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Goldman Sachs 2009 Annual Report
109
Notes to Consolidated Financial Statements
Level3 Financial Assets and Financial Liabilities at Fair Value
Net unrealized
gains/(losses)
relating to
instruments still Net purchases, Net transfers
Balance, Net realized held at the issuances and in and/or out Balance,
(inmillions) beginning of year gains/(losses) reporting date settlements of level3 end of year
Year Ended November2008
Cash instruments – assets $53,451 $1,930
(1) $(11,485)
(1) $ 3,955 $ 3,215
(4) $51,066
Cash instruments – liabilities (554) 28
(2) (871)
(2) 55 (37) (1,379)
Derivative contracts – net 2,056 267
(2) 5,577
(2)
(3) (1,813) (931)
(5) 5,156
Other secured  nancings – 87
(2) 838
(2) 416 (5,161)
(6) (3,820)
Unsecured short-term borrowings (4,271) 354
(2) 737
(2) (1,353) (626) (5,159)
Unsecured long-term borrowings (767) (20)
(2) 657
(2) (1,314) (116) (1,560)
(1) The aggregate amounts include approximately $(11.54)billion and $1.98billion reported in “Trading and principal investments” and “Interest income,”
respectively, in the consolidated statements of earnings for the year ended November2008.
(2) Substantially all is reported in “Trading and principal investments” in the consolidated statements of earnings.
(3) Principally resulted from changes in level2 inputs.
(4) Principally re ects transfers from level2 within the fair value hierarchy of loans and securities backed by commercial real estate, re ecting reduced price
transparency for these  nancial instruments.
(5) Principally re ects transfers to level2 within the fair value hierarchy of mortgage-related derivative assets, as recent trading activity provided improved
transparency of correlation inputs. This decrease was partially offset by transfers from level2 within the fair value hierarchy of credit and equity-linked
derivatives due to reduced price transparency.
(6) Consists of transfers from level2 within the fair value hierarchy.
Level3 Financial Assets and Financial Liabilities at Fair Value
Net unrealized
losses relating
to instruments Net purchases, Net transfers
Balance, Net realized still held at the issuances and in and/or out Balance,
(inmillions) beginning of period gains/(losses) reporting date settlements of level3 end of period
One Month Ended December2008
Cash instruments – assets $51,066 $157
(1) $(3,116)
(1) $ 921 $ 624
(4) $49,652
Cash instruments – liabilities (1,379) 3
(2) (78)
(2) (159) (114) (1,727)
Derivative contracts – net 5,156 15
(2) (210)
(2)
(3) (699) (947)
(5) 3,315
Other secured  nancings (3,820) (2)
(2) (1)
(2) (51) (165) (4,039)
Unsecured short-term borrowings (5,159) 27
(2) (70)
(2) 482 8 (4,712)
Unsecured long-term borrowings (1,560) (1)
(2) (127)
(2) 42 (43) (1,689)
(1) The aggregate amounts include approximately $(3.18)billion and $221million reported in “Trading and principal investments” and “Interest income,”
respectively, in the consolidated statements of earnings for the one month ended December2008.
(2) Substantially all is reported in “Trading and principal investments” in the consolidated statements of earnings.
(3) Principally resulted from changes in level2 inputs.
(4) Principally re ects transfers from level2 within the fair value hierarchy of certain corporate debt securities and other debt obligations and loans and securities
backed by commercial real estate, re ecting reduced price transparency for these  nancial instruments.
(5) Principally re ects transfers to level2 within the fair value hierarchy of credit-related derivative assets, due to improved transparency of correlation inputs used
to value these  nancial instruments.