Holdings Report Goldman Sachs USD Liquid Reserves Fund

As of 03-30-2018 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 CHARTA, LLC 02/04/2018 161,400,000 0.39% MATCHPOINT FINANCE PLC 02/04/2018 166,500,000 0.40% ALBION CAPITAL LLC 03/04/2018 211,891,000 0.51% GOTHAM FUNDING CORPORATIO 03/04/2018 13,000,000 0.03% LIBERTY STREET FUNDING LL 03/04/2018 6,200,000 0.01% MANAGED AND ENHANCED TAP 03/04/2018 50,600,000 0.12% MATCHPOINT FINANCE PLC 03/04/2018 119,000,000 0.29% THUNDER BAY FUNDING, LLC 03/04/2018 50,000,000 0.12% BARTON CAPITAL S.A. 04/04/2018 54,000,000 0.13% LMA 04/04/2018 100,000,000 0.24% THUNDER BAY FUNDING, LLC 04/04/2018 50,000,000 0.12% ATLANTIC ASSET SECURITIZA 05/04/2018 75,100,000 0.18% BARTON CAPITAL S.A. 05/04/2018 52,000,000 0.13% MANAGED AND ENHANCED TAP 06/04/2018 50,400,000 0.12% FAIRWAY FINANCE COMPANY, 09/04/2018 75,000,000 0.18% KELLS FUNDING, LLC 09/04/2018 93,500,000 0.23% MATCHPOINT FINANCE PLC 09/04/2018 50,000,000 0.12% REGENCY MARKETS NO. 1, LL 09/04/2018 50,072,000 0.12% BARTON CAPITAL S.A. 10/04/2018 62,950,000 0.15% KELLS FUNDING, LLC 10/04/2018 100,000,000 0.24% CHARTA, LLC 11/04/2018 50,000,000 0.12% KELLS FUNDING, LLC 11/04/2018 19,000,000 0.05% CRC FUNDING, LLC 12/04/2018 37,000,000 0.09% KELLS FUNDING, LLC 13/04/2018 90,000,000 0.22% NIEUW AMSTERDAM RECEIVABL 18/04/2018 14,400,000 0.03% KELLS FUNDING, LLC 19/04/2018 75,500,000 0.18% LIBERTY STREET FUNDING LL 19/04/2018 31,500,000 0.08% ALBION CAPITAL LLC 20/04/2018 171,396,000 0.41% LIBERTY STREET FUNDING LL 20/04/2018 50,000,000 0.12% KELLS FUNDING, LLC 23/04/2018 85,500,000 0.21% LIBERTY STREET FUNDING LL 23/04/2018 60,000,000 0.15% ALPINE SECURITIZATION LLC 01/05/2018 122,000,000 0.29% GOTHAM FUNDING CORPORATIO 02/05/2018 200,000,000 0.48% MANAGED AND ENHANCED TAP 02/05/2018 153,500,000 0.37% ATLANTIC ASSET SECURITIZA 04/05/2018 84,490,000 0.20% KELLS FUNDING, LLC 08/05/2018 217,000,000 0.52% VICTORY RECEIVABLES CORPO 08/05/2018 100,000,000 0.24% LMA-AMERICAS LLC 09/05/2018 228,500,000 0.55% MANAGED AND ENHANCED TAP 14/05/2018 180,000,000 0.44% ATLANTIC ASSET SECURITIZA 15/05/2018 96,000,000 0.23% LIBERTY STREET FUNDING LL 15/05/2018 37,900,000 0.09% 1

BARTON CAPITAL S.A. 16/05/2018 110,500,000 0.27% LMA-AMERICAS LLC 17/05/2018 84,000,000 0.20% VICTORY RECEIVABLES CORPO 21/05/2018 33,000,000 0.08% ALPINE SECURITIZATION LLC 22/05/2018 70,350,000 0.17% ATLANTIC ASSET SECURITIZA 22/05/2018 41,735,000 0.10% MATCHPOINT FINANCE PLC 22/05/2018 58,750,000 0.14% LIBERTY STREET FUNDING LL 23/05/2018 71,500,000 0.17% MATCHPOINT FINANCE PLC 29/05/2018 53,500,000 0.13% OLD LINE FUNDING, LLC 29/05/2018 23,350,000 0.06% CHARIOT FUNDING LLC 30/05/2018 17,700,000 0.04% JUPITER SECURITIZATION CO 30/05/2018 60,000,000 0.15% NIEUW AMSTERDAM RECEIVABL 31/05/2018 73,000,000 0.18% BEDFORD ROW FUNDING CORP. 01/06/2018 3,800,000 0.01% CHARTA, LLC 04/06/2018 29,500,000 0.07% CANCARA ASSET SECURITISAT 05/06/2018 81,200,000 0.20% COLLATERALIZED COMMERCIAL 05/06/2018 121,500,000 0.29% FAIRWAY FINANCE COMPANY, 05/06/2018 15,000,000 0.04% CIESCO, LLC 06/06/2018 37,700,000 0.09% FAIRWAY FINANCE COMPANY, 06/06/2018 18,250,000 0.04% LIBERTY STREET FUNDING LL 06/06/2018 70,000,000 0.17% ALPINE SECURITIZATION LTD 07/06/2018 150,000,000 0.36% CHARTA, LLC 07/06/2018 18,900,000 0.05% GOTHAM FUNDING CORPORATIO 08/06/2018 110,000,000 0.27% LMA-AMERICAS LLC 11/06/2018 45,000,000 0.11% NIEUW AMSTERDAM RECEIVABL 11/06/2018 150,000,000 0.36% ATLANTIC ASSET SECURITIZA 12/06/2018 33,000,000 0.08% MATCHPOINT FINANCE PLC 14/06/2018 62,500,000 0.15% OLD LINE FUNDING, LLC 19/06/2018 43,000,000 0.10% MATCHPOINT FINANCE PLC 20/06/2018 2,950,000 0.01% ATLANTIC ASSET SECURITIZA 21/06/2018 3,950,000 0.01% LIBERTY STREET FUNDING LL 21/06/2018 10,000,000 0.02% MATCHPOINT FINANCE PLC 22/06/2018 50,000,000 0.12% CHARTA, LLC 25/06/2018 7,050,000 0.02% GOTHAM FUNDING CORPORATIO 25/06/2018 33,250,000 0.08% VICTORY RECEIVABLES CORPO 25/06/2018 80,100,000 0.19% LIBERTY STREET FUNDING LL 26/06/2018 13,435,000 0.03% MATCHPOINT FINANCE PLC 26/06/2018 26,000,000 0.06% KELLS FUNDING, LLC 29/06/2018 4,980,000 0.01% COLLATERALIZED CP II CO 02/07/2018 151,900,000 0.37% LMA-AMERICAS LLC 05/07/2018 66,000,000 0.16% MATCHPOINT FINANCE PLC 05/07/2018 50,000,000 0.12% VERSAILLES COMMERCIAL PAP 09/07/2018 5,624,000 0.01% LMA-AMERICAS LLC 11/07/2018 100,000,000 0.24% CHARIOT FUNDING LLC 24/09/2018 38,000,000 0.09% ASSET BACKED COMMERCIAL PAPER 6,025,273,000 14.56% BEDFORD ROW FUNDING CORP. 12/04/2018 39,440,000 0.10% BEDFORD ROW FUNDING CORP. 13/04/2018 10,850,000 0.03% COLLATERALIZED COMMERCIAL 06/07/2018 474,250,000 1.15% BEDFORD ROW FUNDING CORP. 12/07/2018 16,000,000 0.04% COLLATERALIZED COMMERCIAL 23/07/2018 207,000,000 0.50% BEDFORD ROW FUNDING CORP. 22/08/2018 146,750,000 0.35% COLLATERALIZED COMMERCIAL 19/11/2018 117,000,000 0.28% 2

ASSET BACKED VARIABLE RATE OBLIGATIONS 1,011,290,000 2.44% ALPINE SECURITIZATION LLC 02/07/2018 120,000,000 0.29% CALLABLE ASSET BACKED COMMERCIAL PAPER 120,000,000 0.29% LANDESBANK HESSEN-THUERIN 09/04/2018 200,000,000 0.48% NATIONAL BANK OF KUWAIT S 10/04/2018 85,000,000 0.21% NATIONAL BANK OF KUWAIT S 12/04/2018 150,000,000 0.36% CREDIT INDUSTRIEL ET COMM 13/04/2018 200,000,000 0.48% SUMITOMO MITSUI TRUST BAN 13/04/2018 200,000,000 0.48% MITSUBISHI UFJ TRUST AND 19/04/2018 200,000,000 0.48% OVERSEA-CHINESE BANKING C 19/04/2018 350,000,000 0.85% NATIONAL BANK OF KUWAIT S 23/04/2018 85,000,000 0.21% MIZUHO INTERNATIONAL PLC 26/04/2018 100,000,000 0.24% MITSUBISHI UFJ TRUST AND 27/04/2018 150,000,000 0.36% KBC BANK NV 30/04/2018 170,000,000 0.41% MITSUBISHI UFJ TRUST AND 30/04/2018 200,000,000 0.48% NATIONAL BANK OF KUWAIT S 01/05/2018 165,000,000 0.40% ABBEY NATIONAL TREASURY S 04/05/2018 304,400,000 0.74% INDUSTRIAL & COMMERCIAL B 08/05/2018 162,000,000 0.39% NATIONAL BANK OF KUWAIT S 11/05/2018 100,000,000 0.24% KBC BANK NV 14/05/2018 322,000,000 0.78% NATIONAL BANK OF KUWAIT S 14/05/2018 70,000,000 0.17% BANCO DEL ESTADO DE CHILE 15/05/2018 65,000,000 0.16% CITIBANK, NATIONAL ASSOCI 18/05/2018 103,700,000 0.25% SUMITOMO MITSUI TRUST BAN 31/05/2018 204,000,000 0.49% OVERSEA-CHINESE BANKING C 08/06/2018 320,000,000 0.77% OVERSEA-CHINESE BANKING C 11/06/2018 295,000,000 0.71% CITIBANK, N.A. 12/06/2018 225,000,000 0.54% MIZUHO BANK, LTD-NEW YORK 14/06/2018 150,500,000 0.36% OVERSEA-CHINESE BANKING C 14/06/2018 60,750,000 0.15% NORINCHUKIN BANK-NEW YORK 21/06/2018 7,850,000 0.02% MITSUBISHI UFJ TRUST AND 22/06/2018 85,323,000 0.21% NORINCHUKIN BANK-NEW YORK 22/06/2018 28,975,000 0.07% STANDARD CHARTERED BANK-N 25/06/2018 153,611,000 0.37% TORONTO-DOMINION BANK (TH 22/08/2018 321,600,000 0.78% CERTIFICATES OF DEPOSIT 5,234,709,000 12.65% DISTRICT OF COLUMBIA WATE 02/04/2018 29,200,000 0.07% FIRST ABU DHABI BANK P.J. 04/04/2018 375,000,000 0.91% FIRST ABU DHABI BANK P.J. 05/04/2018 120,000,000 0.29% MITSUBISHI UFJ TRUST AND 05/04/2018 185,000,000 0.45% NRW.BANK 05/04/2018 408,500,000 0.99% NRW.BANK 09/04/2018 27,000,000 0.07% KINGDOM OF BELGIUM 10/04/2018 500,000,000 1.21% AGENCE CENTRALE DES ORGAN 12/04/2018 225,000,000 0.54% KINGDOM OF BELGIUM 12/04/2018 500,000,000 1.21% NATIONAL AUSTRALIA BANK L 30/04/2018 19,445,000 0.05% BANQUE ET CAISSE D'EPARGN 02/05/2018 46,600,000 0.11% NEDERLANDSE WATERSCHAPSBA 02/05/2018 34,700,000 0.08% SUMITOMO MITSUI TRUST BAN 07/05/2018 250,000,000 0.60% NRW.BANK 08/05/2018 121,500,000 0.29% SWEDBANK AB 08/05/2018 116,000,000 0.28% 3

ING (U.S.) FUNDING LLC 11/05/2018 44,750,000 0.11% CHINA CONSTRUCTION BANK C 14/05/2018 122,640,000 0.30% DBS BANK LTD 22/05/2018 31,250,000 0.08% SOCIETE GENERALE 31/05/2018 85,900,000 0.21% MITSUBISHI UFJ TRUST AND 01/06/2018 173,500,000 0.42% DBS BANK LTD 06/06/2018 21,000,000 0.05% SUMITOMO MITSUI BANKING C 07/06/2018 39,000,000 0.09% SUMITOMO MITSUI TRUST BAN 11/06/2018 440,000,000 1.06% BANK OF NOVA SCOTIA (THE) 13/06/2018 180,000,000 0.44% LANDESBANK HESSEN-THUERIN 19/06/2018 76,800,000 0.19% SUMITOMO MITSUI TRUST ASS 25/06/2018 29,583,000 0.07% BANQUE ET CAISSE D'EPARGN 02/07/2018 56,120,000 0.14% SANTANDER UK PLC 02/07/2018 145,550,000 0.35% STANDARD CHARTERED BANK 09/07/2018 220,500,000 0.53% UNITED OVERSEAS BANK LIMI 27/07/2018 125,232,000 0.30% J.P. MORGAN SECURITIES LL 05/09/2018 276,900,000 0.67% UNITED OVERSEAS BANK LIMI 17/09/2018 182,500,000 0.44% COMMERCIAL PAPER 5,209,170,000 12.59% TORONTO-DOMINION BANK (TH 31/03/2018 5,000,000 0.01% BANK OF MONTREAL 09/04/2018 72,375,000 0.17% HSBC BANK PLC 15/05/2018 44,520,000 0.11% NORDEA BANK AB (PUBL) 15/05/2018 33,850,000 0.08% MEDIUM TERM NOTES 155,745,000 0.38% BNP PARIBAS 02/04/2018 1,603,400,000 3.88% DEUTSCHE BANK SECURITIES 02/04/2018 400,000,000 0.97% MERRILL LYNCH, PIERCE, FE 02/04/2018 200,000,000 0.48% WELLS FARGO SECURITIES, L 02/04/2018 2,100,000,000 5.08% REPURCHASE AGREEMENT 4,303,400,000 10.40% BNP PARIBAS 02/04/2018 60,000,000 0.15% ING BANK N.V. 03/04/2018 1,485,000,000 3.59% SOCIETE GENERALE 03/04/2018 1,200,000,000 2.90% REPURCHASE AGREEMENT (OTHER) 2,745,000,000 6.64% J P MORGAN CHASE PUTTERS 31/03/2018 27,500,000 0.07% TAXABLE MUNICIPAL SECURITIES 27,500,000 0.07% DBS BANK LTD 02/04/2018 325,000,000 0.79% NATIONAL BANK OF CANADA 02/04/2018 415,000,000 1.00% BNP PARIBAS 03/04/2018 500,000,000 1.21% CREDIT INDUSTRIEL ET COMM 03/04/2018 900,000,000 2.18% DBS BANK LTD 03/04/2018 250,000,000 0.60% AUSTRALIA AND NEW ZEALAND 04/04/2018 590,000,000 1.43% AUSTRALIA AND NEW ZEALAND 05/04/2018 600,000,000 1.45% TIME DEPOSIT 3,580,000,000 8.65% UNITED STATES DEPARTMENT 21/06/2018 1,800,000,000 4.35% TREASURY 1,800,000,000 4.35% UNITED STATES DEPARTMENT 15/04/2018 92,300,000 0.22% TREASURY NOTES/BONDS 92,300,000 0.22% 4

NATIONAL AUSTRALIA BANK L 03/04/2018 237,000,000 0.57% OVERSEA-CHINESE BANKING C 03/04/2018 192,000,000 0.46% WELLS FARGO BANK, NATIONA 03/04/2018 2,850,000 0.01% BANK OF NOVA SCOTIA (THE) 04/04/2018 81,000,000 0.20% DEXIA CREDIT LOCAL-NEW YO 04/04/2018 172,500,000 0.42% MIZUHO BANK, LTD-NEW YORK 06/04/2018 176,300,000 0.43% SVENSKA HANDELSBANKEN AB- 06/04/2018 236,750,000 0.57% COOEPERATIEVE RABOBANK U. 09/04/2018 44,550,000 0.11% BANCO DEL ESTADO DE CHILE 10/04/2018 150,000,000 0.36% WESTPAC BANKING CORPORATI 13/04/2018 14,500,000 0.04% SWEDBANK AB -NEW YORK BRA 18/04/2018 26,050,000 0.06% ROYAL BANK OF CANADA-NEW 19/04/2018 23,700,000 0.06% STANDARD CHARTERED BANK-N 19/04/2018 198,000,000 0.48% COMMONWEALTH BANK OF AUST 20/04/2018 49,000,000 0.12% CREDIT SUISSE AG 20/04/2018 250,000,000 0.60% MITSUBISHI UFJ TRUST AND 23/04/2018 263,300,000 0.64% BNP PARIBAS-NEW YORK BRAN 02/05/2018 206,350,000 0.50% BANK OF MONTREAL-CHICAGO 08/05/2018 44,000,000 0.11% MIZUHO BANK, LTD-NEW YORK 24/05/2018 200,000,000 0.48% SUMITOMO MITSUI BANKING C 29/05/2018 236,000,000 0.57% ABBEY NATIONAL TREASURY S 31/05/2018 213,950,000 0.52% COMMONWEALTH BANK OF AUST 01/06/2018 185,000,000 0.45% SUMITOMO MITSUI TRUST BAN 01/06/2018 185,000,000 0.45% ROYAL BANK OF CANADA-NEW 12/06/2018 14,400,000 0.03% ING (U.S.) FUNDING LLC 03/07/2018 158,050,000 0.38% ING (U.S.) FUNDING LLC 09/07/2018 127,500,000 0.31% NATIONAL AUSTRALIA BANK L 11/07/2018 200,000,000 0.48% WESTPAC BANKING CORPORATI 13/07/2018 164,750,000 0.40% ROYAL BANK OF CANADA-NEW 16/07/2018 10,350,000 0.03% ROYAL BANK OF CANADA-NEW 18/07/2018 5,000,000 0.01% SUMITOMO MITSUI BANKING C 18/07/2018 232,400,000 0.56% AUSTRALIA AND NEW ZEALAND 19/07/2018 105,000,000 0.25% COOEPERATIEVE RABOBANK U. 20/07/2018 8,750,000 0.02% UBS AG-LONDON BRANCH 25/07/2018 199,250,000 0.48% SUMITOMO MITSUI BANKING C 30/07/2018 235,750,000 0.57% HSBC BANK PLC 01/08/2018 180,000,000 0.44% ROYAL BANK OF CANADA-NEW 09/08/2018 130,000,000 0.31% MIZUHO BANK, LTD-NEW YORK 15/08/2018 50,000,000 0.12% COMMONWEALTH BANK OF AUST 16/08/2018 75,000,000 0.18% DZ BANK AG DEUTSCHE ZENTR 16/08/2018 55,720,000 0.13% WELLS FARGO BANK, NATIONA 20/08/2018 485,000,000 1.17% WESTPAC BANKING CORPORATI 20/08/2018 233,684,000 0.56% SUMITOMO MITSUI BANKING C 21/08/2018 250,500,000 0.61% ANZ NEW ZEALAND (INT'L) L 23/08/2018 132,150,000 0.32% COMMONWEALTH BANK OF AUST 23/08/2018 265,000,000 0.64% DNB BANK ASA 04/09/2018 123,250,000 0.30% COOEPERATIEVE RABOBANK U. 07/09/2018 98,500,000 0.24% TOYOTA FINANCE AUSTRALIA 07/09/2018 89,000,000 0.22% COMMONWEALTH BANK OF AUST 14/09/2018 125,450,000 0.30% COOEPERATIEVE RABOBANK U. 14/09/2018 129,000,000 0.31% BANK OF NOVA SCOTIA - HOU 17/09/2018 208,000,000 0.50% TORONTO-DOMINION BANK (TH 19/09/2018 37,180,000 0.09% 5

CANADIAN IMPERIAL BANK OF 21/09/2018 420,000,000 1.02% BANCO DEL ESTADO DE CHILE 28/09/2018 57,635,000 0.14% COOEPERATIEVE RABOBANK U. 03/10/2018 250,000,000 0.60% ERSTE ABWICKLUNGSANSTALT 12/10/2018 241,650,000 0.58% BANK OF MONTREAL-CHICAGO 17/10/2018 60,400,000 0.15% WELLS FARGO BANK, NATIONA 22/10/2018 13,950,000 0.03% BANK OF NOVA SCOTIA (THE) 06/11/2018 192,000,000 0.46% ROYAL BANK OF CANADA-NEW 06/11/2018 192,800,000 0.47% TORONTO-DOMINION BANK (TH 06/11/2018 600,000,000 1.45% CANADIAN IMPERIAL BANK OF 13/11/2018 318,200,000 0.77% SVENSKA HANDELSBANKEN AB 19/11/2018 170,500,000 0.41% COMMONWEALTH BANK OF AUST 29/11/2018 60,000,000 0.15% WELLS FARGO BANK, NATIONA 03/12/2018 490,000,000 1.18% TORONTO-DOMINION BANK (TH 06/12/2018 226,000,000 0.55% ANZ... 14/12/2018 15,000,000 0.04% COOEPERATIEVE RABOBANK U. 18/12/2018 50,000,000 0.12% COMMONWEALTH BANK OF AUST 21/12/2018 103,550,000 0.25% TORONTO-DOMINION BANK (TH 08/02/2019 13,950,000 0.03% COOEPERATIEVE RABOBANK U. 12/03/2019 72,750,000 0.18% VARIABLE RATE OBLIGATIONS 11,064,819,000 26.75% GRAND TOTAL 41,369,206,000 100.00% 6

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