monthly fund update - goldmansachs.com · equity portfolio ... (1) please note that this estimated...

For Professional Investors on request only – Not for distribution to your clients or the general public. Prior to an investment, prospective investors should carefully read the latest Key Investor Information Document (KIID) as well as the offering documentation, including but not limited to the fund’s prospectus which contains inter alia a comprehensive disclosure of applicable risks.

Monthly Fund updateFunds domiciled in Luxembourg and Dublin

0718 All data as at 31 July 2018

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Contents 0718

The marks “CORE®” and “N-11®” are registered service marks of Goldman Sachs & Co.

Quantitative Equity

EUROPE

Goldman Sachs Europe CORE® Equity Portfolio ......................................... 2

GLOBAL

Goldman Sachs GIVI Global Equity - Growth Markets Tilt Portfolio .......... 4Goldman Sachs Global CORE® Equity Portfolio .......................................... 6Goldman Sachs Global Small Cap CORE® Equity Portfolio ......................... 8

EMERGING MARKETS

Goldman Sachs Emerging Markets CORE® Equity Portfolio ..................... 10

US

Goldman Sachs US CORE® Equity Portfolio .............................................. 12Goldman Sachs US Small Cap CORE® Equity Portfolio ............................ 14

Fundamental Equity

ASIA

Goldman Sachs Asia Equity Portfolio ....................................................... 16Goldman Sachs Japan Equity Partners Portfolio ...................................... 18Goldman Sachs Japan Equity Portfolio..................................................... 20

GLOBAL

Goldman Sachs Global Equity Partners Portfolio...................................... 22Goldman Sachs Global Millennials Equity Portfolio ................................. 24Goldman Sachs Global Equity Partners ESG Portfolio .............................. 26Goldman Sachs Strategic Global Equity Portfolio .................................... 28

EMERGING MARKETS

Goldman Sachs BRICs Equity Portfolio ..................................................... 30Goldman Sachs China Opportunity Equity Portfolio ................................. 32Goldman Sachs Emerging Markets Equity Portfolio ................................. 34Goldman Sachs India Equity Portfolio....................................................... 36Goldman Sachs N-11® Equity Portfolio .................................................... 38

US

Goldman Sachs North America Energy & Energy Infrastructure Equity Portfolio .......................................................................................... 40Goldman Sachs US Equity Portfolio .......................................................... 42Goldman Sachs US Focused Growth Equity Portfolio .............................. 44

REAL ESTATE/INFRASTRUCTUREGoldman Sachs Global Infrastructure Equity Portfolio ............................. 46Goldman Sachs Global Real Estate Equity Portfolio................................. 48

Alternatives

LIQUID ALTERNATIVES

Goldman Sachs Absolute Return Tracker Portfolio ................................... 50Goldman Sachs Global Currency Plus Portfolio ........................................ 52Goldman Sachs Global Multi-Manager Alternatives Portfolio ................ 54Goldman Sachs Global Strategic Macro Bond Portfolio .......................... 56

Fixed income

MULTI SECTOR

Goldman Sachs Euro Short Duration Bond Plus Portfolio............................59Goldman Sachs Global Fixed Income Plus Portfolio (Hedged).....................61Goldman Sachs Global Fixed Income Portfolio ............................................63Goldman Sachs Global Fixed Income Portfolio (Hedged) ............................65Goldman Sachs Global Strategic Income Bond Portfolio ............................67Goldman Sachs Sterling Broad Fixed Income Plus Portfolio .......................69Goldman Sachs Sterling Ultra Short Duration Bond Portfolio .....................71 Goldman Sachs Strategic Absolute Return Bond I Portfolio .......................73Goldman Sachs Strategic Absolute Return Bond II Portfolio ......................75Goldman Sachs US Dollar Short Duration Bond Portfolio ...........................77Goldman Sachs US Fixed Income Portfolio..................................................79

SINGLE SECTOR

Goldman Sachs Europe High Yield Bond Portfolio ......................................81Goldman Sachs Global Credit Portfolio (Hedged) ........................................83Goldman Sachs Global High Yield Portfolio ................................................85Goldman Sachs Emerging Markets Corporate Bond Portfolio ....................87Goldman Sachs Emerging Markets Debt Blend Portfolio ............................89Goldman Sachs Emerging Markets Debt Local Portfolio ............................91Goldman Sachs Emerging Markets Debt Portfolio ......................................93

Goldman Sachs Opportunistic Corporate Bond Portfolio ............................96Goldman Sachs Sterling Credit Portfolio .....................................................98Goldman Sachs US Mortgage Backed Securities Portfolio .......................100

SOVEREIGN

Goldman Sachs Global Sovereign Bond Portfolio......................................102

Multi Asset

Goldman Sachs Global Absolute Return Portfolio .....................................104Goldman Sachs Global Income Builder Portfolio .......................................106Goldman Sachs Wealthbuilder Multi-Asset Balanced Portfolio ...............108Goldman Sachs Wealthbuilder Multi-Asset Conservative Portfolio .........110Goldman Sachs Wealthbuilder Multi-Asset Growth Portfolio ..................112

REAL ESTATE/INFRASTRUCTURE

Goldman Sachs US Real Estate Balanced Portfolio ..................................115

Glossary......................................................................................................117

Additional Notes ........................................................................................118

Goldman Sachs GQG Partners Global Equity Portfolio..............................58

Goldman Sachs Emerging Markets Multi-Asset Portfolio.........................114

Goldman Sachs Emerging Markets Absolute Return Bond Portfolio ..........95

PV100011

Goldman Sachs Europe CORE® Equity PortfolioA sub-fund of Goldman Sachs Funds, SICAV

Overall Morningstar Rating TM 0718

Monthly Fund Update

Investor Profile

Investor objectiveCapital appreciation with no need for income.

Position in your overall investment portfolio*The fund can form a core holding in your portfolio.

The fund is designed for:The fund is designed for investors who are looking to access a European equity portfolio possessing the same style, sector, risk and capitalization characteristics as the benchmark but positioned to outperform through strong underlying stock and country selection.

Performance (%)31-Jul-13 - 31-Jul-14

31-Jul-14 - 31-Jul-15

31-Jul-15 - 31-Jul-16

31-Jul-16 - 31-Jul-17

31-Jul-17 - 31-Jul-18

Fund (EUR) 17.4 21.4 -6.4 18.3 7.1

Index 15.0 19.9 -11.4 13.5 6.4

Morningstar Sector av.

14.4 18.4 -11.2 12.4 5.2

Morningstar Quartile

2 2 1 1 1

Fund Data

No. of holdings 183

% in top 10 20

Historical Volatility Portfolio - 3 yr 11.86

Turnover Ratio (%) 121

Historical Tracking Error - 3 yr 2.80

Excess Returns - 3 yr 3.51

R2 - 3 yr 0.94

Beta - 3 yr 0.97

Transaction Costs (%)(1) 0.25

Commissions (%) 0.07

Other Costs (%) 0.18

Swing Pricing (%)

Subscription (%) 0.14

Redemption (%) 0.06

Initial Sales Charge: up to (%) 5.50

Performance Fee Rate (%) N/A

Ongoing Charges (%)(2) 1.43

Management Fee (%) 1.25

Distribution Fee (%) 0.00

Other Expenses (%) 0.18

Performance (Indexed)

10/99 10/01 10/03 10/05 10/07 10/09 10/11 10/13 10/15 10/17 10/1940

65

90

115

140

165

190

215

240

265

Goldman Sachs Europe CORE Equity Portfolio Base Shares

MSCI Europe Index (Net total return, unhedged, EUR)

Morningstar Europe Large-Cap Blend Equity

This is an actively managed fund that is not designed to track its reference benchmark. Therefore the performance of the fund and the performance of its reference benchmark may diverge. In addition stated reference benchmark returns do not reflect any management or other charges to the fund, whereas stated returns of the fund do. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur.

Performance Summary (%)

Cumulative Annualised

Since Launch 1 Mth 3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs

Base Shares 133.51 2.10 2.35 2.59 7.12 5.82 11.05 6.61


104.04 3.11 2.50 2.62 6.44 2.31 8.09 6.00

Morningstar Europe Large-Cap Blend Equity 2.50 2.06 2.03 5.21 1.72 7.22 5.02

Quartile Position in Sector 3 2 2 1 1 1 1

Base Shares (Acc.) 93.10 2.06 2.28 2.60 7.10 5.81 11.05 6.61

Calendar Year Performance (%)2013 2014 2015 2016 2017

Base Shares 20.1 8.8 15.5 6.3 12.8

MSCI Europe Index (Net total return, unhedged, EUR) 19.8 6.8 8.2 2.6 10.2

Please see Additional Notes. All performance and holdings data as at 31-Jul-18.Past performance does not guarantee future results, which may vary.* We identify two broad categories of funds to help investors think about how to construct their overall investment portfolio. We describe the following as “Core”: (A) Equity funds with a global investment remit or those mainly focused on US and European markets, given the size and transparency of these markets. (B) Fixed income funds with a global investment remit or those mainly focused on US, European and UK markets and invest predominantly in investment grade debt, including government. (C) Multi asset funds with a multi asset benchmark. All other funds we describe as “Complements”. Both Core and Complement funds can vary in risk level and those terms are not meant to indicate the risk level of the funds. There is no guarantee that these objectives will be met.For regionally focussed investment portfolios we understand that the categorisation may be different from the perspective of different investors. Consult your financial adviser before investing to help determine if an investment in this fund and the amount of the investment would be suitable.

2

Goldman Sachs Europe CORE® Equity PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Monthly Fund Update

Financial InformationNet Asset Value (NAV) - Base Shares EUR 17.01

Net Asset Value (NAV) - Base Shares (Acc.)

EUR 19.31

Total Net Assets (m) EUR 2,726

Fund CharacteristicsCurrency - Base Shares EUR

Currency - Base Shares (Acc.) EUR

Inception Date - Base Shares 01-Oct-99

Inception Date - Base Shares (Acc.) 14-Nov-05

Fund Domicile Luxembourg

Fund Facts

ISIN - Base Shares LU0102219945

ISIN - Base Shares (Acc.) LU0234681749

Bloomberg Ticker - Base Shares GSCOREE LX

Bloomberg Ticker - Base Shares (Acc.) GSECEBA LX

Dividend Distribution Frequency Annually

Dealing and valuation Daily

Reporting year end 30 November

Reference Benchmark


Settlement T + 3

Country Allocation (%)

Goldman Sachs Europe CORE Equity Portfolio MSCI Europe (Net Total Return, Unhedged, EUR)

25.0% UK15.9% Germany12.4% France11.0% Switzerland9.0% Netherlands5.7% Italy5.3% Norway4.6% Spain3.2% Denmark2.5% Sweden5.4% Other

27.7% UK15.2% Germany17.4% France12.7% Switzerland5.7% Netherlands3.8% Italy1.1% Norway4.8% Spain2.7% Denmark4.1% Sweden4.8% Other

Top 10 Holdings(3)

Security % Country Activity

Roche Holding AG 2.7 Switzerland Health Care

BP PLC 2.7 UK Energy

Allianz SE 2.1 Germany Financials

BASF SE 1.9 Germany Materials

Diageo PLC 1.9 UK Consumer Staples

Royal Dutch Shell PLC - A Share 1.9 UK Energy

Eni SpA 1.9 Italy Energy

Banco Bilbao Vizcaya Argentaria SA 1.6 Spain Financials

Koninklijke Philips NV 1.6 Netherlands Health Care

ING Groep NV 1.6 Netherlands Financials

Please see Additional Notes. All performance and holdings data as at 31-Jul-18. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur.(1) Please note that this estimated transaction costs figure has not been calculated using the prescribed methodologies required under EU regulations (i.e. MIFID II and PRIIPS). Where required by law or regulation, you may receive additional estimates of transaction costs from us which will be calculated using these prescribed methodologies. These additional estimates may differ from the estimated transaction cost figure included here. (2) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (3) Portfolio holdings may not represent current, future investments or all of the portfolio's holdings. Future portfolio holdings may not be profitable.

3

PV101664

Goldman Sachs GIVI Global Equity - Growth Markets Tilt PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Monthly Fund Update

Investor Profile(1)



The fund is designed for:The fund is designed for investors who are looking to access a global equity portfolio via a portfolio which seeks to track the performance of a benchmark whose components offer better valuation and volatility characteristics than compared to a market cap weighted index.


31-Jul-14 - 31-Jul-15

31-Jul-15 - 31-Jul-16

31-Jul-16 - 31-Jul-17

31-Jul-17 - 31-Jul-18

Fund (USD) 16.0 -0.4 0.4 16.2 7.9

Index 16.9 0.9 0.8 16.5 8.2

Morningstar Sector av.(2)

14.1 1.7 -3.1 15.7 8.4

Morningstar Quartile(2)

2 3 1 2 3

Fund Data

No. of holdings 1,616

% in top 10 9




Excess Returns - 3 yr -0.36

R2 - 3 yr 0.98

Beta - 3 yr 1.00




Swing Pricing (%)


Redemption (%) 0.08








06/12 06/14 06/16 06/18 06/2090

110

130

150

170

190

210

Goldman Sachs GIVI Global Equity - Growth Markets Tilt Portfolio Base Shares (Acc.) (Snap)(5)

S&P GIVI Global Growth Mkts Tilt Index (NTR, unhedged, USD)(6)

Morningstar Global Large-Cap Blend Equity(2)

Consideration may be given to the reference benchmark when managing Portfolio. However, returns may deviate materially from the performance of the specified reference benchmark. In addition stated index returns do not reflect any management or other charges of the fund, whereas the stated returns of the fund do. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur.



Since Launch 1 Mth 3 Mths YTD 1 Yr 3 Yrs 5 Yrs

Base Shares (Acc.) (Snap)(5) 72.70 2.25 (0.29) 0.29 7.87 7.94 7.75

S&P GIVI Global Growth Mkts Tilt Index (NTR, unhedged, USD)(6)

80.50 2.51 0.28 0.72 8.17 8.30 8.43

Morningstar Global Large-Cap Blend Equity(2) 2.52 1.34 1.05 8.36 6.73 6.88

Quartile Position in Sector(2) 3 4 3 3 2 2


Base Shares (Acc.) (Snap) 19.2 3.8 -3.7 7.3 23.7

S&P GIVI Global Growth Mkts Tilt Index (NTR, unhedged, USD) 20.2 4.0 -2.8 8.2 23.9


4

Goldman Sachs GIVI Global Equity - Growth Markets Tilt PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Monthly Fund Update

Financial InformationNet Asset Value (NAV) - Base Shares (Acc.) (Snap)

USD 17.27

Total Net Assets (m) USD 41

Fund Characteristics(7)

Currency - Base Shares (Acc.) (Snap) USD

Inception Date - Base Shares (Acc.) (Snap) 29-Jun-12


Fund Facts

ISIN - Base Shares (Acc.) (Snap) LU0754432002

Bloomberg Ticker - Base Shares (Acc.) (Snap)

GSGMBAS LX

Dividend Distribution Frequency None



Reference Benchmark

S&P GIVI Global Growth Mkts Tilt Index (NTR, unhedged, USD)

Settlement T + 3


Goldman Sachs GIVI Global Equity - Growth Markets Tilt Portfolio S&P Global BMI (Net Total Return, Unhedged, USD)

34.5% US10.0% Japan9.9% China4.8% UK4.3% Germany3.8% France3.0% Canada2.8% Korea2.0% Italy1.8% Australia

22.9% Other

52.4% US8.7% Japan3.3% China5.5% UK2.9% Germany3.1% France3.1% Canada1.7% Korea0.9% Italy2.2% Australia

16.3% Other

Top 10 Holdings(8)


Apple Inc 2.0 US Information Technology

China Construction Bank Corp 1.0 China Financials

Microsoft Corp 0.9 US Information Technology

Berkshire Hathaway Inc 0.9 US Financials

Samsung Electronics Co Ltd 0.8 Korea Information Technology

Facebook Inc 0.7 US Information Technology

HSBC Holdings PLC 0.7 UK Financials

Industrial & Commercial Bank of China Ltd 0.7 China Financials

Toyota Motor Corp 0.7 Japan Consumer Discretionary

Exxon Mobil Corp 0.6 US Energy

Please see Additional Notes. All performance and holdings data as at 31-Jul-18. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur.(1) S&P GIVI® is a trademark of Standard & Poor's Financial Services LLC ("Standard & Poor's") and has been licensed for use by The Goldman Sachs Group, Inc. and its affiliates. Any products associated with GIVI are not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's does not make any representation regarding the advisability of investing in such products. (2) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar ©2018 Morningstar, Inc. All Rights Reserved. (3) Please note that this estimated transaction costs figure has not been calculated using the prescribed methodologies required under EU regulations (i.e. MIFID II and PRIIPS). Where required by law or regulation, you may receive additional estimates of transaction costs from us which will be calculated using these prescribed methodologies. These additional estimates may differ from the estimated transaction cost figure included here. (4) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (5) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. (6) The S&P GIVI Global Growth Mkts Tilt Index, quoted at month-end with income reinvested and, in contrast to the Portfolio, shown without the deduction of any expenses. (7) This fund operates swing pricing which may materially impact the performance over shorter time periods. The benchmark does not operate swing pricing. (8) Portfolio holdings may not represent current, future investments or all of the portfolio's holdings. Future portfolio holdings may not be profitable.

5

PV100259

Goldman Sachs Global CORE® Equity PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Monthly Fund Update

Investor Profile



The fund is designed for:The fund is designed for investors who are looking to access a global equity portfolio possessing the same style, sector, risk and capitalization characteristics as the benchmark but positioned to outperform through strong underlying stock and country selection.


31-Jul-14 - 31-Jul-15

31-Jul-15 - 31-Jul-16

31-Jul-16 - 31-Jul-17

31-Jul-17 - 31-Jul-18

Fund (USD) 19.1 7.5 1.0 19.1 14.0

Index 16.0 4.9 -0.5 16.1 11.9


15.6 0.1 -3.3 15.7 8.4


1 1 1 1 1

Fund Data

No. of holdings 342

% in top 10 15





R2 - 3 yr 0.90

Beta - 3 yr 1.01




Swing Pricing (%)


Redemption (%) 0.03








10/04 10/06 10/08 10/10 10/12 10/14 10/16 10/1850

100

150

200

250

300

350

Goldman Sachs Global CORE Equity Portfolio Base Shares (Snap)

MSCI World Index - USD (Net Total Return)

Morningstar Global Large-Cap Blend Equity





Base Shares (Snap) 186.41 2.48 2.61 4.41 13.96 11.08 11.90 7.38

MSCI World Index - USD (Net Total Return) 170.46 3.12 3.72 3.57 11.88 8.94 9.48 6.85

Morningstar Global Large-Cap Blend Equity 2.52 1.34 1.05 8.36 6.73 6.88 4.26


Base Shares (Acc.) (Snap) 135.70 2.48 2.61 4.38 13.92 11.06 11.90 7.38


Base Shares (Snap) 32.0 10.2 3.2 7.1 24.5

MSCI World Index - USD (Net Total Return) 26.7 4.9 -0.9 7.5 22.4


6

Goldman Sachs Global CORE® Equity PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Monthly Fund Update

Financial InformationNet Asset Value (NAV) - Base Shares (Snap)

USD 25.57

Net Asset Value (NAV) - Base Shares (Acc.) (Snap)

USD 23.57

Total Net Assets (m) USD 5,296

Fund CharacteristicsCurrency - Base Shares (Snap) USD


Inception Date - Base Shares (Snap) 14-Oct-04

Inception Date - Base Shares (Acc.) (Snap) 14-Nov-05


Fund Facts

ISIN - Base Shares (Snap) LU0203365449


Bloomberg Ticker - Base Shares (Snap) GSGLCEQ LX


GSCEQBA LX




Reference Benchmark


Settlement T + 3

Region Allocation (%)

Goldman Sachs Global CORE Equity Portfolio MSCI World (Net Total Return, Unhedged, USD)

69.2% North America13.0% Japan9.2% Europe ex-UK4.4% UK4.2% Asia ex-Japan

64.4% North America8.4% Japan

16.7% Europe ex-UK6.3% UK4.3% Asia ex-Japan

Top 10 Holdings(3)



Amazon.com Inc 1.9 US Consumer Discretionary

Johnson & Johnson 1.7 US Health Care

Bank of America Corp 1.6 US Financials

Boeing Co 1.3 US Industrials

Comcast Corp 1.2 US Consumer Discretionary

AIA Group Ltd 1.2 Hong Kong Financials

Eni SpA 1.2 Italy Energy


AbbVie Inc 1.0 US Health Care


7

PV100384

Goldman Sachs Global Small Cap CORE® Equity PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Monthly Fund Update

Investor Profile


Position in your overall investment portfolio*The fund can complement your portfolio.

The fund is designed for:The fund is designed for investors who are looking to access a portfolio of global smaller companies possessing the same style, sector, risk and capitalization characteristics as the benchmark but positioned to outperform through strong underlying stock selection. The fund will have a higher risk profile than a global equity portfolio.


31-Jul-14 - 31-Jul-15

31-Jul-15 - 31-Jul-16

31-Jul-16 - 31-Jul-17

31-Jul-17 - 31-Jul-18

Fund (USD) 15.6 4.6 1.7 17.0 15.0

Index 14.9 6.0 0.9 16.7 12.9


15.4 4.9 -1.8 18.8 9.8


3 2 1 3 1

Fund Data

No. of holdings 446

% in top 10 11





R2 - 3 yr 0.96

Beta - 3 yr 1.02




Swing Pricing (%)


Redemption (%) 0.07








08/06 08/08 08/10 08/12 08/14 08/16 08/1820

45

70

95

120

145

170

195

220

245

270

Goldman Sachs Global Small Cap CORE Equity Portfolio Base Shares (Close)

S & P Developed SmallCap -Net , USD

Morningstar Global Small-Cap Equity





Base Shares (Close) 132.97 1.45 4.88 5.22 15.02 11.01 10.58 9.28

S & P Developed SmallCap -Net , USD 137.20 1.21 3.22 3.34 12.87 9.95 10.12 8.32

Morningstar Global Small-Cap Equity 0.95 1.40 1.59 9.84 8.59 8.98 6.12



Base Shares (Close) 37.3 1.1 1.9 10.4 21.5

S & P Developed SmallCap -Net , USD 32.0 1.8 0.2 11.1 22.8


8

Goldman Sachs Global Small Cap CORE® Equity PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Monthly Fund Update

Financial InformationNet Asset Value (NAV) - Base Shares (Close)

USD 22.36


Fund CharacteristicsCurrency - Base Shares (Close) USD

Inception Date - Base Shares (Close) 03-Aug-06


Fund Facts

ISIN - Base Shares (Close) LU0245329841

Bloomberg Ticker - Base Shares (Close) GSGMBCD LX




Reference Benchmark

S & P Developed SmallCap -Net , USD

Settlement T + 3


Goldman Sachs Global Small Cap CORE Equity Portfolio S&P Developed Small Cap (Net Total Return, Unhedged, USD)

67.8% North America17.5% Europe ex-UK7.2% Japan4.3% Asia ex-Japan3.2% UK

62.2% North America16.3% Europe ex-UK9.6% Japan5.8% Asia ex-Japan6.1% UK

Top 10 Holdings(3)


Wirecard AG 1.2 Germany Information Technology

WellCare Health Plans Inc 1.2 US Health Care

Temenos AG 1.1 Switzerland Information Technology

GN Store Nord A/S 1.1 Denmark Health Care

HollyFrontier Corp 1.1 US Energy

Splunk Inc 1.1 US Information Technology

SVB Financial Group 1.0 US Financials

Sonova Holding AG 1.0 Switzerland Health Care

Esterline Technologies Corp 1.0 US Industrials

Fortinet Inc 1.0 US Information Technology


9

PV100735

Goldman Sachs Emerging Markets CORE® Equity PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Monthly Fund Update

Investor Profile(1)



The fund is designed for:The fund is designed for investors who are looking to access a portfolio of emerging markets companies possessing the same style, sector, risk and capitalization characteristics as the benchmark but positioned to outperform through strong underlying stock and country selection The fund will have a higher risk profile than a global equity portfolio.


31-Jul-14 - 31-Jul-15

31-Jul-15 - 31-Jul-16

31-Jul-16 - 31-Jul-17

31-Jul-17 - 31-Jul-18

Fund (USD) 13.8 -7.7 -1.9 27.5 3.9

Index 15.3 -13.4 -0.7 24.8 4.4


13.2 -12.9 -0.5 22.0 2.4


2 1 3 1 2

Fund Data

No. of holdings 272

% in top 10 28





R2 - 3 yr 0.98

Beta - 3 yr 0.99




Swing Pricing (%)


Redemption (%) 0.22








08/09 08/11 08/13 08/15 08/17 08/1980

100

120

140

160

180

200

220

Goldman Sachs Emerging Markets CORE® Equity Portfolio Base Shares (Acc.) (Close)

MSCI Emerging Markets (EM) - Net

Morningstar Global Emerging Markets Equity





Base Shares (Acc.) (Close) 71.90 1.66 (6.27) (5.55) 3.87 9.11 6.42

MSCI Emerging Markets (EM) - Net 57.53 2.20 (5.52) (4.61) 4.36 8.94 5.25

Morningstar Global Emerging Markets Equity 2.09 (5.57) (5.81) 2.39 7.40 3.97

Quartile Position in Sector 3 3 2 2 1 1


Base Shares (Acc.) (Close) -1.6 -1.6 -11.2 11.0 39.3

MSCI Emerging Markets (EM) - Net -2.6 -2.2 -14.9 11.2 37.3


10

Goldman Sachs Emerging Markets CORE® Equity PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Monthly Fund Update

Financial InformationNet Asset Value (NAV) - Base Shares (Acc.) (Close)

USD 17.19


Fund CharacteristicsCurrency - Base Shares (Acc.) (Close) USD

Inception Date - Base Shares (Acc.) (Close) 10-Aug-09


Fund Facts

ISIN - Base Shares (Acc.) (Close) LU0313355587

Bloomberg Ticker - Base Shares (Acc.) (Close)

GSEBAAC LX




Reference Benchmark


Settlement T + 3


Goldman Sachs Emerging Markets CORE Equity Portfolio MSCI Emerging Market (Net Total Return, Unhedged, USD)

73.8% Asia ex-Japan14.0% Europe, Middle East, Africa12.2% Latin America

73.8% Asia ex-Japan14.7% Europe, Middle East, Africa11.6% Latin America

Top 10 Holdings(4)


Samsung Electronics Co Ltd 5.3 Korea Information Technology

Tencent Holdings Ltd 5.0 China Information Technology

Alibaba Group Holding Ltd 2.6 China Information Technology

Taiwan Semiconductor Manufacturing Co Ltd 2.3 Taiwan Information Technology

Infosys Ltd 2.2 India Information Technology

Industrial & Commercial Bank of China Ltd 2.2 China Financials

LUKOIL PJSC 2.0 Russia Energy

SK Hynix Inc 2.0 Korea Information Technology

Tata Consultancy Services Ltd 2.0 India Information Technology

Ambev SA 1.9 Brazil Consumer Staples

Please see Additional Notes. All performance and holdings data as at 31-Jul-18. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur.(1) Effective May 31, 2016, the portfolio name changed from Goldman Sachs Growth & Emerging Markets CORE® Equity Portfolio to Goldman Sachs Emerging Markets CORE® Equity Portfolio. (2) Please note that this estimated transaction costs figure has not been calculated using the prescribed methodologies required under EU regulations (i.e. MIFID II and PRIIPS). Where required by law or regulation, you may receive additional estimates of transaction costs from us which will be calculated using these prescribed methodologies. These additional estimates may differ from the estimated transaction cost figure included here. (3) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (4) Portfolio holdings may not represent current, future investments or all of the portfolio's holdings. Future portfolio holdings may not be profitable.

11

PV100045

Goldman Sachs US CORE® Equity PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Monthly Fund Update

Investor Profile



The fund is designed for:The fund is designed for investors who are looking to access US equities possessing the same style, sector, risk and capitalization characteristics as the benchmark but positioned to outperform through strong underlying stock selection.


31-Jul-14 - 31-Jul-15

31-Jul-15 - 31-Jul-16

31-Jul-16 - 31-Jul-17

31-Jul-17 - 31-Jul-18

Fund (USD) 17.8 7.9 2.7 16.8 17.1

Index 16.2 10.5 4.9 15.3 15.6


15.5 8.0 1.4 14.6 13.5


1 3 2 1 1

Fund Data

No. of holdings 183

% in top 10 22





R2 - 3 yr 0.88

Beta - 3 yr 1.09




Swing Pricing (%)


Redemption (%) 0.02








11/96 11/98 11/00 11/02 11/04 11/06 11/08 11/10 11/12 11/14 11/16 11/180

100

200

300

400

500

600

Goldman Sachs US CORE Equity Portfolio Base Shares (Snap)

S&P 500 Net Return (USD) Morningstar US Large-Cap Blend Equity





Base Shares (Snap) 325.06 2.83 4.65 6.19 17.13 11.99 12.29 9.15

S&P 500 Net Return (USD) 416.40 3.69 6.72 6.13 15.57 11.81 12.42 9.95

Morningstar US Large-Cap Blend Equity 3.17 5.41 4.61 13.52 9.72 10.44 7.82


Base Shares (Acc.) (Snap) 141.90 2.80 4.67 6.19 17.14 11.98 12.28 9.14


Base Shares (Snap) 35.2 15.2 -1.2 8.8 23.1

S&P 500 Net Return (USD) 31.5 13.0 0.7 11.2 21.1


12

Goldman Sachs US CORE® Equity PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Monthly Fund Update


USD 41.84

Net Asset Value (NAV) - Base Shares (Acc.) (Snap)

USD 24.19




Inception Date - Base Shares (Snap) 18-Nov-96

Inception Date - Base Shares (Acc.) (Snap) 14-Nov-05


Fund Facts



Bloomberg Ticker - Base Shares (Snap) GSUSEQP LX


GSUSCBA LX




Reference Benchmark

S&P 500 Net Return (USD)

Settlement T + 3

Sector Allocation (%)

Goldman Sachs US CORE Equity Portfolio S&P 500 (Net Total Return, Unhedged, USD)

24.2% Information Technology17.0% Health Care13.9% Consumer Discretionary13.5% Financials8.1% Energy8.0% Industrials5.8% Consumer Staples3.3% Utilities3.1% Real Estate3.1% Materials0.1% Telecommunication Services

25.6% Information Technology14.5% Health Care12.7% Consumer Discretionary14.1% Financials6.2% Energy9.9% Industrials6.9% Consumer Staples2.9% Utilities2.8% Real Estate2.6% Materials1.9% Telecommunication Services

Top 10 Holdings(3)



Amazon.com Inc 3.0 US Consumer Discretionary

Microsoft Corp 2.5 US Information Technology

Johnson & Johnson 2.3 US Health Care

Bank of America Corp 2.0 US Financials


Visa Inc 1.7 US Information Technology

Boeing Co 1.6 US Industrials

Citigroup Inc 1.5 US Financials

Alphabet Inc-Cl C 1.5 US Information Technology


13

PV100294

Goldman Sachs US Small Cap CORE® Equity PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Monthly Fund Update

Investor Profile



The fund is designed for:The fund is designed for investors who are looking to access a US small cap equity portfolio possessing the same style, sector, risk and capitalization characteristics as the benchmark but positioned to outperform through strong underlying stock selection The fund will have a higher risk profile than a US equity portfolio.


31-Jul-14 - 31-Jul-15

31-Jul-15 - 31-Jul-16

31-Jul-16 - 31-Jul-17

31-Jul-17 - 31-Jul-18

Fund (USD) 7.3 10.1 1.2 15.5 21.7

Index 8.2 11.6 -0.4 18.0 18.3


9.0 8.6 -0.6 16.9 18.4


3 2 2 3 1

Fund Data

No. of holdings 401

% in top 10 8





R2 - 3 yr 0.91

Beta - 3 yr 1.06




Swing Pricing (%)


Redemption (%) 0.06








12/05 12/07 12/09 12/11 12/13 12/15 12/17 12/1925

75

125

175

225

275

325

Goldman Sachs U.S. Small Cap Equity Portfolio Base Shares (Snap)(4)

Russell 2000 index, Net TR in USD(5)

Morningstar US Small-Cap Equity(1)





Base Shares (Snap)(4) 158.30 (0.19) 6.96 10.62 21.67 12.45 10.92 10.51

Russell 2000 index, Net TR in USD(5) 174.71 1.73 8.60 9.33 18.29 11.58 10.89 9.94

Morningstar US Small-Cap Equity(1) 1.04 7.36 8.41 18.44 11.20 10.46 9.23

Quartile Position in Sector(1) 4 3 2 1 1 2 2

Base Shares (Acc.) (Close)(4) 154.00 1.32 9.53 12.44 22.76 12.70 11.16 10.43


Base Shares (Snap) 39.6 6.7 -2.6 19.1 12.4

Russell 2000 index, Net TR in USD 38.3 4.5 -4.8 20.8 14.2


14

Goldman Sachs US Small Cap CORE® Equity PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Monthly Fund Update


USD 25.83

Net Asset Value (NAV) - Base Shares (Acc.) (Close)

USD 25.40



Currency - Base Shares (Acc.) (Close) USD

Inception Date - Base Shares (Snap) 05-Dec-05

Inception Date - Base Shares (Acc.) (Close) 05-Dec-05


Fund Facts


ISIN - Base Shares (Acc.) (Close) LU0234576444

Bloomberg Ticker - Base Shares (Snap) GSUSSCE LX

Bloomberg Ticker - Base Shares (Acc.) (Close)

GSSCBCA LX




Reference Benchmark

Russell 2000 index, Net TR in USD

Settlement T + 3


Goldman Sachs US Small Cap CORE Equity Portfolio Russell 2000 Index (Net total return, unhedged, USD)

16.6% Financials16.4% Consumer Discretionary16.2% Industrials14.1% Health Care12.3% Information Technology7.4% Real Estate5.6% Energy4.5% Materials3.1% Consumer Staples1.9% Telecommunication Services1.9% Utilities

18.0% Financials13.2% Consumer Discretionary15.4% Industrials15.7% Health Care14.8% Information Technology6.9% Real Estate4.9% Energy4.6% Materials2.7% Consumer Staples0.7% Telecommunication Services3.1% Utilities

Top 10 Holdings(6)


Portland General Electric Co 0.8 US Utilities

American Equity Investment Life Holding Co 0.8 US Financials

Texas Roadhouse Inc 0.8 US Consumer Discretionary

Sunstone Hotel Investors Inc 0.8 US Real Estate

Insperity Inc 0.8 US Industrials

International Bancshares Corp 0.8 US Financials

Vonage Holdings Corp 0.8 US Telecommunication Services

Simpson Manufacturing Co Inc 0.7 US Industrials

Cogent Communications Holdings Inc 0.7 US Telecommunication Services

EMCOR Group Inc 0.7 US Industrials

Please see Additional Notes. All performance and holdings data as at 31-Jul-18. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur.(1) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar ©2018 Morningstar, Inc. All Rights Reserved. (2) Please note that this estimated transaction costs figure has not been calculated using the prescribed methodologies required under EU regulations (i.e. MIFID II and PRIIPS). Where required by law or regulation, you may receive additional estimates of transaction costs from us which will be calculated using these prescribed methodologies. These additional estimates may differ from the estimated transaction cost figure included here. (3) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (4) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. (5) The Russell 2000 Index is quoted at month-end with income reinvested and, in contrast to the Portfolio, shown without the deduction of any expenses. (6) Portfolio holdings may not represent current, future investments or all of the portfolio's holdings. Future portfolio holdings may not be profitable.

15

PV100004

Goldman Sachs Asia Equity PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Monthly Fund Update

Investor Profile(1)



The fund is designed for:The fund is designed for investors seeking exposure to shares of companies of the Asia (ex Japan) region. Potentially higher returns may be generated but also increased levels of risk than a diversified global equity portfolio.


31-Jul-14 - 31-Jul-15

31-Jul-15 - 31-Jul-16

31-Jul-16 - 31-Jul-17

31-Jul-17 - 31-Jul-18

Fund (USD) 17.7 0.2 -1.5 24.5 8.5

Index 18.6 -6.3 -1.5 27.3 5.2


16.5 -4.1 -1.1 24.7 3.7


2 1 3 3 1

Fund Data

No. of holdings 99

% in top 10 38





R2 - 3 yr 0.89

Beta - 3 yr 0.89




Swing Pricing (%)


Redemption (%) 0.33








05/94 05/96 05/98 05/00 05/02 05/04 05/06 05/08 05/10 05/12 05/14 05/16 05/18 05/200

50

100

150

200

250

300

350

400

450

Goldman Sachs Asia Equity Portfolio Base Shares(6)

MSCI AC Asia X Japan (Net TR)(5)

Morningstar Asia ex Japan Equity(2)





Base Shares(6) 217.15 1.82 (4.91) (6.84) 8.54 10.02 9.45 4.49

MSCI AC Asia X Japan (Net TR)(5) 177.00 0.84 (5.27) (3.96) 5.20 9.68 7.96 5.98

Morningstar Asia ex Japan Equity(2) 0.13 (5.34) (5.42) 3.69 7.90 7.01 4.95


Base Shares (Acc.)(6) 119.90 1.81 (4.89) (6.82) 8.54 10.04 9.45 4.48


Base Shares 4.6 1.8 2.1 -3.0 52.3

MSCI AC Asia X Japan (Net TR) 3.1 4.8 -9.2 5.4 41.7


16

Goldman Sachs Asia Equity PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Monthly Fund Update

Financial InformationNet Asset Value (NAV) - Base Shares USD 28.47


USD 21.99


Fund CharacteristicsCurrency - Base Shares USD

Currency - Base Shares (Acc.) USD

Inception Date - Base Shares 31-May-94



Fund Facts



Bloomberg Ticker - Base Shares GLSASPI LX

Bloomberg Ticker - Base Shares (Acc.) GSASIAA LX




Reference Benchmark

MSCI AC Asia X Japan (Net TR)

Settlement T + 3


Goldman Sachs Asia Equity Portfolio MSCI AC Asia ex Japan (Net Total Return, Unhedged, USD)

48.4% China/Hong Kong19.5% Korea, Republic of11.8% India6.8% Taiwan2.8% Singapore2.5% Thailand1.4% Malaysia1.1% Philippines1.0% Indonesia1.0% Vietnam0.0% Other3.8% Cash and cash equivalents

47.2% China/Hong Kong16.2% Korea, Republic of10.3% India13.6% Taiwan3.9% Singapore2.6% Thailand2.8% Malaysia1.1% Philippines2.2% Indonesia0.0% Vietnam0.1% Other0.0% Cash and cash equivalents

Top 10 Holdings(7)


Tencent Holdings Ltd 6.8 China/Hong Kong Software & Services

Alibaba Group Holding Ltd 4.8 China/Hong Kong Software & Services

Samsung Electronics Co Ltd 4.4 Korea, Republic of Technology Hardware & Equipment

Taiwan Semiconductor Manufacturing Co Ltd 3.8 Taiwan Semiconductors & Semiconductor Equipment

AIA Group Ltd 3.7 China/Hong Kong Insurance

Kweichow Moutai Co Ltd 3.5 China/Hong Kong Food, Beverage & Tobacco

Samsung Electro-Mechanics Co Ltd 3.2 Korea, Republic of Technology Hardware & Equipment

Ping An Insurance Group Co of China Ltd 2.9 China/Hong Kong Insurance

DBS Group Holdings Ltd 2.8 Singapore Banks

NCSoft Corp 2.4 Korea, Republic of Software & Services

Please see Additional Notes. All performance and holdings data as at 31-Jul-18. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur.(1) Effective May 31, 2016, the portfolio name changed from Goldman Sachs Asia Portfolio to Goldman Sachs Asia Equity Portfolio. (2) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar ©2018 Morningstar, Inc. All Rights Reserved. (3) Please note that this estimated transaction costs figure has not been calculated using the prescribed methodologies required under EU regulations (i.e. MIFID II and PRIIPS). Where required by law or regulation, you may receive additional estimates of transaction costs from us which will be calculated using these prescribed methodologies. These additional estimates may differ from the estimated transaction cost figure included here. (4) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (5) The MSCI Asia FR ex-Japan Index is quoted at month-end with income reinvested and, in contrast to the Portfolio, shown without the deduction of any expenses. (6) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. (7) Portfolio holdings may not represent current, future investments or all of the portfolio's holdings. Future portfolio holdings may not be profitable.

17

PV102439

Goldman Sachs Japan Equity Partners PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Monthly Fund Update

Investor Profile



The fund is designed for:The fund is designed for investors seeking exposure to a Japanese equity fund which may typically have a smaller number of holdings than a more diversified Japan equity portfolio. Potentially higher returns may be generated but also increased levels of risk than from a more diversified Japan equity portfolio.


31-Jul-14 - 31-Jul-15

31-Jul-15 - 31-Jul-16

31-Jul-16 - 31-Jul-17

31-Jul-17 - 31-Jul-18

Fund (JPY) - - -14.3 23.1 18.3

Index - - -18.9 24.6 10.3


- - -19.9 24.5 10.4


- - 1 3 1

Fund Data

No. of holdings 29

% in top 10 53





R2 - 3 yr 0.84

Beta - 3 yr 0.89




Swing Pricing (%)


Redemption (%) 0.10








05/15 11/15 05/16 11/16 05/17 11/17 05/18 11/1860

70

80

90

100

110

120

130

140

Goldman Sachs Japan Equity Partners Portfolio - Base Shares (Acc.)

Topix Index(Net Total Return, Unhedged, JPY)

Morningstar Japan Large-Cap Equity




Since Launch 1 Mth 3 Mths YTD 1 Yr 3 Yrs

Base Shares (Acc.) 27.04 0.68 0.62 1.43 18.27 7.65

Topix Index(Net Total Return, Unhedged, JPY) 11.55 1.30 (1.18) (2.59) 10.27 3.69

Morningstar Japan Large-Cap Equity 1.27 (1.25) (3.21) 10.44 2.94

Quartile Position in Sector 4 1 1 1 1


Base Shares (Acc.) - - - -3.4 33.7

Topix Index(Net Total Return, Unhedged, JPY) - - - 0.2 21.8


18

Goldman Sachs Japan Equity Partners PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Monthly Fund Update

Financial InformationNet Asset Value (NAV) - Base Shares (Acc.)

JPY 12,704.49

Total Net Assets (m) JPY 52,999

Fund CharacteristicsCurrency - Base Shares (Acc.) JPY

Inception Date - Base Shares (Acc.) 27-May-15


Fund Facts


Bloomberg Ticker - Base Shares (Acc.) GSJEPBA LX




Reference Benchmark


Settlement T + 3


Goldman Sachs Japan Equity Partners Portfolio TOPIX (Net Total Return, Unhedged, JPY)

30.1% Industrials14.3% Information Technology12.1% Consumer Staples11.9% Health Care11.9% Consumer Discretionary10.3% Materials4.6% Financials2.7% Telecommunication Services0.0% Energy0.0% Real Estate0.0% Utilities2.3% Cash and cash equivalents

22.3% Industrials12.3% Information Technology9.0% Consumer Staples7.3% Health Care

19.5% Consumer Discretionary6.9% Materials

11.6% Financials5.0% Telecommunication Services1.2% Energy3.0% Real Estate1.8% Utilities0.0% Cash and cash equivalents

Top 10 Holdings(3)


Shin-Etsu Chemical Co Ltd 6.7 Japan Materials

HOYA CORP 6.6 Japan Health Care Equipment & Services

Recruit Holdings Co Ltd 6.2 Japan Commercial & Professional Services

Nidec Corp 5.9 Japan Capital Goods

SMC Corp 4.9 Japan Capital Goods

Daikin Industries Ltd 4.9 Japan Capital Goods

ORIX Corp 4.6 Japan Diversified Financials

Keyence Corp 4.5 Japan Technology Hardware & Equipment

Asahi Group Holdings Ltd 4.4 Japan Food, Beverage & Tobacco

Trend Micro Inc 4.4 Japan Software & Services


19

PV100036

Goldman Sachs Japan Equity PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Monthly Fund Update

Investor Profile(1)



The fund is designed for:The fund is designed for investors seeking exposure to Japan’s equity markets. The fund has a lower risk profile with the potential to generate lower returns than the GS Japan Equity Partners Portfolio.


31-Jul-14 - 31-Jul-15

31-Jul-15 - 31-Jul-16

31-Jul-16 - 31-Jul-17

31-Jul-17 - 31-Jul-18

Fund (JPY) 13.8 29.9 -20.1 20.0 11.9

Index 16.2 31.1 -18.8 24.6 10.3


14.3 29.2 -19.9 24.5 10.4


3 2 2 4 1

Fund Data

No. of holdings 78

% in top 10 29





R2 - 3 yr 0.95

Beta - 3 yr 0.94




Swing Pricing (%)


Redemption (%) 0.13








04/96 04/98 04/00 04/02 04/04 04/06 04/08 04/10 04/12 04/14 04/16 04/18 04/2020

40

60

80

100

120

140

160

180

200

Goldman Sachs Japan Equity Portfolio Base Shares(6)

Topix Index(Net Total Return, Unhedged, JPY)(5)

Morningstar Japan Large-Cap Equity(2)





Base Shares(6) 61.40 1.38 (1.10) (2.54) 11.85 2.38 9.66 4.16

Topix Index(Net Total Return, Unhedged, JPY)(5)

34.58 1.30 (1.18) (2.59) 10.27 3.73 11.20 5.08

Morningstar Japan Large-Cap Equity(2) 1.27 (1.25) (3.21) 10.44 2.94 9.77 3.89


Other Currency Shares (Snap) (USD)(6) 120.94 0.32 (3.45) (2.02) 10.49 5.79 6.80 3.74

Topix Index(Net Total Return, Unhedged, USD)(5)

170.49 0.24 (3.40) (1.97) 8.85 7.30 8.36 4.71


Base Shares 57.2 6.5 12.4 -4.6 23.1

Topix Index(Net Total Return, Unhedged, JPY) 54.4 10.3 11.8 0.2 21.8


20

Goldman Sachs Japan Equity PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Monthly Fund Update

Financial InformationNet Asset Value (NAV) - Base Shares JPY 1,608.45

Net Asset Value (NAV) - Other Currency Shares (Snap) (USD)

USD 21.81

Total Net Assets (m) JPY 125,591

Fund CharacteristicsCurrency - Base Shares JPY

Currency - Other Currency Shares (Snap) (USD)

USD

Inception Date - Base Shares 30-Apr-96

Inception Date - Other Currency Shares (Snap) (USD)

21-Jan-02


Fund Facts


ISIN - Other Currency Shares (Snap) (USD)

LU0094480398

Bloomberg Ticker - Base Shares GLSJPPI LX

Bloomberg Ticker - Other Currency Shares (Snap) (USD)

GLSJPPU LX




Reference Benchmark


Settlement T + 3


Goldman Sachs Japan Equity Portfolio TOPIX (TR, Unhedged, JPY)

23.1% Industrials16.2% Consumer Discretionary15.7% Information Technology9.3% Financials8.9% Health Care8.4% Materials6.1% Consumer Staples5.1% Telecommunication Services3.0% Real Estate1.4% Energy0.6% Utilities2.2% Cash and cash equivalents

22.3% Industrials19.5% Consumer Discretionary12.3% Information Technology11.6% Financials7.3% Health Care6.9% Materials9.0% Consumer Staples5.0% Telecommunication Services3.0% Real Estate1.2% Energy1.8% Utilities0.0% Cash and cash equivalents

Top 10 Holdings(7)


SoftBank Group Corp 3.2 Japan Telecommunication Services

Suzuki Motor Corp 3.0 Japan Automobiles & Components


Shin-Etsu Chemical Co Ltd 3.0 Japan Materials

Toyota Motor Corp 3.0 Japan Automobiles & Components

Daikin Industries Ltd 2.9 Japan Capital Goods


Recruit Holdings Co Ltd 2.7 Japan Commercial & Professional Services

Tokio Marine Holdings Inc 2.5 Japan Insurance

Sony Corp 2.5 Japan Consumer Durables & Apparel

Please see Additional Notes. All performance and holdings data as at 31-Jul-18. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur.(1) Effective May 31, 2016, the portfolio name changed from Goldman Sachs Japan Portfolio to Goldman Sachs Japan Equity Portfolio. (2) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar ©2018 Morningstar, Inc. All Rights Reserved. (3) Please note that this estimated transaction costs figure has not been calculated using the prescribed methodologies required under EU regulations (i.e. MIFID II and PRIIPS). Where required by law or regulation, you may receive additional estimates of transaction costs from us which will be calculated using these prescribed methodologies. These additional estimates may differ from the estimated transaction cost figure included here. (4) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (5) The TOPIX Index Value and the TOPIX Trademarks are the intellectual property rights owned by the Tokyo Stock Exchange. All rights relating to the TOPIX, including calculation, publication and use of the TOPIX Index Value as well as those relating to the TOPIX Trademarks belong to the Tokyo Stock Exchange. The TOPIX Index is quoted at month-end without income reinvested and, in contrast to the Portfolio, is shown without the deduction of any expenses. (6) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. (7) Portfolio holdings may not represent current, future investments or all of the portfolio's holdings. Future portfolio holdings may not be profitable.

21

PV100344

Goldman Sachs Global Equity Partners PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Monthly Fund Update

Investor Profile



The fund is designed for:The fund is designed for investors seeking exposure to global equity fund which may typically have a smaller number of holdings than a more diversified global equity portfolio. Potentially higher returns may be generated but also increased levels of risk than from a more diversified global equity portfolio.


31-Jul-14 - 31-Jul-15

31-Jul-15 - 31-Jul-16

31-Jul-16 - 31-Jul-17

31-Jul-17 - 31-Jul-18

Fund (USD) 14.5 8.8 -8.4 14.9 8.8

Index 16.0 4.9 -0.5 16.1 11.9


14.1 1.7 -3.1 15.7 8.4


2 1 4 3 2

Fund Data

No. of holdings 36

% in top 10 37





R2 - 3 yr 0.89

Beta - 3 yr 1.08




Swing Pricing (%)


Redemption (%) 0.08








02/06 02/08 02/10 02/12 02/14 02/16 02/18 02/2040

60

80

100

120

140

160

180

200

220

240

Goldman Sachs Global Equity Partners Portfolio Base Shares (Acc.)







Base Shares (Acc.) 77.40 1.84 3.20 2.13 8.77 4.58 7.35 5.15

MSCI World Index - USD (Net Total Return) 112.08 3.12 3.72 3.57 11.88 8.94 9.48 6.85

Morningstar Global Large-Cap Blend Equity 2.52 1.34 1.05 8.36 6.73 6.88 4.26


Other Currency Shares (GBP) 140.89 2.09 7.99 5.19 8.78 10.91 10.45 9.56

MSCI World Index - GBP (Net Total Return) 194.55 3.79 8.91 6.80 12.44 15.42 12.70 11.34


Base Shares (Acc.) 31.7 2.3 -0.6 -0.8 23.1



22

Goldman Sachs Global Equity Partners PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Monthly Fund Update


USD 17.74

Net Asset Value (NAV) - Other Currency Shares (GBP)

GBP 23.91


Fund CharacteristicsCurrency - Base Shares (Acc.) USD

Currency - Other Currency Shares (GBP) GBP

Inception Date - Base Shares (Acc.) 23-Feb-06

Inception Date - Other Currency Shares (GBP)

03-Jul-06


Fund Facts


ISIN - Other Currency Shares (GBP) LU0258867554

Bloomberg Ticker - Base Shares (Acc.) GSPCPAB LX

Bloomberg Ticker - Other Currency Shares (GBP)

GSPCPOC LX




Reference Benchmark


Settlement T + 3


Goldman Sachs Global Equity Partners Portfolio MSCI World (Net Total Return, Unhedged, USD)

21.1% Health Care20.1% Industrials15.5% Information Technology15.3% Financials10.2% Consumer Discretionary7.3% Consumer Staples5.4% Real Estate3.4% Energy0.0% Materials0.0% Telecommunication Services0.0% Utilities1.6% Cash and cash equivalents

12.5% Health Care11.4% Industrials18.3% Information Technology16.9% Financials12.5% Consumer Discretionary8.2% Consumer Staples3.0% Real Estate6.7% Energy4.9% Materials2.6% Telecommunication Services3.0% Utilities0.0% Cash and cash equivalents

Top 10 Holdings(3)


Alphabet Inc 4.5 United States Software & Services

Shire PLC 4.3 United Kingdom Pharmaceuticals, Biotechnology & Life Sciences

Intercontinental Exchange Inc 4.0 United States Diversified Financials

Honeywell International Inc 3.7 United States Capital Goods

American Tower Corp 3.7 United States Real Estate

Northern Trust Corp 3.5 United States Diversified Financials

Royal Dutch Shell PLC 3.4 United Kingdom Energy


Abbott Laboratories 3.3 United States Health Care Equipment & Services

Wells Fargo & Co 3.2 United States Banks


23

PV101781

Goldman Sachs Global Millennials Equity PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Monthly Fund Update

Investor Profile



The fund is designed for:The fund is designed for investors seeking exposure to a thematic and concentrated global portfolio that invests in companies that benefit from the behavior of the Millennials generation - individuals born between 1980 and 1999. Potentially higher returns may be generated but also increased levels of risk than from a more diversified global equity portfolio.


31-Jul-14 - 31-Jul-15

31-Jul-15 - 31-Jul-16

31-Jul-16 - 31-Jul-17

31-Jul-17 - 31-Jul-18

Fund (USD) 13.7 6.6 -8.7 19.8 13.1

Index 15.9 2.8 0.1 16.6 15.3


14.1 1.7 -3.1 15.7 8.4


3 1 4 1 1

Fund Data

No. of holdings 45

% in top 10 35





R2 - 3 yr 0.82

Beta - 3 yr 1.09




Swing Pricing (%)


Redemption (%) 0.05








09/12 09/14 09/16 09/1880

100

120

140

160

180

200

Goldman Sachs Global Millennials Equity Portfolio Base Shares (Acc.)

MSCI ACWI Growth (Net Total Return, Unhedged, USD)






Base Shares (Acc.) 67.00 0.12 7.40 9.80 13.14 7.34

MSCI ACWI Growth (Net Total Return, Unhedged, USD) 79.92 2.36 4.00 5.38 15.34 10.41

Morningstar Global Large-Cap Blend Equity 2.52 1.34 1.05 8.36 6.73



Base Shares (Acc.) 23.4 1.5 -2.6 -2.4 26.2

MSCI ACWI Growth (Net Total Return, Unhedged, USD) 22.8 4.2 -2.4 4.2 30.0


24

Goldman Sachs Global Millennials Equity PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Monthly Fund Update


USD 16.70



Inception Date - Base Shares (Acc.) 19-Sep-12


Fund Facts


Bloomberg Ticker - Base Shares (Acc.) GSGELBA LX




Reference Benchmark

MSCI ACWI Growth (Net Total Return, Unhedged, USD)

Settlement T + 3

Sector Allocation (%) Region Allocation (%)

44.8% Information Technology19.8% Consumer Discretionary6.7% Real Estate6.6% Health Care5.1% Utilities4.4% Industrials3.5% Telecommunication Services3.2% Financials1.9% Consumer Staples0.0% Energy0.0% Materials3.9% Cash and cash equivalents

67.4% North America14.8% Asia/Pacific Ex Japan10.8% Europe3.1% Japan3.9% Cash and cash equivalents

Top 10 Holdings(3)



Electronic Arts Inc 4.1 United States Software & Services

Amazon.com Inc 3.7 United States Retailing

Equinix Inc 3.6 United States Real Estate

T-Mobile US Inc 3.5 United States Telecommunication Services

Facebook Inc 3.4 United States Software & Services

Texas Instruments Inc 3.2 United States Semiconductors & Semiconductor Equipment



Tencent Holdings Ltd 2.9 China Software & Services


25

PV100938

Goldman Sachs Global Equity Partners ESG PortfolioA sub-fund of Goldman Sachs Funds, SICAV

0718Monthly Fund Update

Investor Profile



The fund is designed for:The fund is designed for investors who are looking for a fund that invests in companies on a global basis that show a commitment to Environmental, Social and Governance (ESG) leadership. With this focus, the fund is likely to be relatively concentrated and have a higher risk profile than a more diversified global equity portfolio.


31-Jul-14 - 31-Jul-15

31-Jul-15 - 31-Jul-16

31-Jul-16 - 31-Jul-17

31-Jul-17 - 31-Jul-18

Fund (USD) 13.5 1.7 -7.7 14.1 9.2

Index 15.9 2.8 -1.0 16.1 11.9


14.1 5.8 -2.7 17.4 11.8


3 4 4 3 3

Fund Data

No. of holdings 32

% in top 10 39





R2 - 3 yr 0.90

Beta - 3 yr 1.10




Swing Pricing (%)


Redemption (%) 0.07







Performance (Indexed)(4)

09/08 09/10 09/12 09/14 09/16 09/1820

45

70

95

120

145

170

195

220

245

Goldman Sachs Global Equity Partners ESG Portfolio Base Shares (Acc.) (Snap)(6)

MSCI World (USD), Net Unhedged(5)

Morningstar Global Large-Cap Growth Equity(1)





Base Shares (Acc.) (Snap)(6) 62.10 1.89 2.92 2.79 9.16 4.78 5.85

MSCI World (USD), Net Unhedged(5) 102.63 3.12 3.72 3.57 11.88 8.72 8.90

Morningstar Global Large-Cap Growth Equity(1) 1.87 2.32 3.53 11.77 8.07 8.55



Base Shares (Acc.) (Snap) 23.7 1.3 -4.0 -0.5 21.3

MSCI World (USD), Net Unhedged 22.8 4.2 -2.4 7.6 22.4


26

Goldman Sachs Global Equity Partners ESG PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Financial InformationNet Asset Value (NAV) - Base Shares (Acc.) (Snap)

USD 16.21


Fund CharacteristicsCurrency - Base Shares (Acc.) (Snap) USD

Inception Date - Base Shares (Acc.) (Snap) 16-Sep-08


Fund Facts



GSSPBAS LX




Reference Benchmark

MSCI World (USD), Net Unhedged

Settlement T + 3

Sector Allocation (%) Region Allocation (%)

21.8% Health Care18.4% Industrials15.7% Financials13.0% Information Technology10.0% Consumer Discretionary6.8% Consumer Staples5.5% Real Estate3.4% Energy0.0% Materials0.0% Telecommunication Services0.0% Utilities5.3% Cash and cash equivalents

50.9% North America32.7% Europe8.0% Japan3.1% Asia/Pacific Ex Japan5.3% Cash and cash equivalents

Top 10 Holdings(7)




Intercontinental Exchange Inc 4.2 United States Diversified Financials



NIKE Inc 3.8 United States Consumer Durables & Apparel

Honeywell International Inc 3.8 United States Capital Goods


Northern Trust Corp 3.5 United States Diversified Financials

Compass Group PLC 3.5 United Kingdom Consumer Services

Please see Additional Notes. All performance and holdings data as at 31-Jul-18. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur.(1) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar ©2018 Morningstar, Inc. All Rights Reserved. (2) Please note that this estimated transaction costs figure has not been calculated using the prescribed methodologies required under EU regulations (i.e. MIFID II and PRIIPS). Where required by law or regulation, you may receive additional estimates of transaction costs from us which will be calculated using these prescribed methodologies. These additional estimates may differ from the estimated transaction cost figure included here. (3) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (4) Until 30th May 2016 the Portfolio was named Goldman Sachs Global Responsible Equity Portfolio. On the 31st May 2016, the Portfolio changed its investment objective and strategy, and as a result the Portfolio’s name changed to Goldman Sachs Global Equity Partners ESG Portfolio. (5) Effective May 31, 2016, the Portfolio’s reference benchmark changed from MSCI ACWI Index (Net) to MSCI World Index (Total Return Net). The MSCI World Index (Total Return Net) is quoted at month-end with income reinvested and, in contrast to the Portfolio, shown without the deduction of any expenses. (6) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. (7) Portfolio holdings may not represent current, future investments or all of the portfolio's holdings. Future portfolio holdings may not be profitable.

27

PV100027

Goldman Sachs Strategic Global Equity PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Monthly Fund Update

Investor Profile



The fund is designed for:The fund is designed for investors seeking diversified global equity exposure primarily to the developed markets. The fund has a lower risk profile with the potential to generate lower returns than the GS Global Equity Partners Portfolio.


31-Jul-14 - 31-Jul-15

31-Jul-15 - 31-Jul-16

31-Jul-16 - 31-Jul-17

31-Jul-17 - 31-Jul-18

Fund (USD) 13.0 4.3 -9.9 17.0 8.3

Index 16.0 4.9 -0.5 16.1 11.9


14.1 1.7 -3.1 15.7 8.4


3 2 4 2 3

Fund Data

No. of holdings 70

% in top 10 27





R2 - 3 yr 0.91

Beta - 3 yr 1.14




Swing Pricing (%)


Redemption (%) 0.06








12/92 12/94 12/96 12/98 12/00 12/02 12/04 12/06 12/08 12/10 12/12 12/14 12/16 12/180

100

200

300

400

500

600

700

800

Goldman Sachs Strategic Global Equity Portfolio Base Shares(4)

MSCI World Index - USD (Net Total Return)(5)

Morningstar Global Large-Cap Blend Equity(1)





Base Shares(4) 308.90 1.32 0.83 1.17 8.33 4.50 6.12 4.31

MSCI World Index - USD (Net Total Return)(5) 558.81 3.12 3.72 3.57 11.88 8.94 9.48 6.95

Morningstar Global Large-Cap Blend Equity(1) 2.52 1.34 1.05 8.36 6.73 6.88 4.26


Base Shares (Acc.)(4) 72.80 1.35 0.82 1.17 8.34 4.50 6.12 4.30


Base Shares 27.5 1.4 -4.1 0.3 23.3



28

Goldman Sachs Strategic Global Equity PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Monthly Fund Update



USD 17.28




Inception Date - Base Shares 04-Dec-92



Fund Facts



Bloomberg Ticker - Base Shares GLSGLEI LX

Bloomberg Ticker - Base Shares (Acc.) GSGEPBA LX




Reference Benchmark


Settlement T + 3


Goldman Sachs Strategic Global Equity Portfolio MSCI World (Net Total Return, Unhedged, USD)

56.9% North America30.7% Europe9.0% Japan1.7% Asia/Pacific Ex Japan0.0% Africa/Mideast1.8% Cash and cash equivalents

64.4% North America22.8% Europe8.4% Japan4.3% Asia/Pacific Ex Japan0.2% Africa/Mideast0.0% Cash and cash equivalents

Top 10 Holdings(6)



Royal Dutch Shell PLC 3.7 United Kingdom Energy


Wells Fargo & Co 2.9 United States Banks

Electronic Arts Inc 2.8 United States Software & Services

Morgan Stanley 2.3 United States Diversified Financials

Estee Lauder Cos Inc 2.1 United States Household & Personal Products




Please see Additional Notes. All performance and holdings data as at 31-Jul-18. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur.(1) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar ©2018 Morningstar, Inc. All Rights Reserved. (2) Please note that this estimated transaction costs figure has not been calculated using the prescribed methodologies required under EU regulations (i.e. MIFID II and PRIIPS). Where required by law or regulation, you may receive additional estimates of transaction costs from us which will be calculated using these prescribed methodologies. These additional estimates may differ from the estimated transaction cost figure included here. (3) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (4) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. (5) The MSCI World Index is quoted at month-end with income reinvested and, in contrast to the Portfolio, is shown without the deduction of any expenses. (6) Portfolio holdings may not represent current, future investments or all of the portfolio's holdings. Future portfolio holdings may not be profitable.

29

PV100296

Goldman Sachs BRICs Equity PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Monthly Fund Update

Investor Profile(1)



The fund is designed for:The fund is designed for investors seeking exposure to the shares of BRIC companies. Potentially higher returns may be generated but also increased levels of risk than a diversified emerging markets equity portfolio.


31-Jul-14 - 31-Jul-15

31-Jul-15 - 31-Jul-16

31-Jul-16 - 31-Jul-17

31-Jul-17 - 31-Jul-18

Fund (USD) 19.1 -8.2 -1.2 23.6 10.6

Index 17.6 -10.7 -4.5 29.9 7.7


16.6 -12.2 -0.1 26.2 9.3


1 1 3 4 2

Fund Data

No. of holdings 59

% in top 10 48





R2 - 3 yr 0.94

Beta - 3 yr 0.92




Swing Pricing (%)


Redemption (%) 0.22








01/06 01/08 01/10 01/12 01/14 01/16 01/18 01/2040

90

140

190

240

290

340

Goldman Sachs BRICs Equity Portfolio Base Shares(6)

MSCI BRIC Index (Net Total Return, USD unhedged)(5)

Morningstar BRIC Equity(2)





Base Shares(6) 90.27 3.55 (5.13) (4.98) 10.58 10.53 8.13 0.86

MSCI BRIC Index (Net Total Return, USD unhedged)(5)

127.87 1.14 (5.19) (3.55) 7.73 10.16 7.01 2.15

Morningstar BRIC Equity(2) 3.49 (3.68) (2.43) 9.32 10.51 6.63 0.25


Base Shares (Acc.) (Long BRICs Ccy vs.USD)(6) 43.60 3.24 (5.90) (6.63) 7.73 8.69 7.03 (0.94)

Base Shares (Acc.)(6) 90.00 3.54 (5.14) (4.95) 10.59 10.55 8.13 0.85


Base Shares -3.0 -4.4 -8.6 7.9 47.1

MSCI BRIC Index (Net Total Return, USD unhedged) -3.5 -2.9 -13.5 12.1 41.7


30

Goldman Sachs BRICs Equity PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Monthly Fund Update


Net Asset Value (NAV) - Base Shares (Acc.) (Long BRICs Ccy vs.USD)

EUR 14.36


USD 19.00



Currency - Base Shares (Acc.) (Long BRICs Ccy vs.USD)

EUR


Inception Date - Base Shares 17-Jan-06

Inception Date - Base Shares (Acc.) (Long BRICs Ccy vs.USD)

17-Mar-06

Inception Date - Base Shares (Acc.) 17-Jan-06


Fund Facts


ISIN - Base Shares (Acc.) (Long BRICs Ccy vs.USD)

LU0248245358


Bloomberg Ticker - Base Shares GSBRIBA LX

Bloomberg Ticker - Base Shares (Acc.) (Long BRICs Ccy vs.USD)

GSBRACD LX

Bloomberg Ticker - Base Shares (Acc.) GSBRBAA LX




Reference Benchmark

MSCI BRIC Index (Net Total Return, USD unhedged)

Settlement T + 3


Goldman Sachs BRICs Equity Portfolio MSCI BRIC (Net Total Return, Unhedged, USD)

60.5% China21.9% India11.4% Brazil5.3% Russian Federation0.9% Cash and cash equivalents

62.2% China17.9% India12.8% Brazil7.1% Russian Federation0.0% Cash and cash equivalents

Top 10 Holdings(7)


Alibaba Group Holding Ltd 9.1 China Software & Services


Ping An Insurance Group Co of China Ltd 5.4 China Insurance

Kweichow Moutai Co Ltd 5.2 China Food, Beverage & Tobacco

Bajaj Finance Ltd 3.9 India Diversified Financials

Banco Bradesco SA 3.7 Brazil Banks

B3 SA - Brasil Bolsa Balcao 3.2 Brazil Diversified Financials

AIA Group Ltd 3.0 China Insurance

Hong Kong Exchanges & Clearing Ltd 3.0 China Diversified Financials

BB Seguridade Participacoes SA 2.7 Brazil Insurance

Please see Additional Notes. All performance and holdings data as at 31-Jul-18. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur.(1) Effective May 31, 2016, the portfolio name changed from Goldman Sachs BRICs Portfolio to Goldman Sachs BRICs Equity Portfolio. (2) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar ©2018 Morningstar, Inc. All Rights Reserved. (3) Please note that this estimated transaction costs figure has not been calculated using the prescribed methodologies required under EU regulations (i.e. MIFID II and PRIIPS). Where required by law or regulation, you may receive additional estimates of transaction costs from us which will be calculated using these prescribed methodologies. These additional estimates may differ from the estimated transaction cost figure included here. (4) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (5) The MSCI BRIC Index is quoted at month-end with income reinvested and, in contrast to the Portfolio, shown without the deduction of any expenses. (6) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. (7) Portfolio holdings may not represent current, future investments or all of the portfolio's holdings. Future portfolio holdings may not be profitable.

31

PV101111

Goldman Sachs China Opportunity Equity PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Monthly Fund Update

Investor Profile(1)



The fund is designed for:The fund is designed for investors seeking exposure to Chinese equities, including via offshore and onshore China equity markets. Potentially higher returns may be generated but also increased levels of risk than a diversified regional equity portfolio.


31-Jul-14 - 31-Jul-15

31-Jul-15 - 31-Jul-16

31-Jul-16 - 31-Jul-17

31-Jul-17 - 31-Jul-18

Fund (USD) 17.6 1.2 -9.1 33.4 9.0

Index 17.9 2.6 -14.5 37.8 7.3


15.3 4.4 -9.9 31.3 6.7


2 3 2 2 2

Fund Data

No. of holdings 49

% in top 10 49





R2 - 3 yr 0.92

Beta - 3 yr 0.88




Swing Pricing (%)


Redemption (%) 0.24








08/09 08/11 08/13 08/15 08/17 08/1960

80

100

120

140

160

180

200

220

240

Goldman Sachs China Opportunity Equity Portfolio Base Shares (Acc.)(5)

MSCI China Index (Net TR, unhedged, USD) - Leading Benchmark(6)

Morningstar China Equity(2)





Base Shares (Acc.)(5) 74.70 (2.46) (5.62) (6.68) 8.98 9.73 9.47

MSCI China Index (Net TR, unhedged, USD) - Leading Benchmark(6)

67.27 (3.38) (6.87) (5.03) 7.27 8.12 8.86

Morningstar China Equity(2) (2.35) (5.98) (5.20) 6.67 7.21 8.65


Base Shares(5) 74.63 (2.45) (5.67) (6.70) 8.98 9.74 9.46


Base Shares (Acc.) 7.1 5.5 -7.7 -0.9 55.9

MSCI China Index (Net TR, unhedged, USD) - Leading Benchmark 3.6 8.0 -7.8 -5.3 54.1


32

Goldman Sachs China Opportunity Equity PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Monthly Fund Update


USD 17.47

Net Asset Value (NAV) - Base Shares USD 17.13



Currency - Base Shares USD

Inception Date - Base Shares (Acc.) 26-Aug-09

Inception Date - Base Shares 26-Aug-09


Fund Facts



Bloomberg Ticker - Base Shares (Acc.) GSCGOBA LX

Bloomberg Ticker - Base Shares GSCHOBD LX




Reference Benchmark

MSCI China Index (Net TR, unhedged, USD) - Leading Benchmark

Settlement T + 3


Goldman Sachs China Opportunity Equity Portfolio MSCI China total return in USD

26.5% Information Technology22.4% Financials10.1% Industrials9.2% Consumer Discretionary6.7% Energy5.2% Health Care4.8% Consumer Staples4.8% Real Estate3.9% Materials2.1% Telecommunication Services0.9% Utilities3.4% Cash and cash equivalents

38.7% Information Technology21.7% Financials4.7% Industrials9.0% Consumer Discretionary5.3% Energy3.5% Health Care2.5% Consumer Staples5.4% Real Estate2.1% Materials4.3% Telecommunication Services2.9% Utilities0.0% Cash and cash equivalents

Top 10 Holdings(7)





China Merchants Bank Co Ltd 4.3 China Banks

China Construction Bank Corp 4.3 China Banks

CNOOC Ltd 3.4 China Energy

China Petroleum & Chemical Corp 3.3 China Energy

China Resources Land Ltd 3.3 China Real Estate

Anhui Conch Cement Co Ltd 3.2 China Materials

Zhuzhou CRRC Times Electric Co Ltd 2.7 China Capital Goods

Please see Additional Notes. All performance and holdings data as at 31-Jul-18. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur.(1) Effective May 31, 2016, the portfolio name changed from Goldman Sachs China Opportunity Portfolio to Goldman Sachs China Opportunity Equity Portfolio. (2) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar ©2018 Morningstar, Inc. All Rights Reserved. (3) Please note that this estimated transaction costs figure has not been calculated using the prescribed methodologies required under EU regulations (i.e. MIFID II and PRIIPS). Where required by law or regulation, you may receive additional estimates of transaction costs from us which will be calculated using these prescribed methodologies. These additional estimates may differ from the estimated transaction cost figure included here. (4) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (5) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. (6) The MSCI China Index quoted at month-end with income reinvested and, in contrast to the Portfolio, shown without the deduction of any expenses. Any reference to a specific security does not constitute a recommendation to buy, sell or hold such security. This information pertains to past performance or is the basis for previously made discretionary investment decisions and should not be construed as research or investment advice. (7) Portfolio holdings may not represent current, future investments or all of the portfolio's holdings. Future portfolio holdings may not be profitable.

33

PV100026

Goldman Sachs Emerging Markets Equity PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Monthly Fund Update

Investor Profile(1)



The fund is designed for:The fund is designed for investors who are looking for a fund that accesses the dynamic emerging markets offering potentially higher returns but with a potentially higher risk profile than that of a more diversified global equity fund.


31-Jul-14 - 31-Jul-15

31-Jul-15 - 31-Jul-16

31-Jul-16 - 31-Jul-17

31-Jul-17 - 31-Jul-18

Fund (USD) 18.7 -5.3 -0.2 26.9 2.8

Index 15.3 -13.4 -0.7 24.8 4.4


13.2 -12.9 -0.5 22.0 2.4


1 1 2 1 3

Fund Data

No. of holdings 133

% in top 10 30





R2 - 3 yr 0.91

Beta - 3 yr 0.87




Swing Pricing (%)


Redemption (%) 0.25








12/97 12/99 12/01 12/03 12/05 12/07 12/09 12/11 12/13 12/15 12/17 12/190

100

200

300

400

500

600

Goldman Sachs Emerging Markets Equity Portfolio Base Shares


Morningstar Global Emerging Markets Equity





Base Shares 311.87 1.04 (6.83) (9.49) 2.76 9.15 7.90 2.94

MSCI Emerging Markets (EM) - Net 368.29 2.20 (5.52) (4.61) 4.36 8.94 5.25 3.14

Morningstar Global Emerging Markets Equity 2.09 (5.57) (5.81) 2.39 7.40 3.97 1.57


Base Shares (Acc.) 105.50 1.03 (6.89) (9.51) 2.70 9.15 7.90 2.95


Base Shares -2.6 0.9 -5.9 5.7 47.3

MSCI Emerging Markets (EM) - Net -2.6 -2.2 -14.9 11.2 37.3


34

Goldman Sachs Emerging Markets Equity PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Monthly Fund Update



USD 20.55







Fund Facts



Bloomberg Ticker - Base Shares GSEMMKP LX

Bloomberg Ticker - Base Shares (Acc.) GSEMEBA LX




Reference Benchmark


Settlement T + 3


Goldman Sachs Emerging Markets Equity Portfolio MSCI Emerging Market (Net Total Return, Unhedged, USD)

32.4% China13.5% Korea, Republic of11.4% India8.4% Taiwan5.7% Brazil4.9% South Africa3.1% Russian Federation2.7% ETF2.5% Mexico1.9% Peru1.4% United Kingdom

10.9% Other1.1% Cash and cash equivalents

31.2% China14.1% Korea, Republic of9.0% India

11.8% Taiwan6.4% Brazil6.8% South Africa3.5% Russian Federation0.0% ETF3.1% Mexico0.4% Peru0.0% United Kingdom

13.6% Other0.0% Cash and cash equivalents

Top 10 Holdings(4)







Kweichow Moutai Co Ltd 2.2 China Food, Beverage & Tobacco

AIA Group Ltd 2.0 China Insurance

China Merchants Bank Co Ltd 1.9 China Banks

Largan Precision Co Ltd 1.8 Taiwan Technology Hardware & Equipment

LUKOIL PJSC 1.6 Russian Federation Energy

Market CapitalisationGoldman Sachs Emerging

Markets Equity PortfolioMSCI Emerging Market (Net

Total Return, Unhedged, USD)

Mega Cap 47.0 50.2

Large Cap 19.7 29.9

Mid Cap 9.8 15.0

Small Cap 22.5 5.0

Cash and cash equivalents

1.1 0.0

Please see Additional Notes. All performance and holdings data as at 31-Jul-18. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur.(1) Effective May 31, 2016, the portfolio name changed from Goldman Sachs Growth & Emerging Markets Broad Equity Portfolio to Goldman Sachs Emerging Markets Equity Portfolio. (2) Please note that this estimated transaction costs figure has not been calculated using the prescribed methodologies required under EU regulations (i.e. MIFID II and PRIIPS). Where required by law or regulation, you may receive additional estimates of transaction costs from us which will be calculated using these prescribed methodologies. These additional estimates may differ from the estimated transaction cost figure included here. (3) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (4) Portfolio holdings may not represent current, future investments or all of the portfolio's holdings. Future portfolio holdings may not be profitable.

35

PV100867

Goldman Sachs India Equity PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Monthly Fund Update

Investor Profile



The fund is designed for:The fund is designed for investors who are seeking exposure to India’s equity markets. These companies may be incorporated in India and / or listed in India. The fund has the potential to generate higher returns but will also have a higher risk profile than a more benchmark aware India equity fund.


31-Jul-14 - 31-Jul-15

31-Jul-15 - 31-Jul-16

31-Jul-16 - 31-Jul-17

31-Jul-17 - 31-Jul-18

Fund (USD) 51.6 22.9 -1.4 23.2 1.7

Index 36.8 5.6 -2.3 22.5 3.9


40.9 14.0 -0.8 21.3 1.7


1 1 3 2 3

Fund Data

No. of holdings 106

% in top 10 35





R2 - 3 yr 0.95

Beta - 3 yr 0.96




Swing Pricing (%)


Redemption (%) 0.32








03/08 03/10 03/12 03/14 03/16 03/18 03/200

50

100

150

200

250

300

Goldman Sachs India Equity Portfolio Base Shares(4)

MSCI India IMI, Net returns, Unhedged, USD(5)

Morningstar India Equity(1)





Base Shares(4) 118.50 4.10 (3.36) (7.42) 1.68 7.29 18.14 9.74

MSCI India IMI, Net returns, Unhedged, USD(5)

41.39 6.03 (0.67) (4.65) 3.87 7.53 12.42 5.14

Morningstar India Equity(1) 4.53 (1.85) (5.62) 1.67 7.01 14.16 6.39



Base Shares -3.6 45.1 3.1 -3.8 49.5

MSCI India IMI, Net returns, Unhedged, USD -5.3 27.6 -4.7 -1.1 43.7


36

Goldman Sachs India Equity PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Monthly Fund Update




Inception Date - Base Shares 26-Mar-08


Fund Facts


Bloomberg Ticker - Base Shares GSINDBA LX




Reference Benchmark

MSCI India IMI, Net returns, Unhedged, USD

Settlement T + 3

Sector Allocation (%) Market Capitalisation(6)

26.5% Financials14.4% Information Technology13.7% Consumer Discretionary12.1% Industrials8.4% Materials7.3% Consumer Staples7.1% Health Care3.0% Real Estate2.7% Energy1.5% Future1.4% Telecommunication Services0.8% Other1.1% Cash and cash equivalents

Goldman Sachs India Equity Portfolio

MSCI India IMI (Net Total Return, Unhedged, USD)

Mega Cap 35.2 50.5

Large Cap 22.1 29.9

Mid Cap 26.9 14.6

Small Cap 14.7 5.0

Cash and cash equivalents

1.1 0.0

Unclassified 0.1 0.0

Top 10 Holdings(7)


Infosys Ltd 7.1 India Software & Services

Maruti Suzuki India Ltd 4.9 India Automobiles & Components

Housing Development Finance Corp Ltd 3.6 India Banks

HDFC Bank Ltd 3.6 India Banks

Yes Bank Ltd 3.2 India Banks

Axis Bank Ltd 2.8 India Banks

Reliance Industries Ltd 2.5 India Energy

Bajaj Finance Ltd 2.3 India Diversified Financials

Cognizant Technology Solutions Corp 2.3 India Software & Services

Hindustan Unilever Ltd 2.1 India Household & Personal Products

Please see Additional Notes. All performance and holdings data as at 31-Jul-18. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur.(1) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar ©2018 Morningstar, Inc. All Rights Reserved. (2) Please note that this estimated transaction costs figure has not been calculated using the prescribed methodologies required under EU regulations (i.e. MIFID II and PRIIPS). Where required by law or regulation, you may receive additional estimates of transaction costs from us which will be calculated using these prescribed methodologies. These additional estimates may differ from the estimated transaction cost figure included here. (3) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (4) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. (5) The MSCI India IMI is quoted at month-end with income reinvested and, in contrast to the Portfolio, shown without the deduction of any expenses. (6) Mega Cap refers to stocks in the top 50th percentile of market cap in the index, Large Cap refers to the next 30th percentile, Mid Cap refers to the next 15th percentile, Small Cap refers to the last 5th percentile. (7) Portfolio holdings may not represent current, future investments or all of the portfolio's holdings. Future portfolio holdings may not be profitable.

37

PV100940

Goldman Sachs N-11® Equity PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Investor Profile



The fund is designed for:The fund is designed for investors who are looking to invest in the shares of companies from countries identified as the “next 11”. These countries include: Bangladesh, Egypt, Indonesia, Iran, South Korea, Mexico, Nigeria, Pakistan, Philippines, Turkey and Vietnam. The fund has the potential to generate higher returns but will also have a higher risk profile than a diversified emerging markets equity fund.


31-Jul-14 - 31-Jul-15

31-Jul-15 - 31-Jul-16

31-Jul-16 - 31-Jul-17

31-Jul-17 - 31-Jul-18

Fund (USD) 11.7 -19.4 -6.0 11.6 -9.1

Index 15.3 -13.4 -0.7 24.8 4.4

Fund Data

No. of holdings 67

% in top 10 40






Swing Pricing (%)


Redemption (%) 0.39








01/11 01/13 01/15 01/17 01/1960

70

80

90

100

110

120

130

140

150

Goldman Sachs N-11 Equity Portfolio Base Shares(5)

MSCI EM Unhedged USD Net Divs(3)

Please be aware that the reference benchmark shown is for illustrative purposes only and may differ from the reference benchmark referred to in the funds offering documents. This is an actively managed fund, which is not designed to track its reference benchmark, whose composition may be different to the way the fund is constructed. Therefore the performance of the fund and the performance of its reference benchmark may diverge. In addition stated index returns do not reflect any management or other charges of the fund, whereas the stated returns of the fund do. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur.




Base Shares(5) (13.50) 1.41 (10.20) (12.65) (9.06) (1.53) (2.97)

MSCI EM Unhedged USD Net Divs(3) 14.63 2.20 (5.52) (4.61) 4.36 8.94 5.25

Morningstar Global Emerging Markets Equity(4) 2.09 (5.57) (5.81) 2.39 7.40 3.97


Base Shares (Acc.)(5) (13.60) 1.41 (10.19) (12.73) (9.05) (1.53) (3.00)


Base Shares -1.2 -1.9 -16.8 -6.1 26.6

MSCI EM Unhedged USD Net Divs -2.6 -2.2 -14.9 11.2 37.3


38

Goldman Sachs N-11® Equity PortfolioA sub-fund of Goldman Sachs Funds, SICAV




USD 8.64







Fund FactsISIN - Base Shares LU0385343941


Bloomberg Ticker - Base Shares GSN11BI LX

Bloomberg Ticker - Base Shares (Acc.) GSN11BA LX




Settlement T + 3

Sector Allocation (%) Country Allocation (%)

40.0% Financials13.3% Information Technology12.4% Materials11.8% Consumer Staples6.8% Consumer Discretionary5.4% Telecommunication Services2.7% Health Care2.4% Industrials2.1% Real Estate0.9% NA0.7% Utilities1.0% Other0.6% Cash and cash equivalents

24.8% Korea, Republic of23.2% Mexico16.0% Indonesia11.5% Turkey6.6% Philippines5.3% Vietnam4.6% Egypt4.3% Bangladesh3.1% Pakistan0.6% Cash and cash equivalents

Top 10 Holdings(6)



Bank Central Asia Tbk PT 7.0 Indonesia Banks

Commercial International Bank Egypt SAE 4.1 Egypt Banks

Grupo Financiero Banorte SAB de CV 4.0 Mexico Banks

Vietnam Dairy Products JSC 3.0 Vietnam Food, Beverage & Tobacco

Wal-Mart de Mexico SAB de CV 2.9 Mexico Food & Staples Retailing

Bolsa Mexicana de Valores SAB de CV 2.7 Mexico Diversified Financials

Telekomunikasi Indonesia Persero Tbk PT 2.6 Indonesia Telecommunication Services

Fomento Economico Mexicano SAB de CV 2.6 Mexico Food, Beverage & Tobacco

ING Life Insurance Korea Ltd 2.5 Korea, Republic of Insurance

Please see Additional Notes. All performance and holdings data as at 31-Jul-18. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur.(1) Please note that this estimated transaction costs figure has not been calculated using the prescribed methodologies required under EU regulations (i.e. MIFID II and PRIIPS). Where required by law or regulation, you may receive additional estimates of transaction costs from us which will be calculated using these prescribed methodologies. These additional estimates may differ from the estimated transaction cost figure included here. (2) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (3) The MSCI EM Index is quoted at month-end with income reinvested and, in contrast to the Portfolio, shown without the deduction of any expenses. (4) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar ©2018 Morningstar, Inc. All Rights Reserved. (5) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. (6) Portfolio holdings may not represent current, future investments or all of the portfolio's holdings. Future portfolio holdings may not be profitable.

39

PV102255

Goldman Sachs North America Energy & Energy Infrastructure Equity PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Investor Profile(1)

Investor objectiveCapital appreciation with some need for income.


The fund is designed for:The fund is designed for investors seeking exposure to North American energy companies including energy producers, energy infrastructure and energy users with a focus on energy infrastructure companies. The fund is sector focused and has the potential to generate higher returns but will also have a higher risk profile than a diversified multi- sector equity fund.


31-Jul-14 - 31-Jul-15

31-Jul-15 - 31-Jul-16

31-Jul-16 - 31-Jul-17

31-Jul-17 - 31-Jul-18

Fund (USD) - -24.6 -26.7 6.0 12.6


- -33.0 -8.0 1.8 15.8


- 1 4 1 3

Fund Data

No. of holdings 39

% in top 10 49





Swing Pricing (%)


Redemption (%) 0.10








04/14 10/14 04/15 10/15 04/16 10/16 04/17 10/17 04/18 10/1840

50

60

70

80

90

100

110

120

130

Goldman Sachs North America Energy & Energy Infrastructure Equity Portfolio - Base Shares(5)

Morningstar Sector Equity Energy(2)




Base Shares(5) (26.16) 1.59 5.40 6.03 12.63 (4.33)

Morningstar Sector Equity Energy(2) 1.75 3.03 6.25 15.80 4.91

Quartile Position in Sector(2) 2 1 3 3 4


Base Shares - - -41.9 31.9 -2.9


40

Goldman Sachs North America Energy & Energy Infrastructure Equity PortfolioA sub-fund of Goldman Sachs Funds, SICAV








Bloomberg Ticker - Base Shares GNSREIB LX




Settlement T + 3

Industry Allocation (%)

48.1% Energy Infrastructure22.8% Energy Producers19.1% Energy Diversified9.6% Energy Users0.0% Unclassified0.4% Cash and cash equivalents

Top 10 Holdings(6)


Williams Cos Inc 5.8 United States Energy Infrastructure

TransCanada Corp 5.6 Canada Energy Infrastructure

Targa Resources Corp 5.6 United States Energy Infrastructure

Marathon Petroleum Corp 5.4 United States Energy Users

Pembina Pipeline Corp 5.4 Canada Energy Infrastructure

Cheniere Energy Inc 5.0 United States Energy Infrastructure

ONEOK Inc 4.7 United States Energy Infrastructure

TOTAL SA 4.2 France Energy Diversified

Royal Dutch Shell PLC 3.9 Netherlands Energy Diversified

Plains GP Holdings LP 3.8 United States Energy Infrastructure

Please see Additional Notes. All performance and holdings data as at 31-Jul-18. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur.(1) Effective May 31, 2016, the portfolio name changed from Goldman Sachs North American Shale Revolution & Energy Infrastructure Portfolio to Goldman Sachs North America Energy & Energy Infrastructure Equity Portfolio. (2) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar ©2018 Morningstar, Inc. All Rights Reserved. (3) Please note that this estimated transaction costs figure has not been calculated using the prescribed methodologies required under EU regulations (i.e. MIFID II and PRIIPS). Where required by law or regulation, you may receive additional estimates of transaction costs from us which will be calculated using these prescribed methodologies. These additional estimates may differ from the estimated transaction cost figure included here. (4) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (5) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. (6) Portfolio holdings may not represent current, future investments or all of the portfolio's holdings. Future portfolio holdings may not be profitable.

41

PV100320

Goldman Sachs US Equity PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Investor Profile



The fund is designed for:The fund is designed for investors seeking diversified US equity exposure.


31-Jul-14 - 31-Jul-15

31-Jul-15 - 31-Jul-16

31-Jul-16 - 31-Jul-17

31-Jul-17 - 31-Jul-18

Fund (USD) 15.2 8.3 -5.1 14.3 12.0

Index 16.2 10.5 4.9 15.3 15.6


17.2 12.4 1.4 14.6 13.5


3 3 4 3 3

Fund Data

No. of holdings 100

% in top 10 26





R2 - 3 yr 0.85

Beta - 3 yr 1.13




Swing Pricing (%)


Redemption (%) 0.05








02/06 02/08 02/10 02/12 02/14 02/16 02/18 02/2025

75

125

175

225

275

325

Goldman Sachs US Equity Portfolio Base Shares

S&P 500 Net Return (USD) Morningstar US Large-Cap Blend Equity





Base Shares 132.90 2.96 5.00 5.53 11.97 6.70 8.66 6.93

S&P 500 Net Return (USD) 166.46 3.69 6.72 6.13 15.57 11.81 12.42 9.95

Morningstar US Large-Cap Blend Equity 3.17 5.41 4.61 13.52 9.72 10.44 7.82


Other Currency Shares (Acc.) (EUR-Hedged) 148.00 2.69 4.20 3.85 9.35 5.21 7.74 -

S&P 500 (NTR, 100% Hgd to EUR) 219.41 3.45 6.03 4.34 12.59 9.89 11.06 -

Base Shares (Acc.) 132.50 2.97 5.01 5.54 11.99 6.71 8.67 6.92


Base Shares 32.5 12.4 -3.0 2.1 17.2

S&P 500 Net Return (USD) 31.5 13.0 0.7 11.2 21.1


42

Goldman Sachs US Equity PortfolioA sub-fund of Goldman Sachs Funds, SICAV



Net Asset Value (NAV) - Other Currency Shares (Acc.) (EUR-Hedged)

EUR 24.80


USD 23.25



Currency - Other Currency Shares (Acc.) (EUR-Hedged)

EUR


Inception Date - Base Shares 03-Feb-06

Inception Date - Other Currency Shares (Acc.) (EUR-Hedged)

17-Jun-09

Inception Date - Base Shares (Acc.) 03-Feb-06


Fund Facts


ISIN - Other Currency Shares (Acc.) (EUR-Hedged)

LU0433926036


Bloomberg Ticker - Base Shares GSUSBBA LX

Bloomberg Ticker - Other Currency Shares (Acc.) (EUR-Hedged)

GSUSEEH LX

Bloomberg Ticker - Base Shares (Acc.) GSUBEBA LX




Reference Benchmark

S&P 500 Net Return (USD)

Settlement T + 3


Goldman Sachs US Equity Portfolio S&P 500 (Net Total Return, Unhedged, USD)

25.1% Information Technology14.5% Health Care13.8% Financials12.6% Consumer Discretionary10.0% Industrials6.9% Consumer Staples6.3% Energy2.9% Utilities2.7% Real Estate2.7% Materials1.9% Telecommunication Services0.6% Cash and cash equivalents

25.6% Information Technology14.5% Health Care14.1% Financials12.7% Consumer Discretionary9.9% Industrials6.9% Consumer Staples6.2% Energy2.9% Utilities2.8% Real Estate2.6% Materials1.9% Telecommunication Services0.0% Cash and cash equivalents

Top 10 Holdings(3)


Apple Inc 4.6 United States Technology Hardware & Equipment

Microsoft Corp 4.1 United States Software & Services



JPMorgan Chase & Co 2.3 United States Banks

Berkshire Hathaway Inc 2.2 United States Diversified Financials

Pfizer Inc 1.9 United States Pharmaceuticals, Biotechnology & Life Sciences

Bank of America Corp 1.9 United States Banks


Chevron Corp 1.7 United States Energy


43

PV100050

Goldman Sachs US Focused Growth Equity PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Monthly Fund Update

Investor Profile



The fund is designed for:The fund is designed for investors seeking exposure to a US equity fund which may typically have a smaller number of holdings than a more diversified US equity fund. Potentially higher returns may be generated but also increased levels of risk than a more diversified US equity portfolio.


31-Jul-14 - 31-Jul-15

31-Jul-15 - 31-Jul-16

31-Jul-16 - 31-Jul-17

31-Jul-17 - 31-Jul-18

Fund (USD) 15.2 12.1 -2.2 12.3 21.6

Index 18.1 15.6 3.9 17.5 22.4


17.2 12.4 -1.1 17.4 18.3


3 3 3 4 2

Fund Data

No. of holdings 34

% in top 10 49





R2 - 3 yr 0.84

Beta - 3 yr 1.12




Swing Pricing (%)


Redemption (%) 0.03








11/99 11/01 11/03 11/05 11/07 11/09 11/11 11/13 11/15 11/17 11/1920

70

120

170

220

270

320

Goldman Sachs US Focused Growth Equity Portfolio Base Shares(4)

Russell 1000 Growth (USD net)(5) Morningstar US Large-Cap Growth Equity(1)





Base Shares(4) 97.30 (0.05) 6.48 13.13 21.57 10.12 11.51 7.97

Russell 1000 Growth (USD net)(5) 140.66 2.92 8.38 10.17 22.36 14.29 15.30 11.83

Morningstar US Large-Cap Growth Equity(1) 2.45 6.59 9.01 18.28 11.28 12.76 9.09


Base Shares (Acc.)(4) 145.60 (0.04) 6.50 13.13 21.58 10.13 11.51 7.97


Base Shares 27.4 12.2 1.9 -5.2 25.5

Russell 1000 Growth (USD net) 32.8 12.5 5.2 6.6 29.7


44

Goldman Sachs US Focused Growth Equity PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Monthly Fund Update



USD 24.56




Inception Date - Base Shares 15-Nov-99



Fund Facts



Bloomberg Ticker - Base Shares GSUSGEP LX

Bloomberg Ticker - Base Shares (Acc.) GSUSGBA LX




Reference Benchmark

Russell 1000 Growth (USD net)

Settlement T + 3


Goldman Sachs US Focused Growth Equity Portfolio RUSSELL 1000 GROWTH Net unhedged USD

49.9% Information Technology16.8% Consumer Discretionary15.4% Health Care8.0% Industrials3.3% Consumer Staples2.8% Real Estate2.1% Energy0.0% Financials0.0% Materials0.0% Telecommunication Services1.7% Cash and cash equivalents

41.3% Information Technology17.7% Consumer Discretionary13.7% Health Care12.4% Industrials5.7% Consumer Staples2.1% Real Estate1.0% Energy4.4% Financials1.8% Materials0.1% Telecommunication Services0.0% Cash and cash equivalents

Top 10 Holdings(6)


Visa Inc 7.7 United States Software & Services

Apple Inc 6.7 United States Technology Hardware & Equipment


Boeing Co 4.7 United States Capital Goods



Edwards Lifesciences Corp 4.0 United States Health Care Equipment & Services

Netflix Inc 3.5 United States Retailing

Illumina Inc 3.4 United States Pharmaceuticals, Biotechnology & Life Sciences

Monster Beverage Corp 3.3 United States Food, Beverage & Tobacco

Please see Additional Notes. All performance and holdings data as at 31-Jul-18. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur.(1) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar ©2018 Morningstar, Inc. All Rights Reserved. (2) Please note that this estimated transaction costs figure has not been calculated using the prescribed methodologies required under EU regulations (i.e. MIFID II and PRIIPS). Where required by law or regulation, you may receive additional estimates of transaction costs from us which will be calculated using these prescribed methodologies. These additional estimates may differ from the estimated transaction cost figure included here. (3) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (4) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. (5) The Russell 1000 Growth is a net total return index. Net total return is a reflection of return to an investor, by reinvesting dividends after the deduction of withholding tax. Return net of withholding taxes are only available from 30 April 2007, prior to this date returns are gross of withholding taxes. The rate of withholding tax applied to the Russell 1000 Growth is representative of the rate of withholding tax the Portfolio will incur on dividends received from foreign companies. (6) Portfolio holdings may not represent current, future investments or all of the portfolio's holdings. Future portfolio holdings may not be profitable.

45

PV102701

Goldman Sachs Global Infrastructure Equity PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Investor Profile



The fund is designed for:The fund is designed for investors seeking exposure to global publicly listed companies involved in activities related to infrastructure assets such as utilities, energy, transportation, real estate, media, telecommunications and capital goods. The fund is sector focused and has the potential to generate higher returns but will also have a higher risk profile than a diversified multi-sector equity fund.


31-Jul-14 - 31-Jul-15

31-Jul-15 - 31-Jul-16

31-Jul-16 - 31-Jul-17

31-Jul-17 - 31-Jul-18

Fund (USD) - - - - -0.6

Index - - - - 1.1


- - - - 0.8


- - - - 3

Fund Data

No. of holdings 46

% in top 10 45




R2 - 1 yr 0.90

Beta - 1 yr 0.81

Swing Pricing (%)


Redemption (%) 0.08








12/16 02/17 04/17 06/17 08/17 10/17 12/17 02/18 04/18 06/18 08/1895

100

105

110

115

120

125

130

135

Goldman Sachs Global Infrastructure Equity Portfolio - Base Shares(3)

DJ Brookfield Global Infrastructure Index (NTR, Unhedged, USD)

Morningstar Sector Equity Infrastructure(1)




Since Launch 1 Mth 3 Mths YTD 1 Yr

Base Shares(3) 14.13 1.62 3.11 (1.83) (0.59)


19.96 1.85 4.55 0.52 1.09

Morningstar Sector Equity Infrastructure(1) 2.17 0.12 (2.27) 0.75

Quartile Position in Sector(1) 3 1 3 3


Base Shares - - - - 12.9

DJ Brookfield Global Infrastructure Index (NTR, Unhedged, USD) - - - - 15.8


46

Goldman Sachs Global Infrastructure Equity PortfolioA sub-fund of Goldman Sachs Funds, SICAV







Fund Facts


Bloomberg Ticker - Base Shares GSGIEBU LX




Reference Benchmark


Settlement T + 3


Goldman Sachs Global Infrastructure Equity Portfolio Dow Jones Brookfield Global Infrastructure (Net Total Return, Unhedged, USD)

37.7% Utilities25.7% Energy Infrastructure19.5% Transportation14.4% Communication0.0% Industrials2.6% Cash and cash equivalents

39.7% Utilities26.4% Energy Infrastructure18.4% Transportation15.3% Communication0.2% Industrials0.0% Cash and cash equivalents


Goldman Sachs Global Infrastructure Equity Portfolio Dow Jones Brookfield Global Infrastructure (Net Total Return, Unhedged, USD)

63.8% North America17.4% Europe Ex-U.K.6.5% United Kingdom4.7% Pacific3.9% Asia Ex-Japan1.1% Japan0.0% Latin America2.6% Cash and cash equivalents

62.1% North America18.0% Europe Ex-U.K.6.3% United Kingdom4.8% Pacific6.0% Asia Ex-Japan1.7% Japan1.2% Latin America0.0% Cash and cash equivalents

Top 10 Holdings(4)


American Tower Corp 7.4 United States Communication

Vinci SA 6.2 France Transportation

TransCanada Corp 5.1 Canada Energy Infrastructure

Enbridge Inc 4.6 Canada Energy Infrastructure

National Grid PLC 4.6 United Kingdom Utilities

Sempra Energy 3.9 United States Utilities

Williams Cos Inc 3.4 United States Energy Infrastructure

American Water Works Co Inc 3.2 United States Utilities

Crown Castle International Corp 3.2 United States Communication

Pembina Pipeline Corp 2.8 Canada Energy Infrastructure

Please see Additional Notes. All performance and holdings data as at 31-Jul-18. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur.(1) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar ©2018 Morningstar, Inc. All Rights Reserved. (2) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (3) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. (4) Portfolio holdings may not represent current, future investments or all of the portfolio's holdings. Future portfolio holdings may not be profitable.

47

PV102702

Goldman Sachs Global Real Estate Equity PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Investor Profile



The fund is designed for:The fund is designed for investors seeking exposure to global companies involved in activities related to the real estate industry. The fund is sector focused and has the potential to generate higher returns but will also have a higher risk profile than a diversified multi-sector equity fund.


31-Jul-14 - 31-Jul-15

31-Jul-15 - 31-Jul-16

31-Jul-16 - 31-Jul-17

31-Jul-17 - 31-Jul-18

Fund (USD) - - - - 3.6

Index - - - - 4.8


- - - - 3.7


- - - - 3

Fund Data

No. of holdings 52

% in top 10 32




R2 - 1 yr 0.88

Beta - 1 yr 0.85

Swing Pricing (%)


Redemption (%) 0.18








12/16 02/17 04/17 06/17 08/17 10/17 12/17 02/18 04/18 06/18 08/1895

100

105

110

115

120

125

Goldman Sachs Global Real Estate Equity Portfolio - Base Shares(3)

FTSE EPRA/NAREIT Developed Index - USD Net

Morningstar Property - Indirect Global(1)





Base Shares(3) 10.11 0.94 3.76 1.70 3.59

FTSE EPRA/NAREIT Developed Index - USD Net 15.96 0.85 4.02 1.31 4.82

Morningstar Property - Indirect Global(1) 0.61 2.23 (0.19) 3.70

Quartile Position in Sector(1) 2 2 1 3


Base Shares - - - - 5.0

FTSE EPRA/NAREIT Developed Index - USD Net - - - - 10.6


48

Goldman Sachs Global Real Estate Equity PortfolioA sub-fund of Goldman Sachs Funds, SICAV







Fund Facts


Bloomberg Ticker - Base Shares GSGREBS LX




Reference Benchmark

FTSE EPRA/NAREIT Developed Index - USD Net

Settlement T + 3


Goldman Sachs Global Real Estate Equity Portfolio FTSE EPRA/NAREIT Developed (Net Total Return, Unhedged, USD)

30.6% Retail19.3% Diversified9.8% Industrial9.6% Health Care6.9% Hotel6.0% Office3.8% Self Storage2.9% Triple Net2.3% Real Estate1.8% Residential1.2% Technology0.0% Other5.8% Cash and cash equivalents

16.9% Retail20.2% Diversified8.4% Industrial6.6% Health Care4.3% Hotel

13.2% Office3.9% Self Storage5.5% Triple Net3.3% Real Estate

15.6% Residential1.8% Technology0.2% Other0.0% Cash and cash equivalents


Goldman Sachs Global Real Estate Equity Portfolio FTSE EPRA/NAREIT Developed (Net Total Return, Unhedged, USD)

39.2% North America14.7% Japan13.3% Pacific12.4% Europe Ex-U.K.8.3% Asia Ex-Japan6.4% United Kingdom0.0% Middle East & Africa5.8% Cash and cash equivalents

55.7% North America10.6% Japan4.8% Pacific

13.3% Europe Ex-U.K.10.5% Asia Ex-Japan5.0% United Kingdom0.1% Middle East & Africa0.0% Cash and cash equivalents

Top 10 Holdings(4)


Simon Property Group Inc 4.8 United States Retail

Ventas Inc 3.6 United States Health Care

RLJ Lodging Trust 3.6 United States Hotel

Orix JREIT Inc 3.3 Japan Diversified

Covivio 3.3 France Diversified

Daiwa House REIT Investment Corp 3.0 Japan Diversified

Invincible Investment Corp 2.9 Japan Diversified

HCP Inc 2.8 United States Health Care

Merlin Properties Socimi SA 2.6 Spain Diversified

Klepierre SA 2.5 France Retail

Please see Additional Notes. All performance and holdings data as at 31-Jul-18. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur.(1) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar ©2018 Morningstar, Inc. All Rights Reserved. (2) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (3) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. (4) Portfolio holdings may not represent current, future investments or all of the portfolio's holdings. Future portfolio holdings may not be profitable.

49

PV102336

Goldman Sachs Absolute Return Tracker PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Investor Profile(1)



The fund is designed for:The fund is designed for investors who are looking to access the return characteristics of a diversified portfolio of Trend, Equity Long Short, Macro, Relative Value and Event Driven hedge funds strategies which aim to generate positive returns which are lowly correlated to the broad bonds and equity markets.


31-Jul-14 - 31-Jul-15

31-Jul-15 - 31-Jul-16

31-Jul-16 - 31-Jul-17

31-Jul-17 - 31-Jul-18

Fund (USD) 4.7 2.9 -1.8 6.0 3.7

Index 0.2 0.3 0.5 1.1 1.9

Fund Data



Swing Pricing (%)


Redemption (%) 0.03








12/07 12/09 12/11 12/13 12/15 12/17 12/1975

80

85

90

95

100

105

110

115

Goldman Sachs Absolute Return Tracker Portfolio Base Shares (Acc.)

3 Month Libor (USD)





Base Shares (Acc.) 3.20 0.98 1.08 1.08 3.72 2.58 3.07 0.79

3 Month Libor (USD) 9.63 0.20 0.60 1.28 1.89 1.16 0.80 0.72


Base Shares (Acc.) 7.6 2.2 -2.4 4.1 6.5

3 Month Libor (USD) 0.3 0.2 0.3 0.8 1.3


50

Goldman Sachs Absolute Return Tracker PortfolioA sub-fund of Goldman Sachs Funds, SICAV



USD 10.32





Fund FactsISIN - Base Shares (Acc.) LU1103307317

Bloomberg Ticker - Base Shares (Acc.) GSARTRB LX




Settlement T + 3

Asset Class Breakdown

46.8% Equity Long Short26.7% Macro19.4% Relative Value7.1% Event Driven

Please see Additional Notes. All performance and holdings data as at 31-Jul-18. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur.(1) The GS Absolute Return Tracker Portfolio (Base (Acc.) shareclass) commenced operations on January 13th, 2015. Prior to that date, the performance of the GS Absolute Return Tracker (Base (Acc.) shareclass) is that of the A (USD) shareclass of the GS Absolute Return Tracker Portfolio, with fees and expense adjustment. The A (USD) shareclass of the GS Absolute Return Tracker Portfolio commenced operations on December 12th, 2007 and was merged to the Base (Acc.) shareclass. (2) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document.

51

PV100924

Goldman Sachs Global Currency Plus PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Investor Profile



The fund is designed for:The fund is designed for investors who are seeking exposure to a portfolio of global currencies.


31-Jul-14 - 31-Jul-15

31-Jul-15 - 31-Jul-16

31-Jul-16 - 31-Jul-17

31-Jul-17 - 31-Jul-18

Fund (USD) -0.7 0.5 -1.7 2.9 -6.2

Index 0.1 0.1 0.3 0.7 1.5

Fund Data





Performance Fee Rate (%)(2) 10.00






09/08 09/10 09/12 09/14 09/16 09/1880

85

90

95

100

105

110

115

Goldman Sachs Global Currency Plus Portfolio Base Shares(3)

Overnight US Libor(4)





Base Shares(3) (8.47) 2.05 (3.28) (6.47) (6.22) (1.77) (1.10)

Overnight US Libor(4) 4.14 0.17 0.47 0.98 1.50 0.84 0.54

Other Currency Shares (Acc.) (EUR-Hedged)(3) (12.33) 1.81 (4.08) (8.01) (8.59) (3.36) (2.09)

O/N EUR Libor(4) 2.01 (0.04) (0.11) (0.26) (0.44) (0.38) (0.23)


Base Shares -0.7 4.3 -2.0 -2.7 2.7

Overnight US Libor 0.1 0.1 0.1 0.4 1.0


52

Goldman Sachs Global Currency Plus PortfolioA sub-fund of Goldman Sachs Funds, SICAV



Net Asset Value (NAV) - Other Currency Shares (Acc.) (EUR-Hedged)

EUR 87.67



Currency - Other Currency Shares (Acc.) (EUR-Hedged)

EUR

Inception Date - Base Shares 02-Sep-08

Inception Date - Other Currency Shares (Acc.) (EUR-Hedged)

02-Sep-08


Fund Facts


ISIN - Other Currency Shares (Acc.) (EUR-Hedged)

LU0280836379

Bloomberg Ticker - Base Shares GSGCPBD LX

Bloomberg Ticker - Other Currency Shares (Acc.) (EUR-Hedged)

GSGCPEH LX




Reference Benchmark

Overnight US Libor

Settlement T + 3

Top 10 Currency Weights (%)(5)

19.3 17.1 12.0 10.7 10.5 10.3 7.4 4.3 3.2 2.9 1.2 0.5

-99.5

Swedish

Krona

Austral

ian Doll

ar

New Ze

aland

Dollar

Argenti

na Pe

so

Indon

esian

Rupiah

British

Poun

d

Hunga

rian F

orint

Colombia

n Peso

Indian

Rupee

Polish

Zloty

South

African

Rand

Turkis

h Lira

Others

-125.0

-100.0

-75.0

-50.0

-25.0

0.0

25.0

50.0

Please see Additional Notes. All performance and holdings data as at 31-Jul-18. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur.(1) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (2) The performance fees are calculated in accordance with the methodology described in the prospectus using a rate of 10.00% of net returns the share class achieves above Overnight LIBOR. In the Fund's last financial year the performance fee was 0.00% of the net asset value of the share class. (3) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. (4) The Overnight Libor index rate is an average derived from the quotation provided by the banks determined by the British Bankers' Association (BBA). In contrast to the portfolio, the index is shown without the deduction of any expenses (5) At 31 July 2018, the forecasted volatility (predicted TE) of the fund is 3.44% per annum. The top 1 and 3 exposures contribute 41.00% and 88.20% of this forecasted volatility.

53

PV102438

Goldman Sachs Global Multi-Manager Alternatives PortfolioA sub-fund of Goldman Sachs Funds II, SICAV


Investor Profile



The fund is designed for:The fund is designed for investors who are looking to invest in a range of alternative strategies (such as equity long/short, dynamic equity, event-driven and credit relative value) via a single portfolio which has access to industry-leading external managers.


31-Jul-14 - 31-Jul-15

31-Jul-15 - 31-Jul-16

31-Jul-16 - 31-Jul-17

31-Jul-17 - 31-Jul-18

Fund (USD) - - - 3.4 -2.3

Index - - - 1.1 1.9

Fund Data

No. of holdings 14



Swing Pricing (%)


Redemption (%) 0.08


Performance Fee Rate (%) 10.00






12/15 06/16 12/16 06/17 12/17 06/18 12/1890

95

100

105

110

115

Goldman Sachs Global Multi-Manager Alternatives Portfolio - Base Shares (Acc.)(2)

3 Month Libor (USD)(3)





Base Shares (Acc.)(2) 3.84 (0.87) (1.68) (2.04) (2.32)

3 Month Libor (USD)(3) 3.39 0.20 0.60 1.28 1.89


Base Shares (Acc.) - - - 4.6 0.9

3 Month Libor (USD) - - - 0.8 1.3


54

Goldman Sachs Global Multi-Manager Alternatives PortfolioA sub-fund of Goldman Sachs Funds II, SICAV



USD 103.84



Inception Date - Base Shares (Acc.) 16-Dec-15


Fund Facts


Bloomberg Ticker - Base Shares (Acc.) GSMMABA LX




Reference Benchmark

3 Month Libor (USD)

Settlement T + 3

Sector Weights (%) Top 5 Manager Allocations

40.0% Tactical Trading29.7% Equity Long/Short19.5% Event Driven & Credit5.4% Relative Value5.5% Dynamic Equity

Security %

Halcyon Capital Management 11.5

Sirios Capital Management 10.9

BosValen Asset Management 9.5

Crabel Capital Management 9.2

ADG Capital Management 9.0

Asset Class Exposure Geographic Exposure

54.2% Equity19.8% Fixed Income25.9% Foreign Exchange

44.7% North America27.1% Europe19.5% Asia-Pacific8.7% Other

Please see Additional Notes. All performance and holdings data as at 31-Jul-18. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur.(1) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (2) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares.

(3) The 3 Month Libor Index is quoted month-end with income reinvested and, in contrast to the Portfolio, shown without the deduction of any expenses.

55

PV102346

Goldman Sachs Global Strategic Macro Bond PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Investor Profile

Investor objectiveCapital appreciation and income.


The fund is designed for:The fund is designed for investors who are looking for a flexible global investment and sub-investment grade fixed income portfolio that has the ability to alter its exposure with an emphasis on interest rates and currencies and that seeks to generate returns thorough different market conditions.


31-Jul-14 - 31-Jul-15

31-Jul-15 - 31-Jul-16

31-Jul-16 - 31-Jul-17

31-Jul-17 - 31-Jul-18

Fund (USD) - - 1.4 3.9 -2.1

Index - - 0.5 1.1 1.9

Fund Data

No. of holdings 524



Swing Pricing (%)


Redemption (%) 0.10








10/14 04/15 10/15 04/16 10/16 04/17 10/17 04/18 10/1890

95

100

105

110

115

Goldman Sachs Global Strategic Macro Bond Portfolio - Base Shares(3)






Base Shares(3) 4.19 1.08 (1.35) (0.97) (2.14) 1.04

3 Month Libor (USD)(4) 3.75 0.20 0.60 1.28 1.89 1.16


Base Shares - - 2.4 2.9 0.4

3 Month Libor (USD) - - 0.3 0.8 1.3


56

Goldman Sachs Global Strategic Macro Bond PortfolioA sub-fund of Goldman Sachs Funds, SICAV




Current Duration of Portfolio (years) -1.94

Current Duration of Reference Benchmark (years)

0.25


Inception Date - Base Shares 22-Oct-14


Fund Facts





Reference Benchmark

3 Month Libor (USD)

Settlement T + 3

Top 10 Currency Weights (%) Sector Allocation (%)

-39.0

0.5

0.8

1.1

1.5

1.6

2.9

3.9

3.9

4.2

4.3

5.9

7.0

-50 -40 -30 -20 -10 0 10 20

Others

South African Rand

Polish Zloty

Indian Rupee

Egyptian Pound

Colombian Peso

Hungarian Forint

Indonesian Rupiah

British Pound

Argentina Peso

New Zealand Dollar

Australian Dollar

Swedish Krona 43.6% Governments29.0% Quasi-Governments9.7% Emerging Market Debt6.8% Residential Mortgages (RMBS)

11.6% Cash-0.7% Derivatives

Country Bond Allocation (%)

83.1% US7.9% Japan0.8% Sweden

-0.3% UK-0.6% Eurozone9.1% Other

Please see Additional Notes. All performance and holdings data as at 31-Jul-18. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur.(1) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (2) The performance fees are calculated in accordance with the methodology described in the prospectus using a rate of 10.00% of net returns the share class achieves above 3 Month LIBOR. In the Fund's last financial year the performance fee was 0.01% of the net asset value of the share class. (3) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. (4) The 3 Month Libor Index is quoted month-end with income reinvested and, in contrast to the Portfolio, shown without the deduction of any expenses.

57

PV102762

Goldman Sachs GQG Partners Global Equity PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Investor Profile

Investor objectiveLong term capital appreciation. There is no guarantee that these objectives will be met.


The fund is designed for:The fund is designed for investors looking to diversify their portfolio through high quality global companies with potential growth opportunities and the flexibility to invest outside of the benchmark

Fund Data

No. of holdings 41

Swing Pricing (%)


Redemption (%) 0.06







Financial Information



Fund Characteristics




Fund Facts


Bloomberg Ticker - Base Shares GSGPGBI LX




Reference Benchmark

MSCI All Country World Index (Net total return, unhedged, USD)-Daily

Settlement T + 3


GS GQG % MSCI ACWI %

40.3% Information Technology20.3% Financials16.7% Health Care8.2% Consumer Staples6.6% Consumer Discretionary4.7% Materials2.7% Cash0.5% Industrials0.0% Energy0.0% Real Estate0.0% Telecommunication Services0.0% Utilities

19.4% Information Technology17.7% Financials11.4% Health Care8.0% Consumer Staples

12.1% Consumer Discretionary5.2% Materials0.0% Cash

10.7% Industrials6.8% Energy3.0% Real Estate2.8% Telecommunication Services2.9% Utilities


GS GQG % MSCI ACWI %

61.5% North America20.7% Europe (ex-UK)12.0% Emerging Markets3.1% United Kingdom2.7% Cash0.0% Asia (ex-Japan)0.0% Japan

56.0% North America16.0% Europe (ex-UK)11.1% Emerging Markets5.1% United Kingdom0.0% Cash4.4% Asia (ex-Japan)7.4% Japan

Top 10 Holdings(2)

Name Port Weight% BM Weight%

UnitedHealth Group Inc 6.7 0.5

Alphabet Inc 6.4 1.6

Facebook Inc 5.6 0.9

Mastercard Inc 4.9 0.4

HDFC Bank Ltd 3.5 0.0

Becton Dickinson and Co 3.5 0.1

Visa Inc 3.3 0.5

Microsoft Corp 3.2 1.7

Bank of America Corp 3.1 0.7

Amazon.com Inc 3.0 1.6

Please see Additional Notes. All performance and holdings data as at 31-Jul-18. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur.Past performance does not guarantee future results, which may vary.* We identify two broad categories of funds to help investors think about how to construct their overall investment portfolio. We describe the following as “Core”: (A) Equity funds with a global investment remit or those mainly focused on US and European markets, given the size and transparency of these markets. (B) Fixed income funds with a global investment remit or those mainly focused on US, European and UK markets and invest predominantly in investment grade debt, including government. (C) Multi asset funds with a multi asset benchmark. All other funds we describe as “Complements”. Both Core and Complement funds can vary in risk level and those terms are not meant to indicate the risk level of the funds. There is no guarantee that these objectives will be met.For regionally focussed investment portfolios we understand that the categorisation may be different from the perspective of different investors. Consult your financial adviser before investing to help determine if an investment in this fund and the amount of the investment would be suitable.(1) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (2) Portfolio holdings may not represent current, future investments or all of the portfolio's holdings. Future portfolio holdings may not be profitable.

58

PV102206

Goldman Sachs Euro Short Duration Bond Plus PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Monthly Fund Update

Investor Profile(1)

Investor objectiveIncome with some capital appreciation.


The fund is designed for:The fund is designed for investors who want to moderate interest rate risk by investing in a portfolio of primarily investment grade short term Euro bonds.


31-Jul-14 - 31-Jul-15

31-Jul-15 - 31-Jul-16

31-Jul-16 - 31-Jul-17

31-Jul-17 - 31-Jul-18

Fund (EUR) - 0.4 0.8 1.0 -0.9

Index - 0.8 0.7 0.0 -0.3


- 0.6 0.5 0.3 -0.8


- 3 2 1 3

Fund Data

No. of holdings 171

% in top 10 29




R2 - 3 yr 0.38

Beta - 3 yr 1.27

Swing Pricing (%)


Redemption (%) 0.08








01/14 07/14 01/15 07/15 01/16 07/16 01/17 07/17 01/18 07/1895

100

105

110

Goldman Sachs Euro Short Duration Bond Plus Portfolio - Base Shares(5)

Bloomberg Barclays Euro Aggregate 500mm 1-3 yr(4)

Morningstar EUR Diversified Bond - Short Term(2)





Base Shares(5) 2.55 0.10 (0.39) (0.78) (0.90) 0.29

Bloomberg Barclays Euro Aggregate 500mm 1-3 yr(4) 2.42 (0.04) (0.21) (0.25) (0.32) 0.12

Morningstar EUR Diversified Bond - Short Term(2) 0.12 (0.62) (0.78) (0.78) (0.02)



Base Shares - - 0.8 1.2 0.3

Bloomberg Barclays Euro Aggregate 500mm 1-3 yr - - 0.6 0.6 -0.1


59

Goldman Sachs Euro Short Duration Bond Plus PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Monthly Fund Update


Total Net Assets (m) EUR 155

Current Duration of Portfolio (years) 1.40


1.99

Yield To Maturity of Portfolio (%) 0.50

Yield To Worst of Portfolio (%) 0.49




Fund Facts


Bloomberg Ticker - Base Shares GESDBRI LX




Reference Benchmark

Bloomberg Barclays Euro Aggregate 500mm 1-3 yr

Settlement T + 3


Goldman Sachs Euro Short Duration Bond Plus Portfolio Bloomberg Barclays Euro Aggregate 500mm 1-3 yr

51.1% Corporates - Inv. Grade22.6% Governments7.4% Asset-Backed Securities (ABS)5.0% Emerging Market Debt4.5% Corporates - High Yield2.7% Quasi-Governments2.1% Covered Bonds0.4% Residential Mortgages (RMBS)4.7% Cash

-0.4% Derivatives

19.1% Corporates - Inv. Grade52.9% Governments0.0% Asset-Backed Securities (ABS)2.8% Emerging Market Debt0.0% Corporates - High Yield

14.8% Quasi-Governments10.4% Covered Bonds0.0% Residential Mortgages (RMBS)0.0% Cash0.0% Derivatives

Country Bond Allocation (%) Credit Allocation (%)

Goldman Sachs Euro Short Duration Bond Plus Portfolio


Eurozone 91.0 100.0

US 8.4 0.0

UK 0.9 0.0

Sweden 0.1 0.0

Other -0.4 0.0

0.0 -0.4

0.0 4.7

0.1 0.0

0.0 1.9

0.0 4.9

21.6 40.1

20.0 34.1

28.1 2.3

30.2 12.5

-20 -10 0 10 20 30 40 50 60

Derivatives

Cash

NR

B

BB

BBB

A

AA

AAA

Goldman Sachs Euro Short Duration Bond Plus Portfolio


Please see Additional Notes. All performance and holdings data as at 31-Jul-18. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur.(1) Effective May 31, 2016, the portfolio name changed from Goldman Sachs Euro Short Duration Bond Portfolio to Goldman Sachs Euro Short Duration Bond Plus Portfolio. (2) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar ©2018 Morningstar, Inc. All Rights Reserved. (3) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (4) The Bloomberg Barclays Euro Aggregate 500mm 1-3 yr Index is quoted at month-end with income reinvested and, in contrast to the Portfolio, is shown without the deduction of any expenses. (5) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares.

60

PV100312

Goldman Sachs Global Fixed Income Plus Portfolio (Hedged)A sub-fund of Goldman Sachs Funds, SICAV


Monthly Fund Update

Investor Profile



The fund is designed for:The fund is designed for investors who want exposure to a portfolio of global investment grade bonds on a currency hedged basis. Given the portfolio may also invest in sub-investment grade bonds and currencies, it has the potential for higher returns but higher risk than the GS Global Fixed Income Portfolio and the GS Global Fixed Income Portfolio (Hedged).


31-Jul-14 - 31-Jul-15

31-Jul-15 - 31-Jul-16

31-Jul-16 - 31-Jul-17

31-Jul-17 - 31-Jul-18

Fund (EUR) 6.6 0.9 4.8 -2.0 -2.4

Index 5.0 3.6 6.0 -2.5 -1.1


4.6 1.2 3.1 -0.8 -1.8


1 3 2 3 3

Fund Data

No. of holdings 640

% in top 10 27




R2 - 3 yr 0.70

Beta - 3 yr 0.80

Swing Pricing (%)


Redemption (%) 0.13








01/06 01/08 01/10 01/12 01/14 01/16 01/18 01/2080

90

100

110

120

130

140

150

160

170

Goldman Sachs Global Fixed Income Plus Portfolio (Hedged) - Base Shares

Bloomberg Barclays Global Aggregate Bond Index Hedged to EURO

Morningstar Global Bond - EUR Hedged





Base Shares 44.02 0.09 (0.62) (2.18) (2.44) 0.06 1.50 3.53


51.77 (0.20) (0.11) (1.41) (1.07) 0.74 2.15 3.56

Morningstar Global Bond - EUR Hedged 0.08 (0.68) (1.72) (1.81) 0.14 1.22 3.20


Base Shares (Acc.) 44.00 0.14 (0.69) (2.17) (2.37) 0.07 1.51 3.53


Base Shares 1.7 5.7 0.2 2.1 0.1

Bloomberg Barclays Global Aggregate Bond Index Hedged to EURO -0.3 7.6 0.7 2.4 1.1


61

Goldman Sachs Global Fixed Income Plus Portfolio (Hedged)A sub-fund of Goldman Sachs Funds, SICAV


Monthly Fund Update



EUR 14.40

Total Net Assets (m) EUR 1,233



6.93








Fund Facts



Bloomberg Ticker - Base Shares GSFXPPB LX

Bloomberg Ticker - Base Shares (Acc.) GSFXBAC LX




Reference Benchmark


Settlement T + 3


Goldman Sachs Global Fixed Income Plus Portfolio (Hedged) Bloomberg Barclays Global Aggregate Bond (Total Return, Hedged, EUR)

33.3% Governments18.4% Asset-Backed Securities (ABS)16.1% Corporates - Inv. Grade16.1% Residential Mortgages (RMBS)13.8% Quasi-Governments6.1% Emerging Market Debt1.0% Corporates - High Yield0.4% Municipal0.3% Covered Bonds0.0% Commercial Mortgages

(CMBS)-4.3% Cash-1.3% Derivatives

50.9% Governments0.2% Asset-Backed Securities (ABS)

18.5% Corporates - Inv. Grade11.6% Residential Mortgages (RMBS)8.9% Quasi-Governments6.6% Emerging Market Debt0.2% Corporates - High Yield0.0% Municipal2.6% Covered Bonds0.5% Commercial Mortgages

(CMBS)0.0% Cash0.0% Derivatives


Goldman Sachs Global Fixed Income Plus Portfolio (Hedged)

Bloomberg Barclays Global Aggregate Bond (Total Return, Hedged, EUR)

US 43.4 44.5

Eurozone 25.2 25.1

Japan 19.2 16.6

UK 6.6 5.0

Canada 2.7 2.7

Sweden 0.4 0.4

Denmark 0.1 0.3

Australia 0.1 1.3

Norway 0.0 0.1

Other 2.3 4.00.0

-1.3 0.0

-4.3 0.6 1.1

0.0 0.0 0.0 0.6 0.0 1.0

0.0 1.1

0.0 1.4

12.0 13.5

29.9 31.9

17.0 17.3

40.5 37.7

-20 -10 0 10 20 30 40 50 60

Derivatives

Cash

NR

C

CC

CCC

B

BB

BBB

A

AA

AAA

Goldman Sachs Global Fixed Income Plus Portfolio (Hedged)


Please see Additional Notes. All performance and holdings data as at 31-Jul-18. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur.(1) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document.

62

PV100029

Goldman Sachs Global Fixed Income PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Monthly Fund Update

Investor Profile



The fund is designed for:The fund is designed for investors who want exposure to a portfolio of primarily global investment grade bonds with the currency risk left unhedged.


31-Jul-14 - 31-Jul-15

31-Jul-15 - 31-Jul-16

31-Jul-16 - 31-Jul-17

31-Jul-17 - 31-Jul-18

Fund (USD) 6.1 -8.1 7.9 -1.6 -0.6

Index 5.1 -6.0 9.4 -1.3 -0.5


5.0 -7.5 4.9 1.2 -1.4


2 3 2 3 1

Fund Data

No. of holdings 432

% in top 10 25




R2 - 3 yr 0.96

Beta - 3 yr 0.94

Swing Pricing (%)


Redemption (%) 0.10







Performance (Indexed)(3)

02/93 02/95 02/97 02/99 02/01 02/03 02/05 02/07 02/09 02/11 02/13 02/15 02/17 02/190

50

100

150

200

250

300

350

400

450

Goldman Sachs Global Fixed Income Portfolio Base Shares(5)

Bloomberg Barclays Global Aggregate Bond Index in USD(4)

Morningstar Global Bond(1)





Base Shares(5) 175.92 0.06 (1.43) (1.62) (0.63) 1.82 0.58 2.04

Bloomberg Barclays Global Aggregate Bond Index in USD(4)

250.89 (0.17) (1.36) (1.62) (0.48) 2.45 1.21 2.55

Morningstar Global Bond(1) 0.14 (2.15) (2.40) (1.45) 1.47 0.09 1.63


Base Shares (Acc.)(5) 45.40 0.00 (1.49) (1.62) (0.68) 1.80 0.57 2.03


Base Shares -1.9 -1.5 -3.9 1.6 6.4

Bloomberg Barclays Global Aggregate Bond Index in USD -2.6 0.6 -3.2 2.1 7.4


63

Goldman Sachs Global Fixed Income PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Monthly Fund Update



USD 14.54




6.93





Inception Date - Base Shares 26-Feb-93



Fund Facts



Bloomberg Ticker - Base Shares GLSWBFI LX

Bloomberg Ticker - Base Shares (Acc.) GSFXIBA LX




Reference Benchmark

Bloomberg Barclays Global Aggregate Bond Index in USD

Settlement T + 3


Goldman Sachs Global Fixed Income Portfolio Bloomberg Barclays Global Aggregate Bond (Total Return, Unhedged, USD)

26.3% Governments19.3% Quasi-Governments19.1% Corporates - Inv. Grade13.5% Residential Mortgages (RMBS)12.9% Asset-Backed Securities (ABS)7.1% Emerging Market Debt1.6% Covered Bonds0.3% Corporates - High Yield0.0% Commercial Mortgages

(CMBS)0.0% Municipal0.2% Cash

-0.4% Derivatives

50.9% Governments8.9% Quasi-Governments

18.4% Corporates - Inv. Grade11.6% Residential Mortgages (RMBS)0.2% Asset-Backed Securities (ABS)6.6% Emerging Market Debt2.6% Covered Bonds0.2% Corporates - High Yield0.5% Commercial Mortgages

(CMBS)0.0% Municipal0.0% Cash0.0% Derivatives


Goldman Sachs Global Fixed Income Portfolio

Bloomberg Barclays Global Aggregate Bond (Total

Return, Unhedged, USD)

US 48.0 44.5

Eurozone 21.7 25.1

Japan 16.8 16.6

UK 6.7 5.0

Canada 1.6 2.7

Sweden 0.8 0.4

Australia 0.5 1.3

Denmark 0.2 0.3

Norway 0.0 0.1

Other 3.7 4.0

0.0 -0.4

0.0 0.2 1.0 0.4 0.0 0.4 0.0 0.8

0.1 0.0

15.4 20.9

26.8 24.9

17.0 16.5

39.7 36.2

-20 -10 0 10 20 30 40 50

Derivatives

Cash

NR

CC

CCC

BB

BBB

A

AA

AAA

Goldman Sachs Global Fixed Income Portfolio

Bloomberg Barclays Global Aggregate Bond (Total Return, Unhedged, USD)

Please see Additional Notes. All performance and holdings data as at 31-Jul-18. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur.(1) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar ©2018 Morningstar, Inc. All Rights Reserved. (2) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (3) The cumulative performance graph shows returns since 1-Dec-98 to coincide with the change in benchmark and Portfolio from hedged to unhedged. (4) The Bloomberg Barclays Global Aggregate Bond Index is quoted at month-end with income reinvested and, in contrast to the Portfolio, is shown without the deduction of any expenses. (5) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares.

64

PV100018

Goldman Sachs Global Fixed Income Portfolio (Hedged)A sub-fund of Goldman Sachs Funds, SICAV


Monthly Fund Update

Investor Profile



The fund is designed for:The fund is designed for investors who want exposure to a portfolio of primarily global investment grade bonds on a currency hedged basis.


31-Jul-14 - 31-Jul-15

31-Jul-15 - 31-Jul-16

31-Jul-16 - 31-Jul-17

31-Jul-17 - 31-Jul-18

Fund (EUR) 5.2 0.8 4.8 -2.9 -1.4

Index 5.0 3.6 6.0 -2.5 -1.1


4.6 1.2 3.1 -0.8 -1.8


2 3 2 4 2

Fund Data

No. of holdings 381

% in top 10 25




R2 - 3 yr 0.88

Beta - 3 yr 0.84

Swing Pricing (%)


Redemption (%) 0.11








12/01 12/03 12/05 12/07 12/09 12/11 12/13 12/15 12/17 12/1980

100

120

140

160

180

200

220

Goldman Sachs Global Fixed Income Portfolio (Hedged) Base Shares


Morningstar Global Bond - EUR Hedged





Base Shares 60.54 (0.09) (0.09) (1.34) (1.36) 0.10 1.24 2.68


89.30 (0.20) (0.11) (1.41) (1.07) 0.74 2.15 3.56

Morningstar Global Bond - EUR Hedged 0.08 (0.68) (1.72) (1.81) 0.14 1.22 3.20


Base Shares (Acc.) 33.70 (0.07) (0.07) (1.40) (1.33) 0.10 1.24 2.67


Base Shares 0.0 4.7 -0.1 1.9 -0.1

Bloomberg Barclays Global Aggregate Bond Index Hedged to EURO -0.3 7.6 0.7 2.4 1.1


65

Goldman Sachs Global Fixed Income Portfolio (Hedged)A sub-fund of Goldman Sachs Funds, SICAV


Monthly Fund Update



EUR 13.37




6.93








Fund Facts



Bloomberg Ticker - Base Shares GSGBFXI LX

Bloomberg Ticker - Base Shares (Acc.) GSFXHBA LX




Reference Benchmark


Settlement T + 3


Goldman Sachs Global Fixed Income Portfolio (Hedged) Bloomberg Barclays Global Aggregate Bond (Total Return, Hedged, EUR)

22.0% Asset-Backed Securities (ABS)21.9% Governments18.6% Corporates - Inv. Grade16.6% Residential Mortgages (RMBS)15.2% Quasi-Governments8.7% Emerging Market Debt0.4% Corporates - High Yield0.1% Commercial Mortgages

(CMBS)0.0% Covered Bonds0.0% Municipal

-2.7% Cash-0.8% Derivatives

0.2% Asset-Backed Securities (ABS)50.9% Governments18.4% Corporates - Inv. Grade11.6% Residential Mortgages (RMBS)8.9% Quasi-Governments6.6% Emerging Market Debt0.2% Corporates - High Yield0.5% Commercial Mortgages

(CMBS)2.6% Covered Bonds0.0% Municipal0.0% Cash0.0% Derivatives


Goldman Sachs Global Fixed Income Portfolio (Hedged)


US 53.1 44.5

Eurozone 20.0 25.1

Japan 12.3 16.6

UK 8.3 5.0

Canada 2.1 2.7

Sweden 0.5 0.4

Denmark 0.1 0.3

Australia 0.0 1.3

Norway 0.0 0.1

Other 3.6 4.0

0.0 -0.8

0.0 -2.7

1.0 0.4 0.0 0.6 0.0 0.1 0.1 0.1

15.4 20.2

26.8 19.7

17.0 20.4

39.7 42.1

-20 -10 0 10 20 30 40 50 60

Derivatives

Cash

NR

CCC

B

BB

BBB

A

AA

AAA

Goldman Sachs Global Fixed Income Portfolio (Hedged)



66

PV101503

Goldman Sachs Global Strategic Income Bond PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Investor Profile



The fund is designed for:The fund is designed for investors who are looking for a flexible global investment and sub-investment grade fixed income fund that has the ability to alter its exposure with an emphasis on interest rates, currencies and credit markets and that seeks to generate returns through different market conditions.


31-Jul-14 - 31-Jul-15

31-Jul-15 - 31-Jul-16

31-Jul-16 - 31-Jul-17

31-Jul-17 - 31-Jul-18

Fund (USD) 3.5 -2.7 -1.7 2.8 -0.8

Index 0.2 0.3 0.5 1.1 1.9


5.4 -0.1 2.0 4.5 0.8


4 4 4 4 4

Fund Data

No. of holdings 697

% in top 10 27



Excess Returns - 3 yr (1.10)

R2 - 3 yr 0.00

Beta - 3 yr 0.26

Swing Pricing (%)


Redemption (%) 0.21








03/11 03/13 03/15 03/17 03/1990

95

100

105

110

115

120

125

130

135

Goldman Sachs Global Strategic Income Bond Portfolio Base Shares

3 Month Libor (USD) Morningstar Global Flexible Bond - USD Hedged





14.01 0.91 (0.37) 0.25 (0.80) 0.07 0.18

4.97 0.20 0.60 1.28 1.89 1.16 0.80

0.79 (0.12) (0.47) 0.83 2.57 2.76

2 3 2 4 4 4

(3.33) 0.68 (1.06) (1.24) (3.13) (1.55) (0.84)

(0.59) (0.03) (0.09) (0.22) (0.38) (0.30) (0.13)

1.44 0.84 (0.58) (0.19) (1.39) 0.09 -

Base Shares

3 Month Libor (USD)

Morningstar Global Flexible Bond - USD

Hedged

Quartile Position in Sector

Other Currency Shares (EUR-Hedged)

ICE Libor EUR 3 Month (EUR)

Other Currency Shares (SGD-Hedged) (Q-Dist)


Base Shares 6.5 -1.2 -1.7 1.7 -0.6

3 Month Libor (USD) 0.3 0.2 0.3 0.8 1.3


67

Goldman Sachs Global Strategic Income Bond PortfolioA sub-fund of Goldman Sachs Funds, SICAV



Net Asset Value (NAV) - Other Currency Shares (EUR-Hedged)

EUR 89.27

Net Asset Value (NAV) - Other Currency Shares (SGD-Hedged) (Q-Dist)

SGD 92.54


Current Duration of Portfolio (years) (1.68)


0.25




Currency - Other Currency Shares (EUR-Hedged)

EUR

Currency - Other Currency Shares (SGD-Hedged) (Q-Dist)

SGD


Inception Date - Other Currency Shares (EUR-Hedged)

27-Mar-13

Inception Date - Other Currency Shares (SGD-Hedged) (Q-Dist)

13-Sep-13


Fund Facts


ISIN - Other Currency Shares (EUR-Hedged)

LU0906949010

ISIN - Other Currency Shares (SGD-Hedged) (Q-Dist)

LU0968322650

Bloomberg Ticker - Base Shares GSIBBUA LX

Bloomberg Ticker - Other Currency Shares (EUR-Hedged)

GSGOEUR LX

Bloomberg Ticker - Other Currency Shares (SGD-Hedged) (Q-Dist)

GSISGDH LX




Reference Benchmark

3 Month Libor (USD)

Settlement T + 3

Interest Rate Duration

Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 Jun-18-4

-3

-2

-1

0

1

Year

s

Total Active Duration US Active Duration

Country Bond Allocation (%) Top 10 Currency Weights (%)

86.6% US5.5% Japan5.0% Eurozone1.4% UK0.5% Sweden1.0% Other

-24.2

0.8

0.8

1.4

2.0

2.6

2.7

2.9

3.7

3.8

6.4

97.0

-45 -30 -15 0 15 30 45 60 75 90 105 120

Other

Norwegian Krone

Colombian Peso

Egyptian Pound

Hungarian Forint

Argentina Peso

Indonesian Rupiah

New Zealand Dollar

British Pound

Australian Dollar

Swedish Krona

United States Dollar

Sector Allocation (%) Credit Allocation (%)

22.9% Governments0.5% Quasi-Governments1.0% Municipal

11.8% ABS0.5% CMBS4.3% Agency RMBS8.9% Non-Agency RMBS0.0% Covered Bonds1.7% Corporate - Investment Grade4.3% Corporate - High Yield

12.8% Corporate - Collateralized Loan Obligations

1.3% Bank Loans8.5% Emerging Market Debt


-1.6

23.2

3.5

0.0

0.0

1.7

3.8

5.1

3.5

5.8

26.4

5.4

23.1

-10 -5 0 5 10 15 20 25 30 35

Derivatives

Cash

NR

D

C

CC

CCC

B

BB

BBB

A

AA

AAA


68

PV100310

Goldman Sachs Sterling Broad Fixed Income Plus PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Monthly Fund Update

Investor Profile



The fund is designed for:The fund is designed for investors seeking exposure to a portfolio of investment grade Sterling bonds. Given the portfolio may also invest in sub-investment grade bonds and currencies, it has the potential for higher returns but higher risk than the GS Sterling Broad Fixed Income Portfolio.


31-Jul-14 - 31-Jul-15

31-Jul-15 - 31-Jul-16

31-Jul-16 - 31-Jul-17

31-Jul-17 - 31-Jul-18

Fund (GBP) 4.1 7.7 13.7 -1.6 0.3

Index 3.6 9.1 13.8 -1.4 1.0


3.7 6.6 10.0 1.4 0.6


2 2 1 4 3

Fund Data

No. of holdings 37

% in top 10 15




R2 - 3 yr 0.92

Beta - 3 yr 1.05

Swing Pricing (%)


Redemption (%) 0.17








01/06 01/08 01/10 01/12 01/14 01/16 01/18 01/2080

100

120

140

160

180

200

Goldman Sachs Sterling Fixed Income Plus Portfolio Base Shares(4)

ICE BofAML Sterling Broad Market Index in GBP(3)

Morningstar GBP Diversified Bond(1)





Base Shares(4) 74.89 0.00 0.69 (1.24) 0.31 3.92 4.70 6.32

ICE BofAML Sterling Broad Market Index in GBP(3)

81.44 (0.21) 0.61 (0.36) 0.97 4.25 5.08 6.03

Morningstar GBP Diversified Bond(1) (0.05) 0.71 (0.49) 0.60 3.83 4.46 5.40


Base Shares (Acc.)(4) 74.30 (0.06) 0.64 (1.19) 0.29 3.92 4.70 6.30


Base Shares -0.9 12.3 0.8 11.0 1.9

ICE BofAML Sterling Broad Market Index in GBP -2.6 13.9 0.5 10.6 2.6


69

Goldman Sachs Sterling Broad Fixed Income Plus PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Monthly Fund Update

Financial InformationNet Asset Value (NAV) - Base Shares GBP 8.75


GBP 17.43

Total Net Assets (m) GBP 4



10.72



Fund CharacteristicsCurrency - Base Shares GBP

Currency - Base Shares (Acc.) GBP




Fund Facts



Bloomberg Ticker - Base Shares GSBFBAS LX

Bloomberg Ticker - Base Shares (Acc.) GSBFXBA LX




Reference Benchmark

ICE BofAML Sterling Broad Market Index in GBP

Settlement T + 3


Goldman Sachs Sterling Broad Fixed Income Plus Portfolio ICE BofAML Sterling Broad Market Index

11.0% Corporates - Inv. Grade3.3% Asset-Backed Securities (ABS)0.3% Emerging Market Debt0.2% Governments0.1% Quasi-Governments0.0% Covered Bonds0.0% Commercial Mortgages

(CMBS)0.0% Residential Mortgages (RMBS)


22.0% Corporates - Inv. Grade0.3% Asset-Backed Securities (ABS)0.5% Emerging Market Debt

69.7% Governments6.2% Quasi-Governments1.1% Covered Bonds0.2% Commercial Mortgages

(CMBS)0.0% Residential Mortgages (RMBS)0.0% Cash0.0% Derivatives


Goldman Sachs Sterling Broad Fixed Income Plus Portfolio

ICE BofAML Sterling Broad Market Index

UK 96.2 100.0

US 3.6 0.0

Australia 0.1 0.0

Japan 0.1 0.0

0.0 -0.3

0.0 85.4

0.0 0.3 0.0 0.0 0.0 0.0 0.0 0.0

7.0 3.5

12.2 10.8

74.5 0.2

6.3 0.1

-30 -15 0 15 30 45 60 75 90 105

Derivatives

Cash

NR

D

B

BB

BBB

A

AA

AAA

Goldman Sachs Sterling Broad Fixed Income Plus Portfolio

ICE BofAML Sterling Broad Market Index

Please see Additional Notes. All performance and holdings data as at 31-Jul-18. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur.(1) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar ©2018 Morningstar, Inc. All Rights Reserved. (2) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (3) The BofA Merrill Lynch Sterling Broad Market Index is quoted at month-end with income reinvested and, in contrast to the Portfolio, is shown without the deduction of any expenses. (4) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares.

70

PV102618

Goldman Sachs Sterling Short Duration Bond PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Investor Profile



The fund is designed for:The fund is designed for investors who want to moderate interest rate risk by investing in a portfolio of investment grade ultra-short term bonds, primarily Sterling denominated.


31-Jul-14 - 31-Jul-15

31-Jul-15 - 31-Jul-16

31-Jul-16 - 31-Jul-17

31-Jul-17 - 31-Jul-18

Fund (GBP) - - - 0.5 0.1

Index - - - 0.1 -0.1


- - - 0.9 -0.3


- - - 3 3

Fund Data

No. of holdings 65

% in top 10 33




R2 - 1 yr 0.93

Beta - 1 yr 0.82

Swing Pricing (%)


Redemption (%) 0.06








06/16 12/16 06/17 12/17 06/18 12/1890

95

100

105

110

Goldman Sachs Sterling Short Duration Bond Portfolio - Class I Shares (Acc.)

Bloomberg Barclays Sterling Aggregate 1-3 Yr Index (Total Return, Unhedged, GBP)

Morningstar GBP Diversified Bond - Short Term





Class I Shares (Acc.) 0.72 (0.01) 0.19 0.07 0.13


0.14 0.00 0.20 (0.01) (0.08)

Morningstar GBP Diversified Bond - Short Term 0.04 0.27 (0.13) (0.27)

Quartile Position in Sector 3 2 3 3


Class I Shares (Acc.) - - - - 0.3

Bloomberg Barclays Sterling Aggregate 1-3 Yr Index (Total Return, Unhedged, GBP) - - - - -0.1


71

Goldman Sachs Sterling Short Duration Bond PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Financial InformationNet Asset Value (NAV) - Class I Shares (Acc.)

GBP 100.72




1.94



Fund CharacteristicsCurrency - Class I Shares (Acc.) GBP

Inception Date - Class I Shares (Acc.) 06-Jun-16


Fund Facts

ISIN - Class I Shares (Acc.) LU1409380844

Bloomberg Ticker - Class I Shares (Acc.) GSSUSIA LX




Reference Benchmark

Bloomberg Barclays Sterling Aggregate 1-3 Yr Index (Total Return, Unhedged,

GBP)

Settlement T + 1


Goldman Sachs Sterling Short Duration Bond Portfolio Bloomberg Barclays Sterling Aggregate 1-3 Yr Index (Total Return, Unhedged, GBP)

6.85% Government15.27% Quasi-Government7.19% Asset-Backed Securities (ABS)5.88% Residential Mortgages (RMBS)3.93% Covered Bond

55.02% Corporate - Inv. Grade0.00% Emerging Market Debt6.08% Cash

-0.21% Derivatives

68.69% Government12.65% Quasi-Government0.00% Asset-Backed Securities (ABS)0.00% Residential Mortgages (RMBS)1.08% Covered Bond

17.07% Corporate - Inv. Grade0.42% Emerging Market Debt0.00% Cash0.00% Derivatives


Goldman Sachs Sterling Short Duration Bond Portfolio

Bloomberg Barclays Sterling Aggregate 1-3 Yr

Index (Total Return, Unhedged, GBP)

UK 92.99 100.00

US 7.21 0.00

Other -0.21 0.00

0.0

-0.2

0.0

6.1

6.0

21.0

7.2

20.6

74.5

22.2

12.2

30.3

-30 -15 0 15 30 45 60 75 90

Derivatives

Cash

BBB

A

AA

AAA

Goldman Sachs Sterling Short Duration Bond Portfolio



72

PV100369

Goldman Sachs Strategic Absolute Return Bond I PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Investor Profile



The fund is designed for:The fund is designed for investors who are looking for a flexible global investment and sub-investment grade fixed income portfolio that has the ability to alter its exposure with an emphasis on interest rates, currencies and credit markets and that seeks to generate returns through different market conditions with a less risk investment strategy than GS Strategic Absolute Return Bond II Portfolio.


31-Jul-14 - 31-Jul-15

31-Jul-15 - 31-Jul-16

31-Jul-16 - 31-Jul-17

31-Jul-17 - 31-Jul-18

Fund (USD) 2.3 -1.9 -0.4 1.9 1.1

Index 0.2 0.3 0.5 1.1 1.9

Fund Data

No. of holdings 543

% in top 10 52




R2 - 3 yr 0.00

Beta - 3 yr 0.43

Swing Pricing (%)


Redemption (%) 0.07








06/06 06/08 06/10 06/12 06/14 06/16 06/18 06/2090

95

100

105

110

115

120

125

Goldman Sachs Strategic Absolute Return Bond I Portfolio Base Shares(4)






Base Shares(4) 15.70 0.54 0.14 0.49 1.10 0.89 0.60 1.20

3 Month Libor (USD)(3) 18.65 0.20 0.60 1.28 1.89 1.16 0.80 0.72

Other Currency Shares (EUR-Hedged)(4) 8.50 0.31 (0.57) (1.00) (1.29) (0.77) (0.46) 0.71

ICE Libor EUR 3 Month (EUR)(3) 15.12 (0.03) (0.09) (0.22) (0.38) (0.30) (0.13) 0.52

Other Currency Shares (GBP-Hedged)(4) 17.03 0.41 (0.33) (0.46) (0.39) 0.11 0.25 1.09

3 Month LIBOR - GBP(3) 21.51 0.06 0.17 0.37 0.54 0.49 0.51 0.86


Base Shares 3.4 -1.3 0.0 1.3 1.0

3 Month Libor (USD) 0.3 0.2 0.3 0.8 1.3


73

Goldman Sachs Strategic Absolute Return Bond I PortfolioA sub-fund of Goldman Sachs Funds, SICAV




EUR 87.30

Net Asset Value (NAV) - Other Currency Shares (GBP-Hedged)

GBP 87.48




0.25





EUR

Currency - Other Currency Shares (GBP-Hedged)

GBP

Inception Date - Base Shares 28-Jun-06


28-Jun-06

Inception Date - Other Currency Shares (GBP-Hedged)

18-Sep-06


Fund Facts



LU0254092728

ISIN - Other Currency Shares (GBP-Hedged)

LU0245203822

Bloomberg Ticker - Base Shares GSGLP1U LX


GSGL1HE LX

Bloomberg Ticker - Other Currency Shares (GBP-Hedged)

GSGL1HS LX




Reference Benchmark

3 Month Libor (USD)

Settlement T + 3

Sector Allocation (%) Top 10 Currency Weights (%)

54.6% Governments14.7% Asset-Backed Securities (ABS)4.9% Residential Mortgages (RMBS)1.8% Corporates - High Yield1.7% Emerging Market Debt0.8% Corporates - Inv. Grade0.5% Quasi-Governments0.4% Municipal0.0% Commercial Mortgages

(CMBS)21.6% Cash-1.1% Derivatives

-15.2

0.5

0.5

0.8

1.1

1.7

1.7

1.8

2.4

2.5

4.1

98.2

-45 -30 -15 0 15 30 45 60 75 90 105 120

Other

Colombian Peso

Polish Zloty

Egyptian Pound

Hungarian Forint

Indonesian Rupiah

Argentina Peso

New Zealand Dollar

British Pound

Australian Dollar

Swedish Krona


Country Bond Allocation (%) Credit Allocation (%)Goldman Sachs Strategic

Absolute Return Bond I Portfolio 3 Month USD LIBOR

US 93.3 100.0

Japan 2.5 0.0

Eurozone 2.5 0.0

UK 1.5 0.0

Sweden 0.3 0.0

Other -0.1 0.0

0.0 -1.1

100.0 21.6

0.0 1.1 0.0 0.0 0.0 0.5 0.0 0.1 0.0 1.3 0.0 0.8 0.0 2.1

0.0 25.8

0.0 2.0

0.0 45.7

-30 -15 0 15 30 45 60 75 90 105 120

Derivatives

Cash

NR

D

CC

CCC

B

BB

BBB

A

AA

AAA

Goldman Sachs Strategic Absolute Return Bond I Portfolio

3 Month USD LIBOR

Please see Additional Notes. All performance and holdings data as at 31-Jul-18. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur.(1) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (2) The performance fees are calculated in accordance with the methodology described in the prospectus using a rate of 20.00% of net returns the share class achieves above 3 Month LIBOR. In the Fund's last financial year the performance fee was 0.00% of the net asset value of the share class. (3) The 3 Month Libor Index is quoted month-end with income reinvested and, in contrast to the Portfolio, shown without the deduction of any expenses. (4) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares.

74

PV100370

Goldman Sachs Strategic Absolute Return Bond II PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Investor Profile



The fund is designed for:The fund is designed for investors who are looking for a flexible global investment and sub-investment grade fixed income portfolio that has the ability to alter its exposure with an emphasis on interest rates, currencies and credit markets and that seeks to generate returns through different market conditions with a riskier investment strategy than GS Strategic Absolute Return Bond I Portfolio.


31-Jul-14 - 31-Jul-15

31-Jul-15 - 31-Jul-16

31-Jul-16 - 31-Jul-17

31-Jul-17 - 31-Jul-18

Fund (USD) 4.0 -4.1 -1.6 2.7 -0.4

Index 0.2 0.3 0.5 1.1 1.9

Fund Data

No. of holdings 332

% in top 10 39




R2 - 3 yr 0.00

Beta - 3 yr -0.05

Swing Pricing (%)


Redemption (%) 0.12








06/06 06/08 06/10 06/12 06/14 06/16 06/18 06/2085

90

95

100

105

110

115

120

125

130

135

Goldman Sachs Strategic Absolute Return Bond II Portfolio Base Shares(4)






Base Shares(4) 22.73 1.05 (0.47) (0.17) (0.40) 0.22 0.09 1.85

3 Month Libor (USD)(3) 18.65 0.20 0.60 1.28 1.89 1.16 0.80 0.72

Other Currency Shares (EUR-Hedged)(4) 15.50 0.82 (1.21) (1.67) (2.75) (1.37) (0.91) 1.43

ICE Libor EUR 3 Month (EUR)(3) 15.12 (0.03) (0.09) (0.22) (0.38) (0.30) (0.13) 0.52

Other Currency Shares (GBP-Hedged)(4) 24.33 0.90 (0.98) (1.15) (1.89) (0.54) (0.27) 1.80

3 Month LIBOR - GBP(3) 22.55 0.06 0.17 0.37 0.54 0.49 0.51 0.86


Base Shares 5.7 -3.0 -0.7 1.4 -0.2

3 Month Libor (USD) 0.3 0.2 0.3 0.8 1.3


75

Goldman Sachs Strategic Absolute Return Bond II PortfolioA sub-fund of Goldman Sachs Funds, SICAV




EUR 93.89

Net Asset Value (NAV) - Other Currency Shares (GBP-Hedged)

GBP 99.46




0.25





EUR

Currency - Other Currency Shares (GBP-Hedged)

GBP



28-Jun-06

Inception Date - Other Currency Shares (GBP-Hedged)

17-Jul-06


Fund Facts



LU0254093379

ISIN - Other Currency Shares (GBP-Hedged)

LU0254093700

Bloomberg Ticker - Base Shares GSGLP2U LX


GSGL2HE LX

Bloomberg Ticker - Other Currency Shares (GBP-Hedged)

GSG2DHG LX




Reference Benchmark

3 Month Libor (USD)

Settlement T + 3

Sector Allocation (%) Top 10 Currency Weights (%)

36.5% Governments20.2% Asset-Backed Securities (ABS)9.2% Residential Mortgages (RMBS)5.1% Emerging Market Debt2.7% Corporates - High Yield1.1% Corporates - Inv. Grade1.1% Municipal0.6% Quasi-Governments0.1% Commercial Mortgages

(CMBS)25.8% Cash-2.3% Derivatives

-33.3

1.2

1.3

2.2

2.7

3.5

3.6

3.8

4.9

5.1

8.5

96.4

-60 -45 -30 -15 0 15 30 45 60 75 90 105 120

Other

Colombian Peso

Polish Zloty

Egyptian Pound

Hungarian Forint

Indonesian Rupiah

Argentina Peso

New Zealand Dollar

Australian Dollar

British Pound

Swedish Krona


Country Bond Allocation (%) Credit Allocation (%)Goldman Sachs Strategic

Absolute Return Bond II Portfolio 3 Month USD LIBOR

US 89.9 100.0

Eurozone 5.2 0.0

Japan 2.0 0.0

UK 1.3 0.0

Sweden 0.7 0.0

Other 0.8 0.0

0.0 -2.3

100.0 25.8

0.0 3.3

0.0 0.0 0.0 1.2 0.0 1.0 0.0 2.4

0.0 1.4 0.0

3.3 0.0

29.2 0.0 2.2

0.0 32.5

-30 -15 0 15 30 45 60 75 90 105 120

Derivatives

Cash

NR

C

CC

CCC

B

BB

BBB

A

AA

AAA

Goldman Sachs Strategic Absolute Return Bond II Portfolio

3 Month USD LIBOR

Please see Additional Notes. All performance and holdings data as at 31-Jul-18. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur.(1) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (2) The performance fees are calculated in accordance with the methodology described in the prospectus using a rate of 20.00% of net returns the share class achieves above 3 Month LIBOR. In the Fund's last financial year the performance fee was 0.00% of the net asset value of the share class. (3) The 3 Month Libor Index is quoted month-end with income reinvested and, in contrast to the Portfolio, shown without the deduction of any expenses. (4) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares.

76

PV102617

Goldman Sachs US Dollar Short Duration Bond PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Investor Profile



The fund is designed for:The fund is designed for investors who want to moderate interest rate risk by investing in a portfolio of investment grade short term bonds, primarily US Dollar denominated.


31-Jul-14 - 31-Jul-15

31-Jul-15 - 31-Jul-16

31-Jul-16 - 31-Jul-17

31-Jul-17 - 31-Jul-18

Fund (USD) - - - 0.8 0.4

Index - - - 0.6 0.0


- - 1.0 0.4


- - - 2 3

Fund Data

No. of holdings 218

% in top 10 13




R2 - 1 yr 0.92

Beta - 1 yr 0.80

Swing Pricing (%)


Redemption (%) 0.04








06/16 12/16 06/17 12/17 06/18 12/1895

100

105

110

Goldman Sachs US Dollar Short Duration Bond Portfolio - Class R Shares

Bloomberg Barclays US Govt/Credit 1-3 yr Index

Morningstar USD Diversified Bond - Short Term





Class R Shares 1.63 0.12 0.47 0.35 0.40

Bloomberg Barclays US Govt/Credit 1-3 yr Index 1.05 0.05 0.44 0.13 0.00

Morningstar USD Diversified Bond - Short Term 0.13 0.32 0.24 0.41

Quartile Position in Sector 3 2 3 3


Class R Shares - - - - 1.1

Bloomberg Barclays US Govt/Credit 1-3 yr Index - - - - 0.8


-

77

Goldman Sachs US Dollar Short Duration Bond PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Financial InformationNet Asset Value (NAV) - Class R Shares USD 100.29




1.91



Fund CharacteristicsCurrency - Class R Shares USD

Inception Date - Class R Shares 06-Jun-16


Fund Facts

ISIN - Class R Shares LU1416801022

Bloomberg Ticker - Class R Shares GSUDSDR LX




Reference Benchmark

Bloomberg Barclays US Govt/Credit 1-3 yr Index

Settlement T + 3


Goldman Sachs US Dollar Short Duration Bond Portfolio Bloomberg Barclays 1-3 Yr Government/Credit Bond Index

41.7% Corporates - Inv. Grade14.6% Asset-Backed Securities (ABS)9.4% Residential Mortgages (RMBS)2.8% Quasi-Governments0.0% Emerging Market Debt0.0% Governments


24.1% Corporates - Inv. Grade0.0% Asset-Backed Securities (ABS)0.0% Residential Mortgages (RMBS)

11.5% Quasi-Governments1.1% Emerging Market Debt

63.4% Governments0.0% Cash0.0% Derivatives


Goldman Sachs US Dollar Short Duration Bond Portfolio

Bloomberg Barclays 1-3 Yr Government/Credit Bond

Index

US 100.1 100.0

Sweden 0.1 0.0

Eurozone -0.1 0.0

Other -0.1 0.0

0.0

-0.1

0.0

31.5

7.4

16.2

11.1

18.3

7.3

7.8

74.2

26.2

-30 -15 0 15 30 45 60 75 90

Derivatives

Cash

BBB

A

AA

AAA

Goldman Sachs US Dollar Short Duration Bond Portfolio

Bloomberg Barclays 1-3 Yr Government/Credit Bond Index


78

PV100048

Goldman Sachs US Fixed Income PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Monthly Fund Update

Investor Profile



The fund is designed for:The fund is designed for investors seeking exposure to a portfolio of predominantly USD denominated investment grade fixed income securities.


31-Jul-14 - 31-Jul-15

31-Jul-15 - 31-Jul-16

31-Jul-16 - 31-Jul-17

31-Jul-17 - 31-Jul-18

Fund (USD) 4.1 1.0 4.4 -0.8 -1.8

Index 4.0 2.5 5.9 -0.2 -0.9


4.0 1.0 4.3 0.2 -1.2


2 3 3 3 3

Fund Data

No. of holdings 378

% in top 10 33




R2 - 3 yr 0.95

Beta - 3 yr 0.94

Swing Pricing (%)


Redemption (%) 0.08








07/98 07/00 07/02 07/04 07/06 07/08 07/10 07/12 07/14 07/16 07/1860

85

110

135

160

185

210

235

260

285

Goldman Sachs US Fixed Income Portfolio Base Shares(4)

Bloomberg Barclays US Aggregate (One Day Lag)(3)

Morningstar USD Diversified Bond(1)





Base Shares(4) 111.64 0.00 0.56 (1.92) (1.75) 0.57 1.35 3.39

Bloomberg Barclays US Aggregate (One Day Lag)(3)

149.96 (0.04) 0.62 (1.55) (0.90) 1.55 2.24 3.75

Morningstar USD Diversified Bond(1) 0.21 0.14 (1.71) (1.24) 1.07 1.57 2.85


Base Shares (Acc.)(4) 46.40 0.00 0.62 (1.94) (1.68) 0.58 1.35 3.39


Base Shares -2.0 4.6 -0.5 1.5 2.6

Bloomberg Barclays US Aggregate (One Day Lag) -2.0 5.8 0.4 2.6 3.7


79

Goldman Sachs US Fixed Income PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Monthly Fund Update



USD 14.64




5.96





Inception Date - Base Shares 27-Jul-98



Fund Facts



Bloomberg Ticker - Base Shares GSUSFXI LX

Bloomberg Ticker - Base Shares (Acc.) GSUSFBA LX




Reference Benchmark

Bloomberg Barclays US Aggregate (One Day Lag)

Settlement T + 3


Goldman Sachs US Fixed Income Portfolio Bloomberg Barclays US Agg Bond (TR, Unhedged, USD)

31.8% Corporates - Inv. Grade22.5% Residential Mortgages (RMBS)19.4% Governments14.6% Quasi-Governments12.9% Asset-Backed Securities (ABS)1.7% Emerging Market Debt0.5% Covered Bonds0.2% Corporates - High Yield0.1% Commercial Mortgages

(CMBS)0.0% Municipal

-3.4% Cash-0.2% Derivatives

24.6% Corporates - Inv. Grade28.8% Residential Mortgages (RMBS)37.9% Governments5.2% Quasi-Governments0.5% Asset-Backed Securities (ABS)1.7% Emerging Market Debt0.1% Covered Bonds0.0% Corporates - High Yield1.2% Commercial Mortgages

(CMBS)0.0% Municipal0.0% Cash0.0% Derivatives

Credit Allocation (%)

0.0 -0.2

0.0 -3.4

0.0 0.0

0.0 0.2

0.0 0.2

9.6 18.7

12.3 12.6

5.3 6.7

72.8 65.2

-30 -15 0 15 30 45 60 75 90

Derivatives

Cash

NR

CCC

BB

BBB

A

AA

AAA

Goldman Sachs US Fixed Income Portfolio

Bloomberg Barclays US Agg Bond (TR, Unhedged, USD)

Please see Additional Notes. All performance and holdings data as at 31-Jul-18. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur.(1) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar ©2018 Morningstar, Inc. All Rights Reserved. (2) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (3) The Bloomberg Barclays US Aggregate Index is calculated, for performance purposes, 1 day prior to month-end to more closely resemble the timing of the security prices in the US Fixed Income Portfolio. Estimated income is reinvested and, in contrast to the Portfolio, is shown without the deduction of any expenses. (4) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares.

80

PV102290

Goldman Sachs Europe High Yield Bond PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Monthly Fund Update

Investor Profile



The fund is designed for:The fund is designed for investors who want exposure to sub-investment grade bonds primarily issued by European companies with the potential for higher returns but higher risks than an investment grade portfolio.


31-Jul-14 - 31-Jul-15

31-Jul-15 - 31-Jul-16

31-Jul-16 - 31-Jul-17

31-Jul-17 - 31-Jul-18

Fund (EUR) - 4.0 2.6 7.7 0.5

Index - 3.5 4.0 8.5 1.5


- 3.6 1.6 7.0 0.2


- 2 3 2 2

Fund Data

No. of holdings 219

% in top 10 12




R2 - 3 yr 0.97

Beta - 3 yr 1.01

Swing Pricing (%)


Redemption (%) 0.35








06/14 12/14 06/15 12/15 06/16 12/16 06/17 12/17 06/18 12/1890

95

100

105

110

115

120

125

Goldman Sachs Europe High Yield Bond Portfolio - Base Shares

ICE BofAML European Currency High Yield Constrained Index (TR, 100% hedged to EU

Morningstar EUR High Yield Bond





Base Shares 14.69 1.62 (0.58) (0.70) 0.49 3.55


17.95 1.47 (0.19) (0.01) 1.52 4.62

Morningstar EUR High Yield Bond 1.20 (0.47) (0.80) 0.22 3.18



Base Shares - - 1.4 7.7 5.7


- - 1.5 9.1 6.8


81

Goldman Sachs Europe High Yield Bond PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Monthly Fund Update





3.92






Fund Facts


Bloomberg Ticker - Base Shares GSEHBRI LX




Reference Benchmark

ICE BofAML European Currency High Yield Constrained Index (TR, 100% hedged to

EU

Settlement T + 3


87.3% Non-Dollar4.6% US High Yield3.6% Emerging Markets0.1% Unrealized GL on FX0.1% Equities4.3% Cash0.0% Derivatives

0.0

4.3

0.1

1.0

0.0

0.0

9.4

31.8

50.4

2.8

0 10 20 30 40 50 60 70

Derivatives

Cash

Unrealized GL on FX

NR

D

CC

CCC

B

BB

BBB

Top 10 Corporate Issuers(2)

Security %

TITIM 3.2

VMED 2.4

ISPIM 2.0

TELEFO 1.8

UCGIM 1.8

SHAEFF 1.6

SOFTBK 1.5

WINTRE 1.5

SFRFP 1.4

BAMIIM 1.4

Please see Additional Notes. All performance and holdings data as at 31-Jul-18. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur.(1) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (2) Portfolio holdings may not represent current, future investments or all of the portfolio's holdings. Future portfolio holdings may not be profitable.

82

PV100313

Goldman Sachs Global Credit Portfolio (Hedged)A sub-fund of Goldman Sachs Funds, SICAV


Investor Profile



The fund is designed for:The fund is designed for investors who want exposure to a portfolio of primarily global investment grade corporate bonds on a currency hedged basis.


31-Jul-14 - 31-Jul-15

31-Jul-15 - 31-Jul-16

31-Jul-16 - 31-Jul-17

31-Jul-17 - 31-Jul-18

Fund (USD) 6.6 0.7 7.0 0.4 0.1

Index 6.5 2.4 7.9 1.9 0.5


6.4 1.1 6.3 2.7 0.2


3 4 2 4 3

Fund Data

No. of holdings 370

% in top 10 9




R2 - 3 yr 0.93

Beta - 3 yr 1.06

Swing Pricing (%)


Redemption (%) 0.16








01/06 01/08 01/10 01/12 01/14 01/16 01/18 01/2070

90

110

130

150

170

190

Goldman Sachs Global Credit Portfolio (Hedged) Base Shares(4)

Bloomberg Barclays Global Aggregate Corporate Bond Index - USD Hedged(3)

Morningstar Global Corporate Bond - USD Hedged(1)





Base Shares(4) 46.27 0.94 0.85 (1.29) 0.05 2.43 2.88 3.88

Bloomberg Barclays Global Aggregate Corporate Bond Index - USD Hedged(3)

76.31 0.63 0.68 (1.23) 0.48 3.39 3.79 5.16

Morningstar Global Corporate Bond - USD Hedged(1)

0.66 0.28 (1.24) 0.21 3.04 3.30 4.89


Base Shares (Acc.)(4) 46.50 0.90 0.83 (1.35) 0.00 2.41 2.86 3.90


Base Shares 0.3 5.9 -1.1 4.8 4.6

Bloomberg Barclays Global Aggregate Corporate Bond Index - USD Hedged 0.1 7.6 -0.2 6.2 5.7


83

Goldman Sachs Global Credit Portfolio (Hedged)A sub-fund of Goldman Sachs Funds, SICAV




USD 14.65




6.45








Fund Facts



Bloomberg Ticker - Base Shares GSGCHBA LX

Bloomberg Ticker - Base Shares (Acc.) GSCHDBA LX




Reference Benchmark

Bloomberg Barclays Global Aggregate Corporate Bond Index - USD Hedged

Settlement T + 3

Sector Allocation (%) Country Bond Allocation (%)

76.7% Corporates - Inv. Grade10.8% Asset-Backed Securities (ABS)4.1% Emerging Market Debt1.6% Corporates - High Yield0.4% Quasi-Governments0.0% Residential Mortgages (RMBS)0.0% Commercial Mortgages

(CMBS)6.4% Cash0.1% Derivatives

83.0% US11.3% Eurozone4.7% UK0.1% Sweden0.1% Canada0.8% Other

Credit Allocation (%) Top 10 Corporate Issuers(5)

0.0 0.1

0.0 6.4

1.3 1.1

0.0 0.0

0.0 0.6

43.5 54.8

39.4 21.8

14.3 6.6

1.5 8.6

0 10 20 30 40 50 60 70

Derivatives

Cash

NR

B

BB

BBB

A

AA

AAA

Goldman Sachs Global Credit Portfolio (Hedged)

Bloomberg Barclays Global Agg: Corp Bond in USD , 100% Hedged

Security %

BANK OF AMERICA CORPORATION 2.9

BAYER AKTIENGESELLSCHAFT 2.3

CREDIT SUISSE GROUP AG 2.2

CHARTER COMMUNICATIONS, INC. 2.2

AT&T INC. 2.0

VERIZON COMMUNICATIONS, INC. 2.0

BECTON, DICKINSON AND COMPANY 1.8

MORGAN STANLEY 1.8

ROYAL BANK OF SCOTLAND GROUP PLC (THE)

1.7

BNP PARIBAS 1.7

Please see Additional Notes. All performance and holdings data as at 31-Jul-18. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur.(1) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar ©2018 Morningstar, Inc. All Rights Reserved. (2) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (3) The Bloomberg Barclays Global Aggregate Corporate Bond Index is quoted at month-end with income reinvested and, in contrast to the Portfolio, is shown without the deduction of any expenses. (4) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. (5) Portfolio holdings may not represent current, future investments or all of the portfolio's holdings. Future portfolio holdings may not be profitable.

84

PV100031

Goldman Sachs Global High Yield PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Monthly Fund Update

Investor Profile



The fund is designed for:The fund is designed for investors who want exposure to sub-investment grade bonds primarily issued by North American and European companies. This fund may offer the potential for increased returns but with higher risk than a global investment grade portfolio.


31-Jul-14 - 31-Jul-15

31-Jul-15 - 31-Jul-16

31-Jul-16 - 31-Jul-17

31-Jul-17 - 31-Jul-18

Fund (USD) 7.2 -0.7 0.8 10.1 0.5

Index 8.2 0.4 5.0 10.9 2.6


7.9 -3.4 1.6 9.7 0.7


3 2 3 2 3

Fund Data

No. of holdings 411

% in top 10 9




R2 - 3 yr 0.95

Beta - 3 yr 1.01

Swing Pricing (%)


Redemption (%) 0.41








01/98 01/00 01/02 01/04 01/06 01/08 01/10 01/12 01/14 01/16 01/18 01/200

50

100

150

200

250

300

350

400

450

Goldman Sachs Global High Yield Portfolio Base Shares

Bloomberg Barclays U.S. High-Yield 2% Issuer Capped Bond Index

Morningstar Global High Yield Bond





Base Shares 213.45 1.29 1.16 0.00 0.49 3.69 3.48 6.39


268.15 1.09 1.47 1.25 2.60 6.12 5.35 8.47

Morningstar Global High Yield Bond 1.18 0.04 (0.57) 0.74 4.25 3.77 5.48


Base Shares (Acc.) 100.30 1.21 1.16 0.00 0.40 3.68 3.47 6.41


Base Shares 7.4 1.2 -5.5 13.2 5.8

Bloomberg Barclays U.S. High-Yield 2% Issuer Capped Bond Index 7.4 2.5 -4.4 17.1 7.5


85

Goldman Sachs Global High Yield PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Monthly Fund Update



USD 20.03




3.97








Fund Facts



Bloomberg Ticker - Base Shares GSGLBHY LX

Bloomberg Ticker - Base Shares (Acc.) GSGHYBA LX




Reference Benchmark


Settlement T + 3


92.1% US High Yield2.7% Bank Loans2.4% Emerging Markets0.2% Equities0.1% Non-Dollar0.0% Unrealized GL on FX2.5% Cash0.0% Derivatives

0.0

2.5

0.3

0.0

0.0

0.4

12.6

43.2

40.4

0.5

0 10 20 30 40 50 60

Derivatives

Cash

NR

D

C

CC

CCC

B

BB

BBB


Security %

S 4.0

HCA 2.6

MGM 2.6

BHCCN 2.3

CHTR 2.1

DISH 1.5

ALTICE 1.5

BBDBCN 1.3

TITIM 1.3

THC 1.3

Please see Additional Notes. All performance and holdings data as at 31-Jul-18. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur.(1) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (2) Portfolio holdings may not represent current, future investments or all of the portfolio's holdings. Future portfolio holdings may not be profitable.

86

PV101526

Goldman Sachs Emerging Markets Corporate Bond PortfolioA sub-fund of Goldman Sachs Funds, SICAV

Platinum award given to the highest number of votes from independent fund selectors chosen from a shortlist of top ten funds per category selected based on quantitative analysis.


Monthly Fund Update

Investor Profile(1)



The fund is designed for:The fund is designed for investors seeking exposure to a portfolio of primarily investment and sub-investment grade corporate bonds issued by companies based in or earning most of their revenues from emerging markets. The bonds may be denominated in developed or emerging market currencies.


31-Jul-14 - 31-Jul-15

31-Jul-15 - 31-Jul-16

31-Jul-16 - 31-Jul-17

31-Jul-17 - 31-Jul-18

Fund (USD) 8.2 1.1 6.9 6.3 -0.2

Index 8.7 2.3 7.0 6.0 0.5


8.1 -2.5 5.6 7.1 -0.4


2 3 2 3 2

Fund Data

No. of holdings 248

% in top 10 16




R2 - 3 yr 0.96

Beta - 3 yr 1.04

Swing Pricing (%)


Redemption (%) 0.33








05/11 05/13 05/15 05/17 05/1980

90

100

110

120

130

140

150

160

Goldman Sachs Emerging Markets Corporate Bond Portfolio Base Shares

JPM CEMBI Broad Diversified Index

Morningstar Global Emerging Markets Corporate Bond





Base Shares 41.56 1.83 (0.12) (2.03) (0.18) 4.28 4.41

JPM CEMBI Broad Diversified Index 40.00 1.45 0.32 (1.47) 0.51 4.46 4.85

Morningstar Global Emerging Markets Corporate Bond

1.57 (0.97) (2.67) (0.35) 3.74 3.48

Quartile Position in Sector 2 2 2 2 2 2


Base Shares -0.9 3.9 0.6 9.8 8.0

JPM CEMBI Broad Diversified Index -0.6 5.0 1.3 9.7 8.0


87

Goldman Sachs Emerging Markets Corporate Bond PortfolioA sub-fund of Goldman Sachs Funds, SICAV

Platinum award given to the highest number of votes from independent fund selectors chosen from a shortlist of top ten funds per category selected based on quantitative analysis.


Monthly Fund Update





4.51






Fund Facts


Bloomberg Ticker - Base Shares GSEMCIB LX




Reference Benchmark

JPM CEMBI Broad Diversified Index

Settlement T + 3

Region Bond Allocation (%)

Goldman Sachs Emerging Markets Corporate Bond Portfolio JP Morgan CEMBI Broad Diversified (Total Return, Unhedged, USD)

35.7% Latin America22.6% Asia18.9% Middle East/Africa12.9% Central & Eastern Europe4.0% Western Europe0.7% North America0.5% Supranationals0.1% Currency Forwards4.5% Cash


Credit Allocation (%)

0.0

4.5

7.3

0.5

0.7

0.9

17.0

31.5

25.5

7.6

4.5

0 5 10 15 20 25 30 35 40

Derivatives

Cash

NR

C

CC

CCC

B

BB

BBB

A

AA

Please see Additional Notes. All performance and holdings data as at 31-Jul-18. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur.(1) Effective May 31, 2016, the portfolio name changed from Goldman Sachs Growth & Emerging Markets Corporate Bond Portfolio to Goldman Sachs Emerging Markets Corporate Bond Portfolio. (2) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document.

88

PV101954

Goldman Sachs Emerging Markets Debt Blend PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Investor Profile(1)



The fund is designed for:The fund is designed for investors seeking exposure to investment and sub-investment grade emerging markets bonds and currencies. The bonds may be denominated in developed or emerging markets currencies.


31-Jul-14 - 31-Jul-15

31-Jul-15 - 31-Jul-16

31-Jul-16 - 31-Jul-17

31-Jul-17 - 31-Jul-18

Fund (USD) 7.0 -10.9 5.8 7.4 -2.5

Index 6.6 -8.0 7.3 6.8 -1.0


7.8 -6.2 7.1 6.5 -1.2


3 4 3 2 4

Fund Data

No. of holdings 512

% in top 10 15




R2 - 3 yr 0.96

Beta - 3 yr 1.13

Swing Pricing (%)


Redemption (%) 0.25








05/13 05/15 05/17 05/1975

80

85

90

95

100

105

110

115

Goldman Sachs Emerging Markets Debt Blend Portfolio - Base Shares(5)

50% GBI-EM Global Div, 25% EMBI Global Div, 25% CEMBI Broad Div(4)

Morningstar Global Emerging Markets Bond(2)





Base Shares(5) (5.05) 2.83 (4.66) (4.89) (2.46) 3.47 1.10

50% GBI-EM Global Div, 25% EMBI Global Div, 25% CEMBI Broad Div(4)

1.38 1.95 (2.82) (3.35) (1.03) 4.28 2.15

Morningstar Global Emerging Markets Bond(2) 2.00 (1.92) (3.71) (1.18) 3.88 2.50



Base Shares - -2.0 -9.0 8.6 13.3

50% GBI-EM Global Div, 25% EMBI Global Div, 25% CEMBI Broad Div - 0.1 -7.1 10.1 12.1


89

Goldman Sachs Emerging Markets Debt Blend PortfolioA sub-fund of Goldman Sachs Funds, SICAV






5.38






Fund Facts


Bloomberg Ticker - Base Shares GSEMBDU LX




Reference Benchmark

50% GBI-EM Global Div, 25% EMBI Global Div, 25% CEMBI Broad Div

Settlement T + 3


44.6% Local Sovereign22.1% External Corporate15.9% External Sovereign7.8% External Quasi-Sovereign0.6% Local Corporate0.2% Supranational0.1% Local Quasi-Sovereign1.9% Other6.8% Cash

0.3

6.8

9.1

0.3

0.7

0.1

14.7

17.8

31.0

13.7

4.5

0.9

0 5 10 15 20 25 30 35 40

Derivatives

Cash

NR

C

CC

CCC

B

BB

BBB

A

AA

AAA


Goldman Sachs Emerging Markets Debt Blend Portfolio 50% JPMorgan GBI EM Index Global Diversified, 25% JPMorgan EMB Index Global Diversified, 25% JPMorgan CEMBI Index Broad Diversified

32.9% Latin America24.4% Asia16.7% Central & Eastern Europe15.4% Middle East/Africa1.7% Western Europe1.6% North America0.3% Currency Forwards0.2% Supranationals6.8% Cash

33.8% Latin America26.0% Asia24.9% Central & Eastern Europe14.6% Middle East/Africa0.3% Western Europe0.2% North America0.0% Currency Forwards0.2% Supranationals0.0% Cash

Please see Additional Notes. All performance and holdings data as at 31-Jul-18. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur.(1) Effective May 31, 2016, the portfolio name changed from Goldman Sachs Growth & Emerging Markets Debt Blend Portfolio to Goldman Sachs Emerging Markets Debt Blend Portfolio. (2) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar ©2018 Morningstar, Inc. All Rights Reserved. (3) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (4) The 50% GBI-EM Global Div, 25% EMBI Global Div, 25% CEMBI Broad Div Index is quoted at month-end with income reinvested and, in contrast to the Portfolio, shown without the deduction of any expenses. (5) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares.

90

PV100701

Goldman Sachs Emerging Markets Debt Local PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Investor Profile(1)



The fund is designed for:The fund is designed for investors seeking exposure to investment and sub-investment grade emerging markets bonds and currencies. The bonds may be denominated in developed or emerging markets currencies with primarily emerging markets currencies risk.


31-Jul-14 - 31-Jul-15

31-Jul-15 - 31-Jul-16

31-Jul-16 - 31-Jul-17

31-Jul-17 - 31-Jul-18

Fund (USD) 1.9 -19.6 2.8 8.0 -4.9

Index 3.4 -16.7 5.3 8.0 -2.5


2.5 -17.2 3.4 7.7 -3.7


3 4 3 2 4

Fund Data

No. of holdings 241

% in top 10 20



Excess Returns - 3 yr (1.64)

R2 - 3 yr 0.97

Beta - 3 yr 1.10

Swing Pricing (%)


Redemption (%) 0.18








06/07 06/09 06/11 06/13 06/15 06/17 06/1960

80

100

120

140

160

180

200

Goldman Sachs Emerging Markets Debt Local Portfolio Base Shares(5)

JPM GBI EM Global diversified Index in USD(4)

Morningstar Global Emerging Markets Bond - Local Currency(2)





Base Shares(5) 10.30 3.00 (8.29) (7.11) (4.90) 1.85 (2.86) 0.21

JPM GBI EM Global diversified Index in USD(4) - 1.90 (5.94) (4.67) (2.50) 3.49 (0.92) -

Morningstar Global Emerging Markets Bond - Local Currency(2)

1.92 (6.22) (5.32) (3.71) 2.61 (1.67) 0.24


Base Shares (Acc.)(5) 10.50 2.98 (8.37) (7.14) (4.91) 1.81 (2.87) 0.22


Base Shares -10.5 -8.1 -17.2 7.7 15.9

JPM GBI EM Global diversified Index in USD -9.0 -5.7 -14.9 9.9 15.2


91

Goldman Sachs Emerging Markets Debt Local PortfolioA sub-fund of Goldman Sachs Funds, SICAV




USD 11.05




5.15






Inception Date - Base Shares (Acc.) 29-Jun-07


Fund Facts



Bloomberg Ticker - Base Shares GSEBASE LX

Bloomberg Ticker - Base Shares (Acc.) GSELPBA LX




Reference Benchmark

JPM GBI EM Global diversified Index in USD

Settlement T + 3


86.9% Local Sovereign1.5% External Sovereign0.9% Local Corporate0.6% External Quasi-Sovereign0.1% Local Quasi-Sovereign1.3% Other8.7% Cash

0.8

8.7

13.1

0.1

0.4

6.4

11.0

33.2

19.8

6.5

0.1

0 5 10 15 20 25 30 35 40

Derivatives

Cash

NR

C

CC

B

BB

BBB

A

AA

AAA


Goldman Sachs Emerging Markets Debt Local Portfolio JP Morgan GBI-EM Global Diversified (Total Return, Unhedged, USD)

30.2% Latin America25.3% Asia22.7% Central & Eastern Europe11.8% Middle East/Africa0.8% Currency Forwards0.5% North America8.7% Cash

34.7% Latin America22.9% Asia33.6% Central & Eastern Europe8.8% Middle East/Africa0.0% Currency Forwards0.0% North America0.0% Cash

Please see Additional Notes. All performance and holdings data as at 31-Jul-18. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur.(1) Effective May 31, 2016, the portfolio name changed from Goldman Sachs Growth & Emerging Markets Debt Local Portfolio to Goldman Sachs Emerging Markets Debt Local Portfolio. (2) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar ©2018 Morningstar, Inc. All Rights Reserved. (3) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (4) The JPM GBI EM Global Diversified Index, is quoted at month-end with income reinvested and, in contrast to the Portfolio, is shown without the deduction of any expenses. (5) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares.

92

PV100025

Goldman Sachs Emerging Markets Debt PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Monthly Fund Update

Investor Profile(1)



The fund is designed for:The fund is designed for investors seeking exposure to investment and sub-investment grade emerging markets bonds and currencies. The bonds may be denominated in developed or emerging markets currencies with primarily developed market currencies risk.


31-Jul-14 - 31-Jul-15

31-Jul-15 - 31-Jul-16

31-Jul-16 - 31-Jul-17

31-Jul-17 - 31-Jul-18

Fund (USD) 9.8 -1.8 11.6 5.0 -2.3

Index 10.9 -0.1 11.4 5.0 0.1


7.8 -6.2 7.1 6.5 -1.2


1 2 1 3 3

Fund Data

No. of holdings 447

% in top 10 11




R2 - 3 yr 0.95

Beta - 3 yr 1.09

Swing Pricing (%)


Redemption (%) 0.32








05/00 05/02 05/04 05/06 05/08 05/10 05/12 05/14 05/16 05/18 05/200

100

200

300

400

500

600

Goldman Sachs Emerging Markets Debt Portfolio Base Shares

JPM EMBI Global Diversified Index (1 Day Lag)

Morningstar Global Emerging Markets Bond





Base Shares 381.36 3.23 (1.40) (3.70) (2.28) 4.61 4.30 6.08


368.71 2.61 0.26 (2.75) 0.15 5.42 5.35 6.93

Morningstar Global Emerging Markets Bond 2.00 (1.92) (3.71) (1.18) 3.88 2.50 4.45


Base Shares (Acc.) (EUR-Hedged) 66.00 2.98 (2.12) (5.09) (4.60) 2.87 3.19 5.11

JPM EMBI Global Diversified - EUR Hedged (1 day lag)

81.79 2.39 (0.48) (4.34) (2.31) 3.56 4.09 5.86

Base Shares (Acc.) 115.40 3.26 (1.37) (3.67) (2.22) 4.62 4.30 6.08


Base Shares -6.0 6.0 0.2 9.8 8.9

JPM EMBI Global Diversified Index (1 Day Lag) -5.3 7.4 1.2 10.1 10.2


93

Goldman Sachs Emerging Markets Debt PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Monthly Fund Update


Net Asset Value (NAV) - Base Shares (Acc.) (EUR-Hedged)

EUR 16.60


USD 21.54




6.71




Currency - Base Shares (Acc.) (EUR-Hedged)

EUR



Inception Date - Base Shares (Acc.) (EUR-Hedged)

12-Oct-07



Fund Facts


ISIN - Base Shares (Acc.) (EUR-Hedged) LU0262418394


Bloomberg Ticker - Base Shares GSEMKDP LX

Bloomberg Ticker - Base Shares (Acc.) (EUR-Hedged)

GSEMDBE LX

Bloomberg Ticker - Base Shares (Acc.) GSGEMBA LX




Reference Benchmark


Settlement T + 3


62.8% External Sovereign12.5% External Quasi-Sovereign12.0% External Corporate3.2% Local Sovereign0.3% Supranational0.1% Local Quasi-Sovereign0.0% Local Corporate0.8% Other8.4% Cash

-0.3

8.4

2.9

0.0

1.2

0.7

0.3

31.0

24.2

24.8

4.6

2.2

-10 -5 0 5 10 15 20 25 30 35 40

Derivatives

Cash

NR

D

C

CC

CCC

B

BB

BBB

A

AA


Goldman Sachs Emerging Markets Debt Portfolio JP Morgan EMBI Global Diversified (Total Return, Unhedged, USD)



Please see Additional Notes. All performance and holdings data as at 31-Jul-18. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur.(1) Effective May 31, 2016, the portfolio name changed from Goldman Sachs Growth & Emerging Markets Debt Portfolio to Goldman Sachs Emerging Markets Debt Portfolio. (2) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document.

94

PV102900

Goldman Sachs Emerging Markets Absolute Return Bond PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Investor Profile



The fund is designed for:The fund is designed for investors who are looking for investment and sub-investment grade emerging markets bonds and currencies via a vehicle with has the ability to alter its exposure without being constrained to a benchmark.

Fund Data

No. of holdings 92

Swing Pricing (%)


Redemption (%) 0.21


Performance Fee Rate (%) 15.00














Fund Facts


Bloomberg Ticker - Base Shares GSEMBSI LX




Reference Benchmark

3 Month Libor (USD)

Settlement T + 3

Top 10 Currency Weights (%) Credit Allocation (%)

-16.9

0.1

0.7

1.1

1.5

1.6

1.7

3.2

3.7

5.4

5.5

92.4

-45 -30 -15 0 15 30 45 60 75 90 105 120

Other

Czech Koruna

South African Rand

Nigerian Naira

Indian Rupee

Dominican Republic Peso

Polish Zloty

Colombian Peso

Hungarian Forint

Indonesian Rupiah

Argentina Peso


0.0

6.9

1.4

1.6

0.7

22.5

16.2

22.9

5.8

13.1

8.8

0 5 10 15 20 25 30

Derivatives

Cash

NR

C

CCC

B

BB

BBB

A

AA

AAA

Asset Allocation (%) Region Allocation (%)

48.9% External Sovereign23.3% Local Sovereign4.8% External Quasi-Sovereign0.1% Local Quasi-Sovereign7.1% External Corporate0.0% Local Corporate0.0% Supranational8.9% Other6.9% Cash

29.2% Latin America22.7% Middle East/Africa17.2% Central & Eastern Europe15.3% Asia8.6% North America0.1% Currency Forwards6.9% Cash

Please see Additional Notes. All performance and holdings data as at 31-Jul-18. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur.Past performance does not guarantee future results, which may vary.* We identify two broad categories of funds to help investors think about how to construct their overall investment portfolio. We describe the following as “Core”: (A) Equity funds with a global investment remit or those mainly focused on US and European markets, given the size and transparency of these markets. (B) Fixed income funds with a global investment remit or those mainly focused on US, European and UK markets and invest predominantly in investment grade debt, including government. (C) Multi asset funds with a multi asset benchmark. All other funds we describe as “Complements”. Both Core and Complement funds can vary in risk level and those terms are not meant to indicate the risk level of the funds. There is no guarantee that these objectives will be met.For regionally focussed investment portfolios we understand that the categorisation may be different from the perspective of different investors. Consult your financial adviser before investing to help determine if an investment in this fund and the amount of the investment would be suitable.(1) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document.

95

PV101632

Goldman Sachs Short Duration Opportunistic Corporate Bond PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Monthly Fund Update

Investor Profile(1)



The fund is designed for:The fund is designed for investors seeking exposure to sub-investment grade global corporate bonds. The portfolio has the potential for higher returns but higher risk than the GS Global Credit Portfolio (Hedged). The Portfolio has the potential for lower returns with lower expected risk than GS Global High Yield Portfolio.


31-Jul-14 - 31-Jul-15

31-Jul-15 - 31-Jul-16

31-Jul-16 - 31-Jul-17

31-Jul-17 - 31-Jul-18

Fund (USD) 4.5 -1.3 3.6 4.7 1.4

Index 0.1 0.1 0.3 0.8 1.6


5.4 -0.8 3.4 5.0 -0.1


3 4 2 2 1

Fund Data

No. of holdings 126




R2 - 3 yr 0.00

Swing Pricing (%)


Redemption (%) 0.36








04/12 04/14 04/16 04/18 04/2090

95

100

105

110

115

120

125

130

Goldman Sachs Short Duration Opportunistic Corporate Bond Portfolio Base Shares(5)

ICE BofAML USD LIBOR 1-month Constant Maturity (LUS1)(4)

Morningstar USD Flexible Bond(2)





Base Shares(5) 23.02 0.77 0.68 0.84 1.42 3.23 2.56

ICE BofAML USD LIBOR 1-month Constant Maturity (LUS1)(4)

3.34 0.18 0.50 1.04 1.56 0.88 0.58

Morningstar USD Flexible Bond(2) 0.54 (0.20) (1.17) (0.08) 2.46 2.65



Base Shares 4.8 -1.8 0.6 6.7 4.3

ICE BofAML USD LIBOR 1-month Constant Maturity (LUS1) 0.2 0.1 0.2 0.5 1.0


96

Goldman Sachs Short Duration Opportunistic Corporate Bond PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Monthly Fund Update



Current Duration of Portfolio (years)(6) 2.83

Yield To Maturity of Portfolio (%)(6) 6.20

Yield To Worst of Portfolio (%)(6) 6.06




Fund Facts


Bloomberg Ticker - Base Shares GSLHOBI LX




Reference Benchmark

ICE BofAML USD LIBOR 1-month Constant Maturity (LUS1)

Settlement T + 3

Sector Allocation (%) Country Bond Allocation (%)(6)

62.1% Unsecured High Yield17.4% Secured High Yield4.0% Investment Grade0.0% Bank Loans0.9% Other0.1% Preferred & Equity

15.5% Cash & Cash Equivalents

84.2% United States10.4% Europe4.1% Canada1.4% Other

Credit Allocation (%)(6) Top 10 Corporate Issuers(7)

0.0

3.6

35.9

55.6

4.8

0.0

0 10 20 30 40 50 60 70

NR

CCC and below

B

BB

BBB

A and AboveSecurity %

APX Group, Inc. 2.0

Bombardier, Inc. 1.9

Transocean Ltd. 1.9

Viasat, Inc. 1.8

Stone Canyon Industries LLC 1.8

Charter Communications, Inc. 1.8

Rite Aid Corporation 1.8

Delphi Technologies Plc 1.6

XPO Logistics Inc. 1.6

Adient Public Limited Company 1.6

Please see Additional Notes. All performance and holdings data as at 31-Jul-18. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur.(1) Effective August 07, 2017, the portfolio name changed from Goldman Sachs Opportunistic Corporate Bond Portfolio to Goldman Sachs Short Duration Opportunistic Corporate Bond Portfolio. (2) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar ©2018 Morningstar, Inc. All Rights Reserved. (3) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (4) The BofA ML LIBOR 1-month Constant Maturity is a net total return index. Net total return is a reflection of return to an investor, by reinvesting dividends after the deduction of withholding tax. The rate of withholding tax applied to the BofA ML LIBOR 1-month Constant Maturity is consistent with the actual rate of withholding tax the Portfolio will incur on dividends received from foreign companies. (5) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. (6) Securities portfolio only, excludes cash and cash equivalents. (7) Portfolio holdings may not represent current, future investments or all of the portfolio's holdings. Future portfolio holdings may not be profitable.

97

PV101085

Goldman Sachs Sterling Credit PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Monthly Fund Update

Investor Profile



The fund is designed for:The fund is designed for investors seeking exposure to a portfolio of primarily investment grade Sterling corporate bonds.


31-Jul-14 - 31-Jul-15

31-Jul-15 - 31-Jul-16

31-Jul-16 - 31-Jul-17

31-Jul-17 - 31-Jul-18

Fund (GBP) 5.8 5.8 10.4 1.5 -0.3

Index 5.3 7.5 11.9 1.7 0.1


5.9 5.4 9.8 3.4 -0.1


3 2 2 4 3

Fund Data

No. of holdings 205

% in top 10 17




R2 - 3 yr 0.96

Beta - 3 yr 1.03

Swing Pricing (%)


Redemption (%) 0.29








12/08 12/10 12/12 12/14 12/16 12/1860

80

100

120

140

160

180

200

220

Goldman Sachs Sterling Credit Portfolio Base Shares(3)

iBoxx Sterling Non Gilts ( Total return, unhedged, GBP )(4)

Morningstar GBP Corporate Bond(1)





Base Shares(3) 91.65 0.20 (0.03) (1.46) (0.34) 3.76 4.58

iBoxx Sterling Non Gilts ( Total return, unhedged, GBP )(4)

88.37 0.13 0.06 (1.18) 0.07 4.42 5.20

Morningstar GBP Corporate Bond(1) 0.13 (0.07) (1.44) (0.12) 4.41 4.99



Base Shares 1.6 11.0 -0.3 9.9 3.9

iBoxx Sterling Non Gilts ( Total return, unhedged, GBP ) 0.9 12.2 0.5 10.7 4.3


98

Goldman Sachs Sterling Credit PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Monthly Fund Update

Financial InformationNet Asset Value (NAV) - Base Shares GBP 147.13




7.84



Fund CharacteristicsCurrency - Base Shares GBP



Fund Facts


Bloomberg Ticker - Base Shares GSSCREB LX




Reference Benchmark

iBoxx Sterling Non Gilts ( Total return, unhedged, GBP )

Settlement T + 3

Sector Allocation (%) Country Bond Allocation (%)

66.2% Corporates - Inv. Grade6.6% Asset-Backed Securities (ABS)5.6% Quasi-Governments3.5% Emerging Market Debt3.4% Residential Mortgages (RMBS)3.4% Corporates - High Yield2.8% Governments0.6% Covered Bonds0.5% Commercial Mortgages

(CMBS)8.7% Cash

-1.2% Derivatives

80.6% UK11.3% US5.5% Eurozone2.5% Japan0.1% Sweden

Credit Allocation (%) Top 10 Corporate Issuers(5)

0.0 -1.2

0.0 8.7

0.0 1.1

0.0 0.1 0.0

1.8 0.0 1.2

0.0 3.4

22.7 29.0

39.9 41.9

16.9 1.9

20.5 12.1

-20 -10 0 10 20 30 40 50 60

Derivatives

Cash

NR

CC

CCC

B

BB

BBB

A

AA

AAA

Goldman Sachs Sterling Credit Portfolio

iBoxx Sterling Non Gilts

Security %

KEMBLE WATER HOLDINGS LIMITED 3.0

ELECTRICITE DE FRANCE 2.7

BRITISH AMERICAN TOBACCO P.L.C. 2.3

AVIVA PLC 2.3

ANHEUSER-BUSCH INBEV 2.3

BARCLAYS PLC 2.3

HSBC HOLDINGS PLC 2.1

RWE AKTIENGESELLSCHAFT 2.1

LLOYDS BANKING GROUP PLC 1.8

BAZALGETTE EQUITY LTD 1.8

Please see Additional Notes. All performance and holdings data as at 31-Jul-18. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur.(1) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar ©2018 Morningstar, Inc. All Rights Reserved. (2) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (3) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. (4) iBoxx Sterling Non Gilts is quoted at month-end with income reinvested and, in contrast to the Portfolio, is shown without the deduction of any expenses. (5) Portfolio holdings may not represent current, future investments or all of the portfolio's holdings. Future portfolio holdings may not be profitable.

99

PV100001

Goldman Sachs US Mortgage Backed Securities PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Monthly Fund Update

Investor Profile



The fund is designed for:The fund is designed for investors seeking exposure to a fixed income portfolio of primarily government and investment grade mortgage backed securities and other asset backed securities.


31-Jul-14 - 31-Jul-15

31-Jul-15 - 31-Jul-16

31-Jul-16 - 31-Jul-17

31-Jul-17 - 31-Jul-18

Fund (USD) 3.8 2.6 3.5 -0.4 -0.9

Index 4.2 3.1 4.2 0.3 -0.5


2.1 1.3 3.6 -1.6 -1.5


1 2 2 2 2

Fund Data

No. of holdings 870

% in top 10 55




R2 - 3 yr 0.80

Beta - 3 yr 0.91

Swing Pricing (%)


Redemption (%) 0.07








09/02 09/04 09/06 09/08 09/10 09/12 09/14 09/16 09/1890

110

130

150

170

190

210

Goldman Sachs US Mortgage Backed Securities Portfolio Base Shares(4)

Bloomberg Barclays US Securitized Index (1 day lag)(3)

Morningstar USD Government Bond(1)





Base Shares(4) 70.95 0.00 0.46 (0.90) (0.89) 0.71 1.70 3.36

Bloomberg Barclays US Securitized Index (1 day lag)(3)

81.12 (0.10) 0.62 (0.99) (0.49) 1.30 2.24 3.60

Morningstar USD Government Bond(1) (0.41) 0.33 (1.72) (1.45) 0.34 0.99 2.19


Base Shares (Acc.)(4) 55.10 (0.13) 0.52 (1.15) (1.15) 0.70 1.75 3.39


Base Shares -2.0 5.4 1.3 1.3 1.4

Bloomberg Barclays US Securitized Index (1 day lag) -1.2 5.8 1.4 1.7 2.6


100

Goldman Sachs US Mortgage Backed Securities PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Monthly Fund Update



USD 15.51




5.02





Inception Date - Base Shares 30-Sep-02



Fund Facts



Bloomberg Ticker - Base Shares GSUSMBP LX

Bloomberg Ticker - Base Shares (Acc.) GSUMBBA LX




Reference Benchmark

Bloomberg Barclays US Securitized Index (1 day lag)

Settlement T + 3


85.0% Residential Mortgages (RMBS)17.1% Asset-Backed Securities (ABS)11.0% Governments1.2% Quasi-Governments0.1% Commercial Mortgages

(CMBS)0.0% Corporates - Inv. Grade0.0% Covered Bonds

-14.3% Cash0.0% Derivatives

0.0

-14.3

0.0

0.3

0.0

0.0

0.1

1.0

112.9

-30 -15 0 15 30 45 60 75 90 105 120 135

Derivatives

Cash

NR

CCC

BB

BBB

A

AA

AAA

Please see Additional Notes. All performance and holdings data as at 31-Jul-18. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur.(1) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar ©2018 Morningstar, Inc. All Rights Reserved. (2) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (3) The Bloomberg Barclays US Securitized Index is calculated, for performance purposes, 1 day prior to month-end to more closely resemble the timing of the security prices in the US Mortgage Backed Securities Portfolio. The Index is quoted daily with income reinvested and, in contrast to the Portfolio, is shown without the deduction of expenses. (4) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares.

101

PV102375

Goldman Sachs Global Sovereign Bond PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Monthly Fund Update

Investor Profile



The fund is designed for:The fund is designed for investors who want exposure to portfolio of primarily investment grade global government bonds and currencies belonging to developed and emerging market countries. The bonds may be denominated in developed or emerging market currencies. The emerging markets currency risk in the portfolio is left unhedged.


31-Jul-14 - 31-Jul-15

31-Jul-15 - 31-Jul-16

31-Jul-16 - 31-Jul-17

31-Jul-17 - 31-Jul-18

Fund (USD) - - 3.5 1.6 -0.1

Index - - 5.3 1.9 0.9


- - 4.9 1.2 -1.4


- - 3 2 1

Fund Data

No. of holdings 168

% in top 10 25




R2 - 3 yr 0.97

Beta - 3 yr 1.02

Swing Pricing (%)


Redemption (%) 0.11








05/15 11/15 05/16 11/16 05/17 11/17 05/18 11/1885

90

95

100

105

110

115

Goldman Sachs Global Sovereign Bond Portfolio - Base Shares(3)

BBG Barclays 60% EM LC Govt (cap) (unhedged), 40% Global Tsy (cap) (USD Hgd)(4)

Morningstar Global Bond(1)





Base Shares(3) 1.73 0.96 (2.42) (1.82) (0.13) 1.64

BBG Barclays 60% EM LC Govt (cap) (unhedged), 40% Global Tsy (cap) (USD Hgd)(4)

4.92 0.70 (1.76) (1.07) 0.92 2.67

Morningstar Global Bond(1) 0.14 (2.15) (2.40) (1.45) 1.47



Base Shares - - - 2.3 8.9

BBG Barclays 60% EM LC Govt (cap) (unhedged), 40% Global Tsy (cap) (USD Hgd) - - - 3.5 9.5


102

Goldman Sachs Global Sovereign Bond PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Monthly Fund Update





6.81






Fund Facts





Reference Benchmark

BBG Barclays 60% EM LC Govt (cap) (unhedged), 40% Global Tsy (cap) (USD

Hgd)

Settlement T + 3


54.1% Emerging Market Debt27.5% Government12.6% Quasi-Government5.4% Cash0.4% Derivatives

0.4

5.4

6.8

0.0

0.0

0.0

0.0

0.0

0.0

16.5

40.4

23.1

7.5

0 10 20 30 40 50 60

Derivatives

Cash

NR

D

C

CC

CCC

B

BB

BBB

A

AA

AAA


Goldman Sachs Global Sovereign Bond Portfolio Bloomberg Barclays 60% Emerging Market Local Currency Government (TR, Unhedged) 40% Global Treasury Country Capped Bond Index (TR, USD-Hedged)

50.7% Asia13.9% Western Europe9.8% Central & Eastern Europe9.0% Latin America7.8% Supranational2.3% Middle East/Africa1.1% Currency Forwards0.1% North America5.4% Cash

42.8% Asia18.1% Western Europe13.9% Central & Eastern Europe11.9% Latin America0.0% Supranational2.6% Middle East/Africa0.0% Currency Forwards

10.7% North America0.0% Cash

Please see Additional Notes. All performance and holdings data as at 31-Jul-18. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur.(1) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar ©2018 Morningstar, Inc. All Rights Reserved. (2) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (3) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares. (4) The Bloomberg Barclays 60% EM LC Govt (unhedged);40% Global Treasury Country (hedged) Bond Index is quoted at month-end with income reinvested and, in contrast to the Portfolio, is shown without the deduction of any expenses

103

PV102455

Goldman Sachs Global Absolute Return PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Investor Profile



The fund is designed for:The fund is designed for investors who are looking for diversification across a range of asset classes (equities, bonds, commodities and currencies) via a single portfolio which seeks to generate returns through different market conditions and with an expected level of risk lower than equity markets.


31-Jul-14 - 31-Jul-15

31-Jul-15 - 31-Jul-16

31-Jul-16 - 31-Jul-17

31-Jul-17 - 31-Jul-18

Fund (USD) - - - 3.0 -1.4

Index - - - 1.1 1.9

Fund Data

No. of holdings 321



Swing Pricing (%)


Redemption (%) 0.09







08/15 02/16 08/16 02/17 08/17 02/18 08/1890

95

100

105

110

Goldman Sachs Global Absolute Return Portfolio - Base Shares

3 Month Libor (USD)





Base Shares 0.75 0.63 (0.62) (1.93) (1.42)

3 Month Libor (USD) 3.51 0.20 0.60 1.28 1.89


Base Shares - - - 0.1 3.8

3 Month Libor (USD) - - - 0.8 1.3


104

Goldman Sachs Global Absolute Return PortfolioA sub-fund of Goldman Sachs Funds, SICAV





Inception Date - Base Shares 27-Aug-15


Fund Facts


Bloomberg Ticker - Base Shares GSGLARB LX




Reference Benchmark

3 Month Libor (USD)

Settlement T + 3

Market Exposure by Asset Class (%)(2)

-30.60

30.50

0.00 4.30

-36.30

68.20

-46.30

76.00

Curren

cy (sh

ort)

Curren

cy (lo

ng)

Real A

ssets

(short

)

Real A

ssets

(long

)

Fixed

Incom

e (sho

rt)

Fixed

Incom

e (lon

g)

Equit

y (sho

rt)

Equit

y (lon

g)-75.00

-50.00

-25.00

0.00

25.00

50.00

75.00

100.00

125.00

Please see Additional Notes. All performance and holdings data as at 31-Jul-18. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur.(1) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (2) Exposure is shown as a percentage of Fund Net Asset Value. The totals for gross and net exposure may not sum due to rounding. Gross exposure and net exposure are one of the many indicators used to gauge leverage and market directionality (i.e., whether the Fund is positioned long or short the market) respectively. Exposure is calculated using different metrics depending on the underlying instrument type. For example, for corporate bonds, loans, and stocks, market value is used; for sovereign bonds, 10-year U.S. Treasury equivalent is used (i.e. duration adjusted); for equity and foreign exchange options, delta-adjusted notional value is used; for Credit Default Swaps, FX Forwards and Equity Futures, notional value is used; for options on bond futures, delta-adjusted 10-year U.S. Treasury equivalent is used. Exposure of all interest rate products is displayed in 10-year U.S. Treasury equivalents. This adjustment helps to standardize exposure for interest rate instruments that have different durations and is typically considered a better measure of economic exposure for interest rate instruments compared to notional exposure. All options positions are displayed on a delta adjusted notional value basis i.e., the exposure is option delta * underlying notional value. Delta adjustment is necessary to properly account for the sensitivity of options to changes in price of the underlying security as well as for making exposure comparisons to the underlying (measuring options exposure as premium will understate the economic exposure and risk, while measuring exposure as notional value will overstate the economic exposure).

105

PV102245

Goldman Sachs Global Income Builder PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Monthly Fund Update

Investor Profile(1)

Investor objectiveEnhanced income.


The fund is designed for:The fund is designed for investors who are looking for an income stream with some possibility of capital appreciation. The fund invests globally in both equity and bonds with some exposure to non-traditional asset classes. A large proportion of the bond holdings may be in high yield bonds.


31-Jul-14 - 31-Jul-15

31-Jul-15 - 31-Jul-16

31-Jul-16 - 31-Jul-17

31-Jul-17 - 31-Jul-18

Fund (USD) - 1.3 -0.2 8.4 2.7


- 0.6 -0.5 7.9 4.0


- 3 3 2 3

Fund Data

No. of holdings 214

% in top 10 15

Transaction Costs (%) 0.08



Swing Pricing (%)


Redemption (%) 0.21








03/14 09/14 03/15 09/15 03/16 09/16 03/17 09/17 03/18 09/1885

90

95

100

105

110

115

120

125

Goldman Sachs Global Income Builder Portfolio - Base Shares

Morningstar USD Moderate Allocation




Base Shares 15.84 2.13 1.81 0.17 2.67 3.54

Morningstar USD Moderate Allocation 1.40 0.67 0.21 3.98 3.79



Base Shares - - -2.0 5.0 10.3


106

Goldman Sachs Global Income Builder PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Monthly Fund Update








Bloomberg Ticker - Base Shares GSIBPBS LX




Settlement T + 3

Top 10 Industry Allocation Asset Allocation (%)Financials 15.4

Health Care 13.4

Telecommunication Services 11.0

Information Technology 10.6

Consumer Discretionary 10.5

Energy 9.3

Consumer Staples 6.8

Industrials 6.6

Materials 4.8

Utilities 4.3

REITs 2.6

Real Estate 1.2

*Other Fixed Income & Derivatives 0.9

Cash 2.6

Corporate Bonds HY 27.5

Common Stock US 24.2

Common Stock Non-US 21.9

Corporate Bonds IG 13.2

Bank Loan 5.1

REIT 2.5

EM Corp/Quasi-Sov 1.5

Preferred Stock 0.6

MLP 0.5

Other Fixed Income 0.3

Government 0.0

Cash 2.6


Security %

Pfizer Inc. 2.1

Royal Dutch Shell 2.0

JP Morgan Chase & Co. 1.9

Johnson & Johnson 1.5

Intelsat 1.4

HCA Healthcare Inc. 1.3

Sprint Corp. 1.3

Charter Communications 1.3

Microsoft Corporation 1.2

The Williams Companies 1.2

Please see Additional Notes. All performance and holdings data as at 31-Jul-18. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur.(1) Effective 07-Aug-2017, the portfolio moved from seeking to hedge foreign exchange risk arising only from fixed income holdings (“partially hedged”) to seeking to hedge foreign exchange risk arising from all portfolio holdings. (2) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document.

(3) Portfolio holdings may not represent current, future investments or all of the portfolio's holdings. Future portfolio holdings may not be profitable.

107

PV102281

Goldman Sachs Wealthbuilder Multi-Asset Balanced PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Monthly Fund Update

Investor Profile

Investor objectiveBoth capital appreciation and income.


The fund is designed for:The fund is designed for investors who are looking to enhance their investment portfolios by accessing a global portfolio of bonds, equities and alternative assets. This fund should present higher risk than Wealthbuilder Conservative but lower than Wealthbuilder Growth.


31-Jul-14 - 31-Jul-15

31-Jul-15 - 31-Jul-16

31-Jul-16 - 31-Jul-17

31-Jul-17 - 31-Jul-18

Fund (USD) - 1.3 -0.5 9.5 3.5

Index - 4.4 3.5 7.2 7.0


- 0.6 -0.5 7.9 4.0


- 3 3 2 3

Fund Data

No. of holdings 25




R2 - 3 yr 0.91

Beta - 3 yr 1.23











06/14 12/14 06/15 12/15 06/16 12/16 06/17 12/17 06/18 12/1885

90

95

100

105

110

115

120

125

130

Goldman Sachs Wealthbuilder Multi-Asset Balanced Portfolio - Base Shares

50% Bloomberg Barclays Global Aggregate (Total Return, Hedged, USD) & 50% MSCI W

Morningstar USD Moderate Allocation





Base Shares 13.95 1.70 0.14 (0.48) 3.53 4.09


23.07 1.60 2.47 2.24 6.98 5.86

Morningstar USD Moderate Allocation 1.40 0.67 0.21 3.98 3.79



Base Shares - - -2.2 5.1 12.5


- - 0.3 5.9 12.1


108

Goldman Sachs Wealthbuilder Multi-Asset Balanced PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Monthly Fund Update






Fund Facts


Bloomberg Ticker - Base Shares GWBMAUI LX




Reference Benchmark

50% Bloomberg Barclays Global Aggregate (Total Return, Hedged, USD) &

50% MSCI W

Settlement T + 3

Asset Allocation (%)

Goldman Sachs Wealthbuilder Multi-Asset Balanced Portfolio 50% Bloomberg Barclays Global Aggregate Bond (Hedged) / 50% MSCI World (Net)

2.2% High Quality Fixed Income26.4% Global Equity10.7% Emerging Market Equity15.1% Alternative Strategies7.9% High Yield

16.2% Emerging Market Debt5.9% Small Cap Equity4.6% Real Assets3.0% Macro FX Basket (Tilt)

-4.8% Short German 30 Yr Bunds (Tilt)2.9% US Large Cap Equity (Tilt)0.5% US Technology Equity (Tilt)0.9% Treasury Futures (Tilt)

-1.5% Interest Rate Steepener (Tilt)0.3% Japanese Equity (Tilt)0.6% European Equity (Tilt)0.4% Chinese Equity (Tilt)0.0% Cash

50.0% High Quality Fixed Income50.0% Global Equity

Please see Additional Notes. All performance and holdings data as at 31-Jul-18. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur.(1) Please note that this estimated transaction costs figure has not been calculated using the prescribed methodologies required under EU regulations (i.e. MIFID II and PRIIPS). Where required by law or regulation, you may receive additional estimates of transaction costs from us which will be calculated using these prescribed methodologies. These additional estimates may differ from the estimated transaction cost figure included here. (2) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document.

109

PV102280

Goldman Sachs Wealthbuilder Multi-Asset Conservative PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Monthly Fund Update

Investor Profile



The fund is designed for:The fund is designed for investors who are looking to access a global portfolio of bonds, equities and alternative assets with the potential for some income. Potentially lower returns but lower risk than the other Wealthbuilder funds.


31-Jul-14 - 31-Jul-15

31-Jul-15 - 31-Jul-16

31-Jul-16 - 31-Jul-17

31-Jul-17 - 31-Jul-18

Fund (USD) - 1.1 1.5 5.4 1.2

Index - 4.1 5.3 3.2 4.7


- -0.3 0.4 4.6 1.5


- 2 2 2 3

Fund Data

No. of holdings 26




R2 - 3 yr 0.74

Beta - 3 yr 1.18











06/14 12/14 06/15 12/15 06/16 12/16 06/17 12/17 06/18 12/1885

90

95

100

105

110

115

120

125

Goldman Sachs Wealthbuilder Multi-Asset Conservative Portfolio - Base Shares


Morningstar USD Cautious Allocation





Base Shares 9.17 1.21 (0.01) (0.91) 1.23 2.67


18.20 0.97 1.72 1.40 4.72 4.40

Morningstar USD Cautious Allocation 0.80 0.09 (0.56) 1.55 2.29



Base Shares - - -0.9 3.6 7.7


- - 0.7 5.0 7.9


110

Goldman Sachs Wealthbuilder Multi-Asset Conservative PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Monthly Fund Update






Fund Facts


Bloomberg Ticker - Base Shares GWMCBUI LX




Reference Benchmark


30% MSCI W

Settlement T + 3


Goldman Sachs Wealthbuilder Multi-Asset Conservative Portfolio 70% Barclays Global Agg Bond (Hedged) 30% MSCI World (Net) (50% Hedged)

32.5% High Quality Fixed Income6.5% Global Equity7.9% Emerging Market Equity

17.6% Alternative Strategies7.1% High Yield


-4.7% Short German 30 Yr Bunds (Tilt)2.0% US Large Cap Equity (Tilt)0.4% US Technology Equity (Tilt)1.1% Treasury Futures (Tilt)




111

PV102282

Goldman Sachs Wealthbuilder Multi-Asset Growth PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Monthly Fund Update

Investor Profile



The fund is designed for:The fund is designed for investors who are looking to access a global portfolio of bonds, equities and alternative assets which has the potential for wealth creation over the long term. This fund should present the highest potential for returns but also the highest risk relative to the other Wealthbuilder funds.


31-Jul-14 - 31-Jul-15

31-Jul-15 - 31-Jul-16

31-Jul-16 - 31-Jul-17

31-Jul-17 - 31-Jul-18

Fund (USD) - 2.2 -1.8 12.6 5.4

Index - 4.6 2.3 9.7 9.3


- 0.2 -1.5 10.1 6.1


- 2 3 2 3

Fund Data

No. of holdings 22




R2 - 3 yr 0.93

Beta - 3 yr 1.21











06/14 12/14 06/15 12/15 06/16 12/16 06/17 12/17 06/18 12/1885

90

95

100

105

110

115

120

125

130

135

Goldman Sachs Wealthbuilder Multi-Asset Growth Portfolio - Base Shares


Morningstar USD Aggressive Allocation





Base Shares 18.56 1.94 0.31 (0.03) 5.42 5.24


27.05 2.23 3.23 3.06 9.26 7.03

Morningstar USD Aggressive Allocation 1.94 1.32 0.83 6.05 5.40



Base Shares - - -2.5 5.5 16.5


- - 0.0 6.4 15.4


112

Goldman Sachs Wealthbuilder Multi-Asset Growth PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Monthly Fund Update






Fund Facts


Bloomberg Ticker - Base Shares GWMGBSI LX




Reference Benchmark


70% MSCI W

Settlement T + 3


Goldman Sachs Wealthbuilder Multi-Asset Growth Portfolio 30% Barclays Global Agg Bond (Hedged) 70% MSCI World (Net) (50% Hedged)

0.0% High Quality Fixed Income36.3% Global Equity15.1% Emerging Market Equity6.7% Alternative Strategies4.3% High Yield


-4.8% Short German 30 Yr Bunds (Tilt)3.2% US Large Cap Equity (Tilt)0.7% US Technology Equity (Tilt)




113

PV102894

Goldman Sachs Emerging Markets Multi-Asset PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Investor Profile



The fund is designed for:The fund is designed for investors who are looking for capital appreciation and income by accessing broad exposure to Emerging Markets. The portfolio will actively allocate across bonds, equities and currency, predominantly in Emerging Market countries. Diversification does not protect an investor from market risk and does not ensure a profit.

Fund Data

No. of holdings 232














Fund Facts


Bloomberg Ticker - Base Shares GSTBASE LX




Settlement T + 3


Port Weight% Benchmark Weight%

15.0% External Sovereign21.9% Local Sovereign6.7% Corporate0.0% Supranational

51.9% Equity-0.1% Other5.2% Cash

15.0% External Sovereign30.0% Local Sovereign15.0% Corporate0.0% Supranational

40.0% Equity0.0% Other0.0% Cash

Region Allocation (%) Top 10 Country Weight

47.3% Asia22.7% Latin America12.6% Europe11.2% Africa / Middle East1.7% Other5.2% Cash

China 17.9

Korea 6.8

India 6.2

South Africa 5.7

Indonesia 5.6

Brazil 5.5

Mexico 3.9

Taiwan 3.8

Argentina 3.5

Turkey 3.2

Top 10 Holdings(1)

Name Port Weight%

NIFTY 50 Futures (Equity) 5.4

Tencent Holdings (Equity) 3.0

Alibaba Group (Equity) 2.4

Samsung Electronics (Equity) 2.3

Taiwan Semiconductor Manufacturing Company (Equity)

2.1

Mexican Govt. 6.5% 09 Jun 2022 144A (Fixed Income)

2.0

Ping An Insurance (Equity) 1.3

Kweichow Moutai (Equity) 1.2

Indonesian Govt. 4.4% 01 Mar 2028 REGS (Fixed Income)

1.1

Russian Govt. 7.05% 19 Jan 2028 (Fixed Income)

1.1

Please see Additional Notes. All performance and holdings data as at 31-Jul-18. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur.Past performance does not guarantee future results, which may vary.* We identify two broad categories of funds to help investors think about how to construct their overall investment portfolio. We describe the following as “Core”: (A) Equity funds with a global investment remit or those mainly focused on US and European markets, given the size and transparency of these markets. (B) Fixed income funds with a global investment remit or those mainly focused on US, European and UK markets and invest predominantly in investment grade debt, including government. (C) Multi asset funds with a multi asset benchmark. All other funds we describe as “Complements”. Both Core and Complement funds can vary in risk level and those terms are not meant to indicate the risk level of the funds. There is no guarantee that these objectives will be met.For regionally focussed investment portfolios we understand that the categorisation may be different from the perspective of different investors. Consult your financial adviser before investing to help determine if an investment in this fund and the amount of the investment would be suitable.(1) Portfolio holdings may not represent current, future investments or all of the portfolio's holdings. Future portfolio holdings may not be profitable. (2) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document.

114

PV101812

Goldman Sachs US Real Estate Balanced PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Monthly Fund Update

Investor Profile



The fund is designed for:The fund is designed for investors seeking exposure to the US real estate markets through bonds and equities related to real estate. The fund has a higher degree of sector specific risk than that of a diversified multi sector portfolio.


31-Jul-14 - 31-Jul-15

31-Jul-15 - 31-Jul-16

31-Jul-16 - 31-Jul-17

31-Jul-17 - 31-Jul-18

Fund (USD) 6.4 7.2 2.5 8.4 3.1


8.3 0.6 -0.5 7.9 4.0


4 1 1 2 3

Fund Data

No. of holdings(2) 152

Transaction Costs (%) 0.02



Swing Pricing (%)


Redemption (%) 0.32








10/12 10/14 10/16 10/1890

100

110

120

130

140

150

160

Goldman Sachs US Real Estate Balanced Portfolio - Base Shares (Acc.)(4)

Morningstar USD Moderate Allocation(1)




Base Shares (Acc.)(4) 46.12 0.41 0.78 (1.55) 3.09 4.62 5.48

Morningstar USD Moderate Allocation(1) 1.40 0.67 0.21 3.98 3.79 3.93



Base Shares (Acc.) 12.5 5.6 2.0 6.5 11.0


115

Goldman Sachs US Real Estate Balanced PortfolioA sub-fund of Goldman Sachs Funds, SICAV


Monthly Fund Update


USD 146.12



Inception Date - Base Shares (Acc.) 02-Oct-12


Fund FactsISIN - Base Shares (Acc.) LU0820775533

Bloomberg Ticker - Base Shares (Acc.) GSUREBI LX




Settlement T + 3

Portfolio Positioning Top 3 Corporate Holdings (MV%)

5.2

16.9

30.4

47.6

0 10 20 30 40 50 60

Cash, Other

Securitized

Equity

Corporates

TOLL BROTHERS FINANCE CORP. 4.375% 15 APR 2023-23

2.4

BROOKFIELD RESIDENTIAL PR 6.5% 15 DEC 2020-18 144A

2.0

STANDARD INDUSTRIES INC 5.375% 15 NOV 2024-19 144A

1.9

Top 3 Securitized Holdings(MV %)

Top 3 Equity Holdings (MV %)

LEHMAN XS TRUST 3A3 2007-2N FRN 25 FEB 2037

1.6

ALTERNATIVE LOAN TRU A1D 2006-OA16 FRN 25 OCT 2046

1.1

FEDERAL HOME LOAN MOR M3 2015-DNA3 FRN 25 APR 2028

1.0

LENNAR CORPORATION 1.9

D.R. HORTON, INC. 1.8

SIMON PROPERTY GROUP INC 1.5

Please see Additional Notes. All performance and holdings data as at 31-Jul-18. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of capital may occur.(1) The Morningstar sector average figures are calculated using all open funds available in the universe at the indicated time period. The number of funds in a Morningstar sector varies over time as new funds are launched and funds close. Source: Morningstar ©2018 Morningstar, Inc. All Rights Reserved. (2) Number of holdings represents number of security holdings, i.e., excluding cash, cash equivalents and derivatives. (3) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. (4) Fund returns are shown net of applicable ongoing fees within the portfolio, with dividends re-invested using the ex-dividend NAV. These returns are for comparison of performance against specified index. As the investor may be liable to other fees, charges and taxes, they are not meant to provide a measure of actual return to investors. The performance data do not take account of the commissions and costs incurred on the issue and redemption of shares.

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Glossary

Beta – Measures the sensitivity of the fund’s returns to the comparative benchmark index return (annualised). The nearer to 1.00, the closer the historical fluctuations in the value of the fund are to the benchmark. If above 1.00, then fund fluctuations have been greater than the benchmark.

Commissions – Total amount paid to executing brokers in relation to dealing in buying and selling of investments in the Fund during year ending 30 November 2016.

Duration of the Portfolio – Measure of the sensitivity of the price of a bond or portfolio to a change in interest rates paid. The larger the number (positive or negative), the greater the change in price for given changes in interest rates. When duration is positive a rise in interest rates results in a fall in price while for a negative duration a rise in interest rates results in a rise in price.

Excess Returns – The return of the fund in excess of the benchmark/index return (annualised).

Historical Tracking Error - Measure of the actual deviation of the fund’s returns from the comparative benchmark index returns (annualised). A higher number means that the fund is taking greater risk against the benchmark.

Historical Volatility of Portfolio – Illustrates the dispersion of the fund’s realized monthly returns around the average monthly return, indicating how volatile the fund’s return is over time. The higher the number the more volatile the fund’s returns.

Interest Rate Duration – This is a modified measure of Total Average Duration that has been estimated by GSAM. This modified measure seeks to take account of the different behaviours of different bond markets around the world by re-expressing all duration exposures to a common US market standard. The goal is to improve the estimate of the portfolio’s sensitivity to changes in interest rates. This estimate is guided by historical market observations amongst markets which are themselves subject to change over time and may not necessarily be reflected by the actual outcome.

Net Asset Value – Represents the net assets of the fund (ex-dividend) divided by the total number of shares issued by the fund.

Other Expenses – Fees deduced from the Fund’s assets incurred as part of the Fund’s operations, including, where applicable, costs incurred by the Fund when investing in other funds.

Other Costs – Total amount of costs incurred by the Fund outside Commissions during year ending 30 November. These may include, but not limited to, market fees and local taxes.

R2 – Measure that represents the percentage of a portfolio movement linked to movements in the benchmark index return (annualised). The nearer to [1.00], the more a fund is tracking the risk of the benchmark, and the less risk that the fund is taking against the benchmark.

Swing Pricing – This describes the total trading spreads and any other duties and charges (e.g. Broker Commissions, Stamp Duty and Taxes) that may be paid on entry and exit to the Fund and which seek to protect long-term investors already in the Fund. The price shown is measured at last quarter end, and is only indicative of the swing that may apply to a new subscription/redemption.

Ongoing Charges – The ongoing charges figure is based on the fund’s expenses during the previous 12 months, on a rolling basis. It excludes transaction costs and performance fees incurred by the fund.

Transactions Costs – Total trading costs of transactions incurred by the fund, including Commissions during year ending 30 November 2016. Does not include trading spreads incurred on transactions.

Turnover Ratio – Measure of how frequently over the period assets are bought or sold in the fund (Lower of Purchases or sales by the Fund/Average net assets of the Fund).

Weighted Average Life (WAL) – Forecast sensitivity of portfolio returns to the comparative index calculated over X years.

Weighted Average Maturity (WAM) – Measures the deviation in portfolio weights from the comparative index/benchmark.

Yield to Maturity – The rate of return anticipated on a bond if it is held until the maturity date shown without the deduction of any expenses.

Yield to Worst – The lowest potential yield that can be received on a bond without the issuer actually defaulting.

Additional Notes

Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of principal may occur.

Offering Documents: This material is provided at your request for informational purposes only and does not constitute a solicitation in any jurisdiction in which such a solicitation is unlawful or to any person to whom it is unlawful. It only contains selected information with regards to the fund and does not constitute an offer to buy shares in the fund. Prior to an investment, prospective investors should carefully read the latest Key Investor Information Document (KIID) as well as the offering documentation, including but not limited to the fund’s prospectus which contains inter alia a comprehensive disclosure of applicable risks. The relevant articles of association, prospectus, supplement, KIID and latest annual/semi-annual report are available free of charge from the fund’s paying and information agent and/or from your financial adviser and at www.gsam.com/kiids. Distribution of Shares: Shares of the fund may not be registered for public distribution in a number of jurisdictions (including but not limited to any Latin American, African or Asian countries). Therefore, the shares of the fund must not be marketed or offered in or to residents of any such jurisdictions unless such marketing or offering is made in compliance with applicable exemptions for the private placement of collective investment schemes and other applicable jurisdictional rules and regulations.Investment Advice and Potential Loss: Financial advisers generally suggest a diversified portfolio of investments. The fund described herein does not represent a diversified investment by itself. This material must not be construed as investment or tax advice. Prospective investors should consult their financial and tax adviser before investing in order to determine whether an investment would be suitable for them.An investor should only invest if he/she has the necessary financial resources to bear a complete loss of this investment.Swing Pricing: Please note that the fund operates a swing pricing policy. Investors should be aware that from time to time this may result in the fund performing differently compared to the reference benchmark/comparative index based solely on the effect of swing pricing rather than price developments of underlying instruments.Investment Not Insured: Investment into the fund is not insured or guaranteed by any Government agency, including the Federal Deposit Insurance Company, and is not the same as placing funds on deposit with a bank or deposit-taking company. Although the Goldman Sachs money market funds seek to preserve a stable net asset value per share, it is possible to lose money by investing in the funds.Fees are generally billed and payable at the end of each quarter and are based on average month-end market values during the quarter. Additional information is provided in our Form ADV Part 2 which is available at http://www.adviserinfo.sec.gov/IAPD/Content/Search/iapd_Search.aspx.The information contained herein must not be construed as investment or tax advice. Prospective investors should consult their financial and tax adviser before investing in order to determine whether an investment would be suitable for them. Furthermore, this information should not be construed as financial research. It was not prepared in compliance with applicable provisions of law designed to promote the independence of financial analysis and is not subject to a prohibition on trading following the distribution of financial research.This information is intended for viewing only by the intended recipient and may not be reproduced or distributed to any person in whole or in part without the prior written consent of GSI. Goldman Sachs International accepts no liability for the misuse or inappropriate distribution of this material.Index Benchmarks: Indices are unmanaged. The figures for the index reflect the reinvestment of all income or dividends, as applicable, but do not reflect the deduction of any fees or expenses which would reduce returns. Investors cannot invest directly in indices.The indices referenced herein have been selected because they are well known, easily recognized by investors, and reflect those indices that the Investment Manager believes, in part based on industry practice, provide a suitable benchmark against which to evaluate the investment or broader market described herein. The exclusion of “failed” or closed hedge funds may mean that each index overstates the performance of hedge funds generally.Mortgage-backed securities are subject to certain additional risks. Generally, rising interest rates tend to extend the duration of fixed rate mortgage-backed securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, if the Fund holds mortgage-backed securities, it may exhibit additional volatility. In addition, adjustable and fixed rate mortgage-backed securities are subject to prepayment risk. When interest rates decline, borrowers may pay off their mortgages sooner than expected. This can reduce the returns of the Fund because the Fund may have to reinvest that money at the lower prevailing interest rates.The holdings and/or allocations shown may not represent all of the portfolio's investments.The relevant articles of association, prospectus, supplement and key investor information document (KIID) and latest annual/semi-annual report (as applicable) are available free of charge from the fund’s paying and information agents as listed below:Austria: Raiffeisen Bank International AG, Am Stadtpark 9, A-1030 Wien, Austria.Belgium: RBC Investor Services, Place Rogier II, 1210 Brussels, Belgium.Denmark: Stockrate Asset Management, Mollevej 9 E2, DK-2990 Niva, Denmark.France: RBC Investor Services Bank France, 105, rue Réaumur, 75002 Paris, France.Germany: State Street Bank GmbH, Brienner Strasse 59, 80333 Munich, Germany.Greece: Piraeus Bank S.A., 4 Amerikis Street, 10564 Athens, Greece.Ireland: RBC Investor Services Ireland Limited, George's Quay House, 43 Townsend Street, Dublin 2, Ireland. Italy: Société Générale Securities Services, Maciachini Center – MAC 2, Via Benigno Crespi, 19/A, 20159 Milan, Italy; AllFunds Bank S.A. Filiale di Milano, Via Santa Margherita 7, 20121 Milan, Italy; RBC Investor Services Bank Milan- Milan Branch, Cia Vittor Pisani, 26, 20154 Milan, Italy; State Street Bank S.pA., Via Col Moschin, 16 , 20136 Milan, Italy; BNP Paribas Securities Services –Succursale di Milano, Via Ansperto 5, 20121 Milan, Italy; Banca Sella, Piazza Gaudenzio Sella 1, 13900 Biella Bl., Italy.Luxembourg: State Street Bank Luxembourg S.A., 49, avenue J.F. Kennedy, L-1855 Luxembourg.Sweden: Skandinaviska Enskilda Banken AB, through its entity Global Transaction Services, SEB Merchant Banking, Sergels Torg 2, ST MH1, SE-106 40 Stockholm, Sweden.Please note in addition for:Netherlands: The fund is included in the register kept by the Stichting Autoriteit Financiële Markten.Spain: The fund is a foreign UCITS registered with the CNMV registry with number 141 (SICAV), 913 (SICAV II), 305 (PLC). A full description and KIID for the fund and other mandatory documentation is available free of charge from any of the authorised distributors of the fund listed in the Comisión Nacional del Mercado de Valores (“CNMV”) webpage at www.cnmv.es.Australia: This material is distributed in Australia and New Zealand by Goldman Sachs Asset Management Australia Pty Ltd ABN 41 006 099 681, AFSL 228948 (‘GSAMA’) and is intended for viewing only by wholesale clients in Australia for the purposes of section 761G of the Corporations Act 2001 (Cth) and to clients who either fall within any or all of the categories of investors set out in section 3(2) or sub-section 5(2CC) of the Securities Act 1978 (NZ).Singapore: This material has been issued or approved for use in or from Singapore by Goldman Sachs Asset Management (Singapore) Pte. Ltd. (Company Number: 201329851H).Hong Kong: This material has been issued or approved for use in or from Hong Kong by Goldman Sachs (Asia) L.L.C.

© 2018 Goldman Sachs. All rights reserved.Registered and Principal Offices: Luxembourg domiciled Funds: c/o State Street Bank Luxembourg S.A., 49, Avenue J-F Kennedy L-1855, Luxembourg; Dublin domiciled Funds: Fixed Income, Currency Funds and Cash Management Funds Principal Office: c/o BNY Fund Services (Ireland) Limited, Guild House, Guild Street, IFSC, Dublin 1, Ireland.

This material is a financial promotion and has been issued by Goldman Sachs International, authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

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