Money Markets

Important Information

GS Euro Liquid Reserves Fund 
Investment Objective and policy: The investment objective of the Euro Liquid Reserves Fund is to maximise current income to the extent consistent with the preservation of capital and the maintenance of liquidity by investing in a diversified portfolio of high quality money market securities. The Fund will consider Environmental Social Governance (ESG) factors and as such will not invest in debt securities issued by companies that are, in the opinion of the Investment Manager, directly engaged and/or generating significant revenues from the following activities: production of, and/or involvement in controversial weapons (including nuclear weapons); production or sale of tobacco; extraction, production or generation of certain fossil fuels (including thermal coal, shale gas and oil, oil sands, and arctic oil and gas); production or sale of civilian firearms; and operation of private prisons. The Investment Manager may periodically update the types of activities that are excluded. The Fund promotes environmental and/or social characteristics, however, does not commit to making any sustainable investments.The weighted average time to the maturity date (meaning date of interest rate change or principal repayment, if earlier) of all such securities will be up to 60 days and the weighted average time until the full principal must be repaid on all securities will be up to 120 days. The Fund has been authorised as a Low Volatility NAV Money Market Fund under Regulation 2017/1131 and is a “short-term money market fund”. Shares in the Fund may be redeemed daily (on each business day) on demand. The Fund is actively managed without reference to any benchmark. Income is rolled up into the value of your investment. The Fund currency is EUR. The share class currency is EUR. The Fund is a money market fund and is not a guaranteed investment, an investment in a money market fund is different from an investment in deposits, including in particular because of the risk that the principal invested in a money market fund is capable of fluctuation. The Fund does not rely on external support for guaranteeing liquidity or stabilising the Net Asset Value per Share, the risk of loss of principal is borne by the investor
Type of Assets in Which Fund May Invest: The Fund will invest in Euro denominated money market instruments: securities with remaining maturities (eg, a final maturity date) of 397 days or less at the time of purchase.
Actively or Not Actively Managed Against Benchmark + Degree of Freedom from Benchmark: The Fund is actively managed without reference to any benchmark.
Leverage: NA
SFDR Classification: Article 8
Risks: This risk profile is based on historical data and may not be a reliable indication of the future risk profile of the Fund. The risk category shown is not guaranteed and may change over time. The lowest category does not mean risk free. It is possible that a fund stated to have a lower risk profile may in fact fall in value more than a fund with a higher risk profile. The Fund is in category 1 as it mostly invests in high quality, short-term, debt securities. The capital is not guaranteed.

GS US$ Liquid Reserves Fund:
Investment Objective and policy: The investment objective of the US$ Liquid Reserves Fund is to maximise current income to the extent consistent with the preservation of capital and the maintenance of liquidity by investing in a diversified portfolio of high quality money market securities. The weighted average time to the maturity date (meaning date of interest rate change or principal repayment, if earlier) of all such securities will be up to 60 days and the weighted average time until the full principal must be repaid on all securities will be up to 120 days. The Fund has been authorised as a Low Volatility NAV Money Market Fund under Regulation 2017/1131 and is a “short-term money market fund. The Fund will consider Environmental Social Governance (ESG) factors and as such will not invest in debt securities issued by companies that are, in the opinion of the Investment Manager, directly engaged and/or generating significant revenues from the following activities: production of, and/or involvement in controversial weapons (including nuclear weapons); production or sale of tobacco; extraction, production or generation of certain fossil fuels (including thermal coal, shale gas and oil, oil sands, and arctic oil and gas); production or sale of civilian firearms; and operation of private prisons. The Investment Manager may periodically update the types of activities that are excluded. The Fund promotes environmental and/or social characteristics, however, does not commit to making any sustainable investments. Shares in the Fund may be redeemed daily (on each business day) on demand. Income is rolled up into the value of your investment. The Fund currency is USD. The share class currency is USD. The Fund is a money market fund and is not a guaranteed investment, an investment in a money market fund is different from an investment in deposits, including in particular because of the risk that the principal invested in a money market fund is capable of fluctuation. The Fund does not rely on external support for guaranteeing liquidity or stabilising the Net Asset Value per Share, the risk of loss of principal is borne by the investor.

Type of Assets in Which Fund May Invest: The Fund will invest in US Dollar denominated money market instruments: securities with remaining maturities (eg, a final maturity date) of 397 days or less at the time of purchase.

Actively or Not Actively Managed Against Benchmark + Degree of Freedom from Benchmark : The Fund is actively managed without reference to any benchmark.
Leverage: NA
SFDR Classification: Article 8
Risks: This risk profile is based on historical data and may not be a reliable indication of the future risk profile of the Fund. The risk category shown is not guaranteed and may change over time. The lowest category does not mean risk free. It is possible that a fund stated to have a lower risk profile may in fact fall in value more than a fund with a higher risk profile. The Fund is in category 1 as it mostly invests in high quality, short-term, debt securities. The capital is not guaranteed.

GS US$ Treasury Liquid Reserves Fund
Investment Objective and policy: The investment objective of the US$ Treasury Liquid Reserves Fund is to maximise current income to the extent consistent with the preservation of capital and the maintenance of liquidity by investing in US Treasury Obligations and US-Treasury backed repurchase agreements. The weighted average time to the maturity date (meaning date of interest rate change or principal repayment, if earlier) of all such securities will be up to 60 days and the weighted average time until the full principal must be repaid on all securities will be up to 120 days. The Fund has been authorised as a Public Debt CNAV Money Market Fund under Regulation 2017/1131 and is a “short-term money market fund”. The Fund will consider Environmental Social Governance (ESG) factors and as such will not invest in debt securities issued by companies that are, in the opinion of the Investment Manager, directly engaged and/or generating significant revenues from the following activities: production of, and/or involvement in controversial weapons (including nuclear weapons); production or sale of tobacco; extraction, production or generation of certain fossil fuels (including thermal coal, shale gas and oil, oil sands, and arctic oil and gas); production or sale of civilian firearms; and operation of private prisons. The Investment Manager may periodically update the types of activities that are excluded.Shares in the Fund may be redeemed daily (on each business day) on demand. Income is rolled up into the value of your investment. The Fund currency is USD. The share class currency is USD. The Fund is a money market fund and is not a guaranteed investment, an investment in a money market fund is different from an investment in deposits, including in particular because of the risk that the principal invested in a money market fund is capable of fluctuation. The Fund does not rely on external support for guaranteeing liquidity or stabilising the Net Asset Value per Share, the risk of loss of principal is borne by the investor.
Type of Assets in Which Fund May Invest: The Fund will invest in US Dollar denominated money market instruments: specifically securities issued or guaranteed by the US Government with remaining maturities (eg, a final maturity date) of 397 days or less at the time of purchase.

Actively or Not Actively Managed Against Benchmark + Degree of Freedom from Benchmark : The Fund is actively managed without reference to any benchmark.

Leverage: NA
SFDR Classification: Article 6

Risks: This risk profile is based on historical data and may not be a reliable indication of the future risk profile of the Fund. The risk category shown is not guaranteed and may change over time. The lowest category does not mean risk free. It is possible that a fund stated to have a lower risk profile may in fact fall in value more than a fund with a higher risk profile. The Fund is in category 1 as it mostly invests in high quality, short-term, debt securities. The capital is not guaranteed

GS US$ Standard VNAV Fund
Investment Objective and policy: The investment objective of the US$ Standard VNAV Fund is to maintain its principal and provide a return in line with the interest rates of money market instruments while maintaining an emphasis on liquidity and generating, to the extent possible, current income by investing in a diversified portfolio of high-quality money market securities. The Fund may utilise derivatives for hedging purposes only. The Fund has been authorised as a “Standard Money Market Fund” under Regulation 2017/1131 and has a variable NAV per share. The Fund will not invest more than one tenth of its assets in other collective investment schemes. The Fund will consider Environmental Social Governance (ESG) factors and as such will not invest in debt securities issued by companies that are, in the opinion of the Investment Manager, directly engaged and/or generating significant revenues from the following activities: production of, and/or involvement in controversial weapons (including nuclear weapons); production or sale of tobacco; extraction, production or generation of certain fossil fuels (including thermal coal, shale gas and oil, oil sands, and arctic oil and gas); production or sale of civilian firearms; and operation of private prisons. The Investment Manager may periodically update the types of activities that are excluded. The Fund promotes environmental and/or social characteristics, however, does not commit to making any sustainable investments. Shares in the Fund may be redeemed daily (on each business day) on demand. The weighted average time to the maturity date (meaning date of interest rate change or principal repayment, if earlier) of all such securities will be no more than 6 months and the weighted average time until the full principal must be repaid on all securities will be 12 months or less. The Fund is actively managed without reference to any benchmark. 1 Income is rolled up into the value of your investment. The Fund currency is USD. The share class currency is USD. The Fund is a money market fund and is not a guaranteed investment, an investment in a money market fund is different from an investment in deposits, including in particular because of the risk that the principal invested in a money market fund is capable of fluctuation. The Fund does not rely on external support for guaranteeing liquidity or stabilising the Net Asset Value per Share, the risk of loss of principal is borne by the investor.
Types of Assets in Which Fund May Invest: The Fund will invest in a diversified range of securities, with remaining maturities of 2 years or less at the time of purchase, provided that the time remaining until the next interest rate reset date is less than or equal to 397 days. The Fund will invest in debt securities and debt instruments issued by local and national governments, supranational organisations, banks and other financial firms so long as they are considered to be high quality securities as determined by the Investment Manager. The Fund will invest at least two thirds of its portfolio in securities denominated in USD. Investment in non-Base Currency securities will be hedged to the Base Currency of the Fund.

Actively or Not Actively Managed Against Benchmark + Degree of Freedom from Benchmark: The Fund is actively managed without reference to any benchmark.
Leverage: NA
SFDR Classification: Article 8
Risks: This risk profile is based on historical data and may not be a reliable indication of the future risk profile of the Fund. The risk category shown is not guaranteed and may change over time. The lowest category does not mean risk free. It is possible that a fund stated to have a lower risk profile may in fact fall in value more than a fund with a higher risk profile. The Fund is in category 2 as it mostly invests in high quality, short-term, debt securities. The capital is not guaranteed.

There is no guarantee that objectives will be met.

Investments in fixed income securities are subject to the risks associated with debt securities generally, including credit, liquidity, interest rate, prepayment and extension risk. Bond prices fluctuate inversely to changes in interest rates. Therefore, a general rise in interest rates can result in the decline in the bond’s price.  The value of securities with variable and floating interest rates are generally less sensitive to interest rate changes than securities with fixed interest rates. Variable and floating rate securities may decline in value if interest rates do not move as expected. Conversely, variable and floating rate securities will not generally rise in value if market interest rates decline. Credit risk is the risk that an issuer will default on payments of interest and principal. Credit risk is higher when investing in high yield bonds, also known as junk bonds. Prepayment risk is the risk that the issuer of a security may pay off principal more quickly than originally anticipated. Extension risk is the risk that the issuer of a security may pay off principal more slowly than originally anticipated. All fixed income investments may be worth less than their original cost upon redemption or maturity.

You could lose money by investing in money market funds. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The fund's sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.

Equity securities are more volatile than fixed income securities and subject to greater risks. Small and mid-sized company stocks involve greater risks than those customarily associated with larger companies. 

When interest rates increase, fixed income securities will generally decline in value. Fluctuations in interest rates may also affect the yield and liquidity of fixed income securities.

Exchange-Traded Funds are subject to risks similar to those of stocks. Investment returns may fluctuate and are subject to market volatility, so that an investor’s shares, when redeemed, or sold, may be worth more or less than their original cost. ETFs may yield investment results that, before expenses, generally correspond to the price and yield of a particular index. There is no assurance that the price and yield performance of the index can be fully matched.

Mutual funds are subject to various risks, as described fully in each Fund’s prospectus. There can be no assurance that the Funds will achieve their investment objectives. The Funds may be subject to style risk, which is the risk that the particular investing style of the Fund (i.e., growth or value) may be out of favor in the marketplace for various periods of time.

THIS MATERIAL DOES NOT CONSTITUTE AN OFFER OR SOLICITATION IN ANY JURISDICTION WHERE OR TO ANY PERSON TO WHOM IT WOULD BE UNAUTHORIZED OR UNLAWFUL TO DO SO.

Prospective investors should inform themselves as to any applicable legal requirements and taxation and exchange control regulations in the countries of their citizenship, residence or domicile which might be relevant.

This material is provided for educational and informational purposes only and should not be construed as investment advice or an offer or solicitation to buy or sell securities. This material is not intended to be used as a general guide to investing, or as a source of any specific investment recommendations, and makes no implied or express recommendations concerning the manner in which any client’s account should or would be handled, as appropriate investment strategies depend upon the client’s investment objectives.

This information discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or investment advice. This material has been prepared by Goldman Sachs Asset Management and is not financial research nor a product of Goldman Sachs Global Investment Research (GIR). It was not prepared in compliance with applicable provisions of law designed to promote the independence of financial analysis and is not subject to a prohibition on trading following the distribution of financial research. The views and opinions expressed may differ from those of Goldman Sachs Global Investment Research or other departments or divisions of Goldman Sachs and its affiliates. Investors are urged to consult with their financial advisors before buying or selling any securities. This information may not be current and Goldman Sachs Asset Management has no obligation to provide any updates or changes.

Views and opinions expressed are for informational purposes only and do not constitute a recommendation by Goldman Sachs Asset Management to buy, sell, or hold any security. Views and opinions are current as of the date of this publication and may be subject to change, they should not be construed as investment advice.

Mosaic is made available in the United States by Goldman Sachs & Co. LLC and outside of the United States by Goldman Sachs International, or its local affiliates in accordance with applicable law and regulations. Goldman Sachs International and Goldman Sachs & Co. LLC are the distributors of the Goldman Sachs Funds. Depending upon the jurisdiction in which you are located, transactions in non-Goldman Sachs money market funds are effected by either Goldman Sachs & Co. LLC, a member of FINRA, SIPC and NYSE, or Goldman Sachs International.  For additional information contact your Goldman Sachs representative. Goldman Sachs & Co. LLC, Goldman Sachs International, Goldman Sachs Liquidity Solutions, Goldman Sachs Asset Management, L.P., and the Goldman Sachs funds available through Goldman Sachs Liquidity Solutions and other affiliated entities, are under the common control of the Goldman Sachs Group, Inc. 

Goldman Sachs & Co. LLC is a registered U.S. broker-dealer and futures commission merchant, and is subject to regulatory capital requirements including those imposed by the SEC, the U.S. Commodity Futures Trading Commission (CFTC), the Chicago Mercantile Exchange, the Financial Industry Regulatory Authority, Inc. and the National Futures Association. 

There is no guarantee that objectives will be met.

Documents providing further detailed information about the fund/s, including the articles of association, prospectus, supplement and the Key Information Document (KID) or UK Key Investor Information Document (KIID) (as applicable), annual/semi-annual report (as applicable), and a summary of your investor rights, are available free of charge in English language and as required, in your local language by navigating to your local language landing page via https://www.gsam.com/content/gsam/ain/en/advisors/literature-and-forms/literature.html and also from the fund’s paying and information agents. If GSAMFSL, the management company, decides to terminate its arrangement for marketing the fund/s in any EEA country where it is registered for sale, it will do so in accordance with the relevant UCITS rules.

Money Market Funds: The Funds are short-term public debt CNAV money market funds and investors should note (a) that a money market fund is not a guaranteed investment; (b) that an investment in a money market fund is different from an investment in deposits, including in particular because of the risk that the principal invested in a money market fund is capable of fluctuation; (c) that a money market fund does not rely on external support for guaranteeing liquidity or stabilising the Net Asset Value per Share; and (d) that the risk of loss of the principal is borne by the investor.

Money Market Funds: The Funds are short-term LVNAV money market funds and investors should note (a) that a money market fund is not a guaranteed investment; (b) that an investment in a money market fund is different from an investment in deposits, including in particular because of the risk that the principal invested in a money market fund is capable of fluctuation; (c) that a money market fund does not rely on external support for guaranteeing liquidity or stabilising the Net Asset Value per Share; and (d) that the risk of loss of the principal is borne by the investor.

Money Market Funds: The Funds are standard VNAV money market funds and investors should note (a) that a money market fund is not a guaranteed investment; (b) that an investment in a money market fund is different from an investment in deposits, including in particular because of the risk that the principal invested in a money market fund is capable of fluctuation; (c) that a money market fund does not rely on external support for guaranteeing liquidity or stabilising the Net Asset Value per Share; and (d) that the risk of loss of the principal is borne by the investor.

Messaggio pubblicitario con finalità promozionali. Prima dell'adesione leggere il KID, che il proponente l’investimento deve consegnare prima della sottoscrizione, e il Prospetto disponibile sul sito Internet: https://assetmanagement.gs.com/content/gsam/ita/it/advisors/homepage.html e presso gli intermediari collocatori. Return to EMEA Index

FOR PROFESSIONAL USE ONLY (WITHIN THE MEANING OF THE MIFID DIRECTIVE)- NOT FOR PUBLIC DISTRIBUTION. THIS DOCUMENT IS PROVIDED FOR SPECIFIC INFORMATION PURPOSES ONLY IN ORDER TO ENABLE THE RECIPIENT TO ASSESS THE FINANCIAL CHARACTERISTICS OF THE CONCERNED FINANCIAL INSTRUMENT(S) AS PROVIDED FOR IN ARTICLE L. 533-13-1, I, 2° OF THE FRENCH MONETARY AND FINANCIAL CODE AND DOES NOT CONSTITUTE AND MAY NOT BE USED AS MARKETING MATERIAL FOR INVESTORS OR POTENTIAL INVESTORS IN FRANCE.

The prospectus, the Key Information Document (KID) or UK Key Investor Information Document (KIID) (as applicable), the articles, the annual and semi-annual reports of the Fund may be obtained free of charge from the Swiss Representative. In respect of the Shares offered or advertised in Switzerland to Qualified Investors, the place of performance is at the registered office of the Swiss Representative. The place of jurisdiction is at the registered office of the representative or at the registered office or place of residence of the investor.

Swiss Representative: FIRST INDEPENDENT FUND SERVICES LTD, Feldeggstrasse 12, 8008 Zurich

Paying Agent: GOLDMAN SACHS BANK AG, Claridenstrasse 25, CH-8002 Zurich
In the European Union, this material has been approved by Goldman Sachs Asset Management Fund Services Limited, which is regulated by the Central Bank of Ireland.
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