03			0.09			0.12			0.12			0.13
Transfer Agency Fee		0.01			0.01			0.01			0.01			0.01			0.01
Other Expenses		0.01			0.01			0.01			0.01			0.01			0.01
Net Expenses		0.18	%		0.21	%		0.27	%		0.30	%		0.30	%		0.31	%
Treasury Instruments
Management Fee		0.11	%		0.11	%		0.11	%		0.11	%		0.11	%		0.11	%
Administration and/or Service Fees		N/A			0.00			0.00			0.00			0.00			0.00
Transfer Agency Fee		0.00			0.00			0.00			0.00			0.00			0.00
Other Expenses		0.01			0.01			0.01			0.01			0.01			0.01
Net Expenses		0.12	%		0.12	%		0.12	%		0.12	%		0.12	%		0.12	%

* Annualized

 56

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

3. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

	Ratio of net expenses to average net assets
	for the six months ended February 28, 2010*
				FST			FST			FST			FST			FST
	FST			Select			Preferred			Capital			Administration			Service
	Shares			Shares			Shares			Shares			Shares			Shares
Treasury Obligations
Management Fee		0.16	%		0.16	%		0.16	%		0.16	%		0.16	%		0.16	%
Administration and/or Service Fees		N/A			0.02			0.02			0.02			0.02			0.02
Transfer Agency Fee		0.01			0.01			0.01			0.01			0.01			0.01
Other Expenses		0.01			0.01			0.01			0.01			0.01			0.01
Net Expenses		0.18	%		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%

*  Annualized

For the six months ended February 28, 2010, expense reductions including fee waivers, other expenses reimbursement and fee credits, were as follows (in thousands):

	Management		Custody Fee			Transfer Agent			Service Plans		Other Expenses
	Fee Waiver		Reduction			Fee Waiver			Fee Waiver		Reimbursement		Total
Federal	$	2,515	$	7		$	118		$	2,745	$	—	$	5,385
Government		12,151		—	*		29			3,955		—		16,135
Money Market		4,955		—	*		—			1,925		—		6,880
Prime Obligations		7,947		—	*		—			4,947		—		12,894
Tax-Free Money Market		2,182		—			—	*		378		66		2,626
Treasury Instruments		9,692		3			807			2,382		—		12,884
Treasury Obligations		4,129		—	*		290			5,226		—		9,645

*  Amount is less than $500.

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GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

February 28, 2010 (Unaudited)

3. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

As of February 28, 2010, the amounts owed to affiliates of the Funds were as follows (in thousands):

	Management		Transfer Agent		Other Expenses Over
Fund	Fees		Fees		Reimbursement		Total
Federal	$	2,447	$	35	$	—	$	2,482
Government		5,498		315		—		5,813
Money Market		2,659		166		233		3,058
Prime Obligations		3,450		216		—		3,666
Tax-Free Money Market		1,208		75		10		1,293
Treasury Instruments		1,159		—		—		1,159
Treasury Obligations		2,522		68		—		2,590

G. Line of Credit Facility — The Funds participate in a $660,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and registered investment companies having management agreements with GSAM or affiliates. Pursuant to the terms of the facility, the Funds and other borrowers may increase the credit amount by an additional $340,000,000, for a total up to $1 billion. The facility is to be used solely for temporary or emergency purposes. The interest rate on borrowings is based on the federal funds rate. This 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 six months ended February 28, 2010, the Funds did not have any borrowings under the facility.

H. Other Transaction with Affiliate — On September 22, 2008, The Goldman Sachs Group Inc. made a voluntary and irrevocable capital infusion of $100,000,000 to the Prime Obligations Fund. This action was taken to ensure the Fund maintained the highest credit rating possible during a period in which the credit markets endured extremely volatile conditions.

4. FAIR VALUE OF INVESTMENTS

The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly;

Level 3 — Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

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GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

4. FAIR VALUE OF INVESTMENTS (continued)

The following is a summary of the Funds’ investments categorized in the fair value hierarchy, as of February 28, 2010:

Federal	Level 1		Level 2(a)		Level 3
Assets
U.S. Treasuries and/or Other U.S. Government Obligations and Agencies	$	4,960,642,474	$	12,192,594,627	$	—

Government	Level 1		Level 2(a)		Level 3
Assets
U.S. Treasuries and/or Other U.S. Government Obligations and Agencies	$	—	$	17,817,124,122	$	—
Corporate Obligations (including repurchase agreements)		—		22,591,400,000		—
Total	$	—	$	40,408,524,122	$	—

Money Market	Level 1		Level 2(a)		Level 3
Assets
U.S. Treasuries and/or Other U.S. Government Obligations and Agencies	$	124,842,935	$	4,184,589,161	$	—
Corporate Obligations (including repurchase agreements and time deposits)		—		17,293,215,310		—
Municipal Debt Obligations		—		125,285,000		—
Total	$	124,842,935	$	21,603,089,471	$	—

Prime Obligations	Level 1		Level 2(a)		Level 3
Assets
U.S. Treasuries and/or Other U.S. Government Obligations and Agencies	$	—	$	8,265,889,646	$	—
Corporate Obligations (including repurchase agreements)		—		18,403,974,098		—
Municipal Debt Obligations		—		860,680,000		—
Total	$	—	$	27,530,543,744	$	—

Tax-Free Money Market	Level 1		Level 2(a)		Level 3
Assets
Municipal Debt Obligations	$	—	$	9,581,808,090	$	—

Treasury Instruments	Level 1		Level 2(a)		Level 3
Assets
U.S. Treasury Obligations	$	20,460,351,988	$	—	$	—

Treasury Obligations	Level 1		Level 2(a)		Level 3
Assets
U.S. Treasury Obligations	$	3,193,393,730	$	—	$	—
Corporate Obligations (including repurchase agreements)		—		14,508,600,000		—
Total	$	3,193,393,730	$	14,508,600,000	$	—

(a)  The Funds utilize amortized cost, which approximates fair value, to value money market investments. This results in a Level 2 classification as amortized cost is considered a model-based price.

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GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

February 28, 2010 (Unaudited)

5. OTHER RISKS

A. Interest Rate Risk — In a declining interest rate environment, low yields on the Funds’ holdings may have an adverse impact on the Funds’ ability to provide a positive yield to its shareholders. As a result, GSAM and/or Goldman Sachs may voluntarily agree to waive certain fees (such as FST Select fees, FST Preferred fees, FST Capital fees, FST Administration fees, FST Service fees, transfer agency and management fees) which can fluctuate daily.

B. Market and Credit Risks — In the normal course of business, the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, the Funds may also be exposed to credit risk in the event that an issuer fails to perform or that an institution or entity with which the Funds have unsettled or open transaction defaults.

C. Portfolio Concentration Risk — The Tax-Free Money Market Fund has the ability to invest a large percentage of its assets in obligations of issuers within certain states, which makes it subject to possible concentration risks associated with economic, political or legal developments or industrial or regional matters specifically affecting such states.

6. INDEMNIFICATIONS

Under the Trust’s organizational documents, its trustees, officers, employees and agents are indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

7. OTHER MATTERS

A. Temporary Guarantee Program — On October 3, 2008, the trustees of the Funds approved participation in the U.S. Treasury Department’s (the “Treasury”) Temporary Guarantee Program (the “Program”) for the Funds and other Goldman Sachs registered money market funds. Each of these Funds paid the Treasury a fee based on the number of shares outstanding as of September 19, 2008 to participate in the Program for the initial 3-month term that expired on December 18, 2008. On December 3, 2008, the trustees approved participation in the extension of the program through April 30, 2009, on behalf of the Federal, Government, Money Market, Prime Obligations and Tax-Free Money Market Funds. Subsequently, on April 9, 2009, the trustees approved further participation in the Program through September 18, 2009 on behalf of the Money Market, Prime Obligations and Tax-Free Money Market Funds. With each extension of the Program, the participating Funds paid the Treasury an additional fee based on the number of shares outstanding as of September 19, 2008.

Pursuant to its terms, the Program terminated on September 18, 2009, and therefore the guarantee of a $1.00 NAV price per share provided by the Program is no longer in effect for any of the Funds or any other money market fund. Under the Program, if a participating Fund’s market-based net asset value per share had dropped below $0.995 on any day while the Program was in effect, shareholders of record on that date who also held shares in the participating Fund on September 19, 2008 may have been eligible to receive a payment from the Treasury upon liquidation of that Fund. The fees were amortized over the length of the participation in the Program. The expense was borne by the participating Funds without regard to any expense limitation in effect for those Funds.

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

 60

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

8. SUBSEQUENT EVENT

Subsequent events after the balance sheet date have been evaluated through the date the financial statements were issued. Other than the item discussed below, GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

Legal Proceedings — On April 16, 2010, the Securities and Exchange Commission (“SEC”) brought an action under the U.S. federal securities laws in the U.S. District Court for the Southern District of New York against Goldman, Sachs & Co. (“GS&Co.”) and one of its employees alleging that they made materially misleading statements and omissions in connection with a 2007 private placement of securities relating to a synthetic collateralized debt obligation sold to two institutional investors. GS&Co. and/or other affiliates of The Goldman Sachs Group, Inc. have received or may in the future receive notices and requests for information from various regulators, and have become or may in the future become involved in legal proceedings, based on allegations similar to those made by the SEC or other matters.

Neither Goldman Sachs Asset Management, L.P. or Goldman Sachs Asset Management International (collectively “GSAM”) nor any GSAM-managed funds have been named in the complaint. Moreover, the SEC complaint does not seek any penalties against them or against any employee who is or has been part of GSAM.

In the view of GS&Co. and GSAM, neither the matters alleged in this or any such similar proceedings nor their eventual resolution are likely to have a material effect on the ability of GS&Co., GSAM or their affiliates to provide services to GSAM-managed funds. Due to a provision in the law governing the operation of mutual funds, the resolution of the SEC action could, under certain circumstances, result in a situation in which GS&Co., GSAM and their affiliates would be ineligible to serve as an investment adviser or principal underwriter for U.S.-registered mutual funds absent an exemption from the SEC. While there is no assurance that such an exemption would be granted, the SEC has granted this type of relief in the past.

61

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

February 28, 2010 (Unaudited)

9. SUMMARY OF SHARE TRANSACTIONS (AT $1.00 PER SHARE)

Share activity is as follows:

	Federal Fund
	For the
	Six Months Ended			For the Period			For the Fiscal
	February 28, 2010			January 1, 2009			Year Ended
	(Unaudited)			to August 31, 2009*			December 31, 2008
FST Shares
Shares sold		32,326,199,506			60,949,178,413			95,446,773,943
Reinvestment of distributions		3,763,355			48,340,006			390,296,824
Shares redeemed		(37,178,560,087	)		(72,113,419,286	)		(79,726,945,092	)
		(4,848,597,226	)		(11,115,900,867	)		16,110,125,675
FST Select Shares
Shares sold		85,960,928			408,461,186			359,442,777
Reinvestment of distributions		36,231			113,297			47,302
Shares redeemed		(234,447,390	)		(241,987,360	)		(269,630,420	)
		(148,450,231	)		166,587,123			89,859,659
FST Preferred Shares
Shares sold		693,758,626			1,828,812,056			2,735,581,299
Reinvestment of distributions		20,512			548,287			6,945,566
Shares redeemed		(893,339,723	)		(1,808,839,758	)		(2,566,415,890	)
		(199,560,585	)		20,520,585			176,110,975
FST Capital Shares
Shares sold		323,403,250			358,946,681			254,718,165
Reinvestment of distributions		2,471			44,454			375,281
Shares redeemed		(364,520,815	)		(237,658,210	)		(226,655,921	)
		(41,115,094	)		121,332,925			28,437,525
FST Administration Shares
Shares sold		1,406,243,332			2,702,076,673			7,897,386,576
Reinvestment of distributions		19,197			481,271			9,597,516
Shares redeemed		(1,651,088,516	)		(3,275,384,328	)		(7,022,983,161	)
		(244,825,987	)		(572,826,384	)		884,000,931
FST Service Shares
Shares sold		2,290,706,001			5,331,458,209			9,892,830,324
Reinvestment of distributions		22,257			120,927			11,326,779
Shares redeemed		(2,434,385,481	)		(5,776,190,572	)		(9,518,423,956	)
		(143,657,223	)		(444,611,436	)		385,733,147
NET INCREASE (DECREASE) IN SHARES		(5,626,206,346	)		(11,824,898,054	)		17,674,267,912

* The Funds changed their fiscal year end from December 31 to August 31.

 62

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

9. SUMMARY OF SHARE TRANSACTIONS (AT $1.00 PER SHARE) (continued)

Government Fund									Money Market Fund
For the									For the
Six Months Ended			For the Period			For the Fiscal			Six Months Ended			For the Period			For the Fiscal
February 28, 2010			January 1, 2009			Year Ended			February 28, 2010			January 1, 2009			Year Ended
(Unaudited)			to August 31, 2009*			December 31, 2008			(Unaudited)			to August 31, 2009*			December 31, 2008
	141,230,911,431			224,021,991,701			182,355,935,294			50,485,095,944			99,436,717,861			151,001,014,449
	8,354,242			90,898,407			250,189,316			7,816,293			57,011,837			337,197,673
	(159,117,577,439	)		(221,045,603,419	)		(143,726,486,878	)		(52,511,954,827	)		(95,956,541,304	)		(154,998,013,750	)
	(17,878,311,766	)		3,067,286,689			38,879,637,732			(2,019,042,590	)		3,537,188,394			(3,659,801,628	)
	1,329,782,376			3,363,787,237			5,895,762,249			190,033,540			71,979,946			349,544,061
	631,320			4,228,623			20,730,074			17,565			146,430			2,484,208
	(1,397,932,759	)		(2,371,884,896	)		(5,132,821,699	)		(201,651,876	)		(83,436,664	)		(380,774,930	)
	(67,519,063	)		996,130,964			783,670,624			(11,600,771	)		(11,310,288	)		(28,746,661	)
	2,225,331,197			2,710,161,982			4,405,165,458			191,218,422			423,598,980			1,188,890,576
	48,736			952,474			7,679,689			11,605			286,650			3,555,441
	(2,396,664,244	)		(2,860,036,835	)		(4,057,557,776	)		(236,663,718	)		(424,060,161	)		(1,266,239,330	)
	(171,284,311	)		(148,922,379	)		355,287,371			(45,433,691	)		(174,531	)		(73,793,313	)
	5,922,907,937			7,759,681,275			11,701,527,932			256,028,855			373,583,446			263,275,228
	41,052			1,832,756			6,731,377			4,913			158,942			1,010,441
	(6,211,914,845	)		(7,994,944,062	)		(10,807,155,964	)		(257,940,885	)		(347,850,691	)		(268,195,734	)
	(288,965,856	)		(233,430,031	)		901,103,345			(1,907,117	)		25,891,697			(3,910,065	)
	4,793,258,940			7,974,257,545			12,397,209,009			1,374,910,668			3,241,857,122			5,354,580,747
	16,985			697,386			8,924,028			39,520			1,452,169			14,568,311
	(5,435,898,822	)		(8,752,931,106	)		(10,297,995,836	)		(1,449,615,681	)		(2,513,002,932	)		(5,859,482,127	)
	(642,622,897	)		(777,976,175	)		2,108,137,201			(74,665,493	)		730,306,359			(490,333,069	)
	1,436,863,558			1,965,129,286			3,360,262,990			387,591,639			1,940,485,449			2,056,079,035
	15,544			220,867			4,229,240			18,831			376,641			8,608,959
	(1,402,440,253	)		(2,136,252,562	)		(3,095,216,571	)		(544,454,223	)		(2,028,120,984	)		(2,153,176,787	)
	34,438,849			(170,902,409	)		269,275,659			(156,843,753	)		(87,258,894	)		(88,488,793	)
	(19,014,265,044	)		2,732,186,659			43,297,111,932			(2,309,493,415	)		4,194,642,737			(4,345,073,529	)

63

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

February 28, 2010 (Unaudited)

9. SUMMARY OF SHARE TRANSACTIONS (AT $1.00 PER SHARE) (continued)

Share activity is as follows:

	Prime Obligations Fund
	For the
	Six Months Ended			For the Period			For the Fiscal
	February 28, 2010			January 1, 2009 to			Year Ended
	(Unaudited)			August 31, 2009*			December 31, 2008
FST Shares
Shares sold		62,596,859,484			125,864,446,108			290,149,281,542
Reinvestment of distributions		5,476,518			33,448,137			362,970,659
Shares redeemed		(71,835,471,836	)		(120,367,566,920	)		(301,510,689,365	)
		(9,233,135,834	)		5,530,327,325			(10,998,437,164	)
FST Select Shares
Shares sold		341,593,758			324,404,380			2,221,385,557
Reinvestment of distributions		52,862			229,737			7,447,772
Shares redeemed		(363,478,990	)		(321,222,660	)		(2,400,147,966	)
		(21,832,370	)		3,411,457			(171,314,637	)
FST Preferred Shares
Shares sold		4,300,271,306			9,327,080,055			18,398,316,025
Reinvestment of distributions		127,852			2,069,574			28,342,874
Shares redeemed		(4,543,328,907	)		(9,488,719,280	)		(18,195,577,799	)
		(242,929,749	)		(159,569,651	)		231,081,100
FST Capital Shares
Shares sold		3,017,326,262			3,901,021,645			10,756,157,422
Reinvestment of distributions		17,910			606,233			6,791,256
Shares redeemed		(3,016,097,141	)		(4,110,975,961	)		(10,772,852,804	)
		1,247,031			(209,348,083	)		(9,904,126	)
FST Administration Shares
Shares sold		7,377,219,391			9,009,126,388			20,007,946,428
Reinvestment of distributions		52,066			1,269,911			17,263,204
Shares redeemed		(7,904,602,580	)		(9,085,264,475	)		(21,829,342,267	)
		(527,331,123	)		(74,868,176	)		(1,804,132,635	)
FST Service Shares
Shares sold		3,070,306,659			4,752,270,335			11,760,035,890
Reinvestment of distributions		42,221			411,466			18,398,641
Shares redeemed		(3,121,472,446	)		(5,278,136,573	)		(12,476,719,409	)
		(51,123,566	)		(525,454,772	)		(698,284,878	)
NET INCREASE (DECREASE) IN SHARES		(10,075,105,611	)		4,564,498,100			(13,450,992,340	)

* The Funds changed their fiscal year end from December 31 to August 31.

 64

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

9. SUMMARY OF SHARE TRANSACTIONS (AT $1.00 PER SHARE) (continued)

Share activity is as follows:

	Tax-Free Money Market Fund
	For the
	Six Months Ended			For the Period			For the Fiscal
	February 28, 2010			January 1, 2009 to			Year Ended
	(Unaudited)			August 31, 2009*			December 31, 2008
FST Shares
Shares sold		12,998,807,580			17,508,072,733			47,956,643,891
Reinvestment of distributions		5,510,121			18,670,076			147,513,567
Shares redeemed		(13,540,274,491	)		(17,768,813,213	)		(47,515,484,612	)
		(535,956,790	)		(242,070,404	)		588,672,846
FST Select Shares
Shares sold		19,272,532			136,269,921			194,930,312
Reinvestment of distributions		51,343			137,189			890,047
Shares redeemed		(28,542,999	)		(91,453,314	)		(226,502,211	)
		(9,219,124	)		44,953,796			(30,681,852	)
FST Preferred Shares
Shares sold		36,234,017			56,931,087			823,180,411
Reinvestment of distributions		8,889			42,219			884,714
Shares redeemed		(38,930,246	)		(93,966,195	)		(962,375,042	)
		(2,687,340	)		(36,992,889	)		(138,309,917	)
FST Capital Shares
Shares sold		121,750,891			127,256,334			1,247,652,479
Reinvestment of distributions		1,177			10,569			320,908
Shares redeemed		(140,496,891	)		(258,588,498	)		(1,271,632,304	)
		(18,744,823	)		(131,321,595	)		(23,658,917	)
FST Administration Shares
Shares sold		862,627,462			1,070,926,199			2,143,085,486
Reinvestment of distributions		12,238			80,909			1,933,386
Shares redeemed		(723,019,354	)		(1,125,262,086	)		(2,540,229,124	)
		139,620,346			(54,254,978	)		(395,210,252	)
FST Service Shares
Shares sold		212,635,438			408,475,017			1,116,845,752
Reinvestment of distributions		4,596			5,877			1,021,154
Shares redeemed		(219,713,925	)		(617,340,292	)		(1,169,788,737	)
		(7,073,891	)		(208,859,398	)		(51,921,831	)
NET DECREASE IN SHARES		(434,061,622	)		(628,545,468	)		(51,109,923	)

65

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

February 28, 2010 (Unaudited)

9. SUMMARY OF SHARE TRANSACTIONS (AT $1.00 PER SHARE) (continued)

Share activity is as follows:

	Treasury Instruments Fund
	For the
	Six Months Ended			For the Period			For the Fiscal
	February 28, 2010			January 1, 2009 to			Year Ended
	(Unaudited)			August 31, 2009*			December 31, 2008
FST Shares
Shares sold		29,426,165,338			30,100,521,981			107,607,236,523
Reinvestment of distributions		1,056,989			19,342,879			179,971,525
Shares redeemed		(28,795,735,834	)		(44,308,135,666	)		(84,488,433,638	)
		631,486,493			(14,188,270,806	)		23,298,774,410
FST Select Shares
Shares sold		717,574,807			695,313,159			497,125,598
Reinvestment of distributions		11,874			124,642			766,531
Shares redeemed		(696,012,116	)		(657,254,013	)		(392,047,388	)
		21,574,565			38,183,788			105,844,741
FST Preferred Shares
Shares sold		1,147,616,269			1,130,635,662			3,387,898,318
Reinvestment of distributions		14,093			153,059			3,613,043
Shares redeemed		(1,118,680,508	)		(1,166,139,606	)		(3,254,368,207	)
		28,949,854			(35,350,885	)		137,143,154
FST Capital Shares
Shares sold		398,681,130			173,063,976			1,034,685,307
Reinvestment of distributions		3,666			29,842			941,011
Shares redeemed		(210,512,934	)		(280,973,442	)		(882,872,709	)
		188,171,862			(107,879,624	)		152,753,609
FST Administration Shares
Shares sold		1,510,553,306			1,240,366,557			20,202,207,926
Reinvestment of distributions		27,956			181,382			15,549,178
Shares redeemed		(1,776,395,970	)		(2,846,913,876	)		(18,687,527,434	)
		(265,814,708	)		(1,606,365,937	)		1,530,229,670
FST Service Shares
Shares sold		521,594,171			405,713,353			4,210,042,437
Reinvestment of distributions		7,505			25,781			5,426,199
Shares redeemed		(492,245,958	)		(783,058,851	)		(4,261,766,783	)
		29,355,718			(377,319,717	)		(46,298,147	)
NET INCREASE (DECREASE) IN SHARES		633,723,784			(16,277,003,181	)		25,178,447,437

 66

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

9. SUMMARY OF SHARE TRANSACTIONS (AT $1.00 PER SHARE) (continued)

Share activity is as follows:

	Treasury Obligations Fund
	For the
	Six Months Ended			For the Period			For the Fiscal
	February 28, 2010			January 1, 2009 to			Year Ended
	(Unaudited)			August 31, 2009*			December 31, 2008
FST Shares
Shares sold		40,041,567,141			67,460,822,354			86,026,192,902
Reinvestment of distributions		1,375,814			9,811,836			126,955,170
Shares redeemed		(43,303,043,422	)		(62,540,627,887	)		(85,796,774,424	)
		(3,260,100,467	)		4,930,006,303			356,373,648
FST Select Shares
Shares sold		334,932,358			885,487,711			392,524,307
Reinvestment of distributions		77,558			155,656			80,822
Shares redeemed		(458,193,829	)		(248,701,784	)		(359,709,857	)
		(123,183,913	)		636,941,583			32,895,272
FST Preferred Shares
Shares sold		967,525,147			1,065,224,770			602,927,104
Reinvestment of distributions		32,313			174,644			1,783,834
Shares redeemed		(909,532,190	)		(1,007,316,611	)		(1,004,702,743	)
		58,025,270			58,082,803			(399,991,805	)
FST Capital Shares
Shares sold		364,238,005			622,165,585			623,050,585
Reinvestment of distributions		12,232			56,702			2,085,373
Shares redeemed		(344,065,413	)		(652,325,096	)		(583,383,040	)
		20,184,824			(30,102,809	)		41,752,918
FST Administration Shares
Shares sold		11,673,233,336			22,157,569,902			15,636,676,978
Reinvestment of distributions		53,801			76,169			4,153,721
Shares redeemed		(11,998,847,444	)		(21,956,717,502	)		(16,432,817,709	)
		(325,560,307	)		200,928,569			(791,987,010	)
FST Service Shares
Shares sold		2,063,296,979			3,337,910,933			6,847,973,129
Reinvestment of distributions		76,045			64,096			12,853,684
Shares redeemed		(2,232,216,383	)		(3,636,942,121	)		(7,340,252,314	)
		(168,843,359	)		(298,967,092	)		(479,425,501	)
NET INCREASE (DECREASE) IN SHARES		(3,799,477,952	)		5,496,889,357			(1,240,382,478	)

* The Funds changed their fiscal year end from December 31 to August 31.

67

FINANCIAL SQUARE FEDERAL FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

				Income (loss) from							Distributions
				investment operations							to shareholders
		Net asset
		value,		Net					Total from		From net			From net
		beginning		investment			Net realized		investment		investment			realized			Total
	Year - Share Class	of period		income (loss)			gains		operations		income			gains			distributions
FOR THE SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED)
	2010 - FST Shares	$	1.00	$	0.0002		$	0.0001	$	0.0003	$	(0.0002	)	$	(0.0001	)	$	(0.0003	)
	2010 - FST Select Shares		1.00		0.0001			0.0001		0.0002		(0.0001	)		(0.0001	)		(0.0002	)
	2010 - FST Preferred Shares		1.00		(0.0001	)		0.0002		0.0001		—			(0.0001	)		(0.0001	)
	2010 - FST Capital Shares		1.00		(0.0001	)		0.0002		0.0001		—			(0.0001	)		(0.0001	)
	2010 - FST Administration Shares		1.00		(0.0001	)		0.0002		0.0001		—			(0.0001	)		(0.0001	)
	2010 - FST Service Shares		1.00		(0.0001	)		0.0002		0.0001		—			(0.0001	)		(0.0001	)
FOR THE PERIOD JANUARY 1 TO AUGUST 31*,
	2009 - FST Shares		1.00		0.0022	(c)		—		—		(0.0022	)(c)		—			—
	2009 - FST Select Shares		1.00		0.0020	(c)		—		—		(0.0020	)(c)		—			—
	2009 - FST Preferred Shares		1.00		0.0015	(c)		—		—		(0.0015	)(c)		—			—
	2009 - FST Capital Shares		1.00		0.0012	(c)		—		—		(0.0012	)(c)		—			—
	2009 - FST Administration Shares		1.00		0.0008	(c)		—		—		(0.0008	)(c)		—			—
	2009 - FST Service Shares		1.00		0.0002	(c)		—		—		(0.0002	)(c)		—			—
FOR THE FISCAL YEARS ENDED DECEMBER 31,
	2008 - FST Shares		1.00		0.025	(c)		—		—		(0.025	)(c)		—			—
	2008 - FST Select Shares		1.00		0.024	(c)		—		—		(0.024	)(c)		—			—
	2008 - FST Preferred Shares		1.00		0.024	(c)		—		—		(0.024	)(c)		—			—
	2008 - FST Capital Shares		1.00		0.023	(c)		—		—		(0.023	)(c)		—			—
	2008 - FST Administration Shares		1.00		0.022	(c)		—		—		(0.022	)(c)		—			—
	2008 - FST Service Shares		1.00		0.020	(c)		—		—		(0.020	)(c)		—			—
	2007 - FST Shares		1.00		0.050			—		—		(0.050	)		—			—
	2007 - FST Select Shares		1.00		0.049			—		—		(0.049	)		—			—
	2007 - FST Preferred Shares		1.00		0.049			—		—		(0.049	)		—			—
	2007 - FST Capital Shares		1.00		0.048			—		—		(0.048	)		—			—
	2007 - FST Administration Shares		1.00		0.047			—		—		(0.047	)		—			—
	2007 - FST Service Shares		1.00		0.045			—		—		(0.045	)		—			—
	2006 - FST Shares		1.00		0.048			—		—		(0.048	)		—			—
	2006 - FST Select Shares		1.00		0.047			—		—		(0.047	)		—			—
	2006 - FST Preferred Shares		1.00		0.047			—		—		(0.047	)		—			—
	2006 - FST Capital Shares		1.00		0.046			—		—		(0.046	)		—			—
	2006 - FST Administration Shares		1.00		0.045			—		—		(0.045	)		—			—
	2006 - FST Service Shares		1.00		0.043			—		—		(0.043	)		—			—
	2005 - FST Shares		1.00		0.030			—		—		(0.030	)		—			—
	2005 - FST Select Shares		1.00		0.030			—		—		(0.030	)		—			—
	2005 - FST Preferred Shares		1.00		0.029			—		—		(0.029	)		—			—
	2005 - FST Capital Shares		1.00		0.029			—		—		(0.029	)		—			—
	2005 - FST Administration Shares		1.00		0.028			—		—		(0.028	)		—			—
	2005 - FST Service Shares		1.00		0.025			—		—		(0.025	)		—			—

*	The Fund changed its fiscal year end from December 31 to August 31.
(a)	Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.
(b)	Annualized.
(c)	Net investment income and distributions from net investment income contain $0.0002 and $(0.0002), and 0.0003 and $(0.0003), of net realized gains and distributions from net realized gains for the period ended August 31, 2009 and the fiscal year ended December 31, 2008, respectively.
(d)	Amount is less than 0.005% of average net assets.

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

 68

FINANCIAL SQUARE FEDERAL FUND

													Ratio of net
Net asset					Net assets,		Ratio of net			Ratio of total			investment
value,					end		expenses to			expenses to			income (loss) to
end		Total			of period		average net			average net			average net
of period		return(a)			(in 000’s)		assets			assets			assets
$	1.00		0.03	%	$	15,220,318		0.20	%(b)		0.23	%(b)		0.03	%(b)
	1.00		0.02			108,000		0.22	(b)		0.26	(b)		0.02	(b)
	1.00		0.01			312,327		0.25	(b)		0.33	(b)		(0.01	)(b)
	1.00		0.01			116,599		0.25	(b)		0.38	(b)		(0.01	)(b)
	1.00		0.01			652,754		0.25	(b)		0.48	(b)		(0.01	)(b)
	1.00		0.01			743,673		0.25	(b)		0.73	(b)		(0.01	)(b)
	1.00		0.22			20,069,801		0.21	(b)		0.24	(b)		0.32	(b)
	1.00		0.20			256,463		0.24	(b)		0.27	(b)		0.24	(b)
	1.00		0.15			511,911		0.31	(b)		0.34	(b)		0.19	(b)
	1.00		0.12			157,721		0.36	(b)		0.39	(b)		0.09	(b)
	1.00		0.07			897,620		0.44	(b)		0.49	(b)		0.10	(b)
	1.00		0.02			887,368		0.53	(b)		0.74	(b)		—	(b)(d)
	1.00		2.48			31,185,150		0.21			0.24			2.34
	1.00		2.45			89,863		0.24			0.27			2.29
	1.00		2.38			491,371		0.31			0.34			2.32
	1.00		2.33			36,379		0.36			0.39			1.99
	1.00		2.22			1,470,423		0.46			0.49			2.01
	1.00		1.97			1,331,954		0.71			0.74			1.88
	1.00		5.07			15,074,711		0.20			0.23			4.92
	1.00		5.04			1		0.23			0.26			4.91
	1.00		4.97			315,256		0.30			0.33			4.80
	1.00		4.91			7,941		0.35			0.38			4.77
	1.00		4.81			586,405		0.45			0.48			4.71
	1.00		4.55			946,214		0.70			0.73			4.42
	1.00		4.87			8,565,756		0.20			0.23			4.77
	1.00		4.84			1		0.23			0.26			4.60
	1.00		4.77			132,530		0.30			0.33			4.66
	1.00		4.72			3,613		0.35			0.38			4.62
	1.00		4.61			754,867		0.45			0.48			4.54
	1.00		4.35			778,820		0.70			0.73			4.27
	1.00		3.03			7,555,583		0.20			0.22			3.02
	1.00		3.00			3		0.21			0.23			2.99
	1.00		2.93			142,604		0.30			0.32			3.15
	1.00		2.88			3,772		0.35			0.37			2.84
	1.00		2.78			696,899		0.45			0.47			2.78
	1.00		2.52			608,554		0.70			0.72			2.56

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

69

FINANCIAL SQUARE GOVERNMENT FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

				Income (loss) from							Distributions
				investment operations							to shareholders
		Net asset
		value,		Net					Total from		From net			From net
		beginning		investment			Net realized		investment		investment			realized			Total
	Year - Share Class	of period		income (loss)			gains		operations		income			gains			distributions
FOR THE SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED)
	2010 - FST Shares	$	1.00	$	0.0002		$	0.0002	$	0.0004	$	(0.0003	)	$	(0.0001	)	$	(0.0004	)
	2010 - FST Select Shares		1.00		0.0001			0.0002		0.0003		(0.0002	)		(0.0001	)		(0.0003	)
	2010 - FST Preferred Shares		1.00		(0.0001	)		0.0002		0.0001		—			(0.0001	)		(0.0001	)
	2010 - FST Capital Shares		1.00		(0.0001	)		0.0002		0.0001		—			(0.0001	)		(0.0001	)
	2010 - FST Administration Shares		1.00		(0.0002	)		0.0003		0.0001		—			(0.0001	)		(0.0001	)
	2010 - FST Service Shares		1.00		(0.0002	)		0.0003		0.0001		—			(0.0001	)		(0.0001	)
FOR THE PERIOD JANUARY 1 TO AUGUST 31*,
	2009 - FST Shares		1.00		0.0029	(c)		—		—		(0.0029	)(c)		—			—
	2009 - FST Select Shares		1.00		0.0027	(c)		—		—		(0.0027	)(c)		—			—
	2009 - FST Preferred Shares		1.00		0.0022	(c)		—		—		(0.0022	)(c)		—			—
	2009 - FST Capital Shares		1.00		0.0019	(c)		—		—		(0.0019	)(c)		—			—
	2009 - FST Administration Shares		1.00		0.0013	(c)		—		—		(0.0013	)(c)		—			—
	2009 - FST Service Shares		1.00		0.0005	(c)		—		—		(0.0005	)(c)		—			—
FOR THE FISCAL YEARS ENDED DECEMBER 31,
	2008 - FST Shares		1.00		0.025	(c)		—		—		(0.025	)(c)		—			—
	2008 - FST Select Shares		1.00		0.025	(c)		—		—		(0.025	)(c)		—			—
	2008 - FST Preferred Shares		1.00		0.024	(c)		—		—		(0.024	)(c)		—			—
	2008 - FST Capital Shares		1.00		0.023	(c)		—		—		(0.023	)(c)		—			—
	2008 - FST Administration Shares		1.00		0.022	(c)		—		—		(0.022	)(c)		—			—
	2008 - FST Service Shares		1.00		0.020	(c)		—		—		(0.020	)(c)		—			—
	2007 - FST Shares		1.00		0.050			—		—		(0.050	)		—			—
	2007 - FST Select Shares		1.00		0.050			—		—		(0.050	)		—			—
	2007 - FST Preferred Shares		1.00		0.049			—		—		(0.049	)		—			—
	2007 - FST Capital Shares		1.00		0.049			—		—		(0.049	)		—			—
	2007 - FST Administration Shares		1.00		0.047			—		—		(0.047	)		—			—
	2007 - FST Service Shares		1.00		0.045			—		—		(0.045	)		—			—
	2006 - FST Shares		1.00		0.049			—		—		(0.049	)		—			—
	2006 - FST Select Shares		1.00		0.048			—		—		(0.048	)		—			—
	2006 - FST Preferred Shares		1.00		0.047			—		—		(0.047	)		—			—
	2006 - FST Capital Shares		1.00		0.047			—		—		(0.047	)		—			—
	2006 - FST Administration Shares		1.00		0.046			—		—		(0.046	)		—			—
	2006 - FST Service Shares		1.00		0.043			—		—		(0.043	)		—			—
	2005 - FST Shares		1.00		0.031			—		—		(0.031	)		—			—
	2005 - FST Select Shares		1.00		0.030			—		—		(0.030	)		—			—
	2005 - FST Preferred Shares		1.00		0.030			—		—		(0.030	)		—			—
	2005 - FST Capital Shares		1.00		0.029			—		—		(0.029	)		—			—
	2005 - FST Administration Shares		1.00		0.028			—		—		(0.028	)		—			—
	2005 - FST Service Shares		1.00		0.026			—		—		(0.026	)		—			—

*	The Fund changed its fiscal year end from December 31 to August 31.
(a)	Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.
(b)	Annualized.
(c)	Net investment income and distributions from net investment income contain $0.0005 and $(0.0005), and $0.001 and $(0.001) of net realized gains and distributions from net realized gains for the period ended August 31, 2009 and the fiscal year ended December 31, 2008, respectively.

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

 70

FINANCIAL SQUARE GOVERNMENT FUND

													Ratio of net
Net asset					Net assets,		Ratio of net			Ratio of total			investment
value,					end		expenses to			expenses to			income (loss) to
end		Total			of period		average net			average net			average net
of period		return(a)			(in 000’s)		assets			assets			assets
$	1.00		0.04	%	$	34,013,498		0.18	%(b)		0.23	%(b)		0.05	%(b)
	1.00		0.03			2,150,601		0.21	(b)		0.26	(b)		0.02	(b)
	1.00		0.01			701,878		0.25	(b)		0.33	(b)		(0.02	)(b)
	1.00		0.01			733,413		0.26	(b)		0.38	(b)		(0.03	)(b)
	1.00		0.01			2,574,438		0.26	(b)		0.48	(b)		(0.03	)(b)
	1.00		0.01			539,960		0.26	(b)		0.73	(b)		(0.03	)(b)
	1.00		0.29			51,896,720		0.19	(b)		0.24	(b)		0.35	(b)
	1.00		0.27			2,218,312		0.22	(b)		0.27	(b)		0.30	(b)
	1.00		0.22			873,242		0.29	(b)		0.34	(b)		0.26	(b)
	1.00		0.19			1,022,472		0.34	(b)		0.39	(b)		0.23	(b)
	1.00		0.13			3,217,353		0.43	(b)		0.49	(b)		0.13	(b)
	1.00		0.05			505,564		0.58	(b)		0.74	(b)		(0.01	)(b)
	1.00		2.51			48,835,964		0.19			0.24			2.17
	1.00		2.48			1,222,242		0.22			0.27			2.24
	1.00		2.41			1,022,324		0.29			0.34			2.28
	1.00		2.36			1,256,106		0.34			0.39			2.15
	1.00		2.25			3,995,979		0.44			0.49			2.06
	1.00		2.00			676,581		0.69			0.74			1.85
	1.00		5.13			9,944,020		0.18			0.24			4.88
	1.00		5.10			438,264		0.21			0.27			4.79
	1.00		5.03			666,779		0.28			0.34			4.87
	1.00		4.97			354,687		0.33			0.39			4.69
	1.00		4.87			1,886,834		0.43			0.49			4.72
	1.00		4.61			407,134		0.68			0.74			4.52
	1.00		4.95			3,117,679		0.18			0.24			4.89
	1.00		4.92			82,500		0.21			0.27			4.83
	1.00		4.85			384,397		0.28			0.34			4.74
	1.00		4.80			153,254		0.33			0.39			4.71
	1.00		4.69			1,150,955		0.43			0.49			4.60
	1.00		4.43			374,543		0.68			0.74			4.38
	1.00		3.10			2,715,310		0.18			0.23			3.07
	1.00		3.07			75,772		0.21			0.26			2.87
	1.00		3.00			406,025		0.28			0.33			2.91
	1.00		2.95			113,461		0.33			0.38			2.99
	1.00		2.85			1,163,046		0.43			0.48			2.86
	1.00		2.59			293,121		0.68			0.73			2.58

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

71

FINANCIAL SQUARE MONEY MARKET FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

				Income (loss) from							Distributions
				investment operations							to shareholders
		Net asset
		value,		Net					Total from		From net			From net
		beginning		investment			Net realized		investment		investment			realized			Total
	Year - Share Class	of period		income (loss)			gains		operations		income			gains			distributions
FOR THE SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED)
	2010 - FST Shares	$	1.00	$	0.0004		$	0.0001	$	0.0005	$	(0.0004	)	$	(0.0001	)	$	(0.0005	)
	2010 - FST Select Shares		1.00		0.0003			0.0001		0.0004		(0.0003	)		(0.0001	)		(0.0004	)
	2010 - FST Preferred Shares		1.00		(0.0001	)		0.0002		0.0001		—			(0.0001	)		(0.0001	)
	2010 - FST Capital Shares		1.00		(0.0001	)		0.0002		0.0001		—			(0.0001	)		(0.0001	)
	2010 - FST Administration Shares		1.00		(0.0001	)		0.0002		0.0001		—			(0.0001	)		(0.0001	)
	2010 - FST Service Shares		1.00		(0.0001	)		0.0002		0.0001		—			(0.0001	)		(0.0001	)
FOR THE PERIOD JANUARY 1 TO AUGUST 31*,
	2009 - FST Shares		1.00		0.0038	(d)		—		—		(0.0038	)(d)		—			—
	2009 - FST Select Shares		1.00		0.0036	(d)		—		—		(0.0036	)(d)		—			—
	2009 - FST Preferred Shares		1.00		0.0032	(d)		—		—		(0.0032	)(d)		—			—
	2009 - FST Capital Shares		1.00		0.0028	(d)		—		—		(0.0028	)(d)		—			—
	2009 - FST Administration Shares		1.00		0.0022	(d)		—		—		(0.0022	)(d)		—			—
	2009 - FST Service Shares		1.00		0.0011	(d)		—		—		(0.0011	)(d)		—			—
FOR THE FISCAL YEARS ENDED DECEMBER 31,
	2008 - FST Shares		1.00		0.027			—		—		(0.027	)		—			—
	2008 - FST Select Shares		1.00		0.026			—		—		(0.026	)		—			—
	2008 - FST Preferred Shares		1.00		0.026			—		—		(0.026	)		—			—
	2008 - FST Capital Shares		1.00		0.025			—		—		(0.025	)		—			—
	2008 - FST Administration Shares		1.00		0.024			—		—		(0.024	)		—			—
	2008 - FST Service Shares		1.00		0.022			—		—		(0.022	)		—			—
	2007 - FST Shares		1.00		0.051			—		—		(0.051	)		—			—
	2007 - FST Select Shares		1.00		0.051			—		—		(0.051	)		—			—
	2007 - FST Preferred Shares		1.00		0.050			—		—		(0.050	)		—			—
	2007 - FST Capital Shares		1.00		0.050			—		—		(0.050	)		—			—
	2007 - FST Administration Shares		1.00		0.049			—		—		(0.049	)		—			—
	2007 - FST Service Shares		1.00		0.046			—		—		(0.046	)		—			—
	2006 - FST Shares		1.00		0.049			—		—		(0.049	)		—			—
	2006 - FST Select Shares		1.00		0.049			—		—		(0.049	)		—			—
	2006 - FST Preferred Shares		1.00		0.048			—		—		(0.048	)		—			—
	2006 - FST Capital Shares		1.00		0.047			—		—		(0.047	)		—			—
	2006 - FST Administration Shares		1.00		0.046			—		—		(0.046	)		—			—
	2006 - FST Service Shares		1.00		0.044			—		—		(0.044	)		—			—
	2005 - FST Shares		1.00		0.031			—		—		(0.031	)		—			—
	2005 - FST Select Shares		1.00		0.031			—		—		(0.031	)		—			—
	2005 - FST Preferred Shares		1.00		0.030			—		—		(0.030	)		—			—
	2005 - FST Capital Shares		1.00		0.029			—		—		(0.029	)		—			—
	2005 - FST Administration Shares		1.00		0.029			—		—		(0.029	)		—			—
	2005 - FST Service Shares		1.00		0.026			—		—		(0.026	)		—			—

*	The Fund changed its fiscal year end from December 31 to August 31.
(a)	Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.
(b)	Annualized.
(c)	Amount is less than 0.005% of average net assets.
(d)	Net investment income and distributions from net investment income contain $0.0001 and $(0.0001) of net realized gains and distributions from net realized gains for the period ended August 31, 2009.

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

 72

FINANCIAL SQUARE MONEY MARKET FUND

													Ratio of net
Net asset					Net assets,		Ratio of net			Ratio of total			investment
value,					end		expenses to			expenses to			income (loss) to
end		Total			of period		average net			average net			average net
of period		return(a)			(in 000’s)		assets			assets			assets
$	1.00		0.05	%	$	19,859,272		0.18	%(b)		0.23	%(b)		0.07	%(b)
	1.00		0.04			31,175		0.21	(b)		0.26	(b)		0.05	(b)
	1.00		0.01			42,235		0.26	(b)		0.33	(b)		—	(b)(c)
	1.00		0.01			74,099		0.27	(b)		0.38	(b)		(0.02	)(b)
	1.00		0.01			1,340,468		0.28	(b)		0.48	(b)		(0.02	)(b)
	1.00		0.01			315,617		0.28	(b)		0.73	(b)		(0.02	)(b)
	1.00		0.38			21,878,982		0.21	(b)		0.26	(b)		0.55	(b)
	1.00		0.36			42,778		0.24	(b)		0.29	(b)		0.60	(b)
	1.00		0.32			87,673		0.31	(b)		0.36	(b)		0.46	(b)
	1.00		0.28			76,008		0.36	(b)		0.41	(b)		0.38	(b)
	1.00		0.22			1,415,175		0.45	(b)		0.51	(b)		0.23	(b)
	1.00		0.11			472,480		0.62	(b)		0.76	(b)		0.15	(b)
	1.00		2.70			18,340,321		0.19			0.24			2.74
	1.00		2.67			54,085		0.22			0.27			2.80
	1.00		2.60			87,841		0.29			0.34			2.75
	1.00		2.54			50,112		0.34			0.39			2.59
	1.00		2.44			684,773		0.44			0.49			2.51
	1.00		2.19			559,707		0.69			0.74			2.24
	1.00		5.26			22,000,123		0.18			0.23			5.12
	1.00		5.23			82,832		0.21			0.26			5.14
	1.00		5.15			161,635		0.28			0.33			5.02
	1.00		5.10			54,022		0.33			0.38			4.92
	1.00		5.00			1,175,106		0.43			0.48			4.87
	1.00		4.74			648,195		0.68			0.73			4.63
	1.00		4.99			13,911,751		0.18			0.23			4.92
	1.00		4.96			28,066		0.21			0.26			4.87
	1.00		4.89			97,638		0.28			0.33			4.80
	1.00		4.84			13,006		0.33			0.38			4.69
	1.00		4.73			616,511		0.43			0.48			4.65
	1.00		4.47			486,455		0.68			0.73			4.42
	1.00		3.14			10,191,671		0.18			0.22			3.07
	1.00		3.11			42,112		0.21			0.25			3.03
	1.00		3.04			96,448		0.28			0.32			2.93
	1.00		2.99			35,586		0.33			0.37			3.12
	1.00		2.88			609,847		0.43			0.47			2.85
	1.00		2.63			341,523		0.68			0.72			2.62

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

73

FINANCIAL SQUARE PRIME OBLIGATIONS FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

				Income (loss) from							Distributions
				investment operations							to shareholders
		Net asset
		value,		Net					Total from		From net			From net
		beginning		investment			Net realized		investment		investment			realized			Total
	Year - Share Class	of period		income (loss)			gains		operations		income			gains			distributions
FOR THE SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED)
	2010 - FST Shares	$	1.00	$	0.0004		$	0.0001	$	0.0005	$	(0.0004	)	$	(0.0001	)	$	(0.0005	)
	2010 - FST Select Shares		1.00		0.0002			0.0002		0.0004		(0.0003	)		(0.0001	)		(0.0004	)
	2010 - FST Preferred Shares		1.00		0.0001			0.0001		0.0002		(0.0001	)		(0.0001	)		(0.0002	)
	2010 - FST Capital Shares		1.00		(0.0001	)		0.0002		0.0001		—			(0.0001	)		(0.0001	)
	2010 - FST Administration Shares		1.00		(0.0001	)		0.0002		0.0001		—			(0.0001	)		(0.0001	)
	2010 - FST Service Shares		1.00		(0.0001	)		0.0002		0.0001		—			(0.0001	)		(0.0001	)
FOR THE PERIOD JANUARY 1 TO AUGUST 31*,
	2009 - FST Shares		1.00		0.0032			—		—		(0.0032	)		—			—
	2009 - FST Select Shares		1.00		0.0030			—		—		(0.0030	)		—			—
	2009 - FST Preferred Shares		1.00		0.0025			—		—		(0.0025	)		—			—
	2009 - FST Capital Shares		1.00		0.0022			—		—		(0.0022	)		—			—
	2009 - FST Administration Shares		1.00		0.0016			—		—		(0.0016	)		—			—
	2009 - FST Service Shares		1.00		0.0006			—		—		(0.0006	)		—			—
FOR THE FISCAL YEARS ENDED DECEMBER 31,
	2008 - FST Shares		1.00		0.026	(d)		—		—		(0.026	)		—			—
	2008 - FST Select Shares		1.00		0.026	(d)		—		—		(0.026	)		—			—
	2008 - FST Preferred Shares		1.00		0.025	(d)		—		—		(0.025	)		—			—
	2008 - FST Capital Shares		1.00		0.025	(d)		—		—		(0.025	)		—			—
	2008 - FST Administration Shares		1.00		0.024	(d)		—		—		(0.024	)		—			—
	2008 - FST Service Shares		1.00		0.021	(d)		—		—		(0.021	)		—			—
	2007 - FST Shares		1.00		0.052			—		—		(0.052	)		—			—
	2007 - FST Select Shares		1.00		0.051			—		—		(0.051	)		—			—
	2007 - FST Preferred Shares		1.00		0.051			—		—		(0.051	)		—			—
	2007 - FST Capital Shares		1.00		0.050			—		—		(0.050	)		—			—
	2007 - FST Administration Shares		1.00		0.049			—		—		(0.049	)		—			—
	2007 - FST Service Shares		1.00		0.047			—		—		(0.047	)		—			—
	2006 - FST Shares		1.00		0.049			—		—		(0.049	)		—			—
	2006 - FST Select Shares		1.00		0.049			—		—		(0.049	)		—			—
	2006 - FST Preferred Shares		1.00		0.048			—		—		(0.048	)		—			—
	2006 - FST Capital Shares		1.00		0.047			—		—		(0.047	)		—			—
	2006 - FST Administration Shares		1.00		0.046			—		—		(0.046	)		—			—
	2006 - FST Service Shares		1.00		0.044			—		—		(0.044	)		—			—
	2005 - FST Shares		1.00		0.031			—		—		(0.031	)		—			—
	2005 - FST Select Shares		1.00		0.031			—		—		(0.031	)		—			—
	2005 - FST Preferred Shares		1.00		0.030			—		—		(0.030	)		—			—
	2005 - FST Capital Shares		1.00		0.029			—		—		(0.029	)		—			—
	2005 - FST Administration Shares		1.00		0.028			—		—		(0.028	)		—			—
	2005 - FST Service Shares		1.00		0.026			—		—		(0.026	)		—			—

*	The Fund changed its fiscal year end from December 31 to August 31.
(a)	Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.
(b)	Annualized.
(c)	Amount is less than 0.005% of average net assets.
(d)	Reflects an increase of $0.002 per share and 0.22%, as a result of a voluntary and irrevocable capital infusion by Goldman Sachs.

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

 74

FINANCIAL SQUARE PRIME OBLIGATIONS FUND

													Ratio of net
Net asset					Net assets,		Ratio of net			Ratio of total			investment
value,					end		expenses to			expenses to			income (loss) to
end		Total			of period		average net			average net			average net
of period		return(a)			(in 000’s)		assets			assets			assets
$	1.00		0.05	%	$	21,523,649		0.17	%(b)		0.23	%(b)		0.08	%(b)
	1.00		0.04			77,417		0.20	(b)		0.26	(b)		0.04	(b)
	1.00		0.02			983,276		0.25	(b)		0.33	(b)		—	(b)(c)
	1.00		0.01			569,319		0.26	(b)		0.38	(b)		(0.02	)(b)
	1.00		0.01			3,459,217		0.27	(b)		0.48	(b)		(0.02	)(b)
	1.00		0.01			822,171		0.27	(b)		0.73	(b)		(0.02	)(b)
	1.00		0.32			30,756,777		0.23	(b)		0.28	(b)		0.47	(b)
	1.00		0.30			99,249		0.26	(b)		0.31	(b)		0.48	(b)
	1.00		0.25			1,226,201		0.33	(b)		0.38	(b)		0.40	(b)
	1.00		0.22			568,066		0.38	(b)		0.43	(b)		0.37	(b)
	1.00		0.16			3,986,524		0.47	(b)		0.53	(b)		0.24	(b)
	1.00		0.06			873,287		0.63	(b)		0.78	(b)		0.12	(b)
	1.00		2.64	(e)		25,218,329		0.19			0.24			2.72
	1.00		2.61	(e)		95,807		0.22			0.27			2.77
	1.00		2.54	(e)		1,385,336		0.29			0.34			2.55
	1.00		2.49	(e)		777,173		0.34			0.39			2.48
	1.00		2.39	(e)		4,060,108		0.44			0.49			2.45
	1.00		2.13	(e)		1,398,311		0.69			0.74			2.19
	1.00		5.28			36,224,153		0.18			0.23			5.13
	1.00		5.24			267,150		0.21			0.26			5.13
	1.00		5.17			1,154,660		0.28			0.33			5.05
	1.00		5.12			787,305		0.33			0.38			5.00
	1.00		5.01			5,865,430		0.43			0.48			4.90
	1.00		4.75			2,097,006		0.68			0.73			4.65
	1.00		4.99			18,138,487		0.18			0.23			4.88
	1.00		4.96			290,680		0.21			0.26			4.94
	1.00		4.89			1,772,244		0.28			0.33			4.79
	1.00		4.83			588,310		0.33			0.38			4.78
	1.00		4.73			4,610,331		0.43			0.48			4.64
	1.00		4.47			1,679,837		0.68			0.73			4.41
	1.00		3.14			18,844,076		0.18			0.22			3.10
	1.00		3.11			98,894		0.21			0.25			3.08
	1.00		3.04			1,756,837		0.28			0.32			2.99
	1.00		2.98			478,857		0.33			0.37			3.03
	1.00		2.88			3,421,363		0.43			0.47			2.88
	1.00		2.62			1,375,066		0.68			0.72			2.64

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

75

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

				Income (loss) from						Distributions
				investment operations						to shareholders
		Net asset
		value,		Net				Total from		From net			From net
		beginning		investment		Net realized		investment		investment			realized			Total
	Year - Share Class	of period		income (loss)		gains		operations		income			gains			distributions
FOR THE SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED)
	2010 - FST Shares	$	1.00	$	0.0007	$	0.0001	$	0.0008	$	(0.0007	)	$	(0.0001	)	$	(0.0008	)
	2010 - FST Select Shares		1.00		0.0005		0.0002		0.0007		(0.0006	)		(0.0001	)		(0.0007	)
	2010 - FST Preferred Shares		1.00		0.0002		0.0001		0.0003		(0.0002	)		(0.0001	)		(0.0003	)
	2010 - FST Capital Shares		1.00		0.0001		0.0001		0.0002		(0.0001	)		(0.0001	)		(0.0002	)
	2010 - FST Administration Shares		1.00		0.0001		0.0001		0.0002		(0.0001	)		(0.0001	)		(0.0002	)
	2010 - FST Service Shares		1.00		0.0001		0.0001		0.0002		(0.0001	)		(0.0001	)		(0.0002	)
FOR THE PERIOD JANUARY 1 TO AUGUST 31*,
	2009 - FST Shares		1.00		0.0025		—		—		(0.0025	)		—			—
	2009 - FST Select Shares		1.00		0.0023		—		—		(0.0023	)		—			—
	2009 - FST Preferred Shares		1.00		0.0018		—		—		(0.0018	)		—			—
	2009 - FST Capital Shares		1.00		0.0015		—		—		(0.0015	)		—			—
	2009 - FST Administration Shares		1.00		0.0009		—		—		(0.0009	)		—			—
	2009 - FST Service Shares		1.00		0.0001		—		—		(0.0001	)		—			—
FOR THE FISCAL YEARS ENDED DECEMBER 31,
	2008 - FST Shares		1.00		0.020		—		—		(0.020	)(c)		—			—
	2008 - FST Select Shares		1.00		0.020		—		—		(0.020	)(c)		—			—
	2008 - FST Preferred Shares		1.00		0.019		—		—		(0.019	)(c)		—			—
	2008 - FST Capital Shares		1.00		0.018		—		—		(0.018	)(c)		—			—
	2008 - FST Administration Shares		1.00		0.017		—		—		(0.017	)(c)		—			—
	2008 - FST Service Shares		1.00		0.015		—		—		(0.015	)(c)		—			—
	2007 - FST Shares		1.00		0.035		—		—		(0.035	)(c)		—			—
	2007 - FST Select Shares		1.00		0.035		—		—		(0.035	)(c)		—			—
	2007 - FST Preferred Shares		1.00		0.034		—		—		(0.034	)(c)		—			—
	2007 - FST Capital Shares		1.00		0.033		—		—		(0.033	)(c)		—			—
	2007 - FST Administration Shares		1.00		0.032		—		—		(0.032	)(c)		—			—
	2007 - FST Service Shares		1.00		0.030		—		—		(0.030	)(c)		—			—
	2006 - FST Shares		1.00		0.033		—		—		(0.033	)(c)		—			—
	2006 - FST Select Shares		1.00		0.032		—		—		(0.032	)(c)		—			—
	2006 - FST Preferred Shares		1.00		0.032		—		—		(0.032	)(c)		—			—
	2006 - FST Capital Shares		1.00		0.031		—		—		(0.031	)(c)		—			—
	2006 - FST Administration Shares		1.00		0.030		—		—		(0.030	)(c)		—			—
	2006 - FST Service Shares		1.00		0.028		—		—		(0.028	)(c)		—			—
	2005 - FST Shares		1.00		0.022		—		—		(0.022	)		—			—
	2005 - FST Select Shares		1.00		0.022		—		—		(0.022	)		—			—
	2005 - FST Preferred Shares		1.00		0.022		—		—		(0.022	)		—			—
	2005 - FST Capital Shares		1.00		0.021		—		—		(0.021	)		—			—
	2005 - FST Administration Shares		1.00		0.020		—		—		(0.020	)		—			—
	2005 - FST Service Shares		1.00		0.017		—		—		(0.017	)		—			—

*	The Fund changed its fiscal year end from December 31 to August 31.
(a)	Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.
(b)	Annualized.
(c)	Amount includes $0.0001, $0.0008 and $0.00004 of distributions from net realized gains for the fiscal years ended December 31, 2008, December 31, 2007 and December 31, 2006, respectively.

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

 76

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

													Ratio of net
Net asset					Net assets,		Ratio of net			Ratio of total			investment
value,					end		expenses to			expenses to			income to
end		Total			of period		average net			average net			average net
of period		return(a)			(in 000’s)		assets			assets			assets
$	1.00		0.08	%	$	8,879,775		0.18	%(b)		0.23	%(b)		0.14	%(b)
	1.00		0.07			76,444		0.21	(b)		0.26	(b)		0.11	(b)
	1.00		0.03			42,533		0.27	(b)		0.33	(b)		0.04	(b)
	1.00		0.02			143,996		0.30	(b)		0.38	(b)		0.02	(b)
	1.00		0.02			447,909		0.30	(b)		0.48	(b)		0.01	(b)
	1.00		0.02			64,373		0.31	(b)		0.73	(b)		0.01	(b)
	1.00		0.25			9,416,370		0.21	(b)		0.26	(b)		0.37	(b)
	1.00		0.23			85,670		0.24	(b)		0.29	(b)		0.33	(b)
	1.00		0.18			45,223		0.31	(b)		0.36	(b)		0.30	(b)
	1.00		0.15			162,752		0.36	(b)		0.41	(b)		0.24	(b)
	1.00		0.09			308,305		0.45	(b)		0.51	(b)		0.14	(b)
	1.00		0.01			71,451		0.61	(b)		0.76	(b)		0.03	(b)
	1.00		2.00			9,657,508		0.18			0.24			1.95
	1.00		1.97			40,707		0.21			0.27			1.98
	1.00		1.89			82,211		0.28			0.34			1.87
	1.00		1.84			294,058		0.33			0.39			1.84
	1.00		1.74			362,529		0.43			0.49			1.73
	1.00		1.49			280,303		0.68			0.74			1.52
	1.00		3.56			9,069,558		0.18			0.23			3.49
	1.00		3.53			71,395		0.21			0.26			3.47
	1.00		3.46			220,538		0.28			0.33			3.37
	1.00		3.41			317,742		0.33			0.38			3.30
	1.00		3.30			757,798		0.43			0.48			3.23
	1.00		3.05			332,251		0.68			0.73			2.98
	1.00		3.32			6,243,612		0.18			0.23			3.25
	1.00		3.29			101,244		0.21			0.26			3.21
	1.00		3.22			326,624		0.28			0.33			3.19
	1.00		3.17			423,215		0.33			0.38			3.12
	1.00		3.07			323,201		0.43			0.48			3.01
	1.00		2.81			172,468		0.68			0.73			2.77
	1.00		2.26			7,547,716		0.18			0.22			2.23
	1.00		2.23			175,764		0.21			0.25			2.20
	1.00		2.16			243,181		0.28			0.32			2.16
	1.00		2.11			220,902		0.33			0.37			2.24
	1.00		2.01			349,087		0.43			0.47			1.98
	1.00		1.75			164,979		0.68			0.72			1.79

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

77

FINANCIAL SQUARE TREASURY INSTRUMENTS FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

				Income (loss) from							Distributions
				investment operations							to shareholders
		Net asset
		value,		Net					Total from		From net			From net
		beginning		investment			Net realized		investment		investment			realized			Total
	Year - Share Class	of period		income (loss)			gains		operations		income			gains			distributions
FOR THE SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED)
	2010 - FST Shares	$	1.00	$	(0.0001	)	$	0.0002	$	0.0001	$	—		$	(0.0001	)	$	(0.0001	)
	2010 - FST Select Shares		1.00		(0.0001	)		0.0002		0.0001		—			(0.0001	)		(0.0001	)
	2010 - FST Preferred Shares		1.00		(0.0001	)		0.0002		0.0001		—			(0.0001	)		(0.0001	)
	2010 - FST Capital Shares		1.00		(0.0001	)		0.0002		0.0001		—			(0.0001	)		(0.0001	)
	2010 - FST Administration Shares		1.00		(0.0002	)		0.0003		0.0001		—			(0.0001	)		(0.0001	)
	2010 - FST Service Shares		1.00		(0.0001	)		0.0002		0.0001		—			(0.0001	)		(0.0001	)
FOR THE PERIOD JANUARY 1 TO AUGUST 31*,
	2009 - FST Shares		1.00		0.0010	(c)		—		—		(0.0010	)(c)		—			—
	2009 - FST Select Shares		1.00		0.0008	(c)		—		—		(0.0008	)(c)		—			—
	2009 - FST Preferred Shares		1.00		0.0005	(c)		—		—		(0.0005	)(c)		—			—
	2009 - FST Capital Shares		1.00		0.0003	(c)		—		—		(0.0003	)(c)		—			—
	2009 - FST Administration Shares		1.00		0.0002	(c)		—		—		(0.0002	)(c)		—			—
	2009 - FST Service Shares		1.00		0.0001	(c)		—		—		(0.0001	)(c)		—			—
FOR THE FISCAL YEARS ENDED DECEMBER 31,
	2008 - FST Shares		1.00		0.016	(c)		—		—		(0.016	)(c)		—			—
	2008 - FST Select Shares		1.00		0.015	(c)		—		—		(0.015	)(c)		—			—
	2008 - FST Preferred Shares		1.00		0.015	(c)		—		—		(0.015	)(c)		—			—
	2008 - FST Capital Shares		1.00		0.014	(c)		—		—		(0.014	)(c)		—			—
	2008 - FST Administration Shares		1.00		0.013	(c)		—		—		(0.013	)(c)		—			—
	2008 - FST Service Shares		1.00		0.011	(c)		—		—		(0.011	)(c)		—			—
	2007 - FST Shares		1.00		0.044	(c)		—		—		(0.044	)(c)		—			—
	2007 - FST Select Shares		1.00		0.043	(c)		—		—		(0.043	)(c)		—			—
	2007 - FST Preferred Shares		1.00		0.043	(c)		—		—		(0.043	)(c)		—			—
	2007 - FST Capital Shares		1.00		0.042	(c)		—		—		(0.042	)(c)		—			—
	2007 - FST Administration Shares		1.00		0.041	(c)		—		—		(0.041	)(c)		—			—
	2007 - FST Service Shares		1.00		0.039	(c)		—		—		(0.039	)(c)		—			—
	2006 - FST Shares		1.00		0.046			—		—		(0.046	)		—			—
	2006 - FST Select Shares		1.00		0.045			—		—		(0.045	)		—			—
	2006 - FST Preferred Shares		1.00		0.045			—		—		(0.045	)		—			—
	2006 - FST Capital Shares		1.00		0.044			—		—		(0.044	)		—			—
	2006 - FST Administration Shares		1.00		0.043			—		—		(0.043	)		—			—
	2006 - FST Service Shares		1.00		0.041			—		—		(0.041	)		—			—
	2005 - FST Shares		1.00		0.028			—		—		(0.028	)		—			—
	2005 - FST Select Shares		1.00		0.028			—		—		(0.028	)		—			—
	2005 - FST Preferred Shares		1.00		0.027			—		—		(0.027	)		—			—
	2005 - FST Capital Shares		1.00		0.027			—		—		(0.027	)		—			—
	2005 - FST Administration Shares		1.00		0.026			—		—		(0.026	)		—			—
	2005 - FST Service Shares		1.00		0.023			—		—		(0.023	)		—			—

*	The Fund changed its fiscal year end from December 31 to August 31.
(a)	Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.
(b)	Annualized.
(c)	Net investment income and distributions from net investment income contain $0.0008 and $(0.0008), $0.002 and $(0.002), and $0.001 and $(0.001) of net realized gains and distributions from net realized gains for the period ended August 31, 2009 and the fiscal years ended December 31, 2008 and December 31, 2007, respectively.
(d)	Amount is less than 0.005% of average net assets.

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

 78

FINANCIAL SQUARE TREASURY INSTRUMENTS FUND

													Ratio of net
Net asset					Net assets,		Ratio of net			Ratio of total			investment
value,					end		expenses to			expenses to			income (loss) to
end		Total			of period		average net			average net			average net
of period		return(a)			(in 000’s)		assets			assets			assets
$	1.00		0.01	%	$	19,023,806		0.12	%(b)		0.23	%(b)		(0.03	)%(b)
	1.00		0.01			195,150		0.12	(b)		0.26	(b)		(0.03	)(b)
	1.00		0.01			350,090		0.12	(b)		0.33	(b)		(0.03	)(b)
	1.00		0.01			253,986		0.12	(b)		0.38	(b)		(0.02	)(b)
	1.00		0.01			1,210,072		0.12	(b)		0.48	(b)		(0.03	)(b)
	1.00		0.01			263,931		0.12	(b)		0.73	(b)		(0.03	)(b)
	1.00		0.10			18,393,881		0.20	(b)		0.23	(b)		0.04	(b)
	1.00		0.08			173,590		0.23	(b)		0.26	(b)		—	(b)(d)
	1.00		0.05			321,168		0.27	(b)		0.33	(b)		(0.04	)(b)
	1.00		0.03			65,817		0.30	(b)		0.38	(b)		(0.06	)(b)
	1.00		0.02			1,476,015		0.34	(b)		0.48	(b)		(0.09	)(b)
	1.00		0.01			234,595		0.35	(b)		0.73	(b)		(0.11	)(b)
	1.00		1.57			32,591,735		0.21			0.24			1.05
	1.00		1.54			135,437		0.24			0.27			1.01
	1.00		1.47			356,612		0.31			0.34			1.15
	1.00		1.42			173,751		0.36			0.39			0.64
	1.00		1.32			3,083,313		0.46			0.49			0.97
	1.00		1.09			612,105		0.69			0.74			0.84
	1.00		4.46			9,282,486		0.20			0.24			3.91
	1.00		4.43			29,548		0.23			0.27			4.24
	1.00		4.36			219,365		0.30			0.34			4.07
	1.00		4.31			20,939		0.35			0.39			4.16
	1.00		4.20			1,552,156		0.45			0.49			3.89
	1.00		3.94			658,252		0.70			0.74			3.51
	1.00		4.66			1,907,998		0.20			0.24			4.60
	1.00		4.63			33,599		0.23			0.27			4.82
	1.00		4.55			161,504		0.30			0.34			4.48
	1.00		4.50			17,946		0.35			0.39			4.45
	1.00		4.40			869,388		0.45			0.49			4.37
	1.00		4.14			218,354		0.70			0.74			4.05
	1.00		2.84			1,201,313		0.20			0.24			2.78
	1.00		2.81			67		0.23			0.27			2.78
	1.00		2.74			133,806		0.30			0.34			3.07
	1.00		2.69			6,468		0.35			0.39			2.58
	1.00		2.58			537,912		0.45			0.49			2.67
	1.00		2.33			268,622		0.70			0.74			2.44

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

79

FINANCIAL SQUARE TREASURY OBLIGATIONS FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

				Income (loss) from							Distributions
				investment operations							to shareholders
		Net asset
		value,		Net					Total from		From net			From net
		beginning		investment			Net realized		investment		investment			realized			Total
	Year - Share Class	of period		income (loss)			gains		operations		income			gains			distributions
FOR THE SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED)
	2010 - FST Shares	$	1.00	$	(0.0001	)	$	0.0002	$	0.0001	$	—		$	(0.0001	)	$	(0.0001	)
	2010 - FST Select Shares		1.00		(0.0001	)		0.0002		0.0001		—			(0.0001	)		(0.0001	)
	2010 - FST Preferred Shares		1.00		(0.0002	)		0.0003		0.0001		—			(0.0001	)		(0.0001	)
	2010 - FST Capital Shares		1.00		(0.0002	)		0.0003		0.0001		—			(0.0001	)		(0.0001	)
	2010 - FST Administration Shares		1.00		(0.0002	)		0.0003		0.0001		—			(0.0001	)		(0.0001	)
	2010 - FST Service Shares		1.00		(0.0002	)		0.0003		0.0001		—			(0.0001	)		(0.0001	)
FOR THE PERIOD JANUARY 1 TO AUGUST 31*,
	2009 - FST Shares		1.00		0.0014	(c)		—		—		(0.0014	)(c)		—			—
	2009 - FST Select Shares		1.00		0.0012	(c)		—		—		(0.0012	)(c)		—			—
	2009 - FST Preferred Shares		1.00		0.0008	(c)		—		—		(0.0008	)(c)		—			—
	2009 - FST Capital Shares		1.00		0.0006	(c)		—		—		(0.0006	)(c)		—			—
	2009 - FST Administration Shares		1.00		0.0002	(c)		—		—		(0.0002	)(c)		—			—
	2009 - FST Service Shares		1.00		0.0001	(c)		—		—		(0.0001	)(c)		—			—
FOR THE FISCAL YEARS ENDED DECEMBER 31,
	2008 - FST Shares		1.00		0.016			—		—		(0.016	)		—			—
	2008 - FST Select Shares		1.00		0.016			—		—		(0.016	)		—			—
	2008 - FST Preferred Shares		1.00		0.015			—		—		(0.015	)		—			—
	2008 - FST Capital Shares		1.00		0.015			—		—		(0.015	)		—			—
	2008 - FST Administration Shares		1.00		0.014			—		—		(0.014	)		—			—
	2008 - FST Service Shares		1.00		0.012			—		—		(0.012	)		—			—
	2007 - FST Shares		1.00		0.047			—		—		(0.047	)		—			—
	2007 - FST Select Shares		1.00		0.047			—		—		(0.047	)		—			—
	2007 - FST Preferred Shares		1.00		0.046			—		—		(0.046	)		—			—
	2007 - FST Capital Shares		1.00		0.045			—		—		(0.045	)		—			—
	2007 - FST Administration Shares		1.00		0.044			—		—		(0.044	)		—			—
	2007 - FST Service Shares		1.00		0.042			—		—		(0.042	)		—			—
	2006 - FST Shares		1.00		0.048			—		—		(0.048	)		—			—
	2006 - FST Select Shares		1.00		0.047			—		—		(0.047	)		—			—
	2006 - FST Preferred Shares		1.00		0.047			—		—		(0.047	)		—			—
	2006 - FST Capital Shares		1.00		0.046			—		—		(0.046	)		—			—
	2006 - FST Administration Shares		1.00		0.045			—		—		(0.045	)		—			—
	2006 - FST Service Shares		1.00		0.043			—		—		(0.043	)		—			—
	2005 - FST Shares		1.00		0.030			—		—		(0.030	)		—			—
	2005 - FST Select Shares		1.00		0.030			—		—		(0.030	)		—			—
	2005 - FST Preferred Shares		1.00		0.029			—		—		(0.029	)		—			—
	2005 - FST Capital Shares		1.00		0.028			—		—		(0.028	)		—			—
	2005 - FST Administration Shares		1.00		0.027			—		—		(0.027	)		—			—
	2005 - FST Service Shares		1.00		0.025			—		—		(0.025	)		—			—

*	The Fund changed its fiscal year end from December 31 to August 31.
(a)	Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized.
(b)	Annualized.
(c)	Net investment income and distributions from net investment income contain $0.0009 and $(0.0009) of net realized gains and distributions from net realized gains for the period ended August 31, 2009.

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

 80

FINANCIAL SQUARE TREASURY OBLIGATIONS FUND

													Ratio of net
Net asset					Net assets,		Ratio of net			Ratio of total			investment
value,					end		expenses to			expenses to			income (loss) to
end		Total			of period		average net			average net			average net
of period		return(a)			(in 000’s)		assets			assets			assets
$	1.00		0.01	%	$	13,678,683		0.18	%(b)		0.23	%(b)		(0.02	)%(b)
	1.00		0.01			546,710		0.20	(b)		0.26	(b)		(0.03	)(b)
	1.00		0.01			362,869		0.20	(b)		0.33	(b)		(0.04	)(b)
	1.00		0.01			350,491		0.20	(b)		0.38	(b)		(0.04	)(b)
	1.00		0.01			1,870,769		0.20	(b)		0.48	(b)		(0.04	)(b)
	1.00		0.01			889,767		0.20	(b)		0.73	(b)		(0.04	)(b)
	1.00		0.14			16,942,168		0.20	(b)		0.23	(b)		0.07	(b)
	1.00		0.12			670,028		0.23	(b)		0.26	(b)		(0.01	)(b)
	1.00		0.08			304,897		0.29	(b)		0.33	(b)		(0.02	)(b)
	1.00		0.06			330,368		0.33	(b)		0.38	(b)		(0.05	)(b)
	1.00		0.02			2,196,762		0.37	(b)		0.48	(b)		(0.10	)(b)
	1.00		0.01			1,058,820		0.41	(b)		0.73	(b)		(0.12	)(b)
	1.00		1.64			12,010,372		0.21			0.24			1.51
	1.00		1.61			32,927		0.24			0.27			0.42
	1.00		1.54			246,788		0.31			0.34			1.46
	1.00		1.49			360,461		0.36			0.39			1.30
	1.00		1.39			1,995,689		0.46			0.49			1.40
	1.00		1.17			1,357,797		0.67			0.74			1.17
	1.00		4.80			11,652,689		0.20			0.24			4.32
	1.00		4.77			26		0.23			0.27			4.62
	1.00		4.70			646,792		0.30			0.34			4.52
	1.00		4.65			318,665		0.35			0.39			4.39
	1.00		4.54			2,787,538		0.45			0.49			4.44
	1.00		4.28			1,837,123		0.70			0.74			4.19
	1.00		4.86			1,855,829		0.20			0.24			4.79
	1.00		4.83			4		0.23			0.27			4.75
	1.00		4.76			776,080		0.30			0.34			4.69
	1.00		4.71			90,897		0.35			0.39			4.79
	1.00		4.60			2,353,384		0.45			0.49			4.55
	1.00		4.34			1,821,459		0.70			0.74			4.31
	1.00		3.00			1,633,047		0.20			0.23			3.00
	1.00		2.97			3		0.23			0.26			3.83
	1.00		2.90			669,177		0.30			0.33			2.97
	1.00		2.85			1,926		0.35			0.38			2.73
	1.00		2.75			1,856,730		0.45			0.48			2.78
	1.00		2.49			1,036,131		0.70			0.73			2.55

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

81

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Fund Expenses — Six Month Period Ended February 28, 2010 (Unaudited)

As a shareholder of FST Shares, FST Select Shares, FST Preferred Shares, FST Capital Shares, FST Administration Shares or FST Service Shares of a Fund you incur ongoing costs, including management fees, 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 September 1, 2009 through February 28, 2010.

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 net 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, 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.

	Federal Fund							Government Fund							Money Market Fund							Prime Obligations Fund
						Expenses							Expenses							Expenses							Expenses
	Beginning		Ending			Paid for the		Beginning		Ending			Paid for the		Beginning		Ending			Paid for the		Beginning		Ending			Paid for the
	Account Value		Account Value			6 months ended		Account Value		Account Value			6 months ended		Account Value		Account Value			6 months ended		Account Value		Account Value			6 months ended
Share Class	9/1/09		2/28/10			2/28/10*		9/1/09		2/28/10			2/28/10*		9/1/09		2/28/10			2/28/10*		9/1/09		2/28/10			2/28/10*
FST Shares
Actual	$	1,000.00	$	1,000.30		$	0.99	$	1,000.00	$	1,000.40		$	0.89	$	1,000.00	$	1,000.50		$	0.89	$	1,000.00	$	1,000.50		$	0.84
Hypothetical 5% return		1,000.00		1,023.80	+		1.00		1,000.00		1,023.90	+		0.90		1,000.00		1,023.90	+		0.90		1,000.00		1,023.95	+		0.85
FST Select Shares
Actual		1,000.00		1,000.20			1.09		1,000.00		1,000.30			1.04		1,000.00		1,000.40			1.04		1,000.00		1,000.40			0.99
Hypothetical 5% return		1,000.00		1,023.70	+		1.10		1,000.00		1,023.75	+		1.05		1,000.00		1,023.75	+		1.05		1,000.00		1,023.80	+		1.00
FST Preferred Shares
Actual		1,000.00		1,000.10			1.24		1,000.00		1,000.10			1.24		1,000.00		1,000.10			1.29		1,000.00		1,000.20			1.24
Hypothetical 5% return		1,000.00		1,023.55	+		1.25		1,000.00		1,023.55	+		1.25		1,000.00		1,023.51	+		1.30		1,000.00		1,023.55	+		1.25
FST Capital Shares
Actual		1,000.00		1,000.00			1.24		1,000.00		1,000.10			1.29		1,000.00		1,000.10			1.34		1,000.00		1,000.10			1.29
Hypothetical 5% return		1,000.00		1,023.55	+		1.25		1,000.00		1,023.51	+		1.30		1,000.00		1,023.46	+		1.35		1,000.00		1,023.51	+		1.30
FST Administration Shares
Actual		1,000.00		1,000.00			1.24		1,000.00		1,000.00			1.29		1,000.00		1,000.00			1.39		1,000.00		1,000.10			1.34
Hypothetical 5% return		1,000.00		1,023.55	+		1.25		1,000.00		1,023.51	+		1.30		1,000.00		1,023.41	+		1.40		1,000.00		1,023.46	+		1.35
FST Service Shares
Actual		1,000.00		1,000.00			1.24		1,000.00		1,000.00			1.29		1,000.00		1,000.00			1.39		1,000.00		1,000.10			1.34
Hypothetical 5% return		1,000.00		1,023.55	+		1.25		1,000.00		1,023.51	+		1.30		1,000.00		1,023.41	+		1.40		1,000.00		1,023.46	+		1.35

82

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Fund Expenses — Six Month Period Ended February 28, 2010 (Unaudited) (continued)

	Tax-Free Money Market Fund							Treasury Instruments Fund							Treasury Obligations Fund
						Expenses							Expenses							Expenses
	Beginning		Ending			Paid for the		Beginning		Ending			Paid for the		Beginning		Ending			Paid for the
	Account Value		Account Value			6 months ended		Account Value		Account Value			6 months ended		Account Value		Account Value			6 months ended
Share Class	9/1/09		2/28/10			2/28/10*		9/1/09		2/28/10			2/28/10*		9/1/09		2/28/10			2/28/10*
FST Shares
Actual	$	1,000.00	$	1,000.80		$	0.89	$	1,000.00	$	1,000.10		$	0.60	$	1,000.00	$	1,000.20		$	0.89
Hypothetical 5% return		1,000.00		1,023.90	+		0.90		1,000.00		1,024.20	+		0.60		1,000.00		1,023.90	+		0.90
FST Select Shares
Actual		1,000.00		1,000.70			1.04		1,000.00		1,000.10			0.60		1,000.00		1,000.10			0.99
Hypothetical 5% return		1,000.00		1,023.75	+		1.05		1,000.00		1,024.20	+		0.60		1,000.00		1,023.80	+		1.00
FST Preferred Shares
Actual		1,000.00		1,000.30			1.34		1,000.00		1,000.10			0.60		1,000.00		1,000.10			0.99
Hypothetical 5% return		1,000.00		1,023.46	+		1.35		1,000.00		1,024.20	+		0.60		1,000.00		1,023.80	+		1.00
FST Capital Shares
Actual		1,000.00		1,000.20			1.49		1,000.00		1,000.10			0.60		1,000.00		1,000.10			0.99
Hypothetical 5% return		1,000.00		1,023.31	+		1.51		1,000.00		1,024.20	+		0.60		1,000.00		1,023.80	+		1.00
FST Administration Shares
Actual		1,000.00		1,000.20			1.49		1,000.00		1,000.10			0.60		1,000.00		1,000.10			0.99
Hypothetical 5% return		1,000.00		1,023.31	+		1.51		1,000.00		1,024.20	+		0.60		1,000.00		1,023.80	+		1.00
FST Service Shares
Actual		1,000.00		1,000.20			1.54		1,000.00		1,000.10			0.60		1,000.00		1,000.10			0.99
Hypothetical 5% return		1,000.00		1,023.26	+		1.56		1,000.00		1,024.20	+		0.60		1,000.00		1,023.80	+		1.00

*   Expenses for each share class are calculated using each 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 February 28, 2010. 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 fiscal year. The annualized net expense ratios for the period were as follows:

	FST			FST Select			FST Preferred			FST Capital			FST Administration			FST Service
Fund	Shares			Shares			Shares			Shares			Shares			Shares
Federal		0.20	%		0.22	%		0.25	%		0.25	%		0.25	%		0.25	%
Government		0.18			0.21			0.25			0.26			0.26			0.26
Money Market		0.18			0.21			0.26			0.27			0.28			0.28
Prime Obligations		0.17			0.20			0.25			0.26			0.27			0.27
Tax-Free Money Market		0.18			0.21			0.27			0.30			0.30			0.31
Treasury Instruments		0.12			0.12			0.12			0.12			0.12			0.12
Treasury Obligations		0.18			0.20			0.20			0.20			0.20			0.20

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

83

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FUNDS PROFILE

Goldman Sachs Funds

Goldman Sachsis a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.

Today, the Investment Management Divisionof Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With portfolio management teams located around the world — and $753.4 billion in assets under management as of December 31, 2009 — our investment professionals bring firsthand knowledge of local markets to every investment decision. Goldman Sachs Asset Management ranks in the top 10 asset management firms worldwide, based on assets under management.¹

OVERVIEW OF GOLDMAN SACHS FUNDS

Money Market²
n Institutional Liquid Assets Prime Obligations Portfolio
n Institutional Liquid Assets Tax-Exempt Diversified Portfolio
n Financial Square Federal Fund
n Financial Square Government Fund
n Financial Square Money Market Fund
n Financial Square Prime Obligations Fund
n Financial Square Tax-Free Money Market Fund
n Financial Square Treasury Instruments Fund
n Financial Square Treasury Obligations Fund

Fixed Income
Short Duration and Government
n Enhanced Income Fund
n Ultra-Short Duration Govt. Fund
n Short Duration Government Fund
n Government Income Fund
n Inflation Protected Securities Fund
Multi-Sector
n Core Fixed Income Fund
n Core Plus Fixed Income Fund
n Global Income Fund
Municipal and Tax-Free
n High Yield Municipal Fund
n Municipal Income Fund
n Short Duration Tax-Free Fund
Single Sector
n Investment Grade Credit Fund
n U.S. Mortgages Fund
n High Yield Fund
n Emerging Markets Debt Fund
n Local Emerging Markets Debt Fund
Corporate Credit
n Credit Strategies Fund

Fundamental Equity
n Growth and Income Fund
n Small Cap Value Fund
n Mid Cap Value Fund
n Large Cap Value Fund
n Capital Growth Fund
n Strategic Growth Fund
n Small/Mid Cap Growth Fund
n All Cap Growth Fund
n Concentrated Growth Fund
n Tollkeeper Fund^SM
n Growth Opportunities Fund
n U.S. Equity Fund

Structured Equity
n Balanced Fund
n Structured Small Cap Equity Fund
n Structured U.S. Equity Fund
n Structured Small Cap Growth Fund
n Structured Large Cap Growth Fund
n Structured Large Cap Value Fund
n Structured Small Cap Value Fund
n Structured Tax-Managed Equity Fund
n Structured International Tax-Managed Equity Fund
n U.S. Equity Dividend and Premium Fund
n International Equity Dividend and Premium Fund n Structured International Small Cap Fund
n Structured International Equity Fund
n Structured Emerging Markets Equity Fund
n Structured International Equity Flex Fund

Fundamental Equity International
n Strategic International Equity Fund
n Concentrated International Equity Fund
n International Small Cap Fund
n Asia Equity Fund
n Emerging Markets Equity Fund
n BRIC Fund (Brazil, Russia, India, China)

Select Satellite³
n Real Estate Securities Fund
n International Real Estate Securities Fund
n Commodity Strategy Fund
n Dynamic Allocation Fund
n Absolute Return Tracker Fund

Total Portfolio Solutions³
n Balanced Strategy Portfolio
n Growth and Income Strategy Portfolio
n Growth Strategy Portfolio
n Equity Growth Strategy Portfolio
n Income Strategies Portfolio
n Satellite Strategies Portfolio
n Retirement Strategies Portfolios
n Enhanced Dividend Global Equity Portfolio
n Tax Advantaged Global Equity Portfolio

1	Ranking for Goldman Sachs Group, Inc., includes Goldman Sachs Asset Management, Private Wealth Management and Merchant Banking 2008 year-end assets. Ranked 9th in Total Assets Worldwide. Pensions&Investments, May 2009.
2	An investment in a money market fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) 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.
3	Individual Funds within the Total Portfolio Solutions and Select Satellite categories will have various placement on the risk/return spectrum and may have greater or lesser risk than that indicated by the placement of the general Total Portfolio Solutions or Select Satellite category.

Firmwide assets under management includes assets managed by GSAM and its Investment Advisory Affiliates. The Goldman Sachs Tollkeeper Fund^SM is a registered service mark of Goldman, Sachs & Co.

TRUSTEES Ashok N. Bakhru, Chairman John P. Coblentz, Jr. Diana M. Daniels Patrick T. Harker James A. McNamara Jessica Palmer Alan A. Shuch Richard P. Strubel	OFFICERS James A. McNamara, President George F. Travers, Principal Financial Officer Peter V. Bonanno, Secretary Scott M. McHugh, Treasurer
GOLDMAN, SACHS & CO. Distributor and Transfer Agent	GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

Visit our Web site at www.goldmansachsfunds.com to obtain the most recent month-end returns.

Goldman Sachs Asset Management, L.P. 200 West Street, New York, New York 10282

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 (“SEC”) Website 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’ Forms 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 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).

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

The Standardized 30-Day Current Yield is calculated in accordance with securities industry regulations and does not include capital gains. The Standardized 30-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.

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 for the Fund. 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.

A prospectus for the Fund containing more complete information may be obtained from your authorized dealer or from Goldman, Sachs & Co. by calling (retail – 1-800-526-7384) (institutional – 1-800-621-2550). Please consider a fund’s objectives, risks, and charges and expenses, and read the prospectus carefully before investing. The prospectus contains this and other information about the Funds.

Financial Square Funds^SM is a registered service mark of Goldman, Sachs & Co.

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

Copyright 2010 Goldman, Sachs & Co. All rights reserved. 34777.MF.TMPL / FSQSAR10 / 223K / 04-10

ITEM 2. CODE OF ETHICS.

(a) The information required by this Item is only required in an annual report on this Form N-CSR.

(b) During the period covered by this report, no amendments were made to the provisions of the Code of Ethics.

(c) During the period covered by this report, the registrant did not grant any waivers, including an implicit waiver, from any provision of the Code of Ethics.

(d) A copy of the Code of Ethics is available as provided in Item 12(a)(1) of this report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The information required by this Item is only required in an annual report on this Form N-CSR.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

The information required by this Item is only required in an annual report on this Form N-CSR.

ITEM 5.	AUDIT COMMITTEE OF LISTED REGISTRANTS.
	The information required by this Item is only required in an annual report on this Form N-CSR.

ITEM 6.	SCHEDULE OF INVESTMENTS.
	The Schedule of Investments is included as part of the Semi-Annual Report to Stockholders filed under Item 1 of this Form N-CSR.

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)(1)		Goldman Sachs Trust's Code of Ethics for Principal Executive and Senior Financial Officers is incorporated by reference to Exhibit 11(a)(1) of the registrant's Form N-CSR filed on March 8, 2004 for its Real Estate Securities Fund (Accession Number 0000950123-04-0002984).
(a)(2)	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

/s/ James A. McNamara

By: James A. McNamara

Chief Executive Officer of

Goldman Sachs Trust

Date: May 7, 2010

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.

/s/ James A. McNamara

By: James A. McNamara

Chief Executive Officer of

Goldman Sachs Trust

Date: May 7, 2010

/s/ George F. Travers

By: George F. Travers

Chief Financial Officer of

Goldman Sachs Trust

Date: May 7, 2010