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)

Copies to:
Caroline Kraus	Geoffrey R.T. Kenyon, Esq.
Goldman, Sachs & Co.	Dechert LLP
200 West Street	200 Clarendon Street
New York, New York 10282	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 28, 2013

ITEM 1. REPORTS TO STOCKHOLDERS.

The Semi-Annual Report to Stockholders is filed herewith.

Goldman Sachs Funds

Semi-Annual Report	February 28, 2013
	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
Fund Basics	8
Yield Summary	10
Sector Allocations	11
Schedules of Investments	13
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

This is not a complete list of risks that may affect the Funds. For additional information concerning the risks applicable to the Funds, please see the Funds’ Prospectuses.

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-month period ended February 28, 2013 (the “Reporting Period”). Yields on taxable and tax-exempt money market funds remained low throughout the Reporting Period.

In September 2012, when the Reporting Period began, accommodative monetary policy by global central banks was a major theme, with the U.S. Federal Reserve Board (the “Fed”), European Central Bank, Bank of Japan, People’s Bank of China and Reserve Bank of Australia each carrying out a form of additional monetary easing. The Fed delivered beyond most expectations by extending the likely period of near-zero interest rates to at least mid-2015 and breaking new ground with an open-ended commitment to asset purchases. It also announced that its planned $40 billion a month of agency mortgage-backed securities purchases would continue until the outlook for the labor market improved substantially, depending on incoming data. Under the Operation Twist program, which was launched in September 2011, the Fed had gradually extended the duration of its portfolio by selling short-term U.S. Treasury holdings and buying longer-term U.S. Treasury securities. Because Operation Twist increased the market supply of short-term U.S. Treasuries, it helped to curb declines in short-term yields.

In October 2012, the Fed indicated that U.S. economic activity had expanded modestly in late August and September, with consumer spending flat to slightly higher, manufacturing conditions mixed and the housing market improving. In November 2012, President Obama’s re-election lowered the risk of market speculation about a shift in Fed policy to a less accommodative stance. There were two implications for the broad fixed income market if Fed policy remains accommodative. First, interest rate volatility was likely to remain low. The Fed’s policies had already reduced the volatility of interest rates across the U.S. Treasury yield curve. Second, ultra low interest rates were expected to continue to drive demand for spread (or non-Treasury) fixed income sectors. Fed policies drove yields lower on high-quality assets, and some investors moved out along the risk spectrum in pursuit of yield, driving demand for fixed income sectors that traded at higher yields than U.S. Treasuries.

The Fed’s December 2012 statement confirmed that Operation Twist would expire at year-end 2012 and that its sales of short-term U.S. Treasuries would cease. However, the Fed made an open-ended commitment to buy $45 billion in long-term U.S. Treasury securities per month, in addition to its continuing purchases of $40 billion of agency mortgage-backed securities. The Fed’s other news caused a slightly bigger stir, as the Fed abandoned its calendar-based approach to interest rate guidance in favor of using economic data thresholds. Instead of reiterating its pledge to keep interest rates near exceptional lows through at least mid-2015, the Fed said it expected to keep its accommodative policies in place at least until unemployment reaches 6.5% or lower and/or inflation rises above 2.5%.

December 2012 non-farm payrolls increased 155,000, and November’s gains were revised higher to 161,000. The unemployment rate held steady at 7.8%, following a small upward revision to November’s number. The Institute for Supply Management’s (“ISM”) manufacturing index ticked up slightly in December from 49.5 to 50.7, indicating a slight shift into expansionary territory.

After much brinksmanship and a technical breach of a year-end deadline, the U.S. Congress was able to come to an agreement to avoid the majority of the fiscal contraction that would have taken place as part of the fiscal cliff. On January 2, 2013, legislation extending the Bush-era tax cuts for household incomes under $450,000 was signed into law. The deal allowed tax rates to rise on incomes higher than $400,000 ($450,000 for married couples), limited deductions and extended

2

MARKET REVIEW

emergency unemployment benefits. Entitlement reform was not part of the agreement, and further negotiation on the $110 billion in spending cuts under the sequester, or automatic spending cuts scheduled for calendar year 2013 was postponed until March 2013.

Unlimited Federal Deposit Insurance Corporation (“FDIC”) insurance on the FDIC’s Transaction Account Guarantee (“TAG”) accounts expired on December 31, 2012, as Senate Majority Leader Harry Reid’s bill, which called for a two-year extension, fell short of the 60 votes needed to pass the Senate. The TAG program, which provided unlimited insurance for non-interest bearing accounts, was implemented in the 2008 financial crisis and was extended in 2010. The threshold for full insurance reverted to $250,000, and outflows of excess deposits to money markets were widely expected. However, according to most research, the TAG expiration was not the main driver of the increase in money market assets during the fourth quarter of 2012. Rather, it appeared to be a combination of gain harvesting (that is, investors were realizing gains) in advance of anticipated higher tax rates and large one-time special dividend payments from many companies together with the TAG expiration.

Fourth quarter 2012 U.S. Gross Domestic Product (“GDP”) came in below expectations at -0.1%, due mainly to weak inventory investment and defense spending. However, in December 2012, the U.S. leading indicators index increased — the most it had in three months. Also, in January 2013, the ISM manufacturing index rose to a one-year high of 53.1, pointing to accelerating manufacturing activity. January’s employment data, with 157,000 new jobs, were in line with expectations, though the unemployment rate ticked up to 7.9%. Job gains for the two prior months were revised upward by a combined 127,000.

In early February 2013, President Obama signed a bill to suspend the U.S. debt limit for three months. Because the U.S. Treasury can use extraordinary measures when the debt ceiling is reached, the bill effectively extends the debt ceiling deadline to mid-summer 2013. In the meantime, battles loom with respect to the sequester and the expiration of a continuing resolution that is financing many government operations.

Finally, it is important to note that there were a number of significant developments on the money market reform front after Securities and Exchange Commission (“SEC”) Chair Mary Schapiro was unable to persuade a majority of the Commission to vote in favor of making the proposal available for public comment at the end of August 2012. SEC commissioner Daniel Gallagher, who voted against issuing Ms. Schapiro’s reform plan for public comment, expressed his potential support for further reforms.

In turn, in November 2012 the Financial Stability Oversight Council (“FSOC”) proposed three alternative reform scenarios for the Industry:

·     floating net asset value (“NAV”) per share

·    stable NAV per share, provided that a fund maintains a “buffer” of up to 1% of fund assets, plus a 3% “minimum balance at risk” of a shareholder’s account be made available for redemption on a delayed basis

·     stable NAV per share, provided that a fund maintains a “buffer” of 3% of fund assets, plus agrees to take potential steps to reduce portfolio risks (including further diversification and liquidity requirements)

The immediate next steps were a 60-day comment period on the FSOC recommendations, followed by a potential final recommendation to the SEC in late January 2013. According to the U.S. Department of the Treasury, the FSOC announced on January 15, 2013 that it had extended the comment period for proposed recommendations for money market mutual fund reform until February 15, 2013 to allow the public more time to review, consider and comment on the

3

MARKET REVIEW

proposed recommendations. This also allowed the public to consider the information in the SEC staff report issued on November 30, 2012.

Looking Ahead

We are relatively optimistic about the outlook for global economic growth broadly and for U.S. economic growth in particular. For the last few years, U.S. economic growth has been stuck near 2% but we think it could gain momentum in 2013, largely because of two factors. First, the ongoing housing recovery appears to us to be durable and improving home prices are beginning to feed into overall economic activity. Second, business investment could improve should political risk decline.

If economic growth strengthens in 2013, we think the financial markets may begin to focus on inflation risks. In our opinion, the markets have been relatively complacent about the inflation outlook, probably because of the large amount of global economic slack and the fact that central bank policy has yet to generate a meaningful increase in inflation.

After the Fed announced it would tie its interest rate policy to economic outcomes, the futures markets priced in a slightly higher possibility of a rate hike in late-2014 to early 2015. However, we do not see major implications for the Fed’s policy bias, in part because we do not believe the Fed’s economic thresholds will be decisively breached in the next couple of years. We will continue to monitor policy developments, but in our view, rate hikes are still too far in the future to pose much of a challenge for short duration investors or to become a central factor in our cash management strategy.

Finally, the momentum for additional money market reforms continues to grow. The FSOC has put its weight behind proposals shelved last year when the SEC was unable to reach consensus. With the appointment of new Chair Mary Jo White, we believe the SEC to re-engage actively with the industry on reforms in the coming months. In sum, we anticipate a very active year for policy. In our view, 2013 may well be the year for adoption of new measures and 2014 is likely to be the year for implementation.

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 28, 2013 (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 Economic and 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 within the Funds on remaining liquid and short in duration so as to be more nimble should yields begin to increase and risk premia be priced in accordingly. That said, we seek to manage the Funds consistently regardless of interest rate conditions. Our investment approach has always been tri-fold — to 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, U.S. Treasury securities, government agency securities, repurchase agreements (“repos”), government guaranteed paper and certificates of deposit during the Reporting Period. There was strong demand by taxable investors for variable rate municipal debt during the Reporting Period. Because of tight supply conditions, the taxable Funds’ holdings of these securities declined.

For most of the Reporting Period, we used a laddered strategy in managing the taxable Funds’ duration, wherein we invested primarily in securities with three-month and six- month maturities and let the longer maturities roll down (that is, move closer to their maturity dates).

Q How were the tax-exempt Funds invested?

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

Because repo yields were elevated and institutional investors had year-end 2012 balance sheet constraints, we were able to increase the tax-exempt Funds’ holdings of bonds with nine- month to one-year maturities yielding in the mid-20 basis point range. (A basis point is 1/100th of a percent.)

Additionally, between the beginning of 2013 and the end of the Reporting Period, the tax exempt yield curve flattened in response to strong demand for short-term maturities. The weight of the Fed’s buying under its third quantitative easing program (“QE3”) and large investment flows into tax-exempt money market funds during the fourth quarter of 2012 increased demand for shorter maturities, vastly outstripping supply. As a result, we decided to let the tax-exempt Funds’ portfolios of bonds roll down the yield curve as we awaited tactical opportunities to extend.

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

A Overall, during the Reporting Period, we maintained the taxable Funds’ weighted average maturity between 30 days and 60 days. The weighted average maturity of a money market fund is a measure of its price sensitivity to changes in interest rates.

5

PORTFOLIO RESULTS

At the beginning of the Reporting Period in September 2012, we used a barbell strategy in managing the taxable Funds’ duration, wherein we invested in one-year U.S. Treasury and government securities. During this time, the taxable Funds’ weighted average maturity was between 45 days and 60 days. Heading into the first quarter of 2013, we anticipated downward pressure on the short end of the yield curve and on general collateral rates in the repo markets as a result of supply constraints and increased demand. On the supply side, the Fed was no longer releasing collateral to the market through its sales of short-term maturities, while through its QE3 purchases, it was building up reserves of longer-term maturities. We also saw stronger demand because of the expiration of the Federal Deposit Insurance Corporation’s (“FDIC”) Transaction Account Guarantee (“TAG”) accounts, as well as potential for a flight-to-quality trade because of the debt ceiling negotiations.

In November 2012, we shifted to a laddered strategy in managing the taxable Funds’ duration, wherein we invested primarily in securities with three-month and six-month maturities and let the longer maturities roll down the curve. The taxable Funds’ weighted average maturity remained between 45 days and 60 days. In January 2013, volatility increased in the repo market. The combination of QE3-related settlements for mortgage-backed securities and U.S. Treasury securities, in conjunction with the expiration of short-term U.S. Treasury securities sales under the Fed’s Operation Twist program, resulted in large swings in the amount of cash and collateral in the market. In this environment, we maintained the taxable Funds’ weighted average maturity in range of between 40 days and 60 days. The secular themes of continued reserve creation by the Fed and a scarcity of high quality assets remained in place in February 2013, and we kept the taxable Funds positioned accordingly, maintaining their weighted average maturity between 30 days and 55 days. We continued to look for tactical opportunities to trade around firmer collateral conditions, potentially to build larger cash balances and also to extend the taxable Funds’ weighted average maturity.

Q How did you manage the tax-exempt Funds’ weighted average maturity during the Reporting Period?

A Overall, during the Reporting Period, we maintained the tax-exempt Funds’ weighted average maturity between 25 days and 50 days.

Early in the Reporting Period, we purchased some one-year notes yielding 0.22% as the August 2012 payroll jobs report increased the likelihood the Fed would soon engage in long-term asset purchases. We maintained the tax-exempt Funds’ weighted average maturity between 25 days and 35 days. At the end of September 2012, we extended the tax-exempt Funds’ weighted average maturity to between 35 days and 45 days and toward the end of October 2012, to between 40 days and 50 days. As we extended the tax-exempt Funds’ weighted average maturity, we reduced their holdings of variable rate obligations, such as VRDNs.

During the fourth quarter of 2012, tax-exempt money market funds overall gained more than $25 billion in assets. In addition, according to Bloomberg, the average par amount of VRDNs held by dealers in inventory dropped from $7.59 billion during the first nine months of 2012 to $5.72 billion during the fourth quarter. VRDN inventory remained near these depressed levels for the first month and a half of 2013 as tax-exempt mutual funds overall continued to be flush with cash as a result of beginning-of-the-year bond maturities and coupon payments. Thereafter, the four-year trend of asset losses resumed. Assets held in tax-exempt money market funds overall declined 21% in 2009, 19% in 2010, 13% in 2011 and 9% during the first nine months of 2012. Between November 2012 and the end of the Reporting Period, we maintained the tax-exempt Funds’ weighted average maturity between 40 days and 50 days.

Over the course of the Reporting Period, the Securities Industry and Financial Association (“SIFMA”) 7-day VRDN Index traded as high as 0.21%, but declined as tax-exempt money market funds picked up assets and closed the Reporting Period at 0.11%. Over the course of the Reporting Period, the SIFMA 7-day VRDN Index averaged 0.15%. One-year, high-grade fixed rate municipal securities — as represented by the Thomson Reuters Municipal Market Data (“MMD”) AAA Index — traded at 0.20%.

6

PORTFOLIO RESULTS

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 maturity 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.

7

FUND BASICS

Financial Square Funds

as of February 28, 2013

PERFORMANCE REVIEW1
September 1, 2012–February 28, 2013	Fund Total Return (based on NAV)2 FST Shares			iMoneynet Institutional Average3
Federal		0.00	%		0.02	%(4)
Government		0.02			0.02	(4)
Money Market		0.07			0.06	(5)
Prime Obligations		0.05			0.06	(5)
Tax-Exempt California		0.02			0.02	(6)
Tax-Exempt New York		0.01			0.02	(6)
Tax-Free Money Market		0.02			0.02	(7)
Treasury Instruments		0.00			0.00	(8)
Treasury Obligations		0.00			0.01	(9)

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 Web site at www.goldmansachsfunds.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

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 2013

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.

8

FUND BASICS

STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS1,10
For the period ended 12/31/12	SEC 7-Day Current Yield11			One Year			Five Years			Ten Years			Since Inception			Inception Date
Federal		0.01	%		0.01	%		0.55	%		1.76	%		2.82	%	2/28/97
Government		0.02			0.05			0.59			1.82			3.25		4/6/93
Money Market		0.11			0.17			0.71			1.91			3.34		5/18/94
Prime Obligations		0.07			0.12			0.66			1.89			3.63		3/8/90
Tax-Exempt California		0.01			0.02			0.34			1.12			2.32		10/4/88
Tax-Exempt New York		0.01			0.01			0.36			1.14			2.04		2/15/91
Tax-Free Money Market		0.01			0.03			0.50			1.35			2.17		7/19/94
Treasury Instruments		0.00			0.00			0.34			1.55			2.56		3/3/97
Treasury Obligations		0.01			0.01			0.37			1.64			3.42		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 return will fluctuate. Current performance may be lower or higher than the performance quoted above. Please visit our Web site at www.goldmansachsfunds.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

¹¹  The SEC 7-Day Current Yield figures are as of 12/31/12 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.

9

YIELD SUMMARY

SUMMARY OF THE FST SHARES1 AS OF 2/28/13
Funds	7-Day Dist. Yield12			SEC 7-Day Current Yield13			SEC 7-Day Effective Yield13			30-Day Average Yield14			Weighted Avg. Maturity (days)15		Weighted Avg. Life (days)16
Federal		0.01	%		0.01	%		0.01	%		0.01	%		57		112
Government		0.02			0.02			0.02			0.02			50		112
Money Market		0.12			0.11			0.11			0.11			37		61
Prime Obligations		0.09			0.07			0.07			0.08			38		75
Tax-Exempt California		0.01			0.01			0.01			0.01			37		38
Tax-Exempt New York		0.01			0.01			0.01			0.01			25		25
Tax-Free Money Market		0.01			0.01			0.01			0.01			47		47
Treasury Instruments		0.00			0.00			0.00			0.00			52		52
Treasury Obligations		0.01			0.01			0.01			0.01			48		49

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 Web site 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.

10

SECTOR ALLOCATIONS

TAXABLE FUNDS17
as of February 28, 2013
Security Type (Percentage of Net Assets)	Federal			Government			Money Market			Prime Obligations			Treasury Instruments			Treasury Obligations
Certificates of Deposit - Eurodollar		—			—			2.6	%		—			—			—
Certificates of Deposit - Yankeedollar		—			—			11.8			—			—			—
Commercial Paper & Corporate Obligations		—			—			15.8			21.8	%		—			—
Repurchase Agreements		—			61.3	%		39.4			45.0			—			75.2	%
Time Deposits		—			—			6.6			2.0			—			—
U.S. Government Agency Obligations		80.2	%		35.8			11.8			17.2			—			—
U.S. Treasury Obligations		28.6			3.6			0.5			1.5			99.8	%		24.7
Variable Rate Municipal Debt Obligations		—			—			1.7			5.7			—			—
Variable Rate Obligations		—			—			11.2			8.7			—			—
as of August 31, 2012
Security Type (Percentage of Net Assets)	Federal			Government			Money Market			Prime Obligations			Treasury Instruments			Treasury Obligations
Certificates of Deposit - Eurodollar		—			—			1.0	%		—			—			—
Certificates of Deposit - Yankeedollar		—			—			6.1			—			—			—
Commercial Paper & Corporate Obligations		—			—			16.3			16.2	%		—			—
Fixed Rate Municipal Debt Obligation		—			—			0.2			—			—			—
Repurchase Agreements		—			71.1	%		29.4			29.1			—			79.9	%
Time Deposits		—			—			3.8			3.3			—			—
U.S. Government Agency Obligations		72.1	%		28.0			17.3			24.0			—			—
U.S. Treasury Obligations		28.4			1.4			3.8			6.4			100.0	%		20.0
Variable Rate Municipal Debt Obligations		—			—			8.4			14.6			—			—
Variable Rate Obligations		—			—			14.9			6.4			—			—

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.

11

SECTOR ALLOCATIONS

TAX-EXEMPT FUNDS18
as of February 28, 2013
Security Type (Percentage of Net Assets)	Tax-Exempt California			Tax-Exempt New York			Tax-Free Money Market
Bond Anticipation Notes		—			—			1.1	%
Commercial Paper		6.3	%		5.0	%		12.0
General Obligation Bonds		1.2			5.0			4.0
Pre-Refunded Bonds		0.4			—			0.7
Put Bonds		1.3			1.1			1.2
Revenue Anticipation Notes		1.3			—			2.2
Revenue Bonds		4.4			6.5			2.0
Tax and Revenue Anticipation Notes		7.0			—			7.6
Tax Anticipation Notes		—			—			2.2
Variable Rate Obligations		79.3			82.3			66.5
as of August 31, 2012
Security Type (Percentage of Net Assets)	Tax-Exempt California			Tax-Exempt New York			Tax-Free Money Market
Bond Anticipation Notes		—			—			0.6	%
Commercial Paper		5.7	%		2.0	%		11.0
General Obligation Bonds		—			—			2.3
Pre-Refunded Bonds		—			—			0.1
Put Bonds		1.7			—			—
Revenue Anticipation Notes		1.2			—			1.6
Revenue Bonds		1.6			5.9			0.5
Tax and Revenue Anticipation Notes		2.7			—			3.3
Tax Anticipation Notes		—			—			0.3
Variable Rate Obligations		87.0			92.0			80.1

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.

12

FINANCIAL SQUARE FEDERAL FUND

Schedule of Investments

February 28, 2013 (Unaudited)

Principal Amount			Interest Rate			Maturity Date		Amortized Cost
	U.S. Government Agency Obligations – 80.2%
	Federal Farm Credit Bank
$	42,200,000			0.190	%		03/01/13	$	42,200,000
	10,000,000			0.172	(a)		03/18/13		9,999,956
	40,000,000			0.081	(a)		03/20/13		39,998,424
	100,000,000			0.149	(a)		04/09/13		99,997,886
	79,500,000			0.172	(a)		04/17/13		79,498,660
	19,480,000			0.253	(a)		04/26/13		19,481,821
	100,000,000			0.179	(a)		07/08/13		99,996,407
	250,000,000			0.112	(a)		09/13/13		249,979,080
	15,000,000			0.202	(a)		12/16/13		15,003,697
	1,100,000			5.330			12/18/13		1,145,333
	1,800,000			3.750			02/05/14		1,859,443
	35,000,000			0.177	(a)		07/01/14		34,995,453
	100,000,000			0.280	(a)		07/09/14		100,027,504
	18,100,000			0.172	(a)		07/25/14		18,092,789
	124,000,000			0.280	(a)		07/30/14		124,035,555
	20,000,000			0.172	(a)		08/01/14		19,994,313
	8,000,000			0.213	(a)		08/27/14		8,002,466
	70,000,000			0.180	(a)		09/04/14		69,981,261
	10,000,000			0.212	(a)		10/24/14		10,001,694
	Federal Home Loan Bank
	428,800,000			0.050			03/01/13		428,800,000
	300,000,000			0.100			03/01/13		300,000,000
	100,000,000			0.110			03/01/13		100,000,000
	19,190,000			0.125			03/01/13		19,190,000
	26,600,000			0.290			03/01/13		26,600,000
	1,400,000			0.300			03/04/13		1,400,000
	21,500,000			0.090			03/06/13		21,499,731
	48,000,000			0.200			03/06/13		47,999,782
	66,598,000			0.060			03/08/13		66,597,223
	397,000,000			0.100			03/13/13		396,986,767
	37,000,000			0.100			03/15/13		36,998,561
	461,000,000			0.120			03/15/13		460,978,487
	25,265,000			1.625			03/20/13		25,283,285
	483,999,000			0.120			03/22/13		483,965,120
	250,000,000			0.124			03/22/13		249,981,917
	37,944,000	��		0.105			03/27/13		37,941,123
	976,500,000			0.100	(b)		04/01/13		976,415,912
	168,329,000			0.120			04/10/13		168,306,556
	5,000,000			0.145	(a)		04/12/13		5,000,258
	173,500,000			0.160			04/18/13		173,502,297
	32,600,000			0.210			05/17/13		32,597,048
	33,500,000			0.200			05/22/13		33,496,019
	225,000,000			0.132	(a)		05/23/13		224,985,060
	19,800,000			0.230			05/23/13		19,798,952
	1,685,000			0.230			05/24/13		1,684,890
	113,800,000			0.154	(a)		05/28/13		113,797,139
	51,000,000			0.230			05/29/13		50,997,106
	355,000,000			0.160			06/05/13		354,989,530
	20,000,000			0.200			06/07/13		20,003,135
	13,500,000			0.230			06/07/13		13,499,157
	20,100,000			0.350			06/10/13		20,105,333
	2,500,000			1.750			06/10/13		2,511,204
	33,500,000			0.230			06/12/13		33,497,800
	1,060,000			1.625			06/14/13		1,064,174
	2,370,000			3.750			06/14/13		2,393,794
	206,000,000			0.125			06/18/13		205,989,785
	U.S. Government Agency Obligations – (continued)
	Federal Home Loan Bank – (continued)
$	350,000,000			0.142	%(a)		06/18/13	$	349,994,511
	33,500,000			0.230			06/18/13		33,497,642
	9,275,000			0.400			06/19/13		9,279,066
	46,400,000			0.250			06/20/13		46,398,967
	39,900,000			0.420			06/21/13		39,920,292
	102,315,000			1.875			06/21/13		102,842,968
	28,000,000			0.240			06/27/13		27,996,922
	29,500,000			0.125			06/28/13		29,486,711
	56,700,000			0.240			06/28/13		56,697,141
	23,350,000			0.330			07/01/13		23,355,244
	6,000,000			0.250			07/02/13		5,999,729
	100,000,000			0.139	(a)		07/08/13		99,982,099
	125,000,000			0.140			07/08/13		124,992,941
	6,475,000			0.350			07/11/13		6,477,260
	144,100,000			0.120			07/18/13		144,094,072
	50,000,000			0.120			08/13/13		49,996,985
	210,000,000			0.164	(a)		08/28/13		209,989,562
	32,810,000			0.500			08/28/13		32,853,190
	300,000,000			0.150	(b)		09/11/13		299,979,684
	3,070,000			1.000			09/13/13		3,082,863
	7,690,000			2.625			09/13/13		7,787,548
	13,065,000			4.500			09/16/13		13,366,990
	13,400,000			0.210			10/10/13		13,399,564
	4,400,000			0.300			10/18/13		4,402,288
	2,000,000			0.375			10/18/13		2,001,988
	39,445,000			3.625			10/18/13		40,292,568
	75,000,000			0.170			12/24/13		74,989,548
	81,040,000			0.180			01/02/14		81,041,767
	7,000,000			0.180			01/03/14		6,998,661
	20,000,000			0.330			01/17/14		20,022,340
	15,000,000			0.300			01/23/14		15,013,035
	56,725,000			0.375			01/29/14		56,822,344
	350,000,000			0.144	(a)		02/28/14		349,965,438
	90,000,000			0.172	(a)		06/24/14		89,963,867
	15,000,000			0.173	(a)		06/26/14		14,996,473
	96,000,000			0.183	(a)		06/27/14		95,980,549
	66,000,000			0.181	(a)		08/15/14		65,980,388
	TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS							$	8,853,092,092
	U.S. Treasury Obligations – 28.6%
	United States Treasury Bills
$	815,000,000			0.065	%		03/07/13	$	814,991,171
	210,000,000			0.080			03/14/13		209,993,933
	200,000,000			0.105			03/21/13		199,988,333
	450,000,000			0.115			03/21/13		449,971,250
	300,000,000			0.110			03/28/13		299,975,250
	United States Treasury Notes
	436,000,000			1.375			03/15/13		436,213,009
	45,000,000			3.625			05/15/13		45,328,424
	5,000,000			0.375			06/30/13		5,002,170
	180,000,000			3.375			06/30/13		181,865,135
	153,000,000			1.000			07/15/13		153,431,814
	21,800,000			0.125			09/30/13		21,789,634

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

FINANCIAL SQUARE FEDERAL FUND

Schedule of Investments (continued)

February 28, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	U.S. Treasury Obligations – (continued)
	United States Treasury Notes – (continued)
$	19,100,000		3.125	%		09/30/13	$	19,424,834
	79,400,000		0.500			10/15/13		79,544,795
	150,000,000		0.250			10/31/13		150,107,495
	35,000,000		0.500			11/15/13		35,070,637
	47,000,000		4.000			02/15/14		48,723,634
	TOTAL U.S. TREASURY OBLIGATIONS						$	3,151,421,518
	TOTAL INVESTMENTS – 108.8%						$	12,004,513,610
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (8.8)%							(973,193,620	)
	NET ASSETS – 100.0%						$	11,031,319,990

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 28, 2013.
(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.

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

FINANCIAL SQUARE GOVERNMENT FUND

Schedule of Investments

February 28, 2013 (Unaudited)

Amount Principal		Interest Rate			Maturity Date		Amortized Cost
	U.S. Government Agency Obligations – 35.8%
	Federal Farm Credit Bank
$	35,000,000		0.172	%(a)		03/18/13	$	34,999,846
	100,000,000		0.149	(a)		04/09/13		99,997,886
	35,000,000		0.172	(a)		04/17/13		34,999,889
	40,000,000		0.177	(a)		07/01/14		39,994,803
	38,100,000		0.172	(a)		07/25/14		38,086,617
	26,000,000		0.280	(a)		07/30/14		26,007,455
	24,000,000		0.172	(a)		08/01/14		23,993,175
	180,000,000		0.180	(a)		09/04/14		179,951,813
	Federal Home Loan Bank
	40,240,000		0.125			03/01/13		40,240,000
	64,890,000		0.290			03/01/13		64,890,000
	3,300,000		0.300			03/04/13		3,300,000
	22,000,000		0.125			03/05/13		21,999,740
	100,000,000		0.200			03/06/13		99,999,547
	53,100,000		1.625			03/20/13		53,138,430
	250,000,000		0.240			04/16/13		249,995,814
	272,160,000		0.200			04/30/13		272,138,400
	100,000,000		0.300			05/07/13		100,008,549
	80,860,000		0.210			05/17/13		80,852,679
	83,100,000		0.200			05/22/13		83,090,124
	49,100,000		0.230			05/23/13		49,097,402
	4,100,000		0.230			05/24/13		4,099,733
	125,000,000		0.230			05/29/13		124,992,908
	33,200,000		0.230			06/07/13		33,197,926
	49,900,000		0.350			06/10/13		49,913,239
	83,100,000		0.230			06/12/13		83,094,544
	22,380,000		1.625			06/14/13		22,467,381
	83,100,000		0.230			06/18/13		83,094,151
	121,500,000		0.250			06/20/13		121,497,294
	96,200,000		0.420			06/21/13		96,248,925
	47,055,000		1.875			06/21/13		47,287,939
	75,925,000		0.240			06/27/13		75,916,654
	77,600,000		0.125			06/28/13		77,565,044
	146,900,000		0.240			06/28/13		146,892,596
	90,000,000		0.250			07/02/13		89,992,009
	92,460,000		0.250			07/05/13		92,455,704
	19,000,000		0.139	(a)		07/08/13		18,996,599
	65,540,000		0.350			07/09/13		65,560,154
	22,720,000		0.350			07/11/13		22,727,697
	40,000,000		0.141	(a)		07/15/13		39,992,451
	35,005,000		0.280			08/13/13		35,007,547
	40,020,000		0.250			09/06/13		40,022,923
	13,100,000		4.000			09/06/13		13,355,898
	263,750,000		0.150	(b)		09/11/13		263,732,139
	14,160,000		5.250			09/13/13		14,538,539
	9,330,000		4.500			09/16/13		9,547,357
	18,800,000		0.125			09/24/13		18,790,104
	12,000,000		0.125			09/25/13		11,993,298
	700,000,000		0.173	(a)		09/27/13		700,000,000
	2,000,000		2.000			09/30/13		2,020,767
	68,600,000		0.210			10/01/13		68,594,808
	37,500,000		0.210			10/10/13		37,498,780
	12,240,000		0.300			10/18/13		12,246,364
	16,255,000		0.375			10/18/13		16,270,268
	84,625,000		3.625			10/18/13		86,442,124
	20,535,000		0.290			11/14/13		20,543,899
	U.S. Government Agency Obligations – (continued)
	Federal Home Loan Bank – (continued)
$	26,100,000		0.300	%		11/22/13	$	26,113,586
	135,855,000		0.375			11/27/13		135,998,208
	24,100,000		0.320			11/29/13		24,115,693
	39,000,000		0.125			12/10/13		38,974,841
	83,000,000		0.500			12/13/13		83,193,749
	22,760,000		0.320			12/18/13		22,781,341
	30,840,000		0.180			01/02/14		30,839,341
	26,000,000		0.180			01/03/14		25,995,028
	623,125,000		0.180			01/07/14		623,042,988
	185,000,000		0.330			01/17/14		185,206,643
	21,765,000		0.270			01/23/14		21,778,065
	36,060,000		0.300			01/23/14		36,091,336
	33,665,000		0.375			01/29/14		33,724,337
	340,000,000		0.144	(a)		02/28/14		339,966,425
	700,000,000		0.172	(a)		06/24/14		699,718,964
	31,000,000		0.173	(a)		06/26/14		30,992,711
	767,500,000		0.183	(a)		06/27/14		767,344,495
	188,000,000		0.181	(a)		08/15/14		187,944,135
	Federal Home Loan Mortgage Corporation
	240,000,000		0.162	(a)		03/21/13		239,996,033
	31,153,000		0.750			03/28/13		31,164,903
	7,070,000		4.000			06/12/13		7,144,308
	39,050,000		0.152	(a)		06/17/13		39,046,237
	20,746,000		4.125			09/27/13		21,210,987
	60,375,000		0.375			10/15/13		60,431,630
	7,674,000		0.500			10/15/13		7,687,040
	45,804,000		0.875			10/28/13		46,000,701
	149,525,000		0.375			10/30/13		149,680,098
	300,000,000		0.170	(a)		11/04/13		299,938,241
	5,405,000		0.375			11/27/13		5,410,684
	215,000,000		0.625			12/23/13		215,784,539
	28,227,000		0.450			01/09/14		28,286,790
	123,793,000		4.500			01/15/14		128,452,134
	Federal National Mortgage Association
	204,808,000		4.375			03/15/13		205,133,518
	350,000,000		0.200	(a)		05/17/13		349,977,225
	9,465,000		1.500			06/26/13		9,502,708
	9,490,000		4.375			07/17/13		9,636,405
	134,388,000		0.500			08/09/13		134,527,589
	9,292,000		1.125			09/17/13		9,337,952
	17,120,000		1.000			09/23/13		17,192,363
	2,250,000		1.125			09/30/13		2,261,891
	150,000,000		0.160	(a)		10/03/13		149,964,014
	222,467,000		4.625			10/15/13		228,566,396
	4,250,000		1.050			10/22/13		4,272,599
	397,000,000		0.160			10/25/13		396,580,062
	300,000,000		0.171	(a)		11/14/13		299,936,057
	5,000,000		0.800			11/18/13		5,020,437
	6,231,000		0.750			12/18/13		6,258,770
	25,000,000		2.750			03/13/14		25,660,974
	42,557,000		0.181	(a)		06/20/14		42,553,862
	400,000,000		0.179	(a)		09/11/14		399,876,064
	600,000,000		0.173	(a)		02/27/15		599,699,081
	TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS						$	11,733,394,110

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

FINANCIAL SQUARE GOVERNMENT FUND

Schedule of Investments (continued)

February 28, 2013 (Unaudited)

Amount Principal		Interest Rate			Maturity Date		Amortized Cost
	U.S. Treasury Obligations – 3.6%
	United States Treasury Notes
$	200,000,000		1.375	%		03/15/13	$	200,089,382
	12,000,000		0.375			06/30/13		12,005,208
	138,000,000		3.375			06/30/13		139,429,874
	76,000,000		1.000			07/15/13		76,211,063
	211,200,000		0.125			09/30/13		211,104,513
	203,400,000		3.125			09/30/13		206,857,611
	74,000,000		0.500			11/15/13		74,149,346
	135,000,000		4.250			11/15/13		138,854,828
	115,000,000		2.000			11/30/13		116,530,071
	TOTAL U.S. TREASURY OBLIGATIONS						$	1,175,231,896
	TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS						$	12,908,626,006
	Repurchase Agreements(c) – 61.3%
	Bank of America, N.A.
$	600,000,000		0.170	%		03/01/13	$	600,000,000
	Maturity Value: $600,002,833
	Collateralized by Federal Home Loan Mortgage Corp., 5.500%, due 03/01/40, Federal National Mortgage Association, 5.000% to 5.500%, due 06/01/33 to 10/01/33 and Government National Mortgage Association, 4.000% to 5.500%, due 12/20/39 to 04/15/40. The aggregate market value of the collateral, including accrued interest, was $617,999,999.
	Bank of Nova Scotia (The)
	250,000,000		0.210	(a)(d)		03/07/13		250,000,000
	Maturity Value: $250,262,499
	Settlement Date: 09/13/12
	Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 5.000%, due 08/01/26 to 12/01/42 and Federal National Mortgage Association, 2.500% to 5.000%, due 02/01/28 to 12/01/42. The aggregate market value of the collateral, including accrued interest, was $258,498,737.
	500,000,000		0.220	(a)(d)		03/07/13		500,000,000
	Maturity Value: $500,549,999
	Settlement Date: 10/12/12
	Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 5.500%, due 09/01/25 to 12/01/42 and Federal National Mortgage Association, 2.500% to 5.500%, due 03/01/26 to 12/01/42. The aggregate market value of the collateral, including accrued interest, was $517,416,580.
	350,000,000		0.230	(a)(d)		03/07/13		350,000,000
	Maturity Value: $350,402,501
	Settlement Date: 11/16/12
	Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 5.000%, due 12/01/26 to 12/01/42 and Federal National Mortgage Association, 2.500% to 5.500%, due 05/01/26 to 12/01/42. The aggregate market value of the collateral, including accrued interest, was $362,064,934.
	Repurchase Agreements(c) – (continued)
	Bank of Nova Scotia (The) – (continued)
$	500,000,000		0.200	%(a)(d)		03/07/13	$	500,000,000
	Maturity Value: $501,013,897
	Settlement Date: 02/27/13
	Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 3.500%, due 04/01/42 to 02/01/43, Federal National Mortgage Association, 3.000% to 6.000%, due 05/01/26 to 02/01/43 and Government National Mortgage Association, 5.000%, due 02/15/39. The aggregate market value of the collateral, including accrued interest, was $515,005,723.
	BNP Paribas Securities Corp.
	1,250,000,000		0.130	(a)(d)		03/01/13		1,250,000,000
	Maturity Value: $1,250,126,389
	Settlement Date: 02/01/13
	Collateralized by Government National Mortgage Association, 2.500% to 5.000%, due 04/20/27 to 02/20/43. The aggregate market value of the collateral, including accrued interest, was $1,275,000,000.
	550,000,000		0.210	(a)		03/08/13		550,000,000
	Maturity Value: $550,885,495
	Settlement Date: 06/05/12
	Collateralized by Federal Home Loan Mortgage Corp., 3.000%, due 01/01/43, Federal National Mortgage Association, 3.500%, due 08/01/42 to 11/01/42 and Government National Mortgage Association, 3.500%, due 12/20/42. The aggregate market value of the collateral, including accrued interest, was $561,000,000.
	250,000,000		0.220	(a)(d)		03/11/13		250,000,000
	Maturity Value: $250,276,527
	Settlement Date: 09/11/12
	Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 3.500%, due 12/01/27 to 08/01/42 and Federal National Mortgage Association, 2.500% to 6.000%, due 07/01/27 to 02/01/43. The aggregate market value of the collateral, including accrued interest, was $255,000,003.
	525,000,000		0.230	(a)(d)		03/07/13		525,000,000
	Maturity Value: $525,610,459
	Settlement Date: 09/10/12
	Collateralized by Federal Home Loan Mortgage Corp., 3.000%, due 02/01/43, Federal National Mortgage Association, 3.500%, due 11/01/42 and Government National Mortgage Association, 3.000% to 4.000%, due 01/20/42 to 02/20/43. The aggregate market value of the collateral, including accrued interest, was $535,500,001.
	500,000,000		0.210	(a)		03/15/13		500,000,000
	Maturity Value: $500,825,412
	Settlement Date: 06/05/12
	Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 4.000%, due 11/01/31 to 03/01/43, Federal National Mortgage Association, 4.000%, due 03/01/42 and Government National Mortgage Association, 4.000% to 6.000%, due 05/15/40 to 02/20/42. The aggregate market value of the collateral, including accrued interest, was $510,000,001.

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

FINANCIAL SQUARE GOVERNMENT FUND

Amount Principal		Interest Rate			Maturity Date		Amortized Cost
	Repurchase Agreements(c) – (continued)
	BNP Paribas Securities Corp. – (continued)
$	250,000,000		0.240	%(a)(d)		03/07/13	$	250,000,000
	Maturity Value: $250,300,002
	Settlement Date: 10/17/12
	Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 4.000%, due 08/01/42 to 12/01/42, Federal National Mortgage Association, 3.000% to 6.000%, due 01/01/39 to 02/01/43 and Government National Mortgage Association, 3.500%, due 10/20/42. The aggregate market value of the collateral, including accrued interest, was $255,000,001.
	350,000,000		0.150	(a)(d)		03/07/13		350,000,000
	Maturity Value: $350,263,960
	Settlement Date: 02/01/13
	Collateralized by Federal Home Loan Mortgage Corp., 3.500% to 5.500%, due 10/01/26 to 08/01/42 and Federal National Mortgage Association, 4.000% to 5.500%, due 12/01/31 to 07/01/39. The aggregate market value of the collateral, including accrued interest, was $357,000,001.
	Citibank, N.A.
	1,500,000,000		0.150			03/06/13		1,500,000,000
	Maturity Value: $1,500,043,750
	Settlement Date: 02/27/13
	Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 8.500%, due 03/01/13 to 01/01/43 and Federal National Mortgage Association, 2.500% to 11.000%, due 03/01/13 to 09/01/50. The aggregate market value of the collateral, including accrued interest, was $1,530,000,016.
	Citigroup Global Markets Inc.
	1,336,100,000		0.200			03/01/13		1,336,100,000
	Maturity Value: $1,336,107,423
	Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 6.000%, due 07/01/19 to 01/01/43 and Federal National Mortgage Association, 2.000% to 6.500%, due 02/01/21 to 02/01/43. The aggregate market value of the collateral, including accrued interest, was $1,362,822,002.
	Credit Agricole Corporate and Investment Bank
	1,500,000,000		0.200	(a)(d)		03/07/13		1,500,000,000
	Maturity Value: $1,501,016,675
	Settlement Date: 02/15/13
	Collateralized by Federal Home Loan Mortgage Corp., 4.000% to 4.500%, due 02/01/40 to 05/01/42 and Federal National Mortgage Association, 2.500% to 5.500%, due 03/01/26 to 01/01/43. The aggregate market value of the collateral, including accrued interest, was $1,545,000,002.
	Credit Suisse Securities (USA) LLC
	1,100,000,000		0.250			04/03/13		1,100,000,000
	Maturity Value: $1,100,924,306
	Settlement Date: 12/03/12
	Collateralized by Federal National Mortgage Association, 2.500% to 7.500%, due 12/01/15 to 03/01/43. The aggregate market value of the collateral, including accrued interest, was $1,122,000,895.
	250,000,000		0.230			05/01/13		250,000,000
	Maturity Value: $250,186,875
	Settlement Date: 01/04/13
	Collateralized by Federal National Mortgage Association, 2.500% to 7.500%, due 11/01/22 to 02/01/43. The aggregate market value of the collateral, including accrued interest, was $255,004,227.
	Repurchase Agreements(c) – (continued)
	Credit Suisse Securities (USA) LLC – (continued)
$	500,000,000		0.200	%		05/31/13	$	500,000,000
	Maturity Value: $500,294,444
	Settlement Date: 02/14/13
	Collateralized by Federal National Mortgage Association, 2.500% to 7.500%, due 04/01/18 to 02/01/43. The aggregate market value of the collateral, including accrued interest, was $510,003,757.
	Deutsche Bank Securities, Inc
	1,000,000,000		0.250			03/15/13		1,000,000,000
	Maturity Value: $1,000,840,278
	Settlement Date: 11/14/12
	Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 6.500%, due 01/01/26 to 01/01/43, Federal National Mortgage Association, 2.500% to 7.000%, due 01/01/25 to 02/01/43 and Government National Mortgage Association, 3.000% to 7.000%, due 08/15/18 to 07/15/41. The aggregate market value of the collateral, including accrued interest, was $1,029,999,999.
	100,000,000		0.240			03/18/13		100,000,000
	Maturity Value: $100,079,333
	Settlement Date: 11/19/12
	Collateralized by Federal Home Loan Mortgage Corp., 3.500%, due 02/01/43 and Federal National Mortgage Association, 3.000% to 4.500%, due 10/01/25 to 02/01/43. The aggregate market value of the collateral, including accrued interest, was $103,269,504.
	ING Financial Markets LLC
	50,000,000		0.160			03/01/13		50,000,000
	Maturity Value: $50,000,222
	Collateralized by Federal Home Loan Mortgage Corp., 0.500% to 2.375%, due 04/17/15 to 01/13/22. The aggregate market value of the collateral, including accrued interest, was $51,005,001.
	350,000,000		0.270	(a)(d)		03/07/13		350,000,000
	Maturity Value: $350,469,875
	Settlement Date: 10/15/12
	Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 7.500%, due 06/01/26 to 01/01/43, Federal National Mortgage Association, 3.000% to 6.000%, due 08/01/26 to 11/01/50 and U.S. Treasury Interest-Only Stripped Security, 0.000%, due 05/15/27. The aggregate market value of the collateral, including accrued interest, was $357,000,061.
	500,000,000		0.270	(a)(d)		03/07/13		500,000,000
	Maturity Value: $500,675,000
	Settlement Date: 11/15/12
	Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 6.000%, due 12/01/24 to 01/01/43 and Federal National Mortgage Association, 3.000% to 6.000%, due 08/01/27 to 01/01/43. The aggregate market value of the collateral, including accrued interest, was $510,000,050.
	1,100,000,000		0.190	(a)(d)		03/07/13		1,100,000,000
	Maturity Value: $1,101,608,146
	Collateralized by Federal National Mortgage Association, 2.500% to 7.000%, due 02/01/23 to 08/01/48. The aggregate market value of the collateral, including accrued interest, was $1,122,003,823.

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

FINANCIAL SQUARE GOVERNMENT FUND

Schedule of Investments (continued)

February 28, 2013 (Unaudited)

Amount Principal		Interest Rate			Maturity Date		Amortized Cost
	Repurchase Agreements(c) – (continued)
	Joint Repurchase Agreement Account I
$	1,698,300,000		0.166	%		03/01/13	$	1,698,300,000
	Maturity Value: $1,698,307,837
	Joint Repurchase Agreement Account III
	340,000,000		0.184			03/01/13		340,000,000
	Maturity Value: $340,001,737
	JPMorgan Securities LLC
	500,000,000		0.200	(a)(d)		03/07/13		500,000,000
	Maturity Value: $500,252,780
	Settlement Date: 12/10/12
	Collateralized by Federal National Mortgage Association, 2.000% to 11.500%, due 11/01/13 to 01/01/53. The aggregate market value of the collateral, including accrued interest, was $510,003,351.
	RBC Capital Markets LLC
	700,000,000		0.190			03/01/13		700,000,000
	Maturity Value: $700,003,694
	Collateralized by Federal Home Loan Mortgage Corp., 3.500%, due 09/01/42 and Federal National Mortgage Association, 4.000%, due 01/01/42 to 06/01/42. The aggregate market value of the collateral, including accrued interest, was $714,000,001.
	250,000,000		0.190	(a)(d)(e)		03/07/13		250,000,000
	Maturity Value: $250,116,112
	Settlement Date: 01/04/13
	Collateralized by Federal National Mortgage Association, 3.000% to 5.000%, due 02/01/28 to 02/01/43. The aggregate market value of the collateral, including accrued interest, was $255,864,647.
	Societe Generale
	500,000,000		0.170			03/01/13		500,000,000
	Maturity Value: $500,002,361
	Collateralized by Federal Farm Credit Bank, 0.230% to 0.550%, due 07/30/13 to 07/09/15, Federal Home Loan Bank, 0.280% to 1.000%, due 08/13/13 to 10/23/17, Federal Home Loan Mortgage Corp., 0.500% to 4.750%, due 11/27/15 to 01/13/22 and Federal National Mortgage Association, 0.550% to 1.000%, due 12/18/13 to 02/08/18. The aggregate market value of the collateral, including accrued interest, was $510,000,128.
	500,000,000		0.170			03/01/13		500,000,000
	Maturity Value: $500,002,361
	Collateralized by Government National Mortgage Association, 2.500% to 6.000%, due 10/15/32 to 01/20/43. The aggregate market value of the collateral, including accrued interest, was $515,000,000.
	TD Securities (USA) LLC
	200,000,000		0.170			03/01/13		200,000,000
	Maturity Value: $200,000,944
	Collateralized by Federal Farm Credit Bank, 0.180% to 5.200%, due 04/15/13 to 01/17/20, Federal Home Loan Bank, 0.120% to 5.500%, due 03/08/13 to 12/09/22 and Federal Home Loan Mortgage Corp., 0.000% to 6.750%, due 06/17/13 to 09/15/29. The aggregate market value of the collateral, including accrued interest, was $204,000,005.
	Repurchase Agreements(c) – (continued)
	UBS Securities LLC
$	50,000,000		0.150	%		03/01/13	$	50,000,000
	Maturity Value: $50,000,208
	Collateralized by U.S. Treasury Inflation-Indexed Bond, 0.750%, due 02/15/42 and U.S. Treasury Note, 0.625%, due 11/30/17. The aggregate market value of the collateral, including accrued interest, was $51,000,012.
	Wells Fargo Securities LLC
	200,000,000		0.200			03/01/13		200,000,000
	Maturity Value: $200,001,111
	Collateralized by Federal Farm Credit Bank, 0.270%, due 02/24/15 and U.S. Treasury Note, 0.250% to 2.625%, due 10/31/13 to 02/15/15. The aggregate market value of the collateral, including accrued interest, was $204,000,030.
	TOTAL REPURCHASE AGREEMENTS						$	20,099,400,000
	TOTAL INVESTMENTS – 100.7%						$	33,008,026,006
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.7)%							(239,604,540	)
	NET ASSETS – 100.0%						$	32,768,421,466

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 28, 2013.
(b)	All or a portion represents a forward commitment.
(c)	Unless noted, all repurchase agreements were entered into on February 28, 2013. Additional information on Joint Repurchase Agreement Account I & III appears on pages 53-55.
(d)	The instrument is subject to a demand feature.
(e)	Security has been determined to be illiquid by the Investment Adviser. At February 28, 2013, these securities amounted to $250,000,000 or approximately 0.8% 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.

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

FINANCIAL SQUARE MONEY MARKET FUND

Schedule of Investments

February 28, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Commercial Paper and Corporate Obligations – 15.8%
	ABN Amro Funding (USA) LLC
$	125,000,000		0.401	%		03/01/13	$	125,000,000
	75,000,000		0.300			06/03/13		74,941,250
	140,000,000		0.300			06/04/13		139,889,167
	40,000,000		0.300			06/19/13		39,963,333
	Aspen Funding Corp.
	20,000,000		0.270			05/06/13		19,990,100
	125,000,000		0.260			05/09/13		124,937,708
	Atlantic Asset Securitization LLC
	19,000,000		0.220			03/18/13		18,998,026
	95,000,000		0.220			03/19/13		94,989,550
	42,000,000		0.240			03/25/13		41,993,280
	100,000,000		0.250			03/25/13		99,983,333
	150,000,000		0.430	(a)		04/04/13		150,000,000
	Atlantis One Funding Corp.
	150,000,000		0.200			03/01/13		150,000,000
	30,000,000		0.210			03/18/13		29,997,025
	350,000,000		0.472			06/17/13		349,506,500
	250,000,000		0.401			07/25/13		249,594,444
	Bank of China Ltd.
	45,000,000		0.571			03/18/13		44,987,888
	100,000,000		0.411			08/21/13		99,802,972
	Chariot Funding LLC
	75,000,000		0.270			08/21/13		74,902,688
	Gemini Securitization Corp. LLC
	19,500,000		0.250			05/01/13		19,491,740
	220,000,000		0.250			05/06/13		219,899,167
	45,000,000		0.260			05/20/13		44,974,000
	110,000,000		0.260			05/29/13		109,929,294
	Hannover Funding Co. LLC
	50,000,000		0.250			03/13/13		49,995,833
	75,000,000		0.260			03/18/13		74,990,792
	50,000,000		0.270			04/16/13		49,982,750
	75,000,000		0.270			04/29/13		74,966,813
	Jupiter Securitization Co. LLC
	25,000,000		0.321			05/09/13		24,984,667
	75,000,000		0.321			06/11/13		74,932,000
	100,000,000		0.321			06/12/13		99,908,444
	25,000,000		0.321			06/25/13		24,974,222
	50,000,000		0.270			08/08/13		49,940,000
	75,000,000		0.270			08/20/13		74,903,250
	Kells Funding LLC
	111,000,000		0.300			07/01/13		110,887,150
	60,000,000		0.321			08/13/13		59,912,000
	150,000,000		0.260			08/27/13		149,806,083
	100,000,000		0.260	(b)		08/28/13		99,870,000
	LMA Americas LLC
	100,000,000		0.230			03/07/13		99,996,167
	100,000,000		0.220			03/18/13		99,989,611
	60,000,000		0.240			04/02/13		59,987,200
	Newport Funding Corp.
	105,086,000		0.270			05/21/13		105,022,160
	50,040,000		0.260			05/29/13		50,007,836
	Regency Markets No. 1 LLC
	100,000,000		0.190			03/20/13		99,989,972
	Commercial Paper and Corporate Obligations – (continued)
	Royal Park Investments Funding Corp.
$	40,000,000		0.451	%		04/09/13	$	39,980,500
	60,000,000		0.350			04/16/13		59,973,167
	75,000,000		1.005			04/17/13		74,902,083
	50,000,000		0.350			04/24/13		49,973,750
	71,000,000		0.350			04/29/13		70,959,274
	74,000,000		0.270			05/22/13		73,954,490
	29,900,000		0.270			05/30/13		29,879,818
	Versailles Commercial Paper LLC
	150,000,000		0.220			03/26/13		149,977,083
	TOTAL COMMERCIAL PAPER AND CORPORATE OBLIGATIONS						$	4,408,418,580
	Certificates of Deposit-Eurodollar – 2.6%
	Bank of Tokyo-Mitsubishi UFJ Ltd.
$	100,000,000		0.240	%		03/18/13	$	99,988,671
	75,000,000		0.240			03/22/13		74,989,504
	90,000,000		0.240			04/02/13		89,980,808
	Landesbank Hessen-Thueringen Girozentrale
	300,000,000		0.310			04/08/13		300,001,582
	Mizuho Corporate Bank Ltd.
	70,000,000		0.270			05/01/13		69,967,996
	Sumitomo Mitsui Trust Bank Ltd.
	100,000,000		0.295			04/11/13		99,966,428
	TOTAL CERTIFICATES OF DEPOSIT-EURODOLLAR						$	734,894,989
	Certificates of Deposit-Yankeedollar – 11.8%
	Bank of China Ltd.
$	75,000,000		0.420	%		03/01/13	$	75,000,000
	75,000,000		0.630			03/19/13		75,000,000
	75,000,000		0.620			05/28/13		75,000,000
	BNP Paribas Securities Corp.
	420,000,000		0.310			03/15/13		420,000,000
	Industrial & Commercial Bank of China Ltd.
	50,000,000		0.340			06/03/13		50,000,638
	100,000,000		0.350			06/03/13		100,001,304
	Mitsubishi UFJ Trust & Banking Corp.
	375,000,000		0.260			06/03/13		375,000,000
	Mizuho Corporate Bank Ltd.
	200,000,000		0.280			04/01/13		200,000,000
	195,000,000		0.260			04/08/13		195,000,000
	Norinchukin Bank
	85,000,000		0.490			03/01/13		85,000,000
	450,000,000		0.290			03/07/13		450,000,000
	Societe Generale
	343,000,000		0.230			03/07/13		343,000,000
	Standard Chartered Bank
	172,000,000		0.300			05/03/13		172,000,000
	172,000,000		0.300			05/10/13		172,000,000

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

FINANCIAL SQUARE MONEY MARKET FUND

Schedule of Investments (continued)

February 28, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Certificates of Deposit-Yankeedollar – (continued)
	Sumitomo Mitsui Trust Bank Ltd.
$	150,000,000		0.250	%		04/10/13	$	150,000,000
	300,000,000		0.260			04/12/13		300,000,000
	50,000,000		0.380			04/22/13		50,005,038
	TOTAL CERTIFICATES OF DEPOSIT-YANKEEDOLLAR						$	3,287,006,980
	Time Deposits – 6.6%
	Credit Industriel et Commercial
$	850,000,000		0.180	%		03/01/13	$	850,000,000
	National Bank of Kuwait
	300,000,000		0.190			03/01/13		300,000,000
	Standard Chartered Bank
	700,000,000		0.180			03/01/13		700,000,000
	TOTAL TIME DEPOSITS						$	1,850,000,000
	U.S. Government Agency Obligations – 11.8%
	Federal Home Loan Bank
$	29,770,000		0.125	%		03/01/13	$	29,770,000
	48,200,000		0.290			03/01/13		48,200,000
	2,400,000		0.300			03/04/13		2,400,000
	39,250,000		1.625			03/20/13		39,278,406
	58,600,000		0.210			05/17/13		58,594,695
	60,300,000		0.200			05/22/13		60,292,834
	35,600,000		0.230			05/23/13		35,598,116
	2,990,000		0.230			05/24/13		2,989,805
	74,000,000		0.240			05/24/13		73,997,748
	90,000,000		0.230			05/29/13		89,994,894
	81,000,000		0.240			06/06/13		80,997,137
	24,100,000		0.230			06/07/13		24,098,494
	36,200,000		0.350			06/10/13		36,209,604
	60,300,000		0.230			06/12/13		60,296,041
	15,460,000		1.625			06/14/13		15,520,362
	60,350,000		0.230			06/18/13		60,345,753
	65,400,000		0.420			06/21/13		65,433,261
	23,500,000		1.875			06/21/13		23,616,427
	47,500,000		0.240			06/27/13		47,494,779
	52,900,000		0.125			06/28/13		52,876,170
	37,000,000		0.240			06/28/13		36,998,397
	9,700,000		0.250			07/02/13		9,699,562
	63,860,000		0.250			07/05/13		63,857,033
	15,000,000		0.139	(a)		07/08/13		14,997,315
	45,270,000		0.350			07/09/13		45,283,921
	30,000,000		0.141	(a)		07/15/13		29,994,338
	197,900,000		0.220			08/08/13		197,861,987
	8,350,000		0.125			09/25/13		8,345,337
	69,200,000		0.210			10/01/13		69,194,762
	14,400,000		3.625			10/18/13		14,709,321
	97,000,000		0.210			10/24/13		96,998,237
	116,000,000		0.181	(a)		08/15/14		115,965,530
	U.S. Government Agency Obligations – (continued)
	Federal Home Loan Mortgage Corporation
$	468,000,000		0.150	%(a)		05/03/13	$	467,967,293
	196,750,000		0.148	(a)		05/06/13		196,735,675
	211,000,000		0.150	(a)		06/03/13		210,978,034
	4,880,000		4.000			06/12/13		4,931,290
	200,000,000		0.152	(a)		06/17/13		199,967,110
	14,300,000		0.375			10/15/13		14,313,126
	5,900,000		0.500			10/15/13		5,910,025
	1,500,000		0.875			10/28/13		1,506,407
	Federal National Mortgage Association
	17,600,000		4.375			03/15/13		17,627,922
	61,290,000		0.500			08/09/13		61,351,707
	2,800,000		1.000			09/23/13		2,812,257
	5,100,000		1.125			10/08/13		5,127,820
	23,100,000		4.625			10/15/13		23,733,794
	347,750,000		0.160			10/25/13		347,382,158
	Overseas Private Investment Corp. (USA)
	43,500,000		0.160	(a)		03/07/13		43,500,000
	86,000,000		0.170	(a)		03/07/13		86,000,000
	TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS						$	3,301,754,884
	U.S. Treasury Obligations – 0.5%
	United States Treasury Notes
$	63,000,000		1.000	%		07/15/13	$	63,174,960
	42,500,000		0.125			09/30/13		42,479,792
	37,500,000		3.125			09/30/13		38,137,763
	TOTAL U.S. TREASURY OBLIGATIONS						$	143,792,515
	Variable Rate Municipal Debt Obligations(a) – 1.7%
	Alaska Housing Finance Corp. VRDN RB Taxable General Series 2012 B
$	25,000,000		0.150	%		03/07/13	$	25,000,000
	BlackRock Municipal Bond Trust VRDN Putters Series 2012-T0014 (JPMorgan Chase Bank N.A., LIQ)(c)
	19,375,000		0.180			03/01/13		19,375,000
	BlackRock MuniVest Fund, Inc. VRDN RB Putters Series 2012-T0005 (JPMorgan Chase Bank N.A., LIQ)(c)
	33,000,000		0.180			03/01/13		33,000,000
	BlackRock MuniVest Fund, Inc. VRDN RB Putters Series 2012-T0007 (JPMorgan Chase Bank N.A., LIQ)
	29,110,000		0.180			03/01/13		29,110,000
	City of Durham, North Carolina GO VRDN for Taxable Housing Series 2000 (Bank of America N.A., SPA)
	3,810,000		0.290			03/07/13		3,810,000
	City of Portland, Maine GO VRDN for Taxable Pension Series 2001 (JPMorgan Chase Bank N.A., SPA)
	40,000,000		0.240			03/07/13		40,000,000
	Connecticut State Housing Finance Authority VRDN RB Taxable Housing Mortgage Finance Program Series 2011 D (GO of Authority) (Barclays Bank PLC, SPA)
	72,485,000		0.170			03/07/13		72,485,000

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

FINANCIAL SQUARE MONEY MARKET FUND

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Variable Rate Municipal Debt Obligations(a) – (continued)
	Connecticut State Housing Finance Authority VRDN RB Taxable Housing Mortgage Finance Program Series 2011 Subseries A-2 (Bank of America N.A., SPA)
$	19,680,000		0.220	%		03/07/13	$	19,680,000
	Department of Budget and Finance of the State of Hawaii VRDN RB P-Floats- MT-829 Series 2012 (AMBAC) (Bank of America N.A., LIQ) (GTY AGMT-Bank of America N.A.)(c)
	21,780,000		0.340			03/07/13		21,780,000
	Nuveen Municipal Market Opportunity Fund, Inc. VRDN Tax-Exempt Preferred Series 2010-1 (Deutsche Bank A.G., LIQ)(c)
	25,000,000		0.250			03/07/13		25,000,000
	Oglethorpe, Georgia Power Corp. VRDN RB Putters Series 2012 SGT05 (NATL-RE) (FGIC) (Societe Generale, LIQ)(c)
	32,000,000		0.240			03/01/13		32,000,000
	Port of Corpus Christi Authority of Nueces County VRDN RB for Flint Hills Resources Series 2002 A (GTY AGMT-Flint Hills Resources)
	33,100,000		0.120			03/07/13		33,100,000
	Port of Oakland, California VRDN RB SPEARS Series 2012-DBE-1136X (GTY AGMT-Deutsche Bank A.G.) (Deutsche Bank A.G., LIQ)(c)
	30,000,000		0.180			03/07/13		30,000,000
	Private Colleges & Universities Authority, Georgia VRDN RB for Emory University Project Series 1999 B (GO of University)
	9,975,000		0.180			03/07/13		9,975,000
	San Francisco City & County Airports Commission VRDN RB for San Francisco International Airport Refunding Second Series 2010 A-2 (JPMorgan Chase Bank N.A., LOC)
	30,000,000		0.110			03/07/13		30,000,000
	State of Texas GO VRDN Refunding for College Student Loan Series 2003 (Landesbank Hessen-Thueringen Girozentrale, SPA)
	23,000,000		0.140			03/07/13		23,000,000
	State of Texas GO VRDN Refunding for Taxable Veterans’ Land Series 2002 (Landesbank Hessen-Thueringen Girozentrale, SPA)
	25,460,000		0.170			03/07/13		25,460,000
	TOTAL VARIABLE RATE MUNICIPAL DEBT OBLIGATIONS						$	472,775,000
	Variable Rate Obligations(a) – 11.2%
	Australia & New Zealand Banking Group Ltd.
$	260,000,000		0.303	%(c)		03/18/14	$	260,000,000
	Bank of Nova Scotia (The)
	350,000,000		0.338			03/24/14		350,000,000
	Commonwealth Bank of Australia
	72,000,000		0.338	(c)		11/18/13		72,000,000
	50,000,000		0.361	(c)		11/27/13		49,999,701
	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
	350,000,000		0.397			05/29/13		350,000,000
	Credit Suisse Securities (USA) LLC
	550,000,000		0.282			05/29/13		550,000,000
	Deutsche Bank AG
	398,000,000		0.858			03/15/13		398,000,000
	JPMorgan Chase Bank N.A.
	195,000,000		0.373			06/18/13		195,000,000
	280,000,000		0.402			06/21/13		280,000,000
	Providence Health & Services (U.S. Bank N.A.)
	47,000,000		0.200			03/07/13		47,000,000
	Variable Rate Obligations(a) – (continued)
	Svenska Handelsbanken AB
$	195,000,000		0.385	%		03/04/14	$	195,000,000
	Wells Fargo Bank N.A.
	150,000,000		0.359			03/20/14		150,000,000
	Westpac Banking Corp.
	246,000,000		0.390	(c)		02/28/14		246,000,000
	TOTAL VARIABLE RATE OBLIGATIONS						$	3,142,999,701
	TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS						$	17,341,642,649
	Repurchase Agreements(d) – 39.4%
	ABN Amro Securities (USA) LLC
$	99,000,000		0.390	%(a)		03/06/13	$	99,000,000
	Maturity Value: $99,007,507
	Settlement Date: 02/27/13
	Collateralized by various equity securities. The aggregate market value of the collateral, including accrued interest, was $108,239,370.
	BNP Paribas Securities Corp.
	250,000,000		0.210			03/01/13		250,000,000
	Maturity Value: $250,001,458
	Collateralized by U.S. Treasury Note, 0.625% to 1.500%, due 09/30/17 to 05/31/19. The aggregate market value of the collateral, including accrued interest, was $255,000,011.
	100,000,000		0.230			03/01/13		100,000,000
	Maturity Value: $100,000,639
	Collateralized by Government National Mortgage Association, 2.490% to 6.500%, due 02/20/21 to 02/20/43. The aggregate market value of the collateral, including accrued interest, was $102,000,000.
	25,000,000		0.560			03/01/13		25,000,000
	Maturity Value: $25,000,389
	Collateralized by Federal National Mortgage Association, 0.000%, due 10/09/19, various asset-backed obligations, 8.351% to 9.411%, due 05/17/13 to 02/25/14 and various corporate security issuers, 0.908% to 11.875%, due 04/08/13 to 12/31/99. The aggregate market value of the collateral, including accrued interest, was $27,522,814.
	350,000,000		0.510	(a)		03/06/13		350,000,000
	Maturity Value: $350,034,708
	Settlement Date: 02/27/13
	Collateralized by an equity security and various corporate security issuers, 0.000% to 9.000%, due 04/15/13 to 04/01/63. The aggregate market value of the collateral, including accrued interest, was $385,000,661.
	100,000,000		0.230	(a)(e)		03/07/13		100,000,000
	Maturity Value: $100,116,278
	Settlement Date: 09/10/12
	Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 4.500%, due 04/01/26 to 12/01/41, Federal National Mortgage Association, 3.000% to 7.000%, due 12/01/17 to 11/01/42 and Government National Mortgage Association, 3.500% to 4.500%, due 03/20/41 to 04/20/41. The aggregate market value of the collateral, including accrued interest, was $102,000,000.

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

FINANCIAL SQUARE MONEY MARKET FUND

Schedule of Investments (continued)

February 28, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Repurchase Agreements(d) – (continued)
	BNP Paribas Securities Corp. (continued)
$	100,000,000		0.510	%(a)		03/07/13	$	100,000,000
	Maturity Value: $100,009,917
	Collateralized by various corporate security issuers, 0.250% to 8.875%, due 06/30/13 to 10/15/39. The aggregate market value of the collateral, including accrued interest, was $110,000,612.
	Credit Agricole Corporate and Investment Bank
	325,000,000		0.190	(a)(e)		03/01/13		325,000,000
	Maturity Value: $325,077,188
	Settlement Date: 01/15/13
	Collateralized by Federal National Mortgage Association, 2.500% to 5.500%, due 03/01/27 to 08/01/48. The aggregate market value of the collateral, including accrued interest, was $334,750,000.
	325,000,000		0.190	(a)(b)(e)		03/07/13		325,000,000
	Maturity Value: $325,210,979
	Credit Suisse Securities (USA) LLC
	400,000,000		0.260	(f)		03/04/13		400,000,000
	Maturity Value: $400,320,667
	Settlement Date: 11/13/12
	Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 8.500%, due 05/01/18 to 02/01/43. The aggregate market value of the collateral, including accrued interest, was $408,003,754.
	200,000,000		0.652	(a)(f)		04/03/13		200,000,000
	Maturity Value: $201,375,813
	Settlement Date: 03/26/12
	Collateralized by various mortgage-backed obligations, 0.341% to 6.274%, due 11/15/17 to 04/15/47. The aggregate market value of the collateral, including accrued interest, was $240,004,711.
	250,000,000		0.240			04/08/13		250,000,000
	Maturity Value: $250,205,000
	Settlement Date: 12/06/12
	Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 6.000%, due 07/01/18 to 02/01/43. The aggregate market value of the collateral, including accrued interest, was $255,003,857.
	275,000,000		0.220			04/16/13		275,000,000
	Maturity Value: $275,201,667
	Settlement Date: 12/17/12
	Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 8.000%, due 06/01/16 to 02/01/43. The aggregate market value of the collateral, including accrued interest, was $280,501,721.
	220,000,000		0.200			05/31/13		220,000,000
	Maturity Value: $220,129,556
	Settlement Date: 02/14/13
	Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 5.500%, due 07/01/24 to 04/01/48. The aggregate market value of the collateral, including accrued interest, was $224,405,123.
	Deutsche Bank Securities, Inc.
	296,000,000		0.280			03/01/13		296,000,000
	Maturity Value: $296,002,302
	Collateralized by various corporate security issuers, 1.500% to 7.500%, due 03/29/13 to 06/01/42, various equity securities and various Exchange-Traded Funds. The aggregate market value of the collateral, including accrued interest, was $321,991,510.
	Repurchase Agreements(d) – (continued)
	Deutsche Bank Securities, Inc. (continued)
$	97,000,000		0.510	%		03/01/13	$	97,000,000
	Maturity Value: $97,001,374
	Collateralized by various corporate security issuers, 1.500% to 5.000%, due 03/29/13 to 06/01/42 and an Exchange-Traded Fund. The aggregate market value of the collateral, including accrued interest, was $107,438,974.
	212,000,000		0.240	(f)		03/18/13		212,000,000
	Maturity Value: $212,168,187
	Settlement Date: 11/19/12
	Collateralized by Federal Home Loan Mortgage Corp., 3.500% to 8.000%, due 12/01/19 to 05/01/42, Federal National Mortgage Association, 2.500% to 11.000%, due 04/01/13 to 01/01/43 and Government National Mortgage Association, 4.000% to 5.000%, due 06/15/39 to 10/20/42. The aggregate market value of the collateral, including accrued interest, was $218,442,274.
	275,000,000		0.250	(f)		04/03/13		275,000,000
	Maturity Value: $275,231,076
	Settlement Date: 12/03/12
	Collateralized by Federal Home Loan Mortgage Corp., 4.000%, due 01/01/26 to 07/01/42, Federal National Mortgage Association, 3.000% to 7.000%, due 07/01/24 to 10/01/42 and Government National Mortgage Association, 3.000% to 7.000%, due 04/15/18 to 01/20/43. The aggregate market value of the collateral, including accrued interest, was $283,881,963.
	ING Financial Markets LLC
	270,000,000		0.280			03/01/13		270,000,000
	Maturity Value: $270,002,100
	Collateralized by various corporate security issuers, 0.675% to 9.875%, due 04/05/13 to 11/15/67. The aggregate market value of the collateral, including accrued interest, was $283,505,436.
	100,000,000		0.190	(a)(e)		03/07/13		100,000,000
	Maturity Value: $100,146,195
	Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 3.500%, due 04/15/32 to 12/15/41. The aggregate market value of the collateral, including accrued interest, was $104,001,833.
	100,000,000		0.270	(a)(e)		03/07/13		100,000,000
	Maturity Value: $100,134,250
	Settlement Date: 10/15/12
	Collateralized by a corporate security issuer, 6.650%, due 06/15/67, Federal Home Loan Mortgage Corp., 2.000% to 5.500%, due 06/01/26 to 01/01/43 and Federal National Mortgage Association, 0.000% to 6.000%, due 11/25/23 to 05/25/45. The aggregate market value of the collateral, including accrued interest, was $103,533,541.
	250,000,000		0.280	(a)(e)		03/07/13		250,000,000
	Maturity Value: $250,350,001
	Settlement Date: 11/15/12
	Collateralized by Federal Home Loan Mortgage Corp., 1.201% to 6.000%, due 09/01/26 to 01/01/43 and Federal National Mortgage Association, 2.374% to 5.500%, due 08/01/27 to 01/01/43. The aggregate market value of the collateral, including accrued interest, was $258,384,261.
	Joint Repurchase Agreement Account I
	150,000,000		0.166			03/01/13		150,000,000
	Maturity Value: $150,000,692

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

FINANCIAL SQUARE MONEY MARKET FUND

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Repurchase Agreements(d) – (continued)
	Joint Repurchase Agreement Account III
$	1,894,100,000		0.184	%		03/01/13	$	1,894,100,000
	Maturity Value: $1,894,109,676
	JPMorgan Chase Securities LLC
	75,000,000		0.580	(f)		04/17/13		75,000,000
	Maturity Value: $75,108,750
	Settlement Date: 01/17/13
	Collateralized by various mortgage-backed obligations, 0.000% to 8087.816%, due 09/15/29 to 09/25/46. The aggregate market value of the collateral, including accrued interest, was $86,250,014.
	200,000,000		0.600	(f)		05/22/13		200,000,000
	Maturity Value: $200,400,000
	Settlement Date: 01/22/13
	Collateralized by various mortgage-backed obligations, 0.000% to 52.819%, due 08/15/29 to 08/12/48. The aggregate market value of the collateral, including accrued interest, was $230,001,632.
	Merrill Lynch Government Securities, Inc
	250,000,000		0.280			03/01/13		250,000,000
	Maturity Value: $250,001,944
	Collateralized by various corporate security issuers, 0.750% to 5.750%, due 03/15/13 to 12/15/36, various equity securities and an Exchange-Traded Fund. The aggregate market value of the collateral, including accrued interest, was $274,522,980.
	500,000,000		0.340			03/06/13		500,000,000
	Maturity Value: $500,033,056
	Settlement Date: 02/27/13
	Collateralized by various corporate security issuers, 1.000% to 5.500%, due 08/01/13 to 04/15/29, various equity securities and various Exchange-Traded Funds. The aggregate market value of the collateral, including accrued interest, was $540,694,157.
	RBC Capital Markets LLC
	200,000,000		0.190			03/01/13		200,000,000
	Maturity Value: $200,001,056
	Collateralized by Government National Mortgage Association, 3.000%, due 10/20/42. The market value of the collateral, including accrued interest, was $204,000,001.
	RBS Securities, Inc.
	245,000,000		0.460			03/01/13		245,000,000
	Maturity Value: $245,003,131
	Collateralized by Federal National Mortgage Association, 2.330% to 2.360%, due 12/14/22 to 01/23/23. The aggregate market value of the collateral, including accrued interest, was $249,904,695.
	Societe Generale
	1,000,000,000		0.190			03/01/13		1,000,000,000
	Maturity Value: $1,000,005,278
	Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 3.500%, due 07/01/26 to 03/01/43 and Federal National Mortgage Association, 0.750% to 6.500%, due 02/01/16 to 02/01/43. The aggregate market value of the collateral, including accrued interest, was $1,029,592,201.
	Repurchase Agreements(d) – (continued)
	Societe Generale (continued)
$	150,000,000		0.550	%(a)		03/06/13	$	150,000,000
	Maturity Value: $150,016,042
	Settlement Date: 02/27/13
	Collateralized by various equity securities. The aggregate market value of the collateral, including accrued interest, was $164,152,901.
	UBS Securities LLC
	25,000,000		0.150			03/01/13		25,000,000
	Maturity Value: $25,000,104
	Collateralized by U.S. Treasury Note, 2.125%, due 12/31/15. The market value of the collateral, including accrued interest, was $25,500,013.
	175,000,000		0.180			03/01/13		175,000,000
	Maturity Value: $175,000,875
	Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 4.000%, due 07/01/26 to 09/01/27 and Federal National Mortgage Association, 3.000% to 4.000%, due 02/01/26 to 03/01/42. The aggregate market value of the collateral, including accrued interest, was $178,500,000.
	250,000,000		0.480	(a)(e)		03/07/13		250,000,000
	Maturity Value: $250,316,666
	Collateralized by various corporate security issuers, 1.375% to 7.500%, due 06/30/13 to 04/01/42. The aggregate market value of the collateral, including accrued interest, was $275,001,544.
	250,000,000		0.600	(a)(e)		03/07/13		250,000,000
	Maturity Value: $250,375,001
	Settlement Date: 12/11/12
	Collateralized by various corporate security issuers, 0.000% to 13.000%, due 05/01/13 to 10/15/42 and various equity securities. The aggregate market value of the collateral, including accrued interest, was $275,000,365.
	Wells Fargo Securities, LLC
	150,000,000		0.190			03/01/13		150,000,000
	Maturity Value: $150,000,792
	Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 6.999%, due 09/15/27 to 04/15/42, Federal National Mortgage Association, 3.000% to 6.298%, due 11/25/17 to 05/25/42 and Government National Mortgage Association, 0.000% to 79.788%, due 08/20/27 to 11/16/52. The aggregate market value of the collateral, including accrued interest, was $154,500,002.
	100,000,000		0.200			03/01/13		100,000,000
	Maturity Value: $100,000,556
	Collateralized by Federal Home Loan Mortgage Corp., 5.699%, due 03/15/42, Federal National Mortgage Association, 3.500% to 6.348%, due 06/25/39 to 03/25/42 and Government National Mortgage Association, 1.250% to 6.409%, due 01/20/25 to 12/20/42. The aggregate market value of the collateral, including accrued interest, was $103,000,001.

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

FINANCIAL SQUARE MONEY MARKET FUND

Schedule of Investments (continued)

February 28, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Repurchase Agreements(d) – (continued)
	Wells Fargo Securities, LLC (continued)
$	200,000,000		0.310	%		03/01/13	$	200,000,000
	Maturity Value: $200,001,722
	Collateralized by various asset-backed obligations, 0.462% to 5.790%, due 09/05/16 to 02/25/47, various corporate security issuers, 1.700% to 11.625%, due 05/01/13 to 02/15/43, various mortgage-backed obligations, 0.592% to 5.322%, due 10/15/22 to 05/10/63 and a municipal debt obligation, 0.200%, due 05/01/18. The aggregate market value of the collateral, including accrued interest, was $209,433,020.
	300,000,000		0.350			03/01/13		300,000,000
	Maturity Value: $300,020,417
	Settlement Date: 02/22/13
	Collateralized by a municipal debt obligation, 8.024%, due 05/01/46, various asset-backed obligations, 0.000% to 7.100%, due 08/22/16 to 03/25/49, various corporate security issuers, 0.000% to 10.000%, due 03/15/13 to 12/29/49 and various mortgage-backed obligations, 0.582% to 6.006%, due 04/10/34 to 12/10/49. The aggregate market value of the collateral, including accrued interest, was $314,901,825.
	300,000,000		0.360			03/01/13		300,000,000
	Maturity Value: $300,003,000
	Collateralized by an asset-backed obligation, 4.704%, due 06/26/17, various corporate security issuers, 0.000% to 7.625%, due 03/19/13 to 12/15/42 and various mortgage-backed obligations, 4.597% to 6.006%, due 11/25/35 to 12/10/49. The aggregate market value of the collateral, including accrued interest, was $312,904,064.
	TOTAL REPURCHASE AGREEMENTS						$	11,033,100,000
	TOTAL INVESTMENTS – 101.4%						$	28,374,742,649
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (1.4)%							(401,224,044	)
	NET ASSETS – 100.0%						$	27,973,518,605

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 28, 2013.
(b)	All or a portion represents a forward commitment. Forward settling repurchase agreements will be collateralized at settlement.
(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 28, 2013, these securities amounted to $789,154,701 or approximately 2.8% of net assets.
(d)	Unless noted, all repurchase agreements were entered into on February 28, 2013. Additional information on Joint Repurchase Agreement Account I & III appears on pages 53-55.
(e)	The instrument is subject to a demand feature.
(f)	Security has been determined to be illiquid by the Investment Adviser. At February 28, 2013, these securities amounted to $1,362,000,000 or approximately 4.9% 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:
AMBAC	— Insured by American Municipal Bond Assurance Corp.
FGIC	— Insured by Financial Guaranty Insurance Co.
GO	— General Obligation
GTY AGMT	— Guaranty Agreement
LIQ	— Liquidity Agreement
LOC	— Letter of Credit
NATL-RE	— National Reinsurance Corp.
RB	— Revenue Bond
SPA	— Stand-by Purchase Agreement
SPEARS	— Short Puttable Exempt Adjustable Receipts
VRDN	— Variable Rate Demand Notes

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

FINANCIAL SQUARE PRIME OBLIGATIONS FUND

Schedule of Investments

February 28, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Commercial Paper and Corporate Obligations – 21.8%
	Aspen Funding Corp.
$	150,000,000		0.260	%		05/09/13	$	149,925,250
	50,000,000		0.260			05/29/13		49,967,861
	Atlantic Asset Securitization LLC
	85,000,000		0.220			03/19/13		84,990,650
	100,000,000		0.250			03/25/13		99,983,333
	150,000,000		0.430	(a)		04/04/13		150,000,000
	Atlantis One Funding Corp.
	300,000,000		0.200			03/01/13		300,000,000
	30,000,000		0.210			03/18/13		29,997,025
	300,000,000		0.472			06/17/13		299,577,000
	195,500,000		0.401			07/25/13		195,182,855
	Chariot Funding LLC
	50,000,000		0.321			06/03/13		49,958,222
	50,000,000		0.321			06/06/13		49,956,889
	25,000,000		0.321			06/10/13		24,977,556
	45,000,000		0.321			06/11/13		44,959,200
	50,000,000		0.321			06/12/13		49,954,222
	50,000,000		0.321			06/13/13		49,953,778
	50,000,000		0.270			08/08/13		49,940,000
	Gemini Securitization Corp. LLC
	325,000,000		0.270			04/08/13		324,907,375
	250,000,000		0.250			05/06/13		249,885,417
	Hannover Funding Co. LLC
	100,000,000		0.270			04/16/13		99,965,500
	100,000,000		0.280			04/22/13		99,959,555
	Jupiter Securitization Co. LLC
	50,000,000		0.200			04/22/13		49,985,556
	25,000,000		0.321			05/09/13		24,984,667
	150,000,000		0.321			06/05/13		149,872,000
	50,000,000		0.321			06/06/13		49,956,889
	100,000,000		0.321			06/13/13		99,907,555
	100,000,000		0.300			07/08/13		99,892,500
	50,000,000		0.270			08/28/13		49,932,500
	Kells Funding LLC
	60,000,000		0.321			08/13/13		59,912,000
	100,000,000		0.260	(b)		08/28/13		99,870,000
	LMA Americas LLC
	100,000,000		0.230			03/07/13		99,996,167
	100,000,000		0.220			03/18/13		99,989,611
	Newport Funding Corp.
	125,096,000		0.260			05/14/13		125,029,143
	50,000,000		0.260			05/29/13		49,967,861
	Regency Markets No. 1 LLC
	72,654,000		0.190			03/13/13		72,649,399
	100,000,000		0.190			03/20/13		99,989,972
	Royal Park Investments Funding Corp.
	35,000,000		0.451			04/09/13		34,982,938
	121,000,000		0.400			04/10/13		120,946,222
	77,338,000		1.005			04/17/13		77,237,031
	50,000,000		0.350			04/24/13		49,973,750
	122,000,000		0.320			05/03/13		121,931,680
	Versailles Commercial Paper LLC
	155,000,000		0.220			03/19/13		154,982,950
	TOTAL COMMERCIAL PAPER AND CORPORATE OBLIGATIONS						$	4,246,032,079
	Time Deposit – 2.0%
	Citibank, N.A.
$	387,000,000		0.160	%		03/01/13	$	387,000,000
	U.S. Government Agency Obligations – 17.2%
	Federal Home Loan Bank
$	35,800,000		0.125	%		03/01/13	$	35,800,000
	44,200,000		0.290			03/01/13		44,200,000
	47,200,000		1.625			03/20/13		47,234,160
	120,000,000		0.230			05/29/13		119,993,191
	74,500,000		0.240			06/06/13		74,497,367
	12,300,000		1.625			06/14/13		12,348,024
	63,500,000		0.420			06/21/13		63,532,295
	22,900,000		1.875			06/21/13		23,013,454
	85,300,000		0.240			06/28/13		85,295,657
	50,850,000		0.250			07/05/13		50,847,638
	15,000,000		0.139	(a)		07/08/13		14,997,315
	36,040,000		0.350			07/09/13		36,051,082
	29,000,000		0.141	(a)		07/15/13		28,994,527
	34,500,000		0.250			07/19/13		34,499,603
	85,000,000		0.280			08/13/13		85,006,185
	11,000,000		0.250			09/06/13		11,001,812
	7,530,000		4.000			09/06/13		7,677,093
	1,500,000		2.625			09/13/13		1,519,344
	5,370,000		4.500			09/16/13		5,495,102
	10,820,000		0.125			09/24/13		10,814,305
	6,750,000		0.125			09/25/13		6,746,230
	300,000,000		0.173	(a)		09/27/13		300,000,000
	29,400,000		0.210			10/01/13		29,397,775
	22,200,000		0.210			10/10/13		22,199,278
	87,300,000		0.200			10/18/13		87,292,909
	7,250,000		0.300			10/18/13		7,253,770
	3,300,000		0.375			10/18/13		3,303,280
	10,600,000		3.625			10/18/13		10,827,695
	205,000,000		0.172	(a)		06/24/14		204,917,697
	99,500,000		0.181	(a)		08/15/14		99,470,433
	Federal Home Loan Mortgage Corporation
	500,000,000		0.150	(a)		05/03/13		499,965,079
	102,000,000		0.150	(a)		06/03/13		101,989,381
	3,885,000		4.000			06/12/13		3,925,832
	60,328,000		4.500			07/15/13		61,280,919
	19,500,000		0.375			10/15/13		19,518,403
	4,000,000		0.500			10/15/13		4,006,797
	14,100,000		0.875			10/28/13		14,160,882
	34,355,000		0.375			10/30/13		34,391,514
	Federal National Mortgage Association
	21,200,000		4.375			03/15/13		21,233,633
	199,000,000		0.200	(a)		05/17/13		198,987,051
	32,878,000		0.500			08/09/13		32,910,616
	2,810,000		1.125			09/17/13		2,823,936
	1,200,000		1.000			09/23/13		1,205,253
	1,300,000		1.125			09/30/13		1,306,870
	250,000,000		0.160	(a)		10/03/13		249,940,024
	4,100,000		1.125			10/08/13		4,122,365
	26,994,000		4.625			10/15/13		27,735,333
	192,300,000		0.160			10/25/13		192,096,589
	200,000,000		0.171	(a)		11/14/13		199,957,371

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

FINANCIAL SQUARE PRIME OBLIGATIONS FUND

Schedule of Investments (continued)

February 28, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	U.S. Government Agency Obligations – (continued)
	Overseas Private Investment Corp. (USA)
$	41,000,000		0.160	%(a)		03/07/13	$	41,000,000
	72,000,000		0.170	(a)		03/07/13		72,000,000
	TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS						$	3,348,785,069
	U.S. Treasury Obligations – 1.5%
	United States Treasury Notes
$	180,000,000		3.375	%		06/30/13	$	181,856,677
	42,000,000		1.000			07/15/13		42,116,640
	34,400,000		0.125			09/30/13		34,383,644
	30,200,000		3.125			09/30/13		30,713,612
	TOTAL U.S. TREASURY OBLIGATIONS						$	289,070,573
	Variable Rate Municipal Debt Obligations(a) – 5.7%
	Akron, Ohio Student Housing Association LLC VRDN RB for Central Campus Project Series 2012 SGT04 (AGM) (Societe Generale, LIQ)(c)
$	16,930,000		0.190	%		03/01/13	$	16,930,000
	Alaska Housing Finance Corp. VRDN RB for Home Mortgage Series 2002 A RMKT (GO of Corp.) (JPMorgan Chase Bank, SPA)
	16,745,000		0.160			03/01/13		16,745,000
	Alaska Housing Finance Corp. VRDN RB Taxable General Series 2012 B
	24,500,000		0.150			03/07/13		24,500,000
	BlackRock Municipal Income Trust VRDN RB Putters Series 2012-T0008 (JPMorgan Chase Bank N.A., LIQ)(c)
	35,500,000		0.180			03/01/13		35,500,000
	BlackRock MuniHoldings Investment Quality Fund VRDN Tax-Exempt Preferred Series 2011 W-7-2746 (Bank of America N.A., LIQ)(c)
	42,200,000		0.324			03/07/13		42,200,000
	BlackRock MuniVest Fund, Inc. VRDN RB Putters Series 2012-T0007 (JPMorgan Chase Bank N.A., LIQ)
	30,000,000		0.180			03/01/13		30,000,000
	BlackRock MuniYield Fund, Inc. VRDN Tax-Exempt Preferred Series 2011 W-7-2514 (Bank of America N.A., LIQ)(c)
	37,700,000		0.324			03/07/13		37,700,000
	City of Portland, Maine GO VRDN for Taxable Pension Series 2001 (JPMorgan Chase Bank N.A., SPA)
	42,100,000		0.240			03/07/13		42,100,000
	Colorado Springs Utilities VRDN RB for Subordinated Lien Series 2000 A (MBIA) (Bayerische Landesbank, SPA)
	93,700,000		0.170			03/07/13		93,700,000
	Connecticut Housing Finance Authority VRDN RB Series 2012 D Subseries D-3 (Bank of Tokyo Mitsubishi UFJ, SPA)
	38,300,000		0.140			03/07/13		38,300,000
	Connecticut State Housing Finance Authority VRDN RB Taxable Housing Mortgage Finance Program Series 2008 E (GO of Authority) (Bank of America N.A., SPA)
	75,000,000		0.150			03/07/13		75,000,000
	Connecticut State Housing Finance Authority VRDN RB Taxable Housing Mortgage Finance Program Series 2011 Subseries A-2 (Bank of America N.A., SPA)
	20,400,000		0.220			03/07/13		20,400,000
	Variable Rate Municipal Debt Obligations(a) – (continued)
	Cook County GO VRDN Series 2002 B (Bank of NY Mellon, SPA)
$	44,900,000		0.110	%		03/07/13	$	44,900,000
	County of Oakland, Michigan GO TANS Series 2012
	25,000,000		0.352			04/01/13		25,000,000
	Denver City & County VRDN RB SPEARS Series 2012-DBE-1129X (GTY AGMT- Deutsche Bank A.G.) (Deutsche Bank A.G., LIQ)(c)
	20,000,000		0.180			03/07/13		20,000,000
	Glendale VRDN COPS for Police Building Project Series 2000 (Morgan Guaranty Trust, SPA)
	22,200,000		0.140			03/07/13		22,200,000
	Hawaii Department of Budget & Finance VRDN RB P-Floats Series 2012-MT-828 (AMBAC) (Bank of America N.A., LIQ)(c)
	26,900,000		0.340			03/07/13		26,900,000
	Kentucky Municipal Power Agency VRDN RB Floaters Series 2010 B002 (Assured GTY) (Morgan Stanley Bank, LIQ)(c)
	20,000,000		0.450			03/07/13		20,000,000
	Maryland Industrial Development Financing Authority Port Facilities VRDN RB Refunding for Occidental Petroleum Corp. Series 2010
	30,200,000		0.130			03/07/13		30,200,000
	Massachusetts Bay Transportation Authority VRDN RB for General Transportation System Series 2000 A2 RMKT (GO of Authority) (Bank of America N.A., SPA)
	53,335,000		0.190			03/07/13		53,335,000
	Metropolitan Washington D.C. Airports Authority VRDN RB Putters Series 2007-1691 (FGIC) (Deutsche Bank A.G., LIQ)
	12,280,000		0.170			03/07/13		12,280,000
	Nassau County, New York Interim Finance Authority VRDN RB Series 2008 D-2 (JPMorgan Chase Bank N.A., SPA)
	26,215,000		0.120			03/07/13		26,215,000
	New Hampshire Turnpike System VRDN RB SPEARS Series 2012-DBE-1137X (GTY AGMT-Deutsche Bank A.G.) (Deutsche Bank A.G., LIQ)(c)
	14,400,000		0.180			03/07/13		14,400,000
	New York City GO VRDN Series 2002 Subseries C-2 (Bayerische Landesbank, LOC)
	63,005,000		0.140			03/07/13		63,005,000
	New York City Transitional Finance Authority VRDN RB for Future Tax Secured Series 1999 Subseries B-3 (JPMorgan Chase Bank N.A., SPA)
	390,000		0.110			03/07/13		390,000
	New York State Dormitory Authority VRDN RB for Mental Health Services Facilities SPEARS Series 2011 DB-1022X (AGM State Appropriations) (Deutsche Bank A.G., LIQ)(c)
	7,835,000		0.150			03/07/13		7,835,000
	New York State Local Government Assistance Corp. VRDN RB Refunding Subordinate Lien Series 2003-4V RMKT (GO of Corp.) (Bank of America N.A., SPA)
	31,960,000		0.170			03/07/13		31,960,000
	Nuveen Municipal Market Opportunity Fund, Inc. VRDN Tax-Exempt Preferred Series 2010-1 (Deutsche Bank A.G., LIQ)(c)
	27,000,000		0.250			03/07/13		27,000,000
	Oglethorpe, Georgia Power Corp. VRDN RB Putters Series 2012 SGT05 (NATL-RE) (FGIC) (Societe Generale, LIQ)(c)
	26,200,000		0.240			03/01/13		26,200,000
	Omaha Parking Facilities Corp. VRDN RB Putters Series 2013 SGT06 (Societe Generale, LIQ)(c)
	18,500,000		0.240			03/01/13		18,500,000

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

FINANCIAL SQUARE PRIME OBLIGATIONS FUND

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Variable Rate Municipal Debt Obligations(a) – (continued)
	Port Authority of New York & New Jersey VRDN RB ROCS RR-II R-11589 Series 2008 (FGIC GO of Authority) (Citibank N.A., LIQ)(c)
$	18,165,000		0.160	%		03/07/13	$	18,165,000
	Port Authority of New York & New Jersey VRDN RB Series 2008-DB-636 (CIFG GO of Authority) (Deutsche Bank A.G., LIQ)
	8,700,000		0.180			03/07/13		8,700,000
	Port Authority of New York & New Jersey VRDN RB SPEARS Series 2011 DB-1023X (Go of Authority) (Deutsche Bank A.G., LIQ)(c)
	7,085,000		0.150			03/07/13		7,085,000
	Port Authority of New York & New Jersey VRDN RB SPEARS Series 2011 DB-1024X (Go of Authority) (Deutsche Bank A.G., LIQ)(c)
	10,660,000		0.150			03/07/13		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)
	6,900,000		0.120			03/07/13		6,900,000
	Port of Oakland, California VRDN RB SPEARS Series 2012-DBE-1136X (GTY AGMT-Deutsche Bank A.G.) (Deutsche Bank A.G., LIQ)(c)
	23,195,000		0.180			03/07/13		23,195,000
	Port of Port Arthur Navigation District Environmental Facilities VRDN RB for Motiva Enterprises LLC Series 2010 Subseries D
	29,300,000		0.110			03/01/13		29,300,000
	Texas State GO VRDN Refunding for Taxable Veterans Land Series 2006 C (JPMorgan Chase Bank N.A., SPA)
	15,525,000		0.170			03/07/13		15,525,000
	Texas State GO VRDN Refunding Series 2010 D RMKT (Bank of Tokyo Mitsubishi UFJ, SPA)
	12,630,000		0.170			03/07/13		12,630,000
	Texas State GO VRDN Refunding Taxable Series 2010 E (Sumitomo Mitsui Banking Corp., LIQ)
	23,000,000		0.190			03/07/13		23,000,000
	Texas State VRDN RB Refunding for Taxable Veterans Land Series 2005 RMKT (JPMorgan Chase Bank N.A., SPA)
	12,450,000		0.170			03/07/13		12,450,000
	TOTAL VARIABLE RATE MUNICIPAL DEBT OBLIGATIONS						$	1,111,005,000
	Variable Rate Obligations(a) – 8.7%
	JPMorgan Chase Bank N.A.
$	255,000,000		0.373	%		06/18/13	$	255,000,000
	300,000,000		0.402			06/21/13		300,000,000
	Metropolitan Life Global Funding I
	250,000,000		0.475	(c)		08/09/13		250,000,000
	Providence Health & Services (U.S. Bank N.A.)
	47,000,000		0.200			03/07/13		47,000,000
	State Street Bank And Trust Co.
	500,000,000		0.358			03/18/14		500,000,000
	Wells Fargo Bank N.A.
	125,000,000		0.359			03/20/14		125,000,000
	205,000,000		0.380			03/21/14		205,000,000
	TOTAL VARIABLE RATE OBLIGATIONS						$	1,682,000,000
	TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS						$	11,063,892,721
	Repurchase Agreements(d) – 45.0%
	ABN Amro Securities (USA) LLC
$	1,000,000,000		0.200	%		03/01/13	$	1,000,000,000
	Maturity Value: $1,000,005,556
	Collateralized by Federal National Mortgage Association, 3.500% to 4.500%, due 09/01/27 to 11/01/41 and U.S. Treasury Notes, 0.625% to 4.250%, due 11/15/14 to 08/31/17. The aggregate market value of the collateral, including accrued interest, was $1,023,184,941.
	BNP Paribas Securities Corp.
	125,000,000		0.230	(a)(e)		03/07/13		125,000,000
	Maturity Value: $125,145,348
	Settlement Date: 09/10/12
	Collateralized by Federal National Mortgage Association, 2.500% to 6.000%, due 12/01/25 to 02/01/43 and Government National Mortgage Association, 3.000% to 4.500%, due 12/15/19 to 02/15/43. The aggregate market value of the collateral, including accrued interest, was $127,500,001.
	Credit Agricole Corporate and Investment Bank
	270,000,000		0.190	(a)(e)		03/01/13		270,000,000
	Maturity Value: $270,064,125
	Settlement Date: 01/15/13
	Collateralized by Federal National Mortgage Association, 3.500% to 4.000%, due 06/01/42 to 11/01/42. The aggregate market value of the collateral, including accrued interest, was $278,100,000.
	270,000,000		0.190	(a)(b)(e)		03/07/13		270,000,000
	Maturity Value: $270,175,275
	Credit Suisse Securities (USA) LLC
	300,000,000		0.260			03/04/13		300,000,000
	Maturity Value: $300,240,500
	Settlement Date: 11/13/12
	Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 6.500%, due 11/01/22 to 02/01/43. The aggregate market value of the collateral, including accrued interest, was $306,003,228.
	200,000,000		0.240			04/08/13		200,000,000
	Maturity Value: $200,164,000
	Settlement Date: 12/06/12
	Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 5.500%, due 06/01/24 to 02/01/43. The aggregate market value of the collateral, including accrued interest, was $204,003,231.
	225,000,000		0.220			04/16/13		225,000,000
	Maturity Value: $225,165,000
	Settlement Date: 12/17/12
	Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 6.000%, due 11/01/20 to 03/01/43. The aggregate market value of the collateral, including accrued interest, was $229,504,158.
	180,000,000		0.200			05/31/13		180,000,000
	Maturity Value: $180,106,000
	Settlement Date: 02/14/13
	Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 4.500%, due 10/01/25 to 11/01/42. The aggregate market value of the collateral, including accrued interest, was $183,600,155.

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

FINANCIAL SQUARE PRIME OBLIGATIONS FUND

Schedule of Investments (continued)

February 28, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Repurchase Agreements(d) – (continued)
	Deutsche Bank Securities, Inc.
$	50,000,000		0.250	%		03/15/13	$	50,000,000
	Maturity Value: $50,042,014
	Settlement Date: 11/14/12
	Collateralized by Federal Home Loan Mortgage Corp., 3.500% to 4.500%, due 11/01/26 to 01/01/42, Federal National Mortgage Association, 2.500% to 4.500%, due 10/01/27 to 12/01/42 and Government National Mortgage Association, 3.000% to 7.000%, due 09/15/36 to 10/20/42. The aggregate market value of the collateral, including accrued interest, was $51,656,339.
	180,000,000		0.240			03/18/13		180,000,000
	Maturity Value: $180,142,800
	Settlement Date: 11/19/12
	Collateralized by Federal Home Loan Mortgage Corp., 4.500%, due 08/01/41, Federal National Mortgage Association, 3.000% to 7.000%, due 10/01/25 to 02/01/43 and Government National Mortgage Association, 4.000%, due 01/20/43. The aggregate market value of the collateral, including accrued interest, was $185,454,676.
	230,000,000		0.250			04/03/13		230,000,000
	Maturity Value: $230,193,264
	Settlement Date: 12/03/12
	Collateralized by Federal Home Loan Mortgage Corp., 3.500% to 6.500%, due 02/01/32 to 08/01/41, Federal National Mortgage Association, 3.500% to 7.000%, due 10/01/25 to 11/01/42 and Government National Mortgage Association, 3.000% to 4.000%, due 04/20/27 to 01/20/43. The aggregate market value of the collateral, including accrued interest, was $237,017,944.
	250,000,000		0.200			05/09/13		250,000,000
	Maturity Value: $250,168,056
	Settlement Date: 01/08/13
	Collateralized by Federal Home Loan Mortgage Corp., 4.000%, due 07/01/42 and Federal National Mortgage Association, 3.000% to 5.500%, due 06/01/26 to 02/01/43. The aggregate market value of the collateral, including accrued interest, was $257,983,489.
	HSBC Securities (USA), Inc.
	700,000,000		0.190			03/01/13		700,000,000
	Maturity Value: $700,003,694
	Collateralized by Federal National Mortgage Association, 3.500% to 6.000%, due 12/01/26 to 02/01/43. The aggregate market value of the collateral, including accrued interest, was $714,001,396.
	ING Financial Markets LLC
	150,000,000		0.190	(a)(e)		03/07/13		150,000,000
	Maturity Value: $150,219,293
	Collateralized by Federal Home Loan Mortgage Corp., 0.551% to 20.396%, due 02/15/18 to 01/15/43, Federal Home Loan Mortgage Stripped Securities, 6.500% to 7.000%, due 02/01/28 to 07/01/28 and Federal National Mortgage Association Stripped Securities, 6.500% to 7.500%, due 04/01/23 to 04/01/29. The aggregate market value of the collateral, including accrued interest, was $156,000,856.
	Repurchase Agreements(d) – (continued)
	ING Financial Markets LLC (continued)
$	100,000,000		0.270	%(a)(e)		03/07/13	$	100,000,000
	Maturity Value: $100,134,250
	Settlement Date: 10/15/12
	Collateralized by Federal Home Loan Mortgage Corp., 0.601% to 6.000%, due 09/01/26 to 01/01/43 and Federal National Mortgage Association, 2.330% to 5.500%, due 07/01/27 to 01/01/43. The aggregate market value of the collateral, including accrued interest, was $103,363,486.
	Joint Repurchase Agreement Account I
	365,500,000		0.166			03/01/13		365,500,000
	Maturity Value: $365,501,687
	Joint Repurchase Agreement Account III
	1,557,400,000		0.184			03/01/13		1,557,400,000
	Maturity Value: $1,557,407,956
	JPMorgan Chase Securities LLC
	400,000,000		0.200	(a)(e)		03/01/13		400,000,000
	Maturity Value: $400,202,224
	Settlement Date: 12/10/12
	Collateralized by Federal National Mortgage Association, 2.500% to 12.000%, due 02/01/14 to 03/01/52. The aggregate market value of the collateral, including accrued interest, was $408,001,616.
	125,000,000		0.580	(f)		04/17/13		125,000,000
	Maturity Value: $125,181,250
	Settlement Date: 01/17/13
	Collateralized by various mortgage-backed obligations, 0.000% to 6.033%, due 06/15/22 to 02/25/47. The aggregate market value of the collateral, including accrued interest, was $143,751,038.
	150,000,000		0.600	(f)		05/22/13		150,000,000
	Maturity Value: $150,300,000
	Settlement Date: 01/22/13
	Collateralized by various mortgage-backed obligations, 0.352% to 7.000%, due 08/25/33 to 05/25/47. The aggregate market value of the collateral, including accrued interest, was $172,500,042.
	Merrill Lynch Government Securities, Inc.
	498,000,000		0.340			03/06/13		498,000,000
	Maturity Value: $498,032,923
	Settlement Date: 02/27/13
	Collateralized by various corporate security issuers, 0.500% to 8.250%, due 03/15/13 to 05/15/41 and various Exchange- Traded Funds. The aggregate market value of the collateral, including accrued interest, was $543,857,675.
	Morgan Stanley & Co. LLC
	150,000,000		0.200			03/01/13		150,000,000
	Maturity Value: $150,000,833
	Collateralized by Federal National Mortgage Association, 2.500% to 5.000%, due 03/01/27 to 05/01/41. The aggregate market value of the collateral, including accrued interest, was $153,000,001.
	RBC Capital Markets LLC
	500,000,000		0.190			03/01/13		500,000,000
	Maturity Value: $500,002,639
	Collateralized by Federal Home Loan Mortgage Corp., 3.500%, due 09/01/42 and Federal National Mortgage Association, 2.500% to 3.500%, due 08/01/42 to 01/01/43. The aggregate market value of the collateral, including accrued interest, was $510,000,000.

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

FINANCIAL SQUARE PRIME OBLIGATIONS FUND

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Repurchase Agreements(d) – (continued)
	TD Securities (USA) LLC
$	200,000,000		0.190	%		03/01/13	$	200,000,000
	Maturity Value: $200,001,056
	Collateralized by Federal Home Loan Mortgage Corp., 3.000%, due 02/01/43 and U.S. Treasury Inflation-Indexed Bond, 2.125%, due 02/15/40. The aggregate market value of the collateral, including accrued interest, was $205,540,337.
	UBS Securities LLC
	25,000,000		0.150			03/01/13		25,000,000
	Maturity Value: $25,000,104
	Collateralized by U.S. Treasury Note, 2.125%, due 12/31/15. The market value of the collateral, including accrued interest, was $25,500,013.
	Wells Fargo Securities LLC
	200,000,000		0.310			03/01/13		200,000,000
	Maturity Value: $200,001,722
	Collateralized by various asset-backed obligations, 0.000% to 14.550%, due 01/15/15 to 11/25/60, various corporate security issuers, 1.450% to 10.000%, due 12/13/13 to 04/15/37, and various mortgage-backed obligations, 2.954% to 5.746%, due 11/05/34 to 05/10/63. The aggregate market value of the collateral, including accrued interest, was $209,788,548.
	100,000,000		0.350			03/01/13		100,000,000
	Maturity Value: $100,006,806
	Settlement Date: 02/22/13
	Collateralized by various asset-backed obligations, 0.780% to 1.350%, due 12/15/15 to 04/21/17, a municipal debt obligation, 0.560%, due 01/01/24, various corporate security issuers, 0.850% to 9.000%, due 10/01/13 to 11/01/42, a government guaranteed note, 0.000%, due 08/15/23 and various mortgage- backed obligations, 0.906% to 5.750%, due 09/25/22 to 07/25/37. The aggregate market value of the collateral, including accrued interest, was $104,420,751.
	250,000,000		0.450	(f)		05/14/13		250,000,000
	Maturity Value: $250,281,250
	Settlement Date: 02/13/13
	Collateralized by various asset-backed obligations, 0.000% to 7.560%, due 07/01/13 to 03/25/49, various corporate security issuers, 2.250% to 12.000%, due 04/01/13 to 12/31/99, various government guaranteed notes, 0.000%, due 11/15/13 to 08/15/24 and various mortgage-backed obligations, 0.332% to 7.825%, due 03/25/18 to 11/23/50. The aggregate market value of the collateral, including accrued interest, was $262,382,861.
	TOTAL REPURCHASE AGREEMENTS						$	8,750,900,000
	TOTAL INVESTMENTS – 101.9%						$	19,814,792,721
	LIABILITIES IN EXCESS OF OTHER     ASSETS – (1.9)%							(366,988,932	)
	NET ASSETS – 100.0%						$	19,447,803,789

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 28, 2013.
(b)	All or a portion represents a forward commitment. Forward settling repurchase agreements will be collateralized at settlement.
(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 28, 2013, these securities amounted to $602,270,000 or approximately 3.1% of net assets.
(d)	Unless noted, all repurchase agreements were entered into on February 28, 2013. Additional information on Joint Repurchase Agreement Account I and III appears on pages 53-55.
(e)	The instrument is subject to a demand feature.
(f)	Security has been determined to be illiquid by the Investment Adviser. At February 28, 2013, these securities amounted to $525,000,000 or approximately 2.7% 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.
COPS	—Certificates of Participation
FGIC	—Insured by Financial Guaranty Insurance Co.
GO	—General Obligation
GTY AGMT	—Guaranty Agreement
LIQ	—Liquidity Agreement
LOC	—Letter of Credit
MBIA	—Insured by Municipal Bond Investors Assurance
NATL-RE	—National Reinsurance Corp.
RB	—Revenue Bond
RMKT	—Remarketed
ROCS	—Reset Option Certificates
RR	—Revenue Refunding
SPA	—Stand-by Purchase Agreement
SPEARS	—Short Puttable Exempt Adjustable Receipts
TANS	—Tax Anticipation Notes
VRDN	—Variable Rate Demand Notes

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

FINANCIAL SQUARE TAX-EXEMPT CALIFORNIA FUND

Schedule of Investments

February 28, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Municipal Debt Obligations – 101.2%
	California – 98.4%
	Abag Finance Authority For Nonprofit Corporations VRDN RB for Sharp Healthcare Series 2009-C (Citibank N.A., LOC)
$	300,000		0.130	%		03/07/13	$	300,000
	Bay Area Toll Authority California Toll Bridge VRDN RB for San Francisco Bay Area CR-PT-4708 Series 2011(Bank of America N.A., LIQ)(a)
	1,000,000		0.110			03/07/13		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., LIQ)(a)
	2,600,000		0.130			03/07/13		2,600,000
	California Educational Facilities Authority VRDN RB for California Institute of Technology Floater Certificates Series 2009-42C (GO of Institution) (Wells Fargo & Co., LIQ)(a)
	995,000		0.100			03/07/13		995,000
	California Educational Facilities Authority VRDN RB for University of Southern California Floater Trust Series 2009-11B Reg D (Barclays Bank PLC, LIQ)(a)
	2,300,000		0.120			03/07/13		2,300,000
	California Educational Facilities Authority VRDN RB for University of Southern California Floaters Series 2010-3144 (Morgan Stanley Bank, LIQ)(a)
	5,600,000		0.080			03/01/13		5,600,000
	California Educational Facilities Authority VRDN RB for University of Southern California Putters Series 2009-3424 (JPMorgan Chase Bank N.A., LIQ)(a)
	690,000		0.120			03/07/13		690,000
	California Educational Facilities Authority VRDN RB for California Institute of Technology Series 2006-B (GO of Institution)
	1,200,000		0.080			03/07/13		1,200,000
	California Educational Facilities Authority VRDN RB for Claremont McKenna College Putters Series 2009-3580 (JPMorgan Chase Bank, LIQ)(a)
	2,025,000		0.120			03/07/13		2,025,000
	California Educational Facilities Authority VRDN RB Refunding for Stanford University Series 1993 L
	1,650,000		0.080			03/07/13		1,650,000
	California Educational Facilities Authority VRDN RB Refunding for Stanford University Series 1996 L-4
	1,940,000		0.080			03/07/13		1,940,000
	California Educational Facilities Authority VRDN RB Refunding for Stanford University Series 1997 L-5
	900,000		0.080			03/07/13		900,000
	California Educational Facilities Authority VRDN RB for University of Southern California Eagle Series 2007-0064 Class A (Citibank N.A., LIQ)
	1,000,000		0.120			03/07/13		1,000,000
	California Educational Facilities Authority VRDN RB for University of Southern California Putters Series 2008-2953 (JPMorgan Chase Bank, LIQ)
	2,300,000		0.120			03/07/13		2,300,000
	California GO VRDN SPEARS Series 2007-DB-457 (AGM) (GTY AGMT-Deutsche Bank A.G.) (Deutsche Bank A.G., LIQ)
	1,725,000		0.160			03/07/13		1,725,000
	California Health Facilities Financing Authority VRDN RB Floater Series 2012 0-48 (Royal Bank of Canada, LIQ)(a)
	4,000,000		0.100			03/07/13		4,000,000
	California Health Facilities Financing Authority VRDN RB Floaters Series 2007-1858 (GTY AGMT-Wells Fargo & Co.) (Wells Fargo & Co., LIQ)
	1,387,000		0.110			03/07/13		1,387,000
	California Health Facilities Financing Authority VRDN RB Adventist Health System P-Floats Series 2011-PT-4699 (NATL-RE) (GTY AGMT-Bank of America N.A.) (Bank of America N.A., LIQ)(a)
	1,800,000		0.280			03/07/13		1,800,000
	Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Municipal Debt Obligations – (continued)
	California – (continued)
	California Health Facilities Financing Authority VRDN RB Adventist Health System WEST Series 2009-B (U.S. Bank N.A., LOC)
$	2,700,000		0.070	%		03/01/13	$	2,700,000
	California Health Facilities Financing Authority VRDN RB for Providence Health Services Putters Series 2010-3630 (JPMorgan Chase Bank, LIQ)(a)
	2,440,000		0.120			03/07/13		2,440,000
	California Health Facilities Financing Authority VRDN RB for Sutter Health ROCS RR-II R-11952 Series 2011 (Citibank N.A., LIQ)(a)
	1,500,000		0.120			03/07/13		1,500,000
	California Health Facilities Financing Authority VRDN RB for Dignity Health SPEARS Series 2012-DBE-1083 (GTY AGMT-Deutsche Bank A.G.) (Deutsche Bank A.G., LIQ)(a)
	900,000		0.170			03/07/13		900,000
	California Health Facilities Financing Authority VRDN RB Refunding for Stanford Hospital Series 2008-B-1
	5,000,000		0.090			03/07/13		5,000,000
	California Infrastructure & Economic Development Bank VRDN RB Refunding for J. Paul Getty Series 2007 A-1 RMKT
	3,265,000		2.500			04/01/13		3,271,265
	California Municipal Finance Authority VRDN RB for Chevron USA, Inc. Recovery Zone Series 2010 A (GTY AGMT-Chevron Corp.)
	5,050,000		0.070			03/01/13		5,050,000
	California Municipal Finance Authority VRDN RB for Chevron USA, Inc. Recovery Zone Series 2010 C (GTY AGMT-Chevron Corp.)
	750,000		0.070			03/01/13		750,000
	California RANS Series 2012 A-2
	3,100,000		2.500			06/20/13		3,121,346
	California School Cash Reserve Program Authority TRANS Series 2012 J
	1,000,000		2.000			05/01/13		1,002,885
	California School Cash Reserve Program Authority TRANS Series 2013 CC
	1,000,000		2.000			12/31/13		1,014,733
	California School Cash Reserve Program Authority TRANS Series 2013 W
	1,000,000		2.000			01/31/14		1,015,756
	California School Cash Reserve Program Authority TRANS Series 2013 Y
	2,665,000		2.000			10/01/13		2,692,723
	California State Department of Water Resources CP Series 2013-1 (Bank of Montreal)
	1,000,000		0.160			04/03/13		1,000,000
	California State Department of Water Resources RB Series 2010 M
	750,000		4.000			05/01/13		754,713
	1,700,000		5.000			05/01/13		1,713,632
	California State Department of Water Resources RB Series 2011 N
	370,000		5.000			05/01/13		372,945
	California State Department of Water Resources RB Series 2013 AM(b)
	3,000,000		5.000			12/01/13		3,105,090
	California State Department of Water Resources VRDN RB Putters Series 2012-4059 (JPMorgan Chase Bank, LIQ)(a)
	2,320,000		0.110			03/01/13		2,320,000
	California State University VRDN RB ROCS RR-II R-11568 Series 2008 (BHAC-CR AGM) (Citibank N.A., LIQ)
	3,000,000		0.160			03/07/13		3,000,000
	California Statewide Communities Development Authority CP for Kaiser Permanente Series 2012-08-B
	1,500,000		0.220			07/03/13		1,500,000

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

FINANCIAL SQUARE TAX-EXEMPT CALIFORNIA FUND

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Municipal Debt Obligations – (continued)
	California – (continued)
	California Statewide Communities Development Authority CP for Kaiser Permanente Series 2012-9B-1
$	1,000,000		0.240	%		07/01/13	$	1,000,000
	750,000		0.260			08/01/13		750,000
	California Statewide Communities Development Authority CP for Kaiser Permanente Series 2012 K
	1,000,000		0.250			08/19/13		1,000,000
	California Statewide Communities Development Authority CP for Kaiser Permanente Series 2013-09-D
	2,000,000		0.220			10/01/13		2,000,000
	California Statewide Communities Development Authority VRDN PCRB Refunding for Chevron USA Inc. Project Series 2002 (GTY AGMT-Chevron Corp.)
	3,700,000		0.070			03/01/13		3,700,000
	California Statewide Communities Development Authority VRDN RB for Health Facility Community Hospital Monterey Peninsula Series 2011 B (U.S. Bank N.A., LOC)
	7,800,000		0.100			03/07/13		7,800,000
	California Statewide Communities Development Authority VRDN RB for Kaiser Permanente Series 2004 L
	1,900,000		0.100			03/07/13		1,900,000
	California Statewide Communities Development Authority VRDN RB for Sweep Lane Program Series 2007 A (U.S. Bank N.A., LOC)
	2,500,000		0.080			03/07/13		2,500,000
	California University VRDN RB Floater Trust Series 2008 K37W (AGM) (Citibank N.A., LIQ)
	1,475,000		0.260			03/07/13		1,475,000
	Chino Basin Regional Financing Authority VRDN RB Refunding for Inland Empire Utilities Series 2008 B (Union Bank N.A., LOC)
	2,400,000		0.100			03/07/13		2,400,000
	City of Newport Beach VRDN RB Refunding for Hoag memorial Hospital Series 2008 D (JPMorgan Chase Bank N.A., LOC)
	500,000		0.100			03/07/13		500,000
	City of Pasadena VRDN COPS Refunding Series 2008 A (Bank of America N.A., LOC)
	2,000,000		0.130			03/07/13		2,000,000
	Desert Community College District GO VRDN Floaters Series 2009-3016 (AGM) (Deutsche Bank A.G.)(a)
	3,035,000		0.170			03/07/13		3,035,000
	East Bay Municipal Utility District VRDN RB Wastewater System Refunding Series 2008 A-4 RMKT (Bank of America N.A., SPA)
	1,200,000		0.120			03/07/13		1,200,000
	East Bay Municipal Utility District VRDN RB Wastewater System Refunding Series 2008 C RMKT (Bank of America N.A., SPA)
	6,100,000		0.120			03/07/13		6,100,000
	Glendale VRDN COPS for Police Building Project Series 2000 (Morgan Guaranty Trust, SPA)
	7,100,000		0.140			03/07/13		7,100,000
	Harbor Department of the City of Los Angeles CP Series 2013 B-1 (Mizuho Corp. Bank Ltd., LIQ)
	3,000,000		0.200			03/04/13		3,000,000
	Irvine Ranch Water District VRDN Special Assessment Consolidated Series 2009 B (Bank of America N.A., LOC)
	1,700,000		0.120			03/01/13		1,700,000
	Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Municipal Debt Obligations – (continued)
	California – (continued)
	Irvine Ranch Water District VRDN Special Assessment Series 1995 (Sumitomo Mitsui Banking Corp., LOC)
$	1,900,000		0.090	%		03/07/13	$	1,900,000
	Los Angeles Community College District GO Series 2006 E (AGM)
	1,600,000		5.000			08/01/13		1,632,050
	Los Angeles Community College District GO VRDN Series 2011-O-4 (Royal Bank of Canada, LIQ)(a)
	2,500,000		0.100			03/07/13		2,500,000
	Los Angeles Community Redevelopment Agency MF Hsg. VRDN RB for Metropolitan Apartments Series 1985 RMKT (FNMA, LIQ)
	5,900,000		0.110			03/07/13		5,900,000
	Los Angeles County Housing Authority MF Hsg. VRDN RB Refunding for Malibu Meadows II Series 1998 C (FNMA, LIQ)
	5,200,000		0.090			03/07/13		5,200,000
	Los Angeles County Housing Authority MF Hsg. VRDN RB Refunding for Malibu Meadows Project Series 1998 B (FNMA, LIQ)
	2,436,000		0.090			03/07/13		2,436,000
	Los Angeles County Metropolitan Transportation Authority Sales Tax RB Proposition A First Tier Senior Series 2005 A (AMBAC)
	460,000		5.000			07/01/13		467,227
	Los Angeles County Schools Pooled Financing Program TRANS Series 2013 C-6
	2,000,000		2.000			12/31/13		2,029,125
	Los Angeles County Schools Pooled Financing Program TRANS Series 2012 B-4
	500,000		2.000			10/01/13		505,118
	Los Angeles Department of Airports Municipal Trust Receipts VRDN RB for Los Angeles International Airport Floater Trust Series 2010-27B (Barclays Bank PLC, LIQ)(a)
	1,600,000		0.140			03/07/13		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, LIQ)(a)
	5,245,000		0.120			03/07/13		5,245,000
	Los Angeles Department of Airports VRDN RB Floater Series 2012-0-30 (Royal Bank of Canada, LIQ)(a)
	2,200,000		0.100			03/07/13		2,200,000
	Los Angeles Department of Water & Power RB Series 2011 A
	3,455,000		4.000			07/01/13		3,498,903
	Los Angeles Department of Water & Power VRDN RB Putters Series 2012-4221 (JPMorgan Chase Bank, LIQ)(a)
	2,970,000		0.110			03/01/13		2,970,000
	Los Angeles Department of Water & Power VRDN RB for Power System Series 2002 Subseries A-5 (Barclays Bank PLC, SPA)
	2,000,000		0.090			03/07/13		2,000,000
	Los Angeles Department of Water & Power VRDN RB ROCS RR-II R-12322 Series 2011 (AGM-CR AMBAC) (Citibank N.A.)(a)
	3,450,000		0.110			03/01/13		3,450,000
	Metropolitan Water District of Southern California VRDN RB Refunding Series 2008 A-2 (Barclays Bank PLC, SPA)
	15,000		0.090			03/07/13		15,000
	Metropolitan Water District of Southern California VRDN RB Refunding Series 2011 A-2
	600,000		0.260			06/01/13		600,000
	Metropolitan Water District of Southern California VRDN RB Refunding Series 2011 A-4
	3,000,000		0.260			06/01/13		3,000,330

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

FINANCIAL SQUARE TAX-EXEMPT CALIFORNIA FUND

Schedule of Investments (continued)

February 28, 2013 (Unaudited)

	Principal Amount	Interest Rate		Maturity Date		Amortized Cost
	Municipal Debt Obligations – (continued)
	California – (continued)
	Orange County Apartment Development VRDN RB Refunding for Park Ridge Villas Series 1998 (FNMA, LIQ)
$	4,000,000	0.100	%	03/07/13	$	4,000,000
	Orange County Apartment Development VRDN RB Refunding for Riverbend Apartments Series 1999 B (FHLMC, LIQ)
	2,600,000	0.100		03/07/13		2,600,000
	Orange County Sanitation District TRANS Series 2012
	5,000,000	2.000		10/30/13		5,059,452
	Orange County Sanitation District VRDN COPS Putters Series 2010-3773Z (AGM) (JPMorgan Chase Bank, LIQ)(a)
	2,000,000	0.140		03/07/13		2,000,000
	Orange County Water District VRDN COPS Putters Series 2010-3686Z (JPMorgan Chase Bank, LIQ)(a)
	2,000,000	0.120		03/07/13		2,000,000
	Sacramento County Housing Authority VRDN RB Refunding for River Terrace Apartments Series 1996 C-RMKT (FNMA, LIQ)
	2,550,000	0.100		03/07/13		2,550,000
	Sacramento Suburban Water District VRDN COPS Refunding Series 2009 A (Sumitomo Mitsui Banking Corp., LOC)
	2,000,000	0.100		03/07/13		2,000,000
	San Diego Community College District GO VRDN Floater Series 2011-0-8 (Royal Bank of Canada, LIQ)(a)
	1,000,000	0.100		03/07/13		1,000,000
	San Diego Community College District GO VRDN Putters Series 2009-3415 (JPMorgan Chase Bank N.A., LIQ)(a)
	570,000	0.120		03/07/13		570,000
	San Diego County & School District TRANS Series 2012 B-2 (GO of Participants)
	1,000,000	2.000		04/30/13		1,002,787
	San Diego County Water Authority CP Series 2013-95-1
	4,965,000	0.170		03/01/13		4,965,000
	San Diego Unified School District GO TRANS Series 2012 A-2
	3,000,000	2.000		06/28/13		3,017,287
	San Diego Unified School District GO VRDN Floater Series 2011-97C (AGM) (Wells Fargo Bank N.A., LIQ)(a)
	800,000	0.100		03/07/13		800,000
	San Francisco City & County Public Utilities Commission Water CP Series 2013 A-2 (U.S. Bank N.A.)
	500,000	0.150		03/13/13		500,000
	San Francisco City & County Public Utilities Commission Water VRDN RB Floater Certificates Series 2012-63C (Wells Fargo Bank N.A., LIQ)(a)
	1,635,000	0.100		03/07/13		1,635,000
	Santa Clara County Financing Authority VRDN RB Refunding for Multiple Facilities Projects Series 2008 M (Bank of America N.A., LOC)
	5,600,000	0.120		03/07/13		5,600,000
	Santa Clara Valley Transportation Authority Sales Tax VRDN RB Refunding Series 2008 B (Barclays Bank PLC, SPA)
	2,200,000	0.080		03/07/13		2,200,000
	Southern California Public Power Authority RB for Milford Corridor Series 2010-PJ-1
	1,000,000	5.000		07/01/13		1,015,396
	Southern California Public Power Authority VRDN RB for Milford Wind Corridor Phase II Project SPEARS Series 2012-DB-1048 (Deutsche Bank A.G., LIQ)
	1,000,000	0.130		03/07/13		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)
	2,050,000	0.090		03/07/13		2,050,000
	Principal Amount	Interest Rate		Maturity Date		Amortized Cost
	Municipal Debt Obligations – (continued)
	California – (continued)
	State of California GO Series 2004
$	1,000,000	5.000	%	02/01/14	$	1,044,053
	State of California GO Refunding Series 2005
	1,150,000	5.000		03/01/14		1,204,111
	University of California VRDN RB Putters Series 2008-2649Z (JPMorgan Chase Bank, LIQ)
	2,500,000	0.120		03/07/13		2,500,000
	University of California VRDN RB Putters Series 2012-4040 (AGM) (JPMorgan Chase Bank, LIQ)(a)
	2,000,000	0.110		03/01/13		2,000,000
	University of California VRDN RB Floater Trust Series 2012-12UX (Barclays Bank PLC, LIQ)(a)
	1,000,000	0.130		03/07/13		1,000,000
	University of California VRDN RB ROCS RR-II R-11661 Series 2008 (AGM) (Citibank N.A., LIQ)
	2,000,000	0.140		03/07/13		2,000,000
	University of California VRDN RB ROCS RR-II R-12328 Series 2012 (AGM) (Citibank N.A., LIQ)(a)
	3,500,000	0.110		03/01/13		3,500,000
	Victor Valley Community College District GO VRDN Floater Certificates Series 2009-34C (Wells Fargo & Co., LIQ)(a)
	3,000,000	0.100		03/07/13		3,000,000
	West Basin Municipal Water District VRDN COPS Putters Series 2012-4210 (Assured GTY) (JPMorgan Chase Bank N.A., LIQ)(a)
	1,795,000	0.120		03/07/13		1,795,000
	West Basin Municipal Water District VRDN COPS Refunding Series 2008 A-1 (Citibank N.A., SPA)
	3,205,000	0.170		03/07/13		3,205,000
	West Basin Municipal Water District VRDN COPS Refunding Series 2008 A-2 (Citibank N.A., SPA)
	3,200,000	0.170		03/07/13		3,200,000
						243,958,927
	Puerto Rico – 2.8%
	Puerto Rico Sales Tax Financing Corp. VRDN RB Floater Trust Series 2009-10B (Barclays Bank PLC, LIQ)(a)
	1,000,000	0.220		03/07/13		1,000,000
	Puerto Rico Sales Tax Financing Corp. VRDN RB Floater Trust Series 2010-65W (Barclays Bank PLC, LIQ)(a)
	2,600,000	0.220		03/07/13		2,600,000
	Puerto Rico Sales Tax Financing Corp. VRDN RB ROCS-RR-II R-11764 Series 2009 (Citibank N.A., LIQ)(a)
	1,200,000	0.140		03/07/13		1,200,000
	Puerto Rico Sales Tax Financing Corp. VRDN RB SPEARS Series 2011-DB-1041 (Deutsche Bank A.G., LIQ)(a)
	2,200,000	0.130		03/07/13		2,200,000
						7,000,000
	TOTAL INVESTMENTS – 101.2%				$	250,958,927
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (1.2)%					(2,887,337	)
	NET ASSETS – 100.0%				$	248,071,590

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

FINANCIAL SQUARE TAX-EXEMPT CALIFORNIA FUND

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 28, 2013, these securities amounted to $75,470,000 or approximately 30.4% 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.

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
LIQ	—Liquidity Agreement
LOC	—Letter of Credit
MF Hsg	—Multi-Family Housing
NATL-RE	—National Reinsurance Corp.
PCRB	—Pollution Control Revenue Bond
RANS	—Revenue Anticipation Notes
RB	—Revenue Bond
RMKT	—Remarketed
ROCS	—Reset Option Certificates
RR	—Revenue Refunding
SPA	—Stand-by Purchase Agreement
SPEARS	—Short Puttable Exempt Adjustable Receipts
TRANS	—Tax Revenue Anticipation Notes
VRDN	—Variable Rate Demand Notes

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

FINANCIAL SQUARE TAX-EXEMPT NEW YORK FUND

Schedule of Investments

February 28, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Municipal Debt Obligations – 99.9%
	New York – 98.9%
	Buffalo Municipal Water Finance Authority Water Systems VRDN RB Refunding Series 2008 (JPMorgan Chase Bank N.A., LOC)
$	7,400,000		0.110	%		03/07/13	$	7,400,000
	County of Onondaga, New York Trust for Cultural Resources VRDN RB for Syracuse University Project Series 2010 A (Wells Fargo Bank N.A., LOC)
	3,300,000		0.100			03/07/13		3,300,000
	County of Westchester, New York GO Series 2010 B
	1,350,000		3.000			06/01/13		1,359,612
	County of Westchester, New York GO Series 2010 C-1
	2,255,000		5.000			06/01/13		2,282,341
	Erie County Fiscal Stability Authority RB Sales Tax & State Aid Secured Series 2010 A
	700,000		4.000			05/15/13		705,165
	Erie County IDA School Facility VRDN RB for City School District Buffalo Project Series 2008-3053X (AGM) (Bank of America N.A., LIQ)
	2,200,000		0.250			03/07/13		2,200,000
	Metropolitan Transportation Authority Dedicated Tax Fund VRDN RB Series 2002 Subseries B-1 RMKT (State Street B&T Co., LOC)
	6,400,000		0.100			03/07/13		6,400,000
	Monroe County Industrial Development Corp. VRDN RB Floater Series 2011-98C (Wells Fargo Bank N.A., LIQ) (GTY AGMT-Wells Fargo Bank N.A.)(a)
	1,000,000		0.100			03/07/13		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)
	6,760,000		0.090			03/01/13		6,760,000
	Nassau County, New York Interim Finance Authority VRDN RB Series 2008 D-2 (JPMorgan Chase Bank N.A., SPA)
	600,000		0.120			03/07/13		600,000
	New York City GO Series 2002 C
	125,000		5.500			08/01/13		125,000
	New York City GO Series 2003 E
	500,000		5.250			08/01/13		510,422
	New York City GO Series 2003 G Subseries G-3
	2,990,000		2.000			08/01/13		3,012,387
	New York City GO VRDN Series 1993 Subseries B-2 (JPMorgan Chase Bank N.A., LOC)
	500,000		0.110			03/01/13		500,000
	New York City GO VRDN Series 2006 I Subseries I-3 (Bank of America N.A., LOC)
	2,350,000		0.130			03/01/13		2,350,000
	New York City GO VRDN Series 2006 I Subseries I-4 (Bank of New York Mellon, LOC)
	200,000		0.100			03/07/13		200,000
	New York City Health & Hospital Corp. VRDN RB Health System Series 2008 B (GO of Corp.) (TD Bank N.A., LOC)
	3,500,000		0.100			03/07/13		3,500,000
	New York City Health & Hospital Corp. VRDN RB Health System Series 2008 C (GO of Corp.) (TD Bank N.A., LOC)
	3,100,000		0.100			03/07/13		3,100,000
	New York City Health & Hospital Corp. VRDN RB Health System Series 2008 E (GO of Corp.) (JPMorgan Chase Bank N.A., LOC)
	1,960,000		0.110			03/07/13		1,960,000
	New York City Housing Development Corp. MF Hsg VRDN RB Series 2012 M
	2,200,000		0.200			10/01/13		2,200,000
	Municipal Debt Obligations – (continued)
	New York – (continued)
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Second General Resolution Series 2006 CC-2 (Bank of Nova Scotia, SPA)
$	2,300,000		0.100	%		03/01/13	$	2,300,000
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Series 2007 BB-2 (Bank of America N.A., SPA)
	4,300,000		0.120			03/01/13		4,300,000
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Series 2012 Subseries B-2 (California Public Employees Retirement System, SPA)
	1,100,000		0.100			03/01/13		1,100,000
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Series 2012 Subseries B-3 (State Street B&T Co., SPA)
	1,300,000		0.100			03/01/13		1,300,000
	New York City Transitional Finance Authority Building Aid RB Series 2011 Subseries S-1A (State Aid Withholding)
	1,000,000		3.000			07/15/13		1,010,448
	New York City Transitional Finance Authority Future Tax Secured RB Series 2011 A
	1,205,000		4.000			11/01/13		1,235,542
	New York City Transitional Finance Authority Future Tax Secured RB Series 2011 D
	705,000		5.000			02/01/14		735,462
	New York City Transitional Finance Authority Future Tax Secured RB Series 2011 Subseries D-1
	2,000,000		3.000			11/01/13		2,037,156
	New York City Transitional Finance Authority VRDN RB Recovery Series 2002-1 Subseries 1A (Landesbank Hessen-Thueringen Girozentrale, LIQ)
	2,240,000		0.140			03/07/13		2,240,000
	New York City Transitional Finance Authority VRDN RB Recovery Series 2002-3 Subseries 3G (Bank of NY Mellon, SPA)
	2,700,000		0.100			03/07/13		2,700,000
	New York City Trust for Cultural Resources VRDN RB Austin Trust Certificates for Museum of Modern Art Series 2008-3316 (Bank of America N.A., LIQ)(a)
	6,200,000		0.150			03/07/13		6,200,000
	New York City Trust for Cultural Resources VRDN RB for Metropolitan Museum of Art Series 2006 A1 RMKT
	3,950,000		0.100			03/07/13		3,950,000
	New York City Trust for Cultural Resources VRDN RB for Metropolitan Museum of Art Series 2006 A2 RMKT
	4,600,000		0.100			03/07/13		4,600,000
	New York City Trust for Cultural Resources VRDN RB for Pierpont Morgan Library Series 2004 (JPMorgan Chase Bank N.A., LOC)
	3,035,000		0.100			03/07/13		3,035,000
	New York City Trust for Cultural Resources VRDN RB for The Juilliard School ROCS-RR-II R-11927 Series 2011 (Citibank N.A., LIQ)(a)
	2,400,000		0.120			03/07/13		2,400,000
	New York City Trust for Cultural Resources VRDN RB Refunding for American Museum of Natural History Series 2008 B1 (U.S. Bank N.A., SPA)
	3,000,000		0.090			03/07/13		3,000,000
	New York City Trust for Cultural Resources VRDN RB Refunding for The New York Botanical Garden Series 2009 A (JPMorgan Chase Bank N.A., LOC)
	7,700,000		0.110			03/07/13		7,700,000
	New York State Dormitory Authority Non-State Supported Debt RB for School District Financing Program Series 2012 F (State Aid Withholding)
	1,485,000		3.000			10/01/13		1,508,422

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

FINANCIAL SQUARE TAX-EXEMPT NEW YORK FUND

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Municipal Debt Obligations – (continued)
	New York – (continued)
	New York State Dormitory Authority Non-State Supported Debt VRDN RB for Columbia University Series 2009 A
$	3,480,000		0.090	%		03/07/13	$	3,480,000
	New York State Dormitory Authority Non-State Supported Debt VRDN RB for Cornell University Floater Certificates Series 2011-3C (Wells Fargo Bank N.A., LIQ)(a)
	2,600,000		0.100			03/07/13		2,600,000
	New York State Dormitory Authority Non-State Supported Debt VRDN RB for New York University Putters Series 2008-3233Z (JPMorgan Chase Bank N.A., LIQ)(a)
	1,100,000		0.120			03/07/13		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., LIQ)(a)
	1,000,000		0.110			03/07/13		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)
	6,300,000		0.100			03/07/13		6,300,000
	New York State Dormitory Authority Non-State Supported Debt VRDN RB for University of Rochester Series 2006 A-1 RMKT (Wells Fargo Bank N.A., LOC)
	2,000,000		0.100			03/07/13		2,000,000
	New York State Dormitory Authority Non-State Supported Debt VRDN RB for Vassar College Floaters Series 2007-1861 (Wells Fargo Bank N.A., LIQ)
	5,045,000		0.110			03/07/13		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., LIQ)(a)
	2,900,000		0.120			03/07/13		2,900,000
	New York State Dormitory Authority State Supported Debt VRDN RB for Cornell University Series 2004 A RMKT (HSBC Bank USA N.A., SPA)
	2,100,000		0.110			03/07/13		2,100,000
	New York State Dormitory Authority State Supported Debt VRDN RB for Cornell University Series 2004 B RMKT (HSBC Bank USA N.A., SPA)
	3,885,000		0.110			03/07/13		3,885,000
	New York State Dormitory Authority State Supported Debt VRDN RB for New York Public Library Series 1999 A RMKT (TD Bank N.A., LOC)
	1,920,000		0.100			03/07/13		1,920,000
	New York State Dormitory Authority State Supported Debt VRDN RB for New York Public Library Series 1999 B RMKT (TD Bank N.A., LOC)
	3,255,000		0.100			03/07/13		3,255,000
	New York State Dormitory Authority State Supported Debt VRDN RB for University of Rochester Series 2003 B Convertible (HSBC Bank USA N.A., LOC)
	3,395,000		0.110			03/01/13		3,395,000
	New York State Dormitory Authority VRDN RB for Columbia University Series 2003 B RMKT
	4,865,000		0.090			03/07/13		4,865,000
	New York State Dormitory Authority VRDN RB for Memorial Sloan-Kettering Cancer Center Putters Series 2008-3201 (JPMorgan Chase Bank N.A., LIQ)(a)
	1,800,000		0.120			03/07/13		1,800,000
	New York State Dormitory Authority VRDN RB for Memorial Sloan-Kettering Cancer Center Putters Series 2008-3209 (JPMorgan Chase Bank N.A., LIQ)(a)
	3,555,000		0.120			03/07/13		3,555,000
	New York State Housing Finance Agency VRDN RB for 20 River Terrace Housing Series 2002 A RMKT (FNMA, LIQ)
	2,600,000		0.110			03/07/13		2,600,000
	Municipal Debt Obligations – (continued)
	New York – (continued)
	New York State Housing Finance Agency VRDN RB for 600 West 42nd Street Series 2009 A RMKT (FNMA, LIQ)
$	1,000,000		0.100	%		03/07/13	$	1,000,000
	New York State Housing Finance Agency VRDN RB for North End Series 2004 A RMKT (FNMA, LIQ)
	1,800,000		0.110			03/07/13		1,800,000
	New York State Housing Finance Agency VRDN RB for Taconic Housing West 17th Street Series 2009 A (FNMA, LIQ)
	3,000,000		0.100			03/07/13		3,000,000
	New York State Liberty Development Corp. VRDN RB for 4 World Trade Center Project SPEARS Series 2011-DB-1036X (GTY AGMT-Deutsche Bank A.G.) (Deutsche Bank A.G., LIQ)(a)
	7,200,000		0.160			03/07/13		7,200,000
	New York State Local Government Assistance Corp. RB Refunding Senior Lien Series 2008 A
	1,400,000		5.000			04/01/13		1,405,596
	New York State Local Government Assistance Corp. RB Series 2008 C (GO of Corp.)
	1,000,000		5.000			04/01/13		1,004,062
	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., LIQ)
	2,000,000		0.150			03/07/13		2,000,000
	New York State Power Authority CP Series 2013-1
	7,500,000		0.140			04/09/13		7,500,000
	New York State Thruway Authority RB for Second General Highway & Bridge Trust Fund Series 2010 A
	1,750,000		5.000			04/01/13		1,757,090
	New York State Thruway Authority RB for Second General Highway & Bridge Trust Fund Series 2011 A-2
	1,520,000		4.000			04/01/13		1,524,827
	Northport-East Northport Union Free School District Series 2012 (State Aid Withholding)
	1,500,000		2.000			06/27/13		1,508,444
	Port Authority of New York & New Jersey CP Series 2013-B
	2,420,000		0.150			05/14/13		2,420,000
	Port Authority of New York & New Jersey VRDN RB Floater Trust Series 2011-17B (GO of Authority) (Barclays Bank PLC, LIQ)(a)
	2,150,000		0.120			03/07/13		2,150,000
	Port Authority of New York & New Jersey VRDN RB ROCS-RR-II R-664 Series 2006 (Citibank N.A., LIQ)
	2,130,000		0.120			03/07/13		2,130,000
	Town of Islip, New York GO Refunding Series 2012
	1,000,000		2.000			05/15/13		1,003,785
	Triborough Bridge & Tunnel Authority VRDN RB General Series 2002 F (Helaba, SPA)
	2,000,000		0.160			03/01/13		2,000,000
	Triborough Bridge & Tunnel Authority VRDN RB General Series 2005 A-1 RMKT (GO of Authority) (California Public Employees Retirement System, LOC)
	3,100,000		0.100			03/01/13		3,100,000
								195,120,761

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

FINANCIAL SQUARE TAX-EXEMPT NEW YORK FUND

Schedule of Investments (continued)

February 28, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Municipal Debt Obligations – (continued)
	Puerto Rico – 1.0%
	Puerto Rico Sales Tax Financing Corp. VRDN RB Floater Trust Series 2009-10B (Barclays Bank PLC, LIQ)(a)
$	1,200,000		0.220	%		03/07/13	$	1,200,000
	Puerto Rico Sales Tax Financing Corp. VRDN RB ROCS-RR-II R-11764 Series 2009 (Citibank N.A., LIQ)(a)
	800,000		0.140			03/07/13		800,000
								2,000,000
	TOTAL INVESTMENTS – 99.9%						$	197,120,761
	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.1%							146,668
	NET ASSETS – 100.0%						$	197,267,429

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 28, 2013, these securities amounted to $33,905,000 or approximately 17.2% 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.
CP	—Commercial Paper
CR	—Custodial Receipts
FNMA	—Insured by Federal National Mortgage Association
GO	—General Obligation
GTY AGMT	—Guaranty Agreement
IDA	—Industrial Development Agency
LIQ	—Liquidity Agreement
LOC	—Letter of Credit
MF Hsg	—Multi-Family Housing
RB	—Revenue Bond
RMKT	—Remarketed
ROCS	—Reset Option Certificates
RR	—Revenue Refunding
SPA	—Stand-by Purchase Agreement
SPEARS	—Short Puttable Exempt Adjustable Receipts
VRDN	—Variable Rate Demand Notes

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

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

Schedule of Investments

February 28, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Municipal Debt Obligations – 99.5%
	Alabama – 3.3%
	Alabama Special Care Facilities Financing Authority VRDN RB Birmingham for Ascension Health Senior Credit Putters Series 2008-2959 (JPMorgan Chase Bank N.A., LIQ)
$	6,370,000		0.120	%		03/07/13	$	6,370,000
	Alabama Special Care Facilities Financing Authority VRDN RB for Solar Eclipse Series 2007-0046 (U.S. Bank N.A., LOC) (U.S. Bank N.A., LIQ)
	16,550,000		0.110			03/07/13		16,550,000
	Columbia IDB VRDN PCRB Refunding for Alabama Power Co. Project Series 1996 A
	21,000,000		0.110			03/01/13		21,000,000
	Columbia IDB VRDN PCRB Refunding for Alabama Power Co. Project Series 1999 B
	25,000,000		0.110			03/01/13		25,000,000
	East Alabama Health Care Authority VRDN RB Series 2012 B
	15,000,000		0.140			03/07/13		15,000,000
	Huntsville Health Care Authority CP Series 2013
	29,000,000		0.140			03/01/13		29,000,000
	20,000,000		0.180			06/03/13		20,000,000
	7,500,000		0.200			06/03/13		7,500,000
	25,000,000		0.200			07/01/13		25,000,000
	West Jefferson IDB VRDN PCRB Refunding for Alabama Power Co. Project Series 1998
	37,290,000		0.110			03/07/13		37,290,000
								202,710,000
	Alaska – 1.9%
	Alaska Housing Finance Corp. Home Mortgage VRDN RB Series 2009 A
	79,530,000		0.100			03/07/13		79,530,000
	Alaska Housing Finance Corp. VRDN RB Governmental Purpose Series 2001 B RMKT (GO of Corp.)
	22,900,000		0.110			03/07/13		22,900,000
	Alaska Industrial Development & Export Authority VRDN RB for Providence Health Services Floater Series 2012-0-49 (Royal Bank of Canada, LIQ)(a)
	3,365,000		0.110			03/07/13		3,365,000
	City of Valdez Marine Terminal VRDN RB Floater Certificates Series 2011-73C (GTY AGMT-Wells Fargo Bank N.A.) (Wells Fargo Bank N.A., LIQ)(a)
	9,610,000		0.100			03/07/13		9,610,000
								115,405,000
	Arizona – 2.5%
	Arizona Health Facilities Authority VRDN RB for Banner Health P-Floats-PT-4695 Series 2011 (Bank of America N.A., LIQ)(a)
	10,500,000		0.240			03/07/13		10,500,000
	Arizona Health Facilities Authority VRDN RB for Banner Health Putters Series 2012-4215 (JPMorgan Chase Bank N.A., LIQ)(a)
	44,195,000		0.110			03/01/13		44,195,000
	Arizona Health Facilities Authority VRDN RB for Dignity Health SPEARS Series 2012-1082 (GTY AGMT-Deutsche Bank A.G.) (Deutsche Bank A.G., LIQ)(a)
	18,500,000		0.160			03/07/13		18,500,000
	Arizona State Transportation Board Highway VRDN RB Putters Series 2008-3151 (JPMorgan Chase Bank N.A., LIQ)(a)
	6,605,000		0.120			03/07/13		6,605,000
	Arizona State Transportation Board Highway VRDN RB Putters Series 2009-3466 (JPMorgan Chase Bank N.A., LIQ)(a)
	4,065,000		0.120			03/07/13		4,065,000
	Municipal Debt Obligations – (continued)
	Arizona – (continued)
	Maricopa County Industrial Development Authority VRDN RB Refunding for Christian Care Apartments Series 2005 A (FNMA, LIQ)
$	10,620,000		0.110	%		03/07/13	$	10,620,000
	Phoenix Civic Improvement Corp. Water System VRDN RB Putters Series 2009-3458 (JPMorgan Chase Bank N.A., LIQ)(a)
	7,140,000		0.120			03/07/13		7,140,000
	Phoenix GO VRDN Floaters Series 2007-1882 (Wells Fargo Bank N.A., LIQ)
	17,200,000		0.110			03/07/13		17,200,000
	Salt River Project Agricultural Improvement & Power District Electric System Municipal Trust Receipts VRDN RB Floater Trust Series 2010-21W (Barclays Bank PLC, LIQ)(a)
	5,000,000		0.140			03/07/13		5,000,000
	Salt River Project Agricultural Improvement & Power District Electric System VRDN RB Eagle Series 2006-0014 Class A (Citibank N.A., SPA)
	13,275,000		0.110			03/07/13		13,275,000
	Salt River Project Agricultural Improvement & Power District Electric System VRDN RB Floater Series 2009-40C (Wells Fargo & Co., LIQ)(a)
	13,100,000		0.100			03/07/13		13,100,000
	Salt River Project Agricultural Improvement & Power District Electric System VRDN RB Floaters Trust Series 2009-9W (Barclays Bank PLC, LIQ)(a)
	4,050,000		0.140			03/07/13		4,050,000
								154,250,000
	California – 13.1%
	Bay Area Toll Authority California Toll Bridge VRDN RB Floater Certificates Series 2010-30C (GTY AGMT—Wells Fargo Bank N.A) (Wells Fargo Bank N.A., LIQ)(a)
	22,425,000		0.100			03/07/13		22,425,000
	Bay Area Toll Authority California Toll Bridge VRDN RB for San Francisco Bay Area SPEARS Series 2011-DB-1043 (Deutsche Bank A.G., LIQ)(a)
	6,145,000		0.130			03/07/13		6,145,000
	Bay Area Toll Authority California Toll Bridge VRDN RB Putters Series 2008-3130 (JPMorgan Chase Bank N.A., LIQ)(a)
	6,145,000		0.120			03/07/13		6,145,000
	California Educational Facilities Authority VRDN RB for University of Southern California Putters Series 2009-3424 (JPMorgan Chase Bank N.A., LIQ)(a)
	7,305,000		0.120			03/07/13		7,305,000
	California GO VRDN SPEARS Series 2007-DB-457 (AGM) (GTY AGMT-Deutsche Bank A.G.) (Deutsche Bank A.G., LIQ)
	11,500,000		0.160			03/07/13		11,500,000
	California Health Facilities Financing Authority CP Series 2012 E
	24,000,000		0.250			08/13/13		24,000,000
	California Health Facilities Financing Authority VRDN RB Floater Certificates Series 2011-74C (GTY AGMT-Wells Fargo Bank N.A.) (Wells Fargo Bank N.A., LIQ)(a)
	5,800,000		0.100			03/07/13		5,800,000
	California Health Facilities Financing Authority VRDN RB Floaters Series 2007-1858 (GTY AGMT-Wells Fargo & Co.) (Wells Fargo & Co., LIQ)
	11,793,000		0.110			03/07/13		11,793,000
	California Health Facilities Financing Authority VRDN RB for Adventist Health System P-Floats Series 2011-PT-4699 (NATL-RE) (GTY AGMT-Bank of America N.A.) (Bank of America N.A., LIQ)(a)
	19,920,000		0.280			03/07/13		19,920,000

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

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

Schedule of Investments (continued)

February 28, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Municipal Debt Obligations – (continued)
	California – (continued)
	California Health Facilities Financing Authority VRDN RB for Dignity Health SPEARS Series 2012-DBE-1083 (GTY AGMT-Deutsche Bank A.G.) (Deutsche Bank A.G., LIQ)(a)
$	12,095,000		0.170	%		03/07/13	$	12,095,000
	California RANS Series 2012 A-2
	60,325,000		2.500			06/20/13		60,741,142
	California School Cash Reserve Program Authority Series 2012 J
	24,000,000		2.000			05/01/13		24,069,238
	California School Cash Reserve Program Authority Series 2012 L
	8,200,000		2.000			06/03/13		8,237,026
	California School Cash Reserve Program Authority Series 2013 CC
	4,000,000		2.000			12/31/13		4,058,934
	California School Cash Reserve Program Authority Series 2013 W
	18,550,000		2.000			01/31/14		18,842,279
	California School Cash Reserve Program Authority Series 2013 Y
	89,800,000		2.000			10/01/13		90,734,169
	California State Department of Water Resources CP Series 2013-1 (Bank of Montreal)
	6,487,000		0.160			04/03/13		6,487,000
	California Statewide Communities Development Authority CP for Kaiser Permanente Series 2012 9B-3
	9,500,000		0.240			04/05/13		9,500,000
	California Statewide Communities Development Authority CP for Kaiser Permanente Series 2012-04-I
	27,500,000		0.250			07/08/13		27,500,000
	California Statewide Communities Development Authority CP for Kaiser Permanente Series 2012-08-B
	48,500,000		0.220			07/03/13		48,500,000
	California Statewide Communities Development Authority CP for Kaiser Permanente Series 2012-9B-1
	12,000,000		0.240			07/01/13		12,000,000
	9,250,000		0.260			08/01/13		9,250,000
	California Statewide Communities Development Authority CP for Kaiser Permanente Series 2013-9B-2
	3,000,000		0.220			10/01/13		3,000,000
	California Statewide Communities Development Authority CP for Kaiser Permanente Series 2013-09-D
	28,000,000		0.220			10/01/13		28,000,000
	California Statewide Communities Development Authority CP Series 2012 K
	6,000,000		0.250			08/19/13		6,000,000
	California Statewide Communities Development Authority Series CP 2013 D
	23,000,000		0.240			09/05/13		23,000,000
	California Statewide Communities Development Authority VRDN RB for Kaiser Permanente ROCS RR-II R-11672 Series 2008 (BHAC-CR) (Citibank N.A., LIQ)(a)
	10,035,000		0.120			03/07/13		10,035,000
	California Statewide Communities Development Authority VRDN RB for Kaiser Permanente ROCS RR-II R-1563 Series 2008 (BHAC-CR) (Citibank N.A., LIQ)
	9,800,000		0.140			03/07/13		9,800,000
	California Statewide Communities Development Authority VRDN RB for Kaiser Permanente SPEARS Series 2012-DBE-1065 (GTY AGMT-Deutsche Bank A.G.) (Deutsche Bank A.G., LIQ)(a)
	15,315,000		0.160			03/07/13		15,315,000
	California University VRDN RB Floater Trust Series 2008 K37W (AGM) (Citibank N.A., LIQ)
	19,000,000		0.260			03/07/13		19,000,000
	Municipal Debt Obligations – (continued)
	California – (continued)
	Desert Community College District GO VRDN Floaters Series 2009-3016 (AGM) (Deutsche Bank A.G., LIQ)(a)
$	3,000,000		0.170	%		03/07/13	$	3,000,000
	Harbor Department of the City of Los Angeles CP Series 2013 B-1 (Mizuho Corp. Bank Ltd., LIQ)
	12,000,000		0.200			03/04/13		12,000,000
	Los Angeles Community Redevelopment Agency MF Hsg. VRDN RB for Metropolitan Apartments Series 1985 RMKT (FNMA, LIQ)
	10,800,000		0.110			03/07/13		10,800,000
	Los Angeles County Schools Pooled Financing Program TRANS Series 2012 B-4
	4,500,000		2.000			10/01/13		4,546,065
	Los Angeles County Schools Pooled Financing Program TRANS Series 2013 C-3
	2,500,000		2.000			12/31/13		2,535,558
	Los Angeles County Schools Pooled Financing Program TRANS Series 2013 C-5
	3,000,000		2.000			11/29/13		3,039,515
	Los Angeles County Schools Pooled Financing Program TRANS Series 2013 C-6
	4,000,000		2.000			12/31/13		4,058,249
	Los Angeles Department of Water & Power RB Series 2011 A
	10,000,000		4.000			07/01/13		10,127,071
	Los Angeles Department of Water & Power VRDN RB Putters Series 2009-3422 (JPMorgan Chase Bank N.A., LIQ)(a)
	8,795,000		0.120			03/07/13		8,795,000
	Orange County Sanitation District TRANS Series 2012
	45,700,000		2.000			10/30/13		46,242,790
	Orange County Sanitation District VRDN COPS Putters Series 2010-3773Z (AGM) (JPMorgan Chase Bank, LIQ)(a)
	5,350,000		0.140			03/07/13		5,350,000
	San Diego Community College District GO VRDN Austin Trust Certificates Series 2008-3020X (AGM) (Bank of America N.A., LIQ)
	6,000,000		0.150			03/07/13		6,000,000
	San Diego Community College District GO VRDN Putters Series 2009-3415 (JPMorgan Chase Bank N.A., LIQ)(a)
	5,470,000		0.120			03/07/13		5,470,000
	San Diego County & School District TRANS Series 2012 B-2 (GO of Participants)
	8,440,000		2.000			04/30/13		8,463,526
	San Diego Unified School District GO TRANS Series 2012 A-2
	28,000,000		2.000			06/28/13		28,161,345
	San Diego Unified School District GO VRDN Floater Series 2011-97C (AGM) (Wells Fargo Bank N.A., LIQ)(a)
	8,800,000		0.100			03/07/13		8,800,000
	San Francisco City & County Public Utilities Commission Water CP Series 2013 A-2 (U.S. Bank N.A., LOC)
	19,500,000		0.150			03/13/13		19,500,000
	San Francisco City & County Public Utilities Commission Water VRDN RB Floaters Series 2007-2190 (AGM) (Wells Fargo Bank N.A., LIQ)
	5,000,000		0.140			03/07/13		5,000,000
	Santa Rosa Wastewater VRDN RB SPEARS Series 2007-DBE-395 (AMBAC) (GTY AGMT-Deutsche Bank A.G.) (Deutsche Bank A.G., LIQ)
	5,080,000		0.190			03/07/13		5,080,000
	Southern California Public Power Authority VRDN RB for Milford Wind Corridor Phase II Project SPEARS Series 2012-DB-1048 (Deutsche Bank A.G., LIQ)
	7,860,000		0.130			03/07/13		7,860,000
	State of California GO Series 2004
	9,155,000		5.000			02/01/14		9,558,303

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

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Municipal Debt Obligations – (continued)
	California – (continued)
	University of California VRDN RB Floater Trust Series 2012-12UX (Barclays Bank PLC, LIQ)(a)
$	7,800,000		0.130	%		03/07/13	$	7,800,000
	University of California VRDN RB Putters Series 2012-4040 (AGM) (JPMorgan Chase Bank)(a)
	23,825,000		0.110			03/01/13		23,825,000
	West Basin Municipal Water District VRDN COPS Putters Series 2012-4210 (Assured GTY) (JPMorgan Chase Bank N.A., LIQ)(a)
	4,640,000		0.120			03/07/13		4,640,000
	West Basin Municipal Water District VRDN COPS Refunding Series 2008 A-2 (Citibank N.A., SPA)
	900,000		0.170			03/07/13		900,000
								812,750,210
	Colorado – 2.5%
	City of Colorado Springs Utilities System VRDN RB Series 2012 A (U.S. Bank N.A., SPA)
	46,020,000		0.110			03/07/13		46,020,000
	Colorado Educational & Cultural Facilities Authority VRDN RB for Nature Conservancy Project Series 2012
	9,600,000		0.120			03/07/13		9,600,000
	Colorado Health Facilities Authority VRDN RB for Catholic Health Putters Series 2013-4283Z (JPMorgan Chase Bank N.A., LIQ)(a)
	6,665,000		0.120			03/07/13		6,665,000
	Colorado Health Facilities Authority VRDN RB for Sisters of Leavenworth Health System Floater Certificates Series 2012-0-15 (Royal Bank of Canada, LIQ)(a)
	7,000,000		0.110			03/07/13		7,000,000
	Colorado Springs Utilities Systems VRDN RB for Subordinated Lien Improvement Series 2005 A (Bank of Montreal, SPA)
	23,650,000		0.120			03/07/13		23,650,000
	Colorado Springs Utilities VRDN RB for Subordinated Lien Refunding Series 2000 A (Citibank N.A., SPA)
	9,600,000		0.160			03/07/13		9,600,000
	Colorado Springs Utilities VRDN RB for Subordinated Lien Series 2000 A (MBIA) (Bayerische Landesbank, SPA)
	15,000,000		0.170			03/07/13		15,000,000
	Colorado State Housing Finance Authority VRDN RB Series 2002 B-3 (FHA) (Barclays Bank PLC, SPA)
	7,740,000		0.110			03/07/13		7,740,000
	Denver City & County GO VRDN for Justice System Austin Trust Certificates Series 2008-1050 (Bank of America N.A., LIQ)
	7,500,000		0.150			03/07/13		7,500,000
	Denver City & County VRDN RB SPEARS Series 2012-DBE-1130X (GTY AGMT- Deutsche Bank A.G.) (Deutsche Bank A.G., LIQ)(a)
	14,205,000		0.160			03/07/13		14,205,000
	Jefferson County School District GO Series 2012 (State Aid Withholding)
	2,020,000		2.000			12/15/13		2,047,931
	Jefferson County School District R-1 TANS Series 2012 A
	5,635,000		1.500			06/28/13		5,658,574
								154,686,505
	Connecticut – 2.3%
	Connecticut Housing Finance Authority Housing Mortgage Finance Program VRDN RB Series 2011 C-1-RMKT (GO of Authority) (Barclays Bank PLC, SPA)
	14,195,000		0.100			03/07/13		14,195,000
	Municipal Debt Obligations – (continued)
	Connecticut – (continued)
	Connecticut State GO Series 2012 G
$	25,000,000		1.500	%		10/15/13	$	25,201,365
	Connecticut State GO VRDN Floater Certificates Series 2011-89C (Wells Fargo Bank N.A., LIQ)(a)
	21,900,000		0.100			03/07/13		21,900,000
	Connecticut State Health & Educational Facilities Authority VRDN RB for Yale University Eagle 7 Series 2005-3031 Class A (Citibank N.A., LIQ)
	34,000,000		0.110			03/07/13		34,000,000
	Connecticut State Health & Educational Facilities Authority VRDN RB for Yale University Putters Series 2008-2861 (JPMorgan Chase Bank N.A., LIQ)
	7,880,000		0.110			03/01/13		7,880,000
	Connecticut State Health & Educational Facilities Authority VRDN RB for Yale University Putters Series 2008-3185Z (JPMorgan Chase Bank N.A., LIQ)(a)
	11,995,000		0.120			03/07/13		11,995,000
	Connecticut State Health & Educational Facilities Authority VRDN RB for Yale University Series 2003 X-2
	30,000,000		0.090			03/07/13		30,000,000
								145,171,365
	Delaware – 0.3%
	Delaware State Health Facilities Authority VRDN RB for Christiana Care Health Services, Inc. Series 2008 B
	16,475,000		0.100			03/07/13		16,475,000
	District of Columbia – 2.4%
	District of Columbia GO TRANS Series 2012
	25,000,000		2.000			09/30/13		25,259,024
	District of Columbia GO VRDN Floaters Series 2007-1920 (FGIC) (GTY AGMT- Wells Fargo Bank N.A.) (Wells Fargo Bank N.A., LIQ)
	16,345,000		0.110			03/07/13		16,345,000
	District of Columbia GO VRDN Putters Series 2012-4198 (AGC) (JPMorgan Chase Bank N.A., LIQ)(a)
	20,000,000		0.110			03/01/13		20,000,000
	District of Columbia Income Tax Secured VRDN RB Putters Series 2009-3354 (JPMorgan Chase Bank N.A., LIQ)(a)
	7,080,000		0.120			03/07/13		7,080,000
	District of Columbia Income Tax Secured VRDN RB Putters Series 2009-3369 (JPMorgan Chase Bank N.A., LIQ)(a)
	4,500,000		0.120			03/07/13		4,500,000
	District of Columbia Income Tax Secured VRDN RB Putters Series 2012-4093 (JPMorgan Chase Bank N.A., LIQ)(a)
	5,685,000		0.110			03/01/13		5,685,000
	District of Columbia Water & Sewer Authority Public Utility Systems VRDN RB Putters Series 2009-3317 (JPMorgan Chase Bank N.A., LIQ)(a)
	8,330,000		0.120			03/07/13		8,330,000
	District of Columbia Water & Sewer Authority Public Utility Systems VRDN RB Putters Series 2012-4199 (JPMorgan Chase Bank N.A., LIQ)(a)
	40,000,000		0.110			03/01/13		40,000,000
	Metropolitan Washington Airports Authority CP Series 2012-2A-1 (Landesbank Baden-Wurttemberg, LOC)
	21,000,000		0.270			04/03/13		21,000,000
								148,199,024
	Florida – 2.5%
	Broward County, Florida GO Refunding Series 2007 A
	2,400,000		5.000			01/01/14		2,496,382

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

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

Schedule of Investments (continued)

February 28, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Municipal Debt Obligations – (continued)
	Florida – (continued)
	Florida State Board of Education GO VRDN Floater Certificates Series 2011-8C (Wells Fargo Bank N.A., LIQ)(a)
$	8,800,000		0.100	%		03/07/13	$	8,800,000
	Florida State Board of Education GO VRDN Putters Series 2008-2850 (State GTD) (JPMorgan Chase Bank N.A., LIQ)
	7,425,000		0.120			03/07/13		7,425,000
	Florida State Board of Education GO VRDN Putters Series 2010-3834Z (JPMorgan Chase Bank N.A., LIQ)(a)
	9,000,000		0.120			03/07/13		9,000,000
	Florida State GO VRDN for DOT – Right of Way Floater Certificate Series 2012-28C (Wells Fargo Bank N.A., LIQ)(a)
	14,335,000		0.100			03/07/13		14,335,000
	Florida State Turnpike Authority VRDN RB Floater Series 2013-4WX (Barclays Bank PLC, LIQ)(a)
	5,860,000		0.130			03/07/13		5,860,000
	Florida State Turnpike Authority VRDN RB Putters Series 2008-2514 (JPMorgan Chase Bank N.A., LIQ)
	18,070,000		0.120			03/07/13		18,070,000
	Highlands County Health Facilities Authority VRDN RB Refunding for Adventist Health System Series 2012 I-2
	5,000,000		0.090			03/07/13		5,000,000
	Jacksonville CP Series 2013 A (Landesbank Baden-Wurttemberg, LOC)
	10,175,000		0.200			04/01/13		10,175,000
	Jacksonville Electric Authority CP Series 2013 F-2
	10,000,000		0.140			04/01/13		10,000,000
	Jacksonville Electric Authority Water & Sewer Systems VRDN RB Floater Certificates Series 2012-4C (Wells Fargo Bank N.A., LIQ)(a)
	5,895,000		0.100			03/07/13		5,895,000
	Jacksonville Electric System VRDN RB Series 2008 Three-A (Royal Bank of Canada, SPA)
	6,380,000		0.110			03/07/13		6,380,000
	Manatee County School District GO TANS Series 2012
	43,000,000		2.000			05/01/13		43,117,242
	Miami-Dade County, Florida GO VRDN Floater Series 2013 E-43 (Royal Bank of Canada, LOC) (Royal Bank of Canada, LIQ)(a)
	6,500,000		0.110			03/07/13		6,500,000
	Orange County School Board VRDN COPS Putters Series 2010-3785Z (NATL-RE FGIC) (JPMorgan Chase Bank N.A., LIQ)(a)
	5,000,000		0.120			03/07/13		5,000,000
								158,053,624
	Georgia – 3.3%
	Georgia State GO Series 2009 F
	6,360,000		5.000			11/01/13		6,564,647
	Georgia State GO Series 2009 G
	5,000,000		5.000			11/01/13		5,160,563
	Georgia State GO Series 2013 A
	11,005,000		3.000			01/01/14		11,263,773
	Georgia State GO VRDN Putters Series 2012-4170 (JPMorgan Chase Bank N.A., LIQ)(a)
	6,835,000		0.120			03/07/13		6,835,000
	Georgia State Municipal Gas Authority RB Refunding for Gas Portfolio III Series 2012 P
	16,000,000		2.000			05/22/13		16,060,183
Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Municipal Debt Obligations – (continued)
	Georgia – (continued)
	Georgia State Municipal Gas Authority RB Refunding for Gas Portfolio III Series 2012 R
$	10,800,000		2.000	%		10/01/13	$	10,907,301
	Gwinnett County School District GO VRDN Austin Trust Certificates Series 2008-1112 (Bank of America N.A., LIQ)
	3,375,000		0.150			03/07/13		3,375,000
	Gwinnett County School District GO VRDN Putters Series 2008-2868 (JPMorgan Chase Bank N.A., LIQ)
	8,870,000		0.120			03/07/13		8,870,000
	Metropolitan Atlanta Rapid Transit Authority Sales Tax CP Series 2012 D-1 (The Bank of Tokyo-Mitsubishi UFJ, LOC)
	12,500,000		0.150			04/04/13		12,500,000
	Metropolitan Atlanta Rapid Transit Authority Sales Tax VRDN RB Series 2000 A RMKT
	1,400,000		0.180			07/01/13		1,400,000
	Metropolitan Atlanta Rapid Transit Authority Sales Tax VRDN RB Series 2000 B (PNC Bank N.A., LOC)
	25,000,000		0.120			03/07/13		25,000,000
	Metropolitan Atlanta Rapid Transit Authority VRDN RB Austin Trust Certificates Refunding for Third Indenture Series 2008-3046X (AGM) (Bank of America N.A., LIQ)
	6,665,000		0.150			03/07/13		6,665,000
	Municipal Electric Authority of Georgia VRDN RB Series 1985 Sub Gen-C RMKT (GO of Participants) (Bayerische Landesbank, LOC)
	45,650,000		0.180			03/07/13		45,650,000
	Municipal Electric Authority of Georgia VRDN RB Series 1985 Subseries B RMKT (GO of Participants) (Barclays Bank PLC, LOC)
	11,800,000		0.100			03/07/13		11,800,000
	Private Colleges & Universities Authority VRDN RB for Emory University Floater Certificates Series 2011-32C (Wells Fargo Bank N.A., LIQ)(a)
	5,800,000		0.100			03/07/13		5,800,000
	Private Colleges & Universities Authority VRDN RB for Emory University Floaters Series 2011-95C (GO of University) (Wells Fargo Bank N.A., LIQ)(a)
	4,865,000		0.100			03/07/13		4,865,000
	Private Colleges & Universities Authority VRDN RB for Emory University Series 2005 C-4-RMKT
	19,100,000		0.090			03/07/13		19,100,000
								201,816,467
	Hawaii – 0.2%
	City & County of Honolulu GO Prerefunded Series 2003 A (NATL-RE)
	4,295,000		5.250			03/01/13		4,295,000
	Hawaii State GO Refunding Series 2005 DG (AMBAC)
	2,275,000		5.000			07/01/13		2,311,313
	Hawaii State GO VRDN Putters Series 2011-4007 (JPMorgan Chase Bank N.A., LIQ)(a)
	6,665,000		0.120			03/07/13		6,665,000
								13,271,313
	Illinois – 3.8%
	Chicago Board of Education GO VRDN Refunding for Dedicated Revenues Series 2009 A-2 (Northern Trust Co., LOC)
	5,900,000		0.100			03/07/13		5,900,000
	Chicago Sales Tax VRDN RB Floater Certificates Series 2012-0-20 (Royal Bank of Canada, LIQ)(a)
	6,665,000		0.110			03/07/13		6,665,000

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

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Municipal Debt Obligations – (continued)
	Illinois – (continued)
	Chicago Water VRDN RB Floater Series 2012-31C (Wells Fargo Bank N.A., LIQ)(a)
$	5,105,000		0.100	%		03/07/13	$	5,105,000
	City of Chicago Board of Education GO VRDN SPEARS Series 2007 DB-316 (FGIC) (GTY AGMT-Deutsche Bank A.G.) (Deutsche Bank A.G., LIQ)
	7,975,000		0.190			03/07/13		7,975,000
	City of Chicago Board of Education GO VRDN SPEARS Series 2007 DB-338 (FGIC) (GTY AGMT-Deutsche Bank A.G.) (Deutsche Bank A.G., LIQ)
	5,300,000		0.190			03/07/13		5,300,000
	City of Chicago GO VRDN Neighborhoods Alive 21 Series 2002-B-3 RMKT (Royal Bank of Canada, LOC)
	30,000,000		0.110			03/01/13		30,000,000
	City of Chicago GO VRDN Neighborhoods Alive 21 Series 2002-B-5 RMKT (Bank of NY Mellon, LOC)
	12,020,000		0.110			03/01/13		12,020,000
	City of Chicago GO VRDN Series 2003 B-1 RMKT (JPMorgan Chase Bank N.A., SPA)
	11,840,000		0.130			03/01/13		11,840,000
	City of Chicago Motor Fuel Tax VRDN RB SPEARS Series 2012 DB-1067X (Assured GTY) (Deutsche Bank A.G., LIQ)(a)
	11,155,000		0.180			03/07/13		11,155,000
	Cook County GO VRDN Floater Series 2012 DB-1076 (Deutsche Bank A.G., LIQ)(a)
	6,660,000		0.180			03/07/13		6,660,000
	Cook County GO VRDN Series 2002 B (Bank of NY Mellon, SPA)
	40,800,000		0.110			03/07/13		40,800,000
	Illinois Finance Authority VRDN RB Floater Certificates Series 2011-61C (GTY AGMT-Wells Fargo Bank N.A.) (Wells Fargo Bank N.A., LIQ)(a)
	4,785,000		0.100			03/07/13		4,785,000
	Illinois Finance Authority VRDN RB for Methodist Medical Center Series 2011 B (PNC Bank N.A., LOC)
	10,220,000		0.120			03/07/13		10,220,000
	Illinois Finance Authority VRDN RB for Northwestern Memorial Hospital Floaters Trust Series 2011-16B (Barclays Bank PLC, LIQ)(a)
	3,950,000		0.140			03/07/13		3,950,000
	Illinois Finance Authority VRDN RB for Northwestern University Series 2008 RMKT(b)
	10,000,000		0.000			03/07/13		10,000,000
	Illinois Finance Authority VRDN RB for University of Chicago Series 2004 B
	28,269,000		0.100			03/07/13		28,269,000
	Illinois Finance Authority VRDN RB Refunding for University of Chicago Series 2004 C
	7,100,000		0.100			03/07/13		7,100,000
	Illinois Finance Authority VRDN RB SPEARS Series 2012-DBE-1115 (GTY AGMT- Deutsche Bank A.G.) (Deutsche Bank A.G., LIQ)(a)
	18,300,000		0.150			03/07/13		18,300,000
	University of Illinois Board of Trustees VRDN COPS ROCS RR-II R-11480 Series 2008 (AGM) (Citibank N.A., LIQ)
	7,495,000		0.230			03/07/13		7,495,000
								233,539,000
	Indiana – 4.2%
	Indiana Finance Authority Hospital VRDN RB Floater Certificates Series 2011 E-23 (Royal Bank of Canada, LIQ) (Royal Bank of Canada, LOC)(a)
	11,000,000		0.110			03/07/13		11,000,000
	Municipal Debt Obligations – (continued)
	Indiana – (continued)
	Indiana Finance Authority Hospital VRDN RB for Parkview Health System Floater Certificates Series 2009-55C (GTY AGMT-Wells Fargo Bank N.A.) (Wells Fargo & Co., LIQ)(a)
$	9,715,000		0.100	%		03/07/13	$	9,715,000
	Indiana Finance Authority VRDN RB for Ascension Health Series 2008 E-5
	24,600,000		0.110			03/07/13		24,600,000
	Indiana Finance Authority VRDN RB for Lease Appropriation Series 2008 A-2 RMKT
	40,000,000		0.100			03/07/13		40,000,000
	Indiana Finance Authority VRDN RB for Midwest Fertilizer Corporation Project Series 2012
	50,000,000		0.200			07/01/13		50,000,000
	Indiana Finance Authority VRDN RB for Trinity Health Putters Series 2009-3611 (JPMorgan Chase Bank N.A., LIQ)(a)
	17,180,000		0.150			03/07/13		17,180,000
	Indiana Finance Authority VRDN RB Lease Appropriation Series 2005 A-1 (JPMorgan Chase Bank, SPA)
	14,900,000		0.120			03/01/13		14,900,000
	Indiana Health & Educational Facilities Financing Authority VRDN RB for Ascension Health Services ROCS-RR-II R-11160 Series 2007 (Citibank N.A., LIQ)
	13,785,000		0.110			03/07/13		13,785,000
	Indiana Health Facility Financing Authority VRDN RB for Ascension Health Series 2005 A-2 RMKT
	56,060,000		0.110			03/07/13		56,060,000
	University of Indiana VRDN RB Floater Certificates Series 2009-45C (Wells Fargo & Co., LIQ)(a)
	22,600,000		0.100			03/07/13		22,600,000
								259,840,000
	Iowa – 0.6%
	Iowa Finance Authority Midwestern Disaster Area VRDN RB for Iowa Fertilizer Co. Series 2012
	37,000,000		0.180			04/12/13		37,000,017
	Kansas – 0.3%
	City of Wichita, Kansas Water & Sewer Utility RB Refunding Series 2011 A
	5,425,000		3.000			10/01/13		5,512,891
	Wyandotte County-Kansas City Unified Government GO for Municipal Temporary Notes Series 2012 I
	16,000,000		0.240			03/01/13		16,000,000
								21,512,891
	Kentucky – 0.5%
	Kentucky Economic Development Finance Authority VRDN RB for Baptist Healthcare System Obligated Group SPEARS Series 2012 DBE-1068 (GTY AGMT-Deutsche Bank A.G.) (Deutsche Bank A.G., LIQ)(a)
	17,700,000		0.180			03/07/13		17,700,000
	Kentucky State Municipal Power Agency VRDN RB SPEARS Series 2011-DB-1025 (BHAC-CR NATL-RE) (Deutsche Bank A.G., LIQ)(a)
	13,150,000		0.180			03/07/13		13,150,000
								30,850,000
	Maine – 0.1%
	Maine Health & Higher Educational Facilities Authority VRDN RB for Bowdoin College Putters Series 2009-3461 (JPMorgan Chase Bank N.A., LIQ)(a)
	6,955,000		0.120			03/07/13		6,955,000

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

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

Schedule of Investments (continued)

February 28, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Municipal Debt Obligations – (continued)
	Maryland – 1.6%
	County of Anne Arundel, Maryland CP Series 2013-97-A (State Street Bank & Trust Co., LIQ)
$	9,835,000		0.190	%		03/27/13	$	9,835,000
	County of Anne Arundel, Maryland CP Series 2013-97-B (State Street Bank & Trust Co., LIQ)
	10,680,000		0.150			04/01/13		10,680,000
	County of Montgomery GO for Consolidated Public Improvement Series 2012 A
	14,750,000		5.000			11/01/13		15,223,275
	County of Montgomery, Maryland CP Series 2013-10-A (PNC Bank N.A., LIQ)
	36,605,000		0.150			04/01/13		36,605,000
	Maryland Health & Higher Educational Facilities Authority VRDN RB for Ascension Health Floater Certificates Series 2012-0-29 (Royal Bank of Canada, LIQ)(a)
	5,000,000		0.110			03/07/13		5,000,000
	Maryland State GO Series 2009 A
	6,230,000		5.000			11/01/13		6,429,643
	Maryland State Transportation Authority VRDN RB Certificates Series 2008-3017X (AGM) (Bank of America N.A., LIQ)
	5,000,000		0.150			03/07/13		5,000,000
	Washington Suburban Sanitation District GO VRDN Floater Certificates Series 2011-129C (Wells Fargo Bank N.A., LIQ)(a)
	9,140,000		0.100			03/07/13		9,140,000
								97,912,918
	Massachusetts – 4.8%
	City of Quincy GO BANS Series 2012
	29,485,000		2.500			06/21/13		29,683,411
	City of Worcester GO BANS Series 2013 A
	36,582,500		0.500			11/07/13		36,657,876
	Massachusetts Bay Transportation Authority Sales Tax VRDN RB Austin Trust Certificates Series 2008-1111 (Bank of America N.A., LIQ)
	5,000,000		0.150			03/07/13		5,000,000
	Massachusetts Bay Transportation Authority Sales Tax VRDN RB Putters Series 2006-1387 (JPMorgan Chase Bank N.A., LIQ)
	13,315,000		0.120			03/07/13		13,315,000
	Massachusetts Bay Transportation Authority VRDN RB Floater Certificates Series 2012-51C (Wells Fargo Bank N.A., LIQ)(a)
	5,745,000		0.100			03/07/13		5,745,000
	Massachusetts Development Finance Agency VRDN RB for Harvard University Floater Certificates Series 2010-56C (Wells Fargo Bank N.A., LIQ)(a)
	9,440,000		0.100			03/07/13		9,440,000
	Massachusetts Development Finance Agency VRDN RB for Harvard University Putters Series 2010-3840 (JPMorgan Chase Bank N.A., LOC)(a)
	4,000,000		0.120			03/07/13		4,000,000
	Massachusetts GO VRDN Austin Trust Certificates Series 2008-1203 (Bank of America N.A., LIQ)(a)
	9,500,000		0.150			03/07/13		9,500,000
	Massachusetts GO VRDN Floater Certificates Series 2012 E-32 (Royal Bank of Canada, LIQ) (Royal Bank of Canada, LOC)(a)
	19,800,000		0.110			03/07/13		19,800,000
	Massachusetts Health & Educational Facilities Authority VRDN RB for Harvard University Putters Series 2008-3104 (JPMorgan Chase Bank N.A., LIQ)
	3,040,000		0.120			03/07/13		3,040,000
	Massachusetts Health & Educational Facilities Authority VRDN RB for Harvard University ROCS-RR-II R-11514 Series 2008 (Citibank N.A., LIQ)
	5,390,000		0.110			03/07/13		5,390,000
	Municipal Debt Obligations – (continued)
	Massachusetts – (continued)
	Massachusetts Health & Educational Facilities Authority VRDN RB for Museum Fine Series 2007 A-2-RMKT (Bank of America N.A., SPA)
$	23,945,000		0.130	%		03/01/13	$	23,945,000
	Massachusetts Housing Finance Agency VRDN RB Series 2003 F-RMKT
	500,000		0.230			03/07/13		500,000
	Massachusetts Port Authority RB Series 2003 A (NATL-RE)
	10,640,000		5.000			07/01/13		10,809,136
	Massachusetts School Building Authority Sales Tax VRDN RB Putters Series 2007-2286 (AMBAC) (Deutsche Bank A.G., LIQ)
	15,340,000		0.130			03/07/13		15,340,000
	Massachusetts State Development Finance Agency VRDN RB for Partners HealthCare Systems Series 2011 K-2 (Barclays Bank, SPA) (GTY AGMT- Bringham and Women’s Hospital, Inc., Faulkner Hospital and Massachusetts General Hospital)
	5,000,000		0.090			03/07/13		5,000,000
	Massachusetts State GO for Consolidated Loan Series 2011 D
	5,000,000		4.000			10/01/13		5,111,204
	Massachusetts Water Resources Authority CP Series 2013
	44,000,000		0.330			03/01/13		44,000,000
	43,000,000		0.350			04/01/13		43,000,000
	Massachusetts Water Resources Authority VRDN RB Putters Series 2012-4176 (NATL-RE) (GO of Authority) (JPMorgan Chase Bank N.A., LIQ)(a)
	5,720,000		0.120			03/07/13		5,720,000
								294,996,627
	Michigan – 1.7%
	Michigan Finance Authority RN for State Aid Series 2012 B-1
	15,000,000		2.000			08/20/13		15,112,601
	Michigan Finance Authority RN for State Aid Series 2012 B-2 (JPMorgan Chase Bank N.A., LOC)
	60,000,000		2.000			08/20/13		60,487,726
	Michigan Finance Authority VRDN RB Refunding for Trinity Health Floater Certificates Series 2011-111C (Wells Fargo Bank N.A., LIQ)(a)
	2,445,000		0.100			03/07/13		2,445,000
	Michigan Finance Authority VRDN RB Refunding for Trinity Health Floater Certificates Series 2012-0-32 (Royal Bank of Canada, LIQ)(a)
	5,000,000		0.110			03/07/13		5,000,000
	Michigan Finance Authority VRDN RB Refunding for Trinity Health SPEARS Series 2012-DB-1049X (Deutsche Bank A.G., LIQ)(a)
	6,150,000		0.130			03/07/13		6,150,000
	Michigan Hospital Finance Authority VRDN RB for McLaren Health Care Putters Series 2010-3818 (JPMorgan Chase Bank N.A., LIQ)(a)
	6,660,000		0.190			03/07/13		6,660,000
	Michigan Hospital Finance Authority VRDN RB for Trinity Health Putters Series 2008-2976 (JPMorgan Chase Bank N.A., LIQ)
	9,595,000		0.190			03/07/13		9,595,000
								105,450,327
	Minnesota – 1.1%
	County of Hennepin, Minnesota GO Series 2010 B
	4,065,000		3.000			12/01/13		4,150,007
	Minnesota School District Tax and Aid Anticipation Borrowing Program COPS Series 2012 A (School District Credit Program)
	13,130,000		2.000			09/10/13		13,252,256
	Minnesota State GO Series 2011 A
	4,500,000		5.000			10/01/13		4,626,367

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

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Municipal Debt Obligations – (continued)
	Minnesota – (continued)
	Minnesota State GO Series 2012 A
$	37,000,000		5.000	%		08/01/13	$	37,747,142
	Rochester GO VRDN Wastewater Series 2007 B (Wells Fargo Bank N.A., SPA)
	9,900,000		0.110			03/07/13		9,900,000
								69,675,772
	Mississippi – 0.9%
	Mississippi Business Finance Commission Gulf Opportunity Zone VRDN RB for Chevron USA Inc. Project Series 2010 K (GTY AGMT-Chevron Corp.)
	6,400,000		0.110			03/01/13		6,400,000
	Mississippi Business Finance Commission Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2009 D (GTY AGMT-Chevron Corp.)
	20,000,000		0.110			03/01/13		20,000,000
	Mississippi Business Finance Commission Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2011 B (GTY AGMT-Chevron Corp.)
	11,000,000		0.110			03/01/13		11,000,000
	Mississippi Business Finance Commission Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2011 G (GTY AGMT-Chevron Corp.)
	5,200,000		0.110			03/01/13		5,200,000
	Mississippi State GO VRDN Floater Certificates Series 2011-117C (Wells Fargo Bank N.A., LIQ)(a)
	15,395,000		0.100			03/07/13		15,395,000
								57,995,000
	Missouri – 0.8%
	County of St Louis, Missouri TANS Series 2012
	19,315,000		2.000			08/01/13		19,453,713
	Missouri Health & Educational Facilities Authority VRDN RB for BJC Health System Series 2008 A (U.S. Bank N.A. SPA)
	10,000,000		0.100			03/01/13		10,000,000
	Missouri Health & Educational Facilities Authority VRDN RB for SSM Health Care Corp. Series 2005 D4-RMKT (JPMorgan Chase Bank N.A., SPA)
	6,700,000		0.140			03/07/13		6,700,000
	Missouri Health & Educational Facilities Authority VRDN RB for Washington University Putters Series 2009-3546 (JPMorgan Chase Bank N.A., LIQ)(a)
	11,395,000		0.120			03/07/13		11,395,000
								47,548,713
	Nebraska – 0.6%
	Lincoln, Nebraska Electric System VRDN RB Floaters Series 2008-2900 (Credit Suisse, LIQ)
	21,870,000		0.130			03/07/13		21,870,000
	Omaha Public Power District VRDN RB Series 2006-1289 (FGIC) (Credit Suisse, LIQ)
	3,570,000		0.110			03/07/13		3,570,000
	Omaha Public Power District VRDN RB SPEARS Series 2011-DB-1045 (Deutsche Bank A.G., LIQ)(a)
	9,510,000		0.130			03/07/13		9,510,000
								34,950,000
	Nevada – 0.7%
	Clark County Water Reclamation District GO VRDN Putters Series 2009-3366Z (JPMorgan Chase Bank N.A., LIQ)(a)
	6,000,000		0.120			03/07/13		6,000,000
	Clark County Water Reclamation District GO VRDN Putters Series 2009-3488Z (JPMorgan Chase Bank N.A., LIQ)(a)
	6,305,000		0.120			03/07/13		6,305,000
	Municipal Debt Obligations – (continued)
	Nevada – (continued)
	Clark County Water Reclamation District GO VRDN Putters Series 2009-3489Z (JPMorgan Chase Bank N.A., LIQ)(a)
$	7,000,000		0.120	%		03/07/13	$	7,000,000
	Clark County, Nevada GO VRDN Floater Certificates Series 2012-47C (Wells Fargo Bank N.A., LIQ)(a)
	7,650,000		0.100			03/07/13		7,650,000
	Nevada State GO VRDN Putters Series 2009-3421 (JPMorgan Chase Bank N.A., LIQ)(a)
	8,450,000		0.120			03/07/13		8,450,000
	State of Nevada Highway Improvement RB for Motor Vehicle Fuel Tax Series 2006 (AGM)
	5,000,000		5.000			12/01/13		5,178,711
								40,583,711
	New Jersey – 0.4%
	New Jersey Transportation Trust Fund Authority VRDN RB SPEARS Series 2012-DBE-1138X (GTY AGMT- Deutsche Bank A.G.) (Deutsche Bank A.G., LIQ)(a)
	23,565,000		0.160			03/07/13		23,565,000
	New Mexico – 0.2%
	University of New Mexico VRDN RB Putters Series 2008-2533 (AGM) (Deutsche Bank A.G., LIQ)
	9,990,000		0.130			03/07/13		9,990,000
	New York – 10.2%
	Erie County IDA School Facility VRDN RB for City School District Buffalo Project Series 2008-3053X (AGM) (Bank of America N.A., LIQ)
	2,130,000		0.250			03/07/13		2,130,000
	Monroe County Industrial Development Corp. VRDN RB Floater Series 2011-98C (Wells Fargo Bank N.A., LIQ) (GTY AGMT-Wells Fargo Bank N.A.)(a)
	2,740,000		0.100			03/07/13		2,740,000
	New York City GO Prerefunded Series 2008 Subseries J-1
	530,000		5.000			08/01/13		540,580
	New York City GO Series 1994 H Subseries H-6
	8,200,000		2.000			08/01/13		8,261,395
	New York City GO Series 2003 E
	4,635,000		5.250			08/01/13		4,731,616
	New York City GO Series 2012 C
	5,275,000		2.000			08/01/13		5,314,495
	New York City GO Unrefunded Series 2008 Subseries J-1
	3,470,000		5.000			08/01/13		3,539,271
	New York City GO VRDN ROCS RR-II R-14045 Series 2013 (Citibank N.A., LIQ)(a)
	3,800,000		0.120			03/07/13		3,800,000
	New York City GO VRDN Series 1993 Subseries A-4 (Bayerische Landesbank, LOC)
	16,350,000		0.160			03/01/13		16,350,000
	New York City GO VRDN Series 1995 F-4 (Landesbank Hessen-Thueringen, LOC)
	14,200,000		0.140			03/07/13		14,200,000
	New York City GO VRDN Series 2006 I Subseries I-3 (Bank of America N.A., LOC)
	1,265,000		0.130			03/01/13		1,265,000
	New York City Housing Development Corp. MF Hsg VRDN RB Series 2012 M
	13,000,000		0.200			10/01/13		13,000,000
	New York City Municipal Water Finance Authority CP Series 2013-1 (JPMorgan Chase Bank N.A., LOC)
	25,000,000		0.120			03/01/13		25,000,000

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

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

Schedule of Investments (continued)

February 28, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Municipal Debt Obligations – (continued)
	New York – (continued)
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Austin Trust Certificates Series 2008-3306 (Bank of America N.A., LIQ)
$	5,000,000		0.150	%		03/07/13	$	5,000,000
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Floater Trust Series 2013-3WX (Barclays Bank PLC, LIQ)(a)(b)
	8,600,000		0.000			03/07/13		8,600,000
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Second General Resolution Floater Certificates Series 2011-13C (Wells Fargo Bank N.A., LIQ)(a)
	4,845,000		0.100			03/07/13		4,845,000
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Series 2008 Subseries B-4 (Royal Bank of Canada, SPA)
	2,150,000		0.090			03/07/13		2,150,000
	New York City Transitional Finance Authority Building Aid RB Series 2011 Subseries S-1A (State Aid Withholding)
	6,000,000		3.000			07/15/13		6,062,688
	New York City Transitional Finance Authority RB for Future Tax Secured Series 2011 Subseries D-1
	2,500,000		3.000			11/01/13		2,546,445
	New York City Transitional Finance Authority VRDN for Future Tax Secured Series 2001 C (Landesbank Baden-Wurttemberg, LIQ)
	6,300,000		0.130			03/07/13		6,300,000
	New York City Transitional Finance Authority VRDN RB for Future Tax Secured Floater Certificates Series 2011-133C (Wells Fargo Bank N.A., LIQ)(a)
	8,235,000		0.100			03/07/13		8,235,000
	New York City Transitional Finance Authority VRDN RB for Future Tax Secured Floater Certificates Series 2011-21C (Wells Fargo Bank N.A., LIQ)(a)
	2,800,000		0.100			03/07/13		2,800,000
	New York City Transitional Finance Authority VRDN RB for Future Tax Secured Series 2002-A-3B (Bank of Tokyo Mitsubishi UFJ, LOC)
	3,600,000		0.090			03/07/13		3,600,000
	New York City Transitional Finance Authority VRDN RB for NYC Recovery Series 2002-1 Subseries 1-A (Landesbank Hessen-Thueringen Girozentrale, LIQ)
	32,500,000		0.140			03/07/13		32,500,000
	New York City Transitional Finance Authority VRDN RB for NYC Recovery Series 2002-3 Subseries 3E (Landesbank Baden-Wurttemberg, SPA)
	24,545,000		0.160			03/01/13		24,545,000
	New York City Transitional Finance Authority VRDN RB ROCS-RR-I R-11932 Series 2011 (State Aid Withholding) (Citibank N.A., LIQ)(a)
	4,000,000		0.140			03/07/13		4,000,000
	New York City Transitional Finance Authority VRDN RB SPEARS Series 2012-DB-1075X (State Aid Withholding) (Deutsche Bank A.G., LIQ)(a)
	18,055,000		0.130			03/07/13		18,055,000
	New York City Transitional Financial Authority VRDN RB Austin Trust Certificates Series 2008-1190 (Bank of America N.A., LIQ)
	3,170,000		0.150			03/07/13		3,170,000
	New York City Trust for Cultural Resources VRDN RB Austin Trust Certificates for Museum of Modern Art Series 2008-3316 (Bank of America N.A., LIQ)(a)
	2,795,000		0.150			03/07/13		2,795,000
	New York City Trust for Cultural Resources VRDN RB for Metropolitan Museum of Art Series 2006 A2 RMKT
	2,140,000		0.100			03/07/13		2,140,000
	New York State Dormitory Authority Non-State Supported Debt RB for School District Financing Program Series 2012 F (State Aid Withholding)
	20,000,000		3.000			10/01/13		20,315,442
	Municipal Debt Obligations – (continued)
	New York – (continued)
	New York State Dormitory Authority Non-State Supported Debt VRDN RB for Cornell University Floater Certificates Series 2011-3C (Wells Fargo Bank N.A., LIQ)(a)
$	11,740,000		0.100	%		03/07/13	$	11,740,000
	New York State Dormitory Authority Non-State Supported Debt VRDN RB for Memorial Sloan-Kettering Hospital Putters Series 2008-3171 (JPMorgan Chase Bank N.A., LIQ)(a)
	5,110,000		0.120			03/07/13		5,110,000
	New York State Dormitory Authority Personal Income Tax VRDN RB Eagle Series 2006-0164 Class A (Citibank N.A., LIQ)
	11,060,000		0.140			03/07/13		11,060,000
	New York State Dormitory Authority Personal Income Tax VRDN RB Putters Series 2008-3160 (JPMorgan Chase Bank N.A., LIQ)(a)
	6,660,000		0.120			03/07/13		6,660,000
	New York State Dormitory Authority Personal Income Tax VRDN RB Putters Series 2008-3280 (JPMorgan Chase Bank N.A., LIQ)(a)
	5,000,000		0.120			03/07/13		5,000,000
	New York State Dormitory Authority Personal Income Tax VRDN RB Putters Series 2010-3698Z (JPMorgan Chase Bank N.A., LIQ)(a)
	8,600,000		0.120			03/07/13		8,600,000
	New York State Dormitory Authority Personal Income Tax VRDN RB Putters Series 2010-3792Z (JPMorgan Chase Bank N.A., LIQ)(a)
	6,360,000		0.120			03/07/13		6,360,000
	New York State Dormitory Authority Personal Income Tax VRDN RB ROCS-RR-II R-12121 Series 2007 (Citibank N.A., LIQ)
	8,920,000		0.140			03/07/13		8,920,000
	New York State Dormitory Authority VRDN RB for Memorial Sloan-Kettering Hospital Putters Series 2008-3201 (JPMorgan Chase Bank N.A., LIQ)(a)
	8,220,000		0.120			03/07/13		8,220,000
	New York State Dormitory Authority VRDN RB for Mental Health Services Series 2003 Subseries D-2E (Royal Bank of Canada, LOC)
	3,255,000		0.090			03/07/13		3,255,000
	New York State Environmental Facilities Corp. VRDN RB for State Clean Water & Drinking Putters Series 2008-2870 (JPMorgan Chase Bank N.A., LIQ)
	6,245,000		0.120			03/07/13		6,245,000
	New York State Housing Finance Agency VRDN RB for 20 River Terrace Housing Series 2002 A RMKT (FNMA, LIQ)
	18,900,000		0.110			03/07/13		18,900,000
	New York State Housing Finance Agency VRDN RB for 42nd & 10th Housing Series 2008 A RMKT (FHLMC, LIQ) (FHLMC, LOC)
	18,950,000		0.130			03/07/13		18,950,000
	New York State Housing Finance Agency VRDN RB for 42nd & 10th Housing Series 2010 A RMKT (FHLMC, LIQ) (FHLMC, LOC)
	23,050,000		0.130			03/07/13		23,050,000
	New York State Housing Finance Agency VRDN RB for 600 West 42nd Street Series 2009 A RMKT (FNMA, LIQ)
	24,000,000		0.100			03/07/13		24,000,000
	New York State Housing Finance Agency VRDN RB for North End Series 2004 A RMKT (FNMA, LIQ)
	29,900,000		0.110			03/07/13		29,900,000
	New York State Housing Finance Agency VRDN RB for Taconic Housing West 17th Street Series 2009 A (FNMA, LIQ)
	28,625,000		0.100			03/07/13		28,625,000

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

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Municipal Debt Obligations – (continued)
	New York – (continued)
	New York State Liberty Development Corp. VRDN RB for 4 World Trade Center Project SPEARS Series 2011-DB-1036X (GTY AGMT-Deutsche Bank A.G.) (Deutsche Bank A.G., LIQ)(a)
$	8,425,000		0.160	%		03/07/13	$	8,425,000
	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., LIQ)
	1,710,000		0.150			03/07/13		1,710,000
	New York State Local Government Assistance Corp. VRDN RB Refunding Subordinate Lien Series 2003-4V RMKT (GO of Corp.) (Bank of America N.A., SPA)
	63,595,000		0.170			03/07/13		63,595,000
	New York State Thruway Authority VRDN RB Putters Series 2012-4256 (AGM) (JPMorgan Chase Bank N.A., LIQ)(a)
	31,585,000		0.110			03/01/13		31,585,000
	Northport-East Northport Union Free School District Series 2012 (State Aid Withholding)
	28,500,000		2.000			06/27/13		28,660,429
	Triborough Bridge & Tunnel Authority VRDN RB General Series 2002 F (Helaba, SPA)
	14,440,000		0.160			03/01/13		14,440,000
								631,542,361
	North Carolina – 2.1%
	Charlotte Water & Sewer System VRDN RB Putters Series 2009-3443 (JPMorgan Chase Bank N.A., LIQ)(a)
	5,930,000		0.120			03/07/13		5,930,000
	County of Union, North Carolina Enterprise System VRDN RB Series 2009 (U.S. Bank N.A., LOC)
	18,600,000		0.100			03/07/13		18,600,000
	North Carolina Capital Facilities Finance Agency Educational Facilities VRDN RB for Wake Forest University Series 2004 A
	19,570,000		0.090			03/07/13		19,570,000
	North Carolina Capital Facilities Finance Agency VRDN RB for Duke University Project Eagle 7 Series 2005-0060 Class A (Citibank N.A., LIQ)
	15,600,000		0.110			03/07/13		15,600,000
	North Carolina Capital Facilities Finance Agency VRDN RB for Duke University Project Eagle Series 2007-0015 Class A (Citibank N.A., LIQ)
	10,890,000		0.110			03/07/13		10,890,000
	North Carolina Capital Facilities Finance Agency VRDN RB for Duke University Project Eagle Series 2007-0016 Class A (Citibank N.A., LIQ)
	16,060,000		0.110			03/07/13		16,060,000
	North Carolina Capital Facilities Finance Agency VRDN RB for Duke University Project Putters Series 2009-3333 (JPMorgan Chase Bank N.A., LIQ)(a)
	11,000,000		0.120			03/07/13		11,000,000
	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, LIQ)(a)
	2,000,000		0.140			03/07/13		2,000,000
	Raleigh Durham Airport Authority VRDN RB Refunding Series 2008 C RMKT (U.S. Bank N.A., LOC)
	10,300,000		0.100			03/07/13		10,300,000
	State of North Carolina GO Series 2004 A
	4,000,000		5.250			03/01/13		4,000,000
	Municipal Debt Obligations – (continued)
	North Carolina – (continued)
	University of North Carolina at Chapel Hill VRDN RB Eagle-7 Series 2005-3014 Class A (Citibank N.A., LIQ)
$	5,345,000		0.120	%		03/07/13	$	5,345,000
	University of North Carolina at Chapel Hill VRDN RB Series 2012-0-24 (Royal Bank of Canada, LIQ)(a)
	11,380,000		0.110			03/07/13		11,380,000
								130,675,000
	North Dakota – 1.0%
	County of Mercer CP Series 2012-09-1
	64,925,000		0.180			03/01/13		64,925,000
	Ohio – 3.1%
	Columbus GO for Various Purpose Limited Tax Notes Series 2012-1
	5,500,000		1.500			11/21/13		5,551,358
	Columbus GO VRDN for Sanitation Sewer System Series 2006-1
	11,480,000		0.100			03/07/13		11,480,000
	Columbus GO VRDN Putters Series 2007-2365 (JPMorgan Chase Bank N.A., LIQ)
	4,360,000		0.120			03/07/13		4,360,000
	Franklin County Hospital VRDN RB for Ohio Health Corp. Series 2011-C
	3,500,000		0.560			06/03/13		3,501,762
	Franklin County Hospital VRDN RB for Ohio Health Corp. Series 2011-DB-1040 (Deutsche Bank A.G., LIQ)(a)
	11,330,000		0.130			03/07/13		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		0.110			03/07/13		18,120,000
	Ohio State GO VRDN Refunding for Infrastructure Improvement Series 2003 B
	51,580,000		0.110			03/07/13		51,580,000
	Ohio State GO VRDN Refunding for Infrastructure Improvement Series 2004 A
	13,800,000		0.110			03/07/13		13,800,000
	Ohio State GO VRDN Series 2006 C
	18,395,000		0.090			03/07/13		18,395,000
	Ohio State Higher Educational Facility Commission CP Series 2013 (JPMorgan Chase Bank N.A., LOC)
	10,000,000		0.170			05/08/13		10,000,000
	Ohio State Higher Educational Facility Commission VRDN RB for Cleveland Health Clinic Floater Certificates Series 2008-59C (Wells Fargo & Co., LIQ)(a)
	19,800,000		0.100			03/07/13		19,800,000
	Ohio State Hospital Facility VRDN RB for Cleveland Health Clinic Putters Series 2009-3555Z (JPMorgan Chase Bank N.A., LIQ)(a)
	6,745,000		0.120			03/07/13		6,745,000
	Ohio State Hospital Facility VRDN RB for Cleveland Health Clinic Putters Series 2009-3558Z (JPMorgan Chase Bank N.A., LIQ)(a)
	7,100,000		0.120			03/07/13		7,100,000
	Ohio State University General Receipts VRDN RB Series 2008 B
	14,100,000		0.090			03/07/13		14,100,000
								195,863,120
	Oklahoma – 0.3%
	Oklahoma State GO Refunding for Buildings Series 2003 A (NATL-RE FGIC)
	8,405,000		5.000			07/15/13		8,555,866
	Oklahoma State Turnpike Authority VRDN RB Floater Certificates Series 2012 E-37 (Royal Bank of Canada, LOC) (Royal Bank of Canada, LIQ)(a)
	10,000,000		0.110			03/07/13		10,000,000
								18,555,866

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

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

Schedule of Investments (continued)

February 28, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Municipal Debt Obligations – (continued)
	Oregon – 1.9%
	Oregon State GO TANS Series 2012 A
$	65,000,000		2.000	%		06/28/13	$	65,381,669
	Oregon State GO VRDN for Veterans Welfare Series 2008-90B-RMKT (The Bank of Tokyo-Mitsubishi UFJ, SPA)
	30,085,000		0.100			03/07/13		30,085,000
	Oregon State GO VRDN Welfare Series 1985-73-H (Bayerische Landesbank, SPA)
	20,800,000		0.140			03/07/13		20,800,000
	Umatilla County Hospital Facility Authority VRDN RB for Catholic Health Series 1997 B (Bayerische Landesbank N.A., SPA)
	3,200,000		0.180			03/07/13		3,200,000
								119,466,669
	Pennsylvania – 0.6%
	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, LIQ)(a)
	7,000,000		0.110			03/07/13		7,000,000
	Pennsylvania State Turnpike Commission VRDN RB Floater Certificates Series 2011 E-22 (Royal Bank of Canada, LOC) (Royal Bank of Canada, LIQ)(a)
	18,500,000		0.110			03/07/13		18,500,000
	Pennsylvania State Turnpike Commission VRDN RB Series 2011 B
	5,500,000		0.620			06/01/13		5,501,175
	University of Pittsburgh VRDN RB Floater Series 2009-38C (GO of University) (Wells Fargo & Co., LIQ)(a)
	4,000,000		0.100			03/07/13		4,000,000
								35,001,175
	Puerto Rico – 1.1%
	Puerto Rico Sales Tax Financing Corp. VRDN RB Floater Trust Refunding Series 2010-65W (Barclays Bank PLC, LIQ)(a)
	11,155,000		0.220			03/07/13		11,155,000
	Puerto Rico Sales Tax Financing Corp. VRDN RB Floater Trust Series 2009-10B (Barclays Bank PLC, LIQ)(a)
	9,050,000		0.220			03/07/13		9,050,000
	Puerto Rico Sales Tax Financing Corp. VRDN RB ROCS-RR-II R-11764 Series 2009 (Citibank N.A., LIQ)(a)
	5,000,000		0.140			03/07/13		5,000,000
	Puerto Rico Sales Tax Financing Corp. VRDN RB ROCS-RR-II R-11892 Series 2010 (Citibank N.A., LIQ)(a)
	17,735,000		0.130			03/07/13		17,735,000
	Puerto Rico Sales Tax Financing Corp. VRDN RB SPEARS Refunding Series 2011-DB-1041 (Deutsche Bank A.G., LIQ)(a)
	24,470,000		0.130			03/07/13		24,470,000
								67,410,000
	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 N.A., LIQ)(a)
	16,410,000		0.120			03/07/13		16,410,000
	South Carolina – 0.4%
	Columbia Waterworks & Sewer System VRDN RB Floater Trust Series 2010-42W (Barclays Bank PLC, LIQ)(a)
	3,000,000		0.140			03/07/13		3,000,000
	Municipal Debt Obligations – (continued)
	South Carolina – (continued)
	Columbia Waterworks & Sewer System VRDN RB Floater Trust Series 2010-43W (Barclays Bank PLC, LIQ)(a)
$	3,750,000		0.140	%		03/07/13	$	3,750,000
	South Carolina Public Services Authority CP Series 2013 A (JPMorgan Chase Bank N.A.)
	2,126,000		0.180			03/05/13		2,126,000
	South Carolina Public Services Authority VRDN RB Floater Series 2011-0-9 (Royal Bank of Canada, LIQ)(a)
	10,300,000		0.110			03/07/13		10,300,000
	South Carolina State Public Service Authority RB for Santee Cooper Refunding Series 2010 B
	3,595,000		5.000			01/01/14		3,733,818
								22,909,818
	Tennessee – 0.3%
	Chattanooga Health Educational & Housing Facility Board VRDN RB for Catholic Health Series 2004 C
	6,700,000		0.120			03/07/13		6,700,000
	Rutherford County Health & Educational Facilities Board VRDN RB for Ascension Health Senior Credit Group Floater Trust Series 2010-25W (Barclays Bank PLC, LIQ)(a)
	2,000,000		0.140			03/07/13		2,000,000
	Tennessee State School Bond Authority CP Series 2013-97-A (State Street Bank & Trust Co.)
	15,000,000		0.150			03/01/13		15,000,000
								23,700,000
	Texas – 13.2%
	Austin ISD CP Series 2013 A-1 (Sumitomo Mitsui Banking Corp., LOC)
	15,000,000		0.170			03/25/13		15,000,000
	Board of Regents of the University of Texas System VRDN RB Refunding Series 2007 B
	11,300,000		0.100			03/07/13		11,300,000
	City of Austin, Texas Hotel Occupancy Tax Subordinate Lien VRDN RB Refunding Series 2008 A RMKT (JPMorgan Chase Bank N.A., LOC)
	30,120,000		0.130			03/07/13		30,120,000
	City of El Paso Water & Sewer CP Series 2013 A (JPMorgan Chase Bank N.A.)
	8,000,000		0.160			04/02/13		8,000,000
	Comal, Texas ISD GO for School Building Series 2006 (PSF-GTD)
	5,000,000		5.000			02/01/14		5,219,317
	Cypress-Fairbanks ISD GO VRDN Putters Series 2006-1308 (PSF-GTD) (JPMorgan Chase Bank N.A., LIQ)
	6,495,000		0.120			03/07/13		6,495,000
	Cypress-Fairbanks ISD GO VRDN Putters Series 2008-3084Z (PSF-GTD) (JPMorgan Chase Bank N.A., LIQ)
	4,995,000		0.120			03/07/13		4,995,000
	Dallas Area Rapid Transit Sales Tax VRDN RB Putters Series 2010-3687Z (AMBAC) (JPMorgan Chase Bank N.A., LIQ)(a)
	5,360,000		0.120			03/07/13		5,360,000
	Dallas ISD GO Refunding Series 2012 (PSF-GTD)
	9,325,000		2.000			08/15/13		9,400,893
	Dallas Waterworks & Sewer System CP Series 2013 B (Bank of America N.A.) (JPMorgan Chase Bank N.A.)
	6,350,000		0.180			03/05/13		6,350,000

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

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Municipal Debt Obligations – (continued)
	Texas – (continued)
	Dallas Waterworks & Sewer System CP Series 2013 C (Bank of America N.A.) (JPMorgan Chase Bank N.A.)
$	4,500,000		0.180	%		03/05/13	$	4,500,000
	Dickinson, Texas ISD GO VRDN Series 2000 SGA94 (PSF-GTD) (Societe Generale, LIQ)
	13,350,000		0.180			03/01/13		13,350,000
	Eagle Mountain and Saginaw ISD GO VRDN Floater Certificates Series 2008-53C (PSF-GTD) (Wells Fargo & Co., LIQ)(a)
	26,770,000		0.100			03/07/13		26,770,000
	Fort Bend ISD GO VRDN Floater Series 2008-25C-1 3C7 (PSF-GTD) (Wells Fargo & Co., LIQ)
	9,905,000		0.100			03/07/13		9,905,000
	Frisco ISD GO VRDN Floater Series 2008-19C (PSF-GTD) (Wells Fargo & Co., LIQ)
	14,555,000		0.100			03/07/13		14,555,000
	Grand Prairie ISD Eclipse Funding Trust GO VRDN Series 2007-0067 (PSF-GTD) (U.S. Bank N.A., LOC) (U.S. Bank N.A., LIQ)
	10,110,000		0.110			03/07/13		10,110,000
	Harris County Health Facilities Development Authority VRDN RB Refunding for Texas Children’s Hospital Project Series 2008-3 (Bank of America N.A., SPA)
	10,400,000		0.130			03/01/13		10,400,000
	Houston, Texas CP Series 2013 H-2 (U.S. Bank N.A., LIQ)
	4,800,000		0.140			03/07/13		4,800,000
	Keller ISD GO VRDN for School Building Floater Certificates Series 2011-55C (PSF-GTD) (Wells Fargo Bank N.A., LIQ)(a)
	5,630,000		0.100			03/07/13		5,630,000
	Mesquite ISD GO VRDN for School Building Series 2003 A (PSF-GTD) (JPMorgan Chase Bank N.A., SPA)
	18,960,000		0.110			03/07/13		18,960,000
	North Central Texas Health Facilities Development Corp. VRDN RB for Children’s Medical Center Floater Certificates Series 2012-49C (Wells Fargo Bank N.A., LIQ)(a)
	5,000,000		0.100			03/07/13		5,000,000
	North Central Texas Health Facilities Development Corp. VRDN RB for Children’s Medical Center Putters Series 2009-3513 (JPMorgan Chase Bank N.A., LIQ)(a)
	20,000,000		0.120			03/07/13		20,000,000
	North East ISD GO VRDN Putters Series 2007-2058 (PSF-GTD) (JPMorgan Chase Bank N.A., LIQ)
	8,985,000		0.120			03/07/13		8,985,000
	Port of Port Arthur Navigation District Environmental Facilities VRDN RB for Motiva Enterprises LLC Series 2009 A
	35,100,000		0.110			03/01/13		35,100,000
	Port of Port Arthur Navigation District Environmental Facilities VRDN RB for Motiva Enterprises LLC Series 2010 A
	57,875,000		0.110			03/01/13		57,875,000
	Port of Port Arthur Navigation District Environmental Facilities VRDN RB for Motiva Enterprises LLC Series 2010 Subseries D
	5,525,000		0.110			03/01/13		5,525,000
	Port of Port Arthur Navigation District Environmental Facilities VRDN RB Refunding for Motiva Enterprises LLC Series 2010 C
	37,200,000		0.110			03/01/13		37,200,000
	Port of Port Arthur Navigation District VRDN RB for Motiva Enterprises LLC Series 2010 Subseries E
	39,000,000		0.110			03/01/13		39,000,000
	San Antonio Electric & Gas Systems VRDN RB Putters Series 2008-2957 (JPMorgan Chase Bank N.A., LIQ)
	9,995,000		0.120			03/07/13		9,995,000
	Municipal Debt Obligations – (continued)
	Texas – (continued)
	San Antonio Electric & Gas Systems VRDN RB Putters Series 2009-3560 (JPMorgan Chase Bank N.A., LIQ)(a)
$	9,015,000		0.120	%		03/07/13	$	9,015,000
	San Antonio, Texas CP Series 2013 A (JPMorgan Chase Bank N.A.)
	10,000,000		0.170			05/01/13		10,000,000
	State of Texas GO VRDN Floater Series 2013-2008-3312 (Credit Suisse, LIQ)(a)
	10,480,000		0.110			03/07/13		10,480,000
	State of Texas TRANS Series 2012
	200,000,000		2.500			08/30/13		202,268,316
	State of Texas VRDN RN Putters Series 2012-4262 (JPMorgan Chase Bank N.A., LIQ)(a)
	72,000,000		0.120			03/01/13		72,000,000
	Tarrant County Cultural Education Facilities Finance Corp. VRDN RB for Texas Health Resources Series 2008 C
	13,185,000		0.140			03/01/13		13,185,000
	Tarrant County Cultural Education Facilities Finance Corp. VRDN RB for Texas Health Resources Series 2012 B
	15,000,000		0.110			03/07/13		15,000,000
	Texas A&M University System Board of Regents VRDN RB Putters Series 2012-4192 (JPMorgan Chase Bank N.A., LIQ)(a)
	10,970,000		0.120			03/07/13		10,970,000
	Texas A&M University VRDN RB Floater Certificates Series 2010-53C (Wells Fargo Bank N.A., LIQ)(a)
	5,555,000		0.100			03/07/13		5,555,000
	Texas A&M University VRDN RB Floaters Trust Series 2010-39W (Barclays Bank PLC, LIQ)(a)
	2,500,000		0.140			03/07/13		2,500,000
	Texas State Transportation Commission VRDN RB Putters Series 2008-2563 (JPMorgan Chase Bank N.A., LIQ)
	6,635,000		0.120			03/07/13		6,635,000
	Texas State Transportation Commission VRDN RB Putters Series 2008-2902 (JPMorgan Chase Bank N.A., LIQ)
	14,395,000		0.120			03/07/13		14,395,000
	University of Houston VRDN RB Floater Certificates Series 2009-30C (Wells Fargo & Co., LIQ)(a)
	7,710,000		0.100			03/07/13		7,710,000
								819,613,526
	Utah – 1.2%
	City of Riverton Hospital VRDN RB SPEARS Series 2012-1063X (Deutsche Bank A.G., LIQ)(a)
	13,700,000		0.140			03/07/13		13,700,000
	State of Utah GO Series 2011 A
	3,000,000		4.000			07/01/13		3,038,195
	Utah County Hospital VRDN RB for IHC Health Services, Inc. Series 2002 B (U.S. Bank N.A., SPA)
	39,350,000		0.110			03/07/13		39,350,000
	Utah Transit Authority VRDN RB Austin Trust Certificates Series 2008-3045X (AGM) (Bank of America N.A., LIQ)
	5,000,000		0.150			03/07/13		5,000,000
	Weber County Hospital VRDN RB for IHC Health Services, Inc. Series 2000 C (Bank of New York Mellon, SPA)
	11,500,000		0.140			03/01/13		11,500,000
								72,588,195

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

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

Schedule of Investments (continued)

February 28, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Municipal Debt Obligations – (continued)
	Virginia – 1.7%
	Fairfax County GO VRDN Solar Series 2012-007 Certificates (State Aid Withholding) (U.S. Bank N.A., LOC) (U.S. Bank N.A., LIQ)(a)
$	15,090,000		0.110	%		03/07/13	$	15,090,000
	Fairfax County IDA Inova Health System VRDN RB Floaters Series 2012-3309 (Credit Suisse, LIQ)(a)
	5,200,000		0.110			03/07/13		5,200,000
	Loudoun County IDA VRDN RB for Howard Hughes Medical Center Series 2003 D
	39,390,000		0.110			03/07/13		39,390,000
	Loudoun County IDA VRDN RB for Howard Hughes Medical Center Series 2003 F
	12,600,000		0.090			03/07/13		12,600,000
	Montgomery County IDA VRDN RB for Technology Foundation Series 2009 A Convertible (Bank of NY Mellon, SPA)								��
	10,965,000		0.110			03/07/13		10,965,000
	University of Virginia VRDN RB Putters Series 2008-3188Z (JPMorgan Chase Bank N.A., LIQ)(a)
	8,900,000		0.110			03/01/13		8,900,000
	Virginia State Commonwealth Transportation Board VRDN RB for Capital Projects Floater Certificates Series 2012-44C (Wells Fargo Bank N.A., LIQ)(a)
	4,025,000		0.100			03/07/13		4,025,000
	Virginia State Commonwealth Transportation Board VRDN RB for Capital Projects Putters Series 2012-4272 (JPMorgan Chase Bank N.A., LIQ)(a)
	7,500,000		0.120			03/07/13		7,500,000
								103,670,000
	Washington – 4.5%
	Central Puget Sound Washington Regional Transportation Authority VRDN RB Floaters Series 2007-1C (AGM) (Wells Fargo & Co., LIQ)
	5,465,000		0.100			03/07/13		5,465,000
	Energy Northwest Electric VRDN RB Refunding for Columbia Station Putters Series 2007-2301 (JPMorgan Chase Bank N.A., LIQ)
	7,995,000		0.120			03/07/13		7,995,000
	King County CP Series 2013 A (Bayerische Landesbank, LOC)
	65,720,000		0.200			04/01/13		65,720,000
	King County Municipal Trust Receipts GO VRDN Floater Trust Series 2009 1W (AGC-ICC) (Barclays Bank PLC, LIQ)(a)
	7,500,000		0.140			03/07/13		7,500,000
	King County Municipal Trust Receipts GO VRDN Floater Trust Series 2010-66W (Barclays Bank PLC, LIQ)(a)
	2,500,000		0.140			03/07/13		2,500,000
	King County Sewer RB Refunding Series 2010
	6,200,000		4.000			01/01/14		6,395,803
	King County Sewer VRDN RB Floater Certificates Series 2008-46C (Wells Fargo & Co., LIQ)
	9,940,000		0.100			03/07/13		9,940,000
	King County Sewer VRDN RB Putters Series 2011-3941 (JPMorgan Chase Bank N.A., LIQ)(a)
	6,840,000		0.120			03/07/13		6,840,000
	King County Water Sewer RB Refunding Series 2004 A (NATL-RE)
	5,365,000		4.500			01/01/14		5,557,335
	King County, Washington GO Series 2009
	1,680,000		5.000			01/01/14		1,747,093
	King County, Washington GO VRDN Series 2009 A (Bank of America N.A., SPA)
	30,000,000		0.130			03/07/13		30,000,000
	Municipal Debt Obligations – (continued)
	Washington – (continued)
	University of Washington VRDN RB Floater Certificates Series 2012-109C (Wells Fargo Bank N.A., LIQ)(a)(c)
$	14,475,000		0.370	%		12/05/13	$	14,475,000
	University of Washington VRDN RB Floater Trust Series 2012-1W (Barclays Bank PLC, LIQ)(a)
	3,700,000		0.140			03/07/13		3,700,000
	University of Washington VRDN RB Floater Trust Series 2012-7WX (Barclays Bank PLC, LIQ)(a)
	5,430,000		0.140			03/07/13		5,430,000
	Washington State GO for Motor Vehicle Fuel Tax Series 2011 B-2
	3,625,000		4.000			08/01/13		3,682,710
	Washington State GO Refunding for Motor Vehicle Fuel Tax Series 2010
	5,335,000		5.000			07/01/13		5,421,073
	Washington State GO VRDN for Motor Vehicle Fuel Tax Putters Series 2012-4211 (AGM) (JPMorgan Chase Bank N.A., LIQ)(a)
	12,555,000		0.120			03/07/13		12,555,000
	Washington State GO VRDN Putters Series 2009-3538 (JPMorgan Chase Bank N.A., LIQ)(a)
	10,000,000		0.120			03/07/13		10,000,000
	Washington State GO VRDN ROCS RR-II R-11889 Series 2010 (Citibank N.A., LIQ)(a)
	2,250,000		0.110			03/07/13		2,250,000
	Washington State GO VRDN SPEARS Series 2007-DB-388 (Deutsche Bank A.G., LIQ) (GTY-AGMT-Deutsche Bank A.G.)
	7,145,000		0.170			03/07/13		7,145,000
	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., LIQ)
	15,060,000		0.110			03/07/13		15,060,000
	Washington State Health Care Facilities Authority VRDN RB for PeaceHealth Putters Series 2009-3608 (JPMorgan Chase Bank N.A., LIQ)(a)
	13,050,000		0.260			03/07/13		13,050,000
	Washington State Health Care Facilities Authority VRDN RB for PeaceHealth ROCS RR-II R-11723 Series 2009 (Citibank N.A., LIQ)(a)
	14,625,000		0.260			03/07/13		14,625,000
	Washington State Health Care Facilities Authority VRDN RB for Seattle Children’s Hospital Floater Certificates Series 2009-51C (Wells Fargo & Co., LIQ)(a)
	10,990,000		0.100			03/07/13		10,990,000
	Washington State VRDN RB for Student Fee Putters Series 2012-4241 (AMBAC) (Deutsche Bank A.G., LIQ)(a)
	8,740,000		0.120			03/07/13		8,740,000
								276,784,014
	Wisconsin – 1.0%
	Wisconsin Health & Educational Facilities Authority RB for SynergyHealth, Inc. Series 2003
	7,345,000		6.000			08/01/13		7,520,848
	Wisconsin State GO VRDN Floater Certificates Series 2011-14C (Wells Fargo Bank N.A., LIQ)(a)
	10,675,000		0.100			03/07/13		10,675,000
	Wisconsin State GO VRDN Floaters Series 2008-2927 (Credit Suisse, LIQ)
	13,050,000		0.110			03/07/13		13,050,000

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

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Municipal Debt Obligations – (continued)
	Wisconsin – (continued)
	Wisconsin State Health & Educational Facilities Authority VRDN RB for Children’s Hospital Floater Certificates Series 2009-58C (Wells Fargo & Co., LIQ)(a)
$	9,815,000		0.100	%		03/07/13	$	9,815,000
	Wisconsin State Health & Educational Facilities Authority VRDN RB for Children’s Hospital Floater Trust Series 2009-15W (Barclays Bank PLC, LIQ)(a)
	2,940,000		0.140			03/07/13		2,940,000
	Wisconsin State Health & Educational Facilities Authority VRDN RB for Ministry Health Care, Inc. Series 2010 C
	20,000,000		0.120			03/07/13		20,000,000
								64,000,848
	TOTAL INVESTMENTS – 99.5%						$	6,158,269,076
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.5%							31,136,075
	NET ASSETS – 100.0%						$	6,189,405,151

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 28, 2013, these securities amounted to $1,601,415,000 or approximately 25.9% of net assets.
(b)	All or a portion represents a forward commitment.
(c)	Security not registered under the Securities Act of 1933, as amended. Such securities have been determined to be illiquid by the Investment Adviser. At February 28, 2013, these securities amounted to $14,475,000 or approximately 0.2% 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:
AGC-ICC	—American General Contractors-Interstate Commerce Commission
AGM	—Insured by Assured Guaranty Municipal Corp.
AMBAC	—Insured by American Municipal Bond Assurance Corp.
BANS	—Bond Anticipation Notes
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.
FHA	—Federal Housing Administration
FHLMC	—Insured by Federal Home Loan Mortgage Corp.
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
LIQ	—Liquidity Agreement
LOC	—Letter of Credit
MBIA	—Insured by Municipal Bond Investors Assurance
MF Hsg.	—Multi-Family Housing
NATL-RE	—National Reinsurance Corp.
PCRB	—Pollution Control Revenue Bond
PSF-GTD	—Guaranteed by Permanent School Fund
RANS	—Revenue Anticipation Notes
RB	—Revenue Bond
RN	—Revenue Notes
RMKT	—Remarketed
ROCS	—Reset Option Certificates
RR	—Revenue Refunding
SPA	—Stand-by Purchase Agreement
SPEARS	—Short Puttable Exempt Adjustable Receipts
TANS	—Tax Anticipation Notes
TRANS	—Tax Revenue Anticipation Notes
VRDN	—Variable Rate Demand Notes

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

FINANCIAL SQUARE TREASURY INSTRUMENTS FUND

Schedule of Investments

February 28, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	U.S. Treasury Obligations – 99.8%
	United States Treasury Bills
$	5,416,800,000		0.065	%		03/07/13	$	5,416,741,318
	95,000,000		0.095			03/07/13		94,998,496
	400,000,000		0.080			03/14/13		399,988,444
	1,800,000,000		0.090			03/14/13		1,799,941,500
	86,200,000		0.095			03/14/13		86,197,043
	850,000,000		0.105			03/21/13		849,950,417
	5,700,000,000		0.115			03/21/13		5,699,635,834
	1,500,000,000		0.110			03/28/13		1,499,876,250
	175,000,000		0.090			04/18/13		174,979,000
	United States Treasury Notes
	4,914,000,000		1.375			03/15/13		4,916,409,827
	278,000,000		2.500			03/31/13		278,529,464
	220,000,000		3.125			04/30/13		221,059,823
	147,000,000		1.375			05/15/13		147,366,347
	795,000,000		3.625			05/15/13		800,752,284
	889,000,000		0.500			05/31/13		889,825,466
	259,000,000		3.500			05/31/13		261,190,427
	350,000,000		1.125			06/15/13		350,908,782
	8,000,000		0.375			06/30/13		8,003,472
	73,000,000		3.375			06/30/13		73,756,383
	380,700,000		1.000			07/15/13		381,843,416
	1,433,000,000		0.375			07/31/13		1,434,368,540
	800,000,000		3.375			07/31/13		810,823,174
	112,000,000		4.250			08/15/13		114,112,752
	50,000,000		3.125			08/31/13		50,740,537
	537,000,000		0.125			09/30/13		536,772,666
	58,900,000		3.125			09/30/13		59,900,979
	202,900,000		0.500			10/15/13		203,268,844
	150,000,000		0.250			10/31/13		150,107,495
	253,000,000		2.750			10/31/13		257,284,166
	100,000,000		0.500			11/15/13		100,201,820
	54,000,000		0.750			12/15/13		54,250,712
	27,000,000		1.000			01/15/14		27,195,746
	100,000,000		0.250			01/31/14		100,068,554
	120,000,000		4.000			02/15/14		124,400,769
	209,000,000		1.875			02/28/14		212,513,322
	TOTAL INVESTMENTS – 99.8%						$	28,587,964,069
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.2%							56,469,085
	NET ASSETS – 100.0%						$	28,644,433,154

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

Interest rates represent either the stated coupon rate or the 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.

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

FINANCIAL SQUARE TREASURY OBLIGATIONS FUND

Schedule of Investments

February 28, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	U.S. Treasury Obligations – 24.7%
	United States Treasury Notes
$	89,000,000		2.500	%		03/31/13	$	89,168,159
	127,000,000		3.125			04/30/13		127,609,066
	76,000,000		1.375			05/15/13		76,180,868
	150,000,000		3.500			05/31/13		151,230,355
	400,000,000		1.125			06/15/13		401,066,475
	8,000,000		0.375			06/30/13		8,003,472
	92,000,000		3.375			06/30/13		92,953,249
	254,000,000		1.000			07/15/13		254,712,553
	175,000,000		3.375			07/31/13		177,368,091
	270,500,000		0.125			09/30/13		270,384,764
	68,000,000		3.125			09/30/13		69,155,938
	220,000,000		0.250			10/31/13		220,082,896
	100,000,000		0.250			11/30/13		100,034,441
	266,800,000		2.000			11/30/13		270,372,758
	21,000,000		0.750			12/15/13		21,097,499
	110,000,000		1.000			01/15/14		110,779,629
	150,000,000		1.750			01/31/14		152,145,704
	43,000,000		4.000			02/15/14		44,576,942
	82,000,000		1.875			02/28/14		83,378,044
	TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS						$	2,720,300,903
	Repurchase Agreements(a) – 75.2%
	Bank of Nova Scotia (The)
$	500,000,000		0.130	%(b)(c)		03/07/13	$	500,000,000
	Maturity Value: $500,337,638
	Collateralized by U.S. Treasury Bills, 0.000%, due 03/07/13 to 01/09/14, U.S. Treasury Bonds, 3.000% to 8.875%, due 02/15/19 to 02/15/43, U.S. Treasury Inflation-Indexed Bonds, 0.750% to 3.875%, due 01/15/25 to 02/15/42, U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.500%, due 04/15/13 to 01/15/23 and U.S. Treasury Notes, 0.125% to 4.750%, due 03/15/13 to 08/15/21. The aggregate market value of the collateral, including accrued interest, was $510,001,875.
	BNP Paribas Securities Corp.
	250,000,000		0.150	(b)(c)		03/01/13		250,000,000
	Maturity Value: $250,014,583
	Settlement Date: 02/15/13
	Collateralized by U.S. Treasury Inflation-Indexed Bond, 3.375%, due 04/15/32 and U.S. Treasury Inflation-Indexed Notes, 1.625% to 2.000%, due 01/15/14 to 01/15/15. The aggregate market value of the collateral, including accrued interest, was $255,000,014.
	700,000,000		0.180	(b)		03/14/13		700,000,000
	Maturity Value: $700,598,500
	Settlement Date: 09/25/12
	Collateralized by U.S. Treasury Bill, 0.000%, due 08/08/13, U.S. Treasury Inflation-Indexed Note, 1.125%, due 01/15/21 and U.S. Treasury Notes, 0.125% to 4.875%, due 08/31/13 to 02/15/23. The aggregate market value of the collateral, including accrued interest, was $714,000,028.
	Repurchase Agreements(a) – (continued)
	Credit Agricole Corporate and Investment Bank
$	900,000,000		0.160	%		03/01/13	$	900,000,000
	Maturity Value: $900,004,000
	Collateralized by U.S. Treasury Notes, 2.125% to 2.625%, due 09/30/14 to 02/29/16. The aggregate market value of the collateral, including accrued interest, was $918,000,074.
	750,000,000		0.130	(b)(c)		03/07/13		750,000,000
	Maturity Value: $750,330,416
	Settlement Date: 02/15/13
	Collateralized by U.S. Treasury Bonds, 3.000% to 11.250%, due 02/15/15 to 05/15/42, U.S. Treasury Inflation-Indexed Bond, 0.750%, due 2/15/42, U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.625%, due 1/15/15 to 7/15/22 and U.S. Treasury Notes, 0.875% to 4.125%, due 02/15/14 to 06/30/18. The aggregate market value of the collateral, including accrued interest, was $765,000,035.
	Credit Suisse Securities (USA) LLC
	500,000,000		0.170			03/01/13		500,000,000
	Maturity Value: $500,002,361
	Collateralized by U.S. Treasury Notes, 0.250% to 2.125%, due 03/15/14 to 12/31/15. The aggregate market value of the collateral, including accrued interest, was $510,004,434.
��
	Deutsche Bank Securities, Inc.
	500,000,000		0.150			03/01/13		500,000,000
	Maturity Value: $500,029,167
	Settlement Date: 02/15/13
	Collateralized by U.S. Treasury Bill, 0.000%, due 07/05/13, U.S. Treasury Notes, 1.000% to 2.000%, due 05/15/14 to 02/15/22, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/13 to 05/15/22 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/17 to 02/15/19. The aggregate market value of the collateral, including accrued interest, was $510,000,076.
	HSBC Securities, Inc.
	700,000,000		0.160			03/01/13		700,000,000
	Maturity Value: $700,003,111
	Collateralized by U.S. Treasury Bond, 3.125%, due 11/15/41 and U.S. Treasury Notes, 1.000% to 1.375%, due 11/30/15 to 08/31/16. The aggregate market value of the collateral, including accrued interest, was $714,000,744.
	Joint Repurchase Agreement Account I
	416,200,000		0.166			03/01/13		416,200,000
	Maturity Value: $416,201,921
	JPMorgan Securities LLC
	340,000,000		0.160			03/01/13		340,000,000
	Maturity Value: $340,001,511
	Collateralized by U.S. Treasury Note, 1.500%, due 06/30/16 and U.S. Treasury Principal-Only Stripped Securities, 0.000% to 6.000%, due 05/15/13 to 02/15/43. The aggregate market value of the collateral, including accrued interest, was $346,802,023.

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

FINANCIAL SQUARE TREASURY OBLIGATIONS FUND

Schedule of Investments (continued)

February 28, 2013 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Repurchase Agreements(a) – (continued)
	Morgan Stanley & Co. LLC
$	100,000,000		0.200	%		03/01/13	$	100,000,000
	Maturity Value: $100,000,556
	Collateralized by U.S. Treasury Note, 0.250%, due 02/28/15. The market value of the collateral, including accrued interest, was $102,000,059.
	300,000,000		0.200			03/01/13		300,000,000
	Maturity Value: $300,001,667
	Collateralized by U.S. Treasury Notes, 0.250% to 1.875%, due 12/15/15 to 09/30/17. The aggregate market value of the collateral, including accrued interest, was $306,000,096.
	Societe Generale
	300,000,000		0.120	(b)(c)		03/01/13		300,000,000
	Maturity Value: $300,028,000
	Settlement Date: 02/01/13
	Collateralized by U.S. Treasury Inflation-Indexed Notes, 0.125% to 1.375%, due 04/15/17 to 1/15/21 and U.S. Treasury Principal-Only Stripped Security, 0.00%, due 11/15/39. The aggregate market value of the collateral, including accrued interest, was $306,000,041.
	1,470,000,000		0.160			03/01/13		1,470,000,000
	Maturity Value: $1,470,006,533
	Collateralized by U.S. Treasury Notes, 0.125% to 2.125%, due 12/31/13 to 02/15/22. The aggregate market value of the collateral, including accrued interest, was $1,499,400,094.
	TD Securities (USA) LLC
	200,000,000		0.160			03/01/13		200,000,000
	Maturity Value: $200,000,889
	Collateralized by U.S. Treasury Bill, 0.000%, due 05/30/13, U.S. Treasury Inflation-Indexed Bond, 2.375%, due 01/15/27 and U.S. Treasury Note, 0.875%, due 01/31/18. The aggregate market value of the collateral, including accrued interest, was $204,000,032.
	UBS Securities LLC
	125,000,000		0.150			03/01/13		125,000,000
	Maturity Value: $125,000,521
	Collateralized by U.S. Treasury Notes, 0.500% to 0.875%, due 11/30/16 to 07/31/17. The aggregate market value of the collateral, including accrued interest, was $127,500,089.
	240,000,000		0.150			03/01/13		240,000,000
	Maturity Value: $240,001,000
	Collateralized by U.S. Treasury Bonds, 7.625% to 8.750%, due 02/15/20 to 02/15/25, U.S. Treasury Inflation-Indexed Note, 2.500%, due 07/15/16 and U.S. Treasury Notes, 1.250% to 4.125%, due 03/31/13 to.08/31/16. The aggregate market value of the collateral, including accrued interest, was $244,800,060.
	TOTAL REPURCHASE AGREEMENTS						$	8,291,200,000
	TOTAL INVESTMENTS – 99.9%						$	11,011,500,903
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.1%							8,640,297
	NET ASSETS – 100.0%						$	11,020,141,200

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Unless noted, all repurchase agreements were entered into on February 28, 2013. Additional information on Joint Repurchase Agreement Account I appears on page 53.
(b)	Variable or floating rate security. Interest rate disclosed is that which is in effect at February 28, 2013.
(c)	The instrument is subject to a demand feature.

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.

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

ADDITIONAL INVESTMENT INFORMATION

JOINT REPURCHASE AGREEMENT ACCOUNT I — At February 28, 2013, certain Funds had undivided interests in the Joint Repurchase Agreement Account I with a maturity date of March 1, 2013, as follows:

Fund	Principal Amount		Maturity Value		Collateral Value Allocation
Government	$	1,698,300,000	$	1,698,307,837	$	1,732,266,209
Money Market		150,000,000		150,000,692		153,000,018
Prime Obligations		365,500,000		365,501,687		372,810,045
Treasury Obligations		416,200,000		416,201,921		424,524,051

REPURCHASE AGREEMENTS — At February 28, 2013, the Principal Amounts of certain Funds' interest in the Joint Repurchase Agreement Account I were as follows:

Counterparty	Interest Rate			Government		Money Market		Prime Obligations		Treasury Obligations
ABN Amro Bank N.V.		0.160	%	$	645,741,445	$	57,034,220	$	138,973,384	$	158,250,950
BNP Paribas Securities Corp.		0.160			371,301,331		32,794,677		79,909,696		90,994,297
Deutsche Bank Securities, Inc.		0.180			519,821,863		45,912,548		111,873,574		127,392,015
Wells Fargo Securities LLC		0.160			161,435,361		14,258,555		34,743,346		39,562,738
TOTAL				$	1,698,300,000	$	150,000,000	$	365,500,000	$	416,200,000

At February 28, 2013, the Joint Repurchase Agreement Account I was fully collateralized by:

Issuer	Interest Rates			Maturity Dates
U.S. Treasury Bills		0.000	%		05/30/13 to 07/25/13
U.S. Treasury Bonds		5.375 to 8.000			05/15/16 to 02/15/31
U.S. Treasury Inflation Indexed Bonds		2.125 to 3.875			04/15/29 to 02/15/41
U.S. Treasury Inflation Indexed Notes		0.125 to 2.500			07/15/14 to 07/15/18
U.S. Treasury Notes		0.125 to 4.750			08/15/13 to 11/15/22

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Schedule of Investments (continued)

February 28, 2013 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

JOINT REPURCHASE AGREEMENT ACCOUNT III — At February 28, 2013, certain Funds had undivided interests in the Joint Repurchase Agreement Account III with a maturity date of March 1, 2013, as follows:

Fund	Principal Amount		Maturity Value		Collateral Value Allocation
Government	$	340,000,000	$	340,001,737	$	348,875,349
Money Market		1,894,100,000		1,894,109,676		1,943,543,522
Prime Obligations		1,557,400,000		1,557,407,956		1,598,054,317

REPURCHASE AGREEMENTS — At February 28, 2013, the Principal Amounts of certain Funds’ interest in the Joint Repurchase Agreement Account III were as follows:

Counterparty	Interest Rate			Government		Money Market		Prime Obligations
BNP Paribas Securities Corp.		0.170	%	$	44,155,844	$	245,987,013	$	202,259,740
Crédit Agricole Corporate and Investment Bank		0.180			207,532,468		1,156,138,961		950,620,779
Wells Fargo Securities LLC		0.190			88,311,688		491,974,026		404,519,481
TOTAL				$	340,000,000	$	1,894,100,000	$	1,557,400,000

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

ADDITIONAL INVESTMENT INFORMATION (continued)

At February 28, 2013, the Joint Repurchase Agreement Account III was fully collateralized by:

Issuer	Interest Rates			Maturity Dates
Federal Farm Credit Bank		0.250 to 4.875	%		10/16/14 to 01/17/17
Federal Home Loan Bank		0.000 to 5.125			05/15/13 to 03/10/23
Federal Home Loan Mortgage Corp.		0.000 to 5.500			07/01/13 to 03/01/43
Federal National Mortgage Association		0.450 to 6.250			09/08/14 to 03/01/43
Government National Mortgage Association		4.500			05/20/41
Tennessee Valley Authority		1.875 to 6.150			03/15/13 to 01/15/48
U.S. Treasury Bills		0.000			04/11/13 to 07/05/13
U.S. Treasury Notes		0.125 to 4.750			03/31/13 to 05/15/20

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Statements of Assets and Liabilities

February 28, 2013 (Unaudited)

	Federal Fund
Assets:
Investments based on amortized cost	$	12,004,513,610
Repurchase agreements based on amortized cost		—
Cash		21,500
Receivables:
Interest		7,647,748
Fund shares sold		95,984
Investments sold		—
Reimbursement from investment adviser		—
Other assets		104,895
Total assets		12,012,383,737
Liabilities:
Payables:
Investments purchased		979,921,128
Amounts owed to affiliates		991,314
Dividend distribution		13,025
Fund shares redeemed		—
Accrued expenses		138,280
Total liabilities		981,063,747
Net Assets:
Paid-in capital		11,031,313,762
Undistributed (distributions in excess of) net investment income (loss)		13,147
Accumulated net realized gain (loss) from investments		(6,919	)
NET ASSETS	$	11,031,319,990
Net asset value, offering and redemption price per share		$1.00
Net Assets:
FST Shares	$	8,682,821,294
FST Select Shares		74,678,834
FST Preferred Shares		54,268,995
FST Capital Shares		79,858,882
FST Administration Shares		377,398,285
FST Premier Shares		1,213,424,701
FST Service Shares		484,316,339
FST Class B Shares		—
FST Class C Shares		—
FST Resource Shares		1,000
FST Cash Management Shares		64,551,660
Total Net Assets	$	11,031,319,990
Shares outstanding $0.001 par value (unlimited number of shares authorized):
FST Shares		8,682,816,392
FST Select Shares		74,678,791
FST Preferred Shares		54,268,965
FST Capital Shares		79,858,836
FST Administration Shares		377,398,072
FST Premier Shares		1,213,424,016
FST Service Shares		484,316,066
FST Class B Shares		—
FST Class C Shares		—
FST Resource Shares		1,000
FST Cash Management Shares		64,551,624

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Government Fund			Money Market Fund			Prime Obligations Fund			Tax-Exempt California Fund		Tax-Exempt New York Fund		Tax-Free Money Market Fund		Treasury Instruments Fund			Treasury Obligations Fund
$	12,908,626,006		$	17,341,642,649		$	11,063,892,721		$	250,958,927	$	197,120,761	$	6,158,269,076	$	28,587,964,069		$	2,720,300,903
	20,099,400,000			11,033,100,000			8,750,900,000			—		—		—		—			8,291,200,000
	38,206			39,936			76,889			80,005		71,824		12,897,430		48,999			5,497
	27,622,074			8,317,339			7,138,628			336,231		268,361		11,936,227		57,631,845			9,318,639
	1,340,901			22,398,143			597,712			—		—		74,191		1,311,997			489,733
	—			—			—			—		—		36,820,911		—			—
	569			—			—			32,694		38,465		47		—			—
	342,121			211,599			190,154			1,937		1,783		86,215		343,439			141,820
	33,037,369,877			28,405,709,666			19,822,796,104			251,409,794		197,501,194		6,220,084,097		28,647,300,349			11,021,456,592
	263,732,139			424,870,000			369,870,000			3,105,090		—		29,600,826		—			—
	4,403,641			3,574,886			2,668,205			10,544		7,640		648,811		1,904,676			1,142,656
	251,319			1,316,206			641,393			—		—		6,783		7,706			24,138
	229,661			2,103,545			1,356,304			—		—		84,249		571,987			—
	331,651			326,424			456,413			222,570		226,125		338,277		382,826			148,598
	268,948,411			432,191,061			374,992,315			3,338,204		233,765		30,678,946		2,867,195			1,315,392
	32,768,263,649			27,973,301,038			19,447,959,678			248,069,067		197,263,610		6,189,282,673		28,644,405,704			11,020,138,324
	(5,467	)		(21,650	)		(263,642	)		—		332		—		(232,566	)		4,585
	163,284			239,217			107,753			2,523		3,487		122,478		260,016			(1,709	)
$	32,768,421,466		$	27,973,518,605		$	19,447,803,789		$	248,071,590	$	197,267,429	$	6,189,405,151	$	28,644,433,154		$	11,020,141,200
	$1.00			$1.00			$1.00			$1.00		$1.00		$1.00		$1.00			$1.00
	$28,906,402,183		$	27,339,205,809		$	16,011,610,346		$	94,394,192	$	21,502,559	$	5,189,600,804	$	26,059,313,633		$	7,369,406,687
	186,908,103			144,701,299			269,379,494			—		—		125,774,717		314,085,820			198,456,151
	399,130,783			42,821,125			165,369,040			—		—		22,191,286		142,389,706			111,448,760
	384,681,872			25,195,409			220,435,691			—		—		4,557,709		202,103,339			218,734,930
	2,594,849,352			350,742,180			1,801,206,113			153,674,604		175,763,036		198,692,343		1,331,903,914			2,055,569,887
	6,782,283			40,394,592			1,000			—		—		597,097,495		381,096,554			102,053,379
	289,664,890			30,456,190			808,247,171			1,757		799		14,654,065		213,538,188			964,469,406
	—			—			4,687,983			—		—		—		—			—
	—			—			22,971,765			—		—		—		—			—
	1,000			1,000			143,894,186			—		—		36,835,732		1,000			1,000
	1,000			1,001			1,000			1,037		1,035		1,000		1,000			1,000
	$32,768,421,466		$	27,973,518,605		$	19,447,803,789		$	248,071,590	$	197,267,429	$	6,189,405,151	$	28,644,433,154		$	11,020,141,200
	28,906,258,147			27,338,984,671			16,011,733,628			94,375,886		21,501,540		5,189,455,387		26,059,288,660			7,369,404,766
	186,907,172			144,700,128			269,381,560			—		—		125,771,193		314,085,519			198,456,099
	399,128,794			42,820,777			165,370,309			—		—		22,190,664		142,389,570			111,448,731
	384,679,954			25,195,205			220,437,382			—		—		4,557,582		202,103,145			218,734,874
	2,594,836,422			350,739,342			1,801,219,932			153,644,801		175,754,704		198,686,775		1,331,902,638			2,055,569,349
	6,782,250			40,394,265			1,000			—		—		597,080,764		381,096,189			102,053,352
	289,663,446			30,455,944			808,253,372			1,756		799		14,653,654		213,537,983			964,469,155
	—			—			4,688,018			—		—		—		—			—
	—			—			22,971,942			—		—		—		—			—
	1,000			1,000			143,895,299			—		—		36,834,700		1,000			1,000
	1,000			1,001			1,000			1,036		1,035		1,000		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 28, 2013 (Unaudited)

		Federal Fund
	Investment income:
	Interest income — from unaffiliated issuers	$	8,785,651
	Interest income — from affiliated issuers		—
	Total investment income		8,785,651
Expenses:
	Fund-Level Expenses:
	Management fees		11,611,010
	Transfer Agent fees		566,391
	Custody, accounting and administrative services		215,130
	Registration fees		120,150
	Printing and mailing fees		72,181
	Professional fees		32,108
	Trustee fees		14,867
	Other		145,755
	Subtotal		12,777,592
	Class Specific Expenses:
	FST Premier Share fees		2,215,874
	FST Service Share fees		1,344,510
	FST Administration Share fees		494,214
	FST Cash Management Share fees		316,004
	Distribution fees — FST Cash Management Shares		189,603
	FST Capital Share fees		53,412
	FST Preferred Share fees		25,123
	FST Select Share fees		12,647
	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		17,428,982
	Less — expense reductions		(8,862,750	)
	Net expenses		8,566,232
	NET INVESTMENT INCOME (LOSS)	$	219,419
	Net realized gain from investment transactions		132,523
	NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	351,942

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Government Fund			Money Market Fund			Prime Obligations Fund			Tax-Exempt California Fund			Tax-Exempt New York Fund			Tax-Free Money Market Fund			Treasury Instruments Fund			Treasury Obligations Fund
$	37,189,449		$	37,328,321		$	26,123,286		$	197,755		$	164,838		$	5,947,246		$	15,465,561		$	9,761,711
	228,389			95,594			86,294			—			—			—			—			167,222
	37,417,838			37,423,915			26,209,580			197,755			164,838			5,947,246			15,465,561			9,928,933
	34,451,941			24,759,125			19,374,924			409,414			349,761			6,532,655			27,605,202			11,150,542
	1,680,583			1,207,762			945,118			11,698			9,993			318,666			1,346,595			543,929
	637,720			441,637			352,923			20,105			19,290			126,945			563,220			198,123
	186,675			123,175			150,789			18,549			13,660			95,243			82,537			133,623
	118,501			—			53,034			33,957			34,850			114,094			658,047			47,225
	30,246			33,221			36,697			47,887			47,913			47,092			17,124			26,940
	31,953			27,671			25,674			8,744			8,647			13,014			25,898			14,460
	281,956			31,451			239,118			6,579			6,688			51,525			273,630			169,697
	37,419,575			26,624,042			21,178,277			556,933			490,802			7,299,234			30,572,253			12,284,539
	11,233			62,354			2			—			—			1,031,844			698,396			187,437
	798,833			71,600			1,900,300			3			2			40,867			676,839			2,332,477
	3,296,374			470,346			2,504,978			111,209			133,068			248,735			1,708,176			2,185,432
	3			2			3			3			2			2			2			2
	2			1			1			3			3			2			2			1
	339,998			22,528			200,369			—			—			6,985			130,539			162,225
	224,076			19,610			97,886			—			—			11,821			76,009			55,429
	47,812			24,804			42,430			—			—			20,118			31,143			24,543
	2			2			348,031			—			—			68,801			2			2
	1			1			104,409			—			—			20,640			1			1
	—			—			25,586			—			—			—			—			—
	—			—			125,617			—			—			—			—			—
	42,137,909			27,295,290			26,527,889			668,151			623,877			8,749,049			33,893,362			17,232,088
	(11,526,532	)		(5,751,240	)		(7,954,807	)		(477,548	)		(465,151	)		(3,305,236	)		(18,195,235	)		(7,666,900	)
	30,611,377			21,544,050			18,573,082			190,603			158,726			5,443,813			15,698,127			9,565,188
$	6,806,461		$	15,879,865		$	7,636,498		$	7,152		$	6,112		$	503,433		$	(232,566	)	$	363,745
	169,014			398,696			303,939			11,614			12,837			179,626			429,252			4,226
$	6,975,475		$	16,278,561		$	7,940,437		$	18,766		$	18,949		$	683,059		$	196,686		$	367,971

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 Six Months Ended February 28, 2013 (Unaudited)			For the Fiscal Year Ended August 31, 2012			For the Six Months Ended February 28, 2013 (Unaudited)			For the Fiscal Year Ended August 31, 2012
From operations:
Net investment income	$	219,419		$	634,396		$	6,806,461		$	8,113,130
Net realized gain (loss) from investment transactions		132,523			112,225			169,014			—
Net increase in net assets resulting from operations		351,942			746,621			6,975,475			8,113,130
Distributions to shareholders:
From net investment income:
FST Shares		(170,338	)		(495,999	)		(6,654,824	)		(7,812,380	)
FST Select Shares		(1,668	)		(4,091	)		(40,361	)		(69,381	)
FST Preferred Shares		(961	)		(9,219	)		(12,856	)		(41,076	)
FST Capital Shares		(1,386	)		(3,260	)		(13,077	)		(36,978	)
FST Administration Shares		(7,712	)		(20,130	)		(75,993	)		(128,775	)
FST Premier Shares		(24,401	)		(64,948	)		(187	)		(301	)
FST Service Shares		(10,206	)		(30,590	)		(9,159	)		(24,231	)
FST Class B Shares		—			—			—			—
FST Class C Shares		—			—			—			—
FST Resource Shares		(2	)		(4	)		(2	)		(4	)
FST Cash Management Shares		(2,745	)		(6,155	)		(2	)		(4	)
From net realized gains:
FST Shares		(98,438	)		(112,275	)		(5,093	)		(63,490	)
FST Select Shares		(908	)		(877	)		(32	)		(1,470	)
FST Preferred Shares		(574	)		(2,126	)		(63	)		(1,973	)
FST Capital Shares		(790	)		(730	)		(65	)		(2,579	)
FST Administration Shares		(4,370	)		(4,641	)		(427	)		(5,723	)
FST Premier Shares		(14,291	)		(14,534	)		(1	)		—
FST Service Shares		(6,230	)		(6,878	)		(49	)		(1,449	)
FST Class B Shares		—			—			—			—
FST Class C Shares		—			—			—			—
FST Resource Shares		—			—			—			—
FST Cash Management Shares		(1,119	)		(1,451	)		—			—
Total distributions to shareholders		(346,139	)		(777,908	)		(6,812,191	)		(8,189,814	)
From share transactions (at $1.00 per share):
Proceeds from sales of shares		14,997,889,092			36,271,036,921			110,177,992,106			195,031,709,781
Reinvestment of distributions		254,477			552,395			3,368,194			3,919,196
Cost of shares redeemed		(15,805,930,282	)		(37,389,325,292	)		(110,169,730,634	)		(187,616,530,857	)
Net increase (decrease) in net assets resulting from share     transactions		(807,786,713	)		(1,117,735,976	)		11,629,666			7,419,098,120
NET INCREASE (DECREASE)		(807,780,910	)		(1,117,767,263	)		11,792,950			7,419,021,436
Net assets:
Beginning of period		11,839,100,900			12,956,868,163			32,756,628,516			25,337,607,080
End of period	$	11,031,319,990		$	11,839,100,900		$	32,768,421,466		$	32,756,628,516
Undistributed (distributions in excess of) net investment     income (loss)	$	13,147		$	13,147		$	(5,467	)	$	(5,467	)

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 Six Months Ended February 28, 2013 (Unaudited)			For the Fiscal Year Ended August 31, 2012			For the Six Months Ended February 28, 2013 (Unaudited)			For the Fiscal Year Ended August 31, 2012			For the Six Months Ended February 28, 2013 (Unaudited)			For the Fiscal Year Ended August 31, 2012
$	15,879,865		$	36,036,421		$	7,636,498		$	21,230,089		$	7,152		$	15,453
	398,696			(16,099	)		303,939			347,771			11,614			32,983
	16,278,561			36,020,322			7,940,437			21,577,860			18,766			48,436
	(15,773,059	)		(35,687,887	)		(7,450,823	)		(20,839,378	)		(2,617	)		(5,760	)
	(89,862	)		(280,944	)		(99,798	)		(239,689	)		—			—
	(6,854	)		(32,280	)		(10,521	)		(48,013	)		—			—
	(855	)		(7,451	)		(6,563	)		(6,467	)		—			—
	(7,942	)		(23,702	)		(47,743	)		(66,986	)		(4,531	)		(9,686	)
	(715	)		(1,013	)		(2	)		(4	)		—			—
	(574	)		(3,136	)		(17,167	)		(24,156	)		(2	)		(4	)
	—			—			(121	)		(199	)		—			—
	—			—			(589	)		(896	)		—			—
	(2	)		(4	)		(3,169	)		(4,297	)		—			—
	(2	)		(4	)		(2	)		(4	)		(2	)		(3	)
	(139,983	)		(74,172	)		(125,885	)		(515,760	)		(14,551	)		(3,734	)
	(611	)		(859	)		(2,004	)		(7,867	)		—			—
	(216	)		(195	)		(1,319	)		(9,367	)		—			—
	(150	)		(135	)		(1,621	)		(6,169	)		—			—
	(1,734	)		(1,592	)		(13,395	)		(67,916	)		(24,490	)		(6,001	)
	(202	)		(40	)		—			—			—			—
	(156	)		(299	)		(6,081	)		(22,834	)		—			—
	—			—			(37	)		(185	)		—			—
	—			—			(179	)		(859	)		—			—
	—			—			(1,087	)		(4,224	)		—			—
	—			—			—			—			—			—
	(16,022,917	)		(36,113,713	)		(7,788,106	)		(21,865,270	)		(46,193	)		(25,188	)
	85,763,658,195			174,527,252,299			60,201,500,193			123,274,425,512			376,119,882			896,132,340
	7,251,828			17,729,198			2,778,006			8,328,526			46,013			25,012
	(78,747,605,429	)		(174,390,544,562	)		(58,915,800,399	)		(127,356,958,379	)		(371,396,092	)		(886,025,402	)
	7,023,304,594			154,436,935			1,288,477,800			(4,074,204,341	)		4,769,803			10,131,950
	7,023,560,238			154,343,544			1,288,630,131			(4,074,491,751	)		4,742,376			10,155,198
	20,949,958,367			20,795,614,823			18,159,173,658			22,233,665,409			243,329,214			233,174,016
$	27,973,518,605		$	20,949,958,367		$	19,447,803,789		$	18,159,173,658		$	248,071,590		$	243,329,214
$	(21,650	)	$	(21,650	)	$	(263,642	)	$	(263,642	)	$	—		$	—

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 February 28, 2013 (Unaudited)			For the Fiscal Year Ended August 31, 2012
From operations:
Net investment income	$	6,112		$	10,531
Net realized gain (loss) from investment transactions		12,837			12,369
Net increase in net assets resulting from operations		18,949			22,900
Distributions to shareholders:
From net investment income:
FST Shares		(682	)		(1,288	)
FST Select Shares		—			—
FST Preferred Shares		—			—
FST Capital Shares		—			—
FST Administration Shares		(5,426	)		(9,235	)
FST Premier Shares		—			—
FST Service Shares		(2	)		(4	)
FST Resource Shares		—			—
FST Cash Management Shares		(2	)		(4	)
From net realized gains:
FST Shares		(1,932	)		(660	)
FST Select Shares		—			—
FST Preferred Shares		—			—
FST Capital Shares		—			—
FST Administration Shares		(12,630	)		(4,621	)
FST Premier Shares		—			—
FST Service Shares		—			—
FST Resource Shares		—			—
FST Cash Management Shares		—			—
Total distributions to shareholders		(20,674	)		(15,812	)
From share transactions (at $1.00 per share):
Proceeds from sales of shares		219,664,801			463,693,072
Reinvestment of distributions		20,440			15,586
Cost of shares redeemed		(223,903,758	)		(423,635,845	)
Net increase (decrease) in net assets resulting from share transactions		(4,218,517	)		40,072,813
NET INCREASE (DECREASE)		(4,220,242	)		40,079,901
Net assets:
Beginning of period		201,487,671			161,407,770
End of period	$	197,267,429		$	201,487,671
Undistributed (distributions in excess of) net investment income (loss)	$	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 Six Months Ended February 28, 2013 (Unaudited)			For the Fiscal Year Ended August 31, 2012			For the Six Months Ended February 28, 2013 (Unaudited)			For the Fiscal Year Ended August 31, 2012			For the Six Months Ended February 28, 2013 (Unaudited)			For the Fiscal Year Ended August 31, 2012
$	503,433		$	1,187,768		$	(232,566	)	$	111,619		$	363,745		$	711,457
	179,626			498,130			429,252			184,350			4,226			(5,935	)
	683,059			1,685,898			196,686			295,969			367,971			705,522
	(471,763	)		(1,123,329	)		—			(98,873	)		(250,011	)		(515,821	)
	(5,223	)		(8,610	)		—			(962	)		(4,562	)		(9,474	)
	(723	)		(1,405	)		—			(1,111	)		(3,061	)		(7,450	)
	(285	)		(623	)		—			(758	)		(6,026	)		(9,789	)
	(6,080	)		(16,867	)		—			(6,534	)		(47,708	)		(95,581	)
	(18,016	)		(33,367	)		—			(1,955	)		(2,975	)		(7,101	)
	(500	)		(1,748	)		—			(1,418	)		(25,951	)		(66,233	)
	(841	)		(1,815	)		—			(4	)		(2	)		(4	)
	(2	)		(4	)		—			(4	)		(2	)		(4	)
	(437,559	)		(305,906	)		(134,236	)		(186,427	)		—			(13,658	)
	(13,606	)		(3,692	)		(1,144	)		(932	)		—			(290	)
	(1,965	)		(1,206	)		(838	)		(1,079	)		—			(190	)
	(717	)		(408	)		(959	)		(1,238	)		—			(302	)
	(15,279	)		(17,130	)		(7,530	)		(10,199	)		—			(2,496	)
	(49,471	)		(26,746	)		(2,199	)		(3,001	)		—			(186	)
	(1,065	)		(1,523	)		(1,492	)		(2,308	)		—			(1,740	)
	(2,139	)		(1,605	)		(2	)		—			—			—
	—			—			(2	)		—			—			—
	(1,025,234	)		(1,545,984	)		(148,402	)		(316,803	)		(340,298	)		(730,319	)
	9,499,235,189			18,003,971,770			35,825,866,539			76,506,291,426			125,388,859,750			210,074,678,814
	808,049			1,213,144			98,151			201,313			135,305			271,676
	(9,750,121,356	)		(19,124,615,574	)		(32,988,754,035	)		(73,606,782,778	)		(125,592,363,021	)		(210,440,312,034	)
	(250,078,118	)		(1,119,430,660	)		2,837,210,655			2,899,709,961			(203,367,966	)		(365,361,544	)
	(250,420,293	)		(1,119,290,746	)		2,837,258,939			2,899,689,127			(203,340,293	)		(365,386,341	)
	6,439,825,444			7,559,116,190			25,807,174,215			22,907,485,088			11,223,481,493			11,588,867,834
$	6,189,405,151		$	6,439,825,444		$	28,644,433,154		$	25,807,174,215		$	11,020,141,200		$	11,223,481,493
$	—		$	—		$	(232,566	)	$	—		$	4,585		$	(18,862	)

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

Year - Share Class	Net asset value, beginning of period		Net investment income (loss)			Distributions from net investment income(a)
FOR THE SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED)
2013 - FST Shares	$	1.00	$	—	(c)	$	—	(c)
2013 - FST Select Shares		1.00		—	(c)		—	(c)
2013 - FST Preferred Shares		1.00		—	(c)		—	(c)
2013 - FST Capital Shares		1.00		—	(c)		—	(c)
2013 - FST Administration Shares		1.00		—	(c)		—	(c)
2013 - FST Premier Shares		1.00		—	(c)		—	(c)
2013 - FST Service Shares		1.00		—	(c)		—	(c)
2013 - FST Resource Shares		1.00		—	(c)		—	(c)
2013 - FST Cash Management Shares		1.00		—	(c)		—	(c)
FOR THE FISCAL YEARS ENDED AUGUST 31 ,
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)
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	)

 * 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 asset value, end of period		Total return(b)			Net assets end of period (in 000s)		Ratio of net expenses to average net assets				Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets
$	1.00		—	%(d)	$	8,682,821		0.15	%(e)			0.23	%(e)		—	%(e)(f)
	1.00		—	(d)		74,679		0.15	(e)			0.26	(e)		—	(e)(f)
	1.00		—	(d)		54,269		0.15	(e)			0.33	(e)		—	(e)(f)
	1.00		—	(d)		79,859		0.15	(e)			0.38	(e)		—	(e)(f)
	1.00		—	(d)		377,398		0.15	(e)			0.48	(e)		—	(e)(f)
	1.00		—	(d)		1,213,425		0.15	(e)			0.58	(e)		—	(e)(f)
	1.00		—	(d)		484,316		0.15	(e)			0.73	(e)		—	(e)(f)
	1.00		—	(d)		1		0.15	(e)			0.88	(e)		0.40	(e)
	1.00		—	(d)		64,552		0.15	(e)			1.03	(e)		—	(e)(f)
	1.00		0.01			9,044,336		0.12				0.23			—	(f)
	1.00		0.01			89,636		0.12				0.26			0.01
	1.00		0.01			60,660		0.12				0.33			—	(f)
	1.00		0.01			71,459		0.12				0.38			—	(f)
	1.00		0.01			480,896		0.12				0.48			—	(f)
	1.00		0.01			1,313,277		0.12				0.58			—	(f)
	1.00		0.01			603,587		0.12				0.73			—	(f)
	1.00		0.01			1		0.12				0.88			0.40
	1.00		0.01			175,249		0.12				1.03			—	(f)
	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

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

Year - Share Class	Net asset value, beginning of period		Net investment income (loss)			Distributions from net investment income(a)
FOR THE SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED)
2013 - FST Shares	$	1.00	$	—	(c)	$	—	(c)
2013 - FST Select Shares		1.00		—	(c)		—	(c)
2013 - FST Preferred Shares		1.00		—	(c)		—	(c)
2013 - FST Capital Shares		1.00		—	(c)		—	(c)
2013 - FST Administration Shares		1.00		—	(c)		—	(c)
2013 - FST Premier Shares		1.00		—	(c)		—	(c)
2013 - FST Service Shares		1.00		—	(c)		—	(c)
2013 - FST Resource Shares		1.00		—	(c)		—	(c)
2013 - FST Cash Management Shares		1.00		—	(c)		—	(c)
FOR THE FISCAL YEARS ENDED AUGUST 31,
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)
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	)

 * 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 asset value, end of period		Total return(b)			Net assets end of period (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets
$	1.00		0.02	%	$	28,906,402		0.18	%(e)		0.23	%(e)		0.05	%(e)
	1.00		0.01			186,908		0.21	(e)		0.26	(e)		0.03	(e)
	1.00		—	(d)		399,131		0.22	(e)		0.33	(e)		0.01	(e)
	1.00		—	(d)		384,682		0.22	(e)		0.38	(e)		0.01	(e)
	1.00		—	(d)		2,594,849		0.22	(e)		0.48	(e)		0.01	(e)
	1.00		—	(d)		6,782		0.22	(e)		0.58	(e)		0.01	(e)
	1.00		—	(d)		289,665		0.22	(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)		0.40	(e)
	1.00		0.03			28,326,048		0.18			0.23			0.03
	1.00		0.01			628,155		0.20			0.26			0.01
	1.00		0.01			546,452		0.20			0.33			0.01
	1.00		0.01			493,427		0.20			0.38			0.01
	1.00		0.01			2,382,900		0.20			0.48			0.01
	1.00		0.01			5,594		0.21			0.58			0.01
	1.00		0.01			374,051		0.20			0.73			0.01
	1.00		0.01			1		0.18			0.88			0.40
	1.00		0.01			1		0.18			1.03			0.40
	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

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

Year - Share Class	Net asset value, beginning of period			Net investment income (loss)			Distributions from net investment income(a)
FOR THE SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED)
2013 - FST Shares	$	1.00		$	0.001		$	(0.001	)
2013 - FST Select Shares		1.00			0.001			(0.001	)
2013 - FST Preferred Shares		1.00			—	(c)		—	(c)
2013 - FST Capital Shares		1.00			—	(c)		—	(c)
2013 - FST Administration Shares		1.00			—	(c)		—	(c)
2013 - FST Premier Shares		1.00			—	(c)		—	(c)
2013 - FST Service Shares		1.00			—	(c)		—	(c)
2013 - FST Resource Shares		1.00			—	(c)		—	(c)
2013 - FST Cash Management Shares		1.00			—	(c)		—	(c)
FOR THE FISCAL YEARS ENDED AUGUST 31 ,
2012 - FST Shares		1.00			0.002			(0.002	)
2012 - FST Select Shares		1.00			0.001			(0.001	)
2012 - FST Preferred Shares		1.00			0.001			(0.001	)
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)
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	)

 * 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 asset value, end of period		Total return(b)			Net assets end of period (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets
$	1.00		0.07	%	$	27,339,206		0.18	%(e)		0.23	%(e)		0.13	%(e)
	1.00		0.05			144,701		0.21	(e)		0.26	(e)		0.11	(e)
	1.00		0.02			42,821		0.28	(e)		0.33	(e)		0.03	(e)
	1.00		—	(d)		25,196		0.31	(e)		0.38	(e)		0.01	(e)
	1.00		—	(d)		350,742		0.31	(e)		0.48	(e)		—	(e)(f)
	1.00		—	(d)		40,395		0.31	(e)		0.58	(e)		—	(e)(f)
	1.00		—	(d)		30,456		0.31	(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		0.17			20,278,527		0.18			0.23			0.17
	1.00		0.14			151,931		0.21			0.26			0.14
	1.00		0.07			34,142		0.28			0.33			0.07
	1.00		0.03			31,393		0.33			0.38			0.02
	1.00		0.01			400,478		0.35			0.48			0.01
	1.00		0.01			28,554		0.35			0.58			0.01
	1.00		0.01			24,931		0.34			0.73			0.01
	1.00		0.01			1		0.18			0.88			0.40
	1.00		0.01			1		0.18			1.03			0.40
	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

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

Year - Share Class	Net asset value, beginning of period		Net investment income (loss)			Distributions from net investment income(a)
FOR THE SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED)
2013 - FST Shares	$	1.00	$	—	(c)	$	—	(c)
2013 - FST Select Shares		1.00		—	(c)		—	(c)
2013 - FST Preferred Shares		1.00		—	(c)		—	(c)
2013 - FST Capital Shares		1.00		—	(c)		—	(c)
2013 - FST Administration Shares		1.00		—	(c)		—	(c)
2013 - FST Premier Shares		1.00		—	(c)		—	(c)
2013 - FST Service Shares		1.00		—	(c)		—	(c)
2013 - FST Resource Shares		1.00		—	(c)		—	(c)
2013 - FST Cash Management Shares		1.00		—	(c)		—	(c)
2013 - FST Class B Shares		1.00		—	(c)		—	(c)
2013 - FST Class C Shares		1.00		—	(c)		—	(c)
FOR THE FISCAL YEARS ENDED AUGUST 31 ,
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)
2012 - FST Class B Shares		1.00		—	(c)		—	(c)
2012 - FST Class C Shares		1.00		—	(c)		—	(c)
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	)

 * 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 asset value, end of period		Total return(b)			Net assets end of period (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets
$	1.00		0.05	%	$	16,011,610		0.18	%(e)		0.23	%(e)		0.10	%(e)
	1.00		0.04			269,380		0.21	(e)		0.26	(e)		0.07	(e)
	1.00		0.01			165,369		0.27	(e)		0.33	(e)		0.01	(e)
	1.00		—	(d)		220,436		0.28	(e)		0.38	(e)		—	(e)(f)
	1.00		—	(d)		1,801,206		0.28	(e)		0.48	(e)		—	(e)(f)
	1.00		—	(d)		1		0.18	(e)		0.58	(e)		0.40	(e)
	1.00		—	(d)		808,247		0.27	(e)		0.73	(e)		—	(e)(f)
	1.00		—	(d)		143,894		0.27	(e)		0.88	(e)		—	(e)(f)
	1.00		—	(d)		1		0.18	(e)		1.03	(e)		0.40	(e)
	1.00		—	(d)		4,688		0.27	(e)		1.23	(e)		—	(e)(f)
	1.00		—	(d)		22,972		0.27	(e)		1.23	(e)		—	(e)(f)
	1.00		0.12			14,614,135		0.18			0.23			0.11
	1.00		0.09			325,596		0.21			0.26			0.09
	1.00		0.02			206,707		0.27			0.33			0.02
	1.00		0.01			187,844		0.29			0.38			—	(f)
	1.00		0.01			1,888,821		0.29			0.48			—	(f)
	1.00		0.01			1		0.18			0.58			0.40
	1.00		0.01			764,803		0.29			0.73			—	(f)
	1.00		0.01			139,778		0.29			0.88			—	(f)
	1.00		0.01			1		0.18			1.03			0.40
	1.00		0.01			5,188		0.29			1.23			—	(f)
	1.00		0.01			26,300		0.29			1.23			—	(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

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

Year - Share Class	Net asset value, beginning of period		Net investment income (loss)			Distributions from net investment income(a)
FOR THE SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED)
2013 - FST Shares	$	1.00	$	—	(c)	$	—	(c)
2013 - FST Administration Shares		1.00		—	(c)		—	(c)
2013 - FST Service Shares		1.00		—	(c)		—	(c)
2013 - FST Cash Management Shares		1.00		—	(c)		—	(c)
FOR THE FISCAL YEARS ENDED AUGUST 31,
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)
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)

 * 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 and $0.00007 of distributions from net realized gains for the fiscal years ended December 31, 2008 and December 31, 2007, respectively.

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

FINANCIAL SQUARE TAX-EXEMPT CALIFORNIA FUND

Net asset value, end of period		Total return(b)			Net assets end of period (in 000s)		Ratio of net expenses to average net assets				Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets
$	1.00		0.02	%	$	94,394		0.16	%(d)			0.47	%(d)		0.01	%(d)
	1.00		0.02			153,675		0.16	(d)			0.62	(d)		0.01	(d)
	1.00		0.02			2		0.16	(d)			0.87	(d)		0.21	(d)
	1.00		0.02			1		0.16	(d)			1.47	(d)		0.35	(d)
	1.00		0.01			91,478		0.15				0.48			0.01
	1.00		0.01			151,848		0.15				0.63			0.01
	1.00		0.01			2		0.15				0.88			0.23
	1.00		0.01			1		0.15				1.48			0.29
	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

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

Year - Share Class	Net asset value, beginning of period		Net investment income (loss)			Distributions from net investment income(a)
FOR THE SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED)
2013 - FST Shares	$	1.00	$	—	(c)	$	—	(c)
2013 - FST Administration Shares		1.00		—	(c)		—	(c)
2013 - FST Service Shares		1.00		—	(c)		—	(c)
2013 - FST Cash Management Shares		1.00		—	(c)		—	(c)
FOR THE FISCAL YEARS ENDED AUGUST 31,
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)
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)

 * 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 and $0.00005 of distributions from net realized gains for the fiscal years ended December 31, 2008 and December 31, 2007, respectively.

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

FINANCIAL SQUARE TAX-EXEMPT NEW YORK FUND

Net asset value, end of period		Total return(b)			Net assets end of period (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets
$	1.00		0.01	%	$	21,502		0.15	%(d)		0.49	%(d)		0.01	%(d)
	1.00		0.01			175,763		0.15	(d)		0.64	(d)		0.01	(d)
	1.00		0.01			1		0.15	(d)		0.89	(d)		0.46	(d)
	1.00		0.01			1		0.15	(d)		1.49	(d)		0.35	(d)
	1.00		0.01			21,067		0.16			0.52			0.01
	1.00		0.01			180,419		0.16			0.67			0.01
	1.00		0.01			1		0.16			0.92			0.50
	1.00		0.01			1		0.16			1.52			0.39
	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

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

Year - Share Class	Net asset value, beginning of period		Net investment income (loss)			Distributions from net investment income(a)
FOR THE SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED)
2013 - FST Shares	$	1.00	$	—	(c)	$	—	(c)
2013 - FST Select Shares		1.00		—	(c)		—	(c)
2013 - FST Preferred Shares		1.00		—	(c)		—	(c)
2013 - FST Capital Shares		1.00		—	(c)		—	(c)
2013 - FST Administration Shares		1.00		—	(c)		—	(c)
2013 - FST Premier Shares		1.00		—	(c)		—	(c)
2013 - FST Service Shares		1.00		—	(c)		—	(c)
2013 - FST Resource Shares		1.00		—	(c)		—	(c)
2013 - FST Cash Management Shares		1.00		—	(c)		—	(c)
FOR THE FISCAL YEARS ENDED AUGUST 31,
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)
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)

 * 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 and $0.0008 of distributions from net realized gains for the fiscal years ended December 31, 2008 and December 31, 2007, respectively.

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

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

Net asset value, end of period		Total return(b)			Net assets end of period (in 000s)		Ratio of net expenses to average net assets				Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets
$	1.00		0.02	%	$	5,189,601		0.17	%(d)			0.23	%(d)		0.02	%(d)
	1.00		0.01			125,775		0.18	(d)			0.26	(d)		0.01	(d)
	1.00		0.01			22,191		0.18	(d)			0.33	(d)		0.01	(d)
	1.00		0.01			4,558		0.18	(d)			0.38	(d)		0.01	(d)
	1.00		0.01			198,692		0.18	(d)			0.48	(d)		0.01	(d)
	1.00		0.01			597,097		0.18	(d)			0.58	(d)		0.01	(d)
	1.00		0.01			14,654		0.18	(d)			0.73	(d)		0.01	(d)
	1.00		0.01			36,836		0.18	(d)			0.88	(d)		0.01	(d)
	1.00		0.01			1		0.17	(d)			1.03	(d)		0.37	(d)
	1.00		0.02			5,462,807		0.17				0.23			0.02
	1.00		0.02			102,994		0.18				0.26			0.01
	1.00		0.01			22,477		0.18				0.33			0.01
	1.00		0.01			11,793		0.18				0.38			0.01
	1.00		0.01			217,010		0.18				0.48			0.01
	1.00		0.01			565,678		0.18				0.58			0.01
	1.00		0.01			29,450		0.18				0.73			0.01
	1.00		0.01			27,615		0.18				0.88			0.01
	1.00		0.01			1		0.17				1.03			0.40
	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

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

Year - Share Class	Net asset value, beginning of period		Net investment income (loss)			Distributions from net investment income(a)
FOR THE SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED)
2013 - FST Shares	$	1.00	$	—	(c)	$	—	(c)
2013 - FST Select Shares		1.00		—	(c)		—	(c)
2013 - FST Preferred Shares		1.00		—	(c)		—	(c)
2013 - FST Capital Shares		1.00		—	(c)		—	(c)
2013 - FST Administration Shares		1.00		—	(c)		—	(c)
2013 - FST Premier Shares		1.00		—	(c)		—	(c)
2013 - FST Service Shares		1.00		—	(c)		—	(c)
2013 - FST Resource Shares		1.00		—	(c)		—	(c)
2013 - FST Cash Management Shares		1.00		—	(c)		—	(c)
FOR THE FISCAL YEARS ENDED AUGUST 31,
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)
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)

 * 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 asset value, end of period		Total return(b)			Net assets end of period (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets
$	1.00		—	%(d)	$	26,059,314		0.11	%(e)		0.23	%(e)		—	%(e)(f)
	1.00		—	(d)		314,086		0.11	(e)		0.26	(e)		—	(e)(f)
	1.00		—	(d)		142,390		0.11	(e)		0.33	(e)		—	(e)(f)
	1.00		—	(d)		202,103		0.11	(e)		0.38	(e)		—	(e)(f)
	1.00		—	(d)		1,331,904		0.11	(e)		0.48	(e)		—	(e)(f)
	1.00		—	(d)		381,096		0.11	(e)		0.58	(e)		—	(e)(f)
	1.00		—	(d)		213,538		0.11	(e)		0.73	(e)		—	(e)(f)
	1.00		—	(d)		1		0.11	(e)		0.88	(e)		(0.37	)(e)
	1.00		—	(d)		1		0.11	(e)		1.03	(e)		(0.37	)(e)
	1.00		—	(d)		23,364,396		0.07			0.23			—	(f)
	1.00		—	(d)		110,090		0.07			0.26			—	(f)
	1.00		—	(d)		156,016		0.07			0.33			—	(f)
	1.00		—	(d)		157,629		0.07			0.38			—	(f)
	1.00		—	(d)		1,319,295		0.07			0.48			—	(f)
	1.00		—	(d)		401,333		0.07			0.58			—	(f)
	1.00		—	(d)		298,413		0.07			0.73			—	(f)
	1.00		—	(d)		1		0.07			0.88			0.40
	1.00		—	(d)		1		0.07			1.03			0.40
	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

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

Year - Share Class	Net asset value, beginning of period		Net investment income (loss)			Distributions from net investment income(a)
FOR THE FISCAL YEARS ENDED AUGUST 31,
2013 - FST Shares	$	1.00		—	(c)		—	(c)
2013 - FST Select Shares		1.00		—	(c)		—	(c)
2013 - FST Preferred Shares		1.00		—	(c)		—	(c)
2013 - FST Capital Shares		1.00		—	(c)		—	(c)
2013 - FST Administration Shares		1.00		—	(c)		—	(c)
2013 - FST Premier Shares		1.00		—	(c)		—	(c)
2013 - FST Service Shares		1.00		—	(c)		—	(c)
2013 - FST Resource Shares		1.00		—	(c)		—	(c)
2013 - FST Cash Management Shares		1.00		—	(c)		—	(c)
FOR THE FISCAL YEARS ENDED AUGUST 31,
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)
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	)

 * 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 asset value, end of period		Total return(b)			Net assets end of period (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets
$	1.00		—	%(d)	$	7,369,407		0.17	%(e)		0.23	%(e)		0.01	%(e)
	1.00		—	(d)		198,456		0.17	(e)		0.26	(e)		0.01	(e)
	1.00		—	(d)		111,449		0.17	(e)		0.33	(e)		0.01	(e)
	1.00		—	(d)		218,735		0.17	(e)		0.38	(e)		0.01	(e)
	1.00		—	(d)		2,055,570		0.17	(e)		0.48	(e)		0.01	(e)
	1.00		—	(d)		102,053		0.17	(e)		0.58	(e)		—	(e)(f)
	1.00		—	(d)		964,469		0.17	(e)		0.73	(e)		0.01	(e)
	1.00		—	(d)		1		0.17	(e)		0.88	(e)		0.37	(e)
	1.00		—	(d)		1		0.17	(e)		1.03	(e)		0.37	(e)
	1.00		0.01			8,084,641		0.12			0.23			0.01
	1.00		0.01			152,228		0.12			0.26			—	(f)
	1.00		0.01			95,065		0.12			0.33			—	(f)
	1.00		0.01			216,015		0.12			0.38			0.01
	1.00		0.01			1,525,805		0.12			0.48			0.01
	1.00		0.01			124,439		0.12			0.58			0.01
	1.00		0.01			1,025,286		0.12			0.73			—	(f)
	1.00		0.01			1		0.12			0.88			0.40
	1.00		0.01			1		0.12			1.03			0.40
	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

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements

February 28, 2013 (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:

Fund	Share Classes Offered	Diversified/ 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 financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may 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).

82

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

B.  Investment Income and Investments — Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost.

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, Transfer Agent and Service and Shareholder Administration 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.

Net capital losses are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

Under the Regulated Investment Company Modernization Act of 2010, the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

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 each Fund’s 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.

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 provisions 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 — A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of securities involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities involves the risk that the value of the securities sold may increase before the settlement date. Although a Fund will generally purchase securities on a forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of forward commitments prior to settlement which may result in a realized gain or loss.

83

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

February 28, 2013 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

F.  Repurchase Agreements — Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase the securities at a mutually agreed upon date and price. During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of a Fund, including accrued interest is required to exceed the value of the repurchase agreement, including accrued interest. 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 funds of the Trust and 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.

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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 levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. 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 Trustees have adopted Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ portfolio investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

As of February 28, 2013, all investments are classified as Level 2. Please refer to the Schedules of Investments for further detail.

4. AGREEMENTS AND AFFILIATED TRANSACTIONS

The Fund Contractual Fees 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.

84

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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 Shares and FST CMS for distribution services equal to an annual percentage rate of the average daily net assets attributable to FST Resource Shares 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 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 28, 2013, Goldman Sachs has advised that it retained approximately $1,998 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 accrued 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 agent fees and expenses, acquired fund fees and expenses, FST Class B and FST Class C distribution and service fees, FST Select fees, FST Preferred fees, FST Capital fees, FST Administration fees, FST Premier fees, FST Service fees, FST Resource fees, FST CMS fees, taxes, interest, brokerage fees, litigation, indemnification, shareholder meetings and other extraordinary expenses) to the extent such expenses exceed, on an annual basis, 0.014% of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. These Other Expense reimbursements will remain in place through at least December 29, 2013, 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 and transfer agent, which may result in a reduction in the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

85

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

February 28, 2013 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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, acquired fund fees and expenses, administration, service and shareholder administration plan fees, taxes, interest, brokerage fees, litigation, indemnification, shareholder meeting costs and other extraordinary expenses) such that the “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 at least December 29, 2013, 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 and are received irrespective of the application of the “Total Annual Fund Operating Expense” limitations described above.

G. Total Fund Expenses

Fund Contractual Fees

The contractual annualized rates for each of the Funds (except 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 Shares			FST Select Shares			FST Preferred Shares			FST Capital Shares			FST Administration Shares			FST Premier Shares			FST Service Shares			FST Resource Shares			FST CMS			FST Class B Shares(a)			FST Class C Shares(a)
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	(b)		0.30	(b)		1.00	(c)		1.00	(c)
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) Prime Obligations Fund only.

(b) Distribution (12b-1) fee only.

(c) Consists of fees paid for distribution services and personal and account maintenance services equal to 0.75 and 0.25, respectively.

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GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

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 Shares			FST Administration Shares			FST Service Shares			FST 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 28, 2013, 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 28, 2013. The Funds are not obligated to reimburse GSAM or Goldman Sachs for prior fiscal year fee waivers and/or expense reimbursements, if any.

87

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

February 28, 2013 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

	Ratio of Net Expenses to Average Net Assets for the Six Months Ended February 28, 2013*
	FST Shares			FST Select Shares			FST Preferred Shares			FST Capital Shares			FST Administration Shares			FST Premier Shares			FST Service Shares			FST Resource Shares			FST CMS			FST Class B Shares			FST Class C 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			0.10			0.00			0.09			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			0.09			0.00			0.09			0.09
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			0.28			0.18			0.27			0.27			0.18			0.27			0.27

* 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.

88

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 28, 2013*
	FST Shares			FST Select Shares			FST Preferred Shares			FST Capital Shares			FST Administration Shares			FST Premier Shares			FST Service Shares			FST Resource Shares			FST CMS
Federal
Management Fee(a)		0.14	%		0.14	%		0.14	%		0.14	%		0.14	%		0.14	%		0.14	%		0.14	%		0.14	%
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		0.15			0.15			0.15			0.15			0.15			0.15			0.15			0.15			0.15
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			0.03			0.04			0.04			0.04			0.04			0.04			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			0.22			0.22			0.22			0.22			0.22			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			0.13			0.13			0.13			0.13			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			0.31			0.31			0.31			0.31			0.18			0.18
Tax-Exempt California
Management Fee(a)		0.09	%		N/A			N/A			N/A			0.09	%		N/A			0.09	%		N/A			0.09	%
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		0.16			N/A			N/A			N/A			0.16			N/A			0.16			N/A			0.16

* 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.

89

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

February 28, 2013 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

	Ratio of Net Expenses to Average Net Assets for the Six Months Ended February 28, 2013*
	FST Shares			FST Select Shares			FST Preferred Shares			FST Capital Shares			FST Administration Shares			FST Premier Shares			FST Service Shares			FST Resource Shares			FST CMS
Tax-Exempt New York
Management Fee(a)		0.08	%		N/A			N/A			N/A			0.08	%		N/A			0.08	%		N/A			0.08	%
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		0.15			N/A			N/A			N/A			0.15			N/A			0.15			N/A			0.15
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			0.01			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			0.01			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			0.18			0.18			0.18			0.18			0.18			0.18			0.18			0.17
Treasury Instruments
Management Fee(a)		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%
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		0.11			0.11			0.11			0.11			0.11			0.11			0.11			0.11			0.11
Treasury Obligations
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			0.00			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		0.17			0.17			0.17			0.17			0.17			0.17			0.17			0.17			0.17

* 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.

90

GOLDMAN SACHS FUNDS �� FINANCIAL SQUARE FUNDS

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended February 28, 2013, expense reductions including any fee waivers and Other Expense reimbursements were as follows (in thousands):

Fund	Management Fee Waivers		Transfer Agent Fee Waivers		Distribution, Administration, Service and/or Shareholder Administration Plans Fee Waivers		Custody Fee Reduction		Other Expense Reimbursements		Total Expense Reductions
Federal	$	3,642	$	566	$	4,652	$	3	$	—	$	8,863
Government		7,572		59		3,888		8		—		11,527
Money Market		5,435		—		315		1		—		5,751
Prime Obligations		4,253		—		3,701		1		—		7,955
Tax-Exempt California		306		12		111		—		49		478
Tax-Exempt New York		265		10		133		—		57		465
Tax-Free Money Market		1,754		154		1,395		1		1		3,305
Treasury Instruments		13,511		1,346		3,321		17		—		18,195
Treasury Obligations		2,327		402		4,932		6		—		7,667

As of February 28, 2013, the amounts owed to affiliates of the Funds were as follows (in thousands):

Fund	Management Fees		Transfer Agent Fees		Distribution and Service Fees		Other Expense		Total
Federal	$	991	$	—	$	—	$	—	$	991
Government		4,190		214		—		—		4,404
Money Market		3,365		210		—		—		3,575
Prime Obligations		2,503		156		9		—		2,668
Tax-Exempt California		11		—		—		—		11
Tax-Exempt New York		8		—		—		—		8
Tax-Free Money Market		649		—		—		—		649
Treasury Instruments		1,904		—		—		1		1,905
Treasury Obligations		1,143		—		—		—		1,143

H.  Line of Credit Facility — As of February 28, 2013, the Funds participated in a $630,000,000 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 $970,000,000. 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 28, 2013, the Funds did not have any borrowings under the facility.

91

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

February 28, 2013 (Unaudited)

5. OTHER RISKS

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

Interest Rate Risk — When interest rates increase, a Fund’s yield will tend to be lower than prevailing market rates, and the market value of its securities or instruments may also be adversely affected. A low interest rate environment poses additional risks to a Fund, because low yields on the Fund’s portfolio holdings may have an adverse impact on the Fund’s ability to provide a positive yield to its shareholders, pay expenses out of Fund assets, or, at times, maintain a stable $1.00 share price.

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

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, geographic region or sector, subjecting them to possible risks associated with an adverse economic, business or political development affecting that state, region or sector. 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.

New Accounting Pronouncement — In December 2011, the Financial Accounting Standards Board issued an Accounting Standards Update (“ASU”) to enhance disclosures about financial instruments and derivative instruments that are subject to offsetting (“netting”) on the Statements of Assets and Liabilities. This information will enable users of the Funds’ financial statements to evaluate the effect or potential effect of netting arrangements on the Funds’ financial position. The ASU is effective for financial statements with fiscal years beginning on or after January 1, 2013, and interim periods within those fiscal years. At this time, GSAM is evaluating the implications of these changes on the financial statements.

8. SUBSEQUENT EVENTS

Subsequent events after the Statements of Assets and Liabilities 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.

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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 February 28, 2013 (Unaudited)			For the Fiscal Year Ended August 31, 2012
FST Shares
Shares sold		12,058,581,092			28,452,765,233
Reinvestment of distributions		199,257			428,119
Shares redeemed		(12,420,300,200	)		(29,297,470,974	)
		(361,519,851	)		(844,277,622	)
FST Select Shares
Shares sold		57,110,639			121,930,430
Reinvestment of distributions		2,576			4,948
Shares redeemed		(72,070,501	)		(106,481,353	)
		(14,957,286	)		15,454,025
FST Preferred Shares
Shares sold		403,445,392			1,324,310,474
Reinvestment of distributions		1,258			10,712
Shares redeemed		(409,837,283	)		(1,533,554,268	)
		(6,390,633	)		(209,233,082	)
FST Capital Shares
Shares sold		203,850,408			627,006,479
Reinvestment of distributions		181			674
Shares redeemed		(195,450,498	)		(636,261,568	)
		8,400,091			(9,254,415	)
FST Administration Shares
Shares sold		374,444,529			989,316,222
Reinvestment of distributions		5,550			12,300
Shares redeemed		(477,948,183	)		(962,858,372	)
		(103,498,104	)		26,470,150
FST Premier Shares
Shares sold		526,978,861			1,289,995,267
Reinvestment of distributions		38,662			79,170
Shares redeemed		(626,870,216	)		(1,275,081,264	)
		(99,852,693	)		14,993,173
FST Service Shares
Shares sold		1,162,304,175			3,011,268,029
Reinvestment of distributions		6,993			16,472
Shares redeemed		(1,281,582,000	)		(3,146,949,763	)
		(119,270,832	)		(135,665,262	)
FST Resource Shares
Shares sold		—			—
Reinvestment of distributions		—			—
Shares redeemed		—			—
		—			—
FST Cash Management Shares
Shares sold		211,173,996			454,444,787
Reinvestment of distributions		—			—
Shares redeemed		(321,871,401	)		(430,667,730	)
		(110,697,405	)		23,777,057
NET INCREASE (DECREASE) IN SHARES		(807,786,713	)		(1,117,735,976	)

93

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

February 28, 2013 (Unaudited)

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

Share activity is as follows:

	Government Fund
	For the Six Months Ended February 28, 2013 (Unaudited)			For the Fiscal Year Ended August 31, 2012
FST Shares
Shares sold		100,466,750,321			171,118,866,826
Reinvestment of distributions		3,315,108			3,785,792
Shares redeemed		(99,889,855,216	)		(163,756,184,292	)
		580,210,213			7,366,468,326
FST Select Shares
Shares sold		217,491,358			912,915,116
Reinvestment of distributions		30,128			68,683
Shares redeemed		(658,768,982	)		(759,780,859	)
		(441,247,496	)		153,202,940
FST Preferred Shares
Shares sold		978,289,939			5,504,811,756
Reinvestment of distributions		8,233			26,393
Shares redeemed		(1,125,621,115	)		(5,610,609,259	)
		(147,322,943	)		(105,771,110	)
FST Capital Shares
Shares sold		2,356,200,344			7,475,567,007
Reinvestment of distributions		7,623			17,958
Shares redeemed		(2,464,955,362	)		(7,797,429,771	)
		(108,747,395	)		(321,844,806	)
FST Administration Shares
Shares sold		5,511,228,331			8,741,093,244
Reinvestment of distributions		4,029			14,292
Shares redeemed		(5,299,295,481	)		(8,314,844,539	)
		211,936,879			426,262,997
FST Premier Shares
Shares sold		3,037,179			6,397,762
Reinvestment of distributions		196			299
Shares redeemed		(1,849,320	)		(804,871	)
		1,188,055			5,593,190
FST Service Shares
Shares sold		644,994,624			1,272,058,070
Reinvestment of distributions		2,877			5,779
Shares redeemed		(729,385,148	)		(1,376,877,263	)
		(84,387,647	)		(104,813,414	)
FST Resource Shares
Shares sold		5			—
Reinvestment of distributions		—			—
Shares redeemed		(5	)		(3	)
		—			(3	)
FST Cash Management Shares
Shares sold		5			—
Reinvestment of distributions		—			—
Shares redeemed		(5	)		—
		—			—
NET INCREASE (DECREASE) IN SHARES		11,629,666			7,419,098,120

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 February 28, 2013 (Unaudited)			For the Fiscal Year Ended August 31, 2012
FST Shares
Shares sold		83,856,627,507			171,352,317,241
Reinvestment of distributions		7,198,948			17,563,776
Shares redeemed		(76,803,397,284	)		(170,842,557,294	)
		7,060,429,171			527,323,723
FST Select Shares
Shares sold		885,290,856			1,302,569,911
Reinvestment of distributions		39,498			124,519
Shares redeemed		(892,561,329	)		(1,362,912,875	)
		(7,230,975	)		(60,218,445	)
FST Preferred Shares
Shares sold		156,183,531			300,086,821
Reinvestment of distributions		2,780			11,686
Shares redeemed		(147,507,608	)		(323,841,225	)
		8,678,703			(23,742,718	)
FST Capital Shares
Shares sold		30,931,235			72,885,132
Reinvestment of distributions		1,147			7,540
Shares redeemed		(37,129,865	)		(89,054,503	)
		(6,197,483	)		(16,161,831	)
FST Administration Shares
Shares sold		681,222,587			1,018,675,358
Reinvestment of distributions		7,741			18,646
Shares redeemed		(730,969,182	)		(1,186,031,859	)
		(49,738,854	)		(167,337,855	)
FST Premier Shares
Shares sold		34,051,460			76,049,539
Reinvestment of distributions		1,084			962
Shares redeemed		(22,212,824	)		(58,067,926	)
		11,839,720			17,982,575
FST Service Shares
Shares sold		119,351,019			404,668,297
Reinvestment of distributions		630			2,069
Shares redeemed		(113,827,337	)		(528,078,878	)
		5,524,312			(123,408,512	)
FST Resource Shares
Shares sold		—			—
Reinvestment of distributions		—			—
Shares redeemed		—			(2	)
		—			(2	)
FST Cash Management Shares
Shares sold		—			—
Reinvestment of distributions		—			—
Shares redeemed		—			—
		—			—
NET INCREASE (DECREASE) IN SHARES		7,023,304,594			154,436,935

95

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

February 28, 2013 (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 February 28, 2013 (Unaudited)			For the Fiscal Year Ended August 31, 2012
FST Shares
Shares sold		50,000,518,818			100,671,889,934
Reinvestment of distributions		2,664,465			8,040,107
Shares redeemed		(48,605,827,457	)		(103,735,660,803	)
		1,397,355,826			(3,055,730,762	)
FST Select Shares
Shares sold		394,870,031			960,571,685
Reinvestment of distributions		81,449			206,418
Shares redeemed		(451,171,294	)		(786,839,482	)
		(56,219,814	)		173,938,621
FST Preferred Shares
Shares sold		1,412,265,334			4,291,453,836
Reinvestment of distributions		3,621			20,152
Shares redeemed		(1,453,608,596	)		(4,491,591,718	)
		(41,339,641	)		(200,117,730	)
FST Capital Shares
Shares sold		653,568,847			1,971,075,254
Reinvestment of distributions		1,234			4,085
Shares redeemed		(620,980,149	)		(1,962,250,170	)
		32,589,932			8,829,169
FST Administration Shares
Shares sold		5,582,403,474			11,157,851,955
Reinvestment of distributions		5,740			15,767
Shares redeemed		(5,670,041,515	)		(12,144,601,727	)
		(87,632,301	)		(986,734,005	)
FST Premier Shares
Shares sold		—			—
Reinvestment of distributions		—			—
Shares redeemed		—			—
		—			—
FST Service Shares
Shares sold		2,086,357,342			4,136,423,201
Shares converted from Class B Shares(a)		214,295			1,055,537
Reinvestment of distributions		16,522			31,683
Shares redeemed		(2,043,149,957	)		(4,135,528,977	)
		43,438,202			1,981,444
FST Class B Shares
Shares sold		891,674			1,535,891
Shares converted to Service Shares(a)		(214,295	)		(1,055,537	)
Reinvestment of distributions		89			251
Shares redeemed		(1,177,779	)		(3,054,541	)
		(500,311	)		(2,573,936	)
FST Class C Shares
Shares sold		4,879,631			9,869,827
Reinvestment of distributions		665			1,572
Shares redeemed		(8,209,137	)		(16,216,682	)
		(3,328,841	)		(6,345,283	)
FST Resource Shares
Shares sold		65,745,042			73,753,929
Reinvestment of distributions		4,221			8,491
Shares redeemed		(61,634,515	)		(81,214,279	)
		4,114,748			(7,451,859	)
FST Cash Management Shares
Shares sold		—			—
Reinvestment of distributions		—			—
Shares redeemed		—			—
		—			—
NET INCREASE (DECREASE) IN SHARES		1,288,477,800			(4,074,204,341	)

(a) 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 February 28, 2013 (Unaudited)			For the Fiscal Year Ended August 31, 2012
FST Shares
Shares sold		72,865,223			118,586,245
Reinvestment of distributions		17,002			9,382
Shares redeemed		(69,956,601	)		(115,166,027	)
		2,925,624			3,429,600
FST Administration Shares
Shares sold		303,254,559			777,545,885
Reinvestment of distributions		29,011			15,630
Shares redeemed		(301,439,391	)		(770,859,165	)
		1,844,179			6,702,350
FST Service Shares
Shares sold		100			210
Reinvestment of distributions		—			—
Shares redeemed		(100	)		(210	)
		—			—
FST Cash Management Shares
Shares sold		—			—
Reinvestment of distributions		—			—
Shares redeemed		—			—
		—			—
NET INCREASE (DECREASE) IN SHARES		4,769,803			10,131,950

97

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

February 28, 2013 (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 February 28, 2013 (Unaudited)			For the Fiscal Year Ended August 31, 2012
FST Shares
Shares sold		24,816,233			45,497,014
Reinvestment of distributions		2,430			1,810
Shares redeemed		(24,382,946	)		(45,386,241	)
		435,717			112,583
FST Administration Shares
Shares sold		194,848,568			418,196,058
Reinvestment of distributions		18,010			13,776
Shares redeemed		(199,520,812	)		(378,249,604	)
		(4,654,234	)		39,960,230
FST Service Shares
Shares sold		—			—
Reinvestment of distributions		—			—
Shares redeemed		—			—
		—			—
FST Cash Management Shares
Shares sold		—			—
Reinvestment of distributions		—			—
Shares redeemed		—			—
		—			—
NET INCREASE (DECREASE) IN SHARES		(4,218,517	)		40,072,813

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 February 28, 2013 (Unaudited)			For the Fiscal Year Ended August 31, 2012
FST Shares
Shares sold		7,722,213,053			14,178,009,492
Reinvestment of distributions		713,890			1,131,613
Shares redeemed		(7,995,841,648	)		(15,205,888,489	)
		(272,914,705	)		(1,026,747,384	)
FST Select Shares
Shares sold		167,118,680			227,643,442
Reinvestment of distributions		18,819			12,279
Shares redeemed		(144,351,650	)		(169,017,171	)
		22,785,849			58,638,550
FST Preferred Shares
Shares sold		29,666,262			54,081,670
Reinvestment of distributions		1,374			1,584
Shares redeemed		(29,952,078	)		(55,828,603	)
		(284,442	)		(1,745,349	)
FST Capital Shares
Shares sold		15,596,393			44,408,095
Reinvestment of distributions		113			238
Shares redeemed		(22,830,777	)		(37,560,872	)
		(7,234,271	)		6,847,461
FST Administration Shares
Shares sold		344,363,039			912,489,106
Reinvestment of distributions		2,820			2,897
Shares redeemed		(362,671,441	)		(1,074,945,959	)
		(18,305,582	)		(162,453,956	)
FST Premier Shares
Shares sold		1,143,971,401			2,332,615,375
Reinvestment of distributions		67,420			59,938
Shares redeemed		(1,112,590,760	)		(2,331,182,237	)
		31,448,061			1,493,076
FST Service Shares
Shares sold		52,979,968			215,986,319
Reinvestment of distributions		841			1,394
Shares redeemed		(67,775,374	)		(216,600,906	)
		(14,794,565	)		(613,193	)
FST Resource Shares
Shares sold		23,326,393			38,738,271
Reinvestment of distributions		2,772			3,201
Shares redeemed		(14,107,628	)		(33,591,335	)
		9,221,537			5,150,137
FST Cash Management Shares
Shares sold		—			—
Reinvestment of distributions		—			—
Shares redeemed		—			(2	)
		—			(2	)
NET INCREASE (DECREASE) IN SHARES		(250,078,118	)		(1,119,430,660	)

99

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

February 28, 2013 (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 February 28, 2013 (Unaudited)			For the Fiscal Year Ended August 31, 2012
FST Shares
Shares sold		32,138,708,981			68,331,493,623
Reinvestment of distributions		89,713			180,861
Shares redeemed		(29,443,924,874	)		(65,362,683,260	)
		2,694,873,820			2,968,991,224
FST Select Shares
Shares sold		661,196,997			1,256,530,720
Reinvestment of distributions		1,133			1,861
Shares redeemed		(457,203,011	)		(1,285,528,163	)
		203,995,119			(28,995,582	)
FST Preferred Shares
Shares sold		85,450,055			458,957,416
Reinvestment of distributions		432			1,602
Shares redeemed		(99,076,831	)		(496,684,555	)
		(13,626,344	)		(37,725,537	)
FST Capital Shares
Shares sold		278,480,490			293,547,696
Reinvestment of distributions		623			1,212
Shares redeemed		(234,007,686	)		(306,572,918	)
		44,473,427			(13,024,010	)
FST Administration Shares
Shares sold		2,044,667,586			4,718,160,187
Reinvestment of distributions		3,091			8,215
Shares redeemed		(2,032,064,378	)		(4,678,764,658	)
		12,606,299			39,403,744
FST Premier Shares
Shares sold		357,422,040			713,216,363
Reinvestment of distributions		2,188			4,942
Shares redeemed		(377,660,998	)		(741,764,677	)
		(20,236,770	)		(28,543,372	)
FST Service Shares
Shares sold		259,940,390			734,385,421
Reinvestment of distributions		971			2,620
Shares redeemed		(344,816,257	)		(734,784,547	)
		(84,874,896	)		(396,506	)
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		2,837,210,655			2,899,709,961

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 February 28, 2013 (Unaudited)			For the Fiscal Year Ended August 31, 2012
FST Shares
Shares sold		108,845,758,177			184,556,011,046
Reinvestment of distributions		98,280			196,273
Shares redeemed		(109,561,110,173	)		(184,462,691,170	)
		(715,253,716	)		93,516,149
FST Select Shares
Shares sold		260,766,583			493,702,068
Reinvestment of distributions		4,330			7,514
Shares redeemed		(214,543,354	)		(538,830,234	)
		46,227,559			(45,120,652	)
FST Preferred Shares
Shares sold		507,022,556			503,748,204
Reinvestment of distributions		2,374			6,091
Shares redeemed		(490,641,653	)		(550,242,455	)
		16,383,277			(46,488,160	)
FST Capital Shares
Shares sold		144,335,284			1,134,656,978
Reinvestment of distributions		4,474			5,778
Shares redeemed		(141,620,417	)		(1,061,422,011	)
		2,719,341			73,240,745
FST Administration Shares
Shares sold		13,557,993,626			18,458,031,123
Reinvestment of distributions		14,645			29,157
Shares redeemed		(13,028,247,656	)		(18,608,334,301	)
		529,760,615			(150,274,021	)
FST Premier Shares
Shares sold		35,132,777			263,552,535
Reinvestment of distributions		3,264			7,271
Shares redeemed		(57,521,628	)		(260,291,894	)
		(22,385,587	)		3,267,912
FST Service Shares
Shares sold		2,037,850,747			4,664,976,860
Reinvestment of distributions		7,938			19,592
Shares redeemed		(2,098,678,140	)		(4,958,499,968	)
		(60,819,455	)		(293,503,516	)
FST Resource Shares
Shares sold		—			—
Reinvestment of distributions		—			—
Shares redeemed		—			(1	)
		—			(1	)
FST Cash Management Shares
Shares sold		—			—
Reinvestment of distributions		—			—
Shares redeemed		—			—
		—			—
NET INCREASE (DECREASE) IN SHARES		(203,367,966	)		(365,361,544	)

101

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Fund Expenses — Six Month Period Ended February 28, 2013 (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, 2012 through February 28, 2013.

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
Share Class	Beginning Account Value 9/1/12		Ending Account Value 2/28/13			Expenses Paid for the 6 months ended 2/28/13*		Beginning Account Value 9/1/12		Ending Account Value 2/28/13			Expenses Paid for the 6 months ended 2/28/13*		Beginning Account Value 9/1/12		Ending Account Value 2/28/13			Expenses Paid for the 6 months ended 2/28/13*
FST Shares
Actual	$	1,000.00	$	1,000.03		$	0.74	$	1,000.00	$	1,000.23		$	0.89	$	1,000.00	$	1,000.68		$	0.89
Hypothetical (5% return before expenses)		1,000.00		1,024.05	+		0.75		1,000.00		1,023.90	+		0.90		1,000.00		1,023.90	+		0.90
FST Select Shares
Actual		1,000.00		1,000.03			0.74		1,000.00		1,000.11			1.04		1,000.00		1,000.54			1.04
Hypothetical (5% return before expenses)		1,000.00		1,024.05	+		0.75		1,000.00		1,023.75	+		1.05		1,000.00		1,023.75	+		1.05
FST Preferred Shares
Actual		1,000.00		1,000.03			0.74		1,000.00		1,000.03			1.09		1,000.00		1,000.19			1.39
Hypothetical (5% return before expenses)		1,000.00		1,024.05	+		0.75		1,000.00		1,023.70	+		1.10		1,000.00		1,023.41	+		1.40
FST Capital Shares
Actual		1,000.00		1,000.03			0.74		1,000.00		1,000.03			1.09		1,000.00		1,000.04			1.54
Hypothetical (5% return before expenses)		1,000.00		1,024.05	+		0.75		1,000.00		1,023.70	+		1.10		1,000.00		1,023.26	+		1.56
FST Administration Shares
Actual		1,000.00		1,000.03			0.74		1,000.00		1,000.03			1.09		1,000.00		1,000.03			1.54
Hypothetical (5% return before expenses)		1,000.00		1,024.05	+		0.75		1,000.00		1,023.70	+		1.10		1,000.00		1,023.26	+		1.56
FST Premier Shares
Actual		1,000.00		1,000.03			0.74		1,000.00		1,000.03			1.09		1,000.00		1,000.03			1.54
Hypothetical (5% return before expenses)		1,000.00		1,024.05	+		0.75		1,000.00		1,023.70	+		1.10		1,000.00		1,023.26	+		1.56
FST Service Shares
Actual		1,000.00		1,000.03			0.74		1,000.00		1,000.03			1.09		1,000.00		1,000.03			1.54
Hypothetical (5% return before expenses)		1,000.00		1,024.05	+		0.75		1,000.00		1,023.70	+		1.10		1,000.00		1,023.26	+		1.56
FST Resource Shares
Actual		1,000.00		1,000.03			0.74		1,000.00		1,000.03			0.89		1,000.00		1,000.03			0.89
Hypothetical (5% return before expenses)		1,000.00		1,024.05	+		0.75		1,000.00		1,023.90	+		0.90		1,000.00		1,023.90	+		0.90
FST Cash Management Shares
Actual		1,000.00		1,000.03			0.74		1,000.00		1,000.03			0.89		1,000.00		1,000.03			0.89
Hypothetical (5% return before expenses)		1,000.00		1,024.05	+		0.75		1,000.00		1,023.90	+		0.90		1,000.00		1,023.90	+		0.90

102

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Fund Expenses — Six Month Period Ended February 28, 2013 (Unaudited) (continued)

	Prime Obligations							Tax-Exempt California							Tax-Exempt New York
Share Class	Beginning Account Value 9/1/12		Ending Account Value 2/28/13			Expenses Paid for the 6 months ended 2/28/13*		Beginning Account Value 9/1/12		Ending Account Value 2/28/13			Expenses Paid for the 6 months ended 2/28/13*		Beginning Account Value 9/1/12		Ending Account Value 2/28/13			Expenses Paid for the 6 months ended 2/28/13*
FST Shares
Actual	$	1,000.00	$	1,000.50		$	0.89	$	1,000.00	$	1,000.20		$	0.79	$	1,000.00	$	1,000.10		$	0.74
Hypothetical (5% return before expenses)		1,000.00		1,023.90	+		0.90		1,000.00		1,024.00	+		0.80		1,000.00		1,024.05	+		0.75
FST Select Shares
Actual		1,000.00		1,000.35			1.04		N/A		N/A			N/A		N/A		N/A			N/A
Hypothetical (5% return before expenses)		1,000.00		1,023.75	+		1.05		N/A		N/A			N/A		N/A		N/A			N/A
FST Preferred Shares
Actual		1,000.00		1,000.06			1.34		N/A		N/A			N/A		N/A		N/A			N/A
Hypothetical (5% return before expenses)		1,000.00		1,023.46	+		1.35		N/A		N/A			N/A		N/A		N/A			N/A
FST Capital Shares
Actual		1,000.00		1,000.03			1.39		N/A		N/A			N/A		N/A		N/A			N/A
Hypothetical (5% return before expenses)		1,000.00		1,023.41	+		1.40		N/A		N/A			N/A		N/A		N/A			N/A
FST Administration Shares
Actual		1,000.00		1,000.03			1.39		1,000.00		1,000.20			0.79		1,000.00		1,000.10			0.74
Hypothetical (5% return before expenses)		1,000.00		1,023.41	+		1.40		1,000.00		1,024.00	+		0.80		1,000.00		1,024.05	+		0.75
FST Premier Shares
Actual		1,000.00		1,000.03			0.89		N/A		N/A			N/A		N/A		N/A			N/A
Hypothetical (5% return before expenses)		1,000.00		1,023.90	+		0.90		N/A		N/A			N/A		N/A		N/A			N/A
FST Service Shares
Actual		1,000.00		1,000.03			1.34		1,000.00		1,000.20			0.79		1,000.00		1,000.10			0.74
Hypothetical (5% return before expenses)		1,000.00		1,023.46	+		1.35		1,000.00		1,024.00	+		0.80		1,000.00		1,024.05	+		0.75
FST Class B Shares
Actual		1,000.00		1,000.03			1.34		N/A		N/A			N/A		N/A		N/A			N/A
Hypothetical (5% return before expenses)		1,000.00		1,023.46	+		1.35		N/A		N/A			N/A		N/A		N/A			N/A
FST Class C Shares
Actual		1,000.00		1,000.03			1.34		N/A		N/A			N/A		N/A		N/A			N/A
Hypothetical (5% return before expenses)		1,000.00		1,023.46	+		1.35		N/A		N/A			N/A		N/A		N/A			N/A
FST Resource Shares
Actual		1,000.00		1,000.03			1.34		N/A		N/A			N/A		N/A		N/A			N/A
Hypothetical (5% return before expenses)		1,000.00		1,023.46	+		1.35		N/A		N/A			N/A		N/A		N/A			N/A
FST Cash Management Shares
Actual		1,000.00		1,000.03			0.89		1,000.00		1,000.20			0.79		1,000.00		1,000.10			0.74
Hypothetical (5% return before expenses)		1,000.00		1,023.90	+		0.90		1,000.00		1,024.00	+		0.80		1,000.00		1,024.05	+		0.75

103

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Fund Expenses — Six Month Period Ended February 28, 2013 (Unaudited) (continued)

	Tax-Free Money Market Fund							Treasury Instruments Fund							Treasury Obligations Fund
Share Class	Beginning Account Value 9/1/12		Ending Account Value 2/28/13			Expenses Paid for the 6 months ended 2/28/13*		Beginning Account Value 9/1/12		Ending Account Value 2/28/13			Expenses Paid for the 6 months ended 2/28/13*		Beginning Account Value 9/1/12			Ending Account Value 2/28/13			Expenses Paid for the 6 months ended 2/28/13*
FST Shares
Actual	$	1,000.00	$	1,000.17		$	0.84	$	1,000.00	$	1,000.01		$	0.55	$	1,000.00		$	1,000.04		$	0.84
Hypothetical (5% return before expenses)		1,000.00		1,023.95	+		0.85		1,000.00		1,024.25	+		0.55		1,000.00			1,023.95	+		0.85
FST Select Shares
Actual		1,000.00		1,000.12			0.89		1,000.00		1,000.01			0.55		1,000.00			1,000.03			0.84
Hypothetical (5% return before expenses)		1,000.00		1,023.90	+		0.90		1,000.00		1,024.25	+		0.55		1,000.00			1,023.95	+		0.85
FST Preferred Shares
Actual		1,000.00		1,000.11			0.89		1,000.00		1,000.01			0.55		1,000.00			1,000.03			0.84
Hypothetical (5% return before expenses)		1,000.00		1,023.90	+		0.90		1,000.00		1,024.25	+		0.55		1,000.00			1,023.95	+		0.85
FST Capital Shares																	��
Actual		1,000.00		1,000.11			0.89		1,000.00		1,000.01			0.55		1,000.00			1,000.03			0.84
Hypothetical (5% return before expenses)		1,000.00		1,023.90	+		0.90		1,000.00		1,024.25	+		0.55		1,000.00			1,023.95	+		0.85
FST Administration Shares
Actual		1,000.00		1,000.11			0.89		1,000.00		1,000.01			0.55		1,000.00			1,000.03			0.84
Hypothetical (5% return before expenses)		1,000.00		1,023.90	+		0.90		1,000.00		1,024.25	+		0.55		1,000.00			1,023.95	+		0.85
FST Premier Shares
Actual		1,000.00		1,000.11			0.89		1,000.00		1,000.01			0.55		1,000.00			1,000.03			0.84
Hypothetical (5% return before expenses)		1,000.00		1,023.90	+		0.90		1,000.00		1,024.25	+		0.55		1,000.00			1,023.95	+		0.85
FST Service Shares
Actual		1,000.00		1,000.11			0.89		1,000.00		1,000.01			0.55		1,000.00			1,000.03			0.84
Hypothetical (5% return before expenses)		1,000.00		1,023.90	+		0.90		1,000.00		1,024.25	+		0.55		1,000.00			1,023.95	+		0.85
FST Resource Shares
Actual		1,000.00		1,000.11			0.89		1,000.00		1,000.01			0.55		1,000.00			1,000.03			0.84
Hypothetical (5% return before expenses)		1,000.00		1,023.90	+		0.90		1,000.00		1,024.25	+		0.55		1,000.00			1,023.95	+		0.85
FST Cash Management Shares
Actual		1,000.00		1,000.11			0.84		1,000.00		1,000.01			0.55		1,000.00			1,000.03			0.84
Hypothetical (5% return before expenses)		1,000.00		1,023.95	+		0.85		1,000.00		1,024.25	+		0.55		1,000.00			1,023.95	+		0.85

* Expenses for each share class are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended February 28, 2013. 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:

Fund	FST Shares			FST Select Shares			FST Preferred Shares			FST Capital Shares			FST Administration Shares			FST Premier Shares			FST Service Shares			FST Class B Shares			FST Class C Shares			FST Resource Shares			FST Cash Management Shares
Federal		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%		N/A			N/A			0.15	%		0.15	%
Government		0.18	%		0.21	%		0.22	%		0.22	%		0.22	%		0.22	%		0.22	%		N/A			N/A			0.18	%		0.18	%
Money Market		0.18	%		0.21	%		0.28	%		0.31	%		0.31	%		0.31	%		0.31	%		N/A			N/A			0.18	%		0.18	%
Prime Obligations		0.18	%		0.21	%		0.27	%		0.28	%		0.28	%		0.18	%		0.27	%		0.27	%		0.27	%		0.27	%		0.18	%
Tax-Exempt California		0.16	%		N/A			N/A			N/A			0.16	%		N/A			0.16	%		N/A			N/A			N/A			0.16	%
Tax-Exempt New York		0.15	%		N/A			N/A			N/A			0.15	%		N/A			0.15	%		N/A			N/A			N/A			0.15	%
Tax-Free Money Market		0.17	%		0.18	%		0.18	%		0.18	%		0.18	%		0.18	%		0.18	%		N/A			N/A			0.18	%		0.17	%
Treasury Instruments		0.11	%		0.11	%		0.11	%		0.11	%		0.11	%		0.11	%		0.11	%		N/A			N/A			0.11	%		0.11	%
Treasury Obligations		0.17	%		0.17	%		0.17	%		0.17	%		0.17	%		0.17	%		0.17	%		N/A			N/A			0.17	%		0.17	%

+ 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 approximately $742.4 billion in assets under management as of December 31, 2012, 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.

OVERVIEW OF GOLDMAN SACHS FUNDS

Money Market¹

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 High Quality Floating Rate Fund²

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

n World Bond 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

n Income Builder Fund³

Structured Equity

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 China Equity Fund

Select Satellite⁴

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

n Retirement Portfolio Completion Fund

n Income Strategies Portfolio

Total Portfolio Solutions⁴

n Balanced Strategy Portfolio

n Growth and Income Strategy Portfolio

n Growth Strategy Portfolio

n Equity Growth Strategy Portfolio

n Satellite Strategies Portfolio

n Enhanced Dividend Global Equity Portfolio

n Tax Advantaged Global Equity Portfolio

¹  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.

²  Effective at the close of business on July 27, 2012, the Goldman Sachs Ultra-Short Duration Government Fund was renamed the Goldman Sachs High Quality Floating Rate Fund.

³  Effective at the close of business on June 29, 2012, the Goldman Sachs Balanced Fund was renamed the Goldman Sachs Income Builder Fund.

⁴  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 Caroline Kraus, 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 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 Web site at http://www.sec.gov within 60 days after the Funds’ first and third fiscal quarters. 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. 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 28, 2013 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.

© 2013 Goldman Sachs. All rights reserved. 97072.MF.MED.TMPL/4/2013 FSQSAR13 / 85K

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 18, 2013

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 18, 2013
By:	/s/ George F. Travers
	George F. Travers
	Principal Financial Officer
	Goldman Sachs Trust
Date:	April 18, 2013