Goldman Sachs Liquid Reserves Funds

US$ Liquid Reserves Fund - Institutional Shares

Inception Date:08/01/1996

Fund Profile	Fund Performance	Product Focus	Portfolio Holdings [PDF]
Commentary	Weekly Country Exposure [PDF]	Weekly Holdings [PDF]	Access GLM

Fund Performance (%) ‐ Information as of 03/03/2020

Class	Standardized 7 Day Current Yield¹	Standardized 7 Day Effective Yield¹	30 Day Average Yield²
Institutional Shares	1.65	1.66	1.67

Information as of: 05/31/2022

Class	1 Year Total Return³
Institutional Shares	0.10

Past performance is not indicative of future results, which may vary. The value of investments and the income derived from investments can go down as well as up. Future returns are not guaranteed, and a loss of principal may occur. Current performance may be lower or higher than the performance quoted above. Please visit www.gsamfunds.com to obtain the most recent month-end returns.

Yields and returns will fluctuate as market conditions change. The yield quotations more closely reflect the current earnings of the Fund than the total return quotations.

Dividends

Dividends are paid monthly, but are accrued daily.

Prospectus [PDF]

Key Investor Information Document (KIID) [PDF]

Semi-Annual Report [PDF]

Annual Report [PDF]

You agree to receive the following prospectus electronically and to carefully read and agree to its terms before investing or sending money. Please consider a Fund's objectives, risks, charges and expenses before investing. The prospectus contains this and other information about the Fund. If you would like a preprinted copy of the prospectus, please contact a Citibank representative.

The yields and returns for the Goldman Sachs Money Market Funds listed are calculated by Goldman Sachs Asset Management. All yields and returns shown are net of fees and assume reinvestment of all distributions at net asset value.
¹Standardized 7-Day Yields (Current and Effective): The 7-Day figures above have been calculated in accordance with securities industry regulations and do not include capital gains. The "Standardized 7-Day Current Yield" may differ slightly from the actual distribution rate of a given portfolio because of the exclusion of distributed capital gains, which are non-recurring. The "Standardized 7-Day Effective Yield" assumes reinvestment of dividends for one year.

²The 30-Day Average Yield is a net, annualized yield, thirty days back from the current date listed ‐ this does not include compounding.

³The 1-Year Total Return is an average annual total return, which is 12 months of returns compounded and annualized.

Goldman Sachs Liquid Reserves Funds^(SM) is a registered service mark of Goldman, Sachs & Co.

Please see Additional Notes.

(1)The Net Asset Value represents the net assets of the Portfolio (ex-dividend) divided by the total number of shares. While the Fund seeks to preserve a stable NAV, there is no guarantee that this can be achieved. (2) The calendar year performance is annualised and in the Performance Summary - since launch, 1 month, 3 month and YTD are cumulative whereas 1 year, 3 year and 5 year are annualised. (3) This is the monthly simple average of the annualised net daily yield of the US$ Liquid Reserves - Institutional Share Class. The Fund's net return was 2.3% for the partial year (1-Aug-96 to 31-Dec-96), 5.6% in 1997, 5.5% in 1998, 5.2% in 1999, 6.5% in 2000, 4.2% in 2001, 1.7% in 2002, 1.1% in 2003, 1.2% in 2004, 3.07% in 2005, 4.86% in 2006, 5.11% in 2007, 2.54% in 2008 and 0.38% in 2009. Source: Goldman Sachs Asset Management International. Portfolio returns are shown net of applicable ongoing fees within the Portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against a specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares.

Additional Notes

This material is provided at your request for informational purposes only and does not constitute a solicitation in any jurisdiction in which such a solicitation is unlawful or to any person to whom it is unlawful. Moreover, it neither constitutes an offer to enter into an investment agreement with the recipient of this document nor an invitation to respond to it by making an offer to enter into an investment agreement.

References to indices, benchmarks or other measures of relative market performance over a specified period of time are provided for your information only and do not imply that the portfolio will achieve similar results. The index composition may not reflect the manner in which a portfolio is constructed. While an adviser seeks to design a portfolio which reflects appropriate risk and return features, portfolio characteristics may deviate from those of the benchmark.

The strategy may include the use of derivatives. Derivatives often involve a high degree of financial risk because a relatively small movement in the price of the underlying security or benchmark may result in a disproportionately large movement in the price of the derivative and are not suitable for all investors. No representation regarding the suitability of these instruments and strategies for a particular investor is made.

Shares of the Goldman Sachs Funds are issued solely on the basis of information set out in the current Prospectus of the Goldman Sachs Funds, plc, which is available free of charge at the Funds' principal office. Prospective investors should review the Prospectus carefully and consult their financial adviser before investing to determine that an investment in the Funds would be suitable for them.

If a Fund is denominated in a currency other than that in which the majority of the investor's assets are held, the investor should be aware that changes in rates of exchange may affect the value of their investment independently of the value of the Fund's underlying assets.

Any reference to individual securities does not constitute a recommendation to purchase, sell or hold the investment. The securities mentioned herein may not continue to be held in the Funds. Goldman Sachs International and its affiliated entities, or the accounts managed by them, may have long or short positions in the securities mentioned herein.

This information does not constitute tax advice and as such, shareholders should be advised to consult their own tax advisers regarding the tax consequences of their investment activities.

Shares of the Funds have not been registered under the US Securities Act of 1933, as amended (the "Act"), or any state securities laws. Consequently, Shares of the Funds may not be offered or sold to or for the benefit of any United States person. Further, if you have requested information regarding the Funds while you are in the United States, you represent that (1) you are either a "Qualified Institutional Buyer" (as defined in Rule 144A under the Act) or (2) an "Accredited Investor" (as defined in Rule 501(a) under the Act). Furthermore, you agree that you will not transfer Shares of the Funds except in compliance with applicable securities laws, including the Act, and in compliance with the applicable restrictions in the Fund's governing documents.

This document has been communicated outside of the United States by Goldman Sachs International, Peterborough Court, 133 Fleet Street, London, EC4A 2BB, authorised & regulated by the Financial Services Authority, except in Hong Kong where it has been issued or approved for use by Goldman Sachs (Asia) LLC and in Singapore where it has been issued or approved by Goldman Sachs (Singapore) PTE (Company Number: 198602165W) and is approved for use in the United States by Goldman Sachs & Co. This document does not constitute a solicitation in any jurisdiction in which such a solicitation is unlawful or to any person to whom it is unlawful. Moreover, this document neither constitutes an offer to enter into an investment agreement with the recipient of this document nor an invitation to respond to the document by making an offer to enter into an investment agreement. Opinions expressed are our current opinions only.

Past performance is not a guide to future performance and the value of investments and the income derived from them can go down as well as up. Future returns are not guaranteed and a loss of principal may occur. Past performance is no guide to future returns. Investing in the Funds involves risks, including those arising from stock and bond markets, and currency exchange rate and interest rate volatility. Because the return and principal value of an investment in the Funds will fluctuate with changes in market conditions, an investor's Shares, when redeemed, may be worth more or less than their original cost. Investors may also incur a sales charge when purchasing Shares, as a result of which, in the absence of investment returns, investors will not get back the amount invested.

For Dublin domiciled Money Market Funds:

The Management company has no obligation to redeem shares at the offer value and the Funds are not subject to the supervision of the Hong Kong Monetary authority. Investment into the Funds is not insured or guaranteed by any Government agency, including the Federal Deposit Insurance Company, and is not the same as placing funds on deposit with a bank or deposit-taking company. Although the Goldman Sachs Money Market Funds seek to preserve a stable NAV per share, it is possible to lose money by investing in the Funds. The yield quotations more closely reflect the current earning of the Funds than do the total return quotations.

This material is distributed in Australia and New Zealand by Goldman Sachs Asset Management & Partners Australia Pty Ltd ABN 41 006 099 681, AFSL 228948 ('GSAM&PA') and is intended for viewing only by wholesale clients in Australia for the purposes of section 761G of the Corporations Act 2001 (Cth) and to clients who either fall within any or all of the categories of investors set out in section 3(2) or sub-section 5(2CC) of the Securities Act 1978 (NZ). This document describes the relevant capability of Goldman Sachs Asset Management International and/or Goldman Sachs Asset Management, LP ('GSAM') and all references in this document to "we" "our" or "us" are to GSAM. This document is intended for viewing only by the intended recipient. This document may not be reproduced or distributed to any person in whole or in part without the prior written consent of GSAM&PA.

GSAM&PA was not involved in the preparation of this document, but has no reason to believe that the information contained in this document was not correct as at the time of its compilation. Accordingly, GSAM&PA, its related bodies corporate and each of their respective directors, officers and agents ('Goldman Sachs Group') make no warranty as to the accuracy or reliability of any information contained in this document and to the maximum extent permitted by law, the Goldman Sachs Group disclaims all liability and responsibility for any direct or indirect loss or damage which may be suffered by any recipient through relying on anything contained in or omitted from this document.

Goldman Sachs Funds plc is a foreign UCITS registered with the CNMV registry with number 305. Prospective investors should review the appropriate Offering Circular/Prospectus carefully and consult their financial adviser before investing to determine that investment into the Funds would be suitable for them. This information also does not constitute tax advice and as such, shareholders should be advised to consult their own tax advisers regarding the tax consequences of their investment activities.

The Funds are not registered for distribution in South Africa.

Indices are unmanaged. The figures for the index reflect the reinvestment of dividends but do not reflect the deduction of any fees or expenses which would reduce returns. Investors cannot invest directly in indices.

This material has been prepared by GSAM and is not a product of the Goldman Sachs Global Investment Research (GIR) Department. The views and opinions expressed may differ from the views and opinions expressed by the GIR Department 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 should not be relied upon in making an investment decision. GSAM has no obligation to provide any updates or changes.

Holdings may change by the time you receive this report. The securities discussed do not represent all of the portfolio's holdings and may represent only a small percentage of the strategy's portfolio holdings. A complete list of holdings is available upon request. Future portfolio holdings may not be profitable. The information should not be deemed representative of future characteristics for the strategy.

The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.

No part of this material may 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, without GSAM's prior written consent.

IMPORTANT NOTICE: in the United Kingdom, this material is a financial promotion and has been approved solely for the purposes of Section 21 of the Financial Services and Markets Act 2000 by Goldman Sachs International, which is authorized and regulated in the United Kingdom by the Financial Services Authority.

© 2017 Goldman Sachs. All rights reserved.