(Area Code and Telephone Number)
Chicago, Illinois 60606
(Address of Principal Executive Offices)
Goldman, Sachs & Co.
One New York Plaza, 37th Floor
New York, New York 10004
(Name and address of Agent for Service)
Drinker Biddle & Reath LLP
One Logan Square
18th and Cherry Streets
Philadelphia, Pennsylvania 19103
(“GSVIT”)
FORM N-14
CROSS REFERENCE SHEET
Item No. | Heading | |||
Part A | ||||
1. | Beginning of Registration Statement and Outside Front Cover Page of Prospectus | Cover Page of Registration Statement; Cross-Reference Sheet; Front Cover Page of Proxy Statement/Prospectus | ||
2. | Beginning and Outside Back Cover Page of Prospectus | Table of Contents | ||
3. | Fee Table, Synopsis and Risk Factors | Summary; The Reorganizations; Comparative Fees and Expenses; Overview of the AIT Funds and GSVIT Funds; Principal Risk Factors – Risk of Investing in the AIT Funds and GSVIT Funds; Investment Objectives and Principal Investment Strategies; Investment Restrictions; Comparison of AIT’s and GSVIT’s Charter Documents; Investment Advisers and Advisory Fee Information; Other Service Providers; Purchase and Redemptions of Shares; Dividends and Other Distributions; Federal Income Tax Consequences of the Reorganization | ||
4. | Information About the Transaction | Summary; Boards’ Consideration of the Reorganizations; The Reorganizations; Federal Income Tax Consequences; Information About the Reorganizations; Reasons for the Reorganizations and Trustees’ Considerations; The Reorganization Agreement; Description of Securities to be Issued; Federal Income Tax Consequences; Capitalization | ||
5. | Information About the Registrant | Summary; Comparative Fees and Expenses; Overview of the AIT Funds and GSVIT Funds; Principal Risk Factors – Risk of Investing in the AIT Funds and GSVIT Funds; Other Investment Practices and Investment Securities of the AIT Funds and the GSVIT Fund; Investment Objectives and Principal Investment Strategies; Investment Restrictions; Comparison of AIT’s and GSVIT’s Charter Documents; Investment Advisers and Advisory Fee Information; Other Service Providers; Purchase and Redemptions of Shares; Dividends and Other Distributions; Additional Information About the AIT Funds and the GSVIT Funds; Management’s Discussion of Fund Performance; Financial Highlights; Materials Incorporated by Reference | ||
6. | Information About the Company Being Acquired | Summary; Comparative Fees and Expenses; Other Investment Practices and Investment Securities of the AIT Funds and the GSVIT Funds; Overview of the |
Item No. | Heading | |||
AIT Funds and GSVIT Funds; Principal Risk Factors – Risk of Investing in the AIT Funds and GSVIT Funds; Investment Objectives and Principal Investment Strategies; Investment Restrictions; Comparison of AIT’s and GSVIT’s Charter Documents; Investment Advisers and Advisory Fee Information; Other Service Providers; Purchase and Redemptions of Shares; Dividends and Other Distributions; Additional Information About the Funds and the GSVIT Funds; Management’s Discussion of Fund Performance; Financial Highlights; Materials Incorporated by Reference | ||||
7. | Voting Information | Voting Information | ||
8. | Interest of Certain Persons and Experts | Not Applicable | ||
9. | Additional Information Required for Reoffering by Persons Deemed to be Underwriters | Not Applicable | ||
Part B | ||||
10. | Cover Page | Cover Page | ||
11. | Table of Contents | Not Applicable | ||
12. | Additional Information About the Registrant | Incorporation of Documents by Reference into Statement of Additional Information | ||
13. | Additional Information About the Company Being Acquired | Incorporation of Documents by Reference into the Statement of Additional Information | ||
14. | Financial Statements | Pro Forma Financial Information |
-2-
AIT Funds | GSVIT Funds | |
Select International Equity Fund | Goldman Sachs International Equity Fund | |
Core Equity Fund | Goldman Sachs COREsm U.S. Equity Fund | |
Select Growth Fund | Goldman Sachs Capital Growth Fund | |
Select Capital Appreciation Fund | Goldman Sachs Growth Opportunities Fund | |
Equity Index Fund | Goldman Sachs Equity Index Fund | |
Select Value Opportunity Fund | Goldman Sachs Mid Cap Value Fund | |
Government Bond Fund | Goldman Sachs Government Income Fund | |
Select Investment Grade Income Fund | Goldman Sachs Core Fixed Income Fund | |
Money Market Fund | Goldman Sachs Money Market Fund |
Sincerely, | |
John P. Kavanaugh | |
President and Chairman of the Board of Trustees |
2
1. | To approve an Agreement and Plan of Reorganization (the “Reorganization Agreement”) providing for the acquisition of all of the assets, and the assumption of substantially all of the liabilities, of the AIT Fund by a corresponding investment portfolio (a “GSVIT Fund”) of Goldman Sachs Variable Insurance Trust (“GSVIT”) in exchange for Service Shares of the corresponding GSVIT Fund, followed by the distribution of those shares to the shareholders of the AIT Fund and the subsequent liquidation of the AIT Fund. |
AIT Funds | GSVIT Funds | |
Select International Equity Fund | International Equity Fund | |
Core Equity Fund | COREsm U.S. Equity Fund | |
Select Growth Fund | Capital Growth Fund | |
Select Capital Appreciation Fund | Growth Opportunities Fund | |
Equity Index Fund | Equity Index Fund | |
Select Value Opportunity Fund | Mid Cap Value Fund | |
Government Bond Fund | Government Income Fund | |
Select Investment Grade Income Fund | Core Fixed Income Fund | |
Money Market Fund | Money Market Fund |
2. | To transact such other business as may properly come before a Meeting or any adjournment(s) thereof. |
By Order of the Board of Trustees | |
Secretary |
2
Q: | What are AIT shareholders being asked to vote upon? |
A: | AIT shareholders are being asked in the attached Proxy/Prospectus to consider and approve a proposal to reorganize each of the portfolios offered by AIT (each, an “AIT Fund”) into a corresponding portfolio offered by GSVIT (each, a “GSVIT Fund”). Separate accounts of First Allmerica Financial Life Insurance Company (“FAFLIC”) and Allmerica Financial Life Insurance and Annuity Company (“AFLIAC”) are the only shareholders of the AIT Funds. However, owners of record of a variable annuity contract or variable life insurance contract investing in the AIT Funds will have the right to instruct FAFLIC or AFLIAC as to the manner in which shares of the AIT Fund(s) attributable to their variable contract should be voted. |
Q. | Why has the reorganization of the AIT Funds into corresponding GSVIT Funds been recommended? |
A: | On August 22, 2005, Allmerica Financial Corporation (“AFC”) entered into a definitive agreement to sell AFLIAC, a wholly-owned subsidiary of AFC, and its closed block of variable annuity and variable life business (the “Transaction”) to The Goldman Sachs Group, Inc. (“Goldman Sachs”). In addition, in connection with the Transaction, it is proposed that the AIT Funds will be combined with certain GSVIT Funds pursuant to an Agreement and Plan of Reorganization (the “Reorganization Agreement”), subject in each case to approval by the shareholders of the relevant AIT Fund. In this regard, the Board of Trustees of AIT has determined that the reorganization of each of the AIT Funds into a corresponding GSVIT Fund is in the best interests of the shareholders of each of the AIT Funds. In approving the reorganizations, the Board of Trustees of AIT engaged in a thorough review process relating to GSVIT, Goldman Sachs Asset Management, L.P. (“GSAM”) and Goldman Sachs Asset Management International (“GSAMI”) the investment managers to certain of the GSVIT Funds. The Trustees (with the advice and assistance of independent counsel) considered, among other things, the following factors: (1) the structure and terms of the Transaction; (2) the commitment of resources by GSAM and GSAMI to the management of the insurance business channel and to the growth of insurance assets under management; (3) the high quality and depth of GSAM’s and GSAMI’s investment management teams and investment process; (4) the ability of GSAM and GSAMI to manage investment products that are invested in different strategies and asset classes; (5) that, unlike the AIT Funds, the GSVIT Funds are not managed through a “manager-of-managers” structure, in which the investment manager has the ability, subject to approval by the Trustees, to hire and terminate sub-advisers of an AIT Fund; (6) a comparison of the investment objectives, styles, portfolio characteristics and risk metrics of each AIT Fund and its corresponding GSVIT Fund; (7) the historical performance results, both on an absolute and risk-adjusted basis, of each AIT Fund and its corresponding GSVIT Fund; (8) the terms of the Reorganization Agreement; and (9) that each of AFC and Goldman Sachs would bear the expenses associated with each AIT Fund’s Reorganization. See “Information about the Reorganizations — Reasons for the Reorganizations and Trustees’ Considerations” in the Proxy/Prospectus. |
1
Q: | What is the anticipated timing of the reorganizations? |
A: | The meetings of shareholders of the AIT Funds to consider the proposal is scheduled to occur on December , 2005. If all necessary approvals are obtained, the proposed reorganizations will be consummated shortly thereafter. |
Q: | Who will receive the Proxy/ Prospectus material? |
A: | The Proxy/Prospectus has been mailed to all owners of variable annuity contracts and variable life insurance contracts issued by FAFLIC or AFLIAC as of record at the close of business on [ ], 2005. |
Q: | How are the AIT Funds proposed to be reorganized? |
A: | As you may know, AIT consists of nine separate investment portfolios, each of which would be affected by the proposed reorganizations. The proposed Reorganization Agreement for these AIT Funds, approved by the AIT Board of Trustees, contemplates the reorganization of these AIT Funds into nine GSVIT Funds having similar investment objectives and policies. Under the proposed Reorganization Agreement, each AIT Fund will be reorganized into the GSVIT Fund listed directly opposite such AIT Fund in the table below (each, a “Corresponding AIT Fund”). |
AIT Fund | GSVIT Fund | |
Select International Equity Fund | Goldman Sachs International Equity Fund | |
Core Equity Fund | Goldman Sachs COREsm U.S. Equity Fund | |
Select Growth Fund | Goldman Sachs Capital Growth Fund | |
Select Capital Appreciation Fund | Goldman Sachs Growth Opportunities Fund | |
Equity Index Fund | Goldman Sachs Equity Index Fund | |
Select Value Opportunity Fund | Goldman Sachs Mid Cap Value Fund | |
Government Bond Fund | Goldman Sachs Government Income Fund | |
Select Investment Grade Income Fund | Goldman Sachs Core Fixed Income Fund | |
Money Market Fund | Goldman Sachs Money Market Fund |
The Goldman Sachs Growth Opportunities Fund, Goldman Sachs Equity Index Fund, Goldman Sachs Government Income Fund, Goldman Sachs Core Fixed Income Fund and Goldman Sachs Money Market Fund are newly organized GSVIT Funds that have been created for purposes of the reorganizations and will not commence operations until the date of the reorganizations. Each of these GSVIT Funds has investment objectives and policies that are similar to the Corresponding AIT Fund being reorganized into it. |
Q: | What are the costs and federal tax implications to shareholders in connection with the proposed reorganizations? |
A: | Neither AIT nor GSVIT will bear any direct fees or expenses in connection with the reorganizations or any explicit brokerage commissions (i.e., brokerage commissions resulting from the sale of securities of the AIT Funds) in connection with the reorganizations. The responsibility for payment of all of the fees, expenses and explicit brokerage commissions in connection with the reorganizations will be borne by and allocated between AFC and GSAM (or an affiliate thereof). No sales charge will be imposed on the Service Shares of the GSVIT Funds issued to you in the reorganizations, which means that the aggregate value of the GSVIT Fund Service Shares issued to you will be equal to the aggregate value of the AIT Fund shares that you own immediately prior to the reorganizations. In addition, the exchange of AIT Fund shares for GSVIT Fund Service Shares is intended to be tax-free under federal income tax laws (however there can be no assurance that the Internal Revenue Service will not adopt a contrary position). |
2
Q: | Can one of the proposed reorganizations take place without the others? |
A: | Yes. The proposed reorganizations are not conditioned on each other. If shareholders of one AIT Fund approve the proposed reorganization of their AIT Fund, it will proceed whether or not the proposed reorganizations for the other AIT Funds proceed. |
3
• | To approve a proposed Agreement and Plan of Reorganization dated as of August 22, 2005 (the “Reorganization Agreement”), by and between AIT and GSVIT, and joined for certain limited purposes by Allmerica Financial Corporation (“AFC”), Allmerica Financial Investment Management Services, Inc. (“AFIMS”), Goldman Sachs Asset Management, L.P. (“GSAM”) and Goldman Sachs Asset Management International (“GSAMI”), which provides for and contemplates: (1) the transfer of all of the assets and substantially all of the liabilities of each AIT Fund to a corresponding investment portfolio of GSVIT (each, a “GSVIT Fund,” and collectively, the “GSVIT Funds”) in exchange for the Service Shares of the corresponding GSVIT Fund; (2) the distribution of the Service Shares of the corresponding GSVIT Fund to shareholders of each AIT Fund in liquidation of each of the AIT Funds; and (3) the subsequent liquidation of each AIT Fund. |
AIT Fund | GSVIT Fund | ||
Select International Equity Fund | Goldman Sachs International Equity Fund | ||
Shares | Service Shares | ||
Core Equity Fund | Goldman Sachs CORESM U.S. Equity Fund | ||
Shares | Service Shares | ||
Select Growth Fund | Goldman Sachs Capital Growth Fund | ||
Shares | Service Shares | ||
Select Capital Appreciation Fund | Goldman Sachs Growth Opportunities Fund | ||
Shares | Service Shares | ||
Equity Index Fund | Goldman Sachs Equity Index Fund | ||
Shares | Service Shares | ||
Select Value Opportunity Fund | Goldman Sachs Mid Cap Value Fund | ||
Shares | Service Shares | ||
Government Bond Fund | Goldman Sachs Government Income Fund | ||
Shares | Service Shares | ||
Select Investment Grade Income Fund | Goldman Sachs Core Fixed Income Fund | ||
Shares | Service Shares | ||
Money Market Fund | Goldman Sachs Money Market Fund | ||
Shares | Service Shares |
ii
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A-1 |
AIT Funds | GSVIT Funds | ||
Select International Equity Fund | Goldman Sachs International Equity Fund | ||
Shares | Service Shares | ||
Core Equity Fund | Goldman Sachs CORE U.S. Equity Fund | ||
Shares | Service Shares | ||
Select Growth Fund | Goldman Sachs Capital Growth Fund | ||
Shares | Service Shares | ||
Select Capital Appreciation Fund | Goldman Sachs Growth Opportunities Fund | ||
Shares | Service Shares | ||
Equity Index Fund | Goldman Sachs Equity Index Fund | ||
Shares | Service Shares | ||
Select Value Opportunity Fund | Goldman Sachs Mid Cap Value Fund | ||
Shares | Service Shares | ||
Government Bond Fund | Goldman Sachs Government Income Fund | ||
Shares | Service Shares | ||
Select Investment Grade Income Fund | Goldman Sachs Core Fixed Income Fund | ||
Shares | Service Shares | ||
Money Market Fund | Goldman Sachs Money Market Fund | ||
Shares | Service Shares |
1
• | The acquisition of all of the assets of an AIT Fund by its Corresponding GSVIT Fund and the assumption by that GSVIT Fund of substantially all of the liabilities of the AIT Fund, in exchange for Service shares of the GSVIT Fund having aggregate values equal to the net asset value of the AIT Fund as of the close of business on the business day immediately preceding the effective time of the Reorganization; | |
• | The distribution of the Corresponding GSVIT Fund’s Service Shares to each holder of the AIT Fund’s shares as of the effective time of the Reorganization; and | |
• | The complete liquidation of each AIT Fund. |
AIT Fund and GSVIT Fund Expenses |
2
Goldman Sachs International Equity Fund | 1.22 | % | ||
Goldman Sachs CORE U.S. Equity Fund | 0.81 | % | ||
Goldman Sachs Capital Growth Fund | 1.00 | % | ||
Goldman Sachs Growth Opportunities Fund | 1.14 | % | ||
Goldman Sachs Equity Index Fund | 0.44 | % | ||
Goldman Sachs Mid Cap Value Fund | 0.99 | % | ||
Goldman Sachs Government Income Fund | 0.68 | % | ||
Goldman Sachs Core Fixed Income Fund | 0.54 | % | ||
Goldman Sachs Money Market Fund | 0.49 | % |
3
Goldman Sachs | ||||||||||||
Select International | International Equity | Combined Fund | ||||||||||
Equity Fund | Fund | Pro Forma | ||||||||||
Shareholder Fees (fees paid directly from your investment): | ||||||||||||
Maximum Sales Charge (Load) Imposed on Purchases | N/A | N/A | N/A | |||||||||
Maximum Sales Charge (Load) Imposed on Reinvested Dividends | N/A | N/A | N/A | |||||||||
Redemption Fees | N/A | N/A | N/A | |||||||||
Exchange Fees | N/A | N/A | N/A | |||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | ||||||||||||
Management Fees | 0.92% | 1.00% | 3 | 1.00%3 | ||||||||
Distribution and Service (12b-1) Fees | 0.15%1 | 0.25% | 0.25% | |||||||||
Other Expenses | 0.18% | 0.32% | * | 0.20% | * | |||||||
Total Fund Operating Expenses | 1.25%2 | 1.57% | * | 1.45% | * |
* | The “Other Expenses” and “Total Fund Operating Expenses” (after any waivers and expense limitations) of the GSVIT Fund and the Combined Fund set forth below reflect the limitations for the twelve months ended June 30, 2005. |
Goldman Sachs | ||||||||||||
Select International | International Equity | Combined Fund | ||||||||||
Equity Fund | Fund | Pro Forma | ||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets) | ||||||||||||
Management Fees | 0.92% | 1.00%3 | 1.00%3 | |||||||||
Distribution and Service (12b-1) Fees | 0.15%1 | 0.02% | 0.02% | |||||||||
Other Expenses | 0.18% | 0.20%4 | 0.20%4 | |||||||||
Total Fund Operating Expenses (after current expense limitations) | 1.25%2 | 1.22% | 1.22% |
4
Goldman Sachs | ||||||||||||
CORE U.S. Equity | Combined Fund | |||||||||||
Core Equity Fund | Fund | Pro Forma | ||||||||||
Shareholder Fees (fees paid directly from your investment): | ||||||||||||
Maximum Sales Charge (Load) Imposed on Purchases | N/A | N/A | N/A | |||||||||
Maximum Sales Charge (Load) Imposed on Reinvested Dividends | N/A | N/A | N/A | |||||||||
Redemption Fees | N/A | N/A | N/A | |||||||||
Exchange Fees | N/A | N/A | N/A | |||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | ||||||||||||
Management Fees | 0.59% | 0.65%3 | 0.65%3 | |||||||||
Distribution and Service (12b-1) Fees | 0.15%1 | 0.25% | 0.25% | |||||||||
Other Expenses | 0.08% | 0.09% | * | 0.08% | * | |||||||
Total Fund Operating Expenses | 0.82%2 | 0.99% | * | 0.98% | * |
* | The “Other Expenses” and “Total Fund Operating Expenses” (after any expense limitations) of the GSVIT Fund and the Combined Fund set forth below reflect the expense limitations for the twelve months ended June 30, 2005. |
Goldman Sachs | ||||||||||||
CORE U.S. Equity | Combined Fund | |||||||||||
Core Equity Fund | Fund | Pro Forma | ||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets) | ||||||||||||
Management Fees | 0.59% | 0.65%3 | 0.65%3 | |||||||||
Distribution and Service (12b-1) Fees | 0.15%1 | 0.08% | 0.08% | |||||||||
Other Expenses | 0.08% | 0.08%4 | 0.08%4 | |||||||||
Total Fund Operating Expenses (after current expense limitations) | 0.82%2 | 0.81% | 0.81% |
5
Goldman Sachs | Combined Fund | |||||||||||
Select Growth Fund | Capital Growth Fund | Pro Forma | ||||||||||
Shareholder Fees (fees paid directly from your investment): | ||||||||||||
Maximum Sales Charge (Load) Imposed on Purchases | N/A | N/A | N/A | |||||||||
Maximum Sales Charge (Load) Imposed on Reinvested Dividends | N/A | N/A | N/A | |||||||||
Redemption Fees | N/A | N/A | N/A | |||||||||
Exchange Fees | N/A | N/A | N/A | |||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | ||||||||||||
Management Fees | 0.82%2 | 0.75%3 | 0.75%3 | |||||||||
Distribution and Service (12b-1) Fees | 0.15%1 | 0.25% | 0.25% | |||||||||
Other Expenses | 0.07% | 0.16% | * | 0.09% | * | |||||||
Total Fund Operating Expenses | 1.04%2 | 1.16% | * | 1.09% | * |
* | The “Other Expenses” and “Total Fund Operating Expenses” (after any waivers and expense limitations) of the GSVIT Fund and the Combined Fund set forth below reflect the expense limitations for the twelve months ended June 30, 2005. |
Goldman Sachs | Combined Fund | |||||||||||
Select Growth Fund | Capital Growth Fund | Pro Forma | ||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets) | ||||||||||||
Management Fees | 0.79%2 | 0.75%3 | 0.75%3 | |||||||||
Distribution and Service (12b-1) Fees | 0.15%1 | 0.10% | 0.10% | |||||||||
Other Expenses | 0.07% | 0.15%4 | 0.09%4 | |||||||||
Total Fund Operating Expenses (after current expense limitations) | 1.01%2 | 1.00% | 0.94% |
6
Select Capital | Goldman Sachs Growth | Combined Fund | ||||||||||
Appreciation Fund | Opportunities Fund5 | Pro Forma5 | ||||||||||
Shareholder Fees (fees paid directly from your investment): | ||||||||||||
Maximum Sales Charge (Load) Imposed on Purchases | N/A | N/A | N/A | |||||||||
Maximum Sales Charge (Load) Imposed on Reinvested Dividends | N/A | N/A | N/A | |||||||||
Redemption Fees | N/A | N/A | N/A | |||||||||
Exchange Fees | N/A | N/A | N/A | |||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | ||||||||||||
Management Fees | 0.92% | 1.00%6 | 1.00%6 | |||||||||
Distribution and Service (12b-1) Fees | 0.15%1 | 0.25% | 0.25% | |||||||||
Other Expenses | 0.08% | 0.11% | * | 0.11% | * | |||||||
Total Fund Operating Expenses* | 1.15%2 | 1.36% | * | 1.36% | * |
* | The “Other Expenses” and “Total Fund Operating Expenses” (after any waivers and expense limitations) of the GSVIT Fund and the Combined Fund set forth below reflect the waivers and expense limitations for the twelve months ended June 30, 2005. |
Select Capital | Goldman Sachs Growth | Combined Fund | ||||||||||
Appreciation Fund | Opportunities Fund5 | Pro Forma5 | ||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets) | ||||||||||||
Management Fees | 0.92% | 1.00%6 | 1.00%6 | |||||||||
Distribution and Service (12b-1) Fees | 0.15%1 | 0.10% | 0.10% | |||||||||
Other Expenses | 0.08% | 0.04%4 | 0.04%4 | |||||||||
Total Fund Operating Expenses (after current expense limitations) | 1.15%2 | 1.14% | 1.14% |
7
Goldman Sachs Equity | Combined Fund | |||||||||||
Equity Index Fund | Index Fund5 | Pro Forma5 | ||||||||||
Shareholder Fees (fees paid directly from your investment): | ||||||||||||
Maximum Sales Charge (Load) Imposed on Purchases | N/A | N/A | N/A | |||||||||
Maximum Sales Charge (Load) Imposed on Reinvested Dividends | N/A | N/A | N/A | |||||||||
Redemption Fees | N/A | N/A | N/A | |||||||||
Exchange Fees | N/A | N/A | N/A | |||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | ||||||||||||
Management Fees | 0.28% | 0.30%7 | 0.30%7 | |||||||||
Distribution and Service (12b-1) Fees | 0.15%1 | 0.25% | 0.25% | |||||||||
Other Expenses | 0.09% | 0.10% | * | 0.10% | * | |||||||
Total Fund Operating Expenses | 0.52%2 | 0.65% | * | 0.65% | * |
* | The “Other Expenses” and “Total Fund Operating Expenses” (after any waivers and expense limitations) of the GSVIT Fund and the Combined Fund set forth below reflect the waivers and expense limitations for the twelve months ended June 30, 2005. |
Goldman Sachs Equity | Combined Fund | |||||||||||
Equity Index Fund | Index Fund5 | Pro Forma5 | ||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets) | ||||||||||||
Management Fees | 0.28% | 0.20%7 | 0.20%7 | |||||||||
Distribution and Service (12b-1) Fees | 0.15%1 | 0.10% | 0.10% | |||||||||
Other Expenses | 0.09% | 0.10%4 | 0.10%4 | |||||||||
Total Fund Operating Expenses (after current expense limitations) | 0.52%2 | 0.40% | 0.40% |
8
Select Value | Goldman Sachs Mid Cap | Combined Fund | ||||||||||
Opportunity Fund | Value Fund | Pro Forma | ||||||||||
Shareholder Fees (fees paid directly from your investment): | ||||||||||||
Maximum Sales Charge (Load) Imposed on Purchases | N/A | N/A | N/A | |||||||||
Maximum Sales Charge (Load) Imposed on Reinvested Dividends | N/A | N/A | N/A | |||||||||
Redemption Fees | N/A | N/A | N/A | |||||||||
Exchange Fees | N/A | N/A | N/A | |||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | ||||||||||||
Management Fees | 0.88%2 | 0.80%3 | 0.80%3 | |||||||||
Distribution and Service (12b-1) Fees | 0.15%1 | 0.25% | 0.25% | |||||||||
Other Expenses | 0.07% | 0.08% | * | 0.07% | * | |||||||
Total Fund Operating Expenses | 1.10%2,3 | 1.13% | * | 1.12% | * |
* | The “Other Expenses” and “Total Fund Operating Expenses” (after any waivers and expense limitations) of the GSVIT Fund and the Combined Fund set forth below reflect the expense limitations for the twelve months ended June 30, 2005. |
Select Value | Goldman Sachs Mid Cap | Combined Fund | ||||||||||
Opportunity Fund | Value Fund | Pro Forma | ||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets) | ||||||||||||
Management Fees | 0.88%2 | 0.80%3 | 0.80%3 | |||||||||
Distribution and Service (12b-1) Fees | 0.15%1 | 0.10% | 0.10% | |||||||||
Other Expenses | 0.07% | 0.08%4 | 0.07%4 | |||||||||
Total Fund Operating Expenses (after current expense limitations) | 1.10%2 | 0.98% | 0.97% |
9
Goldman Sachs | ||||||||||||
Government | Government Income | Combined Fund | ||||||||||
Bond Fund | Fund5 | Pro Forma5 | ||||||||||
Shareholder Fees (fees paid directly from your investment): | ||||||||||||
Maximum Sales Charge (Load) Imposed on Purchases | N/A | N/A | N/A | |||||||||
Maximum Sales Charge (Load) Imposed on Reinvested Dividends | N/A | N/A | N/A | |||||||||
Redemption Fees | N/A | N/A | N/A | |||||||||
Exchange Fees | N/A | N/A | N/A | |||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | ||||||||||||
Management Fees | 0.50% | 0.54%6 | 0.54%6 | |||||||||
Distribution and Service (12b-1) Fees | 0.15%1 | 0.25% | 0.25% | |||||||||
Other Expenses | 0.08% | 0.24% | * | 0.24% | * | |||||||
Total Fund Operating Expenses | 0.73%2 | 1.03% | * | 1.03% | * |
* | The “Other Expenses” and “Total Fund Operating Expenses” (after any waivers and expense limitations) of the GSVIT Fund and the Combined Fund set forth below reflect the waivers and expense limitations for the twelve months ended June 30, 2005. |
Goldman Sachs | ||||||||||||
Government | Government Income | Combined Fund | ||||||||||
Bond Fund | Fund5 | Pro Forma5 | ||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets) | ||||||||||||
Management Fees | 0.50% | 0.54%6 | 0.54%6 | |||||||||
Distribution and Service (12b-1) Fees | 0.15%1 | 0.10% | 0.10% | |||||||||
Other Expenses | 0.08% | 0.04%4 | 0.04%4 | |||||||||
Total Fund Operating Expenses (after current expense limitations) | 0.73%2 | 0.68% | 0.68% |
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Select Investment Grade | Goldman Sachs Core | Combined Fund | ||||||||||
Income Fund | Fixed Income Fund5 | Pro Forma5 | ||||||||||
Shareholder Fees (fees paid directly from your investment): | ||||||||||||
Maximum Sales Charge (Load) Imposed on Purchases | N/A | N/A | N/A | |||||||||
Maximum Sales Charge (Load) Imposed on Reinvested Dividends | N/A | N/A | N/A | |||||||||
Redemption Fees | N/A | N/A | N/A | |||||||||
Exchange Fees | N/A | N/A | N/A | |||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | ||||||||||||
Management Fees | 0.42% | 0.40%6 | 0.40%6 | |||||||||
Distribution and Service (12b-1) Fees | 0.15%1 | 0.25% | 0.25% | |||||||||
Other Expenses | 0.07% | 0.12% | * | 0.12% | * | |||||||
Total Fund Operating Expenses | 0.64%2 | 0.77% | * | 0.77% | * |
* | The “Other Expenses” and “Total Fund Operating Expenses” (after any waivers and expense limitations) of the GSVIT Fund and the Combined Fund set forth below reflect the waivers and expense limitations for the twelve months ended June 30, 2005. |
Select Investment Grade | Goldman Sachs Core | Combined Fund | ||||||||||
Income Fund | Fixed Income Fund5 | Pro Forma5 | ||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets) | ||||||||||||
Management Fees | 0.42% | 0.40%6 | 0.40%6 | |||||||||
Distribution and Service (12b-1) Fees | 0.15%1 | 0.10% | 0.10% | |||||||||
Other Expenses | 0.07% | 0.04%4 | 0.04%4 | |||||||||
Total Fund Operating Expenses (after current expense limitations) | 0.64%2 | 0.54% | 0.54% |
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Goldman Sachs Money | Combined Fund | |||||||||||
Money Market Fund | Market Fund5 | Pro Forma5 | ||||||||||
Shareholder Fees (fees paid directly from your investment): | ||||||||||||
Maximum Sales Charge (Load) Imposed on Purchases | N/A | N/A | N/A | |||||||||
Maximum Sales Charge (Load) Imposed on Reinvested Dividends | N/A | N/A | N/A | |||||||||
Redemption Fees | N/A | N/A | N/A | |||||||||
Exchange Fees | N/A | N/A | N/A | |||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | ||||||||||||
Management Fees | 0.32% | 0.35% | 0.35% | |||||||||
Distribution and Service (12b-1) Fees | 0.15%1 | 0.25% | 0.25% | |||||||||
Other Expenses* | 0.06% | 0.11% | * | 0.11% | * | |||||||
Total Fund Operating Expenses* | 0.53%2 | 0.71% | * | 0.71% | * |
* | The “Other Expenses” and “Total Fund Operating Expenses” (after any waivers and expense limitations) of the GSVIT Fund and the Combined Fund set forth below reflect the waivers and expense limitations for the twelve months ended June 30, 2005. |
Goldman Sachs Money | Combined Fund | |||||||||||
Money Market Fund | Market Fund5 | Pro Forma5 | ||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets) | ||||||||||||
Management Fees | 0.32% | 0.35% | 0.35% | |||||||||
Distribution and Service (12b-1) Fees | 0.15%1 | 0.10% | 0.10% | |||||||||
Other Expenses | 0.06% | 0.04%4 | 0.04%4 | |||||||||
Total Fund Operating Expenses (after current expense limitations) | 0.53%2 | 0.49% | 0.49% |
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1 | Each AIT Fund has adopted a Plan of Distribution and Service under Rule 12b-1 of the Investment Company Act (“AIT 12b-1 Plan”) that permits each AIT Fund to pay fees to support the distribution of the AIT Fund’s shares and certain maintenance services and other services for investment accounts. The AIT 12b-1 Plan authorizes payment of a distribution and service fee at an annual rate of up to 0.25% of an AIT Fund’s average daily net assets. The AIT 12b-1 Plan has been implemented for each AIT Fund at an annual rate of 0.15% of average daily net assets. |
2 | Through December 31, 2005, AFIMS has agreed to a voluntary expense limitation of 1.50% of average daily net assets for the Select International Equity Fund, 1.20%, each, for the Core Equity Fund and the Select Growth Fund, 1.35% for the Select Capital Appreciation Fund, 0.60% for the Equity Index Fund, 1.25% for the Select Value Opportunity Fund, 1.00% for the Government Bond Fund, 1.00%, for the Select Investment Grade Income Fund and 0.60% for the Money Market Fund. The total operating expenses of these Funds of AIT were less than their respective expense limitations throughout the twelve months ended June 30, 2005. |
Through December 31, 2005, the Select Value Opportunity Fund’s management fee rate has been voluntarily limited to an annual rate of 0.90% of average daily net assets. The management fee rate for this Fund was less than its respective management fee limitation throughout the twelve months ended June 30, 2005. | |
Through December 31, 2005, AFIMS has voluntarily agreed to waive that portion of the management fee of the Select Growth Fund to the extent that the amount of the sub-adviser fee paid to GE Asset Management Incorporated, a co-sub-adviser of the AIT Fund, is less than the amount that would have been paid to Putnam Investment Management, LLC, a former co-sub-adviser of the AIT Fund. Had this amount been treated as a waiver of management fees, the management fees and the total annual fund operating expenses for this Fund would have been 0.79% and 1.01%, respectively. | |
The declaration of a voluntary management fee or expense limitation in any year does not bind AFIMS to declare future expense limitations with respect to these Funds. These limitations may be terminated at any time. |
3 | Effective July 1, 2005, GSAM and GSAMI implemented a voluntary management fee reduction with GSVIT. The fee reduction imposed breakpoints on the management fees and reduces the management fees for the following Funds to annual rates equal to the following percentages of the average daily net assets of the GSVIT Funds: |
Over $1 Billion up | ||||||||||||
GSVIT Fund | First $1 Billion | to $2 Billion | Over $2 Billion | |||||||||
International Equity | 1.00% | 0.90% | 0.86% | |||||||||
CORE U.S. Equity | 0.65% | 0.59% | 0.56% | |||||||||
Capital Growth | 0.75% | 0.68% | 0.65% |
First $2 Billion | Over $2 Billion | |||||||
Mid Cap Value | 0.80% | 0.72% |
4 | “Other Expenses” of a GSVIT Fund include transfer agency fees and expenses equal on an annualized basis to 0.04% of the average daily net assets of each GSVIT Fund’s Service Shares, plus all other ordinary expenses not detailed above in the expense tables. Each GSVIT Fund’s investment adviser have voluntarily agreed to reduce or limit “Other Expenses” (excluding management fees, transfer agent fees and expenses, distribution and service fees, taxes, interest, brokerage fees, litigation, indemnification costs, shareholder meetings and other extraordinary expenses) to the following percentage of each GSVIT Fund’s average daily net assets: |
GSVIT Fund | Other Expenses | |||
International Equity Fund | 0.16% | |||
CORE U.S. Equity Fund | 0.04% | |||
Capital Growth Fund | 0.11% | |||
Growth Opportunities Fund | 0.00% | |||
Equity Index Fund | 0.06% | |||
Mid Cap Value Fund | 0.05% | |||
Government Income Fund | 0.00% | |||
Core Fixed Income Fund | 0.00% | |||
Money Market Fund | 0.00% |
5 | The Goldman Sachs Growth Opportunities, Goldman Sachs Equity Index, Goldman Sachs Government Income, Goldman Sachs Core Fixed Income and Goldman Sachs Money Market Funds have not yet commenced operations. |
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6 | The Management Agreement for the following GSVIT Funds provides for management fees at annual rates equal to the following percentages of the average daily net assets of the GSVIT Funds: |
GSVIT Fund | First $2 Billion | Over $2 Billion | ||||||
Growth Opportunities | 1.00% | 0.90% |
Over $1 Billion up | ||||||||||||
First $1 Billion | to $2 Billion | Over $2 Billion | ||||||||||
Government Income | 0.54% | 0.49% | 0.47% | |||||||||
Core Fixed Income | 0.40% | 0.36% | 0.34% |
7 | The Management Agreement for the Goldman Sachs Equity Index Fund provides for a management fee at an annual rate equal to 0.30% of the Fund’s average daily net assets. If the Fund’s assets under management (“AUM”) exceed $400 million, 0.10% of the management fee will be waived. If the Fund’s AUM is between $300 million to $400 million, 0.05% of the management fee will be waived. If AUM is less than $300 million, 0% of the management fee will be waived. |
1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||
Select International Equity Fund | $ | 127 | $ | 397 | $ | 686 | $ | 1,511 | ||||||||
Goldman Sachs International Equity Fund | $ | 124 | $ | 461 | $ | 822 | $ | 1,838 | ||||||||
Combined Fund Pro Forma | $ | 124 | $ | 436 | $ | 770 | $ | 1,716 | ||||||||
Core Equity Fund | $ | 84 | $ | 262 | $ | 455 | $ | 1,014 | ||||||||
Goldman Sachs CORE U.S. Equity Fund | $ | 83 | $ | 297 | $ | 530 | $ | 1,197 | ||||||||
Combined Fund Pro Forma | $ | 83 | $ | 295 | $ | 525 | $ | 1,186 | ||||||||
Select Growth Fund | $ | 103 | $ | 328 | $ | 571 | $ | 1,268 | ||||||||
Goldman Sachs Capital Growth Fund | $ | 102 | $ | 353 | $ | 623 | $ | 1,395 | ||||||||
Combined Fund Pro Forma | $ | 102 | $ | 338 | $ | 592 | $ | 1,321 | ||||||||
Select Capital Appreciation Fund | $ | 117 | $ | 365 | $ | 633 | $ | 1,398 | ||||||||
Goldman Sachs Growth Opportunities Fund | $ | 116 | $ | 409 | $ | 724 | $ | 1,616 | ||||||||
Combined Fund Pro Forma | $ | 116 | $ | 409 | $ | 724 | $ | 1,616 | ||||||||
Equity Index Fund | $ | 53 | $ | 167 | $ | 291 | $ | 653 | ||||||||
Goldman Sachs Equity Index Fund | $ | 45 | $ | 187 | $ | 341 | $ | 791 |
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1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||
Combined Fund Pro Forma | $ | 45 | $ | 187 | $ | 341 | $ | 791 | ||||||||
Select Value Opportunity Fund | $ | 112 | $ | 350 | $ | 606 | $ | 1,340 | ||||||||
Goldman Sachs Mid Cap Value Fund | $ | 115 | $ | 359 | $ | 622 | $ | 1,375 | ||||||||
Combined Fund Pro Forma | $ | 101 | $ | 343 | $ | 604 | $ | 1,352 | ||||||||
Government Bond Fund | $ | 75 | $ | 233 | $ | 406 | $ | 906 | ||||||||
Goldman Sachs Government Income Fund | $ | 69 | $ | 293 | $ | 535 | $ | 1,228 | ||||||||
Combined Fund Pro Forma | $ | 69 | $ | 293 | $ | 535 | $ | 1,228 | ||||||||
Select Investment Grade Income Fund | $ | 65 | $ | 205 | $ | 357 | $ | 798 | ||||||||
Goldman Sachs Core Fixed Income Fund | $ | 55 | $ | 223 | $ | 405 | $ | 933 | ||||||||
Combined Fund Pro Forma | $ | 55 | $ | 223 | $ | 405 | $ | 933 | ||||||||
Money Market Fund | $ | 54 | $ | 170 | $ | 296 | $ | 665 | ||||||||
Goldman Sachs Money Market Fund | $ | 50 | $ | 205 | $ | 373 | $ | 862 | ||||||||
Combined Fund Pro Forma | $ | 50 | $ | 205 | $ | 373 | $ | 862 |
AIT Fund | Corresponding GSVIT Fund | |
Select International Equity Fund: | Goldman Sachs International Equity Fund: | |
The AIT Fund seeks maximum long-term total return (capital appreciation and income) primarily by investing in common stocks of established non-U.S. companies. | The GSVIT Fund seeks long-term capital appreciation. The Fund seeks this objective by investing in the stocks of leading companies within developed and emerging countries around the world, outside the U.S. | |
Core Equity Fund: | Goldman Sachs CORE U.S. Equity Fund: | |
The AIT Fund seeks to achieve long-term growth of capital through investments primarily in common stocks and securities convertible into common stocks that are believed to represent significant underlying value in relation to current market prices. Realization of current income, if any, is incidental to this objective. | The GSVIT Fund seeks long-term growth of capital and dividend income. The GSVIT Fund seeks this objective through a broadly diversified portfolio of large-cap and blue chip equity investments representing all major sectors of the U.S. economy. |
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AIT Fund | Corresponding GSVIT Fund | |
Select Growth Fund: | Goldman Sachs Capital Growth Fund: | |
The AIT Fund seeks to achieve long-term growth of capital by investing in a diversified portfolio consisting primarily of common stocks on the basis of their long-term growth potential. | The GSVIT Fund seeks long-term growth of capital. | |
Select Capital Appreciation Fund: | Goldman Sachs Growth Opportunities Fund: | |
The AIT Fund seeks long-term growth of capital. Realization of income is not a significant investment consideration and any income realized on the AIT Fund’s investments will be incidental to its primary objective. | The GSVIT Fund seeks long-term growth of capital. | |
Equity Index Fund: | Goldman Sachs Equity Index Fund: | |
The AIT Fund seeks to achieve investment results that correspond to the aggregate prices and yield performance of a representative selection of common stocks that are publicly traded in the United States. | The GSVIT Fund seeks to achieve investment results that correspond to the aggregate prices and yield performance of a benchmark that measures the investment returns of large capitalization stocks. | |
Select Value Opportunity Fund: | Goldman Sachs Mid Cap Value Fund: | |
The AIT Fund seeks long-term growth of capital by investing primarily in a diversified portfolio of common stocks of small and mid- size companies, whose securities at the time of purchase are considered by the sub-adviser to be undervalued. | The GSVIT Fund seeks long-term capital appreciation. | |
Government Bond Fund: | Goldman Sachs Government Income Fund: | |
The AIT Fund seeks high income, preservation of capital, and maintenance of liquidity primarily through investments in debt instruments issued or guaranteed by the U.S. Government or its agencies or instrumentalities (“U.S. Government securities”) and in related options, futures, and repurchase agreements. | The GSVIT Fund seeks a high level of current income, consistent with safety of principal. | |
Select Investment Grade Income Fund: | Goldman Sachs Core Fixed Income Fund: | |
The AIT Fund seeks as high a level of total return, which includes capital appreciation as well as income, as is consistent with prudent investment management. | The GSVIT Fund seeks a total return consisting of capital appreciation and income that exceeds the total return of the Lehman Brothers Aggregate Bond Index (the “Index”). | |
Money Market Fund: | Goldman Sachs Money Market Fund: | |
The AIT Fund seeks to obtain maximum current income consistent with preservation of capital and liquidity. | The GSVIT Fund seeks to maximize current income to the extent consistent with the preservation of capital and the maintenance of liquidity by investing exclusively in high quality money market instruments. |
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Distribution and Shareholder Servicing Arrangements for AIT |
Distribution and Shareholder Servicing Arrangements for GSVIT |
17
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Principal Risk | Funds Subject to Principal Risk | |
Net Asset Value Risk — The risk that the net asset value of a Fund and the value of your investment will fluctuate. With regard to the money market funds, the risk that a money market fund will not be able to maintain a net asset value per share of $1.00 at all times. | All AIT Funds All GSVIT Funds |
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Principal Risk | Funds Subject to Principal Risk | |
Management Risk — The risk that a strategy used by the Fund’s investment adviser may fail to produce the intended results. | All AIT Funds All GSVIT Funds | |
Market Risk — The risk that the value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular industry sectors or governments and/or general economic conditions. Price changes may be temporary or last for extended periods. A Fund’s investments may be overweighted from time to time in one or more industry sectors, which will increase the Fund’s exposure to risk of loss from adverse developments affecting those sectors. | All AIT Funds All GSVIT Funds | |
Interest Rate Risk — The risk that, when interest rates increase, fixed income securities held by a Fund will decline in value. Long-term fixed-income securities will normally have more price volatility because of this risk than short-term fixed-income securities. Also, with respect to money market funds, during periods of rising interest rates, a Fund’s yield (and the market value of its securities) will tend to be lower than prevailing market rates; in periods of falling interest rates, a Fund’s yield will tend to be higher. | Government Bond Fund, Select Investment Grade Income Fund and Money Market Fund All GSVIT Funds | |
Credit/ Default Risk — The risk that an issuer or guarantor of fixed-income securities held by the Fund (which may have low credit ratings) or a bank or other financial institution that has entered into a repurchase agreement, may default on its payment obligations or may default on its obligation to pay interest and repay principal. | Core Equity Fund, Select Growth Fund, Government Bond Fund, Select Investment Grade Income Fund and Money Market Fund All GSVIT Funds | |
Call Risk — The risk that an issuer will exercise its right to pay principal on an obligation held by a Fund (such as a mortgage-backed security) earlier than expected. This may happen when there is a decline in interest rates. Under these circumstances, a Fund may be unable to recoup all of its initial investment and will also suffer from having to reinvest in lower yielding securities. See also Prepayment Risk below. | Goldman Sachs Government Income Fund and Goldman Sachs Core Fixed Income Fund. | |
Extension Risk — The risk that an issuer will exercise its right to pay principal on an obligation held by a Fund (such as a mortgage-backed security) later than expected. This may happen when there is a rise in interest rates. Under these circumstances, the value of the obligation will decrease, and a Fund will also suffer from the inability to invest in higher yielding securities. | Goldman Sachs Government Income Fund and Goldman Sachs Core Fixed Income Fund |
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Principal Risk | Funds Subject to Principal Risk | |
U.S. Government Securities Risk — The risk that the U.S. government will not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. Although many U.S. Government securities purchased by the Funds, such as those issued by the Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”) and Federal Home Loan Banks may be chartered or sponsored by Acts of Congress, their securities are neither issued nor guaranteed by the United States Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. Government securities held by a Fund may greatly exceed their current resources, including their legal right to support from the U.S. Treasury. It is possible that these issuers will not have the Funds to meet their payment obligations in the future. | Government Bond Fund, Select Investment Grade Income Fund and Money Market Fund. Goldman Sachs Government Income Fund, Goldman Sachs Core Fixed Income Fund and Goldman Sachs Money Market Fund | |
Derivatives Risk — The risk that loss may result from a Fund’s investments in options, futures, swaps, structured securities and other derivative instruments. These instruments may be leveraged so that small changes may produce disproportionate losses to a Fund. | Select International Equity Fund, Core Equity Fund, Select Growth Fund, Select Capital Appreciation Fund, Equity Index Fund and Select Value Opportunity Fund. Goldman Sachs International Equity Fund, Goldman Sachs CORE U.S. Equity Fund, Goldman Sachs Capital Growth Fund, Goldman Sachs Growth Opportunities Fund, Goldman Sachs Equity Index Fund, Goldman Sachs Mid Cap Value Fund, Goldman Sachs Government Income Fund and Goldman Sachs Core Fixed Income Fund | |
Liquidity Risk — The risk that a Fund will not be able to pay redemption proceeds within the time period stated in its prospectus because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. A Fund that invests in non-investment grade fixed-income securities, small and mid-capitalization stocks, real estate investment trusts or emerging country issuers will be especially subject to the risk that during certain periods the liquidity of particular issuers or industries, or all securities within particular investment categories, will shrink or disappear suddenly and without warning as a result of adverse economic, market or political events, or adverse investor perceptions whether or not accurate. | Core Equity Fund, Select Value Opportunity Fund and Select Investment Grade Income Fund All GSVIT Funds |
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Principal Risk | Funds Subject to Principal Risk | |
Risk of Investing in a Limited Number of Issuers — A Fund may invest in securities of a limited number of issuers to achieve a potentially greater investment return than a Fund that invests in a larger number of issuers. As a result, price movements of a single issuer’s securities will have a greater impact on such Fund’s net asset value causing it to fluctuate more than that of a more widely diversified Fund. | Select Growth Fund | |
Investment Style Risk — Different investment styles tend to shift in and out of favor depending upon market and economic conditions as well as investor sentiment. A Fund may outperform or underperform other funds that employ a different investment style. Examples of different investment styles include growth and value investing. Growth stocks may be more volatile than other stocks because they are more sensitive to investor perceptions of the issuing company’s growth of earnings potential. Also, since growth companies usually invest a high portion of earnings in their business, growth stocks may lack the dividends of some value stocks that can cushion stock prices in a falling market. Growth oriented funds will typically underperform when value investing is in favor. Value stocks are those that are undervalued in comparison to their peers due to adverse business developments or other factors. | Goldman Sachs International Equity Fund, Goldman Sachs CORE U.S. Equity Fund, Goldman Sachs Capital Growth Fund, Goldman Sachs Growth Opportunities Fund, Goldman Sachs Equity Index Fund, Goldman Sachs Mid Cap Value Fund, Goldman Sachs Government Income Fund and Goldman Sachs Core Fixed Income Fund | |
Mid Cap and Small Cap Risk — The securities of small capitalization and mid-capitalization companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements. Securities of such issuers may lack sufficient market liquidity to enable a Fund to effect sales at an advantageous time or without a substantial drop in price. | Select Growth Fund, Select Capital Appreciation Fund and Select Value Opportunity Fund Goldman Sachs Growth Opportunities Fund and Goldman Sachs Mid Cap Value Fund | |
Foreign Risk — The risk that when a Fund invests in foreign securities, it will be subject to risks of loss not typically associated with domestic issuers. Loss may result because of less foreign government regulation, less public information and less economic, political and social stability. Loss may also result from the imposition of exchange controls, confiscations and other government restrictions. A Fund will also be subject to the risk of negative foreign currency rate fluctuations. Foreign risks will normally be greatest when a Fund invests in issuers located in emerging countries. | Select International Equity Fund, Core Equity Fund, Select Capital Appreciation Fund and Select Value Opportunity Fund Goldman Sachs International Equity Fund, Goldman Sachs CORE U.S. Equity Fund, Goldman Sachs Capital Growth Fund, Goldman Sachs Growth Opportunities Fund, Goldman Sachs Equity Index Fund, Goldman Sachs Mid Cap Value Fund, Goldman Sachs Core Fixed Income Fund and Goldman Sachs Money Market Fund |
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Principal Risk | Funds Subject to Principal Risk | ||
Emerging Countries Risk — The securities markets of Asian, Latin, Central and South American, Eastern European, Middle Eastern, African and other emerging countries are less liquid, are especially subject to greater price volatility, have smaller market capitalizations, have less government regulation and are not subject to as extensive and frequent accounting, financial and other reporting requirements as the securities markets of more developed countries. Further, investment in equity securities of issuers located in certain emerging countries involves risk of loss resulting from problems in share registration and custody and substantial economic and political disruptions. These risks are not normally associated with investments in more developed countries. | Select International Equity Fund, Core Equity Fund, Select Capital Appreciation Fund and Select Value Opportunity Fund Goldman Sachs International Equity Fund, Goldman Sachs Capital Growth Fund, Goldman Sachs Growth Opportunities Fund, Goldman Sachs Mid Cap Value Fund and Goldman Sachs Core Fixed Income Fund | ||
Sovereign Risk — The risk that the issuer of the sovereign debt or the governmental authorities that control the repayment of the debt may be unable or unwilling to repay the principal or interest when due. | Goldman Sachs Core Fixed Income Fund. | ||
Political Risk — The risks associated with the general political and social environment of a country. These factors may include, among other things, government instability, poor socioeconomic conditions, corruption, lack of law and order, lack of democratic accountability, poor quality of the bureaucracy, internal and external conflict, and religious and ethnic tensions. High political risk can impede the economic welfare of a country. | |||
Economic Risk — The risks associated with the general economic environment of a country. These can encompass, among other things, low quality and growth rate of Gross Domestic Product (“GDP”), high inflation or deflation, high government deficits as a percentage of GDP, weak financial sector, overvalued exchange rate, and high current account deficits as a percentage of GDP. | |||
Repayment Risk — The risk associated with the inability of a country to pay its external debt obligations in the immediate future. Repayment risk factors may include but are not limited to high foreign debt as a percentage of GDP, high foreign debt service as a percentage of exports, low foreign exchange reserves as a percentage of short term debt or exports, and an unsustainable exchange rate structure. |
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Principal Risk | Funds Subject to Principal Risk | |
Stock Risk — The risk that stock prices have historically risen and fallen in periodic cycles. Recently, U.S. and foreign stock markets have experienced substantial price volatility. | Select International Equity Fund, Core Equity Fund, Select Growth Fund, Select Capital Appreciation Fund, Equity Index Fund and Select Value Opportunity Fund Goldman Sachs International Equity Fund, Goldman Sachs CORE U.S. Equity Fund, Goldman Sachs Capital Growth Fund, Goldman Sachs Growth Opportunities Fund and Goldman Sachs Mid Cap Value Fund | |
Geographic Risks — Concentration of the investments of the Fund in issuers located in a particular country or region will subject the Fund, to a greater extent than if investments were less concentrated, to risks of adverse securities markets, exchange rates and social, political, regulatory or economic events in that country or region. | Goldman Sachs International Equity Fund | |
IPO Risk — The risk that the market value of shares in an initial public offering of a company (an “IPO”) will fluctuate considerably due to factors such as the absence of a prior public market, unseasoned trading, the small number of shares available for trading and limited information about the issuer. The purchase of IPO shares may involve high transaction costs. IPO shares are subject to market risk and liquidity risk. When a Fund’s asset base is small, a significant portion of the Fund’s performance could be attributable to investments in IPOs, because such investments would have a magnified impact on the Fund. As the Fund’s assets grow, the effect of the Fund’s investments in IPOs on the Fund’s performance probably will decline, which could reduce the Fund’s performance. | Goldman Sachs Capital Growth Fund | |
Foreign Currency Trading Risk — The Fund’s investment adviser may purchase or sell foreign currencies through the use of forward contracts based on the investment adviser’s judgment regarding the direction of the market for a particular foreign currency or currencies. In pursuing this strategy, the investment adviser seeks to profit from anticipated movements in currency rates by establishing “long” and/or “short” positions in forward contracts on various foreign currencies. Foreign exchange rates can be extremely volatile and a variance in the degree of volatility of the market or in the direction of the market from the investment adviser’s expectations may produce significant losses to the Fund. | Goldman Sachs International Equity Fund and Goldman Sachs Core Fixed Income Fund |
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Principal Risk | Funds Subject to Principal Risk | |
Prepayment Risk — While mortgage backed securities may have a stated maturity, their expected maturities may vary when interest rates rise or fall. When interest rates fall, homeowners are more likely to prepay their mortgage loans which may result in an unforeseen loss of future interest income to a Fund. Also, because prepayments increase when interest rates fall, the prices of mortgage-backed securities do not increase as much as other fixed income securities when interest rates fall. | Government Bond Fund and Select Investment Grade Income Fund Goldman Sachs Government Income Fund and Goldman Sachs Core Fixed Income Fund | |
Banking Industry Risk — The risk that if the Fund invests more than 25% of its total assets in bank obligations, an adverse development in the banking industry may affect the value of the Fund’s investments more than if the Fund’s investments were not invested to such degree in the banking industry. Banks may be particularly susceptible to certain economic factors such as interest rate changes, adverse developments in the real estate market, fiscal and monetary policy and general economic cycles. | Goldman Sachs Money Market Fund | |
Company Risk — A Fund’s equity and fixed income investments in a company often fluctuate based on the firm’s actual and anticipated earnings, changes in management, product offerings and overall financial strength and the potential for takeovers and acquisitions. This is due to the fact that prices of securities react to the fiscal and business conditions of the company that issued the securities. Factors affecting a company’s particular industry, such as increased production costs, also may affect the value of its securities. | Select International Equity Fund, Core Equity Fund, Select Growth Fund, Select Capital Appreciation Fund, Equity Index Fund and Select Value Opportunity Fund Goldman Sachs International Equity Fund, Goldman Sachs CORE U.S. Equity Fund, Goldman Sachs Capital Growth Fund, Goldman Sachs Growth Opportunities Fund, Goldman Sachs Mid Cap Value Fund and Goldman Sachs Core Fixed Income Fund |
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1. | the structure and terms of the Transaction; | |
2. | the commitment of resources by GSAM to the management of the insurance business channel and to the growth of insurance assets under management; | |
3. | the high quality and depth of GSAM’s and GSAMI’s investment management teams and investment process; | |
4. | the ability of GSAM and GSAMI to manage investment products that are invested in different strategies and asset classes; | |
5. | that, unlike the AIT Funds, the GSVIT Funds are not managed through a “manager-of-managers” structure, in which the investment manager has the ability, subject to approval by the Trustees, to hire and terminate sub-advisers of a Fund; | |
6. | a comparison of the investment objectives, styles, portfolio characteristics and risk metrics of each AIT Fund and its Corresponding GSVIT Fund; | |
7. | the historical performance results, both on an absolute and risk-adjusted basis, of each AIT Fund and its Corresponding GSVIT Fund (for more information, see “Fund Performance Information” in the current prospectus of GSVIT that accompanies this Proxy/Prospectus), although no assurances can be given that a GSVIT Fund will achieve any particular level of performance after the Reorganizations; | |
8. | the terms of the Reorganization Agreement; | |
9. | information on GSVIT’s compliance program; |
10. | the current asset level of each AIT Fund and the combined pro forma asset level of the Corresponding GSVIT Fund; | |
11. | the potential benefits of the Reorganization of each AIT Fund to AFC and AFIMS; | |
12. | the expected U.S. federal income tax consequences of the Reorganization of each AIT Fund (see “Information about the Reorganizations — Federal Income Tax Consequences”); | |
13. | that each of AFC and Goldman Sachs would bear the expenses associated with each AIT Fund’s Reorganization; and | |
14. | the agreement of each of GSAM and GSAMI that, with respect to each GSVIT Fund, it will waive fees and/or reimburse expenses with respect to Service Shares of each such GSVIT Fund for a period of 18 months following the effective time of the Reorganization so that the total annual fund operating |
26
expenses of Service Shares of each GSVIT Fund do not exceed the following percentage of average daily net assets on an annual basis: |
Goldman Sachs International Equity Fund | 1.22% | |||
Goldman Sachs CORE U.S. Equity Fund | 0.81% | |||
Goldman Sachs Capital Growth Fund | 1.00% | |||
Goldman Sachs Growth Opportunities Fund | 1.14% | |||
Goldman Sachs Equity Index Fund | 0.44% | |||
Goldman Sachs Mid Cap Value Fund | 0.99% | |||
Goldman Sachs Government Income Fund | 0.68% | |||
Goldman Sachs Core Fixed Income Fund | 0.54% | |||
Goldman Sachs Money Market Fund | 0.49% |
27
AIT Funds | GSVIT Funds | ||
Select International Equity Fund | Goldman Sachs International Equity Fund | ||
Shares | Service Shares | ||
Core Equity Fund | Goldman Sachs CORE U.S. Equity Fund | ||
Shares | Service Shares | ||
Select Growth Fund | Goldman Sachs Capital Growth Fund | ||
Shares | Service Shares | ||
Select Capital Appreciation Fund | Goldman Sachs Growth Opportunities Fund | ||
Shares | Service Shares | ||
Equity Index Fund | Goldman Sachs Equity Index Fund | ||
Shares | Service Shares | ||
Select Value Opportunity Fund | Goldman Sachs Mid Cap Value Fund | ||
Shares | Service Shares | ||
Government Bond Fund | Goldman Sachs Government Income Fund | ||
Shares | Service Shares | ||
Select Investment Grade Income Fund | Goldman Sachs Core Fixed Income Fund | ||
Shares | Service Shares | ||
Money Market Fund | Goldman Sachs Money Market Fund | ||
Shares | Service Shares |
28
29
(1) | the Reorganization will constitute nine “reorganizations” within the meaning of section 368(a) of the Code, and each GSVIT Fund and AIT Fund will be a “party to a reorganization” within the meaning of section 368(b) of the Code; |
(2) | each AIT Fund will recognize no gain or loss (a) upon the transfer of its assets to the Corresponding GSVIT Fund in exchange for GSVIT Fund Service Shares and the assumption of the liabilities of the AIT Fund, and (b) upon the distribution of those Service Shares to the shareholders of the AIT Fund; |
(3) | each GSVIT Fund will recognize no gain or loss upon the receipt of the assets of the Corresponding AIT Fund in exchange for Service Shares of such GSVIT Fund and the assumption of the liabilities of such AIT Fund; |
(4) | the tax basis in the hands of each GSVIT Fund of each asset of the Corresponding AIT Fund transferred to such GSVIT Fund in the Reorganization will be the same as the basis of that asset in the hands of such AIT Fund immediately before the transfer; |
(5) | the holding period of each asset of each AIT Fund in the hands of the Corresponding GSVIT Fund will include the period during which that asset was held by such AIT Fund; |
(6) | the shareholders of each AIT Fund will recognize no gain or loss upon their receipt of Service Shares of the Corresponding GSVIT Fund; |
(7) | the aggregate tax basis of the GSVIT Fund Service Shares received by each shareholder of the Corresponding AIT Fund will equal the aggregate tax basis of the AIT Fund shares surrendered in exchange therefor; |
(8) | the holding periods of the GSVIT Fund Service Shares received by each AIT Fund shareholder will include the holding periods of the AIT Fund shares surrendered in exchange therefor, provided that the AIT Fund shares are held by that shareholder as capital assets on the date of the exchange; and |
(9) | each GSVIT Fund will succeed to and take into account the tax attributes of the Corresponding AIT Fund described in section 381(c) of the Code, subject to the conditions and limitations specified in sections 381, 382, 383 and 384 of the Code and the Treasury Regulations thereunder. |
30
Select | Goldman Sachs | |||||||
International | International | Combined Fund | ||||||
Equity Fund | Equity Fund | Adjustments | Pro Forma | |||||
Net Assets: | $290,266 | $— | $(946) | $289,320 | ||||
(Service Shares) | (Service Shares) | |||||||
Net Asset Value Per Share: | $1.245 | $— | $9.105 | $10.35 | ||||
(Service Shares) | (Service Shares) | |||||||
Shares Outstanding: | 233,058 | — | (205,104) | 27,954 | ||||
(Service Shares) | (Service Shares) |
* | The Service Shares of the Goldman Sachs International Equity Fund have not been offered to investors as of the date of this Proxy/ Prospectus. |
Goldman Sachs | ||||||||
Core Equity | CORE U.S. | Combined Fund | ||||||
Fund | Equity Fund | Adjustments | Pro Forma | |||||
Net Assets: | $296,207 | $— | $— | $296,207 | ||||
(Service Shares) | (Service Shares) | |||||||
Net Asset Value Per Share: | $1.695 | $— | $10.395 | $12.09 | ||||
(Service Shares) | (Service Shares) | |||||||
Shares Outstanding: | 174,712 | — | (150,212) | 24,500 | ||||
(Service Shares) | (Service Shares) |
* | The Service Shares of the Goldman Sachs CORE U.S. Equity Fund have not been offered to investors as of the date of this Proxy/ Prospectus. |
Goldman Sachs | ||||||||
Select Growth | Capital Growth | Combined Fund | ||||||
Fund | Fund | Adjustments | Pro Forma | |||||
Net Assets: | $458,200 | $— | $— | $458,200 | ||||
(Service Shares) | (Service Shares) | |||||||
Net Asset Value Per Share: | $1.523 | $— | $8.557 | $10.08 | ||||
(Service Shares) | (Service Shares) | |||||||
Shares Outstanding: | 300,785 | — | (255,329) | 45,456 | ||||
(Service Shares) | (Service Shares) |
* | The Service Shares of the Goldman Sachs Capital Growth Fund have not been offered to investors as of the date of this Proxy/ Prospectus. |
31
Goldman Sachs | ||||||||||||
Select Capital | Growth | |||||||||||
Appreciation | Opportunities | Combined Fund | ||||||||||
Fund | Fund | Adjustments | Pro Forma | |||||||||
Net Assets: | $271,476 | $— | $— | $271,476 | ||||||||
(Service Shares) | (Service Shares) | |||||||||||
Net Asset Value Per Share: | $2.323 | $— | $7.677 | $10.00 | ||||||||
(Service Shares) | (Service Shares) | |||||||||||
Shares Outstanding: | 116,842 | — | (89,694) | 27,148 | ||||||||
(Service Shares) | (Service Shares) |
* | The Goldman Sachs Growth Opportunities Fund has not commenced operations as of the date of this Proxy/ Prospectus. |
Equity Index | Goldman Sachs | Combined Fund | ||||||||||
Fund | Equity Index Fund | Adjustments | Pro Forma | |||||||||
Net Assets: | $520,874 | $— | $— | $520,874 | ||||||||
(Service Shares) | (Service Shares) | |||||||||||
Net Asset Value Per Share: | $2.618 | $— | $7.382 | $10.00 | ||||||||
(Service Shares) | (Service Shares) | |||||||||||
Shares Outstanding: | 198,932 | — | (146,845) | 52,087 | ||||||||
(Service Shares) | (Service Shares) |
* | The Goldman Sachs Equity Index Fund has not commenced operations as of the date of this Proxy/ Prospectus. |
Select Value | Goldman Sachs | |||||||||||
Opportunity | Mid Cap Value | Combined Fund | ||||||||||
Fund | Fund | Adjustments | Pro Forma | |||||||||
Net Assets: | $307,565 | $— | $— | $307,565 | ||||||||
(Service Shares) | (Service Shares) | |||||||||||
Net Asset Value Per Share: | $2.266 | — | $13.964 | $16.23 | ||||||||
(Service Shares) | (Service Shares) | |||||||||||
Shares Outstanding: | 135,757 | — | (116,807) | 18,950 | ||||||||
(Service Shares) | (Service Shares) |
* | The Service Shares of the Goldman Sachs Mid Cap Value Fund have not been offered to investors as of the date of this Proxy/ Prospectus. |
32
Goldman Sachs | ||||||||||||
Government | Government | Combined Fund | ||||||||||
Bond Fund | Income Fund | Adjustments | Pro Forma | |||||||||
Net Assets: | $116,238 | $— | $— | $116,283 | ||||||||
(Service Shares) | (Service Shares) | |||||||||||
Net Asset Value Per Share: | $1.082 | $— | $8.918 | $10.00 | ||||||||
(Service Shares) | (Service Shares) | |||||||||||
Shares Outstanding: | 107,389 | — | (95,765) | 11,624 | ||||||||
(Service Shares) | (Service Shares) |
* | The Goldman Sachs Government Income Fund has not commenced operations as of the date of this Proxy/ Prospectus. |
Select | ||||||||||||
Investment | Goldman Sachs | |||||||||||
Grade Income | Core Fixed Income | Combined Fund | ||||||||||
Fund | Fund | Adjustments | Pro Forma | |||||||||
Net Assets: | $367,911 | $— | $— | $367,911 | ||||||||
(Service Shares) | (Service Shares) | |||||||||||
Net Asset Value Per Share: | $1.084 | $— | $8.916 | $10.00 | ||||||||
(Service Shares) | (Service Shares) | |||||||||||
Shares Outstanding: | 339,348 | — | (302,557) | 36,791 | ||||||||
(Service Shares) | (Service Shares) |
* | The Goldman Sachs Government Income Fund has not commenced operations as of the date of this Proxy/ Prospectus. |
Goldman Sachs | ||||||||||||
Money Market | Money Market | Combined Fund | ||||||||||
Fund | Fund | Adjustments | Pro Forma | |||||||||
Net Assets: | $251,228 | $— | $(79) | $251,149 | ||||||||
(Service Shares) | (Service Shares) | |||||||||||
Net Asset Value Per Share: | $1.00 | $— | $— | $1.00 | ||||||||
(Service Shares) | (Service Shares) | |||||||||||
Shares Outstanding: | 251,149 | — | — | 251,149 | ||||||||
(Service Shares) | (Service Shares) |
* | The Goldman Sachs Money Market Fund has not commenced operations as of the date of this Proxy/ Prospectus. |
33
(a) | Select International Equity Fund: Seeks maximum long-term total return (capital appreciation and income) primarily by investing in common stocks of established non-U.S. companies. |
(b) | Goldman Sachs International Equity Fund: Seeks long-term capital appreciation. The GSVIT Fund seeks this objective by investing in the stocks of leading companies within developed and emerging countries around the world, outside the U.S. |
• | Stocks — valuation, quality of management, and improving fundamentals; | |
• | Countries — stock market valuation, positive GDP trends, positive market sentiment, and industrial competitiveness; and | |
• | Currencies — export and producer price parity, balance of payments and interest rate differential. |
34
(a) | Core Equity Fund: Seeks to achieve long-term growth of capital through investments primarily in common stocks and securities convertible into common stocks that are believed to represent significant underlying value in relation to current market prices. Realization of current income, if any, is incidental to this objective. |
(b) | Goldman Sachs CORE U.S. Equity Fund: Seeks long-term growth of capital and dividend income. The GSVIT Fund seeks this objective through a broadly diversified portfolio of large-cap and blue chip equity investments representing all major sectors of the U.S. economy. |
35
(a) | Select Growth Fund: Seeks long-term growth of capital by investing in a diversified portfolio consisting primarily of common stock selected on the basis of their long-term growth potential. |
(b) | Goldman Sachs Capital Growth Fund: Seeks long-term growth of capital. |
(a) | Select Capital Appreciation Fund: Seeks long-term growth of capital. Realization of income is not a significant investment consideration and any income realized on the AIT Fund’s investments will be incidental to its primary objective. |
(b) | Goldman Sachs Growth Opportunities Fund: Seeks long-term growth of capital. |
36
(a) | Equity Index Fund: Seeks to achieve investment results that correspond to the aggregate price and yield performance of a representative selection of common stocks that are publicly traded in the United States. |
(b) | Goldman Sachs Equity Index Fund: Seeks to achieve investment results that correspond to the aggregate price and yield performance of a benchmark index that measures the investment returns of large capitalization stocks. |
(a) | Select Value Opportunity Fund: Seeks long-term growth of capital by investing primarily in a diversified portfolio of common stocks of small and mid-size companies, whose securities at the time of purchase are considered by the sub-adviser to be undervalued. |
(b) | Goldman Sachs Mid Cap Value Fund: Seeks long-term capital appreciation. |
37
Government Bond Fund and Goldman Sachs Government Income Fund |
(a) | Government Bond Fund: Seeks high income, preservation of capital and maintenance of liquidity primarily through investments in debt instruments issued or guaranteed by the U.S. Government, its agencies or instrumentalities (“U.S. Government Securities”) and in related options, futures and repurchase agreements. |
(b) | Goldman Sachs Government Income Fund: Seeks a high level of current income, consistent with safety of principal. |
38
Duration* (under normal interest rate conditions): | Target = Lehman Brothers Government/Mortgage Index plus or minus 1 year Maximum = 6 years | |
Expected Approximate Interest Rate Sensitivity: | 5-year U.S. Treasury note | |
Credit Quality: | U.S. Government Securities; non-U.S. Government Securities rated AAA or Aaa by a NRSRO at the time of purchase or, if unrated, determined by GSAM to be of comparable quality |
* | The GSVIT Fund’s duration approximates its price sensitivity to changes in interest rates. |
Select Investment Grade Income Fund and Goldman Sachs Core Fixed Income Fund |
(a) | Select Investment Grade Income Fund: Seeks as high a level of total return, including capital appreciation as well as income as is consistent with prudent investment management. |
(b) | Goldman Sachs Core Fixed Income Fund: Seeks a total return consisting of capital appreciation and income that exceeds the total return of the Lehman Brothers Aggregate Bond Index (the “Index”). |
39
Duration* (under normal interest rate conditions): | Target = Lehman Brothers Aggregate Bond Index plus or minus one year Maximum = 6 years | |
Expected Approximate Interest Rate Sensitivity: | 5-year U.S. Treasury note | |
Credit Quality: | Minimum = BBB- or Baa3 at time of purchase. Securities will either be rated by a NRSRO or, if unrated, determined by GSAM to be of comparable quality |
* | The GSVIT Fund’s duration approximates its price sensitivity to changes in interest rates. |
Money Market Fund and Goldman Sachs Money Market Fund |
(a) | Money Market Fund: Seeks to obtain maximum current income consistent with preservation of capital and liquidity. |
(b) | Goldman Sachs Money Market Fund: Seeks to maximize current income to the extent consistent with preservation of capital and the maintenance of liquidity by investing exclusively in high quality money market instruments. |
40
10 Percent of total assets (including securities | |||||||||||||||||
lending collateral) (Italic type) | |||||||||||||||||
10 Percent of net assets (excluding borrowings | |||||||||||||||||
for investment purposes) (Roman Type) | |||||||||||||||||
• No specific % limitation on usage; limited | Goldman Sachs | Select | Goldman Sachs | ||||||||||||||
only by the objective and strategies of the | International | International | CORE | ||||||||||||||
Fund | Equity | Equity | U.S. Equity | Core | |||||||||||||
— Not permitted | Fund | Fund | Fund | Equity Fund | |||||||||||||
Investment Practices | |||||||||||||||||
Borrowings | 33 | 1/3 | 33 | 1/3 | 33 | 1/3 | 33 | 1/3 | |||||||||
Cross Hedging of Currencies | • | • | • | — | |||||||||||||
Currency Swaps | 15 | 1 | — | — | — | ||||||||||||
Custodial Receipts and Trust Certificates | • | — | • | — | |||||||||||||
Equity Swaps | 15 | 1 | — | 15 | 1 | — | |||||||||||
Foreign Currency Transactions | • | • | • | 2 | • | ||||||||||||
Forward Commitments | • | — | • | — | |||||||||||||
Futures Contracts and Options on Futures Contracts | • | • | • | 3 | • | ||||||||||||
Investment Company Securities (including iShares SM and Standard & Poor’s Depositary Receipts™ ) | 10 | 10 | 10 | 10 | |||||||||||||
Options on Foreign Currencies2,4 | • | • | • | • | |||||||||||||
Options on Securities and Securities Indices5 | • | • | • | • | |||||||||||||
Repurchase Agreements | • | 30 | • | 30 | |||||||||||||
Restricted Securities | 15 | 15 | 15 | 15 | |||||||||||||
Securities Lending | 33 | 1/3 | 33 | 1/3 | 33 | 1/3 | 33 | 1/3 | |||||||||
Short Sales Against the Box | 25 | — | — | — | |||||||||||||
Unseasoned Companies | • | — | • | — | |||||||||||||
Warrants and Stock Purchase Rights | • | — | • | • | |||||||||||||
When-Issued Securities | • | • | • | • |
1. | Limited to 15% of a GSVIT Fund’s net assets (together with other illiquid securities) for all structured securities which are not deemed to be liquid and all swap transactions. |
2. | Limited by the amount the GSVIT Funds invest in foreign securities. |
3. | The Goldman Sachs CORE U.S. Equity Fund may enter into futures transactions only with respect to the S&P 500® Index. |
4. | The GSVIT Funds and the AIT Funds may purchase and sell call and put options. |
5. | The GSVIT Funds and the AIT Funds may sell covered call and put options and purchase call and put options. |
41
10 Percent of total assets (including securities | |||||||||||||||||
lending collateral) (Italic type) | |||||||||||||||||
10 Percent of net assets (excluding borrowings | |||||||||||||||||
for investment purposes) (Roman Type) | |||||||||||||||||
• No specific % limitation on usage; limited | Goldman Sachs | ||||||||||||||||
only by the objective and strategies of the | Goldman Sachs | Growth | Select Capital | ||||||||||||||
Fund | Capital Growth | Select | Opportunities | Appreciation | |||||||||||||
— Not permitted | Fund | Growth Fund | Fund | Fund | |||||||||||||
Investment Practices | |||||||||||||||||
Borrowings | 33 | 1/3 | 33 | 1/3 | 33 | 1/3 | 33 | 1/3 | |||||||||
Cross Hedging of Currencies | • | • | • | • | |||||||||||||
Currency Swaps | — | — | — | • | |||||||||||||
Custodial Receipts and Trust Certificates | • | — | • | — | |||||||||||||
Equity Swaps | 15 | 1 | — | 15 | 1 | • | |||||||||||
Foreign Currency Transactions | • | 2 | • | • | 2 | • | |||||||||||
Forward Commitments | • | — | • | • | |||||||||||||
Futures Contracts and Options on Futures Contracts | • | • | • | • | |||||||||||||
Investment Company Securities (including iShares SM and Standard & Poor’s Depositary Receipts TM) | 10 | 10 | 10 | 10 | |||||||||||||
Options on Foreign Currencies2,3 | • | • | • | • | |||||||||||||
Options on Securities and Securities Indices4 | • | • | • | • | |||||||||||||
Repurchase Agreements | • | 30 | • | 30 | |||||||||||||
Restricted Securities | 15 | 15 | 15 | 15 | |||||||||||||
Securities Lending | 33 | 1/3 | 33 | 1/3 | 33 | 1/3 | 33 | 1/3 | |||||||||
Short Sales Against the Box | 25 | — | 25 | — | |||||||||||||
Unseasoned Companies | • | — | • | — | |||||||||||||
Warrants and Stock Purchase Rights | • | • | • | • | |||||||||||||
When-Issued Securities | • | • | • | • |
1. | Limited to 15% of a GSVIT Fund’s net assets (together with other illiquid securities) for all structured securities which are not deemed to be liquid and all swap transactions. |
2. | Limited by the amount the GSVIT Funds invest in foreign securities. |
3. | The GSVIT Funds and the AIT Funds may purchase and sell call and put options. |
4. | The GSVIT Funds and the AIT Funds may sell covered call and put options and purchase call and put options. |
42
10 Percent of total assets (including securities | |||||||||||||||||
lending collateral) (Italic type) | |||||||||||||||||
10 Percent of net assets (excluding borrowings | |||||||||||||||||
for investment purposes) (Roman Type) | |||||||||||||||||
• No specific % limitation on usage; limited | |||||||||||||||||
only by the objective and strategies of the | Goldman Sachs | Goldman Sachs | Select Value | ||||||||||||||
Fund | Equity Index | Equity | Mid Cap | Opportunity | |||||||||||||
— Not permitted | Fund | Index Fund | Value Fund | Fund | |||||||||||||
Investment Practices | |||||||||||||||||
Borrowings | 33 | 1/3 | 33 | 1/3 | 33 | 1/3 | 33 | 1/3 | |||||||||
Cross Hedging of Currencies | — | — | • | — | |||||||||||||
Currency Swaps | • | — | — | — | |||||||||||||
Custodial Receipts and Trust Certificates | • | — | • | — | |||||||||||||
Equity Swaps | 15 | 1 | — | 15 | 1 | — | |||||||||||
Foreign Currency Transactions | • | 2 | — | • | 2 | — | |||||||||||
Forward Commitments | • | — | • | — | |||||||||||||
Futures Contracts and Options on Futures Contracts | • | • | • | • | |||||||||||||
Investment Company Securities (including iShares SM and Standard & Poor’s Depositary Receipts™ ) | 10 | 10 | 10 | 10 | |||||||||||||
Options on Foreign Currencies2,3 | • | — | • | • | |||||||||||||
Options on Securities and Securities Indices4 | • | • | • | • | |||||||||||||
Repurchase Agreements | • | 30 | • | 30 | |||||||||||||
Restricted Securities | 15 | 15 | 15 | 15 | |||||||||||||
Securities Lending | 33 | 1/3 | 33 | 1/3 | 33 | 1/3 | 33 | 1/3 | |||||||||
Short Sales Against the Box | — | — | 25 | — | |||||||||||||
Unseasoned Companies | • | — | • | — | |||||||||||||
Warrants and Stock Purchase Rights | • | • | • | — | |||||||||||||
When-Issued Securities | • | • | • | • |
1. | Limited to 15% of a GSVIT Fund’s net assets (together with other illiquid securities) for all structured securities which are not deemed to be liquid and all swap transactions. |
2. | Limited by the amount the GSVIT Funds invest in foreign securities. |
3. | The GSVIT Funds and the AIT Funds may purchase and sell call and put options. |
4. | The GSVIT Funds and the AIT Funds may sell covered call and put options and purchase call and put options. |
43
10 Percent of total assets (excluding securities | |||||||||||||||||
lending collateral) (Italic type) | |||||||||||||||||
10 Percent of net assets (including borrowings | |||||||||||||||||
for investment purposes) (Roman Type) | |||||||||||||||||
• No specific % limitation on usage; limited | Goldman Sachs | ||||||||||||||||
only by the objective and strategies of the | Goldman Sachs | Select | CORE | ||||||||||||||
Fund | International | International | U.S. Equity | Core | |||||||||||||
— Not permitted | Equity Fund | Equity Fund | Fund | Equity Fund | |||||||||||||
Investment Securities | |||||||||||||||||
American Depositary Receipts | • | • | • | • | |||||||||||||
Asset-Backed Securities | • | 1 | — | — | • | ||||||||||||
Bank Obligations | • | 1,2 | — | • | 1 | — | |||||||||||
Convertible Securities | • | 3 | — | • | 4 | • | |||||||||||
Corporate Debt Obligations | • | 1,3 | • | • | 1 | • | |||||||||||
Equity Investments | 80+ | 80+ | 90+ | 80+ | |||||||||||||
Emerging Country Securities | • | 10 | — | • | |||||||||||||
European Depository Receipts | • | • | — | — | |||||||||||||
Fixed Income Securities | 20 | 1,3 | 20 | 10 | 1,3 | • | |||||||||||
Foreign Securities | • | • | • | 5 | 25 | ||||||||||||
Global Depositary Receipts | • | • | • | — | |||||||||||||
Mortgage-Backed Securities | • | 1 | — | — | — | ||||||||||||
Non-Investment Grade Fixed Income Securities | • | 1,6 | — | — | 10 | 6 | |||||||||||
Real Estate Investment Trusts (“REITs”) | • | • | • | • | |||||||||||||
Structured Securities | • | 7 | — | • | 7 | — | |||||||||||
Temporary Investments | 100 | • | 35 | • | |||||||||||||
U.S. Government Securities | • | 1 | • | • | 1 | • |
1. | Limited by the amount a GSVIT Fund invests in fixed-income securities. The Goldman Sachs CORE U.S. Equity Fund is limited to cash equivalents only. |
2. | Issued by U.S. or foreign banks. |
3. | With respect to the GSVIT Funds, fixed-income securities must be investment grade (i.e., BBB or higher by Standard & Poor’s Rating Group (“Standard & Poor’s”) or Baa or higher by Moody’s Investors Service, Inc. (“Moody’s”) or have a comparable rating by another NRSRO at the time of investment. The Goldman Sachs International Equity Fund uses the same rating criteria for convertible and non-convertible debt securities. |
4. | The Goldman Sachs CORE U.S. Equity Fund has no minimum rating criteria for convertible debt securities. |
5. | Equity securities of foreign issuers must be traded in the United States. |
6. | May be BB or lower by Standard & Poor’s, Ba or lower by Moody’s or have a comparable rating by another NRSRO at the time of investment. |
7. | Limited to 15% of net assets (together with other illiquid securities) for all structured securities which are not deemed to be liquid and all swap transactions. |
44
10 Percent of total assets (excluding securities | |||||||||||||||||
lending collateral) (Italic type) | |||||||||||||||||
10 Percent of net assets (including borrowings | |||||||||||||||||
for investment purposes) (Roman Type) | |||||||||||||||||
• No specific % limitation on usage; limited | Goldman | Goldman Sachs | |||||||||||||||
only by the objective and strategies of the | Sachs | Growth | Select Capital | ||||||||||||||
Fund | Capital Growth | Select | Opportunities | Appreciation | |||||||||||||
— Not permitted | Fund | Growth Fund | Fund | Fund | |||||||||||||
Investment Securities | |||||||||||||||||
American Depositary Receipts | • | • | • | • | |||||||||||||
Asset-Backed Securities | • | 1 | • | • | 1 | • | |||||||||||
Bank Obligations | • | 1 | — | • | 1 | — | |||||||||||
Convertible Securities | • | 2 | • | • | 2 | • | |||||||||||
Corporate Debt Obligations | • | 1,2 | • | • | 1,2 | • | |||||||||||
Equity Investments | 90+ | 80+ | 90+ | 50+ | |||||||||||||
Emerging Country Securities | 10 | 3 | • | 10 | 3 | • | |||||||||||
European Depository Receipts | • | — | • | • | |||||||||||||
Fixed Income Securities | • | 1,2 | 20 | • | 1,2 | • | |||||||||||
Foreign Securities | 10 | 3 | 25 | 10 | 3 | • | |||||||||||
Foreign Government Securities | — | — | |||||||||||||||
Global Depositary Receipts | • | — | • | • | |||||||||||||
Mortgage-Backed Securities | • | 1 | — | • | 1 | — | |||||||||||
Non-Investment Grade Fixed Income Securities | 10 | 1,4 | 15 | 4 | 10 | 4 | 5 | 4 | |||||||||
Real Estate Investment Trusts (“REITs”) | • | — | • | — | |||||||||||||
Structured Securities | • | 5 | — | • | 5 | — | |||||||||||
Temporary Investments | 100 | 100 | 100 | 100 | |||||||||||||
U.S. Government Securities | • | 1 | • | • | 1 | • |
1. | Limited by the amount a GSVIT Fund invests in fixed-income securities. |
2. | With respect to the GSVIT Funds, fixed-income securities must be investment grade (i.e., BBB or higher by Standard & Poor’s or Baa or higher by Moody’s or have a comparable rating by another NRSRO at the time of investment. The Goldman Sachs Capital Growth Fund uses the same rating criteria for convertible and non-convertible debt securities. |
3. | The Goldman Sachs Capital Growth Fund and Goldman Sachs Growth Opportunities Fund may invest in the aggregate up to 10% of its total assets in foreign securities, including emerging country securities. |
4. | May be BB or lower by Standard & Poor’s, Ba or lower by Moody’s or have a comparable rating by another NRSRO at the time of investment. |
5. | Limited to 15% of net assets (together with other illiquid securities) for all structured securities which are not deemed to be liquid and all swap transactions. |
45
10 Percent of total assets (excluding securities | |||||||||||||||||
lending collateral) (Italic type) | |||||||||||||||||
10 Percent of net assets (including borrowings | |||||||||||||||||
for investment purposes) (Roman Type) | |||||||||||||||||
• No specific % limitation on usage; limited | |||||||||||||||||
only by the objective and strategies of the | Goldman Sachs | Goldman Sachs | Select Value | ||||||||||||||
Fund | Equity Index | Equity | Mid Cap | Opportunity | |||||||||||||
— Not permitted | Fund | Index Fund | Value Fund | Fund | |||||||||||||
Investment Securities | |||||||||||||||||
American Depositary Receipts | • | • | • | • | |||||||||||||
Asset-Backed Securities | — | — | • | 1 | — | ||||||||||||
Bank Obligations | • | 1 | — | • | 1 | — | |||||||||||
Convertible Securities | • | 2 | • | • | 2 | — | |||||||||||
Corporate Debt Obligations | • | 1,2 | • | • | 1,2 | — | |||||||||||
Equity Investments | 80+ | 80+ | 80+ | 80+ | |||||||||||||
Emerging Country Securities | — | • | 25 | 3 | • | ||||||||||||
European Depository Receipts | — | — | • | — | |||||||||||||
Fixed Income Securities | 20 | 1,2 | • | 20 | 2,4 | • | |||||||||||
Foreign Securities | 15 | 5 | • | 25 | 3 | 25 | |||||||||||
Foreign Government Securities | — | • | — | — | |||||||||||||
Global Depositary Receipts | • | — | • | — | |||||||||||||
Mortgage-Backed Securities | — | — | • | 1 | — | ||||||||||||
Non-Investment Grade Fixed Income Securities | — | — | 10 | 6 | — | ||||||||||||
Real Estate Investment Trusts (“REITs”) | • | • | • | — | |||||||||||||
Structured Securities | • | 7 | — | • | 7 | — | |||||||||||
Temporary Investments | 35 | • | 100 | • | |||||||||||||
U.S. Government Securities | • | 1 | — | • | 1 | — |
1. | Limited by the amount a GSVIT Fund invests in fixed-income securities. The Goldman Sachs Equity Index Fund is limited to cash equivalents only. | |
2. | With respect to a GSVIT Fund, fixed-income securities must be investment grade (i.e., BBB or higher by Standard & Poor’s or Baa or higher by Moody’s or have a comparable rating by another NRSRO at the time of investment. The Goldman Sachs Mid-Cap Value Fund uses the same rating criteria for convertible and non-convertible securities. The Goldman Sachs Equity Index Fund has no minimum rating criteria for convertible securities. | |
3. | The Goldman Sachs Mid Cap Value Fund may invest in the aggregate up to 25% of its total assets in foreign securities, including emerging country securities. | |
4. | The Goldman Sachs Mid Cap Value Fund may invest in the aggregate up to 20% of its Net Assets in: (1) securities of companies with public stock market capitalizations outside the range of companies constituting the Russell Midcap Value Index at the time of investment; and (2) fixed-income securities. | |
5. | Equity securities of foreign issuers must trade in the United States for the Goldman Sachs Equity Index Fund. | |
6. | Must be B or higher by Standard & Poor’s, B or higher by Moody’s or have a comparable rating by another NRSRO at the time of investment. | |
7. | Limited to 15% of net assets (together with other illiquid securities) for all structured securities which are not deemed to be liquid and all swap transactions. |
46
10 Percent of total assets (including securities | |||||||||||||||||
lending collateral) (Italic type) | |||||||||||||||||
10 Percent of net assets (excluding borrowings | |||||||||||||||||
for investment purposes) (Roman Type) | Select | ||||||||||||||||
• No specific % limitation on usage; limited only | Goldman Sachs | Goldman Sachs | Investment | ||||||||||||||
by the objective and strategies of the Fund | Government | Government | Core Fixed | Grade Income | |||||||||||||
— Not permitted | Income Fund | Bond Fund | Income Fund | Fund | |||||||||||||
Investment Practices | |||||||||||||||||
Borrowings | 33 | 1/3 | 33 | 1/3 | 33 | 1/3 | 33 | 1/3 | |||||||||
Credit, Interest Rate and Total Return Swaps | • | 1 | — | • | 1 | — | |||||||||||
Currency Options and Futures | — | — | • | — | |||||||||||||
Cross Hedging of Currencies | — | — | • | — | |||||||||||||
Currency Swaps | — | — | • | 1 | — | ||||||||||||
Financial Futures Contracts | • | • | • | • | |||||||||||||
Forward Commitments | • | • | • | • | |||||||||||||
Forward Foreign Currency Exchange Contracts | — | — | • | — | |||||||||||||
Interest Rate Floors, Caps and Collars | • | — | • | — | |||||||||||||
Mortgage Dollar Rolls | • | — | • | • | |||||||||||||
Mortgage Swaps | • | 1 | — | • | 1 | — | |||||||||||
Options (including Options on Futures) | • | • | • | • | |||||||||||||
Options on Foreign Currencies | — | — | • | • | |||||||||||||
Repurchase Agreements | • | 30 | • | 2 | 30 | ||||||||||||
Securities Lending | 33 | 1/3 | 33 | 1/3 | 33 | 1/3 | 33 | 1/3 | |||||||||
When-Issued Securities | • | • | • | • | |||||||||||||
10 Percent of total assets (excluding securities lending collateral) (Italic type) 10 Percent of net assets (including borrowings for investment purposes) (Roman Type) • No specific % limitation on usage; limited only by the objective and strategies of the Fund — Not permitted | |||||||||||||||||
Investment Securities | |||||||||||||||||
Asset-Backed Securities | • | 20 | • | 20 | |||||||||||||
Bank Obligations | • | • | • | • | |||||||||||||
Convertible Securities | — | — | • | — | |||||||||||||
Corporate Debt Obligations and Trust Preferred Securities | • | — | • | • | |||||||||||||
Emerging Country Securities | — | — | 10 | 3 | • | ||||||||||||
Floating and Variable Rate Obligations | • | — | • | • | |||||||||||||
Foreign Securities | — | — | • | 3 | • | ||||||||||||
Mortgage-Backed Securities | |||||||||||||||||
Adjustable Rate Mortgage Loans | • | • | • | • | |||||||||||||
Collateralized Mortgage Obligations | • | • | • | • | |||||||||||||
Fixed Rate Mortgage Loans | • | • | • | • | |||||||||||||
Government Issued Mortgaged-Backed Securities | • | • | • | • | |||||||||||||
Multiple Class Mortgage-Backed Securities | • | • | • | • | |||||||||||||
Privately Issued Mortgage-Backed Securities | • | • | • | • | |||||||||||||
Stripped Mortgage-Backed Securities | • | • | • | • | |||||||||||||
Restricted Securities | 15 | 15 | 15 | 1 | 15 | ||||||||||||
Structured Securities | • | 1 | — | • | 1 | — | |||||||||||
Taxable Municipal Securities | • | • | • | — | |||||||||||||
Tax-Free Municipal Securities | • | • | • | — | |||||||||||||
Temporary Investments | • | • | • | • | |||||||||||||
U.S. Government Securities | 80+ | 80+ | • | • | |||||||||||||
Yield Curve Options and Inverse Floating Rate Securities | • | — | • | — |
1. | The GSVIT Funds are limited to 15% of net assets (together with other illiquid securities) for all structured securities which are not deemed to be liquid and all swap transactions. |
2. | The Goldman Sachs Core Fixed Income Fund may enter into repurchase agreements collateralized by securities issued by foreign governments. |
3. | Of the Goldman Sachs Core Fixed Income Fund’s investments in foreign securities, 10% of the GSVIT Fund’s total assets in the aggregate may be invested in emerging countries securities. For the Goldman Sachs Core Fixed Income Fund, foreign securities may include issuers domiciled in one country and issuing securities denominated in the currency of another. The Goldman Sachs Core Fixed Income Fund may invest up to 25% of its total assets in securities not denominated in U.S. dollars (unless the GSVIT Fund’s position is hedged against currency risk). |
47
• No specific % limitation on usage; limited only by the | Goldman Sachs | |||||||
objective and strategies of the Fund | Money Market Fund | Money Market Fund | ||||||
Investment Policies | ||||||||
U.S. Treasury Obligations1 | • | • | ||||||
U.S. Government Securities | • | • | ||||||
Bank Obligations | • | • | ||||||
Over 25% of total assets must be invested in U.S. and foreign (US$) banks2 | U.S. and foreign (US$) banks | |||||||
Commercial Paper | • | • | ||||||
U.S. and foreign (US$) commercial paper | ||||||||
Short-Term Obligations of Corporations and Other Entities | • | • | ||||||
U.S. and foreign (US$) entities | U.S. and foreign (US$) entities | |||||||
Repurchase Agreements | • | 1003 | ||||||
Asset-Backed and Receivables-Backed Securities4 | • | Up to 20% of total assets | ||||||
Foreign Government Obligations (US$) | •5 | • | ||||||
Foreign Securities | •6 | •7 | ||||||
When-Issued Securities and Forward Commitments | • | • | ||||||
Municipal Securities | •8 | • | ||||||
Custodial Receipts | • | • | ||||||
Restricted Securities | Up to 10% of total assets | Up to 10% of total assets | ||||||
Unrated Securities9 | • | • | ||||||
Investment Companies | • | • | ||||||
Up to 10% of total assets in other investment companies | Up to 10% of total assets in other investment companies | |||||||
Private Activity Bonds | • | • | ||||||
Credit Quality | First Tier10 | First or Second Tier10,11 | ||||||
Miscellaneous | Reverse repurchase agreements not permitted | May enter into Stand-By Commitments. Reverse repurchase agreements not permitted |
1. | Issued or guaranteed by the U.S. Treasury. |
2. | If adverse economic conditions prevail in the banking industry (such as substantial losses on loans, increases in non-performing assets and charge-offs and declines in total deposits) the Goldman Sachs Money Market Fund may, for temporary defensive purposes, invest less than 25% of its total assets in bank obligations. |
3. | The Money Market Fund of AIT, however, may not invest more than 10% of its total assets taken at current value in repurchase agreements extending for more than seven days and in other securities which are not readily marketable. |
4. | To the extent required by Rule 2a-7, asset-backed and receivables-backed securities will be rated by the requisite number of NRSROs. |
5. | The Goldman Sachs Money Market Fund may invest in U.S. dollar-denominated obligations (limited to commercial paper and other notes) issued or guaranteed by a foreign government. The Goldman Sachs Money Market Fund may not invest more than 25% of its total assets in the securities of any one foreign government. |
6. | The Goldman Sachs Money Market Fund may also invest in U.S. dollar denominated obligations issued or guaranteed by any entity located or organized in a foreign country that maintains a short-term foreign currency rating in the highest short-term ratings category by the requisite number of NRSROs. |
7. | The Money Market Fund of AIT may not invest more than 25% of its assets in foreign debt obligations. |
8. | The Goldman Sachs Money Market Fund will only make such investments when yields on such securities are attractive compared to other taxable investments. |
9. | To the extent permitted by Rule 2a-7, securities without short-term ratings may be purchased if they are deemed to be of comparable quality to First Tier Securities or to the extent that an AIT Fund may purchase Second Tier Securities, comparable in quality to second tier securities. In addition, a Money Market Fund holding a security supported by a guarantee or demand feature may rely on the credit quality of the guarantee or demand feature in determining the credit quality of the investment. |
10. | First Tier Securities are (a) rated in the highest short-term rating category by at least two NRSROs, or if only one NRSRO has assigned a rating by that NRSRO or (b) issued or guaranteed by, or otherwise allow a Fund under certain conditions to demand payment from an entity with such ratings. U.S. Government Securities are considered First Tier Securities. |
48
11. | Second Tier securities are (a) rated in the top two short-term rating categories by at least two NRSROs, or if only one NRSRO has assigned a rating, by that NRSRO; or (b) issued or guaranteed by, or otherwise allow a Fund under certain conditions to demand payment from an entity with such ratings. |
1 | As a matter of non-fundamental policy that may be changed by GSVIT’s board of trustees without shareholder approval, the Money Market Fund of GSVIT currently may not engage in reverse repurchase transactions. |
49
50
51
52
53
54
Advisory Fees | Advisory Fees | |||||||||
Before/After | Before/After | |||||||||
AIT Fund | Waivers | Corresponding GSVIT Fund | Waivers | |||||||
Select International Equity Fund Advisory Fee | 0.92%/0.92% | International Equity Fund | 1.00%/1.00% | |||||||
Core Equity Fund Advisory Fee | 0.58%/0.58% | CORE U.S. Equity Fund | 0.65%/0.65% | |||||||
Select Growth Fund Advisory Fee | 0.82%/0.79% | Capital Growth | 0.75%/0.75% | |||||||
Select Capital Appreciation Fund Advisory Fee | 0.92%/0.92% | Growth Opportunities Fund | 1.00%/1.00% | |||||||
Equity Index Fund Advisory Fee | 0.28%/0.28% | Equity Index Fund | 0.30%/0.20% | |||||||
Select Value Opportunity Fund Advisory Fee | 0.88%/0.88% | Mid Cap Value Fund | 0.80%/0.80% | |||||||
Government Bond Fund Advisory Fee | 0.50%/0.50% | Government Income Fund | 0.54%/0.54% | |||||||
Select Investment Grade Income Fund Advisory Fee | 0.42%/0.42% | Core Fixed Income Fund | 0.40%/0.40% | |||||||
Money Market Fund Advisory Fee | 0.32%/0.32% | Money Market Fund | 0.35%/0.35% |
55
Fee (as a | ||||
percentage of | ||||
Sub-adviser | average net assets) | |||
Bank of Ireland Asset Management (U.S.) Limited, Grantham, Mayo, Van Otterloo & Co. LLC, and J.P. Morgan Investment Management Inc. (Select International Equity Fund) | 0.38% | (1),(3) | ||
UBS Global Asset Management (Americas) Inc, and GSAM (Core Equity Fund) | 0.33% | (3) | ||
Putnam Investment Management, LLC, GE Asset Management Incorporated, and Jennison Associates LLC (Select Growth Fund) | 0.36% | (2),(3) | ||
T. Rowe Price Associates, Inc. (Select Capital Appreciation Fund) | 0.50% | |||
Cramer Rosenthal McGlynn, LLC (Select Value Opportunity Fund) | 0.50% | |||
Opus Investment Management, Inc. (Equity Index Fund) | 0.10% | |||
Opus Investment Management, Inc. (Select Investment Grade Income Fund) | 0.20% | |||
Opus Investment Management, Inc. (Government Bond Fund) | 0.20% | |||
Opus Investment Management, Inc. (Money Market Fund) | 0.10% |
(1) | Effective October 1, 2004, Grantham, Mayo Van Otterloo & Co. LLC (“GMO”) and J.P. Morgan Investment Management Inc. (“JP Morgan”) replaced Bank of Ireland Asset Management (U.S.) Limited as sub-advisers of the Select International Equity Fund. Under the new sub-adviser Agreement with GMO, AFIMS pays GMO a fee computed daily and paid quarterly at an annual rate of 0.75% based on the average daily net assets of the AIT Fund that GMO manages up to $50 million, 0.60% on the next $50 million, 0.55% on the next $100 million, 0.50% on the next $100 million, and 0.45% on net assets over $300 million. Under the new sub-adviser Agreement with JP Morgan, AFIMS pays JP Morgan a fee computed daily and paid quarterly at an annual rate of 0.60% based on the average daily net assets of the AIT Fund that JP Morgan manages up to $25 million, 0.50% on the next $25 million, 0.45% on the next $50 million, and 0.30% on net assets over $100 million. |
(2) | Effective April 30, 2004, GE Asset Management Incorporated (“GEAM”) replaced Putnam Investment Management, LLC as sub-adviser for the Select Growth Fund. Under the new sub-adviser Agreement with GEAM, AFIMS pays GEAM a fee computed daily and paid quarterly at an annual rate of 0.60% based on the average daily net assets of the AIT Fund that GEAM manages up to $25 million, 0.55% on the next $25 million, 0.45% on the next $25 million, 0.40% on the next $25 million, and 0.245% on net assets over $100 million. |
(3) | The rate shown represents the total sub-adviser fees paid to all sub-advisers by AFIMS for the year ended December 31, 2004. |
56
International Equity Fund* | 1.00% on the first $1 billion | |
0.90% on the next $1 billion | ||
0.86% over $2 billion | ||
CORE U.S. Equity Fund* | 0.65% on the first $1 billion | |
0.59% on the next $1 billion | ||
0.56% over $2 billion | ||
Capital Growth Fund* | 0.75% on the first $1 billion | |
0.68% on the next $1 billion | ||
0.65% over $2 billion | ||
Growth Opportunities Fund | 1.00% on the first $2 billion | |
0.90% over $2 billion | ||
Mid Cap Value Fund* | 0.80% on the first $2 billion | |
0.72% over $2 billion | ||
Government Income Fund | 0.54% on the first $1 billion | |
0.49% on the next $1 billion | ||
0.47% over $2 billion | ||
Core Fixed Income Fund | 0.40% on the first $1 billion | |
0.36% on the next $1 billion | ||
0.34% over $2 billion |
* | Effective July 1, 2005, GSAM and GSAMI implemented a voluntary fee reduction with GSVIT. The fee reduction imposed breakpoints on the management fees and reduced the management fees to the rates listed above. The management fees breakpoints listed for the other GSVIT Funds are contractual. |
The sub-investment adviser to the Goldman Sachs Equity Index Fund is entitled to a fee, computed daily and payable monthly at the following annual rates: |
0.03% on the first $50 million 0.02% on the next $200 million 0.01% on the next $750 million 0.008% over $1 billion |
AIT | GSVIT | |||
Distributor | VeraVest Investment, Inc. | Goldman, Sachs & Co. | ||
Custodian | Investors Bank and Trust Company | State Street Bank and Trust Company | ||
Independent Registered Public Accounting Firm | PricewaterhouseCoopers LLP | Ernst & Young LLP |
57
58
AIT Funds | GSVIT Funds | |||
Declared Daily and Paid Monthly | Money Market Fund | Government Income Fund Core Fixed Income Fund Money Market Fund | ||
Declared Quarterly and Paid Quarterly | Core Equity Fund Equity Index Fund Government Bond Fund Select Investment Grade Income Fund | |||
Declared Annually and Paid Annually | Select International Equity Fund Select Growth Fund Select Capital Appreciation Fund Select Value Opportunity Fund | International Equity Fund CORE U.S. Equity Fund Capital Growth Fund Growth Opportunities Fund Equity Index Fund Mid Cap Value Fund | ||
59
Investment Sub-Advisers | About the Fund | |
Grantham, Mayo, Van Otterloo & Co. LLC J.P. Morgan Investment Management Inc. | Seeks maximum long-term total return (capital appreciation and income) primarily by investing in common stocks of established non-U.S. companies. |
60
1 Year | 5 Year | 10 Year | ||||||||||
Select International Equity Fund | 14.47 | % | (3.37 | )% | 7.03 | % | ||||||
MSCI EAFE Index | 20.70 | % | (0.80 | )% | 5.94 | % | ||||||
Lipper International Core Funds Average | 17.94 | % | (2.32 | )% | 6.77 | % |
61
Investment Sub-Advisers | About the Fund | |
Goldman Sachs Asset Management, L.P. UBS Global Asset Management (Americas) Inc. | Seeks long-term growth of capital by investing in stocks that are believed to represent significant underlying value. |
62
1 Year | 5 Year | 10 Year | ||||||||||
Core Equity Fund | 10.41 | % | (4.09 | )% | 9.60 | % | ||||||
Russell 1000 Index | 11.39 | % | (1.76 | )% | 12.16 | % | ||||||
Lipper Large-Cap Core Funds Average | 8.59 | % | (2.88 | )% | 9.72 | % |
63
Investment Sub-Advisers | About the Fund | |
GE Asset Management Inc. Jennison Associates LLC | Seeks long-term growth of capital by investing in companies believed to have long-term growth potential. |
64
1 Year | 5 Year | 10 Year | ||||||||||
Select Growth Fund | 7.44 | % | (9.47 | )% | 8.10 | % | ||||||
Russell 1000 Growth Index | 6.30 | % | (9.29 | )% | 9.59 | % | ||||||
Lipper Large-Cap Growth Funds Average | 8.04 | % | (7.58 | )% | 9.25 | % |
65
Investment Sub-Adviser | About the Fund | |
T. Rowe Price Associates, Inc. | Seeks long-term growth of capital by investing primarily in mid-cap growth stocks selling at reasonable prices. |
66
Life of | ||||||||||||
1 Year | 5 Year | Fund | ||||||||||
Select Capital Appreciation Fund | 18.62 | % | 6.53 | % | 13.47 | % | ||||||
Russell Midcap Index | 20.23 | % | 7.60 | % | 13.66 | % | ||||||
Lipper Mid-Cap Growth Funds Average | 14.75 | % | (3.04 | )% | 9.50 | % |
67
Investment Sub-Adviser | About the Fund | |
Opus Investment Management, Inc. | Seeks to replicate the return of the S&P 500® Index. |
68
1 Year | 5 Year | 10 Year | ||||||||||
Equity Index Fund | 10.32 | % | (2.57 | )% | 11.58 | % | ||||||
S&P 500® Index | 10.87 | % | (2.30 | )% | 12.07 | % | ||||||
Lipper S&P 500 Index Objective Funds Average | 10.35 | % | (2.64 | )% | 11.69 | % |
69
Investment Sub-Adviser | About the Fund | |
Cramer Rosenthal McGlynn, LLC | Seeks long-term growth of capital by investing primarily in small and mid-sized companies believed to be undervalued. |
70
1 Year | 5 Year | 10 Year | ||||||||||
Select Value Opportunity Fund | 19.35 | % | 15.23 | % | 14.38 | % | ||||||
Russell 2500 Value Index | 21.57 | % | 16.04 | % | 16.02 | % | ||||||
Lipper Mid-Cap Value Funds Average | 19.03 | % | 13.17 | % | 13.84 | % |
71
Investment Sub-Adviser | About the Fund | |
Opus Investment Management, Inc. | Seeks high income, capital preservation and maintenance of liquidity, primarily through investments in debt instruments issued or guaranteed by the U.S. Government or its Agencies. |
72
1 Year | 5 Year | 10 Year | ||||||||||
Government Bond Fund | 2.12 | % | 6.08 | % | 6.15 | % | ||||||
Lehman Brothers Intermediate Government Bond Index | 2.31 | % | 6.56 | % | 6.75 | % | ||||||
Lipper General U.S. Government Funds Average | 3.92 | % | 7.02 | % | 6.88 | % |
73
Investment Sub-Adviser | About the Fund | |
Opus Investment Management, Inc. | Seeks to generate a high level of total return which includes income and capital appreciation. |
74
1 Year | 5 Year | 10 Year | ||||||||||
Select Investment Grade Income Fund | 3.98 | % | 6.70 | % | 7.04 | % | ||||||
Lehman Brothers Aggregate Bond Index | 4.34 | % | 7.71 | % | 7.72 | % | ||||||
Lipper Intermediate Investment Grade Debt Funds Average | 4.22 | % | 7.03 | % | 7.31 | % |
75
% of Net | ||||||||
Company | Country | Business | Assets | |||||
Vodafone Group PLC | United Kingdom | Telecommunication Services | 5.1 | % | ||||
Nestle SA | Switzerland | Food, Beverage & Tobacco | 3.6 | |||||
Total Fina Elf SA Class B | France | Energy | 3.5 | |||||
GlaxoSmithKline PLC | United Kingdom | Pharmaceuticals & Biotechnology | 3.4 | |||||
Novartis AG | Switzerland | Pharmaceuticals & Biotechnology | 3.2 | |||||
Zurich Financial Services AG | Switzerland | Insurance | 3.0 | |||||
Banco Bilbao Vizcaya Argentaria SA | Spain | Banks | 3.0 | |||||
WPP Group PLC | United Kingdom | Media | 3.0 | |||||
LVMH Moet Hennessy Louis Vuitton SA | France | Consumer Durables & Apparel | 2.9 | |||||
Hyundai Motor Co. GDR | South Korea | Automobiles & Components | 2.6 |
* | Opinions expressed in this report represent our present opinions only. Reference to individual securities should not be construed as a commitment that such securities will be retained in the Fund. From time to time, the Fund may change the individual securities it holds, the number or types of securities held and the markets in which it invests. Fund holdings of stocks or bonds should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. References to individual securities do not constitute a recommendation to the investor to buy, hold or sell such securities. In addition, references to past performance of the Fund do not indicate future returns, which are not guaranteed and will vary. Furthermore, the value of shares of the Fund may fall as well as rise. |
76
77
Average Annual Total Return Through December 31, 2004 | Since Inception | Five Years | One Year | |||||||||
International Equity Fund (commenced January 12, 1998) | 4.30% | -3.25 | % | 13.48 | % | |||||||
78
% of Net | ||||||
Company | Business | Assets | ||||
Microsoft Corp. | Software | 3.6 | % | |||
Bank of America Corp. | Banks | 3.2 | ||||
Pfizer, Inc. | Pharmaceuticals | 3.2 | ||||
Johnson & Johnson | Pharmaceuticals | 3.2 | ||||
International Business Machines Corp. | Computers & Peripherals | 3.0 | ||||
JPMorgan Chase & Co. | Diversified Financials | 2.8 | ||||
Verizon Communications, Inc. | Diversified Telecommunication Services | 2.6 | ||||
eBay, Inc. | Internet & Catalog Retail | 2.3 | ||||
Viacom, Inc. Class B | Media | 2.1 | ||||
QUALCOMM, Inc. | Communications Equipment | 2.0 |
* | Opinions expressed in this report represent our present opinions only. Reference to individual securities should not be construed as a commitment that such securities will be retained in the Fund. From time to time, the Fund may change the individual securities it holds, the number or types of securities held and the markets in which it invests. Fund holdings of stocks or bonds should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. References to individual securities do not constitute a recommendation to the investor to buy, hold or sell such securities. In addition, references to past performance of the Fund do not indicate future returns, which are not guaranteed and will vary. Furthermore, the value of shares of the Fund may fall as well as rise. |
79
80
Average Annual Total Return Through December 31, 2004 | Since Inception | Five Years | One Year | |||||||||
CORE U.S. Equity Fund (commenced February 13, 1998) | 4.11 | % | -1.54 | % | 14.94 | % | ||||||
81
% of Net | ||||||
Company | Business | Assets | ||||
Microsoft Corp. | Computer Software | 4.4 | % | |||
QUALCOMM, Inc. | Semiconductors/Semiconductor Capital Equipment | 3.6 | ||||
Dell, Inc. | Computer Hardware | 3.3 | ||||
PepsiCo, Inc. | Beverages | 3.3 | ||||
Fannie Mae | Financials | 3.3 | ||||
Pfizer, Inc. | Drugs & Medicine | 3.2 | ||||
The McGraw-Hill Cos., Inc. | Commercial Services | 3.1 | ||||
Wal-Mart Stores, Inc. | Retailing | 3.1 | ||||
Viacom, Inc. Class B | Movies & Entertainment | 2.9 | ||||
Freddie Mac | Financials | 2.7 |
* | Opinions expressed in this report represent our present opinions only. Reference to individual securities should not be construed as a commitment that such securities will be retained in the Fund. From time to time, the Fund may change the individual securities it holds, the number or types of securities held and the markets in which it invests. Fund holdings of stocks or bonds should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. References to individual securities do not constitute a recommendation to the investor to buy, hold or sell such securities. In addition, references to past performance of the Fund do not indicate future returns, which are not guaranteed and will vary. Furthermore, the value of shares of the Fund may fall as well as rise. |
82
83
Average Annual Total Return Through December 31, 2004 | Since Inception | Five Years | One Year | |||||||||
Capital Growth Fund (commenced April 30, 1998) | 2.24 | % | -4.26 | % | 9.09 | % | ||||||
84
% of Net | ||||||
Company | Business | Assets | ||||
iStar Financial, Inc. | REITS | 2.9 | % | |||
PPL Corp. | Electrical Utilities | 2.9 | ||||
Abercrombie & Fitch Co. | Retail Apparel | 2.7 | ||||
The Williams Companies, Inc. | Diversified Energy | 2.4 | ||||
Regions Financial Corp. | Regional Banks | 2.2 | ||||
Lennar Corp. | Construction | 2.2 | ||||
EOG Resources, Inc. | Energy Resources | 2.1 | ||||
Activision, Inc. | Computer Software | 2.1 | ||||
AGL Resources, Inc. | Gas Utilities | 2.0 | ||||
M&T Bank Corp. | Regional Banks | 1.9 |
* | Opinions expressed in this report represent our present opinions only. Reference to individual securities should not be construed as a commitment that such securities will be retained in the Fund. From time to time, the Fund may change the individual securities it holds, the number or types of securities held and the markets in which it invests. Fund holdings of stocks or bonds should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. References to individual securities do not constitute a recommendation to the investor to buy, hold or sell such securities. In addition, references to past performance of the Fund do not indicate future returns, which are not guaranteed and will vary. Furthermore, the value of shares of the Fund may fall as well as rise. |
85
86
Average Annual Total Return Through December 31, 2004 | Since Inception | Five Years | One Year | |||||||||
Mid Cap Value Fund (commenced May 1, 1998) | 10.41 | % | 17.72 | % | 25.88 | % | ||||||
87
88
89
Income from Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||
Net Realized | Distributions | Net | ||||||||||||||||||||||||||||||
Net Asset | Net | and | Dividends | from Net | Increase | |||||||||||||||||||||||||||
Value | Investment | Unrealized | Total from | from Net | Realized | (Decrease) | ||||||||||||||||||||||||||
Beginning | Income | Gain (Loss) | Investment | Investment | Capital | Total | in Net | |||||||||||||||||||||||||
Year Ended December 31, | of Period | (Loss)(2) | on Investments | Operations | Income | Gains | Distributions | Asset Value | ||||||||||||||||||||||||
Select Capital Appreciation Fund(6) | ||||||||||||||||||||||||||||||||
2005(d) | $ | 2.286 | $ | (0.007 | ) | $ | 0.044 | $ | 0.037 | $ | — | $ | — | $ | — | $ | 0.037 | |||||||||||||||
2004 | 2.125 | (0.015 | ) | 0.373 | 0.358 | — | (0.197 | ) | (0.197 | ) | 0.161 | |||||||||||||||||||||
2003 | 1.521 | (0.015 | ) | 0.619 | 0.604 | — | — | — | 0.604 | |||||||||||||||||||||||
2002 | 1.940 | (0.014 | ) | (0.405 | ) | (0.419 | ) | — | — | — | (0.419 | ) | ||||||||||||||||||||
2001 | 2.122 | (0.010 | ) | (0.019 | ) | (0.029 | ) | — | (0.153 | ) | (0.153 | ) | (0.182 | ) | ||||||||||||||||||
2000 | 2.053 | (0.008 | ) | 0.147 | 0.139 | — | (0.070 | ) | (0.070 | ) | 0.069 | |||||||||||||||||||||
Select Value Opportunity Fund(6) | ||||||||||||||||||||||||||||||||
2005(d) | $ | 2.270 | $ | 0.009 | $ | (0.013 | ) | $ | (0.004 | ) | $ | — | $ | — | $ | — | $ | (0.004 | ) | |||||||||||||
2004 | 2.050 | 0.001 | 0.365 | 0.366 | (0.001 | ) | (0.145 | ) | (0.146 | ) | 0.220 | |||||||||||||||||||||
2003 | 1.487 | 0.002 | 0.568 | 0.570 | (0.002 | ) | (0.005 | ) | (0.007 | ) | 0.563 | |||||||||||||||||||||
2002 | 1.975 | 0.002 | (0.315 | ) | (0.313 | ) | (0.011 | ) | (0.164 | ) | (0.175 | ) | (0.488 | ) | ||||||||||||||||||
2001 | 1.958 | 0.012 | 0.225 | 0.237 | (0.012 | ) | (0.208 | ) | (0.220 | ) | 0.017 | |||||||||||||||||||||
2000 | 1.521 | 0.012 | 0.446 | 0.458 | (0.006 | ) | (0.015 | ) | (0.021 | ) | 0.437 | |||||||||||||||||||||
Select International Equity Fund(1)(6) | ||||||||||||||||||||||||||||||||
2005(d) | $ | 1.251 | $ | 0.018 | $ | (0.024 | ) | $ | (0.006 | ) | $ | — | $ | — | $ | — | $ | (0.006 | ) | |||||||||||||
2004 | 1.108 | 0.019 | 0.139 | 0.158 | (0.015 | ) | — | (0.015 | ) | 0.143 | ||||||||||||||||||||||
2003 | 0.874 | 0.015 | 0.226 | 0.241 | (0.007 | ) | — | (0.007 | ) | 0.234 | ||||||||||||||||||||||
2002 | 1.113 | 0.013 | (0.226 | ) | (0.213 | ) | (0.017 | ) | (0.009 | ) | (0.026 | ) | (0.239 | ) | ||||||||||||||||||
2001 | 1.781 | 0.018 | (0.385 | ) | (0.367 | ) | (0.024 | ) | (0.277 | ) | (0.301 | ) | (0.668 | ) | ||||||||||||||||||
2000 | 2.031 | 0.013 | (0.191 | ) | (0.178 | ) | (0.009 | ) | (0.063 | ) | (0.072 | ) | (0.250 | ) | ||||||||||||||||||
Select Growth Fund(1)(6) | ||||||||||||||||||||||||||||||||
2005(d) | $ | 1.545 | $ | — | (5) | $ | (0.022 | ) | $ | (0.022 | ) | $ | — | $ | — | $ | — | $ | (0.022 | ) | ||||||||||||
2004 | 1.438 | 0.003 | (3) | 0.104 | 0.107 | — | — | — | 0.107 | |||||||||||||||||||||||
2003 | 1.139 | (0.001 | ) | 0.301 | 0.300 | (0.001 | ) | — | (0.001 | ) | 0.299 | |||||||||||||||||||||
2002 | 1.576 | 0.001 | (0.436 | ) | (0.435 | ) | (0.002 | ) | — | (0.002 | ) | (0.437 | ) | |||||||||||||||||||
2001 | 2.214 | 0.002 | (0.545 | ) | (0.543 | ) | — | (0.095 | ) | (0.095 | ) | (0.638 | ) | |||||||||||||||||||
2000 | 3.049 | (0.001 | ) | (0.489 | ) | (0.490 | ) | — | (0.345 | ) | (0.345 | ) | (0.835 | ) | ||||||||||||||||||
Core Equity Fund(1)(6) | ||||||||||||||||||||||||||||||||
2005(d) | $ | 1.713 | $ | 0.007 | $ | (0.019 | ) | $ | (0.012 | ) | $ | (0.006 | ) | $ | — | $ | (0.006 | ) | $ | (0.018 | ) | |||||||||||
2004 | 1.568 | 0.017 | (3) | 0.145 | 0.162 | (0.017 | ) | — | (0.017 | ) | 0.145 | |||||||||||||||||||||
2003 | 1.239 | 0.012 | 0.329 | 0.341 | (0.012 | ) | — | (0.012 | ) | 0.329 | ||||||||||||||||||||||
2002 | 1.633 | 0.011 | (4) | (0.393 | ) | (0.382 | ) | (0.012 | ) | — | (0.012 | ) | (0.394 | ) | ||||||||||||||||||
2001 | 2.689 | 0.016 | (0.439 | ) | (0.423 | ) | (0.015 | ) | (0.618 | ) | (0.633 | ) | (1.056 | ) | ||||||||||||||||||
2000 | 3.310 | 0.016 | (0.295 | ) | (0.279 | ) | (0.017 | ) | (0.325 | ) | (0.342 | ) | (0.621 | ) |
* | Annualized. | |
** | Not Annualized. | |
(a) | Including reimbursements, waivers, and reductions. | |
(b) | Excluding reductions. Certain Portfolios have entered varying arrangements with brokers who reduced a portion of the Portfolio’s expenses. | |
(c) | Excluding reimbursements, waivers, and reductions. | |
(d) | For the six months ended June 30, 2005 (Unaudited). | |
(1) | The Select International Equity Fund changed sub-advisors and added a second sub-advisor on October 1, 2004. The Select Growth Fund added a second sub-adviser on April 18, 2003 and replaced the first sub-adviser on April 30, 2004. The Core Equity Fund changed sub-advisers and added a second sub-adviser on May 1, 2002. | |
(2) | Net investment income (loss) per share before reimbursements and waivers of fees by the investment advisor or reductions were $(0.016) in 2004 for Select Capital Appreciation Fund; $(0.001) in 2004, $0.001 in 2003, $0.000 in 2002, $0.011 in 2001, and $0.011 in 2000 for Select Value Opportunity Fund; $(0.002) in 2003, $0.000 in 2002, $0.001 in 2001, and $(0.002) in 2000 for Select Growth Fund; and $0.014 in 2001 and $0.015 in 2000 for Core Equity Fund. | |
(3) | Investment income per share reflects a special dividend which amounted to $0.006 and $0.004 for Select Growth Fund and Core Equity Fund, respectively. | |
(4) | Computed using average shares outstanding throughout the period. | |
(5) | Net investment loss is less than $0.0005. | |
(6) | Effective January 1, 2005, brokerage commissions are included with realized gain or loss on investment transactions. Prior to January 1, 2005, these amounts were presented as a reduction of expenses. Prior year amounts have not been restated to reflect this change. |
90
Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||||||||||
Ratios To Average Net Assets | ||||||||||||||||||||||||||||||||||||||||
Net Asset | ||||||||||||||||||||||||||||||||||||||||
Value | Net Assets | Net | Operating Expenses | Management Fee | ||||||||||||||||||||||||||||||||||||
End of | Total | End of | Investment | Portfolio | ||||||||||||||||||||||||||||||||||||
Period | Return | Period (000’s) | Income (Loss) | (a) | (b) | (c) | Gross | Net | Turnover Rate | |||||||||||||||||||||||||||||||
$ | 2.323 | 1.62 | %** | $ | 271,476 | (0.55 | )%* | 1.15 | %* | 1.15 | %* | 1.15 | %* | 0.93 | %* | 0.93 | %* | 12 | %** | |||||||||||||||||||||
2.286 | 18.62 | % | 299,355 | (0.70 | )% | 1.14 | % | 1.15 | % | 1.15 | % | 0.92 | % | 0.92 | % | 38 | % | |||||||||||||||||||||||
2.125 | 39.71 | % | 296,204 | (0.70 | )% | 1.11 | % | 1.13 | % | 1.13 | % | 0.92 | % | 0.92 | % | 46 | % | |||||||||||||||||||||||
1.521 | (21.60 | )% | 287,593 | (0.70 | )% | 1.05 | % | 1.06 | % | 1.06 | % | 0.90 | % | 0.90 | % | 41 | % | |||||||||||||||||||||||
1.940 | (1.14 | )% | 435,864 | (0.51 | )% | 0.93 | % | 0.94 | % | 0.94 | % | 0.88 | % | 0.88 | % | 44 | % | |||||||||||||||||||||||
2.122 | 6.81 | % | 510,483 | (0.38 | )% | 0.93 | % | 0.94 | % | 0.94 | % | 0.87 | % | 0.87 | % | 53 | % | |||||||||||||||||||||||
$ | 2.266 | (0.18 | )%** | $ | 307,565 | 0.78 | %* | 1.10 | %* | 1.10 | %* | 1.10 | %* | 0.89 | %* | 0.89 | %* | 44 | %** | |||||||||||||||||||||
2.270 | 19.35 | % | 345,750 | 0.02 | % | 1.04 | % | 1.10 | % | 1.10 | % | 0.88 | % | 0.88 | % | 99 | % | |||||||||||||||||||||||
2.050 | 38.43 | % | 380,801 | 0.07 | % | 1.03 | % | 1.09 | % | 1.09 | % | 0.88 | % | 0.88 | % | 117 | % | |||||||||||||||||||||||
1.487 | (16.32 | )% | 351,831 | 0.12 | % | 0.96 | % | 1.03 | % | 1.03 | % | 0.87 | % | 0.87 | % | 94 | % | |||||||||||||||||||||||
1.975 | 12.70 | % | 440,335 | 0.63 | % | 0.87 | % | 0.92 | % | 0.92 | % | 0.87 | % | 0.87 | % | 97 | % | |||||||||||||||||||||||
1.958 | 30.40 | % | 397,541 | 0.71 | % | 0.87 | % | 0.94 | % | 0.94 | % | 0.88 | % | 0.88 | % | 22 | % | |||||||||||||||||||||||
$ | 1.245 | (0.48 | )%** | $ | 290,266 | 2.44 | %* | 1.27 | %* | 1.27 | %* | 1.27 | %* | 0.92 | %* | 0.92 | %* | 11 | %** | |||||||||||||||||||||
1.251 | 14.47 | % | 333,494 | 1.33 | % | 1.21 | % | 1.22 | % | 1.22 | % | 0.92 | % | 0.92 | % | 84 | % | |||||||||||||||||||||||
1.108 | 27.77 | % | 380,653 | 1.46 | % | 1.18 | % | 1.19 | % | 1.19 | % | 0.92 | % | 0.92 | % | 28 | % | |||||||||||||||||||||||
0.874 | (19.37 | )% | 335,890 | 1.17 | % | 1.13 | % | 1.14 | % | 1.14 | % | 0.91 | % | 0.91 | % | 14 | % | |||||||||||||||||||||||
1.113 | (21.43 | )% | 460,006 | 0.97 | % | 0.99 | % | 1.01 | % | 1.01 | % | 0.89 | % | 0.89 | % | 26 | % | |||||||||||||||||||||||
1.781 | (9.03 | )% | 679,128 | 0.77 | % | 0.98 | % | 0.99 | % | 0.99 | % | 0.88 | % | 0.88 | % | 24 | % | |||||||||||||||||||||||
$ | 1.523 | (1.42 | )%** | $ | 458,200 | (0.06 | )%* | 1.01 | %* | 1.01 | %* | 1.05 | %* | 0.83 | %* | 0.79 | %* | 21 | %** | |||||||||||||||||||||
1.545 | 7.44 | % | 528,558 | 0.21 | % | 1.00 | % | 1.02 | % | 1.05 | % | 0.82 | % | 0.79 | % | 95 | % | |||||||||||||||||||||||
1.438 | 26.30 | % | 625,729 | (0.08 | )% | 1.03 | % | 1.07 | % | 1.07 | % | 0.81 | % | 0.81 | % | 75 | % | |||||||||||||||||||||||
1.139 | (27.60 | )% | 375,959 | 0.05 | % | 0.95 | % | 1.01 | % | 1.01 | % | 0.82 | % | 0.82 | % | 125 | % | |||||||||||||||||||||||
1.576 | (24.71 | )% | 660,893 | 0.12 | % | 0.78 | % | 0.85 | % | 0.85 | % | 0.79 | % | 0.79 | % | 91 | % | |||||||||||||||||||||||
2.214 | (17.79 | )% | 1,040,237 | (0.05 | )% | 0.80 | % | 0.81 | % | 0.81 | % | 0.76 | % | 0.76 | % | 79 | % | |||||||||||||||||||||||
$ | 1.695 | (0.68 | )%** | $ | 296,207 | 0.79 | %* | 0.82 | %* | 0.82 | %* | 0.82 | %* | 0.59 | %* | 0.59 | %* | 20 | %** | |||||||||||||||||||||
1.713 | 10.41 | % | 337,127 | 1.02 | % | 0.79 | % | 0.81 | % | 0.81 | % | 0.58 | % | 0.58 | % | 37 | % | |||||||||||||||||||||||
1.568 | 27.67 | % | 400,017 | 0.88 | % | 0.78 | % | 0.80 | % | 0.80 | % | 0.58 | % | 0.58 | % | 27 | % | |||||||||||||||||||||||
1.239 | (23.45 | )% | 401,888 | 0.78 | % | 0.70 | % | 0.74 | % | 0.74 | % | 0.57 | % | 0.57 | % | 115 | % | |||||||||||||||||||||||
1.633 | (16.90 | )% | 673,753 | 0.75 | % | 0.58 | % | 0.61 | % | 0.61 | % | 0.55 | % | 0.55 | % | 134 | % | |||||||||||||||||||||||
2.689 | (9.51 | )% | 924,904 | 0.51 | % | 0.44 | % | 0.50 | % | 0.50 | % | 0.45 | % | 0.45 | % | 190 | % |
91
Income from Investment Operations | Less Distributions(e) | |||||||||||||||||||||||||||||||
Net Realized | Distributions | Net | ||||||||||||||||||||||||||||||
Net Asset | and | Dividends | from Net | Increase | ||||||||||||||||||||||||||||
Value | Net | Unrealized | Total from | from Net | Realized | (Decrease) | ||||||||||||||||||||||||||
Beginning | Investment | Gain (Loss) | Investment | Investment | Capital | Total | in Net | |||||||||||||||||||||||||
Year Ended December 31, | of Period | Income(2) | on Investments | Operations | Income | Gains | Distributions | Asset Value | ||||||||||||||||||||||||
Equity Index Fund(7) | ||||||||||||||||||||||||||||||||
2005(d) | $ | 2.664 | $ | 0.018 | $ | (0.047 | ) | $ | (0.029 | ) | $ | (0.017 | ) | $ | — | $ | (0.017 | ) | $ | (0.046 | ) | |||||||||||
2004 | 2.453 | 0.040 | (6) | 0.211 | 0.251 | (0.040 | ) | — | (0.040 | ) | 0.211 | |||||||||||||||||||||
2003 | 1.944 | 0.029 | 0.508 | 0.537 | (0.028 | ) | — | (0.028 | ) | 0.509 | ||||||||||||||||||||||
2002 | 2.715 | 0.027 | (0.616 | ) | (0.589 | ) | (0.028 | ) | (0.154 | ) | (0.182 | ) | (0.771 | ) | ||||||||||||||||||
2001 | 3.299 | 0.030 | (0.422 | ) | (0.392 | ) | (0.029 | ) | (0.163 | ) | (0.192 | ) | (0.584 | ) | ||||||||||||||||||
2000 | 4.060 | 0.032 | (0.362 | ) | (0.330 | ) | (0.034 | ) | (0.397 | ) | (0.431 | ) | (0.761 | ) | ||||||||||||||||||
Select Investment Grade Income Fund(1) | ||||||||||||||||||||||||||||||||
2005(d) | $ | 1.088 | $ | 0.022 | $ | — | (5) | $ | 0.022 | $ | (0.026 | ) | $ | — | $ | (0.026 | ) | $ | (0.004 | ) | ||||||||||||
2004 | 1.119 | 0.043 | — | 0.043 | (0.059 | ) | (0.015 | ) | (0.074 | ) | (0.031 | ) | ||||||||||||||||||||
2003 | 1.134 | 0.040 | (0.003 | )(3) | 0.037 | (0.052 | ) | — | (0.052 | ) | (0.015 | ) | ||||||||||||||||||||
2002 | 1.106 | 0.054 | 0.034 | 0.088 | (0.060 | ) | — | (0.060 | ) | 0.028 | ||||||||||||||||||||||
2001 | 1.086 | 0.064 | (4) | 0.021 | 0.085 | (0.065 | ) | — | (0.065 | ) | 0.020 | |||||||||||||||||||||
2000 | 1.051 | 0.070 | 0.035 | 0.105 | (0.070 | ) | — | (0.070 | ) | 0.035 | ||||||||||||||||||||||
Government Bond Fund(1) | ||||||||||||||||||||||||||||||||
2005(d) | $ | 1.083 | $ | 0.017 | $ | 0.002 | $ | 0.019 | $ | (0.020 | ) | $ | — | $ | (0.020 | ) | $ | (0.001 | ) | |||||||||||||
2004 | 1.104 | 0.030 | (0.007 | ) | 0.023 | (0.042 | ) | (0.002 | ) | (0.044 | ) | (0.021 | ) | |||||||||||||||||||
2003 | 1.130 | 0.030 | (0.011 | ) | 0.019 | (0.045 | ) | — | (0.045 | ) | (0.026 | ) | ||||||||||||||||||||
2002 | 1.077 | 0.041 | 0.057 | 0.098 | (0.045 | ) | — | (0.045 | ) | 0.053 | ||||||||||||||||||||||
2001 | 1.051 | 0.049 | (4) | 0.030 | 0.079 | (0.053 | ) | — | (0.053 | ) | 0.026 | |||||||||||||||||||||
2000 | 1.011 | 0.058 | 0.040 | 0.098 | (0.058 | ) | — | (0.058 | ) | 0.040 | ||||||||||||||||||||||
Money Market Fund | ||||||||||||||||||||||||||||||||
2005(d) | $ | 1.000 | $ | 0.011 | $ | — | $ | 0.011 | $ | (0.011 | ) | $ | — | $ | (0.011 | ) | $ | — | ||||||||||||||
2004 | 1.000 | 0.009 | — | 0.009 | (0.009 | ) | — | (0.009 | ) | — | ||||||||||||||||||||||
2003 | 1.000 | 0.008 | — | 0.008 | (0.008 | ) | — | (5) | (0.008 | ) | — | |||||||||||||||||||||
2002 | 1.000 | 0.016 | — | 0.016 | (0.016 | ) | — | (0.016 | ) | — | ||||||||||||||||||||||
2001 | 1.000 | 0.042 | — | 0.042 | (0.042 | ) | — | (0.042 | ) | — | ||||||||||||||||||||||
2000 | 1.000 | 0.062 | — | 0.062 | (0.062 | ) | — | (0.062 | ) | — |
* | Annualized. | |
** | Not Annualized. | |
(a) | Including reimbursements, waivers, and reductions. | |
(b) | Excluding reductions. Certain Portfolios have entered into varying arrangements with brokers who reduced a portion of the Portfolio’s expenses. | |
(c) | Excluding reimbursements, waivers, and reductions. | |
(d) | For the six months ended June 30, 2005 (Unaudited). | |
(e) | Certain prior year amounts have been reclassified to conform to current year presentation. | |
(1) | Effective January 1, 2001 the Select Investment Grade Income Fund and Government Bond Fund adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and are amortizing premium and discount on debt securitites using the daily effective yield method. The effect of this change for the year ended December 31, 2001 was a decrease in net investment income per share by $0.003 for Select Investment Grade Income Fund and a decrease in net investment income per share by $0.007 for Government Bond Fund, an increase in net realized and unrealized gains and losses per share by $0.003 for Select Investment Grade Income Fund and an increase in net realized and unrealized gains and losses per share by $0.007 for Government Bond Fund and a decrease in the ratio of net investment income to average net assets from 6.04% to 5.79% for Select Investment Grade Income Fund and a decrease in the ratio of net investment income to average net assets from 5.16% to 4.52% for Government Bond Fund. Per share data and ratio/supplemental data for periods prior to January 1, 2001 have not been restated to reflect this change in presentation. | |
(2) | Net investment income (loss) per share before expense reductions was $0.028 in 2003 and $0.029 in 2001 for Equity Index Fund. | |
(3) | The amount shown for a share outstanding does not correspond with the aggregate net gain on investments for the period due to the timing of sales and repurchases of Portfolio shares in relation to the fluctuating market values of the investments of the Portfolio. | |
(4) | Computed using average shares outstanding throughout the period. | |
(5) | Amount is less than $.0005 or $(.0005). | |
(6) | Investment income per share reflects a special dividend which amounted to $0.008 per share for Equity Index Fund. | |
(7) | Effective January 1, 2005, brokerage commissions are included with realized gain or loss on investment transactions. Prior to January 1, 2005, these amounts were presented as a reduction of expenses. Prior year amounts have not been restated to reflect this change. |
92
Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||||||||||
Ratios To Average Net Assets | ||||||||||||||||||||||||||||||||||||||||
Net Asset | ||||||||||||||||||||||||||||||||||||||||
Value | Net Assets | Net | Operating Expenses | Management Fee | ||||||||||||||||||||||||||||||||||||
End of | Total | End of | Investment | Portfolio | ||||||||||||||||||||||||||||||||||||
Period | Return | Period (000’s) | Income | (a) | (b) | (c) | Gross | Net | Turnover Rate | |||||||||||||||||||||||||||||||
$ | 2.618 | (1.07 | )%** | $ | 520,874 | 1.36 | %* | 0.52 | %* | 0.52 | %* | 0.52 | %* | 0.28 | %* | 0.28 | %* | 3 | %** | |||||||||||||||||||||
2.664 | 10.32 | % | 595,037 | 1.53 | % | 0.50 | % | 0.52 | % | 0.52 | % | 0.28 | % | 0.28 | % | 4 | % | |||||||||||||||||||||||
2.453 | 27.83 | % | 666,455 | 1.37 | % | 0.45 | % | 0.50 | % | 0.50 | % | 0.28 | % | 0.28 | % | 23 | % | |||||||||||||||||||||||
1.944 | (22.22 | )% | 342,683 | 1.16 | % | 0.45 | % | 0.47 | % | 0.47 | % | 0.28 | % | 0.28 | % | 10 | % | |||||||||||||||||||||||
2.715 | (12.02 | )% | 517,315 | 1.02 | % | 0.32 | % | 0.34 | % | 0.34 | % | 0.28 | % | 0.28 | % | 21 | % | |||||||||||||||||||||||
3.299 | (9.03 | )% | 599,266 | 0.87 | % | 0.32 | % | 0.33 | % | 0.33 | % | 0.27 | % | 0.27 | % | 9 | % | |||||||||||||||||||||||
$ | 1.084 | 2.02 | %** | $ | 367,911 | 3.98 | %* | 0.64 | %* | 0.64 | %* | 0.64 | %* | 0.42 | %* | 0.42 | %* | 44 | %** | |||||||||||||||||||||
1.088 | 3.98 | % | 402,219 | 3.78 | % | 0.64 | % | 0.64 | % | 0.64 | % | 0.42 | % | 0.42 | % | 113 | % | |||||||||||||||||||||||
1.119 | 3.31 | % | 530,199 | 3.42 | % | 0.63 | % | 0.63 | % | 0.63 | % | 0.41 | % | 0.41 | % | 192 | % | |||||||||||||||||||||||
1.134 | 8.14 | % | 620,074 | 4.85 | % | 0.58 | % | 0.58 | % | 0.58 | % | 0.41 | % | 0.41 | % | 130 | % | |||||||||||||||||||||||
1.106 | 7.94 | % | 571,582 | 5.79 | % | 0.47 | % | 0.47 | % | 0.47 | % | 0.41 | % | 0.41 | % | 114 | % | |||||||||||||||||||||||
1.086 | 10.31 | % | 445,609 | 6.53 | % | 0.49 | % | 0.49 | % | 0.49 | % | 0.42 | % | 0.42 | % | 159 | % | |||||||||||||||||||||||
$ | 1.082 | 1.75 | %** | $ | 116,238 | 3.08 | %* | 0.74 | %* | 0.74 | %* | 0.74 | %* | 0.50 | %* | 0.50 | %* | 15 | %** | |||||||||||||||||||||
1.083 | 2.12 | % | 128,860 | 3.02 | % | 0.73 | % | 0.73 | % | 0.73 | % | 0.50 | % | 0.50 | % | 77 | % | |||||||||||||||||||||||
1.104 | 1.67 | % | 200,158 | 2.82 | % | 0.71 | % | 0.71 | % | 0.71 | % | 0.50 | % | 0.50 | % | 55 | % | |||||||||||||||||||||||
1.130 | 9.28 | % | 291,995 | 3.48 | % | 0.68 | % | 0.68 | % | 0.68 | % | 0.50 | % | 0.50 | % | 79 | % | |||||||||||||||||||||||
1.077 | 7.63 | % | 116,514 | 4.52 | % | 0.58 | % | 0.58 | % | 0.58 | % | 0.50 | % | 0.50 | % | 190 | % | |||||||||||||||||||||||
1.051 | 10.00 | % | 78,531 | 5.58 | % | 0.61 | % | 0.61 | % | 0.61 | % | 0.50 | % | 0.50 | % | 53 | % | |||||||||||||||||||||||
$ | 1.000 | 1.08 | %** | $ | 251,228 | 2.16 | %* | 0.54 | %* | 0.54 | %* | 0.54 | %* | 0.32 | %* | 0.32 | %* | N/A | ||||||||||||||||||||||
1.000 | 0.91 | % | 264,679 | 0.88 | % | 0.52 | % | 0.52 | % | 0.52 | % | 0.32 | % | 0.32 | % | N/A | ||||||||||||||||||||||||
1.000 | 0.80 | % | 377,155 | 0.82 | % | 0.53 | % | 0.53 | % | 0.53 | % | 0.30 | % | 0.30 | % | N/A | ||||||||||||||||||||||||
1.000 | 1.66 | % | 704,805 | 1.63 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.30 | % | 0.30 | % | N/A | ||||||||||||||||||||||||
1.000 | 4.28 | % | 604,657 | 4.11 | % | 0.36 | % | 0.36 | % | 0.36 | % | 0.31 | % | 0.31 | % | N/A | ||||||||||||||||||||||||
1.000 | 6.40 | % | 457,912 | 6.19 | % | 0.31 | % | 0.31 | % | 0.31 | % | 0.26 | % | 0.26 | % | N/A |
93
94
95
Income (Loss) from Investment Operations | Distributions to Shareholders | |||||||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||||||
Net Asset | Realized | From | From | |||||||||||||||||||||||||||||
Value, | Net | and | Total from | From Net | Tax | Net | ||||||||||||||||||||||||||
Beginning | Investment | Unrealized | Investment | Investment | Return of | Realized | Total | |||||||||||||||||||||||||
Year | of Period | Income(a) | Gain (Loss) | Operations | Income | Capital | Gain | Distributions | ||||||||||||||||||||||||
For the Six Months Ended June 30, (Unaudited) | ||||||||||||||||||||||||||||||||
2005 | $ | 10.62 | $ | 0.09 | $ | (0.36 | ) | $ | (0.27 | ) | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||||||||||||||
2004 | 9.48 | 0.07 | 1.18 | 1.25 | (0.11 | ) | — | — | (0.11 | ) | ||||||||||||||||||||||
2003 | 7.25 | 0.04 | 2.53 | 2.57 | (0.34 | ) | — | — | (0.34 | ) | ||||||||||||||||||||||
2002 | 8.99 | 0.03 | (1.68 | ) | (1.65 | ) | (0.09 | ) | — | — | (0.09 | ) | ||||||||||||||||||||
2001 | 11.78 | 0.05 | (2.68 | ) | (2.63 | ) | (0.09 | ) | (0.04 | ) | (0.03 | ) | (0.16 | ) | ||||||||||||||||||
2000 | 14.47 | 0.05 | (1.99 | ) | (1.94 | ) | — | — | (0.75 | ) | (0.75 | ) |
(a) | Calculated based on the average shares outstanding methodology. | |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the net asset value at the end of the period. Total returns for periods less than one full year are not annualized. | |
(c) | Annualized. |
96
Ratios Assuming No | ||||||||||||||||||||||||||||||||
Expense Reductions | ||||||||||||||||||||||||||||||||
Net | Ratio of | Ratio of | Ratio of | |||||||||||||||||||||||||||||
Net Asset | Assets | Ratio of | Net Investment | Total | Net Investment | |||||||||||||||||||||||||||
Value, | at End | Net Expenses | Income | Expenses | Income (Loss) | Portfolio | ||||||||||||||||||||||||||
End of | Total | of Period | to Average | to Average | to Average | to Average | Turnover | |||||||||||||||||||||||||
Period | Return(b) | (in 000s) | Net Assets | Net Assets | Net Assets | Net Assets | Rate | |||||||||||||||||||||||||
$ | 10.35 | (2.63 | )% | $ | 97,233 | 1.20 | %(c) | 1.73 | %(c) | 1.27 | %(c) | 1.66 | %(c) | 26 | % | |||||||||||||||||
10.62 | 13.48 | 108,624 | 1.20 | 0.75 | 1.35 | 0.60 | 63 | |||||||||||||||||||||||||
9.48 | 35.49 | 106,792 | 1.37 | 0.49 | 2.60 | (0.74 | ) | 49 | ||||||||||||||||||||||||
7.25 | (18.34 | ) | 13,214 | 1.46 | 0.32 | 2.96 | (1.18 | ) | 86 | |||||||||||||||||||||||
8.99 | (22.26 | ) | 17,773 | 1.35 | 0.47 | 2.05 | (0.23 | ) | 76 | |||||||||||||||||||||||
11.78 | (13.19 | ) | 29,261 | 1.34 | 0.37 | 1.99 | (0.28 | ) | 70 |
97
Income (Loss) from Investment Operations | Distributions to Shareholders | |||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||
Net Asset | Realized | From | ||||||||||||||||||||||||||
Value, | Net | and | Total from | From Net | Net | |||||||||||||||||||||||
Beginning | Investment | Unrealized | Investment | Investment | Realized | Total | ||||||||||||||||||||||
Year | of Period | Income(a) | Gain (Loss) | Operations | Income | Gain | Distributions | |||||||||||||||||||||
For the Six Months Ended June 30, (Unaudited) | ||||||||||||||||||||||||||||
2005 | $ | 12.42 | $ | 0.06 | $ | (0.39 | ) | $ | (0.33 | ) | $ | — | $ | — | $ | — | ||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||||||||||
2004 | 10.92 | 0.14 | 1.49 | 1.63 | (0.13 | ) | — | (0.13 | ) | |||||||||||||||||||
2003 | 8.49 | 0.07 | 2.43 | 2.50 | (0.07 | ) | — | (0.07 | ) | |||||||||||||||||||
2002 | 10.94 | 0.06 | (2.45 | ) | (2.39 | ) | (0.06 | ) | — | (0.06 | ) | |||||||||||||||||
2001 | 12.48 | 0.05 | (1.54 | ) | (1.49 | ) | (0.05 | ) | — | (0.05 | ) | |||||||||||||||||
2000 | 13.98 | 0.11 | (1.46 | ) | (1.35 | ) | (0.08 | ) | (0.07 | ) | (0.15 | ) |
(a) | Calculated based on the average shares outstanding methodology. | |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the net asset value at the end of the period. Total returns for periods less than one full year are not annualized. | |
(c) | Annualized. |
98
Ratios Assuming No | ||||||||||||||||||||||||||||||||
Expense Reductions | ||||||||||||||||||||||||||||||||
Net | Ratio of | Ratio of | Ratio of | |||||||||||||||||||||||||||||
Net Asset | Assets | Ratio of | Net Investment | Total | Net Investment | |||||||||||||||||||||||||||
Value, | at End | Net Expenses | Income | Expenses | Income | |||||||||||||||||||||||||||
End of | Total | of Period | to Average | to Average | to Average | to Average | Portfolio | |||||||||||||||||||||||||
Period | Return(b) | (in 000s) | Net Assets | Net Assets | Net Assets | Net Assets | Turnover Rate | |||||||||||||||||||||||||
$ | 12.09 | (2.66 | )% | $ | 633,327 | 0.74 | %(c) | 0.99 | %(c) | 0.77 | %(c) | 0.96 | %(c) | 56 | % | |||||||||||||||||
12.42 | 14.94 | 521,137 | 0.75 | 1.26 | 0.78 | 1.23 | 128 | |||||||||||||||||||||||||
10.92 | 29.47 | 383,025 | 0.85 | 0.79 | 0.85 | 0.79 | 92 | |||||||||||||||||||||||||
8.49 | (21.89 | ) | 143,439 | 0.85 | 0.60 | 0.86 | 0.59 | 84 | ||||||||||||||||||||||||
10.94 | (11.94 | ) | 163,904 | 0.81 | 0.48 | 0.82 | 0.47 | 72 | ||||||||||||||||||||||||
12.48 | (9.62 | ) | 139,303 | 0.85 | 0.87 | 0.87 | 0.85 | 32 |
99
Income (Loss) from Investment Operations | Distributions to Shareholders | |||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||
Net Asset | Realized | From | ||||||||||||||||||||||||||
Value, | Net | and | Total from | From Net | Net | |||||||||||||||||||||||
Beginning | Investment | Unrealized | Investment | Investment | Realized | Total | ||||||||||||||||||||||
Year | of Period | Income(a) | Gain (Loss) | Operations | Income | Gain | Distributions | |||||||||||||||||||||
For the Six Months Ended June 30, (Unaudited) | ||||||||||||||||||||||||||||
2005 | $ | 10.39 | $ | 0.01 | $ | (0.32 | ) | $ | (0.31 | ) | $ | — | $ | — | $ | — | ||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||||||||||
2004 | 9.59 | 0.07 | 0.80 | 0.87 | (0.07 | ) | — | (0.07 | ) | |||||||||||||||||||
2003 | 7.77 | 0.03 | 1.81 | 1.84 | (0.02 | ) | — | (0.02 | ) | |||||||||||||||||||
2002 | 10.28 | 0.01 | (2.50 | ) | (2.49 | ) | (0.02 | ) | — | (0.02 | ) | |||||||||||||||||
2001 | 12.09 | 0.02 | (1.78 | ) | (1.76 | ) | (0.02 | ) | (0.03 | ) | (0.05 | ) | ||||||||||||||||
2000 | 14.01 | 0.01 | (1.16 | ) | (1.15 | ) | (0.01 | ) | (0.76 | ) | (0.77 | ) |
(a) | Calculated based on the average shares outstanding methodology. | |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the net asset value at the end of the period. Total returns for periods less than one full year are not annualized. | |
(c) | Annualized. |
100
Ratios Assuming No | ||||||||||||||||||||||||||||||||
Expense Reductions | ||||||||||||||||||||||||||||||||
Net | Ratio of | Ratio of | Ratio of | |||||||||||||||||||||||||||||
Net Asset | Assets | Ratio of | Net Investment | Total | Net Investment | |||||||||||||||||||||||||||
Value, | at End | Net Expenses | Income | Expenses | Income | |||||||||||||||||||||||||||
End of | Total | of Period | to Average | to Average | to Average | to Average | Portfolio | |||||||||||||||||||||||||
Period | Return(b) | (in 000s) | Net Assets | Net Assets | Net Assets | Net Assets | Turnover Rate | |||||||||||||||||||||||||
$ | 10.08 | (2.98 | )% | $ | 168,820 | 0.90 | %(c) | 0.20 | %(c) | 0.91 | %(c) | 0.19 | %(c) | 17 | % | |||||||||||||||||
10.39 | 9.09 | 186,688 | 0.89 | 0.69 | 0.89 | 0.69 | 45 | |||||||||||||||||||||||||
9.59 | 23.74 | 179,694 | 1.02 | 0.38 | 1.43 | (0.03 | ) | 16 | ||||||||||||||||||||||||
7.77 | (24.33 | ) | 18,052 | 1.10 | 0.16 | 1.77 | (0.51 | ) | 24 | |||||||||||||||||||||||
10.28 | (14.46 | ) | 16,266 | 1.00 | 0.15 | 1.69 | (0.54 | ) | 39 | |||||||||||||||||||||||
12.09 | (7.98 | ) | 16,775 | 0.99 | 0.13 | 1.84 | (0.72 | ) | 37 |
101
Income (Loss) from Investment Operations | Distributions to Shareholders | |||||||||||||||||||||||||||
Net | ||||||||||||||||||||||||||||
Net Asset | Realized | From | ||||||||||||||||||||||||||
Value, | Net | and | Total from | From Net | Net | |||||||||||||||||||||||
Beginning | Investment | Unrealized | Investment | Investment | Realized | Total | ||||||||||||||||||||||
Year | of Period | Income(a) | Gain (Loss) | Operations | Income | Gain | Distributions | |||||||||||||||||||||
For the Six Months Ended June 30, (Unaudited) | ||||||||||||||||||||||||||||
2005 | $ | 15.28 | $ | 0.08 | $ | 0.87 | $ | 0.95 | $ | — | $ | — | $ | — | ||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||||||||||
2004 | 13.37 | 0.10 | 3.34 | 3.44 | (0.09 | ) | (1.44 | ) | (1.53 | ) | ||||||||||||||||||
2003 | 10.61 | 0.12 | 2.89 | 3.01 | (0.11 | ) | (0.14 | ) | (0.25 | ) | ||||||||||||||||||
2002 | 11.29 | 0.14 | (0.67 | ) | (0.53 | ) | (0.12 | ) | (0.03 | ) | (0.15 | ) | ||||||||||||||||
2001 | 10.67 | 0.14 | 1.14 | 1.28 | (0.11 | ) | (0.55 | ) | (0.66 | ) | ||||||||||||||||||
2000 | 8.42 | 0.15 | 2.45 | 2.60 | (0.08 | ) | (0.27 | ) | (0.35 | ) |
(a) | Calculated based on the average shares outstanding methodology. | |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the net asset value at the end of the period. Total returns for the periods less than one full year are not annualized. | |
(c) | Annualized. |
102
Ratios Assuming No | ||||||||||||||||||||||||||||||||
Expense Reductions | ||||||||||||||||||||||||||||||||
Ratio of | Ratio of | Ratio of | ||||||||||||||||||||||||||||||
Net Asset | Net Assets | Ratio of | Net Investment | Total | Net Investment | |||||||||||||||||||||||||||
Value, | at End | Net Expenses | Income | Expenses | Income | |||||||||||||||||||||||||||
End of | Total | of Period | to Average | to Average | to Average | to Average | Portfolio | |||||||||||||||||||||||||
Period | Return(b) | (in 000s) | Net Assets | Net Assets | Net Assets | Net Assets | Turnover Rate | |||||||||||||||||||||||||
$ | 16.23 | 6.22 | % | $ | 1,157,317 | 0.88 | %(c) | 1.03 | %(c) | 0.88 | %(c) | 1.03 | %(c) | 30 | % | |||||||||||||||||
15.28 | 25.88 | 917,151 | 0.88 | 0.67 | 0.88 | 0.67 | 72 | |||||||||||||||||||||||||
13.37 | 28.39 | 577,923 | 0.91 | 1.02 | 0.91 | 1.02 | 64 | |||||||||||||||||||||||||
10.61 | (4.69 | ) | 357,537 | 0.91 | 1.20 | 0.91 | 1.20 | 95 | ||||||||||||||||||||||||
11.29 | 12.05 | 243,521 | 0.93 | 1.27 | 0.94 | 1.26 | 82 | |||||||||||||||||||||||||
10.67 | 31.07 | 101,657 | 1.04 | 1.60 | 1.22 | 1.42 | 101 |
103
Fund | Number of Shares Outstanding | |||
Select International Equity Fund | ||||
Core Equity Fund | ||||
Select Growth Fund | ||||
Select Capital Appreciation Fund | ||||
Equity Index Fund | ||||
Select Value Opportunity Fund | ||||
Government Bond Fund | ||||
Select Investment Grade Income Fund | ||||
Money Market Fund |
104
Name and Address | ||||||||||||
Name of Fund | of Owner | Type of Ownership | Percentage of Fund | |||||||||
Name and Address | ||||||||||||
Name of Fund | of Owner | Type of Ownership | Percentage of Fund | |||||||||
105
106
107
108
A-1
A-2
A-3
A-4
A-5
A-6
A-7
A-8
A-9
A-10
A-11
A-12
A-13
GSVIT International Equity Fund | 1.22 | % | ||
GSVIT CORE U.S. Equity Fund | 0.81 | % | ||
GSVIT Capital Growth Fund | 1.00 | % | ||
GSVIT Growth Opportunities Fund | 1.14 | % | ||
GSVIT Equity Index Fund | 0.44 | % | ||
GSVIT Mid Cap Value Fund | 0.99 | % | ||
GSVIT Government Income Fund | 0.68 | % | ||
GSVIT Core Fixed Income Fund | 0.54 | % | ||
GSVIT Money Market Fund | 0.49 | % |
A-14
A-15
A-16
A-17
(i) | the Reorganization will constitute nine “reorganizations” within the meaning of section 368(a) of the Code, and each GSVIT Fund and AIT Fund will be a “party to a reorganization” within the meaning of section 368(b) of the Code; | |
(ii) | each AIT Fund will recognize no gain or loss (A) upon the transfer of its assets to the corresponding GSVIT Fund in exchange for GSVIT Fund Service Shares and the assumption of the liabilities of such AIT Fund, and (B) upon the distribution of those shares to the shareholders of the AIT Fund; | |
(iii) | each GSVIT Fund will recognize no gain or loss upon the receipt of the assets of the corresponding AIT Fund in exchange for shares of such GSVIT Fund and the assumption of the liabilities of such AIT Fund; | |
(iv) | the tax basis in the hands of each GSVIT Fund of each asset of the corresponding AIT Fund transferred to such GSVIT Fund in the Reorganization will be the same as the basis of that asset in the hands of such AIT Fund immediately before the transfer; | |
(v) | the holding period of each asset of each AIT Fund in the hands of the corresponding GSVIT Fund will include the period during which that asset was held by such AIT Fund; | |
(vi) | the shareholders of each AIT Fund will recognize no gain or loss upon their receipt of shares of the corresponding GSVIT Fund; | |
(vii) | the aggregate tax basis of the GSVIT Fund Service Shares received by each shareholder of the corresponding AIT Fund will equal the aggregate tax basis of the AIT Fund shares surrendered in exchange therefor; | |
(viii) | the holding period of GSVIT Fund Service Shares received by each AIT Fund shareholder will include the holding period of the AIT Fund shares surrendered in exchange therefor, provided that the AIT Fund shares are held by that shareholder as capital assets on the date of the exchange; | |
(ix) | each GSVIT Fund will succeed to and take into account the tax attributes of the corresponding AIT Fund described in section 381(c) of the Code, subject to the conditions and limitations specified in sections 381, 382, 383 and 384 of the Code and the Treasury Regulations thereunder; and |
A-18
(x) | no income, gain or loss will be recognized by the contract holders as a result of the Reorganization. |
A-19
A-20
Allmerica Investment Trust | |
440 Lincoln Street | |
Worcester, MA 01653 | |
Attention: John P. Kavanaugh | |
Telephone No: (508) 855-2151 | |
Facsimile No: (508) 926-1514 | |
E-mail: jkavanaugh@opusinvestment.com | |
Allmerica Financial Corporation | |
440 Lincoln Street | |
Worcester, MA 01653 | |
Attention: J. Kendall Huber | |
Facsimile No.: (508) 926-1926 | |
With copies (which shall not constitute notice) to: | |
Ropes & Gray LLP (counsel to AIT) | |
One International Place | |
Boston, Massachusetts 02110-2624 | |
Attn: Gregory Sheehan, Esq. | |
Telephone No: (617) 951-7621 | |
Facsimile No: (617) 951-7050 | |
E-mail: gregory.sheehan@ropesgray.com | |
Davis Polk & Wardwell (counsel to AFC) | |
450 Lexington Avenue | |
New York, New York 10017 | |
Attention: Leonard Kreynin | |
Facsimile No.: (212) 450-3800 | |
If to GSVIT: | |
Goldman Sachs Variable Insurance Trust | |
32 Old Slip | |
New York, NY 10005 | |
Attn: Peter Bonanno, Esq. | |
Telephone No.: (212) 357-3184 | |
Facsimile No.: (212) 902-4140 | |
E-mail: Peter.Bonanno@gs.com |
A-21
With a copy (which shall not constitute notice) to: | |
Drinker Biddle & Reath LLP | |
One Logan Square | |
18th & Cherry Streets | |
Philadelphia, PA 19103-6996 | |
Attn: Kenneth Greenberg, Esq. | |
Telephone No.: (215) 988-1152 | |
Facsimile No.: (215) 988-2757 | |
E-mail: Kenneth.Greenberg@dbr.com |
A-22
A-23
A-24
A-25
ALLMERICA INVESTMENT TRUST |
By: | /s/ John P. Kavanaugh |
Name: John P. Kavanaugh |
Title: | President |
GOLDMAN SACHS VARIABLE INSURANCE TRUST |
By: | /s/ James A. Fitzpatrick |
Name: James A. Fitzpatrick | |
Title: Vice President |
By: | /s/ Edward J. Parry, III |
Title: | Executive Vice President and Chief Financial Officer |
By: | /s/ James A. Fitzpatrick |
By: | /s/ John P. Kavanaugh |
By: | /s/ Ted Sotir |
A-26
AIT Funds | GSVIT Funds | ||
Select International Equity Fund | International Equity Fund | ||
Shares | Service Shares | ||
Core Equity Fund | CORE U.S. Equity Fund | ||
Shares | Service Shares | ||
Select Growth Fund | Capital Growth Fund | ||
Shares | Service Shares | ||
Select Capital Appreciation Fund | Growth Opportunities Fund | ||
Shares | Service Shares | ||
Equity Index Fund | Equity Index Fund | ||
Shares | Service Shares | ||
Select Value Opportunity Fund | Mid Cap Value Fund | ||
Shares | Service Shares | ||
Government Bond Fund | Government Income Fund | ||
Shares | Service Shares | ||
Select Investment Grade Income Fund | Core Fixed Income Fund | ||
Shares | Service Shares | ||
Money Market Fund | Money Market Fund | ||
Shares | Service Shares |
A-27
Goldman Sachs CORESM U.S. Equity Fund
Goldman Sachs Capital Growth Fund
Goldman Sachs Growth Opportunities Fund
Goldman Sachs Equity Index Fund
Goldman Sachs Mid Cap Value Fund
Goldman Sachs Government Income Fund
Goldman Sachs Core Fixed Income Fund
Goldman Sachs Money Market Fund
Acquisition of the Assets and Liabilities of | By and in Exchange for Service Shares of | |
Select International Equity Fund | Goldman Sachs International Equity Fund | |
Core Equity Fund | Goldman Sachs CORESM U.S. Equity Fund | |
Select Growth Fund | Goldman Sachs Capital Growth Fund | |
Select Capital Appreciation Fund | Goldman Sachs Growth Opportunities Fund | |
Equity Index Fund | Goldman Sachs Equity Index Fund | |
Select Value Opportunity Fund | Goldman Sachs Mid Cap Value Fund | |
Government Bond Fund | Goldman Sachs Government Income Fund | |
Select Investment Grade Income Fund | Goldman Sachs Core Fixed Income Fund | |
Money Market Fund | Goldman Sachs Money Market Fund | |
( collectively , the “AIT Funds”) | (collectively, the “GSVIT Funds”) | |
(each a series of Allmerica Investment Trust) 440 Lincoln Street Worcester, MA 01653 | (each a series of the Goldman Sachs Variable Insurance Trust) 71 South Wacker Drive, Suite 500 Chicago, 60606 |
- 1 -
(1) | the Prospectus for the AIT Funds dated May 1, 2005 (previously filed on EDGAR, Accession No: 0001193125-05-088299) and the Supplement to the Prospectus for the AIT Funds dated May 1, 2005 (previously filed on EDGAR, Accession No: 0001193125-05-173004; | ||
(2) | the Statement of Additional Information for the AIT Funds dated May 1, 2005 (previously filed on EDGAR, Accession No: 0001193125-05-088299); | ||
(3) | the Prospectus for the Service Shares of the GSVIT Funds dated , 2005 (previously filed on EDGAR, Accession No: ); | ||
(4) | the Statement of Additional Information for the GSVIT Funds dated , 2005 (previously filed on EDGAR, Accession No: ); | ||
(5) | the audited financial statements and related report of the independent auditors included in the Annual Report to Shareholders of the Allmerica Investment Trust for the fiscal year ended December 31, 2004 (previously filed on EDGAR, Accession No: 0001193125-05-039704). No other parts of the Annual Report are incorporated herein by reference; | ||
(6) | the unaudited financial statements included in the Semi-Annual Report to Shareholders of the Allmerica Investment Trust for the semi-annual period ended June 30, 2005 (previously filed on EDGAR, Accession No: 0001193125-05-177171). No other parts of the Semi-Annual Report are incorporated herein by reference; | ||
(7) | the audited financial statements and related report of the independent registered public accounting firm included in the Annual Reports to Shareholders of shares of the Goldman Sachs CORE U.S. Equity Fund, Goldman Sachs Capital Growth Fund, Goldman Sachs Mid Cap Value Fund and Goldman Sachs International Equity Fund of the Goldman Sachs Variable Insurance Trust for the fiscal year ended December 31, 2004 (previously filed on EDGAR, Accession No.: 0000950123-05-005117). No other parts of the Annual Report are incorporated herein by reference; and |
- 2 -
(8) | the unaudited financial statements included in the Semi-Annual Report to Shareholders of shares of the Service Shares of the Goldman Sachs CORE U.S. Equity Fund, Goldman Sachs Capital Growth Fund, Goldman Sachs Mid Cap Value Fund, and Goldman Sachs International Equity Fund of the Goldman Sachs Variable Insurance Trust for the year ended June 30, 2005 (previously filed on EDGAR, Accession No: 0000950123-05-010660). No other parts of the Semi-Annual Report are incorporated herein by reference. |
AIT Funds | GSVIT Funds | |
Select International Equity Fund | Goldman Sachs International Equity Fund | |
Core Equity Fund | Goldman Sachs CORE U.S. Equity Fund | |
Select Growth Fund | Goldman Sachs Capital Growth Fund | |
Select Capital Appreciation Fund | Goldman Sachs Growth Opportunities Fund | |
Equity Index Fund | Goldman Sachs Equity Index Fund | |
Select Value Opportunity Fund | Goldman Sachs Mid Cap Value Fund | |
Government Bond Fund | Goldman Sachs Government Income Fund | |
Select Investment Grade Income Fund | Goldman Sachs Core Fixed Income Fund | |
Money Market Fund | Goldman Sachs Money Market Fund |
- 3 -
- 4 -
Pro Forma Combined Schedule of Investments for the Goldman Sachs VIT Mid Cap Value Fund and the AIT Select Value Opportunity Fund
June 30, 2005 (Unaudited)
Shares | Description | Value | |||||||||||||||||||||||||||||||||||||||||||
GS VIT Mid Cap | AIT Select Value | Pro Forma | GS VIT Mid Cap | AIT Select Value | Pro Forma | ||||||||||||||||||||||||||||||||||||||||
Value Fund | | Opportunity Fund | | Adjustments | | Combined Fund | Common Stocks — 97.4% | Value Fund | | Opportunity Fund | | Adjustments | | Combined Fund | |||||||||||||||||||||||||||||||
Auto Manufacturers — 0.2% | |||||||||||||||||||||||||||||||||||||||||||||
— | 28,100 | — | 28,100 | Oshkosh Truck Corp. | $ | — | $ | 2,199,668 | $ | — | $ | 2,199,668 | |||||||||||||||||||||||||||||||||
Auto Parts & Equipment — 0.0% | |||||||||||||||||||||||||||||||||||||||||||||
— | 267,700 | — | 267,700 | Mascotech, Inc.(b) | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Biotechnology — 1.4% | |||||||||||||||||||||||||||||||||||||||||||||
586,922 | — | — | 586,922 | MedImmune, Inc.* | 15,682,556 | — | — | 15,682,556 | |||||||||||||||||||||||||||||||||||||
— | 95,200 | — | 95,200 | Millipore Corp.* | — | 5,400,696 | — | 5,400,696 | |||||||||||||||||||||||||||||||||||||
15,682,556 | 5,400,696 | — | 21,083,252 | ||||||||||||||||||||||||||||||||||||||||||
Brokers — 1.1% | |||||||||||||||||||||||||||||||||||||||||||||
158,013 | — | — | 158,013 | The Bear Stearns Companies, Inc. | 16,423,871 | — | — | 16,423,871 | |||||||||||||||||||||||||||||||||||||
Chemicals — 4.8% | |||||||||||||||||||||||||||||||||||||||||||||
612,386 | — | — | 612,386 | Agrium, Inc. | 12,008,889 | — | — | 12,008,889 | |||||||||||||||||||||||||||||||||||||
— | 279,700 | — | 279,700 | Airgas, Inc.(a) | — | 6,900,199 | — | 6,900,199 | |||||||||||||||||||||||||||||||||||||
117,741 | 104,900 | — | 222,641 | Carlisle Cos., Inc.(a) | 8,080,565 | 7,199,287 | — | 15,279,852 | |||||||||||||||||||||||||||||||||||||
— | 75,000 | — | 75,000 | Cytec Industries, Inc. | — | 2,985,000 | — | 2,985,000 | |||||||||||||||||||||||||||||||||||||
— | 112,100 | — | 112,100 | International Flavors & Fragrances, Inc. | — | 4,060,262 | — | 4,060,262 | |||||||||||||||||||||||||||||||||||||
— | 146,200 | — | 146,200 | Lyondell Chemical Co.(a) | — | 3,862,604 | — | 3,862,604 | |||||||||||||||||||||||||||||||||||||
— | 256,200 | — | 256,200 | Methanex Corp. | — | 4,219,614 | — | 4,219,614 | |||||||||||||||||||||||||||||||||||||
— | 211,400 | — | 211,400 | OM Group, Inc.* | — | 5,219,466 | — | 5,219,466 | |||||||||||||||||||||||||||||||||||||
342,440 | — | — | 342,440 | Rohm & Haas Co. | 15,868,670 | — | — | 15,868,670 | |||||||||||||||||||||||||||||||||||||
35,958,124 | 34,446,432 | — | 70,404,556 | ||||||||||||||||||||||||||||||||||||||||||
Commercial Services — 0.7% | |||||||||||||||||||||||||||||||||||||||||||||
— | 141,410 | — | 141,410 | Manpower, Inc. | — | 5,625,290 | — | 5,625,290 | |||||||||||||||||||||||||||||||||||||
— | 132,900 | — | 132,900 | Valassis Communications, Inc.* | — | 4,923,945 | — | 4,923,945 | |||||||||||||||||||||||||||||||||||||
— | 10,549,235 | — | 10,549,235 | ||||||||||||||||||||||||||||||||||||||||||
Computer Hardware — 4.2% | |||||||||||||||||||||||||||||||||||||||||||||
235,840 | 121,400 | — | 357,240 | Amphenol Corp — Class A | 9,473,693 | 4,876,638 | — | 14,350,331 | |||||||||||||||||||||||||||||||||||||
222,300 | — | — | 222,300 | Avocent Corp.* | 5,810,922 | — | — | 5,810,922 | |||||||||||||||||||||||||||||||||||||
209,416 | 78,400 | — | 287,816 | CDW Corp.(a) | 11,955,559 | 4,475,856 | — | 16,431,415 | |||||||||||||||||||||||||||||||||||||
241,813 | — | — | 241,813 | Ditech Communications Corp.* | 1,569,366 | — | — | 1,569,366 | |||||||||||||||||||||||||||||||||||||
20,992 | — | — | 20,992 | Ingram Micro, Inc.* | 328,735 | — | — | 328,735 | |||||||||||||||||||||||||||||||||||||
383,690 | — | — | 383,690 | Tech Data Corp.* | 14,046,891 | — | — | 14,046,891 | |||||||||||||||||||||||||||||||||||||
332,496 | — | — | 332,496 | Xerox Corp.* | 4,585,120 | — | — | 4,585,120 | |||||||||||||||||||||||||||||||||||||
109,869 | — | — | 109,869 | Zebra Technologies Corp.* | 4,811,164 | — | — | 4,811,164 | |||||||||||||||||||||||||||||||||||||
52,581,450 | 9,352,494 | — | 61,933,944 | ||||||||||||||||||||||||||||||||||||||||||
Computer Software — 1.5% | |||||||||||||||||||||||||||||||||||||||||||||
841,240 | — | — | 841,240 | Activision, Inc.* | 13,897,285 | — | — | 13,897,285 | |||||||||||||||||||||||||||||||||||||
— | 189,300 | — | 189,300 | IMS Health, Inc. | — | 4,688,961 | — | 4,688,961 |
The accompanying notes are an integral part of these financial statements.
Shares | Description | Value | ||||||||||||||||||||||||||||||||||||||||||
GS VIT Mid Cap | AIT Select Value | Pro Forma | GS VIT Mid Cap | AIT Select Value | Pro Forma | |||||||||||||||||||||||||||||||||||||||
Value Fund | | Opportunity Fund | | Adjustments | | Combined Fund | Common Stocks — (continued) | Value Fund | | Opportunity Fund | | Adjustments | | Combined Fund | ||||||||||||||||||||||||||||||
— | 258,450 | — | 258,450 | RSA Security, Inc.* | $ | — | $ | 2,967,006 | $ | — | $ | 2,967,006 | ||||||||||||||||||||||||||||||||
13,897,285 | 7,655,967 | — | 21,553,252 | |||||||||||||||||||||||||||||||||||||||||
Construction — 2.0% | ||||||||||||||||||||||||||||||||||||||||||||
450,254 | — | — | 450,254 | Lennar Corp.(a) | 28,568,616 | — | — | 28,568,616 | ||||||||||||||||||||||||||||||||||||
Consumer Durables — 1.9% | ||||||||||||||||||||||||||||||||||||||||||||
194,486 | — | — | 194,486 | Mohawk Industries, Inc.* | 16,045,095 | — | — | 16,045,095 | ||||||||||||||||||||||||||||||||||||
187,136 | 67,300 | — | 254,436 | The Stanley Works | 8,522,173 | 3,064,842 | — | 11,587,015 | ||||||||||||||||||||||||||||||||||||
24,567,268 | 3,064,842 | — | 27,632,110 | |||||||||||||||||||||||||||||||||||||||||
Defense/Aerospace — 3.0% | ||||||||||||||||||||||||||||||||||||||||||||
165,825 | — | — | 165,825 | Alliant Techsystems, Inc.* | 11,707,245 | — | — | 11,707,245 | ||||||||||||||||||||||||||||||||||||
— | 160,800 | — | 160,800 | Esterline Technologies Corp.* | — | 6,444,864 | — | 6,444,864 | ||||||||||||||||||||||||||||||||||||
— | 138,700 | — | 138,700 | Goodrich Corp. | — | 5,681,152 | — | 5,681,152 | ||||||||||||||||||||||||||||||||||||
— | 149,525 | — | 149,525 | Moog, Inc., Class A* | — | 4,708,542 | — | 4,708,542 | ||||||||||||||||||||||||||||||||||||
314,985 | — | — | 314,985 | Rockwell Collins, Inc.(a) | 15,018,485 | — | — | 15,018,485 | ||||||||||||||||||||||||||||||||||||
26,725,730 | 16,834,558 | — | 43,560,288 | |||||||||||||||||||||||||||||||||||||||||
Diversified Energy — 1.9% | ||||||||||||||||||||||||||||||||||||||||||||
926,776 | — | — | 926,776 | The Williams Companies, Inc. | 17,608,744 | — | — | 17,608,744 | ||||||||||||||||||||||||||||||||||||
291,387 | — | — | 291,387 | Western Gas Resources, Inc. | 10,169,406 | — | — | 10,169,406 | ||||||||||||||||||||||||||||||||||||
27,778,150 | — | — | 27,778,150 | |||||||||||||||||||||||||||||||||||||||||
Diversified Financial Services — 1.0% | ||||||||||||||||||||||||||||||||||||||||||||
— | 674,900 | — | 674,900 | E*TRADE Financial Corp.* | — | 9,441,851 | — | 9,441,851 | ||||||||||||||||||||||||||||||||||||
— | 127,900 | — | 127,900 | Nuveen Investments, Inc., Class A(a) | — | 4,811,598 | — | 4,811,598 | ||||||||||||||||||||||||||||||||||||
— | 14,253,449 | — | 14,253,449 | |||||||||||||||||||||||||||||||||||||||||
Drugs — 1.5% | ||||||||||||||||||||||||||||||||||||||||||||
237,729 | — | — | 237,729 | Charles River Laboratories International, Inc.* | 11,470,424 | — | — | 11,470,424 | ||||||||||||||||||||||||||||||||||||
— | 279,300 | — | 279,300 | Impax Laboratories, Inc.*(a) | — | 4,385,010 | — | 4,385,010 | ||||||||||||||||||||||||||||||||||||
314,584 | — | — | 314,584 | IVAX Corp.* | 6,763,556 | — | — | 6,763,556 | ||||||||||||||||||||||||||||||||||||
18,233,980 | 4,385,010 | — | 22,618,990 | |||||||||||||||||||||||||||||||||||||||||
Electrical Utilities — 8.9% | ||||||||||||||||||||||||||||||||||||||||||||
142,049 | — | — | 142,049 | Cinergy Corp. | 6,366,636 | — | — | 6,366,636 | ||||||||||||||||||||||||||||||||||||
162,152 | — | — | 162,152 | CMS Energy Corp.* | 2,442,009 | — | — | 2,442,009 | ||||||||||||||||||||||||||||||||||||
286,361 | — | — | 286,361 | Edison International | 11,611,939 | — | — | 11,611,939 | ||||||||||||||||||||||||||||||||||||
304,949 | — | — | 304,949 | Entergy Corp. | 23,038,897 | — | — | 23,038,897 | ||||||||||||||||||||||||||||||||||||
275,997 | — | — | 275,997 | FirstEnergy Corp. | 13,278,216 | — | — | 13,278,216 | ||||||||||||||||||||||||||||||||||||
585,008 | — | — | 585,008 | PG&E Corp. | 21,961,200 | — | — | 21,961,200 | ||||||||||||||||||||||||||||||||||||
27,619 | — | — | 27,619 | Pinnacle West Capital Corp. | 1,227,665 | — | — | 1,227,665 | ||||||||||||||||||||||||||||||||||||
161,721 | — | — | 161,721 | PNM Resources, Inc. | 4,659,182 | — | — | 4,659,182 | ||||||||||||||||||||||||||||||||||||
532,855 | — | — | 532,855 | PPL Corp. | 31,640,930 | — | — | 31,640,930 | ||||||||||||||||||||||||||||||||||||
40,914 | — | — | 40,914 | Public Service Enterprise Group, Inc. | 2,488,389 | — | — | 2,488,389 | ||||||||||||||||||||||||||||||||||||
— | 201,500 | — | 201,500 | TransAlta Corp.(a) | — | 3,356,990 | — | 3,356,990 | ||||||||||||||||||||||||||||||||||||
221,481 | — | — | 221,481 | Wisconsin Energy Corp. | 8,637,759 | — | — | 8,637,759 | ||||||||||||||||||||||||||||||||||||
127,352,822 | 3,356,990 | — | 130,709,812 | |||||||||||||||||||||||||||||||||||||||||
Electronics — 0.2% | ||||||||||||||||||||||||||||||||||||||||||||
— | 124,500 | — | 124,500 | PerkinElmer, Inc. | — | 2,353,050 | — | 2,353,050 | ||||||||||||||||||||||||||||||||||||
Energy Resources — 4.9% | ||||||||||||||||||||||||||||||||||||||||||||
715,621 | — | — | 715,621 | EOG Resources, Inc.(a) | 40,647,273 | — | — | 40,647,273 | ||||||||||||||||||||||||||||||||||||
— | 47,800 | — | 47,800 | Equitable Resources, Inc. | — | 3,250,400 | — | 3,250,400 | ||||||||||||||||||||||||||||||||||||
194,832 | — | — | 194,832 | Noble Energy, Inc. | 14,739,041 | — | — | 14,739,041 | ||||||||||||||||||||||||||||||||||||
514,297 | — | — | 514,297 | Range Resources Corp. | 13,834,589 | — | — | 13,834,589 | ||||||||||||||||||||||||||||||||||||
69,220,903 | 3,250,400 | — | 72,471,303 | |||||||||||||||||||||||||||||||||||||||||
The accompanying notes are an integral part of these financial statements.
Shares | Description | Value | ||||||||||||||||||||||||||||||||||||||||||
GS VIT Mid Cap | AIT Select Value | Pro Forma | GS VIT Mid Cap | AIT Select Value | Pro Forma | |||||||||||||||||||||||||||||||||||||||
Value Fund | | Opportunity Fund | | Adjustments | | Combined Fund | Common Stocks — (continued) | Value Fund | | Opportunity Fund | | Adjustments | | Combined Fund | ||||||||||||||||||||||||||||||
Engineering & Construction — 0.3% | ||||||||||||||||||||||||||||||||||||||||||||
— | 109,900 | — | 109,900 | URS Corp.* | $ | — | $ | 4,104,765 | $ | — | $ | 4,104,765 | ||||||||||||||||||||||||||||||||
Environmental & Other Services — 1.1% | ||||||||||||||||||||||||||||||||||||||||||||
353,457 | — | — | 353,457 | Republic Services, Inc. | 12,727,987 | — | — | 12,727,987 | ||||||||||||||||||||||||||||||||||||
— | 86,100 | — | 86,100 | Watts Industries, Inc., Class A | — | 2,883,489 | — | 2,883,489 | ||||||||||||||||||||||||||||||||||||
12,727,987 | 2,883,489 | — | 15,611,476 | |||||||||||||||||||||||||||||||||||||||||
Food & Beverage — 2.0% | ||||||||||||||||||||||||||||||||||||||||||||
473,014 | — | — | 473,014 | Archer-Daniels-Midland Co. | 10,113,039 | — | — | 10,113,039 | ||||||||||||||||||||||||||||||||||||
— | 75,500 | — | 75,500 | Ralcorp Holdings, Inc. | — | 3,106,825 | — | 3,106,825 | ||||||||||||||||||||||||||||||||||||
420,088 | — | — | 420,088 | Smithfield Foods, Inc.* | 11,455,800 | — | — | 11,455,800 | ||||||||||||||||||||||||||||||||||||
179,827 | — | — | 179,827 | The Pepsi Bottling Group, Inc. | 5,144,850 | — | — | 5,144,850 | ||||||||||||||||||||||||||||||||||||
26,713,689 | 3,106,825 | — | 29,820,514 | |||||||||||||||||||||||||||||||||||||||||
Gas Utilities — 2.4% | ||||||||||||||||||||||||||||||||||||||||||||
675,432 | — | — | 675,432 | AGL Resources, Inc. | 26,105,447 | — | — | 26,105,447 | ||||||||||||||||||||||||||||||||||||
74,792 | — | — | 74,792 | Energen Corp. | 2,621,459 | — | — | 2,621,459 | ||||||||||||||||||||||||||||||||||||
— | 248,500 | — | 248,500 | Southern Union Co.* | — | 6,100,675 | — | 6,100,675 | ||||||||||||||||||||||||||||||||||||
28,726,906 | 6,100,675 | — | 34,827,581 | |||||||||||||||||||||||||||||||||||||||||
Health Care-Services — 0.3% | ||||||||||||||||||||||||||||||||||||||||||||
— | 145,500 | — | 145,500 | Apria Healthcare Group, Inc.*(a) | — | 5,040,120 | — | 5,040,120 | ||||||||||||||||||||||||||||||||||||
Health Insurance — 1.5% | ||||||||||||||||||||||||||||||||||||||||||||
568,258 | — | — | 568,258 | Health Net, Inc.* | 21,684,725 | — | — | 21,684,725 | ||||||||||||||||||||||||||||||||||||
Holding Companies — Diversified — 0.4% | ||||||||||||||||||||||||||||||||||||||||||||
— | 171,700 | — | 171,700 | Brascan Corp., Class A(a) | — | 6,552,072 | — | 6,552,072 | ||||||||||||||||||||||||||||||||||||
Home Builders — 0.4% | ||||||||||||||||||||||||||||||||||||||||||||
— | 197,000 | — | 197,000 | Thor Industries, Inc. | — | 6,191,710 | — | 6,191,710 | ||||||||||||||||||||||||||||||||||||
Home Products — 2.0% | ||||||||||||||||||||||||||||||||||||||||||||
646,863 | — | — | 646,863 | Newell Rubbermaid, Inc. | 15,421,214 | — | — | 15,421,214 | ||||||||||||||||||||||||||||||||||||
254,890 | — | — | 254,890 | The Clorox Co. | 14,202,471 | — | — | 14,202,471 | ||||||||||||||||||||||||||||||||||||
29,623,685 | — | — | 29,623,685 | |||||||||||||||||||||||||||||||||||||||||
Hotel & Leisure — 2.7% | ||||||||||||||||||||||||||||||||||||||||||||
586,872 | — | — | 586,872 | Callaway Golf Co. | 9,055,435 | — | — | 9,055,435 | ||||||||||||||||||||||||||||||||||||
149,293 | — | — | 149,293 | Harrah’s Entertainment, Inc. | 10,759,547 | — | — | 10,759,547 | ||||||||||||||||||||||||||||||||||||
447,465 | — | — | 447,465 | Hilton Hotels Corp. | 10,672,040 | — | — | 10,672,040 | ||||||||||||||||||||||||||||||||||||
— | 265,026 | — | 265,026 | Intercontinental Hotels Group PLC, ADR | — | 3,352,579 | — | 3,352,579 | ||||||||||||||||||||||||||||||||||||
— | 110,800 | — | 110,800 | Royal Caribbean Cruises, Ltd.(a) | — | 5,358,288 | — | 5,358,288 | ||||||||||||||||||||||||||||||||||||
30,487,022 | 8,710,867 | — | 39,197,889 | |||||||||||||||||||||||||||||||||||||||||
Information Services — 0.7% | ||||||||||||||||||||||||||||||||||||||||||||
1,307,881 | — | — | 1,307,881 | BearingPoint, Inc.*(a) | 9,586,768 | — | — | 9,586,768 | ||||||||||||||||||||||||||||||||||||
Life Insurance — 1.6% | ||||||||||||||||||||||||||||||||||||||||||||
257,036 | — | — | 257,036 | Torchmark Corp.(a) | 13,417,279 | — | — | 13,417,279 | ||||||||||||||||||||||||||||||||||||
— | 129,900 | — | 129,900 | Protective Life Corp. | — | 5,484,378 | — | 5,484,378 | ||||||||||||||||||||||||||||||||||||
— | 98,000 | — | 98,000 | Reinsurance Group Of America, Inc. | — | 4,557,980 | — | 4,557,980 | ||||||||||||||||||||||||||||||||||||
13,417,279 | 10,042,358 | — | 23,459,637 | |||||||||||||||||||||||||||||||||||||||||
The accompanying notes are an integral part of these financial statements.
Shares | Description | Value | ||||||||||||||||||||||||||||||||||||||||||
GS VIT Mid Cap | AIT Select Value | Pro Forma | GS VIT Mid Cap | AIT Select Value | Pro Forma | |||||||||||||||||||||||||||||||||||||||
Value Fund | | Opportunity Fund | | Adjustments | | Combined Fund | Common Stocks — (continued) | Value Fund | | Opportunity Fund | | Adjustments | | Combined Fund | ||||||||||||||||||||||||||||||
Machinery — Diversified — 0.3% | ||||||||||||||||||||||||||||||||||||||||||||
— | 156,400 | — | 156,400 | UNOVA, Inc.* | $ | — | $ | 4,164,932 | $ | — | $ | 4,164,932 | ||||||||||||||||||||||||||||||||
Manufacturing — Miscellaneous — 0.6% | ||||||||||||||||||||||||||||||||||||||||||||
— | 167,800 | — | 167,800 | Acuity Brands, Inc. | — | 4,310,782 | — | 4,310,782 | ||||||||||||||||||||||||||||||||||||
— | 131,900 | — | 131,900 | Briggs & Stratton Corp.(a) | — | 4,566,378 | — | 4,566,378 | ||||||||||||||||||||||||||||||||||||
— | 8,877,160 | — | 8,877,160 | |||||||||||||||||||||||||||||||||||||||||
Media — 1.3% | ||||||||||||||||||||||||||||||||||||||||||||
— | 70,200 | — | 70,200 | Knight Ridder, Inc.(a) | — | 4,306,068 | — | 4,306,068 | ||||||||||||||||||||||||||||||||||||
349,628 | — | — | 349,628 | Lamar Advertising Co.* | 14,953,590 | — | — | 14,953,590 | ||||||||||||||||||||||||||||||||||||
14,953,590 | 4,306,068 | — | 19,259,658 | |||||||||||||||||||||||||||||||||||||||||
Medical Providers — 0.5% | ||||||||||||||||||||||||||||||||||||||||||||
698,321 | — | — | 698,321 | WebMD Corp.* | 7,171,757 | — | — | 7,171,757 | ||||||||||||||||||||||||||||||||||||
Metal Fabricate & Hardware — 0.6% | ||||||||||||||||||||||||||||||||||||||||||||
— | 140,200 | — | 140,200 | Kaydon Corp.(a) | — | 3,904,570 | — | 3,904,570 | ||||||||||||||||||||||||||||||||||||
— | 157,800 | — | 157,800 | NCI Building Systems, Inc.* | — | 5,175,840 | — | 5,175,840 | ||||||||||||||||||||||||||||||||||||
— | 9,080,410 | — | 9,080,410 | |||||||||||||||||||||||||||||||||||||||||
Motor Vehicle — 1.3% | ||||||||||||||||||||||||||||||||||||||||||||
197,335 | — | — | 197,335 | Autoliv, Inc. | 8,643,273 | — | — | 8,643,273 | ||||||||||||||||||||||||||||||||||||
184,616 | — | — | 184,616 | Lear Corp. | 6,716,330 | — | — | 6,716,330 | ||||||||||||||||||||||||||||||||||||
— | 118,600 | — | 118,600 | United Auto Group, Inc. | — | 3,534,280 | — | 3,534,280 | ||||||||||||||||||||||||||||||||||||
15,359,603 | 3,534,280 | — | 18,893,883 | |||||||||||||||||||||||||||||||||||||||||
Multi-Line Insurance — 0.3% | ||||||||||||||||||||||||||||||||||||||||||||
— | 130,100 | — | 130,100 | Assurant, Inc. | — | 4,696,610 | — | 4,696,610 | ||||||||||||||||||||||||||||||||||||
Oil Refining — 0.5% | ||||||||||||||||||||||||||||||||||||||||||||
254,173 | — | — | 254,173 | Frontier Oil Corp. | 7,459,977 | — | — | 7,459,977 | ||||||||||||||||||||||||||||||||||||
Oil Services — 1.1% | ||||||||||||||||||||||||||||||||||||||||||||
220,927 | — | — | 220,927 | BJ Services Co. | 11,594,249 | — | — | 11,594,249 | ||||||||||||||||||||||||||||||||||||
— | 178,500 | — | 178,500 | Pride International, Inc.* | — | 4,587,450 | — | 4,587,450 | ||||||||||||||||||||||||||||||||||||
11,594,249 | 4,587,450 | — | 16,181,699 | |||||||||||||||||||||||||||||||||||||||||
Paper & Packaging — 0.8% | ||||||||||||||||||||||||||||||||||||||||||||
527,880 | — | — | 527,880 | Packaging Corp. of America | 11,111,874 | — | — | 11,111,874 | ||||||||||||||||||||||||||||||||||||
Parts & Equipment — 2.0% | ||||||||||||||||||||||||||||||||||||||||||||
374,224 | — | — | 374,224 | American Standard Companies, Inc. | 15,687,470 | — | — | 15,687,470 | ||||||||||||||||||||||||||||||||||||
203,283 | — | — | 203,283 | Cooper Industries, Ltd. | 12,989,784 | — | — | 12,989,784 | ||||||||||||||||||||||||||||||||||||
28,677,254 | — | — | 28,677,254 | |||||||||||||||||||||||||||||||||||||||||
Pipelines — 0.5% | ||||||||||||||||||||||||||||||||||||||||||||
— | 106,700 | — | 106,700 | Questar Corp. | — | 7,031,530 | — | 7,031,530 | ||||||||||||||||||||||||||||||||||||
Property Insurance — 6.6% | ||||||||||||||||||||||||||||||||||||||||||||
246,059 | 75,200 | — | 321,259 | AMBAC Financial Group, Inc. | 17,165,076 | 5,245,952 | — | 22,411,028 | ||||||||||||||||||||||||||||||||||||
196,131 | 42,290 | — | 238,421 | Everest Re Group, Ltd. | 18,240,183 | 3,932,970 | — | 22,173,153 | ||||||||||||||||||||||||||||||||||||
— | 61,200 | — | 61,200 | MBIA, Inc.(a) | — | 3,629,772 | — | 3,629,772 | ||||||||||||||||||||||||||||||||||||
233,564 | — | — | 233,564 | PartnerRe, Ltd. | 15,046,193 | — | — | 15,046,193 | ||||||||||||||||||||||||||||||||||||
299,909 | — | — | 299,909 | RenaissanceRe Holdings Ltd. | 14,767,519 | — | — | 14,767,519 | ||||||||||||||||||||||||||||||||||||
207,493 | — | — | 207,493 | The PMI Group, Inc.(a) | 8,088,077 | — | — | 8,088,077 | ||||||||||||||||||||||||||||||||||||
307,164 | — | — | 307,164 | Willis Group Holdings Ltd. | 10,050,406 | — | — | 10,050,406 | ||||||||||||||||||||||||||||||||||||
83,357,454 | 12,808,694 | — | 96,166,148 | |||||||||||||||||||||||||||||||||||||||||
The accompanying notes are an integral part of these financial statements.
Shares | Description | Value | ||||||||||||||||||||||||||||||||||||||||||
GS VIT Mid Cap | AIT Select Value | Pro Forma | GS VIT Mid Cap | AIT Select Value | Pro Forma | |||||||||||||||||||||||||||||||||||||||
Value Fund | | Opportunity Fund | | Adjustments | | Combined Fund | Common Stocks — (continued) | Value Fund | | Opportunity Fund | | Adjustments | | Combined Fund | ||||||||||||||||||||||||||||||
Publishing — 1.1% | ||||||||||||||||||||||||||||||||||||||||||||
442,038 | — | — | 442,038 | Dow Jones & Co., Inc. | $ | 15,670,247 | $ | — | $ | — | $ | 15,670,247 | ||||||||||||||||||||||||||||||||
Real Estate — 0.4% | ||||||||||||||||||||||||||||||||||||||||||||
— | 78,100 | — | 78,100 | The St. Joe Co. | — | 6,368,274 | — | 6,368,274 | ||||||||||||||||||||||||||||||||||||
Regionals — 6.1% | ||||||||||||||||||||||||||||||||||||||||||||
148,111 | — | — | 148,111 | Commerce Bancshares, Inc. | 7,466,275 | — | — | 7,466,275 | ||||||||||||||||||||||||||||||||||||
— | 146,400 | — | 146,400 | First Horizon National Corp.(a) | 6,178,080 | — | 6,178,080 | |||||||||||||||||||||||||||||||||||||
558,133 | — | — | 558,133 | FirstMerit Corp. | 14,572,852 | — | — | 14,572,852 | ||||||||||||||||||||||||||||||||||||
326,231 | — | — | 326,231 | KeyCorp | 10,814,558 | — | — | 10,814,558 | ||||||||||||||||||||||||||||||||||||
208,311 | — | — | 208,311 | M&T Bank Corp. | 21,905,985 | — | — | 21,905,985 | ||||||||||||||||||||||||||||||||||||
— | 233,525 | — | 233,525 | North Fork Bancorp, Inc. | — | 6,559,717 | — | 6,559,717 | ||||||||||||||||||||||||||||||||||||
297,264 | — | — | 297,264 | Zions Bancorp. | 21,857,822 | — | — | 21,857,822 | ||||||||||||||||||||||||||||||||||||
76,617,492 | 12,737,797 | — | 89,355,289 | |||||||||||||||||||||||||||||||||||||||||
REITs — 6.0% | ||||||||||||||||||||||||||||||||||||||||||||
410,898 | — | — | 410,898 | Apartment Investment & Management Co. | 16,813,946 | — | — | 16,813,946 | ||||||||||||||||||||||||||||||||||||
317,867 | — | — | 317,867 | Developers Diversified Realty Corp. | 14,609,167 | — | — | 14,609,167 | ||||||||||||||||||||||||||||||||||||
125,621 | — | — | 125,621 | Equity Residential | 4,625,365 | — | — | 4,625,365 | ||||||||||||||||||||||||||||||||||||
27,720 | — | — | 27,720 | Healthcare Realty Trust, Inc. | 1,070,269 | — | — | 1,070,269 | ||||||||||||||||||||||||||||||||||||
592,660 | — | — | 592,660 | iStar Financial, Inc.(a) | 24,648,730 | — | — | 24,648,730 | ||||||||||||||||||||||||||||||||||||
440,349 | — | — | 440,349 | Plum Creek Timber Co., Inc. | 15,984,669 | — | — | 15,984,669 | ||||||||||||||||||||||||||||||||||||
283,161 | — | — | 283,161 | Prentiss Properties Trust | 10,318,387 | — | — | 10,318,387 | ||||||||||||||||||||||||||||||||||||
88,070,533 | — | — | 88,070,533 | |||||||||||||||||||||||||||||||||||||||||
Restaurants — 0.5% | ||||||||||||||||||||||||||||||||||||||||||||
— | 279,300 | — | 279,300 | Ruby Tuesday, Inc.(a) | — | 7,233,870 | — | 7,233,870 | ||||||||||||||||||||||||||||||||||||
Retail Apparel — 5.8% | ||||||||||||||||||||||||||||||||||||||||||||
— | 138,200 | — | 138,200 | AnnTaylor Stores Corp.*(a) | — | 3,355,496 | — | 3,355,496 | ||||||||||||||||||||||||||||||||||||
— | 307,900 | — | 307,900 | Claire’s Stores, Inc. | — | 7,404,995 | — | 7,404,995 | ||||||||||||||||||||||||||||||||||||
— | 245,100 | — | 245,100 | Dollar Tree Stores, Inc.* | — | 5,882,400 | — | 5,882,400 | ||||||||||||||||||||||||||||||||||||
336,840 | — | — | 336,840 | Federated Department Stores, Inc. | 24,683,635 | — | — | 24,683,635 | ||||||||||||||||||||||||||||||||||||
374,544 | — | — | 374,544 | J. C. Penney Co., Inc. | 19,693,524 | — | — | 19,693,524 | ||||||||||||||||||||||||||||||||||||
288,649 | — | — | 288,649 | Ross Stores, Inc. | 8,344,843 | — | — | 8,344,843 | ||||||||||||||||||||||||||||||||||||
263,890 | — | — | 263,890 | The Talbots, Inc. | 8,568,508 | — | — | 8,568,508 | ||||||||||||||||||||||||||||||||||||
— | 222,000 | — | 222,000 | Tuesday Morning Corp.(a) | — | 6,997,440 | — | 6,997,440 | ||||||||||||||||||||||||||||||||||||
61,290,510 | 23,640,331 | — | 84,930,841 | |||||||||||||||||||||||||||||||||||||||||
Semiconductors — 0.8% | ||||||||||||||||||||||||||||||||||||||||||||
210,500 | — | — | 210,500 | Freescale Semiconductor, Inc.* | 4,422,605 | — | — | 4,422,605 | ||||||||||||||||||||||||||||||||||||
221,462 | — | — | 221,462 | Tessera Technologies, Inc.* | 7,399,045 | — | — | 7,399,045 | ||||||||||||||||||||||||||||||||||||
11,821,650 | — | — | 11,821,650 | |||||||||||||||||||||||||||||||||||||||||
Specialty Financials — 1.9% | ||||||||||||||||||||||||||||||||||||||||||||
301,715 | — | — | 301,715 | American Capital Strategies Ltd.(a) | 10,894,929 | — | — | 10,894,929 | ||||||||||||||||||||||||||||||||||||
391,126 | — | — | 391,126 | CIT Group, Inc. | 16,806,684 | — | — | 16,806,684 | ||||||||||||||||||||||||||||||||||||
27,701,613 | — | — | 27,701,613 | |||||||||||||||||||||||||||||||||||||||||
Telecommunications — 0.8% | ||||||||||||||||||||||||||||||||||||||||||||
— | 115,800 | — | 115,800 | Amdocs, Ltd.* | — | 3,060,594 | — | 3,060,594 | ||||||||||||||||||||||||||||||||||||
— | 617,700 | — | 617,700 | Arris Group, Inc.* | — | 5,380,167 | — | 5,380,167 | ||||||||||||||||||||||||||||||||||||
— | 622,100 | — | 622,100 | CGI Group, Inc., Class A* | — | 3,751,263 | — | 3,751,263 | ||||||||||||||||||||||||||||||||||||
— | 12,192,024 | — | 12,192,024 | |||||||||||||||||||||||||||||||||||||||||
Tobacco — 0.6% | ||||||||||||||||||||||||||||||||||||||||||||
115,207 | — | — | 115,207 | Reynolds American, Inc.(a) | 9,078,312 | — | — | 9,078,312 | ||||||||||||||||||||||||||||||||||||
The accompanying notes are an integral part of these financial statements.
Shares | Description | Value | ||||||||||||||||||||||||||||||||||||||||||
GS VIT Mid Cap Value Fund | | AIT Select Value Opportunity Fund | | Adjustments | | Pro Forma Combined Fund | Common Stocks — (continued) | GS VIT Mid Cap Value Fund | | AIT Select Value Opportunity Fund | | Adjustments | | Pro Forma Combined Fund | ||||||||||||||||||||||||||||||
Transports — 1.7% | ||||||||||||||||||||||||||||||||||||||||||||
— | 149,400 | — | 149,400 | CSX Corp. | $ | — | $ | 6,373,404 | $ | — | $ | 6,373,404 | ||||||||||||||||||||||||||||||||
106,833 | — | — | 106,833 | Landstar System, Inc.* | 3,217,810 | — | — | 3,217,810 | ||||||||||||||||||||||||||||||||||||
214,894 | — | — | 214,894 | Teekay Shipping Corp.(a) | 9,433,846 | — | — | 9,433,846 | ||||||||||||||||||||||||||||||||||||
101,652 | — | — | 101,652 | Yellow Roadway Corp.*(a) | 5,163,922 | — | — | 5,163,922 | ||||||||||||||||||||||||||||||||||||
17,815,578 | 6,373,404 | — | 24,188,982 | |||||||||||||||||||||||||||||||||||||||||
Trust/Processors — 0.8% | ||||||||||||||||||||||||||||||||||||||||||||
259,888 | — | — | 259,888 | Northern Trust Corp. | 11,848,294 | — | — | 11,848,294 | ||||||||||||||||||||||||||||||||||||
TOTAL COMMON STOCK — | $ | 1,129,558,803 | $ | 297,468,506 | $ | — | $ | 1,427,027,309 | ||||||||||||||||||||||||||||||||||||
(Cost $971,772,507, $262,693,923, $0 and $1,234,466,430, respectively) | ||||||||||||||||||||||||||||||||||||||||||||
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||||||||||||||||||||||||||||||
Repurchase Agreement(c) — 3.2% | ||||||||||||||||||||||||||||||||||||||||||||
Joint Repurchase Agreement Account II | ||||||||||||||||||||||||||||||||||||||||||||
$ | 46,200,000 | $ | — | $ | — | $ | 46,200,000 | 3.41 | % | 07/01/2005 | $ | 46,200,000 | $ | — | $ | — | $ | 46,200,000 | ||||||||||||||||||||||||||
Maturity Value: $46,204,372 | ||||||||||||||||||||||||||||||||||||||||||||
(Cost $46,200,000, $0, $0 and $46,200,000, respectively) | ||||||||||||||||||||||||||||||||||||||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL — | $ | 1,175,758,803 | $ | 297,468,506 | $ | — | $ | 1,473,227,309 | ||||||||||||||||||||||||||||||||||||
(Cost $1,017,972,507, $262,693,923, $0, and $1,280,666,430, respectively) | ||||||||||||||||||||||||||||||||||||||||||||
Shares | Description | Value | ||||||||||||||||||||||||||||||||||||||||||
SECURITIES LENDING COLLATERAL — 9.6% | ||||||||||||||||||||||||||||||||||||||||||||
78,315,675 | — | 64,966,598 | 143,282,273 | Boston Global Investment Trust-Enhanced Portfolio | $ | 78,315,675 | $ | — | $ | 64,966,598 | $ | 143,282,273 | ||||||||||||||||||||||||||||||||
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||||||||||||||||||||||||||||||
Bank of America | ||||||||||||||||||||||||||||||||||||||||||||
$ | — | $ | 1,210,950 | $ | (1,210,950 | ) | $ | — | 3.27 | % | 07/18/2005 | $ | — | $ | 1,210,950 | $ | (1,210,950 | ) | $ | — | ||||||||||||||||||||||||
Barclays | ||||||||||||||||||||||||||||||||||||||||||||
— | 968,760 | (968,760 | ) | — | 3.16 | 07/14/2005 | — | 968,760 | (968,760 | ) | — | |||||||||||||||||||||||||||||||||
Barclays | ||||||||||||||||||||||||||||||||||||||||||||
— | 1,309,141 | (1,309,141 | ) | — | 3.25 | 07/26/2005 | — | 1,309,141 | (1,309,141 | ) | — | |||||||||||||||||||||||||||||||||
Calyon | ||||||||||||||||||||||||||||||||||||||||||||
— | 2,421,901 | (2,421,901 | ) | — | 3.25 | 08/04/2005 | — | 2,421,901 | (2,421,901 | ) | — | |||||||||||||||||||||||||||||||||
Clipper Receivables Corp. | ||||||||||||||||||||||||||||||||||||||||||||
— | 1,210,950 | (1,210,950 | ) | — | 3.19 | 07/14/2005 | — | 1,210,950 | (1,210,950 | ) | — | |||||||||||||||||||||||||||||||||
Compass Securitization | ||||||||||||||||||||||||||||||||||||||||||||
— | 1,210,950 | (1,210,950 | ) | — | 3.16 | 07/11/2005 | — | 1,210,950 | (1,210,950 | ) | — | |||||||||||||||||||||||||||||||||
Credit Suisse First Boston Corp. | ||||||||||||||||||||||||||||||||||||||||||||
— | 2,421,901 | (2,421,901 | ) | — | 3.15 | 09/09/2005 | — | 2,421,901 | (2,421,901 | ) | — | |||||||||||||||||||||||||||||||||
Credit Suisse First Boston Corp. | ||||||||||||||||||||||||||||||||||||||||||||
— | 1,992,510 | (1,992,510 | ) | — | 3.20 | 07/18/2005 | — | 1,992,510 | (1,992,510 | ) | — | |||||||||||||||||||||||||||||||||
Credit Suisse First Boston Corp., Repurchase Agreement(c) | ||||||||||||||||||||||||||||||||||||||||||||
— | 9,687,602 | (9,687,602 | ) | — | 3.48 | 07/01/2005 | — | 9,687,602 | (9,687,602 | ) | — | |||||||||||||||||||||||||||||||||
Maturity Value: $9,688,525 | ||||||||||||||||||||||||||||||||||||||||||||
(Collateralized by various corporate obligations) |
The accompanying notes are an integral part of these financial statements.
Shares | Description | Value | ||||||||||||||||||||||||||||||||||||
GS VIT Mid Cap Value Fund | | AIT Select Value Opportunity Fund | | Adjustments | | Pro Forma Combined Fund | SECURITIES LENDING COLLATERAL — (continued) | GS VIT Mid Cap Value Fund | | AIT Select Value Opportunity Fund | | Adjustments | | Pro Forma Combined Fund | ||||||||||||||||||||||||
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||||||||||||||||||||||||
Dexia Group | ||||||||||||||||||||||||||||||||||||||
— | 1,453,140 | (1,453,140 | ) | — | 3.24 | 07/21/2005 | $ | — | $ | 1,453,140 | $ | (1,453,140 | ) | $ | — | |||||||||||||||||||||||
First Tennessee National Corporation | ||||||||||||||||||||||||||||||||||||||
— | 1,210,950 | (1,210,950 | ) | — | 3.22 | 08/09/2005 | — | 1,210,950 | (1,210,950 | ) | — | |||||||||||||||||||||||||||
Fortis Bank | ||||||||||||||||||||||||||||||||||||||
— | 1,210,950 | (1,210,950 | ) | — | 3.11 | 07/05/2005 | — | 1,210,950 | (1,210,950 | ) | — | |||||||||||||||||||||||||||
Goldman Sachs Group, Inc.@ | ||||||||||||||||||||||||||||||||||||||
— | 1,237,646 | (1,237,646 | ) | — | 3.32 | 12/28/2005 | — | 1,237,646 | (1,237,646 | ) | — | |||||||||||||||||||||||||||
Goldman Sachs Group, Inc.@ | ||||||||||||||||||||||||||||||||||||||
— | 1,210,950 | (1,210,950 | ) | — | 3.33 | 08/05/2005 | — | 1,210,950 | (1,210,950 | ) | — | |||||||||||||||||||||||||||
Goldman Sachs Group, Inc,. | ||||||||||||||||||||||||||||||||||||||
Repurchase Agreement(c) | ||||||||||||||||||||||||||||||||||||||
— | 14,020,475 | (14,020,475 | ) | — | 3.48 | 07/01/2005 | — | 14,020,475 | (14,020,475 | ) | — | |||||||||||||||||||||||||||
Maturity Value: $14,021,811 | ||||||||||||||||||||||||||||||||||||||
(Collateralized by various corporate obligations) | ||||||||||||||||||||||||||||||||||||||
Grampian Funding LLC | ||||||||||||||||||||||||||||||||||||||
— | 1,210,950 | (1,210,950 | ) | — | 3.28 | 07/13/2005 | — | 1,210,950 | (1,210,950 | ) | — | |||||||||||||||||||||||||||
Greyhawk Funding | ||||||||||||||||||||||||||||||||||||||
— | 880,555 | (880,555 | ) | — | 3.31 | 08/09/2005 | — | 880,555 | (880,555 | ) | — | |||||||||||||||||||||||||||
HBOS Halifax Bank of Scotland | ||||||||||||||||||||||||||||||||||||||
— | 1,210,950 | (1,210,950 | ) | — | 3.15 | 08/08/2005 | — | 1,210,950 | (1,210,950 | ) | — | |||||||||||||||||||||||||||
HSBC Banking/Holdings Plc | ||||||||||||||||||||||||||||||||||||||
— | 1,210,950 | (1,210,950 | ) | — | 3.25 | 08/05/2005 | — | 1,210,950 | (1,210,950 | ) | — | |||||||||||||||||||||||||||
JP Morgan Chase & Co. | ||||||||||||||||||||||||||||||||||||||
— | 1,210,950 | (1,210,950 | ) | — | 3.20 | 07/20/2005 | — | 1,210,950 | (1,210,950 | ) | — | |||||||||||||||||||||||||||
Jupiter Securitization Corp. | ||||||||||||||||||||||||||||||||||||||
— | 2,421,900 | (2,421,900 | ) | — | 3.21 | 07/15/2005 | — | 2,421,900 | (2,421,900 | ) | — | |||||||||||||||||||||||||||
Lehman Brothers, Inc., | ||||||||||||||||||||||||||||||||||||||
Repurchase Agreement(c) | ||||||||||||||||||||||||||||||||||||||
— | 2,439,448 | (2,439,448 | ) | — | 3.48 | 07/01/2005 | — | 2,439,448 | (2,439,448 | ) | — | |||||||||||||||||||||||||||
Maturity Value: $2,439,680 | ||||||||||||||||||||||||||||||||||||||
(Collateralized by various corporate obligations) | ||||||||||||||||||||||||||||||||||||||
— | 1,210,950 | (1,210,950 | ) | — | Merrill Lynch & Co., Repurchase Agreement(c) | |||||||||||||||||||||||||||||||||
3.48 | 07/01/2005 | — | 1,210,950 | (1,210,950 | ) | — | ||||||||||||||||||||||||||||||||
Maturity Value: $1,211,065 | ||||||||||||||||||||||||||||||||||||||
(Collateralized by various corporate obligations) | ||||||||||||||||||||||||||||||||||||||
Nordea Bank of Finland Plc (NY Branch) | ||||||||||||||||||||||||||||||||||||||
— | 1,210,950 | (1,210,950 | ) | — | 3.17 | 08/09/2005 | — | 1,210,950 | (1,210,950 | ) | — | |||||||||||||||||||||||||||
Park Avenue Receivables Corp. | ||||||||||||||||||||||||||||||||||||||
— | 1,449,718 | (1,449,718 | ) | — | 3.30 | 07/14/2005 | — | 1,449,718 | (1,449,718 | ) | — | |||||||||||||||||||||||||||
Prefco | ||||||||||||||||||||||||||||||||||||||
— | 1,564,125 | (1,564,125 | ) | — | 3.28 | 07/08/2005 | — | 1,564,125 | (1,564,125 | ) | — | |||||||||||||||||||||||||||
Rabobank Nederland | ||||||||||||||||||||||||||||||||||||||
— | 1,453,140 | (1,453,140 | ) | — | 3.25 | 08/08/2005 | — | 1,453,140 | (1,453,140 | ) | — | |||||||||||||||||||||||||||
Societe Generale | ||||||||||||||||||||||||||||||||||||||
— | 1,210,950 | (1,210,950 | ) | — | 3.24 | 08/09/2005 | — | 1,210,950 | (1,210,950 | ) | — | |||||||||||||||||||||||||||
The Bank of the West | ||||||||||||||||||||||||||||||||||||||
— | 999,721 | (999,721 | ) | — | 3.27 | 07/27/2005 | — | 999,721 | (999,721 | ) | — | |||||||||||||||||||||||||||
Toronto Dominion Bank | ||||||||||||||||||||||||||||||||||||||
— | 1,074,964 | (1,074,964 | ) | — | 3.25 | 08/02/2005 | — | 1,074,964 | (1,074,964 | ) | — | |||||||||||||||||||||||||||
Wells Fargo | ||||||||||||||||||||||||||||||||||||||
— | 1,427,601 | (1,427,601 | ) | — | 3.27 | 08/01/2005 | — | 1,427,601 | (1,427,601 | ) | — | |||||||||||||||||||||||||||
TOTAL SECURITIES LENDING COLLATERAL — | $ | 78,315,675 | $ | 64,966,598 | $ | — | $ | 143,282,273 | ||||||||||||||||||||||||||||||
The accompanying notes are an integral part of these financial statements.
Value | ||||||||||||||||||||||||||||||||||||||||||||
(Cost $78,315,675, $64,966,598, $0 and $143,282,273, respectively) | ||||||||||||||||||||||||||||||||||||||||||||
TOTAL INVESTMENTS — 110.3% | $ | 1,254,074,478 | $ | 362,435,104 | $ | — | $ | 1,616,509,582 | ||||||||||||||||||||||||||||||||||||
(Cost $1,096,288,182, $327,660,521, $0 and $1,423,948,703, respectively) | ||||||||||||||||||||||||||||||||||||||||||||
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||||||||||||||||||||||||||||||||||||||||||||
* Non-income producing security. | ||||||||||||||||||||||||||||||||||||||||||||
@ Security does not meet GS VIT Mid Cap Value Fund’s investment criteria and is assumed to be sold at June 30, 2005. | ||||||||||||||||||||||||||||||||||||||||||||
(a) All or a portion of security is on loan. | ||||||||||||||||||||||||||||||||||||||||||||
(b) Contingent Value Obligation. | ||||||||||||||||||||||||||||||||||||||||||||
(c) Unless noted, repurchase agreements were entered into on June 30, 2005. | ||||||||||||||||||||||||||||||||||||||||||||
Investment Abbreviations: | ||||||||||||||||||||||||||||||||||||||||||||
REIT — Real Estate Investment Trust | ||||||||||||||||||||||||||||||||||||||||||||
Additional Investment Information
JOINT REPURCHASE AGREEMENT ACCOUNT II — At June 30, 2005, the Goldman Sachs VIT Mid Cap Value Fund had an undivided interest in the following Joint Repurchase Agreement Account II which equaled $46,200,000 in principal amount.
Repurchase Agreement | Principal Amount | Interest Rate | Maturity Date | Maturity Value | ||||||||||||
Bank of America Securities LLC | $ | 1,500,000,000 | 3.40 | % | 07/01/2005 | $ | 1,500,141,667 | |||||||||
Barclays Capital PLC | 700,000,000 | 3.40 | 07/01/2005 | 700,066,111 | ||||||||||||
Deutsche Bank Securities, Inc. | 1,000,000,000 | 3.40 | 07/01/2005 | 1,000,094,444 | ||||||||||||
Deutsche Bank Securities, Inc. | 300,000,000 | 3.45 | 07/01/2005 | 300,028,750 | ||||||||||||
Greenwich Capital Markets | 400,000,000 | 3.43 | 07/01/2005 | 400,038,111 | ||||||||||||
J.P. Morgan Securities, Inc. | 400,000,000 | 3.41 | 07/01/2005 | 400,037,889 | ||||||||||||
Morgan Stanley & Co. | 1,000,500,000 | 3.40 | 07/01/2005 | 1,000,594,492 | ||||||||||||
UBS Securities LLC | 250,000,000 | 3.40 | 07/01/2005 | 250,023,611 | ||||||||||||
Wachovia Capital Markets | 250,000,000 | 3.40 | 07/01/2005 | 250,023,611 | ||||||||||||
Westdeutsche Landesbank AG | 500,000,000 | 3.43 | 07/01/2005 | 500,047,639 | ||||||||||||
TOTAL | $ | 6,300,500,000 | $ | 6,301,096,325 | ||||||||||||
At June 30, 2005, the Joint Repurchase Agreement Account II was fully collateralized by Federal Farm Credit Bank, 2.50% to 6.70%, due 09/13/2005 to 06/15/2007; Federal Home Loan Bank, 4.37% to 5.49% due 12/22/2008 to 08/15/2011; Federal Home Loan Mortgage Association, 0.00% to 8.00%, due 07/06/2005 to 07/01/2035; Federal National Mortgage Association, 0.00% to 9.50%, due 08/24/2005 to 07/01/2035 and Government National Mortgage Association, 5.50% to 6.50%, due 04/15/2032 to 06/15/2035.
The accompanying notes are an integral part of these financial statements.
Pro Forma Combined Statement of Assets and Liabilities
for the Goldman Sachs VIT Mid Cap Value Fund and the AIT Select Value Opportunity Fund
June 30, 2005 (Unaudited)
AIT Select | ||||||||||||||||
Value | ||||||||||||||||
GS VIT Mid Cap | Opportunity | Pro Forma | ||||||||||||||
Value Fund | Fund | Adjustments | Combined Fund | |||||||||||||
Assets: | ||||||||||||||||
Investment in securities, at value (identified cost $1,017,972,507, $262,693,923, $0 and $1,280,666,430, respectively) | $ | 1,175,758,803 | $ | 297,468,506 | $ | — | $ | 1,473,227,309 | ||||||||
Securities lending collateral, at value | 78,315,675 | 64,966,598 | — | 143,282,273 | ||||||||||||
Cash | 44,318 | 10,560,133 | — | 10,604,451 | ||||||||||||
Receivables: | — | |||||||||||||||
Investment securities sold | 15,253,809 | 2,356,945 | — | 17,610,754 | ||||||||||||
Fund shares sold | 2,691,866 | — | — | 2,691,866 | ||||||||||||
Dividends and Interest | 1,660,613 | 1,399,346 | (7,396 | )(a) | 3,052,563 | |||||||||||
Securities lending income | 10,642 | — | 7,396 | (a) | 18,038 | |||||||||||
Other assets | 22,327 | — | — | 22,327 | ||||||||||||
Total assets | 1,273,758,053 | 376,751,528 | — | 1,650,509,581 | ||||||||||||
Liabilities: | ||||||||||||||||
Payables: | ||||||||||||||||
Payable upon return of securities loaned | 78,315,675 | 64,966,598 | — | 143,282,273 | ||||||||||||
Investment securities purchased | 37,081,934 | 3,574,067 | — | 40,656,001 | ||||||||||||
Amounts owed to affiliates | 778,581 | 263,659 | (263,659 | )(b) | 778,581 | |||||||||||
Fund shares repurchased | 132,363 | 319,766 | — | 452,129 | ||||||||||||
Accrued expenses and other liabilities | 132,147 | 62,499 | 263,659 | (b) | 458,305 | |||||||||||
Total liabilities | 116,440,700 | 69,186,589 | — | 185,627,289 | ||||||||||||
Net Assets: | ||||||||||||||||
Paid-in capital | 903,651,266 | 179,976,116 | — | 1,083,627,382 | ||||||||||||
Accumulated undistributed net investment income | 5,264,063 | 1,229,694 | — | 6,493,757 | ||||||||||||
Accumulated net realized gain on investment transactions | 90,615,728 | 91,584,546 | — | 182,200,274 | ||||||||||||
Net unrealized gain on investments | 157,786,296 | 34,774,583 | — | 192,560,879 | ||||||||||||
Net Assets | $ | 1,157,317,353 | $ | 307,564,939 | — | $ | 1,464,882,292 | |||||||||
Net Asset Value, offering and redemption price per share: | ||||||||||||||||
Institutional | $ | 16.23 | $ | — | $ | — | $ | 16.23 | ||||||||
Service | $ | — | $ | 2.266 | $ | 13.964 | (c) | $ | 16.23 | |||||||
Shares Outstanding: | ||||||||||||||||
Institutional | 71,326,628 | — | — | 71,326,628 | ||||||||||||
Service | — | 135,757,004 | (116,806,607 | )(d) | 18,950,397 | |||||||||||
Total shares outstanding, $0.001 par value (unlimited number of shares authorized) | 71,326,628 | 135,757,004 | (116,806,607 | )(d) | 90,277,025 | |||||||||||
(a) | Adjustment to reclass securities lending income receivable on AIT Select Value Opportunity Fund. | |
(b) | Adjustment to reclass amount owed to affiliates of AIT Select Value Opportunity Fund. | |
(c) | Adjustment to AIT Select Value Opportunity Fund’s NAV based on GS VIT Mid Cap Value Fund’s Institutional Class NAV. | |
(d) | Service Shares of AIT Select Value Opportunity Fund are exchanged for new Service Shares of GS VIT Mid Cap Value Fund to be established upon consummation of the merger. Initial per share values of Service Shares are presumed to equal that of the GS VIT Mid Cap Value Fund Institutional Shares. |
The accompanying notes are an integral part of these financial statements.
Pro Forma Combined Statement of Operations
for the Goldman Sachs VIT Mid Cap Value Fund and the AIT Select Value Opportunity Fund
For the Twelve Months Ended June 30, 2005 (Unaudited)
AIT Select Value | ||||||||||||||||
GS VIT Mid Cap | Opportunity | Pro Forma | ||||||||||||||
Value Fund | Fund | Adjustments | Combined Fund | |||||||||||||
Investment Income: | ||||||||||||||||
Dividends(a) | $ | 16,306,153 | $ | 4,535,050 | $ | — | $ | 20,841,203 | ||||||||
Interest (including securities lending income of $47,914, $75,920, $0 and $123,834, respectively) | 735,643 | 216,359 | — | 952,002 | ||||||||||||
Total income | 17,041,796 | 4,751,409 | — | 21,793,205 | ||||||||||||
Expenses: | ||||||||||||||||
Management fees | 7,095,381 | 2,846,133 | (256,242 | )(b) | 9,685,272 | |||||||||||
Distribution and Service fees | — | 481,490 | 322,724 | (c) | 804,214 | |||||||||||
Transfer Agent fees | 354,769 | — | 129,494 | (d) | 484,263 | |||||||||||
Custody and accounting fees | 160,403 | 104,593 | (74,996 | )(e) | 190,000 | |||||||||||
Printing fees | 94,682 | 17,050 | (57,732 | )(e) | 54,000 | |||||||||||
Audit and tax fees | 33,503 | 37,994 | (36,497 | )(e) | 35,000 | |||||||||||
Legal fees | 22,989 | 24,508 | (21,997 | )(e) | 25,500 | |||||||||||
Trustee fees | 14,517 | 25,488 | (25,565 | )(e) | 14,440 | |||||||||||
Other | 24,720 | 3,121 | (3,841 | )(e) | 24,000 | |||||||||||
Total expenses | 7,800,964 | 3,540,377 | (24,652 | ) | 11,316,689 | |||||||||||
Less — expense reductions | (2,746 | ) | — | (479,782 | )(f) | (482,528 | ) | |||||||||
Net Expenses | 7,798,218 | 3,540,377 | (504,434 | ) | 10,834,161 | |||||||||||
Net Investment Income | 9,243,578 | 1,211,032 | 504,434 | 10,959,044 | ||||||||||||
Realized and unrealized gain (loss) on investment, and foreign currency transactions: | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investment transactions (including commissions recaptured of $64,265, $131,764, $0 and $196,029, respectively) | 114,030,483 | 45,387,426 | — | 159,417,909 | ||||||||||||
Net change in unrealized gain (loss) on investments | 52,377,694 | (12,859,996 | ) | — | 39,517,698 | |||||||||||
Net realized and unrealized gain on investment and foreign currency transactions | 166,408,177 | 32,527,430 | — | 198,935,607 | ||||||||||||
Net Increase in Net Assets Resulting from Operations | $ | 175,651,755 | $ | 33,738,462 | $ | 504,434 | $ | 209,894,651 | ||||||||
(a) | Foreign taxes withheld on dividends were $12,625, $53,670, $0 and, $66,295, respectively. | |
(b) | Adjustment to reflect decrease in management fee based on GS VIT Mid Cap Value Fund’s contractual fee rate. | |
(c) | Adjustment to reflect distribution and service fee based on VIT Mid Cap Value Fund’s contractual fee rate. | |
(d) | Adjustment to reflect transfer agent fees based on GS VIT Mid Cap Value Fund’s transfer agent fee rate. | |
(e) | Adjustment to reflect anticipated charges as a result of consolidation of printing, custody and accounting and other services. | |
(f) | Adjustment to reflect expense reduction based on GS VIT Mid Cap Value Fund expense cap and waivers. |
The accompanying notes are an integral part of these financial statements.
GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND
Notes to Financial Statements
June 30, 2005 (Unaudited)
1. ORGANIZATION
Goldman Sachs Variable Insurance Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”) as an open-end management investment company. The Trust includes the Goldman Sachs Variable Insurance Trust Mid Cap Value Fund (the “VIT Mid Cap Value Fund”). The VIT Mid Cap Value Fund is a diversified portfolio under the Act. Shares of the Trust may be purchased and held by separate accounts of participating life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies. Shares of the Trust are not offered directly to the general public. The VIT Mid Cap Value Fund offers two classes of shares: Service and Institutional.
Allmerica Investment Trust (the “Allmerica Trust”) is registered under the Act, as an open-end, diversified management investment company established as a Massachusetts business trust. The Allmerica Trust is intended to serve as an investment medium for (i) variable life insurance policies and variable annuity contracts offered by insurance companies; (ii) certain qualified pension and retirement plans, as permitted by Treasury Regulations; and (iii) life insurance companies and advisers to certain funds and their affiliates. Allmerica Financial Corporation, the sponsor of the Allmerica Trust (“AFC”) has ceased all new sales of proprietary variable annuities and life insurance products. The Allmerica Investment Trust is comprised of nine managed investment portfolios, including the Allmerica Select Value Opportunity Fund (the “AIT Select Value Opportunity Fund”)
2. BASIS OF COMBINATION
The unaudited pro forma Schedule of Investments, Statement of Assets and Liabilities, and Statement of Operations (“pro forma statements”) reflect the accounts of the VIT Mid Cap Value and the AIT Select Value Opportunity Funds as if the proposed reorganization occurred as of and for the twelve months ended June 30, 2005. Certain securities held by the AIT Select Value Opportunity Fund that do not meet the investment criteria or investment percentage limitations of the VIT Mid Cap Value Fund may be sold prior to or after the reorganization. Certain sales have been reflected in these proforma statements as of June 30, 2005. These pro forma statements reflect all adjustments, which are, in the opinion of management, necessary to a fair statement of the results for the period presented.
The VIT Mid Cap Value Fund will be the accounting survivor for financial statement purposes. The Agreement and Plan of Reorganization provide for a tax-free acquisition of the AIT Select Value Opportunity Fund into the VIT Mid Cap Value Fund. The acquisition is expected to be completed in December 2005.
3. SHARES OF BENEFICIAL INTEREST
These pro forma statements give effect to the proposed transaction whereby all of the assets of the AIT Select Value Opportunity Fund will be exchanged for Service shares of the VIT Mid Cap Value Fund. The VIT Mid Cap Value Fund will assume the liabilities, if any, of the AIT Select Value Opportunity Fund. Immediately thereafter, Service shares of VIT Mid Cap Value Fund will be distributed to the shareholders of the AIT Select Value Opportunity Fund. The AIT Select Value Opportunity Fund will then be dissolved.
The amount of additional shares assumed to be issued under the reorganization was calculated based on the June 30, 2005 net assets of the AIT Select Value Opportunity Fund and the June 30, 2005 net asset value per share of the VIT Mid Cap Value Fund. These amounts are summarized as follows:
Service Class | ||||
Shares Issued in connection with merger | 18,950,397 | |||
Net Assets June 30, 2005 of AIT Select Value Opportunity Fund | $ | 307,564,939 | ||
Pro Forma Net Asset Value June 30, 2005 | $ | 16.23 |
4. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of the significant accounting policies consistently followed by the VIT Mid Cap Value Fund. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that may affect the reported amounts. Actual results could differ from those estimates.
A. Investment Valuation — Investments in securities and investment companies traded on a U.S. securities exchange or the NASDAQ system are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If no sale occurs, securities and investment companies are valued at the last bid price. Debt securities are valued at prices supplied by independent pricing services, broker/dealer-supplied valuations or matrix pricing systems. Unlisted equity securities for which market quotations are available are valued at the last sale price on valuation date, or if no sale occurs, at the last bid price. Investments in investment companies (other than those that are exchange traded) are valued at the net asset value per share on valuation date. Short-term debt obligations maturing in sixty days or less are valued at amortized cost, which approximates market value. Securities for which quotations are not readily available or are deemed to be inaccurate by the investment adviser are valued at fair value using methods approved by the Trust’s Board of Trustees.
B. Security Transactions and Investment Income — Security transactions are reflected as of the trade date. Realized gains and losses on sales of portfolio securities are calculated using the identified-cost basis. Dividend income is recorded on the ex-dividend date, net of foreign withholding taxes, if any, which are reduced by any amounts reclaimable by the VIT Mid Cap Value Fund, where applicable. Interest income is recorded on the basis of interest accrued, premium amortized and discount accreted.
C. Federal Taxes — It is the VIT Mid Cap Value Fund’s policy to comply with the requirements of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, no federal tax provisions are required. Dividends and distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid annually.
The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with Federal income tax rules. Therefore, the source of the VIT Mid Cap Value Fund’s distributions may be shown in the accompanying financial statements as either from net investment income or net realized gain, or from paid-in-capital.
In addition, distributions paid by the VIT Mid Cap Value Fund’s investments in real estate investment trusts (“REITs”) often include a “return of capital” which is recorded by the VIT Mid Cap Value Fund as a reduction of the cost basis of the securities held. The Code requires a REIT to distribute at least 95% of its taxable income to investors. In many cases, however, because of “non-cash” expenses such as property depreciation, a REIT’s cash flow will exceed its taxable income. The REIT may distribute this excess cash to offer a more competitive yield. This portion of the distribution is deemed a return of capital and is generally not taxable to shareholders.
D. Expenses — Expenses incurred by the Trust that do not specifically relate to an individual Fund of the Trust are allocated to the VIT Mid Cap Value Fund on a straight-line or pro rata basis depending upon the nature of the expense.
E. Segregation Transactions — As set forth in the prospectus, the VIT Mid Cap Value Fund may enter into certain derivative transactions to seek to increase total return. Forward foreign currency exchange contracts, futures contracts, written options, when-issued securities and forward commitments represent examples of such transactions. As a result of entering into these transactions, the VIT Mid Cap Value Fund is required to segregate liquid assets on the accounting records equal to or greater than the market value of the corresponding transactions.
F. Repurchase Agreements — Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase them at a mutually agreed upon date and price. During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of the VIT Mid Cap Value Fund, including accrued interest, is required to equal or exceed the value of the repurchase agreement, including accrued interest. If the seller defaults or becomes insolvent, realization of the collateral by the VIT Mid Cap Value Fund may be delayed or limited and there may be a decline in the value of the collateral during the period while the Fund seeks to assert its rights. The underlying securities for all repurchase agreements are held in safekeeping at the VIT Mid Cap Value Fund’s custodian or designated subcustodians under triparty repurchase agreements.
Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and terms and conditions contained therein, the VIT Mid Cap Value Fund, together with other registered investment companies having management agreements with Goldman Sachs Asset Management, L.P. (“GSAM”), or its affiliates, transfers uninvested cash into joint accounts, the daily aggregate balance
2
of which is invested in one or more repurchase agreements.
G. Commission Recapture — The VIT Mid Cap Value Fund may direct portfolio trades, subject to obtaining best price and execution, to various brokers who have agreed to rebate a portion of the commissions generated. Such rebates, if any, are made directly to the VIT Mid Cap Value Fund as cash payments and are included in the net realized gain (loss) on investments in the Statement of Operations.
5. AGREEMENTS
GSAM, an affiliate of Goldman, Sachs & Co. (“Goldman Sachs”), serves as investment adviser pursuant to a Management Agreement (the “Agreement”) with the Trust on behalf of the VIT Mid Cap Value Fund. Under this Agreement, GSAM manages the VIT Mid Cap Value Fund, subject to the general supervision of the Trust’s Board of Trustees.
As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administering the VIT Mid Cap Value Fund’s business affairs, including providing facilities, GSAM is entitled to a fee (“Management Fee”) computed daily and payable monthly, at an annual rate equal to 0.80% of the average daily net assets of the VIT Mid Cap Value Fund.
At a meeting held on June 16, 2005, the Board of Trustees of the Trust approved a fee reduction commitment for the VIT Mid Cap Value Fund which will be effective on a contractual basis in 2006. Effective July 1, 2005, GSAM will implement the fee reduction commitment on a voluntary basis and waive a portion of its Management Fee to achieve the following annual rates:
Average Daily Net Assets | Annual Rate | |||
First $2 Billion | 0.80 | % | ||
Over $2 Billion | 0.72 | % | ||
GSAM has voluntarily agreed to limit certain “Other Expenses” of the VIT Mid Cap Value Fund (excluding Management Fees, Transfer Agency fees, taxes, interest, brokerage fees and litigation, indemnification costs, shareholder meeting and other extraordinary expenses exclusive of any expense offset arrangements) to the extent that such expenses exceed, on an annual basis, 0.05% of the average daily net assets of the VIT Mid Cap Value Fund. GSAM may waive or modify the expense limitation for the VIT Mid Cap Value Fund, at its discretion, at anytime. GSAM has agreed to maintain this expense limitation reduction through June 30, 2005 and on a voluntary basis thereafter. Such expense reimbursements, if any, are computed daily and paid monthly. In addition, the VIT Mid Cap Value Fund is not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. For the twelve months ended June 30, 2005, GSAM made no reimbursements to the VIT Mid Cap Value Fund. After completion of the proposed reorganization, amounts paid under the “Plan” described below will also not be subject to this voluntary expense limitation.
In addition, the VIT Mid Cap Value Fund has entered into certain offset arrangements with the custodian resulting in a reduction in the VIT Mid Cap Value Fund’s expenses. For the twelve months ended June 30, 2005, custody fees were reduced by approximately $2,700.
The Trust, on behalf of the VIT Mid Cap Value Fund, has adopted a Distribution and Service Plan (the “Plan”) with respect to its Service Share Class. Under the Plan, Goldman Sachs is entitled to a monthly fee for distribution services equal to, on an annual basis, 0.25% of the VIT Mid Cap Value Fund’s average daily net assets attributable to Service Shares. Goldman Sachs has voluntarily agreed to limit Distribution and Service fees to 0.10% of the average daily net assets attributable to Service Shares.
Goldman Sachs also serves as the Transfer Agent of the VIT Mid Cap Value Fund for a fee. The fees charged for such transfer agency services are calculated daily and payable monthly at an annual rate of 0.04% of the average daily net assets of the Institutional and Service Share Classes of the VIT Mid Cap Value Fund.
At June 30, 2005, the amounts owed to affiliates of GSAM were approximately $742,000 and $37,000 for Management and Transfer Agent fees, respectively.
GSAM has contractually agreed to limit the total annual operating expenses to 0.99% of the average daily net assets of the Service Shares of the VIT Mid Cap Value Fund for eighteen months following the Reorganization.
6. SECURITIES LENDING
Pursuant to exemptive relief granted by the SEC and the terms and conditions contained therein, the VIT Mid Cap Value Fund may lend its securities through a securities lending agent, Boston Global Advisers (“BGA”) — a wholly owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs. In accordance with the VIT Mid Cap Value Fund’s securities lending procedures, the loans are collateralized at all times with cash and/or securities with a market value at least equal to the securities on loan. As with
3
other extensions of credit, the VIT Mid Cap Value Fund bears the risk of delay on recovery or loss of rights in the collateral should the borrower of the securities fail financially.
Both the VIT Mid Cap Value Fund and BGA receive compensation relating to the lending of the VIT Mid Cap Value Fund’s securities. The amount earned by the VIT Mid Cap Value Fund for the twelve months ended June 30, 2005, is reported parenthetically on the Statement of Operations. For the twelve months ended June 30, 2005, BGA earned $8,455 in fees as securities lending agent. At June 30, 2005, the VIT Mid Cap Value Fund loaned securities having a market value of $77,070,664 collateralized by cash in the amount of $78,315,675. The VIT Mid Cap Value Fund invests the cash collateral received in connection with securities lending transactions in the Enhanced Portfolio of Boston Global Investment Trust, a Delaware statutory trust. The Enhanced Portfolio is exempt from registration under Section 3(c)(7) of the Act and is managed by GSAM, for which GSAM receives an investment advisory fee of up to 0.10% of the average daily net assets of the Enhanced Portfolio. The Enhanced Portfolio invests in high quality money market instruments. The VIT Mid Cap Value Fund bears the risk of incurring a loss from the investment of cash collateral due to either credit or market factors.
4
Pro Forma Combined Schedule of Investments for the Goldman Sachs VIT Capital Growth Fund and the AIT Select Growth Fund
June 30, 2005 (Unaudited)
Shares | Description | Value | ||||||||||||||||||||||||||||||||
GS VIT | AIT | Pro | GS VIT | AIT | Pro | |||||||||||||||||||||||||||||
Capital | Select | Forma | Capital | Select | Forma | |||||||||||||||||||||||||||||
Growth | Growth | Combined | Growth | Growth | Combined | |||||||||||||||||||||||||||||
Fund | Fund | Adjustments | Fund | Common Stocks — 98.5% | Fund | Fund | Adjustments | Fund | ||||||||||||||||||||||||||
Agriculture — 0.7% | ||||||||||||||||||||||||||||||||||
— | 74,379 | $ | — | 74,379 | Monsanto Co. | $ | — | $ | 4,676,208 | $ | — | $ | 4,676,208 | |||||||||||||||||||||
Banks — 3.0% | ||||||||||||||||||||||||||||||||||
14,956 | 93,782 | — | 108,738 | Citigroup, Inc. | 691,416 | 4,335,542 | — | 5,026,958 | ||||||||||||||||||||||||||
47,802 | 100,000 | — | 147,802 | J.P. Morgan Chase & Co. | 1,688,367 | 3,532,000 | — | 5,220,367 | ||||||||||||||||||||||||||
— | 179,804 | — | 179,804 | State Street Corp.@ | — | 8,675,543 | — | 8,675,543 | ||||||||||||||||||||||||||
2,379,783 | 16,543,085 | — | 18,922,868 | |||||||||||||||||||||||||||||||
Beverages — 2.0% | ||||||||||||||||||||||||||||||||||
99,790 | 58,500 | — | 158,290 | PepsiCo, Inc. | 5,381,674 | 3,154,905 | — | 8,536,579 | ||||||||||||||||||||||||||
— | 78,200 | — | 78,200 | Cadbury Schweppes, Plc., ADR@ | — | 2,997,406 | — | 2,997,406 | ||||||||||||||||||||||||||
28,065 | — | — | 28,065 | The Coca-Cola Co. | 1,171,714 | — | — | 1,171,714 | ||||||||||||||||||||||||||
6,553,388 | 6,152,311 | — | 12,705,699 | |||||||||||||||||||||||||||||||
Biotechnology — 4.0% | ||||||||||||||||||||||||||||||||||
59,950 | 217,957 | — | 277,907 | Amgen, Inc.* | 3,624,577 | 13,177,680 | — | 16,802,257 | ||||||||||||||||||||||||||
— | 105,000 | — | 105,000 | Genetech, Inc.* | — | 8,429,400 | — | 8,429,400 | ||||||||||||||||||||||||||
3,624,577 | 21,607,080 | — | 25,231,657 | |||||||||||||||||||||||||||||||
Broadcasting & Cable/Satellite TV — 0.5% | ||||||||||||||||||||||||||||||||||
14,678 | — | — | 14,678 | Clear Channel Communications, Inc. | 453,991 | — | — | 453,991 | ||||||||||||||||||||||||||
69,750 | — | — | 69,750 | Univision Communications, Inc. | 1,921,612 | — | — | 1,921,612 | ||||||||||||||||||||||||||
38,900 | — | — | 38,900 | Westwood One, Inc. | 794,727 | — | — | 794,727 | ||||||||||||||||||||||||||
3,170,330 | — | — | 3,170,330 | |||||||||||||||||||||||||||||||
Commercial Services — 2.8% | ||||||||||||||||||||||||||||||||||
— | 74,379 | — | 74,379 | Certegy, Inc. | — | 2,842,765 | — | 2,842,765 | ||||||||||||||||||||||||||
56,290 | — | — | 56,290 | Moody’s Corp. | 2,530,798 | — | — | 2,530,798 | ||||||||||||||||||||||||||
— | 200,501 | — | 200,501 | Paychex, Inc. | — | 6,524,303 | — | 6,524,303 | ||||||||||||||||||||||||||
132,140 | — | — | 132,140 | The McGraw-Hill Cos., Inc. | 5,847,195 | — | — | 5,847,195 | ||||||||||||||||||||||||||
8,377,993 | 9,367,068 | — | 17,745,061 | |||||||||||||||||||||||||||||||
Computer Hardware — 3.3% | ||||||||||||||||||||||||||||||||||
— | 95,200 | — | 95,200 | Apple Comuter, Inc.* | — | 3,504,312 | — | 3,504,312 | ||||||||||||||||||||||||||
148,435 | 282,094 | — | 430,529 | Dell, Inc.* | 5,864,667 | 11,145,534 | — | 17,010,201 | ||||||||||||||||||||||||||
5,864,667 | 14,649,846 | — | 20,514,513 | |||||||||||||||||||||||||||||||
Computer Services — 2.5% | ||||||||||||||||||||||||||||||||||
86,110 | 236,074 | — | 322,184 | First Data Corp. | 3,456,455 | 9,476,010 | — | 12,932,465 | ||||||||||||||||||||||||||
— | 39,000 | — | 39,000 | Research In Motion* | — | 2,876,250 | — | 2,876,250 | ||||||||||||||||||||||||||
3,456,455 | 12,352,260 | — | 15,808,715 | |||||||||||||||||||||||||||||||
Computer Software — 7.6% | ||||||||||||||||||||||||||||||||||
— | 150,700 | — | 150,700 | Adobe Systems, Inc.@ | — | 4,313,034 | — | 4,313,034 | ||||||||||||||||||||||||||
57,645 | 86,500 | — | 144,145 | Electronic Arts, Inc.*@ | 3,263,283 | 4,896,765 | — | 8,160,048 | ||||||||||||||||||||||||||
— | 214,730 | — | 214,730 | Intuit, Inc.*@ | — | 9,686,470 | — | 9,686,470 | ||||||||||||||||||||||||||
— | 59,400 | — | 59,400 | Mercury Interactive Corp.* | — | 2,278,584 | — | 2,278,584 | ||||||||||||||||||||||||||
287,565 | 451,355 | — | 738,920 | Microsoft Corp. | 7,143,115 | 11,211,658 | — | 18,354,773 | ||||||||||||||||||||||||||
— | 50,600 | — | 50,600 | NAVTEQ Corp.* | — | 1,881,308 | — | 1,881,308 | ||||||||||||||||||||||||||
— | 66,500 | — | 66,500 | SAP AG, ADR@ | — | 2,879,450 | — | 2,879,450 | ||||||||||||||||||||||||||
10,406,398 | 37,147,269 | — | 47,553,667 | |||||||||||||||||||||||||||||||
Drugs & Medicine — 5.6% | ||||||||||||||||||||||||||||||||||
25,740 | 69,200 | — | 94,940 | Eli Lilly & Co. | 1,433,975 | 3,855,132 | — | 5,289,107 | ||||||||||||||||||||||||||
— | 62,100 | — | 62,100 | Gilead Sciences, Inc.* | — | 2,731,779 | — | 2,731,779 | ||||||||||||||||||||||||||
— | 92,700 | — | 92,700 | Novartis AG, ADR | — | 4,397,688 | — | 4,397,688 | ||||||||||||||||||||||||||
74,090 | 380,941 | — | 455,031 | Pfizer, Inc. | 2,043,402 | 10,506,353 | — | 12,549,755 | ||||||||||||||||||||||||||
— | 93,100 | — | 93,100 | Roche Holding AG, ADR | — | 5,893,696 | — | 5,893,696 | ||||||||||||||||||||||||||
— | 56,100 | — | 56,100 | Sanofi-Aventis, ADR | — | 2,299,539 | — | 2,299,539 | ||||||||||||||||||||||||||
49,735 | — | — | 49,735 | Wyeth | 2,213,208 | — | — | 2,213,208 | ||||||||||||||||||||||||||
5,690,585 | 29,684,187 | — | 35,374,772 | |||||||||||||||||||||||||||||||
Electrical Equipment — 1.5% | ||||||||||||||||||||||||||||||||||
— | 300,751 | — | 300,751 | Molex Inc., Class A | — | 7,061,633 | — | 7,061,633 | ||||||||||||||||||||||||||
86,520 | — | — | 86,520 | Tyco International Ltd. | 2,526,384 | — | — | 2,526,384 | ||||||||||||||||||||||||||
2,526,384 | 7,061,633 | — | 9,588,017 | |||||||||||||||||||||||||||||||
Electronics — 0.3% | ||||||||||||||||||||||||||||||||||
— | 80,300 | — | 80,300 | Agilent Rechnologies, Inc.*@ | — | 1,848,506 | — | 1,848,506 | ||||||||||||||||||||||||||
Financials — 7.7% | ||||||||||||||||||||||||||||||||||
— | 171,381 | — | 171,381 | American Express Co. | — | 9,122,610 | — | 9,122,610 | ||||||||||||||||||||||||||
60,280 | 77,613 | — | 137,893 | Fannie Mae | 3,520,352 | 4,532,599 | — | 8,052,951 | ||||||||||||||||||||||||||
111,955 | — | — | 111,955 | Freddie Mac | 7,302,825 | — | — | 7,302,825 | ||||||||||||||||||||||||||
16,630 | — | — | 16,630 | Golden West Financial Corp. | 1,070,639 | — | — | 1,070,639 | ||||||||||||||||||||||||||
— | 24,900 | (24,900 | ) | — | Goldman, Sachs & Co.(a) | — | 2,540,298 | (2,540,298 | ) | — | ||||||||||||||||||||||||
166,680 | — | — | 166,680 | MBNA Corp. | 4,360,349 | — | — | 4,360,349 | ||||||||||||||||||||||||||
23,235 | 62,400 | — | 85,635 | Merrill Lynch & Co., Inc. | 1,278,157 | 3,432,624 | — | 4,710,781 | ||||||||||||||||||||||||||
25,345 | — | — | 25,345 | Morgan Stanley | 1,329,852 | — | — | 1,329,852 | ||||||||||||||||||||||||||
— | 151,993 | — | 151,993 | SLM Corp. | — | 7,721,244 | — | 7,721,244 | ||||||||||||||||||||||||||
130,960 | 296,900 | — | 427,860 | The Charles Schwab Corp. | 1,477,229 | 3,349,032 | — | 4,826,261 | ||||||||||||||||||||||||||
20,339,403 | 30,698,407 | (2,540,298 | ) | 48,497,512 | ||||||||||||||||||||||||||||||
Foods — 1.3% | ||||||||||||||||||||||||||||||||||
— | 45,900 | — | 45,900 | Whole Foods Market, Inc. | — | 5,429,970 | — | 5,429,970 | ||||||||||||||||||||||||||
40,660 | — | — | 40,660 | Wm. Wrigley Jr. Co. | 2,799,034 | — | — | 2,799,034 | ||||||||||||||||||||||||||
— | 2,799,034 | 5,429,970 | — | 8,229,004 | ||||||||||||||||||||||||||||||
— | Gaming/Lodging — 3.4% | |||||||||||||||||||||||||||||||||
33,090 | 145,525 | — | 178,615 | Carnival Corp.@ | 1,805,060 | 7,938,389 | — | 9,743,449 |
The accompanying notes are an integral part of these financial statements.
Shares | Description | Value | ||||||||||||||||||||||||||||||||
GS VIT | AIT | Pro | GS VIT | AIT | Pro | |||||||||||||||||||||||||||||
Capital | Select | Forma | Capital | Select | Forma | |||||||||||||||||||||||||||||
Growth | Growth | Combined | Growth | Growth | Combined | |||||||||||||||||||||||||||||
Fund | Fund | Adjustments | Fund | Common Stocks — (continued) | Fund | Fund | Adjustments | Fund | ||||||||||||||||||||||||||
131,885 | — | — | 131,885 | Cendant Corp. | $ | 2,950,267 | $ | — | $ | — | $ | 2,950,267 | ||||||||||||||||||||||
45,130 | — | — | 45,130 | GTECH Holdings Corp. | 1,319,601 | — | — | 1,319,601 | ||||||||||||||||||||||||||
41,360 | — | — | 41,360 | Harrah’s Entertainment, Inc. | 2,980,815 | — | — | 2,980,815 | ||||||||||||||||||||||||||
37,250 | — | — | 37,250 | Marriott International, Inc. | 2,541,195 | — | — | 2,541,195 | ||||||||||||||||||||||||||
31,080 | — | — | 31,080 | Starwood Hotels & Resorts Worldwide, Inc. | 1,820,356 | — | — | 1,820,356 | ||||||||||||||||||||||||||
13,417,294 | 7,938,389 | — | 21,355,683 | |||||||||||||||||||||||||||||||
Health Care Providers — 2.7% | ||||||||||||||||||||||||||||||||||
— | 106,718 | — | 106,718 | Lincare Holding, Inc.*@ | — | 4,358,363 | — | 4,358,363 | ||||||||||||||||||||||||||
— | 235,491 | — | 235,491 | UnitedHealth Group, Inc. | — | 12,278,501 | — | 12,278,501 | ||||||||||||||||||||||||||
— | 16,636,864 | — | 16,636,864 | |||||||||||||||||||||||||||||||
Household/Personal Care — 2.6% | ||||||||||||||||||||||||||||||||||
61,520 | — | — | 61,520 | Avon Products, Inc. | 2,328,532 | — | — | 2,328,532 | ||||||||||||||||||||||||||
— | 119,654 | — | 119,654 | Johnson & Johnson | — | 7,777,510 | — | 7,777,510 | ||||||||||||||||||||||||||
47,860 | 65,000 | — | 112,860 | The Procter & Gamble Co. | 2,524,615 | 3,428,750 | — | 5,953,365 | ||||||||||||||||||||||||||
4,853,147 | 11,206,260 | — | 16,059,407 | |||||||||||||||||||||||||||||||
Insurance — 2.5% | ||||||||||||||||||||||||||||||||||
— | 168,162 | — | 168,162 | AFLAC, Inc. | — | 7,278,051 | — | 7,278,051 | ||||||||||||||||||||||||||
— | 29,500 | — | 29,500 | CIGNA Corp. | — | 3,157,385 | — | 3,157,385 | ||||||||||||||||||||||||||
— | 56,800 | — | 56,800 | Wellpoint, Inc.* | — | 3,955,552 | — | 3,955,552 | ||||||||||||||||||||||||||
34,730 | — | — | 34,730 | Willis Group Holdings Ltd. | 1,136,366 | — | — | 1,136,366 | ||||||||||||||||||||||||||
1,136,366 | 14,390,988 | — | 15,527,354 | |||||||||||||||||||||||||||||||
Internet & Online — 5.9% | ||||||||||||||||||||||||||||||||||
— | 245,481 | — | 245,481 | eBay, Inc.* | — | 8,103,328 | — | 8,103,328 | ||||||||||||||||||||||||||
11,720 | 30,300 | — | 42,020 | Google, Inc.*@ | 3,447,438 | 8,912,745 | — | 12,360,183 | ||||||||||||||||||||||||||
— | 168,162 | — | 168,162 | InterActiveCorp*@ | — | 4,044,296 | — | 4,044,296 | ||||||||||||||||||||||||||
34,790 | 327,752 | — | 362,542 | Yahoo!, Inc.* | 1,205,474 | 11,356,607 | — | 12,562,081 | ||||||||||||||||||||||||||
4,652,912 | 32,416,976 | — | 37,069,888 | |||||||||||||||||||||||||||||||
Manufacturing — 2.5% | ||||||||||||||||||||||||||||||||||
7,935 | — | — | 7,935 | 3M Co. | 573,701 | — | — | 573,701 | ||||||||||||||||||||||||||
— | 206,969 | — | 206,969 | Dover Corp. | — | 7,529,532 | — | 7,529,532 | ||||||||||||||||||||||||||
— | 224,300 | — | 224,300 | General Electric Co. | — | 7,771,995 | — | 7,771,995 | ||||||||||||||||||||||||||
573,701 | 15,301,527 | — | 15,875,228 | |||||||||||||||||||||||||||||||
Medical Products — 4.2% | ||||||||||||||||||||||||||||||||||
— | 34,700 | — | 34,700 | Alcon, Inc. | — | 3,794,445 | — | 3,794,445 | ||||||||||||||||||||||||||
11,250 | — | — | 11,250 | Fisher Scientific International, Inc. | 730,125 | — | — | 730,125 | ||||||||||||||||||||||||||
60,630 | 95,076 | — | 155,706 | Medtronic, Inc. | 3,140,028 | 4,923,986 | — | 8,064,014 | ||||||||||||||||||||||||||
18,260 | 75,000 | — | 93,260 | St. Jude Medical, Inc.* | 796,319 | 3,270,750 | — | 4,067,069 | ||||||||||||||||||||||||||
53,870 | — | — | 53,870 | Stryker Corp. | 2,562,057 | — | — | 2,562,057 | ||||||||||||||||||||||||||
20,200 | 69,852 | — | 90,052 | Zimmer Holdings, Inc.* | 1,538,634 | 5,320,627 | — | 6,859,261 | ||||||||||||||||||||||||||
8,767,163 | 17,309,808 | — | 26,076,971 | |||||||||||||||||||||||||||||||
Movies & Entertainment — 5.1% | ||||||||||||||||||||||||||||||||||
— | 232,840 | — | 232,840 | Comcast Corp., Special Class A* | — | 6,973,558 | — | 6,973,558 | ||||||||||||||||||||||||||
— | 139,057 | — | 139,057 | Liberty Global, Inc. Class A* | — | 6,489,790 | — | 6,489,790 | ||||||||||||||||||||||||||
92,700 | 840,810 | — | 933,510 | Liberty Media Corp. Series A* | 944,613 | 8,567,854 | — | 9,512,467 | ||||||||||||||||||||||||||
235,190 | — | — | 235,190 | Time Warner, Inc. | 3,930,025 | — | — | 3,930,025 | ||||||||||||||||||||||||||
153,888 | — | — | 153,888 | Viacom, Inc. Class B | 4,927,494 | — | — | 4,927,494 | ||||||||||||||||||||||||||
9,802,132 | 22,031,202 | — | 31,833,334 | |||||||||||||||||||||||||||||||
Networking Telecommunication Equipment — 2.3% | ||||||||||||||||||||||||||||||||||
254,140 | 489,250 | — | 743,390 | Cisco Systems, Inc.* | 4,856,615 | 9,349,568 | — | 14,206,183 | ||||||||||||||||||||||||||
Oil & Gas — 1.1% | ||||||||||||||||||||||||||||||||||
39,780 | — | — | 39,780 | Canadian Natural Resources Ltd. | 1,447,197 | — | — | 1,447,197 | ||||||||||||||||||||||||||
20,692 | — | — | 20,692 | Exxon Mobil Corp. | 1,189,169 | — | — | 1,189,169 | ||||||||||||||||||||||||||
29,950 | 59,000 | — | 88,950 | Suncor Energy, Inc.@ | 1,417,234 | 2,791,880 | — | 4,209,114 | ||||||||||||||||||||||||||
4,053,600 | 2,791,880 | — | 6,845,480 | |||||||||||||||||||||||||||||||
Oil Well Services & Equipment — 2.9% | ||||||||||||||||||||||||||||||||||
26,660 | 216,622 | — | 243,282 | Schlumberger Ltd.@ | 2,024,560 | 16,450,275 | �� | 18,474,835 | ||||||||||||||||||||||||||
Pharmacy Benefit Manager — 1.5% | ||||||||||||||||||||||||||||||||||
75,895 | 81,500 | — | 157,395 | Caremark Rx, Inc.* | 3,378,846 | 3,628,380 | — | 7,007,226 | ||||||||||||||||||||||||||
38,690 | — | — | 38,690 | Medco Health Solutions, Inc. | 2,064,498 | — | — | 2,064,498 | ||||||||||||||||||||||||||
5,443,344 | 3,628,380 | — | 9,071,724 | |||||||||||||||||||||||||||||||
Publishing — 0.9% | ||||||||||||||||||||||||||||||||||
9,150 | — | — | 9,150 | Gannett Co., Inc. | 650,840 | — | — | 650,840 | ||||||||||||||||||||||||||
56,975 | — | — | 56,975 | Lamar Advertising Co. | 2,436,821 | — | — | 2,436,821 | ||||||||||||||||||||||||||
33,370 | — | — | 33,370 | The E.W. Scripps Co. | 1,628,456 | — | — | 1,628,456 | ||||||||||||||||||||||||||
21,610 | — | — | 21,610 | Valassis Communications, Inc. | 800,650 | — | — | 800,650 | ||||||||||||||||||||||||||
5,516,767 | — | — | 5,516,767 | |||||||||||||||||||||||||||||||
Retailing — 8.7% | ||||||||||||||||||||||||||||||||||
— | 162,300 | — | 162,300 | Chico’s FAS, Inc.*@ | — | 5,563,644 | — | 5,563,644 | ||||||||||||||||||||||||||
— | 98,800 | — | 98,800 | Coach, Inc.* | — | 3,316,716 | — | 3,316,716 | ||||||||||||||||||||||||||
— | 62,100 | — | 62,100 | Estee Lauger Cos., Inc., Class A | — | 2,429,973 | — | 2,429,973 | ||||||||||||||||||||||||||
— | 40,600 | — | 40,600 | Federated Department Stores, Inc.@ | — | 2,975,168 | — | 2,975,168 | ||||||||||||||||||||||||||
— | 47,600 | — | 47,600 | Gillette Co. | — | 2,409,988 | — | 2,409,988 | ||||||||||||||||||||||||||
— | 187,565 | — | 187,565 | Home Depot, Inc. | — | 7,296,279 | — | 7,296,279 | ||||||||||||||||||||||||||
89,160 | 53,100 | — | 142,260 | Lowe’s Cos., Inc.@ | 5,190,895 | 3,091,482 | — | 8,282,377 | ||||||||||||||||||||||||||
— | 25,800 | — | 25,800 | NIKE, Inc., Class B | — | 2,234,280 | — | 2,234,280 | ||||||||||||||||||||||||||
58,360 | — | — | 58,360 | PETCO Animal Supplies, Inc. | 1,711,115 | — | — | 1,711,115 | ||||||||||||||||||||||||||
— | 36,900 | — | 36,900 | PETsMART, Inc. | — | 1,119,915 | — | 1,119,915 | ||||||||||||||||||||||||||
— | 65,400 | — | 65,400 | Starbucks Corp.* | — | 3,378,564 | — | 3,378,564 | ||||||||||||||||||||||||||
14,580 | 108,900 | — | 123,480 | Target Corp. | 793,298 | 5,925,249 | — | 6,718,547 | ||||||||||||||||||||||||||
107,960 | — | — | 107,960 | Wal-Mart Stores, Inc. | 5,203,672 | — | — | 5,203,672 | ||||||||||||||||||||||||||
— | 43,800 | — | 43,800 | Williams-Sonoma, Inc.* | — | 1,733,166 | — | 1,733,166 | ||||||||||||||||||||||||||
12,898,980 | 41,474,424 | — | 54,373,404 | |||||||||||||||||||||||||||||||
Semiconductors/Semiconductor Capital Equipment — 6.6% | ||||||||||||||||||||||||||||||||||
— | 68,558 | — | 68,558 | Analog Devices, Inc.@ | — | 2,557,899 | — | 2,557,899 | ||||||||||||||||||||||||||
— | 164,100 | — | 164,100 | Applied Materials, Inc. | — | 2,655,138 | — | 2,655,138 | ||||||||||||||||||||||||||
52,670 | 334,118 | — | 386,788 | Intel Corp. | 1,372,580 | 8,707,115 | — | 10,079,695 | ||||||||||||||||||||||||||
98,120 | — | — | 98,120 | Linear Technology Corp. | 3,600,023 | — | — | 3,600,023 | ||||||||||||||||||||||||||
— | 96,000 | — | 96,000 | Marvell Technology Group, Ltd.* | — | 3,651,840 | — | 3,651,840 | ||||||||||||||||||||||||||
— | 88,300 | — | 88,300 | Maxim Integrated Products, Inc. | — | 3,373,943 | — | 3,373,943 |
The accompanying notes are an integral part of these financial statements.
Shares | Description | Value | ||||||||||||||||||||||||||||||||
GS VIT Capital | AIT Select | Pro Forma | GS VIT Capital | AIT Select | Pro Forma | |||||||||||||||||||||||||||||
Growth Fund | Growth Fund | Adjustments | Combined Fund | Common Stocks — (continued) | Growth Fund | Growth Fund | Adjustments | Combined Fund | ||||||||||||||||||||||||||
— | 119,500 | — | 119,500 | Texas Instruments, Inc. | $ | — | $ | 3,354,365 | $ | — | $ | 3,354,365 | ||||||||||||||||||||||
173,240 | 197,220 | — | 370,460 | QUALCOMM, Inc. | 5,718,652 | 6,510,232 | — | 12,228,884 | ||||||||||||||||||||||||||
— | 10,691,255 | 30,810,532 | — | 41,501,787 | ||||||||||||||||||||||||||||||
— | Telecommunications — 2.8% | |||||||||||||||||||||||||||||||||
94,120 | — | — | 94,120 | American Tower Corp. | 1,978,402 | — | — | 1,978,402 | ||||||||||||||||||||||||||
77,490 | — | — | 77,490 | Crown Castle International Corp. | 1,574,597 | — | — | 1,574,597 | ||||||||||||||||||||||||||
21,580 | 126,300 | — | 147,880 | Nextel Communications, Inc.*@ | 697,250 | 4,080,753 | — | 4,778,003 | ||||||||||||||||||||||||||
25,790 | — | — | 25,790 | Sprint Corp. | 647,071 | — | — | 647,071 | ||||||||||||||||||||||||||
— | 349,260 | — | 349,260 | Vodafone Group, Plc, Sponsored ADR | — | 8,494,004 | — | 8,494,004 | ||||||||||||||||||||||||||
4,897,320 | 12,574,757 | — | 17,472,077 | |||||||||||||||||||||||||||||||
TOTAL COMMON STOCKS — 98.5% | ||||||||||||||||||||||||||||||||||
(Cost $162,629,104, $404,635,381, ($2,168,295) and $565,096,190, respectively) | $ | 168,774,153 | $ | 451,529,660 | ($2,540,298 | ) | $ | 617,763,515 | ||||||||||||||||||||||||||
Investment Company — 1.1% | ||||||||||||||||||||||||||||||||||
— | 6,709,720 | — | 6,709,720 | Marshall Money Market Fund | $ | 0 | $ | 6,709,720 | $ | 0 | $ | 6,709,720 | ||||||||||||||||||||||
(Cost $0, $6,709,720, and $6,709,720, respectively) | ||||||||||||||||||||||||||||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL — 99.6% | ||||||||||||||||||||||||||||||||||
(Cost $162,629,104, $411,345,101, ($2,168,295) and $571,805,910, respectively) | $ | 168,774,153 | $ | 458,239,380 | ($2,540,298 | ) | $ | 624,473,235 | ||||||||||||||||||||||||||
Securities Lending Collateral — 7.8% | ||||||||||||||||||||||||||||||||||
— | — | 50,791,738 | 50,791,738 | Boston Global Trust Enhanced Portfolio | $ | — | $ | — | $ | 50,791,738 | $ | 50,791,738 | ||||||||||||||||||||||
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||||||||||||||||||||
— | 946,737 | $ | (946,737 | ) | $ | — | Bank of America 3.27%, 07/18/05 | $ | — | $ | 946,737 | $ | (946,737 | ) | $ | — | ||||||||||||||||||
— | 757,390 | (757,390 | ) | — | Barclays 3.16%, 07/14/05 | — | 757,390 | $ | (757,390 | ) | $ | — | ||||||||||||||||||||||
— | 1,023,503 | (1,023,503 | ) | — | Barclays 3.25%, 07/26/05 | — | 1,023,503 | (1,023,503 | ) | — | ||||||||||||||||||||||||
— | 1,893,474 | (1,893,474 | ) | — | Calyon 3.25%, 08/04/05 | — | 1,893,474 | (1,893,474 | ) | — | ||||||||||||||||||||||||
— | 946,737 | (946,737 | ) | — | Clipper Receivables Corp. 3.19%, | — | 946,737 | (946,737 | ) | — | ||||||||||||||||||||||||
07/14/05 | ||||||||||||||||||||||||||||||||||
— | 946,737 | (946,737 | ) | — | Compass Securitization 3.16%, | — | 946,737 | (946,737 | ) | — | ||||||||||||||||||||||||
07/11/05 | ||||||||||||||||||||||||||||||||||
— | 1,893,474 | (1,893,474 | ) | — | Credit Suisse First Boston | — | 1,893,474 | (1,893,474 | ) | — | ||||||||||||||||||||||||
Corporation 3.15%, 09/09/05 | ||||||||||||||||||||||||||||||||||
— | 1,557,770 | (1,557,770 | ) | — | Credit Suisse First Boston | — | 1,557,770 | (1,557,770 | ) | — | ||||||||||||||||||||||||
Corporation 3.20%, 07/18/05 | ||||||||||||||||||||||||||||||||||
— | 7,573,894 | (7,573,894 | ) | — | Credit Suisse First Boston Corporation Repurchase Agreement 3.48% 7/1/2005 (b) Maturity Value of $7,574,616 (Collateralized by various corporate obligations) | — | 7,573,894 | (7,573,894 | ) | — | ||||||||||||||||||||||||
— | 1,136,084 | (1,136,084 | ) | — | Dexia Group 3.24%, 07/21/05 | — | 1,136,084 | (1,136,084 | ) | — | ||||||||||||||||||||||||
— | 946,737 | (946,737 | ) | — | First Tennessee National Corporation | — | 946,737 | (946,737 | ) | — | ||||||||||||||||||||||||
3.22%, 08/09/05 | ||||||||||||||||||||||||||||||||||
— | 946,737 | (946,737 | ) | — | Fortis Bank 3.11%, 07/05/05 | — | 946,737 | (946,737 | ) | — | ||||||||||||||||||||||||
— | 967,608 | (967,608 | ) | — | Goldman Sachs Group, Inc. 3.32%, | — | 967,608 | (967,608 | ) | — | ||||||||||||||||||||||||
12/28/05 (a) | ||||||||||||||||||||||||||||||||||
— | 946,737 | (946,737 | ) | — | Goldman Sachs Group, Inc. 3.33%, | — | 946,737 | (946,737 | ) | — | ||||||||||||||||||||||||
08/05/05 (a) | ||||||||||||||||||||||||||||||||||
— | 10,961,391 | (10,961,391 | ) | — | Goldman Sachs Group, Inc. Repurchase Agreement 3.48% 7/1/2005 (b) Maturity Value of $10,962,435 (Collateralized by various corporate obligations) | — | 10,961,391 | (10,961,391 | ) | — | ||||||||||||||||||||||||
— | 946,737 | (946,737 | ) | — | Grampian Funding LLC 3.28%, 07/13/05 | — | 946,737 | (946,737 | ) | — | ||||||||||||||||||||||||
— | 688,429 | (688,429 | ) | — | Greyhawk Funding 3.31%, 08/09/05 | — | 688,429 | (688,429 | ) | — | ||||||||||||||||||||||||
— | 946,736 | 946,736 | — | HBOS Halifax Bank of Scotland 3.15%, | — | 946,736 | (946,736 | ) | — | |||||||||||||||||||||||||
08/08/05 | ||||||||||||||||||||||||||||||||||
— | 946,736 | (946,736 | ) | — | HSBC Banking/Holdings Plc 3.25%, | — | 946,736 | (946,736 | ) | — | ||||||||||||||||||||||||
08/05/05 | ||||||||||||||||||||||||||||||||||
— | 946,736 | (946,736 | ) | — | JP Morgan Chase & Co. 3.20%, 07/20/05 | — | 946,736 | (946,736 | ) | — | ||||||||||||||||||||||||
— | 1,893,474 | (1,893,474 | ) | — | Jupiter Securitization Corp. 3.21%, | — | 1,893,474 | (1,893,474 | ) | — | ||||||||||||||||||||||||
07/15/05 | ||||||||||||||||||||||||||||||||||
— | 1,907,193 | (1,907,193 | ) | — | Lehman Brothers, Inc. | — | ||||||||||||||||||||||||||||
Repurchase Agreement 3.48% 7/1/2005 (b) Maturity Value of $1,907,735 (Collateralized by various corporate obligations) | — | 1,907,193 | (1,907,193 | ) | — | |||||||||||||||||||||||||||||
— | 946,736 | (946,736 | ) | — | Merrill Lynch & Co. Repurchase | — | ||||||||||||||||||||||||||||
Agreement 3.48% 7/1/2005 (b) Maturity Value of $946,826 (Collateralized by various corporate obligations) | — | 946,736 | (946,736 | ) | — | |||||||||||||||||||||||||||||
— | 946,736 | (946,736 | ) | — | Nordea Bank of Finland Plc (NY | — | 946,736 | (946,736 | ) | — | ||||||||||||||||||||||||
Branch) 3.17%, 08/09/05 | ||||||||||||||||||||||||||||||||||
— | 1,133,409 | (1,133,409 | ) | — | Park Avenue Receivables Corp. 3.30%, | — | 1,133,409 | (1,133,409 | ) | — | ||||||||||||||||||||||||
07/14/05 | ||||||||||||||||||||||||||||||||||
— | 1,222,853 | (1,222,853 | ) | — | Prefco 3.28%, 07/08/05 | — | 1,222,853 | (1,222,853 | ) | — | ||||||||||||||||||||||||
— | 1,136,084 | (1,136,084 | ) | — | Rabobank Nederland 3.25%, 08/08/05 | — | 1,136,084 | (1,136,084 | ) | — | ||||||||||||||||||||||||
— | 946,736 | (946,736 | ) | — | Societe Generale 3.24%, 08/09/05 | — | 946,736 | (946,736 | ) | — | ||||||||||||||||||||||||
— | 781,595 | (781,595 | ) | — | The Bank of the West 3.27%, 07/27/05 | — | 781,595 | (781,595 | ) | — | ||||||||||||||||||||||||
— | 840,421 | (840,421 | ) | — | Toronto Dominion Bank 3.25%, 08/02/05 | — | 840,421 | (840,421 | ) | — | ||||||||||||||||||||||||
— | 1,116,117 | (1,116,117 | ) | — | Wells Fargo 3.27%, 08/01/05 | — | 1,116,117 | (1,116,117 | ) | — | ||||||||||||||||||||||||
TOTAL SECURITIES LENDING COLLATERAL — | ||||||||||||||||||||||||||||||||||
(Cost $0, $50,791,738, $0 and $50,791,738, respectively) | $ | — | $ | 50,791,738 | — | $ | 50,791,738 | |||||||||||||||||||||||||||
TOTAL INVESTMENTS — 107.4% | ||||||||||||||||||||||||||||||||||
(Cost $162,629,104, $462,136,839, ($2,168,295) $622,597,648, respectively) | $ | 168,774,153 | $ | 509,031,118 | ($2,540,298 | ) | $ | 675,264,973 | ||||||||||||||||||||||||||
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||||||||||||||||||||||||||||||||||
* Non-income producing security. | ||||||||||||||||||||||||||||||||||
@ All or a portion of this security on loan at period end. | ||||||||||||||||||||||||||||||||||
(a) Security does not meet VIT Capital Growth Fund’s investment criteria and is assumed to be sold at June 30, 2005. | ||||||||||||||||||||||||||||||||||
(b) Unless noted, repurchase agreements were entered into on June 30, 2005. | ||||||||||||||||||||||||||||||||||
Investment Abbreviations: | ||||||||||||||||||||||||||||||||||
ADR American Depositary Receipt. | ||||||||||||||||||||||||||||||||||
The accompanying notes are an integral part of these financial statements.
Pro Forma Combined Statement of Assets and Liabilities
for the Goldman Sachs VIT Capital Growth Fund and the AIT Select Growth Fund
June 30, 2005
(Unaudited)
GS VIT Capital | AIT Select | Pro Forma | ||||||||||||||
Growth Fund | Growth Fund | Adjustments | Combined Fund | |||||||||||||
Assets: | ||||||||||||||||
Investments in securities, at value (cost $162,629,104, $411,345,101, ($2,168,295) and $571,805,910, respectively) | $ | 168,774,153 | $ | 458,239,380 | ($2,540,298 | )(a) | $ | 624,473,235 | ||||||||
Securities lending collateral, at value | — | 50,791,738 | — | 50,791,738 | ||||||||||||
Cash | 119,316 | 313,967 | — | 433,283 | ||||||||||||
Receivables: | ||||||||||||||||
Fund shares sold | 27,344 | — | — | 27,344 | ||||||||||||
Dividends and Interest | 91,440 | 390,066 | — | 481,506 | ||||||||||||
Investment securities sold | 207,673 | 1,381,010 | 2,540,298 | (a) | 4,128,981 | |||||||||||
Reimbursement from Adviser | 1,358 | — | — | 1,358 | ||||||||||||
Securities lending income | 25 | — | — | |||||||||||||
Other assets | 5,268 | — | — | 5,268 | ||||||||||||
Total assets | 169,226,577 | 511,116,161 | — | 680,342,713 | ||||||||||||
Liabilities: | ||||||||||||||||
Payables: | ||||||||||||||||
Payable upon return of securities loaned | — | 50,791,738 | — | 50,791,738 | ||||||||||||
Investment securities purchased | — | 1,078,910 | — | 1,078,910 | ||||||||||||
Fund shares repurchased | 198,715 | 573,236 | — | 771,951 | ||||||||||||
Amounts owed to affiliates | 110,455 | 367,506 | (367,506 | )(b) | 110,455 | |||||||||||
Accrued expenses and other liabilities | 97,907 | 104,901 | 367,506 | (b) | 570,314 | |||||||||||
Total liabilities | 407,077 | 52,916,291 | — | 53,323,368 | ||||||||||||
Net Assets: | ||||||||||||||||
Paid-in capital | 189,461,104 | 718,253,105 | — | 907,714,209 | ||||||||||||
Accumulated undistributed net investment income | 174,944 | 1,014,316 | — | 1,189,260 | ||||||||||||
Accumulated net realized loss on investment transactions | (26,961,617 | ) | (307,961,830 | ) | 372,003 | (a) | (334,551,444 | ) | ||||||||
Net unrealized gain on investments | 6,145,069 | 46,894,279 | (372,003 | )(a) | 52,667,345 | |||||||||||
Net Assets | $ | 168,819,500 | $ | 458,199,870 | — | $ | 627,019,370 | |||||||||
Net Asset Value, offering and redemption price per share: | ||||||||||||||||
Institutional | $ | 10.08 | $ | — | — | $ | 10.08 | |||||||||
Service | $ | — | $ | 1.523 | 8.557 | (c) | $ | 10.08 | ||||||||
Shares Outstanding: | ||||||||||||||||
Institutional | 16,746,312 | — | — | 16,746,312 | ||||||||||||
Service | — | 300,785,072 | (255,328,736 | )(d) | 45,456,336 | |||||||||||
Total shares outstanding, $.001 par value (unlimited number of shares authorized) | 16,746,312 | 300,785,072 | (255,328,736 | )(d) | 62,202,648 | |||||||||||
(a) | Adjustment to reflect proceeds and gains realized on sales for Investments that do not meet GS VIT Capital Growth Fund’s investment criteria. Securities deemed to be sold at June 30, 2005. | |||
(b) | Adjustment to reclass amount owed to affiliates of AIT Select Growth Fund. | |||
(c) | Adjustment to AIT Select Growth Fund’s NAV based on GS VIT Capital Growth Fund’s Institutional Class NAV. | |||
(d) | Service Shares of AIT Select Growth Fund are exchanged for new Service Shares of GS VIT Capital Growth Fund to be established upon consummation of the merger. Initial per shares values of Service Shares are presumed to equal that of the GS VIT Capital Growth Fund’s Institutional Shares. | |||
The accompanying notes are an integral part of these financial statements.
Pro Forma Combined Statement of Operations
for the Goldman Sachs VIT Capital Growth Fund and the AIT Select Growth Fund
For the Twelve Months Ended June 30, 2005 (Unaudited)
Goldman Sachs | ||||||||||||||||
VIT Capital | AIT Select | Pro Forma | ||||||||||||||
Growth Fund | Growth Fund | Adjustments | Combined Fund | |||||||||||||
Investment Income: | ||||||||||||||||
Dividends | 2,837,756 | 6,168,064 | — | 9,005,820 | ||||||||||||
Interest (including securities lending income of $2,589, $58,176, $0 and $60,765, respectively) | 36,916 | 71,972 | — | 108,888 | ||||||||||||
Total income | 2,874,672 | 6,240,036 | — | 9,114,708 | ||||||||||||
Expenses: | ||||||||||||||||
Management fees | 1,306,456 | 4,107,274 | (362,516 | )(a) | 5,051,214 | |||||||||||
Distribution and Service fees | — | 746,827 | 500,822 | (b) | 1,247,649 | |||||||||||
Transfer Agent fees | 69,678 | — | 199,721 | (c) | 269,399 | |||||||||||
Custody and accounting fees | 63,074 | 171,745 | (86,981 | )(d) | 147,838 | |||||||||||
Printing fees | 69,057 | 39,713 | (43,774 | )(d) | 65,000 | |||||||||||
Audit and tax fees | 29,019 | 56,306 | (52,307 | )(d) | 33,018 | |||||||||||
Legal fees | 22,988 | 37,837 | (35,325 | )(d) | 25,500 | |||||||||||
Trustee fees | 14,517 | 41,331 | (41,331 | )(d) | 14,517 | |||||||||||
Other | 17,231 | 7,469 | — | 24,700 | ||||||||||||
Total expenses | 1,592,020 | 5,208,502 | 78,309 | 6,878,833 | ||||||||||||
Less — expense reductions | (5,901 | ) | (178,662 | ) | (564,849 | )(e) | (749,412 | ) | ||||||||
Net expenses | 1,586,119 | 5,029,840 | (486,540 | ) | 6,129,421 | |||||||||||
Net investment income | 1,288,553 | 1,210,196 | 486,540 | 2,985,287 | ||||||||||||
Realized and unrealized gain (loss) on investment, and foreign currency transactions: | ||||||||||||||||
Net realized gain from: | ||||||||||||||||
Investment transactions | 4,719,491 | 26,765,145 | 372,003 | (f) | 31,856,649 | |||||||||||
Foreign currency related transactions | — | 1,012 | — | 1,012 | ||||||||||||
Net change in unrealized gain (loss) on | ||||||||||||||||
Investments | (1,363,491 | ) | (9,009,852 | ) | (372,003 | )(f) | (10,745,346 | ) | ||||||||
Net realized and unrealized gain on investment and foreign currency transactions | 3,356,006 | 17,756,307 | — | 21,112,315 | ||||||||||||
Net Increase in Net Assets Resulting from Operations | $4,644,559 | $18,966,503 | $486,540 | $24,097,602 | ||||||||||||
(a) | Adjustment to reflect decrease in management fee based on GS VIT Capital Growth Fund’s contractual fee rate. | |
(b) | Adjustments to reflect distribution and service fee based on VIT Capital Growth Fund’s contractual fee rate. | |
(c) | Adjustment to reflect transfer agent fees based on GS VIT Capital Growth Fund’s transfer agent fee rate. | |
(d) | Adjustment to reflect anticipated changes as a result of consolidation of printing, custody and accounting and other services. | |
(e) | Adjustment to reflect expense reduction based on GS VIT Capital Growth Fund expense cap and waivers. | |
(f) | Adjustment to reflect realized gains on investments that do not meet GS VIT Capital Growth Fund’s investment criteria, Securities deemed to be sold at June 30, 2005. |
The accompanying notes are an integral part of these financial statements.
\
GOLDMAN SACHS VARIABLE INSURANCE TRUST CAPITAL GROWTH FUND
Notes to Financial Statements
June 30, 2005 (Unaudited)
1. ORGANIZATION
Goldman Sachs Variable Insurance Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”) as an open-end management investment company. The Trust includes the Goldman Sachs Variable Insurance Trust Capital Growth Fund (the “VIT Capital Growth Fund”). The VIT Capital Growth Fund is a diversified portfolio under the Act. Shares of the Trust may be purchased and held by separate accounts of participating life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies. Shares of the Trust are not offered directly to the general public. The VIT Capital Growth Fund offers two classes of Shares: Service and Institutional.
Allmerica Investment Trust (the “Allmerica Trust”) is registered under the Act, as an open-end, diversified management investment company established as a Massachusetts business trust. The Allmerica Trust is intended to serve as an investment medium for (i) variable life insurance policies and variable annuity contracts offered by insurance companies; (ii) certain qualified pension and retirement plans, as permitted by Treasury Regulations; and (iii) life insurance companies and advisers to certain funds and their affiliates. Allmerica Financial Corporation, the sponsor of the Allmerica Trust (“AFC”) has ceased all new sales of proprietary variable annuities and life insurance products. The Allmerica Trust is comprised of nine managed investment portfolios, including the Allmerica Investment Trust Select Growth Fund (the “AIT Select Growth Fund”).
2. BASIS OF COMBINATION
The unaudited pro forma Schedule of Investments, Statement of Assets and Liabilities, and Statement of Operations (“pro forma statements”) reflect the accounts of the VIT Capital Growth and the AIT Select Growth Funds as if the proposed reorganization occurred as of and for the twelve months ended June 30, 2005. Certain securities held by the AIT Select Growth Fund that do not meet the investment criteria or investment percentage limitations of the VIT Capital Growth Fund may be sold prior to or after the reorganization. Certain sales have been reflected in these pro forma statements as of June 30, 2005. These pro forma statements reflect all adjustments, which are, in the opinion of management, necessary to a fair statement of the results for the period presented.
The VIT Capital Growth Fund will be the accounting survivor for financial statement purposes. The Agreement and Plan of Reorganization provide for a tax-free acquisition of the AIT Select Growth Fund into the VIT Capital Growth Fund. The acquisition is expected to be completed in December 2005.
3. SHARES OF BENEFICIAL INTEREST
These pro forma statements give effect to the proposed transaction whereby all of the assets of the AIT Select Growth Fund will be exchanged for Service Shares of the VIT Capital Growth Fund. The VIT Capital Growth Fund will assume the liabilities, if any, of the AIT Select Growth Fund. Immediately thereafter, Service Shares of the VIT Capital Growth Fund will be distributed to the shareholders of the AIT Select Growth Fund. The AIT Select Growth Fund will then be dissolved.
The amount of additional shares assumed to be issued under the reorganization was calculated based on the June 30, 2005 net assets of the AIT Select Growth Fund and the June 30, 2005 net asset value per share of the VIT Capital Growth Fund. These amounts are summarized as follows:
Service Class | ||||
Shares Issued in connection with merger | 45,456,336 | |||
Net Assets June 30, 2005 of AIT Select Growth Fund | $ | 458,199,870 | ||
Pro Forma Net Asset Value June 30, 2005 | $ | 10.08 |
4. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of the significant accounting policies consistently followed by the VIT Capital Growth Fund. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that may affect the reported amounts. Actual results could differ from those estimates.
A. Investment Valuation — Investments in securities and investment companies traded on a U.S. securities exchange or the NASDAQ system are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If no sale occurs, securities and investment companies are valued at the last bid price. Debt securities are valued at prices supplied by independent pricing services, broker/dealer supplied valuations or matrix pricing systems. Unlisted equity and debt securities for which market quotations are available are valued at the last sale price on valuation date, or if no sale occurs, at the last bid price. Investments in investment companies (other than those that are exchange traded) are valued at the net asset value per share on valuation date. Short-term debt obligations maturing in sixty days or less are valued at amortized cost, which approximates market value. Securities for which quotations are not readily available or deemed to be inaccurate by the Investment Adviser are valued at fair value using methods approved by the Trust’s Board of Trustees.
B. Security Transactions and Investment Income — Security transactions are reflected as of the trade date. Realized gains and losses on sales of portfolio securities are calculated using the identified-cost basis. Dividend income is recorded on the ex-dividend date, net of foreign withholding taxes, if any, which are reduced by any amounts reclaimable by the VIT Capital Growth Fund, where applicable. Interest income is recorded on the basis of interest accrued premium amortized and discount accreted.
C. Federal Taxes — It is the VIT Capital Growth Fund’s policy to comply with the requirements of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, no federal tax provisions are required. Dividends and distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid annually.
The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with Federal income tax rules. Therefore, the source of the VIT Capital Growth Fund’s distributions may be shown in the accompanying financial statements as either from net investment income or net realized gain on investment transactions, or from paid-in-capital.
The VIT Capital Growth and the AIT Select Growth Funds had capital loss carryforwards as of their most recent fiscal year ended December 31, 2004. Expiration occurs on December 31 of the year indicated. The year and amount of expiration for each capital loss carryforward is indicated below (000):
Capital Loss Carryforward* | VIT Capital Growth Fund | AIT Select Growth Fund | ||||||
Expiring 2008 | $ | 7,813 | $ | 38,031 | ||||
Expiring 2009 | 13,983 | 136,492 | ||||||
Expiring 2010 | 6,239 | 92,315 | ||||||
Expiring 2011 | 1,065 | 53,526 | ||||||
Total | $ | 29,100 | $ | 320,364 | ||||
* | Utilization of these losses may be limited under the Code |
D. Expenses — Expenses incurred by the Trust that do not specifically relate to an individual Fund of the Trust are allocated to the Fund on a straight-line or pro rata basis depending upon the nature of the expense.
E. Segregation Transactions — As set forth in the prospectus, the VIT Capital Growth Fund may enter into certain derivative transactions to seek to increase total return. Forward foreign currency exchange contracts, futures contracts, written options, when-issued securities and forward commitments represent examples of such transactions. As a result of entering into these transactions, the VIT Capital Growth Fund is required to segregate liquid assets on the accounting records equal to or greater than the market value of the corresponding transactions.
F. Repurchase Agreements — Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase them at a mutually agreed upon date and price. During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of the VIT Capital Growth Fund, including accrued interest, is required to equal or exceed the value of the repurchase agreement, including accrued interest. If the seller defaults or becomes insolvent, realization of the collateral by the VIT Capital Growth Fund may be delayed or limited and there may be a decline in the value of the collateral during the period while the
2
VIT Capital Growth Fund seeks to assert its rights. The underlying securities for all repurchase agreements are held in safekeeping at the VIT Capital Growth Fund’s custodian or designated subcustodians under triparty repurchase agreements.
Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and terms and conditions contained therein, the VIT Capital Growth Fund, together with other registered investment companies having management agreements with Goldman Sachs Asset Management, L.P. (“GSAM”), or its affiliates, transfers uninvested cash into joint accounts, the daily aggregate balance of which is invested in one or more repurchase agreements.
F. Commission Recapture — The VIT Capital Growth Fund may direct portfolio trades, subject to obtaining best price and execution, to various brokers who have agreed to rebate a portion of the commissions generated. Such rebates are made directly to the VIT Capital Growth Fund as cash payments and are included in the net realized gain (loss) on investments in the Statement of Operations.
5. AGREEMENTS
GSAM, an affiliate of Goldman, Sachs & Co. (“Goldman Sachs”), serves as investment adviser pursuant to a Management Agreement (the “Agreement”) with the Trust on behalf of the VIT Capital Growth Fund. Under this Agreement, GSAM manages the VIT Capital Growth Fund, subject to the general supervision of the Trust’s Board of Trustees.
As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administering the VIT Capital Growth Fund’s business affairs, including providing facilities, GSAM is entitled to a fee (“Management Fee”) computed daily and payable monthly, equal to an annual percentage rate of 0.75% of the VIT Capital Growth Fund’s average daily net assets.
At a meeting held on June 16, 2005, the Board of Trustees of the Trust approved a fee reduction commitment for the VIT Capital Growth Fund which will be effective on a contractual basis in 2006. Effective July 1, 2005, GSAM will implement the fee reduction commitment on a voluntary basis and waive a portion of its Management Fee to achieve the following annual rates:
Average Daily Net Assets | Annual Rate | |||
First $1 Billion | 0.75 | % | ||
Next $1 Billion | 0.68 | % | ||
Over $2 Billion | 0.65 | % | ||
GSAM has voluntarily agreed to limit certain “Other Expenses” (excluding Management fees, Transfer Agency fees, taxes, interest, brokerage fees and litigation, indemnification, shareholder meeting and other extraordinary expenses exclusive of any expense offset arrangements) to the extent that such expenses exceed, on an annual basis, 0.11% of the average daily net assets of the VIT Capital Growth Fund. GSAM has agreed to maintain this expense limitation reduction through June 30, 2005 and on a voluntary basis thereafter. Such expense reimbursements, if any, are computed daily and paid monthly. In addition, the VIT Capital Growth Fund is not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. For the twelve months ended June 30, 2005, GSAM reimbursed approximately $5,100. After the completion of the proposed reorganization, amounts paid under the “Plan” described below will not be subject to this voluntary expense limitation.
In addition, the VIT Capital Growth Fund has entered into certain offset arrangements with the custodian in a reduction in the VIT Capital Growth Fund’s expenses. For the twelve months ended June 30, 2005, custody fees were reduced by approximately $800.
The Trust, on behalf of the VIT Capital Growth Fund, has adopted a Distribution and Service Plan (the “Plan”) with respect to its Service Share Class. Under the Plan, Goldman Sachs is entitled to a monthly fee for distribution services equal to, on an annual basis, 0.25% of the VIT Capital Growth Fund’s average daily net assets attributable to Service Shares. Goldman Sachs has voluntarily agreed to limit Distribution and Service fees to 0.10% of the average daily net assets attributable to Service Shares.
Goldman Sachs also serves as the transfer agent of the VIT Capital Growth Fund for a fee. The fees charged for such transfer agency services are calculated daily and payable monthly at an annual rate of 0.04% of the average daily net assets of the VIT Capital Growth Fund.
At June 30, 2005, the amounts owed to affiliates were approximately $104,900 and $5,600 for Management and Transfer Agent fees, respectively.
GSAM has contractually agreed to limit the total annual operating expenses to 1.00% of the average daily net assets of the Service Shares of the VIT Capital Growth Fund for eighteen months following the Reorganization.
6. SECURITIES LENDING
Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and the terms and conditions contained therein, the VIT Capital Growth Fund may lend its securities through a securities lending agent, Boston Global Advisers (“BGA”) — a wholly owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs. In accordance with the VIT Capital Growth Fund’s securities lending procedures, the loans are collateralized at all times with cash and/or securities with a market value at least equal to the securities on loan. As with other extensions of credit, the VIT Capital Growth Fund bears the risk of delay on recovery or loss of rights in the collateral should the borrower of the securities fail financially.
Both the VIT Capital Growth Fund and BGA receive compensation relating to the lending of the VIT Capital Growth Fund’s securities. The amount earned by the VIT Capital Growth Fund for the twelve months ended June 30, 2005, is reported parenthetically on the Statement of
3
Operations. For the twelve months ended June 30, 2005, BGA earned $457 in fees as securities lending agent. At June 30, 2005, the VIT Capital Growth Fund did not have any securities on loan. The VIT Capital Growth Fund invests the cash collateral received in connection with securities lending transactions in the Enhanced Portfolio of Boston Global Investment Trust, a Delaware statutory trust. The Enhanced Portfolio is exempt from registration under Section 3(c)(7) of the Act and is managed by GSAM, for which GSAM receives an investment advisory fee of up to 0.10% of the average daily net assets of the Enhanced Portfolio. The Enhanced Portfolio invests in high quality money market instruments. The VIT Capital Growth Fund bears the risk of incurring a loss from the investment of cash collateral due to either credit or market factors.
4
June 30, 2005 (Unaudited)
Shares | Description | Value | ||||||||||||||||||||||||||
GS VIT | AIT | Pro | GS VIT | AIT | Pro | |||||||||||||||||||||||
International | Select | Forma | International | Select | Forma | |||||||||||||||||||||||
Equity | International | Combined | Equity | International | Combined | |||||||||||||||||||||||
Fund | Equity | Adjustments | Fund | Fund | Equity | Adjustments(c) | Fund | |||||||||||||||||||||
| | | ||||||||||||||||||||||||||
Common Stocks – 98.4% | ||||||||||||||||||||||||||||
Australia – 1.7% | ||||||||||||||||||||||||||||
324,543 | – | – | 324,543 | Alumina Ltd. | $ | 1,370,232 | $ | – | $ – | $ | 1,370,232 | |||||||||||||||||
– | 15,745 | – | 15,745 | Australia & New Zealand Banking Group, Ltd.* | – | 260,796 | (681 | ) | 260,115 | |||||||||||||||||||
– | 126,600 | – | 126,600 | BHP Billiton, Ltd. | – | 1,749,882 | (20,266 | ) | 1,729,616 | |||||||||||||||||||
– | 4,985 | – | 4,985 | Macquarie Bank, Ltd. | – | 226,830 | (787 | ) | 226,043 | |||||||||||||||||||
– | 44,581 | – | 44,581 | National Australia Bank, Ltd. | – | 1,044,322 | (2,128 | ) | 1,042,194 | |||||||||||||||||||
– | 22,530 | – | 22,530 | Oil Search, Ltd. | – | 52,674 | (201 | ) | 52,473 | |||||||||||||||||||
– | 5,601 | – | 5,601 | RHI AG* | – | 152,566 | (305 | ) | 152,261 | |||||||||||||||||||
– | 9,163 | – | 9,163 | Rinker Group, Ltd. | – | 97,693 | (597 | ) | 97,096 | |||||||||||||||||||
– | 36,000 | – | 36,000 | Santos, Ltd. | – | 310,347 | (1,348 | ) | 308,999 | |||||||||||||||||||
– | 29,435 | – | 29,435 | Stockland | – | 123,738 | (291 | ) | 123,447 | |||||||||||||||||||
– | 9,757 | – | 9,757 | Suncorp-Metway, Ltd. | – | 149,426 | (352 | ) | 149,074 | |||||||||||||||||||
– | 205,400 | – | 205,400 | Telstra Corp. | – | 791,497 | (1,119 | ) | 790,378 | |||||||||||||||||||
– | 20,320 | – | 20,320 | Woolworths, Ltd. | – | 255,487 | (717 | ) | 254,770 | |||||||||||||||||||
1,370,232 | 5,215,258 | (28,792 | ) | 6,556,698 | ||||||||||||||||||||||||
Austria – 0.8% | ||||||||||||||||||||||||||||
– | 2,392 | – | 2,392 | Bank Austria Creditanstalt AG | – | 249,513 | (777 | ) | 248,736 | |||||||||||||||||||
– | 4,287 | – | 4,287 | Boehler-Uddeholm | – | 567,276 | (1,331 | ) | 565,945 | |||||||||||||||||||
– | 4,400 | – | 4,400 | Flughafen Wien AG | – | 285,260 | 123 | 285,383 | ||||||||||||||||||||
– | 3,310 | – | 3,310 | OMV AG | – | 1,441,260 | (1,827 | ) | 1,439,433 | |||||||||||||||||||
– | 7,509 | – | 7,509 | Voestalpine AG (a) | – | 525,877 | (314 | ) | 525,563 | |||||||||||||||||||
– | 1,254 | – | 1,254 | Wienerberger AG | – | 58,199 | (44 | ) | 58,155 | |||||||||||||||||||
– | 3,127,385 | (4,170 | ) | 3,123,215 | ||||||||||||||||||||||||
Belgium – 2.0% | ||||||||||||||||||||||||||||
– | 1,753 | – | 1,753 | AGFA-Gevaert NV | – | 48,450 | – | 48,450 | ||||||||||||||||||||
– | 5,076 | – | 5,076 | Belgacom SA | – | 173,446 | (533 | ) | 172,913 | |||||||||||||||||||
– | 700 | – | 700 | Colruyt SA | – | 95,421 | (41 | ) | 95,380 | |||||||||||||||||||
– | 6,700 | – | 6,700 | Delhaize Group | – | 401,958 | (858 | ) | 401,100 | |||||||||||||||||||
– | 116,829 | – | 116,829 | Dexia | – | 2,573,265 | (5,816 | ) | 2,567,449 | |||||||||||||||||||
– | 421 | – | 421 | Electrabel SA | – | 183,880 | (179 | ) | 183,701 | |||||||||||||||||||
– | 53,200 | – | 53,200 | Fortis (a) | – | 1,476,788 | (5,122 | ) | 1,471,666 | |||||||||||||||||||
– | 45,300 | – | 45,300 | Fortis (Netherlands) | – | 1,256,395 | – | 1,256,395 | ||||||||||||||||||||
– | 8,155 | – | 8,155 | KBC Group | – | 644,111 | (1,160 | ) | 642,951 | |||||||||||||||||||
– | 2,076 | – | 2,076 | Solvay SA | – | 213,312 | (394 | ) | 212,918 | |||||||||||||||||||
– | 13,700 | – | 13,700 | UCB SA | – | 665,982 | (866 | ) | 665,116 | |||||||||||||||||||
– | 7,733,008 | (14,969 | ) | 7,718,039 | ||||||||||||||||||||||||
Brasil – 0.3% | ||||||||||||||||||||||||||||
– | 46,000 | – | 46,000 | Cia Vale do Rio Doce, ADR (a) | – | 1,346,881 | – | 1,346,881 | ||||||||||||||||||||
Canada – 0.8% | ||||||||||||||||||||||||||||
– | 6,700 | – | 6,700 | Canadian National Railway Co. | – | 386,387 | – | 386,387 | ||||||||||||||||||||
– | 25,600 | – | 25,600 | Canadian Natural Resources, Ltd. | – | 927,415 | – | 927,415 | ||||||||||||||||||||
– | 2,300 | – | 2,300 | Canadian Pacific Railway, Ltd. | – | 79,550 | – | 79,550 | ||||||||||||||||||||
– | 13,600 | – | 13,600 | EnCana Corp. (a) | – | 536,299 | – | 536,299 | ||||||||||||||||||||
– | 2,600 | – | 2,600 | Magna International, Inc., Class A | – | 182,569 | – | 182,569 | ||||||||||||||||||||
– | 6,500 | – | 6,500 | National Bank of Canada | – | 288,565 | – | 288,565 | ||||||||||||||||||||
– | 4,200 | – | 4,200 | Petro-Canada | – | 273,295 | – | 273,295 | ||||||||||||||||||||
– | 2,200 | – | 2,200 | Quebecor, Inc., Class B | – | 52,990 | – | 52,990 | ||||||||||||||||||||
– | 4,200 | – | 4,200 | Royal Bank of Canada | – | 260,101 | – | 260,101 | ||||||||||||||||||||
– | 2,600 | – | 2,600 | Telus Corp. | – | 88,654 | – | 88,654 | ||||||||||||||||||||
– | 1,300 | – | 1,300 | Telus Corp., Non Voting | – | 45,674 | – | 45,674 | ||||||||||||||||||||
– | 3,121,499 | – | 3,121,499 | |||||||||||||||||||||||||
Denmark – 0.0% | ||||||||||||||||||||||||||||
– | 9 | – | 9 | AP Moller – Maersk A/S, Class A | – | 85,315 | (343 | ) | 84,972 | |||||||||||||||||||
– | 13 | – | 13 | AP Moller – Maersk A/S, Class B | – | 124,077 | (480 | ) | 123,597 | |||||||||||||||||||
– | 1,500 | – | 1,500 | Tele Danmark | – | 64,278 | (90 | ) | 64,188 | |||||||||||||||||||
– | 273,670 | (913 | ) | 272,757 | ||||||||||||||||||||||||
Finland – 1.1% | ||||||||||||||||||||||||||||
– | 100 | – | 100 | Finnair Oyj | – | 858 | (1 | ) | 857 | |||||||||||||||||||
– | 31,900 | – | 31,900 | Fortum Oyj | – | 511,247 | (764 | ) | 510,483 | |||||||||||||||||||
– | 11,700 | – | 11,700 | Kesko Oyj, Class B | – | 293,507 | (23 | ) | 293,484 | |||||||||||||||||||
– | 2,800 | – | 2,800 | Metso Oyj | – | 61,029 | (128 | ) | 60,901 | |||||||||||||||||||
– | 150,700 | – | 150,700 | Nokia Oyj (a) | – | 2,524,567 | (18,306 | ) | 2,506,261 | |||||||||||||||||||
– | 11,700 | – | 11,700 | Rautaruukki Oyj | – | 174,774 | (328 | ) | 174,446 | |||||||||||||||||||
– | 28,900 | – | 28,900 | Sampo Oyj, Class A | – | 450,233 | (404 | ) | 449,829 | |||||||||||||||||||
– | 1,800 | – | 1,800 | Wartsila Oyj, Class A | – | 50,946 | (53 | ) | 50,893 | |||||||||||||||||||
– | 1,200 | – | 1,200 | Wartsila Oyj, Class B | – | 34,632 | (47 | ) | 34,585 | |||||||||||||||||||
– | 4,101,793 | (20,054 | ) | 4,081,739 | ||||||||||||||||||||||||
France – 10.9% | ||||||||||||||||||||||||||||
– | 80,600 | – | 80,600 | AXA | – | 2,015,113 | (9,391 | ) | 2,005,722 | |||||||||||||||||||
– | 50,330 | – | 50,330 | BNP Paribas | – | 3,451,706 | (15,889 | ) | 3,435,817 | |||||||||||||||||||
– | 1,589 | – | 1,589 | Bongrain SA | 101,865 | 31 | 101,896 |
The accompanying notes are an integral part of these financial statements.
Shares | Description | Value | ||||||||||||||||||||||||||
GS VIT | AIT | Pro | GS VIT | AIT | Pro | |||||||||||||||||||||||
International | Select | Forma | International | Select | Forma | |||||||||||||||||||||||
Equity | International | Combined | Equity | International | Combined | |||||||||||||||||||||||
Fund | Equity | Adjustments | Fund | Fund | Equity | Adjustments(c) | Fund | |||||||||||||||||||||
| | | ||||||||||||||||||||||||||
37,865 | – | – | 37,865 | Cap Gemini SA* | $ | 1,198,080 | $ | – | $ – | $ | 1,198,080 | |||||||||||||||||
– | 53,298 | – | 53,298 | Cie de Saint-Gobain | – | 2,958,372 | (11,752 | ) | 2,946,620 | |||||||||||||||||||
91,003 | – | – | 91,003 | Credit Agricole SA(a) | 2,299,201 | – | – | 2,299,201 | ||||||||||||||||||||
– | 24,900 | – | 24,900 | Dassault Systemes SA(a) | – | 1,206,218 | (3,223 | ) | 1,202,995 | |||||||||||||||||||
– | 9,041 | – | 9,041 | France Telecom SA | – | 264,203 | (1,223 | ) | 262,980 | |||||||||||||||||||
– | 200 | – | 200 | Fromageries Bel Vache qui Rit | – | 33,867 | – | 33,867 | ||||||||||||||||||||
– | 19,600 | – | 19,600 | Imerys SA | – | 1,350,124 | (1,367 | ) | 1,348,757 | |||||||||||||||||||
– | 15,100 | – | 15,100 | Lafarge SA | – | 1,376,208 | (4,387 | ) | 1,371,821 | |||||||||||||||||||
37,063 | – | – | 37,063 | LVMH Moet Hennessy Louis Vuitton SA | 2,853,332 | – | – | 2,853,332 | ||||||||||||||||||||
– | 6,923 | – | 6,923 | Michelin, Class B | – | 421,617 | (1,434 | ) | 420,183 | |||||||||||||||||||
63,424 | – | – | 63,424 | PagesJaunes SA(a) | 1,481,457 | – | – | 1,481,457 | ||||||||||||||||||||
41,605 | 14,871 | – | 56,476 | PSA Peugeot Citroen* | 2,453,514 | 881,014 | (4,481 | ) | 3,330,047 | |||||||||||||||||||
– | 9,285 | – | 9,285 | Sanofi-Aventis | – | 762,563 | (2,519 | ) | 760,044 | |||||||||||||||||||
28,929 | – | – | 28,929 | Schneider Electric SA(a) | 2,175,404 | – | – | 2,175,404 | ||||||||||||||||||||
– | 56,039 | – | 56,039 | Scor SA | – | 112,518 | 98 | 112,616 | ||||||||||||||||||||
– | 8,552 | – | 8,552 | Societe Generale | – | 870,454 | (3,684 | ) | 866,770 | |||||||||||||||||||
– | 5,577 | – | 5,577 | Suez SA | – | 151,305 | (632 | ) | 150,673 | |||||||||||||||||||
16,343 | – | – | 16,343 | Total Fina Elf SA Class B(a) | 3,824,192 | – | – | 3,824,192 | ||||||||||||||||||||
– | 33,546 | – | 33,546 | Total SA, Class B | – | 7,883,832 | (38,099 | ) | 7,845,733 | |||||||||||||||||||
21,930 | 4,798 | – | 26,728 | Vinci SA(a) | 1,822,462 | 399,275 | (741 | ) | 2,220,996 | |||||||||||||||||||
18,107,642 | 24,240,254 | (98,693 | ) | 42,249,203 | ||||||||||||||||||||||||
Germany – 6.3% | ||||||||||||||||||||||||||||
– | 1,914 | – | 1,914 | Adidas-Salomon AG | – | 320,662 | (1,553 | ) | 319,109 | |||||||||||||||||||
– | 587 | – | 587 | Allianz AG | – | 67,429 | (507 | ) | 66,922 | |||||||||||||||||||
– | 10,475 | – | 10,475 | Altana AG | – | 599,673 | (1,635 | ) | 598,038 | |||||||||||||||||||
– | 29,184 | – | 29,184 | BASF AG | – | 1,941,473 | (10,813 | ) | 1,930,660 | |||||||||||||||||||
– | 55,649 | – | 55,649 | Bayerische Motoren Werke (BMW) AG | – | 2,539,616 | (17,129 | ) | 2,522,487 | |||||||||||||||||||
– | 268 | – | 268 | Celesio AG | – | 21,067 | (51 | ) | 21,016 | |||||||||||||||||||
– | 1,750 | – | 1,750 | Continental AG | – | 126,135 | (717 | ) | 125,418 | |||||||||||||||||||
– | 8,269 | – | 8,269 | DaimlerChrysler AG | – | 335,859 | (1,624 | ) | 334,235 | |||||||||||||||||||
– | 2,299 | – | 2,299 | Deutsche Bank AG | – | 179,943 | (1,031 | ) | 178,912 | |||||||||||||||||||
– | 63,500 | – | 63,500 | Deutsche Post AG | – | 1,483,900 | (6,782 | ) | 1,477,118 | |||||||||||||||||||
34,565 | 25,185 | – | 59,750 | E.ON AG* | 3,068,440 | 2,244,478 | (9,837 | ) | 5,303,081 | |||||||||||||||||||
– | 914 | – | 914 | HeidelbergCement AG | – | 65,768 | (474 | ) | 65,294 | |||||||||||||||||||
– | 3,586 | – | 3,586 | HypoVereinsbank* | – | 93,298 | (325 | ) | 92,973 | |||||||||||||||||||
– | 3,709 | – | 3,709 | Man AG | – | 154,012 | (767 | ) | 153,245 | |||||||||||||||||||
– | 6,619 | – | 6,619 | Merck KGaA | – | 527,356 | (1,973 | ) | 525,383 | |||||||||||||||||||
61,998 | – | – | 61,998 | Premiere AG* | 2,145,768 | – | – | 2,145,768 | ||||||||||||||||||||
– | 9,414 | – | 9,414 | RWE AG | – | 607,822 | (3,596 | ) | 604,226 | |||||||||||||||||||
– | 7,100 | – | 7,100 | SAP AG | – | 1,236,730 | (9,036 | ) | 1,227,694 | |||||||||||||||||||
15,439 | 33,420 | – | 48,859 | Schering AG | 948,590 | 2,056,730 | (4,384 | ) | 3,000,936 | |||||||||||||||||||
– | 2,300 | – | 2,300 | Schwarz Pharma AG | – | 104,324 | 248 | 104,572 | ||||||||||||||||||||
– | 26,100 | – | 26,100 | Siemens AG | – | 1,904,889 | (9,433 | ) | 1,895,456 | |||||||||||||||||||
– | 9,200 | – | 9,200 | Suedzucker AG | – | 184,166 | (487 | ) | 183,679 | |||||||||||||||||||
– | 17,926 | – | 17,926 | ThyssenKrupp AG | – | 312,010 | (2,253 | ) | 309,757 | |||||||||||||||||||
– | 10,582 | – | 10,582 | TUI AG(a) | – | 262,261 | – | 262,261 | ||||||||||||||||||||
– | 16,300 | – | 16,300 | Volkswagen AG | – | 745,646 | (3,136 | ) | 742,510 | |||||||||||||||||||
6,162,798 | 18,115,247 | (87,295 | ) | 24,190,750 | ||||||||||||||||||||||||
Greece – 0.0% | ||||||||||||||||||||||||||||
– | 2,411 | – | 2,411 | Alpha Credit Bank SA | – | 64,268 | (165 | ) | 64,103 | |||||||||||||||||||
Hong Kong – 2.7% | ||||||||||||||||||||||||||||
– | 9,000 | – | 9,000 | Cheung Kong Holdings, Ltd. | – | 87,717 | (437 | ) | 87,280 | |||||||||||||||||||
– | 18,000 | – | 18,000 | Chueng Kong Infrastucture | – | 53,614 | (254 | ) | 53,360 | |||||||||||||||||||
– | 118,500 | – | 118,500 | CLP Holdings, Ltd. | – | 680,005 | (1,144 | ) | 678,861 | |||||||||||||||||||
270,320 | – | – | 270,320 | Dah Sing Banking Group Ltd. | 501,409 | – | – | 501,409 | ||||||||||||||||||||
137,313 | – | – | 137,313 | Dah Sing Financial Group | 916,994 | – | – | 916,994 | ||||||||||||||||||||
352,000 | 100,000 | – | 452,000 | Esprit Holdings, Ltd. | 2,538,278 | 723,738 | (2,743 | ) | 3,259,273 | |||||||||||||||||||
– | 16,000 | – | 16,000 | Guoco Group, Ltd. | – | 164,691 | (239 | ) | 164,452 | |||||||||||||||||||
– | 113,000 | – | 113,000 | Hang Lung Group, Ltd. | – | 200,639 | (548 | ) | 200,091 | |||||||||||||||||||
– | 213,000 | – | 213,000 | Hong Kong Electric | – | 972,897 | (1,805 | ) | 971,092 | |||||||||||||||||||
– | 28,000 | – | 28,000 | Hong Kong Ferry Holdings Co. | – | 33,864 | (94 | ) | 33,770 | |||||||||||||||||||
562,000 | – | – | 562,000 | Techtronic Industries Co. Ltd. | 1,412,836 | – | – | 1,412,836 | ||||||||||||||||||||
274,000 | – | – | 274,000 | Wing Hang Bank Ltd. | 1,776,417 | – | – | 1,776,417 | ||||||||||||||||||||
– | 82,000 | – | 82,000 | Yue Yuen Industrial Holdings, Ltd. | – | 251,102 | (879 | ) | 250,223 | |||||||||||||||||||
7,145,934 | 3,168,267 | (8,143 | ) | 10,306,058 | ||||||||||||||||||||||||
Hungary – 0.3% | ||||||||||||||||||||||||||||
15,400 | – | – | 15,400 | OTP Bank Rt. GDR | 1,036,420 | – | – | 1,036,420 | ||||||||||||||||||||
Ireland – 0.8% | ||||||||||||||||||||||||||||
– | 18,785 | – | 18,785 | Allied Irish Banks PLC | – | 402,169 | – | 402,169 | ||||||||||||||||||||
– | 112,075 | – | 112,075 | Bank of Ireland | – | 1,819,219 | – | 1,819,219 | ||||||||||||||||||||
– | 30,735 | – | 30,735 | CRH, Plc | – | 816,003 | – | 816,003 | ||||||||||||||||||||
– | 3,037,391 | – | 3,037,391 | |||||||||||||||||||||||||
Italy – 4.3% | ||||||||||||||||||||||||||||
429,158 | 59,632 | – | 488,790 | Banca Intesa SpA* | 1,959,175 | 273,004 | (456 | ) | 2,231,723 | |||||||||||||||||||
– | 38,204 | – | 38,204 | Banca Intesa SpA RNC | – | 163,351 | (909 | ) | 162,442 | |||||||||||||||||||
– | 53,746 | – | 53,746 | Banca Monte dei Paschi di Siena SpA(a) | – | 189,662 | (433 | ) | 189,229 | |||||||||||||||||||
– | 10,101 | – | 10,101 | Banca Popolare di Milano | – | 99,635 | (268 | ) | 99,367 | |||||||||||||||||||
– | 3,338 | – | 3,338 | Banche Popolari Unite Scrl | – | 66,215 | (69 | ) | 66,146 | |||||||||||||||||||
– | 44,110 | – | 44,110 | Capitalia SpA | – | 247,026 | (1,082 | ) | 245,944 | |||||||||||||||||||
– | 187,208 | – | 187,208 | Enel SpA(a) | – | 1,630,350 | 2,550 | 1,632,900 | ||||||||||||||||||||
– | 360,918 | – | 360,918 | ENI SpA(a) | – | 9,302,846 | (33,789 | ) | 9,269,057 | |||||||||||||||||||
– | 32,801 | – | 32,801 | Fiat SpA* | – | �� | 238,443 | (71 | ) | 238,372 |
The accompanying notes are an integral part of these financial statements.
Shares | Description | Value | ||||||||||||||||||||||||||
GS VIT | AIT | Pro | GS VIT | AIT | Pro | |||||||||||||||||||||||
International | Select | Forma | International | Select | Forma | |||||||||||||||||||||||
Equity | International | Combined | Equity | International | Combined | |||||||||||||||||||||||
Fund | Equity | Adjustments | Fund | Fund | Equity | Adjustments(c) | Fund | |||||||||||||||||||||
| | | ||||||||||||||||||||||||||
– | 5,900 | – | 5,900 | Fiat SpA – RCN* | $ | – | $ | 39,535 | $ (941 | ) | $ | 38,594 | ||||||||||||||||
– | 4,408 | – | 4,408 | FinecoGroup SpA | – | 39,508 | (184 | ) | 39,324 | |||||||||||||||||||
– | 66,944 | – | 66,944 | Finmeccanica SpA | – | 62,551 | (251 | ) | 62,300 | |||||||||||||||||||
– | 9,200 | – | 9,200 | IFI-Istituto Finanziario Industriale SpA* | – | 129,751 | (130 | ) | 129,621 | |||||||||||||||||||
– | 13,400 | – | 13,400 | Italcementi SpA | – | 147,817 | (264 | ) | 147,553 | |||||||||||||||||||
– | 1,300 | – | 1,300 | Italmobiliare SpA | – | 82,111 | (112 | ) | 81,999 | |||||||||||||||||||
– | 64,800 | – | 64,800 | Mediaset SpA | – | 763,410 | (1,662 | ) | 761,748 | |||||||||||||||||||
– | 4,500 | – | 4,500 | Natuzzi SpA, Sponsored ADR | – | 36,630 | 0 | 36,630 | ||||||||||||||||||||
– | 12,821 | – | 12,821 | Sanpaolo IMI SpA (a) | – | 176,167 | (588 | ) | 175,579 | |||||||||||||||||||
– | 27,700 | – | 27,700 | SMI-Societa Metallurgica Italiana SpA* | – | 21,744 | (37 | ) | 21,707 | |||||||||||||||||||
– | 7,538 | – | 7,538 | Snam Rete Gas SpA | – | 40,345 | (77 | ) | 40,268 | |||||||||||||||||||
– | 303,840 | – | 303,840 | Telecom Italia SpA | – | 788,308 | (2,783 | ) | 785,525 | |||||||||||||||||||
1,959,175 | 14,538,409 | (41,556 | ) | 16,456,028 | ||||||||||||||||||||||||
Japan – 18.5% | ||||||||||||||||||||||||||||
– | 3,580 | – | 3,580 | Acom Co., Ltd. | – | 229,500 | (1,350 | ) | 228,150 | |||||||||||||||||||
– | 2,350 | – | 2,350 | Aiful Corp. | – | 175,228 | (503 | ) | 174,725 | |||||||||||||||||||
– | 6,700 | – | 6,700 | Aisin Seiki Co., Ltd. | – | 145,284 | (489 | ) | 144,795 | |||||||||||||||||||
– | 6,000 | – | 6,000 | Alps Electric Co., Ltd. | – | 91,858 | (377 | ) | 91,481 | |||||||||||||||||||
– | 10,000 | – | 10,000 | Asahi Kasei Corp | – | 47,606 | (254 | ) | 47,352 | |||||||||||||||||||
– | 52,200 | – | 52,200 | Astellas Pharma Inc. | – | 1,783,771 | (5,874 | ) | 1,777,897 | |||||||||||||||||||
– | 5,800 | – | 5,800 | Autobacs Seven Co., Ltd. | – | 195,059 | (700 | ) | 194,359 | |||||||||||||||||||
– | 3,000 | – | 3,000 | Canon Sales Co., Inc. | – | 50,582 | (174 | ) | 50,408 | |||||||||||||||||||
– | 47,200 | – | 47,200 | Canon, Inc. | – | 2,485,330 | (11,364 | ) | 2,473,966 | |||||||||||||||||||
– | 35,500 | – | 35,500 | Chubu Electric Power Co., Inc. (a) | – | 851,411 | (690 | ) | 850,721 | |||||||||||||||||||
– | 58,500 | – | 58,500 | Chugai Pharmaceutical Co., Ltd. | – | 903,002 | (2,206 | ) | 900,796 | |||||||||||||||||||
– | 10,400 | – | 10,400 | Chugoku Electric Power Co., Inc. | – | 203,011 | (244 | ) | 202,767 | |||||||||||||||||||
– | 24,000 | – | 24,000 | Cosmo Oil Co., Ltd. | – | 101,704 | (96 | ) | 101,608 | |||||||||||||||||||
55,300 | 26,800 | – | 82,100 | Credit Saison Co., Ltd. | 1,830,362 | 891,642 | (4,594 | ) | 2,717,410 | |||||||||||||||||||
– | 28,000 | – | 28,000 | Daido Steel Co., Ltd. | – | 126,228 | (955 | ) | 125,273 | |||||||||||||||||||
– | 19,400 | – | 19,400 | Daiichi Pharmaceutical Co., Ltd. | – | 429,420 | (1,956 | ) | 427,464 | |||||||||||||||||||
– | 53,100 | – | 53,100 | Daikin Industries, Ltd. | – | 1,328,577 | (5,934 | ) | 1,322,643 | |||||||||||||||||||
– | 8,900 | – | 8,900 | Daito Trust Construction Co., Ltd. | – | 333,018 | (669 | ) | 332,349 | |||||||||||||||||||
– | 16,000 | – | 16,000 | Daiwa Kosho Lease Co., Ltd. | – | 86,557 | (295 | ) | 86,262 | |||||||||||||||||||
– | 25,500 | – | 25,500 | Eisai Co., Ltd. | – | 857,587 | (3,329 | ) | 854,258 | |||||||||||||||||||
– | 2,400 | – | 2,400 | Electric Power Development Co. | – | 69,462 | (299 | ) | 69,163 | |||||||||||||||||||
– | 18,700 | – | 18,700 | Fanuc, Ltd. | – | 1,188,666 | (5,737 | ) | 1,182,929 | |||||||||||||||||||
– | 101,000 | – | 101,000 | Fuji Heavy Industries, Ltd. | – | 420,719 | (2,029 | ) | 418,690 | |||||||||||||||||||
– | 51,000 | – | 51,000 | Furukawa Electric Co. (The), Ltd.* | – | 197,728 | (1,613 | ) | 196,115 | |||||||||||||||||||
– | 7,200 | – | 7,200 | Hirose Electric Co., Ltd. | – | 792,643 | (3,681 | ) | 788,962 | |||||||||||||||||||
– | 17,000 | – | 17,000 | Hokkaido Electric Power Co., Inc. | – | 347,940 | (457 | ) | 347,483 | |||||||||||||||||||
– | 89,300 | – | 89,300 | Honda Motor Co., Ltd. | – | 4,404,211 | (18,277 | ) | 4,385,934 | |||||||||||||||||||
– | 14,400 | – | 14,400 | Hoya Corp. | – | 1,661,888 | (7,514 | ) | 1,654,374 | |||||||||||||||||||
– | 87,000 | – | 87,000 | Isuzu Motors, Ltd. | – | 233,757 | (2,106 | ) | 231,651 | |||||||||||||||||||
– | 99,000 | – | 99,000 | Itochu Corp. | – | 500,757 | (3,199 | ) | 497,558 | |||||||||||||||||||
– | 2,000 | – | 2,000 | Itoham Foods, Inc. | – | 8,584 | (26 | ) | 8,558 | |||||||||||||||||||
– | 2,000 | – | 2,000 | Japan Airport Terminal, Co., Ltd. | – | 18,538 | (139 | ) | 18,399 | |||||||||||||||||||
– | 30 | – | 30 | Japan Tobacco, Inc. | – | 400,325 | (1,498 | ) | 398,827 | |||||||||||||||||||
– | 5,800 | – | 5,800 | JFE Holdings, Inc. | – | 143,287 | (739 | ) | 142,548 | |||||||||||||||||||
– | 109,000 | – | 109,000 | Kajima Corp. | – | 402,939 | (1,626 | ) | 401,313 | |||||||||||||||||||
– | 25,000 | – | 25,000 | Kamigumi Co., Ltd. | – | 192,949 | (603 | ) | 192,346 | |||||||||||||||||||
– | 16,000 | – | 16,000 | Kandenko Co., Ltd. | – | 96,799 | (211 | ) | 96,588 | |||||||||||||||||||
– | 27,900 | – | 27,900 | Kansai Electric Power Co. (The), Inc. | – | 560,968 | (715 | ) | 560,253 | |||||||||||||||||||
– | 83,000 | – | 83,000 | Kao Corp. | – | 1,956,947 | (6,800 | ) | 1,950,147 | |||||||||||||||||||
– | 170,000 | – | 170,000 | Kawasaki Heavy Industries, Ltd. (a) | – | 326,481 | (1,083 | ) | 325,398 | |||||||||||||||||||
– | 24,000 | – | 24,000 | Kawasaki Kisen Kaisha, Ltd. | – | 142,386 | (1,012 | ) | 141,374 | |||||||||||||||||||
– | 8,000 | – | 8,000 | Kikkoman Corp. | – | 70,760 | (222 | ) | 70,538 | |||||||||||||||||||
– | 63,000 | – | 63,000 | Kobe Steel, Ltd. | – | 118,718 | (742 | ) | 117,976 | |||||||||||||||||||
– | 34,000 | – | 34,000 | Komatsu, Ltd. | – | 263,944 | (1,251 | ) | 262,693 | |||||||||||||||||||
– | 5,400 | – | 5,400 | Konami Corp. | – | 113,930 | (495 | ) | 113,435 | |||||||||||||||||||
– | 19,000 | – | 19,000 | Kyushu Electric Power Co., Inc. | – | 412,857 | (305 | ) | 412,552 | |||||||||||||||||||
– | 12,500 | – | 12,500 | Leopalace21 Corp. | – | 207,713 | (454 | ) | 207,259 | |||||||||||||||||||
– | 28,000 | – | 28,000 | Maeda Corp. | – | 150,464 | 126 | 150,590 | ||||||||||||||||||||
– | 7,000 | – | 7,000 | Makita Corp. | – | 137,589 | (906 | ) | 136,683 | |||||||||||||||||||
– | 150,000 | – | 150,000 | Marubeni Corp. | – | 515,283 | (3,846 | ) | 511,437 | |||||||||||||||||||
– | 6,000 | – | 6,000 | Maruichi Steel Tube, Ltd. | – | 128,753 | (152 | ) | 128,601 | |||||||||||||||||||
– | 77,000 | – | 77,000 | Matsushita Electric Industrial Co., Ltd. | – | 1,168,434 | (4,682 | ) | 1,163,752 | |||||||||||||||||||
– | 129,000 | – | 129,000 | Mazda Motor Corp. (a) | – | 485,015 | (1,795 | ) | 483,220 | |||||||||||||||||||
125 | – | – | 125 | Millea Holdings, Inc. | 1,676,395 | – | – | 1,676,395 | ||||||||||||||||||||
– | 65,000 | – | 65,000 | Mitsubishi Chemical Corp. | – | 190,470 | (1,161 | ) | 189,309 | |||||||||||||||||||
– | 158,800 | – | 158,800 | Mitsubishi Corp. | – | 2,159,142 | (11,535 | ) | 2,147,607 | |||||||||||||||||||
– | 77,000 | – | 77,000 | Mitsubishi Materials Corp. | – | 181,895 | (1,048 | ) | 180,847 | |||||||||||||||||||
– | 262 | – | 262 | Mitsubishi Tokyo Financial Group, Inc. | – | 2,222,901 | (14,342 | ) | 2,208,559 | |||||||||||||||||||
– | 21,000 | – | 21,000 | Mitsui & Co., Ltd. | – | 198,810 | (856 | ) | 197,954 | |||||||||||||||||||
– | 27,000 | – | 27,000 | Mitsui Chemicals, Inc. | – | 158,480 | (602 | ) | 157,878 | |||||||||||||||||||
199,000 | – | – | 199,000 | Mitsui Fudosan Co. Ltd. | 2,219,327 | – | – | 2,219,327 | ||||||||||||||||||||
– | 28,000 | – | 28,000 | Mitsui O.S.K. Lines, Ltd. | – | 172,933 | (1,184 | ) | 171,749 | |||||||||||||||||||
– | 41,000 | – | 41,000 | Mitsui Trust Holdings, Inc. | – | 421,423 | (3,349 | ) | 418,074 | |||||||||||||||||||
– | 33 | – | 33 | Mizuho Financial Group, Inc. | – | 149,364 | (1,025 | ) | 148,339 | |||||||||||||||||||
– | 9,000 | – | 9,000 | Nagase & Co., Ltd. | – | 91,858 | (717 | ) | 91,141 | |||||||||||||||||||
– | 236,000 | – | 236,000 | Nikko Cordial Corp. | – | 1,038,391 | (7,239 | ) | 1,031,152 | |||||||||||||||||||
– | 7,900 | – | 7,900 | Nintendo Co., Ltd. | – | 826,256 | (2,430 | ) | 823,826 | |||||||||||||||||||
– | 8,000 | – | 8,000 | Nippo Corp. | – | 55,396 | (100 | ) | 55,296 | |||||||||||||||||||
– | 62,000 | – | 62,000 | Nippon Light Metal Co., Ltd. | – | 147,020 | (805 | ) | 146,215 | |||||||||||||||||||
– | 38,500 | – | 38,500 | Nippon Mining Holdings, Inc. | – | 218,344 | (696 | ) | 217,648 |
The accompanying notes are an integral part of these financial statements.
Shares | Description | Value | ||||||||||||||||||||||||||
GS VIT | AIT | Pro | GS VIT | AIT | Pro | |||||||||||||||||||||||
International | Select | Forma | International | Select | Forma | |||||||||||||||||||||||
Equity | International | Combined | Equity | International | Combined | |||||||||||||||||||||||
Fund | Equity | Adjustments | Fund | Fund | Equity | Adjustments(c) | Fund | |||||||||||||||||||||
| | | ||||||||||||||||||||||||||
– | 23,000 | – | 23,000 | Nippon Oil Corp. | $ | – | $ | 156,154 | $ (525 | ) | $ | 155,629 | ||||||||||||||||
– | 156,000 | – | 156,000 | Nippon Steel Corp. | – | 362,889 | (2,345 | ) | 360,544 | |||||||||||||||||||
– | 9,000 | – | 9,000 | Nippon Suisan Kaisha, Ltd. | – | 33,919 | (93 | ) | 33,826 | |||||||||||||||||||
– | 45,000 | – | 45,000 | Nippon Yusen Kabushiki Kaisha | – | 258,859 | (1,611 | ) | 257,248 | |||||||||||||||||||
– | 48,000 | – | 48,000 | Nishimatsu Construction Co., Ltd. (a) | – | 173,113 | (390 | ) | 172,723 | |||||||||||||||||||
– | 28,600 | – | 28,600 | Nissan Motor Co., Ltd. | – | 283,138 | (397 | ) | 282,741 | |||||||||||||||||||
– | 7,000 | – | 7,000 | Nisshin Oillio Group, Ltd. | – | 39,320 | (219 | ) | 39,101 | |||||||||||||||||||
– | 13,300 | – | 13,300 | Nissin Food Products Co., Ltd. | – | 341,164 | (589 | ) | 340,575 | |||||||||||||||||||
– | 27,900 | – | 27,900 | Nitto Denko Corp. | – | 1,599,892 | (10,189 | ) | 1,589,703 | |||||||||||||||||||
347 | – | – | 347 | NTT Urban Development Corp. | 1,417,144 | – | – | 1,417,144 | ||||||||||||||||||||
– | 27,000 | – | 27,000 | Obayashi Corp. | – | 145,334 | (814 | ) | 144,520 | |||||||||||||||||||
4,600 | – | – | 4,600 | OBIC Co. Ltd. | 778,782 | – | – | 778,782 | ||||||||||||||||||||
– | 7,000 | – | 7,000 | Olympus Corp. | – | 134,433 | (518 | ) | 133,915 | |||||||||||||||||||
– | 9,100 | – | 9,100 | Ono Pharmaceutical Co., Ltd. | – | 431,575 | (1,062 | ) | 430,513 | |||||||||||||||||||
– | 155,000 | – | 155,000 | Osaka Gas Co., Ltd. | – | 487,738 | (767 | ) | 486,971 | |||||||||||||||||||
– | 4,600 | – | 4,600 | Promise Co., Ltd. | – | 294,888 | (1,216 | ) | 293,672 | |||||||||||||||||||
– | 38,000 | – | 38,000 | Resona Holdings, Inc.* | – | 70,922 | (598 | ) | 70,324 | |||||||||||||||||||
77,000 | – | – | 77,000 | RICOH Co. Ltd. | 1,198,788 | – | – | 1,198,788 | ||||||||||||||||||||
– | 6,900 | – | 6,900 | Ryosan Co. | – | 164,863 | (562 | ) | 164,301 | |||||||||||||||||||
– | 29,400 | – | 29,400 | Sankyo Co., Ltd. | – | 564,620 | (2,129 | ) | 562,491 | |||||||||||||||||||
– | 30,500 | – | 30,500 | Secom Co., Ltd. | – | 1,311,739 | (3,151 | ) | 1,308,588 | |||||||||||||||||||
– | 69,000 | – | 69,000 | Shimizu Corp. | – | 321,639 | (1,901 | ) | 319,738 | |||||||||||||||||||
49,700 | 32,700 | – | 82,400 | Shin-Etsu Chemical Co., Ltd. | 1,880,458 | 1,241,250 | (4,007 | ) | 3,117,701 | |||||||||||||||||||
– | 9,000 | – | 9,000 | Shizuoka Bank (The), Ltd. | – | 77,333 | (365 | ) | 76,968 | |||||||||||||||||||
– | 11,500 | – | 11,500 | SMC Corp. | – | 1,254,621 | (7,868 | ) | 1,246,753 | |||||||||||||||||||
– | 3,000 | – | 3,000 | Stanley Electric Co., Ltd. | – | 48,688 | (247 | ) | 48,441 | |||||||||||||||||||
– | 39,000 | – | 39,000 | Sumitomo Chemical Co., Ltd. | – | 179,335 | (811 | ) | 178,524 | |||||||||||||||||||
– | 217,000 | – | 217,000 | Sumitomo Corp. | – | 1,739,365 | (9,116 | ) | 1,730,249 | |||||||||||||||||||
– | 3,000 | – | 3,000 | Sumitomo Electric Industries, Ltd. | – | 30,728 | (162 | ) | 30,566 | |||||||||||||||||||
– | 18,000 | – | 18,000 | Sumitomo Heavy Industries, Ltd. | – | 86,503 | (371 | ) | 86,132 | |||||||||||||||||||
– | 157,000 | – | 157,000 | Sumitomo Metal Industries, Ltd. | – | 268,957 | (2,208 | ) | 266,749 | |||||||||||||||||||
– | 9,000 | – | 9,000 | Sumitomo Metal Mining Co., Ltd. | – | 61,753 | (469 | ) | 61,284 | |||||||||||||||||||
– | 33,000 | – | 33,000 | Taiheiyo Cement Corp. | – | 88,071 | (313 | ) | 87,758 | |||||||||||||||||||
– | 116,000 | – | 116,000 | Taisei Corp. | – | 391,164 | (1,606 | ) | 389,558 | |||||||||||||||||||
– | 33,000 | – | 33,000 | Taisho Pharmaceutical Co., Ltd. | – | 642,683 | (2,011 | ) | 640,672 | |||||||||||||||||||
– | 114,500 | – | 114,500 | Takeda Pharmaceutical Co., Ltd. | – | 5,678,027 | (16,253 | ) | 5,661,774 | |||||||||||||||||||
– | 15,780 | – | 15,780 | Takefuji Corp. | – | 1,067,081 | (5,010 | ) | 1,062,071 | |||||||||||||||||||
– | 29,000 | – | 29,000 | Teijin, Ltd. | – | 134,659 | (451 | ) | 134,208 | |||||||||||||||||||
– | 12,500 | – | 12,500 | Terumo Corp. | – | 360,653 | (1,007 | ) | 359,646 | |||||||||||||||||||
– | 29,100 | – | 29,100 | Tohoku Electric Power Co., Inc. | – | 620,517 | (517 | ) | 620,000 | |||||||||||||||||||
– | 20,300 | – | 20,300 | Tokyo Electric Power Co. (The), Inc. | – | 484,118 | (584 | ) | 483,534 | |||||||||||||||||||
– | 45,000 | – | 45,000 | Tokyo Gas Co., Ltd. | – | 168,380 | (332 | ) | 168,048 | |||||||||||||||||||
– | 42,000 | – | 42,000 | TonenGeneral Sekiyu K.K. | – | 454,422 | (902 | ) | 453,520 | |||||||||||||||||||
– | 1,000 | – | 1,000 | Toshiba TEC Corp. | – | 4,436 | (19 | ) | 4,417 | |||||||||||||||||||
– | 15,000 | – | 15,000 | Tosoh Corp. | – | 62,348 | (398 | ) | 61,950 | |||||||||||||||||||
– | 15,200 | – | 15,200 | Toyota Motor Corp. | – | 544,081 | (1,657 | ) | 542,424 | |||||||||||||||||||
– | 1,000 | – | 1,000 | Wacoal Corp. | – | 12,659 | (37 | ) | 12,622 | |||||||||||||||||||
– | 2,300 | – | 2,300 | Yamada Denki Co., Ltd. | – | 132,305 | (228 | ) | 132,077 | |||||||||||||||||||
– | 8,000 | – | 8,000 | Yamato Transport Co., Ltd. | – | 111,081 | (460 | ) | 110,621 | |||||||||||||||||||
11,001,256 | 60,511,909 | (249,715 | ) | 71,263,450 | ||||||||||||||||||||||||
The accompanying notes are an integral part of these financial statements.
Shares | Description | Value | ||||||||||||||||||||||||||
GS VIT | AIT | Pro | GS VIT | AIT | Pro | |||||||||||||||||||||||
International | Select | Forma | International | Select | Forma | |||||||||||||||||||||||
Equity | International | Combined | Equity | International | Combined | |||||||||||||||||||||||
Fund | Equity | Adjustments | Fund | Fund | Equity | Adjustments(c) | Fund | |||||||||||||||||||||
| | | ||||||||||||||||||||||||||
Luxembourg – 0.1% | ||||||||||||||||||||||||||||
– | 11,410 | – | 11,410 | Arcelor | $ | – | $ | 223,852 | $ – | $ | 223,852 | |||||||||||||||||
Mexico – 0.3% | ||||||||||||||||||||||||||||
– | 17,400 | – | 17,400 | Fomento Economico Mexicano SA de CV, Sponsored ADR | – | 1,036,518 | – | 1,036,518 | ||||||||||||||||||||
Netherlands – 6.5% | ||||||||||||||||||||||||||||
– | 252,119 | – | 252,119 | ABN-Amro Holdings | – | 6,205,743 | (14,822 | ) | 6,190,921 | |||||||||||||||||||
– | 79,217 | – | 79,217 | Aegon NV | – | 1,026,199 | (6,624 | ) | 1,019,575 | |||||||||||||||||||
– | 12,800 | – | 12,800 | Akzo Nobel NV | – | 504,411 | (1,318 | ) | 503,093 | |||||||||||||||||||
– | 5,101 | – | 5,101 | Corio NV | – | 284,865 | (841 | ) | 284,024 | |||||||||||||||||||
– | 5,025 | – | 5,025 | DSM NV | – | 344,014 | (666 | ) | 343,348 | |||||||||||||||||||
– | 83,200 | – | 83,200 | Elsevier NV | – | 1,159,310 | (2,133 | ) | 1,157,177 | |||||||||||||||||||
– | 700 | – | 700 | Gamma Holding NV | – | 29,592 | (37 | ) | 29,555 | |||||||||||||||||||
– | 11,783 | – | 11,783 | Heineken NV | – | 363,999 | (668 | ) | 363,331 | |||||||||||||||||||
49,762 | 220,524 | – | 270,286 | ING Groep NV* | 1,398,671 | 6,233,592 | (38,349 | ) | 7,593,914 | |||||||||||||||||||
– | 65,300 | – | 65,300 | Koninklijke (Royal) Phillips Electronics NV | – | 1,650,758 | (6,785 | ) | 1,643,973 | |||||||||||||||||||
– | 26,338 | – | 26,338 | Koninklijke Ahold NV* | – | 216,628 | (968 | ) | 215,660 | |||||||||||||||||||
– | 11,086 | – | 11,086 | Koninklijke Wessanen NV | – | 156,886 | (180 | ) | 156,706 | |||||||||||||||||||
– | 13,242 | – | 13,242 | Oce NV | – | 195,085 | (379 | ) | 194,706 | |||||||||||||||||||
– | 31,950 | – | 31,950 | Royal Dutch Petroleum Co. | – | 2,086,837 | (10,832 | ) | 2,076,005 | |||||||||||||||||||
54,662 | – | – | 54,662 | VNU NV* | 1,521,493 | – | – | 1,521,493 | ||||||||||||||||||||
– | 2,900 | – | 2,900 | Wereldhave NV | – | 309,203 | (326 | ) | 308,877 | |||||||||||||||||||
– | 77,100 | – | 77,100 | Wolters Kluwer NV | – | 1,475,315 | (4,417 | ) | 1,470,898 | |||||||||||||||||||
2,920,164 | 22,242,437 | (89,345 | ) | 25,073,256 | ||||||||||||||||||||||||
Norway – 1.0% | ||||||||||||||||||||||||||||
– | 51,600 | – | 51,600 | DnB Nor ASA | – | 538,441 | (2,313 | ) | 536,128 | |||||||||||||||||||
– | 3,500 | – | 3,500 | Kvaerner ASA* | – | 69,700 | (422 | ) | 69,278 | |||||||||||||||||||
– | 13,100 | – | 13,100 | Norsk Hydro ASA | – | 1,201,734 | (12,016 | ) | 1,189,718 | |||||||||||||||||||
– | 5,300 | – | 5,300 | Orkla ASA | – | 195,289 | (423 | ) | 194,866 | |||||||||||||||||||
219,446 | – | – | 219,446 | Telenor ASA | 1,745,027 | – | – | 1,745,027 | ||||||||||||||||||||
– | 7,800 | – | 7,800 | Yara International ASA | – | 124,026 | (863 | ) | 123,163 | |||||||||||||||||||
1,745,027 | 2,129,190 | (16,037 | ) | 3,858,180 | ||||||||||||||||||||||||
Russia – 0.7% | ||||||||||||||||||||||||||||
43,600 | – | – | 43,600 | LUKOIL ADR | 1,604,916 | – | – | 1,604,916 | ||||||||||||||||||||
38,300 | – | – | 38,300 | Mobile Telesystems ADR | 1,288,795 | – | – | 1,288,795 | ||||||||||||||||||||
2,893,711 | – | – | 2,893,711 | |||||||||||||||||||||||||
Singapore – 0.3% | ||||||||||||||||||||||||||||
– | 94,000 | – | 94,000 | Capitaland, Ltd. | – | 132,610 | (338 | ) | 132,272 | |||||||||||||||||||
– | 249,000 | – | 249,000 | ComfortDelgro Corp., Ltd. | – | 249,435 | (532 | ) | 248,903 | |||||||||||||||||||
– | 43,000 | – | 43,000 | DBS Group Holding, Ltd. | – | 364,482 | (934 | ) | 363,548 | |||||||||||||||||||
– | 31,000 | – | 31,000 | Fraser & Neave, Ltd. | – | 288,492 | (811 | ) | 287,681 | |||||||||||||||||||
– | 15,000 | – | 15,000 | Hotel Properties, Ltd. | – | 11,114 | (16 | ) | 11,098 | |||||||||||||||||||
– | 16,000 | – | 16,000 | Keppel Corp., Ltd. | – | 118,550 | (424 | ) | 118,126 | |||||||||||||||||||
– | 20,000 | – | 20,000 | Neptune Orient Lines, Ltd. | – | 44,812 | (77 | ) | 44,735 | |||||||||||||||||||
– | 23,020 | – | 23,020 | SembCorp Industries, Ltd. | – | 36,432 | (94 | ) | 36,338 | |||||||||||||||||||
– | 43,000 | – | 43,000 | Straits Trading Co., Ltd. | – | 57,858 | (56 | ) | 57,802 | |||||||||||||||||||
– | 46,000 | – | 46,000 | United Industrial Corp., Ltd. | – | 27,130 | (45 | ) | 27,085 | |||||||||||||||||||
– | 1,330,915 | (3,327 | ) | 1,327,588 | ||||||||||||||||||||||||
South Korea – 1.5% | ||||||||||||||||||||||||||||
24,734 | – | – | 24,734 | Hyundai Motor Co. GDR(a)(b) | 695,026 | – | – | 695,026 | ||||||||||||||||||||
46,054 | – | – | 46,054 | Hyundai Motor Co. Ltd. GDR(b) | 1,303,328 | – | – | 1,303,328 | ||||||||||||||||||||
5,000 | 4,560 | – | 9,560 | Samsung Electronics Co. Ltd. GDR(a)(b) | 1,196,250 | – | – | 1,196,250 | ||||||||||||||||||||
5,900 | – | – | 5,900 | Samsung Electronics Co. Ltd. GDR(a)(b) | 961,700 | 1,089,811 | – | 2,051,511 | ||||||||||||||||||||
– | 32,100 | – | 32,100 | SK Telecom Co., Ltd., ADR | – | 654,840 | – | 654,840 | ||||||||||||||||||||
4,156,304 | 1,744,651 | – | 5,900,955 | |||||||||||||||||||||||||
Spain – 2.7% | ||||||||||||||||||||||||||||
– | 629 | – | 629 | Acciona SA | – | 62,386 | (109 | ) | 62,277 | |||||||||||||||||||
– | 5,840 | – | 5,840 | ACS, Actividades de Construccion y Servicios SA | – | 163,456 | (402 | ) | 163,054 | |||||||||||||||||||
– | 32,200 | – | 32,200 | Altadis SA | – | 1,350,310 | (3,839 | ) | 1,346,471 | |||||||||||||||||||
164,415 | – | – | 164,415 | Banco Bilbao Vizcaya Argentaria SA | 2,526,198 | – | – | 2,526,198 | ||||||||||||||||||||
– | 179,000 | – | 179,000 | Banco Popular Espanol SA | – | 2,162,929 | (3,992 | ) | 2,158,937 | |||||||||||||||||||
– | 71,911 | – | 71,911 | Endesa SA | – | 1,688,281 | (17,575 | ) | 1,670,706 | |||||||||||||||||||
– | 1,200 | – | 1,200 | Fomento de Construcciones Y Contratas SA | – | 67,624 | (180 | ) | 67,444 | |||||||||||||||||||
– | 47,716 | – | 47,716 | Iberdrola SA | – | 1,259,339 | (3,421 | ) | 1,255,918 | |||||||||||||||||||
– | 41,700 | – | 41,700 | Repsol YPF SA | – | 1,067,273 | (9,534 | ) | 1,057,739 | |||||||||||||||||||
– | 9,984 | – | 9,984 | Sacyr Vallehermoso SA | – | 235,364 | (452 | ) | 234,912 | |||||||||||||||||||
2,526,198 | 8,056,962 | (39,504 | ) | 10,543,656 | ||||||||||||||||||||||||
Sweden – 3.0% | ||||||||||||||||||||||||||||
– | 5,400 | – | 5,400 | Atlas Copco AB-Class A | – | 85,796 | (439 | ) | 85,357 | |||||||||||||||||||
– | 11,800 | – | 11,800 | Electrolux AB, Class B | – | 251,738 | (870 | ) | 250,868 | |||||||||||||||||||
– | 525,200 | – | 525,200 | Ericsson AB, Class B | – | 1,689,081 | 0 | 1,689,081 | ||||||||||||||||||||
– | 25,500 | – | 25,500 | Hennes & Mauritz AB, Class B | – | 898,514 | (3,205 | ) | 895,309 | |||||||||||||||||||
– | 7,000 | – | 7,000 | Holmen AB, Class B | – | 189,249 | (363 | ) | 188,886 | |||||||||||||||||||
– | 90,600 | – | 90,600 | Nordea Bank AB* | – | 824,212 | (2,524 | ) | 821,688 | |||||||||||||||||||
164,415 | – | – | 164,415 | Skandia Forsakrings AB* | 2,216,987 | – | – | 2,216,987 | ||||||||||||||||||||
– | 18,400 | – | 18,400 | Skanska AB, Class B | – | 227,508 | (570 | ) | 226,938 | |||||||||||||||||||
– | 4,400 | – | 4,400 | SKF AB, Class B | – | 45,102 | (289 | ) | 44,813 | |||||||||||||||||||
403,898 | – | – | 403,898 | Svenska Cellulosa AB (SCA) Series B | 2,600,792 | – | – | 2,600,792 | ||||||||||||||||||||
– | 37,400 | – | 37,400 | Swedish Match AB | – | 425,297 | (686 | ) | 424,611 | |||||||||||||||||||
81,268 | – | – | 81,268 | Telefonaktiebolaget LM Ericsson | 2,091,194 | – | – | 2,091,194 | ||||||||||||||||||||
– | 46,500 | – | 46,500 | TeliaSonera AB | – | 222,236 | (706 | ) | 221,530 | |||||||||||||||||||
6,908,973 | 4,858,733 | (9,652 | ) | 11,758,054 | ||||||||||||||||||||||||
The accompanying notes are an integral part of these financial statements.
Shares | Description | Value | ||||||||||||||||||||||||||
GS VIT | AIT | Pro | GS VIT | AIT | Pro | |||||||||||||||||||||||
International | Select | Forma | International | Select | Forma | |||||||||||||||||||||||
Equity | International | Combined | Equity | International | Combined | |||||||||||||||||||||||
Fund | Equity | Adjustments | Fund | Fund | Equity | Adjustments (c) | Fund | |||||||||||||||||||||
| | | ||||||||||||||||||||||||||
Switzerland – 7.0% | ||||||||||||||||||||||||||||
– | 38,350 | – | 38,350 | Adecco SA | $ | – | $ | 1,745,832 | $ (7,796 | ) | $ | 1,738,036 | ||||||||||||||||
– | 6 | – | 6 | Banque Cantonale Vaudoise | – | 1,442 | (1 | ) | 1,441 | |||||||||||||||||||
44,054 | 11,088 | – | 55,142 | Credit Suisse Group* | 1,726,812 | 436,917 | (2,751 | ) | 2,160,978 | |||||||||||||||||||
– | 32,400 | – | 32,400 | Holcim, Ltd. | – | 1,969,989 | (4,058 | ) | 1,965,931 | |||||||||||||||||||
13,835 | 10,700 | – | 24,535 | Nestle SA | 3,534,327 | 2,735,784 | (5,209 | ) | 6,264,902 | |||||||||||||||||||
55,169 | 59,300 | – | 114,469 | Novartis AG | 2,619,239 | 2,822,049 | (9,646 | ) | 5,431,642 | |||||||||||||||||||
– | 21,900 | – | 21,900 | Roche Holdings AG | – | 2,768,975 | (8,606 | ) | 2,760,369 | |||||||||||||||||||
– | 2,173 | – | 2,173 | Swisscom AG | – | 708,044 | (633 | ) | 707,411 | |||||||||||||||||||
– | 39,140 | – | 39,140 | UBS AG | – | 3,051,019 | (3,065 | ) | 3,047,954 | |||||||||||||||||||
– | 527 | – | 527 | Valora Holding AG* | – | 119,236 | (87 | ) | 119,149 | |||||||||||||||||||
– | 15,533 | – | 15,533 | Zurich Financial Services AG* | – | 2,673,490 | – | 2,673,490 | ||||||||||||||||||||
7,880,378 | 19,032,777 | (41,852 | ) | 26,871,303 | ||||||||||||||||||||||||
Taiwan – 0.4% | ||||||||||||||||||||||||||||
164,062.98 | – | – | 164,063 | Hon Hai Precision Industry Co. Ltd. GDR | 1,698,052 | – | – | 1,698,052 | ||||||||||||||||||||
United Kingdom – 24.4% | ||||||||||||||||||||||||||||
– | 17,100 | – | 17,100 | Allied Domecq, Plc | – | 206,940 | (421 | ) | 206,519 | |||||||||||||||||||
– | 12,590 | – | 12,590 | Arriva, Plc | – | 123,017 | (273 | ) | 122,744 | |||||||||||||||||||
– | 31,280 | – | 31,280 | Astrazeneca, Plc | – | 1,296,017 | (5,587 | ) | 1,290,430 | |||||||||||||||||||
– | 76,226 | – | 76,226 | Aviva, Plc | – | 850,036 | (3,092 | ) | 846,944 | |||||||||||||||||||
– | 367,513 | – | 367,513 | Barclays, Plc | – | 3,660,166 | (14,942 | ) | 3,645,224 | |||||||||||||||||||
– | 34,057 | – | 34,057 | Barratt Developments, Plc | – | 437,488 | (595 | ) | 436,893 | |||||||||||||||||||
– | 38,314 | – | 38,314 | BBA Group, Plc | – | 211,912 | 1 | 211,913 | ||||||||||||||||||||
– | 318,900 | – | 318,900 | BG Group, Plc | – | 2,624,286 | (4,428 | ) | 2,619,858 | |||||||||||||||||||
– | 83,354 | – | 83,354 | Boots Group, Plc | – | 910,097 | (1,796 | ) | 908,301 | |||||||||||||||||||
113,600 | 109,722 | – | 223,322 | BP Amoco Capital, Plc | 1,181,406 | 1,142,915 | (1,106 | ) | 2,323,215 | |||||||||||||||||||
– | 99,600 | – | 99,600 | British Land Co., Plc | – | 1,564,254 | (2,834 | ) | 1,561,420 | |||||||||||||||||||
– | 426,547 | – | 426,547 | BT Group, Plc | – | 1,758,890 | (1,138 | ) | 1,757,752 | |||||||||||||||||||
– | 43,421 | – | 43,421 | Cadbury Schweppes, Plc | – | 414,926 | (1,446 | ) | 413,480 | |||||||||||||||||||
33,548 | – | – | 33,548 | Carnival Plc | 1,902,148.00 | – | – | 1,902,148 | ||||||||||||||||||||
– | 517,631 | – | 517,631 | Centrica, Plc | – | 2,150,720 | (5,841 | ) | 2,144,879 | |||||||||||||||||||
– | 8,406 | – | 8,406 | Cobham, Plc | – | 213,250 | (228 | ) | 213,022 | |||||||||||||||||||
– | 23,300 | – | 23,300 | Diageo, Plc | – | 343,795 | (809 | ) | 342,986 | |||||||||||||||||||
– | 253,871 | – | 253,871 | Dixons Group, Plc | – | 714,590 | (2,474 | ) | 712,116 | |||||||||||||||||||
– | 17,973 | – | 17,973 | Gallaher Group Plc | – | 267,128 | (268 | ) | 266,860 | |||||||||||||||||||
139,837 | 502,236 | – | 642,073 | GlaxoSmithKline, Plc | 3,378,957 | 12,164,861 | (21,277 | ) | 15,522,541 | |||||||||||||||||||
– | 16,360 | – | 16,360 | GUS, Plc | – | 258,260 | (698 | ) | 257,562 | |||||||||||||||||||
– | 13,001 | – | 13,001 | Hanson Plc | – | 125,052 | (276 | ) | 124,776 | |||||||||||||||||||
– | 133,083 | – | 133,083 | HBOS, Plc | – | 2,053,135 | (5,719 | ) | 2,047,416 | |||||||||||||||||||
– | 306,400 | – | 306,400 | HSBC Holdings, Plc | – | 4,927,851 | – | 4,927,851 | ||||||||||||||||||||
– | 24,532 | – | 24,532 | Imi, Plc | – | 183,406 | (528 | ) | 182,878 | |||||||||||||||||||
– | 43,200 | – | 43,200 | Imperial Tobacco Group, Plc | – | 1,164,090 | (2,439 | ) | 1,161,651 | |||||||||||||||||||
– | 56,200 | – | 56,200 | J Sainsbury, Plc | – | 287,413 | (753 | ) | 286,660 | |||||||||||||||||||
– | 391,444 | – | 391,444 | Kingfisher, Plc | – | 1,726,429 | (7,995 | ) | 1,718,434 | |||||||||||||||||||
– | 313,682 | – | 313,682 | Lloyds TSB Group, Plc | – | 2,660,080 | (9,328 | ) | 2,650,752 | |||||||||||||||||||
– | 675,600 | – | 675,600 | Morrison WM Supermarkets | – | 2,252,924 | (7,788 | ) | 2,245,136 | |||||||||||||||||||
– | 292,918 | – | 292,918 | National Grid Transco, Plc | – | 2,841,105 | (8,208 | ) | 2,832,897 | |||||||||||||||||||
– | 25,320 | – | 25,320 | Next, Plc | – | 685,010 | (2,165 | ) | 682,845 | |||||||||||||||||||
– | 92,055 | – | 92,055 | Northern Foods, Plc | – | 260,764 | (307 | ) | 260,457 | |||||||||||||||||||
– | 539 | – | 539 | Persimmon, Plc | – | 7,547 | (17 | ) | 7,530 | |||||||||||||||||||
225,906 | – | – | 225,906 | Prudential Plc | 2,001,818 | – | – | 2,001,818 | ||||||||||||||||||||
226,821 | – | – | 226,821 | Rolls-Royce Group Plc* | 1,163,687 | – | – | 1,163,687 | ||||||||||||||||||||
41,960 | 92,300 | – | 134,260 | Royal Bank of Scotland | 1,263,369 | 2,789,994 | (9,159 | ) | 4,044,204 | |||||||||||||||||||
– | 82,540 | – | 82,540 | Schroders, Plc | – | 1,120,223 | (3,084 | ) | 1,117,139 | |||||||||||||||||||
– | 78,614 | – | 78,614 | Scottish & Southern Energy, Plc | – | 1,427,754 | (4,206 | ) | 1,423,548 | |||||||||||||||||||
– | 76,441 | – | 76,441 | Scottish Power, Plc | – | 680,440 | (1,735 | ) | 678,705 | |||||||||||||||||||
– | 14,500 | – | 14,500 | Severn Trent, Plc | – | 264,383 | (625 | ) | 263,758 | |||||||||||||||||||
– | 181,453 | – | 181,453 | Shell Transportation & Trading Co., Plc | – | 1,765,663 | (7,590 | ) | 1,758,073 | |||||||||||||||||||
140,580 | – | – | 140,580 | Shire Pharmaceuticals Group Plc | 1,535,050 | – | – | 1,535,050 | ||||||||||||||||||||
– | 152,621 | – | 152,621 | Smith & Nephew, Plc | – | 1,507,682 | (6,269 | ) | 1,501,413 | |||||||||||||||||||
– | 27,814 | – | 27,814 | Smith WH, Plc | – | 182,012 | (467 | ) | 181,545 | |||||||||||||||||||
– | 92,000 | – | 92,000 | Standard Chartered, Plc | – | 1,682,410 | (5,222 | ) | 1,677,188 | |||||||||||||||||||
– | 12,158 | – | 12,158 | Tate & Lyle, Plc | – | 103,974 | (231 | ) | 103,743 | |||||||||||||||||||
– | 41,006 | – | 41,006 | Taylor Woodrow, Plc | – | 248,306 | (815 | ) | 247,491 | |||||||||||||||||||
– | 490,000 | – | 490,000 | Tesco, Plc | – | 2,800,208 | (6,870 | ) | 2,793,338 | |||||||||||||||||||
– | 13,200 | – | 13,200 | The Berkeley Group Holdings, Plc | – | 216,540 | (744 | ) | 215,796 | |||||||||||||||||||
1,776,789 | 1,918,800 | – | 3,695,589 | Vodafone Airtouch, Plc | 4,319,840 | 4,678,564 | (10,465 | ) | 8,987,939 | |||||||||||||||||||
– | 45,608 | – | 45,608 | Wimpey (George), Plc | – | 358,963 | (885 | ) | 358,078 | |||||||||||||||||||
– | 142,424 | – | 142,424 | Wolseley, Plc | – | 2,997,749 | (10,246 | ) | 2,987,503 | |||||||||||||||||||
361,099 | – | – | 361,099 | W.M. Supermarkets Plc | 1,199,225 | – | – | 1,199,225 | ||||||||||||||||||||
205,736 | 102,808 | – | 308,544 | WPP Group, Plc | 2,107,330 | 1,058,914 | (5,188 | ) | 3,161,056 | |||||||||||||||||||
20,052,830 | 74,372,133 | (188,576 | ) | 94,236,387 | ||||||||||||||||||||||||
TOTAL COMMON STOCKS | ||||||||||||||||||||||||||||
(Cost $86,784,662, $246,064,852, $0, and 332,849,514, respectively) | $ | 97,565,094 | $ | 283,623,407 | $ | (942,758 | ) | $ | 380,245,743 | |||||||||||||||||||
Principal Amount | Interest Rate Maturity Date | Value | ||||||||||||||||||||||||||
Short-Term Obligation 0.7% | ||||||||||||||||||||||||||||
U.S. Treasury Bills – 0.1% | ||||||||||||||||||||||||||||
$ | – | $ | 520,000 | $ | – | $ | 520,000 | 2.83%, 08/25/05(d) | $ | – | $ | 517,752 | $ | – | $ | 517,752 | ||||||||||||
– | 20,000 | – | 20,000 | 2.90%, 08/25/05(d) | – | 19,911 | – | 19,911 | ||||||||||||||||||||
– | 537,663 | – | 537,663 | |||||||||||||||||||||||||
The accompanying notes are an integral part of these financial statements.
Principal Amount | Interest Rate Maturity Date | Value | ||||||||||||||||||||||||||
GS VIT | AIT | Pro | GS VIT | AIT | Pro | |||||||||||||||||||||||
International | Select | Forma | International | Select | Forma | |||||||||||||||||||||||
Equity | International | Combined | Equity | International | Combined | |||||||||||||||||||||||
Fund | Equity | Adjustments | Fund | Fund | Equity | Adjustments (c) | Fund | |||||||||||||||||||||
Time Deposits – 0.6% | ||||||||||||||||||||||||||||
2,286,000 | – | – | 2,286,000 | State Street Bank & Trust Euro – Time Deposit 3.19% 07/01/2005 | $ | 2,286,000 | $ | – | $ | – | $ | 2,286,000 | ||||||||||||||||
TOTAL SHORT-TERM OBLIGATION | ||||||||||||||||||||||||||||
(Cost $2,286,000, 537,663, $0, and 2,823,663, respectively) | $ | 2,286,000 | $ | 537,663 | $ | – | $ | 2,823,663 | ||||||||||||||||||||
Shares | Description | Value | ||||||||||||||||||||||||||||||||
Preferred Stocks 0.2% | ||||||||||||||||||||||||||||||||||
Germany – 0.2% | ||||||||||||||||||||||||||||||||||
– | 3,869 | – | 3,869 | RWE AG Preferred | $ | – | $ | 221,258 | $ | (833 | ) | $ | 220,425 | |||||||||||||||||||||
– | 15,200 | – | 15,200 | Volkswagen AG Preferred | – | 539,053 | (2,102 | ) | 536,951 | |||||||||||||||||||||||||
– | 760,311 | (2,935 | ) | 757,376 | ||||||||||||||||||||||||||||||
Italy – 0.0% | ||||||||||||||||||||||||||||||||||
– | 5,600 | – | 5,600 | Fiat SpA Preferred* | – | 36,103 | (85 | ) | 36,018 | |||||||||||||||||||||||||
TOTAL PREFERRED STOCKS | ||||||||||||||||||||||||||||||||||
(Cost $0, $594,491, $0 and $594,491, respectively) | $ | – | $ | 796,414 | $ | (3,020 | ) | $ | 793,394 | |||||||||||||||||||||||||
Rights 0.0% | ||||||||||||||||||||||||||||||||||
Spain 0.0% | ||||||||||||||||||||||||||||||||||
– | 9,984 | – | 9,984 | Sacyr Vallehermoso SA* | $ | – | $ | 7,367 | $ | – | $ | 7,367 | ||||||||||||||||||||||
Thailand 0.0% | ||||||||||||||||||||||||||||||||||
– | 100,421 | – | 100,421 | TelecomAsia Corp., Public Co., Ltd.* | – | – | – | – | ||||||||||||||||||||||||||
United Kingdom 0.0% | ||||||||||||||||||||||||||||||||||
– | 332,400 | – | 332,400 | Ti Automotive, Ltd.* | – | – | – | – | ||||||||||||||||||||||||||
TOTAL RIGHTS | ||||||||||||||||||||||||||||||||||
(Cost $0, $68,642, $0 and $68,642, respectively) | $ | – | $ | 7,367 | $ | – | $ | 7,367 | ||||||||||||||||||||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL | ||||||||||||||||||||||||||||||||||
(Cost $89,070,662, $247,265,648, $0 and $336,336,310, respectively) | $ | 99,851,094 | $ | 284,964,851 | $ | (945,778 | ) | $ | 383,870,167 | |||||||||||||||||||||||||
Shares | Interest Rate Maturity Date | Value | ||||||||||||||||||||||||||||||||
Securities Lending Collateral – 5.8% | ||||||||||||||||||||||||||||||||||
5,760,283 | – | 17,514,524 | 23,274,807 | Boston Global Investment Trust – Enhanced Portfolio | $ | 5,760,283 | $ | – | $ | 17,514,524 | $ | 23,274,807 | ||||||||||||||||||||||
Principal Amount | Interest Rate Maturity Date | Value | ||||||||||||||||||||||||||||||||
$ | – | $ | 326,464 | $ | (326,464 | ) | $ | – | Bank of America 3.27%, 07/18/05 | $ | – | $ | 326,464 | $ | (326,464 | ) | $ | – | ||||||||||||||||
– | 261,171 | (261,171 | ) | – | Barclays 3.16%, 07/14/05 | – | 261,171 | (261,171 | ) | – | ||||||||||||||||||||||||
– | 352,935 | (352,935 | ) | – | Barclays 3.25%, 07/26/05 | – | 352,935 | (352,935 | ) | – | ||||||||||||||||||||||||
– | 652,927 | (652,927 | ) | – | Calyon 3.25%, 08/04/05 | – | 652,927 | (652,927 | ) | – | ||||||||||||||||||||||||
– | 326,464 | (326,464 | ) | – | Clipper Receivables Corp. 3.19%, 07/14/05 | – | 326,464 | (326,464 | ) | – | ||||||||||||||||||||||||
– | 326,464 | (326,464 | ) | – | Compass Securitization 3.16%, 07/11/05 | – | 326,464 | (326,464 | ) | – | ||||||||||||||||||||||||
– | 652,927 | (652,927 | ) | – | Credit Suisse First Boston Corporation 3.15%, 09/09/05 | – | 652,927 | (652,927 | ) | – | ||||||||||||||||||||||||
– | 537,166 | (537,166 | ) | – | Credit Suisse First Boston Corporation 3.20%, 07/18/05 | – | 537,166 | (537,166 | ) | – | ||||||||||||||||||||||||
– | 2,611,707 | (2,611,707 | ) | Credit Suisse First Boston Corporation Repurchase Agreement 3.48% 07/01/2005 | ||||||||||||||||||||||||||||||
Maturity Value $2,611,956 | ||||||||||||||||||||||||||||||||||
(Collateralized by various corporate obligations with aggregate market value of $2,449,875) | – | 2,611,707 | (2,611,707 | ) | – |
The accompanying notes are an integral part of these financial statements.
Principal Amount | Interest Rate Maturity Date | Value | ||||||||||||||||||||||||
GS VIT | AIT | Pro | GS VIT | AIT | Pro | |||||||||||||||||||||
International | Select | Forma | International | Select | Forma | |||||||||||||||||||||
Equity | International | Combined | Equity | International | Combined | |||||||||||||||||||||
Fund | Equity | Adjustments | Fund | Fund | Equity | Adjustments (c) | Fund | |||||||||||||||||||
– | 391,756 | (391,756 | ) | – | Dexia Group 3.24%, 07/21/05 | $ | – | $ | 391,756 | $ | (391,756 | ) | $ | – | ||||||||||||
– | 326,463 | (326,463 | ) | – | First Tennessee National Corporation 3.22%, 08/09/05 | – | 326,463 | (326,463 | ) | – | ||||||||||||||||
– | 326,463 | (326,463 | ) | – | Fortis Bank 3.11%, 07/05/05 | – | 326,463 | (326,463 | ) | – | ||||||||||||||||
– | 326,463 | (326,463 | ) | – | Goldman Sachs Group, Inc. 3.33%, 08/05/05 | – | 326,463 | (326,463 | ) | – | ||||||||||||||||
– | 333,660 | (333,660 | ) | – | Goldman Sachs Group, Inc. 3.32%, 12/28/05 | – | 333,660 | (333,660 | ) | – | ||||||||||||||||
– | 3,779,818 | Goldman Sachs Group, Inc. Repurchase Agreement | ||||||||||||||||||||||||
3.48% 07/01/2005 | ||||||||||||||||||||||||||
Maturity Value $3,780,178 | ||||||||||||||||||||||||||
(3,779,818 | ) | – | (Collateralized by various corporate obligations with aggregate market value of $3,849,909) | – | 3,779,818 | (3,779,818 | ) | – | ||||||||||||||||||
– | 326,463 | (326,463 | ) | – | Grampian Funding LLC 3.28%, 07/13/05 | – | 326,463 | (326,463 | ) | – | ||||||||||||||||
– | 237,391 | (237,391 | ) | – | Greyhawk Funding 3.31%, 08/09/05 | – | 237,391 | (237,391 | ) | – | ||||||||||||||||
– | 326,463 | (326,463 | ) | – | HBOS Halifax Bank of Scotland 3.15%, 08/08/05 | – | 326,463 | (326,463 | ) | – | ||||||||||||||||
– | 326,463 | (326,463 | ) | – | HSBC Banking/Holdings Plc 3.25%, 08/05/05 | – | 326,463 | (326,463 | ) | – | ||||||||||||||||
– | 326,463 | (326,463 | ) | – | JP Morgan Chase & Co. 3.20%, 07/20/05 | – | 326,463 | (326,463 | ) | – | ||||||||||||||||
– | 652,927 | (652,927 | ) | – | Jupiter Securitization Corp. 3.21%, 07/15/05 | – | 652,927 | (652,927 | ) | – | ||||||||||||||||
– | 657,658 | Lehman Brothers, Inc. Repurchase Agreement | ||||||||||||||||||||||||
3.48% 07/01/2005 | ||||||||||||||||||||||||||
Maturity Value $657,658 | ||||||||||||||||||||||||||
(657,658 | ) | – | (Collateralized by various corporate obligations with aggregate market value of $670,817) | – | 657,658 | (657,658 | ) | – | ||||||||||||||||||
– | 326,463 | Merrill Lynch & Co. Repurchase Agreement | ||||||||||||||||||||||||
3.48% 07/01/2005 | ||||||||||||||||||||||||||
Maturity Value $326,463 | ||||||||||||||||||||||||||
(326,463 | ) | – | (Collateralized by various corporate obligations with aggregate market value of $334,598) | – | 326,463 | (326,463 | ) | – | ||||||||||||||||||
– | 326,463 | (326,463 | ) | – | Nordea Bank of Finland Plc (NY Branch) 3.17%, 08/09/05 | – | 326,463 | (326,463 | ) | – | ||||||||||||||||
– | 390,834 | (390,834 | ) | – | Park Avenue Receivables Corp. 3.30%, 07/14/05 | – | 390,834 | (390,834 | ) | – | ||||||||||||||||
– | 421,677 | (421,677 | ) | – | Prefco 3.28%, 07/08/05 | – | 421,677 | (421,677 | ) | – | ||||||||||||||||
– | 391,756 | (391,756 | ) | – | Rabobank Nederland 3.25%, 08/08/05 | – | 391,756 | (391,756 | ) | – | ||||||||||||||||
– | 326,463 | (326,463 | ) | – | Societe Generale 3.24%, 08/09/05 | – | 326,463 | (326,463 | ) | – | ||||||||||||||||
– | 269,518 | (269,518 | ) | – | The Bank of the West 3.27%, 07/27/05 | – | 269,518 | (269,518 | ) | – | ||||||||||||||||
– | 289,803 | (289,803 | ) | – | Toronto Dominion Bank 3.25%, 08/02/05 | – | 289,803 | (289,803 | ) | – | ||||||||||||||||
– | 384,871 | (384,871 | ) | – | Wells Fargo 3.27%, 08/01/05 | – | 384,871 | (384,871 | ) | – | ||||||||||||||||
– | 17,514,524 | – | – | |||||||||||||||||||||||
TOTAL SECURITIES LENDING COLLATERAL | ||||||||||||||||||||||||||
(Cost $5,760,283, $17,514,524, $0 and $23,274,807, respectively) | $ | 5,760,283 | $ | 17,514,524 | $ | – | $ | 23,274,807 | ||||||||||||||||||
TOTAL INVESTMENTS – 105.1% | ||||||||||||||||||||||||||
(Cost 94,830,945, $264,780,172, $0 and $359,271,240, respectively) | $ | 105,611,377 | $ | 302,479,375 | $ | (945,778 | ) | $ | 407,144,974 | |||||||||||||||||
As a % of Net | ||||
Investment Industry Classifications(e) | Assets | |||
Agriculture | 0.9 | % | ||
Automobiles & Components | 4.3 | |||
Bank | 3.3 | |||
Capital Goods | 6.9 | |||
Consumer Durables & Apparel | 3.2 | |||
Consumer Services | 3.9 | |||
Diversified Financials | 3.2 | |||
Energy | 15.1 | |||
Environmental Control | 0.1 | |||
Food & Staples Retailing | 3.5 | |||
Food Beverage & Tobacco | 13.1 | |||
Health Care-Products | 0.9 | |||
Insurance | 5.1 | |||
Materials | 3.2 | |||
Media | 2.8 | |||
Mining | 0.9 | |||
Pharmaceuticals & Biotechnology | 13.2 | |||
Real Estate | 2.2 | |||
Retailing | 2.5 | |||
Semiconductors & Semiconductor Equipment | 0.6 | |||
Short Term Investments (f) | 6.7 | |||
Software & Services | 0.9 | |||
Technology Hardware & Equipment | 1.3 | |||
Telecomminication Services | 6.4 | |||
Transportation | 1.0 | |||
Utilities | 0.8 | |||
TOTAL INVESTMENTS | 106.0 | % | ||
The accompanying notes are an integral part of these financial statements.
ADR – American Depository Receipt
GDR – Global Depository Receipt
The accompanying notes are an integral part of these financial statements.
Open Forward Foreign Currency | Value on | Unrealized | ||||||||||||||||
Purchase Contracts | Expiration Date | Settlement Date | Current Value | Gain | Loss | |||||||||||||
| ||||||||||||||||||
Australian Dollar | 08/18/2005 | $ | 3,831,763 | $ | 3,752,331 | $ | – | $ | 79,432 | |||||||||
09/21/2005 | 1,283,015 | 1,284,613 | 1,598 | – | ||||||||||||||
09/21/2005 | 1,232,000 | 1,220,981 | – | 11,019 | ||||||||||||||
British Pounds | 07/20/2005 | 4,996,909 | 4,881,752 | – | 115,157 | |||||||||||||
09/21/2005 | 1,224,000 | 1,202,054 | – | 21,946 | ||||||||||||||
Canadian Dollar | 09/21/2005 | 1,226,000 | 1,255,414 | 29,414 | – | |||||||||||||
Danish Krone | 09/22/2005 | 741,531 | 741,800 | 269 | – | |||||||||||||
Euro | 07/29/2005 | 1,832,842 | 1,834,632 | 1,790 | – | |||||||||||||
09/21/2005 | 607,000 | 608,890 | 1,890 | – | ||||||||||||||
09/21/2005 | 1,225,000 | 1,214,431 | – | 10,569 | ||||||||||||||
Japanese Yen | 07/27/2005 | 10,232,187 | 10,072,326 | – | 159,861 | |||||||||||||
09/21/2005 | 615,000 | 599,280 | – | 15,720 | ||||||||||||||
New Zealand Dollar | 08/10/2005 | 248,139 | 241,864 | – | 6,275 | |||||||||||||
Norwegian Krone | 09/21/2005 | 3,064,118 | 3,010,374 | – | 53,744 | |||||||||||||
Singapore Dollar | 08/22/2005 | 882,503 | 877,036 | – | 5,467 | |||||||||||||
Swedish Krona | 09/21/2005 | 1,133,832 | 1,057,693 | – | 76,139 | |||||||||||||
Swiss Franc | 09/21/2005 | 615,000 | 598,639 | 16,361 | ||||||||||||||
TOTAL OPEN FORWARD FOREIGN CURRENCY PURCHASE CONTRACTS | $ | 34,990,839 | $ | 34,454,110 | $ | 34,961 | $ | 571,690 | ||||||||||
Open Forward Foreign Currency | Value on | Unrealized | ||||||||||||||||
Sale Contracts | Expiration Date | Settlement Date | Current Value | Gain | Loss | |||||||||||||
| ||||||||||||||||||
Australian Dollar | 09/21/2005 | $ | 618,000 | $ | 608,168 | $ | 9,832 | $ | – | |||||||||
09/21/2005 | 615,000 | 626,624 | – | 11,624 | ||||||||||||||
British Pounds | 07/20/2005 | 793,605 | 782,489 | 11,116 | – | |||||||||||||
09/21/2005 | 1,235,825 | 1,219,324 | 16,501 | – | ||||||||||||||
Canadian Dollar | 09/21/2005 | 2,533,365 | 2,607,672 | – | 74,307 | |||||||||||||
Euro | 07/29/2005 | 235,578 | 236,144 | – | 566 | |||||||||||||
09/21/2005 | 3,111,343 | 3,020,752 | 90,591 | – | ||||||||||||||
09/21/2005 | 618,000 | 619,035 | – | 1,035 | ||||||||||||||
Hong Kong Dollar | 09/15/2005 | 5,437,129 | 5,442,535 | – | 5,406 | |||||||||||||
Hungarian Forint | 09/14/2005 | 873,672 | 879,674 | – | 6,002 | |||||||||||||
Japanese Yen | 09/21/2005 | 1,398,534 | 1,362,358 | 36,176 | – | |||||||||||||
Norwegian Krone | 08/26/2005 | 989,375 | 971,143 | 18,232 | – | |||||||||||||
09/21/2005 | 618,000 | 624,579 | – | 6,579 | ||||||||||||||
Swedish Krona | 09/21/2005 | 1,839,000 | 1,759,938 | 79,062 | – | |||||||||||||
09/26/2005 | 1,958,774 | 1,906,376 | 52,398 | – | ||||||||||||||
Swiss Franc | 07/15/2005 | 1,321,553 | 1,241,981 | 79,572 | – | |||||||||||||
09/21/2005 | 2,399,405 | 2,315,500 | 83,905 | – | ||||||||||||||
TOTAL OPEN FORWARD FOREIGN CURRENCY SALE CONTRACTS | $ | 26,596,158 | $ | 26,224,292 | $ | 477,385 | $ | 105,519 | ||||||||||
The accompanying notes are an integral part of these financial statements.
Open Forward Foreign Currency | Value on | Unrealized | ||||||||||||||||
Purchase Contracts | Expiration Date | Settlement Date | Current Value | Gain | Loss | |||||||||||||
| ||||||||||||||||||
Canadian Dollar | 08/26/2005 | $ | 1,550,436 | $ | 1,589,717 | $ | 39,281 | $ | – | |||||||||
Euro | 08/26/2005 | 713,436 | 702,846 | – | 10,590 | |||||||||||||
Japanese Yen | 08/26/2005 | 9,379,106 | 9,066,146 | – | 312,960 | |||||||||||||
Norwegian Krone | 08/26/2005 | 4,259,762 | 4,194,078 | – | 65,684 | |||||||||||||
Swedish Krona | 08/26/2005 | 5,030,129 | 4,719,264 | – | 310,865 | |||||||||||||
Swiss Franc | 08/26/2005 | 10,684,933 | 10,222,566 | 462,367 | ||||||||||||||
TOTAL OPEN FORWARD FOREIGN CURRENCY PURCHASE CONTRACTS | $ | 31,617,802 | $ | 30,494,617 | $ | 39,281 | $ | 1,162,466 | ||||||||||
Open Forward Foreign Currency | Value on | Unrealized | ||||||||||||||||
Sale Contracts | Expiration Date | Settlement Date | Current Value | Gain | Loss | |||||||||||||
| ||||||||||||||||||
Australian Dollar | 08/26/2005 | $ | 679,735 | $ | 685,038 | $ | – | $ | 5,303 | |||||||||
British Pounds | 08/26/2005 | 6,479,861 | 6,362,848 | 117,013 | – | |||||||||||||
Canadian Dollar | 08/26/2005 | 631,782 | 641,782 | – | 10,000 | |||||||||||||
Danish Krone | 08/26/2005 | 45,314 | 43,536 | 1,778 | – | |||||||||||||
Euro | 08/26/2005 | 16,588,257 | 15,983,181 | 605,076 | – | |||||||||||||
Hong Kong Dollar | 08/26/2005 | 1,704,421 | 1,707,104 | – | 2,683 | |||||||||||||
Japanese Yen | 08/26/2005 | 912,394 | 873,553 | 38,841 | – | |||||||||||||
TOTAL OPEN FORWARD FOREIGN CURRENCY SALE CONTRACTS | $ | 27,041,764 | $ | 26,297,042 | $ | 762,708 | $ | 17,986 | ||||||||||
Number of | ||||||||||||||||
Contract Long | Settlement | Unrealized Gain | ||||||||||||||
Type | (Short) | Month | Market Value | (Loss) | ||||||||||||
| ||||||||||||||||
DAX Index | 14 | September 2005 | $ | 1,956,901 | $ | (3,608 | ) | |||||||||
MSCI SING Index | 48 | July 2005 | 1,498,853 | (5,265 | ) | |||||||||||
TOPIX Index | 22 | September 2005 | 2,329,727 | (56,432 | ) | |||||||||||
SP/MIB Index | 7 | September 2005 | 1,372,265 | (2,835 | ) | |||||||||||
S&P/TSE 60 Index | (23 | ) | September 2005 | (2,087,190 | ) | 16,070 | ||||||||||
FTSE 100 Index | (15 | ) | September 2005 | (1,377,312 | ) | 18,209 | ||||||||||
$ | 3,693,244 | $ | (33,861 | ) | ||||||||||||
The accompanying notes are an integral part of these financial statements.
For the Goldman Sachs VIT International Equity Fund and AIT Select International Equity Fund
June 30, 2005 (Unaudited)
AIT Select | ||||||||||||||||
GS VIT International | International | Pro Forma | ||||||||||||||
Equity Fund | Equity Fund | Adjustments | Combined Fund | |||||||||||||
Assets: | ||||||||||||||||
Investments in securities, at value (cost $89,070,662, $247,265,648, $0 and $336,336,310, respectively) | $ | 99,851,094 | $ | 284,964,851 | $ | (945,778 | )(a) | $ | 383,870,167 | |||||||
Securities Lending collateral, at value | 5,760,283 | 17,514,524 | – | 23,274,807 | ||||||||||||
Cash | 364 | 4,466,015 | – | 4,466,379 | ||||||||||||
Foreign currencies, at value (identified cost $61,291, $661,436, $0 and $772,727, respectively) | 60,768 | 644,933 | – | 705,701 | ||||||||||||
Receivables: | ||||||||||||||||
Forward foreign currency exchange contracts, at value | 512,346 | 801,990 | – | 1,314,336 | ||||||||||||
Dividends and Interest, at value | 248,370 | 1,198,627 | – | 1,446,997 | ||||||||||||
Securities lending income | 9,604 | – | – | 9,604 | ||||||||||||
Variation margin | – | 44,507 | – | 44,507 | ||||||||||||
Reimbursement from Adviser | 7,644 | – | – | 7,644 | ||||||||||||
Fund shares sold | 7,504 | – | – | 7,504 | ||||||||||||
Other assets | 2,086 | – | – | 2,086 | ||||||||||||
Total assets | 106,460,063 | 309,635,447 | (945,778 | ) | 415,149,732 | |||||||||||
Liabilities: | ||||||||||||||||
Payables: | ||||||||||||||||
Payable upon return of securities loaned | 5,760,283 | 17,514,524 | – | 23,274,807 | ||||||||||||
Investment securities purchased, at value | 2,604,307 | – | – | 2,604,307 | ||||||||||||
Forward foreign currency exchange contracts, at value | 677,209 | 1,180,453 | – | 1,857,662 | ||||||||||||
Fund shares repurchased | 60,878 | 289,784 | – | 350,662 | ||||||||||||
Amounts owed to affiliates | 83,760 | 263,152 | (263,152 | )(b) | 83,760 | |||||||||||
Accrued expenses and other liabilities | 40,986 | 121,994 | 263,152 | (b) | 426,132 | |||||||||||
Total liabilities | 9,227,423 | 19,369,907 | – | 28,597,330 | ||||||||||||
Net Assets: | ||||||||||||||||
Paid-in capital | 135,525,580 | 346,822,403 | – | 482,347,983 | ||||||||||||
Accumulated undistributed net investment income | 1,299,755 | 7,931,183 | – | 9,230,938 | ||||||||||||
Accumulated net realized loss on investment, futures and foreign currency related transactions | (50,210,635 | ) | (101,818,442 | ) | – | (152,029,077 | ) | |||||||||
Net unrealized gain on investments, futures and translation of assets and liabilities denominated in foreign currencies | 10,617,940 | 37,330,396 | (945,778 | )(a) | 47,002,558 | |||||||||||
Net Assets | $ | 97,232,640 | $ | 290,265,540 | $ | (945,778 | ) | $ | 386,552,402 | |||||||
Net Asset Value, offering and redemption price per share: | ||||||||||||||||
Institutional | $ | 10.35 | $ | – | $ | – | $ | 10.35 | ||||||||
Service | $ | – | $ | 1.245 | $ | 9.105 | (c) | $ | 10.35 | |||||||
Shares Outstanding: | ||||||||||||||||
Institutional | 9,397,288 | – | – | 9,397,288 | ||||||||||||
Service | – | 233,057,714 | (205,104,114 | )(d) | 27,953,600 | |||||||||||
Total shares outstanding, $0.001 par value (unlimited number of shares authorized) | 9,397,288 | 233,057,714 | (205,104,114 | )(d) | 37,350,888 | |||||||||||
(a) | To reflect adjustments to AIT Select International Equity Fund’s investments based on GS VIT International Equity Fund’s valuation policy. | |
(b) | Adjustment to re-class amount owed to affiliates of AIT Select International Equity Fund. | |
(c) | Adjustment to AIT Select International Equity Fund’s NAV based on GS VIT International Equity Fund’s Institutional Class NAV. | |
(d) | Service Shares of AIT Select International Equity Fund are exchanged for new Service Shares of GS VIT International Equity Fund to be established upon consummation of the merger. Initial per share values of Service Shares are presumed to equal that of the GS VIT International Equity Fund’s Institutional Shares. |
The accompanying notes are an integral part of these financial statements.
For the Goldman Sachs VIT International Equity Fund and AIT Select International Equity Fund
For the Twelve Months Ended June 30, 2005 (Unaudited)
AIT Select | ||||||||||||||||
GS VIT International | International | Pro Forma | ||||||||||||||
Equity Fund | Equity Fund | Adjustments | Combined Fund | |||||||||||||
Investment Income: | ||||||||||||||||
Dividends (net of foreign taxes of $274,522, $1,008,314, $0 and $1,282,836, respectively) | $ | 2,039,266 | $ | 8,231,084 | $ | – | $ | 10,270,350 | ||||||||
Interest (including securities lending income of $132,433, $193,898, $0 and $326,331, respectively) | 157,201 | 289,578 | – | 446,779 | ||||||||||||
Total income | 2,196,467 | 8,520,662 | – | 10,717,129 | ||||||||||||
Expenses: | ||||||||||||||||
Management fees | 1,008,175 | 2,905,336 | 252,776 | (a) | 4,166,287 | |||||||||||
Distribution and Service Fees | – | 472,470 | 316,718 | (c) | 789,188 | |||||||||||
Transfer Agent fees | 40,327 | – | 126,324 | (e) | 166,651 | |||||||||||
Custody and accounting fees | 149,430 | 445,955 | (75,385 | )(b) | 520,000 | |||||||||||
Printing fees | 53,597 | 31,765 | (30,362 | )(b) | 55,000 | |||||||||||
Audit and tax fees | 30,817 | 37,547 | (32,364 | )(b) | 36,000 | |||||||||||
Legal fees | 22,988 | 24,308 | (19,296 | )(b) | 28,000 | |||||||||||
Trustee fees | 14,517 | 25,384 | (25,384 | )(b) | 14,517 | |||||||||||
Other | 9,750 | 4,201 | (1,951 | )(b) | 12,000 | |||||||||||
Total expenses | 1,329,601 | 3,946,966 | 511,076 | 5,787,643 | ||||||||||||
Less – expense reductions | (118,505 | ) | – | (607,547 | )(d) | (726,052 | ) | |||||||||
Net Expenses | 1,211,096 | 3,946,966 | (96,471 | ) | 5,061,591 | |||||||||||
Net Investment Income | 985,371 | 4,573,696 | 96,471 | 5,655,538 | ||||||||||||
Realized and unrealized gain (loss) on investment, futures and foreign currency related transactions: | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investment transactions (including commissions recaptured of $0, $17,651, $0 and $17,651, respectively) | 5,412,344 | 25,395,254 | – | 30,807,598 | ||||||||||||
Futures transactions | 33,800 | 46,468 | – | 80,268 | ||||||||||||
Foreign currency related transactions | (804,082 | ) | (975,888 | ) | – | (1,779,970 | ) | |||||||||
Net change in unrealized gain (loss) on: | ||||||||||||||||
Investments | 4,054,713 | 6,881,102 | (945,778 | )(f) | 9,990,037 | |||||||||||
Futures | – | (33,861 | ) | – | (33,861 | ) | ||||||||||
Translation of assets and liabilities denominated in foreign currencies | (36,298 | ) | (344,316 | ) | – | (380,614 | ) | |||||||||
Net realized and unrealized gain on investments and futures and foreign currency related transactions | 8,660,477 | 30,968,759 | (945,778 | )(f) | 38,683,458 | |||||||||||
Net Increase in Net Assets Resulting from Operations | $ | 9,645,848 | $ | 35,542,455 | $ | (849,307 | ) | $ | 44,338,996 | |||||||
(a) | Adjustment to reflect increase in management fee based on GS VIT International Equity Fund’s contractual fee rate. | |
(b) | Adjustments to reflects the anticipated savings as a result of consolidation of printing, custody and accounting and other services. | |
(c) | Adjustment to reflect distribution and service fee based on VIT International Equity Fund’s contractual fee rate. | |
(d) | Adjustment to reflect expense reduction based on GS VIT International Equity Fund expense cap and waivers. | |
(e) | Adjustment to reflect transfer agent fees based on GS VIT International Equity Fund’s transfer agent fee rate. | |
(f) | To reflect adjustments to AIT Select International Equity Fund’s investments based on GS VIT International Equity Fund’s valuation policy. |
The accompanying notes are an integral part of these financial statements.
June 30, 2005 (Unaudited)
Service Class | ||||
Shares Issued in connection with merger | 27,953,600 | |||
Net Assets June 30, 2005 of AIT Select International Equity Fund | $ | 289,319,762 | ||
Pro Forma Net Asset Value June 30, 2005 | $ | 10.35 |
�� | ||||||||
Capital Loss Carryforward* | VIT International Equity Fund | AIT Select International Equity Fund | ||||||
Expiring 2007 | $ | – | $ | 203 | ||||
Expiring 2008 | 17,056 | 6,219 | ||||||
Expiring 2009 | 27,160 | 2,073 | ||||||
Expiring 2010 | 8,409 | 65,951 | ||||||
Expiring 2011 | 609 | 35,857 | ||||||
Total | $ | 53,234 | $ | 110,303 | ||||
*Utilization of these losses may be limited under the Code |
2
3
Average Daily Net Assets | Annual Rate | |||
First $1 Billion | 1.00 | % | ||
Next $1 Billion | 0.90 | % | ||
Over $2 Billion | 0.86 | % | ||
4
5
June 30, 2005 (Unaudited)
Shares | Description | Value | ||||||||||||||||||||||||||||||
GS VIT | AIT | Pro | GS VIT | AIT | Pro | |||||||||||||||||||||||||||
CORE U.S. | Core | Forma | CORE U.S. | Core | Forma | |||||||||||||||||||||||||||
Equity | Equity | Combined | Equity | Equity | Combined | |||||||||||||||||||||||||||
Fund | Fund | Adjustments | Fund | Fund | Fund | Adjustments | Fund | |||||||||||||||||||||||||
| | | ||||||||||||||||||||||||||||||
Common Stocks - 97.5% Advertising - 0.4% | ||||||||||||||||||||||||||||||||
— | 32,400 | — | 32,400 | Lamar Advertising Co. | $ | — | $ | 1,385,748 | $ | — | $ | 1,385,748 | ||||||||||||||||||||
— | 24,900 | — | 24,900 | Omnicom Group, Inc. * | — | 1,988,514 | — | 1,988,514 | ||||||||||||||||||||||||
— | 3,374,262 | — | 3,374,262 | |||||||||||||||||||||||||||||
Aerospace & Defense - 1.6% | ||||||||||||||||||||||||||||||||
9,800 | 45,100 | — | 54,900 | Lockheed Martin Corp. | 635,726 | 2,925,637 | — | 3,561,363 | ||||||||||||||||||||||||
91,700 | 32,200 | — | 123,900 | Northrop Grumman Corp. | 5,066,425 | 1,779,050 | — | 6,845,475 | ||||||||||||||||||||||||
115,400 | — | — | 115,400 | Raytheon Co. | 4,514,448 | — | — | 4,514,448 | ||||||||||||||||||||||||
10,216,599 | 4,704,687 | — | 14,921,286 | |||||||||||||||||||||||||||||
Auto Parts & Equipment - 0.3% | ||||||||||||||||||||||||||||||||
24,300 | — | — | 24,300 | Autoliv, Inc. | 1,064,340 | — | — | 1,064,340 | ||||||||||||||||||||||||
— | 3,700 | — | 3,700 | BorgWarner, Inc. | — | 198,579 | — | 198,579 | ||||||||||||||||||||||||
— | 31,400 | — | 31,400 | Johnson Controls, Inc. | — | 1,768,762 | — | 1,768,762 | ||||||||||||||||||||||||
1,064,340 | 1,967,341 | — | 3,031,681 | |||||||||||||||||||||||||||||
Automobiles - 0.3% | ||||||||||||||||||||||||||||||||
228,400 | — | — | 228,400 | Ford Motor Co. | 2,338,816 | — | — | 2,338,816 | ||||||||||||||||||||||||
Banks - 8.3% | ||||||||||||||||||||||||||||||||
446,266 | 58,556 | — | 504,822 | Bank of America Corp. | 20,354,192 | 2,670,739 | — | 23,024,931 | ||||||||||||||||||||||||
36,600 | — | — | 36,600 | Bank of Hawaii Corp. | 1,857,450 | — | — | 1,857,450 | ||||||||||||||||||||||||
— | 49,400 | — | 49,400 | Fifth Third Bancorp | — | 2,035,774 | — | 2,035,774 | ||||||||||||||||||||||||
57,000 | 16,070 | — | 73,070 | Golden West Financial Corp. | 3,669,660 | 1,034,587 | — | 4,704,247 | ||||||||||||||||||||||||
— | 106,100 | — | 106,100 | Mellon Financial Corp. | — | 3,044,009 | — | 3,044,009 | ||||||||||||||||||||||||
— | 38,000 | — | 38,000 | Northern Trust Corp. | — | 1,732,420 | — | 1,732,420 | ||||||||||||||||||||||||
— | 47,800 | — | 47,800 | PNC Bank Corp. | — | 2,603,188 | — | 2,603,188 | ||||||||||||||||||||||||
157,800 | — | — | 157,800 | U.S. Bancorp. | 4,607,760 | — | — | 4,607,760 | ||||||||||||||||||||||||
32,000 | — | — | 32,000 | UnionBanCal Corp. | 2,141,440 | — | — | 2,141,440 | ||||||||||||||||||||||||
289,000 | — | — | 289,000 | Wachovia Corp. | 14,334,400 | — | — | 14,334,400 | ||||||||||||||||||||||||
296,900 | — | — | 296,900 | Washington Mutual, Inc. | 12,080,861 | — | — | 12,080,861 | ||||||||||||||||||||||||
— | 95,500 | — | 95,500 | Wells Fargo & Co. | — | 5,880,890 | — | 5,880,890 | ||||||||||||||||||||||||
59,045,763 | 19,001,607 | — | 78,047,370 | |||||||||||||||||||||||||||||
Beverages - 0.6% | ||||||||||||||||||||||||||||||||
— | 95,920 | — | 95,920 | PepsiCo, Inc. | — | 5,172,966 | — | 5,172,966 | ||||||||||||||||||||||||
Biotechnology - 2.2% | ||||||||||||||||||||||||||||||||
236,400 | 53,240 | — | 289,640 | Amgen, Inc. * | 14,292,744 | 3,218,890 | — | 17,511,634 | ||||||||||||||||||||||||
17,500 | — | — | 17,500 | Genentech, Inc. * | 1,404,900 | — | — | 1,404,900 | ||||||||||||||||||||||||
24,100 | — | — | 24,100 | Genzyme Corp. * | 1,448,169 | — | — | 1,448,169 | ||||||||||||||||||||||||
17,145,813 | 3,218,890 | — | 20,364,703 | |||||||||||||||||||||||||||||
The accompanying notes are an integral part of these financial statements.
Shares | Description | Value | ||||||||||||||||||||||||||||||
GS VIT | AIT | Pro | GS VIT | AIT | Pro | |||||||||||||||||||||||||||
CORE U.S. | Core | Forma | CORE U.S. | Core | Forma | |||||||||||||||||||||||||||
Equity | Equity | Combined | Equity | Equity | Combined | |||||||||||||||||||||||||||
Fund | Fund | Adjustments | Fund | Fund | Fund | Adjustments | Fund | |||||||||||||||||||||||||
| | | ||||||||||||||||||||||||||||||
Building Materials - 0.7% | ||||||||||||||||||||||||||||||||
— | 49,800 | — | 49,800 | Martin Marietta Materials, Inc. | $ | — | $ | 3,442,176 | $ | — | $ | 3,442,176 | ||||||||||||||||||||
— | 82,500 | — | 82,500 | Masco Corp. (a) | — | 2,620,200 | — | 2,620,200 | ||||||||||||||||||||||||
— | 6,062,376 | — | 6,062,376 | |||||||||||||||||||||||||||||
Chemicals - 1.1% | ||||||||||||||||||||||||||||||||
162,600 | — | — | 162,600 | Monsanto Co. | 10,222,662 | — | — | 10,222,662 | ||||||||||||||||||||||||
Commercial Services & Supplies - 2.1% | ||||||||||||||||||||||||||||||||
451,000 | 247,700 | — | 698,700 | Cendant Corp. | 10,088,870 | 5,541,049 | — | 15,629,919 | ||||||||||||||||||||||||
— | 49,600 | — | 49,600 | Moody’s Corp. | — | 2,230,016 | — | 2,230,016 | ||||||||||||||||||||||||
— | 37,000 | — | 37,000 | Valassis Communications, Inc. * | — | 1,370,850 | — | 1,370,850 | ||||||||||||||||||||||||
10,088,870 | 9,141,915 | — | 19,230,785 | |||||||||||||||||||||||||||||
Communications Equipment - 1.7% | ||||||||||||||||||||||||||||||||
104,500 | 214,440 | — | 318,940 | Cisco Systems, Inc. * | 1,996,995 | 4,097,948 | — | 6,094,943 | ||||||||||||||||||||||||
25,700 | — | �� | — | 25,700 | Comverse Technology, Inc. * | 607,805 | — | — | 607,805 | |||||||||||||||||||||||
24,800 | — | — | 24,800 | Juniper Networks, Inc. * | 624,464 | — | — | 624,464 | ||||||||||||||||||||||||
98,400 | 165,150 | — | 263,550 | QUALCOMM, Inc. | 3,248,184 | 5,451,602 | — | 8,699,786 | ||||||||||||||||||||||||
6,477,448 | 9,549,550 | — | 16,026,998 | |||||||||||||||||||||||||||||
Computers & Peripherals - 2.4% | ||||||||||||||||||||||||||||||||
133,500 | 114,090 | — | 247,590 | Dell, Inc. * | 5,274,585 | 4,507,696 | — | 9,782,281 | ||||||||||||||||||||||||
— | 79,450 | — | 79,450 | EMC Corp. * | — | 1,089,259 | — | 1,089,259 | ||||||||||||||||||||||||
307,200 | 78,300 | — | 385,500 | Hewlett-Packard Co. | 7,222,272 | 1,840,833 | — | 9,063,105 | ||||||||||||||||||||||||
155,600 | — | — | 155,600 | Western Digital Corp. | 2,088,152 | — | — | 2,088,152 | ||||||||||||||||||||||||
14,585,009 | 7,437,788 | — | 22,022,797 | |||||||||||||||||||||||||||||
Cosmetics & Personal Care - 0.5% | ||||||||||||||||||||||||||||||||
— | 45,040 | — | 45,040 | Avon Products, Inc. | — | 1,704,764 | — | 1,704,764 | ||||||||||||||||||||||||
— | 24,600 | — | 24,600 | Kimberly-Clark Corp. | — | 1,539,714 | — | 1,539,714 | ||||||||||||||||||||||||
— | 26,800 | — | 26,800 | Procter & Gamble Co. (a) | — | 1,413,700 | — | 1,413,700 | ||||||||||||||||||||||||
— | 4,658,178 | — | 4,658,178 | |||||||||||||||||||||||||||||
Diversified Financials - 8.5% | ||||||||||||||||||||||||||||||||
34,700 | — | — | 34,700 | AmeriCredit Corp. * | 884,850 | — | — | 884,850 | ||||||||||||||||||||||||
— | 296,770 | — | 296,770 | Charles Schwab Corp. | — | 3,347,566 | — | 3,347,566 | ||||||||||||||||||||||||
25,600 | — | — | 25,600 | CIT Group, Inc. | 1,100,032 | — | — | 1,100,032 | ||||||||||||||||||||||||
84,332 | 194,482 | — | 278,814 | Citigroup, Inc. | 3,898,668 | 8,990,903 | — | 12,889,571 | ||||||||||||||||||||||||
— | 53,290 | — | 53,290 | Fannie Mae | — | 3,112,136 | — | 3,112,136 | ||||||||||||||||||||||||
— | 166,460 | — | 166,460 | Freddie Mac | — | 10,858,186 | — | 10,858,186 | ||||||||||||||||||||||||
481,900 | 148,500 | — | 630,400 | J.P. Morgan Chase & Co. | 17,020,708 | 5,245,020 | — | 22,265,728 | ||||||||||||||||||||||||
— | 124,060 | — | 124,060 | MBNA Corp. | — | 3,245,410 | — | 3,245,410 | ||||||||||||||||||||||||
137,900 | — | — | 137,900 | Merrill Lynch & Co., Inc. | 7,585,879 | — | — | 7,585,879 | ||||||||||||||||||||||||
220,000 | — | — | 220,000 | Moody’s Corp. | 9,891,200 | — | — | 9,891,200 | ||||||||||||||||||||||||
— | 94,800 | — | 94,800 | Morgan Stanley Dean Witter & Co. | — | 4,974,156 | — | 4,974,156 | ||||||||||||||||||||||||
40,381,337 | 39,773,377 | — | 80,154,714 | |||||||||||||||||||||||||||||
Diversified Telecommunications - 2.7% | ||||||||||||||||||||||||||||||||
— | 41,320 | — | 41,320 | American Tower Corp., Class A * (a) | — | 868,546 | — | 868,546 | ||||||||||||||||||||||||
145,000 | — | — | 145,000 | CenturyTel, Inc. | 5,021,350 | — | — | 5,021,350 | ||||||||||||||||||||||||
— | 97,880 | — | 97,880 | Crown Castle International Corp. * | — | 1,988,922 | — | 1,988,922 | ||||||||||||||||||||||||
— | 115,700 | — | 115,700 | SBC Communications, Inc. | — | 2,747,875 | — | 2,747,875 | ||||||||||||||||||||||||
162,200 | — | — | 162,200 | Sprint Corp. | 4,069,598 | — | — | 4,069,598 | ||||||||||||||||||||||||
306,400 | — | — | 306,400 | Verizon Communications, Inc. | 10,586,120 | — | — | 10,586,120 | ||||||||||||||||||||||||
19,677,068 | 5,605,343 | — | 25,282,411 | |||||||||||||||||||||||||||||
The accompanying notes are an integral part of these financial statements.
Shares | Description | Value | ||||||||||||||||||||||||||||||
GS VIT | AIT | Pro | GS VIT | AIT | Pro | |||||||||||||||||||||||||||
CORE U.S. | Core | Forma | CORE U.S. | Core | Forma | |||||||||||||||||||||||||||
Equity | Equity | Combined | Equity | Equity | Combined | |||||||||||||||||||||||||||
Fund | Fund | Adjustments | Fund | Fund | Fund | Adjustments | Fund | |||||||||||||||||||||||||
| | | ||||||||||||||||||||||||||||||
Electric Utilities - 3.6% | ||||||||||||||||||||||||||||||||
— | 79,200 | — | 79,200 | American Electric Power, Inc. | $ | — | $ | 2,920,104 | $ | — | $ | 2,920,104 | ||||||||||||||||||||
182,700 | — | — | 182,700 | Edison International | 7,408,485 | — | — | 7,408,485 | ||||||||||||||||||||||||
— | 64,000 | — | 64,000 | Exelon Corp. (a) | — | 3,285,120 | — | 3,285,120 | ||||||||||||||||||||||||
— | 69,200 | — | 69,200 | FirstEnergy Corp. | — | 3,329,212 | — | 3,329,212 | ||||||||||||||||||||||||
— | 30,600 | — | 30,600 | NiSource, Inc. | — | 756,738 | — | 756,738 | ||||||||||||||||||||||||
— | 63,000 | — | 63,000 | Pepco Holdings, Inc. | — | 1,508,220 | — | 1,508,220 | ||||||||||||||||||||||||
295,100 | — | — | 295,100 | PG&E Corp. | 11,078,054 | — | — | 11,078,054 | ||||||||||||||||||||||||
37,000 | — | — | 37,000 | TXU Corp. | 3,074,330 | — | — | 3,074,330 | ||||||||||||||||||||||||
21,560,869 | 11,799,394 | — | 33,360,263 | |||||||||||||||||||||||||||||
Electrical Equipment - 0.5% | ||||||||||||||||||||||||||||||||
71,400 | — | — | 71,400 | Energizer Holdings, Inc. * | 4,438,938 | — | — | 4,438,938 | ||||||||||||||||||||||||
Food & Drug Retailing - 1.1% | ||||||||||||||||||||||||||||||||
85,400 | 104,400 | — | 189,800 | Albertson’s, Inc. (a) | 1,766,072 | 2,158,992 | — | 3,925,064 | ||||||||||||||||||||||||
127,400 | — | — | 127,400 | SUPERVALU, Inc. | 4,154,514 | — | — | 4,154,514 | ||||||||||||||||||||||||
41,900 | — | — | 41,900 | Walgreen Co. | 1,926,981 | — | — | 1,926,981 | ||||||||||||||||||||||||
7,847,567 | 2,158,992 | — | 10,006,559 | |||||||||||||||||||||||||||||
Food Products- 2.4% | ||||||||||||||||||||||||||||||||
366,500 | — | — | 366,500 | Archer-Daniels-Midland Co. | 7,835,770 | — | — | 7,835,770 | ||||||||||||||||||||||||
— | 106,700 | — | 106,700 | Kroger Co. * (a) | — | 2,030,501 | — | 2,030,501 | ||||||||||||||||||||||||
17,600 | — | — | 17,600 | The Hershey Co. | 1,092,960 | — | — | 1,092,960 | ||||||||||||||||||||||||
464,400 | — | — | 464,400 | Tyson Foods, Inc. | 8,266,320 | — | — | 8,266,320 | ||||||||||||||||||||||||
— | 40,810 | — | 40,810 | Wrigley (Wm.) Jr. Co. | — | 2,809,360 | — | 2,809,360 | ||||||||||||||||||||||||
17,195,050 | 4,839,861 | — | 22,034,911 | |||||||||||||||||||||||||||||
Healthcare Equipment & Supplies- 1.6% | ||||||||||||||||||||||||||||||||
28,100 | — | — | 28,100 | Applera Corp. — Applied Biosystems Group | 552,727 | — | — | 552,727 | ||||||||||||||||||||||||
30,000 | — | — | 30,000 | Becton, Dickinson and Co. | 1,574,100 | — | — | 1,574,100 | ||||||||||||||||||||||||
— | 10,830 | — | 10,830 | Fisher Scientific International, Inc. * | — | 702,867 | — | 702,867 | ||||||||||||||||||||||||
19,200 | — | — | 19,200 | Guidant Corp. | 1,292,160 | — | — | 1,292,160 | ||||||||||||||||||||||||
— | 38,900 | — | 38,900 | Johnson & Johnson | — | 2,528,500 | — | 2,528,500 | ||||||||||||||||||||||||
21,000 | — | — | 21,000 | Kinetic Concepts, Inc. * | 1,260,000 | — | — | 1,260,000 | ||||||||||||||||||||||||
— | 60,560 | — | 60,560 | Medtronic, Inc. | — | 3,136,402 | — | 3,136,402 | ||||||||||||||||||||||||
— | 45,140 | — | 45,140 | Stryker Corp. | — | 2,146,858 | — | 2,146,858 | ||||||||||||||||||||||||
— | 23,600 | — | 23,600 | Zimmer Holdings, Inc. * | — | 1,797,612 | — | 1,797,612 | ||||||||||||||||||||||||
4,678,987 | 10,312,239 | — | 14,991,226 | |||||||||||||||||||||||||||||
Healthcare Providers & Services- 2.0% | ||||||||||||||||||||||||||||||||
54,600 | — | — | 54,600 | Aetna, Inc. | 4,521,972 | — | — | 4,521,972 | ||||||||||||||||||||||||
78,300 | — | — | 78,300 | AmerisourceBergen Corp. | 5,414,445 | — | — | 5,414,445 | ||||||||||||||||||||||||
37,100 | — | — | 37,100 | Coventry Health Care, Inc. | 2,624,825 | — | — | 2,624,825 | ||||||||||||||||||||||||
40,900 | — | — | 40,900 | HCA, Inc. | 2,317,803 | — | — | 2,317,803 | ||||||||||||||||||||||||
— | 80,000 | — | 80,000 | UnitedHealth Group, Inc. | — | 4,171,200 | — | 4,171,200 | ||||||||||||||||||||||||
14,879,045 | 4,171,200 | — | 19,050,245 | |||||||||||||||||||||||||||||
Hotels, Restaurants & Leisure - 1.2% | ||||||||||||||||||||||||||||||||
— | 50,600 | — | 50,600 | Carnival Corp. | — | 2,760,230 | — | 2,760,230 | ||||||||||||||||||||||||
28,200 | — | — | 28,200 | Darden Restaurants, Inc. | 930,036 | — | — | 930,036 | ||||||||||||||||||||||||
— | 42,640 | — | 42,640 | Harrah’s Entertainment, Inc. (a) | — | 3,073,065 | — | 3,073,065 | ||||||||||||||||||||||||
— | 43,900 | — | 43,900 | Marriott International, Inc., Class A | — | 2,994,858 | — | 2,994,858 | ||||||||||||||||||||||||
— | 23,300 | — | 23,300 | Starwood Hotels & Resorts Worldwide, Inc. | — | 1,364,681 | — | 1,364,681 | ||||||||||||||||||||||||
930,036 | 10,192,834 | — | 11,122,870 | |||||||||||||||||||||||||||||
The accompanying notes are an integral part of these financial statements.
Shares | Description | Value | ||||||||||||||||||||||||||||||
GS VIT | AIT | Pro | GS VIT | AIT | Pro | |||||||||||||||||||||||||||
CORE U.S. | Core | Forma | CORE U.S. | Core | Forma | |||||||||||||||||||||||||||
Equity | Equity | Combined | Equity | Equity | Combined | |||||||||||||||||||||||||||
Fund | Fund | Adjustments | Fund | Fund | Fund | Adjustments | Fund | |||||||||||||||||||||||||
Household Durables - 0.3% | ||||||||||||||||||||||||||||||||
31,200 | — | — | 31,200 | The Black & Decker Corp. | $ | 2,803,320 | $ | — | $ | — | $ | 2,803,320 | ||||||||||||||||||||
Household Products - 0.4% | ||||||||||||||||||||||||||||||||
63,900 | — | — | 63,900 | The Procter & Gamble Co. | 3,370,725 | — | — | 3,370,725 | ||||||||||||||||||||||||
Industrial Conglomerates - 3.4% | ||||||||||||||||||||||||||||||||
879,600 | — | — | 879,600 | General Electric Co. | 30,478,140 | — | — | 30,478,140 | ||||||||||||||||||||||||
20,200 | — | — | 20,200 | Reynolds American, Inc.(a) | 1,591,760 | — | — | 1,591,760 | ||||||||||||||||||||||||
32,069,900 | — | — | 32,069,900 | |||||||||||||||||||||||||||||
Insurance - 4.6% | ||||||||||||||||||||||||||||||||
— | 38,800 | — | 38,800 | AFLAC, Inc. | — | 1,679,264 | — | 1,679,264 | ||||||||||||||||||||||||
— | 44,100 | — | 44,100 | Allstate Corp. | — | 2,634,975 | — | 2,634,975 | ||||||||||||||||||||||||
— | 35,000 | — | 35,000 | American International Group, Inc. | — | 2,033,500 | — | 2,033,500 | ||||||||||||||||||||||||
72,800 | — | — | 72,800 | Genworth Financial, Inc. | 2,200,744 | — | — | 2,200,744 | ||||||||||||||||||||||||
— | 32,900 | — | 32,900 | Hartford Financial Services Group, Inc. | — | 2,460,262 | — | 2,460,262 | ||||||||||||||||||||||||
136,200 | — | — | 136,200 | Loews Corp. | 10,555,500 | — | — | 10,555,500 | ||||||||||||||||||||||||
180,800 | — | — | 180,800 | MBIA, Inc. | 10,723,248 | — | — | 10,723,248 | ||||||||||||||||||||||||
93,300 | — | — | 93,300 | Prudential Financial, Inc. | 6,126,078 | — | — | 6,126,078 | ||||||||||||||||||||||||
— | 27,810 | — | 27,810 | Willis Group Holdings, Ltd. | — | 909,943 | — | 909,943 | ||||||||||||||||||||||||
41,800 | — | — | 41,800 | W.R. Berkley Corp. | 1,491,424 | — | — | 1,491,424 | ||||||||||||||||||||||||
32,900 | — | — | 32,900 | XL Capital Ltd. | 2,448,418 | — | — | 2,448,418 | ||||||||||||||||||||||||
33,545,412 | 9,717,944 | — | 43,263,356 | |||||||||||||||||||||||||||||
Internet Software & Services - 1.7% | ||||||||||||||||||||||||||||||||
35,250 | 5,040 | — | 40,290 | Google, Inc., Class A*(a) | 10,368,788 | 1,482,516 | — | 11,851,304 | ||||||||||||||||||||||||
— | 69,800 | — | 69,800 | InterActiveCorp*(a) | — | 1,678,690 | — | 1,678,690 | ||||||||||||||||||||||||
31,600 | — | — | 31,600 | McAfee, Inc.* | 827,288 | — | — | 827,288 | ||||||||||||||||||||||||
— | 40,570 | — | 40,570 | Yahoo!, Inc.* | — | 1,405,750 | — | 1,405,750 | ||||||||||||||||||||||||
11,196,076 | 4,566,956 | — | 15,763,032 | |||||||||||||||||||||||||||||
IT Consulting & Services - 1.1% | ||||||||||||||||||||||||||||||||
241,700 | — | — | 241,700 | Computer Sciences Corp.* | 10,562,290 | — | — | 10,562,290 | ||||||||||||||||||||||||
Leisure Equipment & Products - 0.3% | ||||||||||||||||||||||||||||||||
55,700 | — | — | 55,700 | Polaris Industries, Inc. | 3,007,800 | — | — | 3,007,800 | ||||||||||||||||||||||||
Manufacturing — Miscellaneous - 0.5% | ||||||||||||||||||||||||||||||||
— | 37,900 | — | 37,900 | Illinois Tool Works, Inc. | — | 3,019,872 | — | 3,019,872 | ||||||||||||||||||||||||
— | 66,210 | — | 66,210 | Tyco International, Ltd. | — | 1,933,332 | — | 1,933,332 | ||||||||||||||||||||||||
— | 4,953,204 | — | 4,953,204 | |||||||||||||||||||||||||||||
Marine - 0.1% | ||||||||||||||||||||||||||||||||
21,700 | — | — | 21,700 | Overseas Shipholding Group, Inc. | 1,294,405 | — | — | 1,294,405 | ||||||||||||||||||||||||
Media - 7.0% | ||||||||||||||||||||||||||||||||
— | 72,270 | — | 72,270 | Clear Channel Communications, Inc. | — | 2,235,311 | — | 2,235,311 | ||||||||||||||||||||||||
25,864 | — | — | 25,864 | Comcast Corp.* | 794,025 | — | — | 794,025 | ||||||||||||||||||||||||
239,200 | 42,700 | — | 281,900 | Comcast Corp., Special Class A* | 7,164,040 | 1,278,865 | — | 8,442,905 | ||||||||||||||||||||||||
— | 40,900 | — | 40,900 | DIRECTV Group (The), Inc. | — | 633,950 | — | 633,950 | ||||||||||||||||||||||||
— | 26,810 | — | 26,810 | Echostar Communications Corp. | — | 808,321 | — | 808,321 | ||||||||||||||||||||||||
636,200 | — | — | 636,200 | Liberty Media Corp. Series A* | 6,482,878 | — | — | 6,482,878 | ||||||||||||||||||||||||
— | 106,760 | — | 106,760 | McGraw-Hill Cos., Inc. | — | 4,724,130 | — | 4,724,130 | ||||||||||||||||||||||||
12,000 | — | — | 12,000 | Pixar* | 600,600 | — | — | 600,600 | ||||||||||||||||||||||||
446,800 | — | — | 446,800 | The Walt Disney Co. | 11,250,424 | — | — | 11,250,424 | ||||||||||||||||||||||||
851,100 | 338,580 | — | 1,189,680 | Time Warner, Inc.* | 14,221,881 | 5,657,672 | — | 19,879,553 | ||||||||||||||||||||||||
— | 164,430 | — | 164,430 | Univision Communications, Inc.*(a) | — | 4,530,047 | — | 4,530,047 | ||||||||||||||||||||||||
26,600 | 117,920 | — | 144,520 | Viacom, Inc., Class B | 851,732 | 3,775,798 | — | 4,627,530 | ||||||||||||||||||||||||
41,365,580 | 23,644,094 | — | 65,009,674 | |||||||||||||||||||||||||||||
The accompanying notes are an integral part of these financial statements.
Shares | Description | Value | ||||||||||||||||||||||||||||||
GS VIT | AIT | Pro | GS VIT | AIT | Pro | |||||||||||||||||||||||||||
CORE U.S. | Core | Forma | CORE U.S. | Core | Forma | |||||||||||||||||||||||||||
Equity | Equity | Combined | Equity | Equity | Combined | |||||||||||||||||||||||||||
Fund | Fund | Adjustments | Fund | Fund | Fund | Adjustments | Fund | |||||||||||||||||||||||||
Newmont Mining Corp. - 0.9% | ||||||||||||||||||||||||||||||||
11,900 | — | — | 11,900 | Newmont Mining Corp. | $ | 464,457 | $ | — | $ | — | $ | 464,457 | ||||||||||||||||||||
45,100 | — | — | 45,100 | Nucor Corp. | 2,057,462 | — | — | 2,057,462 | ||||||||||||||||||||||||
157,800 | — | — | 157,800 | United States Steel Corp. | 5,423,586 | — | — | 5,423,586 | ||||||||||||||||||||||||
7,945,505 | — | — | 7,945,505 | |||||||||||||||||||||||||||||
Multiline Retail - 0.3% | ||||||||||||||||||||||||||||||||
105,300 | — | — | 105,300 | Dillard’s, Inc. | 2,466,126 | — | — | 2,466,126 | ||||||||||||||||||||||||
Oil & Gas - 7.5% | ||||||||||||||||||||||||||||||||
114,600 | — | — | 114,600 | Anadarko Petroleum Corp. | 9,414,390 | — | — | 9,414,390 | ||||||||||||||||||||||||
31,100 | — | — | 31,100 | Apache Corp. | 2,009,060 | — | — | 2,009,060 | ||||||||||||||||||||||||
— | 17,100 | — | 17,100 | Baker Hughes, Inc. | — | 874,836 | — | 874,836 | ||||||||||||||||||||||||
199,800 | — | — | 199,800 | Burlington Resources, Inc. | 11,036,952 | — | — | 11,036,952 | ||||||||||||||||||||||||
107,776 | — | — | 107,776 | ConocoPhillips | 6,196,042 | — | — | 6,196,042 | ||||||||||||||||||||||||
55,400 | — | — | 55,400 | EOG Resources, Inc. | 3,146,720 | — | — | 3,146,720 | ||||||||||||||||||||||||
195,866 | 125,000 | — | 320,866 | Exxon Mobil Corp. | 11,256,419 | 7,183,750 | — | 18,440,169 | ||||||||||||||||||||||||
— | 83,100 | — | 83,100 | Marathon Oil Corp. | — | 4,435,047 | — | 4,435,047 | ||||||||||||||||||||||||
— | 37,780 | — | 37,780 | Schlumberger, Ltd. | — | 2,869,013 | — | 2,869,013 | ||||||||||||||||||||||||
— | 33,900 | — | 33,900 | Sempra Energy | — | 1,400,409 | — | 1,400,409 | ||||||||||||||||||||||||
90,400 | — | — | 90,400 | Sunoco, Inc. | 10,276,672 | — | — | 10,276,672 | ||||||||||||||||||||||||
53,336,255 | 16,763,055 | — | 70,099,310 | |||||||||||||||||||||||||||||
Personal Products - 0.3% | ||||||||||||||||||||||||||||||||
55,000 | — | — | 55,000 | The Gillette Co. | 2,784,650 | — | — | 2,784,650 | ||||||||||||||||||||||||
Pharmaceuticals - 7.9% | ||||||||||||||||||||||||||||||||
258,200 | — | — | 258,200 | Abbott Laboratories | 12,654,382 | — | — | 12,654,382 | ||||||||||||||||||||||||
7,700 | — | — | 7,700 | Allergan, Inc. | 656,348 | — | — | 656,348 | ||||||||||||||||||||||||
57,500 | 59,500 | — | 117,000 | Bristol-Myers Squibb Co. | 1,436,350 | 1,486,310 | — | 2,922,660 | ||||||||||||||||||||||||
— | 89,700 | — | 89,700 | Caremax Rx, Inc.* | — | 3,993,444 | — | 3,993,444 | ||||||||||||||||||||||||
— | 27,400 | — | 27,400 | Cephalon, Inc.*(a) | — | 1,090,794 | — | 1,090,794 | ||||||||||||||||||||||||
320,500 | — | — | 320,500 | Johnson & Johnson | 20,832,500 | — | — | 20,832,500 | ||||||||||||||||||||||||
— | 26,210 | — | 26,210 | Lilly (Eli) & Co. | — | 1,460,159 | — | 1,460,159 | ||||||||||||||||||||||||
— | 79,880 | — | 79,880 | Medco Health Solutions, Inc.* | — | 4,262,397 | — | 4,262,397 | ||||||||||||||||||||||||
648,105 | 79,140 | — | 727,245 | Pfizer, Inc. | 17,874,736 | 2,182,681 | — | 20,057,417 | ||||||||||||||||||||||||
— | 114,110 | — | 114,110 | Wyeth Corp. | — | 5,077,895 | — | 5,077,895 | ||||||||||||||||||||||||
53,454,316 | 19,553,680 | — | 73,007,996 | |||||||||||||||||||||||||||||
Real Estate - 0.4% | ||||||||||||||||||||||||||||||||
102,700 | — | — | 102,700 | Equity Office Properties Trust | 3,399,370 | — | — | 3,399,370 | ||||||||||||||||||||||||
Retail - 2.4% | ||||||||||||||||||||||||||||||||
223,400 | — | — | 223,400 | AutoNation, Inc.* | 4,584,168 | — | — | 4,584,168 | ||||||||||||||||||||||||
163,956 | — | — | 163,956 | Circuit City Stores, Inc. | 2,834,799 | — | — | 2,834,799 | ||||||||||||||||||||||||
— | 55,400 | — | 55,400 | Costco Wholesale Corp. | — | 2,483,028 | — | 2,483,028 | ||||||||||||||||||||||||
— | 68,080 | — | 68,080 | Lowes Cos., Inc.(a) | — | 3,963,618 | — | 3,963,618 | ||||||||||||||||||||||||
— | 44,000 | — | 44,000 | Office Depot, Inc.* | — | 1,004,960 | — | 1,004,960 | ||||||||||||||||||||||||
— | 29,130 | — | 29,130 | Target Corp. | — | 1,584,963 | — | 1,584,963 | ||||||||||||||||||||||||
— | 111,990 | — | 111,990 | Wal-Mart Stores, Inc. | — | 5,397,918 | — | 5,397,918 | ||||||||||||||||||||||||
7,418,967 | 14,434,487 | — | 21,853,454 | |||||||||||||||||||||||||||||
Road & Rail - 1.4% | ||||||||||||||||||||||||||||||||
174,900 | — | — | 174,900 | Burlington Northern Santa Fe Corp. | 8,234,292 | — | — | 8,234,292 | ||||||||||||||||||||||||
38,800 | — | — | 38,800 | CSX Corp. | 1,655,208 | — | — | 1,655,208 | ||||||||||||||||||||||||
89,800 | — | — | 89,800 | Norfolk Southern Corp. | 2,780,208 | — | — | 2,780,208 | ||||||||||||||||||||||||
12,669,708 | — | — | 12,669,708 | |||||||||||||||||||||||||||||
Semiconductor Equipment & Products - 3.7% | ||||||||||||||||||||||||||||||||
334,900 | — | — | 334,900 | Advanced Micro Devices, Inc.* | 5,807,166 | — | — | 5,807,166 | ||||||||||||||||||||||||
52,400 | — | — | 52,400 | Freescale Semiconductor, Inc.* | 1,100,924 | — | — | 1,100,924 | ||||||||||||||||||||||||
190,808 | — | — | 190,808 | Freescale Semiconductor, Inc. Class B* | 4,041,314 | — | — | 4,041,314 | ||||||||||||||||||||||||
728,900 | 67,900 | — | 796,800 | Intel Corp. | 18,995,134 | 1,769,474 | — | 20,764,608 | ||||||||||||||||||||||||
— | 78,150 | — | 78,150 | Linear Technology Corp. | — | 2,867,324 | — | 2,867,324 | ||||||||||||||||||||||||
29,944,538 | 4,636,798 | — | 34,581,336 | |||||||||||||||||||||||||||||
Software - 3.6% | ||||||||||||||||||||||||||||||||
286,200 | — | — | 286,200 | Autodesk, Inc. | 9,836,694 | — | — | 9,836,694 | ||||||||||||||||||||||||
— | 48,360 | — | 48,360 | Electronic Arts, Inc.* | — | 2,737,660 | — | 2,737,660 | ||||||||||||||||||||||||
— | 149,990 | — | 149,990 | First Data Corp. | — | 6,020,599 | — | 6,020,599 | ||||||||||||||||||||||||
171,000 | 376,100 | — | 547,100 | Microsoft Corp. | 4,247,640 | 9,342,324 | — | 13,589,964 | ||||||||||||||||||||||||
66,300 | — | — | 66,300 | Symantec Corp.* | 1,441,362 | — | — | 1,441,362 | ||||||||||||||||||||||||
15,525,696 | 18,100,583 | — | 33,626,279 | |||||||||||||||||||||||||||||
Textiles & Apparel - 1.1% | ||||||||||||||||||||||||||||||||
300,200 | — | — | 300,200 | Coach, Inc.* | 10,077,714 | — | — | 10,077,714 | ||||||||||||||||||||||||
Tobacco - 1.8% | ||||||||||||||||||||||||||||||||
247,300 | — | — | 247,300 | Altria Group, Inc. | 15,990,418 | — | — | 15,990,418 | ||||||||||||||||||||||||
13,500 | — | — | 13,500 | UST, Inc. | 616,410 | — | — | 616,410 | ||||||||||||||||||||||||
16,606,828 | — | — | 16,606,828 | |||||||||||||||||||||||||||||
Transportation - 0.4% | ||||||||||||||||||||||||||||||||
— | 45,800 | — | 45,800 | Burlington Northern Santa Fe Corp. | — | 2,156,264 | — | 2,156,264 | ||||||||||||||||||||||||
— | 17,400 | — | 17,400 | FedEx Corp. | — | 1,409,574 | — | 1,409,574 | ||||||||||||||||||||||||
— | 3,565,838 | — | 3,565,838 | |||||||||||||||||||||||||||||
Wireless Telecommunication Services - 0.6% | ||||||||||||||||||||||||||||||||
— | 154,400 | — | 154,400 | Nextel Communications, Inc., Class A*(a) | — | 4,988,664 | — | 4,988,664 | ||||||||||||||||||||||||
10,700 | — | — | 10,700 | United States Cellular Corp.* | 534,358 | — | — | 534,358 | ||||||||||||||||||||||||
534,358 | 4,988,664 | — | 5,523,022 | |||||||||||||||||||||||||||||
TOTAL COMMON STOCKS (Cost $585,099,388, $249,491,119, $0 and $834,590,507, respectively) | $ | 618,153,756 | $ | 288,068,103 | $ | — | $ | 906,221,859 | ||||||||||||||||||||||||
Exchange-Traded Fund - 0.5% SPDR Trust Series 1 (a) | ||||||||||||||||||||||||||||||||
— | 37,100 | — | 37,100 | (Cost $0, $4,510,885, $0 and $4,510,885, respectively) | $ | — | $ | 4,419,352 | $ | — | $ | 4,419,352 | ||||||||||||||||||||
The accompanying notes are an integral part of these financial statements.
for the Goldman Sachs Variable Investment Trust CORESM U.S. Equity Fund and the Allmerica Investment Trust Core Equity Fund
June 30, 2005
(Unaudited)
Principal Amount | Interest Rate Maturity Date | Value | ||||||||||||||||||||||||||||||
GS VIT | AIT | Pro | GS VIT | AIT | Pro | |||||||||||||||||||||||||||
CORE U.S. | Core | Forma | CORE U.S. | Core | Forma | |||||||||||||||||||||||||||
Equity | Equity | Combined | Equity | Equity | Combined | |||||||||||||||||||||||||||
Fund | Fund | Adjustments | Fund | Fund | Fund | Adjustments | Fund | |||||||||||||||||||||||||
Repurchase Agreement (b) - 1.2% Joint Repurchase Agreement Account II 3.41% 07/01/2005 Maturity Value $11,001,041 (Cost $11,000,000, $0, $0 and $11,000,000, | ||||||||||||||||||||||||||||||||
$ | 11,000,000 | $ | — | $ | — | $ | 11,000,000 | respectively) | $ | 11,000,000 | $ | — | $ | — | $ | 11,000,000 | ||||||||||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL (Cost $596,099,388, $254,002,004, $0 and $850,101,392, respectively) | $ | 629,153,756 | $ | 292,487,455 | $ | — | $ | 921,641,211 | ||||||||||||||||||||||||
Shares | Description | Value | ||||||||||||||||||||||||||||||
Securities Lending Collateral - 3.1% | ||||||||||||||||||||||||||||||||
Boston Global Investment Trust — Enhanced | ||||||||||||||||||||||||||||||||
2,961,250 | — | 27,286,982 | 30,248,232 | Portfolio | $ | 2,961,250 | $ | — | $ | 27,286,982 | $ | 30,248,232 |
Principal Amount | Interest Rate Maturity Date | Value | ||||||||||||||||||||||||||||||
— | 508,618 | (508,618 | ) | — | Bank of America 3.27%, 07/18/05 | $ | — | $ | 508,618 | $ | (508,618 | ) | $ | — | ||||||||||||||||||
— | 406,894 | (406,894 | ) | — | Barclays 3.16%, 07/14/05 | — | 406,894 | (406,894 | ) | — | ||||||||||||||||||||||
— | 549,859 | (549,859 | ) | — | Barclays 3.25%, 07/26/05 | — | 549,859 | (549,859 | ) | — | ||||||||||||||||||||||
— | 1,017,236 | (1,017,236 | ) | — | Calyon 3.25%, 08/04/05 | — | 1,017,236 | (1,017,236 | ) | — | ||||||||||||||||||||||
— | 508,618 | (508,618 | ) | — | Clipper Receivables Corp. 3.19%, 07/14/05 | — | 508,618 | (508,618 | ) | — | ||||||||||||||||||||||
— | 508,618 | (508,618 | ) | — | Compass Securitization 3.16%, 07/11/05 | — | 508,618 | (508,618 | ) | — | ||||||||||||||||||||||
— | 1,017,236 | (1,017,236 | ) | — | Credit Suisse First Boston Corporation 3.15%, 09/09/05 | — | 1,017,236 | (1,017,236 | ) | — | ||||||||||||||||||||||
— | 836,885 | (836,885 | ) | — | Credit Suisse First Boston Corporation 3.20%, 07/18/05 | — | 836,885 | (836,885 | ) | — | ||||||||||||||||||||||
— | 4,068,943 | (4,068,943 | ) | — | Credit Suisse First Boston Corporation Repurchase Agreement(b) 3.48% 07/01/2005 Maturity Value $2,611,956 (Collateralized by various corporate obligations) | — | 4,068,943 | (4,068,943 | ) | — | ||||||||||||||||||||||
— | 610,342 | (610,342 | ) | — | Dexia Group 3.24%, 07/21/05 | — | 610,342 | (610,342 | ) | — | ||||||||||||||||||||||
— | 508,618 | (508,618 | ) | — | First Tennessee National Corporation 3.22%, 08/09/05 | — | 508,618 | (508,618 | ) | — | ||||||||||||||||||||||
— | 508,618 | (508,618 | ) | — | Fortis Bank 3.11%, 07/05/05 | — | 508,618 | (508,618 | ) | — | ||||||||||||||||||||||
— | 519,830 | (519,830 | ) | — | Goldman Sachs Group, Inc. 3.33%, 08/05/05(c) | — | 519,830 | (519,830 | ) | — | ||||||||||||||||||||||
— | 508,618 | (508,618 | ) | — | Goldman Sachs Group, Inc. 3.32%, 12/28/05(c) | — | 508,618 | (508,618 | ) | — | ||||||||||||||||||||||
— | 5,888,817 | (5,888,817 | ) | — | Goldman Sachs Group, Inc. Repurchase Agreement(b) 3.48% 07/01/2005 Maturity Value $3,780,178 (Collateralized by various corporate obligations) | — | 5,888,817 | (5,888,817 | ) | — | ||||||||||||||||||||||
— | 508,618 | (508,618 | ) | — | Grampian Funding LLC 3.28%, 07/13/05 | — | 508,618 | (508,618 | ) | — | ||||||||||||||||||||||
— | 369,847 | (369,847 | ) | — | Greyhawk Funding 3.31%, 08/09/05 | — | 369,847 | (369,847 | ) | — | ||||||||||||||||||||||
— | 508,618 | (508,618 | ) | — | HBOS Halifax Bank of Scotland 3.15%, 08/08/05 | — | 508,618 | (508,618 | ) | — | ||||||||||||||||||||||
— | 508,618 | (508,618 | ) | — | HSBC Banking/Holdings Plc 3.25%, 08/05/05 | — | 508,618 | (508,618 | ) | — | ||||||||||||||||||||||
— | 508,618 | (508,618 | ) | — | JP Morgan Chase & Co. 3.20%, 07/20/05 | — | 508,618 | (508,618 | ) | — | ||||||||||||||||||||||
— | 1,017,236 | (1,017,236 | ) | — | Jupiter Securitization Corp. 3.21%, 07/15/05 | — | 1,017,236 | (1,017,236 | ) | — | ||||||||||||||||||||||
— | 1,024,606 | (1,024,606 | ) | — | Lehman Brothers, Inc. Repurchase Agreement(b) 3.48% 07/01/2005 Maturity Value $657,658 (Collateralized by various corporate obligations) | — | 1,024,606 | (1,024,606 | ) | — | ||||||||||||||||||||||
— | 508,618 | (508,618 | ) | — | Merrill Lynch & Co. Repurchase Agreement(b) 3.48% 07/01/2005 Maturity Value $326,463 (Collateralized by various corporate obligations) | — | 508,618 | (508,618 | ) | — | ||||||||||||||||||||||
— | 508,618 | (508,618 | ) | — | Nordea Bank of Finland Plc (NY Branch) 3.17%, 08/09/05 | — | 508,618 | (508,618 | ) | — | ||||||||||||||||||||||
— | 608,904 | (608,904 | ) | — | Park Avenue Receivables Corp. 3.30%, 07/14/05 | — | 608,904 | (608,904 | ) | — | ||||||||||||||||||||||
— | 656,957 | (656,957 | ) | — | Prefco 3.28%, 07/08/05 | — | 656,957 | (656,957 | ) | — | ||||||||||||||||||||||
— | 610,342 | (610,342 | ) | — | Rabobank Nederland 3.25%, 08/08/05 | — | 610,342 | (610,342 | ) | — | ||||||||||||||||||||||
— | 508,618 | (508,618 | ) | — | Societe Generale 3.24%, 08/09/05 | — | 508,618 | (508,618 | ) | — | ||||||||||||||||||||||
— | 419,898 | (419,898 | ) | — | The Bank of the West 3.27%, 07/27/05 | — | 419,898 | (419,898 | ) | — | ||||||||||||||||||||||
— | 451,502 | (451,502 | ) | — | Toronto Dominion Bank 3.25%, 08/02/05 | — | 451,502 | (451,502 | ) | — | ||||||||||||||||||||||
— | 599,614 | (599,614 | ) | — | Wells Fargo 3.27%, 08/01/05 | — | 599,614 | (599,614 | ) | — | ||||||||||||||||||||||
— | 27,286,982 | — | 27,286,982 | |||||||||||||||||||||||||||||
TOTAL SECURITIES LENDING COLLATERAL (Cost $2,961,250, $27,286,982, $0 and $30,248,232, respectively) | $ | 2,961,250 | $ | 27,286,982 | $ | — | $ | 30,248,232 | ||||||||||||||||||||||||
TOTAL INVESTMENTS - 102.3% (Cost 599,060,638, $281,288,986, $0 and $880,349,624, respectively) | $ | 632,115,006 | $ | 319,774,437 | $ | — | $ | 951,889,443 | ||||||||||||||||||||||||
The accompanying notes are an integral part of these financial statements.
Number of | ||||||||
Type | contracts Long | Settlement month | Market Value | Unrealized Loss | ||||
| ||||||||
S&P 500 Index | 198 | September 2005 | $11,835,450 | $(126,876) | ||||
JOINT REPURCHASE AGREEMENT ACCOUNT II — At June 30, 2005, the GS VIT CORESM U.S. Equity Fund had an undivided interest in the following Joint Repurchase Agreement Account II which equaled $11,000,000 in principal amount. |
Repurchase Agreements | Principal Amount | Interest Rate | Maturity Date | Maturity Value | ||||||||||||
| ||||||||||||||||
Banc of America Securities LLC | $ | 1,500,000,000 | 3.40 | % | 07/01/2005 | $ | 1,500,141,667 | |||||||||
Barclays Capital PLC | 700,000,000 | 3.40 | 07/01/2005 | 700,066,111 | ||||||||||||
Deutsche Bank Securities, Inc. | 1,000,000,000 | 3.40 | 07/01/2005 | 1,000,094,444 | ||||||||||||
Deutsche Bank Securities, Inc. | 300,000,000 | 3.45 | 07/01/2005 | 300,028,750 | ||||||||||||
Greenwich Capital Markets | 400,000,000 | 3.43 | 07/01/2005 | 400,038,111 | ||||||||||||
J.P. Morgan Securities, Inc. | 400,000,000 | 3.41 | 07/01/2005 | 400,037,889 | ||||||||||||
Morgan Stanley & Co. | 1,000,500,000 | 3.40 | 07/01/2005 | 1,000,594,492 | ||||||||||||
UBS Securities LLC | 250,000,000 | 3.40 | 07/01/2005 | 250,023,611 | ||||||||||||
Wachovia Capital Markets | 250,000,000 | 3.40 | 07/01/2005 | 250,023,611 | ||||||||||||
Westdeutsche Landesbank AG | 500,000,000 | 3.43 | 07/01/2005 | 500,047,639 | ||||||||||||
TOTAL | $ | 6,300,500,000 | $ | 6,301,096,325 | ||||||||||||
The accompanying notes are an integral part of these financial statements.
For the Goldman Sachs VIT CORESM U.S. Equity Fund and the AIT Core Equity Fund
June 30, 2005
(Unaudited)
GS VIT CORESM U.S. | AIT Core | Pro Forma | ||||||||||||||
Equity Fund | Equity Fund | Adjustments | Combined Fund | |||||||||||||
Assets: | ||||||||||||||||
Investments in securities, at value (cost $596,099,388, $254,002,004, $0 and $850,101,392, respectively) | $ | 629,153,756 | $ | 292,487,455 | $ | — | $ | 921,641,211 | ||||||||
Securities Lending collateral, at value | 2,961,250 | 27,286,982 | 30,248,232 | |||||||||||||
Cash | 1,201,532 | (a) | 3,560,257 | — | 4,761,789 | |||||||||||
Receivables: | ||||||||||||||||
Fund shares sold | 2,155,502 | — | — | 2,155,502 | ||||||||||||
Investment securities sold | — | 1,112,673 | 1,112,673 | |||||||||||||
Dividends and Interest | 848,000 | 342,117 | — | 1,190,117 | ||||||||||||
Variation margin | 671,195 | — | — | 671,195 | ||||||||||||
Securities lending income | 794 | — | — | 794 | ||||||||||||
Other assets | 5,320 | — | — | 5,320 | ||||||||||||
Total assets | 636,997,349 | 324,789,484 | — | 961,786,833 | ||||||||||||
Liabilities: | ||||||||||||||||
Payables: | ||||||||||||||||
Payable upon return of securities loaned | 2,961,250 | 27,286,982 | — | 30,248,232 | ||||||||||||
Fund shares repurchased | 312,737 | 463,307 | — | 776,044 | ||||||||||||
Investment securities purchased | — | 568,265 | — | 568,265 | ||||||||||||
Amounts owed to affiliates | 354,174 | 183,317 | (183,317 | )(b) | 354,174 | |||||||||||
Accrued expenses and other liabilities | 42,549 | 80,527 | 183,317 | (b) | 306,393 | |||||||||||
Total liabilities | 3,670,710 | 28,582,398 | — | 32,253,108 | ||||||||||||
Net Assets: | ||||||||||||||||
Paid-in capital | 637,543,586 | 488,784,717 | — | 1,126,328,303 | ||||||||||||
Accumulated undistributed net investment income | 2,809,710 | 131,211 | — | 2,940,921 | ||||||||||||
Accumulated net realized loss on investment and futures transactions | (39,954,149 | ) | (231,194,293 | ) | — | (271,148,442 | ) | |||||||||
Net unrealized gain on investments and futures | 32,927,492 | 38,485,451 | — | 71,412,943 | ||||||||||||
Net Assets | $ | 633,326,639 | $ | 296,207,086 | $ | — | $ | 929,533,725 | ||||||||
Net Asset Value, offering and redemption price per share:(c) | ||||||||||||||||
Institutional | $ | 12.09 | $ | — | $ | — | $ | 12.09 | ||||||||
Service | $ | — | $ | 1.695 | $ | 10.395 | (d) | $ | 12.09 | |||||||
Shares Outstanding: | ||||||||||||||||
Institutional | 52,383,520 | — | — | 52,383,520 | ||||||||||||
Service | — | 174,712,347 | (150,212,174 | )(c) | 24,500,173 | |||||||||||
Total shares outstanding, $.001 par value (unlimited number of shares authorized) | 52,383,520 | 174,712,347 | (150,212,174 | )(c) | 76,883,693 | |||||||||||
(a) | Includes restricted cash of $1,161,150 relating to initial margin requirements on futures transactions. | |
(b) | Adjustment to re-class amount owed to affiliates of AIT Core Equity Fund. | |
(c) | Service Shares of AIT Core Equity Fund are exchanged for new Service Shares of GS VIT CORE Equity Fund to be established upon consummation of the merger. Initial per share values of Service Shares are presumed to equal that of the GS VIT CORE Equity Fund’s Institutional Shares. | |
(d) | Adjustment to AIT Core Equity Fund’s NAV based on GS VIT CORE U.S. Equity Fund’s Institutional Class NAV. |
The accompanying notes are an integral part of these financial statements.
For the Goldman Sachs VIT CORESM U.S. Equity Fund and the AIT Core Equity Fund
For the twelve months ended June 30, 2005 (Unaudited)
GS VIT CORESM U.S. | AIT Core | Pro Forma | ||||||||||||||
Equity Fund | Equity Fund | Adjustments | Combined Fund | |||||||||||||
Investment Income: | ||||||||||||||||
Dividends | $ | 9,960,644 | $ | 5,710,690 | $ | — | $ | 15,671,334 | ||||||||
Interest (including securities lending income of $40,129, $33,516, $0 and $73,645, respectively) | 253,758 | 49,061 | — | 302,819 | ||||||||||||
Total income | 10,214,402 | 5,759,751 | — | 15,974,153 | ||||||||||||
Expenses: | ||||||||||||||||
Management fees | 3,533,636 | 1,888,496 | (50,558 | )(a) | 5,371,574 | |||||||||||
Distribution and Service fees | — | 480,399 | 322,021 | (c) | 802,420 | |||||||||||
Transfer Agent fees | 201,922 | — | 128,636 | (e) | 330,558 | |||||||||||
Custody and accounting fees | 108,294 | 136,304 | (89,598 | )(b) | 155,000 | |||||||||||
Printing fees | 47,507 | 30,915 | (25,422 | )(b) | 53,000 | |||||||||||
Audit and tax fees | 30,465 | 37,396 | (32,861 | )(b) | 35,000 | |||||||||||
Legal fees | 23,142 | 24,408 | (19,550 | )(b) | 28,000 | |||||||||||
Trustee fees | 14,517 | 26,421 | (26,421 | )(b) | 14,517 | |||||||||||
Other | 20,604 | 4,454 | (1,058 | )(b) | 24,000 | |||||||||||
Total expenses | 3,980,087 | 2,628,793 | 205,189 | 6,814,069 | ||||||||||||
Less — expense reductions | (253,817 | ) | — | (291,829 | )(d) | (545,646 | ) | |||||||||
Net Expenses | 3,726,270 | 2,628,793 | (86,640 | ) | 6,268,423 | |||||||||||
Net Investment Income | 6,488,132 | 3,130,958 | 86,640 | 9,705,730 | ||||||||||||
Realized and unrealized gain (loss) on investment and futures transactions: | ||||||||||||||||
Net realized gain from: | ||||||||||||||||
Investment transactions (including commissions recaptured of $0, $71,037, $0 and $71,037, respectively) | 39,099,023 | 13,249,189 | — | 52,348,212 | ||||||||||||
Futures transactions | 374,709 | — | — | 374,709 | ||||||||||||
Net change in unrealized gain (loss) on: | ||||||||||||||||
Investments | (19,564,819 | ) | 4,696,724 | — | (14,868,095 | ) | ||||||||||
Futures | (187,638 | ) | — | — | (187,638 | ) | ||||||||||
Net realized and unrealized gain on investment and futures transactions | 19,721,275 | 17,945,913 | — | 37,667,188 | ||||||||||||
Net Increase in Net Assets Resulting from Operations | $ | 26,209,407 | $ | 21,076,871 | $ | 86,640 | $ | 47,372,918 | ||||||||
(a) | Adjustment to reflect reduction in management fee based on GS VIT CORESM U.S. Equity Fund’s fee rate. | |
(b) | Adjustments to reflects the anticipated savings as a result of consolidation of printing, custody and accounting and other services. | |
(c) | Adjustment to reflect distribution and service fees based on GS VIT CORESM U.S. Equity Fund’s contractual Fee rate. | |
(d) | Adjustment to reflect reduction based on GS VIT CORESM U.S. Equity Fund’s expense cap and waivers. | |
(e) | Adjustment to reflect transfer agent fees based on GS VIT CORE U.S. Equity Fund’s transfer agent fee rate. |
The accompanying notes are an integral part of these financial statements.
Service Class | ||||
Shares Issued in connection with merger | 24,500,173 | |||
Net Assets June 30, 2005 of AIT Core Equity Fund | $ | 296,207,086 | ||
Pro Forma Net Asset Value June 30, 2005 | $ | 12.09 | ||
Capital Loss Carryforward* | VIT CORE U.S. Equity Fund | AIT Core Equity Fund | ||||||
Expiring 2009 | $ | 14,472 | $ | 108,961 | ||||
Expiring 2010 | 27,610 | 88,482 | ||||||
Expiring 2011 | 2,163 | 31,739 | ||||||
Total | $ | 44,245 | $ | 229,182 | ||||
* | Utilization of these losses may be limited under the Code |
2
Average Daily Net Assets | Annual Rate | |||
First $1 Billion | 0.65 | % | ||
Next $1 Billion | 0.59 | % | ||
Over $2 Billion | 0.56 | % | ||
3
4
FORM N-14
PART C — OTHER INFORMATION
(1 | ) | (a) | Agreement and Declaration of Trust dated September 16, 1997 is incorporated herein by reference to exhibit (1) of the Registration Statement on Form N-1A (No. 333-35883 and 811-08361) filed with the Securities and Exchange Commission (“Commission”) on September 18, 1997 (Accession No. 0000950130-97-004157) (the “Initial Registration Statement”). | |||||
(b) | Amendment No. 1 dated October 21, 1997 to Agreement and Declaration of Trust is incorporated herein by reference to exhibit (1)(b) of Pre-Effective Amendment No. 1 of the Registration Statement on Form N-1A (No. 333-35883 and 811-08361) filed with the Commission on December 23, 1997 (Accession No. 0000950130-97-005710) (“Pre-Effective Amendment No. 1”). |
C-1
(c) | Amendment No. 2 dated January 22, 1999 to Agreement and Declaration of Trust is incorporated herein by reference to exhibit (a)(3) of Post-Effective Amendment No. 2 of the Registration Statement on Form N-1A (No. 333-35883 and 811-08361) filed with the Commission on February 26, 1999 (Accession No.0000950130-99-001075) (“Post-Effective Amendment No. 2”). | |||||||
(d) | Amendment No. 3 dated April 28, 1999 to Agreement and Declaration of Trust is incorporated herein by reference to exhibit (a)(4) of Post-Effective Amendment No. 3 of the Registration Statement on Form N-1A (No. 333-35883 and 811-08361) filed with the Commission on January 31, 2000 (Accession No. 0000950130-00-000305)(“Post-Effective Amendment No. 3”). | |||||||
(e) | Amendment No. 4 dated February 3, 2000 to Agreement and Declaration of Trust is incorporated herein by reference to exhibit (a)(5) of Post-Effective Amendment No. 4 of the Registration Statement on Form N-1A (No. 333-35883 and 811-08361) filed with the Commission on April 13, 2000 (Accession No. 0000950130-00-002070) (“Post-Effective Amendment No. 4”). | |||||||
(f) | Amendment No. 5 dated August 1, 2000 to Agreement and Declaration of Trust is incorporated herein by reference to exhibit (a)(6) of Post-Effective Amendment No. 5 of the Registration Statement on Form N-1A (No. 333-35883 and 811-08361) filed with the Commission on April 13, 2001 (Accession No. 0000950109-01-500531) (“Post-Effective Amendment No. 5”). | |||||||
(g) | Amendment No. 6 dated April 25, 2001 to Agreement and Declaration of Trust is incorporated herein by reference to exhibit (a)(7) of Post-Effective Amendment No. 6 of the Registration Statement on Form N-1A (No. 333-35883 and 811-08361) filed with the Commission on April 29, 2002 (Accession No. 0000950123-02-004328) (“Post-Effective Amendment No. 6”). | |||||||
(h) | Amendment No. 7 dated August 1, 2002 to the Agreement and Declaration of Trust is incorporated herein by reference to exhibit (a)(8) of Post-Effective Amendment No. 7 of the Registration Statement on Form N-1A (No. 333-35883 and 811-08361) filed with the Commission on April 15, 2003 (Accession No. 0000950123-03-004261) (“Post-Effective Amendment No. 7”). | |||||||
(2 | ) | (a) | By-Laws of Registrant dated September 16, 1997 are incorporated herein by reference to exhibit (2) of the Initial Registration Statement. | |||||
(b) | Amendment No. 1 dated August 1, 2002 to the By-Laws is incorporated herein by reference to exhibit (b)(2) of Post-Effective Amendment No. 7. | |||||||
(c) | Amended and Restated By-Laws dated October 30, 2002 are incorporated herein by reference to exhibit (b)(3) of Post-Effective Amendment No. 7. |
C-2
(d) | Amendment No. 1 to Amended and Restated By-Laws, dated November 4, 2004 is incorporated herein by reference to exhibit (b)(4) of Post-Effective Amendment No. 9 of the Registration Statement on Form N-1A (No. 333-35883 and 811-08361) filed with the Commission on February 23, 2005 (Accession No. 0000950123-05-002150) (“Post-Effective Amendment No. 9”). | |||||||
(3 | ) | Not Applicable. | ||||||
(4 | ) | Agreement and Plan of Reorganization dated August 22, 2005, is filed herewith as Appendix A to the Combined Proxy Statement/Prospectus and incorporated herein by reference. | ||||||
(5 | ) | Article II, Section 10, Article IV, Section 4, Article V, Article VI, Article VII, Article IX, Section 8, Section 9, and Section 12 of the Registrant’s Agreement and Declaration of Trust incorporated herein by reference as Exhibit (1)(a) and Article III of the Registrant’s Amended and Restated By-Laws incorporated herein by reference as Exhibit (2)(c). | ||||||
(6 | ) | (a) | Management Agreement among Registrant, Goldman Sachs Asset Management and Goldman Sachs Asset Management International on behalf of the Growth and Income, CORESM U.S. Equity, CORESM Large Cap Growth, CORESM Small Cap Equity, Mid Cap Equity, Capital Growth, International Equity, Global Income and High Yield Funds is incorporated herein by reference to exhibit (5) of Pre-Effective Amendment No. 1. | |||||
(b) | Amended Annex A to Management Agreement among Registrant, Goldman Sachs Asset Management and Goldman Sachs Asset Management International on behalf of the Growth and Income, CORESM U.S. Equity, CORESM Large Cap Growth, CORESM Small Cap Equity, Mid Cap Equity, Capital Growth, International Equity, Global Income, High Yield, CORESM Large Cap Value, CORESM International Equity, Short Duration Government and Internet Tollkeeper Funds is incorporated herein by reference to exhibit (d)(2) of Post-Effective Amendment No. 5. | |||||||
(c) | Assumption Agreement dated April 26, 2003 between Goldman, Sachs & Co. and Goldman Sachs Asset Management, L.P. is incorporated herein by reference to exhibit 6(c) of the Registration Statement on Form N-14 (No. 333-108360) filed with the Securities and Exchange Commission on August 29, 2003 (Accession No. 0000950123-03-009958). |
C-3
(d) | Fee Reduction Commitment dated April 29, 2005 by Goldman Sachs Asset Management, L.P. and Registrant relating to the CORE U.S. Equity Fund is incorporated herein by reference to exhibit (d)(4) of Post Effective Amendment No. 12 (Accession No. 0000950130-05-007490). | |||||||
(7 | ) | Amended and Restated Distribution Agreement between Registrant and Goldman, Sachs & Co. dated February 3, 2000 is incorporated herein by reference to exhibit (e) of Post-Effective Amendment No. 5. | ||||||
(8 | ) | Not Applicable. | ||||||
(9 | ) | (a) | Custodian Agreement between Registrant and State Street Bank and Trust Company dated December 31, 1997 is incorporated herein by reference to exhibit (8) of Post-Effective Amendment No. 1 of the Registration Statement on Form N-1A (No. 333-35883 and 811-08361) filed with the Commission on November 18, 1998 (Accession No. 0000950130-98-005579) (“Post-Effective Amendment No. 1”). | |||||
(b) | Letter Agreement relating to Custodian Agreement between Registrant and State Street Bank and Trust Company, dated January 21, 2000 (Internet Tollkeeper Fund) is incorporated herein by reference to exhibit (g)(4) of Post-Effective Amendment No. 5. | |||||||
(c) | Amendment dated July 2, 2001 to the Custodian Contract dated December 31, 1997 between Registrant and State Street Bank and Trust Company is incorporated herein by reference to exhibit (g)(3) of Post-Effective Amendment No. 6. | |||||||
(d) | Amendment dated August 1, 2001 to the Custodian Contract dated December 31, 1997 between Registrant and State Street Bank and Trust Company is incorporated herein by reference to exhibit (g)(4) of Post-Effective Amendment No. 7. | |||||||
(10 | ) | None. | ||||||
(11 | ) | Opinion and consent of counsel that shares will be validly issued, fully paid and non-assessable is filed herewith. | ||||||
(12) | (a) (i) | Form of Opinion of Counsel with respect to certain tax consequences for the CORE U.S. Equity Fund is filed herewith. | ||||||
(12) | (a) (ii) | Form of Opinion of Counsel with respect to certain tax consequences for the International Equity Fund is filed herewith. | ||||||
(12) | (a) (iii) | Form of Opinion of Counsel with respect to certain tax consequences for the Capital Growth Fund is filed herewith. | ||||||
(12) | (a) (iv) | Form of Opinion of Counsel with respect to certain tax consequences for the Mid Cap Value Fund is filed herewith. | ||||||
(12) | (a) (v) | Form of Opinion of Counsel with respect to certain tax consequences for the Growth Opportunities Fund, Equity Index Fund, Government Income Fund, Core Fixed Income Fund and Money Market Fund is filed herewith. | ||||||
(13 | ) | (a) | Transfer Agency Agreement between Registrant and Goldman, Sachs & Co. dated October 21, 1997 is incorporated herein by reference to exhibit (9)(a) of Pre-Effective Amendment No. 1. | |||||
(b) | Letter Agreement relating to Transfer Agency Agreement between Registrant and Goldman, Sachs & Co. (Internet Tollkeeper Fund) |
C-4
is incorporated herein by reference to exhibit (h)(4) of Post-Effective Amendment No. 5. | ||||||||
(c) | Form of Participation Agreement is incorporated herein by reference to Exhibit (9)(b) of Pre-Effective Amendment No. 1. | |||||||
(d) | Amendment dated August 1, 2002 to the Transfer Agency Agreement dated October 21, 1997 between Registrant and Goldman, Sachs & Co. is incorporated herein by reference to exhibit (h)(4) of Post-Effective Amendment No. 7. | |||||||
(e) | Purchase Agreement between Registrant and The Goldman Sachs Group, L.P. dated December 12, 1997 is incorporated herein by reference to exhibit (13) of Pre-Effective Amendment No 1. | |||||||
(14 | ) | (a) | Consent of Ernst & Young LLP is filed herewith. | |||||
(b) | Consent of PricewaterhouseCoopers LLP is filed herewith. | |||||||
(15 | ) | Not Applicable. | ||||||
(16 | ) | (a) | Certificate of Secretary is filed herewith. | |||||
(b) | Powers of Attorney are filed herewith. | |||||||
(17 | ) | (a) | Forms of Voting Instruction Form is filed herewith. | |||||
(b) | Prospectus Supplement dated , 2005 and Prospectus dated , 2005 for the Service Shares of the Goldman Sachs CORE U.S. Equity Fund, Goldman Sachs CORE Small Cap Equity Fund, Goldman Sachs Capital Growth Fund, Goldman Sachs Growth and Income Fund, Goldman Sachs Mid Cap Value Fund, Goldman Sachs Growth Opportunities Fund, Goldman Sachs Equity Index Fund, Goldman Sachs International Equity Fund, Goldman Sachs Government Income Fund, Goldman Sachs Core Fixed Income Fund and Goldman Sachs Money Market Fund are filed herewith. | |||||||
(c) | Supplement dated , 2005 and Statement of Additional Information dated , 2005 for the Service Shares of the Goldman Sachs CORE U.S. Equity Fund, Goldman Sachs CORE Small Cap Equity Fund, Goldman Sachs Capital Growth Fund, Goldman Sachs Growth and Income Fund, Goldman Sachs Mid Cap Value Fund, Goldman Sachs Growth Opportunities Fund, Goldman Sachs Equity Index Fund, Goldman Sachs International Equity Fund, Goldman Sachs Government Income Fund, Goldman Sachs Core Fixed Income Fund and Goldman Sachs Money Market Fund is filed herewith. |
C-5
(d) | Goldman Sachs Variable Insurance Trust’s International Equity Fund Annual Report for the fiscal year ended December 31, 2004 is filed herewith. | |||||||
(e) | Goldman Sachs Variable Insurance Trust’s CORE U.S. Equity Fund Annual Report for the fiscal year ended December 31, 2004 is filed herewith. | |||||||
(f) | Goldman Sachs Variable Insurance Trust’s Midcap Value Fund Annual Report for the fiscal year ended December 31, 2004 is filed herewith. | |||||||
(g) | Goldman Sachs Variable Insurance Trust’s Capital Growth Fund Annual Report for the fiscal year ended December 31, 2004 is filed herewith. | |||||||
(h) | Goldman Sachs Variable Insurance Trust’s International Equity Fund Semi-Annual Report for the fiscal period ended June 30, 2005 is filed herewith. | |||||||
(i) | Goldman Sachs Variable Insurance Trust’s CORE U.S. Equity Fund Semi-Annual Report for the fiscal period ended June 30, 2005 is filed herewith. | |||||||
(j) | Goldman Sachs Variable Insurance Trust’s Midcap Value Fund Semi-Annual Report for the fiscal period ended June 30, 2005 is filed herewith. | |||||||
(k) | Goldman Sachs Variable Insurance Trust’s Capital Growth Fund Semi-Annual Report for the fiscal period ended June 30, 2005 is filed herewith. | |||||||
(l) | Prospectus dated May 1, 2005 for the Allmerica Investment Trust Select Capital Appreciation Fund, Select Value Opportunity Fund, Select International Equity Fund, Select Growth Fund, Core Equity Fund, Equity Index Fund, Select Investment Grade Income Fund, Government Bond Fund and Money Market Fund is filed herewith. | |||||||
(m) | Statement of Additional Information dated May 1, 2005 for the Allmerica Investment Trust Select Capital Appreciation Fund, Select Value Opportunity Fund, Select International Equity Fund, Select Growth Fund, Core Equity Fund, Equity Index Fund, Select Investment Grade Income Fund, Government Bond Fund and Money Market Fund is filed herewith. |
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(n) | Allmerica Investment Trust Annual Report for the fiscal year ended December 31, 2004 is filed herewith. | |||||||
(o) | Allmerica Investment Trust Semi-Annual Report for the fiscal period ended June 30, 2005 is filed herewith. | |||||||
(p) | Supplement to prospectuses dated May 1, 2005 is filed herewith. |
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(1) | The undersigned Registrant agrees that prior to any public reoffering of the securities registered through the use of a prospectus which is a part of this registration statement by any person or party who is deemed to be an underwriter within the meaning of Rule 145(c) of the Securities Act of 1933, as amended (the “1933 Act”), the reoffering prospectus will contain the information called for by the applicable registration form for reofferings by persons who may be deemed underwriters, in addition to the information called for by the other items of the applicable form. | ||
(2) | The undersigned Registrant agrees that every prospectus that is filed under paragraph (1) above will be filed as a part of an amendment to the registration statement and will not be used until the amendment is effective, and that, in determining any liability under the 1933 Act, each post-effective amendment shall be deemed to be a new registration statement for the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering of them. | ||
(3) | The undersigned Registrant agrees to file by Post-Effective Amendment the opinions of counsel regarding the tax consequences of the proposed reorganizations required by Item 16(12) of Form N-14 within a reasonable time after receipt of such opinion. |
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GOLDMAN SACHS VARIABLE INSURANCE TRUST | ||||||
Registrant | ||||||
By: | /s/ Howard B. Surloff | |||||
Howard B. Surloff | ||||||
Secretary |
Signature | Title | Date | ||
*Kaysie P. Uniacke | President (Chief Executive | September 12, 2005 | ||
Kaysie P. Uniacke | Officer) and Trustee | |||
*Ashok N. Bakhru | Chairman and Trustee | September 12, 2005 | ||
Ashok N. Bakhru | ||||
*John M. Perlowski | Treasurer (Principal Accounting | September 12, 2005 | ||
John M. Perlowski | Officer and Principal Financial Officer) | |||
*Mary Patterson McPherson | Trustee | September 12, 2005 | ||
Mary Patterson McPherson | ||||
*Alan A. Shuch | Trustee | September 12, 2005 | ||
Alan A. Shuch | ||||
*Wilma J. Smelcer | Trustee | September 12, 2005 | ||
Wilma J. Smelcer | ||||
*John P. Coblentz, Jr. | Trustee | September 12, 2005 | ||
John P. Coblentz, Jr. | ||||
*Richard P. Strubel | Trustee | September 12, 2005 | ||
Richard P. Strubel | ||||
*Patrick T. Harker | Trustee | September 12, 2005 | ||
Patrick T. Harker |
*By: | /s/ Howard B. Surloff | |||
Howard B. Surloff | ||||
Attorney-in-Fact |
* | Pursuant to a power of attorney filed herewith. |
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4 | Agreement and Plan of Reorganization dated August 22, 2005, is filed herewith as Appendix A to the Combined Proxy Statement/Prospectus. | |
11 | Opinion and consent of counsel that shares will be validly issued, fully paid and non-assessable. | |
12(a) (i) | Form of Opinion of Counsel with respect to certain tax consequences for the CORE U.S. Equity Fund is filed herewith. | |
12(a) (ii) | Form of Opinion of Counsel with respect to certain tax consequences for the International Equity Fund is filed herewith. | |
12(a) (iii) | Form of Opinion of Counsel with respect to certain tax consequences for the Capital Growth Fund is filed herewith. | |
12(a) (iv) | Form of Opinion of Counsel with respect to certain tax consequences for the Mid Cap Value Fund is filed herewith. | |
12(a) (v) | Form of Opinion of Counsel with respect to certain tax consequences for the Growth Opportunities Fund, Equity Index Fund, Government Income Fund, Core Fixed Income Fund and Money Market Fund is filed herewith. | |
14(a) | Consent of Ernst & Young LLP. | |
14(b) | Consent of PricewaterhouseCoopers LLP. | |
16(a) | Certificate of Secretary. | |
16(b) | Powers of Attorney. | |
17(a) | Forms of Voting Instruction Form. | |
17(b) | Prospectus Supplement dated ___, 2005 and Prospectus dated ___, 2005 for the Service Shares of the Goldman Sachs CORE U.S. Equity Fund, Goldman Sachs CORE Small Cap Equity Fund, Goldman Sachs Capital Growth Fund, Goldman Sachs Growth and Income Fund, Goldman Sachs Mid Cap Value Fund, Goldman Sachs Growth Opportunities Fund, Goldman Sachs Equity Index Fund, Goldman Sachs International Equity Fund, Goldman Sachs Government Income Fund, Goldman Sachs Core Fixed Income Fund and Goldman Sachs Money Market Fund are filed herewith. | |
17(c) | Supplement dated ___, 2005 and Statement of Additional Information dated ___, 2005 for the Service Shares of the Goldman Sachs CORE U.S. Equity Fund, Goldman Sachs CORE Small Cap Equity Fund, Goldman Sachs Capital Growth Fund, Goldman Sachs Growth and Income Fund, Goldman Sachs Mid Cap Value Fund, Goldman Sachs Growth Opportunities Fund, Goldman Sachs Equity Index Fund, Goldman Sachs International Equity Fund, Goldman Sachs Government Income Fund, Goldman Sachs Core Fixed Income Fund and Goldman Sachs Money Market Fund is filed herewith. | |
17(d) | Goldman Sachs Variable Insurance Trust’s International Equity Fund Annual Report for the fiscal year ended December 31, 2004 is filed herewith. | |
17(e) | Goldman Sachs Variable Insurance Trust’s CORE U.S. Equity Fund Annual Report for the fiscal year ended December 31, 2004 is filed herewith. | |
17(f) | Goldman Sachs Variable Insurance Trust’s Midcap Value Fund Annual Report for the fiscal year ended December 31, 2004 is filed herewith. | |
17(g) | Goldman Sachs Variable Insurance Trust’s Capital Growth Fund Annual Report for the fiscal year ended December 31, 2004 is filed herewith. |
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