The Goldman Sachs Group, Inc. (GS) 11-K Annual report of employee stock purchases

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 11-K

ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

☑ Annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934

     For the fiscal year ended December 31, 2016.

Or

☐ Transition report Pursuant to Section 15(d) of the Securities Exchange Act of 1934

     For the transition period from                     to                     

Commission file number 001-14965

A. Full title of the plan and the address of the plan, if different from that of issuer named below:

THE GOLDMAN SACHS 401(k) PLAN

B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

THE GOLDMAN SACHS GROUP, INC

200 West Street

New York, NY 10282

The Goldman Sachs 401(k) Plan

Financial Statements and Supplemental Schedules

December 31, 2016 and 2015

(With Independent Registered Public Accounting Firm’s Report)

The Goldman Sachs 401(k) Plan

Index

December 31, 2016 and 2015

	Page(s)
Report of Independent Registered Public Accounting Firm		1
Financial Statements
Statements of Net Assets Available for Benefits		2
Statements of Changes in Net Assets Available for Benefits		3
Notes to Financial Statements		4–20
Supplemental Schedules*
Schedule H, Line 4i – Schedule of Assets (Held at End of Year)		21–45
Schedule H, Line 4i – Schedule of Assets (Acquired and Disposed of Within Year)		46–49
Schedule H, Line 4j – Schedule of Reportable Transactions		50
Schedule G, Part 1 – Schedule of Loans or Fixed Income Obligations in Default or Classified as Uncollectible		51
Signatures
Index to Exhibits
Consent of PricewaterhouseCoopers, LLP
Ex-23: Consent of PricewaterhouseCoopers, LLP

* All other schedules required by 29 CFR §2520.103-10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974, as amended, are not included because they are not applicable.

Report of Independent Registered Public Accounting Firm

To the Administrator of

The Goldman Sachs 401(k) Plan

In our opinion, the accompanying statements of net assets available for benefits and the related statements of changes in net assets available for benefits present fairly, in all material respects, the net assets available for benefits of The Goldman Sachs 401(k) Plan (the “Plan”) at December 31, 2016 and 2015, and the changes in net assets available for benefits for the years then ended in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

The supplemental schedule of assets (held at end of year) as of December 31, 2016, schedule of assets (acquired and disposed of within year) for the year ended December 31, 2016, schedule of reportable transactions for the year ended December 31, 2016 and schedule of loans or fixed income obligations in default or classified as uncollectible as of December 31, 2016 have been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental schedules are the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental schedules reconcile to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedules. In forming our opinion on the supplemental schedules, we evaluated whether the supplemental schedules, including their form and content, are presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the schedule of assets (held at end of year), schedule of assets (acquired and disposed of within year), schedule of reportable transactions and schedule of loans or fixed income obligations in default or classified as uncollectible are fairly stated, in all material respects, in relation to the financial statements as a whole.

/s/ PricewaterhouseCoopers LLP

New York, NY

June 29, 2017

1

The Goldman Sachs 401(k) Plan

Statements of Net Assets Available for Benefits

December 31, 2016 and 2015

	As of December
$ in thousands	2016		2015
Assets
Investment assets at fair value (Note 3)	$	6,615,542	$	6,337,485
Receivables:
Employee contributions		5,695		5,788
Employer contributions		103,694		99,548
Notes receivable from participants		26,542		26,810
Interest and dividends		4,799		5,801
Due from brokers and other receivables		112,928		288,185
Total receivables		253,658		426,132
Total assets		6,869,200		6,763,617
Liabilities
Investment liabilities at fair value (Note 3)		47,961		288,091
Due to brokers and other payables		22,651		27,478
Accrued expenses		3,906		5,777
Total liabilities		74,518		321,346
Net assets available for benefits	$	6,794,682	$	6,442,271

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

2

The Goldman Sachs 401(k) Plan

Statements of Changes in Net Assets Available for Benefits

December 31, 2016 and 2015

	Year Ended December
$ in thousands	2016			2015
Additions
Investment income:
Net appreciation/(depreciation) in the fair value of investments	$	433,627		$	(262,016	)
Interest and dividends		86,062			126,790
Less: Investment management fees and other expenses		(26,747	)		(25,650	)
Total investment income/(loss)		492,942			(160,876	)
Interest income on notes receivable from participants		1,074			1,089
Contributions:
Employee		203,873			204,041
Employer		103,694			99,548
Total contributions		307,567			303,589
Total additions		801,583			143,802
Deductions
Benefits paid		449,172			346,779
Total deductions		449,172			346,779
Net increase/(decrease) in net assets available for benefits		352,411			(202,977	)
Net assets available for benefits
Beginning of year		6,442,271			6,645,248
End of year	$	6,794,682		$	6,442,271

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

3

The Goldman Sachs 401(k) Plan

Notes to Financial Statements

December 31, 2016 and 2015

Note 1.

Plan Description

The following description of The Goldman Sachs 401(k) Plan (the Plan) is provided for general information purposes only. The Plan sponsor is The Goldman Sachs Group, Inc. (the firm). Participants should refer to the Plan document, as most recently amended and restated effective January 1, 2016, for a more complete description of the Plan’s provisions. Items referenced in italics are defined in the Plan document.

The Plan became effective on January 1, 1945 as the “Goldman Sachs Employees’ Profit Sharing Retirement Income Plan” and is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (ERISA). Effective January 1, 2008, the Goldman Sachs Employees’ Profit Sharing Retirement Income Plan was amended to incorporate a 401(k) safe harbor design, and was renamed “The Goldman Sachs 401(k) Plan.” The Plan has been subsequently amended for various reasons, including to reflect changes in law.

General

The Plan is a defined contribution plan to which participants may elect to make pre-tax, and “Roth” after-tax, contributions each year from their 401(k) Compensation( as determined under the Plan), and to which they can roll over amounts from certain other qualified retirement arrangements. The Plan’s Plan Year is the 12-month period commencing on January 1 and ending on the following December 31. The Plan offers a dollar-for-dollar Firm Matching Contribution on participants’ elective deferrals of up to 4% of their Safe Harbor Compensation, up to applicable statutory limitations. If 4% of an eligible participant’s Safe Harbor Compensation is less than $6,000, the firm will allocate a Supplemental Contribution equal to the difference. In addition to these contributions, the firm will allocate to each eligible participant an Additional Retirement Contribution of up to $4,000. Collectively, the Firm Matching Contribution, Supplemental Contribution and Additional Retirement Contribution are herein referred to as the Firm Contributions.

The Plan has two named fiduciaries, the Administrative Committee and the Retirement Committee. The Retirement Committee has the power to appoint one or more investment managers as well as the other duties relating to the investment of the funds held by the trustee. The Administrative Committee administers all other terms and provisions of the Plan. Each committee consists of employees of the firm or its affiliates. Rocaton Investment Advisors is the Retirement Committee’s investment advisor. Participants direct their contributions and the Firm Contributions into various investment options available from time to time under the Plan through the Goldman Sachs Profit Sharing Master Trust (the Master Trust). The Plan is the sole investor in the Master Trust. Participants’ directed investments can be allocated to mutual funds, collective trusts, separately managed accounts and a bank deposit account. Alight Solutions, formerly Hewitt Associates, LLC, is the Plan’s recordkeeper.

The Plan offers participants the option to invest in the Stock Fund, as defined (the “Company Stock Fund”), which is a separately managed account, that primarily invests in shares of the firm’s common stock. In accordance with a policy adopted by the Retirement Committee, no more than 20% of any contribution made on behalf of each participant can be invested in the Company Stock Fund. When a participant reallocates his or her total investment balance, he or she is limited to reallocating 20% of his or her total investment balance into the Company Stock Fund. In addition, participants are restricted from transferring into or out of the Company Stock Fund during certain periods in accordance with the firm’s compliance procedures designed to avoid violations of applicable securities laws.

4

The Goldman Sachs 401(k) Plan

Notes to Financial Statements

December 31, 2016 and 2015

Eligibility

Employees become eligible to make pre-tax, and “Roth” after-tax, contributions to the Plan as of the first day of the month after they join the firm or its affiliates as eligible employees. In addition, employees are eligible, as determined under the Plan document, to participate in the Firm Matching Contributions and Supplemental Contributions generally as of the first day of the month after they complete one Year of Service, as defined, and attain age 21. In addition, to be eligible for the Supplemental Contribution, the employee must be employed on the last day of the firm’s fiscal year that ends with or within the Plan Year.

Generally, to be eligible for the Additional Retirement Contribution, employees must have been (i) eligible for benefits under the Goldman Sachs Employees’ Pension Plan as of November 26, 2004, (ii) age 46 or older as of November 26, 2004, and (iii) employed by the firm or its affiliates as of the last day of the current fiscal year.

Vesting

Participants are immediately fully vested in their own 401(k) contributions, the Firm Matching Contributions and Supplemental Contributions, and the earnings thereon. Participants became fully vested after three Years of Service in the Firm Profit Sharing Contributions (which were discretionary profit sharing contributions made by the firm prior to January 1, 2008) and Additional Retirement Contributions, and the net earnings thereon. Additionally, upon the earliest to occur of: (i) attainment of age 65 while employed by the firm or its affiliates, (ii) disability retirement, (iii) death or (iv) Plan termination, each participant or beneficiary will be 100% vested and may receive a lump-sum amount equal to the value of the funds or a portion thereof allocated to the participant’s account or may receive periodic distributions from the Plan.

Benefits

Any benefits provided by the Plan are paid from net assets available for benefits. The benefit to which a Plan participant is entitled equals the amount that can be provided by the vested contributions and net earnings (or losses) thereon (including net realized and unrealized investment appreciation and depreciation) allocated to such participant’s account.

Notes Receivable from Participants

A participant in the Plan is permitted to borrow between $1,000 and $50,000, reduced by (i) the highest outstanding balance of loans to such participant from the Plan during the one-year period ending on the day before the date on which such new loan is made, less (ii) the outstanding balance of loans to such participant from the Plan on the date of such new loan, subject to an overall cap of the lesser of (a) one-half of the participant’s total vested account balance (including Firm Contributions) or (b) the balance in the participant’s 401(k) and rollover contribution accounts. A participant may not borrow any amounts attributable to the Firm Contributions. Interest on loans is fixed at the U.S. prime rate plus one percent for the life of the respective loan. Loans generally must be repaid within five years, or in some cases, ten years. Loans are repaid (principal and interest) and added back to participants’ account balances generally through regular after-tax payroll deductions.

Trust Agreement

The Plan’s investments are owned by the Master Trust, which is subject to a trust agreement (the Trust Agreement) with State Street Bank and Trust Company (the Trustee).

5

The Goldman Sachs 401(k) Plan

Notes to Financial Statements

December 31, 2016 and 2015

Note 2.

Summary of Significant Accounting Policies

Basis of Presentation

These financial statements are prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP).

All references to 2016 and 2015 refer to the Plan years ended, or the dates, as the context requires, December 31, 2016 and December 31, 2015, respectively.

Use of Estimates

Preparation of these financial statements requires management to make certain estimates and assumptions, the most important of which relates to fair value measurements of the Plan’s investments. These estimates and assumptions are based on the best available information but actual results could be materially different.

Payment of Benefits

Benefits are recorded when paid.

Notes Receivable from Participants

Participant loans are measured at their unpaid principal balance, plus any accrued but unpaid interest.

Risks and Uncertainties

Investments are exposed to various risks, such as interest rate, market and credit risk. Due to the level of risk associated with certain investments and the level of uncertainty related to changes in the value of investments, it is possible that changes in risks in the near term could materially affect participants’ account balances and the amounts reported in the statements of net assets available for benefits and the statements of changes in net assets available for benefits.

Expenses

Investment management fees charged by managers of mutual funds are borne by the Plan, and are included in “Net appreciation/(depreciation) in the fair value of investments.” Investment management fees charged by managers of collective trusts are borne by the Plan, and are included in “Net appreciation/(depreciation) in the fair value of investments” or “Investment management fees and other expenses” based on the underlying trust agreements.

Investment management fees charged by managers of separately managed accounts are borne by the Plan, and are included in “Investment management fees and other expenses.” The investment managers of the Multi-Market Hedge Fund Option, Multi-Strategy Hedge Fund Option, and Global Equity Long-Short Hedge Fund Option each charge an investment management fee that consists of a fixed asset-based management fee plus an annual incentive fee ranging from 15% to 20% of the net investment income earned above the fund’s high-water mark, if any, by each fund option. Effective August 31, 2016, the Plan discontinued the Multi-Strategy Hedge Fund Option. Effective October 31, 2016, the Plan discontinued the Multi-Market Hedge Fund Option. No investment management or incentive fees were incurred in connection with the discontinued funds, in each case, after the date of discontinuance.

Other expenses borne by the Plan, unless paid by the firm, consist of custodial, administrative, and investment advisory fees. Investment advisory fees are paid to Rocaton Investment Advisors, who advise the Retirement Committee on the selection and oversight of Plan investments. These Plan expenses, unless paid by the firm, are included in “Investment management fees and other expenses.”

6

The Goldman Sachs 401(k) Plan

Notes to Financial Statements

December 31, 2016 and 2015

Investments

The investments of the Plan are reported at fair value.

The Bank Deposit option is a deposit obligation of Goldman Sachs Bank USA (GS Bank USA), a Federal Deposit Insurance Corporation (FDIC) insured New York State chartered bank and a member of the Federal Reserve System. The Bank Deposit option offers an FDIC insured deposit with a floating rate coupon indexed to the Federal Funds Rate.

Mutual funds and collective trust funds represent investments with various investment managers. Mutual funds are valued based on the quoted net asset value per share held. Collective trust funds are valued based on the net asset value per unit as reported by the investment managers.

Investments within separately managed accounts are described below:

Mutual funds and collective trust funds, as described above, may also be investments held within separately managed accounts.

Cash and cash equivalents include cash and certain short-term interest-bearing investments.

Securities purchased under agreements to resell (resale agreements) are transactions in which the Plan purchases financial instruments from a seller, typically in exchange for cash, and simultaneously enters into an agreement to resell the same or substantially the same financial instruments to the seller at a stated price plus accrued interest at a future date.

Securities sold under agreements to repurchase (repurchase agreements) are transactions in which the Plan sells financial instruments to a buyer, typically in exchange for cash, and simultaneously enters into an agreement to repurchase the same or substantially the same financial instruments from the buyer at a stated price plus accrued interest at a future date.

The financial instruments purchased or sold in resale and repurchase agreements typically include U.S. government and federal agency obligations, investment-grade sovereign obligations, corporate debt securities and equity and convertible debentures.

The Plan receives financial instruments purchased under resale agreements and makes delivery of financial instruments sold under repurchase agreements. To mitigate credit exposure, the investment managers monitor the market value of these financial instruments on a daily basis, and deliver or obtain additional collateral due to changes in the market value of the financial instruments, as appropriate. For resale agreements, the Plan typically requires collateral with a fair value approximately equal to the carrying value of the relevant assets in the statements of net assets available for benefits.

Even though repurchase and resale agreements involve the legal transfer of ownership of financial instruments, they are accounted for as financing arrangements because they require the financial instruments to be repurchased or resold at the maturity of the agreement.

Common stock (including real estate investment trusts structured as common stock), preferred stock, fixed income securities, and interests in exchange-traded options and futures contracts traded in active markets are valued at closing prices on the last business day of each period presented. Securities traded in markets that are not considered active are valued based on broker or dealer quotations or alternative pricing sources with reasonable levels of price transparency. Securities that trade infrequently and therefore have little or no price transparency are valued using the investment managers’ (or independent third parties on behalf of the investment managers’) best estimate of fair value.

7

The Goldman Sachs 401(k) Plan

Notes to Financial Statements

December 31, 2016 and 2015

Forward foreign currency contracts are valued at fair value, as determined by the investment managers (or independent third parties on behalf of the investment managers), using quoted forward foreign currency exchange rates. At the end of each period presented, open contracts are valued at the current forward foreign currency exchange rates and the change in market value is recorded as an unrealized gain or loss. When the contract is closed or delivery taken, the Plan records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Swap contracts are valued at fair value, as determined by the investment managers (or independent third parties on behalf of the investment managers) utilizing their proprietary models and taking into consideration exchange quotations on underlying instruments, dealer quotations and other market information.

See Note 9 for further information about derivatives.

Investments denominated in currencies other than the U.S. dollar are translated using exchange rates prevailing at the end of the periods presented. Purchases and sales of these investments are translated at the rate of exchange on the respective dates of such transactions. Interest income and expense are recorded on an accrual basis. Dividend income is recorded on the ex-dividend date.

Purchases and sales of the investments within the Plan are reflected on a trade-date basis.

Due from Brokers and Other Receivables and Due to Brokers and Other Payables

“Due from brokers and other receivables” include cash balances held with brokers, receivables from unsettled sales transactions, and collateral posted in connection with certain derivative transactions. Amounts due from brokers may be restricted to the extent that they serve as deposits for securities sold, but not yet purchased. “Due to brokers and other payables” include payables from unsettled purchase transactions, collateral received in connection with certain derivative transactions, and margin loans payable. Certain of the Plan’s securities held by the clearing brokers or prime brokers are pledged to the brokers on terms that permit them to repledge the securities to others, subject to certain limitations. Securities held at custodians under custody agreements cannot be repledged to others by the custodian.

8

The Goldman Sachs 401(k) Plan

Notes to Financial Statements

December 31, 2016 and 2015

Note 3.

Investments at Fair Value

The table below presents a summary of the fair value of the Plan’s investments.

	As of December
$ in thousands	2016		2015
Assets
Bank deposit	$	267,275	$	240,484
Mutual funds		1,942,886		1,559,930
Collective trusts		2,720,675		2,260,903
Separately managed accounts:
Cash and cash equivalents		4,296		1,603
Certificates of deposit		2,200		700
Securities purchased under agreements to resell		32,098		11,852
Fixed income securities		249,326		432,191
Common and preferred stocks		1,133,055		1,509,580
Mutual funds		6,084		46,798
Real estate investment trusts		249,575		248,475
Derivatives		8,072		24,969
Total separately managed accounts		1,684,706		2,276,168
Total investment assets at fair value	$	6,615,542	$	6,337,485
Liabilities
Separately managed accounts:
Securities sold under agreements to repurchase	$	—	$	9,906
Derivatives		6,075		28,007
Investments sold, but not yet purchased, at fair value:
Fixed income securities		—		17,003
Common and preferred stocks		40,886		233,175
Real estate investment trusts		1,000		—
Total investment liabilities at fair value	$	47,961	$	288,091

Note 4.

Fair Value Measurements

The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial instruments are marked at closing prices. Fair value measurements do not include transaction costs.

The best evidence of fair value is a quoted price in an active market. If quoted prices in active markets are not available, fair value is determined by reference to prices for similar instruments, quoted prices or recent transactions in less active markets, or internally developed models that primarily use market-based or independently sourced parameters as inputs including, but not limited to, interest rates, volatilities, equity or debt prices, foreign exchange rates, commodity prices, credit spreads, and funding spreads.

9

The Goldman Sachs 401(k) Plan

Notes to Financial Statements

December 31, 2016 and 2015

U.S. GAAP has a three-level fair value hierarchy for disclosure of fair value measurements. The hierarchy prioritizes inputs to the valuation techniques used to measure fair value, giving the highest priority to level 1 inputs and the lowest priority to level 3 inputs. A financial instrument’s level in the fair value hierarchy is based on the lowest level of input that is significant to its fair value measurement.

The fair value hierarchy is as follows:

Level 1. Inputs are unadjusted quoted prices in active markets to which the Plan had access at the measurement date for identical, unrestricted assets or liabilities.

Level 2. Inputs to valuation techniques are observable, either directly or indirectly.

Level 3. One or more inputs to valuation techniques are significant and unobservable.

Level 1 instruments are valued using quoted market prices for identical unrestricted instruments in active markets. The Plan defines active markets for equity instruments based on the average daily trading volume both in absolute terms and relative to the market capitalization for the instrument. The Plan defines active markets for debt instruments based on both average daily trading volume and the number of days with trading activity.

Level 2 instrument valuations can be verified to quoted prices, recent trading activity for identical or similar instruments, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency.

Level 3 instruments have one or more significant valuation inputs that are not observable. Absent evidence to the contrary, level 3 instruments are initially valued at transaction price, which is considered to be the best initial estimate of fair value. Subsequently, the Plan uses other methodologies to determine fair value, which vary based on the type of instrument and include relevant broker quotations. Valuation inputs and assumptions are changed when corroborated by substantive observable evidence, including values realized on sales of level 3 instruments.

For valuation inputs involving broker quotations, consideration is given to the nature of the quotations (e.g., indicative or firm), and the relationship of recent market activity to the prices provided from alternative pricing sources.

The investment managers and custodian, on behalf of the Plan, use independent pricing sources to value Plan assets traded on exchanges and independent quoted prices or developed models for all assets not traded on exchanges. Investment managers review their valuation approaches on an ongoing basis and revise as necessary based on changing market conditions to ensure their valuations represent a fair value. Subsequently, the Plan uses other methodologies to determine fair value (e.g., relevant broker quotations), which vary based on the type of instrument.

Total Plan investment assets at fair value classified within level 3 as of December 2016 and December 2015 were $5.2 million and $88.5 million, respectively. As of December 2016 and December 2015, such amounts were approximately 0.1% and 1.4%, respectively, of “Investment assets at fair value.” See Note 2 and 3 for further information about investments at fair value.

10

The Goldman Sachs 401(k) Plan

Notes to Financial Statements

December 31, 2016 and 2015

Fair Value of Investment Assets and Investment Liabilities by Level

The tables below present, by level within the fair value hierarchy, investment assets and investment liabilities of the Plan accounted for at fair value. See Notes 2 and 3 for further information about investments at fair value.

	Investment Assets at Fair Value as of December 2016
$ in thousands	Level 1		Level 2		Level 3			Total
Bank deposit	$	267,275	$	—	$	—		$	267,275
Mutual funds		1,942,886		—		—			1,942,886
Collective trusts		2,720,675		—		—			2,720,675
Separately managed accounts:
Cash and cash equivalents		4,296		—		—			4,296
Certificates of deposit		—		2,200		—			2,200
Securities purchased under agreements to resell		—		32,098		—			32,098
Fixed income securities		108,343		137,218		3,765	2		249,326
Common and preferred stocks		1,131,608		—		1,447	3		1,133,055
Mutual funds1		6,084		—		—			6,084
Real estate investment trusts		249,575		—		—			249,575
Derivatives		—		8,072		—			8,072
Total separately managed accounts		1,499,906		179,588		5,212			1,684,706
Total investment assets at fair value	$	6,430,742	$	179,588	$	5,212		$	6,615,542

1. Consists of money market funds and investments in funds that are primarily comprised of fixed income securities.

2. Principally consists of collateralized debt obligations.

3. Consists of private equity investments.

	Investment Liabilities at Fair Value as of December  2016
$ in thousands	Level 1		Level 2		Level 3		Total
Separately managed accounts:
Derivatives	$	—	$	6,075	$	—	$	6,075
Investments sold, but not yet purchased, at fair value:
Common and preferred stocks		40,886		—		—		40,886
Real estate investment trusts		1,000		—		—		1,000
Total investment liabilities at fair value	$	41,886	$	6,075	$	—	$	47,961

11

The Goldman Sachs 401(k) Plan

Notes to Financial Statements

December 31, 2016 and 2015

	Investment Assets at Fair Value as of December 2015
$ in thousands	Level 1		Level 2		Level 3			Total
Bank deposit	$	240,484	$	—	$	—		$	240,484
Mutual funds		1,559,930		—		—			1,559,930
Collective trusts		2,260,903		—		—			2,260,903
Separately managed accounts:
Cash and cash equivalents		1,603		—		—			1,603
Certificates of deposit		—		700		—			700
Securities purchased under agreements to resell		—		11,852		—			11,852
Fixed income securities		158,091		194,524		79,576	2		432,191
Common and preferred stocks		1,482,900		17,781		8,899	3		1,509,580
Mutual funds1		46,798		—		—			46,798
Real estate investment trusts		248,475		—		—			248,475
Derivatives		—		24,969		—			24,969
Total separately managed accounts		1,937,867		249,826		88,475			2,276,168
Total investment assets at fair value	$	5,999,184	$	249,826	$	88,475		$	6,337,485

1. Consists of money market funds and investments in funds that are primarily comprised of fixed income securities.

2. Principally consists of collateralized debt obligations.

3. Consists of private equity investments.

12

The Goldman Sachs 401(k) Plan

Notes to Financial Statements

December 31, 2016 and 2015

	Investment Liabilities at Fair Value as of December  2015
$ in thousands	Level 1		Level 2		Level 3		Total
Separately managed accounts:
Securities sold under agreements to repurchase	$	—	$	9,906	$	—	$	9,906
Derivatives		—		28,007		—		28,007
Investments sold, but not yet purchased, at fair value:
Fixed income securities		994		16,006		3		17,003
Common and preferred stocks		232,920		255		—		233,175
Total investment liabilities at fair value	$	233,914	$	54,174	$	3	$	288,091

13

The Goldman Sachs 401(k) Plan

Notes to Financial Statements

December 31, 2016 and 2015

Transfers Between Levels of the Fair Value Hierarchy

Transfers between levels of the fair value hierarchy are reported at the beginning of the reporting period in which they occur.

During 2016, transfers into level 2 from level 1 of investments were $3.9 million, primarily reflecting transfers of certain currency and commodity derivative liabilities due to reduced price transparency as a result of a lack of market evidence, including fewer market transactions in these instruments. During 2015, transfers into level 2 from level 1 of investments were $0.1 million, primarily reflecting transfers of certain currency and commodity derivative liabilities due to reduced price transparency as a result of a lack of market evidence, including fewer market transactions in these instruments.

Level 3 Rollforward

The table below presents a summary of the changes in fair value for level 3 investment assets. In the table below:

• Changes in fair value are presented for all investment assets that are categorized as level 3 as of the end of the period.

• Net unrealized gains/(losses) relate to investment assets still held at period-end.

	Level 3 Investment Assets at Fair Value for the Year Ended December 2016
$ in thousands	Fixed Income Securities			Common and Preferred Stocks			Total
Balance, beginning of year	$	79,576		$	8,899		$	88,475
Net realized gains/(losses)1		5,226			539			5,765
Net unrealized gains/(losses)2		377			(68	)		309
Purchases		653			—			653
Sales		(79,474	)		(7,923	)		(87,397	)
Transfers out of level 3		(2,593	)		—			(2,593	)
Balance, end of year	$	3,765		$	1,447		$	5,212

1. Included in “Interest and dividends.”

2. Included in “Net appreciation/(depreciation) in the fair value of investments.”

Transfers out of level 3 of $2.6 million during 2016 primarily reflected transfers to level 2 principally due to increased price transparency as a result of market evidence, including increased market transactions in these instruments.

14

The Goldman Sachs 401(k) Plan

Notes to Financial Statements

December 31, 2016 and 2015

The table below presents changes in fair value for all investment assets categorized as level 3 as of the end of the period:

	Level 3 Investment Assets at Fair Value for the Year Ended December 2015
$ in thousands	Fixed Income Securities			Common and Preferred Stocks			Derivative Assets			Total
Balance, beginning of year	$	101,575		$	22,597		$	117		$	124,289
Net realized gains/(losses)1		(862	)		1			—			(861	)
Net unrealized relating to instruments still held at year-end1		(11,255	)		(1,610	)		(117	)		(12,982	)
Purchases		33,481			608			—			34,089
Sales		(39,865	)		—			—			(39,865	)
Settlements		(3,950	)		(1,377	)		—			(5,327	)
Transfers into level 3		1,135			—			—			1,135
Transfers out of level 3		(683	)		(11,320	)		—			(12,003	)
Balance, end of year	$	79,576		$	8,899		$	—		$	88,475

1. Included in “Net appreciation/(depreciation) in the fair value of investments.”

Transfers into level 3 of $1.1 million during 2015 primarily reflected transfers of certain securities backed by residential real estate from level 2 principally due to reduced price transparency as a result of a lack of market evidence, including fewer market transactions in these instruments.

Transfers out of level 3 of $12.0 million during 2015 primarily reflected transfers to level 1 as a result of initial public offerings of certain private equity investments and the subsequent price transparency due to the listing on public exchanges.

Note 5.

Related Party Transactions and Party-In-Interest Transactions

An affiliate of the firm manages several mutual fund investment options within the Plan. These investments include the Goldman Sachs Financial Square Treasury Obligations Fund, Goldman Sachs Financial Square Money Market Fund (which was discontinued under the Plan as of July 1, 2016), Goldman Sachs Short Duration Government Fund, Goldman Sachs Core Fixed Income Fund, Goldman Sachs High Yield Fund, Goldman Sachs Large Cap Value Fund, Goldman Sachs Strategic Income Fund, Goldman Sachs Mid Cap Value Fund and Goldman Sachs Emerging Markets Equity Fund (which was added to the Plan as of April 1, 2016), each of which is an investment company registered under the Investment Company Act of 1940. No fees were paid for 2016 and 2015, or were payable by the Plan as of December 2016 and December 2015, for investment management services relating to any of these funds; however, investment advisory fees may be paid from the funds to the firm or its affiliates. Effective April 4, 2017, the Goldman Sachs Short Duration Government Fund, Goldman Sachs Core Fixed Income Fund, Goldman Sachs Large Cap Value Fund, Goldman Sachs Strategic Income Fund and Goldman Sachs Mid Cap Value Fund have been discontinued under the Plan. Effective June 6, 2017, the Goldman Sachs High Yield Fund and Goldman Sachs Emerging Markets Equity Fund have been discontinued under the Plan.

The Plan offers as an investment option the Company Stock Fund, which primarily invests in shares of the firm’s common stock. As of December 2016 and December 2015, the Plan’s interest in the Company Stock Fund represented 580,989 and 615,625 shares of the firm’s common stock with a fair market value of $139.1 million

15

The Goldman Sachs 401(k) Plan

Notes to Financial Statements

December 31, 2016 and 2015

and $111.0 million, respectively. Purchases of $6.6 million and $5.8 million and sales of $13.9 million and $4.9 million of the firm’s common stock were made through the Company Stock Fund during 2016 and 2015, respectively. The Company Stock Fund is managed by an affiliate of the Trustee.

GSAM Stable Value, LLC (GSAM Stable Value, formerly called Dwight Asset Management Company, LLC), an affiliate of the firm, manages a laddered fixed income investment option in the Plan. No fees are paid to GSAM Stable Value for acting as the laddered fixed income investment manager. Prior to July 1, 2015, this investment option included collective trust funds that were sub-advised by GSAM Stable Value and sponsored by Goldman Sachs Trust Company, N.A. (GSTC). Investment advisory fees were paid from the collective trust funds to GSTC, and may have been shared with GSAM Stable Value and other affiliates. Beginning July 1, 2015, the underlying GSAM Stable Value collective trust funds were removed from the Plan’s Laddered Bond Fund option and the proceeds were invested directly in the underlying fixed income securities and managed as a separately managed account. No fees are payable by the Plan to GSAM Stable Value or other affiliates to manage this separately managed account.

GS Bank USA, an affiliate of the firm, has a deposit obligation to the Plan under the Plan’s Bank Deposit option. No fees were paid for 2016 and 2015, or were payable by the Plan as of December 2016 and December 2015, for Bank Deposit obligations.

An affiliate of the Trustee manages several investment options within the Plan. These investments include the SSgA S&P 500^® Index Non-Lending Series Fund, SSgA S&P MidCap^® Index Non-Lending Series Fund, SSgA Russell Small Cap^® Index Non-Lending Series Fund, and SSgA Emerging Markets Index Non-Lending Series Fund, each of which are collective trust funds, and the SSgA Hedged International Developed Equity Index Fund, which is a mutual fund. Effective April 4, 2017, the SSgA U.S. Bond Index Non-Lending Series Fund was added as an investment option within the Plan, which is a collective trust fund. Fees associated with the management of these collective trust funds qualify as party-in-interest transactions.

Note 6.

Plan Termination

The firm intends to continue the Plan indefinitely but reserves the right to discontinue or amend the Plan at any time subject to the provisions of ERISA. In the event of discontinuance, affected participants will become fully vested in the Firm Contributions and the related investment income as required by ERISA.

Note 7.

Income Tax Status

The Internal Revenue Service has determined, and informed the firm by a letter dated April 14, 2017, that the terms of the Plan conform to the requirements of section 401(a) of the Internal Revenue Code of 1986, as amended.

Note 8.

Reconciliation of Financial Statements to Form 5500

The tables below present the reconciliations from the Plan’s financial statements to the Form 5500.

	As of December
$ in thousands	2016			2015
Net assets available for benefits, per Statements of Net Assets Available for Benefits	$	6,794,682		$	6,442,271
Reduce by amounts allocated to withdrawing participants		(60,804	)		(19,508	)
Net assets, per the Form 5500	$	6,733,878		$	6,422,763

16

The Goldman Sachs 401(k) Plan

Notes to Financial Statements

December 31, 2016 and 2015

	Year Ended December
$ in thousands	2016			2015
Benefits paid, per Statements of Changes in Net Assets Available for Benefits	$	449,172		$	346,779
Add amounts allocated by withdrawing participants, end of year		60,804			19,508
Reduce for amounts allocated to withdrawing participants, beginning of year		(19,508	)		(27,632	)
Benefits paid to participants, per the Form 5500	$	490,468		$	338,655

Amounts allocated to withdrawing participants are recorded on the Form 5500 for benefit claims that have been processed and approved for payment prior to December 2016 and December 2015, but had not yet been paid as of that date.

Note 9.

Financial Instruments with Off-Balance Sheet Risk

In accordance with the investment strategy of the separately managed accounts, the Plan’s investment managers execute transactions in various financial instruments that may give rise to varying degrees of off-balance sheet market and credit risk, including investments sold, but not yet purchased. These investment liabilities involve obligations to deliver specified securities at contracted prices and thereby create a liability to purchase the securities at prevailing future market prices. Accordingly, these transactions result in off-balance sheet risk as the Plan’s ultimate obligation to satisfy the sale of investments sold, but not yet purchased, may exceed the amount recognized in the financial statements.

Derivatives are instruments that derive their value from underlying asset prices, indices, reference rates and other inputs, or a combination of these factors. Derivatives may be traded on an exchange (exchange-traded) or they may be privately negotiated contracts, which are usually referred to as over the counter derivatives. The Plan enters into various types of derivatives, including:

• Futures and Forwards. Contracts that commit counterparties to purchase or sell financial instruments, commodities or currencies in the future.

17

The Goldman Sachs 401(k) Plan

Notes to Financial Statements

December 31, 2016 and 2015

• Swaps. Contracts that require counterparties to exchange cash flows such as currency or interest payment streams. The amounts exchanged are based on the specific terms of the contract with reference to specified rates, financial instruments, commodities, currencies or indices.

• Options. Contracts in which the option purchaser has the right, but not the obligation, to purchase from or sell to the option writer financial instruments, commodities or currencies within a defined time period for a specified price.

Market risk includes risk that arises from the potential for changes in value of financial instruments resulting from fluctuations in interest and foreign exchange rates, in prices of commodities, and in prices of debt and equity securities. In many cases, these financial instruments serve to reduce, rather than increase, the Plan’s exposure to losses from market or other risks. In addition, the measurement of market risk is meaningful only when all related and offsetting transactions are identified. The investment managers may limit the Plan’s market risk by holding or purchasing offsetting positions.

As a writer of option contracts, the Plan receives a premium to become obligated to buy or sell financial instruments for a period of time at the holder’s option. During this period, the Plan bears the risk of an unfavorable change in the market value of the financial instrument underlying the option, but has no credit risk, as the counterparty has no performance obligation to the Plan once it has paid its cash premium.

The Plan is subject to credit risk of counterparty nonperformance on derivative assets, except for written options, which obligate the Plan to perform and do not give rise to any counterparty credit risk. Derivatives are accounted for at fair value.

Derivatives are recorded on a gross basis in the statements of net assets available for benefits. The tables below present the fair value and the notional amount of derivative contracts by major product type on a gross basis. Gross fair values exclude the effects of both counterparty netting and collateral, and therefore are not representative of the Plan’s exposure. The tables below also present the amounts of counterparty netting and collateral that have not been offset in the statements of net assets available for benefits. Notional amounts, which represent the sum of gross long and short derivative contracts, provide an indication of the volume of the Plan’s derivative activity and do not represent anticipated losses.

18

The Goldman Sachs 401(k) Plan

Notes to Financial Statements

December 31, 2016 and 2015

	As of December 2016
$ in thousands	Derivative Assets			Derivative Liabilities			Notional Amount
Interest rates	$	1,765		$	1,052		$	4,544,058
Credit		70			285			40,234
Currencies		2,967			2,578			248,596
Commodities		473			517			79,716
Equities		2,797			1,643			109,603
Gross fair value/notional amount of derivatives	$	8,072		$	6,075		$	5,022,207
Amounts not offset in the statement of net assets available for benefits:
Counterparty netting		(1,337	)		(1,337	)
Collateral received/posted		(2,450	)		(4,738	)
Total	$	4,285		$	—
	As of December 2015
$ in thousands	Derivative Assets			Derivative Liabilities			Notional Amount
Interest rates	$	1,640		$	1,214		$	3,307,698
Credit		677			805			33,192
Currencies		3,832			2,630			261,828
Commodities		355			3,337			111,973
Equities		18,465			20,021			1,232,560
Gross fair value/notional amount of derivatives	$	24,969		$	28,007		$	4,947,251
Amounts not offset in the statement of net assets available for benefits:
Counterparty netting		(16,611	)		(16,611	)
Collateral received/posted		(7,264	)		(6,078	)
Total	$	1,094		$	5,318

19

The Goldman Sachs 401(k) Plan

Notes to Financial Statements

December 31, 2016 and 2015

The table below presents the net appreciation/(depreciation) in the fair value of derivatives (including gains and losses on derivatives bought and sold as well as held during the year) by major product type.

	Year Ended December
$ in thousands	2016			2015
Interest rates	$	(778	)	$	525
Credit		(140	)		337
Currencies		(1,089	)		8,248
Commodities		3,233			(2,250	)
Equities		4,480			8,464
Total	$	5,706		$	15,324

The Plan’s investment managers enter into various derivative transactions that are considered credit derivatives under U.S. GAAP. The Plan’s written and purchased credit derivatives include credit default swaps and total return swaps. Substantially all of the Plan’s written and purchased credit derivative transactions are with financial institutions and are subject to stringent collateral thresholds.

20

The Goldman Sachs 401(k) Plan

Schedule H, Line 4i — Schedule of Assets (Held at End of Year)

December 31, 2016

Identity of issue, borrower, lessor, or similar party including maturity date, rate of interest, collateral, par, or maturity value	Shares / $ Par Value		Current Value
Bank Deposit
*GOLDMAN SACHS BANK USA BANK DEPOSIT ACCOUNT		267,274,852	$	267,274,852
Total Bank Deposit		267,274,852	$	267,274,852
Mutual Funds
ASHMORE EMERGING MARKETS LOCAL CURRENCY BOND FUND		3,024,791	$	21,082,794
DODGE & COX INTERNATIONAL STOCK FUND		1,328,535		50,617,185
*GOLDMAN SACHS CORE FIXED INCOME FUND		5,470,493		56,947,830
*GOLDMAN SACHS EMERGING MARKETS EQUITY FUND		446,336		7,150,305
*GOLDMAN SACHS FINANCIAL SQUARE TREASURY OBLIGATIONS FUND		859,536,421		859,536,421
*GOLDMAN SACHS HIGH YIELD FUND		24,897,675		162,020,675
*GOLDMAN SACHS LARGE CAP VALUE FUND		7,391,462		124,250,468
*GOLDMAN SACHS MID CAP VALUE FUND		8,891,610		329,611,995
*GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND		7,173,573		71,448,790
*GOLDMAN SACHS STRATEGIC INCOME FUND		2,175,156		20,968,501
*STATE STREET HEDGED INTERNATIONAL DEVELOPED EQUITY INDEX FUND		5,481,961		50,324,402
VANGUARD INFLATION-PROTECTED SECURITIES FUND		8,531,907		88,561,197
WESTERN ASSET CORE PLUS BOND FUND		8,788,605		100,365,873
Total Mutual Funds		943,138,526	$	1,942,886,436
Collective Trusts
BLACKROCK 20+ TREASURY BOND INDEX FUND		1,344,583	$	54,674,379
*SSGA EMERGING MARKETS INDEX NON-LENDING SERIES FUND		5,491,739		134,157,701
BLACKROCK EQUITY GROWTH INDEX FUND		6,341,161		142,071,808
BLACKROCK EQUITY VALUE INDEX FUND		6,742,021		190,017,110
BLACKROCK LIFEPATH® INDEX 2020 NON-LENDABLE FUND		2,218,610		44,550,583
BLACKROCK LIFEPATH® INDEX 2025 NON-LENDABLE FUND		3,653,428		77,819,113
BLACKROCK LIFEPATH® INDEX 2030 NON-LENDABLE FUND		4,205,394		93,889,214
BLACKROCK LIFEPATH® INDEX 2035 NON-LENDABLE FUND		4,887,319		114,019,205
BLACKROCK LIFEPATH® INDEX 2040 NON-LENDABLE FUND		5,580,509		135,241,955
BLACKROCK LIFEPATH® INDEX 2045 NON-LENDABLE FUND		6,168,671		155,043,990
BLACKROCK LIFEPATH® INDEX 2050 NON-LENDABLE FUND		4,668,133		121,214,605
BLACKROCK LIFEPATH® INDEX 2055 NON-LENDABLE FUND		3,558,281		66,807,074
BLACKROCK LIFEPATH® RETIREMENT INDEX NON-LENDABLE FUND		2,144,398		37,985,017
*SSGA S&P MIDCAP® INDEX NON-LENDING SERIES FUND		7,529,613		233,877,316
*SSGA RUSSELL 2000® INDEX NON-LENDING SERIES FUND		7,900,446		203,610,295
*SSGA S&P 500® INDEX NON-LENDING SERIES FUND		18,741,971		915,695,243
Total Collective Trusts		91,176,278	$	2,720,674,609
Separately Managed Accounts
Cash and Cash Equivalents
AUSTRALIAN DOLLAR		10,735	$	7,773
BRAZILIAN REAL		976		300
CANADIAN DOLLAR		129,653		96,680
COLOMBIAN PESO		51,771,350		17,240
DANISH KRONE		27,357,388		3,880,728
EGYPTIAN POUND		79,788		4,401
EURO CURRENCY		5,587		5,893
HONG KONG DOLLAR		1		0
INDIAN RUPEE		2,523		37
INDONESIAN RUPIAH		2		0
JAPANESE YEN		7,984,345		68,458
MALAYSIAN RINGGIT		481		107
MEXICAN PESO (NEW)		105		5
NEW ISRAELI SHEQEL		7,224		1,877
NEW TAIWAN DOLLAR		214		7
NEW ZEALAND DOLLAR		466		325
NIGERIAN NAIRA		23,404,550		74,309
POLISH ZLOTY		269		64
POUND STERLING		100,680		124,406
SINGAPORE DOLLAR		449		311
SOUTH AFRICAN RAND		93,396		6,830
SOUTH KOREAN WON		11,524		10
SWEDISH KRONA		20,556		2,263
SWISS FRANC		2,479		2,440
TURKISH LIRA		5,113		1,454
YUAN RENMINBI		1		0
Total Cash and Cash Equivalents		110,989,853	$	4,295,915

21

The Goldman Sachs 401(k) Plan

Schedule H, Line 4i — Schedule of Assets (Held at End of Year)

December 31, 2016

Identity of issue, borrower, lessor, or similar party including maturity date, rate of interest, collateral, par, or maturity value	Shares / $ Par Value		Current Value
Certificates of Deposit
SUMITOMO TR & BKNG C		600,000	$	600,000
NORINCHUKIN BK		500,000		500,000
MITSUBISHITST+BNK CC		100,000		100,000
SUMITOMO MITSUI BKG CORP		100,000		100,000
NATIXIS NY		900,000		900,000
Total Certificates of Deposit		2,200,000	$	2,200,000
Securities Purchased Under Agreements to Resell
PARIBAS REPO		15,400,000	$	15,400,000
REPO BANK AMERICA		15,400,000		15,400,000
REPO BNP PARIBAS SECURITIES CO		661,830		698,065
REPO TORONTO DOMINION		600,000		600,000
Total Securities Purchased Under Agreements to Resell		32,061,830	$	32,098,065
Fixed Income Securities
ABBVIE INC 1.8% 14 May 2018	$	800,000	$	800,601
ACCESS GROUP INC 1% 25 Aug 2023		33,626		33,445
ACCESS GROUP INC 1% 25 Jul 2056		450,760		445,301
ACTAVIS FUNDING SCS 2.35% 12 Mar 2018		500,000		502,891
ACTAVIS FUNDING SCS 3% 12 Mar 2020		100,000		101,386
ADELQ 7.5 ESC ADELPHIA COMM 7.5% 01/04 NA ESCROW		8,100		—
ADLAC 10.25 ESC ADELPH COM 10.25 11/1/06 NA ESC		23,947		—
ADLAC CV3.25ESC ADLAC 3.25 05/01/21 NA ESCROW		2,031,000		—
AEGIS ASSET BACKED SECURITIES 1% 25 Oct 2035		51,227		50,839
AERCAP IRELAND CAP/GLOBA 3.75% 15 May 2019		500,000		509,375
AERO INV RCFUSD AERO INVENTORY RCF USD		2,296,809		941
AETNA INC 1% 08 Dec 2017		100,000		100,345
AETNA INC 1.9% 07 Jun 2019		925,000		922,879
AFRICAN DEVELOPMENT BANK 5.25% 23 Mar 2022		200,000		159,687
ALGOSAIBI TL SYND ALGOSAIBI TL SYNDICATE 05/08/13		25,324		4,495
ALLY FINANCIAL INC 3.25% 13 Feb 2018		400,000		402,000
ALLY FINANCIAL INC 8% 01 Nov 2031		100,000		115,992
AMAFP TL A 1L EUR CAMAIEU INTERNATIONAL SAS TL A 1L EUR		286,993		262,980
AMERICAN EXPRESS CREDIT 1.8% 31 Jul 2018		1,200,000		1,201,543
AMERICAN INTL GROUP 5.85% 16 Jan 2018		600,000		625,660
AMERICAN MUNI PWR OHIO INC OHR 7.734% 15 Feb 2033		100,000		135,241
AMERIQUEST MORTGAGE SECURITIES 1% 25 Sep 2033		170,073		157,860
AMORTIZING RESIDENTIAL COLLATE 1% 25 Oct 2034		480,282		460,464
ANHEUSER BUSCH COS LLC 5.5% 15 Jan 2018		600,000		623,462
ANHEUSER BUSCH INBEV FIN 1.9% 01 Feb 2019		1,275,000		1,276,830
ANHEUSER BUSCH INBEV FIN 3.3% 01 Feb 2023		300,000		305,320
ANHEUSER BUSCH INBEV WOR 2.2% 01 Aug 2018		595,000		599,020
ARES CLO LTD 1% 05 Dec 2025		500,000		500,000
ARES CLO LTD 1% 17 Jan 2024		500,000		500,002
AT+T INC 2.8% 17 Feb 2021		100,000		99,206
AT+T INC 3.875% 15 Aug 2021		50,000		51,622
AT+T INC 5.5% 01 Feb 2018		150,000		155,849
AT+T INC 5.875% 01 Oct 2019		500,000		546,460
ATRIUM CDO CORP 1% 23 Oct 2024		500,000		500,000
AUST + NZ BANKING GRP NY 1.5% 16 Jan 2018		900,000		899,375
AUTOGB TL 1L EUR AUTOBAR TL 1L EUR		22,476		13,531
AVALONBAY COMMUNITIES 2.95% 15 Sep 2022		400,000		398,744
AWAL LC ADIB AWAL BANK LC ADIB		851,064		174,468
AWAL LC CLAIM AWAL BANK LC CLAIM		332,019		68,064
AWAL SYN CALYON AWAL BANK SYN CALYON		430,108		88,172
AWAL SYN CLAIM AWAL BANK SYN CLAIM		370,120		75,875
B 01/05/17 TREASURY BILL 0 01/05/2017		278,000		277,994
BANC OF AMERICA COMMERCIAL MOR 1% 10 Feb 2051		901,433		913,894
BANC OF AMERICA MORTGAGE SECUR 1% 25 Jul 2035		23,538		21,677
BANC OF AMERICA MORTGAGE SECUR 1% 25 Sep 2035		156,194		149,759
BANCA CARIGE SPA 3.875% 24 Oct 2018		100,000		110,620
BANK OF AMERICA CORP 2.25% 21 Apr 2020		825,000		820,190
BANK OF AMERICA CORP 5.65% 01 May 2018		400,000		419,105
BANK OF AMERICA CORP 6.875% 25 Apr 2018		1,425,000		1,514,647
BANK OF NOVA SCOTIA 1.875% 26 Apr 2021		300,000		292,674
BARCLAYS DRYROCK ISSUANCE TRUS 1.52% 16 May 2022		350,000		346,798
BAXALTA INC 2% 22 Jun 2018		300,000		300,016
BAYER US FINANCE LLC 1% 06 Oct 2017		400,000		399,382
BEAR STEARNS ADJUSTABLE RATE M 1% 25 Aug 2035		41,551		35,336
BEAR STEARNS ADJUSTABLE RATE M 1% 25 Mar 2035		32,400		32,612
BEAR STEARNS ADJUSTABLE RATE M 1% 25 Oct 2035		2,428		2,432
BEAR STEARNS ALT A TRUST 1% 25 Nov 2036		311,951		242,617
BEAR STEARNS ASSET BACKED SECU 1% 25 Oct 2034		600,000		603,069
BEAR STEARNS STRUCTURED PRODUC 1% 26 Jan 2036		90,463		70,878
BECTON DICKINSON AND CO 1.8% 15 Dec 2017		464,000		465,055
BERKSHIRE HATHAWAY ENERG 2% 15 Nov 2018		375,000		376,616
BK TOKYO MITSUBISHI UFJ 1.7% 05 Mar 2018		600,000		598,073
BLACK HILLS CORP 2.5% 11 Jan 2019		200,000		200,797
BMW US CAPITAL LLC 1.5% 11 Apr 2019		275,000		272,391
BONOS Y OBLIG DEL ESTADO 2.9% 31 Oct 2046		300,000		336,131
BONOS Y OBLIG DEL ESTADO 5.15% 31 Oct 2044		475,000		759,810
BPCE SA 2.5% 10 Dec 2018		500,000		504,387
BPCE SA 2.65% 03 Feb 2021		250,000		249,595
BRFKREDIT A/S 2% 01 Oct 2017		14,400,000		2,077,838

22

The Goldman Sachs 401(k) Plan

Schedule H, Line 4i — Schedule of Assets (Held at End of Year)

December 31, 2016

Identity of issue, borrower, lessor, or similar party including maturity date, rate of interest, collateral, par, or maturity value	Shares / $ Par Value		Current Value
BRFKREDIT A/S 2% 01 Oct 2047		1,400,000		193,272
BRFKREDIT A/S 2.5% 01 Oct 2047		1,900,000		265,594
BRFKREDIT A/S 3% 01 Oct 2047		252,736		36,524
BRISCON RES AUD BRISCON RESERVE FACILITY		16		1
BRISCON SWAPS AUD BRISCON SWAPS		51,566		837
BRISCON TL AUD BRISCON TERM FACILITY		374,538		6,078
BRITISH COLUMBIA PROV OF 2.7% 18 Dec 2022		100,000		78,073
BROD06-2AA1AD_AES BROD 2006-2A A1AD FLT 02/01/2049 144A ESCROW		1		—
BROD06-2AA1AT_AES BROD 2006-2A A1AT FLT 02/01/2049 144A ESCROW		2		—
BROD2_PHOENIX BROD2_PHOENIX CLAIM		1,805		902
BUONI POLIENNALI DEL TES 0.45% 01 Jun 2021		800,000		842,951
BUONI POLIENNALI DEL TES 2.7% 01 Mar 2047		400,000		404,758
BUONI POLIENNALI DEL TES 3.25% 01 Sep 2046		600,000		677,436
BUONI POLIENNALI DEL TES 4% 01 Feb 2037		400,000		518,760
BUONI POLIENNALI DEL TES 5% 01 Sep 2040		100,000		145,766
CAISSE FRANCAISE DE FIN 5.25% 16 Feb 2017		400,000		400,960
CALNOR 14.125 ESC CALLAHAN NRH WESTF 14.125 07/15/11 (NON-ACC) ESC		9,000		—
CAMBR 7A B_A CAMBR 7A B FLT 06/12/2042 144A		96,752		—
CANADIAN GOVERNMENT RRB 1.5% 01 Dec 2044		111,670		104,397
CAPITAL ONE MULTI ASSET EXECUT 1.6% 17 May 2021		1,000,000		1,002,757
CAPITAL ONE NA 1.85% 13 Sep 2019		875,000		865,054
CARDS II TRUST 1% 15 Jul 2021		500,000		501,862
CATAMARAN CLO LTD 1% 20 Dec 2023		500,000		499,998
CELSA AMORT CELSA AMORT		969		206
CELSA AMORT II CELSA AMORT II		29		6
CELSA AMORT III CELSA AMORT III		118		25
CELSA BULLET A CELSA BULLET A		7,836		1,667
CELSA BULLET B CELSA BULLET B		519		110
CELSA EXCH A PIK CELSA EXCH A PIK		5,857		1,246
CHARTER COMM OPT LLC/CAP 4.464% 23 Jul 2022		200,000		209,006
CHARTER COMM OPT LLC/CAP 6.384% 23 Oct 2035		300,000		342,550
CHRYSLER CAPITAL AUTO RECEIVAB 1.47% 15 Apr 2019		161,240		161,347
CIFC FUNDING LTD 1% 17 Jan 2027		500,000		499,998
CIFC FUNDING LTD 1% 17 Oct 2026		500,000		500,000
CIT EDUCATION LOAN TRUST 1% 15 Mar 2026		696,908		691,373
CITIGROUP INC 1% 01 May 2017		550,000		550,422
CITIGROUP INC 1% 07 Jun 2019		200,000		201,553
CITIGROUP INC 1% 30 Jul 2018		200,000		201,245
CITIGROUP INC 1.75% 01 May 2018		1,600,000		1,596,590
CITIGROUP INC 2.05% 07 Dec 2018		275,000		274,969
CITIGROUP INC 2.15% 30 Jul 2018		125,000		125,414
CITIGROUP INC 2.5% 26 Sep 2018		25,000		25,239
CITIGROUP INC 6.125% 15 May 2018		25,000		26,375
CLEVELAND ELECTRIC ILLUM 5.7% 01 Apr 2017		189,000		190,715
CO OP GRP HLDS 1% 08 Jul 2020		200,000		278,807
COMMERCIAL MORTGAGE LOAN TRUST 1% 10 Dec 2049		254,886		259,841
COMMONWEALTH BK AUSTR NY 1.625% 12 Mar 2018		700,000		699,482
COMPASS BANK 1.85% 29 Sep 2017		400,000		399,092
COMUNIDAD DE MADRID 4.3% 15 Sep 2026		400,000		519,986
CONSOLIDATED EDISON INC 2% 15 May 2021		100,000		97,733
CORDATUS 1% 25 Jul 2024		148,947		156,565
COUNTRYWIDE ALTERNATIVE LOAN T 1% 20 Dec 2046		170,282		122,710
COUNTRYWIDE HOME LOANS 1% 25 Mar 2035		70,549		64,453
CRED SUIS GP FUN LTD 3.8% 09 Jun 2023		250,000		249,725
CREDIT AGRICOLE LONDON 3% 01 Oct 2017		300,000		303,161
CREDIT AGRICOLE SA 1% 19 Sep 2033		300,000		322,725
CREDIT SUISSE 6.5% 08 Aug 2023		200,000		212,450
CREDIT SUISSE FIRST BOSTON MOR 1% 25 Oct 2034		12,289		11,490
CREDIT SUISSE NEW YORK 1% 29 Jan 2018		650,000		650,945
CREDIT SUISSE NEW YORK 1.75% 29 Jan 2018		1,000,000		998,015
CVS HEALTH CORP 2.125% 01 Jun 2021		175,000		171,595
CVS HEALTH CORP 2.8% 20 Jul 2020		700,000		710,224
D.R. HORTON INC 3.75% 01 Mar 2019		300,000		306,000
DAIMLER FINANCE NA LLC 2.375% 01 Aug 2018		300,000		302,258
DANAHER CORP 1.65% 15 Sep 2018		200,000		200,267
DANONE SA 1.691% 30 Oct 2019		650,000		641,862
DEUTSCHE BANK AG 2.85% 10 May 2019		200,000		199,151
DEUTSCHE BANK AG 4.25% 14 Oct 2021		500,000		501,928
DISCOVER BANK 2.6% 13 Nov 2018		450,000		453,902
DOMINION RESOURCES INC 1.6% 15 Aug 2019		75,000		73,857
DOMINION RESOURCES INC 1.9% 15 Jun 2018		600,000		600,313
DRYDEN SENIOR LOAN FUND 1% 15 Jan 2025		500,000		499,998
DUKE ENERGY FLORIDA LLC 5.65% 15 Jun 2018		400,000		422,876
EATON VANCE CDO LTD 1% 22 Feb 2027		17,775		18,695
ECMC GROUP STUDENT LOAN TRUST 1% 26 Jul 2066		603,505		601,725
EMD FINANCE LLC 1.7% 19 Mar 2018		400,000		398,641
EMERA US FINANCE LP 2.15% 15 Jun 2019		350,000		349,421
ENERGY TRANSFER PARTNERS 6.7% 01 Jul 2018		300,000		318,709
ENTERGY TEXAS INC 7.125% 01 Feb 2019		200,000		220,098
ENTERPRISE PRODUCTS OPER 1.65% 07 May 2018		900,000		897,472
ESC-CDO 0.0 II ESCROW COMDISCO MTN 0.00 II		29,000		—
ESC-CDO 0.0% I ESCROW COMDISCO MTN 0.00 I		44,000		—
ESLR 4 13 NA EVERGREEN SOLAR INC 4 07/15/2013 (DEFAULT)		20,000		76
EUROPEAN INVESTMENT BANK 0.5% 10 Aug 2023		200,000		116,343
EUROPEAN INVESTMENT BANK 0.5% 21 Jul 2023		200,000		118,834
EUROSAIL PLC 1% 13 Jun 2045		229,064		268,541
FANNIE MAE 1% 25 Jan 2044		45,148		45,142
FANNIE MAE 1% 25 May 2036		83,275		82,813
FANNIE MAE 2.125% 24 Apr 2026		100,000		94,569

23

The Goldman Sachs 401(k) Plan

Schedule H, Line 4i — Schedule of Assets (Held at End of Year)

December 31, 2016

Identity of issue, borrower, lessor, or similar party including maturity date, rate of interest, collateral, par, or maturity value	Shares / $ Par Value		Current Value
FANNIE MAE 2.5% 25 Dec 2041		173,977		173,850
FED HOME LN DISCOUNT NT 0.01% 05 Jan 2017		7,700,000		7,699,838
FEDERAL HOME LOAN BANK 1.25% 08 Jun 2018		1,845,000		1,849,199
FEDERAL HOME LOAN BANK 1.625% 14 Jun 2019		720,000		723,493
FHLMC MULTIFAMILY STRUCTURED P 1% 25 Sep 2020		500,000		508,651
FHLMC MULTIFAMILY STRUCTURED P 1.981% 25 Oct 2022		897,188		892,603
FIDELITY NATIONAL INFORM 2.85% 15 Oct 2018		375,000		381,522
FINN SQUARE CLO LTD 1% 24 Dec 2023		500,000		500,009
FNMA POOL AB2503 4.5% 01 Mar 2031		13,230		14,251
FNMA POOL AL1674 1% 01 May 2042		434,029		446,741
FNMA POOL AL5548 1% 01 May 2038		184,907		195,958
FNMA POOL MA0634 4.5% 01 Jan 2031		11,362		12,234
FORD CREDIT AUTO OWNER TRUST/F 2.03% 15 Dec 2027		400,000		393,392
FORD CREDIT FLOORPLAN MASTER O 1.95% 15 Nov 2021		950,000		949,811
FORD MOTOR CREDIT CO LLC 2.021% 03 May 2019		200,000		198,165
FORD MOTOR CREDIT CO LLC 2.24% 15 Jun 2018		300,000		300,407
FORD MOTOR CREDIT CO LLC 5% 15 May 2018		900,000		935,307
FOREST LABORATORIES LLC 4.375% 01 Feb 2019		600,000		623,483
FRANCE (GOVT OF) 3.25% 25 May 2045		200,000		290,295
FRANCE (GOVT OF) 4% 25 Oct 2038		300,000		474,029
FRANCE (GOVT OF) 4.5% 25 Apr 2041		1,100,000		1,877,244
FRBOSA SS 10 18 BONHOM SAS 10 06/30/2018		368		397
FREDDIE MAC 1% 15 Jan 2038		346,836		182,253
FREDDIE MAC 1% 15 Jul 2036		6,962		6,952
FREDDIE MAC 2.5% 15 May 2045		411,913		411,776
FREDDIE MAC 3% 15 Nov 2044		601,787		617,361
FREDDIEMAC STRIP 1% 15 Sep 2042		265,854		264,630
FREDN 02/17/17 FREDDIE MAC DISCOUNT NT 0 02/17/2017		56,000		55,960
FREDN 05/16/17 FREDDIE MAC DISCOUNT NT 0 05/16/2017		150,000		149,689
GALLATIN FUNDING LTD 1% 15 Jul 2023		120,605		120,593
GE CAPITAL INTL FUNDING 3.373% 15 Nov 2025		400,000		406,630
GENERAL ELECTRIC CO 4.375% 16 Sep 2020		200,000		214,970
GENERALITAT DE CATALUNYA 4.9% 15 Sep 2021		500,000		563,197
GHG MSL 1A TL GBP GHG MINORITY SENIOR LOAN 1 A		216,124		250,279
GHG MSL 1B TL GBP GHG MINORITY SENIOR LOAN 1 B		82,092		93,042
GHG MSL 1C TL GBP GHG MINORITY SENIOR LOAN 1 C		77,778		87,195
GHG MSL 1D TL GBP GHG MINORITY SENIOR LOAN 1 D		77,778		86,237
GHG MSL 2A TL GBP GHG MINORITY SENIOR LOAN 2 A		144,083		166,853
GHG MSL 2B TL GBP GHG MINORITY SENIOR LOAN 2 B		54,728		62,028
GHG MSL 2C TL GBP GHG MINORITY SENIOR LOAN 2 C		51,852		58,130
GHG MSL 2D TL GBP GHG MINORITY SENIOR LOAN 2 D		51,852		57,492
GILEAD SCIENCES INC 2.35% 01 Feb 2020		250,000		251,299
GM 8.375% 7/15/2033 - ESCROW GM 8.375% 7/15/2033 - ESCROW		112,000		11
GMAC MORTGAGE CORPORATION LOAN 1% 25 Jun 2034		33,108		32,351
GMF FLOORPLAN OWNER REVOLVING 1.96% 17 May 2021		400,000		397,998
GNMA II POOL MA1376 4% 20 Oct 2043		1,287,366		1,371,774
GOLDEN CREDIT CARD TRUST 1.6% 15 Sep 2021		600,000		593,386
GOLDENTREE LOAN OPPORTUNITIES 1% 29 Oct 2026		500,000		499,997
GOVERNMENT NATIONAL MORTGAGE A 1% 20 Aug 2066		99,286		99,726
GOVERNMENT NATIONAL MORTGAGE A 1% 20 Nov 2066		400,000		400,054
GP PORTFOLIO TRUST 1% 15 Feb 2027		145,578		145,894
HALLIBURTON CO 2% 01 Aug 2018		600,000		601,657
HBOS PLC 6.75% 21 May 2018		254,000		267,842
HCP INC 3.75% 01 Feb 2019		500,000		514,049
HCSTAR TLE1 1L US HC TL E1 1L USD		21,739		18,641
HEAT 07-2 M1 ESC HEAT 2007-2 M1 0.75875 07/25/2037 ESC		1		—
HELLENIC RAILWAY ORG 4.028% 17 Mar 2017		100,000		104,157
HIGHER EDUCATION FUNDING 1% 25 Feb 2030		86,686		86,092
HOME DEPOT INC 2% 15 Jun 2019		475,000		479,136
HSBC HOLDINGS PLC 1% 29 Dec 2049		200,000		207,102
HSBC USA INC 1% 24 Sep 2018		300,000		300,685
HSBC USA INC 2.375% 13 Nov 2019		500,000		501,288
IBERDROLA FIN IRELAND 5% 11 Sep 2019		300,000		320,203
INDYMAC INDX MORTGAGE LOAN TRU 1% 25 Sep 2035		130,930		109,438
ING BANK NV 1.8% 16 Mar 2018		900,000		898,852
ING BANK NV 2.625% 05 Dec 2022		300,000		297,414
INTEL CORP 2.45% 29 Jul 2020		600,000		608,459
INTESA SANPAOLO SPA 3.875% 16 Jan 2018		500,000		506,646
INTESA SANPAOLO SPA 5.71% 15 Jan 2026		200,000		190,856
IPAYMENT INC TL 5/08/2017 L+52 IPAYMENT INC TL 5/08/2017 L+52		16,973		16,378
ITALY GOV T INT BOND 6% 04 Aug 2028		100,000		151,032
IVGCON 3M TLA2PIK IVG CONCRETE PRE-FUND3 TLA2 W M DEAL GLBL PIK TGL		989		972
IVGCON 3M TLA3PIK IVG CONCRETE PRE-FUND 3 TLA3 3M DEAL GBL PIK TGL		137		135
IVGCON 7M TLA2PIK IVG CONCRETE PRE-FUND2 TLA2-7M DEAL GLOBAL PIK TGL		776		762
IVGCON 7M TLA3PIK IVG CONCRETEPRE-FUND 2 TLA3 7M DEAL GLOBAL PIK TGL		549		539
JABER TL UNSEC US AL TL UNSEC USD		4,264		1,599
JAPAN (20 YEAR ISSUE) 1.4% 20 Sep 2034		160,000,000		1,592,523
JAPAN (20 YEAR ISSUE) 1.5% 20 Mar 2033		20,000,000		202,109
JAPAN (20 YEAR ISSUE) 1.7% 20 Sep 2032		460,000,000		4,773,452
JAPAN (30 YEAR ISSUE) 0.5% 20 Sep 2046		70,000,000		567,424
JAPAN TREASURY DISC BILL 0.01% 06 Mar 2017		150,000,000		1,286,703

24

The Goldman Sachs 401(k) Plan

Schedule H, Line 4i — Schedule of Assets (Held at End of Year)

December 31, 2016

Identity of issue, borrower, lessor, or similar party including maturity date, rate of interest, collateral, par, or maturity value	Shares / $ Par Value		Current Value
JAPAN TREASURY DISC BILL 0.01% 13 Mar 2017		820,000,000		7,034,403
JAPAN TREASURY DISC BILL 0.01% 16 Jan 2017		360,000,000		3,086,615
JAPAN TREASURY DISC BILL 0.01% 21 Mar 2017		830,000,000		7,120,678
JAPAN TREASURY DISC BILL 0.01% 27 Feb 2017		50,000,000		428,869
JM SMUCKER CO 1.75% 15 Mar 2018		400,000		400,522
JP MORGAN CHASE COMMERCIAL MOR 1% 12 Feb 2049		228,496		229,869
JP MORGAN CHASE COMMERCIAL MOR 5.42% 15 Jan 2049		195,230		195,281
JP MORGAN MORTGAGE TRUST 1% 25 Apr 2035		62,533		62,741
JPMORGAN CHASE + CO 1% 25 Apr 2018		500,000		501,409
JPMORGAN CHASE + CO 2.295% 15 Aug 2021		1,175,000		1,153,232
JPMORGAN CHASE + CO 2.75% 23 Jun 2020		375,000		378,392
JPMORGAN CHASE + CO 6% 15 Jan 2018		1,050,000		1,095,281
JPN BANK FOR INT L COOP 2% 04 Nov 2021		200,000		195,032
JURYS INN MEZZEUR JURYS INN MEZZ FACILITY AGREEMENT-EURO FACILITY		109,989		113,529
JURYS INN MEZZGBP JURYS INN MEZZ FACILTY AGREEMENT-STERLING FACILTY		485,345		585,962
KBC BANK NV 1% 25 Jan 2023		200,000		210,900
KINDER MORGAN ENER PART 2.65% 01 Feb 2019		400,000		402,104
KINDER MORGAN INC/DELAWA 3.05% 01 Dec 2019		300,000		304,307
KINDER MORGAN INC/DELAWA 7.25% 01 Jun 2018		200,000		213,134
KLA TENCOR CORP 3.375% 01 Nov 2019		200,000		204,752
KOMMUNALBANKEN AS 1% 16 Jun 2020		300,000		300,320
KRAFT HEINZ FOODS CO 2.8% 02 Jul 2020		475,000		479,513
LBHI CLASS 9A LBHI CLASS 9A (CLAIM NO. 31519)		46,904		1,568
LBIE CLAIM GBP2 LBIE CLAIM GBP2		212,000		75,339
LCPI OZ CLAIM LCPI CLAIM WDAC		9,740		97
LETRA TESOURO NACIONAL 0.01% 01 Jul 2017		7,800,000		2,260,478
LLOYDS BANK PLC 1.75% 16 Mar 2018		400,000		399,429
LLOYDS BANK PLC 2.05% 22 Jan 2019		200,000		199,808
LLOYDS BANKING GROUP PLC 1% 29 Dec 2049		200,000		261,097
LOS ANGELES CNTY CA PUBLIC WKS 7.618% 01 Aug 2040		300,000		428,082
LUDGATE FUNDING PLC 1% 01 Jan 2061		628,870		680,806
LYB S91 CANT CH LYB S91 CANT TRADE CLAIM 01/31/2025		150,000		13,500
LYB S91 CANT LYB S91 CANT TRADE CLAIM 01/31/2025		194,300		17,487
MACQUARIE BANK LTD 2.35% 15 Jan 2019		250,000		250,617
MACQUARIE BANK LTD 2.85% 29 Jul 2020		250,000		250,926
MADISON PARK FUNDING LTD 1% 20 Apr 2026		500,000		500,000
MAGELLAN MIDSTREAM PARTN 6.55% 15 Jul 2019		300,000		332,001
MALIN CLO BV 1% 07 May 2023		201,592		212,420
MASSACHUSETTS EDUCATIONAL FINA 1% 25 Apr 2038		589,393		583,469
MAXIS LOANS SECURITISATION 1% 12 Sep 2041		17,537		12,730
MCKESSON CORP 1.4% 15 Mar 2018		600,000		597,555
MEAD JOHNSON NUTRITION C 3% 15 Nov 2020		75,000		75,940
MEDTRONIC INC 1.375% 01 Apr 2018		400,000		399,315
MERRILL LYNCH 1% 01 Jul 2020		249,660		185,747
MERRILL LYNCH MORTGAGE INVESTO 1% 25 Feb 2035		50,562		50,544
MERRILL LYNCH MORTGAGE INVESTO 1% 25 Feb 2036		26,592		24,711
MERRILL LYNCH MORTGAGE TRUST 5.69% 12 Feb 2051		649,547		662,395
MLCC MORTGAGE INVESTORS INC 1% 25 Nov 2029		187,242		180,634
MLST IV-A A1A_ESC MLST IV-A A1A FLT 08/04/2047 144A ESCROW		1		—
MLST IV-A A1B_ESC MLST IV-A A1B FLT 08/04/2047 144A ESCROW		1		—
MLST IV-A A1C_ESC MLST IV-A A1C FLT 08/04/2047 144A ESCROW		1		—
MLST4_ BLACKBURN MLST4_BLACKBURN CLAIM		47,683		35,762
MLST4_MS CLAIM MLST4_MS CLAIM		922		461
MLST4_PHOENIX MLST4_PHOENIX CLAIM		344		172
MNPT 06-1A B_A MNPT 2006-1A B FLT 10/06/2042 144A		137,742		28
MOLSON COORS BREWING CO 1.45% 15 Jul 2019		325,000		320,206
MORGAN STANLEY 2.375% 23 Jul 2019		600,000		601,709
MORGAN STANLEY 2.5% 21 Apr 2021		1,450,000		1,434,236
MORGAN STANLEY BAML TRUST 1% 15 Dec 2048		1,470,636		71,079
MORGAN STANLEY MORTGAGE LOAN T 1% 25 Feb 2047		165,573		116,570
MORGAN STANLEY MORTGAGE LOAN T 1% 25 Jan 2035		266,460		245,607
MORGAN STANLEY REREMIC TRUST 1% 12 Aug 2045		228,421		228,973
MUFG AMERICAS HLDGS CORP 2.25% 10 Feb 2020		200,000		197,869
NAVIENT CORP 5.5% 15 Jan 2019		200,000		207,500
NAVIENT STUDENT LOAN TRUST 1% 25 Jun 2065		1,877,020		1,895,952
NAVIENT STUDENT LOAN TRUST 1% 25 Mar 2066		592,814		598,857
NBCUNIVERSAL MEDIA LLC 5.15% 30 Apr 2020		950,000		1,038,848
NCOVE 06-3A A_A 2 NCOVE 2006-3A A FLT 03/10/2046 144A		111,054		11
NEG 10.375 UNIT NATL ENERGY 10.375% UNIT FROM REORG		3,671,034		—
NELNET STUDENT LOAN TRUST 1% 22 Jun 2026		154,297		153,719
NEWGATE FUNDING PLC 1% 01 Dec 2050		341,639		392,907
NEXTERA ENERGY CAPITAL 2.3% 01 Apr 2019		100,000		100,761
NISOURCE FINANCE CORP 6.4% 15 Mar 2018		400,000		421,262
NISSAN MASTER OWNER TRUST RECE 1.54% 15 Jun 2021		300,000		298,837
NOMURA ASSET ACCEPTANCE CORPOR 1% 25 Aug 2034		34,043		32,361
NORDEA KREDIT REALKREDIT 2% 01 Oct 2017		1,600,000		230,871
NORDEA KREDIT REALKREDIT 2% 01 Oct 2047		1,400,000		193,530
NORDEA KREDIT REALKREDIT 2.5% 01 Oct 2037		96,181		14,069
NORDEA KREDIT REALKREDIT 2.5% 01 Oct 2047		3,069,299		439,743
NORDEA KREDIT REALKREDIT 3% 01 Oct 2047		626,693		92,143
NORTHERN STATES PWR MINN 2.2% 15 Aug 2020		200,000		200,307

25

The Goldman Sachs 401(k) Plan

Schedule H, Line 4i — Schedule of Assets (Held at End of Year)

December 31, 2016

Identity of issue, borrower, lessor, or similar party including maturity date, rate of interest, collateral, par, or maturity value	Shares / $ Par Value		Current Value
NOVO BANCO SA 5% 14 May 2019		100,000		71,724
NV ENERGY INC 6.25% 15 Nov 2020		225,000		255,161
NYKREDIT REALKREDIT AS 1% 01 Apr 2017		900,000		128,087
NYKREDIT REALKREDIT AS 1% 01 Jan 2018		7,500,000		1,077,728
NYKREDIT REALKREDIT AS 1% 01 Jul 2017		4,200,000		599,375
NYKREDIT REALKREDIT AS 1% 01 Oct 2017		2,900,000		415,584
NYKREDIT REALKREDIT AS 2% 01 Jul 2017		1,600,000		229,548
NYKREDIT REALKREDIT AS 2% 01 Oct 2017		1,600,000		230,871
NYKREDIT REALKREDIT AS 2% 01 Oct 2037		3,862,064		555,926
NYKREDIT REALKREDIT AS 2% 01 Oct 2047		900,000		121,667
NYKREDIT REALKREDIT AS 2.5% 01 Oct 2037		1,385,634		202,748
NYKREDIT REALKREDIT AS 2.5% 01 Oct 2047		5,347,169		765,339
NYKREDIT REALKREDIT AS 3% 01 Oct 2047		3,585,190		527,133
ONTARIO (PROVINCE OF) 2.4% 02 Jun 2026		100,000		74,010
ONTARIO (PROVINCE OF) 3.15% 02 Jun 2022		500,000		397,785
ONTARIO (PROVINCE OF) 3.5% 02 Jun 2024		500,000		404,903
ONTARIO (PROVINCE OF) 4% 02 Jun 2021		100,000		82,089
OPTION ONE MORTGAGE LOAN TRUST 1% 25 May 2035		243,868		235,139
PACCAR FINANCIAL CORP 1.3% 10 May 2019		125,000		123,519
PACIFIC GAS + ELECTRIC 5.625% 30 Nov 2017		600,000		622,259
PALOMAR CA CMNTY CLG DIST 7.194% 01 Aug 2045		300,000		346,107
PARAGON MORTGAGES PLC 1% 15 May 2041		345,803		397,056
PARAGON MORTGAGES PLC 1% 15 Nov 2038		140,598		129,372
PEARSON DOL FIN TWO PLC 6.25% 06 May 2018		725,000		761,451
PETROBRAS GLOBAL FINANCE 8.375% 23 May 2021		400,000		431,000
PG+E CORP 2.4% 01 Mar 2019		200,000		200,760
PNC BANK NA 1.8% 05 Nov 2018		700,000		701,271
PRICOA GLOBAL FUNDING 1 2.2% 03 Jun 2021		200,000		196,444
PROGRESS ENERGY INC 4.875% 01 Dec 2019		200,000		214,776
PROVINCE OF ALBERTA 1.25% 01 Jun 2020		400,000		296,788
PROVINCE OF ALBERTA 2.35% 01 Jun 2025		400,000		296,341
PROVINCE OF QUEBEC 3% 01 Sep 2023		100,000		78,804
PROVINCE OF QUEBEC 3.5% 01 Dec 2022		300,000		243,288
PUBLIC SERVICE ENTERPRIS 1.6% 15 Nov 2019		450,000		443,531
QUEENSLAND TREASURY CORP 4.25% 21 Jul 2023		100,000		78,601
RABOBANK NEDERLAND NY 1.7% 19 Mar 2018		1,000,000		1,000,088
RABOBANK NEDERLAND NY 2.5% 19 Jan 2021		300,000		299,952
RAC BOND CO PLC 4.565% 06 May 2023		200,000		268,270
RACE POINT CLO LTD 1% 08 Nov 2024		300,000		299,998
REALKREDIT DANMARK 1% 01 Apr 2017		1,700,000		241,871
REALKREDIT DANMARK 1% 01 Jan 2018		19,700,000		2,830,079
REALKREDIT DANMARK 1% 01 Jan 2038		1		4
REALKREDIT DANMARK 2% 01 Apr 2017		4,000,000		570,482
REALKREDIT DANMARK 2% 01 Oct 2037		664,164		95,533
REALKREDIT DANMARK 2% 01 Oct 2047		2,200,000		300,873
REALKREDIT DANMARK 2.5% 01 Oct 2037		2,095,622		307,972
REALKREDIT DANMARK 2.5% 01 Oct 2047		3,713,249		531,608
REALKREDIT DANMARK 3% 01 Oct 2047		874,935		128,357
RELIANCE STAND LIFE II 2.15% 15 Oct 2018		200,000		200,994
REPUBLIC OF SLOVENIA 4.125% 18 Feb 2019		800,000		830,128
REPUBLIC OF SLOVENIA 5.25% 18 Feb 2024		600,000		657,300
REPUBLIC OF SLOVENIA 5.5% 26 Oct 2022		1,800,000		1,988,957
REYNOLDS AMERICAN INC 2.3% 12 Jun 2018		800,000		805,071
RIVERCITY SWP PIK RIVERCITY SWP PIK		14,286		—
RIVERCITY SWP TCL RIVERCITY AUD SWAP INTEREST LOAN CLAIM		86,737		—
RIVERSIDE CA ELEC REVENUE 7.455% 01 Oct 2030		200,000		256,044
RMAC SECURITIES PLC 1% 12 Jun 2044		209,436		237,939
ROPER TECHNOLOGIES INC 2.8% 15 Dec 2021		200,000		199,904
ROPER TECHNOLOGIES INC 3% 15 Dec 2020		50,000		50,650
ROYAL BK OF SCOTLAND PLC 1% 16 Mar 2022		400,000		406,184
ROYAL BK OF SCOTLAND PLC 6.934% 09 Apr 2018		300,000		339,520
SAAD INVEST RCF SAAD SA INVEST FLT 08/24/2017		2,591		499
SANTANDER HOLDINGS USA 3.45% 27 Aug 2018		900,000		913,623
SANTANDER UK GROUP HLDGS 1% 29 Dec 2049		200,000		247,143
SANTANDER UK GROUP HLDGS 2.875% 16 Oct 2020		225,000		222,973
SANTANDER UK GROUP HLDGS 4.75% 15 Sep 2025		200,000		195,800
SANTANDER UK PLC 1% 14 Mar 2019		500,000		506,565
SANTANDER UK PLC 3.05% 23 Aug 2018		475,000		482,499
SAVERS - EVRGRN TL C 1L SAVERS - EVRGRN TL C 1L		1,756		1,633
SCHOLAR FUNDING TRUST 1% 28 Oct 2041		194,024		190,210
SHACKLETON CLO LTD 1% 20 Oct 2023		500,000		499,998
SKY PLC 2.625% 16 Sep 2019		200,000		200,815
SLM STUDENT LOAN TRUST 1% 15 Sep 2022		130,856		130,683
SLM STUDENT LOAN TRUST 1% 25 Apr 2023		459,069		458,465
SLM STUDENT LOAN TRUST 1% 25 Apr 2024		399,085		399,831
SLM STUDENT LOAN TRUST 1% 25 Jan 2023		82,917		82,717
SMALL BUSINESS ADMINISTRATION 5.6% 01 Sep 2028		172,373		188,696
SMALL BUSINESS ADMINISTRATION 5.87% 01 Jul 2028		126,305		140,015
SOUTHERN CO 1.85% 01 Jul 2019		325,000		323,994
SOUTHERN CO 2.75% 15 Jun 2020		200,000		201,714
SOUTHERN POWER CO 2.5% 15 Dec 2021		275,000		269,311

26

The Goldman Sachs 401(k) Plan

Schedule H, Line 4i — Schedule of Assets (Held at End of Year)

December 31, 2016

Identity of issue, borrower, lessor, or similar party including maturity date, rate of interest, collateral, par, or maturity value	Shares / $ Par Value		Current Value
STADSHYPOTEK AB 2.5% 18 Sep 2019		1,000,000		117,766
SUMITOMO MITSUI BANKING 2.45% 16 Jan 2020		600,000		597,518
SUNTRUST BANKS INC 2.5% 01 May 2019		200,000		201,705
SWAN 1% 25 Apr 2041		81,270		59,039
SWEDBANK HYPOTEK AB 3.75% 20 Dec 2017		1,200,000		137,496
SYNCHRONY FINANCIAL 2.6% 15 Jan 2019		325,000		326,644
TELECOM ITALIA SPA 6.375% 24 Jun 2019		200,000		270,231
TELEFONICA EMISIONES SAU 3.192% 27 Apr 2018		800,000		811,505
TENN VALLEY AUTHORITY 6.25% 15 Dec 2017		400,000		419,772
TESCO PROPERTY FIN 1 PLC 7.622% 13 Jul 2039		183,522		258,072
TESCO PROPERTY FIN 6 PLC 5.411% 13 Jul 2044		197,065		225,858
TEVA PHARMACEUTICALS NE 1.4% 20 Jul 2018		700,000		694,292
TEVA PHARMACEUTICALS NE 1.7% 19 Jul 2019		950,000		933,402
THQ 5 14DFTESCROW THQ INC 5 08/15/2019 DFT NA ESCROW		728,000		48,799
TIBC SYN CLAIM INTL BANKING CORP SYN CLAIM		195		2
TIME WARNER CABLE LLC 5.85% 01 May 2017		183,000		185,597
TIME WARNER CABLE LLC 6.75% 01 Jul 2018		401,000		428,116
TOKYO METROPOLITAN GOVT 2% 17 May 2021		200,000		194,008
TORRENS TRUST 1% 14 Jan 2041		64,916		47,099
TRANSCANADA PIPELINES 1.875% 12 Jan 2018		600,000		600,942
TRILLIUM CREDIT CARD TRUST II 1% 26 May 2021		900,000		904,198
TSY INFL IX N/B 0.125% 15 Apr 2018		5,437,536		5,486,990
TSY INFL IX N/B 0.125% 15 Apr 2019		5,972,848		6,047,407
TSY INFL IX N/B 0.125% 15 Apr 2020		103,219		104,291
TSY INFL IX N/B 0.125% 15 Jan 2023		1,884,978		1,871,056
TSY INFL IX N/B 0.125% 15 Jul 2022		105,112		105,378
TSY INFL IX N/B 0.125% 15 Jul 2024		712,600		700,055
TSY INFL IX N/B 0.25% 15 Jan 2025		683,762		672,468
TSY INFL IX N/B 0.625% 15 Jan 2024		207,190		210,831
TSY INFL IX N/B 0.625% 15 Jul 2021		386,093		398,409
TSY INFL IX N/B 0.75% 15 Feb 2045		143,709		135,221
TSY INFL IX N/B 1.25% 15 Jul 2020		144,088		152,176
TSY INFL IX N/B 1.375% 15 Feb 2044		134,831		147,142
TSY INFL IX N/B 2.375% 15 Jan 2027		119,862		140,412
TSY INFL IX N/B 2.5% 15 Jan 2029		427,823		516,020
TSY INFL IX N/B 3.875% 15 Apr 2029		294,074		402,057
UBS AG JERSEY BRANCH 1% 22 Feb 2022		500,000		502,959
UBS GROUP FUNDING 4.125% 24 Sep 2025		300,000		305,780
UK TSY 3 1/4 2044 3.25% 22 Jan 2044		700,000		1,117,798
UK TSY 3.5 2045 3.5% 22 Jan 2045		300,000		502,070
UK TSY 4 1/4 2040 4.25% 07 Dec 2040		900,000		1,629,093
UK TSY 4 3/4 2038 4.75% 07 Dec 2038		100,000		189,320
UNITEDHEALTH GROUP INC 3.75% 15 Jul 2025		100,000		103,523
US BANK NA CINCINNATI 1.4% 26 Apr 2019		300,000		296,738
US TREASURY N/B 0.75% 28 Feb 2018		26,900,000		26,835,946
US TREASURY N/B 0.875% 31 May 2018		4,310,000		4,301,583
US TREASURY N/B 1.375% 30 Apr 2021		4,360,000		4,277,060
US TREASURY N/B 1.625% 15 May 2026		700,000		652,750
US TREASURY N/B 1.625% 30 Jun 2020		840,000		840,394
US TREASURY N/B 1.75% 31 Dec 2020		310,000		309,903
US TREASURY N/B 2.75% 15 Aug 2042		100,000		94,473
US TREASURY N/B 2.75% 15 Nov 2042		3,100,000		2,927,925
US TREASURY N/B 2.875% 15 Aug 2045		1,100,000		1,058,536
US TREASURY N/B 3.125% 15 Aug 2044		300,000		303,633
US TREASURY N/B 5.25% 15 Feb 2029		200,000		255,641
VENTAS REALTY LP/CAP CRP 2% 15 Feb 2018		400,000		400,823
VENTURE CDO LTD 1% 20 Jul 2022		500,000		499,998
VERIZON COMMUNICATIONS 3.65% 14 Sep 2018		1,400,000		1,446,224
VIACOM INC 2.75% 15 Dec 2019		236,000		235,692
VIRGIN MONEY PLC 2.25% 21 Apr 2020		100,000		125,139
VIVARTE PPN EUR VIVARTE PPN EUR		13,227		11,493
VOLKSWAGEN INTL FIN NV 2.125% 20 Nov 2018		300,000		299,893
WACHOVIA MORTGAGE LOAN TRUST, 1% 20 Oct 2035		166,336		150,072
WACHOVIA STUDENT LOAN TRUST 1% 26 Jan 2026		74,652		73,798
WALGREENS BOOTS ALLIANCE 1.75% 30 May 2018		300,000		300,300
WALGREENS BOOTS ALLIANCE 2.6% 01 Jun 2021		500,000		496,861
WAMU MORTGAGE PASS THROUGH CER 1% 25 Nov 2034		330,000		312,974
WAMU MORTGAGE PASS THROUGH CER 1% 25 Nov 2045		186,207		163,955
WELLS FARGO + COMPANY 1% 31 Oct 2023		500,000		506,172
WELLS FARGO + COMPANY 1.5% 16 Jan 2018		700,000		699,161
WELLS FARGO COMMERCIAL MORTGAG 1.392% 15 Jul 2048		1,030,296		1,017,696
WELLS FARGO MORTGAGE BACKED SE 1% 25 Apr 2036		27,063		27,038
WELLS FARGO MORTGAGE BACKED SE 1% 25 Mar 2036		104,220		99,282
WELLTOWER INC 2.25% 15 Mar 2018		500,000		502,137
WESTERN GAS PARTNERS 2.6% 15 Aug 2018		600,000		601,158
WESTPAC BANKING CORP 1.5% 01 Dec 2017		1,300,000		1,300,394
WESTPAC BANKING CORP 1.85% 26 Nov 2018		200,000		200,183
WESTPAC BANKING CORP 1.95% 23 Nov 2018		150,000		150,246
WHITEHORSE LTD 1% 03 Feb 2025		500,000		499,997
WIND ACQUISITION FIN SA 7% 23 Apr 2021		200,000		219,439
WM WRIGLEY JR CO 2.4% 21 Oct 2018		300,000		302,684

27

The Goldman Sachs 401(k) Plan

Schedule H, Line 4i — Schedule of Assets (Held at End of Year)

December 31, 2016

Identity of issue, borrower, lessor, or similar party including maturity date, rate of interest, collateral, par, or maturity value	Shares / $ Par Value		Current Value
WM6.534 49A NA WASH MUTUAL PFD 6.534 03/29/49 144A (NON-ACC)		124		—
WM6.895 49A NA WASH MUTUAL PFD FDG III 6.895 06/49 144A (NON-ACC)		120		—
ZIMMER BIOMET HOLDINGS 3.15% 01 Apr 2022		200,000		199,453
Total Fixed Income Securities	$	3,239,625,911	$	249,326,013
Common Stock
1733 HK PHYS		854,622	$	115,732
2U INC		23,504		708,646
625 HK		798,800		—
7 ELEVEN MALAYSIA HOLDINGS B		233,700		73,975
8POINT3 ENERGY PARTNERS LP		2,730		35,435
AAMRQ		311,793		463,521
ABBOTT LABORATORIES		52,745		2,025,935
ACTIVISION BLIZZARD INC		35,452		1,280,172
ACUITY BRANDS INC		7,224		1,667,733
ADECCO GROUP AG REG		9,190		602,660
ADOBE SYSTEMS INC		27,477		2,828,757
ADURO BIOTECH INC		38,894		443,392
ADVANCE AUTO PARTS INC		8,422		1,424,329
ADVANCED DISPOSAL SERVICES I		21,848		485,463
ADVANCED DRAINAGE SYSTEMS IN		84,621		1,743,193
ADVANCED EMISSIONS SOLUTIONS		8,000		73,920
ADVANSIX INC		1,800		39,852
AERCAP HOLDINGS NV		26,525		1,103,705
AERIE PHARMACEUTICALS INC		29,840		1,129,444
AETNA INC		36,660		4,546,207
AFFIMED NV		63,684		114,631
AFRICAN BANK INVESTMENTS LTD		302,044		6,847
AGEAS		15,111		599,440
AGILENT TECHNOLOGIES INC		100		4,556
AGIOS PHARMACEUTICALS INC		2,106		87,883
AGNICO EAGLE MINES LTD		8,831		370,902
AIA GROUP LTD		1,381,207		7,793,969
AIR LIQUIDE SA		26,900		2,997,584
AIRBUS SE		13,813		915,532
AKZO NOBEL		14,345		898,594
ALASKA AIR GROUP INC		12,200		1,082,506
ALDER BIOPHARMACEUTICALS INC		3,500		72,800
ALEXION PHARMACEUTICALS INC		10,639		1,301,682
ALFA LAVAL AB		80,800		1,341,241
ALFRESA HOLDINGS CORP		27,500		455,995
ALHAP CLAIM		1,090		—
ALIBABA GROUP HOLDING SP ADR		36,187		3,177,580
ALIOR BANK SA		654		8,490
ALLERGAN PLC		30,418		6,388,084
ALLETE INC		14,280		916,633
ALLIANZ SE REG		24,580		4,070,343
ALLSCRIPTS HEALTHCARE SOLUTI		79,081		807,417
ALPHABET INC CL A		11,356		8,999,062
ALPHABET INC CL C		13,353		10,306,112
ALPS ELECTRIC CO LTD		21,400		518,510
ALROSA PJSC		674,423		1,071,122
ALTRA INDUSTRIAL MOTION CORP		30,707		1,133,088
AMAZON.COM INC		13,640		10,228,227
AMERICA MOVIL SAB DE C SER L		679,974		429,739
AMERICA MOVIL SPN ADR CL L		30,713		386,062
AMERICAN AIRLINES GROUP INC		47,900		2,236,451
AMERICAN EAGLE OUTFITTERS		27,177		412,275
AMERICAN EXPRESS CO		15,250		1,129,720
AMERICAN HOMES 4 RENT A		108,960		2,285,981
AMERIPRISE FINANCIAL INC		400		44,376
AMERIS BANCORP		29,364		1,280,270
AMETEK INC		13,377		650,122
AMUNDI SA		2,733		143,339
ANADOLU EFES BIRACILIK VE		71,153		356,615
ANGLO AMERICAN PLC		84,781		1,213,013
ANGLO IRISH BANK CORP PLC		43,800		—
ANHEUSER BUSCH INBEV SA/NV		19,882		2,107,629
ANHEUSER-BUSCH INBEV-SPN ADR		1,460		153,942
ANHUI CONCH CEMENT CO LTD H		263,881		718,145
ANIMA HOLDING SPA		55,258		300,742
ANR INC CLAIM		1,090		—
ANTHEM INC		100		14,377
ANTOFAGASTA PLC		72,953		608,474
*AON PLC		500		55,765
AP MOLLER MAERSK A/S B		144		230,210
APOLLO INVESTMENT CORP		104,818		614,233
APPLE INC		18,435		2,135,142
APPLIED INDUSTRIAL TECH INC		24,428		1,451,023

28

The Goldman Sachs 401(k) Plan

Schedule H, Line 4i — Schedule of Assets (Held at End of Year)

December 31, 2016

Identity of issue, borrower, lessor, or similar party including maturity date, rate of interest, collateral, par, or maturity value	Shares / $ Par Value		Current Value
ARAMARK		40,120		1,433,086
ARCH COAL INC A		16,075		1,254,654
ARGO GROUP INTERNATIONAL		17,613		1,160,697
ARIAD PHARMACEUTICALS INC		57,372		713,708
ASPEN PHARMACARE HOLDINGS LT		105,909		2,196,247
ASPEN TECHNOLOGY INC		8,950		489,386
ASSA ABLOY AB B		51,255		954,056
ASSICURAZIONI GENERALI		64,895		966,486
ASTRAZENECA PLC		58,569		3,211,452
ATHENAHEALTH INC		7,887		829,476
ATLAS COPCO AB A SHS		98,801		3,017,995
ATLASSIAN CORP PLC CLASS A		28,064		675,781
ATRICURE INC		36,667		717,573
ATTIJARIWAFA BANK		6,638		270,872
AUTOZONE INC		763		602,610
AVIVA PLC		165,653		995,607
AVON PRODUCTS INC		299,649		1,510,231
AXALTA COATING SYSTEMS LTD		24,835		675,512
AXIS BANK LTD FOREIGN		205,659		1,364,495
BAE SYSTEMS PLC		121,588		888,671
BAIDU INC SPON ADR		19,790		3,253,674
BALL CORP		4,400		330,308
BANCA GENERALI SPA		11,791		281,812
BANCA TRANSILVANIA SA		359,515		199,095
BANCO BILBAO VIZCAYA ARGENTA		509,900		3,449,558
BANCO MACRO SA ADR		3,088		198,713
BANCOLOMBIA S.A. SPONS ADR		4,908		180,025
BANCOLOMBIA SA		18,239		153,227
BANCORPSOUTH INC		54,878		1,703,962
BANGKOK DUSIT MED SERVICE F		1,465,600		945,403
BANK CENTRAL ASIA TBK PT		594,000		683,392
BANK OF IRELAND		5,136,946		1,267,855
BANK OF NEW YORK MELLON CORP		15,800		748,604
BANK OF NOVA SCOTIA		27,200		1,516,328
BANK OF THE OZARKS		14,032		737,943
BANK OF THE PHILIPPINE ISLAN		142,041		253,724
BAYER AG REG		41,700		4,360,042
BAYERISCHE MOTOREN WERKE AG		34,699		3,248,141
BBA AVIATION PLC		304,917		1,067,391
BEACON ROOFING SUPPLY INC		15,120		696,578
BECTON DICKINSON AND CO		17,529		2,901,926
BEIERSDORF AG		30,126		2,561,097
BELMOND LTD CLASS A		64,970		867,350
BENEFITFOCUS INC		16,473		489,248
BEZEQ THE ISRAELI TELECOM CO		762,759		1,450,742
BHP BILLITON PLC		32,800		529,515
BID CORP LTD		56,222		1,007,885
BIDVEST GROUP LTD		44,976		596,117
BIOGEN INC		20,653		5,856,778
BLACK HILLS CORP		28,709		1,761,010
BLACKBAUD INC		7,908		506,112
BLACKHAWK NETWORK HOLDINGS I		14,716		554,425
BLACKROCK INC		540		205,492
BLOOMIN BRANDS INC		17,235		310,747
BLUCORA INC		62,400		920,400
BLUE BUFFALO PET PRODUCTS IN		20,874		501,811
BLUEBIRD BIO INC		7,141		440,600
BNP PARIBAS		36,319		2,319,517
BOEING CO/THE		10,400		1,619,072
BOISE CASCADE CO		64,842		1,458,945
BORAL LTD		5,662		22,180
BORGWARNER INC		23,930		943,799
BOSTON SCIENTIFIC CORP		184,273		3,985,825
BP PLC		137,883		868,231
BPER BANCA		75,950		405,348
BRENNTAG AG		26,478		1,474,581
BRIDGESTONE CORP		17,400		628,659
BRISTOL MYERS SQUIBB CO		8,700		508,428
BRITISH AMERICAN TOBACCO PLC		73,704		4,208,907
BROADCOM LTD		4,700		830,819
BROADSOFT INC		6,782		279,758
BT GROUP PLC		110,775		502,209
BUFFALO WILD WINGS INC		3,669		566,494
BUNGE LTD		36,610		2,644,706
BUZZI UNICEM SPA		45,355		1,076,838
CACI INTERNATIONAL INC CL A		9,695		1,205,089
CAIXABANK S.A		505,498		1,674,166
CALLON PETROLEUM CO		201,868		3,102,711
CALTEX AUSTRALIA LTD		21,793		480,668
CANADIAN NATL RAILWAY CO		46,601		3,140,907
CANADIAN PACIFIC RAILWAY LTD		3,300		471,141

29

The Goldman Sachs 401(k) Plan

Schedule H, Line 4i — Schedule of Assets (Held at End of Year)

December 31, 2016

Identity of issue, borrower, lessor, or similar party including maturity date, rate of interest, collateral, par, or maturity value	Shares / $ Par Value		Current Value
CAPCOM CO LTD		7,300		172,118
CAPEVIN HOLDINGS LTD		52,483		35,692
CAPGEMINI		6,426		543,243
CAPITAL ONE FINANCIAL CORP		18,195		1,587,332
CARDINAL HEALTH INC		100		7,197
CARDIOVASCULAR SYSTEMS INC		43,625		1,056,161
CARDTRONICS PLC A		25,419		1,387,115
CAROLINA FINANCIAL CORP		3,700		113,923
CARPENTER TECHNOLOGY		25,764		931,884
CASCADE BANCORP		45,703		371,108
CASTLIGHT HEALTH INC-B		18,710		92,615
CAVIUM INC		25,738		1,607,081
CBS CORP CLASS B NON VOTING		22,909		1,457,471
CELADON GROUP INC		55,757		398,663
CELGENE CORP		73,104		8,462,788
CENTENE CORP		12,567		710,161
CENTENNIAL RESOURCE DEVELO A		24,462		482,379
CENTRAL PATTANA PUB CO FOREI		770,612		1,221,213
CERVED INFORMATION SOLUTIONS		25,350		210,962
CHART INDUSTRIES INC		3,977		143,252
CHARTER COMMUNICATIONS INC A		5,336		1,536,341
CHECK POINT SOFTWARE TECH		18,700		1,579,402
CHEESECAKE FACTORY INC/THE		12,223		731,913
CHEUNG KONG INFRASTRUCTURE		127,000		1,010,673
CHIASMA INC		20,173		39,337
CHICO S FAS INC		52,209		751,288
CHINA FOODS LTD		231,460		98,219
CHINA MENGNIU DAIRY CO		365,000		703,340
CHINA MOBILE LTD		57,198		606,421
CHINA OVERSEAS LAND + INVEST		357,251		946,907
CHINA RESOURCES BEER HOLDIN		129,883		257,985
CHUBB LTD		700		92,484
CHURCHILL DOWNS INC		5,429		816,793
CI Z HOLDINGS CO LTD		9,440		266,280
CIA BRASILEIRA DE DIS SP PRF		7,266		120,252
CIE FINANCIERE RICHEMONT REG		14,381		954,394
CIENA CORP		29,723		725,538
CIGNA CORP		36,099		4,815,246
CIMAREX ENERGY CO		19,618		2,666,086
CINTAS CORP		7,029		812,271
CIRCOR INTERNATIONAL INC		11,876		770,515
CISCO SYSTEMS INC		51,548		1,557,781
CITIGROUP INC		40,465		2,404,835
CITIZENS FINANCIAL GROUP		3,100		110,453
CLEAN HARBORS INC		49,649		2,762,967
CLOETTA AB B SHS		79,676		251,712
CLOUD PEAK ENERGY INC		57,959		325,150
CME GROUP INC		2,200		253,770
CMEDQ		9,062		—
CNTE CLAIM		76		—
COACH INC		3,900		136,578
COBIZ FINANCIAL INC		86,250		1,456,763
COCA COLA HBC AG DI		26,331		575,885
COCA COLA ICECEK AS		16,431		154,613
COFACE SA		114,694		750,036
COGNIZANT TECH SOLUTIONS A		23,552		1,319,619
COHERENT INC		6,636		911,687
COLUMBIA SPORTSWEAR CO		22,070		1,286,681
COMCAST CORP CLASS A		30,148		2,081,719
COMMERCIAL METALS CO		61,160		1,332,065
COMMONWEALTH BANK OF AUSTRAL		45,236		2,699,371
COMMSCOPE HOLDING CO INC		70,942		2,639,042
COMMUNITY HEALTH SYSTEMS INC		61,708		344,948
COMPASS GROUP PLC		33,258		616,839
COMPUTER SCIENCES CORP		23,330		1,386,269
CONCHO RESOURCES INC		17,260		2,288,676
CONFORMIS INC		62,741		508,202
CONSTELLATION BRANDS INC A		2,500		383,275
CONTINENTAL AG		3,596		696,752
CONYERS PARK ACQUISIT UNIT		33,483		363,291
COSTCO WHOLESALE CORP		1,700		272,187
COTY INC CL A		28,744		526,303
CP ALL PCL FOREIGN		441,800		771,073
CR BARD INC		400		89,864
CREDICORP LTD		6,300		994,518
CRH PLC		5,428		188,673
CRODA INTERNATIONAL PLC		15,380		607,377
CROSS COUNTRY HEALTHCARE INC		98,463		1,537,007
CSL LTD		23,100		1,679,529
CTRIP.COM INTERNATIONAL ADR		40,611		1,624,440
CU BANCORP		47,238		1,691,120

30

The Goldman Sachs 401(k) Plan

Schedule H, Line 4i — Schedule of Assets (Held at End of Year)

December 31, 2016

Identity of issue, borrower, lessor, or similar party including maturity date, rate of interest, collateral, par, or maturity value	Shares / $ Par Value		Current Value
CURTISS WRIGHT CORP		8,827		868,224
CYBERDYNE INC		14,600		206,792
DABUR INDIA LTD		75,558		307,542
DAIMLER AG REGISTERED SHARES		13,489		1,006,170
DAITO TRUST CONSTRUCT CO LTD		7,620		1,148,537
DANAHER CORP		38,500		2,996,840
DASSAULT SYSTEMES SA		62,246		4,752,691
DBS GROUP HOLDINGS LTD		281,900		3,383,502
DELPHI AUTOMOTIVE PLC		26,873		1,809,897
DELTA AIR LINES INC		5,600		275,464
DENTSPLY SIRONA INC		45,508		2,627,177
DEUTSCHE PFANDBRIEFBANK AG		16,231		155,680
DEUTSCHE POST AG REG		1,184		39,007
DEXCOM INC		26,761		1,597,632
DISCOVERY LTD		37,628		315,057
DISTELL GROUP LTD		13,837		146,718
DNB ASA		72,622		1,083,293
DNO ASA		666,292		656,407
DOLLAR GENERAL CORP		28,645		2,121,735
DOLLAR TREE INC		37,771		2,915,166
DOMINO S PIZZA ENTERPRISES L		5,959		280,426
DOMINO S PIZZA GROUP PLC		161,748		721,109
DOMINO S PIZZA INC		700		111,468
DR PEPPER SNAPPLE GROUP INC		300		27,201
DSV A/S		33,988		1,514,853
DSW INC CLASS A		30,114		682,082
DU PONT (E.I.) DE NEMOURS		200		14,680
DYNEGY INC		7,540		63,788
E MART INC		1,543		233,788
E.ON SE		246,146		1,739,471
EAST JAPAN RAILWAY CO		4,700		406,996
EASTMAN CHEMICAL CO		7,120		535,495
EBAY INC		162,939		4,837,659
ECOLAB INC		800		93,776
EDENRED		20,611		409,463
EDITA FOOD INDUSTRIES SAE		146,477		118,361
EISAI CO LTD		41,500		2,386,779
ELECTRONIC ARTS INC		88,744		6,989,477
ELI LILLY + CO		3,200		235,360
ELSWEDY ELECTRIC CO		41,667		170,069
EMBOTELLADORA ANDINA ADR B		8,581		192,815
EMCORE CORP		29,669		258,120
ENDOLOGIX INC		78,567		449,403
ENGIE BRASIL ENERGIA SA		30,154		324,266
ENI SPA		94,543		1,542,656
ENVESTNET INC		28,714		1,012,169
ENVISION HEALTHCARE CORP		25,671		1,624,718
EOG RESOURCES INC		6,838		691,322
EPAM SYSTEMS INC		15,269		981,949
EQUIFAX INC		280		33,104
EQUITY GROUP HOLDINGS LTD		1,054,263		311,227
ESTERLINE TECHNOLOGIES CORP		9,419		840,175
EVERCORE PARTNERS INC CL A		24,534		1,685,486
EXAR CORP		24,555		264,703
EXLSERVICE HOLDINGS INC		42,350		2,136,134
EXPEDIA INC		5,791		656,004
EXPERIAN PLC		44,375		863,055
EXTRACTION OIL + GAS INC		10,953		219,498
FABRINET		5,143		207,263
FACEBOOK INC A		116,271		13,376,979
FANUC CORP		24,250		4,119,808
FARMER BROS CO		40,156		1,473,725
FCMB GROUP PLC		5,815,732		20,309
FEDEX CORP		4,500		837,900
FERRARI NV		4,300		250,002
FERRO CORP		62,183		891,082
FIDELITY NATIONAL INFO SERV		25,335		1,916,339
FIDELITY SOUTHERN CORP		15,400		364,518
FINISAR CORPORATION		9,972		301,852
FIRST BUSINESS FINANCIAL SER		3,300		78,276
FIRST FOUNDATION INC		18,800		535,800
FIRST QUANTUM MINERALS LTD		49,430		492,070
FIRST REPUBLIC BANK/CA		621		57,219
FIRSTCASH INC		25,183		1,183,601
FISERV INC		12,500		1,328,500
FIVE BELOW		40,313		1,610,907
FIVE PRIME THERAPEUTICS INC		10,892		545,798
FLEETCOR TECHNOLOGIES INC		13,370		1,892,122
FORD MOTOR CO		85,430		1,036,266
FORMFACTOR INC		24,403		273,314
FORTIVE CORP		19,750		1,059,193

31

The Goldman Sachs 401(k) Plan

Schedule H, Line 4i — Schedule of Assets (Held at End of Year)

December 31, 2016

Identity of issue, borrower, lessor, or similar party including maturity date, rate of interest, collateral, par, or maturity value	Shares / $ Par Value		Current Value
FORTUNE BRANDS HOME + SECURI		47,235		2,525,183
FRANKLIN RESOURCES INC		18,935		749,447
FRESENIUS MEDICAL CARE AG +		23,320		1,978,810
FTI CONSULTING INC		6,766		305,011
FUCHS PETROLUB SE		9,400		366,346
FUYAO GLASS INDUSTRY GROUP H		79,200		245,676
GAM HOLDING AG		12,009		139,427
GARTNER INC		12,486		1,261,960
GENERAC HOLDINGS INC		16,190		659,581
GENERAL DYNAMICS CORP		100		17,266
GENTING SINGAPORE PLC		700,400		438,750
GENWORTH MORTGAGE INSURANCE		357,881		847,393
GLENCORE PLC		252,487		865,292
GLOBAL BLOOD THERAPEUTICS IN		13,184		190,509
GLOBAL BRASS + COPPER HOLDIN		3,504		120,187
GLOBAL PAYMENTS INC		49,775		3,454,883
GLOBAL PORTS INV GDR REG S		17,790		71,160
GLOBANT SA		13,854		462,031
GLOBUS MEDICAL INC A		47,991		1,190,657
GLYCOMIMETICS INC		25,655		156,496
GMO PAYMENT GATEWAY INC		6,600		294,251
GMX RESOURCES INC		8,746		—
GOODYEAR TIRE + RUBBER CO		21,160		653,209
GRANITE CONSTRUCTION INC		1,586		87,230
GRIFOLS SA		27,000		537,669
GRIFOLS SA ADR		33,600		539,952
GRUBHUB INC		11,394		428,642
GRUPO BTG PACTUAL UNIT		38,443		171,858
GRUPO FINANCIERO BANORTE O		337,695		1,673,600
GRUPO FINANCIERO INBURSA O		149,754		228,395
GRUPO TELEVISA SA SPON ADR		42,100		879,469
GTY TECHNOLOGY HOLDINGS INC		19,540		205,170
GUARANTY TRUST BANK		1,423,847		111,474
GUARANTY TRUST BANK GDR REGS		92,805		328,994
GUIDEWIRE SOFTWARE INC		27,836		1,373,150
HAKUHODO DY HOLDINGS INC		27,000		333,348
HANESBRANDS INC		42,228		910,858
HARMONIC DRIVE SYSTEMS INC		7,470		185,477
HARRIS CORP		10,126		1,037,611
HARTFORD FINANCIAL SVCS GRP		23,191		1,105,051
HD SUPPLY HOLDINGS INC		35,768		1,520,498
HDFC BANK LIMITED FOREIGN		24,818		439,864
HEADWATERS INC		62,217		1,463,344
HEIDELBERGCEMENT AG		4,790		447,781
HEINEKEN HOLDING NV		11,361		792,557
HEINEKEN NV		14,662		1,102,018
HENRY SCHEIN INC		300		45,513
HERITAGE CRYSTAL CLEAN INC		4,425		69,473
HERITAGE OAKS BANCORP		78,396		966,623
HERO MOTOCORP LTD		5,520		246,631
HIKMA PHARMACEUTICALS PLC		17,924		419,258
HILLTOP HOLDINGS INC		73,884		2,201,743
HILTON WORLDWIDE HOLDINGS IN		112,213		3,052,194
HITACHI TRANSPORT SYSTEM LTD		46,900		954,205
HOME DEPOT INC		10,400		1,394,432
HONDA MOTOR CO LTD		23,300		682,209
HONEYWELL INTERNATIONAL INC		2,280		264,138
HORIZON BANCORP INDIANA		24,064		673,792
HOSTESS BRANDS INC		124,752		1,621,776
HSBC HOLDINGS PLC		213,300		1,731,352
HSN INC		6,960		238,728
HUBSPOT INC		18,168		853,896
HUMANA INC		3,700		754,911
HUNT (JB) TRANSPRT SVCS INC		2,400		232,968
HURON CONSULTING GROUP INC		23,249		1,177,562
HUSKY ENERGY INC		93,700		1,138,192
HYSAN DEVELOPMENT CO		227,070		938,663
IBERDROLA SA		289,220		1,901,711
IBERIABANK CORP		27,378		2,292,908
ICICI BANK LTD SPON ADR		177,600		1,330,224
IHS MARKIT LTD		133,800		4,737,858
ILLINOIS TOOL WORKS		8,310		1,017,643
IMCD GROUP NV		15,526		663,066
IMPERIAL BRANDS PLC		18,722		819,516
IMPINJ INC		5,000		176,700
INDEPENDENCE CONTRACT DRILLI		8,395		56,247
INDUSTRIA DE DISENO TEXTIL		24,601		841,491
INFOSYS LTD		43,147		642,723
INFOSYS LTD SP ADR		33,114		491,081
ING GROEP NV		139,650		1,969,345

32

The Goldman Sachs 401(k) Plan

Schedule H, Line 4i — Schedule of Assets (Held at End of Year)

December 31, 2016

Identity of issue, borrower, lessor, or similar party including maturity date, rate of interest, collateral, par, or maturity value	Shares / $ Par Value		Current Value
INNOGY SE		18,627		648,542
INPHI CORP		11,400		508,668
INTERCONTINENTAL EXCHANGE IN		137,177		7,739,526
INTERSECT ENT INC		26,285		318,049
INTERSIL CORP A		43,165		962,580
INTUIT INC		30,158		3,456,408
INTUITIVE SURGICAL INC		1,842		1,168,141
INVESTMENT TECHNOLOGY GROUP		60,468		1,193,638
IRISH CONTINENTAL GROUP PLC		209,067		992,310
IROBOT CORP		5,582		326,268
ISHARES CORE MSCI EAFE ETF		42,934		2,302,550
ISHARES RUSSELL 2000 ETF		46,275		6,240,184
ISUZU MOTORS LTD		19,600		248,876
ITAU UNIBANCO H SPON PRF ADR		239,474		2,461,793
ITOCHU CORP		10,169		135,313
ITRON INC		15,676		985,237
J2 GLOBAL INC		15,907		1,301,193
JACK IN THE BOX INC		17,180		1,917,975
JAMBA INC		116,019		1,194,996
JAMES RIVER GROUP HOLDINGS L		12,036		500,096
JCDECAUX SA		19,020		560,313
JERONIMO MARTINS		46,903		729,202
JGC CORP		78,000		1,420,431
JOHNSON CONTROLS INTERNATION		5,748		236,760
JPMORGAN CHASE + CO		31,037		2,678,183
JSR CORP		19,890		314,290
JULIUS BAER GROUP LTD		9,028		401,768
JUNIPER NETWORKS INC		17,640		498,506
JUST EAT PLC		39,580		285,372
JXTG HOLDINGS INC		66,400		281,631
KAISER ALUMINUM CORP		4,623		359,161
KANSAS CITY SOUTHERN		100		8,485
KAO CORP		38,460		1,827,126
KARYOPHARM THERAPEUTICS INC		32,210		302,774
KATE SPADE + CO		33,829		631,587
KBC GROEP NV		6,218		385,833
KEMPER CORP		14,053		622,548
KENNEDY WILSON HOLDINGS INC		85,801		1,758,921
KERING		5,002		1,125,341
KEYENCE CORP		3,100		2,131,607
KIMBERLY CLARK CORP		10,590		1,208,531
KIWOOM SECURITIES CO LTD		2,840		169,300
KNIGHT TRANSPORTATION INC		18,373		607,228
KONE OYJ B		14,160		635,794
KOSMOS ENERGY LTD		27,757		194,577
KOTAK MAHINDRA BANK LTD FOR		150,905		1,595,208
KRAFT HEINZ CO/THE		400		34,928
KUBOTA CORP		91,400		1,307,505
L BRANDS INC		50,074		3,296,872
L OREAL		17,420		3,186,007
LAKELAND BANCORP INC		101,666		1,982,487
LAM RESEARCH CORP		12,196		1,289,483
LAREDO PETROLEUM INC		15,080		213,231
LAS VEGAS SANDS CORP		8,600		459,326
LATTICE SEMICONDUCTOR CORP		14,290		105,174
LENTA LTD REG S		24,704		202,573
LIBERTY GLOBAL PLC C		69,758		2,071,813
LIBERTY GLOBAL PLC A		18,139		554,872
LIBERTY GLOBAL PLC LILAC A		22,059		484,416
LIBERTY GLOBAL PLC LILAC C		25,431		538,374
LIBERTY INTERACTIVE CORP Q A		245,799		4,911,064
LIBERTY MEDIA CORP BRAVES C		74,846		1,541,079
LINDBLAD EXPEDITIONS HOLDING		110,202		1,041,409
LINDE AG		10,420		1,715,616
LINX SA		43,000		229,222
LKQ CORP		132,557		4,062,872
LOEWS CORP		15,550		728,207
LONGTOP FINANCIAL-SPON ADR		38,622		—
LOUISIANA PACIFIC CORP		34,483		652,763
LOWE S COS INC		16,500		1,173,480
LOXO ONCOLOGY INC		14,836		476,458
LUPIN LTD		48,843		1,067,609
LVMH MOET HENNESSY LOUIS VUI		12,859		2,460,334
M3 INC		150,800		3,807,656
MACOM TECHNOLOGY SOLUTIONS H		15,482		716,507
MAGNA INTERNATIONAL INC		3,700		160,852
MAGNIT PJSC		7,746		1,391,758
MANDOM CORP		10,000		432,117
MANULIFE FINANCIAL CORP		11,100		197,905
MARRIOTT INTERNATIONAL CL A		8,700		719,316
MARSH + MCLENNAN COS		26,875		1,816,481

33

The Goldman Sachs 401(k) Plan

Schedule H, Line 4i — Schedule of Assets (Held at End of Year)

December 31, 2016

Identity of issue, borrower, lessor, or similar party including maturity date, rate of interest, collateral, par, or maturity value	Shares / $ Par Value		Current Value
MARTIN MARIETTA MATERIALS		3,430		759,848
MASONITE INTERNATIONAL CORP		18,767		1,234,869
MASSIMO ZANETTI BEVERAGE GRO		42,005		307,697
MASTERCARD INC A		85,046		8,781,000
MATADOR RESOURCES CO		16,243		418,420
MATSUI SECURITIES CO LTD		49,600		428,235
MAXLINEAR INC		22,139		482,630
MB FINANCIAL INC		63,847		3,015,494
MBIA INC		36,940		395,258
MCBC HOLDINGS INC		75,219		1,096,693
MCKESSON CORP		100		14,045
MEDIATEK INC		72,644		487,990
MEDICLINIC INTERNATIONAL PLC		7,484		71,299
MEDIPAL HOLDINGS CORP		28,800		455,081
MEDPACE HOLDINGS INC		9,400		339,058
MEDTRONIC PLC		12,934		921,289
MEG ENERGY CORP		200,100		1,377,222
MEGACABLE HOLDINGS CPO		94,874		322,134
MELCO RESORTS + ENTERT ADR		17,798		282,988
MERCK + CO. INC.		4,500		264,915
METHANEX CORP		27,600		1,212,008
METLIFE INC		18,485		996,157
MGIC INVESTMENT CORP		275,440		2,806,734
MGM RESORTS INTERNATIONAL		24,900		717,867
MICROCHIP TECHNOLOGY INC		600		38,490
MICROSEMI CORP		13,087		706,305
MICROSOFT CORP		205,383		12,762,500
MIDDLEBY CORP		9,255		1,192,137
MILACRON HOLDINGS CORP		8,852		164,913
MINEBEA MITSUMI INC		38,500		361,778
MITSUBISHI CORP		40,700		868,890
MITSUBISHI ELECTRIC CORP		31,410		438,827
MITSUBISHI ESTATE CO LTD		60,800		1,213,289
MITSUBISHI HEAVY INDUSTRIES		37,405		170,806
MITSUI CHEMICALS INC		105,000		472,628
MITSUI FUDOSAN CO LTD		47,018		1,090,442
MIZRAHI TEFAHOT BANK LTD		28,624		419,098
MKS INSTRUMENTS INC		53,684		3,188,830
MOBILEYE NV		4,289		163,497
MOLSON COORS BREWING CO B		2,900		282,199
MONARCH CASINO + RESORT INC		34,784		896,732
MONDELEZ INTERNATIONAL INC A		12,500		554,125
MONOLITHIC POWER SYSTEMS INC		10,235		838,554
MONOTARO CO LTD		47,000		963,090
MONSTER BEVERAGE CORP		37,485		1,662,085
MOOG INC CLASS A		9,595		630,200
MORGAN STANLEY		103,982		4,393,240
MOSCOW EXCHANGE MICEX RTS PJ		114,920		235,417
MOTOROLA SOLUTIONS INC		15,202		1,260,094
MTU AERO ENGINES AG		8,039		928,317
MULTI PACKAGING SOLUTIONS IN		60,455		862,088
MURATA MANUFACTURING CO LTD		3,300		442,792
MYLAN NV		28,710		1,095,287
MYOKARDIA INC		39,500		511,525
NASPERS LTD N SHS		31,021		4,568,855
NATIONAL AUSTRALIA BANK LTD		36,017		799,871
NATIONAL CINEMEDIA INC		104,275		1,535,971
NAVER CORP		884		567,230
NELNET INC CL A		6,626		336,270
NESTLE NIGERIA PLC		50,417		129,652
NESTLE SA SPONS ADR		63,000		4,519,620
NETFLIX INC		11,900		1,473,220
NETS A/S		17,212		301,779
NEW ZEALAND REFINING CO LTD		195,244		353,973
NEWELL BRANDS INC		75,689		3,379,514
NEXON CO LTD		4,200		61,001
NEXTERA ENERGY INC		3,000		358,380
NIDEC CORP		4,100		354,512
NIELSEN HOLDINGS PLC		75,116		3,151,116
NIGERIAN BREWERIES PLC		667,388		313,565
NINTENDO CO LTD		1,763		370,935
NIPPON TELEGRAPH + TELEPHONE		14,900		627,503
NIVALIS THERAPEUTICS INC		13,800		30,912
NLEY US		27,154		—
NMI HOLDINGS INC CLASS A		7,400		78,810
NORFOLK SOUTHERN CORP		400		43,228
NORTHERN TRUST CORP		15,036		1,338,956
NORTHROP GRUMMAN CORP		1,549		360,266
NORWEGIAN CRUISE LINE HOLDIN		1,000		42,530
NOVARTIS AG REG		41,015		2,990,320
NOVATEK PJSC SPONS GDR REG S		13,832		1,795,394

34

The Goldman Sachs 401(k) Plan

Schedule H, Line 4i — Schedule of Assets (Held at End of Year)

December 31, 2016

Identity of issue, borrower, lessor, or similar party including maturity date, rate of interest, collateral, par, or maturity value	Shares / $ Par Value		Current Value
NTT DOCOMO INC		73,800		1,684,995
NVIDIA CORP		14,859		1,586,050
NXP SEMICONDUCTORS NV		24,117		2,363,707
O REILLY AUTOMOTIVE INC		6,566		1,828,040
OASIS PETROLEUM INC		36,308		549,703
OCEANFIRST FINANCIAL CORP		34,046		1,022,401
OCLARO INC		72,283		646,933
ODONTOPREV S.A.		84,100		325,578
OLYMPUS CORP		12,700		439,902
OMNOVA SOLUTIONS INC		121,156		1,211,560
ONO PHARMACEUTICAL CO LTD		62,900		1,378,154
OPAP SA		28,327		250,974
ORBCOMM INC		71,659		592,620
O'REILLY AUTOMOTIVE INC		4,410		1,227,788
ORORA LTD		237,996		515,275
OTONOMY INC		21,438		340,864
OTP BANK PLC		13,916		399,185
PACIFIC BIOSCIENCES OF CALIF		68,727		261,163
PACIFIC PREMIER BANCORP INC		19,901		703,500
PANERA BREAD COMPANY CLASS A		2,490		510,674
PARK24 CO LTD		73,400		1,994,924
PARKER HANNIFIN CORP		7,380		1,033,200
PATAQ		1,008		—
PATTERN ENERGY GROUP INC		20,578		390,776
PAYLOCITY HOLDING CORP		16,637		499,276
PAYPAL HOLDINGS INC		182,528		7,204,380
PDC ENERGY INC		23,219		1,685,235
PEGASYSTEMS INC		11,610		417,960
PENTAIR PLC		400		22,428
PENUMBRA INC		8,261		527,052
PEPSICO INC		4,932		516,035
PERSIMMON PLC		18,915		415,092
PFIZER INC		225,702		7,330,801
PGT INNOVATIONS INC		52,491		601,022
PHILIP MORRIS INTERNATIONAL		13,695		1,252,956
PICK N PAY STORES LTD		67,722		315,557
PIONEER CORP		130,800		264,662
PLATINUM GROUP METALS LTD		15,850		22,929
PNC FINANCIAL SERVICES GROUP		6,235		729,246
PNM RESOURCES INC		43,748		1,500,556
POLYONE CORPORATION		44,092		1,412,708
POPEYES LOUISIANA KITCHEN IN		2,415		146,059
PORTOLA PHARMACEUTICALS INC		25,251		566,632
PRA HEALTH SCIENCES INC		29,851		1,645,387
PRAXAIR INC		6,620		775,798
PRICELINE GROUP INC/THE		5,884		8,626,297
PRICESMART INC		300		25,050
PROCTER + GAMBLE CO/THE		18,526		1,557,666
PROGRESSIVE CORP		30,450		1,080,975
PTC THERAPEUTICS INC		20,147		219,804
PURE STORAGE INC CLASS A		74,770		845,649
QBE INSURANCE GROUP LTD		47,344		425,780
QINHUANGDAO PORT CO LTD H		133,000		30,535
QTS REALTY TRUST INC CL A		22,810		1,132,517
QUALCOMM INC		61,494		4,009,409
QUANTENNA COMMUNICATIONS INC		2,695		48,860
QUIDEL CORP		16,985		363,819
QUINTILES IMS HOLDINGS INC		46,354		3,525,222
RA PHARMACEUTICALS INC		16,877		256,362
RANDGOLD RESOURCES LTD		3,303		261,819
RAYTHEON COMPANY		500		71,000
RED HAT INC		7,845		546,797
REGENERON PHARMACEUTICALS		7,699		2,826,226
REGULUS THERAPEUTICS INC		33,511		75,400
RELX NV		40,249		678,818
REPSOL SA		153,398		1,114,131
RESOLUTE ENERGY CORP		7,633		314,403
REXEL SA		29,989		494,549
REXNORD CORP		29,173		571,499
RIO TINTO PLC		20,961		818,066
ROBINSON DEPT STORE PCL FOR		143,100		253,748
ROCHE HOLDING AG GENUSSCHEIN		17,250		3,947,803
ROCKWELL COLLINS INC		500		46,380
ROGERS CORP		30,468		2,340,247
ROPER TECHNOLOGIES INC		8,751		1,602,133
ROSS STORES INC		13,500		885,600
ROYAL CARIBBEAN CRUISES LTD		5,700		467,628
ROYAL DUTCH SHELL PLC B SHS		149,322		4,343,357
RPM INTERNATIONAL INC		28,195		1,517,737
RSP PERMIAN INC		25,126		1,121,122
RUMO LOGISTICA OPERADORA MUL		172,416		325,263

35

The Goldman Sachs 401(k) Plan

Schedule H, Line 4i — Schedule of Assets (Held at End of Year)

December 31, 2016

Identity of issue, borrower, lessor, or similar party including maturity date, rate of interest, collateral, par, or maturity value	Shares / $ Par Value		Current Value
S+P GLOBAL INC		33,217		3,572,156
SABRE CORP		149,370		3,726,782
SAFARICOM LTD		1,249,200		233,455
SAGA PLC		361,099		870,520
SALESFORCE.COM INC		27,000		1,848,420
SAMSUNG ELECTR GDR		3,360		2,509,920
SAMSUNG ELECTRO REGS GDR PFD		3,120		1,850,160
SAMSUNG ELECTRONICS CO LTD		1,500		2,237,953
SAMSUNG FIRE + MARINE INS		8,477		1,884,480
SAMSUNG SDI CO LTD PFD		2,262		204,138
SANDS CHINA LTD		34,800		151,262
SANDVIK AB		34,674		430,152
SANNE GROUP PLC		36,560		264,276
SAP SE SPONSORED ADR		32,190		2,782,182
SASOL LTD		41,600		1,213,473
SBERBANK OF RUSSIA PJSC		566,531		1,606,588
SCHLUMBERGER LTD		37,220		3,124,619
SCHNEIDER ELECTRIC SE		16,716		1,165,599
SCHNITZER STEEL INDS INC A		15,535		399,250
SCHWAB (CHARLES) CORP		70,485		2,782,043
SCSK CORP		6,700		234,947
SEATTLE GENETICS INC		13,791		727,751
SEMEN INDONESIA PERSERO TBK		89,176		60,730
SEMGROUP CORP CLASS A		21,850		912,238
SENKO GROUP HOLDINGS CO LTD		34,300		232,029
SERVICENOW INC		14,800		1,100,232
SES		86,828		1,916,350
SEVEN & I HOLDINGS CO LTD		119,431		4,547,078
SEVEN + I HOLDINGS CO LTD		30,775		1,174,957
SHERWIN WILLIAMS CO/THE		250		67,185
SHIKOKU ELECTRIC POWER CO		37,600		381,690
SHIN ETSU CHEMICAL CO LTD		9,400		730,739
SHINHAN FINANCIAL GROUP LTD		34,984		1,310,669
SHIRE PLC		22,200		1,284,888
SHIRE PLC ADR		14,310		2,438,138
SIEMENS AG REG		11,487		1,415,139
SIERRA BANCORP		8,280		220,165
SILICON LABORATORIES INC		4,641		301,665
SINGAPORE EXCHANGE LTD		58,800		291,416
SITEONE LANDSCAPE SUPPLY INC		26,626		924,721
SKY PLC		145,592		1,782,816
SL GREEN REALTY CORP		22,240		2,391,912
SMC CORP		1,560		373,231
SMITH (A.O.) CORP		10,303		487,847
SMITH + NEPHEW PLC		37,572		566,859
SMURFIT KAPPA GROUP PLC		41,249		948,243
SOCIETE GENERALE SA		25,402		1,252,427
SOLAR CAPITAL LTD		37,240		775,337
SONOVA HOLDING AG REG		10,150		1,232,361
SONY CORP		20,500		575,621
SONY FINANCIAL HOLDINGS INC		23,200		362,814
SOUTH JERSEY INDUSTRIES		33,356		1,123,764
SOUTHWEST GAS HOLDINGS INC		12,799		980,659
SPECTRANETICS CORP		16,407		401,972
SPIRE INC		14,293		922,613
SRC ENERGY INC		218,261		1,944,706
SSE PLC		52,412		1,005,767
STANDARD BANK GROUP LTD		37,071		411,373
STARBUCKS CORP		6,700		371,984
STATE STREET CORP		13,400		1,041,448
STERLING BANCORP/DE		90,165		2,109,861
STERLING CONSTRUCTION CO		40,196		340,058
STEVEN MADDEN LTD		32,865		1,174,924
STILLWATER MINING CO		38,739		624,085
STONEGATE BANK		7,500		312,975
STRYKER CORP		16,980		2,034,374
SUBARU CORP		15,700		642,349
SUMCO CORP		55,190		714,510
SUMITOMO MITSUI FINANCIAL GR		76,600		2,929,104
SUN PHARMACEUTICAL INDUS		143,261		1,327,280
SUZUKEN CO LTD		12,000		393,021
SVB FINANCIAL GROUP		11,000		1,888,260
SYMANTEC CORP		133,626		3,192,325
SYMRISE AG		24,030		1,465,738
SYNDAX PHARMACEUTICALS INC		29,700		212,949
SYSMEX CORP		40,400		2,344,991
TAIHEIYO CEMENT CORP		173,000		548,806
TAISEI CORP		45,000		315,600
TAIWAN SEMICONDUCTOR MANUFAC		586,596		3,303,459
TAIWAN SEMICONDUCTOR SP ADR		82,900		2,383,375
TATA CONSULTANCY SVCS LTD		35,320		1,231,568

36

The Goldman Sachs 401(k) Plan

Schedule H, Line 4i — Schedule of Assets (Held at End of Year)

December 31, 2016

Identity of issue, borrower, lessor, or similar party including maturity date, rate of interest, collateral, par, or maturity value	Shares / $ Par Value		Current Value
TD AMERITRADE HOLDING CORP		61,125		2,665,050
TDK CORP		4,500		310,198
TEGNA INC		28,635		612,503
TELADOC INC		56,961		939,857
TELEDYNE TECHNOLOGIES INC		9,679		1,190,517
TELENET GROUP HOLDING NV		19,549		1,087,050
TELESITES SAB DE CV		160,476		87,710
TENARIS SA ADR		46,600		1,664,086
TENCENT HOLDINGS LTD UNS ADR		79,200		1,918,224
TERNIUM SA SPONSORED ADR		14,043		339,138
TESARO INC		15,575		2,094,526
TESCO PLC		402,229		1,028,074
TESLA INC		3,855		823,775
TEXTRON INC		5,900		286,504
THAI BEVERAGE PCL		1,663,709		978,855
*THE GOLDMAN SACHS GROUP, INC		580,989		139,117,816
THERMO FISHER SCIENTIFIC INC		14,605		2,060,766
THUNDERBIRD RESOURCES LP		11,123		250,264
THUNDERBRID RESOURCES EQUITY I		19		1,196,952
TIME WARNER INC		2,100		202,713
TIMKENSTEEL CORP		22,748		352,139
TINGYI (CAYMAN ISLN) HLDG CO		664,000		807,610
TJX COMPANIES INC		17,590		1,321,537
T-MOBILE US INC		6,120		351,961
TOKIO MARINE HOLDINGS INC		28,930		1,189,594
TOKYO OHKA KOGYO CO LTD		6,880		232,411
TONENGENERAL SEKIYU KK		16,000		169,006
TOPBUILD CORP		92,772		3,302,683
TOSHIBA CORP		69,000		167,479
TOTAL SA		40,328		2,072,352
TOTVS SA		25,067		185,151
TOWNE BANK		39,343		1,308,155
TOYOTA MOTOR CORP		37,200		2,193,695
TRACTOR SUPPLY COMPANY		16,450		1,247,075
TRANSCANADA CORP		14,300		645,555
TRANSDIGM GROUP INC		5,196		1,293,596
TREASURY WINE ESTATES LTD		49,720		384,504
TREVENA INC		99,212		583,367
TRINET GROUP INC		64,164		1,643,882
TRIPADVISOR INC		63,711		2,954,279
TRIUMPH BANCORP INC		2,400		23,535
TSINGTAO BREWERY CO LTD H		26,000		98,257
TUESDAY MORNING CORP		109,331		590,387
TULLOW OIL PLC		200,826		775,967
TURKIYE GARANTI BANKASI		414,770		898,496
TURKIYE GARANTI BANKASI ADR		455,900		952,831
TV ASAHI HOLDINGS CORP		20,500		405,834
TWENTY FIRST CENTURY FOX B		19,595		533,964
UBM PLC		29,026		262,360
UBS GROUP AG REG		41,754		655,263
UCB SA		43,175		2,773,770
ULKER BISKUVI SANAYI		38,881		178,621
ULTA BEAUTY INC		7,028		1,791,718
ULTRAGENYX PHARMACEUTICAL IN		1,000		70,310
ULTRAPAR PARTICIPACOES SA		14,808		311,429
ULTRAPAR PARTICPAC SPON ADR		2,684		55,666
UNILEVER PLC		136,675		5,560,453
UNION PACIFIC CORP		100		10,368
UNITED COMMUNITY BANKS/GA		58,033		1,718,937
UNITED CONTINENTAL HOLDINGS		10,700		779,816
UNITED PARCEL SERVICE CL B		4,498		515,651
UNITED TECHNOLOGIES CORP		15,365		1,684,311
UNITEDHEALTH GROUP INC		17,200		2,752,688
UNIVERSAL HEALTH SERVICES-B		45,460		4,836,035
UNIVERSAL ROBINA CORP		277,940		914,120
US BANCORP		6,870		352,912
US CONCRETE INC		15,165		993,308
VALEO SA		8,020		461,951
VANTIV INC CL A		39,539		2,357,315
VEEVA SYSTEMS INC CLASS A		36,933		1,503,173
VEREIT INC		348,130		2,945,180
VERISK ANALYTICS INC		12,700		1,030,859
VERITEX HOLDINGS INC		9,142		244,183
VERTEX PHARMACEUTICALS INC		8,600		633,562
VF CORP		15,145		807,986
VINCI SA		7,771		530,311
VISA INC CLASS A SHARES		130,728		10,199,399
VOESTALPINE AG		3,408		134,042
VRS RES		1,299		—
VULCAN MATERIALS CO		15,501		1,939,950
WABTEC CORP		10,396		863,076
WAGEWORKS INC		16,948		1,228,730

37

The Goldman Sachs 401(k) Plan

Schedule H, Line 4i — Schedule of Assets (Held at End of Year)

December 31, 2016

Identity of issue, borrower, lessor, or similar party including maturity date, rate of interest, collateral, par, or maturity value	Shares / $ Par Value		Current Value
WALGREENS BOOTS ALLIANCE INC		42,926		3,552,556
WALT DISNEY CO/THE		10,771		1,122,554
WASTE CONNECTIONS INC		66,648		5,237,866
WATTS WATER TECHNOLOGIES A		22,150		1,444,180
WAYFAIR INC CLASS A		51,497		1,804,970
WELLS FARGO + CO		19,600		1,080,156
WEST CHINA CEMENT LTD		522,938		58,680
WEST CORP		12,127		300,265
WESTERN ALLIANCE BANCORP		73,321		3,571,466
WESTERN AREAS LTD		206,397		458,818
WESTPORTS HOLDINGS BHD		267,700		256,601
WGL HOLDINGS INC		14,869		1,134,207
WH GROUP LTD		1,056,500		854,396
WHIRLPOOL CORP		5,870		1,066,990
WHITEWAVE FOODS CO		15,502		861,911
WILLIS TOWERS WATSON PLC		2,500		305,700
WINGSTOP INC		77,078		2,280,738
WISDOMTREE INVESTMENTS INC		112,720		1,255,701
WIX.COM LTD		5,994		267,033
WOLTERS KLUWER		8,792		319,189
WOLVERINE WORLD WIDE INC		14,969		328,570
WORKDAY INC CLASS A		18,292		1,208,918
WORLDPAY GROUP PLC		148,247		494,406
WPP PLC		179,600		4,030,115
XPO LOGISTICS INC		33,700		1,454,492
YAPI VE KREDI BANKASI		233,814		227,991
YUM BRANDS INC		8,400		531,972
Z ENERGY LTD		76,116		385,329
ZALANDO SE		27,298		1,044,882
ZENDESK INC		27,023		572,888
ZOETIS INC		8,900		476,417
ZUMTOBEL GROUP AG		14,580		261,277
ZURICH INSURANCE GROUP AG		8,215		2,266,430
Total Common Stock		68,756,183	$	1,129,893,047
Preferred Stock
ADELQ 5.5 ESC		3,100		—
ADELQ 7.5PRSESC		9,200		—
ADLAC 7.5PRSESC		182,700		0
BANCOLOMBIA SA PREF		1,732		15,681
CIA BRASILEIRA DE DIS PREF		18,317		308,125
EMBOTELLADORA ANDINA A PREF		32,063		109,576
EMBOTELLADORA ANDINA PREF B		12,806		49,711
FUCHS PETROLUB SE PREF		20,210		850,102
GBM STUB ESC		17,985		—
GPM STUB ESC		8,375		—
ITAU UNIBANCO HOLDING S PREF		20,108		209,130
ITAUSA INVESTIMENTOS ITAU PR		119,284		303,460
NAVIENT CORP		900		22,725
SAMSUNG ELECTRONICS PREF		1,020		1,210,184
SAMSUNG FIRE + MARINE INS PF		557		83,933
VIVARTE NEW M SHS		11		—
Total Preferred Stock		448,368	$	3,162,627
Mutual Funds
PIMCO FDS SHORT TERM FLTG NAV		607,730	$	6,082,770
STATE STREET INSTITUTIONAL TREASURY PLUS MONEY MARKET FUND		889		889
Total Mutual Funds		608,619	$	6,083,658
Real Estate Investments
ACADIA REALTY TRUST		30,081	$	983,047
AGREE REALTY CORP		4,584		211,093
ALEXANDRIA REAL ESTATE EQUIT		14,220		1,580,269
AMERICAN ASSETS TRUST INC		44,664		1,924,125
AVALONBAY COMMUNITIES INC		55,950		9,911,543
BOSTON PROPERTIES INC		63,600		7,999,608
CAMDEN PROPERTY TRUST		37,960		3,191,297
CARE CAPITAL PROPERTIES INC		49,380		1,234,500
CHESAPEAKE LODGING TRUST		30,150		779,679
COLONY STARWOOD HOMES		54,580		1,572,450
COLUMBIA PROPERTY TRUST INC		94,980		2,051,568
CORESITE REALTY CORP		13,736		1,090,226
CORPORATE OFFICE PROPERTIES		61,430		1,917,845
COUSINS PROPERTIES INC		124,780		1,061,878
CROWN CASTLE INTL CORP		60,523		5,251,581
CUBESMART		188,270		5,039,988
CYRUSONE INC		131,140		5,865,892
DDR CORP		255,450		3,900,722
DIGITAL REALTY TRUST INC		33,060		3,248,476
DOUGLAS EMMETT INC		109,201		3,992,389
DUKE REALTY CORP		195,870		5,202,307
EDUCATION REALTY TRUST INC		45,960		1,944,108

38

The Goldman Sachs 401(k) Plan

Schedule H, Line 4i — Schedule of Assets (Held at End of Year)

December 31, 2016

Identity of issue, borrower, lessor, or similar party including maturity date, rate of interest, collateral, par, or maturity value	Shares / $ Par Value			Current Value
EMPIRE STATE REALTY TRUST A		99,273			2,004,322
EQUINIX INC		32,689			11,683,375
EQUITY ONE INC		95,600			2,933,964
EQUITY RESIDENTIAL		95,990			6,177,916
ESSEX PROPERTY TRUST INC		19,250			4,475,625
FIRST INDUSTRIAL REALTY TR		36,850			1,033,643
FOREST CITY REALTY TRUST A		101,580			2,116,927
GGP INC		186,080			4,648,278
HANNON ARMSTRONG SUSTAINABLE		19,681			373,742
HCP INC		202,567			6,020,291
HEALTHCARE REALTY TRUST INC		43,720			1,325,590
HEALTHCARE TRUST OF AME CL A		105,400			3,068,194
HIGHWOODS PROPERTIES INC		65,980			3,365,640
HOST HOTELS + RESORTS INC		344,010			6,481,148
HUDSON PACIFIC PROPERTIES IN		98,535			3,427,047
KIMCO REALTY CORP		202,550			5,096,158
KITE REALTY GROUP TRUST		55,640			1,306,427
LASALLE HOTEL PROPERTIES		55,218			1,682,492
LIBERTY PROPERTY TRUST		56,430			2,228,985
LINK REIT		70,350			457,316
MACERICH CO/THE		69,150			4,898,586
MACK CALI REALTY CORP		43,850			1,272,527
MEDICAL PROPERTIES TRUST INC		45,690			561,987
MID AMERICA APARTMENT COMM		13,140			1,286,669
MONMOUTH REAL ESTATE INV COR		37,825			576,453
MTGE INVESTMENT CORP		61,379			963,650
NATIONAL RETAIL PROPERTIES		74,310			3,284,502
NATIONAL STORAGE AFFILIATES		24,500			540,715
OMEGA HEALTHCARE INVESTORS		50,450			1,577,067
PARKWAY INC		73,210			1,628,923
PHYSICIANS REALTY TRUST		16,153			306,261
POTLATCH CORP		20,069			835,874
PREFERRED APARTMENT COMMUN A		38,625			575,899
PROLOGIS INC		128,300			6,772,957
PS BUSINESS PARKS INC/CA		33,893			3,949,212
PUBLIC STORAGE		41,200			9,208,200
QUALITY CARE PROPERTIES		37,174			576,197
RAMCO GERSHENSON PROPERTIES		67,630			1,121,305
REDWOOD TRUST INC		74,750			1,136,948
REGENCY CENTERS CORP		47,430			3,270,299
REXFORD INDUSTRIAL REALTY IN		45,000			1,043,550
RLJ LODGING TRUST		52,860			1,294,541
SILVER BAY REALTY TRUST CORP		39,470			676,516
SIMON PROPERTY GROUP INC		88,790			15,775,319
STAG INDUSTRIAL INC		95,110			2,270,276
STORE CAPITAL CORP		197,700			4,885,167
SUNSTONE HOTEL INVESTORS INC		227,310			3,466,478
UDR INC		159,570			5,821,114
UNIBAIL RODAMCO SE		1,185			283,410
VENTAS INC		87,670			5,481,128
VORNADO REALTY TRUST		73,320			7,652,408
WASHINGTON REIT		47,780			1,561,928
WEINGARTEN REALTY INVESTORS		109,230			3,909,342
WELLTOWER INC		139,930			9,365,515
WESTFIELD CORP		277,201			1,882,765
Total Real Estate Investments		6,327,816		$	249,575,359
Derivatives
1733 HK CVR E-COMMODITIES HOLDINGS LTD CVR		23,310		$	—
3175RW776 INT FLR US OCT17 0.4 CALL		11,500,000			173
3175RW784 INT FLR US OCT17 0 CALL		(11,500,000	)		—
317U236L2 IRO JPY 10Y P MAR17 0.4 PUT		20,000,000			201
317U473M2 IRO USD 30Y P 2.5000 NOV19 2.50 PUT		300,000			37,485
317U474M1 IRO USD 30Y P 2.7500 NOV19 2.75 PUT		400,000			39,996
317U477M8 IRO USD 30Y P 2.7500 NOV19 2.75 PUT		600,000			59,995
317U478M7 IRO USD 30Y P 2.7250 NOV19 2.725 PUT		500,000			51,153
317U588M4 IRO USD 1Y P 1.64000 JUN17 1.64 PUT		31,300,000			17,071
317U596M4 IRO USD 1Y P 2.03000 DEC17 2.03 PUT		18,700,000			21,969
7AN7P Q7 NYM EPUT CRUDE OIL CS JUL17 0.5 PUT		2,000			220
7AQ7P U7 NYM EPUT CRUDE OIL CS AUG17 0.5 PUT		2,000			220
7AU7P V7 NYM EPUT CRUDE OIL CS SEP17 0.5 PUT		2,000			200
7AV7P X7 NYM EPUT CRUDE OIL CS OCT17 0.5 PUT		2,000			200
7AX7P Z7 NYM EPUT CRUDE OIL CS NOV17 0.5 PUT		2,000			220
7AZ7P F8 NYM EPUT CRUDE OIL CS DEC17 0.5 PUT		2,000			200
90DAY STERLING FU DEC17 IFLL 20171220		3,125,000			353
90DAY STERLING FU DEC18 IFLL 20181219		1,000,000			323
90DAY STERLING FU JUN17 IFLL 20170621		3,125,000			—
90DAY STERLING FU JUN18 IFLL 20180620		3,125,000			1,102
90DAY STERLING FU MAR17 IFLL 20170315		3,125,000			—
90DAY STERLING FU MAR18 IFLL 20180321		3,125,000			727
90DAY STERLING FU SEP17 IFLL 20170920		3,125,000			358
90DAY STERLING FU SEP18 IFLL 20180919		1,000,000			327
AAMRQ.CS AMR CORP SWP CS		67,089			70,920
AAMRQ.DB AMR CORP SWP DB		30,885			32,312
ABL.SJCS AFRICAN BANK INVESTMENTS LTD SWP CS		(1,630	)		37
AUST 3YR BOND FUT MAR17 XSFE 20170315		1,400,000			930

39

The Goldman Sachs 401(k) Plan

Schedule H, Line 4i — Schedule of Assets (Held at End of Year)

December 31, 2016

Identity of issue, borrower, lessor, or similar party including maturity date, rate of interest, collateral, par, or maturity value	Shares / $ Par Value			Current Value
AUSTRALIAN DOLLAR AUD FORWARD		—			42,359
B&M EUROPEAN VALUE RETAIL SA B&M EUROPEAN VALUE RETAIL SA		555,253			141,438
BBR AU WRT BORA BORA RSRCES LTD FREE OPTIONS K=0.40 03/31/17		9,715			—
BRAZILIAN REAL BRL FORWARD		—			25,513
BRENT CRUDE FUTR DEC18 IFEU 20181031		44,000			3,080
BRENT CRUDE FUTR JAN18 IFEU 20171130		12,000			360
BRITISH POUND SPOT BRITISH POUND SPOT		1,943			2,398
BWU00FAA1 IRS USD R V 03MLIBOR 1% 15 Jun 2023		—			36,270
BWU00IN78 IRS USD P F 1.50000 1.5% 21 Dec 2021		—			100,057
BWU00IN94 IRS USD R V 03MLIBOR 1% 21 Dec 2023		—			432,865
BWU00INB9 IRS USD R V 03MLIBOR 1% 21 Dec 2026		—			97,947
BWU00INI4 IRS USD R V 03MLIBOR 1% 21 Dec 2046		—			40,204
BWU00IUR6 IRS USD R V 03MLIBOR 1% 01 Jul 2041		—			40,922
BWU00J5I2 IRS USD R V 03MLIBOR 1% 15 Dec 2046		—			70,679
BWU00JF83 IRS JPY R V 06MLIBOR 1% 20 Sep 2046		—			7,961
BWU00JOF7 IRS GBP P F .75000 0.75% 15 Mar 2027		—			65,888
BWU00JTA3 IRS GBP R V 06MLIBOR 1% 15 Mar 2019		—			22,654
BWU00K6B3 IRS USD P F 1.25000 1.25% 15 May 2019		—			93,267
BWU0B3298 TRS USD R F .00000 0% 15 Feb 2017		80,950			4,297
BWU0C0798 TRS USD R F .00000 1% 15 Feb 2017		651,415			34,578
CAN 10YR BOND FUT MAR17 XMOD 20170322		1,200,000			823
CANADIAN DOLLAR (CAD) SPOT CANADIAN DOLLAR (CAD) SPOT		8,414			6,260
CASIO COMPUTER CO LTD CASIO COMPUTER CO LTD		(159,589	)		312,130
CCSAN0020 CYS USD R V 03MLIBOR 1% 23 Jan 2019		(49,508,479	)		62,434
CCSCCG122 CYS GBP R V 03MLIBOR 1% 13 Oct 2026		(176,000	)		9,617
CCSCCG189 CYS GBP R V 03MLIBOR 1% 13 Oct 2026		(66,060	)		3,568
CHICAGO ETHANOL S DEC17 XNYM 20171229		252,000			1,260
CHINA COSCO HOLDINGS-H CHINA COSCO HOLDINGS-H		(853,520	)		341,525
CNTE WRT CLAIM CONTURA ENERGY INC - WARRANTS CLAIM		125			—
COCOA FUTURE DEC17 IFUS 20171213		(40	)		382
CORN FUTURE DEC17 XCBT 20171214		125,000			938
CORN FUTURE JUL17 XCBT 20170714		15,000			188
CRUDE OIL FUT OPT DEC17C 63 EXP 11/15/2017		10,000			30,000
CRUDE OIL FUT OPT DEC17P 48 EXP 11/15/2017		10,000			26,600
CS0CG078S CYS USD R V 03MLIBOR 1% 21 Mar 2026		46,800			—
CTRP M2017D115000 CTRP 2017 JAN 11.5 PUT 01/20/2017		482			—
DANISH KRONE DKK FORWARD		—			546,494
EURO BUND FUTURE MAR17 XEUR 20170308		(1,900,000	)		8,698
EURO CURRENCY EUR FORWARD		—			398,080
EURO-BONO SP GOV MAR17 XEUR 20170308		(100,000	)		826
FHLMC TBA 30 YR 3.5 3.5% 13 Feb 2047		1,000,000			12,711
GASOIL CK SPRD SW DEC17 XNYM 20171229		(1,000	)		186
GASOIL CK SPRD SW NOV17 XNYM 20171130		(1,000	)		202
GASOIL CK SPRD SW OCT17 XNYM 20171031		(1,000	)		198
GASOLINE RBOB FUT DEC17 XNYM 20171130		(168,000	)		5,359
GASOLINE RBOB FUT FEB17 XNYM 20170131		(42,000	)		374
GASOLINE RBOB FUT JUN17 XNYM 20170531		(588,000	)		21,991
GASOLINE RBOB FUT MAR17 XNYM 20170228		(252,000	)		1,789
GOLD 100 OZ FUTR FEB17 XCEC 20170224		(700	)		4,480
GPM STUB.DB ESC GPM STUB SWP DB ESCROW		39,428			—
HENRY HB LD1 MAR17 IFED 20170224		(155,000	)		158,166
HONG KONG DOLLAR SPOT HONG KONG DOLLAR SPOT		39,899			5,144
INDIAN RUPEE INR FORWARD		—			2,023
JAPANESE YEN JPY FORWARD		—			1,272,381
JAPANESE YEN (JPY) SPOT JAPANESE YEN (JPY) SPOT		834,224			7,136
KC HRW WHEAT FUT JUL17 XCBT 20170714		130,000			3,900
LIVE CATTLE FUTR APR17 XCME 20170428		(360,000	)		4,230
LOW SU GASOIL G JUN17 IFEU 20170612		(1,400	)		2,100
LOW SU GASOIL G JUN18 IFEU 20180612		(1,800	)		2,250
MT BELV PROP 5 DE MAR17 XNYM 20170331		546,000			912
NAT GAS EURO OPT APR17C 3.95 EXP 03/28/2017		10,000			1,254
NAT GAS EURO OPT AUG17C 3.95 EXP 07/26/2017		10,000			1,973
NAT GAS EURO OPT JUL17C 3.95 EXP 06/27/2017		10,000			1,785
NAT GAS EURO OPT JUN17C 3.95 EXP 05/25/2017		10,000			1,504
NAT GAS EURO OPT MAY17C 3.95 EXP 04/25/2017		10,000			1,262
NAT GAS EURO OPT OCT17C 3.95 EXP 09/26/2017		10,000			2,361
NAT GAS EURO OPT SEP17C 3.95 EXP 08/28/2017		10,000			2,126
NATURAL GAS FUTR APR17 XNYM 20170329		(170,000	)		6,630
NATURAL GAS FUTR APR18 XNYM 20180327		820,000			3,280
NATURAL GAS FUTR MAR17 XNYM 20170224		(170,000	)		11,900
NATURAL GAS FUTR MAR18 XNYM 20180226		(540,000	)		9,720
NATURAL GAS FUTR MAY17 XNYM 20170426		(330,000	)		9,570
NATURAL GAS FUTR MAY18 XNYM 20180426		20,000			120
NATURAL GAS FUTR OCT17 XNYM 20170927		(480,000	)		10,560
NATURAL GAS SWAP APR18 XNYM 20180327		80,000			320
NATURAL GAS SWAP AUG18 XNYM 20180727		40,000			360
NATURAL GAS SWAP DEC18 XNYM 20181128		40,000			360
NATURAL GAS SWAP JUL18 XNYM 20180627		40,000			320
NATURAL GAS SWAP JUN18 XNYM 20180529		40,000			320
NATURAL GAS SWAP MAR17 XNYM 20170224		(10,000	)		700
NATURAL GAS SWAP MAY18 XNYM 20180426		40,000			240

40

The Goldman Sachs 401(k) Plan

Schedule H, Line 4i — Schedule of Assets (Held at End of Year)

December 31, 2016

Identity of issue, borrower, lessor, or similar party including maturity date, rate of interest, collateral, par, or maturity value	Shares / $ Par Value			Current Value
NATURAL GAS SWAP NOV18 XNYM 20181029		40,000			320
NATURAL GAS SWAP OCT17 XNYM 20170927		(60,000	)		1,320
NATURAL GAS SWAP OCT18 XNYM 20180926		40,000			320
NATURAL GAS SWAP SEP18 XNYM 20180829		40,000			320
NEW TAIWAN DOLLAR TWD FORWARD		—			11,070
NEW ZEALAND DOLLAR NZD FORWARD		—			2,696
NIPPON PAPER INDUSTRIES CO L NIPPON PAPER INDUSTRIES CO L		(31,627	)		32,100
NY HARB ULSD FUT JUL17 XNYM 20170630		84,000			479
NY HARB ULSD FUT MAR17 XNYM 20170228		168,000			1,277
NY HARB ULSD FUT SEP17 XNYM 20170831		168,000			840
NYH ULSD CRCK SP APR17 XNYM 20170428		2,000			700
NYH ULSD CRCK SP JUN17 XNYM 20170630		2,000			600
NYH ULSD CRCK SP MAY17 XNYM 20170531		2,000			640
PATAQ WRTS PATRIOT COAL CORP - A WRT 12/18/2023		18,793			—
PLATINUM FUTURE APR17 XNYM 20170426		700			2,310
POUND STERLING GBP FORWARD		—			178,045
RAPESEED EURO MAY17 XPAR 20170428		100			23
RUSSIAN RUBLE RUB FORWARD		—			66,780
SAFRAN SA SAFRAN SA FORWARD		10,617			17,215
SEM GRP LIT TRU SEM GROUP LITIGATION TRUST		1			—
SINGAPORE DOLLAR SGD FORWARD		—			86,296
SOUTH KOREAN WON KRW FORWARD		—			18,011
SOYBEAN FUTURE NOV17 XCBT 20171114		(120,000	)		5,100
SOYBEAN MEAL FUTR DEC17 XCBT 20171214		(600	)		960
SOYBEAN MEAL FUTR MAY17 XCBT 20170512		(1,400	)		3,640
SUGAR 11 (WORLD) JUL17 IFUS 20170630		6,384,000			2,554
SWPC0D4O3 CDS USD R V 03MEVENT 1% 20 Mar 2026		—			30,822
SWPC0DVJ4 CDS EUR P F 1.00000 1% 20 Dec 2021		—			2,246
SWPC0DVK1 CDS EUR P F 1.00000 1% 20 Dec 2021		—			2,539
SWPC0DVL9 CDS EUR P F 1.00000 1% 20 Dec 2021		—			2,226
SWPC0DVQ8 CDS EUR R V 03MEVENT 1% 20 Dec 2021		—			24,363
SWPC0E9S7 CDS EUR R F 1.00000 1% 20 Dec 2021		—			8,015
SWU00BPM8 IRS SEK R F 1.08000 1.08% 26 Jan 2025		—			1,094
SWU00BPN6 IRS SEK R F 1.08500 1.085% 26 Jan 2025		—			1,339
SWU00DZI2 IRS JPY R F .15000 0.15% 22 Mar 2018		—			7,082
SWU00EA97 IRS JPY R F 1.00000 1% 18 Dec 2025		—			170,600
SWU00FP15 IRS JPY R F .30000 0.3% 18 Mar 2026		—			64,379
SWU09GJ52 IRS GBP R F 3.58500 3.585% 15 Oct 2046		—			4,460
SWU0AH041 TRS USD R F .00000 0% 29 Apr 2020		—			24,849
SWU0AM800 TRS USD R E		—			6,846
SWU0AM834 TRS USD R E		—			2,691
SWU0AM842 TRS USD R E		—			5,143
SWU0AN006 TRS USD R F .00000 0% 24 Jul 2020		—			5,868
SWU0AP522 TRS USD R E MATURITY DATE 3/31/17		—			9,974
SWU0AP530 TRS USD R E COMMODITYFORWARD		—			3,853
SWU0AP555 TRS USD P E COMMODITYFORWARD		—			2,729
SWU0C0806 TRS USD R E SPGCESTR		(7,457,079	)		161,664
SWU0C0814 TRS USD R E SPGCESTR		(6,759,772	)		146,546
SWU0C0830 TRS USD P V 03MTBILL 1% 15 Feb 2017		(10,644,161	)		230,757
SWU0C0848 TRS USD R E SPGCESTR		(12,040,329	)		261,025
SWU0C0889 TRS USD R E JMABDEWE		(1,806,653	)		1,364
SWU0C1374 TRS USD R E BCOMF1T		(8,149,745	)		60,023
SWU0C1408 TRS USD R E BCOMF1T		(1,447,603	)		10,662
SWU0C3602 TRS USD R E COMMODITYFORWARD		—			24,729
SWU0C4824 TRS USD R E COMMODITYFORWARD		—			811,993
SWU0C7090 TRS USD R E COMMODITYFORWARD		—			1,823
SWU0C7462 TRS USD P E COMMODITYFORWARD		—			2,204
SWU0C7470 TRS USD P E COMMODITYFORWARD		—			1,573
SWU0C7975 TRS USD R E COMMODITYFORWARD		—			470
SWU0CF290 TRS USD R E MATURITY DATE 03/31/2017		—			2,901
SWU0CF340 TRS USD R E MATURITY DATE 2017/12/31		—			12,123
SWU0CF373 TRS USD R E COMMODITYFORWARD		—			20,308
SWU0GC566 TRS CHF R E		—			5,360
SWU0GC582 TRS CHF P E VOLS EURCHF		—			2,212
SWU0GG054 TRS USD R F .00000 0% 29 Apr 2020		—			82,830
SWU0KB035 TRS USD R F .00000 0% 07 May 2020		—			17,106
SWU0NN556 TRS USD R E		—			15,429
SWU0VOL24 TRS CHF R E		—			2,508
SWU0VS143 TRS CHF R E		—			2,058
SWU0VS150 TRS CHF R E		—			211
U.S. DOLLAR SPOT FORWARD U.S. DOLLAR SPOT FORWARD		164,720			164,720
US 10YR NOTE (CBT)MAR17 XCBT 20170322		17,300,000			59,469
US 2YR NOTE (CBT) MAR17 XCBT 20170331		26,200,000			8,188
US 5YR NOTE (CBT) MAR17 XCBT 20170331		22,600,000			37,078
US LONG BOND(CBT) MAR17 XCBT 20170322		(900,000	)		844
US ULTRA BOND CBT MAR17 XCBT 20170322		1,600,000			15,500
WHITE SUGAR (ICE) MAR17 IFEU 20170213		700			2,310
WTI CRUDE FUTURE AUG17 XNYM 20170720		(3,000	)		180
WTI CRUDE FUTURE DEC17 IFEU 20171117		(8,000	)		400

41

The Goldman Sachs 401(k) Plan

Schedule H, Line 4i — Schedule of Assets (Held at End of Year)

December 31, 2016

Identity of issue, borrower, lessor, or similar party including maturity date, rate of interest, collateral, par, or maturity value	Shares / $ Par Value			Current Value
WTI CRUDE FUTURE DEC17 XNYM 20171120		(59,000	)		59,000
WTI CRUDE FUTURE DEC18 XNYM 20181119		(56,000	)		48,720
WTI CRUDE FUTURE DEC19 XNYM 20191120		5,000			100
WTI CRUDE FUTURE JUN17 XNYM 20170522		(53,000	)		3,180
WTI CRUDE FUTURE MAR17 IFEU 20170217		(17,000	)		1,020
YUAN RENMINBI CNY FORWARD		—			56,842
Total Derivatives		70,064,377		$	8,071,610
Total Investment Assets, at Fair Value		4,832,672,612		$	6,615,542,193
Separately Managed Accounts
Derivatives Liabilities
31750AKV5 OTC ECAL USD VS BRL JAN18 6.3 CALL		(200,000	)	$	(601	)
31750AKW3 OTC EPUT USD VS KRW JAN17 1145 PUT		(100,000	)		(16	)
31750AKX1 OTC EPUT USD VS KRW JAN17 1145 PUT		(200,000	)		(44	)
31750AM92 OTC EPUT USD VS KRW JAN17 1145 PUT		(200,000	)		(76	)
31750BEL2 OTC ECAL USD VS BRL JUN18 3.89 CALL		(300,000	)		(18,335	)
31750BEP3 OTC EPUT USD VS BRL JUN18 3.89 PUT		(300,000	)		(36,343	)
31750BKZ4 OTC EPUT USD VS CNH SEP17 6.6 PUT		(600,000	)		(888	)
31750BN32 OTC EPUT EUR VS AUD JAN17 1.424 PUT		(190,000	)		(60	)
31750BN40 OTC ECAL EUR VS AUD JAN17 1.53 CALL		(190,000	)		(21	)
31750BSN3 OTC ECAL GBP VS USD JAN17 1.297 CALL		(1,600,000	)		(1,082	)
31750BSU7 OTC ECAL GBP VS USD JAN17 1.302 CALL		(246,000	)		(161	)
317U234L4 IRO JPY 2Y P MAR17 0.000001 PUT		(160,000,000	)		(1,270	)
317U472M3 IRO USD 5Y P 2.25000 NOV19 2.25 PUT		(1,800,000	)		(60,630	)
317U475M0 IRO USD 5Y P 2.50000 NOV19 2.50 PUT		(1,800,000	)		(50,202	)
317U476M9 IRO USD 5Y P 2.50000 NOV19 2.50 PUT		(5,500,000	)		(153,395	)
7AG7C H7 NYM ECAL CRUDE OIL CS JAN17 0.25 CALL		(6,000	)		(60	)
7AG7P H7 NYM EPUT CRUDE OIL CS JAN17 1 PUT		(6,000	)		(660	)
7AH7C J7 NYM ECAL CRUDE OIL CS FEB17 0.25 CALL		(6,000	)		(120	)
7AH7P J7 NYM EPUT CRUDE OIL CS FEB17 1 PUT		(6,000	)		(720	)
7AN7P Q7 NYM EPUT CRUDE OIL CS JUL17 1 PUT		(4,000	)		(200	)
7AQ7P U7 NYM EPUT CRUDE OIL CS AUG17 1 PUT		(4,000	)		(200	)
7AU7P V7 NYM EPUT CRUDE OIL CS SEP17 1 PUT		(4,000	)		(240	)
7AV7P X7 NYM EPUT CRUDE OIL CS OCT17 1 PUT		(4,000	)		(240	)
7AX7P Z7 NYM EPUT CRUDE OIL CS NOV17 1 PUT		(4,000	)		(240	)
7AZ7P F8 NYM EPUT CRUDE OIL CS DEC17 1 PUT		(4,000	)		(240	)
ABL.SJBARC AFRICAN BANK INVESTMENTS SWP BARC		1,630			(37	)
AUSTRALIAN DOLLAR AUD FORWARD		—			(9,079	)
AUSTRALIAN DOLLAR SPOT AUSTRALIAN DOLLAR SPOT		(1,280	)		(923	)
BRAZILIAN REAL BRL FORWARD		—			(98,128	)
BRENT CRUDE FUTR APR17 IFEU 20170228		3,000			(30	)
BRENT CRUDE FUTR APR18 IFEU 20180228		(6,000	)		(360	)
BRENT CRUDE FUTR DEC17 IFEU 20171031		81,000			(91,530	)
BRENT CRUDE FUTR JUN17 IFEU 20170428		(69,000	)		(1,380	)
BRENT CRUDE FUTR JUN18 IFEU 20180430		(20,000	)		(1,400	)
BRENT CRUDE FUTR JUN19 IFEU 20190430		(25,000	)		(1,273	)
BRENT CRUDE FUTR MAR17 IFEU 20170131		56,000			(1,680	)
BRENT CRUDE FUTR MAR18 IFEU 20180131		(14,000	)		(700	)
BRENT CRUDE FUTR MAR19 IFEU 20190131		(3,000	)		(210	)
BRENT CRUDE FUTR OCT17 IFEU 20170831		(6,000	)		(120	)
BRENT CRUDE FUTR SEP17 IFEU 20170731		(41,000	)		(820	)
BRENT CRUDE FUTR SEP18 IFEU 20180731		(3,000	)		(240	)
BRENT CRUDE FUTR OPTN APRL17 62 CALL FSO		(1,200,000	)		(360	)
BRENT CRUDE FUTR OPTN DEC17 50 PUT FSO		(1,000,000	)		(600	)
BRENT CRUDE FUTR OPTN DEC17 65 CALL FSO		(1,000,000	)		(1,100	)
BWPC0DSY5 CDS EUR R V 03MEVENT 1% 20 Dec 2021		—			(112,309	)
BWPC0DTU2 CDS USD R V 03MEVENT 1% 20 Dec 2021		—			(107,467	)
BWPC0E4Q6 CDS USD R V 03MEVENT 1% 20 Dec 2020		—			(5,259	)
BWPC0E528 CDS USD R V 03MEVENT 1% 20 Dec 2020		—			(8,831	)
BWPC0E551 CDS USD R V 03MEVENT 1% 20 Dec 2020		—			(5,927	)
BWPC0E6G6 CDS USD R V 03MEVENT 1% 20 Dec 2020		—			(8,155	)
BWPC0E7U4 CDS USD R V 03MEVENT 1% 20 Dec 2020		—			(2,964	)
BWPC0EEK8 CDS EUR R V 03MEVENT 1% 20 Dec 2020		—			(2,095	)
BWPC0EFA9 CDS EUR R V 03MEVENT 1% 20 Dec 2020		—			(3,056	)
BWPC0EHK5 CDS EUR R V 03MEVENT 1% 20 Dec 2020		—			(1,663	)
BWU00AH98 IRS JPY R V 06MLIBOR 1% 17 Sep 2021		—			(44,023	)
BWU00DG28 IRS USD R V 03MLIBOR 1% 13 Jan 2023		—			(11,296	)
BWU00F0Z7 IRS JPY R V 06MLIBOR 1% 21 Dec 2045		—			(97,061	)
BWU00FMI1 IRS CAD R V 03MCDOR 1% 16 Jun 2026		—			(46,930	)
BWU00H547 IRS EUR R V 06MEURIB 1% 15 Mar 2047		—			(2,335	)
BWU00H5C9 IRS GBP R V 06MLIBOR 1% 21 Sep 2018		—			(73,940	)
BWU00H5E5 IRS GBP R V 06MLIBOR 1% 15 Mar 2047		—			(24,847	)
BWU00JOG5 IRS EUR P F .00000 0% 15 Mar 2019		—			(1,839	)
BWU0C1218 TRS USD R V 03MTBILL 1% 15 Feb 2017		7,886,199			(63,756	)
BWU0C1275 TRS USD R V 03MTBILL 1% 15 Feb 2017		1,413,739			(11,429	)
CANADIAN DOLLAR CAD FORWARD		—			(13,679	)

42

The Goldman Sachs 401(k) Plan

Schedule H, Line 4i — Schedule of Assets (Held at End of Year)

December 31, 2016

Identity of issue, borrower, lessor, or similar party including maturity date, rate of interest, collateral, par, or maturity value	Shares / $ Par Value			Current Value
CANOLA FUTR (WCE) MAR17 IFCA 20170314		(100	)		(14	)
CCS0CG078 CYS EUR R V 03MEURIB 1% 21 Mar 2026		(46,800	)		(26,394	)
CCS2685E9 CYS GBP R V 03MLIBOR 1% 15 Mar 2019		(251,400	)		(109,829	)
CCSAN0004 CYS USD P V 03MLIBOR 1% 15 Mar 2027		(34,920	)		(21,720	)
CCSBAN170 CYS USD P V 03MLIBOR 1% 15 Mar 2027		(11,640	)		(7,224	)
CCSBAN402 CYS EUR R V 03MEURIB 1% 15 Mar 2027		(187,404	)		(116,828	)
CCSBR0115 CYS GBP R V 03MLIBOR 1% 15 Mar 2019		(889,700	)		(394,203	)
CCSCCG148 CYS CAD R V 03MCDOR 1% 24 Nov 2018		1,796,796			(56,750	)
CCSCCG205 CYS CAD R V 03MCAD 1% 24 Nov 2018		787,637			(24,877	)
CCSCCG221 CYS GBP R V 03MLIBOR 1% 15 Mar 2019		(879,900	)		(384,403	)
CCSCCS225 CYS GBP R V 03MLIBOR 1% 15 Mar 2019		(1,230,000	)		(521,039	)
CHINA STEEL CORP CHINA STEEL CORP		(624,923	)		(56,806	)
COCHLEAR LTD COCHLEAR LTD		(14,303	)		(245,498	)
COCOA FUTURE SEP17 IFUS 20170914		40			(272	)
COTTON NO.2 FUTR MAR17 IFUS 20170309		(350,000	)		(525	)
CRUDE OIL FUT OPT FEB17C 50 EXP 01/17/2017		(12,000	)		(47,640	)
CRUDE OIL FUT OPT MAR17C 59 EXP 02/15/2017		(4,000	)		(2,400	)
DANISH KRONE DKK FORWARD		—			(54,360	)
EURO BOBL FUTURE MAR17 XEUR 20170308		3,700,000			(2,980	)
EURO BTP FUTURE MAR17 XEUR 20170308		900,000			(2,602	)
EURO BUXL 30Y BND MAR17 XEUR 20170308		300,000			(7,829	)
EURO CURRENCY EUR FORWARD		—			(154,578	)
EURO OAT FUTURE MAR17 XEUR 20170308		900,000			(4,168	)
EUROPEAN MONETARY UNIT SPOT EUROPEAN MONETARY UNIT SPOT		(176,353	)		(185,509	)
EURO-SCHATZ FUT MAR17 XEUR 20170308		5,900,000			(565	)
FNMA TBA 30 YR 3 3% 13 Feb 2047		2,700,000			(4,546	)
FNMA TBA 30 YR 3.5 3.5% 13 Feb 2047		7,000,000			(14,629	)
GASOIL CK SPRD SW APR17 XNYM 20170428		1,000			(261	)
GASOIL CK SPRD SW JUN17 XNYM 20170630		1,000			(212	)
GASOIL CK SPRD SW MAY17 XNYM 20170531		1,000			(241	)
GASOLINE RBOB FUT APR17 XNYM 20170331		672,000			(28,090	)
GASOLINE RBOB FUT DEC18 XNYM 20181130		(42,000	)		(239	)
GASOLINE RBOB FUT JUL17 XNYM 20170630		(84,000	)		(185	)
GEELY AUTOMOBILE HOLDINGS LT GEELY AUTOMOBILE HOLDINGS LT		(718,994	)		(338,406	)
HENRY HB LD1 APR17 IFED 20170329		150,000			(155,593	)
INDIAN RUPEE INR FORWARD		—			(5,323	)
ITB.BOA ISHARES DJ US HOME CONSTRUCT SWP BOA		(25,791	)		(23,105	)
JAPANESE YEN JPY FORWARD		—			(65,448	)
JPN 10Y BOND(OSE) MAR17 XOSE 20170313		300,000,000			(258	)
KONAMI HOLDINGS CORP KONAMI HOLDINGS CORP		(23,231	)		(157,384	)
LIVE CATTLE FUTR AUG17 XCME 20170831		360,000			(445	)
LONG GILT FUTURE MAR17 IFLL 20170329		1,400,000			(306	)
LOW SU GASOIL G DEC17 IFEU 20171212		2,800			(3,500	)
LOW SU GASOIL G DEC18 IFEU 20181212		800			(600	)
LOW SU GASOIL G JUN19 IFEU 20190612		(400	)		(100	)
MEXICAN PESO (NEW) MXN FORWARD		—			(30,516	)
MT BELV PROP 5 DE JUN17 XNYM 20170630		(546,000	)		(339	)
NAT GAS EURO OPT APR17P 2.6 EXP 03/28/2017		(40,000	)		(576	)
NAT GAS EURO OPT APR17P 2.7 EXP 03/28/2017		(80,000	)		(1,696	)
NAT GAS EURO OPT APR17P 2.8 EXP 03/28/2017		(220,000	)		(6,732	)
NAT GAS EURO OPT APR17P 2.9 EXP 03/28/2017		(20,000	)		(862	)
NAT GAS EURO OPT APR17P 2.95 EXP 03/28/2017		(10,000	)		(507	)
NAT GAS EURO OPT AUG17P 2.95 EXP 07/26/2017		(10,000	)		(1,000	)
NAT GAS EURO OPT JUL17P 2.95 EXP 06/27/2017		(10,000	)		(844	)
NAT GAS EURO OPT JUN17P 2.95 EXP 05/25/2017		(10,000	)		(757	)
NAT GAS EURO OPT MAR17P 2.9 EXP 02/23/2017		(20,000	)		(460	)
NAT GAS EURO OPT MAY17P 2.95 EXP 04/25/2017		(10,000	)		(630	)
NAT GAS EURO OPT OCT17P 2.95 EXP 09/26/2017		(10,000	)		(1,277	)
NAT GAS EURO OPT SEP17P 2.95 EXP 08/28/2017		(10,000	)		(1,204	)
NATURAL GAS FUTR JAN18 XNYM 20171227		180,000			(3,780	)
NATURAL GAS FUTR JUL17 XNYM 20170628		630,000			(15,120	)
NATURAL GAS FUTR JUN17 XNYM 20170526		40,000			(1,080	)
NATURAL GAS OPTN APR17P 3 EXP 03/28/2017		(10,000	)		(590	)
NATURAL GAS SWAP APR17 XNYM 20170329		10,000			(390	)
NATURAL GAS SWAP FEB18 XNYM 20180129		40,000			(840	)
NATURAL GAS SWAP JAN18 XNYM 20171227		40,000			(840	)
NATURAL GAS SWAP MAR18 XNYM 20180226		60,000			(1,080	)
NEW ZEALAND DOLLAR NZD FORWARD		—			(5,226	)
NIKON CORP NIKON CORP		(47,333	)		(77,515	)
NY HARB ULSD FUT APR17 XNYM 20170331		(84,000	)		(630	)
NY HARB ULSD FUT JUN17 XNYM 20170531		(336,000	)		(2,083	)
NYH ULSD CRCK SP DEC17 XNYM 20171229		(2,000	)		(380	)
NYH ULSD CRCK SP NOV17 XNYM 20171130		(2,000	)		(400	)
NYH ULSD CRCK SP OCT17 XNYM 20171031		(2,000	)		(440	)
POUND STERLING GBP FORWARD		—			(79,973	)
RUSSIAN RUBLE RUB FORWARD		—			(27,276	)
SHIRE PLC SHIRE PLC FORWARD		32,271			(100,144	)
SINGAPORE DOLLAR SGD FORWARD		—			(16,145	)
SOUTH KOREAN WON KRW FORWARD		—			(20,055	)
SOYBEAN MEAL FUTR JUL17 XCBT 20170714		600			(1,560	)
SOYBEAN MEAL FUTR MAR17 XCBT 20170314		1,400			(3,360	)

43

The Goldman Sachs 401(k) Plan

Schedule H, Line 4i — Schedule of Assets (Held at End of Year)

December 31, 2016

Identity of issue, borrower, lessor, or similar party including maturity date, rate of interest, collateral, par, or maturity value	Shares / $ Par Value			Current Value
SUGAR 11 (WORLD) MAR17 IFUS 20170228		(1,568,000	)		(314	)
SUGAR 11 (WORLD) MAY17 IFUS 20170428		(6,384,000	)		(1,915	)
SWEDISH KRONA SEK FORWARD		—			(3,488	)
SWPC01YI9 CDS USD R F 1.00000 1% 20 Mar 2019		—			(681	)
SWPC020O1 CDS USD R F 1.00000 1% 20 Mar 2019		—			(2,043	)
SWPC023I1 CDS USD R F 1.00000 1% 20 Mar 2019		—			(1,362	)
SWPC02AP7 CDS USD R F 1.00000 1% 20 Mar 2019		—			(1,362	)
SWPC03N14 CDS USD R F 1.00000 1% 20 Jun 2019		—			(2,031	)
SWPC0E0E7 CDS EUR R F 1.00000 1% 20 Dec 2018		—			(2,285	)
SWPC0EEQ5 CDS EUR P V 03MEVENT 1% 20 Dec 2020		—			(2,431	)
SWPC0EHJ8 CDS EUR R F 1.00000 1% 20 Jun 2021		—			(10,974	)
SWPC0EMK9 CDS EUR P F 1.00000 1% 20 Dec 2021		—			(1,319	)
SWPC536C4 CDS USD P F .94000 0.94% 20 Jun 2017		—			(1,389	)
SWPC786C1 CDS USD R V 03MEVENT 1% 20 Mar 2018		—			(1,445	)
SWU00INA1 IRS USD R F 1.75000 1.75% 21 Dec 2026		—			(152,689	)
SWU00JF67 IRS JPY R F .00000 0% 20 Sep 2026		—			(20,758	)
SWU00JKP9 IRS GBP R F .50000 0.5% 15 Mar 2022		—			(12,122	)
SWU00JO67 IRS EUR R F .50000 0.5% 15 Mar 2027		—			(169,902	)
SWU00K6A5 IRS USD R F 1.00000 1% 15 May 2018		—			(57,651	)
SWU029AC9 TRS USD R E COMMODITYFORWARD		—			(1,481	)
SWU0A0071 TRS USD P E COMMODITYSPREAD		—			(372	)
SWU0A0220 TRS USD R E COMMODITYFORWARD		—			(4,002	)
SWU0C0863 TRS USD R E JMABFNJ1		(2,606,603	)		(29,516	)
SWU0C0897 TRS USD R E JMABCTNE		(3,163,212	)		(967	)
SWU0C0905 TRS USD R E CVICXMB3		(2,607,501	)		(3,804	)
SWU0C0913 TRS USD R E CVICXMB2		(2,527,797	)		(289	)
SWU0C7488 TRS USD P E COMMODITYFORWARD		—			(1,665	)
SWU0C7496 TRS USD R E COMMODITYFORWARD		—			(4,533	)
SWU0C7983 TRS USD R E COMMODITYFORWARD		—			(5,847	)
SWU0CIS21 TRS USD R E SPGCESP CCP CME		(2,084,351	)		(27,384	)
SWU0CIS39 TRS USD R E SPGCESP CCP CME		(21,358,201	)		(280,066	)
SWU0GC574 TRS CHF R E		—			(1,581	)
SWU0GC590 TRS CHF P E VOLS USDCHF		—			(534	)
SWU0RB756 TRS USD R E MATURITY DATE 2017/12/31		—			(26,662	)
SWU0VOL16 TRS CHF R E		—			(406	)
US 10YR NOTE (CBT) MAR17 XCBT 20170322		(2,400,000	)		(8,250	)
US 2YR NOTE (CBT) MAR17 XCBT 20170331		(9,200,000	)		(2,875	)
US 5YR NOTE (CBT) MAR17 XCBT 20170331		(4,600,000	)		(7,547	)
US LONG BOND (CBT) MAR17 XCBT 20170322		(1,500,000	)		(11,250	)
US ULTRA BOND CBT MAR17 XCBT 20170322		(100,000	)		(969	)
USD/EUR FWD 01-19-2017 EUROPEAN MONETARY UNIT Forward		81,895			(26,946	)
USD/GBP FWD 01-31-2017 BRITISH POUND Forward		910,719			(35,461	)
WHEAT FUTURE (CBT) JUL17 XCBT 20170714		(55,000	)		(1,375	)
WM MORRISON SUPERMARKETS WM MORRISON SUPERMARKETS		(860,116	)		(179,209	)
WTI CRUDE FUTURE DEC20 XNYM 20201120		(3,000	)		(270	)
WTI CRUDE FUTURE FEB17 XNYM 20170120		31,000			(1,550	)
WTI CRUDE FUTURE JUN18 IFEU 20180521		6,000			(120	)
WTI CRUDE FUTURE JUN18 XNYM 20180522		58,000			(52,200	)
WTI CRUDE FUTURE JUN19 XNYM 20190521		7,000			(140	)
WTI CRUDE FUTURE MAR17 XNYM 20170221		11,000			(660	)
WTI CRUDE FUTURE MAR18 XNYM 20180220		35,000			(33,250	)
WTI CRUDE FUTURE MAR19 XNYM 20190220		3,000			(60	)
WTI CRUDE FUTURE OCT17 XNYM 20170920		6,000			(300	)
WTI CRUDE FUTURE SEP17 IFEU 20170821		17,000			(850	)
WTI CRUDE FUTURE SEP17 XNYM 20170822		18,000			(18,720	)
WTI CRUDE FUTURE SEP18 XNYM 20180821		15,000			(13,200	)
YUAN RENMINBI CNY		—			(25,134	)
Total Derivative Liabilities		93,481,274		$	(6,074,668	)
Common Stock Liabilities
ACTIVISION BLIZZARD INC		(30,833	)	$	(1,113,380	)
ADVANCED MICRO DEVICES		(69,880	)		(792,439	)
AMERICAN EAGLE OUTFITTERS		(53,313	)		(808,758	)
BEST BUY CO INC		(28,790	)		(1,228,469	)
CARNIVAL CORP		(33,920	)		(1,765,875	)
CHECK POINT SOFTWARE TECH		(7,602	)		(642,065	)
CHICO'S FAS INC		(8,450	)		(121,596	)
CHUBB LTD		(12,295	)		(1,624,415	)
CORE LABORATORIES N.V.		(1,930	)		(231,677	)
CRACKER BARREL OLD COUNTRY		(3,270	)		(546,025	)
DISCOVERY COMMUNICATIONS-A		(43,639	)		(1,196,145	)
FOOT LOCKER INC		(6,820	)		(483,470	)
FRESENIUS SE & CO KGAA		(17,980	)		(1,404,224	)
FS INVESTMENT CORP		(53,280	)		(548,784	)
GALENICA AG-REG		(334	)		(376,610	)
GATX CORP		(19,445	)		(1,197,423	)
GOPRO INC-CLASS A		(78,170	)		(680,861	)
INTL BUSINESS MACHINES CORP		(13,564	)		(2,251,488	)
METTLER-TOLEDO INTERNATIONAL		(4,390	)		(1,837,478	)

44

The Goldman Sachs 401(k) Plan

Schedule H, Line 4i — Schedule of Assets (Held at End of Year)

December 31, 2016

Identity of issue, borrower, lessor, or similar party including maturity date, rate of interest, collateral, par, or maturity value	Shares / $ Par Value			Current Value
MYRIAD GENETICS INC		(56,930	)		(949,023	)
NETAPP INC		(43,963	)		(1,550,575	)
NVIDIA CORP		(10,330	)		(1,102,624	)
OPKO HEALTH INC		(140,597	)		(1,307,552	)
RED HAT INC		(12,300	)		(857,310	)
REGAL ENTERTAINMENT GROUP-A		(41,460	)		(854,076	)
ROGERS COMMUNICATIONS INC-B		(17,530	)		(675,455	)
SANDERSON FARMS INC		(6,960	)		(655,910	)
SANDVIK AB		(30,370	)		(375,869	)
SCRIPPS NETWORKS INTER-CL A		(4,810	)		(343,290	)
SEAGATE TECHNOLOGY		(67,840	)		(2,589,453	)
SIRIUS XM HOLDINGS INC		(212,197	)		(944,277	)
SNAP-ON INC		(3,730	)		(638,837	)
SPLUNK INC		(11,712	)		(599,069	)
SPRINT CORP		(183,210	)		(1,542,628	)
SWISSCOM AG-REG		(3,700	)		(1,656,104	)
TRAVELERS COS INC/THE		(13,310	)		(1,629,410	)
WAL-MART STORES INC		(19,750	)		(1,365,120	)
WESTERN UNION CO		(110,421	)		(2,398,344	)
Total Common Stock Liabilities		(1,479,025	)	$	(40,886,109	)
Real Estate Investment Liabilities
AVALONBAY COMMUNITIES INC		(3,770	)	$	(667,856	)
BOARDWALK REAL ESTATE INVEST		(9,180	)		(332,272	)
Total Real Estate Investment Liabilities		(12,950	)	$	(1,000,128	)
Total Investment Liabilities, at Fair Value		91,989,299		$	(47,960,905	)
Total Investments, at Fair Value		4,924,661,911		$	6,567,581,287
* Notes Receivable from Participants with interest rates ranging from 3.25% to 9.25% with maturities up to 10 years				$	26,541,538
Total Assets Held at End of Year				$	6,594,122,825

* Denotes party-in-interest

45

The Goldman Sachs 401(k) Plan

Schedule H, Line 4i — Schedule of Assets (Acquired and Disposed of Within Year)

December 31, 2016

Identity of issue, borrower, lessor, or similar party including maturity date, rate of interest, collateral, par, or maturity value	Shares / Par Value			Proceeds of Dispositions
Common Stock
3382.JP		16,398		$	686,850
7974.JP		1,926			449,846
ABI.BB		31,270			3,306,311
ABI.BB_OLD		17,105			2,149,839
BCE.CN		(22,180	)		(991,250	)
BMO.CN		(19,520	)		(1,244,246	)
BNS.CN		(26,610	)		(1,360,350	)
CM.CN		(6,900	)		(543,101	)
ERICB.SS		288,355			1,562,820
FRE.GY		(1,270	)		(89,769	)
GALN.VX		(273	)		(394,583	)
KAUP EQUITY		189,055			—
KU2.GY		(2,620	)		(317,397	)
LDO.IM		71,560			810,981
LUX.IM		(11,990	)		(579,004	)
MLST4_PHOENIX CLAIM		1,375			—
MTX.GY		100			11,533
NETSTEMP.DC		1,310			30,161
NOKIA.FH		(46,110	)		(285,179	)
OTP.HB		(5,080	)		(124,200	)
PNDORA.DC		(5,590	)		(666,468	)
RCI/B.CN		(16,170	)		(618,694	)
RY.CN		(42,260	)		(2,624,838	)
SAND.SS		(159,680	)		(1,637,790	)
SAUR SPV 1 EQUITY		21			—
SAUR SPV 3 EQUITY		44			—
SCMN.VX		(220	)		(105,790	)
Total Common Stock		252,046		$	(2,574,319	)
Preferred Stocks
LIMONI DC-D ZAGARA DEBT CERT LIMONI S.P.A. 1 1/31/18		36		$	—
LIMONI DC-E ZAGARA DEBT CERT LIMONI S.P.A. 1 1/31/18		18			—
LIMONI DC-S ZAGARA DEBT CERT LIMONI S.P.A. 1 1/31/18		33			—
Total Preferred Stocks		87		$	—
Derivatives
175.HKSWAP		(1,408,126	)	$	(727,598	)
2002.TTSWAP		(229,691	)		(8,745	)
2357.TTSWAP		(74,450	)		(39,370	)
2454.TTSWAP		(145,970	)		(18,040	)
31750AMI2 OTC ECAL USD VS RUBJAN17 110 CALL		(200,000	)		4,300
31750AMQ4 OTC EPUT USD VS RUBJAN17 76 PUT		200,000			16,420
31750AOA7 OTC EPUT USD VS CNHAPR16 6.6 PUT		(392,000	)		—
31750AOB5 OTC EPUT USD VS CNHAPR16 6.6 PUT		(204,000	)		2,071
31750AOC3 OTC EPUT USD VS CNHAPR16 6.6 PUT		(204,000	)		2,060
31750AP73 OTC ECAL USD VS RUBFEB17 110 CALL		(230,000	)		7,429
31750AP81 OTC EPUT USD VS RUBFEB17 76.84 PUT		230,000			17,917
31750APU2 OTC ECAL USD VS JPYMAY16 117.25 CALL		2,837,000			(42,342	)
31750APV0 OTC ECAL USD VS JPYMAY16 122.45 CALL		(2,837,000	)		10,993
31750APW8 OTC EPUT EUR VS USDMAY16 1.0695 PUT		(1,860,000	)		13,083
31750APX6 OTC EPUT EUR VS USDMAY16 1.099 PUT		1,240,000			(18,232	)
31750APY4 OTC EPUT EUR VS USDMAY16 1.039 PUT		1,240,000			(3,951	)
31750APZ1 OTC EPUT EUR VS USDMAY16 1.12 PUT		1,509,000			(32,767	)
31750AQ07 OTC EPUT EUR VS USDMAY16 1.0855 PUT		(2,264,000	)		22,020
31750AQ15 OTC EPUT EUR VS USDMAY16 1.059 PUT		1,509,000			(7,663	)
31750ART3 OTC ECAL USD VS BRLMAY16 4 CALL		600,000			(35,329	)
31750ARU0 OTC ECAL USD VS BRLMAY16 4.3 CALL		(600,000	)		16,020
31750ARV8 OTC EPUT USD VS BRLMAY16 3.85 PUT		(600,000	)		6,180
31750ARW6 OTC ECAL USD VS BRLMAY16 4 CALL		100,000			(6,115	)
31750ARX4 OTC ECAL USD VS BRLMAY16 4.3 CALL		(100,000	)		2,600
31750ARY2 OTC EPUT USD VS BRLMAY16 3.85 PUT		(100,000	)		1,220
31750AUI3 OTC ECAL EUR VS USDAPR16 1.1255 CALL		870,000			3,297
31750AVK7 OTC ECAL USD VS BRLJUN16 4.03 CALL		(300,000	)		1,980
31750AVL5 OTC EPUT USD VS BRLJUN16 3.46 PUT		(300,000	)		(3,531	)
31750AVW1 OTC EPUT USD VS RUBJUN16 63 PUT		(250,000	)		3,300
31750AYQ1 OTC EPUT CHF VS SEKJUN16 8.23 PUT		300,000			(908	)
31750AYR9 OTC ECAL CHF VS SEKJUN16 8.6 CALL		(300,000	)		748
31750AYU2 OTC EPUT CHF VS SEKJUN16 8.23 PUT		200,000			(566	)
31750AYV0 OTC ECAL CHF VS SEKJUN16 8.6 CALL		(200,000	)		1,306
31750AZ49 OTC ECAL AUD VS USDJUL16 0.803 CALL		(570,000	)		4,127
31750AZ56 OTC EPUT AUD VS USDJUL16 0.739 PUT		(570,000	)		4,250
31750AZ64 OTC EPUT USD VS KRWJUL16 1100 PUT		(253,000	)		1,632
31750AZF4 OTC EPUT CHF VS SEKJUL16 8.0895 PUT		540,000			(2,682	)
31750AZG2 OTC ECAL CHF VS SEKJUL16 8.6035 CALL		(540,000	)		4,180
31750AZI8 OTC ECAL AUD VS USDJUL16 0.798 CALL		(200,000	)		1,421

46

The Goldman Sachs 401(k) Plan

Schedule H, Line 4i — Schedule of Assets (Acquired and Disposed of Within Year)

December 31, 2016

Identity of issue, borrower, lessor, or similar party including maturity date, rate of interest, collateral, par, or maturity value	Shares / Par Value			Proceeds of Dispositions
31750AZJ6 OTC EPUT AUD VS USDJUL16 0.7309 PUT		(200,000	)		1,512
31750AZK3 OTC ECAL AUD VS USDJUL16 0.797 CALL		(100,000	)		703
31750AZL1 OTC EPUT AUD VS USDJUL16 0.73 PUT		(100,000	)		776
31750AZN7 OTC ECAL AUD VS USDJUL16 0.795 CALL		(200,000	)		1,513
31750AZO5 OTC EPUT AUD VS USDJUL16 0.727 PUT		(200,000	)		1,402
31750AZP2 OTC ECAL AUD VS USDAUG16 0.795 CALL		(200,000	)		1,543
31750AZQ0 OTC EPUT AUD VS USDAUG16 0.727 PUT		(200,000	)		1,429
31750B011 OTC ECAL AUD VS USDAUG16 0.7825 CALL		(300,000	)		2,231
31750B029 OTC EPUT AUD VS USDAUG16 0.716 PUT		(300,000	)		2,231
31750B0H6 OTC EPUT CHF VS SEKJUL16 8.09 PUT		450,000			(1,377	)
31750B0I4 OTC ECAL CHF VS SEKJUL16 8.6 CALL		(450,000	)		3,801
31750B490 OTC ECAL USD VS JPYAUG16 111 CALL		500,000			(8,307	)
31750B4A7 OTC EPUT USD VS JPYAUG16 106.5 PUT		500,000			4,780
31750B4B5 OTC ECAL USD VS JPYAUG16 114 CALL		(500,000	)		3,615
31750B5P3 OTC EPUT EUR VS USDJUL 07 2016 1.12 PUT		800,000			(5,060	)
31750B5R9 OTC ECAL EUR VS USDJUL 07 2016 1.16 CALL		(400,000	)		1,512
31750B5U2 OTC EPUT EUR VS USDJUL 07 2016 1.1 PUT		(800,000	)		2,012
31750B6U1 OTC ECAL AUD VS USDSEP 16 0.735 CALL		400,000			(1,889	)
31750B6V9 OTC EPUT AUD VS USDSEP 16 0.735 PUT		700,000			(1,262	)
31750B7C0 OTC EPUT GBP VS USDAUG16 1.35 PUT		(200,000	)		(963	)
31750B7D8 OTC EPUT GBP VS USDAUG16 1.35 PUT		20,000			6,734
31750B7S5 OTC EPUT GBP VS USDSEP16 1.3775 PUT		100,000			4,905
31750B7T3 OTC ECAL GBP VS USDSEP16 1.3775 CALL		(100,000	)		4,306
31750B7U0 OTC ECAL EUR VS JPYSEP16 113.15 CALL		(200,000	)		2,447
31750B7V8 OTC EPUT EUR VS JPYSEP16 113.15 PUT		(200,000	)		506
31750B813 OTC ECAL GBP VS USDSEP16 1.37 CALL		(200,000	)		9,089
31750B821 OTC EPUT GBP VS USDSEP16 1.37 PUT		(200,000	)		9,091
31750B839 OTC EPUT EUR VS USDSEP16 1.1 PUT		370,000			(6,895	)
31750B847 OTC EPUT EUR VS USDSEP16 1.05 PUT		(370,000	)		2,668
31750B854 OTC ECAL EUR VS USDSEP16 1.14 CALL		(370,000	)		5,931
31750B862 OTC ECAL EUR VS USDSEP16 1.14 CALL		(530,000	)		8,848
31750B870 OTC EPUT EUR VS USDSEP16 1.1 PUT		530,000			(10,256	)
31750B888 OTC EPUT EUR VS USDSEP16 1.05 PUT		(530,000	)		4,018
31750B896 OTC ECAL USD VS SGDSEP16 1.354 CALL		500,000			(3,050	)
31750B8A3 OTC EPUT USD VS SGDSEP16 1.354 PUT		500,000			(3,545	)
31750B9L8 OTC EPUT GBP VS USDSEP 16 1.335 PUT		600,000			(323	)
31750B9M6 OTC EPUT GBP VS USDSEP 16 1.3 PUT		(600,000	)		8,771
31750B9N4 OTC EPUT GBP VS USDSEP 16 1.26 PUT		(600,000	)		8,501
31750BAL6 OTC EPUT USD VS BRLOCT16 3.1 PUT		(386,000	)		2,229
31750BBP6 OTC ECAL GBP VS USDOCT 2016 1.35 CALL		(500,000	)		6,975
31750BBQ4 OTC EPUT GBP VS USDOCT 2016 1.25 PUT		500,000			(9,444	)
31750BC59 OTC ECAL EUR VS JPYSEP 2016 117.35 CALL		(200,000	)		2,367
31750BC67 OTC EPUT EUR VS JPYSEP16 107.4 PUT		(200,000	)		2,034
31750BCY6 OTC ECAL GBP VS USDAUG16 1.37 CALL		(291,000	)		1,798
31750BD17 OTC ECAL GBP VS USDAUG16 1.37 CALL		(42,000	)		284
31750BEJ7 OTC ECAL USD VS BRLJUN17 3.61 CALL		200,000			(5,392	)
31750BEK4 OTC EPUT USD VS BRLJUN17 3.61 PUT		200,000			3,210
31750BI12 OTC EPUT USD VS MXNSEP16 18.10 PUT		600,000			(5,870	)
31750BI20 OTC EPUT USD VS MXNSEP16 17.70 PUT		(600,000	)		2,132
31750BJB9 OTC ECAL USD VS BRLNOV16 3.5 CALL		(1,200,000	)		14,610
31750BKV3 OTC EPUT EUR VS AUDDEC16 1.4367 PUT		(500,000	)		3,603
31750BKW1 OTC ECAL EUR VS AUDDEC16 1.5282 CALL		(500,000	)		3,684
31750BLH3 OTC EPUT USD VS JPYOCT16 97 PUT		999,000			(1,991	)
31750BLI1 OTC ECAL USD VS JPYOCT16 106.55 CALL		(999,000	)		2,301
31750BLR1 OTC ECAL USD VS JPYOCT16 106.05 CALL		(567,000	)		1,225
31750BLS9 OTC EPUT USD VS JPYOCT16 96.65 PUT		567,000			(1,040	)
31750BM66 OTC EPUT USD VS JPYNOV16 93.15 PUT		1,000,000			(1,091	)
31750BM74 OTC ECAL USD VS JPYNOV16 106.50 CALL		(1,000,000	)		2,000
31750BO72 OTC EPUT GBP VS USDOCT16 1.25 PUT		200,000			2,048
31750BPI7 OTC ECAL USD VS MXNDEC16 19.50 CALL		(200,000	)		3,890
31750BPJ5 OTC ECAL USD VS MXNDEC16 19.50 CALL		(200,000	)		3,880
3175268J3 OTC NCAL GASOLINEDEC16 165 CALL		(3	)		16,380
3175268K0 OTC NCAL BRENT CALDEC16 60 CALL		2			(13,620	)
3175AP886 OTC EPUT PLATGOLD SPJUL16 330 PUT		(100	)		1,105
3175B0013 OTC ECAL PLATGOLD SPJUL16 230 CALL		(100	)		1,105
3175BR717 OTC ECAL PLATGOLDJUN16 .01 CALL		(100	)		1,325
3175BR725 OTC EPUT PLATGOLDJUN16 .01 PUT		(100	)		(1,475	)
3175BR774 OTC ECAL PLATGOLD SPMAY16 220 CALL		(100	)		800
3175BR782 OTC EPUT PLATGOLD SPMAY16 320 PUT		(100	)		800
3175C0699 OTC EPUT LPM6 4200JUN16 4200 PUT		(2	)		1,050
3175C1663 OTC NCAL BRENT CALFUDEC16 60 CALL		3			(7,380	)
3175C1671 OTC NCAL GASOLINEDEC16 165 CALL		(2	)		8,820
6305.JPSWAP		(7,800	)		(7,348	)
6594.JPSWAP		(10,699	)		(59,855	)
6861.JPSWAP		(1,895	)		(177,215	)
6954.JPSWAP		(3,975	)		82,007
7731.JPSWAP		(1,791	)		(3,341	)
9766.JPSWAP		(3,466	)		(7,175	)
AHT.LNSWAP		(41,730	)		49,563
ARM.LNSWAP		(75,610	)		(748,068	)
BATS.LNSWAP		41,330			(1,575	)
BME.LNSWAP		287,973			(35,462	)
CANADIAN FX FORWARD CADFWD160613		(1,640,000	)		(1,263,201	)
CCS0CG086 CYS JPY P V 03MLIBOR1% 21 Sep 2018		(198,050,682	)		(9,151	)
CCS0RWTY7 CYS EUR R V 03MEURIB1% 21 Sep 2021		(467,200	)		31,065
CCS300013 CYS JPY P V 03MLIBOR1% 21 Sep 2018		(129,509,588	)		84,309
CCSBAP001 CYS EUR R V 03MEURIB1% 21 Sep 2026		(109,200	)		49,790
CCSNAB113 CYS EUR R V 03MEURIB1% 21 Sep 2021		(1,342,800	)		61,000

47

The Goldman Sachs 401(k) Plan

Schedule H, Line 4i — Schedule of Assets (Acquired and Disposed of Within Year)

December 31, 2016

Identity of issue, borrower, lessor, or similar party including maturity date, rate of interest, collateral, par, or maturity value	Shares / Par Value			Proceeds of Dispositions
CCSNAB238 CYS EUR R V 03MEURIB1% 21 Sep 2021		(84,000	)		35,000
CWD.LNSWAP		52,380			(79,694	)
ETI.LNSWAP		95,289			16,282
EURO FX FORWARD EURFWD160420		(1,750,000	)		(1,997,823	)
EURO FX FORWARD EURFWD160518		(130,000	)		(147,858	)
EURO FX FORWARD EURFWD160519		(110,000	)		(125,114	)
EURO FX FORWARD EURFWD160720		(7,310,000	)		(8,101,315	)
EURO FX FORWARD EURFWD160721		(1,220,000	)		(1,384,530	)
EURO FX FORWARD EURFWD160722		(360,000	)		(407,783	)
EURO FX FORWARD EURFWD160816		(670,000	)		(742,662	)
EURO FX FORWARD EURFWD160818		(1,910,000	)		(2,117,638	)
EURO FX FORWARD EURFWD160819		(150,000	)		(166,287	)
EURO FX FORWARD EURFWD160920		(5,790,000	)		(6,497,855	)
EURO FX FORWARD EURFWD161116		(680,000	)		(751,444	)
EURO FX FORWARD EURFWD161118		(1,980,000	)		(2,207,764	)
EURO FX FORWARD EURFWD161121		(160,000	)		(175,888	)
EURO FX FORWARD EURFWD161220		(4,900,000	)		(5,510,474	)
LIMONI CARRY CONTINGENT CARRY		385,862			—
MRW.LNSWAP		(454,050	)		(143,749	)
SAF.FPSWAP		120			734
SAN.FPSWAP		32,340			30,269
SHP.LNSWAP		8,251			13,389
SNYSWAP		12,020			7,475
Total Derivatives		(366,765,760	)	$	(33,104,367	)
Fixed Income Securities
AMAFP TLB1 1L EURCAMAIEU TL B1 1L EUR, 11/22/2017, BANK DEBT	$	11,880		$	11,368
AMAFP TLB2 1L EURCAMAIEU TL B2 1L EUR, 11/22/2017, BANK DEBT		6,524			6,243
AMAFP TLC1 1L EURCAMAIEU TL C1 1L EUR, 11/22/2018, BANK DEBT		15,334			14,672
AMAFP TLC2 1L EURCAMAIEU TL C2 1L EUR, 11/22/2018, BANK DEBT		8,421			8,057
CGGFP TL 1L USDCGG TL 1L USD, 05/15/2019, BANK DEBT		1,032,669			866,572
CJES TL B1 1L USDCJ TL B1 1L USD, 03/24/2020, BANK DEBT		41,000			29,213
CJES TL B2 1L USDCJ TL B2 1L USD, 03/24/2022, BANK DEBT		100,000			71,350
CJES TL DD 1L USDC&J TL DD 1L USD, 03/31/2018, BANK DEBT		13,514			3,581
CMLP TL B1 1L USDCRESTWOOD TL B1 1L USD, 06/19/2019, BANK DEBT		40,000			35,181
CZR TL B6 1L USDCAESARS ENT OP CO INC TL B6 1L USD, 03/01/2017, BANK DEBT		4,000			3,680
CZR TL B7 1L USDCAESARS TL B7 1L USD, 03/01/2017, BANK DEBT		396,900			406,986
DABR TL B 1L USDDAVIDS BRIDAL TL B 1L USD, 10/11/2019, BANK DEBT		79,100			71,648
EXPHOL TLB 1L USDEXPRO HOLDINGS UK 3 LTD TL B 1L USD, 09/02/2021, BANK DEBT		34,918			25,839
KAUP WI BOND EURKAUP WI BOND EUR, 01/20/2031, BOND		81,389			88,317
KAUP WI BOND GBPKAUP WI BOND GBP, 01/20/2031, BOND		203,307			221,436
KAUP WI BOND SEKKAUP WI BOND SEK, 01/20/2031, BOND		16,847			18,421
KAUP WI BOND USDKAUP WI BOND USD, 01/20/2031, BOND		137,303			150,035
LAUR TL B 1L USDLAUREATE NON-EXT TLB 1L USD 2018, 06/15/2018, BANK DEBT		273,000			246,486
LIMONI TLALIMONI TLA, 12/31/2017, BANK DEBT		235,297			120,226
LIMONI TLBLIMONI TLB, 12/31/2017, BANK DEBT		151,135			77,223
OCRGNO TLB 1L USDOCEAN RIG / DRILLSHIP OCEAN VENTURES TLB 1L		273,300			152,659
PGSNO TL B 1L USDPETROLEUM TL B 1L USD, 03/11/2021, BANK DEBT		321,458			224,386
PRSSM NEW TL2PRISA NEW MONEY TERM LOAN 2 - PRS SM, 12/12/2018, BANK DEBT		956,377			944,822
PRSSM NEW TL3PRISA NEW MONEY TERM LOAN 3 DEC 2013 - PRS SM, 12/12/2019, BANK DEBT		15,854			15,022
SAUR NEW HLCO TLBSAUR NEW HLCO TL B, 09/27/2019, BANK DEBT		614,510			618,292
SAUR NEW PIK ASAUR NEW PIK A (7.77% PIK), 09/25/2020, BANK DEBT		45,974			33,408
SAUR NEW PIK CSAUR NEW PIK C (8% PIK), 09/25/2020, BANK DEBT		5,248			3,814
SQA TL B 1L USSEQUA TL B 1L USD, 06/19/2017, BANK DEBT		10,000			7,555
TXU EXT TLTXU EXTENDED TL, 10/10/2017, BANK DEBT		200,000			66,500
TXU EXTTL ACCINTTXU EXT TL ACC INT, 12/31/2019, BOND		2,053			—
UPL REV GUAR USDULTRA REV GUAR USD, 10/06/2016, BANK DEBT		65,000			57,837
ALTICE FINANCING ALTICE 7.5% '26		2,010,000			2,104,388
AVAYA AVYA 7 4/1/19		(570,000	)		(357,400	)
BLACK DIAMOND CLO 2014 BLACK 2014 1A S		400,000			230,440
CITGO PETROLEUM CITPET10.75% 20		2,490,000			2,514,900
CONOCOPHILLIPS COP 3.35 11/24		(1,770,000	)		(1,607,742	)
CSC HOLDINGS CVC 5.875 9/22		(820,000	)		(767,138	)
DECO DECO 9-E3A C		300,000			86,299
DIAMOND 1 FINANCE DELL 5.875%5/21		460,000			462,200
DIAMOND 1 FINANCE DELL 7.125%6/24		460,000			460,575
ENERGY FUTURE HOLDINGS TXU 11.5% 10/20		340,000			114,750
ENERGY TRANSFER EQUITY LP ETE 5.5% 6/1/27		320,000			281,600
ENERGY TRANSFER EQUITY LP ETE 5.785% 1/24		340,000			302,200
GULFPORT ENERGY GPOR 6.625 5/23		220,000			210,650
HERC RENTAL INC. HERCLC		330,000			330,825
HERC RENTAL INC. HERCLC 7.5 6/22		330,000			330,825
ICE 3 GLOBAL CREDIT CLO ICEC2013-1A D		500,000			343,400
ICE 3 GLOBAL CREDIT CLO ICEC2013-1A INC		1,600,000			500,320
INTELSTAT JACKSON HOLDINGS INTEL 5.5 8/23		200,000			204,150
INTELSTAT JACKSON HOLDINGS INTEL 7.25 2020		1,770,000			1,358,250
INTELSTAT JACKSON HOLDINGS INTEL 7.25 4/19		2,420,000			1,799,175
INTELSTAT JACKSON HOLDINGS INTEL 7.5 4/21		990,000			747,450
INTELSTAT JACKSON HOLDINGS INTEL 8 2/15/24		2,590,000			2,596,500
INTELSTAT JACKSON HOLDINGS INTEL6.625 22		2,680,000			1,929,600
IPAYMENT IPMT TL B 1L		4,353			4,113
LAUREATE EDUCATION LAUR 9.25 9/19		590,000			567,875
NEIMAN MARCUS GROUP NMG 8 10/15/21		800,000			685,125
NORTHWOODS CAPITAL X WOODS2013-10A S		1,500,000			761,250
NORTHWOODS CAPITAL XI WOODS2014-11A S		850,000			463,675
NORTHWOODS CAPITAL XI WOODS2014-11XSB		400,000			216,440
NORTHWOODS CAPITAL XII WOODS2014-12A S		400,000			244,000
NUMERICABLE FINANCE & CO. NUMFP7.375 5/26		680,000			683,825

48

The Goldman Sachs 401(k) Plan

Schedule H, Line 4i — Schedule of Assets (Acquired and Disposed of Within Year)

December 31, 2016

Identity of issue, borrower, lessor, or similar party including maturity date, rate of interest, collateral, par, or maturity value	Shares) / Par Value			Proceeds of Dispositions
PETROLEOS DE VANEZUELA PDVSA 6 5/24		330,000			147,675
PETROLEOS DE VANEZUELA PDVSA 9 11/21		660,000			398,310
RANGE RESOURCES RRC 4.875 5/25		690,000			648,275
RANGE RESOURCES RRC 5% 3/15/23		680,000			641,000
SCIENTIFIC GAMES SGMS 10 12/22		920,000			857,900
SOUTHWESTERN ENERGY SWN 4.95% '25		470,000			385,400
TALEN ENERGY SUPPLY TLN 6.5 6/25		30,000			24,000
TECK RESOURCES TCKBCN 8 6/21		200,000			217,250
TECK RESOURCES TCKBCN 8.5 6/24		200,000			206,500
UNITED STEEL X 8.375% 7/1/21		400,000			411,000
WESTERN DIGITAL WDC 10.5% 4/24		1,360,000			1,415,300
WEYERHAEUSER WY 4.625 9/23		(580,000	)		(608,739	)
WILLIAMS CO. WMB 5.75% 6/24/44		390,000			316,875
WILLIAMS CO. WMB 8.75% 3/15/32		190,000			195,700
WILLIAMS PARTNERS WPZ 4 11/15/21		270,000			247,725
XEROX XRX 4.5 5/21		(5,170,000	)		(5,355,021	)
Total Fixed Income Securities	$	29,246,666		$	22,552,499
Real Estate Investments
BEI-U.CN		(3,310	)	$	(107,272	)
Total Real Estate Investments		(3,310	)	$	(107,272	)
Total Acquired and Disposed of Within the Year		(337,270,271	)	$	(13,233,459	)

49

The Goldman Sachs 401(k) Plan

Schedule H, Line 4j – Schedule of Schedule of Reportable Transactions

December 31, 2016

Identity of issue, borrower, lessor or similar party	Purchase price		Number of transactions (purchases)		Selling price		Number of transactions (sales)		Cost		Current value		Net gain or (loss)
Series of Transactions
GOLDMAN SACHS FINANCIAL SQUARE TREASURY OBLIGATIONS FUND		967,560,275		7						967,560,275		967,560,275		—
Single Transactions
GOLDMAN SACHS FINANCIAL SQUARE TREASURY OBLIGATIONS FUND		328,690,140		—		—		—		328,690,140		328,690,140		—
GOLDMAN SACHS FINANCIAL SQUARE MONEY MARKET FUND		—		—		332,609,806		—		332,609,806		332,609,806		—

50

The Goldman Sachs 401(k) Plan

Schedule G, Part 1 – Schedule of Loans or Fixed Income Obligations in Default or Classified as Uncollectible

December 31, 2016

	(b)	(c) Detailed description of loan including dates of making and maturity, interest rate, the type and value of collateral,		Amount received during reporting year		(g)		Amount overdue
	Identity and address of obligor	any renegotiation of the loan and the terms of the	(d) Original	(e)	(f)			(h)	(i)
(a)		renegotiation and other material matters	amount of loan	Principal	Interest	Unpaid balance at year end		Principal	Interest	Steps taken or will be taken to collect overdue amounts
	AERO INVENTORY PLC, 30 Lancaster Rd, New Barnet, Hertfordshire EN4 8AP	Issue Date: 2/15/2008, Maturity Date: 2/15/2013, Collateral Type:Secured, Interest Rate:2.5	2,296,809				2,296,809	2,296,809		We will continue to monitor all available information that comes to our attention regarding possible payment and collection of amounts due on the respective security.

51

SIGNATURES

The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the Administrative Committee (or other persons who administer the employee benefit plan) has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

THE GOLDMAN SACHS 401(k) PLAN Members of the Administrative Committee
By:	/s/ Christopher Ceder
Name:     Christopher Ceder
By:	/s/ Michael Rendel
Name:    Michael Rendel
By:	/s/ Michael Perloff
Name:    Michael Perloff

Date: June 29, 2017

INDEX TO EXHIBITS

Exhibit No.	Description
23	Consent of PricewaterhouseCoopers LLP, Independent Registered Public Accounting Firm