Goldman Sachs Asset Management to Disclose Daily NAV for US-Domiciled Commercial Paper Money Market Funds

  Goldman Sachs Asset Management to Disclose Daily NAV for US-Domiciled
  Commercial Paper Money Market Funds

Business Wire

NEW YORK -- January 9, 2013

Goldman Sachs Asset Management announced that it will begin disclosing a daily
market value Net Asset Value (“NAV”) for its US-domiciled Commercial Paper
Money Market funds effective today. Disclosure of the NAV for the Government
and Municipal funds is expected to follow next week.

“As a leading provider of liquidity solutions, we believe that more frequent
disclosure and greater transparency will benefit investors. This will have no
impact to how fund shareholders transact or the way the funds are managed,”
said James McNamara, Managing Director and President of Goldman Sachs Mutual
Funds. “It is our belief that this level of transparency will also benefit the
ongoing dialogue around potential regulatory changes to money market funds.”

As the industry and regulators work to determine the next course of action
relative to money market fund reform, GSAM believes increased transparency
will help investors, and the market at large. This disclosure is also
consistent with Goldman Sachs’ long-standing advocacy of mark-to-market

“Given that much of the discussion about systemic risk has centered on the
commercial paper fund market in the US, we have decided as a first step to
disclose those funds’ market value NAVs,” said David A. Fishman and James P.
McCarthy, Managing Directors and Co-Heads of GSAM’s Global Liquidity
Management business. “This additional transparency gives fund investors more
information to understand the underlying value of the portfolio – a data point
we already use each day to manage risk and achieve the funds’ primary goal:
seeking to achieve a $1.00 NAV.”

The calculation, disclosure and monitoring of a market value NAV for a money
market fund is not new. In fact, every money market fund is required by the
Securities and Exchange Commission (SEC) to calculate a market value NAV to
the nearest hundredth of a cent (or $0.0001) on a monthly basis, which is made
available to investors on a 60-day lag. Additionally, GSAM and its Funds’
Board regularly monitor the funds’ market value NAV.

GSAM will begin disclosing a daily market value NAV for the following
US-domiciled commercial paper or “prime” funds: the GS Financial Square Money
Market Fund, the GS Financial Square Prime Obligations Fund and the GS VIT
Money Market Fund. The information will be available to investors on the Funds
website at

GSAM plans to disclose daily NAVs for US-domiciled tax-exempt, government, and
Treasury funds next week and for non-US Money Market funds in the near future.

Goldman Sachs Asset Management is the asset management arm of The Goldman
Sachs Group, Inc. (NYSE: GS), which manages $856 billion as of September 30,
2012. Goldman Sachs Asset Management has been providing discretionary
investment advisory services since 1988 and has investment professionals in
all major financial centers around the world. The company offers investment
strategies across a broad range of asset classes to institutional and
individual clients globally. Founded in 1869, Goldman Sachs is a leading
global investment banking, securities and investment management firm that
provides a wide range of financial services to a substantial and diversified
client base that includes corporations, financial institutions, governments
and high-net-worth individuals.

General Disclosures

Past performance does not guarantee future results, which may vary. The value
of investments and the income derived from investments will fluctuate and can
go down as well as up. A loss of principal may occur.

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

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.

This material has been prepared by GSAM and is not a product of Goldman Sachs
Investment 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 GSAM has no obligation to provide any updates or

Although certain information has been obtained from sources believed to be
reliable, we do not guarantee its accuracy, completeness or fairness. We have
relied upon and assumed without independent verification, the accuracy and
completeness of all information available from public sources.

Views and opinions expressed are for informational purposes only and do not
constitute a recommendation by GSAM to buy, sell, or hold any security. Views
and opinions are current as of January 9, 2013 and may be subject to change,
they should not be construed as investment advice.


No part of this material may, without GSAM’s prior written consent, be (i)
copied, photocopied or duplicated in any form, by any means, or (ii)
distributed to any person that is not an employee, officer, director, or
authorized agent of the recipient.

Goldman, Sachs & Co. is the distributor of the Goldman Sachs Funds.

© 2013 Goldman Sachs. All rights reserved.

Compliance Code: 89147.MF.MED.OTU Date of first use: January 8, 2013


Goldman Sachs Asset Management
Andrea Raphael / Andrew Williams
Konstantin Shishkin, 212-445-8462
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