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Goldman Sachs Funds SICAVAnnual Report

Audited Financial Statements

1115

R.C.S. B41 751

Directors and Other Information 1Investment Advisers Report 2Audit Report 8Statement of Assets and Liabilities 10Statement of Operations 17Statement of Changes in Shareholders Equity 24Statistical Information 34Notes to the Financial Statements 50Schedules of Investments 141

GOLDMAN SACHS FUNDSEQUITY PORTFOLIOS

Goldman Sachs FundsRegional Equity PortfoliosGoldman Sachs FundsAsia Portfolio 141Goldman Sachs FundsBRICs Portfolio 144Goldman Sachs FundsChina Opportunity Portfolio 146Goldman Sachs FundsEurope Equity Partners Portfolio 148Goldman Sachs FundsGlobal Equity Partners Portfolio 150Goldman Sachs FundsGlobal Equity Unconstrained Portfolio 152Goldman Sachs FundsGlobal Responsible Equity Portfolio 154Goldman Sachs FundsGMS Dynamic World Equity Portfolio 156Goldman Sachs FundsGrowth & Emerging Markets Broad Equity Portfolio 159Goldman Sachs FundsGrowth Markets Plus Equity Portfolio 162Goldman Sachs FundsIndia Equity Portfolio 165Goldman Sachs FundsJapan Equity Partners Portfolio 168Goldman Sachs FundsJapan Portfolio 169Goldman Sachs FundsN-11 Equity Portfolio 171Goldman Sachs FundsStrategic Global Equity Portfolio 173Goldman Sachs FundsUS Equity Portfolio 175Goldman Sachs FundsUS Focused Growth Equity Portfolio 177

Goldman Sachs FundsGlobal and Regional CORE Equity PortfoliosGoldman Sachs FundsEurope CORE Equity Portfolio 178Goldman Sachs FundsGlobal CORE Equity Portfolio 181Goldman Sachs FundsGlobal Small Cap CORE Equity Portfolio 186Goldman Sachs FundsGrowth & Emerging Markets CORE Equity Portfolio 194Goldman Sachs FundsUS CORE Equity Portfolio 197Goldman Sachs FundsUS Small Cap CORE Equity Portfolio 200

Goldman Sachs FundsGlobal & Regional GIVI Equity PortfoliosGoldman Sachs FundsGIVI Europe Equity Portfolio 204Goldman Sachs FundsGIVI Global Equity Growth Markets Tilt Portfolio 215Goldman Sachs FundsGIVI Growth & Emerging Markets Equity Portfolio 238

Goldman Sachs FundsSector Equity PortfolioGoldman Sachs FundsNorth American Shale Revolution & Energy Infrastructure Portfolio 247

GOLDMAN SACHS FUNDSFIXED INCOME PORTFOLIOSGoldman Sachs FundsAsia High Yield Bond Portfolio 248Goldman Sachs FundsEuro Fixed Income Portfolio 251Goldman Sachs FundsEuro Short Duration Bond Portfolio 256Goldman Sachs FundsEurope High Yield Bond Portfolio 261Goldman Sachs FundsGlobal Credit Portfolio (Hedged) 268Goldman Sachs FundsGlobal Fixed Income Portfolio 280Goldman Sachs FundsGlobal Fixed Income Portfolio (Hedged) 295

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Goldman Sachs FundsTable of Contents

GOLDMAN SACHS FUNDSFIXED INCOME PORTFOLIOS (continued)Goldman Sachs FundsGlobal High Yield Portfolio 310Goldman Sachs FundsGlobal Sovereign Bond Portfolio 322Goldman Sachs FundsGrowth & Emerging Markets Corporate Bond Portfolio 331Goldman Sachs FundsGrowth & Emerging Markets Debt Blend Portfolio 339Goldman Sachs FundsGrowth & Emerging Markets Debt Local Portfolio 356Goldman Sachs FundsGrowth & Emerging Markets Debt Portfolio 368Goldman Sachs FundsLiberty Harbor Opportunistic Corporate Bond Portfolio 385Goldman Sachs FundsSterling Broad Fixed Income Portfolio 390Goldman Sachs FundsSterling Credit Portfolio 397Goldman Sachs FundsUS Fixed Income Portfolio 407Goldman Sachs FundsUS Mortgage Backed Securities Portfolio 418

GOLDMAN SACHS FUNDSSPECIALIST PORTFOLIOSGoldman Sachs FundsCoCos & Capital Securities Portfolio 436Goldman Sachs FundsGlobal Absolute Return Portfolio 441Goldman Sachs FundsGlobal Currency Plus Portfolio 448Goldman Sachs FundsGlobal Equity Long Short Portfolio 452Goldman Sachs FundsGlobal Fixed Income Plus Portfolio (Hedged) 455Goldman Sachs FundsGlobal Strategic Income Bond Portfolio 477Goldman Sachs FundsGlobal Strategic Macro Bond Portfolio 506Goldman Sachs FundsSterling Broad Fixed Income Plus Portfolio 517Goldman Sachs FundsStrategic Absolute Return Bond I Portfolio 525Goldman Sachs FundsStrategic Absolute Return Bond II Portfolio 550

GOLDMAN SACHS FUNDSSELECT PORTFOLIOSGoldman Sachs FundsCustom Emerging Markets Debt Blend Portfolio 568Goldman Sachs FundsGlobal Corporate Portfolio (Hedged) 572

GOLDMAN SACHS FUNDSFLEXIBLE PORTFOLIOSGoldman Sachs FundsGlobal Income Builder Portfolio 583Goldman Sachs FundsUS Real Estate Balanced Portfolio 591Goldman Sachs FundsWealthbuilder Multi-Asset Balanced Portfolio 596Goldman Sachs FundsWealthbuilder Multi-Asset Conservative Portfolio 599Goldman Sachs FundsWealthbuilder Multi-Asset Growth Portfolio 602

GOLDMAN SACHS FUNDSALTERNATIVE PORTFOLIOSGoldman Sachs FundsAbsolute Return Tracker Portfolio 605Goldman Sachs FundsLiquid Alternative Beta Equity Long Short Portfolio 612Goldman Sachs FundsLiquid Alternative Beta Event Driven Portfolio 617Goldman Sachs FundsLiquid Alternative Beta Macro Portfolio 619Goldman Sachs FundsLiquid Alternative Beta Relative Value Portfolio 622Goldman Sachs FundsLiquid Alternative Beta Trend Portfolio 624Goldman Sachs FundsMulti-Asset Dynamic Strategy Portfolio 627

Appendix IAdvisory Fee Rates, Expense Caps and Total Net Expense Ratios 631Appendix IIPortfolio and Share Class Launches, Closures and Mergers 649Appendix IIIShareholder Concentration 655Appendix IVCalculation Method Used for Global Exposure 661Appendix VIndex Tracking Portfolios 665Additional Information 666

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Goldman Sachs FundsTable of Contents

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Goldman Sachs FundsDirectors and Other Information

______________________________________________________________________________________________________________________1 Independent Director.2 Director of the Fund employed by Goldman Sachs.3 Related party to Goldman Sachs Funds SICAV.4 Refer to note 7 for non-affiliated Sub-Advisers.5 Alan Shuch resigned from the Board of Directors as of 5 March 2015.6 Eugene Regan resigned from the Board of Directors as of 6 October 2015.7 Grainne Alexander was appointed as a member of the Board of Directors as of 17 November 2015.

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

Board of DirectorsGrainne Alexander1,7Frank Ennis (Irish)1Mark Heaney (UK/Irish)2Eugene Regan (Irish)1,6Alan Shuch (US)2,5Theodore Sotir (UK/US)2Katherine Uniacke (US)2

Management CompanyGoldman Sachs Asset Management GlobalServices Limited3Peterborough Court133 Fleet StreetLondon EC4A 2BBUnited Kingdom

AuditorPricewaterhouseCoopers, Socit cooprative2, rue Gerhard MercatorB.P. 1443L-1014 LuxembourgGrand Duchy of Luxembourg

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

DistributorGoldman Sachs International3Peterborough Court133 Fleet StreetLondon EC4A 2BBUnited Kingdom

Investment AdviserGoldman Sachs Asset ManagementInternational3Peterborough Court133 Fleet StreetLondon, EC4A 2BBUnited Kingdom

Sub-Advisers4:Goldman Sachs Asset Management, L.P.3200 West StreetNew York, NY 10282USA

Goldman Sachs (Singapore) Pte.31 Raffles Link#07-01 South LobbySingapore 039393

Goldman Sachs Asset Management Co., Ltd.3Roppongi Hills Mori Tower10-1 Roppongi 6-chomeMinato-Ku, Tokyo 106 6144, Japan

Goldman Sachs Asset Management AustraliaPty Ltd3Level 17, 101 Collins StreetMelbourne VIC 3000, Australia

Goldman Sachs Asset Management(Singapore) Pte. Ltd.31 Raffles Link#07-01 South LobbySingapore 039393

Goldman Sachs InternationalPeterborough Court133 Fleet StreetLondon, EC4A 2BBUnited Kingdom

GS Investment Strategies, L.L.C.3200 West StreetNew York, NY 10282USA

Goldman Sachs (Asia) L.L.C.3 Hong Kong Branch68th Floor Cheung Kong Center2 Queens RoadCentral, Hong Kong

Legal AdviserArendt & Medernach41A, avenue J.F. KennedyL-2082 LuxembourgGrand Duchy of Luxembourg

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

Registrar and Transfer AgentRBC Investor Services Bank S.A.14, 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 Dexia 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 AG3Mnsterhof 48001 Zurich, Switzerland

Representative in SwitzerlandFirst Independent Fund Services AGKlausstrasse 338008 Zurich, Switzerland

The Funds Prospectus with its Supplements,Key Investor Information Document, Articles ofIncorporation, Annual Report, Semi-AnnualReport and the list of all transactions carriedout by the Investment Adviser during the yearare available free of charge at the offices of thelocal Paying and Information Agents and SwissRepresentative.

Goldman Sachs FundsInvestment Advisers Report

For the year ended 30 November 2015

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Dear Shareholders:

Enclosed is the report for the year ended 30 November 2015.

A. Market Review*Global economic growth fluctuated during the 12 months ended 30 November 2015. Looking back, theU.S. Department of Commerce reported that gross domestic product (GDP) growth was 2.1% during the fourthquarter of 2014. The U.S. economy then weakened, as GDP growth was 0.6% during the first quarter of 2015.The U.S. economy then expanded 3.9% and 2.0% during the second and third quarters of 2015, respectively.In its January 2016 World Economic Outlook Update, released after the reporting period ended, the InternationalMonetary Fund (IMF) said In advanced economies, a modest and uneven recovery is expected to continue,with a gradual further narrowing of output gaps. The picture for emerging market and developing economies isdiverse but in many cases challenging. From a regional perspective, the IMF projects that 2015 growth in theeurozone will be 1.5%, versus 0.9% in 2014. Japan's economy is projected to expand 0.6% in 2015, versus 0.0%in 2014. Elsewhere, the IMF estimated that overall growth in emerging market countries moderated in 2015, withgrowth of 4.0% versus 4.6% in 2014. Finally, the U.S. Dollar strengthened against most major currencies,including the Euro, as the U.S. Federal Reserve Board (the Fed) appeared closer to raising interest rates.

The global equity market generated mixed results during the reporting period. The U.S. stock market was volatile,but it ultimately generated a modest gain. Supporting U.S. equities were corporate profits that often exceededexpectations, along with continued monetary policy accommodation from the Fed. All told, for the 12 monthsended 30 November 2015, the S&P 500 Index (net) gained 2.11%. International equities produced weak results,as they were impacted by signs of moderating growth, sharply falling commodity prices and a number ofgeopolitical events. During the period, international developed equities, as measured by the MSCI EAFE Index(net), returned negative 2.94%. Emerging market equities posted an even sharper loss, as the MSCI EmergingMarkets Index (net) returned negative 16.99% during the reporting period.

The global fixed income market posted a small gain during the 12 months ended 30 November 2015. Demandfor global fixed income securities was robust at times as investors looked for safe havens during periods ofelevated risk aversion. While the Fed kept rates unchanged over the 12 months ended 30 November 2015, itraised rates for the first time in nearly a decade at its meeting that occurred in mid-December 2015. Elsewhere,the European Central Bank and the Bank of Japan maintained their accommodative monetary policies. Inflationremained well contained given moderating global growth and sharply falling commodity prices. For example,a barrel of oil, which began the period at approximately $66, was $42 a barrel at the end of November 2015.For the 12 months ended 30 November 2015, the Barclays U.S. Aggregate Bond Index and Barclays GlobalAggregate Bond Index (hedged to USD) returned 0.97% and 1.82%, respectively. Riskier fixed incomesecurities generated weaker results during the reporting period. The U.S. high yield bond market, as measuredby the Barclays U.S. Corporate High Yield Bond Index, returned negative 3.42%, whereas the emerging marketdebt asset class, as measured by the JPMorgan EMBI Global Diversified Index, returned 0.40% during thereporting period.

Past performance does not guarantee future results, which may vary.


For the year ended 30 November 2015 (continued)

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B. Performance Overview (as at 30 November 2015)Performance is calculated in the relevant Portfolios base currency.

Average Annualised Net Return**Since

Launch 1-Year 3-Years 5-Years InceptionCurrency Date (%) (%) (%) (%)

Goldman Sachs FundsEquity PortfoliosGoldman Sachs FundsRegional Equity Portfolios

Goldman Sachs FundsAsia Portfolio USD 31-May-94 0.24 3.79 1.79 3.97MSCI AC Asia Free ex-Japan Index USD 31-May-94 (10.65) 0.55 1.03 3.13

Goldman Sachs FundsBRICs Portfolio USD 17-Jan-06 (11.34) (2.80) (5.33) 2.66MSCI BRICs Index USD 17-Jan-06 (16.51) (4.62) (5.23) 4.29

Goldman Sachs FundsChina Opportunity Portfolio USD 26-Aug-09 0.95 5.60 0.26 4.23MSCI China Index USD 26-Aug-09 (1.38) 4.10 0.91 3.51

Goldman Sachs FundsEurope Equity Partners Portfolio EUR 30-Sep-96 19.98 16.54 11.76 7.19MSCI Europe Index(1) EUR 30-Sep-96 12.64 14.05 10.64 7.57

Goldman Sachs FundsGlobal Equity Partners Portfolio USD 23-Feb-06 (1.00) 11.49 8.12 2.09MSCI World Index USD 23-Feb-06 (0.72) 10.97 9.51 2.73

Goldman Sachs FundsGlobal Equity Unconstrained Portfolio(2) USD 19-Sep-12 (2.88) 7.98 7.20MSCI All Country World Index USD 19-Sep-12 (2.49) 9.16 8.11

Goldman Sachs FundsGlobal Responsible Equity Portfolio(2) USD 16-Sep-08 (4.60) 7.43 6.00 4.01MSCI All Country World Index USD 16-Sep-08 (2.49) 9.16 7.99 5.92

Goldman Sachs FundsGMS Dynamic World Equity Portfolio USD 30-Jul-04 (1.65) 11.37 10.15 6.67MSCI World Index USD 30-Jul-04 (0.72) 10.97 9.51 4.68

Goldman Sachs FundsGrowth & Emerging Markets Broad Equity Portfolio USD 15-Dec-97 (8.33) (0.20) (1.45) 6.27MSCI Emerging Markets Index USD 15-Dec-97 (16.99) (4.55) (3.05) 6.85

Goldman Sachs FundsGrowth Markets Plus Equity Portfolio USD 10-Sep-13 (13.32) (4.72)MSCI Emerging Markets Index USD 10-Sep-13 (16.99) (6.35)

Goldman Sachs FundsIndia Equity Portfolio USD 26-Mar-08 0.12 12.79 6.34 6.54MSCI India Index USD 26-Mar-08 (11.67) 4.07 (1.91) 0.25

Goldman Sachs FundsJapan Equity Partners Portfolio(3) USD 27-May-15 (1.32)Topix(3) USD 27-May-15 (4.12)

Goldman Sachs FundsJapan Portfolio JPY 30-Apr-96 13.45 28.39 14.68 1.91Topix JPY 30-Apr-96 14.18 28.92 15.31 0.75

Goldman Sachs FundsN-11 Equity Portfolio USD 26-Jan-11 (19.39) (5.02) (3.44)MSCI Emerging Markets Index USD 26-Jan-11 (16.99) (4.55) (4.37)

Goldman Sachs FundsStrategic Global Equity Portfolio USD 4-Dec-92 (4.37) 8.86 7.24 5.37MSCI World Index USD 4-Dec-92 (0.72) 10.97 9.51 7.17

Goldman Sachs FundsUS Equity Portfolio USD 3-Feb-06 (1.00) 13.40 11.22 6.60S&P 500 IndexNet USD 3-Feb-06 2.11 15.36 13.66 6.72

Goldman Sachs FundsUS Focused Growth Equity Portfolio USD 15-Nov-99 3.75 13.72 11.85 2.53Russell 1000 Growth Index USD 15-Nov-99 5.64 16.84 14.55 2.99

Goldman Sachs FundsGlobal and Regional CORE Equity Portfolios

Goldman Sachs FundsEurope CORE Equity Portfolio EUR 1-Oct-99 19.01 16.61 11.06 4.32MSCI Europe Index EUR 1-Oct-99 12.64 14.05 10.64 3.90

Goldman Sachs FundsGlobal CORE Equity Portfolio(4) USD 14-Oct-04 4.12 14.87 11.46 5.35MSCI World Index USD 14-Oct-04 (0.72) 10.97 9.51 5.36

Goldman Sachs FundsGlobal Small Cap CORE Equity Portfolio(4) USD 3-Aug-06 3.95 13.77 11.32 5.69S&PCitigroup Developed Small Cap Index USD 3-Aug-06 3.09 12.49 10.05 6.01

Goldman Sachs FundsGrowth & Emerging Markets CORE Equity Portfolio(5) USD 10-Aug-09 (13.43) (2.65) (1.14) 3.00MSCI Emerging Markets Index USD 10-Aug-09 (16.99) (4.55) (3.05) 1.62

Goldman Sachs FundsUS CORE Equity Portfolio(4) USD 19-Nov-96 0.90 15.58 13.74 5.38S&P 500 IndexNet USD 19-Nov-96 2.11 15.36 13.66 6.74

Goldman Sachs FundsUS Small Cap CORE Equity Portfolio(5) USD 5-Dec-05 4.83 14.36 12.70 5.81Russell 2000 Index USD 5-Dec-05 3.10 14.47 11.57 6.74




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Goldman Sachs FundsGlobal and Regional GIVI Equity Portfolios

Goldman Sachs FundsGIVI Europe Equity Portfolio(5) EUR 15-May-12 12.58 14.30 15.28S&P GIVI Europe Index EUR 15-May-12 13.46 15.04 16.14

Goldman Sachs FundsGIVI Global Equity Growth Markets Tilt Portfolio(5) USD 29-Jun-12 (4.74) 6.96 8.13S&P GIVI Global Growth Markets Tilt Index USD 29-Jun-12 (3.63) 8.10 9.26

Goldman Sachs FundsGIVI Growth & Emerging Markets Equity Portfolio(5) USD 29-Jun-12 (16.14) (3.69) (1.31)S&P GIVI Emerging Index USD 29-Jun-12 (14.46) (1.94) 0.58

Goldman Sachs FundsSector Equity Portfolio

Goldman Sachs FundsNorth American Shale Revolution &Energy Infrastructure Portfolio USD 14-Apr-14 (35.03) (24.48)

Goldman Sachs FundsFixed Income Portfolios

Goldman Sachs FundsAsia High Yield Bond Portfolio(3) USD 22-Sep-15 1.52J.P. Morgan Corporate Emerging Markets Bond (CEMBI)Broad Asia High Yield Index Unhedged in USD(3) USD 22-Sep-15 1.66

Goldman Sachs FundsEuro Fixed Income Portfolio EUR 24-Jan-06 2.57 4.79 5.22 4.01Barclays Capital Euro Aggregate Bond Index EUR 24-Jan-06 2.77 5.26 5.74 4.66

Goldman Sachs FundsEuro Short Duration Bond Portfolio EUR 15-Jan-14 1.16 1.10Barclays Euro Aggregate 500mm 1-3 yr EUR 15-Jan-14 0.79 1.24

Goldman Sachs FundsEurope High Yield Bond Portfolio EUR 17-Jun-14 2.79 2.22BOFAML European Currency High Yield Constrained Index (EUR Hedged) EUR 17-Jun-14 3.27 2.27

Goldman Sachs FundsGlobal Credit Portfolio (Hedged) USD 26-Jan-06 0.19 2.31 3.91 3.24Barclays Capital Global Aggregate Credit Bond Index (USD Hedged) USD 26-Jan-06 0.67 2.75 4.59 4.89

Goldman Sachs FundsGlobal Fixed Income Portfolio USD 26-Feb-93 (4.87) (2.44) 0.36 4.26Barclays Capital Global Aggregate Index USD 26-Feb-93 (4.33) (2.02) 1.05 5.29

Goldman Sachs FundsGlobal Fixed Income Portfolio (Hedged) EUR 17-Dec-01 0.84 1.88 2.84 3.47Barclays Capital Global Aggregate Index (Hedged to Euro) EUR 17-Dec-01 1.58 2.73 3.83 4.55

Goldman Sachs FundsGlobal High Yield Portfolio USD 27-Jan-98 (4.63) 2.45 4.92 5.70Barclays Capital US High Yield 2% Issuer Capped Bond Index USD 27-Jan-98 (3.38) 3.11 5.95 6.27

Goldman Sachs FundsGlobal Sovereign Bond Portfolio(3) USD 22-May-15 (5.66)Barclays 60% Emerging Market Local Currency Government (USD) /40% Global Treasury Country Capped (USD-Hedged) Bond Index(3) USD 22-May-15 (5.45)

Goldman Sachs FundsGrowth & Emerging Markets Corporate Bond Portfolio USD 17-May-11 0.64 1.76 4.74JPM CEMBI Broad Diversified Index USD 17-May-11 0.58 2.58 4.38

Goldman Sachs FundsGrowth & Emerging Markets Debt Blend Portfolio USD 8-May-13 (10.64) (6.98)50% JP Morgan GBI-EM Global Diversified Index, 25% JPM EMBIGlobal Diversified Index, 25% CEMBI Broad Diversified Index USD 8-May-13 (9.25) (5.49)

Goldman Sachs FundsGrowth & Emerging Markets Debt Local Portfolio USD 29-Jun-07 (19.77) (10.45) (3.64) (0.24)JP Morgan GBI -EM- Global Diversified Index(6) USD 29-Jun-07 (18.14) (8.62) (2.44) n/a

Goldman Sachs FundsGrowth & Emerging Markets Debt Portfolio USD 3-May-00 (0.05) 1.00 5.09 9.75JP Morgan Emerging Markets Bond IndexGlobal Diversified USD 3-May-00 0.40 1.75 5.48 9.36

Goldman Sachs FundsLiberty Harbour Opportunistic Corporate Bond Portfolio USD 4-Apr-12 (0.82) 1.84 2.75Bank of America ML USD 1 Month LIBOR Constant Maturity Index USD 4-Apr-12 0.17 0.18 0.20

Goldman Sachs FundsSterling Broad Fixed Income Portfolio GBP 10-Dec-01 2.58 3.26 5.44 4.39Bank of America ML Sterling Broad Market Index GBP 10-Dec-01 3.24 3.96 6.25 5.69

Goldman Sachs FundsSterling Credit Portfolio GBP 18-Dec-08 1.99 4.57 6.67 8.16iBoxx Sterling Non Gilts Index GBP 18-Dec-08 2.65 4.77 6.78 7.62

Goldman Sachs FundsUS Fixed Income Portfolio USD 27-Jul-98 0.37 0.97 2.69 4.33Barclays Capital US Aggregate Index USD 27-Jul-98 1.08 1.50 3.09 5.17

Goldman Sachs FundsUS Mortgage Backed Securities Portfolio USD 30-Sep-02 1.74 1.62 2.52 4.02Barclays Capital US Securitized Index USD 30-Sep-02 1.70 2.03 2.88 4.36




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Goldman Sachs FundsSpecialist Portfolios

Goldman Sachs FundsCoCos & Capital Securities Portfolio USD 10-Jun-14 2.18 2.2065% Barclays Global Capital Securities (USD-Hedged) 35% Barclays Global Contingent Capital Index USD 10-Jun-14 0.23 0.23

Goldman Sachs FundsGlobal Absolute Return Portfolio(3) USD 27-Aug-15 0.153 Months USD LIBOR Index(3) USD 27-Aug-15 0.09

Goldman Sachs FundsGlobal Currency Plus Portfolio USD 2-Sep-08 0.97 1.22 0.55 (0.07)Overnight US LIBOR Index USD 2-Sep-08 0.13 0.12 0.14 0.22

Goldman Sachs FundsGlobal Equity Long Short Portfolio(3) USD 4-Jun-15 (15.30)3 Months USD LIBOR Index(3) USD 4-Jun-15 0.16

Goldman Sachs FundsGlobal Fixed Income Plus Portfolio (Hedged) EUR 25-Jan-06 1.62 3.11 3.96 3.89Barclays Capital Global Aggregate Index (Hedged to Euro) EUR 25-Jan-06 1.58 2.73 3.83 4.15

Goldman Sachs FundsGlobal Strategic Income Bond Portfolio USD 28-Mar-11 (1.21) 1.73 2.763 Months USD LIBOR Index USD 28-Mar-11 0.30 0.27 0.32

Goldman Sachs FundsGlobal Strategic Macro Bond Portfolio USD 22-Oct-14 3.05 2.013 Months USD LIBOR Index USD 22-Oct-14 0.30 0.29

Goldman Sachs FundsSterling Broad Fixed Income Plus Portfolio GBP 23-Jan-06 4.10 4.46 6.39 4.82Bank of America ML Sterling Broad Market Index GBP 23-Jan-06 3.24 3.96 6.25 5.02

Goldman Sachs FundsStrategic Absolute Return Bond I Portfolio USD 28-Jun-06 0.18 1.02 1.01 1.293 Months USD LIBOR Index USD 28-Jun-06 0.30 0.27 0.32 1.47

Goldman Sachs FundsStrategic Absolute Return Bond II Portfolio USD 28-Jun-06 (0.09) 1.27 1.43 2.153 Months USD LIBOR Index USD 28-Jun-06 0.30 0.27 0.32 1.47

Goldman Sachs FundsSelect Portfolios

Goldman Sachs FundsCustom Emerging Markets Debt Blend Portfolio(3)(7) USD 1-Jul-15 (4.49)JPM 50% GBI-EM Global Diversified IG (Total Return,Unhedged,USD)50% EMBIG IG (Total Return,Unhedged,USD)(3) USD 1-Jul-15 (5.54)

Goldman Sachs FundsGlobal Corporate Portfolio (Hedged)(7) NOK 31-Dec-07 1.41 3.42 5.54 6.74Barclays Capital Global Aggregate Index (NOK Hedged) NOK 31-Dec-07 1.52 3.56 5.67 6.70

Goldman Sachs FundsFlexible Portfolios

Goldman Sachs FundsGlobal Income Builder Portfolio USD 18-Mar-14 (1.82) 0.7860% Barclays Capital US High Yield2% Issuer Cap and 40% MSCI World Index USD 18-Mar-14 (2.23) 0.51

Goldman Sachs FundsUS Real Estate Balanced Portfolio(2) USD 2-Oct-12 3.12 7.87 7.86

Goldman Sachs FundsWealthbuilder Multi-Asset Balanced Portfolio USD 30-Jun-14 (1.90) (1.02)50% Barclays Capital Global Aggregate Bond Index (USD Hedged) /50% MSCI World Index (Net) (USD) USD 30-Jun-14 0.77 1.71

Goldman Sachs FundsWealthbuilder Multi-Asset Conservative Portfolio USD 30-Jun-14 (0.24) (0.04)75% Barclays Capital Global Aggregate Bond Index (USD Hedged) /25% MSCI World Index (Net) (USD) USD 30-Jun-14 1.35 2.54

Goldman Sachs FundsWealthbuilder Multi-Asset Growth Portfolio USD 30-Jun-14 (1.87) (1.09)35% Barclays Capital Global Aggregate Bond Index (USD Hedged) /65% MSCI World Index (Net) (USD) USD 30-Jun-14 0.37 1.17


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

*Although certain information has been obtained from sources believed to be reliable, we do not guarantee its accuracy, completenessor fairness. We have relied upon and assumed without independent verification, the accuracy and completeness of all informationavailable from public sources.

This information discusses general market activity, industry or sector trends, or other broad-based economic, market or politicalconditions. Views, opinions and any economic and market forecasts presented herein are current as at the date of this report and maybe subject to change. This material should not be construed as research or investment advice.

** Past performance does not guarantee future results, which may vary.

Returns are net of expenses and inclusive of dividends, where applicable.

Please see Additional Information section on page 666.

Goldman Sachs Asset Management International

23 December 2015

(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) Cumulative Net Returns.(4) Performance shown is for the Base Currency Close Share Class.(5) Performance shown is for the Base Accumulation Close Share Class.(6) 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 isthe JPM GBI-EM Global Diversified Index.

(7) Performance shown is for the I Accumulation Share Class.(8) GS Absolute Return Tracker Portfolio Base Accumulation share class launched on 13 January 2015. Prior to that date, the

performance is that of the A (USD) share class of the GS Absolute Return Tracker Portfolio which launched on 12 December2007 and was merged to the Base Accumulation share class.

(9) GS Liquid Alternative Beta Equity Long Short Portfolio I Accumulation Share Class launched on 13 January 2015. Prior tothat date, the performance is that of the C (USD) share class of the GS Alternative Beta Equity Long Short UCITS Portfoliowhich launched on 12 August 2011 and was merged to the I Accumulation Share Class.





Goldman Sachs FundsAlternative Portfolios

Goldman Sachs FundsAbsolute Return Tracker Portfolio(8) USD 13-May-15 (1.38) 2.79 1.50 (0.87)HFRX Global Hedge Fund Index (Net of fees, USD, Unhedged) USD 13-May-15 (3.07) 1.50 (0.03) (1.43)

Goldman Sachs FundsLiquid Alternative Beta Equity Long Short Portfolio(9) USD 13-May-15 (4.20) 2.42 2.52HFRX Equity Hedge Index USD 13-May-15 (1.78) 3.79 2.16

Goldman Sachs FundsLiquid Alternative Beta Event Driven Portfolio(10) USD 13-May-15 (0.47) 3.87 5.57HFRX Event Driven Index USD 13-May-15 (6.50) 1.30 1.36

Goldman Sachs FundsLiquid Alternative Beta Macro Portfolio(11) USD 13-May-15 3.58 1.43 (0.35)HFRX Macro-CTA Index USD 13-May-15 (0.23) 1.13 (0.33)

Goldman Sachs FundsLiquid Alternative Beta Relative Value Portfolio(12) USD 13-May-15 0.31 2.93HFRX Relative Value Arbitrage Index USD 13-May-15 (3.21) (0.41)

Goldman Sachs FundsLiquid Alternative Beta Trend Portfolio(13) USD 13-May-15 5.26 3.91 0.24 (0.30)Newedge Trend Index USD 13-May-15 6.18 8.40 3.37 2.83

Goldman Sachs FundsMulti-Asset Dynamic Strategy Portfolio(14) GBP 13-May-15 (1.82) 2.77HFRX Global Hedge Fund Index (Net of fees, GBP, Unhedged) GBP 13-May-15 0.84 0.37




7

(10) GS Liquid Alternative Beta Event Driven Portfolio I Accumulation Share Class launched on 13 January 2015. Prior to thatdate, the performance is that of the C (USD) share class of the GS Alternative Beta Event Driven UCITS Portfolio whichlaunched on 17 August 2011 and was merged to the I Accumulation Share Class.

(11) GS Liquid Alternative Beta Macro Portfolio I Accumulation Share Class launched on 20 January 2015. Prior to that date, theperformance is that of the C (USD) share class of the GS Alternative Beta Macro UCITS Portfolio which launched on12 August 2011 and was merged to the I Accumulation Share Class.

(12) GS Liquid Alternative Beta Relative Value Portfolio I Accumulation Share Class launched on 13 January 2015. Prior to thatdate, the performance is that of the C (USD) share class of the GS Alternative Relative Value UCITS Portfolio which launchedon 20 December 2012 and was merged to the I Accumulation Share Class.

(13) GS Liquid Alternative Beta Trend Portfolio I Accumulation Share Class launched on 20 January 2015. Prior to that date, theperformance is that of the C (USD) share class of the GS Alternative Beta Trend UCITS Portfolio which launched on27 October 2010 and was merged to the I Accumulation Share Class.

(14) GS Multi-Asset Dynamic Strategy Portfolio R Accumulation (GBP-Hedged) Share Class launched on 20 January 2015.Prior to that date, the performance is that of the A (GBP) share class of the GS Multi-Asset Dynamic Strategy Portfolio whichlaunched on 30 July 2013 and was merged to the R Accumulation (GBP-Hedged) Share Class.


pwc

Audit report

To the Shareholders ofGoldman Sachs Funds

We have audited the accompanying 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 30 November 2015 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.

Responsibility of the Board ofDirectors of the SICAVfor thefinancial 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; this includes the design, implementation, and maintenance ofinternal control relevant to the preparation and fair presentation of financial statements that are freefrom material misstatement, whether due to fraud or error.

Responsibility of the Rviseur dentreprises agr

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 Surveillance 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 theRviseur dentreprises agr, including the assessment of the risks of material misstatement of thefinancial statements, whether due to fraud or error. In making those risk assessments, theRviseur dentreprises agr considers internal control relevant to the entitys 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 entitysinternal 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.

PricewaterhouseCoopers, Socit cooprative, 2 rue Gerhard Mercator, B.P. 1443, L1014 LuxembourgT: +352 494848 1, F:+352 494848 2900, www.pwc.lu

Cabinet de rvision agr. Expertcomptable (autorisation gouvernementale n10028256)R.C.S. Luxembourg B 65 477 TVA LU25482518

pwc

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

Opinion

In our opinion, the financial statements give a true and fair View of the financial position GoldmanSachs Funds and of each of its sub-funds as of 30 November 2015, 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.

Other matters

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.

PricewaterhouseCoopers, Socit cooprative Luxembourg, 8 March 2016Represented by

MarieElisa Roussel

10The accompanying notes are an integral part of these financial statements.

Goldman Sachs Funds Statements of Assets and LiabilitiesAs at 30 November 2015

3(c) 100,068,849 203,378,637 7,793,312 433,769,900 845,094,314 5,457,381 23,135,701 845,235,858 221,011,028 23,537,6353(c) 6,871 917,950 439,629 3(c) 3(c) 3(c) 3(c)

1,531,115 135,692 57,780 4,418,689 234,916 118,104 600,374 16,866,271 3,323,966 159,9153(e),14

495,084 6,784 338,897 639,600 56,25337,490 39,033 2,028,000 96,456 588,066 428,268 297,610

3(b) 952 128,749 9 400,918 1,187,028 8,033 45,403 1,123,328 131,950 17,1923(b) 3(b) 5 237,524 256,097 7,270 27,798 469,101 5 7 2,821 1,766 11,230 2,473 7 25,073 13,091 16,142 32,397

8,500 26,052 1,743 6,295 193 2,141 2,352 13,931 1,792101,649,727 204,211,884 9,912,701 438,941,012 848,278,564 5,606,020 24,166,667 864,562,455 225,420,558 23,805,184

1,961 158,477 79 153 553 3(e),14 3(c) 3(c) 467,677 38,186 3(c) 3(c) 3(c) 3(c) 3(c)

1,700,248 565,294 4,791 138,852 79,284 361,591 659,760 1,301,862 476,187

3(b) 163

7 79,869 256,061 4,612 267,752 705,539 3,424 21,581 1,859,367 165,884 16,6877 7 26,111 38,488 13,398 28,789 54,275 8,062 11,895 57,079 36,139 12,4547 5,151 35,891 4,804 12,195 334 3,673 77 29,019 74,027 13,973 32,908 61,930 6,004 20,672 20,641 38,464 11,7495 1,756 308 13,343 53,376 100 1,648 52,855 2,228 4535 82,270 246,632 143,284 24,945

15,315 15,315 15,315 9,741 10,857 10,857 10,857 10,857 21,858 15,3157 1,424 5,209 199 5,546 20,390 46 731 16,110 2,801 2037 249 782 25 625 2,184 17 106 2,709 492 82

6,363 63,846 3,950 63,038 9,655 7,344 20,595 38,992 1,6902,263 4,300 231 3,035 7,376 49 948 5,442 3,322 2,0001,657 4,986 3,758 14,253 9,997 3,835 229 481 127 341 50 212 97 293 110 10,557 22,846 149,689 807 6,907 217,203 11,751 1,820

23,937 39,043 19,355 24,375 29,258 15,373 23,420 17,434 35,727 17,9516,843 8,306 6,804 6,105 17,706 6,803 6,803 6,803 7,611 6,8031,695 1,664 1,713 1,511 1,646 1,736 1,695 1,717 1,682 1,718

4,307 8,448 3,413 6,069 5,478288,942 1,414,078 1,943,042 567,801 1,558,554 56,741 774,992 4,172,447 994,776 119,465

101,360,785 202,797,806 7,969,659 438,373,211 846,720,010 5,549,279 23,391,675 860,390,008 224,425,782 23,685,7193(j) 965,031

101,360,785 202,797,806 7,969,659 438,373,211 846,720,010 5,549,279 23,391,675 860,390,008 225,390,813 23,685,719

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 AssetsLiabilitiesBank overdraftDue to BrokersUnrealised loss on non-deliverable bond forward contractsUnrealised 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 shares redeemedInterest payable on Swap ContractsDistributions payableInvestment Adviser fee payablePerformance fees payableAdministration and Depositary 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 IncomeTax Reporting fees payablePaying Agency fee payableRegulatory Reporting fees payableOther liabilitiesTotal LiabilitiesShareholders' EquitySwing PricingShareholders' Equity (after Swing Pricing)

(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 2015.

Notes

AsiaPortfolio

USD

BRICsPortfolio

USD

ChinaOpportunityPortfolio

USD

EuropeEquity

PartnersPortfolio

EUR

GlobalEquity

PartnersPortfolio

USD

GlobalEquity

UnconstrainedPortfolio

USD

GlobalResponsible

EquityPortfolio

USD

GMS DynamicWorld Equity

PortfolioUSD

Growth &Emerging

Markets BroadEquity Portfolio

USD

Growth MarketsPlus EquityPortfolio

USD

Regional Equity Portfolios


3(c) 1,582,035,289 898,261 228,175,138 537,137,679 14,310,446 3,093,944,266 60,699,980 179,924,341 636,402,002 477,525,4513(c) 792,343 113,598 3(c) 1,861,738 79,060 113,691 97,8883(c) 326,6003(c) 3(c)

122,613,000 2,928 1,225,511 11,094,549 154,241 1,577,649 65,108 1,319,443 2,964,553 14,333,2063(e),14 6,284,685 332,614 612,391 513,090

10,531,220 10,853 2,134,160 73,412 15,431,712 121,965 6,841,442 7,806 521,177 819,576 1 2,845,871 8,120 661,312 18,133,783 386,289

3(b) 66,797 2,509 897,156 844,128 33,968 3,904,286 16,789 811,146 1,524,483 733,3023(b) 3(b) 5 3,512 21,513 493,952 117,492 228,6495 7 56 1,820 3,152 2,424 14,2777 2,543 11,825 10,666 15,367 263

7,261 220 1,682 65,761 5,054 6,201 1,730,241,432 925,120 233,747,223 549,967,025 14,605,406 3,117,822,436 60,800,663 183,640,387 659,998,985 494,159,015

168 3(e),14 3(c) 3(c) 3,812 799,437 8,370,804 3(c) 22,002 5,2893(c) 3(c) 3(c) 3(c)

11,118,189 16,845 2,358,323 252,281 4,738,805 524,827 1,493,950 99,302 20,596,928 96,213 161,947 845,783 126,126

3(b) 378

7 2,006,936 569 213,420 569,385 15,230 3,385,853 62,396 116,582 232,652 262,3337 7 254,180 1,280 13,571 123,171 9,668 105,636 10,783 24,071 52,491 50,3237 56,433 18,019 50,972 1,093 16,358 9,807 8,426 33,821 6,0607 169,489 1,968 12,347 119,096 19,225 109,541 25,419 36,216 55,134 49,8795 96,207 24 11,944 24,408 796 191,112 3,427 9,134 22,026 21,0395 510,669

49,063 1,315 1,315 15,315 10,856 10,857 10,856 9,741 10,857 15,3157 38,886 10 4,639 11,807 392 77,084 1,584 3,576 8,877 8,9727 4,844 1 565 2,536 68 9,397 193 585 1,601 1,402

3,045 1,009 1,522 19,081 7,595 35,589 3,302 6,760 9,726 11,1102,106 15 833 6,830 1,439 9,181 1,622 2,837 797 2,25820,288 2,132 9,820 275 23,980 740 3,627 4,380 3,568

74 132 42 423 181 375 303 262 185 101 384 137,399 123,885 5,202 1,171,286 5,037 9,049 244,593 119,876

16,588 1,823 3,102 25,360 20,759 19,298 23,050 20,121 29,775 21,7959,631 847 841 15,449 7,034 7,795 8,288 6,472 6,824 6,8491,686 207 201 1,673 1,709 1,659 1,700 1,523 1,664 1,690

1,558 5,888 4,366 2,287 4,73218,586,450 31,799 4,104,479 3,376,279 206,712 34,142,733 269,086 423,594 1,583,188 718,717

1,711,654,982 893,321 229,642,744 546,590,746 14,398,694 3,083,679,703 60,531,577 183,216,793 658,415,797 493,440,2983(j)

1,711,654,982 893,321 229,642,744 546,590,746 14,398,694 3,083,679,703 60,531,577 183,216,793 658,415,797 493,440,298




Notes

India EquityPortfolio

USD

JapanPortfolio(b)

JPY

N-11 EquityPortfolio

USD

StrategicGlobal Equity

PortfolioUSD

US EquityPortfolio

USD

US FocusedGrowth Equity

PortfolioUSD

EuropeCORE Equity

PortfolioEUR

GlobalCORE EquityPortfolio(c)

USD

Global Small CapCORE EquityPortfolio(c)

USD

Japan EquityPartners

Portfolio(a)(b)JPY

Regional Equity Portfolios Global and Regional CORE Equity Portfolios



3(c) 250,576,817 697,970,574 115,313,341 127,540,245 72,522,137 4,105,548 187,045,717 9,676,718 13,373,642 20,737,4943(c) 1,909 154 163,0093(c) 66,913 26,973 442 156 51,380 21,1103(c) 125,331 85,685 33,6373(c) 55,206 24,0783(c)

2,737,864 7,148,642 1,174,383 366,798 930,684 52,724 68,379 30,362 123,063 114,3293(e),14 64,927 183,748 261,430 687 11,408 157,163 105,485

14,341 189,908 36,560 5,607 791,459 323,763 114,226131,876 881,267 2,427 1,900,000 5,897 9,068 15,959

3(b) 37,136 1,223,518 93,849 314,398 162,669 2,465 457,022 3(b) 150,906 151,232 293,3663(b) 3,428 5 34,380 25,158 45,927 5 217 1,892 426 779 3,716 8,740 33,141 7 14,460 14,046 18,698 30,917 32,242 29,517 36,251

1,192 1,502 1,961 1,335 526 1,350253,499,926 707,224,427 116,731,079 130,575,404 74,092,909 4,200,351 188,447,542 10,228,799 14,040,064 21,660,315

486 165 2,886 2,4023(e),14 405,876 3(c) 3(c) 12,083 73,093 146,6123(c) 909 1,260 4,966 1,5393(c) 60,918 48,4743(c) 105,551 50,1353(c) 3(c)

76,103 2,420 93,491 53,373 751,863 144,81646,251 925,170 132,384 1,465,891 131

3(b) 34 457 383

7 83,582 562,969 71,714 114 13,153 1,277 244,558 5,244 6,861 20,8637 7 46,591 41,820 16,648 17,657 33,023 7,650 20,279 12,194 18,756 19,3827 33,758 3,456 38 12 27 2,707 45 1,237 107 20,469 58,990 28,074 10,551 14,822 10,456 31,166 9,836 15,774 11,9905 6,501 42,254 6,508 2,225 2,338 69 18,688 220 671 1,2865 48,922

15,315 15,315 10,858 13,742 15,315 15,315 10,856 22,574 13,742 13,7427 3,147 16,669 2,526 1,055 973 40 5,869 98 313 4507 917 2,132 304 242 173 17 1,162 61 54 36

17,337 11,378 6,033 752 4,080 2,896 21,644 3,272 959 3,880756 3,310 1,647 77 232 89 74 57 736 65603 7,986 1,655 4,872 134 310 210 94 152 104 134 641 241 120

3,768 337,938 27,212 10,035 28,265 92 122,012 19,208 25,860 22,016 14,269 19,208 16,030 15,956 7,889 17,594 18,3636,811 7,065 6,815 6,105 6,803 6,804 9,222 4,193 6,187 6,1051,708 1,686 1,700 1,540 1,709 1,722 1,713 3,511 1,532 1,5363,398 8,391 4,287 5,221 5,970 5,165 6,194 8,151 13,640 5,099

402,007 2,508,877 344,047 86,171 240,793 121,126 2,734,860 91,712 346,299 496,905253,097,919 704,715,550 116,387,032 130,489,233 73,852,116 4,079,225 185,712,682 10,137,087 13,693,765 21,163,410

3(j) 253,097,919 704,715,550 116,387,032 130,489,233 73,852,116 4,079,225 185,712,682 10,137,087 13,693,765 21,163,410




Notes

US COREEquity

Portfolio(c)USD

US Small CapCORE EquityPortfolio(c)

USD

GIVI EuropeEquity

Portfolio(c)EUR

GIVI Global Equity Growth MarketsTilt Portfolio(c)

USD

GIVI Growth &Emerging

Markets EquityPortfolio(c)

USD

North AmericanShale Revolution

& EnergyInfrastructure

PortfolioUSD

EuroFixed

IncomePortfolio

EUR

Euro ShortDurationBond

PortfolioEUR

Growth &EmergingMarkets

CORE EquityPortfolio(c)

USD

Asia HighYieldBond

Portfolio(a)USD

Global and Regional CORE Equity Portfolios Global and Regional GIVI Equity Portfolios Sector EquityPortfolio

Fixed Income Portfolios



3(c) 312,825,245 860,722,542 146,256,002 480,593,742 7,400,385,354 674,401,608 279,922,979 239,032,873 1,725,730,900 4,246,004,3573(c) 649,430 4,902,591 157,577 4,667,271 2,757,026 14,784,468 80,777 3,161,780 28,937,499 30,524,3003(c) 2,038 123,184 281,259 306,612 360,708 35,052 12,533 43,906 8,226 1,479,1763(c) 422,178 4,114,691 731,261 1,899,411 3,057,335 30,054 785,807 13,348,247 5,791,8163(c) 284,478 3,701,062 433,608 1,607,568 12,136,395 3,705,879 87,288 451,270 3,339,4143(c)

3,646,598 1,945,311 1,143,502 1,669,321 73,629,405 5,590,138 2,376,057 4,878,464 18,500,791 68,087,9523(e),14 1,229,641 8,981,778 1,454,949 4,417,594 37,883,827 9,425,013 216,002 1,450,809 39,431,298 31,459,377

6,919,644 1,154,551 15,428,036 19,195,723 1,897,493 823,949 2,721,797 53,619,495498,499 1,648,448 272,324 1,217,838 9,852,711 823,817 3,913,351 43,674,983

3(b) 4,519 2,100 547 174,470 4,012 3,279 54,621 137,9003(b) 5,353,987 9,918,339 1,105,047 3,364,158 124,807,537 6,884,791 3,730,237 3,723,357 30,994,178 65,628,4883(b) 278,693 37,807 152,916 4,876,374 246,974 1,473 219,381 6,683,557 1,806,9195 5 13,391 7,200 1,341 1,228 101,973 180,514 7 17 7 20,293 9,423

2,383 1,296 23,791 472 1,489 47,481324,930,004 903,265,583 153,050,068 515,325,695 7,686,163,903 718,136,566 289,115,213 254,220,788 1,870,957,738 4,551,601,658

2,245 613 382 1,713 33 125 77 2,0453(e),14 223,469 192,914 346,881 5,183 400 1,160,000 984,0003(c) 117,761 842,739 3(c) 2,541,859 12,856,506 581,923 7,903,365 96,522,973 7,851,984 1,702,087 3,768,454 36,401,394 92,820,0583(c) 318,424 26,554 87,983 2,023,062 253,246 65,357 22,258 119,751 861,6423(c) 522,802 4,391,238 650,057 1,965,774 1,886,245 3,702,431 8,017 1,555,414 49,317,949 15,773,2313(c) 478,967 3,099,675 779,413 1,874,495 5,700,976 31,931 548,822 2,372,420 14,864,5933(c) 3(c)

1,088,780 6,322,836 5,924,852 48,749,446 116,205,676 3,899,133 565,146 2,962,431 73,230,157173,288 641,982 3,653,081 346,032 46,994,234 86,948 55,000 5,707,367 14,887,399

3(b) 755 4,979 15,987 240,509 11,392 244,923 2,952,817 1,880,4464,367 1,928,093 111 127,851

7 160,183 340,284 59,218 132,104 4,441,996 326,395 161,193 39,689 1,003,767 2,937,9487 7 27,642 81,150 39,957 54,113 240,131 70,698 32,546 55,496 209,819 226,6817 156 11,289 4,984 303 134,824 1,319 43 6,299 83,5157 22,782 64,958 24,293 32,438 298,511 7,139 51,725 18,885 72,796 172,0285 6,757 54,478 3,573 29,930 355,729 12,043 11,543 4,649 28,568 160,6995 100,593 36,955 67,148

9,741 21,858 21,858 19,614 23,840 15,315 15,315 15,315 21,859 21,8597 3,104 26,387 2,467 12,073 126,081 5,761 4,625 2,051 19,674 66,6437 948 2,757 454 1,283 25,818 815 712 6,050 13,547

4,260 24,938 8,692 3,188 17,747 1,846 1,747 70,162 79,3865,384 7,777 1,769 3,245 46,855 311 1,326 7,985 9,979 10,490751 13,652 559 5,692 100,005 11,715 19,535 36,056185 373 241 276 966 1,679 169 170 454 606678

26,357 33,800 22,533 24,582 85,219 10,436 33,060 22,533 57,464 48,7246,558 6,803 6,803 6,105 92,474 6,989 7,354 6,803 8,845 19,5741,520 1,619 1,700 1,499 1,462 1,731 1,664 1,695 1,637 1,56611,875 7,592 10,695 38,086 11,951 12,924

5,101,944 28,554,458 12,023,951 61,654,494 271,553,654 22,120,606 2,911,148 9,503,192 100,478,604 219,310,744319,828,060 874,711,125 141,026,117 453,671,201 7,414,610,249 696,015,960 286,204,065 244,717,596 1,770,479,134 4,332,290,914

3(j) 319,828,060 874,711,125 141,026,117 453,671,201 7,414,610,249 696,015,960 286,204,065 244,717,596 1,770,479,134 4,332,290,914




Notes

Global FixedIncomePortfolio

USD

Global FixedIncomePortfolio(Hedged)

EUR

GlobalHigh YieldPortfolio

USD

Growth &Emerging Markets

CorporateBond Portfolio

USD

Growth &Emerging

Markets DebtBlend Portfolio

USD

Growth &Emerging

Markets DebtLocal Portfolio

USD

Growth &Emerging

Markets DebtPortfolio

USD

GlobalCredit

Portfolio(Hedged)

USD

GlobalSovereign

BondPortfolio(a)

USD

Europe HighYield BondPortfolio

EUR

Fixed Income Portfolios



3(c) 176,625,430 67,664,902 217,332,243 90,131,445 209,980,993 144,016,243 20,502,039 17,841,619 52,973,394 451,868,0823(c) 12,456 17,194 78,756 388,815 357,489 331,141 107,760 2,068,407 8,946,7993(c) 67,313 118,740 12,190 35,231 155,152 689,2463(c) 4,255 398,075 1,413,461 113,596 192,761 71,451 3,372,6373(c) 67,242 135,955 1,083,234 75,012 157,469 7,036 2,033,1863(c) 189,715 26,179

2,101,522 217,395 3,823,748 825,319 1,656,674 787,204 3,496,365 305,609 1,056,259 372,5093(e),14 1,208,957 782,598 1,921,458 459,856 1,537,606 1,227,473 1,189,956 12,413,764 7,380,306

2,557,910 61,630 184,889 22,033,420 412,251,275 368,356 39,529 8,054,072 15,650,3092,720,712 49,868 574,827 1,169,591 1,800 94,825 167,926 21,173 167,794 3,679,403

3(b) 1 114 452 2,019 3,281 3,165 6,530 389 3(b) 2,301,201 978,141 3,849,537 450,605 578,591 2,313,491 4,445 169,259 3,167,5853(b) 9,107 39,298 11,494 34,010 238,7405 33 5 3,708 217 1,7977 7 3,359 12,943 14,831 9,026 12,182 25,312 1,246 279

559 1,226 10,541 1,662 16,728 187,603,045 70,395,794 230,424,351 115,688,410 626,762,196 147,915,651 26,027,742 21,484,751 74,852,516 497,400,878

572 2,513 323(e),14 95,236 154,620 27,0003(c) 3(c) 759,682 84,417 515,297 250,384 1,126,623 123,135 2,151,163 312,353 11,692,8463(c) 8,592 39,388 15,263 14,256 111,776 160,8503(c) 445,080 280,892 1,223,266 67,492 120,528 8,427,818 3,622,5123(c) 398,864 252,577 583,156 183,151 1,351,175 3,725,7403(c) 15,183 18,363 3(c) 3,009,375 9,217,109

5,932,252 2,168,618 29,394,036 428,541,500 50,000 79,350 51,368,547664,833 326,830 1,816,693 21,590 254,169 106,959 1,250,955

3(b) 142,672 25,170 9,828 760 42 62,014 1,045

7 110,903 8,145 28,125 53,840 54,942 27 15,818 9,611 59,768 181,2527 231 7 26,731 21,119 32,221 31,219 40,526 12,395 10,608 27,770 13,997 74,7837 2,012 5,221 811 44 37 2,3527 45,460 7,689 9,630 29,041 23,090 27,169 6,858 22,758 22,798 41,4845 11,423 1,780 7,635 4,254 4,309 2,829 552 2,148 13,4475 2,295 11,517

23,839 14,207 14,208 21,859 21,858 15,314 21,859 21,858 21,859 19,6147 4,607 731 2,831 2,213 3,501 1,224 235 215 888 6,0237 553 254 984 262 502 377 4 58 184 1,178

622 19,152 26,885 5,523 30,701 2,939 1,960 6,343 6,6222,784 397 1,096 1,581 1,103 1,513 141 433 353 1,7301,891 1,301 849 608 699 1,428 2,565404 55 59 281 224 32 870 345 867 396 34 475 925 251

55,908 10,338 13,623 49,450 23,420 14,083 19,511 27,115 19,511 26,9806,803 4,422 4,422 6,803 6,803 6,989 4,959 6,803 6,617 6,3671,642 1,119 1,122 1,691 1,695 1,736 1,754 1,686 1,704 1,4827,985 6,607 5,734 10,879 11,054 9,175 12,265 9,636

8,646,950 818,301 5,188,550 34,962,405 440,627,756 400,446 417,001 2,307,059 9,001,802 72,318,175178,956,095 69,577,493 225,235,801 80,726,005 186,134,440 147,515,205 25,610,741 19,177,692 65,850,714 425,082,703

3(j) (46,096) 178,956,095 69,577,493 225,235,801 80,726,005 186,134,440 147,515,205 25,610,741 19,177,692 65,804,618 425,082,703




Notes

US FixedIncomePortfolio

USD

US MortgageBacked

SecuritiesPortfolio

USD

GlobalAbsoluteReturn

Portfolio(a)USD

GlobalCurrency Plus

PortfolioUSD

GlobalFixed IncomePlus Portfolio

(Hedged)EUR

SterlingBroad

Fixed IncomePortfolio

GBP

Sterling CreditPortfolio

GBP

Liberty HarborOpportunistic

CorporateBond Portfolio

USD

CoCos &Capital

SecuritiesPortfolio

USD

Global EquityLong ShortPortfolio(a)

USD

Fixed Income Portfolios Specialist Portfolios



3(c) 7,509,772,009 418,300,007 21,965,901 1,433,605,021 312,707,811 77,049,752 12,219,173,040 114,685,991 657,607,210 114,267,3843(c) 138,141,512 17,390,525 183,015 19,499,103 8,425,273 1,114,455 30,946,706 133,799 2,508 257,4783(c) 5,533 73,256 25,491 14,803 4,195,525 5,661 1,687 1,540,1123(c) 78,833,230 15,963,536 138,534 10,691,004 4,732,753 58,234,020 3(c) 35,844,228 6,764,241 74,618 3,595,457 1,553,613 32,101,361 3(c) 2,783,953 528,669

117,688,132 8,392,378 373,273 8,601,724 3,415,605 4,515,603 148,602,603 1,406,406 6,418,144 2,039,9973(e),14 199,367,325 22,944,062 242,957 21,717,580 10,636,408 106,437 69,027,816 68,504 838,803 280,000

13,787,683 609,681 3,571,086 498,750 7,043,515 39,651,510 2,209,165 10,289,056 364,886 831,959 3,168 1,379,393 164,464 258,006

3(b) 47,226 71 16,940 2,069 195,002 95,360 3(b) 57,676,607 2,070,134 311,936 6,246,680 2,179,643 76,403 123,828,033 845,862 5,096,273 3(b) 4,484,675 745,920 1,604 376,495 202,680 1,948,131 5 4,637 5 65,201 7 108 620 7 37,025 17,028 47,771 4,764 6,274

25,827 1,022 7,072 191,069 2,495 7,620 5,7108,165,963,043 496,439,604 24,167,409 1,507,928,162 344,420,347 89,906,165 12,727,965,015 120,941,787 670,232,689 119,183,630

319 811 8,269 3(e),14 180,000 550,000 54,398 9,928 1,671,400 100,0193(c) 364,167 3(c) 179,925,915 16,811,565 204,945 29,842,029 9,650,981 918,404 240,909,240 704,041 784,861 720,5953(c) 7,374,674 1,776,389 5,025 1,839,817 353,068 3,204,108 7,169 142,519 14,2043(c) 96,921,727 15,333,486 67,545 12,515,029 6,002,856 43,899,012 171,3253(c) 102,887,654 8,696,174 129,754 11,490,363 5,754,851 34,642,061 3(c) 2,116,129 3(c) 1,034,609

297,246,002 609,680 668,180 31,282,589 11,289,468 68,522,451 1,855,813 26,255,738 91,118 1,267,470 2,931,086 4,630,526 637,460 717,000

3(b) 3,178,055 1,065,633 1,720 291,487 143,512 198,244 263,352 367,996

7 4,223,721 188,221 10,421 44,130 70,306 32,878 2,521,894 70,771 581,017 128,9917 880,301 4,805 7 318,389 97,874 25,184 157,110 90,726 28,947 663,424 23,892 41,246 14,1447 120,087 176 22 293 8,390 11,863 359 1147 265,688 33,879 7,589 36,656 30,987 1,871 15,314 31,832 48,329 22,5695 333,190 9,892 2,734 22,957 11,860 199,976 9,940 40,899 5 660,306 308 17,349 8,390

23,840 21,858 14,207 23,840 23,840 18,111 171,190 17,296 21,859 10,8577 121,325 4,199 277 11,985 4,547 731 100,876 3,437 16,061 3,8267 22,261 799 66 5,097 1,017 279 37,625 314 2,250 353

39,519 125 9,130 16,860 8,443 6,094 477,695 6,130 10,49919,229 512 3,513 1,876 50 25,851 137 6,704 79570,257 150 9,204 1,441 1,620 47,393 9,292 465 40 67 411 363 190 53 218 74

7,084 139 1 47,149 26,650 68,371 31,003 10,575 30,662 27,114 7,896 26,517 38,920 80,389 19,6987,661 6,803 4,422 6,919 35,196 6,989 54,737 7,016 6,803 6,8031,543 1,669 1,119 1,655 1,677 1,754 13,695 1,682 1,691 1,718

13,106 6,155 14,877 5,282 14 6,577 11,712720,470,945 48,704,755 1,225,166 89,956,839 36,485,069 1,031,235 397,204,474 7,737,910 2,816,603 1,955,2967,445,492,098 447,734,849 22,942,243 1,417,971,323 307,935,278 88,874,930 12,330,760,541 113,203,877 667,416,086 117,228,334

3(j) 7,445,492,098 447,734,849 22,942,243 1,417,971,323 307,935,278 88,874,930 12,330,760,541 113,203,877 667,416,086 117,228,334




Notes

CustomEmerging

Markets DebtBlend Portfolio

USD

GlobalCorporatePortfolio(Hedged)

NOK

GlobalIncomeBuilderPortfolio

USD

US RealEstate

BalancedPortfolio

USD

WealthbuilderMulti-AssetBalancedPortfolio

USD

StrategicAbsolute Return

Bond IPortfolio

USD

StrategicAbsolute Return

Bond IIPortfolio

USD

GlobalStrategic

Income BondPortfolio

USD

GlobalStrategic

Macro BondPortfolio

USD

SterlingBroad FixedIncome Plus

PortfolioGBP

Select PortfoliosSpecialist Portfolios Flexible Portfolios



3(c) 29,478,184 48,247,058 159,047,081 1,390,764 3,845,692 4,425,123 3,446,891 3,428,983 93,261,576 43,151,413,6423(c) 31,860 147,844 173,512 19,230 21,116 43,558 301,138,6423(c) 28,671 754,442 1,241,256 18,203 16,972 41,092 2,115,085 12,590,4573(c) 1,234,719 1,511 72,864 12,244 29,159 328,676 156,386,6373(c) 90,809 81,891,6593(c) 124,638 223,494 3,876,648

397,590 1,051,945 28,374,675 194,878 182,269 512,678 312,315 84,381 9,085,474 613,498,5193(e),14 16,625 14,729,281 32,433 388,615 70,427 380,871 209,920 10,455,847 465,325,797

643,789,95551,210 444,951 1,387,659 3,553 497,034 127,883,285

3(b) 21,421,3323(b) 560,361 4,623 8,498 15,729 5,596 6,088 218,772 362,815,8663(b) 325,110 6 30,060 12,326 184,934 21,276,5605 2,017,4255 321,7257 90,9067 14,374 10,371 21,706 14,629 14,960 16,839 14,338 17,087 688,323

2,266 3,678 8,397 3,033 2,966 2,979 2,991 3,069 6,669 387,37030,145,418 50,883,783 207,103,757 1,660,080 4,545,924 5,092,221 4,208,040 3,811,736 116,288,434 45,966,814,748

2,697 4 190,9163(e),14 17,368 1 12 4,875,0123(c) 1,324,6673(c) 304,903 202,402 1,571,836 2,429 3,228 4,575 3,253 4,533 1,463,792 568,183,2733(c) 6,663 188,827 6,787 158 8,209 76,198 16,374,7783(c) 81,075 633,105 581 166,632 232,174,7003(c) 18,373 3,275 2,283 170,224,0623(c) 260,798 12,930 17,300 149,810 2,590,5133(c) 13,261,093

1,168,687,369152 152,798 372,422 51,583 152,390,942

3(b) 16,638 107 165 1,253 10,310,074 2,891,695

7 30,117 61,319 115,583 904 2,967 3,385 2,792 3,941 68,992 28,911,9937 885,3377 10,419 11,075 32,552 7,389 7,127 12,648 6,551 13,979 16,287 3,648,2157 296 81 4 828,6077 15,731 15,346 23,162 4,536 4,568 4,572 4,490 4,772 3,361 2,809,4345 6,503 38 94 105 88 86 9,635 1,870,1885 1,963,563

10,856 10,857 15,315 21,859 21,859 21,858 21,859 21,858 15,314 1,205,2577 970 1,641 2,806 18 51 57 49 66 3,774 755,3207 75 154 487 5 17 22 17 21 365 133,212

2,745 2,853 834 835 881 857 895 911,9365,346 415 880 880 880 860 880 860 860 225,878

774 434,71175 74 18 17 17 17 17 18,368 3,835,038

19,698 19,698 22,140 11,482 11,482 11,482 11,482 11,257 9,810 1,737,3086,803 6,803 6,803 6,989 6,989 6,989 6,989 6,989 6,989 624,8991,718 1,718 1,700 1,740 1,740 1,740 1,740 1,740 1,749 117,54613,600 14,316 389,550423,504 606,656 3,293,405 66,600 78,225 69,349 80,647 79,235 2,046,404 2,394,785,454

29,721,914 50,277,127 203,810,352 1,593,480 4,467,699 5,022,872 4,127,393 3,732,501 114,242,030 43,572,029,2943(j) (40,762) 878,173

29,721,914 50,277,127 203,769,590 1,593,480 4,467,699 5,022,872 4,127,393 3,732,501 114,242,030 43,572,907,467




Notes

LiquidAlternative Beta

Equity LongShort Portfolio(a)

USD

LiquidAlternative BetaEvent DrivenPortfolio(a)

USD

LiquidAlternativeBeta MacroPortfolio(a)

USD

LiquidAlternative BetaRelative ValuePortfolio(a)

USD

LiquidAlternativeBeta TrendPortfolio(a)

USD

Multi-AssetDynamicStrategy

Portfolio(a)USD

Combined TotalYear Ended30 November

2015USD

AbsoluteReturn Tracker

Portfolio(a)USD

WealthbuilderMulti-Asset

ConservativePortfolio

USD

WealthbuilderMulti-Asset

GrowthPortfolio

USD

Alternative Portfolios


Flexible Portfolios


3(b) 1,304,294 5,928,952 148,598 5,043,675 12,145,896 95,652 664,483 16,023,565 3,091,168 585,8123(b) 23 1 144 2 969 25 3(b) 3(b) 3(b) 7 8,472 54,567 72,444 42,743 1,786 38,746

1,312,766 5,983,542 148,599 5,116,119 12,188,783 95,652 666,271 16,024,534 3,129,939 585,812

3(b) 117 419 4,375 1,055 41 187 117 3(b) 163 7 814,265 3,497,972 93,916 1,932,123 7,687,451 42,680 345,595 9,329,281 1,651,410 216,4557 7 105,483 164,472 42,208 54,376 94,278 23,034 22,197 186,918 122,445 43,832

51,187 99,275 36,002 78,531 204,861 26,000 43,998 196,942 76,014 34,0027 66,910 532,888 50,583 134,954 3,973 46,789 967 40,333 97,876 19,459 46,871 87,155 8,304 29,857 28,293 53,461 16,5915 18,723 83,822 3,383 55,548 283,207 574 12,947 314,723 29,673 2,530

13,677 13,677 14,229 9,969 9,219 9,219 9,219 9,770 19,431 13,6777 16,291 74,288 2,473 44,380 237,428 580 11,140 272,839 26,949 2,6347 567 1,759 67 1,603 5,493 41 250 6,537 1,100 192

8,630 488 10,431 1,075 18,343 26,135 6,778 11,106 25,732 13,6986,069 10,360 1,162 12,706 27,290 353 3,196 23,364 7,470 1,3329,979 15,942 3,376 35,897 2,863 6,127 26,266 14,103 3,2491,852 6,169 92 4,345 3,730 1,503 2,648 18319,321 40,096 16,207 26,214 30,224 20,876 23,895 18,474 43,487 18,69416,276 16,849 15,967 14,580 21,045 15,967 15,967 15,967 14,053 15,96712,864 16,611 10,741 12,880 16,627 8,169 12,821 11,120 14,688 10,24283,726 71,573 28,363 22,198 59,894 17,811 18,569 48,103 71,769 55,773

1,286,270 4,744,536 298,076 2,372,357 8,958,151 202,606 568,073 10,500,053 2,221,339 449,1477 9,753 81,354 138,330 108,393 17,439 3 138,9927 26,365 97,474 1,165 38,086 1,5757 132,506 70,840 547,712 25,563

1,250,152 4,877,042 119,248 2,443,197 9,505,863 63,111 421,594 10,482,614 2,246,899 308,580138,131 503,148 13,233 453,539 2,580,529 17,923 116,950 2,830,432 290,039 61,816(75,517) 603,352 16,118 2,219,383 102,391 14,618 127,727 2,711,488 593,001 215,416

6,769,105 7,158,488 834,564 12,878,595 39,476,943 147,656 2,412,920 97,721,802 937,007 (832,841)(456,918) 88,611 1,902,316

(2,285,609) (10,151,117) (1,961) 2,626,150 (11,087,056) (86,103) (1,389,121) (20,174,297) (4,589,827) (1,019,208)

4,026,578 (2,992,629) 832,603 15,593,356 28,389,887 61,553 1,023,799 77,547,505 (1,750,504) (1,852,049)(1,507,958) (27,759,962) 26,243 21,356,324 (38,531,307) (192,049) (3,139,775) (88,214,337) (11,798,806) (1,718,671)

1,284 (5,070) 82 10,869 842,098 (2,890) (3,441) (2,466,251) (23,330) (2,376)

(1,506,674) (27,765,032) 26,325 21,367,193 (37,689,209) (194,939) (3,143,216) (90,680,588) (11,822,136) (1,721,047)2,444,387 (30,154,309) 875,046 39,179,932 (9,196,931) (118,768) (1,991,690) (10,421,595) (12,979,639) (3,357,680)


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 Reverse Repurchase AgreementsNet (amortisation)/ Net accretionInterest Income on Securities LendingOther income

ExpensesBank overdraft interest expenseInterest Expense on Swap ContractsInvestment Adviser feePerformance feesDepositary feesAdministration feesDistribution and servicing feesTransfer Agent feesTaxe dabonnementAudit feeManagement Company feesDirectors feesLegal feesInsurance feesPrinting feesPublishing feesTax Reporting feesPaying Agency feesRegulatory Reporting 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 investment income/(expense) for the Year

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 income gain/(loss) for the Year

Regional Equity Portfolios

Notes

AsiaPortfolio

USD

BRICsPortfolio

USD

ChinaOpportunityPortfolio

USD

EuropeEquity

PartnersPortfolio

EUR

GlobalEquity

PartnersPortfolio

USD

GlobalEquity

UnconstrainedPortfolio

USD

GlobalResponsible

EquityPortfolio

USD

GMS DynamicWorld Equity

PortfolioUSD

Growth &EmergingMarkets

Broad EquityPortfolio

USD

GrowthMarkets

Plus EquityPortfolio

USD

Goldman Sachs Funds Statements of OperationsFor the Year Ended 30 November 2015


3(b) 17,643,451 4,763 3,457,238 19,752,314 458,700 54,703,677 916,566 7,164,584 12,726,141 9,588,9533(b) 2,466 1,028 7 6,444 496 1,015 2,9613(b) 3(b) 3(b) 7,456 7 41,839 25,358 190 6,565 92,118 115,881 325,190

17,653,373 4,763 3,499,077 19,778,700 458,897 54,710,121 923,131 7,257,198 12,843,037 9,917,104

3(b) 502 17 4,031 327 1,459 1243(b) 153 414 557 20,425,899 3,159 2,164,542 9,495,705 242,885 38,312,777 790,727 1,417,655 2,261,453 3,329,2857 7 1,050,878 2,056 47,679 775,508 32,681 216,463 23,638 74,133 134,517 152,768

292,967 2,021 34,226 200,951 38,002 421,927 44,067 64,567 153,764 133,0687 663,646 165,208 871,273 14,881 230,964 119,855 98,264 359,291 83,1207 276,525 1,968 17,673 137,980 27,377 148,110 35,243 54,177 83,835 67,5545 546,094 71 66,440 209,782 6,712 1,144,768 23,752 51,044 106,526 131,097

43,086 1,315 1,320 13,677 9,770 9,219 9,770 9,970 9,219 13,6777 427,093 51 53,044 203,289 5,851 957,290 20,387 43,124 88,845 111,8607 11,790 1 1,430 5,844 172 23,325 490 1,573 4,419 3,302

26,271 1,098 2,924 18,429 6,139 3,401 12,343 6,911 9,517 9,6109,283 15 4,076 37,628 4,925 39,607 5,348 10,370 2,492 10,23150,953 40 5,528 25,101 7,275 54,910 8,178 14,558 17,593 13,6901,835 235 478 5,168 983 5,887 3,091 2,957 3,117 1,66224,274 1,154 4,372 29,537 21,040 31,221 23,163 22,343 31,555 25,18117,722 847 2,059 21,448 16,094 16,435 16,705 14,694 15,976 16,00414,848 240 2,359 16,179 11,266 19,419 12,338 11,498 17,432 14,337244,291 3,446 14,135 149,164 27,942 113,959 28,237 45,913 36,283 55,855

24,127,957 17,717 2,587,510 12,220,847 473,995 41,749,682 1,177,332 1,944,492 3,337,293 4,172,4807 11,939 60,095 12,401 14,611 39 1,9247 667 1,148 72,065 15,494 15,497 7 2,349,887 234,304 545,429 4,463,296 58,896 108,959

26,477,177 4,630 2,821,814 12,766,276 341,835 46,212,978 1,149,437 1,914,384 3,396,150 4,279,51553,467 729 529,312 2,596,203 73,928 16,282,312 302,932 468,816 2,326,176 1,745,154

(8,877,271) (596) 147,951 4,416,221 43,134 (7,785,169) (529,238) 4,873,998 7,120,711 3,892,435

47,743,597 (14,036) 17,571,754 14,710,738 1,599,546 203,184,825 5,283,713 10,662,816 18,348,681 38,800,617(26,678,926) 74 55,207 627,195 (610,555) (721,517)(34,683,800) (4,581) (1,278,802) (77,299,831) (959,879) (52,298,629) 27 5,402,837 (12,134,972) (17,001,500)

(13,619,129) (18,543) 16,348,159 (62,589,093) 639,667 150,886,196 5,283,740 16,692,848 5,603,154 21,077,600(39,851,562) (91) 3,121,787 (119,332,573) (1,649,966) (215,428,302) (2,426,403) 11,018,306 11,023,208 (7,483,503)

1,209,694 (47,374) 25,648 (78,676)

(1,521,176) (3,815) (3,689,890) 329,156 (4,784) (484,026) (927) 16,399 26,927 (114,578)

1,101,561

(40,163,044) (3,906) (568,103) (119,003,417) (1,654,750) (215,912,328) (2,427,330) 10,987,331 11,075,783 (6,575,196)(62,659,444) (23,045) 15,928,007 (177,176,289) (971,949) (72,811,301) 2,327,172 32,554,177 23,799,648 18,394,839

IncomeDividend IncomeInterest Income excluding Swap ContractsInterest Income on Swap ContractsInterest Income on Reverse Repurchase AgreementsNet (amortisation)/ Net accretionInterest Income on Securities LendingOther income

ExpensesBank overdraft interest expenseInterest Expense on Swap ContractsInvestment Adviser feePerformance feesDepositary feesAdministration feesDistribution and servicing feesTransfer Agent feesTaxe dabonnementAudit feeManagement Company feesDirectors feesLegal feesInsurance feesPrinting feesPublishing feesTax Reporting feesPaying Agency feesRegulatory Reporting 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 investment income/(expense) for the Year

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 income gain/(loss) for the Year


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

Regional Equity Portfolios Global and Regional CORE Equity Portfolios

Notes

India EquityPortfolio

USD

JapanPortfolio(b)

JPY

N-11 EquityPortfolio

USD

StrategicGlobal Equity

PortfolioUSD

US EquityPortfolio

USD

US FocusedGrowthEquity

PortfolioUSD

EuropeCOREEquity

PortfolioEUR

GlobalCOREEquity

Portfolio(c)USD

GlobalSmall Cap

CORE EquityPortfolio(c)

USD

Japan EquityPartners

Portfolio(a)(b)JPY

Goldman Sachs Funds Statements of OperationsFor the Year Ended 30 November 2015


3(b) 8,876,088 13,843,920 1,503,225 2,518,139 1,745,719 189,477 13,965,602 129 3(b) 200 297 55 106,007 459,855 439,6583(b) 16,252 3(b) 3(b) 27,146 (201,722) (290,004)7 34,659 5,427 34,066 33,416 7,431 263,829

8,910,947 13,849,644 1,537,291 2,551,555 1,753,150 189,477 14,229,486 133,282 274,385 149,654

3(b) 2,312 37 349 439 776 25 3(b) 1,975 34 37 6507 933,026 7,022,092 805,645 2,048 127,900 18,640 4,799,166 11,977 96,555 44,9397 7 208,857 68,146 45,389 72,645 89,780 43,903 63,084 9,783 67,691 68,760

89,283 176,642 53,591 35,509 40,619 32,001 98,700 6,050 30,596 28,4777 436,169 35,774 396 166 304 61,386 105 16,686 757 29,359 86,609 39,410 15,206 20,985 14,698 50,687 9,836 23,941 20,7055 42,891 271,339 33,489 8,284 12,219 557 134

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