Goldman Sachs High Yield Instl NCSRS/A Certified semi-annual shareholder report (management investment company) (amended)

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

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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

LOGO

Goldman Sachs Financial Square Funds

FEDERAL FUND

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


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.

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.

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

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:

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.

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:

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.

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.

A fund is not under any circumstances obliged to impose a liquidity fee or redemption gate.

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.

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”).

What key factors were responsible for the performance of the Funds during the Reporting Period?

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.

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

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

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.

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

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.

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

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.

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

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.

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

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.

FUND BASICS

Financial Square Funds

as of February 28, 2015

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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.

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%.

these fees were reflected in the above performance, performance would have been reduced.

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.

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.

FUND BASICS

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STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS^1,10
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.

YIELD SUMMARY

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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.

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.

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

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 4.000%, due 10/01/40 to 05/01/42, Federal National Mortgage Association, 3.000% to 5.000%, due 08/01/33 to 11/01/43 and Government National Mortgage Association, 3.000% to 4.000%, due 08/15/41 to 11/20/42. The aggregate market value of the collateral, including accrued interest, was $514,999,999.

	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 06/21/17, Federal Home Loan Mortgage Corp., 2.500% to 5.500%, due 04/01/26 to 07/01/44, Federal National Mortgage Association, 2.500% to 6.500%, due 12/01/23 to 12/01/44, U.S. Treasury Inflation-Indexed Note, 0.625%, due 07/15/21 and U.S. Treasury Note, 3.750%, due 11/15/18. The aggregate market value of the collateral, including accrued interest, was $514,681,255.
	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 5.000%, due 08/01/26 to 07/01/44, Federal National Mortgage Association, 2.500% to 7.250%, due 12/01/25 to 01/01/45 and Government National Mortgage Association, 4.500% to 6.000%, due 08/20/40 to 04/20/44. The aggregate market value of the collateral, including accrued interest, was $257,513,466.
	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 5.500%, due 02/01/26 to 02/01/45, Federal National Mortgage Association, 2.000% to 6.000%, due 01/01/26 to 01/01/45, Government National Mortgage Association, 5.000%, due 08/20/40, U.S. Treasury Inflation-Indexed Note, 1.375%, due 01/15/20 and U.S. Treasury Note, 4.750%, due 08/15/17. The aggregate market value of the collateral, including accrued interest, was $515,091,581.


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
5.000%, due 08/01/26 to 01/01/45, Federal National Mortgage
Association, 2.500% to 6.500%, due 10/01/25 to 12/01/44,
Government National Mortgage Association, 4.500% to
4.750%, due 05/15/40 to 04/20/41 and U.S. Treasury Inflation-
Indexed Note, 0.250% to 0.625%, due 07/15/21 to 01/15/25.
The aggregate market value of the collateral, including accrued
interest, was $875,858,061.

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
09/25/17, Federal Home Loan Mortgage Corp., 2.500% to
6.500%, due 04/18/16 to 01/01/45, Federal National Mortgage
Association, 1.375% to 7.000%, due 10/15/15 to 02/01/45,
Government National Mortgage Association, 3.000% to
8.500%, due 09/15/20 to 02/20/45 and U.S. Treasury Bond,
8.500%, due 02/15/20. The aggregate market value of the
collateral, including accrued interest, was $561,000,449.

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
6.500%, due 09/01/24 to 02/01/45, Federal National Mortgage
Association, 2.500% to 7.000%, due 10/01/22 to 02/01/45 and
Government National Mortgage Association, 2.500% to
5.500%, due 02/20/30 to 02/20/45. The aggregate market value
of the collateral, including accrued interest, was
$1,019,999,996.

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%,
due 12/01/16 to 01/30/17, Federal Home Loan Mortgage Corp.,
2.000% to 6.500%, due 02/01/19 to 02/01/45, Federal National
Mortgage Association, 2.000% to 7.000%, due 06/01/17 to
12/01/44 and Government National Mortgage Association,
3.000% to 8.500%, due 11/15/21 to 01/20/45. The aggregate
market value of the collateral, including accrued interest, was
$510,000,003.

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
6.000%, due 10/01/17 to 02/01/45, Federal National Mortgage
Association, 3.000% to 5.000%, due 03/01/26 to 02/01/45 and
Government National Mortgage Association, 3.000% to
6.000%, due 02/15/38 to 12/20/44. The aggregate market value
of the collateral, including accrued interest, was
$1,274,999,999.

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
12/13/24, Federal Home Loan Mortgage Corp., 2.000% to
10.500%, due 04/01/15 to 02/01/45, Federal National Mortgage
Association, 2.000% to 12.000%, due 03/01/15 to 03/01/45 and
U.S. Treasury Notes, 1.625% to 2.750%, due 02/15/19 to
08/15/20. The aggregate market value of the collateral,
including accrued interest, was $509,999,999.

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%
to 6.500%, due 05/01/24 to 01/01/45. The aggregate market
value of the collateral, including accrued interest, was
$408,003,318.

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
02/15/41 to 08/15/41 and U.S. Treasury Notes, 2.000% to
2.125%, due 08/15/21 to 02/15/22. The aggregate market value
of the collateral, including accrued interest, was
$3,450,014,509.

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
7.000%, due 03/17/31 to 12/28/38 and Federal National
Mortgage Association, 2.500% to 6.500%, due 08/01/22 to
01/01/45. The aggregate market value of the collateral,
including accrued interest, was $510,004,701.

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%
to 4.000%, due 12/01/25 to 07/01/44. The aggregate market
value of the collateral, including accrued interest, was
$102,001,586.

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
Association, 2.500% to 6.500%, due 05/01/23 to 02/01/45. The
aggregate market value of the collateral, including accrued
interest, was $1,020,005,443.


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%
to 6.000%, due 03/01/28 to 07/01/42. The aggregate market
value of the collateral, including accrued interest, was
$255,002,730.

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%
to 11.000%, due 10/01/15 to 11/01/47. The aggregate market
value of the collateral, including accrued interest, was
$510,003,471.

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
6.500%, due 11/01/33 to 09/01/44, Federal National Mortgage
Association, 3.000% to 4.500%, due 08/01/25 to 02/01/45 and
Government National Mortgage Association, 2.500% to
4.000%, due 03/15/27 to 02/20/45. The aggregate market value
of the collateral, including accrued interest, was $255,000,001.

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%,
due 12/09/16 to 04/01/19, Federal Home Loan Mortgage Corp.,
1.550% to 8.000%, due 09/01/15 to 02/01/45, Federal Home
Loan Mortgage Corp., Stripped Security 0.000%, due 07/15/32,
Federal National Mortgage Association, 2.000% to 8.000%,
due 08/01/15 to 03/01/45 and Government National Mortgage
Association, 2.500% to 10.500%, due 04/15/16 to 02/20/45.
The aggregate market value of the collateral, including accrued
interest, was $764,999,998.

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
6.000%, due 11/01/27 to 09/01/44, Federal National Mortgage
Association, 2.500% to 5.000%, due 10/01/22 to 02/01/45 and
Government National Mortgage Association, 3.500% to
4.000%, due 01/20/45 to 02/20/45. The aggregate market value
of the collateral, including accrued interest, was $255,000,002.

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
6.000%, due 03/01/18 to 03/01/45, Federal National Mortgage
Association, 2.000% to 6.000%, due 04/01/18 to 02/01/45. The
aggregate market value of the collateral, including accrued
interest, was $1,544,999,994.

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%
due 12/01/28 and Federal National Mortgage Association,
3.000% to 4.500%, due 03/01/32 to 10/01/43. The aggregate
market value of the collateral, including accrued interest, was
$154,500,000.

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%,
due 01/17/17 to 02/05/19, Federal Home Loan Bank, 0.000% to
4.750%, due 03/27/15 to 03/13/20, Federal Home Loan
Mortgage Corp., 0.000% to 6.750%, due 04/18/16 to 07/15/32,
Federal Home Loan Mortgage Corp., Stripped Security,
0.000%, due 07/15/32, Federal National Mortgage Association,
0.000% to 5.000%, due 04/30/15 to 09/18/18, Federal National
Mortgage Association Stripped Security, 0.000%, due 11/15/18
and Tennessee Valley Authority, 0.000% to 5.880%, due
03/10/15 to 04/01/56. The aggregate market value of the
collateral, including accrued interest, was $1,275,003,284.

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%
due 12/01/29, Federal National Mortgage Association, 3.000%
to 4.500%, due 11/01/29 to 03/01/45 and Government National
Mortgage Association, 4.500%, due 09/20/44. The aggregate
market value of the collateral, including accrued interest, was
$231,750,000.

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
4.500%, due 03/01/35 to 03/01/45, Federal National Mortgage
Association, 2.500% to 5.000%, due 02/01/25 to 03/01/45 and
Government National Mortgage Association, 5.500%, due
10/20/43. The aggregate market value of the collateral,
including accrued interest, was $257,500,000.


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 3.000%, due 02/01/30 to 02/01/45 and Federal National Mortgage Association, 3.500%, due 12/01/29 to 03/01/45. The aggregate market value of the collateral, including accrued interest, was $206,000,001.

	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.

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 Chase N.A., LIQ)^(c)
$	19,375,000		0.130	%		03/02/15	$	19,375,000
	BlackRock MuniVest Fund VRDN RB Putters Series 2012-T0005 (JPMorgan Chase Bank N.A., LIQ)^(c)
	33,000,000		0.130			03/02/15		33,000,000
	BlackRock MuniVest Fund, Inc. VRDN RB Putters Series 2012-T0007 (JPMorgan Chase Bank N.A., LIQ)
	29,110,000		0.130			03/02/15		29,110,000
	City of Portland, Maine GO VRDN for Taxable Pension Boards Series 2001 (JPMorgan Chase Bank N.A., SPA)
	81,410,000		0.180			03/09/15		81,410,000
	Nuveen Investment Quality Municipal Fund, Inc. VRDP Series 2011-1-2118 (Barclays Bank PLC, LIQ)^(c)
	22,500,000		0.110			03/09/15		22,500,000
	Nuveen Municipal Market Opportunity Fund, Inc. VRDP Series 2010-1 (Deutsche Bank A.G., LIQ)^(c)
	34,000,000		0.170			03/09/15		34,000,000
	Nuveen Premier Municipal Income Fund, Inc. VRDP Series 2011-1-1277 (Barclays Bank PLC, LIQ)^(c)
	13,000,000		0.110			03/09/15		13,000,000
	Port Authority of New York & New Jersey VRDN RB for Austin Trust Certificates Series 2008-1107 (GO of Authority) (Bank of America N.A. LIQ)^(c)
	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 University Project Series 1999 B (GO of University)
$	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 value of the collateral, including accrued interest, was $108,000,013.
	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 value of the collateral, including accrued interest, was $135,000,051.

	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 12.750%, due 01/15/16 to perpetual maturity. The aggregate market value of the collateral, including accrued interest, was $115,499,991.

	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% to 9.250%, due 06/30/24 to perpetual maturity, various equity securities and Exchange-Traded Funds. The aggregate market value of the collateral, including accrued interest, was $216,000,001.
	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 3.527%, due 07/25/20 to 10/25/23, Federal National Mortgage Association, 0.000%, due 10/09/19, various corporate security issuers, 2.774% to 8.875%, due 07/01/17 to 03/01/25 and various mortgage-backed obligations, 0.371% to 5.421%, due 10/25/23 to 11/25/46. The aggregate market value of the collateral, including accrued interest, was $42,382,866.
	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 7.625%, due 02/18/20 to 06/25/47 and various mortgage- backed obligations, 0.511% to 5.750%, due 07/25/23 to 08/25/46. The aggregate market value of the collateral, including accrued interest, was $142,234,733.
	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%, due 10/25/23, various asset-backed obligations, 0.000% to 7.625%, due 07/15/20 to 08/25/47, various corporate security issuers, 6.100% to 7.375%, due 04/23/21 to 06/10/23 and various mortgage-backed obligations, 0.288% to 7.321%, due 07/25/23 to 07/25/37. The aggregate market value of the collateral, including accrued interest, was $609,485,925.

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%, due 09/15/15, Federal Home Loan Mortgage Corp., 2.387% to 4.500%, due 08/01/26 to 12/01/43, Federal National Mortgage Association, 1.950% to 6.000%, due 08/01/23 to 03/01/45, Government National Mortgage Association, 4.000% to 6.500%, due 02/15/39 to 10/20/44, U.S. Treasury Bond, 8.125%, due 08/15/19, U.S. Treasury Inflation-Indexed Note, 1.625%, due 01/15/18 and U.S. Treasury Note, 0.625%, due 08/15/16. The aggregate market value of the collateral, including accrued interest, was $255,000,112.

	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 9.020%, due 01/25/18 to 07/25/54. The aggregate market value of the collateral, including accrued interest, was $480,003,662.

	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. The market value of the collateral, including accrued interest, was $600,002,556.

	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 Funds. The aggregate market value of the collateral, including accrued interest, was $1,350,000,030.
	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 11.250%, due 06/01/17 to 10/01/21. The aggregate market value of the collateral, including accrued interest, was $27,502,153.

	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 7.550%, due 12/04/15 to 10/01/44 and a government security issuer, 5.950%, due 03/19/19. The aggregate market value of the collateral, including accrued interest, was $157,591,652.

	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 6.003%, due 04/30/23 to 10/20/38 and various mortgage- backed obligations, 0.291% to 6.064%, due 05/25/35 to 12/10/49. The aggregate market value of the collateral, including accrued interest, was $123,723,364.


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 securities, 0.000% to 1.388%, perpetual maturity and various Mutual Funds, 0.000% to 0.110%, perpetual maturity. The aggregate market value of the collateral, including accrued interest, was $111,260,927.

	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 05/15/18, various corporate security issuers, 0.637% to 9.700%, due 04/01/15 to 12/15/42, various municipal debt obligations, 5.000% to 7.425%, due 06/01/22 to 06/15/40 and various sovereign debt security issuers, 3.600% to 8.875%, due 04/14/19 to 01/23/46. The aggregate market value of the collateral, including accrued interest, was $184,611,849.

	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 14.000%, due 03/15/15 to 12/15/96. The aggregate market value of the collateral, including accrued interest, was $324,000,009.

	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% to 12.250%, due 07/14/17 to 02/14/34. The aggregate market value of the collateral, including accrued interest, was $273,000,001.
	100,000,000		0.220			03/02/15		100,000,000
	Maturity Value: $100,001,833
	Collateralized by various equity securities. The aggregate market value of the collateral, including accrued interest, was $107,999,995.
	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 12.250%, due 04/01/15 to 12/18/73. The aggregate market value of the collateral, including accrued interest, was $54,977,517.
	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 4.875%, due 11/15/15 to 03/30/43. The aggregate market value of the collateral, including accrued interest, was $110,000,000.

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 7.377%, due 05/23/19 to 11/25/36, various corporate security issuers, 3.500% to 11.500%, due 04/15/15 to perpetual maturity and various mortgage-backed obligations, 0.431% to 1.111%, due 08/25/36 to 06/25/46. The aggregate market value of the collateral, including accrued interest, was $169,969,557.
	150,000,000		0.310			03/06/15		150,000,000
	Maturity Value: $150,009,042
	Collateralized by various equity securities. The aggregate market value of the collateral, including accrued interest, was $162,000,001.

	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 6.006%, due 04/07/19 to 10/25/36, various corporate security issuers, 0.000% to 10.000%, due 04/10/15 to 09/15/27 and various mortgage-backed obligations, 2.390% to 5.648%, due 02/27/36 to 02/17/51. The aggregate market value of the collateral, including accrued interest, was $165,000,004.
	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 5.623%, due 05/25/20 to 08/15/50. The aggregate market value of the collateral, including accrued interest, was $325,956,004.
	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 6.006%, due 11/10/21 to 04/27/54, various corporate security issuers, 0.000% to 9.000%, due 04/10/15 to 06/01/43 and various mortgage-backed obligations, 2.390% to 3.074%, due 02/27/36 to 08/27/37. The aggregate market value of the collateral, including accrued interest, was $110,000,002.
	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 1.800%, due 05/25/40 to 12/25/40, various asset-backed obligations, 0.000% to 9.300%, due 07/01/15 to 07/03/50, various corporate security issuers, 0.000% to 11.000%, due 03/16/15 to 04/01/44 and various mortgage-backed obligations, 2.390% to 5.648%, due 06/14/31 to 02/17/51. The aggregate market value of the collateral, including accrued interest, was $274,399,115.

	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.

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 Series 2015-A
	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 PLC, SPA)
	10,000,000		0.180			03/02/15		10,000,000
	South Carolina State Public Service Authority Series 2012 DD (Barclays Bank PLC, SPA)
	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 (JPMorgan Chase Bank N.A., LIQ)^(b)
$	35,500,000		0.130	%		03/02/15	$	35,500,000
	BlackRock MuniVest Fund, Inc. VRDN RB Putters Series 2012-T0007 (JPMorgan Chase Bank N.A., LIQ)
	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 (GTY AGMT-Deutsche Bank A.G.) (Deutsche Bank A.G., LIQ)^(b)
$	13,100,000		0.140	%		03/09/15	$	13,100,000
	City of Colorado Springs Utilities System VRDN RB for Subordinate Lien Series 2000 A (Surety-MBIA) (Bayerische Landesbank Gironzentrale, SPA)
	39,100,000		0.100			03/09/15		39,100,000
	City of Omaha, Nebraska Parking Facilities Corp. VRDN RB Putters Series 2013-SGT06 (Societe Generale, LIQ)^(b)
	19,475,000		0.100			03/02/15		19,475,000
	Connecticut Housing Finance Authority VRDN RB Housing Mortgage Finance Program Series 2012-D Subseries D-3 (Bank of Tokyo- Mitsubishi UFJ, SPA)
	18,805,000		0.020			03/09/15		18,805,000
	Connecticut Housing Finance Authority VRDN RB Housing Mortgage Finance Program Series 2013 Subseries B-5 (Bank of Tokyo-Mitsubishi UFJ, SPA)
	11,320,000		0.020			03/09/15		11,320,000
	Grand River Dam Authority VRDN RB Taxable Series 2014-C (Barclays Bank PLC, LOC)
	16,250,000		0.130			03/09/15		16,250,000
	Kentucky Municipal Power Agency VRDN RB Floaters Series 2010-B002 (Assured Guaranty) (Morgan Stanley Bank, LIQ)^(b)
	20,000,000		0.340			03/09/15		20,000,000
	Nuveen Dividend Advantage Municipal Fund #2 VRDP Series 2010-2 (Toronto- Dominion Bank, LIQ)^(a)(b)
	29,300,000		0.110			03/09/15		29,300,000
	Nuveen Investment Quality Municipal Fund, Inc. VRDP Series 2011-1-2118 (Barclays Bank PLC, LIQ)^(a)(b)
	16,000,000		0.110			03/09/15		16,000,000
	Nuveen Municipal Market Opportunity Fund, Inc. VRDP Series 2010-1 (Deutsche Bank A.G., LIQ)^(a)(b)
	30,900,000		0.170			03/09/15		30,900,000
	Nuveen Municipal Opportunity Fund, Inc. VRDP Series 2010 (Citibank N.A., LIQ)^(a)(b)
	7,900,000		0.110			03/09/15		7,900,000
	Nuveen Select Quality Municipal Fund, Inc. VRDP Series 2011-1-2525 (Barclays Bank PLC, LIQ)^(a)(b)
	25,000,000		0.110			03/09/15		25,000,000
	Port Authority of New York & New Jersey VRDN RB Austin Trust Certificates Series 2008-1067 (GO of Authority) (Bank of America N.A., LIQ)^(b)
	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 Series 2008 (FGIC GO of Authority) (Citibank N.A., LIQ)^(b)
	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 Resources LP Project Series 2003 (GTY AGMT-Flint Hills Resources LLC)
	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 Resources LP Project Series 2005 (GTY AGMT-Flint Hills Resources LLC)
	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 Resources LP Project Series 2006 (GTY AGMT-Flint Hills Resources LLC)
	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 Resources LP Project Series 2007 (GTY AGMT-Flint Hills Resources LLC)
	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 Resources Series 2002 A (GTY AGMT-Flint Hills Resources LLC)
	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 (JPMorgan Chase & Co., LIQ)^(b)
$	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 Company, LOC)
	10,000,000		0.100			03/09/15		10,000,000
	Western Asset Intermediate Muni Fund, Inc. VRDP Series 2015-1 (Citibank N.A., LIQ)^(b)
	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 05/23/16, Federal Home Loan Bank, 0.000%, due 05/01/15, Federal Home Loan Mortgage Corp., 2.387% to 6.201%, due 06/01/22 to 03/01/45, Federal National Mortgage Association, 2.294% to 6.000%, due 11/01/22 to 09/01/44, Government National Mortgage Association, 1.625% to 7.000%, due 04/20/35 to 07/20/44. The aggregate market value of the collateral, including accrued interest, was $255,000,001.


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 38.628%, due 01/15/20 to 11/15/50, Federal National Mortgage Association, 0.100% to 503.875%, due 12/25/16 to 12/25/44 and Government National Mortgage Association, 0.000% to 84.845%, due 09/20/26 to 06/16/54. The aggregate market value of the collateral, including accrued interest, was $242,049,997.

	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 and U.S. Treasury Notes, 1.500% to 2.125%, due 08/31/18 to 08/15/21. The aggregate market value of the collateral, including accrued interest, was $1,300,005,511.

	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% to 6.500%, due 05/01/25 to 05/01/44. The aggregate market value of the collateral, including accrued interest, was $255,001,169.

	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 3.000%, due 02/25/35 to 09/25/47. The aggregate market value of the collateral, including accrued interest, was $115,001,117.

	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 6.028%, due 05/15/40 to 06/15/54, Federal National Mortgage Association, 5.829% to 6.379%, due 02/25/40 to 04/25/44 and Government National Mortgage Association, 0.350% to 6.027%, due 02/20/40 to 06/20/64. The aggregate market value of the collateral, including accrued interest, was $110,000,000.
	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 7.960%, due 12/15/17 to 10/25/37 and various mortgage- backed obligations, 0.361% to 6.266%, due 12/15/31 to 02/12/51. The aggregate market value of the collateral, including accrued interest, was $246,311,370.

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% to 0.099%, perpetual maturity and various mutual funds, 0.110% to 1.390%, perpetual maturity. The aggregate market value of the collateral, including accrued interest, was $108,107,693.
	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 7.500%, due 05/01/15 to 10/01/44. The aggregate market value of the collateral, including accrued interest, was $253,000,283.

	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 4.000%, due 03/01/25 to 07/01/44, Federal National Mortgage Association, 2.500% to 5.000%, due 05/01/23 to 12/01/44 and Government National Mortgage Association, 3.500% to 4.500%, due 12/20/44 to 02/20/45. The aggregate market value of the collateral, including accrued interest, was $255,000,000.

	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% to 4.500%, due 11/01/34 to 11/01/44. The aggregate market value of the collateral, including accrued interest, was $154,500,000.

	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%, due 02/01/30, Federal National Mortgage Association, and 2.000% to 4.000%, due 08/01/28 to 03/01/45 and Government National Mortgage Association, 5.000%, due 10/20/44. The aggregate market value of the collateral, including accrued interest, was $257,500,000.
	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 21.000%, due 04/07/19 to 07/25/53, various corporate security issuers, 0.000% to 10.500%, due 04/10/15 to perpetual maturity and various mortgage-backed obligations, 2.390% to 5.648%, due 02/27/36 to 02/17/51. The aggregate market value of the collateral, including accrued interest, was $192,252,385.


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 5.006%, due 05/15/21 to 04/27/54, various corporate security issuers, 0.000% to 9.250%, due 04/10/15 to 06/01/43 and an mortgage-backed obligation, 3.074%, due 08/27/37. The aggregate market value of the collateral, including accrued interest, was $82,499,998.

	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.

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 Healthcare Series 2009-C (Citibank N.A., LOC)
$	450,000		0.020	%		03/09/15	$	450,000
	Bay Area Toll Authority California Toll Bridge VRDN RB for San Francisco Bay Area CR-PT-4708 Series 2011 (Bank of America N.A., LIQ)^(a)
	1,000,000		0.020			03/09/15		1,000,000
	Bay Area Toll Authority California Toll Bridge VRDN RB for San Francisco Bay Area P-Floats Series 2013-MT-841 (Bank of America N.A., LIQ)^(a)
	4,150,000		0.040			03/09/15		4,150,000
	Bay Area Toll Authority California Toll Bridge VRDN RB for San Francisco Bay Area SPEARS Series 2011-DB-1043 (Deutsche Bank A.G., LIQ)^(a)
	3,000,000		0.120			03/09/15		3,000,000
	California Educational Facilities Authority CP RN for Stanford University Series 2015-S-4
	1,200,000		0.130			07/08/15		1,200,000
	California Educational Facilities Authority VRDN RB for California Institute of Technology Series 2006-B (GO of Institution)
	3,500,000		0.010			03/09/15		3,500,000
	California Educational Facilities Authority VRDN RB for Claremont McKenna College Putters Series 2009-3580 (JPMorgan Chase Bank N.A., LIQ)^(a)
	3,680,000		0.030			03/09/15		3,680,000
	California Educational Facilities Authority VRDN RB for Stanford University Floaters Series 2013-3346 (Morgan Stanley Bank, LIQ)^(a)
	2,600,000		0.030			03/09/15		2,600,000
	California Educational Facilities Authority VRDN RB for University of Southern California Eagle Series 2014-0005-Class A (Citibank N.A., LIQ)^(a)
	1,000,000		0.030			03/09/15		1,000,000
	California Educational Facilities Authority VRDN RB for University of Southern California Floater Trust Series 2009-11B (Barclays Bank PLC, LIQ)^(a)
	1,100,000		0.030			03/09/15		1,100,000
	California Educational Facilities Authority VRDN RB for University of Southern California Floaters Series 2010-3144 (Morgan Stanley Bank N.A., LIQ)^(a)
	2,976,640		0.010			03/02/15		2,976,640
	California Educational Facilities Authority VRDN RB for University of Southern California Putters Series 2009-3424 (JPMorgan Chase Bank N.A., LIQ)^(a)
	690,000		0.030			03/09/15		690,000
	California Educational Facilities Authority VRDN RB Refunding for Stanford University Series 1996 L-4
	2,300,000		0.010			03/09/15		2,300,000
	California Educational Facilities Authority VRDN RB Refunding for Stanford University Series 1999 L-7
	3,200,000		0.010			03/09/15		3,200,000
	California Health Facilities Financing Authority CP for Kaiser Permanente Series 2015 E
	1,500,000		0.140			07/07/15		1,500,000
	California Health Facilities Financing Authority RB Refunding for Cedars Sinai Medical Center Series 2011
	2,575,000		5.000			08/15/15		2,632,439
	California Health Facilities Financing Authority VRDN RB for Adventist Health System P-Floats Series 2011 PT-4699 (NATL-RE) (Bank of America N.A., SPA)^(a)
	1,740,000		0.190			03/09/15		1,740,000
	California Health Facilities Financing Authority VRDN RB for Catholic Healthcare Series 1988 C (NATL-RE) (JPMorgan Chase Bank N.A., LOC)
	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 Series 2012 B
$	9,500,000		0.020	%		03/09/15	$	9,500,000
	California Health Facilities Financing Authority VRDN RB for City of Hope Series 2012 C
	2,500,000		0.010			03/09/15		2,500,000
	California Health Facilities Financing Authority VRDN RB for Lucile Packard Children’s Hospital Floater Certificates Series 2012 O-48 (Royal Bank of Canada, LIQ)^(a)
	2,000,000		0.020			03/09/15		2,000,000
	California Health Facilities Financing Authority VRDN RB for Lucille Packard Children’s Hospital P-Floats Series 2012 PT-4726 (Bank of America N.A., LIQ)^(a)
	2,580,000		0.050			03/09/15		2,580,000
	California Health Facilities Financing Authority VRDN RB for Providence Health Services Floaters Series 2010-XF0036 (Toronto-Dominion Bank, LIQ)^(a)
	2,440,000		0.030			03/09/15		2,440,000
	California Health Facilities Financing Authority VRDN RB for Providence Health Services P-Floats Series 2009 PT-4646 (Bank of America N.A., LIQ)^(a)
	1,290,000		0.030			03/09/15		1,290,000
	California Health Facilities Financing Authority VRDN RB For Scripps Health Series 2001 A (JPMorgan Chase Bank N.A., LOC)
	3,005,000		0.010			03/09/15		3,005,000
	California Health Facilities Financing Authority VRDN RB for St. Joseph Health System Series 2011 B (U.S. Bank N.A., LOC)
	3,225,000		0.010			03/02/15		3,225,000
	California Health Facilities Financing Authority VRDN RB for St. Joseph Health System Series 2011 C (Northern Trust Co., LOC)
	1,000,000		0.010			03/02/15		1,000,000
	California Health Facilities Financing Authority VRDN RB for Sutter Health Floater Certificates Series 2014 O-76 (Royal Bank of Canada, LIQ)^(a)
	2,935,000		0.020			03/09/15		2,935,000
	California Health Facilities Financing Authority VRDN RB for Sutter Health ROCS RR-II R-11952 Series 2011 (Citibank N.A., LIQ)^(a)
	1,500,000		0.030			03/09/15		1,500,000
	California Infrastructure & Economic Development Bank RB Refunding for J Paul Getty Trust Series 2012 A-1
	1,250,000		4.000			10/01/15		1,278,559
	California Municipal Finance Authority Pollution VRDN RB Refunding for Chevron USA Inc. Project Series 2005
	4,500,000		0.010			03/02/15		4,500,000
	California Municipal Finance Authority VRDN RB for Chevron USA, Inc. Recovery Zone Bonds Series 2010 A (GTY AGMT-Chevron Corp.)
	4,480,000		0.010			03/02/15		4,480,000
	California Municipal Finance Authority VRDN RB for Chevron USA, Inc. Recovery Zone Bonds Series 2010 B (GTY AGMT-Chevron Corp.)
	2,460,000		0.010			03/02/15		2,460,000
	California Municipal Finance Authority VRDN RB for Chevron USA, Inc. Recovery Zone Bonds Series 2010 C (GTY AGMT-Chevron Corp.)
	2,500,000		0.010			03/02/15		2,500,000
	California State Department of Water Resources CP Series 2015-1 (Bank of Montreal Chicago Branch, LIQ)
	3,616,000		0.040			04/01/15		3,616,000
	California State University VRDN RB Floater Trust Series 2008-K37W (AGM) (Citibank N.A., LIQ)
	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 FSA) (Citibank N.A., LIQ)^(a)
$	3,000,000		0.030	%		03/09/15	$	3,000,000
	California Statewide Communities Development Authority CP for Kaiser Permanente Series 2008-B
	1,500,000		0.140			06/03/15		1,500,000
	California Statewide Communities Development Authority CP for Kaiser Permanente Series 2009B-1
	1,000,000		0.140			07/01/15		1,000,000
	California Statewide Communities Development Authority CP for Kaiser Permanente Series 2015 D
	1,000,000		0.140			03/03/15		1,000,000
	California Statewide Communities Development Authority CP for Kaiser Permanente Series 2015 K
	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 Muir Health Series 2008 C (Wells Fargo Bank N.A., LOC)
	5,100,000		0.010			03/02/15		5,100,000
	California Statewide Communities Development Authority VRDN RB for Kaiser Permanente ROCS RR-II R-1563 Series 2008 (BHAC-CR) (Citibank N.A., LIQ)^(a)
	1,200,000		0.030			03/09/15		1,200,000
	California Statewide Communities Development Authority VRDN RB for Kaiser Permanente Series 2003 C (GTY AGMT-Kaiser Foundation Health Plan, Inc., Kaiser Hospital Asset Management, Inc. and Kaiser Health Plan Asset Management, Inc.)
	1,200,000		0.010			03/09/15		1,200,000
	California Statewide Communities Development Authority VRDN RB for Kaiser Permanente Series 2004 J (GTY AGMT-Kaiser Foundation Health Plan, Inc., Kaiser Hospital Asset Management, Inc. and Kaiser Health Plan Asset Management, Inc.)
	2,000,000		0.010			03/09/15		2,000,000
	California Statewide Communities Development Authority VRDN RB for Kaiser Permanente Series 2009 C-1
	1,700,000		0.010			03/09/15		1,700,000
	Central Basin Municipal Water District VRDN COPS Refunding for 2007 Project Series 2008 B (U.S. Bank N.A., LOC)
	5,700,000		0.010			03/09/15		5,700,000
	Chino Basin Regional Financing Authority VRDN RB Refunding for Inland Empire Utilities Series 2008 B (Union Bank N.A., LOC)
	6,200,000		0.020			03/09/15		6,200,000
	City & County of San Francisco GO for Road Repaving & Street Safety Series 2013 C^(b)
	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- Mitsubishi UFJ, LOC)
	4,055,000		0.020			03/09/15		4,055,000
	City of Santa Rosa Wastewater VRDN RB SPEARS Series 2007-DBE-395 (AMBAC) (GTY AGMT-Deutsche Bank A.G.) (Deutsche Bank A.G., LIQ)^(a)
	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 Series 2013-0004-1 Class A (Citibank N.A., LIQ)^(a)
	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 Series 2013-0010 Class A (Citibank N.A., LIQ)^(a)
$	1,000,000		0.030	%		03/09/15	$	1,000,000
	Eastern Municipal Water District VRDN RB Refunding for Wastewater System Series 2014 A (Wells Fargo Bank N.A., SPA)
	1,645,000		0.010			03/09/15		1,645,000
	Eastern Municipal Water District VRDN RB Refunding for Wastewater System Series 2014 B (Wells Fargo Bank N.A., SPA)
	3,000,000		0.010			03/02/15		3,000,000
	Los Angeles Community College District GO VRDN Series 2011-O-4 (Royal Bank of Canada, LIQ)^(a)
	2,100,000		0.020			03/09/15		2,100,000
	Los Angeles Community Redevelopment Agency MF Hsg VRDN RB for Metropolitan Apartments Series 1985 RMKT (FNMA) (FNMA, LIQ)
	5,700,000		0.020			03/09/15		5,700,000
	Los Angeles County Housing Authority MF Hsg VRDN RB Refunding for Malibu Meadows II Series 1998 C (FNMA) (FNMA, LIQ)
	1,200,000		0.020			03/09/15		1,200,000
	Los Angeles County Housing Authority MF Hsg VRDN RB Refunding for Malibu Meadows Project Series 1998 B (FNMA) (FNMA, LIQ)
	2,436,000		0.020			03/09/15		2,436,000
	Los Angeles County Metropolitan Transportation Authority RB Refunding for Proposition A First Tier Series 2005 A (AMBAC)
	20,000		5.000			07/01/15		20,288
	Los Angeles County Metropolitan Transportation Authority RB Refunding for Proposition A First Tier Series 2011 A
	415,000		5.000			07/01/15		421,727
	Los Angeles County Metropolitan Transportation Authority RB Refunding for Proposition A First Tier-Senior Series 2009
	825,000		5.000			07/01/15		838,330
	Los Angeles County Metropolitan Transportation Authority RB Refunding for Proposition A First Tier-Senior Series 2013 A
	1,800,000		5.000			07/01/15		1,829,474
	Los Angeles Department of Airports VRDN RB for Los Angeles International Airport Floater Trust Series 2010-27B (Barclays Bank PLC, LIQ)^(a)
	1,300,000		0.030			03/09/15		1,300,000
	Los Angeles Department of Airports VRDN RB for Los Angeles International Airport Floater Trust Series 2010-80W (Barclays Bank PLC, LIQ)^(a)
	2,645,000		0.030			03/09/15		2,645,000
	Los Angeles Department of Airports VRDN RB for Los Angeles International Airport Floater Trust Series 2013-26WX (Barclays Bank PLC, LIQ)^(a)
	4,000,000		0.030			03/09/15		4,000,000
	Los Angeles Department of Airports VRDN RB for Los Angeles International Airport Putters Series 2010-3838 (JP Morgan Chase Bank N.A., LIQ)^(a)
	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 Series 2002 Subseries A-5 RMKT (Citibank N.A., SPA)
	2,000,000		0.010			03/09/15		2,000,000
	Los Angeles Department of Water & Power VRDN RB Refunding Series 2001 Subseries B-7 (Bank of Montreal, SPA)
	3,000,000		0.010			03/09/15		3,000,000
	Los Angeles Department of Water & Power VRDN RB Series 2001 Subseries B-3 (Royal Bank of Canada, SPA)
	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 R-12322 Series 2011 (AGM-CR AMBAC) (Citibank N.A., LIQ)^(a)
$	3,715,000		0.020	%		03/02/15	$	3,715,000
	Los Angeles Department of Water & Power Waterworks VRDN RB Series 2001 Subseries B-4 (Wells Fargo Bank N.A., SPA)
	11,200,000		0.020			03/09/15		11,199,989
	Metropolitan Water District of Southern California VRDN RB Refunding Series 2011 A-4
	1,000,000		0.170			05/01/15		1,000,022
	Metropolitan Water District of Southern California VRDN RB Refunding SIFMA Index Series 2012 B-1
	1,000,000		0.370			05/01/15		1,000,085
	Metropolitan Water District of Southern California VRDN RB Refunding SIFMA Index Series 2012 B-2
	250,000		0.370			05/01/15		250,048
	Metropolitan Water District of Southern California VRDN RB Series 2000 B-3 RMKT (Wells Fargo Bank N.A., SPA)
	4,800,000		0.010			03/02/15		4,800,000
	Metropolitan Water District of Southern California VRDN RB Series 2000 B-4 (Wells Fargo Bank N.A., SPA)
	1,000,000		0.010			03/09/15		1,000,000
	Northern California Power Agency VRDN RB Refunding for Hydroelectric Project Series 2008 A RMKT (Bank of Montreal, LOC)
	6,000,000		0.010			03/09/15		6,000,000
	Orange County Apartment Development VRDN RB Refunding for Park Ridge Villas Series 1998 (FNMA) (FNMA, LIQ)
	4,000,000		0.030			03/09/15		4,000,000
	Orange County Apartment Development VRDN RB Refunding for Riverbend Apartments Series 1999 B (FHLMC, LIQ)
	4,600,000		0.020			03/09/15		4,600,000
	Orange County Sanitation District VRDN COPS Putters Series 2010-3773Z (AGM) (JPMorgan Chase Bank N.A., LIQ)^(a)
	2,000,000		0.050			03/09/15		2,000,000
	Orange County Water District CP Series 2015-94 (Bayerische Landesbank Gironzentrale, LOC)
	4,213,000		0.090			03/03/15		4,213,000
	Orange County Water District VRDN COPS Putters Series 2010-3686Z (JPMorgan Chase Bank N.A., LIQ)^(a)
	500,000		0.030			03/09/15		500,000
	Riverside County Transportation Commission Sales Tax VRDN RB Putters Series 2013-4354 (JPMorgan Chase Bank, N.A., LIQ)^(a)
	1,875,000		0.030			03/09/15		1,875,000
	Riverside Unified School District GO VRDN Floaters Series 2009-3017 (AGC- ICC NATL-RE) (Morgan Stanley Bank, LIQ)^(a)
	6,755,000		0.170			03/09/15		6,755,000
	Sacramento County Housing Authority VRDN RB Refunding for River Terrace Apartments Series 1996 C-RMKT (FNMA) (FNMA, LIQ)
	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., LOC)
	600,000		0.010			03/09/15		600,000
	Sacramento Suburban Water District VRDN COPS Refunding Series 2009 A (Sumitomo Mitsui Banking Corp., LOC)
	2,000,000		0.020			03/09/15		2,000,000
	Sacramento Transportation Authority Sales Tax VRDN RB for Limited Tax Measure Series 2009 B (JPMorgan Chase Bank N.A., LIQ)
	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 Series 2011-O-8 (Royal Bank of Canada, LIQ)^(a)
$	1,000,000		0.020	%		03/09/15	$	1,000,000
	San Diego Community College District GO VRDN Putters Series 2009-3415 (JPMorgan Chase Bank N.A., LIQ)^(a)
	570,000		0.040			03/09/15		570,000
	San Diego County Regional Transportation Commission VRDN RB Limited Tax Series 2008 A (JPMorgan Chase Bank N.A., SPA)
	5,700,000		0.010			03/09/15		5,700,000
	San Diego County Regional Transportation Commission VRDN RB Limited Tax Series 2008 C (Mizuho Corp. Bank, SPA)
	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 Measure A Series 2008 C-RMKT (Sumitomo Mitsui Banking Corp., SPA)
	2,100,000		0.010			03/09/15		2,100,000
	Southern California Public Power Authority VRDN RB for Milford Wind Corridor Phase II Project-1 SPEARS Series 2012-DB-1048 (Deutsche Bank A.G., LIQ)
	2,000,000		0.120			03/09/15		2,000,000
	Southern California Public Power Authority VRDN RB Refunding for Magnolia Power Project Series 2009 A-1 (U.S. Bank N.A., LOC)
	2,000,000		0.010			03/09/15		2,000,000
	State of California Department of Water Resources Power Supply RB Series 2010 L
	3,200,000		5.000			05/01/15		3,225,596
	State of California Department of Water Resources Power Supply RB Series 2010 M
	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 Valley Project Series 2005-AD (AGM)
	1,500,000		5.000			06/01/15		1,518,085
	State of California GO VRDN SPEARS Series 2007-DB-457 (AGM) (GTY AGMT- Deutsche Bank A.G.) (Deutsche Bank A.G., LIQ)^(a)
	1,700,000		0.120			03/09/15		1,700,000
	State of California GO VRDN SPEARS Series 2014-DBE-1342 (GTY AGMT- Deutsche Bank A.G.) (Deutsche Bank A.G., LIQ)^(a)
	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 Series 2013 K
	3,700,000		0.010			03/09/15		3,700,000
	The Regents of the University of California VRDN RB Refunding Series 2013 AL-2
	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 (Barclays Bank PLC, LIQ)^(a)
	1,000,000		0.030			03/09/15		1,000,000
	University of California VRDN RB Putters Series 2008-2649Z (JPMorgan Chase Bank N.A., LIQ)
	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) (Citibank N.A., LIQ)^(a)
$	1,900,000		0.020	%		03/02/15	$	1,900,000
	Victor Valley Community College District GO VRDN Floater Certificates Series 2009-34C (GTY-AGMT-Wells Fargo & Co.) (Wells Fargo Bank N.A., LIQ)^(a)(c)
	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 Series 2008 (JPMorgan Chase Bank N.A., LOC)
$	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 Syracuse University Project Series 2010 A (Wells Fargo Bank N.A., LOC)
	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 Austin Trust Certificates Series 2008-3053X (AGM) (Bank of America N.A., LIQ)^(a)
	2,200,000		0.170			03/07/15		2,200,000
	Metropolitan Transportation Authority Dedicated Tax Fund VRDN RB Series 2002 Subseries B-1 RMKT (State Street Bank & Trust Co., LOC)
	1,150,000		0.010			03/07/15		1,150,000
	Metropolitan Transportation Authority VRDN RB Dedicated Tax Fund Refunding Series 2008 A-1 RMKT (Royal Bank of Canada, LOC)
	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) (Bank of America N.A., LIQ)^(a)
	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 (Bayerische Landesbank Gironzentrale, LOC)
	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 B (GO of Corp.) (TD Bank N.A., LOC)
	2,400,000		0.020			03/07/15		2,400,000
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Second General Resolution Series 2008-BB1 (Landesbank Hessen- Thueringen Girozentrale, SPA)
	920,000		0.010			03/02/15		920,000
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Series 2008 Subseries B-1A RMKT (Sumitomo Mitsui Banking, SPA)
	400,000		0.010			03/07/15		400,000
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Series 2011 Subseries A-1 (Mizuho Bank, Ltd., SPA)
	1,700,000		0.010			03/02/15		1,700,000
	New York City Transitional Finance Authority VDRN RB for Future Tax Secured Series 2014 Subseries B-3 (Barclays Bank PLC, SPA)
	700,000		0.010			03/02/15		700,000
	New York City Transitional Finance Authority VRDN RB for Future Tax Secured Refunding Series 2002-A-3B Convertible (Bank of Tokyo-Mitsubishi UFJ, LOC)
	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 Series 1999 Subseries B-3 (JPMorgan Chase Bank N.A., SPA)
$	90,000		0.010	%		03/07/15	$	90,000
	New York City Trust for Cultural Resources VRDN RB for Metropolitan Museum of Art Series 2006 A1 RMKT
	650,000		0.010			03/07/15		650,000
	New York City Trust for Cultural Resources VRDN RB for Metropolitan Museum of Art Series 2006 A2 RMKT
	600,000		0.010			03/07/15		600,000
	New York City Trust for Cultural Resources VRDN RB for Museum of Modern Art Austin Trust Certificates Series 2008-3316 (Bank of America N.A., LIQ)^(a)
	3,000,000		0.070			03/07/15		3,000,000
	New York City Trust for Cultural Resources VRDN RB for The Juilliard School ROCS-RR-II R-11927 Series 2011 (Citibank N.A., LIQ)^(a)
	2,400,000		0.030			03/07/15		2,400,000
	New York City Trust for Cultural Resources VRDN RB Refunding for American Museum of Natural History Series 2008 A1 (JPMorgan Chase Bank N.A., SPA)
	1,000,000		0.010			03/02/15		1,000,000
	New York City Trust for Cultural Resources VRDN RB Refunding for The New York Botanical Garden Series 2009 A (JPMorgan Chase Bank N.A., LOC)
	1,900,000		0.020			03/07/15		1,900,000
	New York State Dormitory Authority Non-State Supported Debt VRDN RB for Memorial Sloan-Kettering Hospital Putters Series 2008-3171 (JPMorgan Chase Bank N.A., LIQ)^(a)
	1,055,000		0.030			03/07/15		1,055,000
	New York State Dormitory Authority Non-State Supported Debt VRDN RB for Rockefeller University ROCS-RR-II R-11944 Series 2011 (Citibank N.A., LIQ)^(a)
	1,000,000		0.020			03/07/15		1,000,000
	New York State Dormitory Authority Non-State Supported Debt VRDN RB for Rockefeller University Series 2009 B (U.S. Bank N.A., SPA)
	3,900,000		0.010			03/07/15		3,900,000
	New York State Dormitory Authority Non-State Supported Debt VRDN RB for University of Rochester Series 2006 A-1 RMKT (Wells Fargo Bank N.A., LOC)
	1,885,000		0.020			03/07/15		1,885,000
	New York State Dormitory Authority Non-State Supported Debt VRDN RB for Vassar College Floaters Series 2007-1861 (Wells Fargo Bank N.A., LIQ)
	2,045,000		0.020			03/07/15		2,045,000
	New York State Dormitory Authority State Personal Income Tax VRDN RB for Education ROCS RR-II R-12121 Series 2007 (Citibank N.A., LIQ)
	1,000,000		0.030			03/07/15		1,000,000
	New York State Dormitory Authority State Supported Debt VRDN RB for Cornell University Series 2004 B RMKT (HSBC Bank USA N.A., SPA)
	2,590,000		0.010			03/07/15		2,590,000
	New York State Dormitory Authority State Supported Debt VRDN RB for New York Public Library Series 1999 A RMKT (TD Bank N.A., LOC)
	1,725,000		0.010			03/07/15		1,725,000
	New York State Dormitory Authority State Supported Debt VRDN RB for New York Public Library Series 1999 B RMKT (TD Bank N.A., LOC)
	3,465,000		0.010			03/07/15		3,465,000
	New York State Dormitory Authority State Supported Debt VRDN RB for University of Rochester Series 2003 B Convertible (HSBC Bank USA N.A., LOC)
	3,015,000		0.020			03/02/15		3,015,000
	New York State Dormitory Authority VRDN RB for Cornell University Series 2000 A (JPMorgan Chase Bank N.A., SPA)
	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 A RMKT (HSBC Bank USA N.A., SPA)
$	900,000		0.010	%		03/07/15	$	900,000
	New York State Environmental Facilities Corp. RB for State Revolving Funds Series 2013 B
	1,000,000		3.000			05/15/15		1,005,836
	New York State Housing Finance Agency VRDN RB for 10 Barclay Street Series 2004 A (FNMA) (FNMA, LIQ)
	600,000		0.020			03/07/15		600,000
	New York State Housing Finance Agency VRDN RB for Clinton Park Housing Series 2010 A RMKT (FHLMC) (FHLMC, LIQ)
	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 RMKT (FNMA) (FNMA, LIQ)
	1,000,000		0.010			03/07/15		1,000,000
	New York State Housing Finance Agency VRDN RB for West 37th Street Housing Series 2009 B RMKT (FHLMC, LIQ)
	1,500,000		0.020			03/07/15		1,500,000
	New York State Liberty Development Corp. VRDN RB Refunding for 4 World Trade Center Project SPEARS Series 2011-DB-1036X (GTY AGMT-Deutsche Bank A.G.) (Deutsche Bank A.G., LIQ)^(a)
	2,900,000		0.200			03/07/15		2,900,000
	New York State Liberty Development Corp. VRDN RB Refunding for 7 World Trade Center Project Putters Series 2012-4080Z (JPMorgan Chase Bank N.A., LIQ)^(a)
	1,500,000		0.200			03/07/15		1,500,000
	New York State Local Government Assistance Corp. RB Refunding Senior Lien Series 2007 A (GO of Corp.)
	1,225,000		5.000			04/01/15		1,229,969
	New York State Local Government Assistance Corp. VRDN RB Series 1997 SG-100 (NATL-RE-IBC GO of Corp.) (Societe Generale, SPA)
	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., LIQ) (TD Bank N.A., LIQ) (State Street Bank Trust, LIQ) (Wells Fargo Bank N.A., LIQ)
	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., LIQ) (Wells Fargo Bank N.A., LIQ) (TD Bank N.A., LIQ) (State Street Bank Trust, LIQ)
	2,150,000		0.060			04/01/15		2,150,000
	New York State Thruway Authority RB for Second General Highway & Bridge Trust Fund Series 2005 B (AGM)
	2,640,000		5.000			04/01/15		2,650,571
	New York State Thruway Authority VRDN RB Floater Series 2008-2800 (Credit Suisse, LIQ)
	1,000,000		0.020			03/07/15		1,000,000
	Northport-East Northport Union Free School District GO TANS Series 2014 (State Aid Withholding)
	2,000,000		1.000			06/25/15		2,005,202
	Port Authority of New York & New Jersey VRDN RB Floater Trust Series 2011-17B (GO of Authority) (Barclays Bank PLC, LIQ)^(a)
	2,150,000		0.030			03/07/15		2,150,000
	Port Authority of New York & New Jersey VRDN RB ROCS-RR-II R-664 Series 2006 (Citibank N.A., LIQ)^(a)
	2,130,000		0.030			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 Series 2014-4485 (JPMorgan Chase Bank N.A., LIQ)^(a)
$	1,000,000		0.030	%		03/07/15	$	1,000,000
	Suffolk County Water Authority VRDN RB Putters Series 2009-3357 (NATL-RE) (JPMorgan Chase Bank N.A., LIQ)^(a)
	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 Series 2002 F (Helaba, SPA)
	200,000		0.030			03/02/15		200,000
	Triborough Bridge & Tunnel Authority VRDN RB Refunding General Series 2005 Subseries B-2 RMKT (Wells Fargo Bank N.A., LOC)
	800,000		0.010			03/02/15		800,000
	Utility Debt Securitization Authority of New York VRDN RB Putters Series 2014-4445Z (JPMorgan Bank Chase N.A., LIQ)^(a)
	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 Ascension Health Senior Credit Group Putters Series 2008-2959 (JPMorgan Chase Bank N.A., LIQ)^(a)
$	6,370,000		0.030	%		03/09/15	$	6,370,000
	Alabama Special Care Facilities Financing Authority VRDN RB for Birmingham Ascension Health Senior Credit Group Solar Eclipse Series 2007-0046 (U.S. Bank N.A., LIQ) (U.S. Bank N.A., LOC)^(a),(b)
	16,380,000		0.090			05/21/15		16,380,000
	Columbia IDB VRDN PCRB Refunding for Alabama Power Co. Project Series 2014 C
	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 Series 1998
	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 Series 2009 A RMKT (Bank of Tokyo-Mitsubishi UFJ, SPA)
	30,000,000		0.010			03/09/15		30,000,000
	Alaska Housing Finance Corp. Home Mortgage VRDN RB Series 2009 D (GO of Corp.) (Bank of America N.A., SPA)
	24,955,000		0.010			03/09/15		24,955,000
	Alaska Housing Finance Corp. VRDN RB for Governmental Purpose Series 2001 A RMKT (GO of Corp.)
	6,390,000		0.010			03/09/15		6,390,000
	Alaska Housing Finance Corp. VRDN RB for Governmental Purpose Series 2001 B RMKT (GO of Corp.)
	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. Project Series 1993 B
	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 Series 2011 PT-4695 (Bank of America N.A., LIQ)^(a)
	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 (JPMorgan Chase Bank N.A., LIQ)^(a)
	6,605,000		0.030			03/09/15		6,605,000
	Arizona State Transportation Board Highway VRDN RB Putters Series 2009-3466 (JPMorgan Chase Bank N.A., LIQ)^(a)
	4,065,000		0.030			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 Series 2009-3458 (JPMorgan Chase Bank N.A., LIQ)^(a)
$	7,140,000		0.030	%		03/09/15	$	7,140,000
	City of Phoenix GO VRDN Floaters Series 2007-1882 (Wells Fargo Bank N.A., LIQ)
	17,435,000		0.020			03/09/15		17,435,000
	County of Maricopa IDA Senior Living Facilities VRDN RB Refunding for Christian Care Apartments, Inc. Project Series 2005 A (FNMA) (FNMA, LIQ)
	10,210,000		0.020			03/09/15		10,210,000
	Salt River Project Agricultural Improvement & Power District Electric System VRDN RB Eagle Series 2006-0014 Class A (Citibank N.A., SPA)
	13,275,000		0.020			03/09/15		13,275,000
	Salt River Project Agricultural Improvement & Power District Electric System VRDN RB Floaters Trust Series 2009-9W (Barclays Bank PLC, LIQ)^(a)
	4,050,000		0.040			03/09/15		4,050,000
	Salt River Project Agricultural Improvement & Power District Electric System VRDN RB Floaters Trust Series 2010-21W (Barclays Bank PLC, LIQ)^(a)
	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 Area CR-PT-4708 Series 2011 (Bank of America N.A., LIQ)^(a)
	13,370,000		0.020			03/09/15		13,370,000
	Bay Area Toll Authority California Toll Bridge VRDN RB for San Francisco Bay Area P-Floats Series 2013-MT-841 (Bank of America N.A., LIQ)^(a)
	760,000		0.040			03/09/15		760,000
	California Educational Facilities Authority VRDN RB for Claremont McKenna College Putters Series 2009-3580 (JPMorgan Chase Bank N.A., LIQ)^(a)
	2,700,000		0.030			03/09/15		2,700,000
	California Educational Facilities Authority VRDN RB for Stanford University Floaters Series 2013-3346 (Morgan Stanley Bank, LIQ)^(a)
	400,000		0.030			03/09/15		400,000
	California Educational Facilities Authority VRDN RB for Stanford University ROCS RR-II R-14081 Series 2014 (Citibank N.A., LIQ)^(a)
	4,000,000		0.020			03/09/15		4,000,000
	California Educational Facilities Authority VRDN RB for University of Southern California Floaters Series 2008 -XF-0093 (JPMorgan Chase Bank N.A., LIQ)^(a)
	2,300,000		0.030			03/09/15		2,300,000
	California Educational Facilities Authority VRDN RB for University of Southern California Putters Series 2009-3424 (JPMorgan Chase Bank N.A., LIQ)^(a)
	7,305,000		0.030			03/09/15		7,305,000
	California Health Facilities Financing Authority CP for Kaiser Permanente Series 2015 E
	18,500,000		0.140			07/07/15		18,500,000
	California Health Facilities Financing Authority VRDN RB for Adventist Health System P-Floats Series 2011 PT-4699 (NATL-RE) (Bank of America N.A., SPA)^(a)
	18,605,000		0.190			03/09/15		18,605,000
	California Health Facilities Financing Authority VRDN RB for Kaiser Permanente Floaters Certificates Series 2011 E-21 (Royal Bank of Canada, LOC)^(a)
	12,600,000		0.020			03/09/15		12,600,000
	California Health Facilities Financing Authority VRDN RB for Kaiser Permanente Series 2006 C
	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 Children’s Hospital Floater Certificates Series 2012 O-48 (Royal Bank of Canada, LIQ)^(a)
$	2,000,000		0.020	%		03/09/15	$	2,000,000
	California Health Facilities Financing Authority VRDN RB for Providence Health Services P-Floats Series 2009 PT-4646 (Bank of America N.A., LIQ)^(a)
	2,900,000		0.030			03/09/15		2,900,000
	California Health Facilities Financing Authority VRDN RB for St. Joseph Health System Series 2011 B (U.S. Bank N.A., LOC)
	12,800,000		0.010			03/02/15		12,800,000
	California Health Facilities Financing Authority VRDN RB for Sutter Health Floater Certificates Series 2014 O-76 (Royal Bank of Canada, LIQ)^(a)
	835,000		0.020			03/09/15		835,000
	California Health Facilities Financing Authority VRDN RB for Sutter Health ROCS RR-II R-11952 Series 2011 (Citibank N.A., LIQ)^(a)
	7,330,000		0.030			03/09/15		7,330,000
	California Municipal Finance Authority VRDN RB for Chevron USA, Inc. Recovery Zone Bonds Series 2010 C (GTY AGMT-Chevron Corp.)
	1,500,000		0.010			03/02/15		1,500,000
	California State University VRDN RB Floater Trust Series 2008-K37W (AGM) (Citibank N.A., LIQ)
	10,900,000		0.170			03/09/15		10,900,000
	California Statewide Communities Development Authority CP for Kaiser Permanente Series 2008 B
	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 Permanente Series 2009 B-1
	12,000,000		0.140			07/01/15		12,000,000
	California Statewide Communities Development Authority CP for Kaiser Permanente Series 2009 B-3
	9,500,000		0.140			07/01/15		9,500,000
	California Statewide Communities Development Authority CP for Kaiser Permanente Series 2009 B-4
	10,000,000		0.140			08/04/15		10,000,000
	California Statewide Communities Development Authority CP for Kaiser Permanente Series 2015 D
	19,000,000		0.140			03/03/15		19,000,000
	California Statewide Communities Development Authority CP for Kaiser Permanente Series 2015 K
	3,610,000		0.140			03/02/15		3,610,000
	California Statewide Communities Development Authority VRDN RB for John Muir Health Series 2008 C (Wells Fargo Bank N.A., LOC)
	1,200,000		0.010			03/02/15		1,200,000
	California Statewide Communities Development Authority VRDN RB for Kaiser Permanente ROCS RR-II R-11672 Series 2008 (BHAC-CR) (Citibank N.A., LIQ)^(a)
	10,035,000		0.030			03/09/15		10,035,000
	California Statewide Communities Development Authority VRDN RB for Kaiser Permanente ROCS RR-II R-1563 Series 2008 (BHAC-CR) (Citibank N.A., LIQ)^(a)
	8,600,000		0.030			03/09/15		8,600,000
	California Statewide Communities Development Authority VRDN RB for Kaiser Permanente Series 2003 D (Kaiser Permanente, LIQ)
	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 Permanente Series 2009 C-1
$	1,300,000		0.010	%		03/09/15	$	1,300,000
	California Statewide Communities Development Authority VRDN RB for Kaiser Permanente Series 2009 C-3
	7,100,000		0.010			03/09/15		7,100,000
	California Statewide Communities Development Authority VRDN RB for Kaiser Permanente SPEARS Series 2013-DBE-1185 (Deutsche Bank A.G., LIQ)^(a)
	17,430,000		0.120			03/09/15		17,430,000
	City of Santa Rosa Wastewater VRDN RB SPEARS Series 2007-DBE-395 (AMBAC) (GTY AGMT-Deutsche Bank A.G.) (Deutsche Bank A.G., LIQ)^(a)
	1,080,000		0.120			03/09/15		1,080,000
	East Bay Municipal Utility District VRDN RB Water System Eagle Series 2013-0004-1 Class A (Citibank N.A., LIQ)^(a)
	8,600,000		0.030			03/09/15		8,600,000
	East Bay Municipal Utility District VRDN RB Water System Eagle Series 2013-0010 Class A (Citibank N.A., LIQ)^(a)
	5,600,000		0.030			03/09/15		5,600,000
	East Bay Municipal Utility District VRDN RB Water System Refunding Series 2008 A-2 RMKT (U.S. Bank N.A., SPA)
	7,670,000		0.010			03/09/15		7,670,000
	Los Angeles Community Redevelopment Agency MF Hsg VRDN RB for Metropolitan Apartments Series 1985 RMKT (FNMA) (FNMA, LIQ)
	10,135,000		0.020			03/09/15		10,135,000
	Los Angeles County Metropolitan Transportation Authority RB Refunding for Proposition A First Tier-Senior Series 2013 A
	75,000		5.000			07/01/15		76,198
	Los Angeles Department of Airports VRDN RB for Los Angeles International Airport Floater Trust Series 2010-80W (Barclays Bank PLC, LIQ)^(a)
	2,600,000		0.030			03/09/15		2,600,000
	Los Angeles Department of Airports VRDN RB for Los Angeles International Airport Floater Trust Series 2013-26WX (Barclays Bank PLC, LIQ)^(a)
	1,000,000		0.030			03/09/15		1,000,000
	Los Angeles Department of Airports VRDN RB for Los Angeles International Airport Putters Series 2010-3838 (JP Morgan Chase Bank N.A., LIQ)^(a)
	7,300,000		0.030			03/09/15		7,300,000
	Los Angeles Department of Water & Power VRDN RB for Power System Putters Series 2009-3422 (JPMorgan Chase Bank N.A., LIQ)^(a)
	8,795,000		0.030			03/09/15		8,795,000
	Los Angeles Department of Water & Power VRDN RB for Power System Putters Series 2015-4493Z (JPMorgan Chase Bank N.A., LIQ)^(a)
	1,250,000		0.030			03/09/15		1,250,000
	Los Angeles Department of Water & Power VRDN RB for Power System Series 2001 Subseries B-1 (Royal Bank of Canada, SPA)
	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 Series 2001 Subseries B-5 (Bank of Montreal, SPA)
	9,500,000		0.010			03/09/15		9,500,000
	Los Angeles Department of Water & Power VRDN RB for Power System Series 2001 Subseries B-8 (Bank of Montreal, SPA)
	6,400,000		0.010			03/09/15		6,400,000
	Los Angeles Department of Water & Power VRDN RB for Power System Series 2002 Subseries A-2 RMKT (Citibank N.A., SPA)
	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 RR-II R-12322 Series 2011 (AGM-CR AMBAC) (Citibank N.A., LIQ)^(a)
$	1,500,000		0.020	%		03/02/15	$	1,500,000
	Los Angeles Department of Water & Power Waterworks VRDN RB Series 2001 Subseries B-4 (Wells Fargo Bank N.A., SPA)
	64,450,000		0.020			03/09/15		64,450,000
	Metropolitan Water District of Southern California VRDN RB Series 2000 B-4 (Wells Fargo Bank N.A., SPA)
	2,200,000		0.010			03/09/15		2,200,000
	Orange County Sanitation District VRDN COPS Putters Series 2010-3773Z (AGM) (JPMorgan Chase Bank N.A., LIQ)^(a)
	5,350,000		0.050			03/09/15		5,350,000
	Orange County Water District VRDN COPS Putters Series 2010-3686Z (JPMorgan Chase Bank N.A., LIQ)^(a)
	1,500,000		0.030			03/09/15		1,500,000
	Riverside County Transportation Commission Sales Tax VRDN RB Putters Series 2013-4364 (JPMorgan Chase Bank N.A., LIQ)^(a)
	6,365,000		0.030			03/09/15		6,365,000
	Riverside Unified School District GO VRDN Floaters Series 2009-3017 (AGC-ICC NATL-RE) (Morgan Stanley Bank, LIQ)^(a)
	2,100,000		0.170			03/09/15		2,100,000
	Sacramento Municipal Utility District CP Series 2015 K-1 (State Street Bank & Trust Co., LOC)
	15,000,000		0.040			04/01/15		15,000,000
	San Diego Community College District GO VRDN Putters Series 2009-3415 (JPMorgan Chase Bank N.A., LIQ)^(a)
	5,470,000		0.040			03/09/15		5,470,000
	San Francisco City & County Public Utilities Commission Water VRDN RB Floaters Series 2007-2190 (AGM) (Wells Fargo Bank N.A., LIQ)^(a)
	5,000,000		0.050			03/09/15		5,000,000
	State of California Department of Water Resources Power Supply RB Series 2010 L
	955,000		5.000			05/01/15		962,673
	State of California GO VRDN SPEARS Series 2007-DB-457 (AGM) (GTY AGMT-Deutsche Bank A.G.) (Deutsche Bank A.G., LIQ)^(a)
	11,445,000		0.120			03/09/15		11,445,000
	State of California GO VRDN SPEARS Series 2014-DBE-1342 (GTY AGMT-Deutsche Bank A.G.) (Deutsche Bank A.G., LIQ)^(a)
	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 Series 2013 K
	6,600,000		0.010			03/09/15		6,600,000
	The Regents of the University of California VRDN RB Refunding Series 2013 AL-2
	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 (Barclays Bank PLC, LIQ)^(a)
	4,000,000		0.030			03/09/15		4,000,000
	University of California VRDN RB ROCS RR-II R-12328 Series 2012 (AGM) (Citibank N.A., LIQ)^(a)
	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 Series 2008-1050 (Bank of America N.A., LIQ)^(a)
$	7,500,000		0.070	%		03/09/15	$	7,500,000
	City of Colorado Springs Utilities System VRDN RB for Subordinate Lien Refunding Series 2004 A (Bank of America N.A., SPA)
	14,450,000		0.030			03/09/15		14,450,000
	City of Colorado Springs Utilities System VRDN RB for Subordinate Lien Series 2000 A (Surety-MBIA) (Bayerische Landesbank Gironzentrale, SPA)
	69,900,000		0.100			03/09/15		69,900,000
	Colorado Health Facilities Authority VRDN RB for Catholic Health Initiatives Floaters Series 2013-3364 (GTY AGMT-Morgan Stanley Bank) (Morgan Stanley Bank, LOC)^(a)
	5,625,000		0.160			03/09/15		5,625,000
	Colorado Health Facilities Authority VRDN RB for Sisters of Leavenworth Health System Floater Certificates Series 2012-0-15 (Royal Bank of Canada, LIQ)^(a)
	7,000,000		0.020			03/09/15		7,000,000

								104,475,000

	Connecticut – 2.2%
	Connecticut Housing Finance Authority VRDN RB Housing Mortgage Finance Program Series 2009 Subseries A-1 (JPMorgan Chase Bank N.A., SPA)
	11,500,000		0.030			03/02/15		11,500,000
	Connecticut Housing Finance Authority VRDN RB Housing Mortgage Finance Program Series 2011 Subseries E-3 (GO of Authority) (Bank of Tokyo- Mitsubishi UFJ, SPA)
	15,200,000		0.020			03/09/15		15,200,000
	Connecticut Housing Finance Authority VRDN RB Housing Mortgage Finance Program Series 2013 Subseries B-6 (Bank of Tokyo-Mitsubishi UFJ, SPA)
	6,850,000		0.020			03/09/15		6,850,000
	Connecticut Housing Finance Authority VRDN RB Housing Mortgage Finance Program Series 2014 Subseries C-2 (Bank of Tokyo-Mitsubishi UFJ, SPA)
	5,500,000		0.020			03/09/15		5,500,000
	Connecticut State Health & Educational Facilities Authority VRDN RB for Yale University Eagle 7 Series 2005-3031 Class A (Citibank N.A., LIQ)
	34,000,000		0.020			03/09/15		34,000,000
	Connecticut State Health & Educational Facilities Authority VRDN RB for Yale University Putters Series 2008-2861 (JPMorgan Chase Bank N.A., LIQ)^(a)
	16,820,000		0.030			03/02/15		16,820,000
	Connecticut State Health & Educational Facilities Authority VRDN RB for Yale University Putters Series 2008-2862 (JPMorgan Chase Bank N.A., LIQ)^(a)
	5,730,000		0.030			03/02/15		5,730,000
	Connecticut State Health & Educational Facilities Authority VRDN RB for Yale University Putters Series 2008-3185Z (JPMorgan Chase Bank N.A., LIQ)^(a)
	11,995,000		0.030			03/09/15		11,995,000
	Connecticut State Health & Educational Facilities Authority VRDN RB for Yale University Series 1999 U-1
	5,200,000		0.010			03/09/15		5,200,000
	Connecticut State Health & Educational Facilities Authority VRDN RB for Yale University Series 2001 V-1
	1,800,000		0.010			03/02/15		1,800,000
	Connecticut State Health & Educational Facilities Authority VRDN RB for Yale University Series 2001 V-2
	12,610,000		0.010			03/02/15		12,610,000
	State of Connecticut GO VRDN for GAAP Conversion Putters Series 2014-4486 (JPMorgan Chase Bank N.A., LIQ)^(a)
	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 Series 2014 A
$	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 Services, Inc. Series 2008 A
	5,650,000		0.020			03/02/15		5,650,000
	Delaware State Health Facilities Authority VRDN RB for Christiana Care Health Services, Inc. Series 2008 B
	16,475,000		0.020			03/09/15		16,475,000
	Delaware State Health Facilities Authority VRDN RB for Christiana Care Health Services, Inc. Series 2010 B
	16,000,000		0.010			03/09/15		16,000,000
	University of Delaware VRDN RB Putters Series 2013-4359 (JPMorgan Chase Bank N.A., LIQ)^(a)
	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 Series 2013-15U (Barclays Bank PLC, LIQ)^(a)
	4,110,000		0.040			03/09/15		4,110,000
	District of Columbia Income Tax Secured VRDN RB Putters Series 2009-3354 (JPMorgan Chase Bank N.A., LIQ)^(a)
	7,080,000		0.030			03/09/15		7,080,000
	District of Columbia Income Tax Secured VRDN RB Putters Series 2009-3369 (JPMorgan Chase Bank N.A., LIQ)^(a)
	4,500,000		0.030			03/09/15		4,500,000
	District of Columbia Water & Sewer Authority Public Utility Systems VRDN RB Eagle Series 2013-0011 Class A (AGM-CR FGIC) (Citibank N.A., LIQ)^(a)
	5,750,000		0.040			03/09/15		5,750,000
	District of Columbia Water & Sewer Authority Public Utility Systems VRDN RB Eagle Series 2013-0012 Class A (AGM-CR FGIC) (Citibank N.A., LIQ)^(a)
	4,050,000		0.040			03/09/15		4,050,000
	District of Columbia Water & Sewer Authority Public Utility Systems VRDN RB Eagle Series 2014-0040 Class A (AGM) (Citibank N.A., LIQ)^(a)
	6,200,000		0.030			03/09/15		6,200,000
	District of Columbia Water & Sewer Authority Public Utility Systems VRDN RB Putters Series 2009-3317 (JPMorgan Chase Bank N.A., LIQ)^(a)
	8,330,000		0.030			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 Putters Series 2014-4449 (JPMorgan Chase Bank N.A., LIQ)^(a)
$	13,025,000		0.030	%		03/09/15	$	13,025,000
	District of Columbia Water & Sewer Authority Public Utility Systems VRDN RB Subordinate Lien Series 2014 Subseries B-2 (TD Bank N.A., SPA)
	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 Mitsui Banking Corp., LOC)
	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 Certificates Series 2013 E-43 (Royal Bank of Canada, LOC) (Royal Bank of Canada, SPA)^(a)
	41,400,000		0.020			03/09/15		41,400,000
	Florida Water Pollution Control Financing Corp. RB for Water Pollution Control Series 2010 A
	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 Subseries B-1 (State Street Bank & Trust Co., SPA)
	1,515,000		0.020			03/09/15		1,515,000
	Pinellas County Health Facilities Authority VRDN RB for BayCare Health System Series 2009 A2 (Northern Trust Co., LOC)
	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 (State GTD) (JPMorgan Chase Bank N.A., LIQ)^(a)
	7,425,000		0.030			03/09/15		7,425,000
	State of Florida VRDN RB Refunding for Department of Transportation Putters Series 2008-2514 (JPMorgan Chase Bank N.A., LIQ)^(a)
	27,105,000		0.050			03/09/15		27,105,000
	State of Florida VRDN RB Refunding for Department of Transportation Putters Series 2008-2539 (JPMorgan Chase Bank N.A., LIQ)^(a)
	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 Series 2008-1112 (Bank of America N.A., LIQ)^(a)
	3,375,000		0.070			03/09/15		3,375,000
	Gwinnett County School District GO VRDN Floaters Trust Series 2008-XF0089 (JPMorgan Chase Bank N.A., LIQ)^(a)
	8,870,000		0.030			03/09/15		8,870,000
	Metropolitan Atlanta Rapid Transit Authority Sales Tax VRDN RB Austin Trust Certificates Series 2008-3046X (AGM) (Bank of America N.A., LIQ)^(a)
	6,665,000		0.070			03/09/15		6,665,000
	Municipal Electric Authority of Georgia VRDN RB Series 1985 Sub Gen-C RMKT (GO of Participants) (Bayerische Landesbank Gironzentrale, LOC)
	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 Series 2009-3423 (JPMorgan Chase Bank N.A., LIQ)^(a)
$	4,795,000		0.030	%		03/09/15	$	4,795,000
	Private Colleges & Universities Authority VRDN RB for Emory University RMKT Series 2005 C-1
	800,000		0.010			03/09/15		800,000
	Private Colleges & Universities Authority VRDN RB for Emory University RMKT Series 2005 C-5
	950,000		0.010			03/09/15		950,000
	Private Colleges & Universities Authority VRDN RB for Emory University Series 2005 B-3
	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 Junior Series 2009 A
	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., LIQ)^(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., LIQ)^(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 Series 2012 DB-1076 (Deutsche Bank A.G., LIQ)^(a)
	6,660,000		0.100			03/09/15		6,660,000
	Illinois Development Finance Authority VRDN RB for Evanston Northwestern Healthcare Corp. Series 2001-B Convertible (JPMorgan Chase Bank N.A., SPA)
	11,875,000		0.020			03/02/15		11,875,000
	Illinois Development Finance Authority VRDN RB for Evanston Northwestern Healthcare Corp. Series 2001-C Convertible (Wells Fargo Bank N.A., SPA)
	11,000,000		0.010			03/02/15		11,000,000
	Illinois Educational Facilities Authority VRDN RB for University of Chicago Series 2003 B
	7,754,000		0.020			03/09/15		7,754,000
	Illinois Finance Authority VRDN RB for Advocate Health Care Network Series 2008 C-2A (Wells Fargo Bank N.A., SPA)
	29,230,000		0.010			03/09/15		29,230,000
	Illinois Finance Authority VRDN RB for Northwestern Memorial Hospital Floaters Trust Series 2011-16B (Barclays Bank PLC, LIQ)^(a)
	3,950,000		0.040			03/09/15		3,950,000
	Illinois Finance Authority VRDN RB for Northwestern Memorial Hospital Series 2007 A-2 (Wells Fargo Bank N.A., SPA)
	11,900,000		0.010			03/09/15		11,900,000
	Illinois Finance Authority VRDN RB for Northwestern Memorial Hospital Series 2007 A-4 (Wells Fargo Bank N.A., SPA)
	19,600,000		0.010			03/09/15		19,600,000
	Illinois Finance Authority VRDN RB for Northwestern Memorial Hospital Series 2009 A-2 (Northern Trust Co., SPA)
	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 Subseries C
$	8,900,000		0.010%			03/09/15	$	8,900,000
	Illinois Finance Authority VRDN RB for Trinity Health Floaters Trust Series 2013-3342 (Morgan Stanley Bank, LIQ)^(a)
	1,650,000		0.030			03/09/15		1,650,000
	Illinois Finance Authority VRDN RB for University of Chicago Medical Center Putters Series 2011-3907 (JPMorgan Chase Bank N.A., LIQ)^(a)
	30,825,000		0.050			03/09/15		30,825,000
	Illinois Finance Authority VRDN RB for University of Chicago Medical Center Series 2009 Subseries E-1 RMKT (Wells Fargo Bank N.A., LOC)
	2,000,000		0.010			03/02/15		2,000,000
	Illinois Finance Authority VRDN RB for University of Chicago ROCS RR-II-R- 14078 Series 2014 (Citibank N.A., LIQ)^(a)
	4,500,000		0.030			03/09/15		4,500,000
	Regional Transportation Authority RB Refunding Series 1999 (AGM GO of Authority)
	1,615,000		5.750			06/01/15		1,637,232
	University of Illinois Board of Trustees VRDN COPS for Utility Infrastructure Projects Series 2004 (Bank of NY Mellon, SPA)
	46,400,000		0.030			03/09/15		46,400,000
	University of Illinois Board of Trustees VRDN COPS ROCS RR-II R-11480 Series 2008 (AGM) (Citibank N.A., LIQ)^(a)
	7,495,000		0.140			03/09/15		7,495,000

								219,376,232

	Indiana – 1.7%
	Indiana Finance Authority Hospital VRDN RB for Indiana University Health Floater Certificates Series 2011 E-23 (Royal Bank of Canada, LIQ) (Royal Bank of Canada, LOC)^(a)
	11,000,000		0.020			03/09/15		11,000,000
	Indiana Finance Authority VRDN RB for Ascension Health Senior Credit Group Series 2008 E-5 Convertible
	24,600,000		0.020			03/09/15		24,600,000
	Indiana Finance Authority VRDN RB for Trinity Health Credit Group Putters Series 2009-3611 (JPMorgan Chase Bank N.A., LIQ)^(a)
	17,180,000		0.050			03/09/15		17,180,000
	Indiana Health Facility Financing Authority VRDN RB for Ascension Health Senior Credit Group Floaters Trust Series 2009-XF-0090 (JPMorgan Chase Bank N.A., LIQ)^(a)
	3,950,000		0.030			03/09/15		3,950,000
	Indiana Health Facility Financing Authority VRDN RB for Ascension Health Subordinate Credit Group Series 2005 A-2 RMKT
	17,500,000		0.020			03/09/15		17,500,000
	Indiana Health Facility Financing Authority VRDN RB Refunding for Sisters of St. Francis Health Services, Inc. Obligated Group Putters Series 2010-3639Z (AGM) (JPMorgan Chase Bank N.A., LIQ)^(a)
	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 System Sunbelt Obligated Group Floater Trust Series 2013-13U (Barclays Bank PLC, LIQ)^(a)
	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 SPEARS Series 2011-DB-1025 (BHAC-CR NATL-RE) (Deutsche Bank A.G., LIQ)^(a)
	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 Opportunity Zone Series 2011
	5,525,000		0.010			03/02/15		5,525,000
	State of Louisiana Gasoline & Fuels Tax RB Refunding Series 2014 A(Citibank N.A., LIQ)^(a)
	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 A.G., LIQ)^(a)
	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 College Putters Series 2009-3461 (JPMorgan Chase Bank N.A., LIQ)^(a)
	6,955,000		0.030			03/09/15		6,955,000

	Maryland – 2.1%
	County of Anne Arundel GO for Consolidated General Improvements Series 2011
	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 Series 2015 10-B (State Street Bank & Trust Co., LIQ)
	8,000,000		0.040			04/01/15		8,000,000
	County of Montgomery Consolidated Public Improvement GO VRDN BANS Series 2006 B RMKT (Wells Fargo Bank N.A., SPA)
	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 Refunding for Occidental Petroleum Corp. Series 2010
	58,860,000		0.020			03/09/15		58,860,000
	Maryland State Economic Development Corp. VRDN RB Refunding for Howard Hughes Medical Institute Project Series 2008 B
	5,695,000		0.010			03/09/15		5,695,000
	Maryland State Health & Higher Educational Facilities Authority VRDN RB for Johns Hopkins Health System Floater Certificates Series 2013 O-66 (Royal Bank of Canada, LIQ)^(a)
	5,650,000		0.020			03/09/15		5,650,000
	Maryland State Health & Higher Educational Facilities Authority VRDN RB for Johns Hopkins Health System Series 2008
	4,985,000		5.000			05/15/15		5,033,994
	Maryland State Transportation Authority VRDN RB Austin Trust Certificates Series 2008-3017X (AGM) (Bank of America N.A., LIQ)^(a)
	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 Series 2011 E^(c)
	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 Series 2008-1203 (Bank of America N.A., LIQ)^(a)
	9,500,000		0.070			03/09/15		9,500,000
	Commonwealth of Massachusetts (The) GO VRDN Consolidated Loan Series 2012 A
	3,000,000		0.470			03/05/15		3,003,397
	Commonwealth of Massachusetts (The) GO VRDN Refunding SIFMA Index Series 2013 A
	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 Certificates Series 2008-1111 (Bank of America N.A., LIQ)
	5,000,000		0.070			03/09/15		5,000,000
	Massachusetts Bay Transportation Authority VRDN RB for General Transportation System Series 2000 A2 RMKT (Bank of Tokyo-Mitsubishi UFJ, SPA)
	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 VRDN RB for Contract Assistance Series 2010-A6 RMKT (Sumitomo Mitsui Banking Corp., SPA)
$	35,000,000		0.010	%		03/09/15	$	35,000,000
	Massachusetts Development Finance Agency VRDN RB for Harvard University Putters Series 2010-3840 (JPMorgan Chase Bank N.A., LOC)^(a)
	4,000,000		0.030			03/09/15		4,000,000
	Massachusetts Health & Educational Facilities Authority VRDN RB for Harvard University Putters Series 2008-3104 (JPMorgan Chase Bank N.A., LIQ)^(a)
	3,040,000		0.030			03/09/15		3,040,000
	Massachusetts Health & Educational Facilities Authority VRDN RB for Harvard University ROCS RR-II R-11514 Series 2008 (Citibank N.A., LIQ)
	5,390,000		0.020			03/09/15		5,390,000
	Massachusetts Health & Educational Facilities Authority VRDN RB for Harvard University Series 2000 Y
	4,800,000		0.010			03/09/15		4,800,000
	Massachusetts Health & Educational Facilities Authority VRDN RB for Museum of Fine Arts Series 2007 A-1 RMKT (U.S. Bank N.A., SPA)
	38,500,000		0.010			03/02/15		38,500,000
	Massachusetts Health & Educational Facilities Authority VRDN RB for Museum of Fine Arts Series 2007 A-2 RMKT (Bank of America N.A., SPA)
	27,350,000		0.030			03/02/15		27,350,000
	Massachusetts Water Resources Authority CP Series 2015 (Bayerische Landesbank Gironzentrale, LOC)
	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 Series 2008-1 (JPMorgan Chase Bank N.A., SPA)
	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 Series 2008 B-3 (Wells Fargo Bank N.A. SPA)
	11,690,000		0.010			03/09/15		11,690,000
	Michigan Finance Authority VRDN RB Refunding for Trinity Health Credit Group Floater Certificates Series 2012-0-32 (Royal Bank of Canada, LIQ)^(a)
	6,870,000		0.020			03/09/15		6,870,000
	Michigan State Hospital Finance Authority VRDN RB for Ascension Health Credit Group Series 1999 B-4 RMKT
	1,005,000		0.900			03/16/15		1,005,281
	Michigan State Hospital Finance Authority VRDN RB for McLaren Health Care Floaters Trust Series 2015-XF-0044 (JPMorgan Chase Bank N.A., LIQ)^(a)
	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 (Wells Fargo Bank N.A., SPA)
	6,135,000		0.010			03/09/15		6,135,000
	City of Minneapolis VRDN RB for University Gateway Project Series 2002 (Wells Fargo Bank N.A., SPA)
	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 (Wells Fargo Bank N.A., SPA)
$	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., SPA)
	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 (Bank of America N.A. SPA)
	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. Series 1993
	5,820,000		0.010			03/02/15		5,820,000
	Mississippi Business Finance Commission Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2007 B (GTY AGMT-Chevron Corp.)
	5,400,000		0.010			03/02/15		5,400,000
	Mississippi Business Finance Commission Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2007 E (GTY AGMT-Chevron Corp.)
	4,150,000		0.010			03/02/15		4,150,000
	Mississippi Business Finance Commission Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2009 A (GTY AGMT-Chevron Corp.)
	9,400,000		0.010			03/02/15		9,400,000
	Mississippi Business Finance Commission Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2009 E (GTY AGMT-Chevron Corp.)
	11,150,000		0.010			03/02/15		11,150,000
	Mississippi Business Finance Commission Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2009 F (GTY AGMT-Chevron Corp.)
	5,165,000		0.010			03/02/15		5,165,000
	Mississippi Business Finance Commission Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2010 A (GTY AGMT-Chevron Corp.)
	26,400,000		0.020			03/09/15		26,400,000
	Mississippi Business Finance Commission Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2010 B (GTY AGMT-Chevron Corp.)
	1,000,000		0.020			03/09/15		1,000,000
	Mississippi Business Finance Commission Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2010 E (GTY AGMT-Chevron Corp.)
	7,250,000		0.010			03/09/15		7,250,000
	Mississippi Business Finance Commission Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2010 K (GTY AGMT-Chevron Corp.)
	4,190,000		0.010			03/02/15		4,190,000
	Mississippi Business Finance Commission Gulf Opportunity Zone VRDN RB for Chevron USA, Inc. Project Series 2010 L (GTY AGMT-Chevron Corp.)
	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 Series 2008 A RMKT (Northern Trust Co., SPA)
	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 System Floaters Trust Series 2014-0-78 (Royal Bank of Canada, LIQ)^(a)
$	6,665,000		0.020	%		03/09/15	$	6,665,000
	Missouri Health & Educational Facilities Authority VRDN RB for BJC Health System Series 2008 B (BJC Health System, LIQ)
	20,000,000		0.010			03/09/15		20,000,000
	Missouri Health & Educational Facilities Authority VRDN RB for Washington University Putters Series 2009-3546 (JPMorgan Chase Bank N.A., LIQ)^(a)
	11,395,000		0.030			03/09/15		11,395,000
	Missouri Health & Educational Facilities Authority VRDN RB for Washington University Series 2000 B (JPMorgan Chase Bank N.A., SPA)
	9,200,000		0.020			03/02/15		9,200,000
	Missouri Health & Educational Facilities Authority VRDN RB for Washington University Series 2004 B (Wells Fargo Bank N.A. SPA)
	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 Rate Certificates Series 2013-M027 Class A (FHLMC, LIQ)
	15,950,000		0.030			03/09/15		15,950,000
	Federal Home Loan Mortgage Corporation VRDN RB for Multi-Family Variable Rate Certificates Series 2014-M031 Class A (FHLMC, LIQ)
	11,495,000		0.030			03/09/15		11,495,000
	Nuveen AMT-Free Municipal Income Fund VRDP Series 2013-1-2190 (Deutsche Bank A.G., LIQ)^(a)
	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 Suisse, LIQ)
	21,870,000		0.040			03/09/15		21,870,000
	Omaha Public Power District VRDN RB Floaters Series 2006-1289 (FGIC) (Credit Suisse, LIQ)
	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 (JPMorgan Chase Bank N.A., LIQ)^(a)
	6,000,000		0.030			03/09/15		6,000,000
	Clark County Water Reclamation District GO VRDN Putters Series 2009-3488Z (JPMorgan Chase Bank N.A., LIQ)^(a)
	6,305,000		0.030			03/09/15		6,305,000
	Clark County Water Reclamation District GO VRDN Putters Series 2009-3489Z (JPMorgan Chase Bank N.A., LIQ)^(a)
	7,000,000		0.030			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 Chase Bank N.A., LIQ)^(a)
	7,185,000		0.060			03/09/15		7,185,000
	Las Vegas Valley Water District GO VRDN Putters Series 2014-4452Z (JPMorgan Chase Bank N.A., LIQ)^(a)
	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 N.A., LIQ)^(a)
	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 College Series 2003 (U.S. Bank N.A., SPA)
	23,315,000		0.020			03/09/15		23,315,000
	New Hampshire Health & Education Facilities Authority VRDN RB for Dartmouth College Series 2007 B RMKT (Bank of NY Mellon, SPA)
	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 AGMT-Deutsche Bank A.G.) (Deutsche Bank A.G., LIQ)^(a)
	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 N.A., LIQ)
	7,700,000		0.050			03/26/15		7,700,000
	Rutgers State University of New Jersey GO CP Series 2015 C (Wachovia Bank, LIQ)
	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 Series 2004 A (NATL-RE)
	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 Lien System Series 2003 B (U.S. Bank N.A., SPA)
	19,600,000		0.020			03/09/15		19,600,000
	Regents of the University of New Mexico (The) VRDN RB Subordinate Lien System Improvement Series 2001 (U.S. Bank N.A., SPA)
	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 Austin Trust Certificates Series 2008-3053X (AGM) (Bank of America N.A., LIQ)^(a)
$	2,130,000		0.170	%		03/09/15	$	2,130,000
	Metropolitan Transportation Authority VRDN RB Eagle Series 2014-0042 Class A (BHAC-CR FSA-CR AMBAC) (Citibank N.A., LIQ)^(a)
	7,425,000		0.030			03/09/15		7,425,000
	Metropolitan Transportation Authority VRDN RB for Dedicated Tax Putters Series 2014-4437Z (JPMorgan Chase Bank N.A., LIQ)^(a)
	3,165,000		0.030			03/09/15		3,165,000
	Metropolitan Transportation Authority VRDN RB for Dedicated Tax Series 2002 Subseries B-1 RMKT (State Street Bank & Trust Co., LOC)
	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 Mellon, SPA)
	2,385,000		0.020			03/09/15		2,385,000
	Nassau County Interim Finance Authority VRDN RB Series 2008 D-2 (JPMorgan Chase Bank N.A., SPA)
	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 N.A., LIQ)^(a)
	2,700,000		0.030			03/09/15		2,700,000
	New York City GO VRDN Series 1993 Subseries A-4 (Bayerische Landesbank Gironzentrale, LOC)
	22,650,000		0.030			03/02/15		22,650,000
	New York City GO VRDN Series 1995 Series F-4 (Landesbank Hessen- Thueringen Girozentrale, LOC)
	14,200,000		0.010			03/09/15		14,200,000
	New York City GO VRDN Series 2002 Subseries C-2 (Bayerische Landesbank Gironzentrale, LOC)
	18,600,000		0.020			03/07/15		18,600,000
	New York City GO VRDN Series 2005 Subseries F-3 (Sumitomo Mitsui Banking Corp., LOC)
	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., LOC)
	11,600,000		0.030			03/02/15		11,600,000
	New York City GO VRDN Series 2008 Subseries J-6 (Landesbank Hessen- Thueringen Girozentrale, LOC)
	32,180,000		0.050			03/02/15		32,180,000
	New York City GO VRDN Series 2011 Subseries A-3 (Landesbank Hessen- Thueringen Girozentrale, LIQ)
	13,775,000		0.010			03/02/15		13,775,000
	New York City Housing Development Corp. MF Hsg. VRDN RB for 90 Washington Street Series 2005 A (FNMA) (FNMA, LIQ)
	21,200,000		0.010			03/09/15		21,200,000
	New York City Housing Development Corp. MF Hsg. VRDN RB for Bruckner by the Bridge Series 2008 A (FHLMC, LIQ)
	14,900,000		0.010			03/09/15		14,900,000
	New York City Housing Development Corp. MF Hsg. VRDN RB for Elliot Chelsea Development Series 2010 A (FHLMC, LIQ)
	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 Development Series 2011 B RMKT(FHLMC) (FHLMC, LIQ)
$	4,200,000		0.020	%		03/09/15	$	4,200,000
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Second General Resolution Austin Trust Certificates Series 2008-1192 (Bank of America N.A., LIQ)^(a)
	6,000,000		0.070			03/09/15		6,000,000
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Second General Resolution Floater Series 2011-3274X (Credit Suisse, LIQ)^(a)
	8,665,000		0.020			03/09/15		8,665,000
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Second General Resolution Floater Trust Series 2013-16U (Barclays Bank PLC, LIQ)^(a)
	2,000,000		0.030			03/09/15		2,000,000
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Second General Resolution Floater Trust Series 2013-3WX (Barclays Bank PLC, LIQ)^(a)
	7,400,000		0.030			03/09/15		7,400,000
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Second General Resolution Series 2006 Subseries CC-2 (Bank of Nova Scotia, SPA)
	9,960,000		0.020			03/02/15		9,960,000
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Second General Resolution Series 2007 Subseries BB-1 (Bank of Tokyo- Mitsubishi UFJ, SPA)
	10,200,000		0.010			03/09/15		10,200,000
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Second General Resolution Series 2008 Subseries BB1 (Landesbank Hessen-Thueringen Girozentrale, SPA)
	1,000,000		0.010			03/02/15		1,000,000
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Second General Resolution Series 2013 Subseries AA-2 (JPMorgan Chase Bank N.A., SPA)
	11,600,000		0.020			03/02/15		11,600,000
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Second General Resolution Series 2014 Subseries BB-3 (Sumitomo Mitsui Bank, SPA)
	3,700,000		0.020			03/09/15		3,700,000
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Second General Resolution SPEARS Series 2013-DB-1198 (Deutsche Bank A.G., LIQ)^(a)
	16,940,000		0.120			03/09/15		16,940,000
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Series 2003 F Subseries F-2 (Bayerische Landesbank Gironzentrale, SPA)
	40,000,000		0.030			03/02/15		40,000,000
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Series 2008 B Subseries B-4 (Royal Bank of Canada, SPA)
	3,805,000		0.010			03/09/15		3,805,000
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Series 2008 Subseries B-1A RMKT (Sumitomo Mitsui Banking, SPA)
	3,100,000		0.010			03/07/15		3,100,000
	New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Series 2011 A Subseries A-1 (Mizuho Bank, Ltd., SPA)
	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 Austin Trust Certificates Series 2008-1190 (Bank of America N.A., LIQ)
$	8,780,000		0.070	%		03/09/15	$	8,780,000
	New York City Transitional Finance Authority VRDN RB for Future Tax Secured Floaters Series 2008-3360 (Morgan Stanley Bank, LIQ)^(a)
	6,800,000		0.030			03/09/15		6,800,000
	New York City Transitional Finance Authority VRDN RB for Future Tax Secured Putters Series 2015-4502Z (JPMorgan Chase Bank N.A., LIQ)^(a)
	3,125,000		0.030			03/09/15		3,125,000
	New York City Transitional Finance Authority VRDN RB for Future Tax Secured Refunding Series 2002-A-3B Convertible (Bank of Tokyo-Mitsubishi UFJ, LOC)
	5,800,000		0.020			03/07/15		5,800,000
	New York City Transitional Finance Authority VRDN RB for Future Tax Secured Series 1998 A-1 (JPMorgan Chase Bank N.A., SPA)
	90,000		0.010			03/09/15		90,000
	New York City Transitional Finance Authority VRDN RB for Future Tax Secured Series 2001 C RMKT (PNC Bank N.A., SPA)
	1,500,000		0.010			03/02/15		1,500,000
	New York City Transitional Finance Authority VRDN RB for Future Tax Secured Series 2012 Subseries A-6 (California State Teachers Retirement, SPA)
	2,000,000		0.010			03/02/15		2,000,000
	New York City Transitional Finance Authority VRDN RB for Future Tax Secured Series 2015 Subseries A-3 (Mizuho Bank, Ltd., SPA)
	31,400,000		0.010			03/02/15		31,400,000
	New York City Transitional Finance Authority VRDN RB for Future Tax Secured Series 2015 Subseries A-4 (Mizuho Bank, Ltd., SPA)
	3,505,000		0.010			03/02/15		3,505,000
	New York City Transitional Finance Authority VRDN RB for Future Tax Secured STICS Series 2014 O-84 (Royal Bank of Canada, LIQ)^(a)
	6,300,000		0.020			03/09/15		6,300,000
	New York City Transitional Finance Authority VRDN RB for NYC Recovery Series 2002-1 Subseries 1-A (Landesbank Hessen-Thueringen Girozentrale, LIQ)
	25,940,000		0.010			03/09/15		25,940,000
	New York City Transitional Finance Authority VRDN RB for NYC Recovery Series 2002-1 Subseries 1-D (Landesbank Hessen-Thueringen Gironzentrale, SPA)
	1,000,000		0.030			03/02/15		1,000,000
	New York City Transitional Finance Authority VRDN RB for NYC Recovery Series 2002-2 Subseries 2-F (Bayerische Landesbank Gironzentrale, LIQ)
	4,020,000		0.030			03/02/15		4,020,000
	New York City Transitional Finance Authority VRDN RB for NYC Recovery Series 2002-3 Subseries 3-E (Landesbank Baden-Wurttemberg, SPA)
	40,945,000		0.030			03/02/15		40,945,000
	New York City Trust for Cultural Resources VRDN RB for Metropolitan Museum of Art Series 2006 A1 RMKT
	2,600,000		0.010			03/07/15		2,600,000
	New York City Trust for Cultural Resources VRDN RB for Pierpont Morgan Library Series 2004 (JPMorgan Chase Bank N.A., LOC)
	1,800,000		0.010			03/09/15		1,800,000
	New York City Trust for Cultural Resources VRDN RB Refunding for American Museum of Natural History Series 2008 A1 (JPMorgan Chase Bank N.A., SPA)
	6,750,000		0.010			03/02/15		6,750,000
	New York City Trust for Cultural Resources VRDN RB Refunding for Museum of Modern Art Austin Trust Certificates Series 2008-3316 (Bank of America N.A., LIQ)^(a)
	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 York Botanical Garden Series 2009 A (JPMorgan Chase Bank N.A., LOC)
$	8,300,000		0.020	%		03/07/15	$	8,300,000
	New York State Dormitory Authority Non-State Supported Debt VRDN RB for Memorial Sloan-Kettering Cancer Center Floaters Trust Series 2008-XF- 0094 (JPMorgan Chase Bank N.A., LIQ)^(a)
	7,155,000		0.030			03/09/15		7,155,000
	New York State Dormitory Authority Non-State Supported Debt VRDN RB for Memorial Sloan-Kettering Cancer Center Putters Series 2008-3171 (JPMorgan Chase Bank N.A., LIQ)^(a)
	2,680,000		0.030			03/07/15		2,680,000
	New York State Dormitory Authority Non-State Supported Debt VRDN RB for New York University Putters Series 2008-3233Z (JPMorgan Chase Bank N.A., LIQ)^(a)
	8,770,000		0.030			03/09/15		8,770,000
	New York State Dormitory Authority Non-State Supported Debt VRDN RB for University of Rochester Series 2003 C RMKT (JPMorgan Chase Bank N.A., LOC)
	6,200,000		0.010			03/09/15		6,200,000
	New York State Dormitory Authority Non-State Supported Debt VRDN RB for Vassar College Floaters Trust Series 2007-1861 (Wells Fargo Bank N.A., LIQ)
	2,000,000		0.020			03/07/15		2,000,000
	New York State Dormitory Authority Non-State Supported Debt VRDN RB for Vassar College Floaters Trust Series 2008-XF-0007 (JPMorgan Chase Bank N.A., LIQ)^(a)
	6,430,000		0.030			03/09/15		6,430,000
	New York State Dormitory Authority State Personal Income Tax VRDN RB for Education Eagle Series 2006-0164 Class A (Citibank N.A., LIQ)
	11,060,000		0.030			03/09/15		11,060,000
	New York State Dormitory Authority State Personal Income Tax VRDN RB for Education Floaters Trust Series 2008-XF-0012 (JPMorgan Chase Bank N.A., LIQ)^(a)
	5,000,000		0.030			03/09/15		5,000,000
	New York State Dormitory Authority State Personal Income Tax VRDN RB for Education Putters Series 2008-3160 (JPMorgan Chase Bank N.A., LIQ)^(a)
	6,660,000		0.030			03/09/15		6,660,000
	New York State Dormitory Authority State Personal Income Tax VRDN RB for Education Putters Series 2010-3792Z (JPMorgan Chase Bank N.A., LIQ)^(a)
	6,360,000		0.030			03/09/15		6,360,000
	New York State Dormitory Authority State Personal Income Tax VRDN RB for Education ROCS RR II R-11479 Series 2008 (Citibank N.A., LIQ)^(a)
	5,900,000		0.030			03/09/15		5,900,000
	New York State Dormitory Authority State Personal Income Tax VRDN RB for Education ROCS RR-II R-12121 Series 2007 (Citibank N.A., LIQ)
	17,350,000		0.030			03/07/15		17,350,000
	New York State Dormitory Authority State Personal Income Tax VRDN RB Putters Series 2015-4519Z (JPMorgan Chase Bank N.A., LIQ)^(a)
	2,500,000		0.030			03/09/15		2,500,000
	New York State Dormitory Authority State Supported Debt VRDN RB for University of Rochester Series 2003 B Convertible (HSBC Bank USA N.A., LOC)
	400,000		0.020			03/02/15		400,000
	New York State Dormitory Authority VRDN RB for Columbia University Series 2003 B RMKT
	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 Series 2004 A RMKT (HSBC Bank USA N.A., SPA)
$	2,400,000		0.010	%		03/07/15	$	2,400,000
	New York State Dormitory Authority VRDN RB for Memorial Sloan-Kettering Cancer Center Floaters Trust Series 2014-XF-0006 (JPMorgan Chase Bank N.A., LIQ)^(a)
	10,020,000		0.030			03/09/15		10,020,000
	New York State Environmental Facilities Corp. VRDN RB for State Clean Water & Drinking Water Revolving Funds Putters Series 2008-2870 (JPMorgan Chase Bank N.A., LIQ)
	7,245,000		0.030			03/09/15		7,245,000
	New York State Environmental Facilities Corp. VRDN RB for State Clean Water & Drinking Water Revolving Funds Putters Series 2013-4355 (JPMorgan Chase Bank N.A., LIQ)^(a)
	2,500,000		0.030			03/09/15		2,500,000
	New York State Housing Finance Agency VRDN RB for 10 Barclay Street Series 2004 A (FNMA) (FNMA, LIQ)
	5,400,000		0.020			03/07/15		5,400,000
	New York State Housing Finance Agency VRDN RB for 100 Maiden Lane Series 2004 A RMKT (FNMA) (FNMA, LIQ)
	9,000,000		0.020			03/09/15		9,000,000
	New York State Housing Finance Agency VRDN RB for 600 West 42nd Street Series 2009 A RMKT (FNMA) (FNMA, LIQ)
	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 RMKT (FNMA) (FNMA, LIQ)
	33,700,000		0.010			03/07/15		33,700,000
	New York State Housing Finance Agency VRDN RB for Taconic Housing West 17th Street Series 2009 A (FNMA) (FNMA, LIQ)
	10,325,000		0.020			03/09/15		10,325,000
	New York State Housing Finance Agency VRDN RB for West 37th Street Housing Series 2009 B RMKT (FHLMC, LIQ)
	11,200,000		0.020			03/07/15		11,200,000
	New York State Liberty Development Corp. VRDN RB Refunding for 4 World Trade Center Project SPEARS Series 2011-DB-1036X (GTY AGMT-Deutsche Bank A.G.) (Deutsche Bank A.G., LIQ)^(a)
	43,885,000		0.200			03/07/15		43,885,000
	New York State Liberty Development Corp. VRDN RB Refunding for 7 World Trade Center Project Putters Series 2012-4080Z (JPMorgan Chase Bank N.A., LIQ)^(a)
	6,500,000		0.200			03/07/15		6,500,000
	New York State Local Government Assistance Corp. RB Refunding for Senior Lien Series 2007 A (GO of Corp.)
	1,590,000		5.000			04/01/15		1,596,481
	New York State Local Government Assistance Corp. VRDN RB Refunding Subordinate Lien Series 2003-4V RMKT (GO of Corp.) (Bank of America N.A., SPA)
	11,645,000		0.010			03/09/15		11,645,000
	New York State Local Government Assistance Corp. VRDN RB Series 1997 SG-100 (NATL-RE-IBC GO of Corp.) (Societe Generale, SPA)
	2,500,000		0.110			03/07/15		2,500,000
	New York State Thruway Authority RB for Second General Highway & Bridge Trust Fund Series 2005 B (AGM)
	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 Suisse, LIQ)
$	13,865,000		0.020	%		03/07/15	$	13,865,000
	New York State Urban Development Corporation Refunding State Personal Income Tax Putters Series 2014-4488 (JPMorgan Chase Bank N.A., LIQ)^(a)
	24,995,000		0.030			03/02/15		24,995,000
	Northport-East Northport Union Free School District GO TANS Series 2014 (State Aid Withholding)
	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 Series 2013 (Citibank N.A., LIQ)^(a)
	2,585,000		0.030			03/09/15		2,585,000
	Sales Tax Asset Receivable Corp. VRDN RB Refunding for Fiscal 2015 P-Floats Series 2014-PT-4744 (Bank of America N.A., LIQ)^(a)
	5,250,000		0.040			03/09/15		5,250,000
	Sales Tax Asset Receivable Corp. VRDN RB Refunding for Fiscal 2015 Putters Series 2014-4485 (JPMorgan Chase Bank N.A., LIQ)^(a)
	2,140,000		0.030			03/07/15		2,140,000
	Suffolk County Water Authority VRDN RB Putters Series 2009-3357 (NATL-RE) (JPMorgan Chase Bank N.A., LIQ)^(a)
	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 Series 2002 F (Helaba, SPA)
	31,000,000		0.030			03/02/15		31,000,000
	Triborough Bridge & Tunnel Authority VRDN RB Refunding General Series 2005 Subseries B-2 RMKT (Wells Fargo Bank N.A., LOC)
	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 Series 2014 A (Bank of America N.A., SPA)
	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 Project Putters Series 2008-3186Z (JPMorgan Chase Bank N.A., LIQ)^(a)
	3,500,000		0.040			03/02/15		3,500,000
	North Carolina Capital Facilities Finance Agency VRDN RB for Duke University Project Putters Series 2009-3333 (JPMorgan Chase Bank N.A., LIQ)^(a)
	11,000,000		0.030			03/09/15		11,000,000
	North Carolina Capital Facilities Finance Agency VRDN RB for Wake Forest University Series 2004 A
	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 University Project Eagle Series 2014-0050 Class A (Citibank N.A., LIQ)^(a)
$	8,000,000		0.030	%		03/09/15	$	8,000,000
	North Carolina Medical Care Commission Health Care Facilities Municipal Trust Receipts VRDN RB for Duke University Health System Floater Trust Series 2010-31W (Barclays Bank PLC, LIQ)^(a)
	2,000,000		0.040			03/09/15		2,000,000
	Raleigh Durham Airport Authority VRDN RB Refunding Series 2008 C RMKT (Royal Bank of Canada, LOC)
	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 Class A (Citibank N.A., LIQ)
	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 Bank of Canada, LIQ)^(a)
	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 Cooperative CP Series 2009-1
	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 N.A., LIQ)^(a)
	4,360,000		0.050			03/09/15		4,360,000
	Franklin County Hospital VRDN RB Refunding for Nationwide Children’s Hospital Series 2008 D RMKT (Bank of NY Mellon, SPA)
	18,120,000		0.020			03/09/15		18,120,000
	Franklin County Hospital VRDN RB Refunding for Nationwide Children’s Hospital Series 2008 F (PNC Bank N.A., SPA)
	25,270,000		0.020			03/09/15		25,270,000
	Franklin County Hospital VRDN RB Refunding for Ohio Health Corp. Series 2009 A RMKT (Barclays Bank PLC, SPA)
	16,600,000		0.020			03/09/15		16,600,000
	Ohio Higher Educational Facility Commission CP for Case Western Reserve University Program I Series 2015
	38,500,000		0.090			03/17/15		38,500,000
	Ohio Higher Educational Facility Commission VRDN RB for Cleveland Clinic Health System Putters Series 2009-3551 (JPMorgan Chase Bank N.A., LIQ)^(a)
	4,500,000		0.030			03/02/15		4,500,000
	Ohio Higher Educational Facility Commission VRDN RB for Cleveland Clinic Health System Series 2013 B-1 (Wells Fargo Bank N.A., LIQ)
	29,170,000		0.010			03/02/15		29,170,000
	Ohio State Hospital Facility VRDN RB for Cleveland Clinic Health System Putters Series 2009-3555Z (JPMorgan Chase Bank N.A., LIQ)^(a)
	6,245,000		0.030			03/09/15		6,245,000
	Ohio State Hospital Facility VRDN RB for Cleveland Clinic Health System Putters Series 2009-3558Z (JPMorgan Chase Bank N.A., LIQ)^(a)
	7,100,000		0.030			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 Series 2012 E-37 (Royal Bank of Canada, LOC)^(a)
	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 (U.S. Bank N.A., SPA)
	5,540,000		0.030			03/02/15		5,540,000
	State of Oregon GO VRDN for Veterans’ Welfare Series 2006-86-RMKT (U.S. Bank N.A., SPA)
	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 Pittsburg Medical Center Floater Certificates Series 2011 E-29 (Royal Bank of Canada, LIQ) (Royal Bank of Canada, LOC)^(a)
	7,000,000		0.020			03/09/15		7,000,000
	Allegheny County Hospital Development Authority VRDN RB for University of Pittsburg Medical Center Floater Certificates Series 2013 E-45 (Royal Bank of Canada, LOC) (Royal Bank of Canada, SPA)^(a)
	20,000,000		0.020			03/09/15		20,000,000
	Allegheny County Hospital Development Authority VRDN RB for University of Pittsburg Medical Center Putters Series 2013-4323 (GTY AGMT-JPMorgan Chase Bank N.A.) (JPMorgan Chase Bank N.A., LIQ)^(a)
	60,000,000		0.130			03/02/15		60,000,000
	Butler County General Authority VRDN RB for Allegheny School District Project Series 2014 (State Aid Withholding) (PNC Bank N.A., SPA)
	7,000,000		0.020			03/09/15		7,000,000
	Commonwealth of Pennsylvania GO VRDN Putters Series 2014-4481 (JPMorgan Chase Bank N.A., LIQ)^(a)
	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- DBE-1179 (GTY AGMT-Deutsche Bank A.G.) (Deutsche Bank A.G., LIQ)^(a)
	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 VRDN RB for Brown University Series 2003 B (Northern Trust Co., SPA)
	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 Series 2010-42W (Barclays Bank PLC, LIQ)^(a)
$	3,000,000		0.040	%		03/09/15	$	3,000,000
	South Carolina Association of Governmental Organizations COPS TANS Series 2014 D (South Carolina School District)
	50,000,000		1.000			04/15/15		50,054,366
	South Carolina State Public Service Authority RB for Santee Cooper SPEARS Series 2014-DBE-1256 (GTY AGMT-Deutsche Bank A.G.) (Deutsche Bank A.G., LIQ)^(a)(b)
	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 Carolina School District)
	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 Health Initiatives SPEARS Series 2014-DBE-1268 (GTY AGMT-Deutsche Bank A.G.) (Deutsche Bank A.G., LIQ)^(a)
	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 Health Senior Credit Group Floater Trust Series 2010-25W (Barclays Bank PLC, LIQ)^(a)
	2,000,000		0.040			03/09/15		2,000,000
	State of Tennessee CP Series 2000 A (Tennessee Consolidated Retirement System, SLOC)
	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 Banking, SLOC)
	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 Series 2010-39W (Barclays Bank PLC, LIQ)^(a)
	2,500,000		0.040			03/09/15		2,500,000
	Board of Regents of the University of Texas System RB for Permanent University Fund Prerefunded Series 2005 B
	1,225,000		5.000			07/01/15		1,244,655
	Board of Regents of the University of Texas System VRDN RB Refunding Series 2007 B
	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 Series 2008 A RMKT (JPMorgan Chase Bank N.A., LOC)
	18,700,000		0.040			03/09/15		18,700,000
	City of Dallas Waterworks & Sewer System CP Series 2015 D-1 (State Street Bank & Trust Co., LIQ)
	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 of Canada, LIQ)^(a)
$	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 (Royal Bank of Canada, LIQ)^(a)
	5,000,000		0.020			03/09/15		5,000,000
	City of San Antonio Electric & Gas System VRDN RB Putters Series 2008-2957 (JPMorgan Chase Bank N.A., LIQ)^(a)
	9,995,000		0.030			03/09/15		9,995,000
	City of San Antonio Electric & Gas System VRDN RB Putters Series 2009-3560 (JPMorgan Chase Bank N.A., LIQ)^(a)
	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 R-11541 Series 2008 (Citibank N.A., LIQ)
	1,560,000		0.030			03/09/15		1,560,000
	Dickinson ISD GO VRDN Municipal Trust Receipts Series 2000-SGA94 (PSF-GTD) (Societe Generale, LIQ)
	13,350,000		0.060			03/02/15		13,350,000
	El Paso County Hospital District GO VRDN Putters Series 2008-2998 (Assured Guaranty) (JPMorgan Chase Bank N.A., LIQ)^(a)
	13,395,000		0.040			03/09/15		13,395,000
	Grand Prairie ISD Eclipse Funding Trust GO VRDN Series 2007-0067 (PSF- GTD) (U.S. Bank N.A., LIQ) (U.S. Bank N.A., LOC)^(a)
	10,065,000		0.020			03/09/15		10,065,000
	Harris County Cultural Education Facilities Finance Corp. CP Refunding for Methodist Hospital Series 2009 C-2
	15,240,000		0.140			08/13/15		15,240,000
	Harris County Cultural Education Facilities Finance Corp. VRDN RB for Texas Children’s Hospital Project Putters Series 2009-3491Z (JPMorgan Chase Bank N.A., LIQ)^(a)
	4,795,000		0.050			03/09/15		4,795,000
	Harris County Health Facilities Development Corp. VRDN RB Refunding Methodist Hospital Series 2008 A-1
	15,925,000		0.020			03/02/15		15,925,000
	Harris County Industrial Development Corp. VRDN PCRB for Exxon Project Series 1984
	5,000,000		0.010			03/02/15		5,000,000
	Harris County Toll Road Authority VRDN RB Putters Series 2009-3425 (JPMorgan Chase Bank N.A., LIQ)^(a)
	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 ExxonMobil Project Series 2010 (GTY AGMT-Exxon Mobil Corp.)
	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 Chase Bank N.A., SPA)
$	18,820,000		0.030	%		03/09/15	$	18,820,000
	North Central Texas Health Facilities Development Corp. Hospital for Children’s Medical Center of Dallas Project VRDN RB Floaters Trust Series 2009 XF-0034 (TD Bank N.A., LIQ)^(a)
	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 Trust Certificates Series 2008-1053 (Bank of America N.A., LIQ)^(a)
	6,670,000		0.040			03/09/15		6,670,000
	State of Texas GO VRDN for Veterans Series 2011 A (JPMorgan Chase Bank N.A., SPA)
	31,150,000		0.020			03/09/15		31,150,000
	State of Texas GO VRDN for Veterans Series 2013 A (Sumitomo Mitsui Banking Corp., SPA)
	1,000,000		0.020			03/09/15		1,000,000
	Tarrant County Cultural Education Facilities Finance Corp. VRDN RB for Texas Health Resources Series 2008 C (JPMorgan Chase Bank N.A., SPA)
	11,875,000		0.040			03/02/15		11,875,000
	Texas Public Finance Authority for Unemployment Compensation RB Series 2010 A
	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 (JPMorgan Chase Bank N.A., LIQ)^(a)
	2,165,000		0.030			03/09/15		2,165,000
	Texas State Transportation Commission VRDN RB Putters Series 2008-2563 (JPMorgan Chase Bank N.A., LIQ)^(a)
	6,665,000		0.030			03/09/15		6,665,000
	Texas State Transportation Commission VRDN RB Putters Series 2008-2902 (JPMorgan Chase Bank N.A., LIQ)
	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 Lien Series 2007 A (JPMorgan Chase Bank N.A. SPA)
	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 (University of Texas Investment Management Co., LIQ)
	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 (JPMorgan Chase Bank N.A., SPA)
	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 N.A., LIQ)^(a)
$	9,490,000		0.030	%		03/09/15	$	9,490,000
	Utah County Hospital VRDN RB for IHC Health Services, Inc. Series 2002 B (U.S. Bank N.A., SPA)
	21,600,000		0.020			03/09/15		21,600,000
	Utah County Hospital VRDN RB for IHC Health Services, Inc. Series 2002 C (U.S. Bank N.A., SPA)
	15,000,000		0.020			03/09/15		15,000,000
	Utah County Hospital VRDN RB for IHS Health Services, Inc. Floater Trust Series 2015-1U (Barclays Bank PLC, LOC)^(a)
	1,850,000		0.040			03/09/15		1,850,000
	Utah Transit Authority VRDN RB Austin Trust Certificates Series 2008-3045X (AGM) (Bank of America N.A., LIQ)^(a)
	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 Aid Withholding)
	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 (Credit Suisse, LIQ)^(a)
	4,580,000		0.020			03/09/15		4,580,000
	Fairfax County IDA VRDN RB for Inova Health System Series 2000 (Branch Banking & Trust, SPA)
	5,900,000		0.020			03/09/15		5,900,000
	Loudoun County IDA VRDN RB for Howard Hughes Medical Institute Series 2009 B
	7,000,000		0.010			03/09/15		7,000,000
	Suffolk Economic Development Authority Hospital Facilities Revenue VRDN RB for Sentara Healthcare Eagles Series 2013-14 Class A (Citibank N.A., LIQ)^(a)(b)
	24,000,000		0.130			04/23/15		24,000,000
	University of Virginia VRDN RB Eagle Series 2014-0048 Class A (Citibank N.A., LIQ)^(a)
	12,195,000		0.030			03/09/15		12,195,000
	University of Virginia VRDN RB Putters Series 2008-3188Z (JPMorgan Chase Bank N.A., LIQ)^(a)
	15,010,000		0.040			03/02/15		15,010,000
	Virginia College Building Authority Educational Facilities VRDN RB for University of Richmond Project Series 2004 (U.S. Bank N.A., SPA)
	15,000,000		0.020			03/09/15		15,000,000
	Virginia Commonwealth Transportation Board VRDN RB Floater Certificates Series 2013-0-67 (Royal Bank of Canada, LIQ)^(a)
	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 Floaters Series 2010-3198X (Morgan Stanley Bank, LIQ)^(a)
$	4,250,000		0.060	%		03/09/15	$	4,250,000
	Central Puget Sound Regional Transportation Authority Sales Tax VRDN RB Putters Series 2008-2625Z (AGM) (JPMorgan Chase Bank N.A., LIQ)^(a)
	8,380,000		0.030			03/02/15		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 Series 2009-1W (AGC-ICC) (Barclays Bank PLC, LIQ)^(a)
	7,500,000		0.040			03/09/15		7,500,000
	County of King Limited Tax Municipal Trust Receipts GO VRDN Floater Trust Series 2010-66W (Barclays Bank PLC, LIQ)^(a)
	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 Bank & Trust Co., SPA)
	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 Gironzentrale, LOC)
	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) (Citibank N.A., LIQ)^(a)
	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 N.A., LIQ)
	9,995,000		0.030			03/09/15		9,995,000
	State of Washington GO VRDN Putters Series 2009-3538 (JPMorgan Chase Bank N.A., LIQ)^(a)
	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., LIQ)^(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 N.A., LIQ)^(a)
$	4,700,000		0.030	%		03/09/15	$	4,700,000
	State of Washington GO VRDN SPEARS Series 2007-DB-388 (GTY AGMT- Deutsche Bank A.G.) (Deutsche Bank A.G., LIQ)^(a)
	7,495,000		0.150			03/09/15		7,495,000
	University of Washington VRDN RB Floaters Series 2009-3005 (Morgan Stanley Bank, LIQ)^(a)
	3,350,000		0.020			03/02/15		3,350,000
	Washington Health Care Facilities Authority VRDN RB for Providence Health & Services Floaters Series 2009-3007(Credit Suisse, LIQ)^(a)
	9,000,000		0.020			03/09/15		9,000,000
	Washington Health Care Facilities Authority VRDN RB for Providence Health & Services P-Floats Series 2014 PT-4742 (Bank of America N.A., LIQ)^(a)
	8,665,000		0.020			03/09/15		8,665,000
	Washington Health Care Facilities Authority VRDN RB for Providence Health & Services Series 2012 C (U.S. Bank N.A., SPA)
	16,060,000		0.030			03/09/15		16,060,000
	Washington Health Care Facilities Authority VRDN RB for Seattle Children’s Hospital Floater Certificates Series 2009-51C (Wells Fargo & Co., LIQ)^(a)
	10,990,000		0.020			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 Hospital Floater Trust Series 2009-15W (Barclays Bank PLC, LIQ)^(a)
	2,940,000		0.040			03/09/15		2,940,000
	Wisconsin Health & Educational Facilities Authority VRDN RB for Froedtert Health Floater Certificates Series 2013-0-64 (Royal Bank of Canada, LIQ)^(a)
	5,275,000		0.050			03/09/15		5,275,000
	Wisconsin Health & Educational Facilities Authority VRDN RB for Froedtert Health Floater Series 2014-3372 (Morgan Stanley Bank, LIQ)^(a)
	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 11/15/22 to 05/15/43, and U.S. Treasury Notes, 0.250% to 3.125% due 03/15/15 to 05/15/24. The aggregate market value of the collateral, including accrued interest, was $510,000,041.

	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 06/04/15, U.S. Treasury Bonds, 2.750% to 8.750%, due 11/15/16 to 08/15/43, U.S. Treasury Inflation-Indexed Bonds, 1.375% to 2.500%, due 01/15/25 to 02/15/44, U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.500%, due 04/15/16 to 07/15/24, and U.S. Treasury Notes, 0.250% to 4.625% due 03/15/15 to 08/15/22. The aggregate market value of the collateral, including accrued interest, was $255,054,573.
	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 05/15/16 to 02/15/44, U.S. Treasury Inflation-Indexed Bonds, 1.375% to 3.625%, due 01/15/25 to 02/15/44, U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.125%, due 04/15/16 to 11/15/21, and U.S. Treasury Notes, 0.250% to 4.250% due 06/15/15 to 08/15/21. The aggregate market value of the collateral, including accrued interest, was $255,222,852.

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 02/15/38 to 08/15/42, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 05/15/19 to 02/15/43, U.S. Treasury Notes, 0.500% to 3.500%, due 06/15/16 to 02/28/21, and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/17 to 08/15/44. The aggregate market value of the collateral, including accrued interest, was $1,020,000,079.

	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 02/15/16 to 11/15/16, U.S. Treasury Inflation-Indexed Notes, 0.500% to 2.500%, due 04/15/15 to 07/15/16, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/15 to 05/15/39, U.S. Treasury Notes, 0.250% to 4.625% due 02/28/15 to 11/30/20, and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/15 to 02/15/41. The aggregate market value of the collateral, including accrued interest, was $714,000,037.
	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 05/07/15, U.S. Treasury Inflation-Indexed Bonds, 0.750% to 3.875%, due 04/15/28 to 02/15/42, U.S. Treasury Inflation- Indexed Notes, 0.125% to 1.875%, due 07/15/15 to 07/15/22, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/15 to 08/15/41, U.S. Treasury Notes, 0.085% to 3.500% due 08/15/15 to 02/15/25, and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 08/15/19 to 11/15/43. The aggregate market value of the collateral, including accrued interest, was $1,130,670,021.
	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 11/15/15 to 08/15/29, U.S. Treasury Interest-Only Stripped Security, 2.000%, due 01/15/16, U.S. Treasury Notes, 0.250% to 2.250% due 08/31/15 to 11/15/21, and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/31 to 05/15/44. The aggregate market value of the collateral, including accrued interest, was $510,000,027.

	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 market value of the collateral, including accrued interest, was $2,041,001.


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 U.S. Treasury Notes, 2.500% to 2.750% due 08/15/23 to 02/15/24. The aggregate market value of the collateral, including accrued interest, was $255,000,021.

	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 U.S. Treasury Notes, 1.500% to 2.125% due 02/29/16 to 11/15/22. The aggregate market value of the collateral, including accrued interest, was $1,800,007,599.
	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 02/15/40 to 08/15/41, and U.S. Treasury Notes, 1.500% to 2.125% due 08/31/18 to 11/15/22. The aggregate market value of the collateral, including accrued interest, was $3,000,020,022.

	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, 0.000%, due 11/15/17 to 11/15/20. The aggregate market value of the collateral, including accrued interest, was $32,540,119.
	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 07/30/15, and U.S. Treasury Notes, 0.250% to 3.375% due 04/15/16 to 02/15/24. The aggregate market value of the collateral, including accrued interest, was $1,530,010,286.

	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. Treasury Bonds, 2.750% to 8.750%, due 05/15/16 to 08/15/42, U.S. Treasury Inflation-Indexed Bonds, 2.000% to 2.500%, due 01/15/26 to 02/15/40, U.S. Treasury Inflation-Indexed Notes, 0.125% to 2.375%, due 01/15/17 to 07/15/22, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/24 to 02/15/44, , and U.S. Treasury Notes, 1.750% to 2.500% due 09/30/19 to 08/15/23. The aggregate market value of the collateral, including accrued interest, was $255,000,002.

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 10/31/15 to 01/31/20. The aggregate market value of the collateral, including accrued interest, was $255,000,056.
	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 08/15/17 to 05/15/24. The aggregate market value of the collateral, including accrued interest, was $127,500,093.

	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.

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)

(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)

(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)

(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)

(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 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)

(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)

(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 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)

(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 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)

(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, FST Administration, FST Premier, FST Service, FST Resource and FST Cash Management	Diversified
Prime Obligations	FST, FST Select, FST Preferred, FST Capital, FST Administration, FST Premier, FST Service, FST Class C, FST Resource and FST Cash Management	Diversified
Tax-Exempt California and Tax-Exempt New York	FST, FST Administration, FST Service and FST Cash Management	Non-Diversified

FST Class 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.

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.

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.

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.

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

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 and/or Shareholder Administration Fees		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.

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.

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.

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 Fund		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.

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.

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.

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	)

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

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

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.

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	)

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	)

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

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

LOGO

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.

LOGO

Money Market¹

Financial Square Funds^SM

Financial Square Tax-Exempt Funds

Financial Square Federal Fund

Financial Square Government Fund

Financial Square Money Market Fund

Financial Square Prime Obligations Fund

Financial Square Treasury Instruments Fund

Financial Square Treasury Obligations Fund

Fixed Income

Short Duration and Government

Enhanced Income Fund

High Quality Floating Rate Fund

Limited Maturity Obligations Fund

Short Duration Government Fund

Short Duration Income Fund

Government Income Fund

Inflation Protected Securities Fund

Multi-Sector

Core Fixed Income Fund

Bond Fund²

Global Income Fund

Strategic Income Fund

Municipal and Tax-Free

High Yield Municipal Fund

Dynamic Municipal Income Fund³

Short Duration Tax-Free Fund

Single Sector

Investment Grade Credit Fund

U.S. Mortgages Fund

High Yield Fund

High Yield Floating Rate Fund

Emerging Markets Debt Fund

Local Emerging Markets Debt Fund

Dynamic Emerging Markets Debt Fund

Fixed Income Alternatives

Long Short Credit Strategies Fund

Fixed Income Macro Strategies Fund

Fundamental Equity

Growth and Income Fund

Small Cap Value Fund

Small/Mid Cap Value Fund

Mid Cap Value Fund

Large Cap Value Fund

Capital Growth Fund

Strategic Growth Fund

Focused Growth Fund

Small/Mid Cap Growth Fund

Flexible Cap Growth Fund

Concentrated Growth Fund

Technology Tollkeeper Fund

Growth Opportunities Fund

Rising Dividend Growth Fund

U.S. Equity Fund⁴

Income Builder Fund

Tax-Advantaged Equity

U.S. Tax-Managed Equity Fund⁵

International Tax-Managed Equity Fund⁵

U.S. Equity Dividend and Premium Fund

International Equity Dividend and Premium Fund

Equity Insights

Small Cap Equity Insights Fund

U.S. Equity Insights Fund

Small Cap Growth Insights Fund

Large Cap Growth Insights Fund

Large Cap Value Insights Fund

Small Cap Value Insights Fund

International Small Cap Insights Fund

International Equity Insights Fund

Emerging Markets Equity Insights Fund

Fundamental Equity International

Strategic International Equity Fund

Focused International Equity Fund

International Small Cap Fund

Asia Equity Fund

Emerging Markets Equity Fund

BRIC Fund (Brazil, Russia, India, China)

N-11 Equity Fund

Select Satellite⁶

Real Estate Securities Fund

International Real Estate Securities Fund

Commodity Strategy Fund

Dynamic Commodity Strategy Fund

Dynamic Allocation Fund

Absolute Return Tracker Fund

Long Short Fund

Managed Futures Strategy Fund

MLP Energy Infrastructure Fund

Multi-Manager Alternatives Fund

Multi-Asset Real Return Fund

Retirement Portfolio Completion Fund

Tactical Tilt Implementation Fund

Total Portfolio Solutions⁶

Balanced Strategy Portfolio

Growth and Income Strategy Portfolio

Growth Strategy Portfolio

Equity Growth Strategy Portfolio

Satellite Strategies Portfolio

Enhanced Dividend Global Equity Portfolio

Tax Advantaged Global Equity Portfolio

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.

Effective on October 1, 2014, the Goldman Sachs Core Plus Fixed Income Fund was renamed the Goldman Sachs Bond Fund.

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 Funds^SM 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 Funds^SM 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).

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



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



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


		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


		James A. McNamara
		President/Principal Executive Officer
		Goldman Sachs Trust

Date:		May 8, 2015

By:		/s/ Scott McHugh


		Scott McHugh
		Principal Financial Officer
		Goldman Sachs Trust

Date:		May 8, 2015

Goldman Sachs High Yield Instl (GSHIX) N-CSRS/ACertified semi-annual shareholder report (management investment company) (amended)