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  • Goldman Sachs FundsSemi-Annual Report

    Unaudited Financial Statements

    0514

  • Directors and Other Information 1

    Investment Advisors Report 2

    Statement of Assets and Liabilities 6

    Statement of Operations 12

    Statement of Changes in Shareholders Equity 18

    Statistical Information 25

    Notes to the Financial Statements 37

    Schedules of Investments 85

    GOLDMAN SACHS FUNDSEQUITY PORTFOLIOS

    Goldman Sachs FundsGlobal and Regional Equity Portfolios

    Goldman Sachs FundsAsia Portfolio 85

    Goldman Sachs FundsBRICs Portfolio 87

    Goldman Sachs FundsChina Opportunity Portfolio 89

    Goldman Sachs FundsEurope Portfolio 91

    Goldman Sachs FundsGlobal Equity Partners Portfolio 93

    Goldman Sachs FundsGlobal Equity Unconstrained Portfolio 95

    Goldman Sachs FundsGlobal Responsible Equity Portfolio 97

    Goldman Sachs FundsGMS Dynamic World Equity Portfolio 99

    Goldman Sachs FundsGrowth & Emerging Markets Broad Equity Portfolio 102

    Goldman Sachs FundsGrowth Markets Plus Equity Portfolio 105

    Goldman Sachs FundsIndia Equity Portfolio 108

    Goldman Sachs FundsJapan Portfolio 110

    Goldman Sachs FundsN-11 Equity Portfolio 113

    Goldman Sachs FundsStrategic Global Equity Portfolio 116

    Goldman Sachs FundsUS Equity Portfolio 118

    Goldman Sachs FundsUS Focused Growth Equity Portfolio 120

    Goldman Sachs FundsGlobal and Regional CORE Equity Portfolios

    Goldman Sachs FundsEurope CORE Equity Portfolio 121

    Goldman Sachs FundsGlobal CORE Equity Portfolio 123

    Goldman Sachs FundsGlobal Small Cap CORE Equity Portfolio 127

    Goldman Sachs FundsGrowth & Emerging Markets CORE Equity Portfolio 135

    Goldman Sachs FundsUS CORE Equity Portfolio 138

    Goldman Sachs FundsUS Small Cap CORE Equity Portfolio 141

    Goldman Sachs FundsGlobal & Regional GIVI Equity Portfolios

    Goldman Sachs FundsGIVI Europe Equity Portfolio 145

    Goldman Sachs FundsGIVI Global Equity Growth Markets Tilt Portfolio 151

    Goldman Sachs FundsGIVI Growth & Emerging Markets Equity Portfolio 168

    Goldman Sachs FundsSector Equity Portfolio

    Goldman Sachs FundsNorth American Shale Revolution & Energy Infrastructure Portfolio 174

    GOLDMAN SACHS FUNDSFIXED INCOME PORTFOLIOS

    Goldman Sachs FundsEuro Fixed Income Portfolio 175

    Goldman Sachs FundsEuro Short Duration Bond Portfolio 181

    Goldman Sachs FundsGlobal Corporate Portfolio (Hedged) 186

    Goldman Sachs FundsGlobal Credit Portfolio (Hedged) 196

    Goldman Sachs FundsGlobal Fixed Income Portfolio 210

    Goldman Sachs FundsGlobal Fixed Income Portfolio (Hedged) 225

    Goldman Sachs FundsGlobal High Yield Portfolio 240

    Goldman Sachs FundsGrowth & Emerging Markets Corporate Bond Portfolio 254

    Page

    Goldman Sachs Funds

    Table of Contents

  • GOLDMAN SACHS FUNDSFIXED INCOME PORTFOLIOS (continued)

    Goldman Sachs FundsGrowth & Emerging Markets Debt Blend Portfolio 261

    Goldman Sachs FundsGrowth & Emerging Markets Debt Local Portfolio 274

    Goldman Sachs FundsGrowth & Emerging Markets Debt Portfolio 284

    Goldman Sachs FundsLiberty Harbor Opportunistic Corporate Bond Portfolio 299

    Goldman Sachs FundsSterling Broad Fixed Income Portfolio 304

    Goldman Sachs FundsSterling Credit Portfolio 311

    Goldman Sachs FundsUS Fixed Income Portfolio 322

    Goldman Sachs FundsUS Mortgage Backed Securities Portfolio 333

    GOLDMAN SACHS FUNDSSPECIALIST PORTFOLIOS

    Goldman Sachs FundsDynamic Allocation Portfolio 352

    Goldman Sachs FundsGlobal Currency Plus Portfolio 355

    Goldman Sachs FundsGlobal Fixed Income Plus Portfolio (Hedged) 358

    Goldman Sachs FundsGlobal Strategic Income Bond Portfolio 379

    Goldman Sachs FundsSterling Broad Fixed Income Plus Portfolio 403

    Goldman Sachs FundsStrategic Absolute Return Bond I Portfolio 415

    Goldman Sachs FundsStrategic Absolute Return Bond II Portfolio 440

    GOLDMAN SACHS FUNDSFLEXIBLE PORTFOLIOS

    Goldman Sachs FundsGlobal Income Builder Portfolio 457

    Goldman Sachs FundsUS Real Estate Balanced Portfolio 462

    Appendix IAdvisory Fee Rates, Expense Caps and Total Net Expense Ratios 467

    Appendix IIPortfolio and Share Class Launches, Closures and Mergers 481

    Appendix IIIShareholder Concentration 483

    Appendix IVIndex Tracking Portfolios 488

    Additional Information 489

    Page

    Goldman Sachs Funds

    Table of Contents

  • 1

    Goldman Sachs Funds

    Directors and Other Information

    __________________________________________________________________________________________________________________1 Independent Directors.2 Related party to Goldman Sachs Funds SICAV.3 Effective 31 July 2014, the Fund will appoint Goldman Sachs Asset Management Global Services Limited (GSAMGS), a wholly owned

    subsidiary of the Goldman Sachs Group Inc., as its management company. 4 Refer to note 6 for non-affiliated Sub-Advisers.

    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

    Theodore Sotir (UK/US)2

    Katherine Uniacke (US)2

    Management CompanyGoldman Sachs Asset Management GlobalServices Limited2,3

    Peterborough Court133 Fleet StreetLondon EC4A 2BB

    AuditorPricewaterhouseCoopers, Socitcooprative400, route dEschL-1471 LuxembourgGrand Duchy of Luxembourg

    Custodian, 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 International2

    Peterborough Court133 Fleet StreetLondon EC4A 2BBUnited Kingdom

    Investment AdviserGoldman Sachs Asset ManagementInternational2

    Peterborough Court133 Fleet StreetLondon, EC4A 2BBUnited Kingdom

    Sub-Advisers4:Goldman Sachs Asset Management, L.P.2

    200 West StreetNew York, NY 10282USA

    Goldman Sachs (Singapore) Pte.2

    1 Raffles Link#07-01 South LobbySingapore 039393

    Goldman Sachs Asset Management Co., Ltd.2

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

    Goldman Sachs Asset Management &Partners Australia Pty Ltd2

    Level 17, 101 Collins StreetMelbourne VIC 3000, Australia

    Goldman Sachs (Asia) L.L.C.2

    68th Floor Cheung Kong Center2 Queens RoadCentral, Hong Kong

    Legal Adviser to the Fund and theInvestment AdviserArendt & Medernach14, rue ErasmeL-2082 LuxembourgGrand Duchy of Luxembourg

    Shareholder Services AgentEuropean Shareholder ServicesGoldman Sachs International2

    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 inAustriaRaiffeisen 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 BankFrance 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 AG2

    Mnsterhof 48001 Zurich, Switzerland

    Representative in SwitzerlandFirst Independent Fund Services AGKlausstrasse 338008 Zurich, Switzerland

    The Funds Prospectus with itsSupplements, Key Investor InformationDocument, Articles of Incorporation, AnnualReport, Semi-Annual Report and the list ofall transactions carried out by theInvestment Adviser during the year areavailable free of charge at the offices of thelocal Paying and Information Agents andSwiss Representative.

  • Goldman Sachs Funds

    Investment Advisors Report

    For the period ended 31 May 2014

    2

    Dear Shareholders:

    Enclosed is the report for the period ended 31 May 2014.

    A. Market Review

    Global growth was mixed during the six months ended 31 May 2014. Looking back, the U.S. Department of

    Commerce reported that gross domestic product (GDP) growth during the third and fourth quarters of 2013

    was 4.1% and 2.6%, respectively. The second reading for first quarter 2014 GDP in the U.S. was negative

    1.0%, the first negative reading since the first quarter of 2011. This was partially attributed to severe winter

    weather in parts of the country. Growth outside the U.S. largely improved in developed countries. In its

    April 2014 World Economic Outlook Update, the International Monetary Fund (IMF) stated that Global activity

    has broadly strengthened and is expected to improve further in 201415, with much of the impetus coming from

    advanced economies. From a regional perspective, the IMF anticipates 2014 growth will be 1.2% in the

    Eurozone, versus negative 0.5% in 2013. Economic activity in Japan is expected to be relatively stable, with

    growth of 1.4% in 2014. After decelerating in 2013, the IMF projects that overall growth in emerging market

    countries will improve somewhat in 2014, with growth of 4.9% versus 4.7% in 2013.

    While the global equity market was volatile at times, stock prices generally moved higher during the reporting

    period. Supporting global equities were overall solid demand, encouraging earnings reports and continued

    monetary policy accommodation. The U.S. stock market, as measured by the S&P 500 Index (the Index),

    gained 7.62% during the six months ended 31 May 2014 and ended the period at a new all-time high.

    International developed equities also produced solid results, as the MSCI EAFE Index gained 5.68%.

    Elsewhere, emerging market equities declined sharply during the first two months of the period given concerns

    about global growth, especially in China. However, investor demand started to improve in February 2014 and

    the MSCI Emerging Markets Index returned 2.03% during the reporting period as a whole.*

    The global fixed income market also experienced periods of volatility. Expectations for improving global growth

    initially caused yields in many countries to rise and their bond markets to decline (yields and bond prices 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. However, yields in the U.S. fell from their

    peak at the end of 2013, as economic data largely weakened and geopolitical issues triggered several flights

    to quality. Given mixed global economic growth, inflation remained well contained during the reporting period.

    For example, the price of gold moved from approximately $1,251 an ounce to $1,249 an ounce during the

    period. For the six months ended 31 May 2014, the Barclays U.S. Aggregate Bond Index and Barclays Global

    Aggregate Bond Index returned 3.28% and 3.17%, respectively. Riskier fixed income securities generated

    even stronger 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 5.15% during the period, whereas the emerging market

    debt asset class, as measured by the JPMorgan EMBI Global Diversified Index, returned 8.83%.*

    *All returns in U.S. Dollar terms.

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

  • Goldman Sachs Funds

    Investment Advisors Report

    For the period ended 31 May 2014 (continued)

    3

    B. Performance Overview (as at 31 May 2014)

    Performance is calculated in the relevant Portfolios base currency.

    Average Annualised Net Return

    Since

    Launch 6-Months(1) 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 4.63 7.13 (0.24) 9.18 4.23

    MSCI AC Asia Free ex-Japan Index USD 31-May-94 2.88 7.22 1.55 10.37 3.80

    Goldman Sachs FundsBRICs Portfolio USD 17-Jan-06 0.69 5.84 (6.43) 3.78 4.63

    MSCI BRICs Index USD 17-Jan-06 (1.61) 1.91 (5.30) 4.35 7.11

    Goldman Sachs FundsChina Opportunity Portfolio USD 26-Aug-09 (4.82) 8.77 (2.39) 4.03

    MSCI China Index USD 26-Aug-09 (7.60) 4.93 (1.56) 3.31

    Goldman Sachs FundsEurope Portfolio EUR 30-Sep-96 5.36 14.19 8.88 13.00 6.54

    MSCI Europe Index(2) EUR 30-Sep-96 7.71 16.98 9.90 13.47 7.41

    Goldman Sachs FundsGlobal Equity Partners Portfolio USD 23-Feb-06 3.65 16.73 8.73 12.16 2.30

    MSCI World Index USD 23-Feb-06 6.52 18.87 10.55 14.47 3.11

    Goldman Sachs FundsGlobal Equity Unconstrained Portfolio(4)

    USD 19-Sep-12 4.91 16.14 15.70

    MSCI All Country World Index USD 19-Sep-12 6.02 17.15 16.24

    Goldman Sachs FundsGlobal Responsible Equity Portfolio(4)

    USD 16-Sep-08 4.00 14.45 7.63 11.65 5.78

    MSCI AC World Index USD 16-Sep-08 6.02 17.15 8.98 13.57 7.65

    Goldman Sachs FundsGMS Dynamic World Equity Portfolio USD 30-Jul-04 5.38 18.01 12.65 18.09 8.06

    MSCI World Index USD 30-Jul-04 6.52 18.87 10.55 14.47 5.36

    Goldman Sachs FundsGrowth & Emerging Markets Broad Equity Portfolio USD 15-Dec-97 5.70 7.37 (2.28) 7.24 7.42

    MSCI EMF Index USD 15-Dec-97 1.89 4.27 (1.77) 8.63 8.77

    Goldman Sachs FundsGrowth Markets Plus Equity Portfolio(1)

    USD 10-Sep-13 3.28 7.20

    MSCI EM Index(1)

    USD 10-Sep-13 1.89 4.97

    Goldman Sachs FundsIndia Equity Portfolio USD 26-Mar-08 31.43 24.22 6.50 11.17 5.08

    MSCI India Index USD 26-Mar-08 23.73 16.43 (0.59) 5.72 0.35

    Goldman Sachs FundsJapan Portfolio JPY 30-Apr-96 (3.16) 10.76 15.05 8.62 0.54

    Topix JPY 30-Apr-96 (3.49) 7.88 15.20 8.18 (0.86)

    Goldman Sachs FundsN-11

    Equity Portfolio USD 26-Jan-11 6.69 2.04 2.78 2.89

    MSCI EM Unhedged USD Net Divs USD 26-Jan-11 1.89 4.27 (1.77) (0.66)

    Goldman Sachs FundsStrategic Global Equity Portfolio USD 4-Dec-92 4.09 16.17 8.78 13.00 5.92

    MSCI World Index USD 4-Dec-92 6.52 18.87 10.55 14.54 7.62

    Goldman Sachs FundsUS Equity Portfolio USD 3-Feb-06 4.19 16.76 11.96 14.89 6.89

    S&P 500 Index USD 3-Feb-06 7.29 19.69 14.38 17.64 6.69

    Goldman Sachs FundsUS Focused Growth Equity Portfolio USD 15-Nov-99 1.97 16.43 11.63 13.84 1.80

    Russell 1000 Growth Index USD 15-Nov-99 7.01 21.57 14.38 18.46 2.29

    Goldman Sachs FundsGlobal and Regional CORE

    Equity Portfolios

    Goldman Sachs FundsEurope CORE

    Equity Portfolio EUR 1-Oct-99 9.51 20.18 9.25 12.11 3.47

    MSCI Europe Index EUR 1-Oct-99 7.71 16.98 9.90 13.43 3.35

    Goldman Sachs FundsGlobal CORE

    Equity Portfolio(6)

    USD 14-Oct-04 8.53 23.14 10.71 14.52 5.33

    MSCI World Index USD 14-Oct-04 6.52 18.87 10.55 14.47 6.15

    Goldman Sachs FundsGlobal Small Cap CORE

    Equity Portfolio(6)

    USD 3-Aug-06 4.24 22.48 11.99 19.88 6.48

    S&P-Citigroup Developed Small Cap Index USD 3-Aug-06 5.21 20.28 10.15 17.59 6.96

    Goldman Sachs FundsGrowth & Emerging Markets CORE

    Equity Portfolio(5)

    USD 10-Aug-09 0.59 1.64 (0.91) 6.67

    MSCI EMF Index USD 10-Aug-09 1.89 4.27 (1.77) 6.34

    Goldman Sachs FundsUS CORE

    Equity Portfolio(6)

    USD 19-Nov-96 7.82 20.85 14.37 16.75 5.24

    S&P 500 Index Net USD 19-Nov-96 7.29 19.69 14.38 17.64 6.71

    Goldman Sachs FundsUS Small Cap CORE

    Equity Portfolio(5)

    USD 5-Dec-05 0.31 14.41 11.17 20.06 5.78

    Russell 2000 Index USD 5-Dec-05 (0.28) 16.35 11.27 18.84 7.11

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

  • Goldman Sachs Funds

    Investment Advisors Report

    For the period ended 31 May 2014 (continued)

    4

    Average Annualised Net Return

    Since

    Launch 6-Months(1) 1-Year 3-Years 5-Years Inception

    Currency date (%) (%) (%) (%) (%)

    Goldman Sachs FundsGlobal and Regional GIVI Equity Portfolios

    Goldman Sachs FundsGIVI Europe Equity Portfolio(5)

    EUR 15-May-12 8.78 18.48 19.87

    S&P GIVI Europe Index EUR 15-May-12 9.10 19.28 20.96

    Goldman Sachs FundsGIVI Global Equity Growth Markets Tilt Portfolio(5)

    USD 29-Jun-12 5.52 15.67 17.25

    S&P GIVI Global Growth Markets Tilt Index USD 29-Jun-12 6.11 16.80 18.63

    Goldman Sachs FundsGIVI Growth & Emerging Markets Equity Portfolio(5)

    USD 29-Jun-12 1.43 4.02 6.95

    S&P GIVI Emerging Index (Net total return, unhedged, USD) USD 29-Jun-12 2.48 5.42 9.21

    Goldman Sachs FundsSector Equity Portfolios

    Goldman Sachs North American Shale Revolution &

    Energy Infrastructure Portfolio(1)

    USD 14-Apr-14 6.80

    50% Alerian MLP Index (Gross) + USD 14-Apr-14 5.66

    50% Energy Select Sector (IXE) (Net)(1)

    USD

    Goldman Sachs FundsFixed Income Portfolios

    Goldman Sachs FundsEuro Short Duration Bond Portfolio(1)

    USD 15-Jan-14 0.60

    Barclays Euro Aggregate 500mm 1-3 yr(1)

    15-Jan-14 0.83

    Goldman Sachs FundsEuro Fixed Income Portfolio EUR 24-Jan-06 4.32 5.43 6.93 6.27 4.02

    Barclays Capital Euro Aggregate Bond Index EUR 24-Jan-06 4.49 5.60 6.90 5.84 4.57

    Goldman Sachs FundsGlobal Corporate Portfolio (Hedged)(7)

    NOK 31-Dec-07 5.15 5.49 7.19 9.18 7.77

    Barclays Capital Global Aggregate IndexNOK Hedged NOK 31-Dec-07 5.05 5.08 6.92 8.40 7.56

    Goldman Sachs FundsGlobal Credit Portfolio (Hedged) USD 26-Jan-06 4.53 4.23 5.51 7.52 3.64

    Barclays Capital Global Aggregate Credit Bond Index (USD Hedged) USD 26-Jan-06 4.56 4.45 5.89 7.50 5.41

    Goldman Sachs FundsGlobal Fixed Income Portfolio USD 26-Feb-93 3.62 5.70 2.21 4.92 5.03

    Barclays Capital Global Aggregate Index USD 26-Feb-93 3.55 5.35 2.35 4.53 6.04

    Goldman Sachs FundsGlobal Fixed Income Portfolio (Hedged) EUR 17-Dec-01 3.29 3.38 3.86 4.85 3.72

    Barclays Capital Global Aggregate Index(3)

    EUR 17-Dec-01 3.23 3.33 4.33 4.82 4.72

    Goldman Sachs FundsGlobal High Yield Portfolio USD 27-Jan-98 4.43 6.98 7.74 13.30 6.60

    Barclays Capital US High Yield 2% Issuer Capped Bond Index USD 27-Jan-98 5.14 7.88 8.79 14.39 7.13

    Goldman Sachs FundsGrowth & Emerging Markets Corporate Bond Portfolio USD 17-May-11 5.33 3.34 6.92 6.73

    JPM CEMBI Broad Diversified Index USD 17-May-11 5.84 4.78 6.01 5.97

    Goldman Sachs FundsGrowth & Emerging Markets Debt Blend Portfolio USD 8-May-13 5.07 1.19 (4.18)

    50% JP Morgan GBI-EM Global Diversified Index, 25%

    JPM EMBI Global Diversified Index, 25% CEMBI Broad Diversified Index USD 8-May-13 5.87 1.97 (2.97)

    Goldman Sachs FundsGrowth & Emerging Markets Debt Local Portfolio USD 29-Jun-07 3.37 (3.77) (0.01) 6.53 3.83

    JP Morgan GBIEMGlobal Diversified Index(8)

    USD 29-Jun-07 4.37 (1.37) 0.97 n/a n/a

    Goldman Sachs FundsGrowth & Emerging Markets Debt Portfolio USD 3-May-00 8.29 4.13 7.53 11.22 10.79

    JP Morgan Emerging Markets Bond Index Global Diversified USD 3-May-00 8.86 5.57 7.68 10.67 10.26

    Goldman Sachs FundsLiberty Harbour Opportunistic Corporate Bond Portfolio USD 4-Apr-12 2.49 4.57 5.94

    Bank of America ML USD 1 Month LIBOR Constant Maturity Index USD 4-Apr-12 0.06 0.17 0.24

    Goldman Sachs FundsSterling Broad Fixed Income Portfolio GBP 10-Dec-01 3.08 0.53 5.38 7.46 4.22

    Bank of America ML Sterling Broad Market Index GBP 10-Dec-01 3.15 1.38 5.87 6.99 5.52

    Goldman Sachs FundsSterling Credit Portfolio GBP 18-Dec-08 4.17 2.63 7.73 10.06 9.19

    iBoxx Sterling Non Gilts Index GBP 18-Dec-08 3.92 3.08 7.16 9.26 8.18

    Goldman Sachs FundsUS Fixed Income Portfolio USD 27-Jul-98 3.01 2.08 3.53 6.60 4.67

    Barclays Capital US Aggregate Index USD 27-Jul-98 3.33 2.56 3.59 5.17 5.49

    Goldman Sachs FundsUS Mortgage Backed Securities Portfolio USD 30-Sep-02 2.87 2.42 2.64 4.56 4.28

    Barclays Capital US Securitized Index USD 30-Sep-02 3.18 3.14 2.86 4.60 4.62

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

  • Goldman Sachs Funds

    Investment Advisors Report

    For the period ended 31 May 2014 (continued)

    5

    Average Annualised Net Return

    Since

    Launch 6-Months(1) 1-Year 3-Years 5-Years Inception

    Currency date (%) (%) (%) (%) (%)

    Goldman Sachs FundsSpecialist Portfolios

    Goldman Sachs FundsDynamic Allocation Portfolio USD 23-May-13 1.67 0.69 (0.86)

    60% MSCI ACWI IMI (Net, Hedged)/40% Barclays Capital Global Aggregate (Hedged) USD 23-May-13 4.52 10.61 9.35

    Goldman Sachs FundsGlobal Currency Plus Portfolio USD 2-Sep-08 0.31 (2.60) (0.14) (0.82) (0.67)

    Overnight US LIBOR Index USD 2-Sep-08 0.05 0.10 0.14 0.17 0.25

    Goldman Sachs FundsGlobal Fixed Income Plus Portfolio (Hedged) EUR 25-Jan-06 4.05 4.05 5.40 6.26 4.23

    Barclays Capital Global Aggregate Index(3)

    EUR 25-Jan-06 3.23 3.33 4.33 4.82 4.33

    Goldman Sachs FundsGlobal Strategic Income Bond Portfolio USD 28-Mar-11 1.69 1.92 5.03 4.86

    3 Months USD LIBOR Index USD 28-Mar-11 0.12 0.25 0.34 0.34

    Goldman Sachs FundsSterling Broad Fixed Income Plus Portfolio GBP 23-Jan-06 3.54 0.58 6.46 8.17 4.44

    Bank of America ML Sterling Broad Market Index GBP 23-Jan-06 3.15 1.38 5.87 6.99 4.64

    Goldman Sachs FundsStrategic Absolute Return Bond I Portfolio USD 28-Jun-06 1.05 1.52 2.09 2.82 1.70

    3 Months USD LIBOR Index USD 28-Jun-06 0.12 0.25 0.34 0.34 1.69

    Goldman Sachs FundsStrategic Absolute Return Bond II Portfolio USD 28-Jun-06 1.36 2.35 3.99 4.09 2.96

    3 Months USD LIBOR Index USD 28-Jun-06 0.12 0.25 0.34 0.34 1.69

    Goldman Sachs FundsFlexible Portfolios

    Goldman Sachs FundsGlobal Income Builder Portfolio(1)

    USD 18-Mar-14 2.88

    60% Barclays Capital US High Yield 2% Issuer Cap and 40% MSCI World Index(1)

    USD 18-Mar-14 2.61

    Goldman Sachs FundsUS Real Estate Balanced Portfolio USD 2-Oct-12 4.59 4.73 11.09

    35% BoAML US High Yield Building Materials + 35% BoAML

    US High Yield Homebuilders/Real Estate + 30% MSCI US IMI

    Construction Housing 25-50 Capped Index (Total Return) (Net) USD 2-Oct-12 5.59 6.84 11.46

    Goldman Sachs Asset Management International

    10 June 2014

    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.

    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 487.

    (1)Cumulative Net Returns.

    (2)Prior to 1 March 2010, the benchmark associated with this Portfolio was the MSCI Europe IndexGross

    (3)This benchmark is Euro Hedged.

    (4)Performance shown is for the Base Accumulation Share Class.

    (5)Performance shown is for the Base Accumulation Close Share Class.

    (6)Performance shown is for the Base Currency Close Share Class.

    (7)Performance shown is for the I Accumulation Share Class.

    (8)Prior to 1 January 2010, the GS Growth & Emerging Markets Debt Local Portfolio did not track, refer to, or was managed against the

    JP Morgan GBI-EM Global Diversified Index.

  • 6

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