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Goldman Sachs Funds Semi-Annual Report Unaudited Financial Statements 0514
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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.
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3(b)
3(b)
5
234,
525
325,
576
9,64
739
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655,
520
5
6
2,28
2
9,
092
8,50
1
1,68
790
31,
184
6
61,7
06
58,5
3814
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34
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16,5
679,
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6,56
542
21,
808
1,75
311
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693
5,
128
90,3
52,7
6031
6,78
6,30
63,
816,
297
78,5
76,6
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2,06
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35,
740,
556
40,0
90,1
051,
037,
377,
480
160,
926,
681
28,1
39,1
67
15
3,11
6
27
51,
118,
787
1,24
03(
e),1
3
3(
c)
3(
c),1
2
446,
801
55
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3(c)
3(c)
3(c)
3(c)
3(c)
846,
940
544,
299
16,3
6510
1,15
33,
207,
519
5,76
3,02
01,
271,
141
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19,6
351,
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465,
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3(
b)
6
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19,3
486
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44,5
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5,54
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4,92
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11,5
7823
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3,01
524
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20,7
213,
563
5,12
916
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16,3
722,
223
138
1,09
9
586
77
95,
654
25,3
331,
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6,64
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4,26
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1,08
6,44
93,
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417
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9951
1,52
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417,
761
127,
731
129,
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9,46
1,81
53,
235,
331
534,
503
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66,3
1131
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3,88
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612,
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39,9
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915,
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157,
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64
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21
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3962
7,64
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531,
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915,
665
157,
691,
350
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04,6
64
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Alt
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Cal
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old
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Eq
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Po
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Po
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Po
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folio
Po
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folio
Po
rtfo
lioP
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folio
(a)
No
tes
US
DU
SD
US
DE
UR
US
DU
SD
US
DU
SD
US
DU
SD
Reg
ion
al E
qu
ity
Po
rtfo
lios
(a)
Ref
er to
App
endi
x II.
(b)
Exp
ress
ed in
'000
.(c
)R
efer
to N
ote
3(h)
.
Ple
ase
refe
r to
Sta
tistic
al In
form
atio
n fo
r O
utst
andi
ng S
hare
s an
d N
et A
sset
Val
ue P
er S
hare
as
at 3
1 M
ay 2
014.
7
Go
ldm
an
Sach
s F
un
ds
Sta
tem
en
ts o
f A
ssets
an
d L
iab
ilit
ies (
Un
au
dit
ed
)
As a
t 31 M
ay 2
014
Th
e a
cc
om
pa
ny
ing
no
tes
are
an
in
teg
ral
pa
rt o
f th
es
e f
ina
nc
ial
sta
tem
en
ts.
3(c)
278,
250,
201
98,2
99,4
901,
288,
587,
204
21,9
82,7
612,
905,
337,
317
53,3
47,1
8399
,600
,510
114,
806,
403
406,
080,
344
218,
133,
609
3(c)
,12
16
,491
203,
985
3(
c)
42
,139
10,4
0132
6,99
2
3(c)
3(c)
3(c)
5,37
5,94
050
9,87
828
,709
,778
237,
545
2,80
0,15
02,
405,
440
1,78
0,26
62,
670,
260
8,24
2,22
27,
066,
172
3(e)
,13
292,
990
15
0,04
049
,703
212,
852
81,2
406,
925,
040
520,
257
3,20
9,68
512
,994
50,7
18
7,50
6,21
019
1,67
237
,530
,139
22,2
139,
317,
046
5411
1,07
31,
212,
171
207,
794
47,7
0621
6,72
283
8,33
51,
958,
144
40,8
254,
040,
962
25,4
6029
1,71
733
0,08
761
2,87
155
0,77
23(
b)
3(
b)
5
4,52
227
,914
415,
073
36,3
1724
3,13
8
5
6
39
44,
776
9,
457
888
40,0
022,
561
6
33,1
58
26,1
1814
,589
35,0
662,
336
12,9
2546
,792
242
2,96
135
93,
474
1,75
91,
211
1,96
080
7
291,
688,
855
99,9
37,7
421,
363,
722,
564
22,3
44,7
752,
921,
702,
934
56,3
26,2
7110
5,62
5,76
011
9,16
6,25
041
6,02
0,07
622
5,81
3,74
5
31,4
20
1,03
8
3(e)
,13
3(c)
3(c)
,12
51
7,38
0
6,
185,
230
3(
c)96
,026
3(
c)
73
7,98
9
3(c)
3(c)
3(c)
970,
945
101,
560
18,1
40,5
37
15,1
01,5
371,
053,
911
2,90
8,26
08,
478
4,74
8,51
721
8,42
75,
326,
868
97,3
446,
043,
396
95,1
9021
0,86
93,
813,
722
863,
819
35,1
273(
b)
6
266,
653
104,
449
1,34
4,33
327
,324
3,35
9,15
264
,731
85,3
1233
,202
293,
547
54,2
886
49,0
236,
324
187,
343
13,1
0210
0,28
011
,929
19,1
8422
,434
40,1
5841
,537
611
,757
2,08
810
6,24
81,
522
20,9
697,
855
7,38
649
67,
007
6
41,4
376,
496
150,
859
17,9
8377
,789
22,0
6823
,808
24,3
5532
,985
17,1
285
10,6
185,
196
64,5
801,
491
160,
499
3,44
87,
219
2,10
317
,928
4,21
65
138,
536
351,
267
32,1
771,
036
14,4
7010
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14,4
7110
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7,31
814
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14,4
7114
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64,
864
2,43
429
,582
745
75,8
281,
795
2,87
91,
543
8,99
12,
388
69,
209
181
2,55
747
5,45
113
619
815
671
449
28,
225
702
15,8
599,
235
46,7
542,
226
7,89
86,
400
10,7
1512
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3,71
376
47,
600
3,55
713
,741
4,27
46,
438
1,65
11,
968
991
10,9
752,
329
35,8
667,
402
45,0
028,
597
10,2
124,
541
8,06
35,
252
13
9
128,
391
251,
895
7,59
61,
212,
288
7,63
88,
121
62,0
0110
7,84
635
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3,86
92,
685
12,7
5015
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16,6
1718
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13,6
0325
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20,4
0513
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6,29
9,42
81,
100,
442
25,8
30,9
2121
3,06
032
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1,31
2,06
63,
318,
705
4,02
1,28
52,
166,
606
589,
698
285,
389,
427
98,8
37,3
001,
337,
891,
643
22,1
31,7
152,
889,
223,
930
55,0
14,2
0510
2,30
7,05
511
5,14
4,96
541
3,85
3,47
022
5,22
4,04
7
3(j)
9,
580
456,
053
405,
403
285,
389,
427
98,8
37,3
001,
337,
891,
643
22,1
31,7
152,
889,
223,
930
55,0
14,2
0510
2,30
7,05
511
5,15
4,54
541
4,30
9,52
322
5,62
9,45
0
Ass
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stm
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ront
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ers'
Eq
uit
y
Alt
ern
ativ
e N
et A
sset
Val
ue
Cal
cula
tio
n M
eth
od
Sh
areh
old
ers'
Eq
uit
y (a
fter
Alt
ern
ativ
e N
et A
sset
Val
ue
Cal
cula
tio
n M
eth
od
)
US
Fo
cuse
dE
uro
pe
Glo
bal
Glo
bal
Gro
wth
&
Ind
iaS
trat
egic
Gro
wth
CO
RE
C
OR
E
Sm
all C
apE
mer
gin
g M
arke
ts
Eq
uit
yJa
pan
N-1
1E
qu
ity
Glo
bal
Eq
uit
yU
S E
qu
ity
Eq
uit
yE
qu
ity
Eq
uit
y C
OR
E
Eq
uit
yC
OR
E
Eq
uit
y
Po
rtfo
lioP
ort
folio
(b)
Po
rtfo
lioP
ort
folio
(a)
Po
rtfo
lioP
ort
folio
Po
rtfo
lioP
ort
folio
(c)
Po
rtfo
lio(c
)P
ort
folio
No
tes
US
DJP
YU
SD
US
DU
SD
US
DE
UR
US
DU
SD
US
D
(a)
Ref
er to
App
endi
x II.
(b)
Exp
ress
ed in
'000
.(c
)R
efer
to N
ote
3(h)
.
Ple
ase
refe
r to
Sta
tistic
al In
form
atio
n fo
r O
utst
andi
ng S
hare
s an
d N
et A
sset
Val
ue P
er S
hare
as
at 3
1 M
ay 2
014.
Reg
ion
al E
qu
ity
Po
rtfo
lios
Glo
bal
an
d R
egio
nal
CO
RE
E
qu
ity
Po
rtfo
lios
8
Go
ldm
an
Sach
s F
un
ds
Sta
tem
en
ts o
f A
ssets
an
d L
iab
ilit
ies (
Un
au
dit
ed
)
As a
t 31 M
ay 2
014
Th
e a
cc
om
pa
ny
ing
no
tes
are
an
in
teg
ral
pa
rt o
f th
es
e f
ina
nc
ial
sta
tem
en
ts.
3(c)
322,
735,
639
94,5
50,7
422,
266,
654
43,5
58,5
215,
354,
730
93,5
22,0
7311
,786
,066
7,23
6,69
310
,625
,192
,913
1,11
0,98
2,25
13(
c),1
2
20,1
4810
,771
,380
4,54
5,64
43(
c)
18,3
254,
860
77
,240
11,6
4724
,715
,781
918,
384
3(c)
51
1
67
,297
8,93
751
,413
,329
5,28
6,79
23(
c)
62
,715
5,86
127
,435
,731
3,69
3,84
33(
c)
20
,000
20,0
0743
,551
519,
950
96,8
7462
0,18
910
7,68
030
,875
1,24
4,01
6,37
66,
932,
495
3(e)
,13
97
,370
11
,072
74,6
2735
,226
86,4
35,3
5921
,224
,770
1,
484,
065
1,73
75,
905
7,
868,
104
15,9
54,8
761,
118,
201
1,69
7,85
118
6,00
0
7,78
1,12
24,
357
16,0
29,6
7565
0,78
454
,803
8,43
916
2,80
618
,818
108,
960
9915
103,
752
7,56
33(
b)
13
3,40
311
6,54
311
2,03
3,55
011
,205
,517
3(b)
3,07
8
2,73
3,32
818
6,37
85
11,3
7332
,094
9,
403
5
10
238
300,
169
17,6
496
215
6,15
5
44
6
11,8
4337
,258
31,0
5251
,720
46,7
6219
,115
33,5
76
1,73
874
4
97
7
49,7
472,
024
325,
118,
070
96,4
37,1
442,
362,
806
44,3
60,9
485,
522,
044
109,
928,
966
12,3
51,2
177,
465,
983
12,2
01,1
56,2
911,
182,
151,
186
1,69
83,
164
227,
986
223,
952
3(e)
,13
405,
876
1,
794
11
,715
,319
722,
394
3(c)
3(c)
,12
33,4
2732
,121
131,
612,
069
10,9
97,2
623(
c)
45,1
30
23
,873
10,6
778,
677,
359
602,
708
3(c)
61,6
157,
970
50,7
02,3
149,
198,
096
3(c)
31,6
104,
033
44,5
68,1
909,
878,
438
3(c)
3(c)
1,
227,
770
683
4,28
9
16,7
85,4
37
68
,048
,696
23,1
30,9
391,
440,
831
311,
588
13
6,05
63(
b)
3,
382
1,
665,
237
112,
740
630
1,83
458
,555
436
9,86
91,
859
24,7
357,
278
2,92
62,
506,
840
487,
730
625
,984
17,7
076,
153
82,9
4910
,353
6,59
213
,356
7,32
657
8,00
489
,629
618
,760
1,18
425
1410
99
1,01
92
14
,245
636
,164
21,2
047,
145
14,5
3510
,211
4,56
711
,617
8,74
211
,456
53,7
075
20,5
303,
459
511,
661
112
7,77
876
312
918
9,79
753
,840
5
86
14
,471
14,4
7110
,561
14,4
7020
,690
3,24
115
,101
9,37
412
4,20
920
,690
9,72
01,
671
2373
361
779
353
6310
0,27
329
,930
595
226
753
1268
14
324
,100
1,95
610
,964
3,03
22,
930
8,41
89,
231
5,68
71,
008
7,23
777
2,30
628
,482
7,01
91,
788
8717
712
660
1,57
916
541
,953
13,3
7712
,714
6,55
71,
611
2,63
82,
285
277
1,56
388
161,
027
37,2
06
38
210
523
758
1,
574
9,67
6
190,
111
15,7
2032
822
,857
1,40
924
,175
19,4
5417
,997
9,78
917
,131
13,3
445,
840
24,8
437,
962
95,9
5446
,879
2,51
5,02
71,
748,
059
40,2
1117
9,80
472
,205
16,8
70,0
0323
4,08
510
3,69
632
1,83
2,76
555
,880
,256
322,
603,
043
94,6
89,0
852,
322,
595
44,1
81,1
445,
449,
839
93,0
58,9
6312
,117
,132
7,36
2,28
711
,879
,323
,526
1,12
6,27
0,93
0
3(j)
322,
603,
043
94,6
89,0
852,
322,
595
44,1
81,1
445,
449,
839
93,0
58,9
6312
,117
,132
7,36
2,28
711
,879
,323
,526
1,12
6,27
0,93
0
Ass
ets
Inve
stm
ents
, at v
alue
, exc
ludi
ng d
eriv
ativ
esU
nrea
lised
gai
n on
forw
ard
curr
ency
con
tract
s an
d sh
are
clas
s sp
ecifi
c fo
rwar
d cu
rren
cy c
ontra
cts
Unr
ealis
ed g
ain
on fu
ture
s an
d fu
ture
s on
dur
atio
n he
dgin
g sh
are
clas
ses
Unr
ealis
ed g
ain
on s
wap
con
tract
s an
d sw
ap c
ontra
cts
on d
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ion
hedg
ing
shar
e cl
asse
sU
pfro
nt p
aym
ents
pai
d on
sw
ap tr
ansa
ctio
nsM
arke
t val
ue o
f pur
chas
ed o
ptio
nsC
ash
Due
from
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kers
Rec
eiva
ble
for
inve
stm
ents
sol
dR
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vabl
e fo
r sh
ares
sol
dD
ivid
ends
rec
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ble
Inte
rest
rec
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ble
excl
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wap
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tract
sIn
tere
st r
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vabl
e on
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tere
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clai
m r
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ecur
ities
lend
ing
rece
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leIn
vest
men
t Adv
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fees
wai
ved
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ther
ass
ets
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l Ass
ets
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bili
ties
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k ov
erdr
aft
Due
to B
roke
rsU
nrea
lised
loss
on
non-
deliv
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le b
ond
forw
ard
curr
ency
con
tract
sU
nrea
lised
loss
on
forw
ard
curr
ency
con
tract
s an
d sh
are
clas
s sp
ecifi
c fo
rwar
d cu
rren
cy c
ontra
cts
Unr
ealis
ed lo
ss o
n fu
ture
s an
d fu
ture
s on
dur
atio
n he
dgin
g sh
are
clas
ses
Unr
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ed lo
ss o
n sw
ap c
ontra
cts
and
swap
con
tract
s on
dur
atio
n he
dgin
g sh
are
clas
ses
Upf
ront
pay
men
ts r
ecei
ved
on s
wap
tran
sact
ions
Mar
ket v
alue
of w
ritte
n op
tions
Mar
ket v
alue
of c
over
ed fo
rwar
d m
ortg
age
back
ed s
ecur
ities
Pay
able
for
inve
stm
ents
pur
chas
edP
ayab
le fo
r sh
ares
red
eem
edIn
tere
st p
ayab
le o
n S
wap
Con
tract
sD
istri
butio
ns p
ayab
leIn
vest
men
t Adv
isor
fee
paya
ble
Adm
inis
tratio
n an
d C
usto
dy fe
es p
ayab
leD
istri
butio
n an
d se
rvic
ing
fees
pay
able
Tran
sfer
Age
nt fe
e pa
yabl
eTa
xe d
'abo
nnem
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ayab
leC
apita
l gai
ns ta
x pa
yabl
eA
udit
fee
paya
ble
Sha
reho
lder
Ser
vice
s fe
es p
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irect
ors
fees
pay
able
Lega
l fee
s pa
yabl
eIn
sura
nce
fees
pay
able
Prin
ting
fees
pay
able
Pub
lishi
ng fe
es p
ayab
leP
ayab
le fo
r W
ithho
ldin
g Ta
x on
Div
iden
d an
d In
tere
st In
com
eO
ther
liab
ilitie
s
Tota
l Lia
bili
ties
Sh
areh
old
ers'
Eq
uit
y
Alt
ern
ativ
e N
et A
sset
Val
ue
Cal
cula
tio
n M
eth
od
Sh
areh
old
ers'
Eq
uit
y (a
fter
Alt
ern
ativ
e N
et A
sset
Val
ue
Cal
cula
tio
n M
eth
od
)
No
rth
Am
eric
an
GIV
I Glo
bal
G
IVI G
row
th &
S
hal
e R
evo
luti
on
Eu
roE
uro
Sh
ort
Glo
bal
Glo
bal
US
CO
RE
U
S S
mal
l Cap
G
IVI E
uro
pe
Eq
uit
y
Gro
wth
E
mer
gin
g
& E
ner
gy
Fix
edD
ura
tio
nC
orp
ora
teC
red
it
Eq
uit
yC
OR
E
Eq
uit
yE
qu
ity
Mar
kets
Tilt
M
arke
ts E
qu
ity
Infr
astr
uct
ure
Inco
me
Bo
nd
Po
rtfo
lioP
ort
folio
Po
rtfo
lio(c
)P
ort
folio
(c)
Po
rtfo
lioP
ort
folio
Po
rtfo
lioP
ort
folio
(a)
Po
rtfo
lioP
ort
folio
(a)
(Hed
ged
)(H
edg
ed)
No
tes
US
DU
SD
EU
RU
SD
US
DU
SD
EU
RE
UR
NO
KU
SD
Glo
bal
an
d R
egio
nal
CO
RE
Eq
uit
y P
ort
folio
sG
lob
al a
nd
Reg
ion
al G
IVI E
qu
ity
Po
rtfo
lios
Sec
tor
Eq
uit
yP
ort
folio
Fix
ed In
com
e P
ort
folio
s
(a)
Ref
er to
App
endi
x II.
(b)
Exp
ress
ed in
'000
.(c
)R
efer
to N
ote
3(h)
.
Ple
ase
refe
r to
Sta
tistic
al In
form
atio
n fo
r O
utst
andi
ng S
hare
s an
d N
et A
sset
Val
ue P
er S
hare
as
at 3
1 M
ay 2
014.
9
Go
ldm
an
Sach
s F
un
ds
Sta
tem
en
ts o
f A
ssets
an
d L
iab
ilit
ies (
Un
au
dit
ed
)
As a
t 31 M
ay 2
014
Th
e a
cc
om
pa
ny
ing
no
tes
are
an
in
teg
ral
pa
rt o
f th
es
e f
ina
nc
ial
sta
tem
en
ts.
3(c)
257,
738,
428
325,
065,
495
10,8
79,4
45,6
7382
,549
,320
239,
783,
378
2,30
9,70
3,32
33,
088,
438,
957
302,
348,
310
104,
018,
422
331,
657,
206
3(c)
,12
565,
745
1,81
5,72
211
,774
,375
19,7
791,
905,
292
33,6
89,2
7218
,137
,355
239,
053
47,9
9610
0,39
93(
c)34
9,78
940
9,35
328
6,00
843
871
9
149,
664
25
9,33
873
0,65
03(
c)2,
838,
841
2,17
6,37
0
29
7,21
917
,071
,524
2,72
8,27
5
1,98
9,81
92,
010,
795
3(c)
1,33
6,52
51,
337,
861
4,00
3,56
0
125,
660
196,
449
42
,276
386,
935
1,86
1,05
73(
c)1,
316,
289
1,10
6,82
4
1,
980,
133
1,93
7,61
554
,066
,139
241,
782
2,46
9,39
016
,526
,314
17,1
66,8
6519
,470
,232
557,
929
1,71
4,41
73(
e),1
33,
225,
298
3,38
1,94
410
9,68
3,46
820
5,13
21,
359,
236
25,3
82,0
7134
,315
,278
1,08
0,65
71,
456,
305
3,55
3,67
214
,174
,317
15,6
38,8
1111
0,67
5,49
91,
653,
466
3,08
8,59
365
,496
,820
22,3
76,3
052,
335,
469
522,
263
1,88
2,68
711
8,66
31,
636,
785
40,6
51,3
103,
052,
496
20
,625
,866
53,9
38,3
8188
0,09
5
1,
899
1,66
0
1,17
188
07,
803
29,7
15
1,66
52,
547
3(b)
2,01
9,95
12,
031,
625
162,
528,
544
1,10
6,40
23,
898,
433
40,0
21,1
3639
,239
,385
3,63
5,40
21,
479,
354
5,93
1,04
03(
b)48
,359
29,5
6749
1,61
1
124,
914
5,94
1,43
71,
734,
976
3,08
514
6,31
366
,933
5
5
887
933
13,8
95
23
9,79
985
2
234
1,08
66
22,9
08
6
1,89
1
59,6
0882
,905
21,5
577,
597
12
,547
1,53
921
,622
1,39
821
,013
55,6
316,
803
17,3
15
470
285,
727,
671
356,
573,
995
11,3
73,6
64,6
1288
,890
,992
253,
157,
632
2,53
4,95
7,44
53,
278,
262,
811
330,
073,
451
110,
874,
170
349,
512,
959
54,9
6865
,674
2,36
1
276
4,71
569
,622
30
,896
45,0
833(
e),1
31,
494,
206
1,30
7,04
8
4,16
2,29
7
1,
383,
308
154,
234
3(c)
6,06
4
3(c)
,12
282,
014
3,78
8,72
187
,112
,797
942,
565
2,76
7,80
733
,733
,115
39,7
24,9
381,
119,
958
70,1
5066
2,29
33(
c)40
5,87
837
0,80
33,
346,
266
31,8
8376
,215
1,57
7,07
71,
844,
935
86
,947
274,
255
3(c)
2,24
9,75
02,
326,
022
22,1
68,4
54
582,
811
24,7
85,9
3510
,460
,826
329,
174
869,
225
2,41
9,35
83(
c)3,
102,
489
2,51
6,86
941
,588
,043
12
6,95
499
3,96
211
,606
,380
75,0
8363
2,76
32,
278,
871
3(c)
3(c)
9,14
8,59
47,
444,
656
10,9
17,5
8317
,527
,633
272,
394,
289
1,04
9,16
33,
950,
688
70,0
08,1
8441
,956
,540
12,5
83,8
762,
532,
071
9,98
7,88
721
8,68
22,
458,
647
25,5
38,3
18
1,
508,
350
7,65
0,53
978
,477
30
,762
3(b)
54,1
7018
,849
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7,50
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4,15
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154,
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7,81
2,76
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26,6
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56,5
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55,6
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299,
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19,8
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193,
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2,60
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18,0
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299
173,
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09,5
1638
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466,
682,
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77,
870,
217
143,
113,
632
119,
166,
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82,4
635,
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257,
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155
318,
474,
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10,9
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No
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US
DE
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US
DU
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US
DU
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US
DU
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GB
PG
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(a)
Ref
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App
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x II.
(b)
Exp
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'000
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to N
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3(c)
74,5
89,5
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