About Goldman Sachs Asset Management

The Goldman Sachs Mutual Funds are separate legal entities from Goldman Sachs. The Funds have hired different service providers, including parts of Goldman Sachs, to provide services to the Funds. For example, the Funds contract with Goldman Sachs Asset Management, L.P. ("GSAM") for advisory services and Goldman, Sachs & Co. ("GS&Co") for distribution services.

The activities of the Funds are generally overseen by a Board that has fiduciary duties, and is accountable, to the shareholders of the Funds, not to Goldman Sachs. Those boards include non-Goldman Sachs directors on them. For the US-based mutual funds, currently three-quarters of the members of the board are independent of Goldman Sachs.

The assets of each Goldman Sachs mutual fund are owned by that particular Fund, and the Fund itself its owned by its shareholders. The assets of the Fund are not owned directly or indirectly by Goldman Sachs, except to the extent a Goldman Sachs entity owns shares in the Funds like any other shareholder.

The Funds' assets are held separate from the assets of Goldman Sachs and of GSAM. The Funds' assets are in the safekeeping of independent custodians.

The Funds' assets are not subject to the claims of creditors of Goldman Sachs or GSAM.