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 accounting. “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.