As of 01-27-2017 Holdings Report Goldman Sachs USD Liquid Reserves Fund Portfolio holdings may not be representative of current or future investments. Future portfolio holdings may not be profitable. Description Maturity Date Par Value Date % of Portfolio MATCHPOINT FINANCE PLC 02/02/2017 129,300,000 0.37% KELLS FUNDING LIMITED 14/03/2017 51,000,000 0.14% ATLANTIC ASSET SECURITIZA 11/04/2017 154,500,000 0.44% LIBERTY STREET FUNDING LL 09/03/2017 27,500,000 0.08% THUNDER BAY FUNDING LLC 22/05/2017 1,700,000 0.00% KELLS FUNDING, LLC 06/02/2017 17,750,000 0.05% LMA 02/05/2017 14,000,000 0.04% KELLS FUNDING, LLC 15/05/2017 112,000,000 0.32% CRC FUNDING, LLC 02/02/2017 85,000,000 0.24% CAFCO, LLC 21/02/2017 19,500,000 0.06% FAIRWAY FINANCE COMPANY, 07/04/2017 10,500,000 0.03% KELLS FUNDING, LLC 23/03/2017 188,000,000 0.53% VICTORY RECEIVABLES CORPO 16/03/2017 30,353,000 0.09% CHARTA, LLC 21/02/2017 11,500,000 0.03% LIBERTY STREET FUNDING LL 05/05/2017 79,000,000 0.22% LMA 03/03/2017 106,500,000 0.30% KELLS FUNDING, LLC 10/03/2017 71,000,000 0.20% CIESCO, LLC 09/02/2017 140,000,000 0.40% ALBION CAPITAL LLC 16/02/2017 39,300,000 0.11% VICTORY RECEIVABLES CORPO 30/01/2017 10,500,000 0.03% CRC FUNDING, LLC 22/02/2017 28,500,000 0.08% KELLS FUNDING, LLC 23/05/2017 150,000,000 0.43% ATLANTIC ASSET SECURITIZA 14/03/2017 85,900,000 0.24% ATLANTIC ASSET SECURITIZA 03/02/2017 33,600,000 0.10% BARTON CAPITAL S.A. 30/01/2017 25,500,000 0.07% ATLANTIC ASSET SECURITIZA 02/03/2017 100,000,000 0.28% NIEUW AMSTERDAM RECEIVABL 02/02/2017 50,000,000 0.14% MANAGED AND ENHANCED TAP 01/02/2017 80,000,000 0.23% ATLANTIC ASSET SECURITIZA 01/03/2017 30,000,000 0.09% ATLANTIC ASSET SECURITIZA 20/04/2017 45,000,000 0.13% ALBION CAPITAL LLC 06/02/2017 87,295,000 0.25% REGENCY MARKETS NO. 1, LL 14/02/2017 84,500,000 0.24% KELLS FUNDING, LLC 07/03/2017 28,500,000 0.08% NIEUW AMSTERDAM RECEIVABL 01/03/2017 9,500,000 0.03% VICTORY RECEIVABLES CORPO 21/02/2017 86,500,000 0.25% OLD LINE FUNDING LLC 19/05/2017 17,000,000 0.05% ATLANTIC ASSET SECURITIZA 03/03/2017 29,024,000 0.08% CIESCO, LLC 07/03/2017 81,000,000 0.23% KELLS FUNDING, LLC 22/05/2017 100,000,000 0.28% MATCHPOINT FINANCE PLC 24/04/2017 3,392,000 0.01% THUNDER BAY FUNDING LLC 24/04/2017 19,000,000 0.05% 1
VICTORY RECEIVABLES CORPO 17/03/2017 113,200,000 0.32% ALBION CAPITAL LLC 27/02/2017 22,000,000 0.06% LMA-AMERICAS LLC 09/05/2017 39,500,000 0.11% MATCHPOINT FINANCE PLC 30/01/2017 277,051,000 0.79% LMA-AMERICAS LLC 04/04/2017 70,000,000 0.20% LIBERTY STREET FUNDING LL 07/03/2017 68,000,000 0.19% REGENCY MARKETS NO. 1, LL 09/02/2017 31,500,000 0.09% NIEUW AMSTERDAM RECEIVABL 10/02/2017 74,300,000 0.21% ATLANTIC ASSET SECURITIZA 06/02/2017 6,250,000 0.02% BARTON CAPITAL S.A. 01/02/2017 27,500,000 0.08% KELLS FUNDING LIMITED 22/03/2017 164,750,000 0.47% ATLANTIC ASSET SECURITIZA 15/03/2017 17,000,000 0.05% ASSET BACKED COMMERCIAL PAPER 3,384,165,000 9.59% OLD LINE FUNDING LLC 09/06/2017 25,400,000 0.07% COLLATERALIZED COMMERCIAL 28/07/2017 43,250,000 0.12% BEDFORD ROW FUNDING CORP. 17/08/2017 26,000,000 0.07% BEDFORD ROW FUNDING CORP. 31/07/2017 50,000,000 0.14% COLLATERALIZED COMMERCIAL 17/01/2018 79,500,000 0.23% FAIRWAY FINANCE COMPANY, 10/04/2017 15,500,000 0.04% FAIRWAY FINANCE COMPANY, 10/02/2017 75,000,000 0.21% ASSET BACKED VARIABLE RATE OBLIGATIONS 314,650,000 0.89% CANADIAN IMPERIAL BANK OF 10/02/2017 162,500,000 0.46% CITIBANK, N.A. 13/03/2017 85,650,000 0.24% DZ BANK AG DEUTSCHE ZENTR 31/01/2017 250,000,000 0.71% NATIONAL BANK OF KUWAIT S 15/05/2017 140,000,000 0.40% OVERSEA CHINESE BANKING C 31/01/2017 5,000,000 0.01% DZ BANK AG DEUTSCHE ZENTR 15/02/2017 200,000,000 0.57% LANDESBANK HESSEN-THUERIN 17/03/2017 101,300,000 0.29% SUMITOMO MITSUI BANKING C 03/02/2017 15,050,000 0.04% TORONTO DOMINION (NEW YOR 06/07/2017 17,500,000 0.05% NATIONAL BANK OF KUWAIT S 17/03/2017 100,000,000 0.28% DZ BANK AG DEUTSCHE ZENTR 31/03/2017 135,450,000 0.38% WELLS FARGO BANK, NATIONA 18/01/2018 15,000,000 0.04% DZ BANK AG DEUTSCHE ZENTR 25/08/2017 21,700,000 0.06% DZ BANK AG DEUTSCHE ZENTR 27/03/2017 125,500,000 0.36% WELLS FARGO BANK N.A 12/07/2017 15,000,000 0.04% STANDARD CHARTERED BANK-N 20/09/2017 52,450,000 0.15% OVERSEA-CHINESE BANKING C 19/04/2017 10,200,000 0.03% NORINCHUKIN BANK (THE) 26/04/2017 305,000,000 0.86% TORONTO-DOMINION BANK (TH 05/04/2017 600,000,000 1.70% CREDIT AGRICOLE CORPORATE 02/06/2017 156,250,000 0.44% BANK OF MONTREAL 17/04/2017 200,000,000 0.57% MITSUBISHI UFJ TRUST AND 06/03/2017 295,000,000 0.84% SUMITOMO MITSUI TRUST BAN 06/02/2017 140,000,000 0.40% DZ BANK AG DEUTSCHE ZENTR 20/10/2017 242,400,000 0.69% NATIONAL BANK OF KUWAIT S 24/02/2017 13,000,000 0.04% NATIONAL BANK OF KUWAIT S 31/05/2017 115,000,000 0.33% CREDIT INDUSTRIEL ET COMM 01/02/2017 200,000,000 0.57% NATIONAL BANK OF KUWAIT S 01/02/2017 147,500,000 0.42% BANK OF MONTREAL-CHICAGO 11/08/2017 150,200,000 0.43% CERTIFICATES OF DEPOSIT 4,016,650,000 11.39% 2
ERSTE ABWICKLUNGSANSTALT 25/05/2017 145,000,000 0.41% ERSTE ABWICKLUNGSANSTALT 30/01/2017 200,000,000 0.57% COOEPERATIEVE RABOBANK U. 19/05/2017 22,000,000 0.06% DZ BANK AG DEUTSCHE ZENTR 27/04/2017 18,750,000 0.05% MANAGED AND ENHANCED TAP 31/01/2017 75,000,000 0.21% ERSTE ABWICKLUNGSANSTALT 18/05/2017 21,300,000 0.06% NORTHWESTERN MEMORIAL HOS 09/03/2017 15,966,000 0.05% BANQUE ET CAISSE D'EPARGN 07/04/2017 8,250,000 0.02% OVERSEA-CHINESE BANKING C 06/04/2017 123,000,000 0.35% SENTARA HEALTHCARE 02/02/2017 6,680,000 0.02% KAISER FOUNDATION HOSPITA 09/02/2017 39,563,000 0.11% SSM HEALTH CARE CORPORATI 22/03/2017 13,000,000 0.04% SSM HEALTH CARE CORPORATI 16/02/2017 39,500,000 0.11% MANAGED AND ENHANCED TAP 13/04/2017 53,000,000 0.15% OVERSEA-CHINESE BANKING C 10/04/2017 172,000,000 0.49% BANNER HEALTH 08/02/2017 25,000,000 0.07% BNZ INTERNATIONAL FUNDING 24/07/2017 11,500,000 0.03% CPS ENERGY 16/02/2017 65,000,000 0.18% DEXIA CREDIT LOCAL-NEW YO 18/05/2017 11,250,000 0.03% RUTGERS STATE UNIVERSITY 09/02/2017 11,825,000 0.03% STANDARD CHARTERED BANK 21/02/2017 69,000,000 0.20% ERSTE ABWICKLUNGSANSTALT 24/05/2017 137,700,000 0.39% SVENSKA HANDELSBANKEN AB 07/07/2017 10,150,000 0.03% DEXIA CREDIT LOCAL-NEW YO 21/04/2017 31,800,000 0.09% CHARLOTTE-MECKLENBURG HOS 14/03/2017 6,000,000 0.02% SAN ANTONIO, TEXAS (CITY 09/02/2017 9,000,000 0.03% ERSTE ABWICKLUNGSANSTALT 06/02/2017 70,500,000 0.20% KAISER FOUNDATION HOSPITA 09/03/2017 50,100,000 0.14% KAISER FOUNDATION HOSPITA 02/02/2017 74,260,000 0.21% UNITED OVERSEAS BANK LIMI 21/04/2017 53,500,000 0.15% CPS ENERGY 07/02/2017 65,000,000 0.18% SSM HEALTH CARE CORPORATI 24/02/2017 53,000,000 0.15% THE STATE OF THE NETHERLA 31/01/2017 750,000,000 2.13% SWEDBANK AB 18/07/2017 3,700,000 0.01% ERSTE ABWICKLUNGSANSTALT 05/06/2017 96,400,000 0.27% WESTPAC BANKING CORPORATI 04/08/2017 19,775,000 0.06% NRW.BANK 06/04/2017 72,700,000 0.21% KAISER FOUNDATION HOSPITA 28/03/2017 65,000,000 0.18% COMMERCIAL PAPER 2,715,169,000 7.70% COMMONWEALTH BANK OF AUST 08/09/2017 43,100,000 0.12% CREDIT SUISSE AG-NEW YORK 26/05/2017 26,000,000 0.07% ABN AMRO BANK N.V. 02/02/2017 39,671,000 0.11% BANK OF TOKYO-MITSUBISHI 10/03/2017 23,250,000 0.07% DNB BANK ASA 03/04/2017 93,119,000 0.26% UBS AG-STAMFORD CONNECTIC 01/06/2017 54,080,000 0.15% METROPOLITAN LIFE GLOBAL 10/04/2017 9,980,000 0.03% WESTPAC BANKING CORPORATI 01/12/2017 16,715,000 0.05% MEDIUM TERM NOTES 305,915,000 0.87% SOCIETE GENERALE 30/01/2017 1,200,000,000 3.40% BNP PARIBAS 30/01/2017 60,000,000 0.17% 3
WELLS FARGO SECURITIES, L 30/01/2017 350,000,000 0.99% ING BANK N.V. 30/01/2017 1,300,000,000 3.69% WELLS FARGO SECURITIES, L 31/01/2017 150,000,000 0.43% REPURCHASE AGREEMENT (OTHER) 3,060,000,000 8.68% ABBEY NATIONAL TREASURY S 30/01/2017 1,000,000,000 2.84% SWEDBANK AB 30/01/2017 1,000,000,000 2.84% NATIXIS 30/01/2017 1,233,600,000 3.50% AUSTRALIA AND NEW ZEALAND 01/02/2017 500,000,000 1.42% CREDIT AGRICOLE CORPORATE 30/01/2017 1,350,000,000 3.83% NORDEA BANK AB (PUBL) 30/01/2017 1,400,000,000 3.97% NATIONAL BANK OF KUWAIT S 30/01/2017 650,000,000 1.84% AUSTRALIA AND NEW ZEALAND 02/02/2017 800,000,000 2.27% CREDIT INDUSTRIEL ET COMM 30/01/2017 1,000,000,000 2.84% TIME DEPOSIT 8,933,600,000 25.33% WESTPAC SECURITIES NZ LIM 31/07/2017 152,000,000 0.43% COLLATERALIZED COMMERCIAL 24/01/2018 67,000,000 0.19% NATIONAL AUSTRALIA BANK L 24/01/2018 250,000,000 0.71% BANK OF TOKYO-MITSUBISHI 27/04/2017 186,000,000 0.53% NORDEA BANK AB (PUBL)-NEW 06/09/2017 75,000,000 0.21% CREDIT SUISSE AG-NEW YORK 18/04/2017 32,000,000 0.09% ASB FINANCE LIMITED-LONDO 07/02/2017 72,375,000 0.21% BANK OF NOVA SCOTIA (THE) 09/03/2017 149,500,000 0.42% WESTPAC BANKING CORPORATI 07/08/2017 196,150,000 0.56% COOEPERATIEVE RABOBANK U. 15/08/2017 210,000,000 0.60% TORONTO-DOMINION BANK (TH 17/01/2018 253,000,000 0.72% MIZUHO BANK, LTD-NEW YORK 12/05/2017 55,500,000 0.16% DEXIA CREDIT LOCAL-NEW YO 19/06/2017 475,000,000 1.35% STANDARD CHARTERED BANK-N 27/02/2017 299,300,000 0.85% BANK OF NOVA SCOTIA - HOU 06/10/2017 49,500,000 0.14% STANDARD CHARTERED BANK 19/07/2017 148,000,000 0.42% COLLATERALIZED COMMERCIAL 25/04/2017 114,000,000 0.32% HSBC BANK USA, NATIONAL A 12/05/2017 37,500,000 0.11% BEDFORD ROW FUNDING CORP. 12/10/2017 65,000,000 0.18% BANK OF MONTREAL-CHICAGO 11/01/2018 158,300,000 0.45% METROPOLITAN LIFE GLOBAL 10/04/2017 11,350,000 0.03% CANADIAN IMPERIAL BANK OF 19/01/2018 190,000,000 0.54% ERSTE ABWICKLUNGSANSTALT 19/04/2017 226,600,000 0.64% OVERSEA-CHINESE BANKING C 15/11/2017 17,700,000 0.05% SUMITOMO MITSUI TRUST BAN 17/02/2017 141,500,000 0.40% SUMITOMO MITSUI BANKING C 14/03/2017 349,500,000 0.99% COLLATERALIZED COMMERCIAL 25/10/2017 116,000,000 0.33% STATE STREET BANK AND TRU 13/04/2017 137,600,000 0.39% BANK OF NOVA SCOTIA (THE) 17/08/2017 275,000,000 0.78% DNB BANK ASA 25/04/2017 8,000,000 0.02% MITSUBISHI UFJ TRUST AND 01/06/2017 38,700,000 0.11% BANK OF NOVA SCOTIA (THE) 22/03/2017 250,000,000 0.71% CREDIT SUISSE AG-NEW YORK 07/04/2017 110,150,000 0.31% ROYAL BANK OF CANADA-NEW 05/10/2017 134,350,000 0.38% BEDFORD ROW FUNDING CORP. 26/07/2017 50,000,000 0.14% SUMITOMO MITSUI BANKING C 08/05/2017 162,650,000 0.46% MIZUHO BANK, LTD. 20/07/2017 183,500,000 0.52% 4
BANK OF NOVA SCOTIA - HOU 12/04/2017 12,300,000 0.03% BANCO DEL ESTADO DE CHILE 09/03/2017 199,000,000 0.56% CANADIAN IMPERIAL BANK OF 16/08/2017 245,900,000 0.70% NATIONAL AUSTRALIA BANK L 31/03/2017 500,000,000 1.42% HSBC BANK USA, NATIONAL A 22/02/2017 2,900,000 0.01% MIZUHO BANK, LTD. 18/04/2017 195,000,000 0.55% CREDIT SUISSE AG-NEW YORK 31/03/2017 300,000,000 0.85% ERSTE ABWICKLUNGSANSTALT 16/03/2017 42,000,000 0.12% BANK OF NOVA SCOTIA (THE) 17/02/2017 124,750,000 0.35% COMMONWEALTH BANK OF AUST 24/08/2017 299,750,000 0.85% MIZUHO BANK, LTD-NEW YORK 07/03/2017 107,500,000 0.30% CREDIT SUISSE AG-NEW YORK 10/07/2017 65,500,000 0.19% WELLS FARGO BANK, NATIONA 19/01/2018 250,000,000 0.71% STANDARD CHARTERED BANK-N 12/10/2017 50,000,000 0.14% OVERSEA-CHINESE BANKING C 02/03/2017 200,000,000 0.57% STANDARD CHARTERED BANK 19/04/2017 132,000,000 0.37% BANK OF MONTREAL-CHICAGO 24/10/2017 14,700,000 0.04% SUMITOMO MITSUI TRUST BAN 27/04/2017 363,000,000 1.03% ANZ NEW ZEALAND (INT'L) L 30/03/2017 42,000,000 0.12% NATIONAL AUSTRALIA BANK L 06/12/2017 153,900,000 0.44% SVENSKA HANDELSBANKEN AB- 01/08/2017 11,430,000 0.03% STANDARD CHARTERED BANK 27/10/2017 170,000,000 0.48% ROYAL BANK OF CANADA-NEW 09/08/2017 156,750,000 0.44% MIZUHO BANK, LTD-NEW YORK 06/07/2017 42,000,000 0.12% WELLS FARGO BANK, NATIONA 22/09/2017 427,700,000 1.21% OVERSEA-CHINESE BANKING C 15/08/2017 3,000,000 0.01% TORONTO-DOMINION BANK (TH 10/08/2017 146,575,000 0.42% HSBC BANK PLC 05/07/2017 19,000,000 0.05% BANK OF NOVA SCOTIA (THE) 04/08/2017 81,000,000 0.23% BANK OF MONTREAL-CHICAGO 07/08/2017 253,750,000 0.72% FAIRWAY FINANCE COMPANY, 01/02/2017 90,000,000 0.26% COOEPERATIEVE RABOBANK U. 01/02/2017 100,000,000 0.28% COLLATERALIZED COMMERCIAL 06/07/2017 500,000,000 1.42% SUMITOMO MITSUI BANKING C 13/04/2017 32,000,000 0.09% SKANDINAVISKA ENSKILDA BA 23/02/2017 99,300,000 0.28% CANADIAN IMPERIAL BANK OF 13/10/2017 297,000,000 0.84% NORINCHUKIN BANK (THE) 10/04/2017 45,000,000 0.13% SVENSKA HANDELSBANKEN AB 09/02/2017 250,000,000 0.71% COOEPERATIEVE RABOBANK U. 13/02/2018 350,000,000 0.99% CITIBANK, N.A. 14/07/2017 144,300,000 0.41% NORINCHUKIN BANK-NEW YORK 31/07/2017 114,750,000 0.33% BNZ INTERNATIONAL FUNDING 04/10/2017 25,500,000 0.07% NORINCHUKIN BANK-NEW YORK 22/02/2017 266,150,000 0.75% COMMONWEALTH BANK OF AUST 10/08/2017 150,000,000 0.43% BANK OF MONTREAL-CHICAGO 06/07/2017 7,500,000 0.02% MIZUHO BANK, LTD-NEW YORK 27/02/2017 9,700,000 0.03% VARIABLE RATE OBLIGATIONS 12,540,330,000 35.55% GRAND TOTAL 35,270,479,000 100.00% 5
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