MONTHLY HOLDINGS REPORT As of GS Financial Square Tax-Exempt California Fund

Transcription

1 As of Weighted Average : 1 Weighted Average Life: 1 Principal Amount Value ABN AMRO BANK N.V. (a) N/A 06/01/16 06/01/ , , % BANK OF AMERICA, N.A. (a) N/A 06/01/16 06/01/ ,080, ,080, % BNP PARIBAS (a) N/A 06/01/16 06/01/ ,964, ,964, % CITIGROUP GLOBAL MARKETS INC. (a) N/A 06/01/16 06/01/ , , % CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK (a) N/A 06/01/16 06/01/ ,402, ,402, % TD SECURITIES USA LLC (a) N/A 06/01/16 06/01/ ,620, ,620, % WELLS FARGO SECURITIES, LLC (a) N/A 06/01/16 06/01/ ,674, ,674, % TOTAL: U.S. GOVERNMENT AGENCY REPURCHASE AGREEMENT, COLLATERALIZED ONLY BY U.S. GOVERNMENT AGENCY S 19,000, ,000, % CHEVRON CORPORATION 13048PAA9 06/01/16 06/01/ ,400, ,400, % CHEVRON CORPORATION CHEVRON CORPORATION 13048TGT4 06/01/16 06/01/ ,100, ,100, % CHEVRON CORPORATION DEPARTMENT OF WATER AND POWER OF THE CITY OF LOS ANGELES DL5 06/01/16 06/01/ , , % BANK OF MONTREAL DEPARTMENT OF WATER AND POWER OF THE CITY OF LOS ANGELES DT8 06/01/16 06/01/ ,000, ,000, % BANK OF AMERICA, N.A. DEPARTMENT OF WATER AND POWER OF THE CITY OF LOS ANGELES DU5 06/01/16 06/01/ ,000, ,000, % CITIBANK, N.A. EASTERN CALIFORNIA MUNICIPAL WATER DISTRICT 27627TAC6 06/01/16 06/01/ ,000, ,000, % WELLS FARGO BANK, NATIONAL ASSOC EXXON MOBIL CORPORATION 13053WAB4 06/01/16 06/01/ ,995, ,995, % EXXON MOBIL CORPORATION IRVINE RANCH CALIFORNIA WATER DISTRICT W7 06/01/16 06/01/ ,300, ,300, % U.S. BANK TRUST NATIONAL ASSOCIA U.S. BANK TRUST NATIONAL ASSOCIA REGENTS OF THE UNIVERSITY OF CALIFORNIA (THE) BB5 06/01/16 06/01/ ,990, ,990, % WELLS FARGO BANK, NATIONAL ASSOC ST. JOSEPH HEALTH SYSTEM 13033LPC5 06/01/16 06/01/ ,300, ,300, % U.S. BANK NATIONAL ASSOCIATION ST. JOSEPH HEALTH SYSTEM 13033LPD3 06/01/16 06/01/ ,000, ,000, % NORTHERN TRUST COMPANY (THE) STATE OF CALIFORNIA 13063A5Y6 06/01/16 06/01/ ,000, ,000, % CITIBANK, N.A. CITIBANK, N.A. STATE OF CALIFORNIA 13063A5Z3 06/01/16 06/01/ ,900, ,900, % CITIBANK, N.A. CITIBANK, N.A. STATE OF CALIFORNIA 13063A6G4 06/01/16 06/01/ , , % CITIBANK, N.A. CITIBANK, N.A. STATE OF CALIFORNIA 13063BCF7 06/01/16 06/01/ ,500, ,500, % BANK OF MONTREAL BANK OF MONTREAL TOTAL: VARIABLE RATE DEMAND NOTE 79,785, ,785, % TOTAL INVESTMENT PORTFOLIO 98,785, ,785, % NET OTHER ASSETS/LIABILITIES 53,635, % TOTAL NET ASSETS Total: 152,420, % (a) Represents portion of Fund's investments in Joint Account III. WAM: The money market fund's weighted average maturity (WAM) is an average of the effective maturities of all securities held in the portfolio, weighted by each security's percentage of net assets. WAL: The money market fund's weighted average life (WAL) is an average of the final maturities (or where applicable the date of demand) of all securities held in the portfolio, weighted by each security's percentage of net assets. : Represents the next interest rate reset date, demand date or prerefunded date. : Represents the maturity date utilized to calculate the WAL. Cash: Non interest bearing FDIC account. Fund holdings and allocations shown are unaudited, and may not be representative of current or future investments. Fund holdings and allocations may not include the Fund's entire investment portfolio, which may change at any time. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk. Percentages may not sum to 100% due to rounding. An investment in a money market portfolio is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although a money market portfolio seeks to preserve the value of an investment of $1.00 per share, it is possible to lose money by investing in a money market portfolio. A summary prospectus, if available, or a Prospectus for the Fund containing more information may be obtained from your authorized dealer or from Goldman, Sachs & Co. by calling (retail ) (institutional ). Please consider a fund's objectives, risks, and charges and expenses, and read the summary prospectus, if available, and the Prospectus carefully before investing. The summary prospectus, if available, and the Prospectus contains this and other information about the Fund. Goldman, Sachs & Co. is the distributor of the Goldman Sachs Funds Goldman Sachs. All rights reserved MF.MED.TMPL/11/2014 Page 1 of 2

2 As of Weighted Average : 1 Weighted Average Life: 1 of first use: June 7, 2016 Principal Amount Value Page 2 of 2

3 As of Weighted Average : 6 Principal Amount Value ORANGE COUNTY CALIFORNIA WATER DISTRICT 68427MMR1 05/11/16 05/11/ ,000, ,999, % SUMITOMO MITSUI BANKING CORPORAT TOTAL: OTHER MUNICIPAL SECURITY 2,000, ,999, % ADVENTIST HEALTH SYSTEM/WEST 74703YCR9 05/07/16 05/07/ ,620, ,620, % BANK OF AMERICA, N.A. BAY AREA TOLL AUTHORITY 74703YN48 05/07/16 05/07/ ,100, ,100, % BANK OF AMERICA, N.A. CALIFORNIA STATE UNIVERSITY 52522NMY2 05/07/16 05/07/ ,000, ,000, % ASSURED GUARANTY MUNICIPAL CORP. CITIBANK, N.A. DEPARTMENT OF WATER AND POWER OF THE CITY OF LOS ANGELES 88033MJU2 05/07/16 05/07/ ,140, ,140, % U.S. BANK NATIONAL ASSOCIATION EAST BAY MUNICIPAL UTILITY DISTRICT WN8 05/07/16 05/07/ ,900, ,900, % CITIBANK, N.A. KAISER FOUNDATION HOSPITALS WL7 05/07/16 05/07/ , , % BERKSHIRE HATHAWAY ASSURANCE COR CITIBANK, N.A. LOS ANGELES INTERNATIONAL AIRPORT 06740GLU8 05/07/16 05/07/ ,545, ,545, % BARCLAYS BANK PLC LOS ANGELES INTERNATIONAL AIRPORT 46633VF87 05/07/16 05/07/ ,800, ,800, % JPMORGAN CHASE BANK, NATIONAL AS LUCILE PACKARD CHILDREN'S HOSPITAL 74926YYV7 05/07/16 05/07/ ,000, ,000, % ROYAL BANK OF CANADA LUCILE PACKARD CHILDREN'S HOSPITAL 88033LVD8 05/07/16 05/07/ ,580, ,580, % BANK OF AMERICA, N.A. ORANGE COUNTY CALIFORNIA SANITATION DISTRICT 46633VXF1 05/05/16 05/07/ ,000, ,000, % ASSURED GUARANTY MUNICIPAL CORP. JPMORGAN CHASE BANK, NATIONAL AS PROVIDENCE HEALTH & SERVICES 88033LEX3 05/07/16 05/07/ ,440, ,440, % THE TORONTO-DOMINION BANK RIVERSIDE CALIFORNIA TRANSPORTATION COMMISSION 46640KBC7 05/07/16 05/07/ ,875, ,875, % JPMORGAN CHASE BANK, NATIONAL AS SAN DIEGO CALIFORNIA COMMUNITY COLLEGE DISTRICT 46632PT60 05/05/16 05/07/ , , % JPMORGAN CHASE BANK, NATIONAL AS SAN DIEGO CALIFORNIA COMMUNITY COLLEGE DISTRICT 74926YTZ4 05/07/16 05/07/ ,000, ,000, % ROYAL BANK OF CANADA SUTTER HEALTH 13033LMM6 05/07/16 05/07/ ,600, ,600, % CITIBANK, N.A. SUTTER HEALTH 88033LE21 05/07/16 05/07/ ,935, ,935, % JPMORGAN CHASE BANK, NATIONAL AS THE METROPOLITAN WATER DISTRICT OF SOUTHERN CALIFORNIA 06740GAQ9 05/07/16 05/07/ ,500, ,500, % BARCLAYS BANK PLC UNIVERSITY OF SOUTHERN CALIFORNIA UW4 05/07/16 05/07/ ,976, ,976, % MORGAN STANLEY BANK, N.A. UNIVERSITY OF SOUTHERN CALIFORNIA 46632PW25 05/05/16 05/07/ ,690, ,690, % JPMORGAN CHASE BANK, NATIONAL AS TOTAL: TENDER OPTION BOND 42,871, ,871, % ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS CA 00037NPB6 05/07/16 05/07/ ,900, ,900, % FEDERAL NATIONAL MORTGAGE ASSOCI FEDERAL NATIONAL MORTGAGE ASSOCI BAY AREA TOLL AUTHORITY JD5 05/07/16 05/07/ ,500, ,500, % THE BANK OF TOKYO-MITSUBISHI UFJ THE BANK OF TOKYO-MITSUBISHI UFJ CALIFORNIA INSTITUTE OF TECHNOLOGY EZ5 05/07/16 05/07/ ,000, ,000, % CALIFORNIA INSTITUTE OF TECHNOLO CENTRAL BASIN MUNICIPAL WATER DISTRICT BK8 05/07/16 05/07/ ,600, ,600, % U.S. BANK NATIONAL ASSOCIATION U.S. BANK NATIONAL ASSOCIATION CHEVRON CORPORATION 13048TGT4 05/01/16 05/01/ ,300, ,300, % CHEVRON CORPORATION CHEVRON CORPORATION 13078HAA0 05/01/16 05/01/ ,870, ,870, % CHEVRON CORPORATION CITY OF HOPE 13033LN37 05/07/16 05/07/ ,130, ,130, % CITY OF HOPE DEPARTMENT OF WATER AND POWER OF THE CITY OF LA (WATER SYST544525DD7 05/07/16 05/07/ , , % WELLS FARGO BANK, NATIONAL ASSOC DEPARTMENT OF WATER AND POWER OF THE CITY OF LOS ANGELES DU5 05/01/16 05/01/ ,000, ,000, % CITIBANK, N.A. DEPARTMENT OF WATER AND POWER OF THE CITY OF LOS ANGELES DA3 05/07/16 05/07/ , , % ROYAL BANK OF CANADA DEPARTMENT OF WATER AND POWER OF THE CITY OF LOS ANGELES DC9 05/07/16 05/07/ ,600, ,600, % ROYAL BANK OF CANADA DIGNITY HEALTH 13033HXN1 05/07/16 05/07/ ,900, ,900, % JPMORGAN CHASE BANK, NATIONAL AS JPMORGAN CHASE BANK, NATIONAL AS EAST BAY MUNICIPAL UTILITY DISTRICT TW2 05/07/16 05/07/ ,800, ,800, % U.S. BANK NATIONAL ASSOCIATION EASTERN CALIFORNIA MUNICIPAL WATER DISTRICT 27627TAA0 05/07/16 05/07/ ,645, ,645, % WELLS FARGO BANK, NATIONAL ASSOC EASTERN CALIFORNIA MUNICIPAL WATER DISTRICT 27627TAC6 05/01/16 05/01/ ,000, ,000, % WELLS FARGO BANK, NATIONAL ASSOC EASTERN CALIFORNIA MUNICIPAL WATER DISTRICT 27627TAE2 05/07/16 05/07/ ,600, ,600, % WELLS FARGO & COMPANY IRVINE RANCH CALIFORNIA WATER DISTRICT W7 05/01/16 05/01/ ,300, ,300, % U.S. BANK TRUST NATIONAL ASSOCIA U.S. BANK TRUST NATIONAL ASSOCIA KAISER FOUNDATION HOSPITALS C70 05/07/16 05/07/ , , % KAISER FOUNDATION HOSPITALS KAISER FOUNDATION HOSPITALS C88 05/07/16 05/07/ ,000, ,000, % KAISER FOUNDATION HOSPITALS KAISER FOUNDATION HOSPITALS RY8 05/07/16 05/07/ ,500, ,500, % KAISER FOUNDATION HOSPITALS KAISER FOUNDATION HOSPITALS WD8 05/07/16 05/07/ , , % KAISER FOUNDATION HOSPITALS LELAND STANFORD JUNIOR UNIVERSITY (THE) C45 05/04/16 05/07/ ,300, ,300, % LELAND STANFORD JUNIOR UNIVERSIT LELAND STANFORD JUNIOR UNIVERSITY (THE) JK9 05/07/16 05/07/ ,393, ,393, % LELAND STANFORD JUNIOR UNIVERSIT LOS ANGELES COUNTY CALIFORNIA HOUSING AUTHORITY GH1 05/07/16 05/07/ ,836, ,836, % FEDERAL NATIONAL MORTGAGE ASSOCI FEDERAL NATIONAL MORTGAGE ASSOCI LOS ANGELES COUNTY CALIFORNIA HOUSING AUTHORITY GJ7 05/07/16 05/07/ ,200, ,200, % FEDERAL NATIONAL MORTGAGE ASSOCI FEDERAL NATIONAL MORTGAGE ASSOCI ORANGE CALIFORNIA (COUNTY OF) MK2 05/07/16 05/07/ ,000, ,000, % FEDERAL NATIONAL MORTGAGE ASSOCI FEDERAL NATIONAL MORTGAGE ASSOCI REGENTS OF THE UNIVERSITY OF CALIFORNIA (THE) GN4 05/07/16 05/07/ ,000, ,000, % REGENTS OF THE UNIVERSITY OF CAL REGENTS OF THE UNIVERSITY OF CALIFORNIA (THE) 91412GSG1 05/07/16 05/07/ ,700, ,700, % REGENTS OF THE UNIVERSITY OF CAL SACRAMENTO CALIFORNIA HOUSING AND REDEVELOPMENT AGENCY EV2 05/07/16 05/07/ ,845, ,845, % FEDERAL NATIONAL MORTGAGE ASSOCI FEDERAL NATIONAL MORTGAGE ASSOCI SACRAMENTO MUNICIPAL UTILITY DISTRICT PD4 05/07/16 05/07/ , , % BANK OF AMERICA, N.A. BANK OF AMERICA, N.A. SACRAMENTO MUNICIPAL UTILITY DISTRICT SD1 05/07/16 05/07/ , , % U.S. BANK NATIONAL ASSOCIATION U.S. BANK NATIONAL ASSOCIATION SACRAMENTO SUBURBAN WATER DISTRICT 78607PBK2 05/07/16 05/07/ ,000, ,000, % SUMITOMO MITSUI BANKING CORPORAT SUMITOMO MITSUI BANKING CORPORAT SAN DIEGO COUNTY CALIFORNIA REGIONAL TRANSPORTATION COMMI FH6 05/07/16 05/07/ ,450, ,450, % MIZUHO BANK, LTD. SANTA CLARA VALLEY TRANSPORTATION AUTHORITY 80168NDR7 05/07/16 05/07/ , , % SUMITOMO MITSUI BANKING CORPORAT Page 1 of 3

4 As of Weighted Average : 6 Principal Amount Value SANTA CLARA VALLEY TRANSPORTATION AUTHORITY 80168NEG0 05/07/16 05/07/ ,700, ,700, % SUMITOMO MITSUI BANKING CORPORAT SCRIPPS HEALTH 13033F5K2 05/07/16 05/07/ , , % MUFG UNION BANK, NATIONAL ASSOCI MUFG UNION BANK, NATIONAL ASSOCI SHARP HEALTHCARE 00037CNR7 05/07/16 05/07/ ,000, ,000, % BANK OF AMERICA, N.A. BANK OF AMERICA, N.A. SHARP HEALTHCARE 00037CPN4 05/07/16 05/07/ , , % CITIBANK, N.A. CITIBANK, N.A. SILICON VALLEY POWER FW5 05/07/16 05/07/ ,000, ,000, % THE BANK OF TOKYO-MITSUBISHI UFJ THE BANK OF TOKYO-MITSUBISHI UFJ SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY E92 05/07/16 05/07/ ,000, ,000, % U.S. BANK NATIONAL ASSOCIATION U.S. BANK NATIONAL ASSOCIATION STANFORD HOSPITAL AND CLINICS 13033F3T5 05/07/16 05/07/ ,000, ,000, % STANFORD HOSPITAL AND CLINICS STATE OF CALIFORNIA 13062RG44 05/07/16 05/07/ , , % THE BANK OF TOKYO-MITSUBISHI UFJ THE BANK OF TOKYO-MITSUBISHI UFJ STATE OF CALIFORNIA 13063A6G4 05/01/16 05/01/ , , % CITIBANK, N.A. CITIBANK, N.A. STATE OF CALIFORNIA 13063BCF7 05/01/16 05/01/ ,200, ,200, % BANK OF MONTREAL BANK OF MONTREAL STATE OF CALIFORNIA 13063BHP0 05/07/16 05/07/ , , % ROYAL BANK OF CANADA ROYAL BANK OF CANADA STATE OF CALIFORNIA 13063BHQ8 05/07/16 05/07/ , , % ROYAL BANK OF CANADA ROYAL BANK OF CANADA THE METROPOLITAN WATER DISTRICT OF SOUTHERN CALIFORNIA F1 05/07/16 05/07/ ,400, ,400, % BARCLAYS BANK PLC THE METROPOLITAN WATER DISTRICT OF SOUTHERN CALIFORNIA 59266TLK5 05/07/16 05/07/ ,000, ,000, % THE METROPOLITAN WATER DISTRICT TOTAL: VARIABLE RATE DEMAND NOTE 107,619, ,618, % TOTAL INVESTMENT PORTFOLIO 152,490, ,490, % NET OTHER ASSETS/LIABILITIES 2,116, % TOTAL NET ASSETS Total: 154,606, % WAM: The money market fund's weighted average maturity (WAM) is an average of the effective maturities of all securities held in the portfolio, weighted by each security's percentage of net assets. WAL: The money market fund's weighted average life (WAL) is an average of the final maturities (or where applicable the date of demand) of all securities held in the portfolio, weighted by each security's percentage of net assets. : Represents the next interest rate reset date, demand date or prerefunded date. : Represents the maturity date utilized to calculate the WAL. Cash: Non interest bearing FDIC account. Fund holdings and allocations shown are unaudited, and may not be representative of current or future investments. Fund holdings and allocations may not include the Fund's entire investment portfolio, which may change at any time. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk. Percentages may not sum to 100% due to rounding. An investment in a money market portfolio is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although a money market portfolio seeks to preserve the value of an investment of $1.00 per share, it is possible to lose money by investing in a money market portfolio. A summary prospectus, if available, or a Prospectus for the Fund containing more information may be obtained from your authorized dealer or from Goldman, Sachs & Co. by calling (retail ) (institutional ). Please consider a fund's objectives, risks, and charges and expenses, and read the summary prospectus, if available, and the Prospectus carefully before investing. The summary prospectus, if available, and the Prospectus contains this and other information about the Fund. Goldman, Sachs & Co. is the distributor of the Goldman Sachs Funds Goldman Sachs. All rights reserved MF.MED.TMPL/11/2014 of first use: May 6, 2016 Page 2 of 3

5 As of Weighted Average : 6 Principal Amount Value Page 3 of 3

6 As of Weighted Average : 6 Par ABN AMRO BANK N.V. (a) N/A 04/01/16 04/01/ , , % BANK OF AMERICA, N.A. (a) N/A 04/01/16 04/01/ ,852, ,852, % BNP PARIBAS SECURITIES CORP (a) N/A 04/01/16 04/01/ ,816, ,816, % CITIGROUP GLOBAL MARKETS INC. (a) N/A 04/01/16 04/01/ , , % TD SECURITIES USA LLC (a) N/A 04/01/16 04/01/ ,038, ,038, % WELLS FARGO SECURITIES, LLC (a) N/A 04/01/16 04/01/ ,225, ,225, % TOTAL: GOVERNMENT AGENCY REPURCHASE AGREEMENT 15,600, ,600, % KAISER FOUNDATION HOSPITALS 13032TJD4 04/08/16 04/08/ ,000, ,000, % TOTAL: OTHER MUNICIPAL DEBT 1,000, ,000, % ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS CA 00037NPB6 04/07/16 04/07/ , , % FEDERAL NATIONAL MORTGAGE ASSOC FEDERAL NATIONAL MORTGAGE ASSOCI ADVENTIST HEALTH SYSTEM/WEST 74703YCR9 04/07/16 04/07/ ,620, ,620, % BANK OF AMERICA, N.A. BAY AREA TOLL AUTHORITY 74703YN48 04/07/16 04/07/ ,100, ,100, % BANK OF AMERICA, N.A. CALIFORNIA INSTITUTE OF TECHNOLOGY EZ5 04/07/16 04/07/ ,000, ,000, % CALIFORNIA INSTITUTE OF TECHNOLO CALIFORNIA STATE UNIVERSITY 13077CRT3 04/07/16 04/07/ ,000, ,000, % BERKSHIRE HATHAWAY ASSURANCE CO CITIBANK, N.A. CALIFORNIA STATE UNIVERSITY 52522NMY2 04/07/16 04/07/ ,475, ,475, % ASSURED GUARANTY MUNICIPAL CORP CITIBANK, N.A. CENTRAL BASIN MUNICIPAL WATER DISTRICT BK8 04/07/16 04/07/ ,600, ,600, % U.S. BANK NATIONAL ASSOCIATION U.S. BANK NATIONAL ASSOCIATION CHEVRON CORPORATION 13048TGT4 04/01/16 04/01/ ,300, ,300, % CHEVRON CORPORATION CITY OF HOPE 13033LN37 04/07/16 04/07/ ,930, ,930, % CITY OF HOPE CLAREMONT MCKENNA COLLEGE 46633VGM5 04/07/16 04/07/ , , % JPMORGAN CHASE BANK, NATIONAL AS DEPARTMENT OF WATER AND POWER OF THE CITY OF LA (WATER SY544525DD7 04/07/16 04/07/ ,800, ,800, % WELLS FARGO BANK, N.A. DEPARTMENT OF WATER AND POWER OF THE CITY OF LOS ANGELES544495DT8 04/01/16 04/01/ ,000, ,000, % BANK OF AMERICA, N.A. DEPARTMENT OF WATER AND POWER OF THE CITY OF LOS ANGELES544495DU5 04/01/16 04/01/ ,500, ,500, % CITIBANK, N.A. DEPARTMENT OF WATER AND POWER OF THE CITY OF LOS ANGELES544525DA3 04/07/16 04/07/ , , % ROYAL BANK OF CANADA DEPARTMENT OF WATER AND POWER OF THE CITY OF LOS ANGELES88033MJU2 04/07/16 04/07/ ,140, ,140, % U.S. BANK NATIONAL ASSOCIATION DIGNITY HEALTH 13033HXN1 04/07/16 04/07/ ,900, ,900, % JPMORGAN CHASE BANK, NATIONAL AS JPMORGAN CHASE BANK, NATIONAL AS EAST BAY MUNICIPAL UTILITY DISTRICT TW2 04/07/16 04/07/ ,800, ,800, % U.S. BANK NATIONAL ASSOCIATION EAST BAY MUNICIPAL UTILITY DISTRICT WN8 04/07/16 04/07/ ,900, ,900, % CITIBANK, N.A. EASTERN CALIFORNIA MUNICIPAL WATER DISTRICT 27627TAA0 04/07/16 04/07/ ,645, ,645, % WELLS FARGO BANK, N.A. EASTERN CALIFORNIA MUNICIPAL WATER DISTRICT 27627TAC6 04/01/16 04/01/ ,000, ,000, % WELLS FARGO BANK, N.A. EASTERN CALIFORNIA MUNICIPAL WATER DISTRICT 27627TAE2 04/07/16 04/07/ ,600, ,600, % WELLS FARGO & CO. IRVINE RANCH CALIFORNIA WATER DISTRICT W7 04/01/16 04/01/ ,800, ,800, % U.S. BANK TRUST NATIONAL ASSOCIA U.S. BANK TRUST NATIONAL ASSOCIA KAISER FOUNDATION HOSPITALS C88 04/07/16 04/07/ ,000, ,000, % KAISER FOUNDATION HOSPITALS KAISER FOUNDATION HOSPITALS WL7 04/07/16 04/07/ , , % BERKSHIRE HATHAWAY ASSURANCE CO CITIBANK, N.A. KAISER FOUNDATION HOSPITALS RY8 04/07/16 04/07/ ,000, ,000, % KAISER FOUNDATION HOSPITALS KAISER FOUNDATION HOSPITALS WD8 04/07/16 04/07/ , , % KAISER FOUNDATION HOSPITALS LELAND STANFORD JUNIOR UNIVERSITY (THE) C45 04/06/16 04/07/ ,300, ,300, % LELAND STANFORD JUNIOR UNIVERSIT LELAND STANFORD JUNIOR UNIVERSITY (THE) JK9 04/07/16 04/07/ ,393, ,393, % LELAND STANFORD JUNIOR UNIVERSIT LOS ANGELES CALIFORNIA COMMUNITY REDEVELOPMENT AGENCY BR1 04/07/16 04/07/ ,700, ,700, % FEDERAL NATIONAL MORTGAGE ASSOC FEDERAL NATIONAL MORTGAGE ASSOCI Page 1 of 3

7 As of Weighted Average : 6 Par LOS ANGELES COMMUNITY COLLEGE DISTRICT 88033MYJ0 04/07/16 04/07/ ,100, ,100, % ROYAL BANK OF CANADA LOS ANGELES COUNTY CALIFORNIA HOUSING AUTHORITY GH1 04/07/16 04/07/ ,836, ,836, % FEDERAL NATIONAL MORTGAGE ASSOC FEDERAL NATIONAL MORTGAGE ASSOCI LOS ANGELES COUNTY CALIFORNIA HOUSING AUTHORITY GJ7 04/07/16 04/07/ ,200, ,200, % FEDERAL NATIONAL MORTGAGE ASSOC FEDERAL NATIONAL MORTGAGE ASSOCI LOS ANGELES INTERNATIONAL AIRPORT 06740GLU8 04/07/16 04/07/ ,545, ,545, % BARCLAYS BANK PLC LOS ANGELES INTERNATIONAL AIRPORT 46633VF87 04/07/16 04/07/ ,800, ,800, % JPMORGAN CHASE BANK, NATIONAL AS LUCILE PACKARD CHILDREN'S HOSPITAL 74926YYV7 04/07/16 04/07/ ,000, ,000, % ROYAL BANK OF CANADA LUCILE PACKARD CHILDREN'S HOSPITAL 88033LVD8 04/07/16 04/07/ ,580, ,580, % BANK OF AMERICA, N.A. ORANGE CALIFORNIA (COUNTY OF) MK2 04/07/16 04/07/ ,000, ,000, % FEDERAL NATIONAL MORTGAGE ASSOC FEDERAL NATIONAL MORTGAGE ASSOCI PROVIDENCE HEALTH & SERVICES 88033LEX3 04/07/16 04/07/ ,440, ,440, % THE TORONTO-DOMINION BANK REGENTS OF THE UNIVERSITY OF CALIFORNIA (THE) GN4 04/07/16 04/07/ ,000, ,000, % REGENTS OF THE UNIVERSITY OF CAL REGENTS OF THE UNIVERSITY OF CALIFORNIA (THE) 91412GSG1 04/07/16 04/07/ ,700, ,700, % REGENTS OF THE UNIVERSITY OF CAL RIVERSIDE CALIFORNIA TRANSPORTATION COMMISSION 46640KBC7 04/07/16 04/07/ ,875, ,875, % JPMORGAN CHASE BANK, NATIONAL AS SACRAMENTO CALIFORNIA HOUSING AND REDEVELOPMENT AGENC786111EV2 04/07/16 04/07/ ,845, ,845, % FEDERAL NATIONAL MORTGAGE ASSOC FEDERAL NATIONAL MORTGAGE ASSOCI SACRAMENTO MUNICIPAL UTILITY DISTRICT PD4 04/07/16 04/07/ ,600, ,600, % BANK OF AMERICA, N.A. BANK OF AMERICA, N.A. SACRAMENTO MUNICIPAL UTILITY DISTRICT SD1 04/07/16 04/07/ , , % U.S. BANK NATIONAL ASSOCIATION U.S. BANK NATIONAL ASSOCIATION SACRAMENTO SUBURBAN WATER DISTRICT 78607PBK2 04/07/16 04/07/ ,000, ,000, % SUMITOMO MITSUI BANKING CORPORA SUMITOMO MITSUI BANKING CORPORAT SAN DIEGO CALIFORNIA COMMUNITY COLLEGE DISTRICT 46632PT60 04/07/16 04/07/ , , % JPMORGAN CHASE BANK, NATIONAL AS SAN DIEGO CALIFORNIA COMMUNITY COLLEGE DISTRICT 74926YTZ4 04/07/16 04/07/ ,000, ,000, % ROYAL BANK OF CANADA SAN DIEGO COUNTY CALIFORNIA REGIONAL TRANSPORTATION COM797400FH6 04/07/16 04/07/ ,450, ,450, % MIZUHO BANK, LTD. SANTA CLARA VALLEY TRANSPORTATION AUTHORITY 80168NDR7 04/07/16 04/07/ , , % SUMITOMO MITSUI BANKING CORPORAT SANTA CLARA VALLEY TRANSPORTATION AUTHORITY 80168NEG0 04/07/16 04/07/ ,700, ,700, % SUMITOMO MITSUI BANKING CORPORAT SANTA CLARA, CALIFORNIA (COUNTY OF) HF7 04/07/16 04/07/ , , % BANK OF AMERICA, N.A. BANK OF AMERICA, N.A. SCRIPPS HEALTH 13033F5K2 04/07/16 04/07/ , , % MUFG UNION BANK, NATIONAL ASSOCI MUFG UNION BANK, NATIONAL ASSOCI SHARP HEALTHCARE 00037CNR7 04/07/16 04/07/ ,000, ,000, % BANK OF AMERICA, N.A. BANK OF AMERICA, N.A. SHARP HEALTHCARE 00037CPN4 04/07/16 04/07/ , , % CITIBANK, N.A. CITIBANK, N.A. SILICON VALLEY POWER FW5 04/07/16 04/07/ ,855, ,855, % THE BANK OF TOKYO-MITSUBISHI UFJ THE BANK OF TOKYO-MITSUBISHI UFJ SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY E92 04/07/16 04/07/ ,000, ,000, % U.S. BANK NATIONAL ASSOCIATION U.S. BANK NATIONAL ASSOCIATION STANFORD HOSPITAL AND CLINICS 13033F3T5 04/07/16 04/07/ ,000, ,000, % STANFORD HOSPITAL AND CLINIC STATE OF CALIFORNIA 13062RG44 04/07/16 04/07/ ,000, ,000, % THE BANK OF TOKYO-MITSUBISHI UFJ THE BANK OF TOKYO-MITSUBISHI UFJ STATE OF CALIFORNIA 13063A6G4 04/01/16 04/01/ , , % CITIBANK, N.A. CITIBANK, N.A. STATE OF CALIFORNIA 13063BHP0 04/07/16 04/07/ , , % ROYAL BANK OF CANADA ROYAL BANK OF CANADA SUTTER HEALTH 13033LMM6 04/07/16 04/07/ ,600, ,600, % CITIBANK, N.A. SUTTER HEALTH 88033LE21 04/07/16 04/07/ ,935, ,935, % JPMORGAN CHASE BANK, NATIONAL AS THE METROPOLITAN WATER DISTRICT OF SOUTHERN CALIFORNIA 06740GAQ9 04/07/16 04/07/ ,500, ,500, % BARCLAYS BANK PLC THE METROPOLITAN WATER DISTRICT OF SOUTHERN CALIFORNIA F1 04/07/16 04/07/ ,400, ,400, % BARCLAYS BANK PLC THE METROPOLITAN WATER DISTRICT OF SOUTHERN CALIFORNIA 59266TLK5 04/07/16 04/07/ ,000, ,000, % THE METROPOLITAN WATER DISTRICT UNIVERSITY OF SOUTHERN CALIFORNIA UW4 04/07/16 04/07/ ,976, ,976, % MORGAN STANLEY BANK, N.A. UNIVERSITY OF SOUTHERN CALIFORNIA 46632PW25 04/07/16 04/07/ ,690, ,690, % JPMORGAN CHASE BANK, NATIONAL AS TOTAL: VARIABLE RATE DEMAND NOTE 165,235, ,235, % Page 2 of 3

8 As of Weighted Average : 6 Par TOTAL INVESTMENT PORTFOLIO 181,835, ,835, % NET OTHER ASSETS/LIABILITIES 98, % TOTAL NET ASSETS Total: 181,934, % (a) Represents portion of Fund's investments in Joint Account III. WAM: The money market fund's weighted average maturity (WAM) is an average of the effective maturities of all securities held in the portfolio, weighted by each security's percentage of net assets. WAL: The money market fund's weighted average life (WAL) is an average of the final maturities (or where applicable the date of demand) of all securities held in the portfolio, weighted by each security's percentage of net assets. : Represents the next interest rate reset date, demand date or prerefunded date. : Represents the maturity date utilized to calculate the WAL. Cash: Non interest bearing FDIC account. Fund holdings and allocations shown are unaudited, and may not be representative of current or future investments. Fund holdings and allocations may not include the Fund's entire investment portfolio, which may change at any time. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk. Percentages may not sum to 100% due to rounding. An investment in a money market portfolio is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although a money market portfolio seeks to preserve the value of an investment at $1.00 per share, it is possible to lose money by investing in a money market portfolio. The Fund s sponsor has no legal obligation to provide financial support to a money market portfolio, and you should not expect that the sponsor will provide financial support to the money market portfolio at any time. A summary prospectus, if available, or a Prospectus for the Fund containing more information may be obtained from your authorized dealer or from Goldman, Sachs & Co. by calling (retail ) (institutional ). Please consider a fund's objectives, risks, and charges and expenses, and read the summary prospectus, if available, and the Prospectus carefully before investing. The summary prospectus, if available, and the Prospectus contains this and other information about the Fund. Goldman, Sachs & Co. is the distributor of the Goldman Sachs Funds Goldman Sachs. All rights reserved MF.MED.TMPL/11/2014 of first use: April 7, 2016 Page 3 of 3

9 As of Weighted Average : 6 Par KAISER FOUNDATION HOSPITALS 13032THR5 03/01/16 03/01/ ,000, ,000, % TOTAL: OTHER MUNICIPAL DEBT 1,000, ,000, % BNP PARIBAS SECURITIES CORP (a) N/A 03/01/16 03/01/ ,113, ,113, % CITIGROUP GLOBAL MARKETS INC. (a) N/A 03/01/16 03/01/ , , % CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK (a) N/A 03/01/16 03/01/ , , % CREDIT SUISSE SECURITIES (USA) LLC (a) N/A 03/01/16 03/01/ , , % MERRILL LYNCH, PIERCE, FENNER & SMITH, INCORPORATED (a) N/A 03/01/16 03/01/ , , % TOTAL: TREASURY REPURCHASE AGREEMENT 2,500, ,500, % ADVENTIST HEALTH SYSTEM/WEST 74703YCR9 03/07/16 03/07/ ,620, ,620, % BANK OF AMERICA, N.A. BAY AREA TOLL AUTHORITY 74703YN48 03/07/16 03/07/ ,100, ,100, % BANK OF AMERICA, N.A. CALIFORNIA INSTITUTE OF TECHNOLOGY EZ5 03/07/16 03/07/ ,000, ,000, % CALIFORNIA INSTITUTE OF TECHNOLO CALIFORNIA STATE UNIVERSITY 13077CRT3 03/03/16 03/07/ ,000, ,000, % BERKSHIRE HATHAWAY ASSURANCE CO CITIBANK, N.A. CALIFORNIA STATE UNIVERSITY 52522NMY2 03/07/16 03/07/ ,475, ,475, % ASSURED GUARANTY MUNICIPAL CORP. CITIBANK, N.A. CENTRAL BASIN MUNICIPAL WATER DISTRICT BK8 03/07/16 03/07/ ,600, ,600, % U.S. BANK NATIONAL ASSOCIATION U.S. BANK NATIONAL ASSOCIATION CHEVRON CORPORATION 13048TGT4 03/01/16 03/01/ ,300, ,300, % CHEVRON CORPORATION CITY OF HOPE 13033LN37 03/07/16 03/07/ ,430, ,430, % CITY OF HOPE CLAREMONT MCKENNA COLLEGE 05248RDX6 03/07/16 03/07/ ,000, ,000, % DEUTSCHE BANK AKTIENGESELLSCHAFT DEPARTMENT OF WATER AND POWER OF THE CITY OF LA (WATER SY544525DD7 03/07/16 03/07/ ,800, ,800, % WELLS FARGO BANK, N.A. DEPARTMENT OF WATER AND POWER OF THE CITY OF LOS ANGELES DM3 03/07/16 03/07/ ,000, ,000, % BANK OF MONTREAL DEPARTMENT OF WATER AND POWER OF THE CITY OF LOS ANGELES DT8 03/01/16 03/01/ ,000, ,000, % BANK OF AMERICA, N.A. DEPARTMENT OF WATER AND POWER OF THE CITY OF LOS ANGELES DU5 03/01/16 03/01/ ,500, ,500, % BANK OF AMERICA, N.A. DEPARTMENT OF WATER AND POWER OF THE CITY OF LOS ANGELES DA3 03/07/16 03/07/ , , % ROYAL BANK OF CANADA DEPARTMENT OF WATER AND POWER OF THE CITY OF LOS ANGELES 88033MJU2 03/07/16 03/07/ ,140, ,140, % U.S. BANK NATIONAL ASSOCIATION DIGNITY HEALTH 13033HXN1 03/07/16 03/07/ ,900, ,900, % JPMORGAN CHASE BANK, NATIONAL AS JPMORGAN CHASE BANK, NATIONAL AS EAST BAY CALIFORNIA MUNICIPAL UTILITY DISTRICT TW2 03/07/16 03/07/ ,800, ,800, % U.S. BANK NATIONAL ASSOCIATION EAST BAY CALIFORNIA MUNICIPAL UTILITY DISTRICT WN8 03/07/16 03/07/ ,900, ,900, % CITIBANK, N.A. EASTERN CALIFORNIA MUNICIPAL WATER DISTRICT 27627TAA0 03/07/16 03/07/ ,645, ,645, % WELLS FARGO BANK, N.A. EASTERN CALIFORNIA MUNICIPAL WATER DISTRICT 27627TAC6 03/01/16 03/01/ ,000, ,000, % WELLS FARGO BANK, N.A. IRVINE RANCH CALIFORNIA WATER DISTRICT W7 03/01/16 03/01/ ,800, ,800, % U.S. BANK TRUST NATIONAL ASSOCIA U.S. BANK TRUST NATIONAL ASSOCIA KAISER FOUNDATION HOSPITALS WL7 03/07/16 03/07/ , , % BERKSHIRE HATHAWAY ASSURANCE CO CITIBANK, N.A. KAISER FOUNDATION HOSPITALS RY8 03/07/16 03/07/ ,000, ,000, % KAISER FOUNDATION HOSPITALS KAISER FOUNDATION HOSPITALS WD8 03/07/16 03/07/ , , % KAISER FOUNDATION HOSPITALS LELAND STANFORD JUNIOR UNIVERSITY (THE) C45 03/02/16 03/07/ ,300, ,300, % LELAND STANFORD JUNIOR UNIVERSIT LELAND STANFORD JUNIOR UNIVERSITY (THE) JK9 03/07/16 03/07/ ,393, ,393, % LELAND STANFORD JUNIOR UNIVERSIT LOS ANGELES CALIFORNIA COMMUNITY REDEVELOPMENT AGENCY BR1 03/07/16 03/07/ ,800, ,800, % FEDERAL NATIONAL MORTGAGE ASSOCI FEDERAL NATIONAL MORTGAGE ASSOCI LOS ANGELES COMMUNITY COLLEGE DISTRICT 74926YTN1 03/03/16 03/07/ ,100, ,100, % ROYAL BANK OF CANADA LOS ANGELES COUNTY CALIFORNIA HOUSING AUTHORITY GH1 03/07/16 03/07/ ,836, ,836, % FEDERAL NATIONAL MORTGAGE ASSOCI FEDERAL NATIONAL MORTGAGE ASSOCI LOS ANGELES COUNTY CALIFORNIA HOUSING AUTHORITY GJ7 03/07/16 03/07/ ,200, ,200, % FEDERAL NATIONAL MORTGAGE ASSOCI FEDERAL NATIONAL MORTGAGE ASSOCI LOS ANGELES INTERNATIONAL AIRPORT 06740GLU8 03/07/16 03/07/ ,545, ,545, % BARCLAYS BANK PLC LOS ANGELES INTERNATIONAL AIRPORT 46633VF87 03/07/16 03/07/ ,800, ,800, % JPMORGAN CHASE BANK, NATIONAL AS LOS ANGELES INTERNATIONAL AIRPORT 76252PDX4 03/07/16 03/07/ ,500, ,500, % BARCLAYS BANK PLC LUCILE PACKARD CHILDREN'S HOSPITAL 74926YYV7 03/07/16 03/07/ ,000, ,000, % ROYAL BANK OF CANADA LUCILE PACKARD CHILDREN'S HOSPITAL 88033LVD8 03/07/16 03/07/ ,580, ,580, % BANK OF AMERICA, N.A. ORANGE CALIFORNIA (COUNTY OF) MK2 03/07/16 03/07/ ,400, ,400, % FEDERAL NATIONAL MORTGAGE ASSOCI FEDERAL NATIONAL MORTGAGE ASSOCI PROVIDENCE HEALTH & SERVICES 88033LEX3 03/07/16 03/07/ ,440, ,440, % THE TORONTO-DOMINION BANK REGENTS OF THE UNIVERSITY OF CALIFORNIA (THE) GN4 03/07/16 03/07/ ,000, ,000, % REGENTS OF THE UNIVERSITY OF CAL REGENTS OF THE UNIVERSITY OF CALIFORNIA (THE) 91412GSG1 03/07/16 03/07/ ,100, ,100, % REGENTS OF THE UNIVERSITY OF CAL RIVERSIDE CALIFORNIA TRANSPORTATION COMMISSION 46640KBC7 03/07/16 03/07/ ,875, ,875, % JPMORGAN CHASE BANK, NATIONAL AS SACRAMENTO CALIFORNIA HOUSING AND REDEVELOPMENT AGENCY786111EV2 03/07/16 03/07/ ,190, ,190, % FEDERAL NATIONAL MORTGAGE ASSOCI FEDERAL NATIONAL MORTGAGE ASSOCI SACRAMENTO MUNICIPAL UTILITY DISTRICT PD4 03/07/16 03/07/ ,600, ,600, % BANK OF AMERICA, N.A. BANK OF AMERICA, N.A. SACRAMENTO MUNICIPAL UTILITY DISTRICT SD1 03/07/16 03/07/ , , % U.S. BANK NATIONAL ASSOCIATION U.S. BANK NATIONAL ASSOCIATION SACRAMENTO SUBURBAN WATER DISTRICT 78607PBK2 03/07/16 03/07/ ,000, ,000, % SUMITOMO MITSUI BANKING CORPORAT SUMITOMO MITSUI BANKING CORPORAT SAN DIEGO CALIFORNIA COMMUNITY COLLEGE DISTRICT 46632PT60 03/03/16 03/07/ , , % JPMORGAN CHASE BANK, NATIONAL AS SAN DIEGO CALIFORNIA COMMUNITY COLLEGE DISTRICT 74926YTZ4 03/07/16 03/07/ ,000, ,000, % ROYAL BANK OF CANADA SAN DIEGO COUNTY CALIFORNIA REGIONAL TRANSPORTATION COMM797400FH6 03/07/16 03/07/ ,450, ,450, % MIZUHO BANK, LTD. Page 1 of 6

10 As of Weighted Average : 6 Par SANTA CLARA VALLEY TRANSPORTATION AUTHORITY 80168NDR7 03/07/16 03/07/ , , % SUMITOMO MITSUI BANKING CORPORAT SANTA CLARA VALLEY TRANSPORTATION AUTHORITY 80168NEG0 03/07/16 03/07/ ,700, ,700, % SUMITOMO MITSUI BANKING CORPORAT SANTA CLARA, CALIFORNIA (COUNTY OF) HF7 03/07/16 03/07/ , , % BANK OF AMERICA, N.A. BANK OF AMERICA, N.A. SCRIPPS HEALTH 13033F5K2 03/07/16 03/07/ , , % MUFG UNION BANK, NATIONAL ASSOCI MUFG UNION BANK, NATIONAL ASSOCI SHARP HEALTHCARE 00037CNR7 03/07/16 03/07/ ,000, ,000, % BANK OF AMERICA, N.A. BANK OF AMERICA, N.A. SHARP HEALTHCARE 00037CPN4 03/07/16 03/07/ , , % CITIBANK, N.A. CITIBANK, N.A. Page 2 of 6

11 As of Weighted Average : 6 Par SILICON VALLEY POWER FW5 03/07/16 03/07/ ,855, ,855, % THE BANK OF TOKYO-MITSUBISHI UFJ THE BANK OF TOKYO-MITSUBISHI UFJ SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY E92 03/07/16 03/07/ ,000, ,000, % U.S. BANK NATIONAL ASSOCIATION U.S. BANK NATIONAL ASSOCIATION STATE OF CALIFORNIA 13063A6G4 03/01/16 03/01/ ,500, ,500, % CITIBANK, N.A. CITIBANK, N.A. STATE OF CALIFORNIA 88033LX61 03/07/16 03/07/ ,300, ,300, % DEUTSCHE BANK AKTIENGESELLSCHAFT SUTTER HEALTH 13033LMM6 03/07/16 03/07/ ,600, ,600, % CITIBANK, N.A. SUTTER HEALTH 88033LE21 03/07/16 03/07/ ,935, ,935, % JPMORGAN CHASE BANK, NATIONAL AS THE METROPOLITAN WATER DISTRICT OF SOUTHERN CALIFORNIA 06740GAQ9 03/07/16 03/07/ ,500, ,500, % BARCLAYS BANK PLC THE METROPOLITAN WATER DISTRICT OF SOUTHERN CALIFORNIA F1 03/07/16 03/07/ ,900, ,900, % BARCLAYS BANK PLC UNIVERSITY OF SOUTHERN CALIFORNIA UW4 03/07/16 03/07/ ,976, ,976, % MORGAN STANLEY BANK, N.A. UNIVERSITY OF SOUTHERN CALIFORNIA 46632PW25 03/03/16 03/07/ ,690, ,690, % JPMORGAN CHASE BANK, NATIONAL AS UNIVERSITY OF SOUTHERN CALIFORNIA 88033LKV0 03/03/16 03/07/ ,300, ,300, % JPMORGAN CHASE BANK, NATIONAL AS TOTAL: VARIABLE RATE DEMAND NOTE 181,480, ,480, % TOTAL INVESTMENT PORTFOLIO 184,980, ,980, % NET OTHER ASSETS/LIABILITIES 136, % TOTAL NET ASSETS Total: 185,117, % (a) Represents portion of Fund's investments in Joint Account I. WAM: The money market fund's weighted average maturity (WAM) is an average of the effective maturities of all securities held in the portfolio, weighted by each security's percentage of net assets. WAL: The money market fund's weighted average life (WAL) is an average of the final maturities (or where applicable the date of demand) of all securities held in the portfolio, weighted by each security's percentage of net assets. : Represents the next interest rate reset date, demand date or prerefunded date. : Represents the maturity date utilized to calculate the WAL. Cash: Non interest bearing FDIC account. Fund holdings and allocations shown are unaudited, and may not be representative of current or future investments. Fund holdings and allocations may not include the Fund's entire investment portfolio, which may change at any time. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk. Percentages may not sum to 100% due to rounding. An investment in a money market portfolio is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although a money market portfolio seeks to preserve the value of an investment of $1.00 per share, it is possible to lose money by investing in a money market portfolio. A summary prospectus, if available, or a Prospectus for the Fund containing more information may be obtained from your authorized dealer or from Goldman, Sachs & Co. by calling (retail ) (institutional ). Please consider a fund's objectives, risks, and charges and expenses, and read the summary prospectus, if available, and the Prospectus carefully before investing. The summary prospectus, if available, and the Prospectus contains this and other information about the Fund. Goldman, Sachs & Co. is the distributor of the Goldman Sachs Funds Goldman Sachs. All rights reserved MF.MED.TMPL/11/2014 of first use: March 7, 2016 Page 3 of 6

12 As of Weighted Average : 6 Par KAISER FOUNDATION HOSPITALS 13032THR5 03/01/16 03/01/ ,000, ,000, % TOTAL: OTHER MUNICIPAL DEBT 1,000, ,000, % BNP PARIBAS SECURITIES CORP (a) N/A 02/01/16 02/01/ ,210, ,210, % CITIGROUP GLOBAL MARKETS INC. (a) N/A 02/01/16 02/01/ , , % CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK (a) N/A 02/01/16 02/01/ ,605, ,605, % MERRILL LYNCH, PIERCE, FENNER & SMITH, INCORPORATED (a) N/A 02/01/16 02/01/ , , % TOTAL: TREASURY REPURCHASE AGREEMENT 9,400, ,400, % ADVENTIST HEALTH SYSTEM/WEST 74703YCR9 02/07/16 02/07/ ,620, ,620, % BANK OF AMERICA, N.A. BAY AREA TOLL AUTHORITY 74703YN48 02/07/16 02/07/ ,100, ,100, % BANK OF AMERICA, N.A. CALIFORNIA INSTITUTE OF TECHNOLOGY EZ5 02/07/16 02/07/ ,000, ,000, % CALIFORNIA INSTITUTE OF TECHNOLO CALIFORNIA STATE UNIVERSITY 13077CRT3 02/04/16 02/07/ ,000, ,000, % BERKSHIRE HATHAWAY ASSURANCE COR CITIBANK, N.A. CALIFORNIA STATE UNIVERSITY 52522NMY2 02/07/16 02/07/ ,475, ,475, % ASSURED GUARANTY MUNICIPAL CORP. CITIBANK, N.A. CENTRAL BASIN MUNICIPAL WATER DISTRICT BK8 02/07/16 02/07/ ,600, ,600, % U.S. BANK NATIONAL ASSOCIATION U.S. BANK NATIONAL ASSOCIATION CHEVRON CORPORATION 13048TGT4 02/01/16 02/01/ ,300, ,300, % CHEVRON CORPORATION CITY OF HOPE 13033LN37 02/07/16 02/07/ ,430, ,430, % CITY OF HOPE CLAREMONT MCKENNA COLLEGE 05248RDX6 02/07/16 02/07/ ,000, ,000, % DEUTSCHE BANK AKTIENGESELLSCHAFT DEPARTMENT OF WATER AND POWER OF THE CITY OF LA (WATER SYST544525DD7 02/07/16 02/07/ ,200, ,200, % WELLS FARGO BANK, N.A. DEPARTMENT OF WATER AND POWER OF THE CITY OF LOS ANGELES DH4 02/01/16 02/01/ , , % ROYAL BANK OF CANADA DEPARTMENT OF WATER AND POWER OF THE CITY OF LOS ANGELES DM3 02/07/16 02/07/ ,000, ,000, % BANK OF MONTREAL DEPARTMENT OF WATER AND POWER OF THE CITY OF LOS ANGELES DA3 02/07/16 02/07/ , , % ROYAL BANK OF CANADA DEPARTMENT OF WATER AND POWER OF THE CITY OF LOS ANGELES 88033MJU2 02/07/16 02/07/ ,140, ,140, % U.S. BANK NATIONAL ASSOCIATION DIGNITY HEALTH 13033HXN1 02/07/16 02/07/ ,900, ,900, % JPMORGAN CHASE BANK, NATIONAL AS JPMORGAN CHASE BANK, NATIONAL AS EAST BAY CALIFORNIA MUNICIPAL UTILITY DISTRICT TW2 02/07/16 02/07/ ,800, ,800, % U.S. BANK NATIONAL ASSOCIATION EAST BAY CALIFORNIA MUNICIPAL UTILITY DISTRICT WN8 02/07/16 02/07/ ,900, ,900, % CITIBANK, N.A. EASTERN CALIFORNIA MUNICIPAL WATER DISTRICT 27627TAA0 02/07/16 02/07/ ,645, ,645, % WELLS FARGO BANK, N.A. EASTERN CALIFORNIA MUNICIPAL WATER DISTRICT 27627TAC6 02/01/16 02/01/ ,000, ,000, % WELLS FARGO BANK, N.A. IRVINE RANCH CALIFORNIA WATER DISTRICT W7 02/01/16 02/01/ ,800, ,800, % U.S. BANK TRUST NATIONAL ASSOCIA U.S. BANK TRUST NATIONAL ASSOCIA KAISER FOUNDATION HOSPITALS WL7 02/07/16 02/07/ , , % BERKSHIRE HATHAWAY ASSURANCE COR CITIBANK, N.A. KAISER FOUNDATION HOSPITALS WD8 02/07/16 02/07/ , , % KAISER FOUNDATION HOSPITALS KAISER FOUNDATION HOSPITALS 25155D2C4 02/07/16 02/07/ ,000, ,000, % DEUTSCHE BANK AKTIENGESELLSCHAFT LELAND STANFORD JUNIOR UNIVERSITY (THE) C45 02/03/16 02/07/ ,300, ,300, % LELAND STANFORD JUNIOR UNIVERSIT LELAND STANFORD JUNIOR UNIVERSITY (THE) JK9 02/07/16 02/07/ ,393, ,393, % LELAND STANFORD JUNIOR UNIVERSIT LOS ANGELES CALIFORNIA COMMUNITY REDEVELOPMENT AGENCY BR1 02/07/16 02/07/ ,800, ,800, % FEDERAL NATIONAL MORTGAGE ASSOCI FEDERAL NATIONAL MORTGAGE ASSOCI LOS ANGELES CALIFORNIA WASTEWATER 88033MAA5 02/07/16 02/07/ ,100, ,100, % JP MORGAN CHASE BANK NA LOS ANGELES CITY CALIFORNIA DEPARTMENT OF AIRPORTS 06740GGC4 02/07/16 02/07/ ,300, ,300, % BARCLAYS BANK PLC LOS ANGELES COMMUNITY COLLEGE DISTRICT 74926YTN1 02/07/16 02/07/ ,100, ,100, % ROYAL BANK OF CANADA LOS ANGELES COUNTY CALIFORNIA HOUSING AUTHORITY GH1 02/07/16 02/07/ ,836, ,836, % FEDERAL NATIONAL MORTGAGE ASSOCI FEDERAL NATIONAL MORTGAGE ASSOCI LOS ANGELES COUNTY CALIFORNIA HOUSING AUTHORITY GJ7 02/07/16 02/07/ ,200, ,200, % FEDERAL NATIONAL MORTGAGE ASSOCI FEDERAL NATIONAL MORTGAGE ASSOCI LOS ANGELES INTERNATIONAL AIRPORT 06740GLU8 02/07/16 02/07/ ,545, ,545, % BARCLAYS BANK PLC LOS ANGELES INTERNATIONAL AIRPORT 46633VF87 02/07/16 02/07/ ,800, ,800, % JPMORGAN CHASE BANK, NATIONAL AS LOS ANGELES INTERNATIONAL AIRPORT 76252PDX4 02/07/16 02/07/ ,500, ,500, % BARCLAYS BANK PLC LUCILE PACKARD CHILDREN'S HOSPITAL 74926YYV7 02/07/16 02/07/ ,000, ,000, % ROYAL BANK OF CANADA LUCILE PACKARD CHILDREN'S HOSPITAL 88033LVD8 02/07/16 02/07/ ,580, ,580, % BANK OF AMERICA, N.A. ORANGE CALIFORNIA (COUNTY OF) MK2 02/07/16 02/07/ ,400, ,400, % FEDERAL NATIONAL MORTGAGE ASSOCI FEDERAL NATIONAL MORTGAGE ASSOCI PROVIDENCE HEALTH & SERVICES 88033LEX3 02/07/16 02/07/ ,440, ,440, % THE TORONTO-DOMINION BANK REGENTS OF THE UNIVERSITY OF CALIFORNIA (THE) 76252PDN6 02/07/16 02/07/ ,000, ,000, % BARCLAYS BANK PLC REGENTS OF THE UNIVERSITY OF CALIFORNIA (THE) GN4 02/07/16 02/07/ ,000, ,000, % REGENTS OF THE UNIVERSITY OF CAL REGENTS OF THE UNIVERSITY OF CALIFORNIA (THE) 91412GSG1 02/07/16 02/07/ ,600, ,600, % REGENTS OF THE UNIVERSITY OF CAL RIVERSIDE CALIFORNIA TRANSPORTATION COMMISSION 46640KBC7 02/07/16 02/07/ ,875, ,875, % JPMORGAN CHASE BANK, NATIONAL AS SACRAMENTO CALIFORNIA HOUSING AND REDEVELOPMENT AGENCY EV2 02/07/16 02/07/ ,190, ,190, % FEDERAL NATIONAL MORTGAGE ASSOCI FEDERAL NATIONAL MORTGAGE ASSOCI SACRAMENTO MUNICIPAL UTILITY DISTRICT PD4 02/07/16 02/07/ ,600, ,600, % BANK OF AMERICA, N.A. BANK OF AMERICA, N.A. SACRAMENTO MUNICIPAL UTILITY DISTRICT SD1 02/07/16 02/07/ , , % U.S. BANK NATIONAL ASSOCIATION U.S. BANK NATIONAL ASSOCIATION SACRAMENTO SUBURBAN WATER DISTRICT 78607PBK2 02/07/16 02/07/ ,000, ,000, % SUMITOMO MITSUI BANKING CORPORAT SUMITOMO MITSUI BANKING CORPORAT SAN DIEGO CALIFORNIA COMMUNITY COLLEGE DISTRICT 25155DAQ4 02/07/16 02/07/ ,500, ,500, % DEUTSCHE BANK AKTIENGESELLSCHAFT SAN DIEGO CALIFORNIA COMMUNITY COLLEGE DISTRICT 46632PT60 02/04/16 02/07/ , , % JPMORGAN CHASE BANK, NATIONAL AS SAN DIEGO CALIFORNIA COMMUNITY COLLEGE DISTRICT 74926YTZ4 02/07/16 02/07/ ,000, ,000, % ROYAL BANK OF CANADA Page 1 of 3

13 As of Weighted Average : 6 Par SAN DIEGO COUNTY CALIFORNIA REGIONAL TRANSPORTATION COMMI FH6 02/07/16 02/07/ ,450, ,450, % MIZUHO BANK, LTD. SANTA CLARA VALLEY TRANSPORTATION AUTHORITY 80168NDR7 02/07/16 02/07/ , , % SUMITOMO MITSUI BANKING CORPORAT SANTA CLARA VALLEY TRANSPORTATION AUTHORITY 80168NEG0 02/07/16 02/07/ ,700, ,700, % SUMITOMO MITSUI BANKING CORPORAT SANTA CLARA, CALIFORNIA (COUNTY OF) HF7 02/07/16 02/07/ , , % BANK OF AMERICA, N.A. BANK OF AMERICA, N.A. SCRIPPS HEALTH 13033F5K2 02/07/16 02/07/ , , % MUFG UNION BANK, NATIONAL ASSOCI MUFG UNION BANK, NATIONAL ASSOCI SHARP HEALTHCARE 00037CNR7 02/07/16 02/07/ ,000, ,000, % BANK OF AMERICA, N.A. BANK OF AMERICA, N.A. SHARP HEALTHCARE 00037CPN4 02/07/16 02/07/ , , % CITIBANK, N.A. CITIBANK, N.A. SILICON VALLEY POWER FW5 02/07/16 02/07/ ,855, ,855, % THE BANK OF TOKYO-MITSUBISHI UFJ THE BANK OF TOKYO-MITSUBISHI UFJ SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY E92 02/07/16 02/07/ ,000, ,000, % U.S. BANK NATIONAL ASSOCIATION U.S. BANK NATIONAL ASSOCIATION SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY 84247PGE5 02/07/16 02/07/ ,200, ,200, % DEUTSCHE BANK AKTIENGESELLSCHAFT STATE OF CALIFORNIA 13063A6G4 02/01/16 02/01/ ,500, ,500, % CITIBANK, N.A. CITIBANK, N.A. STATE OF CALIFORNIA 88033LX61 02/07/16 02/07/ ,300, ,300, % DEUTSCHE BANK AKTIENGESELLSCHAFT STATE OF CALIFORNIA 88033MKV8 02/07/16 02/07/ ,000, ,000, % CITIBANK, N.A. SUTTER HEALTH 13033LMM6 02/07/16 02/07/ ,600, ,600, % CITIBANK, N.A. SUTTER HEALTH 88033LE21 02/07/16 02/07/ ,935, ,935, % JPMORGAN CHASE BANK, NATIONAL AS THE METROPOLITAN WATER DISTRICT OF SOUTHERN CALIFORNIA 06740GAQ9 02/07/16 02/07/ ,500, ,500, % BARCLAYS BANK PLC THE METROPOLITAN WATER DISTRICT OF SOUTHERN CALIFORNIA F1 02/07/16 02/07/ ,900, ,900, % BARCLAYS BANK PLC UNIVERSITY OF SOUTHERN CALIFORNIA UW4 02/07/16 02/07/ ,976, ,976, % MORGAN STANLEY BANK, N.A. UNIVERSITY OF SOUTHERN CALIFORNIA 46632PW25 02/04/16 02/07/ ,690, ,690, % JPMORGAN CHASE BANK, NATIONAL AS UNIVERSITY OF SOUTHERN CALIFORNIA 88033LKV0 02/07/16 02/07/ ,300, ,300, % JPMORGAN CHASE BANK, NATIONAL AS TOTAL: VARIABLE RATE DEMAND NOTE 181,330, ,330, % TOTAL INVESTMENT PORTFOLIO 191,730, ,730, % NET OTHER ASSETS/LIABILITIES 1,398, % TOTAL NET ASSETS Total: 193,129, % (a) Represents portion of Fund's investments in Joint Account I. WAM: The money market fund's weighted average maturity (WAM) is an average of the effective maturities of all securities held in the portfolio, weighted by each security's percentage of net assets. WAL: The money market fund's weighted average life (WAL) is an average of the final maturities (or where applicable the date of demand) of all securities held in the portfolio, weighted by each security's percentage of net assets. : Represents the next interest rate reset date, demand date or prerefunded date. : Represents the maturity date utilized to calculate the WAL. Cash: Non interest bearing FDIC account. Fund holdings and allocations shown are unaudited, and may not be representative of current or future investments. Fund holdings and allocations may not include the Fund's entire investment portfolio, which may change at any time. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk. Percentages may not sum to 100% due to rounding. An investment in a money market portfolio is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although a money market portfolio seeks to preserve the value of an investment of $1.00 per share, it is possible to lose money by investing in a money market portfolio. A summary prospectus, if available, or a Prospectus for the Fund containing more information may be obtained from your authorized dealer or from Goldman, Sachs & Co. by calling (retail ) (institutional ). Please consider a fund's objectives, risks, and charges and expenses, and read the summary prospectus, if available, and the Prospectus carefully before investing. The summary prospectus, if available, and the Prospectus contains this and other information about the Fund. Page 2 of 3

14 As of Weighted Average : 6 Par Goldman, Sachs & Co. is the distributor of the Goldman Sachs Funds Goldman Sachs. All rights reserved MF.MED.TMPL/11/2014 of first use: February 5, 2016 Page 3 of 3

15 As of Weighted Average : 7 Weighted Average Life: 7 Par KAISER FOUNDATION HOSPITALS 13032THR5 03/01/16 03/01/ ,000, ,000, % TOTAL: OTHER MUNICIPAL DEBT 1,000, ,000, % BNP PARIBAS SECURITIES CORP (a) N/A 01/04/16 01/04/ , , % CITIGROUP GLOBAL MARKETS INC. (a) N/A 01/04/16 01/04/ , , % CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK (a) N/A 01/04/16 01/04/ , , % MERRILL LYNCH, PIERCE, FENNER & SMITH, INCORPORATED (a) N/A 01/04/16 01/04/ , , % TOTAL: TREASURY REPURCHASE AGREEMENT 900, , % ADVENTIST HEALTH SYSTEM/WEST 74703YCR9 01/07/16 01/07/ ,620, ,620, % BANK OF AMERICA, N.A. BAY AREA TOLL AUTHORITY 74703UKA5 01/07/16 01/07/ ,150, ,150, % BANK OF AMERICA, N.A. BAY AREA TOLL AUTHORITY 74703YN48 01/07/16 01/07/ ,100, ,100, % BANK OF AMERICA, N.A. CALIFORNIA INSTITUTE OF TECHNOLOGY EZ5 01/07/16 01/07/ ,000, ,000, % CALIFORNIA INSTITUTE OF TECHNOLO CALIFORNIA STATE UNIVERSITY 13077CRT3 01/07/16 01/07/ ,000, ,000, % BERKSHIRE HATHAWAY ASSURANCE COR CITIBANK, N.A. CALIFORNIA STATE UNIVERSITY 52522NMY2 01/07/16 01/07/ ,475, ,475, % ASSURED GUARANTY MUNICIPAL CORP. CITIBANK, N.A. CENTRAL BASIN MUNICIPAL WATER DISTRICT BK8 01/07/16 01/07/ ,600, ,600, % U.S. BANK NATIONAL ASSOCIATION U.S. BANK NATIONAL ASSOCIATION CHEVRON CORPORATION 13048TGT4 01/01/16 01/01/ ,300, ,300, % CHEVRON CORPORATION CITY OF HOPE 13033LN37 01/07/16 01/07/ ,430, ,430, % CITY OF HOPE CLAREMONT MCKENNA COLLEGE 05248RDX6 01/07/16 01/07/ ,000, ,000, % DEUTSCHE BANK AKTIENGESELLSCHAFT CLAREMONT MCKENNA COLLEGE 46633VGM5 01/07/16 01/07/ ,680, ,680, % JPMORGAN CHASE BANK, NATIONAL AS DEPARTMENT OF WATER AND POWER OF THE CITY OF LA (WATER SYST544525DD7 01/07/16 01/07/ ,200, ,200, % WELLS FARGO BANK, N.A. DEPARTMENT OF WATER AND POWER OF THE CITY OF LOS ANGELES DH4 01/01/16 01/01/ , , % ROYAL BANK OF CANADA DEPARTMENT OF WATER AND POWER OF THE CITY OF LOS ANGELES DM3 01/07/16 01/07/ ,000, ,000, % BANK OF MONTREAL DEPARTMENT OF WATER AND POWER OF THE CITY OF LOS ANGELES DA3 01/07/16 01/07/ , , % ROYAL BANK OF CANADA DEPARTMENT OF WATER AND POWER OF THE CITY OF LOS ANGELES 88033MJU2 01/07/16 01/07/ ,140, ,140, % U.S. BANK NATIONAL ASSOCIATION DIGNITY HEALTH 13033HXN1 01/07/16 01/07/ ,900, ,900, % JPMORGAN CHASE BANK, NATIONAL AS JPMORGAN CHASE BANK, NATIONAL AS EAST BAY CALIFORNIA MUNICIPAL UTILITY DISTRICT TW2 01/07/16 01/07/ ,800, ,800, % U.S. BANK NATIONAL ASSOCIATION EAST BAY CALIFORNIA MUNICIPAL UTILITY DISTRICT WN8 01/07/16 01/07/ ,900, ,900, % CITIBANK, N.A. EASTERN CALIFORNIA MUNICIPAL WATER DISTRICT 27627TAA0 01/07/16 01/07/ ,645, ,645, % WELLS FARGO BANK, N.A. EASTERN CALIFORNIA MUNICIPAL WATER DISTRICT 27627TAC6 01/01/16 01/01/ ,000, ,000, % WELLS FARGO BANK, N.A. IRVINE RANCH CALIFORNIA WATER DISTRICT W7 01/01/16 01/01/ ,800, ,800, % U.S. BANK TRUST NATIONAL ASSOCIA U.S. BANK TRUST NATIONAL ASSOCIA KAISER FOUNDATION HOSPITALS WL7 01/07/16 01/07/ , , % BERKSHIRE HATHAWAY ASSURANCE COR CITIBANK, N.A. KAISER FOUNDATION HOSPITALS WD8 01/07/16 01/07/ , , % KAISER FOUNDATION HOSPITALS KAISER FOUNDATION HOSPITALS 25155D2C4 01/07/16 01/07/ ,000, ,000, % DEUTSCHE BANK AKTIENGESELLSCHAFT LELAND STANFORD JUNIOR UNIVERSITY (THE) C45 01/06/16 01/07/ ,300, ,300, % LELAND STANFORD JUNIOR UNIVERSIT LELAND STANFORD JUNIOR UNIVERSITY (THE) JK9 01/07/16 01/07/ ,393, ,393, % LELAND STANFORD JUNIOR UNIVERSIT LELAND STANFORD JUNIOR UNIVERSITY (THE) A1 01/07/16 01/07/ ,600, ,600, % CITIBANK, N.A. LOS ANGELES CALIFORNIA COMMUNITY REDEVELOPMENT AGENCY BR1 01/07/16 01/07/ ,800, ,800, % FEDERAL NATIONAL MORTGAGE ASSOCI FEDERAL NATIONAL MORTGAGE ASSOCI LOS ANGELES CALIFORNIA WASTEWATER 88033MAA5 01/07/16 01/07/ ,100, ,100, % JP MORGAN CHASE BANK NA LOS ANGELES CITY CALIFORNIA DEPARTMENT OF AIRPORTS 06740GGC4 01/07/16 01/07/ ,300, ,300, % BARCLAYS BANK PLC LOS ANGELES COMMUNITY COLLEGE DISTRICT 74926YTN1 01/07/16 01/07/ ,100, ,100, % ROYAL BANK OF CANADA LOS ANGELES COUNTY CALIFORNIA HOUSING AUTHORITY GH1 01/07/16 01/07/ ,836, ,836, % FEDERAL NATIONAL MORTGAGE ASSOCI FEDERAL NATIONAL MORTGAGE ASSOCI LOS ANGELES COUNTY CALIFORNIA HOUSING AUTHORITY GJ7 01/07/16 01/07/ ,200, ,200, % FEDERAL NATIONAL MORTGAGE ASSOCI FEDERAL NATIONAL MORTGAGE ASSOCI LOS ANGELES INTERNATIONAL AIRPORT 06740GLU8 01/07/16 01/07/ ,645, ,645, % BARCLAYS BANK PLC LOS ANGELES INTERNATIONAL AIRPORT 46633VF87 01/07/16 01/07/ ,800, ,800, % JPMORGAN CHASE BANK, NATIONAL AS LOS ANGELES INTERNATIONAL AIRPORT 76252PDX4 01/07/16 01/07/ ,500, ,500, % BARCLAYS BANK PLC LUCILE PACKARD CHILDREN'S HOSPITAL 74926YYV7 01/07/16 01/07/ ,000, ,000, % ROYAL BANK OF CANADA LUCILE PACKARD CHILDREN'S HOSPITAL 88033LVD8 01/07/16 01/07/ ,580, ,580, % BANK OF AMERICA, N.A. ORANGE CALIFORNIA (COUNTY OF) MK2 01/07/16 01/07/ ,400, ,400, % FEDERAL NATIONAL MORTGAGE ASSOCI FEDERAL NATIONAL MORTGAGE ASSOCI ORANGE COUNTY CALIFORNIA SANITATION DISTRICT 46633VXF1 01/07/16 01/07/ ,000, ,000, % ASSURED GUARANTY MUNICIPAL CORP. JPMORGAN CHASE BANK, NATIONAL AS ORANGE COUNTY CALIFORNIA WATER DISTRICT 46633VRJ0 01/07/16 01/07/ , , % JPMORGAN CHASE BANK, NATIONAL AS PROVIDENCE HEALTH & SERVICES 74703YLT5 01/07/16 01/07/ ,290, ,290, % BANK OF AMERICA, N.A. PROVIDENCE HEALTH & SERVICES 88033LEX3 01/07/16 01/07/ ,440, ,440, % THE TORONTO-DOMINION BANK REGENTS OF THE UNIVERSITY OF CALIFORNIA (THE) 76252PDN6 01/07/16 01/07/ ,000, ,000, % BARCLAYS BANK PLC REGENTS OF THE UNIVERSITY OF CALIFORNIA (THE) GN4 01/07/16 01/07/ ,700, ,700, % REGENTS OF THE UNIVERSITY OF CAL REGENTS OF THE UNIVERSITY OF CALIFORNIA (THE) 91412GSG1 01/07/16 01/07/ ,600, ,600, % REGENTS OF THE UNIVERSITY OF CAL RIVERSIDE CALIFORNIA TRANSPORTATION COMMISSION 46640KBC7 01/07/16 01/07/ ,875, ,875, % JPMORGAN CHASE BANK, NATIONAL AS SACRAMENTO CALIFORNIA HOUSING AND REDEVELOPMENT AGENCY EV2 01/07/16 01/07/ ,190, ,190, % FEDERAL NATIONAL MORTGAGE ASSOCI FEDERAL NATIONAL MORTGAGE ASSOCI Page 1 of 3

16 As of Weighted Average : 7 Weighted Average Life: 7 Par SACRAMENTO MUNICIPAL UTILITY DISTRICT PD4 01/07/16 01/07/ ,600, ,600, % BANK OF AMERICA, N.A. BANK OF AMERICA, N.A. SACRAMENTO MUNICIPAL UTILITY DISTRICT SD1 01/07/16 01/07/ , , % U.S. BANK NATIONAL ASSOCIATION U.S. BANK NATIONAL ASSOCIATION SACRAMENTO SUBURBAN WATER DISTRICT 78607PBK2 01/07/16 01/07/ ,000, ,000, % SUMITOMO MITSUI BANKING CORPORAT SUMITOMO MITSUI BANKING CORPORAT SAN DIEGO CALIFORNIA COMMUNITY COLLEGE DISTRICT 25155DAQ4 01/07/16 01/07/ ,500, ,500, % DEUTSCHE BANK AKTIENGESELLSCHAFT SAN DIEGO CALIFORNIA COMMUNITY COLLEGE DISTRICT 46632PT60 01/07/16 01/07/ , , % JPMORGAN CHASE BANK, NATIONAL AS SAN DIEGO CALIFORNIA COMMUNITY COLLEGE DISTRICT 74926YTZ4 01/07/16 01/07/ ,000, ,000, % ROYAL BANK OF CANADA SAN DIEGO COUNTY CALIFORNIA REGIONAL TRANSPORTATION COMMI FH6 01/07/16 01/07/ ,450, ,450, % MIZUHO BANK, LTD. SAN FRANCISCO CALIFORNIA CITY & COUNTY PUB UTILITIES COMMISSI88033MLY1 01/07/16 01/07/ ,450, ,450, % TD BANK, NATIONAL ASSOCIATION SANTA CLARA VALLEY TRANSPORTATION AUTHORITY 80168NDR7 01/07/16 01/07/ , , % SUMITOMO MITSUI BANKING CORPORAT SANTA CLARA VALLEY TRANSPORTATION AUTHORITY 80168NEG0 01/07/16 01/07/ ,700, ,700, % SUMITOMO MITSUI BANKING CORPORAT SANTA CLARA, CALIFORNIA (COUNTY OF) HF7 01/07/16 01/07/ , , % BANK OF AMERICA, N.A. BANK OF AMERICA, N.A. SCRIPPS HEALTH 13033F5K2 01/07/16 01/07/ , , % MUFG UNION BANK, NATIONAL ASSOCI MUFG UNION BANK, NATIONAL ASSOCI SHARP HEALTHCARE 00037CNR7 01/07/16 01/07/ ,000, ,000, % BANK OF AMERICA, N.A. BANK OF AMERICA, N.A. SHARP HEALTHCARE 00037CPN4 01/07/16 01/07/ , , % CITIBANK, N.A. CITIBANK, N.A. SILICON VALLEY POWER FW5 01/07/16 01/07/ ,855, ,855, % THE BANK OF TOKYO-MITSUBISHI UFJ THE BANK OF TOKYO-MITSUBISHI UFJ SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY E92 01/07/16 01/07/ ,000, ,000, % U.S. BANK NATIONAL ASSOCIATION U.S. BANK NATIONAL ASSOCIATION SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY 84247PGE5 01/07/16 01/07/ ,200, ,200, % DEUTSCHE BANK AKTIENGESELLSCHAFT STANFORD HOSPITAL AND CLINICS 13033LJM0 01/07/16 01/07/ ,000, ,000, % DEUTSCHE BANK AKTIENGESELLSCHAFT STATE OF CALIFORNIA 13063A6G4 01/01/16 01/01/ ,500, ,500, % CITIBANK, N.A. CITIBANK, N.A. STATE OF CALIFORNIA 88033LX61 01/07/16 01/07/ ,300, ,300, % DEUTSCHE BANK AKTIENGESELLSCHAFT STATE OF CALIFORNIA 88033MKV8 01/07/16 01/07/ ,000, ,000, % CITIBANK, N.A. SUTTER HEALTH 13033LMM6 01/07/16 01/07/ ,600, ,600, % CITIBANK, N.A. SUTTER HEALTH 88033LE21 01/07/16 01/07/ ,935, ,935, % JPMORGAN CHASE BANK, NATIONAL AS THE METROPOLITAN WATER DISTRICT OF SOUTHERN CALIFORNIA 06740GAQ9 01/07/16 01/07/ ,500, ,500, % BARCLAYS BANK PLC THE METROPOLITAN WATER DISTRICT OF SOUTHERN CALIFORNIA F1 01/07/16 01/07/ ,900, ,900, % BARCLAYS BANK PLC THE METROPOLITAN WATER DISTRICT OF SOUTHERN CALIFORNIA 59266TLK5 01/07/16 01/07/ ,900, ,900, % THE METROPOLITAN WATER DISTRICT UNIVERSITY OF SOUTHERN CALIFORNIA C7 01/07/16 01/07/ ,000, ,000, % CITIBANK, N.A. UNIVERSITY OF SOUTHERN CALIFORNIA UW4 01/07/16 01/07/ ,976, ,976, % MORGAN STANLEY BANK, N.A. UNIVERSITY OF SOUTHERN CALIFORNIA 46632PW25 01/07/16 01/07/ ,690, ,690, % JPMORGAN CHASE BANK, NATIONAL AS UNIVERSITY OF SOUTHERN CALIFORNIA 88033LKV0 01/07/16 01/07/ ,300, ,300, % JPMORGAN CHASE BANK, NATIONAL AS TOTAL: VARIABLE RATE DEMAND NOTE 211,700, ,700, % TOTAL INVESTMENT PORTFOLIO 213,600, ,600, % NET OTHER ASSETS/LIABILITIES 151, % TOTAL NET ASSETS Total: 213,751, % (a) Represents portion of Fund's investments in Joint Account I. WAM: The money market fund's weighted average maturity (WAM) is an average of the effective maturities of all securities held in the portfolio, weighted by each security's percentage of net assets. WAL: The money market fund's weighted average life (WAL) is an average of the final maturities (or where applicable the date of demand) of all securities held in the portfolio, weighted by each security's percentage of net assets. : Represents the next interest rate reset date, demand date or prerefunded date. : Represents the maturity date utilized to calculate the WAL. Cash: Non interest bearing FDIC account. Fund holdings and allocations shown are unaudited, and may not be representative of current or future investments. Fund holdings and allocations may not include the Fund's entire investment portfolio, which may change at any time. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk. Percentages may not sum to 100% due to rounding. Page 2 of 3

17 As of Weighted Average : 7 Weighted Average Life: 7 Par An investment in a money market portfolio is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although a money market portfolio seeks to preserve the value of an investment of $1.00 per share, it is possible to lose money by investing in a money market portfolio. A summary prospectus, if available, or a Prospectus for the Fund containing more information may be obtained from your authorized dealer or from Goldman, Sachs & Co. by calling (retail ) (institutional ). Please consider a fund's objectives, risks, and charges and expenses, and read the summary prospectus, if available, and the Prospectus carefully before investing. The summary prospectus, if available, and the Prospectus contains this and other information about the Fund. Goldman, Sachs & Co. is the distributor of the Goldman Sachs Funds Goldman Sachs. All rights reserved MF.MED.TMPL/11/2014 of first use: January 8, 2016 Page 3 of 3