UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT
COMPANIES
Investment Company Act file number 811-5349
Goldman Sachs Trust
(Exact name of registrant as specified in charter)
4900 Sears Tower, Chicago, Illinois 60606-6303
(Address of principal executive offices) (Zip code)
Howard B. Surloff, Esq. | Copies to: | |
Goldman, Sachs & Co. | Jeffrey A. Dalke, Esq. | |
One New York Plaza | Drinker Biddle & Reath LLP | |
New York, New York 10004 | One Logan Square | |
18th and Cherry Streets | ||
Philadelphia, PA 19103 | ||
(Name and address of agents for service) |
Registrant’s telephone number, including area code: (312) 655-4400
Date of fiscal year end: AUGUST 31
Date of reporting period: FEBRUARY 29, 2004
ITEM 1. | REPORTS TO STOCKHOLDERS. | |
The Semi-Annual Report to Stockholders is filed herewith. |
Goldman SachsFunds I N T E R N A T I O N A L E Q U I T Y F U N D SSemiannual Report February 29, 2004 Long-term capital growth potential through investments in equity markets located around the world. |
Goldman Sachs International Equity Funds GOLDMAN SACHS EUROPEAN EQUITY FUND GOLDMAN SACHS INTERNATIONAL EQUITY FUND GOLDMAN SACHS JAPANESE EQUITY FUND GOLDMAN SACHS INTERNATIONAL GROWTH OPPORTUNITIES FUND GOLDMAN SACHS EMERGING MARKETS EQUITY FUND GOLDMAN SACHS ASIA GROWTH FUND NOT FDIC-INSURED May Lose Value No Bank Guarantee |
G O L D M A N S A C H S I N T E R N AT I O N A L E Q U I T Y F U N D S What Differentiates Goldman Sachs’ International Equity Investment Process? The Goldman Sachs International Equity Teams combine global resources and local market expertise. We believe that collaboration among research analysts organized into global sector teams provides a competitive advantage when managing regional and multi-regional portfolios. Our goal is to deliver international diversification and strong, consistent investment results through a disciplined investment process that focuses on a combination of local research insight and global perspective, bottom-up stock selection and disciplined portfolio construction. 1G L O B A L R E S E A R C H T E A M S Research teams based in London,Tokyo, Singapore, New York and Tampa with analysts organized into global sector teams GOLDMAN SACHS’Intensive dialogue between regional research analysts and portfolio managers creates a INTERNATIONAL EQUITYglobal perspective of industry trends and allows us to identify investment opportunities INVESTMENT PROCESS Global perspective informed by local market expertise 12 B O T T O M — U P S T O C K S E L E C T I O N Our research teams identify quality companies, extensively evaluate their businesses and seek GLOBAL RESEARCH TEAMSthe following criteria: 3Possess strong market positions and enduring business franchises Led by skilled managers who think and act like owners Ability to generate high or improving returns on capital 2Trade at a discount to our analysis of fair value BOTTOM-UP STOCK 3D I S C I P L I N E D P O R T F O L I O C O N S T R U C T I O N SELECTION 3Portfolio construction is particularly important when constructing capitalization- and region-specific portfolios. Advantages of our stringent portfolio construction process include: Effective implementation of research views 3Appropriate distribution of risk across portfolios Consistency of overall return DISCIPLINED PORTFOLIO CONSTRUCTIONR E S U LT International equity portfolios that offer: Access to markets across the world Region- or capitalization-specific diversification opportunities Confidence that portfolio managers have hands-on knowledge of each company 1 |
P O R T F O L I O R E S U LT S European Equity Fund Dear Shareholder, This report provides an overview on the performance of the Goldman Sachs European Equity Fund during the six-month reporting period that ended February 29, 2004. Performance Review Over the six-month period that ended February 29, 2004, the Fund’s Class A, B, C, Institutional, and Service Shares generated cumulative total returns, without sales charges, of 24.09%, 23.82%, 23.87%, 24.47%, and 24.23%, respectively. These returns compare to the 27.93% cumulative total return of the Fund’s benchmark, the Morgan Stanley Capital International (MSCI) Europe Index (“MSCI Europe Index”) (unhedged, with dividends reinvested). Increasing signs of an economic recovery provided welcome support for the European equity markets during the reporting period. Although macroeconomic news was largely positive and labor market data started to improve, the persistent weakness of the U.S. dollar continued to be a key concern for the Eurozone economy. Retail business confidence remained weak and, while Eurozone exports have been recovering, there were fears that a further appreciation of the euro against the dollar could put pressure on the region’s recovery. Corporate news was positive, as the third quarter 2003 earnings season was the strongest since the first quarter 2000. There were also increasing signs of merger and acquisitions activity, further improving investor confidence. While the Fund generated strong absolute returns, it underperformed its benchmark. During the reporting period, the Fund’s holdings in the Consumer Discretionary, Telecommunication Services, and Information Technology sectors detracted from performance. However, more positive relative results were generated in the Financial and Industrial sectors. At the stock-specific level, an overweight in Industria de Diseno Textil SA (Inditex), owner of the Zara brand, was a leading detractor from performance. While the company’s third quarter 2003 earnings were in line with expectations, it anticipated weaker sales in the last quarter of the year. An overweight position in Adecco, the world’s largest provider of temporary workers, also detracted from relative performance. In January 2004, Adecco announced that it would delay publication of its 2003 earnings and its shares plummeted on fears that another accounting scandal had hit Europe. We subsequently sold out of the Fund’s position. An underweight in Nokia, the Finnish dominant mobile player, detracted from performance following strong fourth quarter 2003 earnings, which were mainly driven by unexpected improvements in the average selling prices and operating margins in the company’s handset business. The Fund’s overweight in Carnival Plc, the largest cruise company in the world, significantly contributed to performance. Its shares rose due to an acceleration in bookings and third quarter 2003 results that were in line with expectations. We continue to have a positive view on Carnival given its strong market position and attractive valuation. An overweight in European Aeronautic Defence & Space Co. (EADS), the European aviation company that owns Airbus, also enhanced results as investors remained positive about the outlook for the civil aerospace cycle. EADS confirmed that it delivered more aircraft in 2003 than expected and announced 2 |
P O R T F O L I O R E S U LT S positive results for the second quarter of its financial year. An overweight in Aventis SA, a French-German health sciences company, boosted returns due to an acquisition bid from Sanofi, its smaller rival. Portfolio Composition We maintain our focus on individual security selection rather than taking large sector and country under- or overweights. In addition, we strive to own high quality businesses with enduring franchises and exceptional management that should perform well in a variety of markets. Having said that, during the period we were overweight the Consumer Discretionary, Industrial and Financial sectors, while underweight the Consumer Staples, Utilities and Energy sectors. Portfolio Highlights While the Fund underperformed its benchmark during the reporting period, the following are holdings in which we maintained an overweight position: BAA PLC — BAA, the world’s largest airport operator, continues to be a high conviction position in the portfolio. BAA is led by a strong management team and has developed a leading commercial business across its airports. The company has comfortably exceeded anticipated returns since 1996 and, more recently, eased investor concerns by announcing that its Terminal 5 project at Heathrow is on schedule. L’Oreal SA — The Fund holds a significant overweight in L’Oreal, the world’s leading cosmetics company. L’Oreal has consistently grown at twice the pace of the overall cosmetics industry, due to its focus on strong brands with global appeal. Additionally, we’re impressed by the company’s higher than average innovation rate and leading share in numerous products and segments. Novartis AG — Novartis, the world’s fifth largest pharmaceutical company, also continues to be a core holding. We believe the company has an attractive medium-stage pipeline, excellent management, and a large, highly productive sales force. Moreover, we feel Novartis is currently trading at a discount to its global peer group, which makes its valuation attractive. We thank you for your investment and look forward to your continued confidence. Goldman Sachs European Equity Investment Team London, March 18, 2004 3 |
F U N D B A S I C S European Equity Fund as of February 29, 2004 Assets Under Management P E R F O R M A N C E R E V I E W Fund Total Return MSCI Europe Index $34.7 Million September 1, 2003–February 29, 2004(based on NAV)1(unhedged)2 Class A24.09%27.93% Class B23.8227.93 Number of Holdings Class C23.8727.93 Institutional24.4727.93 42Service24.2327.93 1The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges. N A S D A Q S Y M B O L S 2The MSCI Europe Index (unhedged, with dividends reinvested) is an unmanaged index of common stock prices. The Index figures do not reflect any deduction for fees, expenses or taxes. Class A Shares S T A N D A R D I Z E D T O T A L R E T U R N S 3 GSEAX For the period ended 12/31/03Class AClass BClass CInstitutionalService One Year28.06%29.74%33.96%36.31%35.63% Class B SharesFive Years0.040.240.671.821.37 Since inception3.013.403.624.784.33 (10/1/98) GSUBX 3The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at net asset value. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares, the assumed contingent deferred sales charge for Class B Shares (5% maximum declining to 0% after six years) and the assumed contingent Class C Shares deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional and Service Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns. GSUCX Total return figures in the above charts represent past performance and do not guarantee future results, which will vary. The investment return and principal value of an investment will fluctuate and, therefore, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the total return figures in the above charts. Please Institutional Sharesvisit www.gs.com to obtain the most recent month-end returns. Performance reflects expense limitations in effect. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. GSEIX T O P 1 0 H O L D I N G S A S O F 2 / 2 9 / 0 4 4 Service SharesHolding% of Total Net Assets Line of Business Novartis AG5.1%Pharmaceuticals & Biotechnology GEESXRoyal Bank of Scotland Group PLC5.0Banks Vodafone Group PLC4.6Telecommunication Services L’Oreal SA3.9Household & Personal Products BAA PLC3.6Transportation GlaxoSmithKline PLC3.6Pharmaceuticals & Biotechnology Credit Suisse Group3.4Diversified Financials Credit Agricole SA3.4Banks Shell Transport & Trading Co. PLC3.3Energy PSA Peugeot Citroen3.1Automobiles & Components 4The top 10 holdings may not be representative of the Fund’s future investments. 4 |
P O R T F O L I O R E S U LT S International Equity Fund Dear Shareholder, This report provides an overview on the performance of the Goldman Sachs International Equity Fund during the six- month reporting period that ended February 29, 2004. Performance Review Over the six-month period that ended February 29, 2004, the Fund’s Class A, B, C, Institutional, and Service Shares generated cumulative total returns, without sales charges, of 23.22%, 22.96%, 22.97%, 23.66%, and 23.27%, respectively. These returns compare to the 25.30% cumulative total return of the Fund’s benchmark, the Morgan Stanley Capital International (MSCI) Europe, Australasia, Far East Index (EAFE) (unhedged, with dividends reinvested). During the reporting period, the Fund generated strong absolute results but underperformed its benchmark. This was largely the result of stock selection. The largest detractors from relative performance included Adecco and Rohm Co. Ltd. Adecco is the world’s largest provider of temporary workers. The company’s announcement in early January 2004 that it would delay publication of its 2003 earnings was unanticipated by investors and its shares plummeted on fears of accounting irregularities. We exited our position immediately owing to the lack of visibility regarding the nature and extent of the accounting problems. However, news over the course of the month indicated that the problems were not as severe as we were led to believe. As a result, the company’s stock rose and we did not participate in the gains. An overweight position in Rohm, a Japanese semiconductor company, hurt results as it announced that sales and operating profits for its full fiscal year had declined to a greater extent than anticipated by the market. Despite this setback, we continue to believe that the company’s superior management and product offerings are attractive. Portfolio Composition Throughout the period, we continued to focus on high quality companies that have strong franchises and excellent management teams. We believe these types of organizations have the potential to perform well across the market cycle. Our stock selection has led to overweight positions in the Consumer Discretionary and Information Technology sectors and underweights in the Utilities, Materials, Energy, and Industrial sectors. Portfolio Highlights While the Fund underperformed its benchmark during the reporting period, there were a number of holdings that enhanced results, including the following: Carnival PLC — Shares in Carnival, the largest cruise company in the world, rose due to an acceleration in bookings and third quarter 2003 results that were in line with expectations. We continue to like Carnival given its strong market position and attractive valuation. As such, the Fund holds an overweight position. 5 |
P O R T F O L I O R E S U LT S European Aeronautic Defence & Space Co. (EADS) — An overweight in EADS, the owner of Airbus, was a top contributor to performance as the strength of the commercial aircraft cycle continued to surprise investors. Airbus has won substantial market share from rival Boeing and delivered more aircraft in 2003 than expected. Hyundai Motor Co. Ltd. — An overweight in Korean automobile manufacturer Hyundai Motor contributed positively to relative performance over the period as its shares recovered from a period of price weakness. A successful investment program in recent years has led Hyundai to gain market share in the key U.S. market. Positive news over the fourth quarter 2003, including the announcement of aggressive long-term U.S. sales targets, led to the stock outperforming. As always, we appreciate your confidence and look forward to serving your investment needs in the future. Goldman Sachs London Active Equity Team London, March 18, 2004 6 |
F U N D B A S I C S International Equity Fund as of February 29, 2004 Assets Under Management P E R F O R M A N C E R E V I E W Fund Total Return MSCI EAFE Index $500.9 Million September 1, 2003–February 29, 2004(based on NAV)1(unhedged)2 Class A23.22%25.30% Class B22.9625.30 Number of Holdings Class C22.9725.30 Institutional 23.6625.30 64Service23.2725.30 1The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges. N A S D A Q S Y M B O L S 2The MSCI EAFE Index (unhedged, with dividends reinvested) is a market capitalization-weighted composite of securities in 21 developed markets. The Index figures do not reflect any deduction for fees, expenses or taxes. Class A Shares S T A N D A R D I Z E D T O T A L R E T U R N S 3 GSIFX For the period ended 12/31/03Class AClass BClass CInstitutionalService One Year26.49%27.99%32.19%34.71%34.12% Five Years-2.26-2.04-1.630.51-0.99 Class B Shares Ten Years3.75N/AN/AN/A4.464 Since Inception5.252.31-0.214.465.894 GSEBX(12/1/92) (5/1/96) (8/15/97) (2/7/96) (12/1/92) 3The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at net asset value. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares and the assumed contingent deferred sales Class C Shares charge for Class B Shares (5% maximum declining to 0% after six years) and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional and Service Shares do not involve a sales charge, such a charge is not applied to their GSICXStandardized Total Returns. 4Performance data for Service Shares prior to 3/6/96 (commencement of operations) is that of Class A Shares (excluding the impact of front-end sales charges applicable to Class A Shares since Service Shares are not subject to any sales charges). Performance of Class A Shares of the International Equity Fund reflects the expenses applicable to the Fund’s Class A Shares. The fees applicable to Institutional Shares Service Shares are different from those applicable to Class A Shares which impact performance ratings and rankings for a class of shares. Total return figures in the above charts represent past performance and do not guarantee future GSIEXresults, which will vary. The investment return and principal value of an investment will fluctuate and, therefore, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the total return figures in the above charts. Please visit www.gs.com to obtain the most recent month-end returns. Performance reflects expense limitations in effect. In their absence, performance would be reduced. Returns do not reflect the deduction Service Shares of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. GSISX T O P 1 0 H O L D I N G S A S O F 2 / 2 9 / 0 4 5 Holding% of Total Net Assets Line of Business Vodafone Group PLC4.8%Telecommunications Services ING Groep NV3.2Diversified Financials Ricoh Co., Ltd.3.2Technology Hardware & Equipment GlaxoSmithKline PLC3.1Pharmaceuticals & Biotechnology Novartis AG3.0Pharmaceuticals & Biotechnology WPP Group PLC3.0Media Zurich Financial Services AG3.0Insurance Nokia Oyj2.9Technology Hardware & Equipment Shin-Etsu Chemical Co. Ltd.2.8Materia ls Banca Intesa SpA2.7Banks 7 5The top 10 holdings may not be representative of the Fund’s future investments. |
P O R T F O L I O R E S U LT S Japanese Equity Fund Dear Shareholder, This report provides an overview on the performance of the Goldman Sachs Japanese Equity Fund during the six-month reporting period that ended February 29, 2004. Performance Review Over the six-month period that ended February 29, 2004, the Fund’s Class A, B, C, Institutional, and Service Shares generated cumulative total returns, without sales charges, of 14.15%, 13.91%, 13.79%, 14.54%, and 14.59%, respectively. These returns compare to the 15.86% cumulative total return of the Fund’s benchmark, the Tokyo Price Index (TOPIX) (unhedged, with dividends reinvested). During the reporting period, the Japanese equity market was generally strong, although quite volatile. Improving sentiment for the Japanese economy and corporate earnings, coupled with reasonable valuation levels supported the market’s ascent. However, investors took profits on several occasions, in particular when concerns over terrorist attacks arose and when the yen rallied against the U.S. dollar. Low priced, more speculative stocks with relatively high financial leverage, low return-on-earnings (ROE), and higher price-to-book ratios performed well. Conversely, higher quality blue chip stocks were relatively weak. The decrease in investor risk aversion was in part fueled by expectations for an economic recovery. While the Fund generated strong absolute returns, it lagged its benchmark on a relative basis. We seek stocks from companies with strong or improving fundamentals that are reasonably valued. In addition, we emphasize firms with lower financial leverage, higher ROE, and higher price-to-book ratios. Given the speculative nature of the market’s rally, our disciplined, higher quality portfolio caused the Fund to underperform versus its benchmark. Overall, stock selection hurt the Fund’s relative results during the period. Although we had positive stock selection in the Telecommunication, Banks, Machinery, and Precision Instrument industries, our holdings in Electrical Machinery and Services more than offset our strong performers. In Electrical Machinery, Rohm Co. Ltd. and Stanley Electric Co. Ltd. were the major detractors to performance. Although both firms are experiencing growth from their digital consumer electric-related products, investors focused on declining sales in their other product lines. In Services, not owning Yahoo Japan Corp. was detrimental to results. We did not hold the stock due to its high valuation. However, its stock price rose and it was added to the TOPIX, causing further demand from index funds. Sector Allocation As of February 29, 2004, the Fund held overweight positions in the Office & Home Electronics, Business Outsource Services, and Electric Parts sectors. Conversely, it was underweight Regional Banks, Department Stores/General Merchandise Stores, and Broadcast Media. It is important to note that the Fund’s sector weightings are the result of bottom-up stock selection rather than sector-based decisions. 8 |
P O R T F O L I O R E S U LT S Portfolio Highlights While the Fund underperformed its benchmark during the reporting period there were a number of holdings that enhanced results, including the following: Konami — Konami is one of Japan’s major entertainment business developers and has a strong presence in the game software market. Its stock performed well, as sales for its PlayStation2 and Game Boy Advance games and its high-margin card products exceeded expectations. Sumitomo Mitsui Financial Group, Inc. — Sumitomo Mitsui Financial Group is one of the four major banks in Japan and its balance sheet is relatively stronger than its peers. General sentiment toward the banking sector improved during the period and Sumitomo Mitsui Financial Group upwardly revised its profit projections, helping its stock to rise. Mitsui Sumitomo Insurance Co. Ltd. — Mitsui Sumitomo Insurance is the second largest non-life insurance company in Japan. Its market position and the overall equity rally helped its stock to perform well during the reporting period. We appreciate your continued support and look forward to reporting on the Fund’s progress in the future. Goldman Sachs Japanese Equity Team Tokyo, March 18, 2004 9 |
F U N D B A S I C S Japanese Equity Fund as of February 29, 2004 Assets Under Management P E R F O R M A N C E R E V I E W Fund Total Return TOPIX (USD) $48.0 Million September 1, 2003–February 29, 2004(based on NAV)1(unhedged)2 Class A14.15%15.86% Class B13.9115.86 Number of Holdings Class C13.7915.86 Institutional14.5415.86 83 Service14.5915.86 1The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges. N A S D A Q S Y M B O L S 2The TOPIX (unhedged, with dividends reinvested) is an unmanaged composite of all stocks on the first section of the Tokyo Stock Exchange. The Index figures do not reflect any deduction for fees, Class A Sharesexpenses or taxes. GSJAXS T A N D A R D I Z E D T O T A L R E T U R N S 3 For the period ended 12/31/03Class AClass BClass CInstitutionalService One Year19.07%20.04%24.11%26.38%26.32% Class B Shares Five Years-2.35-2.15-1.78-0.67-1.06 Since inception-0.320.010.181.270.84 GSJBX(5/1/98) 3The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at net asset value. These returns reflect a Class C Sharesmaximum initial sales charge of 5.5% for Class A Shares, the assumed contingent deferred sales charge for Class B Shares (5% maximum declining to 0% after six years) and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional and Service Shares do not involve a sales charge, such a charge is not applied to their GSJCX Standardized Total Returns. Total return figures in the above charts represent past performance and do not guarantee future results, which will vary. The investment return and principal value of an investment will fluctuate and, therefore, an investor’s shares, when redeemed, may be worth more or less than their original cost. Institutional SharesCurrent performance may be lower or higher than the total return figures in the above charts. Please visit www.gs.com to obtain the most recent month-end returns. Performance reflects expense limitations in effect. In their absence, performance would be reduced. Returns do not reflect the deduction GSJIXof taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. T O P 1 0 H O L D I N G S A S O F 2 / 2 9 / 0 4 4 Service Shares Holding% of Total Net AssetsLine of Business GSJSXToyota Motor Corp.4.4%Transportation Equipment Takeda Chemical Industries Ltd.3.3Pharmaceuticals Ricoh Co. Ltd.3.3Electric Appliances NTT DoCoMo, Inc.3.0Information & Communication Shin-Etsu Chemical Co. Ltd.3.0Chemicals Nissan Motor Co. Ltd.2.8Transportation Equipment The Nomura Securities Co. Ltd.2.8Securities Asahi Glass Co. Ltd.2.1Glass & Ceramics Products Ajinomoto Co., Inc.2.1Foods Canon, Inc.2.0Electric Appliances 4The top 10 holdings may not be representative of the Fund’s future investments. 10 |
P O R T F O L I O R E S U LT S International Growth Opportunities Fund Dear Shareholder, This report provides an overview on the performance of the Goldman Sachs International Growth Opportunities Fund during the six-month reporting period that ended February 29, 2004. Performance Review Over the six-month period that ended February 29, 2004, the Fund’s Class A, B, C, Institutional, and Service Shares produced cumulative total returns, without sales charges, of 28.59%, 28.32%, 28.29%, 28.96%, and 28.65%, respectively. These returns compare to the 29.87% cumulative total return of the Fund’s benchmark, the Morgan Stanley Capital International (MSCI) Europe, Australasia, Far East (EAFE) Small Cap Index (unhedged, with dividends reinvested). Increasing signs of a global economic recovery provided welcome support for international equity markets during the period. Although macroeconomic news was largely positive and labor market data started to improve, the persistent weakness of the U.S. dollar continued to be a key concern for the Eurozone economy. Elsewhere, Japan’s equity markets were mixed during the period. Japanese exporters were held back by the strengthening of the yen and investors were unsettled by the uncertainty surrounding the Japanese parliamentary elections in November. However, toward the end of the period, there was continued evidence that the economy’s deflationary period was gradually ending. During the reporting period, the Fund generated very strong absolute returns while it slightly underperformed its benchmark. In particular, the Fund’s holdings in the Consumer Discretionary, Telecommunication Service, and Information Technology sectors detracted from performance. On the other hand, its exposure to Financial, Industrial, and Energy sectors enhanced results. The Fund’s overweight in Heywood Williams Group PLC, a UK building materials company, was a leading detractor from performance. The company disappointed shareholders by announcing a reduction in its dividend and a change in senior management. We met with the new management team to learn more about its plans to rectify Heywood’s position in this attractive niche market and, consequently, added to the Fund’s position. An overall underweight in EMI detracted from performance after its shares outperformed due to hopes of an improvement in the global music market. Elsewhere, overweight positions in Sindo Ricoh and Fujimi Incorporated were negative for results. The Fund’s overweight in Anglo Irish Bank Corp. significantly contributed to performance. Anglo Irish Bank’s shares continued to rise after it announced results in the fourth quarter of 2003 that exceeded expectations. We continue to believe Anglo Irish Bank has a rapidly expanding business, offers an efficient cost structure, and is a leading player in its niche market. An overweight in Esprit Holdings Ltd., a Hong Kong-based fashion manufacturer and distributor, also enhanced results. 11 |
P O R T F O L I O R E S U LT S Portfolio Composition We maintain our focus on individual security selection rather than taking large sector and country under- or overweights. In addition, we strive to own high quality businesses with enduring franchises and exceptional management that should perform well in a variety of markets. Having said that, during the period we were overweight the Industrial, Consumer Discretionary and Information Technology sectors, while underweight the Financial, Materials and Healthcare sectors. Portfolio Highlights During the reporting period, there were a number of holdings that enhanced results, including the following: Heijmans NV — The Fund holds a significant overweight position in Heijmans, a Dutch construction company. Heijmans has a particularly strong focus on residential construction. In addition, it owns land and lots which are suitable for residential and commercial development. We believe these assets and the company’s ability to generate consistent cash flows are undervalued by the market. HIT Entertainment PLC — The Fund has an overweight in HIT Entertainment, a UK based global leader in children’s entertainment properties. The company has achieved strong results with its product portfolio through reinvestment of cash flow into the internal development of new properties and targeted acquisitions of poorly managed brands. This has enabled HIT to leverage its relationships with broadcasters, retailers, and toy companies. Esprit Holdings Ltd. — Esprit enhanced results as the Hong Kong-based fashion manufacturer and distributor benefited from its strong European and Asian franchises. Additionally, its U.S. business has achieved profitability in a short period of time. We thank you for your investment and look forward to your continued confidence. Goldman Sachs International Small Cap Equity Investment Team London, March 18, 2004 12 |
F U N D B A S I C S International Growth Opportunities Fund as of February 29, 2004 Assets Under Management P E R F O R M A N C E R E V I E W Fund Total Return MSCI EAFE Small Cap $92.6 Million September 1, 2003–February 29, 2004(based on NAV)1Index (unhedged)2 Class A28.59%29.87% Class B28.3229.87 Number of Holdings Class C28.2929.87 Institutional28.9629.87 145 Service28.6529.87 1The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any N A S D A Q S Y M B O L S applicable sales charges. 2The MSCI EAFE Small Cap Index (unhedged, with dividends reinvested), inception date 1/15/98, includes approximately 1,000 securities from 21 developed markets with a capitalization range Class A Sharesbetween $200 million and $1.5 billion and a general regional allocation of 55% Europe, 31% Japan and 14% Australasia. The Index figures do not reflect any deduction for fees, expenses or taxes. GISAX S T A N D A R D I Z E D T O T A L R E T U R N S 3 For the period ended 12/31/03Class AClass BClass CInstitutionalService Class B Shares One Year43.35%45.78%49.78%52.53%51.75% Five Years2.272.512.884.093.59 GISBX Since inception2.723.103.254.403.87 (5/1/98) 3The Standardized Total Returns are average annual total returns as of the most recent calendar Class C Shares quarter-end. They assume reinvestment of all distributions at net asset value. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares, the assumed contingent deferred sales charge for Class B Shares (5% maximum declining to 0% after six years) and the assumed contingent GISCXdeferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional and Service Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns. Total return figures in the above charts represent past performance and do not guarantee future Institutional Sharesresults, which will vary. The investment return and principal value of an investment will fluctuate and, therefore, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the total return figures in the above charts. Please GISIXvisit www.gs.com to obtain the most recent month-end returns. Performance reflects expense limitations in effect. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Service Shares T O P 1 0 H O L D I N G S A S O F 2 / 2 9 / 0 4 4 Holding% of Total Net Assets Line of Business GISSX HIT Entertainment PLC2.0%Media Heijmans NV1.9Capital Goods IAWS Group PLC1.6Commercial Services & Supplies Esprit Holdings Ltd.1.6Retailing NDS Group PLC ADR1.3Software & Services Buhrmann NV1.3Commercial Services & Supplies Aalberts Industries NV 1.3Capital Goods Cattles PLC1.2Diversified Financials Fraport AG1.2Transportation DDC PLC1.2Capital Goods 4The top 10 holdings may not be representative of the Fund’s future investments.13 |
P O R T F O L I O R E S U LT S Emerging Markets Equity Fund Dear Shareholder, This report provides an overview on the performance of the Goldman Sachs Emerging Markets Equity Fund during the six- month reporting period that ended February 29, 2004. Performance Review Over the six-month period that ended February 29, 2004, the Fund’s Class A, B, C, Institutional, and Service Shares generated cumulative total returns, without sales charges, of 26.62%, 26.26%, 26.37%, 27.06%, and 26.70%, respectively. These returns compare to the 28.55% cumulative total return of the Fund’s benchmark, the Morgan Stanley Capital International (MSCI) Emerging Markets Free (EMF) Index (with dividends reinvested). During the period, the Fund participated in the strong market rally, although it underperformed its benchmark. The leading detractor from performance at the stock-specific level was Yukos ADR. Investors were caught by surprise by the arrest of Mikhail Khodorkovsky, Russia’s richest man and then CEO of Yukos. The Russian equity market declined on the fears that this arrest would lead to a derailing of Russia’s progress towards private ownership and the beginning of a campaign to review the results of privatizations that took place in the early 1990s. We maintain the Fund’s position in Yukos and other Russian oil shares as we believe those companies now represent exceptional value provided privatization is not derailed. Indeed, Yukos’ stock rallied in January and February 2004. Regional Allocation On a regional basis, the Fund’s holdings in Emerging Asia were the top performers over the reporting period, followed by Asia ex-Japan. However, an underweight position in China detracted from performance. We were, perhaps, too early with our decision to underweight the Chinese market and reduce our position in the Materials sector. Economic growth in China has been expanding at an unsustainable high rate, stimulated by access to inexpensive capital rather than, as commonly believed, an inflow of foreign investment. We believe that this period of strong investment growth has fueled a boom in the world’s commodities market and will be succeeded by a period of slower expansion as the Chinese economy absorbs its new capacity. Given the high valuations of both the Chinese equity market and the commodities market, we believed that it was prudent to reduce or sell a number of the Fund’s holdings that performed well in order to lock in profits. Portfolio Highlights While the Fund underperformed its benchmark during the reporting period, there were a number of holdings that enhanced results, including the following: America Movil SA de CV ADR — American Movil, Latin America’s largest wireless operator, performed strongly due to better-than-expected third quarter 2003 results, providing further evidence of management’s strong ability to execute the company’s growth strategy. 14 |
P O R T F O L I O R E S U LT S Telemig Cellular SA — Telemig Cellular is a provider of cellular telecommunications services in the state of Minas Gerais in Brazil. It enhanced results during the period as it was a beneficiary of the strong growth in the Brazilian wireless market. In addition, it continues to be seen as an acquisition target for the larger telecom groups in Brazil. Hana Bank — Hana Bank, Korea’s third largest lender, boosted returns as its share price rallied due to rumors that Shinsei Bank would take a stake in the bank. In addition, Hana Bank reported that its full-year profit soared 60 percent in 2003 from a year earlier. We thank you for your investment and look forward to your continued confidence. Goldman Sachs Emerging Markets Equity Investment Team New York, London and Singapore March 18, 2004 15 |
F U N D B A S I C S Emerging Markets Equity Fund as of February 29, 2004 Assets Under Management P E R F O R M A N C E R E V I E W Fund Total Return $102.4 Million September 1, 2003–February 29, 2004(based on NAV)1MSCI EMF Index2 Class A26.62%28.55% Class B26.2628.55 Number of Holdings Class C26.3728.55 Institutional 27.0628.55 67Service26.7028.55 1The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges. N A S D A Q S Y M B O L S 2The MSCI Emerging Markets Free Index (with dividends reinvested) is an unmanaged market capitalization-weighted composite of securities in over 30 emerging market countries. “Free” indicates an index that excludes shares in otherwise free markets that are not purchasable by Class A Shares foreigners. The Index figures do not reflect any deduction for fees, expenses or taxes. GEMAX S T A N D A R D I Z E D T O T A L R E T U R N S 3 For the period ended 12/31/03Class AClass BClass CInstitutionalService Class B SharesOne Year42.02%44.74%48.71%51.38%50.60% Five Years7.638.008.279.559.21 GEKBXSince Inception1.271.751.762.922.09 (12/15/97) 3The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at net asset value. These returns reflect a Class C Shares maximum initial sales charge of 5.5% for Class A Shares, the assumed contingent deferred sales charge for Class B Shares (5% maximum declining to 0% after six years) and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because GEMCX Institutional and Service Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns. Total return figures in the above charts represent past performance and do not guarantee future results, which will vary. The investment return and principal value of an investment will fluctuate and, Institutional Sharestherefore, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the total return figures in the above charts. Please visit www.gs.com to obtain the most recent month-end returns. Performance reflects expense limita-GEMIXtions in effect. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Service SharesT O P 1 0 C O M P A N Y H O L D I N G S A S O F 2 / 2 9 / 0 4 4 % of Total HoldingNet Assets Line of Business GEMSX Samsung Electronics Co. Ltd.6.8%Technology Hardware & Equipment YUKOS ADR3.3Energy America Movil SA de CV ADR 2.5Telecommunications Services POSCO2.4Materials China Mobile Ltd.2.4Telecommunications Services Hyundai Motor Co. Ltd.2.2Automobiles & Components Sberbank RF2.2Telecommunication Services Impala Platinum Holdings Ltd.2.1Materials Hana Bank2.1Banks Companhia de Bebidas das Americas ADR 2.1Food, Beverage & Tobacco 4The top 10 company holdings may not be representative of the Fund’s future investments. 16 |
P O R T F O L I O R E S U LT S Asia Growth Fund Dear Shareholder, This report provides an overview on the performance of the Goldman Sachs Asia Growth Fund during the six-month reporting period that ended February 29, 2004. Performance Review Over the six-month period that ended February 29, 2004, the Fund’s Class A, B, C, and Institutional Shares generated cumulative total returns, without sales charges, of 24.57%, 24.17%, 24.16%, and 24.94%, respectively. These returns compare to the 24.49% cumulative total return of the Fund’s benchmark, the Morgan Stanley Capital International (MSCI) All Country (AC) Asia Free ex-Japan Index (unhedged). The Asian equity markets climbed steadily during the reporting period, building on the gains that were generated in 2003. The clouds of pessimism and uncertainty which had earlier plagued the markets cleared as economic data showed improving trends on several fronts. Asian economies which benefit from external demand were on an upward trend as global economic growth rebounded. At the same time, domestic consumption and investment demand was stimulated by low interest rates and, together, set the stage for a strong performance. The Fund generated a very strong absolute return during the period, performing in line with its benchmark. An overweight position in Korea, particularly in select Bank stocks, contributed significantly to performance. Hong Kong was also a strong contributor as the Fund was rewarded with strong performance from its Consumer Discretionary holdings. Offsetting these gains was a negative contribution from China, where the portfolio was adversely affected by an underweight position in Energy stocks, as they rallied strongly. Portfolio Composition As of February 29, 2004, the Fund was overweight in Indonesia, India, Thailand, and China and underweight in Hong Kong, Korea, Taiwan, Philippines, Malaysia, and Singapore. Portfolio Highlights The following stocks in the Fund were noteworthy contributors to the Fund’s performance during the period: Maruti Udyog Ltd. — Maruti Udyog is a joint venture between Suzuki Motor of Japan and the Government of India. The company produces a variety of passenger cars with its flagship being the Maruti 800 which dominates the Indian car market. Maruti has a market share in excess of 60%, reflecting a long-established presence in India and dominance in the small car segment. The company is benefiting from low interest rates, strong consumer demand, and low penetration of motor car ownership in India. 17 |
P O R T F O L I O R E S U LT S Hana Bank — Hana Bank, headquartered in Korea, is our preferred bank holding due to its attractive valuation and business platform. We remain positive on the stock due to its favorable earnings positioning, arising from a sharp drop in credit costs and an increase in revenue growth. Esprit Holdings Ltd. — Esprit Holdings is mainly engaged in designing, manufacturing, and distributing fashion products. It has a strong franchise in Europe and Asia and has recently acquired the brand in the U.S. We believe Esprit is reasonably valued, well managed, and enjoys good earnings visibility driven by strong same-store growth, well-planned expansions, and margin improvement from its economies of scale. We thank you for your investment and we look forward to your continued confidence in the future. Goldman Sachs Asia Equity Investment Team Singapore, March 18, 2004 18 |
F U N D B A S I C S Asia Growth Fund as of February 29, 2004 Assets Under Management P E R F O R M A N C E R E V I E W Fund Total Return MSCI AC Asia Free (Ex-Japan) $68.7 Million September 1, 2003–February 29, 2004(based on NAV)1Index (unhedged)2 Class A24.57%24.49% Class B24.1724.49 Number of Holdings Class C 24.1624.49 Institutional 24.9424.49 87 1The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges. 2The unmanaged MSCI All Country Asia Free ex-Japan Index (unhedged, with dividends reinvested) N A S D A Q S Y M B O L S is a market capitalization-weighted composite of securities in 11 Asian countries. “Free” indicates an index that excludes shares in otherwise free markets that are not purchasable by foreigners. The Index figures do not reflect any deduction for fees, expenses or taxes. Class A Shares GSAGXS T A N D A R D I Z E D T O T A L R E T U R N S 3 For the period ended 12/31/03Class AClass BClass CInstitutional One Year29.39%31.17%35.18%38.32% Class B Shares Five Years4.464.845.116.49 Since Inception-3.21-6.51-6.47-4.69 GSABX(7/8/94)(5/1/96)(8/15/97)(2/2/96) 3The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at net asset value. These returns reflect a Class C Sharesmaximum initial sales charge of 5.5% for Class A Shares, the assumed contingent deferred sales charge for Class B Shares (5% maximum declining to 0% after six years) and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional Shares do not involve a sales charge, such a charge is not applied to their Standardized GSACX Total Returns. Total return figures in the above charts represent past performance and do not guarantee future results, which will vary. The investment return and principal value of an investment will fluctuate and, therefore, an investor’s shares, when redeemed, may be worth more or less than their original cost. Institutional SharesCurrent performance may be lower or higher than the total return figures in the above charts. Please visit www.gs.com to obtain the most recent month-end returns. Performance reflects expense limitations in effect. In their absence, performance would be reduced. Returns do not reflect the deduction GSAIXof taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. T O P 1 0 C O M P A N Y H O L D I N G S A S O F 2 / 2 9 / 0 4 4 Holding% of Total Net Assets Line of Business Samsung Electronics Co. Ltd.9.0%Electronic & Other Electric Equipment Kookmin Bank3.0Depository Institutions Hutchison Whampoa Ltd.2.6Holding & Other Investments Hana Bank2.5Depository Institutions China Mobile Ltd.2.5Communication Hyundai Motor Co. Ltd.2.3Auto Repair, Services & Parking Taiwan Semiconductor2.2Electronic & Other Electric Equipment Cheung Kong (Holdings) Ltd.2.0Real Estate United Overseas Bank Ltd.2.0Depository Institutions Huaneng Power Intl., Inc. Class H2.0Electric, Gas and Sanitary Service 4The top 10 company holdings may not be representative of the Fund’s future investments. 19 |
Shares | Description | Value | ||||||||
Common Stocks – 96.7% | ||||||||||
France – 20.9% | ||||||||||
10,659 | Aventis SA (Pharmaceuticals & Biotechnology) | $ | 816,658 | |||||||
45,056 | Credit Agricole SA (Banks) | 1,165,999 | ||||||||
27,937 | France Telecom SA* (Telecommunication Services) | 771,103 | ||||||||
16,619 | L’Oreal SA (Household & Personal Products) | 1,368,155 | ||||||||
5,133 | Lafarge SA (Materials) | 441,846 | ||||||||
6,250 | Pinault-Printemps-Redoute SA (Retailing) | 674,593 | ||||||||
21,813 | PSA Peugeot Citroen (Automobiles & Components) | 1,086,729 | ||||||||
5,117 | Total SA (Energy) | 940,630 | ||||||||
7,265,713 | ||||||||||
Germany – 5.4% | ||||||||||
15,513 | Bayerische Motoren Werke (BMW) AG (Automobiles & Components) | 663,551 | ||||||||
10,711 | Deutsche Boerse AG* (Diversified Financials) | 617,332 | ||||||||
3,604 | SAP AG (Software & Services) | 575,121 | ||||||||
1,856,004 | ||||||||||
Ireland – 6.4% | ||||||||||
60,054 | Anglo Irish Bank Corp. PLC (Banks) | 1,020,803 | ||||||||
40,717 | Bank of Ireland (Banks) | 536,938 | ||||||||
32,132 | CRH PLC (Materials) | 672,876 | ||||||||
2,230,617 | ||||||||||
Italy – 1.6% | ||||||||||
147,000 | Banca Intesa SpA (Banks) | 545,441 | ||||||||
Netherlands – 11.5% | ||||||||||
31,691 | ASML Holdings NV* (Semiconductors & Semiconductor Equipment) | 579,144 | ||||||||
16,844 | European Aeronautic Defense & Space Co. (Capital Goods) | 392,028 | ||||||||
40,943 | ING Groep NV (Diversified Financials) | 1,001,702 | ||||||||
6,670 | Royal Dutch Petroleum Co. (Energy) | 331,197 | ||||||||
28,021 | VNU NV (Media) | 914,090 | ||||||||
43,800 | Wolters Kluwer NV (Media) | 778,252 | ||||||||
3,996,413 | ||||||||||
Norway – 2.0% | ||||||||||
99,808 | Telenor ASA (Telecommunication Services) | 683,325 | ||||||||
Spain – 2.5% | ||||||||||
8,774 | Acerinox SA (Materials) | 402,195 | ||||||||
21,977 | Industria de Diseno Textil SA (Inditex)* (Retailing) | 481,231 | ||||||||
883,426 | ||||||||||
Sweden – 1.9% | ||||||||||
43,687 | Securitas AB Series B (Commercial Services & Supplies) | 668,061 | ||||||||
Switzerland – 11.2% | ||||||||||
32,029 | Credit Suisse Group (Diversified Financials) | 1,169,507 | ||||||||
39,989 | Novartis AG@ (Pharmaceuticals & Biotechnology) | 1,767,115 | ||||||||
5,871 | Zurich Financial Services AG (Insurance) | 960,137 | ||||||||
3,896,759 | ||||||||||
United Kingdom – 33.3% | ||||||||||
129,246 | BAA PLC (Transportation) | 1,260,249 | ||||||||
46,651 | British Sky Broadcasting Group PLC* (Media) | 622,035 | ||||||||
15,081 | Carnival PLC (Hotels Restaurants & Leisure) | 703,131 | ||||||||
59,542 | GlaxoSmithKline PLC (Pharmaceuticals & Biotechnology) | 1,234,608 | ||||||||
121,757 | Kingfisher PLC (Retailing) | 675,134 | ||||||||
94,518 | Prudential PLC (Insurance) | 868,575 | ||||||||
17,179 | Reckitt Benckiser PLC (Household & Personal Products) | 449,740 | ||||||||
54,729 | Royal Bank of Scotland Group PLC (Banks) | 1,733,717 | ||||||||
165,239 | Shell Transport & Trading Co. PLC (Energy) | 1,136,127 | ||||||||
648,042 | Vodafone Group PLC (Telecommunication Services) | 1,610,997 | ||||||||
44,861 | Wolseley PLC (Capital Goods) | 677,507 | ||||||||
54,006 | WPP Group PLC (Media) | 600,874 | ||||||||
11,572,694 | ||||||||||
TOTAL COMMON STOCKS | ||||||||||
(Cost $26,341,427) | $ | 33,598,453 | ||||||||
Principal | Interest | Maturity | ||||||||||||||
Amount€ | Rate | Date | Value | |||||||||||||
Short-Term Obligations – 5.3% | ||||||||||||||||
State Street Bank & Trust Euro-Time Deposit | ||||||||||||||||
EUR 740,270 | 1.90 | % | 03/01/2004 | $ | 921,007 | |||||||||||
EUR 740,387 | 1.90 | 03/02/2004 | 921,152 | |||||||||||||
TOTAL SHORT-TERM OBLIGATIONS | ||||||||||||||||
(Cost $1,842,233) | $ | 1,842,159 | ||||||||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL | ||||||||||||||||
(Cost $28,183,660) | $ | 35,440,612 | ||||||||||||||
20
Shares | Description | Value | ||||||||
Securities Lending Collateral – 5.2% | ||||||||||
1,783,631 | Boston Global Investment Trust – Enhanced Portfolio | $ | 1,783,631 | |||||||
TOTAL SECURITIES LENDING COLLATERAL | ||||||||||
(Cost $1,783,631) | $ | 1,783,631 | ||||||||
TOTAL INVESTMENTS | ||||||||||
(Cost $29,967,291) | $ | 37,224,243 | ||||||||
* | Non-income producing security. | |
@ | All or portion of security is on loan. | |
€ | The principal amount of the security is stated in the currency in which the bond is denominated. See below: EUR – Euro |
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
21
As a % of | ||||||
Net Assets | ||||||
Common Stock Industry Classifications†† | ||||||
Automobiles & Components | 5.0 | % | ||||
Banks | 14.4 | |||||
Capital Goods | 3.1 | |||||
Commercial Services & Supplies | 1.9 | |||||
Diversified Financials | 8.0 | |||||
Energy | 6.9 | |||||
Hotels Restaurants & Leisure | 2.0 | |||||
Household & Personal Products | 5.2 | |||||
Insurance | 5.3 | |||||
Materials | 4.4 | |||||
Media | 8.4 | |||||
Pharmaceuticals & Biotechnology | 11.0 | |||||
Retailing | 5.3 | |||||
Semiconductors & Semiconductor Equipment | 1.7 | |||||
Software & Services | 1.7 | |||||
Telecommunication Services | 8.8 | |||||
Transportation | 3.6 | |||||
TOTAL COMMON STOCK | 96.7 | % | ||||
†† | Industry concentrations greater than one tenth of one percent are disclosed. |
22
Shares | Description | Value | ||||||||
Common Stocks – 96.2% | ||||||||||
Finland – 2.9% | ||||||||||
675,852 | Nokia Oyj (Technology Hardware & Equipment) | $ | 14,748,133 | |||||||
France – 11.7% | ||||||||||
�� | 368,494 | Credit Agricole SA (Banks) | 9,536,216 | |||||||
285,617 | France Telecom SA* (Telecommunication Services) | 7,883,455 | ||||||||
107,929 | L’Oreal SA (Household & Personal Products) | 8,885,228 | ||||||||
51,057 | Lafarge SA (Materials) | 4,394,964 | ||||||||
134,424 | LVMH Moet Hennessy Louis Vuitton SA@ (Consumer Durables & Apparel) | 10,308,807 | ||||||||
115,810 | PSA Peugeot Citroen (Automobiles & Components) | 5,769,684 | ||||||||
63,336 | Total SA (Energy) | 11,642,705 | ||||||||
58,421,059 | ||||||||||
Germany – 4.1% | ||||||||||
103,242 | Bayerische Motoren Werke (BMW) AG@ (Automobiles & Components) | 4,416,058 | ||||||||
105,191 | Deutsche Boerse AG* (Diversified Financials) | 6,062,717 | ||||||||
63,076 | SAP AG (Software & Services) | 10,065,574 | ||||||||
20,544,349 | ||||||||||
Hong Kong – 3.1% | ||||||||||
386,000 | Cheung Kong (Holdings) Ltd. (Real Estate) | 3,683,934 | ||||||||
1,928,000 | Esprit Holdings Ltd. (Retailing) | 7,517,170 | ||||||||
664,000 | Wing Hang Bank Ltd. (Banks) | 4,284,750 | ||||||||
15,485,854 | ||||||||||
Ireland – 1.3% | ||||||||||
429,701 | Allied Irish Banks PLC (Banks) | 6,545,023 | ||||||||
4,377 | Anglo Irish Bank Corp. PLC (Banks) | 74,714 | ||||||||
6,619,737 | ||||||||||
Italy – 2.7% | ||||||||||
3,620,000 | Banca Intesa SpA@ (Banks) | 13,431,952 | ||||||||
Japan – 20.9% | ||||||||||
265 | Canon, Inc. (Technology Hardware & Equipment) | 12,996 | ||||||||
251,500 | Credit Saison Co. Ltd. (Diversified Financials) | 6,711,754 | ||||||||
188,000 | Fuji Photo Film Co. Ltd. (Consumer Durables & Apparel) | 5,820,694 | ||||||||
184,800 | Honda Motor Co. Ltd. (Automobiles & Components) | 8,051,717 | ||||||||
52 | Hoya Corp. (Technology Hardware & Equipment) | 4,887 | ||||||||
1,122 | KDDI Corp. (Telecommunication Services) | 5,836,590 | ||||||||
477,000 | Konica Minolta Holdings, Inc. (Technology Hardware & Equipment) | 5,489,872 | ||||||||
407,000 | Mitsui Fudosan Co. Ltd. (Real Estate) | 4,348,558 | ||||||||
790 | Mitsui Sumitomo Insurance Co. (Insurance) | 6,972 | ||||||||
467,000 | Nomura Holdings, Inc. (Diversified Financials) | 7,426,015 | ||||||||
87,400 | ORIX Corp. (Diversified Financials) | 8,078,361 | ||||||||
784,000 | Ricoh Co. Ltd. (Technology Hardware & Equipment) | 15,886,715 | ||||||||
64,500 | Rohm Co. Ltd. (Semiconductors & Semiconductor Equipment) | 7,317,870 | ||||||||
170,600 | Seiko Epson Corp. (Technology Hardware & Equipment) | 5,997,199 | ||||||||
362,400 | Shin-Etsu Chemical Co. Ltd. (Materials) | 14,158,014 | ||||||||
11 | SMC Corp. (Capital Goods) | 1,290 | ||||||||
87,670 | USS Co. Ltd.@ (Retailing) | 6,448,284 | ||||||||
222,000 | Yamato Transport Co. Ltd. (Transportation) | 3,188,333 | ||||||||
104,786,121 | ||||||||||
Netherlands – 7.5% | ||||||||||
229,994 | ASML Holding NV* (Semiconductors & Semiconductor Equipment) | 4,203,078 | ||||||||
318,788 | European Aeronautic Defense & Space Co.@ (Capital Goods) | 7,419,490 | ||||||||
664,314 | ING Groep NV (Diversified Financials) | 16,252,954 | ||||||||
303,224 | VNU NV (Media) | 9,891,651 | ||||||||
37,767,173 | ||||||||||
Norway – 1.2% | ||||||||||
853,732 | Telenor ASA (Telecommunication Services) | 5,844,992 | ||||||||
Russia – 2.4% | ||||||||||
14,000 | Mobile Telesystems ADR (Telecommunication Services) | 1,481,112 | ||||||||
205,325 | YUKOS ADR@ (Energy) | 10,409,977 | ||||||||
11,891,089 | ||||||||||
Singapore – 1.1% | ||||||||||
665,500 | United Overseas Bank Ltd. (Banks) | 5,504,184 | ||||||||
South Korea – 3.9% | ||||||||||
180,353 | Hana Bank GDR† (Banks) | 3,910,720 | ||||||||
457,626 | Hyundai Motor Co. Ltd. GDR†@ (Automobiles & Components) | 11,211,837 | ||||||||
18,100 | Samsung Electronic GDR†@ (Semiconductors & Semiconductor Equipment) | 4,216,109 | ||||||||
19,338,666 | ||||||||||
23
Shares | Description | Value | ||||||||
Common Stocks – (continued) | ||||||||||
Spain – 1.9% | ||||||||||
530,329 | Banco Bilbao Vizcaya Argentaria SA (Banks) | $ | 7,309,045 | |||||||
107,067 | Industria de Diseno Textil SA (Inditex)* (Retailing) | 2,344,449 | ||||||||
9,653,494 | ||||||||||
Sweden – 2.7% | ||||||||||
989,120 | Skandia Forsakrings AB (Insurance) | 4,379,258 | ||||||||
3,170,735 | Telefonaktiebolaget LM Ericsson Series B* (Technology Hardware & Equipment) | 9,180,560 | ||||||||
13,559,818 | ||||||||||
Switzerland – 10.0% | ||||||||||
244,202 | Credit Suisse Group (Diversified Financials) | 8,916,793 | ||||||||
42,334 | Nestle SA (Food Beverage & Tobacco) | 11,201,376 | ||||||||
345,193 | Novartis AG@ (Pharmaceuticals & Biotechnology) | 15,254,088 | ||||||||
90,993 | Zurich Financial Services AG (Insurance) | 14,880,893 | ||||||||
50,253,150 | ||||||||||
Taiwan – 1.1% | ||||||||||
546,500 | Hon Hai Precision Industry Co. Ltd. GDR@ (Technology Hardware & Equipment) | 5,328,375 | ||||||||
Thailand – 0.8% | ||||||||||
14,624,700 | Krung Thai Bank Public Co. Ltd. (Banks) | 4,168,384 | ||||||||
United Kingdom – 16.9% | ||||||||||
535,957 | British Sky Broadcasting Group PLC* (Media) | 7,146,337 | ||||||||
224,259 | Carnival PLC (Hotels Restaurants & Leisure) | 10,455,768 | ||||||||
372,086 | Exel PLC (Transportation) | 5,329,818 | ||||||||
756,573 | GlaxoSmithKline PLC (Pharmaceuticals & Biotechnology) | 15,687,596 | ||||||||
708,067 | Prudential PLC (Insurance) | 6,506,799 | ||||||||
9,707,500 | Vodafone Group PLC (Telecommunication Services) | 24,132,308 | ||||||||
1,362,835 | WPP Group PLC (Media) | 15,162,984 | ||||||||
84,421,610 | ||||||||||
TOTAL COMMON STOCKS | ||||||||||
(Cost $394,000,101) | $ | 481,768,140 | ||||||||
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Short-Term Obligation – 0.8% | ||||||||||||||||
State Street Bank & Trust Euro – Time Deposit | ||||||||||||||||
$ | 4,165,000 | 0.94 | % | 03/01/2004 | $ | 4,165,000 | ||||||||||
TOTAL SHORT-TERM OBLIGATION | ||||||||||||||||
(Cost $4,165,000) | $ | 4,165,000 | ||||||||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL | ||||||||||||||||
(Cost $398,165,101) | $ | 485,933,140 | ||||||||||||||
Shares | Description | Value | ||||||||
Securities Lending Collateral – 12.7% | ||||||||||
63,606,880 | Boston Global Investment Trust – Enhanced Portfolio | $ | 63,606,880 | |||||||
TOTAL SECURITIES LENDING COLLATERAL | ||||||||||
(Cost $63,606,880) | $ | 63,606,880 | ||||||||
TOTAL INVESTMENTS | ||||||||||
(Cost $461,771,981) | $ | 549,540,020 | ||||||||
* | Non-income producing security. | |
@ | All or portion of security is on loan. | |
† | Security is exempt from registration under rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. The market value of 144A securities amounts to $19,338,666 which represents 3.9% of net assets as of February 29, 2004. |
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
Investment Abbreviations: | ||||||
ADR | — | American Depositary Receipt | ||||
GDR | — | Global Depositary Receipt | ||||
24
As a % of | ||||||
Net Assets | ||||||
Common Stock Industry Classifications†† | ||||||
Automobiles & Components | 5.9 | % | ||||
Banks | 10.9 | |||||
Capital Goods | 1.5 | |||||
Consumer Durables & Apparel | 3.2 | |||||
Diversified Financials | 10.7 | |||||
Energy | 4.4 | |||||
Food Beverage & Tobacco | 2.2 | |||||
Hotels Restaurants & Leisure | 2.1 | |||||
Household & Personal Products | 1.8 | |||||
Insurance | 5.2 | |||||
Materials | 3.7 | |||||
Media | 6.4 | |||||
Pharmaceuticals & Biotechnology | 6.2 | |||||
Real Estate | 1.6 | |||||
Retailing | 3.3 | |||||
Semiconductors & Semiconductor Equipment | 3.1 | |||||
Software & Services | 2.0 | |||||
Technology Hardware & Equipment | 11.3 | |||||
Telecommunication Services | 9.0 | |||||
Transportation | 1.7 | |||||
TOTAL COMMON STOCK | 96.2 | % | ||||
†† | Industry concentrations greater than one tenth of one percent are disclosed. |
25
Shares | Description | Value | ||||||||
Common Stocks – 95.9% | ||||||||||
90,000 | Ajinomoto Co., Inc. (Foods) | $ | 983,583 | |||||||
20,000 | ALPS ELECTRIC Co. Ltd. (Electric Appliances) | 262,153 | ||||||||
6,000 | ANRITSU Corp.@ (Electric Appliances) | 48,564 | ||||||||
6,200 | Arisawa Mfg. Co. Ltd. (Chemicals) | 213,061 | ||||||||
2,700 | ARRK Corp. (Other Products) | 186,975 | ||||||||
33,000 | ASAHI DENKA KOGYO K. K.@ (Chemicals) | 249,895 | ||||||||
107,000 | Asahi Glass Co. Ltd. (Glass & Ceramics Products) | 985,840 | ||||||||
26,400 | Bandai Co. Ltd. (Other Products) | 603,169 | ||||||||
41,000 | CALSONIC KANSEI Corp.@ (Transportation Equipment) | 302,149 | ||||||||
20,000 | Canon, Inc. (Electric Appliances) | 980,854 | ||||||||
4,300 | CAWACHI Ltd. (Retail Trade) | 314,524 | ||||||||
3,100 | DAIICHIKOSHO Co. Ltd. (Wholesale Trade) | 164,671 | ||||||||
40,000 | Daikin Industries Ltd. (Machinery) | 881,005 | ||||||||
30,500 | DENSO Corp. (Transportation Equipment) | 640,674 | ||||||||
61 | Dentsu, Inc. (Services) | 310,722 | ||||||||
121,000 | Dowa Mining Co. Ltd. (Nonferrous Metals) | 679,215 | ||||||||
191 | East Japan Railway Co. (Land Transportation) | 894,647 | ||||||||
7,600 | Eneserve Corp. (Electric Appliances) | 316,565 | ||||||||
10,300 | Fast Retailing Co. Ltd. (Retail Trade) | 705,793 | ||||||||
3,950 | Fuji Seal, Inc. (Other Products) | 166,339 | ||||||||
4,000 | Funai Electric Co. Ltd. (Electric Appliances) | 562,371 | ||||||||
2,400 | HIROSE ELECTRIC Co. Ltd. (Electric Appliances) | 265,366 | ||||||||
9,300 | Hoya Corp. (Precision Instruments) | 873,964 | ||||||||
117,000 | Itochu Corp. (Wholesale Trade) | 400,954 | ||||||||
32,500 | JFE Holdings, Inc. (Iron & Steel) | 823,555 | ||||||||
38,000 | Kao Corp. (Chemicals) | 804,175 | ||||||||
147 | KDDI Corp. (Information & Communication) | 764,687 | ||||||||
21,900 | KOKUYO Co. Ltd. (Other Products) | 251,585 | ||||||||
14,100 | Komeri Co. Ltd. (Retail Trade) | 336,278 | ||||||||
11,400 | KOSE Corp. (Chemicals) | 382,663 | ||||||||
132,000 | KUBOTA Corp. (Machinery) | 599,418 | ||||||||
800 | Matsushita Electric Works Ltd. (Electric Appliances) | 7,155 | ||||||||
8,400 | Meitec Corp. (Services) | 297,992 | ||||||||
10,800 | MISUMI Corp. (Wholesale Trade) | 494,801 | ||||||||
73,000 | Mitsubishi Electric Corp. (Electric Appliances) | 351,401 | ||||||||
108 | Mitsubishi Tokyo Financial Group, Inc. (Banks) | 835,845 | ||||||||
77,000 | Mitsui Fudosan Co. Ltd. (Real Estate) | 822,700 | ||||||||
131,000 | Mitsui O.S.K. Lines Ltd. (Marine Transportation) | 629,356 | ||||||||
94,000 | Mitsui Sumitomo Insurance Co. Ltd. (Insurance) | 829,521 | ||||||||
15,100 | NAMCO Ltd. (Services) | 373,287 | ||||||||
26,000 | NEC Corp. (Electric Appliances) | 190,923 | ||||||||
33 | Net One Systems Co. Ltd. (Wholesale Trade) | 234,331 | ||||||||
1,500 | NICHII GAKKAN Co. (Services) | 70,994 | ||||||||
8,000 | Nippon Electric Glass Co. Ltd. (Glass & Ceramics Products) | 161,920 | ||||||||
6,700 | Nippon Kanzai Co. Ltd. (Services) | 110,782 | ||||||||
95 | Nippon Telephone & Telegraph Corp. (Information & Communication) | 441,030 | ||||||||
28,000 | Nissan Chemical Industries Ltd. (Chemicals) | 228,515 | ||||||||
122,800 | Nissan Motor Co. Ltd. (Transportation Equipment) | 1,358,971 | ||||||||
19,700 | NITTO DENKO Corp. (Chemicals) | 974,511 | ||||||||
2,100 | Noritsu Koki Co. Ltd. (Precision Instruments) | 73,018 | ||||||||
701 | NTT DoCoMo, Inc. (Information & Communication) | 1,462,034 | ||||||||
4,600 | OBIC Co. Ltd. (Information & Communication) | 963,054 | ||||||||
52,000 | OJI PAPER Co. Ltd. (Pulp and Paper) | 307,312 | ||||||||
7,700 | ORIX Corp. (Other Financing Business) | 711,709 | ||||||||
7,900 | Park24 Co. Ltd. (Real Estate) | 196,397 | ||||||||
7,400 | Plenus Co. Ltd. (Retail Trade) | 166,687 | ||||||||
77,000 | Ricoh Co. Ltd. (Electric Appliances) | 1,560,302 | ||||||||
5,700 | Rohm Co. Ltd. (Electric Appliances) | 646,696 | ||||||||
39,000 | SANYO SHOKAI Ltd. (Textiles & Apparels) | 221,001 | ||||||||
9,700 | Sato Corp.@ (Machinery) | 226,926 | ||||||||
300 | Secom Co. Ltd. (Services) | 11,625 | ||||||||
15,200 | Seiko Epson Corp. (Electric Appliances) | 534,334 | ||||||||
48,000 | Sharp Corp. (Electric Appliances) | 796,806 | ||||||||
76,000 | Shimadzu Corp.@ (Precision Instruments) | 340,916 | ||||||||
36,800 | Shin-Etsu Chemical Co. Ltd. (Chemicals) | 1,437,679 | ||||||||
6,500 | SMC Corp. (Machinery) | 762,215 | ||||||||
45,000 | Stanley Electric Co. Ltd. (Electric Appliances) | 765,535 | ||||||||
9,400 | Sumisho Lease Co. Ltd. (Other Financing Business) | 282,124 | ||||||||
168 | Sumitomo Mitsui Financial Group, Inc. (Banks) | 936,916 | ||||||||
4,400 | Taiyo Ink Manufacturing Co. Ltd.@ (Chemicals) | 148,168 |
26
Shares | Description | Value | ||||||||
Common Stocks – (continued) | ||||||||||
38,800 | Takeda Chemical Industries Ltd. (Pharmaceutical) | $ | 1,603,403 | |||||||
83,000 | The Nomura Securities Co. Ltd. (Securities) | 1,319,827 | ||||||||
231,000 | Tokyo Gas Co. Ltd. (Electric Power & Gas) | 858,571 | ||||||||
126,000 | TOKYU LAND Corp. (Real Estate) | 341,803 | ||||||||
35,000 | Tostem Inax Holding Corp. (Metal Products) | 620,708 | ||||||||
60,500 | Toyota Motor Corp. (Transportation Equipment) | 2,090,854 | ||||||||
23,000 | TSUMURA & Co.*@ (Pharmaceutical) | 251,613 | ||||||||
105 | UFJ Holdings, Inc.* (Banks) | 473,072 | ||||||||
9,900 | USS Co. Ltd. (Services) | 728,163 | ||||||||
11,700 | Yamanouchi Pharmaceutical Co. Ltd. (Pharmaceutical) | 392,017 | ||||||||
30,000 | YASKAWA Electric Corp.* (Electric Appliances) | 214,133 | ||||||||
18,000 | YOKOGAWA ELECTRIC Corp. (Electric Appliances) | 244,440 | ||||||||
TOTAL COMMON STOCKS | ||||||||||
(Cost $39,436,011) | $ | 46,059,507 | ||||||||
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Short-Term Obligation – 1.0% | ||||||||||||||||
State Street Bank & Trust Euro – Time Deposit | ||||||||||||||||
$ | 469,000 | 0.94 | % | 03/01/2004 | $ | 469,000 | ||||||||||
TOTAL SHORT-TERM OBLIGATION | ||||||||||||||||
(Cost $469,000) | $ | 469,000 | ||||||||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL | ||||||||||||||||
(Cost $39,905,011) | $ | 46,528,507 | ||||||||||||||
Shares | Description | Value | ||||||||
Securities Lending Collateral – 2.1% | ||||||||||
1,042,950 | Boston Global Investment Trust – Enhanced Portfolio | $ | 1,042,950 | |||||||
TOTAL SECURITIES LENDING COLLATERAL | ||||||||||
(Cost $1,042,950) | $ | 1,042,950 | ||||||||
TOTAL INVESTMENTS | ||||||||||
(Cost $40,947,961) | $ | 47,571,457 | ||||||||
* | Non-income producing security. | |
@ | All or portion of security is on loan. |
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
As a % of | ||||||
Net Assets | ||||||
Common Stock Industry Classifications†† | ||||||
Banks | 4.7 | % | ||||
Chemicals | 9.2 | |||||
Electric Appliances | 16.1 | |||||
Electric Power & Gas | 1.8 | |||||
Foods | 2.0 | |||||
Glass & Ceramics Products | 2.4 | |||||
Information & Communication | 7.6 | |||||
Insurance | 1.7 | |||||
Iron & Steel | 1.7 | |||||
Land Transportation | 1.9 | |||||
Machinery | 5.1 | |||||
Marine Transportation | 1.3 | |||||
Metal Products | 1.3 | |||||
Nonferrous Metals | 1.4 | |||||
Other Financing Business | 2.1 | |||||
Other Products | 2.5 | |||||
Pharmaceutical | 4.7 | |||||
Precision Instruments | 2.7 | |||||
Pulp and Paper | 0.6 | |||||
Real Estate | 2.8 | |||||
Retail Trade | 3.2 | |||||
Securities | 2.8 | |||||
Services | 4.0 | |||||
Textiles & Apparels | 0.5 | |||||
Transportation Equipment | 9.1 | |||||
Wholesale Trade | 2.7 | |||||
TOTAL COMMON STOCK | 95.9 | % | ||||
†† | Industry concentrations greater than one tenth of one percent are disclosed. |
27
Shares | Description | Value | ||||||||
Common Stocks – 93.5% | ||||||||||
Australia – 2.0% | ||||||||||
397,571 | Promina Group Ltd. (Insurance) | $ | 1,089,788 | |||||||
78,132 | Westfield Holdings Ltd. (Real Estate) | 780,054 | ||||||||
1,869,842 | ||||||||||
Denmark – 1.9% | ||||||||||
9,530 | Bryggerigruppen A/S (Food Beverage & Tobacco) | 616,260 | ||||||||
14,544 | Carlsberg A/S Class B@ (Food Beverage & Tobacco) | 713,917 | ||||||||
14,844 | Group 4 Falck A/S (Commercial Services & Supplies) | 417,235 | ||||||||
1,747,412 | ||||||||||
Finland – 2.8% | ||||||||||
19,539 | Elcoteq Network Corp. (Technology Hardware & Equipment) | 421,355 | ||||||||
74,737 | M-real Oyj (Materials) | 711,327 | ||||||||
16,994 | TietoEnator Oyj (Software & Services) | 548,241 | ||||||||
62,881 | Vacon Oyj (Capital Goods) | 916,067 | ||||||||
2,596,990 | ||||||||||
France – 1.1% | ||||||||||
77,344 | Genesys*@ (Technology Hardware & Equipment) | 425,192 | ||||||||
13,215 | Valeo SA (Automobiles & Components) | 609,217 | ||||||||
1,034,409 | ||||||||||
Germany – 5.2% | ||||||||||
9,021 | ElringKlinger AG (Automobiles & Components) | 1,015,724 | ||||||||
36,941 | Fraport AG* (Transportation) | 1,113,666 | ||||||||
9,786 | Hochtief AG (Capital Goods) | 302,996 | ||||||||
35,558 | �� | IDS Scheer AG (Software & Services) | 851,274 | |||||||
4,603 | Puma AG Rudolf Dassler Sport (Consumer Durables & Apparel) | 945,259 | ||||||||
23,821 | Techem AG* (Commercial Services & Supplies) | 609,040 | ||||||||
4,837,959 | ||||||||||
Greece – 2.6% | ||||||||||
76,705 | Bank of Piraeus (Banks) | 927,429 | ||||||||
40,090 | Cosmote Mobile Communications SA (Telecommunication Services) | 655,495 | ||||||||
44,820 | Greek Organization of Football Prognostics (Hotels Restaurants & Leisure) | 822,282 | ||||||||
2,405,206 | ||||||||||
Hong Kong – 2.8% | ||||||||||
376,000 | Esprit Holdings Ltd. (Retailing) | 1,466,004 | ||||||||
334,000 | Techtronic Industries Co. Ltd. (Technology Hardware & Equipment) | 1,103,424 | ||||||||
2,569,428 | ||||||||||
Indonesia – 1.0% | ||||||||||
2,721,000 | PT Bank Rakyat* (Banks) | 500,102 | ||||||||
3,153,500 | PT Limas Stokhomindo Tbk* (Software & Services) | 431,810 | ||||||||
931,912 | ||||||||||
Ireland – 4.8% | ||||||||||
63,796 | Anglo Irish Bank Corp. PLC (Banks) | 1,084,409 | ||||||||
73,602 | DCC PLC (Capital Goods) | 1,107,007 | ||||||||
121,658 | IAWS Group PLC (Commercial Services & Supplies) | 1,490,903 | ||||||||
143,654 | Kingspan Group PLC (Capital Goods) | 772,101 | ||||||||
4,454,420 | ||||||||||
Italy – 3.0% | ||||||||||
166,500 | Gruppo Coin SpA* (Retailing) | 503,377 | ||||||||
41,901 | I.M.A. Industria Macchine Automatiche SpA (Capital Goods) | 539,036 | ||||||||
50,000 | Marzotto SpA (Consumer Durables & Apparel) | 617,098 | ||||||||
308,000 | Risanamento SpA (Real Estate) | 543,444 | ||||||||
249,000 | Sirti SpA* (Technology Hardware & Equipment) | 542,138 | ||||||||
2,745,093 | ||||||||||
Japan – 23.4% | ||||||||||
19,700 | AEON Mall Co. Ltd. (Real Estate) | 711,289 | ||||||||
10,600 | Arisawa Mfg. Co. Ltd. (Technology Hardware & Equipment) | 364,265 | ||||||||
4,500 | ARNEST ONE Corp. (Real Estate) | 195,679 | ||||||||
9,200 | ARRK Corp.@ (Commercial Services & Supplies) | 637,100 | ||||||||
36,100 | As One Corp.@ (Health Care Equipment & Services) | 655,494 | ||||||||
41,000 | ASAHI DENKA KOGYO K. K.@ (Materials) | 310,475 | ||||||||
7,200 | ASKUL Corp. (Retailing) | 363,826 | ||||||||
7,000 | CAWACHI Ltd. (Food & Staples Retailing) | 512,015 | ||||||||
800 | Central Leasing Co. Ltd. (Commercial Services & Supplies) | 19,444 | ||||||||
69,000 | CHIYODA Corp.*@ (Capital Goods) | 436,904 | ||||||||
5,000 | Citizen Electronic (Technology Hardware & Equipment) | 402,241 | ||||||||
32,000 | CKD Corp. (Capital Goods) | 192,302 | ||||||||
83 | Cybernet Systems Co. Ltd.@ (Software & Services) | 207,079 |
28
Shares | Description | Value | ||||||||
Common Stocks – (continued) | ||||||||||
Japan – (continued) | ||||||||||
15,200 | DAIICHIKOSHO Co. Ltd. (Media) | $ | 807,418 | |||||||
11,200 | Daiseki Co. Ltd. (Commercial Services & Supplies) | 158,053 | ||||||||
15,300 | Eneserve Corp. (Capital Goods) | 637,296 | ||||||||
18,900 | Enplas Corp. (Technology Hardware & Equipment) | 589,347 | ||||||||
1,300 | F.C.C. Co. Ltd.@ (Automobiles & Components) | 44,986 | ||||||||
10,300 | Fuji Seal (Materials) | 433,744 | ||||||||
22,600 | Fujimi, Inc. (Materials) | 548,926 | ||||||||
378,000 | FURUKAWA Co. Ltd.* (Capital Goods) | 401,566 | ||||||||
46,000 | JUKI Corp.* (Consumer Durables & Apparel) | 137,696 | ||||||||
44,100 | Kato Sangyo Co. Ltd. (Retailing) | 480,423 | ||||||||
12,200 | KOHA Co. Ltd.@ (Technology Hardware & Equipment) | 400,886 | ||||||||
14,400 | Komeri Co. Ltd. (Retailing) | 343,433 | ||||||||
16,000 | KOSE Corp. (Household & Personal Products) | 537,071 | ||||||||
12,100 | Kuroda Electric Co. Ltd. (Capital Goods) | 423,832 | ||||||||
10,600 | Meitec Corp. (Commercial Services & Supplies) | 376,037 | ||||||||
13,000 | MISUMI Corp. (Energy) | 595,594 | ||||||||
17,900 | MODEC, Inc. (Energy) | 303,154 | ||||||||
6,650 | MOSHI MOSHI HOTLINE, Inc. (Commercial Services & Supplies) | 461,843 | ||||||||
10,700 | MUSASHI SEIMITSU INDUSTRY Co. Ltd. (Automobiles & Components) | 309,534 | ||||||||
28,400 | Nippon Kanzai Co. Ltd.@ (Commercial Services & Supplies) | 469,584 | ||||||||
4,200 | Nippon Restaurant System, Inc. (Hotels Restaurants & Leisure) | 147,260 | ||||||||
10,800 | NISHIMATSUYA CHAIN Co. Ltd. (Retailing) | 280,789 | ||||||||
30,000 | NISSHA Printing Co. Ltd. (Commercial Services & Supplies) | 404,261 | ||||||||
8,900 | Noritsu Koki Co. Ltd.@ (Consumer Durables & Apparel) | 309,458 | ||||||||
7,300 | OZEKI Co. Ltd. (Food & Staples Retailing) | 269,987 | ||||||||
16,400 | Park24 Co. Ltd. (Commercial Services & Supplies) | 407,711 | ||||||||
54 | Pasona, Inc.*@ (Commercial Services & Supplies) | 346,043 | ||||||||
14,900 | Plenus Co. Ltd. (Hotels Restaurants & Leisure) | 335,627 | ||||||||
15,700 | Relocation Services Corp. (Real Estate) | 430,902 | ||||||||
13,100 | Ryohin Keikaku Co. Ltd. (Retailing) | 449,501 | ||||||||
70,000 | SANYO SHOKAI Ltd. (Consumer Durables & Apparel) | 396,668 | ||||||||
21,700 | Sato Corp.@ (Commercial Services & Supplies) | 507,660 | ||||||||
12,100 | Sawai Pharmaceutical Co. Ltd. (Pharmaceuticals & Biotechnology) | 437,543 | ||||||||
400 | SHIN NIPPON BIOMEDICAL LABORATORIES Ltd.* (Health Care Equipment & Services) | 10,985 | ||||||||
900 | Star Micronics Co. Ltd. (Technology Hardware & Equipment) | 5,956 | ||||||||
28,000 | Taikisha Ltd. (Capital Goods) | 329,253 | ||||||||
14,800 | Taiyo Ink Manufacturing Co. Ltd. (Materials) | 498,382 | ||||||||
900 | TAKAMATSU Corp. (Consumer Durables & Apparel) | 19,854 | ||||||||
2,625 | TAKEUCHI MFG. Co. Ltd. (Capital Goods) | 104,534 | ||||||||
98,000 | Takiron Co. Ltd. (Materials) | 394,745 | ||||||||
6,800 | TOHOKUSHINSHA Film Corp. (Media) | 166,911 | ||||||||
2,500 | TOKYU LIVABLE, Inc. (Real Estate) | 42,455 | ||||||||
26,200 | Trusco Nakayama (Capital Goods) | 326,142 | ||||||||
42,000 | TSUMURA & Co.*@ (Pharmaceuticals & Biotechnology) | 459,468 | ||||||||
9,190 | USS Co. Ltd. (Retailing) | 675,941 | ||||||||
40 | Works Applications Co. Ltd.*@ (Software & Services) | 173,241 | ||||||||
9,300 | Yusen Air & Sea Service Co. Ltd. (Transportation) | 256,264 | ||||||||
21,656,077 | ||||||||||
Korea – 3.1% | ||||||||||
46,770 | Amotech Co. Ltd. (Technology Hardware & Equipment) | 888,967 | ||||||||
86,190 | Baiksan OPC Co. Ltd. (Commercial Services & Supplies) | 1,042,179 | ||||||||
41,990 | Interflex Co. Ltd. (Software & Services) | 933,050 | ||||||||
2,864,196 | ||||||||||
Luxembourg – 1.1% | ||||||||||
31,889 | SBS Broadcasting SA* (Media) | 1,053,931 | ||||||||
Netherlands – 8.0% | ||||||||||
38,846 | Aalberts Industries NV (Capital Goods) | 1,185,262 | ||||||||
27,671 | ASM International NV*@ (Semiconductors & Semiconductor Equipment) | 659,691 | ||||||||
113,472 | Buhrmann NV* (Commercial Services & Supplies) | 1,190,115 | ||||||||
66,944 | Heijmans NV@ (Capital Goods) | 1,713,218 | ||||||||
29
Shares | Description | Value | ||||||||
Common Stocks – (continued) | ||||||||||
Netherlands – (continued) | ||||||||||
14,002 | Hunter Douglas NV (Consumer Durables & Apparel) | $ | 646,478 | |||||||
61,134 | Koninklijke Wessanen NV (Food Beverage & Tobacco) | 829,246 | ||||||||
79,260 | New Skies Satellites NV (Telecommunication Services) | 541,694 | ||||||||
37,977 | Vedior NV (Commercial Services & Supplies) | 597,431 | ||||||||
7,363,135 | ||||||||||
Norway – 0.9% | ||||||||||
41,609 | TGS Nopec Geophysical Co. ASA*@ (Energy) | 796,007 | ||||||||
Singapore – 1.5% | ||||||||||
770,000 | Jurong Technologies Industrial Corp. Ltd. (Technology Hardware & Equipment) | 656,089 | ||||||||
629,000 | Keppel Land Ltd. (Real Estate) | 709,670 | ||||||||
1,365,759 | ||||||||||
Spain – 2.8% | ||||||||||
18,354 | ACS, Actividades de Construccion y Servicios SA (Capital Goods) | 929,502 | ||||||||
23,364 | Gamesa Corporacion Tecnologica SA (Capital Goods) | 997,043 | ||||||||
56,062 | NH Hoteles SA* (Hotels Restaurants & Leisure) | 657,040 | ||||||||
2,583,585 | ||||||||||
Sweden – 2.3% | ||||||||||
101,136 | Eniro AB (Media) | 895,900 | ||||||||
91,825 | Observer AB (Commercial Services & Supplies) | 446,598 | ||||||||
187,160 | Skandia Forsakrings AB (Insurance) | 828,638 | ||||||||
2,171,136 | ||||||||||
Switzerland – 2.1% | ||||||||||
12,438 | Baloise Holding Ltd.* (Insurance) | 596,749 | ||||||||
1,181 | Lindt & Spruengli AG (Food Beverage & Tobacco) | 1,067,618 | ||||||||
2,229 | Nobel Biocare Holding AG (Health Care Equipment & Services) | 282,891 | ||||||||
1,947,258 | ||||||||||
United Kingdom – 21.1% | ||||||||||
257,743 | Bodycote International PLC (Capital Goods) | 691,512 | ||||||||
172,040 | Cattles PLC (Diversified Financials) | 1,122,013 | ||||||||
346,653 | Communisis PLC (Media) | 677,162 | ||||||||
1,170,838 | Corus Group PLC* (Materials) | 979,491 | ||||||||
116,698 | First Calgary Petroleums Ltd.* (Energy) | 666,029 | ||||||||
451,201 | Heywood Williams Group PLC (Materials) | 729,761 | ||||||||
297,309 | HIT Entertainment PLC (Media) | 1,808,366 | ||||||||
37,531 | Holidaybreak PLC (Hotels Restaurants & Leisure) | 420,936 | ||||||||
288,750 | Homestyle Group PLC (Retailing) | 652,213 | ||||||||
126,136 | Luminar PLC (Hotels Restaurants & Leisure) | 1,075,897 | ||||||||
126,158 | Misys PLC (Software & Services) | 532,745 | ||||||||
226,756 | Mowlem PLC (Capital Goods) | 916,873 | ||||||||
41,700 | NDS Group PLC ADR*@ (Software & Services) | 1,222,227 | ||||||||
75,661 | Redrow PLC (Consumer Durables & Apparel) | 525,294 | ||||||||
142,310 | Ricardo PLC (Commercial Services & Supplies) | 571,453 | ||||||||
1,964,062 | Sibir Energy PLC* (Energy) | 976,720 | ||||||||
68,857 | Stanley Leisure (Hotels Restaurants & Leisure) | 616,362 | ||||||||
54,367 | Taylor & Francis Group PLC (Media) | 541,353 | ||||||||
197,269 | Taylor Nelson Sofres PLC (Media) | 828,011 | ||||||||
21,470 | The Berkeley Group PLC (Consumer Durables & Apparel) | 361,847 | ||||||||
230,156 | Unite Group PLC (Real Estate) | 875,930 | ||||||||
463,053 | Wellington Underwriting PLC (Insurance) | 816,154 | ||||||||
196,409 | Wincanton PLC (Transportation) | 848,937 | ||||||||
81,059 | Wolfson Microelectronics PLC* (Technology Hardware & Equipment) | 478,826 | ||||||||
348,077 | Xansa PLC (Software & Services) | 615,317 | ||||||||
19,551,429 | ||||||||||
TOTAL COMMON STOCKS | ||||||||||
(Cost $65,812,547) | $ | 86,545,184 | ||||||||
Preferred Stocks – 2.0% | ||||||||||
Germany – 2.0% | ||||||||||
10,670 | Draegerwerk AG (Health Care Equipment & Services) | $ | 731,227 | |||||||
27,821 | Rheinmetall AG (Capital Goods) | 1,055,019 | ||||||||
1,786,246 | ||||||||||
TOTAL PREFERRED STOCKS | ||||||||||
(Cost $1,688,022) | $ | 1,786,246 | ||||||||
30
Principal | Interest | Maturity | ||||||||||||
Amount | Rate | Date | Value | |||||||||||
Short-Term Obligation – 3.5% | ||||||||||||||
State Street Bank & Trust Euro – Time Deposit | ||||||||||||||
$ | 3,264,000 | 0.94% | 03/01/2004 | $ | 3,264,000 | |||||||||
TOTAL SHORT-TERM OBLIGATION | ||||||||||||||
(Cost $3,264,000) | $ | 3,264,000 | ||||||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL | ||||||||||||||
(Cost $70,764,569) | $ | 91,595,430 | ||||||||||||
Shares | Description | Value | ||||||||
Securities Lending Collateral – 9.1% | ||||||||||
8,430,218 | Boston Global Investment Trust – Enhanced Portfolio | $ | 8,430,218 | |||||||
TOTAL SECURITIES LENDING COLLATERAL | ||||||||||
(Cost $8,430,218) | $ | 8,430,218 | ||||||||
TOTAL INVESTMENTS | ||||||||||
(Cost $79,194,787) | $ | 100,025,648 | ||||||||
* | Non-income producing security. | |
@ | All or portion of security is on loan. |
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
Investment Abbreviations: | ||||||
ADR | — | American Depositary Receipt | ||||
As a % of | ||||||
Net Assets | ||||||
Common and Preferred Stock Industry Classifications†† | ||||||
Automobiles & Components | 2.1 | % | ||||
Banks | 2.7 | |||||
Capital Goods | 15.2 | |||||
Commercial Services & Supplies | 11.0 | |||||
Consumer Durables & Apparel | 4.3 | |||||
Diversified Financials | 1.2 | |||||
Energy | 3.6 | |||||
Food & Staples Retailing | 0.8 | |||||
Food Beverage & Tobacco | 3.5 | |||||
Health Care Equipment & Services | 1.8 | |||||
Hotels Restaurants & Leisure | 4.4 | |||||
Household & Personal Products | 0.6 | |||||
Insurance | 3.6 | |||||
Materials | 5.0 | |||||
Media | 7.3 | |||||
Pharmaceuticals & Biotechnology | 1.0 | |||||
Real Estate | 4.6 | |||||
Retailing | 5.6 | |||||
Semiconductors & Semiconductor Equipment | 0.7 | |||||
Software & Services | 6.0 | |||||
Technology Hardware & Equipment | 6.8 | |||||
Telecommunication Services | 1.3 | |||||
Transportation | 2.4 | |||||
TOTAL COMMON AND PREFERRED STOCK | 95.5 | % | ||||
†† | Industry concentrations greater than one tenth of one percent are disclosed. |
31
Shares | Description | Value | ||||||||
Common Stocks – 89.7% | ||||||||||
Brazil – 3.7% | ||||||||||
27,600 | Banco Itau Holding Financerira SA (Banks) | $ | 1,311,000 | |||||||
39,400 | Petroleo Brasileiro SA ADR (Energy) | 1,229,280 | ||||||||
52,900 | Unibanco - Uniao de Bancos Brasileiros SA GDR (Banks) | 1,203,475 | ||||||||
3,743,755 | ||||||||||
China – 5.9% | ||||||||||
2,864,000 | AviChina Industry & Technology Co. Ltd.* (Automobiles & Components) | 603,389 | ||||||||
698,000 | China Mobile Ltd. (Telecommunication Services) | 2,467,035 | ||||||||
933,900 | Huaneng Power International, Inc. Class H (Utilities) | 1,762,674 | ||||||||
3,361,204 | Skyworth Digital Holdings Ltd. (Consumer Durables & Apparel) | 1,183,601 | ||||||||
6,016,699 | ||||||||||
Hungary – 1.9% | ||||||||||
63,100 | Magyar Travkozlesi Rt. (Matav) ADR (Telecommunication Services) | 1,241,808 | ||||||||
21,615 | OTP Bank Rt. GDR* (Banks) | 713,295 | ||||||||
1,955,103 | ||||||||||
India – 4.8% | ||||||||||
141,855 | Housing Development Finance Corp. Ltd. (Diversified Financials) | 1,919,721 | ||||||||
322,975 | ICICI Bank Ltd. (Banks) | 1,941,546 | ||||||||
9,162 | Infosys Technologies Ltd. (Software & Services) | 1,026,018 | ||||||||
4,887,285 | ||||||||||
Indonesia – 1.8% | ||||||||||
4,949,000 | PT Bank Rakyat Indonesia* (Banks) | 907,268 | ||||||||
1,094,000 | PT Telekomunikasi Indonesia (Telecommunication Services) | 942,650 | ||||||||
1,849,918 | ||||||||||
Israel – 2.0% | ||||||||||
32,240 | Teva Pharmaceutical Industries Ltd. ADR (Pharmaceuticals & Biotechnology) | 2,095,600 | ||||||||
Malaysia – 2.4% | ||||||||||
415,100 | Petra Perdana Berhad (Energy) | 1,043,212 | ||||||||
481,000 | Resorts World Berhad (Hotels Restaurants & Leisure) | 1,433,973 | ||||||||
2,477,185 | ||||||||||
Mexico – 7.1% | ||||||||||
73,100 | America Movil SA de CV ADR (Telecommunication Services) | 2,606,746 | ||||||||
58,900 | Cemex SA de CV ADR (Materials) | 1,699,265 | ||||||||
35,000 | Fomento Economico Mexicano SA de CV ADR (Food Beverage & Tobacco) | 1,575,000 | ||||||||
375,700 | Grupo Financiero Banorte SA de CV Class B (Banks) | 1,374,056 | ||||||||
7,255,067 | ||||||||||
Peru – 0.9% | ||||||||||
37,500 | Compania de Minas Buenaventura SAu ADR (Materials) | 907,875 | ||||||||
Russia – 7.6% | ||||||||||
5,900 | Mobile Telesystems ADR (Telecommunication Services) | 632,775 | ||||||||
15,700 | Mobile Telesystems Ojsc GDR*† (Telecommunication Services) | 1,624,950 | ||||||||
6,410 | Sberbank RF (Banks) | 2,211,450 | ||||||||
65,943 | YUKOS ADR@ (Energy) | 3,343,310 | ||||||||
7,812,485 | ||||||||||
South Africa – 11.3% | ||||||||||
218,600 | ABSA Group Ltd. (Banks) | 1,547,004 | ||||||||
76,514 | Anglo American (Materials) | 1,926,661 | ||||||||
1,083,500 | FirstRand Ltd. (Banks) | 1,492,377 | ||||||||
67,272 | Harmony Gold Mining Co. Ltd. ADR (Materials) | 1,014,754 | ||||||||
26,200 | Impala Platinum Holdings Ltd. (Materials) | 2,187,888 | ||||||||
250,371 | Massmart Holdings Ltd. (Food & Staples Retailing) | 1,066,519 | ||||||||
78,407 | Sasol (Energy) | 1,186,291 | ||||||||
116,180 | Telkom South Africa Ltd. (Telecommunication Services) | 1,180,210 | ||||||||
11,601,704 | ||||||||||
32
Shares | Description | Value | ||||||||
Common Stocks – (continued) | ||||||||||
South Korea – 21.8% | ||||||||||
44,230 | Amotech Co. Ltd. (Technology Hardware & Equipment) | $ | 840,689 | |||||||
75,640 | Baiksan OPC Co. Ltd. (Technology Hardware & Equipment) | 914,612 | ||||||||
98,363 | Hana Bank (Banks) | 2,136,714 | ||||||||
32,740 | Hyundai Mobis (Automobiles & Components) | 1,478,160 | ||||||||
52,685 | Hyundai Motor Co. Ltd. (Automobiles & Components) | 2,243,691 | ||||||||
45,301 | Kookmin Bank* (Banks) | 1,887,131 | ||||||||
16,810 | POSCO (Materials) | 2,488,596 | ||||||||
15,016 | Samsung Electronics Co. Ltd. (Technology Hardware & Equipment) | 6,939,380 | ||||||||
78,170 | Shinhan Financial Group Co. Ltd. (Banks) | 1,439,715 | ||||||||
9,410 | SK Telecom Co. Ltd. ADR (Telecommunication Services) | 1,914,883 | ||||||||
22,283,571 | ||||||||||
Taiwan – 12.8% | ||||||||||
�� | 1,853,300 | Advanced Semiconductor Engineering, Inc.* (Semiconductors & Semiconductor Equipment) | 2,095,522 | |||||||
145,500 | Ambit Microsystems Corp. (Technology Hardware & Equipment) | 422,945 | ||||||||
586,000 | Career Technology (MFG.) Co. Ltd.* (Technology Hardware & Equipment) | 1,091,164 | ||||||||
877,150 | Compal Electronics, Inc. (Technology Hardware & Equipment) | 1,187,416 | ||||||||
614,511 | Formosa Plastic Corp. (Materials) | 999,266 | ||||||||
295,372 | Hon Hai Precision (Technology Hardware & Equipment) | 1,316,304 | ||||||||
739,000 | Quanta Computer, Inc. (Technology Hardware & Equipment) | 1,878,775 | ||||||||
2,708,323 | SinoPac Holdings Co. (Banks) | 1,547,613 | ||||||||
706,632 | Taiwan Semiconductor* (Semiconductors & Semiconductor Equipment) | 1,341,477 | ||||||||
1,300,000 | United Microelectronics Corp.* (Semiconductors & Semiconductor Equipment) | 1,182,903 | ||||||||
13,063,385 | ||||||||||
Thailand – 4.7% | ||||||||||
751,400 | Bangkok Bank Public Co. Ltd.* (Banks) | 1,902,642 | ||||||||
2,032,400 | Krung Thai Bank PLC (Banks) | 579,282 | ||||||||
4,058,800 | Land and Houses Public Co. Ltd. (Consumer Durables & Apparel) | 1,332,447 | ||||||||
2,560,833 | Sansiri Public Co. Ltd. (Real Estate) | 534,389 | ||||||||
436,400 | Thoresen Thai Agencies Public Co. Ltd. (Transportation) | 488,653 | ||||||||
4,837,413 | ||||||||||
Turkey – 1.0% | ||||||||||
236,429,360 | Turkiye Is Bankasi Class C (Banks) | 1,074,930 | ||||||||
TOTAL COMMON STOCKS | ||||||||||
(Cost $68,334,122) | $ | 91,861,975 | ||||||||
Exchange Traded Fund – 4.2% | ||||||||||
United States – 4.2% | ||||||||||
24,700 | iShares MSCI Emerging Markets Index@ | $ | 4,311,138 | |||||||
TOTAL EXCHANGE TRADED FUND | ||||||||||
(Cost $4,192,075) | $ | 4,311,138 | ||||||||
Preferred Stocks – 6.1% | ||||||||||
Brazil – 6.1% | ||||||||||
3,250,000 | Caemi Mineracao E Metalurgica SA (Materials) | $ | 1,561,160 | |||||||
79,200 | Companhia de Bebidas das Americas ADR@ (Food Beverage & Tobacco) | 2,130,480 | ||||||||
99,300,000 | Telemar Norte Leste SA (Telecommunication Services) | 2,020,412 | ||||||||
25,651,531 | Telemig Celular SA Class G* (Telecommunication Services) | 519,279 | ||||||||
6,231,331 | ||||||||||
TOTAL PREFERRED STOCKS | ||||||||||
(Cost $4,921,548) | $ | 6,231,331 | ||||||||
Expiration | ||||||||||||||
Units | Description | Month | Value | |||||||||||
Rights – 0.0% | ||||||||||||||
Thailand – 0.0% | ||||||||||||||
91,200 | TelecomAsia Corp. Public – Alien Market* (Telecommunication Services) | 4/2008 | $ | — | ||||||||||
TOTAL RIGHTS | ||||||||||||||
(Cost $0) | $ | — | ||||||||||||
33
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Short-Term Obligation – 1.3% | ||||||||||||||||
State Street Bank & Trust Euro – Time Deposit | ||||||||||||||||
$ | 1,295,000 | 0.94 | % | 03/01/2004 | $ | 1,295,000 | ||||||||||
TOTAL SHORT-TERM OBLIGATION | ||||||||||||||||
(Cost $1,295,000) | $ | 1,295,000 | ||||||||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL | ||||||||||||||||
(Cost $78,742,745) | $ | 103,699,444 | ||||||||||||||
Shares | Description | Value | ||||||||
Securities Lending Collateral – 3.8% | ||||||||||
3,924,125 | Boston Global Investment Trust – Enhanced Portfolio | $ | 3,924,125 | |||||||
TOTAL SECURITIES LENDING COLLATERAL | ||||||||||
(Cost $3,924,125) | $ | 3,924,125 | ||||||||
TOTAL INVESTMENTS | ||||||||||
(Cost $82,666,870) | $ | 107,623,569 | ||||||||
* | Non-income producing security. | |
@ | All or portion of security is on loan. | |
† | Security is exempt from registration under rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. The market value of 144A securities amounts to $1,624,950, which represents 1.6% of net assets as of February 29, 2004. |
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
As a % of | ||||||
Net Assets | ||||||
Common and Preferred Stock Industry Classifications†† | ||||||
Automobiles & Components | 4.2 | % | ||||
Banks | 22.7 | |||||
Consumer Durables & Apparel | 2.5 | |||||
Diversified Financials | 1.9 | |||||
Energy | 6.6 | |||||
Food & Staples Retailing | 1.0 | |||||
Food Beverage & Tobacco | 3.6 | |||||
Hotels Restaurants & Leisure | 1.4 | |||||
Materials | 12.5 | |||||
Pharmaceuticals & Biotechnology | 2.1 | |||||
Real Estate | 0.5 | |||||
Semiconductors & Semiconductor Equipment | 4.5 | |||||
Software & Services | 1.0 | |||||
Technology Hardware & Equipment | 14.3 | |||||
Telecommunication Services | 14.8 | |||||
Transportation | 0.5 | |||||
Utilities | 1.7 | |||||
TOTAL COMMON AND PREFERRED STOCK | 95.8 | % | ||||
†† | Industry concentrations greater than one tenth of one percent are disclosed. |
34
Shares | Description | Value | ||||||||
Common Stocks – 93.6% | ||||||||||
China – 10.7% | ||||||||||
1,332,000 | Angang New Steel Co. Ltd. Class H (Primary Metal Industries) | $ | 795,678 | |||||||
3,804,000 | AviChina Industry & Technology Co. Ltd. Class H* (Auto Repair, Services and Parking) | 801,429 | ||||||||
478,000 | China Mobile Ltd. (Communication) | 1,689,459 | ||||||||
1,562,000 | China Petroleum and Chemical Corp. Class H (Chemicals & Allied Products) | 653,522 | ||||||||
254,000 | CNOOC Ltd. (Oil & Gas Extraction) | 515,393 | ||||||||
712,000 | Huaneng Power International, Inc. Class H (Electric, Gas and Sanitary Service) | 1,343,853 | ||||||||
974,000 | Sinotrans Ltd. Class H (Transportation Services) | 428,548 | ||||||||
3,158,568 | Skyworth Digital Holdings Ltd. (Electronic and Other Electric Equipment) | 1,112,246 | ||||||||
7,340,128 | ||||||||||
Hong Kong – 17.4% | ||||||||||
243,500 | BOC Hong Kong (Holdings) Ltd. (Depository Institutions) | 497,719 | ||||||||
228,000 | Cathay Pacific Airways Ltd. (Transportation by Air) | 464,135 | ||||||||
145,000 | Cheung Kong (Holdings) Ltd. (Real Estate) | 1,383,861 | ||||||||
116,000 | China Oriental Group Co. Ltd.* (Primary Metal Industries) | 40,980 | ||||||||
162,900 | CLP Holdings Ltd. (Electric, Gas and Sanitary Service) | 839,162 | ||||||||
81,400 | Dah Sing Financial Group (Depository Institutions) | 625,994 | ||||||||
314,000 | Esprit Holdings Ltd. (Apparel & Other Textile) | 1,224,270 | ||||||||
49,900 | Hang Seng Bank Ltd. (Holding & Other Investments) | 707,997 | ||||||||
98,000 | Hong Kong Electric Holdings Ltd. (Electric, Gas and Sanitary Service) | 420,445 | ||||||||
212,500 | Hutchison Whampoa Ltd. (Holding & Other Investments) | 1,789,920 | ||||||||
134,000 | Sun Hung Kai Properties Ltd. (Real Estate) | 1,317,065 | ||||||||
93,500 | Swire Pacific Ltd. (Business Services) | 654,429 | ||||||||
400,000 | Techtronic Industries Co. Ltd. (Electronic and Other Electric Equipment) | 1,321,465 | ||||||||
220,100 | The Wharf (Holdings) Ltd. (Miscellaneous) | 686,508 | ||||||||
11,973,950 | ||||||||||
India – 6.9% | ||||||||||
3,781 | Hindustan Lever Ltd. (Chemicals & Allied Products) | 14,543 | ||||||||
56,192 | Housing Development Finance Corp. Ltd. (General Building Contract) | 760,445 | ||||||||
170,485 | ICICI Bank Ltd. (Depository Institutions) | 1,024,861 | ||||||||
5,975 | Infosys Technologies Ltd. (Communication) | 669,118 | ||||||||
91,862 | Maruti Udyog Ltd.* (Automotive Dealers & Services) | 1,016,022 | ||||||||
52,956 | Reliance Industries Ltd. (Chemicals & Allied Products) | 648,819 | ||||||||
45,874 | State Bank of India (Depository Institutions) | 593,109 | ||||||||
4,726,917 | ||||||||||
Indonesia – 4.0% | ||||||||||
4,772,000 | PT Bank Rakyat Indonesia* (Depository Institutions) | 874,820 | ||||||||
1,120,500 | PT Hanjaya Mandala Sampoerna Tbk (Tobacco Products) | 646,060 | ||||||||
2,226,500 | PT Limas Stokhomindo Tbk* (Business Services) | 304,876 | ||||||||
1,035,300 | PT Telekomunikasi Indonesia (Communication) | 892,071 | ||||||||
2,717,827 | ||||||||||
Malaysia – 4.7% | ||||||||||
1,000,000 | AMMB Holdings Berhad (Depository Institutions) | 1,078,449 | ||||||||
25,100 | British American Tobacco Malaysia Berhad (Tobacco Products) | 295,585 | ||||||||
156,600 | Petra Perdana Berhad (Oil & Gas Extraction) | 393,560 | ||||||||
50 | Public Bank Berhad – Foreign Market (Nondepository Institution) | 46 | ||||||||
206,500 | Resorts World Berhad (Hotels & Other Lodging) | 615,625 | ||||||||
128,000 | Scomi Group Berhad (Oil & Gas Extraction) | 367,891 | ||||||||
454,200 | SP Setia Berhad (Real Estate) | 506,792 | ||||||||
3,257,948 | ||||||||||
Singapore – 8.5% | ||||||||||
375,000 | Jurong Technologies Industrial Corp. Ltd. (Electronic and Other Electric Equipment) | 319,524 | ||||||||
796,000 | Keppel Land Ltd. (Real Estate) | 898,088 | ||||||||
317,000 | MobileOne Ltd. (Communication) | 288,732 | ||||||||
625,000 | Neptune Orient Lines Ltd. (Miscellaneous Manufacturing) | 774,160 | ||||||||
86,000 | Oversea-Chinese Banking Corp. Ltd. (Depository Institutions) | 642,664 | ||||||||
863,000 | SembCorp Industries Ltd. (Engineering & Management Service) | 725,189 |
35
Shares | Description | Value | ||||||||
Common Stocks – (continued) | ||||||||||
Singapore – (continued) | ||||||||||
618,000 | Singapore Telecommunications Ltd. (Communication) | $ | 844,257 | |||||||
166,412 | United Overseas Bank Ltd. (Depository Institutions) | 1,376,352 | ||||||||
5,868,966 | ||||||||||
South Korea – 21.4% | ||||||||||
33,710 | Amotech Co. Ltd. (Electronic and Other Electric Equipment) | 640,733 | ||||||||
47,630 | Baiksan OPC Co. Ltd. (Electronic and Other Electric Equipment) | 575,925 | ||||||||
650 | Daishin Securities Co. (Depository Institutions) | 10,191 | ||||||||
78,876 | Hana Bank (Depository Institutions) | 1,713,403 | ||||||||
15,610 | Honam Petrochemical Corp.* (Chemicals & Allied Products) | 700,695 | ||||||||
23,290 | Hyundai Mobis (Auto Repair, Services and Parking) | 1,051,507 | ||||||||
27,470 | Hyundai Motor Co. Ltd. (Auto Repair, Services and Parking) | 1,169,862 | ||||||||
49,515 | Kookmin Bank (Depository Institutions) | 2,062,676 | ||||||||
2,230 | POSCO (Primary Metal Industries) | 330,135 | ||||||||
11,530 | Samsung Electronics Co. Ltd. (Electronic and Other Electric Equipment) | 5,328,386 | ||||||||
26,040 | Shinhan Financial Group Co. Ltd. (Nondepository Institution) | 479,598 | ||||||||
3,270 | SK Telecom Co. Ltd. ADR (Communication) | 665,427 | ||||||||
14,728,538 | ||||||||||
Taiwan – 15.9% | ||||||||||
715,900 | Advanced Semiconductor Engineering, Inc.* (Electronic and Other Electric Equipment) | 809,466 | ||||||||
118,700 | Ambit Microsystems Corp. (Electronic and Other Electric Equipment) | 345,042 | ||||||||
1,121,000 | Capital Securities Corp. (Nondepository Institution) | 552,853 | ||||||||
329,000 | Career Technology (MFG.) Co. Ltd.* (Electronic and Other Electric Equipment) | 612,616 | ||||||||
395,913 | China Steel Corp. (Primary Metal Industries) | 404,843 | ||||||||
211,253 | Chinatrust Financial Holding Co. Ltd. (Depository Institutions) | 253,039 | ||||||||
332,525 | Compal Electronics, Inc. (Electronic and Other Electric Equipment) | 450,146 | ||||||||
1,160,902 | EVA Airways Corp. (Transportation by Air) | 639,381 | ||||||||
606,896 | Formosa Plastic Corp. (Chemicals & Allied Products) | 986,883 | ||||||||
180,797 | Hon Hai Precision (Electronic and Other Electric Equipment) | 805,709 | ||||||||
10,960 | Nan Ya Plastic Corp. (Chemicals & Allied Products) | 14,879 | ||||||||
271,000 | Quanta Computer, Inc. (Electronic and Other Electric Equipment) | 688,969 | ||||||||
1,236,929 | SinoPac Holdings Co. (Depository Institutions) | 706,816 | ||||||||
1,019,000 | Taishin Financial Holdings Co. Ltd. (Nondepository Institution) | 931,353 | ||||||||
613,000 | Taiwan Navigation Co. Ltd. (Water Transportation) | 543,865 | ||||||||
805,674 | Taiwan Semiconductor* (Electronic and Other Electric Equipment) | 1,529,499 | ||||||||
668,577 | United Microelectronics Corp. ADR* (Electronic and Other Electric Equipment) | 608,355 | ||||||||
10,883,714 | ||||||||||
Thailand – 4.1% | ||||||||||
326,800 | Bangkok Bank Public Co. Ltd.* (Depository Institutions) | 827,500 | ||||||||
1,246,700 | Land and Houses Public Co. Ltd. (Real Estate) | 409,274 | ||||||||
1,634,666 | Sansiri Public Co. Ltd. (Real Estate) | 341,119 | ||||||||
115,100 | The Siam Cement Public Co. Ltd. (Building Materials) | 770,748 | ||||||||
405,700 | Thoresen Thai Agencies Public Co. Ltd. (Water Transportation) | 454,276 | ||||||||
2,802,917 | ||||||||||
TOTAL COMMON STOCKS | ||||||||||
(Cost $49,355,463) | $ | 64,300,905 | ||||||||
Preferred Stocks – 1.9% | ||||||||||
South Korea – 1.9% | ||||||||||
18,760 | Hyundai Motor Co. Ltd. (Auto Repair, Services and Parking) | $ | 397,964 | |||||||
3,140 | Samsung Electronics Co. Ltd. (Electronic and Other Electric Equipment) | 869,422 | ||||||||
1,267,386 | ||||||||||
TOTAL PREFERRED STOCKS | ||||||||||
(Cost $731,296) | $ | 1,267,386 | ||||||||
36
Principal | Interest | Maturity | ||||||||||||
Amount€ | Rate | Date | Value | |||||||||||
Corporate Bond – 0.0% | ||||||||||||||
India – 0.0% | ||||||||||||||
Hindustan Lever Ltd. (Chemicals & Allied Products) | ||||||||||||||
INR 23,130 | 9.00% | 01/01/2005 | $ | 527 | ||||||||||
TOTAL CORPORATE BOND | ||||||||||||||
(Cost $504) | $ | 527 | ||||||||||||
Expiration | ||||||||||||||
Units | Description | Month | Value | |||||||||||
Rights – 0.0% | ||||||||||||||
Thailand – 0.0% | ||||||||||||||
198,411 | TelecomAsia Corp. Public – Alien Market* (Communication) | 04/2008 | $ | — | ||||||||||
TOTAL RIGHTS | ||||||||||||||
(Cost $0) | $ | — | ||||||||||||
Principal | Interest | Maturity | ||||||||||||
Amount | Rate | Date | Value | |||||||||||
Short-Term Obligation – 1.9% | ||||||||||||||
State Street Bank & Trust Euro – Time Deposit | ||||||||||||||
$ | 1,321,000 | 0.94% | 03/01/2004 | $ | 1,321,000 | |||||||||
TOTAL SHORT-TERM OBLIGATION | ||||||||||||||
(Cost $1,321,000) | $ | 1,321,000 | ||||||||||||
TOTAL INVESTMENTS | ||||||||||||||
(Cost $51,408,263) | $ | 66,889,818 | ||||||||||||
* | Non-income producing security. | |
€ | The principal amount of the security is stated in the currency in which the bond is denominated. See below. | |
INR – Indian Rupee |
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
As a % of | ||||||
Net Assets | ||||||
Common and Preferred Stock Industry Classifications†† | ||||||
Apparel & Other Textile | 1.8 | % | ||||
Auto Repair, Services and Parking | 5.0 | |||||
Automotive Dealers & Services | 1.5 | |||||
Building Materials | 1.1 | |||||
Business Services | 1.4 | |||||
Chemicals & Allied Products | 4.4 | |||||
Communication | 7.3 | |||||
Depository Institutions | 17.9 | |||||
Electric, Gas and Sanitary Service | 3.8 | |||||
Electronic and Other Electric Equipment | 23.4 | |||||
Engineering & Management Service | 1.0 | |||||
General Building Contract | 1.1 | |||||
Holding & Other Investments | 3.6 | |||||
Hotels & Other Lodging | 0.9 | |||||
Miscellaneous | 1.0 | |||||
Miscellaneous Manufacturing | 1.1 | |||||
Nondepository Institution | 2.9 | |||||
Oil��& Gas Extraction | 1.9 | |||||
Primary Metal Industries | 2.3 | |||||
Real Estate | 7.1 | |||||
Tobacco Products | 1.4 | |||||
Transportation Services | 0.6 | |||||
Transportation by Air | 1.6 | |||||
Water Transportation | 1.4 | |||||
TOTAL COMMON AND PREFERRED STOCK | 95.5 | % | ||||
†† | Industry concentrations greater than one tenth of one percent are disclosed. |
37
European | |||||||
Equity Fund | |||||||
Assets: | |||||||
Investment in securities, at value (identified cost $28,183,660, $398,165,101, $39,905,011, $70,764,569, $78,742,745 and $51,408,263, respectively) | $ | 35,440,612 | |||||
Securities lending collateral, at value | 1,783,631 | ||||||
Cash | — | ||||||
Foreign currencies, at value (identified cost $118,380, $8,984, $961,120, $560,577, $94,206 and $37,677, respectively) | 120,540 | ||||||
Receivables: | |||||||
Investment securities sold, at value | — | ||||||
Fund shares sold | 231,151 | ||||||
Variation margin, at value(a) | 221,566 | ||||||
Forward foreign currency exchange contracts, at value | — | ||||||
Dividends and interest, at value | 67,411 | ||||||
Reimbursement from investment adviser | — | ||||||
Securities lending income | 488 | ||||||
Foreign tax refunds | — | ||||||
Other assets | 7,402 | ||||||
Total assets | 37,872,801 | ||||||
Liabilities: | |||||||
Due to custodian | 261,023 | ||||||
Payables: | |||||||
Payable upon return of securities loaned | 1,783,631 | ||||||
Fund shares repurchased | 39,869 | ||||||
Investment securities purchased, at value | 921,992 | ||||||
Forward foreign currency exchange contracts, at value | — | ||||||
Amounts owed to affiliates | 57,837 | ||||||
Unrealized foreign capital gain taxes | — | ||||||
Accrued expenses | 77,346 | ||||||
Total liabilities | 3,141,698 | ||||||
Net Assets: | |||||||
Paid-in capital | 66,885,232 | ||||||
Accumulated distributions in excess of net investment income (loss) | (128,728 | ) | |||||
Accumulated net realized loss on investments, futures and foreign currency related transactions | (39,291,714 | ) | |||||
Net unrealized gain on investments, futures and translation of assets and liabilities denominated in foreign currencies | 7,266,313 | ||||||
NET ASSETS | $ | 34,731,103 | |||||
Net asset value, offering and redemption price per share:(b) | |||||||
Class A | $10.14 | ||||||
Class B | $9.86 | ||||||
Class C | $9.86 | ||||||
Institutional | $10.26 | ||||||
Service | $10.14 | ||||||
Shares outstanding: | |||||||
Class A | 2,815,866 | ||||||
Class B | 237,258 | ||||||
Class C | 119,199 | ||||||
Institutional | 259,389 | ||||||
Service | 186 | ||||||
Total shares outstanding, $.001 par value (unlimited number of shares authorized) | 3,431,898 | ||||||
(a) | Includes approximately $70,775, $1,102,513 and $74,911 for European Equity, International Equity and International Growth Opportunities Funds relating to initial margin requirements for futures transactions, respectively. |
(b) | Maximum public offering price per share (NAV per share multiplied by 1.0582) for Class A Shares of European Equity, International Equity, Japanese Equity, International Growth Opportunities, Emerging Markets Equity and Asia Growth Funds is $10.73, $16.72, $8.92, $12.53, $12.20 and $12.26, respectively. At redemption, Class B and Class C Shares may be subject to a contingent deferred sales charge assessed on the amount equal to the lesser of the current net asset value or the original purchase price of the shares. |
38
International | Japanese | International Growth | Emerging Markets | Asia | ||||||||||||||||
Equity Fund | Equity Fund | Opportunities Fund | Equity Fund | Growth Fund | ||||||||||||||||
$ | 485,933,140 | $ | 46,528,507 | $ | 91,595,430 | $ | 103,699,444 | $ | 66,889,818 | |||||||||||
63,606,880 | 1,042,950 | 8,430,218 | 3,924,125 | — | ||||||||||||||||
799 | 947 | 742 | 164 | 178 | ||||||||||||||||
8,984 | 954,074 | 568,625 | 93,998 | 37,578 | ||||||||||||||||
26,838,224 | 85,165 | 1,884,566 | 515,546 | 340,000 | ||||||||||||||||
2,409,048 | 472,021 | 38,255 | 898,486 | 2,259,490 | ||||||||||||||||
3,704,877 | 312,414 | 124,948 | — | — | ||||||||||||||||
4,055,765 | — | — | — | — | ||||||||||||||||
868,762 | 17,254 | 97,775 | 742,088 | 162,748 | ||||||||||||||||
11,720 | 36,793 | 17,083 | 17,077 | 25,375 | ||||||||||||||||
46,085 | 1,380 | 5,878 | 1,601 | — | ||||||||||||||||
— | — | — | — | 7,356 | ||||||||||||||||
13,789 | 692 | 1,296 | 4,091 | 7,483 | ||||||||||||||||
587,498,073 | 49,452,197 | 102,764,816 | 109,896,620 | 69,730,026 | ||||||||||||||||
— | — | — | — | — | ||||||||||||||||
63,606,880 | 1,042,950 | 8,430,218 | 3,924,125 | — | ||||||||||||||||
16,165,519 | 165,143 | 466 | 1,120,968 | 45,438 | ||||||||||||||||
2,038,679 | 74,879 | 1,554,867 | 2,126,105 | 746,134 | ||||||||||||||||
3,862,054 | — | — | — | — | ||||||||||||||||
660,260 | 57,185 | 112,345 | 120,981 | 82,249 | ||||||||||||||||
142,954 | — | — | 98,782 | 72,914 | ||||||||||||||||
164,109 | 80,222 | 112,400 | 93,463 | 105,921 | ||||||||||||||||
86,640,455 | 1,420,379 | 10,210,296 | 7,484,424 | 1,052,656 | ||||||||||||||||
1,020,238,056 | 73,504,748 | 232,020,059 | 105,031,321 | 142,515,929 | ||||||||||||||||
(3,834,034 | ) | (395,655 | ) | (428,048 | ) | (522,823 | ) | (386,057 | ) | |||||||||||
(603,379,923 | ) | (31,693,208 | ) | (159,891,527 | ) | (26,958,014 | ) | (88,864,935 | ) | |||||||||||
87,833,519 | 6,615,933 | 20,854,036 | 24,861,712 | 15,412,433 | ||||||||||||||||
$ | 500,857,618 | $ | 48,031,818 | $ | 92,554,520 | $ | 102,412,196 | $ | 68,677,370 | |||||||||||
$ | 15.80 | $ | 8.43 | $ | 11.84 | $ | 11.53 | $ | 11.59 | |||||||||||
$ | 15.35 | $ | 8.19 | $ | 11.53 | $ | 11.23 | $ | 11.19 | |||||||||||
$ | 15.10 | $ | 8.17 | $ | 11.53 | $ | 11.26 | $ | 11.13 | |||||||||||
$ | 16.11 | $ | 8.68 | $ | 12.24 | $ | 11.97 | $ | 12.14 | |||||||||||
$ | 15.90 | $ | 8.55 | $ | 11.90 | $ | 11.40 | — | ||||||||||||
22,116,984 | 4,149,553 | 4,099,405 | 3,662,735 | 4,165,835 | ||||||||||||||||
1,912,848 | 234,236 | 277,683 | 274,949 | 415,373 | ||||||||||||||||
1,131,937 | 247,794 | 290,068 | 112,095 | 147,970 | ||||||||||||||||
6,441,612 | 1,050,564 | 3,052,932 | 4,613,624 | 1,162,338 | ||||||||||||||||
67,889 | 182 | 8,069 | 54,222 | — | ||||||||||||||||
31,671,270 | 5,682,329 | 7,728,157 | 8,717,625 | 5,891,516 | ||||||||||||||||
39
European | |||||||
Equity Fund | |||||||
Investment Income: | |||||||
Dividends(a) | $ | 145,283 | |||||
Interest (including securities lending income of $1,322, $161,642, $10,184, $33,668, $7,654 and $0, respectively) | 8,444 | ||||||
Total income | 153,727 | ||||||
Expenses: | |||||||
Management fees | 165,944 | ||||||
Distribution and Service fees(b) | 84,450 | ||||||
Custody and accounting fees | 91,902 | ||||||
Transfer Agent fees(b) | 29,681 | ||||||
Registration fees | 17,736 | ||||||
Professional fees | 21,139 | ||||||
Printing fees | 19,974 | ||||||
Trustee fees | 3,674 | ||||||
Service Share fees | 4 | ||||||
Other | 476 | ||||||
Total expenses | 434,980 | ||||||
Less — expense reductions | (137,646 | ) | |||||
Net expenses | 297,334 | ||||||
NET INVESTMENT INCOME (LOSS) | (143,607 | ) | |||||
Realized and unrealized gain (loss) on investment, futures and foreign currency related transactions: | |||||||
Net realized gain (loss) from: | |||||||
Investment transactions | 2,438,609 | ||||||
Futures transactions | 51,942 | ||||||
Foreign currency related transactions | 124,722 | ||||||
Net change in unrealized gain (loss) on: | |||||||
Investments | 4,469,320 | ||||||
Futures | 1,475 | ||||||
Translation of assets and liabilities denominated in foreign currencies | (630 | ) | |||||
Net realized and unrealized gain on investments, futures and foreign currency related transactions | 7,085,438 | ||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 6,941,831 | |||||
(a) | For the European Equity, International Equity, Japanese Equity, International Growth Opportunities, Emerging Markets Equity and Asia Growth Funds, foreign taxes withheld on dividends were $10,110, $251,489, $11,223, $31,090, $147,145 and $60,027, respectively. |
(b) | Class specific Distribution and Service and Transfer Agent fees were as follows: |
Distribution and Service Fees | Transfer Agent Fees | |||||||||||||||||||||||||||||||
Fund | Class A | Class B | Class C | Class A | Class B | Class C | Institutional | Service | ||||||||||||||||||||||||
European Equity Fund | $ | 69,170 | $ | 10,164 | $ | 5,116 | $ | 26,285 | $ | 1,931 | $ | 972 | $ | 493 | $ | — | ||||||||||||||||
International Equity Fund | 842,053 | 140,979 | 78,426 | 319,980 | 26,786 | 14,901 | 27,740 | 228 | ||||||||||||||||||||||||
Japanese Equity Fund | 63,953 | 9,532 | 10,187 | 24,302 | 1,811 | 1,936 | 1,421 | — | ||||||||||||||||||||||||
International Growth Opportunities Fund | 96,392 | 9,436 | 11,183 | 36,629 | 1,793 | 2,125 | 6,575 | 11 | ||||||||||||||||||||||||
Emerging Markets Equity Fund | 77,677 | 10,770 | 5,086 | 29,517 | 2,046 | 966 | 10,722 | 72 | ||||||||||||||||||||||||
Asia Growth Fund | 99,628 | 18,578 | 7,488 | 37,859 | 3,530 | 1,422 | 1,295 | — |
40
International | Japanese | International Growth | Emerging Markets | Asia Growth | ||||||||||||||||
Equity Fund | Equity Fund | Opportunities Fund | Equity Fund | Fund | ||||||||||||||||
$ | 2,540,626 | $ | 110,484 | $ | 376,618 | $ | 946,995 | $ | 386,652 | |||||||||||
195,973 | 11,592 | 43,644 | 9,306 | 4,071 | ||||||||||||||||
2,736,599 | 122,076 | 420,262 | 956,301 | 390,723 | ||||||||||||||||
2,602,720 | 183,173 | 453,673 | 529,255 | 257,699 | ||||||||||||||||
1,061,458 | 83,672 | 117,011 | 93,533 | 125,694 | ||||||||||||||||
342,572 | 102,204 | 169,816 | 146,374 | 182,922 | ||||||||||||||||
389,635 | 29,470 | 47,133 | 43,323 | 44,106 | ||||||||||||||||
25,346 | 23,217 | 26,970 | 20,880 | 19,928 | ||||||||||||||||
26,377 | 21,139 | 21,834 | 21,784 | 21,139 | ||||||||||||||||
19,974 | 19,974 | 19,974 | 19,974 | 17,488 | ||||||||||||||||
3,674 | 3,674 | 3,674 | 3,674 | 3,674 | ||||||||||||||||
2,848 | 4 | 140 | 894 | — | ||||||||||||||||
16,528 | 420 | 1,841 | 1,241 | 455 | ||||||||||||||||
4,491,132 | 466,947 | 862,066 | 880,932 | 673,105 | ||||||||||||||||
(164,602 | ) | (149,818 | ) | (242,649 | ) | (58,635 | ) | (203,366 | ) | |||||||||||
4,326,530 | 317,129 | 619,417 | 822,297 | 469,739 | ||||||||||||||||
(1,589,931 | ) | (195,053 | ) | (199,155 | ) | 134,004 | (79,016 | ) | ||||||||||||
52,842,346 | 1,744,325 | 6,763,086 | 17,645,686 | 5,162,772 | ||||||||||||||||
365,750 | 2,414 | 70 | — | — | ||||||||||||||||
11,640,928 | 62,522 | (11,503 | ) | (375,912 | ) | (154,302 | ) | |||||||||||||
46,381,872 | 2,582,364 | 12,195,484 | 2,375,490 | 6,003,338 | ||||||||||||||||
(476,841 | ) | — | 5,878 | — | — | |||||||||||||||
453,552 | (8,268 | ) | 13,091 | 44,192 | 18,070 | |||||||||||||||
111,207,607 | 4,383,357 | 18,966,106 | 19,689,456 | 11,029,878 | ||||||||||||||||
$ | 109,617,676 | $ | 4,188,304 | $ | 18,766,951 | $ | 19,823,460 | $ | 10,950,862 | |||||||||||
41
European | |||||||
Equity Fund | |||||||
From operations: | |||||||
Net investment income (loss) | $ | (143,607 | ) | ||||
Net realized gain from investment, futures and foreign currency related transactions | 2,615,273 | ||||||
Net change in unrealized gain on investments, futures and translation of assets and liabilities denominated in foreign currencies | 4,470,165 | ||||||
Net increase in net assets resulting from operations | 6,941,831 | ||||||
Distributions to shareholders: | |||||||
From net investment income | |||||||
Class A Shares | (185,590 | ) | |||||
Class B Shares | (11,847 | ) | |||||
Class C Shares | (6,377 | ) | |||||
Institutional Shares | (34,063 | ) | |||||
Service Shares | (18 | ) | |||||
Total distributions to shareholders | (237,895 | ) | |||||
From share transactions: | |||||||
Proceeds from sales of shares | 8,246,979 | ||||||
Reinvestment of dividends and distributions | 216,808 | ||||||
Cost of shares repurchased | (19,083,031 | ) | |||||
Net increase (decrease) in net assets resulting from share transactions | (10,619,244 | ) | |||||
TOTAL INCREASE (DECREASE) | (3,915,308 | ) | |||||
Net assets: | |||||||
Beginning of period | 38,646,411 | ||||||
End of period | $ | 34,731,103 | |||||
Accumulated distributions in excess of net investment income (loss) | $ | (128,728 | ) | ||||
42
International | Japanese | International Growth | Emerging Markets | Asia | ||||||||||||||||
Equity Fund | Equity Fund | Opportunities Fund | Equity Fund | Growth Fund | ||||||||||||||||
$ | (1,589,931 | ) | $ | (195,053 | ) | $ | (199,155 | ) | $ | 134,004 | $ | (79,016 | ) | |||||||
64,849,024 | 1,809,261 | 6,751,653 | 17,269,774 | 5,008,470 | ||||||||||||||||
46,358,583 | 2,574,096 | 12,214,453 | 2,419,682 | 6,021,408 | ||||||||||||||||
109,617,676 | 4,188,304 | 18,766,951 | 19,823,460 | 10,950,862 | ||||||||||||||||
(14,756,927 | ) | (15,317 | ) | (51,812 | ) | (116,835 | ) | (277,789 | ) | |||||||||||
(1,145,958 | ) | — | (969 | ) | (3,850 | ) | (11,046 | ) | ||||||||||||
(669,750 | ) | — | — | — | (5,672 | ) | ||||||||||||||
(6,012,132 | ) | (40,005 | ) | (227,660 | ) | (341,969 | ) | (64,254 | ) | |||||||||||
(35,988 | ) | (2 | ) | (220 | ) | (2,427 | ) | — | ||||||||||||
(22,620,755 | ) | (55,324 | ) | (280,661 | ) | (465,081 | ) | (358,761 | ) | |||||||||||
87,900,074 | 24,517,402 | 22,212,398 | 24,243,684 | 42,516,948 | ||||||||||||||||
18,403,322 | 44,739 | 223,028 | 460,268 | 304,547 | ||||||||||||||||
(243,655,982 | ) | (8,149,308 | ) | (9,927,900 | ) | (46,870,783 | ) | (27,367,677 | ) | |||||||||||
(137,352,586 | ) | 16,412,833 | 12,507,526 | (22,166,831 | ) | 15,453,818 | ||||||||||||||
(50,355,665 | ) | 20,545,813 | 30,993,816 | (2,808,452 | ) | 26,045,919 | ||||||||||||||
551,213,283 | 27,486,005 | 61,560,704 | 105,220,648 | 42,631,451 | ||||||||||||||||
$ | 500,857,618 | $ | 48,031,818 | $ | 92,554,520 | $ | 102,412,196 | $ | 68,677,370 | |||||||||||
$ | (3,834,034 | ) | $ | (395,655 | ) | $ | (428,048 | ) | $ | (522,823 | ) | $ | (386,057 | ) | ||||||
43
European | |||||||
Equity Fund | |||||||
From operations: | |||||||
Net investment income (loss) | $ | 216,688 | |||||
Net realized loss from investment, futures and foreign currency related transactions | (5,402,824 | ) | |||||
Net change in unrealized gain on investments, futures and translation of assets and liabilities denominated in foreign currencies | 6,886,608 | ||||||
Net increase (decrease) in net assets resulting from operations | 1,700,472 | ||||||
Distributions to shareholders: | |||||||
From net investment income | |||||||
Class A Shares | (3,632 | ) | |||||
Class B Shares | — | ||||||
Class C Shares | — | ||||||
Institutional Shares | (55,347 | ) | |||||
Service Shares | (11 | ) | |||||
Total distributions to shareholders | (58,990 | ) | |||||
From share transactions: | |||||||
Proceeds from sales of shares | 91,273,917 | ||||||
Reinvestment of dividends and distributions | 57,367 | ||||||
Cost of shares repurchased | (98,948,880 | ) | |||||
Net increase (decrease) in net assets resulting from share transactions | (7,617,596 | ) | |||||
TOTAL INCREASE (DECREASE) | (5,976,114 | ) | |||||
Net assets: | |||||||
Beginning of year | 44,622,525 | ||||||
End of year | $ | 38,646,411 | |||||
Accumulated undistributed net investment income (loss) | $ | 252,774 | |||||
44
International | Japanese | International Growth | Emerging Markets | Asia Growth | ||||||||||||||||
Equity Fund | Equity Fund | Opportunities Fund | Equity Fund | Fund | ||||||||||||||||
$ | 2,983,972 | $ | (209,088 | ) | $ | 292,325 | $ | 804,065 | $ | 377,716 | ||||||||||
(158,736,571 | ) | (6,365,617 | ) | (18,484,978 | ) | (1,869,737 | ) | (1,676,249 | ) | |||||||||||
164,897,255 | 6,352,796 | 27,006,421 | 24,944,893 | 6,494,850 | ||||||||||||||||
9,144,656 | (221,909 | ) | 8,813,768 | 23,879,221 | 5,196,317 | |||||||||||||||
(5,138,689 | ) | — | — | — | — | |||||||||||||||
(249,124 | ) | — | — | — | — | |||||||||||||||
(145,451 | ) | — | — | — | — | |||||||||||||||
(7,860,204 | ) | — | — | — | — | |||||||||||||||
(86,318 | ) | — | — | — | — | |||||||||||||||
(13,479,786 | ) | — | — | — | — | |||||||||||||||
1,401,427,473 | 52,319,486 | 254,352,915 | 54,576,487 | 166,122,780 | ||||||||||||||||
9,629,723 | — | — | — | — | ||||||||||||||||
(1,820,359,144 | ) | (52,151,660 | ) | (296,541,744 | ) | (64,704,402 | ) | (166,546,395 | ) | |||||||||||
(409,301,948 | ) | 167,826 | (42,188,829 | ) | (10,127,915 | ) | (423,615 | ) | ||||||||||||
(413,637,078 | ) | (54,083 | ) | (33,375,061 | ) | 13,751,306 | 4,772,702 | |||||||||||||
964,850,361 | 27,540,088 | 94,935,765 | 91,469,342 | 37,858,749 | ||||||||||||||||
$ | 551,213,283 | $ | 27,486,005 | $ | 61,560,704 | $ | 105,220,648 | $ | 42,631,451 | |||||||||||
$ | 20,376,652 | $ | (145,278 | ) | $ | 51,768 | $ | (191,746 | ) | $ | 51,720 | |||||||||
45
1. ORGANIZATION |
2. SIGNIFICANT ACCOUNTING POLICIES |
A. Investment Valuation — Investments in securities traded on a foreign securities exchange are valued at fair value under valuation procedures approved by the Board of Trustees consistent with applicable regulatory guidance. Effective September 30, 2003, such securities are valued daily at fair value determined by an independent service (if available) under valuation procedures approved by the Board of Trustees. The independent service takes into account multiple factors including, but not limited to, movements in the U.S. securities markets, certain depository receipts, futures contracts and foreign currency exchange rates. Prior to September 30, 2003 (and for securities for which fair values are not available from an independent service), for investments in securities traded on a foreign securities exchange, the impact of events that occurred after the publication of market quotations used by a Fund to price its securities but before the close of regular trading on the New York Stock Exchange were only reflected in the Fund’s next determined NAV in light of the nature and significance of the event, consistent with applicable regulatory guidance.
B. Security Transactions and Investment Income — Security transactions are recorded 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 including reclaims, where applicable. Interest income is recorded on the basis of interest accrued, premium amortized and discount accreted. In addition, it is the Funds’ policy to accrue for estimated capital gains taxes on foreign securities held by the Funds, which are subject to such taxes.
2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
C. Federal Taxes — It is each Fund’s policy to comply with the requirements of the Internal Revenue 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 ex-dividend date. Income distributions and capital gains distributions, if any, are declared and paid annually.
D. Expenses — Expenses incurred by the Trust that do not specifically relate to an individual Fund of the Trust are allocated to the Funds on a straight-line or pro rata basis depending upon the nature of the expense.
E. Foreign Currency Translations — The books and records of the Funds are maintained in U.S. dollars. Amounts denominated in foreign currencies are translated into U.S. dollars on the following basis: (i) investment valuations, foreign currency and other assets and liabilities initially expressed in foreign currencies are converted each business day into U.S. dollars based upon current exchange rates; and (ii) purchases and sales of foreign investments, income and expenses are converted into U.S. dollars based upon currency exchange rates prevailing on the respective dates of such transactions.
F. Derivative Financial Instruments — The Funds may utilize derivative financial instruments such as structured notes and equity swaps. Such instruments are used by the Funds as a means of investing in a particular market or increasing the return on the Funds’ investments or both. The value of the principal of and/or interest on such securities is determined by reference to changes in the value of the financial indicators including, but not limited to indices, currencies or interest rates. These financial instruments may subject the Funds to a greater degree of market or counterparty risk and loss than other types of securities.
G. Segregation Transactions — As set forth in the prospectus, certain Funds may enter into 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 Funds are required to segregate liquid assets on the accounting records equal to or greater than the market value of the corresponding transactions.
3. AGREEMENTS |
Management | Management Fee | Expense | ||||||||||
Fund | Fee | Waiver | Limitation | |||||||||
European Equity | 1.00 | % | — | % | 0.104 | % | ||||||
International Equity | 1.00 | — | 0.104 | |||||||||
Japanese Equity | 1.00 | — | 0.114 | |||||||||
International Growth Opportunities | 1.20 | 0.10 | 0.104 | |||||||||
Emerging Markets Equity | 1.20 | — | 0.354 | |||||||||
Asia Growth | 1.00 | — | 0.164 | |||||||||
3. AGREEMENTS (continued) |
Contingent | ||||||||
Deferred | ||||||||
Sales | ||||||||
Charge | ||||||||
Sales Load | ||||||||
Fund | Class A | Class B | ||||||
European Equity | $ | 8,700 | $ | 200 | ||||
International Equity | 30,300 | — | ||||||
Japanese Equity | 2,700 | — | ||||||
International Growth Opportunities | 4,800 | 700 | ||||||
Emerging Markets Equity | 6,300 | 200 | ||||||
Asia Growth | 8,300 | 200 | ||||||
Goldman Sachs also serves as the Transfer Agent of the Funds for a fee. Fees charged for such transfer agency services are calculated daily and payable monthly at an annual rate as follows: 0.19% of average daily net assets for Class A, Class B and Class C Shares and 0.04% of average daily net assets for Institutional and Service Shares.
Management | Expense | Custody | Total Expense | |||||||||||||
Fund | Fee Waiver | Reimbursement | Credit | Reductions | ||||||||||||
European Equity | $ | — | $ | 138 | $ | — | $ | 138 | ||||||||
International Equity | — | 164 | 1 | 165 | ||||||||||||
Japanese Equity | — | 150 | — | 150 | ||||||||||||
International Growth Opportunities | 38 | 205 | — | 243 | ||||||||||||
Emerging Markets Equity | — | 58 | 1 | 59 | ||||||||||||
Asia Growth | — | 203 | — | 203 | ||||||||||||
3. AGREEMENTS (continued) |
As of February 29, 2004, the amounts owed to affiliates were as follows (in thousands):
Over | ||||||||||||||||||||
Management | Distribution and | Transfer | Reimbursement of | |||||||||||||||||
Fund | Fees | Service Fees | Agent Fees | “Other Expenses” | Total | |||||||||||||||
European Equity | $ | 28 | $ | 14 | $ | 5 | $ | 11 | $ | 58 | ||||||||||
International Equity | 416 | 179 | 65 | — | 660 | |||||||||||||||
Japanese Equity | 35 | 16 | 6 | — | 57 | |||||||||||||||
International Growth Opportunities | 79 | 24 | 9 | — | 112 | |||||||||||||||
Emerging Markets Equity | 94 | 19 | 8 | — | 121 | |||||||||||||||
Asia Growth | 51 | 23 | 8 | — | 82 | |||||||||||||||
4. PORTFOLIO SECURITIES TRANSACTIONS |
Fund | Purchases | Sales and Maturities | ||||||
European Equity | $ | 9,936,471 | $ | 20,791,342 | ||||
International Equity | 240,920,253 | 398,392,808 | ||||||
Japanese Equity | 25,377,198 | 10,695,139 | ||||||
International Growth Opportunities | 44,554,838 | 35,020,989 | ||||||
Emerging Markets Equity | 79,924,219 | 101,112,847 | ||||||
Asia Growth | 46,073,580 | 32,772,266 | ||||||
For the six months ended February 29, 2004, Goldman Sachs earned approximately $2,000, $44,000, $3,000, $7,000, $4,000 and $8,000 of brokerage commissions from portfolio transactions, including futures transactions executed on behalf of the European Equity, International Equity, Japanese Equity, International Growth Opportunities, Emerging Markets Equity and Asia Growth Funds, respectively.
Forward Foreign Currency Exchange Contracts — The Funds may enter into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date as a hedge or cross-hedge against either specific transactions or portfolio positions. The Funds may also purchase and sell forward contracts to seek to increase total return. All commitments are “marked-to-market” daily at the applicable translation rates and any resulting unrealized gains or losses are recorded in the Funds’ financial statements. The Funds record realized gains or losses at the time a forward contract is offset by entry into a closing transaction or extinguished by delivery of the currency. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.
4. PORTFOLIO SECURITIES TRANSACTIONS (continued) |
At February 29, 2004, the International Equity Fund had outstanding forward foreign exchange contracts, both to purchase and sell foreign currencies as follows:
Unrealized | |||||||||||||||||
Open Forward Foreign Currency | Value on | ||||||||||||||||
Purchase Contracts | Settlement Date | Current Value | Gain | Loss | |||||||||||||
Australian Dollar expiring 3/30/2004 | $ | 27,027,911 | $ | 26,981,583 | $ | — | $ | 46,328 | |||||||||
expiring 5/14/2004 | 3,252,000 | 3,328,399 | 76,399 | — | |||||||||||||
expiring 5/14/2004 | 19,814,111 | 19,671,006 | — | 143,105 | |||||||||||||
British Pounds | |||||||||||||||||
expiring 3/15/2004 | 35,193,257 | 35,517,846 | 324,589 | — | |||||||||||||
expiring 3/15/2004 | 11,824,547 | 11,666,590 | — | 157,957 | |||||||||||||
expiring 5/14/2004 | 26,340,811 | 26,688,158 | 347,347 | — | |||||||||||||
Canadian Dollar | |||||||||||||||||
expiring 5/14/2004 | 13,116,000 | 12,843,079 | — | 272,921 | |||||||||||||
Danish Krone | |||||||||||||||||
expiring 3/25/2004 | 4,766,399 | 4,672,727 | — | 93,672 | |||||||||||||
Euro | |||||||||||||||||
expiring 3/25/2004 | 2,626,784 | 2,633,649 | 6,865 | — | |||||||||||||
expiring 3/25/2004 | 9,856,459 | 9,697,334 | — | 159,125 | |||||||||||||
expiring 5/14/2004 | 13,244,941 | 12,935,032 | — | 309,909 | |||||||||||||
Hong Kong Dollar | |||||||||||||||||
expiring 3/11/2004 | 8,169,738 | 8,139,785 | — | 29,953 | |||||||||||||
Japanese Yen | |||||||||||||||||
expiring 3/22/2004 | 5,173,512 | 5,012,433 | — | 161,079 | |||||||||||||
expiring 5/14/2004 | 26,723,837 | 25,997,573 | — | 726,264 | |||||||||||||
Norwegian Krone | |||||||||||||||||
expiring 3/23/2004 | 2,934,075 | 2,846,566 | — | 87,509 | |||||||||||||
expiring 5/14/2004 | 3,248,000 | 3,261,239 | 13,239 | — | |||||||||||||
expiring 5/14/2004 | 9,841,000 | 9,661,945 | — | 179,055 | |||||||||||||
Swedish Krona | |||||||||||||||||
expiring 3/18/2004 | 10,799,394 | 10,685,969 | — | 113,425 | |||||||||||||
expiring 5/14/2004 | 16,537,323 | 15,987,309 | — | 550,014 | |||||||||||||
Swiss Franc | |||||||||||||||||
expiring 3/22/2004 | 5,243,996 | 5,115,891 | — | 128,105 | |||||||||||||
expiring 5/14/2004 | 19,673,000 | 19,442,188 | — | 230,812 | |||||||||||||
TOTAL OPEN FORWARD FOREIGN CURRENCY PURCHASE CONTRACTS | $ | 275,407,095 | $ | 272,786,301 | $ | 768,439 | $ | 3,389,233 | |||||||||
Notes to Financial Statements (continued)
4. PORTFOLIO SECURITIES TRANSACTIONS (continued) |
Unrealized | |||||||||||||||||
Open Forward Foreign Currency | Value on | ||||||||||||||||
Sale Contracts | Settlement Date | Current Value | Gain | Loss | |||||||||||||
Australian Dollar | |||||||||||||||||
expiring 5/14/2004 | $ | 6,628,000 | $ | 6,520,380 | $ | 107,620 | $ | — | |||||||||
expiring 5/14/2004 | 9,815,000 | 9,941,806 | — | 126,806 | |||||||||||||
British Pounds | |||||||||||||||||
expiring 3/15/2004 | 3,903,014 | 3,954,583 | — | 51,569 | |||||||||||||
expiring 5/14/2004 | 26,270,000 | 26,441,835 | — | 171,835 | |||||||||||||
Canadian Dollar | |||||||||||||||||
expiring 5/14/2004 | 16,614,097 | 15,978,909 | 635,188 | — | |||||||||||||
Euro | |||||||||||||||||
expiring 3/25/2004 | 5,534,053 | 5,452,488 | 81,565 | — | |||||||||||||
expiring 5/14/2004 | 16,443,000 | 16,229,957 | 213,043 | — | |||||||||||||
Hong Kong Dollar | |||||||||||||||||
expiring 3/11/2004 | 14,473,212 | 14,432,590 | 40,622 | — | |||||||||||||
Hungarian Forint | |||||||||||||||||
expiring 3/24/2004 | 1,803,729 | 1,915,168 | — | 111,439 | |||||||||||||
Japanese Yen | |||||||||||||||||
expiring 5/14/2004 | 16,459,000 | 16,115,858 | 343,142 | — | |||||||||||||
Norwegian Krone | |||||||||||||||||
expiring 3/23/2004 | 6,002,369 | 5,943,356 | 59,013 | — | |||||||||||||
expiring 5/14/2004 | 13,265,001 | 12,845,755 | 419,246 | — | |||||||||||||
expiring 5/14/2004 | 3,239,000 | 3,246,485 | — | 7,485 | |||||||||||||
Singapore Dollar | |||||||||||||||||
expiring 4/16/2004 | 1,490,662 | 1,484,161 | 6,501 | — | |||||||||||||
Swedish Krona | |||||||||||||||||
expiring 3/18/2004 | 12,049,039 | 11,793,143 | 255,896 | — | |||||||||||||
expiring 5/14/2004 | 16,367,000 | 15,998,122 | 368,878 | — | |||||||||||||
Swiss Franc | |||||||||||||||||
expiring 3/22/2004 | 18,986,382 | 18,912,512 | 73,870 | — | |||||||||||||
expiring 5/14/2004 | 23,315,223 | 22,632,481 | 682,742 | — | |||||||||||||
expiring 5/14/2004 | 3,252,000 | 3,255,687 | — | 3,687 | |||||||||||||
TOTAL OPEN FORWARD FOREIGN CURRENCY SALE CONTRACTS | $ | 215,909,781 | $ | 213,095,276 | $ | 3,287,326 | $ | 472,821 | |||||||||
The contractual amounts of forward foreign currency exchange contracts do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. At February 29, 2004, the International Equity Fund had segregated sufficient cash and/or securities to cover any commitments under these contracts.
Futures Contracts — The Funds may enter into futures transactions to hedge against changes in interest rates, securities prices, currency exchange rates or to seek to increase total return. Futures contracts are valued at the last settlement price at the end of each day on the board of trade or exchange upon which they are traded. Upon entering into a futures contract, the Funds are required to deposit with a broker an amount of cash or securities equal to the minimum “initial margin” requirement of the associated futures exchange. Subsequent payments for futures contracts (“variation margin”) are paid or received by the Funds daily, dependent on the daily fluctuations in the value of the contracts, and are recorded for financial
4. PORTFOLIO SECURITIES TRANSACTIONS (continued) |
Number of | ||||||||||||||||||||
Contracts | Settlement | Market | Unrealized | |||||||||||||||||
Fund | Type | Long | Month | Value | Gain (Loss) | |||||||||||||||
European Equity | DJ EUR ER STX 50 Index | 16 | March 2004 | $ | 576,688 | $ | 137 | |||||||||||||
FTSE 100 Index | 3 | March 2004 | 249,745 | 6,283 | ||||||||||||||||
$ | 826,433 | $ | 6,420 | |||||||||||||||||
International Equity | EURX ER STX 50 Index | 244 | March 2004 | $ | 8,782,835 | $ | 57,602 | |||||||||||||
FTSE 100 Index | 52 | March 2004 | 4,321,342 | (21,202 | ) | |||||||||||||||
$ | 13,104,177 | $ | 36,400 | |||||||||||||||||
International Growth Opportunities | FTSE 100 Index | 15 | March 2004 | $ | 1,248,724 | $ | (5,382 | ) | ||||||||||||
TOPIX Index | 6 | March 2004 | 595,688 | 11,260 | ||||||||||||||||
$ | 1,844,412 | $ | 5,878 | |||||||||||||||||
Notes to Financial Statements (continued)
5. SECURITIES LENDING |
Earnings of BGA | Earnings Received | Amount Payable to | ||||||||||||||||||
Cash Collateral | Relating to Securities | From Lending to | Goldman Sachs | |||||||||||||||||
Market Value of | Received for Loans | Loaned for the | Goldman Sachs for | Upon Return of | ||||||||||||||||
Securities on Loan as | Outstanding as of | Six Months Ended | the Six Months Ended | Securities Loaned as of | ||||||||||||||||
Fund | of February 29, 2004 | February 29, 2004 | February 29, 2004 | February 29, 2004 | February 29, 2004 | |||||||||||||||
European Equity | $ | 1,676,492 | $ | 1,783,631 | $ | 233 | $ | 188 | $ | — | ||||||||||
International Equity | 60,959,683 | 63,606,880 | 28,524 | 11,524 | 8,957,250 | |||||||||||||||
Japanese Equity | 982,805 | 1,042,950 | 1,796 | 6,409 | 922,900 | |||||||||||||||
International Growth Opportunities | 8,105,417 | 8,430,218 | 5,940 | 14,564 | 2,101,050 | |||||||||||||||
Emerging Markets Equity | 3,948,170 | 3,924,125 | 1,350 | 856 | 439,375 | |||||||||||||||
6. LINE OF CREDIT FACILITY |
7. ADDITIONAL TAX INFORMATION |
International | Emerging | |||||||||||||||||||||||
European | International | Japanese | Growth | Markets | ||||||||||||||||||||
Equity | Equity | Equity | Opportunities | Equity | Asia Growth | |||||||||||||||||||
Timing differences (post October losses) | $ | (4,946,927 | ) | $ | (106,466,421 | ) | $ | (5,242,481 | ) | $ | (9,012,138 | ) | $ | (283,119 | ) | $ | (157,547 | ) | ||||||
Capital loss carryforward | (32,665,211 | ) | (514,247,527 | ) | (24,967,906 | ) | (156,002,452 | ) | (37,831,876 | ) | (90,916,038 | ) | ||||||||||||
Capital loss carryforward years of expiration | 2010–2011 | 2009–2011 | 2010–2011 | 2009–2011 | 2009–2011 | 2005–2011 | ||||||||||||||||||
At February 29, 2004, the Funds’ aggregate security unrealized gains and losses based on a cost for U.S. federal income tax purposes was as follows:
International | Emerging | |||||||||||||||||||||||
European | International | Japanese | Growth | Markets | ||||||||||||||||||||
Equity | Equity | Equity | Opportunities | Equity | Asia Growth | |||||||||||||||||||
Tax Cost | $ | 34,247,212 | $ | 509,086,874 | $ | 44,385,321 | $ | 81,051,656 | $ | 89,436,053 | $ | 54,515,070 | ||||||||||||
Gross unrealized gain | 3,064,914 | 42,946,761 | 3,461,057 | 20,036,849 | 18,476,955 | 12,670,476 | ||||||||||||||||||
Gross unrealized loss | (87,883 | ) | (2,493,615 | ) | (274,921 | ) | (1,062,857 | ) | (289,439 | ) | (295,728 | ) | ||||||||||||
Net unrealized security gain (loss) | $ | 2,977,031 | $ | 40,453,146 | $ | 3,186,136 | $ | 18,973,992 | $ | 18,187,516 | $ | 12,374,748 | ||||||||||||
The difference between book-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales.
8. OTHER MATTERS |
Goldman Sachs | Goldman Sachs | Goldman Sachs | ||||||||||
Growth and Income | Growth Strategy | Aggressive Growth | ||||||||||
Fund | Strategy Portfolio | Portfolio | Strategy Portfolio | |||||||||
Emerging Markets Equity | 14 | % | 15 | % | 10 | % | ||||||
9. SUBSEQUENT EVENTS |
10. SUMMARY OF SHARE TRANSACTIONS |
European Equity Fund | International Equity Fund | |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
Class A Shares | ||||||||||||||||
Shares sold | 816,622 | $ | 7,564,905 | 4,187,135 | $ | 61,612,255 | ||||||||||
Reinvestment of dividends and distributions | 18,156 | 169,761 | 918,846 | 13,148,863 | ||||||||||||
Shares repurchased | (2,080,065 | ) | (18,192,032 | ) | (6,340,356 | ) | (93,430,430 | ) | ||||||||
(1,245,287 | ) | (10,457,366 | ) | (1,234,375 | ) | (18,669,312 | ) | |||||||||
Class B Shares | ||||||||||||||||
Shares sold | 39,756 | 361,994 | 47,705 | 695,634 | ||||||||||||
Reinvestment of dividends and distributions | 1,206 | 10,976 | 74,329 | 1,033,915 | ||||||||||||
Shares repurchased | (19,340 | ) | (172,211 | ) | (239,200 | ) | (3,451,447 | ) | ||||||||
21,622 | 200,759 | (117,166 | ) | (1,721,898 | ) | |||||||||||
Class C Shares | ||||||||||||||||
Shares sold | 18,504 | 175,573 | 171,946 | 2,450,651 | ||||||||||||
Reinvestment of dividends and distributions | 614 | 5,584 | 41,693 | 570,777 | ||||||||||||
Shares repurchased | (9,941 | ) | (92,888 | ) | (158,105 | ) | (2,259,560 | ) | ||||||||
9,177 | 88,269 | 55,534 | 761,868 | |||||||||||||
Institutional Shares | ||||||||||||||||
Shares sold | 14,320 | 144,507 | 1,546,363 | 22,989,178 | ||||||||||||
Reinvestment of dividends and distributions | 3,224 | 30,469 | 248,544 | 3,621,293 | ||||||||||||
Shares repurchased | (69,915 | ) | (625,900 | ) | (9,692,055 | ) | (143,938,885 | ) | ||||||||
(52,371 | ) | (450,924 | ) | (7,897,148 | ) | (117,328,414 | ) | |||||||||
Service Shares | ||||||||||||||||
Shares sold | — | — | 10,435 | 152,356 | ||||||||||||
Reinvestment of dividends and distributions | 2 | 18 | 1,979 | 28,474 | ||||||||||||
Shares repurchased | — | — | (39,461 | ) | (575,660 | ) | ||||||||||
2 | 18 | (27,047 | ) | (394,830 | ) | |||||||||||
NET INCREASE (DECREASE) | (1,266,857 | ) | $ | (10,619,244 | ) | (9,220,202 | ) | $ | (137,352,586 | ) | ||||||
International Growth | Emerging Markets | |||||||||||||||||||||||||||||||
Japanese Equity Fund | Opportunities Fund | Equity Fund | Asia Growth Fund | |||||||||||||||||||||||||||||
Shares | Dollars | Shares | Dollars | Shares | Dollars | Shares | Dollars | |||||||||||||||||||||||||
2,385,089 | $ | 19,553,311 | 1,770,198 | $ | 18,469,680 | 1,616,526 | $ | 16,864,191 | 2,994,037 | $ | 30,183,706 | |||||||||||||||||||||
1,536 | 12,025 | 4,451 | 46,560 | 11,308 | 112,514 | 22,093 | 226,894 | |||||||||||||||||||||||||
(821,023 | ) | (6,555,609 | ) | (911,678 | ) | (9,227,481 | ) | (646,889 | ) | (6,578,313 | ) | (2,593,933 | ) | (25,446,584 | ) | |||||||||||||||||
1,565,602 | 13,009,727 | 862,971 | 9,288,759 | 980,945 | 10,398,392 | 422,197 | 4,964,016 | |||||||||||||||||||||||||
49,414 | $ | 388,220 | 149,793 | $ | 1,629,181 | 131,041 | $ | 1,319,600 | 136,159 | $ | 1,404,595 | |||||||||||||||||||||
— | — | 80 | 811 | 359 | 3,488 | 1,008 | 10,015 | |||||||||||||||||||||||||
(31,387 | ) | (254,753 | ) | (15,034 | ) | (149,478 | ) | (16,758 | ) | (161,828 | ) | (74,152 | ) | (724,094 | ) | |||||||||||||||||
18,027 | 133,467 | 134,839 | 1,480,514 | 114,642 | 1,161,260 | 63,015 | 690,516 | |||||||||||||||||||||||||
62,566 | $ | 493,186 | 127,223 | $ | 1,383,081 | 33,846 | $ | 349,603 | 60,591 | $ | 585,611 | |||||||||||||||||||||
— | — | — | — | — | — | 516 | 5,101 | |||||||||||||||||||||||||
(63,263 | ) | (498,958 | ) | (21,102 | ) | (221,667 | ) | (30,740 | ) | (296,639 | ) | (48,169 | ) | (464,971 | ) | |||||||||||||||||
(697 | ) | (5,772 | ) | 106,121 | 1,161,414 | 3,106 | 52,964 | 12,938 | 125,741 | |||||||||||||||||||||||
480,856 | $ | 4,082,685 | 58,545 | $ | 689,544 | 483,054 | $ | 5,265,231 | 900,209 | $ | 10,343,036 | |||||||||||||||||||||
4,064 | 32,714 | 16,247 | 175,463 | 33,124 | 341,839 | 5,823 | 62,537 | |||||||||||||||||||||||||
(98,225 | ) | (839,988 | ) | (28,709 | ) | (315,136 | ) | (4,139,645 | ) | (39,741,178 | ) | (65,540 | ) | (732,028 | ) | |||||||||||||||||
386,695 | 3,275,411 | 46,083 | 549,871 | (3,623,467 | ) | (34,134,108 | ) | 840,492 | 9,673,545 | |||||||||||||||||||||||
— | — | 3,487 | 40,912 | 42,721 | 445,059 | — | — | |||||||||||||||||||||||||
— | — | 18 | 194 | 247 | 2,427 | — | — | |||||||||||||||||||||||||
— | — | (1,450 | ) | (14,138 | ) | (9,194 | ) | (92,825 | ) | — | — | |||||||||||||||||||||
— | — | 2,055 | 26,968 | 33,774 | 354,661 | — | — | |||||||||||||||||||||||||
1,969,627 | $ | 16,412,833 | 1,152,069 | $ | 12,507,526 | (2,491,000 | ) | $ | (22,166,831 | ) | 1,338,642 | $ | 15,453,818 | |||||||||||||||||||
10. SUMMARY OF SHARE TRANSACTIONS (continued) |
European Equity Fund | International Equity Fund | |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
Class A Shares | ||||||||||||||||
Shares sold | 10,256,797 | $ | 75,171,422 | 89,447,485 | $ | 1,053,625,414 | ||||||||||
Reinvestment of dividends and distributions | 570 | 4,316 | 328,547 | 3,932,820 | ||||||||||||
Shares repurchased | (11,041,536 | ) | (80,198,026 | ) | (105,265,440 | ) | (1,250,036,901 | ) | ||||||||
(784,169 | ) | (5,022,288 | ) | (15,489,408 | ) | (192,478,667 | ) | |||||||||
Class B Shares | ||||||||||||||||
Shares sold | 31,887 | 232,910 | 95,189 | 1,127,709 | ||||||||||||
Reinvestment of dividends and distributions | — | — | 19,108 | 222,793 | ||||||||||||
Shares repurchased | (48,604 | ) | (340,046 | ) | (647,227 | ) | (7,481,620 | ) | ||||||||
(16,717 | ) | (107,136 | ) | (532,930 | ) | (6,131,118 | ) | |||||||||
Class C Shares | ||||||||||||||||
Shares sold | 2,276,113 | 15,645,546 | 1,385,513 | 15,504,806 | ||||||||||||
Reinvestment of dividends and distributions | — | — | 10,099 | 116,042 | ||||||||||||
Shares repurchased | (2,250,226 | ) | (15,662,487 | ) | (1,429,109 | ) | (16,159,439 | ) | ||||||||
25,887 | (16,941 | ) | (33,497 | ) | (538,591 | ) | ||||||||||
Institutional Shares | ||||||||||||||||
Shares sold | 29,946 | 224,039 | 27,267,069 | 329,988,218 | ||||||||||||
Reinvestment of dividends and distributions | 7,072 | 53,040 | 435,460 | 5,299,556 | ||||||||||||
Shares repurchased | (396,424 | ) | (2,748,321 | ) | (44,115,492 | ) | (541,581,597 | ) | ||||||||
(359,406 | ) | (2,471,242 | ) | (16,412,963 | ) | (206,293,823 | ) | |||||||||
Service Shares | ||||||||||||||||
Shares sold | — | — | 95,648 | 1,181,326 | ||||||||||||
Reinvestment of dividends and distributions | 1 | 11 | 4,909 | 58,512 | ||||||||||||
Shares repurchased | — | — | (399,618 | ) | (5,099,587 | ) | ||||||||||
1 | 11 | (299,061 | ) | (3,859,749 | ) | |||||||||||
NET INCREASE (DECREASE) | (1,134,404 | ) | $ | (7,617,596 | ) | (32,767,859 | ) | $ | (409,301,948 | ) | ||||||
International Growth | Emerging Markets | |||||||||||||||||||||||||||||||
Japanese Equity Fund | Opportunities Fund | Equity Fund | Asia Growth Fund | |||||||||||||||||||||||||||||
Shares | Dollars | Shares | Dollars | Shares | Dollars | Shares | Dollars | |||||||||||||||||||||||||
5,694,712 | $ | 36,774,841 | 29,964,249 | $ | 217,378,512 | 5,057,077 | $ | 35,440,517 | 10,410,433 | $ | 79,584,955 | |||||||||||||||||||||
— | — | — | — | — | — | — | — | |||||||||||||||||||||||||
(5,300,886 | ) | (34,916,161 | ) | (33,156,269 | ) | (241,988,879 | ) | (5,516,992 | ) | (38,795,489 | ) | (10,092,440 | ) | (77,790,114 | ) | |||||||||||||||||
393,826 | 1,858,680 | (3,192,020 | ) | (24,610,367 | ) | (459,915 | ) | (3,354,972 | ) | 317,993 | 1,794,841 | |||||||||||||||||||||
23,642 | 160,469 | 42,544 | 312,568 | 17,927 | 135,238 | 68,709 | 545,819 | |||||||||||||||||||||||||
— | — | — | — | — | — | — | — | |||||||||||||||||||||||||
(46,825 | ) | (306,791 | ) | (49,662 | ) | (391,068 | ) | (50,743 | ) | (351,275 | ) | (85,935 | ) | (653,173 | ) | |||||||||||||||||
(23,183 | ) | (146,322 | ) | (7,118 | ) | (78,500 | ) | (32,816 | ) | (216,037 | ) | (17,226 | ) | (107,354 | ) | |||||||||||||||||
1,824,351 | 12,017,915 | 831,069 | 5,835,339 | 906,079 | 6,008,601 | 1,487,244 | 11,091,814 | |||||||||||||||||||||||||
— | — | — | — | — | — | — | — | |||||||||||||||||||||||||
(1,893,238 | ) | (12,549,409 | ) | (823,644 | ) | (5,783,869 | ) | (897,749 | ) | (5,974,783 | ) | (1,478,282 | ) | (11,135,756 | ) | |||||||||||||||||
(68,887 | ) | (531,494 | ) | 7,425 | 51,470 | 8,330 | 33,818 | 8,962 | (43,942 | ) | ||||||||||||||||||||||
484,323 | 3,366,261 | 4,051,252 | 30,795,863 | 1,741,423 | 12,877,158 | 9,948,450 | 74,900,192 | |||||||||||||||||||||||||
— | — | — | — | — | — | — | — | |||||||||||||||||||||||||
(640,458 | ) | (4,379,299 | ) | (6,066,789 | ) | (48,370,958 | ) | (2,587,761 | ) | (19,570,811 | ) | (10,079,904 | ) | (76,967,352 | ) | |||||||||||||||||
(156,135 | ) | (1,013,038 | ) | (2,015,537 | ) | (17,575,095 | ) | (846,338 | ) | (6,693,653 | ) | (131,454 | ) | (2,067,160 | ) | |||||||||||||||||
— | — | 3,757 | 30,633 | 15,227 | 114,973 | — | — | |||||||||||||||||||||||||
— | — | — | — | — | — | — | — | |||||||||||||||||||||||||
— | — | (868 | ) | (6,970 | ) | (1,802 | ) | (12,044 | ) | — | — | |||||||||||||||||||||
— | — | 2,889 | 23,663 | 13,425 | 102,929 | — | — | |||||||||||||||||||||||||
145,621 | $ | 167,826 | (5,204,361 | ) | $ | (42,188,829 | ) | (1,317,314 | ) | $ | (10,127,915 | ) | 178,275 | $ | (423,615 | ) | ||||||||||||||||
Income from | ||||||||||||||||||||||||||||||||
investment operations | Distributions to shareholders | |||||||||||||||||||||||||||||||
Net asset | Net | From | ||||||||||||||||||||||||||||||
value, | investment | Net realized | Total from | net | From net | |||||||||||||||||||||||||||
beginning | income | and unrealized | investment | investment | realized | Total | ||||||||||||||||||||||||||
of period | gain (loss) | gain (loss) | operations | income | gains | distributions | ||||||||||||||||||||||||||
FOR THE SIX MONTHS ENDED FEBRUARY 29, (Unaudited) | ||||||||||||||||||||||||||||||||
2004 - Class A Shares | $ | 8.23 | $ | (0.04 | ) (c) | $ | 2.02 | $ | 1.98 | $ | (0.07 | ) | $ | — | $ | (0.07 | ) | |||||||||||||||
2004 - Class B Shares | 8.01 | (0.06 | )(c) | 1.96 | 1.90 | (0.05 | ) | — | (0.05 | ) | ||||||||||||||||||||||
2004 - Class C Shares | 8.02 | (0.06 | )(c) | 1.96 | 1.90 | (0.06 | ) | — | (0.06 | ) | ||||||||||||||||||||||
2004 - Institutional Shares | 8.36 | (0.01 | )(c) | 2.04 | 2.03 | (0.13 | ) | — | (0.13 | ) | ||||||||||||||||||||||
2004 - Service Shares | 8.25 | (0.03 | )(c) | 2.02 | 1.99 | (0.10 | ) | — | (0.10 | ) | ||||||||||||||||||||||
FOR THE YEARS ENDED AUGUST 31, | ||||||||||||||||||||||||||||||||
2003 - Class A Shares | 7.64 | 0.04 | (c) | 0.55 | 0.59 | — | (d) | — | — | (d) | ||||||||||||||||||||||
2003 - Class B Shares | 7.48 | 0.02 | (c) | 0.51 | 0.53 | — | — | — | ||||||||||||||||||||||||
2003 - Class C Shares | 7.48 | 0.02 | (c) | 0.52 | 0.54 | — | — | — | ||||||||||||||||||||||||
2003 - Institutional Shares | 7.80 | 0.07 | (c) | 0.58 | 0.65 | (0.09 | ) | — | (0.09 | ) | ||||||||||||||||||||||
2003 - Service Shares | 7.70 | 0.07 | (c) | 0.54 | 0.61 | (0.06 | ) | — | (0.06 | ) | ||||||||||||||||||||||
2002 - Class A Shares | 9.31 | 0.01 | (c) | (1.40 | ) | (1.39 | ) | — | (0.28 | ) | (0.28 | ) | ||||||||||||||||||||
2002 - Class B Shares | 9.17 | (0.02 | )(c) | (1.39 | ) | (1.41 | ) | — | (0.28 | ) | (0.28 | ) | ||||||||||||||||||||
2002 - Class C Shares | 9.18 | (0.01 | )(c) | (1.41 | ) | (1.42 | ) | — | (0.28 | ) | (0.28 | ) | ||||||||||||||||||||
2002 - Institutional Shares | 9.46 | 0.07 | (c) | (1.45 | ) | (1.38 | ) | — | (0.28 | ) | (0.28 | ) | ||||||||||||||||||||
2002 - Service Shares | 9.38 | 0.06 | (c) | (1.46 | ) | (1.40 | ) | — | (0.28 | ) | (0.28 | ) | ||||||||||||||||||||
2001 - Class A Shares | 13.82 | (0.02 | )(c) | (2.93 | ) | (2.95 | ) | — | (1.56 | ) | (1.56 | ) | ||||||||||||||||||||
2001 - Class B Shares | 13.69 | (0.07 | )(c) | (2.89 | ) | (2.96 | ) | — | (1.56 | ) | (1.56 | ) | ||||||||||||||||||||
2001 - Class C Shares | 13.72 | (0.07 | )(c) | (2.91 | ) | (2.98 | ) | — | (1.56 | ) | (1.56 | ) | ||||||||||||||||||||
2001 - Institutional Shares | 14.00 | 0.08 | (c) | (3.00 | ) | (2.92 | ) | (0.06 | ) | (1.56 | ) | (1.62 | ) | |||||||||||||||||||
2001 - Service Shares | 13.86 | 0.02 | (c) | (2.94 | ) | (2.92 | ) | — | (1.56 | ) | (1.56 | ) | ||||||||||||||||||||
2000 - Class A Shares | 11.75 | — | (c) | 2.78 | 2.78 | — | (0.71 | ) | (0.71 | ) | ||||||||||||||||||||||
2000 - Class B Shares | 11.71 | (0.04 | )(c) | 2.73 | 2.69 | — | (0.71 | ) | (0.71 | ) | ||||||||||||||||||||||
2000 - Class C Shares | 11.72 | (0.04 | )(c) | 2.75 | 2.71 | — | (0.71 | ) | (0.71 | ) | ||||||||||||||||||||||
2000 - Institutional Shares | 11.82 | 0.10 | (c) | 2.79 | 2.89 | — | (0.71 | ) | (0.71 | ) | ||||||||||||||||||||||
2000 - Service Shares | 11.76 | 0.01 | (c) | 2.80 | 2.81 | — | (0.71 | ) | (0.71 | ) | ||||||||||||||||||||||
FOR THE SEVEN MONTHS ENDED AUGUST 31, | ||||||||||||||||||||||||||||||||
1999 - Class A Shares | 12.20 | 0.05 | (0.50 | ) | (0.45 | ) | — | — | — | |||||||||||||||||||||||
1999 - Class B Shares | 12.19 | 0.03 | (0.51 | ) | (0.48 | ) | — | — | — | |||||||||||||||||||||||
1999 - Class C Shares | 12.20 | 0.04 | (0.52 | ) | (0.48 | ) | — | — | — | |||||||||||||||||||||||
1999 - Institutional Shares | 12.23 | 0.18 | (0.59 | ) | (0.41 | ) | — | — | — | |||||||||||||||||||||||
1999 - Service Shares | 12.20 | 0.08 | (0.52 | ) | (0.44 | ) | — | — | — | |||||||||||||||||||||||
FOR THE PERIOD ENDED JANUARY 31, | ||||||||||||||||||||||||||||||||
1999 - Class A Shares (commenced October 1, 1998) | 10.00 | (0.03 | ) | 2.23 | 2.20 | — | — | — | ||||||||||||||||||||||||
1999 - Class B Shares (commenced October 1, 1998) | 10.00 | (0.02 | ) | 2.21 | 2.19 | — | — | — | ||||||||||||||||||||||||
1999 - Class C Shares (commenced October 1, 1998) | 10.00 | (0.01 | ) | 2.21 | 2.20 | — | — | — | ||||||||||||||||||||||||
1999 - Institutional Shares (commenced October 1, 1998) | 10.00 | (0.01 | ) | 2.24 | 2.23 | — | — | — | ||||||||||||||||||||||||
1999 - Service Shares (commenced October 1, 1998) | 10.00 | (0.03 | ) | 2.23 | 2.20 | — | — | — | ||||||||||||||||||||||||
(a) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total return would be reduced if a sales or redemption charge were taken into account. Total returns for periods less than one full year are not annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
(b) | Annualized. |
(c) | Calculated based on the average shares outstanding methodology. |
(d) | Amount is less than $0.005 per share. |
60
Ratios assuming no | ||||||||||||||||||||||||||||||||||
expense reductions | ||||||||||||||||||||||||||||||||||
Ratio of | Ratio of | |||||||||||||||||||||||||||||||||
Net assets | Ratio of | net investment | Ratio of | net investment | ||||||||||||||||||||||||||||||
Net asset | at end of | net expenses | income (loss) | total expenses | income (loss) | Portfolio | ||||||||||||||||||||||||||||
value, end | Total | period | to average | to average | to average | to average | turnover | |||||||||||||||||||||||||||
of period | return(a) | (in 000s) | net assets | net assets | net assets | net assets | rate | |||||||||||||||||||||||||||
$ | 10.14 | 24.09 | % | $ | 28,553 | 1.79 | %(b) | (0.87 | )% (b) | 2.62 | %(b) | (1.70 | )% (b) | 31 | % | |||||||||||||||||||
9.86 | 23.82 | 2,339 | 2.29 | (b) | (1.38 | )(b) | 3.12 | (b) | (2.21 | )(b) | 31 | |||||||||||||||||||||||
9.86 | 23.87 | 1,175 | 2.29 | (b) | (1.37 | )(b) | 3.12 | (b) | (2.20 | )(b) | 31 | |||||||||||||||||||||||
10.26 | 24.47 | 2,662 | 1.14 | (b) | (0.23 | )(b) | 1.97 | (b) | (1.06 | )(b) | 31 | |||||||||||||||||||||||
10.14 | 24.23 | 2 | 1.64 | (b) | (0.70 | )(b) | 2.47 | (b) | (1.53 | )(b) | 31 | |||||||||||||||||||||||
8.23 | 7.74 | 33,429 | 1.82 | 0.61 | 2.89 | (0.46 | ) | 131 | ||||||||||||||||||||||||||
8.01 | 7.23 | 1,727 | 2.32 | 0.21 | 3.39 | (0.86 | ) | 131 | ||||||||||||||||||||||||||
8.02 | 7.09 | 882 | 2.32 | 0.26 | 3.39 | (0.81 | ) | 131 | ||||||||||||||||||||||||||
8.36 | 8.49 | 2,606 | 1.17 | 0.98 | 2.24 | (0.09 | ) | 131 | ||||||||||||||||||||||||||
8.25 | 7.96 | 2 | 1.67 | 0.98 | 2.74 | (0.09 | ) | 131 | ||||||||||||||||||||||||||
7.64 | (15.31 | ) | 37,017 | 1.81 | 0.16 | 2.54 | (0.57 | ) | 88 | |||||||||||||||||||||||||
7.48 | (15.88 | ) | 1,737 | 2.31 | (0.21 | ) | 3.04 | (0.94 | ) | 88 | ||||||||||||||||||||||||
7.48 | (15.86 | ) | 629 | 2.31 | (0.17 | ) | 3.04 | (0.90 | ) | 88 | ||||||||||||||||||||||||
7.80 | (14.95 | ) | 5,238 | 1.16 | 0.82 | 1.89 | 0.09 | 88 | ||||||||||||||||||||||||||
7.70 | (15.29 | ) | 2 | 1.66 | 0.64 | 2.39 | (0.09 | ) | 88 | |||||||||||||||||||||||||
9.31 | (23.47 | ) | 90,347 | 1.79 | (0.16 | ) | 2.17 | (0.54 | ) | 110 | ||||||||||||||||||||||||
9.17 | (23.80 | ) | 2,727 | 2.29 | (0.63 | ) | 2.67 | (1.01 | ) | 110 | ||||||||||||||||||||||||
9.18 | (23.89 | ) | 1,195 | 2.29 | (0.64 | ) | 2.67 | (1.02 | ) | 110 | ||||||||||||||||||||||||
9.46 | (22.94 | ) | 10,713 | 1.14 | 0.71 | 1.52 | 0.33 | 110 | ||||||||||||||||||||||||||
9.38 | (23.16 | ) | 2 | 1.64 | 0.14 | 2.02 | (0.24 | ) | 110 | |||||||||||||||||||||||||
13.82 | 24.04 | 139,966 | 1.79 | 0.02 | 2.17 | (0.36 | ) | 98 | ||||||||||||||||||||||||||
13.69 | 23.32 | 4,538 | 2.29 | (0.27 | ) | 2.67 | (0.65 | ) | 98 | |||||||||||||||||||||||||
13.72 | 23.48 | 1,482 | 2.29 | (0.26 | ) | 2.67 | (0.64 | ) | 98 | |||||||||||||||||||||||||
14.00 | 24.85 | 14,630 | 1.14 | 0.70 | 1.52 | 0.32 | 98 | |||||||||||||||||||||||||||
13.86 | 24.28 | 2 | 1.64 | 0.09 | 2.02 | (0.29 | ) | 98 | ||||||||||||||||||||||||||
11.75 | (3.69 | ) | 74,862 | 1.79 | (b) | 0.80 | (b) | 2.29 | (b) | 0.30 | (b) | 55 | ||||||||||||||||||||||
11.71 | (3.94 | ) | 879 | 2.29 | (b) | 0.43 | (b) | 2.79 | (b) | (0.07 | )(b) | 55 | ||||||||||||||||||||||
11.72 | (3.93 | ) | 388 | 2.29 | (b) | 0.42 | (b) | 2.79 | (b) | (0.08 | )(b) | 55 | ||||||||||||||||||||||
11.82 | (3.35 | ) | 5,965 | 1.14 | (b) | 1.53 | (b) | 1.64 | (b) | 1.03 | (b) | 55 | ||||||||||||||||||||||
11.76 | (3.61 | ) | 2 | 1.64 | (b) | 1.10 | (b) | 2.14 | (b) | 0.60 | (b) | 55 | ||||||||||||||||||||||
12.20 | 22.00 | 61,151 | 1.79 | (b) | (1.19 | )(b) | 2.80 | (b) | (2.20 | )(b) | 71 | |||||||||||||||||||||||
12.19 | 21.90 | 432 | 2.29 | (b) | (1.78 | )(b) | 3.30 | (b) | (2.79 | )(b) | 71 | |||||||||||||||||||||||
12.20 | 22.00 | 587 | 2.29 | (b) | (1.83 | )(b) | 3.30 | (b) | (2.84 | )(b) | 71 | |||||||||||||||||||||||
12.23 | 22.30 | 12,740 | 1.14 | (b) | (0.33 | )(b) | 2.15 | (b) | (1.34 | )(b) | 71 | |||||||||||||||||||||||
12.20 | 22.00 | 2 | 1.64 | (b) | (0.69 | )(b) | 2.65 | (b) | (1.70 | )(b) | 71 | |||||||||||||||||||||||
Income from | ||||||||||||||||||||||||||||||||||||
investment operations | Distributions to shareholders | |||||||||||||||||||||||||||||||||||
Net asset | Net | In excess | ||||||||||||||||||||||||||||||||||
value, | investment | Net realized | Total from | From net | of net | From net | ||||||||||||||||||||||||||||||
beginning | income | and unrealized | investment | investment | investment | realized | Total | |||||||||||||||||||||||||||||
of period | (loss) | gain (loss) | operations | income | income | gains | distributions | |||||||||||||||||||||||||||||
FOR THE SIX MONTHS ENDED FEBRUARY 29, | ||||||||||||||||||||||||||||||||||||
2004 - Class A Shares | $ | 13.41 | $ | (0.06 | ) (c) | $ | 3.11 | $ | 3.05 | $ | (0.66 | ) | $ | — | $ | — | $ | (0.66 | ) | |||||||||||||||||
2004 - Class B Shares | 13.02 | (0.09 | ) (c) | 3.02 | 2.93 | (0.60 | ) | — | — | (0.60 | ) | |||||||||||||||||||||||||
2004 - Class C Shares | 12.83 | (0.09 | ) (c) | 2.97 | 2.88 | (0.61 | ) | — | — | (0.61 | ) | |||||||||||||||||||||||||
2004 - Institutional Shares | 13.70 | — | (c)(d) | 3.16 | 3.16 | (0.75 | ) | — | — | (0.75 | ) | |||||||||||||||||||||||||
2004 - Service Shares | 13.38 | (0.04 | ) (c) | 3.10 | 3.06 | (0.54 | ) | — | — | (0.54 | ) | |||||||||||||||||||||||||
FOR THE YEARS ENDED AUGUST 31, | ||||||||||||||||||||||||||||||||||||
2003 - Class A Shares | 12.97 | 0.03 | (c) | 0.56 | 0.59 | (0.15 | ) | — | — | (0.15 | ) | |||||||||||||||||||||||||
2003 - Class B Shares | 12.61 | (0.02 | ) (c) | 0.53 | 0.51 | (0.10 | ) | — | — | (0.10 | ) | |||||||||||||||||||||||||
2003 - Class C Shares | 12.46 | (0.01 | ) (c) | 0.51 | 0.50 | (0.13 | ) | — | — | (0.13 | ) | |||||||||||||||||||||||||
2003 - Institutional Shares | 13.32 | 0.10 | (c) | 0.58 | 0.68 | (0.30 | ) | — | — | (0.30 | ) | |||||||||||||||||||||||||
2003 - Service Shares | 13.00 | 0.06 | (c) | 0.55 | 0.61 | (0.23 | ) | — | — | (0.23 | ) | |||||||||||||||||||||||||
2002 - Class A Shares | 15.64 | — | (c)(d) | (2.61 | ) | (2.61 | ) | (0.06 | ) | — | — | (0.06 | ) | |||||||||||||||||||||||
2002 - Class B Shares | 15.23 | (0.06 | ) (c) | (2.56 | ) | (2.62 | ) | — | — | — | — | |||||||||||||||||||||||||
2002 - Class C Shares | 15.05 | (0.06 | ) (c) | (2.53 | ) | (2.59 | ) | — | — | — | — | |||||||||||||||||||||||||
2002 - Institutional Shares | 16.09 | 0.13 | (c) | (2.72 | ) | (2.59 | ) | (0.18 | ) | — | — | (0.18 | ) | |||||||||||||||||||||||
2002 - Service Shares | 15.71 | 0.04 | (c) | (2.64 | ) | (2.60 | ) | (0.11 | ) | — | — | (0.11 | ) | |||||||||||||||||||||||
2001 - Class A Shares | 23.59 | (0.02 | ) (c) | (5.80 | ) | (5.82 | ) | — | — | (2.13 | ) | (2.13 | ) | |||||||||||||||||||||||
2001 - Class B Shares | 23.14 | (0.12 | ) (c) | (5.66 | ) | (5.78 | ) | — | — | (2.13 | ) | (2.13 | ) | |||||||||||||||||||||||
2001 - Class C Shares | 22.89 | (0.11 | ) (c) | (5.60 | ) | (5.71 | ) | — | — | (2.13 | ) | (2.13 | ) | |||||||||||||||||||||||
2001 - Institutional Shares | 24.06 | 0.11 | (c) | (5.95 | ) | (5.84 | ) | — | — | (2.13 | ) | (2.13 | ) | |||||||||||||||||||||||
2001 - Service Shares | 23.65 | 0.02 | (c) | (5.83 | ) | (5.81 | ) | — | — | (2.13 | ) | (2.13 | ) | |||||||||||||||||||||||
2000 - Class A Shares | 23.12 | (0.03 | ) (c) | 3.41 | 3.38 | (0.10 | ) | (0.24 | ) | (2.57 | ) | (2.91 | ) | |||||||||||||||||||||||
2000 - Class B Shares | 22.73 | (0.16 | ) (c) | 3.38 | 3.22 | (0.07 | ) | (0.17 | ) | (2.57 | ) | (2.81 | ) | |||||||||||||||||||||||
2000 - Class C Shares | 22.54 | (0.14 | ) (c) | 3.35 | 3.21 | (0.09 | ) | (0.20 | ) | (2.57 | ) | (2.86 | ) | |||||||||||||||||||||||
2000 - Institutional Shares | 23.49 | 0.14 | (c) | 3.46 | 3.60 | (0.14 | ) | (0.32 | ) | (2.57 | ) | (3.03 | ) | |||||||||||||||||||||||
2000 - Service Shares | 23.14 | (0.01 | ) (c) | 3.45 | 3.44 | (0.11 | ) | (0.25 | ) | (2.57 | ) | (2.93 | ) | |||||||||||||||||||||||
FOR THE SEVEN MONTHS ENDED AUGUST 31, | ||||||||||||||||||||||||||||||||||||
1999 - Class A Shares | 21.92 | 0.04 | 1.16 | 1.20 | — | — | — | — | ||||||||||||||||||||||||||||
1999 - Class B Shares | 21.63 | (0.02 | ) | 1.12 | 1.10 | — | — | — | — | |||||||||||||||||||||||||||
1999 - Class C Shares | 21.45 | (0.03 | ) | 1.12 | 1.09 | — | — | — | — | |||||||||||||||||||||||||||
1999 - Institutional Shares | 22.20 | 0.12 | (c) | 1.17 | (c) | 1.29 | — | — | — | — | ||||||||||||||||||||||||||
1999 - Service Shares | 21.93 | 0.06 | 1.15 | 1.21 | — | — | — | — | ||||||||||||||||||||||||||||
FOR THE YEAR ENDED JANUARY 31, | ||||||||||||||||||||||||||||||||||||
1999 - Class A Shares | 19.85 | (0.06 | ) | 3.24 | 3.18 | — | — | (1.11 | ) | (1.11 | ) | |||||||||||||||||||||||||
1999 - Class B Shares | 19.70 | (0.17 | ) | 3.21 | 3.04 | — | — | (1.11 | ) | (1.11 | ) | |||||||||||||||||||||||||
1999 - Class C Shares | 19.56 | (0.15 | ) | 3.15 | 3.00 | — | — | (1.11 | ) | (1.11 | ) | |||||||||||||||||||||||||
1999 - Institutional Shares | 19.97 | 0.03 | 3.31 | 3.34 | — | — | (1.11 | ) | (1.11 | ) | ||||||||||||||||||||||||||
1999 - Service Shares | 19.84 | (0.04 | ) | 3.24 | 3.20 | — | — | (1.11 | ) | (1.11 | ) | |||||||||||||||||||||||||
(a) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total return would be reduced if a sales or redemption charge were taken into account. Total returns for periods less than one full year are not annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
(b) | Annualized. |
(c) | Calculated based on the average shares outstanding methodology. |
(d) | Less than $0.005 per share. |
62
Ratios assuming no | ||||||||||||||||||||||||||||||||||
expense reductions | ||||||||||||||||||||||||||||||||||
Ratio of | Ratio of | |||||||||||||||||||||||||||||||||
Net assets | Ratio of | net investment | Ratio of | net investment | ||||||||||||||||||||||||||||||
Net asset | at end of | net expenses | income (loss) | total expenses | income (loss) | Portfolio | ||||||||||||||||||||||||||||
value, end | Total | period | to average | to average | to average | to average | turnover | |||||||||||||||||||||||||||
of period | return(a) | (in 000s) | net assets | net assets | net assets | net assets | rate | |||||||||||||||||||||||||||
$ | 15.80 | 23.22 | % | $ | 349,549 | 1.79 | %(b) | (0.76 | )% (b) | 1.85 | %(b) | (0.82 | )% (b) | 48 | % | |||||||||||||||||||
15.35 | 22.96 | 29,363 | 2.29 | (b) | (1.26 | )(b) | 2.35 | (b) | (1.32 | )(b) | 48 | |||||||||||||||||||||||
15.10 | 22.97 | 17,090 | 2.29 | (b) | (1.27 | )(b) | 2.35 | (b) | (1.33 | )(b) | 48 | |||||||||||||||||||||||
16.11 | 23.66 | 103,776 | 1.14 | (b) | (0.04 | )(b) | 1.20 | (b) | (0.10 | )(b) | 48 | |||||||||||||||||||||||
15.90 | 23.27 | 1,080 | 1.64 | (b) | (0.57 | )(b) | 1.70 | (b) | (0.63 | )(b) | 48 | |||||||||||||||||||||||
13.41 | 4.69 | 313,197 | 1.80 | 0.29 | 1.87 | 0.22 | 62 | |||||||||||||||||||||||||||
13.02 | 4.17 | 26,438 | 2.30 | (0.18 | ) | 2.37 | (0.25 | ) | 62 | |||||||||||||||||||||||||
12.83 | 4.17 | 13,814 | 2.30 | (0.12 | ) | 2.37 | (0.19 | ) | 62 | |||||||||||||||||||||||||
13.70 | 5.39 | 196,494 | 1.15 | 0.82 | 1.22 | 0.75 | 62 | |||||||||||||||||||||||||||
13.38 | 4.93 | 1,270 | 1.65 | 0.52 | 1.72 | 0.45 | 62 | |||||||||||||||||||||||||||
12.97 | (16.76 | ) | 503,843 | 1.80 | 0.01 | 1.86 | (0.05 | ) | 118 | |||||||||||||||||||||||||
12.61 | (17.20 | ) | 32,317 | 2.30 | (0.43 | ) | 2.36 | (0.49 | ) | 118 | ||||||||||||||||||||||||
12.46 | (17.21 | ) | 13,832 | 2.30 | (0.40 | ) | 2.36 | (0.46 | ) | 118 | ||||||||||||||||||||||||
13.32 | (16.22 | ) | 409,736 | 1.15 | 0.90 | 1.21 | 0.84 | 118 | ||||||||||||||||||||||||||
13.00 | (16.63 | ) | 5,122 | 1.65 | 0.25 | 1.71 | 0.19 | 118 | ||||||||||||||||||||||||||
15.64 | (26.49 | ) | 1,068,155 | 1.79 | (0.10 | ) | 1.83 | (0.14 | ) | 63 | ||||||||||||||||||||||||
15.23 | (26.86 | ) | 49,019 | 2.29 | (0.64 | ) | 2.33 | (0.68 | ) | 63 | ||||||||||||||||||||||||
15.05 | (26.85 | ) | 17,665 | 2.29 | (0.62 | ) | 2.33 | (0.66 | ) | 63 | ||||||||||||||||||||||||
16.09 | (26.03 | ) | 292,298 | 1.14 | 0.57 | 1.18 | 0.53 | 63 | ||||||||||||||||||||||||||
15.71 | (26.41 | ) | 5,621 | 1.64 | 0.12 | 1.68 | 0.08 | 63 | ||||||||||||||||||||||||||
23.59 | 14.68 | 1,343,869 | 1.79 | (0.12 | ) | 1.84 | (0.17 | ) | 80 | |||||||||||||||||||||||||
23.14 | 14.20 | 80,274 | 2.29 | (0.65 | ) | 2.34 | (0.70 | ) | 80 | |||||||||||||||||||||||||
22.89 | 14.28 | 22,031 | 2.29 | (0.59 | ) | 2.34 | (0.64 | ) | 80 | |||||||||||||||||||||||||
24.06 | 15.45 | 325,161 | 1.14 | 0.54 | 1.19 | 0.49 | 80 | |||||||||||||||||||||||||||
23.65 | 15.00 | 3,789 | 1.64 | (0.02 | ) | 1.69 | (0.07 | ) | 80 | |||||||||||||||||||||||||
23.12 | 5.47 | 943,473 | 1.79 | (b) | 0.31 | (b) | 1.84 | (b) | 0.26 | (b) | 61 | |||||||||||||||||||||||
22.73 | 5.09 | 68,691 | 2.29 | (b) | (0.19 | )(b) | 2.34 | (b) | (0.24 | )(b) | 61 | |||||||||||||||||||||||
22.54 | 5.08 | 11,241 | 2.29 | (b) | (0.26 | )(b) | 2.34 | (b) | (0.31 | )(b) | 61 | |||||||||||||||||||||||
23.49 | 5.81 | 180,564 | 1.14 | (b) | 0.89 | (b) | 1.19 | (b) | 0.84 | (b) | 61 | |||||||||||||||||||||||
23.14 | 5.52 | 3,852 | 1.64 | (b) | 0.47 | (b) | 1.69 | (b) | 0.42 | (b) | 61 | |||||||||||||||||||||||
21.92 | 16.39 | 947,973 | 1.73 | (0.28 | ) | 1.82 | (0.37 | ) | 114 | |||||||||||||||||||||||||
21.63 | 15.80 | 69,231 | 2.24 | (0.79 | ) | 2.32 | (0.87 | ) | 114 | |||||||||||||||||||||||||
21.45 | 15.70 | 11,619 | 2.24 | (0.98 | ) | 2.32 | (1.06 | ) | 114 | |||||||||||||||||||||||||
22.20 | 17.09 | 111,315 | 1.13 | 0.23 | 1.21 | 0.15 | 114 | |||||||||||||||||||||||||||
21.93 | 16.49 | 3,568 | 1.63 | (0.18 | ) | 1.71 | (0.26 | ) | 114 | |||||||||||||||||||||||||
Income from | ||||||||||||||||||||||||||||||||||||
investment operations | Distributions to shareholders | |||||||||||||||||||||||||||||||||||
Net asset | In excess | |||||||||||||||||||||||||||||||||||
value, | Net | Net realized | Total from | From net | of net | From net | ||||||||||||||||||||||||||||||
beginning | investment | and unrealized | investment | investment | investment | realized | Total | |||||||||||||||||||||||||||||
of period | loss | gains (loss) | operations | income | income | gains | distributions | |||||||||||||||||||||||||||||
FOR THE SIX MONTHS ENDED FEBRUARY 29, (Unaudited) | ||||||||||||||||||||||||||||||||||||
2004 - Class A Shares | $ | 7.39 | $ | (0.05 | ) (c) | $ | 1.10 | $ | 1.05 | $ | (0.01 | ) | $ | — | $ | — | $ | (0.01 | ) | |||||||||||||||||
2004 - Class B Shares | 7.19 | (0.06 | ) (c) | 1.06 | 1.00 | — | — | — | — | |||||||||||||||||||||||||||
2004 - Class C Shares | 7.18 | (0.06 | ) (c) | 1.05 | 0.99 | — | — | — | — | |||||||||||||||||||||||||||
2004 - Institutional Shares | 7.62 | (0.02 | ) (c) | 1.12 | 1.10 | (0.04 | ) | — | — | (0.04 | ) | |||||||||||||||||||||||||
2004 - Service Shares | 7.47 | (0.03 | ) (c) | 1.12 | 1.09 | (0.01 | ) | — | — | (0.01 | ) | |||||||||||||||||||||||||
FOR THE YEARS ENDED AUGUST 31, | ||||||||||||||||||||||||||||||||||||
2003 - Class A Shares | 7.70 | (0.06 | ) (c) | (0.25 | ) | (0.31 | ) | — | — | — | — | |||||||||||||||||||||||||
2003 - Class B Shares | 7.55 | (0.09 | ) (c) | (0.27 | ) | (0.36 | ) | — | — | — | — | |||||||||||||||||||||||||
2003 - Class C Shares | 7.53 | (0.09 | ) (c) | (0.26 | ) | (0.35 | ) | — | — | — | — | |||||||||||||||||||||||||
2003 - Institutional Shares | 7.90 | (0.02 | ) (c) | (0.26 | ) | (0.28 | ) | — | — | — | — | |||||||||||||||||||||||||
2003 - Service Shares | 7.77 | (0.04 | ) (c) | (0.26 | ) | (0.30 | ) | — | — | — | — | |||||||||||||||||||||||||
2002 - Class A Shares | 8.82 | (0.09 | ) (c) | (0.95 | ) | (1.04 | ) | — | — | (0.08 | ) | (0.08 | ) | |||||||||||||||||||||||
2002 - Class B Shares | 8.69 | (0.13 | ) (c) | (0.93 | ) | (1.06 | ) | — | — | (0.08 | ) | (0.08 | ) | |||||||||||||||||||||||
2002 - Class C Shares | 8.67 | (0.13 | ) (c) | (0.93 | ) | (1.06 | ) | — | — | (0.08 | ) | (0.08 | ) | |||||||||||||||||||||||
2002 - Institutional Shares | 9.00 | (0.04 | ) (c) | (0.98 | ) | (1.02 | ) | — | — | (0.08 | ) | (0.08 | ) | |||||||||||||||||||||||
2002 - Service Shares | 8.88 | (0.07 | ) (c) | (0.96 | ) | (1.03 | ) | — | — | (0.08 | ) | (0.08 | ) | |||||||||||||||||||||||
2001 - Class A Shares | 15.77 | (0.14 | ) (c) | (5.80 | ) | (5.94 | ) | — | — | (1.01 | ) | (1.01 | ) | |||||||||||||||||||||||
2001 - Class B Shares | 15.63 | (0.20 | ) (c) | (5.73 | ) | (5.93 | ) | — | — | (1.01 | ) | (1.01 | ) | |||||||||||||||||||||||
2001 - Class C Shares | 15.58 | (0.19 | ) (c) | (5.71 | ) | (5.90 | ) | — | — | (1.01 | ) | (1.01 | ) | |||||||||||||||||||||||
2001 - Institutional Shares | 15.96 | (0.08 | ) (c) | (5.87 | ) | (5.95 | ) | — | — | (1.01 | ) | (1.01 | ) | |||||||||||||||||||||||
2001 - Service Shares | 15.83 | (0.11 | ) (c) | (5.83 | ) | (5.94 | ) | — | — | (1.01 | ) | (1.01 | ) | |||||||||||||||||||||||
2000 - Class A Shares | 16.24 | (0.20 | ) (c) | 1.67 | 1.47 | — | (0.21 | ) | (1.73 | ) | (1.94 | ) | ||||||||||||||||||||||||
2000 - Class B Shares | 16.14 | (0.28 | ) (c) | 1.68 | 1.40 | — | (0.18 | ) | (1.73 | ) | (1.91 | ) | ||||||||||||||||||||||||
2000 - Class C Shares | 16.16 | (0.28 | ) (c) | 1.64 | 1.36 | — | (0.21 | ) | (1.73 | ) | (1.94 | ) | ||||||||||||||||||||||||
2000 - Institutional Shares | 16.36 | (0.09 | ) (c) | 1.67 | 1.58 | — | (0.25 | ) | (1.73 | ) | (1.98 | ) | ||||||||||||||||||||||||
2000 - Service Shares | 16.22 | (0.16 | ) (c) | 1.65 | 1.49 | — | (0.15 | ) | (1.73 | ) | (1.88 | ) | ||||||||||||||||||||||||
FOR THE SEVEN MONTHS ENDED AUGUST 31, | ||||||||||||||||||||||||||||||||||||
1999 - Class A Shares | 11.06 | (0.06 | ) | 5.24 | 5.18 | — | — | — | — | |||||||||||||||||||||||||||
1999 - Class B Shares | 11.03 | (0.09 | ) | 5.20 | 5.11 | — | — | — | — | |||||||||||||||||||||||||||
1999 - Class C Shares | 11.04 | (0.08 | ) | 5.20 | 5.12 | — | — | — | — | |||||||||||||||||||||||||||
1999 - Institutional Shares | 11.10 | (0.03 | ) | 5.29 | 5.26 | — | — | — | — | |||||||||||||||||||||||||||
1999 - Service Shares | 11.04 | (0.06 | ) | 5.24 | 5.18 | — | — | — | — | |||||||||||||||||||||||||||
FOR THE PERIOD ENDED JANUARY 31, | ||||||||||||||||||||||||||||||||||||
1999 - Class A Shares (commenced May 1, 1998) | 10.00 | (0.06 | ) | 1.12 | 1.06 | — | — | — | — | |||||||||||||||||||||||||||
1999 - Class B Shares (commenced May 1, 1998) | 10.00 | (0.08 | ) | 1.11 | 1.03 | — | — | — | — | |||||||||||||||||||||||||||
1999 - Class C Shares (commenced May 1, 1998) | 10.00 | (0.09 | ) | 1.13 | 1.04 | — | — | — | — | |||||||||||||||||||||||||||
1999 - Institutional Shares (commenced May 1, 1998) | 10.00 | (0.02 | ) | 1.13 | 1.11 | — | (0.01 | ) | — | (0.01 | ) | |||||||||||||||||||||||||
1999 - Service Shares (commenced May 1, 1998) | 10.00 | (0.05 | ) | 1.09 | 1.04 | — | — | — | — | |||||||||||||||||||||||||||
(a) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total return would be reduced if a sales or redemption charge were taken into account. Total returns for periods less than one full year are not annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
(b) | Annualized. |
(c) | Calculated based on the average shares outstanding methodology. |
64
Ratios assuming no | ||||||||||||||||||||||||||||||||||
expense reductions | ||||||||||||||||||||||||||||||||||
Ratio of | Ratio of | |||||||||||||||||||||||||||||||||
Net assets | Ratio of | net investment | Ratio of | net investment | ||||||||||||||||||||||||||||||
Net asset | at end of | net expenses | loss to | total expenses | loss to | Portfolio | ||||||||||||||||||||||||||||
value, end | Total | period | to average | average | to average | average | turnover | |||||||||||||||||||||||||||
of period | return(a) | (in 000s) | net assets | net assets | net assets | net assets | rate | |||||||||||||||||||||||||||
$ | 8.43 | 14.15 | % | $ | 34,971 | 1.80 | %(b) | (1.14 | )% (b) | 2.62 | %(b) | (1.96 | )% (b) | 30 | % | |||||||||||||||||||
8.19 | 13.91 | 1,919 | 2.30 | (b) | (1.60 | )(b) | 3.12 | (b) | (2.42 | )(b) | 30 | |||||||||||||||||||||||
8.17 | 13.79 | 2,026 | 2.30 | (b) | (1.60 | )(b) | 3.12 | (b) | (2.42 | )(b) | 30 | |||||||||||||||||||||||
8.68 | 14.54 | 9,114 | 1.15 | (b) | (0.51 | )(b) | 1.97 | (b) | (1.33 | )(b) | 30 | |||||||||||||||||||||||
8.55 | 14.59 | 2 | 1.65 | (b) | (0.82 | )(b) | 2.47 | (b) | (1.64 | )(b) | 30 | |||||||||||||||||||||||
7.39 | (4.03 | ) | 19,088 | 1.84 | (0.91 | ) | 3.15 | (2.22 | ) | 115 | ||||||||||||||||||||||||
7.19 | (4.77 | ) | 1,556 | 2.34 | (1.40 | ) | 3.65 | (2.71 | ) | 115 | ||||||||||||||||||||||||
7.18 | (4.65 | ) | 1,784 | 2.34 | (1.40 | ) | 3.65 | (2.71 | ) | 115 | ||||||||||||||||||||||||
7.62 | (3.54 | ) | 5,057 | 1.19 | (0.34 | ) | 2.50 | (1.65 | ) | 115 | ||||||||||||||||||||||||
7.47 | (3.86 | ) | 1 | 1.69 | (0.54 | ) | 3.00 | (1.85 | ) | 115 | ||||||||||||||||||||||||
7.70 | (11.84 | ) | 16,863 | 1.83 | (1.11 | ) | 3.19 | (2.47 | ) | 98 | ||||||||||||||||||||||||
7.55 | (12.25 | ) | 1,807 | 2.33 | (1.59 | ) | 3.69 | (2.95 | ) | 98 | ||||||||||||||||||||||||
7.53 | (12.28 | ) | 2,389 | 2.33 | (1.60 | ) | 3.69 | (2.96 | ) | 98 | ||||||||||||||||||||||||
7.90 | (11.38 | ) | 6,480 | 1.18 | (0.45 | ) | 2.54 | (1.81 | ) | 98 | ||||||||||||||||||||||||
7.77 | (11.65 | ) | 1 | 1.68 | (0.88 | ) | 3.04 | (2.24 | ) | 98 | ||||||||||||||||||||||||
8.82 | (39.60 | ) | 19,289 | 1.80 | (1.19 | ) | 2.29 | (1.68 | ) | 75 | ||||||||||||||||||||||||
8.69 | (39.90 | ) | 2,281 | 2.30 | (1.67 | ) | 2.79 | (2.16 | ) | 75 | ||||||||||||||||||||||||
8.67 | (39.84 | ) | 2,242 | 2.30 | (1.65 | ) | 2.79 | (2.14 | ) | 75 | ||||||||||||||||||||||||
9.00 | (39.16 | ) | 2,285 | 1.15 | (0.64 | ) | 1.64 | (1.13 | ) | 75 | ||||||||||||||||||||||||
8.88 | (39.44 | ) | 2 | 1.65 | (0.94 | ) | 2.14 | (1.43 | ) | 75 | ||||||||||||||||||||||||
15.77 | 8.47 | 69,741 | 1.74 | (1.20 | ) | 2.10 | (1.56 | ) | 61 | |||||||||||||||||||||||||
15.63 | 8.12 | 5,783 | 2.24 | (1.67 | ) | 2.60 | (2.03 | ) | 61 | |||||||||||||||||||||||||
15.58 | 7.82 | 4,248 | 2.24 | (1.66 | ) | 2.60 | (2.02 | ) | 61 | |||||||||||||||||||||||||
15.96 | 9.14 | 27,768 | 1.09 | (0.53 | ) | 1.45 | (0.89 | ) | 61 | |||||||||||||||||||||||||
15.83 | 8.65 | 3 | 1.59 | (0.94 | ) | 1.95 | (1.30 | ) | 61 | |||||||||||||||||||||||||
16.24 | 46.84 | 34,279 | 1.70 | (b) | (1.17 | )(b) | 2.62 | (b) | (2.09 | )(b) | 45 | |||||||||||||||||||||||
16.14 | 46.33 | 4,219 | 2.20 | (b) | (1.57 | )(b) | 3.12 | (b) | (2.49 | )(b) | 45 | |||||||||||||||||||||||
16.16 | 46.41 | 3,584 | 2.20 | (b) | (1.81 | )(b) | 3.12 | (b) | (2.73 | )(b) | 45 | |||||||||||||||||||||||
16.36 | 47.40 | 22,709 | 1.05 | (b) | (0.37 | )(b) | 1.97 | (b) | (1.29 | )(b) | 45 | |||||||||||||||||||||||
16.22 | 46.92 | 3 | 1.55 | (b) | (0.74 | )(b) | 2.47 | (b) | (1.66 | )(b) | 45 | |||||||||||||||||||||||
11.06 | 10.60 | 8,391 | 1.64 | (b) | (1.20 | )(b) | 4.18 | (b) | (3.74 | )(b) | 53 | |||||||||||||||||||||||
11.03 | 10.30 | 1,427 | 2.15 | (b) | (1.76 | )(b) | 4.69 | (b) | (4.30 | )(b) | 53 | |||||||||||||||||||||||
11.04 | 10.40 | 284 | 2.15 | (b) | (1.69 | )(b) | 4.69 | (b) | (4.23 | )(b) | 53 | |||||||||||||||||||||||
11.10 | 11.06 | 11,418 | 1.03 | (b) | (0.36 | )(b) | 3.57 | (b) | (2.90 | )(b) | 53 | |||||||||||||||||||||||
11.04 | 10.43 | 2 | 1.53 | (b) | (0.68 | )(b) | 4.07 | (b) | (3.22 | )(b) | 53 | |||||||||||||||||||||||
Income from | ||||||||||||||||||||||||||||||||||||
investment operations | Distributions to shareholders | |||||||||||||||||||||||||||||||||||
Net asset | In excess | |||||||||||||||||||||||||||||||||||
value, | Net | Net realized | Total from | From net | of net | From net | ||||||||||||||||||||||||||||||
beginning | investment | and unrealized | investment | investment | investment | realized | Total | |||||||||||||||||||||||||||||
of period | gain (loss) | gain (loss) | operations | income | income | gains | distributions | |||||||||||||||||||||||||||||
FOR THE SIX MONTHS ENDED FEBRUARY 29, (Unaudited) | ||||||||||||||||||||||||||||||||||||
2004 - Class A Shares | $ | 9.22 | $ | (0.04 | ) (c) | $ | 2.67 | $ | 2.63 | $ | (0.01 | ) | $ | — | $ | — | $ | (0.01 | ) | |||||||||||||||||
2004 - Class B Shares | 8.99 | (0.07 | ) (c) | 2.62 | 2.55 | (0.01 | ) | — | — | (0.01 | ) | |||||||||||||||||||||||||
2004 - Class C Shares | 8.98 | (0.07 | ) (c) | 2.62 | 2.55 | — | — | — | — | |||||||||||||||||||||||||||
2004 - Institutional Shares | 9.55 | (0.01 | ) (c) | 2.78 | 2.77 | (0.08 | ) | — | — | (0.08 | ) | |||||||||||||||||||||||||
2004 - Service Shares | 9.29 | (0.03 | ) (c) | 2.69 | 2.66 | (0.05 | ) | — | — | (0.05 | ) | |||||||||||||||||||||||||
FOR THE YEARS ENDED AUGUST 31, | ||||||||||||||||||||||||||||||||||||
2003 - Class A Shares | 7.96 | — | (c)(d) | 1.26 | 1.26 | — | — | — | — | |||||||||||||||||||||||||||
2003 - Class B Shares | 7.81 | (0.03 | ) (c) | 1.21 | 1.18 | — | — | — | — | |||||||||||||||||||||||||||
2003 - Class C Shares | 7.80 | (0.03 | ) (c) | 1.21 | 1.18 | — | — | — | — | |||||||||||||||||||||||||||
2003 - Institutional Shares | 8.20 | 0.06 | (c) | 1.29 | 1.35 | — | — | — | — | |||||||||||||||||||||||||||
2003 - Service Shares | 8.01 | 0.03 | (c) | 1.25 | 1.28 | — | — | — | — | |||||||||||||||||||||||||||
2002 - Class A Shares | 9.81 | (0.07 | ) (c) | (1.78 | ) | (1.85 | ) | — | — | — | — | |||||||||||||||||||||||||
2002 - Class B Shares | 9.66 | (0.11 | ) (c) | (1.74 | ) | (1.85 | ) | — | — | — | — | |||||||||||||||||||||||||
2002 - Class C Shares | 9.66 | (0.11 | ) (c) | (1.75 | ) | (1.86 | ) | — | — | — | — | |||||||||||||||||||||||||
2002 - Institutional Shares | 10.03 | (0.01 | ) (c) | (1.82 | ) | (1.83 | ) | — | — | — | — | |||||||||||||||||||||||||
2002 - Service Shares | 9.85 | (0.04 | ) (c) | (1.80 | ) | (1.84 | ) | — | — | — | — | |||||||||||||||||||||||||
2001 - Class A Shares | 16.12 | (0.12 | ) (c) | (5.21 | ) | (5.33 | ) | — | — | (0.98 | ) | (0.98 | ) | |||||||||||||||||||||||
2001 - Class B Shares | 15.98 | (0.18 | ) (c) | (5.16 | ) | (5.34 | ) | — | — | (0.98 | ) | (0.98 | ) | |||||||||||||||||||||||
2001 - Class C Shares | 15.97 | (0.17 | ) (c) | (5.16 | ) | (5.33 | ) | — | — | (0.98 | ) | (0.98 | ) | |||||||||||||||||||||||
2001 - Institutional Shares | 16.37 | (0.05 | ) (c) | (5.31 | ) | (5.36 | ) | — | — | (0.98 | ) | (0.98 | ) | |||||||||||||||||||||||
2001 - Service Shares | 16.16 | (0.10 | ) (c) | (5.23 | ) | (5.33 | ) | — | — | (0.98 | ) | (0.98 | ) | |||||||||||||||||||||||
2000 - Class A Shares | 13.24 | (0.12 | ) (c) | 3.52 | 3.40 | — | — | (0.52 | ) | (0.52 | ) | |||||||||||||||||||||||||
2000 - Class B Shares | 13.19 | (0.18 | ) (c) | 3.49 | 3.31 | — | — | (0.52 | ) | (0.52 | ) | |||||||||||||||||||||||||
2000 - Class C Shares | 13.19 | (0.19 | ) (c) | 3.49 | 3.30 | — | — | (0.52 | ) | (0.52 | ) | |||||||||||||||||||||||||
2000 - Institutional Shares | 13.35 | (0.03 | ) (c) | 3.57 | 3.54 | — | — | (0.52 | ) | (0.52 | ) | |||||||||||||||||||||||||
2000 - Service Shares | 13.24 | (0.10 | ) (c) | 3.54 | 3.44 | — | — | (0.52 | ) | (0.52 | ) | |||||||||||||||||||||||||
FOR THE SEVEN-MONTH PERIOD ENDED AUGUST 31, | ||||||||||||||||||||||||||||||||||||
1999 - Class A Shares | 10.62 | (0.03 | ) | 2.65 | 2.62 | — | — | — | — | |||||||||||||||||||||||||||
1999 - Class B Shares | 10.61 | (0.08 | ) (c) | 2.66 | 2.58 | — | — | — | — | |||||||||||||||||||||||||||
1999 - Class C Shares | 10.61 | (0.08 | ) (c) | 2.66 | 2.58 | — | — | — | — | |||||||||||||||||||||||||||
1999 - Institutional Shares | 10.66 | — | 2.69 | 2.69 | — | — | — | — | ||||||||||||||||||||||||||||
1999 - Service Shares | 10.61 | (0.02 | ) | 2.65 | 2.63 | — | — | — | — | |||||||||||||||||||||||||||
FOR THE PERIOD ENDED JANUARY 31, | ||||||||||||||||||||||||||||||||||||
1999 - Class A Shares (commenced May 1, 1998) | 10.00 | (0.04 | ) | 0.66 | 0.62 | — | — | — | — | |||||||||||||||||||||||||||
1999 - Class B Shares (commenced May 1, 1998) | 10.00 | (0.10 | ) | 0.71 | 0.61 | — | — | — | — | |||||||||||||||||||||||||||
1999 - Class C Shares (commenced May 1, 1998) | 10.00 | (0.06 | ) | 0.67 | 0.61 | — | — | — | — | |||||||||||||||||||||||||||
1999 - Institutional Shares (commenced May 1, 1998) | 10.00 | — | 0.67 | 0.67 | — | (0.01 | ) | — | (0.01 | ) | ||||||||||||||||||||||||||
1999 - Service Shares (commenced May 1, 1998) | 10.00 | (0.02 | ) | 0.63 | 0.61 | — | — | — | — | |||||||||||||||||||||||||||
(a) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total return would be reduced if a sales or redemption charge were taken into account. Total returns for periods less than one full year are not annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
(b) | Annualized. |
(c) | Calculated based on the average shares outstanding methodology. |
(d) | Amount is less than $0.005 per share |
66
Ratios assuming no | ||||||||||||||||||||||||||||||||||
expense reductions | ||||||||||||||||||||||||||||||||||
Ratio of | Ratio of | |||||||||||||||||||||||||||||||||
Net assets | Ratio of | net investment | Ratio of | net investment | ||||||||||||||||||||||||||||||
Net asset | at end of | net expenses | income (loss) | total expenses | income (loss) | Portfolio | ||||||||||||||||||||||||||||
value, end | Total | period | to average | to average | to average | to average | turnover | |||||||||||||||||||||||||||
of period | return(a) | (in 000s) | net assets | net assets | net assets | net assets | rate | |||||||||||||||||||||||||||
$ | 11.84 | 28.59 | % | $ | 48,548 | 1.89 | %(b) | (0.79 | )%(b) | 2.53 | %(b) | (1.43 | )%(b) | 48 | % | |||||||||||||||||||
11.53 | 28.32 | 3,202 | 2.39 | (b) | (1.33 | )(b) | 3.03 | (b) | (1.97 | )(b) | 48 | |||||||||||||||||||||||
11.53 | 28.29 | 3,343 | 2.39 | (b) | (1.33 | )(b) | 3.03 | (b) | (1.97 | )(b) | 48 | |||||||||||||||||||||||
12.24 | 28.96 | 37,366 | 1.24 | (b) | (0.12 | )(b) | 1.88 | (b) | (0.76 | )(b) | 48 | |||||||||||||||||||||||
11.90 | 28.65 | 96 | 1.74 | (b) | (0.62 | )(b) | 2.38 | (b) | (1.26 | )(b) | 48 | |||||||||||||||||||||||
9.22 | 15.83 | 29,846 | 1.91 | 0.02 | 2.66 | (0.73 | ) | 87 | ||||||||||||||||||||||||||
8.99 | 15.11 | 1,285 | 2.41 | (0.38 | ) | 3.16 | (1.13 | ) | 87 | |||||||||||||||||||||||||
8.98 | 15.13 | 1,653 | 2.41 | (0.44 | ) | 3.16 | (1.19 | ) | 87 | |||||||||||||||||||||||||
9.55 | 16.46 | 28,721 | 1.26 | 0.83 | 2.01 | 0.08 | 87 | |||||||||||||||||||||||||||
9.29 | 15.98 | 56 | 1.76 | 0.34 | 2.51 | (0.41 | ) | 87 | ||||||||||||||||||||||||||
7.96 | (18.86 | ) | 51,188 | 2.03 | (0.77 | ) | 2.37 | (1.11 | ) | 56 | ||||||||||||||||||||||||
7.81 | (19.15 | ) | 1,171 | 2.53 | (1.22 | ) | 2.87 | (1.56 | ) | 56 | ||||||||||||||||||||||||
7.80 | (19.25 | ) | 1,377 | 2.53 | (1.23 | ) | 2.87 | (1.57 | ) | 56 | ||||||||||||||||||||||||
8.20 | (18.25 | ) | 41,175 | 1.38 | (0.12 | ) | 1.72 | (0.46 | ) | 56 | ||||||||||||||||||||||||
8.01 | (18.68 | ) | 25 | 1.88 | (0.49 | ) | 2.22 | (0.83 | ) | 56 | ||||||||||||||||||||||||
9.81 | (34.26 | ) | 161,849 | 2.05 | (1.02 | ) | 2.13 | (1.10 | ) | 64 | ||||||||||||||||||||||||
9.66 | (34.64 | ) | 1,709 | 2.55 | (1.51 | ) | 2.63 | (1.59 | ) | 64 | ||||||||||||||||||||||||
9.66 | (34.60 | ) | 1,826 | 2.55 | (1.47 | ) | 2.63 | (1.55 | ) | 64 | ||||||||||||||||||||||||
10.03 | (33.90 | ) | 82,850 | 1.40 | (0.38 | ) | 1.48 | (0.46 | ) | 64 | ||||||||||||||||||||||||
9.85 | (34.17 | ) | 8 | 1.90 | (0.86 | ) | 1.98 | (0.94 | ) | 64 | ||||||||||||||||||||||||
16.12 | 26.26 | 327,697 | 2.05 | (0.79 | ) | 2.22 | (0.96 | ) | 73 | |||||||||||||||||||||||||
15.98 | 25.66 | 2,827 | 2.55 | (1.16 | ) | 2.72 | (1.33 | ) | 73 | |||||||||||||||||||||||||
15.97 | 25.58 | 3,672 | 2.55 | (1.23 | ) | 2.72 | (1.40 | ) | 73 | |||||||||||||||||||||||||
16.37 | 27.12 | 187,075 | 1.40 | (0.19 | ) | 1.57 | (0.36 | ) | 73 | |||||||||||||||||||||||||
16.16 | 26.57 | 3 | 1.90 | (0.63 | ) | 2.07 | (0.80 | ) | 73 | |||||||||||||||||||||||||
13.24 | 24.67 | 69,458 | 2.05 | (b) | (0.68 | )(b) | 2.42 | (b) | (1.05 | )(b) | 59 | |||||||||||||||||||||||
13.19 | 24.32 | 303 | 2.55 | (b) | (1.16 | )(b) | 2.92 | (b) | (1.53 | )(b) | 59 | |||||||||||||||||||||||
13.19 | 24.32 | 419 | 2.55 | (b) | (1.21 | )(b) | 2.92 | (b) | (1.58 | )(b) | 59 | |||||||||||||||||||||||
13.35 | 25.24 | 65,772 | 1.40 | (b) | (0.05 | )(b) | 1.77 | (b) | (0.42 | )(b) | 59 | |||||||||||||||||||||||
13.24 | 24.79 | 2 | 1.90 | (b) | (0.35 | )(b) | 2.27 | (b) | (0.72 | )(b) | 59 | |||||||||||||||||||||||
10.62 | 6.20 | 33,002 | 2.02 | (b) | (1.03 | )(b) | 3.60 | (b) | (2.61 | )(b) | 96 | |||||||||||||||||||||||
10.61 | 6.10 | 213 | 2.51 | (b) | (1.30 | )(b) | 4.09 | (b) | (2.88 | )(b) | 96 | |||||||||||||||||||||||
10.61 | 6.10 | 175 | 2.51 | (b) | (1.45 | )(b) | 4.09 | (b) | (3.03 | )(b) | 96 | |||||||||||||||||||||||
10.66 | 6.67 | 36,992 | 1.40 | (b) | (0.19 | )(b) | 2.98 | (b) | (1.77 | )(b) | 96 | |||||||||||||||||||||||
10.61 | 6.10 | 2 | 1.90 | (b) | (0.26 | )(b) | 3.48 | (b) | (1.84 | )(b) | 96 | |||||||||||||||||||||||
Income from | ||||||||||||||||||||||||||||||||||||
investment operations | Distributions to shareholders | |||||||||||||||||||||||||||||||||||
Net asset | Net | In excess | ||||||||||||||||||||||||||||||||||
value, | investment | Net realized | Total from | From net | of net | From net | ||||||||||||||||||||||||||||||
beginning | income | and unrealized | investment | investment | investment | realized | Total | |||||||||||||||||||||||||||||
of period | gain (loss) | gain (loss) | operations | income | income | gains | distributions | |||||||||||||||||||||||||||||
FOR THE SIX MONTHS ENDED FEBRUARY 29, | ||||||||||||||||||||||||||||||||||||
2004 - Class A Shares | $ | 9.14 | $ | — | (c)(d) | $ | 2.43 | $ | 2.43 | $ | (0.04 | ) | $ | — | $ | — | $ | (0.04 | ) | |||||||||||||||||
2004 - Class B Shares | 8.91 | (0.02 | )(c) | 2.36 | 2.34 | (0.02 | ) | — | — | (0.02 | ) | |||||||||||||||||||||||||
2004 - Class C Shares | 8.92 | (0.02 | )(c) | 2.36 | 2.34 | — | — | — | — | |||||||||||||||||||||||||||
2004 - Institutional Shares | 9.49 | 0.03 | (c) | 2.53 | 2.56 | (0.08 | ) | — | — | (0.08 | ) | |||||||||||||||||||||||||
2004 - Service Shares | 9.06 | 0.02 | (c) | 2.39 | 2.41 | (0.07 | ) | — | — | (0.07 | ) | |||||||||||||||||||||||||
FOR THE YEARS ENDED AUGUST 31, | ||||||||||||||||||||||||||||||||||||
2003 - Class A Shares | 7.14 | 0.03 | (c) | 1.97 | 2.00 | — | — | — | — | |||||||||||||||||||||||||||
2003 - Class B Shares | 7.00 | (0.01 | )(c) | 1.92 | 1.91 | — | — | — | — | |||||||||||||||||||||||||||
2003 - Class C Shares | 7.01 | (0.01 | )(c) | 1.92 | 1.91 | — | — | — | — | |||||||||||||||||||||||||||
2003 - Institutional Shares | 7.37 | 0.08 | (c) | 2.04 | 2.12 | — | — | — | — | |||||||||||||||||||||||||||
2003 - Service Shares | 7.07 | 0.04 | (c) | 1.95 | 1.99 | — | — | — | — | |||||||||||||||||||||||||||
2002 - Class A Shares | 7.21 | (0.04 | )(c) | (0.03 | ) | (0.07 | ) | — | — | — | — | |||||||||||||||||||||||||
2002 - Class B Shares | 7.09 | (0.08 | )(c) | (0.01 | ) | (0.09 | ) | — | — | — | — | |||||||||||||||||||||||||
2002 - Class C Shares | 7.11 | (0.08 | )(c) | (0.02 | ) | (0.10 | ) | — | — | — | — | |||||||||||||||||||||||||
2002 - Institutional Shares | 7.38 | 0.01 | (c) | (0.02 | ) | (0.01 | ) | — | — | — | — | |||||||||||||||||||||||||
2002 - Service Shares | 7.12 | (0.06 | )(c) | 0.01 | (0.05 | ) | — | — | — | — | ||||||||||||||||||||||||||
2001 - Class A Shares | 10.83 | 0.01 | (c) | (3.27 | ) | (3.26 | ) | — | — | (0.36 | ) | (0.36 | ) | |||||||||||||||||||||||
2001 - Class B Shares | 10.72 | (0.02 | )(c) | (3.25 | ) | (3.27 | ) | — | — | (0.36 | ) | (0.36 | ) | |||||||||||||||||||||||
2001 - Class C Shares | 10.75 | (0.03 | )(c) | (3.25 | ) | (3.28 | ) | — | — | (0.36 | ) | (0.36 | ) | |||||||||||||||||||||||
2001 - Institutional Shares | 11.02 | 0.05 | (c) | (3.33 | ) | (3.28 | ) | — | — | (0.36 | ) | (0.36 | ) | |||||||||||||||||||||||
2001 - Service Shares | 10.63 | 0.08 | (c) | (3.23 | ) | (3.15 | ) | — | — | (0.36 | ) | (0.36 | ) | |||||||||||||||||||||||
2000 - Class A Shares | 9.26 | (0.05 | )(c) | 1.62 | 1.57 | — | — | — | — | |||||||||||||||||||||||||||
2000 - Class B Shares | 9.21 | (0.11 | )(c) | 1.62 | 1.51 | — | — | — | — | |||||||||||||||||||||||||||
2000 - Class C Shares | 9.24 | (0.10 | )(c) | 1.61 | 1.51 | — | — | — | — | |||||||||||||||||||||||||||
2000 - Institutional Shares | 9.37 | 0.01 | (c) | 1.64 | 1.65 | — | — | — | — | |||||||||||||||||||||||||||
2000 - Service Shares | 9.05 | 0.01 | (c) | 1.57 | 1.58 | — | — | — | — | |||||||||||||||||||||||||||
FOR THE SEVEN MONTHS ENDED AUGUST 31, | ||||||||||||||||||||||||||||||||||||
1999 - Class A Shares | 7.04 | (0.01 | ) | 2.23 | 2.22 | — | — | — | — | |||||||||||||||||||||||||||
1999 - Class B Shares | 7.03 | (0.03 | ) | 2.21 | 2.18 | — | — | — | — | |||||||||||||||||||||||||||
1999 - Class C Shares | 7.05 | (0.03 | ) | 2.22 | 2.19 | — | — | — | — | |||||||||||||||||||||||||||
1999 - Institutional Shares | 7.09 | 0.02 | 2.26 | 2.28 | — | — | — | — | ||||||||||||||||||||||||||||
1999 - Service Shares | 6.87 | 0.01 | 2.17 | 2.18 | — | — | — | — | ||||||||||||||||||||||||||||
FOR THE YEAR ENDED JANUARY 31, | ||||||||||||||||||||||||||||||||||||
1999 - Class A Shares | 9.69 | 0.04 | (2.40 | ) | (2.36 | ) | (0.07 | ) | (0.22 | ) | — | (0.29 | ) | |||||||||||||||||||||||
1999 - Class B Shares | 9.69 | 0.03 | (2.41 | ) | (2.38 | ) | (0.07 | ) | (0.21 | ) | — | (0.28 | ) | |||||||||||||||||||||||
1999 - Class C Shares | 9.70 | 0.01 | (2.39 | ) | (2.38 | ) | (0.07 | ) | (0.20 | ) | — | (0.27 | ) | |||||||||||||||||||||||
1999 - Institutional Shares | 9.70 | 0.06 | (2.36 | ) | (2.30 | ) | (0.08 | ) | (0.23 | ) | — | (0.31 | ) | |||||||||||||||||||||||
1999 - Service Shares | 9.69 | (0.13 | ) | (2.41 | ) | (2.54 | ) | (0.07 | ) | (0.21 | ) | — | (0.28 | ) | ||||||||||||||||||||||
(a) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total return would be reduced if a sales or redemption charge were taken into account. Total returns for periods less than one full year are not annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
(b) | Annualized. |
(c) | Calculated based on the average shares outstanding methodology. |
(d) | Less than $0.005 per share. |
68
Ratios assuming no | ||||||||||||||||||||||||||||||||||
expense reductions | ||||||||||||||||||||||||||||||||||
Ratio of | Ratio of | |||||||||||||||||||||||||||||||||
Net assets | Ratio of | net investment | Ratio of | net investment | ||||||||||||||||||||||||||||||
Net asset | at end | net expenses | income (loss) | total expenses | income (loss) | Portfolio | ||||||||||||||||||||||||||||
value, end | Total | period | to average | to average | to average | to average | turnover | |||||||||||||||||||||||||||
of period | return(a) | (in 000s) | net assets | net assets | net assets | net assets | rate | |||||||||||||||||||||||||||
$ | 11.53 | 26.62 | % | $ | 42,236 | 2.24 | %(b) | 0.05 | %(b) | 2.37 | %(b) | (0.08 | )% (b) | 92 | % | |||||||||||||||||||
11.23 | 26.26 | 3,089 | 2.74 | (b) | (0.38 | )(b) | 2.87 | (b) | (0.51 | )(b) | 92 | |||||||||||||||||||||||
11.26 | 26.37 | 1,263 | 2.74 | (b) | (0.47 | )(b) | 2.87 | (b) | (0.60 | )(b) | 92 | |||||||||||||||||||||||
11.97 | 27.06 | 55,206 | 1.59 | (b) | 0.49 | (b) | 1.72 | (b) | 0.36 | (b) | 92 | |||||||||||||||||||||||
11.40 | 26.70 | 618 | 2.09 | (b) | 0.31 | (b) | 2.22 | (b) | 0.18 | (b) | 92 | |||||||||||||||||||||||
9.14 | 28.01 | 24,504 | 2.25 | 0.40 | 2.42 | 0.23 | 82 | |||||||||||||||||||||||||||
8.91 | 27.29 | 1,428 | 2.75 | (0.10 | ) | 2.92 | (0.27 | ) | 82 | |||||||||||||||||||||||||
8.92 | 27.10 | 972 | 2.75 | (0.18 | ) | 2.92 | (0.35 | ) | 82 | |||||||||||||||||||||||||
9.49 | 28.77 | 78,132 | 1.60 | 1.07 | 1.77 | 0.90 | 82 | |||||||||||||||||||||||||||
9.06 | 28.15 | 185 | 2.10 | 0.52 | 2.27 | 0.35 | 82 | |||||||||||||||||||||||||||
7.14 | (0.97 | ) | 22,442 | 2.25 | (0.51 | ) | 2.56 | (0.82 | ) | 104 | ||||||||||||||||||||||||
7.00 | (1.27 | ) | 1,351 | 2.75 | (1.03 | ) | 3.06 | (1.34 | ) | 104 | ||||||||||||||||||||||||
7.01 | (1.41 | ) | 706 | 2.75 | (1.04 | ) | 3.06 | (1.35 | ) | 104 | ||||||||||||||||||||||||
7.37 | (0.14 | ) | 66,920 | 1.60 | 0.13 | 1.91 | (0.18 | ) | 104 | |||||||||||||||||||||||||
7.07 | (0.70 | ) | 50 | 2.10 | (0.93 | ) | 2.41 | (1.24 | ) | 104 | ||||||||||||||||||||||||
7.21 | (30.55 | ) | 33,827 | 2.24 | 0.11 | 2.49 | (0.14 | ) | 139 | |||||||||||||||||||||||||
7.09 | (30.97 | ) | 1,498 | 2.74 | (0.29 | ) | 2.99 | (0.54 | ) | 139 | ||||||||||||||||||||||||
7.11 | (30.98 | ) | 656 | 2.74 | (0.41 | ) | 2.99 | (0.66 | ) | 139 | ||||||||||||||||||||||||
7.38 | (30.20 | ) | 74,483 | 1.59 | 0.63 | 1.84 | 0.38 | 139 | ||||||||||||||||||||||||||
7.12 | (30.08 | ) | 8 | 1.55 | 0.97 | 2.34 | 0.18 | 139 | ||||||||||||||||||||||||||
10.83 | 16.95 | 64,279 | 2.11 | (0.49 | ) | 2.30 | (0.68 | ) | 125 | |||||||||||||||||||||||||
10.72 | 16.40 | 2,187 | 2.61 | (1.00 | ) | 2.80 | (1.19 | ) | 125 | |||||||||||||||||||||||||
10.75 | 16.34 | 1,304 | 2.61 | (0.96 | ) | 2.80 | (1.15 | ) | 125 | |||||||||||||||||||||||||
11.02 | 17.61 | 145,774 | 1.46 | 0.13 | 1.65 | (0.06 | ) | 125 | ||||||||||||||||||||||||||
10.63 | 17.46 | 2 | 1.96 | 0.14 | 2.15 | (0.05 | ) | 125 | ||||||||||||||||||||||||||
9.26 | 31.53 | 65,698 | 2.04 | (b) | (0.15 | )(b) | 2.41 | (b) | (0.52 | )(b) | 63 | |||||||||||||||||||||||
9.21 | 31.01 | 972 | 2.54 | (b) | (0.71 | )(b) | 2.91 | (b) | (1.08 | )(b) | 63 | |||||||||||||||||||||||
9.24 | 31.06 | 1,095 | 2.54 | (b) | (0.85 | )(b) | 2.91 | (b) | (1.22 | )(b) | 63 | |||||||||||||||||||||||
9.37 | 32.16 | 108,574 | 1.39 | (b) | 0.50 | (b) | 1.76 | (b) | 0.13 | (b) | 63 | |||||||||||||||||||||||
9.05 | 31.73 | 2 | 1.89 | (b) | 0.12 | (b) | 2.26 | (b) | (0.25 | )(b) | 63 | |||||||||||||||||||||||
7.04 | (24.32 | ) | 52,704 | 2.09 | 0.80 | 2.53 | 0.36 | 154 | ||||||||||||||||||||||||||
7.03 | (24.51 | ) | 459 | 2.59 | 0.19 | 3.03 | (0.25 | ) | 154 | |||||||||||||||||||||||||
7.05 | (24.43 | ) | 273 | 2.59 | 0.28 | 3.03 | (0.16 | ) | 154 | |||||||||||||||||||||||||
7.09 | (23.66 | ) | 90,189 | 1.35 | 1.59 | 1.79 | 1.15 | 154 | ||||||||||||||||||||||||||
6.87 | (26.17 | ) | 1 | 1.85 | (1.84 | ) | 2.29 | (2.28 | ) | 154 | ||||||||||||||||||||||||
Income from | ||||||||||||||||||||||||||||||||
investment operations | Distributions to shareholders | |||||||||||||||||||||||||||||||
Net asset | Net | In excess | ||||||||||||||||||||||||||||||
value, | investment | Net realized | Total from | From net | of net | |||||||||||||||||||||||||||
beginning | income | and unrealized | investment | investment | investment | Total | ||||||||||||||||||||||||||
of period | (loss) | gain (loss) | operations | income | income | distributions | ||||||||||||||||||||||||||
FOR THE SIX MONTHS ENDED FEBRUARY 29, (Unaudited) | ||||||||||||||||||||||||||||||||
2004 - Class A Shares | $ | 9.37 | $ | (0.02 | ) (c) | $ | 2.31 | $ | 2.29 | $ | (0.07 | ) | $ | — | $ | (0.07 | ) | |||||||||||||||
2004 - Class B Shares | 9.04 | (0.04 | ) (c) | 2.22 | 2.18 | (0.03 | ) | — | (0.03 | ) | ||||||||||||||||||||||
2004 - Class C Shares | 9.00 | (0.04 | ) (c) | 2.21 | 2.17 | (0.04 | ) | — | (0.04 | ) | ||||||||||||||||||||||
2004 - Institutional Shares | 9.82 | 0.02 | (c) | 2.41 | 2.43 | (0.11 | ) | — | (0.11 | ) | ||||||||||||||||||||||
FOR THE YEARS ENDED AUGUST 31, | ||||||||||||||||||||||||||||||||
2003 - Class A Shares | 8.65 | 0.07 | (c) | 0.65 | 0.72 | — | — | — | ||||||||||||||||||||||||
2003 - Class B Shares | 8.39 | 0.02 | (c) | 0.63 | 0.65 | — | — | — | ||||||||||||||||||||||||
2003 - Class C Shares | 8.37 | 0.03 | (c) | 0.60 | 0.63 | — | — | — | ||||||||||||||||||||||||
2003 - Institutional Shares | 8.97 | 0.21 | (c) | 0.64 | 0.85 | — | — | — | ||||||||||||||||||||||||
2002 - Class A Shares | 8.07 | 0.06 | (c) | 0.52 | 0.58 | — | — | — | ||||||||||||||||||||||||
2002 - Class B Shares | 7.87 | 0.01 | (c) | 0.51 | 0.52 | — | — | — | ||||||||||||||||||||||||
2002 - Class C Shares | 7.85 | 0.02 | (c) | 0.50 | 0.52 | — | — | — | ||||||||||||||||||||||||
2002 - Institutional Shares | 8.32 | 0.12 | (c) | 0.53 | 0.65 | — | — | — | ||||||||||||||||||||||||
2001 - Class A Shares | 11.16 | 0.04 | (c) | (3.13 | ) | (3.09 | ) | — | — | — | ||||||||||||||||||||||
2001 - Class B Shares | 10.91 | — | (c)(d) | (3.04 | ) | (3.04 | ) | — | — | — | ||||||||||||||||||||||
2001 - Class C Shares | 10.88 | (0.01 | ) (c) | (3.02 | ) | (3.03 | ) | — | — | — | ||||||||||||||||||||||
2001 - Institutional Shares | 11.41 | 0.13 | (c) | (3.22 | ) | (3.09 | ) | — | — | — | ||||||||||||||||||||||
2000 - Class A Shares | 11.07 | (0.05 | ) (c) | 0.14 | 0.09 | — | — | — | ||||||||||||||||||||||||
2000 - Class B Shares | 10.88 | (0.11 | ) (c) | 0.14 | 0.03 | — | — | — | ||||||||||||||||||||||||
2000 - Class C Shares | 10.85 | (0.11 | ) (c) | 0.14 | 0.03 | — | — | — | ||||||||||||||||||||||||
2000 - Institutional Shares | 11.24 | 0.01 | (c) | 0.16 | 0.17 | — | — | — | ||||||||||||||||||||||||
FOR THE SEVEN-MONTH PERIOD ENDED AUGUST 31, | ||||||||||||||||||||||||||||||||
1999 - Class A Shares | 7.79 | (0.02 | ) | 3.30 | 3.28 | — | — | — | ||||||||||||||||||||||||
1999 - Class B Shares | 7.68 | (0.04 | ) | 3.24 | 3.20 | — | — | — | ||||||||||||||||||||||||
1999 - Class C Shares | 7.68 | (0.04 | ) | 3.21 | 3.17 | — | — | — | ||||||||||||||||||||||||
1999 - Institutional Shares | 7.91 | 0.01 | 3.36 | 3.37 | — | (0.04 | ) | (0.04 | ) | |||||||||||||||||||||||
FOR THE YEAR ENDED JANUARY 31, | ||||||||||||||||||||||||||||||||
1999 - Class A Shares | 8.38 | 0.07 | (0.66 | ) | (0.59 | ) | — | — | — | |||||||||||||||||||||||
1999 - Class B Shares | 8.31 | 0.01 | (0.64 | ) | (0.63 | ) | — | — | — | |||||||||||||||||||||||
1999 - Class C Shares | 8.29 | — | (0.61 | ) | (0.61 | ) | — | — | — | |||||||||||||||||||||||
1999 - Institutional Shares | 8.44 | 0.03 | (0.56 | ) | (0.53 | ) | — | — | — | |||||||||||||||||||||||
(a) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total return would be reduced if a sales or redemption charge were taken into account. Total returns for periods less than one full year are not annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
(b) | Annualized. |
(c) | Calculated based on the average shares outstanding methodology. |
(d) | Less than $0.005 per share. |
70
Ratios assuming no | ||||||||||||||||||||||||||||||||||
expense reductions | ||||||||||||||||||||||||||||||||||
Ratio of | Ratio of | |||||||||||||||||||||||||||||||||
Net assets | Ratio of | net investment | Ratio of | net investment | ||||||||||||||||||||||||||||||
Net asset | at end of | net expenses | income (loss) | total expenses | income (loss) | Portfolio | ||||||||||||||||||||||||||||
value, end | Total | period | to average | to average | to average | to average | turnover | |||||||||||||||||||||||||||
of period | return(a) | (in 000s) | net assets | net assets | net assets | net assets | rate | |||||||||||||||||||||||||||
$ | 11.59 | 24.57 | % | $ | 48,268 | 1.85 | %(b) | (0.33 | )% (b) | 2.64 | %(b) | (1.12 | )% (b) | 66 | % | |||||||||||||||||||
11.19 | 24.17 | 4,650 | 2.35 | (b) | (0.86 | )(b) | 3.14 | (b) | (1.65 | )(b) | 66 | |||||||||||||||||||||||
11.13 | 24.16 | 1,648 | 2.35 | (b) | (0.86 | )(b) | 3.14 | (b) | (1.65 | )(b) | 66 | |||||||||||||||||||||||
12.14 | 24.94 | 14,111 | 1.20 | (b) | 0.29 | (b) | 1.99 | (b) | (0.50 | )(b) | 66 | |||||||||||||||||||||||
9.37 | 8.20 | 35,070 | 1.89 | 0.87 | 3.34 | (0.58 | ) | 224 | ||||||||||||||||||||||||||
9.04 | 7.62 | 3,185 | 2.39 | 0.32 | 3.84 | (1.13 | ) | 224 | ||||||||||||||||||||||||||
9.00 | 7.53 | 1,215 | 2.39 | 0.38 | 3.84 | (1.07 | ) | 224 | ||||||||||||||||||||||||||
9.82 | 9.35 | 3,161 | 1.24 | 2.65 | 2.69 | 1.20 | 224 | |||||||||||||||||||||||||||
8.65 | 7.18 | 29,635 | 1.87 | 0.70 | 3.17 | (0.60 | ) | 161 | ||||||||||||||||||||||||||
8.39 | 6.73 | 3,101 | 2.37 | 0.17 | 3.67 | (1.13 | ) | 161 | ||||||||||||||||||||||||||
8.37 | 6.62 | 1,055 | 2.37 | 0.23 | 3.67 | (1.07 | ) | 161 | ||||||||||||||||||||||||||
8.97 | 7.80 | 4,068 | 1.22 | 1.35 | 2.52 | 0.05 | 161 | |||||||||||||||||||||||||||
8.07 | (27.53 | ) | 33,854 | 1.85 | 0.41 | 2.57 | (0.31 | ) | 314 | |||||||||||||||||||||||||
7.87 | (27.80 | ) | 3,645 | 2.35 | (0.04 | ) | 3.07 | (0.76 | ) | 314 | ||||||||||||||||||||||||
7.85 | (27.78 | ) | 1,010 | 2.35 | (0.07 | ) | 3.07 | (0.79 | ) | 314 | ||||||||||||||||||||||||
8.32 | (26.93 | ) | 3,055 | 1.20 | 1.41 | 1.92 | 0.69 | 314 | ||||||||||||||||||||||||||
11.16 | 0.72 | 86,458 | 1.85 | (0.39 | ) | 2.30 | (0.84 | ) | 207 | |||||||||||||||||||||||||
10.91 | 0.18 | 6,849 | 2.35 | (0.91 | ) | 2.80 | (1.36 | ) | 207 | |||||||||||||||||||||||||
10.88 | 0.18 | 2,265 | 2.35 | (0.91 | ) | 2.80 | (1.36 | ) | 207 | |||||||||||||||||||||||||
11.41 | 1.42 | 5,236 | 1.20 | 0.12 | 1.65 | (0.33 | ) | 207 | ||||||||||||||||||||||||||
11.07 | 42.11 | 84,269 | 1.85 | (b) | (0.38 | )(b) | 2.27 | (b) | (0.80 | )(b) | 97 | |||||||||||||||||||||||
10.88 | 41.67 | 7,258 | 2.35 | (b) | (0.90 | )(b) | 2.77 | (b) | (1.32 | )(b) | 97 | |||||||||||||||||||||||
10.85 | 41.28 | 2,281 | 2.35 | (b) | (0.89 | )(b) | 2.77 | (b) | (1.31 | )(b) | 97 | |||||||||||||||||||||||
11.24 | 42.61 | 12,363 | 1.20 | (b) | (0.14 | )(b) | 1.62 | (b) | (0.28 | )(b) | 97 | |||||||||||||||||||||||
7.79 | (7.04 | ) | 59,940 | 1.93 | 0.63 | 2.48 | 0.08 | 106 | ||||||||||||||||||||||||||
7.68 | (7.58 | ) | 4,190 | 2.45 | 0.10 | 2.97 | (0.42 | ) | 106 | |||||||||||||||||||||||||
7.68 | (7.36 | ) | 999 | 2.45 | 0.10 | 2.97 | (0.42 | ) | 106 | |||||||||||||||||||||||||
7.91 | (6.28 | ) | 4,200 | 1.16 | 1.10 | 1.68 | 0.58 | 106 | ||||||||||||||||||||||||||
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F U N D S P R O F I L E Goldman Sachs Funds Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets. Today, Goldman Sachs Asset Management, L.P. and other units of the Investment Management Division of Goldman Sachs serve a diverse set of clients worldwide, including private institutions, public entities and individuals. With portfolio management teams located around the world — and $375.7 billion in assets under management as of THE GOLDMANDecember 31, 2003 — our investment professionals bring firsthand knowledge of local SACHS ADVANTAGEmarkets to every investment decision, making us one of the few truly global asset managers. Our goal is to deliver: G O L D M A N S A C H S F U N D S Strong, Consistent In building a globally diversified Investment Results portfolio, you can select from more than 50 Goldman Sachs Funds and gain access Global Resources and Global Researchto investment opportunities across borders, investment styles, asset classes Team Approach and security capitalizations. Disciplined Processes Innovative, Value-Added Investment Products Thoughtful Solutions Risk Management Outstanding Asset Allocation Funds Client ServiceBalanced Fund Domestic Equity Funds Asset Allocation Portfolios Small Cap Value Fund Dedicated Service CORESM Small Cap Equity FundFixed Income Funds Teams Mid Cap Value FundEmerging Markets Debt Fund Excellence andConcentrated Growth FundHigh Yield Fund IntegrityInternational Equity Funds Growth Opportunities FundHigh Yield Municipal Fund Asia Growth Fund Research Select FundSMGlobal Income Fund Emerging Markets Equity Fund Strategic Growth FundInvestment Grade Credit Fund International Growth Capital Growth FundCore Fixed Income Fund Opportunities Fund Large Cap Value FundU.S. Mortgages Fund Japanese Equity Fund Growth and Income FundMunicipal Income Fund European Equity Fund CORESM Large Cap Growth FundGovernment Income Fund International Equity Fund CORESM Large Cap Value FundShort Duration Tax-Free Fund CORESM International Equity Fund CORESM U.S. Equity FundShort Duration Government Fund Ultra-Short Duration Government Specialty Funds Fund Internet Tollkeeper FundSM Enhanced Income Fund CORESM Tax-Managed Equity Fund Real Estate Securities FundMoney Market Funds1 1An investment in a money market fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Funds. The Goldman Sachs Research Select FundSM, Internet Tollkeeper FundSM and CORESM are service marks of Goldman, Sachs & Co. |
GOLDMAN SACHS ASSET MANAGEMENT, L.P. 32 OLD SLIP, 32ND FLOOR, NEW YORK, NEW YORK 10005 T R U S T E E SO F F I C E R S Ashok N. Bakhru, ChairmanKaysie P. Uniacke, President John P. Coblentz, Jr.James A. Fitzpatrick, Vice President Patrick T. HarkerJames A. McNamara, Vice President James A. McNamaraJohn M. Perlowski, Treasurer Mary Patterson McPhersonHoward B. Surloff, Secretary Alan A. Shuch Wilma J. Smelcer Richard P. Strubel Kaysie P. Uniacke G O L D M A N , S AC H S & CO.G O L D M A N S AC H S I N T E R N AT I O N A L Distributor and Transfer AgentChristchurch Court 10-15 Newgate Street G O L D M A N S AC H S A S S E T M A N AG E M E N T London, England EC1A 7HD I N T E R N AT I O N A L Investment Adviser Visit our Web site at www.gs.com/funds to obtain the most recent month-end returns The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed. A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders); and (ii) on the Securities and Exchange Commission Web site at http://www.sec.gov. This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus for the Funds. Please consider a fund’s objectives, risks, and charges and expenses, and read the Prospectus carefully before investing. Holdings are as of February 29, 2004 and are subject to change in the future. 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. Stocks of smaller companies are often more volatile and present greater risks than stocks of larger companies. At times, the Fund may be unable to sell certain of its portfolio securities without a substantial drop in price, if at all. The Fund’s investment in Japanese securities will be particularly subject to the risks of adverse social, political and economic events which occur in Japan or affect Japanese markets. Emerging markets securities are volatile. They are subject to substantial currency fluctuations and sudden economic and political developments. At times, the Funds may be unable to sell certain of its portfolio securities without a substantial drop in price, if at all. Concentration of the Funds’ assets in one or a few countries (or a particular geographic area) and currencies will subject a fund to greater risks than if a Funds’ assets were not geographically concentrated. The Funds may participate in the Initial Public Offering (IPO) market, and a portion of the Funds’ returns consequently may be attributable to its investment in IPOs, which may have a magnified impact due to a Fund’s small asset base. As the Fund’s assets grow, it is probable that the effect of the Funds’ investment in IPOs on its total returns may not be as significant. Go ldman, Sachs & Co. is the distributor of the Funds. Copyright 2004 Goldman, Sachs & Co. All rights reserved. Date of first use: April 29, 2004 / 04-519INTLSAR / 33.8K / 04-04 |
ITEM 2. | CODE OF ETHICS. |
(a) | As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the “Code of Ethics”). |
(b) | During the period covered by this report, no amendments were made to the provisions of the Code of Ethics. |
(c) | During the period covered by this report, the registrant did not grant any waivers, including an implicit waiver, from any provision of the Code of Ethics. |
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
The registrant’s board of trustees has determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its audit committee. John P. Coblentz, Jr. is the “audit committee financial expert” and is “independent” (as each term is defined in Item 3 of Form N-CSR). |
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
Not applicable to the semi-annual report for the period ended February 29, 2004. |
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
Not applicable. |
ITEM 6. | SCHEDULE OF INVESTMENTS |
Not applicable to the semi-annual report for the period ended February 29, 2004. |
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable. |
ITEM 8. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS |
Not applicable. |
ITEM 9. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees. |
ITEM 10. | CONTROLS AND PROCEDURES. |
(a) | The registrant’s principal executive and principal financial officers or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934, as amended. | ||
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal half-year (the registrant’s second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect the registrant’s internal control over financial reporting. |
ITEM 11. | EXHIBITS. |
(a)(1) | Goldman Sachs Trust’s Code of Ethics for Principal Executive and Senior Financial Officers is incorporated by reference to Exhibit 11(a)(1) of the registrant’s Form N-CSR filed on March 8, 2004 for its Real Estate Securities Fund (Accession Number 0000950123 04-002984) | |||
(a)(2) | Exhibit 99.CERT Exhibit 99.906CERT | Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 filed herewith |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Goldman Sachs Trust | ||
/s/ Kaysie Uniacke | ||
By: Kaysie Uniacke | ||
Chief Executive Officer of | ||
Goldman Sachs Trust | ||
Date: May 3, 2004 | ||
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. | ||
/s/ Kaysie Uniacke | ||
By: Kaysie Uniacke | ||
Chief Executive Officer of | ||
Goldman Sachs Trust | ||
Date: May 3, 2004 | ||
/s/ John M. Perlowski | ||
By: John M. Perlowski | ||
Chief Financial Officer of | ||
Goldman Sachs Trust | ||
Date: May 3, 2004 |