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 GROWTH EQUITY FUNDS Semiannual Report February 29, 2004 Long-term capital growth potential from a diversified portfolio of equity investments. |
Goldman Sachs Growth Equity Funds |
GOLDMAN SACHS CAPITAL GROWTH FUND GOLDMAN SACHS STRATEGIC GROWTH FUND GOLDMAN SACHS CONCENTRATED GROWTH FUND GOLDMAN SACHS GROWTH OPPORTUNITIES FUND NOT FDIC-INSURED May Lose Value No Bank Guarantee |
GOLDMAN SACHS GROWTH EQUITY FUNDS What Differentiates Goldman Sachs’ Growth Investment Process? For over 23 years, the Goldman Sachs Growth Team has consistently applied a three-step investment process based on our belief that wealth is created through the long-term ownership of growing businesses. 1 BUY THE BUSINESS Make decisions as long-term business ownersResult rather than as stock tradersPerformance driven by the compounding GOLDMAN SACHS’growth of businesses over time — not short-Perform in-depth, fundamental research GROWTH INVESTMENTterm market movements PROCESSFocus on long-term structural and Long-term participation in growing competitive advantages businesses — less reliance on macroeconomic predictions, market timing, 1sector rotation or momentum BUY THE BUSINESS 2 BUYHIGH-QUALITY GROWTH BUSINESSES 3Identify high quality growth businesses.Result Some required investment criteria include:Investment in businesses that we believe Established brand namesare strategically positioned for consistent 2 Dominant market shareslong-term growth Pricing power Recurring revenue streams BUY HIGH-QUALITY Free cash flow GROWTH BUSINESSESLong product life cycles 3 Favorable long-term growth prospects Excellent management 3 3 BUY AT AN ATTRACTIVE PRICE Perform rigorous valuation analysis of Result BUY AT AN every potential investmentGood investment decisions based on ATTRACTIVE PRICE Use valuation tools and analytics to ensuresolid understanding of what each business that the high-quality business franchisesis worth we have identified also represent sound Attractive buying opportunities as the stock investments prices of quality growth businesses fluctuate over time 1 |
PORTFOLIO RESULTS Capital Growth Fund Dear Shareholder, This report provides an overview on the performance of the Goldman Sachs Capital 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, Institutional, and Service Shares generated cumulative total returns, without sales charges, of 10.66%, 10.25%, 10.27%, 10.89%, and 10.57%, respectively. These returns compare to the 12.17% and 14.59% cumulative total returns of the Fund’s benchmark, the Russell 1000 Growth Index, and its former benchmark, the S&P 500 Index (with dividends reinvested), respectively. During the reporting period, the Fund had strong absolute performance with Technology, Consumer, and Producer Goods and Services companies enhancing returns. The Fund’s relative underperformance versus the benchmark was largely due to its holdings in the Healthcare sector. While these stocks as a whole generated positive absolute returns, they underperformed stocks in that sector held by the benchmark. Over much of the period, the market rallied strongly, led by the strong performance of higher risk, more speculative companies in which the Fund does not invest. Our disciplined investment philosophy is to buy high quality growth companies with a strong business franchise, free cash flow, recurring revenue, favorable long-term prospects, excellent management, and strong financials. The Fund’s Technology companies outperformed the market and contributed to positive returns. Cisco Systems, Inc., QUALCOMM, Inc., Intel Corp., and Texas Instruments, Inc. were examples of holdings that generated strong returns. Many of the Fund’s holdings in the Consumer Discretionary sector fared well as travel and lodging-related companies continued to rebound as the fear of SARS and geopolitical tensions eased and the economy saw signs of strengthening. Examples of specific holdings that boosted returns were Cendant Corp., Marriott International, Inc., and Starwood Hotels & Resorts Worldwide, Inc. Despite strong absolute performance, the Fund was negatively impacted by the underperform-ance of its Healthcare companies versus those in the Index. Shares of Wyeth fell as investors became concerned over its diet drug litigation. In November 2003, Wyeth lost a case against the first plaintiff who opted out of the class action suit and the market became concerned that this would start a trend. However, there has only been one subsequent suit and Wyeth won that case. We continue to hold Wyeth as its leading drugs maintain strong performance in their therapeutic categories and we believe the company is attractively valued. Many of the Fund’s Healthcare holdings are in the pharmaceutical industry because these companies often fit our criteria for long-term growth such as pricing power, free cash flow, high return on invested capital, and long product life cycles. The Fund’s Media companies had mixed results. Firms such as Viacom, Inc. and Clear Channel Communications, Inc. continued to be hurt by weak local advertising sales. While fluctuations in investor sentiment do occur, we prefer to concentrate on the long-term catalysts for growth in an industry. National advertising has picked up in recent quarters while local radio has lagged. During a recovery, local businesses typically wait until they feel the impact of an economic recovery before spending on advertising. On the other hand, a number of the |
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PORTFOLIO RESULTS Fund’s Media companies generated strong results, including Cablevision Systems New York Group and Lamar Advertising Co. Shares of Lamar, an outdoor advertising company, rose when it released a very favorable earnings report. The positive results were due to strong sales, which beat expectations in many of Lamar’s markets. Portfolio Composition As bottom-up stock pickers, we focus on the real worth of the business and, to the extent that we find several businesses in related industries that have long-term growth potential, we may become heavily invested in a particular sector. With this in mind, as of February 29, 2004, the Consumer Staples, Technology, and Media sectors constituted a large portion of the Fund. The Fund tends to avoid making heavy investments in Capital Goods, Basic Industry, and other cyclical sectors that we feel are incapable of exhibiting long-term growth. These types of businesses do not typically have the pricing power and strong business franchise characteristics that we prefer. Portfolio Highlights While the Fund underperformed its benchmark during the reporting period, there were a number of holdings that enhanced results, including the following: Cendant Corp. — Cendant’s stock price steadily climbed throughout the period in response to an improving travel environment and continued strength in real estate. The company’s balance of businesses between real estate and travel provides a natural hedge to the economic cycle because typically the interest rate sensitive real estate business is strong when the economically sensitive travel business is weak. Cendant owns leading franchises within both business segments and virtually all of its businesses, which include Days Inn, Avis, and Century 21, are the leaders within their respective industries. Cisco Systems, Inc. — Positive earnings growth and a more optimistic outlook for business investment in technology drove Cisco’s stock price upward. While consumers have been spending on technology, business leaders have remained reluctant to boost information technology (IT) budgets. QUALCOMM, Inc. — QUALCOMM has benefited from higher than expected earnings, attributable to soaring demand for cell phone chips. The global increase in handset demand has been driven by a number of key factors. For example, consumers in developed markets are upgrading their existing units with more advanced phones, such as those with color screens, embedded digital cameras, and rich multimedia capabilities. In addition, there has been growth of wireless penetration in emerging markets. As the innovator of Code Division Multiple Access (CDMA) technology, QUALCOMM receives a royalty on the manufacturers’ selling price of every CDMA handset made. We thank you for your investment and look forward to your continued confidence. Goldman Sachs Growth Equity Investment Team New York, March 18, 2004 3 |
FUND BASICS Capital Growth Fund as of February 29, 2004 Assets Under Management PERFORMANCE REVIEW Fund Total Return Russell 1000 $2.1 Billion September 1, 2003–February 29, 2004(based on NAV)1Growth Index2S&P 500 Index2 Class A10.66%12.17%14.59% Class B10.2512.1714.59 Number of Holdings Class C 10.2712.1714.59 Institutional10.8912.1714.59 76Service10.5712.1714.59 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. NASDAQ SYMBOLS 2Effective December 1, 2003, the Russell 1000 Growth Index replaced the S&P 500 Index as the Fund’s benchmark. The Russell 1000 Growth Index is an unmanaged index that measures the performance of companies with higher price to earnings ratios and higher forecasted growth values Class A Shares compared to the S&P 500. The S&P 500 Index (with dividends reinvested) is the Standard & Poor’s 500 Composite Stock Price Index of 500 stocks, an unmanaged index of common stock prices. In the Investment Adviser’s opinion, the Russell 1000 Growth Index is a more appropriate benchmark GSCGXagainst which to measure the performance of the Fund. The Index figures do not reflect any deduction for fees, expenses or taxes. Class B Shares STANDARDIZED TOTAL RETURNS 3 For the period ended 12/31/03Class AClass BClass CInstitutionalService GSCBX One Year16.74%17.58%21.61%24.02%23.37% Five Years-2.69-2.72-2.31-1.19-1.69 Ten Years9.08N/AN/AN/A9.634 Class C Shares Since Inception11.037.793.694.8611.434 (4/20/90) (5/1/96) (8/15/97) (8/15/97) (4/20/90) GSPCX 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 Institutional Sharesdeferred 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. GSPIX4Performance data for Service Shares prior to August 15, 1997 (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 Capital Growth Fund reflects the expenses applicable to the Fund’s Class A Shares. The fees applicable to Service SharesService 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 GSPSXresults, 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 of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. 4 |
FUND BASICS TOP 10 HOLDINGS AS OF 2/29/045 Holding% of Net AssetsLine of Business Pfizer, Inc.4.9%Drugs Microsoft Corp.4.5Computer Software Wal-Mart Stores, Inc.4.1Retail PepsiCo, Inc.4.0Food & Beverage Fannie Mae3.5Specialty Financials QUALCOMM, Inc.3.3Telecommunications Equipment Intel Corp.3.0Semiconductors Cisco Systems, Inc.2.9Computer Hardware First Data Corp.2.7Information Services The McGraw-Hill Cos., Inc.2.7Information Services 5The top 10 holdings may not be representative of the Fund’s future investments. STANDARDIZED AFTER — TAX PERFORMANCE AS OF 12/31/03 Since Inception Class A SharesOne Year Five YearsTen Years(4/20/90) Returns before taxes*16.74% -2.69%9.08%11.03% Returns after taxes on distributions** 16.74-3.406.578.51 Returns after taxes on distributions 10.88-2.426.488.27 and sale of Fund shares*** The mutual fund industry is required to provide standardized after-tax performance in sales literature for funds that either include other forms of after-tax performance in their sales literature or portray themselves as being managed to limit the effect of taxes on performance. Above are standardized after-tax returns for Class A Shares of Goldman Sachs Capital Growth Fund to which the requirement applies. The after-tax returns for Class B, Class C, Institutional and Service Shares will vary. Standardized after-tax returns assume reinvestment of all distributions at net asset value and reflect a maximum initial sales charge of 5.5% for Class A Shares. The returns are calculated using the applicable historical highest individual federal marginal income tax rates (currently 15% for qualifying ordinary income dividends and long-term capital gain distributions and 35% for non-qualifying ordinary income dividends) and do not reflect state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. *Returns before taxes do not reflect taxes on distributions on the Fund’s Class A Shares, nor do they show how performance can be impacted by taxes when shares are redeemed (sold) by you. **Returns after taxes on distributions assume that taxes are paid on distributions on the Fund’s Class A Shares (i.e., dividends and capital gains) but do not reflect taxes that may be incurred upon redemption (sale) of the Class A Shares at the end of the performance period. ***Returns after taxes on distributions and sale of Fund shares reflect taxes paid on the Fund’s Class A Shares and taxes applicable when the investment is redeemed (sold) by you. 5 |
PORTFOLIO RESULTS Strategic Growth Fund Dear Shareholder, This report provides an overview on the performance of the Goldman Sachs Strategic 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, Institutional, and Service Shares generated cumulative total returns, without sales charges, of 9.24%, 8.74%, 8.73%, 9.33%, and 9.21%, respectively. These returns compare to the 12.17% cumulative total return of the Fund’s benchmark, the Russell 1000 Growth Index (with dividends reinvested). While the Fund generated positive absolute returns during the period, it lagged its benchmark on a relative basis. This was largely a result of the Fund’s relative underperformance in certain Media, Healthcare, and Discount Retailer stocks. On the other hand, several of the Fund’s Finance and Consumer Staples holdings enhanced results. One area that hurt the Fund’s performance was its investment in Media companies that are exposed to radio. In particular, Viacom, Inc. and Clear Channel Communications, Inc. detracted from results. Investors maintained their negative view on radio-exposed companies due to the sluggish local advertising market. We are less focused on the month-to-month fluctuations in sentiment; rather, we prefer to concentrate on the long-term catalysts for growth in the industry. The Fund was also hurt by Pharmaceutical company Wyeth, as diet drug litigation concerns weighed on its stock price. Shares of Wyeth fell as investors became concerned over its diet drug litigation. In November 2003, Wyeth lost a case against the first plaintiff who opted out of the class action suit and the market became concerned that this would start a trend. However, there has only been one subsequent suit and Wyeth won that case. We continue to hold Wyeth as its leading drugs maintain strong performance in their therapeutic categories and we believe the company is attractively valued. Discount retailers, including Family Dollar Stores, Inc. and Dollar Tree Stores, Inc. were weak at the end of 2003, as expectations for the holiday shopping period may have been too lofty. These companies’ stock prices have recently rallied, as investors have recognized their long-term growth potential. Family Dollar and Dollar Tree capitalize on two major demographic trends – the growth of the elderly population and the Spanish-speaking population. With the aging of the baby boomers and the resulting population increase of the elderly and retired, both stores’ low prices attract this price-sensitive consumer segment, which often has a fixed income. Furthermore, Family Dollar and Dollar Tree have geared marketing strategies toward the U.S. Hispanic population, which is growing at a rate five times that of the overall U.S. population. The companies have merchandised products that are specifically targeted to this attractive and growing customer base. Conversely, the Fund enjoyed solid results from its Finance holdings, with Freddie Mac, Fannie Mae, and Golden West Financial Corp. enhancing results. Freddie Mac has rebounded sharply, as it remains on track to release 2003 earnings by June 30, 2004, consistent with regulators’ expectations. New leadership has also elevated investor confidence, as Dick Syron became Freddie’s Chairman and CEO at the beginning of the year. The Fund’s Consumer Staples holdings, including PepsiCo, Inc., Avon Products, Inc., and Energizer Holdings, Inc. also boosted returns. While investors focused on lower priced, high risk, speculative companies for much of 2003, consumer companies suffered due to the rotation away from their stocks. We maintained our conviction in these companies and added to our positions when the valuations became attractive. This enhanced results as a number of the Fund’s stocks in this 6area subsequently rebounded la ter in the reporting period. |
PORTFOLIO RESULTS Portfolio Composition The Strategic Growth Fund invests primarily in large-cap growth stocks. More specifically, we seek businesses with dominant market share, established brand name, pricing power, recurring revenue stream, free cash flow, high returns on invested capital, predictable growth, sustainable growth, long product life cycle, enduring competitive advantage, favorable demographic trends and excellent management. The Fund is more selective and focused than many mutual funds. There are typically 50 to 70 holdings in the portfolio. Portfolio Highlights While the Fund underperformed its benchmark during the reporting period, there were a number of holdings that enhanced results, including the following: The McGraw-Hill Cos., Inc. — McGraw-Hill is a leading player in each of its three operating segments: financial services, McGraw-Hill Education, and info-media. Its financial services exposure includes the Standards & Poor’s (S&P) rating agency. S&P is an established and reputed brand name in the ratings business, and, along with Moody’s, is one of the two leading agencies worldwide. These two agencies operate in an industry environment that can be characterized as quasi-monopolistic or a “partnership-monopoly.” This is because most issuers tend to have at least two ratings, one from Moody’s and one from S&P. As a result, each agency rates around 90% of debt issuance in the U.S. Sustainability of growth is tied to favorable secular trends such as globalization of capitalism, deregulation, financial innovation, and increasing investor sensitivity to credit risk. Golden West Financial Corp. — Golden West is the holding company for World Savings, the second largest thrift in the U.S. The company operates the business of collecting deposits from customers and using the proceeds to make home loans. The unique aspect of Golden West’s business is its focus on one-month adjustable mortgages. Golden West has a greater than 75% market share in this area. The management team has set up the business to minimize credit and interest rate risk because it focuses on middle-market residential mortgage lending. Management has also demonstrated the ability to use excess capital to repurchase shares at opportunistic prices. Golden West’s earnings have never been down year-over-year since 1994. The consistency comes from the recurring revenue nature of lending. Caremark Rx, Inc. — Caremark is a Pharmacy Benefit Manager (PBM) responsible for managing drug benefit plans. The company is capitalizing on several trends in the Healthcare industry. An increasing percentage of drugs are bought through mail order because it is cheaper for the patient and the company. PBMs benefit from this trend as it is cheaper and more efficient to supply drugs through mail order. In addition, generic drugs continue to penetrate the market and PBMs receive higher margins from selling generics. There is a movement for companies to carve out their drug plans and bypass insurance carriers and this would be beneficial for PBMs as it removes the insurance carrier as the middleman. Caremark is a leader among the PBMs as mail order makes up a much greater portion of their business than the industry average. We thank you for your investment and look forward to your continued confidence. Goldman Sachs Growth Equity Investment Team New York, March 18, 2004 7 |
FUND BASICS Strategic Growth Fund as of February 29, 2004 Assets Under Management PERFORMANCE REVIEW Fund Total Return Russell 1000 $341.3 Million September 1, 2003–February 29, 2004(based on NAV)1Growth Index2 Class A9.24%12.17% Class B8.7412.17 Number of Holdings Class C 8.7312.17 Institutional9.3312.17 57Service9.2112.17 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 Russell 1000 Growth Index (with dividends reinvested) is an unmanaged market capitalization weighted index that measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The Index figures do not reflect any Class A Shares deduction for fees, expenses or taxes. GGRAX STANDARDIZED TOTAL RETURNS 3 For the period ended 12/31/03Class AClass BClass CInstitutionalService Class B SharesOne Year17.06%17.95%22.07%24.34%23.89% Since Inception-4.94-4.90-4.43-3.38-3.70 (5/24/99) GSWBX 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 Class C Sharescharge 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 GGRCXto 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, 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 of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. GSTIX TOP 10 HOLDINGS AS OF 2/29/044 Service Shares Holding% of Net AssetsLine of Business Pfizer, Inc.4.8%Drugs GSTSX Wal-Mart Stores, Inc.4.0Retail Microsoft Corp.4.0Computer Software QUALCOMM, Inc.4.0Telecommunications Equipment Intel Corp.3.8Semiconductors PepsiCo, Inc.3.8Food & Beverage Freddie Mac3.6Specialty Financials Fannie Mae3.5Specialty Financials Cisco Systems, Inc.3.4Computer Hardware First Data Corp.3.2Information Services 4The top 10 holdings may not be representative of the Fund’s future investments. 8 |
PORTFOLIO RESULTS Concentrated Growth Fund Dear Shareholder, This report provides an overview on the performance of the Goldman Sachs Concentrated 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, Institutional and Service Shares generated cumulative total returns, without sales charges, of 8.08%, 7.70%, 7.62%, 8.39%, and 8.16%, respectively. These returns compare to the 12.17% cumulative total return of the Fund’s benchmark, the Russell 1000 Growth Index (with dividends reinvested). While the Fund generated positive absolute returns during the period, it lagged its benchmark on a relative basis. This was largely the result of the Fund’s relative underperformance in certain Media and Discount Retailer stocks. On the other hand, the Fund’s Finance and Consumer Discretionary stocks enhanced results. The Fund’s Media companies that are exposed to radio detracted from results. In particular, Viacom, Inc. and Clear Channel Communications, Inc. detracted from performance. Investors maintained their negative view on radio-exposed companies due to the sluggish local advertising market. We are less focused on the month-to-month fluctuations in sentiment; rather, we prefer to concentrate on the long-term catalysts for growth in the industry. The Fund was also hurt by its holding in pharmaceutical company Wyeth, as diet drug litigation concerns weighed on its stock price. Shares of Wyeth fell as investors became concerned over its diet drug litigation. In November 2003, Wyeth lost a case against the first plaintiff who opted out of the class action suit and the market became concerned that this would start a trend. However, there has only been one subsequent suit and Wyeth won that case. We continue to hold Wyeth as its leading drugs maintain strong performance in their therapeutic categories and we believe the company is attractively valued. Discount retailers, including Family Dollar Stores, Inc. and Dollar Tree Stores, Inc. were weak at the end of 2003, as expectations for the holiday shopping period may have been too lofty. These companies’ stock prices have recently rallied, as investors have recognized their long-term growth potential. Family Dollar and Dollar Tree capitalize on two major demographic trends – the growth of the elderly population and the Spanish-speaking population. With the aging of the baby boomers and the resulting population increase of the elderly and retired, both stores’ low prices attract this price-sensitive consumer segment, which often has a fixed income. Furthermore, Family Dollar and Dollar Tree have geared marketing strategies toward the U.S. Hispanic population, which is growing at a rate five times that of the overall U.S. population. The companies have merchandised products that are specifically targeted to this attractive and growing customer base. Cendant Corp. was an example of a stock that enhanced results during the reporting period. Cendant’s stock price climbed steadily in response to an improving travel environment and continued strength in real estate. The Fund also enjoyed solid results from its finance holdings, including Freddie Mac and Fannie Mae. Freddie Mac has rebounded sharply, as it remains on track to release 2003 earnings by June 30, consistent with regulators’ expectations. 9 |
PORTFOLIO RESULTS Portfolio Composition The Concentrated Growth Fund typically holds 30-40 high quality growth companies and tends to be more concentrated in individual holdings, industries, and sectors than the typical, broadly diversified large-cap growth portfolio. Portfolio Highlights While the Fund underperformed its benchmark during the reporting period, there were a number of holdings that enhanced results, including the following: Harrah’s Entertainment, Inc. — Harrah’s is the most diversified gaming company in the U.S. and the only such firm that has pursued a national brand for its casinos. The company is represented in virtually every major gaming market in the country. Harrah’s generates approximately more than half of its cash flow from its diversified riverboat operations, one third from Atlantic City, and the remainder from its Las Vegas operations. The firm seeks to drive shareholder value through increased business at its locations, acquisitions, and selective new-build projects, while focusing on return-on-invested-capital. This is in sharp contrast to Harrah’s major gaming industry competitors, which often attempt to remain competitive by spending escalating amounts of capital on new projects with varying returns. Cablevision Systems New York Group — Cablevision is a vertically integrated cable operator, cable programmer, and owner of other sports and entertainment assets. The company’s customers are fairly concentrated following the disposition of its Boston and Cleveland assets. In fact, virtually all of its subscribers reside in the New York market, enabling it to benefit from substantial economies of scale. In addition, the New York market is demographically attractive and is the world’s largest media market. eBay, Inc. — eBay is the largest online marketplace and ecommerce firm. Individuals with items for sale use eBay because it is less expensive and less time consuming than the traditional methods, which include advertising and face-to-face interaction. Since the company takes no ownership, it is almost like the flea market of the online world, with low costs and high margins. eBay captures 7% of what is sold directly from the seller. Customer retention is also very high, as both buyers and sellers are mutually attracted to the network. We thank you for your investment and look forward to your continued confidence. Goldman Sachs Growth Equity Investment Team New York, March 18, 2004 10 |
FUND BASICS Concentrated Growth Fund as of February 29, 2004 Assets Under Management PERFORMANCE REVIEW Fund Total Return Russell 1000 $101.5 Million September 1, 2003–February 29, 2004(based on NAV)1Growth Index2 Class A8.08%12.17% Class B7.7012.17 Number of Holdings Class C7.6212.17 Institutional 8.3912.17 40Service8.1612.17 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 Russell 1000 Growth Index (with dividends reinvested) is an unmanaged market capitalization weighted index that measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The Index figures do not reflect any deduction Class A Shares for fees, expenses or taxes. GCGAX STANDARDIZED TOTAL RETURNS 3 For the period ended 12/31/03Class AClass BClass CInstitutionalService Class B SharesOne Year17.56%18.33%22.39%24.88%24.51% Since Inception13.9915.2017.9319.3519.00 (9/3/02) GCGBX 3The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) 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 Class C Sharescharge 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 GCGCXShares 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, 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 of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. GCRIX TOP 10 HOLDINGS AS OF 2/29/044 Service Shares Holding% of Net AssetsLine of Business Univision Communications, Inc.5.7%Media GCGSX Viacom, Inc. Class B5.6Media PepsiCo, Inc.4.7Food & Beverage Cendant Corp.4.7Hotel & Leisure Pfizer, Inc.4.5Drugs First Data Corp.4.4Information Services Cablevision Systems New York Group4.2Media Clear Channel Communications, Inc.4.0Media QUALCOMM, Inc.4.0Telecommunications Equipment Freddie Mac3.9Specialty Financials 4The top 10 holdings may not be representative of the Fund’s future investments. 11 |
PORTFOLIO RESULTS Growth Opportunities Fund Dear Shareholder, This report provides an overview on the performance of the Goldman Sachs 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 generated cumulative total returns, without sales charges, of 11.74%, 11.33%, 11.35%, 12.00%, and 11.68%, respectively. These returns compare to the 15.52% cumulative total return of the Fund’s benchmark, the Russell Midcap Growth Index (with dividends reinvested). While the Fund generated positive absolute returns during the period, it lagged its benchmark on a relative basis. This was largely the result of the performance of the Fund’s holdings in the Technology and Consumer Discretionary sectors. While the Fund’s holdings in these areas generated positive absolute returns, they underperformed those stocks held by the benchmark. In Technology, there was a strong rally by higher risk, more speculative companies in which we do not invest. Our disciplined investment philosophy is to purchase high quality growth companies with a strong business franchise, free cash flow, recurring revenue, favorable long-term prospects, excellent management, and strong financials. In addition, Discount Retailers pulled back during the period after stronger performance earlier in 2003. Family Dollar Stores, Inc., Dollar Tree Stores, Inc. and 99 Cents Only Stores suffered from a weaker than expected holiday season in the fourth quarter. However, we believe that the fundamentals and strategies of these stores remain attractive. Many of the Fund’s Retail holdings were strong, adding significantly to returns. In particular, Chico’s FAS, Inc. performed well due to strong performance and fundamentals. The Fund’s holdings in Harman International Industries, Inc. also boosted returns. Harman, which produces audio products and electronic systems for consumer and professional markets, continued to gain new automotive platforms due to significant demand for its high end information/ entertainment systems in the luxury-car market. The company has been gaining notoriety in the market for its strong fundamentals and dominant franchise in its industry. Most of the Fund’s Healthcare companies were up during the period, with Caremark Rx, Inc., Biogen Idec, Inc. and Charles River Laboratories International, Inc. contributing significantly to performance. Charles River was up due to an improving outlook in outsourcing from biotech and pharmaceutical companies, on both the research and biomedical products and services sides of their business. On the downside, MedImmune, Inc. was down due to the disappointing launch of Flumist, its new inhaled flu vaccine. Wal-Mart decided not to carry the vaccine this flu season and that negatively impacted the stock. Flumist is a new product in a new area and many doctors and pharmacists were not fully educated on the product in time for the flu season, thus sales were weaker than originally anticipated. 12 |
PORTFOLIO RESULTS Portfolio Composition The Fund invests primarily in medium-sized growth companies with a market capitalization between $1 and $10 billion. We seek companies that generally fall into these categories: (1) high growth companies with dominant market share in a niche industry, (2) companies that are undergoing fundamental improvements in their business or long-term growth rates, or (3) underfollowed/underrecognized growth companies whose long-term prospects are underappreciated by Wall Street analysts. We strive to purchase these companies at reasonable valuations in order to capture the full benefits of their growth. Portfolio Highlights While the Fund underperformed its benchmark during the reporting period, there were a number of holdings that enhanced results, including the following: Caremark Rx, Inc. — Shares of Caremark were up due to several positive developments. The Department of Justice approved Caremark’s proposed merger with Advance PCS. Additionally, the company won a substantial contract from Medco for the Federal Employee Health Benefit Plan. Medco was attracted to the combined company as Caremark will handle the mail order business and Advance PCS currently handles the retail pharmacy business. Chico’s FAS, Inc. — Chico’s continued to perform well as it generated impressive operating results. The company recently reported that in addition to the success of Chico’s stores, the recent acquisition of White House Black Market is going better than anticipated and investors are becoming increasingly excited about the new “Soma by Chico’s” stores, which sell intimate apparel in locations adjacent to or near existing Chico’s stores. In addition, the firm’s strategy of adding new stores in smaller markets enhanced results during the period. Biogen Idec, Inc. — In November 2003, Biogen Idec Inc. was formed from the merger of two of the world’s leading biotechnology companies, Biogen, Inc. and IDEC Pharmaceuticals Corporation. The company’s products and development programs address a variety of key medical needs in the areas of oncology, neurology, dermatology, and rheumatology. Two of its existing products, Rituxan, used for the treatment of certain B-cell non-Hodgkin’s lymphomas and Avonex, used for the treatment of patients with relapsing forms of multiple sclerosis, each have annual net sales of more than $1 billion. It also recently announced that its late-stage multiple sclerosis drug, Antegren, will be filed with the FDA a year ahead of schedule due to positive data in the firm’s two clinical trials. We thank you for your investment and look forward to your continued confidence. Goldman Sachs Growth Equity Investment Team New York, March 18, 2004 13 |
FUND BASICS Growth Opportunities Fund as of February 29, 2004 Assets Under Management PERFORMANCE REVIEW Fund Total Return Russell Midcap $995.5 Million September 1, 2003–February 29, 2004(based on NAV)1Growth Index2 Class A11.74%15.52% Class B11.3315.52 Number of Holdings Class C11.3515.52 Institutional 12.0015.52 81Service11.6815.52 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 Russell Midcap Growth Index is an unmanaged market capitalization weighted index that measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values. The Index figures do not reflect any deduction for fees, expenses Class A Sharesor taxes. GGOAX STANDARDIZED TOTAL RETURNS 3 For the period ended 12/31/03Class AClass BClass CInstitutionalService Class B SharesOne Year25.13%26.41%30.40%33.01%32.34% Since Inception14.3614.7914.9116.2215.63 (5/24/99) GGOBX 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 Class C Sharescharge 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 Standardized Total Returns. GGOCX 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. GGOIX TOP 10 HOLDINGS AS OF 2/29/044 Service Shares Holding% of Net Assets Line of Business GGOSXCharles River Laboratories International, Inc.2.5%Drugs ARAMARK Corp. Class B2.3Food & Service Providers Caremark Rx, Inc.2.2Medical Providers PETCO Animal Supplies, Inc.2.2Retail Citadel Broadcasting Co.2.0Media Lamar Advertising Co.2.0Media Harman International Industries, Inc.2.0Audio & Visual Equipment Ethan Allen Interiors, Inc.2.0Retail The E.W. Scripps Co.1.9Media CheckFree Corp.1.9Payment & Processing 4The top 10 holdings may not be representative of the Fund’s future investments. 14 |
Shares | Description | Value | ||||||||
Common Stocks – 98.9% | ||||||||||
Biotechnology – 1.8% | ||||||||||
602,500 | Amgen, Inc.* | $ | 38,276,825 | |||||||
Brokers – 1.4% | ||||||||||
281,300 | Merrill Lynch & Co., Inc. | 17,218,373 | ||||||||
214,700 | Morgan Stanley | 12,830,472 | ||||||||
30,048,845 | ||||||||||
Chemicals – 1.3% | ||||||||||
349,400 | 3M Co. | 27,260,188 | ||||||||
Computer Hardware – 6.4% | ||||||||||
2,675,280 | Cisco Systems, Inc.* | 61,798,968 | ||||||||
1,719,590 | Dell, Inc.* | 56,144,613 | ||||||||
1,277,080 | EMC Corp.* | 18,287,786 | ||||||||
136,231,367 | ||||||||||
Computer Software – 5.7% | ||||||||||
242,300 | Electronic Arts, Inc.* | 11,426,868 | ||||||||
290,661 | Intuit, Inc.* | 12,893,722 | ||||||||
3,631,100 | Microsoft Corp. | 96,224,150 | ||||||||
120,544,740 | ||||||||||
Drugs – 9.9% | ||||||||||
291,800 | Eli Lilly & Co. | 21,575,692 | ||||||||
538,200 | Johnson & Johnson | 29,014,362 | ||||||||
215,400 | Merck & Co., Inc. | 10,356,432 | ||||||||
2,811,910 | Pfizer, Inc. | 103,056,502 | ||||||||
518,000 | Schering-Plough Corp. | 9,303,280 | ||||||||
939,500 | Wyeth | 37,110,250 | ||||||||
210,416,518 | ||||||||||
Energy Resources – 1.7% | ||||||||||
186,500 | Anadarko Petroleum Corp. | 9,558,125 | ||||||||
235,140 | Apache Corp.@ | 9,680,714 | ||||||||
380,112 | Exxon Mobil Corp. | 16,029,323 | ||||||||
35,268,162 | ||||||||||
Food & Beverage – 6.4% | ||||||||||
1,629,050 | PepsiCo, Inc. | 84,547,695 | ||||||||
422,300 | The Coca-Cola Co. | 21,098,108 | ||||||||
536,260 | Wm. Wrigley Jr. Co. | 30,159,262 | ||||||||
135,805,065 | ||||||||||
Home Products – 6.3% | ||||||||||
520,900 | Avon Products, Inc. | 36,775,540 | ||||||||
713,460 | Colgate-Palmolive Co. | 39,561,357 | ||||||||
266,400 | Energizer Holdings, Inc.* | 12,432,888 | ||||||||
433,580 | The Procter & Gamble Co. | 44,446,286 | ||||||||
133,216,071 | ||||||||||
Hotel & Leisure – 5.1% | ||||||||||
1,868,300 | Cendant Corp.@ | 42,410,410 | ||||||||
311,500 | GTECH Holdings Corp. | 18,294,395 | ||||||||
110,910 | Harrah’s Entertainment, Inc. | 5,761,775 | ||||||||
466,340 | Marriott International, Inc. | 20,812,754 | ||||||||
548,380 | Starwood Hotels & Resorts Worldwide, Inc. Class B | 21,392,304 | ||||||||
108,671,638 | ||||||||||
Information Services – 7.5% | ||||||||||
1,418,920 | First Data Corp. | 58,147,341 | ||||||||
464,800 | Moody’s Corp. | 31,076,528 | ||||||||
554,130 | Sabre Holdings Corp. | 12,573,210 | ||||||||
729,199 | The McGraw-Hill Cos., Inc. | 57,001,486 | ||||||||
158,798,565 | ||||||||||
Internet – 1.0% | ||||||||||
289,100 | eBay, Inc.* | 19,907,426 | ||||||||
Large Banks – 1.1% | ||||||||||
199,700 | Bank One Corp. | 10,779,806 | ||||||||
250,900 | Citigroup, Inc. | 12,610,234 | ||||||||
23,390,040 | ||||||||||
Media – 11.6% | ||||||||||
434,345 | Cablevision Systems New York Group*@ | 11,067,111 | ||||||||
575,300 | Citadel Broadcasting Co.* | 10,758,110 | ||||||||
1,151,752 | Clear Channel Communications, Inc. | 49,571,406 | ||||||||
329,720 | EchoStar Communications Corp.* | 11,909,486 | ||||||||
671,000 | Lamar Advertising Co.* | 26,638,700 | ||||||||
1,058,200 | Liberty Media Corp.* | 12,063,480 | ||||||||
109,100 | The E.W. Scripps Co. | 10,621,976 | ||||||||
1,324,940 | Time Warner, Inc.* | 22,855,215 | ||||||||
916,500 | Univision Communications, Inc.* | 32,654,895 | ||||||||
246,600 | Valassis Communications, Inc.* | 7,508,970 | ||||||||
1,324,830 | Viacom, Inc. Class B | 50,952,962 | ||||||||
246,602,311 | ||||||||||
Medical Products – 1.3% | ||||||||||
325,300 | Medtronic, Inc. | 15,256,570 | ||||||||
164,700 | St. Jude Medical, Inc.* | 11,965,455 | ||||||||
27,222,025 | ||||||||||
Medical Providers – 0.9% | ||||||||||
614,973 | Caremark Rx, Inc.* | 19,839,029 | ||||||||
Movies & Entertainment – 0.5% | ||||||||||
630,721 | Metro-Goldwyn-Mayer, Inc.*@ | 10,816,865 | ||||||||
Parts & Equipment – 1.8% | ||||||||||
834,200 | General Electric Co. | 27,128,184 | ||||||||
369,500 | Tyco International Ltd. | 10,556,615 | ||||||||
37,684,799 | ||||||||||
Payment & Processing – 0.4% | ||||||||||
317,600 | CheckFree Corp.* | 9,219,928 | ||||||||
Property Insurance – 1.0% | ||||||||||
146,315 | AMBAC Financial Group, Inc. | 11,441,833 | ||||||||
259,847 | Willis Group Holdings Ltd. | 9,965,133 | ||||||||
21,406,966 | ||||||||||
Publishing – 1.2% | ||||||||||
174,500 | Gannett Co., Inc. | 15,054,115 | ||||||||
223,600 | Tribune Co. | 11,166,584 | ||||||||
26,220,699 | ||||||||||
15
Shares | Description | Value | ||||||||
Common Stocks – (continued) | ||||||||||
Retail – 6.9% | ||||||||||
556,500 | Dollar Tree Stores, Inc.* | $ | 17,195,850 | |||||||
351,000 | Family Dollar Stores, Inc. | 13,352,040 | ||||||||
529,900 | Lowe’s Companies, Inc. | 29,674,400 | ||||||||
1,460,100 | Wal-Mart Stores, Inc. | 86,963,556 | ||||||||
147,185,846 | ||||||||||
Semiconductors – 4.3% | ||||||||||
2,204,100 | Intel Corp. | 64,425,843 | ||||||||
241,600 | Linear Technology Corp. | 9,661,584 | ||||||||
540,300 | Texas Instruments, Inc. | 16,560,195 | ||||||||
90,647,622 | ||||||||||
Specialty Financials – 7.9% | ||||||||||
984,900 | Fannie Mae | 73,769,010 | ||||||||
877,100 | Freddie Mac | 54,310,032 | ||||||||
756,170 | MBNA Corp. | 20,666,126 | ||||||||
1,451,700 | The Charles Schwab Corp. | 17,768,808 | ||||||||
166,513,976 | ||||||||||
Telecommunications Equipment – 3.3% | ||||||||||
1,108,376 | QUALCOMM, Inc. | 70,326,457 | ||||||||
Thrifts – 0.5% | ||||||||||
93,600 | Golden West Financial Corp. | 10,803,312 | ||||||||
Trust/ Processors – 0.5% | ||||||||||
195,380 | State Street Corp. | 10,497,767 | ||||||||
Wireless – 1.2% | ||||||||||
871,405 | Crown Castle International Corp.* | 10,500,430 | ||||||||
1,708,100 | Sprint Corp. (PCS Group)*@ | 15,372,900 | ||||||||
25,873,330 | ||||||||||
TOTAL COMMON STOCKS | ||||||||||
(Cost $1,634,793,226) | $ | 2,098,696,382 | ||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL | ||||||||||
(Cost $1,634,793,226) | $ | 2,098,696,382 | ||||||||
Securities Lending Collateral – 1.6% | ||||||||||
33,776,632 | Boston Global Investment Trust – Enhanced Portfolio | 33,776,632 | ||||||||
TOTAL SECURITIES LENDING COLLATERAL | ||||||||||
(Cost $33,776,632) | $ | 33,776,632 | ||||||||
TOTAL INVESTMENTS | ||||||||||
(Cost $1,668,569,858) | $ | 2,132,473,014 | ||||||||
* | Non-income producing security. | |
@ | All or a 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. |
16
Shares | Description | Value | ||||||||
Common Stocks – 97.7% | ||||||||||
Biotechnology – 0.9% | ||||||||||
47,700 | Amgen, Inc.* | $ | 3,030,381 | |||||||
Computer Hardware – 6.9% | ||||||||||
500,100 | Cisco Systems, Inc.* | 11,552,310 | ||||||||
263,900 | Dell, Inc.* | 8,616,335 | ||||||||
239,300 | EMC Corp.* | 3,426,776 | ||||||||
23,595,421 | ||||||||||
Computer Software – 5.0% | ||||||||||
72,100 | Intuit, Inc.* | 3,198,356 | ||||||||
519,800 | Microsoft Corp. | 13,774,700 | ||||||||
16,973,056 | ||||||||||
Drugs – 10.1% | ||||||||||
43,800 | Eli Lilly & Co. | 3,238,572 | ||||||||
95,700 | Johnson & Johnson | 5,159,187 | ||||||||
450,710 | Pfizer, Inc. | 16,518,521 | ||||||||
240,200 | Wyeth | 9,487,900 | ||||||||
34,404,180 | ||||||||||
Food & Beverage – 5.5% | ||||||||||
248,130 | PepsiCo, Inc. | 12,877,947 | ||||||||
108,600 | Wm. Wrigley Jr. Co. | 6,107,664 | ||||||||
18,985,611 | ||||||||||
Home Products – 4.7% | ||||||||||
59,300 | Avon Products, Inc. | 4,186,580 | ||||||||
117,000 | Colgate-Palmolive Co. | 6,487,650 | ||||||||
44,436 | Energizer Holdings, Inc.* | 2,073,828 | ||||||||
31,300 | The Procter & Gamble Co. | 3,208,563 | ||||||||
15,956,621 | ||||||||||
Hotel & Leisure – 5.7% | ||||||||||
392,700 | Cendant Corp. | 8,914,290 | ||||||||
102,200 | Harrah’s Entertainment, Inc. | 5,309,290 | ||||||||
67,900 | Marriott International, Inc. | 3,030,377 | ||||||||
53,900 | Starwood Hotels & Resorts Worldwide, Inc. Class B | 2,102,639 | ||||||||
19,356,596 | ||||||||||
Information Services – 8.0% | ||||||||||
268,800 | First Data Corp. | 11,015,424 | ||||||||
66,900 | Moody’s Corp. | 4,472,934 | ||||||||
145,200 | Sabre Holdings Corp. | 3,294,588 | ||||||||
108,400 | The McGraw-Hill Cos., Inc. | 8,473,628 | ||||||||
27,256,574 | ||||||||||
Internet – 1.7% | ||||||||||
50,200 | eBay, Inc.* | 3,456,772 | ||||||||
51,700 | Yahoo!, Inc.* | 2,295,480 | ||||||||
5,752,252 | ||||||||||
Media – 15.8% | ||||||||||
198,820 | Clear Channel Communications, Inc. | 8,557,213 | ||||||||
53,500 | Comcast Corp.* | 1,563,270 | ||||||||
71,500 | Cox Communications, Inc.* | 2,316,600 | ||||||||
136,000 | EchoStar Communications Corp.* | 4,912,320 | ||||||||
69,200 | Lamar Advertising Co.* | 2,747,240 | ||||||||
592,500 | Liberty Media Corp.* | 6,754,500 | ||||||||
318,100 | Time Warner, Inc.* | 5,487,225 | ||||||||
264,697 | Univision Communications, Inc.* | 9,431,154 | ||||||||
81,200 | Valassis Communications, Inc.* | 2,472,540 | ||||||||
252,734 | Viacom, Inc. Class B | 9,720,150 | ||||||||
53,962,212 | ||||||||||
Medical Products – 0.5% | ||||||||||
35,500 | Medtronic, Inc. | 1,664,950 | ||||||||
Medical Providers – 1.3% | ||||||||||
142,700 | Caremark Rx, Inc.* | 4,603,502 | ||||||||
Parts & Equipment – 0.5% | ||||||||||
50,100 | General Electric Co. | 1,629,252 | ||||||||
Property Insurance – 1.2% | ||||||||||
31,100 | AMBAC Financial Group, Inc. | 2,432,020 | ||||||||
43,600 | Willis Group Holdings Ltd. | 1,672,060 | ||||||||
4,104,080 | ||||||||||
Publishing – 0.6% | ||||||||||
23,900 | Gannett Co., Inc. | 2,061,853 | ||||||||
Retail – 6.7% | ||||||||||
44,200 | Dollar Tree Stores, Inc.* | 1,365,780 | ||||||||
136,300 | Family Dollar Stores, Inc. | 5,184,852 | ||||||||
45,800 | Lowe’s Companies, Inc. | 2,564,800 | ||||||||
231,800 | Wal-Mart Stores, Inc. | 13,806,008 | ||||||||
22,921,440 | ||||||||||
Semiconductors – 5.6% | ||||||||||
444,700 | Intel Corp. | 12,998,581 | ||||||||
197,270 | Texas Instruments, Inc. | 6,046,326 | ||||||||
19,044,907 | ||||||||||
Specialty Financials – 11.1% | ||||||||||
159,000 | Fannie Mae | 11,909,100 | ||||||||
199,500 | Freddie Mac | 12,353,040 | ||||||||
183,550 | MBNA Corp. | 5,016,421 | ||||||||
705,200 | The Charles Schwab Corp. | 8,631,648 | ||||||||
37,910,209 | ||||||||||
Telecommunications Equipment – 4.0% | ||||||||||
214,000 | QUALCOMM, Inc. | 13,578,300 | ||||||||
Thrifts – 0.6% | ||||||||||
17,700 | Golden West Financial Corp. | 2,042,934 | ||||||||
Trust/Processors – 0.5% | ||||||||||
33,800 | State Street Corp. | 1,816,074 | ||||||||
Wireless – 0.8% | ||||||||||
224,900 | Crown Castle International Corp.* | 2,710,045 | ||||||||
TOTAL COMMON STOCKS | ||||||||||
(Cost $305,342,357) | $ | 333,360,450 | ||||||||
17
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Repurchase Agreement – 1.8% | ||||||||||||||||
Joint Repurchase Agreement Account II^ | ||||||||||||||||
$ | 6,200,000 | 1.07% | 03/01/2004 | $ | 6,200,000 | |||||||||||
Maturity Value: $6,200,552 | ||||||||||||||||
TOTAL REPURCHASE AGREEMENT | ||||||||||||||||
(Cost $6,200,000) | $ | 6,200,000 | ||||||||||||||
TOTAL INVESTMENTS | ||||||||||||||||
(Cost $311,542,357) | $ | 339,560,450 | ||||||||||||||
* | Non-income producing security. | |
^ | Joint repurchase agreement was entered into on February 27, 2004. |
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
18
Shares | Description | Value | ||||||||
Common Stocks – 97.3% | ||||||||||
Computer Hardware – 5.9% | ||||||||||
130,900 | Cisco Systems, Inc.* | $ | 3,023,790 | |||||||
91,320 | Dell, Inc.* | 2,981,598 | ||||||||
6,005,388 | ||||||||||
Computer Software – 4.3% | ||||||||||
10,210 | Intuit, Inc.* | 452,916 | ||||||||
147,060 | Microsoft Corp. | 3,897,090 | ||||||||
4,350,006 | ||||||||||
Drugs – 7.2% | ||||||||||
124,700 | Pfizer, Inc. | 4,570,255 | ||||||||
68,830 | Wyeth | 2,718,785 | ||||||||
7,289,040 | ||||||||||
Food & Beverage – 6.4% | ||||||||||
92,110 | PepsiCo, Inc. | 4,780,509 | ||||||||
30,480 | Wm. Wrigley Jr. Co. | 1,714,195 | ||||||||
6,494,704 | ||||||||||
Hotel & Leisure – 8.9% | ||||||||||
210,410 | Cendant Corp. | 4,776,307 | ||||||||
70,430 | Harrah’s Entertainment, Inc. | 3,658,839 | ||||||||
15,400 | Starwood Hotels & Resorts Worldwide, Inc. Class B | 600,754 | ||||||||
9,035,900 | ||||||||||
Information Services – 8.4% | ||||||||||
108,990 | First Data Corp. | 4,466,410 | ||||||||
16,630 | �� | Moody’s Corp. | 1,111,882 | |||||||
50,020 | Sabre Holdings Corp. | 1,134,954 | ||||||||
23,770 | The McGraw-Hill Cos., Inc. | 1,858,101 | ||||||||
8,571,347 | ||||||||||
Internet – 1.0% | ||||||||||
15,240 | eBay, Inc.* | 1,049,426 | ||||||||
Media – 29.3% | ||||||||||
166,790 | Cablevision Systems New York Group* | 4,249,809 | ||||||||
94,420 | Clear Channel Communications, Inc. | 4,063,837 | ||||||||
16,510 | Comcast Corp.* | 482,422 | ||||||||
74,480 | EchoStar Communications Corp.* | 2,690,218 | ||||||||
48,840 | Entravision Communications Corp.* | 468,864 | ||||||||
229,740 | Liberty Media Corp.* | 2,619,036 | ||||||||
10,880 | The E.W. Scripps Co. | 1,059,277 | ||||||||
84,310 | Time Warner, Inc.* | 1,454,347 | ||||||||
161,040 | Univision Communications, Inc.* | 5,737,855 | ||||||||
147,650 | Viacom, Inc. Class B | 5,678,619 | ||||||||
38,990 | Westwood One, Inc.* | 1,204,791 | ||||||||
29,709,075 | ||||||||||
Medical Providers – 1.3% | ||||||||||
41,670 | Caremark Rx, Inc.* | 1,344,274 | ||||||||
Movies & Entertainment – 0.4% | ||||||||||
25,307 | Metro-Goldwyn-Mayer, Inc.* | 434,015 | ||||||||
Retail – 4.7% | ||||||||||
17,870 | Dollar Tree Stores, Inc.* | 552,183 | ||||||||
50,630 | Family Dollar Stores, Inc. | 1,925,965 | ||||||||
37,980 | Wal-Mart Stores, Inc. | 2,262,089 | ||||||||
4,740,237 | ||||||||||
Semiconductors – 4.3% | ||||||||||
104,910 | Intel Corp. | 3,066,519 | ||||||||
43,100 | Texas Instruments, Inc. | 1,321,015 | ||||||||
4,387,534 | ||||||||||
Specialty Financials – 10.5% | ||||||||||
49,830 | Fannie Mae | 3,732,267 | ||||||||
63,090 | Freddie Mac | 3,906,533 | ||||||||
248,150 | The Charles Schwab Corp. | 3,037,356 | ||||||||
10,676,156 | ||||||||||
Telecommunications Equipment – 4.0% | ||||||||||
63,340 | QUALCOMM, Inc. | 4,018,923 | ||||||||
Wireless – 0.7% | ||||||||||
60,570 | Crown Castle International Corp.* | 729,869 | ||||||||
TOTAL COMMON STOCKS | ||||||||||
(Cost $85,303,214) | $ | 98,835,894 | ||||||||
19
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Repurchase Agreement – 2.2% | ||||||||||||||||
Joint Repurchase Agreement Account II^ | ||||||||||||||||
$ | 2,200,000 | 1.07% | 03/01/2004 | $ | 2,200,000 | |||||||||||
Maturity Value: $2,200,196 | ||||||||||||||||
TOTAL REPURCHASE AGREEMENT | ||||||||||||||||
(Cost $2,200,000) | $ | 2,200,000 | ||||||||||||||
TOTAL INVESTMENTS | ||||||||||||||||
(Cost $87,503,214) | $ | 101,035,894 | ||||||||||||||
* | Non-income producing security. | |
^ | Joint repurchase agreement was entered into on February 27, 2004. |
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
20
Shares | Description | Value | ||||||||
Common Stocks – 98.1% | ||||||||||
Audio & Visual Equipment – 2.0% | ||||||||||
253,386 | Harman International Industries, Inc. | $ | 19,761,574 | |||||||
Biotechnology – 4.4% | ||||||||||
261,700 | Biogen Idec, Inc.*@ | 14,511,265 | ||||||||
509,800 | MedImmune, Inc.* | 13,096,762 | ||||||||
310,890 | Millipore Corp.* | 16,275,092 | ||||||||
43,883,119 | ||||||||||
Computer Hardware – 3.4% | ||||||||||
425,195 | Avocent Corp.* | 16,442,291 | ||||||||
311,600 | Pitney Bowes, Inc. | 12,884,660 | ||||||||
187,200 | SanDisk Corp.* | 4,747,392 | ||||||||
34,074,343 | ||||||||||
Computer Software – 5.2% | ||||||||||
358,705 | Cognos, Inc.* | 11,205,944 | ||||||||
272,700 | Electronic Arts, Inc.* | 12,860,532 | ||||||||
169,476 | Intuit, Inc.* | 7,517,956 | ||||||||
231,233 | Manhattan Associates, Inc.*@ | 6,627,138 | ||||||||
334,508 | Symantec Corp.* | 13,761,659 | ||||||||
51,973,229 | ||||||||||
Defense/ Aerospace – 1.3% | ||||||||||
225,830 | Alliant Techsystems, Inc.* | 12,894,893 | ||||||||
Drugs – 4.8% | ||||||||||
88,640 | Allergan, Inc. | 7,759,545 | ||||||||
581,328 | Charles River Laboratories International, Inc.* | 25,031,984 | ||||||||
499,500 | Covance, Inc.* | 14,985,000 | ||||||||
47,776,529 | ||||||||||
Energy Resources – 1.4% | ||||||||||
311,440 | Energy Partners, Ltd.* | 4,279,185 | ||||||||
214,478 | Pogo Producing Co. | 9,730,867 | ||||||||
14,010,052 | ||||||||||
Environmental & Other Services – 2.1% | ||||||||||
214,914 | ITT Educational Services, Inc.* | 8,160,284 | ||||||||
473,864 | The Brink’s Co. | 12,547,919 | ||||||||
20,708,203 | ||||||||||
Food & Service Providers – 2.8% | ||||||||||
845,455 | ARAMARK Corp. Class B | 23,207,740 | ||||||||
88,942 | P.F. Chang’s China Bistro, Inc.* | 4,328,807 | ||||||||
27,536,547 | ||||||||||
Home Products – 0.5% | ||||||||||
113,362 | Energizer Holdings, Inc.* | 5,290,605 | ||||||||
Hotel & Leisure – 4.7% | ||||||||||
275,800 | Harrah’s Entertainment, Inc. | 14,327,810 | ||||||||
322,200 | Lexar Media, Inc.* | 4,446,360 | ||||||||
442,324 | LodgeNet Entertainment Corp.* | 8,404,156 | ||||||||
161,700 | Marriott International, Inc. | 7,216,671 | ||||||||
640,200 | Mattel, Inc. | 12,163,800 | ||||||||
46,558,797 | ||||||||||
Information Services – 5.6% | ||||||||||
275,258 | BARRA, Inc. | 8,709,163 | ||||||||
360,941 | Iron Mountain, Inc.* | 16,188,204 | ||||||||
225,300 | Moody’s Corp. | 15,063,558 | ||||||||
308,460 | ProQuest Co.*@ | 9,272,307 | ||||||||
239,425 | SunGard Data Systems, Inc.* | 6,960,085 | ||||||||
56,193,317 | ||||||||||
Media – 14.0% | ||||||||||
578,239 | Cablevision Systems New York Group*@ | 14,733,530 | ||||||||
1,080,107 | Citadel Broadcasting Co.*@ | 20,198,001 | ||||||||
405,941 | EchoStar Communications Corp.* | 14,662,589 | ||||||||
227,078 | Entercom Communications Corp.* | 10,481,920 | ||||||||
1,429,685 | Entravision Communications Corp.* | 13,724,976 | ||||||||
498,847 | Lamar Advertising Co.* | 19,804,226 | ||||||||
198,279 | The E.W. Scripps Co. | 19,304,443 | ||||||||
453,900 | Univision Communications, Inc.*@ | 16,172,457 | ||||||||
318,341 | Westwood One, Inc.* | 9,836,737 | ||||||||
138,918,879 | ||||||||||
Medical Products – 2.8% | ||||||||||
635,267 | Apogent Technologies, Inc.* | 17,914,530 | ||||||||
28,440 | Kinetic Concepts, Inc.* | 1,147,554 | ||||||||
119,202 | St. Jude Medical, Inc.* | 8,660,025 | ||||||||
27,722,109 | ||||||||||
Medical Providers – 3.5% | ||||||||||
685,453 | Caremark Rx, Inc.*@ | 22,112,714 | ||||||||
2,082,875 | Hooper Holmes, Inc. | 13,059,626 | ||||||||
35,172,340 | ||||||||||
Motor Vehicles & Parts – 2.1% | ||||||||||
146,910 | CarMax, Inc.* | 4,994,940 | ||||||||
397,200 | Gentex Corp. | 16,189,872 | ||||||||
21,184,812 | ||||||||||
Movies & Entertainment – 0.5% | ||||||||||
273,933 | Metro-Goldwyn-Mayer, Inc.*@ | 4,697,951 | ||||||||
Oil Services – 2.8% | ||||||||||
215,700 | Nabors Industries Ltd.* | 10,213,395 | ||||||||
351,426 | Smith International, Inc.* | 17,806,755 | ||||||||
28,020,150 | ||||||||||
Parts & Equipment – 5.1% | ||||||||||
148,300 | American Standard Companies, Inc.* | 16,158,768 | ||||||||
233,890 | Amphenol Corp.* | 14,466,097 | ||||||||
169,447 | FLIR Systems, Inc.* | 6,552,515 | ||||||||
290,000 | Grainger W.W., Inc. | 13,702,500 | ||||||||
50,879,880 | ||||||||||
Payment & Processing – 1.9% | ||||||||||
652,874 | CheckFree Corp.* | 18,952,932 | ||||||||
21
Shares | Description | Value | ||||||||
Common Stocks – (continued) | ||||||||||
Property Insurance – 3.7% | ||||||||||
138,696 | AMBAC Financial Group, Inc. | $ | 10,846,027 | |||||||
206,400 | RenaissanceRe Holdings Ltd. | 10,928,880 | ||||||||
380,300 | Willis Group Holdings Ltd. | 14,584,505 | ||||||||
36,359,412 | ||||||||||
Regional Banks – 1.5% | ||||||||||
58,900 | M&T Bank Corp. | 5,657,345 | ||||||||
331,400 | National Commerce Financial Corp. | 9,693,450 | ||||||||
15,350,795 | ||||||||||
Retail – 12.6% | ||||||||||
372,129 | 99 Cents Only Stores*@ | 9,619,535 | ||||||||
349,592 | Chico’s FAS, Inc.* | 14,945,058 | ||||||||
462,386 | Dollar Tree Stores, Inc.* | 14,287,727 | ||||||||
454,251 | Ethan Allen Interiors, Inc. | 19,746,291 | ||||||||
151,800 | Family Dollar Stores, Inc.* | 5,774,472 | ||||||||
660,227 | PETCO Animal Supplies, Inc.* | 21,444,173 | ||||||||
453,411 | Reebok International Ltd. | 18,050,292 | ||||||||
570,400 | The TJX Companies, Inc. | 13,432,920 | ||||||||
257,954 | Williams-Sonoma, Inc.* | 8,251,948 | ||||||||
125,552,416 | ||||||||||
Semiconductors – 5.0% | ||||||||||
257,000 | KLA-Tencor Corp.* | 13,569,600 | ||||||||
582,250 | Microchip Technology, Inc. | 16,594,125 | ||||||||
313,788 | Tessera Technologies, Inc.* | 6,087,487 | ||||||||
311,890 | Xilinx, Inc.*@ | 13,111,856 | ||||||||
49,363,068 | ||||||||||
Specialty Financials – 0.5% | ||||||||||
207,952 | Nelnet, Inc.*@ | 4,897,270 | ||||||||
Telecommunications Equipment – 0.8% | ||||||||||
260,600 | ADTRAN, Inc. | 8,485,136 | ||||||||
Tobacco – 1.0% | ||||||||||
257,579 | UST, Inc.@ | 9,808,608 | ||||||||
Transports – 0.9% | ||||||||||
229,000 | C.H. Robinson Worldwide, Inc. | 9,070,690 | ||||||||
Wireless – 1.2% | ||||||||||
972,550 | Crown Castle International Corp.* | 11,719,228 | ||||||||
TOTAL COMMON STOCKS | ||||||||||
(Cost $776,635,843) | $ | 976,816,884 | ||||||||
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Repurchase Agreement – 3.0% | ||||||||||||||||
Joint Repurchase Agreement Account II^ | ||||||||||||||||
$ | 29,400,000 | 1.07% | 03/01/2004 | $ | 29,400,000 | |||||||||||
Maturity Value: $29,402,617 | ||||||||||||||||
TOTAL REPURCHASE AGREEMENT | ||||||||||||||||
(Cost $29,400,000) | $ | 29,400,000 | ||||||||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL | ||||||||||||||||
(Cost $806,035,843) | $ | 1,006,216,884 | ||||||||||||||
Shares | Description | Value | ||||||||
Securities Lending Collateral – 5.6% | ||||||||||
55,497,152 | Boston Global Investment Trust – Enhanced Portfolio | $ | 55,497,152 | |||||||
TOTAL SECURITIES LENDING COLLATERAL | ||||||||||
(Cost $55,497,152) | $ | 55,497,152 | ||||||||
TOTAL INVESTMENTS | ||||||||||
(Cost $861,532,995) | $ | 1,061,714,036 | ||||||||
* | Non-income producing security. | |
@ | All or a portion of security is on loan. | |
^ | Joint repurchase agreement was entered into on February 27, 2004. |
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
22
Capital | Strategic | Concentrated | Growth | ||||||||||||||||
Growth | Growth | Growth | Opportunities | ||||||||||||||||
Fund | Fund | Fund | Fund | ||||||||||||||||
Assets: | |||||||||||||||||||
Investment in securities, at value (identified cost $1,634,793,226, $311,542,357, $87,503,214, and $806,035,843, respectively) | $ | 2,098,696,382 | $ | 339,560,450 | $ | 101,035,894 | $ | 1,006,216,884 | |||||||||||
Securities lending collateral, at value | 33,776,632 | — | — | 55,497,152 | |||||||||||||||
Cash | — | 32,932 | 61,117 | 24,013 | |||||||||||||||
Receivables: | |||||||||||||||||||
Investment securities sold | 40,829,302 | 273,535 | — | — | |||||||||||||||
Fund shares sold | 4,864,342 | 1,951,112 | 1,029,986 | 15,022,493 | |||||||||||||||
Dividends and interest | 2,218,305 | 316,896 | 78,732 | 382,990 | |||||||||||||||
Reimbursement from investment adviser | 20,718 | 8,701 | 28,189 | — | |||||||||||||||
Securities lending income | 4,015 | — | — | 9,023 | |||||||||||||||
Other assets | 47,346 | 9,879 | 7,773 | 12,643 | |||||||||||||||
Total assets | 2,180,457,042 | 342,153,505 | 102,241,691 | 1,077,165,198 | |||||||||||||||
Liabilities: | |||||||||||||||||||
Due to Custodian | 9,815,119 | — | — | — | |||||||||||||||
Payables: | |||||||||||||||||||
Payable upon return of securities loaned | 33,776,632 | — | — | 55,497,152 | |||||||||||||||
Fund shares repurchased | 10,010,693 | 445,597 | 382,600 | 9,104,922 | |||||||||||||||
Investment securities purchased | 2,002,477 | — | 141,681 | 15,796,774 | |||||||||||||||
Amounts owed to affiliates | 2,463,005 | 354,310 | 102,375 | 1,137,191 | |||||||||||||||
Accrued expenses | 125,582 | 89,187 | 88,508 | 143,507 | |||||||||||||||
Total liabilities | 58,193,508 | 889,094 | 715,164 | 81,679,546 | |||||||||||||||
Net Assets: | |||||||||||||||||||
Paid-in capital | 2,212,600,351 | 385,395,713 | 87,239,475 | 926,703,473 | |||||||||||||||
Accumulated net investment loss | (1,947,199 | ) | (540,357 | ) | (217,683 | ) | (3,549,980 | ) | |||||||||||
Accumulated net realized gain (loss) on investment transactions | (552,292,774 | ) | (71,609,038 | ) | 972,055 | (127,848,882 | ) | ||||||||||||
Net unrealized gain on investments | 463,903,156 | 28,018,093 | 13,532,680 | 200,181,041 | |||||||||||||||
NET ASSETS | $ | 2,122,263,534 | $ | 341,264,411 | $ | 101,526,527 | $ | 995,485,652 | |||||||||||
Net asset value, offering and redemption price per share: (a) | |||||||||||||||||||
Class A | $ | 18.89 | $ | 8.51 | $ | 12.54 | $ | 19.42 | |||||||||||
Class B | $ | 17.74 | $ | 8.21 | $ | 12.41 | $ | 18.86 | |||||||||||
Class C | $ | 17.72 | $ | 8.22 | $ | 12.39 | $ | 18.74 | |||||||||||
Institutional | $ | 19.34 | $ | 8.67 | $ | 12.62 | $ | 19.79 | |||||||||||
Service | $ | 18.73 | $ | 8.54 | $ | 12.55 | $ | 19.31 | |||||||||||
Shares Outstanding: | |||||||||||||||||||
Class A | 77,999,538 | 22,602,093 | 4,924,228 | 29,678,017 | |||||||||||||||
Class B | 12,819,830 | 1,591,295 | 5,262 | 5,103,693 | |||||||||||||||
Class C | 5,774,714 | 1,542,013 | 21,461 | 3,877,088 | |||||||||||||||
Institutional | 16,160,964 | 14,173,523 | 3,125,335 | 12,599,835 | |||||||||||||||
Service | 341,032 | 35,145 | 151 | 48,212 | |||||||||||||||
Total shares outstanding, $.001 par value (unlimited number of shares authorized) | 113,096,078 | 39,944,069 | 8,076,437 | 51,306,845 | |||||||||||||||
(a) | Maximum public offering price per share (NAV per share multiplied by 1.0582) for Class A Shares of the Capital Growth, Strategic Growth, Concentrated Growth and Growth Opportunities Funds is $19.99, $9.01, $13.27 and $20.55, 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 NAV or the original purchase price of the shares. |
23
Capital | Strategic | Concentrated | Growth | |||||||||||||||
Growth | Growth | Growth | Opportunities | |||||||||||||||
Fund | Fund | Fund | Fund | |||||||||||||||
Investment income: | ||||||||||||||||||
Dividends | $ | 12,818,651 | $ | 1,383,426 | $ | 367,841 | $ | 2,516,867 | ||||||||||
Interest (including securities lending income of $17,608, $211, $0 and $50,083, respectively) | 67,827 | 28,174 | 8,028 | 141,072 | ||||||||||||||
Total income | 12,886,478 | 1,411,600 | 375,869 | 2,657,939 | ||||||||||||||
Expenses: | ||||||||||||||||||
Management fees | 10,459,749 | 1,445,454 | 443,514 | 4,397,549 | ||||||||||||||
Distribution and Service fees(a) | 3,449,720 | 318,947 | 71,078 | 1,419,620 | ||||||||||||||
Transfer Agent fees(a) | 1,749,533 | 196,333 | 59,685 | 669,231 | ||||||||||||||
Custody and accounting fees | 133,160 | 53,058 | 48,753 | 87,160 | ||||||||||||||
Printing fees | 29,251 | 29,201 | 30,781 | 29,251 | ||||||||||||||
Registration fees | 43,426 | 22,408 | 16,103 | 25,404 | ||||||||||||||
Professional fees | 24,911 | 17,745 | 16,720 | 21,218 | ||||||||||||||
Trustee fees | 6,143 | 6,143 | 6,143 | 6,143 | ||||||||||||||
Service share fees | 15,313 | 49 | 4 | 1,589 | ||||||||||||||
Other | 57,880 | 33,078 | 49,070 | 38,179 | ||||||||||||||
Total expenses | 15,969,086 | 2,122,416 | 741,851 | 6,695,344 | ||||||||||||||
Less — expense reductions | (776,628 | ) | (156,242 | ) | (148,299 | ) | (1,124 | ) | ||||||||||
Net expenses | 15,192,458 | 1,966,174 | 593,552 | 6,694,220 | ||||||||||||||
NET INVESTMENT LOSS | (2,305,980 | ) | (554,574 | ) | (217,683 | ) | (4,036,281 | ) | ||||||||||
Realized and unrealized gain (loss) on investment transactions: | ||||||||||||||||||
Net realized gain (loss) from investment transactions | 1,899,720 | (6,556,343 | ) | 1,658,673 | 34,910,900 | |||||||||||||
Net change in unrealized gain (loss) on investments | 213,529,379 | 31,871,817 | 5,489,455 | 68,328,211 | ||||||||||||||
Net realized and unrealized gain on investment transactions | 215,429,099 | 25,315,474 | 7,148,128 | 103,239,111 | ||||||||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 213,123,119 | $ | 24,760,900 | $ | 6,930,445 | $ | 99,202,830 | ||||||||||
(a) | 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 | |||||||||||||||||||||||
Capital Growth Fund | $ | 1,808,189 | $ | 1,135,074 | $ | 506,457 | $ | 1,374,224 | $ | 215,664 | $ | 96,227 | $ | 62,193 | $1,225 | ||||||||||||||||
Strategic Growth Fund | 201,496 | 60,536 | 56,915 | 153,137 | 11,502 | 10,814 | 20,876 | 4 | |||||||||||||||||||||||
Concentrated Growth Fund | 69,518 | 498 | 1,062 | 52,833 | 95 | 201 | 6,555 | 1 | |||||||||||||||||||||||
Growth Opportunities Fund | 623,081 | 455,989 | 340,550 | 473,542 | 86,638 | 64,704 | 44,220 | 127 |
24
Capital | Strategic | Concentrated | Growth | ||||||||||||||||
Growth | Growth | Growth | Opportunities | ||||||||||||||||
Fund | Fund | Fund | Fund | ||||||||||||||||
From operations: | |||||||||||||||||||
Net investment loss | $ | (2,305,980 | ) | $ | (554,574 | ) | $ | (217,683 | ) | $ | (4,036,281 | ) | |||||||
Net realized gain (loss) from investment transactions | 1,899,720 | (6,556,343 | ) | 1,658,673 | 34,910,900 | ||||||||||||||
Net change in unrealized gain (loss) on investments | 213,529,379 | 31,871,817 | 5,489,455 | 68,328,211 | |||||||||||||||
Net increase in net assets resulting from operations | 213,123,119 | 24,760,900 | 6,930,445 | 99,202,830 | |||||||||||||||
Distributions to shareholders: | |||||||||||||||||||
From net realized gains | |||||||||||||||||||
Class A Shares | — | — | (162,223 | ) | — | ||||||||||||||
Class B Shares | — | — | (338 | ) | — | ||||||||||||||
Class C Shares | — | — | (803 | ) | — | ||||||||||||||
Institutional Shares | — | — | (108,679 | ) | — | ||||||||||||||
Service Shares | — | — | (6 | ) | — | ||||||||||||||
Total distributions to shareholders | — | — | (272,049 | ) | — | ||||||||||||||
From share transactions: | |||||||||||||||||||
Proceeds from sales of shares | 183,682,988 | 105,631,913 | 38,319,780 | 253,213,032 | |||||||||||||||
Reinvestment of dividends and distributions | — | — | 230,631 | — | |||||||||||||||
Cost of shares repurchased | (394,825,220 | ) | (50,233,031 | ) | (21,100,664 | ) | (137,112,719 | ) | |||||||||||
Net increase (decrease) in net assets resulting from share transactions | (211,142,232 | ) | 55,398,882 | 17,449,747 | 116,100,313 | ||||||||||||||
TOTAL INCREASE | 1,980,887 | 80,159,782 | 24,108,143 | 215,303,143 | |||||||||||||||
Net assets: | |||||||||||||||||||
Beginning of period | 2,120,282,647 | 261,104,629 | 77,418,384 | 780,182,509 | |||||||||||||||
End of period | $ | 2,122,263,534 | $ | 341,264,411 | $ | 101,526,527 | 995,485,652 | ||||||||||||
Accumulated net investment loss | $ | (1,947,199 | ) | $ | (540,357 | ) | $ | (217,683 | ) | $ | (3,549,980 | ) | |||||||
25
Capital | Strategic | Concentrated | Growth | |||||||||||||||
Growth | Growth | Growth | Opportunities | |||||||||||||||
Fund | Fund | Fund(a) | Fund | |||||||||||||||
From operations: | ||||||||||||||||||
Net investment loss | $ | (1,122,359 | ) | $ | (881,310 | ) | $ | (225,644 | ) | $ | (5,403,774 | ) | ||||||
Net realized loss from investment transactions | (96,730,019 | ) | (8,729,775 | ) | (414,569 | ) | (66,167,118 | ) | ||||||||||
Net change in unrealized loss on investments | 306,253,361 | 36,951,517 | 8,043,225 | 211,454,976 | ||||||||||||||
Net decrease in net assets resulting from operations | 208,400,983 | 27,340,432 | 7,403,012 | 139,884,084 | ||||||||||||||
From share transactions: | ||||||||||||||||||
Proceeds from sales of shares | 545,831,663 | 134,738,736 | 78,058,609 | 281,629,809 | ||||||||||||||
Cost of shares repurchased | (684,932,168 | ) | (88,808,215 | ) | (8,043,237 | ) | (261,337,596 | ) | ||||||||||
Net increase (decrease) in net assets resulting from share transactions | (139,100,505 | ) | 45,930,521 | 70,015,372 | 20,292,213 | |||||||||||||
TOTAL INCREASE | 69,300,478 | 73,270,953 | 77,418,384 | 160,176,297 | ||||||||||||||
Net assets: | ||||||||||||||||||
Beginning of year | 2,050,982,169 | 187,833,676 | — | 620,006,212 | ||||||||||||||
End of year | $ | 2,120,282,647 | $ | 261,104,629 | $ | 77,418,384 | $ | 780,182,509 | ||||||||||
Accumulated undistributed net investment income | $ | 358,781 | $ | 14,217 | $ | — | $ | 486,301 | ||||||||||
(a) | Concentrated Growth Fund commenced operations on September 3, 2002. |
26
1. ORGANIZATION |
2. SIGNIFICANT ACCOUNTING POLICIES |
A. Investment Valuation — Investments in securities traded on a U.S. securities exchange or the Nasdaq system are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If no sale occurs, securities are valued at the last bid price. Debt securities are valued at prices supplied by independent pricing services, broker/dealer-supplied valuations or matrix pricing systems. Unlisted equity and debt securities for which market quotations are available are valued at the last sale price on valuation date, or if no sale occurs, at the last bid price. Short-term debt obligations maturing in sixty days or less are valued at amortized cost, which approximates market value. Securities for which quotations are not readily available or are deemed to be inaccurate by the Investment Adviser are valued at fair value using methods approved by the Trust’s Board of Trustees.
B. Security Transactions and Investment Income — Security transactions are 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 where applicable. Interest income is recorded on the basis of interest accrued, premium amortized and discount accreted.
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 and capital gain 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. Segregation Transactions — The Funds may enter into certain derivative transactions to seek to increase total return. Forward foreign currency exchange contracts, futures contracts, written options, when-issued securities and forward commitments represent examples of such transactions. As a result of entering into these transactions, the Funds are required to segregate liquid assets on the accounting records equal to or greater than the market value of the corresponding transactions.
Notes to Financial Statements (continued)
2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
F. Repurchase Agreements — Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase them at a mutually agreed upon date and price. During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of the Funds, including accrued interest, is required to equal or exceed the value of the repurchase agreement, including accrued interest. The underlying securities for all repurchase agreements are held in safekeeping at the Funds’ custodian or designated subcustodians under triparty repurchase agreements.
3. AGREEMENTS |
Management Fee | ||||||||||||
Contractual | Waiver | Other | ||||||||||
Fund | Annual Rate | Annual Rate | Expense Limit | |||||||||
Capital Growth | 1.00 | % | 0.05 | % | 0.004 | % | ||||||
Strategic Growth | 1.00 | — | 0.004 | |||||||||
Concentrated Growth | 1.00 | — | 0.044 | |||||||||
Growth Opportunities | 1.00 | — | 0.114 | |||||||||
3. AGREEMENTS (continued) |
Contingent Deferred Sales Charge | ||||||||||||
Sales Load | ||||||||||||
Fund | Class A | Class B | Class C | |||||||||
Capital Growth | $ | 214,200 | $ | 600 | $ | 100 | ||||||
Strategic Growth | 14,600 | — | — | |||||||||
Concentrated Growth | 1,100 | — | — | |||||||||
Growth Opportunities | 149,500 | 100 | 100 | |||||||||
Notes to Financial Statements (continued)
3. AGREEMENTS (continued) |
Management | Custody | Total Expense | ||||||||||||||
Fund | Fee Waiver | Reimbursement | Credit | Reductions | ||||||||||||
Capital Growth | $ | 523 | $ | 253 | $ | 1 | $ | 777 | ||||||||
Strategic Growth | — | 156 | — | 156 | ||||||||||||
Concentrated Growth | — | 148 | — | 148 | ||||||||||||
Growth Opportunities | — | — | 1 | 1 | ||||||||||||
At February 29, 2004, the amounts owed to affiliates were as follows (in thousands):
Management | Distribution and | Transfer | ||||||||||||||
Fund | Fees | Service Fees | Agent Fees | Total | ||||||||||||
Capital Growth | $ | 1,619 | $ | 559 | $ | 285 | $ | 2,463 | ||||||||
Strategic Growth | 262 | 57 | 35 | 354 | ||||||||||||
Concentrated Growth | 79 | 12 | 11 | 102 | ||||||||||||
Growth Opportunities | 773 | 246 | 118 | 1,137 | ||||||||||||
4. PORTFOLIO SECURITIES TRANSACTIONS |
Fund | Purchases | Sales and Maturities | ||||||
Capital Growth | $ | 633,297,392 | $ | 858,628,195 | ||||
Strategic Growth | 76,104,143 | 25,753,605 | ||||||
Concentrated Growth | 29,160,164 | 13,987,305 | ||||||
Growth Opportunities | 303,412,695 | 196,145,962 | ||||||
For the six months ended February 29, 2004, Goldman Sachs earned approximately $7,200 and $8,200 in brokerage commissions from portfolio transactions executed on behalf of the Concentrated Growth, and Growth Opportunities Funds, respectively.
5. SECURITIES LENDING |
Earnings Received | Amount Payable to | |||||||||||||||||||
Earnings of BGA | From Lending to | Goldman Sachs | ||||||||||||||||||
Cash Collateral | Relating to Securities | Goldman Sachs | Upon Return of | |||||||||||||||||
Market Value of | Received for Loans | Loaned for the | for the | Securities Loaned | ||||||||||||||||
Securities on loan as | Outstanding as of | six months ended | six months ended | as of February 29, | ||||||||||||||||
Fund | of February 29, 2004 | February 29, 2004 | February 29, 2004 | February 29, 2004 | 2004 | |||||||||||||||
Capital Growth | $ | 33,133,673 | $ | 33,776,632 | $ | 3,085 | $ | 5,692 | $ | — | ||||||||||
Strategic Growth (a) | — | — | 37 | 154 | — | |||||||||||||||
Growth Opportunities | 54,340,949 | 55,497,152 | 8,806 | 8,581 | 5,046,075 | |||||||||||||||
(a) | While there was lending activity during the period, there were no loans outstanding as of February 29, 2004. |
6. LINE OF CREDIT FACILITY |
7. JOINT REPURCHASE AGREEMENT ACCOUNT |
Principal | Interest | Maturity | Maturity | |||||||||||
Repurchase Agreements | Amount | Rate | Date | Value | ||||||||||
Banc of America Securities LLC | $ | 1,550,000,000 | 1.07 | % | 03/01/2004 | $ | 1,550,138,208 | |||||||
Deutsche Bank Securities, Inc. | 600,000,000 | 1.06 | 03/01/2004 | 600,053,000 | ||||||||||
Greenwich Capital Markets | 500,000,000 | 1.06 | 03/01/2004 | 500,044,167 | ||||||||||
J.P. Morgan Chase & Co. | 523,600,000 | 1.08 | 03/01/2004 | 523,647,124 | ||||||||||
Lehman Brothers | 500,000,000 | 1.08 | 03/01/2004 | 500,045,000 | ||||||||||
Morgan Stanley | 400,000,000 | 1.08 | 03/01/2004 | 400,036,000 | ||||||||||
UBS LLC | 1,400,000,000 | 1.06 | 03/01/2004 | 1,400,123,667 | ||||||||||
UBS LLC | 200,000,000 | 1.07 | 03/01/2004 | 200,017,833 | ||||||||||
Westdeutsche Landesbank AG | 550,000,000 | 1.07 | 03/01/2004 | 550,049,042 | ||||||||||
TOTAL JOINT REPURCHASE AGREEMENT ACCOUNT II | $ | 6,223,600,000 | $ | 6,224,154,041 | ||||||||||
8. ADDITIONAL TAX INFORMATION |
Capital Growth Fund | Strategic Growth Fund | Concentrated Growth Fund | Growth Opportunities Fund | |||||||||||||
Timing differences (post October losses) | $ | (41,307,024 | ) | $ | (8,415,735 | ) | $ | (111,110 | ) | $ | (20,494,333 | ) | ||||
Capital loss carryforward | (462,284,117 | ) | (45,955,153 | ) | — | (137,871,085 | ) | |||||||||
Capital loss carryforward years of expiration | 2010-2011 | 2010-2011 | — | 2010-2011 | ||||||||||||
At February 29, 2004, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes was as follows:
Capital Growth Fund | Strategic Growth Fund | Concentrated Growth Fund | Growth Opportunities Fund | ||||||||||||||
Tax Cost | $ | 1,718,812,430 | $ | 322,209,947 | $ | 87,806,673 | $ | 865,441,058 | |||||||||
Gross unrealized gain | 449,021,762 | 29,404,768 | 14,019,864 | 208,434,544 | |||||||||||||
Gross unrealized loss | (35,361,178 | ) | (12,054,265 | ) | (790,643 | ) | (12,161,566 | ) | |||||||||
Net unrealized security gain | $ | 413,660,584 | $ | 17,350,503 | $ | 13,229,221 | $ | 196,272,978 | |||||||||
The difference between book-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales.
9. SUBSEQUENT EVENTS |
10. SUMMARY OF SHARE TRANSACTIONS |
Capital Growth Fund | Strategic Growth Fund | Concentrated Growth Fund | Growth Opportunities Fund | |||||||||||||||||||||||||||||
Shares | Dollars | Shares | Dollars | Shares | Dollars | Shares | Dollars | |||||||||||||||||||||||||
Class A Shares | ||||||||||||||||||||||||||||||||
Shares sold | 7,324,485 | $ | 132,203,288 | 6,409,639 | $ | 53,588,214 | 2,083,928 | $ | 25,517,175 | 8,683,465 | $ | 160,322,472 | ||||||||||||||||||||
Reinvestments of distributions | — | — | — | — | 10,850 | 128,356 | — | — | ||||||||||||||||||||||||
Shares repurchased | (16,225,529 | ) | (290,511,983 | ) | (2,651,655 | ) | (21,824,347 | ) | (1,422,228 | ) | (17,438,092 | ) | (4,393,612 | ) | (81,384,962 | ) | ||||||||||||||||
(8,901,044 | ) | (158,308,695 | ) | 3,757,984 | 31,763,867 | 672,550 | 8,207,439 | 4,289,853 | 78,937,510 | |||||||||||||||||||||||
Class B Shares | ||||||||||||||||||||||||||||||||
Shares sold | 340,265 | 5,732,492 | 239,469 | 1,898,675 | 1,719 | 20,946 | 520,453 | 9,118,170 | ||||||||||||||||||||||||
Reinvestments of distributions | — | — | — | — | 29 | 338 | — | — | ||||||||||||||||||||||||
Shares repurchased | (1,603,957 | ) | (27,150,965 | ) | (164,870 | ) | (1,297,949 | ) | (4,483 | ) | (55,085 | ) | (468,924 | ) | (8,369,938 | ) | ||||||||||||||||
(1,263,692 | ) | (21,418,473 | ) | 74,599 | 600,726 | (2,735 | ) | (33,801 | ) | 51,529 | 748,232 | |||||||||||||||||||||
Class C Shares | ||||||||||||||||||||||||||||||||
Shares sold | 488,417 | 8,300,909 | 473,259 | 3,692,598 | 19,652 | 221,895 | 648,188 | 11,439,044 | ||||||||||||||||||||||||
Reinvestments of distributions | — | — | — | — | 67 | 792 | — | — | ||||||||||||||||||||||||
Shares repurchased | (938,058 | ) | (15,954,814 | ) | (118,559 | ) | (942,268 | ) | — | — | (535,884 | ) | (9,551,407 | ) | ||||||||||||||||||
(449,641 | ) | (7,653,905 | ) | 354,700 | 2,750,330 | 19,719 | 222,687 | 112,304 | 1,887,637 | |||||||||||||||||||||||
Institutional Shares | ||||||||||||||||||||||||||||||||
Shares sold | 1,998,534 | 36,858,814 | 5,466,619 | 46,149,281 | 1,018,994 | 12,559,764 | 3,868,104 | 71,915,036 | ||||||||||||||||||||||||
Reinvestments of distributions | — | — | — | — | 8,506 | 101,140 | — | — | ||||||||||||||||||||||||
Shares repurchased | (3,258,913 | ) | (60,400,489 | ) | (3,123,180 | ) | (26,168,467 | ) | (282,529 | ) | (3,607,487 | ) | (1,991,460 | ) | (37,709,404 | ) | ||||||||||||||||
(1,260,379 | ) | (23,541,675 | ) | 2,343,439 | 19,980,814 | 744,971 | 9,053,417 | 1,876,644 | 34,205,632 | |||||||||||||||||||||||
Service Shares | ||||||||||||||||||||||||||||||||
Shares sold | 32,811 | 587,485 | 34,995 | 303,145 | — | — | 22,356 | 418,310 | ||||||||||||||||||||||||
Reinvestments of distributions | — | — | — | — | 1 | 5 | — | — | ||||||||||||||||||||||||
Shares repurchased | (45,200 | ) | (806,969 | ) | — | — | — | — | (5,317 | ) | (97,008 | ) | ||||||||||||||||||||
(12,389 | ) | (219,484 | ) | 34,995 | 303,145 | 1 | 5 | 17,039 | 321,302 | |||||||||||||||||||||||
NET INCREASE (DECREASE) | (11,887,145 | ) | $ | (211,142,232 | ) | 6,565,717 | $ | 55,398,882 | 1,434,506 | $ | 17,449,747 | 6,347,369 | $ | 116,100,313 | ||||||||||||||||||
10. SUMMARY OF SHARE TRANSACTIONS (continued) |
Share activity for the year ended August 31, 2003 is as follows:
Capital Growth Fund | Strategic Growth Fund | Concentrated Growth Fund(a) | Growth Opportunities Fund | |||||||||||||||||||||||||||||
Shares | Dollars | Shares | Dollars | Shares | Dollars | Shares | Dollars | |||||||||||||||||||||||||
Class A Shares | ||||||||||||||||||||||||||||||||
Shares sold | 29,351,471 | $ | 448,668,873 | 9,762,760 | $ | 68,553,912 | 4,591,408 | $ | 48,217,184 | 11,395,188 | $ | 165,931,549 | ||||||||||||||||||||
Shares repurchased | (32,407,004 | ) | (504,393,044 | ) | (7,285,417 | ) | (51,274,784 | ) | (339,730 | ) | (3,713,390 | ) | (12,154,828 | ) | (173,534,251 | ) | ||||||||||||||||
(3,055,533 | ) | (55,724,171 | ) | 2,477,343 | 17,279,128 | 4,251,678 | 44,503,794 | (759,640 | ) | (7,602,702 | ) | |||||||||||||||||||||
Class B Shares | ||||||||||||||||||||||||||||||||
Shares sold | 1,247,400 | 18,337,238 | 400,455 | 2,775,325 | 9,910 | 105,476 | 1,306,210 | 19,141,317 | ||||||||||||||||||||||||
Shares repurchased | (3,418,150 | ) | (49,322,008 | ) | (324,757 | ) | (2,178,648 | ) | (1,913 | ) | (21,487 | ) | (1,214,534 | ) | (17,070,441 | ) | ||||||||||||||||
(2,170,750 | ) | (30,984,770 | ) | 75,698 | 596,677 | 7,997 | 83,989 | 91,676 | 2,070,876 | |||||||||||||||||||||||
Class C Shares | ||||||||||||||||||||||||||||||||
Shares sold | 1,289,224 | 18,767,968 | 725,267 | 5,070,070 | 1,742 | 17,950 | 1,642,898 | 23,195,336 | ||||||||||||||||||||||||
Shares repurchased | (2,016,368 | ) | (29,092,729 | ) | (289,311 | ) | (1,968,295 | ) | — | — | (1,340,484 | ) | (18,300,778 | ) | ||||||||||||||||||
(727,144 | ) | (10,324,761 | ) | 435,956 | 3,101,775 | 1,742 | 17,950 | 302,414 | 4,894,558 | |||||||||||||||||||||||
Institutional Shares | ||||||||||||||||||||||||||||||||
Shares sold | 3,781,261 | 59,233,342 | 8,148,729 | 58,339,429 | 2,779,179 | 29,716,499 | 4,855,023 | 73,291,718 | ||||||||||||||||||||||||
Shares repurchased | (6,478,938 | ) | (100,746,625 | ) | (4,710,697 | ) | (33,386,488 | ) | (398,815 | ) | (4,308,360 | ) | (3,589,777 | ) | (52,324,566 | ) | ||||||||||||||||
(2,697,677 | ) | (41,513,283 | ) | 3,438,032 | 24,952,941 | 2,380,364 | 25,408,139 | 1,265,246 | 20,967,152 | |||||||||||||||||||||||
Service Shares | ||||||||||||||||||||||||||||||||
Shares sold | 54,041 | 824,242 | — | — | 150 | 1,500 | 4,903 | 69,889 | ||||||||||||||||||||||||
Shares repurchased | (90,418 | ) | (1,377,762 | ) | — | — | — | — | (7,316 | ) | (107,560 | ) | ||||||||||||||||||||
(36,377 | ) | (553,520 | ) | — | — | 150 | 1,500 | (2,413 | ) | (37,671 | ) | |||||||||||||||||||||
NET INCREASE (DECREASE) | (8,687,481 | ) | $ | (139,100,505 | ) | 6,427,029 | $ | 45,930,521 | 6,641,931 | $ | 70,015,372 | 897,283 | $ | 20,292,213 | ||||||||||||||||||
(a) | Commencement date of operations for the Concentrated Growth Fund was September 3, 2002 for all share classes. |
Income (loss) from | Distributions | |||||||||||||||||||||||
investment operations | to shareholders | |||||||||||||||||||||||
Net asset | Net | |||||||||||||||||||||||
value, | investment | Net realized | Total from | From net | ||||||||||||||||||||
beginning | income | and unrealized | investment | realized | ||||||||||||||||||||
of period | (loss) | gain (loss) | operations | gains | ||||||||||||||||||||
FOR THE SIX MONTHS ENDED FEBRUARY 29, (Unaudited) | ||||||||||||||||||||||||
2004 - Class A Shares | $ | 17.07 | $ | (0.01 | ) (c) | $ | 1.83 | $ | 1.82 | $ | — | |||||||||||||
2004 - Class B Shares | 16.09 | (0.08 | ) (c) | 1.73 | 1.65 | — | ||||||||||||||||||
2004 - Class C Shares | 16.07 | (0.08 | ) (c) | 1.73 | 1.65 | — | ||||||||||||||||||
2004 - Institutional Shares | 17.44 | 0.02 | (c) | 1.88 | 1.90 | — | ||||||||||||||||||
2004 - Service Shares | 16.94 | (0.02 | ) (c) | 1.81 | 1.79 | — | ||||||||||||||||||
FOR THE YEAR ENDED AUGUST 31, | ||||||||||||||||||||||||
2003 - Class A Shares | 15.44 | — | (c)(d) | 1.63 | 1.63 | — | ||||||||||||||||||
2003 - Class B Shares | 14.66 | (0.11 | ) (c) | 1.54 | 1.43 | — | ||||||||||||||||||
2003 - Class C Shares | 14.64 | (0.11 | ) (c) | 1.54 | 1.43 | — | ||||||||||||||||||
2003 - Institutional Shares | 15.71 | 0.06 | (c) | 1.67 | 1.73 | — | ||||||||||||||||||
2003 - Service Shares | 15.33 | (0.01 | ) (c) | 1.62 | 1.61 | — | ||||||||||||||||||
2002 - Class A Shares | 19.76 | (0.05 | ) (c) | (4.24 | ) | (4.29 | ) | (0.03 | ) | |||||||||||||||
2002 - Class B Shares | 18.90 | (0.18 | ) (c) | (4.03 | ) | (4.21 | ) | (0.03 | ) | |||||||||||||||
2002 - Class C Shares | 18.88 | (0.18 | ) (c) | (4.03 | ) | (4.21 | ) | (0.03 | ) | |||||||||||||||
2002 - Institutional Shares | 20.02 | 0.02 | (c) | (4.30 | ) | (4.28 | ) | (0.03 | ) | |||||||||||||||
2002 - Service Shares | 19.63 | (0.07 | ) (c) | (4.20 | ) | (4.27 | ) | (0.03 | ) | |||||||||||||||
2001 - Class A Shares | 28.95 | (0.06 | ) (c) | (7.23 | ) | (7.29 | ) | (1.90 | ) | |||||||||||||||
2001 - Class B Shares | 27.99 | (0.23 | ) (c) | (6.96 | ) | (7.19 | ) | (1.90 | ) | |||||||||||||||
2001 - Class C Shares | 27.94 | (0.22 | ) (c) | (6.94 | ) | (7.16 | ) | (1.90 | ) | |||||||||||||||
2001 - Institutional Shares | 29.19 | 0.03 | (c) | (7.30 | ) | (7.27 | ) | (1.90 | ) | |||||||||||||||
2001 - Service Shares | 28.81 | (0.08 | ) (c) | (7.20 | ) | (7.28 | ) | (1.90 | ) | |||||||||||||||
2000 - Class A Shares | 24.96 | (0.11 | ) (c) | 6.29 | 6.18 | (2.19 | ) | |||||||||||||||||
2000 - Class B Shares | 24.37 | (0.30 | ) (c) | 6.11 | 5.81 | (2.19 | ) | |||||||||||||||||
2000 - Class C Shares | 24.33 | (0.30 | ) (c) | 6.10 | 5.80 | (2.19 | ) | |||||||||||||||||
2000 - Institutional Shares | 25.06 | — | (c)(d) | 6.32 | 6.32 | (2.19 | ) | |||||||||||||||||
2000 - Service Shares | 24.88 | (0.13 | ) (c) | 6.25 | 6.12 | (2.19 | ) | |||||||||||||||||
FOR THE SEVEN MONTHS ENDED AUGUST 31, | ||||||||||||||||||||||||
1999 - Class A Shares | 24.03 | (0.08 | ) | 1.01 | 0.93 | — | ||||||||||||||||||
1999 - Class B Shares | 23.57 | (0.17 | ) | 0.97 | 0.80 | — | ||||||||||||||||||
1999 - Class C Shares | 23.52 | (0.16 | ) | 0.97 | 0.81 | — | ||||||||||||||||||
1999 - Institutional Shares | 24.07 | (0.02 | ) | 1.01 | 0.99 | — | ||||||||||||||||||
1999 - Service Shares | 23.96 | (0.08 | ) | 1.00 | 0.92 | — | ||||||||||||||||||
FOR THE YEAR ENDED JANUARY 31, | ||||||||||||||||||||||||
1999 - Class A Shares | 18.48 | (0.03 | ) | 6.35 | 6.32 | (0.77 | ) | |||||||||||||||||
1999 - Class B Shares | 18.27 | (0.12 | ) | 6.19 | 6.07 | (0.77 | ) | |||||||||||||||||
1999 - Class C Shares | 18.24 | (0.10 | ) | 6.15 | 6.05 | (0.77 | ) | |||||||||||||||||
1999 - Institutional Shares | 18.45 | 0.01 | 6.38 | 6.39 | (0.77 | ) | ||||||||||||||||||
1999 - Service Shares | 18.46 | (0.04 | ) | 6.31 | 6.27 | (0.77 | ) | |||||||||||||||||
(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. |
36
Ratios assuming | ||||||||||||||||||||||||||||||||||
no expense reductions | ||||||||||||||||||||||||||||||||||
Ratio of | Ratio of | Ratio of | ||||||||||||||||||||||||||||||||
Net assets, | Ratio of | net investment | total | net investment | ||||||||||||||||||||||||||||||
Net asset | at end of | net expenses | income (loss) | 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 | |||||||||||||||||||||||||||
$ | 18.89 | 10.66 | % | $ | 1,473,612 | 1.39 | %(b) | (0.16 | )%(b) | 1.46 | %(b) | (0.23 | )%(b) | 30 | % | |||||||||||||||||||
17.74 | 10.25 | 227,455 | 2.14 | (b) | (0.91 | )(b) | 2.21 | (b) | (0.98 | )(b) | 30 | |||||||||||||||||||||||
17.72 | 10.27 | 102,303 | 2.14 | (b) | (0.91 | )(b) | 2.21 | (b) | (0.98 | )(b) | 30 | |||||||||||||||||||||||
19.34 | 10.89 | 312,506 | 0.99 | (b) | 0.24 | (b) | 1.06 | (b) | 0.17 | (b) | 30 | |||||||||||||||||||||||
18.73 | 10.57 | 6,388 | 1.49 | (b) | (0.26 | )(b) | 1.56 | (b) | (0.33 | )(b) | 30 | |||||||||||||||||||||||
17.07 | 10.56 | 1,483,768 | 1.40 | 0.00 | 1.48 | (0.08 | ) | 17 | ||||||||||||||||||||||||||
16.09 | 9.75 | 226,663 | 2.15 | (0.74 | ) | 2.23 | (0.82 | ) | 17 | |||||||||||||||||||||||||
16.07 | 9.77 | 100,027 | 2.15 | (0.74 | ) | 2.23 | (0.82 | ) | 17 | |||||||||||||||||||||||||
17.44 | 11.01 | 303,840 | 1.00 | 0.41 | 1.08 | 0.33 | 17 | |||||||||||||||||||||||||||
16.94 | 10.50 | 5,985 | 1.50 | (0.10 | ) | 1.58 | (0.18 | ) | 17 | |||||||||||||||||||||||||
15.44 | (21.74 | ) | 1,388,868 | 1.43 | (0.29 | ) | 1.47 | (0.33 | ) | 11 | ||||||||||||||||||||||||
14.66 | (22.31 | ) | 238,335 | 2.18 | (1.04 | ) | 2.22 | (1.08 | ) | 11 | ||||||||||||||||||||||||
14.64 | (22.33 | ) | 101,783 | 2.18 | (1.04 | ) | 2.22 | (1.08 | ) | 11 | ||||||||||||||||||||||||
15.71 | (21.41 | ) | 316,020 | 1.03 | 0.11 | 1.07 | 0.07 | 11 | ||||||||||||||||||||||||||
15.33 | (21.78 | ) | 5,976 | 1.53 | (0.39 | ) | 1.57 | (0.43 | ) | 11 | ||||||||||||||||||||||||
19.76 | (26.48 | ) | 2,001,259 | 1.44 | (0.25 | ) | 1.46 | (0.27 | ) | 18 | ||||||||||||||||||||||||
18.90 | (27.06 | ) | 338,673 | 2.19 | (1.00 | ) | 2.21 | (1.02 | ) | 18 | ||||||||||||||||||||||||
18.88 | (27.00 | ) | 127,839 | 2.19 | (1.00 | ) | 2.21 | (1.02 | ) | 18 | ||||||||||||||||||||||||
20.02 | (26.18 | ) | 444,195 | 1.04 | 0.15 | 1.06 | 0.13 | 18 | ||||||||||||||||||||||||||
19.63 | (26.58 | ) | 8,979 | 1.54 | (0.35 | ) | 1.56 | (0.37 | ) | 18 | ||||||||||||||||||||||||
28.95 | 25.70 | 2,736,484 | 1.45 | (0.41 | ) | 1.47 | (0.44 | ) | 34 | |||||||||||||||||||||||||
27.99 | 24.75 | 451,666 | 2.20 | (1.16 | ) | 2.22 | (1.19 | ) | 34 | |||||||||||||||||||||||||
27.94 | 24.75 | 143,126 | 2.20 | (1.16 | ) | 2.22 | (1.19 | ) | 34 | |||||||||||||||||||||||||
29.19 | 26.18 | 497,986 | 1.05 | — | 1.07 | (0.03 | ) | 34 | ||||||||||||||||||||||||||
28.81 | 25.53 | 13,668 | 1.55 | (0.49 | ) | 1.57 | (0.52 | ) | 34 | |||||||||||||||||||||||||
24.96 | 3.87 | 1,971,097 | 1.44 | (b) | (0.53 | )(b) | 1.47 | (b) | (0.56 | )(b) | 18 | |||||||||||||||||||||||
24.37 | 3.39 | 329,870 | 2.19 | (b) | (1.29 | )(b) | 2.22 | (b) | (1.32 | )(b) | 18 | |||||||||||||||||||||||
24.33 | 3.44 | 87,284 | 2.19 | (b) | (1.29 | )(b) | 2.22 | (b) | (1.32 | )(b) | 18 | |||||||||||||||||||||||
25.06 | 4.11 | 255,210 | 1.04 | (b) | (0.20 | )(b) | 1.07 | (b) | (0.23 | )(b) | 18 | |||||||||||||||||||||||
24.88 | 3.84 | 6,466 | 1.54 | (b) | (0.65 | )(b) | 1.57 | (b) | (0.68 | )(b) | 18 | |||||||||||||||||||||||
24.03 | 34.58 | 1,992,716 | 1.42 | (0.18 | ) | 1.58 | (0.34 | ) | 30 | |||||||||||||||||||||||||
23.57 | 33.60 | 236,369 | 2.19 | (0.98 | ) | 2.21 | (1.00 | ) | 30 | |||||||||||||||||||||||||
23.52 | 33.55 | 60,234 | 2.19 | (1.00 | ) | 2.21 | (1.02 | ) | 30 | |||||||||||||||||||||||||
24.07 | 35.02 | 41,817 | 1.07 | 0.11 | 1.09 | 0.09 | 30 | |||||||||||||||||||||||||||
23.96 | 34.34 | 3,085 | 1.57 | (0.37 | ) | 1.59 | (0.39 | ) | 30 | |||||||||||||||||||||||||
Income (loss) from | Distributions | |||||||||||||||||||||||
investment operations | to shareholders | |||||||||||||||||||||||
Net asset | Net | |||||||||||||||||||||||
value, | investment | Net realized | Total from | From net | ||||||||||||||||||||
beginning | income | and unrealized | investment | realized | ||||||||||||||||||||
of period | (loss) | gain (loss) | operations | gains | ||||||||||||||||||||
FOR THE SIX MONTHS ENDED FEBRUARY 29, (Unaudited) | ||||||||||||||||||||||||
2004 - Class A Shares | $ | 7.79 | $ | (0.02 | ) (c) | $ | 0.74 | $ | 0.72 | $ | — | |||||||||||||
2004 - Class B Shares | 7.55 | (0.05 | ) (c) | 0.71 | 0.66 | — | ||||||||||||||||||
2004 - Class C Shares | 7.56 | (0.05 | ) (c) | 0.71 | 0.66 | — | ||||||||||||||||||
2004 - Institutional Shares | 7.93 | — | (c)(d) | 0.74 | 0.74 | — | ||||||||||||||||||
2004 - Service Shares | 7.82 | (0.03 | ) (c) | 0.75 | 0.72 | — | ||||||||||||||||||
FOR THE YEARS ENDED AUGUST 31, | ||||||||||||||||||||||||
2003 - Class A Shares | 6.95 | (0.03 | ) (c) | 0.87 | 0.84 | — | ||||||||||||||||||
2003 - Class B Shares | 6.79 | (0.08 | ) (c) | 0.84 | 0.76 | — | ||||||||||||||||||
2003 - Class C Shares | 6.80 | (0.09 | ) (c) | 0.85 | 0.76 | — | ||||||||||||||||||
2003 - Institutional Shares | 7.05 | (0.01 | ) (c) | 0.89 | 0.88 | — | ||||||||||||||||||
2003 - Service Shares | 6.97 | (0.03 | ) (c) | 0.88 | 0.85 | — | ||||||||||||||||||
2002 - Class A Shares | 9.22 | (0.06 | ) (c) | (2.21 | ) | (2.27 | ) | — | (d) | |||||||||||||||
2002 - Class B Shares | 9.07 | (0.12 | ) (c) | (2.16 | ) | (2.28 | ) | — | (d) | |||||||||||||||
2002 - Class C Shares | 9.08 | (0.12 | ) (c) | (2.16 | ) | (2.28 | ) | — | (d) | |||||||||||||||
2002 - Institutional Shares | 9.30 | (0.02 | ) (c) | (2.23 | ) | (2.25 | ) | — | (d) | |||||||||||||||
2002 - Service Shares | 9.23 | (0.05 | ) (c) | (2.21 | ) | (2.26 | ) | — | (d) | |||||||||||||||
2001 - Class A Shares | 12.52 | (0.06 | ) (c) | (3.24 | ) | (3.30 | ) | — | ||||||||||||||||
2001 - Class B Shares | 12.40 | (0.13 | ) (c) | (3.20 | ) | (3.33 | ) | — | ||||||||||||||||
2001 - Class C Shares | 12.42 | (0.13 | ) (c) | (3.21 | ) | (3.34 | ) | — | ||||||||||||||||
2001 - Institutional Shares | 12.58 | (0.02 | ) (c) | (3.26 | ) | (3.28 | ) | — | ||||||||||||||||
2001 - Service Shares | 12.52 | (0.04 | ) (c) | (3.25 | ) | (3.29 | ) | — | ||||||||||||||||
2000 - Class A Shares | 10.06 | (0.06 | ) (c) | 2.52 | 2.46 | — | ||||||||||||||||||
2000 - Class B Shares | 10.04 | (0.14 | ) (c) | 2.50 | 2.36 | — | ||||||||||||||||||
2000 - Class C Shares | 10.05 | (0.14 | ) (c) | 2.51 | 2.37 | — | ||||||||||||||||||
2000 - Institutional Shares | 10.07 | (0.01 | ) (c) | 2.52 | 2.51 | — | ||||||||||||||||||
2000 - Service Shares | 10.06 | (0.04 | ) (c) | 2.50 | 2.46 | — | ||||||||||||||||||
FOR THE PERIOD ENDED AUGUST 31, | ||||||||||||||||||||||||
1999 - Class A Shares (commenced May 24) | 10.00 | — | 0.06 | 0.06 | — | |||||||||||||||||||
1999 - Class B Shares (commenced May 24) | 10.00 | (0.03 | ) (c) | 0.07 | 0.04 | — | ||||||||||||||||||
1999 - Class C Shares (commenced May 24) | 10.00 | (0.03 | ) (c) | 0.08 | 0.05 | — | ||||||||||||||||||
1999 - Institutional Shares (commenced May 24) | 10.00 | 0.01 | 0.06 | 0.07 | — | |||||||||||||||||||
1999 - Service Shares (commenced May 24) | 10.00 | (0.01 | ) | 0.07 | 0.06 | — | ||||||||||||||||||
(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. |
38
Ratios assuming no | ||||||||||||||||||||||||||||||||||
expense reductions | ||||||||||||||||||||||||||||||||||
Ratio of | Ratio of | Ratio of | ||||||||||||||||||||||||||||||||
Net assets, | Ratio of | net investment | total | net investment | ||||||||||||||||||||||||||||||
Net asset | end of | net expenses | income (loss) | expenses | loss to | Portfolio | ||||||||||||||||||||||||||||
value, end | Total | period | to average | to average | to average | average net | turnover | |||||||||||||||||||||||||||
of period | return(a) | (in 000s) | net assets | net assets | net assets | assets | rate | |||||||||||||||||||||||||||
$ | 8.51 | 9.24 | % | $ | 192,288 | 1.44 | %(b) | (0.47 | )% (b) | 1.55 | %(b) | (0.58 | )% (b) | 9 | % | |||||||||||||||||||
8.21 | 8.74 | 13,067 | 2.19 | (b) | (1.22 | )(b) | 2.30 | (b) | (1.33 | )(b) | 9 | |||||||||||||||||||||||
8.22 | 8.73 | 12,682 | 2.19 | (b) | (1.21 | )(b) | 2.30 | (b) | (1.32 | )(b) | 9 | |||||||||||||||||||||||
8.67 | 9.33 | 122,927 | 1.04 | (b) | (0.07 | )(b) | 1.15 | (b) | (0.18 | )(b) | 9 | |||||||||||||||||||||||
8.54 | 9.21 | 300 | 1.54 | (b) | (0.59 | )(b) | 1.65 | (b) | (0.70 | )(b) | 9 | |||||||||||||||||||||||
7.79 | 12.09 | 146,867 | 1.45 | (0.49 | ) | 1.62 | (0.66 | ) | 14 | |||||||||||||||||||||||||
7.55 | 11.19 | 11,452 | 2.20 | (1.24 | ) | 2.37 | (1.41 | ) | 14 | |||||||||||||||||||||||||
7.56 | 11.18 | 8,979 | 2.20 | (1.24 | ) | 2.37 | (1.41 | ) | 14 | |||||||||||||||||||||||||
7.93 | 12.48 | 93,806 | 1.05 | (0.09 | ) | 1.22 | (0.26 | ) | 14 | |||||||||||||||||||||||||
7.82 | 12.20 | 1 | 1.55 | (0.44 | ) | 1.72 | (0.61 | ) | 14 | |||||||||||||||||||||||||
6.95 | (24.59 | ) | 113,813 | 1.45 | (0.66 | ) | 1.63 | (0.84 | ) | 40 | ||||||||||||||||||||||||
6.79 | (25.11 | ) | 9,781 | 2.20 | (1.41 | ) | 2.38 | (1.59 | ) | 40 | ||||||||||||||||||||||||
6.80 | (25.08 | ) | 5,109 | 2.20 | (1.41 | ) | 2.38 | (1.59 | ) | 40 | ||||||||||||||||||||||||
7.05 | (24.17 | ) | 59,130 | 1.05 | (0.27 | ) | 1.23 | (0.45 | ) | 40 | ||||||||||||||||||||||||
6.97 | (24.46 | ) | 1 | 1.55 | (0.58 | ) | 1.73 | (0.76 | ) | 40 | ||||||||||||||||||||||||
9.22 | (26.35 | ) | 109,315 | 1.44 | (0.52 | ) | 1.67 | (0.75 | ) | 25 | ||||||||||||||||||||||||
9.07 | (26.84 | ) | 14,235 | 2.19 | (1.27 | ) | 2.42 | (1.50 | ) | 25 | ||||||||||||||||||||||||
9.08 | (26.88 | ) | 5,613 | 2.19 | (1.27 | ) | 2.42 | (1.50 | ) | 25 | ||||||||||||||||||||||||
9.30 | (26.06 | ) | 45,898 | 1.04 | (0.15 | ) | 1.27 | (0.38 | ) | 25 | ||||||||||||||||||||||||
9.23 | (26.27 | ) | 1 | 1.54 | (0.37 | ) | 1.77 | (0.60 | ) | 25 | ||||||||||||||||||||||||
12.52 | 24.46 | 92,271 | 1.44 | (0.50 | ) | 1.63 | (0.69 | ) | 19 | |||||||||||||||||||||||||
12.40 | 23.51 | 17,149 | 2.19 | (1.24 | ) | 2.38 | (1.43 | ) | 19 | |||||||||||||||||||||||||
12.42 | 23.58 | 7,287 | 2.19 | (1.24 | ) | 2.38 | (1.43 | ) | 19 | |||||||||||||||||||||||||
12.58 | 24.93 | 22,910 | 1.04 | (0.09 | ) | 1.23 | (0.28 | ) | 19 | |||||||||||||||||||||||||
12.52 | 24.45 | 2 | 1.54 | (0.35 | ) | 1.73 | (0.54 | ) | 19 | |||||||||||||||||||||||||
10.06 | 0.60 | 10,371 | 1.44 | (b) | (0.17 | )(b) | 11.70 | (b) | (10.43 | )(b) | 7 | |||||||||||||||||||||||
10.04 | 0.40 | 3,393 | 2.19 | (b) | (0.97 | )(b) | 12.45 | (b) | (11.23 | )(b) | 7 | |||||||||||||||||||||||
10.05 | 0.50 | 2,388 | 2.19 | (b) | (0.99 | )(b) | 12.45 | (b) | (11.25 | )(b) | 7 | |||||||||||||||||||||||
10.07 | 0.70 | 5,981 | 1.04 | (b) | 0.24 | (b) | 11.30 | (b) | (10.02 | )(b) | 7 | |||||||||||||||||||||||
10.06 | 0.60 | 2 | 1.54 | (b) | (0.24 | )(b) | 11.80 | (b) | (10.50 | )(b) | 7 | |||||||||||||||||||||||
Income (loss) from | Distributions | |||||||||||||||||||||||
investment operations | to shareholders | |||||||||||||||||||||||
Net asset | ||||||||||||||||||||||||
value, | Net | Net realized | Total from | From net | ||||||||||||||||||||
beginning | investment | and unrealized | investment | realized | ||||||||||||||||||||
of period | loss(c) | gain | operations | gains | ||||||||||||||||||||
FOR THE SIX MONTHS ENDED FEBRUARY 29, (Unaudited) | ||||||||||||||||||||||||
2004 - Class A Shares | $ | 11.64 | $ | (0.04 | ) | $ | 0.98 | $ | 0.94 | (0.04 | ) | |||||||||||||
2004 - Class B Shares | 11.56 | (0.08 | ) | 0.97 | 0.89 | (0.04 | ) | |||||||||||||||||
2004 - Class C Shares | 11.55 | (0.08 | ) | 0.96 | 0.88 | (0.04 | ) | |||||||||||||||||
2004 - Institutional Shares | 11.68 | (0.01 | ) | 0.99 | 0.98 | (0.04 | ) | |||||||||||||||||
2004 - Service Shares | 11.64 | (0.03 | ) | 0.98 | 0.95 | (0.04 | ) | |||||||||||||||||
FOR THE PERIOD ENDED AUGUST 31, | ||||||||||||||||||||||||
2003 - Class A Shares (Commenced September 3, 2002) | 10.00 | (0.08 | ) | 1.72 | 1.64 | — | ||||||||||||||||||
�� | 2003 - Class B Shares (Commenced September 3, 2002) | 10.00 | (0.16 | ) | 1.72 | 1.56 | — | |||||||||||||||||
2003 - Class C Shares (Commenced September 3, 2002) | 10.00 | (0.16 | ) | 1.71 | 1.55 | — | ||||||||||||||||||
2003 - Institutional Shares (Commenced September 3, 2002) | 10.00 | (0.03 | ) | 1.71 | 1.68 | — | ||||||||||||||||||
2003 - Service Shares (Commenced September 3, 2002) | 10.00 | (0.07 | ) | 1.71 | 1.64 | — | ||||||||||||||||||
(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. |
40
Ratios assuming no | ||||||||||||||||||||||||||||||||||
expense reductions | ||||||||||||||||||||||||||||||||||
Ratio of | Ratio of | Ratio of | ||||||||||||||||||||||||||||||||
Net assets, | Ratio of | net investment | total | net investment | ||||||||||||||||||||||||||||||
Net asset | end of | net expenses | loss to | expenses | loss to | Portfolio | ||||||||||||||||||||||||||||
value, end | Total | period | to average | average | to average | average | turnover | |||||||||||||||||||||||||||
of period | return(a) | (in 000s) | net assets(b) | net assets(b) | net assets(b) | net assets(b) | rate | |||||||||||||||||||||||||||
$ | 12.54 | 8.08 | % | $ | 61,765 | 1.48 | % | (0.64 | )% | 1.81 | % | (0.97 | )% | 16 | % | |||||||||||||||||||
12.41 | 7.70 | 65 | 2.23 | (1.42 | ) | 2.56 | (1.75 | ) | 16 | |||||||||||||||||||||||||
12.39 | 7.62 | 266 | 2.23 | (1.35 | ) | 2.56 | (1.68 | ) | 16 | |||||||||||||||||||||||||
12.62 | 8.39 | 39,429 | 1.08 | (0.23 | ) | 1.41 | (0.56 | ) | 16 | |||||||||||||||||||||||||
12.55 | 8.16 | 2 | 1.58 | (0.60 | ) | 1.91 | (0.93 | ) | 16 | |||||||||||||||||||||||||
11.64 | 16.40 | 49,494 | 1.48 | (0.76 | ) | 2.65 | (1.93 | ) | 19 | |||||||||||||||||||||||||
11.56 | 15.60 | 92 | 2.23 | (1.50 | ) | 3.40 | (2.67 | ) | 19 | |||||||||||||||||||||||||
11.55 | 15.50 | 20 | 2.23 | (1.53 | ) | 3.40 | (2.70 | ) | 19 | |||||||||||||||||||||||||
11.68 | 16.80 | 27,810 | 1.08 | (0.32 | ) | 2.25 | (1.49 | ) | 19 | |||||||||||||||||||||||||
11.64 | 16.40 | 2 | 1.58 | (0.72 | ) | 2.75 | (1.89 | ) | 19 | |||||||||||||||||||||||||
Income (loss) from | Distributions | |||||||||||||||||||||||
investment operations | to shareholders | |||||||||||||||||||||||
Net asset | Net | |||||||||||||||||||||||
value, | investment | Net realized | Total from | From net | ||||||||||||||||||||
beginning | income | and unrealized | investment | realized | ||||||||||||||||||||
of period | (loss) | gain (loss) | operations | gains | ||||||||||||||||||||
FOR THE SIX MONTHS ENDED FEBRUARY 29, (Unaudited) | ||||||||||||||||||||||||
2004 - Class A Shares | $ | 17.38 | $ | (0.08 | ) (c) | $ | 2.12 | $ | 2.04 | $ | — | |||||||||||||
2004 - Class B Shares | 16.94 | (0.14 | ) (c) | 2.06 | 1.92 | — | ||||||||||||||||||
2004 - Class C Shares | 16.83 | (0.14 | ) (c) | 2.05 | 1.91 | — | ||||||||||||||||||
2004 - Institutional Shares | 17.67 | (0.04 | ) (c) | 2.16 | 2.12 | — | ||||||||||||||||||
2004 - Service Shares | 17.29 | (0.09 | ) (c) | 2.11 | 2.02 | — | ||||||||||||||||||
FOR THE YEARS ENDED AUGUST 31, | ||||||||||||||||||||||||
2003 - Class A Shares | 14.09 | (0.12 | ) (c) | 3.41 | 3.29 | — | ||||||||||||||||||
2003 - Class B Shares | 13.84 | (0.22 | ) (c) | 3.32 | 3.10 | — | ||||||||||||||||||
2003 - Class C Shares | 13.74 | (0.22 | ) (c) | 3.31 | 3.09 | — | ||||||||||||||||||
2003 - Institutional Shares | 14.27 | (0.06 | ) (c) | 3.46 | 3.40 | — | ||||||||||||||||||
2003 - Service Shares | 14.03 | (0.13 | ) (c) | 3.39 | 3.26 | — | ||||||||||||||||||
2002 - Class A Shares | 18.11 | (0.15 | ) (c) | (3.87 | ) | (4.02 | ) | — | ||||||||||||||||
2002 - Class B Shares | 17.92 | (0.27 | ) (c) | (3.81 | ) | (4.08 | ) | — | ||||||||||||||||
2002 - Class C Shares | 17.80 | (0.27 | ) (c) | (3.79 | ) | (4.06 | ) | — | ||||||||||||||||
2002 - Institutional Shares | 18.26 | (0.08 | ) (c) | (3.91 | ) | (3.99 | ) | — | ||||||||||||||||
2002 - Service Shares | 18.05 | (0.16 | ) (c) | (3.86 | ) | (4.02 | ) | — | ||||||||||||||||
2001 - Class A Shares | 19.50 | (0.14 | ) (c) | (0.66 | ) | (0.80 | ) | (0.59 | ) | |||||||||||||||
2001 - Class B Shares | 19.45 | (0.28 | ) (c) | (0.66 | ) | (0.94 | ) | (0.59 | ) | |||||||||||||||
2001 - Class C Shares | 19.31 | (0.28 | ) (c) | (0.64 | ) | (0.92 | ) | (0.59 | ) | |||||||||||||||
2001 - Institutional Shares | 19.59 | (0.07 | ) (c) | (0.67 | ) | (0.74 | ) | (0.59 | ) | |||||||||||||||
2001 - Service Shares | 19.45 | (0.16 | ) (c) | (0.65 | ) | (0.81 | ) | (0.59 | ) | |||||||||||||||
2000 - Class A Shares | 10.13 | (0.11 | ) (c) | 9.71 | 9.60 | (0.23 | ) | |||||||||||||||||
2000 - Class B Shares | 10.18 | (0.24 | ) (c) | 9.74 | 9.50 | (0.23 | ) | |||||||||||||||||
2000 - Class C Shares | 10.10 | (0.24 | ) (c) | 9.68 | 9.44 | (0.23 | ) | |||||||||||||||||
2000 - Institutional Shares | 10.13 | (0.04 | ) (c) | 9.73 | 9.69 | (0.23 | ) | |||||||||||||||||
2000 - Service Shares | 10.12 | (0.12 | ) (c) | 9.68 | 9.56 | (0.23 | ) | |||||||||||||||||
FOR THE PERIOD ENDED AUGUST 31, | ||||||||||||||||||||||||
1999 - Class A Shares (commenced May 24) | 10.00 | (0.01 | ) (c) | 0.14 | 0.13 | — | ||||||||||||||||||
1999 - Class B Shares (commenced May 24) | 10.00 | (0.03 | ) (c) | 0.21 | 0.18 | — | ||||||||||||||||||
1999 - Class C Shares (commenced May 24) | 10.00 | (0.03 | ) (c) | 0.13 | 0.10 | — | ||||||||||||||||||
1999 - Institutional Shares (commenced May 24) | 10.00 | 0.01 | 0.12 | 0.13 | — | |||||||||||||||||||
1999 - Service Shares (commenced May 24) | 10.00 | — | 0.12 | 0.12 | — | |||||||||||||||||||
(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. |
42
Ratios assuming no | ||||||||||||||||||||||||||||||||||
expense reductions | ||||||||||||||||||||||||||||||||||
Ratio of | ||||||||||||||||||||||||||||||||||
Net assets, | Ratio of | net investment | Ratio of total | Ratio of | ||||||||||||||||||||||||||||||
Net asset | end of | net expenses | income (loss) | expenses | net investment | Portfolio | ||||||||||||||||||||||||||||
value, end | Total | period | to average | to average | to average | loss to average | turnover | |||||||||||||||||||||||||||
of period | return(a) | (in 000s) | net assets | net assets | net assets | net assets | rate | |||||||||||||||||||||||||||
$ | 19.42 | 11.74 | % | $ | 576,328 | 1.49 | %(b) | (0.88 | )%(b) | 1.49 | %(b) | (0.88 | )%(b) | 23 | % | |||||||||||||||||||
18.86 | 11.33 | 96,274 | 2.24 | (b) | (1.63 | )(b) | 2.24 | (b) | (1.63 | )(b) | 23 | |||||||||||||||||||||||
18.74 | 11.35 | 72,644 | 2.24 | (b) | (1.64 | )(b) | 2.24 | (b) | (1.64 | )(b) | 23 | |||||||||||||||||||||||
19.79 | 12.00 | 249,309 | 1.09 | (b) | (0.48 | )(b) | 1.09 | (b) | (0.48 | )(b) | 23 | |||||||||||||||||||||||
19.31 | 11.68 | 931 | 1.59 | (b) | (1.01 | )(b) | 1.59 | (b) | (1.01 | )(b) | 23 | |||||||||||||||||||||||
17.38 | 23.35 | 441,187 | 1.53 | (0.80 | ) | 1.53 | (0.80 | ) | 66 | |||||||||||||||||||||||||
16.94 | 22.40 | 85,601 | 2.28 | (1.56 | ) | 2.28 | (1.56 | ) | 66 | |||||||||||||||||||||||||
16.83 | 22.49 | 63,358 | 2.28 | (1.56 | ) | 2.28 | (1.56 | ) | 66 | |||||||||||||||||||||||||
17.67 | 23.83 | 189,498 | 1.13 | (0.41 | ) | 1.13 | (0.41 | ) | 66 | |||||||||||||||||||||||||
17.29 | 23.24 | 539 | 1.63 | (0.90 | ) | 1.63 | (0.90 | ) | 66 | |||||||||||||||||||||||||
14.09 | (22.20 | ) | 368,361 | 1.51 | (0.87 | ) | 1.51 | (0.87 | ) | 69 | ||||||||||||||||||||||||
13.84 | (22.77 | ) | 68,639 | 2.26 | (1.62 | ) | 2.26 | (1.62 | ) | 69 | ||||||||||||||||||||||||
13.74 | (22.81 | ) | 47,581 | 2.26 | (1.62 | ) | 2.26 | (1.62 | ) | 69 | ||||||||||||||||||||||||
14.27 | (21.89 | ) | 134,954 | 1.11 | (0.47 | ) | 1.11 | (0.47 | ) | 69 | ||||||||||||||||||||||||
14.03 | (22.27 | ) | 471 | 1.61 | (0.99 | ) | 1.61 | (0.99 | ) | 69 | ||||||||||||||||||||||||
18.11 | (4.17 | ) | 428,981 | 1.54 | (0.74 | ) | 1.54 | (0.74 | ) | 66 | ||||||||||||||||||||||||
17.92 | (4.92 | ) | 73,776 | 2.29 | (1.49 | ) | 2.29 | (1.49 | ) | 66 | ||||||||||||||||||||||||
17.80 | (4.85 | ) | 47,738 | 2.29 | (1.49 | ) | 2.29 | (1.49 | ) | 66 | ||||||||||||||||||||||||
18.26 | (3.79 | ) | 128,182 | 1.14 | (0.34 | ) | 1.14 | (0.34 | ) | 66 | ||||||||||||||||||||||||
18.05 | (4.24 | ) | 232 | 1.64 | (0.84 | ) | 1.64 | (0.84 | ) | 66 | ||||||||||||||||||||||||
19.50 | 95.73 | 188,199 | 1.52 | (0.64 | ) | 1.61 | (0.73 | ) | 73 | |||||||||||||||||||||||||
19.45 | 94.27 | 42,061 | 2.27 | (1.38 | ) | 2.36 | (1.47 | ) | 73 | |||||||||||||||||||||||||
19.31 | 94.43 | 26,826 | 2.27 | (1.38 | ) | 2.36 | (1.47 | ) | 73 | |||||||||||||||||||||||||
19.59 | 96.67 | 49,921 | 1.12 | (0.23 | ) | 1.21 | (0.32 | ) | 73 | |||||||||||||||||||||||||
19.45 | 95.41 | 3 | 1.62 | (0.69 | ) | 1.71 | (0.78 | ) | 73 | |||||||||||||||||||||||||
10.13 | 1.30 | 8,204 | 1.44 | (b) | (0.27 | )(b) | 14.15 | (b) | (12.98 | )(b) | 27 | |||||||||||||||||||||||
10.18 | 1.80 | 520 | 2.19 | (b) | (1.04 | )(b) | 14.90 | (b) | (13.75 | )(b) | 27 | |||||||||||||||||||||||
10.10 | 1.00 | 256 | 2.19 | (b) | (1.12 | )(b) | 14.90 | (b) | (13.83 | )(b) | 27 | |||||||||||||||||||||||
10.13 | 1.30 | 5,223 | 1.04 | (b) | 0.39 | (b) | 13.75 | (b) | (12.32 | )(b) | 27 | |||||||||||||||||||||||
10.12 | 1.20 | 2 | 1.54 | (b) | 0.03 | (b) | 14.25 | (b) | (12.68 | )(b) | 27 | |||||||||||||||||||||||
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FUNDS PROFILE 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: GOLDMAN SACHS FUNDS 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 TRUSTEES OFFICERS 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 GOLDMAN, SACHS & CO.GOLDMAN SACHS ASSET MANAGEMENT, L.P. Distributor and Transfer AgentInvestment 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. The Strategic Growth Fund may participate in the Initial Public Offering (IPO) market, and a portion of the Fund’s returns consequently may be attributable to its investment in IPOs, which may have a magnified impact due to the Fund’s small asset base. As the Fund’s assets grow, it is probable that the effect of the Fund’s investment in IPOs on its total returns may not be as significant. The Concentrated Growth Fund is not diversified. Due to the smaller number of stocks generally held in the portfolio, the Fund may be subject to greater risks than a more diversified fund. A change in the value of any single holding may affect the overall value more than it would affect a diversified fund that holds more investments. The Fund is subject to the risk of rising and falling stock prices. In recent years, the U.S. stock market has experienced substantial price volatility. Goldman, Sachs & Co. is the distributor of the Fund. Copyright 2004 Goldman, Sachs & Co. All rights reserved. Date of first use: April 29, 2004 / 04- 514GROWTHSAR / 147.2K / 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 |