A press release entitled, "Moody's affirms Goldman Sachs US$ Treasury Liquid Reserves Fund following merger," tells us, "Moody's Investors Service has affirmed the Aaa-mf rating of Goldman Sachs US$ Treasury Liquid Reserves Fund following its merger with the Goldman Sachs USD Treasury Instruments Liquid Reserves Fund. The rating of the Goldman Sachs USD Treasury Instruments Liquid Reserves Fund has been withdrawn. The funds are managed similarly by Goldman Sachs Asset Management except for the use of reverse repurchase agreements by the USD Treasury Liquid Reserves Fund. Under the looming EU regulatory regime for money market funds, certain liquidity provisions make it impractical to manage a public debt constant net asset value (CNAV) money market fund without exposure to cash, deposits, or reverse repurchase agreements." Another release, titled, "Moody's Assigns Aaa-mf Rating to BlackRock ICS Euro Assets Liquidity Fund," explains, "Moody's Investors Service has assigned a Aaa-mf rating to the BlackRock ICS Euro Assets Liquidity Fund, a prime money market fund (MMF). The fund is domiciled in Ireland and complies with the European Union's new money market fund rules." It adds, "The fund, created in 2013, was operating as a Constant Net Asset Value (CNAV) MMF and has now transitioned to a short term variable net asset value (VNAV) structure. It offers a t+1 settlement. The fund had 2.7 billion of AUM as of 2 January 2019.... We expect the Fund to maintain a strong liquidity profile supported by high levels of overnight and weekly liquidity in the portfolio, in excess of the regulatory requirements. The investor base is made of internal funds as well as institutional investors such as multinational corporations, insurance companies, and sovereign wealth funds."

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