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 affected 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.

All investing involves risk, including loss of principal.

You could lose money by investing in a money market fund. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Money market funds are not subject to credit risk, but will have interest rate risk. Institutional money market funds may have floating net asset values, and will fluctuate depending on market conditions. The Fund’s sponsor has no legal obligation to provide financial support to a money market fund, and you should not expect that the sponsor will provide financial support to the money market fund at any time.

Although every effort has been made to accurately reflect the information contained herein, Goldman Sachs reserves the right to correct any errors or omissions and does not make any representation or warranty (express or implied) as to the accuracy, completeness or fairness of the information contained herein. Source of data: Goldman Sachs Mosaic September 2019.

All information herein is as of September 2019, unless otherwise noted.

Transactions in non-GS MMF are effected by Goldman Sachs & Co. LLC, a member of FINRA, SIPC and NYSE. Goldman Sachs & Co. LLC, Goldman Sachs Liquidity Solutions, Goldman Sachs Asset Management, L.P., 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.

Japan: This material has been issued or approved in Japan for the use of professional investors defined in Article 2 paragraph (31) of the Financial Instruments and Exchange Law by Goldman Sachs Asset Management Co., Ltd.

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Canada: This presentation has been communicated in Canada by GSAM LP, which is registered as a portfolio manager under securities legislation in all provinces of Canada and as a commodity trading manager under the commodity futures legislation of Ontario and as a derivatives adviser under the derivatives legislation of Quebec. GSAM LP is not registered to provide investment advisory or portfolio management services in respect of exchange-traded futures or options contracts in Manitoba and is not offering to provide such investment advisory or portfolio management services in Manitoba by delivery of this material.

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.

There is no guarantee that these objectives will be met.

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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 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.