N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

FINANCIAL SQUARE PRIME OBLIGATIONS FUND

Schedule of Investments

September 30, 2007 (Unaudited)


Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Commercial Paper and Corporate Obligations — 57.6%
Amstel Funding Corp.
$	100,000,000		5.250	%	11/20/07	$	99,270,833
	250,000,000		5.950		11/27/07		247,644,792
	80,000,000		5.200		12/10/07		79,191,111
	190,000,000		6.100		12/13/07		187,649,806
Aspen Funding Corp.
	100,000,000		5.255		10/24/07		99,664,264
	43,500,000		5.255		10/25/07		43,347,605
	76,033,000		5.580		11/08/07		75,585,166
	31,000,000		5.130		12/19/07		30,651,018
	123,500,000		5.130		12/20/07		122,092,100
Atlantic Asset Securitization Corp.
	326,581,000		5.250		10/15/07		325,914,230
	220,000,000		6.000		11/19/07		218,203,333
Atlantis One Funding Corp.
	80,000,000		5.255		10/16/07		79,824,833
	50,000,000		5.250		10/26/07		49,817,708
BA Credit Card Trust (Emerald)
	75,000,000		6.100		10/01/07		75,000,000
	184,100,000		6.400		10/10/07		183,805,440
	105,000,000		5.265		10/16/07		104,769,656
	80,000,000		5.260		10/19/07		79,789,600
	85,000,000		5.260		10/25/07		84,701,933
	125,000,000		6.100		11/20/07		123,940,972
	200,000,000		6.270		12/05/07		197,735,833
	250,000,000		6.250		12/20/07		246,527,778
Bank of America Corp.
	190,000,000		5.250		10/16/07		189,584,375
	225,000,000		5.425		11/13/07		223,542,031
	345,000,000		5.162		01/28/08		339,113,169
Bavaria Trust Corp.
	97,000,000		6.150		10/19/07		96,701,725
Beethoven Funding Corp.
	150,000,000		6.000		10/01/07		150,000,000
	188,000,000		6.200		12/14/07		185,604,044
	100,000,000		6.100		12/17/07		98,695,278
Cafco LLC
	90,000,000		5.260		11/06/07		89,526,600
	80,000,000		5.110		01/22/08		78,716,822
	200,000,000		5.850		03/05/08		194,930,000
Cancara Asset Securitization Ltd.
	178,702,000		6.400		10/01/07		178,702,000
	250,000,000		6.400		10/09/07		249,644,444
	90,000,000		5.260		10/31/07		89,605,500
	75,000,000		5.260		11/01/07		74,660,292
	250,000,000		6.160		12/14/07		246,834,444
Chariot Funding LLC
	125,000,000		6.250		10/10/07		124,804,687
	50,800,000		5.350		10/16/07		50,686,758
	117,222,000		5.500		10/16/07		116,953,366
	116,615,000		5.310		11/01/07		116,081,778
	163,459,000		5.900		11/23/07		162,039,177
	107,479,000		5.450		02/20/08		105,168,500
	200,000,000		5.450		02/21/08		195,670,278


Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Commercial Paper and Corporate Obligations — (continued)
Charta LLC
$	80,000,000		5.280	%	11/02/07	$	79,624,533
	100,000,000		5.280		11/08/07		99,442,667
	100,000,000		5.320		11/14/07		99,349,778
	325,000,000		5.800		11/26/07		322,067,778
	115,000,000		5.450		02/13/08		112,649,688
Ciesco LLC
	243,000,000		5.900		11/28/07		240,690,150
	125,000,000		5.900		11/29/07		123,791,319
	185,000,000		5.110		01/22/08		182,032,651
	87,775,000		5.470		02/15/08		85,947,841
	150,000,000		5.850		03/05/08		146,197,500
Citibank Credit Card Issuance Trust (Dakota Corp.)
	90,000,000		5.270		10/04/07		89,960,475
	145,000,000		5.260		10/23/07		144,533,906
	150,000,000		6.070		11/26/07		148,583,667
	100,000,000		5.250		12/20/07		98,833,333
	110,000,000		6.200		01/09/08		108,105,556
	200,000,000		6.250		01/11/08		196,458,333
	110,000,000		6.200		01/15/08		107,991,889
Citigroup Funding, Inc.
	35,000,000		5.260		10/12/07		34,943,747
	100,000,000		5.260		10/16/07		99,780,833
	200,000,000		5.290		02/22/08		195,768,000
	245,000,000		5.350		03/13/08		239,028,806
	245,000,000		5.350		03/14/08		238,992,396
Clipper Receivables Co. LLC
	60,000,000		6.080		10/10/07		59,908,800
	100,000,000		6.200		10/19/07		99,690,000
	100,000,000		6.050		10/26/07		99,579,861
	325,000,000		5.800		11/21/07		322,329,583
Concord Minutemen Capital Co. LLC
	75,000,000		5.290		11/06/07		74,603,250
	97,000,000		5.210		01/09/08		95,596,194
CRC Funding LLC
	75,000,000		5.250		10/16/07		74,835,938
	190,000,000		5.260		11/01/07		189,139,406
	50,000,000		5.260		11/02/07		49,766,222
	74,250,000		5.280		11/05/07		73,868,850
	171,000,000		5.310		11/16/07		169,839,765
	325,000,000		5.800		11/21/07		322,329,583
	100,000,000		5.450		02/13/08		97,956,250
Crown Point Capital Co. LLC
	190,000,000		5.180		10/10/07		189,753,950
Curzon Funding LLC
	125,000,000		5.260		10/05/07		124,926,944
	100,000,000		5.253		10/15/07		99,795,717
	100,000,000		5.250		10/23/07		99,679,167
	115,000,000		5.250		10/24/07		114,614,271
	95,000,000		5.170		11/13/07		94,413,349
	100,000,000		5.170		11/16/07		99,339,389
	35,000,000		5.190		12/20/07		34,596,333
	45,000,000		5.200		12/20/07		44,480,000

FINANCIAL SQUARE PRIME OBLIGATIONS FUND

Schedule of Investments (continued)

September 30, 2007 (Unaudited)


Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Commercial Paper and Corporate Obligations — (continued)
Falcon Asset Securitization Corp.
$	40,000,000		5.350	%	10/02/07	$	39,994,056
	147,000,000		5.900		11/23/07		145,723,142
	200,000,000		5.150		11/27/07		198,369,167
	103,225,000		5.900		11/27/07		102,260,706
	200,000,000		6.150		12/10/07		197,608,333
	81,939,000		5.450		02/20/08		80,177,539
Fountain Square Commercial Funding Corp.
	90,000,000		5.260		10/04/07		89,960,550
	50,000,000		5.250		10/17/07		49,883,333
	50,000,000		5.250		10/18/07		49,876,042
	50,000,000		5.580		11/09/07		49,697,750
Galleon Capital Corp.
	43,713,000		5.270		10/03/07		43,700,202
	70,000,000		6.080		10/03/07		69,976,356
	111,000,000		6.100		10/03/07		110,962,383
	38,800,000		6.080		10/09/07		38,747,577
	70,000,000		5.300		10/19/07		69,814,500
Gemini Securitization Corp.
	90,000,000		5.260		10/29/07		89,631,800
	55,000,000		5.270		10/30/07		54,766,510
	100,000,000		5.280		11/05/07		99,486,667
	80,000,000		5.600		11/15/07		79,440,000
	100,000,000		6.150		12/11/07		98,787,083
	100,000,000		5.750		12/17/07		98,770,139
General Electric Capital Corp.
	200,000,000		5.150		10/15/07		199,599,444
	150,000,000		5.250		10/17/07		149,650,000
	150,000,000		5.145		11/02/07		149,314,000
General Electric Capital Services
	300,000,000		5.155		11/09/07		298,324,625
Govco, Inc.
	52,000,000		5.220		12/21/07		51,389,260
Grampian Funding LLC
	195,000,000		5.175		10/05/07		194,887,875
	210,000,000		5.175		10/09/07		209,758,500
	200,000,000		5.190		11/21/07		198,529,500
	50,000,000		5.190		12/17/07		49,444,958
	240,000,000		5.220		12/18/07		237,285,600
	150,000,000		4.990		03/19/08		146,465,417
	125,000,000		4.970		03/20/08		122,049,062
Ivory Funding Corp.
	66,774,000		5.500		10/16/07		66,620,976
Jupiter Securitization Corp.
	153,435,000		5.900		11/27/07		152,001,661
Lake Constance Funding Ltd.
	100,000,000		5.350		11/08/07		99,435,278
	60,000,000		5.250		12/13/07		59,361,250
	100,000,000		5.180		12/19/07		98,863,278
	51,000,000		5.220		01/16/08		50,208,735
Legacy Capital Co. LLC
	70,000,000		5.260		10/23/07		69,774,989
	50,000,000		5.175		01/24/08		49,173,438
Lexington Parker Capital Co. LLC
	195,515,000		5.210		01/09/08		192,685,463


Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Commercial Paper and Corporate Obligations — (continued)
Monument Gardens Funding LLC
$	75,000,000		6.400	%	10/10/07	$	74,880,000
	50,000,000		5.270		10/12/07		49,919,486
	180,000,000		6.120		12/05/07		178,011,000
	35,000,000		6.120		12/07/07		34,601,350
Morgan Stanley
	295,000,000		5.440		03/11/08		287,778,400
	300,000,000		5.440		03/12/08		292,610,667
	131,000,000		5.006		03/20/08		127,885,016
Newport Funding Corp.
	50,000,000		5.180		10/05/07		49,971,222
	60,000,000		5.600		11/14/07		59,589,333
Nieuw Amsterdam Receivables Corp.
	47,040,000		5.250		10/23/07		46,889,080
	137,498,000		5.200		12/17/07		135,968,717
	70,000,000		5.200		12/19/07		69,201,222
	100,000,000		5.170		12/20/07		98,851,111
North Sea Funding LLC
	27,868,000		5.185		10/17/07		27,803,780
Park Avenue Receivables Co. LLC
	50,375,000		5.320		11/06/07		50,107,005
	130,000,000		5.150		11/26/07		128,958,556
	246,659,000		5.900		11/27/07		244,354,794
Ranger Funding Co. LLC
	85,000,000		5.750		11/16/07		84,375,486
	66,351,000		6.180		11/16/07		65,827,048
	190,000,000		5.450		12/07/07		188,072,819
	166,794,000		5.150		12/12/07		165,076,022
	200,000,000		5.130		12/14/07		197,891,000
Scaldis Capital LLC
	250,000,000		6.150		12/13/07		246,882,292
Solitaire Funding LLC
	65,000,000		5.175		10/11/07		64,906,563
Thames Asset Global Securitization, Inc.
	25,000,000		5.255		11/14/07		24,839,431
Three Rivers Funding Corp.
	75,000,000		5.265		10/12/07		74,879,344
	100,000,000		5.265		10/15/07		99,795,250
Thunder Bay Funding, Inc.
	77,394,000		5.175		10/10/07		77,293,872
Ticonderoga Funding LLC
	81,088,000		5.500		11/09/07		80,604,851
	120,000,000		5.150		11/20/07		119,141,667
	100,000,000		5.130		12/14/07		98,945,500
	100,000,000		5.150		12/18/07		98,884,167
Tulip Funding Corp.
	210,943,000		5.180		10/22/07		210,305,601
	110,000,000		5.600		11/15/07		109,230,000
Variable Funding Capital Corp.
	75,000,000		5.255		10/16/07		74,835,781
	90,000,000		6.050		10/22/07		89,682,375
	65,000,000		5.400		02/20/08		63,615,500
Victory Receivables Corp.
	100,000,000		5.250		10/15/07		99,795,833

FINANCIAL SQUARE PRIME OBLIGATIONS FUND

Schedule of Investments (continued)

September 30, 2007 (Unaudited)


Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Commercial Paper and Corporate Obligations — (continued)
Windmill Funding Corp.
$	316,900,000		6.400	%	10/11/07	$	316,336,622
	65,000,000		5.180		11/02/07		64,700,711
Yorktown Capital LLC
	100,000,000		5.250		10/04/07		99,956,250
	171,768,000		6.070		10/05/07		171,652,152
	121,690,000		5.900		11/16/07		120,772,593
	87,000,000		5.600		12/03/07		86,147,400
	101,126,000		5.150		12/07/07		100,156,735
	234,000,000		5.450		12/07/07		231,626,525
	90,000,000		5.130		12/21/07		88,961,175
	103,000,000		5.550		12/21/07		101,713,788

TOTAL COMMERCIAL PAPER AND CORPORATE OBLIGATIONS						$	22,314,953,183

Bank Note — 0.6%
Bank of America Corp.
$	220,000,000		5.250	%	05/02/08	$	220,000,000

Certificates of Deposit — 2.6%
Bank of America Corp.
$	250,000,000		5.280	%	01/10/08	$	250,000,000
State Street Bank & Trust
	255,000,000		5.600		02/05/08		255,000,000
	495,000,000		5.560		03/05/08		495,000,000

TOTAL CERTIFICATES OF DEPOSIT						$	1,000,000,000

Master Demand Note — 1.3%
Bank of America Securities LLC
$	500,000,000		5.310	%	10/01/07	$	500,000,000

Medium Term Note — 0.1%
Lehman Brothers Holdings, Inc.
$	22,040,000		7.000	%	02/01/08	$	22,158,084


Variable Rate Obligations^(a) — 15.5%
AIG Matched Funding Corp.
$	190,000,000		4.820	%	10/01/07	$	190,000,000
Allstate Life Global Funding II
	140,000,000		5.794		10/11/07		140,000,000
	50,000,000		5.812		10/15/07		50,000,000
	70,000,000		5.852		10/16/07		70,000,000
	50,000,000		5.129		10/29/07		50,000,000
American Express Bank FSB
	100,000,000		5.790		10/09/07		99,998,939
	150,000,000		5.473		10/19/07		150,000,000
American Express Centurion Bank
	23,500,000		5.614		10/18/07		23,500,319
	150,000,000		5.473		10/19/07		150,000,000
American Express Credit Corp.
	70,000,000		5.865		10/05/07		70,000,000
American International Group, Inc.
	150,000,000		5.210		12/24/07		150,030,573


Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Variable Rate Obligations — (continued)
Bank of New York Co., Inc.
$	200,000,000		5.776	%	10/12/07	$	200,000,000
	100,000,000		5.669		12/17/07		100,007,689
Fifth Third Bank
	369,225,000		5.660		10/04/07		369,185,490
Florida Hurricane Catastrophe Fund
	200,000,000		5.772		10/15/07		200,000,000
General Electric Capital Corp.
	24,600,000		5.420		10/03/07		24,592,996
	215,000,000		5.156		10/24/07		215,000,000
Hartford Life Insurance Co.^(b)
	100,000,000		5.785		10/01/07		100,000,000
JPMorgan Chase & Co.
	100,000,000		5.710		10/02/07		100,000,000
Lehman Brothers Holdings, Inc.
	140,000,000		5.494		12/27/07		140,000,000
Merrill Lynch & Co., Inc.
	145,000,000		5.800		10/04/07		145,000,000
	100,000,000		5.783		10/15/07		100,000,000
MetLife, Inc.^(b)
	150,000,000		5.420		10/26/07		150,000,000
	190,000,000		5.585		11/22/07		190,000,000
Metropolitan Life Global Funding I
	85,000,000		5.239		10/29/07		85,000,000
Morgan Stanley
	220,000,000		5.320		10/01/07		220,000,000
Morgan Stanley & Co.
	25,000,000		5.800		10/04/07		25,000,000
	150,000,000		5.219		10/29/07		150,000,000
National City Bank
	50,000,000		5.780		10/02/07		50,025,883
	87,000,000		5.415		11/05/07		87,045,477
New York Life Insurance Co.^(b)
	315,000,000		5.258		12/31/07		315,000,000
Pacific Life Global Funding
	100,000,000		5.790		10/04/07		100,000,000
Pacific Life Insurance Co.
	50,000,000		5.873		10/15/07		50,000,000
SunTrust Bank
	38,000,000		5.473		10/19/07		37,999,991
	295,000,000		5.360		10/22/07		295,059,380
	225,000,000		5.704		12/12/07		225,055,261
Union Hamilton Reinsurance Co.
	155,000,000		5.498		12/28/07		155,000,000
US Bank NA
	120,000,000		5.680		10/01/07		119,994,651
Variable Funding Capital Corp.
	400,000,000		5.106		10/22/07		400,000,000
Wachovia Asset Securitization, Inc.^(b)
	94,015,746		5.281		10/25/07		94,015,746
Wachovia Bank NA
	10,000,000		5.503		10/19/07		10,000,145
	125,000,000		5.119		10/29/07		125,015,756
Wells Fargo & Co.
	31,000,000		5.870		10/10/07		31,012,099
	265,000,000		5.694		10/18/07		265,000,000

TOTAL VARIABLE RATE OBLIGATIONS						$	6,017,540,395

FINANCIAL SQUARE PRIME OBLIGATIONS FUND

Schedule of Investments (continued)

September 30, 2007 (Unaudited)


Principal				Interest			Maturity	Amortized
Amount				Rate			Date	Cost
Time Deposits — 2.1%
Regions Bank
	$		150,000,000		4.000	%	10/01/07	$	150,000,000
			150,000,000		5.000		10/01/07		150,000,000
Wells Fargo Bank
			500,000,000		4.000		10/01/07		500,000,000

TOTAL TIME DEPOSITS								$	800,000,000

TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS								$	30,874,651,662


Repurchase Agreements — Unaffiliated Issuers^(c) — 19.3%
Deutsche Bank Securities, Inc.
$			500,000		5.100	%	10/01/07	$	500,000
		Maturity Value: $500,213
		Collateralized by Federal Home Loan Mortgage Corp., 6.500%, due 05/01/37. The market value of the collateral, including accrued interest, was $515,000.
		Joint Repurchase Agreement Account I
			115,000,000		3.984		10/01/07		115,000,000
		Maturity Value: $115,038,180
		Joint Repurchase Agreement Account II
			7,116,500,000		5.116		10/01/07		7,116,500,000
		Maturity Value: $7,119,534,001
		Lehman Brothers Holdings, Inc.
			12,300,000		3.980		10/01/07		12,300,000
		Maturity Value: $12,304,080
		Collateralized by U.S. Treasury Note, 3.625%, due 01/15/08. The market value of the collateral, including accrued interest, was $12,549,599.
UBS Securities LLC
			250,000,000		5.070		10/01/07		250,000,000
		Maturity Value: $250,105,625
		Collateralized by Federal Home Loan Mortgage Corp., 6.000% to 8.000%, due 01/01/08 to 09/01/37 and Federal National Mortgage Association, 4.500% to 7.500%, due 02/01/18 to 08/01/47. The aggregate market value of the collateral, including accrued interest, was $255,002,570.

TOTAL REPURCHASE AGREEMENTS — UNAFFILIATED ISSUERS								$	7,494,300,000


Principal				Interest			Maturity	Amortized
Amount				Rate			Date	Cost
Repurchase Agreements — Affiliated Issuers^(c) — 1.0%
Goldman, Sachs & Co.
	$		100,000,000		5.030	%	10/01/07	$	100,000,000
		Maturity Value: $100,041,917
		Collateralized by Federal Home Loan Mortgage Corp., 4.500% to 9.500%, 12/01/18 to 07/01/37 and Federal National Mortgage Association, 4.500% to 8.000%, due 12/01/14 to 09/01/37. The aggregate market value of the collateral, including accrued interest, was $102,999,906.
Goldman, Sachs & Co.
			300,000,000		5.100		10/01/07		300,000,000
		Maturity Value: $300,127,500
		Collateralized by Federal Home Loan Mortgage Corp., 4.000% to 7.500%, due 04/01/19 to 09/01/37 and Federal National Mortgage Association, 4.000% to 7.500%, due 08/01/16 to 09/01/37. The aggregate market value of the collateral, including accrued interest, was $308,999,830.

TOTAL REPURCHASE AGREEMENTS-AFFILIATED ISSUERS								$	400,000,000

TOTAL INVESTMENTS — 100.1%								$	38,768,951,662

LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1)%									(48,054,283	)

NET ASSETS — 100.0%								$	38,720,897,379

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 index is based on either U.S. Treasury Bill Rate, London Interbank Offering Rate or Prime Rate. Interest rate disclosed is that which is in effect at September 30, 2007.

(b) Securities not registered under the Securities Act of 1933, as amended. Such securities have been determined to be illiquid by the Investment Adviser. At September 30, 2007, these securities amounted to $849,015,746 or approximately 2.2% of net assets.

(c) Unless noted, all repurchase agreements were entered into on September 28, 2007. Additional information on Joint Repurchase Agreement Accounts I & II appear in the Notes to the Schedule of Investments section.

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 stated date on the security or the next interest reset date for floating rate securities.

For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.goldmansachsfunds.com

FINANCIAL SQUARE MONEY MARKET FUND

Schedule of Investments

September 30, 2007 (Unaudited)


Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Commercial Paper and Corporate Obligations — 37.1%
Amstel Funding Corp.
$	50,283,000		5.180	%	11/20/07	$	49,921,242
	50,000,000		5.250		11/20/07		49,635,417
	50,000,000		5.950		11/27/07		49,528,958
	37,000,000		5.200		12/10/07		36,625,889
	80,052,000		6.100		12/13/07		79,061,801
Atlantic Asset Securitization Corp.
	100,000,000		6.000		11/19/07		99,183,333
Atlantis One Funding Corp.
	26,053,000		5.250		10/26/07		25,958,015
BA Credit Card Trust (Emerald)
	25,000,000		6.100		10/01/07		25,000,000
	75,000,000		6.400		10/10/07		74,880,000
	51,900,000		5.265		10/16/07		51,786,144
	32,000,000		5.260		10/19/07		31,915,840
	42,000,000		5.260		10/25/07		41,852,720
	75,000,000		6.100		11/20/07		74,364,583
	100,000,000		6.270		12/05/07		98,867,917
Bank of America Corp.
	97,000,000		5.425		11/13/07		96,371,453
Bank of Ireland
	60,162,000		5.180		01/16/08		59,235,739
Beethoven Funding Corp.
	100,000,000		6.000		10/01/07		100,000,000
	100,000,000		6.200		12/14/07		98,725,556
Cafco LLC
	76,674,000		5.500		10/17/07		76,486,575
	106,030,000		5.260		11/01/07		105,549,743
	70,000,000		5.110		01/22/08		68,877,219
	100,000,000		5.850		03/05/08		97,465,000
Cancara Asset Securitization LLC
	75,000,000		6.400		10/01/07		75,000,000
	75,000,000		6.400		10/09/07		74,893,333
	27,646,000		5.260		11/01/07		27,520,779
	127,875,000		5.270		11/01/07		127,294,696
Chariot Funding LLC
	47,500,000		5.350		10/01/07		47,500,000
	63,846,000		6.250		10/10/07		63,746,241
	45,000,000		5.150		11/27/07		44,633,062
	50,000,000		5.450		02/20/08		48,925,139
	75,000,000		5.450		02/21/08		73,376,354
Charta LLC
	40,000,000		5.280		11/02/07		39,812,267
	175,000,000		5.800		11/26/07		173,421,111
	110,000,000		5.120		01/29/08		108,122,667
	60,000,000		5.450		02/13/08		58,773,750
Ciesco LLC
	125,000,000		5.900		11/29/07		123,791,319
	100,000,000		5.110		01/22/08		98,396,028
	40,000,000		5.470		02/15/08		39,167,344
	50,000,000		5.850		03/05/08		48,732,500
Citibank Credit Card Issuance Trust (Dakota Corp.)
	59,700,000		5.270		10/04/07		59,673,782
	75,000,000		6.070		11/26/07		74,291,833
	70,000,000		6.250		12/19/07		69,039,931


Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Commercial Paper and Corporate Obligations — (continued)
Citibank Credit Card Issuance Trust (Dakota Corp.) (continued)
$	50,000,000		6.200	%	01/09/08	$	49,138,889
	49,000,000		6.200		01/15/08		48,105,478
Citigroup Funding, Inc.
	65,000,000		5.260		10/12/07		64,895,531
	95,000,000		5.290		02/22/08		92,989,800
Clipper Receivables Co. LLC
	50,000,000		6.200		10/19/07		49,845,000
	50,000,000		6.050		10/26/07		49,789,931
	170,000,000		5.800		11/21/07		168,603,167
Concord Minutemen Capital Co. LLC
	50,000,000		5.290		11/06/07		49,735,500
CRC Funding LLC
	175,000,000		5.800		11/21/07		173,562,083
	75,000,000		5.120		01/29/08		73,720,000
	50,000,000		5.450		02/13/08		48,978,125
Curzon Funding LLC
	52,000,000		5.250		10/23/07		51,833,167
	55,000,000		5.250		10/24/07		54,815,521
	35,000,000		5.190		12/20/07		34,596,333
	45,000,000		5.200		12/20/07		44,480,000
	100,000,000		4.990		03/20/08		97,629,750
Falcon Asset Securitization Corp.
	50,000,000		5.900		11/23/07		49,565,694
	63,733,000		5.150		11/27/07		63,213,310
	100,000,000		6.150		12/10/07		98,804,167
	50,000,000		5.450		02/20/08		48,925,139
Galaxy Funding, Inc.
	40,000,000		5.250		10/22/07		39,877,500
Galleon Capital Corp.
	40,000,000		6.080		10/03/07		39,986,489
	40,000,000		6.100		10/09/07		39,945,778
	30,000,000		5.300		10/19/07		29,920,500
	40,098,000		5.260		10/25/07		39,957,390
Gemini Securitization Corp.
	24,000,000		6.320		10/05/07		23,983,147
	26,000,000		5.270		10/30/07		25,889,623
	55,000,000		5.600		11/15/07		54,615,000
	52,000,000		6.150		12/11/07		51,369,283
General Electric Capital Corp.
	80,000,000		5.250		10/17/07		79,813,333
	75,000,000		5.145		11/02/07		74,657,000
Govco, Inc.
	33,170,000		5.175		01/24/08		32,621,658
Grampian Funding LLC
	90,000,000		5.190		11/21/07		89,338,275
	50,000,000		5.190		12/17/07		49,444,958
	66,000,000		4.970		03/20/08		64,441,905
Irish Life & Permanent PLC
	82,900,000		5.180		10/15/07		82,733,003
	58,000,000		5.180		10/16/07		57,874,817
KBC Group NV
	45,000,000		5.330		03/13/08		43,907,350
Lake Constance Funding Ltd.
	44,000,000		5.350		11/08/07		43,751,522
	51,000,000		5.200		12/14/07		50,454,867
	35,000,000		5.180		12/18/07		34,607,183

FINANCIAL SQUARE MONEY MARKET FUND

Schedule of Investments (continued)

September 30, 2007 (Unaudited)


Principal			Interest			Maturity	Amortized
Amount			Rate			Date	Cost
Commercial Paper and Corporate Obligations — (continued)
Legacy Capital Co. LLC
	$	37,377,000		5.260	%	10/23/07	$	37,256,854
		26,976,000		5.175		01/24/08		26,530,053
Monument Gardens Funding LLC
		90,000,000		6.120		12/07/07		88,974,900
		52,000,000		6.150		12/13/07		51,351,517
		50,000,000		5.200		12/19/07		49,429,444
Morgan Stanley
		60,000,000		5.006		03/20/08		58,573,290
Nationwide Building Society
		50,000,000		5.250		10/22/07		49,846,875
Newport Funding Corp.
		50,000,000		5.255		10/24/07		49,832,132
		40,000,000		5.600		11/14/07		39,726,222
		12,750,000		5.130		12/19/07		12,606,467
		50,000,000		5.150		12/19/07		49,434,931
		50,000,000		5.130		12/20/07		49,430,000
Nieuw Amsterdam Receivables Corp.
		40,000,000		5.280		11/01/07		39,818,133
		30,000,000		5.200		12/19/07		29,657,667
		30,818,000		5.200		01/29/08		30,283,821
Park Avenue Receivables Co. LLC
		173,400,000		5.350		10/01/07		173,400,000
		71,837,000		5.150		11/26/07		71,261,506
		100,000,000		5.900		11/27/07		99,065,833
Ranger Funding Co. LLC
		42,567,000		5.750		11/16/07		42,254,251
		35,000,000		6.180		11/16/07		34,723,617
		100,000,000		5.130		12/14/07		98,945,500
		77,202,000		5.150		12/21/07		76,307,422
Ticonderoga Funding LLC
		61,599,000		5.150		11/20/07		61,158,396
		50,000,000		5.130		12/14/07		49,472,750
Tulip Funding Corp.
		100,000,000		5.180		10/22/07		99,697,833
		75,000,000		5.600		11/15/07		74,475,000
Variable Funding Capital Corp.
		50,000,000		6.050		10/22/07		49,823,542
		30,000,000		5.400		02/20/08		29,361,000
Victory Receivables Corp.
		50,000,000		5.250		10/16/07		49,890,625
Westpac Banking Corp.
		88,000,000		5.185		11/26/07		87,290,231
		57,725,000		5.200		12/21/07		57,049,617
Windmill Funding Corp.
		175,000,000		6.400		10/11/07		174,688,889
		35,000,000		5.180		11/02/07		34,838,844
Yorktown Capital LLC
		60,000,000		6.070		10/05/07		59,959,533
		44,924,000		5.130		12/21/07		44,405,465

TOTAL COMMERCIAL PAPER AND CORPORATE OBLIGATIONS							$	7,560,644,606


Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Certificates of Deposit-Eurodollar — 0.9%
HSBC Bank PLC
$	30,000,000		5.330	%	01/30/08	$	30,001,655
Societe Generale
	80,000,000		5.250		12/03/07		80,000,000
	79,000,000		5.300		01/03/08		79,000,000

TOTAL CERTIFICATES OF DEPOSIT-EURODOLLAR						$	189,001,655



Certificates of Deposit-Yankeedollar — 12.1%
Barclays Bank PLC
$	300,000,000		5.510	%	03/11/08	$	300,000,000
	150,000,000		5.150		03/31/08		150,000,000
Credit Suisse First Boston, Inc.
	75,000,000		5.360		01/22/08		75,000,000
	73,000,000		5.300		04/17/08		73,000,000
	100,000,000		5.310		05/22/08		100,000,000
DePfa Bank PLC
	100,000,000		5.320		10/23/07		100,000,000
Deutsche Bank AG
	152,000,000		5.310		10/11/07		152,000,000
	85,000,000		5.400		11/21/07		85,000,000
Landesbank Baden-Wuerttemberg
	244,000,000		5.505		02/19/08		244,004,668
Norinchukin Bank NY
	100,000,000		5.320		10/10/07		99,991,609
	67,000,000		5.330		10/26/07		66,999,541
	25,000,000		5.350		12/11/07		25,001,144
	50,000,000		5.375		12/14/07		49,999,500
	93,000,000		5.370		01/11/08		93,000,000
Societe Generale
	94,000,000		5.225		10/09/07		93,997,430
UBS AG
	302,000,000		5.560		03/03/08		302,000,000
	114,000,000		5.440		03/14/08		114,000,000
	49,000,000		5.110		03/31/08		49,000,000
UBS AG Stamford
	300,000,000		5.375		11/08/07		300,001,562

TOTAL CERTIFICATES OF DEPOSIT-YANKEEDOLLAR						$	2,472,995,454



Master Demand Note — 1.2%
Bank of America Securities LLC
$	240,000,000		5.310	%	10/01/07	$	240,000,000

FINANCIAL SQUARE MONEY MARKET FUND

Schedule of Investments (continued)

September 30, 2007 (Unaudited)


Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Medium-Term Note — 0.4%
UBS AG Stamford
$	85,000,000		5.400	%	11/28/07	$	85,000,000



Variable Rate Obligations^(a) — 21.8%
Allstate Life Global Funding II
$	30,000,000		5.852	%	10/16/07	$	30,000,000
American Express Credit Corp.
	74,000,000		5.865		10/05/07		74,000,000
Australia and New Zealand Banking Group Ltd.
	32,000,000		5.156		10/24/07		32,000,000
Banco Bilbao Vizcaya Argentaria SA
	35,000,000		5.380		10/17/07		35,009,379
Banco Espanol de Credito
	50,000,000		5.350		10/18/07		50,000,000
Banco Santander Totta SA
	150,000,000		5.819		10/09/07		150,000,000
Bank of Ireland
	100,000,000		5.496		10/22/07		100,000,000
Bank of The West San Francisco
	75,000,000		5.743		10/17/07		75,001,955
Barclays Bank PLC
	40,000,000		5.715		10/05/07		39,997,828
	200,000,000		5.714		10/16/07		199,985,251
BNP Paribas SA
	193,000,000		5.300		10/03/07		192,999,671
	75,000,000		5.330		11/07/07		75,000,000
Caisse Nationale des Caisses D’Epargne et de Prevoyance
	100,000,000		5.350		11/13/07		100,000,000
Caja de Ahorros y Pensiones de Barcelona
	75,000,000		5.366		10/23/07		75,000,000
Caja Madrid
	70,000,000		5.360		10/19/07		70,000,000
Calyon
	85,000,000		5.660		10/03/07		84,999,860
Canadian Imperial Bank of Commerce
	100,000,000		5.555		11/27/07		100,048,128
Commonwealth Bank of Australia
	100,000,000		5.763		10/15/07		99,986,138
	16,000,000		5.156		10/24/07		16,000,000
Credit Agricole SA
	75,000,000		5.350		10/23/07		75,000,000
Credit Suisse First Boston, Inc.
	200,000,000		5.475		11/26/07		200,000,000
DePfa Bank PLC
	50,000,000		5.754		12/17/07		50,000,000
Deutsche Bank AG
	80,000,000		5.690		10/01/07		80,000,000
Fortis Bank
	100,000,000		5.341		10/19/07		100,000,000
HBOS Treasury Services PLC
	105,000,000		5.789		10/09/07		105,000,000
	125,000,000		5.810		10/09/07		125,000,000
	100,000,000		5.580		11/20/07		100,002,944
Metropolitan Life Global Funding I
	40,000,000		5.852		10/15/07		40,000,000
Morgan Stanley & Co.
	25,000,000		5.800		10/04/07		25,000,000


Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Variable Rate Obligations — (continued)
Natexis Banques Populaires
$	25,000,000		5.762	%	10/15/07	$	25,000,000
	75,000,000		5.151		10/22/07		75,015,150
	125,000,000		5.350		11/09/07		125,000,000
	100,000,000		5.138		12/31/07		99,983,066
National Australia Bank Ltd.
	160,000,000		5.809		10/09/07		160,000,000
Nationwide Building Society
	50,000,000		5.278		12/28/07		50,000,000
New York Life Insurance Co.^(b)
	180,000,000		5.420		12/31/07		180,000,000
Royal Bank of Canada
	150,000,000		5.665		10/03/07		149,977,603
	40,000,000		5.767		10/09/07		40,000,000
Royal Bank of Scotland Group PLC
	80,000,000		5.074		10/26/07		79,988,521
Skandinaviska Enskilda Banken AB
	140,000,000		5.820		10/09/07		140,000,000
Societe Generale
	85,000,000		5.710		10/02/07		85,000,000
	53,000,000		5.079		10/26/07		52,992,395
Svenska Handelsbanken AB
	111,000,000		5.773		10/15/07		111,000,000
	100,000,000		5.119		10/22/07		100,000,000
UBS AG Stamford
	48,000,000		5.722		10/16/07		48,000,000
Unicredito Italiano NY
	50,000,000		5.710		10/02/07		49,996,979
Union Hamilton Special Funding LLC
	90,000,000		5.237		12/21/07		90,000,000
Variable Funding Capital Corp.
	200,000,000		5.106		10/22/07		200,000,000
Westpac Banking Corp. NY
	75,000,000		5.777		10/09/07		75,000,000
	2,250,000		5.785		10/11/07		2,250,000

TOTAL VARIABLE RATE OBLIGATIONS						$	4,439,234,868



Time Deposits — 10.8%
BNP Paribas SA
$	400,000,000		5.250	%	10/01/07	$	400,000,000
Deutsche Bank AG
	200,000,000		5.120		10/01/07		200,000,000
Dexia Bank SA
	400,000,000		5.250		10/01/07		400,000,000
ING Bank
	400,000,000		5.280		10/01/07		400,000,000
Landesbank Hessen-Thueringen Girozentrale
	500,000,000		5.250		10/01/07		500,000,000
Regions Bank
	200,000,000		5.000		10/01/07		200,000,000
Wells Fargo Bank
	100,000,000		4.000		10/01/07		100,000,000

TOTAL TIME DEPOSITS						$	2,200,000,000

TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENT						$	17,186,876,583

FINANCIAL SQUARE MONEY MARKET FUND

Schedule of Investments (continued)

September 30, 2007 (Unaudited)


Principal			Interest			Maturity	Amortized
Amount			Rate			Date	Cost
Repurchase Agreements-Unaffiliated Issuers — 14.1%
Joint Repurchase Agreement Account I
$		60,000,000		3.984	%	10/01/07	$	60,000,000
	Maturity Value: $60,019,920
Joint Repurchase Agreement Account II
		2,556,100,000		5.116		10/01/07		2,556,100,000
	Maturity Value: $2,557,189,751
UBS Securities LLC
		250,000,000		5.070		10/01/07		250,000,000
	Maturity Value: $250,105,625
	Collateralized by Federal Home Loan Mortgage Corp., 6.000% to 8.000%, due 01/01/08 to 09/01/37 and Federal National Mortgage Association, 4.500% to 7.500%, due 02/01/18 to 08/01/47. The aggregate market value of the collateral, including accrued interest, was $255,002,570.
		4,700,000		3.900		10/01/07		4,700,000
	Maturity Value: $4,701,528
	Collateralized by U.S. Treasury Bill, 0.000%, due 02/14/08. The market value of the collateral, including accrued interest, was $4,797,291.

TOTAL REPURCHASE AGREEMENTS-UNAFFILIATED ISSUERS							$	2,870,800,000



Repurchase Agreements-Affiliated Issuers^(c) — 1.4%
Goldman, Sachs & Co.
$		200,000,000		5.100	%	10/01/07	$	200,000,000
	Maturity Value: $200,085,000
	Collateralized by Federal Home Loan Mortgage Corp., 4.000% to 8.000%, due 06/01/19 to 05/01/37 and Federal National Mortgage Association 4.000% to 7.500%, due 07/01/18 to 07/01/37. The aggregate market value of the collateral, including accrued interest, was $205,999,859.


Principal			Interest			Maturity	Amortized
Amount			Rate			Date	Cost
Repurchase Agreements-Affiliated Issuers — (continued)
Goldman, Sachs & Co.
$		75,000,000		5.030	%	10/01/07	$	75,000,000
	Maturity Value: $75,031,438
	Collateralized by Federal Home Loan Mortgage Corp., 4.500% to 7.500%, due 05/01/18 to 06/01/37 and Federal National Mortgage Association, 4.000% to 8.500%, due 10/01/18 to 09/01/37. The aggregate market value of the collateral, including accrued interest, was $77,249,923.

TOTAL REPURCHASE AGREEMENTS-AFFILIATED ISSUERS							$	275,000,000

TOTAL INVESTMENTS — 99.8%							$	20,332,676,583

OTHER ASSETS IN EXCESS OF LIABILITIES — 0.2%								31,685,610

NET ASSETS — 100.0%							$	20,364,362,193

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 index is based on London Interbank Offering Rate or Federal Funds Rate. Interest rate disclosed is that which is in effect at September 30, 2007.

(c) Unless noted, all repurchase agreements were entered into on September 28, 2007. Additional information on Joint Repurchase Agreement Accounts I & II appears in the Notes to the Schedule of Investments section.

Maturity dates represent either the stated date on the security or the next interest reset date for floating rate securities.

For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.goldmansachsfunds.com.

FINANCIAL SQUARE TREASURY OBLIGATIONS FUND

Schedule of Investments

September 30, 2007 (Unaudited)


Principal			Interest			Maturity	Amortized
Amount			Rate			Date	Cost
U.S. Treasury Obligation — 0.7%
United States Treasury Note
$		95,000,000		5.000	%	07/31/08	$	95,419,607


Repurchase Agreements^{^(a)} — 99.4%
Joint Repurchase Agreement Account I
$		12,812,200,000		3.984	%	10/01/07	$	12,812,200,000
	Maturity Value: $12,816,453,651
Lehman Brothers Holdings, Inc.
		100,000,000		3.980		10/01/07		100,000,000
	Maturity Value: $100,033,167
	Collateralized by U.S. Treasury Note, 1.875%, due 07/15/15. The market value of the collateral, including accrued interest, was $102,003,780.
UBS Securities LLC
		115,100,000		3.900		10/01/07		115,100,000
	Maturity Value: $115,137,407
	Collateralized by U.S. Treasury Bond, 9.250%, due 02/15/16. The market value of the collateral, including accrued interest, was $117,406,901.
		62,000,000		5.210		10/15/07		62,000,000
	Maturity Value: $65,266,091
	Settlement Date: 10/16/06
	Collateralized by U.S. Treasury STRIPS, 0.000%, due 02/15/16. The market value of the collateral, including accrued interest, was $63,242,486.
		705,000,000		4.820		11/15/07		705,000,000
	Maturity Value: $713,589,642
	Settlement Date: 08/16/07
	Collateralized by U.S. Treasury STRIPS, 0.000%, due 01/15/08 to 02/15/17. The aggregate market value of the collateral, including accrued interest, was $719,102,530.


Principal			Interest			Maturity	Amortized
Amount			Rate			Date	Cost
Repurchase Agreements — (continued)
UBS Securities LLC (continued)
$		67,500,000		5.220	%	01/11/08	$	67,500,000
	Maturity Value: $71,062,650
	Settlement Date: 01/12/07
	Collateralized by U.S. Treasury STRIPS, 0.000%, due 08/15/11. The market value of the collateral, including accrued interest, was $68,851,653.

TOTAL REPURCHASE AGREEMENTS							$	13,861,800,000

TOTAL INVESTMENTS — 100.1%							$	13,957,219,607

LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1)%								(10,742,546	)

NET ASSETS — 100.0%							$	13,946,477,061

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 September 28, 2007. Additional information on Joint Repurchase Agreement Account I appears in the Notes to the Schedule of Investments section.

For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.goldmansachsfunds.com.

Investment Abbreviation:

STRIPS — Separate Trading of Registered Interest and Principal of Securities

FINANCIAL SQUARE TREASURY INSTRUMENTS FUND

Schedule of Investments (continued)

September 30, 2007 (Unaudited)


Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
U.S. Treasury Obligations — 100.1%
United States Treasury Bills
$	53,500,000		3.690	%	10/04/07	$	53,483,549
	490,000,000		3.850		10/04/07		489,842,792
	93,800,000		3.900		10/04/07		93,769,515
	185,600,000		3.930		10/04/07		185,539,216
	75,800,000		3.155		10/11/07		75,733,570
	215,000,000		3.790		10/11/07		214,773,653
	670,000,000		3.850		10/11/07		669,283,472
	382,000,000		3.860		10/11/07		381,590,411
	295,400,000		3.870		10/11/07		295,082,445
	343,000,000		3.900		10/11/07		342,628,417
	121,500,000		3.910		10/11/07		121,368,037
	48,200,000		3.050		10/18/07		48,130,579
	71,900,000		3.160		10/18/07		71,792,709
	34,900,000		3.380		10/18/07		34,844,296
	229,000,000		3.920		10/18/07		228,576,096
	20,800,000		3.190		10/25/07		20,755,765
	24,100,000		3.200		10/25/07		24,048,587
	150,000,000		3.230		10/25/07		149,677,000
	440,000,000		3.300		10/25/07		439,032,000
	225,500,000		2.960		11/23/07		224,517,321
	324,000,000		3.830		11/23/07		322,173,090
	113,000,000		4.310		11/29/07		112,201,812
	370,000,000		4.330		11/29/07		367,374,336
	156,000,000		3.610		12/06/07		154,967,540
	235,000,000		3.895		12/13/07		233,143,924
	235,000,000		3.900		12/13/07		233,141,542
	235,000,000		3.935		12/20/07		232,945,055
	248,000,000		4.030		12/20/07		245,779,022
	70,500,000		3.700		12/27/07		69,869,612
	393,000,000		3.705		12/27/07		389,481,176
	190,000,000		3.730		12/27/07		188,287,308
	345,600,000		3.830		12/27/07		342,401,184
United States Treasury Note
	190,000,000		3.000		11/15/07		189,836,416

TOTAL INVESTMENTS — 100.1%						$	7,246,071,447

LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1)%							(9,483,961	)

NET ASSETS — 100.0%						$	7,236,587,486

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

Interest rates represent the annualized yield on date of purchase for discounted securities.

For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.goldmansachsfunds.com

FINANCIAL SQUARE GOVERNMENT FUND

Schedule of Investments

September 30, 2007 (Unaudited)


Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
U.S. Government Agency Obligations^{^(a)} — 16.8%
Federal Home Loan Bank
$	225,000,000		5.390	%	11/17/07	$	225,132,023
	629,590,000		5.438		11/18/07		629,590,000
	500,000,000		5.529		12/05/07		500,000,000
	250,000,000		5.533		12/17/07		250,000,000
	400,200,000		5.118		02/22/08		400,200,000

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS						$	2,004,922,023


Repurchase Agreements-Unaffiliated Issuers^{^(b)} — 82.8%
Barclays Bank PLC^(a)
$	250,000,000		5.430	%	11/13/07	$	250,000,000
	Maturity Value: $263,763,542
	Settlement Date: 02/14/07
	Collateralized by Federal Home Loan Mortgage Corp., 5.500%, due 12/01/36 to 03/01/37 and Federal National Mortgage Association, 5.500%, due 02/01/33. The aggregate market value of the collateral, including accrued interest, was $254,999,998.
	500,000,000		5.168		12/21/07		500,000,000
	Maturity Value: $526,198,889
	Settlement Date: 03/21/07
	Collateralized by Federal Home Loan Mortgage Corp., 6.000%, due 08/01/37 and Federal National Mortgage Association, 5.500% to 6.500%, due 12/01/33 to 09/01/37. The aggregate market value of the collateral, including accrued interest, was $509,999,994.
Deutsche Bank Securities, Inc.
	475,000,000		4.800		10/19/07		475,000,000
	Maturity Value: $476,836,667
	Settlement Date: 09/20/07
	300,000,000		4.640		03/27/08		300,000,000
	Maturity Value: $307,037,333
	Settlement Date: 09/27/07

Principal

Interest

Maturity

Amortized

Amount

Rate

Date

Cost

Repurchase Agreements-Unaffiliated Issuers — (continued)

Deutsche Bank Securities, Inc. (continued)

60,000,000

5.250

04/16/08

60,000,000

Maturity Value: $63,202,500

Settlement Date: 04/16/07

Repurchase agreements issued by Deutsche Bank Securities, Inc., with a total amortized cost of $835,000,000, are collateralized by Federal Home Loan Mortgage Corp., 5.000% to 6.500%, due 07/01/22 to 09/01/37. The aggregate market value of the collateral, including accrued interest, was $860,049,984.

Greenwich Capital Markets, Inc^(a)

500,000,000

5.270

10/01/07

500,000,000

Maturity Value: $513,175,000

Settlement Date: 08/02/07

Collateralized by Federal National Mortgage Association, 4.500% to 7.500%, due 08/01/14 to 09/01/47. The aggregate market value of the collateral, including accrued interest, was $515,003,734.

Joint Repurchase Agreement Account I

20,000,000

3.984

10/01/07

20,000,000

Maturity Value: $20,006,640

Joint Repurchase Agreement Account II

5,336,800,000

5.116

10/01/07

5,336,800,000

Maturity Value: $5,339,075,256

Lehman Brothers Holdings, Inc.

74,400,000

3.980

10/01/07

74,400,000

Maturity Value: $74,424,676

Collateralized by U.S. Treasury Notes, 1.875% to 3.625%, due 01/15/08 to 07/15/15. The aggregate market value of the collateral, including accrued interest, was $75,894,340.

Merrill Lynch & Co., Inc.

750,000,000

5.150

10/12/07

750,000,000

Maturity Value: $753,218,750

Settlement Date: 09/12/07

Collateralized by Federal Home Loan Mortgage Corp., 4.500% to 11.000%, due 01/01/16 to 09/01/37 and Federal National Mortgage Association, 4.500% to 9.000%, due 02/01/13 to 09/01/37. The aggregate market value of the collateral, including accrued interest, was $772,503,003.

FINANCIAL SQUARE GOVERNMENT FUND

Schedule of Investments (continued)

September 30, 2007 (Unaudited)

Principal

Interest

Maturity

Amortized

Amount

Rate

Date

Cost

Repurchase Agreements-Unaffiliated Issuers — (continued)

Morgan Stanley & Co., Inc.

500,000,000

4.680

12/21/07

500,000,000

Maturity Value: $505,915,000

Settlement Date: 09/21/07

Collateralized by Federal Home Loan Mortgage Corp., 5.000% to 6.000%, due 09/01/22 to 09/01/37 and Federal National Mortgage Association, 4.500% to 8.000%, due 02/01/21 to 09/01/37. The aggregate market value of the collateral, including accrued interest, was $514,999,966.

UBS Securities LLC

67,700,000

3.900

10/01/07

67,700,000

Maturity Value: $67,722,003

Collateralized by U.S. Treasury Bills, 0.000%, due 02/13/07 to 02/14/08. The aggregate market value of the collateral, including accrued interest, was $69,057,191.

50,000,000

5.290

10/12/07

50,000,000

Maturity Value: $52,674,389

Settlement Date: 10/13/06

Collateralized by Federal National Mortgage Association, 4.500% to 6.500%, due 07/01/20 to 06/01/46. The aggregate market value of the collateral, including accrued interest, was $51,001,097.

480,000,000

4.800

10/31/07

480,000,000

Maturity Value: $482,688,000

Settlement Date: 09/19/07

Collateralized by Federal Home Loan Mortgage Corp., 4.500% to 10.500%, due 07/01/08 to 04/01/47 and Federal National Mortgage Association, 4.000% to 11.000%, due 07/01/08 to 01/01/47. The aggregate market value of the collateral, including accrued interest, was $489,601,578.

390,000,000

5.290

^(a)

11/07/07

390,000,000

Maturity Value: $410,917,542

Settlement Date: 02/05/07

Collateralized by Federal Home Loan Mortgage Corp., 4.000% to 9.500%, due 02/01/08 to 09/01/37 and Federal National Mortgage Association, 4.000% to 9.000%, due 09/01/08 to 05/01/47. The aggregate market value of the collateral, including accrued interest, was $397,800,065.


Principal			Interest			Maturity	Amortized
Amount			Rate			Date	Cost
Repurchase Agreements-Unaffiliated Issuers — (continued)
UBS Securities LLC (continued)
$		50,000,000		5.240	%	01/04/08	$	50,000,000
	Maturity Value: $52,612,722
	Settlement Date: 01/10/07
	Collateralized by Federal Home Loan Mortgage Corp., 6.000% to 6.500%, due 08/01/37 to 09/01/37 and Federal National Mortgage Association, 4.500% to 8.000%, due 02/01/08 to 07/01/37. The aggregate market value of the collateral, including accrued interest, was $51,003,962.
		100,000,000		4.800		09/05/08		100,000,000
	Maturity Value: $104,800,000
	Settlement Date: 09/11/07
	Collateralized by Federal Home Loan Mortgage Corp., 5.000% to 7.000%, due 05/01/30 to 02/01/46 and Federal National Mortgage Association, 4.500% to 7.000%, due 10/01/12 to 01/01/47. The aggregate market value of the collateral, including accrued interest, was $102,003,098.

TOTAL REPURCHASE AGREEMENTS — UNAFFILIATED ISSUERS							$	9,903,900,000



Repurchase Agreement-Affiliated Issuers^{^(b)} — 0.4%
Goldman, Sachs & Co.
$		50,000,000		5.030	%	10/01/07	$	50,000,000
	Maturity Value: $50,020,958
	Collateralized by Federal Home Loan Mortgage Corp., 4.500% to 7.500%, due 04/01/12 to 05/01/37 and Federal National Mortgage Association, 4.500% to 8.000%, due 08/01/15 to 09/01/36. The aggregate market value of the collateral, including accrued interest, was $51,499,935.

TOTAL INVESTMENTS — 100.0%							$	11,958,822,023

OTHER ASSETS IN EXCESS OF LIABILITIES — 0.0%								3,248,272

NET ASSETS — 100.0%							$	11,962,070,295

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

(a) Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2007.

(b) Unless noted, all repurchase agreements were entered into on September 28, 2007. Additional information on Joint Repurchase Agreement Accounts I & II appear in the Notes to the Schedule of Investments section.

Maturity dates represent either the stated date on the security or the next interest reset date for floating rate securities.

For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.goldmansachsfunds.com.

FINANCIAL SQUARE FEDERAL FUND

Schedule of Investments

September 30, 2007 (Unaudited)


Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
U.S. Government Agency Obligations — 99.7%
Federal Farm Credit Bank
$	100,000,000		4.000	%	10/01/07	$	100,000,000
	208,000,000		4.700	^(a)	10/01/07		207,958,526
	478,000,000		4.710	^(a)	10/01/07		477,908,964
	141,000,000		4.730	^(a)	10/01/07		140,986,722
	150,000,000		4.740	^(a)	10/01/07		149,982,223
	80,000,000		5.525	^(a)	10/01/07		79,981,844
	38,000,000		4.112	^(a)	10/02/07		37,997,987
	2,000,000		5.120		10/02/07		1,999,716
	123,900,000		5.525	^(a)	10/02/07		123,890,692
	85,000,000		5.535	^(a)	10/02/07		84,989,038
	85,000,000		5.525	^(a)	10/03/07		84,997,102
	25,000,000		5.580	^(a)	10/04/07		24,995,904
	18,000,000		5.668	^(a)	10/06/07		17,997,338
	76,000,000		5.100		10/10/07		75,903,100
	85,000,000		5.668	^(a)	10/13/07		84,984,605
	40,000,000		5.210	^(a)	10/14/07		39,990,022
	75,000,000		5.613	^(a)	10/17/07		74,983,504
	75,000,000		4.550		10/19/07		74,829,375
	20,000,000		5.446	^(a)	10/20/07		20,005,300
	150,000,000		4.986	^(a)	10/23/07		149,975,156
	20,000,000		4.996	^(a)	10/24/07		19,994,342
	95,000,000		5.357	^(a)	10/30/07		94,976,608
	50,000,000		4.530		11/08/07		49,760,917
	135,700,000		4.660		11/08/07		135,032,507
	50,000,000		4.530		11/09/07		49,754,625
	60,000,000		5.070	^(a)	12/24/07		59,988,586
	42,000,000		5.220	^(a)	03/30/08		41,994,031
Federal Home Loan Bank
	41,000,000		4.720	^(a)	10/01/07		40,985,592
	100,000,000		5.200	^(a)	10/01/07		99,980,306
	150,000,000		5.200	^(a)	10/02/07		149,970,409
	114,600,000		4.860		10/05/07		114,538,116
	25,000,000		4.870		10/05/07		24,986,472
	50,000,000		4.880		10/05/07		49,972,889
	737,600,000		5.130		10/10/07		736,654,028
	214,281,000		5.135		10/10/07		214,005,917
	252,000,000		5.200	^(a)	10/10/07		251,933,392
	65,000,000		4.600		10/12/07		64,908,639
	567,124,000		5.135		10/12/07		566,234,167
	205,000,000		5.185	^(a)	10/16/07		204,946,129
	192,000,000		4.610		10/17/07		191,606,613
	26,895,000		4.125		10/19/07		26,879,490
	6,400,000		4.500		10/19/07		6,385,600
	203,945,000		4.600		10/19/07		203,475,927
	171,238,000		4.620		10/19/07		170,842,440
	60,187,000		4.630		10/19/07		60,047,667
	146,845,000		4.590		10/24/07		146,414,377
	55,000,000		4.600		10/26/07		54,824,306
	169,436,000		5.120		10/31/07		168,713,073
	750,000,000		5.236	^(a)	11/11/07		750,000,000
	203,500,000		5.390	^(a)	11/17/07		203,619,407
	700,000,000		5.438	^(a)	11/18/07		700,000,000
	57,000,000		3.060		11/21/07		56,837,344
	420,000,000		5.325	^(a)	11/28/07		419,852,216


Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
U.S. Government Agency Obligations — (continued)
Federal Home Loan Bank (continued)
$	37,900,000		4.700	%	12/05/07	$	37,578,376
	44,219,000		4.880		12/05/07		43,829,381
	105,000,000		4.725		12/07/07		104,076,656
	95,000,000		4.770		12/07/07		94,156,638
	100,000,000		4.780		12/07/07		99,110,389
	214,153,000		4.790		12/07/07		212,243,886
	182,380,000		4.880		12/07/07		180,723,584
	100,000,000		4.710		12/10/07		99,084,167
	80,000,000		4.700		12/12/07		79,248,000
	100,000,000		4.730		12/12/07		99,054,000
	188,000,000		5.486	^(a)	12/18/07		187,971,614
	50,000,000		4.539		12/19/07		49,501,971
	527,000,000		4.550		12/19/07		521,738,051
	120,000,000		4.745		12/19/07		118,750,483
	320,000,000		5.438	^(a)	12/19/07		319,942,229
	168,000,000		5.447	^(a)	12/19/07		167,952,790
	215,000,000		5.428	^(a)	12/20/07		214,965,465
	35,000,000		3.085		12/21/07		34,845,565
	137,200,000		4.555		12/21/07		135,793,872
	177,000,000		4.565		12/26/07		175,069,766
	66,519,000		4.570		12/26/07		65,792,797
	35,314,000		4.565		12/28/07		34,919,935
	97,000,000		4.570		12/28/07		95,916,402
	190,000,000		4.730		01/22/08		187,179,081
	29,375,000		5.125		01/22/08		29,360,641
	11,052,000		5.040		01/23/08		10,875,610
	85,000,000		5.025		01/25/08		83,623,708
	88,000,000		4.625		02/01/08		87,968,174
	45,000,000		5.125		02/12/08		44,971,185
	200,000,000		5.118	^(a)	02/22/08		200,000,000
	10,675,000		4.875		03/05/08		10,656,745
	20,945,000		4.000		03/10/08		20,833,791
	130,000,000		4.750		03/14/08		130,100,547
	66,625,000		4.600		04/11/08		66,416,626
	80,000,000		5.125		05/21/08		79,938,210
	20,000,000		5.125		05/23/08		19,985,280

TOTAL INVESTMENTS—99.7%							$12,328,648,865

OTHER ASSETS IN EXCESS OF LIABILITIES—0.3%							34,833,046

NET ASSETS—100.0%							$12,363,481,911

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 index is based on either London Interbank Offering Rate or Prime Rate.

Maturity dates represent either the stated date on the security or the next interest reset date for floating rate securities.

For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.goldmansachsfunds.com.

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

Schedule of Investments

September 30, 2007 (Unaudited)


Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Alabama — 1.8%
Alabama State University Eclipse Funding Trust VRDN RB Series 2006 (XLCA)(U.S. Bank N.A. SPA) (A-1+)^(a)
$	6,890,000		3.910	%	10/04/07	$	6,890,000
Columbia IDB VRDN PCRB Refunding for Alabama Power Co. Project Series 1995 E (A-1/VMIG1)
	19,700,000		4.000		10/01/07		19,700,000
Columbia IDB VRDN PCRB Refunding for Alabama Power Co. Project Series 1996 A (VMIG1)
	10,800,000		4.040		10/01/07		10,800,000
Columbia IDB VRDN PCRB Refunding for Alabama Power Co. Project Series 1999 B (A-1/VMIG1)
	18,500,000		4.040		10/01/07		18,500,000
Columbia IDB VRDN PCRB Refunding for Alabama Power Co. Project Series 1999 C (A-1/VMIG1)
	4,200,000		4.090		10/01/07		4,200,000
Lower Alabama Gas District Supply VRDN RB Series 2007 A (Societe Generale SPA) (VMIG1)^(a)
	17,150,000		4.110		10/01/07		17,150,000
Mobile City IDB VRDN PCRB for Alabama Power Co. Project Series 1993 A (A-1/VMIG1)
	7,500,000		3.900		10/04/07		7,500,000
Mobile City IDB VRDN PCRB Refunding for Alabama Power Co. Project Series 1994 (A-1/VMIG1)
	8,000,000		4.040		10/01/07		8,000,000
Montgomery County Eclipse Funding Trust VRDN RB Series 2006-0111 (MBIA) (U.S. Bank N.A. SPA) (A-1+)^(a)
	5,380,000		3.910		10/04/07		5,380,000
Parrish IDB VRDN PCRB Refunding for Alabama Power Co. Project Series 1994 A (A-1)
	12,350,000		4.040		10/01/07		12,350,000
Southeast Alabama Gas District VRDN RB Supply Project Series 2007 A (Societe Generale SPA) (VMIG1)
	28,600,000		4.110		10/01/07		28,600,000
University of Alabama Lehman Municipal Trust Receipts VRDN RB Floaters Series 2006-K62 Reg D (XLCA) (Lehman Brothers SPA) (VMIG1)^(a)
	6,340,000		3.980		10/03/07		6,340,000
University of Alabama VRDN RB Eagle Series 2004-0032 Class A (MBIA) (Citibank N.A. SPA) (A-1+)^(a)
	11,000,000		3.930		10/04/07		11,000,000

						$	156,410,000


Alaska — 0.6%
Alaska Housing Finance Corp. VRDN RB Spears Series 2005 DB-162 (FGIC) (Deutsche Bank AG SPA) (F1+)^(a)
$	21,820,000		3.920	%	10/04/07	$	21,820,000
Alaska State Housing Finance Corp. Eclipse Funding Trust VRDN RB Series 2006-22 (MBIA) (U.S. Bank N.A. SPA) (VMIG1)^(b)
	12,900,000		3.650		09/18/08		12,900,000
Alaska State Housing Finance Corp. VRDN RB Spears Series 2005 DB-131 (FGIC) (Deutsche Bank AG SPA) (F1+)^(a)
	2,090,000		3.920		10/04/07		2,090,000
Alaska State Housing Finance Corp. VRDN RB Spears Series 2005 DB-140 (MBIA) (Deutsche Bank AG SPA) (F1+)^(a)
	10,320,000		3.920		10/04/07		10,320,000
Anchorage Alaska GO TANS Series 2007 (SP-1+)
	5,000,000		4.250		12/28/07		5,005,824

						$	52,135,824


Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Arizona — 2.5%
Arizona Health Facilities Authority Municipal Security Trust Certificates VRDN RB Series 2007-333 (Bear Stearns Capital Markets) (A-1+)^(a)
$	5,000,000		3.920	%	10/04/07	$	5,000,000
Arizona Health Facilities Authority VRDN RB F Series 2007-1782 (Morgan Stanley SPA) (F1+)^(a)
	48,120,000		3.920		10/04/07		48,120,000
Arizona School District TANS Financing Program COPS Series 2007 (SP-1+/MIG1)
	15,000,000		4.500		07/30/08		15,103,366
Arizona State Transportation Board Highway Revenue VRDN RB Floaters Series 2006-1539 (Morgan Stanley SPA) (A-1+)^(a)
	14,336,000		3.850		10/04/07		14,336,000
Arizona State Transportation Board Highway VRDN RB ROCS II-R-4003 (Citigroup Global Markets SPA) (VMIG1)^(a)
	5,120,000		3.920		10/04/07		5,120,000
Chandler GO VRDN Floaters Series 2007-1648 (Morgan Stanley SPA) (A-1+)^(a)
	9,280,000		3.910		10/04/07		9,280,000
Maricopa County Community College District GO VRDN Merlots Series 2007-C-32 (Bank of New York SPA) (A-1+)^(a)
	13,385,000		3.920		10/03/07		13,385,000
Phoenix GO VRDN Merlots Series 2007-H05 (Wachovia Bank N.A. SPA) (A-1+)^(a)
	6,485,000		3.920		10/03/07		6,485,000
Phoenix GO VRDN ROCS-RR-II-R-7005 Series 2007 (Citigroup Financial Products) (A-1+)^(a)
	4,000,000		3.920		10/04/07		4,000,000
Phoenix Puttable Floating Option GO VRDN Tax-Exempt Receipts P-Floats-EC-1118 (Merrill Lynch Capital Services SPA) (A-1+)^(a)
	9,055,000		3.970		10/04/07		9,055,000
Salt River Project Agricultural Improvement & Power District Electric Systems Revenue VRDN RB Floaters Series 2006-1430 (Morgan Stanley SPA) (A-1+)^(a)
	6,850,000		3.910		10/04/07		6,850,000
Salt River Project Agricultural Improvement & Power District Electric Systems VRDN RB Eagle Series 2006-0022 Class A (Citibank N.A. SPA) (A-1+)^(a)
	6,100,000		3.930		10/04/07		6,100,000
Salt River Project Agricultural Improvement & Power District Electric Systems VRDN RB Eagle Series 2007-0012 A (Landesbank Hessen-Thueringen SPA) (A-1)^(a)
	15,850,000		3.910		10/04/07		15,850,000
Salt River Project Agricultural Improvement & Power District Electric Systems VRDN RB Floaters Series 2007-1841 (Morgan Stanley SPA) (VMIG1)^(a)
	4,142,000		3.910		10/04/07		4,142,000

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

Schedule of Investments (continued)

September 30, 2007 (Unaudited)


Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Arizona — (continued)
Salt River Project Agricultural Improvement & Power District Electric Systems VRDN RB Floaters-Series 2007-1840 (Morgan Stanley SPA) (VMIG1)^(a)
$	5,685,000		3.910	%	10/04/07	$	5,685,000
Salt River Project Agricultural Improvement & Power District Electric Systems VRDN RB ROC-II-R-1002 Series 2002 (Citigroup Global Markets SPA) (VMIG1)^(a)
	10,830,000		3.920		10/04/07		10,830,000
Salt River Project Agricultural Improvement & Power District Electrical Systems VRDN RB Eagle Series 2006-0014 Class A (Citibank N.A. SPA) (A-1+)^(a)
	10,875,000		3.930		10/04/07		10,875,000
Salt River Project Agricultural Improvement & Power District VRDN RB Eagle Series 2006-0141 (Citibank N.A. SPA) (A-1+)^(a)
	16,500,000		3.930		10/04/07		16,500,000
Salt River Project Agricultural Improvement & Power District VRDN RB ROCS RR-II-640 (Citibank N.A. SPA) (VMIG1)^(a)
	7,440,000		3.920		10/04/07		7,440,000
Salt River Project VRDN RB for Agricultural Improvement & Power District Electrical Systems Series 2005-1076 (Morgan Stanley SPA) (A-1+)^(a)
	4,845,000		3.910		10/04/07		4,845,000
Scottsdale Municipal Property Corp. Excise Tax VRDN RB Putters Series 2006-1570 (JPMorgan Chase & Co.) (A-1+)^(a)
	4,500,000		3.920		10/04/07		4,500,000

						$	223,501,366


Arkansas^{^(a)} — 0.0%
University of Arkansas VRDN RB Series 1396 (AMBAC) (Morgan Stanley SPA) (VMIG1)
$	4,394,000		3.910	%	10/04/07	$	4,394,000


Colorado — 2.8%
Aurora Water Improvement VRDN RB Floaters Series 2007-2030 (AMBAC) (Morgan Stanley Municipal Products) (F1+)^(a)
$	35,465,000		3.910	%	10/04/07	$	35,465,000
Colorado Health Facilities Authority VRDN RB Floaters Series 2007-1646 (Morgan Stanley SPA) (A-1+)^(a)
	6,230,000		3.910		10/04/07		6,230,000
Colorado Regional Transportation District BB&T Municipal Trust VRDN RB Floaters Series 2017 (Branch Banking & Trust) (VMIG1)^(a)
	9,000,000		3.900		10/04/07		9,000,000
Colorado Regional Transportation District Puttable Floating Option Tax-Exempt Receipts VRDN RB P-Floats-EC-1031 Series 2007 (FSA) (Merrill Lynch Capital Services SPA) (F1+)^(a)
	25,310,000		3.970		10/04/07		25,310,000
Colorado Regional Transportation District Puttable Floating Option Tax-Exempt Receipts VRDN RB P-Floats-EC-1039 Series 2007 (FSA) (Merrill Lynch Capital Services SPA) (F1+)^(a)
	17,320,000		3.970		10/04/07		17,320,000


Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Colorado — (continued)
Colorado Regional Transportation District VRDN RB P-Floats-PT-2184 Series 2004 (AMBAC) (RBC Bank N.V.) (F1+)^(a)
$	16,020,000		3.950	%	10/04/07	$	16,020,000
Colorado Regional Transportation District VRDN RB Sales Tax Floaters Series 2007-2014 (AMBAC) (Morgan Stanley Municipal Products) (F1+)^(a)
	45,710,000		3.910		10/04/07		45,710,000
Colorado State General Fund RANS Series 2007 A (SP-1+/MIG1)
	71,000,000		4.250		06/27/08		71,270,148
University of Colorado ABN AMRO Munitops Certificates Trust VRDN RB Non-AMT Single Series 2005-14 (FGIC) (Lasalle Bank SPA) (F1+)^(a)
	5,140,000		3.930		10/04/07		5,140,000
University of Colorado Eclipse Funding Trust VRDN RB Series 2006-66 (FGIC) (U.S. Bank N.A. SPA) (A-1+)^(a)
	21,555,000		3.910		10/04/07		21,555,000

						$	253,020,148


Connecticut^{^(a)} — 0.1%
Connecticut State GO VRDN P-Floats-PA-879-R Series 2001 (Merrill Lynch Capital Services) (A-1+)
$	4,445,000		3.950	%	10/04/07	$	4,445,000
Connecticut State GO VRDN Putters Series 2001-2111 (JPMorgan Chase Bank N.A. SPA) (A-1+)
	8,800,000		3.880		10/04/07		8,800,000

						$	13,245,000


Delaware^{^(a)} — 0.2%
Delaware Transportation Authority Transit System Revenue Floaters Series 2005-1205 (Morgan Stanley SPA) (A-1+)
$	18,966,000		3.910	%	10/04/07	$	18,966,000


District of Columbia — 0.4%
Eclipse Funding Trust GO VRDN Related to the District of Columbia Series 2007-0058 (FGIC) (U.S. Bank N.A.SPA) (A-1+)^(a)
$	4,600,000		3.920	%	10/04/07	$	4,600,000
Washington DC Metropolitan Transit Authority CP Series 2007 A (Wachovia Bank N.A. SPA) (A-1+/P-1)
	32,200,000		3.720		10/16/07		32,200,000

						$	36,800,000


Florida — 6.4%
Broward County Electrical BB&T Municipal Trust GO VRDN Floaters Series 2015 (Branch Banking & Trust) (VMIG1)^(a)
$	11,055,000		3.900	%	10/04/07	$	11,055,000

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

Schedule of Investments (continued)

September 30, 2007 (Unaudited)


Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Florida — (continued)
Broward County Electrical Puttable Floating Option Tax-Exempt Receipts VRDN RB P-Floats-EC-1095 Series 2007 (Merrill Lynch Capital Services SPA) (F1+)^(a)
$	1,990,000		3.970	%	10/04/07	$	1,990,000
Florida Local Government Pooled CP (Wachovia Bank N.A. LOC) (A-1/P-1)
	16,784,000		3.730		10/05/07		16,784,000
	21,000,000		3.750		11/09/07		21,000,000
Florida State Board of Education Austin Trust Certificates GO VRDN Series 2007-137 (Bank of America N.A. SPA) (A-1+)^(a)
	5,670,000		3.920		10/04/07		5,670,000
Florida State Board of Education GO VRDN Eagle Series 2007-0048 Class A (Bayerische Landesbank SPA) (A-1)^(a)
	21,445,000		3.920		10/04/07		21,445,000
Florida State Board of Education GO VRDN Eagle Tax-Exempt Trust Series 2001-0901 (Bayerische Landesbank SPA) (A-1)^(a)
	26,850,000		3.920		10/04/07		26,850,000
Florida State Board of Education GO VRDN Eagle Tax-Exempt Trust Series 2005-0057 Class A (Citibank N.A. SPA) (A-1+)^(a)
	6,565,000		3.930		10/04/07		6,565,000
Florida State Board of Education GO VRDN Municipal Securities Trust Certificates Series 2006-7022 (Bear Stearns Capital Markets SPA) (VMIG1)^(a)
	7,500,000		3.920		10/04/07		7,500,000
Florida State Board of Education GO VRDN ROCS RR-II-R-11197 Series 2007 (Citibank N.A. SPA) (A-1+)^(a)
	8,360,000		3.920		10/04/07		8,360,000
Florida State Board of Education Puttable Floating Option Tax-Exempt Receipts GO VRDN P-Floats-EC-1053 Series 2007 (Merrill Lynch Capital Services SPA) (F1+)^(a)
	55,255,000		3.970		10/04/07		55,255,000
Florida State Board of Education Puttable Floating Option Tax-Exempt Receipts GO VRDN P-Floats-EC-1149 Series 2007 (MBIA) (Merrill Lynch Capital Services SPA) (F1+)^(a)
	7,270,000		3.990		10/04/07		7,270,000
Florida State Board of Education Puttable Floating Option Tax-Exempt Receipts VRDN RB P-Floats-EC-1002L (AMBAC) (Merrill Lynch Capital Services SPA) (F1+)^(a)
	68,605,000		3.970		10/04/07		68,605,000
Florida State Department of Environmental Protection Puttable Floating Option Tax-Exempt Receipts VRDN RB P Floats-EC-1027 (FSA) (Merrill Lynch Capital Services SPA) (F1+)^(a)
	9,915,000		3.970		10/04/07		9,915,000
Florida State Department of Environmental Protection Puttable Floating Option Tax-Exempt Receipts VRDN RB P-Floats-EC-1025 Series 2007 (AMBAC) (Merrill Lynch Capital Services SPA) (F1+)^(a)
	53,240,000		3.970		10/04/07		53,240,000
Florida State DOT GO Bonds Right of Way Series 2003 A (Aa1/AAA)
	5,035,000		5.000		07/01/08		5,083,781
Florida State Turnpike Authority VRDN RB Floaters Series 2006-1450 (Morgan Stanley SPA) (VMIG1)^(a)
	5,216,000		3.910		10/04/07		5,216,000
Jackson County VRDN PCRB Refunding for Gulf Power Co. Project Series 1997 (A-1/VMIG1)
	1,930,000		4.070		10/01/07		1,930,000
Jacksonville Electric Authority CP Series 2001 C (Dexia Credit Local SPA) (A-1+/VMIG1)
	29,500,000		3.690		12/12/07		29,500,000
Jacksonville Water & Sewer Systems VRDN RB Floaters Series 2007-1653 (Morgan Stanley SPA) (F1+)^(a)
	5,319,500		3.910		10/04/07		5,319,500


Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Florida — (continued)
Miami-Dade County Eclipse Funding Trust VRDN RB Series 2006-0049 (FGIC) (U.S. Bank N.A. SPA) (A-1+)^(a)
$	11,320,000		3.920	%	10/04/07	$	11,320,000
Miami-Dade County Educational Facilities Authority VRDN RB Floater Series 2007-1771 (AMBAC) (Morgan Stanley SPA) (A-1+)^(a)
	13,603,000		3.910		10/04/07		13,603,000
Miami-Dade County, FL ABN AMRO Munitops Certificates Trust VRDN RB Non-AMT Trust Certificates Series 2006-24 (XLCA) (ABN AMRO Bank N.V. SPA) (VMIG1)
	14,265,000		3.930		10/04/07		14,265,000
Miami-Dade County School District TANS Series 2007 (MIG1)^(c)
	46,000,000		4.000		10/03/08		46,265,420
Miami Dade County Transit Sales Eclipse Funding Trust VRDN RB Series 2006-0059 (XLCA) (U.S. Bank N.A. SPA) (A-1+)^(a)
	18,610,000		3.910		10/04/07		18,610,000
Orange, FL ABN AMRO Munitops Certificates Trust VRDN RB Non-AMT Trust Certificates Series 2002-27 (FGIC) (ABN AMRO Bank N.V. SPA) (VMIG1)^(a)
	10,480,000		3.930		10/04/07		10,480,000
Palm Beach County School District CP (Bank of America N.A. LOC) (A1+/P1)
	13,800,000		3.750		02/14/08		13,800,000
	6,500,000		3.550		03/13/08		6,500,000
Palm Beach County Water & Sewer VRDN RB ROCS-RR-II-R-877 Series 2007 (Citibank N.A. SPA) (VMIG1)^(a)
	9,885,000		3.920		10/04/07		9,885,000
South Miami Puttable Floating Option VRDN RB Tax-Exempt Receipts P-Floats-PA-1493 (Merrill Lynch SPA) (A-1+)^(a)
	4,910,000		3.990		10/04/07		4,910,000
Sunshine State Governmental Funding for Miami-Dade CP Series 2007-1 (DePfa Bank PLC SPA) (A-1+/P-1)
	36,915,000		3.650		10/18/07		36,915,000
Tallahassee Energy Systems VRDN RB Eagle Series 2007-0111 A (MBIA) (Banco Bilbao Vizcaya SPA) (A-1+)^(a)
	6,900,000		3.910		10/04/07		6,900,000
University of Miami Puttable Floating Option Tax-Exempt Receipts VRDN RB P-Floats-EC-1020 Series 2007 (AMBAC) (Merrill Lynch Capital Services SPA) (F1+)^(a)
	8,820,000		3.970		10/04/07		8,820,000

						$	570,826,701


Georgia — 3.2%
Albany-Dougherty County Hospital Authority VRDN RB Phobe Hospital Series 2002 (AMBAC) (Regions Bank SPA) (VMIG1)
$	1,300,000		4.080	%	10/01/07	$	1,300,000
Appling County Development Authority VRDN PCRB Georgia Power Co. Plant Hatch Project Series 1997 (A-1/VMIG1)
	1,900,000		4.020		10/01/07		1,900,000
Cobb County Development Authority VRDN PCRB Georgia Power Co. Plant Project Series 1991 (VMIG1)
	7,730,000		3.950		10/01/07		7,730,000
Dekalb County VRDN RB Water & Sewer ROCS RR-II-R-567 (Citibank N.A. SPA) (VMIG1)^(a)
	3,135,000		3.920		10/04/07		3,135,000
Douglas County School District GO VRDN ROCS-RR-II-R-11061 (FSA) (Citibank N.A. SPA) (A-1+)^(a)
	5,065,000		3.920		10/04/07		5,065,000

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

Schedule of Investments (continued)

September 30, 2007 (Unaudited)


Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Georgia — (continued)
Downtown Smyrna Development Authority VRDN Spears Series 2005 DB-141 (Deutsche Bank AG SPA) (A-1+)^(a)
$	22,585,000		3.920	%	10/04/07	$	22,585,000
Fulton County Water & Sewer VRDN RB Eagle Series 2005-005 A (FGIC) (Citibank N.A. SPA) (A-1+)^(a)
	4,295,000		3.930		10/04/07		4,295,000
Georgia Municipal Electric Authority Power VRDN RB Municipal Securities Trust Receipts SGB 68 A Series 2007 (FGIC) (Societe Generale SPA) (A-1+)^(a)
	11,205,000		3.910		10/04/07		11,205,000
Georgia Oglethorpe CP Series 2006 A (AMBAC) (Rabobank Nederland SPA) (VMIG1/A1+)
	21,975,000		3.750		10/05/07		21,975,000
Georgia State GO Bonds Series 2002 D (Aaa/AAA)
	6,100,000		5.250		08/01/08		6,178,651
Georgia State Puttable Floating Option Tax-Exempt Receipts GO VRDN P-Floats-PZ-241 Series 2007 (Merrill Lynch Capital Services SPA) (F1+)^(a)
	5,115,000		3.990		10/04/07		5,115,000
Georgia State Puttable Floating Option Tax-Exempt Receipts GO VRDN P-Floats-PZ-272 Series 2007 (Merrill Lynch Capital Services) (F1+)^(a)
	16,690,000		3.930		10/04/07		16,690,000
Georgia State Puttable Floating Option Tax-Exempt Receipts GO VRDN P-Floats-PZ-273 Series 2007 (Merrill Lynch Capital Services) (F1+)^(a)
	14,665,000		3.930		10/04/07		14,665,000
Gwinnett County Development Authority COPS P-Floats-MT-337 (MBIA) (BNP Paribas SPA) (F1+)^(a)
	18,000,000		3.950		10/04/07		18,000,000
Metropolitan Atlanta Rapid Transit Authority Puttable Floating Option Tax-Exempt Receipts VRDN RB P-Floats-PT-3945 Series 2007 (FGIC) (Dexia Credit Local SPA) (F1+)^(b)
	6,550,000		3.800		03/06/08		6,550,000
Metropolitan Atlanta Rapid Transit Authority Puttable Floating Option VRDN RB Tax-Exempt Receipts P-Floats-PT-4017 (FGIC) (Dexia Credit Local SPA) (F1+)^(a)
	9,845,000		3.920		10/04/07		9,845,000
Metropolitan Atlanta Rapid Transit Authority Sales Tax VRDN RB ROCS RR-II-R-10107 Series 2007 (MBIA) (Citigroup Financial Product SPA) (A-1+)^(a)
	14,120,000		3.920		10/04/07		14,120,000
Municipal Electric Authority of Georgia Project One CP Series 1997 B (Bayerische Landesbank, Wachovia Bank N.A. and Westdeutsche Landesbank AG SPA)
	23,000,000		3.750		10/09/07		23,000,000
Putnam County Development Authority VRDN PCRB Georgia Power Co. Plant Branch Project Series 1998 (A-1)
	3,525,000		4.020		10/01/07		3,525,000
Savannah Economic Development Authority VRDN PCRB Refunding for Savannah Electric & Power Project Series 1993 (A-1/VMIG1)
	2,785,000		4.070		10/01/07		2,785,000
State of Georgia Puttable Floating Option Tax-Exempt Receipts GO VRDN P-Floats-EC-1018 Series 2007 (Merrill Lynch Capital Services SPA) (F1+)^(a)
	62,655,000		3.970		10/04/07		62,655,000


Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Georgia — (continued)
State of Georgia Puttable Floating Option Tax-Exempt Receipts GO VRDN P-Floats-EC-1019 Series 2007 (Merrill Lynch Capital Services SPA) (F1+)^(a)
$	21,025,000		3.970	%	10/04/07	$	21,025,000

						$	283,343,651


Hawaii — 1.2%
ABN AMRO Munitops Certificate Trust VRDN RB for Honolulu, HI Non-AMT Single Series 2005-37 (FGIC) (ABN AMRO Bank N.V. SPA) (F1+)^(a)
$	21,040,000		3.930	%	10/04/07	$	21,040,000
Hawaii State VRDN RB P-Floats-PT 960 Series 2006 (FSA) (BNP Paribas N.A. SPA) (F1+)^(a)
	5,900,000		3.920		10/04/07		5,900,000
Honolulu City & County Wastewater System VRDN RB Eagle Series 2007-0120 A (FGIC) (Banco Bilbao Vizcaya) (A-1+)^(a)
	5,845,000		3.910		10/04/07		5,845,000
Honolulu GO CP Series H (Westdeutsche Landesbank SPA) (A1/P1)
	54,700,000		3.730		02/06/08		54,700,000
University of Hawaii VRDN RB Eagle Series 2007-0089 A (MBIA) (DZ Bank SPA) (A-1)^(a)
	19,800,000		3.910		10/04/07		19,800,000

						$	107,285,000


Idaho — 0.3%
Idaho State GO TANS Series 2007 (SP-1+/MIG1)
$	27,500,000		4.500	%	06/30/08	$	27,652,213


Illinois — 8.9%
Chicago Board of Education Municipal Securities Trust Certificates GO VRDN Series 1999-71 A (FGIC) (Bear Stearns SPA) (A-1)^(a)
$	28,940,000		3.920	%	10/04/07	$	28,940,000
Chicago GO VRDN Eagle Series 2007-0141 A (FGIC) (Citibank N.A. SPA) (A-1+)^(a)
	4,820,000		3.920		10/04/07		4,820,000
Chicago GO VRDN Eagle Tax-Exempt Trust Series 2001-1301 Class A (FGIC) (Citibank N.A. SPA) (A1+)^(a)
	8,910,000		3.930		10/04/07		8,910,000
Chicago GO VRDN Floaters Series 2006-1435 (MBIA) (Morgan Stanley SPA) (A-1+)^(a)
	8,822,000		3.910		10/04/07		8,822,000
Chicago GO VRDN Merlots Series 2000 WWW (AMBAC) (Bank of New York SPA) (VMIG1)^(a)
	6,000,000		3.920		10/03/07		6,000,000

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

Schedule of Investments (continued)

September 30, 2007 (Unaudited)


Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Illinois — (continued)
Chicago GO VRDN Spears Series 2005 DB-158 (FSA) (Deutsche Bank AG SPA) (F1+)^(a)
$	4,755,000		3.990	%	10/04/07	$	4,755,000
Chicago GO VRDN Spears Series 2005 DB-171 (FSA) (Deutsche Bank AG SPA) (F1+)^(a)
	5,255,000		3.990		10/04/07		5,255,000
Chicago, IL Austin Trust GO VRDN Certificates Series 2007-171 (AMBAC) (Bank of America N.A. SPA) (A-1+)^(a)
	3,970,000		3.920		10/04/07		3,970,000
Chicago Metropolitan Water District Lehman Municipal Trust Receipts GO VRDN Floater Trust Series 2007-K50W Reg D (Lehman Liquidity Co. SPA) (VMIG1)^(a)
	7,280,000		3.930		10/03/07		7,280,000
Chicago Metropolitan Water District Puttable Floating Option Tax-Exempt Receipts GO VRDN P-Floats-PT-3964 Series 2007 (Dexia Credit Local SPA) (F1+)^(b)
	7,095,000		3.770		02/28/08		7,095,000
Chicago Metropolitan Water Reclamation District ABN AMRO Munitops Certificates Trust GO VRDN Non-AMT Trust Certificates Series 2006-29 (ABN AMRO Bank N.V. SPA) (VMIG1)^(a)
	17,400,000		3.930		10/04/07		17,400,000
Chicago Metropolitan Water Reclamation District BB&T Municipal Trust GO VRDN Floater Series 2007 (Branch Banking & Trust N.A. SPA) (VMIG1)^(a)
	10,000,000		3.900		10/04/07		10,000,000
Chicago Metropolitan Water Reclamation District GO VRDN ROCS RR-II-R-6077 Series 2006 (Citibank N.A. SPA) (VMIG1)^(a)
	4,890,000		3.920		10/04/07		4,890,000
Chicago Metropolitan Water Reclamation District VRDN RB ROCS RR II R-11189 Series 2007 (Citigroup Global Markets SPA) (VMIG1)^(a)
	5,000,000		3.920		10/04/07		5,000,000
Chicago Puttable Floating Option Tax-Exempt Receipts GO VRDN P-Floats-PT-4123 Series 2007 (AMBAC) (Merrill Lynch Capital Services SPA) (F1+)^(a)
	12,395,000		3.950		10/04/07		12,395,000
Chicago Transportation Authority Deutsche Bank Spears Lifers Trust GO VRDN Series 2007-DB257 (AMBAC) (Deutsche Bank A.G. SPA) (A-1+)^(a)
	11,280,000		3.920		10/04/07		11,280,000
Chicago Transportation Authority Deutsche Bank Spears Lifers Trust VRDN RB Series 2007 DB-314 (AMBAC) (Deutsche Bank A.G. SPA) (A-1+)^(a)
	9,610,000		3.950		10/04/07		9,610,000
Chicago VRDN Merlots Series 2003 A43 (AMBAC) (Bank of New York SPA) (VMIG1)^(a)
	15,220,000		3.920		10/03/07		15,220,000
Chicago Water VRDN RB Floaters Series 2007-2011 (AMBAC) (Morgan Stanley Municipal Products) (F1+)^(a)
	5,545,000		3.910		10/04/07		5,545,000
City of Chicago Deutsche Bank Spears Lifers Trust GO VRDN Series 2007 DB-275 (AMBAC) (Deutsche Bank A.G. SPA) (A-1+)^(a)
	5,430,000		3.990		10/04/07		5,430,000


	Principal		Interest			Maturity	Amortized
	Amount		Rate			Date	Cost
Illinois — (continued)
City of Chicago Deutsche Bank Spears Lifers Trust GO VRDN Series 2007 DB-312 (FSA) (Deutsche Bank A.G. SPA) (A-1+)^(a)
$		18,645,000		3.950	%	10/04/07	$	18,645,000
City of Chicago Deutsche Bank Spears Lifers Trust GO VRDN Series 2007 DB-334 (Deutsche Bank A.G. SPA) (FGIC) (A-1+)^(a)
		8,000,000		3.950		10/04/07		8,000,000
DuPage County Forrest Preservation District GO VRDN P-Floats-PT-3337 Series 2005 (Merrill Lynch Capital Services SPA) (VMIG1)^(a)
		11,545,000		3.950		10/04/07		11,545,000
City of Chicago Eclipse Funding Trust GO VRDN for Solar Eclipse Series 2006-3 (FSA) (U.S. Bank N.A. SPA) (VMIG1)^(b)
		6,215,000		3.800		07/10/08		6,215,000
Cook County Munitops Certificate Trust GO VRDN Non-AMT Series 2004-47 (MBIA) (ABN AMRO Bank N.V. SPA) (VMIG1)^(a)
		14,360,000		3.930		10/04/07		14,360,000
DuPage, IL ISD ABN AMRO Munitops Certificates Trust GO VRDN Non-AMT Single Series 2006-33 (MBIA) (ABN AMRO Bank N.V. SPA) (VMIG1)^(a)
		12,180,000		3.930		10/04/07		12,180,000
Illinois Development Finance Authority VRDN RB Evanston Northwestern Series 2001 C (Bank One N.A. LOC) (A-1+/VMIG1)
		10,975,000		3.930		10/04/07		10,975,000
Illinois Finance Authority VRDN RB Floater Series 2005 K19-Reg D (Lehman Brothers SPA) (VMIG1)^(a)
		4,750,000		3.990		10/03/07		4,750,000
Illinois Finance Authority VRDN RB Floaters Series 2006-1489 (Morgan Stanley Municipal Products) (F1+)^(a)
		11,745,000		3.910		10/04/07		11,745,000
Illinois Finance Authority VRDN RB Floaters Series 2007-1766 (Morgan Stanley N.A. SPA) (F1+)^(a)
		5,195,500		3.910		10/04/07		5,195,500
Illinois Finance Authority VRDN RB ROCS RR-II-R 6015 Series 2004 (Citigroup, Inc. SPA) (A-1+)^(a)
		5,570,000		3.920		10/04/07		5,570,000
Illinois Health System Evanston Hospital CP Series 1987 D (A1+)
		17,500,000		3.750		11/08/07		17,500,000
Illinois Health System Evanston Hospital CP Series 1995 (A1+/VMIG1)
		41,000,000		3.630		11/05/07		41,000,000
Illinois Municipal Electric Agency Power Supply VRDN RB Putters Series 2007-2123 (FGIC) (JPMorgan Chase & Co. SPA) (A-1+)^(a)
		6,000,000		3.920		10/04/07		6,000,000
Illinois Municipal Electric Agency Power Supply VRDN RB Putters Series 2007-2128 (FGIC) (JPMorgan Chase & Co. SPA) (A-1+)^(a)
		8,000,000		3.920		10/04/07		8,000,000
Illinois Sales Tax Merlot Ser A102
		20,390,000		3.920		10/03/07		20,390,000
Illinois State GO Certificates Series 2007 (SP-1+/MIG1)
		185,000,000		4.250		11/09/07		185,096,200
Illinois State GO VRDN Eagle Tax-Exempt Trust Series 2005-3002 Class A (Citibank N.A. SPA) (A-1+)^(a)
		4,000,000		3.930		10/04/07		4,000,000
Illinois State GO VRDN Macon Trust Certificates Series 2006 L (Bank of America N.A. SPA) (VMIG1)^(a)
		3,500,000		3.920		10/04/07		3,500,000
Illinois State GO VRDN P-Floats-PT-3523 Series 2006 (Dexia Credit Local SPA) (F1+)^(a)
		5,990,000		3.920		10/04/07		5,990,000
Illinois State GO VRDN Putters Series 2007-2183 (JPMorgan Chase SPA) (A-1+)^(a)
		5,500,000		3.920		10/04/07		5,500,000
Illinois State GO VRDN ROCS-RR-II-R-1072 (Citibank N.A. SPA) (F1+)^(a)
		4,780,000		3.920		10/04/07		4,780,000

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

Schedule of Investments (continued)

September 30, 2007 (Unaudited)


Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Illinois — (continued)
Illinois State GO VRDN ROCS-RR-II-R-6065 (Citibank N.A. SPA) (F1+)^(a)
$	4,380,000		3.920	%	10/04/07	$	4,380,000
Illinois State Lehman Municipal Trust Receipts GO VRDN Floater Series 2007-K25 Reg D (FGIC) (Lehman Brothers SPA) (VMIG1)^(a)
	16,455,000		3.930		10/03/07		16,455,000
Illinois State Puttable Floating Option Tax-Exempt Receipts GO VRDN P-Floats-PT-4095 Series 2007 (FGIC) (Merrill Lynch Capital Services SPA) (F1+)^(a)
	6,300,000		3.950		10/04/07		6,300,000
Illinois State Sales Tax VRDN RB Spears Series 2005 DB-165 (FSA) (Deutsche Bank A.G. SPA) (F1+)^(a)
	10,540,000		3.920		10/04/07		10,540,000
Illinois State Toll Highway Authority VRDN RB P-Floats-MT 270 Series 2006 (FSA) (Bayerische Landesbank SPA) (F1+)^(a)
	14,995,000		3.920		10/04/07		14,995,000
Metropolitan Pier & Exposition Authority for Dedicated State Tax VRDN RB Eagle Tax-Exempt Trust Series 2004-0030 Class A (MBIA) (Citibank N.A. SPA) (A-1+)^(a)
	6,500,000		3.930		10/04/07		6,500,000
Metropolitan Pier & Exposition Authority Hospital Facilities VRDN RB P-Floats-PT 3554 Series 2006 (Dexia Credit Local SPA) (F1+)^(a)
	17,935,000		3.920		10/04/07		17,935,000
Metropolitan Pier & Exposition Authority VRDN RB Eagle Tax-Exempt Trust Series 2000-1307 Class A (FGIC) (Citibank N.A. SPA) (A-/+)^(a)
	19,205,000		3.930		10/04/07		19,205,000
Regional Transportation Authority GO VRDN Merlots Series 2002 A41 (FGIC) (Bank of New York N.A. SPA) (VMIG1)^(a)
	8,370,000		3.920		10/03/07		8,370,000
Regional Transportation Authority GO VRDN P-Floats-PT 2394 Series 2004 (FGIC) (Dexia Credit Local SPA) (A-1)^(a)
	14,770,000		3.920		10/04/07		14,770,000
Regional Transportation Authority VRDN RB Macon Certificates Series 2004-A (MBIA) (Bank of America N.A. SPA) (VMIG1)^(a)
	6,665,000		3.920		10/04/07		6,665,000
Regional Transportation Authority VRDN RB Macon Certificates Trust Series 2006-K (MBIA) (Bank of America N.A. SPA) (VMIG1)^(a)
	5,505,000		3.920		10/04/07		5,505,000
Regional Transportation Authority VRDN RB P-Floats-PT-3871 (FGIC) (Dexia Credit Local SPA) (F1+)^(a)
	6,800,000		3.920		10/04/07		6,800,000
Regional Transportation Authority VRDN RB Stars Certificates Series 2003-21 (FGIC) (BNP Paribas SPA) (VMIG1)^(a)
	5,865,000		3.990		10/04/07		5,865,000
Regional Transportation Authority VRDN RB Stars Certificates Series 2005-119 (AMBAC) (BNP Paribas SPA) (VMIG1)^(a)
	8,230,000		3.920		10/04/07		8,230,000
Schaumburg GO VRDN Series 1346 (FGIC) (Morgan Stanley Municipal Products) (VMIG1)^(a)
	7,405,000		3.910		10/04/07		7,405,000
Springfield, IL Deutsche Bank Spears Lifers Trust VRDN RB Series 2007 DB-261 (MBIA) (Deutsche Bank A.G. SPA) (A-1+)^(a)
	9,450,000		3.950		10/04/07		9,450,000


Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Illinois — (continued)
Springfield, IL Puttable Floating Option Tax-Exempt Receipts VRDN RB P-Floats-EC-1046 Series 2007 (MBIA) (Merrill Lynch Capital Services SPA) (F1+)^(a)
$	6,100,000		3.970	%	10/04/07	$	6,100,000
State of Illinois ABN AMRO Munitops Certificates Trust GO VRDN Non-AMT Trust Certificates Series 2002-30 (MBIA) (ABN AMRO Bank N.V. SPA) (VMIG1)^(a)
	22,345,000		3.930		10/04/07		22,345,000
University of Illinois Austin Trust Certificates VRDN RB Series 2007-166 (MBIA) (Bank of America N.A. SPA) (A-1+)^(a)
	5,410,000		3.920		10/04/07		5,410,000

						$	796,778,700


Indiana^{^(a)} — 1.8%
Anderson School Building Corp. Spears DB-196 Series 2006 (FSA) (Deutsche Bank AG SPA) (A-1+)
$	10,950,000		3.920	%	10/04/07	$	10,950,000
Indiana Finance Authority Austin Trust Certificates VRDN RB Series 2007-149 (FGIC) (Bank of America N.A. SPA) (A-1+)
	9,040,000		3.920		10/04/07		9,040,000
Indiana Finance Authority Puttable Floating Option VRDN RB Tax-Exempt Receipts P-Floats-EC-1084 (Merrill Lynch Capital Services SPA) (F1+)
	11,940,000		3.970		10/04/07		11,940,000
Indiana Health & Educational Facility Financing Authority VRDN RB ROCS RR-II-R-11160 Series 2007 (Citibank N.A. SPA) (A-1+)
	9,125,000		3.920		10/04/07		9,125,000
Indiana Highway ABN AMRO Munitops VRDN RB Non-AMT Trust Certificates Series 2007-46 (FGIC) (ABN AMRO Bank N.V. SPA) (F1+)
	24,870,000		3.930		10/04/07		24,870,000
Indiana State Finance Authority VRDN RB Floaters Series 2007-1885 (Wells Fargo Bank N.A. SPA) (A-1+)
	12,860,000		3.900		10/04/07		12,860,000
Indiana State Finance Authority VRDN RB ROCS RR-II-R-6072 Series 2006 (Citibank N.A. SPA) (VMIG1)
	5,270,000		3.920		10/04/07		5,270,000
Indiana Transportation Finance Authority ABN AMRO Munitops VRDN RB Non-AMT Trust Certificates Series 2004-28 (FGIC) (ABN AMRO Bank N.V. SPA) (F1+)
	24,560,000		3.930		10/04/07		24,560,000
Indiana Transportation Finance Authority Highway VRDN RB ROCS-RR-II-R-10083 Series 2007 (Citibank N.A. SPA) (A-1+)
	10,995,000		3.920		10/04/07		10,995,000
Indiana Transportation Finance Authority Highway VRDN RB ROCS-RR-II-R-10098 Series 2007 (Citibank N.A. SPA) (A-1+)
	11,615,000		3.920		10/04/07		11,615,000
Indianapolis Industrial Local Public Improvement Bond Bank VRDN RB Certificates for Macon Trust Series 2006 S (MBIA) (Bank of America N.A. SPA) (A-1+)
	4,240,000		3.920		10/04/07		4,240,000
Indianapolis Local Public Improvement Bond Bank VRDN RB ROCS RR-II-R-10103 Series 2007 (MBIA) (Citigroup, Inc. SPA) (A-1+)
	17,070,000		3.920		10/04/07		17,070,000
Indianapolis Local Public Improvement Bond Bank VRDN RB Series 2006-3390 (Dexia Credit PLC SPA) (A-1+)
	5,150,000		3.990		10/04/07		5,150,000

						$	157,685,000

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

Schedule of Investments (continued)

September 30, 2007 (Unaudited)


Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Iowa — 0.5%
Chillicothe City VRDN PCRB Refunding for Midwest Power Systems, Inc. Series 1993 A (A-1/VMIG1)
$	5,900,000		3.930	%	10/03/07	$	5,900,000
Des Moines Metropolitan Wastewater Eclipse Funding Trust VRDN RB Series 2006-0084 (MBIA) (U.S. Bank N.A. SPA) (A-1+)^(a)
	6,470,000		3.910		10/04/07		6,470,000
Des Moines Metropolitan Wastewater Reclamation Authority Sewer VRDN RB Floater Series 2007-1950 (MBIA) (Morgan Stanley Municipal Products) (F1+)^(a)
	12,265,000		3.910		10/04/07		12,265,000
Salix City VRDN PCRB for Midwest Power Systems, Inc. Project Series 1993 (A-1/VMIG1)
	21,895,000		3.930		10/03/07		21,895,000

						$	46,530,000


Kansas^{^(a)} — 0.4%
Douglas County Unified School District No. 497 GO VRDN P-Floats-PT-3496 Series 2006) (MBIA)(Merrill Lynch Capital Services SPA) (F1+)
$	9,540,000		3.950	%	10/04/07	$	9,540,000
Kansas Development Finance Authority VRDN RB ROCS RR-II-R 6518 Series 2005 (Citigroup, Inc. SPA) (VMIG1)
	5,655,000		3.920		10/04/07		5,655,000
Wyandotte County Unified Government of Kansas ABN AMRO Munitops VRDN RB Non-AMT Trust Certificates Series 2004-42 (FSA) (ABN AMRO Bank N.V. SPA) (F1+)
	20,235,000		3.930		10/04/07		20,235,000

						$	35,430,000


Kentucky — 0.9%
Kentucky Asset/Liability Commission General Fund TRANS Series 2007 A (SP-1+/MIG1)
$	2,000,000		4.500	%	06/26/08	$	2,010,874
Kentucky Public Energy Authority VRDN RB Gas Supply Series 2006-A (Societe Generale SPA) (A-1+/VMIG1)
	25,573,000		4.110		10/01/07		25,573,000
Kentucky State Property & Buildings Commission VRDN RB P-Floats-PT 3912 Series 2007 (MBIA) (Dexia Credit Local SPA) (F1+)^(b)
	15,270,000		3.800		03/13/08		15,270,000
Louisville & Jefferson County COPS Eagle Tax-Exempt Trust Series 2001-1701 Class A (MBIA) (Citibank N.A. SPA) (A-1+)^(a)
	2,500,000		3.930		10/04/07		2,500,000


Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Kentucky — (continued)
Louisville & Jefferson County Metropolitan Sewer District ABN AMRO Munitops Certificates Trust VRDN RB Non-AMT Series 2006-38 (AMBAC) (ABN AMRO Bank N.V. SPA) (F1+)^(a)
$	8,145,000		3.930	%	10/04/07	$	8,145,000
Louisville & Jefferson County Metropolitan Sewer District & Drain Systems VRDN RB Floating Rate Receipts Series 1999 SG 132 (FGIC) (Societe Generale SPA) (A-1+)^(a)
	16,930,000		3.910		10/04/07		16,930,000
Louisville & Jefferson County Water & Sewer District ABN AMRO Munitops Certificates Trust VRDN RB Non-AMT Trust Certificates Series 2005-29 (FGIC) (ABN Amro Bank N.V. SPA) (F1+)^(a)
	9,000,000		3.930		10/04/07		9,000,000

						$	79,428,874


Louisiana — 0.3%
Louisiana State Offshore Terminal Authority Deepwater Port VRDN RB Refunding for First Stage A Loop, Inc. Series 1992 (SunTrust Bank LOC) (VMIG1)
$	29,350,000		3.920	%	10/03/07	$	29,350,000


Maryland — 1.6%
Anne Arundel County CP (Westdeutsche Landesbank AG SPA) (A1+/P1)
$	18,000,000		3.730	%	10/05/07	$	18,000,000
Maryland Health & Higher Education for John Hopkins CP Series 2007 B (A1+/P1)
	6,350,000		3.700		10/10/07		6,350,000
	2,200,000		3.750		11/13/07		2,200,000
Maryland Health & Higher Education for John Hopkins CP Series 2007 B (Wachovia Bank N.A. SPA) (A1+/P1)
	11,000,000		3.890		10/04/07		11,000,000
Maryland State GO VRDN Putters Series 2007-1790-B (JPMorgan Chase & Co. SPA) (VMIG1)^(a)
	4,600,000		3.920		10/04/07		4,600,000
Maryland State GO VRDN ROCS RR-II-R-11162 Series 2007 (Citibank N.A. SPA) (A-1+)^(a)
	6,485,000		3.920		10/04/07		6,485,000
Maryland State VRDN RB ROCS RR-II-R-9036 Series 2006 (Citigroup Financial Products) (VMIG1)^(a)
	7,775,000		3.920		10/04/07		7,775,000
Prince Georges County GO VRDN Merlots Series 2007-H06 (Wachovia Bank N.A. SPA) (A-1+)^(a)
	5,365,000		3.920		10/03/07		5,365,000
State of Maryland Puttable Floating Option Tax-Exempt Receipts GO VRDN P-Floats-EC-1013 Series 2007 (Merrill Lynch Capital Services SPA) (F1+)^(a)
	13,105,000		3.970		10/04/07		13,105,000
State of Maryland Puttable Floating Option Tax-Exempt Receipts GO VRDN P-Floats-EC-1030 Series 2007 (Merrill Lynch Capital Services SPA) (F1+)^(a)
	46,050,000		3.970		10/04/07		46,050,000
State of Maryland Puttable Floating Option Tax-Exempt Receipts GO VRDN P-Floats-EC-1072 (Merrill Lynch Capital Services SPA) (F1+)^(a)
	18,250,000		3.970		10/04/07		18,250,000
University of Maryland Systems Auxiliary Facilities & Tuition RB Series 1998 A (AA/Aa2)
	8,000,000		5.000		04/01/08		8,050,727

						$	147,230,727

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

Schedule of Investments (continued)

September 30, 2007 (Unaudited)


Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Massachusetts — 1.9%
Commonwealth of Massachusetts BB&T Municipal Trust GO VRDN Floaters Series 2005 (Branch Banking & Trust) (VMIG1)^(a)
$	6,450,000		3.900	%	10/04/07	$	6,450,000
Massachusetts Bay Transportation Authority Puttable Floating Option Tax-Exempt Receipts VRDN RB P-Floats-PT-4368 Series 2007 (Wells Fargo Bank SPA) (A-1+)^(a)
	5,060,000		3.930		10/04/07		5,060,000
Massachusetts Bay Transportation Authority Sales Tax VRDN RB P-Floats-PT-3684 Series 2006 (Dexia Credit Local SPA) (A-1+)^(a)
	5,510,000		3.950		10/04/07		5,510,000
Massachusetts Bay Transportation Authority Sales Tax VRDN RB Putters Series 2006-1387 (JPMorgan Chase & Co. SPA) (A-1+)^(a)
	6,720,000		3.910		10/04/07		6,720,000
Massachusetts Bay Transportation Authority UBS Municipal CRVS VRDN RB Floaters Series 2007-21 (BNP Paribas SPA) (A-1)^(a)^(c)
	6,240,000		3.900		10/04/07		6,240,000
Massachusetts Bay Transportation Authority UBS Municipal CRVS VRDN RB Floaters Series 2007-30 (Landesbank Hessen-Thueringen SPA) (A-1)^(a)^(c)
	9,500,000		3.900		10/04/07		9,500,000
Massachusetts State Development Finance Agency VRDN RB Floaters Series 2007-1996 (Morgan Stanley Municipal Products) (A-1+)^(a)
	15,375,000		3.900		10/04/07		15,375,000
Massachusetts State GO VRDN Floater Series 2007-1798 (CIFG) (DePfa Bank PLC SPA) (A-1)^(a)
	25,000,000		3.910		10/04/07		25,000,000
Massachusetts State GO VRDN P-Float-PT-2758 Series 2005 (MBIA) (Dexia Credit Local SPA) (A-1+)^(a)
	3,880,000		3.950		10/04/07		3,880,000
Massachusetts State GO VRDN P-Floats-PT-1576 Series 2002 (MBIA) (Merrill Lynch Capital Services SPA) (F1+)^(a)
	7,825,000		3.950		10/04/07		7,825,000
Massachusetts State GO VRDN Putters Series 2004-449 (AMBAC) (JPMorgan Chase & Co. SPA) (A-1+)^(a)
	4,865,000		3.910		10/04/07		4,865,000
Massachusetts State Health & Educational Facilities Authority Harvard Puttable Floating Option Tax-Exempt Receipts VRDN RB P-Floats-PT-3973 Series 2007 (Merrill Lynch Capital Services SPA) (A-1+)^(a)
	13,240,000		3.930		10/04/07		13,240,000
Massachusetts State Health & Educational Facilities Authority VRDN RB Eagle Tax-Exempt Trust Series 2005-3012 Class A (Citibank N.A. SPA) (A-1+)^(a)
	17,090,000		3.920		10/04/07		17,090,000
Massachusetts State Health & Educational Facilities Authority VRDN RB P-Floats-PA 891 Series 2001 (Merrill Lynch Capital Services SPA) (F1+)^(a)
	4,900,000		3.950		10/04/07		4,900,000
Massachusetts State Lehman Municipal Trust Receipts VRDN RB Floater Trusts Series 2006-P113 Reg D (Lehman Liquidity Co. SPA) (VMIG1)^(a)
	4,975,000		3.980		10/03/07		4,975,000
Massachusetts State Water Pollution Abatement Trust VRDN RB Putters Series 2007-2049 (JPMorgan Chase & Co. SPA) (VMIG1)^(a)
	5,285,000		3.910		10/04/07		5,285,000
Massachusetts State Water Resources Authority CP Series 2007-94 (Bayerische Landesbank LOC) (A-1+/P-1)
	15,000,000		3.750		10/09/07		15,000,000


Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Massachusetts — (continued)
Massachusetts State Water Resources Authority VRDN RB Floaters Series 2007-1889 (Morgan Stanley SPA) (F1+)^(a)
$	5,135,000		3.910	%	10/04/07	$	5,135,000
Massachusetts Water Resources Puttable Floating Option Tax-Exempt Receipts VRDN RB P-Floats-PT-4206 Series 2007 (FSA) (Merrill Lynch Capital Services SPA) (F1+)^(a)
	11,385,000		3.930		10/04/07		11,385,000

						$	173,435,000


Michigan — 2.2%
Detroit City School District GO VRDN P-Floats-PT 3556 Series 2006 (FGIC) (Dexia Credit Local SPA) (F1+)^(a)
$	13,530,000		3.920	%	10/04/07	$	13,530,000
Detroit ISD ABN AMRO Munitops Certificates Trust GO VRDN Non-AMT Trust Certificates Series 2004-39 (FGIC) (ABN AMRO Bank N.V. SPA) (F1+)^(a)
	14,635,000		3.930		10/04/07		14,635,000
Detroit, MI ABN AMRO Munitops Certificates Trust GO VRDN Non-AMT Trust Certificates Series 2002-29 (FGIC) (ABN AMRO Bank N.V. SPA) (VMIG1)^(a)
	7,000,000		3.930		10/04/07		7,000,000
Detroit Sewer Disposal VRDN RB Eagle Series 2006-0127 (FGIC) (Rabobank N.A. SPA) (A-1+)^(a)
	19,600,000		3.930		10/04/07		19,600,000
Detroit Sewer Disposal VRDN RB Floaters Series 2005-1182 (FGIC) (Rabobank Nederland SPA) (A-1)^(a)
	8,700,000		3.910		10/04/07		8,700,000
Detroit Sewer Disposal VRDN RB Floaters Series 2006-1441 (FGIC) (Morgan Stanley Municipal Products) (F1+)^(a)
	914,000		3.910		10/04/07		914,000
Detroit Sewer Disposal VRDN RB P-Floats-MT-370 Series 2007 (MBIA) (DePfa Bank PLC SPA) (F1+)^(a)
	7,995,000		3.920		10/04/07		7,995,000
Detroit Sewer Disposal VRDN RB ROCS RR II R-10169 Series 2007 (FGIC) (Citibank N.A. SPA) (A-1+)^(a)
	11,245,000		3.920		10/04/07		11,245,000
Detroit Water Supply Systems ABN AMRO Munitops Certificates Trust VRDN RB Non-AMT Trust Certificates Series 2003-3 (MBIA) (ABN AMRO Bank N.V. SPA) (VMIG1)^(a)
	5,000,000		3.930		10/04/07		5,000,000
Detroit Water Supply Systems VRDN RB Putters Series 2007-2145 (FSA) (JPMorgan Chase & Co. SPA) (VMIG1)^(a)
	9,630,000		3.920		10/04/07		9,630,000
Kentwood Public Schools GO VRDN Eagle Series 2003-0024 A (MBIA) (Citibank N.A. SPA) (A-1+)^(a)
	9,585,000		3.930		10/04/07		9,585,000
Michigan Municipal Bond Authority VRDN RB P-Floats-PT-3076 Series 2005 (Merrill Lynch Capital Services SPA) (F1+)^(b)
	4,820,000		3.800		02/28/08		4,820,000
Michigan Municipal Bond Authority VRDN RB P-Floats-PT-397 Series 2000 (Merrill Lynch Capital Services SPA) (A-1+)^(a)
	5,535,000		3.920		10/04/07		5,535,000
Michigan Municipal Bond Authority VRDN RB ROCS RR-II-R-10170 Series 2007 (Citibank N.A. SPA) (A-1+)^(a)
	14,920,000		3.920		10/04/07		14,920,000

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

Schedule of Investments (continued)

September 30, 2007 (Unaudited)


Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Michigan — (continued)
Michigan State Building Authority VRDN RB Eagle Series 2006-0142 (FGIC) (Citibank N.A. SPA) (A-1+)^(a)
$	10,500,000		3.930	%	10/04/07	$	10,500,000
Michigan State Building Authority VRDN RB Eagle Series 2006-0156 (FGIC) (Citibank N.A. SPA) (A-1+)^(a)
	4,100,000		3.930		10/04/07		4,100,000
Michigan State Building Authority VRDN RB Multi-Modal Facilities Program Series 2005-IIA (Depfa Bank PLC LOC) (A-1/VMIG1)
	4,620,000		3.930		10/04/07		4,620,000
Michigan State GO VRDN Floaters Series 2006-1491 (FGIC) (Morgan Stanley SPA) (A-1+)^(a)
	10,770,000		3.910		10/04/07		10,770,000
Michigan State Hospital Finance Authority VRDB RB Floaters Series 2006-1308 (Morgan Stanley SPA) (VMIG1)^(a)
	4,980,000		3.910		10/04/07		4,980,000
Michigan State Trunk Line Fund Series 1998 A Eagle Tax-Exempt Trust Series 1998-2202 Class A (Citibank N.A. SPA) (A-1+/MIG1)^(a)
	30,165,000		3.930		10/04/07		30,165,000

						$	198,244,000


Minnesota — 2.1%
Hennepin County Minnesota Sales Tax VRDN RB Floaters Series 2007-1809 (Morgan Stanley SPA) (A-1+)^(a)
$	3,708,000		3.910	%	10/04/07	$	3,708,000
Hennepin County Minnesota Sales Tax VRDN RB Floaters Series 2007-1810 (Morgan Stanley SPA) (A-1+)^(a)
	3,717,000		3.910		10/04/07		3,717,000
Minneapolis & St. Paul Airport Deutsche Bank Spears Lifers Trust VRDN RB Series 2007 DB-337 (A-1+) (AMBAC) (Deutsche Bank SPA)^(a)
	8,600,000		3.950		10/04/07		8,600,000
Minneapolis & St. Paul Metropolitan Airports Commission Municipal Security Trust Certificates VRDN RB Series 2007-288 A (AMBAC) (Bear Stearns Capital Markets) (A-1)^(a)
	16,020,000		3.920		10/04/07		16,020,000
Minnesota State GO VRDN Eagle Tax-Exempt Trust Series 2001-2301 Class A (Citibank N.A. SPA) (A-1+)^(a)
	3,300,000		3.930		10/04/07		3,300,000
Minnesota State Puttable Floating Option Tax-Exempt Receipts GO VRDN P-Floats-PT-4016 Series 2007 (Merrill Lynch Capital Services SPA) (F1+)^(a)
	10,535,000		3.930		10/04/07		10,535,000
Minnesota State Refunding GO Bonds Series 2003 (AAA/Aa1)
	5,900,000		5.000		08/01/08		5,964,092
Minnesota State VRDN RB Floater Series 2006-1462 (Morgan Stanley SPA) (F1+)^(a)
	16,700,000		3.850		10/04/07		16,700,000
Minnesota State VRDN RB Putters Series 2006-1421 (JPMorgan Chase & Co. SPA) (A-1+)^(a)
	14,415,000		3.920		10/04/07		14,415,000
Rochester Health Care Facilities VRDN RB ROCS RR-II-R 568 Series 2006 (Citibank N.A. SPA) (VMIG1)^(a)
	5,500,000		3.920		10/04/07		5,500,000
University of Minnesota CP Series 2007 (A-1+/P-1)
	11,200,000		3.750		10/03/07		11,200,000
	12,365,000		3.750		10/09/07		12,365,000
	62,480,000		3.670		10/15/07		62,480,000


Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Minnesota — (continued)
University of Minnesota VRDN RB ROCS-II-R 29 Series 2000 (Citigroup Global Markets SPA) (A-1+)^(a)
$	7,165,000		3.920	%	10/04/07	$	7,165,000
Washington County, MN Puttable Floating Option Tax-Exempt Receipts GO VRDN P-Floats-PZ-262 Series 2007 (Merrill Lynch Capital Services SPA) (A-1+)^(a)
	7,300,000		3.990		10/04/07		7,300,000

						$	188,969,092


Mississippi — 0.2%
Jackson County Port Facility VRDN RB Refunding for Chevron USA, Inc. Project Series 1993 (A-1+/P-1)
$	4,500,000		4.100	%	10/01/07	$	4,500,000
Mississippi Development Bank Special Obligation VRDN RB Merlots Series 2006-D05 (FGIC) (Wachovia Bank N.A. SPA) (A-1+)^(a)^(c)
	7,805,000		3.920		10/03/07		7,805,000
Mississippi State GO VRDN ROCS RR-II-R-10182 Series 2007 (Citibank N.A. SPA) (A-1+)^(a)
	9,000,000		3.920		10/04/07		9,000,000

						$	21,305,000


Missouri^{^(a)} — 2.3%
City of Springfield, MO ABN AMRO Munitops Certificate Trust VRDN RB Non-AMT Series 2006-72 (FGIC) (ABN AMRO Bank N.V. SPA) (F1+)
$	15,000,000		3.930	%	10/04/07	$	15,000,000
City of Springfield Municipal Securities Trust Certificates VRDN RB Series 2007-343 Class A (FGIC) (Bear Stearns & Co. SPA) (VMIG1)
	17,665,000		3.920		10/04/07		17,665,000
Jackson County, MO Eclipse Funding Trust VRDN RB Solar Certificates Series 2007-0062 (AMBAC) (U.S. Bank N.A. SPA) (A-1+)
	6,005,000		3.920		10/04/07		6,005,000
Missouri Development Finance Board Cultural Facilities VRDN RB Merlots Series 2007-H07 (Wachovia Bank N.A. SPA) (A-1+)
	12,790,000		3.920		10/03/07		12,790,000
Missouri Health and Education Facilities Authority ABN AMRO Munitops Certificate Trust VRDN RB Non-AMT Series 2006-90 (ABN AMRO Bank N.V. SPA) (VMIG1)
	9,050,000		3.930		10/04/07		9,050,000
Missouri Highway Puttable Floating Option Tax-Exempt Receipts VRDN RB P-Floats-MT-488 Series 2007 (RBC Bank N.V. SPA) (F1+)
	4,995,000		3.920		10/04/07		4,995,000
Missouri Highway Transportation Commission Puttable Floating Option Tax-Exempt Receipts VRDN RB P-Floats-MT-496 Series 2007 (Landesbank Hessen-Thueringen SPA) (F1+)
	15,000,000		3.950		10/04/07		15,000,000
Missouri Highway Transportation Commission Puttable Floating Option Tax-Exempt Receipts VRDN RB P-Floats-MT-497 Series 2007 (Bayerische Hypo unde SPA) (F1)
	8,000,000		3.950		10/04/07		8,000,000
Missouri Highway Transportation Commission Puttable Floating Option Tax-Exempt Receipts VRDN RB P-Floats-MT-499 Series 2007 (Landesbank Hessen-Thueringen SPA) (F1+)
	36,000,000		3.950		10/04/07		36,000,000
Missouri Highway Transportation Commission Puttable Floating Option Tax-Exempt Receipts VRDN RB P-Floats-MT-500 Series 2007 (RBC Bank N.V. SPA) (F1+)
	40,000,000		4.140		10/04/07		40,000,000

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

Schedule of Investments (continued)

September 30, 2007 (Unaudited)


Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Missouri — (continued)
Missouri State Board of Public Buildings Special Obligation VRDN RB Floaters Series 2006-1433 (Morgan Stanley SPA) (A-1+)
$	10,590,500		3.910	%	10/04/07	$	10,590,500
Missouri State Health & Educational Facilities Authority VRDN RB Floaters Series 2005 1049 (Morgan Stanley SPA) (VMIG1)
	21,070,000		3.910		10/04/07		21,070,000
Missouri State Health & Educational Facilities Authority VRDN RB Floaters Series 2007-1995 (Morgan Stanley Municipal Products) (A-1+)
	2,285,000		3.910		10/04/07		2,285,000
Missouri State Health & Educational Facilities Authority VRDN RB Putters Series 2006-1393 (JPMorgan Chase & Co. SPA) (A-1+)
	5,000,000		3.920		10/04/07		5,000,000
St. Louis Board of Education GO VRDN ROCS RR-II-R-11121 Series 2007 (Citibank N.A. SPA) (XLCA) (A-1+)
	5,225,000		3.920		10/04/07		5,225,000

						$	208,675,500


Nebraska — 0.9%
American Public Energy Agency Nebraska Gas Supply VRDN RB Series 2005 A (Societe Generale SPA) (A-1+/VMIG1)
$	15,000,000		3.870	%	10/04/07	$	15,000,000
Douglas County School District GO VRDN ROCS-RR-II-R-4058 No. 1 Series 2003 (Citibank N.A. SPA) (A-1+)^(a)
	7,280,000		3.920		10/04/07		7,280,000
Douglas County School District No. 001 GO VRDN P-Floats-PT-2060 Series 2003 (Merrill Lynch Capital Services SPA) (A-1+)^(a)
	6,625,000		3.950		10/04/07		6,625,000
Omaha GO VRDN Eagle Tax-Exempt Trust Series 2004-011 Class A (Landesbank Hessen-Thueringen SPA) (A-1)^(a)
	5,995,000		3.920		10/04/07		5,995,000
Omaha Public Power District VRDN RB Eagle Series 2005-3008 A (AMBAC) (Bayerische Landesbank SPA) (A-1)^(a)
	12,760,000		3.920		10/04/07		12,760,000
Omaha Public Power District VRDN RB Eagle Series 2006-0104A (AMBAC) (Landesbank Hessen-Thueringen SPA) (A-1)^(a)
	22,135,000		3.920		10/04/07		22,135,000
Public Power Generation Agency VRDN RB Eagle Series 2007-0009 A (AMBAC) (Bayerische Landesbank SPA) (A-1)^(a)
	10,000,000		3.910		10/04/07		10,000,000

						$	79,795,000


Nevada — 2.8%
Clark County Airport Municipal Security Trust Certificates VRDN RB Revenue Series 2007-330 A (AMBAC) (Bear Stearns Capital Markets) (VMIG1)^(a)
$	9,000,000		3.920	%	10/04/07	$	9,000,000
Clark County Airport VRDN RB Eagle Series 2005-0024A (FGIC) (Banco Bilbao Vizcaya Argentiaria SA) (A-1+)^(a)
	17,205,000		3.910		10/04/07		17,205,000


Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Nevada — (continued)
Clark County Airport VRDN RB Spears Series 2005-180 (AMBAC) (Deutsche Bank AG SPA) (F1+)^(a)
$	3,425,000		3.950	%	10/04/07	$	3,425,000
Clark County Eclipse Funding Trust GO VRDN Solar Eclipse Series 2006-0146 (AMBAC) (U.S. Bank N.A. SPA) (A-1+)^(b)
	23,915,000		3.750		03/13/08		23,915,000
Clark County GO VRDN Eagle Series 2007-0011 A (AMBAC) (Landesbank Hessen-Thueringen SPA) (A-1)^(a)
	18,800,000		3.910		10/04/07		18,800,000
Clark County GO VRDN Floaters Series 2006-1282 (FGIC) (Morgan Stanley SPA) (A-1+)^(a)
	7,000,000		3.910		10/04/07		7,000,000
Clark County GO VRDN Merlots Series 2006 C-06 (AMBAC) (Bank of New York SPA) (A-1+)^(b)
	11,855,000		3.800		02/13/08		11,855,000
Clark County GO VRDN Putters Series 2007-2113 (AMBAC) (JPMorgan Chase Bank & Co. SPA) (VMIG1)^(a)
	9,600,000		3.920		10/04/07		9,600,000
Clark County Highway Improvement VRDN RB Merlots Series 2007-12 D (AMBAC) (Wachovia Bank N.A. SPA) (A-1+)^(a)
	4,690,000		3.920		10/03/07		4,690,000
Clark County Refunding GO Bonds for Public Safety Series 2004 A (FSA)(AAA/Aaa)
	4,200,000		4.000		06/01/08		4,215,185
Clark County School District GO VRDN Putters Series 2006-1429 (FSA) (JPMorgan Chase & Co. SPA) (A-1+)^(a)
	2,930,000		3.920		10/04/07		2,930,000
Clark County UBS Municipal CRVS GO VRDN NV Floaters Series 2006-5 (PSA) (BNP Paribas SPA) (A-1+)^(a)
	10,460,000		3.920		10/04/07		10,460,000
Las Vegas Convention Center CP Series 2007 (Bank of Nova Scotia, Fortis Bank, and State Street Bank LOC) (A-1+/P-1)
	14,000,000		3.900		10/09/07		14,000,000
Las Vegas Eclipse Funding Trust VRDN RB Series 2006-0083 (XLCA) (U.S. Bank N.A. SPA) (A-1+)^(a)
	8,290,000		3.910		10/04/07		8,290,000
Las Vegas Valley Water CP Series 2007 (BNP Paribas & Lloyds TSB Bank SPA) (A1+/P1)
	13,500,000		3.900		10/04/07		13,500,000
	15,000,000		3.900		10/09/07		15,000,000
	4,000,000		3.700		10/10/07		4,000,000
Nevada State Austin Trust Certificates GO VRDN Series 2007-170 (FGIC) (Bank of America N.A. SPA) (A-1+)^(a)
	11,115,000		3.920		10/04/07		11,115,000
Nevada State GO Capital Improvements Series 1998 B (AA+/Aa1)
	3,600,000		5.000		06/01/08		3,629,356
North Las Vegas ABN AMRO Munitops Certificate Trust VRDN RB Series 2006-47 (MBIA) (ABN AMRO Bank N.V. SPA) (VMIG1)^(a)
	13,600,000		3.930		10/04/07		13,600,000
Truckee Meadows Water Authority Eclipse Funding Trust VRDN RB Series 2007-0015 (XLCA) (U.S. Bank N.A. SPA) (A-1+)^(a)
	29,960,000		3.910		10/04/07		29,960,000
Truckee Meadows Water Authority Eclipse Funding Trust VRDN RB Series 2007-0044 (XLCA) (U.S. Bank N.A. SPA) (A-1+)^(a)
	5,375,000		3.920		10/04/07		5,375,000

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

Schedule of Investments (continued)

September 30, 2007 (Unaudited)


Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Nevada — (continued)
Washoe County Eclipse Funding Trust GO VRDN Solar Eclipse Series 2006-0142 (MBIA) (U.S. Bank N.A. SPA) (A-1+)^(b)
$	8,510,000		3.800	%	07/10/08	$	8,510,000

						$	250,074,541


New Jersey — 0.5%
New Jersey Economic Development Authority VRDN RB P-Float-1533 Series 2002 (MBIA) (Merrill Lynch Capital Services SPA) (A-1)^(b)
$	950,000		3.780	%	03/13/08	$	950,000
New Jersey State TRANS Series 2007 (SP-1+/MIG1)
	46,000,000		4.500		06/24/08		46,294,337

						$	47,244,337


New Mexico — 0.2%
New Mexico Financing Authority Trust Eclipse Funding Trust VRDN RB Series 2006 (AMBAC) (U.S. Bank N.A. SPA) (A-1+)^(a)
$	9,280,000		3.910	%	10/04/07	$	9,280,000
New Mexico State Highway Commission Tax RB Senior-Subordinated Lien Series 2001 A (AAA/Aa2)
	5,000,000		5.000		06/15/08		5,053,626

						$	14,333,626


New York — 3.2%
New York City GO VRDN Floater Series 2007-1973 (Morgan Stanley Municipal Products) (A-1+)^(a)
$	12,355,000		3.900	%	10/04/07	$	12,355,000
New York City GO VRDN Floater Series 2007-1974 (Morgan Stanley Municipal Products) (A-1+)^(a)
	10,000,000		3.900		10/04/07		10,000,000
New York City GO VRDN Floater Series 2007-2001 (Morgan Stanley Municipal Products) (A-1+)^(a)
	14,430,000		3.900		10/04/07		14,430,000
New York City GO VRDN Stars Series 2007-047 (BNP Paribas N.A. SPA) (VMIG1)^(a)^(c)
	32,775,000		3.900		10/04/07		32,775,000
New York City Municipal Finance Authority Water & Sewer Systems VRDN RB Floaters Series 2007-1694 (Morgan Stanley Municipal Products) (A-1+)^(a)
	23,030,000		3.900		10/04/07		23,030,000
New York City Municipal Water Finance Authority CP Series 6 (Landesbank Baden-Wurttemberg and Landesbank Hessen-Thueringen SPA) (A1+/P1)
	107,700,000		3.780		10/09/07		107,700,000
New York City Transitional Finance Authority Puttable Floating Option Tax-Exempt Receipts VRDN RB P-Floats-EC-1036 Series 2007 (Merrill Lynch Capital Services SPA) (F1+)^(a)
	5,100,000		3.950		10/04/07		5,100,000
New York City Transitional Finance Authority VRDN RB Floaters Series 2007-2072 (Morgan Stanley Municipal Products) (A-1+)^(a)
	4,900,000		3.900		10/04/07		4,900,000
New York City Transitional Finance Authority VRDN RB Putters Series 2005-791 (JPMorgan Chase & Co. SPA) (A-1+)^(a)
	15,470,000		3.900		10/04/07		15,470,000


Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
New York — (continued)
New York City Transitional Finance Authority VRDN RB Putters Series 2007-2114 (JPMorgan Chase & Co. SPA) (A-1+)^(a)
$	7,400,000		3.910	%	10/04/07	$	7,400,000
New York State Dormitory Authority Columbia University VRDN RB Putters Series 2007-2147 (JPMorgan Chase & Co. SPA) (VMIG1)^(a)
	7,625,000		3.900		10/04/07		7,625,000
New York State Dormitory Authority VRDN RB Eagle Series 2006-0138 (Citibank N.A. SPA) (A-1+)^(a)
	10,000,000		3.920		10/04/07		10,000,000
New York State Housing Finance Agency Personal Income Tax VRDN RB Floats PT-2553 Series 2005 (FGIC) (Merrill Lynch Capital Services SPA) (F1+)^(a)
	4,185,000		3.950		10/04/07		4,185,000
New York State Thruway Authority Personal Income Tax VRDN RB Putters Series 2007-2085 (JPMorgan Chase & Co. SPA) (A-1+)^(a)
	9,400,000		3.900		10/04/07		9,400,000
New York State Urban Development Corp. Puttable Floating Option Tax-Exempt Receipts VRDN RB P-Floats-EC-1109 Series 2007 (AMBAC) (Merrill Lynch Capital Services SPA) (F1+)^(a)
	4,820,000		3.950		10/04/07		4,820,000
New York, NY UBS Municipal CRVS GO VRDN Floaters Series 2007-24 (Landesbank Hessen-Thueringen SPA) (A-1)^(a)^(c)
	7,980,000		3.900		10/04/07		7,980,000
New York, NY UBS Municipal CRVS GO VRDN Series 2007-31 (Landesbank Hessen-Thueringen SPA) (A-1)^(a)^(c)
	10,595,000		3.900		10/04/07		10,595,000

						$	287,765,000


North Carolina — 2.7%
Charlotte-Mecklenburg Hospital Authority Health Care System VRDN RB Refunding for Carolinas Healthcare Series 2005 B (Bank of America N.A. SPA) (A-1+/VMIG1)
$	3,150,000		4.000	%	10/01/07	$	3,150,000
Charlotte-Mecklenburg Hospital Authority Health Care System VRDN RB Series 2006-1272 (Morgan Stanley SPA) (A-1+)^(a)
	6,850,000		3.910		10/04/07		6,850,000
Mecklenburg County COPS VRDN Series 2007 A (Landesbank Hessen-Thueringen SPA) (A-1/VMIG1)
	4,090,000		4.000		10/01/07		4,090,000
North Carolina Capital Facilities Finance Agency VRDN RB Eagle Series 2006-0012 A (Citibank N.A. SPA) (A-1+)^(a)
	14,365,000		3.930		10/04/07		14,365,000
North Carolina Capital Facilities Finance Agency VRDN RB Eagle Series 2007-0015 A (Landesbank Hessen-Thueringen SPA) (A-1)^(a)
	10,890,000		3.910		10/04/07		10,890,000
North Carolina Capital Facilities Finance Agency VRDN RB Eagle Series 2007-0016 Class A (Landesbank Hessen-Thueringen SPA) (A-1)^(a)
	13,110,000		3.910		10/04/07		13,110,000
North Carolina Capital Facilities Finance Agency VRDN RB Eagle Tax-Exempt Trust Series 2005-3016 Class A (Citibank N.A. SPA) (A-1+)^(a)
	8,600,000		3.930		10/04/07		8,600,000
North Carolina Capital Facilities Finance Agency VRDN RB Floaters Series 2007-1895 (Morgan Stanley SPA) (A-1+)^(a)
	12,500,000		3.910		10/04/07		12,500,000

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

Schedule of Investments (continued)

September 30, 2007 (Unaudited)


Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
North Carolina — (continued)
North Carolina Capital Facilities Finance Agency VRDN RB Floaters Series 2007-1923 (Morgan Stanley SPA) (A-1+)^(a)
$	14,450,000		3.910	%	10/04/07	$	14,450,000
North Carolina Capital Facilities Finance Agency VRDN RB ROCS-RR-II-R-9048 (Citibank N.A. SPA) (VMIG1)^(a)
	5,960,000		3.920		10/04/07		5,960,000
North Carolina Capital Facilities VRDN RB Eagle Tax-Exempt Trust Series 2005-0060 Class A (Citibank N.A. SPA) (A-1+)^(a)
	15,600,000		3.930		10/04/07		15,600,000
North Carolina State GO VRDN Floaters Series 2007-2004 (Morgan Stanley Municipal Products) (A-1+)^(a)
	4,020,000		3.910		10/04/07		4,020,000
North Carolina State GO VRDN ROCS RR-II-R-11181 Series 2007 (Citigroup Global Markets SPA) (A-1+)^(a)
	4,500,000		3.920		10/04/07		4,500,000
North Carolina State Puttable Floating Option Tax-Exempt Receipts GO VRDN P-Floats-EC-1050 Series 2007 (Merrill Lynch Capital Services SPA) (F1+)^(a)
	47,460,000		3.970		10/04/07		47,460,000
North Carolina State Puttable Floating Option Tax-Exempt Receipts VRDN RB P-Floats-EC-1037 Series 2007 (Merrill Lynch Capital Services SPA) (F1+)^(a)
	4,050,000		3.970		10/04/07		4,050,000
North Carolina State VRDN RB Putters Series 2006-1400 (JPMorgan Chase & Co. SPA) (A-1+)^(a)
	4,440,000		3.920		10/04/07		4,440,000
Raleigh VRDN RB ROCS RR-II-R 645 Series 2006 (Citibank N.A. SPA) (F1+)^(a)
	6,525,000		3.920		10/04/07		6,525,000
University of North Carolina CP Series 2007 A (A1+/P1)
	4,600,000		3.720		01/16/08		4,600,000
University of North Carolina Lehman Municipal Trust Receipts VRDN RB Floater Series 2007-P39W Reg D (Lehman Brothers SPA) (VMIG1)^(a)
	5,275,000		3.990		10/03/07		5,275,000
University of North Carolina VRDN RB Eagle Series 2006-0024 Class A (Landesbank Hessen-Thueringen SPA) (A-1)^(a)
	19,800,000		3.920		10/04/07		19,800,000
University of North Carolina VRDN RB Eagle Tax-Exempt Trust Series 2005-3014 Class A (Citibank N.A. SPA) (A-1+)^(a)
	10,345,000		3.930		10/04/07		10,345,000
University of North Carolina VRDN RB Floaters Series 2006-1287 (Morgan Stanley SPA) (A-1+)^(a)
	3,000,000		3.910		10/04/07		3,000,000
University of North Carolina VRDN RB Floaters Series 2006-1354 (Morgan Stanley SPA) (VMIG1)^(a)
	10,398,000		3.910		10/04/07		10,398,000
Wake County Puttable Floating Option Tax-Exempt Receipts GO VRDN P-Floats-EC-1115 Series 2007 (Merrill Lynch Capital Services SPA) (F1+)^(a)
	2,870,000		3.970		10/04/07		2,870,000

						$	236,848,000


Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Ohio^{^(a)} — 0.4%
Columbus City School District GO VRDN Floaters Series 2007-1638 (FSA) (Morgan Stanley SPA) (VMIG1)
$	23,135,000		3.880	%	10/04/07	$	23,135,000
Ohio State GO VRDN Putters Series 2006-1295 (JPMorgan Chase & Co. SPA) (A-1+)
	6,000,000		3.920		10/04/07		6,000,000
Ohio State GO VRDN Putters Series 2007-2127 (JPMorgan Chase & Co. SPA) (VMIG1)
	5,670,000		3.920		10/04/07		5,670,000

						$	34,805,000


Oregon — 0.9%
Oregon Board of Education Puttable Floating Option GO VRDN Tax-Exempt Receipts P Floats-EC-1015 Series 2007 (Merrill Lynch Capital Services SPA) (F1+)^(a)
$	34,055,000		3.970	%	10/04/07	$	34,055,000
Oregon State DOT Puttable Floating Option VRDN RB Tax-Exempt Receipts P-Floats-EC-1110 (Merrill Lynch Capital Services SPA) (F1+)^(a)
	4,035,000		3.970		10/04/07		4,035,000
Oregon State GO VRDN Veteran’s Welfare Series 1985 73-H (Bayerische Landesbank SPA) (A-1+/VMIG1)
	40,000,000		3.870		10/03/07		40,000,000

						$	78,090,000


Pennsylvania — 0.4%
Delaware Valley Regional Financial Authority BB&T Municipal Trust VRDN RB Floaters Series 2007-2028 (AMBAC)(Branch Banking & Trust) (VMIG1)^(a)
$	7,850,000		3.940	%	10/04/07	$	7,850,000
Delaware Valley Regional Financial Authority Local Government VRDN RB ROCS-RR-R 627 Series 2006 (Citigroup Financial Products) (A-1+/VMIG1)^(a)
	12,940,000		3.920		10/04/07		12,940,000
Pennsylvania State GO VRDN Floaters Series 2007-1924 (Morgan Stanley SPA) (A-1+)^(a)
	4,188,000		3.910		10/04/07		4,188,000
Pennsylvania State GO VRDN ROCS RR-II-R-11158 Series 2007 (Citibank N.A. SPA) (A-1+)^(a)
	3,005,000		3.920		10/04/07		3,005,000
Pennsylvania State GO VRDN ROCS-RR-II-R-11056 (Citibank N.A. SPA) (A-1+)^(b)
	3,700,000		3.850		12/31/07		3,700,000

						$	31,683,000


Rhode Island^{^(a)} — 0.1%
Narragansett Bay Commission Wastewater Systems VRDN RB Floating Rate Trust Receipts Series 2005-K7-Reg D (MBIA) (Lehman Brothers SPA) (VMIG1)
$	5,290,000		3.980	%	10/03/07	$	5,290,000

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

Schedule of Investments (continued)

September 30, 2007 (Unaudited)


Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
South Carolina — 2.3%
Richland, SC ABN AMRO Munitops Certificates Trust GO VRDN Non-AMT Single Series 2003-29 (ABN AMRO Bank N.V. SPA) (VMIG1)^(a)
$	37,515,000		3.930	%	10/04/07	$	37,515,000
South Carolina Public Service Authority Eclipse Funding Trust VRDN RB Series 2007-0070 (AMBAC) (U.S. Bank N.A. SPA) (A-1+)^(a)
	10,320,000		3.910		10/04/07		10,320,000
South Carolina Public Service Authority VRDN RB Eagle Tax-Exempt Trust Series 2004-0017 Class A (AMBAC) (Citibank N.A. SPA) (A-1+)^(a)
	10,000,000		3.930		10/04/07		10,000,000
South Carolina State GO Capital Improvement Series 2003 C (AA+/Aaa)
	4,555,000		4.000		01/01/08		4,558,667
South Carolina State GO VRDN ROCS RR-II-R-692WF Series 2006 (Wells Fargo Bank SPA) (VMIG1)^(b)
	4,090,000		3.750		01/24/08		4,090,000
South Carolina State P-Floats-PT-423 Series 2000 (Merrill Lynch Capital Services SPA) (A-1+)^(a)
	6,130,000		3.990		10/04/07		6,130,000
South Carolina State Public Service Authority VRDN RB Eagle Series 2007-0099 A (AMBAC) (Landesbank Hessen-Thueringen SPA) (A-1)^(a)
	10,890,000		3.910		10/04/07		10,890,000
South Carolina State Public Service Authority VRDN RB Floaters Series 2007-1901 (MBIA) (Morgan Stanley SPA) (A-1+)^(a)
	9,850,000		3.910		10/04/07		9,850,000
South Carolina State Public Service Authority VRDN RB Stars Series 2006-158-B (AMBAC) (BNP Paribas SPA) (VMIG1)^(a)
	20,520,000		3.920		10/04/07		20,520,000
South Carolina State Public Services Revenue for Santee Cooper CP Series 2007 (BNP Paribas and Dexia Credit Local LOC) (A-1+/P-1)
	5,500,000		3.680		12/12/07		5,500,000
South Carolina Transportation Infrastructure Bank Eclipse Funding Trust VRDN RB Series 2007-0009 (XLCA) (U.S. Bank N.A. SPA) (VMIG1)^(a)
	25,065,000		3.920		10/04/07		25,065,000
South Carolina Transportation Infrastructure Bank Lehman Municipal Trust Receipts VRDN RB Floater Series 2007-K30W Reg D (XCLA) (Lehman Brothers SPA) (VMIG1)^(a)
	9,000,000		3.930		10/03/07		9,000,000
South Carolina Transportation Infrastructure Bank Lehman Municipal Trust Receipts VRDN RB Floater Trusts Series 2007-K35W Reg D (XLCA) (Lehman Brothers SPA) (VMIG1)^(a)
	6,665,000		3.980		10/03/07		6,665,000
South Carolina Transportation Infrastructure Bank VRDN RB Floater Series 2006-1460 (AMBAC) (Morgan Stanley SPA) (F1+)^(a)
	6,360,000		3.910		10/04/07		6,360,000
South Carolina Transportation Infrastructure Bank VRDN RB Floater Series 2007-1821 (AMBAC) (Morgan Stanley SPA) (F1+)^(a)
	7,355,000		3.910		10/04/07		7,355,000
South Carolina Transportation Infrastructure Bank VRDN RB Floaters Series 2006-1359 (AMBAC) (Morgan Stanley SPA) (VMIG1)^(a)
	25,735,000		3.910		10/04/07		25,735,000
University of South Carolina P-Floats-PT-2309 Series 2004 (AMBAC) (Merrill Lynch Capital Services SPA) (F1+)^(a)
	5,680,000		3.990		10/04/07		5,680,000

						$	205,233,667


Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Tennessee — 1.9%
Blount County Public Building Authority Municipal Security Trust Certificates VRDN RB Series 2007-7051 A (XLCA) (Bear Stearns Capital Markets) (VMIG1)^(a)
$	5,665,000		3.920	%	10/04/07	$	5,665,000
Franklin Public Building Authority VRDN RB Local Government Public Improvement Series 2007-101-A-1 (DePfa Bank PLC SPA) (VMIG1)
	1,000,000		4.100		10/01/07		1,000,000
Memphis GO CP Series 2001 (Westdeutsche Landesbank AG SPA) (A1-1/P1)
	4,600,000		3.750		10/12/07		4,600,000
Metropolitan Government Nashville & Davidson County Health & Education Facilities Board VRDN RB Refunding for Vanderbilt University Series 2000 B (A-1+/VMIG1)
	28,265,000		3.860		10/04/07		28,265,000
Metropolitan Government Nashville & Davidson County Health & Education Facilities Board VRDN RB Refunding for Vanderbilt University Series 2003 A (A-1+/VMIG1)
	30,525,000		3.860		10/04/07		30,525,000
Municipal Security Trust VRDN RB Series 2006-7038 for St. Jude Children’s Hospital (Bear Stearns Capital Markets) (VMIG1)^(a)
	5,000,000		3.920		10/04/07		5,000,000
Nashville County Metropolitan Government CP Series 2007 (California Public Employees Retirement System, State Street Bank, California State Teachers Retirement System) (A1+/P1)
	9,200,000		3.700		10/09/07		9,200,000
	15,000,000		3.750		10/09/07		15,000,000
Shelby County GO VRDN ROCS RR-II-R-10166 Series 2007 (FGIC) (Citibank N.A.SPA) (A-1+)^(a)
	27,365,000		3.920		10/04/07		27,365,000
Shelby County GO VRDN ROCS RR-II-R-10172 Series 2007 (Citibank N.A. SPA) (A-1+)^(a)
	15,000,000		3.920		10/04/07		15,000,000
Tennessee State GO CP Series A (Tennessee Consolidated Retirement System) (A-1+/P-1)
	8,200,000		3.700		10/31/07		8,200,000
	9,134,000		3.800		11/02/07		9,134,000
Wilson County GO VRDN Floats PT-2661 Series 2005 (MBIA) (Merrill Lynch Capital Services SPA) (A-1)^(a)
	6,380,000		3.990		10/04/07		6,380,000

						$	165,334,000


Texas — 22.7%
Alamo Community College District GO VRDN ROCS-RR-II-R 883WF Series 2007 (FGIC) (Wells Fargo Bank N.A. SPA) (VMIG1)^(a)
$	19,750,000		3.910	%	10/04/07	$	19,750,000
Aldine ISD GO VRDN ROCS-RR-II-R 912 Series 2007 (PSF-GTD) (Citibank N.A. SPA) (VMIG1)^(a)
	5,685,000		3.920		10/04/07		5,685,000
Alief ISD P-Floats-PT-2767 Series 2005 (PSF-GTD) (Merrill Lynch Capital Services SPA) (A-1+)^(a)
	7,490,000		3.990		10/04/07		7,490,000
Alvarado, TX Munitops II Trust Certificates GO VRDN Series 2007-24 (PSF-GTD) (ABN AMRO Bank N.V. SPA) (F1+)^(a)
	15,446,000		3.930		10/04/07		15,446,000
Alvin ISD Munitops II Trust GO VRDN Certificate Series 2007-27 (PSF-GTD) (ABN AMRO Bank N.V. SPA) (F1+)^(a)
	22,670,000		3.930		10/04/07		22,670,000
Austin ISD CP Series 2007 A (Bank of America LOC) (A1+/P1)
	10,000,000		3.750		10/05/07		10,000,000
Austin ISD Austin Trust Certificates GO VRDN Series 2007-167 (MBIA) (Bank of America N.A. SPA) (A-1+)^(a)
	6,265,000		3.920		10/04/07		6,265,000
Bastrop ISD ABN AMRO Munitops Certificates Trust GO VRDN Non-AMT Series 2003-23 (PSF-GTD) (Lasalle Bank SPA) (VMIG1)^(a)
	15,640,000		3.930		10/04/07		15,640,000
Bastrop ISD Eclipse Funding Trust GO VRDN Series 2007-0087 (PSF-GTD) (U.S. Bank N.A. SPA) (A-1+)^(a)
	11,000,000		3.920		10/04/07		11,000,000
Bexar County GO VRDN Putters Series 2007-2078 (FSA) (JPMorgan Chase & C0. SPA) (F1+)^(a)
	6,380,000		3.920		10/04/07		6,380,000
Bryan ISD ABN AMRO Munitops Certificates Trust GO VRDN Non-AMT Series 2005-16 (PSF-GTD) (ABN AMRO Bank N.V. SPA) (F1+)^(a)
	14,065,000		3.930		10/04/07		14,065,000

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

Schedule of Investments (continued)

September 30, 2007 (Unaudited)


Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Texas — (continued)
Carrollton GO VRDN Putters Series 2007-2047 (AMBAC) (JPMorgan Chase & Co. SPA) (F1+)^(a)
$	6,065,000		3.920	%	10/04/07	$	6,065,000
Cedar Hill ISD ABN AMRO Munitops Certificates Trust GO VRDN Non-AMT Single Series 2005-19 (PSF-GTD) (ABN AMRO Bank N.V. SPA) (F1+)^(a)
	15,835,000		3.930		10/04/07		15,835,000
City of Dallas Deutsche Bank Spears Lifers Trust GO VRDN Series 2007 DB-259 (Deutsche Bank A.G. SPA) (A-1+)^(a)
	11,870,000		3.930		10/04/07		11,870,000
City of Garland GO CP Series 2002 (DePfa Bank PLC SPA) (A1+)
	15,500,000		3.740		10/09/07		15,500,000
City of Houston Airport Systems VRDN RB Eagle Series 2006-0123 (FSA) (Citibank N.A. SPA) (A-1+)^(a)
	13,200,000		3.930		10/04/07		13,200,000
City of Houston CP Series D (DePfa Bank PLC SPA) (A-1+/P1)
	24,500,000		3.700		10/10/07		24,500,000
	6,500,000		3.730		11/08/07		6,500,000
	4,600,000		3.700		12/12/07		4,600,000
City of Houston CP Series E (Bank of America N.A. SPA) (A1+/P1)
	4,000,000		3.730		10/11/07		4,000,000
City of Houston CP Series F (DePfa Bank PLC SPA) (A1+/P1)
	9,200,000		3.740		10/18/07		9,200,000
	11,700,000		3.750		10/18/07		11,700,000
City of Houston GO VRDN P-Floats-PT 969 Series 2004 (MBIA) (DePfa Bank PLC SPA) (F1+)^(a)
	12,700,000		3.920		10/04/07		12,700,000
City of Houston Utilities System VRDN RB Spears DB-102 Series 2004 (FGIC) (Deutsche Bank AG SPA) (A-1+)^(a)
	5,420,000		3.920		10/04/07		5,420,000
Clear Creek ISD GO VRDN Putters Series 2007-2118 Q (PSF-GTD) (JPMorgan Chase & Co. SPA) (A-1+)^(a)
	4,480,000		3.920		10/04/07		4,480,000
Collin County GO VRDN Putters Series 2005-765 (JPMorgan Chase & Co. SPA) (A-1+)^(a)
	5,380,000		3.920		10/04/07		5,380,000
Collin County GO VRDN Spears Series 2005 DB-177 (Deutsche Bank AG SPA) (A-1+)^(a)
	4,755,000		3.990		10/04/07		4,755,000
Cypress-Fairbanks ISD ABN AMRO Munitops Certificates Trust GO VRDN Non-AMT Series 2003-22 (PSF-GTD) (ABN AMRO Bank N.V. SPA) (VMIG1)^(a)
	25,995,000		3.930		10/04/07		25,995,000
Cypress-Fairbanks ISD Austin Trust Certificates GO VRDN Series 2007-174 (PSF-GTD) (Bank of America N.A. SPA) (A-1+)^(a)
	9,275,000		3.920		10/04/07		9,275,000
Cypress-Fairbanks ISD GO VRDN Putters Series 2006-1308 (PSF-GTD) (JPMorgan Chase & Co. SPA) (VMIG1)^(a)
	8,660,000		3.920		10/04/07		8,660,000


Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Texas — (continued)
Cypress-Fairbanks ISD GO VRDN ROCS RR-II-R-7058 Series 2007 (PSF-GTD) (Citigroup, Inc. SPA) (A-1+)^(a)
$	12,000,000		3.920	%	10/04/07	$	12,000,000
Dallas Area Rapid Transit CP Series 2006 (Bayerische Landesbank, Landesbank Baden-Wurttemberg, State Street Bank and Westdeutsche Landesbank AG SPA) (A-1+/P1)
	13,800,000		3.700		10/09/07		13,800,000
	9,300,000		3.650		11/05/07		9,300,000
	9,300,000		3.730		11/05/07		9,300,000
	18,800,000		3.730		11/29/07		18,800,000
Dallas Area Rapid Transit CP Series 2007 (Bayerische Landesbank, Landesbank Baden-Wurttemberg, State Street Bank and Westdeutsche Landesbank AG SPA) (A1+/P1)
	9,200,000		3.750		10/09/07		9,200,000
	6,500,000		3.750		10/11/07		6,500,000
Dallas Area Rapid Transit Macon Trust Certificates VRDN RB Series 2007-326 (AMBAC) (Bank of America N.A.) (A-1+)^(a)
	3,305,000		3.920		10/04/07		3,305,000
Dallas GO VRDN P-Floats-PT-2447 Series 2004 (Merrill Lynch Capital Services SPA) (A-1+)^(a)
	8,815,000		3.930		10/04/07		8,815,000
Dallas ISD ABN AMRO Munitops Certificates Trust GO VRDN Non-AMT Series 2004-6 (PSF-GTD) (ABN AMRO Bank N.V. SPA) (VMIG1)^(a)
	16,685,000		3.930		10/04/07		16,685,000
Dallas ISD ABN AMRO Munitops Certificates Trust GO VRDN Non-AMT Series 2005-1 (PSF-GTD) (ABN AMRO Bank N.V. SPA) (VMIG1)^(a)
	25,000,000		3.930		10/04/07		25,000,000
Dallas ISD Austin Trust Certificates GO VRDN Series 2007-140 (PSF-GTD) (Bank of America N.A. SPA) (A-1+)^(a)
	4,995,000		3.920		10/04/07		4,995,000
Dallas ISD Austin Trust Certificates GO VRDN Series 2007-141 (PSF-GTD) (Bank of America N.A. SPA) (A-1+)^(a)
	5,100,000		3.920		10/04/07		5,100,000
Dallas ISD GO VRDN ROCS RR-II-R 6038 Series 2004 (PSF-GTD) (Citigroup, Inc. SPA) (VMIG1)^(a)
	6,095,000		3.920		10/04/07		6,095,000
Dallas, TX Deutsche Bank Spears Lifers Trust GO VRDN Series 2007 DB-313 (Deutsche Bank A.G. SPA) (A-1+)^(a)
	6,700,000		3.990		10/04/07		6,700,000
Dallas VRDN RB ROCS RR-II-R 7047 Series 2006 (Citigroup Financial Products SPA) (A-1+)^(a)
	10,345,000		3.920		10/04/07		10,345,000
Dallas Water Utilities Austin Trust Certificates VRDN RB Series 2007-136 (AMBAC) (Bank of America N.A. SPA) (A-1+)^(a)
	16,850,000		3.920		10/04/07		16,850,000
Dallas Waterworks & Sewer Systems Municipal Securities Trust Certificates VRDN RB Series 2007-7053 Class A (AMBAC) (Bear Stearns Capital Markets) (VMIG1)^(a)
	6,665,000		3.920		10/04/07		6,665,000
Denton County ABN AMRO Munitops Certificates Trust GO VRDN Non-AMT Series 2004-21 (PSF-GTD) (ABN AMRO Bank N.V. SPA) (F1+)^(a)
	12,935,000		3.930		10/04/07		12,935,000

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

Schedule of Investments (continued)

September 30, 2007 (Unaudited)


Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Texas — (continued)
Denton County ISD Munitops II Trust VRDN GO Certificate Series 2007-33 (MBIA) (ABN AMRO Bank N.V. SPA) (F1+)^(a)
$	27,625,000		3.930	%	10/04/07	$	27,625,000
Denton ISD Municipal Securities Trust Certificates GO VRDN Series 2001-117A (PSF-GTD) (Bear Stearns Capital Market SPA) (A-1)^(a)
	15,370,000		3.920		10/04/07		15,370,000
Duncanville ISD ABN AMRO Munitops Certificates Trust GO VRDN Non-AMT Series 2006-22 (PSF-GTD) (ABN AMRO Bank N.V. SPA) (F1+)^(a)
	18,120,000		3.930		10/04/07		18,120,000
Ector County ISD GO VRDN ROCS RR-II-R-1085 Series 2007 (PSF-GTD) (Citigroup Financial Products) (VMIG1)^(a)
	7,365,000		3.920		10/04/07		7,365,000
Eagle, TX ISD Munitops II Trust Certificates GO VRDN Series 2007-66 (PSF-GTD) (ABN AMRO Bank N.V. SPA) (F1+)^(a)
	20,000,000		3.930		10/04/07		20,000,000
Elgin, TX ISD GO VRDN ROCS RR-II-R-3060 Series 2007 (PSF-GTD) (Citigroup Financial Products) (A-1+)^(a)
	5,350,000		3.920		10/04/07		5,350,000
El Paso, TX ISD Deutsche Bank Spears Lifers Trust GO VRDN Series 2007 DB-266 (PSF-GTD) (Deutsche Bank A.G. SPA) (A-1+)^(a)
	4,960,000		3.950		10/04/07		4,960,000
El Paso Water & Sewer VRDN RB P-Floats-PT-2676 Series 2005 (FSA) (RBC Bank NV SPA) (F1+)^(a)
	13,100,000		3.950		10/04/07		13,100,000
Fort Bend County GO VRDN Putters Series 2007-2119 Q (MBIA) (JPMorgan Chase & Co. SPA) (A-1+)^(a)
	6,945,000		3.910		10/04/07		6,945,000
Fort Bend ISD GO VRDN ROCS II-R-2141 Series 2004 (PSF-GTD) (Citigroup Global Markets SPA) (A-1+)^(a)
	8,320,000		3.920		10/04/07		8,320,000
Frenship, TX ISD Deutsche Bank Spears Lifers Trust GO VRDN Series 2007 DB-265 (PSF-GTD) (Deutsche Bank A.G. SPA) (F1+)^(a)
	5,600,000		3.950		10/04/07		5,600,000
Frenship, TX ISD Eclipse Funding Trust GO VRDN Series 2007-0083 (PSF-GTD) (U.S. Bank N.A. SPA) (VMIG1)^(a)
	22,830,000		3.910		10/04/07		22,830,000
Frisco ISD ABN AMRO Munitops Certificates Trust GO VRDN Non-AMT Series 2006-56 (PSF-GTD) (ABN AMRO Bank N.V. SPA) (F1+)^(a)
	4,000,000		3.930		10/04/07		4,000,000
Frisco ISD GO VRDN Spears-DB-202 Series 2006 (PSF-GTD) (Deutsche Bank A.G. SPA) (A-1+)^(a)
	5,000,000		3.920		10/04/07		5,000,000
Grand Prairie ISD Eclipse Funding Trust GO VRDN Series 2007-0067 (PSF-GTD) (U.S. Bank N.A. SPA) (A-1+)^(a)
	10,235,000		3.910		10/04/07		10,235,000
Grand Prairie ISD GO VRDN ROCS RR-II-R-6096 Series 2007 (PSF-GTD) (Citigroup, Inc. SPA) (A-1+)^(a)
	5,270,000		3.920		10/04/07		5,270,000
Grand Prairie Munitops II Trust Certificates GO VRDN Series 2007-51 (FGIC) (ABN AMRO Bank N.V. SPA) (F1+)^(a)
	23,690,000		3.930		10/04/07		23,690,000


Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Texas — (continued)
Harlingen ISD VRDN Spears Series 2005 DB-143 (PSF-GTD) (Deutsche Bank AG SPA) (A-1+)^(a)
$	5,550,000		3.990	%	10/04/07	$	5,550,000
Harris County GO CP Metropolitan Transit Authority (DePfa Bank PLC LOC)(A-1+)
	5,000,000		3.650		10/04/07		5,000,000
	2,000,000		3.730		10/11/07		2,000,000
	11,000,000		3.700		10/16/07		11,000,000
	50,000,000		3.780		10/16/07		50,000,000
Harris County GO VRDN Eagle 2006-0154 Class A (Citibank N.A. SPA) (A-1+)^(a)
	10,000,000		3.930		10/04/07		10,000,000
Harris County Health Facilities Development Corp. VRDN RB St. Luke’s Episcopal Hospital Series 2001 B (JPMorgan Chase & Co., Bayerische Landesbank, Northern Trust Bank, St. Luke’s Episcopal, and Bank of America N.A. SPA) (A-1+)
	4,595,000		4.040		10/01/07		4,595,000
Harris County Municipal Securities Trust Certificates GO VRDN Series 2006-280 (Bear Stearns Capital Markets SPA) (VMIG1)^(a)
	4,985,000		3.920		10/04/07		4,985,000
Harris County Puttable Floating Option VRDN RB Tax-Exempt Receipts P-Floats-MT-445 (MBIA) (Bayerische Landesbank SPA) (F1+)^(a)
	5,275,000		3.920		10/04/07		5,275,000
Harris County VRDN RB Eagle Series 2007-0078 (MBIA) (Banco Bilbao Vizcaya SPA) (A-1+)^(a)
	9,600,000		3.910		10/04/07		9,600,000
Harris County VRDN RB Floaters Series 2007-2068 (FSA) (Morgan Stanley Municipal Products) (F1+)^(a)
	3,190,000		3.910		10/04/07		3,190,000
Harris County VRDN RB Floaters Series 2007-2069 (FSA) (Morgan Stanley Municipal Products) (F1+)^(a)
	3,190,000		3.910		10/04/07		3,190,000
Harris County, TX Austin Trust Certificates GO VRDN Series 2007-2013 (FSA) (Bank of America N.A. SPA) (A-1+)^(a)
	8,885,000		3.920		10/04/07		8,885,000
Houston ISD ABN AMRO Munitops Certificates Trust GO VRDN Non-AMT Series 2005-35 (PSF-GTD) (ABN AMRO Bank N.V. SPA) (VMIG1)^(a)
	9,995,000		3.930		10/04/07		9,995,000
Houston GO VRDN ROCS II-R-1048 Series 2004 (MBIA) (Citigroup Global Markets SPA) (VMIG1)^(a)
	10,110,000		3.920		10/04/07		10,110,000
Houston GO VRDN ROCS RR-II-R-9136 Series 2007 (FSA) (Citigroup Financial Products LOC) (A-1+)^(a)
	11,365,000		3.920		10/04/07		11,365,000
Houston Higher Education Finance Corp. VRDN RB Floaters Series 2007-1915 (Morgan Stanley SPA) (A-1+)^(a)
	9,202,500		3.910		10/04/07		9,202,500
Houston Higher Education Finance Corp. VRDN RB Floaters Series 2007-2042 (Wells Fargo Bank N.A. SPA) (VMIG1)^(a)
	8,560,000		3.910		10/04/07		8,560,000

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

Schedule of Investments (continued)

September 30, 2007 (Unaudited)


Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Texas — (continued)
Houston Higher Education Finance Corp. VRDN RB ROCS-RR-II-R-11066 (Citibank N.A. SPA) (A-1+)^(b)
$	4,600,000		3.850	%	10/04/07	$	4,600,000
Houston ISD GO VRDN Floater-Series 2005-1231(PSF-GTD) (Morgan Stanley SPA) (VMIG1)^(a)
	5,040,000		3.910		10/04/07		5,040,000
Houston ISD GO VRDN ROCS RR-II-R-408 Series 2005 (PSF-GTD) (Citibank N.A. SPA) (Aaa/VMIG1)^(a)
	7,825,000		3.920		10/04/07		7,825,000
Houston ISD Spears DB-169 Series 2005 (PSF-GTD) (Deutsche Bank AG SPA) (A-1+)^(a)
	3,960,000		3.920		10/04/07		3,960,000
Houston Utilities System VRDN RB Eagle Series 2006-0078 A (MBIA) (Bayerische Landesbank SPA) (A-1)^(a)
	8,300,000		3.920		10/04/07		8,300,000
Houston Utilities System VRDN RB Eagle Series 2007-0086 A (FSA) (DZ Bank AG Deutsche SPA) (A-1)^(a)
	24,550,000		3.910		10/04/07		24,550,000
Houston Utilities System VRDN RB Eagle Series 2007-0146 A (FSA) (Citibank N.A. SPA) (A-1+)^(a)
	4,950,000		3.920		10/04/07		4,950,000
Houston Utilities System VRDN RB Merlots Series 2004-17 B (MBIA) (Wachovia Bank N.A. SPA) (A-1+)^(a)^(c)
	24,300,000		3.920		10/03/07		24,300,000
Houston Water & Sewer CP Series A (Bayerische Landesbank, Dexia Credit Local, Landesbank Baden-Wurttemburg and Westdeutsche Landesbank AG SPA) (A-1/P-1)
	18,000,000		3.720		10/11/07		18,000,000
Houston Water & Sewer System VRDN RB Putters Series 2007-1995 (MBIA) (JPMorgan Chase & Co. SPA) (A-1+)^(a)
	25,755,000		3.920		10/04/07		25,755,000
Houston Water & Sewer System VRDN RB ROCS RR-II-R-10175 Series 2007 (FSA) (Citigroup Financial Products SPA) (A-1+)^(a)
	20,000,000		3.920		10/04/07		20,000,000
Houston, TX Puttable Floating Option Tax-Exempt Receipts VRDN RB P-Floats-MT-448 Series 2007 (MBIA) (Landesbank Hessen-Thueringen SPA) (F1+)^(a)
	9,000,000		3.920		10/04/07		9,000,000
Houston Utility Systems Austin Trust Certificates VRDN RB Series 2007-169 (FGIC) (Bank of America N.A. SPA) (A-1+)^(a)
	4,945,000		3.920		10/04/07		4,945,000
Houston, TX Austin Trust Certificates VRDN RB Utilities Series 2007-164 (FSA) (Bank of America N.A. SPA) (A-1+)^(a)
	9,000,000		3.920		10/04/07		9,000,000
Houston Utility Systems Deutsche Bank Spears Lifers Trust VRDN RB Series 2007 DB-277 (FGIC) (Deutsche Bank A.G. SPA) (A-1+)^(a)
	3,950,000		3.950		10/04/07		3,950,000
Houston ISD Deutsche Bank Spears Lifers Trust GO VRDN Series 2007 DB-262 (PSF-GTD) (Deutsche Bank A.G. SPA) (A-1+)^(a)
	10,360,000		3.950		10/04/07		10,360,000
Houston Community College Eclipse Funding Trust VRDN RB Series 2007-0033 (AMBAC) (U.S. Bank N.A. SPA) (A-1+)^(a)
	16,080,000		3.910		10/04/07		16,080,000


Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Texas — (continued)
Irving ISD ABN AMRO Munitops Certificates Trust GO VRDN Non-AMT Series 2007-8 (PSF-GTD) (ABN AMRO Bank N.V. SPA) (VMIG1)^(a)
$	29,115,000		3.930	%	10/04/07	$	29,115,000
Irving ISD GO VRDN P-Floats-PT-3529 Series 2006 (PSF-GTD) (Merrill Lynch Capital Services SPA) (A-1+)^(a)
	3,120,000		3.990		10/04/07		3,120,000
Irving ISD Puttable Floating Options Tax-Exempts Receipts GO VRDN P-Floats-PT-3954 Series 2007 (PSF-GTD) (Wells Fargo Bank SPA) (F1+)^(a)
	8,900,000		3.920		10/04/07		8,900,000
Katy ISD ABN AMRO Munitops Certificates Trust GO VRDN Non-AMT Series 2006-62 (PSF-GTD) (ABN AMRO Bank N.V. SPA) (VMIG1)^(a)
	5,000,000		3.930		10/04/07		5,000,000
Katy ISD Austin Trust Certificates GO VRDN Series 2007-133 (PSF-GTD) (Bank of America N.A. SPA) (A-1+)^(a)
	12,000,000		3.920		10/04/07		12,000,000
Katy ISD GO VRDN ROCS-RR-II-R-910 Series 2007 (PSF-GTD) (Citibank N.A. SPA) (VMIG1)^(a)
	5,985,000		3.920		10/04/07		5,985,000
Keller ISD GO VRDN ROCS-RR-II-R-7048 (PSF-GTD) (Citigroup Financial Products) (VMIG1)^(a)
	4,695,000		3.920		10/04/07		4,695,000
Keller ISD RBC Municipal Products, Inc. Trust GO VRDN Floater Certificates Series 2007-I-38 (PSF-GTD) (Royal Bank of Canada SPA) (A-1+)^(a)
	5,500,000		3.900		10/04/07		5,500,000
Klein ISD Lehman Municipal Trust Receipts GO VRDN Series 2007-K1 D (PSF-GTD) (Lehman Brothers SPA) (VMIG1)^(a)
	6,210,000		3.980		10/03/07		6,210,000
Lamar Consolidated ISD GO VRDN Eagle Series 2007-0143 A (PSF-GTD)(A-1+)^(a)
	5,025,000		3.920		10/04/07		5,025,000
La Vernia, TX ISD Eclipse Funding Trust GO VRDN Series 2007-0081 (PSF-GTD) (US Bank NA SPA) (VMIG1)^(a)
	10,020,000		3.920		10/04/07		10,020,000
Lewisville ISD Austin Trust Certificates GO VRDN Series 2007-139 (PSF-GTD) (Bank of America N.A. SPA) (A-1+)^(a)
	4,775,000		3.920		10/04/07		4,775,000
Manor, TX ISD Eclipse Funding Trust GO VRDN Series 2007-0088 (PSF-GTD) (U.S. Bank N.A. SPA) (A-1+)^(a)
	10,215,000		3.910		10/04/07		10,215,000
Mansfield ISD GO VRDN Merlots Series 2004-B11 (PSF-GTD) (Wachovia Bank N.A. SPA) (A-1+)^(a)
	14,560,000		3.920		10/03/07		14,560,000
Mansfield ISD GO VRDN Spears Series 2005 DB-159 (PSF-GTD) (Deutsche Bank A.G. SPA) (F1+)^(a)
	5,575,000		3.920		10/04/07		5,575,000
North East ISD GO VRDN Eagle Series 2007-0123 A (PSF-GTD) (Banco Bilbao Vizcaya Agentaria SPA) (A-1+)^(a)
	8,935,000		3.910		10/04/07		8,935,000
North East ISD GO VRDN Merlots Series 2007-C-26 (PSF-GTD) (Bank of New York SPA) (A-1+)^(a)
	16,985,000		3.920		10/03/07		16,985,000
North East ISD Municipal Securities Trust Certificates GO VRDN Series 2007-305 A (PSF-GTD) (Bear Stearns Capital Markets) (VMIG1)^(a)
	4,675,000		3.920		10/04/07		4,675,000
North East ISD RBC Municipal Products, Inc. Trust GO VRDN Floater Certificates Series 2007-37 I (PSF-GTD) (Citibank NA. SPA) (VMIG1)^(a)
	8,500,000		3.900		10/04/07		8,500,000

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

Schedule of Investments (continued)

September 30, 2007 (Unaudited)


Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Texas — (continued)
Northside ISD GO VRDN P-Float-PT 2254 Series 2004 (PSF-GTD) (Merrill Lynch Capital Services SPA) (F1+)^(a)
$	5,305,000		3.950	%	10/04/07	$	5,305,000
Northside ISD GO VRDN ROCS-RR-II-R-6071 (PSF-GTD) (Citigroup, Inc. SPA) (VMIG1)^(a)
	4,380,000		3.920		10/04/07		4,380,000
Northside ISD GO VRDN Series 1099 (PSF-GTD) (Morgan Stanley SPA) (F1+)^(a)
	4,017,500		3.910		10/04/07		4,017,500
Northside ISD ABN AMRO Munitops Certificates Trust GO VRDN Non-AMT Series 2006-23 (PSF-GTD) (ABN AMRO Bank N.V. SPA) (F1+)^(a)
	5,000,000		3.930		10/04/07		5,000,000
Pasadena ISD ABN AMRO Munitops Certificates Trust GO VRDN Non-AMT Series 2006-57 (PSF-GTD) (ABN AMRO Bank N.V. SPA) (VMIG1)^(a)
	10,690,000		3.930		10/04/07		10,690,000
Pearland ISD ABN AMRO Munitops Certificates Trust GO VRDN Non-AMT Series 2007-01 (PSF-GTD) (ABN AMRO Bank N.V. SPA) (F1+)^(a)
	5,900,000		3.930		10/04/07		5,900,000
Pearland, TX Puttable Floating Option Tax-Exempt Receipts GO VRDN P-Floats-MT-463 Series 2007 (FSA) (Bayerische Hypo-Unde SPA) (F1+)^(a)
	12,125,000		3.950		10/04/07		12,125,000
Pecos-Barstow Puttable Floating Option Tax-Exempt Receipts GO VRDN P-Floats-PT-4310 Series 2007 (PSF-GTD) (Merrill Lynch Capital Services SPA) (F1+)^(a)
	6,655,000		3.990		10/04/07		6,655,000
Pflugerville ISD GO VRDN P-Floats-PT 2763 Series 2005 (PSF-GTD) (Merrill Lynch Capital Services SPA) (A-1+)^(a)
	5,685,000		3.990		10/04/07		5,685,000
Pflugerville ISD GO VRDN Series 2005-1058 (PSF-GTD) (Morgan Stanley SPA) (VMIG1)^(b)
	7,871,500		3.750		03/06/08		7,871,500
Pleasant Grove Austin Trust Certificates GO VRDN Series 2007-2022 (PSF-GTD) (Bank of America N.A. SPA) (VMIG1)^(a)
	7,890,000		3.920		10/04/07		7,890,000
Red Oak ISD GO VRDN ROCS RR-II-R-7540 Series 2007 (PSF-GTD) (VMIG1)^(a)
	6,325,000		3.920		10/04/07		6,325,000
Red River Education Finance VRDN RB Christian University Project Series 2000 (VMIG1)
	4,500,000		3.850		10/03/07		4,500,000
Rice University CP Series 2007 (A-1+/P-1)
	9,200,000		3.700		10/09/07		9,200,000
San Antonio Electric & Gas Puttable Floating Option VRDN RB Tax-Exempt Receipts P-Floats-MT-452 (KBC Bank N.A. SPA) (F1+)^(a)
	6,800,000		3.920		10/04/07		6,800,000
San Antonio GO VRDN P-Floats-PT-2695 Series 2005 (Merrill Lynch Capital Services SPA) (F1+)^(a)
	10,970,000		3.950		10/04/07		10,970,000
San Antonio GO VRDN P-Floats-PT-2696 Series 2005 (Merrill Lynch Capital Services SPA) (F1+)^(a)
	10,930,000		3.950		10/04/07		10,930,000


Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Texas — (continued)
San Antonio Water Revenue VRDN Merlots Series 2000 VV (Wachovia Bank N.A. SPA) (VMIG1)^(a)
$	17,420,000		3.920	%	10/03/07	$	17,420,000
San Antonio Water Revenue VRDN RB Municipal Securities Trust Receipts SGB 66 (FGIC) (Societe Generale SPA) (A-1+)^(a)
	19,500,000		3.910		10/04/07		19,500,000
San Antonio Electric & Gas Utilities Systems Deutsche Bank Spears Lifers Trust VRDN RB Series 2007 DB-276 (Deutsche Bank A.G. SPA) (A-1+)^(a)
	4,000,000		3.950		10/04/07		4,000,000
San Antonio, TX Electric & Gas Systems Deutsche Bank Spears Lifers Trust VRDN RB Series 2007 DB-280 (Deutsche Bank A.G. SPA) (A-1+)^(a)
	7,100,000		3.950		10/04/07		7,100,000
San Antonio Water Systems ABN AMRO Munitops Certificates Trust VRDN RB Non-AMT Series 2007-16 (FGIC) (ABN AMRO Bank N.V. SPA) (VMIG1)^(a)
	24,635,000		3.930		10/04/07		24,635,000
Sharyland ISD ABN AMRO Munitops Certificates Trust GO VRDN Non-AMT Series 2006-54 (PSF-GTD) (ABN AMRO Bank N.V. SPA) (VMIG1)^(a)
	9,940,000		3.930	%	10/04/07		9,940,000
South San Antonio, TX ISD Eclipse Funding Trust GO VRDN Series 2007-0082 (A-1+)^(a)
	21,075,000		3.910		10/04/07		21,075,000
Spring, TX ISD Deutsche Bank Spears Lifers Trust GO VRDN Series 2007 DB-274 (PSF-GTD) (Deutsche Bank A.G. SPA) (A-1+)^(a)
	10,185,000		3.950		10/04/07		10,185,000
Texas A & M University CP Series B (A-1+/P-1)
	28,900,000		3.700		10/10/07		28,900,000
	6,000,000		3.730		10/17/07		6,000,000
Texas A & M University VRDN RB Putters Series 2005-945 (JPMorgan Chase & Co. SPA) (A-1+)^(a)
	5,405,000		3.920		10/04/07		5,405,000
Texas State Austin Trust Certificates GO VRDN Series 2007-1015 (Bank of America N.A. SPA) (A-1+)^(a)
	24,800,000		3.900		10/04/07		24,800,000
Texas State GO TRANS Series 2007 (SP-1+/MIG1)
	78,385,000		4.500		08/28/08		78,991,147
Texas State GO VRDN Eagle Series 2006-0126 (Citibank N.A. SPA) (A-1+)^(a)
	10,000,000		3.930		10/04/07		10,000,000
Texas State GO VRDN Eagle Series 2007-0082 A (Bayerische Landesbank SPA) (A-1)^(a)
	5,000,000		3.910		10/04/07		5,000,000
Texas State GO VRDN Eagle Series 2007-0139 A (Citibank N.A. SPA) (A-1+)^(a)
	8,685,000		3.920		10/04/07		8,685,000
Texas State GO VRDN Floater Series 2007-1871 (Morgan Stanley SPA) (F1+)^(a)
	8,395,000		3.910		10/04/07		8,395,000
Texas State GO VRDN Floaters Series 2007-1903 (Depfa Bank PLC SPA) (F1+)^(a)
	9,610,000		3.910		10/04/07		9,610,000
Texas State GO VRDN Floaters Series 2007-2043 (Wells Fargo Bank SPA) (F1+)^(a)
	7,270,000		3.910		10/04/07		7,270,000

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

Schedule of Investments (continued)

September 30, 2007 (Unaudited)


Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Texas — (continued)
Texas State GO VRDN Macon Certificates Trust Series 2005-I (Bank of America N.A. SPA) (A-1+)^(a)
$	9,390,000		3.920	%	10/04/07	$	9,390,000
Texas State GO VRDN P-Floats-PT-2868 Series 2005 (Merrill Lynch Capital Services SPA) (F1+)^(b)
	7,000,000		3.800		03/06/08		7,000,000
Texas State GO VRDN Putters Series 2006-1215 (JPMorgan Chase & Co. SPA) (F1+)^(a)
	8,885,000		3.920		10/04/07		8,885,000
Texas State GO VRDN ROCS RR-II-R 378 Series 2005 (Citibank N.A. SPA) (VMIG1)^(a)
	9,940,000		3.920		10/04/07		9,940,000
Texas State GO VRDN ROCS-RR-II-R-11184 Series 2007 (Citibank N.A. SPA) (A-1+)^(a)
	6,220,000		3.920		10/04/07		6,220,000
Texas State GO VRDN Series 2006-114 (Bank of America N.A. SPA) (VMIG1)^(a)
	10,940,000		3.920		10/04/07		10,940,000
Texas State Public Finance Authority CP Series 2002 (A-1+/P-1)
	13,900,000		3.700		10/10/07		13,900,000
	20,400,000		3.690		10/18/07		20,400,000
	11,100,000		3.700		12/12/07		11,100,000
Texas State Transportation Commission Trust Certificates VRDN RB Series 2006-7026 (Bear Stearns Capital Markets) (VMIG1)^(a)
	5,000,000		3.920		10/04/07		5,000,000
Texas State Transportation Commission Puttable Floating Option Tax-Exempt Receipts GO VRDN P-Floats-EC-1113 Series 2007 (Merrill Lynch Capital Services SPA) (F1+)^(a)
	2,400,000		3.970		10/04/07		2,400,000
Texas State Transportation Commission VRDN RB Floaters Series 2007-2033 (Morgan Stanley Municipal Products) (A-1+)^(a)
	16,174,500		3.910		10/04/07		16,174,500
Texas State Transportation Commission VRDN RB P-Floats-PT-3740 Series 2006 (Merrill Lynch Capital Services SPA) (A-1+)^(a)
	4,120,000		3.890		10/04/07		4,120,000
Texas State Transportation Commission VRDN RB Putters Series 2006-1613 (JPMorgan Chase & Co. SPA) (A-1+)^(a)
	9,495,000		3.920		10/04/07		9,495,000
Texas State Transportation Commission VRDN RB ROCS RR-II-R-11129 Series 2007 (Citibank N.A. SPA) (A-1+)^(a)
	9,830,000		3.920		10/04/07		9,830,000
Texas Transportation Commission Municipal Securities Trust Certificates GO VRDN Series 2007-302A (Bear Stearns Capital Markets) (VMIG1)^(a)
	6,980,000		3.920		10/04/07		6,980,000
Texas Transportation Commission Municipal Securities Trust Certificates GO VRDN Series 2007-312 Class A (Bear Stearns Capital Markets) (VMIG1)^(a)
	6,000,000		3.920		10/04/07		6,000,000
Texas Transportation Deutsche Bank Spears Lifers Trust GO VRDN Series 2007 DB-256 (Deutsche Bank A.G. SPA) (A-1+)^(a)
	13,800,000		3.920		10/04/07		13,800,000


Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Texas — (continued)
Texas Transportation Deutsche Bank Spears Lifers Trust GO VRDN Series 2007 DB-336 (Deutsche Bank A.G. SPA) (F1+)^(a)
$	8,035,000		3.930	%	10/04/07	$	8,035,000
Texas Water Development Board Lehman Municipal Trust Receipts VRDN RB Floater Series 2007-K26 Reg D (Lehman Brothers SPA) (VMIG1)^(a)
	10,000,000		3.930		10/03/07		10,000,000
Texas Water Development Board Fund Austin Trust Certificates VRDN RB Series 2007-148 (Bank of America N.A. SPA) (A-1+)^(a)
	10,675,000		3.920		10/04/07		10,675,000
Tyler Water & Sewer Systems ABN AMRO Munitops Certificates Trust VRDN RB Non-AMT Series 2005-20 (MBIA) (ABN AMRO Bank N.V. SPA) (VMIG1)^(a)
	8,735,000		3.930		10/04/07		8,735,000
University of Texas CP Series 2005 (A-1+/P1)
	2,000,000		3.700		10/04/07		2,000,000
	6,800,000		3.900		10/09/07		6,800,000
	23,000,000		3.800		10/10/07		23,000,000
	9,200,000		3.720		10/11/07		9,200,000
	4,200,000		3.670		10/17/07		4,200,000
University of Texas Lehman Municipal Trust Receipts VRDN RB Floater Trusts Series 2007-K60W Reg D (Lehman Brothers SPA) (VMIG1)^(a)
	14,570,000		3.930		10/03/07		14,570,000
University of Texas Permanent University Fund RB Series 1997 (AAA/Aaa)
	6,000,000		5.250		07/01/08		6,066,242
University of Texas VRDN RB Merlots-E08 Series 2007 (Bank of New York N.A. SPA) (A-1+)^(a)
	10,470,000		3.920		10/03/07		10,470,000
University of Texas VRDN RB Putters Series 2007-2082 (JPMorgan Chase & Co. SPA) (A-1+)^(a)
	9,000,000		3.920		10/04/07		9,000,000
University of Texas VRDN RB Putters Series 2007-2174 (JPMorgan Chase & Co. SPA) (VMIG1)^(a)
	9,595,000		3.920		10/04/07		9,595,000
West University Place GO VRDN Spears Series 2006 DB-197 (FGIC) (Deutsche Bank AG SPA) (A-1+)^(a)
	9,955,000		3.920		10/04/07		9,955,000

						$	2,028,134,389

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

Schedule of Investments (continued)

September 30, 2007 (Unaudited)


Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Texas — (continued)
University of Texas VRDN RB Putters Series 2007-2082 (JPMorgan Chase & Co. SPA) (A-1+)^(a)
$	9,000,000		3.920	%	10/04/07	$	9,000,000
University of Texas VRDN RB Putters Series 2007-2174 (JPMorgan Chase & Co. SPA) (VMIG1)^(a)
	9,595,000		3.920		10/04/07		9,595,000
West University Place GO VRDN Spears Series 2006 DB-197 (FGIC) (Deutsche Bank AG SPA) (A-1+)^(a)
	9,955,000		3.920		10/04/07		9,955,000

						$	2,028,134,389


Utah — 1.2%
Riverton Hospital Revenue VRDN RB Putters Series 2007-1762 (JPMorgan Chase & Co. SPA) (VMIG1)^(a)
$	49,500,000		3.920	%	10/04/07	$	49,500,000
Salt Lake County Sales Tax VRDN RB P-Floats-PT-2902 Series 2005 (Merrill Lynch Capital Services SPA) (A-1+)^(b)
	7,905,000		3.800		03/06/08		7,905,000
Utah Transit Authority Municipal Security Trust Certificates VRDN RB Series 2007-339 Class A (MBIA) (Bear Stearns & Co. SPA) (VMIG1)^(a)
	10,905,000		4.050		10/01/07		10,905,000
Utah Transit Authority Puttable Floating Option Tax-Exempt Receipts VRDN RB P-Floats-PT-4322 Series 2007 (MBIA) (Dexia Credit Local SPA) (F1+)^(a)
	5,215,000		3.950		10/04/07		5,215,000
Utah Transit Authority Puttable Floating Option VRDN RB Tax-Exempt Receipts P-Floats-PT-4173 (MBIA) (Dexia Credit Local SPA) (F1+)^(a)
	5,000,000		3.950		10/04/07		5,000,000
Utah Transit Authority VRDN RB Sales Tax Merlots Series 2006 B 29 (FSA) (Wachovia Bank N.A. SPA) (A-1+)^(a)^(c)
	29,300,000		3.920		10/03/07		29,300,000

						$	107,825,000


Vermont^{^(a)} — 0.1%
Vermont Education & Health Buildings Middlebury College VRDN RB Floater Series 2007-1913 (Morgan Stanley SPA) (A-1+)
$	6,900,000		3.910	%	10/04/07	$	6,900,000


Virginia — 0.5%
Fairfax County Water Authority VRDN RB P-Floats-PZ-208 Series 2007 (Merrill Lynch Capital Services SPA) (F1+)^(a)
$	4,130,000		3.990	%	10/04/07	$	4,130,000
University of Virginia VRDN RB Eagle Series 2006-0017 Class A (Citibank N.A. SPA) (A-1+)^(a)
	12,200,000		3.930		10/04/07		12,200,000
Virginia Public Building Authority Puttable Floating Option Tax-Exempt Receipts VRDN RB P-Floats-PT-4134 Series 2007 (Merrill Lynch Capital Services SPA) (F1+)^(a)
	6,115,000		3.920		10/04/07		6,115,000
Virginia State GO Bonds Series 2006 B (AAA/Aaa)
	3,000,000		5.000		06/01/08		3,030,221
Virginia State Public Building Authority Public Facilities RB Refunding Series 2005 B (AA+/Aa1)
	4,415,000		5.000		08/01/08		4,470,514


Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Virginia — (continued)
Virginia State Public Building Authority Public Facilities RB Series 2007 A (AA+/Aa1)^(c)
$	6,100,000		5.000	%	08/01/08	$	6,174,420
Virginia State Resources Authority VRDN RB Clean Water ROCS-RR-II-R-11010 (Citibank N.A. SPA) (VMIG1)^(a)
	10,000,000		3.920		10/04/07		10,000,000

						$	46,120,154


Washington — 4.9%
Energy Northwest Electric VRDN RB ROCS RR-II-R-6063 Series 2006 (Citibank N.A. SPA) (VMIG1)^(a)
$	14,615,000		3.920	%	10/04/07	$	14,615,000
Energy Northwest Washington Electric Puttable Floating Option Tax-Exempt Receipts VRDN RB P-Floats-EC-1007 Revenue Series 2007 (Merrill Lynch Capital Services SPA) (F1+)^(a)
	13,540,000		3.970		10/04/07		13,540,000
Energy Northwest Washington Electric Puttable Floating Option Tax-Exempt Receipts VRDN RB P-Floats-PT-4158 Series 2007 (Dexia Credit Local SPA) (F1+)^(a)
	14,995,000		3.950		10/04/07		14,995,000
Energy Northwest Washington Electric RB Unrefunded Columbia Series 2004 A (AA-/Aaa)
	5,455,000		5.250		07/01/08		5,514,825
Grant County Public Utility District VRDN Eagle Tax-Exempt Trust Series 2001-4702 Class A (FSA) (Citibank N.A. SPA) (A-1+)^(a)
	8,810,000		3.930		10/04/07		8,810,000
King County Eclipse Funding Trust VRDN RB Series 2006-0077 (FSA) (U.S. Bank N.A. SPA) (A-1+)^(a)
	15,310,000		3.910		10/04/07		15,310,000
King County GO VRDN Series 2005-1242 (FGIC) (Morgan Stanley SPA) (VMIG1)^(a)
	6,630,000		3.910		10/04/07		6,630,000
King County Sewer VRDN RB Eagle Series 2007-0144 A (FSA) (Citibank N.A. SPA) (A-1+)^(a)
	12,330,000		3.920		10/04/07		12,330,000
King County Water & Sewer Systems CP Series 2005 A (Bayerische Landesbank SPA)
	18,000,000		3.680		12/06/07		18,000,000
Kitsap County GO VRDN P-Floats-PT 2818 Series 2005 (MBIA) (Merrill Lynch Capital Services SPA) (A-1+)^(a)
	5,200,000		3.990		10/04/07		5,200,000
Port of Tacoma, WA ABN AMRO Munitops Certificates Trust VRDN RB Non-AMT Trust Certificates Series 2006-84 (XLCA) (ABN AMRO Bank N.V. SPA) (VMIG1)^(a)
	9,450,000		3.930		10/04/07		9,450,000
Port Seattle, WA Deutsche Bank Spears Lifers Trust VRDN RB Series 2007 DB-273 (MBIA) (Deutsche Bank A.G. SPA) (A-1+)^(a)
	8,090,000		3.950		10/04/07		8,090,000
Port of Seattle, WA Eclipse Funding Trust VRDN RB Series 2006-0063 (MBIA) (U.S. Bank N.A. SPA) (A-1+)^(a)
	6,455,000		3.910		10/04/07		6,455,000
Port of Seattle Lehman Municipal Trust Receipts VRDN RB Floaters Trusts Series 2006-P93 Reg D (FGIC) (Lehman Brothers SPA) (VMIG1)^(a)
	60,000		3.930		10/03/07		60,000
Port of Seattle Puttable Floating Option Tax-Exempt Receipts VRDN RB P-Floats-MT-453 (MBIA) (KBC Bank N.V.) (F1+)^(a)
	10,000,000		3.920		10/04/07		10,000,000
Port of Seattle VRDN RB Series 2003 849-D (MBIA) (Morgan Stanley SPA) (A-1+)^(a)
	28,150,000		3.910		10/04/07		28,150,000

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

Schedule of Investments (continued)

September 30, 2007 (Unaudited)


Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Washington — (continued)
Port of Seattle VRDN RB Series 2005 DB-168 (MBIA) (Deutsche Bank A.G. SPA) (F1+)^(a)
$	3,960,000		3.920	%	10/04/07	$	3,960,000
Seattle, Washington Municipal Security Trust Certificates GO VRDN Series 2007-322 Class A (Bear Stearns Capital Markets) (VMIG1)^(a)
	6,500,000		3.920		10/04/07		6,500,000
Seattle Water Systems VRDN RB Eagle Tax-Exempt Trust Series 2005-0016 Class A (MBIA) (Citibank N.A. SPA) (A-1+)^(a)a
	12,530,000		3.930		10/04/07		12,530,000
Seattle Water Systems Eclipse Funding Trust VRDN RB Series 2006-2 (MBIA) (U.S. Bank N.A. SPA) (VMIG1)^(b)
	6,700,000		3.820		06/19/08		6,700,000
Seattle Water Systems VRDN RB Spears Series 2006-191 DB (MBIA) (Deutsche Bank A.G. SPA) (A-1+)^(a)
	6,765,000		3.990		10/04/07		6,765,000
State of Washington Deutsche Bank Spears Lifers Trust GO VRDN P-Floats Series 2007-DB270 (Deutsche Bank A.G. SPA) (F1+)^(a)
	20,000,000		3.930		10/04/07		20,000,000
Tacoma, WA. ABN AMRO Munitops Certificates Trust VRDN RB Non-AMT Series 2006-52 (FGIC) (ABN AMRO Bank N.V. SPA) (F1+)^(a)
	11,810,000		3.930		10/04/07		11,810,000
Tacoma Electric Puttable Floating Option Tax-Exempt Receipts VRDN RB P-Floats-EC-1156 Series 2007 (FSA) (Merrill Lynch Capital Services) (F1+)^(a)
	14,150,000		3.970		10/04/07		14,150,000
Tacoma Regional Water Supply Systems VRDN RB Merlots Series 2003-B05 (MBIA) (Wachovia Bank N.A. SPA) (VMIG)^(a)^(c)
	18,830,000		3.920		10/03/07		18,830,000
University of Washington Austin Trust VRDN RB Certificates Series 2007-1016 (AMBAC) (Bank of America Co SPA) (A-1+)^(a)
	6,665,000		3.920		10/04/07		6,665,000
UBS Municipal CRVS VRDN RB Floaters Relating to Energy Northwest Series 2007-19 (Landesbank Hessen-Thueringen SPA) (A-1)^(a)
	8,000,000		3.920		10/04/07		8,000,000
University of Washington VRDN RB Floats-PT-2837 Series 2005 (FSA) (Merrill Lynch Capital Services SPA) (A-1+)^(a)
	7,995,000		3.990		10/04/07		7,995,000
Washington Eclipse Funding Trust GO VRDN Series 2006-13 (AMBAC) (U.S. Bank N.A. SPA) (F1+)^(b)
	22,265,000		3.800		07/10/08		22,265,000
Washington State COPS Eagle Tax-Exempt Trust Series 2000-4704 Class A (Citibank N.A. SPA) (A-1+)^(a)
	12,000,000		3.930		10/04/07		12,000,000
Washington State Eagle Tax-Exempt Trust Series 2002-4703 Class A (MBIA) (Citibank N.A. SPA) (A-1+)^(a)
	8,915,000		3.930		10/04/07		8,915,000
Washington State GO VRDN Eagle Series 2007-0006 Class A (FGIC) (Landesbank Hessen-Thueringen SPA) (A-1)^(a)
	22,825,000		3.910		10/04/07		22,825,000
Washington State GO VRDN Eagle Tax-Exempt Trust Series 1996-4704 C Class A (Citibank N.A. SPA) (A-1+)^(a)
	17,025,000		3.930		10/04/07		17,025,000
Washington State GO VRDN Eagle Tax-Exempt Trust Series 2002-4701 Class A (FSA) (Citibank N.A. SPA) (A-1+)^(a)
	10,060,000		3.930		10/04/07		10,060,000


Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Washington — (continued)
Washington State GO VRDN Floater Series 2007-1790 (FSA) (Morgan Stanley SPA) (A-1+)^(a)
$	3,000,000		3.910	%	10/04/07	$	3,000,000
Washington State GO VRDN Floaters Series 2005-1161 (AMBAC) (Morgan Stanley SPA) (A-1+)^(a)
	9,966,000		3.910		10/04/07		9,966,000
Washington State GO VRDN Merlots Series 2003 B-23 (MBIA) (Wachovia Bank N.A. SPA) (VMIG1)^(a)^(c)
	18,175,000		3.920		10/03/07		18,175,000
Washington State GO VRDN Merlots Series 2004 B-22 (FSA) (Wachovia Bank N.A. SPA) (A-1+)^(a)
	8,715,000		3.920		10/03/07		8,715,000
Washington Spears Energy Northwest Electric VRDN RB Series 2004 DB-100 (MBIA) (Deutsche Bank N.A. SPA) (A-1+)^(a)
	5,405,000		3.880		10/04/07		5,405,000

						$	439,405,825


Wisconsin — 2.5%
Milwaukee Metropolitan Sewage District GO VRDN P-Floats-PT 2678 Series 2005 (Dexia Credit Local SPA) (F1+)^(a)
$	16,510,000		3.930	%	10/04/07	$	16,510,000
Wisconsin State Clean Water Municipal Security Trust Certificates VRDN RB Series 2007-335 (Bear Stearns Capital Markets) (VMIG1)^(a)
	6,510,000		3.920		10/04/07		6,510,000
Wisconsin State CP Series 2006 A (State Street Bank SPA and California State) (A1+/P1)
	25,000,000		3.890		10/04/07		25,000,000
	30,700,000		3.620		10/10/07		30,700,000
	3,950,000		3.800		10/10/07		3,950,000
	23,200,000		3.670		10/15/07		23,200,000
Wisconsin State Health & Educational Facilities Authority VRDN RB P-Floats-PT 917 Series 2004 (MBIA) (Landesbank Hessen-Thueringen SPA) (A-1)^(a)
	77,920,000		3.950		10/04/07		77,920,000
Wisconsin State Operating Notes Series 2007 (SP-1+/MIG1)
	16,500,000		4.500		06/16/08		16,585,592
Wisconsin State Transportation Board VRDN RB Floater Series 2007-1864 (FSA) (Rabobank Nederland SPA) (F1+)^(a)
	7,563,500		3.910		10/04/07		7,563,500
Wisconsin State Transportation VRDN RB ROCS-RR-II-R-10095 Series 2007 (Citibank N.A. SPA) (A-1+)^(a)
	13,735,000		3.920		10/04/07		13,735,000

						$	221,674,092

FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND

Schedule of Investments (continued)

September 30, 2007 (Unaudited)


Principal		Interest			Maturity	Amortized
Amount		Rate			Date	Cost
Wyoming — 0.1%
Uinta County VRDN PCRB Refunding for Chevron USA, Inc. Project Series 1993 (P-1)
$	5,750,000		4.000	%	10/01/07	$	5,750,000


Other Territories^{^(a)} — 11.1%
JPMorgan Chase & Co. GO VRDN Putters Series 2007-1683 P (MBIA, FSA, FGIC, AMBAC and CIFG) (JPMorgan Chase & Co. SPA) (F1+)
$	201,615,000		4.010	%	10/04/07	$	201,615,000
JPMorgan Chase & Co. VRDN RB Putters Series 1751P (PSF-GTD, MBIA, FGIC, FSA and AMBAC) (JPMorgan Chase & Co. SPA) (F1+)
	195,785,000		4.040		10/04/07		195,785,000
JPMorgan Chase & Co. VRDN RB Putters Series 2006-1632P (AMBAC, FGIC, FSA, CIFG and MBIA) (JPMorgan Chase & Co. SPA) (F1+)
	76,610,000		4.010		10/04/07		76,610,000
JPMorgan Chase & Co. VRDN RB Putters Series 2006-1633P (AMBAC, FSA, PSF-GTD, and MBIA) (JPMorgan Chase & Co. SPA) (F1+)
	66,870,000		4.010		10/04/07		66,870,000
JPMorgan Chase & Co. VRDN RB Putters Series 2007-1684P (PSF-GTD, AMBAC, FSA and MBIA) (JPMorgan Chase & Co. SPA) (F1+)
	42,120,000		4.010		10/04/07		42,120,000
Puttable Floating Option Tax-Exempt Receipts VRDN RB P-Floats-EC-001 (FGIC, AMBAC, FSA and MBIA) (Merrill Lynch Capital Services SPA) (F1+)
	156,090,000		4.020		10/04/07		156,090,000
Puttable Floating Option Tax-Exempt Receipts VRDN RB P-Floats-EC-002 Series 2006 (Merrill Lynch Capital Services SPA) (F1+)
	73,070,000		4.020		10/04/07		73,070,000
Puttable Floating Option Tax-Exempt Receipts VRDN RB P-Floats-EC-003 Series 2006 (PSF-GTD, FGIC, FSA and MBIA) (Merrill Lynch Capital Services SPA) (F1+)
	121,595,000		4.020		10/04/07		121,595,000
UBS Municipal GO VRDN Floaters Series 2007-GM01 Pooled Trust (PSF-GTD, FSA, AMBAC, FGIC and MBIA) (BNP Paribas SPA) (A-1+)
	28,200,000		3.940		10/04/07		28,200,000
Wachovia Bank Bruts VRDN RB Merlots Series 2007-ON2 (MBIA) (Wachovia Bank N.A. SPA) (F1+)^(c)
	32,475,000		4.040		10/04/07		32,475,000

						$	994,430,000

TOTAL INVESTMENTS — 102.1%						$	9,117,377,427

LIABILITIES IN EXCESS OF OTHER ASSETS — (2.1)%							(190,624,807	)

NET ASSETS — 100.0%						$	8,926,752,620

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

(a) Securities not registered under the Securities Act of 1933, as amended. Such securities have been determined to be liquid by the Investment Adviser. At September 30, 2007, these securities amounted to $6,834,969,500 or approximately 76.6% 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 stated date on the security or the next interest reset date for floating rate securities, or the prerefunded date for those types of securities.

Security Ratings are obtained from Standard & Poor’s/Moody’s Investor Service/Fitch. A description of the ratings is available in the Fund’s Statement of Additional Information.

For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.goldmansachsfunds.com



Investment Abbreviations:
AMBAC		— Insured by American Municipal Bond Assurance Corp.
AMT		— Alternative Minimum Tax
CIFG		— CDC IXIS Financial Guarantee
COPS		— Certificates of Participation
CP		— Commercial Paper
CRVS		— Custodial Residual and Variable Securities
DOT		— Department of Transportation
FGIC		— Insured by Financial Guaranty Insurance Co.
FSA		— Insured by Financial Security Assurance Co.
GO		— General Obligation
IDB		— Industrial Development Bond
ISD		— Independent School District
LOC		— Letter of Credit
MBIA		— Insured by Municipal Bond Investors Assurance
PCRB		— Pollution Control Revenue Bond
PSF-GTD		— Guaranteed by Permanent School Fund
RANS		— Revenue Anticipation Notes
RB		— Revenue Bond
ROCS		— Reset Option Certificates
SPA		— Stand-by Purchase Agreement
TANS		— Tax Anticipation Notes
TRANS		— Tax Revenue Anticipation Notes
VRDN		— Variable Rate Demand Notes
XLCA		— Insured by XL Capital Assurance, Inc.

FINANCIAL SQUARE FUNDS

Schedule of Investments

September 30, 2007 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS

Investment Valuation — Each Fund uses the amortized-cost method, as permitted by Rule 2a-7 under the Act, for valuing portfolio securities, which approximates market value. Under this method, all investments purchased at a discount or at a premium are valued by accreting or amortizing the difference between the original purchase price and maturity value of the issue over the period to maturity.

Forward Commitment Transactions — The Funds may enter into forward commitments. These transactions involve a commitment by the Funds to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement. As a result of entering into these transactions, the Funds are required to segregate liquid assets equal to or greater than the market value of the corresponding transactions. The purchased securities in the forward commitment transactions do not begin to accrue interest income until the settlement date of these securities. Losses may arise due to changes in the market value of the security or from the inability of counterparties to meet the terms of the transaction.

Repurchase Agreements — Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase the securities at a mutually agreed upon date and price. During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of the Funds, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. If the seller defaults or becomes insolvent, realization of the collateral by the Funds may be delayed or limited and there may be a decline in the value of the collateral during the period while the Funds seek to assert their rights. The underlying securities for all repurchase agreements are held in safekeeping at the Funds’ custodian or designated subcustodians under triparty repurchase agreements.

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and terms and conditions contained therein, the Funds, together with other registered investment companies having management or investment advisory agreements with Goldman Sachs Asset Management, L.P. (“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. In addition, the Funds’ credit exposure is to the underlying repurchase counterparties on a pro-rata basis. With the exception of certain transaction fees, the Funds are not subject to any expenses in relation to these investments.

FINANCIAL SQUARE FUNDS

Schedule of Investments

September 30, 2007 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (CONTINUED)

At September 30, 2007, certain Funds had undivided interests in the Joint Repurchase Agreement Account I, as follows:


	Principal
Fund	Amount

Financial Square Prime Obligations	$	115,000,000

Financial Square Money Market		60,000,000

Financial Square Treasury Obligations		12,812,200,000

Financial Square Government		20,000,000

REPURCHASE AGREEMENTS


	Principal		Interest		Maturity		Maturity
Counterparty	Amount		Rate		Date		Value

ABN Amro, Inc.	$	1,000,000,000	3.95	%		10/01/07	$	1,000,329,167

Banc of America Securities LLC		650,000,000	3.90			10/01/07		650,211,250

Barclays Capital PLC		1,500,000,000	3.95			10/01/07		1,500,493,750

Bear Stearns		750,000,000	4.00			10/01/07		750,250,000

Citigroup Global Markets, Inc.		100,000,000	3.80			10/01/07		100,031,667

Citigroup Global Markets, Inc.		1,750,000,000	4.00			10/01/07		1,750,583,333

Deutsche Bank Securities, Inc.		1,778,300,000	3.95			10/01/07		1,778,885,357

Greenwich Capital Markets		1,050,000,000	4.00			10/01/07		1,050,350,000

JPMorgan Securities, Inc.		2,000,000,000	4.08			10/01/07		2,000,680,000

Lehman Brothers Holdings, Inc.		500,000,000	4.00			10/01/07		500,166,667

Morgan Stanley & Co.		1,000,000,000	4.00			10/01/07		1,000,333,333

UBS Securities LLC		1,700,000,000	3.95			10/01/07		1,700,559,583

TOTAL							$	13,782,874,107

At September 30, 2007, the Joint Repurchase Agreement Account I was fully collateralized by Cash, $1,443,000,000; U.S. Treasury Bills, 0.000%, due 10/04/07 to 02/28/08; U.S. Treasury Bonds, 7.250% to 12.500%, due 11/15/12 to 08/15/17; U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 10/01/07 to 08/15/29; U.S. Treasury Notes, 0.875% to 6.000%, due 10/01/07 to 08/15/17; U.S. Treasury Principal-Only Stripped Securities, 0.000% to 10.630%, due 11/15/07 to 08/15/17 and U.S. Treasury Interest and Principal Stripped Securities, 0.000%,due 11/15/14. The aggregate market value of the collateral, including accrued interest, was $14,025,741,997.

FINANCIAL SQUARE FUNDS

Schedule of Investments

September 30, 2007 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (CONTINUED)

At September 30, 2007, certain Funds had undivided interests in the Joint Repurchase Agreement Account II, as follows:


	Principal
Fund	Amount

Financial Square Prime Obligations	$	7,116,500,000

Financial Square Money Market		2,556,100,000

Financial Square Government		5,336,800,000

REPURCHASE AGREEMENTS



	Principal		Interest			Maturity		Maturity
Counterparty	Amount		Rate			Date		Value

ABN Amro, Inc.	$	2,000,000,000		5.14	%		10/01/07	$	2,000,856,667

Banc of America Securities LLC		2,000,000,000		5.10			10/01/07		2,000,850,000

Barclays Capital PLC		3,520,000,000		5.12			10/01/07		3,521,501,867

Bear Stearns		250,000,000		5.15			10/01/07		250,107,292

Citigroup Global Markets, Inc.		3,500,000,000		5.15			10/01/07		3,501,502,083

Credit Suisse Securities (USA) LLC		66,000,000		5.10			10/01/07		66,028,050

Deutsche Bank Securities, Inc.		2,926,000,000		5.10			10/01/07		2,927,243,550

Greenwich Capital Markets		500,000,000		5.10			10/01/07		500,212,500

UBS Securities LLC		1,700,000,000		5.07			10/01/07		1,700,718,250

UBS Securities LLC		766,700,000		5.10			10/01/07		767,025,847

Wachovia Bank		250,000,000		5.10			10/01/07		250,106,250

TOTAL	$	17,478,700,000						$	17,486,152,356

At September 30, 2007, the Joint Repurchase Agreement Account II was fully collateralized by Federal Farm Credit Bank, 3.100% to 6.900%, due 12/18/07 to 01/17/17; Federal Home Loan Bank, 4.500%, due 12/14/07; Federal Home Loan Mortgage Association, 3.000% to 15.000%, due 10/01/07 to 09/01/47; Federal National Mortgage Association, 3.500% to 10.000%, due 10/01/07 to 09/01/47; Government National Mortgage Association, 5.000% to 9.000%, due 10/15/09 to 08/15/37. The aggregate market value of the collateral, including accrued interest, was $17,886,309,218.

Additional information regarding the Funds are available in the Funds’ most recent Annual and Semiannual Reports to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).

Item 2. Controls and Procedures.

(a) The Registrant’s Principal Executive Officer and Principal Financial Officer concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) were effective as of a date within 90 days prior to the filing date of this report (the “Evaluation Date”), based on their evaluation of the effectiveness of the Registrant’s disclosure controls and procedures as of the Evaluation Date.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 3. Exhibits.

(a) Separate certifications for the principal executive officer and the principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) are filed herewith.


Peter V. Bonanno, Esq. Goldman, Sachs & Co. One New York Plaza New York, New York 10004		Copies to: Jack W. Murphy, Esq. Dechert LLP 1775 I Street, NW Washington, DC 20006


Registrant’s telephone number, including area code:		(312) 655-4400


(Registrant)	Goldman Sachs Trust

By (Signature and Title)*		/s/ JAMES A. McNAMARA, PRESIDENT/PRINCIPAL EXECUTIVE OFFICER

Date	November 29, 2007

	(c)		Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

	(d)		Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

	(a)		All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

	(b)		Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Investment Company Act file number		811-5349


Date of fiscal year end:		December 31,