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)

Caroline Kraus, Esq.	Copies to:
Goldman, Sachs & Co.	Geoffrey R.T. Kenyon, Esq.
200 West Street	Dechert LLP
New York, New York 10282	100 Oliver Street
	40th Floor
	Boston, MA 02110-2605

(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, 2014

ITEM 1. REPORTS TO STOCKHOLDERS.

The Semi-Annual Report to Stockholders is filed herewith.

Goldman Sachs Funds

Semi-Annual Report	February 28, 2014
	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	7
Yield Summary	9
Sector Allocations	10
Schedules of Investments	12
Financial Statements	52
Financial Highlights	60
Notes to Financial Statements	78
Other Information	101

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

Fiscal policy, Federal Reserve (“Fed”) policy and supply/demand conditions within the repurchase agreement (“repo”) and U.S. Treasury securities markets combined to keep yields on taxable and tax-exempt money market funds low during the six-month period ended February 28, 2014 (the “Reporting Period”).

As the Reporting Period began, the financial markets were caught off guard when the Fed unexpectedly chose not to announce a tapering of its asset purchases at its September 18th meeting. The Fed cited insufficient economic conditions and concerns about the impact of fiscal tightening. The U.S. also faced political gridlock over budget financing, which forced the first federal government shutdown in 17 years. In continental Europe, the composite purchasing managers index (“PMI”) of business activity rose to 52.2 in September, its highest level since mid-2011. Despite economic improvements, the European Central Bank (“ECB”) left the door open to further easing, so liquidity remained sufficient to prevent sharper increases in short-term interest rates. The U.K. economy also showed signs of strengthening, leading the International Monetary Fund (“IMF”) to upgrade its full-year U.K. growth forecast to 1.9% from 1.5%. The September 22, 2013 German elections handed a third term to Chancellor Angela Merkel.

During the fourth quarter of 2013, U.S. economic data continued to show strengthening, with little sign of negative impact from the partial federal government shutdown. Manufacturing data pointed to expansion in December 2013, with the U.S. PMI edging back to 57 from a 2013 high of 57.3 in November. The forward-looking new orders subindex of the PMI hit its highest level since April 2010 at 64.2. Consumer confidence rebounded to 78.1 in December 2013 from 72 the prior month. On the housing front, October 2013’s S&P Case-Shiller Index showed house prices up 13.6% year-to-date, on track for a 14% increase for 2013. The Fed announced in December 2013 that it would take its first step in winding down its asset purchases, or tapering its quantitative easing program, in January 2014. The initial reduction would be $10 billion per month, split between U.S. Treasuries and mortgage-backed securities, taking total purchases to $75 billion per month. In other Fed news, the central bank announced changes to its reverse repurchase agreement facility (“RRF”), raising the allotment limit to $3 billion from $1 billion and reducing the rate paid to 0.03% from 0.05%. (Through the RRF, the Fed lends Treasury securities to counterparties, such as dealers, money market funds and government-sponsored entities, in exchange for cash. The RRF is intended to help set a floor under short-term interest rates after years of near-zero Fed policy rates and quantitative easing.) On fiscal policy, the House and Senate Budget Committee chairs crafted a two-year budget agreement to replace some cuts made under the sequester with other revenue sources for a net increase in spending. The spending increase was anticipated to be offset by other savings over the next decade.

The ECB cut its main policy rate to a record low of 0.25% on November 7, 2013. Policymakers left the deposit rate at zero. The Eurozone’s inflation rate dropped to a four-year low of 0.7% in October 2013 from 1% in September 2013. The composite PMI slipped to 51.9, suggesting the recovery continued into the fourth calendar quarter, but at a slightly slower pace. The ECB stated it sees regional growth rising from 1.1% in 2014 to 1.5% in 2015.

China’s Third Plenum, the 18th Communist Party Central Committee meeting, yielded a substantial package focusing on key reforms, such as deregulation and liberalization of interest rates and its capital account. Its PMI indicated modest expansion in its manufacturing sector during the fourth quarter of 2013.

2

MARKET REVIEW

In January 2014, U.S. lawmakers dispelled fears of another government shutdown with the passage of a bill, subsequently signed into law, that raised the U.S. debt ceiling for another year and funded the federal government through October 2014. Also in January, U.S. economic data showed some signs of weakening, though colder-than-usual weather may have played a role in the results. The Institute for Supply Management’s (“ISM”) January manufacturing report was weaker than anticipated at 51.3, down from 56.5 in December 2013 — the sharpest drop in nearly three years. Payroll data disappointed for the second month in a row, with the U.S. economy adding just 113,000 jobs versus the 180,000 that had been expected. On the positive side, job gains for November and December 2013 were revised up by a total of 34,000, and construction employment bounced back from its December low.

At its January 2014 meeting, the final meeting of Fed Chair Ben Bernanke’s tenure, the Fed decided to continue with its pace of tapering of $10 billion per month and altered little in its statement with respect to economic conditions. Most importantly for short-term interest rates, the Fed extended the RRF until January 30, 2015 and raised the maximum allotment per counterparty to $5 billion from $3 billion. Fed policymakers left the interest rate paid at 0.03%.

In February 2014, much colder than normal winter temperatures made it difficult to discern whether U.S. economic weakness was weather related or was evidence of a slower pace of underlying growth. Indeed, key data releases reflected the ambiguity. The Fed’s Beige Book included numerous mentions of inclement weather, its effect on manufacturing in particular, as “the weather… caused utility outages, disrupted supply chains and production schedules, and resulted in a slowing of sales to affected customers.” (The Beige Book is a commonly used name for the Fed report called the Summary of Commentary on Current Economic Conditions by Federal Reserve District. It is published just before the Fed meeting on interest rates and is used to inform the members on changes in the economy since the last meeting.) However, according to the February non-farm payroll report (released on March 7 after the end of the Reporting Period), adverse weather seemed to have a smaller than expected impact, with construction jobs — normally most effected by poor weather — up 15,000. The same report showed a better than expected overall increase in new jobs of 175,000 versus the 149,000 that had been anticipated. Meanwhile, the unemployment rate increased 0.1% to 6.7%, as labor force participation remained unchanged but increased overall as more Americans entered the workforce. Manufacturing data was mixed in February, with ISM manufacturing in line with expectations and the ISM non-manufacturing index below consensus. Overall during February, fewer hours were worked on average, but hourly earnings increased. This may have been because lower-paid employees worked fewer hours, while salaried employees continued to receive their pay, as well as raises, even when weather disrupted the number of hours they actually worked.

In Fed news, new Fed Chair Janet Yellen’s testimony before the House of Representatives and the Senate provided few surprises. Yellen indicated there was a high bar for any change to the Fed’s pace of tapering and offered few clues as to her assessment of the impact of weather on recent economic data. Meanwhile, the ECB announced no changes to its existing policy stance during February 2014. Declining inflation was in focus after the Eurozone’s consumer price inflation index hit another record low, but ECB president Mario Draghi said the risk of deflation had not increased, stressing that policymakers base their decisions on a medium-term time horizon. Before the meeting, observers had speculated the ECB might cut key policy rates and/or suspend operations to reduce the liquidity created by its purchases of sovereign bonds under the Securities Markets Programme. Instead, the ECB said it needs more information

3

MARKET REVIEW

before taking such action. The ECB did announce that it planned to release a 2016 inflation forecast at its March 2014 meeting.

Finally, it is important to note a number of significant developments on the money market reform front during the Reporting Period. On June 5, 2013, before the Reporting Period began, the Securities and Exchange Commission (“SEC”) had unanimously voted to release for public comment two primary proposals for amendments, or “alternative proposals,” to SEC Rule 2a-7, which regulates most money market funds. The proposals could be adopted alone or in combination. The proposed rule release did not constitute a final rule. Indeed, it may well take many months, if not years, before implementation of any changes.

Alternative one would require prime “institutional” money market funds to operate with a floating net asset value (“NAV”), rather than the current $1.00 stable share price. Alternative two would allow money market funds to continue to operate with a stable share price but would generally require the use of liquidity fees and permit redemption gates in times of stress. If the SEC combined both alternative proposals, prime institutional funds would be required to transact at a floating NAV, and all funds other than government money market funds could be able to impose liquidity fees or redemption gates in certain circumstances. The SEC also recommended additional proposals, including further stress testing, diversification and disclosure measures that would be applied regardless of which of the two alternative proposals were adopted.

Following the 90-day comment period, which ended on September 17, 2013, the SEC moved into — and remained in at the end of the Reporting Period — what is expected to be several months of reviewing comments received and determining whether the proposed regulations should be adopted, revised or rejected. At the end of October 2013, several asset management firms jointly submitted a comment letter to the SEC proposing an alternative approach to the definition of a retail money market fund. At the end of the review period, the proposals may be voted upon by the SEC Commissioners. The SEC would need three of five Commissioners to approve a final rule before it could be released publicly. In a final rule release, the SEC would specify an implementation timeline for any new requirements. The SEC indicated that implementation of any rule proposal would occur in stages, and the process could take from nine months to two years, depending on the particular proposal, from the date the rule is finally adopted. For further details on the rule proposals, see http://www.sec.gov/rules/ proposed/2013/33-9408.pdf, and to see comments submitted to the SEC on the rule proposals, see http://www.sec.gov/comments/s7-03-13/s70313.shtml.

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, 2014 (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 and with the Fed strengthening its forward guidance for continued low rates in conjunction with its decision to begin tapering the monthly pace of its asset purchases beginning in January 2014, money market yields were anchored near the same level with little difference between maturities. In addition, the money market yield curve, or spectrum of maturities, was extremely flat during the Reporting Period.

Though we positioned the Funds to take advantage of changes in the interest rate environment, conditions during the Reporting Period did not provide bountiful opportunities to generate additional yield. 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.

Q How did you manage the taxable Funds during the Reporting Period?

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, variable rate demand notes (“VRDNs),” and certificates of deposit during the Reporting Period. Overall, during the Reporting Period, we maintained the taxable Funds’ weighted average maturity between 35 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.

From the start of the Reporting Period through the end of 2013, when repo rates averaged in the single digits, we positioned the taxable Funds toward the longer end of their weighted average maturity range. In the taxable government Funds, we increased the weighted average maturity by investing in six-month maturities, when we found attractive opportunities. Near the beginning of 2014, we reduced the weighted average maturity of the taxable Funds because of a lack of supply. We then took advantage of opportunities to somewhat increase weighted average maturity during February 2014. Also during February, in anticipation of the mid-April 2014 tax filing deadline and the U.S. Treasury’s issuance of a large number of cash management bills, we targeted a weighted average maturity of between 50 days and 60 days in all the taxable Funds.

Q How did you manage the tax-exempt Funds during the Reporting Period?

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. Overall, during the Reporting Period, we maintained the tax-exempt Funds’ weighted average maturity between 15 days and 45 days.

Early in the Reporting Period, the Securities Industry and Financial Markets Association (“SIFMA”) 7-day VRDN Index climbed into the high single digits on fears that Congress might fail to reach an agreement to raise the debt ceiling by October 17, 2013. Dealer inventory increased steadily as tax-exempt mutual funds in general sought to raise liquidity. The pressure did not have a similar effect on one- year U.S. Treasury yields, which traded near 0.17% for most of the fourth quarter of 2013. After the debt ceiling resolution, the 7-day VRDN Index returned to mid-single digits for the rest of 2013. Dealer inventory and tax-exempt mutual fund assets continued to fluctuate throughout the fourth calendar quarter, with dealer inventory falling near the end of 2013 as tax-exempt mutual funds shifted a greater percentage of their liquidity into VRDNs. In December 2013, we began investing the tax-exempt Funds in securities that would mature in March 2014, thereby extending their

5

PORTFOLIO RESULTS

weighted average maturity past the traditionally rich period of January and February. Many bonds mature or pay coupons during January and February, and, as a result, tax-exempt money market mutual funds are generally flush with cash and seeking new purchases. Also in December, we maintained more than 70% of each tax-exempt Fund in securities maturing within one week. For most of the fourth calendar quarter, we sought to maintain a weighted average maturity in the tax-exempt Funds between 30 days and 45 days.

At the beginning of 2014, the 7-day VRDN Index set an all-time low at 0.03%, remaining there through the end of the Reporting Period. As expected, tax-exempt money market funds overall had significant amounts of cash, picking up more than $3 billion in assets in January 2014 alone. In January and February 2014, weak new issue supply also put pressure on short-term yields. We maintained a weighted average maturity in the tax-exempt Funds of between 35 days and 45 days.

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

A During the Reporting Period, we managed the weighted average life of all the taxable and tax-exempt Funds below 120 days. The weighted average life of a money market fund is a measure of a money market fund’s price sensitivity to changes in liquidity and/or credit risk.

Q Did you make any changes to the Funds’ portfolios during the Reporting Period?

A 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 In our opinion, interest rates are likely to remain low at least through mid-to late 2015, or early 2016, with the Fed holding the targeted federal funds rate near zero. In the near term, we expect to see a moderate increase in yields and a period of elevated U.S. Treasury bill issuance as the tax filing deadline approaches and as the U.S. Treasury adjusts its auction sizes to accommodate its cash needs. If interest rates rise as we anticipate, we plan to extend the weighted average maturity of the taxable Funds. Relative to the tax-exempt Funds, we may extend their weighted average maturity if supply increases.

Overall, 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 seek to closely monitor economic data, Fed policy and any shifts in the money market yield curve, as we strive to strategically navigate the interest rate environment.

6

FUND BASICS

Financial Square Funds

as of February 28, 2014

PERFORMANCE REVIEW1
September 1, 2013–February 28, 2014	Fund Total Return (based on NAV)2 FST Shares			iMoneynet Institutional Average3
Federal		0.00	%		0.01	%(4)
Government		0.00			0.01	(4)
Money Market		0.03			0.02	(5)
Prime Obligations		0.01			0.02	(5)
Tax-Exempt California		0.01			0.01	(6)
Tax-Exempt New York		0.01			0.01	(6)
Tax-Free Money Market		0.01			0.02	(7)
Treasury Instruments		0.00			0.01	(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.GSAMFUNDS.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 2014

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.

7

FUND BASICS

STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS1,10
For the period ended 12/31/13	SEC 7-Day Current Yield11			One Year	Five Years	Ten Years	Since Inception	Inception Date
Federal		0.01	%	0.01%	0.06%	1.67%	2.65%	2/28/97
Government		0.01		0.01	0.09	1.72	3.09	4/6/93
Money Market		0.06		0.08	0.19	1.81	3.17	5/18/94
Prime Obligations		0.01		0.04	0.15	1.78	3.48	3/8/90
Tax-Exempt California		0.01		0.01	0.02	1.06	2.22	10/4/88
Tax-Exempt New York		0.01		0.01	0.03	1.08	1.95	2/15/91
Tax-Free Money Market		0.06		0.08	0.19	1.81	3.17	7/19/94
Treasury Instruments		0.00		0.00	0.02	1.46	2.41	3/3/97
Treasury Obligations		0.01		0.01	0.04	1.55	3.27	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.GSAMFUNDS.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 12/31/13 and are calculated in accordance with securities industry regulations and do not include net capital gains. SEC 7-Day Current Yield may differ slightly from the actual distribution rate of a given Fund because of the exclusion of distributed capital gains, which are non-recurring. The SEC 7-Day Current Yield more closely reflects a Fund’s current earnings than do the Standardized Average Annual Total Return figures.

8

YIELD SUMMARY

SUMMARY OF THE FST SHARES1 AS OF 2/28/14
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%	45		109
Government		0.01		0.01	0.01	0.01	44		84
Money Market		0.06		0.06	0.06	0.06	46		80
Prime Obligations		0.02		0.01	0.01	0.02	51		96
Tax-Exempt California		0.01		0.01	0.01	0.01	19		20
Tax-Exempt New York		0.01		0.01	0.01	0.01	20		25
Tax-Free Money Market		0.01		0.06	0.06	0.06	34		36
Treasury Instruments		0.00		0.00	0.00	0.00	46		50
Treasury Obligations		0.01		0.01	0.01	0.01	46		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.GSAMFUNDS.com to obtain the most recent month-end performance.

¹²  The 7-Day Distribution yield is the average total return over the previous seven days. It is the Fund’s total income net of expenses, divided by the total number of outstanding shares. This yield can include capital gain/loss distribution, if any. This is not a SEC Yield.

¹³  The SEC 7-Day Current Yield and SEC 7-Day Effective Yield of a Fund are calculated in accordance with securities industry regulations and do not include net capital gains. SEC 7-Day Current Yield may differ slightly from the actual distribution rate of a given Fund because of the exclusion of distributed capital gains, which are non-recurring. The SEC 7-Day Effective Yield assumes reinvestment of dividends for one year.

¹⁴  The 30-Day Average Yield is a net annualized yield of 30 days back from the current date listed. This yield includes capital gain/loss distribution.

¹⁵  A Fund’s weighted average maturity (WAM) is an average of the effective maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. This must not exceed 60 days as calculated under SEC Rule 2a-7.

¹⁶  A Fund’s weighted average life (WAL) is an average of the final maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. This must not exceed 120 days as calculated under SEC Rule 2a-7.

9

SECTOR ALLOCATIONS

TAXABLE FUNDS17
as of February 28, 2014
Security Type (Percentage of Net Assets)	Federal			Government			Money Market			Prime Obligations			Treasury Instruments			Treasury Obligations
Certificates of Deposit		—			—			0.6	%		—			—			—
Certificates of Deposit - Eurodollar		—			—			4.0			—			—			—
Certificates of Deposit - Yankeedollar		—			—			18.1			—			—			—
Commercial Paper & Corporate Obligations		—			—			14.2			32.0	%		—			—
Fixed Rate Municipal Debt Obligations		—			—			—			0.9			—			—
Repurchase Agreements		—			41.9	%		19.6			32.0			—			59.9	%
Time Deposits		—			—			18.8			2.1			—			—
U.S. Government Agency Obligations		65.9	%		58.1			5.6			14.1			—			—
U.S. Treasury Obligations		36.5			—			—			0.2			100.6	%		40.0
Variable Rate Municipal Debt Obligations		—			—			0.9			4.9			—			—
Variable Rate Obligations		—			—			18.2			13.8			—			—
as of August 31, 2013
Certificates of Deposit - Eurodollar		—			—			4.9	%		—			—			—
Certificates of Deposit - Yankeedollar		—			—			8.6			—			—			—
Commercial Paper & Corporate Obligations		—			—			12.8			22.6	%		—			—
Fixed Rate Municipal Debt Obligations		—			—			—			0.1			—			—
Repurchase Agreements		—			49.6	%		25.6			31.7			—			39.4	%
Time Deposits		—			—			15.2			6.6			—			—
U.S. Government Agency Obligations		82.4	%		46.9			12.5			19.3			—			—
U.S. Treasury Obligations		15.0			3.5			0.3			0.6			98.9	%		58.6	%
Variable Rate Municipal Debt Obligations		—			—			1.7			8.5			—			—
Variable Rate Obligations		—			—			18.6			10.9			—			—

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.

10

SECTOR ALLOCATIONS

TAX-EXEMPT FUNDS18
as of February 28, 2014
Security Type (Percentage of Net Assets)	Tax-Exempt California			Tax-Exempt New York			Tax-Free Money Market
Bond Anticipation Notes		—			—			0.6	%
Commercial Paper		5.3	%		5.8	%		12.0
General Obligation Bonds		2.3			2.8			4.3
Pre-Refunded Bonds		1.0			0.6			0.5
Put Bonds		—			—			1.1
Revenue Anticipation Notes		2.4			—			2.2
Revenue Bonds		5.2			5.4			3.0
Tax and Revenue Anticipation Notes		0.4			—			2.2
Tax Anticipation Notes		—			1.5			1.3
Variable Rate Obligations		83.2			83.8			72.1
as of August 31, 2013
Bond Anticipation Notes		—			0.7	%		1.6	%
Commercial Paper		7.5	%		6.4			11.0
General Obligation Bonds		0.9			1.3			3.0
Pre-Refunded Bonds		0.4			—			0.8
Put Bonds		0.5			—			1.2
Revenue Anticipation Notes		1.4			—			1.6
Revenue Bonds		5.0			10.0			3.3
Tax and Revenue Anticipation Notes		4.7			—			5.4
Tax Anticipation Notes		—			—			0.9
Variable Rate Obligations	��	78.9			81.9			70.6

¹⁸  Each Fund is actively managed and, as such, its portfolio composition may differ over time. The percentage shown for each investment category reflects the value (based on amortized cost) of investments in that category as a percentage of net assets. Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.

11

FINANCIAL SQUARE FEDERAL FUND

Schedule of Investments

February 28, 2014 (Unaudited)

Principal Amount			Interest Rate			Maturity Date		Amortized Cost
	U.S. Government Agency Obligations – 65.9%
	Federal Farm Credit Bank
$	33,000,000			0.250	%		04/04/14	$	33,003,793
	90,000,000			0.105	(a)		04/17/14		90,001,232
	100,000,000			0.091	(a)		04/22/14		99,999,423
	10,000,000			0.300			04/23/14		10,002,288
	100,000,000			0.100			05/12/14		99,980,000
	10,500,000			0.320	(a)		05/19/14		10,505,569
	17,500,000			0.250	(a)		05/21/14		17,505,552
	87,420,000			0.140			05/22/14		87,417,634
	10,000,000			0.120	(a)		06/06/14		10,000,526
	50,000,000			0.137	(a)		06/06/14		50,006,332
	25,000,000			0.160			06/11/14		24,999,141
	35,000,000			0.129	(a)		07/01/14		34,998,861
	100,000,000			0.280	(a)		07/09/14		100,007,223
	17,000,000			0.300			07/18/14		17,010,650
	183,100,000			0.125	(a)		07/25/14		183,122,896
	13,125,000			0.200			07/30/14		13,129,754
	124,000,000			0.280	(a)		07/30/14		124,010,405
	20,000,000			0.124	(a)		08/01/14		19,998,320
	2,000,000			0.300			08/01/14		2,000,945
	35,000,000			0.107	(a)		08/06/14		34,997,763
	20,700,000			0.134	(a)		08/15/14		20,703,498
	16,250,000			0.300			08/21/14		16,261,758
	16,000,000			0.164	(a)		08/27/14		16,003,621
	70,000,000			0.137	(a)		09/04/14		69,993,652
	50,000,000			0.115	(a)		09/15/14		49,998,608
	40,000,000			0.130	(a)		09/19/14		40,004,458
	53,305,000			0.185	(a)		09/29/14		53,332,244
	75,000,000			0.210			10/22/14		75,013,279
	50,000,000			0.165	(a)		10/24/14		50,015,407
	53,300,000			0.124	(a)		10/27/14		53,307,153
	23,750,000			0.144	(a)		10/29/14		23,754,760
	31,000,000			0.135	(a)		11/12/14		31,000,000
	28,500,000			0.300	(a)		12/11/14		28,536,643
	300,000,000			0.105	(a)		12/17/14		299,992,401
	20,100,000			0.100	(a)		12/29/14		20,098,831
	100,000,000			0.180			01/06/15		99,997,944
	50,000,000			0.088	(a)		01/07/15		49,988,533
	200,000,000			0.096	(a)		01/23/15		199,972,335
	7,000,000			0.145	(a)		01/28/15		7,002,337
	132,910,000			0.184	(a)		02/13/15		132,994,781
	50,000,000			0.114	(a)		02/19/15		49,997,506
	300,000,000			0.000	(a)(b)		03/03/15		299,984,421
	10,000,000			0.155	(a)		03/26/15		10,004,437
	40,000,000			0.107	(a)		04/06/15		39,993,595
	25,000,000			0.115	(a)		05/15/15		24,999,206
	25,000,000			0.115	(a)		05/26/15		24,997,109
	Federal Home Loan Bank
	49,709,000			0.040			03/03/14		49,708,890
	415,000,000			0.040			03/05/14		414,998,156
	238,000,000			0.090			03/05/14		237,999,579
	34,500,000			0.170			03/14/14		34,500,540
	300,000,000			0.080			03/17/14		299,997,269
	82,100,000			0.030			03/19/14		82,098,769
	56,000,000			0.170			03/21/14		56,001,351
	46,250,000			0.170			03/25/14		46,251,497
	215,000,000			0.120			03/28/14		215,008,748
	U.S. Government Agency Obligations – (continued)
	Federal Home Loan Bank – (continued)
$	500,000,000			0.085	%		04/02/14	$	499,962,222
	200,000,000			0.087			04/02/14		199,984,534
	84,000,000			0.088			04/02/14		83,993,429
	194,000,000			0.140	(a)		04/04/14		194,016,487
	100,000,000			0.125			04/09/14		99,986,458
	91,900,000			0.155			04/09/14		91,884,569
	199,000,000			0.126	(a)		04/11/14		199,008,632
	250,000,000			0.130			04/25/14		249,993,565
	200,000,000			0.095	(a)		05/15/14		200,000,228
	33,000,000			0.110			05/22/14		32,999,208
	150,000,000			0.110			05/29/14		149,994,217
	10,000,000			0.130			05/30/14		9,996,750
	80,000,000			0.125	(a)		06/17/14		80,010,399
	90,000,000			0.126	(a)		06/24/14		89,991,343
	39,000,000			0.136	(a)		06/25/14		39,006,627
	15,000,000			0.125	(a)		06/26/14		14,999,144
	96,000,000			0.135	(a)		06/27/14		95,995,248
	55,000,000			0.190			07/10/14		55,009,602
	94,300,000			0.110			07/15/14		94,301,521
	92,000,000			0.245			07/25/14		92,000,000
	100,000,000			0.095	(a)		08/12/14		99,997,664
	6,795,000			5.500			08/13/14		6,959,587
	66,000,000			0.135	(a)		08/15/14		65,993,844
	250,000,000			0.095	(a)		08/21/14		249,995,254
	163,000,000			0.086	(a)		08/22/14		162,986,950
	61,535,000			0.120			08/25/14		61,523,051
	100,000,000			0.125			09/23/14		99,979,055
	50,000,000			0.125			10/02/14		49,987,571
	50,400,000			0.245			10/07/14		50,400,000
	50,000,000			0.200			12/26/14		50,000,000
	200,000,000			0.104	(a)		02/03/15		199,991,455
	100,000,000			0.111	(a)		02/23/15		99,989,971
	TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS							$	8,058,150,208
	U.S. Treasury Obligations – 36.5%
	United States Treasury Bills
$	150,000,000			0.005	%		03/06/14	$	149,999,896
	472,400,000			0.010			03/06/14		472,399,344
	107,800,000			0.020			03/13/14		107,799,281
	100,000,000			0.065			03/13/14		99,997,833
	422,000,000			0.068			03/13/14		421,990,505
	100,000,000			0.070			03/13/14		99,997,667
	500,000,000			0.035			03/20/14		499,990,764
	1,000,000,000			0.095			05/15/14		999,802,083
	United States Treasury Notes
	193,000,000			1.250			03/15/14		193,090,515
	200,000,000			1.750			03/31/14		200,271,863
	40,000,000			1.250			04/15/14		40,056,423
	119,000,000	��		0.250			04/30/14		119,028,018
	26,000,000			1.000			05/15/14		26,048,502
	222,000,000			4.750			05/15/14		224,139,538
	13,000,000			0.250			05/31/14		13,004,465

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

FINANCIAL SQUARE FEDERAL FUND

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	U.S. Treasury Obligations – (continued)
	United States Treasury Notes – (continued)
$	662,000,000		2.250	%		05/31/14	$	665,552,861
	125,000,000		0.500			08/15/14		125,226,579
	TOTAL U.S. TREASURY OBLIGATIONS						$	4,458,396,137
	TOTAL INVESTMENTS – 102.4%						$	12,516,546,345
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (2.4)%							(289,656,222	)
	NET ASSETS – 100.0%						$	12,226,890,123

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, 2014.
(b)	All or a portion represents a forward commitment.
Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.
Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, or the prerefunded date for those types of securities.

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

FINANCIAL SQUARE GOVERNMENT FUND

Schedule of Investments

February 28, 2014 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	U.S. Government Agency Obligations – 58.1%
	Federal Farm Credit Bank
$	40,000,000		0.130	%(a)		07/01/14	$	39,998,698
	38,100,000		0.126	(a)		07/25/14		38,096,176
	26,000,000		0.280	(a)		07/30/14		26,002,182
	24,000,000		0.125	(a)		08/01/14		23,997,984
	180,000,000		0.137	(a)		09/04/14		179,983,676
	68,800,000		0.135	(a)		11/12/14		68,800,000
	60,000,000		0.300	(a)		12/11/14		60,077,143
	Federal Home Loan Bank
	89,000,000		0.170			03/14/14		89,001,394
	10,000,000		2.375			03/14/14		10,008,054
	10,000,000		5.000			03/14/14		10,017,433
	196,000,000		0.080			03/17/14		195,998,215
	144,000,000		0.170			03/21/14		144,003,475
	40,000,000		0.170			03/25/14		40,001,295
	125,000,000		0.105	(a)		04/01/14		125,000,000
	150,000,000		0.160			04/03/14		149,998,992
	196,000,000		0.140			04/15/14		196,005,728
	115,000,000		0.170			04/17/14		115,007,954
	400,000,000		0.070			04/21/14		399,965,253
	245,000,000		0.130			04/22/14		244,995,802
	175,000,000		0.095	(a)		04/28/14		175,000,000
	610,000,000		0.098	(a)		05/06/14		609,999,684
	234,000,000		0.100			05/08/14		233,988,684
	260,500,000		0.110			05/21/14		260,491,252
	100,000,000		0.110			05/22/14		99,997,599
	296,500,000		0.120			05/27/14		296,492,364
	349,000,000		0.110			05/29/14		348,986,546
	22,000,000		0.130			05/30/14		21,992,850
	12,650,000		0.125			06/04/14		12,649,280
	267,000,000		0.130			06/04/14		266,908,404
	360,000,000		0.139			06/04/14		359,867,950
	33,000,000		0.140			06/04/14		32,999,412
	494,000,000		0.098	(a)		06/06/14		493,993,175
	140,000,000		0.138			06/06/14		139,947,943
	843,025,000		0.130			06/11/14		842,997,647
	324,000,000		0.136			06/13/14		323,872,704
	800,000,000		0.138			06/18/14		799,665,733
	50,495,000		5.250			06/18/14		51,266,319
	175,000,000		0.106	(a)		06/23/14		175,000,000
	700,000,000		0.126	(a)		06/24/14		699,932,668
	500,000,000		0.140			06/25/14		499,774,444
	31,000,000		0.125	(a)		06/26/14		30,998,231
	767,500,000		0.135	(a)		06/27/14		767,462,009
	250,000,000		0.130			07/07/14		249,992,751
	200,000,000		0.180			07/09/14		199,987,474
	415,000,000		0.100			07/24/14		414,978,194
	243,000,000		0.245			07/25/14		243,000,000
	235,000,000		0.100			07/29/14		234,989,672
	100,000,000		0.095	(a)		08/12/14		99,997,665
	200,000,000		0.094	(a)		08/13/14		199,995,300
	188,000,000		0.135	(a)		08/15/14		187,982,463
	350,000,000		0.086	(a)		08/22/14		349,963,340
	65,000,000		0.125			09/12/14		64,978,331
	266,745,000		0.180			09/12/14		266,734,355
	49,200,000		0.170			09/16/14		49,195,317
	271,745,000		0.125			09/23/14		271,688,084
	U.S. Government Agency Obligations – (continued)
	Federal Home Loan Bank – (continued)
$	100,000,000		0.180	%		09/26/14	$	99,995,706
	100,000,000		0.170			09/30/14		99,989,813
	116,000,000		0.245			10/07/14		116,000,000
	175,000,000		0.096	(a)		11/25/14		174,982,119
	150,000,000		0.200			12/26/14		150,000,000
	1,000,000,000		0.108	(a)		02/06/15		1,000,001,198
	Federal Home Loan Mortgage Corporation
	250,000,000		0.145			03/27/14		249,997,849
	342,911,000		1.000			08/20/14		344,344,942
	110,560,000		1.000			08/27/14		111,023,199
	34,794,000		0.750			11/25/14		34,940,855
	Federal National Mortgage Association
	25,000,000		2.750			03/13/14		25,021,039
	8,841,000		2.500			05/15/14		8,884,379
	112,557,000		0.134	(a)		06/20/14		112,565,113
	10,000,000		0.360	(a)		06/23/14		10,008,239
	22,292,000		0.875			08/28/14		22,371,053
	400,000,000		0.136	(a)		09/11/14		399,956,988
	51,240,000		0.625			10/30/14		51,394,442
	10,020,000		0.164	(a)		01/20/15		10,024,075
	475,000,000		0.124	(a)		02/27/15		474,881,213
	TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS						$	16,031,109,520
	Repurchase Agreements(b) – 41.9%
	Bank of America, N.A.
$	250,000,000		0.060	%		03/03/14	$	250,000,000
	Maturity Value: $250,001,250
	Collateralized by Federal National Mortgage Association, 4.000%, due 09/01/40 and Government National Mortgage Association, 3.500% to 4.500%, due 08/20/41 to 06/20/42. The aggregate market value of the collateral, including accrued interest, was $257,500,006.
	Bank of Nova Scotia (The)
	500,000,000		0.200	(a)(c)		03/04/14		500,000,000
	Maturity Value: $501,008,341
	Settlement Date: 03/06/13
	Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 5.000%, due 08/01/26 to 12/01/42, Federal National Mortgage Association, 2.500% to 5.500%, due 02/01/26 to 02/01/44 and Government National Mortgage Association, 4.000% to 5.000%, due 09/20/33 to 08/20/43. The aggregate market value of the collateral, including accrued interest, was $517,562,216.

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

FINANCIAL SQUARE GOVERNMENT FUND

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Repurchase Agreements(b) – (continued)
	Bank of Nova Scotia (The) – (continued)
$	850,000,000		0.150	%(a)(c)		03/07/14	$	850,000,000
	Maturity Value: $851,133,342
	Settlement Date: 02/21/14
	Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 5.500%, due 07/01/26 to 10/01/42, Federal National Mortgage Association, 2.500% to 5.500%, due 08/01/25 to 12/01/43, U.S. Treasury Bill, 0.000%, due 05/15/14 to 07/31/14 and U.S. Treasury Note, 2.500% to 2.625%, due 06/30/17 to 11/15/20. The aggregate market value of the collateral, including accrued interest, was $874,303,628.
	500,000,000		0.160	(a)(c)		03/07/14		500,000,000
	Maturity Value: $500,806,659
	Settlement Date: 01/07/14
	Collateralized by Federal Home Loan Mortgage Corp., 3.500% to 5.000%, due 07/01/26 to 04/01/43 and Federal National Mortgage Association, 2.500% to 5.000%, due 04/01/26 to 02/01/44. The aggregate market value of the collateral, including accrued interest, was $516,392,984.
	250,000,000		0.200	(a)(c)		03/07/14		250,000,000
	Maturity Value: $250,500,004
	Settlement Date: 03/12/13
	Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 5.000%, due 08/01/26 to 04/01/43, Federal National Mortgage Association, 2.500% to 6.500%, due 12/01/23 to 02/01/44 and Government National Mortgage Association, 4.500%, due 05/15/40 to 03/20/41. The aggregate market value of the collateral, including accrued interest, was $259,105,006.
	BNP Paribas Securities Corp.
	500,000,000		0.080	(a)(c)		03/03/14		500,000,000
	Maturity Value: $500,724,437
	Settlement Date: 06/05/12
	Collateralized by Federal Home Loan Mortgage Corp., 3.500% to 4.500%, due 12/01/25 to 02/01/44 and Federal National Mortgage Association, 2.500% to 4.500%, due 08/01/25 to 03/01/44. The aggregate market value of the collateral, including accrued interest, was $510,000,001.
	550,000,000		0.080	(a)(c)		03/03/14		550,000,000
	Maturity Value: $550,788,325
	Settlement Date: 06/05/12
	Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 5.500%, due 03/01/26 to 10/01/43 and Federal National Mortgage Association, 3.000% to 5.000%, due 12/01/25 to 01/01/44. The aggregate market value of the collateral, including accrued interest, was $561,000,003.
	500,000,000		0.180	(a)(c)		03/03/14		500,000,000
	Maturity Value: $500,892,500
	Settlement Date: 03/11/13
	Collateralized by Federal Home Loan Mortgage Corp., 4.000%, due 10/01/41 to 02/01/44 and Federal National Mortgage Association, 3.000% to 5.000%, due 10/01/25 to 10/01/43. The aggregate market value of the collateral, including accrued interest, was $510,000,001.
	Repurchase Agreements(b) – (continued)
	BNP Paribas Securities Corp. – (continued)
$	1,250,000,000		0.120	%(a)(c)		03/07/14	$	1,250,000,000
	Maturity Value: $1,250,758,326
	Settlement Date: 12/02/13
	Collateralized by Federal Home Loan Mortgage Corp., 3.500% to 4.500%, due 11/01/31 to 02/01/44, Federal National Mortgage Association, 3.000% to 4.000%, due 11/01/25 to 06/01/43 and Government National Mortgage Association, 4.000%, due 10/20/43 to 12/20/43. The aggregate market value of the collateral, including accrued interest, was $1,275,000,001.
	BNYMellon Investments
	420,200,000		0.050			03/03/14		420,200,000
	Maturity Value: $420,201,751
	Collateralized by U.S. Treasury Bond, 3.750%, due 08/15/41. The market value of the collateral, including accrued interest, was $429,473,952.
	Citigroup Global Markets, Inc.
	500,000,000		0.070			03/05/14		500,000,000
	Maturity Value: $500,006,806
	Settlement Date: 02/26/14
	Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 6.500%, due 10/01/14 to 11/01/43, Federal National Mortgage Association, 2.500% to 7.500%, due 03/01/14 to 02/01/44 and Government National Mortgage Association, 5.000%, due 04/15/40. The aggregate market value of the collateral, including accrued interest, was $511,433,194.
	Federal Reserve Bank of New York
	1,200,000,000		0.050			03/03/14		1,200,000,000
	Maturity Value: $1,200,005,000
	Collateralized by U.S. Treasury Bond, 3.000%, due 05/15/42. The market value of the collateral, including accrued interest, was $1,200,005,053.
	ING Financial Markets LLC
	250,000,000		0.060			03/03/14		250,000,000
	Maturity Value: $250,001,250
	Collateralized by Federal National Mortgage Association, 3.500% to 6.000%, due 11/01/25 to 08/01/48. The aggregate market value of the collateral, including accrued interest, was $255,001,479.
	500,000,000		0.130	(a)(c)		03/07/14		500,000,000
	Maturity Value: $500,330,416
	Settlement Date: 11/14/13
	Collateralized by Federal National Mortgage Association, 3.000% to 4.500%, due 12/01/25 to 09/01/43. The aggregate market value of the collateral, including accrued interest, was $510,000,884.
	1,100,000,000		0.140	(a)(c)		03/07/14		1,100,000,000
	Maturity Value: $1,101,155,003
	Settlement Date: 12/02/13
	Collateralized by Federal Home Loan Mortgage Corp., 5.875% to 7.000%, due 03/17/31 to 12/20/38 and Federal National Mortgage Association, 3.000% to 6.500%, due 03/01/24 to 01/01/48. The aggregate market value of the collateral, including accrued interest, was $1,122,003,518.

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

FINANCIAL SQUARE GOVERNMENT FUND

Schedule of Investments (continued)

February 28, 2014 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Repurchase Agreements(b) – (continued)
	ING Financial Markets LLC – (continued)
$	250,000,000		0.200	%(a)(c)		03/07/14	$	250,000,000
	Maturity Value: $250,509,726
	Settlement Date: 04/12/13
	Collateralized by Federal National Mortgage Association, 3.500%, due 05/01/42 to 10/01/42. The aggregate market value of the collateral, including accrued interest, was $255,000,150.
	Joint Repurchase Agreement Account I
	150,000,000		0.050			03/03/14		150,000,000
	Maturity Value: $150,000,625
	Joint Repurchase Agreement Account III
	2,024,000,000		0.060			03/03/14		2,024,000,000
	Maturity Value: $2,024,010,120
	TOTAL REPURCHASE AGREEMENTS						$	11,544,200,000
	TOTAL INVESTMENTS – 100.0%						$	27,575,309,520
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.0%							4,771,463
	NET ASSETS – 100.0%						$	27,580,080,983

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, 2014.
(b)	Unless noted, all repurchase agreements were entered into on February 28, 2014. Additional information on Joint Repurchase Agreement Account I and III appears on pages 50-51.
(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.

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

FINANCIAL SQUARE MONEY MARKET FUND

Schedule of Investments

February 28, 2014 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Commercial Paper and Corporate Obligations – 14.2%
	Aspen Funding Corp.
$	42,005,000		0.180	%		03/03/14	$	42,004,580
	25,018,000		0.230			05/12/14		25,006,492
	Atlantic Asset Securitization LLC
	42,578,000		0.150			03/17/14		42,575,162
	75,000,000		0.150			03/25/14		74,992,500
	40,000,000		0.150			03/26/14		39,995,833
	Chariot Funding LLC
	50,000,000		0.301			03/14/14		49,994,583
	50,000,000		0.301			04/09/14		49,983,750
	40,000,000		0.301			04/14/14		39,985,333
	10,000,000		0.301			06/20/14		9,990,750
	25,000,000		0.301			07/17/14		24,971,250
	70,000,000		0.301			07/24/14		69,915,417
	50,000,000		0.301			10/02/14		49,910,417
	30,000,000		0.301			10/03/14		29,946,000
	25,000,000		0.281			10/17/14		24,955,278
	50,000,000		0.281			11/04/14		49,903,555
	20,000,000		0.281			11/21/14		19,958,778
	CRC Funding LLC
	40,000,000		0.180			03/05/14		39,999,200
	Dexia Credit Local New York Branch
	354,500,000		0.471			03/04/14		354,486,116
	117,000,000		0.471			03/05/14		116,993,890
	150,000,000		0.331			08/19/14		149,764,875
	200,000,000		0.270			08/25/14		199,734,500
	Electricite de France
	200,000,000		0.553			01/02/15		199,061,945
	79,000,000		0.553			01/06/15		78,624,640
	Gemini Securitization Corp. LLC
	195,000,000		0.220			03/25/14		194,971,400
	150,000,000		0.210			04/15/14		149,960,625
	100,000,000		0.210			04/16/14		99,973,167
	Hannover Funding Co. LLC
	90,000,000		0.160			03/11/14		89,996,000
	80,000,000		0.160			03/20/14		79,993,244
	Jupiter Securitization Co. LLC
	50,000,000		0.301			03/07/14		49,997,500
	15,000,000		0.301			03/14/14		14,998,375
	50,000,000		0.301			04/09/14		49,983,750
	50,000,000		0.240			04/15/14		49,985,000
	25,000,000		0.301			06/13/14		24,978,333
	25,000,000		0.301			06/16/14		24,977,708
	25,000,000		0.301			06/20/14		24,976,875
	50,000,000		0.301			07/24/14		49,939,584
	50,000,000		0.301			08/12/14		49,931,667
	25,000,000		0.281			10/17/14		24,955,278
	20,000,000		0.281			10/21/14		19,963,600
	50,000,000		0.281			10/30/14		49,905,500
	50,000,000		0.281			11/20/14		49,897,333
	Kells Funding LLC
	30,000,000		0.220			05/13/14		29,986,617
	LMA Americas LLC
	112,000,000		0.170			03/12/14		111,994,182
	97,700,000		0.170			03/17/14		97,692,618
	Commercial Paper and Corporate Obligations – (continued)
	Newport Funding Corp.
$	50,000,000		0.220	%		04/28/14	$	49,982,278
	50,000,000		0.230			05/20/14		49,974,444
	Nieuw Amsterdam Receivables Corp.
	93,166,000		0.180			04/22/14		93,141,777
	NRW Bank
	750,000,000		0.130			03/03/14		749,994,583
	Regency Markets No. 1 LLC
	50,000,000		0.140			03/14/14		49,997,472
	89,934,000		0.140			03/26/14		89,925,257
	Victory Receivables Corp.
	100,000,000		0.170			03/11/14		99,995,277
	91,000,000		0.140			03/17/14		90,994,338
	72,000,000		0.150			03/24/14		71,993,100
	40,000,000		0.150			03/25/14		39,996,000
	TOTAL COMMERCIAL PAPER AND CORPORATE OBLIGATIONS						$	4,507,807,726
	Certificate of Deposit – 0.6%
	Citibank, N.A.
$	195,000,000		0.220	%		03/26/14	$	195,000,000
	Certificates of Deposit-Eurodollar – 4.0%
	Credit Agricole Corporate and Investment Bank
$	500,000,000		0.260	%		05/02/14	$	500,004,303
	Credit Industriel et Commercial, New York
	322,000,000		0.275			04/02/14		322,004,289
	250,000,000		0.330			05/02/14		250,008,602
	Mitsubishi UFJ Trust & Banking Corp.
	200,000,000		0.250			05/02/14		200,000,000
	TOTAL CERTIFICATES OF DEPOSIT-EURODOLLAR						$	1,272,017,194
	Certificates of Deposit-Yankeedollar – 18.1%
	Bank of Nova Scotia (The)
$	300,000,000		0.240	%		07/25/14	$	300,000,000
	China Construction Bank Corp., New York
	150,000,000		0.600			04/11/14		150,000,852
	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA-NY
	300,000,000		0.350			01/09/15		300,000,000
	Credit Industriel et Commercial, New York
	150,000,000		0.270			06/06/14		150,000,000
	Mitsubishi UFJ Trust & Banking Corp.
	200,000,000		0.230			03/14/14		200,000,000
	150,000,000		0.230			03/17/14		150,000,000
	250,000,000		0.230			06/04/14		250,000,000
	Mizuho Corp. Bank, Ltd.
	250,000,000		0.240			03/20/14		250,000,000
	245,000,000		0.240			03/24/14		245,000,000
	125,000,000		0.220			05/13/14		125,000,000
	300,000,000		0.220			06/02/14		300,000,000

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

FINANCIAL SQUARE MONEY MARKET FUND

Schedule of Investments (continued)

February 28, 2014 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Certificates of Deposit-Yankeedollar – (continued)
	National Bank of Kuwait
$	50,000,000		0.280	%		03/14/14	$	50,000,000
	50,000,000		0.280			04/29/14		50,000,410
	100,000,000		0.280			05/06/14		100,000,000
	50,000,000		0.280			05/27/14		50,000,000
	Norinchukin Bank
	700,000,000		0.240			04/14/14		700,000,000
	Standard Chartered Bank
	200,000,000		0.280			04/30/14		200,000,000
	400,000,000		0.280			05/19/14		400,000,000
	Sumitomo Mitsui Banking Corp./New York
	275,000,000		0.240			03/03/14		275,000,000
	425,000,000		0.220			03/05/14		424,999,764
	550,000,000		0.220			03/12/14		550,000,000
	150,000,000		0.220			04/22/14		150,000,000
	100,000,000		0.220			05/19/14		100,000,000
	250,000,000		0.220			06/26/14		250,000,000
	TOTAL CERTIFICATES OF DEPOSIT-YANKEEDOLLAR						$	5,720,001,026
	Time Deposits – 18.8%
	Barclays Capital, Inc.
$	400,000,000		0.090	%		03/03/14	$	400,000,000
	China Construction Bank Corp., New York
	250,000,000		0.210			03/03/14		250,000,000
	Credit Industriel et Commercial, New York
	275,000,000		0.100			03/03/14		275,000,000
	DNB Bank ASA
	1,300,000,000		0.070			03/03/14		1,300,000,000
	Lloyds Bank, PLC
	300,000,000		0.070			03/03/14		300,000,000
	National Bank of Kuwait
	300,000,000		0.110			03/03/14		300,000,000
	Natixis Securities Americas LLC
	967,000,000		0.090			03/03/14		967,000,000
	Skandinaviska Enskilda Banken AB
	650,000,000		0.060			03/03/14		650,000,000
	Standard Chartered Bank
	500,000,000		0.070			03/03/14		500,000,000
	Swedbank AB
	1,000,000,000		0.060			03/03/14		1,000,000,000
	TOTAL TIME DEPOSITS						$	5,942,000,000
	U.S. Government Agency Obligations – 5.6%
	Federal Home Loan Bank
$	240,000,000		0.245	%		07/25/14	$	240,000,000
	175,000,000		0.250			07/25/14		175,000,000
	121,600,000		0.245			10/07/14		121,600,000
	300,000,000		0.205			10/14/14		300,000,000
	315,700,000		0.200			12/26/14		315,700,000
	250,000,000		0.200			12/30/14		250,000,000
	281,000,000		0.210			02/27/15		281,000,000
	U.S. Government Agency Obligations – (continued)
	Overseas Private Investment Corp. (USA)
$	86,000,000		0.120	%(a)		03/07/14	$	86,000,000
	TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS						$	1,769,300,000
	Variable Rate Municipal Debt Obligations(a) – 0.9%
	BlackRock Municipal Bond Trust VRDN RB Putters Series 2012-T0014 (JPMorgan Chase N.A., LIQ)(b)
$	19,375,000		0.110	%		03/03/14	$	19,375,000
	BlackRock MuniVest Fund VRDN RB Putters Series 2012-T0005 (JPMorgan Chase Bank N.A., LIQ)(b)
	33,000,000		0.110			03/03/14		33,000,000
	BlackRock MuniVest Fund, Inc. VRDN RB Putters Series 2012-T0007 (JPMorgan Chase Bank N.A., LIQ)
	29,110,000		0.110			03/03/14		29,110,000
	City of Portland, Maine GO VRDN for Taxable Pension Boards Series 2001 (JPMorgan Chase Bank N.A., SPA)
	81,985,000		0.190			03/07/14		81,985,000
	Department of Budget and Finance of the State of Hawaii VRDN RB P-Floats Series 2012-MT-829 (AMBAC) (Bank of America N.A., LIQ) (GTY AGMT-Bank of America N.A.)(b)
	20,300,000		0.230			03/07/14		20,300,000
	Nuveen Municipal Market Opportunity Fund, Inc. VRDN Tax- Exempt Preferred Series 2010-1 (Deutsche Bank A.G., LIQ)(b)
	25,000,000		0.150			03/07/14		25,000,000
	Port of Corpus Christi Authority of Nueces County VRDN RB for Flint Hills Resources Series 2006 (GTY AGMT-Flint Hills Resources LLC)
	32,000,000		0.050			03/07/14		32,000,000
	Private Colleges & Universities Authority, Georgia VRDN RB for Emory University Project Series 1999 B (GO of University)
	9,600,000		0.110			03/07/14		9,600,000
	State of Texas GO VRDN Floater Certificates Series 2008-34C (Wells Fargo & Co., LIQ)(b)
	20,065,000		0.100			03/07/14		20,065,000
	Texas State GO VRDN Refunding for Taxable Veterans’ Land Series 2002 (Landesbank Hessen-Thueringen Girozentrale, SPA)
	23,725,000		0.150			03/07/14		23,725,000
	TOTAL VARIABLE RATE MUNICIPAL DEBT OBLIGATIONS						$	294,160,000
	Variable Rate Obligations(a) – 18.2%
	Australia & New Zealand Banking Group Ltd.
$	260,000,000		0.358	%(b)		03/18/15	$	260,000,000
	Bank of Nova Scotia (The)
	350,000,000		0.326			03/23/15		350,000,000
	Bedford Row Funding Corp.
	121,000,000		0.257	(b)		01/13/15		121,000,000
	BNZ International Funding Ltd.
	50,000,000		0.265	(b)		08/19/14		49,997,916
	China Construction Bank Corp., New York
	250,000,000		0.404			03/31/14		250,000,000

18 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 Obligations(a) – (continued)
	Commonwealth Bank of Australia
$	150,000,000		0.260	%(b)		04/04/14	$	150,000,000
	167,000,000		0.262	(b)		04/04/14		167,000,000
	300,000,000		0.247	(b)		01/02/15		300,000,000
	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
	250,000,000		0.279			06/03/14		250,000,000
	30,000,000		0.279			09/03/14		29,999,748
	250,000,000		0.284			09/15/14		250,000,000
	35,000,000		0.276			11/24/14		35,000,262
	Credit Suisse Securities (USA) LLC
	550,000,000		0.226			06/29/14		550,000,000
	Deutsche Bank AG/New York NY
	545,000,000		0.443			03/18/14		545,000,000
	JPMorgan Chase Bank NA
	422,000,000		0.322			03/06/15		422,000,000
	Kells Funding LLC
	50,000,000		0.188	(b)		03/03/14		50,000,000
	135,000,000		0.187	(b)		03/04/14		135,000,000
	National Australia Bank Ltd.
	225,000,000		0.231			10/23/14		225,001,876
	Natixis Securities Americas LLC
	250,000,000		0.264			05/04/14		250,000,000
	Providence Health & Services (U.S. Bank N.A., SBPA)
	46,600,000		0.120			03/07/14		46,600,000
	Royal Bank of Canada
	300,000,000		0.297			02/27/15		300,000,000
	Svenska Handelsbanken AB
	195,000,000		0.373			03/04/15		195,000,000
	Versailles Commercial Paper LLC
	75,000,000		0.214	(b)		04/04/14		75,000,000
	115,000,000		0.214	(b)		08/19/14		115,000,000
	Wells Fargo Bank N.A.
	180,000,000		0.224			11/13/14		180,000,000
	150,000,000		0.335			03/20/15		150,000,000
	Westpac Banking Corp.
	75,000,000		0.267			07/18/14		75,000,000
	246,000,000		0.379	(b)		02/27/15		246,000,000
	TOTAL VARIABLE RATE OBLIGATIONS						$	5,772,599,802
	TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS						$	25,472,885,748
	Repurchase Agreements(c) – 19.6%
	ABN Amro Bank N.V.
$	99,000,000		0.300	%(a)		03/04/14	$	99,000,000
	Maturity Value: $99,005,583
	Settlement Date: 02/25/14
	Collateralized by various equity securities. The aggregate market value of the collateral, including accrued interest, was $106,920,051.
	Repurchase Agreements(c) – (continued)
	BNP Paribas Securities Corp.
$	300,000,000		0.180	%(a)(d)		03/03/14	$	300,000,000
	Maturity Value: $300,535,500
	Settlement Date: 03/11/13
	Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 6.000%, due 11/01/17 to 02/01/44 and Federal National Mortgage Association, 2.500% to 6.500%, due 05/01/23 to 01/01/44. The aggregate market value of the collateral, including accrued interest, was $305,999,998.
	697,000,000		0.210			03/03/14		697,000,000
	Maturity Value: $697,012,198
	Collateralized by various auction rate preferred securities, 5.500% to 8.000%, various corporate security issuers, 0.000% to 8.500%, due 03/15/14 to 02/15/44, various equity securities and various Exchange-Traded Funds. The aggregate market value of the collateral, including accrued interest, was $754,643,090.
	35,000,000		0.310			03/03/14		35,000,000
	Maturity Value: $35,000,904
	Collateralized by various corporate security issuers, 0.650% to 14.500%, due 02/12/15 to 05/10/43 and a sovereign debt security, 7.750%, due 10/13/19. The aggregate market value of the collateral, including accrued interest, was $38,245,439.
	75,000,000		0.460			03/03/14		75,000,000
	Maturity Value: $75,002,875
	Collateralized by various asset-backed obligations, 0.000% to 6.237%, due 11/14/21 to 06/25/47 and various corporate security issuers, 2.200% to 9.750%, due 07/29/15 to 05/17/35. The aggregate market value of the collateral, including accrued interest, was $91,469,824.
	100,000,000		0.250	(a)(d)		03/04/14		100,000,000
	Maturity Value: $100,004,861
	Settlement Date: 02/25/14
	Collateralized by various auction rate preferred securities, 5.500% to 8.000%, due 06/30/33, various corporate security issuers, 1.500% to 7.500%, due 07/15/14 to 12/01/20, various equity securities and various Exchange-Traded Funds. The aggregate market value of the collateral, including accrued interest, was $108,150,259.
	295,000,000		0.420	(a)(d)		03/04/14		295,000,000
	Maturity Value: $295,024,092
	Settlement Date: 02/25/14
	Collateralized by various corporate security issuers, 0.000% to 10.000%, due 03/15/14 to 02/15/44. The aggregate market value of the collateral, including accrued interest, was $324,500,005.
	50,000,000		0.500	(e)		05/02/14		50,000,000
	Maturity Value: $50,085,417
	Settlement Date: 02/03/14
	Collateralized by various asset-backed obligations, 0.000% to 6.018%, due 11/14/21 to 06/25/47 and various mortgage- backed obligations, 0.356% to 2.397%, due 07/20/35 to 08/25/46. The aggregate market value of the collateral, including accrued interest, was $62,378,679.

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

FINANCIAL SQUARE MONEY MARKET FUND

Schedule of Investments (continued)

February 28, 2014 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Repurchase Agreements(c) – (continued)
	BNYMellon Investments
$	99,500,000		0.050	%		03/03/14	$	99,500,000
	Maturity Value: $99,500,415
	Collateralized by U.S. Treasury Bond, 3.750%, due 08/15/41. The market value of the collateral, including accrued interest, was $101,703,901.
	Citibank, N.A.
	200,000,000		0.100			03/03/14		200,000,000
	Maturity Value: $200,001,667
	Collateralized by U.S. Treasury Bonds, 4.500% to 7.250%, due 05/15/16 to 02/15/36, U.S. Treasury Interest-Only Stripped Security, 0.000%, due 11/15/26 and U.S. Treasury Notes, 1.250% to 2.750%, due 02/28/18 to 08/15/23. The aggregate market value of the collateral, including accrued interest, was $204,000,081.
	250,000,000		0.070			03/05/14		250,000,000
	Maturity Value: $250,003,403
	Settlement Date: 02/26/14
	Collateralized by Federal Home Loan Mortgage Corp., 2.265% to 6.000%, due 01/01/21 to 12/01/43, Federal Home Loan Mortgage Corp. Stripped Securities, 0.000% to 6.000%, due 09/15/27 to 11/15/43, Federal National Mortgage Association, 2.240% to 7.000%, due 06/01/16 to 11/01/43, Federal National Mortgage Association Stripped Securities, 0.000% to 5.500%, due 01/01/20 to 04/25/42 and Government National Mortgage Association, 2.500% to 6.500%, due 03/15/24 to 07/15/48. The aggregate market value of the collateral, including accrued interest, was $255,810,777.
	Credit Suisse Securities (USA) LLC
	300,000,000		0.506	(a)(e)		04/02/14		300,000,000
	Maturity Value: $300,244,326
	Settlement Date: 02/10/14
	Collateralized by various asset-backed obligations, 0.256% to 7.935%, due 11/15/19 to 03/12/51 and various mortgage- backed obligations, 0.456% to 6.038%, due 09/15/21 to 01/25/47. The aggregate market value of the collateral, including accrued interest, was $358,848,532.
	HSBC Securities (USA), Inc.
	130,000,000		0.260			03/03/14		130,000,000
	Maturity Value: $130,002,817
	Collateralized by various corporate security issuers, 3.750% to 10.000%, due 12/15/15 to 06/30/23. The aggregate market value of the collateral, including accrued interest, was $143,003,263.
	ING Financial Markets LLC
	295,000,000		0.160			03/03/14		295,000,000
	Maturity Value: $295,003,933
	Collateralized by various corporate security issuers, 0.435% to 7.750%, due 01/15/15 to 06/15/44 and a government security issuer, 11.000%, due 08/17/40. The aggregate market value of the collateral, including accrued interest, was $309,807,427.
	100,000,000		0.200	(a)(d)		03/07/14		100,000,000
	Maturity Value: $100,203,891
	Settlement Date: 04/12/13
	Collateralized by Federal National Mortgage Association, 2.500% to 3.500%, due 11/01/25 to 06/01/28. The aggregate market value of the collateral, including accrued interest, was $102,002,769.
	Repurchase Agreements(c) – (continued)
	Joint Repurchase Agreement Account III
	$  480,000,000		0.060	%		03/03/14	$	480,000,000
	Maturity Value: $480,002,400
	JPMorgan Securities LLC
	200,000,000		0.520	(e)		04/17/14		200,000,000
	Maturity Value: $200,184,889
	Settlement Date: 02/12/14
	Collateralized by various mortgage-backed obligations, 0.000% to 6.992%, due 07/15/19 to 02/12/51. The aggregate market value of the collateral, including accrued interest, was $230,000,209.
	200,000,000		0.600	(e)		08/04/14		200,000,000
	Maturity Value: $200,606,667
	Settlement Date: 02/03/14
	Collateralized by various mortgage-backed obligations, 0.000% to 52.871%, due 04/15/17 to 08/25/47. The aggregate market value of the collateral, including accrued interest, was $230,000,490.
	Merrill Lynch Government Securities, Inc.
	159,900,000		0.120			03/03/14		159,900,000
	Maturity Value: $159,901,599
	Collateralized by U.S. Treasury Notes, 0.750% to 2.125%, due 10/31/17 to 08/31/20. The aggregate market value of the collateral, including accrued interest, was $163,098,089.
	245,000,000		0.460			03/03/14		245,000,000
	Maturity Value: $245,009,392
	Collateralized by various auction rate preferred securities, 0.000% to 1.218% and various Mutual Funds, 0.066% to 1.622%. The aggregate market value of the collateral, including accrued interest, was $264,602,215.
	150,000,000		0.440	(a)(e)		04/04/14		150,000,000
	Maturity Value: $150,150,333
	Settlement Date: 01/17/14
	Collateralized by various corporate security issuers, 0.000% to 9.000%, due 05/15/14 to 04/01/63. The aggregate market value of the collateral, including accrued interest, was $165,000,000.
	Societe Generale
	100,000,000		0.210			03/03/14		100,000,000
	Maturity Value: $100,001,750
	Collateralized by various equity securities. The aggregate market value of the collateral, including accrued interest, was $108,000,084.
	310,000,000		0.210			03/03/14		310,000,000
	Maturity Value: $310,005,425
	Collateralized by an asset-backed obligation, 1.875%, due 10/22/17, various corporate security issuers, 2.100% to 8.750%, due 10/05/15 to 01/23/45 and various sovereign debt security issuers, 4.875% to 10.125%, due 06/16/16 to 02/17/45. The aggregate market value of the collateral, including accrued interest, was $325,539,149.
	100,000,000		0.360			03/03/14		100,000,000
	Maturity Value: $100,003,000
	Collateralized by various corporate security issuers, 1.500% to 6.750%, due 04/15/14 to 10/15/39. The aggregate market value of the collateral, including accrued interest, was $110,000,334.

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
	Repurchase Agreements(c) – (continued)
	Societe Generale (continued)
$	150,000,000		0.360	%(a)		03/03/14	$	150,000,000
	Maturity Value: $150,004,500
	Collateralized by an asset-backed obligation, 4.627%, due 01/20/24, various corporate security issuers, 1.125% to 14.750%, due 03/15/14 to 12/31/99, a municipal debt obligation, 14.000%, due 02/01/21 and various sovereign debt security issuers, 6.375% to 8.875%, due 10/14/19 to 10/23/34. The aggregate market value of the collateral, including accrued interest, was $163,183,201.
	150,000,000		0.310	(d)		03/04/14		150,000,000
	Maturity Value: $150,009,042
	Settlement Date: 02/25/14
	Collateralized by various equity securities. The aggregate market value of the collateral, including accrued interest, was $162,000,008.
	UBS Securities LLC
	175,000,000		0.430	(a)(d)		03/03/14		175,000,000
	Maturity Value: $175,188,124
	Settlement Date: 12/03/13
	Collateralized by various corporate security issuers, 0.000% to 5.500%, due 04/15/15 to 07/15/43. The aggregate market value of the collateral, including accrued interest, was $192,499,998.
	350,000,000		0.430	(a)(d)		03/07/14		350,000,000
	Maturity Value: $350,380,429
	Settlement Date: 12/09/13
	Collateralized by various corporate security issuers, 0.250% to 10.000%, due 07/15/13 to 04/01/42. The aggregate market value of the collateral, including accrued interest, was $384,999,999.
	Wells Fargo Securities LLC
	250,000,000		0.400	(e)		03/17/14		250,000,000
	Maturity Value: $250,252,778
	Settlement Date: 12/16/13
	Collateralized by various asset-backed obligations, 0.000% to 9.300%, due 07/01/15 to 06/25/48, various corporate security issuers, 0.000% to 12.000%, due 01/15/13 to 12/31/99, Federal Home Loan Mortgage Corp., 1.305% to 4.594%, due 07/25/22 to 11/25/46, various mortgage-backed obligations, 0.048% to 7.690%, due 05/25/20 to 02/17/51 and municipal debt obligations, 0.210% to 1.655%, due 10/01/22 to 06/25/42. The aggregate market value of the collateral, including accrued interest, was $270,446,097.
	50,000,000		0.450	(e)		04/29/14		50,000,000
	Maturity Value: $50,056,875
	Settlement Date: 01/28/14
	Collateralized by various asset-backed obligations, 0.396% to 4.700%, due 08/21/18 to 06/25/48, various corporate security issuers, 0.000% to 10.000%, due 04/15/14 to 04/05/27, Federal Home Loan Mortgage Corp., 1.305% to 4.887%, due 07/25/22 to 07/25/44 and various mortgage-backed obligations, 0.150% to 6.114%, due 11/27/28 to 02/17/51. The aggregate market value of the collateral, including accrued interest, was $53,945,315.
	Repurchase Agreements(c) – (continued)
	Wells Fargo Securities LLC (continued)
$	100,000,000		0.450	%(e)		05/12/14	$	100,000,000
	Maturity Value: $100,117,500
	Settlement Date: 02/07/14
	Collateralized by various asset-backed obligations, 0.467% to 6.000%, due 07/17/17 to 04/07/52, various corporate security issuers, 0.000% to 9.500%, due 03/03/14 to 09/15/29, Federal Home Loan Mortgage Corp., 1.305% to 4.887%, due 07/25/22 to 07/25/44 and various mortgage-backed obligations, 0.316% to 8.072%, due 04/15/34 to 02/17/51. The aggregate market value of the collateral, including accrued interest, was $108,436,229.
	TOTAL REPURCHASE AGREEMENTS						$	6,195,400,000
	TOTAL INVESTMENTS – 100.0%						$	31,668,285,748
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.0%							9,074,055
	NET ASSETS – 100.0%						$	31,677,359,803

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, 2014.
(b)	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, 2014, these securities amounted to $1,786,737,916 or approximately 5.6% of net assets.
(c)	Unless noted, all repurchase agreements were entered into on February 28, 2014. Additional information on Joint Repurchase Agreement Account III appears on page 51.
(d)	The instrument is subject to a demand feature.
(e)	Security has been determined to be illiquid by the Investment Adviser. At February 28, 2014, these securities amounted to $1,300,000,000 or approximately 4.1% 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.
GO	— General Obligation
GTY AGMT	— Guaranty Agreement
LIQ	— Liquidity Agreement
RB	— Revenue Bond
SBPA	— Standby Bond Purchase Agreement
SPA	— Standby Purchase Agreement
VRDN	— Variable Rate Demand Notes

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

FINANCIAL SQUARE PRIME OBLIGATIONS FUND

Schedule of Investments

February 28, 2014 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Commercial Paper and Corporate Obligations – 32.0%
	Aspen Funding Corp.
$	115,000,000		0.220	%		04/15/14	$	114,968,375
	150,000,000		0.230			04/28/14		149,944,417
	200,000,000		0.230			04/30/14		199,923,333
	110,076,000		0.230			05/05/14		110,030,288
	Atlantic Asset Securitization LLC
	25,000,000		0.150			03/21/14		24,997,917
	50,000,000		0.150			03/25/14		49,995,000
	130,000,000		0.200			04/15/14		129,967,500
	Bank of America, N.A.
	250,000,000		0.200			06/02/14		250,000,000
	Chariot Funding LLC
	50,000,000		0.301			03/10/14		49,996,250
	50,000,000		0.301			03/28/14		49,988,750
	50,000,000		0.240			04/15/14		49,985,000
	50,000,000		0.300			04/15/14		49,981,250
	25,000,000		0.301			06/13/14		24,978,334
	25,000,000		0.301			06/16/14		24,977,708
	50,000,000		0.301			07/15/14		49,943,333
	CRC Funding LLC
	100,000,000		0.170			03/03/14		99,999,056
	Gemini Securitization Corp. LLC
	150,099,000		0.210			04/08/14		150,065,728
	100,000,000		0.210			04/16/14		99,973,167
	310,000,000		0.220			04/30/14		309,886,333
	General Electric Capital Corp.
	250,000,000		0.220			05/16/14		249,883,889
	200,000,000		0.220			06/03/14		199,885,111
	250,000,000		0.210			07/08/14		249,811,875
	Govco LLC
	148,000,000		0.150			03/18/14		147,989,517
	Hannover Funding Co. LLC
	50,000,000		0.160			03/03/14		49,999,556
	45,000,000		0.150			03/17/14		44,997,000
	34,533,000		0.160			03/20/14		34,530,084
	70,000,000		0.160			03/24/14		69,992,844
	Jupiter Securitization Co. LLC
	50,000,000		0.230			03/04/14		49,999,042
	15,000,000		0.301			03/14/14		14,998,375
	25,000,000		0.301			03/28/14		24,994,375
	50,000,000		0.301			04/04/14		49,985,833
	25,000,000		0.301			06/06/14		24,979,792
	25,000,000		0.281			11/25/14		24,947,694
	Kells Funding LLC
	65,000,000		0.220			05/13/14		64,971,003
	85,000,000		0.220			05/14/14		84,961,561
	Liberty Street Funding LLC
	100,000,000		0.180			03/13/14		99,994,000
	Matchpoint Master Trust
	50,000,000		0.180			03/12/14		49,997,250
	Newport Funding Corp.
	50,000,000		0.220			04/15/14		49,986,250
	90,000,000		0.230			05/12/14		89,958,600
	25,018,000		0.230			05/28/14		25,003,934
	Nieuw Amsterdam Receivables Corp.
	70,000,000		0.170			04/02/14		69,989,422
	25,000,000		0.200			04/07/14		24,994,861
Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Commercial Paper and Corporate Obligations – (continued)
	Nieuw Amsterdam Receivables Corp. – (continued)
$	50,000,000		0.180	%		04/29/14	$	49,985,250
	Old Line Funding LLC
	50,000,000		0.240			04/14/14		49,985,333
	PNC Bank, N.A.
	75,000,000		0.240			08/06/14		75,000,000
	125,000,000		0.280			10/08/14		125,000,000
	Regency Markets No. 1 LLC
	200,000,000		0.140			03/20/14		199,985,222
	121,583,000		0.140			03/28/14		121,570,234
	Victory Receivables Corp.
	70,000,000		0.150			03/25/14		69,993,000
	71,231,000		0.145			03/26/14		71,223,827
	90,077,000		0.180			04/10/14		90,058,985
	TOTAL COMMERCIAL PAPER AND CORPORATE OBLIGATIONS						$	4,639,255,458
	Fixed Rate Municipal Debt Obligations – 0.9%
	Regional Transportation Authority, Illinois RB Series 2012 A
$	19,295,000		1.044	%		04/01/14	$	19,303,846
	8,045,000		1.064			06/01/14		8,051,317
	Rutgers State University of New Jersey Series C (Wachovia Bank, LIQ)
	20,000,000		0.150			03/04/14		20,000,000
	San Francisco, CA City & County Public Utilities Commission Series AIT
	15,000,000		0.190			04/08/14		15,000,000
	South Carolina State Public Service Authority Series CC
	36,276,000		0.150			03/18/14		36,276,000
	Vermont Economic Development Authority Series A (JPMorgan Chase Bank N.A.)
	33,750,000		0.200			05/09/14		33,750,000
	TOTAL FIXED RATE MUNICIPAL DEBT OBLIGATIONS						$	132,381,163
	Time Deposit – 2.1%
	Citibank, N.A.
$	300,000,000		0.090	%		03/03/14	$	300,000,000
	U.S. Government Agency Obligations – 14.1%
	Federal Home Loan Bank
$	205,000,000		0.126	%(a)		06/24/14	$	204,980,282
	73,000,000		0.125			07/01/14		72,977,377
	80,000,000		0.190			07/11/14		79,994,792
	162,000,000		0.245			07/25/14		162,000,000
	123,000,000		0.250			07/25/14		123,000,000
	99,500,000		0.135	(a)		08/15/14		99,490,719
	100,000,000		0.170			09/30/14		99,990,079
	81,300,000		0.245			10/07/14		81,300,000
	200,000,000		0.205			10/14/14		200,000,000
	180,000,000		0.200			12/26/14		180,000,000
	200,000,000		0.200			01/02/15		200,000,000
	175,000,000		0.210			02/27/15		175,000,000

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

FINANCIAL SQUARE PRIME OBLIGATIONS FUND

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	U.S. Government Agency Obligations – (continued)
	Federal National Mortgage Association
$	200,000,000		0.124	%(a)		02/27/15	$	199,950,399
	Overseas Private Investment Corp. (USA)
	12,500,000		0.110	(a)		03/07/14		12,500,000
	157,000,000		0.120	(a)		03/07/14		157,000,000
	TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS						$	2,048,183,648
	U.S. Treasury Obligation – 0.2%
	United States Treasury Note
$	30,000,000		2.625	%		07/31/14	$	30,302,450
	Variable Rate Municipal Debt Obligations(a) – 4.9%
	BlackRock Municipal Income Trust VRDN RB Putters Series 2012-T0008 (JPMorgan Chase Bank N.A., LIQ)(b)
$	35,500,000		0.110	%		03/03/14	$	35,500,000
	BlackRock MuniHoldings Investment Quality Fund VRDN Tax-Exempt Preferred Series 2011 W-7-2746 (Bank of America N.A., LIQ)(b)
	42,500,000		0.240			03/07/14		42,500,000
	BlackRock MuniVest Fund, Inc. VRDN RB Putters Series 2012-T0007 (JPMorgan Chase Bank N.A., LIQ)
	30,000,000		0.110			03/03/14		30,000,000
	BlackRock MuniYield Fund, Inc. VRDN Tax-Exempt Preferred Series 2011 W-7-2514 (Bank of America N.A., LIQ)(b)
	38,000,000		0.240			03/07/14		38,000,000
	City & County of Denver, CO VRDN RB SPEARS Series 2012-DBE-1129X (GTY AGMT-Deutsche Bank A.G.) (Deutsche Bank A.G., LIQ)(b)
	13,100,000		0.100			03/07/14		13,100,000
	City of Colorado Springs Utilities System VRDN RB for Subordinate Lien Series 2000 A (Surety-MBIA) (Bayerische Landesbank, SPA)
	86,000,000		0.130			03/07/14		86,000,000
	Connecticut Housing Finance Authority VRDN RB Housing Mortgage Finance Program Series 2012 D Subseries D-3 (Bank of Tokyo-Mitsubishi UFJ, SPA)
	1,700,000		0.050			03/07/14		1,700,000
	Connecticut Housing Finance Authority VRDN RB Housing Mortgage Finance Program Series 2013 Subseries B-5 (Bank of Tokyo-Mitsubishi UFJ, SPA)
	8,700,000		0.050			03/07/14		8,700,000
	Cook County, Illinois GO VRDN Capital Improvement Series 2002 B (Bank of NY Mellon, SPA)
	26,800,000		0.100			03/07/14		26,800,000
	Florida State Turnpike Authority VRDN RB Putters Series 2008-2514 (JPMorgan Chase Bank N.A., LIQ)(b)
	27,105,000		0.080			03/07/14		27,105,000
	Hawaii State Department of Budget & Finance VRDN RB P-Floats Series 2012-MT-828 (AMBAC) (Bank of America N.A., LIQ)(b)
	19,180,000		0.230			03/07/14		19,180,000
	Kentucky Municipal Power Agency VRDN RB Floaters Series 2010 B002 (Assured Guaranty) (Morgan Stanley Bank, LIQ)(b)
	20,000,000		0.400			03/07/14		20,000,000
	Michigan Strategic Fund VRDN RB P-Floats Series 2013 MT-840 (GTY AGMT- Bank of America N.A.) (Bank of America N.A., LIQ)(b)
	8,745,000		0.150			03/07/14		8,745,000
	Variable Rate Municipal Debt Obligations(a) – (continued)
	New Mexico Educational Assistance Foundation VRDN RB P-Floats Series 2013 TN-042 (Bank of America N.A., LIQ)(b)
$	26,360,000		0.400	%		03/07/14	$	26,360,000
	Nuveen Dividend Advantage Municipal Fund #2 VRDN Tax-Exempt Preferred Series 2010-2 (Deutsche Bank A.G., LIQ)(b)
	19,300,000		0.130			03/07/14		19,300,000
	Nuveen Municipal Market Opportunity Fund, Inc. VRDN Tax-Exempt Preferred Series 2010-1 (Deutsche Bank A.G., LIQ)(b)
	27,000,000		0.150			03/07/14		27,000,000
	Nuveen Municipal Opportunity Fund, Inc. VRDN Tax-Exempt Preferred Series 2010 (Citibank N.A., LIQ)(b)
	7,900,000		0.120			03/07/14		7,900,000
	Omaha, NE Parking Facilities Corp. VRDN RB Putters Series 2013 SGT06 (Societe Generale, LIQ)(b)
	19,500,000		0.120			03/03/14		19,500,000
	Port Authority of New York & New Jersey VRDN RB ROCS RR-II R-11589 Series 2008 (FGIC GO of Authority) (Citibank N.A., LIQ)(b)
	18,165,000		0.080			03/07/14		18,165,000
	Port Authority of New York & New Jersey VRDN RB SPEARS Series 2013-DB-1201 (GO of Authority) (Deutsche Bank A.G., LIQ)(b)
	15,000,000		0.080			03/07/14		15,000,000
	Port of Corpus Christi Authority of Nueces County, TX VRDN RB for Flint Hills Resources Series 2003 (GTY AGMT-Flint Hills Resources)
	8,500,000		0.050			03/07/14		8,500,000
	Port of Corpus Christi Authority of Nueces County, TX VRDN RB for Flint Hills Resources Series 2007 (GTY AGMT-Flint Hills Resources)
	30,000,000		0.050			03/07/14		30,000,000
	Regents of the University of California VRDN RB Series 2011 Y-1
	23,250,000		0.738			07/01/14		23,263,726
	State Board of Regents of the State of Utah VRDN RB for Student Loans Series 2014 A (Royal Bank of Canada, LOC)
	25,000,000		0.100			03/07/14		25,000,000
	Texas State GO VRDN Refunding Taxable Series 2010 D RMKT (Bank of Tokyo- Mitsubishi UFJ, SPA)
	12,220,000		0.100			03/07/14		12,220,000
	Texas State GO VRDN Refunding Taxable Series 2010 E (Sumitomo Mitsui Banking Corp., LIQ)
	21,450,000		0.100			03/07/14		21,450,000
	Texas State GO VRDN Refunding Taxable Veterans Series 2010 B RMKT (Sumitomo Mitsui Banking Corp., SPA)
	18,800,000		0.100			03/07/14		18,800,000
	University of Massachusetts Building Authority Project VRDN RB Senior Series 2008-1 (JPMorgan Chase Bank N.A., SPA)
	51,755,000		0.070			03/07/14		51,755,000
	Wisconsin Housing & Economic Development Authority VRDN RB for Home Ownership Series 2008 A RMKT (BMO Harris Bank N.A., SPA)
	1,500,000		0.050			03/07/14		1,500,000
	Wisconsin Housing & Economic Development Authority VRDN RB for Home Ownership Series 2008 B (BMO Harris Bank N.A., SPA)
	11,015,000		0.080			03/07/14		11,015,000
	Wisconsin Housing & Economic Development Authority VRDN RB for Home Ownership Series 2008 B RMKT (GO of Authority) (Federal Home Loan Bank, SPA)
	800,000		0.050			03/07/14		800,000

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

FINANCIAL SQUARE PRIME OBLIGATIONS FUND

Schedule of Investments (continued)

February 28, 2014 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Variable Rate Municipal Debt Obligations(a) – (continued)
	Wisconsin State Health & Educational Facilities Authority VRDN RB for Children’s Hospital Floater Certificates Series 2009-58C (Wells Fargo & Co., LIQ)(b)
$	9,815,000		0.070	%		03/07/14	$	9,815,000
	TOTAL VARIABLE RATE MUNICIPAL DEBT OBLIGATIONS						$	704,673,726
	Variable Rate Obligations(a) – 13.8%
	JPMorgan Chase Bank NA
$	550,000,000		0.322	%		01/07/15	$	550,000,000
	Kells Funding LLC
	50,000,000		0.188	(b)		03/03/14		50,000,000
	100,000,000		0.195	(b)		07/31/14		99,995,970
	Metropolitan Life Global Funding I
	250,000,000		0.470	(b)		05/09/14		250,000,000
	Providence Health & Services (U.S. Bank N.A., SBPA)
	46,790,000		0.120			03/07/14		46,790,000
	State Street Bank & Trust Co.
	500,000,000		0.333			12/18/14		500,000,000
	Versailles Commercial Paper LLC
	170,000,000		0.214	(b)		04/04/14		170,000,000
	Wells Fargo Bank N.A.
	205,000,000		0.346			12/22/14		205,000,000
	125,000,000		0.335			01/20/15		125,000,000
	TOTAL VARIABLE RATE OBLIGATIONS						$	1,996,785,970
	TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS						$	9,851,582,415
	Repurchase Agreements(c) – 32.0%
	BNP Paribas Securities Corp.
$	200,000,000		0.180	%(a)(d)		03/03/14	$	200,000,000
	Maturity Value: $200,357,000
	Settlement Date: 03/11/13
	Collateralized by Federal Home Loan Mortgage Corp., 2.500% to 6.500%, due 09/01/15 to 02/01/44 and Federal National Mortgage Association, 2.000% to 9.000%, due 07/01/17 to 01/01/44. The aggregate market value of the collateral, including accrued interest, was $204,000,002.
	BNYMellon Investments
	311,600,000		0.050			03/03/14		311,600,000
	Maturity Value: $311,601,298
	Collateralized by U.S. Treasury Bond, 3.750%, due 08/15/41. The market value of the collateral, including accrued interest, was $318,458,401.
	Repurchase Agreements(c) – (continued)
	Citibank, N.A.
$	250,000,000		0.070	%		03/05/14	$	250,000,000
	Maturity Value: $250,003,403
	Settlement Date: 02/26/14
	Collateralized by Federal Home Loan Mortgage Corp., 1.907% to 6.000%, due 05/01/18 to 12/01/43, Federal Home Loan Mortgage Corp. Stripped Securities, 0.000% to 3.500%, due 09/15/27 to 11/15/43, Federal National Mortgage Association, 2.295% to 6.500%, due 04/01/15 to 02/01/44, Federal National Mortgage Association Stripped Securities, 0.000% to 5.000%, due 01/01/20 to 04/25/42 and Government National Mortgage Association, 3.000% to 6.500%, due 01/20/18 to 04/15/42. The aggregate market value of the collateral, including accrued interest, was $256,175,523.
	Federal Reserve Bank of New York
	1,100,000,000		0.050			03/03/14		1,100,000,000
	Maturity Value: $1,100,004,583
	Collateralized by U.S. Treasury Bond, 3.000%, due 05/15/42. The market value of the collateral, including accrued interest, was $1,100,004,639.
	ING Financial Markets LLC
	250,000,000		0.140	(a)(d)		03/07/14		250,000,000
	Maturity Value: $250,262,501
	Settlement Date: 12/02/13
	Collateralized by Federal Home Loan Mortgage Corp., 2.000% to 5.000%, due 03/01/40 to 08/01/42, Federal National Mortgage Association, 3.500% to 6.445%, due 10/25/35 to 01/01/43 and Government National Mortgage Association, 1.625% to 4.500%, due 09/20/33 to 11/20/42. The aggregate market value of the collateral, including accrued interest, was $255,005,489.
	100,000,000		0.200	(a)(d)		03/07/14		100,000,000
	Maturity Value: $100,203,891
	Settlement Date: 04/12/13
	Collateralized by Federal National Mortgage Association, 2.500% to 3.500%, due 06/01/28 to 09/01/42. The aggregate market value of the collateral, including accrued interest, was $102,001,119.
	Joint Repurchase Account III
	1,400,000,000		0.060			03/03/14		1,400,000,000
	Maturity Value: $1,400,007,000
	JPMorgan Securities LLC
	150,000,000		0.600	(e)		08/04/14		150,000,000
	Maturity Value: $150,455,000
	Settlement Date: 02/03/14
	Collateralized by various mortgage-backed obligations, 0.306% to 6.895%, due 11/05/21 to 06/12/50. The aggregate market value of the collateral, including accrued interest, was $172,502,622.

24 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(c) – (continued)
	Merrill Lynch Government Securities, Inc.
$	100,000,000		0.120	%		03/03/14	$	100,000,000
	Maturity Value: $100,001,000
	Collateralized by U.S. Treasury Note, 1.750%, due 10/01/20. The market value of the collateral, including accrued interest, was $102,000,040.
	300,000,000		0.460			03/03/14		300,000,000
	Maturity Value: $300,011,500
	Collateralized by various auction rate preferred securities, 0.000% to 1.372%, due 12/31/18 and various mutual funds. The aggregate market value of the collateral, including accrued interest, was $324,020,412.
	80,000,000		0.440	(a)(e)		04/04/14		80,000,000
	Maturity Value: $80,080,178
	Settlement Date: 01/17/14
	Collateralized by various corporate security issuers, 0.000% to 9.000%, due 05/15/14 to 04/01/63. The aggregate market value of the collateral, including accrued interest, was $88,000,002.
	Wells Fargo Securities LLC
	250,000,000		0.400	(e)		03/19/14		250,000,000
	Maturity Value: $250,250,000
	Settlement Date: 12/19/13
	Collateralized by various asset-backed obligations, 0.000% to 9.300%, due 07/01/15 to 08/27/51, various corporate security issuers, 0.000% to 10.500%, due 03/05/14 to 12/31/99, various mortgage-backed obligations, 0.000% to 6.250%, due 09/15/21 to 02/17/51 and a municipal debt obligation, 0.210%, due 07/01/27. The aggregate market value of the collateral, including accrued interest, was $270,692,261.
	50,000,000		0.450	(e)		04/29/14		50,000,000
	Maturity Value: $50,056,875
	Settlement Date: 01/28/14
	Collateralized by various asset-backed obligations, 0.000% to 6.650%, due 08/09/19 to 06/25/48, various corporate security issuers, 0.000% to 8.750%, due 03/07/14 to 04/15/40, Federal Home Loan Mortgage Corp., 1.305% to 4.887%, due 07/25/22 to 07/25/44 and various mortgage-backed obligations, 0.426% to 5.750%, due 02/25/34 to 02/17/51. The aggregate market value of the collateral, including accrued interest, was $53,734,300.
	100,000,000		0.450	(e)		05/12/14		100,000,000
	Maturity Value: $100,117,500
	Settlement Date: 02/07/14
	Collateralized by various asset-backed obligations, 0.000% to 5.380%, due 01/17/17 to 06/25/48, various corporate security issuers, 0.000% to 9.250%, due 03/07/14 to 07/15/38, Federal Home Loan Mortgage Corp., 1.305% to 4.887%, due 07/25/22 to 07/25/44 and various mortgage-backed obligations, 0.306% to 6.000%, due 12/13/28 to 02/17/51. The aggregate market value of the collateral, including accrued interest, was $107,973,920.
	TOTAL REPURCHASE AGREEMENTS						$	4,641,600,000
	TOTAL INVESTMENTS – 100.0%						$	14,493,182,415
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.0%							1,386,848
	NET ASSETS – 100.0%						$	14,494,569,263

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, 2014.
(b)	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, 2014, these securities amounted to $917,165,970 or approximately 6.3% of net assets.
(c)	Unless noted, all repurchase agreements were entered into on February 28, 2014. Additional information on Joint Repurchase Agreement Account III appears on page 51.
(d)	The instrument is subject to a demand feature.
(e)	Security has been determined to be illiquid by the Investment Adviser. At February 28, 2014, these securities amounted to $630,000,000 or approximately 4.3% of net assets.

Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.

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

Investment Abbreviations:
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
MBIA	— Insured by Municipal Bond Investors Assurance
RB	— Revenue Bond
RMKT	— Remarketed
ROCS	— Reset Option Certificates
RR	— Revenue Refunding
SBPA	— Standby Bond Purchase Agreement
SPA	— Standby Purchase Agreement
SPEARS	— Short Puttable Exempt Adjustable Receipts
VRDN	— Variable Rate Demand Notes

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

FINANCIAL SQUARE TAX-EXEMPT CALIFORNIA FUND

Schedule of Investments

February 28, 2014 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Municipal Debt Obligations – 99.8%
	California – 99.8%
	ABAG Finance Authority for Non-Profit Corporations VRDN RB for Sharp Healthcare Series 2009-C (Citibank N.A., LOC)
$	450,000		0.030	%		03/07/14	$	450,000
	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		0.030			03/07/14		1,000,000
	Bay Area Toll Authority California Toll Bridge VRDN RB for San Francisco Bay Area P-Floats Series 2013-MT-841 (Bank of America N.A., LIQ)(a)
	800,000		0.050			03/07/14		800,000
	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		0.050			03/07/14		2,600,000
	Bay Area Toll Authority California Toll Bridge VRDN RB Series 2007 D-2 RMKT (JPMorgan Chase Bank N.A., LOC)
	4,800,000		0.030			03/07/14		4,800,000
	California Educational Facilities Authority RB for Stanford University Series 2008 T-4
	3,415,000		5.000			03/15/14		3,421,158
	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		0.050			03/07/14		995,000
	California Educational Facilities Authority VRDN RB for California Institute of Technology Series 2006-B (GO of Institution)
	3,900,000		0.010			03/07/14		3,900,000
	California Educational Facilities Authority VRDN RB for Claremont McKenna College Putters Series 2009-3580 (JPMorgan Chase Bank, LIQ)(a)
	3,680,000		0.040			03/07/14		3,680,000
	California Educational Facilities Authority VRDN RB for Scripps College Putters Series 2008-2953 (JPMorgan Chase Bank N.A., LIQ)(a)
	2,300,000		0.040			03/07/14		2,300,000
	California Educational Facilities Authority VRDN RB for Stanford University Series 1999 L
	3,700,000		0.020			03/07/14		3,700,000
	California Educational Facilities Authority VRDN RB for University of Southern California Eagle Series 2007-0064 Class A (Citibank N.A., LIQ)(a)
	1,000,000		0.040			03/07/14		1,000,000
	California Educational Facilities Authority VRDN RB for University of Southern California Floater Trust Series 2009-11B (Barclays Bank PLC, LIQ)(a)
	1,100,000		0.040			03/07/14		1,100,000
	California Educational Facilities Authority VRDN RB for University of Southern California Floaters Series 2010-3144 (Morgan Stanley Bank N.A., LIQ)(a)
	2,976,640		0.030			03/03/14		2,976,640
	California Educational Facilities Authority VRDN RB for University of Southern California Putters Series 2009-3424 (JPMorgan Chase Bank N.A., LIQ)(a)
	690,000		0.040			03/07/14		690,000
	California Educational Facilities Authority VRDN RB Refunding for Stanford University Series 1993 L
	1,650,000		0.020			03/07/14		1,650,000
	California Health Facilities Financing Authority VRDN RB Floaters Series 2007-1858 (GTY AGMT-Wells Fargo & Co.) (Wells Fargo & Co., LIQ)
	3,881,000		0.030			03/07/14		3,881,000
	California Health Facilities Financing Authority VRDN RB for Adventist Health System P-Floats Series 2011-PT-4699 (NATL-RE) (Bank of America N.A., SPA)(a)
	1,760,000		0.200			03/07/14		1,760,000
	Municipal Debt Obligations – (continued)
	California – (continued)
	California Health Facilities Financing Authority VRDN RB for Catholic Healthcare Series 1988 C (NATL-RE) (JPMorgan Chase Bank N.A., LOC)
$	3,000,000		0.080	%		03/07/14	$	3,000,000
	California Health Facilities Financing Authority VRDN RB for Catholic Healthcare Series 2004 K (Mizuho Corp. Bank Ltd., LOC)
	1,000,000		0.020			03/07/14		1,000,000
	California Health Facilities Financing Authority VRDN RB for Catholic Healthcare West Series 2005 H (Sumitomo Mitsui Banking, LOC)
	4,000,000		0.030			03/07/14		4,000,000
	California Health Facilities Financing Authority VRDN RB for City of Hope Series 2012 B
	5,300,000		0.020			03/07/14		5,300,000
	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)
	2,400,000		0.090			03/07/14		2,400,000
	California Health Facilities Financing Authority VRDN RB for Lucile Packard Children’s Hospital Floater Series 2012 0-48 (Royal Bank of Canada, LIQ)(a)
	4,000,000		0.030			03/07/14		4,000,000
	California Health Facilities Financing Authority VRDN RB for Lucille Packard Children’s Hospital P-Floats Series 2012 PT-4726 (Bank of America N.A., LIQ)(a)
	1,070,000		0.060			03/07/14		1,070,000
	California Health Facilities Financing Authority VRDN RB for Providence Health Services P-Floats Series 2009-PT-4646 (Bank of America N.A., LIQ)(a)
	4,190,000		0.040			03/07/14		4,190,000
	California Health Facilities Financing Authority VRDN RB for Providence Health Services Putters Series 2010-3630 (JPMorgan Chase Bank N.A., LIQ)(a)
	2,440,000		0.040			03/07/14		2,440,000
	California Health Facilities Financing Authority VRDN RB for St. Joseph Health System Series 2011 B (U.S. Bank N.A., LOC)
	2,375,000		0.030			03/03/14		2,375,000
	California Health Facilities Financing Authority VRDN RB for Sutter Health Floater Series 2014 0-76 (Royal Bank of Canada, LIQ)(a)
	2,500,000		0.040			03/07/14		2,500,000
	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		0.040			03/07/14		1,500,000
	California Health Facilities Financing Authority VRDN RB Refunding for Stanford Hospital Floaters Series 2010-3193 (Deutsche Bank A.G., LIQ)(a)
	1,000,000		0.070			03/07/14		1,000,000
	California Health Facilities Financing Authority VRDN RB Refunding for Stanford Hospital Series 2008-B-1
	2,000,000		0.020			03/07/14		2,000,000
	California Infrastructure & Economic Development Bank VRDN RB Refunding for J. Paul Getty Trust Series 2011 A-1
	2,450,000		0.530			04/01/14		2,450,715
	California Infrastructure & Economic Development Bank VRDN RB Refunding for J. Paul Getty Trust Series 2011 A-2
	4,000,000		0.530			04/01/14		4,001,181
	California Municipal Finance Authority VRDN RB for Chevron USA, Inc. Recovery Zone Boards Series 2010 A (GTY AGMT-Chevron Corp.)
	5,250,000		0.020			03/03/14		5,250,000
	California Municipal Finance Authority VRDN RB for Chevron USA, Inc. Recovery Zone Boards Series 2010 B (GTY AGMT-Chevron Corp.)
	2,900,000		0.020			03/03/14		2,900,000

26 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 Municipal Finance Authority VRDN RB for Chevron USA, Inc. Recovery Zone Boards Series 2010 C (GTY AGMT-Chevron Corp.)
$	1,400,000		0.020	%		03/03/14	$	1,400,000
	California State Department of Water Resources Power Supply RB Series 2010 L
	4,210,000		5.000			05/01/14		4,243,386
	California State Department of Water Resources Power Supply RB Series 2010 M
	3,895,000		5.000			05/01/14		3,925,975
	California State University VRDN RB Floater Trust Series 2008 K37W (AGM) (Citibank N.A., LIQ)
	1,475,000		0.180			03/07/14		1,475,000
	California State University VRDN RB ROCS RR-II R-11568 Series 2008 (BHAC-CR AGM) (Citibank N.A., LIQ)(a)
	3,000,000		0.050			03/07/14		3,000,000
	California Statewide Communities Development Authority CP for Kaiser Permanente Series 2014 8-B
	1,500,000		0.140			10/02/14		1,500,000
	California Statewide Communities Development Authority CP for Kaiser Permanente Series 2014 9B-1
	1,000,000		0.200			03/03/14		1,000,000
	California Statewide Communities Development Authority CP for Kaiser Permanente Series 2014 D
	1,000,000		0.200			06/09/14		1,000,000
	California Statewide Communities Development Authority CP for Kaiser Permanente Series 2014 K
	750,000		0.200			04/08/14		750,000
	2,000,000		0.200			05/05/14		2,000,000
	1,500,000		0.200			06/05/14		1,500,000
	California Statewide Communities Development Authority VRDN PCRB Refunding for Chevron USA Inc. Project Series 2002 (GTY AGMT- Chevron Corp.)
	600,000		0.020			03/03/14		600,000
	California Statewide Communities Development Authority VRDN RB for Health Facility Community Hospital Monterey Peninsula Series 2011 B (U.S. Bank N.A., LOC)
	4,000,000		0.020			03/07/14		4,000,000
	California Statewide Communities Development Authority VRDN RB for John Muir Health Series 2008 C (Wells Fargo Bank N.A., LOC)
	3,650,000		0.030			03/03/14		3,650,000
	California Statewide Communities Development Authority VRDN RB for Kaiser Permanente Series 2003 B (GTY AGMT-Kaiser Foundation Health Plan, Inc., Kaiser Hospital Asset Management, Inc. and Kaiser Health Plan Asset Management, Inc.)
	500,000		0.030			03/07/14		500,000
	Chino Basin Regional Financing Authority VRDN RB Refunding for Inland Empire Utilities Series 2008 B (Union Bank N.A., LOC)
	6,400,000		0.030			03/07/14		6,400,000
	City of Santa Clara Electric VRDN RB Series 2008 Subseries B (Bank of Tokyo- Mitsubishi UFJ, LOC)
	4,230,000		0.030			03/07/14		4,230,000
	Desert Community College District GO VRDN Floaters Series 2009-3016 (AGM) (Deutsche Bank A.G., LIQ)(a)
	1,835,000		0.090			03/07/14		1,835,000
	East Bay Municipal Utility District VRDN RB Water System Eagle Series 2013-0010 Class A (Citibank N.A., LIQ)(a)
	1,000,000		0.040			03/07/14		1,000,000
	Municipal Debt Obligations – (continued)
	California – (continued)
	East Bay Municipal Utility District VRDN RB Water System Refunding Series 2008 Subseries A-4 RMKT (Wells Fargo Bank N.A., SPA)
$	2,800,000		0.020	%		03/07/14	$	2,800,000
	East Bay Municipal Utility District VRDN RB Water System Refunding Series 2008 Subseries B-3 RMKT (Wells Fargo Bank N.A., SPA)
	1,100,000		0.020			03/07/14		1,100,000
	East Bay Municipal Utility District Wastewater System VRDN RB Refunding Series 2008 Subseries C RMKT (Bank of NY Mellon, SPA)
	900,000		0.030			03/07/14		900,000
	Los Angeles Community College District GO VRDN Series 2011-O-4 (Royal Bank of Canada, LIQ)(a)
	2,500,000		0.030			03/07/14		2,500,000
	Los Angeles Community Redevelopment Agency MF Hsg VRDN RB for Metropolitan Apartments Series 1985 RMKT (FNMA) (FNMA, LIQ)
	7,135,000		0.030			03/07/14		7,135,000
	Los Angeles County Housing Authority MF Hsg VRDN RB Refunding for Malibu Meadows II Series 1998 C (FNMA) (FNMA, LIQ)
	1,200,000		0.030			03/07/14		1,200,000
	Los Angeles County Housing Authority MF Hsg VRDN RB Refunding for Malibu Meadows Project Series 1998 B (FNMA) (FNMA, LIQ)
	2,436,000		0.030			03/07/14		2,436,000
	Los Angeles Department of Airports VRDN RB for Los Angeles International Airport Floater Trust Series 2010-27B (Barclays Bank PLC, LIQ)(a)
	1,300,000		0.040			03/07/14		1,300,000
	Los Angeles Department of Airports VRDN RB for Los Angeles International Airport Floater Trust Series 2010-80W (Barclays Bank PLC, LIQ)(a)
	2,645,000		0.040			03/07/14		2,645,000
	Los Angeles Department of Airports VRDN RB for Los Angeles International Airport Putters Series 2010-3838 (JPMorgan Chase Bank N.A., LIQ)(a)
	5,000,000		0.040			03/07/14		5,000,000
	Los Angeles Department of Water & Power VRDN RB for Power System Series 2002 Subseries A-4 (JP Morgan Chase Bank N.A., SPA)
	3,100,000		0.030			03/07/14		3,100,000
	Los Angeles Department of Water & Power VRDN RB for Power System Series 2002 Subseries A-5 (Barclays Bank PLC, SPA)
	2,000,000		0.020			03/07/14		2,000,000
	Los Angeles Department of Water & Power VRDN RB Series 2001 Subseries B-1 (Royal Bank of Canada, SPA)
	1,400,000		0.020			03/07/14		1,400,000
	Los Angeles Department of Water & Power VRDN RB Series 2001 Subseries B-6 (Barclays Bank PLC, SPA)
	1,000,000		0.020			03/03/14		1,000,000
	Los Angeles Department of Water & Power VRDN RB Series 2001 Subseries B-7 (Barclays Bank PLC, SPA)
	3,000,000		0.020			03/07/14		3,000,000
	Los Angeles Department of Water & Power Waterworks VRDN RB ROCS RR-II R-12322 Series 2011 (AGM-CR AMBAC) (Citibank N.A., LIQ)(a)
	5,215,000		0.040			03/03/14		5,215,000
	Los Angeles Department of Water & Power Waterworks VRDN RB Series 2001 Subseries B-4 (Wells Fargo Bank N.A., SPA)
	5,500,000		0.020			03/07/14		5,499,980
	Metropolitan Water District of Southern California VRDN RB Refunding Series 2008 A-2 (Barclays Bank PLC, SPA)
	15,000		0.020			03/07/14		15,000

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

FINANCIAL SQUARE TAX-EXEMPT CALIFORNIA FUND

Schedule of Investments (continued)

February 28, 2014 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Municipal Debt Obligations – (continued)
	California – (continued)
	Metropolitan Water District of Southern California VRDN RB Series 2000 B-3 (Wells Fargo Bank N.A., SPA)
$	1,600,000		0.010	%		03/03/14	$	1,600,000
	Orange County Apartment Development VRDN RB Refunding for Park Ridge Villas Series 1998 (FNMA) (FNMA, LIQ)
	4,000,000		0.030			03/07/14		4,000,000
	Orange County Apartment Development VRDN RB Refunding for Riverbend Apartments Series 1999 B (FHLMC, LIQ)
	4,600,000		0.030			03/07/14		4,600,000
	Orange County Sanitation District VRDN COPS Putters Series 2010-3773Z (AGM) (JPMorgan Chase Bank N.A., LIQ)(a)
	2,000,000		0.060			03/07/14		2,000,000
	Orange County Water District CP Series 94 (Bayerische Landesbank Gironzentrale, LOC)
	1,000,000		0.090			03/04/14		1,000,000
	Orange County Water District VRDN COPS Putters Series 2010-3686Z (JPMorgan Chase Bank N.A., LIQ)(a)
	2,000,000		0.040			03/07/14		2,000,000
	Riverside County Teeter Obligation RN Series 2013 D
	2,000,000		2.000			10/15/14		2,022,437
	Riverside County Transportation Commission Sales Tax VRDN RB Putters Series 2013-4354 (JPMorgan Chase Bank, N.A., LIQ)(a)
	1,875,000		0.040			03/07/14		1,875,000
	Riverside Unified School District GO VRDN Floaters Series 2009-3017 (AGC-ICC- NATL-RE) (Morgan Stanley Bank, LIQ)(a)
	4,855,000		0.180			03/07/14		4,855,000
	Sacramento County Housing Authority VRDN RB Refunding for River Terrace Apartments Series 1996 C-RMKT (FNMA) (FNMA, LIQ)
	2,490,000		0.030			03/07/14		2,490,000
	Sacramento Suburban Water District VRDN COPS Refunding Series 2009 A (Sumitomo Mitsui Banking Corp., LOC)
	2,000,000		0.030			03/07/14		2,000,000
	San Diego Community College District GO VRDN Floater Series 2011-O-8 (Royal Bank of Canada, LIQ)(a)
	1,000,000		0.030			03/07/14		1,000,000
	San Diego Community College District GO VRDN Putters Series 2009-3415 (JPMorgan Chase Bank N.A., LIQ)(a)
	570,000		0.050			03/07/14		570,000
	San Diego County & School District TRANS Series 2013 B-2
	1,000,000		2.000			04/30/14		1,002,921
	San Diego County Regional Transportation Commission VRDN RB Limited Tax Series 2008 A (JPMorgan Chase Bank N.A., SPA)
	2,300,000		0.030			03/07/14		2,300,000
	San Diego County Regional Transportation Commission VRDN RB Limited Tax Series 2008 C (Mizuho Corp. Bank, SPA)
	2,650,000		0.020			03/07/14		2,650,000
	San Diego Water Authority CP Series 2014-95-1 (Bayerische Landesbank Gironzentrale, LIQ)
	4,000,000		0.080			03/04/14		4,000,000
	Santa Clara County Financing Authority VRDN RB Refunding for Multiple Facilities Projects Series 2008 M (Bank of America N.A., LOC)
	5,400,000		0.050			03/07/14		5,400,000
	Municipal Debt Obligations – (continued)
	California – (continued)
	Santa Clara Valley Transportation Authority Sales Tax VRDN RB Refunding for Measure A Series 2008 D RMKT (Sumitomo Mitsui Banking Corp. SPA)
$	4,500,000		0.020	%		03/07/14	$	4,500,000
	Santa Clara Valley Transportation Authority Sales Tax VRDN RB Refunding Series 2008 B (Barclays Bank PLC, SPA)
	1,110,000		0.020			03/07/14		1,110,000
	Santa Rosa Wastewater VRDN RB SPEARS Series 2007-DBE-395 (AMBAC) (GTY AGMT- Deutsche Bank A.G.) (Deutsche Bank A.G., LIQ)(a)
	775,000		0.110			03/07/14		775,000
	Southern California Public Power Authority VRDN RB for Milford Wind Corridor Phase II Project SPEARS Series 2012-DB-1048 (Deutsche Bank A.G., LIQ)
	1,000,000		0.050			03/07/14		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)
	2,000,000		0.020			03/07/14		2,000,000
	State of California Department of Water Resources CP Series 2014-1 (Bank of Montreal, LIQ)
	2,012,000		0.080			03/14/14		2,012,000
	State of California Department of Water Resources RB Refunded for Central Valley Project Series 2005-AC (NATL-RE)
	1,250,000		5.000			12/01/14		1,295,046
	State of California Department of Water Resources RB Unrefunded for Central Valley Project Series 2005-AC (NATL-RE)
	1,540,000		5.000			12/01/14		1,595,639
	State of California Economic Recovery GO Series 2004 A (NATL)(b)
	3,185,000		5.250			07/01/14		3,238,038
	State of California GO Refunding Series 2005 (NATL)
	3,140,000		5.000			03/01/14		3,140,000
	State of California GO VRDN SPEARS Series 2007-DB-457 (AGM) (GTY AGMT- Deutsche Bank A.G.) (Deutsche Bank A.G., LIQ)(a)
	1,700,000		0.080			03/07/14		1,700,000
	State of California Kindergarten GO VRDN Series 2004-B-2 (Citibank N.A., LOC)
	600,000		0.020			03/03/14		600,000
	State of California RANS Series 2013-A-2
	4,700,000		2.000			06/23/14		4,725,935
	The Regents of the University of California Medical Center Pooled VRDN RB Series 2007 B-2 (Wells Fargo Bank N.A., SPA)
	2,000,000		0.020			03/03/14		2,000,000
	The Regents of the University of California RB Series 2013-AF
	1,810,000		2.000			05/15/14		1,816,725
	The Regents of the University of California VRDN RB Municipal Floaters Trust Series 2013-23U (Barclays Bank PLC, LIQ)(a)
	1,000,000		0.040			03/07/14		1,000,000
	University of California RB Unrefunded Series 2007 K (NATL-RE)
	1,160,000		5.000			05/15/14		1,171,420
	University of California VRDN RB Putters Series 2008-2649Z (JPMorgan Chase Bank N.A., LIQ)
	2,500,000		0.040			03/07/14		2,500,000
	University of California VRDN RB ROCS RR-II R-12328 Series 2012 (AGM) (Citibank N.A., LIQ)(a)
	3,100,000		0.040			03/03/14		3,100,000
	Victor Valley Community College District GO VRDN Floater Certificates Series 2009-34C (GTY-AGMT-Wells Fargo & Co.) (Wells Fargo & Co., LIQ)(a)
	3,000,000		0.070			03/07/14		3,000,000

28 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)
	West Basin Municipal Water District VRDN COPS Refunding Series 2008 A-1 (Citibank N.A., SPA)
$	3,045,000		0.050	%		03/07/14	$	3,045,000
	West Basin Municipal Water District VRDN COPS Refunding Series 2008 A-2 (Citibank N.A., SPA)
	2,900,000		0.050			03/07/14		2,900,000
	TOTAL INVESTMENTS – 99.8%						$	277,926,196
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.2%							520,803
	NET ASSETS – 100.0%						$	278,446,999

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, 2014, these securities amounted to $82,371,640 or approximately 29.6% of net assets.
(b)	All or a portion represent a forward commitment.

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.
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	—National Public Finance Guarantee Corp.
NATL-RE	—National Reinsurance Corp.
PCRB	—Pollution Control Revenue Bond
RANS	—Revenue Anticipation Notes
RB	—Revenue Bond
RN	—Revenue Notes
RMKT	—Remarketed
ROCS	—Reset Option Certificates
RR	—Revenue Refunding
SPA	—Standby 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. 29

FINANCIAL SQUARE TAX-EXEMPT NEW YORK FUND

Schedule of Investments

February 28, 2014 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Municipal Debt Obligations – 99.9%
	New York – 99.9%
	Buffalo Fiscal Stability Authority RB Sales Tax & State Aid Secured Series 2005 B (NATL-RE)
$	750,000		5.000	%		09/01/14	$	767,791
	Buffalo Municipal Water Finance Authority Water Systems VRDN RB Refunding Series 2008 (JPMorgan Chase Bank N.A., LOC)
	4,900,000		0.030			03/07/14		4,900,000
	County of Orange, New York GO Various Purposes Series 2009
	870,000		3.000			07/01/14		877,979
	County of Westchester, New York GO Series 2009 C
	625,000		5.000			11/01/14		644,926
	Erie County Fiscal Stability Authority RB Sales Tax & State Aid Secured Series 2010 C
	1,215,000		4.000			03/15/14		1,216,731
	Erie County IDA School Facility VRDN RB for City School District Buffalo Project Series 2008-3053X (AGM) (Bank of America N.A., LIQ)(a)
	2,200,000		0.180			03/07/14		2,200,000
	Metropolitan Transportation Authority RB for Transportation Series 2003 A (NATL)
	2,000,000		5.000			11/15/14		2,068,187
	Metropolitan Transportation Authority RB for Transportation Series 2013 E
	1,000,000		2.000			11/15/14		1,012,531
	Metropolitan Transportation Authority VRDN RB for Transportation Series 2013 Subseries G-1A
	3,255,000		0.306			11/01/14		3,255,000
	Nassau County IDA Civic Facility Refunding & Improvement VRDN RB for Cold Spring Harbor Laboratory Series 1999 RMKT (TD Bank N.A., SPA)
	4,100,000		0.020			03/03/14		4,100,000
	Nassau County, New York Interim Finance Authority VRDN RB Series 2008 D-1 (Bank of NY Mellon, SPA)
	3,085,000		0.030			03/07/14		3,085,000
	Nassau County, New York Interim Finance Authority VRDN RB Series 2008 D-2 (JPMorgan Chase Bank N.A., SPA)
	1,815,000		0.040			03/07/14		1,815,000
	New York City GO Series 2013 D
	1,000,000		4.000			08/01/14		1,015,944
	New York City GO VRDN Series 1993 Subseries A-6 (Helaba, LOC)
	465,000		0.070			03/07/14		465,000
	New York City GO VRDN Series 2002 Subseries C-2 (Bayerische Landesbank, LOC)
	1,000,000		0.060			03/07/14		1,000,000
	New York City GO VRDN Series 2011 A-5 (Bank of Nova Scotia, SPA)
	400,000		0.030			03/03/14		400,000
	New York City Health & Hospital Corp. VRDN RB for Health System Series 2008 B (GO of Corp.) (TD Bank N.A., LOC)
	4,200,000		0.020			03/07/14		4,200,000
	New York City Health & Hospital Corp. VRDN RB for Health System Series 2008 C (GO of Corp.) (TD Bank N.A., LOC)
	1,000,000		0.020			03/07/14		1,000,000
	New York City Housing Development Corp. MF Hsg. VRDN RB for 90 Washington Street Series 2005 A (FNMA, LIQ)
	7,700,000		0.030			03/07/14		7,700,000
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Series 2011 Subseries A-2 (Mizuho Corporate Bank, SPA)
	500,000		0.030			03/03/14		500,000
	Municipal Debt Obligations – (continued)
	New York – (continued)
	New York City Transitional Finance Authority Future Tax Secured RB Refunding Series 2004 Subseries D-2
$	1,000,000		5.000	%		05/01/14	$	1,008,038
	New York City Transitional Finance Authority Future Tax Secured VRDN RB Series 2013 Subseries A-4 (Wells Fargo Bank N.A., SPA)
	1,000,000		0.030			03/03/14		1,000,000
	New York City Transitional Finance Authority VRDN for Future Tax Secured Series 2001 C (Landesbank Baden-Wurttemberg, LIQ)
	2,600,000		0.040			03/07/14		2,600,000
	New York City Transitional Finance Authority VRDN RB for Future Tax Secured Series 1998 C (Morgan Stanley Bank, LOC)
	650,000		0.050			03/03/14		650,000
	New York City Transitional Finance Authority VRDN RB for Future Tax Secured Series 1999 Subseries B-3 (JPMorgan Chase Bank N.A., SPA)
	90,000		0.040			03/07/14		90,000
	New York City Trust for Cultural Resources VRDN RB for Metropolitan Museum of Art Series 2006 A1 RMKT
	3,250,000		0.030			03/07/14		3,250,000
	New York City Trust for Cultural Resources VRDN RB for Metropolitan Museum of Art Series 2006 A2 RMKT
	600,000		0.030			03/07/14		600,000
	New York City Trust for Cultural Resources VRDN RB for Museum of Modern Art Series 2008-3316 (Bank of America N.A., LIQ)(a)
	5,200,000		0.080			03/07/14		5,200,000
	New York City Trust for Cultural Resources VRDN RB for Pierpont Morgan Library Series 2004 (JPMorgan Chase Bank N.A., LOC)
	3,035,000		0.020			03/07/14		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		0.040			03/07/14		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)
	4,900,000		0.030			03/07/14		4,900,000
	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)
	4,000,000		0.060			03/07/14		4,000,000
	New York State Dormitory Authority Non-State Supported Debt VRDN RB for Columbia University Series 2009 A
	500,000		0.020			03/07/14		500,000
	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)
	5,600,000		0.040			03/07/14		5,600,000
	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		0.030			03/07/14		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)
	6,100,000		0.020			03/07/14		6,100,000
	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)
	5,250,000		0.030			03/07/14		5,250,000
	New York State Dormitory Authority Non-State Supported Debt VRDN RB for Vassar College Floaters Series 2007-1861 (Wells Fargo Bank N.A., LIQ)
	4,045,000		0.030			03/07/14		4,045,000

30 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 Vassar College Putters Series 2008-3204 (JPMorgan Chase Bank N.A., LIQ)(a)
$	2,900,000		0.040	%		03/07/14	$	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)
	2,000,000		0.030			03/07/14		2,000,000
	New York State Dormitory Authority State Supported Debt VRDN RB for Cornell University Series 2004 B RMKT (HSBC Bank USA N.A., SPA)
	2,690,000		0.030			03/07/14		2,690,000
	New York State Dormitory Authority State Supported Debt VRDN RB for New York Public Library Series 1999 A RMKT (TD Bank N.A., LOC)
	1,725,000		0.020			03/07/14		1,725,000
	New York State Dormitory Authority State Supported Debt VRDN RB for New York Public Library Series 1999 B RMKT (TD Bank N.A., LOC)
	3,055,000		0.020			03/07/14		3,055,000
	New York State Dormitory Authority State Supported Debt VRDN RB for University of Rochester Series 2003 B Convertible (HSBC Bank USA N.A., LOC)
	3,205,000		0.030			03/03/14		3,205,000
	New York State Dormitory Authority VRDN RB for Columbia University Series 2003 B RMKT
	5,050,000		0.020			03/07/14		5,050,000
	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		0.040			03/07/14		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)
	4,955,000		0.040			03/07/14		4,955,000
	New York State Housing Finance Agency VRDN RB for 10 Barclay Street Series 2004 A (FNMA, LIQ)
	200,000		0.030			03/07/14		200,000
	New York State Housing Finance Agency VRDN RB for 42nd & 10th Housing Series 2008 A RMKT (FHLMC, LIQ) (FHLMC, LOC)
	2,000,000		0.020			03/07/14		2,000,000
	New York State Housing Finance Agency VRDN RB for 42nd & 10th Housing Series 2010 A RMKT (FHLMC, LOC) (FHLMC, LIQ)
	3,000,000		0.020			03/07/14		3,000,000
	New York State Housing Finance Agency VRDN RB for 600 West 42nd Street Series 2009 A RMKT (FNMA, LIQ)
	700,000		0.040			03/07/14		700,000
	New York State Housing Finance Agency VRDN RB for Clinton Park Housing Series 2010 A RMKT (FHLMC, LIQ)
	2,000,000		0.030			03/07/14		2,000,000
	New York State Housing Finance Agency VRDN RB for North End Series 2004 A RMKT (FNMA, LIQ)
	700,000		0.030			03/07/14		700,000
	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)
	4,000,000		0.080			03/07/14		4,000,000
	New York State Liberty Development Corp. VRDN RB Refunding for 7 World Trade Center Project Putters Series 2012-4080Z (JPMorgan Chase Bank N.A., LIQ)(a)
	1,500,000		0.240			03/07/14		1,500,000
	Municipal Debt Obligations – (continued)
	New York – (continued)
	New York State Local Government Assistance Corp. RB Refunding Series 1993 E (AGM-CR GO of Corp.)
$	1,705,000		6.000	%		04/01/14	$	1,713,321
	New York State Local Government Assistance Corp. VRDN RB Refunding Subordinate Lien Series 2003-4V RMKT (GO of Corp.) (Bank of America N.A.)
	1,900,000		0.030			03/07/14		1,900,000
	New York State Local Government Assistance Corp. VRDN RB Series 1997 SG-100 (NATL-RE-IBC GO of Corp.) (Societe Generale)
	2,420,000		0.160			03/07/14		2,420,000
	New York State Power Authority CP Series 2014-1 (JPMorgan Chase Bank N.A., LOC) (Bank of Nova Scotia, LOC) (State Street Bank & Trust, LOC) (Wells Fargo Bank N.A., LOC) (Bank of New York Mellon, LOC)
	7,500,000		0.060			03/14/14		7,500,000
	New York State Thruway Authority RB for Second General Highway & Bridge Trust Fund Series 2012 A
	2,315,000		5.000			04/01/14		2,324,303
	New York State Thruway Authority VRDN RB Floater Series 2008-2800 (Credit Suisse, LIQ)
	1,000,000		0.030			03/07/14		1,000,000
	New York State Urban Development Corp. VRDN RB for State Personal Income Tax Putters Series 2013-4429 (JPMorgan Chase Bank N.A.,LIQ)(a)
	2,500,000		0.050			03/03/14		2,500,000
	Northport-East Northport Union Free School District GO TANS Series 2013 (State Aid Withholding)
	2,500,000		1.250			06/26/14		2,508,093
	Port Authority of New York & New Jersey CP Series 2014 B
	2,435,000		0.100			06/03/14		2,435,000
	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		0.040			03/07/14		2,150,000
	Port Authority of New York & New Jersey VRDN RB ROCS-RR-II R-664 Series 2006 (Citibank N.A., LIQ)(a)
	2,130,000		0.040			03/07/14		2,130,000
	Suffolk County, New York Water Authority VRDN BANS Series 2011 B
	1,000,000		0.430			04/01/14		1,000,157
	Town of Hempstead, New York GO Public Improvement Series 2011 A
	2,255,000		3.000			08/01/14		2,281,853
	Triborough Bridge & Tunnel Authority RB Refunding General Series 2002 B
	50,000		5.250			11/15/14		51,666
	Triborough Bridge & Tunnel Authority VRDN RB General Series 2005 B-2A RMKT (GO of Authority) (California Public Employees Retirement System, LOC)
	1,980,000		0.030			03/03/14		1,980,000
	Triborough Bridge & Tunnel Authority VRDN RB Refunding General Series 2002 F (Helaba, SPA)
	1,900,000		0.040			03/03/14		1,900,000
	TOTAL INVESTMENTS – 99.9%						$	170,726,520
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.1%							188,924
	NET ASSETS – 100.0%						$	170,915,444

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

FINANCIAL SQUARE TAX-EXEMPT NEW YORK FUND

Schedule of Investments (continued)

February 28, 2014 (Unaudited)

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Security not registered under the Securities Act of 1933, as amended. Such securities have been determined to be liquid by the Investment Adviser. At February 28, 2014, these securities amounted to $38,335,000 or approximately 22.4% 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.
BANS	— Bond Anticipation Notes
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
IDA	— Industrial Development Agency
LIQ	— Liquidity Agreement
LOC	— Letter of Credit
MF Hsg	— Multi-Family Housing
NATL	— National Public Finance Guarantee Corp.
NATL-RE	— National Reinsurance Corp.
RB	— Revenue Bond
RMKT	— Remarketed
ROCS	— Reset Option Certificates
RR	— Revenue Refunding
SPA	— Standby Purchase Agreement
SPEARS	— Short Puttable Exempt Adjustable Receipts
TANS	— Tax Anticipation Notes
VRDN	— Variable Rate Demand Notes

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

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

Schedule of Investments

February 28, 2014 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Municipal Debt Obligations – 99.3%
	Alabama – 3.3%
	Alabama Special Care Facilities Financing Authority VRDN RB for Birmingham Ascension Health Senior Credit Group Putters Series 2008-2959 (JPMorgan Chase Bank N.A., LIQ)(a)
$	6,370,000		0.040	%		03/07/14	$	6,370,000
	Alabama Special Care Facilities Financing Authority VRDN RB for Birmingham Ascension Health Senior Credit Group Solar Eclipse Series 2007-0046 (U.S. Bank N.A., LOC) (U.S. Bank N.A., LIQ)(a)
	16,435,000		0.030			03/07/14		16,435,000
	Columbia IDB VRDN PCRB Refunding for Alabama Power Co. Project Series 1995 A
	9,700,000		0.030			03/03/14		9,700,000
	Columbia IDB VRDN PCRB Refunding for Alabama Power Co. Project Series 1995 E
	900,000		0.060			03/03/14		900,000
	Columbia IDB VRDN PCRB Refunding for Alabama Power Co. Project Series 1996 A
	21,000,000		0.030			03/03/14		21,000,000
	Columbia IDB VRDN PCRB Refunding for Alabama Power Co. Project Series 1999 B
	25,000,000		0.030			03/03/14		25,000,000
	East Alabama Health Care Authority VRDN RB Series 2012 B
	15,000,000		0.060			03/07/14		15,000,000
	Huntsville Health Care Authority CP Series 2014
	29,000,000		0.100			03/03/14		29,000,000
	25,000,000		0.090			04/01/14		25,000,000
	Mobile County Industrial Development Authority Pollution Control VRDN RB Refunding for Exxon Mobil Project Series 2002 (GTY AGMT-Exxon Mobil Corporation)
	900,000		0.030			03/03/14		900,000
	West Jefferson IDB VRDN PCRB Refunding for Alabama Power Co. Project Series 1998
	37,290,000		0.060			03/07/14		37,290,000
								186,595,000
	Alaska – 1.9%
	Alaska Housing Finance Corp. Home Mortgage VRDN RB Series 2009 A
	50,530,000		0.020			03/07/14		50,530,000
	Alaska Housing Finance Corp. Home Mortgage VRDN RB Series 2009 D (GO of Corp.) (Bank of America N.A., SPA)
	20,335,000		0.040			03/07/14		20,335,000
	Alaska Housing Finance Corp. VRDN RB for General Housing Putters Series 2013-4324 (NATL-RE GO OF CORP) (JPMorgan Chase Bank N.A., LIQ)(b)
	12,640,000		0.130			05/08/14		12,640,000
	Alaska Housing Finance Corp. VRDN RB for Governmental Purpose Series 2001 B RMKT (GO of Corp.)
	15,600,000		0.040			03/07/14		15,600,000
	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)
	9,520,000		0.050			03/07/14		9,520,000
								108,625,000
	Arizona – 2.3%
	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		0.080			03/07/14		10,500,000
	Municipal Debt Obligations – (continued)
	Arizona – (continued)
	Arizona Health Facilities Authority VRDN RB for Dignity Health SPEARS Series 2012-DBE-1082 (GTY AGMT-Deutsche Bank A.G.) (Deutsche Bank A.G., LIQ)(a)
$	18,500,000		0.080	%		03/07/14	$	18,500,000
	Arizona State Transportation Board Highway VRDN RB Putters Series 2008-3151 (JPMorgan Chase Bank N.A., LIQ)(a)
	6,605,000		0.040			03/07/14		6,605,000
	Arizona State Transportation Board Highway VRDN RB Putters Series 2009-3466 (JPMorgan Chase Bank N.A., LIQ)(a)
	4,065,000		0.040			03/07/14		4,065,000
	Arizona State Unemployment Insurance TANS Series 2013 A
	10,000,000		1.500			05/07/14		10,024,306
	Arizona State Unemployment Insurance TANS Series 2013 B
	10,000,000		1.500			05/21/14		10,029,187
	Maricopa County IDA Senior Living Facilities VRDN RB Refunding for Christian Care Apartments Series 2005 A (FNMA) (FNMA, LIQ)
	10,430,000		0.040			03/07/14		10,430,000
	Phoenix Civic Improvement Corp. Water System VRDN RB Putters Series 2009-3458 (JPMorgan Chase Bank N.A., LIQ)(a)
	7,140,000		0.040			03/07/14		7,140,000
	Phoenix GO VRDN Floaters Series 2007-1882 (Wells Fargo Bank N.A., LIQ)
	17,315,000		0.030			03/07/14		17,315,000
	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		0.050			03/07/14		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		0.030			03/07/14		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		0.070			03/07/14		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		0.050			03/07/14		4,050,000
								130,033,493
	California – 13.2%
	Bay Area Toll Authority California Toll Bridge VRDN RB for San Francisco Bay Area P-Floats Series 2013-MT-841 (Bank of America N.A., LIQ)(a)
	4,110,000		0.050			03/07/14		4,110,000
	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		0.050			03/07/14		6,145,000
	California Educational Facilities Authority VRDN RB for Claremont McKenna College Putters Series 2009-3580 (JPMorgan Chase Bank, LIQ)(a)
	2,700,000		0.040			03/07/14		2,700,000
	California Educational Facilities Authority VRDN RB for Stanford University Floaters Series 2013-3346 (Morgan Stanley Bank, LIQ)(a)
	3,000,000		0.050			03/07/14		3,000,000
	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		0.040			03/07/14		7,305,000
	California Health Facilities Financing Authority VRDN RB Floaters Series 2007-1858 (GTY AGMT-Wells Fargo & Co.) (Wells Fargo & Co., LIQ)
	9,289,000		0.030	%		03/07/14		9,289,000

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

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

Schedule of Investments (continued)

February 28, 2014 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Municipal Debt Obligations – (continued)
	California – (continued)
	California Health Facilities Financing Authority VRDN RB for Adventist Health System P-Floats Series 2011-PT-4699 (NATL-RE) (Bank of America N.A., SPA)(a)
$	19,290,000		0.200	%		03/07/14	$	19,290,000
	California Health Facilities Financing Authority VRDN RB for Catholic Healthcare West Series 1988 C (NATL-RE) (JPMorgan Chase Bank N.A., LOC)
	26,000,000		0.080			03/07/14		26,000,000
	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)
	10,595,000		0.090			03/07/14		10,595,000
	California Health Facilities Financing Authority VRDN RB for Sutter Health ROCS RR-II R-11952 Series 2011 (Citibank N.A., LIQ)(a)
	7,330,000		0.040			03/07/14		7,330,000
	California Health Facilities Financing Authority VRDN RB Refunding for Stanford Hospital Floaters Series 2010-3193 (Deutsche Bank A.G., LIQ)(a)
	5,000,000		0.070			03/07/14		5,000,000
	California Infrastructure & Economic Development Bank VRDN RB Refunding for J. Paul Getty Trust Series 2011 A-1
	10,800,000		0.530			04/01/14		10,802,995
	California Infrastructure & Economic Development Bank VRDN RB Refunding for J. Paul Getty Trust Series 2011 A-2
	49,200,000		0.530			04/01/14		49,214,534
	California State University VRDN RB Floater Trust Series 2008 K37W (AGM) (Citibank N.A., LIQ)
	19,000,000		0.180			03/07/14		19,000,000
	California Statewide Communities Development Authority CP for Kaiser Permanente Series 2004 I
	27,500,000		0.200			04/03/14		27,500,000
	California Statewide Communities Development Authority CP for Kaiser Permanente Series 2008-B
	15,000,000		0.200			07/02/14		15,000,000
	50,500,000		0.140			10/02/14		50,500,000
	California Statewide Communities Development Authority CP for Kaiser Permanente Series 2009-B-1
	12,000,000		0.200			03/03/14		12,000,000
	California Statewide Communities Development Authority CP for Kaiser Permanente Series 2009B-3
	9,500,000		0.190			09/02/14		9,500,000
	California Statewide Communities Development Authority CP for Kaiser Permanente Series 2014 D
	19,000,000		0.200			06/09/14		19,000,000
	10,000,000		0.200			07/02/14		10,000,000
	California Statewide Communities Development Authority CP for Kaiser Permanente Series 2014 K
	14,250,000		0.200			04/08/14		14,250,000
	5,000,000		0.200			05/05/14		5,000,000
	3,610,000		0.200			06/05/14		3,610,000
	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		0.040			03/07/14		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)(a)
	9,800,000		0.050			03/07/14		9,800,000
	Municipal Debt Obligations – (continued)
	California – (continued)
	California Statewide Communities Development Authority VRDN RB for Kaiser Permanente SPEARS Series 2013-DBE-1185 (Deutsche Bank A.G., LIQ)(a)
$	17,430,000		0.080	%		03/07/14	$	17,430,000
	Desert Community College District GO VRDN Floaters Series 2009-3016 (AGM) (Deutsche Bank A.G., LIQ)(a)
	4,200,000		0.090			03/07/14		4,200,000
	East Bay Municipal Utility District VRDN RB Water System Eagle Series 2013-0004-1 Class A (Citibank N.A., LIQ)(a)
	10,000,000		0.040			03/07/14		10,000,000
	East Bay Municipal Utility District VRDN RB Water System Eagle Series 2013-0010 Class A (Citibank N.A., LIQ)(a)
	5,600,000		0.040			03/07/14		5,600,000
	Los Angeles Community Redevelopment Agency MF Hsg VRDN RB for Metropolitan Apartments Series 1985 RMKT (FNMA) (FNMA, LIQ)
	8,600,000		0.030			03/07/14		8,600,000
	Los Angeles Department of Airports VRDN RB Floater Trust Series 2013-26WX (Barclays Bank PLC, LIQ)(a)
	5,000,000		0.040			03/07/14		5,000,000
	Los Angeles Department of Airports VRDN RB for Los Angeles International Airport Floater Trust Series 2010-80W (Barclays Bank PLC, LIQ)(a)
	2,600,000		0.040			03/07/14		2,600,000
	Los Angeles Department of Airports VRDN RB for Los Angeles International Airport Putters Series 2010-3838 (JPMorgan Chase Bank N.A., LIQ)(a)
	2,500,000		0.040			03/07/14		2,500,000
	Los Angeles Department of Water & Power VRDN RB Putters Series 2009-3422 (JPMorgan Chase Bank N.A., LIQ)(a)
	8,795,000		0.040			03/07/14		8,795,000
	Los Angeles Department of Water & Power VRDN RB Series 2002 Subseries A-2 (JPMorgan Chase Bank N.A., SPA)
	15,000,000		0.040			03/07/14		15,000,000
	Ocean County Water District CP Series 2014-94 (Bayerische Landesbank, LOC)
	7,000,000		0.090			03/04/14		7,000,000
	Orange County Sanitation District VRDN COPS Putters Series 2010-3773Z (AGM) (JPMorgan Chase Bank N.A., LIQ)(a)
	5,350,000		0.060			03/07/14		5,350,000
	Riverside County Teeter Obligation RN Series 2013 D
	23,000,000		2.000			10/15/14		23,258,022
	Riverside County Transportation Commission Sales Tax VRDN RB Putters Series 2013-4364 (JPMorgan Chase Bank N.A., LIQ)(a)
	6,365,000		0.040			03/07/14		6,365,000
	Riverside Unified School District GO VRDN Floaters Series 2009-3017 (AGC-ICC-NATL-RE) (Morgan Stanley Bank, LIQ)(a)
	4,000,000		0.180			03/07/14		4,000,000
	Sacramento Municipal Utility District VRDN RB SPEARS Series 2013-DBE-1186 (GTY AGMT-Deutsche Bank A.G.) (Deutsche Bank A.G., LIQ)(a)
	3,750,000		0.080			03/07/14		3,750,000
	San Diego Community College District GO VRDN Putters Series 2009-3415 (JPMorgan Chase Bank N.A., LIQ)(a)
	5,470,000		0.050			03/07/14		5,470,000
	San Diego County Regional Transportation Commission VRDN RB Limited Tax Series 2008 C (Mizuho Corp. Bank, SPA)
	15,000,000		0.020			03/07/14		15,000,000
	San Diego County School District TRANS Series 2013 B-2
	6,025,000		2.000			04/30/14		6,042,598

34 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)
	San Diego County Water Authority CP Series 2014-95-1 (Bayerische Landesbank, LIQ)
$	16,000,000		0.080	%		03/04/14	$	16,000,000
	8,165,000		0.080			04/01/14		8,165,000
	San Francisco City & County Public Utilities Commission Water VRDN RB Floaters Series 2007-2190 (AGM) (Wells Fargo Bank N.A., LIQ)(a)
	5,000,000		0.060			03/07/14		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)(a)
	5,080,000		0.110			03/07/14		5,080,000
	Southern California Public Power Authority RB Subordinate Refunding Series 1992
	8,500,000		0.351			07/01/14		8,490,057
	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		0.050			03/07/14		7,860,000
	State of California Department of Water Resources Central Valley Project RB Series 2005-AC (NATL-RE)
	2,365,000		5.000			12/01/14		2,450,541
	State of California GO Prerefunded Series 2004
	3,815,000		5.250			06/01/14		3,863,260
	State of California GO Prerefunded Series 2006
	5,500,000		5.500			04/01/14		5,525,125
	State of California GO Series 2012
	500,000		5.000			02/01/15		522,103
	State of California GO VRDN SPEARS Series 2007-DB-457 (AGM) (GTY AGMT-Deutsche Bank A.G.) (Deutsche Bank A.G., LIQ)(a)
	11,485,000		0.080			03/07/14		11,485,000
	State of California RANS Series 2013-A-2
	97,855,000		2.000			06/23/14		98,395,102
	The Regents of the University of California RB Series 2013-AF
	29,000,000		2.000			05/15/14		29,107,756
	The Regents of the University of California VRDN RB Municipal Floaters Trust Series 2013-23U (Barclays Bank PLC, LIQ)(a)
	4,000,000		0.040			03/07/14		4,000,000
	The Regents of the University of California VRDN RB Refunding Series 2013-AL-2
	12,000,000		0.030			03/07/14		12,000,000
	West Basin Municipal Water District VRDN COPS Refunding Series 2008 A-2 (Citibank N.A., SPA)
	900,000		0.050			03/07/14		900,000
								740,781,093
	Colorado – 0.9%
	City of Colorado Springs Utilities System VRDN RB for Subordinate Lien Refunding Series 2004 A (Citibank N.A., SPA)
	8,900,000		0.060			03/07/14		8,900,000
	City of Colorado Springs Utilities System VRDN RB for Subordinate Lien Series 2000 A (Surety-MBIA) (Bayerische Landesbank, SPA)
	23,000,000		0.130			03/07/14		23,000,000
	Colorado Health Facilities Authority VRDN RB for Catholic Health Initiatives Floaters Series 2013-3364 (GTY AGMT-Morgan Stanley Bank) (Morgan Stanley Bank, LOC)(a)
	5,625,000		0.100			03/07/14		5,625,000
	Municipal Debt Obligations – (continued)
	Colorado – (continued)
	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		0.030	%		03/07/14	$	7,000,000
	Denver City & County GO VRDN for Justice System Austin Trust Certificates Series 2008-1050 (Bank of America N.A., LIQ)(a)
	7,500,000		0.080			03/07/14		7,500,000
								52,025,000
	Connecticut – 2.5%
	Connecticut Housing Finance Authority VRDN RB Refunding for Housing Mortgage Finance Program Series 2013 B Subseries B-6 (Bank of Tokyo-Mitsubishi UFJ, Ltd., SPA)
	8,500,000		0.030			03/07/14		8,500,000
	Connecticut State Economic Recovery GO Series 2009A
	4,125,000		5.000			01/01/15		4,290,756
	Connecticut State GO VRDN P-Floats Series 2013-MT-842 (Bank of America N.A., LIQ)(a)
	3,310,000		0.030			03/07/14		3,310,000
	Connecticut State GO VRDN Series 2011 A
	400,000		0.330			05/15/14		400,190
	Connecticut State GO VRDN Series 2013 A
	250,000		0.170			03/01/15		250,069
	Connecticut State GO VRDN Series 2013 D
	2,500,000		0.120			08/15/14		2,500,000
	Connecticut State Health & Educational Facilities Authority VRDN RB for Miss Porter’s School Putters Series 2008-2861 (JPMorgan Chase Bank N.A., LIQ)(a)
	16,820,000		0.030			03/03/14		16,820,000
	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		0.030			03/07/14		34,000,000
	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		0.040			03/07/14		11,995,000
	Connecticut State Health & Educational Facilities Authority VRDN RB for Yale University Series 1999 U (Yale University)
	10,600,000		0.020			03/07/14		10,600,000
	Connecticut State Housing Finance Authority VRDN RB Housing Mortgage Finance Program Series 2009 Subseries A-2 RMKT (JP Morgan Chase Bank N.A., SPA)
	46,020,000		0.030			03/03/14		46,020,000
								138,686,015
	Delaware – 0.6%
	Delaware State Health Facilities Authority VRDN RB for Christiana Care Health Services, Inc. Series 2008 B
	16,475,000		0.030			03/07/14		16,475,000
	University of Delaware VRDN RB Putters Series 2013-4359 (JPMorgan Chase Bank N.A., LIQ)(a)
	9,170,000		0.040			03/07/14		9,170,000
	University of Delaware VRDN RB Series 2004 B (Bank of America N.A., SPA)
	9,005,000		0.050			03/03/14		9,005,000
								34,650,000

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

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

Schedule of Investments (continued)

February 28, 2014 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Municipal Debt Obligations – (continued)
	District of Columbia – 1.3%
	District of Columbia GO VRDN Floaters Series 2007-1920 (FGIC) (GTY AGMT-Wells Fargo Bank N.A.) (Wells Fargo Bank N.A., LIQ)
$	16,500,000		0.030	%		03/07/14	$	16,500,000
	District of Columbia Income Tax Secured VRDN RB Floater Trust Series 2013-15U (Barclays Bank PLC, LIQ)(a)
	4,110,000		0.050			03/07/14		4,110,000
	District of Columbia Income Tax Secured VRDN RB Putters Series 2009-3354 (JPMorgan Chase Bank N.A., LIQ)(a)
	7,080,000		0.040			03/07/14		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		0.040			03/07/14		4,500,000
	District of Columbia Water & Sewer Authority Public Utility Systems VRDN RB Eagle Series 2013-0011 Class A (AGM-CR FGIC) (Citibank N.A., LIQ)(a)
	5,750,000		0.060			03/07/14		5,750,000
	District of Columbia Water & Sewer Authority Public Utility Systems VRDN RB Eagle Series 2013-0012 Class A (AGM-CR FGIC) (Citibank N.A., LIQ)(a)
	4,050,000		0.060			03/07/14		4,050,000
	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		0.040			03/07/14		8,330,000
	Metropolitan Washington Airports Authority CP Series 2014-2A-1 (Landesbank Baden Wurttemburg, LOC)
	21,000,000		0.150			03/03/14		21,000,000
								71,320,000
	Florida – 2.2%
	Florida State Board of Education GO for Public Education Capital Outlay Refunding Series 2004 A
	2,710,000		4.125			06/01/14		2,764,003
	Florida State Board of Education GO for Public Education Capital Outlay Refunding Series 2012 A
	4,445,000		5.000			06/01/14		4,498,535
	Florida State Board of Education GO for Public Education Capital Outlay Refunding Series 2013 B
	4,500,000		4.000			06/01/14		4,542,946
	Florida State Board of Education GO VRDN Putters Series 2008-2850 (State GTD) (JPMorgan Chase Bank N.A., LIQ)(a)
	7,425,000		0.040			03/07/14		7,425,000
	Florida State Turnpike Authority RB Refunding for Department of Transportation Series 2013 A
	9,370,000		5.000			07/01/14		9,520,143
	Florida State Turnpike Authority RB Series 2007 A (NATL)
	5,010,000		5.000			07/01/14		5,089,973
	Florida State Turnpike Authority VRDN RB Putters Series 2008-2539 (JPMorgan Chase Bank N.A., LIQ)(a)
	21,330,000		0.060			03/07/14		21,330,000
	Jacksonville Electric Authority Water & Sewer Systems VRDN RB Series 2008 Subseries B-1 (State Street Bank & Trust Co., SPA)
	1,515,000		0.040			03/07/14		1,515,000
	Jacksonville Sales Tax RB Refunding for Local Government Series 2001 (NATL)
	5,000,000		5.500			10/01/14		5,154,246
	Miami-Dade County GO VRDN Floater Certificates Series 2013 E-43 (Royal Bank of Canada, LOC) (Royal Bank of Canada, LIQ)(a)
	41,400,000		0.030			03/07/14		41,400,000
	Municipal Debt Obligations – (continued)
	Florida – (continued)
	Orange County School Board VRDN COPS Putters Series 2010-3785Z (NATL-RE FGIC) (JPMorgan Chase Bank N.A., LIQ)(a)
$	5,000,000		0.050	%		03/07/14	$	5,000,000
	Pinellas County Health Facilities Authority VRDN RB for BayCare Health System Series 2009 A2 (Northern Trust Co., LOC)
	13,750,000		0.030			03/07/14		13,750,000
								121,989,846
	Georgia – 1.9%
	Dougherty County School District GO Series 2013 (State Aid Withholding)
	7,725,000		2.000			12/01/14		7,830,199
	Georgia State GO Series 1997 A
	3,500,000		6.250			04/01/14		3,517,906
	Georgia State GO Series 2013 D
	5,000,000		5.000			02/01/15		5,221,786
	Georgia State GO Series 2013 H
	9,755,000		5.000			12/01/14		10,109,463
	Gwinnett County School District GO VRDN Austin Trust Certificates Series 2008-1112 (Bank of America N.A., LIQ)(a)
	3,375,000		0.080			03/07/14		3,375,000
	Gwinnett County School District GO VRDN Putters Series 2008-2868 (JPMorgan Chase Bank N.A., LIQ)(a)
	8,870,000		0.040			03/07/14		8,870,000
	Metropolitan Atlanta Rapid Transit Authority Sales Tax VRDN RB Austin Trust Certificates Series 2008-3046X (AGM) (Bank of America N.A., LIQ)(a)
	6,665,000		0.080			03/07/14		6,665,000
	Municipal Electric Authority of Georgia VRDN RB Series 1985 Sub Gen-C RMKT (GO of Participants) (Bayerische Landesbank, LOC)
	42,215,000		0.090			03/07/14		42,215,000
	Private Colleges & Universities Authority VRDN RB for Emory University Floater Certificates Series 2011-32C (Wells Fargo Bank N.A., LIQ)(a)
	5,800,000		0.050			03/07/14		5,800,000
	Private Colleges & Universities Authority VRDN RB for Emory University Putters Series 2009-3423 (JPMorgan Chase Bank N.A., LIQ)(a)
	4,795,000		0.040			03/07/14		4,795,000
	Private Colleges & Universities Authority VRDN RB for Emory University Series 2005 C-4 RMKT
	8,800,000		0.020			03/07/14		8,800,000
								107,199,354
	Hawaii – 0.7%
	City & County of Honolulu Wastewater System VRDN RB ROCS RR-II R-12325 Series 2011 (AGM-CR FGIC) (Citibank N.A., LIQ)(a)
	34,715,000		0.040			03/03/14		34,715,000
	Hawaii State GO VRDN P-Floats Series 2013-4739 (Bank of America N.A., LIQ)(a)
	6,000,000		0.060			03/07/14		6,000,000
								40,715,000
	Illinois – 3.2%
	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)(a)
	8,445,000		0.110			03/07/14		8,445,000
	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)(a)
	5,430,000		0.100			03/07/14		5,430,000

36 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)
	City of Chicago GO VRDN Neighborhoods Alive 21 Series 2002-B-5 RMKT (Bank of NY Mellon, LOC)
$	12,020,000		0.030	%		03/03/14	$	12,020,000
	Cook County Forest Preservation GO VRDN for Limited Tax Project Floater Series 2012 DB-1076 (Deutsche Bank A.G., LIQ)(a)
	6,660,000		0.090			03/07/14		6,660,000
	Cook County GO Refunding Series 2013 A
	13,595,000		2.000			11/15/14		13,743,823
	Illinois Development Finance Authority VRDN RB for Evanston Northwestern Healthcare Corp. Series 2001-B Convertible (JPMorgan Chase Bank N.A., SPA)
	12,375,000		0.030			03/03/14		12,375,000
	Illinois Educational Facilities Authority VRDN RB for University of Chicago Series 2001 B-3 RMKT
	10,000,000		0.230			03/13/14		10,000,000
	Illinois Educational Facilities Authority VRDN RB for University of Chicago Series 2003 B
	7,430,000		0.020			03/07/14		7,430,000
	Illinois Finance Authority VRDN RB for Northwestern Memorial Hospital Floaters Trust Series 2011-16B (Barclays Bank PLC, LIQ)(a)
	3,950,000		0.050			03/07/14		3,950,000
	Illinois Finance Authority VRDN RB for Northwestern University Series 2008 Subseries A RMKT
	6,100,000		0.370			03/03/14		6,100,071
	Illinois Finance Authority VRDN RB for Northwestern University Series 2008 Subseries C RMKT
	6,475,000		0.370			03/03/14		6,475,054
	Illinois Finance Authority VRDN RB for Trinity Health Floaters Series 2013-3342 (Morgan Stanley Bank, LIQ)(a)
	1,650,000		0.050			03/07/14		1,650,000
	Illinois Finance Authority VRDN RB for University of Chicago Putters Series 2011-3907 (JPMorgan Chase Bank N.A., LIQ)(a)
	30,825,000		0.060			03/07/14		30,825,000
	Illinois Finance Authority VRDN RB Refunding for University of Chicago Series 2004 C
	7,200,000		0.020			03/07/14		7,200,000
	Illinois Health Facilities Authority VRDN RB for Advocate Health Care Network Series 2003 C
	6,760,000		0.210			04/25/14		6,760,000
	University of Illinois Board of Trustees VRDN COPS ROCS RR-II R-11480 Series 2008 (AGM) (Citibank N.A., LIQ)(a)
	7,495,000		0.150			03/07/14		7,495,000
	University of Illinois VRDN COPS for Utility Infrastructure Projects Series 2004 (Bank of NY Mellon, SPA)
	23,000,000		0.030			03/07/14		23,000,000
	Village of Schaumburg GO VRDN ROCS RR-II R-11698 Series 2008 (BHAC-CR FGIC) (Citibank N.A., LIQ)(a)
	11,730,000		0.050			03/07/14		11,730,000
								181,288,948
	Municipal Debt Obligations – (continued)
	Indiana – 1.9%
	Indiana Finance Authority Hospital VRDN RB for Indiana University Health Floater Certificates Series 2011 E-23 (Royal Bank of Canada, LOC) (Royal Bank of Canada, LIQ)(a)
$	11,000,000		0.030	%		03/07/14	$	11,000,000
	Indiana Finance Authority VRDN RB for Ascension Health Series 2008 E-5 Convertible
	24,600,000		0.020			03/07/14		24,600,000
	Indiana Finance Authority VRDN RB for Trinity Health Putters Series 2009-3611 (JPMorgan Chase Bank N.A., LIQ)(a)
	17,180,000		0.070			03/07/14		17,180,000
	Indiana Health Facility Financing Authority VRDN RB for Ascension Health Series 2005 A-2 RMKT
	17,500,000		0.020			03/07/14		17,500,000
	University of Indiana VRDN RB Floater Certificates Series 2009-45C (Wells Fargo & Co., LIQ)(a)
	22,600,000		0.050			03/07/14		22,600,000
	University of Purdue VRDN COPs Series 2011 A
	5,750,000		0.030			03/07/14		5,750,000
	University of Purdue VRDN RB for Student Facilities System Series 2004 A
	8,950,000		0.030			03/07/14		8,950,000
								107,580,000
	Iowa – 0.2%
	City of Johnston GO Refunding Series 2013 A
	1,210,000		3.000			06/01/14		1,218,045
	Iowa Finance Authority Health Facilities VRDN RB for Unity Point Health Project Series 2013 B-1 (Union Bank N.A., LOC)
	8,665,000		0.040			03/07/14		8,665,000
								9,883,045
	Kansas – 1.1%
	City of Topeka GO Temporary Notes for General Improvements Series 2013 A
	24,585,000		1.000			10/01/14		24,694,249
	City of Wichita GO Temporary Notes for Renewal & Improvement Series 2013-258
	25,000,000		0.500			10/15/14		25,026,364
	Kansas Department of Transportation Highway VRDN RB Refunding Series 2012 A-2
	3,300,000		0.260			09/01/14		3,302,710
	Kansas Development Finance Authority VRDN RB for Adventist Health System Sunbelt Obligated Group Floater Trust Series 2013-13U (Barclays Bank PLC, LIQ)(a)
	4,530,000		0.050			03/07/14		4,530,000
	Kansas State Department of Transportation VRDN RB Refunding Highway Series 2002 C-1 (JP Morgan Chase Bank, SPA)
	6,600,000		0.040			03/07/14		6,600,000
								64,153,323
	Kentucky – 0.4%
	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)
	8,505,000		0.090			03/07/14		8,505,000

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, 2014 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Municipal Debt Obligations – (continued)
	Kentucky – (continued)
	Kentucky State Municipal Power Agency VRDN RB for Prairie State Project SPEARS Series 2011-DB-1025 (BHAC-CR NATL-RE) (Deutsche Bank A.G., LIQ)(a)
$	13,150,000		0.100	%		03/07/14	$	13,150,000
								21,655,000
	Louisiana – 1.6%
	East Baton Rouge Parish IDB, Inc. VRDN RB for ExxonMobil Project Series 2010 A
	53,700,000		0.040			03/03/14		53,700,000
	East Baton Rouge Parish Sewerage Commission VRDN RB Series 2011-A
	36,000,000		0.911			08/01/14		36,044,985
								89,744,985
	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		0.040			03/07/14		6,955,000
	Maryland – 2.4%
	County of Anne Arundel Consolidated General Improvement CP BANS Series 2014-97-A (State Street Bank & Trust, LIQ)
	16,800,000		0.080			04/03/14		16,800,000
	County of Anne Arundel Consolidated Water and Sewer CP BANS Series 2014-97-B (State Street Bank & Trust, LIQ)
	6,600,000		0.080			04/03/14		6,600,000
	County of Montgomery Consolidated Public Improvement CP BANS Series 2014-09-B (JPMorgan Chase Bank N.A.,LIQ)
	20,000,000		0.080			04/04/14		20,000,000
	County of Montgomery GO for Consolidated Public Improvement Series 2013 A
	14,750,000		5.000			11/01/14		15,227,015
	Maryland Economic Development Corp. VRDN RB for Howard Hughes Medical Institute Project Series 2008 A
	4,445,000		0.020			03/07/14		4,445,000
	Maryland Industrial Development Financing Authority Port Facilities VRDN RB Refunding for Occidental Petroleum Corp. Series 2010
	31,680,000		0.040			03/07/14		31,680,000
	Maryland State GO Series 2001-1
	2,000,000		5.500			03/01/15		2,106,878
	Maryland State Health & Higher Educational Facilities Authority VRDN RB for John Hopkins Health System Floater Certificates Series 2013 O-66 (Royal Bank of Canada, LIQ)(a)
	5,000,000		0.030			03/07/14		5,000,000
	Maryland State Transportation Authority VRDN RB Certificates Series 2008-3017X (AGM) (Bank of America N.A., LIQ)(a)
	5,000,000		0.080			03/07/14		5,000,000
	Town of Ocean City GO Series 2013
	1,110,000		5.000			12/01/14		1,150,052
	University System of Maryland Auxiliary Facility & Tuition RB Series 2014 B
	3,880,000		2.000			04/01/14		3,886,277
	Washington Suburban Sanitary District Consolidated Public Improvement GO Series 2010 A
	2,125,000		5.000			06/01/14		2,150,883
	Washington Suburban Sanitary District GO Refunding for Public Improvement Series 2013 A
	2,380,000		2.000			06/01/14		2,391,040
	Municipal Debt Obligations – (continued)
	Maryland – (continued)
	Washington Suburban Sanitary District GO VRDN BANS Series 2013 A (TD Bank N.A., SPA)
$	20,000,000		0.030	%		03/07/14	$	20,000,000
								136,437,145
	Massachusetts – 5.3%
	Boston Water & Sewer Commission RB Refunding for General Revenue Refunding Senior Series 2009 B
	4,545,000		5.000			11/01/14		4,691,247
	Massachusetts Bay Transportation Authority CP Series 2014
	5,250,000		0.090			05/01/14		5,250,000
	Massachusetts Bay Transportation Authority Sales Tax VRDN RB Austin Trust Certificates Series 2008-1111 (Bank of America N.A., LIQ)
	5,000,000		0.080			03/07/14		5,000,000
	Massachusetts Bay Transportation Authority Sales Tax VRDN RB Putters Series 2006-1387 (JPMorgan Chase Bank N.A., LIQ)(a)
	13,315,000		0.040			03/07/14		13,315,000
	Massachusetts Development Finance Agency VRDN RB for Harvard University Putters Series 2010-3840 (JPMorgan Chase Bank N.A., LOC)(a)
	4,000,000		0.040			03/07/14		4,000,000
	Massachusetts GO VRDN Austin Trust Certificates Series 2008-1203 (Bank of America N.A., LIQ)(a)
	9,500,000		0.080			03/07/14		9,500,000
	Massachusetts GO VRDN Floater Certificates Series 2012 E-32 (Royal Bank of Canada, LOC) (Royal Bank of Canada, LIQ)(a)
	19,600,000		0.030			03/07/14		19,600,000
	Massachusetts Health & Educational Facilities Authority VRDN RB for Harvard University Putters Series 2008-3104 (JPMorgan Chase Bank N.A., LIQ)(a)
	3,040,000		0.040			03/07/14		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		0.030			03/07/14		5,390,000
	Massachusetts Health & Educational Facilities Authority VRDN RB for Museum of Fine Arts Series 2007 A-2 RMKT (Bank of America N.A., SPA)
	57,400,000		0.030			03/03/14		57,400,000
	Massachusetts Water Resources Authority CP Series 2014 (Bayerische Landesbank, LOC)
	44,000,000		0.300			03/03/14		44,000,000
	43,000,000		0.280			04/01/14		43,000,000
	The Commonwealth of Massachusetts GO Consolidated Loan Series 2001 D
	175,000		5.500			11/01/14		181,107
	The Commonwealth of Massachusetts GO Consolidated Loan Series 2002 C (NATL GO OF CMNWLTH)
	500,000		5.500			11/01/14		517,885
	The Commonwealth of Massachusetts GO Consolidated Loan Series 2004 D (AGM)(c)
	2,285,000		5.000			12/01/14		2,367,305
	The Commonwealth of Massachusetts GO VRDN Consolidated Loan Series 2006 A (Wells Fargo Bank N.A., SPA)
	27,385,000		0.030			03/03/14		27,385,000
	The Commonwealth of Massachusetts GO VRDN Consolidated Loan Series 2012 A
	17,545,000		0.410			09/01/14		17,562,268
	The Commonwealth of Massachusetts GO VRDN Refunding Series 2012 A
	150,000		0.430			02/01/15		150,019

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)
	Massachusetts – (continued)
	University of Massachusetts Building Authority Project VRDN RB Senior Series 2008-1 (JPMorgan Chase Bank N.A., SPA)
$	34,900,000		0.070	%		03/07/14	$	34,900,000
								297,249,831
	Michigan – 0.6%
	Michigan Finance Authority VRDN RB Refunding for Trinity Health Floater Certificates Series 2012-0-32 (Royal Bank of Canada, LIQ)(a)
	6,870,000		0.030			03/07/14		6,870,000
	Michigan Hospital Finance Authority VRDN RB for McLaren Health Care Putters Series 2010-3818 (JPMorgan Chase Bank N.A., LIQ)(a)
	6,660,000		0.110			03/07/14		6,660,000
	Michigan Hospital Finance Authority VRDN RB for Trinity Health Putters Series 2008-2976 (JPMorgan Chase Bank N.A., LIQ)(a)
	9,595,000		0.110			03/07/14		9,595,000
	Michigan Municipal Bond Authority RB for Clean Water Series 2002
	10,400,000		5.500			10/01/14		10,724,573
								33,849,573
	Minnesota – 1.4%
	City of Minneapolis, Minnesota GO Refunding for Library Referendum Series 2013
	20,330,000		0.500			12/01/14		20,379,593
	County of Hennepin, Minnesota GO Series 2013 A
	5,095,000		5.000			12/01/14		5,280,067
	Minneapolis Special School District No 1 GO Refunding for School Building Series 2013 C (School District Credit Enhancement Program)
	6,560,000		5.000			02/01/15		6,850,983
	Minneapolis VRDN RB for University Gateway Project Series 2009 (Wells Fargo Bank N.A., SPA)
	3,000,000		0.030			03/07/14		3,000,000
	Minnesota State GO Series 2004
	6,155,000		5.000			11/01/14		6,352,088
	Minnesota State GO Series 2011 A
	13,675,000		5.000			10/01/14		14,059,705
	Minnesota State GO Various Purpose Series 2009 D
	12,945,000		5.000			08/01/14		13,205,011
	Rochester GO VRDN Wastewater Series 2007 B (Wells Fargo Bank N.A., SPA)
	8,900,000		0.030			03/07/14		8,900,000
								78,027,447
	Mississippi – 0.9%
	Jackson County VRDN PCRB Refunding for Chevron USA Inc. Project Series 1993 (Chevron Corporation)
	23,130,000		0.030			03/03/14		23,130,000
	Mississippi Business Finance Commission Gulf Opportunity Zone VRDN RB for Chevron USA Inc. Series 2010 L (GTY AGMT Chevron Corp.)
	16,170,000		0.030			03/03/14		16,170,000
	Mississippi Business Finance Commission Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2009 A (GTY AGMT-Chevron Corp.)
	13,800,000		0.030			03/03/14		13,800,000
								53,100,000
	Missouri – 1.2%
	Missouri Development Finance Board Cultural Facilities VRDN RB for Kauffman Center Performing Arts Series 2007 A (Northern Trust Co., SPA)
	500,000		0.040			03/03/14		500,000
	Municipal Debt Obligations – (continued)
	Missouri – (continued)
	Missouri Health & Educational Facilities Authority VRDN RB for Ascension Health Series 2003 C-3 RMKT
$	9,900,000		0.020	%		03/07/14	$	9,900,000
	Missouri Health & Educational Facilities Authority VRDN RB for BJC Health System Series 2008 B (BJC Health System, LIQ)
	20,000,000		0.030			03/07/14		20,000,000
	Missouri Health & Educational Facilities Authority VRDN RB for SSM Health Care Corp. Series 2005 D4 RMKT (JPMorgan Chase Bank N.A., SPA)
	22,625,000		0.050			03/07/14		22,625,000
	Missouri Health & Educational Facilities Authority VRDN RB for Washington University Putters Series 2009-3546 (JPMorgan Chase Bank N.A., LIQ)(a)
	11,395,000		0.040			03/07/14		11,395,000
	Missouri Highway & Transportation Commission RB for Federal Reimbursement State Road Series 2009 A
	5,350,000		5.000			05/01/14		5,392,921
								69,812,921
	Multi-State – 0.8%
	Federal Home Loan Mortgage Corporation VRDN RB for MultiFamily Variable Rate Certificates Series 2013-M027 Class A
	16,275,000		0.040			03/07/14		16,275,000
	Nuveen AMT-Free Municipal Income Fund VRDN Tax-Exempt Preferred Variable Rate Demand Preferred Series 2013-1-2190 (Deutsche Bank A.G., LIQ)(a)
	26,900,000		0.120			03/07/14		26,900,000
								43,175,000
	Nebraska – 0.7%
	Douglas County School District 001 GO Refunding for Omaha Public Schools Series 2014
	2,980,000		1.000			12/15/14		2,998,918
	Lincoln, Nebraska Electric System VRDN RB Floaters Series 2008-2900 (Credit Suisse, LIQ)
	21,870,000		0.050			03/07/14		21,870,000
	Omaha Public Power District VRDN RB Floaters Series 2006-1289 (FGIC) (Credit Suisse, LIQ)
	3,570,000		0.030			03/07/14		3,570,000
	Omaha Public Power District VRDN RB SPEARS Series 2011-DB-1045 (Deutsche Bank A.G., LIQ)(a)
	9,510,000		0.050			03/07/14		9,510,000
								37,948,918
	Nevada – 0.8%
	Clark County Water Reclamation District GO VRDN Putters Series 2009-3366Z (JPMorgan Chase Bank N.A., LIQ)(a)
	6,000,000		0.040			03/07/14		6,000,000
	Clark County Water Reclamation District GO VRDN Putters Series 2009-3488Z (JPMorgan Chase Bank N.A., LIQ)(a)
	6,305,000		0.040			03/07/14		6,305,000
	Clark County Water Reclamation District GO VRDN Putters Series 2009-3489Z (JPMorgan Chase Bank N.A., LIQ)(a)
	7,000,000		0.040			03/07/14		7,000,000
	Las Vegas Valley Water District CP Series 2004 A
	12,000,000		0.080			03/04/14		12,000,000
	Las Vegas Valley Water District GO VRDN Putters Series 2011-3987Z (JPMorgan Chase Bank N.A., LIQ)(a)
	7,185,000		0.070			03/07/14		7,185,000

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

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

Schedule of Investments (continued)

February 28, 2014 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Municipal Debt Obligations – (continued)
	Nevada – (continued)
	State of Nevada GO VRDN Putters Series 2009-3421 (JPMorgan Chase Bank N.A., LIQ)(a)
$	8,450,000		0.040	%		03/07/14	$	8,450,000
								46,940,000
	New Hampshire – 0.3%
	New Hampshire Health & Education Facilities Authority VRDN RB for Dartmouth College Series 2003 (U.S. Bank N.A., SPA)
	14,390,000		0.030			03/07/14		14,390,000
	New Jersey – 1.8%
	New Jersey Transportation Trust Fund Authority VRDN RB for Capital Appreciation Transportation System SPEARS Series 2014-DBE-1246 (GTY AGMT-Deutsche Bank A.G.) (Deutsche Bank A.G.,LIQ)(a)
	39,615,000		0.080			03/07/14		39,615,000
	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)
	16,250,000		0.080			03/07/14		16,250,000
	New Jersey Turnpike Authority VRDN RB P-Floats Series 2013-MT-843 (Bank of America N.A., LOC) (Bank of America N.A., LIQ)(a)
	9,950,000		0.080			03/07/14		9,950,000
	New Jersey Turnpike Authority VRDN RB SPEARS Series 2013-DBE-1153X (GTY AGMT- Deutsche Bank A.G.) (Deutsche Bank A.G., LIQ)(a)
	12,130,000		0.080			03/07/14		12,130,000
	New Jersey Turnpike Authority VRDN RB SPEARS Series 2013-DBE-1154 (GTY AGMT-Deutsche Bank A.G.) (Deutsche Bank A.G., LIQ)(a)
	22,235,000		0.080			03/07/14		22,235,000
								100,180,000
	New Mexico – 0.2%
	University of New Mexico VRDN RB Refunding Subordinate Lien System Series 2003 B (JPMorgan Chase Bank N.A., SPA)
	10,000,000		0.040			03/07/14		10,000,000
	New York – 13.6%
	Erie County IDA School Facility VRDN RB for City School District Buffalo Project Series 2008-3053X (AGM) (Bank of America N.A., LIQ)(a)
	2,130,000		0.180			03/07/14		2,130,000
	Metropolitan Transportation Authority RB for Transportation Series 2013 E
	7,000,000		2.000			11/15/14		7,087,719
	Metropolitan Transportation Authority VRDN RB for Dedicated Tax Putters Series 2014-4437Z (JPMorgan Chase Bank N.A., LIQ)(a)
	3,165,000		0.040			03/07/14		3,165,000
	Nassau County, New York Interim Finance Authority VRDN RB Series 2008 D-2 (JPMorgan Chase Bank N.A., SPA)
	25,000,000		0.040			03/07/14		25,000,000
	New York City GO Series 2013 D
	9,000,000		4.000			08/01/14		9,143,498
	New York City GO VRDN Series 1993 Subseries A-4 (Bayerische Landesbank, LOC)
	19,950,000		0.040			03/03/14		19,950,000
	New York City GO VRDN Series 1995 F-4 (Landesbank Hessen-Thueringen, LOC)
	14,200,000		0.100			03/07/14		14,200,000
	New York City GO VRDN Series 2002 Subseries C-2 (Bayerische Landesbank, LOC)
	35,700,000		0.060			03/07/14		35,700,000
	Municipal Debt Obligations – (continued)
	New York – (continued)
	New York City GO VRDN Series 2006 I Subseries I-3 (Bank of America N.A., LOC)
$	27,835,000		0.030	%		03/03/14	$	27,835,000
	New York City GO VRDN Series 2006 Subseries H-2 (JPMorgan Chase Bank N.A.,SPA)
	23,800,000		0.030			03/03/14		23,800,000
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Floater Series 2013-3WX (Barclays Bank PLC, LIQ)(a)
	7,400,000		0.040			03/07/14		7,400,000
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Floater Trust Series 2013-16U (Barclays Bank PLC, LIQ)(a)
	2,000,000		0.040			03/07/14		2,000,000
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Second General Resolution Floater Series 2011-3274X (Credit Suisse, LIQ)(a)
	8,665,000		0.030			03/07/14		8,665,000
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Second General Resolution Series 2012 AA-2 (Bank of Tokyo-Mitsubishi UFJ, SPA)
	6,750,000		0.020			03/07/14		6,750,000
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Series 2003 F Subseries F-2 (Bayerische Landesbank, SPA)
	28,990,000		0.080			03/03/14		28,990,000
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Series 2008-BB1 Second General Resolution (Landesbank Hessen-Thueringen, SPA)
	6,000,000		0.040			03/03/14		6,000,000
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Series 2011 Subseries A-2 (Mizuho Corporate Bank, SPA)
	4,200,000		0.030			03/03/14		4,200,000
	New York City Transitional Finance Authority VRDN RB Austin Trust Certificates Series 2008-1190 (Bank of America N.A., LIQ)
	3,170,000		0.080			03/07/14		3,170,000
	New York City Transitional Finance Authority VRDN RB Floaters Series 2008-3360 (Morgan Stanley Bank, LIQ)(a)
	6,800,000		0.050			03/07/14		6,800,000
	New York City Transitional Finance Authority VRDN RB for Future Tax Secured Refunding Series 2002-A-3B (Bank of Tokyo-Mitsubishi UFJ, LOC)
	4,000,000		0.020			03/07/14		4,000,000
	New York City Transitional Finance Authority VRDN RB for Future Tax Secured Series 1998 C (Morgan Stanley Bank, LOC)
	2,900,000		0.050			03/03/14		2,900,000
	New York City Transitional Finance Authority VRDN RB for NYC Recovery Series 2002-1 Subseries 1-A (Landesbank Hessen-Thueringen Girozentrale, LIQ)
	25,940,000		0.060			03/07/14		25,940,000
	New York City Transitional Finance Authority VRDN RB for NYC Recovery Series 2002-3 Subseries 3E (Landesbank Baden-Wurttemberg, SPA)
	40,945,000		0.040			03/03/14		40,945,000
	New York City Transitional Finance Authority VRDN RB Series 2002 Subseries 2F (Bayerische Landesbank, LIQ)
	1,335,000		0.040			03/03/14		1,335,000
	New York City Trust for Cultural Resources VRDN RB for Museum of Modern Art Series 2008-3316 (Bank of America N.A., LIQ)(a)
	3,795,000		0.080			03/07/14		3,795,000

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)
	New York – (continued)
	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)
$	2,680,000		0.040	%		03/07/14	$	2,680,000
	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)
	3,170,000		0.040			03/07/14		3,170,000
	New York State Dormitory Authority Non-State Supported Debt VRDN RB for Rockefeller University Series 2005 A2 Convertible (JPMorgan Chase Bank SPA)
	2,100,000		0.040			03/07/14		2,100,000
	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)
	3,525,000		0.040			03/07/14		3,525,000
	New York State Dormitory Authority State Personal Income Tax VRDN RB Eagle Series 2006-0164 Class A (Citibank N.A., LIQ)
	11,060,000		0.040			03/07/14		11,060,000
	New York State Dormitory Authority State Personal Income Tax VRDN RB for Education ROCS RR II R-11479 (Citibank N.A., LIQ)(a)
	5,900,000		0.040			03/07/14		5,900,000
	New York State Dormitory Authority State Personal Income Tax VRDN RB Putters Series 2008-3160 (JPMorgan Chase Bank N.A., LIQ)(a)
	6,660,000		0.040			03/07/14		6,660,000
	New York State Dormitory Authority State Personal Income Tax VRDN RB Putters Series 2008-3280 (JPMorgan Chase Bank N.A., LIQ)(a)
	5,000,000		0.040			03/07/14		5,000,000
	New York State Dormitory Authority State Personal Income Tax VRDN RB Putters Series 2010-3792Z (JPMorgan Chase Bank N.A., LIQ)(a)
	6,360,000		0.040			03/07/14		6,360,000
	New York State Dormitory Authority State Personal Income Tax VRDN RB ROCS RR-II R-12121 Series 2007 (Citibank N.A., LIQ)
	8,920,000		0.040			03/07/14		8,920,000
	New York State Dormitory Authority VRDN RB for Memorial Sloan-Kettering Cancer Center Putters Series 2008-3209 (JPMorgan Chase Bank N.A., LIQ)(a)
	2,200,000		0.040			03/07/14		2,200,000
	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		0.040			03/07/14		8,220,000
	New York State Environmental Facilities Corp. VRDN RB for State Clean Water & Drinking Water Revolving Funds Putters Series 2008-2870 (JPMorgan Chase Bank N.A., LIQ)
	7,245,000		0.040			03/07/14		7,245,000
	New York State Environmental Facilities Corp. VRDN RB for State Clean Water & Drinking Water Revolving Funds Putters Series 2013-4355 (JPMorgan Chase Bank N.A., LIQ)(a)
	2,500,000		0.040			03/07/14		2,500,000
	New York State Housing Finance Agency VRDN RB for 10 Barclay Street Series 2004 A (FNMA) (FNMA, LIQ)
	2,800,000		0.030			03/07/14		2,800,000
	New York State Housing Finance Agency VRDN RB for 100 Maiden Lane Series 2004 A RMKT (FNMA) (FNMA, LIQ)
	9,000,000		0.030			03/07/14		9,000,000
	New York State Housing Finance Agency VRDN RB for 20 River Terrace Housing Series 2002 A RMKT (FNMA, LIQ)
	19,800,000		0.030			03/07/14		19,800,000
	Municipal Debt Obligations – (continued)
	New York – (continued)
	New York State Housing Finance Agency VRDN RB for 42nd & 10th Housing Series 2010 A RMKT (FHLMC, LOC) (FHLMC, LIQ)
$	12,000,000		0.020	%		03/07/14	$	12,000,000
	New York State Housing Finance Agency VRDN RB for 600 West 42nd Street Series 2009 A RMKT (FNMA, LIQ)
	83,075,000		0.040			03/07/14		83,075,000
	New York State Housing Finance Agency VRDN RB for North End Series 2004 A RMKT (FNMA, LIQ)
	21,000,000		0.030			03/07/14		21,000,000
	New York State Housing Finance Agency VRDN RB for Taconic Housing West 17th Street Series 2009 A (FNMA, LIQ)
	10,325,000		0.030			03/07/14		10,325,000
	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)
	42,785,000		0.080			03/07/14		42,785,000
	New York State Liberty Development Corp. VRDN RB Refunding for 7 World Trade Center Project Putters Series 2012-4080Z (JPMorgan Chase Bank N.A., LIQ)(a)
	6,500,000		0.240			03/07/14		6,500,000
	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)
	63,655,000		0.030			03/07/14		63,655,000
	New York State Power Authority CP Series 2014-1 (JPMorgan Chase Bank N.A., LOC) (Bank of Nova Scotia, LOC) (State Street Bank & Trust, LOC) (Wells Fargo Bank N.A., LOC) (Bank of New York, LOC)
	1,687,000		0.060			03/14/14		1,687,000
	New York State Thruway Authority VRDN RB Floater Series 2008-2800 (Credit Suisse, LIQ)
	13,865,000		0.030			03/07/14		13,865,000
	New York State Urban Development Corp. VRDN RB for State Personal Income Tax Putters Series 2013-4429 (JPMorgan Chase Bank N.A.,LIQ)(a)
	10,480,000		0.050			03/03/14		10,480,000
	Northport-East Northport Union Free School District GO TANS Series 2013 (State Aid Withholding)
	29,500,000		1.250			06/26/14		29,595,500
	Port Authority of New York & New Jersey VRDN RB ROCS RR-II R-14077 Series 2013 (Citibank N.A., LIQ)(a)
	2,585,000		0.040			03/07/14		2,585,000
	The City of New York GO Series 2005 K
	5,250,000		5.000			08/01/14		5,356,289
	The City of New York GO VRDN Series 2008 Subseries J-6 (Landesbank Hessen-Thueringen, LOC)
	32,180,000		0.030			03/03/14		32,180,000
								763,130,006
	North Carolina – 2.8%
	County of Guilford, North Carolina GO Public Improvement Series 2012 A
	2,990,000		4.000			03/01/15		3,104,468
	County of Union, North Carolina Enterprise System VRDN RB Series 2009 (U.S. Bank N.A., LOC)
	18,085,000		0.030			03/07/14		18,085,000
	County of Wake, North Carolina GO Public Improvement Series 2009
	1,650,000		5.000			03/01/15		1,729,703

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, 2014 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Municipal Debt Obligations – (continued)
	North Carolina – (continued)
	North Carolina Capital Facilities Finance Agency Educational Facilities VRDN RB for Wake Forest University Series 2004 A
$	22,660,000		0.020	%		03/07/14	$	22,660,000
	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		0.030			03/07/14		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		0.030			03/07/14		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		0.030			03/07/14		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		0.040			03/07/14		11,000,000
	North Carolina Educational Facilities Finance Agency VRDN RB for Duke University Project Series 1991 B
	5,145,000		0.030			03/07/14		5,145,000
	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		0.050			03/07/14		2,000,000
	Raleigh Durham Airport Authority VRDN RB Refunding Series 2008 C RMKT (Royal Bank of Canada, LOC)
	20,000,000		0.030			03/07/14		20,000,000
	State of North Carolina GO for Public Improvement Prerefunded Series 2005 A
	1,280,000		5.000			03/01/15		1,341,047
	Trustees of Duke University CP Series 2014
	10,000,000		0.100			05/07/14		10,000,000
	University of North Carolina at Chapel Hill VRDN RB Eagle-7 Series 2005-3014 Class A (Citibank N.A., LIQ)
	5,345,000		0.040			03/07/14		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		0.030			03/07/14		11,380,000
								154,340,218
	North Dakota – 1.2%
	County of Mercer Basin Electric Power Cooperative CP Series 2014-09-1
	64,925,000		0.130			03/03/14		64,925,000
	Ohio – 3.1%
	City of Columbus GO VRDN Putters Series 2007-2365 (JPMorgan Chase Bank N.A., LIQ)(a)
	4,360,000		0.060			03/07/14		4,360,000
	Franklin County Hospital VRDN RB for Ohio Health Corp. Series 2011-C
	10,000,000		0.060			06/04/14		10,000,000
	Franklin County Hospital VRDN RB for Ohio Health Corp. SPEARS Series 2011-DB-1040 (Deutsche Bank A.G., LIQ)(a)
	11,330,000		0.050			03/07/14		11,330,000
	Franklin County Hospital VRDN RB Refunding for Nationwide Children’s Hospital Series 2008 D RMKT (Bank of NY Mellon, SPA)
	18,120,000		0.030			03/07/14		18,120,000
	Franklin County Hospital VRDN RB Refunding for Nationwide Children’s Hospital Series 2008 F (PNC Bank N.A., SPA)
	26,380,000		0.030			03/07/14		26,380,000
	Municipal Debt Obligations – (continued)
	Ohio – (continued)
	Ohio State GO Series 2006 D
$	3,500,000		5.000	%		09/15/14	$	3,591,561
	Ohio State GO VRDN Refunding for Infrastructure Improvement Series 2004 A
	15,100,000		0.020			03/07/14		15,100,000
	Ohio State Higher Educational Facility Commission CP for Case Western Reserve University Series 2014
	38,500,000		0.120			03/03/14		38,500,000
	Ohio State Higher Educational Facility Commission VRDN RB for Cleveland Clinic Health System Floater Certificates Series 2008-59C (Wells Fargo & Co., LIQ)(a)
	19,800,000		0.050			03/07/14		19,800,000
	Ohio State Hospital Facility VRDN RB for Cleveland Clinic Health System Putters Series 2009-3555Z (JPMorgan Chase Bank N.A., LIQ)(a)
	6,245,000		0.040			03/07/14		6,245,000
	Ohio State Hospital Facility VRDN RB for Cleveland Clinic Health System Putters Series 2009-3558Z (JPMorgan Chase Bank N.A., LIQ)(a)
	7,100,000		0.040			03/07/14		7,100,000
	Ohio State Major New State Infrastructure Project RB Series 2012-1
	2,000,000		3.000			12/15/14		2,043,978
	Ohio State University General Receipts VRDN RB Series 2008 B
	14,100,000		0.020			03/07/14		14,100,000
								176,670,539
	Oklahoma – 0.2%
	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		0.030			03/07/14		10,000,000
	Oregon – 0.8%
	Oregon State GO TANS Series 2013 A
	25,725,000		1.500			07/31/14		25,866,445
	Oregon State GO VRDN for Veterans’ Welfare Series 1985-73-H (Bayerische Landesbank, SPA)
	4,600,000		0.060			03/07/14		4,600,000
	Oregon State GO VRDN for Veterans’ Welfare Series 2008-90B RMKT (Bank of Tokyo-Mitsubishi UFJ, SPA)
	15,385,000		0.030			03/07/14		15,385,000
								45,851,445
	Pennsylvania – 1.7%
	Allegheny County Hospital Development Authority VRDN RB for University of Pittsburg Medical Center Floater Certificates Series 2011 E-29 (Royal Bank of Canada, LOC) (Royal Bank of Canada, LIQ)(a)
	7,000,000		0.030			03/07/14		7,000,000
	Allegheny County Hospital Development Authority VRDN RB for University of Pittsburg Medical Center Floater Certificates Series 2013 E-45 (GTY AGMT-Royal Bank of Canada) (Royal Bank of Canada, LOC)(a)
	20,000,000		0.030			03/07/14		20,000,000
	Pennsylvania Economic Development Financing Authority VRDN RB for Jefferson Health System Series 2005 A (Fleet National Bank, SPA)
	22,115,000		0.060			03/07/14		22,115,000
	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		0.030			03/07/14		18,500,000

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)
	Pennsylvania – (continued)
	Pennsylvania State Turnpike Commission VRDN RB SPEARS Series 2013-DBE-1179 (GTY AGMT-Deutsche Bank A.G.) (Deutsche Bank A.G., LIQ)(a)
$	4,475,000		0.080	%		03/07/14	$	4,475,000
	Pennsylvania State University VRDN RB Refunding Series 2009 B
	10,000,000		0.220			06/01/14		10,000,000
	Pennsylvania Turnpike Commission VRDN RB Series 2011 B
	500,000		0.680			06/01/14		500,103
	Philadelphia Hospitals & Higher Education Facilities Authority VRDN RB for Children’s Hospital of Philadelphia Project Series 2002 A (JPMorgan Chase Bank N.A., SPA)
	1,100,000		0.030			03/03/14		1,100,000
	Philadelphia Hospitals & Higher Education Facilities Authority VRDN RB for Children’s Hospital of Philadelphia Project Series 2011 B (Wells Fargo Bank N.A., SPA)
	5,100,000		0.030			03/03/14		5,100,000
	University of Pittsburgh of the Commonwealth System of Higher Education VRDN RB Floater Series 2009-38C (GO of University) (Wells Fargo & Co., LIQ)(a)
	4,000,000		0.050			03/07/14		4,000,000
								92,790,103
	South Carolina – 1.0%
	Columbia Waterworks & Sewer System VRDN RB Floater Trust Series 2010-42W (Barclays Bank PLC, LIQ)(a)
	3,000,000		0.050			03/07/14		3,000,000
	South Carolina Public Service Authority CP for Santee Cooper Series 2014 A (JPMorgan Chase Bank N.A., LIQ)
	1,300,000		0.090			04/04/14		1,300,000
	1,000,000		0.100			04/04/14		1,000,000
	South Carolina Public Service Authority CP for Santee Cooper Series 2014 C (U.S. Bank N.A., LOC)
	35,210,000		0.110			05/05/14		35,210,000
	South Carolina Public Service Authority VRDN RB for Santee Cooper Putters Series 2013-4379 (JPMorgan Chase Bank N.A., LIQ)(a)
	3,000,000		0.110			03/07/14		3,000,000
	South Carolina Public Services Authority VRDN RB Refunding for Santee Cooper Floater Series 2011-0-9 (Royal Bank of Canada, LIQ)(a)
	10,300,000		0.030			03/07/14		10,300,000
	State of South Carolina GO for Economic Development Series 2013 A (State Aid Withholding)
	3,405,000		2.000			10/01/14		3,441,483
								57,251,483
	Tennessee – 1.1%
	Chattanooga Health Educational & Housing Facility Board VRDN RB for Catholic Health Initiatives SPEARS Series 2014-DBE-1268 (GTY AGMT-Deutsche Bank A.G.) (Deutsche Bank A.G., LIQ)(a)
	7,565,000		0.100			03/07/14		7,565,000
	City of Memphis GO BANS Series 2012
	36,000,000		3.000			04/01/14		36,084,954
	Metropolitan Government of Nashville & Davidson County Health & Educational Facilities Board RB Refunding for Vanderbilt University Series 2008 A (GO of University)
	5,000,000		5.000			10/01/14		5,141,205
	Municipal Debt Obligations – (continued)
	Tennessee – (continued)
	Metropolitan Government of Nashville & Davidson County Health & Educational Facilities Board RB Refunding for Vanderbilt University Series 2012 E
$	5,000,000		4.000	%		10/01/14	$	5,112,158
	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		0.050			03/07/14		2,000,000
	Tennessee State School Bond Authority RB for Higher Education Facilities Second Program Series 2010 A (State Intercept)
	5,290,000		4.000			05/01/14		5,323,721
								61,227,038
	Texas – 9.7%
	Austin ISD CP Series 2014 A-2 (Mizuho Corp. Bank, LOC)
	10,000,000		0.120			03/03/14		10,000,000
	Board of Regents of the Texas A&M University System VRDN RB Floaters Trust Series 2010-39W (Barclays Bank PLC, LIQ)(a)
	2,500,000		0.050			03/07/14		2,500,000
	City of Austin Hotel Occupancy Tax VRDN RB Refunding Subordinate Lien Series 2008 A RMKT (JPMorgan Chase Bank N.A., LOC)
	19,200,000		0.040			03/07/14		19,200,000
	City of Austin RB Refunding for Water & Wastewater System Series 2012
	3,405,000		4.000			05/15/14		3,432,169
	City of Dallas Waterworks & Sewer System CP Series 2014
	2,350,000		0.080			03/03/14		2,350,000
	5,250,000		0.100			03/03/14		5,250,000
	City of Dallas Waterworks & Sewer System CP Series 2014 C (Bank of America N.A., LIQ) (JPMorgan Chase Bank N.A., LIQ)
	1,000,000		0.080			03/03/14		1,000,000
	1,350,000		0.100			03/03/14		1,350,000
	City of Fort Worth Water & Sewer System RB Refunding for Improvement Series 2014(c)
	18,800,000		2.000			02/15/15		19,124,488
	Cypress-Fairbanks ISD GO VRDN Putters Series 2008-3084Z (PSF-GTD) (JPMorgan Chase Bank N.A., LIQ)(a)
	4,995,000		0.040			03/07/14		4,995,000
	Dallas Area Rapid Transit Sales Tax VRDN RB Eagle Series 2012-0003 Class A (Citibank N.A., LIQ)(a)
	7,600,000		0.040			03/07/14		7,600,000
	Dallas Area Rapid Transit Sales Tax VRDN RB Putters Series 2010-3687Z (AMBAC) (JPMorgan Chase Bank N.A., LIQ)(a)
	5,360,000		0.050			03/07/14		5,360,000
	Dallas Area Rapid Transit Sales Tax VRDN RB ROCS-RR-II R-11541 Series 2008 (Citibank N.A., LIQ)
	1,560,000		0.050			03/07/14		1,560,000
	Dickinson ISD GO VRDN Municipal Trust Receipts Series 2000 SGA94 (PSF-GTD) (Societe Generale, LIQ)
	13,350,000		0.070			03/03/14		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		0.050			03/07/14		26,770,000
	Fort Bend ISD GO VRDN Floater Series 2008-25C-1 3C7 (PSF-GTD) (Wells Fargo & Co., LIQ)(a)
	9,905,000		0.050			03/07/14		9,905,000

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, 2014 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	Municipal Debt Obligations – (continued)
	Texas – (continued)
	Frisco ISD GO VRDN Floater Series 2008-19C (PSF-GTD) (Wells Fargo & Co., LIQ)(a)
$	14,555,000		0.050	%		03/07/14	$	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)(a)
	10,080,000		0.030			03/07/14		10,080,000
	Harris County Cultural Education Facilities Finance Corp. VRDN RB for Texas Children’s Hospital Project Putters Series 2009-3491Z (JPMorgan Chase Bank N.A., LIQ)(a)
	4,795,000		0.070			03/07/14		4,795,000
	Harris County Health Facilities Development Corp. VRDN RB Refunding for Methodist Hospital System Series 2008 A-2
	26,300,000		0.030			03/03/14		26,300,000
	Harris County Toll Road Authority VRDN RB Putters Series 2009-3425 (JPMorgan Chase Bank N.A., LIQ)(a)
	6,845,000		0.040			03/07/14		6,845,000
	Houston, Texas Airport System VRDN RB Floater Series 2012-0-44 (Royal Bank of Canada, LIQ)(a)
	8,330,000		0.030			03/07/14		8,330,000
	Lower Colorado River Authority VRDN RB SPEARS Series 2014-DBE-1235 (GTY-AGMT-Deutsche Bank A.G.) (Deutsche Bank A.G., LIQ)(a)
	25,135,000		0.080			03/07/14		25,135,000
	Lower Neches Valley, Texas Authority Industrial Development Corp. VRDN RB for ExxonMobil Project Series 2010 (GTY AGMT-Exxon Mobil Corp.)
	50,690,000		0.030			03/03/14		50,690,000
	Mansfield ISD GO Series 2005 (PSF-GTD)
	1,000,000		5.000			02/15/15		1,045,390
	Mesquite ISD GO VRDN for School Building Series 2003 A (PSF-GTD) (JPMorgan Chase Bank N.A., SPA)
	18,895,000		0.050			03/07/14		18,895,000
	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		0.040			03/07/14		20,000,000
	San Antonio Electric & Gas System CP Series 2014 A (JPMorgan Chase Bank N.A., LOC)
	2,000,000		0.080			04/07/14		2,000,000
	San Antonio Electric & Gas System VRDN RB Floaters Series 2014-0-75 (Royal Bank of Canada, LIQ)(a)
	5,000,000		0.030			03/07/14		5,000,000
	San Antonio Electric & Gas Systems VRDN RB Putters Series 2008-2957 (JPMorgan Chase Bank N.A., LIQ)(a)
	9,995,000		0.040			03/07/14		9,995,000
	San Antonio Electric & Gas Systems VRDN RB Putters Series 2009-3560 (JPMorgan Chase Bank N.A., LIQ)(a)
	9,015,000		0.040			03/07/14		9,015,000
	State of Texas GO VRDN for Transportation Commission Mobility Fund Austin Trust Certificates Series 2008-1053 (Bank of America, N.A., LIQ)(a)
	6,670,000		0.050			03/07/14		6,670,000
	State of Texas TRANS Series 2013
	115,955,000		2.000			08/28/14		116,995,094
	Tarrant County Cultural Education Facilities Finance Corp. VRDN RB for Texas Health Resources Series 2008 C (JPMorgan Chase Bank N.A., SPA)
	36,700,000		0.050			03/03/14		36,700,000
	Tarrant County Cultural Education Facilities Finance Corp. VRDN RB for Texas Health Resources Series 2012 B
	1,900,000		0.020			03/07/14		1,900,000
	Municipal Debt Obligations – (continued)
	Texas – (continued)
	Texas State Transportation Commission GO VRDN Putters Series 2008-3238 (JPMorgan Chase Bank N.A., LIQ)(a)
$	2,165,000		0.040	%		03/07/14	$	2,165,000
	Texas State Transportation Commission VRDN RB Putters Series 2008-2563 (JPMorgan Chase Bank N.A., LIQ)(a)
	6,635,000		0.040			03/07/14		6,635,000
	Texas State Transportation Commission VRDN RB Putters Series 2008-2902 (JPMorgan Chase Bank N.A., LIQ)
	14,395,000		0.040			03/07/14		14,395,000
	Texas Water Development Board VRDN RB Refunding for State Revolving Sub Lien Series 2007 A (JPMorgan Chase Bank N.A. SPA)
	6,300,000		0.040			03/03/14		6,300,000
	University of Houston VRDN RB Floater Certificates Series 2009-30C (Wells Fargo & Co., LIQ)(a)
	7,710,000		0.070			03/07/14		7,710,000
	Williamson County GO Certificates of Obligation Series 2006 (NATL-RE)
	1,170,000		5.000			02/15/15		1,223,909
								547,121,050
	Utah – 0.8%
	City of Riverton Hospital VRDN RB SPEARS Series 2012-DB-1063X (Deutsche Bank A.G., LIQ)(a)
	12,770,000		0.060			03/07/14		12,770,000
	Salt Lake City School District GO Refunding Series 2005 B (School Bond Guaranty)
	3,270,000		5.000			03/01/14		3,270,000
	Utah County Hospital VRDN RB for IHC Health Services, Inc. Series 2002 B (U.S. Bank N.A., SPA)
	21,600,000		0.020			03/07/14		21,600,000
	Utah Transit Authority VRDN RB Austin Trust Certificates Series 2008-3045X (AGM) (Bank of America N.A., LIQ)(a)
	5,000,000		0.080			03/07/14		5,000,000
								42,640,000
	Virginia – 1.8%
	Fairfax County GO VRDN Solar Certificates Series 2012-007 (State Aid Withholding) (U.S. Bank N.A., LOC) (U.S. Bank N.A., LIQ)(a)
	15,090,000		0.030			03/07/14		15,090,000
	Fairfax County IDA VRDN RB for Inova Health System Floaters Series 2012-3309 (Credit Suisse, LIQ)(a)
	4,580,000		0.030			03/07/14		4,580,000
	Fairfax County IDA VRDN RB for Inova Health System Series 2000 (Branch Banking & Trust, SPA)
	5,900,000		0.030			03/07/14		5,900,000
	Loudoun County IDA VRDN RB for Howard Hughes Institute Center Series 2009 B
	2,000,000		0.030			03/07/14		2,000,000
	Loudoun County IDA VRDN RB for Howard Hughes Institute Series 2003 D
	14,390,000		0.030			03/07/14		14,390,000
	Loudoun County IDA VRDN RB for Howard Hughes Institute Series 2003 F
	18,550,000		0.020			03/07/14		18,550,000
	Suffolk Economic Development Authority Hospital Facilities Revenue VRDN RB for Sentara Healthcare Eagles Series 2013-14 Class A (Citibank N.A., LIQ)(b)
	25,000,000		0.130			03/27/14		25,000,000

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)
	Virginia – (continued)
	University of Virginia VRDN RB Putters Series 2008-3188Z (JPMorgan Chase Bank N.A., LIQ)(a)
$	8,900,000		0.030	%		03/03/14	$	8,900,000
	Virginia Commonwealth Transportation Board VRDN RB Floater Certificates Series 2013-0-67 (Royal Bank of Canada, LIQ)(a)
	6,775,000		0.030			03/07/14		6,775,000
								101,185,000
	Washington – 4.7%
	Central Puget Sound Regional Transportation Authority Sales Tax VRDN RB Putters Series 2008-2625Z (AGM) (JPMorgan Chase Bank N.A.,LIQ)(a)
	8,380,000		0.030			03/03/14		8,380,000
	Central Puget Sound Washington Regional Transportation Authority VRDN RB Floaters Series 2007-1C (AGM) (Wells Fargo & Co., LIQ)
	5,375,000		0.150			03/07/14		5,375,000
	Energy Northwest Electric RB Refunding for Columbia Generating Station Series 2008-A
	14,165,000		5.000			07/01/14		14,393,110
	Energy Northwest Electric RB Refunding for Project 1 Series 2008-A
	2,275,000		5.000			07/01/14		2,311,354
	Energy Northwest Electric RB Refunding for Project 3 Series 2005-A
	5,800,000		5.000			07/01/14		5,893,011
	Energy Northwest Electric RB Refunding for Project 3 Series 2009-A
	4,000,000		5.000			07/01/14		4,064,423
	Energy Northwest Electric VRDN RB Putters Series 2007-2301 (JPMorgan Chase Bank N.A., LIQ)(a)
	7,995,000		0.040			03/07/14		7,995,000
	King County Limited Tax GO Series 2004 B (NATL-RE)
	2,500,000		5.000			01/01/15		2,600,364
	King County Multi-Modal Limited Tax GO VRDN Series 2010 B (State Street Bank & Trust, SPA)
	16,960,000		0.030			03/07/14		16,960,000
	King County Municipal Trust Receipts GO VRDN Floater Trust Series 2009 1W (AGC-ICC) (Barclays Bank PLC, LIQ)(a)
	7,500,000		0.050			03/07/14		7,500,000
	King County Municipal Trust Receipts GO VRDN Floater Trust Series 2010-66W (Barclays Bank PLC, LIQ)(a)
	2,500,000		0.050			03/07/14		2,500,000
	King County Sewer Revenue CP BANS Series 2014 A (Bayerische Landesbank, LOC)
	78,720,000		0.150			03/03/14		78,720,000
	King County Sewer VRDN RB Floater Certificates Series 2008-46C (Wells Fargo & Co., LIQ)(a)
	9,940,000		0.050			03/07/14		9,940,000
	King County Sewer VRDN RB Floaters Series 2008-5C (AGM) (Wells Fargo & Co., LIQ)(a)
	21,390,000		0.070			03/07/14		21,390,000
	Public Utility District No. 1 of Chelan County Washington RB Refunding for Columbia River-Rock Island Hydro-Electric System Series 1997 A (NATL-RE)
	5,000,000		0.340			06/01/14		4,995,731
	Washington Health Care Facilities Authority VRDN RB for Providence Health & Services Series 2012 C (U.S. Bank N.A., SPA)
	16,060,000		0.060			03/07/14		16,060,000
	Washington State GO for Motor Vehicle Fuel Tax Series 2011-B-1
	6,640,000		4.000			08/01/14		6,746,293
	Municipal Debt Obligations – (continued)
	Washington – (continued)
	Washington State GO Refunding for Various Purpose Series 2011 A
$	4,500,000		5.000	%		01/01/15	$	4,680,794
	Washington State GO VRDN for Various Purpose Putters Series 2014-4432 (JPMorgan Chase Bank N.A., LIQ)(a)
	2,335,000		0.050			03/03/14		2,335,000
	Washington State GO VRDN Putters Series 2008-2640 (JPMorgan Chase Bank N.A.,LIQ)
	9,995,000		0.040			03/07/14		9,995,000
	Washington State GO VRDN Putters Series 2009-3538 (JPMorgan Chase Bank N.A., LIQ)(a)
	10,000,000		0.040			03/07/14		10,000,000
	Washington State GO VRDN ROCS RR-II R-11889 Series 2010 (Citibank N.A., LIQ)(a)
	2,250,000		0.030			03/07/14		2,250,000
	Washington State GO VRDN SPEARS Series 2007-DB-388 (GTY-AGMT-Deutsche Bank A.G.) (Deutsche Bank A.G., LIQ)(a)
	7,495,000		0.080			03/07/14		7,495,000
	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		0.050			03/07/14		10,990,000
								263,570,080
	Wisconsin – 0.7%
	City of Milwaukee GO Series 2011-N3
	3,835,000		5.000			05/15/14		3,872,106
	Wisconsin Health & Educational Facilities Authority VRDN RB for Froedtert Health Floater Certificates Series 2013-0-64 (Royal Bank of Canada, LIQ)(a)
	5,275,000		0.060			03/07/14		5,275,000
	Wisconsin Health & Educational Facilities Authority VRDN RB for Froedtert Health SPEARS Series 2012-DBE-1094X (Deutsche Bank A.G., LIQ)(a)
	5,000,000		0.060			03/07/14		5,000,000
	Wisconsin State GO Series 2010 C
	10,340,000		5.000			05/01/14		10,424,419
	Wisconsin State GO VRDN Floaters Series 2008-2927 (Credit Suisse, LIQ)(a)
	13,050,000		0.030			03/07/14		13,050,000
	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		0.050			03/07/14		2,940,000
								40,561,525
	Wyoming – 0.4%
	Unita County VRDN PCRB Refunding for Chevron USA, Inc. Project Series 1993
	23,000,000		0.030			03/03/14		23,000,000
	TOTAL INVESTMENTS – 99.3%						$	5,579,254,424
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.7%							37,410,390
	NET ASSETS – 100.0%						$	5,616,664,814

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, 2014 (Unaudited)

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Security not registered under the Securities Act of 1933, as amended. Such securities have been determined to be liquid by the Investment Adviser. At February 28, 2014, these securities amounted to $1,629,235,000 or approximately 29.0% of net assets.
(b)	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, 2014, these securities amounted to $37,640,000 or approximately 0.7% of net assets.
(c)	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:
AGC-ICC	—American General Contractors-Interstate Commerce Commission
AGM	—Insured by Assured Guaranty Municipal Corp.
AMBAC	—Insured by American Municipal Bond Assurance Corp.
AMT	—Alternative Minimum Tax (subject to)
BANS	—Bond Anticipation Notes
BHAC	—Berkshire Hathaway Assurance Corp.
COPS	—Certificates of Participation
CP	—Commercial Paper
CR	—Custodial Receipts
FGIC	—Insured by Financial Guaranty Insurance Co.
FHLMC	—Insured by Federal Home Loan Mortgage Corp.
FNMA	—Insured by Federal National Mortgage Association
GO	—General Obligation
GTD	—Guaranteed
GTY AGMT	—Guaranty Agreement
IDA	—Industrial Development Agency
IDB	—Industrial Development Board
IHC	—Intermountain 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	—Standby Purchase Agreement
SPEARS	—Short Puttable Exempt Adjustable Receipts
TANS	—Tax Anticipation Notes
TRANS	—Tax Revenue Anticipation Notes
VRDN	—Variable Rate Demand Notes

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

FINANCIAL SQUARE TREASURY INSTRUMENTS FUND

Schedule of Investments

February 28, 2014 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	U.S. Treasury Obligations – 100.6%
	United States Treasury Bills
$	162,600,000		0.010	%		03/06/14	$	162,599,774
	1,064,000,000		0.075			03/06/14		1,063,988,917
	100,000,000		0.005			03/13/14		99,999,833
	315,000,000		0.010			03/13/14		314,998,950
	250,000,000		0.020			03/13/14		249,998,333
	575,000,000		0.065			03/13/14		574,987,542
	450,000,000		0.068			03/13/14		449,989,875
	450,000,000		0.070			03/13/14		449,989,500
	6,000,000,000		0.035			03/20/14		5,999,889,167
	250,000,000		0.063			03/20/14		249,991,753
	1,174,000,000		0.065			03/20/14		1,173,959,725
	4,000,000,000		0.035			03/27/14		3,999,898,889
	2,500,000,000		0.065			04/03/14		2,499,851,042
	750,000,000		0.055			04/10/14		749,954,167
	1,501,900,000		0.135			04/24/14		1,501,595,865
	3,000,000,000		0.095			05/15/14		2,999,406,250
	499,000,000		0.100			05/22/14		498,886,339
	121,000,000		0.100			05/29/14		120,970,086
	United States Treasury Notes
	834,000,000		1.250	(a)		03/15/14		834,375,258
	750,500,000		1.750			03/31/14		751,528,465
	1,022,000,000		1.250			04/15/14		1,023,479,584
	512,000,000		0.250			04/30/14		512,136,737
	633,000,000		1.875			04/30/14		634,890,504
	1,692,000,000		1.000			05/15/14		1,695,266,189
	1,046,000,000		4.750			05/15/14		1,056,095,358
	130,500,000		0.250			05/31/14		130,543,563
	1,182,000,000		2.250			05/31/14		1,188,307,876
	198,000,000		0.750			06/15/14		198,376,615
	22,000,000		2.625			06/30/14		22,177,898
	406,843,000		0.625			07/15/14		407,649,524
	162,000,000		0.125			07/31/14		162,000,000
	1,000,000,000		2.625			07/31/14		1,010,656,057
	185,000,000		0.090	(b)		01/31/16		184,931,633
	TOTAL INVESTMENTS – 100.6%						$	32,973,371,268
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.6)%							(203,847,471	)
	NET ASSETS – 100.0%						$	32,769,523,797

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	All or a portion represents a forward commitment.
(b)	Variable or floating rate security. Interest rate disclosed is that which is in effect at February 28, 2014.
Interest rates represent either the stated coupon rate of annualized yield on date of purchase for discounted securities.
Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, or the prerefunded date for those types of securities.

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

FINANCIAL SQUARE TREASURY OBLIGATIONS FUND

Schedule of Investments

February 28, 2014 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Amortized Cost
	U.S. Treasury Obligations – 40.0%
	United States Treasury Bills
$	500,000,000		0.135	%		04/24/14	$	499,898,750
	500,000,000		0.095			05/15/14		499,901,042
	United States Treasury Notes
	62,000,000		1.250			03/15/14		62,027,764
	475,000,000		1.750			03/31/14		475,644,179
	89,000,000		1.250			04/15/14		89,125,345
	82,000,000		0.250			04/30/14		82,022,288
	75,000,000		1.875			04/30/14		75,211,870
	155,000,000		1.000			05/15/14		155,273,006
	339,000,000		4.750			05/15/14		342,258,524
	235,000,000		0.250			05/31/14		235,092,094
	461,000,000		2.250			05/31/14		463,463,341
	19,000,000		0.750			06/15/14		19,034,178
	9,000,000		2.625			06/30/14		9,072,776
	289,000,000		0.625			07/15/14		289,496,691
	487,000,000		2.625			07/31/14		492,124,290
	150,000,000		0.500			08/15/14		150,275,067
	223,000,000		0.250			08/31/14		223,157,358
	250,000,000		2.375			08/31/14		252,830,302
	250,000,000		0.500			10/15/14		250,508,606
	167,000,000		0.375			11/15/14		167,256,259
	65,000,000		0.090	(a)		01/31/16		64,975,979
	TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS						$	4,898,649,709
	Repurchase Agreements(b) – 59.9%
	Bank of Nova Scotia (The)
$	500,000,000		0.110	%(a)(c)		03/07/14	$	500,000,000
	Maturity Value: $500,275,004
	Settlement Date: 11/14/13
	Collateralized by U.S. Treasury Bills, 0.000%, due 06/05/14 to 07/31/14, U.S. Treasury Bonds, 2.750% to 11.250%, due 02/15/15 to 05/15/43, U.S. Treasury Inflation-Indexed Bonds, 0.625% to 3.875%, due 01/15/25 to 02/15/43, U.S. Treasury Inflation- Indexed Notes, 0.125% to 2.500%, due 07/15/14 to 01/15/23, U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/39 to 05/15/40 and U.S. Treasury Notes, 0.250% to 5.125%, due 03/31/14 to 08/15/22. The aggregate market value of the collateral, including accrued interest, was $510,169,927.
	200,000,000		0.140	(a)(c)		03/07/14		200,000,000
	Maturity Value: $200,280,001
	Settlement Date: 09/03/13
	Collateralized by U.S. Treasury Bills, 0.000%, due 03/20/14 to 12/11/14, U.S. Treasury Bonds, 2.750% to 9.875%, due 11/15/15 to 08/15/42, U.S. Treasury Inflation-Indexed Bonds, 2.125% to 2.500%, due 01/15/29 to 02/15/41, U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.500%, due 07/15/15 to 07/15/23 and U.S. Treasury Notes, 0.250% to 4.500%, due 06/30/14 to 08/15/20. The aggregate market value of the collateral, including accrued interest, was $204,143,667.
	Repurchase Agreements(b) – (continued)
	BNP Paribas Securities Corp.
$	700,000,000		0.070	%(a)(c)		03/03/14	$	700,000,000
	Maturity Value: $700,734,983
	Settlement Date: 09/25/12
	Collateralized by U.S. Treasury Inflation-Indexed Bonds, 2.000% to 3.875%, due 01/15/26 to 04/15/29 and U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.000%, due 07/15/14 to 04/15/18. The aggregate market value of the collateral, including accrued interest, was $714,000,008.
	750,000,000		0.110	(a)(c)		03/07/14		750,000,000
	Maturity Value: $750,417,090
	Settlement Date: 12/02/13
	Collateralized by U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.000%, due 01/15/16 to 07/15/23. The aggregate market value of the collateral, including accrued interest, was $765,000,010.
	BNYMellon Investments
	168,700,000		0.050			03/03/14		168,700,000
	Maturity Value: $168,700,703
	Collateralized by U.S. Treasury Bond, 3.750%, due 08/15/41. The market value of the collateral, including accrued interest, was $172,472,435.
	Federal Reserve Bank of New York
	3,500,000,000		0.050			03/03/14		3,500,000,000
	Maturity Value: $3,500,014,583
	Collateralized by U.S. Treasury Note, 2.125%, due 02/29/16. The market value of the collateral, including accrued interest, was $3,500,014,620.
	Joint Repurchase Agreement Account I
	750,000,000		0.050			03/03/14		750,000,000
	Maturity Value: $750,003,125
	JPMorgan Securities, LLC
	3,400,000		0.040			03/03/14		3,400,000
	Maturity Value: $3,400,011
	Collateralized by U.S. Treasury Interest-Only Stripped Security, 0.000%, due 08/15/14. The market value of the collateral, including accrued interest, was $3,468,439.
	Wells Fargo Securities LLC
	750,000,000		0.050			03/03/14		750,000,000
	Maturity Value: $750,003,125
	Collateralized by U.S. Treasury Notes, 2.000% to 4.125%, due 01/31/15 to 02/28/21. The aggregate market value of the collateral, including accrued interest, was $765,000,018.
	TOTAL REPURCHASE AGREEMENTS						$	7,322,100,000
	TOTAL INVESTMENTS – 99.9%						$	12,220,749,709
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.1%							14,018,353
	NET ASSETS – 100.0%						$	12,234,768,062

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

FINANCIAL SQUARE TREASURY OBLIGATIONS FUND

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Variable or floating rate security. Interest rate disclosed is that which is in effect at February 28, 2014.
(b)	Unless noted, all repurchase agreements were entered into on February 28, 2014. Additional information on Joint Repurchase Agreement Account I appears on page 50.
(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.

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Schedule of Investments (continued)

February 28, 2014 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

JOINT REPURCHASE AGREEMENT ACCOUNT I — At February 28, 2014, certain Funds had undivided interests in the Joint Repurchase Agreement Account I with a maturity date of March 3, 2014, as follows:

Fund	Principal Amount		Maturity Value		Collateral Value Allocation
Government	$	150,000,000	$	150,000,625	$	153,217,231
Treasury Obligations		750,000,000		750,003,125		766,086,157

REPURCHASE AGREEMENTS — At February 28, 2014, the Principal Amounts of certain Funds' interest in the Joint Repurchase Agreement Account I were as follows:

Counterparty	Interest Rate			Government		Treasury Obligations
ABN Amro Bank N.V.		0.050	%	$	41,666,667	$	208,333,333
Credit Agricole Corporate and Investment Bank		0.050			108,333,333		541,666,667
TOTAL				$	150,000,000	$	750,000,000

At February 28, 2014, the Joint Repurchase Agreement Account I was fully collateralized by:

Issuer	Interest Rates			Maturity Dates
U.S. Treasury Inflation-Indexed Bond		3.625	%		04/15/28
U.S. Treasury Inflation-Indexed Notes		0.125 to 2.500			0715/16 to 07/15/23
U.S. Treasury Notes		0.250 to 2.750			10/15/14 to 02/15/24

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

ADDITIONAL INVESTMENT INFORMATION (continued)

JOINT REPURCHASE AGREEMENT ACCOUNT III — At February 28, 2014, certain Funds had undivided interests in the Joint Repurchase Agreement Account III with a maturity date of March 3, 2014, as follows:

Fund	Principal Amount		Maturity Value		Collateral Value Allocation
Government	$	2,024,000,000	$	2,024,010,120	$	2,077,467,001
Money Market		480,000,000		480,002,400		492,679,921
Prime Obligations		1,400,000,000		1,400,007,000		1,436,983,104

REPURCHASE AGREEMENTS — At February 28, 2014, 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
ABN Amro Bank N.V.		0.060	%	$	515,012,723	$	122,137,405	$	356,234,097
BNP Paribas Securities Corp.		0.060			154,503,817		36,641,221		106,870,229
Credit Agricole Corporate and Investment Bank		0.060			515,012,723		122,137,405		356,234,097
Deutsche Bank Securities, Inc.		0.060			401,709,923		95,267,175		277,862,595
Wells Fargo Securities LLC		0.060			437,760,814		103,816,794		302,798,982
TOTAL				$	2,024,000,000	$	480,000,000	$	1,400,000,000

At February 28, 2014, the Joint Repurchase Agreement Account III was fully collateralized by:

Issuer	Interest Rates			Maturity Dates
Federal Home Loan Mortgage Corp.		2.500 to 5.500	%		04/01/19 to 01/01/44
Federal National Mortgage Association		0.375 to 6.000			05/01/14 to 03/01/44
Government National Mortgage Association		3.000 to 6.000			08/15/33 to 02/20/44
U.S. Treasury Bonds		2.750 to 4.625			02/15/40 to 11/15/43
U.S. Treasury Inflation-Indexed Notes		0.125 to 2.375			01/15/17 to 01/15/23
U.S. Treasury Notes		0.250 to 3.125			10/15/14 to 11/15/23

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Statements of Assets and Liabilities

February 28, 2014 (Unaudited)

	Federal Fund
Assets:
Investments based on amortized cost	$	12,516,546,345
Repurchase agreements based on amortized cost		—
Cash		27,731
Receivables:
Interest		11,092,435
Fund shares sold		410,237
Investments sold		—
Reimbursement from investment advisor		—
Other assets		15,511
Total assets		12,528,092,259
Liabilities:
Due to custodian		—
Payables:
Investments purchased		299,984,421
Amounts owed to affiliates		831,581
Dividend distribution		14,272
Fund shares redeemed		169
Accrued expenses		371,693
Total liabilities		301,202,136
Net Assets:
Paid-in capital		12,226,890,169
Undistributed (distributions in excess of) net investment income		9,920
Accumulated net realized gain (loss) from investments		(9,966	)
Net Assets	$	12,226,890,123
Net asset value, offering and redemption price per share		$1.00
Net Assets:
FST Shares	$	10,090,457,594
FST Select Shares		62,730,959
FST Preferred Shares		52,253,445
FST Capital Shares		59,917,484
FST Administration Shares		413,583,299
FST Premier Shares		1,113,826,096
FST Service Shares		406,426,787
FST Class B Shares		—
FST Class C Shares		—
FST Resource Shares		1,000
FST Cash Management Shares		27,693,459
Total Net Assets	$	12,226,890,123
Shares outstanding $0.001 par value (unlimited number of shares authorized):
FST Shares		10,090,457,633
FST Select Shares		62,730,959
FST Preferred Shares		52,253,445
FST Capital Shares		59,917,484
FST Administration Shares		413,583,300
FST Premier Shares		1,113,826,100
FST Service Shares		406,426,789
FST Class B Shares		—
FST Class C Shares		—
FST Resource Shares		1,000
FST Cash Management Shares		27,693,459

52 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
$	16,031,109,520		$	25,472,885,748		$	9,851,582,415		$	277,926,196		$	170,726,520	$	5,579,254,424		$	32,973,371,268	$	4,898,649,709
	11,544,200,000			6,195,400,000			4,641,600,000			—			—		—			—		7,322,100,000
	69,273			48,552			18,091			1,732,388			—		33,223			14,938		63,480
	8,381,005			8,693,847			3,162,954			486,877			241,709		7,955,514			48,604,202		15,234,911
	153,008			7,514,926			2,514,525			—			—		186,447			2,112,066		996,684
	—			—			—			—			—		49,002,472			—		—
	569			—			45,782			134,711			149,843		346,279			—		45,808
	7,254			—			—			16,206			5,084		137,148			—		—
	27,583,920,629			31,684,543,073			14,498,923,767			280,296,378			171,123,156		5,636,915,507			33,024,102,474		12,237,090,592
	—			—			—			—			96,705		—			—		—
	—			—			—			1,779,386			—		19,203,037			251,559,566		—
	2,245,180			4,079,048			1,970,806			16,097			9,588		391,720			1,609,557		655,385
	66,330			716,330			116,597			43			45		5,432			8,390		33,079
	335,758			1,408,692			1,306,193			—			—		386,620			680,382		750,005
	1,192,378			979,200			960,908			53,853			101,374		263,884			720,782		884,061
	3,839,646			7,183,270			4,354,504			1,849,379			207,712		20,250,693			254,578,677		2,322,530
	27,579,981,069			31,677,275,452			14,494,756,719			278,503,273			170,915,112		5,617,941,101			32,769,486,875		12,234,684,705
	(5,467	)		20,696			(107,822	)		—			332		—			—		(13,801	)
	105,381			63,655			(79,634	)		(56,274	)		—		(1,276,287	)		36,922		97,158
$	27,580,080,983		$	31,677,359,803		$	14,494,569,263		$	278,446,999		$	170,915,444	$	5,616,664,814		$	32,769,523,797	$	12,234,768,062
	$1.00			$1.00			$1.00			$1.00			$1.00		$1.00			$1.00		$1.00
	$24,246,409,884		$	30,906,829,906		$	11,409,982,165		$	105,153,807		$	21,649,465	$	4,471,754,338		$	30,554,085,973	$	9,008,007,127
	94,071,366			190,047,369			164,328,638			—			—		289,407,888			283,614,212		229,811,282
	259,273,873			116,999,447			268,862,234			—			—		16,671,322			64,296,472		108,510,052
	415,408,657			51,271,024			102,834,676			—			—		3,794,003			145,869,481		209,996,475
	2,086,616,176			335,715,930			1,576,862,841			173,290,399			149,264,145		110,495,205			1,288,629,893		1,612,758,970
	6,336,101			51,239,496			1,004			—			—		628,052,892			300,675,377		80,071,575
	471,962,925			25,254,630			863,928,705			1,756			799		67,262,742			132,350,389		985,610,581
	—			—			3,719,133			—			—		—			—		—
	—			—			20,777,435			—			—		—			—		—
	1,001			1,000			83,271,432			—			—		29,225,424			1,000		1,000
	1,000			1,001			1,000			1,037			1,035		1,000			1,000		1,000
	$27,580,080,983		$	31,677,359,803		$	14,494,569,263		$	278,446,999		$	170,915,444	$	5,616,664,814		$	32,769,523,797	$	12,234,768,062
	24,246,317,243			30,906,739,116			11,410,206,961			105,157,842			21,648,722		4,472,729,867			30,554,051,549		9,007,945,756
	94,071,007			190,046,810			164,331,869			—			—		289,471,023			283,613,892		229,809,716
	259,272,882			116,999,103			268,867,521			—			—		16,674,959			64,296,399		108,509,312
	415,407,070			51,270,873			102,836,699			—			—		3,794,831			145,869,316		209,995,044
	2,086,608,204			335,714,943			1,576,893,856			173,297,051			149,259,024		110,519,310			1,288,628,441		1,612,747,982
	6,336,077			51,239,345			1,004			—			—		628,189,903			300,675,038		80,071,030
	471,961,121			25,254,556			863,945,696			1,756			799		67,277,416			132,350,240		985,603,867
	—			—			3,719,207			—			—		—			—		—
	—			—	��		20,777,844			—			—		—			—		—
	1,001			1,000			83,273,089			—			—		29,231,838			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. 53

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Statements of Operations

For the Six Months Ended February 28, 2014 (Unaudited)

		Federal Fund
Investment income:
Interest income		$	6,072,227
Total investment income			6,072,227
Expenses:
Fund-Level Expenses:
Management fees			12,311,900
Transfer Agent fees			600,580
Professional fees			254,363
Custody, accounting and administrative services			248,172
Registration fees			96,362
Printing and mailing fees			49,894
Trustee fees			23,500
Other			73,265
Subtotal			13,658,036
Class Specific Expenses:	��
FST Premier Share fees			1,940,617
FST Service Share fees			1,172,401
FST Administration Share fees			531,488
FST Cash Management Share fees			110,016
Distribution fees — FST Cash Management Shares			66,010
FST Capital Share fees			55,858
FST Preferred Share fees			26,529
FST Select Share fees			11,877
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			17,572,835
Less — expense reductions			(11,827,742	)
Net expenses			5,745,093
NET INVESTMENT INCOME		$	327,134
Net realized gain (loss) from investment transactions			31,395
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		$	358,529

54 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
$	18,409,305		$	34,483,301		$	15,922,450		$	136,820		$	84,461		$	3,373,763		$	11,227,946		$	5,422,994
	18,409,305			34,483,301			15,922,450			136,820			84,461			3,373,763			11,227,946			5,422,994
	27,729,936			29,544,633			16,812,470			468,581			298,535			5,791,336			31,422,108			12,039,441
	1,352,680			1,441,202			820,121			13,388			8,530			282,504			1,532,786			587,290
	268,156			393,551			151,665			46,701			45,648			120,220			352,092			322,993
	511,740			590,228			424,782			9,290			8,938			27,077			217,733			218,491
	937,424			240,749			510,876			22,326			10,992			72,901			162,579			270,258
	49,564			70,513			52,202			5,103			10,660			32,121			142,250			32,829
	52,497			53,600			33,300			11,811			12,707			22,662			58,422			28,367
	180,593			323,185			267,928			9,484			8,169			120,004			525,711			366,810
	31,082,590			32,657,661			19,073,344			586,684			404,179			6,468,825			34,413,681			13,866,479
	10,154			69,525			2			—			—			1,069,268			562,220			157,742
	809,164			71,488			2,228,794			3			2			83,672			457,257			2,603,189
	2,653,547			431,589			2,248,385			132,803			112,483			144,409			1,743,292			1,889,057
	2			2			2			3			2			2			2			2
	1			1			1			3			3			1			2			1
	394,498			36,092			94,078			—			—			3,348			114,304			206,619
	129,752			55,222			130,764			—			—			8,965			42,463			61,167
	15,206			27,377			28,737			—			—			39,397			48,563			31,309
	2			2			223,084			—			—			68,962			2			2
	1			1			66,925			—			—			20,688			1			1
	—			—			19,592			—			—			—			—			—
	—			—			109,142			—			—			—			—			—
	35,094,917			33,348,960			24,222,850			719,496			516,669			7,907,537			37,381,787			18,815,568
	(17,220,068	)		(6,991,416	)		(9,294,723	)		(590,845	)		(437,416	)		(4,706,136	)		(26,272,770	)		(13,750,126	)
	17,874,849			26,357,544			14,928,127			128,651			79,253			3,201,401			11,109,017			5,065,442
$	534,456		$	8,125,757		$	994,323		$	8,169		$	5,208		$	172,362		$	118,929		$	357,552
	172,506			221,027			116,695			(56,273	)		3,415			(1,276,258	)		37,545			98,363
$	706,962		$	8,346,784		$	1,111,018		$	(48,104	)	$	8,623		$	(1,103,896	)	$	156,474		$	455,915

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

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Statements of Changes in Net Assets

		Federal Fund						Government Fund
		For the Six Months Ended February 28, 2014 (Unaudited)			For the Fiscal Year Ended August 31, 2013			For the Six Months Ended February 28, 2014 (Unaudited)			For the Fiscal Year Ended August 31, 2013
	From operations:
	Net investment income	$	327,134		$	469,222		$	534,456		$	7,925,572
	Net realized gain (loss) from investment transactions		31,395			209,677			172,506			642,441
	Net increase (decrease) in net assets resulting from operations		358,529			678,899			706,962			8,568,013
	Distributions to shareholders:
	From net investment income:
	FST Shares		(265,604	)		(365,818	)		(468,670	)		(7,717,344	)
	FST Select Shares		(2,192	)		(3,627	)		(1,866	)		(43,332	)
	FST Preferred Shares		(1,446	)		(2,312	)		(4,973	)		(18,255	)
	FST Capital Shares		(2,034	)		(2,844	)		(10,520	)		(22,334	)
	FST Administration Shares		(11,609	)		(16,659	)		(41,782	)		(110,287	)
	FST Premier Shares		(30,227	)		(51,875	)		(115	)		(280	)
	FST Service Shares		(12,824	)		(21,632	)		(6,526	)		(13,732	)
	FST Class B Shares		—			—			—			—
	FST Class C Shares		—			—			—			—
	FST Resource Shares		(2	)		(4	)		(2	)		(4	)
	FST Cash Management Shares		(1,196	)		(4,451	)		(2	)		(4	)
	From net realized gains:
	FST Shares		(32,015	)		(157,264	)		(211,205	)		(409,155	)
	FST Select Shares		(222	)		(1,479	)		(1,027	)		(2,709	)
	FST Preferred Shares		(172	)		(1,004	)		(2,450	)		(5,012	)
	FST Capital Shares		(238	)		(1,226	)		(4,611	)		(10,689	)
	FST Administration Shares		(1,360	)		(7,052	)		(19,148	)		(35,686	)
	FST Premier Shares		(3,597	)		(22,797	)		(52	)		(97	)
	FST Service Shares		(1,479	)		(9,828	)		(2,803	)		(4,922	)
	FST Class B Shares		—			—			—			—
	FST Class C Shares		—			—			—			—
	FST Resource Shares		—			—			—			—
	FST Cash Management Shares		(146	)		(1,664	)		—			—
	Total distributions to shareholders		(366,363	)		(671,536	)		(775,752	)		(8,393,842	)
From share transactions (at $1.00 per share):
	Proceeds from sales of shares		18,289,690,285			28,927,324,892			92,096,419,572			203,022,721,856
	Reinvestment of distributions		270,432			497,169			403,555			4,111,397
	Cost of shares redeemed		(16,630,466,803	)		(30,199,526,281	)		(89,380,558,112	)		(210,919,751,182	)
	Net increase (decrease) in net assets resulting from share transactions		1,659,493,914			(1,271,704,220	)		2,716,265,015			(7,892,917,929	)
	NET INCREASE (DECREASE)		1,659,486,080			(1,271,696,857	)		2,716,196,225			(7,892,743,758	)
	Net assets:
	Beginning of period		10,567,404,043			11,839,100,900			24,863,884,758			32,756,628,516
	End of period	$	12,226,890,123		$	10,567,404,043		$	27,580,080,983		$	24,863,884,758
	Undistributed (distributions in excess of) net investment income	$	9,920		$	9,920		$	(5,467	)	$	(5,467	)

56 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, 2014 (Unaudited)			For the Fiscal Year Ended August 31, 2013			For the Six Months Ended February 28, 2014 (Unaudited)			For the Fiscal Year Ended August 31, 2013			For the Six Months Ended February 28, 2014 (Unaudited)			For the Fiscal Year Ended August 31, 2013
$	8,125,757		$	26,660,329		$	994,323		$	10,378,934		$	8,169		$	15,094
	221,027			964,534			116,695			1,043,974			(56,273	)		25,952
	8,346,784			27,624,863			1,111,018			11,422,908			(48,104	)		41,046
	(8,092,896	)		(26,509,712	)		(863,162	)		(10,217,764	)		(2,765	)		(5,462	)
	(25,559	)		(128,015	)		(7,589	)		(116,950	)		—			—
	(1,426	)		(7,653	)		(10,288	)		(8,036	)		—			—
	(615	)		(1,209	)		(4,878	)		(4,685	)		—			—
	(4,384	)		(11,792	)		(68,995	)		(22,262	)		(5,400	)		(9,625	)
	(511	)		(1,059	)		(2	)		(4	)		—			—
	(362	)		(881	)		(34,930	)		(6,891	)		(2	)		(4	)
	—			—			(153	)		(69	)		—			—
	—			—			(852	)		(319	)		—			—
	(2	)		(4	)		(3,472	)		(1,950	)		—			—
	(2	)		(4	)		(2	)		(4	)		(2	)		(3	)
	(152,011	)		(884,953	)		(147,705	)		(769,992	)		(5,577	)		(14,551	)
	(1,000	)		(4,480	)		(2,177	)		(13,013	)		—			—
	(614	)		(1,577	)		(2,900	)		(10,423	)		—			—
	(261	)		(1,107	)		(1,445	)		(8,647	)		—			—
	(1,859	)		(12,316	)		(21,626	)		(105,223	)		(11,285	)		(24,490	)
	(217	)		(1,405	)		—			—			—			—
	(157	)		(1,176	)		(10,009	)		(42,522	)		—			—
	—			—			(45	)		(224	)		—			—
	—			—			(250	)		(1,152	)		—			—
	—			—			(1,033	)		(5,782	)		—			—
	—			—			—			—			—			—
	(8,281,876	)		(27,567,343	)		(1,181,513	)		(11,335,912	)		(25,031	)		(54,135	)
	202,986,415,055			263,663,220,861			60,889,623,740			120,877,960,465			400,189,798			889,152,447
	3,928,018			11,957,943			446,167			3,985,656			24,554			53,899
	(197,036,177,361	)		(258,902,065,508	)		(63,742,992,173	)		(121,693,644,751	)		(437,995,335	)		(816,221,354	)
	5,954,165,712			4,773,113,296			(2,852,922,266	)		(811,698,630	)		(37,780,983	)		72,984,992
	5,954,230,620			4,773,170,816			(2,852,992,761	)		(811,611,634	)		(37,854,118	)		72,971,903
	25,723,129,183			20,949,958,367			17,347,562,024			18,159,173,658			316,301,117			243,329,214
$	31,677,359,803		$	25,723,129,183		$	14,494,569,263		$	17,347,562,024		$	278,446,999		$	316,301,117
$	20,696		$	20,696		$	(107,822	)	$	(107,822	)	$	—		$	—

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

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, 2014 (Unaudited)			For the Fiscal Year Ended August 31, 2013
From operations:
Net investment income (loss)	$	5,208		$	11,190
Net realized gain (loss) from investment transactions		3,415			12,836
Net increase (decrease) in net assets resulting from operations		8,623			24,026
Distributions to shareholders:
From net investment income:
FST Shares		(627	)		(1,316	)
FST Select Shares		—			—
FST Preferred Shares		—			—
FST Capital Shares		—			—
FST Administration Shares		(4,577	)		(9,866	)
FST Premier Shares		—			—
FST Service Shares		(2	)		(4	)
FST Resource Shares		—			—
FST Cash Management Shares		(2	)		(4	)
From net realized gains:
FST Shares		(980	)		(1,932	)
FST Select Shares		—			—
FST Preferred Shares		—			—
FST Capital Shares		—			—
FST Administration Shares		(5,921	)		(12,630	)
FST Premier Shares		—			—
FST Service Shares		—			—
FST Resource Shares		—			—
FST Cash Management Shares		—			—
Total distributions to shareholders		(12,109	)		(25,752	)
From share transactions (at $1.00 per share):
Proceeds from sales of shares		275,693,504			433,571,170
Reinvestment of distributions		11,882			25,417
Cost of shares redeemed		(251,506,766	)		(488,362,222	)
Net increase (decrease) in net assets resulting from share transactions		24,198,620			(54,765,635	)
NET INCREASE (DECREASE)		24,195,134			(54,767,361	)
Net assets:
Beginning of period		146,720,310			201,487,671
End of period	$	170,915,444		$	146,720,310
Undistributed (distributions in excess of) net investment income (loss)	$	332		$	332

58 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, 2014 (Unaudited)			For the Fiscal Year Ended August 31, 2013			For the Six Months Ended February 28, 2014 (Unaudited)			For the Fiscal Year Ended August 31, 2013			For the Six Months Ended February 28, 2014 (Unaudited)			For the Fiscal Year Ended August 31, 2013
$	172,362		$	867,749		$	118,929		$	(517,580	)	$	357,552		$	732,555
	(1,276,258	)		423,656			37,545			896,920			98,363			4,730
	(1,103,896	)		1,291,405			156,474			379,340			455,915			737,285
	(139,638	)		(802,477	)		(109,535	)		—			(270,097	)		(511,529	)
	(8,012	)		(12,783	)		(1,479	)		—			(6,670	)		(11,269	)
	(547	)		(1,359	)		(219	)		—			(3,837	)		(7,069	)
	(136	)		(396	)		(605	)		—			(8,738	)		(15,316	)
	(3,524	)		(11,919	)		(5,337	)		—			(47,848	)		(100,992	)
	(18,640	)		(36,051	)		(1,177	)		—			(2,845	)		(6,393	)
	(1,021	)		(1,040	)		(573	)		—			(33,074	)		(59,357	)
	(842	)		(1,720	)		(2	)		—			(2	)		(4	)
	(2	)		(4	)		(2	)		—			(2	)		(4	)
	(295,357	)		(437,559	)		(45,547	)		(281,452	)		—			—
	(21,408	)		(13,606	)		(302	)		(2,804	)		—			—
	(1,091	)		(1,966	)		(248	)		(1,614	)					—
	(199	)		(716	)		(233	)		(1,998	)					—
	(7,069	)		(15,279	)		(2,334	)		(14,725	)					—
	(38,383	)		(49,471	)		(591	)		(4,184	)					—
	(1,250	)		(1,065	)		(433	)		(2,656	)					—
	(1,780	)		(2,139	)		—			(4	)		—			—
	—			—			—			(4	)		—			—
	(538,899	)		(1,389,550	)		(168,617	)		(309,441	)		(373,113	)		(711,933	)
	8,141,501,938			18,092,455,759			61,442,473,724			87,758,288,497			43,448,836,568			185,431,910,343
	429,046			1,090,634			115,864			203,871			173,969			294,633
	(8,256,219,569	)		(18,800,677,498	)		(56,454,201,979	)		(85,784,588,151	)		(41,604,156,998	)		(186,265,880,100	)
	(114,288,585	)		(707,131,105	)		4,988,387,609			1,973,904,217			1,844,853,539			(833,675,124	)
	(115,931,380	)		(707,229,250	)		4,988,375,466			1,973,974,116			1,844,936,341			(833,649,772	)
	5,732,596,194			6,439,825,444			27,781,148,331			25,807,174,215			10,389,831,721			11,223,481,493
$	5,616,664,814		$	5,732,596,194		$	32,769,523,797		$	27,781,148,331		$	12,234,768,062		$	10,389,831,721
$	—		$	—		$	—		$	—		$	(13,801	)	$	1,760

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

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)
2014 - FST Shares	$	1.00	$	—	(c)	$	—	(c)
2014 - FST Select Shares		1.00		—	(c)		—	(c)
2014 - FST Preferred Shares		1.00		—	(c)		—	(c)
2014 - FST Capital Shares		1.00		—	(c)		—	(c)
2014 - FST Administration Shares		1.00		—	(c)		—	(c)
2014 - FST Premier Shares		1.00		—	(c)		—	(c)
2014 - FST Service Shares		1.00		—	(c)		—	(c)
2014 - FST Resource Shares		1.00		—	(c)		—	(c)
2014 - FST Cash Management Shares		1.00		—	(c)		—	(c)
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)
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 YEAR 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)

 * 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.

60 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)	$	10,090,458		0.09	%(e)		0.23	%(e)		0.01	%(e)
	1.00		—	(d)		62,731		0.09	(e)		0.26	(e)		0.01	(e)
	1.00		—	(d)		52,253		0.09	(e)		0.33	(e)		0.01	(e)
	1.00		—	(d)		59,917		0.09	(e)		0.38	(e)		0.01	(e)
	1.00		—	(d)		413,583		0.09	(e)		0.48	(e)		0.01	(e)
	1.00		—	(d)		1,113,826		0.09	(e)		0.58	(e)		0.01	(e)
	1.00		—	(d)		406,427		0.09	(e)		0.73	(e)		0.01	(e)
	1.00		—	(d)		1		0.09	(e)		0.88	(e)		0.40	(e)
	1.00		—	(d)		27,694		0.09	(e)		1.03	(e)		0.01	(e)
	1.00		0.01			8,211,951		0.14			0.23			—	(f)
	1.00		0.01			127,241		0.14			0.26			—	(f)
	1.00		0.01			53,020		0.14			0.33			—	(f)
	1.00		0.01			62,058		0.14			0.38			—	(f)
	1.00		0.01			418,901		0.14			0.48			—	(f)
	1.00		0.01			1,137,540		0.14			0.58			—	(f)
	1.00		0.01			508,699		0.14			0.73			—	(f)
	1.00		0.01			1		0.14			0.88			0.40
	1.00		0.01			47,993		0.14			1.03			—	(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

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

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)
2014 - FST Shares	$	1.00	$	—	(c)	$	—	(c)
2014 - FST Select Shares		1.00		—	(c)		—	(c)
2014 - FST Preferred Shares		1.00		—	(c)		—	(c)
2014 - FST Capital Shares		1.00		—	(c)		—	(c)
2014 - FST Administration Shares		1.00		—	(c)		—	(c)
2014 - FST Premier Shares		1.00		—	(c)		—	(c)
2014 - FST Service Shares		1.00		—	(c)		—	(c)
2014 - FST Resource Shares		1.00		—	(c)		—	(c)
2014 - FST Cash Management Shares		1.00		—	(c)		—	(c)
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)
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 YEAR 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)

 * 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.

62 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		—	%(d)	$	24,246,410		0.13	%(e)		0.23	%(e)		—	%(e)(f)
	1.00		—	(d)		94,071		0.13	(e)		0.26	(e)		—	(e)(f)
	1.00		—	(d)		259,274		0.13	(e)		0.33	(e)		—	(e)(f)
	1.00		—	(d)		415,409		0.13	(e)		0.38	(e)		—	(e)(f)
	1.00		—	(d)		2,086,616		0.13	(e)		0.48	(e)		—	(e)(f)
	1.00		—	(d)		6,336		0.13	(e)		0.58	(e)		—	(e)(f)
	1.00		—	(d)		471,963		0.13	(e)		0.73	(e)		—	(e)(f)
	1.00		—	(d)		1		0.13	(e)		0.88	(e)		0.40	(e)
	1.00		—	(d)		1		0.13	(e)		1.03	(e)		0.40	(e)
	1.00		0.03			21,751,069		0.18			0.23			0.03
	1.00		0.01			145,992		0.20			0.26			0.02
	1.00		0.01			305,546		0.21			0.33			—	(f)
	1.00		0.01			411,426		0.20			0.38			—	(f)
	1.00		0.01			1,983,578		0.20			0.48			—	(f)
	1.00		0.01			5,416		0.20			0.58			—	(f)
	1.00		0.01			260,856		0.20			0.73			—	(f)
	1.00		0.01			1		0.18			0.88			0.40
	1.00		0.01			1		0.18			1.03			0.40
	1.00		0.03			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

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

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)
2014 - FST Shares	$	1.00	$	—	(c)	$	—	(c)
2014 - FST Select Shares		1.00		—	(c)		—	(c)
2014 - FST Preferred Shares		1.00		—	(c)		—	(c)
2014 - FST Capital Shares		1.00		—	(c)		—	(c)
2014 - FST Administration Shares		1.00		—	(c)		—	(c)
2014 - FST Premier Shares		1.00		—	(c)		—	(c)
2014 - FST Service Shares		1.00		—	(c)		—	(c)
2014 - FST Resource Shares		1.00		—	(c)		—	(c)
2014 - FST Cash Management Shares		1.00		—	(c)		—	(c)
FOR THE FISCAL YEARS ENDED AUGUST 31,
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)
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 YEAR 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	)

 * 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.

64 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		0.03	%	$	30,906,830		0.18	%(e)		0.23	%(e)		0.06	%(e)
	1.00		0.02			190,047		0.21	(e)		0.26	(e)		0.03	(e)
	1.00		—	(d)		116,999		0.23	(e)		0.33	(e)		—	(e)(f)
	1.00		—	(d)		51,271		0.24	(e)		0.38	(e)		—	(e)(f)
	1.00		—	(d)		335,716		0.24	(e)		0.48	(e)		—	(e)(f)
	1.00		—	(d)		51,240		0.24	(e)		0.58	(e)		—	(e)(f)
	1.00		—	(d)		25,255		0.24	(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		0.11			25,047,026		0.18			0.23			0.11
	1.00		0.08			178,080		0.21			0.26			0.08
	1.00		0.02			44,177		0.27			0.33			0.02
	1.00		0.01			44,542		0.28			0.38			—	(f)
	1.00		0.01			338,423		0.29			0.48			—	(f)
	1.00		0.01			30,335		0.28			0.58			—	(f)
	1.00		0.01			40,544		0.28			0.73			—	(f)
	1.00		0.01			1		0.18			0.88			0.40
	1.00		0.01			1		0.18			1.03			0.40
	1.00		0.17			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

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

FINANCIAL SQUARE PRIME OBLIGATION 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)
2014 - FST Shares	$	1.00	$	—	(c)	$	—	(c)
2014 - FST Select Shares		1.00		—	(c)		—	(c)
2014 - FST Preferred Shares		1.00		—	(c)		—	(c)
2014 - FST Capital Shares		1.00		—	(c)		—	(c)
2014 - FST Administration Shares		1.00		—	(c)		—	(c)
2014 - FST Premier Shares		1.00		—	(c)		—	(c)
2014 - FST Service Shares		1.00		—	(c)		—	(c)
2014 - FST Resource Shares		1.00		—	(c)		—	(c)
2014 - FST Cash Management Shares		1.00		—	(c)		—	(c)
2014 - FST Class B Shares		1.00		—	(c)		—	(c)
2014 - FST Class C Shares		1.00		—	(c)		—	(c)
FOR THE FISCAL YEARS ENDED AUGUST 31,
2013 - FST Shares		1.00		0.001			(0.001	)
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)
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 YEAR ENDED DECEMBER 31,
2008 - FST Shares		1.00		0.026	(f)		(0.026	)
2008 - FST Select Shares		1.00		0.026	(f)		(0.026	)
2008 - FST Preferred Shares		1.00		0.025	(f)		(0.025	)
2008 - FST Capital Shares		1.00		0.025	(f)		(0.025	)
2008 - FST Administration Shares		1.00		0.024	(f)		(0.024	)
2008 - FST Service Shares		1.00		0.021	(f)		(0.021	)

 * 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 is less than 0.005% of average net assets.

(f) Reflects an increase of $0.002 per share and 0.22% as a result of voluntary and irrevocable capital infusion by Goldman Sachs.

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

FINANCIAL SQUARE PRIME OBLIGATION 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	%	$	11,409,982		0.18	%(d)		0.23	%(d)		0.01	%(d)
	1.00		0.01			164,329		0.19	(d)		0.26	(d)		0.01	(d)
	1.00		0.01			268,862		0.19	(d)		0.33	(d)		0.01	(d)
	1.00		0.01			102,835		0.19	(d)		0.38	(d)		0.01	(d)
	1.00		0.01			1,576,863		0.19	(d)		0.48	(d)		0.01	(d)
	1.00		0.01			1		0.18	(d)		0.58	(d)		0.40	(d)
	1.00		0.01			863,929		0.19	(d)		0.73	(d)		0.01	(d)
	1.00		0.01			83,271		0.19	(d)		0.88	(d)		0.01	(d)
	1.00		0.01			1		0.18	(d)		1.03	(d)		0.40	(d)
	1.00		0.01			3,719		0.19	(d)		1.23	(d)		0.01	(d)
	1.00		0.01			20,777		0.19	(d)		1.23	(d)		0.01	(d)
	1.00		0.07			13,339,031		0.18			0.23			0.07
	1.00		0.05			212,468		0.21			0.26			0.04
	1.00		0.01			227,037		0.24			0.33			—	(e)
	1.00		0.01			102,509		0.26			0.38			—	(e)
	1.00		0.01			2,579,850		0.24			0.48			—	(e)
	1.00		0.01			1		0.18			0.58			0.40
	1.00		0.01			767,593		0.24			0.73			—	(e)
	1.00		0.01			91,805		0.25			0.88			—	(e)
	1.00		0.01			1		0.18			1.03			0.40
	1.00		0.01			4,161		0.25			1.23			—	(e)
	1.00		0.01			23,106		0.25			1.23			—	(e)
	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			—	(e)
	1.00		0.01			1,888,821		0.29			0.48			—	(e)
	1.00		0.01			1		0.18			0.58			0.40
	1.00		0.01			764,803		0.29			0.73			—	(e)
	1.00		0.01			139,778		0.29			0.88			—	(e)
	1.00		0.01			1		0.18			1.03			0.40
	1.00		0.01			5,188		0.29			1.23			—	(e)
	1.00		0.01			26,300		0.29			1.23			—	(e)
	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	(d)		0.58	(d)		0.11	(d)
	1.00		0.01			757,826		0.29			0.73			(0.01	)
	1.00		0.01			7,827		0.36	(d)		1.23	(d)		0.02	(d)
	1.00		0.01			29,973		0.36	(d)		1.23	(d)		0.01	(d)
	1.00		0.01			134,763		0.35	(d)		0.73	(d)		0.01	(d)
	1.00		0.01			1		0.36	(d)		1.03	(d)		(0.37	)(d)
	1.00		0.32			30,756,777		0.23	(d)		0.28	(d)		0.47	(d)
	1.00		0.30			99,249		0.26	(d)		0.31	(d)		0.48	(d)
	1.00		0.25			1,226,201		0.33	(d)		0.38	(d)		0.40	(d)
	1.00		0.22			568,066		0.38	(d)		0.43	(d)		0.37	(d)
	1.00		0.16			3,986,524		0.47	(d)		0.53	(d)		0.24	(d)
	1.00		0.06			873,287		0.63	(d)		0.78	(d)		0.12	(d)
	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

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

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)
2014 - FST Shares	$	1.00	$	—	(c)	$	—	(c)
2014 - FST Administration Shares		1.00		—	(c)		—	(c)
2014 - FST Service Shares		1.00		—	(c)		—	(c)
2014 - FST Cash Management Shares		1.00		—	(c)		—	(c)
FOR THE FISCAL YEARS ENDED AUGUST 31,
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)
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 YEAR 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)

 * 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 of distributions from net realized gains for the fiscal year ended December 31, 2008.

68 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		0.01	%	$	105,154		0.10	%(d)		0.44	%(d)		0.01	%(d)
	1.00		0.01			173,290		0.10	(d)		0.59	(d)		0.01	(d)
	1.00		0.01			2		0.10	(d)		0.84	(d)		0.23	(d)
	1.00		0.01			1		0.10	(d)		1.44	(d)		0.39	(d)
	1.00		0.02			91,299		0.15			0.41			0.01
	1.00		0.02			224,999		0.15			0.56			0.01
	1.00		0.02			2		0.15			0.81			0.23
	1.00		0.02			1		0.15			1.41			0.39
	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

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

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)
2014 - FST Shares	$	1.00	$	—	(c)	$	—	(c)
2014 - FST Administration Shares		1.00		—	(c)		—	(c)
2014 - FST Service Shares		1.00		—	(c)		—	(c)
2014 - FST Cash Management Shares		1.00		—	(c)		—	(c)
FOR THE FISCAL YEARS ENDED AUGUST 31,
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)
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 YEAR 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)

 * 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 of distributions from net realized gains for the fiscal year ended December 31, 2008.

70 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	%	$	21,649		0.09	%(d)		0.47	%(d)		0.01	%(d)
	1.00		0.01			149,264		0.09	(d)		0.62	(d)		0.01	(d)
	1.00		0.01			1		0.09	(d)		0.87	(d)		0.50	(d)
	1.00		0.01			1		0.09	(d)		1.47	(d)		0.39	(d)
	1.00		0.01			18,880		0.14			0.42			0.01
	1.00		0.01			127,838		0.14			0.57			0.01
	1.00		0.01			1		0.14			0.82			0.50
	1.00		0.01			1		0.14			1.42			0.39
	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

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

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)
2014 - FST Shares	$	1.00	$	—	(c)	$	—	(c)
2014 - FST Select Shares		1.00		—	(c)		—	(c)
2014 - FST Preferred Shares		1.00		—	(c)		—	(c)
2014 - FST Capital Shares		1.00		—	(c)		—	(c)
2014 - FST Administration Shares		1.00		—	(c)		—	(c)
2014 - FST Premier Shares		1.00		—	(c)		—	(c)
2014 - FST Service Shares		1.00		—	(c)		—	(c)
2014 - FST Resource Shares		1.00		—	(c)		—	(c)
2014 - FST Cash Management Shares		1.00		—	(c)		—	(c)
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)
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 YEAR 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)

 * 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 of distributions from net realized gains for the fiscal year ended December 31, 2008.

72 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		0.01	%	$	4,471,754		0.11	%(d)		0.23	%(d)		0.01	%(d)
	1.00		0.01			289,408		0.11	(d)		0.26	(d)		0.01	(d)
	1.00		0.01			16,671		0.11	(d)		0.33	(d)		0.01	(d)
	1.00		0.01			3,794		0.11	(d)		0.38	(d)		0.01	(d)
	1.00		0.01			110,495		0.11	(d)		0.48	(d)		0.01	(d)
	1.00		0.01			628,053		0.11	(d)		0.58	(d)		0.01	(d)
	1.00		0.01			67,263		0.11	(d)		0.73	(d)		0.01	(d)
	1.00		0.01			29,226		0.11	(d)		0.88	(d)		0.01	(d)
	1.00		0.01			1		0.11	(d)		1.03	(d)		0.40	(d)
	1.00		0.02			4,762,419		0.15			0.23			0.02
	1.00		0.02			197,985		0.16			0.26			0.01
	1.00		0.01			19,349		0.16			0.33			0.01
	1.00		0.01			3,511		0.16			0.38			0.01
	1.00		0.01			134,037		0.16			0.48			0.01
	1.00		0.01			572,262		0.16			0.58			0.01
	1.00		0.01			16,214		0.16			0.73			0.01
	1.00		0.01			26,818		0.16			0.88			0.01
	1.00		0.01			1		0.15			1.03			0.40
	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

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

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)
2014 - FST Shares	$	1.00	$	—	(c)	$	—	(c)
2014 - FST Select Shares		1.00		—	(c)		—	(c)
2014 - FST Preferred Shares		1.00		—	(c)		—	(c)
2014 - FST Capital Shares		1.00		—	(c)		—	(c)
2014 - FST Administration Shares		1.00		—	(c)		—	(c)
2014 - FST Premier Shares		1.00		—	(c)		—	(c)
2014 - FST Service Shares		1.00		—	(c)		—	(c)
2014 - FST Resource Shares		1.00		—	(c)		—	(c)
2014 - FST Cash Management Shares		1.00		—	(c)		—	(c)
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)
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 YEAR 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)

 * 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), and $0.002 and $(0.002) 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.

74 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)	$	30,554,086		0.07	%(e)		0.23	%(e)		—	%(e)(f)
	1.00		—	(d)		283,614		0.07	(e)		0.26	(e)		—	(e)(f)
	1.00		—	(d)		64,297		0.07	(e)		0.33	(e)		—	(e)(f)
	1.00		—	(d)		145,870		0.07	(e)		0.38	(e)		—	(e)(f)
	1.00		—	(d)		1,288,630		0.07	(e)		0.48	(e)		—	(e)(f)
	1.00		—	(d)		300,675		0.07	(e)		0.58	(e)		—	(e)(f)
	1.00		—	(d)		132,350		0.07	(e)		0.73	(e)		—	(e)(f)
	1.00		—	(d)		1		0.07	(e)		0.88	(e)		0.40	(e)
	1.00		—	(d)		1		0.07	(e)		1.03	(e)		0.40	(e)
	1.00		—	(d)		25,382,266		0.10			0.23			—	(f)
	1.00		—	(d)		224,452		0.10			0.26			—	(f)
	1.00		—	(d)		110,400		0.10			0.33			—	(f)
	1.00		—	(d)		165,250		0.10			0.38			—	(f)
	1.00		—	(d)		1,352,128		0.10			0.48			—	(f)
	1.00		—	(d)		360,992		0.10			0.58			—	(f)
	1.00		—	(d)		185,658		0.10			0.73			—	(f)
	1.00		—	(d)		1		0.10			0.88			—	(f)
	1.00		—	(d)		1		0.10			1.03			—	(f)
	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

The accompanying notes are an integral part of these financial statements. 75

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 SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED)
2014 - FST Shares	$	1.00	$	—	(c)	$	—	(c)
2014 - FST Select Shares		1.00		—	(c)		—	(c)
2014 - FST Preferred Shares		1.00		—	(c)		—	(c)
2014 - FST Capital Shares		1.00		—	(c)		—	(c)
2014 - FST Administration Shares		1.00		—	(c)		—	(c)
2014 - FST Premier Shares		1.00		—	(c)		—	(c)
2014 - FST Service Shares		1.00		—	(c)		—	(c)
2014 - FST Resource Shares		1.00		—	(c)		—	(c)
2014 - FST Cash Management Shares		1.00		—	(c)		—	(c)
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)
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 YEAR 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	)

 * 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.

76 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)	$	9,008,007		0.08	%(e)		0.24	%(e)		0.01	%(e)
	1.00		—	(d)		229,811		0.08	(e)		0.27	(e)		0.01	(e)
	1.00		—	(d)		108,510		0.08	(e)		0.34	(e)		—	(e)(f)
	1.00		—	(d)		209,996		0.08	(e)		0.39	(e)		—	(e)(f)
	1.00		—	(d)		1,612,759		0.08	(e)		0.49	(e)		—	(e)(f)
	1.00		—	(d)		80,072		0.08	(e)		0.59	(e)		—	(e)(f)
	1.00		—	(d)		985,611		0.08	(e)		0.74	(e)		—	(e)(f)
	1.00		—	(d)		1		0.08	(e)		0.89	(e)		0.40	(e)
	1.00		—	(d)		1		0.08	(e)		1.04	(e)		0.40	(e)
	1.00		0.01			6,998,695		0.14			0.23			0.01
	1.00		0.01			189,482		0.14			0.26			0.01
	1.00		0.01			146,636		0.14			0.33			0.01
	1.00		0.01			317,742		0.14			0.38			0.01
	1.00		0.01			1,577,830		0.14			0.48			0.01
	1.00		0.01			97,655		0.14			0.58			—	(f)
	1.00		0.01			1,061,790		0.14			0.73			0.01
	1.00		0.01			1		0.14			0.88			0.40
	1.00		0.01			1		0.14			1.03			0.40
	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

The accompanying notes are an integral part of these financial statements. 77

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements

February 28, 2014 (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.

78

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

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) at least once a week.

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.

79

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

February 28, 2014 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 cost for U.S. federal income tax purposes.

GSAM has reviewed the Funds’ tax positions for all open tax years (the current and prior three 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.

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, under the terms of a Master Repurchase Agreement (“MRA”). 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.

In December 2011, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”) No. 2011-11: Disclosures about Offsetting Assets and Liabilities (“netting”) on the Statements of Assets and Liabilities that are subject to master netting arrangements or similar agreements. ASU 2011-11 was amended by ASU No. 2013-01, clarifying which investments and transactions are subject to the netting disclosure. The scope of the disclosure requirements is limited to derivative instruments, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions. This information is intended to enable users of the Funds’ financial statements to evaluate the effect or potential effect of netting arrangements on the Funds’ financial position.

For financial reporting purposes, the Funds do not offset financial assets and financial liabilities that are subject to master netting arrangements or similar agreements on the Statements of Assets and Liabilities.

A MRA governs transactions between a Fund and select counterparties. A MRA contains provisions for, among other things, initiation, income payments, events of default and maintenance of securities for repurchase agreements. A MRA also permits offsetting with collateral to create one single net payment in the event of default or similar events, including the bankruptcy or insolvency of a counterparty.

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GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

If the seller defaults, a Fund could suffer a loss to the extent that the proceeds from the sale of the underlying securities and other collateral held by the Fund are less than the repurchase price and the Fund’s costs associated with delay and enforcement of the repurchase agreement. In addition, in the event of default or insolvency of the seller, a court could determine that a Fund’s interest in the collateral is not enforceable, resulting in additional losses to the Fund.

At February 28, 2014, the Government, Money Market, Prime Obligations and Treasury Obligations Funds’ investments in repurchase agreements were subject to enforceable MRAs. The repurchase agreements on a net basis were as follows:

Repurchase Agreements	Government Fund			Money Market Fund			Prime Obligations Fund			Treasury Obligations Fund
Total gross amount presented in Statements of Assets and Liabilities	$	11,544,200,000		$	6,195,400,000		$	4,641,600,000		$	7,322,100,000
Non-cash Collateral offsetting(1)		(11,544,200,000	)		(6,195,400,000	)		(4,641,600,000	)		(7,322,100,000	)
Net Amount(2)	$	—		$	—		$	—		$	—

(1) At February 28, 2014, the value of the collateral exceeded the value of the related repurchase agreements.

(2) Net amount represents the net amount due from the counterparty in the event of a default based on the contractual set-off rights under the agreement.

Pursuant to exemptive relief granted by the Securities and Exchange Commission 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).

81

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

February 28, 2014 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

The Trustees have adopted Amortized Cost Rule 2a-7 Procedures (Procedures”) that govern the valuation of the portfolio investments held by the Funds. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation (including both the amortized cost and market-based methods of valuation) of the Funds’ portfolio investments. To assess the continuing appropriateness of pricing sources and methodologies related to the market-based method of valuation, 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, 2014, all investments are classified as Level 2. Please refer to the Schedules of Investments for further detail.

4. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

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

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

The Trust, on behalf of the FST Resource Shares and FST CMS of each applicable Fund, has adopted Distribution Plans. Under the Distribution Plans, Goldman Sachs is entitled to a monthly fee from the applicable Fund’s FST Resource 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.

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GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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, 2014, Goldman Sachs has advised that it retained approximately $842 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 transfer agent 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, shareholder meetings, litigation, indemnification and extraordinary expenses) to the extent that 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 limitations will remain in place through at least December 29, 2014, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. The Funds bear their respective share of costs related to proxy and shareholder meetings, and GSAM has agreed to reimburse each Fund to the extent such expenses exceed a specified percentage of the Fund’s net assets. In addition, the Funds have entered into certain offset arrangements with the custodian and the 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.

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 service fees, shareholder administration fees, taxes, interest, brokerage fees, shareholder meetings, litigation, indemnification 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 limitations will remain in place through at least December 29, 2014, 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.

83

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

February 28, 2014 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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.

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

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GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Fund Effective Net Expenses (After Waivers and Reimbursements)

During the six months ended February 28, 2014, 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, 2014. The Funds are not obligated to reimburse GSAM or Goldman Sachs for prior fiscal year fee waivers and/or expense reimbursements, if any.

	Ratio of Net Expenses to Average Net Assets for the Six Months Ended February 28, 2014*
	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			0.01			0.01			0.01			0.01			0.00			0.01			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			0.01			0.00			0.01			0.01
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			0.19			0.19			0.19			0.19			0.18			0.19			0.19			0.18			0.19			0.19

* 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.

85

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

February 28, 2014 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

	Ratio of Net Expenses to Average Net Assets for the Six Months Ended February 28, 2014*
	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)		0.08	%		0.08	%		0.08	%		0.08	%		0.08	%		0.08	%		0.08	%		0.08	%		0.08	%
Administration Service and/or Shareholder Administration Fees		N/A			0.00			0.00			0.00			0.00			0.00			0.00			0.00			0.00
Distribution (12b-1) and/or Service Fees		N/A			N/A			N/A			N/A			N/A			N/A			N/A			0.00			0.00
Transfer Agency Fee		0.00			0.00			0.00			0.00			0.00			0.00			0.00			0.00			0.00
Other Expenses		0.01			0.01			0.01			0.01			0.01			0.01			0.01			0.01			0.01
Net Expenses		0.09			0.09			0.09			0.09			0.09			0.09			0.09			0.09			0.09
Government
Management Fee(a)		0.12	%		0.12	%		0.12	%		0.12	%		0.12	%		0.12	%		0.12	%		0.12	%		0.12	%
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		0.13			0.13			0.13			0.13			0.13			0.13			0.13			0.13			0.13
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			0.05			0.06			0.06			0.06			0.06			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			0.23			0.24			0.24			0.24			0.24			0.18			0.18
Tax-Exempt California
Management Fee(a)		0.12	%		N/A			N/A			N/A			0.12	%		N/A			0.12	%		N/A			0.12	%
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		(0.02	)		N/A			N/A			N/A			(0.02	)		N/A			(0.02	)		N/A			(0.02	)
Net Expenses		0.10			N/A			N/A			N/A			0.10			N/A			0.10			N/A			0.10

* Annualized

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

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

86

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4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

	Ratio of Net Expenses to Average Net Assets for the Six Months Ended February 28, 2014*
	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)		0.15	%		N/A			N/A			N/A			0.15	%		N/A			0.15	%		N/A			0.15	%
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		(0.06	)		N/A			N/A			N/A			(0.06	)		N/A			(0.06	)		N/A			(0.06	)
Net Expenses		0.09			N/A			N/A			N/A			0.09			N/A			0.09			N/A			0.09
Tax-Free Money Market
Management Fee(a)		0.11	%		0.11	%		0.11	%		0.11	%		0.11	%		0.11	%		0.11	%		0.11	%		0.11	%
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		0.00			0.00			0.00			0.00			0.00			0.00			0.00			0.00			0.00
Net Expenses		0.11			0.11			0.11			0.11			0.11			0.11			0.11			0.11			0.11
Treasury Instruments
Management Fee(a)		0.06	%		0.06	%		0.06	%		0.06	%		0.06	%		0.06	%		0.06	%		0.06	%		0.06	%
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		0.07			0.07			0.07			0.07			0.07			0.07			0.07			0.07			0.07
Treasury Obligations
Management Fee(a)		0.07	%		0.07	%		0.07	%		0.07	%		0.07	%		0.07	%		0.07	%		0.07	%		0.07	%
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		0.08			0.08			0.08			0.08			0.08			0.08			0.08			0.08			0.08

* Annualized

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

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

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GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

February 28, 2014 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended February 28, 2014, 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	$	7,312	$	601	$	3,915	$	—	$	—	$	11,828
Government		11,739		1,353		4,012		—		116		17,220
Money Market		6,485		—		506		—		—		6,991
Prime Obligations		3,765		198		5,058		—		274		9,295
Tax-Exempt California		310		13		133		—		135		591
Tax-Exempt New York		168		9		112		—		148		437
Tax-Free Money Market		2,638		283		1,439		—		346		4,706
Treasury Instruments		21,762		1,533		2,968		10		—		26,273
Treasury Obligations		7,798		587		4,949		5		411		13,750

As of February 28, 2014, 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	$	832	$	—	$	—	$	—	$	832
Government		2,241		—		—		4		2,245
Money Market		3,839		240		—		—		4,079
Prime Obligations		1,854		116		1		—		1,971
Tax-Exempt California		16		—		—		—		16
Tax-Exempt New York		10		—		—		—		10
Tax-Free Money Market		392		—		—		—		392
Treasury Instruments		1,610		—		—		—		1,610
Treasury Obligations		655		—		—		—		655

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GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

H.  Other Transactions with Affiliates — A Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers, or common trustees. For the six months ended February 28, 2014, the purchase and sale transactions for the Funds with affiliated funds in compliance with Rule 17a-7 under the Act were as follows:

	Federal 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
Purchases	$	241,830,770	$	32,301,513	$	567,704,272	$	26,074,157	$	66,447,555	$	894,733,507	$	898,792,791	$	—
Sales		425,798,933		57,300,000		753,855,620		60,528,951		62,976,398		653,400,118		241,830,770		472,993,858

I.  Line of Credit Facility — As of February 28, 2014, the Funds participated in a $780,000,000 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 $220,000,000, for a total of up to $1,000,000,000. 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, 2014, the Funds did not have any borrowings under the facility.

5. TAX INFORMATION

As of the Funds’ most recent fiscal year end, August 31, 2013, the Funds’ capital loss carryfowards and certain timing differences on a tax basis were as follows:

	Federal			Government			Money Market			Prime Obligations			Tax-Exempt California			Tax-Exempt New York			Tax-Free Money Market			Treasury Instruments			Treasury Obligations
Timing differences (Qualified Late Year Loss Deferral and Dividend Payable)	$	(13,824	)	$	(69,649	)	$	(875,315	)	$	(116,961	)	$	(18	)	$	(24	)	$	(7,135	)	$	(18,429	)	$	(29,214	)
Capital loss carryforward		—			—			—			—			—			—			—			—			(1,205	)

GSAM has reviewed the Funds’ tax positions for all open tax years (the current and prior three 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.

89

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

February 28, 2014 (Unaudited)

6. 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.

7. INDEMNIFICATIONS

Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, 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.

90

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

8. OTHER MATTER

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

9. 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.

91

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

February 28, 2014 (Unaudited)

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

Share activity is as follows:

	Federal Fund
	For the Six Months Ended February 28, 2014 (Unaudited)			For the Fiscal Year Ended August 31, 2013
FST Shares
Shares sold		15,864,929,390			23,683,935,710
Reinvestment of distributions		221,754			390,079
Shares redeemed		(13,986,638,055	)		(24,516,717,488	)
		1,878,513,089			(832,391,699	)
FST Select Shares
Shares sold		49,471,612			151,827,709
Reinvestment of distributions		2,412			5,103
Shares redeemed		(113,984,006	)		(114,227,948	)
		(64,509,982	)		37,604,864
FST Preferred Shares
Shares sold		63,202,100			487,074,015
Reinvestment of distributions		1,390			2,749
Shares redeemed		(63,970,151	)		(494,716,256	)
		(766,661	)		(7,639,492	)
FST Capital Shares
Shares sold		155,018,412			287,340,841
Reinvestment of distributions		108			291
Shares redeemed		(157,158,933	)		(296,741,980	)
		(2,140,413	)		(9,400,848	)
FST Administration Shares
Shares sold		417,924,355			763,891,024
Reinvestment of distributions		5,094			10,909
Shares redeemed		(423,247,164	)		(825,897,094	)
		(5,317,715	)		(61,995,161	)
FST Premier Shares
Shares sold		399,561,717			953,552,739
Reinvestment of distributions		33,797			74,615
Shares redeemed		(423,308,854	)		(1,129,364,623	)
		(23,713,340	)		(175,737,269	)
FST Service Shares
Shares sold		1,241,628,025			2,273,300,802
Reinvestment of distributions		5,877			13,423
Shares redeemed		(1,343,905,475	)		(2,368,202,761	)
		(102,271,573	)		(94,888,536	)
FST Resource Shares
Shares sold		2			—
Reinvestment of distributions		—			—
Shares redeemed		(2	)		—
		—			—
FST Cash Management Shares
Shares sold		97,954,672			326,402,052
Reinvestment of distributions		—			—
Shares redeemed		(118,254,163	)		(453,658,131	)
		(20,299,491	)		(127,256,079	)
NET INCREASE (DECREASE) IN SHARES		1,659,493,914			(1,271,704,220	)

92

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

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

Share activity is as follows:

	Government Fund
	For the Six Months Ended February 28, 2014 (Unaudited)			For the Fiscal Year Ended August 31, 2013
FST Shares
Shares sold		83,620,619,718			185,508,538,032
Reinvestment of distributions		383,871			4,035,391
Shares redeemed		(81,125,603,315	)		(192,087,704,388	)
		2,495,400,274			(6,575,130,965	)
FST Select Shares
Shares sold		157,939,900			473,090,614
Reinvestment of distributions		2,966			34,609
Shares redeemed		(209,862,466	)		(955,289,284	)
		(51,919,600	)		(482,164,061	)
FST Preferred Shares
Shares sold		504,589,268			1,527,138,126
Reinvestment of distributions		5,244			13,999
Shares redeemed		(550,865,940	)		(1,768,059,552	)
		(46,271,428	)		(240,907,427	)
FST Capital Shares
Shares sold		1,985,388,619			4,596,068,011
Reinvestment of distributions		4,483			14,182
Shares redeemed		(1,981,408,986	)		(4,678,086,588	)
		3,984,116			(82,004,395	)
FST Administration Shares
Shares sold		4,549,047,915			9,389,000,360
Reinvestment of distributions		4,583			7,172
Shares redeemed		(4,446,008,162	)		(9,788,343,207	)
		103,044,336			(399,335,675	)
FST Premier Shares
Shares sold		1,172,090			5,921,801
Reinvestment of distributions		177			375
Shares redeemed		(251,855	)		(6,100,706	)
		920,412			(178,530	)
FST Service Shares
Shares sold		1,277,662,060			1,522,964,902
Reinvestment of distributions		2,231			5,669
Shares redeemed		(1,066,557,387	)		(1,636,167,447	)
		211,106,904			(113,196,876	)
FST Resource Shares
Shares sold		1			5
Reinvestment of distributions		—			—
Shares redeemed		—			(5	)
		1			—
FST Cash Management Shares
Shares sold		1			5
Reinvestment of distributions		—			—
Shares redeemed		(1	)		(5	)
		—			—
NET INCREASE (DECREASE) IN SHARES		2,716,265,015			(7,892,917,929	)

93

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

February 28, 2014 (Unaudited)

10. 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, 2014 (Unaudited)			For the Fiscal Year Ended August 31, 2013
FST Shares
Shares sold		201,135,676,936			259,827,799,241
Reinvestment of distributions		3,910,001			11,879,215
Shares redeemed		(195,279,846,586	)		(255,071,235,191	)
		5,859,740,351			4,768,443,265
FST Select Shares
Shares sold		902,692,231			1,776,995,354
Reinvestment of distributions		4,638			53,933
Shares redeemed		(890,729,465	)		(1,750,900,984	)
		11,967,404			26,148,303
FST Preferred Shares
Shares sold		284,397,914			331,414,951
Reinvestment of distributions		2,436			3,402
Shares redeemed		(211,578,478	)		(321,383,196	)
		72,821,872			10,035,157
FST Capital Shares
Shares sold		40,497,262			72,739,638
Reinvestment of distributions		1,310			2,142
Shares redeemed		(33,769,847	)		(59,592,320	)
		6,728,725			13,149,460
FST Administration Shares
Shares sold		519,648,956			1,362,272,427
Reinvestment of distributions		7,823			15,551
Shares redeemed		(522,363,983	)		(1,424,344,027	)
		(2,707,204	)		(62,056,049	)
FST Premier Shares
Shares sold		44,276,596			95,993,838
Reinvestment of distributions		1,207			2,296
Shares redeemed		(23,373,492	)		(94,215,645	)
		20,904,311			1,780,489
FST Service Shares
Shares sold		59,225,159			196,005,412
Reinvestment of distributions		603			1,404
Shares redeemed		(74,515,509	)		(180,394,145	)
		(15,289,747	)		15,612,671
FST Resource Shares
Shares sold		—			—
Reinvestment of distributions		—			—
Shares redeemed		—			—
		—			—
FST Cash Management Shares
Shares sold		1			—
Reinvestment of distributions		—			—
Shares redeemed		(1	)		—
		—			—
NET INCREASE IN SHARES		5,954,165,712			4,773,113,296

94

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

10. 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, 2014 (Unaudited)			For the Fiscal Year Ended August 31, 2013
FST Shares
Shares sold		48,933,201,298			97,468,682,609
Reinvestment of distributions		383,468			3,816,723
Shares redeemed		(50,862,574,315	)		(98,747,680,624	)
		(1,928,989,549	)		(1,275,181,292	)
FST Select Shares
Shares sold		471,135,499			840,160,627
Reinvestment of distributions		6,803			103,271
Shares redeemed		(519,281,264	)		(953,394,441	)
		(48,138,962	)		(113,130,543	)
FST Preferred Shares
Shares sold		1,888,389,439			3,121,045,998
Reinvestment of distributions		3,900			6,129
Shares redeemed		(1,846,565,666	)		(3,100,722,229	)
		41,827,673			20,329,898
FST Capital Shares
Shares sold		415,923,216			1,091,110,971
Reinvestment of distributions		2,272			2,265
Shares redeemed		(415,598,821	)		(1,176,450,654	)
		326,667			(85,337,418	)
FST Administration Shares
Shares sold		4,291,082,171			11,619,251,381
Reinvestment of distributions		11,329			12,118
Shares redeemed		(5,294,081,055	)		(10,928,234,321	)
		(1,002,987,555	)		691,029,178
FST Premier Shares
Shares sold		8			—
Reinvestment of distributions		—			—
Shares redeemed		(4	)		—
		4			—
FST Service Shares
Shares sold		4,830,923,765			6,602,210,683
Shares converted from Class B Shares(a)		101,786			407,071
Reinvestment of distributions		32,739			36,037
Shares redeemed		(4,734,715,310	)		(6,599,866,245	)
		96,342,980			2,787,546
FST Class B Shares
Shares sold		521,656			1,429,167
Shares converted to Service Shares(a)		(101,786	)		(407,071	)
Reinvestment of distributions		140			176
Shares redeemed		(862,310	)		(2,049,094	)
		(442,300	)		(1,026,822	)
FST Class C Shares
Shares sold		4,365,114			10,531,995
Reinvestment of distributions		1,037			1,286
Shares redeemed		(6,694,055	)		(13,728,316	)
		(2,327,904	)		(3,195,035	)
FST Resource Shares
Shares sold		54,081,574			123,537,034
Reinvestment of distributions		4,479			7,651
Shares redeemed		(62,619,373	)		(171,518,827	)
		(8,533,320	)		(47,974,142	)
FST Cash Management Shares
Shares sold		—			—
Reinvestment of distributions		—			—
Shares redeemed		—			—
		—			—
NET DECREASE IN SHARES		(2,852,922,266	)		(811,698,630	)

(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.

95

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

February 28, 2014 (Unaudited)

10. 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, 2014 (Unaudited)			For the Fiscal Year Ended August 31, 2013
FST Shares
Shares sold		92,860,099			127,747,745
Reinvestment of distributions		7,885			19,807
Shares redeemed		(78,990,921	)		(127,937,035	)
		13,877,063			(169,483	)
FST Administration Shares
Shares sold		307,329,579			761,404,402
Reinvestment of distributions		16,669			34,092
Shares redeemed		(359,004,294	)		(688,284,019	)
		(51,658,046	)		73,154,475
FST Service Shares
Shares sold		120			300
Reinvestment of distributions		—			—
Shares redeemed		(120	)		(300	)
		—			—
FST Cash Management Shares
Shares sold		—			—
Reinvestment of distributions		—			—
Shares redeemed		—			—
		—			—
NET INCREASE (DECREASE) IN SHARES		(37,780,983	)		72,984,992

96

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

10. 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, 2014 (Unaudited)			For the Fiscal Year Ended August 31, 2013
FST Shares
Shares sold		22,545,722			46,648,359
Reinvestment of distributions		1,418			2,995
Shares redeemed		(19,777,860	)		(48,837,735	)
		2,769,280			(2,186,381	)
FST Administration Shares
Shares sold		253,147,782			386,922,811
Reinvestment of distributions		10,464			22,422
Shares redeemed		(231,728,906	)		(439,524,487	)
		21,429,340			(52,579,254	)
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		24,198,620			(54,765,635	)

97

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

February 28, 2014 (Unaudited)

10. 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, 2014 (Unaudited)			For the Fiscal Year Ended August 31, 2013
FST Shares
Shares sold		6,325,508,091			14,636,171,445
Reinvestment of distributions		335,669			968,862
Shares redeemed		(6,615,186,514	)		(15,337,437,778	)
		(289,342,754	)		(700,297,471	)
FST Select Shares
Shares sold		239,785,651			304,924,245
Reinvestment of distributions		29,414			26,367
Shares redeemed		(148,314,216	)		(209,965,782	)
		91,500,849			94,984,830
FST Preferred Shares
Shares sold		8,139,345			43,819,547
Reinvestment of distributions		996			1,677
Shares redeemed		(10,813,251	)		(46,948,461	)
		(2,672,910	)		(3,127,237	)
FST Capital Shares
Shares sold		12,802,307			22,825,881
Reinvestment of distributions		100			142
Shares redeemed		(12,518,020	)		(31,107,432	)
		284,387			(8,281,409	)
FST Administration Shares
Shares sold		302,940,470			723,186,688
Reinvestment of distributions		2,342			3,449
Shares redeemed		(326,450,305	)		(806,155,691	)
		(23,507,493	)		(82,965,554	)
FST Premier Shares
Shares sold		1,122,943,728			2,212,843,594
Reinvestment of distributions		57,008			85,404
Shares redeemed		(1,067,031,253	)		(2,206,341,281	)
		55,969,483			6,587,717
FST Service Shares
Shares sold		115,745,495			113,994,652
Reinvestment of distributions		935			1,101
Shares redeemed		(64,682,279	)		(127,230,707	)
		51,064,151			(13,234,954	)
FST Resource Shares
Shares sold		13,636,851			34,689,707
Reinvestment of distributions		2,582			3,632
Shares redeemed		(11,223,731	)		(35,490,366	)
		2,415,702			(797,027	)
FST Cash Management Shares
Shares sold		—			—
Reinvestment of distributions		—			—
Shares redeemed		—			—
		—			—
NET DECREASE IN SHARES		(114,288,585	)		(707,131,105	)

98

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

10. 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, 2014 (Unaudited)			For the Fiscal Year Ended August 31, 2013
FST Shares
Shares sold		56,125,234,840			80,470,337,939
Reinvestment of distributions		107,682			187,009
Shares redeemed		(50,953,512,290	)		(78,452,718,471	)
		5,171,830,232			2,017,806,477
FST Select Shares
Shares sold		1,701,713,240			1,111,660,705
Reinvestment of distributions		1,740			2,782
Shares redeemed		(1,642,553,192	)		(997,301,783	)
		59,161,788			114,361,704
FST Preferred Shares
Shares sold		212,363,335			177,192,911
Reinvestment of distributions		252			740
Shares redeemed		(258,466,599	)		(222,810,154	)
		(46,103,012	)		(45,616,503	)
FST Capital Shares
Shares sold		402,417,339			1,119,268,583
Reinvestment of distributions		782			1,387
Shares redeemed		(421,798,230	)		(1,111,650,263	)
		(19,380,109	)		7,619,707
FST Administration Shares
Shares sold		2,206,339,532			3,661,001,825
Reinvestment of distributions		3,140			6,107
Shares redeemed		(2,269,839,981	)		(3,628,178,521	)
		(63,497,309	)		32,829,411
FST Premier Shares
Shares sold		428,637,094			580,894,363
Reinvestment of distributions		1,758			4,163
Shares redeemed		(488,955,077	)		(621,240,222	)
		(60,316,225	)		(40,341,696	)
FST Service Shares
Shares sold		365,768,344			637,932,171
Reinvestment of distributions		510			1,683
Shares redeemed		(419,076,610	)		(750,688,737	)
		(53,307,756	)		(112,754,883	)
FST Resource Shares
Shares sold		—			—
Reinvestment of distributions		—			—
Shares redeemed		—			—
		—			—
FST Cash Management Shares
Shares sold		—			—
Reinvestment of distributions		—			—
Shares redeemed		—			—
		—			—
NET INCREASE IN SHARES		4,988,387,609			1,973,904,217

99

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Notes to Financial Statements (continued)

February 28, 2014 (Unaudited)

10. 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, 2014 (Unaudited)			For the Fiscal Year Ended August 31, 2013
FST Shares
Shares sold		35,712,704,684			152,564,404,591
Reinvestment of distributions		135,016			217,446
Shares redeemed		(33,703,588,686	)		(153,650,585,777	)
		2,009,251,014			(1,085,963,740	)
FST Select Shares
Shares sold		252,833,380			540,749,512
Reinvestment of distributions		5,578			9,509
Shares redeemed		(212,511,333	)		(503,505,470	)
		40,327,625			37,253,551
FST Preferred Shares
Shares sold		1,036,699,004			1,521,635,408
Reinvestment of distributions		2,843			5,141
Shares redeemed		(1,074,828,819	)		(1,470,069,719	)
		(38,126,972	)		51,570,830
FST Capital Shares
Shares sold		166,557,321			364,534,557
Reinvestment of distributions		6,767			11,318
Shares redeemed		(274,310,902	)		(262,819,550	)
		(107,746,814	)		101,726,325
FST Administration Shares
Shares sold		4,331,042,876			26,088,170,220
Reinvestment of distributions		12,150			27,557
Shares redeemed		(4,296,136,607	)		(26,036,176,948	)
		34,918,419			52,020,829
FST Premier Shares
Shares sold		48,022,311			80,912,383
Reinvestment of distributions		2,856			6,376
Shares redeemed		(65,609,388	)		(107,702,447	)
		(17,584,221	)		(26,783,688	)
FST Service Shares
Shares sold		1,900,976,992			4,271,503,672
Reinvestment of distributions		8,759			17,286
Shares redeemed		(1,977,171,263	)		(4,235,020,189	)
		(76,185,512	)		36,500,769
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		1,844,853,539			(833,675,124	)

100

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Fund Expenses — Six Month Period Ended February 28, 2014 (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, 2013 through February 28, 2014.

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 9/1/13		Ending Account Value 2/28/14			Expenses Paid for the 6 months ended 2/28/14*		Beginning Account Value 9/1/13		Ending Account Value 2/28/14			Expenses Paid for the 6 months ended 2/28/14*		Beginning Account Value 9/1/13		Ending Account Value 2/28/14			Expenses Paid for the 6 months ended 2/28/14*
FST Shares
Actual	$	1,000.00	$	1,000.03		$	0.45	$	1,000.00	$	1,000.03		$	0.64	$	1,000.00	$	1,000.31		$	0.89
Hypothetical (5% return before expenses)		1,000.00		1,024.35	+		0.45		1,000.00		1,024.15	+		0.65		1,000.00		1,023.90	+		0.90
FST Select Shares
Actual		1,000.00		1,000.03			0.45		1,000.00		1,000.03			0.64		1,000.00		1,000.16			1.04
Hypothetical (5% return before expenses)		1,000.00		1,024.35	+		0.45		1,000.00		1,024.15	+		0.65		1,000.00		1,023.75	+		1.05
FST Preferred Shares
Actual		1,000.00		1,000.03			0.45		1,000.00		1,000.03			0.64		1,000.00		1,000.03			1.14
Hypothetical (5% return before expenses)		1,000.00		1,024.35	+		0.45		1,000.00		1,024.15	+		0.65		1,000.00		1,023.65	+		1.15
FST Capital Shares
Actual		1,000.00		1,000.03			0.45		1,000.00		1,000.03			0.64		1,000.00		1,000.03			1.19
Hypothetical (5% return before expenses)		1,000.00		1,024.35	+		0.45		1,000.00		1,024.15	+		0.65		1,000.00		1,023.60	+		1.20
FST Administration Shares
Actual		1,000.00		1,000.03			0.45		1,000.00		1,000.03			0.64		1,000.00		1,000.03			1.19
Hypothetical (5% return before expenses)		1,000.00		1,024.35	+		0.45		1,000.00		1,024.15	+		0.65		1,000.00		1,023.60	+		1.20
FST Premier Shares
Actual		1,000.00		1,000.03			0.45		1,000.00		1,000.03			0.64		1,000.00		1,000.03			1.19
Hypothetical (5% return before expenses)		1,000.00		1,024.35	+		0.45		1,000.00		1,024.15	+		0.65		1,000.00		1,023.60	+		1.20
FST Service Shares
Actual		1,000.00		1,000.03			0.45		1,000.00		1,000.03			0.64		1,000.00		1,000.03			1.19
Hypothetical (5% return before expenses)		1,000.00		1,024.35	+		0.45		1,000.00		1,024.15	+		0.65		1,000.00		1,023.60	+		1.20
FST Resource Shares
Actual		1,000.00		1,000.03			0.45		1,000.00		1,000.03			0.64		1,000.00		1,000.03			0.89
Hypothetical (5% return before expenses)		1,000.00		1,024.35	+		0.45		1,000.00		1,024.15	+		0.65		1,000.00		1,023.90	+		0.90
FST Cash Management Shares
Actual		1,000.00		1,000.03			0.45		1,000.00		1,000.03			0.64		1,000.00		1,000.03			0.89
Hypothetical (5% return before expenses)		1,000.00		1,024.35	+		0.45		1,000.00		1,024.15	+		0.65		1,000.00		1,023.90	+		0.90

101

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Fund Expenses — Six Month Period Ended February 28, 2014 (Unaudited) (continued)

	Prime Obligations							Tax-Exempt California							Tax-Exempt New York
Share Class	Beginning Account Value 9/1/13		Ending Account Value 2/28/14			Expenses Paid for the 6 months ended 2/28/14*		Beginning Account Value 9/1/13		Ending Account Value 2/28/14			Expenses Paid for the 6 months ended 2/28/14*		Beginning Account Value 9/1/13		Ending Account Value 2/28/14			Expenses Paid for the 6 months ended 2/28/14*
FST Shares
Actual	$	1,000.00	$	1,000.08		$	0.89	$	1,000.00	$	1,000.09		$	0.50	$	1,000.00	$	1,000.08		$	0.45
Hypothetical (5% return before expenses)		1,000.00		1,023.90	+		0.90		1,000.00		1,024.30	+		0.50		1,000.00		1,024.35	+		0.45
FST Select Shares
Actual		1,000.00		1,000.05			0.94		N/A		N/A			N/A		N/A		N/A			N/A
Hypothetical (5% return before expenses)		1,000.00		1,023.85	+		0.95		N/A		N/A			N/A		N/A		N/A			N/A
FST Preferred Shares
Actual		1,000.00		1,000.05			0.94		N/A		N/A			N/A		N/A		N/A			N/A
Hypothetical (5% return before expenses)		1,000.00		1,023.85	+		0.95		N/A		N/A			N/A		N/A		N/A			N/A
FST Capital Shares
Actual		1,000.00		1,000.05			0.94		N/A		N/A			N/A		N/A		N/A			N/A
Hypothetical (5% return before expenses)		1,000.00		1,023.85	+		0.95		N/A		N/A			N/A		N/A		N/A			N/A
FST Administration Shares
Actual		1,000.00		1,000.05			0.94		1,000.00		1,000.09			0.50		1,000.00		1,000.08			0.45
Hypothetical (5% return before expenses)		1,000.00		1,023.85	+		0.95		1,000.00		1,024.30	+		0.50		1,000.00		1,024.35	+		0.45
FST Premier Shares
Actual		1,000.00		1,000.05			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		1,000.05			0.94		1,000.00		1,000.09			0.50		1,000.00		1,000.08			0.45
Hypothetical (5% return before expenses)		1,000.00		1,023.85	+		0.95		1,000.00		1,024.30	+		0.50		1,000.00		1,024.35	+		0.45
FST Class B Shares
Actual		1,000.00		1,000.05			0.94		N/A		N/A			N/A		N/A		N/A			N/A
Hypothetical (5% return before expenses)		1,000.00		1,023.85	+		0.95		N/A		N/A			N/A		N/A		N/A			N/A
FST Class C Shares
Actual		1,000.00		1,000.05			0.94		N/A		N/A			N/A		N/A		N/A			N/A
Hypothetical (5% return before expenses)		1,000.00		1,023.85	+		0.95		N/A		N/A			N/A		N/A		N/A			N/A
FST Resource Shares
Actual		1,000.00		1,000.05			0.94		N/A		N/A			N/A		N/A		N/A			N/A
Hypothetical (5% return before expenses)		1,000.00		1,023.85	+		0.95		N/A		N/A			N/A		N/A		N/A			N/A
FST Cash Management Shares
Actual		1,000.00		1,000.05			0.89		1,000.00		1,000.09			0.50		1,000.00		1,000.08			0.45
Hypothetical (5% return before expenses)		1,000.00		1,023.90	+		0.90		1,000.00		1,024.30	+		0.50		1,000.00		1,024.35	+		0.45

102

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Fund Expenses — Six Month Period Ended February 28, 2014 (Unaudited) (continued)

	Tax-Free Money Market Fund							Treasury Instruments Fund							Treasury Obligations Fund
Share Class	Beginning Account Value 9/1/13		Ending Account Value 2/28/14			Expenses Paid for the 6 months ended 2/28/14*		Beginning Account Value 9/1/13		Ending Account Value 2/28/14			Expenses Paid for the 6 months ended 2/28/14*		Beginning Account Value 9/1/13		Ending Account Value 2/28/14			Expenses Paid for the 6 months ended 2/28/14*
FST Shares
Actual	$	1,000.00	$	1,000.09		$	0.55	$	1,000.00	$	1,000.01		$	0.35	$	1,000.00	$	1,000.03		$	0.40
Hypothetical (5% return before expenses)		1,000.00		1,024.25	+		0.55		1,000.00		1,024.45	+		0.35		1,000.00		1,024.40	+		0.40
FST Select Shares
Actual		1,000.00		1,000.09			0.55		1,000.00		1,000.01			0.35		1,000.00		1,000.03			0.40
Hypothetical (5% return before expenses)		1,000.00		1,024.25	+		0.55		1,000.00		1,024.45	+		0.35		1,000.00		1,024.40	+		0.40
FST Preferred Shares
Actual		1,000.00		1,000.09			0.55		1,000.00		1,000.01			0.35		1,000.00		1,000.03			0.40
Hypothetical (5% return before expenses)		1,000.00		1,024.25	+		0.55		1,000.00		1,024.45	+		0.35		1,000.00		1,024.40	+		0.40
FST Capital Shares
Actual		1,000.00		1,000.09			0.55		1,000.00		1,000.01			0.35		1,000.00		1,000.03			0.40
Hypothetical (5% return before expenses)		1,000.00		1,024.25	+		0.55		1,000.00		1,024.45	+		0.35		1,000.00		1,024.40	+		0.40
FST Administration Shares
Actual		1,000.00		1,000.09			0.55		1,000.00		1,000.01			0.35		1,000.00		1,000.03			0.40
Hypothetical (5% return before expenses)		1,000.00		1,024.25	+		0.55		1,000.00		1,024.45	+		0.35		1,000.00		1,024.40	+		0.40
FST Premier Shares
Actual		1,000.00		1,000.09			0.55		1,000.00		1,000.01			0.35		1,000.00		1,000.03			0.40
Hypothetical (5% return before expenses)		1,000.00		1,024.25	+		0.55		1,000.00		1,024.45	+		0.35		1,000.00		1,024.40	+		0.40
FST Service Shares
Actual		1,000.00		1,000.09			0.55		1,000.00		1,000.01			0.35		1,000.00		1,000.03			0.40
Hypothetical (5% return before expenses)		1,000.00		1,024.25	+		0.55		1,000.00		1,024.45	+		0.35		1,000.00		1,024.40	+		0.40
FST Resource Shares
Actual		1,000.00		1,000.09			0.55		1,000.00		1,000.01			0.35		1,000.00		1,000.03			0.40
Hypothetical (5% return before expenses)		1,000.00		1,024.25	+		0.55		1,000.00		1,024.45	+		0.35		1,000.00		1,024.40	+		0.40
FST Cash Management Shares
Actual		1,000.00		1,000.09			0.55		1,000.00		1,000.01			0.35		1,000.00		1,000.03			0.40
Hypothetical (5% return before expenses)		1,000.00		1,024.25	+		0.55		1,000.00		1,024.45	+		0.35		1,000.00		1,024.40	+		0.40

* 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, 2014. 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		0.09	%		0.09	%		0.09	%		0.09	%		0.09	%		0.09	%		0.09	%		N/A			N/A			0.09	%		0.09	%
Government		0.13	%		0.13	%		0.13	%		0.13	%		0.13	%		0.13	%		0.13	%		N/A			N/A			0.13	%		0.13	%
Money Market		0.18	%		0.21	%		0.23	%		0.24	%		0.24	%		0.24	%		0.24	%		N/A			N/A			0.18	%		0.18	%
Prime Obligations		0.18	%		0.19	%		0.19	%		0.19	%		0.19	%		0.18	%		0.19	%		0.19	%		0.19	%		0.19	%		0.18	%
Tax-Exempt California		0.10	%		N/A			N/A			N/A			0.10	%		N/A			0.10	%		N/A			N/A			N/A			0.10	%
Tax-Exempt New York		0.09	%		N/A			N/A			N/A			0.09	%		N/A			0.09	%		N/A			N/A			N/A			0.09	%
Tax-Free Money Market		0.11	%		0.11	%		0.11	%		0.11	%		0.11	%		0.11	%		0.11	%		N/A			N/A			0.11	%		0.11	%
Treasury Instruments		0.07	%		0.07	%		0.07	%		0.07	%		0.07	%		0.07	%		0.07	%		N/A			N/A			0.07	%		0.07	%
Treasury Obligations		0.08	%		0.08	%		0.08	%		0.08	%		0.08	%		0.08	%		0.08	%		N/A			N/A			0.08	%		0.08	%

+ 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

103

GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS

Voting Results of Special Meeting of Shareholders (Unaudited)

A Special Meeting (the “Meeting”) of the Goldman Sachs Trust (“GST��) was held on October 15, 2013 to consider and act upon the proposal below.

At the Meeting, Donald C. Burke, Joseph P. LoRusso, Herbert J. Markley, James A. McNamara, and Roy W. Templin were elected to the Trust’s Board of Trustees. In electing trustees, the Trust’s shareholders voted as follows:

Election of Trustees	For		Against		Withheld		Broker Non-Votes
Donald C. Burke		53,388,642,395.715		0		1,150,861,851.704		0
Joseph P. LoRusso		53,405,131,628.159		0		1,134,372,619.260		0
Herbert J. Markley		53,435,916,168.391		0		1,103,588,079.028		0
James A. McNamara		53,432,564,581.647		0		1,106,939,665.772		0
Roy W. Templin		53,435,142,748.551		0		1,104,361,498.868		0

In addition to the individuals named above, Ashok N. Bakhru, John P. Coblentz, Jr., Diana M. Daniels, Jessica Palmer, Richard P. Strubel and Alan A. Shuch continue to serve on the Trust’s Board of Trustees.

An additional meeting was held on December 17, 2013 to consider and act upon the proposal below.

At the meeting the Goldman Sachs Financial Square Money Market Fund’s concentration policy was amended to permit (but not require) the Fund to invest more than 25% of its total assets in obligations (other than commercial paper) issued or guaranteed by U.S. banks and U.S. branches of U.S. or foreign banks and repurchase agreements and securities loans collateralized by such bank obligations. In amending the concentration policy of the Goldman Sachs Financial Square Money Market Fund the Trust’s shareholders voted as follows:

Amendment to Concentration Policy	For		Against		Withheld		Broker Non-Votes
Goldman Sachs Financial Square Money Market Fund		9,060,897,699.100		326,857,057.167		2,128,186,472.935		1,808,262,590.640

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 $807.6 billion in assets under management as of December 31, 2013, 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, L.P. 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 Fund

n Limited Maturity Obligations Fund

n Short Duration Government Fund

n Short Duration Income Fund

n Government Income Fund

n Inflation Protected Securities Fund

Multi-Sector

n Core Fixed Income Fund

n Core Plus Fixed Income Fund

n Global Income Fund

n Strategic Income Fund

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

n Dynamic Emerging Markets Debt Fund

Corporate Credit

n Long Short Credit Strategies Fund²

Fundamental Equity

n Growth and Income Fund

n Small Cap Value Fund

n Small Mid 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 Fund

Structured Equity

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

Equity Insights³

n Small Cap Equity Insights Fund

n U.S. Equity Insights Fund

n Small Cap Growth Insights Fund

n Large Cap Growth Insights Fund

n Large Cap Value Insights Fund

n Small Cap Value Insights Fund

n International Small Cap Insights Fund

n International Equity Insights Fund

n Emerging Markets Equity Insights Fund

Fundamental Equity International

n Strategic International Equity Fund

n Focused International Equity Fund⁴

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 Satellite⁵

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 MLP Energy Infrastructure Fund

n Multi-Manager Alternatives Fund

n Multi-Asset Real Return Fund

n Retirement Portfolio Completion Fund

n Income Strategies Portfolio

n Fixed Income Macro Strategies Fund

Total Portfolio Solutions⁵

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 March 21, 2014, the Credit Strategies Fund was reorganized with and into the Long Short Credit Strategies Fund.

³  Effective at the close of business May 3, 2013, the Goldman Sachs Structured Large Cap Growth, Structured Large Cap Value, Structured Small Cap Equity, Structured Small Cap Growth, Structured Small Cap Value, Structured U.S. Equity, Structured Emerging Markets Equity, Structured International Equity and Structured International Small Cap Funds were renamed the Goldman Sachs Large Cap Growth Insights, Large Cap Value Insights, Small Cap Equity Insights, Small Cap Growth Insights, Small Cap Value Insights, U.S. Equity Insights, Emerging Markets Equity Insights, International Equity Insights and International Small Cap Insights Funds, respectively.

⁴  Effective at the close of business February 28, 2014, the Goldman Sachs Concentrated International Equity Fund was renamed the Goldman Sachs Focused International Equity Fund.

⁵  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.

*This list covers open-end funds only. Please visit our website at GSAMFUNDS.com to learn about our closed-end funds.

TRUSTEES Ashok N. Bakhru, Chairman Donald C. Burke John P. Coblentz, Jr. Diana M. Daniels Joseph P. LoRusso Herbert J. Markley James A. McNamara Jessica Palmer Alan A. Shuch Richard P. Strubel Roy W. Templin	OFFICERS James A. McNamara, President Scott M. McHugh, Principal Financial Officer and Treasurer Caroline Kraus, Secretary
GOLDMAN, SACHS & CO. Distributor and Transfer Agent	GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

Visit our Web site at www.GSAMFUNDS.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).

The website links provided are for your convenience only and are not an endorsement or recommendation by GSAM of any of these websites or the products or services offered. GSAM is not responsible for the accuracy and validity of the content of these websites.

Holdings and allocations shown are as of February 28, 2014 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. Current and future holdings are subject to risk.

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.

© 2014 Goldman Sachs. All rights reserved. 127034.MF.MED.TMPL/4/2014 FSQSAR14/79.2K

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 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:	May 7, 2014

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:	May 7, 2014
By:	/s/ Scott McHugh
	Scott McHugh
	Principal Financial Officer
	Goldman Sachs Trust
Date:	May 7, 2014