GLOBAL LIQUIDITY MANAGEMENT SOLUTIONS Financial SquareSM Money Market Funds Institutional Shares TAX-FREE GOVERNMENT CORPORATE Goldman Sachs Financial SquareSM Money Market Funds 10.31.14 Fund Number Share Class Payment to Intermediary (bps) Expense Ratio (net/gross)** Total Fund Net Assets ($MM) Ratings* Cusip NASDAQ Ticker Foreign & domestic corporate & bank obligations; repo AAAm/Aaa-mf 38141W232 FSMXX 474 n/a 0.18/0.23 30,538.3 Purchases: 5:00 PM Redemptions: 5:00 PM Goldman Sachs Financial Square Prime Obligations Fund1 Domestic corporate and bank obligations; repo AAAm/Aaa-mf/ AAAmmf 38141W364 FPOXX 462 n/a 0.18/0.23 13,795.3 Purchases: 5:00 PM Redemptions: 5:00 PM Goldman Sachs Financial Square Government Fund1 U.S. Treasury and government agency obligations; repo AAAm/Aaa-mf 38141W273 FGTXX 465 n/a 0.18/0.23 28,166.2 Purchases: 5:00 PM Redemptions: 5:00 PM Goldman Sachs Financial Square Treasury Obligations Fund2 U.S. Treasury securities; repo AAAm/Aaa-mf 38141W323 FTOXX 468 n/a 0.20/0.23 18,604.0 Purchases: 5:00 PM Redemptions: 5:00 PM Goldman Sachs Financial Square Federal Fund2 U.S. Treasury and government agency obligations AAAm/Aaa-mf 38142B880 FEDXX 520 n/a 0.20/0.23 10,629.8 Purchases: 3:00 PM Redemptions: 3:00 PM Goldman Sachs Financial Square Treasury Instruments Fund2 U.S. Treasury securities AAAm/Aaa-mf 38142B500 FTIXX 506 n/a 0.20/0.23 34,985.6 Purchases: 3:00 PM Redemptions: 3:00 PM Goldman Sachs Financial Square Tax-Free Money Market Fund1,3,4 Municipal securities Aaa-mf 38141W182 FTXXX 477 n/a 0.18/0.23 5,690.7 Purchases: 2:00 PM Redemptions: 1:00 PM Goldman Sachs Financial Square Tax-Exempt California Fund3,4 Municipal securities n/a 38142B633 ITCXX 418 n/a 0.41/0.41 252.5 Purchases: 1:00 PM Redemptions: 12:00 PM Goldman Sachs Financial Square Tax-Exempt New York Fund3,4 Municipal securities n/a 38142B567 ILNXX 424 n/a 0.42/0.42 121.0 Purchases: 1:00 PM Redemptions: 12:00 PM Goldman Sachs Financial Square Money Market Fund1 Key Investments Cut-Off Times (E.S.T.) * Ratings assigned by Standard & Poor’s Ratings Group and Moody’s Investors Service, Inc., respectively; in the case of Financial Square Prime Obligations Fund, additional rating assigned by Fitch Ratings. Standard & Poor’s AAAm rating: “Fund has extremely strong capacity to meet financial commitments.” Moody’s Aaa-mf rating: “Money market funds rated Aaa-mf have very strong ability to meet the dual objectives of providing liquidity and preserving capital.” Fitch AAAmmf rating: “denote extremely strong capacity to achieve money market fund’s investment objective of preserving principal and providing shareholder liquidity through limiting credit, market, and liquidity risk.” Ratings are subject to change and do not imply the elimination of risk. For complete information on the methodology used by each rating agency, please visit the following websites: S&P - http://www.standardandpoors.com/ratings/funds-mmf/en/us; Fitch - http://www.fitchratings.com/creditdesk/public/ratings_defintions/index.cfm?rd_file=m_funds; and Moody’s - http://v3.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004. ** The expense ratios of the Fund, both current (net of any fee waivers or expense limitations) and before waivers (gross of any fee waivers or expense limitations) are as set forth above. Pursuant to a contractual arrangement, the Fund's waivers and/or expense limitations will remain in place through at least December 29, 2014, and prior to such date the investment adviser may not terminate the arrangements without the approval of the Fund's Board of Trustees. Financial SquareSM Money Market Funds Institutional Shares 10.31.14 An investment in the Funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Funds seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Funds. 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 – 1-800-526-7384) (institutional – 1-800-621-2550). 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. The National Association of Insurance Commissioners (NAIC) is the organization of insurance regulators from the 50 states, the District of Columbia and the five U.S. territories. The NAIC provides a forum for the development of uniform policy when uniformity is appropriate. The NAIC’s Securities Valuation Office (SVO), located in New York City, is responsible for the day-to-day credit quality assessment and valuation of securities owned by state regulated insurance companies. Insurance companies report ownership of securities to the SVO when such securities are eligible for filing on Schedule D or DA of the NAIC Financial Statement Blank. The SVO conducts credit analysis on these securities for the purpose of assigning an NAIC designation and/or unit price. These designations and unit prices are produced solely for the benefit of NAIC members who may utilize them as part of the member’s monitoring of the financial condition of its domiciliary insurers. Unlike the ratings of nationally recognized statistical rating organizations, NAIC designations are not produced to aid the investment decision making process and therefore are not suitable for use by anyone other than NAIC members. Exempt funds do not require a capital reserve; Class 1 funds require insurance companies to set aside a risk-based capital charge when purchasing Class 1 funds. For complete information on the methodology used by NAIC, please visit the following website: http://www.naic.org/svo.htm 1 The National Association of Insurance Commissioners (NAIC) designated the Goldman Sachs Financial Square Money Market, Prime Obligations, Government and Tax-Free Money Market Funds as Class 1 Funds. NAIC Class 1 designation subjects these Funds to capital reserve requirements as if they were NAIC-1 Bonds. 2 The National Association of Insurance Commissioners (NAIC) designated the Goldman Sachs Financial Square Treasury Obligations, Federal and Treasury Instruments Funds as U.S. Direct Obligations/Full Faith & Credit Exempt and therefore allows these Funds to be exempt from NAIC capital reserve requirements. 3 By prospectus, the Funds may invest up to 20% of their net assets in private activity bonds, the interest from which is subject to the alternative minimum tax (AMT), although the Financial Square Tax-Free Money Market, Financial Square Tax-Exempt California and Financial Square New York Funds do not intend to do so. Share/Unitholders will be notified if changes are made to this policy. If such policy should change, private activity bonds subject to AMT would not exceed 20% of the Fund’s net assets under normal market conditions. 4 No more than 25% of the value of the Fund’s total assets may be invested in industrial development bonds or similar obligations where the non-governmental entities supplying the revenues from which such bonds or obligations are to be paid are in the same industry. Goldman, Sachs & Co., distributor of the Fund(s), is not a bank, and Fund shares distributed by Goldman, Sachs & Co. are neither deposits nor obligations of, nor endorsed, nor guaranteed by any bank or other insured depository institution, nor are they insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other government agency. Investment in the Funds involves risks, including possible loss of the principal amount invested. Financial Square FundsSM is a service mark of Goldman, Sachs & Co. © 2014 Goldman Sachs. All rights reserved. 121400.MF.MED.TMPL/2/2014 Date of First Use: Nov 13, 2014.