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Goldman Sachs Funds SICAVAnnual Report

Audited Financial Statements

1114

R.C.S. B41 751

Directors and Other Information 1

Investment Advisors Report 2

Audit Report 7

Statement of Assets and Liabilities 9

Statement of Operations 15

Statement of Changes in Shareholders Equity 21

Statistical Information 29

Notes to the Financial Statements 42

Schedules of Investments 116

GOLDMAN SACHS FUNDSEQUITY PORTFOLIOS

Goldman Sachs FundsRegional Equity Portfolios

Goldman Sachs FundsAsia Portfolio 116

Goldman Sachs FundsBRICs Portfolio 119

Goldman Sachs FundsChina Opportunity Portfolio 121

Goldman Sachs FundsEurope Equity Partners Portfolio 123

Goldman Sachs FundsGlobal Equity Partners Portfolio 124

Goldman Sachs FundsGlobal Equity Unconstrained Portfolio 126

Goldman Sachs FundsGlobal Responsible Equity Portfolio 128

Goldman Sachs FundsGMS Dynamic World Equity Portfolio 130

Goldman Sachs FundsGrowth & Emerging Markets Broad Equity Portfolio 133

Goldman Sachs FundsGrowth Markets Plus Equity Portfolio 136

Goldman Sachs FundsIndia Equity Portfolio 139

Goldman Sachs FundsJapan Portfolio 142

Goldman Sachs FundsN-11 Equity Portfolio 144

Goldman Sachs FundsStrategic Global Equity Portfolio 147

Goldman Sachs FundsUS Equity Portfolio 149

Goldman Sachs FundsUS Focused Growth Equity Portfolio 151

Goldman Sachs FundsGlobal and Regional CORE Equity Portfolios

Goldman Sachs FundsEurope CORE Equity Portfolio 152

Goldman Sachs FundsGlobal CORE Equity Portfolio 155

Goldman Sachs FundsGlobal Small Cap CORE Equity Portfolio 159

Goldman Sachs FundsGrowth & Emerging Markets CORE Equity Portfolio 166

Goldman Sachs FundsUS CORE Equity Portfolio 169

Goldman Sachs FundsUS Small Cap CORE Equity Portfolio 172

Goldman Sachs FundsGlobal & Regional GIVI Equity Portfolios

Goldman Sachs FundsGIVI Europe Equity Portfolio 176

Goldman Sachs FundsGIVI Global Equity Growth Markets Tilt Portfolio 182

Goldman Sachs FundsGIVI Growth & Emerging Markets Equity Portfolio 205

Goldman Sachs FundsSector Equity Portfolio

Goldman Sachs FundsNorth American Shale Revolution & Energy Infrastructure Portfolio 211

GOLDMAN SACHS FUNDSFIXED INCOME PORTFOLIOS

Goldman Sachs FundsEuro Fixed Income Portfolio 212

Goldman Sachs FundsEuro Short Duration Bond Portfolio 217

Goldman Sachs FundsEurope High Yield Bond Portfolio 222

Goldman Sachs FundsGlobal Credit Portfolio (Hedged) 228

Goldman Sachs FundsGlobal Fixed Income Portfolio 241

Goldman Sachs FundsGlobal Fixed Income Portfolio (Hedged) 255

Goldman Sachs FundsGlobal High Yield Portfolio 269

Page

Goldman Sachs Funds

Table of Contents

GOLDMAN SACHS FUNDSFIXED INCOME PORTFOLIOS (continued)

Goldman Sachs FundsGrowth & Emerging Markets Corporate Bond Portfolio 282

Goldman Sachs FundsGrowth & Emerging Markets Debt Blend Portfolio 289

Goldman Sachs FundsGrowth & Emerging Markets Debt Local Portfolio 304

Goldman Sachs FundsGrowth & Emerging Markets Debt Portfolio 316

Goldman Sachs FundsLiberty Harbor Opportunistic Corporate Bond Portfolio 332

Goldman Sachs FundsSterling Broad Fixed Income Portfolio 336

Goldman Sachs FundsSterling Credit Portfolio 343

Goldman Sachs FundsUS Fixed Income Portfolio 354

Goldman Sachs FundsUS Mortgage Backed Securities Portfolio 365

GOLDMAN SACHS FUNDSSPECIALIST PORTFOLIOS

Goldman Sachs FundsCoCos & Capital Securities Portfolio 383

Goldman Sachs FundsGlobal Currency Plus Portfolio 388

Goldman Sachs FundsGlobal Fixed Income Plus Portfolio (Hedged) 392

Goldman Sachs FundsGlobal Strategic Income Bond Portfolio 413

Goldman Sachs FundsGlobal Strategic Macro Bond Portfolio 436

Goldman Sachs FundsSterling Broad Fixed Income Plus Portfolio 443

Goldman Sachs FundsStrategic Absolute Return Bond I Portfolio 455

Goldman Sachs FundsStrategic Absolute Return Bond II Portfolio 479

GOLDMAN SACHS FUNDSSELECT PORTFOLIOS

Goldman Sachs FundsCustom Emerging Markets Debt Blend Portfolio 496

Goldman Sachs FundsGlobal Corporate Portfolio (Hedged) 502

GOLDMAN SACHS FUNDSFLEXIBLE PORTFOLIOS

Goldman Sachs FundsGlobal Income Builder Portfolio 513

Goldman Sachs FundsUS Real Estate Balanced Portfolio 520

Goldman Sachs FundsWealthbuilder Multi-Asset Balanced Portfolio 525

Goldman Sachs FundsWealthbuilder Multi-Asset Conservative Portfolio 528

Goldman Sachs FundsWealthbuilder Multi-Asset Growth Portfolio 530

APPENDICIES

Appendix IAdvisory Fee Rates, Expense Caps and Total Net Expense Ratios 533

Appendix IIPortfolio and Share Class Launches, Closures and Mergers 548

Appendix IIIShareholder Concentration 553

Appendix IVCalculation Method Used for Global Exposure 559

Appendix VIndex Tracking Portfolios 562

Additional Information 563

Page

Goldman Sachs Funds

Table of Contents

1

Goldman Sachs Funds

Directors and Other Information

__________________________________________________________________________________________________________________1 Independent Directors.2 Director of the Fund employed by Goldman Sachs. 3 Related party to Goldman Sachs Funds SICAV. 4 Effective 31 July 2014, the Fund appointed Goldman Sachs Asset Management Global Services Limited (GSAMGS) as its Management

Company. GSAMGS is authorised and regulated by the UK Financial Conduct Authority, and is a wholly owned indirect subsidiary of TheGoldman Sachs Group Inc.

5 Refer to note 6 for non-affiliated Sub-Advisers.6 Alan Shuch resigned from the Board of Directors as of 5 March 2015.

GOLDMAN SACHS FUNDS SICAVSocit dInvestissement CapitalVariableAn undertaking for collective investmentorganised under the laws of the GrandDuchy of Luxembourg

Board of DirectorsFrank Ennis (Irish)1

Mark Heaney (UK/Irish)2

Eugene Regan (Irish)1

Alan Shuch (US)2,6

Theodore Sotir (UK/US)2

Katherine Uniacke (US)2

Management CompanyGoldman Sachs Asset Management GlobalServices Limited3,4

Peterborough Court133 Fleet StreetLondon EC4A 2BBUnited Kingdom

AuditorPricewaterhouseCoopers, Socitcooprative2, rue Gerhard MercatorB.P. 1443L-1014 LuxembourgGrand Duchy of Luxembourg

Depositary, Domiciliary Agent,Administrator, Listing Agent andLuxembourg Paying AgentState Street Bank Luxembourg S.A.49, avenue J.F. KennedyL-1855 LuxembourgGrand Duchy of Luxembourg

DistributorGoldman Sachs International3

Peterborough Court133 Fleet StreetLondon EC4A 2BBUnited Kingdom

Investment AdviserGoldman Sachs Asset ManagementInternational3

Peterborough Court133 Fleet StreetLondon, EC4A 2BBUnited Kingdom

Sub-Advisers5:Goldman Sachs Asset Management, L.P.3

200 West StreetNew York, NY 10282USA

Goldman Sachs (Singapore) Pte.3

1 Raffles Link#07-01 South LobbySingapore 039393

Goldman Sachs Asset ManagementCo., Ltd.3

Roppongi Hills Mori Tower10-1 Roppongi 6-chomeMinato-Ku, Tokyo 106 6144, Japan

Goldman Sachs Asset Management &Partners Australia Pty Ltd3

Level 17, 101 Collins StreetMelbourne VIC 3000, Australia

Goldman Sachs (Asia) L.L.C.3

68th Floor Cheung Kong Center2 Queens RoadCentral, Hong Kong

Legal Adviser to the Fund andthe Investment AdviserArendt & Medernach14, rue ErasmeL-2082 Luxembourg Grand Duchy of Luxembourg

Shareholder Services AgentEuropean Shareholder ServicesGoldman Sachs International3

Peterborough Court133 Fleet StreetLondon, EC4A 2BBUnited Kingdom

Registered Officec/o State Street Bank Luxembourg S.A.49, avenue J-F. KennedyL-1855 LuxembourgR.C.S. B41 751

Registrar and Transfer AgentRBC Investor Services Bank S.A.14, Rue Porte de FranceL-4360 Esch-sur AlzetteGrand Duchy of Luxembourg

Paying Agents:

Paying and Information Agent in AustriaRaiffeisen Bank International AGAm Stadtpark 91030 Vienna, Austria

Paying and Information Agent inBelgiumRBC Investor ServicesPlace Rogier II1210 Brussels, Belgium

Paying Agent in CyprusEurobank EFG Cyprus Ltd.Banking Institution41, Arch. MakariosAve, 1065 Nicosia, Cyprus

Representative in DenmarkStockRate Asset Management A/SSdr. Jernbanevej 18D3400 Hillerod, Denmark

Paying Agent in FranceRBC Investor Services Bank France S.A.105, rue Raumur75002 Paris, France

Paying and Information Agent inGermanyState Street Bank GmbHBrienner Strasse 5980333 Munich, Germany

Paying Agent in GreecePiraeus Asset ManagementMutual Funds Management S.A.87 Syngrou AveGR-11745 Athens, Greece

Citibank International Plc.3, Achaias Street, Nea KifissiaGR-14564 Athens, Greece

Eurobank EFG Ergasias S.A.Stadiou 10, 3rd Floor,GR-10564 Athens, Greece

Paying and Information Agents in ItalySocit Gnrale Securities Services S.p.A. Maciachini Center MAC 2Via Benigno Crespi, 19/A20159 Milan, Italy

AllFunds Bank S.A. Milan BranchVia Santa Margherita 720121 Milan, Italy

RBC Investor Services Bank S.A. Milan BranchCia Vittor Pisani, 2620154 Milan, Italy

State Street Bank S.p.A.Via Ferrante Aporti, 1020125 Milan, Italy

BNP Paribas Securities Services Succursale di MilanoVia Ansperto 520121 Milan, Italy

Banca Sella Holdings S.p.A.Piazza Gaudenzio Sella 1I-13900 Biella, Italy

Paying Agent in SpainBankinter S.A.Paseo de la Castellana, 2928046 Madrid, Spain

Paying Agent in SwitzerlandGoldman Sachs Bank AG3

Mnsterhof 48001 Zurich, Switzerland

Representative in SwitzerlandFirst Independent Fund Services AG Klausstrasse 338008 Zurich, Switzerland

The Funds Prospectus with its Supplements,Key Investor Information Document,Articles of Incorporation, Annual Report,Semi-Annual Report and the list of alltransactions carried out by the InvestmentAdviser during the year are available free ofcharge at the offices of the local Paying andInformation Agents and Swiss Representative.

Goldman Sachs Funds

Investment Advisors Report

For the year ended 30 November 2014

2

Dear Shareholders:

Enclosed is the report for the year ended 30 November 2014.

A. Market Review

While growth in the US rebounded, economic data moderated in the Eurozone, Japan and certain developingcountries during the 12 months ended 30 November 2014. Looking back, the US Department of Commercereported that gross domestic product (GDP) growth contracted 2.1% during the first quarter of 2014thefirst negative GDP reading in three years. However, the U.S. economy then expanded 4.6% during the secondquarter, 5.0% during the third quarter and an estimated 2.6% for the fourth quarter of 2014. Growth outside theU.S. was mixed in many countries. In its January 2015 World Economic Outlook, the International MonetaryFund (IMF) said Global growth will receive a boost from lower oil pricesbut this boost is projected to bemore than offset by negative factors, including investment weakness as adjustment to diminished expectationsabout medium-term growth continues in many advanced and emerging market economies. From a regionalperspective, the IMF said 2014 growth was 0.8% in the Eurozone, versus negative 0.5% in 2013. Japanseconomy expanded 0.1% in 2014, compared to 1.6% in 2013. Elsewhere the IMF said that overall growth inemerging market countries decelerated in 2014, with growth of 4.4% versus 4.7% in 2013.

Performance in the global equity market was also mixed during the reporting period. The U.S. stock market,as measured by the S&P 500 Index (the Index), gained 16.86% during the 12 months ended30 November 2014 and reached new all-time highs on several occasions. International developed equities,however, largely treaded water, as the MSCI EAFE Index gained a tepid 0.41%. This was partially driven byconcerns over weak growth in the Eurozone and Japan. Elsewhere, emerging market equities experiencedperiods of heightened volatility. After declining during the first two months of the period, the asset class ralliedover the next seven months. This was followed by a sharp sell-off in September 2014 and generally flat returnsover the last two months of the reporting period. All told, the MSCI Emerging Markets Index gained 1.40%during the 12 months ended 30 November 2014.*

The global fixed income market was volatile at times during the reporting period. Expectations for strengtheningglobal growth initially caused yields in many countries to rise and their bond markets to decline (yields and bondprices move in the opposite direction). In addition, in December 2013, the U.S. Federal Reserve Board (Fed)announced that it would begin tapering its monthly asset purchase program. Even though the Fed ended itsasset purchase program in October 2014, longer-term U.S. yields moved sharply lower during the reportingperiod. This was partially driven by concerns over global growth, several geopolitical issues and robust demandfrom non-U.S. investors. Inflation remained well contained during the reporting period given generallymoderating global growth and sharply falling oil prices. For the 12 months ended 30 November 2014, theBarclays U.S. Aggregate Bond Index and Barclays Global Aggregate Bond Index returned 5.26% and 6.45%,respectively. Riskier fixed income securities generated mixed returns during the reporting period. The U.S.high yield bond market, as measured by the Barclays U.S. Corporate High Yield Bond Index, gained 4.52%,whereas the emerging market debt asset class, as measured by the JPMorgan EMBI Global Diversified Index,gained 10.53%.*

*All returns in U.S. Dollar terms.

Past performance is not indicative of future results, which may vary.

Goldman Sachs Funds


For the year ended 30 November 2014 (continued)

3

B. Performance Overview (as at 30 November 2014)

Performance is calculated in the relevant Portfolios base currency.

Average Annualised Net Return

SinceLaunch 1-Year 3-Years 5-Years Inception

Currency Date (%) (%) (%) (%)

Goldman Sachs FundsEquity Portfolios

Goldman Sachs FundsGlobal and Regional Equity Portfolios

Goldman Sachs FundsAsia Portfolio USD 31-May-94 5.29 7.23 5.26 4.16

MSCI AC Asia Free ex-Japan Index USD 31-May-94 5.88 10.73 6.86 3.85

Goldman Sachs FundsBRICs Portfolio USD 17-Jan-06 0.76 2.24 (1.52) 4.37

MSCI BRICs Index USD 17-Jan-06 0.43 3.49 (0.24) 6.94

Goldman Sachs FundsChina Opportunity Portfolio USD 26-Aug-09 1.28 7.94 2.23 4.87

MSCI China Index USD 26-Aug-09 (0.42) 8.20 2.19 4.46

Goldman Sachs FundsEurope Equity Partners Portfolio EUR 30-Sep-96 8.51 16.91 11.10 6.52

MSCI Europe Index(1) EUR 30-Sep-96 9.47 15.84 10.56 7.30

Goldman Sachs FundsGlobal Equity Partners Portfolio USD 23-Feb-06 6.49 17.85 9.65 2.52

MSCI World Index USD 23-Feb-06 8.91 16.06 10.95 3.20

Goldman Sachs FundsGlobal Equity Unconstrained Portfolio(2)

USD 19-Sep-12 5.32 12.11

MSCI All Country World Index USD 19-Sep-12 8.04 13.29

Goldman Sachs FundsGlobal Responsible Equity Portfolio(2)

USD 16-Sep-08 5.06 13.81 7.58 5.47

MSCI AC World Index USD 16-Sep-08 8.04 14.75 10.04 7.33

Goldman Sachs FundsGMS Dynamic World Equity Portfolio USD 30-Jul-04 6.12 16.51 13.72 7.66

MSCI World Index USD 30-Jul-04 8.91 16.06 10.95 5.32

Goldman Sachs FundsGrowth & Emerging Markets Broad Equity Portfolio USD 15-Dec-97 5.77 4.82 2.79 7.20

MSCI EM Index USD 15-Dec-97 1.06 5.26 3.70 8.45

Goldman Sachs FundsGrowth Markets Plus Equity Portfolio USD 10-Sep-13 (0.19) 2.93

MSCI EM Index USD 10-Sep-13 1.06 3.34

Goldman Sachs FundsIndia Equity Portfolio USD 26-Mar-08 57.16 22.43 10.32 7.53

MSCI India Index USD 26-Mar-08 39.76 14.73 3.96 2.16

Goldman Sachs FundsJapan Portfolio JPY 30-Apr-96 12.11 27.09 12.76 1.32

Topix JPY 30-Apr-96 14.32 27.25 13.26 0.07

Goldman Sachs FundsN-11

Equity Portfolio USD 26-Jan-11 1.55 5.56 1.20

MSCI EM Index USD 26-Jan-11 1.06 5.26 (0.79)

Goldman Sachs FundsStrategic Global Equity Portfolio USD 4-Dec-92 5.26 16.28 9.48 5.83

MSCI World Index USD 4-Dec-92 8.91 16.06 10.95 7.55

Goldman Sachs FundsUS Equity Portfolio USD 3-Feb-06 13.22 20.07 13.13 7.49

S&P 500 Index USD 3-Feb-06 16.15 20.13 15.22 7.25

Goldman Sachs FundsUS Focused Growth Equity Portfolio USD 15-Nov-99 13.21 18.45 12.58 2.45

Russell 1000 Growth Index USD 15-Nov-99 16.97 19.95 16.20 2.82

Goldman Sachs FundsGlobal Regional CORE

Equity Portfolios

Goldman Sachs FundsEurope CORE

Equity Portfolio EUR 1-Oct-99 10.62 16.72 9.28 3.42

MSCI Europe Index EUR 1-Oct-99 9.47 15.84 10.56 3.35

Goldman Sachs FundsGlobal CORE

Equity Portfolio(3)

USD 14-Oct-04 12.86 18.03 11.38 5.49

MSCI World Index USD 14-Oct-04 8.91 16.06 10.95 6.06

Goldman Sachs FundsGlobal Small Cap CORE

Equity Portfolio(3)

USD 3-Aug-06 2.73 17.06 14.96 5.89

S&PCitigroup Developed Small Cap Index USD 3-Aug-06 3.91 15.96 13.11 6.37

Goldman Sachs FundsGrowth & Emerging Markets CORE

Equity Portfolio(4)

USD 10-Aug-09 2.65 7.51 5.03 6.42

MSCI EM Index USD 10-Aug-09 1.06 5.26 3.54 5.56

Goldman Sachs FundsUS CORE

Equity Portfolio(3)

USD 19-Nov-96 16.98 20.32 14.86 5.89

S&P 500 IndexNet USD 19-Nov-96 16.15 20.13 15.22 7.26

Goldman Sachs FundsUS Small Cap CORE

Equity Portfolio(4)

USD 5-Dec-05 4.42 16.79 17.15 5.92

Russell 2000 Index USD 5-Dec-05 3.61 17.87 16.23 7.15


Goldman Sachs Funds



4




Goldman Sachs FundsGlobal and Regional GIVI Equity Portfolios

Goldman Sachs FundsGIVI Europe Equity Portfolio(4)

EUR 15-May-12 10.44 16.35

S&P GIVI Europe Index EUR 15-May-12 10.76 17.21

Goldman Sachs FundsGIVI Global Equity Growth Markets Tilt Portfolio(4)

USD 29-Jun-12 6.60 13.93

S&P GIVI Global Growth Markets Tilt Index USD 29-Jun-12 7.34 15.06

Goldman Sachs FundsGIVI Growth & Emerging Markets Equity Portfolio(4)

USD 29-Jun-12 1.60 5.55

S&P GIVI Emerging Index (Net total return, unhedged, USD) USD 29-Jun-12 3.15 7.53

Goldman Sachs FundsSector Equity Portfolios

Goldman Sachs FundsNorth American Shale Revolution &

Energy Infrastructure Portfolio(5)

USD 14-Apr-14 (2.70)

Goldman Sachs FundsFixed Income Portfolios

Goldman Sachs FundsEuro Short Duration Bond Portfolio(5)

EUR 15-Jan-14 0.90

Barclays Euro Aggregate 500mm 1-3 yr(5) EUR 15-Jan-14 1.54

Goldman Sachs FundsEuro Fixed Income Portfolio EUR 24-Jan-06 7.75 8.73 5.34 4.17

Barclays Capital Euro Aggregate Bond Index EUR 24-Jan-06 9.58 8.89 5.59 4.87

Goldman Sachs FundsEurope High Yield Bond Portfolio EUR 17-Jun-14 0.45

BOFAML European Currency High Yield Constrained Index (EUR Hedged) EUR 17-Jun-14 0.05

Goldman Sachs FundsGlobal Credit Portfolio (Hedged) USD 26-Jan-06 5.90 6.11 5.14 3.59

Barclays Capital Global Aggregate Credit Bond Index (USD Hedged) USD 26-Jan-06 7.06 6.62 5.83 5.38

Goldman Sachs FundsGlobal Fixed Income Portfolio USD 26-Feb-93 (0.79) 0.74 1.52 4.70

Barclays Capital Global Aggregate Index USD 26-Feb-93 0.68 1.19 2.00 5.76

Goldman Sachs FundsGlobal Fixed Income Portfolio (Hedged) EUR 17-Dec-01 4.57 3.60 3.53 3.68

Barclays Capital Global Aggregate Index(6) EUR 17-Dec-01 6.45 4.55 4.35 4.78

Goldman Sachs FundsGlobal High Yield Portfolio USD 27-Jan-98 3.72 9.55 8.79 6.35

Barclays Capital US High Yield 2% Issuer Capped Bond Index USD 27-Jan-98 4.52 9.90 10.00 6.87

Goldman Sachs FundsGrowth & Emerging Markets Corporate Bond Portfolio USD 17-May-11 5.97 7.36 5.93

JPM CEMBI Broad Diversified Index USD 17-May-11 7.20 7.22 5.48

Goldman Sachs FundsGrowth & Emerging Markets Debt Blend Portfolio USD 8-May-13 2.18 (4.57)

50% JP Morgan GBI-EM Global Diversified Index, 25% JPM EMBI Global Diversified Index, 25% CEMBI Broad Diversified Index USD 8-May-13 4.23 (3.01)

Goldman Sachs FundsGrowth & Emerging Markets Debt Local Portfolio USD 29-Jun-07 (2.70) 1.04 2.99 2.73

JP Morgan GBI-EM Global Diversified Index(7) USD 29-Jun-07 (0.33) 1.62 n/a n/a

Goldman Sachs FundsGrowth & Emerging Markets Debt Portfolio USD 3-May-00 9.09 7.32 8.03 10.45

JP Morgan Emerging Markets Bond IndexGlobal Diversified USD 3-May-00 10.53 7.57 8.10 10.00

Goldman Sachs FundsLiberty Harbour Opportunistic Corporate Bond Portfolio USD 4-Apr-12 0.76 4.12

Bank of America ML USD 1 Month LIBOR Constant Maturity Index USD 4-Apr-12 0.11 0.21

Goldman Sachs FundsSterling Broad Fixed Income Portfolio GBP 10-Dec-01 9.47 5.04 6.15 4.53

Bank of America ML Sterling Broad Market Index GBP 10-Dec-01 10.82 5.63 6.75 5.88

Goldman Sachs FundsSterling Credit Portfolio GBP 18-Dec-08 9.12 9.32 7.67 9.24

iBoxx Sterling Non Gilts Index GBP 18-Dec-08 9.85 8.90 7.65 8.47

Goldman Sachs FundsUS Fixed Income Portfolio USD 27-Jul-98 3.85 2.90 4.03 4.57

Barclays Capital US Aggregate Index USD 27-Jul-98 5.11 2.89 4.08 5.42

Goldman Sachs FundsUS Mortgage Backed Securities Portfolio USD 30-Sep-02 4.21 2.63 3.40 4.21

Barclays Capital US Securitized Index USD 30-Sep-02 5.16 2.69 3.72 4.59


Goldman Sachs Funds



5




Goldman Sachs FundsSpecialist Portfolios

Goldman Sachs FundsGlobal Currency Plus Portfolio USD 2-Sep-08 2.77 2.66 (0.08) (0.23)

Overnight US LIBOR Index USD 2-Sep-08 0.09 0.13 0.16 0.24

Goldman Sachs FundsCoCos & Capital Securities Portfolio(5)

USD 10-Jun-14 1.07

3 Months USD LIBOR Index(5) USD 10-Jun-14 0.11

Goldman Sachs FundsGlobal Fixed Income Plus Portfolio (Hedged) EUR 25-Jan-06 5.49 5.68 4.75 4.15

Barclays Capital Global Aggregate Index(6) EUR 25-Jan-06 6.45 4.55 4.35 4.44

Goldman Sachs FundsGlobal Strategic Income Bond Portfolio USD 28-Mar-11 0.56 5.83 3.87

3 Months USD LIBOR Index USD 28-Mar-11 0.24 0.32 0.32

Goldman Sachs FundsGlobal Strategic Macro Bond Portfolio(5)

USD 22-Oct-14 (0.80)

3 Months USD LIBOR Index(5) USD 22-Oct-14 0.03

Goldman Sachs FundsSterling Broad Fixed Income Plus Portfolio GBP 23-Jan-06 10.09 6.65 6.98 4.90

Bank of America ML Sterling Broad Market Index GBP 23-Jan-06 10.82 5.63 6.75 5.22

Goldman Sachs FundsStrategic Absolute Return Bond I Portfolio USD 28-Jun-06 (0.37) 2.62 1.52 1.43

3 Months USD LIBOR Index USD 28-Jun-06 0.24 0.32 0.33 1.61

Goldman Sachs FundsStrategic Absolute Return Bond II Portfolio USD 28-Jun-06 (1.57) 4.19 2.46 2.42

3 Months USD LIBOR Index USD 28-Jun-06 0.24 0.32 0.33 1.61

Goldman Sachs FundSelect Portfolio

Goldman Sachs FundsCustom Emerging Markets Debt Blend Portfolio(5)

ILS 5-Nov-14 1.42

50% JPMorgan GBI EM Global Diversified Investment Grade (ILS) /50% JPMorgan EMBI Global Investment Grade (ILS hedged)(5) ILS 5-Nov-14 1.70

Goldman Sachs FundsGlobal Corporate Portfolio (Hedged)(8)

NOK 31-Dec-07 7.49 7.23 7.17 7.53

Barclays Capital Global Aggregate Index (NOK Hedged) NOK 31-Dec-07 8.35 7.27 7.04 7.47

Goldman Sachs FundsFlexible Portfolios

Goldman Sachs FundsUS Real Estate Balanced Portfolio USD 2-Oct-12 8.19 10.12

35% BoAML US High Yield Building Materials + 35% BoAML US High Yield Homebuilders/Real Estate + 30% MSCI Custom Real Estate Equity Index USD 2-Oct-12 9.72 10.64

Goldman Sachs FundsGlobal Income Builder Portfolio(5)

USD 18-Mar-14 3.22

60% Barclays Capital US High Yield2% Issuer Cap and 40% MSCI World Index(5) USD 18-Mar-14 3.17

Goldman Sachs FundsWealthbuilder Multi-Asset Conservative Portfolio(5)

USD 30-Jun-14 0.19

75% Barclays Capital Global Aggregate Bond Index (USD Hedged) / 25% MSCI World Index (Net) (USD)(5) USD 30-Jun-14 2.24

Goldman Sachs FundsWealthbuilder Multi-Asset Balanced Portfolio(5)

USD 30-Jun-14 0.46


Goldman Sachs FundsWealthbuilder Multi-Asset Growth Portfolio(5)

USD 30-Jun-14 0.33



Performance returns are shown for the Base Currency Share Class, unless indicated.

All index returns are shown with income re-invested and, in contrast to the Share Classes, without the deduction of any fees or

expenses. Returns of the Share Classes are shown net of fees and expenses and after the reinvestment of dividends using month-

end NAVs. For Share Classes where performance is shown relative to the index, it is for comparative purposes only. Reference to these

benchmarks does not imply that the Share Classes will achieve returns, volatility or other results similar to the benchmark.

Past performance does not guarantee future results, which may vary. Returns are net of expenses and inclusive of dividends,

where applicable.

6

Any mention of an investment decision is intended only to illustrate our investment approach or strategy, and is not indicative of the

performance of our strategy as a whole. Any such illustration is not necessarily representative of other investment decisions. Please

see Additional Information section on page 563.

Goldman Sachs Asset Management International

17 December 2014

(1) Prior to 1 March 2010, the benchmark associated with this Portfolio was the MSCI Europe Index Gross.(2) Performance shown is for the Base Accumulation Share Class.(3) Performance shown is for the Base Currency Close Share Class.(4) Performance shown is for the Base Accumulation Close Share Class.(5) Cumulative Net Returns.(6) This benchmark is Euro Hedged.(7) Please note that prior to 31 December 2009, the GS Growth & Emerging Markets Debt Local Portfolio was managed in a

benchmark-agnostic manner, i.e. not managed to a benchmark index. From 1 January 2010 the benchmark of the Portfolio is

the JPM GBI-EM Global Diversified Index.(8) Performance shown is for the I Accumulation Share Class.

Goldman Sachs Funds



F"rk3p,we

Auditreport

To the Shareholders ofGoldman Sachs Funds

We have audited the accompanyrng financial statements of Goldman Sachs Funds (the "SICAV') andof each of its sub-funds, which comprise the Statement of Assets and Liabilities and the Schedule ofInvestments as at So November zor4 and the Statement of Operations and the Statement of Changesin Shareholders' Equity for the year then ended, and a summary of significant accounting policies andother explanatory notes to the financial statements.

Responsibilitg of the Board of Directors of the SICAVfoT theftnancial statements

The Board of Directors of the SICAV is responsible for the preparation and fair presentation of thesefinancial statements in accordance with Luxembourg legal and regulatory requirements relating to thepreparation of the financial statements and for such internal control as the Board of Directors of theSICAV determines is necessary to enable the preparation of financial statements that are free frommaterial misstatement, whether due to fraud or error.

Responsibility of the "Rduiseur d'entreprises agr66"

Our responsibility is to express an opinion on these financial statements based on our audit. Weconducted our audit in accordance with International Standards on Auditing as adopted forLuxembourg by the "Commission de Sunieillance du Secteur Financier" and in accordance withauditing standards generally accepted in the United States of America. Those standards require thatwe comply with ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosuresin the financial statements. The procedures selected depend on the judgment of the"R6viseur d'entreprises agr66", including the assessment of the risks of material misstatement of thefinancial statements, whether due to fraud or error. In making those risk assessments, the"R6viseurd'entreprisesagr66" considers internal control relevant to the entity's preparation and fairpresentation of the financial statements in order to design audit procedures that are appropriate in thecircumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity'sinternal control. An audit also includes evaluating the appropriateness of accounting policies used andthe reasonableness of accounting estimates made by the Board of Directors of the SICAV, as well asevaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufEcient and appropriate to provide a basis forour audit opinion.

PricewaterhousCoopers, hci2tt coopratiae, z rue Gerhard Mercator, B.P. 1445, L-1o14 LuxembourgT : +g5z 494848 t, F : +352 494848 29oo,utau.pwc.Iu

Cabinet de rtvision agrC0. Expert-comptable (autorisation gotnenwrnentale notoozSzg6)R.CS. huembourg B 65 477 -WA LU25482518

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-fnbwe

Opinion

In our opinion, the financial statements give a true and fair view of the financial position of GoldmanSachs Funds and of each of its sub-funds as at 3o November zor4, and of the results of theiroperations and changes in their net assets for the year then ended in accordance with Luxembourglegal and regulatory requirements relating to the preparation of the financial statements.

Othermatters

Supplementary information included in the annual report has been reviewed in the context of ourmandate but has not been subject to specific audit procedures carried out in accordance with thestandards described above. Consequently, we express no opinion on such information. However, wehave no observation to make concerning such information in the context of the financial statementstaken as a whole.

Soci6t6 coop6rative Luxembourg, ro March zor5

9

Goldman Sachs Funds

Statements of Assets and Liabilities

As at 30 November 2014

The accompanying notes are an integral part of these financial statements.

3(c) 81,203,834 274,821,010 6,862,394 127,882,639 727,834,335 5,593,442 38,434,035 1,023,522,170 140,230,209 26,983,8913(c),13 9,422 2,924,648

3(c) 3(c) 3(c) 3(c)

580,546 95,137 50,000 152,018 521,176 70,515 73,304 27,647,276 180,447 201,77314

190,428 221,542 161,939 12,436,231 3,189,693 291,546 2,38372 193,319 16,899 1,816,564 14,948 192,933

4,107 109,168 514 222,623 510,619 5,934 71,226 1,029,436 39,572 12,7233(b) 1 3(b)

5 228,987 353,383 8,469 33,559 498,776 5 7 14 1,225 4,561 903 1,464 7 99,164 37,489 19,092 16,058 13,710 87,356 26,879

2,248 365 10,112 42782,078,165 275,490,560 7,094,304 128,507,727 743,472,308 5,704,530 38,640,782 1,058,812,902 141,023,528 27,228,076

2,190 21 87 14 10

3(c),13 480,405 65,296 3(c) 3(c) 3(c) 3(c) 3(c)

582,354 1,387,875 46,052 6,819,919 794,540

1,501 629,309 141,519 191,457 15,384,126 73,193 3(b)

64,654 337,063 9,576 106,460 683,812 3,422 33,894 1,390,548 120,294 18,875

7 7 12,104 27,971 6,311 7,369 23,750 3,739 5,333 30,272 16,308 6,9167 5,565 50,844 3,711 10,774 309 3,837 87 16,524 47,253 9,036 17,273 31,648 4,172 13,195 14,784 21,512 8,0545 1,468 366 5,952 47,711 91 2,010 62,449 809 4955 81,277 528,977 67,254 109,660

13,462 13,462 9,426 7,242 13,461 13,461 13,461 9,425 19,244 13,4617 1,312 7,131 222 2,498 19,691 45 1,059 22,186 2,003 2317 260 895 11 242 1,839 16 116 3,010 462 81

14,673 81,366 8,968 76,825 11,797 16,681 33,536 32,284 4,17511,278 23,800 660 8,936 17,743 3,299 7,876 18,015 6682,960 6,652 18,329 12,592 842 10,542 4,816 1,949 1,575 2,157 1,362 1,646 2,242 2,042 2,219 1,859 1,990

3,577 11,502 115,083 742 12,569 209,863 1,471 1,28312,973 44,658 29,183 27,116 36,163 17,844 20,929 21,029 16,898 23,291

826,504 3,672,813 121,989 436,336 8,039,173 45,774 125,739 17,267,161 1,194,809 189,188

81,251,661 271,817,747 6,972,315 128,071,391 735,433,135 5,658,756 38,515,043 1,041,545,741 139,828,719 27,038,888

3(j) 81,251,661 271,817,747 6,972,315 128,071,391 735,433,135 5,658,756 38,515,043 1,041,545,741 139,828,719 27,038,888

AssetsInvestments, at value, excluding derivativesUnrealised gain on forward currency contracts and share class specific forward currency contractsUnrealised gain on futures and futures on duration hedging share classesUnrealised gain on swap contracts and swap contracts on duration hedging share classesUpfront payments paid on swap transactionsMarket value of purchased optionsCashDue from BrokersReceivable for investments soldReceivable for shares soldDividends receivableInterest receivable excluding Swap ContractsInterest receivable on Swap ContractsDividend tax reclaim receivableInterest tax reclaim receivableSecurities lending receivableInvestment Adviser fees waived receivableOther assetsTotal Assets

LiabilitiesBank overdraftDue to BrokersUnrealised loss on forward currency contracts and share class specific forward currency contractsUnrealised loss on futures and futures on duration hedging share classesUnrealised loss on swap contracts and swap contracts on duration hedging share classesUpfront payments received on swap transactionsMarket value of written optionsMarket value of covered forward mortgage backed securitiesPayable for investments purchasedPayable for repurchase agreementsPayable for shares redeemedInterest payable on Swap ContractsDistributions payableInvestment Adviser fee payablePerformance fees payableAdministration and Custody fees payableDistribution and servicing fees payableTransfer Agent fee payableTaxe d'abonnement payableCapital gains tax payableAudit fee payableManagement Company fees payableDirectors fees payableLegal fees payableInsurance fees payablePrinting fees payablePublishing fees payablePayable for Withholding Tax on Dividend and Interest IncomeOther liabilitiesTotal Liabilities

Shareholders' Equity

Alternative Net Asset Value Calculation Method

Shareholders' Equity (after Alternative Net Asset Value Calculation Method)

(a) Refer to Appendix II.(b) Expressed in '000.(c) Refer to Note 3(h).

Please refer to Statistical Information for Outstanding Shares and Net Asset Value Per Share as at 30 November 2014.

Notes

Asia

Portfolio

USD

BRICs

Portfolio

USD

China

Opportunity

Portfolio

USD

Europe

Equity

Partners

Portfolio(a)

EUR

Global

Equity

Partners

Portfolio

USD

Global

Equity

Unconstrained

Portfolio

USD

Global

Responsible

Equity

Portfolio

USD

GMS Dynamic

World Equity

Portfolio

USD

Growth &

Emerging

Markets Broad

Equity Portfolio

USD

Growth Markets

Plus Equity

Portfolio(a)

USD

Regional Equity Portfolios

10

Goldman Sachs Funds




3(c) 749,645,601 133,008,537 1,200,205,346 24,672,373 3,239,217,780 64,635,675 160,067,856 363,474,211 411,071,401 264,095,3773(c),13 4,433,991 4,599 1,757

3(c) 652,044 126,434 70,703 174,920 3(c) 3(c) 3(c)

54,310,651 920,491 9,577,519 135,729 7,946,522 1,244,678 2,186,230 11,600,677 5,021,196 1,886,64814 1,963,473 106,364 293,411 281,732

134 775,384 1,961,785 215,874 47,432 7,800,942 585,197 181,26610,627,254 168,866 2,326,755 2,888 7,463,092 2,169,036 1,052,322 3,381,977 423,129 48,851

62,026 628,249 978,682 27,310 4,071,866 11,813 190,598 577,577 536,878 365,3393(b) 163 3(b)

5 4,139 25,044 521,717 89,870 224,305 5 7 1,003 7,392 5,994 8,850 90,432 7 30,136 20,057 12,689 14,244 17,747 10,843

817,261,346 139,936,521 1,215,091,754 24,883,401 3,258,703,859 68,289,765 164,319,191 387,299,975 418,426,937 266,588,324

2,778 55614

3(c),13 751,171 7,778,613 3(c) 4,662 3,645 3(c) 774,961 3(c) 3(c) 3(c)

1,896,852 932,522 2,328,367 25,685,577 486,583

1,194,381 235,438 1,613,880 13,786,682 90,016 262,280 37,285 298,341 222,3343(b)

912,192 140,863 1,167,664 22,074 3,604,681 67,313 104,116 142,327 273,968 51,839

7 7 52,099 4,308 116,668 6,013 55,674 5,219 10,376 19,041 22,676 22,6497 28,754 3,618 100,912 1,339 21,740 10,088 6,923 21,757 6,464 7 27,164 4,934 106,761 12,374 55,302 14,936 14,677 17,221 23,401 11,4865 42,181 6,875 56,338 1,002 182,546 3,707 8,327 11,584 18,643 5,8185 587,612 62,659

51,390 997 13,461 9,424 13,461 9,425 7,242 13,462 13,461 13,4627 16,437 3,179 26,171 532 80,901 1,790 3,194 5,197 8,954 2,9587 783 303 3,921 64 8,463 161 317 337 1,215 660

17,655 1,576 24,352 17,451 70,151 6,880 14,859 17,792 20,940 22,3435,940 1,207 12,160 5,693 21,985 6,838 10,383 2,641 3,148 1,5863,678 1,287 13,592 1,544 21,144 1,938 3,371 859 3,816 1,0202,022 189 1,661 2,090 1,589 1,899 1,478 1,668 1,831 2,016

96,216 119,443 5,067 1,221,560 3,544 6,864 143,638 114,848 5,88016,755 4,204 39,884 26,956 39,497 30,713 23,309 37,363 32,145 24,898

4,268,283 2,188,887 4,004,480 111,623 26,966,767 2,582,834 477,716 26,162,411 2,109,040 452,164

812,993,063 137,747,634 1,211,087,274 24,771,778 3,231,737,092 65,706,931 163,841,475 361,137,564 416,317,897 266,136,160

3(j) 3,414,571 (26,283) (376,246) 816,407,634 137,747,634 1,211,087,274 24,771,778 3,231,737,092 65,680,648 163,841,475 361,137,564 415,941,651 266,136,160








Notes

India Equity

Portfolio

USD

Japan

Portfolio(b)

JPY

N-11 Equity

Portfolio

USD

Strategic

Global Equity

Portfolio

USD

US Equity

Portfolio

USD

US Focused

Growth

Equity

Portfolio

USD

Europe

CORE

Equity

Portfolio

EUR

Global

CORE

Equity

Portfolio(c)

USD

Global

Small Cap

CORE Equity

Portfolio(c)

USD

Growth &

Emerging Markets

CORE Equity

Portfolio

USD

Regional Equity Portfolios Global and Regional CORE Equity Portfolios

11

Goldman Sachs Funds




3(c) 534,283,730 101,291,339 2,345,497 50,464,873 5,435,702 494,566,875 15,445,406 11,206,563 194,906,702 1,093,470,1473(c),13 565 164,357 600,457 4,422,007

3(c) 108,286 56,469 3,041 1,908,0693(c) 63,551 16,693 21,965 5,748,5523(c) 98,169 15,012 450,888 7,497,6003(c)

330,507 28,405 26,435 342,600 95,073 193,540 175,729 134,110 2,116,368 11,657,00114 388,504 78,741 144,107 109,594 1,440,479 28,880,892

2,581,320 552 3,293 165,030 550,834 2,172,8725,659,359 2,726,134 724,182 220,030 1,232,548

898,912 80,680 5,722 103,218 3,477 2,169,439 5 1 4,363 6,4653(b) 179,376 150,919 3,438,877 13,097,3263(b) 4,006 379,192

5 10,397 27,870 57,069 5 471 29 5,750 32,3067 2,493 9,693 1,308 7 7,853 17,496 13,404 16,825 2,979 32,614 3,019

492 255 592 9,492 475 541,679,644 106,813,808 2,402,499 50,960,242 5,537,823 497,885,627 16,200,468 11,803,813 203,756,713 1,170,504,977

10 1,051 2,186 154 14 405,876 223,476

3(c),13 30,761 159,364 96,050 13,517,6083(c) 29,400 23,382 13,524 1,182,8933(c) 35,004 97,967 31,424 575,841 13,957,6473(c) 74,663 51,588 900,067 13,054,3133(c) 3(c)

1,927,458 20,752 1,548,815 11,225,386

725,678 355,393 2,261,307 28,132 197 4,787,6853(b) 37,400

15,389 427,112 61,556 420 9,405 1,670 679,147 7,232 2,674 112,335 426,199

7 7 17,257 7,621 2,786 16,685 3,934 18,083 7,384 6,050 10,718 48,2617 25,074 1,062 19 13 37 8,941 1,191 2 153 14,7297 25,700 14,601 5,261 9,794 6,884 16,049 8,672 3,670 5,752 32,6185 34,436 4,175 41,009 683 476 6,071 55,2855 27

13,461 13,462 10,344 13,461 19,244 9,425 14,787 7,242 7,242 19,2447 13,630 1,866 23 781 51 16,091 317 200 2,616 29,5257 948 279 11 129 16 273 38 23 139 3,345

20,589 12,440 3,558 15,278 10,281 20,714 6,805 13,964 8,097 47,04611,230 2,860 140 283 201 294 2,547 386 66 21,4045,251 2,059 2,214 397 408 14,7851,900 2,035 1,670 2,038 2,196 922 1,514 1,475 396 843

259,090 22,806 184 17,824 113 531,653 575 32,654 31,552 16,279 26,988 21,701 9,407 31,990 24,331 13,604 54,344

2,019,886 2,490,625 40,695 147,683 66,365 3,636,281 339,513 318,579 3,304,685 58,754,036

539,659,758 104,323,183 2,361,804 50,812,559 5,471,458 494,249,346 15,860,955 11,485,234 200,452,028 1,111,750,941

3(j) (42,208) (543,674) 539,659,758 104,280,975 2,361,804 50,812,559 5,471,458 493,705,672 15,860,955 11,485,234 200,452,028 1,111,750,941








Notes

US CORE

Equity

Portfolio(c)

USD

US Small Cap

CORE Equity

Portfolio(c)

USD

GIVI Europe

Equity

Portfolio(c)

EUR

GIVI Global

Equity Growth

Markets Tilt

Portfolio(c)

USD

GIVI Growth &

Emerging

Markets Equity

Portfolio(c)

USD

North American

Shale Revolution

& Energy

Infrastructure

Portfolio(a)

USD

Euro

Fixed

Income

Portfolio

EUR

Euro Short

Duration

Bond

Portfolio(a)

EUR

Europe

High Yield

Bond

Portfolio(a)

EUR

Global

Credit

Portfolio

(Hedged)

USD

Global and Regional CORE

Equity PortfoliosGlobal and Regional GIVI Equity Portfolios Sector Equity

PortfolioFixed Income Portfolios

12

Goldman Sachs Funds




3(c) 168,259,179 334,808,756 9,895,567,527 121,337,338 223,790,471 2,437,176,126 4,417,447,345 281,431,698 86,298,885 318,520,9573(c),13 176,115 2,908,820 936,881 50,412 4,703,531 58,768,862 54,933,648 446,500 23,367 386,586

3(c) 530,906 383,112 2,325,652 30,421 49,634 68,721 3,332,345 247,961 752,7363(c) 1,727,951 2,416,840 5,822,208 725,114 15,909,834 3,019,585 2,482,113 2,404,6633(c) 1,663,957 2,518,474 25,859,142 196,578 595,575 5,887,8483(c)

1,846,984 3,457,509 117,302,833 1,383,581 2,484,642 29,415,038 46,130,765 17,738,288 944,814 3,354,71614 3,474,488 6,596,409 76,740,759 439,110 4,248,412 39,525,734 131,793,804 2,787,344 2,548,449 3,996,338

12,254,063 20,012,208 21,583,901 564,355 2,568,078 25,028,415 25,241,528 4,276,550 131,980 664,828280,912 2,348,147 46,030,484 11,208,920 1 1,891,612 24,651,953 28,108

1,063 400 96,885 743 4,974 80,101 54,178 610 9463(b) 1,274,728 2,328,313 153,132,505 1,635,092 3,392,956 37,307,807 56,325,165 4,028,153 1,344,165 6,389,9223(b) 32,999 61,394 3,979,325 1,566 259,161 12,982,063 1,662,797 22,123 142,219 143,431

5 5 2,737 3,482 57,472 217,363 750 2,9987 5,546 7 44,957 21,514 25,638 34,078 20,135 2,638 13,782

81,308 19,583 2,144 191,571,039 377,865,378 10,349,548,066 136,685,616 242,266,692 2,658,568,254 4,764,593,113 310,735,438 94,774,670 342,534,077

4,092 447 4,508 356,953 48,225 575 49,18314 292,941 534,913 4,735,000 100,000 2,033,220 154,564

3(c),13 526,740 2,663,131 38,323,598 1,526,191 4,470,033 61,579,872 78,722,797 1,351,807 40,388 154,3913(c) 253,913 529,815 5,475,880 43,733 47,421 676,374 2,331,910 125,537 632,8473(c) 2,114,481 3,587,589 40,572,631 223,137 2,404,443 37,628,731 47,025,988 661,905 875,556 3,125,2393(c) 2,809,998 4,288,189 10,648,617 79,355 840,715 6,103,062 33,313,285 1,072,125 1,565,811 5,396,5143(c) 3(c) 8,147,969 9,088,395

10,157,380 23,075,158 120,382,048 7,230,331 4,449,607 69,553,444 154,976,719 5,154,803 291,771 1,346,625 1,126,557 4,825,000 56,123,169

89,716 4,567 37,165,321 5,568,554 4,867,438 2,890,692 8,401 3(b) 60,626 45,015 11,645 293,003 5,355,546 2,111,566 250,156 31,875 51,855

2,441,365 167 76,177 60,252 102,359 6,390,011 85,152 18,411 1,495,631 3,147,864 250,893 12,807 54,762

7 7 25,177 23,965 146,291 11,544 26,117 136,607 101,024 17,650 10,549 19,8517 5,544 362 241,844 3,734 51 19,829 97,129 11,203 7 15,205 14,326 180,307 19,233 11,124 41,069 82,254 25,416 3,026 7,5695 4,118 23,273 406,690 5,835 4,071 46,303 189,064 18,527 2,055 8,2005 20,652 124,755 464,092

19,244 14,788 19,244 13,461 13,461 19,244 19,244 19,244 11,669 11,9457 2,752 9,160 191,756 2,395 1,925 29,304 80,619 8,438 1,007 3,6527 753 981 31,965 254 720 7,004 9,301 926 554 1,016

23,120 11,133 377,118 15,792 131,018 124,725 28,862 38,5468,334 4,518 101,244 777 2,667 42,285 39,221 7,092 2,415 4,3662,441 4,471 100,784 1,518 715 21,149 24,756 4,571 355 2,0751,987 1,285 1,890 2,062 1,404 968 1,397 1,068 1,368

92 5,256 42,503 34,290 41,854 48,719 39,262 61,059 80,473 44,288 20,208 22,211

24,665,194 44,061,683 263,242,660 10,451,700 12,650,968 198,559,364 384,058,100 11,891,133 5,072,965 11,086,779

166,905,845 333,803,695 10,086,305,406 126,233,916 229,615,724 2,460,008,890 4,380,535,013 298,844,305 89,701,705 331,447,298

3(j) (150,215) 267,043 166,755,630 334,070,738 10,086,305,406 126,233,916 229,615,724 2,460,008,890 4,380,535,013 298,844,305 89,701,705 331,447,298








Notes

Global Fixed

Income

Portfolio

USD

Global Fixed

Income

Portfolio

(Hedged)

EUR

Global

High Yield

Portfolio

USD

Growth &

Emerging Markets

Corporate

Bond Portfolio

USD

Growth &

Emerging

Markets Debt

Blend Portfolio

USD

Growth &

Emerging

Markets Debt

Local Portfolio

USD

Growth &

Emerging

Markets Debt

Portfolio

USD

Liberty Harbor

Opportunistic

Corporate Bond

Portfolio

USD

Sterling

Broad Fixed

Income

Portfolio

GBP

Sterling

Credit

Portfolio

GBP

Fixed Income Portfolios

13

3(c) 88,956,702 198,324,380 135,612,553 20,700,082 346,667,637 7,623,250,643 27,258,732 247,567,587 1,842,733,125 489,237,8663(c),13 535,516 314,365 4,205,899 13,383,445 259,605,485 618,613 5,363,730 49,071,391 26,282,920

3(c) 51,704 36,081 659,301 11,192,717 2,197 1,029,794 1,234,569 885,7053(c) 117,164 92,513 3,605,251 98,952,329 301,682 2,437,809 22,258,206 10,529,4463(c) 138,579 29,147 4,434,640 136,745,717 1,212,099 2,833,034 16,887,582 10,038,1563(c) 67,719 20,933

824,208 1,628,773 676,706 322,160 3,769,429 77,528,421 1,704,640 2,669,614 20,810,098 4,773,12514 666,037 1,220,550 840,164 8,595,799 500,165,727 1,635,769 6,616,144 68,639,866 35,740,759

13,716,585 357,666,793 1,235,122 27,890,726 167,932,357 3,875,297 22,991,871 6,753,398146,224 111,628 1,127,113 673,958 28,610,918 12,838,261 3,967,120

4,913 2,083 18,496 294 476 63,729 184 30,915 5,4233(b) 401,628 469,571 1,954,213 81 2,400,932 50,309,167 117,747 3,330,974 8,949,296 2,817,7313(b) 26,515 194,206 10,920,981 28,739 146,500 603,791 433,080

5 5 717 2,211 7 7 37,138 28,228 35,593 25,970 42,590 50,309

417 3,372 105,622,913 559,609,747 140,938,568 26,172,409 412,302,487 8,965,278,191 32,947,113 275,872,878 2,067,048,971 591,515,038

240 148 2,002 2,277 97,364 2,431 4,260 8,859 3,97214 207,358 370,000 155,199 148,482 290,804

3(c),13 488,892 246,834 329 4,256,420 11,886,004 283,490,572 466,641 4,929,332 45,850,803 25,870,9433(c) 19,244 3,325 461,582 11,579,693 46,048 707,024 4,378,188 1,256,0963(c) 317,431 408,762 5,270,017 260,240,057 555,009 3,781,693 39,388,705 19,397,7373(c) 155,650 629,837 6,383,451 248,860,508 2,038,759 3,842,556 43,779,085 23,282,7023(c) 15,397 3(c) 6,285,000 23,121,562 9,150,441 55,394,764 8,689,375 2,172,344

18,863,615 386,212,588 4,250,622 35,285,140 565,155,700 9,624,415 116,443,611 55,853,924

5,930 11,649 734,354 146,267 28,880,892 67,000 14,743,181 554,2093(b) 915 1,551 86,397 3,078,797 39,863 100,321 345,895 202,914

970 216,334 47,898 39,002 7,998 15,715 133,495 4,821,115 12,456 16,137 64,041 182,554

7 243 25 7 14,871 16,856 5,924 12,062 33,545 166,766 1,212 20,136 97,578 61,9217 3,210 1,271 2,766 264,199 51 4 652 31,9937 17,638 15,291 14,678 15,716 20,270 112,985 709 4,751 19,966 18,2905 2,787 2,012 2,365 11,779 373,052 560 4,488 27,521 21,3495 1,675

19,244 19,244 9,425 19,244 14,788 19,244 25,410 11,945 19,244 19,2447 1,803 2,551 1,123 221 5,340 146,608 267 2,258 15,566 9,0597 207 481 633 70 960 14,417 232 693 5,749 1,326

18,017 49,346 15,177 14,926 15,694 589 4,054 20,231 99,301 32,1617,970 8,954 291 2,168 3,772 6,046 2,305 10,472 4,6951,896 1,374 952 2,471 44,258 151 888 10,629 3,3411,931 1,975 2,016 1,778 1,133 491 544 1,395 1,679 1,738

4,610 6,102 2 44,808 49,086 16,857 43,861 38,109 74,503 17,135 21,259 48,902 54,082

26,320,167 410,843,551 5,067,502 4,399,823 69,163,056 1,463,416,731 3,211,559 23,318,290 274,197,484 129,327,398

79,302,746 148,766,196 135,871,066 21,772,586 343,139,431 7,501,861,460 29,735,554 252,554,588 1,792,851,487 462,187,640

3(j) (79,303) 2,974 79,223,443 148,766,196 135,871,066 21,772,586 343,139,431 7,501,861,460 29,738,528 252,554,588 1,792,851,487 462,187,640

Goldman Sachs Funds











Notes

US Fixed

Income

Portfolio

USD

US Mortgage

Backed Securities

Portfolio

USD

CoCos &

Capital

Securities

Portfolio(a)

USD

Global

Currency Plus

Portfolio

USD

Global

Fixed Income

Plus Portfolio

(Hedged)

EUR

Global

Strategic

Income Bond

Portfolio

USD

Global

Strategic

Macro Bond

Portfolio(a)

USD

Sterling

Broad Fixed

Income Plus

Portfolio

GBP

Strategic

Absolute

Return Bond I

Portfolio

USD

Strategic

Absolute

Return Bond II

Portfolio

USD

Fixed Income Portfolios Specialist Portfolios

14

3(c) 382,015,229 12,237,717,066 85,659,833 835,614,727 101,196,521 17,569,931 45,925,010 45,464,762,4413(c),13 6,785,883 4,361,293 106,560 14,946 117 9,150 538,244,316

3(c) 44,925 21,108,852 22,270 571,907 677,548 417,592 32,096,3933(c) 47,366,719 191,111,5093(c) 40,142,334 181,064 230,178,5043(c) 487,394 76,806 225,988 878,840

2,755,098 113,438,035 494,504 1,292,932 1,361,930 138,131 458,699 512,755,32714 497,391 139,821,685 104,478 20,737,363 280,000 54,677 982,971,084

1,408,215 40,092,986 774,412,220 1,336,535 5,773 1,026,217 353,880 180,328 179,614,504

1,843 6,328 135,944 218,303 3,274 147 1,887 18,235,5633(b) 5,657,525 126,632,309 595,600 6,678,765 390,035,9903(b) 453,251 43,823 32,442,058

5 2,886 2,274,1215 41 332,2837 7 150,9507 51,723 2,811 9,733 16,302 15,067 968,682

2,905 8,169 78,126 14,894 9,829 11,705 254,989399,169,014 12,771,192,581 88,469,631 865,422,790 105,072,457 18,165,143 47,300,103 49,351,719,774

76,673 100,084 660,63414 1,582,142 90,765 29 11,481,610

3(c),13 11,642,907 353,144,483 150,585 702,725 438,111 136,992 140,952 657,081,6553(c) 310,356 7,444,108 57,312 160,208 9,910 7,347 32,292,9403(c) 91,916,830 6,849,602 41,593 10,103 509,908,0763(c) 76,645,505 5,290,719 434,467,0863(c) 15,3973(c) 126,546,638

1,509,018 86,409,989 2,161,399 677,087 738,378 1,688,444,595 62,074,726 32,485 7,955,899 185,178 148,170,000

3(b) 234,217 209,004 270 12,485,008 171,695 452,990 3,378,881

85,327 2,481,173 53,294 799,336 109,874 16,063 55,925 30,589,9637 2687 48,827 316,105 17,296 22,552 9,724 5,571 7,373 1,749,5137 6,828 2,129 53 52 53 1,051,4707 45 9,766 29,853 10,311 9,281 9,787 1,368,7545 6,531 183,036 6,511 49,473 1,911,9245 2,048,640

78,121 120,645 9,425 13,461 9,425 9,425 9,425 875,1047 2,608 99,247 2,523 21,657 3,261 518 1,495 864,2837 282 37,006 43 2,708 220 31 124 119,311

7,532 1,016,520 16,311 9,692 9,023 9,022 1,963,305189 66,804 429 4,000 138 27 72 498,869

6,651 58,963 11,635 941 256 544 405,1471,766 15,467 981 1,921 2,445 2,445 2,444 97,611

32,429 63,532 3,740,9512,479 156,658 20,802 43,821 14,629 14,628 14,629 1,882,674

13,779,312 622,038,748 2,740,348 22,687,225 1,613,627 942,719 269,295 3,736,175,033

385,389,702 12,149,153,833 85,729,283 842,735,565 103,458,830 17,222,424 47,030,808 45,615,544,741

3(j) 231,989 2,764,487385,389,702 12,149,153,833 85,961,272 842,735,565 103,458,830 17,222,424 47,030,808 45,618,309,228

Goldman Sachs Funds











Notes

Custom

Emerging

Markets Debt

Blend Portfolio(a)

ILS

Global

Corporate

Portfolio

(Hedged)

NOK

Global

Income

Builder

Portfolio(a)

USD

US Real

Estate

Balanced

Portfolio

USD

Wealthbuilder

Multi-Asset

Balanced

Portfolio(a)

USD

Wealthbuilder

Multi-Asset

Conservative

Portfolio(a)

USD

Wealthbuilder

Multi-Asset

Growth

Portfolio(a)

USD

Combined Total

Year Ended

30 November

2014

USD

Select Portfolios Flexible Portfolios

15

Goldman Sachs Funds

Statements of Operations


3(b) 1,639,263 7,836,834 89,522 2,180,461 11,421,091 104,914 735,036 16,628,151 2,931,624 593,6733(b) 6 2,069 12,5963(b)

3(b)

7 12,573 27,899 32,186 68,968 3,766 19,003 1,651,836 7,864,733 89,522 2,212,647 11,490,059 104,914 738,808 16,630,220 2,950,627 606,269

3(b) 112 854 18 58 227 657 3(b)

7 896,806 4,700,403 62,180 1,108,869 6,699,769 41,422 413,281 10,482,670 1,565,945 222,8097 7 194,639 339,193 98,441 94,594 299,134 59,467 77,823 457,125 206,305 94,5807 71,604 682,029 40,671 106,659 2,939 48,286 1047 35,717 96,041 24,216 36,708 76,411 8,878 26,577 35,239 44,580 21,5745 22,871 117,741 1,600 38,239 265,891 574 16,062 384,921 31,311 3,306

18,941 18,941 14,269 10,255 18,750 18,941 18,942 13,257 26,812 18,9147 13,611 68,848 964 18,393 129,259 374 8,585 193,859 17,544 1,7387 5,877 31,008 424 11,170 78,277 188 4,355 108,549 9,657 9677 617 1,006 19 652 5,850 45 272 8,879 998 200

25,476 57,318 27,620 49,171 31,792 10,029 27,105 42,588 32,151 11,0108,452 17,838 494 6,680 13,297 2,472 5,903 13,502 6685,440 8,431 266 29,618 96 2,303 27,875 7,340 8876,747 11,993 9,337 7,324 9,047 3,180 6,502 4,111 8,521 4,230

264,445 291,165 127,274 114,975 172,295 108,750 128,348 150,701 288,367 115,4911,571,355 6,442,809 367,122 1,537,759 7,936,276 251,944 735,566 11,915,677 2,301,976 496,478

7 137,184 12,701 186,812 11,007 189,333 191,531 22 75,016 175,9467 95,557 100,547 39,593 1,338 42,072 3,117 2,6627 95,152 458,392 3,178

1,338,614 6,525,260 79,763 1,487,159 8,394,668 61,273 501,963 11,915,655 2,227,021 317,870140,272 726,560 7,066 170,415 2,062,743 14,716 126,479 3,056,259 290,680 66,735172,950 612,913 2,693 555,073 1,032,648 28,925 110,366 1,658,306 432,926 221,664

8,742,605 750,990 612,883 6,181,721 56,638,765 205,798 2,763,238 57,712,577 9,585,328 (505,745)16,801 (104,927) 34,146 (71,340) 3,768

(398,098) (14,761,335) (5,585) 1,114,509 (333,081) 26,785 (39,270) (2,554,928) (5,445,919) 21,788

8,361,308 (14,010,345) 607,298 7,191,303 56,305,684 232,583 2,758,114 55,157,649 4,068,069 (480,189)

(3,403,648) 9,940,391 (1,060,209) 1,752,751 (13,865,677) 70,231 (777,363) (2,197,142) 4,693,591 545,169

(38,750) (3,559)

(1,881) 47,141 (69) (575) (56,249) (1,511) (5,773) 2,726,769 (3,289) (1,167)

(3,405,529) 9,987,532 (1,060,278) 1,713,426 (13,921,926) 68,720 (786,695) 529,627 4,690,302 544,002

5,128,729 (3,409,900) (450,287) 9,459,802 43,416,406 330,228 2,081,785 57,345,582 9,191,297 285,477



Gains and losses arose solely from continuing operations. There were no gains or losses other than those dealt with in the Statement of Operations.

IncomeDividend IncomeInterest Income excluding Swap ContractsInterest Income on Swap ContractsInterest Income on Repurchase AgreementsNet (amortisation)/ Net accretionSecurities lending

ExpensesBank overdraft interest expenseInterest Expense on Swap ContractsInvestment Adviser feePerformance feesAdministration and Custody feesDistribution and servicing feesTransfer Agent feesTaxe d' abonnementAudit feeShareholder Services feesManagement Company feesDirectors feesLegal feesInsurance feesPrinting feesPublishing feesOther expenses

Less: Investment Adviser fee waivedLess: Investment Adviser fixed operating fee waivedAdd: Additional fee to Investment Adviser for fixed operating share classesTotal expensesWithholding tax on dividends and other investment incomeNet income/(expense) for the Period

Net realised gain/(loss) on investment securitiesNet realised gain/(loss) on futures transactions and futures contracts on duration hedging share classesNet realised gain/(loss) on foreign currencies, forward currency contracts and share class specific

forward currency contractsNet realised gain/(loss) on swap contracts and swap contracts on duration hedging share classesNet realised gain/(loss) on options contractsNet realised gain/(loss)Net change in unrealised gain/(loss) on investment securitiesNet change in unrealised gain/(loss) on covered forward mortgage backed securitiesNet change in unrealised gain/(loss) on futures transactions and futures contracts on duration

hedging share classesNet change in unrealised gain/(loss) on non deliverable bond forward contractsNet change in unrealised gain/(loss) on foreign currencies, forward currency contracts and

share class specific forward currency contractsNet change in unrealised gain/(loss) on swap contracts and swap contracts on duration hedging share classesNet change in unrealised gain/(loss) on options contractsNet change in unrealised gain/(loss)

Net investment income gain/(loss)

Regional Equity Portfolios

Notes

Asia

Portfolio

USD

BRICs

Portfolio

USD

China

Opportunity

Portfolio

USD

Europe

Equity

Partners

Portfolio(a)

EUR

Global

Equity

Partners

Portfolio

USD

Global

Equity

Unconstrained

Portfolio

USD

Global

Responsible

Equity

Portfolio

USD

GMS Dynamic

World Equity

Portfolio

USD

Growth &

Emerging

Markets

Broad Equity

Portfolio

USD

Growth

Markets

Plus Equity

Portfolio(a)

USD

16

Goldman Sachs Funds



3(b) 5,832,360 1,905,302 25,991,788 386,448 45,889,055 619,610 4,665,306 3,356,817 7,085,345 8,331,6693(b) 99 24 6 5,677 532 276 2,010 3,7853(b)

3(b) 241

7 8,199 73,618 1,066 238,402 2,102 85,601 32,128 669,592 20,6555,832,700 1,913,525 26,065,406 387,520 46,133,134 621,712 4,751,439 3,389,221 7,756,947 8,356,109

3(b) 1,520 43(b)

7 4,871,865 1,231,278 14,857,360 303,353 34,740,747 797,748 1,096,838 638,313 3,478,798 663,7927 7 431,356 53,614 1,413,344 84, 418 605,792 70,639 108,384 141,358 271,719 290,5717 150,495 28,804 1,292,552 15,416 259,860 104,004 98,271 67,500 81,515 7 93,969 12,889 234,518 23,842 120,482 30,646 24,642 37,677 54,409 26,9695 145,157 42,254 411,654 10,376 1,124,164 27,441 45,402 36,577 132,141 33,950

55,764 1,457 18,941 13,257 18,941 13,257 10,255 18,941 18,941 18,9417 38,715 19,350 231,739 5,774 574,449 14,657 22,819 11,364 70,872 19,1637 55,511 11,874 115,568 2,405 314,857 7,284 12,962 14,923 36,528 11,9517 2,330 1,017 11,686 190 24,605 445 709 858 3,711 1,797

28,426 3,134 37,458 23,803 72,026 23,509 19,615 28,959 30,406 32,6034,451 924 9,114 4,266 16,480 5,124 7,763 1,979 2,360 1,1899,499 3,718 40,668 3,738 53,823 4,505 6,318 2,452 10,949 3,2156,155 1,044 10,574 5,839 11,526 8,350 6,237 8,698 6,511 5,267

198,441 24,071 363,254 135,925 261,577 141,719 112,542 154,088 160,928 167,6806,092,134 1,435,428 19,049,950 632,602 38,199,329 1,249,328 1,572,757 1,163,687 4,359,788 1,277,092

7 40,734 35,310 34,476 42,247 117,831 9,611 11,6717 193,090 87,381 53,240 33,881 7 340,805 124,930 1,012,884 5,114,788 46,790 17,542

6,432,939 1,560,358 20,022,100 404,202 43,314,117 1,127,471 1,477,270 1,011,975 4,396,967 1,282,96367,460 291,799 3,109,656 61,452 13,684,665 183,468 246,409 597,115 1,271,913 1,030,926

(667,699) 61,368 2,933,650 (78,134) (10,865,648) (689,227) 3,027,760 1,780,131 2,088,067 6,042,220

16,946,953 8,568,809 16,185,836 2,227,261 308,958,287 10,342,766 8,307,834 10,738,273 30,205,506 11,658,8245,063,485 84,665 (233,087) 3,282 (156,732) 1,208,500 344,412

(7,683,626) 1,745,701 (28,111,673) (41,983) (30,227,111) 901,219 (1,843,470) (4,688,691) (4,769,873)

14,326,812 10,399,175 (12,158,924) 2,188,560 278,731,176 10,342,766 9,052,321 10,103,303 25,861,227 6,888,951

139,111,904 5,851,237 29,008,109 (863,587) 79,876,482 (2,495,470) (240,810) 9,781,507 (17,903,363) (5,856,227)

502,927 (14,912) 76,403 (55,456) (109,936)

(237,251) 2,658,178 (255,658) (2,709) (3,661,663) (557) 15,483 (40,410) (111,140) (27,145) (329,694)

139,377,580 8,509,415 28,752,451 (881,208) 76,214,819 (2,496,027) (148,924) 9,685,641 (18,454,133) (5,883,372)

153,036,693 18,969,958 19,527,177 1,229,218 344,080,347 7,157,512 11,931,157 21,569,075 9,495,161 7,047,799





forward currency contractsNet realised gain/(loss) on swap contracts and swap contracts on duration hedging share classesNet realised gain/(loss) on options contractsNet realised gain/(loss)Net change in unrealised gain/(loss) on investment securitiesNet change in unrealised gain/(loss) on covered forward mortgage backed securitiesNet change in unrealised gain/(loss) on futures transactions and futures contracts on duration







Regional Equity Portfolios Global and Regional CORE Equity Portfolios

Notes

India Equity

Portfolio

USD

Japan

Portfolio(b)

JPY

N-11 Equity

Portfolio

USD

Strategic

Global Equity

Portfolio(a)

USD

US Equity

Portfolio

USD

US Focused

Growth

Equity

Portfolio

USD

Europe

CORE

Equity

Portfolio

EUR

Global

CORE

Equity

Portfolio(c)

USD

Global

Small Cap

CORE Equity

Portfolio(c)

USD

Growth &

Emerging Markets

CORE Equity

Portfolio

USD

17

Goldman Sachs Funds



3(b) 6,384,834 1,230,785 95,959 1,211,014 189,424 9,781,603 348 264 15,379 58,0093(b) 625 29 10 371,851 219,196 2,650,307 38,524,9643(b) 2,394 85 13,681 364,598

3(b) (83,401) (129,305) (350,153) (4,874,913)

7 14,710 131,556 2 1,308 6,400,169 1,362,341 95,961 1,212,351 189,434 9,781,603 291,192 90,240 2,329,214 34,072,658

3(b) 24 358 737 6703(b)

7 3,796,697 728,498 5,704 106,637 22,432 2,713,185 84,863 21,418 347,677 4,885,3937 7 172,006 100,448 42,800 188,212 86,653 120,687 89,103 62,636 47,879 647,4957 226,693 14,505 298 160 1,365 24,055 11,435 22 490 95,5937 58,267 32,028 10,810 21,591 14,828 22,351 18,106 9,922 10,584 84,4935 167,154 24,732 123,814 5,191 1,597 14,264 370,133

18,941 18,941 14,651 18,941 27,078 12,827 20,946 9,929 9,930 27,0787 77,077 13,036 219 5,084 522 12,161 2,797 467 323 194,2307 45,431 7,186 94 3,067 223 61,522 1,344 812 8,398 105,8057 2,866 823 20 382 39 419 144 48 139 6,029

28,490 26,621 9,190 15,729 15,326 21,412 16,920 18,181 10,050 55,9938,416 2,143 105 212 151 294 1,905 386 66 16,043

11,987 6,395 478 5,557 444 817 550 29,9008,252 6,650 3,281 5,420 4,350 2,477 5,637 1,917 1,901 9,512

163,195 143,332 82,245 130,211 111,818 29,067 127,293 59,797 35,172 241,5904,785,472 1,125,338 169,417 496,148 284,785 3,150,186 386,128 187,949 488,160 6,769,957

7 3,409 124,683 157,703 310,908 243,410 264 75,329 146,953 20,649 7 2,930 35,222 1,669 1,463 3,181 184,387 6,154 289 7 46,022 164,449 101,088

4,825,155 965,433 10,045 183,777 38,194 3,314,371 126,412 34,842 467,222 6,871,0451,780,525 338,096 7,035 181,118 22,926 1,878,828 576 68,564

(205,511) 58,812 78,881 847,456 128,314 4,588,404 164,780 55,398 1,861,416 27,133,049

38,522,203 10,471,597 278,037 942,933 195,784 (15,526,878) 448,956 38,662 42,561 12,732,2711,358,369 198,739 9,467 (963) 20,366 (104,263) 152,998 (1,956,188)

784 (15,055) (83,339) (54,521) (914,123) (173,058) (25,986) (302,428) (36,483,275) 74,824 (15,998) (102,945) (12,405,696)

39,880,572 10,671,120 262,982 869,061 140,300 (16,441,001) 371,088 (107,585) (209,814) (38,112,888)

18,265,892 (5,556,819) (90,965) 1,603,181 (178,520) (64,433,365) 478,552 152,519 1,889,562 3,068,018

77,639 (43,800) (5,766) 1,490 (11,760) (10,484) 30,407

7 (8,780) (152) (3,812) (6,973) 5,083 509,835 (5,213,150) (22,168) (47,407) (14,731) (553,876) (8,514,070)

18,343,531 (5,600,619) (90,958) 1,566,467 (177,182) (64,437,177) 412,412 132,387 1,845,521 (10,628,795)

58,018,592 5,129,313 250,905 3,282,984 91,432 (76,289,774) 948,280 80,200 3,497,123 (21,608,634)





forward currency contractsNet realised gain/(loss) on swap contracts and swap contracts on duration hedging share classesNet realised gain/(loss) on options contractsNet realised gain/(loss)

Net change in unrealised gain/(loss) on investment securitiesNet change in unrealised gain/(loss) on covered forward mortgage backed securitiesNet change in unrealised gain/(loss) on futures transactions and futures contracts on duration







Global and Regional CORE

Equity PortfoliosGlobal and Regional GIVI Equity Portfolios Sector Equity

PortfolioFixed Income Portfolios

Notes

US CORE

Equity

Portfolio(c)

USD

US Small Cap

CORE Equity

Portfolio(c)

USD

GIVI Europe

Equity

Portfolio(c)

EUR

GIVI Global

Equity Growth

Markets Tilt

Portfolio(c)

USD

GIVI Growth &

Emerging

Markets Equity

Portfolio(c)

USD

North American

Shale Revolution

& Energy

Infrastructure

Portfolio(a)

USD

Euro

Fixed

Income

Portfolio

EUR

Euro Short

Duration

Bond

Portfolio(a)

EUR

Europe

High Yield

Bond

Portfolio(a)

EUR

Global

Credit

Portfolio

(Hedged)

EUR

18

Goldman Sachs Funds



3(b) 12,901 15,853 2,847,847 11,900 10,642 164,643 334,166 408,593 12,736 23,3503(b) 8,380,021 8,824,482 634,821,602 4,857,640 11,576,309 135,886,882 165,704,857 15,999,942 4,653,564 14,319,5903(b) 11,718,953 10,628,299 167,019

412 703 83,605 3(b) (1,012,188) (1,305,907) (35,098,945) (388,392) 1,258,727 5,434,829 (4,851,469) (2,292,187) (723,486) (1,292,992)

7 390,005 7,380,734 7,534,428 614,679,462 4,481,560 12,846,381 152,114,653 161,271,159 14,116,348 4,109,833 13,049,948

3(b) 1,506 1,306 126 47,721 120 5,641 2653(b) 113,379 18,840 21,579 39,152 2,081,510 487,312 620

7 1,149,206 1,174,889 76,321,958 873,988 254,778 17,895,365 28,265,649 3,040,887 198,579 599,4927 7 269,288 247,221 1,717,627 120,395 335,649 1,730,065 1,094,403 211,838 105,395 201,5637 72,196 3,250 3,692,478 50,792 619 261,568 787,958 143,663 7 27,430 34,353 459,884 39,372 29,209 91,334 175,347 57,272 9,916 10,1145 50,077 129,425 3,059,433 30,190 23,463 384,479 945,253 126,500 14,179 46,399

27,079 20,946 27,078 18,941 18,941 27,079 27,079 27,079 16,463 16,4987 32,095 66,235 1,755,696 14,816 14,590 231,190 440,811 66,389 10,173 27,5617 13,533 36,229 786,077 9,324 7,991 121,846 284,840 35,303 4,622 14,7377 1,674 2,717 82,807 822 945 15,480 19,766 2,103 788 1,726

32,504 20,245 227,741 23,700 14,681 122,903 95,953 13,129 20,924 29,2746,247 3,378 75,891 582 2,000 31,697 29,401 5,315 1,747 3,2621,583 12,423 219,526 8,228 4,020 38,505 41,877 10,344 2,1997,118 6,988 20,514 8,110 8,568 11,244 17,611 10,451 2,258 2,887

194,490 128,385 940,636 202,941 138,107 427,523 520,646 195,032 91,549 104,2671,999,405 1,906,830 89,387,472 1,423,780 940,434 21,390,278 34,828,104 4,432,737 482,234 1,060,864

7 54,915 26,329 26,567 132,342 148,353 539 33,603 19,479 5337 31,810 878 135,255 12,811 8,560 3,623 7 2,043 6,313,434 108,649 1,250,894 24 9,247

1,912,680 1,881,666 95,674,339 1,156,183 779,270 21,498,388 36,078,998 4,390,598 459,132 1,069,57827,001 7,641 1,935,881 57,789 565,557 4,708 16,483 22 3,179

5,441,053 5,645,121 517,069,242 3,325,377 12,009,322 130,050,708 125,187,453 9,709,267 3,650,679 11,977,191

9,978,660 6,020,184 102,142,262 (69,695) 3,238,863 72,754,764 59,957,229 446,151 4,914,501 8,459,820(1,451,151) (1,515,231) (34,533,103) (1,214,319) (2,321,466) (27,609,867) (9,456,343) 968,664 865,424

(6,745,896) (1,392,532) (291,003,288) (5,671,780) (5,842,359) (217,894,217) (132,446,722) (5,931,155) (1,122,576) (6,574,546)(35,335) (1,277,579) (32,132,487) 22,851 (608,425) (29,775,151) (15,677,783) (263,925) (57,763) 1,408,100

(454,081) (166,536) 1,292,197 1,668,306 (255,526,616) (6,932,943) (5,533,387) (202,524,471) (97,623,619) (5,748,929) 4,702,826 4,158,798

(3,411,807) 20,386,078 (226,203,732) 2,379,124 (1,453,511) 2,558,626 80,296,515 (6,895,283) 4,026,608 10,186,347(134,688) (166,453)

97,166 (186,356) (1,314,692) (18,819) (5,311) (208,286) 1,072,071 94,815 81,443 (6,996) (54,404)

645,178 (1,325,041) (39,437,766) (929,229) 193,837 (4,512,349) (9,545,783) (1,449,954) (355,647) 756,163(356,269) (660,644) (34,107,695) (237,416) (1,560,075) 11,030,584 (38,208,565) (535,308) (487,233) (2,789,449)(408,478) (247,534)

(3,568,898) 17,800,050 (301,063,885) 1,193,660 (2,825,060) 8,861,579 33,559,834 (8,880,545) 3,278,543 8,234,504

3,164,352 25,113,477 (39,521,259) (2,413,906) 3,650,875 (63,612,184) 61,123,668 (4,920,207) 11,632,048 24,370,493




Net realised gain/(loss) on investment securitiesNet realised gain/(loss) on futures transactions and f

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