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.	Geoffrey R.T. Kenyon, Esq.
200 West Street	Dechert LLP
New York, New York 10282	200 Clarendon Street
	27th Floor Boston, MA 02116-5021
(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 29, 2012

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

Goldman Sachs Funds

Semi-Annual Report	February 29, 2012
	Financial Square Funds
	Federal
	Government
	Money Market
	Prime Obligations
	Tax-Exempt California
	Tax-Exempt New York
	Tax-Free Money Market
	Treasury Instruments
	Treasury Obligations

Goldman Sachs Financial Square Funds

n	FEDERAL FUND
n	GOVERNMENT FUND
n	MONEY MARKET FUND
n	PRIME OBLIGATIONS FUND
n	TAX-EXEMPT CALIFORNIA FUND
n	TAX-EXEMPT NEW YORK FUND
n	TAX-FREE MONEY MARKET FUND
n	TREASURY INSTRUMENTS FUND
n	TREASURY OBLIGATIONS FUND

TABLE OF CONTENTS
Principal Investment Strategies and Risks	1
Market Review	2
Portfolio Results	5
Yield Summary	9
Sector Allocations	10
Schedules of Investments	12
Financial Statements	56
Financial Highlights	64
Notes to Financial Statements	82
Other Information	102

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’ Prospectuses), 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 Funds’ Prospectuses) 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, Government and Federal Funds may be subject to additional investment restrictions.

Tax-Exempt Funds The Tax-Free Money Market Fund seeks 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-Exempt California and Tax-Exempt New York Funds seek to provide shareholders, to the extent consistent with preservation of capital and prescribed portfolio standards, with a high level of income exempt from federal income tax by investing primarily in municipal obligations. In addition, the Tax-Exempt California and Tax-Exempt New York Funds seek to provide shareholders with income exempt from California personal income tax and New York State and New York City personal income taxes, respectively, by investing in obligations the interest on which is exempt from those taxes. The Tax-Free Money Market, Tax-Exempt California and Tax-Exempt New York Funds pursue their investment objectives 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. 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 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 Financial Square Funds

Economic and Market Review

U.S. economic growth gradually improved during the six months that ended February 29, 2012 (the “Reporting Period”). Yields in the money markets remained at low levels throughout the Reporting Period.

When the Reporting Period began in September, U.S. economic data was discouraging. August non-farm payroll employment, which was reported in September, showed that no new jobs had been created — the worst result in almost a year. According to the Conference Board, consumer confidence was weak. Though consumer price inflation remained moderate, it ticked up slightly. The Institute for Supply Management (ISM) manufacturing index edged lower but remained in expansionary territory.

Disappointing economic data and uncertainty about the European financial crisis contributed to strong demand for high quality, short-term asset securities. Indeed, demand overwhelmed supply, and the imbalance caused the money market yield curve to flatten, with some U.S. Treasury securities offering negative to 0.0% yields out to early 2012.

The September meeting of the Federal Reserve (the “Fed”) proved marginally positive for money market investors, as the interest on excess reserve (IOER) rate was not cut, and the Fed chose to engage in a $400 billion program, dubbed “Operation Twist.” (The IOER rate is the rate of interest the Fed pays banks on the reserves they hold with the Federal Reserve System.) “Operation Twist” is a plan wherein the Fed extends the maturity of its Treasury security holdings with the goal of lowering longer-term interest rates and thereby spurring spending and investment. The program was also expected to ultimately provide meaningful supply to the short-term end of the U.S. Treasury yield curve. The three-month LIBOR held steady, largely because the market had already priced in quantitative easing. (LIBOR, or London Interbank Offered Rates, are floating interest rates that are widely used as reference rates in bank, corporate and government lending agreements.)

In mid-October, the Fed reported that national economic activity “on balance, continued to rise, albeit at a modest pace,” between September to early October. The data showed expanding manufacturing activity, with production and new orders rising. Consumer spending picked up slightly, though expenditures remained focused on necessities. Labor market data continued to lack a convincing trend of improvement.

In November, U.S. manufacturing activity jumped and unemployment dropped from 9% to 8.6%. Near the end of the month, the Congressional Joint Select Committee on Deficit Reduction failed to reach agreement on at least $1.5 trillion of spending cuts. Meanwhile, the world’s major central banks collaborated to reduce the cost of dollar loans to 50 basis points over the overnight indexed swap (OIS) rate and the excess margin requirement was cut to 12% from 20%. (A basis point is 1/100th of a percentage point. An overnight indexed swap is an interest rate swap involving the overnight rate being exchanged for some fixed interest rate. Generally short term, the interest of the overnight rate portion of the swap is compounded and paid at maturity. The excess margin requirement is the cash or eligible securities that one must deposit in a margin account over and above the minimum maintenance requirement, as regulated by the Fed. The excess margin is available to be used as collateral for margin loans, or it may be withdrawn and used for any other purpose.) Riskier asset classes rallied strongly after the announcement of the reduced funding costs.

2          

MARKET REVIEW

During the fourth calendar quarter, third quarter 2011 U.S. Gross Domestic Product (“GDP”) was revised downward to an annualized rate of 1.8%. However, subsequent economic data indicated a pickup in activity in the final three months of the calendar year, as manufacturing accelerated and the unemployment rate fell to 8.5%, and fourth quarter GDP increased at an annualized rate of 3%.

In January, U.S. manufacturing activity expanded faster, as reflected in the then-latest purchasing managers index (PMI) report and a much stronger than anticipated nonfarm payrolls report. In fact, January’s report tallied 243,000 new jobs, previous months’ gains were revised up, and the unemployment rate slid to a three-year low of 8.3%. Nevertheless, the Fed emphasized the risks to economic growth and pushed the likely timing for a rate hike out to late 2014. The Fed also released a new set of charts showing the full range of its projections for the targeted federal funds rate, alongside forecast ranges for GDP growth, unemployment and inflation. In addition, the Fed set a longer-term inflation target of 2%. Investor risk appetite increased during January, helping to pull credit spreads, or yield differentials, tighter and drive down interbank lending rates. At the same time, general collateral rates and yields on high quality assets were pushed higher by a combination of investment outflows from money market funds, a shift into riskier assets and continued increases in the supply of U.S. Treasury securities.

Despite positive economic surprises, U.S. Treasury yields rose marginally in February. Money market interest rates experienced strong upward pressure in mid-February as a result of large U.S. Treasury settlements. The large amount of supply lifted repurchase agreements (or “repo”) levels and seemed likely to support yields on short-dated U.S. Treasury and agency securities at least over the short term. However, the Fed’s stimulative monetary policy continued to anchor short-term yields, and though the U.S. central bank has given little encouragement, the markets continued to reflect moderate expectations for more quantitative easing. Adding to downward pressure on yields were doubts about whether Greece would secure further bailout funds and concerns about the potential downgrade by Moody’s Investors Service of its ratings for 17 global investment banks.

The combination of all these factors kept both taxable and tax-exempt money market yields low throughout the Reporting Period.

Looking Ahead

We expect slower global economic growth in 2012 with a wide disparity between developed and emerging economies. For money market strategies in particular, the European financial crisis has been a game-changer. Doubts about the solvency of troubled peripheral European countries and the expectation of contagion to larger European bond markets have made some government sectors too risky for investors focused on liquidity and capital preservation. They have generally shifted more of their assets into the government markets with the strongest credit ratings, driving yields close to or below zero for maturities up to a year. In short, the investible universe has become more limited: government money market funds have struggled to find viable investments with a positive yield, a situation that we do not see changing soon.

          3

MARKET REVIEW

U.S. economic growth has ebbed and flowed since the 2008 financial crisis. We have not yet seen a sustainable pattern that would convince us that the economy is in a “typical” recovery. In our opinion, a typical recovery is one in which the economy grows above trend long enough to start reducing the output gap. The economic recovery of the last three years has not generated such growth, plus it has experienced numerous setbacks. It is unclear to us what impetus would reaccelerate economic growth. Consequently, we think the risk of recession may have increased significantly. In our view, modest economic growth is now probably the best-case scenario.

At the same time, volatility has declined, largely because the Fed has committed to holding rates at low levels for an extended period, making that commitment even more explicit by stating that it expects to hold the targeted federal funds rate near zero until 2014. While the Fed’s commitment is somewhat conditional, we find it hard to envisage a need for a rate increase in the next year. That said, with short-term interest rates so low, we think the risk is skewed significantly toward higher rates. On the one hand, additional U.S. credit downgrades or events such as the U.S. debt ceiling debate could put additional downward pressure on interest rates. However, conversely, concern about U.S. credit quality could potentially outweigh the safe-haven appeal of U.S. Treasuries, pushing interest rates higher. In our opinion, neither of these scenarios is to be expected. Still, though we consider it unlikely, the market could reach an inflection point where concerns about U.S. credit quality begin to outweigh the safe-haven demand for Treasuries and interest rates begin to rise.

4          

PORTFOLIO RESULTS

Goldman Sachs Financial Square Funds

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Money Market Portfolio Management Team discusses the Goldman Sachs Financial Square Funds’ (the “Funds”) performance and positioning for the six-month period ended February 29, 2012 (the “Reporting Period”).

Q	What key factors were responsible for the performance of the Funds during the Reporting Period?
A	The Funds’ yields remained low during the Reporting Period due primarily to the market factors discussed in the Market Review. With the targeted federal funds rate near zero throughout the Reporting Period, money market yields were anchored near the same level with little difference between maturities. Because the yield curve, or spectrum of maturities, was extremely flat, we saw little value in extending further out the curve. Instead, we focused on remaining liquid and short in duration so as to be more nimble to take advantage should yields begin to increase and risk premia be priced in accordingly. That said, we seek to manage the Funds consistently regardless of the interest rate environment. Our investment approach has always been tri-fold: seek preservation of capital, daily liquidity and maximization of yield potential. We manage interest, liquidity and credit risk daily. Whether interest rates are historically low, high or in-between, we intend to continue to use our actively managed approach to provide the best possible return within the framework of our Funds’ guidelines and objectives.
Q	How were the taxable Funds invested?
A	Collectively, the taxable Funds had investments in commercial paper, asset-backed commercial paper, Treasury securities, government agency securities, repurchase agreements (“repos”), government guaranteed paper and certificates of deposit during the Reporting Period.

Overall, we used a barbelled strategy in managing the taxable Funds’ duration, wherein we invested primarily in securities with one- to three-month maturities and in overnight repurchase agreements. In addition, we took advantage of opportunities at the longer end of the yield curve by purchasing longer-dated agency securities.

Q	How were the tax-exempt Funds invested?
A	Collectively, the tax-exempt Funds had investments in variable rate demand notes (“VRDNs”), tax-exempt commercial paper, tax anticipation notes, general obligation bonds, revenue bonds and municipal put bonds during the Reporting Period.

At the beginning of the Reporting Period, the tax-exempt yield curve, or spectrum of maturities, flattened. Non-traditional buyers found tax-exempt VRDNs attractive as repurchase agreements, which are taxable securities, were in short supply. With the yield on high quality one-year municipal securities between 0.25% and 0.28%, we had little incentive to extend the weighted average maturity of the tax-exempt Funds. In November, amid continued uncertainty about Europe’s financial problems, demand for high quality tax-exempt paper was strong.

During December, the SIFMA Municipal Swap Index, an index of seven-day VRDNs, fell to 0.10% as the market anticipated robust demand by those seeking to reinvest January 1st coupon payments and the proceeds of maturing securities. Although the tax-exempt yield curve remained relatively flat, we selectively extended the weighted average maturity of the tax-exempt Funds by purchasing high quality state general obligation (GO) bonds with serial maturity dates.

In January, after reaching an all-time low of seven basis points (a basis point is 1/100th of a percentage point), the SIFMA Municipal Swap Index increased to eight basis points. While demand slowed marginally, it remained strong for high quality one-year tax-exempt securities. We continued to invest in high quality state GO paper. In February, demand for tax-exempt securities remained solid and more supply was available. The SIFMA Municipal Swap Index rose to 16 basis points. Investors generally avoided tax-exempt securities backed by certain financial institutions as they sought to mitigate the risk of potential bank downgrades.

          5

PORTFOLIO RESULTS

Q

How did you manage the taxable Funds’ weighted average maturities during the Reporting Period?

A

We maintained the taxable Funds’ weighted average maturity at between 15 days and 40 days at the beginning of the Reporting Period, primarily because the yield curve was extremely flat, and we believed the European sovereign debt crisis would continue to be a source of uncertainty. The weighted average maturity of a money market fund is a measure of its price sensitivity to changes in interest rates.

In October, based on our expectation that the yield curve would continue to flatten, we extended the taxable Funds’ weighted average maturities to between 45 days and 50 days. In November, with the yield curve remaining very flat, the Funds’ weighted average maturities were between 35 days and 60 days. In December, the Funds’ weighted average maturities were in a range between 40 days and 60 days, largely because we believed the U.S. fixed income market would remain for some time a safe haven from the turmoil in Europe. We also purchased in December some longer-dated government agency securities. At year-end 2011, we reinvested the proceeds of maturing securities into select repurchase agreements and time deposits. In January and February, the Funds’ weighted average maturities remained short in a range of between 40 days and 50 days.

Q	How did you manage the tax-exempt Funds’ weighted average maturities during the Reporting Period?
A	During the Reporting Period, because the tax-exempt yield curve was relatively flat, we generally maintained the tax-exempt Funds’ weighted average maturities between 20 days and 30 days.
Q	How did you manage the taxable and tax-exempt Funds’ weighted average life during the Reporting Period?
A	During the Reporting Period, we managed the weighted average life of all the taxable and tax-exempt Funds below 120 days. The weighted average life of a money market fund is a measure of a money market fund’s price sensitivity to changes in liquidity and/or credit risk.
Q	Did you make any changes to the Funds’ portfolios during the Reporting Period?
A	As mentioned earlier, we made adjustments to the Funds’ weighted average maturities based on then-current market conditions, our near-term view and anticipated and actual Fed monetary policy statements.
Q	What is the Funds’ tactical view and strategy for the months ahead?
A	We do not believe there is value in sacrificing liquidity or quality in exchange for opportunities that only modestly increase yield potential, and so we expect to keep the Funds conservatively positioned as we continue to focus on preservation of capital and daily liquidity. As always, we will continue to use our actively managed approach to seek the best possible return within the framework of the Funds’ investment guidelines and objectives. In addition, we will continue to manage interest, liquidity and credit risk daily. We will also 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.

6          

FUND BASICS

Financial Square Funds

as of February 29, 2012

    PERFORMANCE REVIEW¹

	Fund Total Return (based on NAV)2			iMoneynet Institutional
September 1, 2011–February 29, 2012	FST Shares			Average3
Federal		0.00	%		0.01	%(4)
Government		0.01			0.01	(4)
Money Market		0.08			0.05	(5)
Prime Obligations		0.05			0.05	(5)
Tax-Exempt California		0.01			0.05	(6)
Tax-Exempt New York		0.01			0.05	(6)
Tax-Free Money Market		0.01			0.02	(7)
Treasury Instruments		0.00			0.00	(8)
Treasury Obligations		0.00			0.01	(9)

1	Each of the Government, Treasury Obligations, Money Market, Treasury Instruments, Federal and Tax-Free Money Market Funds offers nine separate classes of shares (FST, Select, Preferred, Capital, Administration, Service, Cash Management, Premier and Resource), each of the Tax-Exempt California and Tax-Exempt New York Funds offers four separate classes of shares (FST, Administration, Service and Cash Management), and the Prime Obligations Fund offers eleven separate classes of shares (FST, Select, Preferred, Capital, Administration, Service, Cash Management, Premier, Resource, Class B and Class C), each of which is subject to different fees and expenses that affect performance and entitles shareholders to different services. The FST Shares do not have distribution (12b-1), administration or shareholder service fees. The Select, Preferred, Capital, Administration, Service, Cash Management, Premier, Resource, Class B and Class C Shares offer financial institutions the opportunity to receive fees for providing certain distribution (12b-1), administrative support and/or shareholder services (as applicable). As an annualized percentage of average daily net assets, these share classes pay combined distribution (12b-1), administration and/or shareholder service fees (as applicable) at the following contractual rates: the Select Shares pay 0.03%, Preferred Shares pay 0.10%, Capital Shares pay 0.15%, Administration Shares (for Tax- Exempt California and Tax-Exempt New York Funds) pay 0.15%, Administration Shares (for all other Funds) pay 0.25%, Service Shares (for Tax-Exempt California and Tax-Exempt New York Funds) pay 0.40%, Service Shares (for all other Funds) pay 0.50%, Cash Management Shares (for Tax-Exempt California and Tax-Exempt New York Funds) pay 1.00%, Cash Management Shares (for all other Funds) pay 0.80%, Premier Shares pay 0.35%, Resource Shares pay 0.65%, and Class B and Class C Shares each pay 1.00%.
	If these fees were reflected in the above performance, performance would have been reduced. 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.
2	The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. A Fund’s performance reflects the reinvestment of dividends and other distributions. A Fund’s performance does not reflect the deduction of any applicable sales charges.
3	Source: iMoneyNet, Inc. February 2012
4	Government & Agencies Institutional – Category includes the most broadly based of the government institutional funds. These funds may invest in U.S. treasuries, U.S. agencies, repurchase agreements, or government-backed floating rate notes.
5	First Tier Institutional – Category includes only non-government institutional funds that also are not holding any second tier securities. Portfolio holdings of First Tier funds include U.S. Treasury, U.S. other, repurchase agreements, time deposits, domestic bank obligations, foreign bank obligations, first tier commercial paper, floating rate notes, and asset-backed commercial paper.
6	Tax-Free State-Specific – Category includes all retail and institutional State-Specific money funds. Portfolio holdings of tax-free funds include rated and unrated demand notes, rated and unrated general market notes, commercial paper, put bonds — 6 months & less, put bonds — over 6 months, AMT paper, and other tax-free holdings.
7	Tax-Free National – Category includes all retail and institutional national tax-free and municipal money funds. Portfolio holdings of tax-free funds include rated and unrated demand notes, rated and unrated general market notes, commercial paper, put bonds — 6 months & less, put bonds — over 6 months, AMT paper, and other tax-free holdings.
8	Treasury Institutional – Category includes only institutional government funds that hold 100 percent in U.S. Treasuries.
9	Treasury & Repo Institutional – Category includes only institutional government funds that hold U.S. Treasuries and repurchase agreements backed by the U.S. Treasury.
	The returns represent past performance. Past performance does not guarantee future results. The Funds’ investment returns will fluctuate. Current performance may be lower or higher than the performance quoted above. Please visit our website at www.goldmansachsfunds.com to obtain the most recent month-end returns. Performance reflects fee waivers and expense limitations in effect. In their absence, performance would be reduced.

          7

FUND BASICS

    STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS^1,10

	SEC
	7-Day
For the period ended	Current						Five						Since
12/31/11	Yield11			One Year			Years			Ten Years			Inception			Inception Date
Federal		0.01	%		0.01	%		1.55	%		1.94	%		3.01	%	2/28/97
Government		0.01			0.02			1.59			1.99			3.42		4/6/93
Money Market		0.19			0.13			1.71			2.07			3.52		5/18/94
Prime Obligations		0.11			0.08			1.68			2.05			3.80		3/8/90
Tax-Exempt California		0.01			0.01			0.97			1.22			2.42		10/4/88
Tax-Exempt New York		0.01			0.01			1.00			1.24			2.14		2/15/91
Tax-Free Money Market		0.01			0.05			1.20			1.48			2.30		7/19/94
Treasury Instruments		0.00			0.01			1.22			1.71			2.74		3/3/97
Treasury Obligations		0.01			0.01			1.31			1.81			3.58		4/25/90

10	Standardized Average Annual Total Returns are average annual total returns of FST Shares as of the most recent calendar quarter-end. They assume reinvestment of all distributions at net asset value.
	Because FST Shares do not involve a sales charge, such a charge is not applied to their Standardized Average Annual Total Returns.
	The returns represent past performance. Past performance does not guarantee future results. The Funds’ investment returns will fluctuate. Current performance may be lower or higher than the performance quoted above. Please visit our website at www.goldmansachsfunds.com to obtain the most recent month-end returns. Performance reflects fee waivers and expense limitations in effect. In their absence, performance would be reduced.
11	The SEC 7-Day Current Yield figures are as of 12/31/11 and are calculated in accordance with securities industry regulations and do not include net capital gains. SEC 7-Day Current Yield may differ slightly from the actual distribution rate of a given Fund because of the exclusion of distributed capital gains, which are non-recurring. The SEC 7-Day Current Yield more closely reflects a Fund’s current earnings than do the Standardized Average Annual Total Return figures.

8          

YIELD SUMMARY

    SUMMARY OF THE FST SHARES¹ AS OF 2/29/12

													Weighted
	7-Day			SEC 7-Day			SEC 7-Day			30-Day			Avg.		Weighted
	Dist.			Current			Effective			Average			Maturity		Avg. Life
Funds	Yield12			Yield13			Yield13			Yield14			(days)15		(days)16
Federal		0.01	%		0.01	%		0.01	%		0.01	%		47		89
Government		0.01			0.01			0.01			0.01			49		89
Money Market		0.19			0.19			0.19			0.20			47		90
Prime Obligations		0.11			0.11			0.11			0.13			47		88
Tax-Exempt California		0.01			0.01			0.01			0.01			19		19
Tax-Exempt New York		0.01			0.01			0.01			0.01			16		16
Tax-Free Money Market		0.01			0.01			0.01			0.01			26		26
Treasury Instruments		0.00			0.00			0.00			0.00			57		57
Treasury Obligations		0.01			0.01			0.01			0.01			52		52

	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 reflect fee waivers and expense limitations in effect and will fluctuate as market conditions change. Please visit our website at www.goldmansachs.com to obtain the most recent month-end performance.
12	The 7-Day Distribution yield is the average total return over the previous seven days. It is the Fund’s total income net of expenses, divided by the total number of outstanding shares. This yield can include capital gain/loss distribution, if any. This is not a SEC Yield.
13	The SEC 7-Day Current Yield and SEC 7-Day Effective Yield of a Fund are calculated in accordance with securities industry regulations and do not include net capital gains. SEC 7-Day Current Yield may differ slightly from the actual distribution rate of a given Fund because of the exclusion of distributed capital gains, which are non-recurring. The SEC 7-Day Effective Yield assumes reinvestment of dividends for one year.
14	The 30-Day Average Yield is a net annualized yield of 30 days back from the current date listed. This yield includes capital gain/loss distribution.
15	A Fund’s weighted average maturity (WAM) is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. This must not exceed 60 days as calculated under SEC Rule 2a-7.
16	A Fund’s weighted average life (WAL) is an average of the final maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. This must not exceed 120 days as calculated under SEC Rule 2a-7.

          9

SECTOR ALLOCATIONS

    TAXABLE FUNDS¹⁷

as of February 29, 2012

Security Type							Money			Prime			Treasury			Treasury
(Percentage of Net Assets)	Federal			Government			Market			Obligations			Instruments			Obligations
Certificates of Deposit – Yankeedollar		—			—			7.8	%		—			—			—
Commercial Paper & Corporate Obligations		—			—			20.5			21.7	%		—			—
Fixed Rate Municipal Debt Obligations		—			—			1.7			2.1			—			—
Repurchase Agreements		—			67.5	%		25.0			41.3			—			71.5	%
Time Deposits		—			—			15.0			—			—			—
U.S. Government Agency Obligations		47.9	%		29.0			14.0			17.2			—			—
U.S. Government Guarantee Notes		—			0.8			—			—			—			—
U.S. Government Guarantee Variable Rate Obligations		—			2.7			—			—			—			—
U.S. Treasury Obligations		52.1			—			2.2			2.0			107.5	%		28.6
Variable Rate Municipal Debt Obligations		—			—			6.3			14.1			—			—
Variable Rate Obligations		—			—			8.8			2.7			—			—
as of August 31, 2011
Certificates of Deposit – Eurodollar		—			—			3.2	%		—			—			—
Certificates of Deposit – Yankeedollar		—			—			6.5			—			—			—
Commercial Paper & Corporate Obligations		—			—			14.0			25.7	%		—			—
Municipal Debt Obligations		—			—			0.2			0.8			—			—
Repurchase Agreements		—			45.1	%		24.9			36.1			—			80.9	%
Time Deposits		—			—			18.2			0.5			—			—
U.S. Government Agency Obligations		86.3	%		50.4			11.4			15.6			—			—
U.S. Government Guarantee		—			1.3			—			—			—			—
U.S. Government Guarantee Variable Rate Obligations		—			6.4			—			—			—			—

10          

SECTOR ALLOCATIONS

    TAXABLE FUNDS¹⁷ continued

as of August 31, 2011

Security Type							Money			Prime			Treasury			Treasury
(Percentage of Net Assets)	Federal			Government			Market			Obligations			Instruments			Obligations
U.S. Treasury Obligations		7.1	%		0.6	%		—			—			102.7	%		18.8	%
Variable Rate Municipal Debt Obligations		—			—			12.9	%		20.1	%		—			—
Variable Rate Obligations		—			—			10.3			3.7			—			—

¹⁷ Each 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.

    TAX-EXEMPT AND TAX-FREE FUNDS¹⁸

as of February 29, 2012

Security Type	Tax-Exempt			Tax-Exempt			Tax-Free
(Percentage of Net Assets)	California			New York			Money Market
Bond Anticipation Notes		—			—			0.2	%
Commercial Paper		3.4	%		0.6	%		7.4
General Obligation Bonds		0.4			0.3			2.1
Pre-Refunded Bonds		0.9			—			0.4
Put Bonds		0.7			1.3			0.7
Revenue Bonds		1.9			3.3			0.5
Tax and Revenue Anticipation Notes		3.3			—			7.2
Variable Rate Obligations		81.7			85.6			74.7

as of August 31, 2011

Security Type	Tax-Exempt			Tax-Exempt			Tax-Free
(Percentage of Net Assets)	California			New York			Money Market
Commercial Paper		3.2	%		4.6	%		8.2	%
General Obligation Bonds		0.5			—			0.6
Pre-Refunded Bonds		—			—			0.2
Put Bonds		—			0.3			0.7
Revenue Bonds		—			6.0			1.1
Tax and Revenue Anticipation Notes		—			—			3.0
Tax Anticipation Notes		—			—			0.3
Variable Rate Obligations		96.0			89.7			85.0

¹⁸ Each 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.

          11

FINANCIAL SQUARE FEDERAL FUND

Schedule of Investments

February 29, 2012 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
U.S. Government Agency Obligations – 47.9%
Federal Farm Credit Bank
$	50,000,000		0.226	%(a)		03/21/12	$	49,999,723
	300,000,000		0.237	(a)		04/04/12		299,992,916
	35,000,000		0.164	(a)		04/13/12		34,998,960
	125,000,000		0.236	(a)		05/22/12		124,997,147
	40,000,000		3.875			06/04/12		40,384,173
	17,975,000		0.200			07/19/12		17,974,828
	50,000,000		0.205	(a)		07/20/12		50,004,016
	183,000,000		0.200			09/04/12		182,977,953
	24,000,000		0.500	(a)		11/01/12		24,000,000
	137,755,000		0.244	(a)		11/27/12		137,765,579
	38,200,000		0.640	(a)		12/14/12		38,200,000
	100,000,000		0.683	(a)		01/03/13		100,000,000
	66,630,000		0.224	(a)		01/24/13		66,629,613
��	96,230,000		0.505	(a)		01/25/13		96,237,526
	50,000,000		0.194	(a)		01/28/13		49,991,059
	71,150,000		0.192	(a)		02/04/13		71,110,192
	222,000,000		0.477	(a)		02/07/13		221,982,564
	50,425,000		1.750			02/21/13		51,190,058
	61,520,000		0.236	(a)		02/22/13		61,514,208
	42,200,000		0.190	(b)		03/01/13		42,186,125
	10,000,000		0.215	(a)		03/18/13		9,999,008
	100,000,000		0.207	(a)		04/09/13		99,978,099
	79,500,000		0.216	(a)		04/17/13		79,488,254
	19,480,000		0.294	(a)		04/26/13		19,493,694
	100,000,000		0.240	(a)		07/08/13		99,986,241
	250,000,000		0.164	(a)		09/13/13		249,940,123
Federal Home Loan Bank
	453,280,000		0.080			03/02/12		453,278,993
	125,000,000		0.080			03/09/12		124,997,778
	104,000,000		0.085			03/09/12		103,998,036
	114,000,000		0.090			03/14/12		113,996,295
	350,000,000		0.130			03/14/12		349,983,569
	97,000,000		0.110			03/15/12		96,997,303
	134,887,000		0.050			03/16/12		134,884,190
	258,100,000		0.065			03/21/12		258,090,680
	103,000,000		0.110			03/22/12		102,995,704
	253,000,000		0.150			03/23/12		252,995,040
	500,000,000		0.075			04/04/12		499,964,583
	26,500,000		0.080			04/11/12		26,497,586
	450,000,000		0.050			04/20/12		449,968,750
	157,000,000		0.400			08/16/12		157,000,000
	118,000,000		0.400			08/17/12		118,000,000
	46,000,000		0.200			09/06/12		45,991,992
	39,000,000		0.240			09/28/12		38,999,133
	56,050,000		0.220			10/24/12		56,037,681
	9,700,000		0.200			12/06/12		9,696,000
	9,700,000		0.300			12/06/12		9,700,000
	24,000,000		0.300			12/07/12		24,000,000
	9,700,000		0.320			12/07/12		9,700,000
	38,700,000		0.210			12/10/12		38,686,813
	17,900,000		0.320			12/11/12		17,900,000
	78,400,000		0.210			12/13/12		78,372,998
	38,400,000		0.300			12/14/12		38,400,000
	9,600,000		0.300			12/17/12		9,600,000
	7,200,000		0.310			12/17/12		7,200,000
	69,400,000		0.210			12/19/12		69,374,191
	69,400,000		0.210			12/21/12		69,375,431
	6,900,000		0.320			12/21/12		6,900,000
	75,000,000		0.210			12/27/12		74,985,410
	12,700,000		0.200			12/28/12		12,694,352
	37,100,000		0.210			12/28/12		37,086,554
	25,800,000		0.300			01/11/13		25,800,000
	30,000,000		0.160			01/18/13		29,988,572
	43,500,000		0.170			02/01/13		43,488,785
	30,000,000		0.160			02/15/13		29,987,582
	100,000,000		0.200	(a)		07/08/13		99,931,449
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS							$	6,448,567,509
U.S. Treasury Obligations – 52.1%
United States Treasury Bills
$	65,600,000		0.035	%		03/01/12	$	65,600,000
	61,200,000		0.040			03/01/12		61,200,000
	46,500,000		0.045			03/01/12		46,500,000
	250,000,000		0.060			03/08/12		249,997,083
	56,000,000		0.075			03/15/12		55,998,367
	138,000,000		0.078			03/15/12		137,995,841
	4,500,000,000		0.110			03/15/12		4,499,807,500
	800,000,000		0.060			03/22/12		799,972,000
	233,000,000		0.065			03/22/12		232,991,166
	40,000,000		0.068			03/22/12		39,998,425
	50,500,000		0.102			04/19/12		50,493,023
	18,000,000		0.105			04/19/12		17,997,428
United States Treasury Notes
	300,000,000		1.375			03/15/12		300,154,352
	250,000,000		4.750			05/31/12		252,887,246
	14,000,000		0.625			06/30/12		14,022,553
	149,000,000		4.875			06/30/12		151,338,675
	9,000,000		0.625			07/31/12		9,018,624
	3,000,000		1.375			09/15/12		3,020,227
	26,000,000		4.250			09/30/12		26,619,234
TOTAL U.S. TREASURY OBLIGATIONS							$	7,015,611,744
TOTAL INVESTMENTS – 100.0%							$	13,464,179,253
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.0%								5,283,186
NET ASSETS – 100.0%							$	13,469,462,439

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

FINANCIAL SQUARE FEDERAL FUND

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 at February 29, 2012.
(b)	All or a portion represents a forward commitment.

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 final legal maturity date on the security, the demand date for puttable securities, or the prerefunded date for those types of securities.

The accompanying notes are an integral part of these financial statements.          13

FINANCIAL SQUARE GOVERNMENT FUND

Schedule of Investments

February 29, 2012 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
U.S. Government Agency Obligations – 29.0%
Federal Farm Credit Bank
$	40,000,000		0.164	%(a)		04/13/12	$	39,998,811
	27,700,000		0.205	(a)		07/20/12		27,702,225
	49,800,000		0.500	(a)		11/01/12		49,800,000
	97,500,000		0.640	(a)		12/14/12		97,500,000
	30,000,000		0.194	(a)		01/28/13		29,994,636
	175,000,000		0.477	(a)		02/07/13		174,917,402
	35,000,000		0.216	(a)		03/18/13		34,996,529
	100,000,000		0.207	(a)		04/09/13		99,978,099
	35,000,000		0.216	(a)		04/17/13		34,999,031
Federal Home Loan Bank
	103,000,000		0.110			03/15/12		102,997,136
	250,000,000		0.110			03/19/12		249,991,063
	147,000,000		0.110			03/22/12		146,993,870
	490,000,000		0.150			03/23/12		489,990,394
	200,000,000		0.140			03/26/12		199,994,178
	318,000,000		0.400			08/16/12		318,000,000
	238,000,000		0.400			08/17/12		238,000,000
	50,000,000		0.200			09/06/12		49,991,296
	79,000,000		0.240			09/28/12		78,998,245
	123,000,000		0.220			10/24/12		122,972,967
	298,000,000		0.230			10/26/12		297,953,375
	100,000,000		0.230			10/30/12		99,984,107
	56,300,000		0.230			11/07/12		56,290,749
	34,700,000		0.200			12/06/12		34,685,691
	34,700,000		0.300			12/06/12		34,700,000
	122,700,000		0.300			12/07/12		122,700,000
	34,700,000		0.320			12/07/12		34,700,000
	138,900,000		0.210			12/10/12		138,852,672
	65,350,000		0.320			12/10/12		65,350,000
	65,000,000		0.320			12/11/12		65,000,000
	264,400,000		0.210			12/13/12		264,308,937
	140,000,000		0.300			12/14/12		140,000,000
	35,000,000		0.300			12/17/12		35,000,000
	26,300,000		0.310			12/17/12		26,300,000
	161,800,000		0.210			12/19/12		161,739,828
	161,900,000		0.210			12/21/12		161,842,685
	16,200,000		0.320			12/21/12		16,200,000
	175,000,000		0.210			12/27/12		174,965,956
	76,500,000		0.200			12/28/12		76,465,975
	137,100,000		0.210			12/28/12		137,050,313
	250,000,000		0.210			01/04/13		249,928,683
	165,200,000		0.300			01/11/13		165,200,000
	20,000,000		0.160			01/18/13		19,992,381
	50,000,000		0.160			01/24/13		49,980,600
	100,000,000		0.170			02/01/13		99,974,219
	170,000,000		0.160			02/15/13		169,929,629
	19,000,000		0.200	(a)		07/08/13		18,986,975
	40,000,000		0.189	(a)		07/15/13		39,972,191
Federal Home Loan Mortgage Corporation
	6,900,000		4.750			03/05/12		6,903,447
	100,294,000		2.125			03/23/12		100,411,337
	60,000,000		5.500			08/20/12		61,486,593
	288,000,000		0.350			12/14/12		288,000,000
	29,913,000		0.213	(a)		02/04/13		29,901,877
	240,000,000		0.205	(a)		03/21/13		239,923,630
	39,050,000		0.196	(a)		06/17/13		39,033,520
	300,000,000		0.232	(a)		11/04/13		299,847,345
Federal National Mortgage Association
	51,846,000		6.125			03/15/12		51,964,024
	43,765,000		0.276	(a)		10/18/12		43,777,607
	692,000,000		0.523	(a)		12/20/12		691,912,913
	330,000,000		0.274	(a)		12/28/12		329,944,730
	350,000,000		0.405	(a)		05/17/13		349,869,268
	150,000,000		0.224	(a)		10/03/13		149,903,205
	300,000,000		0.221	(a)		11/14/13		299,845,595
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS							$	8,528,595,939
U.S. Government Guarantee Notes* – 0.8%
Bank of America Corp.
$	25,251,000		2.100	%		04/30/12	$	25,329,468
Citigroup Funding, Inc.
	32,305,000		2.000			03/30/12		32,351,623
Citigroup, Inc.
	141,713,000		2.125			04/30/12		142,159,179
General Electric Capital Corp.
	16,900,000		2.250			03/12/12		16,910,458
Morgan Stanley
	6,310,000		2.250			03/13/12		6,314,282
U.S. Bancorp
	12,481,000		2.250			03/13/12		12,489,469
TOTAL U.S. GOVERNMENT GUARANTEE NOTES							$	235,554,479
U.S. Government Guarantee Variable Rate Obligations*(a) – 2.7%
Bank of America Corp.
$	541,250,000		0.853	%		04/30/12	$	541,564,495
	26,700,000		0.770			06/22/12		26,721,045
	51,500,000		0.950			06/22/12		51,569,549
JPMorgan Chase & Co.
	74,000,000		0.776			06/15/12		74,061,098
	100,000,000		0.950			06/22/12		100,135,047
Wells Fargo & Co.
	6,000,000		0.766			06/15/12		6,004,779
TOTAL U.S. GOVERNMENT GUARANTEE VARIABLE RATE OBLIGATIONS							$	800,056,013
TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS							$	9,564,206,431

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

FINANCIAL SQUARE GOVERNMENT FUND

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Repurchase Agreements-Unaffiliated Issuers(b) – 64.1%
Barclays Capital, Inc.
$	75,000,000		0.180	%		03/01/12	$	75,000,000
Maturity Value: $75,000,375
Collateralized by Federal Home Loan Mortgage Corp., 4.375%, due 07/17/15 and Federal National Mortgage Association, 0.550%, due 08/23/13. The aggregate market value of the collateral, including accrued interest, was $76,500,852.
	1,000,000,000		0.150			03/16/12		1,000,000,000
Maturity Value: $1,000,116,667
Settlement Date: 02/17/12
Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 7.500%, due 01/01/22 to 03/01/42 and Federal National Mortgage Association, 3.000% to 7.500%, due 08/01/18 to 03/01/42. The aggregate market value of the collateral, including accrued interest, was $1,019,999,996.
BNP Paribas Securities Corp.
	500,000,000		0.090			03/02/12		500,000,000
Maturity Value: $500,011,250
Settlement Date: 02/22/12
Collateralized by Federal Home Loan Mortgage Corp., 4.000% to 6.500%, due 05/01/24 to 11/01/41 and Federal National Mortgage Association, 3.500% to 6.000%, due 08/01/25 to 03/01/42. The aggregate market value of the collateral, including accrued interest, was $510,000,006.
	1,150,000,000		0.190			03/15/12		1,150,000,000
Maturity Value: $1,150,182,084
Settlement Date: 02/14/12
Collateralized by Federal Home Loan Mortgage Corp., 3.500% to 6.000%, due 05/01/18 to 10/01/41 and Federal National Mortgage Association, 3.500% to 7.500%, due 10/01/21 to 03/01/42. The aggregate market value of the collateral, including accrued interest, was $1,173,000,003.
BNYMellon Investments
	300,000,000		0.170			03/01/12		300,000,000
Maturity Value: $300,001,417
Collateralized by U.S. Treasury Note, 0.500%, due 8/15/14. The market value of the collateral, including accrued interest, was $306,119,446.
Citibank, N.A.
	1,500,000,000		0.190			03/07/12		1,500,000,000
Maturity Value: $1,500,055,417
Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 12.000%, due 03/01/12 to 05/01/48 and Federal National Mortgage Association, 2.500% to 12.500%, due 03/01/12 to 11/01/49. The aggregate market value of the collateral, including accrued interest, was $1,530,000,008.
Citigroup Global Markets, Inc.
	1,500,000,000		0.190			03/01/12		1,500,000,000
Maturity Value: $1,500,007,917
Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 6.000%, due 12/01/18 to 02/01/42 and Federal National Mortgage Association, 3.000% to 7.000%, due 03/01/18 to 03/01/42. The aggregate market value of the collateral, including accrued interest, was $1,529,999,997.
Credit Suisse Securities (USA) LLC
	500,000,000		0.150			03/16/12		500,000,000
Maturity Value: $500,120,833
Settlement Date: 01/18/12
	500,000,000		0.150			03/16/12		500,000,000
Maturity Value: $500,122,917
Settlement Date: 01/17/12
Shared collateral consisting of Federal National Mortgage Association, 3.000% to 6.500%, due 02/01/41 to 04/01/51. The aggregate market value of the collateral, including accrued interest, was $1,020,009,429.
Deutsche Bank Securities, Inc.
	500,000,000		0.150			03/01/12		500,000,000
Maturity Value: $500,002,083
Collateralized by U.S. Treasury Notes, 0.250% to 2.250%, due 09/15/14 to 07/31/18. The aggregate market value of the collateral, including accrued interest, was $510,000,085.
	500,000,000		0.200			03/01/12		500,000,000
Maturity Value: $500,002,778
Collateralized by Federal National Mortgage Association, 4.000%, due 10/01/40 to 01/01/41. The aggregate market value of the collateral, including accrued interest, was $515,000,001.
	1,000,000,000		0.200			03/12/12		1,000,000,000
Maturity Value: $1,000,172,222
Settlement Date: 02/10/12
Collateralized by Federal Home Loan Mortgage Corp., 3.500% to 5.500%, due 11/01/19 to 04/01/41, Federal National Mortgage Association, 3.000% to 7.000%, due 11/01/17 to 02/01/42 and Government National Mortgage Association, 3.000% to 7.000%, due 11/15/25 to 07/20/41. The aggregate market value of the collateral, including accrued interest, was $1,030,000,000.
	1,000,000,000		0.190			06/01/12		1,000,000,000
Maturity Value: $1,000,638,614
Settlement Date: 02/01/12
Collateralized by Federal Home Loan Mortgage Corp., 4.000% to 6.000%, due 08/01/24 to 10/01/41, Federal National Mortgage Association, 3.500% to 7.500%, due 03/01/14 to 12/01/48 and Government National Mortgage Association, 3.500% to 7.000%, due 04/20/26 to 12/20/41. The aggregate market value of the collateral, including accrued interest, was $1,030,269,763.
ING Financial Markets LLC
	250,000,000		0.180			05/17/12		250,000,000
Maturity Value: $250,112,500
Settlement Date: 02/17/12
Collateralized by Federal Home Loan Mortgage Corp., 4.000% to 7.000%, due 06/01/26 to 06/01/40, Federal National Mortgage Association, 3.000% to 7.000%, due 03/01/20 to 01/01/42 and Government National Mortgage Association, 3.000% to 5.500%, due 01/20/27 to 10/20/41. The aggregate market value of the collateral, including accrued interest, was $255,004,091.

The accompanying notes are an integral part of these financial statements.          15

FINANCIAL SQUARE GOVERNMENT FUND

Schedule of Investments (continued)

February 29, 2012 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Repurchase Agreements-Unaffiliated Issuers(b) – (continued)
ING Financial Markets LLC – (continued)
$	500,000,000		0.200	%		06/01/12	$	500,000,000
Maturity Value: $500,258,333
Collateralized by Federal Home Loan Mortgage Corp., 4.000% to 4.500%, due 01/01/32 to 10/01/41 and Federal National Mortgage Association, 3.000% to 7.000%, due 02/01/13 to 02/01/42. The aggregate market value of the collateral, including accrued interest, was $510,003,427.
J.P. Morgan Securities LLC
	1,001,200,000		0.150			03/01/12		1,001,200,000
Maturity Value: $1,001,204,172
Collateralized by U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/19 to 08/15/22 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/15 to 05/15/40. The aggregate market value of the collateral, including accrued interest, was $1,021,224,901.
	50,000,000		0.210			03/01/12		50,000,000
Maturity Value: $50,000,292
Collateralized by Federal National Mortgage Association, 3.000% to 6.000%, due 11/01/25 to 02/01/42. The aggregate market value of the collateral, including accrued interest, was $51,003,082.
Joint Repurchase Account III
	2,180,000,000		0.185			03/01/12		2,180,000,000
Merrill Lynch, Pierce, Fenner & Smith, Inc.
	520,000,000		0.190			03/01/12		520,000,000
Maturity Value: $520,002,744
Collateralized by Federal Home Loan Mortgage Corp., 4.000% to 6.000%, due 04/01/38 to 08/01/41, Federal National Mortgage Association, 3.000% to 4.500%, due 02/01/26 to 02/01/42 and Government National Mortgage Association, 4.500%, due 05/20/41. The aggregate market value of the collateral, including accrued interest, was $535,600,001.
RBC Capital Markets LLC
	500,000,000		0.200			03/01/12		500,000,000
Maturity Value: $500,002,778
Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 5.500%, due 03/01/23 to 10/01/41 and Federal National Mortgage Association, 2.760% to 4.500%, due 01/01/16 to 03/01/42. The aggregate market value of the collateral, including accrued interest, was $510,000,001.
RBS Securities, Inc.
	250,000,000		0.200			03/01/12		250,000,000
Maturity Value: $250,001,389
Collateralized by Federal National Mortgage Association, 3.000% to 6.500%, due 01/01/22 to 01/01/42. The aggregate market value of the collateral, including accrued interest, was $255,000,508.
Societe Generale
	300,000,000		0.170			03/01/12		300,000,000
Maturity Value: $300,001,417
Collateralized by Government National Mortgage Association, 4.000% to 5.000%, due 06/15/39 to 02/20/42. The aggregate market value of the collateral, including accrued interest, was $309,000,000.
	2,000,000,000		0.190			03/01/12		2,000,000,000
Maturity Value: $2,000,010,556
Collateralized by Federal Home Loan Mortgage Corp., 3.500% to 6.500%, due 12/01/25 to 02/01/42, Federal National Mortgage Association, 3.000% to 6.500%, due 05/01/25 to 02/01/42, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/22 to 05/15/36 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/24 to 05/15/40. The aggregate market value of the collateral, including accrued interest, was $2,058,314,073.
TD Securities (USA) LLC
	200,000,000		0.170			03/01/12		200,000,000
Maturity Value: $200,000,944
Collateralized by Federal Home Loan Bank, 0.125% to 0.375%, due 11/28/12 to 01/29/14 and Federal Home Loan Bank Discount Notes, 0.000%, due 04/16/12 to 05/25/12. The aggregate market value of the collateral, including accrued interest, was $204,000,339.
UBS Securities LLC
	56,400,000		0.140			03/01/12		56,400,000
Maturity Value: $56,400,219
Collateralized by U.S. Treasury Note, 3.125%, due 02/15/42. The market value of the collateral, including accrued interest, was $57,528,022.
	1,000,000,000		0.160			03/12/12		1,000,000,000
Maturity Value: $1,000,168,887
Settlement Date: 02/03/12
Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 7.000%, due 05/01/21 to 03/01/42 and Federal National Mortgage Association, 3.500% to 6.500%, due 12/01/20 to 09/01/47. The aggregate market value of the collateral, including accrued interest, was $1,020,000,001.
TOTAL REPURCHASE AGREEMENTS-UNAFFILIATED ISSUERS							$	18,832,600,000
Repurchase Agreements-Affiliated Issuers(b) – 3.4%
Goldman, Sachs & Co.
$	1,000,000,000		0.190	%(c)		03/16/12	$	1,000,000,000
Maturity Value: $1,000,153,056
Settlement Date: 02/16/12
Collateralized by Federal Home Loan Mortgage Corp., 3.500% to 7.000%, due 05/01/24 to 02/01/42 and Federal National Mortgage Association, 3.000% to 8.000%, due 05/01/17 to 02/01/42. The aggregate market value of the collateral, including accrued interest, was $1,019,999,992.
TOTAL INVESTMENTS – 100.0%							$	29,396,806,431
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.0%								5,869,382
NET ASSETS – 100.0%							$	29,402,675,813

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

FINANCIAL SQUARE GOVERNMENT FUND

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)	Variable or floating rate security. Interest rate disclosed is that which is in effect at February 29, 2012.
(b)	Unless noted, all repurchase agreements were entered into on February 29, 2012. Additional information on Joint Repurchase Agreement Account III appears on pages 54 and 55.
(c)	Security has been determined to be illiquid by the Investment Adviser. At February 29, 2012, these securities amounted to $1,000,000,000 or approximately 3.4% of net assets.

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 final legal maturity date on the security, the demand date for puttable securities, or the prerefunded date for those types of securities.

The accompanying notes are an integral part of these financial statements.          17

FINANCIAL SQUARE MONEY MARKET FUND

Schedule of Investments

February 29, 2012 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Commercial Paper and Corporate Obligations – 20.5%
ABN Amro Funding USA LLC
$	123,000,000		0.501	%		05/01/12	$	122,895,792
Amsterdam Funding Corp.
	40,000,000		0.400			04/09/12		39,982,667
Aspen Funding Corp.
	50,000,000		0.461			05/08/12		49,956,555
	123,000,000		0.471			05/11/12		122,885,986
Atlantic Asset Securitization LLC
	200,000,000		0.500			03/12/12		199,969,445
	100,000,000		0.480	(a)		04/02/12		99,957,333
Atlantis One Funding Corp.
	206,000,000		0.516			03/13/12		205,964,637
	207,000,000		0.521			03/16/12		206,955,150
	180,000,000		0.652			08/02/12		179,499,500
Barclays Bank PLC
	200,000,000		0.675	(b)(e)		03/05/12		200,000,000
	200,000,000		1.050	(b)(e)		04/24/12		200,000,000
Gemini Securitization Corp. LLC
	60,000,000		0.350			03/01/12		60,000,000
	100,000,000		0.500			03/12/12		99,984,722
	98,000,000		0.430			03/19/12		97,978,930
	55,279,000		0.451			05/08/12		55,232,013
Hannover Funding Co. LLC
	64,000,000		0.651			03/13/12		63,986,133
	40,000,000		0.651			03/22/12		39,984,833
	50,000,000		0.551			04/23/12		49,959,514
	100,000,000		0.681			05/10/12		99,867,778
Kells Funding LLC
	100,000,000		0.571			04/18/12		99,924,000
	174,000,000		0.491			04/19/12		173,883,952
	50,000,000		0.420			05/07/12		49,960,917
	100,000,000		0.460			05/14/12		99,905,444
	100,000,000		0.651			06/11/12		99,815,833
LMA Americas LLC
	223,000,000		0.580			03/01/12		223,000,000
Matchpoint Master Trust
	20,000,000		0.801			03/01/12		20,000,000
	180,000,000		0.500			03/05/12		179,990,000
Nationwide Building Society
	200,000,000		0.641			05/02/12		199,779,555
Nordea North America, Inc.
	40,000,000		0.511			03/15/12		39,992,067
Royal Park Investments Funding Corp.
	96,000,000		1.101			03/16/12		95,956,000
	50,000,000		1.051			03/19/12		49,973,750
	105,705,000		1.202			04/02/12		105,592,248
	73,000,000		1.001			04/03/12		72,933,083
	50,000,000		1.102			04/18/12		49,926,667
	75,000,000		1.052			04/27/12		74,875,312
Tasman Funding, Inc.
	49,000,000		0.480			04/10/12		48,973,867
	80,052,000		0.470			04/16/12		80,003,924
Thames Asset Global Securitization No. 1, Inc.
	82,254,000		0.450			04/13/12		82,210,771
	50,000,000		0.455			04/17/12		49,970,299
Versailles Commercial Paper LLC
	133,000,000		0.700			03/01/12		133,000,000
TOTAL COMMERCIAL PAPER AND CORPORATE OBLIGATIONS							$	4,224,728,677
Certificates of Deposit-Yankeedollar – 7.8%
Deutsche Bank AG
$	500,000,000		0.480	%		03/20/12	$	500,000,000
Mitsubishi UFJ Trust and Banking Corp.
	400,000,000		0.450			05/17/12		400,000,000
Nordea Bank Finland PLC
	170,000,000		0.510			03/19/12		169,999,576
Norinchukin Bank
	150,000,000		0.560			03/05/12		150,001,661
	250,000,000		0.420			03/19/12		250,000,000
Societe Generale
	150,000,000		1.077			03/01/12		150,000,000
TOTAL CERTIFICATES OF DEPOSIT-YANKEEDOLLAR							$	1,620,001,237
Fixed Rate Municipal Debt Obligations – 1.7%
Regents of the University of California Taxable RN Series 2011 AA-1
$	31,200,000		0.480	%		07/01/12	$	31,200,000
State of Texas TRANS Series 2011 A
	300,000,000		2.500			08/30/12		303,353,866
TOTAL FIXED RATE MUNICIPAL DEBT OBLIGATIONS							$	334,553,866
Time Deposits – 15.0%
Credit Agricole SA
$	628,900,000		0.200	%		03/01/12	$	628,900,000
Credit Industriel et Commercial
	700,000,000		0.190			03/01/12		700,000,000
DnB NOR Bank ASA
	700,000,000		0.130			03/01/12		700,000,000
Natixis
	700,000,000		0.200			03/01/12		700,000,000
Societe Generale
	350,000,000		0.200			03/01/12		350,000,000
TOTAL TIME DEPOSITS							$	3,078,900,000
U.S. Government Agency Obligations – 14.0%
Federal Farm Credit Bank
$	29,500,000		0.500	%(b)		11/01/12	$	29,500,000
	56,000,000		0.640	(b)		12/14/12		56,000,000
Federal Home Loan Bank
	257,000,000		0.400			08/16/12		257,000,000
	193,000,000		0.400			08/17/12		193,000,000
	114,000,000		0.200			09/06/12		113,980,155

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

FINANCIAL SQUARE MONEY MARKET FUND

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
U.S. Government Agency Obligations – (continued)
Federal Home Loan Bank – (continued)
$	109,000,000		0.240	%		09/28/12	$	108,997,578
	100,000,000		0.230			10/24/12		99,971,365
	64,000,000		0.230			10/30/12		63,989,829
	43,400,000		0.230			11/07/12		43,392,869
	16,500,000		0.200			12/06/12		16,493,196
	16,500,000		0.300			12/06/12		16,500,000
	41,000,000		0.300			12/07/12		41,000,000
	16,500,000		0.320			12/07/12		16,500,000
	65,900,000		0.210			12/10/12		65,877,545
	32,500,000		0.320			12/10/12		32,500,000
	30,300,000		0.320			12/11/12		30,300,000
	122,400,000		0.210			12/13/12		122,357,843
	65,600,000		0.300			12/14/12		65,600,000
	16,400,000		0.300			12/17/12		16,400,000
	12,100,000		0.310			12/17/12		12,100,000
	89,400,000		0.210			12/19/12		89,366,753
	89,400,000		0.210			12/21/12		89,368,350
	8,900,000		0.320			12/21/12		8,900,000
	43,300,000		0.200			12/28/12		43,280,742
	78,800,000		0.210			12/28/12		78,771,442
	15,000,000		0.200	(b)		07/08/13		14,989,717
	30,000,000		0.189	(b)		07/15/13		29,979,144
Federal Home Loan Mortgage Corporation
	50,000,000		5.500			08/20/12		51,238,828
	468,000,000		0.214	(b)		05/03/13		467,777,801
	196,750,000		0.213	(b)		05/06/13		196,656,453
	211,000,000		0.214	(b)		06/03/13		210,892,740
	200,000,000		0.196	(b)		06/17/13		199,855,952
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS							$	2,882,538,302
U.S. Treasury Obligations – 2.2%
United States Treasury Notes
$	250,000,000		0.625	%		02/28/13	$	251,041,082
	205,000,000		0.750	(a)		03/31/13		206,209,180
TOTAL U.S. TREASURY OBLIGATIONS							$	457,250,262
Variable Rate Municipal Debt Obligations(b) – 6.3%
Alaska Housing Finance Corp. Home Mortgage VRDN RB Series 2009 D (GO of Corp.) (Bank of America N.A. SPA)
$	43,000,000		0.210	%		12/01/40	$	43,000,000
Alaska State Housing Finance Corp. VRDN RB Governmental Purpose Series 2001 A RMKT (GO of Corp.)
	31,415,000		0.110			12/01/30		31,415,000
California Statewide Communities Development Authority VRDN RB for Kaiser Permanente Series 2003 B (GTY AGMT-Kaiser Foundation Health Plan Inc., Kaiser Hospital Asset Management Inc. and Kaiser Health Plan Asset Management Inc.)
	33,800,000		0.130			08/15/25		33,800,000
California Statewide Communities Development Authority VRDN RB for Kaiser Permanente Series 2009 C-3
	18,000,000		0.130			04/01/45		18,000,000
California Toll Authority VRDN RB Floater Certificates Series 2010-30C (Wells Fargo Bank N.A.) (GTY AGMT – Wells Fargo Bank N.A.)(c)
	23,250,000		0.160			10/01/50		23,250,000
City of Los Angeles California Wastewater System VRDN RB Refunding Series 2008 Subseries D (JPMorgan Chase Bank LOC)
	17,400,000		0.140			06/01/28		17,400,000
City of Portland, Maine GO VRDN (Landesbank Hessen-Thueringen Girozentrale SPA)
	22,255,000		0.340			06/01/26		22,255,000
Colorado Springs Utilities VRDN RB Series 2008 A (Bank of America N.A. SPA)
	17,645,000		0.210			11/01/38		17,645,000
Connecticut State Housing Finance Authority Mortgage Finance Program VRDN RB Taxable Series 2010 Subseries A-6 (Bank of America N.A. SPA)
	15,555,000		0.220			11/15/39		15,555,000
Connecticut State Housing Finance Authority VRDN RB Housing Mortgage Finance Program 1989 Series D RMKT (GO of Authority) (FHLB SPA)
	18,833,000		0.190			11/15/24		18,833,000
Connecticut State Housing Finance Authority VRDN RB Housing Mortgage Finance Program 2011 Series D (GO of Authority) (Barclays Bank PLC SPA)
	49,350,000		0.160			05/15/33		49,350,000
Cook County, Illinois GO VRDN Series 2002 B (Landesbank Hessen-Thueringen Girozentrale SPA)
	83,600,000		0.320			11/01/31		83,600,000
Harris County Health Facilities Development Corp. VRDN RB Refunding for St. Luke’s Episcopal Hospital Series 2008 B (Bank of America N.A. and Wells Fargo Bank N.A. SPA)
	40,000,000		0.190			02/15/47		40,000,000
Indiana Finance Authority VRDN RB for Indiana University Health Obligated Group Series 2011 B (Bank of America N.A. LOC)
	45,675,000		0.180			03/01/33		45,675,000
Indiana State Finance Authority VRDN RB for Lease Appropriation Series 2008 A-2 RMKT
	40,000,000		0.130			02/01/39		40,000,000
JEA Water & Sewer Systems VRDN RB Series 2008 B (JPMorgan Chase Bank SPA)
	38,390,000		0.140			10/01/41		38,390,000
King County Washington GO VRDN Series 2009 A (Bank of America N.A. SPA)
	46,100,000		0.160			06/01/29		46,100,000
Los Angeles Department of Water & Power VRDN RB for Power System Series 2002 Subseries A-1 (JPMorgan Chase Bank SPA)
	28,500,000		0.120			07/01/35		28,500,000
Loudoun County IDA VRDN RB for Howard Hughes Medical Series 2003 E
	25,435,000		0.110			02/15/38		25,435,000
Massachusetts Department of Transportation VRDN RB Metropolitan Highway System Series 2010 A-3 (GO of Commonwealth) (Bank of America N.A. LOC)
	38,845,000		0.200			01/01/39		38,845,000
Massachusetts State Water Resources Authority VRDN RB Refunding Subordinated General Series 2008 A-2 RMKT (GO of Authority) (TD Bank N.A. SPA)
	27,345,000		0.110			08/01/37		27,345,000
Metropolitan Government Nashville & Davidson County Tennessee Health & Educational Facilities Board VRDN RB for Vanderbilt University Series 2005 A-2
	18,400,000		0.110			10/01/44		18,400,000

The accompanying notes are an integral part of these financial statements.          19

FINANCIAL SQUARE MONEY MARKET FUND

Schedule of Investments (continued)

February 29, 2012 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Variable Rate Municipal Debt Obligations(b) – (continued)
Michigan State University VRDN RB Board of Trustees of Michigan Series 2003 A (Landesbank Hessen-Thueringen Girozentrale SPA)
$	43,185,000		0.210	%		02/15/33	$	43,185,000
Michigan State University VRDN RB Series 2005 (Landesbank Hessen-Thueringen SPA)
	25,000,000		0.210			02/15/34		25,000,000
New Jersey State Turnpike Authority VRDN RB Series 1991 D (NATL-RE FGIC) (Societe Generale LOC)
	47,000,000		1.350			01/01/18		47,000,000
New York City GO VRDN Series 2004 Subseries H-8 (Bank of America N.A. LOC)
	50,790,000		0.200			03/01/34		50,790,000
New York City Transitional Finance Authority VRDN RB Recovery Series 2002-1 Subseries 1-A (Landesbank Hessen-Thueringen Girozentrale)
	37,440,000		0.190			11/01/22		37,440,000
New York City, New York Transitional Finance Authority VRDN RB for Future Tax Secured Series 1998 A-1 (Westdeutsche Landesbank AG SPA)
	72,200,000		0.170			11/15/28		72,200,000
New York State Dormitory Authority Personal Income Tax Secondary Issues VRDN RB Eagle Series 2006-0047 Class A (Citibank N.A.)
	23,400,000		0.160			03/15/35		23,400,000
New York State Housing Finance Agency VRDN RB The Helena Housing Series 2003 A RMKT (FNMA)
	32,000,000		0.120			05/15/36		32,000,000
New York State Housing Finance Agency VRDN RB The Helena Housing Series 2004 A RMKT (FNMA)
	28,800,000		0.120			05/15/36		28,800,000
Nuveen Municipal Market Opportunity Fund, Inc. VRDN Tax-Exempt Preferred Series 2010 1 (Deutsche Bank A.G.)(c)
	25,000,000		0.330			03/01/40		25,000,000
Ohio State GO VRDN Refunding for Infrastructure Improvement Series 2004 A
	18,865,000		0.100			02/01/23		18,865,000
Private Colleges & Universities Authority, Georgia VRDN RB Emory University Project Series 1999 B (GO of University)
	10,230,000		0.230			11/01/29		10,230,000
State of Mississippi GO VRDN RB for Nissan North America, Inc. Project Series 2003 A (Bank of America N.A. SPA)
	25,000,000		0.170			11/01/28		25,000,000
State of Texas GO VRDN College Student Loan Series 2003 RKMT (Landesbank Hessen-Thueringen Girozentrale SPA)
	23,000,000		0.200			02/01/38		23,000,000
State of Texas GO VRDN Veterans Bonds Taxable Series 2010 D (Lloyds TSB Bank PLC)
	8,520,000		0.400			12/01/30		8,520,000
Tarrant County, Texas Health Facilities Development Corp. Hospital VRDN RB for Cook Children’s Medical Center Series 2010 B
	27,000,000		0.130			12/01/39		27,000,000
Triborough Bridge & Tunnel Authority VRDN RB Series 2001 C RMKT (JPMorgan Chase Bank SPA)
	40,000,000		0.140			01/01/32		40,000,000
University of Illinois VRDN COPS for Utility Infrastructure Series 2004 (Bank of America N.A. SPA)
	24,783,000		0.190			08/15/21		24,783,000
University of New Mexico VRDN RB Refunding Subordinated Lien Systems Series 2003 B (JPMorgan Chase Bank SPA)
	23,540,000		0.130			06/01/26		23,540,000
TOTAL VARIABLE RATE MUNICIPAL DEBT OBLIGATIONS							$	1,308,546,000
Variable Rate Obligations(b) – 8.8%
Bank of Nova Scotia
$	200,000,000		0.550	%		11/09/12	$	200,000,000
Commonwealth Bank of Australia
	75,000,000		0.513			05/21/12		74,998,950
	29,800,000		0.547			05/25/12		29,799,278
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
	98,000,000		0.638	(c)		09/14/12		98,000,000
JPMorgan Chase Bank NA
	195,000,000		0.595			03/18/13		195,000,000
	280,000,000		0.366			03/21/13		280,000,000
Royal Bank of Canada
	587,000,000		0.371			09/20/12		587,000,000
University of California VRDN RB Taxable Series 2011 Y-2
	15,600,000		0.348			07/01/12		15,600,000
Westpac Banking Corp.
	154,688,000		0.338			06/15/12		154,637,946
	174,000,000		0.623			11/06/12		174,000,000
TOTAL VARIABLE RATE OBLIGATIONS							$	1,809,036,174
TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS							$	15,715,554,518
Repurchase Agreements(d) – 25.0%
Barclays Capital, Inc.
$	100,000,000		0.180	%		03/01/12	$	100,000,000
Maturity Value: $100,000,500
Collateralized by Federal Home Loan Mortgage Corp., 4.375%, due 07/17/15 and Federal National Mortgage Association, 5.375% to 6.250%, due 06/12/17 to 05/15/29. The aggregate market value of the collateral, including accrued interest, was $102,000,772.
	200,000,000		0.320			03/01/12		200,000,000
Maturity Value: $200,001,778
Collateralized by various corporate security issuers, 0.000% to 1.000%, due 03/01/12 to 02/15/13. The aggregate market value of the collateral, including accrued interest, was $210,000,003.
	200,000,000		0.470			03/01/12		200,000,000
Maturity Value: $200,002,611
Collateralized by various corporate security issuers, 0.250% to 6.000%, due 04/15/12 to 05/15/41. The aggregate market value of the collateral, including accrued interest, was $220,000,744.
	200,000,000		0.150			03/16/12		200,000,000
Maturity Value: $200,023,333
Settlement Date: 02/17/12
Collateralized by Federal Home Loan Mortgage Corp., 6.000%, due 04/01/36, Federal National Mortgage Association, 3.500% to 6.000%, due 07/01/26 to 01/01/42 and Government National Mortgage Association, 5.000% to 6.000%, due 01/15/39 to 07/20/40. The aggregate market value of the collateral, including accrued interest, was $204,000,000.

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

FINANCIAL SQUARE MONEY MARKET FUND

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Repurchase Agreements(d) – (continued)
BNP Paribas Securities Corp.
$	125,000,000		0.520	%		03/01/12	$	125,000,000
Maturity Value: $125,001,806
Collateralized by Federal National Mortgage Association, 0.650% to 3.362%, due 09/17/27 to 06/25/43, mortgage-backed security issuer, 5.997%, due 01/25/35 and various corporate security issuers, 5.500% to 13.000%, due 08/15/12 to 06/01/36. The aggregate market value of the collateral, including accrued interest, was $137,471,486.
	400,000,000		0.190			03/15/12		400,000,000
Maturity Value: $400,063,334
Settlement Date: 02/14/12
Collateralized by Federal Home Loan Mortgage Corp., 4.000% to 6.500%, due 04/01/19 to 01/01/42 and Federal National Mortgage Association, 3.000% to 7.000%, due 01/01/18 to 08/01/47. The aggregate market value of the collateral, including accrued interest, was $407,999,994.
	199,000,000		1.055			03/16/12		199,000,000
Maturity Value: $200,597,988
Settlement Date: 06/16/11
Collateralized by Federal National Mortgage Association, 0.394% to 6.000%, due 02/25/33 to 04/25/36, various asset-backed obligations, 1.917% to 5.997%, due 01/25/35 to 10/15/54 and various corporate security issuers, 1.063% to 12.250%, due 04/01/12 to 06/01/32. The aggregate market value of the collateral, including accrued interest, was $218,141,419.
Credit Suisse Securities (USA) LLC
	200,000,000		0.900			03/26/12		200,000,000
Maturity Value: $200,155,000
Settlement Date: 02/24/12
Collateralized by various asset-backed obligations, 0.294% to 7.942%, due 07/31/21 to 12/25/46 and various mortgage-backed security issuers, 0.516% to 6.120%, due 11/15/18 to 01/26/47. The aggregate market value of the collateral, including accrued interest, was $240,001,037.
Deutsche Bank Securities, Inc.
	500,000,000		0.200			03/01/12		500,000,000
Maturity Value: $500,002,778
Collateralized by Federal National Mortgage Association, 4.000%, due 09/01/40 to 08/01/41. The aggregate market value of the collateral, including accrued interest, was $515,000,000.
	247,000,000		0.470			03/01/12		247,000,000
Maturity Value: $247,003,225
Collateralized by various corporate security issuers, 1.000% to 7.500%, due 04/15/12 to 10/15/29. The aggregate market value of the collateral, including accrued interest, was $271,700,000.
Joint Repurchase Agreement Account III
	1,138,300,000		0.185			03/01/12		1,138,300,000
JP Morgan Securities LLC
	125,000,000		0.470			03/01/12		125,000,000
Maturity Value: $125,001,632
Collateralized by various asset-backed obligations, 0.314% to 6.726%, due 01/15/30 to 08/25/46. The aggregate market value of the collateral, including accrued interest, was $137,501,693.
	75,000,000		0.840	(e)		04/23/12		75,000,000
Maturity Value: $75,159,250
Settlement Date: 01/23/12
Collateralized by various asset-backed obligations, 0.374% to 1.369%, due 05/25/32 to 02/25/37. The aggregate market value of the collateral, including accrued interest, was $82,500,060.
Merrill Lynch Government Securities, Inc.
	520,000,000		0.190			03/01/12		520,000,000
Maturity Value: $520,002,744
Collateralized by Government National Mortgage Association, 4.500%, due 04/20/41. The market value of the collateral, including accrued interest, was $535,600,000.
RBS Securities, Inc.
	100,000,000		0.420			03/01/12		100,000,000
Maturity Value: $100,001,167
Collateralized by Federal Home Loan Mortgage Corp., 4.000% to 5.500%, due 06/15/36 to 06/15/41, Federal National Mortgage Association, 0.634% to 7.500%, due 03/25/23 to 03/25/42, Government National Mortgage Association, 4.000% to 5.000%, due 01/16/27 to 09/20/39 and various corporate security issuers, 1.379% to 6.990%, due 12/01/16 to 11/15/28. The aggregate market value of the collateral, including accrued interest, was $110,001,177.
	697,000,000		0.520			03/01/12		697,000,000
Maturity Value: $697,010,068
Collateralized by Federal National Mortgage Association, 2.500% to 6.000%, due 09/01/20 to 03/01/42. The aggregate market value of the collateral, including accrued interest, was $710,940,300.
Societe Generale
	100,000,000		0.520			03/01/12		100,000,000
Maturity Value: $100,001,444
Collateralized by various corporate security issuers, 0.000%, due 01/01/49. The aggregate market value of the collateral, including accrued interest, was $108,000,006.
UBS Securities LLC
	25,000,000		0.140			03/01/12		25,000,000
Maturity Value: $25,000,097
Collateralized by U.S. Treasury Bond, 3.125%, due 02/15/42. The market value of the collateral, including accrued interest, was $25,500,048.
TOTAL REPURCHASE AGREEMENTS							$	5,151,300,000
TOTAL INVESTMENTS – 101.3%							$	20,866,854,518
LIABILITIES IN EXCESS OF OTHER ASSETS – (1.3)%								(275,698,547	)
NET ASSETS – 100.0%							$	20,591,155,971

The accompanying notes are an integral part of these financial statements.          21

FINANCIAL SQUARE MONEY MARKET FUND

Schedule of Investments (continued)

February 29, 2012 (Unaudited)

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

(a)	All or a portion represents a forward commitment.
(b)	Variable or floating rate security. Interest rate disclosed is that which is in effect at February 29, 2012.
(c)	Security not registered under the Securities Act of 1933, as amended. Such securities have been determined to be liquid by the Investment Adviser. At February 29, 2012, these securities amounted to $425,048,228 or approximately 2.1% of net assets.
(d)	Unless noted, all repurchase agreements were entered into on February 29, 2012. Additional information on Joint Repurchase Agreement Account III appears on pages 54 and 55.
(e)	Security has been determined to be illiquid by the Investment Adviser. At February 29, 2012, these securities amounted to $475,000,000 or approximately 2.3% of net assets.

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 final legal maturity date on the security, the demand date for puttable securities, or the prerefunded date for those types of securities.

Investment Abbreviations:
COPS	—	Certificates of Participation
FGIC	—	Insured by Financial Guaranty Insurance Co.
FHLB	—	Insured by Federal Home Loan Bank
FNMA	—	Insured by Federal National Mortgage Association
GO	—	General Obligation
GTY AGMT	—	Guaranty Agreement
IDA	—	Industrial Development Agency
LOC	—	Letter of Credit
NATL-RE	—	National Reinsurance Corp.
RB	—	Revenue Bond
RN	—	Revenue Notes
RMKT	—	Remarketed
SPA	—	Stand-by Purchase Agreement
TRANS	—	Tax Revenue Anticipation Notes
VRDN	—	Variable Rate Demand Notes

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

FINANCIAL SQUARE PRIME OBLIGATIONS FUND

Schedule of Investments

February 29, 2012 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Commercial Paper and Corporate Obligations – 21.7%
Amsterdam Funding Corp.
$	50,000,000		0.400	%		04/09/12	$	49,978,333
Argento Variable Funding Co. LLC
	80,000,000		0.200			03/01/12		80,000,000
	200,000,000		0.471			05/16/12		199,801,556
Aspen Funding Corp.
	50,000,000		0.461			05/08/12		49,956,556
	165,000,000		0.471			05/11/12		164,847,054
Atlantic Asset Securitization LLC
	298,000,000		0.500			03/12/12		297,954,472
	150,000,000		0.480	(a)		04/02/12		149,936,000
Atlantis One Funding Corp.
	235,000,000		0.516			03/13/12		234,959,658
	230,000,000		0.521			03/16/12		229,950,167
	307,000,000		0.652			08/02/12		306,146,369
Gemini Securitization Corp. LLC
	90,000,000		0.350			03/01/12		90,000,000
	200,000,000		0.500			03/12/12		199,969,444
	200,000,000		0.430			03/19/12		199,957,000
	86,235,000		0.380			04/09/12		86,199,500
Hannover Funding Co. LLC
	150,000,000		0.651			03/13/12		149,967,500
	60,000,000		0.651			03/22/12		59,977,250
	50,000,000		0.551			04/23/12		49,959,514
	132,000,000		0.681			05/10/12		131,825,467
	100,000,000		0.681			05/17/12		99,854,555
Kells Funding LLC
	200,000,000		0.450			03/09/12		199,980,000
	250,000,000		0.571			04/18/12		249,810,000
	50,000,000		0.420			05/07/12		49,960,917
	100,000,000		0.460			05/14/12		99,905,444
LMA Americas LLC
	290,000,000		0.580			03/01/12		290,000,000
Matchpoint Master Trust
	140,000,000		0.801			03/01/12		140,000,000
	160,000,000		0.500			03/05/12		159,991,111
Newport Funding Corp.
	150,000,000		0.430			04/02/12		149,942,667
Royal Park Investments Funding Corp.
	50,000,000		1.001			03/16/12		49,979,167
	110,000,000		1.101			03/16/12		109,949,583
	77,338,000		1.051			03/19/12		77,297,398
	113,957,000		1.202			04/02/12		113,835,446
	100,000,000		1.001			04/03/12		99,908,333
	50,000,000		1.102			04/18/12		49,926,667
	99,000,000		1.052			04/27/12		98,835,412
Tasman Funding, Inc.
	50,000,000		0.250			03/01/12		50,000,000
	150,082,000		0.480			04/09/12		150,003,958
	129,140,000		0.470			04/16/12		129,062,444
Thames Asset Global Securitization No. 1, Inc.
	52,470,000		0.450			04/13/12		52,441,797
	50,000,000		0.440			04/17/12		49,971,278
	52,200,000		0.455			04/17/12		52,168,992
Versailles Commercial Paper LLC
	190,000,000		0.700			03/01/12		190,000,000
TOTAL COMMERCIAL PAPER AND CORPORATE OBLIGATIONS							$	5,444,211,009
Fixed Rate Municipal Debt Obligations – 2.1%
Los Angeles Unified School District GO TRANS Series 2011 A
$	50,000,000		2.000	%		08/01/12	$	50,367,200
Regents of the University of California Taxable RN Series 2011 AA-1
	28,500,000		0.480			07/01/12		28,500,000
State of New Jersey TRANS Series 2011 C
	113,000,000		2.000			06/21/12		113,604,676
State of Texas TRANS Series 2011 A
	342,000,000		2.500			08/30/12		345,823,336
TOTAL FIXED RATE MUNICIPAL DEBT OBLIGATIONS							$	538,295,212
U.S. Government Agency Obligations – 17.2%
Federal Farm Credit Bank
$	43,240,000		0.500	%(b)		11/01/12	$	43,240,000
	72,300,000		0.640	(b)		12/14/12		72,300,000
Federal Home Loan Bank
	243,000,000		0.400			08/16/12		243,000,000
	182,000,000		0.400			08/17/12		182,000,000
	100,000,000		0.200			09/07/12		99,982,506
	162,000,000		0.240			09/28/12		161,996,400
	250,000,000		0.230			10/15/12		249,962,701
	125,000,000		0.220			10/17/12		124,973,292
	175,000,000		0.230			10/24/12		174,949,889
	36,000,000		0.230			10/30/12		35,994,279
	19,500,000		0.200			12/06/12		19,491,959
	19,500,000		0.300			12/06/12		19,500,000
	78,500,000		0.300			12/07/12		78,500,000
	19,500,000		0.320			12/07/12		19,500,000
	77,600,000		0.210			12/10/12		77,573,559
	38,500,000		0.320			12/10/12		38,500,000
	35,800,000		0.320			12/11/12		35,800,000
	142,000,000		0.210			12/13/12		141,951,093
	77,600,000		0.300			12/14/12		77,600,000
	19,400,000		0.300			12/17/12		19,400,000
	14,600,000		0.310			12/17/12		14,600,000
	52,600,000		0.210			12/19/12		52,580,439
	52,600,000		0.210			12/21/12		52,581,378
	5,300,000		0.320			12/21/12		5,300,000
	25,500,000		0.200			12/28/12		25,488,658
	92,700,000		0.210			12/28/12		92,666,404
	51,400,000		0.300			01/11/13		51,400,000
	15,000,000		0.200	(b)		07/08/13		14,989,717
	29,000,000		0.189	(b)		07/15/13		28,979,839

The accompanying notes are an integral part of these financial statements.          23

FINANCIAL SQUARE PRIME OBLIGATIONS FUND

Schedule of Investments (continued)

February 29, 2012 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
U.S. Government Agency Obligations – (continued)
Federal Home Loan Mortgage Corporation
$	50,549,000		5.500	%		08/20/12	$	51,801,430
	252,000,000		0.350			12/14/12		252,000,000
	495,000,000		0.213	(b)		02/04/13		494,765,407
	500,000,000		0.214	(b)		05/03/13		499,762,756
	102,000,000		0.214	(b)		06/03/13		101,948,149
Federal National Mortgage Association
	199,000,000		0.405	(b)		05/17/13		198,925,669
	250,000,000		0.224	(b)		10/03/13		249,838,675
	200,000,000		0.221	(b)		11/14/13		199,897,064
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS							$	4,303,741,263
U.S. Treasury Obligations – 2.0%
United States Treasury Notes
$	249,000,000		0.625	%		02/28/13	$	250,036,918
	244,000,000		0.750	(a)		03/31/13		245,439,218
TOTAL U.S. TREASURY OBLIGATIONS							$	495,476,136
Variable Rate Municipal Debt Obligations(b) – 14.1%
Alaska Housing Finance Corp. Home Mortgage VRDN RB Floaters Series 2010-3188 (GO of Corp.) (Morgan Stanley Bank)(c)
$	800,000		0.310	%		12/01/33	$	800,000
Alaska Housing Finance Corp. Home Mortgage VRDN RB Series 2009 A
	48,830,000		0.140			12/01/40		48,830,000
Alaska State Housing Finance Corp. VRDN RB Governmental Purpose Series 2001 B RMKT (GO of Corp.)
	54,400,000		0.110			12/01/30		54,400,000
Allegheny County Industrial Development Authority Pennsylvania VDRN RB Children’s Hospital Project Series 2004 A (Bank of America N.A. LOC)
	61,960,000		0.200			10/01/32		61,960,000
Bay Area Toll Authority California Toll Bridge VRDN RB Series 2007 D-2 RMKT (JPMorgan Chase Bank LOC)
	84,400,000		0.110			04/01/47		84,400,000
BlackRock MuniEnhanced Fund, Inc. VRDN Tax-Exempt Preferred Series 2011 (Citibank N.A.)(c)
	14,700,000		0.300			06/01/41		14,700,000
BlackRock MuniHoldings Investment Quality Fund VRDN Tax-Exempt Preferred Series 2011 W-7-2746 (Bank of America N.A.)(c)
	42,200,000		0.260			07/01/41		42,200,000
BlackRock MuniYield Fund, Inc. VRDN Tax-Exempt Preferred Series 2011 W-7-2514 (Bank of America N.A.)(c)
	37,700,000		0.260			07/01/41		37,700,000
BlackRock MuniYield Investment Fund VRDN Tax-Exempt Preferred Series 2011 (Citibank N.A.)(c)
	7,700,000		0.300			06/01/41		7,700,000
BlackRock MuniYield Quality Fund III, Inc. VRDN Tax-Exempt Preferred Series 2011 (Citibank N.A.)(c)
	45,900,000		0.300			06/01/41		45,900,000
Board of Regents of the University of Texas System VRDN RB for Financing System Series 2008 B (University of Texas Investment Management)
	60,190,000		0.110			08/01/25		60,190,000
California Health Facilities Financing Authority VRDN RB Refunding for Stanford Hospital Series 2008-B-1
	17,000,000		0.100			11/15/45		17,000,000
California Housing Finance Agency VRDN RB for Home Mortgage Series 2008 C (FHLMC) (FNMA)
	47,745,000		0.130			08/01/41		47,745,000
California Statewide Communities Development Authority VRDN RB for John Muir Health Series 2008 B (Bank of America N.A. LOC)
	48,700,000		0.190			08/15/36		48,700,000
California Statewide Communities Development Authority VRDN RB for Kaiser Permanente Series 2004 L
	56,130,000		0.130			04/01/38		56,130,000
California Statewide Communities Development Authority VRDN RB for Kaiser Permanente Series 2008 A
	74,800,000		0.130			04/01/32		74,800,000
Charleston Waterworks & Sewer RB for Refunding & Capital Improvement Series 2003 A (Bank of America N.A. SPA)
	52,455,000		0.200			01/01/33		52,455,000
City of Portland, Maine GO VRDN (Landesbank Hessen-Thueringen Girozentrale SPA)
	25,000,000		0.340			06/01/26		25,000,000
Colorado Health Facilities Authority VRDN RB for Catholic Health Series 2004 B-6 (JPMorgan Chase Bank SPA)
	46,400,000		0.130			03/01/44		46,400,000
Colorado Springs Utilities Systems VRDN RB for Subordinated Lien Improvement Series 2005 A (Bank of America N.A. SPA)
	96,645,000		0.210			11/01/35		96,645,000
Colorado Springs Utilities VRDN RB Series 2000 A (Bayerische Landesbank) (MBIA)
	108,700,000		0.280			11/01/29		108,700,000
Connecticut State Housing Finance Authority Mortgage Finance Program VRDN RB Taxable Series 2010 Subseries A-6 (Bank of America N.A. SPA)
	24,800,000		0.220			11/15/39		24,800,000
Connecticut State Housing Finance Authority VRDN RB Housing Mortgage Finance Program Series 2008 E (GO of Authority) (Bank of America N.A. SPA)
	87,500,000		0.200			05/15/39		87,500,000
Cook County, Illinois GO VRDN Series 2002 B (Landesbank Hessen-Thueringen Girozentrale SPA)
	95,100,000		0.320			11/01/31		95,100,000
Delaware State Health Facilities Authority VRDN RB for Nemours Foundation Project Series 2005 (Bank of America N.A.)
	34,815,000		0.230			01/01/35		34,815,000
District of Columbia GO VRDN Refunding Series 2008 D RMKT (Wells Fargo Bank N.A. LOC)
	78,935,000		0.140			06/01/34		78,935,000
Fairfax County Economic Development Authority VRDN RB for Smithsonian Institute Series 2003 A (Bank of America N.A. SPA)
	17,915,000		0.190			12/01/33		17,915,000
Franklin County Hospital VRDN RB Refunding for Nationwide Children’s Hospital Series 2008 D (PNC Bank N.A. SPA)
	22,400,000		0.150			11/01/33		22,400,000
Franklin County Hospital VRDN RB Refunding for Nationwide Children’s Hospital Series 2008 F (PNC Bank N.A. SPA)
	25,460,000		0.150			05/01/31		25,460,000
Glendale VRDN COPS for Police Building Project Series 2000 (Morgan Guaranty Trust SPA)
	27,400,000		0.160			06/01/30		27,400,000

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

FINANCIAL SQUARE PRIME OBLIGATIONS FUND

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Variable Rate Municipal Debt Obligations(b) – (continued)
Guilford County North Carolina GO VRDN Series 2004 C (Bank of America N.A. SPA)
$	29,650,000		0.210	%		10/01/20	$	29,650,000
Harris County Health Facilities Development Corp. VRDN RB Refunding for St. Lukes Episcopal Hospital Series 2005 A RMKT (JPMorgan Chase Bank, Wells Fargo and Baden-Wurttenberg SPA)
	91,845,000		0.150			02/15/32		91,845,000
Hawaii State Department of Budget and Finance VRDN RB P-Floats-MT-685 Series 2011 (AMBAC) (Bank of America N.A.)(c)
	27,635,000		0.410			03/07/12		27,635,000
Hawaii State Department of Budget and Finance VRDN RB P-Floats-MT-686 Series 2011 (AMBAC) (Bank of America N.A.)(c)
	22,610,000		0.420			03/07/12		22,610,000
Highlands County Health Facilities Authority VRDN RB for Adventist Health System Series 2007 A-2
	30,000,000		0.120			11/15/37		30,000,000
Illinois State Finance Authority VRDN RB for Northwestern Memorial Hospital Series 2007 A-4 (JPMorgan Chase Bank SPA)
	26,605,000		0.130			08/15/42		26,605,000
Illinois State Finance Authority VRDN RB for Southern Illinois Healthcare Series 2008 (JPMorgan Chase Bank N.A. LOC)
	52,450,000		0.130			03/01/38		52,450,000
Indiana Finance Authority VRDN RB for Indiana University Health Series 2011 J (JPMorgan Chase Bank LOC)
	20,850,000		0.130			03/01/33		20,850,000
Jacksonville Electric Authority Water & Sewer Systems VRDN RB Series 2008-3B-2 (Bank of America N.A. SPA)
	56,710,000		0.180			10/01/40		56,710,000
Lehigh County General Purpose Hospital VRDN RB for Valley Health Network Series 2008 C (Bank of America N.A. LOC)
	27,985,000		0.200			07/01/29		27,985,000
Los Angeles Community College District GO for Building America Boards Series 2010(c)
	16,000,000		0.500			03/07/12		16,000,000
Los Angeles Department of Water & Power VRDN RB for Power System Series 2002 Subseries A-5 (Barclays Bank PLC SPA)
	46,300,000		0.140			07/01/35		46,300,000
Maine State Housing Authority VRDN RB Refunding for Park Village Series 2003 (FNMA)
	23,100,000		0.200			10/28/32		23,100,000
Maryland Industrial Development Financing Authority Port Facilities VRDN RB Refunding for Occidental Petroleum Corp. Series 2010
	24,600,000		0.110			03/01/30		24,600,000
Massachusetts Bay Transportation Authority VRDN RB for General Transportation System Series 2000 A2 (GO of Authority) (Bank of America N.A. SPA)
	54,000,000		0.140			03/01/30		54,000,000
Metropolitan Washington Airports Authority VRDN RB Putters Series 2007-1691 (FGIC) (Deutsche Bank A.G.)
	12,345,000		0.260			10/01/14		12,345,000
Michigan State University VRDN RB Series 2005 (Landesbank Hessen-Thueringen SPA)
	23,975,000		0.210			02/15/34		23,975,000
Mississippi Business Finance Corp. Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2010 A (GTY AGMT Chevron Corp.)
	45,600,000		0.100			12/01/30		45,600,000
Mississippi State GO VRDN Series 2007 (Bank of America N.A.)
	38,050,000		0.200			09/01/27		38,050,000
Missouri State Health & Educational Facilities Authority VRDN RB for BJC Health System Series 2008 D
	75,000,000		0.100			05/15/38		75,000,000
Missouri State Health & Educational Facilities Authority VRDN RB for SSM Health Care System Series 2005 D-4 RMKT (JPMorgan Chase Bank SPA)
	41,125,000		0.150			06/01/33		41,125,000
Montana Facility Finance Authority VRDN RB for Sisters Charity Health System Series 2003 (JPMorgan Chase Bank SPA)
	31,110,000		0.140			12/01/35		31,110,000
New Jersey State Turnpike Authority VRDN RB Series 1991 D (NATL-RE FGIC) (Societe Generale LOC)
	58,740,000		1.350			01/01/18		58,740,000
New York City GO VRDN Series 2002 Subseries C-2 (Bayerische Landesbank LOC)
	62,705,000		0.190			08/01/20		62,705,000
New York City Housing Development Corp. VRDN RB for Tribeca Tower Series 1997 A (FNMA)
	55,000,000		0.120			11/15/19		55,000,000
New York City Trust For Cultural Resources VRDN RB Refunding for American Museum Natural History Series 2008 A2 (Bank of America N.A. SPA)
	30,890,000		0.210			04/01/27		30,890,000
New York State Dormitory Authority Mental Health Services Facilities VRDN RB Series 2011 DB-1022X (AGM) (Deutsche Bank A.G.)(c)
	7,835,000		0.280			02/15/33		7,835,000
New York State Housing Finance Agency VRDN RB for 900 8 Avenue Series 2002 A RMKT (FNMA)
	30,500,000		0.120			05/15/35		30,500,000
New York State Housing Finance Agency VRDN RB for South Cove Plaza Series 1999 A (FHLMC)
	32,000,000		0.120			11/01/30		32,000,000
New York State Local Government Assistance Corp. VRDN RB Refunding Subordinated Lien Series 2003 4V RMKT (GO of Corp.) (Bank of America N.A. SPA)
	56,855,000		0.160			04/01/22		56,855,000
New York State Local Government Assistance Corp. VRDN RB Series 1995 C (Landesbank Hessen-Thueringen LOC)
	24,700,000		0.160			04/01/25		24,700,000
North Carolina Capital Facilities Finance Agency VRDN RB for Duke University Eagle Series 2006-0012 A (Citibank N.A. SPA)
	26,365,000		0.160			10/01/41		26,365,000
Nuveen Municipal Market Opportunity Fund, Inc. VRDN Tax-Exempt Preferred Series 2010 1 (Deutsche Bank A.G.)(c)
	27,000,000		0.330			03/01/40		27,000,000
Port Arthur Navigation District Environmental Facilities VRDN RB for Motiva Enterprises LLC Series 2010 Subseries E
	69,600,000		0.120			11/01/40		69,600,000
Port Authority of New York & New Jersey VRDN RB ROCS RR-II R-11589 Series 2008 (FGIC GO of Authority) (Citibank N.A.)(c)
	18,165,000		0.210			03/01/25		18,165,000
Port Authority of New York & New Jersey VRDN RB Series 2008-636 (CIFG GO of Authority) (Deutsche Bank A.G.)
	8,700,000		0.280			09/01/24		8,700,000
Port Authority of New York & New Jersey VRDN RB Series 2011 DB-1023X (Go of Authority) (Deutsche Bank A.G.)(c)
	7,085,000		0.280			10/15/21		7,085,000

The accompanying notes are an integral part of these financial statements.          25

FINANCIAL SQUARE PRIME OBLIGATIONS FUND

Schedule of Investments (continued)

February 29, 2012 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Variable Rate Municipal Debt Obligations(b) – (continued)
Port Authority of New York & New Jersey VRDN RB Series 2011 DB-1024X (Go of Authority) (Deutsche Bank A.G.)(c)
$	10,660,000		0.280	%		10/15/25	$	10,660,000
Port of Corpus Christi Authority of Nueces County VRDN RB for Flint Hills Resources Series 2002 A (GTY AGMT-Flint Hill Resources)
	72,100,000		0.180			07/01/29		72,100,000
Private Colleges & Universities Authority VRDN RB for Emory University Series 2005 C2 RMKT
	29,125,000		0.130			09/01/24		29,125,000
Private Colleges & Universities Authority VRDN RB for Emory University Series 2005 C-3 RMKT
	27,350,000		0.130			09/01/24		27,350,000
Purdue University VRDN RB for Student Facilities System Series 2007 C
	19,335,000		0.100			07/01/32		19,335,000
San Antonio Electric & Gas VRDN RB P-Floats-MT-742 Series 2011 (Bank of America N.A.)(c)
	33,780,000		0.220			03/07/12		33,780,000
Santa Clara County Election of 2008 GO VRDN Floaters Series 2009-19C (Wells Fargo Bank N.A.)(c)
	25,785,000		0.160			08/01/39		25,785,000
Santa Clara County Financing Authority VRDN RB Multiple Facilities Projects Series 2008 M (Bank of America N.A. LOC)
	18,490,000		0.230			05/15/35		18,490,000
St. James Parish VRDN RB for Nucor Steel LLC Project Series 2010 A-1 (GTY AGMT-Nucor Corp.)
	78,900,000		0.120			11/01/40		78,900,000
Texas State GO VRDN Refunding for Taxable Veterans Land Series 2005 RMKT (JPMorgan Chase Bank SPA)
	12,905,000		0.160			12/01/26		12,905,000
Texas State GO VRDN Refunding for Taxable Veterans Series 2002 (Landesbank Hassen-Thueringen SPA)
	27,085,000		0.160			12/01/21		27,085,000
Texas State GO VRDN Refunding for Taxable Veterans Series 2011 C (Wells Fargo & Co. SPA)
	33,995,000		0.100			06/01/42		33,995,000
Texas State GO VRDN Refunding Taxable Series 2010 E (Sumitomo Mitsui Banking Corp. LOC)
	24,200,000		0.160			06/01/32		24,200,000
Triborough Bridge & Tunnel Authority VRDN RB Series 2001 C RMKT (JPMorgan Chase Bank SPA)
	44,240,000		0.140			01/01/32		44,240,000
Triborough Bridge & Tunnel Authority VRDN RB Series 2005 Subseries B-3 (GO of Authority) (Bank of America N.A. SPA)
	61,330,000		0.200			01/01/32		61,330,000
University of California VRDN RB Taxable Series 2011 Z-2
	10,000,000		0.120			07/10/41		10,000,000
University of Illinois VRDN COPS for Utility Infrastructure Series 2004 (Bank of America N.A. SPA)
	76,425,000		0.190			08/15/21		76,425,000
University of Michigan VRDN RB for Medical Service Plan Series 1995 A
	17,300,000		0.100			12/01/27		17,300,000
University of New Mexico VRDN RB Refunding Subordinated Lien Systems Series 2002 C (JPMorgan Chase Bank SPA)
	36,190,000		0.130			06/01/30		36,190,000
Virginia College Building Authority VRDN RB University of Richmond Project Series 2004 (Bank of America N.A. SPA)
	30,000,000		0.230			08/01/34		30,000,000
Washington State Health Care Facilities Authority VRDN RB Austin Trust Certificates for Children’s Hospital Regional Medical Center Series 2008-1180 (Bank of America N.A.)
	27,600,000		0.220			10/01/35		27,600,000
Washington State Health Care Facilities Authority VRDN RB for Children’s Hospital Series 2008 RMKT (Bank of America N.A. LOC)
	28,000,000		0.250			10/01/28		28,000,000
Washington State Housing Finance Commission VRDN RB for Vintage at Spokane Senior Living Project Series 2006 A (FNMA)
	7,500,000		0.180			08/15/40		7,500,000
Wisconsin Housing & Economic Development Authority Home Ownership VRDN RB Series 2008 A (FNMA LOC) (FHLMC LOC)
	495,000		0.130			09/01/38		495,000
TOTAL VARIABLE RATE MUNICIPAL DEBT OBLIGATIONS							$	3,533,155,000
Variable Rate Obligations(b) – 2.7%
JPMorgan Chase Bank NA
$	255,000,000		0.595	%		03/18/13	$	255,000,000
	400,000,000		0.366			03/21/13		400,000,000
University of California VRDN RB Taxable Series 2011 Y-2
	14,200,000		0.348			07/01/12		14,200,000
TOTAL VARIABLE RATE OBLIGATIONS							$	669,200,000
TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS							$	14,984,078,620
Repurchase Agreements(d) – 41.3%
Barclays Capital, Inc.
$	150,200,000		0.180	%		03/01/12	$	150,200,000
Maturity Value: $150,200,751
Collateralized by Federal Home Loan Bank, 0.875%, due 12/27/13 and Federal Home Loan Mortgage Corp., 0.625% to 5.500%, due 12/28/12 to 07/18/16. The aggregate market value of the collateral, including accrued interest, was $153,204,432.
	300,000,000		0.150			03/16/12		300,000,000
Maturity Value: $300,035,000
Settlement Date: 02/17/12
Collateralized by Federal Home Loan Mortgage Corp., 4.000% to 6.500%, due 07/01/18 to 01/01/41, Federal National Mortgage Association, 3.000% to 8.000%, due 06/01/17 to 01/01/42 and Government National Mortgage Association, 5.000% to 6.000%, due 01/15/39 to 04/15/40. The aggregate market value of the collateral, including accrued interest, was $306,000,002.

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

FINANCIAL SQUARE PRIME OBLIGATIONS FUND

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Repurchase Agreements(d) – (continued)
BNP Paribas Securities Corp.
$	500,000,000		0.090	%		03/02/12	$	500,000,000
Maturity Value: $500,011,250
Settlement Date: 02/22/12
Collateralized by Federal Home Loan Mortgage Corp., 3.500% to 6.500%, due 09/01/24 to 02/01/42 and Federal National Mortgage Association, 3.500% to 6.500%, due 11/01/20 to 02/01/42. The aggregate market value of the collateral, including accrued interest, was $510,000,001.
	200,000,000		0.190			03/15/12		200,000,000
Maturity Value: $200,031,667
Settlement Date: 02/14/12
Collateralized by Federal Home Loan Mortgage Corp., 3.500% to 7.000%, due 01/01/15 to 02/01/42 and Federal National Mortgage Association, 3.000% to 7.000%, due 03/01/14 to 09/01/41. The aggregate market value of the collateral, including accrued interest, was $203,999,998.
BNYMellon Investments
	200,000,000		0.170			03/01/12		200,000,000
Maturity Value: $200,000,944
Collateralized by U.S. Treasury Note, 0.500%, due 08/15/14. The market value of the collateral, including accrued interest, was $204,079,631.
Deutsche Bank Securities, Inc.
	500,000,000		0.200			03/01/12		500,000,000
Maturity Value: $500,002,778
	500,000,000		0.200			03/12/12		500,000,000
Maturity Value: $500,086,111
Settlement Date: 02/10/12
Shared collateral consisting of Federal Home Loan Mortgage Corp., 5.500%, due 09/01/38 to 03/01/39, Federal National Mortgage Association, 3.000% to 9.000%, due 10/01/12 to 07/01/51 and Government National Mortgage Association, 4.000% to 5.000%, due 08/15/39 to 02/20/42. The aggregate market value of the collateral, including accrued interest, was $1,030,176,413
J.P. Morgan Securities LLC
	225,000,000		0.470			03/01/12		225,000,000
Maturity Value: $225,002,938
Collateralized by various asset-backed obligations, 0.384% to 8.579%, due 05/25/29 to 03/20/51 and a corporate security issuer, 8.000%, due 01/15/24. The aggregate market value of the collateral, including accrued interest, was $247,500,820.
	125,000,000		0.840	(e)		04/23/12		125,000,000
Maturity Value: $125,265,417
Settlement Date: 01/23/12
Collateralized by various asset-backed obligations, 0.344% to 8.850%, due 05/15/32 to 03/25/47. The aggregate market value of the collateral, including accrued interest, was $137,500,998.
Joint Repurchase Agreement Account III
	5,100,000,000		0.185			03/01/12		5,100,000,000
Merrill Lynch Government Securities, Inc.
	520,000,000		0.190			03/01/12		520,000,000
Maturity Value: $520,002,744
Collateralized by Government National Mortgage Association, 4.500%, due 04/20/41 to 07/20/41. The aggregate market value of the collateral, including accrued interest, was $530,400,000.
Societe Generale
	1,250,000,000		0.170			03/01/12		1,250,000,000
Maturity Value: $1,250,005,903
Collateralized by various corporate security issuers, 5.375% to 5.500%, due 06/15/38 to 04/01/56, Federal Farm Credit Bank, 0.313% to 1.640%, due 12/06/13 to 01/25/18, Federal Home Loan Bank, 0.150% to 1.500%, due 01/16/13 to 02/16/24, Federal National Mortgage Association, 0.500% to 4.750%, due 11/19/12 to 11/27/19 and Resolution Funding Corporation Stripped Security, 0.000%, due 01/15/21. The aggregate market value of the collateral, including accrued interest, was $1,275,000,561.
UBS Securities LLC
	40,000,000		0.140			03/01/12		40,000,000
Maturity Value: $40,000,156
Collateralized by U.S. Treasury Bond, 3.125%, due 02/15/42. The market value of the collateral, including accrued interest, was $40,800,076.
	500,000,000		0.160			03/12/12		500,000,000
Maturity Value: $5,000,844,444
Settlement Date: 02/03/12
Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 5.000%, due 03/01/26 to 03/01/42 and Federal National Mortgage Association, 3.500% to 6.000%, due 08/01/26 to 12/01/41. The aggregate market value of the collateral, including accrued interest, was $510,000,001.
Wells Fargo Securities LLC
	250,000,000		0.320			03/01/12		250,000,000
Maturity Value: $250,002,222
Collateralized by various asset-backed obligations, 0.000% to 9.318%, due 12/20/13 to 09/25/51, various corporate security issuers, 0.927% to 9.500%, due 07/13/12 to 12/29/49, various government guaranteed notes, 0.000% to 5.500%, due 10/01/15 to 12/04/23 and various mortgage-backed obligations, 0.849% to 7.740%, due 10/15/20 to 02/12/49. The aggregate market value of the collateral, including accrued interest, was $262,158,687.
TOTAL REPURCHASE AGREEMENTS							$	10,360,200,000
TOTAL INVESTMENTS – 101.1%							$	25,344,278,620
LIABILITIES IN EXCESS OF OTHER ASSETS – (1.1)%								(272,179,221	)
NET ASSETS – 100.0%							$	25,072,099,399

The accompanying notes are an integral part of these financial statements.          27

FINANCIAL SQUARE PRIME OBLIGATIONS FUND

Schedule of Investments (continued)

February 29, 2012 (Unaudited)

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

(a)	All or a portion represents a forward commitment.
(b)	Variable or floating rate security. Interest rate disclosed is that which is in effect at February 29, 2012.
(c)	Security not registered under the Securities Act of 1933, as amended. Such securities have been determined to be liquid by the Investment Adviser. At February 29, 2012, these securities amounted to $345,555,000 or approximately 1.4% of net assets.
(d)	Unless noted, all repurchase agreements were entered into on February 29, 2012. Additional information on Joint Repurchase Agreement Account III appears on pages 54 and 55.
(e)	Security has been determined to be illiquid by the Investment Adviser. At February 29, 2012, these securities amounted to $125,000,000 or approximately 0.5% of net assets.

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 final legal maturity date on the security, the demand date for puttable securities, or the prerefunded date for those types of securities.

Investment Abbreviations:
AGM	—	Insured by Assured Guaranty Municipal Corp.
AMBAC	—	Insured by American Municipal Bond Assurance Corp.
CIFG	—	CDC (Caisse des Dépôts et Consignations) IXIS Financial Guarantee
COPS	—	Certificates of Participation
FGIC	—	Insured by Financial Guaranty Insurance Co.
FHLMC	—	Insured by Federal Home Loan Mortgage Corp.
FNMA	—	Insured by Federal National Mortgage Association
GO	—	General Obligation
GTY AGMT	—	Guaranty Agreement
LOC	—	Letter of Credit
MBIA	—	Insured by Municipal Bond Investors Assurance
NATL-RE	—	National Reinsurance Corp.
RB	—	Revenue Bond
RN	—	Revenue Notes
RMKT	—	Remarketed
ROCS	—	Reset Option Certificates
RR	—	Revenue Refunding
SPA	—	Stand-by Purchase Agreement
TRANS	—	Tax Revenue Anticipation Notes
VRDN	—	Variable Rate Demand Notes

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

FINANCIAL SQUARE TAX-EXEMPT CALIFORNIA FUND

Schedule of Investments

February 29, 2012 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Municipal Debt Obligations – 92.3%
California – 91.8%
Bay Area Toll Authority California Toll Bridge VRDN RB CR-PT-4708 Series 2011 (Bank of America N.A.)(a)
$	1,000,000		0.220	%		03/07/12	$	1,000,000
Bay Area Toll Authority California Toll Bridge VRDN RB for San Francisco Bay Area Spears Series 2011-DB-1043 (Deutsche Bank A.G.)(a)
	4,300,000		0.260			04/01/39		4,300,000
Bay Area Toll Authority California Toll Bridge VRDN RB Putters Series 2007-1962 (JP Morgan Chase Bank)
	1,400,000		0.160			04/01/14		1,400,000
Bay Area Toll Authority California Toll Bridge VRDN RB Series 2006 C4-RMKT (Lloyds TSB Bank PLC LOC)
	1,000,000		0.140			04/01/45		1,000,000
California Educational Facilities Authority VRDN RB Eagle Series 2007-0064 Class A (Citibank N.A.)
	1,000,000		0.160			10/01/37		1,000,000
California Educational Facilities Authority VRDN RB Floater Certificates Series 2009-42C (GO of Institution) (Wells Fargo Bank N.A.)(a)
	1,000,000		0.160			11/01/39		1,000,000
California Educational Facilities Authority VRDN RB for Claremont McKenna College Putters Series 2009-3580 (JP Morgan Chase Bank)(a)
	2,025,000		0.160			01/01/16		2,025,000
California Educational Facilities Authority VRDN RB for University of Southern California Floater Trust Series 2009-11B Reg D (Barclays Bank PLC)(a)
	2,300,000		0.140			10/01/38		2,300,000
California Educational Facilities Authority VRDN RB for University of Southern California Putters Series 2008-2953 (JP Morgan Chase Bank)
	2,300,000		0.160			10/01/15		2,300,000
California Educational Facilities Authority VRDN RB for University of Southern California Putters Series 2009-3424 (JP Morgan Chase Bank)(a)
	690,000		0.160			10/01/16		690,000
California Health Facilities Financing Authority VRDN RB Floater Certificates Series 2011-74C (GTY AGMT-Wells Fargo Bank N.A.)(a)
	800,000		0.160			11/15/40		800,000
California Health Facilities Financing Authority VRDN RB Floaters Series 2007-1858 (GTY AGMT-Wells Fargo & Co.)
	5,591,000		0.160			11/15/42		5,591,000
California Health Facilities Financing Authority VRDN RB for Adventist Health System P-Floats-PT-4699 Series 2011 (NATL-RE) (GTY AGMT-Bank of America N.A.)(a)
	1,900,000		0.420			03/07/12		1,900,000
California Health Facilities Financing Authority VRDN RB for Kaiser Permanente Series 2006 C
	1,800,000		0.130			06/01/41		1,800,000
California Health Facilities Financing Authority VRDN RB for Providence Health Services Putters Series 2010-3630 (JP Morgan Chase Bank)(a)
	2,440,000		0.160			10/01/17		2,440,000
California Health Facilities Financing Authority VRDN RB for Scripps Health Series 2008 B (Wells Fargo Bank N.A. LOC)
	1,875,000		0.120			10/01/31		1,875,000
California Health Facilities Financing Authority VRDN RB for Sutter Health ROCS RR-II R-11952 Series 2011 (Citibank N.A.)(a)
	1,500,000		0.160			08/15/18		1,500,000
California Health Facilities Financing Authority VRDN RB Refunding for Stanford Hospital Series 2008-B-1
	9,500,000		0.100			11/15/45		9,500,000
California Health Facilities Financing Authority VRDN RB Sutter Health Putters Series 2010-3765 (JP Morgan Chase Bank)(a)
	1,500,000		0.160			05/15/39		1,500,000
California Infrastructure & Economic Development Bank VRDN RB Refunding for J. Paul Getty Series 2007 A-2 RMKT
	2,200,000		0.120			10/01/47		2,200,000
California Municipal Finance Authority VRDN RB for Chevron USA, Inc. Recovery Zone Series 2010 A (GTY AGMT-Chevron Corp.)
	8,400,000		0.120			11/01/35		8,400,000
California School Cash Reserve Program Authority TRANS Series 2012 S
	750,000		2.000			12/31/12		760,636
California School Cash Reserve Program Authority TRANS Series 2012 U
	1,000,000		2.000			12/31/12		1,012,484
California School Cash Reserve Program Authority TRANS Series 2012 W
	1,000,000		2.000			01/31/13		1,012,801
California State Department of Water Resources Center Valley Project VRDN RB ROCS RR-II R-11970-1 Series 2011 (Citibank N.A.)(a)
	1,600,000		0.160			12/01/18		1,600,000
California State Department of Water Resources Center Valley Project VRDN RB ROCS RR-II R-11993 Series 2011 (BHAC-CR) (Citibank N.A.)(a)
	700,000		0.160			09/13/12		700,000
California State Department of Water Resources RB Series 2002 A (AMBAC)
	885,000		5.500			05/01/12		901,504
California State Department of Water Resources RB Series 2002 A (XLCA)
	1,000,000		5.375			05/01/12		1,018,558
California State Department of Water Resources RB Unrefunded Balance Series 2002 A (AMBAC)
	500,000		5.500			05/01/12		509,298
California State Department of Water Resources VRDN RB Putters Series 2012-4059 (JP Morgan Chase Bank)(a)
	2,000,000		0.130			05/01/13		2,000,000
California State University VRDN RB ROCS RR-II R-11568 Series 2008 (BHAC-CR AGM) (Citibank N.A.)
	3,000,000		0.170			05/01/16		3,000,000
California Statewide Communities Development Authority CP for Kaiser Permanente Series 2009 B-1
	2,500,000		0.370			03/01/12		2,500,000
California Statewide Communities Development Authority CP for Kaiser Permanente Series 2009-D
	2,000,000		0.310			05/11/12		2,000,000
California Statewide Communities Development Authority VRDN RB for Health Facility Community Hospital Monterey Peninsula Series 2011 B (U.S. Bank N.A. LOC)
	7,500,000		0.110			06/01/33		7,500,000
California Statewide Communities Development Authority VRDN RB for John Muir Health Series 2008 C (Wells Fargo Bank N.A. LOC)
	750,000		0.140			08/15/27		750,000
California Statewide Communities Development Authority VRDN RB for Kaiser Permanente Series 2002 C (GTY AGMT-Kaiser Foundation Health Plan Inc., Kaiser Hospital Asset Management Inc., and Kaiser Health Plan Asset Management Inc.)
	1,955,000		3.850			11/01/29		1,972,192

The accompanying notes are an integral part of these financial statements.          29

FINANCIAL SQUARE TAX-EXEMPT CALIFORNIA FUND

Schedule of Investments (continued)

February 29, 2012 (Unaudited)

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 2003 B (GTY AGMT-Kaiser Foundation Health Plan Inc., Kaiser Hospital Asset Management Inc. and Kaiser Health Plan Asset Management Inc.)
$	2,000,000		0.130	%		08/15/25	$	2,000,000
California Statewide Communities Development Authority VRDN RB for Kaiser Permanente Series 2004 L
	1,250,000		0.130			04/01/38		1,250,000
California Statewide Communities Development Authority VRDN RB for Kaiser Permanente Series 2004 M
	900,000		0.130			04/01/38		900,000
Chino Basin Regional Financing Authority VRDN RB Refunding for Inland Empire Utilities Series 2008 B (Lloyds TSB Bank PLC LOC)
	2,440,000		0.110			06/01/32		2,440,000
City & County of San Francisco GO for Earthquake Safety & Emergency Response Series 2012 A(b)
	1,000,000		2.000			06/15/12		1,005,060
City of Los Angeles California Wastewater System VRDN RB Refunding Series 2008 Subseries D (JPMorgan Chase Bank LOC)
	2,500,000		0.140			06/01/28		2,500,000
City of Santa Rosa California Waste Water VRDN RB Refunding Series 2004 A (Landesbank Baden-Wurttemberg LOC)
	900,000		0.630			09/01/33		900,000
Eastern California Municipal Water & Sewer District VRDN COPS Refunding Series 2008 D (U.S. Bank N.A. SPA)
	3,000,000		0.100			07/01/23		3,000,000
Glendale VRDN COPS for Police Building Project Series 2000 (Morgan Guaranty Trust SPA)
	2,900,000		0.160			06/01/30		2,900,000
Irvine Ranch California Water District GO VRDN Series 1995 (Sumitomo Mitsui Banking Corp. LOC)
	3,400,000		0.120			01/01/21		3,400,000
Los Angeles Community College District GO VRDN Stics Certificates Series 2011-O-4 (Royal Bank of Canada)(a)
	2,500,000		0.130			08/01/33		2,500,000
Los Angeles Community Redevelopment Agency MF Hsg. VRDN RB for Metropolitan Apartments Series 1985 RMKT (FNMA)
	7,445,000		0.090			12/15/24		7,445,000
Los Angeles County Housing Authority MF Hsg. VRDN RB Refunding for Malibu Meadows II Series 1998 C (FNMA)
	2,200,000		0.120			04/15/28		2,200,000
Los Angeles County Housing Authority MF Hsg. VRDN RB Refunding for Malibu Meadows Project Series 1998 B (FNMA)
	2,436,000		0.120			04/15/28		2,436,000
Los Angeles County Metropolitan Transportation Authority Sales Tax VRDN RB Refunding Proposition C-2nd Series 2009 A-2 (Mizuho Corp. Bank SPA)
	10,000,000		0.100			07/01/23		10,000,000
Los Angeles County Metropolitan Transportation Authority Sales Tax VRDN RB ROCS RR-II R-12239 Series 2009 (NATL-RE) (Citibank N.A.)(a)
	1,500,000		0.130			06/01/13		1,500,000
Los Angeles County Schools Pooled Financing Program TRANS Series 2012 B-1 (GO of Participants)(b)
	1,000,000		2.000			11/30/12		1,013,050
Los Angeles County Schools Pooled Financing Program TRANS Series 2012 B-4 (GO of Participants)(b)
	500,000		2.000			01/31/13		506,380
Los Angeles Department of Airports Municipal Trust Receipts VRDN RB Floater Trust Series 2010-27B (Barclays Bank PLC)(a)
	1,600,000		0.150			05/15/40		1,600,000
Los Angeles Department of Airports Municipal Trust Receipts VRDN RB for Los Angeles International Airport Floater Trust Series 2010-80W (Barclays Bank PLC)(a)
	5,245,000		0.150			05/15/31		5,245,000
Los Angeles Department of Airports VRDN RB for Los Angeles International Airport Putters Series 2010-3839 (JP Morgan Chase Bank)(a)
	2,000,000		0.160			05/15/33		2,000,000
Los Angeles Department of Airports VRDN RB ROCS RR-II R-11881 Series 2010 (Citibank N.A.)(a)
	2,500,000		0.160			05/15/18		2,500,000
Los Angeles Department of Water & Power VRDN RB for Power System Series 2002 Subseries A-3 (Scotiabank SPA)
	1,000,000		0.100			07/01/35		1,000,000
Los Angeles Department of Water & Power VRDN RB for Power System Series 2002 Subseries A-5 (Barclays Bank PLC SPA)
	700,000		0.140			07/01/35		700,000
Los Angeles Department of Water & Power VRDN RB Series 2001 Subseries B-1 (Wells Fargo Bank N.A. SPA)
	1,450,000		0.150			07/01/34		1,450,000
Los Angeles Department of Water & Power VRDN RB Series 2001 Subseries B-6 (Royal Bank of Canada SPA)
	1,300,000		0.080			07/01/34		1,300,000
Los Angeles Department of Water & Power Waterworks VRDN RB Series 2001 Subseries B-4 (Wells Fargo Bank N.A. SPA)
	1,800,000		0.150			07/01/35		1,800,000
Los Angeles Unified School District GO TRANS Series 2011 A
	2,950,000		2.000			08/01/12		2,971,136
Los Angeles Unified School District VRDN COPS for Administration Building Project Series 2008 A (Bank of America N.A. LOC)
	1,800,000		0.220			10/01/24		1,800,000
Metropolitan Water District of Southern California RB Authorization Series 2004 B-3 (NATL-RE)
	3,830,000		5.000			10/01/12		3,935,846
Metropolitan Water District of Southern California VRDN RB Floater Trust Series 2009-8B Reg. D (Barclays Bank PLC)(a)
	2,800,000		0.150			07/01/35		2,800,000
Metropolitan Water District of Southern California VRDN RB P-Floats-MT Series 2011-774 (Bank of America N.A.)(a)
	1,495,000		0.260			03/07/12		1,495,000
Metropolitan Water District of Southern California VRDN RB Refunding Series 2008 A-2 (Barclays Bank PLC SPA)
	2,600,000		0.120			07/01/37		2,600,000
Orange County Apartment Development VRDN RB Refunding for Larkspur Canyon Apartments Series 1997 A (FNMA)
	200,000		0.110			06/15/37		200,000
Orange County Apartment Development VRDN RB Refunding for Park Ridge Villas Series 1998 (FNMA)
	4,000,000		0.120			11/15/28		4,000,000
Orange County Apartment Development VRDN RB Refunding for Riverbend Apartments Series 1999 B (FHLMC)
	2,600,000		0.120			12/01/29		2,600,000

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

FINANCIAL SQUARE TAX-EXEMPT CALIFORNIA FUND

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Municipal Debt Obligations – (continued)
California – (continued)
Orange County Sanitation District VRDN COPS Putters Series 2010-3773Z (AGM) (JP Morgan Chase Bank)(a)
$	3,400,000		0.160	%		08/01/15	$	3,400,000
Orange County Water District VRDN COPS Putters Series 2010-3686Z (JP Morgan Chase Bank)(a)
	2,000,000		0.160			02/15/18		2,000,000
Pasadena California Certificates Partner VRDN COPS Refunding Series 2008 A (Bank of America N.A. LOC)
	2,000,000		0.180			02/01/35		2,000,000
Riverside County Transportation Commission VRDN RB Limited Tax Series 2009 B (JP Morgan Chase Bank SPA)
	4,875,000		0.160			06/01/29		4,875,000
Sacramento County Housing Authority VRDN RB Refunding for River Terrace Apartments C-RMKT Series 1996 (FNMA)
	2,600,000		0.120			07/15/29		2,600,000
Sacramento Municipal Utility District VRDN RB Series 2012 L (U.S. Bank N.A. LOC)
	1,000,000		0.130			08/15/41		1,000,000
Sacramento Municipal Utility District VRDN RB Series 2012 M (U.S. Bank N.A. LOC)
	1,000,000		0.130			08/15/41		1,000,000
Sacramento Suburban Water District VRDN COPS Refunding Series 2009 A (Sumitomo Mitsui Banking Corp. LOC)
	4,500,000		0.120			11/01/34		4,500,000
San Diego Community College District GO VRDN Floater Series 2011-0-8 (Royal Bank of Canada)(a)
	1,000,000		0.130			08/01/19		1,000,000
San Diego Community College District GO VRDN Putters Series 2009-3415 (JP Morgan Chase Bank)(a)
	570,000		0.160			02/01/17		570,000
San Diego Community College District GO VRDN Putters Series 2010-3676Z (AGM) (JP Morgan Chase Bank)(a)
	3,335,000		0.160			11/01/13		3,335,000
San Diego County Regional Transportation Commission VRDN RB Limited Tax Series 2008 C (Mizuho Corp. Bank SPA)
	2,600,000		0.130			04/01/38		2,600,000
San Diego Unified School District GO TRANS Series 2011
	1,500,000		2.000			08/07/12		1,511,506
San Diego Unified School District GO VRDN Floater Series 2011-97C (AGM) (Wells Fargo Bank N.A.)(a)
	1,000,000		0.160			07/01/28		1,000,000
San Diego Unified School District GO VRDN Putters Series 2011-3934 (JP Morgan Chase & Co.)(a)
	1,450,000		0.130			08/07/12		1,450,000
San Francisco County Transportation Authority CP Notes Limited Tax Series 2012 B
	4,500,000		0.220			03/09/12		4,500,000
Santa Clara Valley Transportation Authority Sales Tax VRDN RB Refunding for Measure A Series 2008 D RMKT (Sumitomo Mitsui Banking Corp. SPA)
	5,500,000		0.100			04/01/36		5,500,000
Sonoma County GO VRDN Putters Series 2011-4000 (JP Morgan Chase & Co.)(a)
	7,850,000		0.130			10/25/12		7,850,000
Sonoma Marin Area Rail Transportation District VRDN RB for Sales & Use Tax Series 2011 A
	1,000,000		1.000			03/01/29		1,001,840
Southern California Public Power Authority VRDN RB for Milford Wind Corridor Phase II Project Spears Series 2012-DB-1048 (Deutsche Bank A.G.)
	1,000,000		0.260			07/01/31		1,000,000
Southern California Public Power Authority VRDN RB Refunding for Magnolia Power Project Series 2009 A-1 (U.S. Bank N.A. LOC)
	1,000,000		0.110			07/01/36		1,000,000
State of California GO VRDN Floating Series 2003 B-3-RMKT (JPMorgan Chase & Co. LOC, California Public Employees Retirement LOC and California State Teachers Retirement LOC)
	1,200,000		0.130			05/01/33		1,200,000
The Regents of University of California Medical Center Pooled VRDN RB Series 2007 B-2 (Wells Fargo Bank N.A. SPA)
	1,600,000		0.120			05/15/32		1,600,000
University of California VRDN RB Floater Certificates Series 2009-7C (Wells Fargo Bank N.A.)(a)
	1,600,000		0.160			05/15/39		1,600,000
University of California VRDN RB Putters Series 2008-2649Z (JPMorgan Chase Bank)
	3,800,000		0.160			05/15/14		3,800,000
University of California VRDN RB Putters Series 2009-3368 (JP Morgan Chase Bank)(a)
	1,500,000		0.160			11/15/16		1,500,000
University of California VRDN RB ROCS RR-II R-11661 Series 2008 (AGM) (Citibank N.A.)
	2,000,000		0.160			05/15/32		2,000,000
Victor Valley Community College District GO VRDN Floater Certificates Series 2009-34C (Wells Fargo Bank N.A.)(a)
	4,700,000		0.160			08/01/44		4,700,000
West Basin Municipal Water District VRDN RB Series 2011-DB-1035 (Deutsche Bank A.G.)(a)
	3,340,000		0.260			08/01/36		3,340,000
								243,084,291
Puerto Rico – 0.5%
Puerto Rico Sales Tax Financing Corp. VRDN RB Floater Trust Series 2010-65W (Barclays Bank PLC)(a)
	1,000,000		0.270			08/01/57		1,000,000
Puerto Rico Sales Tax Financing Corp. VRDN RB ROCS-RR-II R-11890 Series 2010 (Citibank N.A.)(a)
	400,000		0.160			02/01/48		400,000
								1,400,000
TOTAL INVESTMENTS – 92.3%							$	244,484,291
OTHER ASSETS IN EXCESS OF LIABILITIES – 7.7%								20,339,110
NET ASSETS – 100.0%							$	264,823,401

The accompanying notes are an integral part of these financial statements.          31

FINANCIAL SQUARE TAX-EXEMPT CALIFORNIA FUND

Schedule of Investments (continued)

February 29, 2012 (Unaudited)

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

(a)	Security not registered under the Securities Act of 1933, as amended. Such securities have been determined to be liquid by the Investment Adviser. At February 29, 2012, these securities amounted to $76,540,000 or approximately 28.9% of net assets.
(b)	All or a portion represents a forward commitment.

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

Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, or the prerefunded date for those types of securities.

Investment Abbreviations:
AGM	—	Insured by Assured Guaranty Municipal Corp.
AMBAC	—	Insured by American Municipal Bond Assurance Corp.
BHAC	—	Berkshire Hathaway Assurance Corp.
COPS	—	Certificates of Participation
CP	—	Commercial Paper
CR	—	Custodial Receipts
FHLMC	—	Insured by Federal Home Loan Mortgage Corp.
FNMA	—	Insured by Federal National Mortgage Association
GO	—	General Obligation
GTY AGMT	—	Guaranty Agreement
LOC	—	Letter of Credit
MF Hsg	—	Multi-Family Housing
NATL-RE	—	National Reinsurance Corp.
RB	—	Revenue Bond
RMKT	—	Remarketed
ROCS	—	Reset Option Certificates
RR	—	Revenue Refunding
SPA	—	Stand-by Purchase Agreement
TRANS	—	Tax Revenue Anticipation Notes
VRDN	—	Variable Rate Demand Notes
XLCA	—	XL Capital Assurance Inc.

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

FINANCIAL SQUARE TAX-EXEMPT NEW YORK FUND

Schedule of Investments

February 29, 2012 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Municipal Debt Obligations – 91.1%
New York – 89.1%
Buffalo Municipal Water Finance Authority Water Systems VRDN RB Refunding Series 2008 (JPMorgan Chase Bank N.A. LOC)
$	6,100,000		0.120	%		07/01/35	$	6,100,000
Erie County IDA School Facility VRDN RB for City School District Buffalo Project Series 2008-3053X (AGM) (Bank of America N.A.)
	2,200,000		0.360			05/01/28		2,200,000
Long Island Power Authority Electric System VRDN RB Series 1998 Subseries 1A RMKT (Bayerische Landesbank LOC and Landesbank Baden-Wurttemberg LOC)
	2,900,000		0.240			05/01/33		2,900,000
Long Island Power Authority Electric System VRDN RB Series 1998-2 Subseries 2A (Westdeutsche Landesbank LOC)
	1,300,000		0.240			05/01/33		1,300,000
Long Island Power Authority Electric System VRDN RB Series 1998-2 Subseries 2B (Bayerische Landesbank LOC)
	3,300,000		0.180			05/01/33		3,300,000
Metropolitan Transportation Authority Dedicated Tax Fund VRDN RB P-Floats-MT Series 2011-790 (NATL-RE) (Bank of America N.A.)(a)
	1,735,000		0.240			03/07/12		1,735,000
Metropolitan Transportation Authority Dedicated Tax Fund VRDN RB Refunding – Floating Series 2008 Subseries B-3A-RMKT
	500,000		0.560			11/01/28		500,337
Monroe County Industrial Development Corp. VRDN RB Floater Series 2011-98C (GTY AGMT-Wells Fargo Bank N.A.)(a)
	1,000,000		0.170			07/01/41		1,000,000
Nassau County IDA Civic Facility VRDN RB Refunding & Improvement for Cold Spring Harbor Laboratory Series 1999 RMKT (TD Bank N.A. SPA)
	5,865,000		0.080			01/01/34		5,865,000
Nassau County Interim Finance Authority RB Sales Tax Secured Series 2004H (AMBAC)
	4,000,000		5.250			11/15/12		4,140,754
Nassau County Interim Finance Authority RB Sales Tax Secured Series 2005 D (NATL-RE)
	1,105,000		5.000			11/15/12		1,142,008
New York City GO Series 2010 A
	450,000		2.000			08/01/12		453,092
New York City GO VRDN Series 1996 J Subseries J-2 RMKT (Westdeutsche Landesbank LOC)
	200,000		0.200			02/15/16		200,000
New York City GO VRDN Series 2002 C Subseries C-3B RMKT (Lloyds TSB Bank PLC)
	400,000		0.130			08/01/20		400,000
New York City GO VRDN Series 2002 Subseries C-2 (Bayerische Landesbank LOC)
	300,000		0.190			08/01/20		300,000
New York City GO VRDN Series 2006 I Subseries I-4 (Bank of New York Mellon LOC)
	200,000		0.150			04/01/36		200,000
New York City GO VRDN Series 2008 Subseries L-3 (Bank of America N.A. SPA)
	1,500,000		0.190			04/01/36		1,500,000
New York City GO VRDN Stics Certificates Series 2011 O-3 (Royal Bank of Canada)(a)
	1,430,000		0.130			10/01/26		1,430,000
New York City Health & Hospital Corp. VRDN RB Health System Series 2008 B (GO of Corp.) (TD Bank N.A. LOC)
	2,000,000		0.110			02/15/31		2,000,000
New York City Health & Hospital Corp. VRDN RB Health System Series 2008 C (GO of Corp.) (TD Bank N.A. LOC)
	3,500,000		0.100			02/15/31		3,500,000
New York City Housing Development Corp. MF Hsg. VRDN RB for 2 Gold Street Series 2006 A (FNMA)
	600,000		0.130			04/15/36		600,000
New York City Housing Development Corp. MF Hsg. VRDN RB for 90 West Street Series 2006 A (FNMA)
	4,600,000		0.130			03/15/36		4,600,000
New York City Housing Development Corp. MF Mtge. VRDN RB for 201 Pearl Street Development Series 2006 A (FNMA)
	1,500,000		0.130			10/15/41		1,500,000
New York City Municipal Water Finance Authority VRDN RB Series 2003 F Subseries F-2 (Bayerische Landesbank SPA)
	2,200,000		0.180			06/15/35		2,200,000
New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Second General Resolution Series 2006 CC-1 (The Bank of Nova Scotia SPA)
	900,000		0.130			06/15/38		900,000
New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Series 2008 Subseries B-4 (Royal Bank of Canada SPA)
	4,150,000		0.130			06/15/23		4,150,000
New York City Transitional Finance Authority VRDN RB for Future Tax Secured Floater Certificates Series 2011-133C (Wells Fargo Bank N.A.)(a)
	1,000,000		0.170			11/01/38		1,000,000
New York City Transitional Finance Authority VRDN RB for Future Tax Secured Putters Series 2012-4043 (JPMorgan Chase & Co.)(a)
	2,000,000		0.130			04/01/14		2,000,000
New York City Transitional Finance Authority VRDN RB for Future Tax Secured Series 1999 Subseries B-3 (JPMorgan Chase Bank N.A. SPA)
	300,000		0.130			11/01/28		300,000
New York City Transitional Finance Authority VRDN RB for Future Tax Secured Series 2001 B (Landesbank Baden-Wurttemberg SPA)
	2,800,000		0.120			02/01/31		2,800,000
New York City Transitional Finance Authority VRDN RB for Future Tax Secured Series 2010 Subseries F-5 (Sumitomo Mitsui Banking Corp. LOC)
	1,000,000		0.090			02/01/35		1,000,000
New York City Transitional Finance Authority VRDN RB Series 2002 Subseries 2D (Lloyds TSB Bank PLC)
	900,000		0.120			11/01/22		900,000
New York City Trust Cultural Resources VRDN RB for Juilliard School ROCS-RR-II R-11927 Series 2011 (Citibank N.A.)(a)
	2,400,000		0.160			01/01/33		2,400,000
New York City Trust Cultural Resources VRDN RB for Juilliard School Series 2009 B
	1,685,000		2.750			01/01/36		1,698,727
New York City Trust Cultural Resources VRDN RB for Metropolitan Museum of Art Series 2006 A1 RMKT
	3,650,000		0.130			10/01/36		3,650,000
New York City Trust Cultural Resources VRDN RB for Metropolitan Museum of Art Series 2006 A2 RMKT
	2,300,000		0.130			10/01/36		2,300,000
New York City Trust Cultural Resources VRDN RB for Pierpont Morgan Library Series 2004 (JPMorgan Chase Bank N.A. LOC)
	2,260,000		0.130			02/01/34		2,260,000

The accompanying notes are an integral part of these financial statements.          33

FINANCIAL SQUARE TAX-EXEMPT NEW YORK FUND

Schedule of Investments (continued)

February 29, 2012 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Municipal Debt Obligations – (continued)
New York – (continued)
New York City Trust Cultural Resources VRDN RB Refunding for American Museum of Natural History Putters Series 2009-3502 (NATL-RE) (JPMorgan Chase Bank N.A.)(a)
$	500,000		0.170	%		01/01/37	$	500,000
New York City Trust Cultural Resources VRDN RB Refunding for American Museum of Natural History Series 2008 B2 (Wells Fargo Bank N.A. SPA)
	1,500,000		0.100			04/01/44		1,500,000
New York City Trust Cultural Resources VRDN RB Refunding for the New York Botanical Garden Series 2009 A (JPMorgan Chase Bank N.A. LOC)
	3,900,000		0.150			07/01/32		3,900,000
New York Power Authority IAM CP Notes Series 2012-1
	1,000,000		0.160			03/01/12		1,000,000
New York State Dormitory Authority Non-State Supported Debt VRDN RB for Columbia University Series 2009 A
	2,830,000		0.090			09/01/39		2,830,000
New York State Dormitory Authority Non-State Supported Debt VRDN RB for Cornell University Floater Certificates Series 2011-3C (Wells Fargo Bank N.A.)(a)
	2,600,000		0.170			07/01/40		2,600,000
New York State Dormitory Authority Non-State Supported Debt VRDN RB for New York Law School Floater Certificates Series 2009-91C (Wells Fargo Bank N.A.)(a)
	585,000		0.260			07/01/39		585,000
New York State Dormitory Authority Non-State Supported Debt VRDN RB for New York University Putters Series 2008-3233Z (JPMorgan Chase Bank N.A.)(a)
	1,100,000		0.160			07/01/32		1,100,000
New York State Dormitory Authority Non-State Supported Debt VRDN RB for Rockefeller University ROCS-RR-II R-11944 Series 2011 (Citibank N.A.)(a)
	1,000,000		0.160			07/01/34		1,000,000
New York State Dormitory Authority Non-State Supported Debt VRDN RB for Rockefeller University Series 2009 B (U.S. Bank N.A. SPA)
	6,000,000		0.130			07/01/40		6,000,000
New York State Dormitory Authority Non-State Supported Debt VRDN RB for Vassar College Floaters Series 2007-1861 (Wells Fargo Bank N.A.)
	5,045,000		0.150			07/01/39		5,045,000
New York State Dormitory Authority Non-State Supported Debt VRDN RB for Vassar College Putters Series 2008-3204 (JPMorgan Chase Bank N.A.)(a)
	1,600,000		0.160			07/01/37		1,600,000
New York State Dormitory Authority State Supported Debt VRDN RB for Cornell University Series 2004 B RMKT (HSBC Bank USA N.A. SPA)
	4,590,000		0.130			07/01/33		4,590,000
New York State Dormitory Authority State Supported Debt VRDN RB for New York Public Library Series 1999 A RMKT (TD Bank N.A. LOC)
	290,000		0.110			07/01/28		290,000
New York State Dormitory Authority State Supported Debt VRDN RB for New York Public Library Series 1999 B RMKT (TD Bank N.A. LOC)
	3,360,000		0.110			07/01/28		3,360,000
New York State Dormitory Authority State Supported Debt VRDN RB for University of Rochester Series 2003 A Convertible (JPMorgan Chase Bank N.A. LOC)
	600,000		0.090			07/01/31		600,000
New York State Dormitory Authority State Supported Debt VRDN RB for University of Rochester Series 2003 B Convertible (HSBC Bank USA N.A. LOC)
	300,000		0.090			07/01/33		300,000
New York State Dormitory Authority VRDN RB for Memorial Sloan-Kettering Hospital Putters Series 2008-3201 (JPMorgan Chase Bank N.A.)(a)
	1,800,000		0.160			01/01/30		1,800,000
New York State Dormitory Authority VRDN RB for Memorial Sloan-Kettering Hospital Putters Series 2008-3209 (JPMorgan Chase Bank N.A.)(a)
	3,555,000		0.160			01/01/30		3,555,000
New York State Dormitory Authority VRDN RB for Mental Health Services Series 2003 Subseries D-2E (Royal Bank of Canada LOC)
	1,400,000		0.140			02/15/31		1,400,000
New York State Dormitory Authority VRDN RB for Metropolitan Museum of Art Series 1993 A
	2,137,000		0.130			07/01/15		2,137,000
New York State Environmental Facilities Corp. VRDN RB for State Clean Water & Drinking Putters Series 2008-2870 (JPMorgan Chase Bank N.A.)
	1,000,000		0.160			12/15/15		1,000,000
New York State Housing Finance Agency VRDN RB for 20 River Terrace Housing Series 2002 A RMKT (FNMA)
	1,500,000		0.130			05/15/34		1,500,000
New York State Housing Finance Agency VRDN RB for North End Series 2004 A RMKT (FNMA)
	2,800,000		0.130			11/15/36		2,800,000
New York State Housing Finance Agency VRDN RB for Taconic Housing West 17th Street Series 2009 A (FNMA)
	2,000,000		0.110			05/15/39		2,000,000
New York State Liberty Development Corp. VRDN RB for 4 World Trade Center Project Series 2011-DB-1036X (Deutsche Bank A.G.) (GTY AGMT-Deutsche Bank A.G.)(a)
	3,700,000		0.260			11/15/51		3,700,000
New York State Power Authority RB Series 2002 A
	200,000		5.000			11/15/12		206,302
New York State Thruway Authority VRDN RB Floater Trust Series 2011-100W (NATL-RE FGIC) (Barclays Bank PLC)(a)
	3,000,000		0.150			04/01/17		3,000,000
Port Authority of New York & New Jersey VRDN RB Floater Trust Series 2011-17B (GO of Authority) (Barclays Bank PLC)(a)
	2,150,000		0.150			01/15/41		2,150,000
Port Authority of New York & New Jersey VRDN RB ROCS-RR-II R 11793 Series 2009 (GO of Authority)(a)
	1,600,000		0.160			03/15/27		1,600,000
Port Authority of New York & New Jersey VRDN RB ROCS-RR-II R-664 Series 2006 (Citibank N.A.)
	2,130,000		0.160			10/01/14		2,130,000
Suffolk County Water Authority VRDN RB Floaters-PT Series 2012-4725 (Bank of America N.A.)(a)
	2,590,000		0.220			03/07/12		2,590,000
Suffolk County Water Authority VRDN RB Putters Series 2009-3357 (NATL-RE) (JPMorgan Chase Bank N.A.)(a)
	1,260,000		0.170			06/01/24		1,260,000
Triborough Bridge & Tunnel Authority VRDN RB Putters Series 2010-3685 (GO of Authority) (JPMorgan Chase Bank N.A.)(a)
	1,200,000		0.160			11/15/16		1,200,000
Triborough Bridge & Tunnel Authority VRDN RB Refunding Series 2005 Subseries B-4 (GO of Authority) (Landesbank Baden-Wurttemberg SPA)
	600,000		0.270			01/01/32		600,000

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

FINANCIAL SQUARE TAX-EXEMPT NEW YORK FUND

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Municipal Debt Obligations – (continued)
New York – (continued)
Triborough Bridge & Tunnel Authority VRDN RB Series 2005 B-2A-RMKT (GO of Authority) (California Public Employees Retirement LOC)
$	1,000,000		0.090	%		01/01/32	$	1,000,000
Triborough Bridge & Tunnel Authority VRDN RB Series 2005 B-2B-RMKT (GO of Authority) (California State teachers Retirement LOC)
	1,000,000		0.090			01/01/32		1,000,000
								147,853,220
Puerto Rico – 2.0%
Puerto Rico Sales Tax Financing Corp. VRDN RB Floater Trust Series 2009-10B Reg D (Barclays Bank PLC)(a)
	3,300,000		0.270			08/01/57		3,300,000
TOTAL INVESTMENTS – 91.1%							$	151,153,220
OTHER ASSETS IN EXCESS OF LIABILITIES – 8.9%								14,685,120
NET ASSETS – 100.0%							$	165,838,340

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

(a) Security not registered under the Securities Act of 1933, as amended. Such securities have been determined to be liquid by the Investment Adviser. At February 29, 2012, these securities amounted to $41,105,000 or approximately 24.8% 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 final legal maturity date on the security, the demand date for puttable securities, or the prerefunded date for those types of securities.

Investment Abbreviations:
AGM	—	Insured by Assured Guaranty Municipal Corp.
AMBAC	—	Insured by American Municipal Bond Assurance Corp.
CP	—	Commercial Paper
FGIC	—	Insured by Financial Guaranty Insurance Co.
FNMA	—	Insured by Federal National Mortgage Association
GO	—	General Obligation
GTY AGMT	—	Guaranty Agreement
IDA	—	Industrial Development Agency
LOC	—	Letter of Credit
MF Hsg.	—	Multi-Family Housing
MF Mtge	—	Multi-Family Mortgage
NATL-RE	—	National Reinsurance Corp.
RB	—	Revenue Bond
RMKT	—	Remarketed
ROCS	—	Reset Option Certificates
RR	—	Revenue Refunding
SPA	—	Stand-by Purchase Agreement
VRDN	—	Variable Rate Demand Notes

The accompanying notes are an integral part of these financial statements.          35

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

Schedule of Investments

February 29, 2012 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Municipal Debt Obligations – 93.2%
Alabama – 3.3%
Alabama Special Care Facilities Financing Authority VRDN RB Birmingham for Ascension Health Senior Credit Putters Series 2008-2959 (JPMorgan Chase Bank)
$	6,370,000		0.160	%		11/15/14	$	6,370,000
Auburn University VRDN RB Floater Certificates Series 2011-53C (Wells Fargo Bank N.A.)(a)
	7,000,000		0.170			06/01/41		7,000,000
Auburn University VRDN RB Putters Series 2009-3516 (AGM) (JPMorgan Chase Bank)(a)
	4,845,000		0.180			12/01/29		4,845,000
Columbia IDB VRDN PCRB Refunding for Alabama Power Co. Project Series 1995 A
	25,000,000		0.120			05/01/22		25,000,000
Columbia IDB VRDN PCRB Refunding for Alabama Power Co. Project Series 1996 A
	21,000,000		0.120			11/01/21		21,000,000
Columbia IDB VRDN PCRB Refunding for Alabama Power Co. Project Series 1999 B
	25,000,000		0.120			06/01/22		25,000,000
Gadsden IDB VRDN PCRB Refunding for Alabama Power Co. Project Series 1994
	6,050,000		0.120			06/01/15		6,050,000
Huntsville Health Care CP Series 2012
	29,000,000		0.160			04/02/12		29,000,000
Mobile City IDB VRDN PCRB Refunding for Alabama Power Co. Project Series 1994
	18,200,000		0.120			06/01/15		18,200,000
Parrish IDB VRDN PCRB Refunding for Alabama Power Co. Project Series 1994
	28,850,000		0.120			06/01/15		28,850,000
West Jefferson IDB VRDN PCRB Refunding for Alabama Power Co. Series 1998
	37,290,000		0.160			06/01/28		37,290,000
Wilsonville IDB VRDN PCRB Refunding for Alabama Power Co. Project Series 2005 D
	21,450,000		0.120			01/01/24		21,450,000
								230,055,000
Alaska – 0.5%
Alaska Housing Finance Corp. Home Mortgage VRDN RB Series 2009 A
	30,000,000		0.140			12/01/40		30,000,000
City of Valdez Marine Terminal VRDN RB Floater Certificates Series 2011-73C (GTY AGMT-Wells Fargo Bank N.A.)(a)
	6,400,000		0.170			01/01/21		6,400,000
								36,400,000
Arizona – 1.5%
Arizona Health Facilities Authority VRDN RB for Banner Health P-Floats-PT-4695 Series 2011 (Bank of America N.A.)(a)
	10,500,000		0.350			03/07/12		10,500,000
Arizona State School Facilities Board VRDN RB Floater Trust Series 2011-102W (Barclays Bank PLC)(a)
	5,000,000		0.180			07/01/17		5,000,000
Arizona State Transportation Board Highway VRDN RB Putters Series 2008-3151 (JPMorgan Chase Bank)(a)
	6,605,000		0.160			07/01/16		6,605,000
Arizona State Transportation Board Highway VRDN RB Putters Series 2009-3466 (JPMorgan Chase Bank)(a)
	4,065,000		0.160			07/01/16		4,065,000
Phoenix Civic Improvement Corp. Wastewater System VRDN RB Putters Series 2009-3458 (JPMorgan Chase Bank)(a)
	7,140,000		0.160			01/01/17		7,140,000
Salt River Project Agricultural Improvement & Power District Electric Systems VRDN RB Eagle Series 2006-0014 Class A (Citibank N.A. SPA)
	13,275,000		0.160			01/01/35		13,275,000
Salt River Project Agricultural Improvement & Power District Electric Systems VRDN RB Eagle Series 2007-0012 Class A (Citibank N.A.)
	15,850,000		0.160			01/01/37		15,850,000
Salt River Project Agricultural Improvement & Power District Electric Systems VRDN RB Floater Series 2009-40C (Wells Fargo Bank N.A.)(a)
	13,100,000		0.170			01/01/39		13,100,000
Salt River Project Agricultural Improvement & Power District Electric Systems VRDN RB Floaters Trust Series 2009-9W (Barclays Bank PLC)(a)
	4,050,000		0.180			01/01/38		4,050,000
Salt River Project Agriculture Improvement & Power District Electric System Municipal Trust Receipts VRDN RB Floater Trust Series 2010-21W (Barclays Bank PLC)(a)
	5,000,000		0.180			01/01/38		5,000,000
Salt River Project Agriculture Improvement & Power District Electric System VRDN RB Putters Series 2008-3226 (JPMorgan Chase Bank)(a)
	9,620,000		0.160			01/01/32		9,620,000
Salt River Project VRDN RB Putters Series 2009-3307 (JPMorgan Chase Bank)(a)
	3,395,000		0.160			01/01/33		3,395,000
Tempe Transportation Excise Tax VRDN RB Series 2006 (Royal Bank of Canada SPA)
	5,360,000		0.140			07/01/36		5,360,000
								102,960,000
California – 14.5%
Bay Area Toll Authority California Toll Bridge VRDN RB for San Francisco Bay Area Spears Series 2011-DB-1043 (Deutsche Bank A.G.)(a)
	4,445,000		0.260			04/01/39		4,445,000
Bay Area Toll Authority California Toll Bridge VRDN RB Putters Series 2008-3130 (JPMorgan Chase Bank)(a)
	6,145,000		0.160			10/01/13		6,145,000
California Educational Facilities Authority VRDN RB Eagle Series 2007-0064 Class A (Citibank N.A.)
	12,700,000		0.160			10/01/37		12,700,000
California Educational Facilities Authority VRDN RB for Claremont McKenna College Putters Series 2009-3580 (JP Morgan Chase Bank)(a)
	4,355,000		0.160			01/01/16		4,355,000
California Educational Facilities Authority VRDN RB for University of Southern California Floater Trust Series 2009-11B Reg D (Barclays Bank PLC)(a)
	2,940,000		0.140			10/01/38		2,940,000
California Educational Facilities Authority VRDN RB for University of Southern California Putters Series 2009-3424 (JP Morgan Chase Bank)(a)
	7,305,000		0.160			10/01/16		7,305,000
California Health Facilities Authority VRDN RB for Sutter Health Putters Series 2012-4045(a)
	8,130,000		0.160			11/15/15		8,130,000
California Health Facilities Financing Authority CP
	24,000,000		0.350			03/12/12		24,000,000
California Health Facilities Financing Authority VRDN RB Floater Certificates Series 2011-74C (GTY AGMT-Wells Fargo Bank N.A.)(a)
	5,000,000		0.160			11/15/40		5,000,000

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

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Municipal Debt Obligations – (continued)
California – (continued)
California Health Facilities Financing Authority VRDN RB Floaters Series 2007-1858 (GTY AGMT-Wells Fargo & Co.)
$	7,594,000		0.160	%		11/15/42	$	7,594,000
California Health Facilities Financing Authority VRDN RB for Adventist Health System P-Floats-PT-4699 Series 2011 (NATL-RE) (GTY AGMT-Bank of America N.A.)(a)
	20,460,000		0.420			03/07/12		20,460,000
California Health Facilities Financing Authority VRDN RB for Kaiser Permanente Series 2006 C
	4,400,000		0.130			06/01/41		4,400,000
California School Cash Reserve Program Authority TRANS Series 2012 S
	14,250,000		2.000			12/31/12		14,452,080
California School Cash Reserve Program Authority TRANS Series 2012 U
	24,000,000		2.000			12/31/12		24,299,626
California School Cash Reserve Program Authority TRANS Series 2012 V
	16,000,000		2.000			01/31/13		16,204,822
California School Cash Reserve Program Authority TRANS Series 2012 W
	33,200,000		2.000			01/31/13		33,625,007
California State Department of Water Resources Center Valley Project VRDN RB ROCS RR-II R-11993 Series 2011 (BHAC-CR) (Citibank N.A.)(a)
	5,680,000		0.160			09/13/12		5,680,000
California State Department of Water Resources RB Series 2002 A
	3,500,000		5.125			05/01/12		3,563,364
California State Department of Water Resources RB Series 2002 A (AMBAC)
	11,000,000		5.500			05/01/12		11,206,419
California State Department of Water Resources RB Series 2002 A (XLCA)
	7,000,000		5.375			05/01/12		7,129,904
California State Department of Water Resources VRDN RB Putters Series 2012-4059 (JP Morgan Chase Bank)(a)
	8,230,000		0.130			05/01/13		8,230,000
California Statewide Communities Development Authority CP for Kaiser Permanente Series 2009 B-1
	20,000,000		0.370			03/01/12		20,000,000
California Statewide Communities Development Authority CP for Kaiser Permanente Series 2009-D
	28,000,000		0.310			05/11/12		28,000,000
California Statewide Communities Development Authority CP Series 2011-04E
	15,000,000		0.300			04/02/12		15,000,000
California Statewide Communities Development Authority VRDN RB for Kaiser Permanente ROCS RR-II R-11672 Series 2008 (BHAC-CR) (Citibank N.A.)(a)
	10,035,000		0.170			09/01/34		10,035,000
California Statewide Communities Development Authority VRDN RB for Kaiser Permanente Series 2004 J (GTY AGMT-Kaiser Foundation Health Plan, Inc., Kaiser Hospital Asset Management, Inc. and Kaiser Health Plan Asset Management, Inc.)
	21,200,000		0.130			04/01/36		21,200,000
California Statewide Communities Development Authority VRDN RB for Kaiser Permanente Series 2004 M
	51,300,000		0.130			04/01/38		51,300,000
California Statewide Communities Development Authority VRDN RB for Kaiser Permanente Series 2009 E (GTY AGMT-Kaiser Foundation Health Plan, Inc., Kaiser Hospital Asset Management, Inc. and Kaiser Health Plan Asset Management, Inc.)
	12,250,000		0.480			04/01/44		12,250,000
California Statewide Communities Development Authority VRDN RB for Kaiser Permanente Series 2009 E2 (GTY AGMT-Kaiser Foundation Health Plan, Inc., Kaiser Hospital Asset Management, Inc. and Kaiser Health Plan Asset Management, Inc.)
	10,500,000		0.480			04/01/44		10,500,000
California Statewide Communities Development Authority VRDN RB for Sutter Health Putters Series 2008-3175 (JPMorgan Chase Bank)(a)
	24,170,000		0.160			05/15/14		24,170,000
City & County of San Francisco GO for Earthquake Safety & Emergency Response Series 2012 A(b)
	26,680,000		2.000			06/15/12		26,815,001
City & County of San Francisco GO for Road repaving & Street Safety Series 2012 C(b)
	10,355,000		2.000			06/15/12		10,407,396
City of Oakland GO TRANS Series 2011
	5,000,000		2.000			03/30/12		5,006,688
	7,000,000		2.000			06/29/12		7,037,012
County of Los Angeles, California GO TRANS Series 2011 B
	27,500,000		2.500			03/30/12		27,547,003
Eastern California Municipal Water & Sewer District VRDN COPS Refunding Series 2008 D (U.S. Bank N.A. SPA)
	12,000,000		0.100			07/01/23		12,000,000
Los Angeles Community College District GO VRDN Stics Certificates Series 2011-O-4 (Royal Bank of Canada)(a)
	2,500,000		0.130			08/01/33		2,500,000
Los Angeles Community Redevelopment Agency MF Hsg. VRDN RB for Metropolitan Apartments Series 1985 RMKT (FNMA)
	9,255,000		0.090			12/15/24		9,255,000
Los Angeles County Housing Authority MF Hsg. VRDN RB Refunding for Malibu Meadows II Series 1998 C (FNMA)
	3,000,000		0.120			04/15/28		3,000,000
Los Angeles County Schools Pooled Financing Program TRANS Series 2012 B-1 (GO of Participants)(b)
	16,500,000		2.000			11/30/12		16,715,325
Los Angeles County Schools Pooled Financing Program TRANS Series 2012 B-4 (GO of Participants)(b)
	14,500,000		2.000			01/31/13		14,685,020
Los Angeles Department of Water & Power VRDN RB P-Floats-MT-782 Series 2011 (AGM) (Bank of America N.A.)(a)
	11,455,000		0.220			03/07/12		11,455,000
Los Angeles Department of Water & Power VRDN RB Putters Series 2009-3422 (JPMorgan Chase Bank)(a)
	8,795,000		0.160			07/01/16		8,795,000
Los Angeles Department of Water & Power VRDN RB Series 2001 Subseries B-1 (Wells Fargo Bank N.A. SPA)
	4,000,000		0.150			07/01/34		4,000,000
Los Angeles Department of Water & Power VRDN RB Series 2002 Subseries A-8 (JPMorgan Chase Bank SPA)
	12,170,000		0.140			07/01/35		12,170,000
Los Angeles Unified School District GO TRANS Series 2011 A
	88,275,000		2.000			08/01/12		88,923,267
Los Angeles Unified School District GO VRDN Putters Series 2009-3494Z (JPMorgan Chase Bank)(a)
	3,420,000		0.160			01/01/29		3,420,000

The accompanying notes are an integral part of these financial statements.          37

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

Schedule of Investments (continued)

February 29, 2012 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Municipal Debt Obligations – (continued)
California – (continued)
Orange County Sanitation District VRDN COPS Putters Series 2010-3773Z (AGM) (JP Morgan Chase Bank)(a)
$	3,950,000		0.160	%		08/01/15	$	3,950,000
Sacramento Municipal Utility District VRDN RB Series 2012 L (U.S. Bank N.A. LOC)
	17,000,000		0.130			08/15/41		17,000,000
Sacramento Municipal Utility District VRDN RB Series 2012 M (U.S. Bank N.A. LOC)
	18,000,000		0.130			08/15/41		18,000,000
San Diego Community College District GO VRDN Austin Trust Certificates Series 2008-3020X (AGM) (Bank of America N.A.)
	6,000,000		0.260			08/01/32		6,000,000
San Diego Community College District GO VRDN Floater Series 2011-0-8 (Royal Bank of Canada)(a)
	5,000,000		0.130			08/01/19		5,000,000
San Diego Community College District GO VRDN Putters Series 2009-3415 (JP Morgan Chase Bank)(a)
	5,470,000		0.160			02/01/17		5,470,000
San Diego County Regional Transportation Commission VRDN RB Limited Tax Series 2008 C (Mizuho Corp. Bank SPA)
	16,000,000		0.130			04/01/38		16,000,000
San Diego County Water Authority VRDN COPS Putters Series 2008-2873 (AGM) (JPMorgan Chase Bank)
	4,465,000		0.160			05/01/13		4,465,000
San Diego Unified School District GO TRANS Series 2011
	48,500,000		2.000			08/07/12		48,872,023
San Diego Unified School District GO VRDN Floater Series 2011-97C (AGM) (Wells Fargo Bank N.A.)(a)
	8,800,000		0.160			07/01/28		8,800,000
San Francisco City & County Public Utilities Commission Water VRDN RB Floaters Series 2007-2190 (AGM) (Wells Fargo Bank N.A.)
	5,000,000		0.210			11/01/31		5,000,000
San Francisco City & County Public Utilities Commission Water VRDN RB Putters Series 2012-4065Z (JPMorgan Chase Bank)(a)(b)
	5,950,000		0.000			11/01/19		5,950,000
San Francisco Transportation Authority CP Series 2012 A
	24,040,000		0.220			03/09/12		24,040,000
Sonoma County GO VRDN Putters Series 2011-4000 (JP Morgan Chase & Co.)(a)
	3,400,000		0.130			10/25/12		3,400,000
Sonoma Marin Area Rail Transportation District VRDN RB for Sales & Use Tax Series 2011 A
	16,000,000		1.000			03/01/29		16,029,433
Southern California Public Power Authority VRDN RB for Milford Wind Corridor Phase II Project Spears Series 2012-DB-1048 (Deutsche Bank A.G.)
	7,860,000		0.260			07/01/31		7,860,000
Southern California Public Power Authority VRDN RB Refunding for Magnolia Power Project Series 2009 A-1 (U.S. Bank N.A. LOC)
	30,600,000		0.110			07/01/36		30,600,000
State of California GO VRDN Floating Series 2003 B-3-RMKT (JPMorgan Chase & Co. LOC, California Public Employees Retirement LOC and California State Teachers Retirement LOC)
	57,000,000		0.130			05/01/33		57,000,000
University of California VRDN RB Putters Series 2008-2649Z (JPMorgan Chase Bank)
	3,800,000		0.160			05/15/14		3,800,000
University of California VRDN RB Putters Series 2012-4040 (AGM) (JPMorgan Chase Bank)(a)
	12,915,000		0.130			05/01/13		12,915,000
University of California VRDN RB ROCS RR-II R-11661 Series 2008 (AGM) (Citibank N.A.)
	13,900,000		0.160			05/15/32		13,900,000
Victor Valley Community College District GO VRDN Floater Certificates Series 2009-34C (Wells Fargo Bank N.A.)(a)
	11,185,000		0.160			08/01/44		11,185,000
West Basin Municipal Water District VRDN RB Series 2011-DB-1035 (Deutsche Bank A.G.)(a)
	5,000,000		0.260			08/01/36		5,000,000
								1,018,288,390
Colorado – 1.1%
Colorado Educational & Cultural Facilities Authority VRDN RB for Nature Conservancy Project Series 2012
	10,000,000		0.140			07/01/33		10,000,000
Colorado Health Facilities Authority VRDN RB for Adventist Health System-Sunbelt, Inc. Series 2004 B (Royal Bank of Canada LOC)
	12,245,000		0.130			11/15/34		12,245,000
Colorado Health Facilities Authority VRDN RB for Sisters of Leavenworth Health System Putters Series 2010-3702 (JPMorgan Chase Bank)(a)
	8,695,000		0.160			01/01/18		8,695,000
Colorado State VRDN RB Putters Series 2012-4024 (JPMorgan Chase & Co.)(a)
	35,000,000		0.130			06/27/12		35,000,000
Denver City & County GO VRDN Austin Trust Certificates for Justice System Series 2008-1050 (Bank of America N.A.)
	7,500,000		0.260			08/01/25		7,500,000
								73,440,000
Connecticut – 2.8%
Connecticut Housing Finance Authority Mortgage Finance Program VRDN RB Series 2011 C-1-RMKT (GO of Authority) (Barclays Bank PLC SPA)
	19,795,000		0.160			05/15/35		19,795,000
Connecticut State GO Series 2011 D
	27,500,000		1.500			11/01/12		27,733,989
Connecticut State GO Series 2011 E
	35,545,000		1.500			11/01/12		35,847,441
Connecticut State GO VRDN Floater Certificates Series 2011-89C (Wells Fargo Bank N.A.)(a)
	20,000,000		0.160			03/01/23		20,000,000
Connecticut State Health & Educational Facilities Authority VRDN RB for Yale University Eagle 7 Series 2005-3031 Class A (Citibank N.A.)
	15,000,000		0.160			07/01/35		15,000,000
Connecticut State Health & Educational Facilities Authority VRDN RB for Yale University Putters Series 2008-2861 (JPMorgan Chase Bank)
	5,980,000		0.130			07/01/15		5,980,000
Connecticut State Health & Educational Facilities Authority VRDN RB for Yale University Putters Series 2008-3185Z (JPMorgan Chase Bank)(a)
	11,995,000		0.160			07/01/15		11,995,000
Connecticut State Health & Educational Facilities Authority VRDN RB for Yale University Series 1997 T2 (Credit Local de France, Toronto Dominion Bank, and Landesbank Hessen-Thueringen Girozentrale)
	8,000,000		0.130			07/01/29		8,000,000

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

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Municipal Debt Obligations – (continued)
Connecticut – (continued)
Connecticut State Health & Educational Facilities Authority VRDN RB for Yale University Series 1999 U2(b)
$	9,690,000		0.090	%		07/01/33	$	9,690,000
Connecticut State Health & Educational Facilities Authority VRDN RB for Yale University Series 2003X-2 A
	43,975,000		0.110			07/01/37		43,975,000
								198,016,430
Delaware – 0.2%
Delaware State Health Facilities Authority VRDN RB for Christiana Care Health Services, Inc. Series 2008 B
	16,475,000		0.130			10/01/38		16,475,000
District of Columbia – 0.7%
District of Columbia GO VRDN Putters Series 2012-4026 (JPMorgan Chase & Co.)(a)
	20,000,000		0.130			09/28/12		20,000,000
District of Columbia GO VRDN Refunding Series 2008 C1 RMKT (TD Bank N.A. LOC)
	10,100,000		0.150			06/01/27		10,100,000
District of Columbia Income Tax Secured VRDN RB Putters Series 2009-3354 (JPMorgan Chase Bank)(a)
	7,080,000		0.160			06/01/17		7,080,000
District of Columbia Income Tax Secured VRDN RB Putters Series 2009-3369 (JPMorgan Chase Bank)(a)
	4,500,000		0.160			06/01/17		4,500,000
District of Columbia Water & Sewer Authority Public Utility Systems VRDN RB Putters Series 2009-3317 (JPMorgan Chase Bank)(a)
	8,330,000		0.160			04/01/33		8,330,000
								50,010,000
Florida – 3.9%
City of Jacksonville Florida CP Series 2012 A
	18,600,000		0.250			03/01/12		18,600,000
City of Jacksonville Florida Transportation VRDN RB Series 2008 A (JP Morgan Chase Bank SPA)
	36,635,000		0.160			10/01/32		36,635,000
City of Lakeland Energy System VRDN RB Refunding Series 2009
	3,500,000		0.910			10/01/12		3,506,080
Collier County Health Facilities Authority CP Series 2011-03C1
	41,905,000		0.290			04/05/12		41,905,000
Florida State Board of Education GO Series 2002 C
	2,205,000		5.250			06/01/12		2,253,323
Florida State Board of Education GO VRDN Floater Certificates Series 2011-8C (Wells Fargo Bank N.A.)(a)
	8,800,000		0.170			06/01/40		8,800,000
Florida State Board of Education GO VRDN Putters Series 2008-2850 (State GTD) (JPMorgan Chase Bank)
	7,425,000		0.160			12/01/13		7,425,000
Florida State Board of Education GO VRDN Putters Series 2010-3834Z (JPMorgan Chase Bank)(a)
	9,000,000		0.160			12/01/15		9,000,000
Florida State DOT Turnpike Authority VRDN RB Putters Series 2008-2996 (JPMorgan Chase Bank)
	4,100,000		0.160			01/01/13		4,100,000
Florida State GO for Department of Transportation- Right of Way Series 2002
	5,190,000		5.250			07/01/12		5,324,644
Florida State Turnpike Authority VRDN RB Putters Series 2008-2514 (JPMorgan Chase Bank)
	18,070,000		0.160			07/01/15		18,070,000
Florida State Turnpike Authority VRDN RB Putters Series 2008-2539 (JPMorgan Chase Bank)
	21,330,000		0.160			07/01/15		21,330,000
Highlands County Health Facilities Authority VRDN RB for Adventist Health System ROCS-RR-II R-11830 Series 2010 (Citibank N.A.)(a)
	5,875,000		0.180			05/15/31		5,875,000
Highlands County Health Facilities Authority VRDN RB for Hospital Adventist Health System Series 2005 I
	17,500,000		0.130			11/15/27		17,500,000
Jacksonville Electric Authority CP Series 2012 F-2
	10,000,000		0.100			03/01/12		10,000,000
Jacksonville Electric Authority Water & Sewer Systems VRDN RB Floater Certificates Series 2012-4C (Wells Fargo Bank N.A.)(a)
	5,895,000		0.160			10/01/41		5,895,000
Jacksonville Electric Authority Water & Sewer Systems VRDN RB Series 2008 3-A (Royal Bank of Canada SPA)
	11,580,000		0.120			10/01/36		11,580,000
Orange County School District VRDN COPS Putters Series 2010-3785Z (NATL-RE FGIC) (JPMorgan Chase Bank)(a)
	5,000,000		0.180			02/01/15		5,000,000
South Miami Health Facilities Authority VRDN RB for Baptist Health Floater Stics Series 2012-0-22 (Royal Bank of Canada)(a)
	6,665,000		0.160			08/15/42		6,665,000
South Miami Health Facilities Authority VRDN RB for Baptist Health Putters Series 2007-2318 (JPMorgan Chase Bank)
	20,595,000		0.160			08/15/35		20,595,000
South Miami Health Facilities Authority VRDN RB for Baptist Health Putters Series 2008-2473 (JPMorgan Chase Bank)
	3,115,000		0.160			08/15/15		3,115,000
Volusia County Health Facilities Authority VRDN RB for Adventist Health System Series 1994 A (TD Bank N.A. LOC)
	10,140,000		0.130			11/15/23		10,140,000
								273,314,047
Georgia – 2.2%
Georgia State GO Series 2011 H
	7,005,000		0.750			11/01/12		7,029,276
Georgia State GO VRDN Floater Certificates Series 2011-134C (Wells Fargo Bank N.A.)(a)
	11,570,000		0.170			11/01/31		11,570,000
Georgia State GO VRDN Floater Trust Series 2011-103W (Barclays Bank PLC)(a)
	9,435,000		0.180			07/01/19		9,435,000
Gwinnett County School District GO VRDN Austin Trust Certificates Series 2008-1112 (Bank of America N.A.)
	3,375,000		0.260			02/01/36		3,375,000
Gwinnett County School District GO VRDN Putters Series 2008-2868 (JPMorgan Chase Bank)
	8,870,000		0.160			02/01/16		8,870,000
Metropolitan Atlanta Rapid Transit Authority VRDN RB Austin Trust Certificates Refunding for Third Indenture Series 2008-3046X (AGM) (Bank of America N.A.)
	6,665,000		0.260			07/01/37		6,665,000

The accompanying notes are an integral part of these financial statements.          39

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

Schedule of Investments (continued)

February 29, 2012 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Municipal Debt Obligations – (continued)
Georgia – (continued)
Municipal Electric Authority of Georgia VRDN RB Series 1985 B RMKT (GO of Participants) (Barclays Bank PLC LOC)
$	12,000,000		0.140	%		06/01/20	$	12,000,000
Municipal Electric Authority of Georgia VRDN RB Series 1985 C RMKT (GO of Participants) (Bayerische Landesbank LOC)
	46,550,000		0.260			03/01/20		46,550,000
Private Colleges & Universities Authority VRDN RB for Emory University Floater Certificates Series 2011-32C (Wells Fargo Bank N.A.)(a)
	5,800,000		0.170			09/01/39		5,800,000
Private Colleges & Universities Authority VRDN RB for Emory University Floaters Series 2011-95C (GO of University) (Wells Fargo Bank N.A.)(a)
	4,865,000		0.170			09/01/41		4,865,000
Private Colleges & Universities Authority VRDN RB for Emory University Putters Series 2009-3423 (JPMorgan Chase Bank)(a)
	4,795,000		0.160			03/01/17		4,795,000
Private Colleges & Universities Authority VRDN RB for Emory University Series 2005 B-2
	5,000,000		0.130			09/01/35		5,000,000
Private Colleges & Universities Authority VRDN RB for Emory University Series 2005 B-3
	9,600,000		0.130			09/01/35		9,600,000
Private Colleges & Universities Authority VRDN RB for Emory University Series 2005 C-4-RMKT
	19,100,000		0.130			09/01/36		19,100,000
								154,654,276
Hawaii – 0.3%
Hawaii State GO Refunding Series 2009 DV
	11,840,000		5.000			11/01/12		12,215,674
State of Hawaii GO VRDN Putters Series 2011-4007 (JPMorgan Chase Bank)(a)
	6,665,000		0.160			12/01/19		6,665,000
								18,880,674
Illinois – 2.0%
Chicago Board of Education GO VRDN Putters Series 2008-2997 (AGM) (JPMorgan Chase Bank)
	3,115,000		0.180			06/01/16		3,115,000
Chicago Board of Education GO VRDN Refunding for Dedicated Revenues Series 2009 A-2 (Northern Trust Co. LOC)
	5,900,000		0.130			03/01/26		5,900,000
Chicago Board of Education GO VRDN Series 2012-DB-1047 (AGM-CR) (Deutsche Bank A.G.)(a)
	8,665,000		0.260			12/01/41		8,665,000
Chicago Illinois GO VRDN P-Floats-MT-759 Series 2011 (AGM) (Bank of America N.A.)(a)
	14,975,000		0.220			03/07/12		14,975,000
Chicago Illinois Sales Tax VRDN RB Floater Stics Series 2012-0-20 (Royal Bank of Canada)(a)
	3,330,000		0.160			01/01/38		3,330,000
Cook County GO VRDN P-Floats-MT-785 Series 2011 (AMBAC) (Bank of America N.A.)(a)
	21,915,000		0.220			03/07/12		21,915,000
Cook County, Illinois GO VRDN Series 2002 B (Landesbank Hessen-Thueringen Girozentrale SPA)
	32,200,000		0.320			11/01/31		32,200,000
Illinois Finance Authority VRDN RB Floater Certificates Series 2011-61C (GTY AGMT-Wells Fargo Bank N.A.)(a)
	4,785,000		0.170			08/15/41		4,785,000
Illinois Finance Authority VRDN RB for Methodist Medical Center Series 2011 B (PNC Bank N.A. LOC)
	10,220,000		0.150			11/15/41		10,220,000
Illinois Finance Authority VRDN RB for Northwestern Memorial Hospital Floaters Trust Series 2011-16B (Barclays Bank PLC)(a)
	3,950,000		0.180			08/15/39		3,950,000
Illinois Finance Authority VRDN RB for University of Chicago Series 2004 B
	12,057,000		0.130			07/01/34		12,057,000
Illinois State Toll Highway Authority VRDN RB Putters Series 2009-3336 (JPMorgan Chase Bank)(a)
	5,330,000		0.160			01/01/16		5,330,000
University of Illinois Board of Trustees VRDN COPS ROCS RR-II R-11480 Series 2008 (AGM) (Citibank N.A.)
	7,495,000		0.180			10/01/15		7,495,000
University of Illinois VRDN RB for Auxiliary Facilities System Putters Series 2009-3348 (JPMorgan Chase Bank)(a)
	8,995,000		0.160			10/01/16		8,995,000
								142,932,000
Indiana – 3.6%
County of St Joseph Educational Facilities VRDN RB for University of Notre Dame Series 2005 (Northern Trust Co.)(b)
	25,000,000		3.875			03/01/40		25,000,000
Indiana Finance Authority VRDN RB for Ascension Health Series 2008 E5
	10,000,000		0.120			11/15/33		10,000,000
Indiana Finance Authority VRDN RB for Ascension Health Series 2008 E8
	24,125,000		0.110			11/15/33		24,125,000
Indiana Health & Educational Facilities Financing Authority VRDN RB for Ascension Health ROCS-RR-II R-11160 Series 2007 (Citibank N.A.)
	13,785,000		0.160			11/15/14		13,785,000
Indiana Health Facilities Financing Authority VRDN RB for Ascension Health Services Series 2003 E-6 RMKT
	13,000,000		0.120			11/15/39		13,000,000
Indiana State Finance Authority Hospital VRDN RB Floater Certificates Series 2011 E23 (Royal Bank of Canada LOC)(a)
	11,000,000		0.160			03/01/36		11,000,000
Indiana State Finance Authority Hospital VRDN RB for Parkview Health System Floater Certificates Series 2009-55C (GTY AGMT-Wells Fargo Bank N.A.)(a)
	4,855,000		0.170			05/01/31		4,855,000
Indiana State Finance Authority Lease Appropriation GO VRDN Putters Series 2011-3977 (JPMorgan Chase & Co.)(a)
	15,335,000		0.130			04/03/13		15,335,000
Indiana State Finance Authority VRDN RB Floaters Series 2007-1885 (Wells Fargo Bank N.A.)
	13,015,000		0.150			02/01/27		13,015,000
Indiana State Finance Authority VRDN RB for Trinity Health Putters Series 2009-3611 (JPMorgan Chase Bank)(a)
	40,980,000		0.160			12/01/32		40,980,000
Indiana State Health Facility Financing Authority VRDN RB for Ascension Health Series 2005 A-2 RMKT
	57,815,000		0.120			11/01/27		57,815,000

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

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Municipal Debt Obligations – (continued)
Indiana – (continued)
University of Indiana VRDN RB Floater Certificates Series 2009-45C (Wells Fargo Bank N.A.)(a)
$	22,600,000		0.170	%		06/01/38	$	22,600,000
								251,510,000
Kansas – 0.3%
Kansas Development Finance Authority Department Admin-Comprehensive VRDN RB P-Floats-MT-768 Series 2011 (NATL-RE FGIC) (Bank of America N.A.)(a)
	15,885,000		0.220			03/07/12		15,885,000
Kansas State DOT Highway VRDN RB Putters Series 2008-2969 (JPMorgan Chase Bank)
	3,840,000		0.160			09/01/12		3,840,000
								19,725,000
Louisiana – 2.0%
St. James Parish VRDN RB for Nucor Steel LLC Project Series 2010 A-1 (GTY AGMT-Nucor Corp.)
	60,600,000		0.120			11/01/40		60,600,000
St. James Parish VRDN RB for Nucor Steel LLC Project Series 2010 B-1 (GTY AGMT-Nucor Corp.)
	80,000,000		0.140			11/01/40		80,000,000
								140,600,000
Maine – 0.1%
Maine Health & Higher Educational Facilities Authority VRDN RB for Bowdoin College Putters Series 2009-3461 (JPMorgan Chase Bank)(a)
	6,955,000		0.160			01/01/17		6,955,000
Maryland – 0.9%
Maryland Health & Higher Educational Facilities Authority VRDN RB for John Hopkins University Series 2008 B
	12,395,000		0.100			07/01/27		12,395,000
Maryland Industrial Development Financing Authority Port Facilities VRDN RB Refunding for Occidental Petroleum Corp. Series 2010
	43,600,000		0.110			03/01/30		43,600,000
Washington Suburban Sanitation District GO VRDN Floater Certificates Series 2011-129C (Wells Fargo Bank N.A.)(a)
	9,155,000		0.170			06/01/31		9,155,000
								65,150,000
Massachusetts – 3.3%
City of Quincy Massachusetts GO BAN Series 2012
	10,000,000		2.000			01/25/13		10,152,761
Massachusetts Bay Transportation Authority Sales Tax VRDN RB Austin Trust Certificates Series 2008-1111 (Bank of America N.A.)
	5,000,000		0.260			07/01/28		5,000,000
Massachusetts Bay Transportation Authority Sales Tax VRDN RB Putters Series 2006-1387 (JPMorgan Chase Bank)
	13,315,000		0.160			01/01/27		13,315,000
Massachusetts GO VRDN Floaters Trust Series 2011-101W (AGM) (Barclays Bank PLC)(a)
	5,965,000		0.150			03/01/18		5,965,000
Massachusetts School Building Authority VRDN RB Putters Series 2007-2286 (AMBAC) (Deutsche Bank A.G.)
	15,410,000		0.230			08/15/15		15,410,000
Massachusetts State Development Finance Agency VRDN RB for Harvard University Floaters Certificates Series 2010-56C (Wells Fargo Bank N.A.)(a)
	9,450,000		0.170			10/15/40		9,450,000
Massachusetts State Development Finance Agency VRDN RB for Harvard University Putters Series 2010-3840 (JPMorgan Chase Bank LOC)(a)
	4,000,000		0.160			02/01/34		4,000,000
Massachusetts State GO Series 2002 C (AGM GO of Commonwealth)
	7,475,000		5.500			11/01/12		7,737,766
Massachusetts State GO VRDN Austin Trust Certificates Series 2008-1203 (Bank of America N.A.)(a)
	9,500,000		0.260			08/01/38		9,500,000
Massachusetts State GO VRDN Floater Certificates Series 2012 E-32 (Royal Bank of Canada LOC)(a)
	20,000,000		0.150			09/01/13		20,000,000
Massachusetts State GO VRDN Putters Series 2011-3896 (JPMorgan Chase Bank)(a)
	3,745,000		0.160			04/01/19		3,745,000
Massachusetts State GO VRDN Series 2010 A
	2,000,000		0.540			02/01/13		2,003,264
Massachusetts State Health & Educational Facilities Authority VRDN RB Austin Trust Certificates for Partners Healthcare System Series 2008-1056 (Bank of America N.A.)
	3,310,000		0.260			07/01/32		3,310,000
Massachusetts State Health & Educational Facilities Authority VRDN RB for Harvard University Putters Series 2008-3104 (JPMorgan Chase Bank)
	3,040,000		0.160			10/01/15		3,040,000
Massachusetts State Health & Educational Facilities Authority VRDN RB for Harvard University ROCS-RR-II R-11514 Series 2008 (Citibank N.A.)
	5,390,000		0.160			10/01/15		5,390,000
Massachusetts State Health & Educational Facilities Authority VRDN RB for Harvard University Series 2000 Y
	11,000,000		0.100			07/01/35		11,000,000
Massachusetts State Housing Finance Agency VRDN RB Series 2003 F RMKT
	1,000,000		0.350			12/01/37		1,000,000
Massachusetts State GO VRDN Putters Series 2012-4055 (JPMorgan Chase & Co.)(a)
	6,000,000		0.130			04/26/12		6,000,000
Massachusetts State Water Resources Authority VRDN RB Refunding General Series 2008 C-2 RMKT (Go of Authority) (Barclays Bank PLC SPA)
	10,500,000		0.110			11/01/26		10,500,000
Massachusetts Water Resources Authority CP
	87,000,000		0.270			03/02/12		87,000,000
								233,518,791
Michigan – 0.5%
Michigan State Finance Authority VRDN RB Refunding for Trinity Health Floaters Certificates Series 2011-111C (Wells Fargo Bank N.A.)(a)
	2,445,000		0.170			12/01/39		2,445,000
Michigan State Hospital Finance Authority VRDN RB for McLaren Health Care Putters Series 2010-3818 (JPMorgan Chase Bank)(a)
	6,660,000		0.240			08/01/30		6,660,000
Michigan State Hospital Finance Authority VRDN RB for Trinity Health Putters Series 2008-2976 (JPMorgan Chase Bank)
	4,800,000		0.160			12/01/14		4,800,000
Regents of the University of Michigan VRDN RB Series 2012 A(b)
	6,200,000		0.000			04/01/36		6,200,000

The accompanying notes are an integral part of these financial statements.          41

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

Schedule of Investments (continued)

February 29, 2012 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Municipal Debt Obligations – (continued)
Michigan – (continued)
University of Michigan VRDN RB Series 2012 B (Northern Trust Co. SPA)(b)
$	18,000,000		0.000	%		04/01/42	$	18,000,000
								38,105,000
Minnesota – 0.7%
City of Rochester, Minnesota CP
	8,500,000		0.150			04/26/12		8,500,000
Minneapolis Health Care System VRDN RB for Fairview Health Floater Certificates Series 2010 E-19 (Royal Bank of Canada LOC)(a)
	5,000,000		0.230			11/15/47		5,000,000
Minneapolis VRDN RB for University Gateway Project Series 2009 (Wells Fargo Bank N.A. SPA)
	10,500,000		0.170			12/01/40		10,500,000
Minnesota State GO VRDN Floater Certificates Series 2011-110C (Wells Fargo Bank N.A.)(a)
	9,415,000		0.170			10/01/30		9,415,000
Minnesota State GO VRDN Putters Series 2010-3844 (JPMorgan Chase Bank)(a)
	3,400,000		0.160			08/01/18		3,400,000
Rochester GO VRDN Wastewater Series 2007 B (Wells Fargo Bank N.A. SPA)
	10,400,000		0.160			12/01/26		10,400,000
St. Cloud Health Care VRDN RB Refunding for Cenracare Health Series 2009 A (U.S. Bank N.A. LOC)
	4,800,000		0.130			05/01/42		4,800,000
								52,015,000
Mississippi – 3.0%
Jackson County VRDN PCRB Refunding for Chevron U.S.A., Inc. Project Series 1992
	22,250,000		0.130			12/01/16		22,250,000
Mississippi Business Finance Commission Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2007 A (GTY AGMT-Chevron Corp.)
	30,600,000		0.130			12/01/30		30,600,000
Mississippi Business Finance Commission Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2009 D (GTY AGMT-Chevron Corp.)
	35,000,000		0.150			12/01/30		35,000,000
Mississippi Business Finance Commission Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2010 J (GTY AGMT-Chevron Corp.)
	42,000,000		0.150			11/01/35		42,000,000
Mississippi Business Finance Commission Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2011 E (GTY AGMT-Chevron Corp.)
	25,000,000		0.150			11/01/35		25,000,000
Mississippi Business Finance Commission Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2011 F (GTY AGMT-Chevron Corp.)
	42,915,000		0.130			11/01/35		42,915,000
Mississippi State GO VRDN Series 2011-117C (Wells Fargo Bank N.A.)(a)
	15,470,000		0.170			10/01/36		15,470,000
								213,235,000
Missouri – 1.9%
Missouri Development Finance Board Cultural Facilities VRDN RB for Kauffman Center Performing Arts Series 2007 A (Bank of America N.A. SPA)
	39,860,000		0.250			06/01/37		39,860,000
Missouri Health & Educational Facilities Authority VRDN RB for BJC Health System Series 2005 B (U.S. Bank N.A. SPA)
	16,800,000		0.090			05/15/34		16,800,000
Missouri State Health & Educational Facilities Authority VRDN RB for Ascension Health Series 2003 C-1 RMKT
	10,000,000		0.120			11/15/39		10,000,000
Missouri State Health & Educational Facilities Authority VRDN RB for Ascension Health Series 2003 C-2 RMKT(b)
	28,500,000		0.110			11/15/39		28,500,000
Missouri State Health & Educational Facilities Authority VRDN RB for Ascension Health Series 2008 C-4 RMKT
	12,000,000		1.250			11/15/26		12,023,940
Missouri State Health & Educational Facilities Authority VRDN RB for SSM Health Care System Series 2005 C-2 RMKT (Bank of America N.A. LOC)
	1,925,000		0.140			06/01/33		1,925,000
Missouri State Health & Educational Facilities Authority VRDN RB for SSM Health Care System Series 2005 C-5 RMKT (U.S. Bank N.A. SPA)
	12,550,000		0.110			06/01/33		12,550,000
Missouri State Health & Educational Facilities Authority VRDN RB for Washington University Putters Series 2009-3546 (JPMorgan Chase Bank)(a)
	11,395,000		0.160			03/15/16		11,395,000
								133,053,940
Nebraska – 0.3%
Omaha Public Power District VRDN RB Floaters Series 2008-2795 (Wells Fargo Bank N.A.)
	10,039,500		0.200			02/01/46		10,039,500
Omaha Public Power District VRDN RB Spears Series 2011-DB-1045 (Deutsche Bank A.G.)(a)
	9,510,000		0.260			02/01/36		9,510,000
								19,549,500
Nevada – 0.5%
Clark County Water Reclamation District GO VRDN Putters Series 2009-3366Z (JPMorgan Chase Bank)(a)
	6,080,000		0.160			07/01/16		6,080,000
Clark County Water Reclamation District GO VRDN Putters Series 2009-3488Z (JPMorgan Chase Bank)(a)
	6,305,000		0.160			01/01/17		6,305,000
Clark County Water Reclamation District GO VRDN Putters Series 2009-3489Z (JPMorgan Chase Bank)(a)
	7,000,000		0.160			01/01/17		7,000,000
Las Vegas Valley Water District GO VRDN Putters Series 2010-3725 (JPMorgan Chase Bank)(a)
	4,690,000		0.160			02/01/16		4,690,000
Nevada State GO VRDN Putters Series 2009-3421 (JPMorgan Chase Bank)(a)
	8,450,000		0.160			06/01/16		8,450,000
								32,525,000
New Jersey – 1.3%
New Jersey State Educational Facilities Authority VRDN RB Putters Series 2011-3922 (JPMorgan Chase Bank)(a)
	2,165,000		0.160			07/01/19		2,165,000
New Jersey State Turnpike Authority VRDN RB Series 1991 D (NATL-RE FGIC) (Societe Generale LOC)
	15,000,000		1.350			01/01/18		15,000,000
State of New Jersey TRANS Series 2011 C
	73,000,000		2.000			06/21/12		73,390,631
								90,555,631

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

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Municipal Debt Obligations – (continued)
New Mexico – 0.1%
University of New Mexico VRDN RB Putters Series 2008-2533 (AGM) (Deutsche Bank A.G.)
$	9,990,000		0.230	%		06/01/15	$	9,990,000
New York – 12.0%
Erie County IDA School Facility VRDN RB for City School District Buffalo Project Series 2008-3053X (AGM) (Bank of America N.A.)
	2,130,000		0.360			05/01/28		2,130,000
Long Island Power Authority Electric System VRDN RB Series 1998 Subseries 1A RMKT (Bayerische Landesbank LOC and Landesbank Baden-Wurttemberg LOC)
	45,100,000		0.240			05/01/33		45,100,000
Long Island Power Authority Electric System VRDN RB Series 1998 Subseries 3B RMKT (Westdeutsche Landesbank LOC)
	22,000,000		0.150			05/01/33		22,000,000
Long Island Power Authority Electric System VRDN RB Series 1998-2 Subseries 2A (Westdeutsche Landesbank LOC)
	48,100,000		0.240			05/01/33		48,100,000
Metropolitan Transportation Authority VRDN RB Dedicated Tax Fund Eagle Series 2006-0133 Class A (BHAC AGM-CR MBIA) (Citibank N.A.)
	11,100,000		0.160			11/15/36		11,100,000
Monroe County Industrial Development Corp. VRDN RB Floater Series 2011-98C (GTY AGMT-Wells Fargo Bank N.A.)(a)
	2,760,000		0.170			07/01/41		2,760,000
New York City GO VRDN Putters Series 2012-4052 (JPMorgan Chase & Co.)(a)
	6,555,000		0.150			08/01/12		6,555,000
New York City GO VRDN Putters Series 2008-2950 (JPMorgan Chase Bank)(a)
	6,115,000		0.160			06/01/14		6,115,000
New York City GO VRDN Putters Series 2008-2951 (JPMorgan Chase Bank)
	4,465,000		0.160			10/01/13		4,465,000
New York City GO VRDN Putters Series 2008-3181 (JPMorgan Chase Bank)(a)
	6,660,000		0.160			08/15/20		6,660,000
New York City GO VRDN Putters Series 2008-3282 (JPMorgan Chase Bank)(a)
	3,350,000		0.160			11/15/26		3,350,000
New York City GO VRDN Putters Series 2009-3457 (JPMorgan Chase Bank)(a)
	8,495,000		0.160			05/15/17		8,495,000
New York City GO VRDN Series 2002 Subseries C-2 (Bayerische Landesbank LOC)
	5,560,000		0.190			08/01/20		5,560,000
New York City GO VRDN Series 2003 Subseries G-3 (Westdeutsche Landesbank LOC)
	7,865,000		0.210			08/01/14		7,865,000
New York City GO VRDN Stics Certificates Series 2011 O-3 (Royal Bank of Canada)(a)
	3,000,000		0.130			10/01/26		3,000,000
New York City Housing Development Corp. MF Hsg VRDN RB for 90 Washington Street Series 2005 A (FNMA)
	30,000,000		0.090			02/15/35		30,000,000
New York City Housing Development Corp. MF Hsg. VRDN RB for 2 Gold Street Series 2006 A (FNMA)
	65,600,000		0.130			04/15/36		65,600,000
New York City Housing Development Corp. MF Hsg. VRDN RB for 90 West Street Series 2006 A (FNMA)
	23,900,000		0.130			03/15/36		23,900,000
New York City Housing Development Corp. MF Mtge. VRDN RB for 201 Pearl Street Development Series 2006 A (FNMA)
	17,100,000		0.130			10/15/41		17,100,000
New York City Municipal Water Finance Authority & Sewer System VRDN RB Sticks/Pucks Certificates Series 2011-0-2 (Royal Bank of Canada)(a)
	5,000,000		0.130			06/15/31		5,000,000
New York City Municipal Water Finance Authority VRDN RB Putters Series 2009-3384 (JPMorgan Chase Bank)(a)
	3,750,000		0.160			12/15/16		3,750,000
New York City Municipal Water Finance Authority Water & Sewer Municipal Trust Receipts VRDN RB Floater Trust Series 2010-29W (Barclays Bank PLC)(a)
	10,000,000		0.150			06/15/39		10,000,000
New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Austin Trust Certificates Series 2008-3306 (Bank of America N.A.)
	5,000,000		0.260			06/15/31		5,000,000
New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Second General Resolution Series 2006 CC-1 (The Bank of Nova Scotia SPA)
	53,400,000		0.130			06/15/38		53,400,000
New York City Municipal Water Finance Authority Water & Sewer Systems VRDN RB Eagle Series 2006-0074 Class A (Citibank N.A.)
	7,045,000		0.160			06/15/36		7,045,000
New York City Municipal Water Finance Authority Water & Sewer Systems VRDN RB Putters Series 2008-3000 (JPMorgan Chase Bank)
	5,440,000		0.160			12/15/13		5,440,000
New York City Municipal Water Finance Authority Water & Sewer Systems VRDN RB Putters Series 2008-3038Z (JPMorgan Chase Bank)
	7,845,000		0.160			06/15/16		7,845,000
New York City Municipal Water Finance Authority Water & Sewer Systems VRDN RB Second General Resolution Floaters Certificates Series 2011-13C (Wells Fargo Bank N.A.)(a)
	4,845,000		0.170			06/15/43		4,845,000
New York City Municipal Water Finance Authority Water & Sewer VRDN RB Austin Trust Certificates Series 2007-1038 (Bank of America N.A.)
	12,432,000		0.220			06/15/38		12,432,000
New York City Municipal Water Finance Authority Water & Sewer VRDN RB Putters Series 2009-3477 (JPMorgan Chase Bank)(a)
	3,795,000		0.160			06/15/17		3,795,000
New York City Transitional Finance Authority VRDN RB for Future Tax Secured Floater Certificates Series 2011-133C (Wells Fargo Bank N.A.)(a)
	8,330,000		0.170			11/01/38		8,330,000
New York City Transitional Finance Authority VRDN RB for Future Tax Secured Floater Certificates Series 2011-21C (Wells Fargo Bank N.A.)(a)
	2,800,000		0.170			02/01/35		2,800,000
New York City Transitional Finance Authority VRDN RB for Future Tax Secured Putters Series 2011-3857 (JP Morgan Chase Bank)(a)
	2,500,000		0.160			11/01/18		2,500,000
New York City Transitional Finance Authority VRDN RB for Future Tax Secured Putters Series 2012-4043 (JPMorgan Chase & Co.)(a)
	10,450,000		0.130			04/01/14		10,450,000
New York City Transitional Finance Authority VRDN RB for Future Tax Secured Series 1998 A-2 (Bank of Nova Scotia SPA)
	2,845,000		0.110			11/15/27		2,845,000
New York City Transitional Finance Authority VRDN RB Future Tax Secured Series 2002-A-3B (Bank of Tokyo Mitsubishi UFJ LOC)(b)
	12,000,000		0.120			11/01/29		12,000,000
New York City Transitional Finance Authority VRDN RB Putters Series 2008-3283 (JPMorgan Chase Bank)(a)
	3,495,000		0.160			05/01/15		3,495,000

The accompanying notes are an integral part of these financial statements.          43

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

Schedule of Investments (continued)

February 29, 2012 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Municipal Debt Obligations – (continued)
New York – (continued)
New York City Transitional Finance Authority VRDN RB ROCS-RR-I R-11932 Series 2011 (State Aid Withholding) (Citibank N.A.)(a)
$	4,000,000		0.190	%		01/15/29	$	4,000,000
New York City Transitional Financial Authority VRDN RB Austin Trust Certificates Series 2008-1190 (Bank of America N.A.)
	3,170,000		0.260			11/01/27		3,170,000
New York City Trust Cultural Resources VRDN RB Austin Trust Certificates for Museum of Modern Art Series 2008-3316 (Bank of America N.A.)(a)
	8,995,000		0.260			04/01/28		8,995,000
New York City Trust Cultural Resources VRDN RB for Metropolitan Museum of Art Series 2006 A1 RMKT
	3,700,000		0.130			10/01/36		3,700,000
New York City Trust Cultural Resources VRDN RB for Metropolitan Museum of Art Series 2006 A2 RMKT
	4,440,000		0.130			10/01/36		4,440,000
New York City Trust Cultural Resources VRDN RB Refunding for American Museum of Natural History Putters Series 2009-3502 (NATL-RE) (JPMorgan Chase Bank N.A.)(a)
	3,200,000		0.170			01/01/37		3,200,000
New York State Dormitory Authority Non-State Supported Debt VRDN RB Austin Trust Certificates for New York University Series 2008-1195 (Bank of America N.A.)
	18,300,000		0.220			07/01/48		18,300,000
New York State Dormitory Authority Non-State Supported Debt VRDN RB for Cornell University Floater Certificates Series 2011-3C (Wells Fargo Bank N.A.)(a)
	9,740,000		0.170			07/01/40		9,740,000
New York State Dormitory Authority Non-State Supported Debt VRDN RB for Cornell University Putters Series 2009-3383 (GO of University) (JPMorgan Chase Bank)(a)
	3,090,000		0.160			01/01/17		3,090,000
New York State Dormitory Authority Non-State Supported Debt VRDN RB for Memorial Sloan-Kettering Hospital Putters Series 2008-3171 (JPMorgan Chase Bank)(a)
	7,110,000		0.160			07/01/30		7,110,000
New York State Dormitory Authority Non-State Supported Debt VRDN RB for New York Law School Floater Certificates Series 2009-91C (Wells Fargo Bank N.A.)(a)
	11,990,000		0.260			07/01/39		11,990,000
New York State Dormitory Authority Non-State Supported Debt VRDN RB for New York University Putters Series 2008-3233Z (JPMorgan Chase Bank N.A.)(a)
	7,670,000		0.160			07/01/32		7,670,000
New York State Dormitory Authority Non-State Supported Debt VRDN RB for New York University Putters Series 2009-3607 (JPMorgan Chase Bank)(a)
	6,800,000		0.160			07/01/17		6,800,000
New York State Dormitory Authority Non-State Supported Debt VRDN RB for Vassar College Floaters Series 2007-1861 (Wells Fargo Bank N.A.)
	3,815,000		0.150			07/01/39		3,815,000
New York State Dormitory Authority Non-State Supported Debt VRDN RB for Vassar College Putters Series 2008-3204 (JPMorgan Chase Bank N.A.)(a)
	4,825,000		0.160			07/01/37		4,825,000
New York State Dormitory Authority Personal Income Tax VRDN RB Eagle Series 2006-0164 Class A (Citibank N.A.)
	11,060,000		0.160			03/15/36		11,060,000
New York State Dormitory Authority Personal Income Tax VRDN RB Putters Series 2008-3160 (JPMorgan Chase Bank)(a)
	6,660,000		0.160			03/15/15		6,660,000
New York State Dormitory Authority Personal Income Tax VRDN RB Putters Series 2008-3280 (JPMorgan Chase Bank)(a)
	5,000,000		0.160			09/15/16		5,000,000
New York State Dormitory Authority Secondary Issues VRDN RB Eagle Series 2006-0138 Class A (Citibank N.A.)
	18,000,000		0.160			12/15/35		18,000,000
New York State Dormitory Authority Secondary Issues VRDN RB ROCS-RR-II R-12121 Series 2007 (Citibank N.A.)
	8,920,000		0.190			04/01/15		8,920,000
New York State Dormitory Authority State Supported Debt VRDN RB for New York Public Library Series 1999 A RMKT (TD Bank N.A. LOC)
	16,635,000		0.110			07/01/28		16,635,000
New York State Dormitory Authority VRDN RB for Memorial Sloan-Kettering Hospital Putters Series 2008-3201 (JPMorgan Chase Bank)(a)
	8,220,000		0.160			01/01/30		8,220,000
New York State Dormitory Authority VRDN RB for Mental Health Services Series 2003 Subseries D-2E (Royal Bank of Canada LOC)
	3,355,000		0.140			02/15/31		3,355,000
New York State Dormitory Authority VRDN RB Putters Series 2009-3518 (JPMorgan Chase Bank)(a)
	3,840,000		0.160			02/15/33		3,840,000
New York State Dormitory Authority VRDN RB Putters Series 2010-3698Z (JPMorgan Chase Bank)(a)
	8,600,000		0.160			03/15/14		8,600,000
New York State Dormitory Authority VRDN RB Putters Series 2010-3792Z (JPMorgan Chase Bank)(a)
	6,435,000		0.160			03/15/17		6,435,000
New York State Environmental Facilities Corp. VRDN RB for State Clean Water & Drinking Putters Series 2008-2870 (JPMorgan Chase Bank N.A.)
	6,245,000		0.160			12/15/15		6,245,000
New York State Environmental Facilities Corp. VRDN RB for State Clean Water & Drinking Putters Series 2008-2871 (JPMorgan Chase Bank)
	3,640,000		0.160			06/15/37		3,640,000
New York State Housing Finance Agency VRDN RB for 20 River Terrace Housing Series 2002 A RMKT (FNMA)
	34,300,000		0.130			05/15/34		34,300,000
New York State Housing Finance Agency VRDN RB for North End Series 2004 A RMKT (FNMA)
	28,900,000		0.130			11/15/36		28,900,000
New York State Housing Finance Agency VRDN RB for Taconic Housing West 17th Street Series 2009 A (FNMA)
	29,625,000		0.110			05/15/39		29,625,000
New York State Liberty Development Corp. VRDN RB for 4 World Trade Center Project Series 2011-DB-1036X (Deutsche Bank A.G.) (GTY AGMT-Deutsche Bank A.G.)(a)
	11,925,000		0.260			11/15/51		11,925,000
New York State Local Government Assistance Corp. VRDN RB Austin Trust Certificates Series 2008-3506 (AGM-CR GO of Corp.) (Bank of America N.A.)
	3,510,000		0.260			04/01/16		3,510,000
New York State Thruway Authority VRDN RB Floater Trust Series 2011-100W (NATL-RE FGIC) (Barclays Bank PLC)(a)
	20,745,000		0.150			04/01/17		20,745,000

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

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

Principal		Interest			Maturity			Amortized
Amount		Rate			Date			Cost
Municipal Debt Obligations – (continued)
New York – (continued)
New York State Urban Development Corp. Municipal Trust Receipts VRDN RB Floater Trust Series 2009 6W-Reg D (Barclays Bank PLC)(a)
$	3,900,000		0.150	%		03/15/37		$	3,900,000
Triborough Bridge & Tunnel Authority VRDN RB Austin Trust Certificates Series 2008-1184 (GO of Authority) (Bank of America N.A.)
	5,000,000		0.260			11/15/33			5,000,000
Triborough Bridge & Tunnel Authority VRDN RB Austin Trust Certificates Series 2008-1188 (GO of Authority) (Bank of America N.A.)
	4,900,000		0.260			11/15/33			4,900,000
Triborough Bridge & Tunnel Authority VRDN RB Putters Series 2010-3685 (GO of Authority) (JPMorgan Chase Bank N.A.)(a)
	2,000,000		0.160			11/15/16			2,000,000
Triborough Bridge & Tunnel Authority VRDN RB Refunding Series 2005 Subseries B-4 (GO of Authority) (Landesbank Baden-Wurttemberg SPA)
	8,505,000		0.270			01/01/32			8,505,000
									841,592,000
North Carolina – 2.0%
Charlotte Water & Sewer System VRDN RB Putters Series 2009-3443 (JPMorgan Chase Bank)(a)
	5,950,000		0.160			07/01/16			5,950,000
Durham GO VRDN Public Improvement Series 1993 (Wells Fargo Bank N.A. SPA)
	3,375,000		0.170			02/01/13			3,375,000
Forsyth County GO VRDN Series 2004 A (Wells Fargo Bank N.A. SPA)
	300,000		0.150			03/01/25			300,000
Forsyth County GO VRDN Series 2004 B (Wells Fargo Bank N.A. SPA)
	500,000		0.150			03/01/25			500,000
North Carolina Capital Facilities Finance Agency VRDN RB for Duke University Eagle Series 2005-0060 Class A (Citibank N.A.)
	15,600,000		0.160			10/01/41			15,600,000
North Carolina Capital Facilities Finance Agency VRDN RB for Duke University Eagle Series 2007-0015 A (Citibank N.A.)
	10,890,000		0.160			07/01/42			10,890,000
North Carolina Capital Facilities Finance Agency VRDN RB for Duke University Eagle Series 2007-0016 Class A (Citibank N.A.)
	16,060,000		0.160			10/01/44			16,060,000
North Carolina Capital Facilities Finance Agency VRDN RB for Duke University Putters Series 2009-3333 (JPMorgan Chase Bank)(a)
	11,000,000		0.160			10/01/16			11,000,000
North Carolina Capital Facilities Finance Agency VRDN RB for Wake Forest University Series 2004 A
	18,210,000		0.140			01/01/20			18,210,000
North Carolina Medical Care Commission Health Care Facilities Municipal Trust Receipts VRDN RB for Duke University Health System Floater Trust Series 2010-31W (Barclays Bank PLC)(a)
	2,000,000		0.180			06/01/42			2,000,000
North Carolina Medical Care Commission Hospital VRDN RB for Moses Cone Health Systems Series 2004 A
	6,500,000		0.150			10/01/35			6,500,000
Raleigh Comb Enterprise System VRDN RB ROCS-RR-II R-645 Series 2006 (Citibank N.A.)
	19,325,000		0.160			03/01/14			19,325,000
Raleigh Durham Airport Authority VRDN RB Refunding Series 2008 C RMKT (U.S. Bank N.A. LOC)
	10,600,000		0.140			05/01/36			10,600,000
University of North Carolina VRDN RB Eagle-7 Series 2005-3014 Class A (Citibank N.A.)
	15,345,000		0.160			12/01/34			15,345,000
Wake County VRDN RB for Hammond Road Detention Center Putters Series 2009-3553 (JPMorgan Chase Bank)(a)
	3,375,000		0.160			06/01/17			3,375,000
							��		139,030,000
North Dakota – 0.9%
County of Mercer CP Series 2009-01
	64,925,000		0.230			03/01/12			64,925,000
Ohio – 3.2%
Allen County Hospital Facilities VRDN RB for Catholic Healthcare Putters Series 2010-3692Z (JPMorgan Chase Bank)(a)
	4,620,000		0.160			12/01/17			4,620,000
Columbus GO VRDN for Sanitation Sewer System Series 2006-1
	8,685,000		0.130			12/01/26			8,685,000
Columbus GO VRDN Putters Series 2007-2365 (JPMorgan Chase Bank)
	4,360,000		0.160			09/01/15			4,360,000
Columbus Sewer VRDN RB Putters Series 2008-2456 (JPMorgan Chase Bank)
	4,405,000		0.160			12/01/15			4,405,000
County of Montgomery VRDN RB for Catholic Health Series 2008 C-2 (U.S. Bank N.A. SPA)
	15,000,000		0.120			10/01/41			15,000,000
Franklin County Hospital VRDN RB For Ohio Health Corp. Series 2011-DB-1040 (Deutsche Bank A.G.)(a)
	11,330,000		0.260			11/15/41			11,330,000
Franklin County Hospital VRDN RB Refunding for Nationwide Children’s Hospital Series 2008 D (PNC Bank N.A. SPA)
	18,120,000		0.150			11/01/33			18,120,000
Ohio State GO Series 2011 B
	10,310,000		2.500			09/15/12			10,435,158
Ohio State GO VRDN for Infrastructure Improvement Series 2001 B
	5,600,000		0.110			08/01/21			5,600,000
Ohio State GO VRDN Refunding for Infrastructure Improvement Series 2003 B(b)
	51,580,000		0.100			08/01/17			51,580,000
Ohio State GO VRDN Refunding for Infrastructure Improvement Series 2004 A
	13,800,000		0.100			02/01/23			13,800,000
Ohio State GO VRDN Series 2006 C
	19,685,000		0.110			06/15/26			19,685,000
Ohio State Higher Educational Facility Commission VRDN RB for Cleveland Health Clinic Floater Certificates Series 2008-59C (Wells Fargo Bank N.A.)(a)
	19,800,000		0.170			01/01/33			19,800,000
Ohio State Hospital Facility VRDN RB for Cleveland Health Clinic Putters Series 2009-3555Z (JPMorgan Chase Bank)(a)
	6,745,000		0.160			01/01/17			6,745,000
Ohio State Hospital Facility VRDN RB for Cleveland Health Clinic Putters Series 2009-3558Z (JPMorgan Chase Bank)(a)
	7,100,000		0.160			01/01/17			7,100,000
Ohio State University General Receipts VRDN RB Series 2008 B
	15,500,000		0.120			12/01/28			15,500,000
Ohio State Water Development Authority RB Series 2004
	7,425,000		5.000			12/01/12			7,690,715
									224,455,873

The accompanying notes are an integral part of these financial statements.          45

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

Schedule of Investments (continued)

February 29, 2012 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Municipal Debt Obligations – (continued)
Oklahoma – 0.2%
Oklahoma State Turnpike Authority RB Refunding Series 2011 A
$	7,000,000		2.000	%		01/01/13	$	7,101,428
Oklahoma State Turnpike Authority VRDN RB Refunding Second Series 2006 B Convertible (Royal Bank of Canada SPA)
	10,000,000		0.150			01/01/28		10,000,000
								17,101,428
Oregon – 1.3%
Oregon Health & Sciences University VRDN RB Series 2009 B-2 (U.S. Bank N.A. LOC)
	4,580,000		0.150			07/01/27		4,580,000
Oregon State GO VRDN for Veterans Welfare Series 2004-83-RMKT (The Bank of Tokyo-Mitsubishi UFJ SPA)
	5,000,000		0.130			12/01/39		5,000,000
Oregon State GO VRDN for Veterans Welfare Series 2007-88B-RMKT (U.S. Bank N.A. SPA)
	12,000,000		0.090			12/01/41		12,000,000
Oregon State GO VRDN for Veterans Welfare Series 2008-90B-RMKT (The Bank of Tokyo-Mitsubishi UFJ SPA)
	21,600,000		0.130			12/01/45		21,600,000
Oregon State GO VRDN Welfare Series 1985 73-H (Bayerische Landesbank SPA)
	41,900,000		0.240			12/01/19		41,900,000
Umatilla County Hospital Facility Authority VRDN RB for Catholic Health Series 1997 B (Bayerische Landesbank N.A. SPA)
	4,100,000		0.260			12/01/24		4,100,000
								89,180,000
Pennsylvania – 0.9%
Allegheny County Hospital Development Authority VRDN RB for University Pittsburg Medical Center Floater Certificates Series 2011 E-29 (Royal Bank of Canada LOC) (Royal Bank of Canada)(a)
	7,000,000		0.160			04/25/14		7,000,000
Delaware County IDA VRDN RB for United Parcel Services Series 1985 (GTY AGMT-United Parcel Services)
	4,300,000		0.130			12/01/15		4,300,000
Downingtown Area School District Municipal Products, Inc. Trust GO VRDN Floater Certificates Series 2010 E-13 (Royal Bank of Canada)(a)
	7,255,000		0.160			05/01/30		7,255,000
Pennsylvania Economic Development Financing Authority VRDN RB for Jefferson Health System Series 2005 A (Bank of America N.A. SPA)
	22,580,000		0.280			05/15/38		22,580,000
Pennsylvania State Turnpike Commission VRDN RB Floater Certificates Series 2011 E-22 (Royal Bank of Canada LOC)(a)
	18,500,000		0.160			12/01/38		18,500,000
Pennsylvania State University VRDN RB ROCS-RR-II R-11917 Series 2011 (Citibank N.A.)(a)
	5,000		0.160			03/01/18		5,000
University of Pittsburgh VRDN RB Floater Series 2009-38C (GO of University) (Wells Fargo Bank N.A.)(a)
	4,000,000		0.170			09/15/35		4,000,000
								63,640,000
Puerto Rico – 1.0%
Puerto Rico Sales Tax Financing Corp. VRDN RB Floater Trust Series 2009-10B Reg D (Barclays Bank PLC)(a)
	7,950,000		0.270			08/01/57		7,950,000
Puerto Rico Sales Tax Financing Corp. VRDN RB Floater Trust Series 2010-65W (Barclays Bank PLC)(a)
	12,755,000		0.270			08/01/57		12,755,000
Puerto Rico Sales Tax Financing Corp. VRDN RB ROCS-RR-II R-11890 Series 2010 (Citibank N.A.)(a)
	4,600,000		0.160			02/01/48		4,600,000
Puerto Rico Sales Tax Financing Corp. VRDN RB ROCS-RR-II R-11892 Series 2010 (Citibank N.A.)(a)
	17,735,000		0.160			02/01/48		17,735,000
Puerto Rico Sales Tax Financing Corp. VRDN RB Spears Series 2011-DB-1041 (Deutsche Bank A.G.)(a)
	26,670,000		0.260			08/01/40		26,670,000
								69,710,000
Rhode Island – 0.3%
Rhode Island Health & Educational Building Corp. Higher Education Facilities VRDN RB for Brown University Putters Series 2009-3517 (JPMorgan Chase Bank)(a)
	16,505,000		0.160			09/01/15		16,505,000
South Carolina – 0.3%
Columbia Waterworks & Sewer System VRDN RB Floater Trust Series 2010-42W (Barclays Bank PLC)(a)
	3,000,000		0.180			02/01/40		3,000,000
Columbia Waterworks & Sewer System VRDN RB Floater Trust Series 2010-43W (Barclays Bank PLC)(a)
	3,750,000		0.180			02/01/40		3,750,000
South Carolina Public Services Authority VRDN RB Floater Series 2011-0-9 (Royal Bank of Canada)(a)
	10,300,000		0.160			07/01/18		10,300,000
South Carolina Public Services Authority VRDN RB Putters Series 2012-4046 (AMBAC) (JPMorgan Chase & Co.)(a)
	5,385,000		0.130			07/01/13		5,385,000
								22,435,000
Tennessee – 0.4%
Metropolitan Government of Nashville & Davidson County Health & Educational Facilities Board CP Series 2012 A
	10,000,000		0.150			06/08/12		10,000,000
Rutherford County Health & Educational Facilities Board Municipal Trust Receipts VRDN RB for Ascension Health Senior Credit Group Floater Trust Series 2010-25W (Barclays Bank PLC)(a)
	2,000,000		0.180			11/15/40		2,000,000
Shelby County Health Educational & Housing Facilities Board VRDN RB for St. Jude Children’s Hospital Putters Series 2008-2915Z (JPMorgan Chase Bank)
	3,630,000		0.160			07/01/14		3,630,000
State of Tennessee GO Refunding Series 2004 C
	10,570,000		5.000			09/01/12		10,823,312
								26,453,312
Texas – 13.7%
Aledo ISD GO VRDN for School Building Series 2006 (PSF-GTD) (JPMorgan Chase Bank N.A. SPA)
	7,760,000		0.110			08/01/35		7,760,000
Austin ISD GO VRDN Putters Series 2009-3554 (JPMorgan Chase Bank)(a)
	3,520,000		0.160			08/01/17		3,520,000

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

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Municipal Debt Obligations – (continued)
Texas – (continued)
Board of Regents of the University of Texas System RB Refunding for Financing System Series 2002 B
$	5,000,000		5.250	%		08/15/12	$	5,114,750
Board of Regents of the University of Texas System VRDN RB for Financing System Series 2008 B (University of Texas Investment Management)
	40,000,000		0.110			08/01/25		40,000,000
	67,205,000		0.110			08/01/32		67,205,000
City of Austin, Texas Hotel Occupancy Tax VRDN RB Refunding Series 2008 A RMKT (JPMorgan Chase Bank N.A. LOC)
	19,200,000		0.210			11/15/29		19,200,000
City of Houston CP Series 2012-H1
	18,000,000		0.130			03/01/12		18,000,000
Cypress-Fairbanks ISD GO VRDN Putters Series 2006-1308 (PSF-GTD) (JPMorgan Chase Bank)
	6,495,000		0.160			02/15/14		6,495,000
Cypress-Fairbanks ISD GO VRDN Putters Series 2008-3084Z (PSF-GTD) (JPMorgan Chase Bank)
	4,995,000		0.160			02/15/15		4,995,000
Dallas Area Rapid Transit Sales Tax VRDN RB Putters Series 2010-3687Z (AMBAC) (JPMorgan Chase Bank)(a)
	5,360,000		0.180			06/01/15		5,360,000
Denton ISD GO VRDN Putters Series 2008-2603 (PSF-GTD) (JPMorgan Chase Bank)
	3,690,000		0.160			08/15/15		3,690,000
Eagle Mountain and Saginaw ISD GO VRDN Floater Certificates Series 2008-53C (PSF-GTD) (Wells Fargo Bank N.A.)(a)
	26,770,000		0.170			08/15/48		26,770,000
Fort Bend ISD GO VRDN Floater Series 2008-25C-1 3C7 (PSF-GTD) (Wells Fargo Bank N.A.)
	9,905,000		0.170			08/15/34		9,905,000
Frisco ISD GO VRDN Floater Series 2008-19C (PSF-GTD) (Wells Fargo Bank N.A.)
	14,555,000		0.170			08/15/40		14,555,000
Grand Prairie ISD Eclipse Funding Trust GO VRDN Series 2007-0067 (PSF-GTD) (U.S. Bank N.A. LOC)
	10,135,000		0.150			02/15/37		10,135,000
Harris County Cultural Education Facilities Finance Corp. VRDN RB for Texas Children’s Hospital Project Putters Series 2009-3463 (JPMorgan Chase Bank)(a)
	4,995,000		0.160			04/01/21		4,995,000
Harris County Cultural Education Facilities Finance Corp. VRDN RB for Texas Children’s Hospital Project Putters Series 2009-3491Z (JPMorgan Chase Bank)(a)
	4,995,000		0.160			04/01/33		4,995,000
Harris County Health Facilities Development Corp. VRDN RB Refunding for St. Lukes Episcopal Hospital Series 2005 A RMKT (JPMorgan Chase Bank, Wells Fargo and Baden-Wurttenberg SPA)
	17,000,000		0.150			02/15/32		17,000,000
Harris County Toll Road Authority VRDN RB Putters Series 2009-3425 (JPMorgan Chase Bank)(a)
	6,845,000		0.160			02/15/17		6,845,000
Houston Higher Education Finance Corp. VRDN RB for Rice University Project Eagle Series 2007-0077 A (Citibank N.A.)
	13,860,000		0.160			05/15/47		13,860,000
Houston Higher Education Finance Corp. VRDN RB for Rice University Project Floaters Series 2007-2042 (Wells Fargo Bank N.A.)
	18,860,000		0.150			11/15/33		18,860,000
Houston Higher Education Finance Corp. VRDN RB for Rice University Project Series 2010 B
	10,465,000		0.090			05/15/48		10,465,000
Houston Utility System Municipal Products, Inc. Trust VRDN RB Floater Certificates Series 2010 E-14 (Royal Bank of Canada LOC)(a)
	25,000,000		0.160			05/15/34		25,000,000
Houston Utility System Spears/Lifers Trust VRDN RB Series 2007-DBE 268 (AGM) (Deutsche Bank A.G.)
	2,575,000		0.180			11/15/26		2,575,000
Houston Water & Sewer System Spears/Lifers Trust VRDN RB Series 2007-374 (AGM) (Deutsche Bank A.G.)
	2,890,000		0.220			12/01/28		2,890,000
Irving ISD GO VRDN P-Floats-PT-3954 Series 2007 (PSF-GTD) (Wells Fargo Bank N.A.)
	8,900,000		0.150			03/07/12		8,900,000
Judson ISD GO VRDN Floaters Series 2007-1859 (PSF-GTD) (Wells Fargo Bank N.A.)
	3,950,000		0.150			02/01/35		3,950,000
Keller ISD GO VRDN for School Building Floater Certificates Series 2011-55C (PSF-GTD) (Wells Fargo Bank N.A.)(a)
	5,640,000		0.170			08/15/32		5,640,000
Lower Colorado River Authority VRDN RB Putters Series 2008-2994 (BHAC) (JPMorgan Chase Bank)
	5,815,000		0.160			05/15/13		5,815,000
Lower Colorado River Authority VRDN RB Refunding for LCRA Transmission Services Corp. Floater Series 2011-112C (Wells Fargo Bank N.A.)(a)
	6,000,000		0.170			05/15/41		6,000,000
Mesquite ISD GO VRDN for School Building Series 2003 A (PSF-GTD) (JPMorgan Chase Bank SPA)
	9,025,000		0.110			08/01/29		9,025,000
North Central Texas Health Facilities Development Corp. VRDN RB for Children’s Medical Center Putters Series 2009-3513 (JPMorgan Chase Bank)(a)
	20,000,000		0.160			02/15/33		20,000,000
North East ISD Eclipse Funding Trust GO VRDN Series 2007-0101 (U.S. Bank N.A. LOC)(a)
	5,130,000		0.140			08/01/37		5,130,000
North East ISD GO VRDN Putters Series 2007-2058 (PSF-GTD) (JPMorgan Chase Bank)
	8,995,000		0.160			08/01/15		8,995,000
Pasadena ISD GO VRDN Floater Trust Series 2011-110B (PSF-GTD) (Barclays Bank PLC)(a)
	4,070,000		0.180			02/15/26		4,070,000
Plano GO VRDN Floater Series 2007-1862 (Wells Fargo & Co.)
	2,915,000		0.150			09/01/27		2,915,000
Port Arthur Navigation District Environmental Facilities VRDN RB for Motiva Enterprises LLC Series 2009 A
	37,800,000		0.110			12/01/39		37,800,000
Port Arthur Navigation District Environmental Facilities VRDN RB for Motiva Enterprises LLC Series 2009 B
	34,500,000		0.120			12/01/39		34,500,000
Port Arthur Navigation District Environmental Facilities VRDN RB for Motiva Enterprises LLC Series 2009 C
	37,600,000		0.120			12/01/39		37,600,000
Port Arthur Navigation District Environmental Facilities VRDN RB for Motiva Enterprises LLC Series 2010 A
	31,425,000		0.110			04/01/40		31,425,000

The accompanying notes are an integral part of these financial statements.          47

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

Schedule of Investments (continued)

February 29, 2012 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Municipal Debt Obligations – (continued)
Texas – (continued)
Port Arthur Navigation District Environmental Facilities VRDN RB for Motiva Enterprises LLC Series 2010 Subseries E
$	49,200,000		0.120	%		11/01/40	$	49,200,000
Port Arthur Navigation District Environmental Facilities VRDN RB Refunding for Motiva Enterprises LLC Series 2010 B
	23,500,000		0.110			04/01/40		23,500,000
Port Arthur Navigation District Environmental Facilities VRDN RB Refunding for Motiva Enterprises LLC Series 2010 C
	62,200,000		0.120			04/01/40		62,200,000
Round Rock ISD GO VRDN Putters Series 2009-3341 (JPMorgan Chase Bank)(a)
	4,995,000		0.160			08/01/16		4,995,000
San Antonio Electric & Gas Systems VRDN RB Putters Series 2008-2957 (JPMorgan Chase Bank)
	9,995,000		0.160			02/01/16		9,995,000
San Antonio Electric & Gas Systems VRDN RB Putters Series 2009-3344 (JPMorgan Chase Bank)(a)
	3,200,000		0.160			02/01/17		3,200,000
San Antonio Electric & Gas Systems VRDN RB Putters Series 2009-3560 (JPMorgan Chase Bank)(a)
	9,015,000		0.160			02/01/17		9,015,000
San Antonio Water System VRDN RB Putters Series 2009-3340 (JPMorgan Chase Bank)(a)
	6,890,000		0.160			11/15/16		6,890,000
State of Texas TRANS Series 2011 A
	135,000,000		2.500			08/30/12		136,509,460
Tarrant County Cultural Educational Facilities Finance Corp. VRDN RB Austin Trust Certificates for Texas Health Resources System Series 2008-1197 (Bank of America N.A.)(a)
	3,125,000		0.260			11/15/47		3,125,000
Tarrant County, Texas Health Facilities Development Corp. Hospital VRDN RB for Cook Children’s Medical Center Series 2010 B
	14,615,000		0.130			12/01/39		14,615,000
Texas A & M University Municipal Trust Receipts VRDN RB Floaters Trust Series 2010-39W (Barclays Bank PLC)(a)
	2,500,000		0.180			05/15/39		2,500,000
Texas A&M University VRDN RB Floater Certificates Series 2010-53C (Wells Fargo Bank N.A.)(a)
	5,555,000		0.170			07/01/34		5,555,000
Texas State GO VRDN Austin Trust Certificates Series 2008-1147 (Bank of America N.A.)
	5,000,000		0.260			04/01/25		5,000,000
Texas State Transportation Commission VRDN RB Putters Series 2008-2563 (JPMorgan Chase Bank)
	6,635,000		0.160			04/01/15		6,635,000
Texas State Transportation Commission VRDN RB Putters Series 2008-2902 (JPMorgan Chase Bank)
	14,395,000		0.160			04/01/15		14,395,000
University of Houston VRDN RB Floater Certificates Series 2009-30C (Wells Fargo Bank N.A.)(a)
	7,710,000		0.170			02/15/34		7,710,000
University of Texas System CP
	25,000,000		0.100			03/02/12		25,000,000
								961,994,210
Utah – 0.9%
Utah County Hospital VRDN RB for IHC Health Services, Inc. Series 2002 B (U.S. Bank N.A. SPA)(b)
	39,350,000		0.130			05/15/35		39,350,000
Utah County Hospital VRDN RB for IHC Health Services, Inc. Series 2002 C (U.S. Bank N.A. SPA)
	15,000,000		0.130			05/15/35		15,000,000
Utah Transit Authority VRDN RB Austin Trust Certificates Series 2008-3045X (AGM) (Bank of America N.A.)
	5,000,000		0.260			06/15/36		5,000,000
								59,350,000
Virginia – 0.5%
Fairfax County GO VRDN Floater Trust Series 2011-104W (State Aid Withholding) (Barclays Bank PLC)(a)
	10,165,000		0.180			10/01/17		10,165,000
Loudoun County IDA VRDN RB for Howard Hughes Medical Center Series 2009 B
	6,000,000		0.100			10/01/39		6,000,000
Loudoun County IDA VRDN RB for Howard Hughes Medical Series 2003 E
	5,350,000		0.110			02/15/38		5,350,000
Montgomery County IDA VRDN RB for Technology Foundation Series 2009 A Convertible (Bank of New York SPA)
	11,380,000		0.170			02/01/39		11,380,000
Virginia State Resources Authority Clean Water VRDN RB Putters Series 2008-3036 (JPMorgan Chase Bank)
	3,370,000		0.160			10/01/15		3,370,000
								36,265,000
Washington – 2.4%
Central Puget Sound Washington Regional Transportation Authority VRDN RB Floaters Series 2007-1C (AGM) (Wells Fargo Bank N.A.)
	5,545,000		0.170			11/01/32		5,545,000
Energy Northwest Electric VRDN RB Refunding for Columbia Station Putters Series 2007-2301 (JPMorgan Chase Bank)
	7,995,000		0.160			07/01/14		7,995,000
Energy Northwest Washington Electric VRDN RB P-Floats-MT-786 Series 2011 (Bank of America N.A.)(a)
	13,435,000		0.220			03/07/12		13,435,000
King County Municipal Trust Receipts GO VRDN Floater Trust Series 2009 1W Reg D (AGC-ICC) (Barclays Bank PLC)(a)
	7,500,000		0.180			01/01/39		7,500,000
King County Municipal Trust Receipts GO VRDN Floater Trust Series 2010-66W (Barclays Bank PLC)(a)
	2,500,000		0.180			01/01/33		2,500,000
King County Sewer VRDN RB Putters Series 2011-3941 (JPMorgan Chase Bank)(a)
	6,840,000		0.160			01/01/19		6,840,000
King County VRDN RB Floater Certificates Series 2008-46C (Wells Fargo Bank N.A.)
	9,940,000		0.170			01/01/40		9,940,000
King County Washington CP Series 2012 A
	4,120,000		0.250			03/01/12		4,120,000
Metropolitan Washington Airports Authority CP Series 2012-2A-1
	21,000,000		0.310			03/01/12		21,000,000
Washington State GO VRDN Putters Series 2008-2599 (JPMorgan Chase Bank)
	4,500,000		0.160			01/01/16		4,500,000

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

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Municipal Debt Obligations – (continued)
Washington – (continued)
Washington State GO VRDN Putters Series 2008-3054 (JPMorgan Chase Bank)
$	3,035,000		0.160	%		07/01/13	$	3,035,000
Washington State GO VRDN Putters Series 2009-3538 (JPMorgan Chase Bank)(a)
	10,000,000		0.160			02/01/17		10,000,000
Washington State GO VRDN Putters Series 2012-4054 (JPMorgan Chase & Co.)(a)
	6,410,000		0.130			01/01/13		6,410,000
Washington State GO VRDN ROCS RR-II R-11889 Series 2010 (Citibank N.A.)(a)
	2,250,000		0.160			07/01/16		2,250,000
Washington State GO VRDN Spears Series 2007-DB-388 (Deutsche Bank A.G.)
	6,810,000		0.220			06/01/27		6,810,000
Washington State Health Care Facilities Authority VRDN RB Austin Trust Certificates for Children’s Hospital Regional Medical Center Series 2008-1180 (Bank of America N.A.)
	12,460,000		0.220			10/01/35		12,460,000
Washington State Health Care Facilities Authority VRDN RB for PeaceHealth Putters Series 2009-3608 (JPMorgan Chase Bank)(a)
	13,050,000		0.310			11/01/24		13,050,000
Washington State Health Care Facilities Authority VRDN RB for PeaceHealth ROCS RR-II R-11723 Series 2009 (Citibank N.A.)(a)
	7,315,000		0.310			11/01/16		7,315,000
Washington State Health Care Facilities Authority VRDN RB for Seattle Children’s Hospital Floater Certificates Series 2009-51C (Wells Fargo Bank N.A.)(a)
	10,990,000		0.170			10/01/38		10,990,000
Washington State Higher Education Facilities Authority VRDN RB Refunding for Seattle Pacific University Series 2008 (U.S. Bank N.A. LOC)
	10,715,000		0.140			10/01/30		10,715,000
								166,410,000
Wisconsin – 1.7%
Wisconsin Health & Educational Facilities Authority CP
	47,475,000		0.240			03/01/12		47,475,000
Wisconsin Health & Educational Facilities Authority CP Series 2012
	22,375,000		0.240			03/01/12		22,375,000
Wisconsin State GO VRDN Floater Certificates Series 2011-14C (Wells Fargo Bank N.A.)(a)
	10,675,000		0.170			05/01/31		10,675,000
Wisconsin State Health & Educational Facilities Authority Municipal Trust Receipts VRDN RB for Children’s Hospital Floater Trust Series 2009-15W (Barclays Bank PLC)(a)
	2,940,000		0.180			08/15/37		2,940,000
Wisconsin State Health & Educational Facilities Authority VRDN RB for Children’s Hospital Floater Certificates Series 2009-58C (Wells Fargo Bank N.A.)(a)
	9,815,000		0.170			08/15/37		9,815,000
Wisconsin State Health & Educational Facilities Authority VRDN RB for Froedtert & Community Health System Floater Series 2009-3122X (Morgan Stanley Bank)(a)
	4,300,000		0.260			04/01/39		4,300,000
Wisconsin State Health & Educational Facilities Authority VRDN RB for Ministry Health Care, Inc. Series 2010 C
	20,000,000		0.110			08/01/36		20,000,000
								117,580,000
TOTAL INVESTMENTS – 93.2%							$	6,538,540,502
OTHER ASSETS IN EXCESS OF LIABILITIES – 6.8%								480,191,586
NET ASSETS – 100.0%							$	7,018,732,088

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

(a)	Security not registered under the Securities Act of 1933, as amended. Such securities have been determined to be liquid by the Investment Adviser. At February 29, 2012, these securities amounted to $1,572,250,000 or approximately 22.4% of net assets.
(b)	All or a portion represents a forward commitment.

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

Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, or the prerefunded date for those types of securities.

The accompanying notes are an integral part of these financial statements.          49

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

Schedule of Investments (continued)

February 29, 2012 (Unaudited)

Investment Abbreviations:
AGC-ICC	—	American General Contractors-Interstate Commerce Commission
AGM	—	Insured by Assured Guaranty Municipal Corp.
AMBAC	—	Insured by American Municipal Bond Assurance Corp.
BAN	—	Bond Anticipation Note
BHAC	—	Berkshire Hathaway Assurance Corp.
COPS	—	Certificates of Participation
CP	—	Commercial Paper
CR	—	Custodial Receipts
DOT	—	Department of Transportation
FGIC	—	Insured by Financial Guaranty Insurance Co.
FNMA	—	Insured by Federal National Mortgage Association
GO	—	General Obligation
GTD	—	Guaranteed
GTY AGMT	—	Guaranty Agreement
IDA	—	Industrial Development Agency
IDB	—	Industrial Development Board
IHC	—	International Health Care
ISD	—	Independent School District
LOC	—	Letter of Credit
MBIA	—	Insured by Municipal Bond Investors Assurance
MF Hsg.	—	Multi-Family Housing
MF Mtge	—	Multi-Family Mortgage
NATL-RE	—	National Reinsurance Corp.
PCRB	—	Pollution Control Revenue Bond
PSF-GTD	—	Guaranteed by Permanent School Fund
RB	—	Revenue Bond
RMKT	—	Remarketed
ROCS	—	Reset Option Certificates
RR	—	Revenue Refunding
SPA	—	Stand-by Purchase Agreement
TRANS	—	Tax Revenue Anticipation Notes
VRDN	—	Variable Rate Demand Notes
XLCA	—	XL Capital Assurance Inc.

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

FINANCIAL SQUARE TREASURY INSTRUMENTS FUND

Schedule of Investments

February 29, 2012 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
U.S. Treasury Obligations – 107.5%
United States Treasury Bills
$	95,000,000		0.030	%		03/01/12	$	95,000,000
	11,000,000		0.040			03/01/12		11,000,000
	2,003,200,000		0.050			03/01/12		2,003,200,000
	2,900,000,000		0.060			03/08/12		2,899,966,167
	2,650,000,000		0.065			03/08/12		2,649,966,507
	1,000,000,000		0.070			03/08/12		999,986,389
	430,000,000		0.045			03/15/12		429,992,475
	300,000,000		0.050			03/15/12		299,994,167
	144,000,000		0.075			03/15/12		143,995,800
	362,000,000		0.078			03/15/12		361,989,090
	6,000,000,000		0.110			03/15/12		5,999,743,333
	2,000,000,000		0.060			03/22/12		1,999,930,000
	103,000,000		0.065			03/22/12		102,996,095
	17,000,000		0.068			03/22/12		16,999,331
	500,000,000		0.050			04/19/12		499,965,972
	192,500,000		0.102			04/19/12		192,473,406
	69,000,000		0.105			04/19/12		68,990,139
	121,600,000		0.108			04/19/12		121,582,208
	250,000,000		0.080			05/10/12		249,961,111
	2,200,000,000		0.110	(a)		05/31/12		2,199,388,278
	900,000,000		0.113	(a)		05/31/12		899,744,062
	500,000,000		0.100			08/09/12		499,776,389
United States Treasury Notes
	970,000,000		1.375			03/15/12		970,497,608
	245,000,000		1.000			04/30/12		245,378,273
	710,500,000		1.375			05/15/12		712,326,050
	536,000,000		4.750			05/31/12		542,187,281
	342,000,000		0.625			06/30/12		342,540,767
	569,000,000		4.875			06/30/12		577,919,237
	357,000,000		1.500			07/15/12		358,850,237
	347,000,000		0.625			07/31/12		347,753,789
	45,000,000		4.625			07/31/12		45,846,275
	322,300,000		1.750			08/15/12		324,716,940
	66,000,000		4.375			08/15/12		67,287,695
	130,000,000		1.375			09/15/12		130,876,519
	52,500,000		4.250			09/30/12		53,750,379
	223,000,000		1.375			11/15/12		224,876,214
	91,000,000		3.375			11/30/12		93,185,849
	275,000,000		1.125			12/15/12		277,082,297
	128,000,000		0.625			12/31/12		128,492,805
	175,000,000		1.375			01/15/13		176,863,835
	100,000,000		0.625			01/31/13		100,425,223
	249,500,000		1.375			02/15/13		252,412,538
	160,000,000		0.625			02/28/13		160,752,544
TOTAL INVESTMENTS – 107.5%							$	28,880,663,274
LIABILITIES IN EXCESS OF OTHER ASSETS – (7.5)%								(2,007,608,523	)
NET ASSETS – 100.0%							$	26,873,054,751

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

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

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

Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, or the prerefunded date for those types of securities.

The accompanying notes are an integral part of these financial statements.          51

FINANCIAL SQUARE TREASURY OBLIGATIONS FUND

Schedule of Investments

February 29, 2012 (Unaudited)

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
U.S. Treasury Obligations – 28.6%
United States Treasury Bill
	20,000,000		0.110	%(a)		05/31/12	$	19,994,439
United States Treasury Notes
$	34,000,000		1.000			04/30/12		34,049,974
	348,500,000		1.375			05/15/12		349,395,722
	498,000,000		4.750			05/31/12		503,751,394
	184,000,000		0.625			06/30/12		184,291,367
	432,000,000		4.875			06/30/12		438,774,819
	350,000,000		0.625			07/31/12		350,760,546
	260,400,000		1.750			08/15/12		262,351,842
	173,500,000		4.375			08/15/12		176,851,734
	132,000,000		1.375			09/15/12		132,890,004
	52,500,000		4.250			09/30/12		53,750,379
	105,000,000		1.375			11/15/12		105,883,419
	47,000,000		3.375			11/30/12		48,128,955
	268,000,000		1.125			12/15/12		270,029,344
	70,000,000		0.625			12/31/12		70,269,500
	100,000,000		1.375			01/15/13		101,065,334
	50,000,000		0.625			01/31/13		50,212,612
	220,000,000		1.375			02/15/13		222,561,233
	75,000,000		0.625			02/28/13		75,352,755
TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS							$	3,450,365,372
Repurchase Agreements(b) – 71.5%
Bank of Nova Scotia (The)
$	400,000,000		0.153	%		05/15/12	$	400,000,000
Maturity Value: $400,152,501
Settlement Date: 02/15/12
Collateralized by U.S. Treasury Bills, 0.000%, due 03/15/12 to 08/16/12, U.S. Treasury Bonds, 3.125% to 9.250%, due 02/15/16 to 02/15/42, U.S. Treasury Inflation-Indexed Bonds, 2.000% to 2.500%, due 01/15/26 to 01/15/29, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.875%, due 07/15/13 to 01/15/22 and U.S. Treasury Notes, 0.125% to 4.875%, due 03/31/12 to 02/15/22. The aggregate market value of the collateral, including accrued interest, was $408,025,562.
	250,000,000		0.140	(c)		06/01/12		250,000,000
Maturity Value: $250,092,361
Settlement Date: 02/27/12
Collateralized by U.S. Treasury Bond, 7.625%, due 11/15/22, U.S. Treasury Inflation-Indexed Notes, 0.125%, due 04/15/16 to 01/15/22 and U.S. Treasury Notes, 0.250% to 4.625%, due 07/31/12 to 10/31/17. The aggregate market value of the collateral, including accrued interest, was $255,003,039.
Barclays Capital, Inc.
	1,150,000,000		0.190			03/01/12		1,150,000,000
Maturity Value: $1,150,006,069
Collateralized by U.S. Treasury Inflation-Indexed Notes, 1.250% to 1.875%, due 07/15/13 to 07/15/20. The aggregate market value of the collateral, including accrued interest, was $1,173,000,088.
BNP Paribas Securities Corp.
	750,000,000		0.060			03/02/12		750,000,000
Maturity Value: $750,011,250
Settlement Date: 02/22/12
Collateralized by U.S. Treasury Inflation-Indexed Bonds, 2.125% to 2.375%, due 01/15/25 to 02/15/41 and U.S. Treasury Inflation-Indexed Notes, 1.375% to 2.000%, due 01/15/16 to 01/15/20. The aggregate market value of the collateral, including accrued interest, was $765,000,010.
	500,000,000		0.140			03/15/12		500,000,000
Maturity Value: $500,058,334
Settlement Date: 02/14/12
Collateralized by U.S. Treasury Inflation-Indexed Bonds, 1.750% to 3.875%, due 01/15/26 to 04/15/29, U.S. Treasury Inflation-Indexed Notes, 0.625% to 1.250%, due 07/15/20 to 07/15/21. The aggregate market value of the collateral, including accrued interest, was $510,000,010.
BNYMellon Investments
	500,000,000		0.170			03/01/12		500,000,000
Maturity Value: $500,002,361
Collateralized by U.S. Treasury Note, 0.500%, due 08/15/14. The market value of the collateral, including accrued interest, was $510,148,934.
Credit Agricole Corporate and Investment Bank
	2,650,000,000		0.160			03/01/12		2,650,000,000
Maturity Value: $2,650,011,778
Collateralized by U.S. Treasury Bill, 0.000%, due 05/17/12, U.S. Treasury Bond, 7.250%, due 08/15/22, U.S. Treasury Notes, 1.750% to 3.250%, due 01/31/14 to 08/15/21. The aggregate market value of the collateral, including accrued interest, was $2,703,000,061.
Deutsche Bank Securities, Inc.
	100,000,000		0.170			03/01/12		100,000,000
Maturity Value: $100,000,472
Collateralized by U.S. Treasury Note, 2.000%, due 02/15/22. The market value of the collateral, including accrued interest, was $102,000,072.
Societe Generale
	2,000,000,000		0.160			03/01/12		2,000,000,000
Maturity Value: $2,000,008,889
Collateralized by U.S. Treasury Bond, 7.125%, due 02/15/23, U.S. Treasury Inflation-Indexed Bonds, 1.750% to 3.875%, due 01/15/27 to 02/15/41, U.S. Treasury Inflation-Indexed Notes, 1.125% to 3.000%, due 07/15/12 to 01/15/21, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/22 to 11/15/39, U.S. Treasury Notes, 0.625% to 4.875%, due 06/30/12 to 02/15/21 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/21 to 11/15/39. The aggregate market value of the collateral, including accrued interest, was $2,040,000,097.

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

FINANCIAL SQUARE TREASURY OBLIGATIONS FUND

Principal		Interest			Maturity		Amortized
Amount		Rate			Date		Cost
Repurchase Agreements(b) – (continued)
TD Securities (USA) LLC
$	200,000,000		0.150	%		03/01/12	$	200,000,000
Maturity Value: $200,000,833
Collateralized by U.S. Treasury Notes, 0.875% to 4.750%, due 05/15/14 to 02/15/18. The aggregate market value of the collateral, including accrued interest, was $204,000,067.
UBS Securities LLC
	135,300,000		0.140			03/01/12		135,300,000
Maturity Value: $135,300,526
Collateralized by U.S. Treasury Bond, 4.375%, due 05/15/41. The market value of the collateral, including accrued interest, was $138,006,053.
TOTAL REPURCHASE AGREEMENTS							$	8,635,300,000
TOTAL INVESTMENTS – 100.1%							$	12,085,665,372
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.1)%								(5,701,094	)
NET ASSETS – 100.0%							$	12,079,964,278

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

(a)	All or a portion represents a forward commitment.
(b)	Unless noted, all repurchase agreements were entered into on February 29, 2012.
(c)	Security has been determined to be illiquid by the Investment Adviser. At February 29, 2012, these securities amounted to $250,000,000 or approximately 2.1% of net assets.

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

Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, or the prerefunded date for those types of securities.

The accompanying notes are an integral part of these financial statements.          53

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Schedule of Investments

February 29, 2012 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

JOINT REPURCHASE AGREEMENT ACCOUNT III — At February 29, 2012, certain Funds had undivided interests in the Joint Repurchase Agreement Account III with a maturity date of March 1, 2012, as follows:

					Collateral Value
Fund	Principal Amount		Maturity Value		Allocation
Government	$	2,180,000,000	$	2,180,011,208	$	2,229,007,322
Money Market		1,138,300,000		1,138,305,852		1,163,889,466
Prime Obligations		5,100,000,000		5,100,026,221		5,214,650,158

REPURCHASE AGREEMENTS — At February 29, 2012, the Principal Amounts of certain Funds’ interest in the Joint Repurchase Agreement Account III were as follows:

	Interest					Money		Prime
Counterparty	Rate			Government		Market		Obligations
BNP Paribas Securities Corp.		0.19	%	$	954,556,213	$	498,427,219	$	2,233,136,095
Crédit Agricole Corporate and Investment Bank		0.18			606,272,189		316,568,639		1,418,343,195
Bank of Nova Scotia (The)		0.21			154,792,899		80,826,036		362,130,178
Wells Fargo Bank, National Association		0.19			257,988,166		134,710,059		603,550,296
Wells Fargo Securities LLC		0.17			206,390,533		107,768,047		482,840,236
TOTAL				$	2,180,000,000	$	1,138,300,000	$	5,100,000,000

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

ADDITIONAL INVESTMENT INFORMATION (continued)

At February 29, 2012, the Joint Repurchase Agreement Account III was fully collateralized by:

Issuer	Interest Rates			Maturity Dates
Federal Farm Credit Bank		3.700 to 7.350	%		12/03/13 to 08/03/39
Federal Farm Credit Bank Principal-Only Stripped Security		0.000			12/16/15
Federal Home Loan Bank		0.000 to 8.290			03/30/12 to 09/14/35
Federal Home Loan Mortgage Corp.		0.000 to 7.690			04/25/12 to 08/01/41
Federal National Mortgage Association		0.000 to 8.430			04/02/12 to 03/01/42
Federal National Mortgage Association Interest-Only Stripped Securities		0.000			10/08/13 to 01/15/33
Federal National Mortgage Association Principal-Only Stripped Securities		0.000			10/08/27 to 03/23/28
Government National Mortgage Association		3.000 to 6.000			04/15/24 to 02/15/42
U.S. Treasury Bills		0.000			03/01/12 to 02/07/13
U.S. Treasury Bonds		3.500 to 10.625			08/15/15 to 08/15/41
U.S. Treasury Inflation Indexed Bonds		2.000 to 2.500			01/15/26 to 02/15/40
U.S. Treasury Inflation Indexed Notes		0.125 to 3.000			04/15/12 to 01/15/22
U.S. Treasury Interest-Only Stripped Securities		0.000			03/15/12 to 05/15/39
U.S. Treasury Notes		0.125 to 5.125			03/31/12 to 02/15/22
U.S. Treasury Principal-Only Stripped Securities		0.000			03/31/12 to 08/15/41

The accompanying notes are an integral part of these financial statements.          55

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Statements of Assets and Liabilities

February 29, 2012 (Unaudited)

	Federal
	Fund
Assets:
Investments based on amortized cost — unaffiliated issuers	$	13,464,179,253
Repurchase agreements based on amortized cost — unaffiliated issuers		—
Repurchase agreements based on amortized cost — affiliated issuers		—
Cash		40,421,837
Receivables:
Investment securities sold		—
Interest		8,439,908
Fund shares sold		—
Reimbursement from investment adviser		—
Other assets		144,397
Total assets		13,513,185,395
Liabilities:
Due to custodian		—
Payables:
Investments purchased		42,186,125
Amounts owed to affiliates		1,281,209
Fund shares redeemed		68,032
Dividend distribution		18,896
Accrued expenses		168,694
Total liabilities		43,722,956
Net Assets:
Paid-in capital		13,469,464,027
Undistributed (distributions in excess of) net investment income (loss)		13,147
Accumulated net realized gain (loss) from investments		(14,735	)
NET ASSETS	$	13,469,462,439
Net asset value, offering and redemption price per share		$1.00
Net Assets:
FST Shares	$	10,752,530,747
FST Select Shares		77,340,799
FST Preferred Shares		175,557,324
FST Capital Shares		77,045,759
FST Administration Shares		409,347,216
FST Premier Shares		1,316,460,227
FST Service Shares		556,791,431
FST Class B Shares		—
FST Class C Shares		—
FST Resource Shares		1,000
FST Cash Management Shares		104,387,936
Total Net Assets	$	13,469,462,439
Shares outstanding $0.001 par value (unlimited number of shares authorized):
FST Shares		10,752,532,014
FST Select Shares		77,340,808
FST Preferred Shares		175,557,345
FST Capital Shares		77,045,768
FST Administration Shares		409,347,265
FST Premier Shares		1,316,460,382
FST Service Shares		556,791,497
FST Class B Shares		—
FST Class C Shares		—
FST Resource Shares		1,000
FST Cash Management Shares		104,387,948

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

			Money			Prime			Tax-Exempt		Tax-Exempt			Tax-Free		Treasury			Treasury
Government			Market			Obligations			California		New York			Money Market		Instruments			Obligations
Fund			Fund			Fund			Fund		Fund			Fund		Fund			Fund
$	9,564,206,431		$	15,715,554,518		$	14,984,078,620		$	244,484,291	$	151,153,220		$	6,538,540,502	$	28,880,663,274		$	3,450,365,372
	18,832,600,000			5,151,300,000			10,360,200,000			—		—			—		—			8,635,300,000
	1,000,000,000			—			—			—		—			—		—			—
	83,042			7,930			8,074			—		74,750			—		864,970,897			90,905
	—			25,523,367			115,459,115			24,371,323		14,588,637			629,441,803		200,694,195			—
	10,179,760			9,076,915			9,505,180			261,999		113,307			7,572,096		27,349,339			15,598,504
	240,699			3,885,214			4,974,335			—		—			139,019		841,749			—
	—			—			—			1,722		6,662			—		—			—
	323,534			277,885			243,875			3,100		2,583			94,343		457,838			164,719
	29,407,633,466			20,905,625,829			25,474,469,199			269,122,435		165,939,159			7,175,787,763		29,974,977,292			12,101,519,500
	—			—			—			1,672,975		—			2,093,606		—			—
	—			306,809,238			396,140,219			2,524,490		—			153,577,200		3,099,132,340			19,994,439
	3,933,189			2,819,690			3,431,741			15,999		9,443			853,748		1,336,530			1,011,649
	361,746			2,877,456			735,141			—		—			344,849		1,402,847			378,587
	302,488			1,476,040			1,388,273			19		22			12,980		9,133			33,989
	360,230			487,434			674,426			85,551		91,354			173,292		41,691			136,558
	4,957,653			314,469,858			402,369,800			4,299,034		100,819			157,055,675		3,101,922,541			21,555,222
	29,402,681,280			20,591,164,087			25,072,403,337			264,822,748		165,838,592			7,018,505,952		26,873,063,882			12,079,952,466
	83,193			(5,250	)		113,898			—		332			—		6,549			—
	(88,660	)		(2,866	)		(417,836	)		653		(584	)		226,136		(15,680	)		11,812
$	29,402,675,813		$	20,591,155,971		$	25,072,099,399		$	264,823,401	$	165,838,340		$	7,018,732,088	$	26,873,054,751		$	12,079,964,278
	$1.00			$1.00			$1.00			$1.00		$1.00			$1.00		$1.00			$1.00
$	25,228,406,319		$	19,939,527,952		$	21,290,232,281		$	100,155,630	$	20,995,962		$	6,001,508,325	$	24,283,607,416		$	8,708,051,091
	465,077,257			162,896,851			382,856,701			—		—			72,795,455		173,405,214			196,842,690
	549,738,673			40,615,044			297,157,826			—		—			22,040,230		185,720,326			108,639,692
	571,065,301			23,372,187			213,225,490			—		—			12,035,948		166,342,744			150,690,356
	2,180,327,046			375,514,244			1,921,986,191			164,664,978		144,840,544			267,673,656		1,373,536,449			1,648,383,580
	5,671,510			10,572,024			1,000			—		—			580,875,136		406,065,065			114,385,327
	402,387,707			38,655,668			791,728,942			1,756		799			27,601,012		284,375,537			1,152,969,542
	—			—			6,406,043			—		—			—		—			—
	—			—			29,001,152			—		—			—		—			—
	1,000			1,000			139,502,773			—		—			34,201,324		1,000			1,000
	1,000			1,001			1,000			1,037		1,035			1,002		1,000			1,000
$	29,402,675,813		$	20,591,155,971		$	25,072,099,399		$	264,823,401	$	165,838,340		$	7,018,732,088	$	26,873,054,751		$	12,079,964,278
	25,228,406,322			19,939,527,383			21,290,485,131			100,138,142		20,995,293			6,001,271,403		24,283,615,667			8,708,042,578
	465,077,257			162,896,847			382,861,241			—		—			72,792,581		173,405,273			196,842,498
	549,738,673			40,615,042			297,161,350			—		—			22,039,360		185,720,389			108,639,585
	571,065,301			23,372,186			213,228,019			—		—			12,035,472		166,342,800			150,690,209
	2,180,327,046			375,514,233			1,922,008,989			164,636,226		144,835,933			267,663,079		1,373,536,916			1,648,381,968
	5,671,510			10,572,024			1,000			—		—			580,852,205		406,065,203			114,385,216
	402,387,707			38,655,666			791,738,331			1,756		799			27,599,922		284,375,634			1,152,968,414
	—			—			6,406,119			—		—			—		—			—
	—			—			29,001,496			—		—			—		—			—
	1,000			1,000			139,504,425			—		—			34,199,974		1,000			1,000
	1,000			1,001			1,000			1,036		1,035			1,002		1,000			1,000

The accompanying notes are an integral part of these financial statements.          57

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Statements of Operations

For the Six Months Ended February 29, 2012 (Unaudited)

	Federal
	Fund
Investment income:
Interest income — from unaffiliated issuers	$	7,015,118
Interest income — from affiliated issuers		—
Total investment income		7,015,118
Expenses:
Fund-Level Expenses:
Management fees		13,377,909
Transfer Agent fees		652,581
Custody and accounting fees		272,908
Printing and mailing fees		132,677
Registration fees		37,529
Professional fees		37,345
Trustee fees		15,310
Other		152,144
Subtotal		14,678,403
Class Specific Expenses:
FST Premier Share fees		2,239,507
FST Service Share fees		1,640,867
FST Administration Share fees		524,947
FST Cash Management Share fees		313,466
Distribution fees — FST Cash Management Shares		188,080
FST Preferred Share fees		101,968
FST Capital Share fees		42,733
FST Select Share fees		11,285
FST Resource Share fees		2
Distribution fees — FST Resource Share fees		1
Distribution and Service fees — FST Class B Shares		—
Distribution and Service fees — FST Class C Shares		—
Total expenses		19,741,259
Less — expense reductions		(13,079,360	)
Net expenses		6,661,899
NET INVESTMENT INCOME	$	353,219
Net realized gain (loss) from investment transactions		10,870
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	364,089

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

			Money			Prime			Tax-Exempt			Tax-Exempt			Tax-Free			Treasury			Treasury
Government			Market			Obligations			California			New York			Money Market			Instruments			Obligations
Fund			Fund			Fund			Fund			Fund			Fund			Fund			Fund
$	26,250,428		$	35,913,801		$	34,991,682		$	163,737		$	113,507		$	6,377,500		$	5,269,286		$	6,061,040
	514,526			57,977			91,920			—			—			—			—			—
	26,764,954			35,971,778			35,083,602			163,737			113,507			6,377,500			5,269,286			6,061,040
	30,134,790			21,360,151			25,767,081			427,893			285,749			7,240,994			26,570,765			13,059,931
	1,469,990			1,041,958			1,256,931			12,226			8,164			353,219			1,296,135			637,070
	595,474			408,824			491,520			27,472			24,180			175,483			500,818			257,034
	71,425			362,848			173,616			27,710			27,426			110,510			61,155			47,381
	61,224			51,922			174,112			8,216			5,077			38,558			39,577			28,807
	49,199			44,986			41,171			44,871			46,335			48,478			54,807			50,637
	33,085			24,438			21,033			4,924			4,902			11,902			36,632			22,469
	266,623			155,096			275,560			3,065			842			101,909			171,770			108,682
	32,681,810			23,450,223			28,201,024			556,377			402,675			8,081,053			28,731,659			14,212,011
	7,092			17,431			2			—			—			943,319			739,710			203,680
	1,107,853			144,511			1,997,350			3			1			76,599			758,014			3,024,211
	2,702,692			508,076			3,061,274			111,396			106,956			391,446			1,798,252			2,160,109
	2			2			3			3			3			3			3			3
	1			2			1			3			3			1			2			1
	365,910			24,657			167,557			—			—			11,541			105,029			65,956
	471,843			24,599			141,419			—			—			7,389			125,613			103,011
	71,277			34,855			34,432			—			—			9,470			28,341			22,918
	2			2			357,309			—			—			76,171			3			2
	1			1			107,193			—			—			22,851			1			1
	—			—			34,900			—			—			—			—			—
	—			—			154,494			—			—			—			—			—
	37,408,483			24,204,359			34,256,958			667,782			509,638			9,619,843			32,286,627			19,791,903
	(12,257,739	)		(4,987,180	)		(9,815,429	)		(511,493	)		(401,111	)		(3,615,516	)		(27,188,411	)		(14,108,621	)
	25,150,744			19,217,179			24,441,529			156,289			108,527			6,004,327			5,098,216			5,683,282
$	1,614,210		$	16,754,599		$	10,642,073		$	7,448		$	4,980		$	373,173		$	171,070		$	377,758
	—			8,069			16,671			3,686			6,573			259,613			(15,680	)		16,251
$	1,614,210		$	16,762,668		$	10,658,744		$	11,134		$	11,553		$	632,786		$	155,390		$	394,009

The accompanying notes are an integral part of these financial statements.          59

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Statements of Changes in Net Assets

	Federal Fund						Government Fund
	For the						For the
	Six Months Ended			For the Fiscal			Six Months Ended			For the Fiscal
	February 29, 2012			Year Ended			February 29, 2012			Year Ended
	(Unaudited)			August 31, 2011			(Unaudited)			August 31, 2011
From operations:
Net investment income	$	353,219		$	545,783		$	1,614,210		$	12,045,700
Net realized gain from investment transactions		10,870			1,330,912			—			943,619
Net increase in net assets resulting from operations		364,089			1,876,695			1,614,210			12,989,319
Distributions to shareholders:
From net investment income:
FST Shares		(277,585	)		(545,781	)		(1,500,737	)		(11,620,460	)
FST Select Shares		(2,054	)		—			(13,133	)		(250,558	)
FST Preferred Shares		(5,393	)		—			(18,458	)		(37,002	)
FST Capital Shares		(1,503	)		—			(15,269	)		(28,194	)
FST Administration Shares		(11,268	)		—			(55,412	)		(92,885	)
FST Premier Shares		(34,601	)		—			(116	)		(3	)
FST Service Shares		(17,524	)		—			(11,081	)		(16,596	)
FST Class B Shares		—			—			—			—
FST Class C Shares		—			—			—			—
FST Resource Shares		(2	)		(2	)		(2	)		(3	)
FST Cash Management Shares		(3,289	)		—			(2	)		—
From net realized gains:
FST Shares		(34,020	)		(1,007,661	)		(63,490	)		(843,574	)
FST Select Shares		(237	)		(9,189	)		(1,470	)		(25,384	)
FST Preferred Shares		(816	)		(21,305	)		(1,973	)		(24,560	)
FST Capital Shares		(231	)		(8,480	)		(2,579	)		(28,098	)
FST Administration Shares		(1,518	)		(46,124	)		(5,723	)		(65,008	)
FST Premier Shares		(4,363	)		(134,528	)		—			—
FST Service Shares		(2,457	)		(66,345	)		(1,449	)		(19,302	)
FST Class B Shares		—			—			—			—
FST Class C Shares		—			—			—			—
FST Resource Shares		—			—			—			—
FST Cash Management Shares		(528	)		(18,715	)		—			—
Total distributions to shareholders		(397,389	)		(1,858,130	)		(1,690,894	)		(13,051,627	)
From share transactions (at $1.00 per share):
Proceeds from sales of shares		20,665,742,539			53,717,557,479			94,197,065,392			222,779,023,916
Reinvestment of distributions		278,191			1,257,795			821,039			4,147,067
Cost of shares redeemed		(20,153,393,154	)		(57,226,317,744	)		(90,132,741,014	)		(229,224,697,619	)
Net increase (decrease) in net assets resulting from share transactions		512,627,576			(3,507,502,470	)		4,065,145,417			(6,441,526,636	)
NET INCREASE (DECREASE)		512,594,276			(3,507,483,905	)		4,065,068,733			(6,441,588,944	)
Net assets:
Beginning of period		12,956,868,163			16,464,352,068			25,337,607,080			31,779,196,024
End of period	$	13,469,462,439		$	12,956,868,163		$	29,402,675,813		$	25,337,607,080
Undistributed (distributions in excess of) net investment income	$	13,147		$	13,147		$	83,193		$	83,193

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Money Market Fund						Prime Obligations Fund						Tax-Exempt California Fund
For the						For the						For the
Six Months Ended			For the Fiscal			Six Months Ended			For the Fiscal			Six Months Ended			For the Fiscal
February 29, 2012			Year Ended			February 29, 2012			Year Ended			February 29, 2012			Year Ended
(Unaudited)			August 31, 2011			(Unaudited)			August 31, 2011			(Unaudited)			August 31, 2011
$	16,754,599		$	25,516,700		$	10,642,073		$	18,892,983		$	7,448		$	18,599
	8,069			687,459			16,671			666,527			3,686			15,607
	16,762,668			26,204,159			10,658,744			19,559,510			11,134			34,206
	(16,569,243	)		(25,298,393	)		(10,482,799	)		(18,457,030	)		(2,920	)		(6,425	)
	(155,688	)		(124,925	)		(84,451	)		(91,014	)		—			—
	(15,687	)		(44,750	)		(15,235	)		(95,683	)		—			—
	(2,919	)		(8,146	)		(3,246	)		(19,197	)		—			—
	(9,558	)		(31,781	)		(39,644	)		(173,956	)		(4,524	)		(12,171	)
	(237	)		(4	)		(2	)		(3	)		—			—
	(1,263	)		(8,698	)		(13,655	)		(45,688	)		(2	)		(2	)
	—			—			(116	)		(490	)		—			—
	—			—			(518	)		(1,636	)		—			—
	(2	)		(3	)		(2,405	)		(8,286	)		—			—
	(2	)		—			(2	)		—			(2	)		(1	)
									��
	(68,558	)		(592,463	)		(246,512	)		(521,998	)		(3,734	)		(5,259	)
	(807	)		(4,959	)		(2,250	)		(4,016	)		—			—
	(184	)		(2,624	)		(4,821	)		(13,465	)		—			—
	(126	)		(1,905	)		(2,269	)		(6,893	)		—			—
	(1,504	)		(19,441	)		(31,950	)		(82,031	)		(6,001	)		(8,265	)
	(35	)		(36	)		—			—			—			—
	(285	)		(5,467	)		(9,744	)		(21,394	)		—			—
	—			—			(89	)		(204	)		—			—
	—			—			(386	)		(814	)		—			—
	—			—			(1,778	)		(3,979	)		—			—
	—			—			—			—			—			—
	(16,826,098	)		(26,143,595	)		(10,941,872	)		(19,547,777	)		(17,183	)		(32,123	)
	92,195,841,405			154,401,461,508			62,537,992,098			120,587,569,422			384,195,217			939,025,227
	8,617,846			15,779,464			4,112,415			9,279,040			17,069			31,954
	(92,408,854,673	)		(150,632,649,264	)		(59,703,387,395	)		(126,248,656,866	)		(352,556,852	)		(949,600,335	)
	(204,395,422	)		3,784,591,708			2,838,717,118			(5,651,808,404	)		31,655,434			(10,543,154	)
	(204,458,852	)		3,784,652,272			2,838,433,990			(5,651,796,671	)		31,649,385			(10,541,071	)
	20,795,614,823			17,010,962,551			22,233,665,409			27,885,462,080			233,174,016			243,715,087
$	20,591,155,971		$	20,795,614,823		$	25,072,099,399		$	22,233,665,409		$	264,823,401		$	233,174,016
$	(5,250	)	$	(5,250	)	$	113,898		$	113,898		$	—		$	—

The accompanying notes are an integral part of these financial statements.          61

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Statements of Changes in Net Assets (continued)

	Tax-Exempt New York Fund
	For the
	Six Months Ended			For the Fiscal
	February 29, 2012			Year Ended
	(Unaudited)			August 31, 2011
From operations:
Net investment income	$	4,980		$	12,830
Net realized gain (loss) from investment transactions		6,573			(1,876	)
Net increase in net assets resulting from operations		11,553			10,954
Distributions to shareholders:
From net investment income:
FST Shares		(627	)		(3,176	)
FST Select Shares		—			—
FST Preferred Shares		—			—
FST Capital Shares		—			—
FST Administration Shares		(4,349	)		(9,651	)
FST Premier Shares		—			—
FST Service Shares		(2	)		(2	)
FST Resource Shares		—			—
FST Cash Management Shares		(2	)		(1	)
From net realized gains:
FST Shares		(660	)		(8,047	)
FST Select Shares		—			—
FST Preferred Shares		—			—
FST Capital Shares		—			—
FST Administration Shares		(4,621	)		(26,295	)
FST Premier Shares		—			—
FST Service Shares		—			—
FST Resource Shares		—			—
FST Cash Management Shares		—			—
Total distributions to shareholders		(10,261	)		(47,172	)
From share transactions (at $1.00 per share):
Proceeds from sales of shares		226,607,160			533,901,070
Reinvestment of distributions		10,139			46,670
Cost of shares redeemed		(222,188,021	)		(549,760,278	)
Net increase (decrease) in net assets resulting from share transactions		4,429,278			(15,812,538	)
NET INCREASE (DECREASE)		4,430,570			(15,848,756	)
Net assets:
Beginning of period		161,407,770			177,256,526
End of period	$	165,838,340		$	161,407,770
Undistributed (distributions in excess of) net investment income	$	332		$	332

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Tax-Free Money Market Fund						Treasury Instruments Fund						Treasury Obligations Fund
For the						For the						For the
Six Months Ended			For the Fiscal			Six Months Ended			For the Fiscal			Six Months Ended			For the Fiscal
February 29, 2012			Year Ended			February 29, 2012			Year Ended			February 29, 2012			Year Ended
(Unaudited)			August 31, 2011			(Unaudited)			August 31, 2011			(Unaudited)			August 31, 2011
$	373,173		$	8,107,439		$	171,070		$	21,974		$	377,758		$	1,393,991
	259,613			379,398			(15,680	)		1,351,348			16,251			54,632
	632,786			8,486,837			155,390			1,373,322			394,009			1,448,623
	(342,302	)		(7,992,268	)		(147,175	)		(7,783	)		(274,637	)		(1,153,201	)
	(2,061	)		(36,941	)		(1,154	)		(1,032	)		(4,537	)		(16,713	)
	(703	)		(6,030	)		(1,354	)		(2,032	)		(3,917	)		(11,281	)
	(300	)		(640	)		(1,078	)		(277	)		(4,078	)		(11,324	)
	(9,533	)		(23,180	)		(9,083	)		(8,750	)		(51,252	)		(111,200	)
	(16,411	)		(43,968	)		(2,730	)		(1,424	)		(3,453	)		(8,903	)
	(933	)		(2,834	)		(1,943	)		(672	)		(35,880	)		(81,366	)
	(928	)		(1,221	)		(2	)		(2	)		(2	)		(2	)
	(2	)		(1	)		(2	)		(2	)		(2	)		(1	)
	(305,906	)		(874,804	)		—			(1,198,081	)		(3,239	)		(38,351	)
	(3,692	)		(6,409	)		—			(16,903	)		(59	)		(1,227	)
	(1,206	)		(3,041	)		—			(16,356	)		(39	)		(598	)
	(408	)		(634	)		—			(11,320	)		(49	)		(691	)
	(17,130	)		(24,586	)		—			(89,506	)		(602	)		(7,027	)
	(26,746	)		(51,618	)		—			(28,707	)		(43	)		(714	)
	(1,523	)		(3,037	)		—			(20,285	)		(408	)		(5,071	)
	(1,605	)		(1,418	)		—			—			—			—
	—			—			—			—			—			—
	(731,389	)		(9,072,630	)		(164,521	)		(1,403,132	)		(382,197	)		(1,447,670	)
	9,045,613,542			30,270,776,837			40,718,701,913			77,166,306,629			72,261,226,449			81,629,454,359
	567,721			7,473,492			106,679			959,225			158,107			757,126
	(9,586,466,762	)		(32,642,447,333	)		(36,753,229,798	)		(73,083,183,219	)		(71,770,299,924	)		(82,558,690,137	)
	(540,285,499	)		(2,364,197,004	)		3,965,578,794			4,084,082,635			491,084,632			(928,478,652	)
	(540,384,102	)		(2,364,782,797	)		3,965,569,663			4,084,052,825			491,096,444			(928,477,699	)
	7,559,116,190			9,923,898,987			22,907,485,088			18,823,432,263			11,588,867,834			12,517,345,533
$	7,018,732,088		$	7,559,116,190		$	26,873,054,751		$	22,907,485,088		$	12,079,964,278		$	11,588,867,834
$	—		$	—		$	6,549		$	—		$	—		$	—

The accompanying notes are an integral part of these financial statements.          63

FINANCIAL SQUARE FEDERAL FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Net asset					Distributions
	value,		Net			from net
	beginning		investment			investment
Year - Share Class	of period		income (loss)			income(a)
FOR THE SIX MONTHS ENDED FEBRUARY 29, (UNAUDITED)
2012 - FST Shares	$	1.00	$	—	(c)	$	—	(c)
2012 - FST Select Shares		1.00		—	(c)		—	(c)
2012 - FST Preferred Shares		1.00		—	(c)		—	(c)
2012 - FST Capital Shares		1.00		—	(c)		—	(c)
2012 - FST Administration Shares		1.00		—	(c)		—	(c)
2012 - FST Premier Shares		1.00		—	(c)		—	(c)
2012 - FST Service Shares		1.00		—	(c)		—	(c)
2012 - FST Resource Shares		1.00		—	(c)		—	(c)
2012 - FST Cash Management Shares		1.00		—	(c)		—	(c)
FOR THE FISCAL YEARS ENDED AUGUST 31,
2011 - FST Shares		1.00		—	(c)		—	(c)
2011 - FST Select Shares		1.00		—	(c)		—	(c)
2011 - FST Preferred Shares		1.00		—	(c)		—	(c)
2011 - FST Capital Shares		1.00		—	(c)		—	(c)
2011 - FST Administration Shares		1.00		—	(c)		—	(c)
2011 - FST Premier Shares		1.00		—	(c)		—	(c)
2011 - FST Service Shares		1.00		—	(c)		—	(c)
2011 - FST Resource Shares		1.00		—	(c)		—	(c)
2011 - FST Cash Management Shares		1.00		—	(c)		—	(c)
2010 - FST Shares		1.00		—	(c)		—	(c)
2010 - FST Select Shares		1.00		—	(c)		—	(c)
2010 - FST Preferred Shares		1.00		—	(c)		—	(c)
2010 - FST Capital Shares		1.00		—	(c)		—	(c)
2010 - FST Administration Shares		1.00		—	(c)		—	(c)
2010 - FST Premier Shares (Commenced May 14, 2010)		1.00		—	(c)		—	(c)
2010 - FST Service Shares		1.00		—	(c)		—	(c)
2010 - FST Resource Shares (Commenced May 14, 2010)		1.00		—	(c)		—	(c)
2010 - FST Cash Management Shares (Commenced May 14, 2010)		1.00		—	(c)		—	(c)
FOR THE PERIOD JANUARY 1 TO AUGUST 31*,
2009 - FST Shares		1.00		0.002	(g)		(0.002	)(g)
2009 - FST Select Shares		1.00		0.002	(g)		(0.002	)(g)
2009 - FST Preferred Shares		1.00		0.002	(g)		(0.002	)(g)
2009 - FST Capital Shares		1.00		0.001	(g)		(0.001	)(g)
2009 - FST Administration Shares		1.00		0.001	(g)		(0.001	)(g)
2009 - FST Service Shares		1.00		—	(c)(g)		—	(c)(g)
FOR THE FISCAL YEARS ENDED DECEMBER 31,
2008 - FST Shares		1.00		0.025	(g)		(0.025	)(g)
2008 - FST Select Shares		1.00		0.024	(g)		(0.024	)(g)
2008 - FST Preferred Shares		1.00		0.024	(g)		(0.024	)(g)
2008 - FST Capital Shares		1.00		0.023	(g)		(0.023	)(g)
2008 - FST Administration Shares		1.00		0.022	(g)		(0.022	)(g)
2008 - FST Service Shares		1.00		0.020	(g)		(0.020	)(g)
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	)

*	The Fund changed its fiscal year end from December 31 to August 31.
(a)	Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.
(b)	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.
(c)	Amount is less than $0.0005 per share.
(d)	Amount is less than 0.005%.
(e)	Annualized.
(f)	Amount is less than 0.005% of average net assets.
(g)	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 fiscal year ended December 31, 2008, respectively.

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

FINANCIAL SQUARE FEDERAL FUND

					Net assets		Ratio of			Ratio of			Ratio of
Net asset					end of		net expenses			total expenses			net investment
value, end		Total			period		to average			to average			income (loss) to
of period		return(b)			(in 000s)		net assets			net assets			average net assets
$	1.00		—	%(d)	$	10,752,531		0.10	%(e)		0.23	%(e)		0.01	%(e)
	1.00		—	(d)		77,341		0.10	(e)		0.26	(e)		0.01	(e)
	1.00		—	(d)		175,557		0.10	(e)		0.33	(e)		0.01	(e)
	1.00		—	(d)		77,046		0.10	(e)		0.38	(e)		0.01	(e)
	1.00		—	(d)		409,347		0.10	(e)		0.48	(e)		0.01	(e)
	1.00		—	(d)		1,316,460		0.10	(e)		0.58	(e)		0.01	(e)
	1.00		—	(d)		556,791		0.10	(e)		0.73	(e)		0.01	(e)
	1.00		—	(d)		1		0.10	(e)		0.88	(e)		0.40	(e)
	1.00		—	(d)		104,388		0.10	(e)		1.03	(e)		0.01	(e)
	1.00		0.01			9,888,638		0.17			0.23			0.01
	1.00		0.01			74,182		0.18			0.26			—	(f)
	1.00		0.01			269,893		0.18			0.33			—	(f)
	1.00		0.01			80,713		0.18			0.38			—	(f)
	1.00		0.01			454,427		0.18			0.48			—	(f)
	1.00		0.01			1,298,287		0.18			0.58			—	(f)
	1.00		0.01			739,254		0.18			0.73			—	(f)
	1.00		0.01			1		0.17			0.88			0.19
	1.00		0.01			151,472		0.18			1.03			—	(f)
	1.00		0.05			12,958,372		0.20			0.23			0.03
	1.00		0.02			105,245		0.22			0.25			0.01
	1.00		0.01			285,291		0.24			0.33			(0.01	)
	1.00		0.01			72,407		0.24			0.37			(0.01	)
	1.00		0.01			579,217		0.25			0.48			(0.01	)
	1.00		0.01			1,479,302		0.24	(e)		0.58	(e)		0.01	(e)
	1.00		0.01			774,348		0.24			0.73			(0.01	)
	1.00		0.01			1		0.20	(e)		0.73	(e)		0.06	(e)
	1.00		0.01			210,167		0.24	(e)		1.03	(e)		0.01	(e)
	1.00		0.22			20,069,801		0.21	(e)		0.24	(e)		0.32	(e)
	1.00		0.20			256,463		0.24	(e)		0.27	(e)		0.24	(e)
	1.00		0.15			511,911		0.31	(e)		0.34	(e)		0.19	(e)
	1.00		0.12			157,721		0.36	(e)		0.39	(e)		0.09	(e)
	1.00		0.07			897,620		0.44	(e)		0.49	(e)		0.10	(e)
	1.00		0.02			887,368		0.53	(e)		0.74	(e)		—	(e)(f)
	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

The accompanying notes are an integral part of these financial statements.          65

FINANCIAL SQUARE GOVERNMENT FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Net asset						Distributions
	value,		Net				from net
	beginning		investment				investment
Year - Share Class	of period		income (loss)				income(a)
FOR THE SIX MONTHS ENDED FEBRUARY 29, (UNAUDITED)
2012 - FST Shares	$	1.00	$	—	(c)		$	—	(c)
2012 - FST Select Shares		1.00		—	(c)			—	(c)
2012 - FST Preferred Shares		1.00		—	(c)			—	(c)
2012 - FST Capital Shares		1.00		—	(c)			—	(c)
2012 - FST Administration Shares		1.00		—	(c)			—	(c)
2012 - FST Premier Shares		1.00		—	(c)			—	(c)
2012 - FST Service Shares		1.00		—	(c)			—	(c)
2012 - FST Resource Shares		1.00		—	(c)			—	(c)
2012 - FST Cash Management Shares		1.00		—	(c)			—	(c)
FOR THE FISCAL YEARS ENDED AUGUST 31,
2011 - FST Shares		1.00		—	(c)			—	(c)
2011 - FST Select Shares		1.00		—	(c)			—	(c)
2011 - FST Preferred Shares		1.00		—	(c)			—	(c)
2011 - FST Capital Shares		1.00		—	(c)			—	(c)
2011 - FST Administration Shares		1.00		—	(c)			—	(c)
2011 - FST Premier Shares		1.00		—	(c)			—	(c)
2011 - FST Service Shares		1.00		—	(c)			—	(c)
2011 - FST Resource Shares		1.00		—	(c)			—	(c)
2011 - FST Cash Management Shares		1.00		—	(c)			—	(c)
2010 - FST Shares		1.00		0.001				(0.001	)
2010 - FST Select Shares		1.00		0.001				(0.001	)
2010 - FST Preferred Shares		1.00		—	(c)			—	(c)
2010 - FST Capital Shares		1.00		—	(c)			—	(c)
2010 - FST Administration Shares		1.00		—	(c)			—	(c)
2010 - FST Premier Shares (Commenced May 14, 2010)		1.00		—	(c)	��		—	(c)
2010 - FST Service Shares		1.00		—	(c)			—	(c)
2010 - FST Resource Shares (Commenced May 14, 2010)		1.00		—	(c)			—	(c)
2010 - FST Cash Management Shares (Commenced May 14, 2010)		1.00		—	(c)			—	(c)
FOR THE PERIOD JANUARY 1 TO AUGUST 31*,
2009 - FST Shares		1.00		0.003	(g)			(0.003	)(g)
2009 - FST Select Shares		1.00		0.003	(g)			(0.003	)(g)
2009 - FST Preferred Shares		1.00		0.002	(g)			(0.002	)(g)
2009 - FST Capital Shares		1.00		0.002	(g)			(0.002	)(g)
2009 - FST Administration Shares		1.00		0.001	(g)			(0.001	)(g)
2009 - FST Service Shares		1.00		0.001	(g)			(0.001	)(g)
FOR THE FISCAL YEARS ENDED DECEMBER 31,
2008 - FST Shares		1.00		0.025	(g)			(0.025	)(g)
2008 - FST Select Shares		1.00		0.025	(g)			(0.025	)(g)
2008 - FST Preferred Shares		1.00		0.024	(g)			(0.024	)(g)
2008 - FST Capital Shares		1.00		0.023	(g)			(0.023	)(g)
2008 - FST Administration Shares		1.00		0.022	(g)			(0.022	)(g)
2008 - FST Service Shares		1.00		0.020	(g)			(0.020	)(g)
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	)

*	The Fund changed its fiscal year end from December 31 to August 31.
(a)	Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.
(b)	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.
(c)	Amount is less than $0.0005 per share.
(d)	Amount is less than 0.005%.
(e)	Annualized.
(f)	Amount is less than 0.005% of average net assets.
(g)	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.

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

FINANCIAL SQUARE GOVERNMENT FUND

					Net assets		Ratio of			Ratio of			Ratio of
Net asset					end of		net expenses			total expenses			net investment
value, end		Total			period		to average			to average			income (loss) to
of period		return(b)			(in 000s)		net assets			net assets			average net assets
$	1.00		0.01	%	$	25,228,406		0.18	%(e)		0.23	%(e)		0.01	%(e)
	1.00		—	(d)		465,077		0.19	(e)		0.26	(e)		0.01	(e)
	1.00		—	(d)		549,739		0.19	(e)		0.33	(e)		0.01	(e)
	1.00		—	(d)		571,065		0.19	(e)		0.38	(e)		—	(e)(f)
	1.00		—	(d)		2,180,327		0.19	(e)		0.48	(e)		0.01	(e)
	1.00		—	(d)		5,672		0.19	(e)		0.58	(e)		0.01	(e)
	1.00		—	(d)		402,388		0.19	(e)		0.73	(e)		0.01	(e)
	1.00		—	(d)		1		0.18	(e)		0.88	(e)		0.40	(e)
	1.00		—	(d)		1		0.18	(e)		1.03	(e)		0.01	(e)
	1.00		0.04			20,959,643		0.18			0.23			0.04
	1.00		0.02			474,953		0.20			0.26			0.03
	1.00		0.01			652,225		0.22			0.33			—	(f)
	1.00		0.01			815,275		0.22			0.38			—	(f)
	1.00		0.01			1,956,642		0.22			0.48			—	(f)
	1.00		0.01			1		0.22			0.58			0.28
	1.00		0.01			478,866		0.21			0.73			—	(f)
	1.00		0.01			1		0.22			0.88			0.28
	1.00		0.01			1		0.22			1.03			—	(f)
	1.00		0.08			26,136,102		0.18			0.23			0.06
	1.00		0.05			1,225,360		0.21			0.26			0.03
	1.00		0.02			783,466		0.25			0.33			(0.01	)
	1.00		0.01			859,594		0.25			0.38			(0.01	)
	1.00		0.01			2,397,534		0.25			0.48			(0.02	)
	1.00		0.01			1		0.18	(e)		0.58	(e)		0.25	(e)
	1.00		0.01			377,138		0.25			0.73			(0.02	)
	1.00		0.01			1		0.18	(e)		0.73	(e)		0.25	(e)
	1.00		0.01			1		0.30	(e)		1.03	(e)		(0.18	)(e)
	1.00		0.29			51,896,720		0.19	(e)		0.24	(e)		0.35	(e)
	1.00		0.27			2,218,312		0.22	(e)		0.27	(e)		0.30	(e)
	1.00		0.22			873,242		0.29	(e)		0.34	(e)		0.26	(e)
	1.00		0.19			1,022,472		0.34	(e)		0.39	(e)		0.23	(e)
	1.00		0.13			3,217,353		0.43	(e)		0.49	(e)		0.13	(e)
	1.00		0.05			505,564		0.58	(e)		0.74	(e)		(0.01	)(e)
	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

The accompanying notes are an integral part of these financial statements.          67

FINANCIAL SQUARE MONEY MARKET FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Net asset					Distributions
	value,		Net			from net
	beginning		investment			investment
Year - Share Class	of period		income (loss)			income(a)
FOR THE SIX MONTHS ENDED FEBRUARY 29, (UNAUDITED)
2012 - FST Shares	$	1.00	$	0.001		$	(0.001	)
2012 - FST Select Shares		1.00		0.001			(0.001	)
2012 - FST Preferred Shares		1.00		—	(c)		—	(c)
2012 - FST Capital Shares		1.00		—	(c)		—	(c)
2012 - FST Administration Shares		1.00		—	(c)		—	(c)
2012 - FST Premier Shares		1.00		—	(c)		—	(c)
2012 - FST Service Shares		1.00		—	(c)		—	(c)
2012 - FST Resource Shares		1.00		—	(c)		—	(c)
2012 - FST Cash Management Shares		1.00		—	(c)		—	(c)
FOR THE FISCAL YEARS ENDED AUGUST 31,
2011 - FST Shares		1.00		0.001			(0.001	)
2011 - FST Select Shares		1.00		0.001			(0.001	)
2011 - FST Preferred Shares		1.00		—	(c)		—	(c)
2011 - FST Capital Shares		1.00		—	(c)		—	(c)
2011 - FST Administration Shares		1.00		—	(c)		—	(c)
2011 - FST Premier Shares		1.00		—	(c)		—	(c)
2011 - FST Service Shares		1.00		—	(c)		—	(c)
2011 - FST Resource Shares		1.00		—	(c)		—	(c)
2011 - FST Cash Management Shares		1.00		—	(c)		—	(c)
2010 - FST Shares		1.00		0.001			(0.001	)
2010 - FST Select Shares		1.00		0.001			(0.001	)
2010 - FST Preferred Shares		1.00		—	(c)		—	(c)
2010 - FST Capital Shares		1.00		—	(c)		—	(c)
2010 - FST Administration Shares		1.00		—	(c)		—	(c)
2010 - FST Premier Shares (Commenced May 14, 2010)		1.00		—	(c)		—	(c)
2010 - FST Service Shares		1.00		—	(c)		—	(c)
2010 - FST Resource Shares (Commenced May 14, 2010)		1.00		—	(c)		—	(c)
2010 - FST Cash Management Shares (Commenced May 14, 2010)		1.00		—	(c)		—	(c)
FOR THE PERIOD JANUARY 1 TO AUGUST 31*,
2009 - FST Shares		1.00		0.004	(g)		(0.004	)(g)
2009 - FST Select Shares		1.00		0.004	(g)		(0.004	)(g)
2009 - FST Preferred Shares		1.00		0.003	(g)		(0.003	)(g)
2009 - FST Capital Shares		1.00		0.003	(g)		(0.003	)(g)
2009 - FST Administration Shares		1.00		0.002	(g)		(0.002	)(g)
2009 - FST Service Shares		1.00		0.001	(g)		(0.001	)(g)
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	)

*	The Fund changed its fiscal year end from December 31 to August 31.
(a)	Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.
(b)	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.
(c)	Amount is less than $0.0005 per share.
(d)	Amount is less than 0.005%.
(e)	Annualized.
(f)	Amount is less than 0.005% of average net assets.
(g)	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.

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

FINANCIAL SQUARE MONEY MARKET FUND

					Net assets		Ratio of			Ratio of			Ratio of
Net asset					end of		net expenses			total expenses			net investment
value, end		Total			period		to average			to average			income (loss) to
of period		return(b)			(in 000s)		net assets			net assets			average net assets
$	1.00		0.08	%	$	19,939,528		0.18	%(e)		0.23	%(e)		0.17	%(e)
	1.00		0.07			162,897		0.21	(e)		0.26	(e)		0.13	(e)
	1.00		0.03			40,615		0.28	(e)		0.33	(e)		0.06	(e)
	1.00		0.01			23,372		0.32	(e)		0.38	(e)		0.02	(e)
	1.00		—	(d)		375,514		0.34	(e)		0.48	(e)		—	(e)(f)
	1.00		—	(d)		10,572		0.34	(e)		0.58	(e)		—	(e)(f)
	1.00		—	(d)		38,656		0.33	(e)		0.73	(e)		—	(e)(f)
	1.00		—	(d)		1		0.18	(e)		0.88	(e)		0.40	(e)
	1.00		—	(d)		1		0.18	(e)		1.03	(e)		0.40	(e)
	1.00		0.14			19,751,293		0.18			0.23			0.14
	1.00		0.11			212,150		0.21			0.26			0.10
	1.00		0.04			57,885		0.28			0.33			0.04
	1.00		0.02			47,555		0.31			0.38			0.01
	1.00		0.01			567,818		0.32			0.48			—	(f)
	1.00		0.01			10,572		0.29			0.58			—	(f)
	1.00		0.01			148,341		0.31			0.73			—	(f)
	1.00		0.01			1		0.28			0.88			0.32
	1.00		0.01			1		0.40			1.03			(0.07	)
	1.00		0.13			15,510,366		0.18			0.23			0.10
	1.00		0.10			368,196		0.21			0.26			0.11
	1.00		0.04			97,072		0.27			0.33			0.03
	1.00		0.02			81,640		0.29			0.38			—	(f)
	1.00		0.01			780,326		0.30			0.48			(0.01	)
	1.00		0.01			1		0.40	(e)		0.58	(e)		0.01	(e)
	1.00		0.01			173,360		0.29			0.73			(0.02	)
	1.00		0.01			1		0.18	(e)		0.73	(e)		0.31	(e)
	1.00		0.01			1		0.48	(e)		0.97	(e)		(0.22	)(e)
	1.00		0.38			21,878,982		0.21	(e)		0.26	(e)		0.55	(e)
	1.00		0.36			42,778		0.24	(e)		0.29	(e)		0.60	(e)
	1.00		0.32			87,673		0.31	(e)		0.36	(e)		0.46	(e)
	1.00		0.28			76,008		0.36	(e)		0.41	(e)		0.38	(e)
	1.00		0.22			1,415,175		0.45	(e)		0.51	(e)		0.23	(e)
	1.00		0.11			472,480		0.62	(e)		0.76	(e)		0.15	(e)
	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

The accompanying notes are an integral part of these financial statements.          69

FINANCIAL SQUARE PRIME OBLIGATIONS FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Net asset					Distributions
	value,		Net			from net
	beginning		investment			investment
Year - Share Class	of period		income (loss)			income(a)
FOR THE SIX MONTHS ENDED FEBRUARY 29, (UNAUDITED)
2012 - FST Shares	$	1.00	$	0.001		$	(0.001	)
2012 - FST Select Shares		1.00		—	(c)		—	(c)
2012 - FST Preferred Shares		1.00		—	(c)		—	(c)
2012 - FST Capital Shares		1.00		—	(c)		—	(c)
2012 - FST Administration Shares		1.00		—	(c)		—	(c)
2012 - FST Premier Shares		1.00		—	(c)		—	(c)
2012 - FST Service Shares		1.00		—	(c)		—	(c)
2012 - FST Resource Shares		1.00		—	(c)		—	(c)
2012 - FST Cash Management Shares		1.00		—	(c)		—	(c)
2012 - FST Class B Shares		1.00		—	(c)		—	(c)
2012 - FST Class C Shares		1.00		—	(c)		—	(c)
FOR THE FISCAL YEARS ENDED AUGUST 31,
2011 - FST Shares		1.00		0.001			(0.001	)
2011 - FST Select Shares		1.00		0.001			(0.001	)
2011 - FST Preferred Shares		1.00		—	(c)		—	(c)
2011 - FST Capital Shares		1.00		—	(c)		—	(c)
2011 - FST Administration Shares		1.00		—	(c)		—	(c)
2011 - FST Premier Shares		1.00		—	(c)		—	(c)
2011 - FST Service Shares		1.00		—	(c)		—	(c)
2011 - FST Resource Shares		1.00		—	(c)		—	(c)
2011 - FST Cash Management Shares		1.00		—	(c)		—	(c)
2011 - FST Class B Shares		1.00		—	(c)		—	(c)
2011 - FST Class C Shares		1.00		—	(c)		—	(c)
2010 - FST Shares		1.00		0.001			(0.001	)
2010 - FST Select Shares		1.00		0.001			(0.001	)
2010 - FST Preferred Shares		1.00		—	(c)		—	(c)
2010 - FST Capital Shares		1.00		—	(c)		—	(c)
2010 - FST Administration Shares		1.00		—	(c)		—	(c)
2010 - FST Premier Shares (Commenced May 14, 2010)		1.00		—	(c)		—	(c)
2010 - FST Service Shares		1.00		—	(c)		—	(c)
2010 - FST Resource Shares (Commenced May 14, 2010)		1.00		—	(c)		—	(c)
2010 - FST Cash Management Shares (Commenced May 14, 2010)		1.00		—	(c)		—	(c)
2010 - FST Class B Shares (Commenced May 14, 2010)		1.00		—	(c)		—	(c)
2010 - FST Class C Shares (Commenced May 14, 2010)		1.00		—	(c)		—	(c)
FOR THE PERIOD JANUARY 1 TO AUGUST 31*,
2009 - FST Shares		1.00		0.003			(0.003	)
2009 - FST Select Shares		1.00		0.003			(0.003	)
2009 - FST Preferred Shares		1.00		0.003			(0.003	)
2009 - FST Capital Shares		1.00		0.002			(0.002	)
2009 - FST Administration Shares		1.00		0.002			(0.002	)
2009 - FST Service Shares		1.00		0.001			(0.001	)
FOR THE FISCAL YEARS ENDED DECEMBER 31,
2008 - FST Shares		1.00		0.026	(g)		(0.026	)
2008 - FST Select Shares		1.00		0.026	(g)		(0.026	)
2008 - FST Preferred Shares		1.00		0.025	(g)		(0.025	)
2008 - FST Capital Shares		1.00		0.025	(g)		(0.025	)
2008 - FST Administration Shares		1.00		0.024	(g)		(0.024	)
2008 - FST Service Shares		1.00		0.021	(g)		(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	)

*	The Fund changed its fiscal year end from December 31 to August 31.
(a)	Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.
(b)	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.
(c)	Amount is less than $0.0005 per share.
(d)	Amount is less than 0.005%.
(e)	Annualized.
(f)	Amount is less than 0.005% of average net assets.
(g)	Reflects an increase of $0.002 per share and 0.22%, as a result of voluntary and irrevocable capital infusion by Goldman Sachs.

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

FINANCIAL SQUARE PRIME OBLIGATIONS FUND

					Net assets		Ratio of			Ratio of			Ratio of
Net asset					end of		net expenses			total expenses			net investment
value, end		Total			period		to average			to average			income (loss) to
of period		return(b)			(in 000s)		net assets			net assets			average net assets
$	1.00		0.05	%	$	21,290,232		0.18	%(e)		0.23	%(e)		0.10	%(e)
	1.00		0.04			382,857		0.21	(e)		0.26	(e)		0.07	(e)
	1.00		0.01			297,158		0.27	(e)		0.33	(e)		0.01	(e)
	1.00		—	(d)		213,225		0.28	(e)		0.38	(e)		—	(e)(f)
	1.00		—	(d)		1,921,986		0.27	(e)		0.48	(e)		—	(e)(f)
	1.00		—	(d)		1		0.18	(e)		0.58	(e)		0.40	(e)
	1.00		—	(d)		791,729		0.28	(e)		0.73	(e)		—	(e)(f)
	1.00		—	(d)		139,503		0.28	(e)		0.88	(e)		—	(e)(f)
	1.00		—	(d)		1		0.18	(e)		1.03	(e)		0.40	(e)
	1.00		—	(d)		6,406		0.28	(e)		1.23	(e)		—	(e)(f)
	1.00		—	(d)		29,001		0.28	(e)		1.23	(e)		—	(e)(f)
	1.00		0.10			17,670,097		0.18			0.23			0.10
	1.00		0.07			151,663		0.21			0.26			0.07
	1.00		0.02			406,827		0.26			0.33			0.02
	1.00		0.01			179,018		0.28			0.38			0.01
	1.00		0.01			2,875,584		0.27			0.48			0.01
	1.00		0.01			1		0.23			0.58			0.30
	1.00		0.01			762,833		0.27			0.73			0.01
	1.00		0.01			147,232		0.27			0.88			0.01
	1.00		0.01			1		0.32			1.03			0.03
	1.00		0.01			7,762		0.27			1.23			0.01
	1.00		0.01			32,646		0.27			1.23			0.01
	1.00		0.12			22,977,394		0.18			0.23			0.10
	1.00		0.09			106,849		0.21			0.26			0.06
	1.00		0.04			350,484		0.26			0.33			0.01
	1.00		0.02			325,649		0.28			0.38			(0.01	)
	1.00		0.01			3,194,694		0.29			0.48			(0.01	)
	1.00		0.01			1		0.34	(e)		0.58	(e)		0.11	(e)
	1.00		0.01			757,826		0.29			0.73			(0.01	)
	1.00		0.01			7,827		0.36	(e)		1.23	(e)		0.02	(e)
	1.00		0.01			29,973		0.36	(e)		1.23	(e)		0.01	(e)
	1.00		0.01			134,763		0.35	(e)		0.73	(e)		0.01	(e)
	1.00		0.01			1		0.36	(e)		1.03	(e)		(0.37	)(e)
	1.00		0.32			30,756,777		0.23	(e)		0.28	(e)		0.47	(e)
	1.00		0.30			99,249		0.26	(e)		0.31	(e)		0.48	(e)
	1.00		0.25			1,226,201		0.33	(e)		0.38	(e)		0.40	(e)
	1.00		0.22			568,066		0.38	(e)		0.43	(e)		0.37	(e)
	1.00		0.16			3,986,524		0.47	(e)		0.53	(e)		0.24	(e)
	1.00		0.06			873,287		0.63	(e)		0.78	(e)		0.12	(e)
	1.00		2.64			25,218,329		0.19			0.24			2.72
	1.00		2.61			95,807		0.22			0.27			2.77
	1.00		2.54			1,385,336		0.29			0.34			2.55
	1.00		2.49			777,173		0.34			0.39			2.48
	1.00		2.39			4,060,108		0.44			0.49			2.45
	1.00		2.13			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

The accompanying notes are an integral part of these financial statements.          71

FINANCIAL SQUARE TAX-EXEMPT CALIFORNIA FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Net asset					Distributions
	value,		Net			from net
	beginning		investment			investment
Year - Share Class	of period		income (loss)			income(a)
FOR THE SIX MONTHS ENDED FEBRUARY 29, (UNAUDITED)
2012 - FST Shares	$	1.00	$	—	(c)	$	—	(c)
2012 - FST Administration Shares		1.00		—	(c)		—	(c)
2012 - FST Service Shares		1.00		—	(c)		—	(c)
2012 - FST Cash Management Shares		1.00		—	(c)		—	(c)
FOR THE FISCAL YEARS ENDED AUGUST 31,
2011 - FST Shares		1.00		—	(c)		—	(c)
2011 - FST Administration Shares		1.00		—	(c)		—	(c)
2011 - FST Service Shares		1.00		—	(c)		—	(c)
2011 - FST Cash Management Shares		1.00		—	(c)		—	(c)
2010 - FST Shares		1.00		—	(c)		—	(c)
2010 - FST Administration Shares		1.00		—	(c)		—	(c)
2010 - FST Service Shares		1.00		—	(c)		—	(c)
2010 - FST Cash Management Shares		1.00		—	(c)		—	(c)
FOR THE PERIOD JANUARY 1 TO AUGUST 31*,
2009 - FST Shares		1.00		—	(c)		—	(c)
2009 - FST Administration Shares		1.00		—	(c)		—	(c)
2009 - FST Service Shares		1.00		—	(c)		—	(c)
2009 - FST Cash Management Shares		1.00		—	(c)		—	(c)
FOR THE FISCAL YEARS ENDED DECEMBER 31,
2008 - FST Shares		1.00		0.016			(0.016	)(e)
2008 - FST Administration Shares		1.00		0.014			(0.014	)(e)
2008 - FST Service Shares		1.00		0.012			(0.012	)(e)
2008 - FST Cash Management Shares		1.00		0.011			(0.011	)(e)
2007 - FST Shares		1.00		0.031			(0.031	)(e)
2007 - FST Administration Shares		1.00		0.030			(0.030	)(e)
2007 - FST Service Shares		1.00		0.027			(0.027	)(e)
2007 - FST Cash Management Shares		1.00		0.026			(0.026	)(e)
2006 - FST Shares		1.00		0.029			(0.029	)(e)
2006 - FST Administration Shares		1.00		0.028			(0.028	)(e)
2006 - FST Service Shares		1.00		0.026			(0.026	)(e)
2006 - FST Cash Management Shares		1.00		0.023			(0.023	)(e)

*	The Fund changed its fiscal year end from December 31 to August 31.
(a)	Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.
(b)	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.
(c)	Amount is less than $0.0005 per share.
(d)	Annualized.
(e)	Amount includes $0.00021, $0.00007 and $0.00028 of distributions from net realized gains for the fiscal years ended December 31, 2008, December 31, 2007 and December 31, 2006, respectively.

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

FINANCIAL SQUARE TAX-EXEMPT CALIFORNIA FUND

					Net assets			Ratio of			Ratio of			Ratio of
Net asset					end of			net expenses			total expenses			net investment
value, end		Total			period			to average			to average			income (loss) to
of period		return(b)			(in 000s)			net assets			net assets			average net assets
$	1.00		0.01	%	$	100,155			0.12	%(d)		0.45	%(d)		0.01	%(d)
	1.00		0.01			164,665			0.12	(d)		0.60	(d)		0.01	(d)
	1.00		0.01			2			0.12	(d)		0.85	(d)		0.23	(d)
	1.00		0.01			1			0.12	(d)		1.45	(d)		0.39	(d)
							��
	1.00		0.01			88,040			0.24			0.50			0.01
	1.00		0.01			145,131			0.24			0.65			0.01
	1.00		0.01			2			0.24			0.90			0.11
	1.00		0.01			1			0.24			1.50			0.09
	1.00		0.01			83,316			0.30			0.46			0.01
	1.00		0.01			160,396			0.30			0.61			0.01
	1.00		0.01			2			0.30			0.86			0.04
	1.00		0.01			1			0.30			0.96			(0.08	)
	1.00		0.04			67,911			0.44	(d)		0.49	(d)		0.06	(d)
	1.00		0.01			244,701			0.49	(d)		0.64	(d)		0.01	(d)
	1.00		0.01			2			0.52	(d)		0.89	(d)		0.01	(d)
	1.00		0.01			1			0.52	(d)		1.49	(d)		(0.09	)(d)
	1.00		1.60			147,340			0.44			0.46			1.56
	1.00		1.45			499,754			0.59			0.61			1.42
	1.00		1.21			445			0.82			0.86			0.72
	1.00		1.05			1			0.84			1.46			1.18
	1.00		3.20			176,449			0.43			0.44			3.14
	1.00		3.05			494,463			0.58			0.59			2.99
	1.00		2.79			2			0.83			0.84			2.73
	1.00		2.62			1			1.00			1.44			2.64
	1.00		3.03			130,302			0.43			0.44			2.90
	1.00		2.87			420,875			0.58			0.59			2.82
	1.00		2.62			2			0.83			0.84			2.56
	1.00		2.44			10			1.00			1.44			2.35

The accompanying notes are an integral part of these financial statements.          73

FINANCIAL SQUARE TAX-EXEMPT NEW YORK FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

	Net asset					Distributions
	value,		Net			from net
	beginning		investment			investment
Year - Share Class	of period		income (loss)			income(a)
FOR THE SIX MONTHS ENDED FEBRUARY 29, (UNAUDITED)
2012 - FST Shares	$	1.00	$	—	(c)	$	—	(c)
2012 - FST Administration Shares		1.00		—	(c)		—	(c)
2012 - FST Service Shares		1.00		—	(c)		—	(c)
2012 - FST Cash Management Shares		1.00		—	(c)		—	(c)
FOR THE FISCAL YEARS ENDED AUGUST 31,
2011 - FST Shares		1.00		—	(c)		—	(c)
2011 - FST Administration Shares		1.00		—	(c)		—	(c)
2011 - FST Service Shares		1.00		—	(c)		—	(c)
2011 - FST Cash Management Shares		1.00		—	(c)		—	(c)
2010 - FST Shares		1.00		—	(c)		—	(c)
2010 - FST Administration Shares		1.00		—	(c)		—	(c)
2010 - FST Service Shares		1.00		—	(c)		—	(c)
2010 - FST Cash Management Shares		1.00		—	(c)		—	(c)
FOR THE PERIOD JANUARY 1 TO AUGUST 31*,
2009 - FST Shares		1.00		—	(c)		—	(c)
2009 - FST Administration Shares		1.00		—	(c)		—	(c)
2009 - FST Service Shares		1.00		—	(c)		—	(c)
2009 - FST Cash Management Shares		1.00		—	(c)		—	(c)
FOR THE FISCAL YEARS ENDED DECEMBER 31,
2008 - FST Shares		1.00		0.017			(0.017	)(e)
2008 - FST Administration Shares		1.00		0.015			(0.015	)(e)
2008 - FST Service Shares		1.00		0.013			(0.013	)(e)
2008 - FST Cash Management Shares		1.00		0.011			(0.011	)(e)
2007 - FST Shares		1.00		0.032			(0.032	)(e)
2007 - FST Administration Shares		1.00		0.030			(0.030	)(e)
2007 - FST Service Shares		1.00		0.028			(0.028	)(e)
2007 - FST Cash Management Shares		1.00		0.026			(0.026	)(e)
2006 - FST Shares		1.00		0.030			(0.030	)(e)
2006 - FST Administration Shares		1.00		0.029			(0.029	)(e)
2006 - FST Service Shares		1.00		0.027			(0.027	)(e)
2006 - FST Cash Management Shares		1.00		0.023			(0.023	)(e)

*	The Fund changed its fiscal year end from December 31 to August 31.
(a)	Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.
(b)	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.
(c)	Amount is less than $0.0005 per share.
(d)	Annualized.
(e)	Amount includes $0.0003, $0.00005 and $0.00008 of distributions from net realized gains for the fiscal years ended December 31, 2008, December 31, 2007 and December 31, 2006, respectively.

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

FINANCIAL SQUARE TAX-EXEMPT NEW YORK FUND

					Net assets		Ratio of			Ratio of			Ratio of
Net asset					end of		net expenses			total expenses			net investment
value, end		Total			period		to average			to average			income (loss) to
of period		return(b)			(in 000s)		net assets			net assets			average net assets
$	1.00		0.01	%	$	20,996		0.13	%(d)		0.49	% (d)		0.01	%(d)
	1.00		0.01			144,840		0.13	(d)		0.64	(d)		0.01	(d)
	1.00		0.01			1		0.13	(d)		0.89	(d)		0.50	(d)
	1.00		0.01			1		0.13	(d)		1.49	(d)		0.39	(d)
	1.00		0.03			20,954		0.22			0.55			0.01
	1.00		0.03			140,452		0.22			0.70			0.01
	1.00		0.03			1		0.22			0.95			0.28
	1.00		0.03			1		0.22			1.55			0.08
	1.00		0.03			49,859		0.30			0.46			0.01
	1.00		0.03			127,395		0.30			0.61			0.01
	1.00		0.03			1		0.30			0.86			0.01
	1.00		0.03			1		0.30			0.96			(0.03	)
	1.00		0.04			50,211		0.42	(d)		0.49	(d)		0.07	(d)
	1.00		0.01			243,215		0.47	(d)		0.64	(d)		0.02	(d)
	1.00		0.01			76		0.47	(d)		0.89	(d)		0.02	(d)
	1.00		0.01			1		0.48	(d)		1.49	(d)		0.02	(d)
	1.00		1.70			76,958		0.44			0.47			1.67
	1.00		1.55			418,830		0.59			0.62			1.48
	1.00		1.30			76		0.84			0.87			1.41
	1.00		1.14			1		0.90			1.47			1.11
	1.00		3.24			56,353		0.43			0.46			3.20
	1.00		3.09			253,295		0.58			0.61			3.04
	1.00		2.83			468		0.83			0.86			2.79
	1.00		2.66			1		1.00			1.46			2.65
	1.00		3.04			36,521		0.43			0.45			2.92
	1.00		2.89			331,793		0.58			0.60			2.86
	1.00		2.63			456		0.83			0.85			2.67
	1.00		2.46			1,507		1.00			1.45			2.33

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

	Net asset					Distributions
	value,		Net			from net
	beginning		investment			investment
Year - Share Class	of period		income (loss)			income(a)
FOR THE SIX MONTHS ENDED FEBRUARY 29, (UNAUDITED)
2012 - FST Shares	$	1.00	$	—	(c)	$	—	(c)
2012 - FST Select Shares		1.00		—	(c)		—	(c)
2012 - FST Preferred Shares		1.00		—	(c)		—	(c)
2012 - FST Capital Shares		1.00		—	(c)		—	(c)
2012 - FST Administration Shares		1.00		—	(c)		—	(c)
2012 - FST Premier Shares		1.00		—	(c)		—	(c)
2012 - FST Service Shares		1.00		—	(c)		—	(c)
2012 - FST Resource Shares		1.00		—	(c)		—	(c)
2012 - FST Cash Management Shares		1.00		—	(c)		—	(c)
FOR THE FISCAL YEARS ENDED AUGUST 31,
2011 - FST Shares		1.00		0.001			(0.001	)
2011 - FST Select Shares		1.00		0.001			(0.001	)
2011 - FST Preferred Shares		1.00		—	(c)		—	(c)
2011 - FST Capital Shares		1.00		—	(c)		—	(c)
2011 - FST Administration Shares		1.00		—	(c)		—	(c)
2011 - FST Premier Shares		1.00		—	(c)		—	(c)
2011 - FST Service Shares		1.00		—	(c)		—	(c)
2011 - FST Resource Shares		1.00		—	(c)		—	(c)
2011 - FST Cash Management Shares		1.00		—	(c)		—	(c)
2010 - FST Shares		1.00		0.002			(0.002	)
2010 - FST Select Shares		1.00		0.001			(0.001	)
2010 - FST Preferred Shares		1.00		0.001			(0.001	)
2010 - FST Capital Shares		1.00		—	(c)		—	(c)
2010 - FST Administration Shares		1.00		—	(c)		—	(c)
2010 - FST Premier Shares (Commenced May 14, 2010)		1.00		—	(c)		—	(c)
2010 - FST Service Shares		1.00		—	(c)		—	(c)
2010 - FST Resource Shares (Commenced May 14, 2010)		1.00		—	(c)		—	(c)
2010 - FST Cash Management Shares (Commenced May 14, 2010)		1.00		—	(c)		—	(c)
FOR THE PERIOD JANUARY 1 TO AUGUST 31*,
2009 - FST Shares		1.00		0.003			(0.003	)
2009 - FST Select Shares		1.00		0.002			(0.002	)
2009 - FST Preferred Shares		1.00		0.002			(0.002	)
2009 - FST Capital Shares		1.00		0.002			(0.002	)
2009 - FST Administration Shares		1.00		0.001			(0.001	)
2009 - FST Service Shares		1.00		—	(c)		—	(c)
FOR THE FISCAL YEARS ENDED DECEMBER 31,
2008 - FST Shares		1.00		0.020			(0.020	)(e)
2008 - FST Select Shares		1.00		0.020			(0.020	)(e)
2008 - FST Preferred Shares		1.00		0.019			(0.019	)(e)
2008 - FST Capital Shares		1.00		0.018			(0.018	)(e)
2008 - FST Administration Shares		1.00		0.017			(0.017	)(e)
2008 - FST Service Shares		1.00		0.015			(0.015	)(e)
2007 - FST Shares		1.00		0.035			(0.035	)(e)
2007 - FST Select Shares		1.00		0.035			(0.035	)(e)
2007 - FST Preferred Shares		1.00		0.034			(0.034	)(e)
2007 - FST Capital Shares		1.00		0.033			(0.033	)(e)
2007 - FST Administration Shares		1.00		0.032			(0.032	)(e)
2007 - FST Service Shares		1.00		0.030			(0.030	)(e)
2006 - FST Shares		1.00		0.033			(0.033	)(e)
2006 - FST Select Shares		1.00		0.032			(0.032	)(e)
2006 - FST Preferred Shares		1.00		0.032			(0.032	)(e)
2006 - FST Capital Shares		1.00		0.031			(0.031	)(e)
2006 - FST Administration Shares		1.00		0.030			(0.030	)(e)
2006 - FST Service Shares		1.00		0.028			(0.028	)(e)

*	The Fund changed its fiscal year end from December 31 to August 31.
(a)	Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.
(b)	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.
(c)	Amount is less than $0.0005 per share.
(d)	Annualized.
(e)	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.

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

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

					Net assets		Ratio of			Ratio of			Ratio of
Net asset					end of		net expenses			total expenses			net investment
value, end		Total			period		to average			to average			income (loss) to
of period		return(b)			(in 000s)		net assets			net assets			average net assets
$	1.00		0.01	%	$	6,001,508		0.17	%(d)		0.23	%(d)		0.01	%(d)
	1.00		0.01			72,796		0.17	(d)		0.26	(d)		0.01	(d)
	1.00		0.01			22,040		0.18	(d)		0.33	(d)		0.01	(d)
	1.00		0.01			12,036		0.17	(d)		0.38	(d)		0.01	(d)
	1.00		0.01			267,674		0.18	(d)		0.48	(d)		0.01	(d)
	1.00		0.01			580,875		0.18	(d)		0.58	(d)		0.01	(d)
	1.00		0.01			27,601		0.18	(d)		0.73	(d)		0.01	(d)
	1.00		0.01			34,201		0.18	(d)		0.88	(d)		0.01	(d)
	1.00		0.01			1		0.17	(d)		1.03	(d)		0.40	(d)
	1.00		0.10			6,489,440		0.18			0.23			0.09
	1.00		0.07			44,349		0.21			0.26			0.07
	1.00		0.03			24,222		0.25			0.33			0.02
	1.00		0.02			4,945		0.26			0.38			0.01
	1.00		0.02			379,465		0.26			0.48			0.01
	1.00		0.02			564,168		0.26			0.58			0.01
	1.00		0.02			30,063		0.27			0.73			0.01
	1.00		0.02			22,464		0.25			0.88			0.01
	1.00		0.02			1		0.31			1.03			0.11
	1.00		0.15			8,900,260		0.18			0.23			0.14
	1.00		0.12			51,856		0.21			0.26			0.11
	1.00		0.06			42,240		0.28			0.33			0.04
	1.00		0.03			10,406		0.30			0.37			0.02
	1.00		0.02			315,835		0.33			0.48			0.01
	1.00		0.01			544,328		0.30	(d)		0.57	(d)		0.01	(d)
	1.00		0.02			44,690		0.31			0.73			0.01
	1.00		0.01			14,282		0.32	(d)		0.73	(d)		0.01	(d)
	1.00		0.01			1		0.40	(d)		1.02	(d)		0.04	(d)
	1.00		0.25			9,416,370		0.21	(d)		0.26	(d)		0.37	(d)
	1.00		0.23			85,670		0.24	(d)		0.29	(d)		0.33	(d)
	1.00		0.18			45,223		0.31	(d)		0.36	(d)		0.30	(d)
	1.00		0.15			162,752		0.36	(d)		0.41	(d)		0.24	(d)
	1.00		0.09			308,305		0.45	(d)		0.51	(d)		0.14	(d)
	1.00		0.01			71,451		0.61	(d)		0.76	(d)		0.03	(d)
	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

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

	Net asset					Distributions
	value,		Net			from net
	beginning		investment			investment
Year - Share Class	of period		income (loss)			income(a)
FOR THE SIX MONTHS ENDED FEBRUARY 29, (UNAUDITED)
2012 - FST Shares	$	1.00	$	—	(c)	$	—	(c)
2012 - FST Select Shares		1.00		—	(c)		—	(c)
2012 - FST Preferred Shares		1.00		—	(c)		—	(c)
2012 - FST Capital Shares		1.00		—	(c)		—	(c)
2012 - FST Administration Shares		1.00		—	(c)		—	(c)
2012 - FST Premier Shares		1.00		—	(c)		—	(c)
2012 - FST Service Shares		1.00		—	(c)		—	(c)
2012 - FST Resource Shares		1.00		—	(c)		—	(c)
2012 - FST Cash Management Shares		1.00		—	(c)		—	(c)
FOR THE FISCAL YEARS ENDED AUGUST 31,
2011 - FST Shares		1.00		—	(c)		—	(c)
2011 - FST Select Shares		1.00		—	(c)		—	(c)
2011 - FST Preferred Shares		1.00		—	(c)		—	(c)
2011 - FST Capital Shares		1.00		—	(c)		—	(c)
2011 - FST Administration Shares		1.00		—	(c)		—	(c)
2011 - FST Premier Shares		1.00		—	(c)		—	(c)
2011 - FST Service Shares		1.00		—	(c)		—	(c)
2011 - FST Resource Shares		1.00		—	(c)		—	(c)
2011 - FST Cash Management Shares		1.00		—	(c)		—	(c)
2010 - FST Shares		1.00		—	(c)		—	(c)
2010 - FST Select Shares		1.00		—	(c)		—	(c)
2010 - FST Preferred Shares		1.00		—	(c)		—	(c)
2010 - FST Capital Shares		1.00		—	(c)		—	(c)
2010 - FST Administration Shares		1.00		—	(c)		—	(c)
2010 - FST Premier Shares (Commenced May 14, 2010)		1.00		—	(c)		—	(c)
2010 - FST Service Shares		1.00		—	(c)		—	(c)
2010 - FST Resource Shares (Commenced May 14, 2010)		1.00		—	(c)		—	(c)
2010 - FST Cash Management Shares (Commenced May 14, 2010)		1.00		—	(c)		—	(c)
FOR THE PERIOD JANUARY 1 TO AUGUST 31*,
2009 - FST Shares		1.00		0.001	(g)		(0.001	)(g)
2009 - FST Select Shares		1.00		0.001	(g)		(0.001	)(g)
2009 - FST Preferred Shares		1.00		0.001	(g)		(0.001	)(g)
2009 - FST Capital Shares		1.00		—	(c)(g)		—	(c)(g)
2009 - FST Administration Shares		1.00		—	(c)(g)		—	(c)(g)
2009 - FST Service Shares		1.00		—	(c)(g)		—	(c)(g)
FOR THE FISCAL YEARS ENDED DECEMBER 31,
2008 - FST Shares		1.00		0.016	(g)		(0.016	)(g)
2008 - FST Select Shares		1.00		0.015	(g)		(0.015	)(g)
2008 - FST Preferred Shares		1.00		0.015	(g)		(0.015	)(g)
2008 - FST Capital Shares		1.00		0.014	(g)		(0.014	)(g)
2008 - FST Administration Shares		1.00		0.013	(g)		(0.013	)(g)
2008 - FST Service Shares		1.00		0.011	(g)		(0.011	)(g)
2007 - FST Shares		1.00		0.044	(g)		(0.044	)(g)
2007 - FST Select Shares		1.00		0.043	(g)		(0.043	)(g)
2007 - FST Preferred Shares		1.00		0.043	(g)		(0.043	)(g)
2007 - FST Capital Shares		1.00		0.042	(g)		(0.042	)(g)
2007 - FST Administration Shares		1.00		0.041	(g)		(0.041	)(g)
2007 - FST Service Shares		1.00		0.039	(g)		(0.039	)(g)
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	)

*	The Fund changed its fiscal year end from December 31 to August 31.
(a)	Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.
(b)	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.
(c)	Amount is less than $0.0005 per share.
(d)	Amount is less than 0.005%.
(e)	Annualized.
(f)	Amount is less than 0.005% of average net assets.
(g)	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.

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

FINANCIAL SQUARE TREASURY INSTRUMENTS FUND

					Net assets		Ratio of			Ratio of			Ratio of
Net asset					end of		net expenses			total expenses			net investment
value, end		Total			period		to average			to average			income (loss) to
of period		return(b)			(in 000s)		net assets			net assets			average net assets
$	1.00		—	%(d)	$	24,283,607		0.04	%(e)		0.23	%(e)		—	%(e)(f)
	1.00		—	(d)		173,405		0.04	(e)		0.26	(e)		—	(e)(f)
	1.00		—	(d)		185,720		0.04	(e)		0.33	(e)		—	(e)(f)
	1.00		—	(d)		166,343		0.04	(e)		0.38	(e)		—	(e)(f)
	1.00		—	(d)		1,373,537		0.04	(e)		0.48	(e)		—	(e)(f)
	1.00		—	(d)		406,065		0.04	(e)		0.58	(e)		—	(e)(f)
	1.00		—	(d)		284,376		0.04	(e)		0.73	(e)		—	(e)(f)
	1.00		—	(d)		1		0.04	(e)		0.88	(e)		0.37	(e)
	1.00		—	(d)		1		0.04	(e)		1.03	(e)		0.47	(e)
	1.00		0.01			20,395,424		0.11			0.23			—	(f)
	1.00		0.01			139,086		0.11			0.26			—	(f)
	1.00		0.01			193,741		0.11			0.33			—	(f)
	1.00		0.01			170,654		0.11			0.38			—	(f)
	1.00		0.01			1,279,893		0.11			0.48			—	(f)
	1.00		0.01			429,876		0.11			0.58			—	(f)
	1.00		0.01			298,809		0.11			0.73			—	(f)
	1.00		0.01			1		0.11			0.88			0.19
	1.00		0.01			1		0.11			1.03			0.23
	1.00		0.01			16,123,700		0.14			0.23			(0.01	)
	1.00		0.01			184,151		0.14			0.26			(0.02	)
	1.00		0.01			309,220		0.14			0.33			(0.02	)
	1.00		0.01			110,983		0.14			0.38			(0.01	)
	1.00		0.01			1,427,256		0.14			0.48			(0.02	)
	1.00		0.01			370,801		0.14	(e)		0.58	(e)		—	(e)(f)
	1.00		0.01			297,319		0.14			0.73			(0.01	)
	1.00		0.01			1		0.14	(e)		0.58	(e)		—	(e)(f)
	1.00		0.01			1		0.14	(e)		0.73	(e)		0.09	(e)
	1.00		0.10			18,393,881		0.20	(e)		0.23	(e)		0.04	(e)
	1.00		0.08			173,590		0.23	(e)		0.26	(e)		—	(e)(f)
	1.00		0.05			321,168		0.27	(e)		0.33	(e)		(0.04	)(e)
	1.00		0.03			65,817		0.30	(e)		0.38	(e)		(0.06	)(e)
	1.00		0.02			1,476,015		0.34	(e)		0.48	(e)		(0.09	)(e)
	1.00		0.01			234,595		0.35	(e)		0.73	(e)		(0.11	)(e)
	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

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

	Net asset					Distributions
	value,		Net			from net
	beginning		investment			investment
Year - Share Class	of period		income (loss)			income(a)
FOR THE SIX MONTHS ENDED FEBRUARY 29, (UNAUDITED)
2012 - FST Shares	$	1.00	$	—	(c)	$	—	(c)
2012 - FST Select Shares		1.00		—	(c)		—	(c)
2012 - FST Preferred Shares		1.00		—	(c)		—	(c)
2012 - FST Capital Shares		1.00		—	(c)		—	(c)
2012 - FST Administration Shares		1.00		—	(c)		—	(c)
2012 - FST Premier Shares		1.00		—	(c)		—	(c)
2012 - FST Service Shares		1.00		—	(c)		—	(c)
2012 - FST Resource Shares		1.00		—	(c)		—	(c)
2012 - FST Cash Management Shares		1.00		—	(c)		—	(c)
FOR THE FISCAL YEARS ENDED AUGUST 31,
2011 - FST Shares		1.00		—	(c)		—	(c)
2011 - FST Select Shares		1.00		—	(c)		—	(c)
2011 - FST Preferred Shares		1.00		—	(c)		—	(c)
2011 - FST Capital Shares		1.00		—	(c)		—	(c)
2011 - FST Administration Shares		1.00		—	(c)		—	(c)
2011 - FST Premier Shares		1.00		—	(c)		—	(c)
2011 - FST Service Shares		1.00		—	(c)		—	(c)
2011 - FST Resource Shares		1.00		—	(c)		—	(c)
2011 - FST Cash Management Shares		1.00		—	(c)		—	(c)
2010 - FST Shares		1.00		—	(c)		—	(c)
2010 - FST Select Shares		1.00		—	(c)		—	(c)
2010 - FST Preferred Shares		1.00		—	(c)		—	(c)
2010 - FST Capital Shares		1.00		—	(c)		—	(c)
2010 - FST Administration Shares		1.00		—	(c)		—	(c)
2010 - FST Premier Shares (Commenced May 14, 2010)		1.00		—	(c)		—	(c)
2010 - FST Service Shares		1.00		—	(c)		—	(c)
2010 - FST Resource Shares (Commenced May 14, 2010)		1.00		—	(c)		—	(c)
2010 - FST Cash Management Shares (Commenced May 14, 2010)		1.00		—	(c)		—	(c)
FOR THE PERIOD JANUARY 1 TO AUGUST 31*,
2009 - FST Shares		1.00		0.001			(0.001	)
2009 - FST Select Shares		1.00		0.001			(0.001	)
2009 - FST Preferred Shares		1.00		0.001			(0.001	)
2009 - FST Capital Shares		1.00		0.001			(0.001	)
2009 - FST Administration Shares		1.00		—	(c)		—	(c)
2009 - FST Service Shares		1.00		—	(c)		—	(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	)

*	The Fund changed its fiscal year end from December 31 to August 31.
(a)	Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings.
(b)	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.
(c)	Amount is less than $0.0005 per share.
(d)	Amount is less than 0.005%.
(e)	Annualized.
(f)	Amount is less than 0.005% of average net assets.

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

FINANCIAL SQUARE TREASURY OBLIGATIONS FUND

					Net assets		Ratio of			Ratio of			Ratio of
Net asset					end of		net expenses			total expenses			net investment
value, end		Total			period		to average			to average			income (loss) to
of period		return(b)			(in 000s)		net assets			net assets			average net assets
$	1.00		—	%(d)	$	8,708,051		0.09	%(e)		0.23	%(e)		0.01	%(e)
	1.00		—	(d)		196,843		0.09	(e)		0.26	(e)		—	(e)(f)
	1.00		—	(d)		108,640		0.09	(e)		0.33	(e)		—	(e)(f)
	1.00		—	(d)		150,690		0.09	(e)		0.38	(e)		0.01	(e)
	1.00		—	(d)		1,648,384		0.09	(e)		0.48	(e)		—	(e)(f)
	1.00		—	(d)		114,385		0.09	(e)		0.58	(e)		—	(e)(f)
	1.00		—	(d)		1,152,969		0.09	(e)		0.73	(e)		—	(e)(f)
	1.00		—	(d)		1		0.09	(e)		0.88	(e)		0.40	(e)
	1.00		—	(d)		1		0.09	(e)		1.03	(e)		0.40	(e)
	1.00		0.01			7,991,142		0.15			0.23			0.01
	1.00		0.01			197,349		0.15			0.26			0.01
	1.00		0.01			141,554		0.15			0.33			0.01
	1.00		0.01			142,775		0.15			0.38			0.01
	1.00		0.01			1,676,083		0.15			0.48			0.01
	1.00		0.01			121,171		0.15			0.58			0.01
	1.00		0.01			1,318,792		0.15			0.73			0.01
	1.00		0.01			1		0.15			0.88			0.23
	1.00		0.01			1		0.15			1.03			0.10
	1.00		0.04			8,654,414		0.19			0.22			—	(f)
	1.00		0.02			199,595		0.21			0.25			(0.03	)
	1.00		0.01			206,610		0.21			0.32			(0.03	)
	1.00		0.01			223,476		0.21			0.37			(0.02	)
	1.00		0.01			1,875,928		0.21			0.47			(0.02	)
	1.00		0.01			125,136		0.21	(e)		0.57	(e)		0.13	(e)
	1.00		0.01			1,232,186		0.21			0.72			(0.02	)
	1.00		0.01			1		0.19	(e)		0.72	(e)		0.10	(e)
	1.00		0.01			1		0.20	(e)		1.02	(e)		(0.04	)(e)
	1.00		0.14			16,942,168		0.20	(e)		0.23	(e)		0.07	(e)
	1.00		0.12			670,028		0.23	(e)		0.26	(e)		(0.01	)(e)
	1.00		0.08			304,897		0.29	(e)		0.33	(e)		(0.02	)(e)
	1.00		0.06			330,368		0.33	(e)		0.38	(e)		(0.05	)(e)
	1.00		0.02			2,196,762		0.37	(e)		0.48	(e)		(0.10	)(e)
	1.00		0.01			1,058,820		0.41	(e)		0.73	(e)		(0.12	)(e)
	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

The accompanying notes are an integral part of these financial statements.          81

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements

February 29, 2012 (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, Tax-Free Money Market, Treasury Instruments and Treasury Obligations	FST, FST Select, FST Preferred, FST Capital, FST Administration, FST Premier, FST Service, FST Resource and FST Cash Management	Diversified
Prime Obligations	FST, FST Select, FST Preferred, FST Capital, FST Administration, FST Premier, FST Service, FST Class B, FST Class C, FST Resource and FST Cash Management	Diversified
Tax-Exempt California and Tax-Exempt New York	FST, FST Administration, FST Service and FST Cash Management	Non-Diversified

FST Class B and FST Class C Shares are generally not available for purchase, although shareholders invested in Class B and Class C Shares of other Goldman Sachs Funds may exchange their shares for FST Class B and FST Class C Shares, respectively (and shareholders of FST Class B and FST Class C Shares may continue to reinvest dividends and capital gains into FST Class B and FST Class C Shares, respectively). FST Class B Shares may be subject to a contingent deferred sales charge (“CDSC”) that may start at a rate as high as 5% in the first year and decline to 1% in the sixth year before being eliminated thereafter, depending upon the date the original shares subject to the CDSC were acquired (along with the CDSC schedule applicable to those original shares). FST Class C Shares are subject to a CDSC of 1% during the first 12 months, measured from the time the original shares subject to the CDSC were acquired.

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman, Sachs & Co. (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to management agreements (the “Agreements”) with the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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. Investment Valuation — The investment valuation policy of the Funds is 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, as an adjustment to interest income. Under procedures and tolerances approved 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.

B. Investment Transactions, and Investment Income — Investment 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.

Investment income 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.

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2. SIGNIFICANT ACCOUNTING POLICIES (continued)

C. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Administration and Transfer Agent fees. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the respective funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses.

D. 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, the Funds are not required to make any provisions for the payment of federal income tax. Distributions to shareholders are declared and recorded daily and paid monthly by the Funds and may include short-term capital gains. 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. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

As of the Fund’s most recent fiscal year end, August 31, 2011, the Prime Obligations Fund had a capital loss carryforward for U.S. federal income tax purposes of $134,708 expiring August 31, 2016 and the Tax-Exempt New York Fund had a capital loss carryforward for U.S. federal income tax purposes of $1,876 expiring August 31, 2019. These amounts are available to be carried forward to future 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 costs 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.

E. 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.

F. 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.

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 maintain pro- rata credit exposure to the underlying repurchase agreements’ counterparties. With the exception of certain transaction fees, the Funds are not subject to any expenses in relation to these investments.

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GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

February 29, 2012 (Unaudited)

3. 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 significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).

The Levels used for classifying investments are not necessarily an indication of the risk associated with investing in those investments. As of February 29, 2012, all investments are classified as Level 2. Please refer to the Schedules of Investments for further detail.

The Levels previously based on valuation characteristics of the investments’ market value are currently reflective of assets based on amortized cost.

4. AGREEMENTS AND AFFILIATED TRANSACTIONS

The Fund Contractual Fee Table on the following pages summarizes the relevant contractual fee arrangements.

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

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

B. Administration, Service and Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Administration, Service and Shareholder Administration Plans (the “Plans”) to allow FST Select, FST Preferred, FST Capital, FST Administration, FST Premier, FST Service, FST Resource and FST Cash Management Shares (“CMS”) to compensate service organizations for providing varying levels of account administration and/or personal and account maintenance 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 such shares.

C. Distribution and Service Plans — The Trust, on behalf of the Prime Obligations Fund’s FST Class B and FST Class C Shares, has adopted Distribution and Service Plans. Under the respective Distribution and Service Plans, Goldman Sachs as Distributor is entitled to a fee accrued daily and paid monthly from the Prime Obligations Fund’s FST Class B and FST Class C Shares for distribution services and personal and account maintenance services. These fees are equal to an annual percentage rate of the average daily net assets attributable to both FST Class B and FST Class C Shares, which may then be paid by Goldman Sachs to authorized dealers.

The Trust, on behalf of the FST Resource Shares and FST CMS of each applicable Fund, has adopted Distribution Plans. Under the Distribution Plans, Goldman Sachs is entitled to a monthly fee from the applicable Fund’s FST Resource and FST CMS for distribution services equal to an annual percentage rate of the average daily net assets attributable to FST Resource and FST CMS, which may then be paid by Goldman Sachs to authorized dealers.

D. Distribution Agreement — Goldman Sachs serves as Distributor of the shares of the Funds pursuant to a Distribution Agreement. Pursuant to the Distribution Agreement, the Distributor receives no additional compensation other than retained

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GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

amounts related to the Distribution and Service Plans and the portion of the Prime Obligations Fund’s FST Class B and FST Class C Shares’ CDSCs that it retains. During the six months ended February 29, 2012, Goldman Sachs has advised that it retained approximately $1,304 in CDSCs from FST Class C Shares only (there were no CDSCs retained from FST Class B Shares).

E. 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 and is equal to an annual percentage rate of each Fund’s average daily net assets.

F. Other Agreements — GSAM has agreed to limit certain “Other Expense” of the Funds (except for the Tax-Exempt California and Tax-Exempt New York Funds) (excluding management fees, transfer agency fees and expenses, distribution fees, service fees, administration fees, shareholder administration fees, taxes, interest, brokerage fees, litigation, indemnification, shareholder meeting costs 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 Expense reimbursements, if any, are accrued daily and paid monthly. These Other Expense reimbursements will remain in place through December 29, 2012, and prior to such date GSAM may not terminate the arrangements without the approval of the trustees. In addition, the Funds have entered into certain offset arrangements with the custodian, which may result in a reduction in the Funds’ expenses. These amounts are determined by the amount of cash balances at the custodian.

GSAM has agreed to reduce or limit the “Total Annual Fund Operating Expenses” of the Tax-Exempt California and Tax-Exempt New York Funds (excluding distribution, administration, service and shareholder administration plan fees, taxes, interest, brokerage fees, litigation, indemnification, shareholder meeting costs and other extraordinary expenses, exclusive of any custody and transfer agent fee credit reductions) such that “Total Annual Fund Operating Expenses” will not exceed 0.434% of each Fund’s average daily net assets. Such expense reimbursements, if any, are accrued daily and paid monthly. These expense reimbursements will remain in place through December 29, 2012, and prior to such date GSAM may not terminate the arrangements without the approval of the trustees. In addition, the Tax-Exempt California and Tax-Exempt New York Funds have entered into certain offset agreements with the custodian and transfer agent, which may result in a further reduction of the Funds’ net expenses.

G. Total Fund Expenses

Fund Contractual Fees

The contractual annualized rates for each of the Funds (except the Tax-Exempt California and Tax-Exempt New York Funds) are as follows:

	All Funds Except Tax-Exempt California and Tax-Exempt New York Funds
				FST			FST			FST			FST			FST			FST			FST						FST			FST
	FST			Select			Preferred			Capital			Administration			Premier			Service			Resource			FST			Class B			Class C
	Shares			Shares			Shares			Shares			Shares			Shares			Shares			Shares			CMS			Shares(c)			Shares(c)
Management Fee		0.205	%		0.205	%		0.205	%		0.205	%		0.205	%		0.205	%		0.205	%		0.205	%		0.205	%		0.205	%		0.205	%
Administration, Service and/or Shareholder Administration Fees		N/A			0.03			0.10			0.15			0.25			0.35			0.50			0.50			0.50			N/A			N/A
Distribution (12b-1) and/or Service Fees		N/A			N/A			N/A			N/A			N/A			N/A			N/A			0.15	(a)		0.30	(a)		1.00	(b)		1.00	(b)
Transfer Agency Fee		0.01			0.01			0.01			0.01			0.01			0.01			0.01			0.01			0.01			0.01			0.01

N/A—Fees not applicable to respective share class

(a)	Distribution (12b-1) fee only.
(b)	Consists of fees paid for distribution services and personal and account maintenance services equal to 0.75 and 0.25, respectively.
(c)	Prime Obligations Fund only.

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GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

February 29, 2012 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The contractual annualized rates for the Tax-Exempt California and Tax-Exempt New York Funds are as follows:

				FST			FST
	FST			Administration			Service			FST
	Shares			Shares			Shares			CMS
Management Fee		0.35	%		0.35	%		0.35	%		0.35	%
Administration, Service and/or Shareholder Administration Fees		N/A			0.15			0.40			0.50
Distribution (12b-1) Fees		N/A			N/A			N/A			0.50
Transfer Agency Fee		0.01			0.01			0.01			0.01

N/A—Fees not applicable to respective share class

Fund Effective Net Expenses (After Waivers and Reimbursements)

During the six months ended February 29, 2012, GSAM and Goldman Sachs (as applicable) voluntarily agreed to waive all or a portion of the management fees, respective class-specific fees (consisting of Distribution and/or Service, Administration, Service and/or Shareholder Administration Plan fees) and transfer agency fees attributable to the Funds. These waivers may be modified or terminated at any time at the option of GSAM or Goldman Sachs (as applicable), with the exception of (i) GSAM’s agreement not to impose a portion of the management fee equal annually to 0.025% of the Treasury Obligations, Treasury Instruments and Federal Funds’ average daily net assets and 0.045% of the Prime Obligations, Money Market, Government and Tax-Free Money Market Funds’ average daily net assets, and (ii) Goldman Sachs’ agreement to limit the amount of annual distribution fees payable by Tax-Exempt California and Tax-Exempt New York Funds to 0.07% of each Fund’s average daily net assets attributable to FST CMS. The following tables outline such fees (net of any waivers) and Other Expenses (net of reimbursements and custodian fee credit reductions) in order to determine each Fund’s ratio of net expenses for the six months ended February 29, 2012. The Funds are not obligated to reimburse GSAM or Goldman Sachs for prior fiscal year fee waivers and/or expense reimbursements, if any.

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GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

	Ratio of Net Expenses to Average Net Assets for the Six Months Ended February 29, 2012*
				FST			FST			FST			FST			FST			FST			FST						FST			FST
	FST			Select			Preferred			Capital			Administration			Premier			Service			Resource			FST			Class B			Class C
	Shares			Shares			Shares			Shares			Shares			Shares			Shares			Shares			CMS			Shares			Shares
Prime Obligations
Management Fee(a)		0.16	%		0.16	%		0.16	%		0.16	%		0.16	%		0.16	%		0.16	%		0.16	%		0.16	%		0.16	%		0.16	%
Administration Service and/or Shareholder Administration Fees		N/A			0.03			0.09			0.10			0.09			0.00			0.10			0.00			0.00			N/A			N/A
Distribution (12b-1) and/or Service Fees		N/A			N/A			N/A			N/A			N/A			N/A			N/A			0.10			0.00			0.10			0.10
Transfer Agency Fee		0.01			0.01			0.01			0.01			0.01			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			0.01			0.01			0.01			0.01			0.01
Net Expenses		0.18			0.21			0.27			0.28			0.27			0.18			0.28			0.28			0.18			0.28			0.28

	Ratio of Net Expenses to Average Net Assets for the Six Months Ended February 29, 2012*
				FST			FST			FST			FST			FST			FST			FST
	FST			Select			Preferred			Capital			Administration			Premier			Service			Resource			FST
	Shares			Shares			Shares			Shares			Shares			Shares			Shares			Shares			CMS
Federal
Management Fee(a)		0.09	%		0.09	%		0.09	%		0.09	%		0.09	%		0.09	%		0.09	%		0.09	%		0.09	%
Administration Service and/or Shareholder Administration Fees		N/A			0.00			0.00			0.00			0.00			0.00			0.00			0.00			0.00
Distribution (12b-1) and/or Service Fees		N/A			N/A			N/A			N/A			N/A			N/A			N/A			0.00			0.00
Transfer Agency Fee		0.00			0.00			0.00			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			0.01			0.01			0.01
Net Expenses		0.10			0.10			0.10			0.10			0.10			0.10			0.10			0.10			0.10

* Annualized

N/A—Fees not applicable to respective share class.

(a) GSAM waived a portion of its management fee in order to achieve the effective net management rates above.

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GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

February 29, 2012 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

	Ratio of Net Expenses to Average Net Assets for the Six Months Ended February 29, 2012*
				FST			FST			FST			FST			FST			FST			FST
	FST			Select			Preferred			Capital			Administration			Premier			Service			Resource			FST
	Shares			Shares			Shares			Shares			Shares			Shares			Shares			Shares			CMS
Government
Management Fee(a)		0.16	%		0.16	%		0.16	%		0.16	%		0.16	%		0.16	%		0.16	%		0.16	%		0.16	%
Administration Service and/or Shareholder Administration Fees		N/A			0.01			0.01			0.01			0.01			0.01			0.01			0.00			0.00
Distribution (12b-1) and/or Service Fees		N/A			N/A			N/A			N/A			N/A			N/A			N/A			0.00			0.00
Transfer Agency Fee		0.01			0.01			0.01			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			0.01			0.01			0.01
Net Expenses		0.18			0.19			0.19			0.19			0.19			0.19			0.19			0.18			0.18
Money Market
Management Fee(a)		0.16	%		0.16	%		0.16	%		0.16	%		0.16	%		0.16	%		0.16	%		0.16	%		0.16	%
Administration Service and/or Shareholder Administration Fees		N/A			0.03			0.10			0.14			0.16			0.16			0.15			0.00			0.00
Distribution (12b-1) and/or Service Fees		N/A			N/A			N/A			N/A			N/A			N/A			N/A			0.00			0.00
Transfer Agency Fee		0.01			0.01			0.01			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			0.01			0.01			0.01
Net Expenses		0.18			0.21			0.28			0.32			0.34			0.34			0.33			0.18			0.18
Tax-Exempt California
Management Fee(a)		0.05	%		N/A			N/A			N/A			0.05	%		N/A			0.05	%		N/A			0.05	%
Administration Service and/or Shareholder Administration Fees		N/A			N/A			N/A			N/A			0.00			N/A			0.00			N/A			0.00
Distribution (12b-1) Fees		N/A			N/A			N/A			N/A			N/A			N/A			N/A			N/A			0.00
Transfer Agency Fee		0.00			N/A			N/A			N/A			0.00			N/A			0.00			N/A			0.00
Other Expenses		0.07			N/A			N/A			N/A			0.07			N/A			0.07			N/A			0.07
Net Expenses		0.12			N/A			N/A			N/A			0.12			N/A			0.12			N/A			0.12

* Annualized

N/A—Fees not applicable to, or the Fund does not offer, respective share class.

(a) GSAM waived a portion of its management fee in order to achieve the effective net management rates above.

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GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

	Ratio of Net Expenses to Average Net Assets for the Six Months Ended February 29, 2012*
				FST			FST			FST			FST			FST			FST			FST
	FST			Select			Preferred			Capital			Administration			Premier			Service			Resource			FST
	Shares			Shares			Shares			Shares			Shares			Shares			Shares			Shares			CMS
Tax-Exempt New York
Management Fee(a)		0.06	%		N/A			N/A			N/A			0.06	%		N/A			0.06	%		N/A			0.06	%
Administration Service and/or Shareholder Administration Fees		N/A			N/A			N/A			N/A			0.00			N/A			0.00			N/A			0.00
Distribution (12b-1) Fees		N/A			N/A			N/A			N/A			N/A			N/A			N/A			N/A			0.00
Transfer Agency Fee		0.00			N/A			N/A			N/A			0.00			N/A			0.00			N/A			0.00
Other Expenses		0.07			N/A			N/A			N/A			0.07			N/A			0.07			N/A			0.07
Net Expenses		0.13			N/A			N/A			N/A			0.13			N/A			0.13			N/A			0.13
Tax-Free Money Market
Management Fee(a)		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%
Administration Service and/or Shareholder Administration Fees		N/A			0.00			0.01			0.00			0.01			0.01			0.01			0.00			0.00
Distribution (12b-1) and/or Service Fees		N/A			N/A			N/A			N/A			N/A			N/A			N/A			0.01			0.00
Transfer Agency Fee		0.01			0.01			0.01			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			0.01			0.01			0.01
Net Expenses		0.17			0.17			0.18			0.17			0.18			0.18			0.18			0.18			0.17

* Annualized

N/A—Fees not applicable to, or the Fund does not offer, respective share class.

(a) GSAM waived a portion of its management fee in order to achieve the effective net management rates above.

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GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

February 29, 2012 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

	Ratio of Net Expenses to Average Net Assets for the Six Months Ended February 29, 2012*
				FST			FST			FST			FST			FST			FST			FST
	FST			Select			Preferred			Capital			Administration			Premier			Service			Resource			FST
	Shares			Shares			Shares			Shares			Shares			Shares			Shares			Shares			CMS
Treasury Instruments
Management Fee(a)		0.03	%		0.03	%		0.03	%		0.03	%		0.03	%		0.03	%		0.03	%		0.03	%		0.03	%
Administration Service and/or Shareholder Administration Fees		N/A			0.00			0.00			0.00			0.00			0.00			0.00			0.00			0.00
Distribution (12b-1) and/or Service Fees		N/A			N/A			N/A			N/A			N/A			N/A			N/A			0.00			0.00
Transfer Agency Fee		0.00			0.00			0.00			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			0.01			0.01			0.01
Net Expenses		0.04			0.04			0.04			0.04			0.04			0.04			0.04			0.04			0.04
Treasury Obligations
Management Fee(a)		0.08	%		0.08	%		0.08	%		0.08	%		0.08	%		0.08	%		0.08	%		0.08	%		0.08	%
Administration Service and/or Shareholder Administration Fees		N/A			0.00			0.00			0.00			0.00			0.00			0.00			0.00			0.00
Distribution (12b-1) and/or Service Fees		N/A			N/A			N/A			N/A			N/A			N/A			N/A			0.00			0.00
Transfer Agency Fee		0.00			0.00			0.00			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			0.01			0.01			0.01
Net Expenses		0.09			0.09			0.09			0.09			0.09			0.09			0.09			0.09			0.09

* Annualized

N/A—Fees not applicable to, or the Fund does not offer, respective share class.

(a) GSAM waived a portion of its management fee in order to achieve the effective net management rates above.

90          

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended February 29, 2012, expense reductions including any fee waivers and Other Expense reimbursements were as follows (in thousands):

					Distribution,
					Administration,
					Service and/or
			Transfer		Shareholder				Other		Total
	Management		Agent Fee		Administration Plan		Custody Fee		Expense		Expense
Fund	Fee Waivers		Waivers		Fee Waivers		Reduction		Reimbursements		Reductions
Federal	$	7,298	$	652	$	5,063	$	66	$	—	$	13,079
Government		6,998		666		4,580		14		—		12,258
Money Market		4,691		—		295		1		—		4,987
Prime Obligations		5,656		—		4,157		2		—		9,815
Tax-Exempt California		362		12		111		—		26		511
Tax-Exempt New York		238		8		107		—		48		401
Tax-Free Money market		1,941		161		1,513		1		—		3,616
Treasury Instruments		22,162		1,296		3,555		175		—		27,188
Treasury Obligations		7,875		637		5,580		17		—		14,109

As of February 29, 2012, the amounts owed to affiliates of the Funds were as follows (in thousands):

					Distribution
	Management		Transfer		and Service
Fund	Fees		Agent Fees		Fees		Total
Federal	$	1,281	$	—	$	—	$	1,281
Government		3,706		227		—		3,933
Money Market		2,653		167		—		2,820
Prime Obligations		3,214		201		17		3,432
Tax-Exempt California		16		—		—		16
Tax-Exempt New York		9		—		—		9
Tax-Free Money market		819		35		—		854
Treasury Instruments		1,337		—		—		1,337
Treasury Obligations		1,012		—		—		1,012

H. Line of Credit Facility — As of February 29, 2012, the Funds participated in a $580,000,000 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 its affiliates (“Other Borrowers”). Pursuant to the terms of the facility, the Funds and Other Borrowers could increase the credit amount by an additional $340,000,000, for a total of up to $920,000,000. This facility is to be used solely for temporary or emergency purposes. The interest rate on borrowings is based on the federal funds rate. The 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 29, 2012, the Funds did not have any borrowings under the facility.

          91

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

February 29, 2012 (Unaudited)

5. OTHER RISKS

The Funds’ risks include, but are not limited to, the following:

Interest Rate Risk — In a low 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 a significant portion of certain fees (such as distribution fees, service fees, administration fees, shareholder administration fees, transfer agency and management fees) which can fluctuate daily.

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 transactions defaults.

Geographic Risk — The Tax-Exempt California, Tax-Exempt New York and Tax-Free Money Market Funds have the ability to invest a significant portion of their assets in certain issuers within the same state, subjecting them to possible risks associated with an adverse economic, business or political development affecting that state. In particular, the Tax-Exempt California and Tax-Exempt New York Funds may be affected by the adverse events affecting these states’ economies. If California, New York or any of their local governmental entities are unable to meet their financial obligations, the corresponding Fund’s income, NAV and ability to preserve capital or liquidity could be adversely affected.

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

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

8. SUBSEQUENT EVENTS

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

92          

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

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

Share activity is as follows:

	Federal Fund
	For the
	Six Months Ended			For the
	February 29, 2012			Fiscal Year Ended
	(Unaudited)			August 31, 2011
FST Shares
Shares sold		16,735,164,280			45,195,909,412
Reinvestment of distributions		215,336			1,081,067
Shares redeemed		(15,871,461,467	)		(48,266,738,565	)
		863,918,149			(3,069,748,086	)
FST Select Shares
Shares sold		61,519,032			178,068,258
Reinvestment of distributions		2,282			8,104
Shares redeemed		(58,362,558	)		(209,139,336	)
		3,158,756			(31,062,974	)
FST Preferred Shares
Shares sold		594,118,613			504,548,770
Reinvestment of distributions		5,850			16,041
Shares redeemed		(688,459,798	)		(519,962,699	)
		(94,335,335	)		(15,397,888	)
FST Capital Shares
Shares sold		196,802,635			576,650,657
Reinvestment of distributions		366			1,853
Shares redeemed		(200,470,393	)		(568,346,697	)
		(3,667,392	)		8,305,813
FST Administration Shares
Shares sold		470,923,214			1,655,339,209
Reinvestment of distributions		6,554			20,213
Shares redeemed		(516,008,529	)		(1,780,150,368	)
		(45,078,761	)		(124,790,946	)
FST Premier Shares
Shares sold		745,657,507			1,398,472,145
Reinvestment of distributions		38,810			105,353
Shares redeemed		(727,519,471	)		(1,579,595,190	)
		18,176,846			(181,017,692	)
FST Service Shares
Shares sold		1,618,604,256			3,719,770,918
Reinvestment of distributions		8,993			25,164
Shares redeemed		(1,801,073,912	)		(3,754,891,611	)
		(182,460,663	)		(35,095,529	)
FST Resource Shares
Shares sold		—			—
Reinvestment of distributions		—			—
Shares redeemed		—			—
		—			—
FST Cash Management Shares
Shares sold		242,953,002			488,798,110
Reinvestment of distributions		—			—
Shares redeemed		(290,037,026	)		(547,493,278	)
		(47,084,024	)		(58,695,168	)
NET INCREASE (DECREASE) IN SHARES		512,627,576			(3,507,502,470	)

          93

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

February 29, 2012 (Unaudited)

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

Share activity is as follows:

	Government Fund
	For the
	Six Months Ended			For the
	February 29, 2012			Fiscal Year Ended
	(Unaudited)			August 31, 2011
FST Shares
Shares sold		81,768,918,372			187,444,105,503
Reinvestment of distributions		772,724			3,795,384
Shares redeemed		(77,500,864,382	)		(192,624,308,947	)
		4,268,826,714			(5,176,408,060	)
FST Select Shares
Shares sold		245,387,369			1,026,494,862
Reinvestment of distributions		14,980			267,462
Shares redeemed		(255,276,820	)		(1,777,164,814	)
		(9,874,471	)		(750,402,490	)
FST Preferred Shares
Shares sold		2,682,425,090			6,972,842,514
Reinvestment of distributions		14,501			31,974
Shares redeemed		(2,784,923,765	)		(7,104,114,122	)
		(102,484,174	)		(131,239,634	)
FST Capital Shares
Shares sold		4,732,388,881			15,129,451,330
Reinvestment of distributions		8,976			25,098
Shares redeemed		(4,976,604,711	)		(15,173,794,022	)
		(244,206,854	)		(44,317,594	)
FST Administration Shares
Shares sold		4,171,266,837			10,454,908,442
Reinvestment of distributions		6,737			18,553
Shares redeemed		(3,947,583,074	)		(10,895,813,833	)
		223,690,500			(440,886,838	)
FST Premier Shares
Shares sold		6,067,469			49
Reinvestment of distributions		123			—
Shares redeemed		(397,087	)		(44	)
		5,670,505			5
FST Service Shares
Shares sold		590,611,374			1,751,221,213
Reinvestment of distributions		2,998			8,596
Shares redeemed		(667,091,172	)		(1,649,501,837	)
		(76,476,800	)		101,727,972
FST Resource Shares
Shares sold		—			3
Reinvestment of distributions		—			—
Shares redeemed		(3	)		—
		(3	)		3
FST Cash Management Shares
Shares sold		—			—
Reinvestment of distributions		—			—
Shares redeemed		—			—
		—			—
NET INCREASE (DECREASE) IN SHARES		4,065,145,417			(6,441,526,636	)

94          

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

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

Share activity is as follows:

	Money Market Fund
	For the
	Six Months Ended			For the
	February 29, 2012			Fiscal Year Ended
	(Unaudited)			August 31, 2011
FST Shares
Shares sold		90,610,004,763			149,958,115,133
Reinvestment of distributions		8,535,382			15,634,687
Shares redeemed		(90,430,244,539	)		(145,732,881,996	)
		188,295,606			4,240,867,824
FST Select Shares
Shares sold		657,141,804			1,084,760,680
Reinvestment of distributions		61,255			52,727
Shares redeemed		(706,455,760	)		(1,240,859,791	)
		(49,252,701	)		(156,046,384	)
FST Preferred Shares
Shares sold		173,419,443			666,846,127
Reinvestment of distributions		6,579			30,651
Shares redeemed		(190,695,772	)		(706,064,007	)
		(17,269,750	)		(39,187,229	)
FST Capital Shares
Shares sold		49,143,949			355,751,578
Reinvestment of distributions		3,250			9,918
Shares redeemed		(73,329,532	)		(389,846,762	)
		(24,182,333	)		(34,085,266	)
FST Administration Shares
Shares sold		519,092,811			1,447,974,538
Reinvestment of distributions		10,009			41,052
Shares redeemed		(711,404,638	)		(1,660,524,047	)
		(192,301,818	)		(212,508,457	)
FST Premier Shares
Shares sold		9,044,559			10,570,988
Reinvestment of distributions		302			32
Shares redeemed		(9,044,807	)		(50	)
		54			10,570,970
FST Service Shares
Shares sold		177,994,076			877,442,462
Reinvestment of distributions		1,069			10,397
Shares redeemed		(287,679,623	)		(902,472,611	)
		(109,684,478	)		(25,019,752	)
FST Resource Shares
Shares sold		—			2
Reinvestment of distributions		—			—
Shares redeemed		(2	)		—
		(2	)		2
FST Cash Management Shares
Shares sold		—			—
Reinvestment of distributions		—			—
Shares redeemed		—			—
		—			—
NET INCREASE (DECREASE) IN SHARES		(204,395,422	)		3,784,591,708

          95

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

February 29, 2012 (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
	February 29, 2012			Fiscal Year Ended
	(Unaudited)			August 31, 2011
FST Shares
Shares sold		50,518,313,363			94,047,497,684
Reinvestment of distributions		3,996,247			9,039,844
Shares redeemed		(46,901,933,043	)		(99,363,844,983	)
		3,620,376,567			(5,307,307,455	)
FST Select Shares
Shares sold		537,350,786			374,921,299
Reinvestment of distributions		75,429			93,781
Shares redeemed		(306,227,727	)		(330,201,832	)
		231,198,488			44,813,248
FST Preferred Shares
Shares sold		2,635,564,995			6,017,618,768
Reinvestment of distributions		9,293			51,870
Shares redeemed		(2,745,240,618	)		(5,961,327,151	)
		(109,666,330	)		56,343,487
FST Capital Shares
Shares sold		852,394,438			2,636,959,649
Reinvestment of distributions		1,805			9,025
Shares redeemed		(818,186,505	)		(2,783,600,159	)
		34,209,738			(146,631,485	)
FST Administration Shares
Shares sold		5,732,154,671			12,402,069,611
Reinvestment of distributions		8,892			26,422
Shares redeemed		(6,685,740,812	)		(12,721,206,736	)
		(953,577,249	)		(319,110,703	)
FST Premier Shares
Shares sold		—			—
Reinvestment of distributions		—			—
Shares redeemed		—			—
		—			—
FST Service Shares
Shares sold		2,228,314,515			4,987,894,131
Shares converted from Class B Shares (b)		—			—
Reinvestment of distributions		15,470			43,249
Shares redeemed		(2,199,425,380	)		(4,982,930,337	)
		28,904,605			5,007,043
FST Class B Shares
Shares sold		871,994			6,613,845
Shares converted to Service Shares (b)		—			—
Reinvestment of distributions		136			417
Shares redeemed		(2,228,276	)		(6,679,266	)
		(1,356,146	)		(65,004	)
FST Class C Shares
Shares sold		5,624,484			19,466,695
Reinvestment of distributions		833			2,253
Shares redeemed		(9,269,887	)		(16,795,418	)
		(3,644,570	)		2,673,530
FST Resource Shares
Shares sold		27,402,852			94,527,740
Reinvestment of distributions		4,310			12,179
Shares redeemed		(35,135,147	)		(82,070,984	)
		(7,727,985	)		12,468,935
FST Cash Management Shares
Shares sold		—			—
Reinvestment of distributions		—			—
Shares redeemed		—			—
		—			—
NET INCREASE (DECREASE) IN SHARES		2,838,717,118			(5,651,808,404	)

(b) Class B Shares will automatically convert into Service Shares at the end of the calendar quarter that is eight years after the initial purchase date of either the Fund or another Goldman Sachs Fund.

96          

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

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

Share activity is as follows:

	Tax-Exempt California Fund
	For the
	Six Months Ended			For the
	February 29, 2012			Fiscal Year Ended
	(Unaudited)			August 31, 2011
FST Shares
Shares sold		67,238,782			118,377,624
Reinvestment of distributions		6,574			11,561
Shares redeemed		(55,127,876	)		(113,667,665	)
		12,117,480			4,721,520
FST Administration Shares
Shares sold		316,956,235			820,647,263
Reinvestment of distributions		10,495			20,393
Shares redeemed		(297,428,776	)		(835,932,330	)
		19,537,954			(15,264,674	)
FST Service Shares
Shares sold		200			340
Reinvestment of distributions		—			—
Shares redeemed		(200	)		(340	)
		—			—
FST Cash Management Shares
Shares sold		—			—
Reinvestment of distributions		—			—
Shares redeemed		—			—
		—			—
NET INCREASE (DECREASE) IN SHARES		31,655,434			(10,543,154	)

          97

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

February 29, 2012 (Unaudited)

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

Share activity is as follows:

	Tax-Exempt New York Fund
	For the
	Six Months Ended			For the
	February 29, 2012			Fiscal Year Ended
	(Unaudited)			August 31, 2011
FST Shares
Shares sold		26,561,655			81,076,587
Reinvestment of distributions		1,207			10,770
Shares redeemed		(26,520,809	)		(109,982,153	)
		42,053			(28,894,796	)
FST Administration Shares
Shares sold		200,045,505			452,824,475
Reinvestment of distributions		8,932			35,900
Shares redeemed		(195,667,212	)		(439,778,117	)
		4,387,225			13,082,258
FST Service Shares
Shares sold		—			—
Reinvestment of distributions		—			—
Shares redeemed		—			—
		—			—
FST Cash Management Shares
Shares sold		—			8
Reinvestment of distributions		—			—
Shares redeemed		—			(8	)
		—			—
NET INCREASE (DECREASE) IN SHARES		4,429,278			(15,812,538	)

98          

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
	February 29, 2012			Fiscal Year Ended
	(Unaudited)			August 31, 2011
FST Shares
Shares sold		7,169,897,367			25,676,607,268
Reinvestment of distributions		511,948			7,313,126
Shares redeemed		(7,658,255,388	)		(28,094,201,078	)
		(487,846,073	)		(2,410,280,684	)
FST Select Shares
Shares sold		91,550,553			103,455,210
Reinvestment of distributions		5,742			43,172
Shares redeemed		(63,110,508	)		(111,002,443	)
		28,445,787			(7,504,061	)
FST Preferred Shares
Shares sold		29,139,010			67,056,989
Reinvestment of distributions		1,228			6,294
Shares redeemed		(31,321,333	)		(85,079,087	)
		(2,181,095	)		(18,015,804	)
FST Capital Shares
Shares sold		26,593,262			48,486,256
Reinvestment of distributions		182			600
Shares redeemed		(19,502,364	)		(53,947,827	)
		7,091,080			(5,460,971	)
FST Administration Shares
Shares sold		564,756,075			1,228,639,171
Reinvestment of distributions		2,165			9,373
Shares redeemed		(676,541,474	)		(1,165,006,724	)
		(111,783,234	)		63,641,820
FST Premier Shares
Shares sold		1,026,890,749			2,767,101,958
Reinvestment of distributions		43,067			95,616
Shares redeemed		(1,010,221,238	)		(2,747,332,805	)
		16,712,578			19,864,769
FST Service Shares
Shares sold		109,724,856			326,918,039
Reinvestment of distributions		1,009			2,848
Shares redeemed		(112,187,355	)		(341,545,353	)
		(2,461,490	)		(14,624,466	)
FST Resource Shares
Shares sold		27,061,670			52,511,944
Reinvestment of distributions		2,380			2,463
Shares redeemed		(15,327,102	)		(44,332,016	)
		11,736,948			8,182,391
FST Cash Management Shares
Shares sold		—			2
Reinvestment of distributions		—			—
Shares redeemed		—			—
		—			2
NET INCREASE (DECREASE) IN SHARES		(540,285,499	)		(2,364,197,004	)

          99

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

February 29, 2012 (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
	February 29, 2012			Fiscal Year Ended
	(Unaudited)			August 31, 2011
FST Shares
Shares sold		35,650,079,538			68,134,691,614
Reinvestment of distributions		95,095			828,031
Shares redeemed		(31,761,982,582	)		(63,863,770,878	)
		3,888,192,051			4,271,748,767
FST Select Shares
Shares sold		907,201,930			1,467,628,754
Reinvestment of distributions		1,138			17,885
Shares redeemed		(872,883,777	)		(1,512,711,410	)
		34,319,291			(45,064,771	)
FST Preferred Shares
Shares sold		358,279,943			1,173,837,581
Reinvestment of distributions		1,083			15,090
Shares redeemed		(366,302,088	)		(1,289,330,964	)
		(8,021,062	)		(115,478,293	)
FST Capital Shares
Shares sold		110,301,001			377,542,777
Reinvestment of distributions		649			6,664
Shares redeemed		(114,612,578	)		(317,878,207	)
		(4,310,928	)		59,671,234
FST Administration Shares
Shares sold		2,975,461,518			4,099,586,759
Reinvestment of distributions		4,647			48,273
Shares redeemed		(2,881,821,844	)		(4,246,996,470	)
		93,644,321			(147,361,438	)
FST Premier Shares
Shares sold		359,381,233			903,206,466
Reinvestment of distributions		2,723			29,491
Shares redeemed		(383,195,084	)		(844,159,785	)
		(23,811,128	)		59,076,172
FST Service Shares
Shares sold		357,996,750			1,009,812,678
Reinvestment of distributions		1,344			13,791
Shares redeemed		(372,431,845	)		(1,008,335,505	)
		(14,433,751	)		1,490,964
FST Resource Shares
Shares sold		—			—
Reinvestment of distributions		—			—
Shares redeemed		—			—
		—			—
FST Cash Management Shares
Shares sold		—			—
Reinvestment of distributions		—			—
Shares redeemed		—			—
		—			—
NET INCREASE (DECREASE) IN SHARES		3,965,578,794			4,084,082,635

100          

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
	February 29, 2012				Fiscal Year Ended
	(Unaudited)				August 31, 2011
FST Shares
Shares sold		62,986,941,833				59,464,889,628
Reinvestment of distributions		118,716				650,976
Shares redeemed		(62,270,160,304	)			(60,128,812,457	)
		716,900,245				(663,271,853	)
FST Select Shares
Shares sold		301,187,290				585,340,332
Reinvestment of distributions		3,663				17,417
Shares redeemed		(301,697,647	)			(587,603,320	)
		(506,694	)			(2,245,571	)
FST Preferred Shares
Shares sold		237,445,689				1,338,390,670
Reinvestment of distributions		3,533				11,282
Shares redeemed		(270,363,251	)			(1,403,458,307	)
		(32,914,029	)			(65,056,355	)
FST Capital Shares
Shares sold		177,479,095				363,171,310
Reinvestment of distributions		2,105				6,932
Shares redeemed		(169,565,779	)			(443,879,077	)
		7,915,421				(80,700,835	)
FST Administration Shares
Shares sold		6,172,322,493				14,854,515,365
Reinvestment of distributions		15,874				32,411
Shares redeemed		(6,200,039,154	)			(15,054,393,343	)
		(27,700,787	)	��		(199,845,567	)
FST Premier Shares
Shares sold		54,800,538				139,779,143
Reinvestment of distributions		3,529				9,569
Shares redeemed		(61,589,878	)			(143,753,437	)
		(6,785,811	)			(3,964,725	)
FST Service Shares
Shares sold		2,331,049,511				4,883,367,909
Reinvestment of distributions		10,687				28,539
Shares redeemed		(2,496,883,910	)			(4,796,790,195	)
		(165,823,712	)			86,606,253
FST Resource Shares
Shares sold		—				2
Reinvestment of distributions		—				—
Shares redeemed		(1	)			(1	)
		(1	)			1
FST Cash Management Shares
Shares sold		—				—
Reinvestment of distributions		—				—
Shares redeemed		—				—
		—				—
NET INCREASE (DECREASE) IN SHARES		491,084,632				(928,478,652	)

          101

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Fund Expenses — Six Month Period Ended February 29, 2012 (Unaudited)

As a shareholder of FST Shares, FST Select Shares, FST Preferred Shares, FST Capital Shares, FST Administration Shares, FST Premier, FST Service, FST Class B, FST Class C, FST Resource or FST Cash Management Shares of a Fund you incur two types of cost: (1) transaction costs, including contingent deferred sales charges (with respect to FST Class B and FST Class C Shares); and (2) ongoing costs, including management fees and distribution, service and/or shareholder administration fees (with respect to all share classes except FST Shares) 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, FST Premier, FST Service, FST Class B, FST Class C, FST Resource or FST Cash Management 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, 2011 through February 29, 2012.

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
	Beginning		Ending			Expenses		Beginning		Ending			Expenses		Beginning			Ending			Expenses
	Account		Account			Paid for the		Account		Account			Paid for the		Account			Account			Paid for the
	Value		Value			6 months ended		Value		Value			6 months ended		Value			Value			6 months ended
Share Class	9/1/11		2/29/12			2/29/12*		9/1/11		2/29/12			2/29/12*		9/1/11			2/29/12			2/29/12*
FST Shares
Actual	$	1,000.00	$	1,000.00		$	0.50	$	1,000.00	$	1,000.06		$	0.90	$	1,000.00		$	1,000.83		$	0.90
Hypothetical (5% return before expenses)		1,000.00		1,024.41	+		0.50		1,000.00		1,024.01	+		0.91		1,000.00			1,024.01	+		0.91
FST Select Shares
Actual		1,000.00		1,000.00			0.50		1,000.00		1,000.00			0.95		1,000.00			1,000.68			1.05
Hypothetical (5% return before expenses)		1,000.00		1,024.41	+		0.50		1,000.00		1,023.96	+		0.96		1,000.00			1,023.86	+		1.06
FST Preferred Shares
Actual		1,000.00		1,000.00			0.50		1,000.00		1,000.00			0.95		1,000.00			1,000.34			1.40
Hypothetical (5% return before expenses)		1,000.00		1,024.41	+		0.50		1,000.00		1,023.96	+		0.96		1,000.00			1,023.52	+		1.41
FST Capital Shares
Actual		1,000.00		1,000.00			0.50		1,000.00		1,000.00			0.95		1,000.00			1,000.11			1.59
Hypothetical (5% return before expenses)		1,000.00		1,024.41	+		0.50		1,000.00		1,023.96	+		0.96		1,000.00			1,023.32	+		1.61
FST Administration Shares
Actual		1,000.00		1,000.00			0.50		1,000.00		1,000.00			0.95		1,000.00			1,000.00			1.69
Hypothetical (5% return before expenses)		1,000.00		1,024.41	+		0.50		1,000.00		1,023.96	+		0.96		1,000.00	��		1,023.22	+		1.71
FST Premier Shares
Actual		1,000.00		1,000.00			0.50		1,000.00		1,000.00			0.95		1,000.00			1,000.00			1.69
Hypothetical (5% return before expenses)		1,000.00		1,024.41	+		0.50		1,000.00		1,023.96	+		0.96		1,000.00			1,023.22	+		1.71
FST Service Shares
Actual		1,000.00		1,000.00			0.50		1,000.00		1,000.00			0.95		1,000.00			1,000.00			1.64
Hypothetical (5% return before expenses)		1,000.00		1,024.41	+		0.50		1,000.00		1,023.96	+		0.96		1,000.00			1,023.27	+		1.66
FST Resource Shares
Actual		1,000.00		1,000.00			0.50		1,000.00		1,000.00			0.90		1,000.00			1,000.00			0.90
Hypothetical (5% return before expenses)		1,000.00		1,024.41	+		0.50		1,000.00		1,024.01	+		0.91		1,000.00			1,024.01	+		0.91
FST Cash Management Shares
Actual		1,000.00		1,000.00			0.50		1,000.00		1,000.00			0.90		1,000.00			1,000.00			0.90
Hypothetical (5% return before expenses)		1,000.00		1,024.41	+		0.50		1,000.00		1,024.01	+		0.91		1,000.00			1,024.01	+		0.91

102

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Fund Expenses — Six Month Period Ended February 29, 2012 (Unaudited) (continued)

	Prime Obligations							Tax-Exempt California							Tax-Exempt New York
	Beginning		Ending			Expenses		Beginning		Ending			Expenses		Beginning		Ending			Expenses
	Account		Account			Paid for the		Account		Account			Paid for the		Account		Account			Paid for the
	Value		Value			6 months ended		Value		Value			6 months ended		Value		Value			6 months ended
Share Class	9/1/11		2/29/12			2/29/12*		9/1/11		2/29/12			2/29/12*		9/1/11		2/29/12			2/29/12*
FST Shares
Actual	$	1,000.00	$	1,000.51		$	0.90	$	1,000.00	$	1,000.07		$	0.60	$	1,000.00	$	1,000.06		$	0.65
Hypothetical (5% return before expenses)		1,000.00		1,024.01	+		0.91		1,000.00		1,024.31	+		0.61		1,000.00		1,024.26	+		0.66
FST Select Shares
Actual		1,000.00		1,000.36			1.05		N/A		N/A			N/A		N/A		N/A			N/A
Hypothetical (5% return before expenses)		1,000.00		1,023.86	+		1.06		N/A		N/A			N/A		N/A		N/A			N/A
FST Preferred Shares
Actual		1,000.00		1,000.06			1.35		N/A		N/A			N/A		N/A		N/A			N/A
Hypothetical (5% return before expenses)		1,000.00		1,023.57	+		1.36		N/A		N/A			N/A		N/A		N/A			N/A
FST Capital Shares
Actual		1,000.00		1,000.00			1.40		N/A		N/A			N/A		N/A		N/A			N/A
Hypothetical (5% return before expenses)		1,000.00		1,023.52	+		1.41		N/A		N/A			N/A		N/A		N/A			N/A
FST Administration Shares
Actual		1,000.00		1,000.00			1.35		1,000.00		1,000.07			0.60		1,000.00		1,000.06			0.65
Hypothetical (5% return before expenses)		1,000.00		1,023.57	+		1.36		1,000.00		1,024.31	+		0.61		1,000.00		1,024.26	+		0.66
FST Premier Shares
Actual		1,000.00		1,000.00			0.90		N/A		N/A			N/A		N/A		N/A			N/A
Hypothetical (5% return before expenses)		1,000.00		1,024.01	+		0.91		N/A		N/A			N/A		N/A		N/A			N/A
FST Service Shares
Actual		1,000.00		1,000.00			1.40		1,000.00		1,000.07			0.60		1,000.00		1,000.06			0.65
Hypothetical (5% return before expenses)		1,000.00		1,023.52	+		1.41		1,000.00		1,024.31	+		0.61		1,000.00		1,024.26	+		0.66
FST Class B Shares
Actual		1,000.00		1,000.00			1.40		N/A		N/A			N/A		N/A		N/A			N/A
Hypothetical (5% return before expenses)		1,000.00		1,023.52	+		1.41		N/A		N/A			N/A		N/A		N/A			N/A
FST Class C Shares
Actual		1,000.00		1,000.00			1.40		N/A		N/A			N/A		N/A		N/A			N/A
Hypothetical (5% return before expenses)		1,000.00		1,023.52	+		1.41		N/A		N/A			N/A		N/A		N/A			N/A
FST Resource Shares
Actual		1,000.00		1,000.00			1.40		N/A		N/A			N/A		N/A		N/A			N/A
Hypothetical (5% return before expenses)		1,000.00		1,023.52	+		1.41		N/A		N/A			N/A		N/A		N/A			N/A
FST Cash Management Shares
Actual		1,000.00		1,000.00			0.90		1,000.00		1,000.07			0.60		1,000.00		1,000.06			0.65
Hypothetical (5% return before expenses)		1,000.00		1,024.01	+		0.91		1,000.00		1,024.31	+		0.61		1,000.00		1,024.26	+		0.66

103

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Fund Expenses — Six Month Period Ended February 29, 2012 (Unaudited) (continued)

	Tax-Free Money Market Fund							Treasury Instruments Fund							Treasury Obligations Fund
	Beginning		Ending			Expenses		Beginning		Ending			Expenses		Beginning		Ending			Expenses
	Account		Account			Paid for the		Account		Account			Paid for the		Account		Account			Paid for the
	Value		Value			6 months ended		Value		Value			6 months ended		Value		Value			6 months ended
Share Class	9/1/11		2/29/12			2/29/12*		9/1/11		2/29/12			2/29/12*		9/1/11		2/29/12			2/29/12*
FST Shares
Actual	$	1,000.00	$	1,000.11		$	0.85	$	1,000.00	$	1,000.01		$	0.20	$	1,000.00	$	1,000.00		$	0.45
Hypothetical (5% return before expenses)		1,000.00		1,024.06	+		0.86		1,000.00		1,024.71	+		0.20		1,000.00		1,024.46	+		0.45
FST Select Shares
Actual		1,000.00		1,000.08			0.85		1,000.00		1,000.01			0.20		1,000.00		1,000.00			0.45
Hypothetical (5% return before expenses)		1,000.00		1,024.06	+		0.86		1,000.00		1,024.71	+		0.20		1,000.00		1,024.46	+		0.45
FST Preferred Shares
Actual		1,000.00		1,000.08			0.90		1,000.00		1,000.01			0.20		1,000.00		1,000.00			0.45
Hypothetical (5% return before expenses)		1,000.00		1,024.01	+		0.91		1,000.00		1,024.71	+		0.20		1,000.00		1,024.46	+		0.45
FST Capital Shares
Actual		1,000.00		1,000.08			0.85		1,000.00		1,000.01			0.20		1,000.00		1,000.00			0.45
Hypothetical (5% return before expenses)		1,000.00		1,024.06	+		0.86		1,000.00		1,024.71	+		0.20		1,000.00		1,024.46	+		0.45
FST Administration Shares
Actual		1,000.00		1,000.08			0.90		1,000.00		1,000.01			0.20		1,000.00		1,000.00			0.45
Hypothetical (5% return before expenses)		1,000.00		1,024.01	+		0.91		1,000.00		1,024.71	+		0.20		1,000.00		1,024.46	+		0.45
FST Premier Shares
Actual		1,000.00		1,000.08			0.90		1,000.00		1,000.01			0.20		1,000.00		1,000.00			0.45
Hypothetical (5% return before expenses)		1,000.00		1,024.01	+		0.91		1,000.00		1,024.71	+		0.20		1,000.00		1,024.46	+		0.45
FST Service Shares
Actual		1,000.00		1,000.08			0.90		1,000.00		1,000.01			0.20		1,000.00		1,000.00			0.45
Hypothetical (5% return before expenses)		1,000.00		1,024.01	+		0.91		1,000.00		1,024.71	+		0.20		1,000.00		1,024.46	+		0.45
FST Resource Shares
Actual		1,000.00		1,000.08			0.90		1,000.00		1,000.01			0.20		1,000.00		1,000.00			0.45
Hypothetical (5% return before expenses)		1,000.00		1,024.01	+		0.91		1,000.00		1,024.71	+		0.20		1,000.00		1,024.46	+		0.45
FST Cash Management Shares
Actual		1,000.00		1,000.08			0.85		1,000.00		1,000.01			0.20		1,000.00		1,000.00			0.45
Hypothetical (5% return before expenses)		1,000.00		1,024.06	+		0.86		1,000.00		1,024.71	+		0.20		1,000.00		1,024.46	+		0.45

* 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 29, 2012. 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 Premier			FST Service			FST Class B			FST Class C			FST Resource			FST Cash Management
Fund	Shares			Shares			Shares			Shares			Shares			Shares			Shares			Shares			Shares			Shares			Shares
Federal		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%		N/A			N/A			0.10	%		0.10	%
Government		0.18	%		0.19	%		0.19	%		0.19	%		0.19	%		0.19	%		0.19	%		N/A			N/A			0.18	%		0.18	%
Money Market		0.18	%		0.21	%		0.28	%		0.32	%		0.34	%		0.34	%		0.33	%		N/A			N/A			0.18	%		0.18	%
Prime Obligations		0.18	%		0.21	%		0.27	%		0.28	%		0.27	%		0.18	%		0.28	%		0.28	%		0.28	%		0.28	%		0.18	%
Tax-Exempt California		0.12	%		N/A			N/A			N/A			0.12	%		N/A			0.12	%		N/A			N/A			N/A			0.12	%
Tax-Exempt New York		0.13	%		N/A			N/A			N/A			0.13	%		N/A			0.13	%		N/A			N/A			N/A			0.13	%
Tax-Free Money Market		0.17	%		0.17	%		0.18	%		0.17	%		0.18	%		0.18	%		0.18	%		N/A			N/A			0.18	%		0.17	%
Treasury Instruments		0.04	%		0.04	%		0.04	%		0.04	%		0.04	%		0.04	%		0.04	%		N/A			N/A			0.04	%		0.04	%
Treasury Obligations		0.09	%		0.09	%		0.09	%		0.09	%		0.09	%		0.09	%		0.09	%		N/A			N/A			0.09	%		0.09	%

+ 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.

104

FUNDS PROFILE

Goldman Sachs Funds

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

Today, the Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With $705.8 billion in assets under management as of December 31, 2011, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. GSAM’s assets under management includes assets managed by Goldman Sachs Asset Management, LP and its Investment Advisory Affiliates. Additionally, GSAM ranks in the top 10 asset management firms worldwide, based on assets under management.¹

    OVERVIEW OF GOLDMAN SACHS FUNDS

Money Market²
Financial Square Funds^sm
n Financial Square Tax-Exempt Funds
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 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 Short Duration Income 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
n Strategic 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 High Yield Floating Rate 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 Focused Growth Fund
n Small/Mid Cap Growth Fund
n Flexible Cap Growth Fund
n Concentrated Growth Fund
n Technology Tollkeeper Fund
n Growth Opportunities Fund
n Rising Dividend Growth 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
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)
n N-11 Equity Fund
n Brazil Equity Fund
n China Equity Fund
n Korea Equity Fund
n India Equity Fund
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
n Managed Futures Strategy 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 2010 year-end assets. Ranked 10th in total assets worldwide. Pensions & Investments, June 2011.
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.

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

TRUSTEES Ashok N. Bakhru, Chairman Donald C. Burke John P. Coblentz, Jr. Diana M. Daniels Joseph P. LoRusso 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.

Economic and market forecasts presented herein reflect our judgment as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only.

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”) Web site at http://www.sec.gov.

The Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Form N-Q will become available on the SEC’s website at http://www.sec.gov within 60 days after the Funds’ first and third fiscal quarters. When available, the Funds’ 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).

Holdings and allocations shown are as of February 29, 2012 and may not be representative of future investments. 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 to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investors should consider a Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about a Fund and may be obtained from your authorized dealer or from Goldman, Sachs & Co. by calling (retail – 1-800-526-7384) (institutional – 1-800-621-2550).

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

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

^© 2012 Goldman Sachs. All rights reserved. 71575.MF.MED.TMPL/4/2012 FSQSAR12/250k

ITEM 2. CODE OF ETHICS.

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

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.
	Not applicable.

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

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

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

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

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

ITEM 11. CONTROLS AND PROCEDURES.

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

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

ITEM 12. EXHIBITS.

(a)(1) The information required by this Item is only required in connection with an annual report on this Form N-CSR.

(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
By:	/s/ James A. McNamara
	James A. McNamara
	President/Principal Executive Officer
	Goldman Sachs Trust
Date:	April 19, 2012

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

By:	/s/ James A. McNamara
	James A. McNamara
	President/Principal Executive Officer
	Goldman Sachs Trust
Date:	April 19, 2012
By:	/s/ George F. Travers
	George F. Travers
	Principal Financial Officer
	Goldman Sachs Trust
Date:	April 19, 2012