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, 2015
Explanatory Note
This amended and restated Semi-Annual Report (originally filed with the SEC on Form N-CSR on May 4, 2015) revises information with respect to the aggregate non-audit fees under Item 4(g).
ITEM 1. | REPORTS TO STOCKHOLDERS. |
The Semi-Annual Report to Stockholders is filed herewith. |
Goldman Sachs Funds
Semi-Annual Report | February 28, 2015 | |||
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 | 56 | |||
Financial Highlights | 64 | |||
Notes to Financial Statements | 82 | |||
Other Information | 102 |
NOT FDIC-INSURED | May Lose Value | No Bank Guarantee |
GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS
Principal Investment Strategies and Risks
This is not a complete list of risks that may affect the Funds. For additional information concerning the risks applicable to the Funds, please see the Funds’ Prospectuses.
Taxable Funds The Prime Obligations, Money Market, Treasury Obligations, Treasury Instruments, Government and Federal 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 U.S. Treasury Obligations (as defined in the Fund’s Prospectus) and repurchase agreements collateralized by such securities. The Treasury Instruments Fund pursues its investment objective by investing only in U.S. Treasury Obligations (as defined in the Fund’s Prospectuses), the interest from which is generally exempt from state income taxation. The Government Fund pursues its investment objective by investing only in U.S. Government Securities (as defined in the Fund’s Prospectus) and repurchase agreements collateralized by such securities. The Federal Fund pursues its investment objective by investing only in U.S. Government Securities (as defined in the Fund’s Prospectuses). You should consult your tax adviser to determine whether distributions from the Treasury Instruments Fund (and any other Fund) 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 Obligations, Treasury Instruments, 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
During the six-month period ended February 28, 2015 (the “Reporting Period”), the Federal Reserve (the “Fed”) held its targeted federal funds rate near zero but shifted its forward guidance for continued low interest rates. As expected, the Fed also completed the tapering of its asset purchases and ended its quantitative easing program as scheduled in October 2014.
When the Reporting Period began in September 2014, U.S. economic data strengthened somewhat, especially within the labor market, where unemployment declined to 5.9%, though this was partially driven by a drop in labor force participation. Approximately 248,000 jobs were added in September 2014, and the previous two months were revised upward by 69,000. However, average hourly earnings remained flat, and manufacturing data and consumer confidence came in below expectations. Weaker global economic data and continued political tensions also weighed on investor risk sentiment. As a result of persistently low inflation and weaker economic data, the European Central Bank (“ECB”) implemented easing measures in the form of rate cuts, targeted long-term refinancing operations (“TLTROs”) and asset purchase programs. (TLTROs are a two-step plan, with a first phase linked to the outstanding amount of bank loans to the non-financial private sector and a second phase linked to the flow of net lending.)
U.S. economic data continued to show strength during the fourth quarter of 2014. Non-farm payrolls increased by 252,000 in December 2014, which followed an unexpectedly strong 353,000 increase in November 2014. The unemployment rate fell to 5.6%, though this was again partially due to a decrease in labor force participation. The Fed’s statement following its December 2014 meeting was slightly more dovish than expected, with the “considerable time” forward guidance language kept in and with the Fed judging that it can be “patient” before normalizing, or raising, rates. The press conference following the meeting leaned a bit more on the hawkish side. Fed Chair Yellen indicated at the press conference that the guidance suggested rate hikes would not occur for “at least a couple of meetings.” At the end of the Reporting Period, and based on Yellen’s comments, the consensus was that a late-April or June 2015 rate hike was possible. The subsequent minutes noted that the Fed could hike rates with inflation at current levels, while oil and U.S. dollar moves were seen as pushing inflation “temporarily lower.” The Fed highlighted global concerns and reiterated that the timing of the first hike would be data dependent.
The Global Composite Purchasing Managers Index (“PMI”) declined slightly to 52.3 in December 2014 from 53.1 the previous month. The Global Composite PMI had fallen each month since hitting a three-year high in July 2014. U.S. output slowed toward the end of the year 2014 but remained solid.
During January 2015, U.S. economic data was mixed. Employment data continued to improve, with 257,000 new jobs added — higher than the consensus expectations of 234,000 — but the unemployment rate edged up to 5.7% on an increase in labor force participation. However, retail sales were lower than anticipated, and initial jobless claims were higher than expected. Significant attention was paid to the statement following the Fed’s January 2015 meeting. The market generally viewed the statement as neutral with a dovish tilt, as the Fed dropped its “considerable time” language while indicating it would remain “patient” in beginning to normalize U.S. monetary policy. The statement also included a reference to “international developments” as a factor in the Fed’s policy stance.
2
MARKET REVIEW
In addition, during January 2015, the Fed announced it had added seven banks, six government agencies and 12 money market funds — including the Goldman Sachs Financial Square Federal Fund and the Goldman Sachs Financial Square Tax-Free Money Market Fund — as reverse repurchase agreement counterparties.
The Fed also released more details about the additional testing of its term reverse repurchase agreement operations (“RRP”). (Through the RRP, the Fed lends U.S. Treasury securities to counterparties, such as dealers, money market funds and government-sponsored entities, in exchange for cash. The RRP is intended to help set a floor under short-term interest rates after years of near-zero Fed policy rates and quantitative easing.) The Fed’s testing consists of four one-week term RRP operations, scheduled to take place on successive Thursdays, to see the effect of term repos on overnight rates. The term RRP operations for February and March 2015 were generally expected to help alleviate liquidity pressures in the money markets.
In Europe during January 2015, the ECB announced details of its long-awaited quantitative easing program, which, at €60 billion of asset purchases a month, exceeded market expectations about its size and the inclusion of some risk sharing by Eurozone members. The program is scheduled to begin in March 2015 and run until at least September 2016, with ECB President Draghi stating that an extension is possible.
In February 2015, the Global Composite PMI rose to 52.0 from 51.7 in January 2015, indicating growth in global manufacturing activity. In the U.S, employment data continued to show strength, with 295,000 new jobs added and the unemployment rate dropping to 5.5%. Although U.S Manufacturing PMI decreased from 53.5 in January 2015 to 52.9 in February 2015, manufacturing activity remained in expansionary territory. In the Eurozone, deflation persisted, but annual headline inflation rose from -0.6% in January 2015 to -0.3% in February 2015. Eurozone Manufacturing PMI was flat at 51.0, which nevertheless indicated continued expansion in the manufacturing sector. U.K. Manufacturing PMI rose to a seven-month high of 54.1 during February 2015.
Of significant interest to market participants during February 2015 were the minutes from the Fed’s January 2015 meeting. The minutes had a dovish tilt, with “many” Fed governors inclined to keep the targeted federal funds rate unchanged for a longer time and “some” indicating the rate had stayed low for a sufficient amount of time. (Recent communications from various Fed officials had largely guided towards a mid-year rate hike.) The minutes also included significant discussion about the RRP, revealing the Fed was becoming more comfortable with relying on it as core tool to exit easy monetary policy. More specifically, the Fed discussed a potential, but temporary, increase in the $300 billion cap on overnight operations as it begins to end monetary easing as well as the use of term RRP auctions more heavily going forward. At the same time, the minutes reflected slightly more concern that previous Fed communications, which included reports of survey-based inflation measures that had remained stable, might not have accurately reflected disinflationary risks. In her semi-annual Monetary Policy Report to Congress, Fed Chair Yellen reiterated what had been contained in the statement and minutes from the Fed’s January 2015 meeting. She said the removal of “patience” from a future Fed statement would not necessarily mean that monetary policy would be tightened at a predetermined meeting, but rather that a rate hike would be considered in all meetings from that point in time.
During the Reporting Period, there were also several money market fund reforms by the Securities & Exchange Commission (“SEC”). As part of a global push to safeguard money market funds, on July 23, 2014, the SEC approved changes to the rules governing U.S. money
3
MARKET REVIEW
market funds under the Investment Company Act of 1940. Three of the five SEC Commissioners approved the amendments, which were initially proposed in July 2013. Though the changes are significant, it is important to note that implementation is not required for some time, so there is no immediate impact on money market funds.
The new rules represent a substantial change for the industry, and they vary based on the type of fund and investor. For purposes of the amendments, money market funds are divided into three categories: 1) government funds, which will be required to invest at least 99.5% of total assets (previously 80%) in cash, U.S. government securities (as defined in Section 2(a)(16) of the 1940 Act) and/or repurchase agreements “collateralized fully” by cash or U.S. government securities; 2) institutional prime funds, which invest primarily in credit instruments; and 3) municipal/tax-exempt funds, which invest in municipal and tax-exempt securities. In addition, the rules provide a distinction between retail and institutional money market funds. To be considered a retail fund, the fund must maintain policies and procedures reasonably designed to limit all beneficial owners of the fund to natural persons. The new requirements include:
n | Floating net asset value (“NAV”) — Only institutional prime and institutional municipal/ tax-exempt funds will be required to move to a floating NAV. Funds subject to this requirement will need to round daily NAVs to the fourth decimal point (e.g., $1.0000), rather than the current practice whereby NAVs are fixed at $1.00 per share. |
n | Liquidity fees and redemption gates — Under the new rules, all money market funds (except for government money market funds, for which liquidity fees and gates are optional) may impose fees or temporarily suspend redemptions if the fund’s level of weekly liquid assets falls below a certain threshold: |
n | If a fund’s weekly liquid assets fall below 30%, the board would be allowed to impose a liquidity fee of up to 2% on all redemptions and/or suspend investor redemptions for up to 10 business days during any 90-day period. |
n | If a fund’s weekly liquid assets fall below 10%, the board is required to impose a 1% liquidity fee unless the board determines to impose a different fee or no fee. |
n | A fund is not under any circumstances obliged to impose a liquidity fee or redemption gate. |
n | In addition, all money market funds are subject to new diversification and enhanced stress-testing requirements, along with further disclosure and reporting requirements. |
In order to provide market participants adequate time to prepare for these changes, the compliance date for the amendments relating to floating NAV and liquidity fees and redemption gates is October 14, 2016, while shorter compliance periods apply to other money market funds reforms. The changes will have little impact on Goldman Sachs Asset Management’s general investment strategy with respect to money market funds, which is a conservative risk-managed approach to provide liquidity solutions that fit clients’ needs, no matter what the market environment or constraints.
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, 2015 (the “Reporting Period”).
Q | What key factors were responsible for the performance of the Funds during the Reporting Period? |
A | The Funds’ yields remained low during the Reporting Period due primarily to the market factors discussed in the Economic and Market Review. With the targeted federal funds rate near zero throughout the Reporting Period, money market yields were anchored near the same level with little difference between maturities. Late in the Reporting Period, after investors began to price in the potential of Fed tightening in 2015, the taxable money market yield curve, or spectrum of maturities, steepened slightly but overall remained extremely flat. The tax-exempt money market yield curve also remained extremely flat throughout 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 and certificates of deposit during the Reporting Period. |
From the start of the Reporting Period through the end of 2014, U.S. Treasury bill and agency security curves remained flat out to nine to 10 months, but offered some premium beyond that. General collateral repo became less expensive throughout the fourth calendar quarter, and interest rates stayed elevated above the Fed RRP operations as supply increased and additional Treasury bills were issued. In addition, the Fed began testing different rates in its RRP operations, decreasing the offering rate to three basis points and raising it to seven basis points and 10 basis points for two week spans. (A basis point is 1/100th of a percentage point.) During the fourth calendar quarter, average use of the overnight RRP operations was $123 billion. These operations were extended until January 2016 and more testing is likely before the “lift off” of short-term interest rates, as the Fed is calling its anticipated first rate hike. The New York Fed also used term RRP operations during December 2014. The operations were held each Monday from December 8, 2014 through December 29, 2014 (four in total) with all operations maturing January 5, 2015. This additional term operation resulted in a reduction in the overnight RRP operation takedown, or usage. |
In mid-January 2015, excess government-sponsored enterprise (“GSE”) cash pushed repo rates down. However, month-end pressures drove repo rates back up, and they ended January 2015 roughly where they began, at rather elevated levels. In February 2015, repo rates remained in the high teens during the first half of the month, dipping down into the single digits mid-month and then rising again to close January 2015 near where they stood at the beginning of the month. |
Throughout the Reporting Period, we looked for opportunities to extend the weighted average maturity of all the taxable Funds, especially as the money markets began to price in the potential of Fed tightening in 2015. (The weighted average maturity of a money market fund is a measure of its price sensitivity to changes in interest rates.) During the first four months of the Reporting Period, we targeted a weighted average maturity of between 30 days and 60 days in our taxable government repo strategies (i.e., Goldman Sachs Government Fund and Goldman Sachs Treasury Obligations Fund). We targeted a weighted average maturity of between 35 days and 55 days in our taxable commercial paper strategies (i.e., Goldman Sachs Money Market Fund and Goldman Sachs Prime Obligations Fund) and between 50 days and 60 days for our non-government repo strategies (i.e., Goldman Sachs Federal Fund and Goldman Sachs |
5
PORTFOLIO RESULTS
Treasury Instruments Fund). During the last two months of the Reporting Period, we targeted a weighted average maturity of between 35 days and 55 days in our taxable commercial paper strategies and a weighted average maturity of between 45 days and 60 days in both our taxable government repo strategies and non-government repo strategies. |
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 20 days and 50 days. |
The Securities Industry and Financial Markets Association (“SIFMA”) 7-day VRDN Index began the Reporting Period near 0.03%, as VRDN inventory remained light and tax-exempt money market funds generally held large cash balances. For most of the fourth quarter of 2014, demand was strong and inventory was weak, with the 7-day VRDN Index trading between 0.04% and 0.05%. In December 2014, the 7-day VRDN Index reset to 0.03%, matching its all-time low as inventory plummeted and tax-exempt money market funds received significant investment inflows. During the first two months of 2015, inventory became strained amid strong inflows, and the 7-day VRDN Index fell to 0.02%, remaining at that level through the end of the Reporting Period. |
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 | Given money market fund reform and the dwindling supply of high quality securities, we expect to see strong demand for short-term government paper in the near term. We also anticipate wider credit spreads (or yield differentials), deteriorating liquidity conditions for shorter-term issues and a steepening of the taxable money market yield curve. Overall, we plan to hold positions at the longer end of the taxable and tax-exempt Funds’ weighted average maturity range, especially as these securities increasingly price in the potential for Fed monetary tightening during 2015. In our taxable commercial paper strategies, we expect to focus on maintaining high levels of liquidity and extending the weighted average maturity when we find opportunities. In all our taxable government strategies, we are seeking to extend the weighted average maturity, as we see value in the longer end of the taxable money market yield curve. In the tax-exempt Funds, we plan to extend the weighted average maturity when we identify opportunities, even though supply remains constrained. |
While interest rates currently remain low, the Fed has signaled it could possibly begin to raise rates this year, though the decision will be data dependent. We believe this could happen as early as the June 2015 meeting. Although money market investment flows appear to have stabilized, we expect to keep the Funds conservatively positioned as we continue to focus on preservation of capital and daily liquidity. We do not believe there is value in sacrificing liquidity in exchange for opportunities that only modestly increase yield potential. We will continue to use our actively managed approach to seek the best possible return within the framework of the Funds’ investment guidelines and objectives. In addition, we will continue to manage interest, liquidity and credit risk daily. We will also continue to closely monitor economic data, Fed policy and any shifts in the money market yield curve as we strive to navigate the interest rate environment. |
6
FUND BASICS
Financial Square Funds
as of February 28, 2015
PERFORMANCE REVIEW1 | ||||||||||
September 1, 2014–February 28, 2015 | 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 | 0.04 | 0.03 | (5) | |||||||
Prime Obligations | 0.01 | 0.03 | (5) | |||||||
Tax-Exempt California | 0.00 | 0.02 | (6) | |||||||
Tax-Exempt New York | 0.01 | 0.02 | (6) | |||||||
Tax-Free Money Market | 0.00 | 0.02 | (7) | |||||||
Treasury Instruments | 0.00 | 0.00 | (8) | |||||||
Treasury Obligations | 0.00 | 0.01 | (9) |
The returns represent past performance. Past performance does not guarantee future results. The Funds’ investment returns will fluctuate. Current performance may be lower or higher than the performance quoted above. Please visit our Web site at www.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 ten separate classes of shares (FST, Select, Preferred, Capital, Administration, Service, Cash Management, Premier, Resource, 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, 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 C Shares pay 1.00%. |
If | these fees were reflected in the above performance, performance would have been reduced. |
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 2015 |
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 12/31/14 | SEC 7-Day Current Yield11 | One Year | Five Years | Ten Years | Since Inception | Inception Date | ||||||||||||||||
Federal | 0.01 | % | 0.01 | % | 0.01 | % | 1.56 | % | 2.50% | 2/28/97 | ||||||||||||
Government | 0.01 | 0.01 | 0.03 | 1.60 | 2.94 | 4/6/93 | ||||||||||||||||
Money Market | 0.07 | 0.06 | 0.12 | 1.69 | 3.01 | 5/18/94 | ||||||||||||||||
Prime Obligations | 0.03 | 0.02 | 0.08 | 1.66 | 3.34 | 3/8/90 | ||||||||||||||||
Tax-Exempt California | 0.01 | 0.01 | 0.01 | 0.98 | 2.14 | 10/4/88 | ||||||||||||||||
Tax-Exempt New York | 0.01 | 0.01 | 0.02 | 1.00 | 1.87 | 2/15/91 | ||||||||||||||||
Tax-Free Money Market | 0.07 | 0.01 | 0.05 | 1.16 | 1.96 | 7/19/94 | ||||||||||||||||
Treasury Instruments | 0.01 | 0.00 | 0.00 | 1.35 | 2.27 | 3/3/97 | ||||||||||||||||
Treasury Obligations | 0.01 | 0.01 | 0.01 | 1.43 | 3.14 | 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 12/31/14 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 2/28/15 | ||||||||||||||||
Funds | 7-Day Dist. Yield12 | 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% | 42 | 100 | ||||||||||
Government | 0.01 | 0.01 | 0.01 | 47 | 96 | |||||||||||
Money Market | 0.06 | 0.07 | 0.07 | 49 | 77 | |||||||||||
Prime Obligations | 0.02 | 0.03 | 0.03 | 43 | 63 | |||||||||||
Tax-Exempt California | 0.01 | 0.01 | 0.01 | 21 | 22 | |||||||||||
Tax-Exempt New York | 0.01 | 0.01 | 0.01 | 33 | 33 | |||||||||||
Tax-Free Money Market | 0.01 | 0.07 | 0.07 | 32 | 32 | |||||||||||
Treasury Instruments | 0.00 | 0.01 | 0.00 | 51 | 70 | |||||||||||
Treasury Obligations | 0.01 | 0.01 | 0.01 | 52 | 53 |
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. The yield quotations more closely reflect the current earnings of the Fund. 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, 2015 | ||||||||||||||||||||||||||
Security Type (Percentage of Net Assets) | Federal | Government | Money Market | Prime Obligations | Treasury Instruments | Treasury Obligations | ||||||||||||||||||||
Certificates of Deposit - Eurodollar | — | — | 2.2 | % | — | — | — | |||||||||||||||||||
Certificates of Deposit - Yankeedollar | — | — | 20.1 | — | — | — | ||||||||||||||||||||
Commercial Paper & Corporate Obligations | — | — | 13.4 | 25.7 | % | — | — | |||||||||||||||||||
Fixed Rate Municipal Debt Obligations | — | — | — | 1.4 | — | — | ||||||||||||||||||||
Repurchase Agreements | — | 59.3 | % | 18.3 | 48.7 | — | 76.8 | % | ||||||||||||||||||
Time Deposits | — | — | 25.6 | — | — | — | ||||||||||||||||||||
U.S. Government Agency Obligations | 78.6 | % | 40.4 | 4.6 | 11.0 | — | — | |||||||||||||||||||
U.S. Treasury Obligations | 5.6 | — | — | — | 95.5 | % | 22.0 | |||||||||||||||||||
Variable Rate Municipal | — | — | 0.8 | 4.2 | — | — | ||||||||||||||||||||
Debt Obligations | ||||||||||||||||||||||||||
Variable Rate Obligations | — | — | 16.5 | 8.8 | — | — | �� | |||||||||||||||||||
as of August 31, 2014 | ||||||||||||||||||||||||||
Certificates of Deposit - Eurodollar | — | — | 2.7 | % | — | — | — | |||||||||||||||||||
Certificates of Deposit - Yankeedollar | — | — | 18.2 | 2.9 | % | — | — | |||||||||||||||||||
Commercial Paper & Corporate Obligations | — | — | 9.8 | 20.7 | — | — | ||||||||||||||||||||
Fixed Rate Municipal Debt Obligation | — | — | — | 2.1 | — | — | ||||||||||||||||||||
Repurchase Agreements | — | 55.3 | % | 27.3 | 47.0 | — | 84.2 | % | ||||||||||||||||||
Time Deposits | — | — | 20.3 | 1.4 | — | — | ||||||||||||||||||||
U.S. Government Agency Obligations | 83.6 | % | 44.7 | 2.2 | 8.9 | — | — | |||||||||||||||||||
U.S. Treasury Obligations | 10.7 | — | — | — | 89.4 | % | 12.8 | |||||||||||||||||||
Variable Rate Municipal Debt Obligations | — | — | 1.0 | 3.9 | — | — | ||||||||||||||||||||
Variable Rate Obligations | — | — | 18.5 | 13.1 | — | — |
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, 2015 | ||||||||||||||
Security Type (Percentage of Net Assets) | Tax-Exempt California | Tax-Exempt New York | Tax-Free Money Market | |||||||||||
Bond Anticipation Notes | — | 6.3 | % | 0.9 | % | |||||||||
Commercial Paper | 5.6 | % | 3.1 | 11.2 | ||||||||||
General Obligation Bonds | 0.4 | 1.9 | 4.8 | |||||||||||
Pre-Refunded Bonds | 0.5 | — | 0.9 | |||||||||||
Put Bonds | 1.0 | — | 1.8 | |||||||||||
Repurchase Agreements | 1.6 | — | — | |||||||||||
Revenue Anticipation Notes | 2.2 | — | 4.4 | |||||||||||
Revenue Bonds | 5.0 | 4.7 | 2.2 | |||||||||||
Tax and Revenue Anticipation Notes | 0.6 | — | 1.3 | |||||||||||
Tax Anticipation Notes | — | 4.4 | 0.6 | |||||||||||
Variable Rate Obligations | 83.0 | 79.5 | 71.6 | |||||||||||
as of August 31, 2014 | ||||||||||||||
Bond Anticipation Notes | — | — | — | |||||||||||
Commercial Paper | 4.7 | % | 3.9 | % | 11.4 | % | ||||||||
General Obligation Bonds | 1.7 | 0.9 | 4.2 | |||||||||||
Pre-Refunded Bonds | 1.8 | — | 0.5 | |||||||||||
Put Bonds | 0.4 | — | 0.7 | |||||||||||
Repurchase Agreements | — | — | — | |||||||||||
Revenue Anticipation Notes | 0.8 | — | 0.5 | |||||||||||
Revenue Bonds | 0.9 | 7.5 | 1.7 | |||||||||||
Tax and Revenue Anticipation Notes | 0.7 | — | 0.1 | |||||||||||
Tax Anticipation Notes | — | 1.6 | 0.5 | |||||||||||
Variable Rate Obligations | 88.9 | 85.8 | 80.3 |
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, 2015 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Amortized Cost | |||||||||||
U.S. Government Agency Obligations – 78.6% | ||||||||||||||
| Federal Farm Credit Bank |
| ||||||||||||
$ | 125,000,000 | 0.110 | %(a) | 03/03/15 | $ | 124,999,965 | ||||||||
300,000,000 | 0.111 | (a) | 03/03/15 | 299,999,915 | ||||||||||
100,000,000 | 0.112 | (a) | 03/11/15 | 100,000,000 | ||||||||||
15,000,000 | 0.230 | (a) | 03/16/15 | 15,000,718 | ||||||||||
10,000,000 | 0.172 | (a) | 03/26/15 | 10,000,284 | ||||||||||
40,000,000 | 0.124 | (a) | 04/06/15 | 39,999,425 | ||||||||||
290,000,000 | 0.114 | (a) | 05/06/15 | 289,997,277 | ||||||||||
25,000,000 | 0.132 | (a) | 05/15/15 | 24,999,865 | ||||||||||
25,000,000 | 0.132 | (a) | 05/26/15 | 24,999,449 | ||||||||||
64,000,000 | 0.141 | (a) | 08/05/15 | 63,998,531 | ||||||||||
60,000,000 | 0.131 | (a) | 09/02/15 | 59,993,749 | ||||||||||
41,047,000 | 0.550 | 09/16/15 | 41,118,029 | |||||||||||
32,000,000 | 0.146 | (a) | 10/05/15 | 31,998,019 | ||||||||||
20,000,000 | 0.090 | (a) | 10/13/15 | 19,998,145 | ||||||||||
75,000,000 | 0.132 | (a) | 10/13/15 | 74,999,975 | ||||||||||
10,000,000 | 0.210 | (a) | 10/22/15 | 10,003,583 | ||||||||||
16,200,000 | 0.150 | (a) | 10/26/15 | 16,199,461 | ||||||||||
15,720,000 | 0.222 | (a) | 10/26/15 | 15,728,422 | ||||||||||
39,800,000 | 0.174 | (a) | 11/19/15 | 39,808,838 | ||||||||||
12,000,000 | 0.127 | (a) | 11/25/15 | 11,997,243 | ||||||||||
100,000,000 | 0.152 | (a) | 11/30/15 | 99,992,440 | ||||||||||
105,000,000 | 0.280 | 02/26/16 | 104,975,007 | |||||||||||
300,000,000 | 0.132 | (a) | 03/14/16 | 299,945,761 | ||||||||||
10,000,000 | 0.140 | (a) | 03/29/16 | 9,995,612 | ||||||||||
10,000,000 | 0.170 | (a) | 03/29/16 | 10,005,396 | ||||||||||
100,000,000 | 0.140 | (a) | 03/31/16 | 99,991,104 | ||||||||||
50,000,000 | 0.260 | (a) | 04/11/16 | 50,042,267 | ||||||||||
100,000,000 | 0.142 | (a) | 04/15/16 | 99,983,424 | ||||||||||
51,000,000 | 0.280 | (a) | 06/09/16 | 51,059,151 | ||||||||||
62,500,000 | 0.137 | (a) | 06/30/16 | 62,493,537 | ||||||||||
15,000,000 | 0.133 | (a) | 07/15/16 | 14,997,843 | ||||||||||
100,000,000 | 0.250 | (a) | 07/29/16 | 100,085,981 | ||||||||||
25,000,000 | 0.197 | (a) | 08/09/16 | 25,000,000 | ||||||||||
40,743,000 | 0.280 | (a) | 09/19/16 | 40,800,674 | ||||||||||
60,000,000 | 0.176 | (a) | 09/23/16 | 60,000,000 | ||||||||||
200,000,000 | 0.152 | (a) | 11/04/16 | 199,990,465 | ||||||||||
| Federal Home Loan Bank |
| ||||||||||||
235,000,000 | 0.000 | 03/02/15 | 235,000,000 | |||||||||||
26,600,000 | 0.090 | 03/03/15 | 26,600,086 | |||||||||||
357,600,000 | 0.035 | 03/04/15 | 357,598,957 | |||||||||||
278,000,000 | 0.106 | 03/04/15 | 277,997,568 | |||||||||||
1,000,000,000 | 0.035 | 03/06/15 | 999,995,139 | |||||||||||
125,000,000 | 0.100 | 03/06/15 | 124,999,721 | |||||||||||
42,000,000 | 0.100 | 03/10/15 | 42,000,615 | |||||||||||
107,345,000 | 0.117 | 03/11/15 | 107,341,571 | |||||||||||
229,000,000 | 0.120 | 03/11/15 | 228,992,494 | |||||||||||
5,500,000 | 0.051 | 03/12/15 | 5,499,916 | |||||||||||
258,550,000 | 0.117 | 03/13/15 | 258,540,089 | |||||||||||
150,000,000 | 0.051 | 03/13/15 | 149,997,500 | |||||||||||
750,000,000 | 0.045 | 03/18/15 | 749,984,417 | |||||||||||
500,000,000 | 0.095 | 03/18/15 | 499,977,806 | |||||||||||
55,000,000 | 0.172 | 03/20/15 | 54,995,065 | |||||||||||
200,000,000 | 0.095 | 03/20/15 | 199,990,078 | |||||||||||
221,000,000 | 0.041 | 03/27/15 | 220,993,616 | |||||||||||
770,300,000 | 0.071 | 04/06/15 | 770,246,079 | |||||||||||
100,000,000 | 0.147 | 04/06/15 | 99,985,500 | |||||||||||
|
| |||||||||||||
Principal Amount | Interest Rate | Maturity Date | Amortized Cost | |||||||||||
U.S. Government Agency Obligations – (continued) | ||||||||||||||
| Federal Home Loan Bank – (continued) |
| ||||||||||||
$ | 50,000,000 | 0.152 | % | 04/06/15 | $ | 49,992,500 | ||||||||
125,000,000 | 0.121 | (a) | 05/21/15 | 124,994,688 | ||||||||||
10,000,000 | 0.203 | 06/24/15 | 9,993,611 | |||||||||||
42,125,000 | 0.125 | 07/17/15 | 42,115,867 | |||||||||||
10,000,000 | 0.170 | 07/23/15 | 9,996,740 | |||||||||||
12,000,000 | 0.200 | 08/18/15 | 11,999,288 | |||||||||||
3,000,000 | 0.200 | 08/28/15 | 2,999,595 | |||||||||||
30,000,000 | 0.230 | 08/28/15 | 30,002,569 | |||||||||||
33,200,000 | 0.125 | 09/02/15 | 33,177,529 | |||||||||||
10,000,000 | 1.750 | 09/11/15 | 10,078,679 | |||||||||||
50,000,000 | 0.136 | (a) | 09/14/15 | 50,002,871 | ||||||||||
20,000,000 | 0.200 | 09/14/15 | 19,993,586 | |||||||||||
235,000,000 | 0.200 | 09/15/15 | 234,985,647 | |||||||||||
5,000,000 | 0.200 | 09/17/15 | 4,998,353 | |||||||||||
2,000,000 | 0.450 | 09/21/15 | 2,002,241 | |||||||||||
15,045,000 | 0.200 | 09/29/15 | 15,040,310 | |||||||||||
150,000,000 | 0.250 | 10/05/15 | 150,000,000 | |||||||||||
105,000,000 | 0.263 | 10/09/15 | 105,000,000 | |||||||||||
50,000,000 | 0.230 | 12/18/15 | 49,994,835 | |||||||||||
92,000,000 | 0.340 | 02/26/16 | 92,000,000 | |||||||||||
51,175,000 | 0.335 | 03/01/16 | 51,175,000 | |||||||||||
60,250,000 | 0.355 | 03/07/16 | 60,250,000 | |||||||||||
160,000,000 | 0.131 | (a) | 03/11/16 | 159,979,109 | ||||||||||
|
| |||||||||||||
| TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS | | $ | 9,376,708,790 | ||||||||||
|
| |||||||||||||
U.S. Treasury Obligations – 5.6% | ||||||||||||||
| United States Treasury Bills |
| ||||||||||||
$ | 15,000,000 | 0.030 | % | 07/02/15 | $ | 14,998,463 | ||||||||
142,800,000 | 0.132 | 07/02/15 | 142,736,573 | |||||||||||
| United States Treasury Notes |
| ||||||||||||
50,000,000 | 0.250 | 05/31/15 | 50,025,510 | |||||||||||
140,000,000 | 2.125 | 05/31/15 | 140,713,149 | |||||||||||
27,500,000 | 0.250 | 07/15/15 | 27,517,044 | |||||||||||
65,000,000 | 0.250 | 07/31/15 | 65,035,154 | |||||||||||
215,000,000 | 0.375 | 08/31/15 | 215,252,649 | |||||||||||
5,000,000 | 0.250 | 09/15/15 | 5,003,815 | |||||||||||
10,000,000 | 1.250 | 09/30/15 | 10,065,244 | |||||||||||
|
| |||||||||||||
| TOTAL U.S. TREASURY OBLIGATIONS | | $ | 671,347,601 | ||||||||||
|
| |||||||||||||
TOTAL INVESTMENTS – 84.2% | $ | 10,048,056,391 | ||||||||||||
|
| |||||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES – 15.8% |
| 1,890,512,042 | |||||||||||
|
| |||||||||||||
NET ASSETS – 100.0% | $ | 11,938,568,433 | ||||||||||||
|
|
12 | The accompanying notes are an integral part of these financial statements. |
FINANCIAL SQUARE FEDERAL FUND
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
(a) | Variable or floating rate security. Interest rate disclosed is that which is in effect at February 28, 2015. |
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, 2015 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Amortized Cost | |||||||||||
U.S. Government Agency Obligations – 40.4% | ||||||||||||||
| Federal Farm Credit Bank |
| ||||||||||||
$ | 186,000,000 | 0.141 | %(a) | 08/05/15 | $ | 185,995,731 | ||||||||
174,600,000 | 0.131 | (a) | 09/02/15 | 174,581,809 | ||||||||||
93,000,000 | 0.146 | (a) | 10/05/15 | 92,994,242 | ||||||||||
80,000,000 | 0.090 | (a) | 10/13/15 | 79,992,580 | ||||||||||
38,000,000 | 0.127 | (a) | 11/25/15 | 37,991,271 | ||||||||||
300,000,000 | 0.152 | (a) | 11/30/15 | 299,977,319 | ||||||||||
300,000,000 | 0.142 | (a) | 02/16/16 | 299,984,965 | ||||||||||
100,000,000 | 0.142 | (a) | 03/29/16 | 99,988,875 | ||||||||||
100,000,000 | 0.120 | (a) | 04/04/16 | 99,991,690 | ||||||||||
48,500,000 | 0.260 | (a) | 04/11/16 | 48,540,999 | ||||||||||
100,000,000 | 0.142 | (a) | 04/15/16 | 99,983,424 | ||||||||||
50,000,000 | 0.280 | (a) | 06/09/16 | 50,057,991 | ||||||||||
35,000,000 | 0.133 | (a) | 07/15/16 | 34,994,968 | ||||||||||
40,000,000 | 0.250 | (a) | 07/29/16 | 40,034,393 | ||||||||||
250,000,000 | 0.197 | (a) | 08/09/16 | 250,000,000 | ||||||||||
34,457,000 | 0.280 | (a) | 09/19/16 | 34,505,722 | ||||||||||
140,000,000 | 0.176 | (a) | 09/23/16 | 140,000,000 | ||||||||||
| Federal Home Loan Bank |
| ||||||||||||
759,000,000 | 0.108 | 03/04/15 | 758,993,295 | |||||||||||
125,000,000 | 0.100 | 03/06/15 | 124,999,721 | |||||||||||
307,000,000 | 0.117 | 03/11/15 | 306,990,193 | |||||||||||
653,000,000 | 0.120 | 03/11/15 | 652,978,596 | |||||||||||
1,000,000,000 | 0.119 | 03/13/15 | 999,961,000 | |||||||||||
585,000,000 | 0.132 | 03/18/15 | 584,964,088 | |||||||||||
400,210,000 | 0.133 | 03/18/15 | 400,185,243 | |||||||||||
250,000,000 | 0.136 | 03/18/15 | 249,984,181 | |||||||||||
195,000,000 | 0.173 | 03/20/15 | 194,982,504 | |||||||||||
55,000,000 | 0.120 | (a) | 04/14/15 | 54,999,874 | ||||||||||
140,000,000 | 0.119 | (a) | 05/20/15 | 139,998,680 | ||||||||||
275,000,000 | 0.122 | (a) | 05/28/15 | 275,000,044 | ||||||||||
57,300,000 | 0.203 | 06/19/15 | 57,264,983 | |||||||||||
30,000,000 | 0.203 | 06/24/15 | 29,980,833 | |||||||||||
200,000,000 | 0.180 | 07/16/15 | 200,013,730 | |||||||||||
125,000,000 | 0.125 | 07/17/15 | 124,972,899 | |||||||||||
10,000,000 | 0.200 | 07/17/15 | 9,999,236 | |||||||||||
20,000,000 | 0.170 | 07/23/15 | 19,993,481 | |||||||||||
110,000,000 | 0.137 | (a) | 08/10/15 | 110,007,771 | ||||||||||
33,850,000 | 0.200 | 08/18/15 | 33,847,991 | |||||||||||
10,000,000 | 0.200 | 08/28/15 | 9,998,650 | |||||||||||
334,935,000 | 0.230 | 08/28/15 | 334,938,759 | |||||||||||
150,915,000 | 1.750 | 09/11/15 | 152,160,205 | |||||||||||
150,000,000 | 0.136 | (a) | 09/14/15 | 150,008,614 | ||||||||||
950,000,000 | 0.200 | 09/15/15 | 949,985,208 | |||||||||||
15,000,000 | 0.200 | 09/17/15 | 14,995,057 | |||||||||||
10,000,000 | 0.450 | 09/21/15 | 10,011,205 | |||||||||||
399,700,000 | 0.250 | 10/05/15 | 399,700,000 | |||||||||||
250,000,000 | 0.263 | 10/09/15 | 250,000,000 | |||||||||||
175,000,000 | 0.270 | 10/20/15 | 175,000,000 | |||||||||||
450,000,000 | 0.230 | 12/18/15 | 449,953,517 | |||||||||||
350,000,000 | 0.230 | 12/30/15 | 349,961,961 | |||||||||||
265,600,000 | 0.340 | 02/26/16 | 265,600,000 | |||||||||||
150,000,000 | 0.335 | 03/01/16 | 150,000,000 | |||||||||||
182,500,000 | 0.355 | 03/07/16 | 182,500,000 | |||||||||||
79,000,000 | 0.340 | 03/08/16 | 78,989,243 | |||||||||||
157,000,000 | 0.330 | 03/09/16 | 156,962,603 | |||||||||||
94,000,000 | 0.340 | 03/09/16 | 93,987,200 | |||||||||||
|
| |||||||||||||
Principal Amount | Interest Rate | Maturity Date | Amortized Cost | |||||||||||
U.S. Government Agency Obligations – (continued) | ||||||||||||||
| Federal Home Loan Bank – (continued) |
| ||||||||||||
$ | 590,000,000 | 0.131 | %(a) | 03/11/16 | $ | 589,922,963 | ||||||||
200,000,000 | 0.143 | (a) | 05/13/16 | 199,962,498 | ||||||||||
| Federal Home Loan Mortgage Corporation |
| ||||||||||||
10,795,000 | 1.750 | 09/10/15 | 10,880,396 | |||||||||||
32,214,000 | 0.420 | 09/18/15 | 32,241,679 | |||||||||||
200,000,000 | 0.148 | (a) | 11/14/16 | 199,947,169 | ||||||||||
| Federal National Mortgage Association |
| ||||||||||||
181,867,000 | 0.500 | 09/28/15 | 182,174,735 | |||||||||||
937,500,000 | 0.146 | (a) | 10/21/16 | 937,398,772 | ||||||||||
|
| |||||||||||||
| TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS | | $ | 13,727,014,756 | ||||||||||
|
| |||||||||||||
Repurchase Agreements(b) – 59.3% | ||||||||||||||
| Bank of America, N.A. |
| ||||||||||||
$ | 500,000,000 | 0.080 | % | 03/02/15 | $ | 500,000,000 | ||||||||
| Maturity Value: $500,003,333 |
| ||||||||||||
| Collateralized by Federal Home Loan Mortgage Corp., 3.500% to | | ||||||||||||
|
| |||||||||||||
| Bank of Nova Scotia (The) |
| ||||||||||||
500,000,000 | 0.200 | (a)(c) | 03/09/15 | 500,000,000 | ||||||||||
| Maturity Value: $500,750,006 |
| ||||||||||||
| Settlement Date: 01/05/15 |
| ||||||||||||
| Collateralized by Federal Home Loan Bank, 1.000%, due | | ||||||||||||
250,000,000 | 0.280 | (a)(c) | 03/09/15 | 250,000,000 | ||||||||||
| Maturity Value: $250,698,058 |
| ||||||||||||
| Settlement Date: 02/17/15 |
| ||||||||||||
| Collateralized by Federal Home Loan Mortgage Corp., 3.000% to | | ||||||||||||
500,000,000 | 0.280 | (a)(c) | 03/09/15 | 500,000,000 | ||||||||||
| Maturity Value: $501,411,671 |
| ||||||||||||
| Settlement Date: 02/03/15 |
| ||||||||||||
| Collateralized by Federal Home Loan Mortgage Corp., 3.000% to | | ||||||||||||
|
|
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 | 0.320 | %(a)(c) | 03/09/15 | $ | 850,000,000 | ||||||||
| Maturity Value: $852,757,781 |
| ||||||||||||
| Settlement Date: 01/07/15 |
| ||||||||||||
| Collateralized by Federal Home Loan Mortgage Corp., 3.000% to | | ||||||||||||
|
| |||||||||||||
| BNP Paribas Securities Corp. |
| ||||||||||||
550,000,000 | 0.070 | (a)(c) | 03/02/15 | 550,000,000 | ||||||||||
| Maturity Value: $551,695,705 |
| ||||||||||||
| Settlement Date: 06/05/12 |
| ||||||||||||
| Collateralized by Federal Farm Credit Bank, 1.000%, due | | ||||||||||||
1,000,000,000 | 0.080 | (a)(c) | 03/02/15 | 1,000,000,000 | ||||||||||
| Maturity Value: $1,000,062,222 |
| ||||||||||||
| Settlement Date: 02/02/15 |
| ||||||||||||
| Collateralized by Federal Home Loan Mortgage Corp., 3.000% to | | ||||||||||||
500,000,000 | 0.110 | (a)(c) | 03/02/15 | 500,000,000 | ||||||||||
| Maturity Value: $501,552,245 |
| ||||||||||||
| Settlement Date: 06/05/12 |
| ||||||||||||
| Collateralized by Federal Farm Credit Bank, 0.152% to 0.182%, | | ||||||||||||
1,250,000,000 | 0.120 | (a)(c) | 03/02/15 | 1,250,000,000 | ||||||||||
| Maturity Value: $1,250,374,996 |
| ||||||||||||
| Settlement Date: 12/02/14 |
| ||||||||||||
| Collateralized by Federal Home Loan Mortgage Corp., 2.375% to | | ||||||||||||
|
| |||||||||||||
Principal Amount | Interest Rate | Maturity Date | Amortized Cost | |||||||||||
Repurchase Agreements(b) – (continued) | ||||||||||||||
| Citibank N.A. |
| ||||||||||||
$ | 500,000,000 | 0.060 | % | 03/04/15 | $ | 500,000,000 | ||||||||
| Maturity Value: $500,005,833 |
| ||||||||||||
| Settlement Date: 02/25/15 |
| ||||||||||||
| Collateralized by Federal Home Loan Bank, 2.750%, due | | ||||||||||||
|
| |||||||||||||
| Credit Suisse Securities (USA) LLC |
| ||||||||||||
400,000,000 | 0.160 | 06/15/15 | 400,000,000 | |||||||||||
| Maturity Value: $400,222,222 |
| ||||||||||||
| Settlement Date: 02/10/15 |
| ||||||||||||
| Collateralized by Federal National Mortgage Association, 3.000% | | ||||||||||||
|
| |||||||||||||
| Federal Reserve Bank of New York |
| ||||||||||||
3,450,000,000 | 0.050 | 03/02/15 | 3,450,000,000 | |||||||||||
| Maturity Value: $3,450,014,375 |
| ||||||||||||
| Collateralized by U.S Treasury Bonds, 3.750% to 4.750%, due | | ||||||||||||
|
| |||||||||||||
| ING Financial Markets LLC |
| ||||||||||||
500,000,000 | 0.120 | (a)(c) | 03/09/15 | 500,000,000 | ||||||||||
| Maturity Value: $500,299,997 |
| ||||||||||||
| Settlement Date: 10/15/14 |
| ||||||||||||
| Collateralized by Federal Home Loan Mortgage Corp., 5.875% to | | ||||||||||||
100,000,000 | 0.150 | (a)(c) | 03/09/15 | 100,000,000 | ||||||||||
| Maturity Value: $100,077,084 |
| ||||||||||||
| Settlement Date: 02/24/15 |
| ||||||||||||
| Collateralized by Federal National Mortgage Association, 3.500% | | ||||||||||||
500,000,000 | 0.150 | (a)(c) | 03/09/15 | 500,000,000 | ||||||||||
| Maturity Value: $500,385,420 |
| ||||||||||||
| Settlement Date: 02/24/15 |
| ||||||||||||
500,000,000 | 0.150 | (a)(c) | 03/09/15 | 500,000,000 | ||||||||||
| Maturity Value: $500,385,420 |
| ||||||||||||
| Settlement Date: 02/24/15 |
| ||||||||||||
| Shared collateral consisting of Federal National Mortgage | | ||||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 15 |
FINANCIAL SQUARE GOVERNMENT FUND
Schedule of Investments (continued)
February 28, 2015 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Amortized Cost | |||||||||||
Repurchase Agreements(b) – (continued) | ||||||||||||||
| ING Financial Markets LLC – (continued) |
| ||||||||||||
$ | 250,000,000 | 0.270 | %(a)(c) | 03/09/15 | $ | 250,000,000 | ||||||||
| Maturity Value: $250,673,125 |
| ||||||||||||
| Settlement Date: 02/25/15 |
| ||||||||||||
| Collateralized by Federal National Mortgage Association, 2.500% | | ||||||||||||
|
| |||||||||||||
| Joint Repurchase Agreement Account I |
| ||||||||||||
150,000,000 | 0.065 | 03/02/15 | 150,000,000 | |||||||||||
| Maturity Value: $150,000,806 |
| ||||||||||||
|
| |||||||||||||
| Joint Repurchase Agreement Account III |
| ||||||||||||
2,556,600,000 | 0.081 | 03/02/15 | 2,556,600,000 | |||||||||||
| Maturity Value: $2,556,617,219 |
| ||||||||||||
|
| |||||||||||||
| JPMorgan Securities LLC |
| ||||||||||||
500,000,000 | 0.120 | 06/12/15 | 500,000,000 | |||||||||||
| Maturity Value: $500,200,000 |
| ||||||||||||
| Settlement Date: 02/12/15 |
| ||||||||||||
| Collateralized by Federal National Mortgage Association, 2.500% | | ||||||||||||
|
| |||||||||||||
| RBC Capital Markets LLC |
| ||||||||||||
250,000,000 | 0.120 | (a)(c) | 03/09/15 | 250,000,000 | ||||||||||
| Maturity Value: $250,099,999 |
| ||||||||||||
| Settlement Date: 01/20/15 |
| ||||||||||||
| Collateralized by Federal Home Loan Mortgage Corp., 3.500% to | | ||||||||||||
750,000,000 | 0.120 | (a)(c) | 03/09/15 | 750,000,000 | ||||||||||
| Maturity Value: $750,299,997 |
| ||||||||||||
| Settlement Date: 01/05/15 |
| ||||||||||||
| Collateralized by Federal Home Loan Bank, 1.411% to 1.625%, | | ||||||||||||
250,000,000 | 0.130 | (a)(c) | 03/09/15 | 250,000,000 | ||||||||||
| Maturity Value: $250,161,597 |
| ||||||||||||
| Settlement Date: 09/15/14 |
| ||||||||||||
| Collateralized by Federal Home Loan Mortgage Corp., 2.500% to | | ||||||||||||
|
| |||||||||||||
Principal Amount | Interest Rate | Maturity Date | Amortized Cost | |||||||||||
Repurchase Agreements(b) – (continued) | ||||||||||||||
| Societe Generale |
| ||||||||||||
$ | 1,500,000,000 | 0.090 | % | 03/02/15 | $ | 1,500,000,000 | ||||||||
| Maturity Value: $1,500,011,250 |
| ||||||||||||
| Collateralized by Federal Home Loan Mortgage Corp., 2.500% to | | ||||||||||||
|
| |||||||||||||
| TD Securities (USA) LLC |
| ||||||||||||
150,000,000 | 0.080 | 03/06/15 | 150,000,000 | |||||||||||
| Maturity Value: $150,002,333 |
| ||||||||||||
| Collateralized by Federal Home Loan Mortgage Corp., 3.500% | | ||||||||||||
|
| |||||||||||||
| Wells Fargo Securities LLC |
| ||||||||||||
1,250,000,000 | 0.090 | 03/06/15 | 1,250,000,000 | |||||||||||
| Maturity Value: $1,250,021,875 |
| ||||||||||||
| Collateralized by Federal Farm Credit Bank, 1.420%, to 4.875%, | | ||||||||||||
225,000,000 | 0.120 | 05/12/15 | (d) | 225,000,000 | ||||||||||
| Maturity Value: $225,068,250 |
| ||||||||||||
| Settlement Date: 02/10/15 |
| ||||||||||||
| Collateralized by Federal Home Loan Mortgage Corp., 3.500% | | ||||||||||||
250,000,000 | 0.120 | 05/12/15 | (d) | 250,000,000 | ||||||||||
| Maturity Value: $250,075,833 |
| ||||||||||||
| Settlement Date: 02/10/15 |
| ||||||||||||
| Collateralized by Federal Home Loan Mortgage Corp., 3.000% to | | ||||||||||||
|
|
16 | 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) | ||||||||||||||
| Wells Fargo Securities LLC – (continued) |
| ||||||||||||
$ | 200,000,000 | 0.120 | % | 06/12/15 | (d) | $ | 200,000,000 | |||||||
| Maturity Value: $200,080,000 |
| ||||||||||||
| Settlement Date: 02/12/15 |
| ||||||||||||
| Collateralized by Federal Home Loan Mortgage Corp., 2.500% to | | ||||||||||||
|
| |||||||||||||
TOTAL REPURCHASE AGREEMENTS | $ | 20,131,600,000 | ||||||||||||
|
| |||||||||||||
TOTAL INVESTMENTS – 99.7% | $ | 33,858,614,756 | ||||||||||||
|
| |||||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES – 0.3% | | 109,607,975 | |||||||||||
|
| |||||||||||||
NET ASSETS – 100.0% | $ | 33,968,222,731 | ||||||||||||
|
|
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, 2015. | |
(b) | Unless noted, all repurchase agreements were entered into on February 27, 2015. Additional information on Joint Repurchase Agreement Accounts I and III appears on pages 53-55. | |
(c) | The instrument is subject to a demand feature. | |
(d) | Security has been determined to be illiquid by the Investment Adviser. At February 28, 2015, these securities amounted to $675,000,000 or approximately 2.0% of net assets. |
Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.
Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, or the prerefunded date for those types of securities.
The accompanying notes are an integral part of these financial statements. | 17 |
FINANCIAL SQUARE MONEY MARKET FUND
Schedule of Investments
February 28, 2015 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Amortized Cost | |||||||||||
Commercial Paper and Corporate Obligations – 13.4% | ||||||||||||||
| Alpine Securitization Corp. |
| ||||||||||||
$ | 300,000,000 | 0.290 | % | 05/01/15 | $ | 300,000,000 | ||||||||
100,000,000 | 0.264 | 06/05/15 | 99,930,667 | |||||||||||
95,000,000 | 0.274 | 06/17/15 | 94,923,050 | |||||||||||
| Bank of Nova Scotia (The) |
| ||||||||||||
140,000,000 | 0.285 | 08/17/15 | 139,815,978 | |||||||||||
| Bedford Row Funding Corp. |
| ||||||||||||
75,000,000 | 0.305 | 08/10/15 | 74,898,750 | |||||||||||
| Chariot Funding LLC |
| ||||||||||||
50,000,000 | 0.213 | 04/30/15 | 49,982,500 | |||||||||||
50,000,000 | 0.213 | 05/05/15 | 49,981,042 | |||||||||||
25,000,000 | 0.274 | 05/07/15 | 24,987,437 | |||||||||||
25,000,000 | 0.274 | 05/19/15 | 24,985,187 | |||||||||||
50,000,000 | 0.244 | 06/09/15 | 49,966,667 | |||||||||||
100,000,000 | 0.244 | 06/10/15 | 99,932,667 | |||||||||||
| Credit Suisse New York |
| ||||||||||||
115,000,000 | 3.500 | 03/23/15 | 115,213,845 | |||||||||||
| Dexia Credit Local New York Branch |
| ||||||||||||
200,000,000 | 0.320 | 05/06/15 | 199,884,500 | |||||||||||
200,000,000 | 0.315 | 05/07/15 | 199,884,611 | |||||||||||
450,000,000 | 0.310 | 05/20/15 | 449,695,000 | |||||||||||
| Electricite de France |
| ||||||||||||
197,000,000 | 0.766 | 01/15/16 | 195,686,666 | |||||||||||
| Gotham Funding Corp. |
| ||||||||||||
92,557,000 | 0.180 | 04/09/15 | 92,538,951 | |||||||||||
| Hannover Funding Co. LLC |
| ||||||||||||
50,000,000 | 0.213 | 03/09/15 | 49,997,667 | |||||||||||
| Jupiter Securitization Co. LLC |
| ||||||||||||
25,000,000 | 0.274 | 03/11/15 | 24,998,125 | |||||||||||
25,000,000 | 0.274 | 03/17/15 | 24,997,000 | |||||||||||
25,000,000 | 0.213 | 04/23/15 | 24,992,271 | |||||||||||
100,000,000 | 0.213 | 04/30/15 | 99,965,000 | |||||||||||
100,000,000 | 0.244 | 06/09/15 | 99,933,333 | |||||||||||
25,000,000 | 0.274 | 07/06/15 | 24,976,187 | |||||||||||
50,000,000 | 0.285 | 08/27/15 | 49,930,389 | |||||||||||
| LMA Americas LLC |
| ||||||||||||
209,900,000 | 0.183 | 03/17/15 | 209,883,208 | |||||||||||
| Matchpoint Master Trust |
| ||||||||||||
50,000,000 | 0.244 | 05/04/15 | 49,978,667 | |||||||||||
| NRW Bank |
| ||||||||||||
380,000,000 | 0.145 | 03/26/15 | 379,961,736 | |||||||||||
| Standard Chartered Bank |
| ||||||||||||
250,000,000 | 0.295 | 05/21/15 | 249,836,875 | |||||||||||
225,000,000 | 0.305 | 05/28/15 | 224,835,000 | |||||||||||
250,000,000 | 0.295 | 06/15/15 | 249,786,528 | |||||||||||
| United Overseas Bank, Ltd. |
| ||||||||||||
100,000,000 | 0.249 | 05/07/15 | 99,954,403 | |||||||||||
146,700,000 | 0.249 | 05/08/15 | 146,632,110 | |||||||||||
50,000,000 | 0.315 | 08/07/15 | 49,931,542 | |||||||||||
50,000,000 | 0.315 | 08/10/15 | 49,930,250 | |||||||||||
| Victory Receivables Corp. |
| ||||||||||||
110,000,000 | 0.183 | 03/06/15 | 109,997,250 | |||||||||||
|
| |||||||||||||
| TOTAL COMMERCIAL PAPER AND CORPORATE OBLIGATIONS | | $ | 4,482,825,059 | ||||||||||
|
| |||||||||||||
Principal Amount | Interest Rate | Maturity Date | Amortized Cost | |||||||||||
Certificate of Deposit-Eurodollar – 2.2% | ||||||||||||||
| Credit Industriel et Commercial, New York |
| ||||||||||||
$ | 750,000,000 | 0.295 | % | 04/01/15 | $ | 750,009,678 | ||||||||
|
| |||||||||||||
Certificates of Deposit-Yankeedollar – 20.1% | ||||||||||||||
| Banco Del Estado De Chile, New York |
| ||||||||||||
$ | 45,000,000 | 0.210 | % | 03/02/15 | $ | 45,000,000 | ||||||||
| Bank of Nova Scotia (The) |
| ||||||||||||
397,000,000 | 0.320 | 10/21/15 | 397,000,000 | |||||||||||
| BNP Paribas/New York, NY |
| ||||||||||||
200,000,000 | 0.250 | 05/20/15 | 200,000,000 | |||||||||||
| Cooperatieve Centrale Raiffeisen-Boerenleenbank BA |
| ||||||||||||
250,000,000 | 0.395 | 09/11/15 | 250,000,000 | |||||||||||
| DZ Bank AG |
| ||||||||||||
500,000,000 | 0.300 | 05/05/15 | 500,000,000 | |||||||||||
| Mitsubishi UFJ Trust & Banking Corp. |
| ||||||||||||
200,000,000 | 0.240 | 03/04/15 | 200,000,000 | |||||||||||
250,000,000 | 0.280 | 06/08/15 | 250,000,000 | |||||||||||
| Mizuho Bank Ltd. |
| ||||||||||||
300,000,000 | 0.220 | 03/05/15 | 300,000,000 | |||||||||||
200,000,000 | 0.240 | 05/06/15 | 200,000,000 | |||||||||||
250,000,000 | 0.250 | 05/18/15 | 250,000,000 | |||||||||||
| National Bank of Kuwait, New York |
| ||||||||||||
50,000,000 | 0.300 | 04/29/15 | 50,000,000 | |||||||||||
95,000,000 | 0.310 | 05/12/15 | 95,000,000 | |||||||||||
50,000,000 | 0.280 | 05/19/15 | 50,000,000 | |||||||||||
100,000,000 | 0.330 | 06/03/15 | 100,000,000 | |||||||||||
155,000,000 | 0.330 | 06/17/15 | 155,000,000 | |||||||||||
| Norinchukin Bank |
| ||||||||||||
895,000,000 | 0.250 | 05/28/15 | 895,000,000 | |||||||||||
| Sumitomo Mitsui Banking Corp. |
| ||||||||||||
500,000,000 | 0.230 | 03/10/15 | 500,000,000 | |||||||||||
350,000,000 | 0.230 | 03/12/15 | 350,000,000 | |||||||||||
300,000,000 | 0.270 | 07/01/15 | 300,000,000 | |||||||||||
| Sumitomo Mitsui Trust Bank Ltd. |
| ||||||||||||
500,000,000 | 0.270 | 05/12/15 | 500,000,000 | |||||||||||
400,000,000 | 0.270 | 06/23/15 | 400,000,000 | |||||||||||
| Toronto-Dominion (The) Bank |
| ||||||||||||
250,000,000 | 0.230 | 06/04/15 | 250,000,000 | |||||||||||
500,000,000 | 0.250 | 06/10/15 | 500,000,000 | |||||||||||
|
| |||||||||||||
| TOTAL CERTIFICATES OF DEPOSIT-YANKEEDOLLAR | | $ | 6,737,000,000 | ||||||||||
|
| |||||||||||||
Time Deposits – 25.6% | ||||||||||||||
| China Construction Bank Corp., New York |
| ||||||||||||
$ | 250,000,000 | 0.200 | % | 03/02/15 | $ | 250,000,000 | ||||||||
| Credit Agricole Corporate and Investment Bank |
| ||||||||||||
1,475,400,000 | 0.060 | 03/02/15 | 1,475,400,000 | |||||||||||
| Credit Industriel et Commercial, New York |
| ||||||||||||
500,000,000 | 0.120 | 03/04/15 | 500,000,000 | |||||||||||
| DBS Bank Ltd. |
| ||||||||||||
500,000,000 | 0.140 | 03/02/15 | 500,000,000 | |||||||||||
500,000,000 | 0.140 | (a) | 03/06/15 | 500,000,000 | ||||||||||
| HSBC Securities (USA), Inc. |
| ||||||||||||
400,000,000 | 0.100 | 03/02/15 | 400,000,000 | |||||||||||
|
|
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 | |||||||||||
Time Deposits – (continued) | ||||||||||||||
| ING Bank N.V. |
| ||||||||||||
$ | 750,000,000 | 0.140 | % | 03/05/15 | $ | 750,000,000 | ||||||||
| National Bank of Kuwait |
| ||||||||||||
750,000,000 | 0.100 | 03/02/15 | 750,000,000 | |||||||||||
| Natixis Securities Americas LLC |
| ||||||||||||
1,450,000,000 | 0.050 | 03/02/15 | 1,450,000,000 | |||||||||||
| Skandinaviska Enskilda Banken AB |
| ||||||||||||
1,000,000,000 | 0.130 | 03/02/15 | 1,000,000,000 | |||||||||||
| Swedbank AB |
| ||||||||||||
1,000,000,000 | 0.120 | 03/03/15 | 1,000,000,000 | |||||||||||
|
| |||||||||||||
TOTAL TIME DEPOSITS | $ | 8,575,400,000 | ||||||||||||
|
| |||||||||||||
U.S. Government Agency Obligations – 4.6% | ||||||||||||||
| Federal Home Loan Bank |
| ||||||||||||
$ | 270,000,000 | 0.250 | % | 10/05/15 | $ | 270,000,000 | ||||||||
290,000,000 | 0.263 | 10/09/15 | 290,000,000 | |||||||||||
264,000,000 | 0.340 | 02/26/16 | 264,000,000 | |||||||||||
300,000,000 | 0.300 | 03/07/16 | 299,960,595 | |||||||||||
74,000,000 | 0.340 | 03/08/16 | 73,989,924 | |||||||||||
148,000,000 | 0.330 | 03/09/16 | 147,964,747 | |||||||||||
89,000,000 | 0.340 | 03/09/16 | 88,987,881 | |||||||||||
| Overseas Private Investment Corp. (USA) |
| ||||||||||||
92,100,000 | 0.110 | (b) | 03/09/15 | 92,100,000 | ||||||||||
|
| |||||||||||||
| TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS | | $ | 1,527,003,147 | ||||||||||
|
| |||||||||||||
Variable Rate Municipal Debt Obligations(b) – 0.8% | ||||||||||||||
| BlackRock Municipal Bond Trust VRDN RB Putters Series 2012-T0014 (JPMorgan | | ||||||||||||
$ | 19,375,000 | 0.130 | % | 03/02/15 | $ | 19,375,000 | ||||||||
| BlackRock MuniVest Fund VRDN RB Putters Series 2012-T0005 (JPMorgan | | ||||||||||||
33,000,000 | 0.130 | 03/02/15 | 33,000,000 | |||||||||||
| BlackRock MuniVest Fund, Inc. VRDN RB Putters Series 2012-T0007 (JPMorgan | | ||||||||||||
29,110,000 | 0.130 | 03/02/15 | 29,110,000 | |||||||||||
| City of Portland, Maine GO VRDN for Taxable Pension Boards Series 2001 | | ||||||||||||
81,410,000 | 0.180 | 03/09/15 | 81,410,000 | |||||||||||
| Nuveen Investment Quality Municipal Fund, Inc. VRDP Series 2011-1-2118 | | ||||||||||||
22,500,000 | 0.110 | 03/09/15 | 22,500,000 | |||||||||||
| Nuveen Municipal Market Opportunity Fund, Inc. VRDP Series 2010-1 (Deutsche | | ||||||||||||
34,000,000 | 0.170 | 03/09/15 | 34,000,000 | |||||||||||
| Nuveen Premier Municipal Income Fund, Inc. VRDP Series 2011-1-1277 | | ||||||||||||
13,000,000 | 0.110 | 03/09/15 | 13,000,000 | |||||||||||
| Port Authority of New York & New Jersey VRDN RB for Austin Trust Certificates | | ||||||||||||
32,345,000 | 0.090 | 03/09/15 | 32,345,000 | |||||||||||
|
| |||||||||||||
Principal Amount | Interest Rate | Maturity Date | Amortized Cost | |||||||||||
Variable Rate Municipal Debt Obligations(b) – (continued) | ||||||||||||||
| Private Colleges & Universities Authority, Georgia VRDN RB for Emory | | ||||||||||||
$ | 9,200,000 | 0.110 | % | 03/09/15 | $ | 9,200,000 | ||||||||
|
| |||||||||||||
| TOTAL VARIABLE RATE MUNICIPAL DEBT OBLIGATIONS | | $ | 273,940,000 | ||||||||||
|
| |||||||||||||
Variable Rate Obligations(b) – 16.5% | ||||||||||||||
| ASB Finance Ltd., London |
| ||||||||||||
$ | 50,000,000 | 0.281 | %(c) | 09/01/15 | $ | 49,996,241 | ||||||||
100,000,000 | 0.282 | (c) | 09/10/15 | 99,992,259 | ||||||||||
| Australia & New Zealand Banking Group Ltd. |
| ||||||||||||
260,000,000 | 0.423 | (c) | 10/16/15 | 260,000,000 | ||||||||||
| Bank of Montreal, Chicago |
| ||||||||||||
500,000,000 | 0.232 | 04/13/15 | 500,000,000 | |||||||||||
| Bank of Nova Scotia (The) |
| ||||||||||||
350,000,000 | 0.392 | 02/23/16 | 350,000,000 | |||||||||||
| Bedford Row Funding Corp. |
| ||||||||||||
50,000,000 | 0.275 | (c) | 04/02/15 | 50,000,000 | ||||||||||
| China Construction Bank Corp., New York |
| ||||||||||||
250,000,000 | 0.422 | 03/30/15 | 250,000,000 | |||||||||||
| Commonwealth Bank of Australia |
| ||||||||||||
200,000,000 | 0.250 | (c) | 03/30/15 | 200,000,000 | ||||||||||
| Cooperatieve Centrale Raiffeisen-Boerenleenbank BA-NY |
| ||||||||||||
250,000,000 | 0.307 | 05/19/15 | 250,000,000 | |||||||||||
| Credit Suisse Securities (USA) LLC |
| ||||||||||||
550,000,000 | 0.272 | 06/29/15 | 550,000,000 | |||||||||||
| Dexia Credit Local SA/New York, NY |
| ||||||||||||
100,000,000 | 0.447 | 06/20/15 | 100,034,989 | |||||||||||
100,000,000 | 0.305 | 07/01/15 | 100,000,000 | |||||||||||
| JPMorgan Chase Bank NA |
| ||||||||||||
222,000,000 | 0.355 | 03/04/16 | 222,000,000 | |||||||||||
| JPMorgan Securities LLC |
| ||||||||||||
200,000,000 | 0.377 | 11/19/15 | 200,000,000 | |||||||||||
| Kells Funding LLC |
| ||||||||||||
33,000,000 | 0.267 | (c) | 04/23/15 | 33,000,000 | ||||||||||
50,000,000 | 0.268 | (c) | 04/29/15 | 50,000,000 | ||||||||||
80,000,000 | 0.268 | (c) | 05/15/15 | 80,000,000 | ||||||||||
75,000,000 | 0.257 | (c) | 09/28/15 | 74,995,453 | ||||||||||
120,000,000 | 0.257 | (c) | 10/08/15 | 119,992,221 | ||||||||||
150,000,000 | 0.257 | (c) | 10/09/15 | 149,989,760 | ||||||||||
| National Australia Bank Ltd. |
| ||||||||||||
500,000,000 | 0.232 | 05/11/15 | 500,000,000 | |||||||||||
| Providence Health & Services Obligated Group (U.S. Bank N.A., SBPA) |
| ||||||||||||
46,195,000 | 0.110 | 03/09/15 | 46,195,000 | |||||||||||
| Royal Bank of Canada |
| ||||||||||||
300,000,000 | 0.345 | 02/29/16 | 300,000,000 | |||||||||||
| Svenska Handelsbanken AB |
| ||||||||||||
195,000,000 | 0.456 | 03/03/16 | 195,000,000 | |||||||||||
| Wells Fargo Bank N.A. |
| ||||||||||||
425,000,000 | 0.272 | 09/14/15 | 425,000,000 | |||||||||||
150,000,000 | 0.367 | 03/18/16 | 150,000,000 | |||||||||||
| Westpac Banking Corp. |
| ||||||||||||
246,000,000 | 0.434 | (c) | 03/01/16 | 246,000,000 | ||||||||||
|
| |||||||||||||
| TOTAL VARIABLE RATE OBLIGATIONS | | $ | 5,552,195,923 | ||||||||||
|
| |||||||||||||
| TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS | | $ | 27,898,373,807 | ||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 19 |
FINANCIAL SQUARE MONEY MARKET FUND
Schedule of Investments (continued)
February 28, 2015 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Amortized Cost | |||||||||||
Repurchase Agreements(d) – 18.3% | ||||||||||||||
| ABN AMRO Securities (USA) LLC |
| ||||||||||||
$ | 100,000,000 | 0.280 | %(b)(e) | 03/09/15 | $ | 100,000,000 | ||||||||
| Maturity Value: $100,021,778 |
| ||||||||||||
| Settlement Date: 02/23/15 |
| ||||||||||||
| Collateralized by various equity securities. The aggregate market | | ||||||||||||
125,000,000 | 0.320 | (b)(e) | 03/09/15 | 125,000,000 | ||||||||||
| Maturity Value: $125,101,111 |
| ||||||||||||
| Collateralized by various equity securities. The aggregate market | | ||||||||||||
|
| |||||||||||||
| Barclays Capital, Inc. |
| ||||||||||||
105,000,000 | 0.390 | 03/02/15 | 105,000,000 | |||||||||||
| Maturity Value: $105,003,413 |
| ||||||||||||
| Collateralized by various corporate security issuers, 3.375% to | | ||||||||||||
|
| |||||||||||||
| BNP Paribas Securities Corp. |
| ||||||||||||
200,000,000 | 0.220 | 03/02/15 | 200,000,000 | |||||||||||
| Maturity Value: $200,003,667 |
| ||||||||||||
| Collateralized by various auction rate preferred securities, 5.700% | | ||||||||||||
35,000,000 | 0.320 | 03/02/15 | 35,000,000 | |||||||||||
| Maturity Value: $35,000,933 |
| ||||||||||||
| Collateralized by Federal Home Loan Mortgage Corp., 3.320% to | | ||||||||||||
115,000,000 | 0.470 | 03/02/15 | 115,000,000 | |||||||||||
| Maturity Value: $115,004,504 |
| ||||||||||||
| Collateralized by various asset-backed obligations, 0.000% to | | ||||||||||||
500,000,000 | 0.725 | (b)(f) | 05/06/15 | 500,000,000 | ||||||||||
| Maturity Value: $503,041,397 |
| ||||||||||||
| Settlement Date: 07/08/14 |
| ||||||||||||
| Collateralized by Federal Home Loan Mortgage Corp., 3.527%, | | ||||||||||||
|
| |||||||||||||
Principal Amount | Interest Rate | Maturity Date | Amortized Cost | |||||||||||
Repurchase Agreements(d) – (continued) | ||||||||||||||
| Citibank N.A. |
| ||||||||||||
$ | 250,000,000 | 0.060 | % | 03/04/15 | $ | 250,000,000 | ||||||||
| Maturity Value: $250,002,917 |
| ||||||||||||
| Settlement Date: 02/25/15 |
| ||||||||||||
| Collateralized by Federal Agricultural Mortgage Corp., 2.125%, | | ||||||||||||
|
| |||||||||||||
| Credit Suisse Securities (USA) LLC |
| ||||||||||||
400,000,000 | 0.751 | (b)(f) | 06/02/15 | 400,000,000 | ||||||||||
| Maturity Value: $403,629,344 |
| ||||||||||||
| Settlement Date: 03/27/14 |
| ||||||||||||
| Collateralized by various mortgage-backed obligations, 0.000% to | | ||||||||||||
|
| |||||||||||||
| Federal Reserve Bank of New York |
| ||||||||||||
600,000,000 | 0.050 | 03/02/15 | 600,000,000 | |||||||||||
| Maturity Value: $600,002,500 |
| ||||||||||||
| Collateralized by a U.S. Treasury Note, 1.750%, due 05/15/22. | | ||||||||||||
|
| |||||||||||||
| HSBC Securities (USA), Inc. |
| ||||||||||||
1,250,000,000 | 0.220 | 03/02/15 | 1,250,000,000 | |||||||||||
| Maturity Value: $1,250,022,917 |
| ||||||||||||
| Collateralized by various equity securities and Exchange-Traded | | ||||||||||||
25,000,000 | 0.270 | 03/02/15 | 25,000,000 | |||||||||||
| Maturity Value: $25,000,563 |
| ||||||||||||
| Collateralized by various corporate security issuers, 8.500% to | | ||||||||||||
|
| |||||||||||||
| ING Financial Markets LLC |
| ||||||||||||
150,000,000 | 0.170 | 03/02/15 | 150,000,000 | |||||||||||
| Maturity Value: $150,002,125 |
| ||||||||||||
| Collateralized by various corporate security issuers, 0.571% to | | ||||||||||||
|
| |||||||||||||
| Merrill Lynch Government Securities, Inc. |
| ||||||||||||
100,000,000 | 0.450 | 03/02/15 | 100,000,000 | |||||||||||
| Maturity Value: $100,003,750 |
| ||||||||||||
| Collateralized by various asset-backed obligations, 0.311% to | | ||||||||||||
|
|
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(d) – (continued) | ||||||||||||||
| Merrill Lynch Government Securities, Inc. – (continued) |
| ||||||||||||
$ | 103,000,000 | 0.470 | % | 03/02/15 | $ | 103,000,000 | ||||||||
| Maturity Value: $103,004,034 |
| ||||||||||||
| Collateralized by an equity security, various auction rate preferred | | ||||||||||||
|
| |||||||||||||
| Mitsubishi UFJ Securities (USA), Inc. |
| ||||||||||||
175,000,000 | 0.250 | 03/03/15 | 175,000,000 | |||||||||||
| Maturity Value: $175,008,507 |
| ||||||||||||
| Settlement Date: 02/24/15 |
| ||||||||||||
| Collateralized by an asset-backed obligation, 0.823%, due | | ||||||||||||
|
| |||||||||||||
| RBC Capital Markets LLC |
| ||||||||||||
300,000,000 | 0.400 | (b)(e) | 03/09/15 | 300,000,000 | ||||||||||
| Maturity Value: $300,296,666 |
| ||||||||||||
| Settlement Date: 02/13/15 |
| ||||||||||||
| Collateralized by various corporate security issuers, 0.995% to | | ||||||||||||
|
| |||||||||||||
| Societe Generale |
| ||||||||||||
260,000,000 | 0.210 | 03/02/15 | 260,000,000 | |||||||||||
| Maturity Value: $260,004,550 |
| ||||||||||||
| Collateralized by various sovereign debt security issuers, 4.875% | | ||||||||||||
100,000,000 | 0.220 | 03/02/15 | 100,000,000 | |||||||||||
| Maturity Value: $100,001,833 |
| ||||||||||||
| Collateralized by various equity securities. The aggregate market | | ||||||||||||
50,000,000 | 0.300 | 03/02/15 | 50,000,000 | |||||||||||
| Maturity Value: $50,001,250 |
| ||||||||||||
| Collateralized by various corporate security issuers, 1.292% to | | ||||||||||||
100,000,000 | 0.370 | 03/02/15 | 100,000,000 | |||||||||||
| Maturity Value: $100,003,083 |
| ||||||||||||
| Collateralized by various corporate security issuers, 0.750% to | | ||||||||||||
|
| |||||||||||||
Principal Amount | Interest Rate | Maturity Date | Amortized Cost | |||||||||||
Repurchase Agreements(d) – (continued) | ||||||||||||||
| Societe Generale – (continued) |
| ||||||||||||
$ | 150,000,000 | 0.370 | % | 03/02/15 | $ | 150,000,000 | ||||||||
| Maturity Value: $150,004,625 |
| ||||||||||||
| Collateralized by various asset-backed obligations, 0.308% to | | ||||||||||||
150,000,000 | 0.310 | 03/06/15 | 150,000,000 | |||||||||||
| Maturity Value: $150,009,042 |
| ||||||||||||
| Collateralized by various equity securities. The aggregate market | | ||||||||||||
|
| |||||||||||||
| Wells Fargo Securities LLC |
| ||||||||||||
150,000,000 | 0.270 | 03/02/15 | 150,000,000 | |||||||||||
| Maturity Value: $150,003,375 |
| ||||||||||||
| Collateralized by various asset-backed obligations, 0.000% to | | ||||||||||||
300,000,000 | 0.270 | 03/02/15 | 300,000,000 | |||||||||||
| Maturity Value: $300,006,750 |
| ||||||||||||
| Collateralized by various mortgage-backed obligations, 0.000% to | | ||||||||||||
100,000,000 | 0.300 | 03/06/15 | 100,000,000 | |||||||||||
| Maturity Value: $100,005,833 |
| ||||||||||||
| Collateralized by various asset-backed obligations, 0.000% to | | ||||||||||||
250,000,000 | 0.600 | (f) | 03/17/15 | 250,000,000 | ||||||||||
| Maturity Value: $250,375,000 |
| ||||||||||||
| Settlement Date: 12/17/14 |
| ||||||||||||
| Collateralized by Federal Home Loan Mortgage Corp., 1.444% to | | ||||||||||||
|
| |||||||||||||
TOTAL REPURCHASE AGREEMENTS | $ | 6,143,000,000 | ||||||||||||
|
| |||||||||||||
TOTAL INVESTMENTS – 101.5% | $ | 34,041,373,807 | ||||||||||||
|
| |||||||||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS – (1.5)% |
| (493,765,499 | ) | ||||||||||
|
| |||||||||||||
NET ASSETS – 100.0% | $ | 33,547,608,308 | ||||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 21 |
FINANCIAL SQUARE MONEY MARKET FUND
Schedule of Investments (continued)
February 28, 2015 (Unaudited)
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
(a) | All or a portion represents a forward commitment. | |
(b) | Variable or floating rate security. Interest rate disclosed is that which is in effect at February 28, 2015. | |
(c) | Security not registered under the Securities Act of 1933, as amended. Such securities have been determined to be liquid by the Investment Adviser. At February 28, 2015, these securities amounted to $1,568,185,934 or approximately 4.7% of net assets. | |
(d) | Unless noted, all repurchase agreements were entered into on February 27, 2015. | |
(e) | The instrument is subject to a demand feature. | |
(f) | Security has been determined to be illiquid by the Investment Adviser. At February 28, 2015, these securities amounted to $1,150,000,000 or approximately 3.4% of net assets. |
Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.
Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, or the prerefunded date for those types of securities.
| ||
Investment Abbreviations: | ||
GO | —General Obligation | |
LIQ | —Liquidity Agreement | |
RB | —Revenue Bond | |
SBPA | —Standby Bond Purchase Agreement | |
SPA | —Stand-by Purchase Agreement | |
VRDN | —Variable Rate Demand Notes | |
VRDP | —Variable Rate Demand Preferred Shares | |
|
22 | The accompanying notes are an integral part of these financial statements. |
FINANCIAL SQUARE PRIME OBLIGATIONS FUND
Schedule of Investments
February 28, 2015 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Amortized Cost | |||||||||||
Commercial Paper and Corporate Obligations – 25.7% | ||||||||||||||
| Albion Capital LLC |
| ||||||||||||
$ | 63,024,000 | 0.200 | % | 03/20/15 | $ | 63,017,347 | ||||||||
64,254,000 | 0.180 | 03/25/15 | 64,246,290 | |||||||||||
63,972,000 | 0.180 | 03/26/15 | 63,964,003 | |||||||||||
| Alpine Securitization Corp. |
| ||||||||||||
200,000,000 | 0.290 | 05/01/15 | 200,000,000 | |||||||||||
100,000,000 | 0.264 | 06/05/15 | 99,930,667 | |||||||||||
100,000,000 | 0.274 | 06/17/15 | 99,919,000 | |||||||||||
| Atlantic Asset Securitization LLC |
| ||||||||||||
170,000,000 | 0.180 | 04/09/15 | 169,966,850 | |||||||||||
| Chariot Funding LLC |
| ||||||||||||
25,000,000 | 0.271 | 03/10/15 | 24,998,312 | |||||||||||
25,000,000 | 0.271 | 03/11/15 | 24,998,125 | |||||||||||
25,000,000 | 0.271 | 03/17/15 | 24,997,000 | |||||||||||
50,000,000 | 0.271 | 03/23/15 | 49,991,750 | |||||||||||
25,000,000 | 0.271 | 04/09/15 | 24,992,688 | |||||||||||
25,000,000 | 0.271 | 04/20/15 | 24,990,625 | |||||||||||
50,000,000 | 0.280 | 08/27/15 | 49,930,389 | |||||||||||
| Gotham Funding Corp. |
| ||||||||||||
13,729,000 | 0.170 | 03/03/15 | 13,728,870 | |||||||||||
206,837,000 | 0.180 | 03/23/15 | 206,814,248 | |||||||||||
| Hannover Funding Co. LLC |
| ||||||||||||
41,000,000 | 0.213 | 03/09/15 | 40,998,087 | |||||||||||
| Jupiter Securitization Co. LLC |
| ||||||||||||
25,000,000 | 0.271 | 03/03/15 | 24,999,625 | |||||||||||
25,000,000 | 0.271 | 03/10/15 | 24,998,312 | |||||||||||
50,000,000 | 0.271 | 08/03/15 | 49,941,875 | |||||||||||
25,000,000 | 0.271 | 08/12/15 | 24,969,250 | |||||||||||
50,000,000 | 0.285 | 08/27/15 | 49,930,389 | |||||||||||
| Kaiser Foundation Hospitals |
| ||||||||||||
45,047,000 | 0.180 | 03/24/15 | 45,041,820 | |||||||||||
38,077,000 | 0.250 | 04/03/15 | 38,068,274 | |||||||||||
| Liberty Street Funding LLC |
| ||||||||||||
100,000,000 | 0.200 | 04/21/15 | 99,971,667 | |||||||||||
85,000,000 | 0.200 | 05/11/15 | 84,966,472 | |||||||||||
| LMA Americas LLC |
| ||||||||||||
150,000,000 | 0.180 | 03/05/15 | 149,997,000 | |||||||||||
| Matchpoint Master Trust |
| ||||||||||||
45,000,000 | 0.244 | 05/04/15 | 44,980,800 | |||||||||||
| Nieuw Amsterdam Receivables Corp. |
| ||||||||||||
160,000,000 | 0.210 | 05/12/15 | 159,932,800 | |||||||||||
| Old Line Funding LLC |
| ||||||||||||
150,000,000 | 0.270 | 06/16/15 | 149,879,625 | |||||||||||
50,000,000 | 0.360 | 10/22/15 | 49,885,764 | |||||||||||
| PNC Bank N.A. |
| ||||||||||||
250,000,000 | 0.300 | 04/30/15 | 250,000,000 | |||||||||||
| Regency Markets No. 1 LLC |
| ||||||||||||
237,131,000 | 0.160 | 03/20/15 | 237,110,976 | |||||||||||
| Regents of the University of California |
| ||||||||||||
25,000,000 | 0.150 | 03/05/15 | 24,999,583 | |||||||||||
| Thunder Bay Funding LLC |
| ||||||||||||
50,000,000 | 0.360 | 10/22/15 | 49,885,764 | |||||||||||
| Versailles Commercial Paper LLC |
| ||||||||||||
100,000,000 | 0.250 | 04/13/15 | 99,970,139 | |||||||||||
| Victory Receivables Corp. |
| ||||||||||||
80,000,000 | 0.170 | 03/02/15 | 79,999,622 | |||||||||||
70,000,000 | 0.180 | 03/09/15 | 69,997,200 | |||||||||||
|
| |||||||||||||
Principal Amount | Interest Rate | Maturity Date | Amortized Cost | |||||||||||
Commercial Paper and Corporate Obligations – (continued) | ||||||||||||||
| Victory Receivables Corp. – (continued) |
| ||||||||||||
$ | 65,000,000 | 0.180 | % | 03/23/15 | $ | 64,992,850 | ||||||||
100,000,000 | 0.180 | 04/09/15 | 99,980,500 | |||||||||||
|
| |||||||||||||
| TOTAL COMMERCIAL PAPER AND CORPORATE OBLIGATIONS | | $ | 3,221,984,558 | ||||||||||
|
| |||||||||||||
Fixed Rate Municipal Debt Obligations – 1.4% | ||||||||||||||
| County of Kent, Michigan GO Taxable Series 2014 |
| ||||||||||||
$ | 15,000,000 | 0.375 | % | 04/01/15 | $ | 15,001,579 | ||||||||
| County of Orange, California RB Refunding for Pension Obligations Taxable | | ||||||||||||
18,875,000 | 0.580 | 11/02/15 | 18,875,000 | |||||||||||
58,700,000 | 0.680 | 02/01/16 | 58,700,000 | |||||||||||
| Ohio Health Corp. |
| ||||||||||||
24,313,000 | 0.180 | 03/02/15 | 24,313,000 | |||||||||||
16,078,000 | 0.180 | 04/02/15 | 16,078,000 | |||||||||||
| South Carolina State Public Service Authority Series 2012 DD (Barclays Bank | | ||||||||||||
10,000,000 | 0.180 | 03/02/15 | 10,000,000 | |||||||||||
| South Carolina State Public Service Authority Series 2012 DD (Barclays Bank | | ||||||||||||
20,880,000 | 0.180 | 03/02/15 | 20,880,000 | |||||||||||
| State of California GO Taxable Series 2010 |
| ||||||||||||
4,845,000 | 3.950 | 11/01/15 | 4,958,547 | |||||||||||
| State of California GO Taxable Various Purpose Series 2009-3 |
| ||||||||||||
4,730,000 | 5.450 | 04/01/15 | 4,750,599 | |||||||||||
|
| |||||||||||||
| TOTAL FIXED RATE MUNICIPAL DEBT OBLIGATIONS | | $ | 173,556,725 | ||||||||||
|
| |||||||||||||
U.S. Government Agency Obligations – 11.0% | ||||||||||||||
| Federal Home Loan Bank |
| ||||||||||||
$ | 70,725,000 | 0.230 | % | 08/28/15 | $ | 70,724,006 | ||||||||
200,000,000 | 0.200 | 09/15/15 | 199,996,882 | |||||||||||
130,000,000 | 0.250 | 10/05/15 | 130,000,000 | |||||||||||
135,000,000 | 0.263 | 10/09/15 | 135,000,000 | |||||||||||
150,000,000 | 0.230 | 12/30/15 | 149,983,697 | |||||||||||
104,000,000 | 0.340 | 02/26/16 | 104,000,000 | |||||||||||
150,000,000 | 0.300 | 03/07/16 | 149,980,298 | |||||||||||
| Overseas Private Investment Corp. (USA) |
| ||||||||||||
445,597,530 | 0.110 | (a) | 03/09/15 | 445,597,530 | ||||||||||
|
| |||||||||||||
| TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS | | $ | 1,385,282,413 | ||||||||||
|
| |||||||||||||
Variable Rate Municipal Debt Obligations(a) – 4.2% | ||||||||||||||
| BlackRock Municipal Income Trust VRDN RB Putters Series 2012-T0008 | | ||||||||||||
$ | 35,500,000 | 0.130 | % | 03/02/15 | $ | 35,500,000 | ||||||||
| BlackRock MuniVest Fund, Inc. VRDN RB Putters Series 2012-T0007 (JPMorgan | | ||||||||||||
30,000,000 | 0.130 | 03/02/15 | 30,000,000 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 23 |
FINANCIAL SQUARE PRIME OBLIGATIONS FUND
Schedule of Investments (continued)
February 28, 2015 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Amortized Cost | |||||||||||
Variable Rate Municipal Debt Obligations(a) – (continued) | ||||||||||||||
| City & County of Denver, Colorado VRDN RB SPEARS Series 2012-DBE-1129X | | ||||||||||||
$ | 13,100,000 | 0.140 | % | 03/09/15 | $ | 13,100,000 | ||||||||
| City of Colorado Springs Utilities System VRDN RB for Subordinate Lien | | ||||||||||||
39,100,000 | 0.100 | 03/09/15 | 39,100,000 | |||||||||||
| City of Omaha, Nebraska Parking Facilities Corp. VRDN RB Putters | | ||||||||||||
19,475,000 | 0.100 | 03/02/15 | 19,475,000 | |||||||||||
| Connecticut Housing Finance Authority VRDN RB Housing Mortgage Finance | | ||||||||||||
18,805,000 | 0.020 | 03/09/15 | 18,805,000 | |||||||||||
| Connecticut Housing Finance Authority VRDN RB Housing Mortgage Finance | | ||||||||||||
11,320,000 | 0.020 | 03/09/15 | 11,320,000 | |||||||||||
| Grand River Dam Authority VRDN RB Taxable Series 2014-C (Barclays Bank | | ||||||||||||
16,250,000 | 0.130 | 03/09/15 | 16,250,000 | |||||||||||
| Kentucky Municipal Power Agency VRDN RB Floaters Series 2010-B002 | | ||||||||||||
20,000,000 | 0.340 | 03/09/15 | 20,000,000 | |||||||||||
| Nuveen Dividend Advantage Municipal Fund #2 VRDP Series 2010-2 (Toronto- | | ||||||||||||
29,300,000 | 0.110 | 03/09/15 | 29,300,000 | |||||||||||
| Nuveen Investment Quality Municipal Fund, Inc. VRDP Series 2011-1-2118 | | ||||||||||||
16,000,000 | 0.110 | 03/09/15 | 16,000,000 | |||||||||||
| Nuveen Municipal Market Opportunity Fund, Inc. VRDP Series 2010-1 (Deutsche | | ||||||||||||
30,900,000 | 0.170 | 03/09/15 | 30,900,000 | |||||||||||
| Nuveen Municipal Opportunity Fund, Inc. VRDP Series 2010 (Citibank | | ||||||||||||
7,900,000 | 0.110 | 03/09/15 | 7,900,000 | |||||||||||
| Nuveen Select Quality Municipal Fund, Inc. VRDP Series 2011-1-2525 (Barclays | | ||||||||||||
25,000,000 | 0.110 | 03/09/15 | 25,000,000 | |||||||||||
| Port Authority of New York & New Jersey VRDN RB Austin Trust Certificates | | ||||||||||||
22,655,000 | 0.090 | 03/09/15 | 22,655,000 | |||||||||||
| Port Authority of New York & New Jersey VRDN RB ROCS RR-II R-11589 | | ||||||||||||
18,165,000 | 0.060 | 03/09/15 | 18,165,000 | |||||||||||
| Port of Corpus Christi Authority of Nueces County, Texas VRDN RB for Flint Hills | | ||||||||||||
9,000,000 | 0.070 | 03/09/15 | 9,000,000 | |||||||||||
| Port of Corpus Christi Authority of Nueces County, Texas VRDN RB for Flint Hills | | ||||||||||||
22,200,000 | 0.070 | 03/09/15 | 22,200,000 | |||||||||||
| Port of Corpus Christi Authority of Nueces County, Texas VRDN RB for Flint Hills | | ||||||||||||
42,000,000 | 0.070 | 03/09/15 | 42,000,000 | |||||||||||
| Port of Corpus Christi Authority of Nueces County, Texas VRDN RB for Flint Hills | | ||||||||||||
18,000,000 | 0.070 | 03/09/15 | 18,000,000 | |||||||||||
| Port of Corpus Christi Authority of Nueces County, Texas VRDN RB for Flint Hills | | ||||||||||||
30,550,000 | 0.070 | 03/09/15 | 30,550,000 | |||||||||||
|
| |||||||||||||
Principal Amount | Interest Rate | Maturity Date | Amortized Cost | |||||||||||
Variable Rate Municipal Debt Obligations(a) – (continued) | ||||||||||||||
| Regional Transportation Authority, Illinois VRDN RB Putters Series 2014- T0021 | | ||||||||||||
$ | 19,650,000 | 0.140 | % | 03/02/15 | $ | 19,650,000 | ||||||||
| Smithsonian Institution VRDN RB Series 2013 |
| ||||||||||||
20,000,000 | 0.180 | 03/09/15 | 20,000,000 | |||||||||||
| University of Illinois VRDN RB for Auxiliary Facility Series 2014-C (Northern Trust | | ||||||||||||
10,000,000 | 0.100 | 03/09/15 | 10,000,000 | |||||||||||
| Western Asset Intermediate Muni Fund, Inc. VRDP Series 2015-1 (Citibank | | ||||||||||||
9,500,000 | 0.110 | 03/09/15 | 9,500,000 | |||||||||||
|
| |||||||||||||
| TOTAL VARIABLE RATE MUNICIPAL DEBT OBLIGATIONS | | $ | 534,370,000 | ||||||||||
|
| |||||||||||||
Variable Rate Obligations(a) – 8.8% | ||||||||||||||
| JPMorgan Chase Bank NA |
| ||||||||||||
$ | 275,000,000 | 0.355 | % | 03/04/16 | $ | 275,000,000 | ||||||||
| JPMorgan Securities LLC |
| ||||||||||||
100,000,000 | 0.377 | 11/19/15 | 100,000,000 | |||||||||||
| Kells Funding LLC(b) |
| ||||||||||||
50,000,000 | 0.268 | 05/15/15 | 50,000,000 | |||||||||||
50,000,000 | 0.235 | 08/26/15 | 49,997,492 | |||||||||||
| Metropolitan Life Global Funding I |
| ||||||||||||
250,000,000 | 0.502 | 04/10/15 | 250,000,000 | |||||||||||
| Providence Health & Services Obligated Group (U.S. Bank N.A., SBPA) |
| ||||||||||||
46,500,000 | 0.110 | 03/09/15 | 46,500,000 | |||||||||||
| Wells Fargo Bank N.A. |
| ||||||||||||
125,000,000 | 0.367 | 03/18/16 | 125,000,000 | |||||||||||
205,000,000 | 0.387 | 03/21/16 | 205,000,000 | |||||||||||
|
| |||||||||||||
| TOTAL VARIABLE RATE OBLIGATIONS | | $ | 1,101,497,492 | ||||||||||
|
| |||||||||||||
| TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS | | $ | 6,416,691,188 | ||||||||||
|
| |||||||||||||
Repurchase Agreements(c) – 48.7% | ||||||||||||||
| Citibank, N.A. |
| ||||||||||||
$ | 250,000,000 | 0.060 | % | 03/04/15 | $ | 250,000,000 | ||||||||
| Maturity Value: $250,002,917 |
| ||||||||||||
| Settlement Date: 02/25/15 |
| ||||||||||||
| Collateralized by Federal Farm Credit Bank, 0.430%, due | | ||||||||||||
|
|
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) | ||||||||||||||
| Citigroup Global Markets, Inc. |
| ||||||||||||
$ | 235,000,000 | 0.080 | % | 03/02/15 | $ | 235,000,000 | ||||||||
| Maturity Value: $235,001,567 |
| ||||||||||||
| Collateralized by Federal Home Loan Mortgage Corp., 0.000% to | | ||||||||||||
|
| |||||||||||||
| Federal Reserve Bank Of New York |
| ||||||||||||
1,300,000,000 | 0.050 | 03/02/15 | 1,300,000,000 | |||||||||||
| Maturity Value: $1,300,005,417 |
| ||||||||||||
| Collateralized by a U.S. Treasury Bond, 4.625%, due 02/15/40 | | ||||||||||||
|
| |||||||||||||
| ING Financial Markets LLC |
| ||||||||||||
250,000,000 | 0.150 | (a)(d) | 03/09/15 | 250,000,000 | ||||||||||
| Maturity Value: $250,192,710 |
| ||||||||||||
| Settlement Date: 02/24/15 |
| ||||||||||||
| Collateralized by Federal National Mortgage Association, 3.000% | | ||||||||||||
|
| |||||||||||||
| Joint Repurchase Agreement Account I |
| ||||||||||||
150,000,000 | 0.065 | 03/02/15 | 150,000,000 | |||||||||||
| Maturity Value: $150,000,806 |
| ||||||||||||
|
| |||||||||||||
| Joint Repurchase Agreement Account III |
| ||||||||||||
2,300,000,000 | 0.081 | 03/02/15 | 2,300,000,000 | |||||||||||
| Maturity Value: $2,300,015,491 |
| ||||||||||||
|
| |||||||||||||
| JPMorgan Securities LLC |
| ||||||||||||
100,000,000 | 0.610 | (e) | 07/31/15 | 100,000,000 | ||||||||||
| Maturity Value: $100,303,306 |
| ||||||||||||
| Settlement Date: 02/02/15 |
| ||||||||||||
| Collateralized by various mortgage-backed obligations, 0.000% to | | ||||||||||||
|
| |||||||||||||
| Merrill Lynch Government Securities, Inc. |
| ||||||||||||
100,000,000 | 0.070 | 03/02/15 | 100,000,000 | |||||||||||
| Maturity Value: $100,000,583 |
| ||||||||||||
| Collateralized by Federal Home Loan Mortgage Corp., 3.500% to | | ||||||||||||
200,000,000 | 0.450 | 03/02/15 | 200,000,000 | |||||||||||
| Maturity Value: $200,007,500 |
| ||||||||||||
| Collateralized by various asset-backed securities, 0.341% to | | ||||||||||||
|
| |||||||||||||
Principal Amount | Interest Rate | Maturity Date | Amortized Cost | |||||||||||
Repurchase Agreements(c) – (continued) | ||||||||||||||
| Merrill Lynch Government Securities, Inc. – (continued) |
| ||||||||||||
$ | 100,000,000 | 0.470 | % | 03/02/15 | $ | 100,000,000 | ||||||||
| Maturity Value: $100,003,917 |
| ||||||||||||
| Collateralized by various auction rate preferred securities, 0.000% | | ||||||||||||
230,000,000 | 0.520 | (a)(e) | 04/03/15 | 230,000,000 | ||||||||||
| Maturity Value: $230,900,319 |
| ||||||||||||
| Settlement Date: 07/11/14 |
| ||||||||||||
| Collateralized by various corporate security issuers, 1.000% to | | ||||||||||||
|
| |||||||||||||
| RBC Capital Markets LLC |
| ||||||||||||
250,000,000 | 0.120 | (a)(d) | 03/09/15 | 250,000,000 | ||||||||||
| Maturity Value: $250,099,999 |
| ||||||||||||
| Settlement Date: 01/05/15 |
| ||||||||||||
| Collateralized by Federal Home Loan Mortgage Corp., 3.000% to | | ||||||||||||
|
| |||||||||||||
| TD Securities (USA) LLC |
| ||||||||||||
150,000,000 | 0.080 | 03/06/15 | 150,000,000 | |||||||||||
| Maturity Value: $150,002,333 |
| ||||||||||||
| Collateralized by Federal National Mortgage Association, 3.000% | | ||||||||||||
|
| |||||||||||||
| Wells Fargo Securities LLC |
| ||||||||||||
250,000,000 | 0.070 | 03/05/15 | 250,000,000 | |||||||||||
| Maturity Value: $250,003,403 |
| ||||||||||||
| Settlement Date: 02/26/15 |
| ||||||||||||
| Collateralized by Federal Home Loan Mortgage Corp., 3.000%, | | ||||||||||||
175,000,000 | 0.500 | (e) | 03/17/15 | 175,000,000 | ||||||||||
| Maturity Value: $175,221,181 |
| ||||||||||||
| Settlement Date: 12/16/14 |
| ||||||||||||
| Collateralized by various asset-backed securities, 0.000% to | | ||||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 25 |
FINANCIAL SQUARE PRIME OBLIGATIONS FUND
Schedule of Investments (continued)
February 28, 2015 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Amortized Cost | |||||||||||
Repurchase Agreements(c) – (continued) | ||||||||||||||
| Wells Fargo Securities LLC – (continued) |
| ||||||||||||
$ | 75,000,000 | 0.600 | %(e) | 05/11/15 | $ | 75,000,000 | ||||||||
| Maturity Value: $75,112,500 |
| ||||||||||||
| Settlement Date: 02/10/15 |
| ||||||||||||
| Collateralized by various asset-backed securities, 0.000% to | | ||||||||||||
|
| |||||||||||||
TOTAL REPURCHASE AGREEMENTS | $ | 6,115,000,000 | ||||||||||||
|
| |||||||||||||
TOTAL INVESTMENTS – 99.8% | $ | 12,531,691,188 | ||||||||||||
|
| |||||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES – 0.2% |
| 20,837,713 | |||||||||||
|
| |||||||||||||
NET ASSETS – 100.0% | $ | 12,552,528,901 | ||||||||||||
|
|
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, 2015. | |
(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, 2015, these securities amounted to $367,142,492 or approximately 2.9% of net assets. | |
(c) | Unless noted, all repurchase agreements were entered into on February 27, 2015. Additional information on Joint Repurchase Agreement Accounts I and III appears on pages 53-55. | |
(d) | The instrument is subject to a demand feature. | |
(e) | 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, 2015, these securities amounted to $580,000,000 or approximately 4.6% 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: | ||
FGIC | —Insured by Financial Guaranty Insurance Co. | |
GO | —General Obligation | |
GTY AGMT | —Guaranty Agreement | |
LIQ | —Liquidity Agreement | |
LOC | —Letter of Credit | |
LP | —Limited Partnership | |
MBIA | —Insured by Municipal Bond Investors Assurance | |
RB | —Revenue Bond | |
ROCS | —Reset Option Certificates | |
RR | —Revenue Refunding | |
SBPA | —Standby Bond Purchase Agreement | |
SPA | —Stand-by Purchase Agreement | |
SPEARS | —Short Puttable Exempt Adjustable Receipts | |
VRDN | —Variable Rate Demand Notes | |
VRDP | —Variable Rate Demand Preferred Shares | |
|
26 | The accompanying notes are an integral part of these financial statements. |
FINANCIAL SQUARE TAX-EXEMPT CALIFORNIA FUND
Schedule of Investments
February 28, 2015 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Amortized Cost | |||||||||||
Municipal Debt Obligations – 98.3% | ||||||||||||||
California – 98.3% | ||||||||||||||
| ABAG Finance Authority for Non-Profit Corporations VRDN RB for Sharp | | ||||||||||||
$ | 450,000 | 0.020 | % | 03/09/15 | $ | 450,000 | ||||||||
| Bay Area Toll Authority California Toll Bridge VRDN RB for San Francisco Bay | | ||||||||||||
1,000,000 | 0.020 | 03/09/15 | 1,000,000 | |||||||||||
| Bay Area Toll Authority California Toll Bridge VRDN RB for San Francisco Bay | | ||||||||||||
4,150,000 | 0.040 | 03/09/15 | 4,150,000 | |||||||||||
| Bay Area Toll Authority California Toll Bridge VRDN RB for San Francisco Bay | | ||||||||||||
3,000,000 | 0.120 | 03/09/15 | 3,000,000 | |||||||||||
| California Educational Facilities Authority CP RN for Stanford University | | ||||||||||||
1,200,000 | 0.130 | 07/08/15 | 1,200,000 | |||||||||||
| California Educational Facilities Authority VRDN RB for California Institute of | | ||||||||||||
3,500,000 | 0.010 | 03/09/15 | 3,500,000 | |||||||||||
| California Educational Facilities Authority VRDN RB for Claremont McKenna | | ||||||||||||
3,680,000 | 0.030 | 03/09/15 | 3,680,000 | |||||||||||
| California Educational Facilities Authority VRDN RB for Stanford University | | ||||||||||||
2,600,000 | 0.030 | 03/09/15 | 2,600,000 | |||||||||||
| California Educational Facilities Authority VRDN RB for University of Southern | | ||||||||||||
1,000,000 | 0.030 | 03/09/15 | 1,000,000 | |||||||||||
| California Educational Facilities Authority VRDN RB for University of Southern | | ||||||||||||
1,100,000 | 0.030 | 03/09/15 | 1,100,000 | |||||||||||
| California Educational Facilities Authority VRDN RB for University of Southern | | ||||||||||||
2,976,640 | 0.010 | 03/02/15 | 2,976,640 | |||||||||||
| California Educational Facilities Authority VRDN RB for University of Southern | | ||||||||||||
690,000 | 0.030 | 03/09/15 | 690,000 | |||||||||||
| California Educational Facilities Authority VRDN RB Refunding for Stanford | | ||||||||||||
2,300,000 | 0.010 | 03/09/15 | 2,300,000 | |||||||||||
| California Educational Facilities Authority VRDN RB Refunding for Stanford | | ||||||||||||
3,200,000 | 0.010 | 03/09/15 | 3,200,000 | |||||||||||
| California Health Facilities Financing Authority CP for Kaiser Permanente | | ||||||||||||
1,500,000 | 0.140 | 07/07/15 | 1,500,000 | |||||||||||
| California Health Facilities Financing Authority RB Refunding for Cedars Sinai | | ||||||||||||
2,575,000 | 5.000 | 08/15/15 | 2,632,439 | |||||||||||
| California Health Facilities Financing Authority VRDN RB for Adventist Health | | ||||||||||||
1,740,000 | 0.190 | 03/09/15 | 1,740,000 | |||||||||||
| California Health Facilities Financing Authority VRDN RB for Catholic Healthcare | | ||||||||||||
1,900,000 | 0.060 | 03/09/15 | 1,900,000 | |||||||||||
|
| |||||||||||||
Principal Amount | Interest Rate | Maturity Date | Amortized Cost | |||||||||||
Municipal Debt Obligations – (continued) | ||||||||||||||
California – (continued) | ||||||||||||||
| California Health Facilities Financing Authority VRDN RB for City of Hope | | ||||||||||||
$ | 9,500,000 | 0.020 | % | 03/09/15 | $ | 9,500,000 | ||||||||
| California Health Facilities Financing Authority VRDN RB for City of Hope | | ||||||||||||
2,500,000 | 0.010 | 03/09/15 | 2,500,000 | |||||||||||
| California Health Facilities Financing Authority VRDN RB for Lucile Packard | | ||||||||||||
2,000,000 | 0.020 | 03/09/15 | 2,000,000 | |||||||||||
| California Health Facilities Financing Authority VRDN RB for Lucille Packard | | ||||||||||||
2,580,000 | 0.050 | 03/09/15 | 2,580,000 | |||||||||||
| California Health Facilities Financing Authority VRDN RB for Providence Health | | ||||||||||||
2,440,000 | 0.030 | 03/09/15 | 2,440,000 | |||||||||||
| California Health Facilities Financing Authority VRDN RB for Providence Health | | ||||||||||||
1,290,000 | 0.030 | 03/09/15 | 1,290,000 | |||||||||||
| California Health Facilities Financing Authority VRDN RB For Scripps Health | | ||||||||||||
3,005,000 | 0.010 | 03/09/15 | 3,005,000 | |||||||||||
| California Health Facilities Financing Authority VRDN RB for St. Joseph Health | | ||||||||||||
3,225,000 | 0.010 | 03/02/15 | 3,225,000 | |||||||||||
| California Health Facilities Financing Authority VRDN RB for St. Joseph Health | | ||||||||||||
1,000,000 | 0.010 | 03/02/15 | 1,000,000 | |||||||||||
| California Health Facilities Financing Authority VRDN RB for Sutter Health | | ||||||||||||
2,935,000 | 0.020 | 03/09/15 | 2,935,000 | |||||||||||
| California Health Facilities Financing Authority VRDN RB for Sutter Health ROCS | | ||||||||||||
1,500,000 | 0.030 | 03/09/15 | 1,500,000 | |||||||||||
| California Infrastructure & Economic Development Bank RB Refunding for J Paul | | ||||||||||||
1,250,000 | 4.000 | 10/01/15 | 1,278,559 | |||||||||||
| California Municipal Finance Authority Pollution VRDN RB Refunding for | | ||||||||||||
4,500,000 | 0.010 | 03/02/15 | 4,500,000 | |||||||||||
| California Municipal Finance Authority VRDN RB for Chevron USA, Inc. Recovery | | ||||||||||||
4,480,000 | 0.010 | 03/02/15 | 4,480,000 | |||||||||||
| California Municipal Finance Authority VRDN RB for Chevron USA, Inc. Recovery | | ||||||||||||
2,460,000 | 0.010 | 03/02/15 | 2,460,000 | |||||||||||
| California Municipal Finance Authority VRDN RB for Chevron USA, Inc. Recovery | | ||||||||||||
2,500,000 | 0.010 | 03/02/15 | 2,500,000 | |||||||||||
| California State Department of Water Resources CP Series 2015-1 (Bank of | | ||||||||||||
3,616,000 | 0.040 | 04/01/15 | 3,616,000 | |||||||||||
| California State University VRDN RB Floater Trust Series 2008-K37W (AGM) | | ||||||||||||
9,575,000 | 0.170 | 03/09/15 | 9,575,000 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 27 |
FINANCIAL SQUARE TAX-EXEMPT CALIFORNIA FUND
Schedule of Investments (continued)
February 28, 2015 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Amortized Cost | |||||||||||
Municipal Debt Obligations – (continued) | ||||||||||||||
California – (continued) | ||||||||||||||
| California State University VRDN RB ROCS RR-II R-11568 Series 2008 (BHAC- CR | | ||||||||||||
$ | 3,000,000 | 0.030 | % | 03/09/15 | $ | 3,000,000 | ||||||||
| California Statewide Communities Development Authority CP for Kaiser | | ||||||||||||
1,500,000 | 0.140 | 06/03/15 | 1,500,000 | |||||||||||
| California Statewide Communities Development Authority CP for Kaiser | | ||||||||||||
1,000,000 | 0.140 | 07/01/15 | 1,000,000 | |||||||||||
| California Statewide Communities Development Authority CP for Kaiser | | ||||||||||||
1,000,000 | 0.140 | 03/03/15 | 1,000,000 | |||||||||||
| California Statewide Communities Development Authority CP for Kaiser | | ||||||||||||
1,500,000 | 0.140 | 03/02/15 | 1,500,000 | |||||||||||
2,000,000 | 0.140 | 10/05/15 | 2,000,000 | |||||||||||
| California Statewide Communities Development Authority VRDN RB for John | | ||||||||||||
5,100,000 | 0.010 | 03/02/15 | 5,100,000 | |||||||||||
| California Statewide Communities Development Authority VRDN RB for Kaiser | | ||||||||||||
1,200,000 | 0.030 | 03/09/15 | 1,200,000 | |||||||||||
| California Statewide Communities Development Authority VRDN RB for Kaiser | | ||||||||||||
1,200,000 | 0.010 | 03/09/15 | 1,200,000 | |||||||||||
| California Statewide Communities Development Authority VRDN RB for Kaiser | | ||||||||||||
2,000,000 | 0.010 | 03/09/15 | 2,000,000 | |||||||||||
| California Statewide Communities Development Authority VRDN RB for Kaiser | | ||||||||||||
1,700,000 | 0.010 | 03/09/15 | 1,700,000 | |||||||||||
| Central Basin Municipal Water District VRDN COPS Refunding for 2007 Project | | ||||||||||||
5,700,000 | 0.010 | 03/09/15 | 5,700,000 | |||||||||||
| Chino Basin Regional Financing Authority VRDN RB Refunding for Inland Empire | | ||||||||||||
6,200,000 | 0.020 | 03/09/15 | 6,200,000 | |||||||||||
| City & County of San Francisco GO for Road Repaving & Street Safety | | ||||||||||||
1,320,000 | 5.000 | 06/15/15 | 1,338,446 | |||||||||||
| City of Santa Clara Electric VRDN RB Series 2008 Subseries B (Bank of Tokyo- | | ||||||||||||
4,055,000 | 0.020 | 03/09/15 | 4,055,000 | |||||||||||
| City of Santa Rosa Wastewater VRDN RB SPEARS Series 2007-DBE-395 | | ||||||||||||
5,170,000 | 0.120 | 03/09/15 | 5,170,000 | |||||||||||
| County of Los Angeles GO TRANS Series 2014 |
| ||||||||||||
1,845,000 | 1.500 | 06/30/15 | 1,852,943 | |||||||||||
| East Bay Municipal Utility District VRDN RB Water System Eagle | | ||||||||||||
1,400,000 | 0.030 | 03/09/15 | 1,400,000 | |||||||||||
|
| |||||||||||||
Principal Amount | Interest Rate | Maturity Date | Amortized Cost | |||||||||||
Municipal Debt Obligations – (continued) | ||||||||||||||
California – (continued) | ||||||||||||||
| East Bay Municipal Utility District VRDN RB Water System Eagle | | ||||||||||||
$ | 1,000,000 | 0.030 | % | 03/09/15 | $ | 1,000,000 | ||||||||
| Eastern Municipal Water District VRDN RB Refunding for Wastewater System | | ||||||||||||
1,645,000 | 0.010 | 03/09/15 | 1,645,000 | |||||||||||
| Eastern Municipal Water District VRDN RB Refunding for Wastewater System | | ||||||||||||
3,000,000 | 0.010 | 03/02/15 | 3,000,000 | |||||||||||
| Los Angeles Community College District GO VRDN Series 2011-O-4 (Royal Bank | | ||||||||||||
2,100,000 | 0.020 | 03/09/15 | 2,100,000 | |||||||||||
| Los Angeles Community Redevelopment Agency MF Hsg VRDN RB for | | ||||||||||||
5,700,000 | 0.020 | 03/09/15 | 5,700,000 | |||||||||||
| Los Angeles County Housing Authority MF Hsg VRDN RB Refunding for Malibu | | ||||||||||||
1,200,000 | 0.020 | 03/09/15 | 1,200,000 | |||||||||||
| Los Angeles County Housing Authority MF Hsg VRDN RB Refunding for Malibu | | ||||||||||||
2,436,000 | 0.020 | 03/09/15 | 2,436,000 | |||||||||||
| Los Angeles County Metropolitan Transportation Authority RB Refunding for | | ||||||||||||
20,000 | 5.000 | 07/01/15 | 20,288 | |||||||||||
| Los Angeles County Metropolitan Transportation Authority RB Refunding for | | ||||||||||||
415,000 | 5.000 | 07/01/15 | 421,727 | |||||||||||
| Los Angeles County Metropolitan Transportation Authority RB Refunding for | | ||||||||||||
825,000 | 5.000 | 07/01/15 | 838,330 | |||||||||||
| Los Angeles County Metropolitan Transportation Authority RB Refunding for | | ||||||||||||
1,800,000 | 5.000 | 07/01/15 | 1,829,474 | |||||||||||
| Los Angeles Department of Airports VRDN RB for Los Angeles International | | ||||||||||||
1,300,000 | 0.030 | 03/09/15 | 1,300,000 | |||||||||||
| Los Angeles Department of Airports VRDN RB for Los Angeles International | | ||||||||||||
2,645,000 | 0.030 | 03/09/15 | 2,645,000 | |||||||||||
| Los Angeles Department of Airports VRDN RB for Los Angeles International | | ||||||||||||
4,000,000 | 0.030 | 03/09/15 | 4,000,000 | |||||||||||
| Los Angeles Department of Airports VRDN RB for Los Angeles International | | ||||||||||||
200,000 | 0.030 | 03/09/15 | 200,000 | |||||||||||
| Los Angeles Department of Water & Power RB for Power System Series 2012 C |
| ||||||||||||
2,100,000 | 5.000 | 01/01/16 | 2,165,196 | |||||||||||
| Los Angeles Department of Water & Power VRDN RB for Power System | | ||||||||||||
2,000,000 | 0.010 | 03/09/15 | 2,000,000 | |||||||||||
| Los Angeles Department of Water & Power VRDN RB Refunding Series 2001 | | ||||||||||||
3,000,000 | 0.010 | 03/09/15 | 3,000,000 | |||||||||||
| Los Angeles Department of Water & Power VRDN RB Series 2001 Subseries B-3 | | ||||||||||||
2,550,000 | 0.010 | 03/02/15 | 2,550,000 | |||||||||||
|
|
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) | ||||||||||||||
| Los Angeles Department of Water & Power Waterworks VRDN RB ROCS RR-II | | ||||||||||||
$ | 3,715,000 | 0.020 | % | 03/02/15 | $ | 3,715,000 | ||||||||
| Los Angeles Department of Water & Power Waterworks VRDN RB Series 2001 | | ||||||||||||
11,200,000 | 0.020 | 03/09/15 | 11,199,989 | |||||||||||
| Metropolitan Water District of Southern California VRDN RB Refunding | | ||||||||||||
1,000,000 | 0.170 | 05/01/15 | 1,000,022 | |||||||||||
| Metropolitan Water District of Southern California VRDN RB Refunding SIFMA | | ||||||||||||
1,000,000 | 0.370 | 05/01/15 | 1,000,085 | |||||||||||
| Metropolitan Water District of Southern California VRDN RB Refunding SIFMA | | ||||||||||||
250,000 | 0.370 | 05/01/15 | 250,048 | |||||||||||
| Metropolitan Water District of Southern California VRDN RB Series 2000 B-3 | | ||||||||||||
4,800,000 | 0.010 | 03/02/15 | 4,800,000 | |||||||||||
| Metropolitan Water District of Southern California VRDN RB Series 2000 B-4 | | ||||||||||||
1,000,000 | 0.010 | 03/09/15 | 1,000,000 | |||||||||||
| Northern California Power Agency VRDN RB Refunding for Hydroelectric Project | | ||||||||||||
6,000,000 | 0.010 | 03/09/15 | 6,000,000 | |||||||||||
| Orange County Apartment Development VRDN RB Refunding for Park Ridge | | ||||||||||||
4,000,000 | 0.030 | 03/09/15 | 4,000,000 | |||||||||||
| Orange County Apartment Development VRDN RB Refunding for Riverbend | | ||||||||||||
4,600,000 | 0.020 | 03/09/15 | 4,600,000 | |||||||||||
| Orange County Sanitation District VRDN COPS Putters Series 2010-3773Z (AGM) | | ||||||||||||
2,000,000 | 0.050 | 03/09/15 | 2,000,000 | |||||||||||
| Orange County Water District CP Series 2015-94 (Bayerische Landesbank | | ||||||||||||
4,213,000 | 0.090 | 03/03/15 | 4,213,000 | |||||||||||
| Orange County Water District VRDN COPS Putters Series 2010-3686Z (JPMorgan | | ||||||||||||
500,000 | 0.030 | 03/09/15 | 500,000 | |||||||||||
| Riverside County Transportation Commission Sales Tax VRDN RB Putters | | ||||||||||||
1,875,000 | 0.030 | 03/09/15 | 1,875,000 | |||||||||||
| Riverside Unified School District GO VRDN Floaters Series 2009-3017 (AGC- ICC | | ||||||||||||
6,755,000 | 0.170 | 03/09/15 | 6,755,000 | |||||||||||
| Sacramento County Housing Authority VRDN RB Refunding for River Terrace | | ||||||||||||
6,855,000 | 0.030 | 03/09/15 | 6,855,000 | |||||||||||
| Sacramento Municipal Utility District VRDN RB Series 2012 L (U.S. Bank N.A., | | ||||||||||||
600,000 | 0.010 | 03/09/15 | 600,000 | |||||||||||
| Sacramento Suburban Water District VRDN COPS Refunding Series 2009 A | | ||||||||||||
2,000,000 | 0.020 | 03/09/15 | 2,000,000 | |||||||||||
| Sacramento Transportation Authority Sales Tax VRDN RB for Limited Tax | | ||||||||||||
2,600,000 | 0.010 | 03/09/15 | 2,600,000 | |||||||||||
|
| |||||||||||||
Principal Amount | Interest Rate | Maturity Date | Amortized Cost | |||||||||||
Municipal Debt Obligations – (continued) | ||||||||||||||
California – (continued) | ||||||||||||||
| San Diego Community College District GO VRDN Floater Certificates | | ||||||||||||
$ | 1,000,000 | 0.020 | % | 03/09/15 | $ | 1,000,000 | ||||||||
| San Diego Community College District GO VRDN Putters Series 2009-3415 | | ||||||||||||
570,000 | 0.040 | 03/09/15 | 570,000 | |||||||||||
| San Diego County Regional Transportation Commission VRDN RB Limited Tax | | ||||||||||||
5,700,000 | 0.010 | 03/09/15 | 5,700,000 | |||||||||||
| San Diego County Regional Transportation Commission VRDN RB Limited Tax | | ||||||||||||
4,150,000 | 0.010 | 03/09/15 | 4,150,000 | |||||||||||
| San Diego County Water Authority RB Refunding Series 2011 A |
| ||||||||||||
2,000,000 | 5.000 | 05/01/15 | 2,016,587 | |||||||||||
| Santa Clara Valley Transportation Authority Sales Tax VRDN RB Refunding for | | ||||||||||||
2,100,000 | 0.010 | 03/09/15 | 2,100,000 | |||||||||||
| Southern California Public Power Authority VRDN RB for Milford Wind Corridor | | ||||||||||||
2,000,000 | 0.120 | 03/09/15 | 2,000,000 | |||||||||||
| Southern California Public Power Authority VRDN RB Refunding for Magnolia | | ||||||||||||
2,000,000 | 0.010 | 03/09/15 | 2,000,000 | |||||||||||
| State of California Department of Water Resources Power Supply RB | | ||||||||||||
3,200,000 | 5.000 | 05/01/15 | 3,225,596 | |||||||||||
| State of California Department of Water Resources Power Supply RB | | ||||||||||||
300,000 | 2.250 | 05/01/15 | 301,023 | |||||||||||
1,100,000 | 5.000 | 05/01/15 | 1,108,853 | |||||||||||
| State of California Department of Water Resources RB Refunded for Central | | ||||||||||||
1,500,000 | 5.000 | 06/01/15 | 1,518,085 | |||||||||||
| State of California GO VRDN SPEARS Series 2007-DB-457 (AGM) (GTY AGMT- | | ||||||||||||
1,700,000 | 0.120 | 03/09/15 | 1,700,000 | |||||||||||
| State of California GO VRDN SPEARS Series 2014-DBE-1342 (GTY AGMT- | | ||||||||||||
6,300,000 | 0.110 | 03/09/15 | 6,300,000 | |||||||||||
| State of California RANS Series 2014 |
| ||||||||||||
7,000,000 | 1.500 | 06/22/15 | 7,029,808 | |||||||||||
| The Regents of the University of California Medical Center Pooled VRDN RB | | ||||||||||||
3,700,000 | 0.010 | 03/09/15 | 3,700,000 | |||||||||||
| The Regents of the University of California VRDN RB Refunding | | ||||||||||||
4,600,000 | 0.010 | 03/09/15 | 4,600,000 | |||||||||||
| The Regents of the University of California VRDN RB Series 2013 AL-4 |
| ||||||||||||
3,700,000 | 0.010 | 03/09/15 | 3,700,000 | |||||||||||
| University of California VRDN RB Municipal Floater Trust Series 2013-23U | | ||||||||||||
1,000,000 | 0.030 | 03/09/15 | 1,000,000 | |||||||||||
| University of California VRDN RB Putters Series 2008-2649Z (JPMorgan Chase | | ||||||||||||
2,500,000 | 0.030 | 03/09/15 | 2,500,000 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 29 |
FINANCIAL SQUARE TAX-EXEMPT CALIFORNIA FUND
Schedule of Investments (continued)
February 28, 2015 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Amortized Cost | |||||||||||
Municipal Debt Obligations – (continued) | ||||||||||||||
California – (continued) | ||||||||||||||
| University of California VRDN RB ROCS RR-II R-12328 Series 2012 (AGM) | | ||||||||||||
$ | 1,900,000 | 0.020 | % | 03/02/15 | $ | 1,900,000 | ||||||||
| Victor Valley Community College District GO VRDN Floater Certificates | | ||||||||||||
3,000,000 | 0.150 | 07/08/15 | 3,000,000 | |||||||||||
|
| |||||||||||||
| TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS | | $ | 310,054,138 | ||||||||||
|
| |||||||||||||
Repurchase Agreements(d) – 1.6% | ||||||||||||||
| Joint Repurchase Agreement Account I |
| ||||||||||||
$ | 5,000,000 | 0.065 | % | 03/02/15 | $ | 5,000,000 | ||||||||
| Maturity Value: $5,000,027 |
| ||||||||||||
|
| |||||||||||||
TOTAL INVESTMENTS – 99.9% | $ | 315,054,138 | ||||||||||||
|
| |||||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES – 0.1% | | 443,150 | |||||||||||
|
| |||||||||||||
NET ASSETS – 100.0% | $ | 315,497,288 | ||||||||||||
|
|
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, 2015, these securities amounted to $87,011,640 or approximately 27.6% of net assets. | |
(b) | All or a portion represents a forward commitment. | |
(c) | Security has been determined to be illiquid by the Investment Adviser. At February 28, 2015, these securities amounted to $3,000,000 or approximately 1.0% of net assets. | |
(d) | Unless noted, all repurchase agreements were entered into on February 27, 2015. Additional information on Joint Repurchase Agreement Account I appears on pages 53 and 54. |
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. | |
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 | |
FSA | —Insured by Financial Security Assurance Co. | |
GO | —General Obligation | |
GTY AGMT | —Guaranty Agreement | |
LIQ | —Liquidity Agreement | |
LOC | —Letter of Credit | |
MF Hsg | —Multi-Family Housing | |
NATL-RE | —National Reinsurance Corp. | |
RANS | —Revenue Anticipation Notes | |
RB | —Revenue Bond | |
RN | —Revenue Notes | |
RMKT | —Remarketed | |
ROCS | —Reset Option Certificates | |
RR | —Revenue Refunding | |
SPA | —Stand-by Purchase Agreement | |
SPEARS | —Short Puttable Exempt Adjustable Receipts | |
TRANS | —Tax Revenue Anticipation Notes | |
VRDN | —Variable Rate Demand Notes | |
|
30 | The accompanying notes are an integral part of these financial statements. |
FINANCIAL SQUARE TAX-EXEMPT NEW YORK FUND
Schedule of Investments
February 28, 2015 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Amortized Cost | |||||||||||
Municipal Debt Obligations – 99.9% | ||||||||||||||
New York – 99.9% | ||||||||||||||
| Buffalo Municipal Water Finance Authority Water Systems VRDN RB Refunding | | ||||||||||||
$ | 2,650,000 | 0.020 | % | 03/07/15 | $ | 2,650,000 | ||||||||
| City of Binghamton GO BANS Series 2015 |
| ||||||||||||
2,500,000 | 1.250 | 01/29/16 | 2,520,497 | |||||||||||
| County of Onondaga, New York Trust for Cultural Resources VRDN RB for | | ||||||||||||
5,000,000 | 0.010 | 03/07/15 | 5,000,000 | |||||||||||
| Erie County Fiscal Stability Authority BANS RN Series 2014 A |
| ||||||||||||
2,000,000 | 1.250 | 07/31/15 | 2,009,101 | |||||||||||
| Erie County IDA School Facility VRDN RB for City School District Buffalo Project | | ||||||||||||
2,200,000 | 0.170 | 03/07/15 | 2,200,000 | |||||||||||
| Metropolitan Transportation Authority Dedicated Tax Fund VRDN RB | | ||||||||||||
1,150,000 | 0.010 | 03/07/15 | 1,150,000 | |||||||||||
| Metropolitan Transportation Authority VRDN RB Dedicated Tax Fund Refunding | | ||||||||||||
2,285,000 | 0.010 | 03/02/15 | 2,285,000 | |||||||||||
| Nassau County GO TANS Series 2014 A |
| ||||||||||||
2,500,000 | 2.000 | 09/15/15 | 2,522,426 | |||||||||||
| New York City GO Series 2010 E |
| ||||||||||||
500,000 | 5.000 | 08/01/15 | 510,274 | |||||||||||
| New York City GO Series 2013 E |
| ||||||||||||
370,000 | 3.000 | 08/01/15 | 374,060 | |||||||||||
| New York City GO VRDN Austin Trust Certificates Series 2008-1131 (AGM) | | ||||||||||||
2,215,000 | 0.070 | 03/07/15 | 2,215,000 | |||||||||||
| New York City GO VRDN Series 1993 Subseries A-6 (Helaba, LOC) |
| ||||||||||||
865,000 | 0.020 | 03/07/15 | 865,000 | |||||||||||
| New York City GO VRDN Series 2002 Subseries C-2 | | ||||||||||||
200,000 | 0.020 | 03/07/15 | 200,000 | |||||||||||
| New York City GO VRDN Series 2008 Subseries L-3 (Bank of America N.A., SPA) |
| ||||||||||||
1,125,000 | 0.010 | 03/02/15 | 1,125,000 | |||||||||||
| New York City Health & Hospital Corp. VRDN RB for Health System Series 2008 | | ||||||||||||
2,400,000 | 0.020 | 03/07/15 | 2,400,000 | |||||||||||
| New York City Municipal Water Finance Authority Water & Sewer System VRDN | | ||||||||||||
920,000 | 0.010 | 03/02/15 | 920,000 | |||||||||||
| New York City Municipal Water Finance Authority Water & Sewer System VRDN | | ||||||||||||
400,000 | 0.010 | 03/07/15 | 400,000 | |||||||||||
| New York City Municipal Water Finance Authority Water & Sewer System VRDN | | ||||||||||||
1,700,000 | 0.010 | 03/02/15 | 1,700,000 | |||||||||||
| New York City Transitional Finance Authority VDRN RB for Future Tax Secured | | ||||||||||||
700,000 | 0.010 | 03/02/15 | 700,000 | |||||||||||
| New York City Transitional Finance Authority VRDN RB for Future Tax Secured | | ||||||||||||
1,500,000 | 0.020 | 03/07/15 | 1,500,000 | |||||||||||
|
| |||||||||||||
Principal Amount | Interest Rate | Maturity Date | Amortized Cost | |||||||||||
Municipal Debt Obligations – (continued) | ||||||||||||||
New York – (continued) | ||||||||||||||
| New York City Transitional Finance Authority VRDN RB for Future Tax Secured | | ||||||||||||
$ | 90,000 | 0.010 | % | 03/07/15 | $ | 90,000 | ||||||||
| New York City Trust for Cultural Resources VRDN RB for Metropolitan Museum | | ||||||||||||
650,000 | 0.010 | 03/07/15 | 650,000 | |||||||||||
| New York City Trust for Cultural Resources VRDN RB for Metropolitan Museum | | ||||||||||||
600,000 | 0.010 | 03/07/15 | 600,000 | |||||||||||
| New York City Trust for Cultural Resources VRDN RB for Museum of Modern Art | | ||||||||||||
3,000,000 | 0.070 | 03/07/15 | 3,000,000 | |||||||||||
| New York City Trust for Cultural Resources VRDN RB for The Juilliard School | | ||||||||||||
2,400,000 | 0.030 | 03/07/15 | 2,400,000 | |||||||||||
| New York City Trust for Cultural Resources VRDN RB Refunding for American | | ||||||||||||
1,000,000 | 0.010 | 03/02/15 | 1,000,000 | |||||||||||
| New York City Trust for Cultural Resources VRDN RB Refunding for The New | | ||||||||||||
1,900,000 | 0.020 | 03/07/15 | 1,900,000 | |||||||||||
| New York State Dormitory Authority Non-State Supported Debt VRDN RB for | | ||||||||||||
1,055,000 | 0.030 | 03/07/15 | 1,055,000 | |||||||||||
| New York State Dormitory Authority Non-State Supported Debt VRDN RB for | | ||||||||||||
1,000,000 | 0.020 | 03/07/15 | 1,000,000 | |||||||||||
| New York State Dormitory Authority Non-State Supported Debt VRDN RB for | | ||||||||||||
3,900,000 | 0.010 | 03/07/15 | 3,900,000 | |||||||||||
| New York State Dormitory Authority Non-State Supported Debt VRDN RB for | | ||||||||||||
1,885,000 | 0.020 | 03/07/15 | 1,885,000 | |||||||||||
| New York State Dormitory Authority Non-State Supported Debt VRDN RB for | | ||||||||||||
2,045,000 | 0.020 | 03/07/15 | 2,045,000 | |||||||||||
| New York State Dormitory Authority State Personal Income Tax VRDN RB for | | ||||||||||||
1,000,000 | 0.030 | 03/07/15 | 1,000,000 | |||||||||||
| New York State Dormitory Authority State Supported Debt VRDN RB for Cornell | | ||||||||||||
2,590,000 | 0.010 | 03/07/15 | 2,590,000 | |||||||||||
| New York State Dormitory Authority State Supported Debt VRDN RB for New | | ||||||||||||
1,725,000 | 0.010 | 03/07/15 | 1,725,000 | |||||||||||
| New York State Dormitory Authority State Supported Debt VRDN RB for New | | ||||||||||||
3,465,000 | 0.010 | 03/07/15 | 3,465,000 | |||||||||||
| New York State Dormitory Authority State Supported Debt VRDN RB for | | ||||||||||||
3,015,000 | 0.020 | 03/02/15 | 3,015,000 | |||||||||||
| New York State Dormitory Authority VRDN RB for Cornell University Series 2000 | | ||||||||||||
700,000 | 0.020 | 03/07/15 | 700,000 | |||||||||||
|
|
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, 2015 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Amortized Cost | |||||||||||
Municipal Debt Obligations – (continued) | ||||||||||||||
New York – (continued) | ||||||||||||||
| New York State Dormitory Authority VRDN RB for Cornell University Series 2004 | | ||||||||||||
$ | 900,000 | 0.010 | % | 03/07/15 | $ | 900,000 | ||||||||
| New York State Environmental Facilities Corp. RB for State Revolving Funds | | ||||||||||||
1,000,000 | 3.000 | 05/15/15 | 1,005,836 | |||||||||||
| New York State Housing Finance Agency VRDN RB for 10 Barclay Street | | ||||||||||||
600,000 | 0.020 | 03/07/15 | 600,000 | |||||||||||
| New York State Housing Finance Agency VRDN RB for Clinton Park Housing | | ||||||||||||
2,000,000 | 0.010 | 03/07/15 | 2,000,000 | |||||||||||
| New York State Housing Finance Agency VRDN RB for North End Series 2004 A | | ||||||||||||
1,000,000 | 0.010 | 03/07/15 | 1,000,000 | |||||||||||
| New York State Housing Finance Agency VRDN RB for West 37th Street Housing | | ||||||||||||
1,500,000 | 0.020 | 03/07/15 | 1,500,000 | |||||||||||
| New York State Liberty Development Corp. VRDN RB Refunding for 4 World | | ||||||||||||
2,900,000 | 0.200 | 03/07/15 | 2,900,000 | |||||||||||
| New York State Liberty Development Corp. VRDN RB Refunding for 7 World | | ||||||||||||
1,500,000 | 0.200 | 03/07/15 | 1,500,000 | |||||||||||
| New York State Local Government Assistance Corp. RB Refunding Senior Lien | | ||||||||||||
1,225,000 | 5.000 | 04/01/15 | 1,229,969 | |||||||||||
| New York State Local Government Assistance Corp. VRDN RB | | ||||||||||||
1,420,000 | 0.110 | 03/07/15 | 1,420,000 | |||||||||||
| New York State Power Authority CP Series 2015-1 (JP Morgan Chase Bank N.A., | | ||||||||||||
1,000,000 | 0.050 | 04/07/15 | 1,000,000 | |||||||||||
| New York State Power Authority CP Series 2015-2 (JP Morgan Chase Bank N.A., | | ||||||||||||
2,150,000 | 0.060 | 04/01/15 | 2,150,000 | |||||||||||
| New York State Thruway Authority RB for Second General Highway & Bridge | | ||||||||||||
2,640,000 | 5.000 | 04/01/15 | 2,650,571 | |||||||||||
| New York State Thruway Authority VRDN RB Floater Series 2008-2800 (Credit | | ||||||||||||
1,000,000 | 0.020 | 03/07/15 | 1,000,000 | |||||||||||
| Northport-East Northport Union Free School District GO TANS Series 2014 (State | | ||||||||||||
2,000,000 | 1.000 | 06/25/15 | 2,005,202 | |||||||||||
| Port Authority of New York & New Jersey VRDN RB Floater Trust | | ||||||||||||
2,150,000 | 0.030 | 03/07/15 | 2,150,000 | |||||||||||
| Port Authority of New York & New Jersey VRDN RB ROCS-RR-II R-664 | | ||||||||||||
2,130,000 | 0.030 | 03/07/15 | 2,130,000 | |||||||||||
|
| |||||||||||||
Principal Amount | Interest Rate | Maturity Date | Amortized Cost | |||||||||||
Municipal Debt Obligations – (continued) | ||||||||||||||
New York – (continued) | ||||||||||||||
| Sales Tax Asset Receivable Corp. VRDN RB Refunding Fiscal 2015 Putters | | ||||||||||||
$ | 1,000,000 | 0.030 | % | 03/07/15 | $ | 1,000,000 | ||||||||
| Suffolk County Water Authority VRDN RB Putters Series 2009-3357 (NATL-RE) | | ||||||||||||
2,500,000 | 0.050 | 03/07/15 | 2,500,000 | |||||||||||
| Town of Hempstead GO BANS Series 2014 |
| ||||||||||||
2,000,000 | 1.500 | 12/18/15 | 2,016,718 | |||||||||||
| Town of Hempstead GO for Public Improvement Series 2006 A |
| ||||||||||||
1,040,000 | 5.000 | 03/01/15 | 1,040,000 | |||||||||||
| Triborough Bridge & Tunnel Authority VRDN RB Refunding General | | ||||||||||||
200,000 | 0.030 | 03/02/15 | 200,000 | |||||||||||
| Triborough Bridge & Tunnel Authority VRDN RB Refunding General | | ||||||||||||
800,000 | 0.010 | 03/02/15 | 800,000 | |||||||||||
| Utility Debt Securitization Authority of New York VRDN RB Putters | | ||||||||||||
3,350,000 | 0.030 | 03/07/15 | 3,350,000 | |||||||||||
|
| |||||||||||||
TOTAL INVESTMENTS – 99.9% | $ | 103,314,654 | ||||||||||||
|
| |||||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES – 0.1% |
| 130,031 | |||||||||||
|
| |||||||||||||
NET ASSETS – 100.0% | $ | 103,444,685 | ||||||||||||
|
|
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, 2015, these securities amounted to $27,400,000 or approximately 26.5% 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.
32 | The accompanying notes are an integral part of these financial statements. |
FINANCIAL SQUARE TAX-EXEMPT NEW YORK FUND
| ||
Investment Abbreviations: | ||
AGM | —Insured by Assured Guaranty Municipal Corp. | |
BANS | —Bond Anticipation Notes | |
CP | —Commercial Paper | |
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 | |
NATL-RE | —National Reinsurance Corp. | |
RB | —Revenue Bond | |
RN | —Revenue Notes | |
RMKT | —Remarketed | |
ROCS | —Reset Option Certificates | |
RR | —Revenue Refunding | |
SPA | —Stand-by Purchase Agreement | |
SPEARS | —Short Puttable Exempt Adjustable Receipts | |
TANS | —Tax Anticipation Notes | |
VRDN | —Variable Rate Demand Notes | |
|
The accompanying notes are an integral part of these financial statements. | 33 |
FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND
Schedule of Investments
February 28, 2015 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Amortized Cost | |||||||||||
Municipal Debt Obligations – 99.7% | ||||||||||||||
Alabama – 3.2% | ||||||||||||||
| Alabama Special Care Facilities Financing Authority VRDN RB for Birmingham | | ||||||||||||
$ | 6,370,000 | 0.030 | % | 03/09/15 | $ | 6,370,000 | ||||||||
| Alabama Special Care Facilities Financing Authority VRDN RB for Birmingham | | ||||||||||||
16,380,000 | 0.090 | 05/21/15 | 16,380,000 | |||||||||||
| Columbia IDB VRDN PCRB Refunding for Alabama Power Co. Project | | ||||||||||||
50,000,000 | 0.020 | 03/02/15 | 50,000,000 | |||||||||||
| East Alabama Health Care Authority VRDN RB Series 2012 B |
| ||||||||||||
15,000,000 | 0.020 | 03/09/15 | 15,000,000 | |||||||||||
| Huntsville Health Care Authority CP Series 2015 |
| ||||||||||||
16,000,000 | 0.060 | 03/02/15 | 16,000,000 | |||||||||||
19,000,000 | 0.090 | 04/02/15 | 19,000,000 | |||||||||||
25,000,000 | 0.080 | 06/01/15 | 25,000,000 | |||||||||||
| Mobile IDB PCRB for Alabama Power Co. Barry Plant Project RMKT Series 2008 |
| ||||||||||||
15,000,000 | 0.320 | 10/01/15 | 15,000,000 | |||||||||||
| West Jefferson IDB VRDN PCRB Refunding for Alabama Power Co. Project | | ||||||||||||
37,290,000 | 0.030 | 03/09/15 | 37,290,000 | |||||||||||
|
| |||||||||||||
200,040,000 | ||||||||||||||
|
| |||||||||||||
Alaska – 1.3% | ||||||||||||||
| Alaska Housing Finance Corp. Home Mortgage VRDN RB Refunding | | ||||||||||||
30,000,000 | 0.010 | 03/09/15 | 30,000,000 | |||||||||||
| Alaska Housing Finance Corp. Home Mortgage VRDN RB Series 2009 D (GO of | | ||||||||||||
24,955,000 | 0.010 | 03/09/15 | 24,955,000 | |||||||||||
| Alaska Housing Finance Corp. VRDN RB for Governmental Purpose | | ||||||||||||
6,390,000 | 0.010 | 03/09/15 | 6,390,000 | |||||||||||
| Alaska Housing Finance Corp. VRDN RB for Governmental Purpose | | ||||||||||||
2,900,000 | 0.010 | 03/09/15 | 2,900,000 | |||||||||||
| Borough of North Slope GO Series 2014 A |
| ||||||||||||
9,000,000 | 2.000 | 06/30/15 | 9,056,025 | |||||||||||
| City of Valdez Marine Terminal VRDN RB Refunding for Exxon Pipeline Co. | | ||||||||||||
7,000,000 | 0.010 | 03/02/15 | 7,000,000 | |||||||||||
|
| |||||||||||||
80,301,025 | ||||||||||||||
|
| |||||||||||||
Arizona – 1.3% | ||||||||||||||
| Arizona Health Facilities Authority VRDN RB for Banner Health P-Floats | | ||||||||||||
10,500,000 | 0.070 | 03/09/15 | 10,500,000 | |||||||||||
| Arizona State Transportation Board Highway RB Series 2011 B |
| ||||||||||||
200,000 | 1.647 | 07/01/15 | 200,986 | |||||||||||
| Arizona State Transportation Board Highway VRDN RB Putters Series 2008-3151 | | ||||||||||||
6,605,000 | 0.030 | 03/09/15 | 6,605,000 | |||||||||||
| Arizona State Transportation Board Highway VRDN RB Putters Series 2009-3466 | | ||||||||||||
4,065,000 | 0.030 | 03/09/15 | 4,065,000 | |||||||||||
|
| |||||||||||||
Principal Amount | Interest Rate | Maturity Date | Amortized Cost | |||||||||||
Municipal Debt Obligations – (continued) | ||||||||||||||
Arizona – (continued) | ||||||||||||||
| City of Phoenix Civic Improvement Corp. Water System VRDN RB Putters | | ||||||||||||
$ | 7,140,000 | 0.030 | % | 03/09/15 | $ | 7,140,000 | ||||||||
| City of Phoenix GO VRDN Floaters Series 2007-1882 (Wells Fargo Bank | | ||||||||||||
17,435,000 | 0.020 | 03/09/15 | 17,435,000 | |||||||||||
| County of Maricopa IDA Senior Living Facilities VRDN RB Refunding for | | ||||||||||||
10,210,000 | 0.020 | 03/09/15 | 10,210,000 | |||||||||||
| Salt River Project Agricultural Improvement & Power District Electric System | | ||||||||||||
13,275,000 | 0.020 | 03/09/15 | 13,275,000 | |||||||||||
| Salt River Project Agricultural Improvement & Power District Electric System | | ||||||||||||
4,050,000 | 0.040 | 03/09/15 | 4,050,000 | |||||||||||
| Salt River Project Agricultural Improvement & Power District Electric System | | ||||||||||||
5,000,000 | 0.040 | 03/09/15 | 5,000,000 | |||||||||||
|
| |||||||||||||
78,480,986 | ||||||||||||||
|
| |||||||||||||
California – 13.2% | ||||||||||||||
| Bay Area Toll Authority California Toll Bridge VRDN RB for San Francisco Bay | | ||||||||||||
13,370,000 | 0.020 | 03/09/15 | 13,370,000 | |||||||||||
| Bay Area Toll Authority California Toll Bridge VRDN RB for San Francisco Bay | | ||||||||||||
760,000 | 0.040 | 03/09/15 | 760,000 | |||||||||||
| California Educational Facilities Authority VRDN RB for Claremont McKenna | | ||||||||||||
2,700,000 | 0.030 | 03/09/15 | 2,700,000 | |||||||||||
| California Educational Facilities Authority VRDN RB for Stanford University | | ||||||||||||
400,000 | 0.030 | 03/09/15 | 400,000 | |||||||||||
| California Educational Facilities Authority VRDN RB for Stanford University | | ||||||||||||
4,000,000 | 0.020 | 03/09/15 | 4,000,000 | |||||||||||
| California Educational Facilities Authority VRDN RB for University of Southern | | ||||||||||||
2,300,000 | 0.030 | 03/09/15 | 2,300,000 | |||||||||||
| California Educational Facilities Authority VRDN RB for University of Southern | | ||||||||||||
7,305,000 | 0.030 | 03/09/15 | 7,305,000 | |||||||||||
| California Health Facilities Financing Authority CP for Kaiser Permanente | | ||||||||||||
18,500,000 | 0.140 | 07/07/15 | 18,500,000 | |||||||||||
| California Health Facilities Financing Authority VRDN RB for Adventist Health | | ||||||||||||
18,605,000 | 0.190 | 03/09/15 | 18,605,000 | |||||||||||
| California Health Facilities Financing Authority VRDN RB for Kaiser Permanente | | ||||||||||||
12,600,000 | 0.020 | 03/09/15 | 12,600,000 | |||||||||||
| California Health Facilities Financing Authority VRDN RB for Kaiser Permanente | | ||||||||||||
10,500,000 | 0.010 | 03/09/15 | 10,500,000 | |||||||||||
|
|
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) | ||||||||||||||
| California Health Facilities Financing Authority VRDN RB for Lucile Packard | | ||||||||||||
$ | 2,000,000 | 0.020 | % | 03/09/15 | $ | 2,000,000 | ||||||||
| California Health Facilities Financing Authority VRDN RB for Providence Health | | ||||||||||||
2,900,000 | 0.030 | 03/09/15 | 2,900,000 | |||||||||||
| California Health Facilities Financing Authority VRDN RB for St. Joseph Health | | ||||||||||||
12,800,000 | 0.010 | 03/02/15 | 12,800,000 | |||||||||||
| California Health Facilities Financing Authority VRDN RB for Sutter Health | | ||||||||||||
835,000 | 0.020 | 03/09/15 | 835,000 | |||||||||||
| California Health Facilities Financing Authority VRDN RB for Sutter Health ROCS | | ||||||||||||
7,330,000 | 0.030 | 03/09/15 | 7,330,000 | |||||||||||
| California Municipal Finance Authority VRDN RB for Chevron USA, Inc. Recovery | | ||||||||||||
1,500,000 | 0.010 | 03/02/15 | 1,500,000 | |||||||||||
| California State University VRDN RB Floater Trust Series 2008-K37W (AGM) | | ||||||||||||
10,900,000 | 0.170 | 03/09/15 | 10,900,000 | |||||||||||
| California Statewide Communities Development Authority CP for Kaiser | | ||||||||||||
3,000,000 | 0.012 | 04/01/15 | 3,000,000 | |||||||||||
47,500,000 | 0.140 | 06/03/15 | 47,500,000 | |||||||||||
| California Statewide Communities Development Authority CP for Kaiser | | ||||||||||||
12,000,000 | 0.140 | 07/01/15 | 12,000,000 | |||||||||||
| California Statewide Communities Development Authority CP for Kaiser | | ||||||||||||
9,500,000 | 0.140 | 07/01/15 | 9,500,000 | |||||||||||
| California Statewide Communities Development Authority CP for Kaiser | | ||||||||||||
10,000,000 | 0.140 | 08/04/15 | 10,000,000 | |||||||||||
| California Statewide Communities Development Authority CP for Kaiser | | ||||||||||||
19,000,000 | 0.140 | 03/03/15 | 19,000,000 | |||||||||||
| California Statewide Communities Development Authority CP for Kaiser | | ||||||||||||
3,610,000 | 0.140 | 03/02/15 | 3,610,000 | |||||||||||
| California Statewide Communities Development Authority VRDN RB for John | | ||||||||||||
1,200,000 | 0.010 | 03/02/15 | 1,200,000 | |||||||||||
| California Statewide Communities Development Authority VRDN RB for Kaiser | | ||||||||||||
10,035,000 | 0.030 | 03/09/15 | 10,035,000 | |||||||||||
| California Statewide Communities Development Authority VRDN RB for Kaiser | | ||||||||||||
8,600,000 | 0.030 | 03/09/15 | 8,600,000 | |||||||||||
| California Statewide Communities Development Authority VRDN RB for Kaiser | | ||||||||||||
34,500,000 | 0.010 | 03/09/15 | 34,500,000 | |||||||||||
|
| |||||||||||||
Principal Amount | Interest Rate | Maturity Date | Amortized Cost | |||||||||||
Municipal Debt Obligations – (continued) | ||||||||||||||
California – (continued) | ||||||||||||||
| California Statewide Communities Development Authority VRDN RB for Kaiser | | ||||||||||||
$ | 1,300,000 | 0.010 | % | 03/09/15 | $ | 1,300,000 | ||||||||
| California Statewide Communities Development Authority VRDN RB for Kaiser | | ||||||||||||
7,100,000 | 0.010 | 03/09/15 | 7,100,000 | |||||||||||
| California Statewide Communities Development Authority VRDN RB for Kaiser | | ||||||||||||
17,430,000 | 0.120 | 03/09/15 | 17,430,000 | |||||||||||
| City of Santa Rosa Wastewater VRDN RB SPEARS Series 2007-DBE-395 | | ||||||||||||
1,080,000 | 0.120 | 03/09/15 | 1,080,000 | |||||||||||
| East Bay Municipal Utility District VRDN RB Water System Eagle | | ||||||||||||
8,600,000 | 0.030 | 03/09/15 | 8,600,000 | |||||||||||
| East Bay Municipal Utility District VRDN RB Water System Eagle | | ||||||||||||
5,600,000 | 0.030 | 03/09/15 | 5,600,000 | |||||||||||
| East Bay Municipal Utility District VRDN RB Water System Refunding | | ||||||||||||
7,670,000 | 0.010 | 03/09/15 | 7,670,000 | |||||||||||
| Los Angeles Community Redevelopment Agency MF Hsg VRDN RB for | | ||||||||||||
10,135,000 | 0.020 | 03/09/15 | 10,135,000 | |||||||||||
| Los Angeles County Metropolitan Transportation Authority RB Refunding for | | ||||||||||||
75,000 | 5.000 | 07/01/15 | 76,198 | |||||||||||
| Los Angeles Department of Airports VRDN RB for Los Angeles International | | ||||||||||||
2,600,000 | 0.030 | 03/09/15 | 2,600,000 | |||||||||||
| Los Angeles Department of Airports VRDN RB for Los Angeles International | | ||||||||||||
1,000,000 | 0.030 | 03/09/15 | 1,000,000 | |||||||||||
| Los Angeles Department of Airports VRDN RB for Los Angeles International | | ||||||||||||
7,300,000 | 0.030 | 03/09/15 | 7,300,000 | |||||||||||
| Los Angeles Department of Water & Power VRDN RB for Power System Putters | | ||||||||||||
8,795,000 | 0.030 | 03/09/15 | 8,795,000 | |||||||||||
| Los Angeles Department of Water & Power VRDN RB for Power System Putters | | ||||||||||||
1,250,000 | 0.030 | 03/09/15 | 1,250,000 | |||||||||||
| Los Angeles Department of Water & Power VRDN RB for Power System | | ||||||||||||
11,000,000 | 0.010 | 03/09/15 | 11,000,000 | |||||||||||
1,400,000 | 0.020 | 03/09/15 | 1,400,000 | |||||||||||
| Los Angeles Department of Water & Power VRDN RB for Power System | | ||||||||||||
9,500,000 | 0.010 | 03/09/15 | 9,500,000 | |||||||||||
| Los Angeles Department of Water & Power VRDN RB for Power System | | ||||||||||||
6,400,000 | 0.010 | 03/09/15 | 6,400,000 | |||||||||||
| Los Angeles Department of Water & Power VRDN RB for Power System | | ||||||||||||
15,000,000 | 0.020 | 03/09/15 | 15,000,000 | |||||||||||
|
|
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, 2015 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Amortized Cost | |||||||||||
Municipal Debt Obligations – (continued) | ||||||||||||||
California – (continued) | ||||||||||||||
| Los Angeles Department of Water & Power Waterworks VRDN RB ROCS | | ||||||||||||
$ | 1,500,000 | 0.020 | % | 03/02/15 | $ | 1,500,000 | ||||||||
| Los Angeles Department of Water & Power Waterworks VRDN RB Series 2001 | | ||||||||||||
64,450,000 | 0.020 | 03/09/15 | 64,450,000 | |||||||||||
| Metropolitan Water District of Southern California VRDN RB Series 2000 B-4 | | ||||||||||||
2,200,000 | 0.010 | 03/09/15 | 2,200,000 | |||||||||||
| Orange County Sanitation District VRDN COPS Putters Series 2010-3773Z (AGM) | | ||||||||||||
5,350,000 | 0.050 | 03/09/15 | 5,350,000 | |||||||||||
| Orange County Water District VRDN COPS Putters Series 2010-3686Z (JPMorgan | | ||||||||||||
1,500,000 | 0.030 | 03/09/15 | 1,500,000 | |||||||||||
| Riverside County Transportation Commission Sales Tax VRDN RB Putters | | ||||||||||||
6,365,000 | 0.030 | 03/09/15 | 6,365,000 | |||||||||||
| Riverside Unified School District GO VRDN Floaters Series 2009-3017 (AGC-ICC | | ||||||||||||
2,100,000 | 0.170 | 03/09/15 | 2,100,000 | |||||||||||
| Sacramento Municipal Utility District CP Series 2015 K-1 (State Street Bank & | | ||||||||||||
15,000,000 | 0.040 | 04/01/15 | 15,000,000 | |||||||||||
| San Diego Community College District GO VRDN Putters Series 2009-3415 | | ||||||||||||
5,470,000 | 0.040 | 03/09/15 | 5,470,000 | |||||||||||
| San Francisco City & County Public Utilities Commission Water VRDN RB | | ||||||||||||
5,000,000 | 0.050 | 03/09/15 | 5,000,000 | |||||||||||
| State of California Department of Water Resources Power Supply RB | | ||||||||||||
955,000 | 5.000 | 05/01/15 | 962,673 | |||||||||||
| State of California GO VRDN SPEARS Series 2007-DB-457 (AGM) (GTY | | ||||||||||||
11,445,000 | 0.120 | 03/09/15 | 11,445,000 | |||||||||||
| State of California GO VRDN SPEARS Series 2014-DBE-1342 (GTY | | ||||||||||||
40,375,000 | 0.110 | 03/09/15 | 40,375,000 | |||||||||||
| State of California RANS Series 2014 |
| ||||||||||||
198,000,000 | 1.500 | 06/22/15 | 198,843,304 | |||||||||||
| The Regents of the University of California Medical Center Pooled VRDN RB | | ||||||||||||
6,600,000 | 0.010 | 03/09/15 | 6,600,000 | |||||||||||
| The Regents of the University of California VRDN RB Refunding | | ||||||||||||
7,400,000 | 0.010 | 03/09/15 | 7,400,000 | |||||||||||
| The Regents of the University of California VRDN RB Series 2013 AL-4 |
| ||||||||||||
30,200,000 | 0.010 | 03/09/15 | 30,200,000 | |||||||||||
| University of California VRDN RB Municipal Floater Trust Series 2013-23U | | ||||||||||||
4,000,000 | 0.030 | 03/09/15 | 4,000,000 | |||||||||||
| University of California VRDN RB ROCS RR-II R-12328 Series 2012 (AGM) | | ||||||||||||
200,000 | 0.020 | 03/02/15 | 200,000 | |||||||||||
|
| |||||||||||||
820,447,175 | ||||||||||||||
|
| |||||||||||||
Principal Amount | Interest Rate | Maturity Date | Amortized Cost | |||||||||||
Municipal Debt Obligations – (continued) | ||||||||||||||
Colorado – 1.7% | ||||||||||||||
| City & County of Denver GO VRDN for Justice System Austin Trust Certificates | | ||||||||||||
$ | 7,500,000 | 0.070 | % | 03/09/15 | $ | 7,500,000 | ||||||||
| City of Colorado Springs Utilities System VRDN RB for Subordinate Lien | | ||||||||||||
14,450,000 | 0.030 | 03/09/15 | 14,450,000 | |||||||||||
| City of Colorado Springs Utilities System VRDN RB for Subordinate Lien Series | | ||||||||||||
69,900,000 | 0.100 | 03/09/15 | 69,900,000 | |||||||||||
| Colorado Health Facilities Authority VRDN RB for Catholic Health Initiatives | | ||||||||||||
5,625,000 | 0.160 | 03/09/15 | 5,625,000 | |||||||||||
| Colorado Health Facilities Authority VRDN RB for Sisters of Leavenworth Health | | ||||||||||||
7,000,000 | 0.020 | 03/09/15 | 7,000,000 | |||||||||||
|
| |||||||||||||
104,475,000 | ||||||||||||||
|
| |||||||||||||
Connecticut – 2.2% | ||||||||||||||
| Connecticut Housing Finance Authority VRDN RB Housing Mortgage Finance | | ||||||||||||
11,500,000 | 0.030 | 03/02/15 | 11,500,000 | |||||||||||
| Connecticut Housing Finance Authority VRDN RB Housing Mortgage Finance | | ||||||||||||
15,200,000 | 0.020 | 03/09/15 | 15,200,000 | |||||||||||
| Connecticut Housing Finance Authority VRDN RB Housing Mortgage Finance | | ||||||||||||
6,850,000 | 0.020 | 03/09/15 | 6,850,000 | |||||||||||
| Connecticut Housing Finance Authority VRDN RB Housing Mortgage Finance | | ||||||||||||
5,500,000 | 0.020 | 03/09/15 | 5,500,000 | |||||||||||
| Connecticut State Health & Educational Facilities Authority VRDN RB for Yale | | ||||||||||||
34,000,000 | 0.020 | 03/09/15 | 34,000,000 | |||||||||||
| Connecticut State Health & Educational Facilities Authority VRDN RB for Yale | | ||||||||||||
16,820,000 | 0.030 | 03/02/15 | 16,820,000 | |||||||||||
| Connecticut State Health & Educational Facilities Authority VRDN RB for Yale | | ||||||||||||
5,730,000 | 0.030 | 03/02/15 | 5,730,000 | |||||||||||
| Connecticut State Health & Educational Facilities Authority VRDN RB for Yale | | ||||||||||||
11,995,000 | 0.030 | 03/09/15 | 11,995,000 | |||||||||||
| Connecticut State Health & Educational Facilities Authority VRDN RB for Yale | | ||||||||||||
5,200,000 | 0.010 | 03/09/15 | 5,200,000 | |||||||||||
| Connecticut State Health & Educational Facilities Authority VRDN RB for Yale | | ||||||||||||
1,800,000 | 0.010 | 03/02/15 | 1,800,000 | |||||||||||
| Connecticut State Health & Educational Facilities Authority VRDN RB for Yale | | ||||||||||||
12,610,000 | 0.010 | 03/02/15 | 12,610,000 | |||||||||||
| State of Connecticut GO VRDN for GAAP Conversion Putters Series 2014-4486 | | ||||||||||||
4,420,000 | 0.030 | 03/02/15 | 4,420,000 | |||||||||||
|
|
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) | ||||||||||||||
Connecticut – (continued) | ||||||||||||||
| State of Connecticut GO VRDN Refunding Economic Recovery SIFMA Index | | ||||||||||||
$ | 4,500,000 | 0.060 | % | 03/05/15 | $ | 4,500,000 | ||||||||
| State of Connecticut GO VRDN SIFMA Index Series 2012 A |
| ||||||||||||
170,000 | 0.420 | 03/05/15 | 170,001 | |||||||||||
| State of Connecticut GO VRDN SIFMA Index Series 2012 D |
| ||||||||||||
400,000 | 0.310 | 03/05/15 | 400,145 | |||||||||||
| State of Connecticut GO VRDN SIFMA Index Series 2013 A |
| ||||||||||||
250,000 | 0.160 | 03/01/15 | 250,000 | |||||||||||
|
| |||||||||||||
136,945,146 | ||||||||||||||
|
| |||||||||||||
Delaware – 0.9% | ||||||||||||||
| Delaware State Health Facilities Authority VRDN RB for Christiana Care Health | | ||||||||||||
5,650,000 | 0.020 | 03/02/15 | 5,650,000 | |||||||||||
| Delaware State Health Facilities Authority VRDN RB for Christiana Care Health | | ||||||||||||
16,475,000 | 0.020 | 03/09/15 | 16,475,000 | |||||||||||
| Delaware State Health Facilities Authority VRDN RB for Christiana Care Health | | ||||||||||||
16,000,000 | 0.010 | 03/09/15 | 16,000,000 | |||||||||||
| University of Delaware VRDN RB Putters Series 2013-4359 (JPMorgan Chase | | ||||||||||||
9,170,000 | 0.030 | 03/09/15 | 9,170,000 | |||||||||||
| University of Delaware VRDN RB Series 2004 B (Bank of America N.A., SPA) |
| ||||||||||||
3,570,000 | 0.020 | 03/02/15 | 3,570,000 | |||||||||||
| University of Delaware VRDN RB Series 2005 (TD Bank N.A., SPA) |
| ||||||||||||
2,155,000 | 0.020 | 03/02/15 | 2,155,000 | |||||||||||
|
| |||||||||||||
53,020,000 | ||||||||||||||
|
| |||||||||||||
District of Columbia – 1.5% | ||||||||||||||
| District of Columbia GO Refunding Series 2014 D |
| ||||||||||||
9,870,000 | 1.000 | 06/01/15 | 9,891,859 | |||||||||||
| District of Columbia GO TRANS Series 2014 |
| ||||||||||||
25,000,000 | 1.500 | 09/30/15 | 25,199,519 | |||||||||||
| District of Columbia Income Tax Secured VRDN RB Municipal Floater Trust | | ||||||||||||
4,110,000 | 0.040 | 03/09/15 | 4,110,000 | |||||||||||
| District of Columbia Income Tax Secured VRDN RB Putters Series 2009-3354 | | ||||||||||||
7,080,000 | 0.030 | 03/09/15 | 7,080,000 | |||||||||||
| District of Columbia Income Tax Secured VRDN RB Putters Series 2009-3369 | | ||||||||||||
4,500,000 | 0.030 | 03/09/15 | 4,500,000 | |||||||||||
| District of Columbia Water & Sewer Authority Public Utility Systems VRDN RB | | ||||||||||||
5,750,000 | 0.040 | 03/09/15 | 5,750,000 | |||||||||||
| District of Columbia Water & Sewer Authority Public Utility Systems VRDN RB | | ||||||||||||
4,050,000 | 0.040 | 03/09/15 | 4,050,000 | |||||||||||
| District of Columbia Water & Sewer Authority Public Utility Systems VRDN RB | | ||||||||||||
6,200,000 | 0.030 | 03/09/15 | 6,200,000 | |||||||||||
| District of Columbia Water & Sewer Authority Public Utility Systems VRDN RB | | ||||||||||||
8,330,000 | 0.030 | 03/09/15 | 8,330,000 | |||||||||||
|
| |||||||||||||
Principal Amount | Interest Rate | Maturity Date | Amortized Cost | |||||||||||
Municipal Debt Obligations – (continued) | ||||||||||||||
District of Columbia – (continued) | ||||||||||||||
| District of Columbia Water & Sewer Authority Public Utility Systems VRDN RB | | ||||||||||||
$ | 13,025,000 | 0.030 | % | 03/09/15 | $ | 13,025,000 | ||||||||
| District of Columbia Water & Sewer Authority Public Utility Systems VRDN RB | | ||||||||||||
5,000,000 | 0.010 | 03/09/15 | 5,000,000 | |||||||||||
|
| |||||||||||||
93,136,378 | ||||||||||||||
|
| |||||||||||||
Florida – 2.9% | ||||||||||||||
| City of Gainesville Utilities System VRDN RB Series 2012 B RMKT (Sumitomo | | ||||||||||||
44,470,000 | 0.010 | 03/09/15 | 44,470,000 | |||||||||||
| City of Lakeland Energy System RB Refunding Series 2010 (AGM) |
| ||||||||||||
7,860,000 | 5.000 | 10/01/15 | 8,080,925 | |||||||||||
| County of Miami-Dade GO VRDN for Better Communities Program Floater | | ||||||||||||
41,400,000 | 0.020 | 03/09/15 | 41,400,000 | |||||||||||
| Florida Water Pollution Control Financing Corp. RB for Water Pollution Control | | ||||||||||||
1,000,000 | 5.000 | 07/15/15 | 1,018,158 | |||||||||||
| Jacksonville Electric Authority CP 2000 A |
| ||||||||||||
7,500,000 | 0.050 | 03/18/15 | 7,500,000 | |||||||||||
| Jacksonville Electric Authority RB for Electric System Series 2014 3-A |
| ||||||||||||
100,000 | 3.000 | 10/01/15 | 101,613 | |||||||||||
| Jacksonville Electric Authority Water & Sewer System VRDN RB Series 2008 | | ||||||||||||
1,515,000 | 0.020 | 03/09/15 | 1,515,000 | |||||||||||
| Pinellas County Health Facilities Authority VRDN RB for BayCare Health System | | ||||||||||||
13,750,000 | 0.010 | 03/09/15 | 13,750,000 | |||||||||||
| State of Florida GO Refunding for Department of Transportation Series 2009 B |
| ||||||||||||
5,585,000 | 5.000 | 07/01/15 | 5,676,178 | |||||||||||
| State of Florida GO VRDN for State Board of Education Putters Series 2008-2850 | | ||||||||||||
7,425,000 | 0.030 | 03/09/15 | 7,425,000 | |||||||||||
| State of Florida VRDN RB Refunding for Department of Transportation Putters | | ||||||||||||
27,105,000 | 0.050 | 03/09/15 | 27,105,000 | |||||||||||
| State of Florida VRDN RB Refunding for Department of Transportation Putters | | ||||||||||||
21,330,000 | 0.050 | 03/09/15 | 21,330,000 | |||||||||||
|
| |||||||||||||
179,371,874 | ||||||||||||||
|
| |||||||||||||
Georgia – 1.2% | ||||||||||||||
| Gwinnett County School District GO VRDN Austin Trust Certificates | | ||||||||||||
3,375,000 | 0.070 | 03/09/15 | 3,375,000 | |||||||||||
| Gwinnett County School District GO VRDN Floaters Trust Series 2008-XF0089 | | ||||||||||||
8,870,000 | 0.030 | 03/09/15 | 8,870,000 | |||||||||||
| Metropolitan Atlanta Rapid Transit Authority Sales Tax VRDN RB Austin Trust | | ||||||||||||
6,665,000 | 0.070 | 03/09/15 | 6,665,000 | |||||||||||
| Municipal Electric Authority of Georgia VRDN RB Series 1985 Sub Gen-C RMKT | | ||||||||||||
38,360,000 | 0.060 | 03/09/15 | 38,360,000 | |||||||||||
|
|
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, 2015 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Amortized Cost | |||||||||||
Municipal Debt Obligations – (continued) | ||||||||||||||
Georgia – (continued) | ||||||||||||||
| Private Colleges & Universities Authority VRDN RB for Emory University Putters | | ||||||||||||
$ | 4,795,000 | 0.030 | % | 03/09/15 | $ | 4,795,000 | ||||||||
| Private Colleges & Universities Authority VRDN RB for Emory University RMKT | | ||||||||||||
800,000 | 0.010 | 03/09/15 | 800,000 | |||||||||||
| Private Colleges & Universities Authority VRDN RB for Emory University RMKT | | ||||||||||||
950,000 | 0.010 | 03/09/15 | 950,000 | |||||||||||
| Private Colleges & Universities Authority VRDN RB for Emory University | | ||||||||||||
9,000,000 | 0.010 | 03/09/15 | 9,000,000 | |||||||||||
|
| |||||||||||||
72,815,000 | ||||||||||||||
|
| |||||||||||||
Hawaii – 0.2% | ||||||||||||||
| City & County of Honolulu Wastewater System RB Second Bond Resolution | | ||||||||||||
2,175,000 | 5.000 | 07/01/15 | 2,210,019 | |||||||||||
| State of Hawaii GO VRDN P-Floats Series 2011 PT-4718 (Bank of America N.A., | | ||||||||||||
3,000,000 | 0.070 | 03/09/15 | 3,000,000 | |||||||||||
| State of Hawaii GO VRDN P-Floats Series 2013 PT-4739 (Bank of America N.A., | | ||||||||||||
6,000,000 | 0.050 | 03/09/15 | 6,000,000 | |||||||||||
|
| |||||||||||||
11,210,019 | ||||||||||||||
|
| |||||||||||||
Illinois – 3.5% | ||||||||||||||
| Cook County Forest Preservation GO VRDN for Limited Tax Project Floaters Trust | | ||||||||||||
6,660,000 | 0.100 | 03/09/15 | 6,660,000 | |||||||||||
| Illinois Development Finance Authority VRDN RB for Evanston Northwestern | | ||||||||||||
11,875,000 | 0.020 | 03/02/15 | 11,875,000 | |||||||||||
| Illinois Development Finance Authority VRDN RB for Evanston Northwestern | | ||||||||||||
11,000,000 | 0.010 | 03/02/15 | 11,000,000 | |||||||||||
| Illinois Educational Facilities Authority VRDN RB for University of Chicago | | ||||||||||||
7,754,000 | 0.020 | 03/09/15 | 7,754,000 | |||||||||||
| Illinois Finance Authority VRDN RB for Advocate Health Care Network | | ||||||||||||
29,230,000 | 0.010 | 03/09/15 | 29,230,000 | |||||||||||
| Illinois Finance Authority VRDN RB for Northwestern Memorial Hospital Floaters | | ||||||||||||
3,950,000 | 0.040 | 03/09/15 | 3,950,000 | |||||||||||
| Illinois Finance Authority VRDN RB for Northwestern Memorial Hospital | | ||||||||||||
11,900,000 | 0.010 | 03/09/15 | 11,900,000 | |||||||||||
| Illinois Finance Authority VRDN RB for Northwestern Memorial Hospital | | ||||||||||||
19,600,000 | 0.010 | 03/09/15 | 19,600,000 | |||||||||||
| Illinois Finance Authority VRDN RB for Northwestern Memorial Hospital | | ||||||||||||
14,000,000 | 0.020 | 03/02/15 | 14,000,000 | |||||||||||
|
| |||||||||||||
Principal Amount | Interest Rate | Maturity Date | Amortized Cost | |||||||||||
Municipal Debt Obligations – (continued) | ||||||||||||||
Illinois – (continued) | ||||||||||||||
| Illinois Finance Authority VRDN RB for Northwestern University Series 2004 | | ||||||||||||
$ | 8,900,000 | 0.010% | 03/09/15 | $ | 8,900,000 | |||||||||
| Illinois Finance Authority VRDN RB for Trinity Health Floaters Trust | | ||||||||||||
1,650,000 | 0.030 | 03/09/15 | 1,650,000 | |||||||||||
| Illinois Finance Authority VRDN RB for University of Chicago Medical Center | | ||||||||||||
30,825,000 | 0.050 | 03/09/15 | 30,825,000 | |||||||||||
| Illinois Finance Authority VRDN RB for University of Chicago Medical Center | | ||||||||||||
2,000,000 | 0.010 | 03/02/15 | 2,000,000 | |||||||||||
| Illinois Finance Authority VRDN RB for University of Chicago ROCS RR-II-R- | | ||||||||||||
4,500,000 | 0.030 | 03/09/15 | 4,500,000 | |||||||||||
| Regional Transportation Authority RB Refunding Series 1999 (AGM GO of | | ||||||||||||
1,615,000 | 5.750 | 06/01/15 | 1,637,232 | |||||||||||
| University of Illinois Board of Trustees VRDN COPS for Utility Infrastructure | | ||||||||||||
46,400,000 | 0.030 | 03/09/15 | 46,400,000 | |||||||||||
| University of Illinois Board of Trustees VRDN COPS ROCS RR-II R-11480 | | ||||||||||||
7,495,000 | 0.140 | 03/09/15 | 7,495,000 | |||||||||||
|
| |||||||||||||
219,376,232 | ||||||||||||||
|
| |||||||||||||
Indiana – 1.7% | ||||||||||||||
| Indiana Finance Authority Hospital VRDN RB for Indiana University Health | | ||||||||||||
11,000,000 | 0.020 | 03/09/15 | 11,000,000 | |||||||||||
| Indiana Finance Authority VRDN RB for Ascension Health Senior Credit Group | | ||||||||||||
24,600,000 | 0.020 | 03/09/15 | 24,600,000 | |||||||||||
| Indiana Finance Authority VRDN RB for Trinity Health Credit Group Putters | | ||||||||||||
17,180,000 | 0.050 | 03/09/15 | 17,180,000 | |||||||||||
| Indiana Health Facility Financing Authority VRDN RB for Ascension Health | | ||||||||||||
3,950,000 | 0.030 | 03/09/15 | 3,950,000 | |||||||||||
| Indiana Health Facility Financing Authority VRDN RB for Ascension Health | | ||||||||||||
17,500,000 | 0.020 | 03/09/15 | 17,500,000 | |||||||||||
| Indiana Health Facility Financing Authority VRDN RB Refunding for Sisters of | | ||||||||||||
4,925,000 | 0.050 | 03/09/15 | 4,925,000 | |||||||||||
| University of Purdue VRDN COPS Series 2011 A |
| ||||||||||||
5,750,000 | 0.020 | 03/09/15 | 5,750,000 | |||||||||||
| University of Purdue VRDN RB for Student Facilities System Series 2004 A |
| ||||||||||||
10,175,000 | 0.020 | 03/09/15 | 10,175,000 | |||||||||||
| University of Purdue VRDN RB for Student Facilities System Series 2007 C |
| ||||||||||||
12,335,000 | 0.020 | 03/09/15 | 12,335,000 | |||||||||||
|
| |||||||||||||
107,415,000 | ||||||||||||||
|
|
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) | ||||||||||||||
Kansas – 1.4% | ||||||||||||||
| City of Lawrence GO Temporary Notes Series 2014-II |
| ||||||||||||
$ | 5,560,000 | 2.000 | % | 10/01/15 | $ | 5,619,713 | ||||||||
| City of Lawrence GO Temporary Notes Series 2014-III |
| ||||||||||||
13,470,000 | 2.000 | 10/01/15 | 13,613,896 | |||||||||||
| City of Olathe GO Temporary Notes Series 2014 B |
| ||||||||||||
30,670,000 | 2.000 | 07/01/15 | 30,856,307 | |||||||||||
| City of Topeka GO Temporary Notes Refunding Series 2014 A |
| ||||||||||||
33,390,000 | 1.000 | 10/01/15 | 33,550,243 | |||||||||||
| Kansas Development Finance Authority Hospital VRDN RB for Adventist Health | | ||||||||||||
4,530,000 | 0.040 | 03/09/15 | 4,530,000 | |||||||||||
|
| |||||||||||||
88,170,159 | ||||||||||||||
|
| |||||||||||||
Kentucky – 0.2% | ||||||||||||||
| Kentucky State Municipal Power Agency VRDN RB for Prairie State Project | | ||||||||||||
13,150,000 | 0.170 | 03/09/15 | 13,150,000 | |||||||||||
|
| |||||||||||||
Louisiana – 0.8% | ||||||||||||||
| East Baton Rouge Parish IDB, Inc. VRDN RB for ExxonMobil Project Gulf | | ||||||||||||
5,525,000 | 0.010 | 03/02/15 | 5,525,000 | |||||||||||
| State of Louisiana Gasoline & Fuels Tax RB Refunding Series 2014 A(Citibank | | ||||||||||||
25,000,000 | 0.030 | 03/09/15 | 25,000,000 | |||||||||||
| State of Louisiana GO Refunding Series 2005 A (NATL-RE) |
| ||||||||||||
2,745,000 | 5.000 | 08/01/15 | 2,800,793 | |||||||||||
| State of Louisiana GO Refunding Series 2013 C |
| ||||||||||||
2,800,000 | 5.000 | 07/15/15 | 2,850,936 | |||||||||||
| State of Louisiana GO Refunding Series 2014 D-1 |
| ||||||||||||
4,830,000 | 5.000 | 12/01/15 | 5,004,764 | |||||||||||
| State of Louisiana GO Refunding Series 2014 D-2 |
| ||||||||||||
1,205,000 | 5.000 | 12/01/15 | 1,248,600 | |||||||||||
| State of Louisiana GO VRDN SPEARS Series 2012-DB-1113X (Deutsche Bank | | ||||||||||||
9,000,000 | 0.120 | 03/09/15 | 9,000,000 | |||||||||||
|
| |||||||||||||
51,430,093 | ||||||||||||||
|
| |||||||||||||
Maine – 0.1% | ||||||||||||||
| Maine Health & Higher Educational Facilities Authority VRDN RB for Bowdoin | | ||||||||||||
6,955,000 | 0.030 | 03/09/15 | 6,955,000 | |||||||||||
|
| |||||||||||||
Maryland – 2.1% | ||||||||||||||
| County of Anne Arundel GO for Consolidated General Improvements | | ||||||||||||
1,150,000 | 5.000 | 04/01/15 | 1,154,777 | |||||||||||
| County of Carroll GO Refunding Series 2014 |
| ||||||||||||
3,010,000 | 2.000 | 11/01/15 | 3,046,496 | |||||||||||
| County of Montgomery Consolidated Public Improvement CP BANS | | ||||||||||||
8,000,000 | 0.040 | 04/01/15 | 8,000,000 | |||||||||||
| County of Montgomery Consolidated Public Improvement GO VRDN BANS | | ||||||||||||
7,980,000 | 0.020 | 03/02/15 | 7,980,000 | |||||||||||
|
| |||||||||||||
Principal Amount | Interest Rate | Maturity Date | Amortized Cost | |||||||||||
Municipal Debt Obligations – (continued) | ||||||||||||||
Maryland – (continued) | ||||||||||||||
| County of Montgomery GO Series 2011 A |
| ||||||||||||
$ | 5,025,000 | 5.000 | % | 07/01/15 | $ | 5,106,458 | ||||||||
| County of Montgomery GO Series 2014 A |
| ||||||||||||
12,500,000 | 5.000 | 11/01/15 | 12,905,274 | |||||||||||
| Maryland Industrial Development Financing Authority Port Facilities VRDN RB | | ||||||||||||
58,860,000 | 0.020 | 03/09/15 | 58,860,000 | |||||||||||
| Maryland State Economic Development Corp. VRDN RB Refunding for Howard | | ||||||||||||
5,695,000 | 0.010 | 03/09/15 | 5,695,000 | |||||||||||
| Maryland State Health & Higher Educational Facilities Authority VRDN RB for | | ||||||||||||
5,650,000 | 0.020 | 03/09/15 | 5,650,000 | |||||||||||
| Maryland State Health & Higher Educational Facilities Authority VRDN RB for | | ||||||||||||
4,985,000 | 5.000 | 05/15/15 | 5,033,994 | |||||||||||
| Maryland State Transportation Authority VRDN RB Austin Trust Certificates | | ||||||||||||
5,000,000 | 0.070 | 03/09/15 | 5,000,000 | |||||||||||
| State of Maryland GO for State and Local Facilities Loan First Series 2001-1 |
| ||||||||||||
2,045,000 | 5.500 | 03/01/15 | 2,045,000 | |||||||||||
| State of Maryland GO for State and Local Facilities Loan First Series 2009 C |
| ||||||||||||
1,000,000 | 5.000 | 03/01/16 | 1,048,323 | |||||||||||
| State of Maryland GO Refunding for State and Local Facilities Loan Second | | ||||||||||||
11,000,000 | 5.000 | 08/01/15 | 11,222,860 | |||||||||||
|
| |||||||||||||
132,748,182 | ||||||||||||||
|
| |||||||||||||
Massachusetts – 6.2% | ||||||||||||||
| Commonwealth of Massachusetts (The) GO Consolidated Loan Series 2010 C |
| ||||||||||||
3,675,000 | 5.000 | 12/01/15 | 3,808,083 | |||||||||||
| Commonwealth of Massachusetts (The) GO RANS Series 2014 B |
| ||||||||||||
45,290,000 | 1.500 | 05/28/15 | 45,441,616 | |||||||||||
| Commonwealth of Massachusetts (The) GO RANS Series 2014 C |
| ||||||||||||
25,000,000 | 1.500 | 06/25/15 | 25,110,265 | |||||||||||
| Commonwealth of Massachusetts (The) GO VRDN Austin Trust Certificates | | ||||||||||||
9,500,000 | 0.070 | 03/09/15 | 9,500,000 | |||||||||||
| Commonwealth of Massachusetts (The) GO VRDN Consolidated Loan | | ||||||||||||
3,000,000 | 0.470 | 03/05/15 | 3,003,397 | |||||||||||
| Commonwealth of Massachusetts (The) GO VRDN Refunding SIFMA Index | | ||||||||||||
5,000,000 | 0.310 | 03/05/15 | 5,006,105 | |||||||||||
| Massachusetts Bay Transportation Authority CP Series 2015 |
| ||||||||||||
7,500,000 | 0.080 | 03/02/15 | 7,500,000 | |||||||||||
| Massachusetts Bay Transportation Authority Sales Tax VRDN RB Austin Trust | | ||||||||||||
5,000,000 | 0.070 | 03/09/15 | 5,000,000 | |||||||||||
| Massachusetts Bay Transportation Authority VRDN RB for General | | ||||||||||||
27,420,000 | 0.010 | 03/09/15 | 27,420,000 | |||||||||||
|
|
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, 2015 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Amortized Cost | |||||||||||
Municipal Debt Obligations – (continued) | ||||||||||||||
Massachusetts – (continued) | ||||||||||||||
| Massachusetts Department of Transportation Metropolitan Highway System | | ||||||||||||
$ | 35,000,000 | 0.010 | % | 03/09/15 | $ | 35,000,000 | ||||||||
| Massachusetts Development Finance Agency VRDN RB for Harvard University | | ||||||||||||
4,000,000 | 0.030 | 03/09/15 | 4,000,000 | |||||||||||
| Massachusetts Health & Educational Facilities Authority VRDN RB for Harvard | | ||||||||||||
3,040,000 | 0.030 | 03/09/15 | 3,040,000 | |||||||||||
| Massachusetts Health & Educational Facilities Authority VRDN RB for Harvard | | ||||||||||||
5,390,000 | 0.020 | 03/09/15 | 5,390,000 | |||||||||||
| Massachusetts Health & Educational Facilities Authority VRDN RB for Harvard | | ||||||||||||
4,800,000 | 0.010 | 03/09/15 | 4,800,000 | |||||||||||
| Massachusetts Health & Educational Facilities Authority VRDN RB for Museum | | ||||||||||||
38,500,000 | 0.010 | 03/02/15 | 38,500,000 | |||||||||||
| Massachusetts Health & Educational Facilities Authority VRDN RB for Museum | | ||||||||||||
27,350,000 | 0.030 | 03/02/15 | 27,350,000 | |||||||||||
| Massachusetts Water Resources Authority CP Series 2015 (Bayerische | | ||||||||||||
4,000,000 | 0.280 | 03/05/15 | 4,000,000 | |||||||||||
43,000,000 | 0.310 | 06/04/15 | 43,000,000 | |||||||||||
| President and Fellows of Harvard University CP Series 2015 |
| ||||||||||||
26,300,000 | 0.030 | 03/02/15 | 26,300,000 | |||||||||||
21,550,000 | 0.030 | 03/03/15 | 21,550,000 | |||||||||||
| University of Massachusetts Building Authority Project VRDN RB Senior | | ||||||||||||
37,500,000 | 0.030 | 03/09/15 | 37,500,000 | |||||||||||
|
| |||||||||||||
382,219,466 | ||||||||||||||
|
| |||||||||||||
Michigan – 0.4% | ||||||||||||||
| Kent Hospital Finance Authority VRDN RB Refunding for Spectrum Health | | ||||||||||||
11,690,000 | 0.010 | 03/09/15 | 11,690,000 | |||||||||||
| Michigan Finance Authority VRDN RB Refunding for Trinity Health Credit Group | | ||||||||||||
6,870,000 | 0.020 | 03/09/15 | 6,870,000 | |||||||||||
| Michigan State Hospital Finance Authority VRDN RB for Ascension Health Credit | | ||||||||||||
1,005,000 | 0.900 | 03/16/15 | 1,005,281 | |||||||||||
| Michigan State Hospital Finance Authority VRDN RB for McLaren Health Care | | ||||||||||||
6,660,000 | 0.100 | 03/09/15 | 6,660,000 | |||||||||||
|
| |||||||||||||
26,225,281 | ||||||||||||||
|
| |||||||||||||
Minnesota – 0.8% | ||||||||||||||
| City of Minneapolis VRDN RB for University Gateway Project Series 1997 B | | ||||||||||||
6,135,000 | 0.010 | 03/09/15 | 6,135,000 | |||||||||||
| City of Minneapolis VRDN RB for University Gateway Project Series 2002 | | ||||||||||||
2,500,000 | 0.010 | 03/09/15 | 2,500,000 | |||||||||||
|
| |||||||||||||
Principal Amount | Interest Rate | Maturity Date | Amortized Cost | |||||||||||
Municipal Debt Obligations – (continued) | ||||||||||||||
Minnesota – (continued) | ||||||||||||||
| City of Minneapolis VRDN RB for University Gateway Project Series 2009 | | ||||||||||||
$ | 3,000,000 | 0.010 | % | 03/09/15 | $ | 3,000,000 | ||||||||
| City of Rochester GO VRDN Wastewater Series 2007 B (Wells Fargo Bank N.A., | | ||||||||||||
8,700,000 | 0.020 | 03/09/15 | 8,700,000 | |||||||||||
| County of Hennepin GO Refunding Series 2014 B |
| ||||||||||||
6,700,000 | 5.000 | 12/01/15 | 6,943,799 | |||||||||||
| Rochester Health Care Facilities VRDN RB for Mayo Clinic Series 2002 A RMKT | | ||||||||||||
1,900,000 | 0.010 | 03/09/15 | 1,900,000 | |||||||||||
| Rochester Health Care Facilities VRDN RB for Mayo Clinic Series 2008 A |
| ||||||||||||
11,555,000 | 0.010 | 03/09/15 | 11,555,000 | |||||||||||
| State of Minnesota Unrefunded Series 2011 A |
| ||||||||||||
7,560,000 | 5.000 | 10/01/15 | 7,774,163 | |||||||||||
|
| |||||||||||||
48,507,962 | ||||||||||||||
|
| |||||||||||||
Mississippi – 1.8% | ||||||||||||||
| Jackson County Port Facilities VRDN RB Refunding for Chevron USA, Inc. | | ||||||||||||
5,820,000 | 0.010 | 03/02/15 | 5,820,000 | |||||||||||
| Mississippi Business Finance Commission Gulf Opportunity Zone VRDN RB for | | ||||||||||||
5,400,000 | 0.010 | 03/02/15 | 5,400,000 | |||||||||||
| Mississippi Business Finance Commission Gulf Opportunity Zone VRDN RB for | | ||||||||||||
4,150,000 | 0.010 | 03/02/15 | 4,150,000 | |||||||||||
| Mississippi Business Finance Commission Gulf Opportunity Zone VRDN RB for | | ||||||||||||
9,400,000 | 0.010 | 03/02/15 | 9,400,000 | |||||||||||
| Mississippi Business Finance Commission Gulf Opportunity Zone VRDN RB for | | ||||||||||||
11,150,000 | 0.010 | 03/02/15 | 11,150,000 | |||||||||||
| Mississippi Business Finance Commission Gulf Opportunity Zone VRDN RB for | | ||||||||||||
5,165,000 | 0.010 | 03/02/15 | 5,165,000 | |||||||||||
| Mississippi Business Finance Commission Gulf Opportunity Zone VRDN RB for | | ||||||||||||
26,400,000 | 0.020 | 03/09/15 | 26,400,000 | |||||||||||
| Mississippi Business Finance Commission Gulf Opportunity Zone VRDN RB for | | ||||||||||||
1,000,000 | 0.020 | 03/09/15 | 1,000,000 | |||||||||||
| Mississippi Business Finance Commission Gulf Opportunity Zone VRDN RB for | | ||||||||||||
7,250,000 | 0.010 | 03/09/15 | 7,250,000 | |||||||||||
| Mississippi Business Finance Commission Gulf Opportunity Zone VRDN RB for | | ||||||||||||
4,190,000 | 0.010 | 03/02/15 | 4,190,000 | |||||||||||
| Mississippi Business Finance Commission Gulf Opportunity Zone VRDN RB for | | ||||||||||||
29,170,000 | 0.010 | 03/02/15 | 29,170,000 | |||||||||||
|
| |||||||||||||
109,095,000 | ||||||||||||||
|
| |||||||||||||
Missouri – 0.9% | ||||||||||||||
| Missouri Development Finance Board VRDN RB for Nelson Gallery Foundation | | ||||||||||||
4,150,000 | 0.020 | 03/02/15 | 4,150,000 | |||||||||||
|
|
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) | ||||||||||||||
Missouri – (continued) | ||||||||||||||
| Missouri Health & Educational Facilities Authority VRDN RB for BJC Health | | ||||||||||||
$ | 6,665,000 | 0.020 | % | 03/09/15 | $ | 6,665,000 | ||||||||
| Missouri Health & Educational Facilities Authority VRDN RB for BJC Health | | ||||||||||||
20,000,000 | 0.010 | 03/09/15 | 20,000,000 | |||||||||||
| Missouri Health & Educational Facilities Authority VRDN RB for Washington | | ||||||||||||
11,395,000 | 0.030 | 03/09/15 | 11,395,000 | |||||||||||
| Missouri Health & Educational Facilities Authority VRDN RB for Washington | | ||||||||||||
9,200,000 | 0.020 | 03/02/15 | 9,200,000 | |||||||||||
| Missouri Health & Educational Facilities Authority VRDN RB for Washington | | ||||||||||||
2,000,000 | 0.020 | 03/02/15 | 2,000,000 | |||||||||||
|
| |||||||||||||
53,410,000 | ||||||||||||||
|
| |||||||||||||
Multi-State – 1.0% | ||||||||||||||
| Federal Home Loan Mortgage Corporation VRDN RB for Multi-Family Variable | | ||||||||||||
15,950,000 | 0.030 | 03/09/15 | 15,950,000 | |||||||||||
| Federal Home Loan Mortgage Corporation VRDN RB for Multi-Family Variable | | ||||||||||||
11,495,000 | 0.030 | 03/09/15 | 11,495,000 | |||||||||||
| Nuveen AMT-Free Municipal Income Fund VRDP Series 2013-1-2190 (Deutsche | | ||||||||||||
35,800,000 | 0.110 | 03/09/15 | 35,800,000 | |||||||||||
|
| |||||||||||||
63,245,000 | ||||||||||||||
|
| |||||||||||||
Nebraska – 0.4% | ||||||||||||||
| City of Lincoln Electric System VRDN RB Floaters Series 2008-2900 (Credit | | ||||||||||||
21,870,000 | 0.040 | 03/09/15 | 21,870,000 | |||||||||||
| Omaha Public Power District VRDN RB Floaters Series 2006-1289 (FGIC) (Credit | | ||||||||||||
3,570,000 | 0.020 | 03/09/15 | 3,570,000 | |||||||||||
|
| |||||||||||||
25,440,000 | ||||||||||||||
|
| |||||||||||||
Nevada – 0.9% | ||||||||||||||
| Clark County Water Reclamation District GO VRDN Putters Series 2009-3366Z | | ||||||||||||
6,000,000 | 0.030 | 03/09/15 | 6,000,000 | |||||||||||
| Clark County Water Reclamation District GO VRDN Putters Series 2009-3488Z | | ||||||||||||
6,305,000 | 0.030 | 03/09/15 | 6,305,000 | |||||||||||
| Clark County Water Reclamation District GO VRDN Putters Series 2009-3489Z | | ||||||||||||
7,000,000 | 0.030 | 03/09/15 | 7,000,000 | |||||||||||
| Las Vegas Valley Water District CP Series 2004 A |
| ||||||||||||
14,000,000 | 0.080 | 04/06/15 | 14,000,000 | |||||||||||
| Las Vegas Valley Water District GO VRDN Putters Series 2011-3987Z (JPMorgan | | ||||||||||||
7,185,000 | 0.060 | 03/09/15 | 7,185,000 | |||||||||||
| Las Vegas Valley Water District GO VRDN Putters Series 2014-4452Z (JPMorgan | | ||||||||||||
5,000,000 | 0.030 | 03/09/15 | 5,000,000 | |||||||||||
|
| |||||||||||||
Principal Amount | Interest Rate | Maturity Date | Amortized Cost | |||||||||||
Municipal Debt Obligations – (continued) | ||||||||||||||
Nevada – (continued) | ||||||||||||||
| State of Nevada GO Refunding Water Pollution Control Series 2013 B |
| ||||||||||||
$ | 3,400,000 | 2.000 | % | 08/01/15 | $ | 3,426,312 | ||||||||
| State of Nevada GO VRDN Putters Series 2009-3421 (JPMorgan Chase Bank | | ||||||||||||
8,450,000 | 0.030 | 03/09/15 | 8,450,000 | |||||||||||
|
| |||||||||||||
57,366,312 | ||||||||||||||
|
| |||||||||||||
New Hampshire – 0.4% | ||||||||||||||
| New Hampshire Health & Education Facilities Authority VRDN RB for Dartmouth | | ||||||||||||
23,315,000 | 0.020 | 03/09/15 | 23,315,000 | |||||||||||
| New Hampshire Health & Education Facilities Authority VRDN RB for Dartmouth | | ||||||||||||
2,300,000 | 0.010 | 03/02/15 | 2,300,000 | |||||||||||
| State of New Hampshire GO for Capital Improvements Series 2009 B |
| ||||||||||||
1,700,000 | 5.000 | 03/01/16 | 1,781,596 | |||||||||||
|
| |||||||||||||
27,396,596 | ||||||||||||||
|
| |||||||||||||
New Jersey – 0.7% | ||||||||||||||
| New Jersey Turnpike Authority VRDN RB SPEARS Series 2013-DBE-1154 (GTY | | ||||||||||||
22,235,000 | 0.180 | 03/09/15 | 22,235,000 | |||||||||||
| Rutgers State University of New Jersey GO CP Series 2015 A (Wells Fargo Bank | | ||||||||||||
7,700,000 | 0.050 | 03/26/15 | 7,700,000 | |||||||||||
| Rutgers State University of New Jersey GO CP Series 2015 C (Wachovia Bank, | | ||||||||||||
12,645,000 | 0.160 | 03/26/15 | 12,645,000 | |||||||||||
|
| |||||||||||||
42,580,000 | ||||||||||||||
|
| |||||||||||||
New Mexico – 1.2% | ||||||||||||||
| City of Albuquerque GO Series 2013 A |
| ||||||||||||
4,035,000 | 4.000 | 07/01/15 | 4,086,548 | |||||||||||
| New Mexico Finance Authority State Transportation RB Senior Lien | | ||||||||||||
4,185,000 | 5.250 | 06/15/15 | 4,247,123 | |||||||||||
| Regents of the New Mexico State University (The) RB Refunding Series 2013 B |
| ||||||||||||
2,000,000 | 4.000 | 04/01/15 | 2,006,468 | |||||||||||
| Regents of the University of New Mexico (The) VRDN RB Refunding Subordinate | | ||||||||||||
19,600,000 | 0.020 | 03/09/15 | 19,600,000 | |||||||||||
| Regents of the University of New Mexico (The) VRDN RB Subordinate Lien | | ||||||||||||
33,190,000 | 0.020 | 03/09/15 | 33,190,000 | |||||||||||
| State of New Mexico Capital Projects GO Series 2015(c) |
| ||||||||||||
5,300,000 | 5.000 | 03/01/16 | 5,537,069 | |||||||||||
| State of New Mexico Severance Tax RB Series 2010 A |
| ||||||||||||
3,525,000 | 5.000 | 07/01/15 | 3,582,098 | |||||||||||
|
| |||||||||||||
72,249,306 | ||||||||||||||
|
| |||||||||||||
New York – 17.5% | ||||||||||||||
| City of Binghamton GO BANS Series 2015 |
| ||||||||||||
21,396,162 | 1.250 | 01/29/16 | 21,571,589 | |||||||||||
| County of Nassau GO TANS Series 2014 A |
| ||||||||||||
9,600,000 | 2.000 | 09/15/15 | 9,686,056 | |||||||||||
| Erie County Fiscal Stability Authority BANS RN Series 2014 A |
| ||||||||||||
18,250,000 | 1.250 | 07/31/15 | 18,333,045 | |||||||||||
|
|
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, 2015 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Amortized Cost | |||||||||||
Municipal Debt Obligations – (continued) | ||||||||||||||
New York – (continued) | ||||||||||||||
| Erie County IDA School Facility VRDN RB for City School District Buffalo Project | | ||||||||||||
$ | 2,130,000 | 0.170 | % | 03/09/15 | $ | 2,130,000 | ||||||||
| Metropolitan Transportation Authority VRDN RB Eagle Series 2014-0042 Class A | | ||||||||||||
7,425,000 | 0.030 | 03/09/15 | 7,425,000 | |||||||||||
| Metropolitan Transportation Authority VRDN RB for Dedicated Tax Putters | | ||||||||||||
3,165,000 | 0.030 | 03/09/15 | 3,165,000 | |||||||||||
| Metropolitan Transportation Authority VRDN RB for Dedicated Tax Series 2002 | | ||||||||||||
2,300,000 | 0.010 | 03/07/15 | 2,300,000 | |||||||||||
| Nassau County Interim Finance Authority VRDN RB Series 2008 D-1 (Bank of NY | | ||||||||||||
2,385,000 | 0.020 | 03/09/15 | 2,385,000 | |||||||||||
| Nassau County Interim Finance Authority VRDN RB Series 2008 D-2 (JPMorgan | | ||||||||||||
26,815,000 | 0.020 | 03/09/15 | 26,815,000 | |||||||||||
| New York City GO Series 2010 E |
| ||||||||||||
3,000,000 | 5.000 | 08/01/15 | 3,061,644 | |||||||||||
| New York City GO VRDN Putters Series 2014-4444Z (JPMorgan Chase Bank | | ||||||||||||
2,700,000 | 0.030 | 03/09/15 | 2,700,000 | |||||||||||
| New York City GO VRDN Series 1993 Subseries A-4 (Bayerische Landesbank | | ||||||||||||
22,650,000 | 0.030 | 03/02/15 | 22,650,000 | |||||||||||
| New York City GO VRDN Series 1995 Series F-4 (Landesbank Hessen- | | ||||||||||||
14,200,000 | 0.010 | 03/09/15 | 14,200,000 | |||||||||||
| New York City GO VRDN Series 2002 Subseries C-2 (Bayerische Landesbank | | ||||||||||||
18,600,000 | 0.020 | 03/07/15 | 18,600,000 | |||||||||||
| New York City GO VRDN Series 2005 Subseries F-3 (Sumitomo Mitsui Banking | | ||||||||||||
11,600,000 | 0.010 | 03/09/15 | 11,600,000 | |||||||||||
| New York City GO VRDN Series 2006-I Subseries I-3 (Bank of America N.A., | | ||||||||||||
11,600,000 | 0.030 | 03/02/15 | 11,600,000 | |||||||||||
| New York City GO VRDN Series 2008 Subseries J-6 (Landesbank Hessen- | | ||||||||||||
32,180,000 | 0.050 | 03/02/15 | 32,180,000 | |||||||||||
| New York City GO VRDN Series 2011 Subseries A-3 (Landesbank Hessen- | | ||||||||||||
13,775,000 | 0.010 | 03/02/15 | 13,775,000 | |||||||||||
| New York City Housing Development Corp. MF Hsg. VRDN RB for 90 | | ||||||||||||
21,200,000 | 0.010 | 03/09/15 | 21,200,000 | |||||||||||
| New York City Housing Development Corp. MF Hsg. VRDN RB for Bruckner by | | ||||||||||||
14,900,000 | 0.010 | 03/09/15 | 14,900,000 | |||||||||||
| New York City Housing Development Corp. MF Hsg. VRDN RB for Elliot Chelsea | | ||||||||||||
9,525,000 | 0.010 | 03/09/15 | 9,525,000 | |||||||||||
|
| |||||||||||||
Principal Amount | Interest Rate | Maturity Date | Amortized Cost | |||||||||||
Municipal Debt Obligations – (continued) | ||||||||||||||
New York – (continued) | ||||||||||||||
| New York City Housing Development Corp. MF Hsg. VRDN RB for W 26th Street | | ||||||||||||
$ | 4,200,000 | 0.020 | % | 03/09/15 | $ | 4,200,000 | ||||||||
| New York City Municipal Water Finance Authority Water & Sewer System VRDN | | ||||||||||||
6,000,000 | 0.070 | 03/09/15 | 6,000,000 | |||||||||||
| New York City Municipal Water Finance Authority Water & Sewer System VRDN | | ||||||||||||
8,665,000 | 0.020 | 03/09/15 | 8,665,000 | |||||||||||
| New York City Municipal Water Finance Authority Water & Sewer System VRDN | | ||||||||||||
2,000,000 | 0.030 | 03/09/15 | 2,000,000 | |||||||||||
| New York City Municipal Water Finance Authority Water & Sewer System VRDN | | ||||||||||||
7,400,000 | 0.030 | 03/09/15 | 7,400,000 | |||||||||||
| New York City Municipal Water Finance Authority Water & Sewer System VRDN | | ||||||||||||
9,960,000 | 0.020 | 03/02/15 | 9,960,000 | |||||||||||
| New York City Municipal Water Finance Authority Water & Sewer System VRDN | | ||||||||||||
10,200,000 | 0.010 | 03/09/15 | 10,200,000 | |||||||||||
| New York City Municipal Water Finance Authority Water & Sewer System VRDN | | ||||||||||||
1,000,000 | 0.010 | 03/02/15 | 1,000,000 | |||||||||||
| New York City Municipal Water Finance Authority Water & Sewer System VRDN | | ||||||||||||
11,600,000 | 0.020 | 03/02/15 | 11,600,000 | |||||||||||
| New York City Municipal Water Finance Authority Water & Sewer System VRDN | | ||||||||||||
3,700,000 | 0.020 | 03/09/15 | 3,700,000 | |||||||||||
| New York City Municipal Water Finance Authority Water & Sewer System VRDN | | ||||||||||||
16,940,000 | 0.120 | 03/09/15 | 16,940,000 | |||||||||||
| New York City Municipal Water Finance Authority Water & Sewer System VRDN | | ||||||||||||
40,000,000 | 0.030 | 03/02/15 | 40,000,000 | |||||||||||
| New York City Municipal Water Finance Authority Water & Sewer System VRDN | | ||||||||||||
3,805,000 | 0.010 | 03/09/15 | 3,805,000 | |||||||||||
| New York City Municipal Water Finance Authority Water & Sewer System VRDN | | ||||||||||||
3,100,000 | 0.010 | 03/07/15 | 3,100,000 | |||||||||||
| New York City Municipal Water Finance Authority Water & Sewer System VRDN | | ||||||||||||
8,730,000 | 0.010 | 03/02/15 | 8,730,000 | |||||||||||
|
|
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) | ||||||||||||||
New York – (continued) | ||||||||||||||
| New York City Transitional Finance Authority VRDN RB for Future Tax Secured | | ||||||||||||
$ | 8,780,000 | 0.070 | % | 03/09/15 | $ | 8,780,000 | ||||||||
| New York City Transitional Finance Authority VRDN RB for Future Tax Secured | | ||||||||||||
6,800,000 | 0.030 | 03/09/15 | 6,800,000 | |||||||||||
| New York City Transitional Finance Authority VRDN RB for Future Tax Secured | | ||||||||||||
3,125,000 | 0.030 | 03/09/15 | 3,125,000 | |||||||||||
| New York City Transitional Finance Authority VRDN RB for Future Tax Secured | | ||||||||||||
5,800,000 | 0.020 | 03/07/15 | 5,800,000 | |||||||||||
| New York City Transitional Finance Authority VRDN RB for Future Tax Secured | | ||||||||||||
90,000 | 0.010 | 03/09/15 | 90,000 | |||||||||||
| New York City Transitional Finance Authority VRDN RB for Future Tax Secured | | ||||||||||||
1,500,000 | 0.010 | 03/02/15 | 1,500,000 | |||||||||||
| New York City Transitional Finance Authority VRDN RB for Future Tax Secured | | ||||||||||||
2,000,000 | 0.010 | 03/02/15 | 2,000,000 | |||||||||||
| New York City Transitional Finance Authority VRDN RB for Future Tax Secured | | ||||||||||||
31,400,000 | 0.010 | 03/02/15 | 31,400,000 | |||||||||||
| New York City Transitional Finance Authority VRDN RB for Future Tax Secured | | ||||||||||||
3,505,000 | 0.010 | 03/02/15 | 3,505,000 | |||||||||||
| New York City Transitional Finance Authority VRDN RB for Future Tax Secured | | ||||||||||||
6,300,000 | 0.020 | 03/09/15 | 6,300,000 | |||||||||||
| New York City Transitional Finance Authority VRDN RB for NYC Recovery | | ||||||||||||
25,940,000 | 0.010 | 03/09/15 | 25,940,000 | |||||||||||
| New York City Transitional Finance Authority VRDN RB for NYC Recovery | | ||||||||||||
1,000,000 | 0.030 | 03/02/15 | 1,000,000 | |||||||||||
| New York City Transitional Finance Authority VRDN RB for NYC Recovery | | ||||||||||||
4,020,000 | 0.030 | 03/02/15 | 4,020,000 | |||||||||||
| New York City Transitional Finance Authority VRDN RB for NYC Recovery | | ||||||||||||
40,945,000 | 0.030 | 03/02/15 | 40,945,000 | |||||||||||
| New York City Trust for Cultural Resources VRDN RB for Metropolitan Museum | | ||||||||||||
2,600,000 | 0.010 | 03/07/15 | 2,600,000 | |||||||||||
| New York City Trust for Cultural Resources VRDN RB for Pierpont Morgan | | ||||||||||||
1,800,000 | 0.010 | 03/09/15 | 1,800,000 | |||||||||||
| New York City Trust for Cultural Resources VRDN RB Refunding for American | | ||||||||||||
6,750,000 | 0.010 | 03/02/15 | 6,750,000 | |||||||||||
| New York City Trust for Cultural Resources VRDN RB Refunding for Museum of | | ||||||||||||
5,995,000 | 0.070 | 03/09/15 | 5,995,000 | |||||||||||
|
| |||||||||||||
Principal Amount | Interest Rate | Maturity Date | Amortized Cost | |||||||||||
Municipal Debt Obligations – (continued) | ||||||||||||||
New York – (continued) | ||||||||||||||
| New York City Trust for Cultural Resources VRDN RB Refunding for The New | | ||||||||||||
$ | 8,300,000 | 0.020 | % | 03/07/15 | $ | 8,300,000 | ||||||||
| New York State Dormitory Authority Non-State Supported Debt VRDN RB for | | ||||||||||||
7,155,000 | 0.030 | 03/09/15 | 7,155,000 | |||||||||||
| New York State Dormitory Authority Non-State Supported Debt VRDN RB for | | ||||||||||||
2,680,000 | 0.030 | 03/07/15 | 2,680,000 | |||||||||||
| New York State Dormitory Authority Non-State Supported Debt VRDN RB for | | ||||||||||||
8,770,000 | 0.030 | 03/09/15 | 8,770,000 | |||||||||||
| New York State Dormitory Authority Non-State Supported Debt VRDN RB for | | ||||||||||||
6,200,000 | 0.010 | 03/09/15 | 6,200,000 | |||||||||||
| New York State Dormitory Authority Non-State Supported Debt VRDN RB for | | ||||||||||||
2,000,000 | 0.020 | 03/07/15 | 2,000,000 | |||||||||||
| New York State Dormitory Authority Non-State Supported Debt VRDN RB for | | ||||||||||||
6,430,000 | 0.030 | 03/09/15 | 6,430,000 | |||||||||||
| New York State Dormitory Authority State Personal Income Tax VRDN RB for | | ||||||||||||
11,060,000 | 0.030 | 03/09/15 | 11,060,000 | |||||||||||
| New York State Dormitory Authority State Personal Income Tax VRDN RB for | | ||||||||||||
5,000,000 | 0.030 | 03/09/15 | 5,000,000 | |||||||||||
| New York State Dormitory Authority State Personal Income Tax VRDN RB for | | ||||||||||||
6,660,000 | 0.030 | 03/09/15 | 6,660,000 | |||||||||||
| New York State Dormitory Authority State Personal Income Tax VRDN RB for | | ||||||||||||
6,360,000 | 0.030 | 03/09/15 | 6,360,000 | |||||||||||
| New York State Dormitory Authority State Personal Income Tax VRDN RB for | | ||||||||||||
5,900,000 | 0.030 | 03/09/15 | 5,900,000 | |||||||||||
| New York State Dormitory Authority State Personal Income Tax VRDN RB for | | ||||||||||||
17,350,000 | 0.030 | 03/07/15 | 17,350,000 | |||||||||||
| New York State Dormitory Authority State Personal Income Tax VRDN RB | | ||||||||||||
2,500,000 | 0.030 | 03/09/15 | 2,500,000 | |||||||||||
| New York State Dormitory Authority State Supported Debt VRDN RB for | | ||||||||||||
400,000 | 0.020 | 03/02/15 | 400,000 | |||||||||||
| New York State Dormitory Authority VRDN RB for Columbia University | | ||||||||||||
3,600,000 | 0.020 | 03/09/15 | 3,600,000 | |||||||||||
|
|
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, 2015 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Amortized Cost | |||||||||||
Municipal Debt Obligations – (continued) | ||||||||||||||
New York – (continued) | ||||||||||||||
| New York State Dormitory Authority VRDN RB for Cornell University | | ||||||||||||
$ | 2,400,000 | 0.010 | % | 03/07/15 | $ | 2,400,000 | ||||||||
| New York State Dormitory Authority VRDN RB for Memorial Sloan-Kettering | | ||||||||||||
10,020,000 | 0.030 | 03/09/15 | 10,020,000 | |||||||||||
| New York State Environmental Facilities Corp. VRDN RB for State Clean Water & | | ||||||||||||
7,245,000 | 0.030 | 03/09/15 | 7,245,000 | |||||||||||
| New York State Environmental Facilities Corp. VRDN RB for State Clean Water & | | ||||||||||||
2,500,000 | 0.030 | 03/09/15 | 2,500,000 | |||||||||||
| New York State Housing Finance Agency VRDN RB for 10 Barclay Street | | ||||||||||||
5,400,000 | 0.020 | 03/07/15 | 5,400,000 | |||||||||||
| New York State Housing Finance Agency VRDN RB for 100 Maiden Lane | | ||||||||||||
9,000,000 | 0.020 | 03/09/15 | 9,000,000 | |||||||||||
| New York State Housing Finance Agency VRDN RB for 600 West 42nd Street | | ||||||||||||
83,775,000 | 0.030 | 03/09/15 | 83,775,000 | |||||||||||
| New York State Housing Finance Agency VRDN RB for North End Series 2004 A | | ||||||||||||
33,700,000 | 0.010 | 03/07/15 | 33,700,000 | |||||||||||
| New York State Housing Finance Agency VRDN RB for Taconic Housing West | | ||||||||||||
10,325,000 | 0.020 | 03/09/15 | 10,325,000 | |||||||||||
| New York State Housing Finance Agency VRDN RB for West 37th Street Housing | | ||||||||||||
11,200,000 | 0.020 | 03/07/15 | 11,200,000 | |||||||||||
| New York State Liberty Development Corp. VRDN RB Refunding for 4 World | | ||||||||||||
43,885,000 | 0.200 | 03/07/15 | 43,885,000 | |||||||||||
| New York State Liberty Development Corp. VRDN RB Refunding for 7 World | | ||||||||||||
6,500,000 | 0.200 | 03/07/15 | 6,500,000 | |||||||||||
| New York State Local Government Assistance Corp. RB Refunding for Senior | | ||||||||||||
1,590,000 | 5.000 | 04/01/15 | 1,596,481 | |||||||||||
| New York State Local Government Assistance Corp. VRDN RB Refunding | | ||||||||||||
11,645,000 | 0.010 | 03/09/15 | 11,645,000 | |||||||||||
| New York State Local Government Assistance Corp. VRDN RB Series 1997 | | ||||||||||||
2,500,000 | 0.110 | 03/07/15 | 2,500,000 | |||||||||||
| New York State Thruway Authority RB for Second General Highway & Bridge | | ||||||||||||
6,510,000 | 5.000 | 04/01/15 | 6,536,494 | |||||||||||
| New York State Thruway Authority RB for Transportation Series 2013 A |
| ||||||||||||
3,075,000 | 3.000 | 03/15/15 | 3,078,338 | |||||||||||
|
| |||||||||||||
Principal Amount | Interest Rate | Maturity Date | Amortized Cost | |||||||||||
Municipal Debt Obligations – (continued) | ||||||||||||||
New York – (continued) | ||||||||||||||
| New York State Thruway Authority VRDN RB Floater Series 2008-2800 (Credit | | ||||||||||||
$ | 13,865,000 | 0.020 | % | 03/07/15 | $ | 13,865,000 | ||||||||
| New York State Urban Development Corporation Refunding State Personal | | ||||||||||||
24,995,000 | 0.030 | 03/02/15 | 24,995,000 | |||||||||||
| Northport-East Northport Union Free School District GO TANS Series 2014 (State | | ||||||||||||
28,000,000 | 1.000 | 06/25/15 | 28,072,837 | |||||||||||
| Port Authority of New York & New Jersey VRDN RB ROCS RR-II R-14077 | | ||||||||||||
2,585,000 | 0.030 | 03/09/15 | 2,585,000 | |||||||||||
| Sales Tax Asset Receivable Corp. VRDN RB Refunding for Fiscal 2015 P-Floats | | ||||||||||||
5,250,000 | 0.040 | 03/09/15 | 5,250,000 | |||||||||||
| Sales Tax Asset Receivable Corp. VRDN RB Refunding for Fiscal 2015 Putters | | ||||||||||||
2,140,000 | 0.030 | 03/07/15 | 2,140,000 | |||||||||||
| Suffolk County Water Authority VRDN RB Putters Series 2009-3357 (NATL-RE) | | ||||||||||||
7,290,000 | 0.050 | 03/07/15 | 7,290,000 | |||||||||||
| Town of Hempstead GO BANS Series 2014 |
| ||||||||||||
18,000,000 | 1.500 | 12/18/15 | 18,150,460 | |||||||||||
| Triborough Bridge & Tunnel Authority VRDN RB Refunding General | | ||||||||||||
31,000,000 | 0.030 | 03/02/15 | 31,000,000 | |||||||||||
| Triborough Bridge & Tunnel Authority VRDN RB Refunding General Series 2005 | | ||||||||||||
33,620,000 | 0.010 | 03/02/15 | 33,620,000 | |||||||||||
|
| |||||||||||||
1,084,091,944 | ||||||||||||||
|
| |||||||||||||
North Carolina – 2.4% | ||||||||||||||
| City of Greensboro Combined Enterprise System VRDN RB Refunding | | ||||||||||||
15,000,000 | 0.030 | 03/09/15 | 15,000,000 | |||||||||||
| County of Guilford GO Public Improvement Series 2012 A |
| ||||||||||||
3,990,000 | 4.000 | 03/01/15 | 3,990,000 | |||||||||||
| County of Guilford GO VRDN Series 2005 B (Wells Fargo Bank N.A., SPA) |
| ||||||||||||
10,000,000 | 0.010 | 03/09/15 | 10,000,000 | |||||||||||
| County of Mecklenburg GO Refunding Series 2009 C |
| ||||||||||||
3,285,000 | 5.000 | 03/01/16 | 3,443,372 | |||||||||||
| County of Union Enterprise System VRDN RB Series 2009 (U.S. Bank N.A., LOC) |
| ||||||||||||
17,545,000 | 0.020 | 03/09/15 | 17,545,000 | |||||||||||
| County of Wake GO Public Improvement Series 2009 |
| ||||||||||||
3,530,000 | 5.000 | 03/01/15 | 3,530,000 | |||||||||||
| Duke University CP Series 2015 |
| ||||||||||||
10,000,000 | 0.100 | 05/07/15 | 10,000,000 | |||||||||||
| North Carolina Capital Facilities Finance Agency VRDN RB for Duke University | | ||||||||||||
3,500,000 | 0.040 | 03/02/15 | 3,500,000 | |||||||||||
| North Carolina Capital Facilities Finance Agency VRDN RB for Duke University | | ||||||||||||
11,000,000 | 0.030 | 03/09/15 | 11,000,000 | |||||||||||
| North Carolina Capital Facilities Finance Agency VRDN RB for Wake Forest | | ||||||||||||
21,475,000 | 0.020 | 03/09/15 | 21,475,000 | |||||||||||
|
|
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) | ||||||||||||||
North Carolina – (continued) | ||||||||||||||
| North Carolina Capital Facilities Finance Agency VRDN RB Refunding for Duke | | ||||||||||||
$ | 8,000,000 | 0.030 | % | 03/09/15 | $ | 8,000,000 | ||||||||
| North Carolina Medical Care Commission Health Care Facilities Municipal Trust | | ||||||||||||
2,000,000 | 0.040 | 03/09/15 | 2,000,000 | |||||||||||
| Raleigh Durham Airport Authority VRDN RB Refunding Series 2008 C RMKT | | ||||||||||||
19,700,000 | 0.020 | 03/09/15 | 19,700,000 | |||||||||||
| State of North Carolina GO for Public Improvement Prerefunded Series 2005 A |
| ||||||||||||
3,145,000 | 5.000 | 03/01/15 | 3,145,000 | |||||||||||
| University of North Carolina at Chapel Hill VRDN RB Eagle-7 Series 2005-3014 | | ||||||||||||
5,345,000 | 0.030 | 03/09/15 | 5,345,000 | |||||||||||
| University of North Carolina at Chapel Hill VRDN RB Series 2012-0-24 (Royal | | ||||||||||||
11,380,000 | 0.020 | 03/09/15 | 11,380,000 | |||||||||||
|
| |||||||||||||
149,053,372 | ||||||||||||||
|
| |||||||||||||
North Dakota – 1.1% | ||||||||||||||
| County of Mercer Pollution Control Refunding for Basin Electric Power | | ||||||||||||
64,925,000 | 0.090 | 03/02/15 | 64,925,000 | |||||||||||
|
| |||||||||||||
Ohio – 3.3% | ||||||||||||||
| City of Columbus GO VRDN Putters Series 2007-2365 (JPMorgan Chase Bank | | ||||||||||||
4,360,000 | 0.050 | 03/09/15 | 4,360,000 | |||||||||||
| Franklin County Hospital VRDN RB Refunding for Nationwide Children’s | | ||||||||||||
18,120,000 | 0.020 | 03/09/15 | 18,120,000 | |||||||||||
| Franklin County Hospital VRDN RB Refunding for Nationwide Children’s | | ||||||||||||
25,270,000 | 0.020 | 03/09/15 | 25,270,000 | |||||||||||
| Franklin County Hospital VRDN RB Refunding for Ohio Health Corp. | | ||||||||||||
16,600,000 | 0.020 | 03/09/15 | 16,600,000 | |||||||||||
| Ohio Higher Educational Facility Commission CP for Case Western Reserve | | ||||||||||||
38,500,000 | 0.090 | 03/17/15 | 38,500,000 | |||||||||||
| Ohio Higher Educational Facility Commission VRDN RB for Cleveland Clinic | | ||||||||||||
4,500,000 | 0.030 | 03/02/15 | 4,500,000 | |||||||||||
| Ohio Higher Educational Facility Commission VRDN RB for Cleveland Clinic | | ||||||||||||
29,170,000 | 0.010 | 03/02/15 | 29,170,000 | |||||||||||
| Ohio State Hospital Facility VRDN RB for Cleveland Clinic Health System Putters | | ||||||||||||
6,245,000 | 0.030 | 03/09/15 | 6,245,000 | |||||||||||
| Ohio State Hospital Facility VRDN RB for Cleveland Clinic Health System Putters | | ||||||||||||
7,100,000 | 0.030 | 03/09/15 | 7,100,000 | |||||||||||
| Ohio State University VRDN RB Series 2010 E |
| ||||||||||||
10,200,000 | 0.010 | 03/09/15 | 10,200,000 | |||||||||||
| Ohio State University VRDN RB Series 2014 B-2 |
| ||||||||||||
25,000,000 | 0.010 | 03/09/15 | 25,000,000 | |||||||||||
|
| |||||||||||||
Principal Amount | Interest Rate | Maturity Date | Amortized Cost | |||||||||||
Municipal Debt Obligations – (continued) | ||||||||||||||
Ohio – (continued) | ||||||||||||||
| State of Ohio GO for Infrastructure Improvements Series 2012 A |
| ||||||||||||
$ | 2,285,000 | 4.000 | % | 02/01/16 | $ | 2,364,867 | ||||||||
| State of Ohio GO VRDN Refunding for Infrastructure Improvement Series 2004 A |
| ||||||||||||
15,000,000 | 0.020 | 03/09/15 | 15,000,000 | |||||||||||
|
| |||||||||||||
202,429,867 | ||||||||||||||
|
| |||||||||||||
Oklahoma – 0.2% | ||||||||||||||
| Oklahoma State Turnpike Authority VRDN RB Floater Certificates | | ||||||||||||
9,600,000 | 0.020 | 03/09/15 | 9,600,000 | |||||||||||
|
| |||||||||||||
Oregon – 0.4% | ||||||||||||||
| City of Portland Sewer System RB Second Lien Series 2010 A |
| ||||||||||||
9,240,000 | 5.000 | 03/01/15 | 9,240,000 | |||||||||||
| Portland Community College District GO Series 2013 |
| ||||||||||||
5,655,000 | 5.000 | 06/15/15 | 5,734,975 | |||||||||||
| State of Oregon GO VRDN for Veterans’ Welfare Series 2006-85-RMKT | | ||||||||||||
5,540,000 | 0.030 | 03/02/15 | 5,540,000 | |||||||||||
| State of Oregon GO VRDN for Veterans’ Welfare Series 2006-86-RMKT | | ||||||||||||
3,730,000 | 0.030 | 03/02/15 | 3,730,000 | |||||||||||
|
| |||||||||||||
24,244,975 | ||||||||||||||
|
| |||||||||||||
Pennsylvania – 1.8% | ||||||||||||||
| Allegheny County Hospital Development Authority VRDN RB for University of | | ||||||||||||
7,000,000 | 0.020 | 03/09/15 | 7,000,000 | |||||||||||
| Allegheny County Hospital Development Authority VRDN RB for University of | | ||||||||||||
20,000,000 | 0.020 | 03/09/15 | 20,000,000 | |||||||||||
| Allegheny County Hospital Development Authority VRDN RB for University of | | ||||||||||||
60,000,000 | 0.130 | 03/02/15 | 60,000,000 | |||||||||||
| Butler County General Authority VRDN RB for Allegheny School District Project | | ||||||||||||
7,000,000 | 0.020 | 03/09/15 | 7,000,000 | |||||||||||
| Commonwealth of Pennsylvania GO VRDN Putters Series 2014-4481 (JPMorgan | | ||||||||||||
5,945,000 | 0.030 | 03/02/15 | 5,945,000 | |||||||||||
| Pennsylvania Economic Development Financing Authority RB Series 2012 A |
| ||||||||||||
2,050,000 | 5.000 | 07/01/15 | 2,083,525 | |||||||||||
| Pennsylvania State Turnpike Commission VRDN RB Series 2011 B |
| ||||||||||||
1,500,000 | 0.790 | 03/05/15 | 1,500,485 | |||||||||||
| Pennsylvania State Turnpike Commission VRDN RB Series 2013 B |
| ||||||||||||
350,000 | 0.420 | 03/05/15 | 350,000 | |||||||||||
| Pennsylvania State Turnpike Commission VRDN RB SPEARS Series 2013- | | ||||||||||||
8,750,000 | 0.200 | 03/09/15 | 8,750,000 | |||||||||||
|
| |||||||||||||
112,629,010 | ||||||||||||||
|
| |||||||||||||
Rhode Island – 0.2% | ||||||||||||||
| Rhode Island Health & Educational Building Corp. Higher Education Facilities | | ||||||||||||
13,000,000 | 0.010 | 03/09/15 | 13,000,000 | |||||||||||
|
|
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, 2015 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Amortized Cost | |||||||||||
Municipal Debt Obligations – (continued) | ||||||||||||||
South Carolina – 1.7% | ||||||||||||||
| City of Columbia Waterworks & Sewer System VRDN RB Floater Trust | | ||||||||||||
$ | 3,000,000 | 0.040 | % | 03/09/15 | $ | 3,000,000 | ||||||||
| South Carolina Association of Governmental Organizations COPS TANS | | ||||||||||||
50,000,000 | 1.000 | 04/15/15 | 50,054,366 | |||||||||||
| South Carolina State Public Service Authority RB for Santee Cooper SPEARS | | ||||||||||||
48,665,000 | 0.220 | 03/18/15 | 48,665,000 | |||||||||||
| State of South Carolina GO for State Capital Improvements Series 2011 |
| ||||||||||||
1,700,000 | 5.000 | 03/01/15 | 1,700,000 | |||||||||||
| State of South Carolina GO for State School Facilities Series 2011 (South | | ||||||||||||
3,430,000 | 5.000 | 03/01/16 | 3,595,330 | |||||||||||
|
| |||||||||||||
107,014,696 | ||||||||||||||
|
| |||||||||||||
Tennessee – 0.8% | ||||||||||||||
| Chattanooga Health Educational & Housing Facility Board VRDN RB for Catholic | | ||||||||||||
10,155,000 | 0.110 | 03/09/15 | 10,155,000 | |||||||||||
| City of Memphis GO Refunding for General Improvements Series 2014 B |
| ||||||||||||
3,240,000 | 5.000 | 04/01/15 | 3,253,458 | |||||||||||
| Rutherford County Health & Educational Facilities Board VRDN RB for Ascension | | ||||||||||||
2,000,000 | 0.040 | 03/09/15 | 2,000,000 | |||||||||||
| State of Tennessee CP Series 2000 A (Tennessee Consolidated Retirement | | ||||||||||||
35,000,000 | 0.050 | 05/04/15 | 35,000,000 | |||||||||||
|
| |||||||||||||
50,408,458 | ||||||||||||||
|
| |||||||||||||
Texas – 8.4% | ||||||||||||||
| Austin Texas Independent School District CP Series 2015 A-1 (Sumitomo Mitsui | | ||||||||||||
10,000,000 | 0.080 | 03/02/15 | 10,000,000 | |||||||||||
10,000,000 | 0.060 | 04/01/15 | 10,000,000 | |||||||||||
| Board of Regents of the Texas A&M University System VRDN RB Floaters Trust | | ||||||||||||
2,500,000 | 0.040 | 03/09/15 | 2,500,000 | |||||||||||
| Board of Regents of the University of Texas System RB for Permanent University | | ||||||||||||
1,225,000 | 5.000 | 07/01/15 | 1,244,655 | |||||||||||
| Board of Regents of the University of Texas System VRDN RB Refunding | | ||||||||||||
29,725,000 | 0.010 | 03/09/15 | 29,725,000 | |||||||||||
| City of Austin GO Refunding for Public Improvements Series 2005 (NATL-RE) |
| ||||||||||||
2,250,000 | 5.000 | 03/01/15 | 2,250,000 | |||||||||||
| City of Austin GO Refunding for Public Improvements Series 2013 A |
| ||||||||||||
100,000 | 5.000 | 09/01/15 | 102,391 | |||||||||||
| City of Austin Hotel Occupancy Tax VRDN RB Refunding Subordinate Lien | | ||||||||||||
18,700,000 | 0.040 | 03/09/15 | 18,700,000 | |||||||||||
| City of Dallas Waterworks & Sewer System CP Series 2015 D-1 (State Street | | ||||||||||||
30,000,000 | 0.050 | 03/03/15 | 30,000,000 | |||||||||||
|
| |||||||||||||
Principal Amount | Interest Rate | Maturity Date | Amortized Cost | |||||||||||
Municipal Debt Obligations – (continued) | ||||||||||||||
Texas – (continued) | ||||||||||||||
| City of Houston Airport System VRDN RB Floater Series 2012-0-44 (Royal Bank | | ||||||||||||
$ | 8,330,000 | 0.020 | % | 03/09/15 | $ | 8,330,000 | ||||||||
| City of Houston GO Refunding for Public Improvements Series 2013 A |
| ||||||||||||
1,345,000 | 4.000 | 03/01/16 | 1,396,060 | |||||||||||
| City of Houston GO Series 2005 D (AMBAC) |
| ||||||||||||
14,075,000 | 5.000 | 03/01/15 | 14,075,000 | |||||||||||
| City of Houston GO Series 2005 E (AMBAC) |
| ||||||||||||
18,945,000 | 5.000 | 03/01/15 | 18,945,000 | |||||||||||
| City of San Antonio Electric & Gas System RB Series 2006 A |
| ||||||||||||
2,165,000 | 5.000 | 02/01/16 | 2,260,508 | |||||||||||
| City of San Antonio Electric & Gas System Refunding Series 2009 A |
| ||||||||||||
1,000,000 | 5.000 | 02/01/16 | 1,044,144 | |||||||||||
| City of San Antonio Electric & Gas System VRDN RB Floaters Series 2014-0-75 | | ||||||||||||
5,000,000 | 0.020 | 03/09/15 | 5,000,000 | |||||||||||
| City of San Antonio Electric & Gas System VRDN RB Putters Series 2008-2957 | | ||||||||||||
9,995,000 | 0.030 | 03/09/15 | 9,995,000 | |||||||||||
| City of San Antonio Electric & Gas System VRDN RB Putters Series 2009-3560 | | ||||||||||||
9,015,000 | 0.030 | 03/09/15 | 9,015,000 | |||||||||||
| City of San Antonio GO for General Improvements Series 2012 |
| ||||||||||||
1,400,000 | 5.000 | 02/01/16 | 1,461,893 | |||||||||||
| Dallas Area Rapid Transit Sales Tax VRDN RB Refunding Senior Lien ROCS- RR-II | | ||||||||||||
1,560,000 | 0.030 | 03/09/15 | 1,560,000 | |||||||||||
| Dickinson ISD GO VRDN Municipal Trust Receipts Series 2000-SGA94 (PSF-GTD) | | ||||||||||||
13,350,000 | 0.060 | 03/02/15 | 13,350,000 | |||||||||||
| El Paso County Hospital District GO VRDN Putters Series 2008-2998 (Assured | | ||||||||||||
13,395,000 | 0.040 | 03/09/15 | 13,395,000 | |||||||||||
| Grand Prairie ISD Eclipse Funding Trust GO VRDN Series 2007-0067 (PSF- GTD) | | ||||||||||||
10,065,000 | 0.020 | 03/09/15 | 10,065,000 | |||||||||||
| Harris County Cultural Education Facilities Finance Corp. CP Refunding for | | ||||||||||||
15,240,000 | 0.140 | 08/13/15 | 15,240,000 | |||||||||||
| Harris County Cultural Education Facilities Finance Corp. VRDN RB for Texas | | ||||||||||||
4,795,000 | 0.050 | 03/09/15 | 4,795,000 | |||||||||||
| Harris County Health Facilities Development Corp. VRDN RB Refunding | | ||||||||||||
15,925,000 | 0.020 | 03/02/15 | 15,925,000 | |||||||||||
| Harris County Industrial Development Corp. VRDN PCRB for Exxon Project | | ||||||||||||
5,000,000 | 0.010 | 03/02/15 | 5,000,000 | |||||||||||
| Harris County Toll Road Authority VRDN RB Putters Series 2009-3425 | | ||||||||||||
6,845,000 | 0.030 | 03/09/15 | 6,845,000 | |||||||||||
| Houston ISD Limited Tax Schoolhouse GO Series 2009 A-1 |
| ||||||||||||
1,210,000 | 5.000 | 02/15/16 | 1,265,539 | |||||||||||
| Lower Neches Valley Authority Industrial Development Corp. VRDN RB for | | ||||||||||||
7,750,000 | 0.010 | 03/02/15 | 7,750,000 | |||||||||||
|
|
46 | The accompanying notes are an integral part of these financial statements. |
FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND
Principal Amount | Interest Rate | Maturity Date | Amortized Cost | |||||||||||
Municipal Debt Obligations – (continued) | ||||||||||||||
Texas – (continued) | ||||||||||||||
| Mesquite ISD GO VRDN for School Building Series 2003 A (PSF-GTD) (JPMorgan | | ||||||||||||
$ | 18,820,000 | 0.030 | % | 03/09/15 | $ | 18,820,000 | ||||||||
| North Central Texas Health Facilities Development Corp. Hospital for Children’s | | ||||||||||||
20,000,000 | 0.030 | 03/09/15 | 20,000,000 | |||||||||||
| State of Texas GO TRANS Series 2014 |
| ||||||||||||
51,925,000 | 1.500 | 08/31/15 | 52,277,972 | |||||||||||
| State of Texas GO VRDN for Transportation Commission Mobility Fund Austin | | ||||||||||||
6,670,000 | 0.040 | 03/09/15 | 6,670,000 | |||||||||||
| State of Texas GO VRDN for Veterans Series 2011 A (JPMorgan Chase Bank | | ||||||||||||
31,150,000 | 0.020 | 03/09/15 | 31,150,000 | |||||||||||
| State of Texas GO VRDN for Veterans Series 2013 A (Sumitomo Mitsui Banking | | ||||||||||||
1,000,000 | 0.020 | 03/09/15 | 1,000,000 | |||||||||||
| Tarrant County Cultural Education Facilities Finance Corp. VRDN RB for Texas | | ||||||||||||
11,875,000 | 0.040 | 03/02/15 | 11,875,000 | |||||||||||
| Texas Public Finance Authority for Unemployment Compensation RB | | ||||||||||||
8,090,000 | 5.000 | 07/01/15 | 8,222,749 | |||||||||||
700,000 | 5.000 | 01/01/16 | 727,321 | |||||||||||
2,350,000 | 5.000 | 01/01/16 | 2,444,012 | |||||||||||
| Texas Public Finance Authority for Unemployment Compensation Series 2010 B |
| ||||||||||||
8,135,000 | 5.000 | 07/01/15 | 8,267,447 | |||||||||||
| Texas State Transportation Commission GO VRDN Putters Series 2008-3238 | | ||||||||||||
2,165,000 | 0.030 | 03/09/15 | 2,165,000 | |||||||||||
| Texas State Transportation Commission VRDN RB Putters Series 2008-2563 | | ||||||||||||
6,665,000 | 0.030 | 03/09/15 | 6,665,000 | |||||||||||
| Texas State Transportation Commission VRDN RB Putters Series 2008-2902 | | ||||||||||||
14,395,000 | 0.030 | 03/09/15 | 14,395,000 | |||||||||||
| Texas Water Development Board RB Refunding State Revolving Series 2013 A |
| ||||||||||||
150,000 | 5.000 | 07/15/15 | 152,672 | |||||||||||
| Texas Water Development Board VRDN RB Refunding for State Revolving Sub | | ||||||||||||
100,000 | 0.020 | 03/02/15 | 100,000 | |||||||||||
| University of North Texas CP Series 2015 A (University of North Texas, LIQ) |
| ||||||||||||
54,572,000 | 0.200 | 03/10/15 | 54,572,000 | |||||||||||
| University of Texas VRDN RD for University of Texas System Series 2008-B | | ||||||||||||
10,900,000 | 0.010 | 03/09/15 | 10,900,000 | |||||||||||
|
| |||||||||||||
521,639,363 | ||||||||||||||
|
| |||||||||||||
Utah – 1.0% | ||||||||||||||
| City of Murray Hospital VRDN RB for IHS Health Services, Inc. Series 2003 B |
| ||||||||||||
1,600,000 | 0.010 | 03/09/15 | 1,600,000 | |||||||||||
| City of Murray Hospital VRDN RB for IHS Health Services, Inc. Series 2005 A | | ||||||||||||
4,700,000 | 0.020 | 03/02/15 | 4,700,000 | |||||||||||
| State of Utah GO Series 2009 B |
| ||||||||||||
4,915,000 | 4.000 | 07/01/15 | 4,978,162 | |||||||||||
|
| |||||||||||||
Principal Amount | Interest Rate | Maturity Date | Amortized Cost | |||||||||||
Municipal Debt Obligations – (continued) | ||||||||||||||
Utah – (continued) | ||||||||||||||
| University of Utah VRDN RB ROCS RR-II R-14088 Series 2014 (Citibank | | ||||||||||||
$ | 9,490,000 | 0.030 | % | 03/09/15 | $ | 9,490,000 | ||||||||
| Utah County Hospital VRDN RB for IHC Health Services, Inc. Series 2002 B | | ||||||||||||
21,600,000 | 0.020 | 03/09/15 | 21,600,000 | |||||||||||
| Utah County Hospital VRDN RB for IHC Health Services, Inc. Series 2002 C | | ||||||||||||
15,000,000 | 0.020 | 03/09/15 | 15,000,000 | |||||||||||
| Utah County Hospital VRDN RB for IHS Health Services, Inc. Floater Trust | | ||||||||||||
1,850,000 | 0.040 | 03/09/15 | 1,850,000 | |||||||||||
| Utah Transit Authority VRDN RB Austin Trust Certificates Series 2008-3045X | | ||||||||||||
5,000,000 | 0.070 | 03/09/15 | 5,000,000 | |||||||||||
|
| |||||||||||||
64,218,162 | ||||||||||||||
|
| |||||||||||||
Virginia – 1.7% | ||||||||||||||
| City of Newport News GO Refunding General Improvement Series 2012 A |
| ||||||||||||
2,955,000 | 3.000 | 07/15/15 | 2,986,735 | |||||||||||
| City of Newport News GO Refunding General Improvement Series 2014 A (State | | ||||||||||||
2,300,000 | 5.000 | 07/15/15 | 2,341,247 | |||||||||||
| City of Norfolk GO Refunding Capital Improvement Series 2005 (NATL-RE) |
| ||||||||||||
2,000,000 | 5.000 | 03/01/15 | 2,000,000 | |||||||||||
| Commonwealth of Virginia GO Refunding Series 2012 A |
| ||||||||||||
8,025,000 | 4.000 | 06/01/15 | 8,103,663 | |||||||||||
| Fairfax County IDA VRDN RB for Inova Health System Floaters Series 2012-3309 | | ||||||||||||
4,580,000 | 0.020 | 03/09/15 | 4,580,000 | |||||||||||
| Fairfax County IDA VRDN RB for Inova Health System Series 2000 (Branch | | ||||||||||||
5,900,000 | 0.020 | 03/09/15 | 5,900,000 | |||||||||||
| Loudoun County IDA VRDN RB for Howard Hughes Medical Institute | | ||||||||||||
7,000,000 | 0.010 | 03/09/15 | 7,000,000 | |||||||||||
| Suffolk Economic Development Authority Hospital Facilities Revenue VRDN RB | | ||||||||||||
24,000,000 | 0.130 | 04/23/15 | 24,000,000 | |||||||||||
| University of Virginia VRDN RB Eagle Series 2014-0048 Class A (Citibank | | ||||||||||||
12,195,000 | 0.030 | 03/09/15 | 12,195,000 | |||||||||||
| University of Virginia VRDN RB Putters Series 2008-3188Z (JPMorgan Chase | | ||||||||||||
15,010,000 | 0.040 | 03/02/15 | 15,010,000 | |||||||||||
| Virginia College Building Authority Educational Facilities VRDN RB for University | | ||||||||||||
15,000,000 | 0.020 | 03/09/15 | 15,000,000 | |||||||||||
| Virginia Commonwealth Transportation Board VRDN RB Floater Certificates | | ||||||||||||
6,775,000 | 0.020 | 03/09/15 | 6,775,000 | |||||||||||
|
| |||||||||||||
105,891,645 | ||||||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 47 |
FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND
Schedule of Investments (continued)
February 28, 2015 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Amortized Cost | |||||||||||
Municipal Debt Obligations – (continued) | ||||||||||||||
Washington – 4.5% | ||||||||||||||
| Central Puget Sound Regional Transportation Authority Sales Tax VRDN RB | | ||||||||||||
$ | 4,250,000 | 0.060 | % | 03/09/15 | $ | 4,250,000 | ||||||||
| Central Puget Sound Regional Transportation Authority Sales Tax VRDN RB | | ||||||||||||
8,380,000 | 0.030 | 03/02/15 | 8,380,000 | |||||||||||
| City of Spokane Water & Wastewater System RB Series 2014 |
| ||||||||||||
5,625,000 | 5.000 | 12/01/15 | 5,828,516 | |||||||||||
| County of King GO Refunding Series 2013 |
| ||||||||||||
1,090,000 | 4.000 | 06/01/15 | 1,100,685 | |||||||||||
| County of King Limited Tax Municipal Trust Receipts GO VRDN Floater Trust | | ||||||||||||
7,500,000 | 0.040 | 03/09/15 | 7,500,000 | |||||||||||
| County of King Limited Tax Municipal Trust Receipts GO VRDN Floater Trust | | ||||||||||||
2,500,000 | 0.040 | 03/09/15 | 2,500,000 | |||||||||||
| County of King Multi-Modal Limited Tax GO VRDN Series 2010 B (State Street | | ||||||||||||
8,175,000 | 0.020 | 03/09/15 | 8,175,000 | |||||||||||
| County of King School District No. 414 Lake Washington Limited GO Series 2012 |
| ||||||||||||
2,015,000 | 4.000 | 06/01/15 | 2,034,337 | |||||||||||
| County of King Sewer Revenue CP BANS Series 2014 A (Bayerische Landesbank | | ||||||||||||
78,720,000 | 0.120 | 03/02/15 | 78,720,000 | |||||||||||
| County of King Sewer Revenue RB Refunding Series 2011 B |
| ||||||||||||
6,345,000 | 5.000 | 01/01/16 | 6,598,342 | |||||||||||
| County of King Sewer Revenue RB Refunding Series 2013 B |
| ||||||||||||
1,250,000 | 2.000 | 01/01/16 | 1,268,853 | |||||||||||
| County of King Sewer Revenue VRDN RB Eagle Series 2014-0047 Class A (AGM) | | ||||||||||||
14,850,000 | 0.030 | 03/09/15 | 14,850,000 | |||||||||||
| Energy Northwest RB Refunding Columbia Generating Series 2003 A |
| ||||||||||||
1,255,000 | 5.500 | 07/01/15 | 1,277,276 | |||||||||||
| Energy Northwest RB Refunding Columbia Generating Series 2005 A |
| ||||||||||||
5,000,000 | 5.000 | 07/01/15 | 5,081,078 | |||||||||||
| Energy Northwest RB Refunding for Project 3 Series 2014 A |
| ||||||||||||
10,150,000 | 2.000 | 07/01/15 | 10,212,353 | |||||||||||
| Spokane County School District No. 81 Spokane GO Series 2014 (SCH BD GTY) |
| ||||||||||||
7,985,000 | 5.500 | 12/01/15 | 8,303,834 | |||||||||||
| State of Washington GO Refunding Series 2015 C |
| ||||||||||||
18,605,000 | 4.000 | 07/01/15 | 18,847,688 | |||||||||||
| State of Washington GO Refunding Series 2015 D |
| ||||||||||||
5,545,000 | 1.000 | 07/01/15 | 5,561,470 | |||||||||||
| State of Washington GO Series 2011 A |
| ||||||||||||
4,110,000 | 5.000 | 08/01/15 | 4,194,207 | |||||||||||
| State of Washington GO Series 2012 D |
| ||||||||||||
3,000,000 | 5.000 | 02/01/16 | 3,132,462 | |||||||||||
| State of Washington GO VRDN Putters Series 2008-2640 (JPMorgan Chase Bank | | ||||||||||||
9,995,000 | 0.030 | 03/09/15 | 9,995,000 | |||||||||||
| State of Washington GO VRDN Putters Series 2009-3538 (JPMorgan Chase Bank | | ||||||||||||
10,000,000 | 0.030 | 03/09/15 | 10,000,000 | |||||||||||
| State of Washington GO VRDN ROCS RR-II R-11889 Series 2010 (Citibank N.A., | | ||||||||||||
2,250,000 | 0.020 | 03/09/15 | 2,250,000 | |||||||||||
|
| |||||||||||||
Principal Amount | Interest Rate | Maturity Date | Amortized Cost | |||||||||||
Municipal Debt Obligations – (continued) | ||||||||||||||
Washington – (continued) | ||||||||||||||
| State of Washington GO VRDN ROCS RR-II R-14090 Series 2014 (Citibank | | ||||||||||||
$ | 4,700,000 | 0.030 | % | 03/09/15 | $ | 4,700,000 | ||||||||
| State of Washington GO VRDN SPEARS Series 2007-DB-388 (GTY AGMT- | | ||||||||||||
7,495,000 | 0.150 | 03/09/15 | 7,495,000 | |||||||||||
| University of Washington VRDN RB Floaters Series 2009-3005 (Morgan Stanley | | ||||||||||||
3,350,000 | 0.020 | 03/02/15 | 3,350,000 | |||||||||||
| Washington Health Care Facilities Authority VRDN RB for Providence Health & | | ||||||||||||
9,000,000 | 0.020 | 03/09/15 | 9,000,000 | |||||||||||
| Washington Health Care Facilities Authority VRDN RB for Providence Health & | | ||||||||||||
8,665,000 | 0.020 | 03/09/15 | 8,665,000 | |||||||||||
| Washington Health Care Facilities Authority VRDN RB for Providence Health & | | ||||||||||||
16,060,000 | 0.030 | 03/09/15 | 16,060,000 | |||||||||||
| Washington Health Care Facilities Authority VRDN RB for Seattle Children’s | | ||||||||||||
10,990,000 | 0.020 | 03/09/15 | 10,990,000 | |||||||||||
|
| |||||||||||||
280,321,101 | ||||||||||||||
|
| |||||||||||||
Wisconsin – 0.6% | ||||||||||||||
| City of Madison GO Promissory Notes Series 2014 A |
| ||||||||||||
5,170,000 | 2.000 | 10/01/15 | 5,225,034 | |||||||||||
| County of Milwaukee GO Series 2014 A |
| ||||||||||||
2,620,000 | 2.000 | 12/01/15 | 2,655,896 | |||||||||||
| State of Wisconsin GO Refunded Series 2005 A (AGM) |
| ||||||||||||
4,815,000 | 5.000 | 05/01/15 | 4,854,696 | |||||||||||
| State of Wisconsin GO Refunding Series 2005-1 (NATL-RE) |
| ||||||||||||
1,715,000 | 5.000 | 05/01/15 | 1,728,787 | |||||||||||
| State of Wisconsin GO Series 2004 E (NATL) |
| ||||||||||||
2,000,000 | 5.000 | 05/01/15 | 2,016,092 | |||||||||||
| State of Wisconsin GO VRDN Floaters Series 2008-2927 (Credit Suisse, LIQ)(a) |
| ||||||||||||
7,200,000 | 0.020 | 03/09/15 | 7,200,000 | |||||||||||
| Wisconsin Health & Educational Facilities Authority VRDN RB for Children’s | | ||||||||||||
2,940,000 | 0.040 | 03/09/15 | 2,940,000 | |||||||||||
| Wisconsin Health & Educational Facilities Authority VRDN RB for Froedtert | | ||||||||||||
5,275,000 | 0.050 | 03/09/15 | 5,275,000 | |||||||||||
| Wisconsin Health & Educational Facilities Authority VRDN RB for Froedtert | | ||||||||||||
6,665,000 | 0.030 | 03/09/15 | 6,665,000 | |||||||||||
|
| |||||||||||||
38,560,505 | ||||||||||||||
|
| |||||||||||||
TOTAL INVESTMENTS – 99.7% | $ | 6,185,250,290 | ||||||||||||
|
| |||||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES – 0.3% | | 16,220,932 | |||||||||||
|
| |||||||||||||
NET ASSETS – 100.0% | $ | 6,201,471,222 | ||||||||||||
|
|
48 | The accompanying notes are an integral part of these financial statements. |
FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
(a) | Security not registered under the Securities Act of 1933, as amended. Such securities have been determined to be liquid by the Investment Adviser. At February 28, 2015, these securities amounted to $1,618,420,000 or approximately 26.1% 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. February 28, 2015, these securities amounted to $89,045,000 or approximately 1.4% 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 | |
FSA | —Insured by Financial Security Assurance Co. | |
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 | |
SLOC | —Stand-by Letter of Credit | |
SPA | —Stand-by Purchase Agreement | |
SPEARS | —Short Puttable Exempt Adjustable Receipts | |
TANS | —Tax Anticipation Notes | |
TRANS | —Tax Revenue Anticipation Notes | |
VRDN | —Variable Rate Demand Notes | |
VRDP | —Variable Rate Demand Preferred Shares | |
WI | —When Issues Securities | |
|
The accompanying notes are an integral part of these financial statements. | 49 |
FINANCIAL SQUARE TREASURY INSTRUMENTS FUND
Schedule of Investments
February 28, 2015 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Amortized Cost | |||||||||||
U.S. Treasury Obligations – 95.5% | ||||||||||||||
| United States Treasury Bills |
| ||||||||||||
$ | 105,000,000 | 0.005 | %(a) | 03/05/15 | $ | 104,999,956 | ||||||||
4,000,000,000 | 0.020 | 03/05/15 | 3,999,991,109 | |||||||||||
5,300,000,000 | 0.015 | 03/12/15 | 5,299,975,708 | |||||||||||
5,100,100,000 | 0.010 | 03/19/15 | 5,100,074,492 | |||||||||||
4,688,500,000 | 0.015 | 03/26/15 | 4,688,451,148 | |||||||||||
45,500,000 | 0.030 | 07/02/15 | 45,495,336 | |||||||||||
40,000,000 | 0.132 | 07/02/15 | 39,982,233 | |||||||||||
| United States Treasury Floating Rate Notes |
| ||||||||||||
1,114,500,000 | 0.065 | (b) | 01/31/16 | 1,114,266,379 | ||||||||||
545,000,000 | 0.089 | (b) | 04/30/16 | 545,068,768 | ||||||||||
| United States Treasury Notes |
| ||||||||||||
1,139,000,000 | 0.375 | 03/15/15 | 1,139,143,082 | |||||||||||
845,000,000 | 2.500 | 03/31/15 | 846,703,445 | |||||||||||
76,000,000 | 0.250 | 05/15/15 | 76,023,073 | |||||||||||
1,600,000,000 | 4.125 | 05/15/15 | 1,613,467,069 | |||||||||||
358,000,000 | 0.250 | 05/31/15 | 358,150,961 | |||||||||||
1,432,000,000 | 2.125 | 05/31/15 | 1,439,263,692 | |||||||||||
17,000,000 | 0.375 | 06/15/15 | 17,011,548 | |||||||||||
131,500,000 | 0.250 | 07/15/15 | 131,560,022 | |||||||||||
225,000,000 | 0.250 | 07/31/15 | 225,111,522 | |||||||||||
387,000,000 | 1.750 | 07/31/15 | 389,634,780 | |||||||||||
171,800,000 | 0.250 | 08/15/15 | 171,859,651 | |||||||||||
861,200,000 | 4.250 | 08/15/15 | 877,375,849 | |||||||||||
25,000,000 | 10.625 | 08/15/15 | 26,198,470 | |||||||||||
859,500,000 | 0.375 | 08/31/15 | 860,464,565 | |||||||||||
277,000,000 | 1.250 | 08/31/15 | 278,549,479 | |||||||||||
40,000,000 | 0.250 | 09/15/15 | 40,019,101 | |||||||||||
11,600,000 | 0.250 | 09/30/15 | 11,599,313 | |||||||||||
278,400,000 | 1.250 | 09/30/15 | 280,227,988 | |||||||||||
306,758,000 | 1.250 | 10/31/15 | 309,023,451 | |||||||||||
206,000,000 | 0.375 | 11/15/15 | 206,315,777 | |||||||||||
110,500,000 | 4.500 | 11/15/15 | 113,876,759 | |||||||||||
443,400,000 | 1.375 | 11/30/15 | 447,224,806 | |||||||||||
270,900,000 | 0.250 | 12/15/15 | 271,040,473 | |||||||||||
25,000,000 | 4.500 | 02/15/16 | 26,023,615 | |||||||||||
139,000,000 | 2.125 | 02/29/16 | 141,592,727 | |||||||||||
72,000,000 | 2.625 | 02/29/16 | 73,685,333 | |||||||||||
|
| |||||||||||||
TOTAL INVESTMENTS – 95.5% | $ | 31,309,451,680 | ||||||||||||
|
| |||||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES – 4.5% | | 1,488,595,804 | |||||||||||
|
| |||||||||||||
NET ASSETS –100.0% | $ | 32,798,047,484 | ||||||||||||
|
|
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, 2015. | |
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. |
50 | The accompanying notes are an integral part of these financial statements. |
FINANCIAL SQUARE TREASURY OBLIGATIONS FUND
Schedule of Investments
February 28, 2015 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Amortized Cost | |||||||||||
U.S. Treasury Obligations – 22.0% | ||||||||||||||
| United States Treasury Notes |
| ||||||||||||
$ | 56,000,000 | 0.375 | % | 06/15/15 | $ | 56,038,646 | ||||||||
24,000,000 | 0.250 | 07/15/15 | 24,004,354 | |||||||||||
100,000,000 | 0.250 | 07/31/15 | 100,050,695 | |||||||||||
182,000,000 | 1.750 | 07/31/15 | 183,238,578 | |||||||||||
383,200,000 | 0.250 | 08/15/15 | 383,331,535 | |||||||||||
949,300,000 | 4.250 | 08/15/15 | 967,067,528 | |||||||||||
57,000,000 | 10.625 | 08/15/15 | 59,748,556 | |||||||||||
425,000,000 | 0.375 | 08/31/15 | 425,475,073 | |||||||||||
24,000,000 | 1.250 | 08/31/15 | 24,133,174 | |||||||||||
20,500,000 | 0.250 | 09/15/15 | 20,509,932 | |||||||||||
5,500,000 | 0.250 | 09/30/15 | 5,499,674 | |||||||||||
147,000,000 | 1.250 | 09/30/15 | 147,964,910 | |||||||||||
170,500,000 | 1.250 | 10/31/15 | 171,763,435 | |||||||||||
101,000,000 | 0.375 | 11/15/15 | 101,154,849 | |||||||||||
37,000,000 | 4.500 | 11/15/15 | 38,129,637 | |||||||||||
253,600,000 | 1.375 | 11/30/15 | 255,767,913 | |||||||||||
374,600,000 | 0.250 | 12/15/15 | 374,798,222 | |||||||||||
38,000,000 | 4.500 | 02/15/16 | 39,555,895 | |||||||||||
184,000,000 | 2.125 | 02/29/16 | 187,440,647 | |||||||||||
72,000,000 | 2.625 | 02/29/16 | 73,685,333 | |||||||||||
|
| |||||||||||||
| TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS | | $ | 3,639,358,586 | ||||||||||
|
| |||||||||||||
Repurchase Agreements(a) – 76.8% | ||||||||||||||
| Bank of Montreal |
| ||||||||||||
$ | 500,000,000 | 0.070 | %(b)(c) | 03/09/15 | $ | 500,000,000 | ||||||||
| Maturity Value: $500,032,083 |
| ||||||||||||
| Settlement Date: 02/05/15 |
| ||||||||||||
| Collateralized by U.S. Treasury Bonds, 2.875% to 7.625%, due | | ||||||||||||
|
| |||||||||||||
| Bank of Nova Scotia (The) |
| ||||||||||||
250,000,000 | 0.140 | (b)(c) | 03/09/15 | 250,000,000 | ||||||||||
| Maturity Value: $250,175,973 |
| ||||||||||||
| Settlement Date: 01/06/15 |
| ||||||||||||
| Collateralized by U.S. Treasury Bills, 0.000%, due 03/05/15 to | | ||||||||||||
250,000,000 | 0.170 | (b)(c) | 03/09/15 | 250,000,000 | ||||||||||
| Maturity Value: $250,424,998 |
| ||||||||||||
| Collateralized by U.S. Treasury Bonds, 2.750% to 8.875%, due | | ||||||||||||
|
| |||||||||||||
Principal Amount | Interest Rate | Maturity Date | Amortized Cost | |||||||||||
Repurchase Agreements(a) – (continued) | ||||||||||||||
| Barclays Capital, Inc. |
| ||||||||||||
$ | 1,000,000,000 | 0.070 | %(b)(c) | 03/06/15 | $ | 1,000,000,000 | ||||||||
| Maturity Value: $1,000,435,546 |
| ||||||||||||
| Settlement Date: 07/30/14 |
| ||||||||||||
| Collateralized by U.S. Treasury Bonds, 2.750% to 4.625%, due | | ||||||||||||
|
| |||||||||||||
| BNP Paribas Securities Corp. |
| ||||||||||||
700,000,000 | 0.090 | (b)(c) | 03/02/15 | 700,000,000 | ||||||||||
| Maturity Value: $701,582,000 |
| ||||||||||||
| Settlement Date: 09/25/12 |
| ||||||||||||
| Collateralized by U.S. Treasury Bonds, 7.250% to 9.250% due | | ||||||||||||
600,000,000 | 0.070 | (b)(c) | 03/09/15 | 600,000,000 | ||||||||||
| Maturity Value: $600,034,999 |
| ||||||||||||
| Settlement Date: 02/09/15 |
| ||||||||||||
| Collateralized by U.S. Treasury Bills, 0.000%, due 03/26/15 to | | ||||||||||||
500,000,000 | 0.080 | (b)(c) | 03/09/15 | 500,000,000 | ||||||||||
| Maturity Value: $500,034,444 |
| ||||||||||||
| Settlement Date: 02/13/15 |
| ||||||||||||
| Collateralized by U.S. Treasury Bonds, 6.125% to 9.875%, due | | ||||||||||||
|
| |||||||||||||
| Credit Suisse Securities (USA) LLC |
| ||||||||||||
2,000,000 | 0.060 | 03/02/15 | 2,000,000 | |||||||||||
| Maturity Value: $2,000,010 |
| ||||||||||||
| Collateralized by U.S. Treasury Note, 0.125% due 04/30/15. The | | ||||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 51 |
FINANCIAL SQUARE TREASURY OBLIGATIONS FUND
Schedule of Investments (continued)
February 28, 2015 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Amortized Cost | |||||||||||
Repurchase Agreements(a) – (continued) | ||||||||||||||
| Deutsche Bank Securities, Inc. |
| ||||||||||||
$ | 250,000,000 | 0.080 | % | 03/16/15 | $ | 250,000,000 | ||||||||
| Maturity Value: $250,022,778 |
| ||||||||||||
| Settlement Date: 02/03/15 |
| ||||||||||||
| Collateralized by U.S. Treasury Bill, 0.000%, due 05/28/15, and | | ||||||||||||
|
| |||||||||||||
| Federal Reserve Bank of New York |
| ||||||||||||
1,800,000,000 | 0.050 | 03/02/15 | 1,800,000,000 | |||||||||||
| Maturity Value: $1,800,007,500 |
| ||||||||||||
| Collateralized by U.S. Treasury Bond, 4.625%, due 02/15/40, and | | ||||||||||||
3,000,000,000 | 0.060 | 03/05/15 | 3,000,000,000 | |||||||||||
| Maturity Value: $3,000,035,000 |
| ||||||||||||
| Settlement Date: 02/26/15 |
| ||||||||||||
| Collateralized by U.S. Treasury Bonds, 3.750% to 4.625%, due | | ||||||||||||
|
| |||||||||||||
| Joint Repurchase Agreement Account I |
| ||||||||||||
1,695,000,000 | 0.065 | 03/02/15 | 1,695,000,000 | |||||||||||
| Maturity Value: $1,695,009,111 |
| ||||||||||||
|
| |||||||||||||
| JPMorgan Securities LLC |
| ||||||||||||
31,900,000 | 0.060 | 03/02/15 | 31,900,000 | |||||||||||
| Maturity Value: $31,900,160 |
| ||||||||||||
| Collateralized by U.S. Treasury Interest-Only Stripped Securities, | | ||||||||||||
1,500,000,000 | 0.070 | (b)(c) | 03/05/15 | 1,500,000,000 | ||||||||||
| Maturity Value: $1,500,119,581 |
| ||||||||||||
| Settlement Date: 01/29/15 |
| ||||||||||||
| Collateralized by U.S. Treasury Bills, 0.000%, due 04/16/15 to | | ||||||||||||
|
| |||||||||||||
| Societe Generale |
| ||||||||||||
250,000,000 | 0.080 | (b)(c) | 03/09/15 | 250,000,000 | ||||||||||
| Maturity Value: $250,015,555 |
| ||||||||||||
| Settlement Date: 02/10/15 |
| ||||||||||||
| Collateralized by U.S. Treasury Bill, 0.000%, due 08/13/15, U.S. | | ||||||||||||
|
| |||||||||||||
Principal Amount | Interest Rate | Maturity Date | Amortized Cost | |||||||||||
Repurchase Agreements(a) – (continued) | ||||||||||||||
| Wells Fargo Securities LLC |
| ||||||||||||
$ | 250,000,000 | 0.110 | %(d) | 05/12/15 | $ | 250,000,000 | ||||||||
| Maturity Value: $250,069,514 |
| ||||||||||||
| Settlement Date: 02/10/15 |
| ||||||||||||
| Collateralized by U.S. Treasury Notes, 0.250% to 1.375% due | | ||||||||||||
125,000,000 | 0.120 | (d) | 07/13/15 | 125,000,000 | ||||||||||
| Maturity Value: $125,062,917 |
| ||||||||||||
| Settlement Date: 02/12/15 |
| ||||||||||||
| Collateralized by U.S. Treasury Notes, 0.875% to 2.500% due | | ||||||||||||
|
| |||||||||||||
TOTAL REPURCHASE AGREEMENTS | $ | 12,703,900,000 | ||||||||||||
|
| |||||||||||||
TOTAL INVESTMENTS – 98.8% | $ | 16,343,258,586 | ||||||||||||
|
| |||||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES – 1.2% | | 204,649,698 | |||||||||||
|
| |||||||||||||
NET ASSETS – 100.0% | $ | 16,547,908,284 | ||||||||||||
|
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
(a) | Unless noted, all repurchase agreements were entered into on February 27, 2015. Additional information on Joint Repurchase Agreement Account I appears on pages 53 and 54. | |
(b) | Variable or floating rate security. Interest rate disclosed is that which is in effect at February 28, 2015. | |
(c) | The instrument is subject to a demand feature. | |
(d) | Security has been determined to be illiquid by the Investment Advisor. At February 28, 2015, these securities amounted to $375,000,000 or approximately 2.3% of net assets. |
Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.
Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, or the prerefunded date for those types of securities.
52 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS
Schedule of Investments
February 28, 2015 (Unaudited)
ADDITIONAL INVESTMENT INFORMATION |
JOINT REPURCHASE AGREEMENT ACCOUNT I — At February 28, 2015, certain Funds had undivided interests in the Joint Repurchase Agreement Account I with a maturity date of March 2, 2015, as follows:
Fund | Principal Amount | Maturity Value | Collateral Value Allocation | |||||||||
Government | $ | 150,000,000 | $ | 150,000,806 | $ | 153,000,015 | ||||||
Prime Obligations | 150,000,000 | 150,000,806 | 153,000,015 | |||||||||
Tax-Exempt California | 5,000,000 | 5,000,027 | 5,100,000 | |||||||||
Treasury Obligations | 1,695,000,000 | 1,695,009,111 | 1,728,900,167 |
REPURCHASE AGREEMENTS — At February 28, 2015, the Principal Amounts of certain Funds’ interest in the Joint Repurchase Agreement Account I were as follows:
Counterparty | Interest Rate | Government | Prime Obligations | California | Treasury Obligations | |||||||||||||||
ABN Amro Bank N.V. | 0.070 | % | $ | 22,500,000 | $ | 22,500,000 | $ | 750,000 | $ | 254,250,000 | ||||||||||
BNP Paribas Securities Corp. | 0.070 | 45,000,000 | 45,000,000 | 1,500,000 | 508,500,000 | |||||||||||||||
Citigroup Global Markets, Inc. | 0.060 | 22,500,000 | 22,500,000 | 750,000 | 254,250,000 | |||||||||||||||
Credit Agricole Corporate and Investment Bank | 0.060 | 60,000,000 | 60,000,000 | 2,000,000 | 678,000,000 | |||||||||||||||
TOTAL | $ | 150,000,000 | $ | 150,000,000 | $ | 5,000,000 | $ | 1,695,000,000 |
The accompanying notes are an integral part of these financial statements. | 53 |
GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS
Schedule of Investments (continued)
February 28, 2015 (Unaudited)
ADDITIONAL INVESTMENT INFORMATION (continued) |
At February 28, 2015, the Joint Repurchase Agreement Account I was fully collateralized by:
Issuer | Interest Rates | Maturity Dates | ||||||
U.S. Treasury Bill | 0.000 | % | 03/26/15 | |||||
U.S. Treasury Floating-Rate Note | 0.085 | 07/31/16 | ||||||
U.S. Treasury Inflation-Indexed Bonds | 0.750 to 3.875 | 04/15/29 to 02/15/42 | ||||||
U.S. Treasury Inflation-Indexed Notes | 0.125 to 1.875 | 07/15/15 to 01/15/23 | ||||||
U.S. Treasury Interest-Only Stripped Securities | 0.000 | 02/15/17 to 08/15/37 | ||||||
U.S. Treasury Notes | 0.250 to 3.625 | 08/15/15 to 02/15/25 | ||||||
U.S. Treasury Principal-Only Stripped Securities | 0.000 | 08/15/19 to 11/15/43 |
54 | 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, 2015, certain Funds had undivided interests in the Joint Repurchase Agreement Account III with a maturity date of March 2, 2015, as follows:
Fund | Principal Amount | Maturity Value | Collateral Value Allocation | |||||||||
Government | $ | 2,556,600,000 | $ | 2,556,617,219 | $ | 2,631,098,598 | ||||||
Prime Obligations | 2,300,000,000 | 2,300,015,491 | 2,367,021,347 |
REPURCHASE AGREEMENTS — At February 28, 2015, the Principal Amounts of certain Funds’ interest in the Joint Repurchase Agreement Account III were as follows:
Counterparty | Interest Rate | Government | Prime Obligations | |||||||||
ABN Amro Bank N.V. | 0.080 | % | $ | 495,667,347 | $ | 445,918,367 | ||||||
BNP Paribas Securities Corp. | 0.090 | 208,702,041 | 187,755,102 | |||||||||
Credit Agricole Corporate and Investment Bank | 0.080 | 652,193,878 | 586,734,694 | |||||||||
TD Securities (USA) LLC | 0.080 | 260,877,551 | 234,693,878 | |||||||||
Wells Fargo Bank, N.A. | 0.080 | 547,842,857 | 492,857,143 | |||||||||
Wells Fargo Securities LLC | 0.080 | 391,316,326 | 352,040,816 | |||||||||
TOTAL | $ | 2,556,600,000 | $ | 2,300,000,000 |
At February 28, 2015, the Joint Repurchase Agreement Account III was fully collateralized by:
Issuer | Interest Rates | Maturity Dates | ||||||
Federal Home Loan Mortgage Corp. | 2.000 to 7.500 | % | 09/01/15 to 03/01/45 | |||||
Federal National Mortgage Association | 0.000 to 8.000 | 03/01/15 to 03/01/45 | ||||||
Government National Mortgage Association | 1.500 to 11.000 | 08/20/15 to 02/20/45 | ||||||
U.S. Treasury Notes | 2.250 to 2.375 | 07/31/17 to 07/31/18 |
The accompanying notes are an integral part of these financial statements. | 55 |
GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS
Statements of Assets and Liabilities
February 28, 2015 (Unaudited)
Federal Fund | ||||||
Assets: | ||||||
Investments based on amortized cost | $10,048,056,391 | |||||
Repurchase agreements based on amortized cost | — | |||||
Cash | 589,380,684 | |||||
Receivables: | ||||||
Investments sold | 1,299,584,735 | |||||
Interest | 2,585,395 | |||||
Fund shares sold | — | |||||
Reimbursement from investment advisor | — | |||||
Other assets | — | |||||
Total assets | 11,939,607,205 | |||||
Liabilities: | ||||||
Due to custodian | — | |||||
Payables: | ||||||
Management fees | 888,673 | |||||
Dividend distribution | 14,397 | |||||
Investments purchased | — | |||||
Fund shares redeemed | — | |||||
Distribution and Service fees and Transfer Agent fees | — | |||||
Accrued expenses | 135,702 | |||||
Total liabilities | 1,038,772 | |||||
Net Assets: | ||||||
Paid-in capital | 11,938,494,404 | |||||
Undistributed (distributions in excess of) net investment income (loss) | 1,451 | |||||
Accumulated net realized gain (loss) from investments | 72,578 | |||||
NET ASSETS | $11,938,568,433 | |||||
Net asset value, offering and redemption price per share | $1.00 | |||||
FST Shares | $10,978,538,706 | |||||
FST Select Shares | 34,544,497 | |||||
FST Preferred Shares | 47,553,338 | |||||
FST Capital Shares | 60,644,932 | |||||
FST Administration Shares | 386,414,608 | |||||
FST Premier Shares | 1,049 | |||||
FST Service Shares | 397,489,253 | |||||
FST Class C Shares | — | |||||
FST Resource Shares | 1,000 | |||||
FST Cash Management Shares | 33,381,050 | |||||
Total Net Assets | $11,938,568,433 | |||||
Shares outstanding $0.001 par value (unlimited number of shares authorized): | ||||||
FST Shares | 10,978,470,630 | |||||
FST Select Shares | 34,544,283 | |||||
FST Preferred Shares | 47,553,043 | |||||
FST Capital Shares | 60,644,555 | |||||
FST Administration Shares | 386,412,212 | |||||
FST Premier Shares | 1,049 | |||||
FST Service Shares | 397,486,789 | |||||
FST Class C Shares | — | |||||
FST Resource Shares | 1,000 | |||||
FST Cash Management Shares | 33,380,843 |
56 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS
Government Fund | Money Market Fund | Prime Obligations Fund | Tax-Exempt California Fund | Tax-Exempt New York Fund | Tax-Free Money Market Fund | Treasury Instruments Fund | Treasury Obligations Fund | |||||||||||||||||||||||||||||||||||||||
$13,727,014,756 | $27,898,373,807 | $6,416,691,188 | $310,054,138 | $103,314,654 | $6,185,250,290 | $31,309,451,680 | $3,639,358,586 | |||||||||||||||||||||||||||||||||||||||
20,131,600,000 | 6,143,000,000 | 6,115,000,000 | 5,000,000 | — | — | — | 12,703,900,000 | |||||||||||||||||||||||||||||||||||||||
106,225,541 | 95,049 | 18,274,219 | 1,430,155 | — | 102,336 | 30,093 | 195,431,409 | |||||||||||||||||||||||||||||||||||||||
— | — | — | — | — | 24,701,673 | 1,542,717,500 | — | |||||||||||||||||||||||||||||||||||||||
7,153,402 | 8,273,917 | 2,523,936 | 301,069 | 167,738 | 8,524,687 | 52,255,373 | 9,771,548 | |||||||||||||||||||||||||||||||||||||||
17,341 | 4,811,663 | 2,157,110 | — | — | 93,154 | 840,273 | 803,610 | |||||||||||||||||||||||||||||||||||||||
— | — | — | 127,805 | 146,534 | — | — | — | |||||||||||||||||||||||||||||||||||||||
— | — | 15,941 | — | 885 | 28,592 | — | — | |||||||||||||||||||||||||||||||||||||||
33,972,011,040 | 34,054,554,436 | 12,554,662,394 | 316,913,167 | 103,629,811 | 6,218,700,732 | 32,905,294,919 | 16,549,265,153 | |||||||||||||||||||||||||||||||||||||||
— | — | — | — | 123,872 | — | — | — | |||||||||||||||||||||||||||||||||||||||
3,410,538 | 3,921,580 | 1,595,373 | 38 | 299 | 271,055 | 1,157,171 | 1,140,456 | |||||||||||||||||||||||||||||||||||||||
56,341 | 949,435 | 170,486 | 25 | 6 | 9,201 | 8,848 | 43,055 | |||||||||||||||||||||||||||||||||||||||
— | 500,000,000 | — | 1,404,901 | — | 16,808,818 | 104,999,956 | — | |||||||||||||||||||||||||||||||||||||||
23,933 | 1,495,229 | 1,364 | — | — | 13,261 | 648,690 | 800 | |||||||||||||||||||||||||||||||||||||||
— | 245,121 | 100,944 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
297,497 | 334,763 | 265,326 | 10,915 | 60,949 | 127,175 | 432,770 | 172,558 | |||||||||||||||||||||||||||||||||||||||
3,788,309 | 506,946,128 | 2,133,493 | 1,415,879 | 185,126 | 17,229,510 | 107,247,435 | 1,356,869 | |||||||||||||||||||||||||||||||||||||||
33,968,234,265 | 33,547,543,410 | 12,552,511,151 | 315,528,297 | 103,444,353 | 6,201,969,757 | 32,797,904,631 | 16,547,799,541 | |||||||||||||||||||||||||||||||||||||||
(53,029 | ) | (5,793 | ) | (73,352 | ) | — | 332 | (29 | ) | — | (52,384 | ) | ||||||||||||||||||||||||||||||||||
41,495 | 70,691 | 91,102 | (31,009 | ) | — | (498,506 | ) | 142,853 | 161,127 | |||||||||||||||||||||||||||||||||||||
$33,968,222,731 | $33,547,608,308 | $12,552,528,901 | $315,497,288 | $103,444,685 | $6,201,471,222 | $32,798,047,484 | $16,547,908,284 | |||||||||||||||||||||||||||||||||||||||
$1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | |||||||||||||||||||||||||||||||||||||||
$29,914,379,280 | $31,995,758,880 | $9,452,169,573 | $315,494,482 | $103,442,836 | $5,774,276,159 | $31,038,195,435 | $13,650,758,342 | |||||||||||||||||||||||||||||||||||||||
132,246,603 | 982,561,029 | 128,406,072 | — | — | 257,043,017 | 46,363,361 | 162,517,744 | |||||||||||||||||||||||||||||||||||||||
247,715,605 | 168,051,316 | 262,067,783 | — | — | 9,320,985 | 47,403,611 | 192,514,140 | |||||||||||||||||||||||||||||||||||||||
1,129,844,707 | 82,649,381 | 104,799,609 | — | — | 5,652,530 | 230,047,989 | 254,416,291 | |||||||||||||||||||||||||||||||||||||||
2,113,391,007 | 299,383,484 | 1,562,352,314 | 12 | 15 | 87,615,884 | 1,326,856,706 | 1,483,299,621 | |||||||||||||||||||||||||||||||||||||||
1,000 | 1,000 | 1,004 | — | — | 1,003 | 94,072 | 1,000 | |||||||||||||||||||||||||||||||||||||||
430,642,528 | 19,201,217 | 942,251,711 | 1,757 | 799 | 56,004,106 | 109,084,310 | 804,399,146 | |||||||||||||||||||||||||||||||||||||||
— | — | 20,306,791 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
1,001 | 1,000 | 80,173,044 | — | — | 11,556,538 | 1,000 | 1,000 | |||||||||||||||||||||||||||||||||||||||
1,000 | 1,001 | 1,000 | 1,037 | 1,035 | 1,000 | 1,000 | 1,000 | |||||||||||||||||||||||||||||||||||||||
$33,968,222,731 | $33,547,608,308 | $12,552,528,901 | $315,497,288 | $103,444,685 | $6,201,471,222 | $32,798,047,484 | $16,547,908,284 | |||||||||||||||||||||||||||||||||||||||
29,914,384,626 | 31,995,688,685 | 9,452,305,510 | 315,479,905 | 103,436,972 | 5,774,692,908 | 31,038,062,639 | 13,650,668,640 | |||||||||||||||||||||||||||||||||||||||
132,246,627 | 982,558,873 | 128,407,913 | — | — | 257,061,568 | 46,363,162 | 162,516,676 | |||||||||||||||||||||||||||||||||||||||
247,715,649 | 168,050,946 | 262,071,539 | — | — | 9,321,658 | 47,403,408 | 192,512,875 | |||||||||||||||||||||||||||||||||||||||
1,129,844,909 | 82,649,199 | 104,801,111 | — | — | 5,652,938 | 230,047,005 | 254,414,618 | |||||||||||||||||||||||||||||||||||||||
2,113,391,384 | 299,382,827 | 1,562,374,711 | 12 | 15 | 87,622,207 | 1,326,851,028 | 1,483,289,874 | |||||||||||||||||||||||||||||||||||||||
1,000 | 1,000 | 1,004 | — | — | 1,004 | 94,072 | 1,000 | |||||||||||||||||||||||||||||||||||||||
430,642,605 | 19,201,174 | 942,265,218 | 1,756 | 799 | 56,008,148 | 109,083,844 | 804,393,860 | |||||||||||||||||||||||||||||||||||||||
— | — | 20,307,082 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
1,001 | 1,000 | 80,174,163 | — | — | 11,557,372 | 1,000 | 1,000 | |||||||||||||||||||||||||||||||||||||||
1,000 | 1,001 | 1,000 | 1,036 | 1,035 | 1,000 | 1,000 | 1,000 |
The accompanying notes are an integral part of these financial statements. | 57 |
GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS
Statements of Operations
For the Six Months Ended February 28, 2015 (Unaudited)
Federal Fund | ||||||
Investment income: | ||||||
Interest income | $ | 5,414,003 | ||||
Total investment income | 5,414,003 | |||||
Expenses: | ||||||
Fund-Level Expenses: | ||||||
Management fees | 11,428,367 | |||||
Transfer Agent fees | 557,481 | |||||
Custody, accounting and administrative services | 209,594 | |||||
Registration fees | 96,888 | |||||
Printing and mailing fees | 56,623 | |||||
Trustee fees | 37,414 | |||||
Professional fees | 36,384 | |||||
Other | 41,805 | |||||
Subtotal | 12,464,556 | |||||
Class Specific Expenses: | ||||||
FST Service Share fees | 511,713 | |||||
Distribution fees — FST Service Shares | 511,712 | |||||
FST Administration Share fees | 506,383 | |||||
FST Cash Management Share fees | 135,321 | |||||
Distribution fees — FST Cash Management Shares | 81,192 | |||||
FST Capital Share fees | 40,695 | |||||
FST Premier Share fees | 27,062 | |||||
FST Preferred Share fees | 24,676 | |||||
FST Select Share fees | 5,815 | |||||
FST Resource Share fees | 2 | |||||
Distribution fees — FST Resource Share fees | 1 | |||||
Distribution and Service fees — FST Class B Shares(a) | — | |||||
Distribution and Service fees — FST Class C Shares | — | |||||
Total expenses | 14,309,128 | |||||
Less — expense reductions | (9,216,331 | ) | ||||
Net expenses | 5,092,797 | |||||
NET INVESTMENT INCOME | $ | 321,206 | ||||
Net realized gain from investment transactions | 91,862 | |||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 413,068 |
(a) | FST Class B Shares were converted to FST Service Shares at the close of business on November 14, 2014. |
58 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS
Government Fund | Money Market Fund | Prime Obligations Fund | Tax-Exempt California Fund | Tax-Exempt New York Fund | Tax-Free Money Market Fund | Treasury Instruments Fund | Treasury Obligations Fund | |||||||||||||||||||||||||||||||||||||||
$ | 19,564,255 | $ | 38,579,424 | $ | 13,853,896 | $ | 92,220 | $ | 45,047 | $ | 2,264,043 | $ | 8,086,133 | $ | 6,716,354 | |||||||||||||||||||||||||||||||
19,564,255 | 38,579,424 | 13,853,896 | 92,220 | 45,047 | 2,264,043 | 8,086,133 | 6,716,354 | |||||||||||||||||||||||||||||||||||||||
31,899,925 | 32,423,514 | 13,993,594 | 477,650 | 211,271 | 5,911,718 | 35,932,221 | 18,075,033 | |||||||||||||||||||||||||||||||||||||||
1,556,094 | 1,581,635 | 682,614 | 13,647 | 6,036 | 288,376 | 1,752,791 | 881,709 | |||||||||||||||||||||||||||||||||||||||
549,529 | 597,991 | 264,159 | 5,157 | 15,642 | 115,271 | 637,741 | 327,570 | |||||||||||||||||||||||||||||||||||||||
107,121 | 86,814 | 104,494 | 19,692 | 12,548 | 78,270 | 143,455 | 76,876 | |||||||||||||||||||||||||||||||||||||||
67,079 | 107,554 | 73,763 | 287 | 20,107 | 39,118 | 218,465 | 32,000 | |||||||||||||||||||||||||||||||||||||||
67,983 | 57,104 | 65,793 | 11,830 | 9,896 | 11,710 | 58,448 | 64,196 | |||||||||||||||||||||||||||||||||||||||
41,105 | 51,229 | 49,085 | 47,006 | 43,238 | 40,448 | 33,518 | 39,594 | |||||||||||||||||||||||||||||||||||||||
60,444 | 122,007 | 82,735 | 1,584 | 4,267 | 22,429 | 122,256 | 16,531 | |||||||||||||||||||||||||||||||||||||||
34,349,280 | 35,027,848 | 15,316,237 | 576,853 | 323,005 | 6,507,340 | 38,898,895 | 19,513,509 | |||||||||||||||||||||||||||||||||||||||
505,379 | 26,154 | 1,154,158 | 1 | 1 | 76,657 | 174,400 | 1,079,015 | |||||||||||||||||||||||||||||||||||||||
505,379 | 26,154 | 1,154,158 | 2 | 1 | 76,657 | 174,399 | 1,079,015 | |||||||||||||||||||||||||||||||||||||||
2,664,367 | 370,983 | 2,147,172 | 824 | 1,028 | 166,623 | 1,594,176 | 1,817,967 | |||||||||||||||||||||||||||||||||||||||
2 | 2 | 2 | 3 | 2 | 2 | 2 | 2 | |||||||||||||||||||||||||||||||||||||||
1 | 1 | 1 | 3 | 3 | 2 | 2 | 2 | |||||||||||||||||||||||||||||||||||||||
935,100 | 38,065 | 62,238 | — | — | 4,083 | 137,220 | 237,254 | |||||||||||||||||||||||||||||||||||||||
2 | 2 | 2 | — | — | 2,125 | 4,327 | 725 | |||||||||||||||||||||||||||||||||||||||
126,468 | 37,119 | 155,073 | — | — | 6,708 | 22,194 | 71,851 | |||||||||||||||||||||||||||||||||||||||
25,037 | 98,217 | 18,372 | — | — | 39,022 | 26,123 | 30,916 | |||||||||||||||||||||||||||||||||||||||
2 | 2 | 200,638 | — | — | 33,089 | 2 | 2 | |||||||||||||||||||||||||||||||||||||||
1 | 1 | 60,191 | — | — | 9,927 | 1 | 1 | |||||||||||||||||||||||||||||||||||||||
— | — | 14,714 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
— | — | 103,658 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
39,111,018 | 35,624,548 | 20,386,614 | 577,686 | 324,040 | 6,922,235 | 41,031,741 | 23,830,259 | |||||||||||||||||||||||||||||||||||||||
(20,419,315 | ) | (7,472,209 | ) | (7,903,118 | ) | (493,796 | ) | (282,681 | ) | (4,834,132 | ) | (32,956,878 | ) | (17,531,246 | ) | |||||||||||||||||||||||||||||||
18,691,703 | 28,152,339 | 12,483,496 | 83,890 | 41,359 | 2,088,103 | 8,074,863 | 6,299,013 | |||||||||||||||||||||||||||||||||||||||
$ | 872,552 | $ | 10,427,085 | $ | 1,370,400 | $ | 8,330 | $ | 3,688 | $ | 175,940 | $ | 11,270 | $ | 417,341 | |||||||||||||||||||||||||||||||
28,290 | 135,114 | 214,288 | 18,131 | 6,396 | 587,403 | 290,661 | 208,735 | |||||||||||||||||||||||||||||||||||||||
$ | 900,842 | $ | 10,562,199 | $ | 1,584,688 | $ | 26,461 | $ | 10,084 | $ | 763,343 | $ | 301,931 | $ | 626,076 |
The accompanying notes are an integral part of these financial statements. | 59 |
GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS
Statements of Changes in Net Assets
Federal Fund | Government Fund | |||||||||||||||||||
For the Six Months Ended February 28, 2015 (Unaudited) | For the Fiscal Year Ended August 31, 2014 | For the Six Months Ended February 28, 2015 (Unaudited) | For the Fiscal Year Ended August 31, 2014 | |||||||||||||||||
From operations: | ||||||||||||||||||||
Net investment income | $ | 321,206 | $ | 606,292 | $ | 872,552 | $ | 808,757 | ||||||||||||
Net realized gain (loss) from investment transactions | 91,862 | 86,563 | 28,290 | 719,076 | ||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 413,068 | 692,855 | 900,842 | 1,527,833 | ||||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||
From net investment income: | ||||||||||||||||||||
FST Shares | (291,593 | ) | (497,649 | ) | (795,895 | ) | (702,730 | ) | ||||||||||||
FST Select Shares | (1,126 | ) | (3,352 | ) | (4,803 | ) | (2,886 | ) | ||||||||||||
FST Preferred Shares | (1,410 | ) | (2,886 | ) | (7,439 | ) | (7,616 | ) | ||||||||||||
FST Capital Shares | (1,556 | ) | (3,435 | ) | (37,007 | ) | (22,709 | ) | ||||||||||||
FST Administration Shares | (11,725 | ) | (21,904 | ) | (63,043 | ) | (62,907 | ) | ||||||||||||
FST Premier Shares | (451 | ) | (50,903 | ) | (2 | ) | (155 | ) | ||||||||||||
FST Service Shares | (11,794 | ) | (23,694 | ) | (11,921 | ) | (9,746 | ) | ||||||||||||
FST Class B Shares(a) | — | — | — | — | ||||||||||||||||
FST Class C Shares | — | — | — | — | ||||||||||||||||
FST Resource Shares | (2 | ) | (4 | ) | (2 | ) | (4 | ) | ||||||||||||
FST Cash Management Shares | (1,549 | ) | (2,465 | ) | (2 | ) | (4 | ) | ||||||||||||
From net realized gains: | ||||||||||||||||||||
FST Shares | (17,169 | ) | (75,153 | ) | (52,401 | ) | (712,063 | ) | ||||||||||||
FST Select Shares | (57 | ) | (462 | ) | (312 | ) | (3,672 | ) | ||||||||||||
FST Preferred Shares | (95 | ) | (469 | ) | (464 | ) | (8,383 | ) | ||||||||||||
FST Capital Shares | (99 | ) | (512 | ) | (2,228 | ) | (18,849 | ) | ||||||||||||
FST Administration Shares | (631 | ) | (3,488 | ) | (3,855 | ) | (63,850 | ) | ||||||||||||
FST Premier Shares | (20 | ) | (9,273 | ) | — | (187 | ) | |||||||||||||
FST Service Shares | (692 | ) | (3,638 | ) | (770 | ) | (13,008 | ) | ||||||||||||
FST Class B Shares(a) | — | — | — | — | ||||||||||||||||
FST Class C Shares | — | — | — | — | ||||||||||||||||
FST Resource Shares | — | — | — | — | ||||||||||||||||
FST Cash Management Shares | (102 | ) | (324 | ) | — | — | ||||||||||||||
Total distributions to shareholders | (340,071 | ) | (699,611 | ) | (980,144 | ) | (1,628,769 | ) | ||||||||||||
From share transactions (at $1.00 per share): | ||||||||||||||||||||
Proceeds from sales of shares | 12,147,661,151 | 31,535,434,995 | 105,816,405,109 | 173,269,743,701 | ||||||||||||||||
Reinvestment of distributions | 245,874 | 508,688 | 509,876 | 797,472 | ||||||||||||||||
Cost of shares redeemed | (10,456,554,203 | ) | (31,856,198,356 | ) | (97,714,939,421 | ) | (172,267,998,526 | ) | ||||||||||||
Net increase (decrease) in net assets resulting from share transactions | 1,691,352,822 | (320,254,673 | ) | 8,101,975,564 | 1,002,542,647 | |||||||||||||||
NET INCREASE (DECREASE) | 1,691,425,819 | (320,261,429 | ) | 8,101,896,262 | 1,002,441,711 | |||||||||||||||
Net assets: | ||||||||||||||||||||
Beginning of period | 10,247,142,614 | 10,567,404,043 | 25,866,326,469 | 24,863,884,758 | ||||||||||||||||
End of period | $ | 11,938,568,433 | $ | 10,247,142,614 | $ | 33,968,222,731 | $ | 25,866,326,469 | ||||||||||||
Undistributed (distributions in excess of) net investment income | $ | 1,451 | $ | 1,451 | $ | (53,029 | ) | $ | (5,467 | ) |
(a) | FST Class B Shares were converted to FST Service Shares at the close of business on November 14, 2014. |
60 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS
Money Market Fund | Prime Obligations Fund | Tax-Exempt California Fund | ||||||||||||||||||||||||||||||||
For the Six Months Ended February 28, 2015 (Unaudited) | For the Fiscal Year Ended August 31, 2014 | For the Six Months Ended February 28, 2015 (Unaudited) | For the Fiscal Year Ended August 31, 2014 | For the Six Months Ended February 28, 2015 (Unaudited) | For the Fiscal Year Ended August 31, 2014 | |||||||||||||||||||||||||||||
$ | 10,427,085 | $ | 17,856,865 | $ | 1,370,400 | $ | 2,309,542 | $ | 8,330 | $ | 16,455 | |||||||||||||||||||||||
135,114 | 285,042 | 214,288 | 361,415 | 18,131 | (49,140 | ) | ||||||||||||||||||||||||||||
10,562,199 | 18,141,907 | 1,584,688 | 2,670,957 | 26,461 | (32,685 | ) | ||||||||||||||||||||||||||||
(10,292,921 | ) | (17,735,961 | ) | (1,241,495 | ) | (2,070,189 | ) | (8,292 | ) | (7,263 | ) | |||||||||||||||||||||||
(126,914 | ) | (87,304 | ) | (5,156 | ) | (13,276 | ) | — | — | |||||||||||||||||||||||||
(1,291 | ) | (6,272 | ) | (11,457 | ) | (17,295 | ) | — | — | |||||||||||||||||||||||||
(833 | ) | (2,721 | ) | (3,298 | ) | (7,949 | ) | — | — | |||||||||||||||||||||||||
(4,782 | ) | (20,720 | ) | (68,664 | ) | (127,468 | ) | (34 | ) | (9,184 | ) | |||||||||||||||||||||||
(1 | ) | (2,153 | ) | (2 | ) | (4 | ) | — | — | |||||||||||||||||||||||||
(339 | ) | (1,726 | ) | (36,261 | ) | (65,135 | ) | (2 | ) | (4 | ) | |||||||||||||||||||||||
— | — | (57 | ) | (269 | ) | — | — | |||||||||||||||||||||||||||
— | — | (823 | ) | (1,572 | ) | — | — | |||||||||||||||||||||||||||
(2 | ) | (4 | ) | (3,185 | ) | (6,382 | ) | — | — | |||||||||||||||||||||||||
(2 | ) | (4 | ) | (2 | ) | (3 | ) | (2 | ) | (4 | ) | |||||||||||||||||||||||
(61,929 | ) | (301,844 | ) | (92,919 | ) | (328,375 | ) | — | (5,577 | ) | ||||||||||||||||||||||||
(1,375 | ) | (2,698 | ) | (1,102 | ) | (4,760 | ) | — | — | |||||||||||||||||||||||||
(148 | ) | (1,142 | ) | (3,747 | ) | (6,423 | ) | — | — | |||||||||||||||||||||||||
(108 | ) | (487 | ) | (742 | ) | (2,938 | ) | — | — | |||||||||||||||||||||||||
(605 | ) | (3,600 | ) | (14,945 | ) | (48,210 | ) | — | (11,284 | ) | ||||||||||||||||||||||||
— | (417 | ) | — | — | — | — | ||||||||||||||||||||||||||||
(41 | ) | (307 | ) | (8,662 | ) | (24,242 | ) | — | — | |||||||||||||||||||||||||
— | — | (7 | ) | (98 | ) | — | — | |||||||||||||||||||||||||||
— | — | (187 | ) | (581 | ) | — | — | |||||||||||||||||||||||||||
— | — | (724 | ) | (2,403 | ) | — | — | |||||||||||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||||||||||||
(10,491,291 | ) | (18,167,360 | ) | (1,493,435 | ) | (2,727,572 | ) | (8,330 | ) | (33,316 | ) | |||||||||||||||||||||||
202,261,835,869 | 399,915,051,314 | 51,045,925,211 | 113,544,112,830 | 402,792,565 | 938,398,003 | |||||||||||||||||||||||||||||
5,171,207 | 8,156,948 | 568,737 | 1,040,932 | 8,232 | 32,752 | |||||||||||||||||||||||||||||
(196,177,342,091 | ) | (398,188,439,577 | ) | (52,413,504,125 | ) | (116,973,211,346 | ) | (343,325,182 | ) | (998,662,329 | ) | |||||||||||||||||||||||
6,089,664,985 | 1,734,768,685 | (1,367,010,177 | ) | (3,428,057,584 | ) | 59,475,615 | (60,231,574 | ) | ||||||||||||||||||||||||||
6,089,735,893 | 1,734,743,232 | (1,366,918,924 | ) | (3,428,114,199 | ) | 59,493,746 | (60,297,575 | ) | ||||||||||||||||||||||||||
27,457,872,415 | 25,723,129,183 | 13,919,447,825 | 17,347,562,024 | 256,003,542 | 316,301,117 | |||||||||||||||||||||||||||||
$ | 33,547,608,308 | $ | 27,457,872,415 | $ | 12,552,528,901 | $ | 13,919,447,825 | $ | 315,497,288 | $ | 256,003,542 | |||||||||||||||||||||||
$ | (5,793 | ) | $ | (5,793 | ) | $ | (73,352 | ) | $ | (73,352 | ) | $ | — | $ | — |
The accompanying notes are an integral part of these financial statements. | 61 |
GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS
Statements of Changes in Net Assets (continued)
Tax-Exempt New York Fund | ||||||||||
For the Six Months Ended February 28, 2015 (Unaudited) | For the Fiscal Year Ended August 31, 2014 | |||||||||
From operations: | ||||||||||
Net investment income (loss) | $ | 3,688 | $ | 9,495 | ||||||
Net realized gain (loss) from investment transactions | 6,396 | 3,913 | ||||||||
Net increase (decrease) in net assets resulting from operations | 10,084 | 13,408 | ||||||||
Distributions to shareholders: | ||||||||||
From net investment income: | ||||||||||
FST Shares | (3,642 | ) | (2,114 | ) | ||||||
FST Select Shares | — | — | ||||||||
FST Preferred Shares | — | — | ||||||||
FST Capital Shares | — | — | ||||||||
FST Administration Shares | (42 | ) | (7,374 | ) | ||||||
FST Premier Shares | — | — | ||||||||
FST Service Shares | (2 | ) | (4 | ) | ||||||
FST Class B Shares(a) | — | — | ||||||||
FST Class C Shares | — | — | ||||||||
FST Resource Shares | — | — | ||||||||
FST Cash Management Shares | (2 | ) | (3 | ) | ||||||
From net realized gains: | ||||||||||
FST Shares | (6,817 | ) | (980 | ) | ||||||
FST Select Shares | — | — | ||||||||
FST Preferred Shares | — | — | ||||||||
FST Capital Shares | — | — | ||||||||
FST Administration Shares | (77 | ) | (5,921 | ) | ||||||
FST Premier Shares | — | — | ||||||||
FST Service Shares | — | — | ||||||||
FST Class B Shares(a) | — | — | ||||||||
FST Class C Shares | — | — | ||||||||
FST Resource Shares | — | — | ||||||||
FST Cash Management Shares | — | — | ||||||||
Total distributions to shareholders | (10,582 | ) | (16,396 | ) | ||||||
From share transactions (at $1.00 per share): | ||||||||||
Proceeds from sales of shares | 179,651,455 | 619,525,860 | ||||||||
Reinvestment of distributions | 10,422 | 16,075 | ||||||||
Cost of shares redeemed | (201,947,207 | ) | (640,528,744 | ) | ||||||
Net increase (decrease) in net assets resulting from share transactions | (22,285,330 | ) | (20,986,809 | ) | ||||||
NET INCREASE (DECREASE) | (22,285,828 | ) | (20,989,797 | ) | ||||||
Net assets: | ||||||||||
Beginning of period | 125,730,513 | 146,720,310 | ||||||||
End of period | $ | 103,444,685 | $ | 125,730,513 | ||||||
Undistributed (distributions in excess of) net investment income (loss) | $ | 332 | $ | 332 |
(a) | FST Class B Shares were converted to FST Service Shares at the close of business on November 14, 2014. |
62 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS
Tax-Free Money Market Fund | Treasury Instruments Fund | Treasury Obligations Fund | ||||||||||||||||||||||||||||||||
For the Six Months Ended February 28, 2015 (Unaudited) | For the Fiscal Year Ended August 31, 2014 | For the Six Months Ended February 28, 2015 (Unaudited) | For the Fiscal Year Ended August 31, 2014 | For the Six Months Ended February 28, 2015 (Unaudited) | For the Fiscal Year Ended August 31, 2014 | |||||||||||||||||||||||||||||
$ | 175,940 | $ | 350,102 | $ | 11,270 | $ | (34,795 | ) | $ | 417,341 | $ | 643,437 | ||||||||||||||||||||||
587,403 | (1,085,909 | ) | 290,661 | 368,600 | 208,735 | 213,445 | ||||||||||||||||||||||||||||
763,343 | (735,807 | ) | 301,931 | 333,805 | 626,076 | 856,882 | ||||||||||||||||||||||||||||
(161,049 | ) | (288,216 | ) | (10,958 | ) | — | (378,819 | ) | (487,430 | ) | ||||||||||||||||||||||||
(7,936 | ) | (16,545 | ) | — | — | (5,354 | ) | (11,721 | ) | |||||||||||||||||||||||||
(409 | ) | (1,107 | ) | (43 | ) | — | (3,770 | ) | (6,675 | ) | ||||||||||||||||||||||||
(166 | ) | (285 | ) | (79 | ) | — | (8,171 | ) | (15,071 | ) | ||||||||||||||||||||||||
(4,066 | ) | (7,370 | ) | (186 | ) | — | (37,595 | ) | (81,267 | ) | ||||||||||||||||||||||||
(37 | ) | (31,741 | ) | — | — | (11 | ) | (3,904 | ) | |||||||||||||||||||||||||
(1,871 | ) | (3,069 | ) | — | — | (22,639 | ) | (52,483 | ) | |||||||||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||||||||||||
(404 | ) | (1,765 | ) | (2 | ) | — | (2 | ) | (4 | ) | ||||||||||||||||||||||||
(2 | ) | (4 | ) | (2 | ) | — | (2 | ) | (4 | ) | ||||||||||||||||||||||||
— | (295,357 | ) | (171,809 | ) | (326,424 | ) | (100,294 | ) | (106,478 | ) | ||||||||||||||||||||||||
— | (21,408 | ) | (1,052 | ) | (3,117 | ) | (1,339 | ) | (2,466 | ) | ||||||||||||||||||||||||
— | (1,091 | ) | (201 | ) | (796 | ) | (970 | ) | (1,411 | ) | ||||||||||||||||||||||||
— | (199 | ) | (927 | ) | (1,619 | ) | (2,063 | ) | (2,499 | ) | ||||||||||||||||||||||||
— | (7,069 | ) | (6,831 | ) | (14,904 | ) | (9,894 | ) | (16,202 | ) | ||||||||||||||||||||||||
— | (38,383 | ) | (14 | ) | (2,903 | ) | (3 | ) | (677 | ) | ||||||||||||||||||||||||
— | (1,250 | ) | (777 | ) | (1,823 | ) | (5,674 | ) | (9,878 | ) | ||||||||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||||||||||||||
— | (1,780 | ) | — | (4 | ) | — | — | |||||||||||||||||||||||||||
— | — | — | (4 | ) | — | — | ||||||||||||||||||||||||||||
(175,940 | ) | (716,639 | ) | (192,881 | ) | (351,594 | ) | (576,600 | ) | (798,170 | ) | |||||||||||||||||||||||
8,145,267,830 | 16,936,386,372 | 51,773,767,615 | 110,834,673,733 | 45,166,381,417 | 85,584,216,689 | |||||||||||||||||||||||||||||
120,144 | 560,320 | 130,750 | 239,890 | 283,457 | 375,145 | |||||||||||||||||||||||||||||
(7,695,070,995 | ) | (16,917,523,600 | ) | (51,920,114,776 | ) | (105,671,889,320 | ) | (45,344,224,939 | ) | (79,249,063,394 | ) | |||||||||||||||||||||||
450,316,979 | 19,423,092 | (146,216,411 | ) | 5,163,024,303 | (177,560,065 | ) | 6,335,528,440 | |||||||||||||||||||||||||||
450,904,382 | 17,970,646 | (146,107,361 | ) | 5,163,006,514 | (177,510,589 | ) | 6,335,587,152 | |||||||||||||||||||||||||||
5,750,566,840 | 5,732,596,194 | 32,944,154,845 | 27,781,148,331 | 16,725,418,873 | 10,389,831,721 | |||||||||||||||||||||||||||||
$ | 6,201,471,222 | $ | 5,750,566,840 | $ | 32,798,047,484 | $ | 32,944,154,845 | $ | 16,547,908,284 | $ | 16,725,418,873 | |||||||||||||||||||||||
$ | (29 | ) | $ | (29 | ) | $ | — | $ | — | $ | (52,384 | ) | $ | (13,362 | ) |
The accompanying notes are an integral part of these financial statements. | 63 |
FINANCIAL SQUARE FEDERAL FUND
Financial Highlights
Selected Data for a Share Outstanding Throughout Each Period
Year - Share Class | Net asset value, beginning of period | Net investment income (loss) | Distributions from net investment income(a) | |||||||||||
FOR THE SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED) | ||||||||||||||
2015 - FST Shares | $ | 1.00 | $ | — | (c) | $ | — | (c) | ||||||
2015 - FST Select Shares | 1.00 | — | (c) | — | (c) | |||||||||
2015 - FST Preferred Shares | 1.00 | — | (c) | — | (c) | |||||||||
2015 - FST Capital Shares | 1.00 | — | (c) | — | (c) | |||||||||
2015 - FST Administration Shares | 1.00 | — | (c) | — | (c) | |||||||||
2015 - FST Premier Shares | 1.00 | — | (c) | — | (c) | |||||||||
2015 - FST Service Shares | 1.00 | — | (c) | — | (c) | |||||||||
2015 - FST Resource Shares | 1.00 | — | (c) | — | (c) | |||||||||
2015 - FST Cash Management Shares | 1.00 | — | (c) | — | (c) | |||||||||
FOR THE FISCAL YEARS ENDED AUGUST 31, | ||||||||||||||
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) | |||||||||
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) |
(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. |
64 | The accompanying notes are an integral part of these financial statements. |
FINANCIAL SQUARE FEDERAL FUND
Net asset value, end of period | Total return(b) | Net assets end of period (in 000s) | Ratio of net expenses to average net assets | Ratio of total expenses to average net assets | Ratio of net investment income (loss) to average net assets | |||||||||||||||||||||||||||||
$ | 1.00 | — | %(d) | $ | 10,978,539 | 0.09 | %(e) | 0.23 | %(e) | 0.01 | %(e) | |||||||||||||||||||||||
1.00 | — | (d) | 34,544 | 0.09 | (e) | 0.26 | (e) | 0.01 | (e) | |||||||||||||||||||||||||
1.00 | — | (d) | 47,553 | 0.09 | (e) | 0.33 | (e) | 0.01 | (e) | |||||||||||||||||||||||||
1.00 | — | (d) | 60,645 | 0.09 | (e) | 0.38 | (e) | 0.01 | (e)�� | |||||||||||||||||||||||||
1.00 | — | (d) | 386,415 | 0.09 | (e) | 0.48 | (e) | 0.01 | (e) | |||||||||||||||||||||||||
1.00 | — | (d) | 1 | 0.09 | (e) | 0.58 | (e) | 0.01 | (e) | |||||||||||||||||||||||||
1.00 | — | (d) | 397,489 | 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) | 33,381 | 0.09 | (e) | 1.03 | (e) | 0.01 | (e) | |||||||||||||||||||||||||
1.00 | 0.01 | 9,153,246 | 0.09 | 0.23 | 0.01 | |||||||||||||||||||||||||||||
1.00 | 0.01 | 38,054 | 0.09 | 0.26 | 0.01 | |||||||||||||||||||||||||||||
1.00 | 0.01 | 52,417 | 0.09 | 0.33 | 0.01 | |||||||||||||||||||||||||||||
1.00 | 0.01 | 55,729 | 0.09 | 0.38 | 0.01 | |||||||||||||||||||||||||||||
1.00 | 0.01 | 403,438 | 0.09 | 0.48 | 0.01 | |||||||||||||||||||||||||||||
1.00 | 0.01 | 17,834 | 0.09 | 0.58 | 0.01 | |||||||||||||||||||||||||||||
1.00 | 0.01 | 435,856 | 0.09 | 0.73 | 0.01 | |||||||||||||||||||||||||||||
1.00 | 0.01 | 1 | 0.09 | 0.88 | 0.40 | |||||||||||||||||||||||||||||
1.00 | 0.01 | 90,568 | 0.09 | 1.03 | 0.01 | |||||||||||||||||||||||||||||
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) |
The accompanying notes are an integral part of these financial statements. | 65 |
FINANCIAL 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) | ||||||||||||||
2015 - FST Shares | $ | 1.00 | $ | — | (c) | $ | — | (c) | ||||||
2015 - FST Select Shares | 1.00 | — | (c) | — | (c) | |||||||||
2015 - FST Preferred Shares | 1.00 | — | (c) | — | (c) | |||||||||
2015 - FST Capital Shares | 1.00 | — | (c) | — | (c) | |||||||||
2015 - FST Administration Shares | 1.00 | — | (c) | — | (c) | |||||||||
2015 - FST Premier Shares | 1.00 | — | (c) | — | (c) | |||||||||
2015 - FST Service Shares | 1.00 | — | (c) | — | (c) | |||||||||
2015 - FST Resource Shares | 1.00 | — | (c) | — | (c) | |||||||||
2015 - FST Cash Management Shares | 1.00 | — | (c) | — | (c) | |||||||||
FOR THE FISCAL YEARS ENDED AUGUST 31, | ||||||||||||||
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) | |||||||||
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) |
(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. |
66 | The accompanying notes are an integral part of these financial statements. |
FINANCIAL 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) | $ | 29,914,379 | 0.12 | %(e) | 0.23 | %(e) | 0.01 | %(e) | |||||||||||||||||||||||
1.00 | — | (d) | 132,247 | 0.12 | (e) | 0.26 | (e) | 0.01 | (e) | |||||||||||||||||||||||||
1.00 | — | (d) | 247,716 | 0.12 | (e) | 0.33 | (e) | 0.01 | (e) | |||||||||||||||||||||||||
1.00 | — | (d) | 1,129,845 | 0.12 | (e) | 0.38 | (e) | 0.01 | (e) | |||||||||||||||||||||||||
1.00 | — | (d) | 2,113,391 | 0.12 | (e) | 0.48 | (e) | 0.01 | (e) | |||||||||||||||||||||||||
1.00 | — | (d) | 1 | 0.12 | (e) | 0.58 | (e) | 0.40 | (e) | |||||||||||||||||||||||||
1.00 | — | (d) | 430,642 | 0.12 | (e) | 0.73 | (e) | 0.01 | (e) | |||||||||||||||||||||||||
1.00 | — | (d) | 1 | 0.12 | (e) | 0.88 | (e) | 0.40 | (e) | |||||||||||||||||||||||||
1.00 | — | (d) | 1 | 0.12 | (e) | 1.03 | (e) | 0.40 | (e) | |||||||||||||||||||||||||
1.00 | 0.01 | 22,069,515 | 0.12 | 0.23 | — | (f) | ||||||||||||||||||||||||||||
1.00 | 0.01 | 101,446 | 0.12 | 0.26 | — | (f) | ||||||||||||||||||||||||||||
1.00 | 0.01 | 266,881 | 0.12 | 0.33 | — | (f) | ||||||||||||||||||||||||||||
1.00 | 0.01 | 1,113,078 | 0.12 | 0.38 | — | (f) | ||||||||||||||||||||||||||||
1.00 | 0.01 | 1,939,309 | 0.12 | 0.48 | — | (f) | ||||||||||||||||||||||||||||
1.00 | 0.01 | 1 | 0.12 | 0.58 | — | (f) | ||||||||||||||||||||||||||||
1.00 | 0.01 | 376,094 | 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 | 0.03 | 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) |
The accompanying notes are an integral part of these financial statements. | 67 |
FINANCIAL SQUARE MONEY MARKET FUND
Financial Highlights
Selected Data for a Share Outstanding Throughout Each Period
Year - Share Class | Net asset value, beginning of period | Net investment income (loss) | Distributions from net investment income(a) | |||||||||||
FOR THE SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED) | ||||||||||||||
2015 - FST Shares | $ | 1.00 | $ | — | (c) | $ | — | (c) | ||||||
2015 - FST Select Shares | 1.00 | — | (c) | — | (c) | |||||||||
2015 - FST Preferred Shares | 1.00 | — | (c) | — | (c) | |||||||||
2015 - FST Capital Shares | 1.00 | — | (c) | — | (c) | |||||||||
2015 - FST Administration Shares | 1.00 | — | (c) | — | (c) | |||||||||
2015 - FST Premier Shares | 1.00 | — | (c) | — | (c) | |||||||||
2015 - FST Service Shares | 1.00 | — | (c) | — | (c) | |||||||||
2015 - FST Resource Shares | 1.00 | — | (c) | — | (c) | |||||||||
2015 - FST Cash Management Shares | 1.00 | — | (c) | — | (c) | |||||||||
FOR THE FISCAL YEARS ENDED AUGUST 31, | ||||||||||||||
2014 - FST Shares | 1.00 | 0.001 | (0.001 | ) | ||||||||||
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) | |||||||||
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) |
(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. |
68 | The accompanying notes are an integral part of these financial statements. |
FINANCIAL SQUARE MONEY MARKET FUND
Net asset value, end of period | Total return(b) | Net assets end of period (in 000s) | Ratio of net expenses to average net assets | Ratio of total expenses to average net assets | Ratio of net investment income (loss) to average net assets | |||||||||||||||||||||||||||||
$ | 1.00 | 0.04 | % | $ | 31,995,759 | 0.18 | %(e) | 0.23 | %(e) | 0.07 | %(e) | |||||||||||||||||||||||
1.00 | 0.02 | 982,561 | 0.21 | (e) | 0.26 | (e) | 0.04 | (e) | ||||||||||||||||||||||||||
1.00 | — | (d) | 168,051 | 0.25 | (e) | 0.33 | (e) | — | (e)(f) | |||||||||||||||||||||||||
1.00 | — | (d) | 82,649 | 0.25 | (e) | 0.38 | (e) | — | (e)(f) | |||||||||||||||||||||||||
1.00 | — | (d) | 299,384 | 0.24 | (e) | 0.48 | (e) | — | (e)(f) | |||||||||||||||||||||||||
1.00 | — | (d) | 1 | 0.18 | (e) | 0.58 | (e) | 0.40 | (e) | |||||||||||||||||||||||||
1.00 | — | (d) | 19,201 | 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 | 0.06 | 26,529,130 | 0.18 | 0.23 | 0.06 | |||||||||||||||||||||||||||||
1.00 | 0.03 | 527,470 | 0.21 | 0.26 | 0.03 | |||||||||||||||||||||||||||||
1.00 | 0.01 | 66,193 | 0.24 | 0.33 | 0.01 | |||||||||||||||||||||||||||||
1.00 | 0.01 | 36,709 | 0.24 | 0.38 | 0.01 | |||||||||||||||||||||||||||||
1.00 | 0.01 | 277,404 | 0.24 | 0.48 | 0.01 | |||||||||||||||||||||||||||||
1.00 | 0.01 | 1 | 0.24 | 0.58 | 0.01 | |||||||||||||||||||||||||||||
1.00 | 0.01 | 20,963 | 0.24 | 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 | 0.11 | 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) |
The accompanying notes are an integral part of these financial statements. | 69 |
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) | ||||||||||||||
2015 - FST Shares | $ | 1.00 | $ | — | (c) | $ | — | (c) | ||||||
2015 - FST Select Shares | 1.00 | — | (c) | — | (c) | |||||||||
2015 - FST Preferred Shares | 1.00 | — | (c) | — | (c) | |||||||||
2015 - FST Capital Shares | 1.00 | — | (c) | — | (c) | |||||||||
2015 - FST Administration Shares | 1.00 | — | (c) | — | (c) | |||||||||
2015 - FST Premier Shares | 1.00 | — | (c) | — | (c) | |||||||||
2015 - FST Service Shares | 1.00 | — | (c) | — | (c) | |||||||||
2015 - FST Resource Shares | 1.00 | — | (c) | — | (c) | |||||||||
2015 - FST Cash Management Shares | 1.00 | — | (c) | — | (c) | |||||||||
2015 - FST Class C Shares | 1.00 | — | (c) | — | (c) | |||||||||
FOR THE FISCAL YEARS ENDED AUGUST 31, | ||||||||||||||
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 C Shares | 1.00 | — | (c) | — | (c) | |||||||||
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 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 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 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 C Shares (Commenced May 14, 2010) | 1.00 | — | (c) | — | (c) |
(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. |
70 | 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 | % | $ | 9,452,169 | 0.18 | %(d) | 0.23 | %(d) | 0.02 | %(d) | |||||||||||||||||||||||
1.00 | 0.01 | 128,406 | 0.20 | (d) | 0.26 | (d) | 0.01 | (d) | ||||||||||||||||||||||||||
1.00 | 0.01 | 262,068 | 0.20 | (d) | 0.33 | (d) | 0.01 | (d) | ||||||||||||||||||||||||||
1.00 | 0.01 | 104,800 | 0.20 | (d) | 0.38 | (d) | 0.01 | (d) | ||||||||||||||||||||||||||
1.00 | 0.01 | 1,562,352 | 0.20 | (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 | 942,252 | 0.20 | (d) | 0.73 | (d) | 0.01 | (d) | ||||||||||||||||||||||||||
1.00 | 0.01 | 80,173 | 0.20 | (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 | 20,307 | 0.20 | (d) | 1.23 | (d) | 0.01 | (d) | ||||||||||||||||||||||||||
1.00 | 0.02 | 10,934,044 | 0.18 | 0.23 | 0.02 | |||||||||||||||||||||||||||||
1.00 | 0.01 | 118,994 | 0.19 | 0.26 | 0.01 | |||||||||||||||||||||||||||||
1.00 | 0.01 | 108,264 | 0.19 | 0.33 | 0.01 | |||||||||||||||||||||||||||||
1.00 | 0.01 | 72,327 | 0.19 | 0.38 | 0.01 | |||||||||||||||||||||||||||||
1.00 | 0.01 | 1,644,425 | 0.19 | 0.48 | 0.01 | |||||||||||||||||||||||||||||
1.00 | 0.01 | 1 | 0.18 | 0.58 | 0.40 | |||||||||||||||||||||||||||||
1.00 | 0.01 | 938,791 | 0.19 | 0.73 | 0.01 | |||||||||||||||||||||||||||||
1.00 | 0.01 | 78,532 | 0.19 | 0.88 | 0.01 | |||||||||||||||||||||||||||||
1.00 | 0.01 | 1 | 0.18 | 1.03 | 0.40 | |||||||||||||||||||||||||||||
1.00 | 0.01 | 20,870 | 0.19 | 1.23 | 0.01 | |||||||||||||||||||||||||||||
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 | 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 | 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 | 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 | 1 | 0.36 | (d) | 1.03 | (d) | (0.37 | )(d) |
The accompanying notes are an integral part of these financial statements. | 71 |
FINANCIAL SQUARE TAX-EXEMPT CALIFORNIA FUND
Financial Highlights
Selected Data for a Share Outstanding Throughout Each Period
Year - Share Class | Net asset value, beginning of period | Net investment income (loss) | Distributions from net investment income(a) | |||||||||||
FOR THE SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED) | ||||||||||||||
2015 - FST Shares | $ | 1.00 | $ | — | (c) | $ | — | (c) | ||||||
2015 - FST Administration Shares | 1.00 | — | (c) | — | (c) | |||||||||
2015 - FST Service Shares | 1.00 | — | (c) | — | (c) | |||||||||
2015 - FST Cash Management Shares | 1.00 | — | (c) | — | (c) | |||||||||
FOR THE FISCAL YEARS ENDED AUGUST 31, | ||||||||||||||
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) | |||||||||
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) |
(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) | Amount is less than $1,000. |
(f) | Annualized. |
72 | The accompanying notes are an integral part of these financial statements. |
FINANCIAL SQUARE TAX-EXEMPT CALIFORNIA FUND
Net asset value, end of period | Total return(b) | Net assets end of period (in 000s) | Ratio of net expenses to average net assets | Ratio of total expenses to average net assets | Ratio of net investment income (loss) to average net assets | |||||||||||||||||||||||||||||
$ | 1.00 | — | %(d) | $ | 315,494 | 0.06 | %(f) | 0.42 | %(f) | 0.01 | %(f) | |||||||||||||||||||||||
1.00 | — | (d) | — | (e) | 0.06 | (f) | 0.57 | (f) | 0.01 | (f) | ||||||||||||||||||||||||
1.00 | — | (d) | 2 | 0.06 | (f) | 0.82 | (f) | 0.23 | (f) | |||||||||||||||||||||||||
1.00 | — | (d) | 1 | 0.06 | (f) | 1.42 | (f) | 0.39 | (f) | |||||||||||||||||||||||||
1.00 | 0.01 | 254,701 | 0.09 | 0.43 | 0.01 | |||||||||||||||||||||||||||||
1.00 | 0.01 | 1,300 | 0.09 | 0.58 | 0.01 | |||||||||||||||||||||||||||||
1.00 | 0.01 | 2 | 0.09 | 0.83 | 0.23 | |||||||||||||||||||||||||||||
1.00 | 0.01 | 1 | 0.09 | 1.43 | 0.39 | |||||||||||||||||||||||||||||
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 | ) |
The accompanying notes are an integral part of these financial statements. | 73 |
FINANCIAL SQUARE TAX-EXEMPT NEW YORK FUND
Financial Highlights
Selected Data for a Share Outstanding Throughout Each Period
Year - Share Class | Net asset | Net investment income (loss) | Distributions from net investment income(a) | |||||||||||
FOR THE SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED) | ||||||||||||||
2015 - FST Shares | $ | 1.00 | $ | — | (c) | $ | — | (c) | ||||||
2015 - FST Administration Shares | 1.00 | — | (c) | — | (c) | |||||||||
2015 - FST Service Shares | 1.00 | — | (c) | — | (c) | |||||||||
2015 - FST Cash Management Shares | 1.00 | — | (c) | — | (c) | |||||||||
FOR THE FISCAL YEARS ENDED AUGUST 31, | ||||||||||||||
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) | |||||||||
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) |
(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 $1,000. |
(e) | Annualized. |
74 | The accompanying notes are an integral part of these financial statements. |
FINANCIAL SQUARE TAX-EXEMPT NEW YORK FUND
Net asset value, end of period | Total return(b) | Net assets end of period (in 000s) | Ratio of net expenses to average net assets | Ratio of total expenses to average net assets | Ratio of net investment income (loss) to average net assets | |||||||||||||||||||||||||||||
$ | 1.00 | 0.01 | % | $ | 103,443 | 0.07 | %(e) | 0.54 | %(e) | 0.01 | %(e) | |||||||||||||||||||||||
1.00 | 0.01 | — | (d) | 0.07 | (e) | 0.69 | (e) | 0.01 | (e) | |||||||||||||||||||||||||
1.00 | 0.01 | 1 | 0.07 | (e) | 0.94 | (e) | 0.50 | (e) | ||||||||||||||||||||||||||
1.00 | 0.01 | 1 | 0.07 | (e) | 1.54 | (e) | 0.39 | (e) | ||||||||||||||||||||||||||
1.00 | 0.01 | 123,516 | 0.09 | 0.45 | 0.01 | |||||||||||||||||||||||||||||
1.00 | 0.01 | 2,213 | 0.09 | 0.60 | 0.01 | |||||||||||||||||||||||||||||
1.00 | 0.01 | 1 | 0.09 | 0.85 | 0.50 | |||||||||||||||||||||||||||||
1.00 | 0.01 | 1 | 0.09 | 1.45 | 0.39 | |||||||||||||||||||||||||||||
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 | ) |
The accompanying notes are an integral part of these financial statements. | 75 |
FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND
Financial Highlights
Selected Data for a Share Outstanding Throughout Each Period
Year - Share Class | Net asset value, beginning of period | Net investment income (loss) | Distributions from net investment income(a) | |||||||||||
FOR THE SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED) | ||||||||||||||
2015 - FST Shares | $ | 1.00 | $ | — | (c) | $ | — | (c) | ||||||
2015 - FST Select Shares | 1.00 | — | (c) | — | (c) | |||||||||
2015 - FST Preferred Shares | 1.00 | — | (c) | — | (c) | |||||||||
2015 - FST Capital Shares | 1.00 | — | (c) | — | (c) | |||||||||
2015 - FST Administration Shares | 1.00 | — | (c) | — | (c) | |||||||||
2015 - FST Premier Shares | 1.00 | — | (c) | — | (c) | |||||||||
2015 - FST Service Shares | 1.00 | — | (c) | — | (c) | |||||||||
2015 - FST Resource Shares | 1.00 | — | (c) | — | (c) | |||||||||
2015 - FST Cash Management Shares | 1.00 | — | (c) | — | (c) | |||||||||
FOR THE FISCAL YEARS ENDED AUGUST 31, | ||||||||||||||
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) | |||||||||
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) |
(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. |
76 | The accompanying notes are an integral part of these financial statements. |
FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND
Net asset value, end of period | Total return(b) | Net assets end of period (in 000s) | Ratio of net expenses to average net assets | Ratio of total expenses to average net assets | Ratio of net investment income (loss) to average net assets | |||||||||||||||||||||||||||||
$ | 1.00 | — | %(d) | $ | 5,774,276 | 0.07 | %(e) | 0.23 | %(e) | 0.01 | %(e) | |||||||||||||||||||||||
1.00 | — | (d) | 257,043 | 0.07 | (e) | 0.26 | (e) | 0.01 | (e) | |||||||||||||||||||||||||
1.00 | — | (d) | 9,321 | 0.07 | (e) | 0.33 | (e) | 0.01 | (e) | |||||||||||||||||||||||||
1.00 | — | (d) | 5,653 | 0.07 | (e) | 0.38 | (e) | 0.01 | (e) | |||||||||||||||||||||||||
1.00 | — | (d) | 87,616 | 0.07 | (e) | 0.48 | (e) | 0.01 | (e) | |||||||||||||||||||||||||
1.00 | — | (d) | 1 | 0.07 | (e) | 0.58 | (e) | 0.01 | (e) | |||||||||||||||||||||||||
1.00 | — | (d) | 56,004 | 0.07 | (e) | 0.73 | (e) | 0.01 | (e) | |||||||||||||||||||||||||
1.00 | — | (d) | 11,556 | 0.07 | (e) | 0.88 | (e) | 0.01 | (e) | |||||||||||||||||||||||||
1.00 | — | (d) | 1 | 0.07 | (e) | 1.03 | (e) | 0.40 | (e) | |||||||||||||||||||||||||
1.00 | 0.01 | 5,225,304 | 0.10 | 0.23 | 0.01 | |||||||||||||||||||||||||||||
1.00 | 0.01 | 267,104 | 0.10 | 0.26 | 0.01 | |||||||||||||||||||||||||||||
1.00 | 0.01 | 15,635 | 0.10 | 0.33 | 0.01 | |||||||||||||||||||||||||||||
1.00 | 0.01 | 5,728 | 0.10 | 0.38 | 0.01 | |||||||||||||||||||||||||||||
1.00 | 0.01 | 155,732 | 0.10 | 0.48 | 0.01 | |||||||||||||||||||||||||||||
1.00 | 0.01 | 1,858 | 0.10 | 0.58 | 0.01 | |||||||||||||||||||||||||||||
1.00 | 0.01 | 66,226 | 0.10 | 0.73 | 0.01 | |||||||||||||||||||||||||||||
1.00 | 0.01 | 12,979 | 0.10 | 0.88 | 0.01 | |||||||||||||||||||||||||||||
1.00 | 0.01 | 1 | 0.10 | 1.03 | 0.40 | |||||||||||||||||||||||||||||
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 | (e) | 0.57 | (e) | 0.01 | (e) | ||||||||||||||||||||||||||
1.00 | 0.02 | 44,690 | 0.31 | 0.73 | 0.01 | |||||||||||||||||||||||||||||
1.00 | 0.01 | 14,282 | 0.32 | (e) | 0.73 | (e) | 0.01 | (e) | ||||||||||||||||||||||||||
1.00 | 0.01 | 1 | 0.40 | (e) | 1.02 | (e) | 0.04 | (e) |
The accompanying notes are an integral part of these financial statements. | 77 |
FINANCIAL SQUARE TREASURY INSTRUMENTS FUND
Financial Highlights
Selected Data for a Share Outstanding Throughout Each Period
Year - Share Class | Net asset value, beginning of period | Net investment income (loss) | Distributions | |||||||||||
FOR THE SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED) | ||||||||||||||
2015 - FST Shares | $ | 1.00 | $ | — | (c) | $ | — | (c) | ||||||
2015 - FST Select Shares | 1.00 | — | (c) | — | (c) | |||||||||
2015 - FST Preferred Shares | 1.00 | — | (c) | — | (c) | |||||||||
2015 - FST Capital Shares | 1.00 | — | (c) | — | (c) | |||||||||
2015 - FST Administration Shares | 1.00 | — | (c) | — | (c) | |||||||||
2015 - FST Premier Shares | 1.00 | — | (c) | — | (c) | |||||||||
2015 - FST Service Shares | 1.00 | — | (c) | — | (c) | |||||||||
2015 - FST Resource Shares | 1.00 | — | (c) | — | (c) | |||||||||
2015 - FST Cash Management Shares | 1.00 | — | (c) | — | (c) | |||||||||
FOR THE FISCAL YEARS ENDED AUGUST 31, | ||||||||||||||
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) | |||||||||
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) |
(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. |
78 | The accompanying notes are an integral part of these financial statements. |
FINANCIAL SQUARE TREASURY INSTRUMENTS FUND
Net asset value, end of period | Total return(b) | Net assets end of period (in 000s) | Ratio of net expenses to average net assets | Ratio of total expenses to average net assets | Ratio of net investment income (loss) to average net assets | |||||||||||||||||||||||||||||
$ | 1.00 | — | %(d) | $ | 31,038,195 | 0.05 | %(e) | 0.23 | %(e) | — | %(e)(f) | |||||||||||||||||||||||
1.00 | — | (d) | 46,363 | 0.05 | (e) | 0.26 | (e) | — | (e)(f) | |||||||||||||||||||||||||
1.00 | — | (d) | 47,404 | 0.05 | (e) | 0.33 | (e) | — | (e)(f) | |||||||||||||||||||||||||
1.00 | — | (d) | 230,048 | 0.05 | (e) | 0.38 | (e) | — | (e)(f) | |||||||||||||||||||||||||
1.00 | — | (d) | 1,326,857 | 0.05 | (e) | 0.48 | (e) | — | (e)(f) | |||||||||||||||||||||||||
1.00 | — | (d) | 94 | 0.05 | (e) | 0.58 | (e) | — | (e)(f) | |||||||||||||||||||||||||
1.00 | — | (d) | 109,084 | 0.05 | (e) | 0.73 | (e) | — | (e)(f) | |||||||||||||||||||||||||
1.00 | — | (d) | 1 | 0.05 | (e) | 0.88 | (e) | 0.40 | (e) | |||||||||||||||||||||||||
1.00 | — | (d) | 1 | 0.05 | (e) | 1.03 | (e) | 0.40 | (e) | |||||||||||||||||||||||||
1.00 | — | (d) | 31,170,061 | 0.07 | 0.23 | — | (f) | |||||||||||||||||||||||||||
1.00 | — | (d) | 192,930 | 0.07 | 0.26 | — | (f) | |||||||||||||||||||||||||||
1.00 | — | (d) | 43,335 | 0.07 | 0.33 | — | (f) | |||||||||||||||||||||||||||
1.00 | — | (d) | 163,450 | 0.07 | 0.38 | — | (f) | |||||||||||||||||||||||||||
1.00 | — | (d) | 1,231,641 | 0.07 | 0.48 | — | (f) | |||||||||||||||||||||||||||
1.00 | — | (d) | 2,720 | 0.07 | 0.58 | — | (f) | |||||||||||||||||||||||||||
1.00 | — | (d) | 140,016 | 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 | — | (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) |
The accompanying notes are an integral part of these financial statements. | 79 |
FINANCIAL SQUARE TREASURY OBLIGATIONS FUND
Financial Highlights
Selected Data for a Share Outstanding Throughout Each Period
Year - Share Class | Net asset | Net investment income (loss) | Distributions from net | |||||||||||
FOR THE SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED) | ||||||||||||||
2015 - FST Shares | $ | 1.00 | $ | — | (c) | $ | — | (c) | ||||||
2015 - FST Select Shares | 1.00 | — | (c) | — | (c) | |||||||||
2015 - FST Preferred Shares | 1.00 | — | (c) | — | (c) | |||||||||
2015 - FST Capital Shares | 1.00 | — | (c) | — | (c) | |||||||||
2015 - FST Administration Shares | 1.00 | — | (c) | — | (c) | |||||||||
2015 - FST Premier Shares | 1.00 | — | (c) | — | (c) | |||||||||
2015 - FST Service Shares | 1.00 | — | (c) | — | (c) | |||||||||
2015 - FST Resource Shares | 1.00 | — | (c) | — | (c) | |||||||||
2015 - FST Cash Management Shares | 1.00 | — | (c) | — | (c) | |||||||||
FOR THE FISCAL YEARS ENDED AUGUST 31, | ||||||||||||||
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) | |||||||||
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) |
(a) | Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings. |
(b) | Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized. |
(c) | Amount is less than $0.0005 per share. |
(d) | Amount is less than 0.005%. |
(e) | Annualized. |
(f) | Amount is less than 0.005% of average net assets. |
80 | The accompanying notes are an integral part of these financial statements. |
FINANCIAL SQUARE TREASURY OBLIGATIONS FUND
Net asset value, end of period | Total return(b) | Net assets end of period (in 000s) | Ratio of net expenses to average net assets | Ratio of total expenses to average net assets | Ratio of net investment income (loss) to average net assets | |||||||||||||||||||||||||||||
$ | 1.00 | — | %(d) | $ | 13,650,758 | 0.08 | %(e) | 0.23 | %(e) | 0.01 | %(e) | |||||||||||||||||||||||
1.00 | — | (d) | 162,518 | 0.08 | (e) | 0.26 | (e) | — | (e)(f) | |||||||||||||||||||||||||
1.00 | — | (d) | 192,514 | 0.08 | (e) | 0.33 | (e) | — | (e)(f) | |||||||||||||||||||||||||
1.00 | — | (d) | 254,416 | 0.08 | (e) | 0.38 | (e) | — | (e)(f) | |||||||||||||||||||||||||
1.00 | — | (d) | 1,483,300 | 0.08 | (e) | 0.48 | (e) | — | (e)(f) | |||||||||||||||||||||||||
1.00 | — | (d) | 1 | 0.08 | (e) | 0.58 | (e) | (0.02 | )(e) | |||||||||||||||||||||||||
1.00 | — | (d) | 804,399 | 0.08 | (e) | 0.73 | (e) | — | (e)(f) | |||||||||||||||||||||||||
1.00 | — | (d) | 1 | 0.08 | (e) | 0.88 | (e) | 0.40 | (e) | |||||||||||||||||||||||||
1.00 | — | (d) | 1 | 0.08 | (e) | 1.03 | (e) | 0.40 | (e) | |||||||||||||||||||||||||
1.00 | 0.01 | 12,822,354 | 0.08 | 0.23 | 0.01 | |||||||||||||||||||||||||||||
1.00 | 0.01 | 279,848 | 0.08 | 0.26 | — | (f) | ||||||||||||||||||||||||||||
1.00 | 0.01 | 205,386 | 0.08 | 0.33 | — | (f) | ||||||||||||||||||||||||||||
1.00 | 0.01 | 356,753 | 0.08 | 0.38 | — | (f) | ||||||||||||||||||||||||||||
1.00 | 0.01 | 2,144,601 | 0.08 | 0.48 | — | (f) | ||||||||||||||||||||||||||||
1.00 | 0.01 | 948 | 0.08 | 0.58 | (0.01 | ) | ||||||||||||||||||||||||||||
1.00 | 0.01 | 915,527 | 0.08 | 0.73 | — | (f) | ||||||||||||||||||||||||||||
1.00 | 0.01 | 1 | 0.08 | 0.88 | 0.40 | |||||||||||||||||||||||||||||
1.00 | 0.01 | 1 | 0.08 | 1.03 | 0.40 | |||||||||||||||||||||||||||||
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) |
The accompanying notes are an integral part of these financial statements. | 81 |
GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS
Notes to Financial Statements
February 28, 2015 (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, | Diversified | ||
Prime Obligations | FST, FST Select, FST Preferred, FST Capital, | Diversified | ||
Tax-Exempt California and Tax-Exempt New York | FST, FST Administration, FST Service and | Non-Diversified |
FST Class C Shares are generally not available for purchase. FST Class C Shares are subject to a contingent deferred sales charge (“CDSC”) of 1% during the first 12 months, measured from the time the original shares subject to the CDSC were acquired.
At the close of business on November 14, 2014, FST Class B Shares of the Goldman Sachs Prime Obligations Fund were converted to FST Service Shares of the Fund.
Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman, Sachs & Co. (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to management agreements (the “Agreements”) with the Trust.
2. SIGNIFICANT ACCOUNTING POLICIES |
The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions.
A. Investment Valuation — The investment valuation policy of the Funds is to use the amortized-cost method permitted by Rule 2a-7 under the Act, which approximates market value, for valuing portfolio securities. Under this method, all investments purchased at a discount or premium are valued by accreting or amortizing the difference between the original purchase price and maturity value of the issue, as an adjustment to interest income. Under procedures and tolerances approved by the Trustees, GSAM evaluates the difference between the Funds’ net asset value per share (“NAV”) based upon the amortized cost of the Funds’ securities and the NAV based upon available market quotations (or permitted substitutes) 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.
82
GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS
2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
C. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agent and Service and Shareholder Administration fees. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the respective Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses.
D. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies (mutual funds) and to distribute each year substantially all of its investment company taxable and tax-exempt income and capital gains to its shareholders. Accordingly, the Funds are not required to make any provisions for the payment of federal income tax. Distributions to shareholders are declared and recorded daily and paid monthly by the Funds and may include short-term capital gains. Long-term capital gain distributions, if any, are declared and paid annually.
Net capital losses are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.
Under the Regulated Investment Company Modernization Act of 2010, the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.
The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from net investment income, net realized gain or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.
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 on a forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis 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 gross value of repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes. The underlying securities for all repurchase agreements are held at the Funds’ custodian or designated sub-custodians under tri-party repurchase agreements.
83
GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS
Notes to Financial Statements (continued)
February 28, 2015 (Unaudited)
2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
An MRA governs transactions between a Fund and select counterparties. An MRA contains provisions for, among other things, initiation, income payments, events of default and maintenance of securities for repurchase agreements. An 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.
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.
Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and terms and conditions contained therein, the Funds, together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates, may transfer uninvested cash into joint accounts, the daily aggregate balance of which is invested in one or more repurchase agreements. Under these joint accounts, the Funds maintain pro-rata credit exposure to the underlying repurchase agreements’ counterparties. With the exception of certain transaction fees, the Funds are not subject to any expenses in relation to these investments.
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS |
The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:
Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;
Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).
The Trustees have adopted 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 Procedures.
As of February 28, 2015, all investments are classified as Level 2. Please refer to the Schedules of Investments for further detail.
84
GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS
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 C Shares, has adopted a Distribution and Service Plan. Under the Distribution and Service Plan, Goldman Sachs as Distributor is entitled to a fee accrued daily and paid monthly from the Prime Obligations Fund’s 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 FST Class C Shares, which may then be paid by Goldman Sachs to authorized dealers.
The Trust, on behalf of the FST Resource Shares and FST CMS of each applicable Fund, has adopted Distribution Plans. Under the Distribution Plans, Goldman Sachs is entitled to a monthly fee from the applicable Fund’s FST Resource Shares and FST CMS for distribution services equal to an annual percentage rate of the average daily net assets attributable to FST Resource Shares and FST CMS, which may then be paid by Goldman Sachs to authorized dealers.
D. Distribution Agreement — Goldman Sachs serves as Distributor of the shares of the Funds pursuant to a Distribution Agreement. Pursuant to the Distribution Agreement, the Distributor receives no additional compensation other than retained amounts related to the Distribution and Service Plans and the portion of the Prime Obligations Fund’s FST Class C Shares’ CDSCs that it retains. During the six months ended February 28, 2015, Goldman Sachs has advised that it retained $1,034 in CDSCs from FST Class C 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 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, 2015, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees.
85
GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS
Notes to Financial Statements (continued)
February 28, 2015 (Unaudited)
4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
GSAM has agreed to reduce or limit the “Total Annual Fund Operating Expenses” of the Tax-Exempt California and Tax-Exempt New York Funds (excluding service fees, shareholder administration fees, taxes, interest, brokerage fees, shareholder meetings, litigation, indemnification and 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, 2015, 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 of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.
G. Total Fund Expenses
Fund Contractual Fees
The contractual annualized rates for each of the Funds (except Tax-Exempt California and Tax-Exempt New York Funds) are as follows:
All Funds Except Tax-Exempt California and Tax-Exempt New York Funds | ||||||||||||||||||||||||||||||||||||||||
FST Shares | FST Select Shares | FST Preferred Shares | FST Capital Shares | FST Administration Shares | FST Premier Shares | FST Service Shares | FST Resource Shares | FST CMS | FST Class 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 | % | ||||||||||||||||||||
Administration, Service and/or Shareholder Administration Fees | N/A | 0.03 | 0.10 | 0.15 | 0.25 | 0.35 | 0.25 | 0.50 | 0.50 | N/A | ||||||||||||||||||||||||||||||
Distribution and/or Service (12b-1) Fees | N/A | N/A | N/A | N/A | N/A | N/A | 0.25 | (b) | 0.15 | (c) | 0.30 | (c) | 1.00 | (d) | ||||||||||||||||||||||||||
Transfer Agency Fee | 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) | Service (12b-1) fee only. |
(c) | Distribution (12b-1) fee only. |
(d) | 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 | 0.15 | 0.50 | ||||||||||||
Distribution or Service (12b-1) Fees | N/A | N/A | 0.25 | 0.50 | ||||||||||||
Transfer Agency Fee | 0.01 | 0.01 | 0.01 | 0.01 |
N/A — Fees not applicable to respective share class
86
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, 2015, 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, 2015. 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, 2015 | ||||||||||||||||||||||||||||||||||||||||
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 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 | % | ||||||||||||||||||||
Administration Service | N/A | 0.02 | 0.02 | 0.02 | 0.02 | 0.00 | 0.01 | 0.00 | 0.00 | N/A | ||||||||||||||||||||||||||||||
Distribution and/or Service (12b-1) Fees | N/A | N/A | N/A | N/A | N/A | N/A | 0.01 | 0.02 | 0.00 | 0.02 | ||||||||||||||||||||||||||||||
Transfer Agency Fee | 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 | ||||||||||||||||||||||||||||||
Net Expenses | 0.18 | 0.20 | 0.20 | 0.20 | 0.20 | 0.18 | 0.20 | 0.20 | 0.18 | 0.20 |
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. |
Ratio of Net Expenses to Average Net Assets for the Six Months Ended February 28, 2015 | ||||||||||||||||||||||||||||||||||||
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 or Service (12b-1) Fees | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 | 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 |
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. |
87
GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS
Notes to Financial Statements (continued)
February 28, 2015 (Unaudited)
4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
Ratio of Net Expenses to Average Net Assets for the Six Months Ended February 28, 2015 | ||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
Government | ||||||||||||||||||||||||||||||||||||
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 or Service (12b-1) Fees | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 | 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 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | 0.12 | |||||||||||||||||||||||||||
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 | 0.07 | 0.07 | 0.06 | 0.00 | 0.03 | 0.00 | 0.00 | |||||||||||||||||||||||||||
Distribution or Service (12b-1) Fees | N/A | N/A | N/A | N/A | N/A | N/A | 0.03 | 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 | 0.25 | 0.25 | 0.24 | 0.18 | 0.24 | 0.18 | 0.18 | |||||||||||||||||||||||||||
Tax-Exempt California | ||||||||||||||||||||||||||||||||||||
Management Fee(a) | 0.01 | % | N/A | N/A | N/A | 0.01 | % | N/A | 0.01 | % | N/A | 0.01 | % | |||||||||||||||||||||||
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 or Service (12b-1) Fees | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 | 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 | 0.05 | N/A | N/A | N/A | 0.05 | N/A | 0.05 | N/A | 0.05 | |||||||||||||||||||||||||||
Net Expenses | 0.06 | N/A | N/A | N/A | 0.06 | N/A | 0.06 | N/A | 0.06 | |||||||||||||||||||||||||||
Tax-Exempt New York | ||||||||||||||||||||||||||||||||||||
Management Fee(a) | 0.00 | % | N/A | N/A | N/A | 0.00 | % | N/A | 0.00 | % | N/A | 0.00 | % | |||||||||||||||||||||||
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 or Service (12b-1) Fees | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 | N/A | 0.00 | |||||||||||||||||||||||||||
Transfer Agency Fee | 0.00 | N/A | N/A | N/A | 0.00 | N/A | 0.00 | N/A | 0.00 | |||||||||||||||||||||||||||
Other Expenses | 0.07 | N/A | N/A | N/A | 0.07 | N/A | 0.07 | N/A | 0.07 | |||||||||||||||||||||||||||
Net Expenses | 0.07 | N/A | N/A | N/A | 0.07 | N/A | 0.07 | N/A | 0.07 |
N/A — Fees not applicable to respective share class.
(a) | GSAM waived a portion of its management fee in order to achieve the effective net management rates above. |
88
GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS
4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
Ratio of Net Expenses to Average Net Assets for the Six Months Ended February 28, 2015 | ||||||||||||||||||||||||||||||||||||
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-Free Money Market | ||||||||||||||||||||||||||||||||||||
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 or Service (12b-1) Fees | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 | 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 Instruments | ||||||||||||||||||||||||||||||||||||
Management Fee(a) | 0.04 | % | 0.04 | % | 0.04 | % | 0.04 | % | 0.04 | % | 0.04 | % | 0.04 | % | 0.04 | % | 0.04 | % | ||||||||||||||||||
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 or Service (12b-1) Fees | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 | 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 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | |||||||||||||||||||||||||||
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 or Service (12b-1) Fees | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 | 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 |
N/A — Fees not applicable to respective share class.
(a) | GSAM waived a portion of its management fee in order to achieve the effective net management rates above. |
89
GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS
Notes to Financial Statements (continued)
February 28, 2015 (Unaudited)
4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
For the six months ended February 28, 2015, 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 | $ | 6,814 | $ | 557 | $ | 1,845 | $ | — | $ | — | $ | 9,216 | ||||||||||||||
Government | 14,101 | 1,556 | 4,762 | — | — | 20,419 | ||||||||||||||||||||
Money Market | 7,117 | — | 355 | — | — | 7,472 | ||||||||||||||||||||
Prime Obligations | 3,080 | 21 | 4,802 | — | — | 7,903 | ||||||||||||||||||||
Tax-Exempt California | 469 | 13 | 1 | — | 11 | 494 | ||||||||||||||||||||
Tax-Exempt New York | 210 | 6 | 1 | 66 | — | 283 | ||||||||||||||||||||
Tax-Free Money Market | 4,131 | 288 | 415 | — | — | 4,834 | ||||||||||||||||||||
Treasury Instruments | 29,071 | 1,753 | 2,133 | — | — | 32,957 | ||||||||||||||||||||
Treasury Obligations | 12,333 | 881 | 4,317 | — | — | 17,531 |
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, 2015, 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 | Treasury Obligations Fund | |||||||||||||||||||||||||
Purchases | $ | 1,001,244,744 | $ | — | $ | 520,626,561 | $ | 64,505,442 | $ | 34,287,219 | $ | 730,148,334 | $ | 267,430,301 | $ | — | ||||||||||||||||
Sales | — | 40,500,352 | 623,968,706 | 31,103,436 | 86,264,819 | 568,230,378 | 1,001,244,744 | 267,430,301 |
I. Line of Credit Facility — As of February 28, 2015, the Funds participated in a $1,080,000,000 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 $120,000,000, for a total of up to $1,200,000,000. This facility is to be used solely for temporary or emergency purposes, which may include the funding of redemptions. 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, 2015, the Funds did not have any borrowings under the facility.
90
GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS
5. TAX INFORMATION |
As of the Funds’ most recent fiscal year end, August 31, 2014, the Funds’ capital loss carryforwards 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) | $ | (15,344 | ) | $ | (69,706 | ) | $ | (548,818 | ) | $ | (73,503 | ) | $ | — | $ | — | $ | (8,377 | ) | $ | (10,360 | ) | $ | (46,600 | ) | |||||||||||
Capital loss carryforwards (Perpetual Short-Term) | $ | — | $ | — | $ | — | $ | — | $ | (49,140 | ) | $ | — | $ | (1,085,909 | ) | $ | — | $ | — |
The amortized cost for each Fund stated in the accompanying Statements of Assets and Liabilities also represents aggregate cost for U.S. federal income tax purposes.
GSAM has reviewed the Funds’ tax positions for all open tax years (the current and prior three tax years, as applicable) and has concluded that no provision for income tax is required in the Funds’ financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.
6. OTHER RISKS |
The Funds’ risks include, but are not limited to, the following:
Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund’s NAV and liquidity. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that a Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio.
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 or guarantor 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.
91
GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS
Notes to Financial Statements (continued)
February 28, 2015 (Unaudited)
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.
8. OTHER MATTERS |
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.
92
GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS
10. SUMMARY OF SHARE TRANSACTIONS (AT $1.00 PER SHARE) |
Share activity is as follows:
Federal Fund | ||||||||
|
| |||||||
For the Six Months Ended February 28, 2015 (Unaudited) | For the Fiscal Year Ended August 31, 2014 | |||||||
|
| |||||||
FST Shares | ||||||||
Shares sold | 10,178,183,465 | 26,938,907,037 | ||||||
Reinvestment of distributions | 231,972 | 419,866 | ||||||
Shares redeemed | (8,353,189,882 | ) | (25,998,026,372 | ) | ||||
1,825,225,555 | 941,300,531 | |||||||
FST Select Shares | ||||||||
Shares sold | 39,605,048 | 83,211,601 | ||||||
Reinvestment of distributions | 1,181 | 3,809 | ||||||
Shares redeemed | (43,115,470 | ) | (172,402,827 | ) | ||||
(3,509,241 | ) | (89,187,417 | ) | |||||
FST Preferred Shares | ||||||||
Shares sold | 92,850,575 | 206,256,762 | ||||||
Reinvestment of distributions | 1,222 | 2,841 | ||||||
Shares redeemed | (97,715,934 | ) | (206,862,529 | ) | ||||
(4,864,137 | ) | (602,926 | ) | |||||
FST Capital Shares | ||||||||
Shares sold | 92,704,789 | 243,363,002 | ||||||
Reinvestment of distributions | 12 | 193 | ||||||
Shares redeemed | (87,789,411 | ) | (249,691,927 | ) | ||||
4,915,390 | (6,328,732 | ) | ||||||
FST Administration Shares | ||||||||
Shares sold | 355,462,807 | 719,959,210 | ||||||
Reinvestment of distributions | 5,520 | 10,121 | ||||||
Shares redeemed | (372,493,929 | ) | (735,432,532 | ) | ||||
(17,025,602 | ) | (15,463,201 | ) | |||||
FST Premier Shares | ||||||||
Shares sold | — | 773,649,546 | ||||||
Reinvestment of distributions | 472 | 60,131 | ||||||
Shares redeemed | (17,833,367 | ) | (1,893,415,173 | ) | ||||
(17,832,895 | ) | (1,119,705,496 | ) | |||||
FST Service Shares | ||||||||
Shares sold | 1,295,055,274 | 2,370,847,820 | ||||||
Reinvestment of distributions | 5,495 | 11,727 | ||||||
Shares redeemed | (1,333,429,746 | ) | (2,443,702,143 | ) | ||||
(38,368,977 | ) | (72,842,596 | ) | |||||
FST Resource Shares | ||||||||
Shares sold | — | 2 | ||||||
Reinvestment of distributions | — | — | ||||||
Shares redeemed | — | (2 | ) | |||||
— | — | |||||||
FST Cash Management Shares | ||||||||
Shares sold | 93,799,193 | 199,240,015 | ||||||
Reinvestment of distributions | — | — | ||||||
Shares redeemed | (150,986,464 | ) | (156,664,851 | ) | ||||
(57,187,271 | ) | 42,575,164 | ||||||
NET INCREASE (DECREASE) IN SHARES | 1,691,352,822 | (320,254,673 | ) |
93
GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS
Notes to Financial Statements (continued)
February 28, 2015 (Unaudited)
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, 2015 (Unaudited) | For the Fiscal Year Ended August 31, 2014 | |||||||
|
| |||||||
FST Shares | ||||||||
Shares sold | 96,562,992,432 | 156,658,032,027 | ||||||
Reinvestment of distributions | 464,514 | 743,903 | ||||||
Shares redeemed | (88,718,525,169 | ) | (156,340,240,050 | ) | ||||
7,844,931,777 | 318,535,880 | |||||||
FST Select Shares | ||||||||
Shares sold | 1,482,820,281 | 360,303,604 | ||||||
Reinvestment of distributions | 4,991 | 6,354 | ||||||
Shares redeemed | (1,452,024,071 | ) | (404,855,139 | ) | ||||
30,801,201 | (44,545,181 | ) | ||||||
FST Preferred Shares | ||||||||
Shares sold | 508,230,259 | 1,031,650,452 | ||||||
Reinvestment of distributions | 4,142 | 9,854 | ||||||
Shares redeemed | (527,398,976 | ) | (1,070,324,392 | ) | ||||
(19,164,575 | ) | (38,664,086 | ) | |||||
FST Capital Shares | ||||||||
Shares sold | 1,582,193,988 | 4,463,243,987 | ||||||
Reinvestment of distributions | 30,044 | 22,930 | ||||||
Shares redeemed | (1,565,454,419 | ) | (3,761,614,575 | ) | ||||
16,769,613 | 701,652,342 | |||||||
FST Administration Shares | ||||||||
Shares sold | 4,640,388,055 | 8,593,608,728 | ||||||
Reinvestment of distributions | 3,775 | 9,712 | ||||||
Shares redeemed | (4,466,304,182 | ) | (8,637,878,572 | ) | ||||
174,087,648 | (44,260,132 | ) | ||||||
FST Premier Shares | ||||||||
Shares sold | — | 10,032,072 | ||||||
Reinvestment of distributions | — | 341 | ||||||
Shares redeemed | — | (15,447,078 | ) | |||||
— | (5,414,665 | ) | ||||||
FST Service Shares | ||||||||
Shares sold | 1,039,780,084 | 2,152,872,829 | ||||||
Reinvestment of distributions | 2,410 | 4,378 | ||||||
Shares redeemed | (985,232,594 | ) | (2,037,638,719 | ) | ||||
54,549,900 | 115,238,488 | |||||||
FST Resource Shares | ||||||||
Shares sold | — | 1 | ||||||
Reinvestment of distributions | — | — | ||||||
Shares redeemed | — | — | ||||||
— | 1 | |||||||
FST Cash Management Shares | ||||||||
Shares sold | 10 | 1 | ||||||
Reinvestment of distributions | — | — | ||||||
Shares redeemed | (10 | ) | (1 | ) | ||||
— | — | |||||||
NET INCREASE IN SHARES | 8,101,975,564 | 1,002,542,647 |
94
GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS
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, 2015 (Unaudited) | For the Fiscal Year Ended August 31, 2014 | |||||||
|
| |||||||
FST Shares | ||||||||
Shares sold | 198,352,316,809 | 395,121,436,935 | ||||||
Reinvestment of distributions | 5,038,667 | 8,081,552 | ||||||
Shares redeemed | (192,890,794,642 | ) | (393,647,389,401 | ) | ||||
5,466,560,834 | 1,482,129,086 | |||||||
FST Select Shares | ||||||||
Shares sold | 2,675,811,021 | 2,890,786,282 | ||||||
Reinvestment of distributions | 122,426 | 49,573 | ||||||
Shares redeemed | (2,220,844,640 | ) | (2,541,445,195 | ) | ||||
455,088,807 | 349,390,660 | |||||||
FST Preferred Shares | ||||||||
Shares sold | 514,874,841 | 538,112,495 | ||||||
Reinvestment of distributions | 1,032 | 4,555 | ||||||
Shares redeemed | (413,017,630 | ) | (516,101,578 | ) | ||||
101,858,243 | 22,015,472 | |||||||
FST Capital Shares | ||||||||
Shares sold | 66,683,911 | 81,904,081 | ||||||
Reinvestment of distributions | 1,424 | 2,428 | ||||||
Shares redeemed | (20,744,867 | ) | (89,739,926 | ) | ||||
45,940,468 | (7,833,417 | ) | ||||||
FST Administration Shares | ||||||||
Shares sold | 582,278,164 | 1,028,418,910 | ||||||
Reinvestment of distributions | 7,110 | 15,457 | ||||||
Shares redeemed | (560,306,214 | ) | (1,089,452,747 | ) | ||||
21,979,060 | (61,018,380 | ) | ||||||
FST Premier Shares | ||||||||
Shares sold | — | 59,978,099 | ||||||
Reinvestment of distributions | — | 2,136 | ||||||
Shares redeemed | — | (90,314,269 | ) | |||||
— | (30,334,034 | ) | ||||||
FST Service Shares | ||||||||
Shares sold | 69,871,113 | 194,414,511 | ||||||
Reinvestment of distributions | 548 | 1,247 | ||||||
Shares redeemed | (71,634,088 | ) | (213,996,460 | ) | ||||
(1,762,427 | ) | (19,580,702 | ) | |||||
FST Resource Shares | ||||||||
Shares sold | — | — | ||||||
Reinvestment of distributions | — | — | ||||||
Shares redeemed | — | — | ||||||
— | — | |||||||
FST Cash Management Shares | ||||||||
Shares sold | 10 | 1 | ||||||
Reinvestment of distributions | — | — | ||||||
Shares redeemed | (10 | ) | (1 | ) | ||||
— | — | |||||||
NET INCREASE IN SHARES | 6,089,664,985 | 1,734,768,685 |
95
GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS
Notes to Financial Statements (continued)
February 28, 2015 (Unaudited)
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, 2015 (Unaudited) | For the Fiscal Year Ended August 31, 2014 | |||||||
|
| |||||||
FST Shares | ||||||||
Shares sold | 37,337,429,103 | 90,012,682,549 | ||||||
Reinvestment of distributions | 502,680 | 919,537 | ||||||
Shares redeemed | (38,819,883,720 | ) | (92,418,541,149 | ) | ||||
(1,481,951,937 | ) | (2,404,939,063 | ) | |||||
FST Select Shares | ||||||||
Shares sold | 256,022,784 | 658,501,926 | ||||||
Reinvestment of distributions | 3,212 | 12,046 | ||||||
Shares redeemed | (246,614,078 | ) | (751,988,808 | ) | ||||
9,411,918 | (93,474,836 | ) | ||||||
FST Preferred Shares | ||||||||
Shares sold | 2,185,570,006 | 3,313,293,267 | ||||||
Reinvestment of distributions | 12,970 | 7,953 | ||||||
Shares redeemed | (2,031,777,701 | ) | (3,432,074,804 | ) | ||||
153,805,275 | (118,773,584 | ) | ||||||
FST Capital Shares | ||||||||
Shares sold | 195,593,818 | 590,071,559 | ||||||
Reinvestment of distributions | 1,762 | 4,300 | ||||||
Shares redeemed | (163,122,651 | ) | (620,257,709 | ) | ||||
32,472,929 | (30,181,850 | ) | ||||||
FST Administration Shares | ||||||||
Shares sold | 5,577,329,933 | 9,186,339,080 | ||||||
Reinvestment of distributions | 10,431 | 22,303 | ||||||
Shares redeemed | (5,659,422,776 | ) | (10,121,785,671 | ) | ||||
(82,082,412 | ) | (935,424,288 | ) | |||||
FST Premier Shares | ||||||||
Shares sold | — | 8 | ||||||
Reinvestment of distributions | — | — | ||||||
Shares redeemed | — | (4 | ) | |||||
— | 4 | |||||||
FST Service Shares | ||||||||
Shares sold | 5,420,086,714 | 9,646,938,638 | ||||||
Shares converted from Class B Shares(a) | 2,125,755 | 250,389 | ||||||
Reinvestment of distributions | 32,639 | 63,746 | ||||||
Shares redeemed | (5,418,789,545 | ) | (9,476,045,834 | ) | ||||
3,455,563 | 171,206,939 | |||||||
FST Class B Shares(a) | ||||||||
Shares sold | 140,281 | 986,302 | ||||||
Shares converted to Service Shares | (2,125,755 | ) | (250,389 | ) | ||||
Reinvestment of distributions | 27 | 265 | ||||||
Shares redeemed | (1,213,401 | ) | (1,698,837 | ) | ||||
(3,198,848 | ) | (962,659 | ) | |||||
FST Class C Shares | ||||||||
Shares sold | 5,624,085 | 8,257,310 | ||||||
Reinvestment of distributions | 998 | 2,040 | ||||||
Shares redeemed | (6,188,444 | ) | (10,494,655 | ) | ||||
(563,361 | ) | (2,235,305 | ) | |||||
FST Resource Shares | ||||||||
Shares sold | 68,128,487 | 127,042,191 | ||||||
Reinvestment of distributions | 4,018 | 8,742 | ||||||
Shares redeemed | (66,491,809 | ) | (140,323,875 | ) | ||||
1,640,696 | (13,272,942 | ) | ||||||
FST Cash Management Shares | ||||||||
Shares sold | — | — | ||||||
Reinvestment of distributions | — | — | ||||||
Shares redeemed | — | — | ||||||
— | — | |||||||
NET DECREASE IN SHARES | (1,367,010,177 | ) | (3,428,057,584 | ) |
(a) | FST Class B Shares were converted to FST Service Shares at the close of business on November 14, 2014. |
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 California Fund | ||||||||
|
| |||||||
For the Six Months Ended February 28, 2015 (Unaudited) | For the Fiscal Year Ended August 31, 2014 | |||||||
|
| |||||||
FST Shares | ||||||||
Shares sold | 402,036,654 | 393,562,937 | ||||||
Reinvestment of distributions | 8,198 | 12,302 | ||||||
Shares redeemed | (341,269,411 | ) | (230,151,554 | ) | ||||
60,775,441 | 163,423,685 | |||||||
FST Administration Shares | ||||||||
Shares sold | 755,851 | 544,834,816 | ||||||
Reinvestment of distributions | 34 | 20,450 | ||||||
Shares redeemed | (2,055,711 | ) | (768,510,525 | ) | ||||
(1,299,826 | ) | (223,655,259 | ) | |||||
FST Service Shares | ||||||||
Shares sold | 60 | 250 | ||||||
Reinvestment of distributions | — | — | ||||||
Shares redeemed | (60 | ) | (250 | ) | ||||
— | — | |||||||
FST Cash Management Shares | ||||||||
Shares sold | — | — | ||||||
Reinvestment of distributions | — | — | ||||||
Shares redeemed | — | — | ||||||
— | — | |||||||
NET INCREASE (DECREASE) IN SHARES | 59,475,615 | (60,231,574 | ) |
97
GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS
Notes to Financial Statements (continued)
February 28, 2015 (Unaudited)
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, 2015 (Unaudited) | For the Fiscal Year Ended August 31, 2014 | |||||||
|
| |||||||
FST Shares | ||||||||
Shares sold | 179,651,455 | 185,491,190 | ||||||
Reinvestment of distributions | 10,303 | 2,839 | ||||||
Shares redeemed | (199,733,918 | ) | (80,864,339 | ) | ||||
(20,072,160 | ) | 104,629,690 | ||||||
FST Administration Shares | ||||||||
Shares sold | — | 434,034,670 | ||||||
Reinvestment of distributions | 119 | 13,236 | ||||||
Shares redeemed | (2,213,289 | ) | (559,664,405 | ) | ||||
(2,213,170 | ) | (125,616,499 | ) | |||||
FST Service Shares | ||||||||
Shares sold | — | — | ||||||
Reinvestment of distributions | — | — | ||||||
Shares redeemed | — | — | ||||||
— | — | |||||||
FST Cash Management Shares | ||||||||
Shares sold | — | — | ||||||
Reinvestment of distributions | — | — | ||||||
Shares redeemed | — | — | ||||||
— | — | |||||||
NET DECREASE IN SHARES | (22,285,330 | ) | (20,986,809 | ) |
98
GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS
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, 2015 (Unaudited) | For the Fiscal Year Ended August 31, 2014 | |||||||
|
| |||||||
FST Shares | ||||||||
Shares sold | 7,655,635,253 | 13,831,992,976 | ||||||
Reinvestment of distributions | 110,054 | 442,703 | ||||||
Shares redeemed | (7,107,296,778 | ) | (13,368,263,921 | ) | ||||
548,448,529 | 464,171,758 | |||||||
FST Select Shares | ||||||||
Shares sold | 150,040,101 | 370,536,415 | ||||||
Reinvestment of distributions | 7,929 | 37,939 | ||||||
Shares redeemed | (160,138,220 | ) | (301,392,770 | ) | ||||
(10,090,190 | ) | 69,181,584 | ||||||
FST Preferred Shares | ||||||||
Shares sold | 26,595,347 | 19,796,980 | ||||||
Reinvestment of distributions | 269 | 1,399 | ||||||
Shares redeemed | (32,911,388 | ) | (23,508,818 | ) | ||||
(6,315,772 | ) | (3,710,439 | ) | |||||
FST Capital Shares | ||||||||
Shares sold | 7,970,270 | 23,054,743 | ||||||
Reinvestment of distributions | 29 | 132 | ||||||
Shares redeemed | (8,046,505 | ) | (20,836,175 | ) | ||||
(76,206 | ) | 2,218,700 | ||||||
FST Administration Shares | ||||||||
Shares sold | 220,883,503 | 650,813,639 | ||||||
Reinvestment of distributions | 1,048 | 3,237 | ||||||
Shares redeemed | (289,021,942 | ) | (629,084,081 | ) | ||||
(68,137,391 | ) | 21,732,795 | ||||||
FST Premier Shares | ||||||||
Shares sold | — | 1,817,279,797 | ||||||
Reinvestment of distributions | 37 | 70,099 | ||||||
Shares redeemed | (1,857,270 | ) | (2,387,712,079 | ) | ||||
(1,857,233 | ) | (570,362,183 | ) | |||||
FST Service Shares | ||||||||
Shares sold | 73,244,823 | 194,151,725 | ||||||
Reinvestment of distributions | 396 | 1,341 | ||||||
Shares redeemed | (83,475,552 | ) | (144,127,850 | ) | ||||
(10,230,333 | ) | 50,025,216 | ||||||
FST Resource Shares | ||||||||
Shares sold | 10,898,533 | 28,760,097 | ||||||
Reinvestment of distributions | 382 | 3,470 | ||||||
Shares redeemed | (12,323,340 | ) | (42,597,906 | ) | ||||
(1,424,425 | ) | (13,834,339 | ) | |||||
FST Cash Management Shares | ||||||||
Shares sold | — | — | ||||||
Reinvestment of distributions | — | — | ||||||
Shares redeemed | — | — | ||||||
— | — | |||||||
NET INCREASE IN SHARES | 450,316,979 | 19,423,092 |
99
GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS
Notes to Financial Statements (continued)
February 28, 2015 (Unaudited)
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, 2015 (Unaudited) | For the Fiscal Year Ended August 31, 2014 | |||||||
|
| |||||||
FST Shares | ||||||||
Shares sold | 48,546,248,795 | 102,653,635,935 | ||||||
Reinvestment of distributions | 125,095 | 224,794 | ||||||
Shares redeemed | (48,678,342,228 | ) | (96,866,051,069 | ) | ||||
(131,968,338 | ) | 5,787,809,660 | ||||||
FST Select Shares | ||||||||
Shares sold | 260,935,873 | 2,009,118,576 | ||||||
Reinvestment of distributions | 951 | 3,067 | ||||||
Shares redeemed | (407,503,707 | ) | (2,040,643,702 | ) | ||||
(146,566,883 | ) | (31,522,059 | ) | |||||
FST Preferred Shares | ||||||||
Shares sold | 123,064,968 | 472,491,619 | ||||||
Reinvestment of distributions | 148 | 416 | ||||||
Shares redeemed | (118,996,430 | ) | (539,556,724 | ) | ||||
4,068,686 | (67,064,689 | ) | ||||||
FST Capital Shares | ||||||||
Shares sold | 544,106,848 | 820,889,328 | ||||||
Reinvestment of distributions | 987 | 1,545 | ||||||
Shares redeemed | (477,510,344 | ) | (822,690,784 | ) | ||||
66,597,491 | (1,799,911 | ) | ||||||
FST Administration Shares | ||||||||
Shares sold | 1,976,643,548 | 3,631,343,478 | ||||||
Reinvestment of distributions | 3,254 | 6,360 | ||||||
Shares redeemed | (1,881,435,659 | ) | (3,751,835,703 | ) | ||||
95,211,143 | (120,485,865 | ) | ||||||
FST Premier Shares | ||||||||
Shares sold | 611,940 | 548,207,732 | ||||||
Reinvestment of distributions | 13 | 2,888 | ||||||
Shares redeemed | (3,238,232 | ) | (906,481,532 | ) | ||||
(2,626,279 | ) | (358,270,912 | ) | |||||
FST Service Shares | ||||||||
Shares sold | 322,155,643 | 698,987,065 | ||||||
Reinvestment of distributions | 302 | 820 | ||||||
Shares redeemed | (353,088,176 | ) | (744,629,806 | ) | ||||
(30,932,231 | ) | (45,641,921 | ) | |||||
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 | (146,216,411 | ) | 5,163,024,303 |
100
GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS
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, 2015 (Unaudited) | For the Fiscal Year Ended August 31, 2014 | |||||||
|
| |||||||
FST Shares | ||||||||
Shares sold | 38,639,379,361 | 70,855,295,077 | ||||||
Reinvestment of distributions | 243,459 | 296,282 | ||||||
Shares redeemed | (37,811,262,811 | ) | (65,031,977,470 | ) | ||||
828,360,009 | 5,823,613,889 | |||||||
FST Select Shares | ||||||||
Shares sold | 235,325,808 | 542,669,116 | ||||||
Reinvestment of distributions | 5,998 | 12,510 | ||||||
Shares redeemed | (352,662,288 | )�� | (452,316,559 | ) | ||||
(117,330,482 | ) | 90,365,067 | ||||||
FST Preferred Shares | ||||||||
Shares sold | 644,531,448 | 1,858,824,195 | ||||||
Reinvestment of distributions | 3,932 | 6,256 | ||||||
Shares redeemed | (657,407,541 | ) | (1,800,081,699 | ) | ||||
(12,872,161 | ) | 58,748,752 | ||||||
FST Capital Shares | ||||||||
Shares sold | 397,227,508 | 633,685,770 | ||||||
Reinvestment of distributions | 7,901 | 13,504 | ||||||
Shares redeemed | (499,571,929 | ) | (594,689,994 | ) | ||||
(102,336,520 | ) | 39,009,280 | ||||||
FST Administration Shares | ||||||||
Shares sold | 3,367,910,618 | 7,844,355,823 | ||||||
Reinvestment of distributions | 13,964 | 25,689 | ||||||
Shares redeemed | (4,029,228,345 | ) | (7,277,617,438 | ) | ||||
(661,303,763 | ) | 566,764,074 | ||||||
FST Premier Shares | ||||||||
Shares sold | — | 67,546,332 | ||||||
Reinvestment of distributions | 12 | 4,578 | ||||||
Shares redeemed | (947,116 | ) | (164,258,057 | ) | ||||
(947,104 | ) | (96,707,147 | ) | |||||
FST Service Shares | ||||||||
Shares sold | 1,882,006,674 | 3,781,840,376 | ||||||
Reinvestment of distributions | 8,191 | 16,326 | ||||||
Shares redeemed | (1,993,144,909 | ) | (3,928,122,177 | ) | ||||
(111,130,044 | ) | (146,265,475 | ) | |||||
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 | (177,560,065 | ) | 6,335,528,440 |
101
GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS
Fund Expenses — Six Month Period Ended February 28, 2015 (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 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 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 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, 2014 through February 28, 2015.
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 9/1/14 | Ending Account Value 2/28/15 | Expenses Paid for the 6 months ended 2/28/15* | Beginning Account Value 9/1/14 | Ending Account Value 2/28/15 | Expenses Paid for the 6 months ended 2/28/15* | Beginning Account Value 9/1/14 | Ending Account Value 2/28/15 | Expenses Paid for the 6 months ended 2/28/15* | |||||||||||||||||||||||||||
FST Shares | ||||||||||||||||||||||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,000.03 | $ | 0.45 | $ | 1,000.00 | $ | 1,000.03 | $ | 0.60 | $ | 1,000.00 | $ | 1,000.36 | $ | 0.89 | ||||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.35 | + | 0.45 | 1,000.00 | 1,024.20 | + | 0.60 | 1,000.00 | 1,023.90 | + | 0.90 | ||||||||||||||||||||||||
FST Select Shares | ||||||||||||||||||||||||||||||||||||
Actual | 1,000.00 | 1,000.03 | 0.45 | 1,000.00 | 1,000.03 | 0.60 | 1,000.00 | 1,000.21 | 1.04 | |||||||||||||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.35 | + | 0.45 | 1,000.00 | 1,024.20 | + | 0.60 | 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 | 0.60 | 1,000.00 | 1,000.03 | 1.24 | |||||||||||||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.35 | + | 0.45 | 1,000.00 | 1,024.20 | + | 0.60 | 1,000.00 | 1,023.55 | + | 1.25 | ||||||||||||||||||||||||
FST Capital Shares | ||||||||||||||||||||||||||||||||||||
Actual | 1,000.00 | 1,000.03 | 0.45 | 1,000.00 | 1,000.03 | 0.60 | 1,000.00 | 1,000.03 | 1.24 | |||||||||||||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.35 | + | 0.45 | 1,000.00 | 1,024.20 | + | 0.60 | 1,000.00 | 1,023.55 | + | 1.25 | ||||||||||||||||||||||||
FST Administration Shares | ||||||||||||||||||||||||||||||||||||
Actual | 1,000.00 | 1,000.03 | 0.45 | 1,000.00 | 1,000.03 | 0.60 | 1,000.00 | 1,000.03 | 1.19 | |||||||||||||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.35 | + | 0.45 | 1,000.00 | 1,024.20 | + | 0.60 | 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 | 0.60 | 1,000.00 | 1,000.03 | 0.89 | |||||||||||||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.35 | + | 0.45 | 1,000.00 | 1,024.20 | + | 0.60 | 1,000.00 | 1,023.90 | + | 0.90 | ||||||||||||||||||||||||
FST Service Shares | ||||||||||||||||||||||||||||||||||||
Actual | 1,000.00 | 1,000.03 | 0.45 | 1,000.00 | 1,000.03 | 0.60 | 1,000.00 | 1,000.03 | 1.19 | |||||||||||||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.35 | + | 0.45 | 1,000.00 | 1,024.20 | + | 0.60 | 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 | 0.60 | 1,000.00 | 1,000.03 | 0.89 | |||||||||||||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.35 | + | 0.45 | 1,000.00 | 1,024.20 | + | 0.60 | 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 | 0.60 | 1,000.00 | 1,000.03 | 0.89 | |||||||||||||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.35 | + | 0.45 | 1,000.00 | 1,024.20 | + | 0.60 | 1,000.00 | 1,023.90 | + | 0.90 |
102
GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS
Fund Expenses — Six Month Period Ended February 28, 2015 (Unaudited) (continued)
Prime Obligations | Tax-Exempt California | Tax-Exempt New York | ||||||||||||||||||||||||||||||||||
Share Class | Beginning Account Value 9/1/14 | Ending Account Value 2/28/15 | Expenses Paid for the 6 months ended 2/28/15* | Beginning Account Value 9/1/14 | Ending Account Value 2/28/15 | Expenses Paid for the 6 months ended 2/28/15* | Beginning Account Value 9/1/14 | Ending Account Value 2/28/15 | Expenses Paid for the 6 months ended 2/28/15* | |||||||||||||||||||||||||||
FST Shares | ||||||||||||||||||||||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,000.13 | $ | 0.89 | $ | 1,000.00 | $ | 1,000.03 | $ | 0.30 | $ | 1,000.00 | $ | 1,000.08 | $ | 0.35 | ||||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.90 | + | 0.90 | 1,000.00 | 1,024.50 | + | 0.30 | 1,000.00 | 1,024.45 | + | 0.35 | ||||||||||||||||||||||||
FST Select Shares | ||||||||||||||||||||||||||||||||||||
Actual | 1,000.00 | 1,000.05 | 0.99 | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.80 | + | 1.00 | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||
FST Preferred Shares | ||||||||||||||||||||||||||||||||||||
Actual | 1,000.00 | 1,000.05 | 0.99 | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.80 | + | 1.00 | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||
FST Capital Shares | ||||||||||||||||||||||||||||||||||||
Actual | 1,000.00 | 1,000.05 | 0.99 | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.80 | + | 1.00 | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||
FST Administration Shares | ||||||||||||||||||||||||||||||||||||
Actual | 1,000.00 | 1,000.05 | 0.99 | 1,000.00 | 1,000.03 | 0.30 | 1,000.00 | 1,000.08 | 0.35 | |||||||||||||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.80 | + | 1.00 | 1,000.00 | 1,024.50 | + | 0.30 | 1,000.00 | 1,024.45 | + | 0.35 | ||||||||||||||||||||||||
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 | 0.99 | 1,000.00 | 1,000.03 | 0.30 | 1,000.00 | 1,000.08 | 0.35 | |||||||||||||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.80 | + | 1.00 | 1,000.00 | 1,024.50 | + | 0.30 | 1,000.00 | 1,024.45 | + | 0.35 | ||||||||||||||||||||||||
FST Class C Shares | ||||||||||||||||||||||||||||||||||||
Actual | 1,000.00 | 1,000.05 | 0.99 | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.80 | + | 1.00 | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||
FST Resource Shares | ||||||||||||||||||||||||||||||||||||
Actual | 1,000.00 | 1,000.05 | 0.99 | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.80 | + | 1.00 | 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 | 1,000.03 | 0.30 | 1,000.00 | 1,000.08 | 0.35 | |||||||||||||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,023.90 | + | 0.90 | 1,000.00 | 1,024.50 | + | 0.30 | 1,000.00 | 1,024.45 | + | 0.35 |
103
GOLDMAN SACHS FUNDS — FINANCIAL SQUARE FUNDS
Fund Expenses — Six Month Period Ended February 28, 2015 (Unaudited) (continued)
Tax-Free Money Market Fund | Treasury Instruments Fund | Treasury Obligations Fund | ||||||||||||||||||||||||||||||||||
Share Class | Beginning Account Value 9/1/14 | Ending Account Value 2/28/15 | Expenses Paid for the 6 months ended 2/28/15* | Beginning Account Value 9/1/14 | Ending Account Value 2/28/15 | Expenses Paid for the 6 months ended 2/28/15* | Beginning Account Value 9/1/14 | Ending Account Value 2/28/15 | Expenses Paid for the 6 months ended 2/28/15* | |||||||||||||||||||||||||||
FST Shares | ||||||||||||||||||||||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,000.03 | $ | 0.35 | $ | 1,000.00 | $ | 1,000.01 | $ | 0.25 | $ | 1,000.00 | $ | 1,000.03 | $ | 0.40 | ||||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.45 | + | 0.35 | 1,000.00 | 1,024.55 | + | 0.25 | 1,000.00 | 1,024.40 | + | 0.40 | ||||||||||||||||||||||||
FST Select Shares | ||||||||||||||||||||||||||||||||||||
Actual | 1,000.00 | 1,000.03 | 0.35 | 1,000.00 | 1,000.01 | 0.25 | 1,000.00 | 1,000.03 | 0.40 | |||||||||||||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.45 | + | 0.35 | 1,000.00 | 1,024.55 | + | 0.25 | 1,000.00 | 1,024.40 | + | 0.40 | ||||||||||||||||||||||||
FST Preferred Shares | ||||||||||||||||||||||||||||||||||||
Actual | 1,000.00 | 1,000.03 | 0.35 | 1,000.00 | 1,000.01 | 0.25 | 1,000.00 | 1,000.03 | 0.40 | |||||||||||||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.45 | + | 0.35 | 1,000.00 | 1,024.55 | + | 0.25 | 1,000.00 | 1,024.40 | + | 0.40 | ||||||||||||||||||||||||
FST Capital Shares | ||||||||||||||||||||||||||||||||||||
Actual | 1,000.00 | 1,000.03 | 0.35 | 1,000.00 | 1,000.01 | 0.25 | 1,000.00 | 1,000.03 | 0.40 | |||||||||||||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.45 | + | 0.35 | 1,000.00 | 1,024.55 | + | 0.25 | 1,000.00 | 1,024.40 | + | 0.40 | ||||||||||||||||||||||||
FST Administration Shares | ||||||||||||||||||||||||||||||||||||
Actual | 1,000.00 | 1,000.03 | 0.35 | 1,000.00 | 1,000.01 | 0.25 | 1,000.00 | 1,000.03 | 0.40 | |||||||||||||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.45 | + | 0.35 | 1,000.00 | 1,024.55 | + | 0.25 | 1,000.00 | 1,024.40 | + | 0.40 | ||||||||||||||||||||||||
FST Premier Shares | ||||||||||||||||||||||||||||||||||||
Actual | 1,000.00 | 1,000.03 | 0.35 | 1,000.00 | 1,000.01 | 0.25 | 1,000.00 | 1,000.03 | 0.40 | |||||||||||||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.45 | + | 0.35 | 1,000.00 | 1,024.55 | + | 0.25 | 1,000.00 | 1,024.40 | + | 0.40 | ||||||||||||||||||||||||
FST Service Shares | ||||||||||||||||||||||||||||||||||||
Actual | 1,000.00 | 1,000.03 | 0.35 | 1,000.00 | 1,000.01 | 0.25 | 1,000.00 | 1,000.03 | 0.40 | |||||||||||||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.45 | + | 0.35 | 1,000.00 | 1,024.55 | + | 0.25 | 1,000.00 | 1,024.40 | + | 0.40 | ||||||||||||||||||||||||
FST Resource Shares | ||||||||||||||||||||||||||||||||||||
Actual | 1,000.00 | 1,000.03 | 0.35 | 1,000.00 | 1,000.01 | 0.25 | 1,000.00 | 1,000.03 | 0.40 | |||||||||||||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.45 | + | 0.35 | 1,000.00 | 1,024.55 | + | 0.25 | 1,000.00 | 1,024.40 | + | 0.40 | ||||||||||||||||||||||||
FST Cash Management Shares | ||||||||||||||||||||||||||||||||||||
Actual | 1,000.00 | 1,000.03 | 0.35 | 1,000.00 | 1,000.01 | 0.25 | 1,000.00 | 1,000.03 | 0.40 | |||||||||||||||||||||||||||
Hypothetical (5% return before expenses) | 1,000.00 | 1,024.45 | + | 0.35 | 1,000.00 | 1,024.55 | + | 0.25 | 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, 2015. 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 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 | 0.09 | % | 0.09 | % | |||||||||||||||||||||
Government | 0.12 | % | 0.12 | % | 0.12 | % | 0.12 | % | 0.12 | % | 0.12 | % | 0.12 | % | N/A | 0.12 | % | 0.12 | % | |||||||||||||||||||||
Money Market | 0.18 | % | 0.21 | % | 0.25 | % | 0.25 | % | 0.24 | % | 0.18 | % | 0.24 | % | N/A | 0.18 | % | 0.18 | % | |||||||||||||||||||||
Prime Obligations | 0.18 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.18 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.18 | % | ||||||||||||||||||||
Tax-Exempt California | 0.06 | % | N/A | N/A | N/A | 0.06 | % | N/A | 0.06 | % | N/A | N/A | 0.06 | % | ||||||||||||||||||||||||||
Tax-Exempt New York | 0.07 | % | N/A | N/A | N/A | 0.07 | % | N/A | 0.07 | % | N/A | N/A | 0.07 | % | ||||||||||||||||||||||||||
Tax-Free Money Market | 0.07 | % | 0.07 | % | 0.07 | % | 0.07 | % | 0.07 | % | 0.07 | % | 0.07 | % | N/A | 0.07 | % | 0.07 | % | |||||||||||||||||||||
Treasury Instruments | 0.05 | % | 0.05 | % | 0.05 | % | 0.05 | % | 0.05 | % | 0.05 | % | 0.05 | % | N/A | 0.05 | % | 0.05 | % | |||||||||||||||||||||
Treasury Obligations | 0.08 | % | 0.08 | % | 0.08 | % | 0.08 | % | 0.08 | % | 0.08 | % | 0.08 | % | 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. |
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 $1.02 trillion in assets under supervision as of December 31, 2014, 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. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman, Sachs & Co. subject to legal, internal and regulatory restrictions.
Money Market1
Financial Square FundsSM
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 | Bond Fund2 |
n | Global Income Fund |
n | Strategic Income Fund |
Municipal and Tax-Free
n | High Yield Municipal Fund |
n | Dynamic Municipal Income Fund3 |
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 |
Fixed Income Alternatives
n | Long Short Credit Strategies Fund |
n | Fixed Income Macro Strategies Fund |
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 Fund4 |
n | Income Builder Fund |
Tax-Advantaged Equity
n | U.S. Tax-Managed Equity Fund5 |
n | International Tax-Managed Equity Fund5 |
n | U.S. Equity Dividend and Premium Fund |
n | International Equity Dividend and Premium Fund |
Equity Insights
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 Fund |
n | International Small Cap Fund |
n | Asia Equity Fund |
n | Emerging Markets Equity Fund |
n | BRIC Fund (Brazil, Russia, India, China) |
n | N-11 Equity Fund |
Select Satellite6
n | Real Estate Securities Fund |
n | International Real Estate Securities Fund |
n | Commodity Strategy Fund |
n | Dynamic Commodity Strategy Fund |
n | Dynamic Allocation Fund |
n | Absolute Return Tracker Fund |
n | Long Short 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 | Tactical Tilt Implementation Fund |
Total Portfolio Solutions6
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 on October 1, 2014, the Goldman Sachs Core Plus Fixed Income Fund was renamed the Goldman Sachs Bond Fund. |
3 | Effective on December 18, 2014, the Goldman Sachs Municipal Income Fund was renamed the Goldman Sachs Dynamic Municipal Income Fund. |
4 | Effective April 30, 2015, the Goldman Sachs U.S. Equity Fund will be renamed the Goldman Sachs Dynamic U.S. Equity Fund. |
5 | Effective on April 30, 2014, the Goldman Sachs Structured Tax-Managed Equity and Structured International Tax-Managed Equity Funds were renamed the Goldman Sachs U.S. Tax-Managed Equity and International Tax-Managed Equity Funds, respectively. |
6 | 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 FundsSM is a registered service mark of Goldman, Sachs & Co.
*This list covers open-end funds only. Please visit our website at www.GSAMFUNDS.com to learn about our closed-end funds.
TRUSTEES Ashok N. Bakhru, Chairman Kathryn A. Cassidy 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 Gregory G. Weaver | 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. 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 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders); 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’ Forms N-Q are 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. Forms 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).
Goldman, Sachs & Co. (‘‘Goldman Sachs’’) does not provide legal, tax or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code, and was written to support the promotion or marketing of the transaction(s) or matter(s) addressed. Clients of Goldman Sachs should obtain their own independent tax advice based on their particular circumstances.
Fund holdings and allocations shown are as of February 28, 2015 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.
Financial Square FundsSM is a registered service mark of Goldman, Sachs & Co.
The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low 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 Institution or from Goldman, Sachs & Co. by calling (retail – 1-800-526-7384) (institutional – 1-800-621-2550).
© 2015 Goldman Sachs. All rights reserved. 159594.MF.MED.TMPL/4/2015 FSQSAR-15/72K
ITEM 2. | CODE OF ETHICS. |
(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the “Code of Ethics”).
(b) During the period covered by this report, no amendments were made to the provisions of the Code of Ethics.
(c) During the period covered by this report, the registrant did not grant any waivers, including an implicit waiver, from any provision of the Code of Ethics.
(d) A copy of the Code of Ethics is available as provided in Item 12(a)(1) of this report.
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
The registrant’s board of trustees has determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its audit committee. John P. Coblentz, Jr. is the “audit committee financial expert” and is “independent” (as each term is defined in Item 3 of Form N-CSR).
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
Table 1 — Items 4(a) - 4(d). The accountant fees below reflect the aggregate fees billed by all of the Funds of the Goldman Sachs Trust and includes the Goldman Sachs Funds to which this certified shareholder report relates.
2014 | 2013 | Description of Services Rendered | ||||||||||
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Audit Fees: | ||||||||||||
• PricewaterhouseCoopers LLP (“PwC”) | $ | 4,269,524 | $ | 3,372,161 | Financial Statement audits. | |||||||
Audit-Related Fees: | ||||||||||||
• PwC | $ | 0 | $ | 2,340 | Other attest services. | |||||||
Tax Fees: | ||||||||||||
• PwC | $ | 939,217 | $ | 816,858 | Tax compliance services provided in connection with the preparation and review of registrant’s tax returns. |
Table 2 — Items 4(b)(c) & (d). Non-Audit Services to the Goldman Sachs Trust’s service affiliates * that were pre-approved by the Audit Committee of the Goldman Sachs Trust pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X.
2014 | 2013 | Description of Services Rendered | ||||||||||
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Audit-Related Fees: | ||||||||||||
• PwC | $ | 1,486,420 | $ | 1,516,680 | Internal control review performed in accordance with Statement on Standards for Attestation Engagements No. 16. These fees are borne by the Funds’ Adviser. |
* | These include the advisor (excluding sub-advisors) and any entity controlling, controlled by or under common control with the advisor that provides ongoing services to the registrant (hereinafter referred to as “service affiliates”). |
Item 4(e)(1) — Audit Committee Pre-Approval Policies and Procedures
Pre-Approval of Audit and Non-Audit Services Provided to the Funds of the Goldman Sachs Trust. The Audit and Non-Audit Services Pre-Approval Policy (the “Policy”) adopted by the Audit Committee of Goldman Sachs Trust (“GST”) sets forth the procedures and the conditions pursuant to which services performed by an independent auditor for GST may be pre-approved. Services may be pre-approved specifically by the Audit Committee as a whole or, in certain circumstances, by the Audit Committee Chairman or the person designated as the Audit Committee Financial Expert. In addition, subject to specified cost limitations, certain services may be pre-approved under the provisions of the Policy. The Policy provides that the Audit Committee will consider whether the services provided by an independent auditor are consistent with the Securities and Exchange Commission’s rules on auditor independence. The Policy provides for periodic review and pre-approval by the Audit Committee of the services that may be provided by the independent auditor.
De Minimis Waiver. The pre-approval requirements of the Policy may be waived with respect to the provision of non-audit services that are permissible for an independent auditor to perform, provided (1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues subject to pre-approval that was paid to the independent auditors during the fiscal year in which the services are provided; (2) such services were not recognized by GST at the time of the engagement to be non-audit services; and (3) such services are promptly brought to the attention of the Audit Committee and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee to whom authority to grant such approvals has been delegated by the Audit Committee, pursuant to the pre-approval provisions of the Policy.
Pre-Approval of Non-Audit Services Provided to GST’s Investment Advisers. The Policy provides that, in addition to requiring pre-approval of audit and non-audit services provided to GST, the Audit Committee will pre-approve those non-audit services provided to GST’s investment advisers (and entities controlling, controlled by or under common control with the investment advisers that provide ongoing services to GST) where the engagement relates directly to the operations or financial reporting of GST.
Item 4(e)(2) – 0% of the audit-related fees, tax fees and other fees listed in Table 1 were approved by GST’s Audit Committee pursuant to the “de minimis” exception of Rule 2-01(c)(7)(i)(C) of Regulation S-X. In addition, 0% of the non-audit services to the GST’s service affiliates listed in Table 2 were approved by GST’s Audit Committee pursuant to the “de minimis” exception of Rule 2-01(c)(7)(i)(C) of Regulation S-X.
Item 4(f) – Not applicable.
Item 4(g) Aggregate Non-Audit Fees Disclosure
The aggregate non-audit fees billed to GST by PwC for the twelve months ended August 31, 2014 and August 31, 2013 were approximately $939,217 and $819,198 respectively. The aggregate non-audit fees billed to GST’s adviser and service affiliates by PwC for non-audit services for the twelve months ended December 31, 2013 and December 31, 2012 were approximately $9.8 million and $10.0 million respectively. With regard to the aggregate non-audit fees billed to GST’s adviser and service affiliates, the 2013 and 2012 amounts include fees for non-audit services required to be pre-approved [see Table 2] and fees for non-audit services that did not require pre-approval since they did not directly relate to GST’s operations or financial reporting.
Item 4(h) — GST’s Audit Committee has considered whether the provision of non-audit services to GST’s investment adviser and service affiliates that did not require pre-approval pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the auditors’ independence.
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) | Goldman Sachs Trust’s Code of Ethics for Principal Executive and Senior Financial Officers is incorporated by reference to Exhibit 12(a)(1) of the registrant’s Form N-CSR filed on June 3, 2010 for its Short Duration and Government Fixed Income Funds. | |||
(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 | |
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James A. McNamara | ||
President/Principal Executive Officer | ||
Goldman Sachs Trust | ||
Date: | May 8, 2015 |
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 | |
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James A. McNamara | ||
President/Principal Executive Officer | ||
Goldman Sachs Trust | ||
Date: | May 8, 2015 | |
By: | /s/ Scott McHugh | |
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Scott McHugh | ||
Principal Financial Officer | ||
Goldman Sachs Trust | ||
Date: | May 8, 2015 |