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: DECEMBER 31
Date of reporting period: JUNE 30, 2004
ITEM 1. | REPORTS TO STOCKHOLDERS. | |
The Semi-Annual Report to Stockholders is filed herewith. |
Goldman Sachs Funds |
ASSET ALLOCATION PORTFOLIOS Semiannual Report June 30, 2004 |
Strategies designed to |
provide a complete investment program in a single investment and capitalize on the benefits of asset allocation. |
Goldman Sachs Asset Allocation Portfolios |
GOLDMAN SACHS BALANCED STRATEGY PORTFOLIO |
GOLDMAN SACHS GROWTH AND INCOME STRATEGY PORTFOLIO |
GOLDMAN SACHS GROWTH STRATEGY PORTFOLIO |
GOLDMAN SACHS AGGRESSIVE GROWTH STRATEGY PORTFOLIO |
NOT FDIC-INSURED May Lose Value No Bank Guarantee |
GOLDMAN SACHS ASSET ALLOCATION PORTFOLIOS |
What Differentiates Goldman Sachs’ Approach to Asset Allocation? |
We believe that strong, consistent investment results through asset allocation are best achieved |
through teams of |
experts working together on a global scale: |
? Goldman Sachs’ Quantitative Strategies Team determines the strategic and quarterly tactical asset allocations. The team is comprised of 40 professionals with significant academic and practitioner experience and currently manages more than $54.3 billion in assets as of March 31, 2004 for institutional, high net worth and individual investors. |
EACH GOLDMAN SACHS ? Goldman Sachs’ Portfolio Management Teams offer expert management of the mutual ASSET ALLOCATION funds that are contained within each Asset Allocation Strategy. These same teams manage STRATEGY DELIVERS: portfolios for institutional and high net worth investors. |
? Comprehensive investment strategies for any life stageGoldman Sachs Asset Allocation Investment Process ? Automatic diversification and |
1 D E T E R M I N E LO N G — T E R M S T R AT E G I C B E N C H M A R K A S S E T A L LO C AT I O N S risk management benefits |
? Forward-looking, quarterly Quantitative Strategies Team Each Asset Allocation Portfolio represents a diversified global portfolio on the efficient frontier. tactical reallocation The Portfolios differ in their long-term objective, and therefore, their asset allocation mix.The ? Simplicity and efficiency long-term strategic asset allocation is the primary source of risk and the corresponding primary determinant of total return. It therefore represents an anchor, or neutral starting point, from which tactical asset allocation decisions are made. |
2 M A K E Q UA R T E R LY G LO B A L TA C T I C A L A S S E T A L LO C AT I O N D E C I S I O N S |
Quantitative Strategies Team For each Portfolio, the strategic asset allocation is combined with a measured amount of tactical risk. Changing market conditions create opportunities to capitalize on investing in different countries and asset classes relative to others over time.Within each strategy, we will shift assets away from the strategic allocation (over and underweighting certain asset classes and countries) to seek to benefit from changing conditions in global capital markets on a quarterly basis. |
Using proprietary portfolio construction models to maintain each Portfolio’s original risk/return profile over time, the team makes eight active decisions based on its current outlook on global equity, fixed income and currency markets. |
? Asset class selection Are U.S. stocks, U.S. bonds or cash more attractive? ? Regional equity selection Are U.S. or non-U.S. equities more attractive? ? Regional bond selection Are U.S. or non-U.S. bonds more attractive? ? U.S. equity style selection Are U.S. value or U.S. growth equities more attractive? ? U.S. equity size selection Are U.S. large-cap or U.S. small-cap equities more attractive? ? Equity country selection Which international countries are most attractive? ? High yield selection Are high yield or core fixed income securities more attractive? ? Emerging/developed equity selection Are emerging or developed equities more attractive? |
3 M A K E S E C U R I T Y S E L E C T I O N D E C I S I O N S |
Mutual Fund Portfolio Management Teams |
Each Portfolio is comprised of 6-11 underlying Goldman Sachs Funds managed by broad, deep portfolio management teams. In addition to global tactical asset allocation, we seek to generate excess returns through security selection within each underlying mutual fund.Whether in the equity or fixed income arenas, these portfolio management teams share a commitment to firsthand fundamental research and seek performance driven by successful security selection. |
1 P E R F O R M A N C E O V E R V I E W |
Asset Allocation Portfolios |
Dear Shareholder, |
This report provides an overview on the performance of the Goldman Sachs Asset Allocation Portfolios (individually, the |
“Portfolio,” and collectively, the “Portfolios”) during the six-month period ended June 30, 2004. |
Asset Allocation |
Overall, the various Portfolios invest their assets in underlying funds that invest in a strategic mix of stocks, bonds, and cash equivalents. Every June, we reset our strategic benchmarks to reflect current market expectations and to bring the total equity portion of the various Portfolios in-line with our long-term target weights. During the rest of the year, we allow these strategic targets to shift with their respective market returns, but we continue to adjust our tactical allocations to reflect our views. Each quarter, the overall asset allocation is adjusted based on current market conditions and our economic and market forecasts. By reallocating the Portfolios on a quarterly basis, we seek to enhance performance over the long term. |
Regional and Sector Preferences |
? Asset Class Selection — Our quantitative models continued to favor a moderate overweight in domestic stocks over domestic bonds, and stocks and bonds over cash during the reporting period. We were positive on stocks as a result of strong growth prospects and a favorable inflation environment. At the same time, we were modestly positive on bonds (versus cash, but not versus stocks) primarily due to moderate short-term momentum. |
In our equity style and size allocation models, we were overweight value stocks relative to growth stocks and modestly overweight large-cap stocks versus their small-cap counterparts. Our bullish position in value stocks relative to growth stocks was the result of supportive macroeconomic conditions and strong momentum in value stocks leading up to the second quarter 2004. We were underweight small-cap stocks during the first half of 2004 due to weak momentum and less supportive macroeconomic conditions. |
We held an overweight position in high yield versus core fixed income during the period, primarily due to strong short-term momentum in sub- |
investment grade debt securities. Additionally, we held a neutral view on emerging versus developed equity markets in the first quarter 2004, later transitioning to a bearish view on emerging equity in the second quarter of the year given weak credit conditions in emerging markets and poor momentum. |
? Equities — As 2004 began, we held a neutral position on domestic versus international equities as supportive macroeconomic conditions in the U.S. were offset by attractive long-term value in the international equity markets. While the macroeconomic environment in the U.S. continued to look supportive as we entered the second quarter 2004, we also saw evidence of strong short-term momentum in the U.S. This caused us to overweight the U.S. relative to international markets beginning in April 2004. |
While the views presented above represent our position on U.S. equities relative to international equities when evaluated in aggregate, we were also able to implement our |
2 P E R F O R M A N C E O V E R V I E W |
country level views within the Goldman Sachs CORESM International Equity Fund. Among international equity markets, we continued to favor Asia and particularly Japan, Hong Kong, and Singapore given attractive valuations and strong momentum. European equities appeared less attractive due to poor short-term momentum and expensive long-term value. As the year progressed, we also became increasingly bearish on the UK given unattractive long-term value, low risk premiums, less supportive macroeconomic conditions and weak momentum. |
? Fixed Income — Consistent with our views from 2003, we remained bullish on domestic fixed income relative to international fixed income securities during the first half of 2004. The U.S. was among our favorite bond markets globally as a result of high risk premiums and attractive long-term value. |
Performance |
The performance of the Portfolios is driven primarily by three factors: 1) strategic asset allocation policy, 2) underlying fund performance, and 3) asset allocation decisions. |
STRATEGIC ALLOCATIONS RETURN |
On an absolute basis, the Asset Allocation Portfolios generated moderate gains during the six-month period ended June 30, 2004. In general, performance was driven by positive returns in both U.S. and international stocks. Bond markets globally were also modestly positive for the |
first half of 2004. Emerging market debt and equity issues underperformed during the same period. |
UNDERLYING FUND EXCESS RETURN |
The second component of Portfolio performance is the contribution from our underlying fund managers. Overall, underlying fund security selection did very well for the first half of 2004, with all fixed income funds outperforming their respective benchmarks. With the exception of the CORE Small Cap Equity Fund, equity funds also outperformed their respective benchmarks during the reporting period. Among fixed income funds, the High Yield Fund was particularly successful. Among equity funds, the CORE Large Cap Value Fund performed particularly well for the period. The net result of security selection was a positive contribution in each of the Portfolios. |
ASSET ALLOCATION DECISIONS RETURN |
The final component of Portfolio performance is derived from the Global Tactical Asset Allocation (GTAA) strategy. Our tactical asset allocation decisions generated positive returns across all Portfolios during the six-month period ending June 30, 2004, adding approximately 3 |
P E R F O R M A N C E O V E R V I E W |
65 basis points of excess return to the Growth Strategy and Growth and Income Strategy Portfolios, approximately 40 basis points to the Balanced Strategy Portfolio, and approximately 25 basis points to the Aggressive Growth Strategy Portfolio. |
During the first quarter 2004, the Portfolios benefited from an overweight in U.S. value equity over U.S. growth equity, as well as an overweight in U.S. bonds relative to international bonds. Our overweight in U.S. stocks relative to U.S. bonds also contributed modestly to performance. During the second quarter 2004, the GTAA strategies contributed even more to portfolio performance, driven by our long-standing overweight in U.S. stocks relative to U.S. bonds. Our underweight position in emerging markets equities relative to developed equities also made a significant contribution. |
? Goldman Sachs Balanced Strategy Portfolio — During the six-month period ended June 30, 2004, the Portfolio’s Class A, B, C, Institutional, and Service Shares generated cumulative total returns of 3.20%, 2.82%, 2.83%, 3.30%, and 3.14%, respectively. |
? Goldman Sachs Growth and Income Strategy Portfolio — During the six-month period ended June 30, 2004, the Portfolio’s Class |
A, B, C, Institutional and Service Shares generated cumulative total returns of 4.22%, 3.94%, 3.84%, 4.41%, and 4.17%, respectively. |
? Goldman Sachs Growth Strategy Portfolio — During the six-month period ended June 30, 2004, the Portfolio’s Class A, B, C, Institutional and Service Shares generated cumulative total returns of 5.09%, 4.79%, 4.80%, 5.39%, and 5.01%, respectively. |
? Goldman Sachs Aggressive Growth Strategy Portfolio — During the six-month period ended June 30, 2004, the Portfolio’s Class A, B, C, Institutional and Service Shares generated cumulative total returns of 5.60%, 5.21%, 5.11%, 5.85%, and 5.52%, respectively. |
We hope this summary has been helpful to you in your understanding of how we manage your Portfolio. We thank you for the confidence you have placed in us and we look forward to your continued support. |
Goldman Sachs Quantitative Strategies Group |
July 16, 2004 4 |
F U N D B A S I C S |
Balanced Strategy |
as of June 30, 2004 |
P E R F O R M A N C E R E V I E W |
January 1, 2004–June 30, 2004 Portfolio Total Return (based on NAV)1 |
Class A 3.20% Assets Under Management Class B 2.82 Class C 2.83 $122.2 Million Institutional 3.30 Service 3.14 |
1The net asset value (NAV) represents the net assets of the class of the Portfolio (ex-dividend) divided by the total number of shares of the class outstanding. The Portfolio’s performance assumes the reinvestment of dividends and other distributions. The Portfolio’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 S T A N D A R D I Z E D T O T A L R E T U R N S 2 Class A Shares For the period ending June 30, 2004 Class A Class B Class C Institutional Service |
One Year 7.38% 7.88% 11.82% 14.12% 13.52% GIPAX Five Years 2.29 2.26 2.69 3.85 3.36 Since Inception (1/2/98) 3.38 3.52 3.52 4.69 4.18 |
2 The Standardized Total Returns are average annual total returns as of the most recent Class B Shares calendar quarter-end. They assume reinvestment of all distributions at net asset value. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares and the assumed contingent deferred sales charge for Class B Shares (5% maximum declining to 0% after six GIPBX 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. Total return figures in the above charts represent past performance and do not indicate future results, which will vary. The investment return and principal value of an investment will fluctuate Class C Shares 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/funds to obtain the most recent month-end returns. Performance reflects GIPCX 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 Portfolio distributions or the redemption of Portfolio shares. The Goldman Sachs Balanced Strategy Portfolio invests primarily in other Goldman Sachs Funds and is subject to the risk factors of those Funds. Some of the risks include the price fluctuations of Institutional Shares government securities in response to interest rates, the volatility of investments in the stock market, and the currency and political risks of non-U.S. securities. |
GIPIX C O M P O S I T I O N 3 |
For the investor seeking STRATEGIC MODEL TACTICAL FUND WEIGHTINGS Service Shares current income and long- PORTFOLIO WEIGHTINGS (Changes quarterly) term capital appreciation. Approximately half of the GIPSX Portfolio is invested in domestic fixed income funds which seek to provide income, 36.5% Short Duration 36.7% Short Duration with the remaining balance Government Fund Government Fund 4.6% High Yield Fund 7.6% High Yield Fund in domestic and international 15.0% Global Income Fund 4.3% Global Income Fund stock funds and an allocation 09.5% CORESM Large Cap Value Fund 20.4% CORESM Large Cap Value Fund to a global bond fund. The 09.2% CORESM Large Cap Growth Fund 9.8% CORESM Large Cap Growth Fund balance in equities is intended 2.9% CORESM Small Cap Equity Fund 3.4% CORESM Small Cap Equity Fund to add diversification and 19.0% CORESM International 14.5% CORESM International may enhance returns, but Equity Fund Equity Fund 3.4% Real Estate Securities Fund 3.4% Real Estate Securities Fund will also add some volatility to the Portfolio. |
3As of 4/1/04. Actual Fund weighting in the Asset Allocation Portfolios may differ slightly from the figures shown above due to rounding, differences in returns of the Underlying Funds, or both. The above figures are not indicative of future allocations. |
5 |
F U N D B A S I C S |
Growth and Income Strategy |
as of June 30, 2004 |
P E R F O R M A N C E R E V I E W |
January 1, 2004–June 30, 2004 Portfolio Total Return (based on NAV)1 |
Class A 4.22% Assets Under Management Class B 3.94 Class C 3.84 $316.4 Million Institutional 4.41 Service 4.17 |
1The net asset value (NAV) represents the net assets of the class of the Portfolio (ex-dividend) divided by the total number of shares of the class outstanding. The Portfolio’s performance assumes the reinvestment of dividends and other distributions. The Portfolio’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 S T A N D A R D I Z E D T O T A L R E T U R N S 2 Class A Shares For the period ending June 30, 2004 Class A Class B Class C Institutional Service |
One Year 12.92% 13.61% 17.46% 19.97% 19.33% GOIAX Five Years 1.54 1.52 1.93 3.14 2.60 Since Inception (1/2/98) 3.19 3.33 3.31 4.52 3.99 |
2 The Standardized Total Returns are average annual total returns as of the most recent Class B Shares calendar quarter-end. They assume reinvestment of all distributions at net asset value. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares and the assumed contingent deferred sales charge for Class B Shares (5% maximum declining to 0% after six GOIBX 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. Total return figures in the above charts represent past performance and do not indicate future results, which will vary. The investment return and principal value of an investment will fluctuate Class C Shares 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/funds to obtain the most recent month-end returns. Performance reflects GOICX 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 Portfolio distributions or the redemption of Portfolio shares. The Goldman Sachs Growth and Income Strategy Portfolio invests primarily in other Goldman Sachs Funds and is subject to the risk factors of those Funds. Some of the risks include the price fluctuations Institutional Shares of fixed income securities in response to interest rates, the credit risk and volatility of high yield bonds, and the volatility of non-U.S. stocks and bonds and U.S. stocks. |
GOIIX C O M P O S I T I O N 3 |
For the investor who STRATEGIC MODEL TACTICAL FUND WEIGHTINGS PORTFOLIO WEIGHTINGS (Changes quarterly) Service Shares seeks long-term capital |
appreciation and current income. Under normal GOISX circumstances, assets are allocated approximately 2.2% Short Duration 2.2% Short Duration 40% among fixed income Government Fund Government Fund 13.3% Core Fixed Income Fund 13.5% Core Fixed Income Fund funds, which are intended 2.4% High Yield Fund 5.4% High Yield Fund to provide the income 16.2% Global Income Fund 5.5% Global Income Fund component, and approxi- 2.4% Emerging Markets Debt Fund 2.4% Emerging Markets Debt Fund mately 60% among equity 13.2% CORESM Large Cap Value Fund 24.5% CORESM Large Cap Value Fund 12.7% CORESM Large Cap Growth Fund 13.8% CORESM Large Cap Growth Fund funds, which are intended 3.3% CORESM Small Cap Equity Fund 3.6% CORESM Small Cap Equity Fund to provide the capital 26.4% CORESM International 22.8% CORESM International appreciation component. Equity Fund Equity Fund 4.9% Emerging Markets Equity Fund 3.1% Emerging Markets Equity Fund 3.2% Real Estate Securities Fund 3.2% Real Estate Securities Fund |
3As of 4/1/04. Actual Fund weighting in the Asset Allocation Portfolios may differ slightly from the figures shown above due to rounding, differences in returns of the Underlying Funds, or both. The above figures are not indicative of future allocations. 6 |
F U N D B A S I C S |
Growth Strategy |
as of June 30, 2004 |
P E R F O R M A N C E R E V I E W |
January 1, 2004–June 30, 2004 Portfolio Total Return (based on NAV)1 |
Class A 5.09% Assets Under Management Class B 4.79 Class C 4.80 $260.4 Million Institutional 5.39 |
Service 5.01 |
1The net asset value (NAV) represents the net assets of the class of the Portfolio (ex-dividend) divided by the total number of shares of the class outstanding. The Portfolio’s performance assumes the reinvestment of dividends and other distributions. The Portfolio’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 S T A N D A R D I Z E D T O T A L R E T U R N S 2 Class A Shares For the period ending June 30, 2004 Class A Class B Class C Institutional Service |
One Year 18.27% 19.38% 23.40% 25.73% 25.10% GGSAX Five Years 0.23 0.23 0.63 1.81 1.27 Since Inception (1/2/98) 2.23 2.38 2.38 3.53 3.00 |
2 The Standardized Total Returns are average annual total returns as of the most recent Class B Shares calendar quarter-end. They assume reinvestment of all distributions at net asset value. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares and the assumed contingent deferred sales charge for Class B Shares (5% maximum declining to 0% after six GGSBX 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. Total return figures in the above charts represent past performance and do not indicate future results, which will vary. The investment return and principal value of an investment will fluctuate Class C Shares 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/funds to obtain the most recent month-end returns. Performance reflects GGSCX 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 Portfolio distributions or the redemption of Portfolio shares. The Goldman Sachs Growth Strategy Portfolio invests primarily in other Goldman Sachs Funds and is subject to the risk factors of those Funds. Some of the risks include the volatility of U.S. and non-U.S. Institutional Shares equity investments, the political and currency risks of non-U.S. securities, and the credit risks and volatility of high yield bonds. |
GGSIX C O M P O S I T I O N 3 |
STRATEGIC MODEL TACTICAL FUND WEIGHTINGS For the investor seeking PORTFOLIO WEIGHTINGS (Changes quarterly) Service Shares long-term capital appreciation and, secondarily, current income. GGSSX Approximately 80% of the assets are allocated 6.5% Core Fixed Income Fund 2.7% Core Fixed Income Fund among equity funds, with 2.4% High Yield Fund 05.4% High Yield Fund 6.7% Global Income Fund 2.3% Emerging Markets Debt Fund a blend of domestic large- 2.3% Emerging Markets Debt Fund 29.1% CORESM Large Cap Value Fund cap, small-cap and 17.7% CORESM Large Cap Value Fund 18.2% CORESM Large Cap Growth Fund international exposure to 17.0% CORESM Large Cap Growth Fund 4.5% CORESM Small Cap Equity Fund seek capital appreciation. 4.2% CORESM Small Cap Equity Fund 30.0% CORESM International 33.6% CORESM International Equity Fund The bond fund allocation Equity Fund 4.7% Emerging Markets Equity Fund is intended to provide 6.5% Emerging Markets Equity Fund 3.1% Real Estate Securities Fund diversification. 3.1% Real Estate Securities Fund |
3As of 4/1/04. Actual Fund weighting in the Asset Allocation Portfolios may differ slightly from the figures shown above due to rounding, differences in returns of the Underlying Funds, or both. The above figures are not indicative of future allocations. |
7 |
F U N D B A S I C S |
Aggressive Growth Strategy |
as of June 30, 2004 |
P E R F O R M A N C E R E V I E W |
January 1, 2004–June 30, 2004 Portfolio Total Return (based on NAV)1 |
Class A 5.60% Assets Under Management Class B 5.21 Class C 5.11 $122.6 Million Institutional 5.85 Service 5.52 |
1The net asset value (NAV) represents the net assets of the class of the Portfolio (ex-dividend) divided by the total number of shares of the class outstanding. The Portfolio’s performance assumes the reinvestment of dividends and other distributions. The Portfolio’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 S T A N D A R D I Z E D T O T A L R E T U R N S 2 Class A Shares For the period ending June 30, 2004 Class A Class B Class C Institutional Service |
One Year 21.56% 22.74% 26.69% 29.20% 28.44% GAPAX Five Years -0.59 -0.61 -0.21 0.93 0.44 Since Inception (1/2/98) 1.56 1.71 1.72 2.81 2.35 |
2 The Standardized Total Returns are average annual total returns as of the most recent Class B Shares calendar quarter-end. They assume reinvestment of all distributions at net asset value. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares and the assumed deferred sales charge for Class B Shares (5% maximum declining to 0% after six years) and GAPBX the assumed 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. Total return figures in the above charts represent past performance and do not indicate future results, which will vary. The investment return and principal value of an investment will fluctuate Class C Shares 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/funds to obtain the most recent month-end returns. Performance reflects GAXCX 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 Portfolio distributions or the redemption of Portfolio shares. The Goldman Sachs Aggressive Growth Strategy Portfolio invests primarily in other Goldman Sachs Funds and is subject to the risk factors of those Funds. Some of the risks include the volatility Institutional Shares of U.S. and non-U.S. equity investments and the political and currency risks of non-U.S. securities, which are particularly significant regarding equities of issuers located in emerging countries. |
GAPIX C O M P O S I T I O N 3 |
For the investor seeking STRATEGIC MODEL TACTICAL FUND WEIGHTINGS PORTFOLIO WEIGHTINGS (Changes quarterly) |
Service Shares long-term capital appreciation. Under normal circumstances, GAPSX all assets are allocated among equity funds with 22.0% CORESM Large Cap Value Fund 29.9% CORESM Large Cap Value Fund a greater focus on small- 21.2% CORESM Large Cap Growth Fund 19.1% CORESM Large Cap Growth Fund cap and international 6.2% CORESM Small Cap Equity Fund 05.7% CORESM Small Cap Equity Fund 39.5% CORESM International 35.9% CORESM International investments relative to Equity Fund Equity Fund the other portfolios. 8.6% Emerging Markets Equity Fund 06.9% Emerging Markets Equity Fund 2.5% Real Estate Securities Fund 02.5% Real Estate Securities Fund |
3As of 4/1/04. Actual Fund weighting in the Asset Allocation Portfolios may differ slightly from the figures shown above due to rounding, differences in returns of the Underlying Funds, or both. The above figures are not indicative of future allocations. |
8 |
GOLDMAN SACHS | ||||||||||
BALANCED STRATEGY PORTFOLIO | ||||||||||
Shares | Description | Value | ||||||||
Mutual Funds (Institutional Shares) – 100.1% | ||||||||||
Equity – 48.0% | ||||||||||
2,158,823 | Goldman Sachs CORE International Equity Fund – 17.6% | $ | 21,480,293 | |||||||
1,717,768 | Goldman Sachs CORE Large Cap Value Fund – 15.8% | 19,256,185 | ||||||||
562,703 | Goldman Sachs CORE Small Cap Equity Fund – 6.1% | 7,495,206 | ||||||||
607,935 | Goldman Sachs CORE Large Cap Growth Fund – 6.0% | 7,331,698 | ||||||||
212,658 | Goldman Sachs Real Estate Securities Fund – 2.5% | 3,117,570 | ||||||||
58,680,952 | ||||||||||
Fixed Income – 52.1% | ||||||||||
5,133,030 | Goldman Sachs Short Duration Government Fund – 41.3% | 50,406,350 | ||||||||
939,700 | Goldman Sachs High Yield Fund – 6.0% | 7,367,249 | ||||||||
434,424 | Goldman Sachs Global Income Fund – 4.8% | 5,877,754 | ||||||||
63,651,353 | ||||||||||
TOTAL INVESTMENTS – 100.1% | ||||||||||
(Cost $114,463,754) | $ | 122,332,305 | ||||||||
GOLDMAN SACHS | ||||||||||
GROWTH AND INCOME STRATEGY PORTFOLIO | ||||||||||
Shares | Description | Value | ||||||||
Mutual Funds (Institutional Shares) – 99.9% | ||||||||||
Equity – 67.8% | ||||||||||
7,708,809 | Goldman Sachs CORE International Equity Fund – 24.2% | $ | 76,702,645 | |||||||
5,714,212 | Goldman Sachs CORE Large Cap Value Fund – 20.2% | 64,056,320 | ||||||||
2,794,279 | Goldman Sachs CORE Large Cap Growth Fund – 10.7% | 33,699,009 | ||||||||
1,676,753 | Goldman Sachs CORE Small Cap Equity Fund – 7.1% | 22,334,347 | ||||||||
891,517 | Goldman Sachs Emerging Markets Equity Fund – 3.1% | 9,681,873 | ||||||||
546,265 | Goldman Sachs Real Estate Securities Fund – 2.5% | 8,008,248 | ||||||||
214,482,442 | ||||||||||
Fixed Income – 32.1% | ||||||||||
4,111,599 | Goldman Sachs Core Fixed Income Fund – 13.0% | 41,074,874 | ||||||||
1,919,323 | Goldman Sachs Global Income Fund – 8.2% | 25,968,445 | ||||||||
2,403,744 | Goldman Sachs High Yield Fund – 5.9% | 18,845,353 | ||||||||
772,652 | Goldman Sachs Emerging Markets Debt Fund – 2.5% | 7,796,054 | ||||||||
792,201 | Goldman Sachs Short Duration Government Fund – 2.5% | 7,779,409 | ||||||||
101,464,135 | ||||||||||
TOTAL INVESTMENTS – 99.9% | ||||||||||
(Cost $284,556,635) | $ | 315,946,577 | ||||||||
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | |
For information on the Underlying Mutual Funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.gs.com/funds. |
GOLDMAN SACHS | ||||||||||
GROWTH STRATEGY PORTFOLIO | ||||||||||
Shares | Description | Value | ||||||||
Mutual Funds (Institutional Shares) – 99.1% | ||||||||||
Equity – 86.9% | ||||||||||
8,087,348 | Goldman Sachs CORE International Equity Fund – 30.9% | $ | 80,469,117 | |||||||
5,903,264 | Goldman Sachs CORE Large Cap Value Fund – 25.4% | 66,175,585 | ||||||||
3,459,814 | Goldman Sachs CORE Large Cap Growth Fund – 16.0% | 41,725,358 | ||||||||
1,556,623 | Goldman Sachs CORE Small Cap Equity Fund – 8.0% | 20,734,214 | ||||||||
971,858 | Goldman Sachs Emerging Markets Equity Fund – 4.1% | 10,554,381 | ||||||||
443,883 | Goldman Sachs Real Estate Securities Fund – 2.5% | 6,507,319 | ||||||||
226,165,974 | ||||||||||
Fixed Income – 12.2% | ||||||||||
2,117,004 | Goldman Sachs High Yield Fund – 6.4% | 16,597,314 | ||||||||
889,414 | Goldman Sachs Core Fixed Income Fund – 3.4% | 8,885,243 | ||||||||
628,812 | Goldman Sachs Emerging Markets Debt Fund – 2.4% | 6,344,712 | ||||||||
10 | Goldman Sachs Global Income Fund – 0.0% | 139 | ||||||||
31,827,408 | ||||||||||
TOTAL MUTUAL FUNDS (INSTITUTIONAL SHARES) | ||||||||||
(Cost $224,960,029) | $ | 257,993,382 | ||||||||
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Repurchase Agreements – 0.0% | ||||||||||||||||
Joint Repurchase Agreement Account II^ | ||||||||||||||||
$ | 100,000 | 1.55 | % | 7/1/2004 | $ | 100,000 | ||||||||||
Maturity Value: $100,004 | ||||||||||||||||
TOTAL REPURCHASE AGREEMENTS | ||||||||||||||||
(Cost $100,000) | $ | 100,000 | ||||||||||||||
TOTAL INVESTMENTS – 99.1% | ||||||||||||||||
(Cost $225,060,029) | $ | 258,093,382 | ||||||||||||||
GOLDMAN SACHS | ||||||||||
AGGRESSIVE GROWTH STRATEGY PORTFOLIO | ||||||||||
Shares | Description | Value | ||||||||
Mutual Funds (Institutional Shares) – 100.0% | ||||||||||
Equity – 100.0% | ||||||||||
4,818,116 | Goldman Sachs CORE International Equity Fund – 39.1% | $ | 47,940,259 | |||||||
2,873,659 | Goldman Sachs CORE Large Cap Value Fund – 26.3% | 32,213,721 | ||||||||
1,710,905 | Goldman Sachs CORE Large Cap Growth Fund – 16.8% | 20,633,515 | ||||||||
851,696 | Goldman Sachs CORE Small Cap Equity Fund – 9.2% | 11,344,597 | ||||||||
690,881 | Goldman Sachs Emerging Markets Equity Fund – 6.1% | 7,502,963 | ||||||||
209,549 | Goldman Sachs Real Estate Securities Fund – 2.5% | 3,071,990 | ||||||||
122,707,045 | ||||||||||
TOTAL MUTUAL FUNDS (INSTITUTIONAL SHARES) | ||||||||||
(Cost $102,587,674) | $ | 122,707,045 | ||||||||
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Repurchase Agreements – 0.1% | ||||||||||||||||
Joint Repurchase Agreement Account II^ | ||||||||||||||||
$ | 100,000 | 1.55 | % | 7/1/2004 | $ | 100,000 | ||||||||||
Maturity Value: $100,004 | ||||||||||||||||
TOTAL REPURCHASE AGREEMENTS | ||||||||||||||||
(Cost $100,000) | $ | 100,000 | ||||||||||||||
TOTAL INVESTMENTS – 100.1% | ||||||||||||||||
(Cost $102,687,674) | $ | 122,807,045 | ||||||||||||||
^ | Joint repurchase agreement was entered into on June 30, 2004. |
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | |
For information on the Underlying Mutual Funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at |
Growth and | Aggressive | ||||||||||||||||||
Balanced | Income | Growth | Growth | ||||||||||||||||
Strategy | Strategy | Strategy | Strategy | ||||||||||||||||
Portfolio | Portfolio | Portfolio | Portfolio | ||||||||||||||||
Assets: | |||||||||||||||||||
Investment in securities, at value (identified cost $114,463,754, $284,556,635, $225,060,029 and $102,687,674, respectively) | $ | 122,332,305 | $ | 315,946,577 | $ | 258,093,382 | $ | 122,807,045 | |||||||||||
Cash | 54,175 | — | 3,156 | 32,622 | |||||||||||||||
Receivables: | |||||||||||||||||||
Investment securities sold | 13,656,000 | 27,139,759 | 16,556,986 | 7,572,000 | |||||||||||||||
Fund shares sold | 240,251 | 1,900,597 | 3,771,670 | 397,563 | |||||||||||||||
Dividends | 376,057 | 808,391 | 546,906 | 189,342 | |||||||||||||||
Reimbursement from adviser | 19,157 | 19,418 | 19,271 | 18,699 | |||||||||||||||
Other assets | 2,625 | 10,750 | 6,735 | 4,330 | |||||||||||||||
Total assets | 136,680,570 | 345,825,492 | 278,998,106 | 131,021,601 | |||||||||||||||
Liabilities: | |||||||||||||||||||
Due to Custodian | — | 53,759 | — | — | |||||||||||||||
Payables: | |||||||||||||||||||
Investment securities purchased | 14,086,476 | 27,896,165 | 17,207,087 | 7,893,959 | |||||||||||||||
Fund shares repurchased | 220,195 | 1,219,501 | 1,137,294 | 352,820 | |||||||||||||||
Amounts owed to affiliates | 74,680 | 232,621 | 195,139 | 93,507 | |||||||||||||||
Accrued expenses | 56,019 | 55,721 | 55,687 | 54,601 | |||||||||||||||
Total liabilities | 14,437,370 | 29,457,767 | 18,595,207 | 8,394,887 | |||||||||||||||
Net Assets: | |||||||||||||||||||
Paid-in capital | 119,966,512 | 320,206,125 | 265,997,291 | 124,405,430 | |||||||||||||||
Accumulated undistributed (distributions in excess of) net investment income (loss) | 1,749 | (291 | ) | 454,119 | (224,531 | ) | |||||||||||||
Accumulated net realized loss on investment transactions | (5,593,612 | ) | (35,228,051 | ) | (39,081,864 | ) | (21,673,556 | ) | |||||||||||
Net unrealized gain on investments | 7,868,551 | 31,389,942 | 33,033,353 | 20,119,371 | |||||||||||||||
NET ASSETS | $ | 122,243,200 | $ | 316,367,725 | $ | 260,402,899 | $ | 122,626,714 | |||||||||||
Net asset value, offering and redemption price per share:(a) | |||||||||||||||||||
Class A | $ | 10.21 | $ | 10.52 | $ | 10.74 | $ | 10.94 | |||||||||||
Class B | $ | 10.21 | $ | 10.51 | $ | 10.72 | $ | 10.71 | |||||||||||
Class C | $ | 10.22 | $ | 10.49 | $ | 10.70 | $ | 10.69 | |||||||||||
Institutional | $ | 10.20 | $ | 10.54 | $ | 10.76 | $ | 11.04 | |||||||||||
Service | $ | 10.22 | $ | 10.50 | $ | 10.69 | $ | 10.89 | |||||||||||
Shares outstanding: | |||||||||||||||||||
Class A | 3,967,442 | 15,085,461 | 9,210,566 | 5,282,129 | |||||||||||||||
Class B | 2,483,112 | 7,101,307 | 6,325,503 | 2,361,223 | |||||||||||||||
Class C | 2,052,911 | 6,623,523 | 6,215,108 | 3,337,013 | |||||||||||||||
Institutional | 3,295,758 | 1,095,823 | 2,383,684 | 337,734 | |||||||||||||||
Service | 175,016 | 190,196 | 144,208 | 12,891 | |||||||||||||||
Total shares outstanding, $0.001 par value (unlimited number of shares authorized) | 11,974,239 | 30,096,310 | 24,279,069 | 11,330,990 | |||||||||||||||
(a) | Maximum public offering price per share (NAV per share multiplied by 1.0582) for Class A Shares of the Balanced Strategy, Growth and Income Strategy, Growth Strategy and Aggressive Growth Strategy Portfolios is $10.80, $11.13, $11.37 and $11.58, respectively. At redemption, Class B and Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value or the original purchase price of the shares. |
Growth and | Aggressive | |||||||||||||||||
Balanced | Income | Growth | Growth | |||||||||||||||
Strategy | Strategy | Strategy | Strategy | |||||||||||||||
Portfolio | Portfolio | Portfolio | Portfolio | |||||||||||||||
Investment Income: | ||||||||||||||||||
Income distributions from Underlying Funds | $ | 1,553,954 | $ | 3,074,803 | $ | 1,524,263 | $ | 324,810 | ||||||||||
Total income | 1,553,954 | 3,074,803 | 1,524,263 | 324,810 | ||||||||||||||
Expenses: | ||||||||||||||||||
Distribution and Service fees(a) | 265,265 | 891,922 | 761,460 | 361,050 | ||||||||||||||
Management fees | 201,680 | 527,919 | 410,703 | 206,707 | ||||||||||||||
Transfer Agent fees (a) | 83,744 | 276,362 | 213,892 | 109,051 | ||||||||||||||
Registration fees | 27,747 | 30,912 | 30,124 | 26,737 | ||||||||||||||
Custodian and Accounting fees | 26,075 | 26,472 | 26,368 | 25,020 | ||||||||||||||
Professional fees | 21,286 | 21,286 | 21,286 | 21,286 | ||||||||||||||
Printing fees | 19,307 | 19,307 | 19,307 | 19,307 | ||||||||||||||
Trustee fees | 3,708 | 3,708 | 3,708 | 3,708 | ||||||||||||||
Service Share fees | 4,374 | 4,910 | 3,565 | 332 | ||||||||||||||
Other | 15,285 | 17,751 | 16,503 | 15,526 | ||||||||||||||
Total expenses | 668,471 | 1,820,549 | 1,506,916 | 788,724 | ||||||||||||||
Less — expense reductions | (226,349 | ) | (415,064 | ) | (347,289 | ) | (227,340 | ) | ||||||||||
Net expenses | 442,122 | 1,405,485 | 1,159,627 | 561,384 | ||||||||||||||
NET INVESTMENT INCOME (LOSS) | 1,111,832 | 1,669,318 | 364,636 | (236,574 | ) | |||||||||||||
Realized and Unrealized Gain (Loss): | ||||||||||||||||||
Net realized gain from investment transactions | 4,065,663 | 8,350,761 | 3,497,992 | 2,032,455 | ||||||||||||||
Net change in unrealized gain (loss) on investments | (1,766,661 | ) | 1,921,142 | 7,556,113 | 4,280,460 | |||||||||||||
Net realized and unrealized gain | 2,299,002 | 10,271,903 | 11,054,105 | 6,312,915 | ||||||||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 3,410,834 | $ | 11,941,221 | $ | 11,418,741 | $ | 6,076,341 | ||||||||||
(a) | Class specific Distribution and Service and Transfer Agent fees were as follows: |
Distribution and Service Fees | Transfer Agent Fees | |||||||||||||||||||||||||||||||
Portfolio | Class A | Class B | Class C | Class A | Class B | Class C | Institutional | Service | ||||||||||||||||||||||||
Balanced Strategy | $ | 46,456 | $ | 122,708 | $ | 96,101 | $ | 35,306 | $ | 23,315 | $ | 18,259 | $ | 6,514 | $ | 350 | ||||||||||||||||
Growth and Income Strategy | 182,753 | 370,808 | 338,361 | 138,892 | 70,454 | 64,289 | 2,334 | 393 | ||||||||||||||||||||||||
Growth Strategy | 117,190 | 338,462 | 305,808 | 89,064 | 64,308 | 58,104 | 2,131 | 285 | ||||||||||||||||||||||||
Aggressive Growth Strategy | 69,489 | 126,225 | 165,336 | 52,811 | 23,983 | 31,414 | 816 | 27 |
Growth and | Aggressive | ||||||||||||||||||
Balanced | Income | Growth | Growth | ||||||||||||||||
Strategy | Strategy | Strategy | Strategy | ||||||||||||||||
Portfolio | Portfolio | Portfolio | Portfolio | ||||||||||||||||
From operations: | |||||||||||||||||||
Net investment income (loss) | $ | 1,111,832 | $ | 1,669,318 | $ | 364,636 | $ | (236,574 | ) | ||||||||||
Net realized gain from investment transactions | 4,065,663 | 8,350,761 | 3,497,992 | 2,032,455 | |||||||||||||||
Net change in unrealized gain (loss) on investments | (1,766,661 | ) | 1,921,142 | 7,556,113 | 4,280,460 | ||||||||||||||
Net increase in net assets resulting from operations | 3,410,834 | 11,941,221 | 11,418,741 | 6,076,341 | |||||||||||||||
Distributions to shareholders: | |||||||||||||||||||
From net investment income | |||||||||||||||||||
Class A Shares | (419,081 | ) | (1,158,392 | ) | — | — | |||||||||||||
Class B Shares | (178,159 | ) | (283,389 | ) | — | — | |||||||||||||
Class C Shares | (144,798 | ) | (260,079 | ) | — | — | |||||||||||||
Institutional Shares | (424,240 | ) | (109,191 | ) | — | — | |||||||||||||
Service Shares | (17,960 | ) | (13,878 | ) | — | — | |||||||||||||
Total distributions to shareholders | (1,184,238 | ) | (1,824,929 | ) | — | — | |||||||||||||
From share transactions: | |||||||||||||||||||
Net proceeds from sales of shares | 21,920,192 | 53,999,473 | 53,101,369 | 20,398,672 | |||||||||||||||
Reinvestment of dividends and distributions | 1,096,294 | 1,708,665 | — | — | |||||||||||||||
Cost of shares repurchased | (9,938,422 | ) | (36,282,014 | ) | (25,740,421 | ) | (16,532,290 | ) | |||||||||||
Net increase in net assets resulting from share transactions | 13,078,064 | 19,426,124 | 27,360,948 | 3,866,382 | |||||||||||||||
TOTAL INCREASE | 15,304,660 | 29,542,416 | 38,779,689 | 9,942,723 | |||||||||||||||
Net assets: | |||||||||||||||||||
Beginning of period | 106,938,540 | 286,825,309 | 221,623,210 | 112,683,991 | |||||||||||||||
End of period | $ | 122,243,200 | $ | 316,367,725 | $ | 260,402,899 | $ | 122,626,714 | |||||||||||
Accumulated undistributed (distributions in excess of) net investment income (loss) | $ | 1,749 | $ | (291 | ) | $ | 454,119 | $ | (224,531 | ) | |||||||||
Growth and | Aggressive | ||||||||||||||||||
Balanced | Income | Growth | Growth | ||||||||||||||||
Strategy | Strategy | Strategy | Strategy | ||||||||||||||||
Portfolio | Portfolio | Portfolio | Portfolio | ||||||||||||||||
From operations: | |||||||||||||||||||
Net investment income | $ | 2,292,851 | $ | 4,770,578 | $ | 1,630,661 | $ | 146,220 | |||||||||||
Net realized loss from investment transactions, including capital gain distributions from Underlying Funds | (911,641 | ) | (5,408,314 | ) | (7,727,372 | ) | (5,436,505 | ) | |||||||||||
Net change in unrealized gain on investments | 13,694,821 | 54,609,484 | 56,329,229 | 34,248,165 | |||||||||||||||
Net decrease in net assets resulting from operations | 15,076,031 | 53,971,748 | 50,232,518 | 28,957,880 | |||||||||||||||
Distributions to shareholders: | |||||||||||||||||||
From net investment income | |||||||||||||||||||
Class A Shares | (761,297 | ) | (3,240,891 | ) | (1,188,805 | ) | (316,586 | ) | |||||||||||
Class B Shares | (398,286 | ) | (1,357,840 | ) | (436,729 | ) | — | ||||||||||||
Class C Shares | (280,413 | ) | (1,190,667 | ) | (396,167 | ) | (13,473 | ) | |||||||||||
Institutional Shares | (889,236 | ) | (247,496 | ) | (144,305 | ) | (44,598 | ) | |||||||||||
Service Shares | (38,982 | ) | (48,469 | ) | (16,372 | ) | (574 | ) | |||||||||||
Total distributions to shareholders | (2,368,214 | ) | (6,085,363 | ) | (2,182,378 | ) | (375,231 | ) | |||||||||||
From share transactions: | |||||||||||||||||||
Net proceeds from sales of shares | 32,503,972 | 63,948,375 | 52,111,392 | 24,387,510 | |||||||||||||||
Reinvestment of dividends and distributions | 2,198,718 | 5,648,084 | 2,057,919 | 367,619 | |||||||||||||||
Cost of shares repurchased | (29,513,524 | ) | (60,118,675 | ) | (53,870,946 | ) | (25,798,819 | ) | |||||||||||
Net increase (decrease) in net assets resulting from share transactions | 5,189,166 | 9,477,784 | 298,365 | (1,043,690 | ) | ||||||||||||||
TOTAL INCREASE (DECREASE) | 17,896,983 | 57,364,169 | 48,348,505 | 27,538,959 | |||||||||||||||
Net assets: | |||||||||||||||||||
Beginning of year | 89,041,557 | 229,461,140 | 173,274,705 | 85,145,032 | |||||||||||||||
End of year | $ | 106,938,540 | $ | 286,825,309 | $ | 221,623,210 | $ | 112,683,991 | |||||||||||
Accumulated undistributed net investment income | $ | 74,155 | $ | 155,320 | $ | 89,483 | $ | 12,043 | |||||||||||
1. ORGANIZATION |
Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940 (as amended) as an open-end, management investment company. The Trust includes Goldman Sachs Balanced Strategy Portfolio (“Balanced Strategy”), Goldman Sachs Growth and Income Strategy Portfolio (“Growth and Income Strategy”), Goldman Sachs Growth Strategy Portfolio (“Growth Strategy”) and Goldman Sachs Aggressive Growth Strategy Portfolio (“Aggressive Growth Strategy”), collectively, the “Portfolios” or, individually, a “Portfolio.” Each Portfolio is a diversified portfolio offering five classes of shares — Class A, Class B, Class C, Institutional and Service Shares.
2. SIGNIFICANT ACCOUNTING POLICIES |
The following is a summary of significant accounting policies consistently followed by the Portfolios. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that may affect the reported amounts. Actual results could differ from those estimates.
A. Investment Valuation — Each Portfolio invests in a combination of Underlying Funds (the “Underlying Funds”) for which Goldman Sachs Asset Management, L.P. (“GSAM”), and Goldman Sachs Asset Management International (“GSAMI”), affiliates of Goldman, Sachs & Co., (“Goldman Sachs”), act as investment advisers. Investments in the Underlying Funds are valued at the closing net asset value per share of each Underlying Fund on the day of valuation. Because each Portfolio invests primarily in other mutual funds, which fluctuate in value, the Portfolios’ shares will correspondingly fluctuate in value. Short-term debt obligations maturing in sixty days or less are valued at amortized cost, which approximates market value.
B. Securities Transactions and Investment Income — Purchases and sales of the Underlying Funds are recorded as of the trade date. Realized gains and losses on sales of the Underlying Funds are calculated on the identified cost basis. Dividend income and capital gains distributions from the Underlying Funds are recorded on the ex-dividend date. Interest income is recorded on the basis of interest accrued, premium amortized and discount accreted. Net investment income (other than class-specific expenses) and unrealized and realized gains or losses are allocated daily to each class of shares of the Portfolios based upon the relative proportion of net assets of each class.
C. Dividend Distributions to Shareholders — Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule:
Capital Gains | ||||||||||||||||
Income Distribution | Distribution | |||||||||||||||
Portfolio | Declared | Paid | Declared | Paid | ||||||||||||
Balanced Strategy | Quarterly | Quarterly | Annually | Annually | ||||||||||||
Growth and Income Strategy | Quarterly | Quarterly | Annually | Annually | ||||||||||||
Growth Strategy | Annually | Annually | Annually | Annually | ||||||||||||
Aggressive Growth Strategy | Annually | Annually | Annually | Annually | ||||||||||||
D. Federal Taxes — It is each Portfolio’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.
The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with Federal income tax rules. Therefore, the source of a Portfolio’s distributions may be shown in the accompanying financial statements as either from net investment income or net realized gains, or from paid-in-capital, depending on the type of book/tax differences that may exist.
2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
E. Expenses — Expenses incurred by the Trust that do not specifically relate to an individual Portfolio of the Trust are allocated to the Portfolios based on a straight-line or pro rata basis depending upon the nature of the expense. Expenses included in the accompanying financial statements reflect the expenses of each Portfolio and do not include any expenses associated with the Underlying Funds. Because the Underlying Funds have varied expense and fee levels and the Portfolios may own different proportions of Underlying Funds at different times, the amount of fees and expenses incurred indirectly by each Portfolio will vary.
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 Portfolios, including accrued interest, is required to equal or exceed the value of the repurchase agreement, including accrued interest. If the seller defaults or becomes insolvent, realization of the collateral by the Portfolios may be delayed or limited and there may be a decline in the value of the collateral during the period while the Portfolios seek to assert their rights. The underlying securities for all repurchase agreements are held in safekeeping at each Portfolio’s custodian or designated sub-custodian under triparty repurchase agreements.
3. AGREEMENTS |
Management | Other Expense | |||||||||||
Portfolio | Fee Waivers | Reimbursement | Total | |||||||||
Balanced Strategy | $ | 115 | $ | 111 | $ | 226 | ||||||
Growth and Income Strategy | 302 | 113 | 415 | |||||||||
Growth Strategy | 235 | 112 | 347 | |||||||||
Aggressive Growth Strategy | 118 | 109 | 227 | |||||||||
3. AGREEMENTS (continued) |
Contingent Deferred Sales Charge | ||||||||||||
Sales Load | ||||||||||||
Portfolio | Class A | Class B | Class C | |||||||||
Balanced Strategy | $ | 39,600 | $ | 300 | $ | — | ||||||
Growth and Income Strategy | 122,900 | 600 | 100 | |||||||||
Growth Strategy | 43,700 | 500 | — | |||||||||
Aggressive Growth Strategy | 17,200 | 1,200 | 100 | |||||||||
Management | Transfer | Distribution and | ||||||||||||||
Portfolio | Fees | Agent Fees | Service Fees | Total | ||||||||||||
Balanced Strategy | $ | 15 | $ | 14 | $ | 46 | $ | 75 | ||||||||
Growth and Income Strategy | 38 | 47 | 148 | 233 | ||||||||||||
Growth Strategy | 31 | 36 | 128 | 195 | ||||||||||||
Aggressive Growth Strategy | 15 | 18 | 61 | 94 | ||||||||||||
Notes to Financial Statements (continued)
4. PORTFOLIO SECURITY TRANSACTIONS |
The cost of purchases and proceeds of sales of the Underlying Funds for the six months ended June 30, 2004, were as follows:
Portfolio | Purchases | Sales | ||||||
Balanced Strategy | $ | 42,151,690 | $ | 30,465,126 | ||||
Growth and Income Strategy | 93,384,420 | 74,877,789 | ||||||
Growth Strategy | 77,715,304 | 53,022,744 | ||||||
Aggressive Growth Strategy | 29,497,212 | 26,520,607 | ||||||
5. LINE OF CREDIT FACILITY |
6. JOINT REPURCHASE AGREEMENT ACCOUNT |
Principal | Interest | Maturity | Maturity | |||||||||||
Repurchase Agreements | Amount | Rate | Date | Value | ||||||||||
Banc of America Securities LLC | $ | 750,000,000 | 1.55 | % | 07/01/2004 | $ | 750,032,292 | |||||||
Bear Stearns | 675,000,000 | 1.55 | 07/01/2004 | 675,029,063 | ||||||||||
Greenwich Capital Markets | 400,000,000 | 1.53 | 07/01/2004 | 400,017,000 | ||||||||||
J.P. Morgan Chase & Co. | 700,000,000 | 1.55 | 07/01/2004 | 700,030,139 | ||||||||||
Morgan Stanley & Co. | 775,000,000 | 1.55 | 07/01/2004 | 775,033,368 | ||||||||||
UBS LLC | 950,500,000 | 1.55 | 07/01/2004 | 950,540,924 | ||||||||||
Westdeutsche Landesbank AG | 500,000,000 | 1.52 | 07/01/2004 | 500,021,111 | ||||||||||
TOTAL JOINT REPURCHASE AGREEMENT ACCOUNT II | $ | 4,750,500,000 | $ | 4,750,703,897 | ||||||||||
7. ADDITIONAL TAX INFORMATION |
Growth and | Aggressive | ||||||||||||||||||
Balanced | Income | Growth | Growth | ||||||||||||||||
Strategy Portfolio | Strategy Portfolio | Strategy Portfolio | Strategy Portfolio | ||||||||||||||||
Capital loss carryforward | |||||||||||||||||||
Expiring 2009 | $ | (1,803,829 | ) | $ | (7,533,379 | ) | $ | (6,125,856 | ) | $ | (96,961 | ) | |||||||
Expiring 2010 | (2,256,424 | ) | (15,559,922 | ) | (16,976,361 | ) | (7,797,697 | ) | |||||||||||
Expiring 2011 | (186,710 | ) | (5,075,312 | ) | (4,667,019 | ) | (3,712,418 | ) | |||||||||||
Total capital loss carryforward | $ | (4,246,963 | ) | $ | (28,168,613 | ) | $ | (27,769,236 | ) | $ | (11,607,076 | ) | |||||||
Growth and | Aggressive | ||||||||||||||||||
Balanced | Income | Growth | Growth | ||||||||||||||||
Strategy Portfolio | Strategy Portfolio | Strategy Portfolio | Strategy Portfolio | ||||||||||||||||
Tax Cost | $ | 119,862,619 | $ | 299,916,518 | $ | 239,836,455 | $ | 114,774,566 | |||||||||||
Gross unrealized gain | 2,839,453 | 17,046,234 | 18,414,826 | 8,032,479 | |||||||||||||||
Gross unrealized loss | (369,767 | ) | (1,016,175 | ) | (157,899 | ) | — | ||||||||||||
Net unrealized security gain | $ | 2,469,686 | $ | 16,030,059 | $ | 18,256,927 | $ | 8,032,479 | |||||||||||
The difference between book-basis and tax-basis unrealized gains (losses) are primarily attributable to wash sales and return of capital distributions from Underlying Fund investments.
8. OTHER MATTERS |
9. SUMMARY OF SHARE TRANSACTIONS |
Balanced Strategy Portfolio | Growth and Income Strategy Portfolio | |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
Class A Shares | ||||||||||||||||
Shares sold | 1,036,564 | $ | 10,544,928 | 3,393,331 | $ | 35,323,663 | ||||||||||
Reinvestment of dividends and distributions | 38,742 | 395,335 | 105,807 | 1,111,029 | ||||||||||||
Shares converted from Class B(a) | 544 | 5,560 | — | — | ||||||||||||
Shares repurchased | (446,016 | ) | (4,524,596 | ) | (1,635,120 | ) | (17,036,322 | ) | ||||||||
629,834 | 6,421,227 | 1,864,018 | 19,398,370 | |||||||||||||
Class B Shares | ||||||||||||||||
Shares sold | 405,536 | 4,112,592 | 482,949 | 5,020,840 | ||||||||||||
Reinvestment of dividends and distributions | 14,435 | 147,257 | 24,245 | 254,315 | ||||||||||||
Shares converted to Class A(a) | (545 | ) | (5,560 | ) | — | — | ||||||||||
Shares repurchased | (298,602 | ) | (3,022,068 | ) | (657,213 | ) | (6,816,659 | ) | ||||||||
120,824 | 1,232,221 | (150,019 | ) | (1,541,504 | ) | |||||||||||
Class C Shares | ||||||||||||||||
Shares sold | 419,262 | 4,255,831 | 1,101,874 | 11,424,802 | ||||||||||||
Reinvestment of dividends and distributions | 11,432 | 116,770 | 21,619 | 226,623 | ||||||||||||
Shares repurchased | (129,430 | ) | (1,317,583 | ) | (992,678 | ) | (10,259,592 | ) | ||||||||
301,264 | 3,055,018 | 130,815 | 1,391,833 | |||||||||||||
Institutional Shares | ||||||||||||||||
Shares sold | 279,864 | 2,871,898 | 211,246 | 2,201,816 | ||||||||||||
Reinvestment of dividends and distributions | 41,524 | 423,562 | 10,337 | 108,763 | ||||||||||||
Shares repurchased | (94,209 | ) | (955,329 | ) | (199,642 | ) | (2,078,503 | ) | ||||||||
227,179 | 2,340,131 | 21,941 | 232,076 | |||||||||||||
Service Shares | ||||||||||||||||
Shares sold | 13,285 | 134,943 | 2,701 | 28,352 | ||||||||||||
Reinvestment of dividends and distributions | 1,309 | 13,370 | 758 | 7,935 | ||||||||||||
Shares repurchased | (11,773 | ) | (118,846 | ) | (8,885 | ) | (90,938 | ) | ||||||||
2,821 | 29,467 | (5,426 | ) | (54,651 | ) | |||||||||||
NET INCREASE | 1,281,922 | $ | 13,078,064 | 1,861,329 | $ | 19,426,124 | ||||||||||
(a) | Class B Shares will automatically convert into Class A Shares at the end of the calendar quarter that is eight years after the initial purchase date of either the Fund or another Goldman Sachs Fund. |
Growth Strategy Portfolio | Aggressive Growth Strategy Portfolio | |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
1,626,542 | $ | 17,154,668 | 1,053,990 | $ | 11,303,695 | |||||||||||
— | — | — | — | |||||||||||||
— | — | — | — | |||||||||||||
(1,158,006 | ) | (12,152,334 | ) | (799,086 | ) | (8,511,169 | ) | |||||||||
468,536 | 5,002,334 | 254,904 | 2,792,526 | |||||||||||||
372,928 | 3,935,786 | 123,028 | 1,291,700 | |||||||||||||
— | — | — | — | |||||||||||||
— | — | — | — | |||||||||||||
(598,568 | ) | (6,290,908 | ) | (205,594 | ) | (2,151,756 | ) | |||||||||
(225,640 | ) | (2,355,122 | ) | (82,566 | ) | (860,056 | ) | |||||||||
1,359,731 | 14,235,748 | 728,075 | 7,660,294 | |||||||||||||
— | — | — | — | |||||||||||||
(544,336 | ) | (5,718,018 | ) | (411,281 | ) | (4,326,146 | ) | |||||||||
815,395 | 8,517,730 | 316,794 | 3,334,148 | |||||||||||||
1,673,890 | 17,625,551 | 12,381 | 134,925 | |||||||||||||
— | — | — | — | |||||||||||||
(146,640 | ) | (1,544,764 | ) | (142,439 | ) | (1,537,916 | ) | |||||||||
1,527,250 | 16,080,787 | (130,058 | ) | (1,402,991 | ) | |||||||||||
14,124 | 149,616 | 754 | 8,058 | |||||||||||||
— | — | — | — | |||||||||||||
(3,352 | ) | (34,397 | ) | (488 | ) | (5,303 | ) | |||||||||
10,772 | 115,219 | 266 | 2,755 | |||||||||||||
2,596,313 | $ | 27,360,948 | 359,340 | $ | 3,866,382 | |||||||||||
9. SUMMARY OF SHARE TRANSACTIONS (continued) |
Balanced Strategy Portfolio | Growth and Income Strategy Portfolio | |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
Class A Shares | ||||||||||||||||
Shares sold | 1,587,021 | $ | 14,648,036 | 3,742,982 | $ | 34,038,353 | ||||||||||
Reinvestment of dividends and distributions | 76,262 | 716,860 | 329,351 | 3,099,112 | ||||||||||||
Shares repurchased | (1,049,380 | ) | (9,860,615 | ) | (3,461,509 | ) | (30,845,441 | ) | ||||||||
613,903 | 5,504,281 | 610,824 | 6,292,024 | |||||||||||||
Class B Shares | ||||||||||||||||
Shares sold | 510,427 | 4,681,219 | 893,290 | 8,079,833 | ||||||||||||
Reinvestment of dividends and distributions | 34,689 | 325,235 | 127,890 | 1,206,822 | ||||||||||||
Shares repurchased | (622,691 | ) | (5,754,389 | ) | (1,630,707 | ) | (14,509,970 | ) | ||||||||
(77,575 | ) | (747,935 | ) | (609,527 | ) | (5,223,315 | ) | |||||||||
Class C Shares | ||||||||||||||||
Shares sold | 669,273 | 6,170,502 | 1,757,159 | 15,849,809 | ||||||||||||
Reinvestment of dividends and distributions | 25,363 | 238,859 | 113,066 | 1,068,165 | ||||||||||||
Shares repurchased | (427,469 | ) | (3,964,453 | ) | (1,434,838 | ) | (12,743,982 | ) | ||||||||
267,167 | 2,444,908 | 435,387 | 4,173,992 | |||||||||||||
Institutional Shares | ||||||||||||||||
Shares sold | 736,828 | 6,855,385 | 591,291 | 5,757,135 | ||||||||||||
Reinvestment of dividends and distributions | 95,055 | 888,485 | 25,977 | 247,239 | ||||||||||||
Shares repurchased | (1,023,803 | ) | (9,741,825 | ) | (194,903 | ) | (1,816,709 | ) | ||||||||
(191,920 | ) | (1,997,955 | ) | 422,365 | 4,187,665 | |||||||||||
Service Shares | ||||||||||||||||
Shares sold | 16,168 | 148,830 | 25,761 | 223,245 | ||||||||||||
Reinvestment of dividends and distributions | 3,123 | 29,279 | 2,858 | 26,746 | ||||||||||||
Shares repurchased | (20,722 | ) | (192,242 | ) | (22,601 | ) | (202,573 | ) | ||||||||
(1,431 | ) | (14,133 | ) | 6,018 | 47,418 | |||||||||||
NET INCREASE (DECREASE) | 610,144 | $ | 5,189,166 | 865,067 | $ | 9,477,784 | ||||||||||
Growth Strategy Portfolio | Aggressive Growth Strategy Portfolio | |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
3,090,152 | $ | 26,379,921 | 1,632,217 | $ | 13,856,284 | |||||||||||
114,685 | 1,144,558 | 30,728 | 310,049 | |||||||||||||
(3,568,687 | ) | (30,156,385 | ) | (1,717,213 | ) | (14,665,317 | ) | |||||||||
(363,850 | ) | (2,631,906 | ) | (54,268 | ) | (498,984 | ) | |||||||||
660,257 | 5,810,899 | 196,702 | 1,660,205 | |||||||||||||
40,251 | 402,590 | — | — | |||||||||||||
(1,248,165 | ) | (10,671,257 | ) | (531,858 | ) | (4,304,187 | ) | |||||||||
(547,657 | ) | (4,457,768 | ) | (335,156 | ) | (2,643,982 | ) | |||||||||
1,623,258 | 14,419,618 | 1,022,660 | 8,708,238 | |||||||||||||
35,543 | 354,746 | 1,252 | 12,398 | |||||||||||||
(1,381,103 | ) | (11,773,389 | ) | (737,313 | ) | (6,255,440 | ) | |||||||||
277,698 | 3,000,975 | 286,599 | 2,465,196 | |||||||||||||
541,183 | 5,263,014 | 17,080 | 153,335 | |||||||||||||
14,221 | 141,770 | 4,390 | 44,598 | |||||||||||||
(144,866 | ) | (1,239,254 | ) | (63,612 | ) | (528,186 | ) | |||||||||
410,538 | 4,165,530 | (42,142 | ) | (330,253 | ) | |||||||||||
29,368 | 237,940 | 1,150 | 9,448 | |||||||||||||
1,434 | 14,255 | 57 | 574 | |||||||||||||
(3,967 | ) | (30,661 | ) | (4,908 | ) | (45,689 | ) | |||||||||
26,835 | 221,534 | (3,701 | ) | (35,667 | ) | |||||||||||
(196,436 | ) | $ | 298,365 | (148,668 | ) | $ | (1,043,690 | ) | ||||||||
Income (loss) from | ||||||||||||||||||||||||||||||||||||
investment operations | Distributions to shareholders | |||||||||||||||||||||||||||||||||||
Net asset | In excess | |||||||||||||||||||||||||||||||||||
value at | Net | Net realized | Total from | From net | of net | From net | ||||||||||||||||||||||||||||||
beginning | investment | and unrealized | investment | investment | investment | realized | Total | |||||||||||||||||||||||||||||
of period | income | gain (loss) | operations | income | income | gains | distributions | |||||||||||||||||||||||||||||
FOR THE SIX MONTHS ENDED JUNE 30, (Unaudited) | ||||||||||||||||||||||||||||||||||||
2004 - Class A Shares | $ | 10.00 | $ | 0.11 | (b) | $ | 0.21 | $ | 0.32 | $ | (0.11 | ) | $ | — | $ | — | $ | (0.11 | ) | |||||||||||||||||
2004 - Class B Shares | 10.00 | 0.07 | (b) | 0.21 | 0.28 | (0.07 | ) | — | — | (0.07 | ) | |||||||||||||||||||||||||
2004 - Class C Shares | 10.01 | 0.07 | (b) | 0.21 | 0.28 | (0.07 | ) | — | — | (0.07 | ) | |||||||||||||||||||||||||
2004 - Institutional Shares | 10.00 | 0.13 | (b) | 0.20 | 0.33 | (0.13 | ) | — | — | (0.13 | ) | |||||||||||||||||||||||||
2004 - Service Shares | 10.01 | 0.10 | (b) | 0.21 | 0.31 | (0.10 | ) | — | — | (0.10 | ) | |||||||||||||||||||||||||
FOR THE YEARS ENDED DECEMBER 31, | ||||||||||||||||||||||||||||||||||||
2003 - Class A Shares | 8.83 | 0.23 | (b) | 1.18 | 1.41 | (0.24 | ) | — | — | (0.24 | ) | |||||||||||||||||||||||||
2003 - Class B Shares | 8.83 | 0.16 | (b) | 1.18 | 1.34 | (0.17 | ) | — | — | (0.17 | ) | |||||||||||||||||||||||||
2003 - Class C Shares | 8.84 | 0.16 | (b) | 1.18 | 1.34 | (0.17 | ) | — | — | (0.17 | ) | |||||||||||||||||||||||||
2003 - Institutional Shares | 8.83 | 0.26 | (b) | 1.18 | 1.44 | (0.27 | ) | — | — | (0.27 | ) | |||||||||||||||||||||||||
2003 - Service Shares | 8.84 | 0.22 | (b) | 1.18 | 1.40 | (0.23 | ) | — | — | (0.23 | ) | |||||||||||||||||||||||||
2002 - Class A Shares | 9.43 | 0.25 | (b) | (0.60 | ) | (0.35 | ) | (0.25 | ) | — | — | (0.25 | ) | |||||||||||||||||||||||
2002 - Class B Shares | 9.43 | 0.18 | (b) | (0.60 | ) | (0.42 | ) | (0.18 | ) | — | — | (0.18 | ) | |||||||||||||||||||||||
2002 - Class C Shares | 9.44 | 0.18 | (b) | (0.60 | ) | (0.42 | ) | (0.18 | ) | — | — | (0.18 | ) | |||||||||||||||||||||||
2002 - Institutional Shares | 9.43 | 0.29 | (b) | (0.60 | ) | (0.31 | ) | (0.29 | ) | — | — | (0.29 | ) | |||||||||||||||||||||||
2002 - Service Shares | 9.44 | 0.25 | (b) | (0.61 | ) | (0.36 | ) | (0.24 | ) | — | — | (0.24 | ) | |||||||||||||||||||||||
2001 - Class A Shares | 10.16 | 0.30 | (b) | (0.58 | ) | (0.28 | ) | (0.31 | ) | — | (0.14 | ) | (0.45 | ) | ||||||||||||||||||||||
2001 - Class B Shares | 10.16 | 0.23 | (b) | (0.59 | ) | (0.36 | ) | (0.23 | ) | — | (0.14 | ) | (0.37 | ) | ||||||||||||||||||||||
2001 - Class C Shares | 10.17 | 0.23 | (b) | (0.59 | ) | (0.36 | ) | (0.23 | ) | — | (0.14 | ) | (0.37 | ) | ||||||||||||||||||||||
2001 - Institutional Shares | 10.16 | 0.36 | (b) | (0.60 | ) | (0.24 | ) | (0.35 | ) | — | (0.14 | ) | (0.49 | ) | ||||||||||||||||||||||
2001 - Service Shares | 10.17 | 0.29 | (b) | (0.58 | ) | (0.29 | ) | (0.30 | ) | — | (0.14 | ) | (0.44 | ) | ||||||||||||||||||||||
2000 - Class A Shares | 10.99 | 0.48 | (b) | (0.54 | ) | (0.06 | ) | (0.50 | ) | (0.01 | ) | (0.26 | ) | (0.77 | ) | |||||||||||||||||||||
2000 - Class B Shares | 10.98 | 0.39 | (b) | (0.53 | ) | (0.14 | ) | (0.41 | ) | (0.01 | ) | (0.26 | ) | (0.68 | ) | |||||||||||||||||||||
2000 - Class C Shares | 10.99 | 0.39 | (b) | (0.53 | ) | (0.14 | ) | (0.41 | ) | (0.01 | ) | (0.26 | ) | (0.68 | ) | |||||||||||||||||||||
2000 - Institutional Shares | 10.99 | 0.53 | (b) | (0.55 | ) | (0.02 | ) | (0.54 | ) | (0.01 | ) | (0.26 | ) | (0.81 | ) | |||||||||||||||||||||
2000 - Service Shares | 10.99 | 0.61 | (b) | (0.68 | ) | (0.07 | ) | (0.48 | ) | (0.01 | ) | (0.26 | ) | (0.75 | ) | |||||||||||||||||||||
1999 - Class A Shares | 10.31 | 0.34 | 0.73 | 1.07 | (0.34 | ) | (0.05 | ) | — | (0.39 | ) | |||||||||||||||||||||||||
1999 - Class B Shares | 10.31 | 0.26 | 0.72 | 0.98 | (0.26 | ) | (0.05 | ) | — | (0.31 | ) | |||||||||||||||||||||||||
1999 - Class C Shares | 10.32 | 0.27 | 0.71 | 0.98 | (0.27 | ) | (0.04 | ) | — | (0.31 | ) | |||||||||||||||||||||||||
1999 - Institutional Shares | 10.32 | 0.37 | 0.74 | 1.11 | (0.37 | ) | (0.07 | ) | — | (0.44 | ) | |||||||||||||||||||||||||
1999 - Service Shares | 10.31 | 0.33 | 0.73 | 1.06 | (0.33 | ) | (0.05 | ) | — | (0.38 | ) | |||||||||||||||||||||||||
(a) | Assumes investment at the net asset value at the end 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 returns for periods less than one full year are not annualized. Total returns would be reduced if sales or redemption charges were taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. |
(b) | Calculated based on the average shares outstanding methodology. |
(c) | Expense ratios exclude expenses of the Underlying Funds. |
(d) | Annualized. |
24
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 to | expenses to | income to | Portfolio | ||||||||||||||||||||||||||||
value, end | Total | period | to average | average | average | average | turnover | |||||||||||||||||||||||||||
of period | return(a) | (in 000s) | net assets(c) | net assets | net assets(c) | net assets | rate | |||||||||||||||||||||||||||
$ | 10.21 | 3.20 | % | $ | 40,502 | 0.59 | %(d) | 2.11 | %(d) | 0.98 | %(d) | 1.72 | %(d) | 26 | % | |||||||||||||||||||
10.21 | 2.82 | 25,341 | 1.34 | (d) | 1.35 | (d) | 1.73 | (d) | 0.96 | (d) | 26 | |||||||||||||||||||||||
10.22 | 2.83 | 20,979 | 1.34 | (d) | 1.36 | (d) | 1.73 | (d) | 0.97 | (d) | 26 | |||||||||||||||||||||||
10.20 | 3.30 | 33,632 | 0.19 | (d) | 2.50 | (d) | 0.58 | (d) | 2.11 | (d) | 26 | |||||||||||||||||||||||
10.22 | 3.14 | 1,789 | 0.69 | (d) | 1.99 | (d) | 1.08 | (d) | 1.60 | (d) | 26 | |||||||||||||||||||||||
10.00 | 16.13 | 33,379 | 0.60 | 2.52 | 1.03 | 2.09 | 41 | |||||||||||||||||||||||||||
10.00 | 15.26 | 23,620 | 1.35 | 1.72 | 1.78 | 1.29 | 41 | |||||||||||||||||||||||||||
10.01 | 15.28 | 17,540 | 1.35 | 1.76 | 1.78 | 1.33 | 41 | |||||||||||||||||||||||||||
10.00 | 16.57 | 30,676 | 0.20 | 2.84 | 0.63 | 2.41 | 41 | |||||||||||||||||||||||||||
10.01 | 15.98 | 1,724 | 0.70 | 2.38 | 1.13 | 1.95 | 41 | |||||||||||||||||||||||||||
8.83 | (3.76 | ) | 24,057 | 0.60 | 2.72 | 1.10 | 2.22 | 40 | ||||||||||||||||||||||||||
8.83 | (4.48 | ) | 21,543 | 1.35 | 1.98 | 1.85 | 1.48 | 40 | ||||||||||||||||||||||||||
8.84 | (4.50 | ) | 13,129 | 1.35 | 1.97 | 1.85 | 1.47 | 40 | ||||||||||||||||||||||||||
8.83 | (3.35 | ) | 28,778 | 0.20 | 3.19 | 0.70 | 2.69 | 40 | ||||||||||||||||||||||||||
8.84 | (3.84 | ) | 1,535 | 0.70 | 2.77 | 1.20 | 2.27 | 40 | ||||||||||||||||||||||||||
9.43 | (2.62 | ) | 31,539 | 0.59 | 3.09 | 1.05 | 2.63 | 51 | ||||||||||||||||||||||||||
9.43 | (3.37 | ) | 23,643 | 1.34 | 2.34 | 1.80 | 1.88 | 51 | ||||||||||||||||||||||||||
9.44 | (3.38 | ) | 16,354 | 1.34 | 2.34 | 1.80 | 1.88 | 51 | ||||||||||||||||||||||||||
9.43 | (2.21 | ) | 9,278 | 0.19 | 3.74 | 0.65 | 3.28 | 51 | ||||||||||||||||||||||||||
9.44 | (3.28 | ) | 897 | 0.69 | 2.99 | 1.15 | 2.53 | 51 | ||||||||||||||||||||||||||
10.16 | (0.66 | ) | 34,056 | 0.59 | 4.45 | 1.09 | 3.95 | 23 | ||||||||||||||||||||||||||
10.16 | (1.33 | ) | 27,326 | 1.34 | 3.60 | 1.84 | 3.10 | 23 | ||||||||||||||||||||||||||
10.17 | (1.31 | ) | 19,567 | 1.34 | 3.59 | 1.84 | 3.09 | 23 | ||||||||||||||||||||||||||
10.16 | (0.25 | ) | 1,924 | 0.19 | 4.94 | 0.69 | 4.44 | 23 | ||||||||||||||||||||||||||
10.17 | (0.11 | ) | 805 | 0.69 | 5.70 | 1.19 | 5.20 | 23 | ||||||||||||||||||||||||||
10.99 | 10.58 | 39,774 | 0.59 | 3.17 | 1.05 | 2.71 | 51 | |||||||||||||||||||||||||||
10.98 | 9.66 | 32,932 | 1.34 | 2.42 | 1.80 | 1.96 | 51 | |||||||||||||||||||||||||||
10.99 | 9.63 | 23,354 | 1.34 | 2.40 | 1.80 | 1.94 | 51 | |||||||||||||||||||||||||||
10.99 | 10.92 | 1,753 | 0.19 | 3.93 | 0.65 | 3.47 | 51 | |||||||||||||||||||||||||||
10.99 | 10.47 | 419 | 0.69 | 3.04 | 1.15 | 2.58 | 51 | |||||||||||||||||||||||||||
Income (loss) from | ||||||||||||||||||||||||||||||||||||
investment operations | Distributions to shareholders | |||||||||||||||||||||||||||||||||||
Net asset | In excess | |||||||||||||||||||||||||||||||||||
value at | Net | Net realized | Total from | From net | of net | From net | ||||||||||||||||||||||||||||||
beginning | investment | and unrealized | investment | investment | investment | realized | Total | |||||||||||||||||||||||||||||
of period | income | gain (loss) | operations | income | income | gains | distributions | |||||||||||||||||||||||||||||
FOR THE SIX MONTHS ENDED JUNE 30, (Unaudited) | ||||||||||||||||||||||||||||||||||||
2004 - Class A Shares | $ | 10.17 | $ | 0.08 | (b) | $ | 0.35 | $ | 0.43 | $ | (0.08 | ) | $ | — | $ | — | $ | (0.08 | ) | |||||||||||||||||
2004 - Class B Shares | 10.15 | 0.04 | (b) | 0.36 | 0.40 | (0.04 | ) | — | — | (0.04 | ) | |||||||||||||||||||||||||
2004 - Class C Shares | 10.14 | 0.04 | (b) | 0.35 | 0.39 | (0.04 | ) | — | — | (0.04 | ) | |||||||||||||||||||||||||
2004 - Institutional Shares | 10.19 | 0.09 | (b) | 0.36 | 0.45 | (0.10 | ) | — | — | (0.10 | ) | |||||||||||||||||||||||||
2004 - Service Shares | 10.15 | 0.07 | (b) | 0.35 | 0.42 | (0.07 | ) | — | — | (0.07 | ) | |||||||||||||||||||||||||
FOR THE YEARS ENDED DECEMBER 31, | ||||||||||||||||||||||||||||||||||||
2003 - Class A Shares | 8.39 | 0.21 | (b) | 1.83 | 2.04 | (0.26 | ) | — | — | (0.26 | ) | |||||||||||||||||||||||||
2003 - Class B Shares | 8.38 | 0.14 | (b) | 1.82 | 1.96 | (0.19 | ) | — | — | (0.19 | ) | |||||||||||||||||||||||||
2003 - Class C Shares | 8.37 | 0.14 | (b) | 1.82 | 1.96 | (0.19 | ) | — | — | (0.19 | ) | |||||||||||||||||||||||||
2003 - Institutional Shares | 8.40 | 0.27 | (b) | 1.81 | 2.08 | (0.29 | ) | — | — | (0.29 | ) | |||||||||||||||||||||||||
2003 - Service Shares | 8.37 | 0.20 | (b) | 1.83 | 2.03 | (0.25 | ) | — | — | (0.25 | ) | |||||||||||||||||||||||||
2002 - Class A Shares | 9.38 | 0.19 | (b) | (0.98 | ) | (0.79 | ) | (0.20 | ) | — | — | (0.20 | ) | |||||||||||||||||||||||
2002 - Class B Shares | 9.36 | 0.12 | (b) | (0.96 | ) | (0.84 | ) | (0.14 | ) | — | — | (0.14 | ) | |||||||||||||||||||||||
2002 - Class C Shares | 9.36 | 0.12 | (b) | (0.97 | ) | (0.85 | ) | (0.14 | ) | — | — | (0.14 | ) | |||||||||||||||||||||||
2002 - Institutional Shares | 9.39 | 0.21 | (b) | (0.96 | ) | (0.75 | ) | (0.24 | ) | — | — | (0.24 | ) | |||||||||||||||||||||||
2002 - Service Shares | 9.36 | 0.18 | (b) | (0.98 | ) | (0.80 | ) | (0.19 | ) | — | — | (0.19 | ) | |||||||||||||||||||||||
2001 - Class A Shares | 10.64 | 0.21 | (b) | (0.98 | ) | (0.77 | ) | (0.22 | ) | — | (0.27 | ) | (0.49 | ) | ||||||||||||||||||||||
2001 - Class B Shares | 10.62 | 0.14 | (b) | (0.99 | ) | (0.85 | ) | (0.14 | ) | — | (0.27 | ) | (0.41 | ) | ||||||||||||||||||||||
2001 - Class C Shares | 10.61 | 0.14 | (b) | (0.98 | ) | (0.84 | ) | (0.14 | ) | — | (0.27 | ) | (0.41 | ) | ||||||||||||||||||||||
2001 - Institutional Shares | 10.66 | 0.25 | (b) | (0.99 | ) | (0.74 | ) | (0.26 | ) | — | (0.27 | ) | (0.53 | ) | ||||||||||||||||||||||
2001 - Service Shares | 10.62 | 0.20 | (b) | (0.98 | ) | (0.78 | ) | (0.21 | ) | — | (0.27 | ) | (0.48 | ) | ||||||||||||||||||||||
2000 - Class A Shares | 11.71 | 0.38 | (b) | (0.92 | ) | (0.54 | ) | (0.41 | ) | (0.05 | ) | (0.07 | ) | (0.53 | ) | |||||||||||||||||||||
2000 - Class B Shares | 11.69 | 0.29 | (b) | (0.92 | ) | (0.63 | ) | (0.33 | ) | (0.04 | ) | (0.07 | ) | (0.44 | ) | |||||||||||||||||||||
2000 - Class C Shares | 11.69 | 0.29 | (b) | (0.93 | ) | (0.64 | ) | (0.33 | ) | (0.04 | ) | (0.07 | ) | (0.44 | ) | |||||||||||||||||||||
2000 - Institutional Shares | 11.71 | 0.44 | (b) | (0.91 | ) | (0.47 | ) | (0.45 | ) | (0.06 | ) | (0.07 | ) | (0.58 | ) | |||||||||||||||||||||
2000 - Service Shares | 11.69 | 0.37 | (b) | (0.92 | ) | (0.55 | ) | (0.40 | ) | (0.05 | ) | (0.07 | ) | (0.52 | ) | |||||||||||||||||||||
1999 - Class A Shares | 10.38 | 0.22 | 1.40 | 1.62 | (0.22 | ) | (0.06 | ) | (0.01 | ) | (0.29 | ) | ||||||||||||||||||||||||
1999 - Class B Shares | 10.36 | 0.14 | 1.40 | 1.54 | (0.14 | ) | (0.06 | ) | (0.01 | ) | (0.21 | ) | ||||||||||||||||||||||||
1999 - Class C Shares | 10.36 | 0.14 | 1.40 | 1.54 | (0.14 | ) | (0.06 | ) | (0.01 | ) | (0.21 | ) | ||||||||||||||||||||||||
1999 - Institutional Shares | 10.39 | 0.27 | 1.39 | 1.66 | (0.27 | ) | (0.06 | ) | (0.01 | ) | (0.34 | ) | ||||||||||||||||||||||||
1999 - Service Shares | 10.37 | 0.20 | 1.40 | 1.60 | (0.20 | ) | (0.07 | ) | (0.01 | ) | (0.28 | ) | ||||||||||||||||||||||||
(a) | Assumes investment at the net asset value at the end 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 returns for periods less than one full year are not annualized. Total return would be reduced if sales or redemption charges were taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. |
(b) | Calculated based on the average shares outstanding methodology. |
(c) | Expense ratios exclude expenses of the Underlying Funds. |
(d) | Annualized. |
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 to | expenses | income to | Portfolio | ||||||||||||||||||||||||||||
value, end | Total | period | to average | average | to average | average | turnover | |||||||||||||||||||||||||||
of period | return(a) | (in 000s) | net assets(c) | net assets | net assets(c) | net assets | rate | |||||||||||||||||||||||||||
$ | 10.52 | 4.22 | % | $ | 158,710 | 0.59 | %(d) | 1.46 | %(d) | 0.87 | %(d) | 1.18 | %(d) | 25 | % | |||||||||||||||||||
10.51 | 3.94 | 74,602 | 1.34 | (d) | 0.68 | (d) | 1.62 | (d) | 0.40 | (d) | 25 | |||||||||||||||||||||||
10.49 | 3.84 | 69,508 | 1.34 | (d) | 0.69 | (d) | 1.62 | (d) | 0.41 | (d) | 25 | |||||||||||||||||||||||
10.54 | 4.41 | 11,551 | 0.19 | (d) | 1.82 | (d) | 0.47 | (d) | 1.54 | (d) | 25 | |||||||||||||||||||||||
10.50 | 4.17 | 1,997 | 0.69 | (d) | 1.33 | (d) | 0.97 | (d) | 1.05 | (d) | 25 | |||||||||||||||||||||||
10.17 | 24.55 | 134,430 | 0.60 | 2.33 | 0.89 | 2.04 | 38 | |||||||||||||||||||||||||||
10.15 | 23.53 | 73,619 | 1.35 | 1.54 | 1.64 | 1.25 | 38 | |||||||||||||||||||||||||||
10.14 | 23.60 | 65,853 | 1.35 | 1.58 | 1.64 | 1.29 | 38 | |||||||||||||||||||||||||||
10.19 | 25.12 | 10,938 | 0.20 | 3.01 | 0.49 | 2.72 | 38 | |||||||||||||||||||||||||||
10.15 | 24.49 | 1,985 | 0.70 | 2.21 | 0.99 | 1.92 | 38 | |||||||||||||||||||||||||||
8.39 | (8.44 | ) | 105,812 | 0.60 | 2.15 | 0.90 | 1.85 | 31 | ||||||||||||||||||||||||||
8.38 | (9.07 | ) | 65,864 | 1.35 | 1.35 | 1.65 | 1.05 | 31 | ||||||||||||||||||||||||||
8.37 | (9.16 | ) | 50,722 | 1.35 | 1.40 | 1.65 | 1.10 | 31 | ||||||||||||||||||||||||||
8.40 | (8.08 | ) | 5,476 | 0.20 | 2.36 | 0.50 | 2.06 | 31 | ||||||||||||||||||||||||||
8.37 | (8.56 | ) | 1,587 | 0.70 | 2.08 | 1.00 | 1.78 | 31 | ||||||||||||||||||||||||||
9.38 | (7.27 | ) | 123,586 | 0.59 | 2.11 | 0.85 | 1.85 | 42 | ||||||||||||||||||||||||||
9.36 | (8.01 | ) | 89,089 | 1.34 | 1.36 | 1.60 | 1.10 | 42 | ||||||||||||||||||||||||||
9.36 | (7.92 | ) | 60,569 | 1.34 | 1.36 | 1.60 | 1.10 | 42 | ||||||||||||||||||||||||||
9.39 | (6.95 | ) | 18,107 | 0.19 | 2.52 | 0.45 | 2.26 | 42 | ||||||||||||||||||||||||||
9.36 | (7.35 | ) | 1,866 | 0.69 | 2.05 | 0.95 | 1.79 | 42 | ||||||||||||||||||||||||||
10.64 | (4.54 | ) | 158,430 | 0.59 | 3.35 | 0.87 | 3.07 | 20 | ||||||||||||||||||||||||||
10.62 | (5.28 | ) | 116,542 | 1.34 | 2.57 | 1.62 | 2.29 | 20 | ||||||||||||||||||||||||||
10.61 | (5.36 | ) | 78,144 | 1.34 | 2.57 | 1.62 | 2.29 | 20 | ||||||||||||||||||||||||||
10.66 | (3.99 | ) | 18,763 | 0.19 | 3.87 | 0.47 | 3.59 | 20 | ||||||||||||||||||||||||||
10.62 | (4.63 | ) | 1,570 | 0.69 | 3.26 | 0.97 | 2.98 | 20 | ||||||||||||||||||||||||||
11.71 | 15.79 | 195,153 | 0.59 | 2.00 | 0.85 | 1.74 | 49 | |||||||||||||||||||||||||||
11.69 | 14.95 | 143,686 | 1.34 | 1.24 | 1.60 | 0.98 | 49 | |||||||||||||||||||||||||||
11.69 | 14.94 | 95,523 | 1.34 | 1.23 | 1.60 | 0.97 | 49 | |||||||||||||||||||||||||||
11.71 | 16.14 | 29,200 | 0.19 | 2.53 | 0.45 | 2.27 | 49 | |||||||||||||||||||||||||||
11.69 | 15.60 | 1,856 | 0.69 | 1.91 | 0.95 | 1.65 | 49 | |||||||||||||||||||||||||||
Income (loss) from | ||||||||||||||||||||||||||||||||||||
investment operations | Distributions to shareholders | |||||||||||||||||||||||||||||||||||
Net asset | In excess | |||||||||||||||||||||||||||||||||||
value at | Net | Net realized | Total from | From net | of net | From net | ||||||||||||||||||||||||||||||
beginning | investment | and unrealized | investment | investment | investment | realized | Total | |||||||||||||||||||||||||||||
of period | income | gain (loss) | operations | income | income | gains | distributions | |||||||||||||||||||||||||||||
FOR THE SIX MONTHS ENDED JUNE 30, (Unaudited) | ||||||||||||||||||||||||||||||||||||
2004 - Class A Shares | $ | 10.22 | $ | 0.04 | (b) | $ | 0.48 | $ | 0.52 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
2004 - Class B Shares | 10.23 | — | (b)(d) | 0.49 | 0.49 | — | — | — | — | |||||||||||||||||||||||||||
2004 - Class C Shares | 10.21 | — | (b)(d) | 0.49 | 0.49 | — | — | — | — | |||||||||||||||||||||||||||
2004 - Institutional Shares | 10.21 | 0.08 | (b) | 0.47 | 0.55 | — | — | — | — | |||||||||||||||||||||||||||
2004 - Service Shares | 10.18 | 0.03 | (b) | 0.48 | 0.51 | — | — | — | — | |||||||||||||||||||||||||||
FOR THE YEARS ENDED DECEMBER 31, | ||||||||||||||||||||||||||||||||||||
2003 - Class A Shares | 7.91 | 0.11 | (b) | 2.34 | 2.45 | (0.14 | ) | — | — | (0.14 | ) | |||||||||||||||||||||||||
2003 - Class B Shares | 7.93 | 0.05 | (b) | 2.32 | 2.37 | (0.07 | ) | — | — | (0.07 | ) | |||||||||||||||||||||||||
2003 - Class C Shares | 7.92 | 0.05 | (b) | 2.31 | 2.36 | (0.07 | ) | — | — | (0.07 | ) | |||||||||||||||||||||||||
2003 - Institutional Shares | 7.91 | 0.17 | (b) | 2.30 | 2.47 | (0.17 | ) | — | — | (0.17 | ) | |||||||||||||||||||||||||
2003 - Service Shares | 7.88 | 0.11 | (b) | 2.32 | 2.43 | (0.13 | ) | — | — | (0.13 | ) | |||||||||||||||||||||||||
2002 - Class A Shares | 9.30 | 0.11 | (b) | (1.38 | ) | (1.27 | ) | (0.12 | ) | — | — | (0.12 | ) | |||||||||||||||||||||||
2002 - Class B Shares | 9.29 | 0.04 | (b) | (1.35 | ) | (1.31 | ) | (0.05 | ) | — | — | (0.05 | ) | |||||||||||||||||||||||
2002 - Class C Shares | 9.30 | 0.04 | (b) | (1.37 | ) | (1.33 | ) | (0.05 | ) | — | — | (0.05 | ) | |||||||||||||||||||||||
2002 - Institutional Shares | 9.30 | 0.13 | (b) | (1.36 | ) | (1.23 | ) | (0.16 | ) | — | — | (0.16 | ) | |||||||||||||||||||||||
2002 - Service Shares | 9.27 | 0.10 | (b) | (1.37 | ) | (1.27 | ) | (0.12 | ) | — | — | (0.12 | ) | |||||||||||||||||||||||
2001 - Class A Shares | 10.88 | 0.11 | (b) | (1.32 | ) | (1.21 | ) | (0.13 | ) | — | (0.24 | ) | (0.37 | ) | ||||||||||||||||||||||
2001 - Class B Shares | 10.86 | 0.03 | (b) | (1.31 | ) | (1.28 | ) | (0.05 | ) | — | (0.24 | ) | (0.29 | ) | ||||||||||||||||||||||
2001 - Class C Shares | 10.87 | 0.03 | (b) | (1.31 | ) | (1.28 | ) | (0.05 | ) | — | (0.24 | ) | (0.29 | ) | ||||||||||||||||||||||
2001 - Institutional Shares | 10.87 | 0.16 | (b) | (1.32 | ) | (1.16 | ) | (0.17 | ) | — | (0.24 | ) | (0.41 | ) | ||||||||||||||||||||||
2001 - Service Shares | 10.86 | 0.10 | (b) | (1.33 | ) | (1.23 | ) | (0.12 | ) | — | (0.24 | ) | (0.36 | ) | ||||||||||||||||||||||
2000 - Class A Shares | 12.24 | 0.22 | (b) | (1.28 | ) | (1.06 | ) | (0.22 | ) | (0.08 | ) | — | (0.30 | ) | ||||||||||||||||||||||
2000 - Class B Shares | 12.21 | 0.13 | (b) | (1.27 | ) | (1.14 | ) | (0.15 | ) | (0.06 | ) | — | (0.21 | ) | ||||||||||||||||||||||
2000 - Class C Shares | 12.22 | 0.13 | (b) | (1.27 | ) | (1.14 | ) | (0.15 | ) | (0.06 | ) | — | (0.21 | ) | ||||||||||||||||||||||
2000 - Institutional Shares | 12.23 | 0.25 | (b) | (1.26 | ) | (1.01 | ) | (0.25 | ) | (0.10 | ) | — | (0.35 | ) | ||||||||||||||||||||||
2000 - Service Shares | 12.22 | 0.23 | (b) | (1.29 | ) | (1.06 | ) | (0.22 | ) | (0.08 | ) | — | (0.30 | ) | ||||||||||||||||||||||
1999 - Class A Shares | 10.29 | 0.11 | 2.03 | 2.14 | (0.11 | ) | (0.08 | ) | — | (0.19 | ) | |||||||||||||||||||||||||
1999 - Class B Shares | 10.28 | 0.02 | 2.02 | 2.04 | (0.02 | ) | (0.09 | ) | — | (0.11 | ) | |||||||||||||||||||||||||
1999 - Class C Shares | 10.28 | 0.02 | 2.03 | 2.05 | (0.02 | ) | (0.09 | ) | — | (0.11 | ) | |||||||||||||||||||||||||
1999 - Institutional Shares | 10.29 | 0.13 | 2.05 | 2.18 | (0.13 | ) | (0.11 | ) | — | (0.24 | ) | |||||||||||||||||||||||||
1999 - Service Shares | 10.29 | 0.09 | 2.03 | 2.12 | (0.09 | ) | (0.10 | ) | — | (0.19 | ) | |||||||||||||||||||||||||
(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 returns for periods less than one full year are not annualized. Total return would be reduced if sales or redemption charges were taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. |
(b) | Calculated based on the average shares outstanding methodology. |
(c) | Expense ratios exclude expenses of the Underlying Funds. |
(d) | Amount is less than $0.005 a share. |
(e) | Annualized. |
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 to | income (loss) to | Portfolio | ||||||||||||||||||||||||||||
value, end | Total | period | to average | to average | average | average | turnover | |||||||||||||||||||||||||||
of period | return(a) | (in 000s) | net assets(c) | net assets | net assets(c) | net assets | rate | |||||||||||||||||||||||||||
$ | 10.74 | 5.09 | % | $ | 98,952 | 0.59 | %(e) | 0.69 | %(e) | 0.89 | %(e) | 0.39 | %(e) | 22 | % | |||||||||||||||||||
10.72 | 4.79 | 67,779 | 1.34 | (e) | (0.07 | )(e) | 1.64 | (e) | (0.37 | )(e) | 22 | |||||||||||||||||||||||
10.70 | 4.80 | 66,483 | 1.34 | (e) | (0.05 | )(e) | 1.64 | (e) | (0.35 | )(e) | 22 | |||||||||||||||||||||||
10.76 | 5.39 | 25,647 | 0.19 | (e) | 1.40 | (e) | 0.49 | (e) | 1.10 | (e) | 22 | |||||||||||||||||||||||
10.69 | 5.01 | 1,542 | 0.69 | (e) | 0.60 | (e) | 0.99 | (e) | 0.30 | (e) | 22 | |||||||||||||||||||||||
10.22 | 30.96 | 89,342 | 0.60 | 1.29 | 0.92 | 0.97 | 46 | |||||||||||||||||||||||||||
10.23 | 29.87 | 67,025 | 1.35 | 0.53 | 1.67 | 0.21 | 46 | |||||||||||||||||||||||||||
10.21 | 29.88 | 55,151 | 1.35 | 0.57 | 1.67 | 0.25 | 46 | |||||||||||||||||||||||||||
10.21 | 31.30 | 8,747 | 0.20 | 1.92 | 0.52 | 1.60 | 46 | |||||||||||||||||||||||||||
10.18 | 30.85 | 1,358 | 0.70 | 1.21 | 1.02 | 0.89 | 46 | |||||||||||||||||||||||||||
7.91 | (13.64 | ) | 72,060 | 0.60 | 1.25 | 0.93 | 0.92 | 23 | ||||||||||||||||||||||||||
7.93 | (14.13 | ) | 56,279 | 1.35 | 0.47 | 1.68 | 0.14 | 23 | ||||||||||||||||||||||||||
7.92 | (14.26 | ) | 40,571 | 1.35 | 0.49 | 1.68 | 0.16 | 23 | ||||||||||||||||||||||||||
7.91 | (13.25 | ) | 3,525 | 0.20 | 1.52 | 0.53 | 1.19 | 23 | ||||||||||||||||||||||||||
7.88 | (13.70 | ) | 840 | 0.70 | 1.20 | 1.03 | 0.87 | 23 | ||||||||||||||||||||||||||
9.30 | (11.03 | ) | 93,313 | 0.59 | 1.09 | 0.88 | 0.80 | 40 | ||||||||||||||||||||||||||
9.29 | (11.72 | ) | 81,563 | 1.34 | 0.34 | 1.63 | 0.05 | 40 | ||||||||||||||||||||||||||
9.30 | (11.69 | ) | 53,001 | 1.34 | 0.34 | 1.63 | 0.05 | 40 | ||||||||||||||||||||||||||
9.30 | (10.55 | ) | 7,324 | 0.19 | 1.65 | 0.48 | 1.36 | 40 | ||||||||||||||||||||||||||
9.27 | (11.16 | ) | 940 | 0.69 | 1.01 | 0.98 | 0.72 | 40 | ||||||||||||||||||||||||||
10.88 | (8.68 | ) | 117,857 | 0.59 | 1.83 | 0.89 | 1.53 | 23 | ||||||||||||||||||||||||||
10.86 | (9.39 | ) | 106,080 | 1.34 | 1.08 | 1.64 | 0.78 | 23 | ||||||||||||||||||||||||||
10.87 | (9.36 | ) | 65,681 | 1.34 | 1.11 | 1.64 | 0.81 | 23 | ||||||||||||||||||||||||||
10.87 | (8.28 | ) | 4,234 | 0.19 | 2.10 | 0.49 | 1.80 | 23 | ||||||||||||||||||||||||||
10.86 | (8.67 | ) | 692 | 0.69 | 1.95 | 0.99 | 1.65 | 23 | ||||||||||||||||||||||||||
12.24 | 20.85 | 130,322 | 0.59 | 0.90 | 0.87 | 0.62 | 50 | |||||||||||||||||||||||||||
12.21 | 19.87 | 121,937 | 1.34 | 0.17 | 1.62 | (0.11 | ) | 50 | ||||||||||||||||||||||||||
12.22 | 19.96 | 70,127 | 1.34 | 0.16 | 1.62 | (0.12 | ) | 50 | ||||||||||||||||||||||||||
12.23 | 21.24 | 5,891 | 0.19 | 1.40 | 0.47 | 1.12 | 50 | |||||||||||||||||||||||||||
12.22 | 20.62 | 735 | 0.69 | 0.87 | 0.97 | 0.59 | 50 | |||||||||||||||||||||||||||
Income (loss) from | ||||||||||||||||||||||||||||||||||||
investment operations | Distributions to shareholders | |||||||||||||||||||||||||||||||||||
Net asset | Net | In excess | ||||||||||||||||||||||||||||||||||
value at | investment | Net realized | Total from | From net | of net | From net | ||||||||||||||||||||||||||||||
beginning | income | and unrealized | investment | investment | investment | realized | Total | |||||||||||||||||||||||||||||
of period | (loss) | gain (loss) | operations | income | income | gains | distributions | |||||||||||||||||||||||||||||
FOR THE SIX MONTHS ENDED JUNE 30, (Unaudited) | ||||||||||||||||||||||||||||||||||||
2004 - Class A Shares | $ | 10.36 | $ | — | (b)(d) | $ | 0.58 | $ | 0.58 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
2004 - Class B Shares | 10.18 | (0.04 | ) (b) | 0.57 | 0.53 | — | — | — | — | |||||||||||||||||||||||||||
2004 - Class C Shares | 10.17 | (0.04 | ) (b) | 0.56 | 0.52 | — | — | — | — | |||||||||||||||||||||||||||
2004 - Institutional Shares | 10.43 | 0.02 | (b) | 0.59 | 0.61 | — | — | — | — | |||||||||||||||||||||||||||
2004 - Service Shares | 10.32 | (0.01 | ) (b) | 0.58 | 0.57 | — | — | — | — | |||||||||||||||||||||||||||
FOR THE YEARS ENDED DECEMBER 31, | ||||||||||||||||||||||||||||||||||||
2003 - Class A Shares | 7.72 | 0.04 | (b) | 2.66 | 2.70 | (0.06 | ) | — | — | (0.06 | ) | |||||||||||||||||||||||||
2003 - Class B Shares | 7.59 | (0.02 | ) (b) | 2.61 | 2.59 | — | — | — | — | |||||||||||||||||||||||||||
2003 - Class C Shares | 7.59 | (0.02 | ) (b) | 2.60 | 2.58 | — | (d) | — | — | — | (d) | |||||||||||||||||||||||||
2003 - Institutional Shares | 7.77 | 0.08 | (b) | 2.68 | 2.76 | (0.10 | ) | — | — | (0.10 | ) | |||||||||||||||||||||||||
2003 - Service Shares | 7.68 | 0.03 | (b) | 2.65 | 2.68 | (0.04 | ) | — | — | (0.04 | ) | |||||||||||||||||||||||||
2002 - Class A Shares | 9.25 | 0.02 | (b) | (1.55 | ) | (1.53 | ) | — | — | — | — | |||||||||||||||||||||||||
2002 - Class B Shares | 9.17 | (0.05 | ) (b) | (1.53 | ) | (1.58 | ) | — | — | — | — | |||||||||||||||||||||||||
2002 - Class C Shares | 9.16 | (0.05 | ) (b) | (1.52 | ) | (1.57 | ) | — | — | — | — | |||||||||||||||||||||||||
2002 - Institutional Shares | 9.27 | 0.04 | (b) | (1.54 | ) | (1.50 | ) | — | — | — | — | |||||||||||||||||||||||||
2002 - Service Shares | 9.21 | 0.01 | (b) | (1.54 | ) | (1.53 | ) | — | — | — | — | |||||||||||||||||||||||||
2001 - Class A Shares | 10.71 | (0.01 | ) (b) | (1.45 | ) | (1.46 | ) | — | — | — | — | |||||||||||||||||||||||||
2001 - Class B Shares | 10.70 | (0.08 | ) (b) | (1.45 | ) | (1.53 | ) | — | — | — | — | |||||||||||||||||||||||||
2001 - Class C Shares | 10.69 | (0.08 | ) (b) | (1.45 | ) | (1.53 | ) | — | — | — | — | |||||||||||||||||||||||||
2001 - Institutional Shares | 10.70 | 0.02 | (b) | (1.45 | ) | (1.43 | ) | — | — | — | — | |||||||||||||||||||||||||
2001 - Service Shares | 10.68 | (0.02 | ) (b) | (1.45 | ) | (1.47 | ) | — | — | — | — | |||||||||||||||||||||||||
2000 - Class A Shares | 12.61 | 0.03 | (b) | (1.49 | ) | (1.46 | ) | — | (0.15 | ) | (0.29 | ) | (0.44 | ) | ||||||||||||||||||||||
2000 - Class B Shares | 12.57 | (0.06 | ) (b) | (1.47 | ) | (1.53 | ) | — | (0.05 | ) | (0.29 | ) | (0.34 | ) | ||||||||||||||||||||||
2000 - Class C Shares | 12.57 | (0.05 | ) (b) | (1.47 | ) | (1.52 | ) | — | (0.07 | ) | (0.29 | ) | (0.36 | ) | ||||||||||||||||||||||
2000 - Institutional Shares | 12.60 | 0.10 | (b) | (1.51 | ) | (1.41 | ) | — | (0.20 | ) | (0.29 | ) | (0.49 | ) | ||||||||||||||||||||||
2000 - Service Shares | 12.59 | 0.04 | (b) | (1.51 | ) | (1.47 | ) | — | (0.15 | ) | (0.29 | ) | (0.44 | ) | ||||||||||||||||||||||
1999 - Class A Shares | 10.16 | 0.02 | 2.56 | 2.58 | (0.02 | ) | (0.11 | ) | — | (0.13 | ) | |||||||||||||||||||||||||
1999 - Class B Shares | 10.14 | (0.07 | ) | 2.54 | 2.47 | — | (0.04 | ) | — | (0.04 | ) | |||||||||||||||||||||||||
1999 - Class C Shares | 10.15 | (0.06 | ) | 2.53 | 2.47 | — | (0.05 | ) | — | (0.05 | ) | |||||||||||||||||||||||||
1999 - Institutional Shares | 10.16 | 0.06 | 2.55 | 2.61 | (0.06 | ) | (0.11 | ) | — | (0.17 | ) | |||||||||||||||||||||||||
1999 - Service Shares | 10.15 | — | 2.55 | 2.55 | — | (0.11 | ) | — | (0.11 | ) | ||||||||||||||||||||||||||
(a) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total returns for periods less than one full year are not annualized. Total return would be reduced if sales or redemption charges were taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. |
(b) | Calculated based on the average shares outstanding methodology. |
(c) | Expense ratios exclude expenses of the Underlying Funds. |
(d) | Amount is less than $0.005 per share. |
(e) | Annualized. |
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) to | expenses to | income (loss) to | Portfolio | ||||||||||||||||||||||||||||
value, end | Total | period | to average | average | average | average | turnover | |||||||||||||||||||||||||||
of period | return(a) | (in 000s) | net assets(c) | net assets | net assets(c) | net assets | rate | |||||||||||||||||||||||||||
$ | 10.94 | 5.60 | % | $ | 57,787 | 0.59 | %(e) | (0.04 | )%(e) | 0.97 | %(e) | (0.42 | )%(e) | 22 | % | |||||||||||||||||||
10.71 | 5.21 | 25,285 | 1.34 | (e) | (0.80 | )(e) | 1.72 | (e) | (1.18 | )(e) | 22 | |||||||||||||||||||||||
10.69 | 5.11 | 35,686 | 1.34 | (e) | (0.78 | )(e) | 1.72 | (e) | (1.16 | )(e) | 22 | |||||||||||||||||||||||
11.04 | 5.85 | 3,728 | 0.19 | (e) | 0.29 | (e) | 0.57 | (e) | (0.09 | )(e) | 22 | |||||||||||||||||||||||
10.89 | 5.52 | 141 | 0.69 | (e) | (0.14 | )(e) | 1.07 | (e) | (0.52 | )(e) | 22 | |||||||||||||||||||||||
10.36 | 35.02 | 52,088 | 0.60 | 0.50 | 1.03 | 0.07 | 36 | |||||||||||||||||||||||||||
10.18 | 34.12 | 24,879 | 1.35 | (0.27 | ) | 1.78 | (0.70 | ) | 36 | |||||||||||||||||||||||||
10.17 | 34.05 | 30,706 | 1.35 | (0.22 | ) | 1.78 | (0.65 | ) | 36 | |||||||||||||||||||||||||
10.43 | 35.51 | 4,881 | 0.20 | 0.88 | 0.63 | 0.45 | 36 | |||||||||||||||||||||||||||
10.32 | 34.97 | 130 | 0.70 | 0.30 | 1.13 | (0.13 | ) | 36 | ||||||||||||||||||||||||||
7.72 | (16.54 | ) | 39,214 | 0.60 | 0.22 | 1.06 | (0.24 | ) | 27 | |||||||||||||||||||||||||
7.59 | (17.23 | ) | 21,105 | 1.35 | (0.58 | ) | 1.81 | (1.04 | ) | 27 | ||||||||||||||||||||||||
7.59 | (17.14 | ) | 20,740 | 1.35 | (0.54 | ) | 1.81 | (1.00 | ) | 27 | ||||||||||||||||||||||||
7.77 | (16.18 | ) | 3,961 | 0.20 | 0.48 | 0.66 | 0.02 | 27 | ||||||||||||||||||||||||||
7.68 | (16.61 | ) | 125 | 0.70 | 0.11 | 1.16 | (0.35 | ) | 27 | |||||||||||||||||||||||||
9.25 | (13.63 | ) | 48,639 | 0.59 | (0.11 | ) | 0.97 | (0.49 | ) | 43 | ||||||||||||||||||||||||
9.17 | (14.30 | ) | 30,013 | 1.34 | (0.87 | ) | 1.72 | (1.25 | ) | 43 | ||||||||||||||||||||||||
9.16 | (14.31 | ) | 25,571 | 1.34 | (0.86 | ) | 1.72 | (1.24 | ) | 43 | ||||||||||||||||||||||||
9.27 | (13.36 | ) | 7,248 | 0.19 | 0.25 | 0.57 | (0.13 | ) | 43 | |||||||||||||||||||||||||
9.21 | (13.76 | ) | 153 | 0.69 | (0.20 | ) | 1.07 | (0.58 | ) | 43 | ||||||||||||||||||||||||
10.71 | (11.47 | ) | 53,480 | 0.59 | 0.28 | 0.99 | (0.12 | ) | 19 | |||||||||||||||||||||||||
10.70 | (12.07 | ) | 39,885 | 1.34 | (0.49 | ) | 1.74 | (0.89 | ) | 19 | ||||||||||||||||||||||||
10.69 | (12.00 | ) | 32,695 | 1.34 | (0.42 | ) | 1.74 | (0.82 | ) | 19 | ||||||||||||||||||||||||
10.70 | (11.07 | ) | 6,011 | 0.19 | 0.84 | 0.59 | 0.44 | 19 | ||||||||||||||||||||||||||
10.68 | (11.55 | ) | 146 | 0.69 | 0.30 | 1.09 | (0.10 | ) | 19 | |||||||||||||||||||||||||
12.61 | 25.39 | 58,387 | 0.59 | 0.12 | 1.00 | (0.29 | ) | 47 | ||||||||||||||||||||||||||
12.57 | 24.41 | 47,462 | 1.34 | (0.63 | ) | 1.75 | (1.04 | ) | 47 | |||||||||||||||||||||||||
12.57 | 24.35 | 28,573 | 1.34 | (0.61 | ) | 1.75 | (1.02 | ) | 47 | |||||||||||||||||||||||||
12.60 | 25.74 | 3,570 | 0.19 | 0.66 | 0.60 | 0.25 | 47 | |||||||||||||||||||||||||||
12.59 | 25.17 | 137 | 0.69 | 0.00 | 1.10 | (0.41 | ) | 47 | ||||||||||||||||||||||||||
(This page intentionally left blank)
F U N D S P R O F I L E |
Goldman Sachs Funds |
Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets. |
Today, Goldman Sachs Asset Management, L.P. and other units of the Investment Management Division of Goldman Sachs serve a diverse set of clients worldwide, including private institutions, public entities and individuals. With portfolio management teams located around the world — and $400.1 billion in assets under management as of THE GOLDMAN March 31, 2004 — our investment professionals bring firsthand knowledge of local markets SACHS ADVANTAGE to every investment decision, making us one of the few truly global asset managers. |
Our goal is to deliver: |
G O L D M A N S A C H S F U N D S |
Strong, Consistent In building a globally diversified INTERNATIONAL Investment Results portfolio, you can select from more than EQUITY 50 Goldman Sachs Funds and gain access Global Resources and Global Research to investment opportunities across Risk/Return borders, investment styles, asset classes Higher Team Approach and security capitalizations. Disciplined Processes DOMESTIC EQUITY |
Innovative, PORTFOLIOS Value-Added Investment Products SPECIALTY FIXED Thoughtful Solutions ALLOCATION INCOME ASSET Risk Management MONEY rn |
Outstanding MARKET e tu Asset Allocation Funds /R Client Service isk Balanced Fund R r Domestic Equity Funds w e Asset Allocation Portfolios L o Small Cap Value Fund Dedicated Service CORESM Small Cap Equity Fund Fixed Income Funds Teams Mid Cap Value Fund Emerging Markets Debt Fund Excellence and Concentrated Growth Fund High Yield Fund Integrity International Equity Funds Growth Opportunities Fund High Yield Municipal Fund Asia Growth Fund Research Select FundSM Global Income Fund Emerging Markets Equity Fund Strategic Growth Fund Investment Grade Credit Fund International Growth Capital Growth Fund Core Fixed Income Fund Opportunities Fund Large Cap Value Fund U.S. Mortgages Fund Japanese Equity Fund Growth and Income Fund Municipal Income Fund European Equity Fund CORESM Large Cap Growth Fund Government Income Fund International Equity Fund CORESM Large Cap Value Fund Short Duration Tax-Free Fund CORESM International Equity Fund CORESM U.S. Equity Fund Short Duration Government Fund Ultra-Short Duration Government Specialty Funds Fund Internet Tollkeeper FundSM Enhanced Income Fund CORESM Tax-Managed Equity Fund Real Estate Securities Fund Money Market Funds1 |
1 An investment in a money market fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Funds. The Goldman Sachs Research Select FundSM, Internet Tollkeeper FundSM and CORESM are service marks of Goldman, Sachs & Co. |
GOLDMAN SACHS ASSET MANAGEMENT, L.P. 32 OLD SLIP, 32ND FLOOR, NEW YORK, NEW YORK 10005 |
T R U S T E E S O F F I C E R S Ashok N. Bakhru, Chairman Kaysie P. Uniacke, President |
John P. Coblentz, Jr. James A. Fitzpatrick, Vice President Patrick T. Harker James A. McNamara, Vice President Mary Patterson McPherson John M. Perlowski, Treasurer Alan A. Shuch Howard B. Surloff, Secretary Wilma J. Smelcer Richard P. Strubel Kaysie P. Uniacke |
G O L D M A N , S AC H S & CO. G O L D M A N S AC H S A S S E T M A N AG E M E N T |
Distributor and Transfer Agent I N T E R N AT I O N A L Christchurch Court |
G O L D M A N S AC H S A S S E T M A N AG E M E N T, L . P. |
10-15 Newgate Street Investment Adviser London, England EC1A 7HD |
Visit our Web site at www.gs.com/funds to obtain the most recent month end returns. |
The reports concerning the Portfolios included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Portfolios in the future. These statements are based on Portfolio management’s predictions and expectations concerning certain future events and their expected impact on the Portfolios, 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 Portfolios. 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 Portfolios 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. Investors should read the Prospectus carefully before investing or sending money. |
The Goldman Sachs Balanced Strategy Portfolio invests primarily in other Goldman Sachs Funds and is subject to the risk factors of those Funds. Some of the risks include the price fluctuations of government securities in response to interest rates, the volatility of investments in the stock market, and the currency and political risks of non-U.S. securities. |
The Goldman Sachs Growth and Income Strategy Portfolio invests primarily in other Goldman Sachs Funds and is subject to the risk factors of those Funds. Some of the risks include the price fluctuations of fixed income securities in response to interest rates, the credit risk and volatility of high yield bonds, and the volatility of non-U.S. stocks and bonds and U.S. stocks. |
The Goldman Sachs Growth Strategy Portfolio invests primarily in other Goldman Sachs Funds and is subject to the risk factors of those Funds. Some of the risks include the volatility of U.S. and non-U.S. equity investments, the political and currency risks of non-U.S. securities, and the credit risks and volatility of high yield bonds. |
The Goldman Sachs Aggressive Growth Strategy Portfolio invests primarily in other Goldman Sachs Funds and is subject to the risk factors of those Funds. Some of the risks include the volatility of U.S. and non-U.S. equity investments and the political and currency risks of non-U.S. securities, which are particularly significant regarding equities of issuers located in emerging countries. |
CORESM is a service mark of Goldman, Sachs & Co. Goldman, Sachs & Co. is the distributor of the Funds. |
C1 Copyright 2004 Goldman, Sachs & Co. All rights reserved. Date of first use: August 29, 2004 04-1111 / AASAR / 30K / 07-04 |
ITEM 2. | CODE OF ETHICS. |
Not applicable to the semi-annual report for the period ending June 30, 2004. |
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
Not applicable to the semi-annual report for the period ending June 30, 2004. |
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
Not applicable to the semi-annual report for the period ended June 30, 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 June 30, 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) | Exhibit 99.CODE | 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 registrants's Form N-CSR filed on March 8, 2004 for its Real Estate Securites Fund (Accession Number 0000950123-04-0002984) | ||
(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: August 26, 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: August 26, 2004 | ||
/s/ John M. Perlowski | ||
By: John M. Perlowski | ||
Chief Financial Officer of | ||
Goldman Sachs Trust | ||
Date: August 26, 2004 |