UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT
COMPANIES
Investment Company Act file number 811-5349
Goldman Sachs Trust
(Exact name of registrant as specified in charter)
4900 Sears Tower, Chicago, Illinois 60606-6303
(Address of principal executive offices) (Zip code)
Howard B. Surloff, Esq. | Copies to: | |
Goldman, Sachs & Co. | Jeffrey A. Dalke, Esq. | |
One New York Plaza | Drinker Biddle & Reath LLP | |
New York, New York 10004 | One Logan Square | |
18th and Cherry Streets | ||
Philadelphia, PA 19103 | ||
(Name and address of agents for service) |
Registrant’s telephone number, including area code: (312) 655-4400
Date of fiscal year end: August 31
Date of reporting period: February 28, 2005
ITEM 1. | REPORTS TO STOCKHOLDERS. | |
The Semi-Annual Report to Stockholders is filed herewith. |
Goldman Sachs Funds INTERNATIONAL EQUITY FUNDS Semiannual Report February 28, 2005 Long-term capital growth potential through investments in equity markets located around the world. |
Goldman Sachs International Equity Funds GOLDMAN SACHS EUROPEAN EQUITY FUND GOLDMAN SACHS INTERNATIONAL EQUITY FUND GOLDMAN SACHS JAPANESE EQUITY FUND GOLDMAN SACHS INTERNATIONAL GROWTH OPPORTUNITIES FUND GOLDMAN SACHS EMERGING MARKETS EQUITY FUND GOLDMAN SACHS ASIA GROWTH FUND NOT FDIC-INSURED May Lose Value No Bank Guarantee |
GOLDMAN SACHS INTERNATIONAL EQUITY FUNDS What Differentiates Goldman Sachs’ International Equity Investment Process? Goldman Sachs’ International Equity strategy is based on the belief that strong, consistent results are best achieved through expert stock selection performed by research teams working together on a global scale. Our deep, diverse and experienced team of research analysts and portfolio managers combines local insights with global, industry-specific expertise to identify their best investment ideas. GOLDMAN SACHS’ INTERNATIONAL EQUITY INVESTMENT PROCESS 1 BOTTOM-UP STOCK SELECTION 2 DEDICATED PORTFOLIO MANAGEMENT 3 DISCIPLINED PORTFOLIO CONSTRUCTION 1 BOTTOM – UP STOCK SELECTION Fundamental research teams based in London,Tokyo, Singapore, New York and Tampa focus on long-term business and management quality Analysts collaborate regularly in global sector teams to leverage industry-specific research and insights Global perspective is informed by local market expertise 2 DEDICATED PORTFOLIO MANAGEMENT Team of experienced portfolio managers with sector expertise Team leverages the research of the 75+ regional investment professionals Decision making process is informed by active participation in the global research process 3 DISCIPLINED PORTFOLIO CONSTRUCTION Security selections are aligned with level of investment conviction Risk monitoring considers whether investment and other risks to the Portfolio are intended and justified Dedicated portfolio construction team assists in ongoing monitoring and adjustment of portfolios RESULT International equity portfolios that strive to offer: Access to markets across the world Disciplined approach to stock selection Optimal risk/return profiles 1 |
PORTFOLIO RESULTS European Equity Fund Dear Shareholder, This report provides a summary of the performance of the Goldman Sachs European Equity Fund for the six-month period that ended February 28, 2005. Performance Review Over the six-month period that ended February 28, 2005, the Fund’s Class A, B, C, Institutional, and Service Shares generated cumulative total returns, without sales charges, of 22.63%, 22.21%, 22.25%, 22.98%, and 22.49%, respectively. These returns compare to the 24.32% cumulative total return of the Fund’s benchmark, the Morgan Stanley Capital International (MSCI) Europe Index (unhedged with dividends reinvested), over the same time period. While the Fund generated strong absolute returns during the last six months, it under-performed its benchmark. Weak stock selection within the Materials and Energy sectors offset strong performance from the Fund’s Health Care and Financials holdings. During the reporting period, the European equity markets were influenced by rising commodity prices and the falling U.S. dollar. While investors were concerned about oil prices, which reached record highs in October 2004, the equity markets rallied sharply following the conclusion of the U.S. Presidential election. The Bush victory also initially helped boost pharmaceutical stocks in both the U.S. and abroad. The industry’s gains were dramatically reversed later in November, however, when Merck withdrew one of its key drugs from the market, preceding a decline in the entire sector. The pharmaceutical sector has remained in the news since then, with close Food and Drug Administration (FDA) scrutiny and the withdrawal of additional drugs. Overall, corporate earnings reports dominated individual stock movements in January 2005. European stocks considerably outperformed their U.S. peers as earnings expectations between the two regions began to diverge. Equities performed well in February, with strong earnings, healthy cash flows, sizable dividend increases, share buyback programs, and merger and acquisition activity driving the markets. However, commodity prices increased yet again. At the stock specific level, Anglo Irish Bank Corp. PLC, a fast-growing lender to small- and medium-sized enterprises (SME), was the top contributor to the Fund’s performance over the period on the back of strength in the UK real estate market and the Irish SME sector, its core markets. Its shares rallied when the company reported a significant rise in fiscal second-half 2004 profits, largely driven by increased business lending. An underweight position in AstraZeneca PLC (UK), a global pharmaceutical company, also significantly contributed to relative results. The company’s shares fell after rival pharmaceutical company Merck’s withdrawal of Vioxx from the market prompted a sell-off within the pharmaceutical sector. In addition, the FDA subsequently recommended that the safety of AstraZeneca’s cholesterol-reducing drug, Crestor, be scrutinized further. AstraZeneca’s shares later declined again when a study revealed that its lung cancer drug Iressa does not prolong life. 2 |
PORTFOLIO RESULTS Conversely, an overweight position in Novartis AG, the world’s fifth-largest pharmaceutical company, detracted from performance. Its shares fell in concert with the pharmaceutical sector in general. In addition, the issues surrounding the withdrawal of Vioxx raised doubts over whether Prexige, which is currently under development by Novartis, will be approved for use by the FDA. PSA Peugeot Citroen, the French automobile manufacturer, also hurt performance as slowing economic growth and rising unemployment in Western Europe resulted in weak October 2004 car sales. In addition, rising interest rates and the resultant higher cost of borrowing in the UK held back consumer spending. The company also suffered during its model changeover period as customers awaited the release of the new Citroen C4 and Peugeot 1007. Portfolio Composition We believe that outperformance is generated by a long-term focus on quality companies with sound management teams that trade at attractive valuations. We define quality companies as those that offer a powerful and enduring business franchise, favorable long-term prospects, and an attractive business model. We define quality management teams as those having strong track records, incentives aligned with shareholders, strategic vision, and rational capital allocations. We believe that such businesses make the best investments when we can buy them at an attractive valuation level. During the reporting period, the Fund was overweight in the Consumer Discretionary, Financials, and Health Care sectors and underweight in the Utilities, Energy and Industrials sectors. Portfolio Highlights During the reporting period, there were a number of holdings that enhanced results, including the following: Deutsche Boerse AG — Deutsche Boerse, Europe’s biggest stock exchange by market value in Germany, contributed to performance over the period. Its shares rose significantly after the company beat analysts’ forecasts for third-quarter 2004 profit in a difficult environment and provided positive guidance for 2005. The market also reacted positively to a turnaround in trading volumes in the latter months of 2004. This helped to mitigate a protracted period of lower returns that started in late Spring. Investors were initially worried that Deutsche Boerse would overpay for its proposed acquisition of the London Stock Exchange. However, these concerns diminished when Deutsche Boerse received a vote of confidence from one of its largest investors regarding the takeover attempt. 3 |
PORTFOLIO RESULTS Wolseley PLC — Wolseley, a building-materials distributor with operations in the U.S. and the UK, contributed to performance. Its shares performed well after the company released strong first-half results. Credit Suisse Group — Credit Suisse, a global financial services group, also enhanced results. We took advantage of price weakness in October 2004 to add to the Fund’s overweight position. Credit Suisse’s shares rose steadily from November 2004 through February 2005 after it reported strong third-quarter earnings. The firm performed well on the back of higher net income and good performance by the group’s investment banking, retail banking, and insurance businesses. We thank you for your investment and look forward to your continued confidence. Goldman Sachs European Equity Investment Team London, March 18, 2005 4 |
FUND BASICS European Equity Fund as of February 28, 2005 Assets Under Management $32.4 Million Number of Holdings 46 NASDAQ SYMBOLS Class A Shares GSEAX Class B Shares GSUBX Class C Shares GSUCX Institutional Shares GSEIX Service Shares GEESX PERFORMANCE REVIEW Fund Total Return MSCI Europe Index September 1, 2004–February 28, 2005 (based on NAV)1 (unhedged)2 Class A 22.63% 24.32% Class B 22.21 24.32 Class C 22.25 24.32 Institutional 22.98 24.32 Service 22.49 24.32 1 The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding.The Fund’s performance reflects the reinvestment of dividends and other distributions.The Fund’s performance does not reflect the deduction of any applicable sales charges. 2 The MSCI Europe Index (unhedged, with dividends reinvested) is an unmanaged index of common stock prices.The Index figures do not reflect any deduction for fees, expenses or taxes. STANDARDIZED TOTAL RETURNS3 For the period ended 12/31/04 Class A Class B Class C Institutional Service One Year 12.22% 13.04% 16.99% 19.41% 18.71% Five Years -1.16 -0.99 -0.60 0.56 0.11 Since inception 5.38 5.78 5.79 6.99 6.50 (10/1/98) 3 The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end.They assume reinvestment of all distributions at NAV.These returns reflect a maximum initial sales charge of 5.5% for Class A Shares, the assumed contingent deferred sales charge for Class B Shares (5% maximum declining to 0% after six years) and the assumed contingent 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.The Fund will charge a 2% redemption fee on the redemption of shares (including by exchange) held for 30 calendar days or less.The performance figures do not reflect the deduction of the redemption fee. If reflected, the redemption fee would reduce the performance quoted. Total return figures in the above charts represent past performance and do not guarantee future results, which will vary.The investment return and principal value of an investment will fluctuate and, therefore, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the total return figures in the above charts. Please visit www.gs.com/funds to obtain the most recent month-end returns. Performance reflects expense limitations in effect. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. TOP 10 HOLDINGS AS OF 2/28/054 Holding % of Net Assets Line of Business Total SA 5.1% Energy Vodafone Group PLC 4.8 Telecommunication Services GlaxoSmithKline PLC 4.1 Pharmaceuticals & Biotechnology Royal Bank of Scotland Group PLC 3.9 Banks Novartis AG 3.8 Pharmaceuticals & Biotechnology Shell Transport & Trading Co. PLC 3.4 Energy ING Groep NV 3.1 Diversified Financials Schneider Electric SA 2.7 Capital Goods Prudential PLC 2.7 Insurance HSBC Holdings PLC 2.5 Banks 4 The top 10 holdings may not be representative of the Fund’s future investments. 5 |
PORTFOLIO RESULTS International Equity Fund Dear Shareholder, This report provides an overview on the performance of the Goldman Sachs International Equity Fund during the six-month reporting period that ended February 28, 2005. Performance Review Over the six-month period that ended February 28, 2005, the Fund’s Class A, B, C, Institutional, and Service Shares generated cumulative total returns, without sales charges, of 21.60%, 21.15%, 21.15%, 21.86%, and 21.59%, respectively. These returns compare to the 21.28% cumulative total return of the Fund’s benchmark, the Morgan Stanley Capital International (MSCI) Europe, Australasia, Far East Index (EAFE) (unhedged with dividends reinvested), over the same time period. During the reporting period, the Fund generated positive results and performed in line with its benchmark. Strong stock selection in the Consumer Discretionary sector contributed to results while weak stock selection in the Energy and Materials sectors detracted from performance. From a stock specific standpoint, an overweight position in Ricoh Co. Ltd., a leading global manufacturer of office automation equipment in Japan, was a large detractor from performance. Ricoh’s shares weakened after reporting a downward revision to full-term operating profit guidance. This was due to a strategic decision to spend incremental money on marketing and research and development. In addition, the firm made a write-down — a downward adjustment in the accounting value of an asset — associated with pulling out of its troubled optical disk business. The release of disappointing holiday sales figures also negatively impacted the digital camera industry. We continue to hold Ricoh in the portfolio given its strong presence in the color-copier business. Another example of a stock that hurt performance was PSA Peugeot Citroen, the French automobile manufacturer. Its shares underperformed as slowing economic growth and rising unemployment in Western Europe contributed to weak car sales. Furthermore, the company is currently in a model changeover period, as customers await the release of the new Citroen C4 and Peugeot 1007. However, the stock began to recover in December 2004 as a result of an increase in Peugeot’s November car sales. We maintain the Fund’s overweight position as we feel that the stock remains attractively valued. Portfolio Composition Throughout the period, we continued to focus on high quality companies that have strong franchises and excellent management teams. We believe these types of organizations have the potential to perform well across the market cycle. Stock selection has led to overweight positions in the Financials and Consumer Discretionary sectors and underweight positions in the Energy, Utilities, Materials and Health Care sectors. 6 |
PORTFOLIO RESULTS Portfolio Highlights During the reporting period there were a number of holdings that enhanced results, including the following: Deutsche Boerse AG — Deutsche Boerse, Europe’s biggest stock exchange by market value in Germany, contributed to performance over the period. Its shares rose significantly after the company beat analysts’ forecasts for third-quarter 2004 profit in a difficult environment and provided positive guidance for 2005. The market also reacted positively to a turnaround in trading volumes in the latter months of 2004. This helped to mitigate a protracted period of lower returns that started in late Spring. Investors were initially worried that Deutsche Boerse would overpay for its proposed acquisition of the London Stock Exchange. However, these concerns diminished when Deutsche Boerse received a vote of confidence from one of its largest investors regarding the takeover attempt. Esprit Holdings Ltd. — Esprit, the Hong-Kong based clothing manufacturer, outperformed as the company announced better-than-expected earnings in 2004. Esprit demonstrated robust growth in the German market and began to show signs, later in the year, of penetration in the U.S. market. The company also unveiled positive results for the first half of its financial year, driven by rising sales of apparel and accessories in Europe and Asia. Skandia Forsakrings AB — Skandia, an asset manager and life insurer in Sweden, boosted returns over the period. The stock initially came under pressure in October 2004 amid concerns that New York Attorney General Eliot Spitzer would take legal action against its former subsidiary, American Skandia, for which Skandia retains certain liability. The stock rebounded in December as Mr. Spitzer reached an agreement with the main insurance brokers, limiting the potential financial impact of the industry probe. We thank you for your investment and look forward to your continued confidence. Goldman Sachs London Active Equity Team London, March 18, 2005 7 |
FUND BASICS International Equity Fund as of February 28, 2005 Assets Under Management $447.4 Million Number of Holdings 56 NASDAQ SYMBOLS Class A Shares GSIFX Class B Shares GSEBX Class C Shares GSICX Institutional Shares GSIEX Service Shares GSISX PERFORMANCE REVIEW September 1, 2004–February 28, 2005 Fund Total Return (based on NAV)1 MSCI EAFE Index (unhedged)2 Class A 21.60% 21.28% Class B 21.15 21.28 Class C 21.15 21.28 Institutional 21.86 21.28 Service 21.59 21.28 1 The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding.The Fund’s performance reflects the reinvestment of dividends and other distributions.The Fund’s performance does not reflect the deduction of any applicable sales charges. 2The MSCI EAFE Index (unhedged, with dividends reinvested) is a market capitalization-weighted composite of securities in 21 developed markets.The Index figures do not reflect any deduction for fees, expenses or taxes. STANDARDIZED TOTAL RETURNS3 For the period ended 12/31/04 Class A Class B Class C Institutional Service One Year 6.90% 7.29% 11.29% 13.66% 13.07% Five Years -5.08 -4.89 -4.51 -3.41 -3.88 Ten Years 5.79 N/A N/A N/A 6.504 Since Inception 5.87 3.42 1.40 5.45 6.474 (12/1/92) (5/1/96) (8/15/97) (2/7/96) (12/1/92) 3 The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end.They assume reinvestment of all distributions at NAV.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 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.The Fund will charge a 2% redemption fee on the redemption of shares (including by exchange) held for 30 calendar days or less.The performance figures do not reflect the deduction of the redemption fee. If reflected, the redemption fee would reduce the performance quoted. 4 Performance data for Service Shares prior to 3/6/96 (commencement of operations) is that of Class A Shares (excluding the impact of front-end sales charges applicable to Class A Shares since Service Shares are not subject to any sales charges). Performance of Class A Shares of the International Equity Fund reflects the expenses applicable to the Fund’s Class A Shares.The fees applicable to Service Shares are different from those applicable to Class A Shares which impact performance ratings and rankings for a class of shares. Total return figures in the above charts represent past performance and do not guarantee future results, which will vary.The investment return and principal value of an investment will fluctuate and, therefore, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the total return figures in the above charts. Please visit www.gs.com/funds to obtain the most recent month-end returns. Performance reflects expense limitations in effect. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. TOP 10 HOLDINGS AS OF 2/28/055 Holding % of Net Assets Line of Business Vodafone Group PLC 4.6% Telecommunication Services Nestle SA 3.8 Food Beverage & Tobacco Total SA 3.7 Energy GlaxoSmithKline PLC 3.3 Pharmaceuticals & Biotechnology Novartis AG 3.0 Pharmaceuticals & Biotechnology WPP Group PLC 2.9 Media Hyun dai Motor Co. Ltd. GDR 2.8 Automobiles & Components Banco Bilbao Vizcaya Argentaria SA 2.8 Banks Espirit Holdings Ltd. 2.7 Retailing Schneider Electric SA 2.6 Capital Goods 5 The top 10 holdings may not be representative of the Fund’s future investments. 8 |
PORTFOLIO RESULTS Japanese Equity Fund Dear Shareholder, This report provides an overview on the performance of the Goldman Sachs Japanese Equity Fund during the six-month reporting period that ended February 28, 2005. Performance Review Over the six-month period that ended February 28, 2005, the Fund’s Class A, B, C, Institutional, and Service Shares generated cumulative total returns, without sales charges, of 5.92%, 5.52%, 5.53%, 6.07% and 5.83%, respectively. These returns compare to the 10.21% cumulative total return of the Fund’s benchmark, the Tokyo Price Index (TOPIX) (unhedged with dividends reinvested), over the same time period. While the Fund generated positive absolute returns during the reporting period, it lagged its benchmark on a relative basis. The market continued to favor inexpensive and less profitable companies while we prefer to invest in more established and profitable companies. During the reporting period, the Japanese equity market was generally strong, although quite volatile. Improved corporate earnings, coupled with reasonable valuation levels, supported the market. During the first half of the reporting period, the country’s economy weakened and investors were concerned about the slowdown and how it could affect corporate profits. However, toward the end of the period, strong macro statistics, such as industrial production and machinery orders, were released and the market sentiment of the Japanese economy improved. This, in turn, supported stock prices. Overall, our stock selection hurt relative results during the period. Although the Fund’s Precision Instrument and miscellaneous Finance stocks enhanced results, stock selection in Banks and Wholesale Trade more than offset those positive results. In Banks, the Fund did not hold positions in Mizuho Financial Group and UFJ. This hurt returns as both companies performed well over the period. The Fund’s overweight in Sumitomo Mitsui Financial Group and Mitsubishi Tokyo Financial Group, Inc. was also a negative contributor to results, as their shares performed poorly. In the Wholesale Trade industry, the portfolio’s holdings in Net One Systems Co. Ltd. and DAIICHIKOSHO Co. Ltd. detracted from results, as they underperformed on the back of downward earnings revisions. Sector Allocation In managing the Fund, we seek to generate above-average returns over time through careful bottom-up stock selection based on extensive, firsthand fundamental research and a long-term investment horizon. Given this process, the Fund’s sector weightings are the bi-product of individual stock holdings rather than sector-based decisions. As of February 28, 2005, the Fund held overweight positions in the Chemicals, Precision Instruments and Retail Trade industries. Conversely, it had underweights in the Bank sector and the construction industry. 9 |
PORTFOLIO RESULTS Portfolio Highlights While the Fund underperformed its benchmark during the reporting period, there were a number of holdings that enhanced results, including the following: TERUMO Corp. — TERUMO is a comprehensive manufacturer of medical equipment, including disposable supplies such as syringes. The firm has a particular emphasis on more sophisticated products, such as catheter systems and artificial organs. Its stock performed well due to stronger-than-expected results during the fourth quarter of 2004. Shimadzu Corp. — Shimadzu is a major precision equipment manufacturer. Its stock appreciated on the back of record high earnings. YOKOGAWA ELECTRIC Corp. — YOKOGAWA ELECTRIC is the world’s second largest manufacturer of industrial instruments after Honeywell. It enhanced Fund results as the firm generated record high earnings during its fiscal year. We thank you for your investment and look forward to your continued confidence. Goldman Sachs Japanese Equity Team Tokyo, March 18, 2005 10 |
FUND BASICS Japanese Equity Fund as of February 28, 2005 Assets Under Management $54.8 Million Number of Holdings 73 NASDAQ SYMBOLS Class A Shares GSJAX Class B Shares GSJBX Class C Shares GSJCX Institutional Shares GSJIX Service Shares GSJSX PERFORMANCE REVIEW September 1, 2004–February 28, 2005 Fund Total Return (based on NAV)1 TOPIX (unhedged)2 Class A 5.92% 10.21% Class B 5.52 10.21 Class C 5.53 10.21 Institutional 6.07 10.21 Service 5.83 10.21 1 The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding.The Fund’s performance reflects the reinvestment of dividends and other distributions.The Fund’s performance does not reflect the deduction of any applicable sales charges. 2 The TOPIX (unhedged, with dividends reinvested) is an unmanaged composite of all stocks on the first section of the Tokyo Stock Exchange.The Index figures do not reflect any deduction for fees, expenses or taxes. STANDARDIZED TOTAL RETURNS3 For the period ended 12/31/04 Class A Class B Class C Institutional Service One Year 2.44% 2.60% 6.74% 9.02% 8.69% Five Years -11.46 -11.30 -10.94 -9.92 -10.22 Since inception 0.94 1.26 1.28 2.39 1.98 (5/1/98) 3 The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end.They assume reinvestment of all distributions at NAV.These returns reflect a maximum initial sales charge of 5.5% for Class A Shares, the assumed contingent deferred sales charge for Class B Shares (5% maximum declining to 0% after six years) and the assumed contingent 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.The Fund will charge a 2% redemption fee on the redemption of shares (including by exchange) held for 30 calendar days or less.The performance figures do not reflect the deduction of the redemption fee. If reflected, the redemption fee would reduce the performance quoted. Total return figures in the above charts represent past performance and do not guarantee future results, which will vary.The investment return and principal value of an investment will fluctuate and, therefore, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the total return figures in the above charts. Please visit www.gs.com/funds to obtain the most recent month-end returns. Performance reflects expense limitations in effect. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. TOP 10 HOLDINGS AS OF 2/28/054 Holding % of Net Assets Line of Business Toyota Motor Corp. 3.3% Transportation Equipment NITTO DENKO Corp. 3.1 Chemicals Ricoh Co. Ltd. 3.0 Electric Appliances Takeda Chemical Industries Ltd. 2.9 Pharmaceutical Sumitomo Mitsui Financial Group, Inc. 2.6 Banks Shin-Etsu Chemical Co. Ltd. 2.4 Chemicals DENSO Corp. 2.4 Transportation Equipment ORIX Corp. 2.3 Other Financing Business The Nomura Securities Co. Ltd. 2.3 Securities Mitsubishi Tokyo Financial Group, Inc. 2.3 Banks 4 The top 10 holdings may not be representative of the Fund’s future investments. 11 |
PORTFOLIO RESULTS International Growth Opportunities Fund Dear Shareholder, This report provides an overview on the performance of the Goldman Sachs International Growth Opportunities Fund during the six-month reporting period that ended February 28, 2005. Performance Review Over the six-month period that ended February 28, 2005, the Fund’s Class A, B, C, Institutional, and Service Shares produced cumulative total returns, without sales charges, of 30.10%, 29.55%, 29.57%, 30.42%, and 30.03%, respectively. These returns compare to the 26.81% cumulative total return of the Fund’s benchmark, the Morgan Stanley Capital International (MSCI) Europe, Australasia, Far East (EAFE) Small Cap Index (unhedged with dividends reinvested), over the same time period. During the reporting period, the Fund generated strong absolute returns and it outperformed its benchmark. In particular, the Fund’s holdings in Industrials and Consumer Discretionary stocks significantly enhanced results. First Calgary Petroleums Ltd., a UK-based oil and gas exploration company, continued to perform well as it announced further successful drilling and testing in Algeria. The company is currently conducting an auction for this property. Conversely, DAIICHIKOSHO Co. Ltd., a karaoke equipment company, was one of the largest detractors from performance. Its shares were weak on the back of the market’s reaction to the company’s disappointing business performance in karaoke cabin operation services and concerns over its market share. In addition, TOHOKUSHINSHA Film Corp., a television commercial film producer and a foreign film distributor, hurt performance during the period. The company suffered from a slowdown in corporate advertisement spending. We continue to hold the stock in the portfolio given what we believe to be the company’s favorable earnings growth, reasonable valuation, and liquidity. Portfolio Composition We maintain our focus on individual security selection rather than taking large sector and country under- or overweight positions. In addition, we strive to own quality businesses with enduring franchises and exceptional management that have the potential to perform well in a variety of markets. During the period, the Fund was overweight in the Industrials and Consumer Discretionary sectors and underweight in the Financials and Materials sectors. Portfolio Highlights During the reporting period, there were a number of holdings that enhanced results, including the following: Pfleiderer AG — Pfleiderer, a German manufacturing company that supplies chipboards to furniture manufacturers, contributed positively to performance. The shares outperformed on the back of the announcement of strong earnings and the purchase of a medium-density 12 |
PORTFOLIO RESULTS fiberboard plant in Germany. The company also announced the reduction of its own capacity in the over-supplied particle board market, while its primary U.S. competitor has gone into insolvency. Heijmans NV — Heijmans, a Dutch construction and property development company, enhanced results over the period. Heijmans has a particularly strong focus on residential construction and has one of the most robust land inventories in the industry. We believe these assets and the company’s ability to generate consistent cash flows make Heijmans an attractive company to own. PT Bank Rakyat Indonesia — PT Bank Rakyat Indonesia, a specialist in micro-financing in Indonesia, was another strong contributor to performance. Its shares rose due to some of its government initiatives, which include enhanced domestic security. We thank you for your investment and look forward to your continued confidence. Goldman Sachs International Small Cap Equity Investment Team London, March 18, 2005 13 |
FUND BASICS International Growth Opportunities Fund as of February 28, 2005 Assets Under Management $112.6 Million Number of Holdings 117 NASDAQ SYMBOLS Class A Shares GISAX Class B Shares GISBX Class C Shares GISCX Institutional Shares GISIX Service Shares GISSX PERFORMANCE REVIEW September 1, 2004–February 28, 2005 Fund Total Return (based on NAV)1 MSCI EAFE Small Cap Index (unhedged)2 Class A 30.10% 26.81% Class B 29.55 26.81 Class C 29.57 26.81 Institutional 30.42 26.81 Service 30.03 26.81 1 The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding.The Fund’s performance reflects the reinvestment of dividends and other distributions.The Fund’s performance does not reflect the deduction of any applicable sales charges. 2 The MSCI EAFE Small Cap Index (unhedged, with dividends reinvested) includes approximately 1,000 securities from 21 developed markets with a capitalization range between $200 million and $1.5 billion and a general regional allocation of 55% Europe, 31% Japan and 14% Australasia.The Index figures do not reflect any deduction for fees, expenses or taxes. STANDARDIZED TOTAL RETURNS3 For the period ended 12/31/04 Class A Class B Class C Institutional Service One Year 24.14% 25.50% 29.51% 32.08% 31.34% Five Years -0.07 0.12 0.50 1.67 1.19 Since inception 6.57 6.96 6.93 8.14 7.59 (5/1/98) 3 The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end.They assume reinvestment of all distributions at NAV.These returns reflect a maximum initial sales charge of 5.5% for Class A Shares, the assumed contingent deferred sales charge for Class B Shares (5% maximum declining to 0% after six years) and the assumed contingent 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.The Fund will charge a 2% redemption fee on the redemption of shares (including by exchange) held for 30 calendar days or less.The performance figures do not reflect the deduction of the redemption fee. If reflected, the redemption fee would reduce the performance quoted. Total return figures in the above charts represent past performance and do not guarantee future results, which will vary.The investment return and principal value of an investment will fluctuate and, therefore, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the total return figures in the above charts. Please visit www.gs.com/funds to obtain the most recent month-end returns. Performance reflects expense limitations in effect. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. TOP 10 HOLDINGS AS OF 2/28/054 Holding % of Net Assets Line of Business Heijmans NV 2.0% Capital Goods Pfleiderer AG 1.9 Capital Goods Gaming VC Holdings SA 1.7 Hotels, Restaurants & Leisure PT Bank Rakyat Indonesia 1.6 Banks Mowlem PLC 1.6 Capital Goods Cybernet Systems Co. Ltd. 1.5 Software & Services Augean PLC 1.4 Diversified Financials TAKAMATSU Corp. 1.4 Capital Goods HIT Entertainment PLC 1.4 Media Techtronic Industries Co. Ltd. 1.4 Consumer Durables & Apparel 4 The top 10 holdings may not be representative of the Fund’s future investments. 14 |
PORTFOLIO RESULTS Emerging Markets Equity Fund Dear Shareholder, This report provides an overview on the performance of the Goldman Sachs Emerging Markets Equity Fund during the six-month reporting period that ended February 28, 2005. Performance Review Over the six-month period that ended February 28, 2005, the Fund’s Class A, B, C, Institutional, and Service Shares generated cumulative total returns, without sales charges, of 38.96%, 38.53%, 38.45%, 39.20%, and 38.86%, respectively. These returns compare to the 35.36% cumulative total return of the Fund’s benchmark, the Morgan Stanley Capital International (MSCI) Emerging Markets Free (EMF) Index (with dividends reinvested), over the same time period. During the period, the Fund participated in a rally in emerging market equity stocks and outperformed its benchmark. Leading contributors to relative performance included Grupo Financiero Banorte SA de CV, Caemi Mineracaeo E Metalurgica SA, and Garanti Bank, while large detractors included Harmony Gold Mining Co. and Huaneng Power. We subsequently eliminated the Fund’s holding in Huaneng Power as the outlook for its earnings has declined. The portfolio’s overweight in Financials contributed to performance during the period, while underweights in Utilities and Materials detracted from performance. Harmony Gold Mining, a South African gold mining company and one of the world’s top five gold producers, hurt results during the period, as the market reacted negatively to Harmony’s escalating attempts at a hostile takeover bid for Gold Fields Limited, the world’s fifth largest gold company. We trimmed the Fund’s position in November to reduce exposure and control risk. The Fund’s position in Huaneng Power, a Chinese coal-fired power plant operator, also detracted from performance. Its shares declined in October 2004 as investors were concerned over weakness in Chinese demand and Huaneng’s increased costs due to higher coal prices. We subsequently eliminated the Fund’s holding in Huaneng Power as the outlook for its earnings has declined due to rising margin costs and little tariff action from the Chinese government. Regional Allocation On a regional basis, the top contributor to the Fund’s performance during the period was Latin America. In particular, strong stock selection in Mexico and Brazil enhanced results, as overweight positions in Urbi, Desarrolos Urbanos SA de CV, a residential building company, and Grupo Financiero Banorte, a key mortgage lender to the middle-income customer segment, allowed the Fund to benefit from growth in the Mexican mortgage market. An overall underweight in Emerging Asia also made a significant contribution to performance. Performance was particularly driven by our underweight positions in Malaysia and China. Strong stock selection in India also boosted results. In India, the top contributors to performance were banks, which have benefited from increasing demand for consumer loans and improving asset quality. 15 |
PORTFOLIO RESULTS Portfolio Highlights During the reporting period, there were a number of holdings that enhanced results, including the following: Caemi Mineracao E Metalurgica SA — Caemi, a Brazilian industrial mining company, was a leading contributor to results during the period. It performed well due to strength in Chinese demand and robust iron ore prices. Additionally, demand for shares of Caemi increased heavily in the third quarter 2004. We maintain the Fund’s overweight position in Caemi. Denizbank A.S. — Denizbank, a leading Turkish bank, contributed positively to performance. After three years of suppressed consumer demand, retail lending in Turkey has increased and is continuing to grow at a very fast pace in 2005. We continue to overweight the stock. Urbi, Desarrollos Urbanos SA de CV — Urbi, Mexico’s leading housing developer specializing in the low-income market, boosted returns over the period. The company continues to benefit from the housing boom in Mexico that has persisted since President Vincente Fox announced plans several years ago to double the number of home loans in Mexico. Shares also strengthened on news that the stock would be added to Mexico’s Bolsa Index. We remain overweight the position. We thank you for your investment and look forward to your continued confidence. Goldman Sachs Emerging Markets Equity Investment Team New York, London and Singapore March 18, 2005 16 |
FUND BASICS Emerging Markets Equity Fund as of February 28, 2005 Assets Under Management $125.9 Million Number of Holdings 67 NASDAQ SYMBOLS Class A Shares GEMAX Class B Shares GEKBX Class C Shares GEMCX Institutional Shares GEMIX Service Shares GEMSX PERFORMANCE REVIEW September 1, 2004–February 28, 2005 Fund Total Return (based on NAV)1 MSCI EMF Index2 Class A 38.96% 35.36% Class B 38.53 35.36 Class C 38.45 35.36 Institutional 39.20 35.36 Service 38.86 35.36 1 The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding.The Fund’s performance reflects the reinvestment of dividends and other distributions.The Fund’s performance does not reflect the deduction of any applicable sales charges. 2 The MSCI Emerging Markets Free Index (with dividends reinvested) is an unmanaged market capitalization-weighted composite of securities in over 30 emerging market countries.“Free” indicates an index that excludes shares in otherwise free markets that are not purchasable by foreigners.The Index figures do not reflect any deduction for fees, expenses or taxes. STANDARDIZED TOTAL RETURNS3 For the period ended 12/31/04 Class A Class B Class C Institutional Service One Year 18.28% 19.58% 23.32% 25.82% 25.22% Five Years 2.14 2.44 2.71 3.93 3.60 Since Inception 4.36 4.71 4.69 5.89 5.08 (12/15/97) 3 The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end.They assume reinvestment of all distributions at NAV.These returns reflect a maximum initial sales charge of 5.5% for Class A Shares, the assumed contingent deferred sales charge for Class B Shares (5% maximum declining to 0% after six years) and the assumed contingent 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.The Fund will charge a 2% redemption fee on the redemption of shares (including by exchange) held for 30 calendar days or less.The performance figures do not reflect the deduction of the redemption fee. If reflected, the redemption fee would reduce the performance quoted. Total return figures in the above charts represent past performance and do not guarantee future results, which will vary.The investment return and principal value of an investment will fluctuate and, therefore, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the total return figures in the above charts. Please visit www.gs.com/funds to obtain the most recent month-end returns. Performance reflects expense limitations in effect. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. TOP 10 COMPANY HOLDINGS AS OF 2/28/054 Holding % of Net Assets Line of Business Samsung Electronics Co. Ltd. 4.8% Semiconductors & Semiconductor Equipment iShares MSCI Emerging Markets Index 3.9 Exchange Traded Funds Taiwan Semiconductor 3.6 Semiconductors & Semiconductor Equipment Petroleo Brasileiro SA ADR 3.4 Energy LUKOIL ADR 3.4 Energy Kookmin Bank 3.2 Banks America Movil de CV ADR 2.7 Telecommunication Services Hana Bank 2.3 Banks Banco Bradesco SA ADR 2.3 Banks Companhia de Bebidas das Americas ADR 2.2 Food Beverage & Tobacco 4 The top 10 holdings may not be representative of the Fund’s future investments. 17 |
PORTFOLIO RESULTS Asia Growth Fund Dear Shareholder, This report provides an overview on the performance of the Goldman Sachs Asia Growth Fund during the six-month reporting period that ended February 28, 2005. Performance Review Over the six-month period that ended February 28, 2005, the Fund’s Class A, B, C, and Institutional Shares generated cumulative total returns, without sales charges, of 25.09%, 24.65%, 24.60%, and 25.29%, respectively. These returns compare to the 23.46% cumulative total return of the Fund’s benchmark, the Morgan Stanley Capital International (MSCI) All Country (AC) Asia Free ex-Japan Index (unhedged), over the same time period. The Asian equity markets generated strong results during the reporting period. An easing in oil prices toward the end of 2004 boosted the equity markets and the steadily weakening U.S. dollar led to increased fund flows into Asia in order to seek gains from regional currency appreciation. The Fund outperformed its benchmark during the reporting period due to positive stock selection. In particular, overweight positions in Indonesian and Indian Banks were beneficial, as were the positions in Hong Kong Consumer Discretionary stocks. Conversely, underweight positions in Energy, Materials and Industrials detracted from results as stocks in these sectors continued to perform strongly. Portfolio Composition As of February 28, 2005, the Fund was overweight in Hong Kong and Indonesia and underweight in India, Singapore, Thailand, China and Malaysia. The Fund held neutral positions in Taiwan and Korea. Portfolio Highlights The following stocks in the Fund were noteworthy contributors to outperformance during the period: PT Bank Rakyat Indonesia — PT Bank Rakyat Indonesia (BRI) specializes in the finance business in Indonesia, targeting the rural community and dispensing small loans to individuals and small businesses. We like the company as it focuses on the rural population. Techtronic Industries Co. Ltd. — Techtronic is a manufacturer of power tools, outdoor equipment, and floor care appliances. We like the company because of its transformation from developing items for other companies to introducing its own brand. Techtronic performed well due to its market share gains in the U.S. power tool segment. In addition, it has made several acquisitions that helped to expand its product range and geographic distribution. 18 |
PORTFOLIO RESULTS Esprit Holdings Ltd. — Esprit, the Hong-Kong based clothing manufacturer, outperformed as the company announced better-than-expected earnings in 2004. Esprit demonstrated robust growth in the German market and began to show signs, later in the year, of penetration in the U.S. market. The company also unveiled positive results for the first half of its financial year, driven by rising sales of apparel and accessories in Europe and Asia. We thank you for your investment and look forward to your continued confidence. Goldman Sachs Asia Equity Investment Team Singapore, March 18, 2005 19 |
FUND BASICS Asia Growth Fund as of February 28, 2005 Assets Under Management $86.6 Million Number of Holdings 73 NASDAQ SYMBOLS Class A Shares GSAGX Class B Shares GSABX Class C Shares GSACX Institutional Shares GSAIX PERFORMANCE REVIEW Fund Total Return MSCI AC Asia Free ex-Japan September 1, 2004–February 28, 2005 (based on NAV)1 Index (unhedged)2 Class A 25.09% 23.46% Class B 24.65 23.46 Class C 24.60 23.46 Institutional 25.29 23.46 1 The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding.The Fund’s performance reflects the reinvestment of dividends and other distributions.The Fund’s performance does not reflect the deduction of any applicable sales charges. 2 The unmanaged MSCI All Country Asia Free ex-Japan Index (unhedged, with dividends reinvested) is a market capitalization-weighted composite of securities in 11 Asian countries.“Free” indicates an index that excludes shares in otherwise free markets that are not purchasable by foreigners.The Index figures do not reflect any deduction for fees, expenses or taxes. STANDARDIZED TOTAL RETURNS3 For the period ended 12/31/04 Class A Class B Class C Institutional One Year 9.47% 10.05% 14.07% 16.34% Five Years -1.99 -1.77 -1.41 -0.15 Ten Years -1.87 N/A N/A N/A Since Inception -1.53 -4.24 -3.80 -2.54 (7/8/94) (5/1/96) (8/15/97) (2/2/96) 3 The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end.They assume reinvestment of all distributions at NAV.These returns reflect a maximum initial sales charge of 5.5% for Class A Shares, the assumed contingent deferred sales charge for Class B Shares (5% maximum declining to 0% after six years) and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.The Fund will charge a 2% redemption fee on the redemption of shares (including by exchange) held for 30 calendar days or less.The performance figures do not reflect the deduction of the redemption fee. If reflected, the redemption fee would reduce the performance quoted. Total return figures in the above charts represent past performance and do not guarantee future results, which will vary.The investment return and principal value of an investment will fluctuate and, therefore, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the total return figures in the above charts. Please visit www.gs.com/funds to obtain the most recent month-end returns. Performance reflects expense limitations in effect. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. TOP 10 COMPANY HOLDINGS AS OF 2/28/054 Holding % of Net Assets Line of Business Samsung Electronics Co. Ltd. 8.6% Electrical & Electronic Kookmin Bank 3.7 Banking Taiwan Semiconductor. 3.6 Electrical & Electronic Hana Bank 3.4 Banking ICICI Bank Ltd. 3.0 Banking Techtronic Industries Co. Ltd. 2.9 Electrical & Electronic Esprit Holdings Ltd. 2.8 Apparel & Other Finished Goods Hyundai Motor Co. Ltd. 2.7 Automotive Repair Service Hyundai Mobis 2.4 Automotive Repair Service Infosys Technologies Ltd. 2.3 Communication 4 The top 10 holdings may not be representative of the Fund’s future investments. 20 |
Statement of Investments
Shares | Description | Value | ||||||||
Common Stocks – 95.5% | ||||||||||
France – 24.4% | ||||||||||
3,337 | Air Liquide SA* (Materials) | $ | 599,745 | |||||||
13,362 | Cap Gemini SA* (Software & Services) | 499,427 | ||||||||
27,333 | Credit Agricole SA* (Banks) | 810,831 | ||||||||
24,685 | France Telecom SA (Telecommunication Services) | 745,576 | ||||||||
9,077 | LVMH Moet Hennessy Louis Vuitton SA (Consumer Durables & Apparel) | 672,177 | ||||||||
18,799 | PagesJaunes SA* (Media) | 475,937 | ||||||||
11,600 | PSA Peugeot Citroen* (Automobiles & Components) | 759,943 | ||||||||
10,131 | Sanofi-Aventis (Pharmaceuticals & Biotechnology) | 809,006 | ||||||||
11,044 | Schneider Electric SA* (Capital Goods) | 881,500 | ||||||||
6,985 | Total SA (Energy) | 1,663,237 | ||||||||
7,917,379 | ||||||||||
Germany – 3.3% | ||||||||||
6,611 | Deutsche Boerse AG* (Diversified Financials) | 492,832 | ||||||||
3,607 | SAP AG (Software & Services) | 589,014 | ||||||||
1,081,846 | ||||||||||
Greece – 0.6% | ||||||||||
10,210 | Hellenic Telecommunications Organization SA (OTE) | |||||||||
(Telecommunication Services) | 197,286 | |||||||||
Ireland – 3.9% | ||||||||||
19,013 | Anglo Irish Bank Corp. PLC (Banks) | 501,917 | ||||||||
26,795 | CRH PLC (Capital Goods) | 754,729 | ||||||||
1,256,646 | ||||||||||
Italy – 1.6% | ||||||||||
104,413 | Banca Intesa SpA (Banks) | 511,255 | ||||||||
Netherlands – 6.8% | ||||||||||
32,349 | ING Groep NV (Diversified Financials) | 995,038 | ||||||||
18,413 | Koninklijke (Royal) Philips Electronics NV (Consumer | |||||||||
Durables & Apparel) | 510,971 | |||||||||
21,888 | VNU NV (Media) | 685,612 | ||||||||
2,191,621 | ||||||||||
Norway – 1.7% | ||||||||||
61,101 | Telenor ASA (Telecommunication Services) | 563,243 | ||||||||
Spain – 4.2% | ||||||||||
47,191 | Banco Santander Central Hispano SA (Banks) | $ | 583,748 | |||||||
41,543 | Telefonica SA (Telecommunication Services) | 764,877 | ||||||||
1,348,625 | ||||||||||
Sweden – 3.4% | ||||||||||
124,730 | Skandia Forsakrings AB(a) (Insurance) | 667,854 | ||||||||
146,712 | Telefonaktiebolaget LM Ericsson Series B* (Technology Hardware & Equipment) | 431,499 | ||||||||
1,099,353 | ||||||||||
Switzerland – 9.3% | ||||||||||
16,147 | Credit Suisse Group* (Diversified Financials) | 704,249 | ||||||||
1,698 | Nestle SA (Food Beverage & Tobacco) | 472,233 | ||||||||
24,453 | Novartis AG (Pharmaceuticals & Biotechnology) | 1,225,442 | ||||||||
3,359 | Zurich Financial Services AG (Insurance) | 619,388 | ||||||||
3,021,312 | ||||||||||
United Kingdom – 36.3% | ||||||||||
8,027 | AstraZeneca PLC (Pharmaceuticals & Biotechnology) | 318,043 | ||||||||
10,043 | Carnival PLC (Hotels, Restaurants & Leisure) | 577,734 | ||||||||
55,123 | GlaxoSmithKline PLC (Pharmaceuticals & Biotechnology) | 1,318,728 | ||||||||
48,659 | HSBC Holdings PLC (Banks) | 812,569 | ||||||||
22,059 | Man Group PLC (Diversified Financials) | 571,802 | ||||||||
67,658 | Marks & Spencer Group PLC (Retailing) | 455,971 | ||||||||
4,756 | Northern Rock PLC (Banks) | 71,883 | ||||||||
96,458 | Prudential PLC (Insurance) | 879,755 | ||||||||
23,147 | Reckitt Benckiser PLC (Household & Personal Products) | 729,884 | ||||||||
37,047 | Royal Bank of Scotland Group PLC (Banks) | 1,269,709 | ||||||||
115,334 | Shell Transport & Trading Co. PLC (Energy) | 1,085,125 | ||||||||
25,957 | Shire Pharmaceuticals Group PLC (Pharmaceuticals & Biotechnology) | 289,341 | ||||||||
592,290 | Vodafone Group PLC (Telecommunication Services) | 1,550,334 | ||||||||
80,807 | William Morrison Supermarkets PLC (Food & Staples Retailing) | 348,128 |
21
Shares | Description | Value | ||||||||
Common Stocks – (continued) | ||||||||||
United Kingdom – (continued) | ||||||||||
34,876 | Wolseley PLC (Capital Goods) | $ | 744,135 | |||||||
62,860 | WPP Group PLC (Media) | 723,024 | ||||||||
11,746,165 | ||||||||||
TOTAL COMMON STOCKS | ||||||||||
(Cost $24,577,609) | $ | 30,934,731 | ||||||||
Principal | Interest | Maturity | ||||||||||||||
Amount€ | Rate | Date | Value | |||||||||||||
Short-Term Obligations – 4.3% | ||||||||||||||||
State Street Bank & Trust Euro-Time Deposit | ||||||||||||||||
EUR 527,043 | 2.04 | % | 03/01/2005 | $ | 698,965 | |||||||||||
EUR 527,073 | 2.03 | 03/02/2005 | 699,004 | |||||||||||||
TOTAL SHORT-TERM OBLIGATIONS | ||||||||||||||||
(Cost $1,394,411) | $ | 1,397,969 | ||||||||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL | ||||||||||||||||
(Cost $25,972,020) | $ | 32,332,700 | ||||||||||||||
Shares | Description | Value | ||||||||
Securities Lending Collateral – 2.2% | ||||||||||
696,000 | Boston Global Investment Trust – Enhanced Portfolio | |||||||||
(Cost $696,000) | $ | 696,000 | ||||||||
TOTAL INVESTMENTS – 102.0% | ||||||||||
(Cost $26,668,020) | $ | 33,028,700 | ||||||||
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
* | Non-income producing security. | |
(a) | All or a portion of security is on loan. | |
€ | The principal amount of the security is stated in the currency in which the bond is denominated. See below: EUR – Euro |
As a % of | ||||||
Net Assets | ||||||
Investments Industry Classifications†† | ||||||
Automobiles & Components | 2.3 | % | ||||
Banks | 14.1 | |||||
Capital Goods | 7.3 | |||||
Consumer Durables & Apparel | 3.7 | |||||
Diversified Financials | 8.5 | |||||
Energy | 8.5 | |||||
Food & Staples Retailing | 1.1 | |||||
Food Beverage & Tobacco | 1.5 | |||||
Hotels, Restaurants & Leisure | 1.8 | |||||
Household & Personal Products | 2.3 | |||||
Insurance | 6.7 | |||||
Materials | 1.8 | |||||
Media | 5.8 | |||||
Pharmaceuticals & Biotechnology | 12.2 | |||||
Retailing | 1.4 | |||||
Short Term Investments# | 6.5 | |||||
Software & Services | 3.4 | |||||
Technology Hardware & Equipment | 1.3 | |||||
Telecommunication Services | 11.8 | |||||
TOTAL INVESTMENTS | 102.0 | % | ||||
†† | Industry concentrations greater than one-tenth of one percent are disclosed. | |
# | Short term investments include securities lending collateral. |
22
ADDITIONAL INVESTMENT INFORMATION |
Futures Contracts — At February 28, 2005, the following futures contracts were open as follows:
Number of | ||||||||||||||
Contracts | Settlement | Market | Unrealized | |||||||||||
Type | Long | Month | Value | Gain (Loss) | ||||||||||
FTSE 100 Index | 1 | March 2005 | $ | 95,215 | $ | 31 | ||||||||
DJ EUR ER STX 50 Index | 11 | March 2005 | 444,504 | (1,799 | ) | |||||||||
$ | 539,719 | $ | (1,768 | ) | ||||||||||
23
Statement of Investments
Shares | Description | Value | ||||||||
Common Stocks – 97.7% | ||||||||||
France – 20.4% | ||||||||||
162,636 | Cap Gemini SA* (Software & Services) | $ | 6,078,789 | |||||||
396,747 | Credit Agricole SA* (Banks) | 11,769,470 | ||||||||
212,389 | European Aeronautic Defence & Space Co. (Capital Goods) | 6,677,559 | ||||||||
95,320 | L’Oreal SA* (Household & Personal Products) | 7,461,269 | ||||||||
159,011 | LVMH Moet Hennessy Louis Vuitton SA (Consumer Durables & | |||||||||
Apparel) | 11,775,197 | |||||||||
326,138 | PagesJaunes SA* (Media) | 8,256,888 | ||||||||
171,742 | PSA Peugeot Citroen (Automobiles & Components) | 11,251,214 | ||||||||
147,604 | Schneider Electric SA* (Capital Goods) | 11,781,327 | ||||||||
68,844 | Total SA (Energy) | 16,392,830 | ||||||||
91,444,543 | ||||||||||
Germany – 5.8% | ||||||||||
71,215 | Bayerische Motoren Werke (BMW) AG*(a) (Automobiles & Components) | 3,062,304 | ||||||||
156,306 | Deutsche Boerse AG* (Diversified Financials) | 11,652,188 | ||||||||
39,851 | SAP AG (Software & Services) | 6,507,566 | ||||||||
64,814 | Schering AG (Pharmaceuticals & Biotechnology) | 4,755,394 | ||||||||
25,977,452 | ||||||||||
Greece – 1.5% | ||||||||||
216,210 | Greek Organization of Football Prognostics (Hotels, Restaurants & Leisure) | 6,887,686 | ||||||||
Hong Kong – 7.3% | ||||||||||
1,183,440 | Dah Sing Banking Group Ltd. (Banks) | 2,362,441 | ||||||||
476,025 | Dah Sing Financial Group (Banks) | 3,587,265 | ||||||||
1,714,000 | Esprit Holdings Ltd. (Retailing) | 12,229,418 | ||||||||
2,486,000 | Techtronic Industries Co. Ltd. (Consumer Durables & Apparel) | 5,797,154 | ||||||||
1,278,000 | Wing Hang Bank Ltd. (Banks) | 8,532,173 | ||||||||
32,508,451 | ||||||||||
Italy – 2.1% | ||||||||||
1,951,487 | Banca Intesa SpA(a) (Banks) | 9,555,388 | ||||||||
Japan – 13.2% | ||||||||||
261,000 | Credit Saison Co. Ltd. (Diversified Financials) | 9,279,441 | ||||||||
283,500 | Konica Minolta Holdings, Inc. (Technology Hardware & Equipment) | 3,379,643 | ||||||||
551 | Millea Holdings, Inc. (Insurance) | 8,093,856 | ||||||||
864,000 | Mitsui Fudosan Co. Ltd. (Real Estate) | 10,749,142 | ||||||||
790 | Mitsui Sumitomo Insurance Co. Ltd. (Insurance) | 7,057 | ||||||||
20,800 | OBIC Co. Ltd. (Software & Services) | 3,902,269 | ||||||||
338,000 | Ricoh Co. Ltd. (Technology Hardware & Equipment) | 6,309,280 | ||||||||
257,700 | Shin-Etsu Chemical Co. Ltd. (Materials) | 10,559,567 | ||||||||
277,000 | Shinsei Bank Ltd. (Banks) | 1,625,807 | ||||||||
11 | SMC Corp. (Capital Goods) | 1,339 | ||||||||
62,540 | USS Co. Ltd. (Retailing) | 4,911,812 | ||||||||
58,819,213 | ||||||||||
Netherlands – 3.1% | ||||||||||
217,506 | ING Groep NV (Diversified Financials) | 6,690,370 | ||||||||
228,509 | VNU NV (Media) | 7,157,731 | ||||||||
13,848,101 | ||||||||||
Norway – 2.0% | ||||||||||
959,191 | Telenor ASA (Telecommunication Services) | 8,842,039 | ||||||||
Russia – 0.7% | ||||||||||
75,700 | Mobile Telesystems ADR (Telecommunication Services) | 3,034,813 | ||||||||
South Korea – 5.2% | ||||||||||
447,978 | Hyundai Motor Co. Ltd. GDR(b) (Automobiles & Components) | 12,736,015 | ||||||||
22,600 | Samsung Electronics Co. Ltd. GDR (Semiconductors & Semiconductor Equipment) | 5,839,027 | ||||||||
26,600 | Samsung Electronics Co. Ltd. GDR(b) (Semiconductors & Semiconductor Equipment) | 4,541,950 | ||||||||
23,116,992 | ||||||||||
Spain – 2.8% | ||||||||||
718,652 | Banco Bilbao Vizcaya Argentaria SA (Banks) | 12,444,725 | ||||||||
Sweden – 3.9% | ||||||||||
1,774,776 | Skandia Forsakrings AB(a) (Insurance) | 9,502,856 | ||||||||
2,724,172 | Telefonaktiebolaget LM Ericsson Series B* (Technology Hardware & Equipment) | 8,012,145 | ||||||||
17,515,001 | ||||||||||
Switzerland – 8.6% | ||||||||||
188,969 | Credit Suisse Group* (Diversified Financials) | 8,241,851 | ||||||||
61,091 | Nestle SA (Food Beverage & Tobacco) | 16,990,114 |
24
Shares | Description | Value | ||||||||
Common Stocks – (continued) | ||||||||||
Switzerland – (continued) | ||||||||||
264,245 | Novartis AG(a) (Pharmaceuticals & Biotechnology) | $ | 13,242,424 | |||||||
38,474,389 | ||||||||||
Taiwan – 1.5% | ||||||||||
706,308 | Hon Hai Precision Industry Co. Ltd. GDR(a) (Technology Hardware & Equipment) | 6,724,058 | ||||||||
United Kingdom – 19.6% | ||||||||||
398,734 | British Sky Broadcasting Group PLC (Media) | 4,342,027 | ||||||||
146,637 | Carnival PLC (Hotels, Restaurants & Leisure) | 8,435,452 | ||||||||
611,222 | GlaxoSmithKline PLC (Pharmaceuticals & Biotechnology) | 14,622,492 | ||||||||
564,261 | HBOS PLC (Banks) | 8,982,885 | ||||||||
127,788 | Man Group PLC (Diversified Financials) | 3,312,453 | ||||||||
897,842 | Prudential PLC (Insurance) | 8,188,858 | ||||||||
7,813,863 | Vodafone Group PLC (Telecommunication Services) | 20,452,983 | ||||||||
1,528,598 | William Morrison Supermarkets PLC (Food & Staples Retailing) | 6,585,425 | ||||||||
1,119,015 | WPP Group PLC (Media) | 12,871,062 | ||||||||
87,793,637 | ||||||||||
TOTAL COMMON STOCKS | ||||||||||
(Cost $334,458,861) | $ | 436,986,488 | ||||||||
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Short-Term Obligation – 2.4% | ||||||||||||||||
State Street Bank & Trust Euro – Time Deposit | ||||||||||||||||
$ | 10,933,000 | 2.50 | % | 03/01/2005 | $ | 10,933,000 | ||||||||||
(Cost $10,933,000) | ||||||||||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL | ||||||||||||||||
(Cost $345,391,861) | $ | 447,919,488 | ||||||||||||||
Shares | Description | Value | ||||||||
Securities Lending Collateral – 8.1% | ||||||||||
36,037,975 | Boston Global Investment Trust – Enhanced Portfolio | |||||||||
(Cost $36,037,975) | $ | 36,037,975 | ||||||||
TOTAL INVESTMENTS – 108.2% | ||||||||||
(Cost $381,429,836) | $ | 483,957,463 | ||||||||
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
* | Non-income producing security. | |
(a) | All or a portion of security is on loan. | |
(b) | Securities are exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $17,277,965, which represents approximately 3.9% of net assets as of February 28, 2005. |
Investment Abbreviations: | ||||||
ADR | — | American Depositary Receipt | ||||
GDR | — | Global Depositary Receipt | ||||
25
As a % of | ||||||
Net Assets | ||||||
Investments Industry Classifications†† | ||||||
Automobiles & Components | 6.0 | % | ||||
Banks | 13.1 | |||||
Capital Goods | 4.1 | |||||
Consumer Durables & Apparel | 3.9 | |||||
Diversified Financials | 8.8 | |||||
Energy | 3.7 | |||||
Food & Staples Retailing | 1.5 | |||||
Food Beverage & Tobacco | 3.8 | |||||
Hotels, Restaurants & Leisure | 3.4 | |||||
Household & Personal Products | 1.7 | |||||
Insurance | 5.8 | |||||
Materials | 2.4 | |||||
Media | 7.3 | |||||
Pharmaceuticals & Biotechnology | 7.3 | |||||
Real Estate | 2.4 | |||||
Retailing | 3.8 | |||||
Semiconductors & Semiconductor Equipment | 2.3 | |||||
Short Term Investments# | 10.5 | |||||
Software & Services | 3.7 | |||||
Technology Hardware & Equipment | 5.5 | |||||
Telecommunication Services | 7.2 | |||||
TOTAL INVESTMENTS | 108.2 | % | ||||
†† | Industry concentrations greater than one-tenth of one percent are disclosed. | |
# | Short term investments include securities lending collateral. |
26
ADDITIONAL INVESTMENT INFORMATION |
Forward Foreign Currency Contracts — At February 28, 2005, the Fund had outstanding forward foreign currency exchange contracts, both to purchase and sell foreign currencies as follows:
Unrealized | ||||||||||||||||||||
Open Forward Foreign Currency | Expiration | Value on | ||||||||||||||||||
Purchase Contracts | Date | Settlement Date | Current Value | Gain | Loss | |||||||||||||||
Australian Dollar | 03/15/2005 | $ | 23,161,921 | $ | 23,979,712 | $ | 817,791 | $ | — | |||||||||||
03/16/2005 | 27,313,590 | 28,144,001 | 830,411 | — | ||||||||||||||||
British Pounds | 03/16/2005 | 8,176,000 | 8,313,185 | 137,185 | — | |||||||||||||||
03/16/2005 | 5,485,000 | 5,447,192 | — | 37,808 | ||||||||||||||||
03/17/2005 | 25,118,734 | 25,820,644 | 701,910 | — | ||||||||||||||||
Canadian Dollar | 03/16/2005 | 8,390,223 | 8,155,892 | — | 234,331 | |||||||||||||||
Danish Krone | 03/23/2005 | 3,627,094 | 3,626,284 | — | 810 | |||||||||||||||
Euro | 03/16/2005 | 8,313,202 | 8,274,533 | — | 38,669 | |||||||||||||||
03/16/2005 | 21,583,000 | 22,009,530 | 426,530 | — | ||||||||||||||||
Hong Kong Dollar | 03/09/2005 | 1,855,402 | 1,846,778 | — | 8,624 | |||||||||||||||
Japanese Yen | 03/16/2005 | 21,909,262 | 21,606,945 | — | 302,317 | |||||||||||||||
03/16/2005 | 5,388,000 | 5,417,982 | 29,982 | — | ||||||||||||||||
03/31/2005 | 34,923,200 | 35,071,069 | 147,869 | — | ||||||||||||||||
Norwegian Krone | 03/16/2005 | 13,997,075 | 13,845,031 | — | 152,044 | |||||||||||||||
Singapore Dollar | 03/23/2005 | 3,405,010 | 3,427,319 | 22,309 | — | |||||||||||||||
Swedish Krona | 03/16/2005 | 8,294,000 | 8,143,250 | — | 150,750 | |||||||||||||||
03/16/2005 | 13,516,000 | 13,726,005 | 210,005 | — | ||||||||||||||||
03/18/2005 | 2,239,537 | 2,329,618 | 90,081 | — | ||||||||||||||||
03/18/2005 | 822,221 | 807,800 | — | 14,421 | ||||||||||||||||
Swiss Franc | 03/14/2005 | 867,530 | 903,868 | 36,338 | — | |||||||||||||||
03/16/2005 | 2,809,000 | 2,777,958 | — | 31,042 | ||||||||||||||||
03/16/2005 | 24,533,000 | 25,173,091 | 640,091 | — | ||||||||||||||||
Total Open Forward Foreign Currency Purchase Contracts | $ | 265,728,001 | $ | 268,847,687 | $ | 4,090,502 | $ | 970,816 | ||||||||||||
27
ADDITIONAL INVESTMENT INFORMATION (continued) |
Unrealized | ||||||||||||||||||||
Open Forward Foreign Currency | Expiration | Value on | ||||||||||||||||||
Sale Contracts | Date | Settlement Date | Current Value | Gain | Loss | |||||||||||||||
Australian Dollar | 03/16/2005 | $ | 21,913,000 | $ | 22,802,269 | $ | — | $ | 889,269 | |||||||||||
British Pounds | 03/16/2005 | 16,494,501 | 16,971,752 | — | 477,251 | |||||||||||||||
Canadian Dollar | 03/16/2005 | 13,712,000 | 13,557,209 | 154,791 | — | |||||||||||||||
03/16/2005 | 2,735,000 | 2,739,008 | — | 4,008 | ||||||||||||||||
Euro | 03/16/2005 | 5,555,000 | 5,547,286 | 7,714 | — | |||||||||||||||
03/16/2005 | 24,509,000 | 24,766,312 | — | 257,312 | ||||||||||||||||
03/24/2005 | 4,480,039 | 4,484,191 | — | 4,152 | ||||||||||||||||
Hong Kong Dollar | 03/09/2005 | 24,402,480 | 24,226,407 | 176,073 | — | |||||||||||||||
Japanese Yen | 03/16/2005 | 8,163,000 | 8,249,718 | — | 86,718 | |||||||||||||||
03/16/2005 | 13,615,000 | 13,414,797 | 200,203 | — | ||||||||||||||||
Norwegian Krone | 03/16/2005 | 19,005,000 | 19,675,032 | — | 670,032 | |||||||||||||||
03/16/2005 | 2,823,000 | 2,803,114 | 19,886 | — | ||||||||||||||||
03/22/2005 | 7,010,775 | 7,058,594 | — | 47,819 | ||||||||||||||||
Swedish Krona | 03/16/2005 | 5,686,051 | 5,598,104 | 87,947 | — | |||||||||||||||
03/16/2005 | 13,502,000 | 13,878,643 | — | 376,643 | ||||||||||||||||
03/18/2005 | 8,829,494 | 8,736,297 | 93,197 | — | ||||||||||||||||
Swiss Franc | 03/14/2005 | 8,113,935 | 8,327,700 | — | 213,765 | |||||||||||||||
03/16/2005 | 16,745,113 | 16,510,571 | 234,542 | — | ||||||||||||||||
03/16/2005 | 13,474,000 | 13,734,712 | — | 260,712 | ||||||||||||||||
Total Open Forward Foreign Currency Sale Contracts | $ | 230,768,388 | $ | 233,081,716 | $ | 974,353 | $ | 3,287,681 | ||||||||||||
28
Statement of Investments
Shares | Description | Value | ||||||||
Common Stocks – 98.7% | ||||||||||
45,000 | AEON Co. Ltd. (Retail Trade) | $ | 719,893 | |||||||
12,000 | ARRK Corp. (Other Products) | 462,095 | ||||||||
39,000 | ASAHI DENKA KOGYO K. K. (Chemicals) | 418,080 | ||||||||
57,000 | Air Water, Inc.(a) (Chemicals) | 435,970 | ||||||||
92,000 | Ajinomoto Co., Inc. (Foods) | 1,136,799 | ||||||||
7,000 | Arisawa Mfg. Co. Ltd. (Chemicals) | 265,142 | ||||||||
98,000 | Asahi Glass Co. Ltd. (Glass & Ceramics Products) | 1,080,601 | ||||||||
11,600 | CAWACHI Ltd. (Retail Trade) | 521,331 | ||||||||
48,000 | CHUGAI PHARMACEUTICAL Co. Ltd. (Pharmaceutical) | 702,989 | ||||||||
14,200 | Canon, Inc. (Electric Appliances) | 752,609 | ||||||||
16,100 | DAIICHIKOSHO Co. Ltd. (Wholesale Trade) | 421,988 | ||||||||
51,400 | DENSO Corp. (Transportation Equipment) | 1,320,436 | ||||||||
11,600 | Eneserve Corp. (Electric Appliances) | 418,784 | ||||||||
13,600 | Fast Retailing Co. Ltd. (Retail Trade) | 900,383 | ||||||||
6,900 | Fuji Seal, Inc. (Other Products) | 278,652 | ||||||||
296 | Fuji Television Network, Inc. (Information & Communication) | 645,002 | ||||||||
1,200 | HAKUHODO DY HOLDINGS, Inc.* (Services) | 86,392 | ||||||||
9,800 | HIROSE ELECTRIC Co. Ltd. (Electric Appliances) | 1,085,601 | ||||||||
20,700 | Honda Motor Co. Ltd. (Transportation Equipment) | 1,113,306 | ||||||||
11,200 | Hoya Corp. (Precision Instruments) | 1,214,511 | ||||||||
39,700 | JFE Holdings, Inc. (Iron & Steel) | 1,224,762 | ||||||||
233 | KDDI Corp. (Information & Communication) | 1,201,577 | ||||||||
14,100 | KOSE Corp. (Chemicals) | 582,442 | ||||||||
156,000 | KUBOTA Corp. (Machinery) | 859,300 | ||||||||
122,000 | Komatsu Ltd. (Machinery) | 918,381 | ||||||||
800 | Matsushita Electric Works Ltd. (Electric Appliances) | 7,239 | ||||||||
82,600 | Mitsubishi Corp. (Wholesale Trade) | 1,124,098 | ||||||||
139,000 | Mitsubishi Rayon Co. Ltd. (Textiles & Apparel) | 496,758 | ||||||||
138 | Mitsubishi Tokyo Financial Group, Inc. (Banks) | 1,267,062 | ||||||||
93,000 | Mitsui Fudosan Co. Ltd. (Real Estate) | 1,157,026 | ||||||||
84,000 | Mitsui O.S.K. Lines Ltd. (Marine Transportation) | 576,729 | ||||||||
85,000 | Mitsui Sumitomo Insurance Co. Ltd. (Insurance) | 759,324 | ||||||||
63,000 | Morinaga Milk Industry Co. Ltd. (Foods) | 280,234 | ||||||||
17,000 | NEOMAX Co. Ltd.(a) (Electric Appliances) | 386,984 | ||||||||
81,000 | NGK INSULATORS Ltd. (Glass & Ceramics Products) | 844,418 | ||||||||
5,100 | NIDEC Corp. (Electric Appliances) | 622,135 | ||||||||
12,720 | NISHIMATSUYA CHAIN Co. Ltd. (Retail Trade) | 377,882 | ||||||||
30,600 | NITTO DENKO Corp. (Chemicals) | 1,672,043 | ||||||||
21,300 | NOK Corp. (Transportation Equipment) | 526,897 | ||||||||
14,300 | NS Solutions Corp. (Information & Communication) | 361,779 | ||||||||
28 | NTT URBAN DEVELOPMENT Corp.* (Real Estate) | 126,156 | ||||||||
120 | Net One Systems Co. Ltd. (Wholesale Trade) | 362,706 | ||||||||
96 | Nippon Telephone & Telegraph Corp. (Information & Communication) | 417,877 | ||||||||
53,000 | Nissan Chemical Industries Ltd. (Chemicals) | 478,314 | ||||||||
110,700 | Nissan Motor Co. Ltd. (Transportation Equipment) | 1,191,828 | ||||||||
10,250 | Nitori Co. Ltd. (Retail Trade) | 624,030 | ||||||||
4,100 | OBIC Co. Ltd. (Information & Communication) | 769,197 | ||||||||
105,000 | OJI PAPER Co. Ltd. (Pulp & Paper) | 613,652 | ||||||||
9,800 | ORIX Corp. (Other Financing Business) | 1,273,174 | ||||||||
15,300 | Plenus Co. Ltd. (Retail Trade) | 438,295 | ||||||||
10,500 | RESORTTRUST, Inc.(a) (Services) | 293,004 | ||||||||
5,800 | RYOHIN KEIKAKU Co. Ltd. (Retail Trade) | 301,030 | ||||||||
88,000 | Ricoh Co. Ltd. (Electric Appliances) | 1,642,653 | ||||||||
3,900 | SANYO SHINPAN FINANCE Co. Ltd. (Other Financing Business) | 264,132 | ||||||||
44 | Sapporo Hokuyo Holdings, Inc. (Banks) | 312,559 | ||||||||
300 | Secom Co. Ltd. (Services) | 12,403 | ||||||||
12,800 | Seiko Epson Corp. (Electric Appliances) | 504,726 | ||||||||
107,000 | Shimadzu Corp. (Precision Instruments) | 702,740 | ||||||||
32,300 | Shin-Etsu Chemical Co. Ltd. (Chemicals) | 1,323,531 | ||||||||
18,500 | Sumisho Lease Co. Ltd. (Other Financing Business) | 763,201 | ||||||||
206 | Sumitomo Mitsui Financial Group, Inc.(a) (Banks) | 1,431,571 | ||||||||
28,000 | TERUMO Corp. (Precision Instruments) | 879,050 | ||||||||
70,000 | TOSHIBA Corp. (Electric Appliances) | 307,828 | ||||||||
38,000 | TSUMURA & Co.(a) (Pharmaceutical) | 638,455 |
29
Shares | Description | Value | ||||||||
Common Stocks – (continued) | ||||||||||
33,300 | Chemical Industries Ltd. (Pharmaceutical) | $ | 1,601,042 | |||||||
111,000 | The Chiba Bank Ltd. (Banks) | 721,080 | ||||||||
91,400 | The Nomura Securities Co. Ltd. (Securities) | 1,267,142 | ||||||||
64,000 | The Sumitomo Trust & Banking Co. Ltd. (Banks) | 441,102 | ||||||||
221,000 | Tokyo Gas Co. Ltd.(a) (Electric Power & Gas) | 892,526 | ||||||||
46,100 | Toyota Motor Corp. (Transportation Equipment) | 1,793,354 | ||||||||
6,760 | USS Co. Ltd. (Services) | 530,922 | ||||||||
286 | West Japan Railway (Land Transportation) | 1,128,072 | ||||||||
58,100 | YOKOGAWA ELECTRIC Corp. (Electric Appliances) | 838,121 | ||||||||
TOTAL COMMON STOCKS | ||||||||||
(Cost $49,691,962) | $ | 54,113,107 | ||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL | ||||||||||
(Cost $49,691,962) | $ | 54,113,107 | ||||||||
Securities Lending Collateral – 4.3% | ||||||||||
2,351,929 | Boston Global Investment Trust – Enhanced Portfolio | |||||||||
(Cost $2,351,929) | $ | 2,351,929 | ||||||||
TOTAL INVESTMENTS – 103.0% | ||||||||||
(Cost $52,043,891) | $ | 56,465,036 | ||||||||
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
* | Non-income producing security. | |
(a) | All or portion of security is on loan. |
As a % of | ||||||
Net Assets | ||||||
Investments Industry Classifications†† | ||||||
Banks | 7.6 | % | ||||
Chemicals | 9.4 | |||||
Electric Appliances | 12.0 | |||||
Electric Power & Gas | 1.6 | |||||
Foods | 2.6 | |||||
Glass & Ceramics Products | 3.5 | |||||
Information & Communication | 6.2 | |||||
Insurance | 1.4 | |||||
Iron & Steel | 2.2 | |||||
Land Transportation | 2.1 | |||||
Machinery | 3.2 | |||||
Marine Transportation | 1.1 | |||||
Other Financing Business | 4.2 | |||||
Other Products | 1.4 | |||||
Pharmaceutical | 5.4 | |||||
Precision Instruments | 5.1 | |||||
Pulp & Paper | 1.1 | |||||
Real Estate | 2.3 | |||||
Retail Trade | 7.1 | |||||
Securities | 2.3 | |||||
Services | 1.7 | |||||
Short Term Investments# | 4.3 | |||||
Textiles & Apparel | 0.9 | |||||
Transportation Equipment | 10.8 | |||||
Wholesale Trade | 3.5 | |||||
TOTAL INVESTMENTS | 103.0 | % | ||||
†† | Industry concentrations greater than one-tenth of one percent are disclosed. | |
# | Short term investments include securities lending collateral. |
30
Statement of Investments
Shares | Description | Value | ||||||||
Common Stocks – 97.4% | ||||||||||
Australia – 2.6% | ||||||||||
334,833 | Coates Hire Ltd.(a) (Capital Goods) | $ | 1,225,451 | |||||||
202,075 | Great Southern Plantations Ltd. (Materials) | 701,804 | ||||||||
342,586 | JB Hi-Fi Ltd. (Retailing) | 1,029,301 | ||||||||
2,956,556 | ||||||||||
Austria – 0.9% | ||||||||||
9,115 | Agrana Beteiligungs AG (Food Beverage & Tobacco) | 965,252 | ||||||||
Canada – 1.2% | ||||||||||
467,526 | Valkyries Petroleum Corp.* (Energy) | 1,328,468 | ||||||||
China – 1.0% | ||||||||||
342,000 | Weichai Power Co. Ltd. Class H (Capital Goods) | 1,136,971 | ||||||||
Denmark – 0.6% | ||||||||||
9,195 | Bryggerigruppen A/S(a) (Food Beverage & Tobacco) | 725,276 | ||||||||
Finland – 1.8% | ||||||||||
37,297 | Huhtamaki Oyj(a) (Materials) | 585,929 | ||||||||
1 | TietoEnator Oyj (Software & Services) | 36 | ||||||||
77,254 | Vacon Oyj(a) (Capital Goods) | 1,424,489 | ||||||||
2,010,454 | ||||||||||
France – 1.6% | ||||||||||
60,195 | Trader Classified Media NV* (Media) | 929,228 | ||||||||
11,560 | Wendel Investissement (Capital Goods) | 917,930 | ||||||||
1,847,158 | ||||||||||
Germany – 6.6% | ||||||||||
25,314 | CENTROTEC Sustainable AG* (Materials) | 723,228 | ||||||||
14,360 | ElringKlinger AG (Automobiles & Components) | 1,361,663 | ||||||||
25,237 | Fraport AG (Transportation) | 1,096,361 | ||||||||
28,318 | Hochtief AG (Capital Goods) | 884,267 | ||||||||
43,321 | IDS Scheer AG(a) (Software & Services) | 818,752 | ||||||||
14,294 | Paragon AG* (Technology Hardware & Equipment) | 406,122 | ||||||||
121,190 | Pfleiderer AG(a) (Capital Goods) | 2,140,828 | ||||||||
7,431,221 | ||||||||||
Greece – 2.1% | ||||||||||
68,515 | Bank of Piraeus (Banks) | 1,453,861 | ||||||||
27,310 | Greek Organization of Football Prognostics (Hotels, Restaurants & Leisure) | 870,000 | ||||||||
2,323,861 | ||||||||||
Hong Kong – 4.0% | ||||||||||
311,000 | ASM Pacific Technology Ltd. (Semiconductors & Semiconductor Equipment) | 1,372,122 | ||||||||
214,000 | Esprit Holdings Ltd. (Retailing) | 1,526,893 | ||||||||
668,000 | Techtronic Industries Co. Ltd. (Consumer Durables & Apparel) | 1,557,723 | ||||||||
4,456,738 | ||||||||||
Indonesia – 1.6% | ||||||||||
5,083,000 | PT Bank Rakyat Indonesia (Banks) | 1,792,871 | ||||||||
Ireland – 2.5% | ||||||||||
52,546 | DCC PLC (Capital Goods) | 1,254,153 | ||||||||
97,676 | IAWS Group PLC (Food Beverage & Tobacco) | 1,543,767 | ||||||||
2,797,920 | ||||||||||
Italy – 3.7% | ||||||||||
202,000 | Astaldi SpA (Capital Goods) | 1,239,258 | ||||||||
320,000 | Gruppo Coin SpA*(a) (Retailing) | 1,128,337 | ||||||||
58,000 | Marzotto SpA (Consumer Durables & Apparel) | 1,135,370 | ||||||||
249,000 | Sirti SpA (Technology Hardware & Equipment) | 676,001 | ||||||||
4,178,966 | ||||||||||
Japan – 22.9% | ||||||||||
16 | ACCA Networks Co. Ltd.* (Software & Services) | 69,022 | ||||||||
6,300 | AEON Mall Co. Ltd.* (Real Estate) | 214,399 | ||||||||
6,300 | AEON Mall Co. Ltd. (Real Estate) | 234,250 | ||||||||
14,200 | Arisawa Mfg. Co. Ltd. (Technology Hardware & Equipment) | 537,860 | ||||||||
37,900 | ARRK Corp. (Commercial Services & Supplies) | 1,459,449 | ||||||||
53,300 | As One Corp. (Health Care Equipment & Services) | 1,490,400 | ||||||||
44,000 | C. Uyemura & Co. Ltd. (Materials) | 1,321,133 | ||||||||
195,000 | CKD Corp.(a) (Capital Goods) | 1,425,281 | ||||||||
510 | Cybernet Systems Co. Ltd. (Software & Services) | 1,649,451 | ||||||||
26,700 | DAIICHIKOSHO Co. Ltd. (Consumer Durables & Apparel) | 699,818 | ||||||||
26,000 | Eneserve Corp. (Capital Goods) | 938,653 | ||||||||
78,000 | Hitachi Tool Engineering Ltd. (Capital Goods) | 826,383 | ||||||||
79,200 | Kato Sangyo Co. Ltd. (Retailing) | 1,202,192 | ||||||||
33,400 | MODEC, Inc.(a) (Energy) | 720,062 | ||||||||
10,800 | MOSHI MOSHI HOTLINE, Inc. (Commercial Services & Supplies) | 1,017,322 | ||||||||
81,000 | NIHON KOHDEN Corp. (Health Care Equipment & Services) | 1,036,405 | ||||||||
36,360 | NISHIMATSUYA CHAIN Co. Ltd. (Retailing) | 1,080,172 |
31
Shares | Description | Value | ||||||||
Common Stocks – (continued) | ||||||||||
Japan – (continued) | ||||||||||
85,000 | NISSHA Printing Co. Ltd. (Commercial Services & Supplies) | $ | 1,244,337 | |||||||
23,300 | RYOHIN KEIKAKU Co. Ltd.(a) (Retailing) | 1,209,310 | ||||||||
25,400 | SHUEI YOBIKO Co. Ltd. (Commercial Services & Supplies) | 656,532 | ||||||||
334 | SK-Electronics Co. Ltd. (Technology Hardware & Equipment) | 988,747 | ||||||||
35,700 | TAKAMATSU Corp.(a) (Capital Goods) | 1,573,550 | ||||||||
10,725 | TAKEUCHI MFG. Co. Ltd. (Capital Goods) | 445,239 | ||||||||
17,000 | Tamron Co. Ltd.(a) (Consumer Durables & Apparel) | 644,665 | ||||||||
29,100 | TOCALO Co. Ltd.(a) (Capital Goods) | 1,284,336 | ||||||||
45,700 | �� | TOHOKUSHINSHA Film Corp.(a) (Media) | 1,161,610 | |||||||
86 | UMC Japan* (Semiconductors & Semiconductor Equipment) | 37,310 | ||||||||
24,950 | USEN Corp. (Media) | 595,314 | ||||||||
25,763,202 | ||||||||||
Luxembourg – 0.8% | ||||||||||
21,789 | SBS Broadcasting SA* (Media) | 928,211 | ||||||||
Netherlands – 5.4% | ||||||||||
28,026 | Aalberts Industries NV (Capital Goods) | 1,401,403 | ||||||||
138,686 | Buhrmann NV (Commercial Services & Supplies) | 1,551,637 | ||||||||
59,821 | Heijmans NV(a) (Capital Goods) | 2,272,757 | ||||||||
16,669 | Hunter Douglas NV (Consumer Durables & Apparel) | 895,130 | ||||||||
6,120,927 | ||||||||||
Norway – 0.8% | ||||||||||
30,019 | TGS Nopec Geophysical Co. ASA*(a) (Energy) | 949,381 | ||||||||
Russia – 0.7% | ||||||||||
44,326 | AFK Sistema GDR* (Commercial Services & Supplies) | 837,761 | ||||||||
Singapore – 2.3% | ||||||||||
1,773,000 | Citiraya Industries Ltd. (Commercial Services & Supplies) | 294,745 | ||||||||
789,000 | Keppel Land Ltd. (Real Estate) | 1,215,351 | ||||||||
1,399,000 | StarHub Ltd.* (Telecommunication Services) | 1,025,035 | ||||||||
2,535,131 | ||||||||||
Sweden – 3.8% | ||||||||||
257,962 | Boss Media AB* (Retailing) | 1,092,032 | ||||||||
114,596 | Intrum Justitia AB* (Commercial Services & Supplies) | 945,726 | ||||||||
213,500 | Observer AB (Commercial Services & Supplies) | 993,163 | ||||||||
231,483 | Skandia Forsakrings AB(a) (Insurance) | 1,239,452 | ||||||||
4,270,373 | ||||||||||
Switzerland – 1.6% | ||||||||||
696 | Jelmoli Holding AG (Retailing) | 1,048,482 | ||||||||
541 | Lindt & Spruengli AG (Food Beverage & Tobacco) | 754,778 | ||||||||
1,803,260 | ||||||||||
United Kingdom – 28.9% | ||||||||||
330,387 | Augean PLC* (Diversified Financials) | 1,624,715 | ||||||||
143,901 | Carter & Carter Group PLC* (Automobiles & Components) | 805,973 | ||||||||
150,000 | Caspian Energy Ltd.* (Materials) | 368,099 | ||||||||
134,358 | Cattles PLC (Diversified Financials) | 999,717 | ||||||||
226,390 | Christian Salvesen PLC (Transportation) | 265,797 | ||||||||
220,692 | Chrysalis Group PLC (Media) | 754,563 | ||||||||
2,980,325 | Corporate Services Group PLC* (Commercial Services & Supplies) | 702,689 | ||||||||
215,378 | Dignity PLC (Commercial Services & Supplies) | 1,404,789 | ||||||||
393,534 | European Nickel PLC* (Materials) | 304,638 | ||||||||
48,763 | First Calgary Petroleums Ltd.* (Energy) | 940,474 | ||||||||
84,948 | French Connection Group PLC (Retailing) | 515,024 | ||||||||
137,597 | Gaming VC Holdings SA* (Hotels, Restaurants & Leisure) | 1,900,178 | ||||||||
1,051,514 | Grove Energy Ltd. (Diversified Financials) | 1,158,655 | ||||||||
420,750 | Heywood Williams Group PLC (Capital Goods) | 752,975 | ||||||||
325,534 | HIT Entertainment PLC (Media) | 1,569,554 | ||||||||
167,794 | Homestyle Group PLC* (Retailing) | 370,870 | ||||||||
48,489 | Imperial Energy Corp. Ltd.* (Energy) | 466,638 | ||||||||
717,231 | lastminute.com PLC* (Software & Services) | 1,456,381 | ||||||||
65,384 | Luminar PLC (Hotels, Restaurants & Leisure) | 645,433 | ||||||||
110,914 | M&C Saatchi* (Media) | 293,530 | ||||||||
295,677 | MFI Furniture Group PLC (Retailing) | 766,849 | ||||||||
452,177 | Mowlem PLC (Capital Goods) | 1,766,721 | ||||||||
34,800 | NDS Group PLC ADR* (Software & Services) | 1,250,016 | ||||||||
551,694 | Oriel Resources PLC* (Materials) | 488,449 | ||||||||
100,381 | Phoenix IT Group Ltd.* (Software & Services) | 560,290 |
32
Shares | Description | Value | ||||||||
Common Stocks – (continued) | ||||||||||
United Kingdom – (continued) | ||||||||||
107,906 | PlusNet PLC* (Software & Services) | $ | 427,835 | |||||||
96,706 | Redrow PLC (Consumer Durables & Apparel) | 779,443 | ||||||||
144,601 | Ricardo PLC (Commercial Services & Supplies) | 783,453 | ||||||||
1,338,724 | Sanctuary Group PLC (Media) | 1,069,307 | ||||||||
190,343 | Shanks Group PLC (Commercial Services & Supplies) | 516,830 | ||||||||
326,915 | Sibir Energy PLC* (Energy) | 1,374,832 | ||||||||
361,818 | Sierra Leone Diamond Co.* (Materials) | 480,510 | ||||||||
205,957 | Sportingbet PLC* (Entertainment) | 1,300,015 | ||||||||
24 | Stanley Leisure (Hotels, Restaurants & Leisure) | 199 | ||||||||
183,044 | Taylor Nelson Sofres PLC (Media) | 843,175 | ||||||||
248,699 | Unite Group PLC (Real Estate) | 1,454,059 | ||||||||
169,606 | Wincanton PLC (Transportation) | 852,368 | ||||||||
158,479 | Wolfson Microelectronics PLC* (Technology Hardware & Equipment) | 529,218 | ||||||||
32,544,261 | ||||||||||
TOTAL COMMON STOCKS | ||||||||||
(Cost $81,027,139) | $ | 109,704,219 | ||||||||
Preferred Stock – 0.5% | ||||||||||
Germany – 0.5% | ||||||||||
9,961 | Draegerwerk AG (Health Care Equipment & Services) | |||||||||
(Cost $667,400) | $ | 593,221 | ||||||||
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Short-Term Obligation – 1.6% | ||||||||||||||||
State Street Bank & Trust Euro – Time Deposit | ||||||||||||||||
$ | 1,761,000 | 2.50 | % | 03/01/2005 | $ | 1,761,000 | ||||||||||
(Cost $1,761,000) | ||||||||||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL | ||||||||||||||||
(Cost $83,455,539) | $ | 112,058,440 | ||||||||||||||
Shares | Description | Value | ||||||||
Securities Lending Collateral – 12.4% | ||||||||||
14,008,943 | Boston Global Investment Trust – Enhanced Portfolio | |||||||||
(Cost $14,008,943) | $ | 14,008,943 | ||||||||
TOTAL INVESTMENTS – 111.9% | ||||||||||
(Cost $97,464,482) | $ | 126,067,383 | ||||||||
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
* | Non-income producing security. | |
(a) | All or a portion of security is on loan. |
Investment Abbreviations: | ||||||
ADR | — | American Depositary Receipt | ||||
GDR | — | Global Depositary Receipt | ||||
As a % of | ||||||
Net Assets | ||||||
Investments Industry Classifications†† | ||||||
Automobiles & Components | 1.9 | % | ||||
Banks | 2.9 | |||||
Capital Goods | 20.3 | |||||
Commercial Services & Supplies | 11.3 | |||||
Consumer Durables & Apparel | 5.1 | |||||
Diversified Financials | 3.3 | |||||
Energy | 5.1 | |||||
Entertainment | 1.1 | |||||
Food Beverage & Tobacco | 3.5 | |||||
Health Care Equipment & Services | 2.8 | |||||
Hotels, Restaurants & Leisure | 3.0 | |||||
Insurance | 1.1 | |||||
Materials | 4.4 | |||||
Media | 7.2 | |||||
Real Estate | 2.8 | |||||
Retailing | 9.7 | |||||
Semiconductors & Semiconductor Equipment | 1.2 | |||||
Short Term Investments# | 14.0 | |||||
Software & Services | 5.5 | |||||
Technology Hardware & Equipment | 2.8 | |||||
Telecommunication Services | 0.9 | |||||
Transportation | 2.0 | |||||
TOTAL INVESTMENTS | 111.9 | % | ||||
†† | Industry concentrations greater than one-tenth of one percent are disclosed. | |
# | Short term investments include securities lending collateral. |
33
ADDITIONAL INVESTMENT INFORMATION |
Futures Contracts — At February 28, 2005, the following futures contracts were open as follows:
Number of | ||||||||||||||
Contracts | Settlement | Market | Unrealized | |||||||||||
Type | Long | Month | Value | Gain | ||||||||||
FTSE 100 Index | 4 | March 2005 | $ | 380,860 | $ | 8,016 | ||||||||
EURX ER STX 50 Index | 30 | March 2005 | 1,212,280 | 27,612 | ||||||||||
$ | 1,593,140 | $ | 35,628 | |||||||||||
34
Statement of Investments
Shares | Description | Value | ||||||||
Common Stocks – 84.3% | ||||||||||
Brazil – 6.9% | ||||||||||
90,000 | Banco Bradesco SA ADR (Banks) | $ | 2,855,700 | |||||||
91,600 | Petroleo Brasileiro SA ADR (Energy) | 4,283,600 | ||||||||
144,017 | Unibanco Uniao de Bancos Brasileiros SA (Banks) | 1,096,901 | ||||||||
12,400 | Unibanco Uniao de Bancos Brasilieros SA GDR (Banks) | 467,480 | ||||||||
8,703,681 | ||||||||||
China – 5.7% | ||||||||||
5,666,000 | China Telecom Corp. Ltd. Class H (Telecommunication Services) | 2,171,308 | ||||||||
3,406,000 | PetroChina Co. Ltd. Class H (Energy) | 2,143,825 | ||||||||
348,000 | Weichai Power Co. Ltd. Class H (Capital Goods) | 1,156,918 | ||||||||
1,082,000 | Yanzhou Coal Mining Co. Ltd. Class H (Materials) | 1,705,337 | ||||||||
7,177,388 | ||||||||||
Hungary – 1.9% | ||||||||||
47,500 | Magyar Tavkozlesi Rt. (Matav) ADR (Telecommunication Services) | 1,211,725 | ||||||||
15,015 | OTP Bank Rt. GDR (Banks) | 1,195,194 | ||||||||
2,406,919 | ||||||||||
India – 5.3% | ||||||||||
286,235 | Bharti Tele-Ventures Ltd.* (Telecommunication Services) | 1,482,074 | ||||||||
84,778 | Housing Development Finance Corp. Ltd. (Banks) | 1,511,810 | ||||||||
271,236 | ICICI Bank Ltd. (Banks) | 2,370,989 | ||||||||
24,448 | Infosys Technologies Ltd. (Software & Services) | 1,252,291 | ||||||||
6,617,164 | ||||||||||
Indonesia – 3.8% | ||||||||||
22,437,500 | PT Bank Pan Indonesia Tbk (Banks) | 1,256,731 | ||||||||
4,010,000 | PT Bank Rakyat Indonesia (Banks) | 1,414,403 | ||||||||
4,440,000 | PT Telekomunikasi Indonesia (Telecommunication Services) | 2,123,472 | ||||||||
4,794,606 | ||||||||||
Israel – 1.6% | ||||||||||
67,580 | Teva Pharmaceutical Industries Ltd. ADR (Pharmaceuticals & Biotechnology) | 2,034,834 | ||||||||
Mexico – 6.8% | ||||||||||
57,300 | America Movil SA de CV ADR (Telecommunication Services) | 3,363,510 | ||||||||
304,600 | Grupo Financiero Banorte SA de CV Class B (Banks) | 2,108,092 | ||||||||
188,897 | Urbi, Desarrollos Urbanos SA de CV* (Consumer Durables & Apparel) | 978,922 | ||||||||
591,200 | Wal-Mart de Mexico SA de CV Series V (Food & Staples Retailing) | 2,173,418 | ||||||||
8,623,942 | ||||||||||
Russia – 8.0% | ||||||||||
49,626 | AFK Sistema GDR* (Telecommunication Services) | 937,931 | ||||||||
30,200 | LUKOIL ADR (Energy) | 4,218,940 | ||||||||
31,800 | Mobile Telesystems ADR (Telecommunication Services) | 1,274,862 | ||||||||
2,941 | Sberbank RF (Banks) | 1,789,645 | ||||||||
138,676 | VolgaTelecom ADR(a) (Telecommunication Services) | 1,173,199 | ||||||||
5,505 | Vsmpo-Avisma Corp. (Materials) | 635,828 | ||||||||
10,030,405 | ||||||||||
South Africa – 12.2% | ||||||||||
158,500 | ABSA Group Ltd. (Banks) | 2,175,657 | ||||||||
698,800 | FirstRand Ltd. (Banks) | 1,686,216 | ||||||||
114,712 | Harmony Gold Mining Co. Ltd. ADR (Materials) | 989,921 | ||||||||
179,893 | JD Group Ltd. (Retailing) | 2,017,582 | ||||||||
225,394 | Massmart Holdings Ltd. (Food & Staples Retailing) | 1,769,217 | ||||||||
84,007 | Sasol (Energy) | 2,121,327 | ||||||||
237,336 | Standard Bank Group Ltd. (Banks) | 2,631,389 | ||||||||
101,382 | Telkom South Africa Ltd. (Telecommunication Services) | 1,982,370 | ||||||||
15,373,679 | ||||||||||
South Korea – 15.4% | ||||||||||
100,313 | Hana Bank (Banks) | 2,876,733 | ||||||||
32,990 | Hyundai Mobis (Automobiles & Components) | 2,226,261 | ||||||||
86,611 | Kookmin Bank (Banks) | 3,999,200 | ||||||||
5,120 | POSCO (Materials) | 1,121,917 | ||||||||
11,516 | Samsung Electronics Co. Ltd. (Semiconductors & Semiconductor Equipment) | 6,007,158 | ||||||||
52,510 | Shinhan Financial Group Co. Ltd. (Banks) | 1,558,253 | ||||||||
8,900 | SK Telecom Co. Ltd. ADR (Telecommunication Services) | 1,616,588 | ||||||||
19,406,110 | ||||||||||
35
Shares | Description | Value | ||||||||
Common Stocks – (continued) | ||||||||||
Taiwan – 12.2% | ||||||||||
317 | Advanced Semiconductor Engineering, Inc.* (Semiconductors & Semiconductor Equipment) | $ | 251 | |||||||
2,124,000 | Capital Securities Corp. (Diversified Financials) | 933,967 | ||||||||
910,533 | Career Technology (MFG.) Co. Ltd. (Technology Hardware & Equipment) | 1,440,179 | ||||||||
1,797,000 | Far Eastern International Bank (Banks) | 1,121,100 | ||||||||
483,129 | Hon Hai Precision (Technology Hardware & Equipment) | 2,249,858 | ||||||||
599,000 | Hotai Motor Co. Ltd. (Automobiles & Components) | 1,226,660 | ||||||||
1,530,000 | Hsinchu International Bank* (Banks) | 1,071,970 | ||||||||
709,715 | Quanta Computer, Inc. (Technology Hardware & Equipment) | 1,271,202 | ||||||||
1,510,956 | Taishin Financial Holdings Co. Ltd. (Banks) | 1,433,253 | ||||||||
2,584,895 | Taiwan Semiconductor (Semiconductors & Semiconductor Equipment) | 4,556,860 | ||||||||
15,305,300 | ||||||||||
Thailand – 1.8% | ||||||||||
577,600 | Bangkok Bank Public Co. Ltd. (Banks) | 1,824,482 | ||||||||
1,858,200 | Land and Houses Public Co. Ltd. (Consumer Durables & Apparel) | 495,338 | ||||||||
2,319,820 | ||||||||||
Turkey – 2.7% | ||||||||||
346,276 | Denizbank A.S.* (Banks) | 1,105,480 | ||||||||
323,568 | Turkiye Is Bankasi Series C (Banks) | 2,299,278 | ||||||||
3,404,758 | ||||||||||
TOTAL COMMON STOCKS | ||||||||||
(Cost $77,213,224) | $ | 106,198,606 | ||||||||
Exchange Traded Funds – 4.7% | ||||||||||
United States – 4.7% | ||||||||||
22,400 | iShares MSCI Emerging Markets Index(a) | $ | 4,932,928 | |||||||
132,100 | iShares MSCI Malaysia Index Fund | 947,157 | ||||||||
TOTAL EXCHANGE TRADED FUNDS | ||||||||||
(Cost $5,189,132) | $ | 5,880,085 | ||||||||
Preferred Stocks – 9.7% | ||||||||||
Brazil – 5.6% | ||||||||||
2,479,000 | Caemi Mineracao E Metalurgica SA* (Materials) | $ | 2,559,029 | |||||||
92,400 | Companhia de Bebidas das Americas ADR (Food Beverage & Tobacco) | 2,783,088 | ||||||||
2,565 | Telemig Celular SA Class G* (Telecommunication Services) | 403,617 | ||||||||
79,800 | Tim Participacoes SA ADR (Telecommunication Services) | 1,303,134 | ||||||||
7,048,868 | ||||||||||
South Korea – 4.1% | ||||||||||
75,410 | Hyundai Motor Co. Ltd. (Automobiles & Components) | 2,767,939 | ||||||||
6,740 | Samsung Electronics Co. Ltd. (Semiconductors & Semiconductor Equipment) | 2,341,883 | ||||||||
5,109,822 | ||||||||||
TOTAL PREFERRED STOCKS | ||||||||||
(Cost $8,161,397) | $ | 12,158,690 | ||||||||
Expiration | ||||||||||||||
Units | Description | Month | Value | |||||||||||
Right* – 0.0% | ||||||||||||||
Thailand – 0.0% | ||||||||||||||
91,200 | TelecomAsia Corp. Public – Alien Market (Technology Hardware & Equipment) | 04/ 2008 | ||||||||||||
(Cost $0) | $ | — | ||||||||||||
36
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Short-Term Obligation – 1.5% | ||||||||||||||||
State Street Bank & Trust Euro – Time Deposit | ||||||||||||||||
$ | 1,922,000 | 2.50 | % | 03/01/2005 | $ | 1,922,000 | ||||||||||
(Cost $1,922,000) | ||||||||||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL | ||||||||||||||||
(Cost $92,485,753) | $ | 126,159,381 | ||||||||||||||
Shares | Description | Value | ||||||||
Securities Lending Collateral – 5.1% | ||||||||||
6,461,700 | Boston Global Investment Trust – Enhanced Portfolio | |||||||||
(Cost $6,461,700) | $ | 6,461,700 | ||||||||
TOTAL INVESTMENTS – 105.3% | ||||||||||
(Cost $98,947,453) | $ | 132,621,081 | ||||||||
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
* | Non-income producing security. | |
(a) | All or a portion of security is on loan. |
Investment Abbreviations: | ||||||
ADR | — | American Depositary Receipt | ||||
GDR | — | Global Depositary Receipt | ||||
As a % of | ||||||
Net Assets | ||||||
Investments Stock Industry Classifications†† | ||||||
Automobiles & Components | 5.3 | % | ||||
Banks | 31.7 | |||||
Capital Goods | 1.0 | |||||
Consumer Durables & Apparel | 1.2 | |||||
Diversified Financials | 0.7 | |||||
Energy | 10.2 | |||||
Exchange Traded Funds | 4.7 | |||||
Food & Staples Retailing | 3.1 | |||||
Food Beverage & Tobacco | 2.5 | |||||
Materials | 4.2 | |||||
Pharmaceuticals & Biotechnology | 1.6 | |||||
Retailing | 1.6 | |||||
Semiconductors & Semiconductor Equipment | 10.7 | |||||
Short Term Investments# | 6.6 | |||||
Software & Services | 1.1 | |||||
Technology Hardware & Equipment | 3.9 | |||||
Telecommunication Services | 15.2 | |||||
TOTAL INVESTMENTS | 105.3 | % | ||||
†† | Industry concentrations greater than one-tenth of one percent are disclosed. | |
# | Short term investments include securities lending collateral. |
37
ADDITIONAL INVESTMENT INFORMATION |
Forward Foreign Currency Contracts — At February 28, 2005, the Fund had an outstanding forward foreign currency exchange contract to purchase foreign currency as follows:
Open Forward Foreign Currency | Expiration | Value on | ||||||||||||||
Purchase Contract | Date | Settlement Date | Current Value | Unrealized Loss | ||||||||||||
South African Rand | 03/1/2005 | $ | 652,232 | $ | 648,088 | $ | (4,144 | ) | ||||||||
38
Statement of Investments
Shares | Description | Value | ||||||||
Common Stocks – 90.3% | ||||||||||
China – 9.0% | ||||||||||
479,500 | China Mobile Ltd. (Communication) | $ | 1,555,339 | |||||||
2,516,560 | China Telecom Corp. Ltd. Class H (Communication) | 964,389 | ||||||||
1,072,000 | Huaneng Power International, Inc. Class H (Electric, Gas and Sanitary Service) | 827,341 | ||||||||
3,090,000 | PetroChina Co. Ltd. Class H (Petroleum Refining and Resources) | 1,944,926 | ||||||||
272,000 | Weichai Power Co. Ltd. Class H (Miscellaneous) | 904,257 | ||||||||
991,000 | Yanzhou Coal Mining Co. Ltd. Class H (Bituminous Coal and Lignite) | 1,561,913 | ||||||||
7,758,165 | ||||||||||
Hong Kong – 19.4% | ||||||||||
233,000 | ASM Pacific Technology Ltd. (Electrical & Electronics) | 1,027,989 | ||||||||
143,000 | Cheung Kong (Holdings) Ltd. (Real Estate) | 1,359,585 | ||||||||
1,822,739 | China National Aviation Co. Ltd. (Transportation by Air) | 401,929 | ||||||||
230,900 | CLP Holdings Ltd. (Electric, Gas and Sanitary Service) | 1,318,446 | ||||||||
463,720 | Dah Sing Banking Group Ltd. (Banking) | 925,700 | ||||||||
335,000 | Esprit Holdings Ltd. (Apparel and Other Finished Goods) | 2,390,231 | ||||||||
70,500 | Hang Seng Bank Ltd. (Banking) | 966,948 | ||||||||
207,000 | Hong Kong Electric Holdings Ltd. (Electric, Gas and Sanitary Service) | 944,106 | ||||||||
204,500 | Hutchison Whampoa Ltd. (Holding & Other Investments) | 1,841,423 | ||||||||
750,000 | Sino Land Co. Ltd. (Holding & Other Investments) | 666,357 | ||||||||
73,000 | Sun Hung Kai Properties Ltd. (Real Estate) | 678,061 | ||||||||
96,500 | Swire Pacific Ltd. (Business Services) | 788,363 | ||||||||
1,082,000 | Techtronic Industries Co. Ltd. (Electrical & Electronics) | 2,523,138 | ||||||||
274,100 | The Wharf (Holdings) Ltd. (Miscellaneous) | 929,648 | ||||||||
16,761,924 | ||||||||||
India – 7.3% | ||||||||||
187,855 | Bharti Tele-Ventures Ltd.* (Communication) | 972,680 | ||||||||
4,829 | Hindustan Lever Ltd. (Chemicals & Allied Products) | 15,949 | ||||||||
38,696 | Housing Development Finance Corp. Ltd. (Banking) | 690,049 | ||||||||
300,519 | ICICI Bank Ltd. (Banking) | 2,626,965 | ||||||||
39,700 | Infosys Technologies Ltd. (Communication) | 2,033,538 | ||||||||
6,339,181 | ||||||||||
Indonesia – 5.0% | ||||||||||
21,033,000 | PT Bank Pan Indonesia Tbk (Banking) | 1,178,065 | ||||||||
4,672,500 | PT Bank Rakyat Indonesia (Communication) | 1,648,079 | ||||||||
3,219,100 | PT Telekomunikasi Indonesia (Communication) | 1,539,565 | ||||||||
4,365,709 | ||||||||||
Malaysia – 3.2% | ||||||||||
869,000 | AMMB Holdings Berhad (Banking) | 730,243 | ||||||||
25 | Public Bank Berhad – Foreign Market (Banking) | 53 | ||||||||
200 | SP Setia Berhad (Real Estate) | 235 | ||||||||
255,700 | Tanjong Public Ltd. Co. (Amusement & Recreation) | 975,732 | ||||||||
390,000 | Tenaga Nasional Berhad (Electric, Gas and Sanitary Service) | 1,067,368 | ||||||||
2,773,631 | ||||||||||
Singapore – 6.7% | ||||||||||
641,000 | Ascendas Real Estate Investment Trust* (Real Estate) | 736,056 | ||||||||
1,781,000 | Citiraya Industries Ltd. (Miscellaneous) | 296,075 | ||||||||
568,000 | Keppel Land Ltd. (Real Estate) | 874,929 | ||||||||
121,000 | Oversea-Chinese Banking Corp., Ltd. (Banking) | 1,012,293 | ||||||||
999,000 | StarHub Ltd.* (Communication) | 731,958 | ||||||||
1,089,000 | Suntec REIT* (Real Estate) | 864,951 | ||||||||
149,412 | United Overseas Bank Ltd. (Banking) | 1,248,511 | ||||||||
5,764,773 | ||||||||||
39
Shares | Description | Value | ||||||||
Common Stocks – (continued) | ||||||||||
South Korea – 20.7% | ||||||||||
33,100 | Daishin Securities Co. (Banking) | $ | 576,303 | |||||||
101,946 | Hana Bank (Banking) | 2,923,564 | ||||||||
31,360 | Hyundai Mobis (Automotive Repair Service) | 2,116,264 | ||||||||
5,760 | Hyundai Motor Co. Ltd. (Automotive Repair Service) | 331,177 | ||||||||
69,655 | Kookmin Bank (Banking) | 3,216,269 | ||||||||
4,000 | POSCO (Primary Metal Industries) | 876,498 | ||||||||
10,780 | Samsung Electronics Co. Ltd. (Electrical & Electronics) | 5,623,234 | ||||||||
22,380 | Shinhan Financial Group Co. Ltd. (Banking) | 664,134 | ||||||||
13,580 | SK Corp. (Oil & Gas Extraction) | 852,768 | ||||||||
4,280 | SK Telecom Co. Ltd. (Communication) | 777,415 | ||||||||
17,957,626 | ||||||||||
Taiwan – 16.2% | ||||||||||
297,050 | AU Optronics Corp. (Electrical & Electronics) | 469,525 | ||||||||
1,510,000 | Capital Securities Corp. (Depository Institutions) | 663,978 | ||||||||
494,797 | Career Technology (MFG.) Co. Ltd. (Electronic and Other Electric Equipment) | 782,614 | ||||||||
563,515 | China Steel Corp. (Primary Metal Industries) | 672,850 | ||||||||
31,616 | Compal Electronics, Inc. (Electrical & Electronics) | 30,571 | ||||||||
1,276,000 | Far Eastern International Bank (Banking) | 796,062 | ||||||||
296,042 | Hon Hai Precision (Electrical & Electronics) | 1,378,623 | ||||||||
300,000 | Hotai Motor Co. Ltd. (Auto Retail) | 614,354 | ||||||||
1,156,000 | Hsinchu International Bank* (Banking) | 809,933 | ||||||||
11,617 | Nan Ya Plastic Corp. (Chemicals & Allied Products) | 17,748 | ||||||||
579,836 | Quanta Computer, Inc. (Electrical & Electronics) | 1,038,570 | ||||||||
904,000 | Siliconware Precision Industries Co. (Electrical & Electronics) | 849,738 | ||||||||
597,200 | Synnex Technology International Corp. (Business Services) | 898,975 | ||||||||
1,150,695 | Taishin Financial Holdings Co. Ltd. (Banking) | 1,091,519 | ||||||||
1,792,730 | Taiwan Semiconductor (Electrical & Electronics) | 3,160,368 | ||||||||
1,072,583 | United Microelectronics Corp.* (Electrical & Electronics) | 721,343 | ||||||||
13,996,771 | ||||||||||
Thailand – 2.8% | ||||||||||
378,600 | Advanced Info Service Public Co. Ltd. (Communication) | 1,081,856 | ||||||||
433,500 | Bangkok Bank Public Co. Ltd. (Banking) | 1,369,309 | ||||||||
2,451,165 | ||||||||||
TOTAL COMMON STOCKS | ||||||||||
(Cost $61,705,611) | $ | 78,168,945 | ||||||||
Preferred Stocks – 5.3% | ||||||||||
South Korea – 5.3% | ||||||||||
61,750 | Daishin Securities Co. (Banking) | $ | 705,076 | |||||||
55,620 | Hyundai Motor Co. Ltd. (Automotive Repair Service) | 2,041,543 | ||||||||
5,310 | Samsung Electronics Co. Ltd. (Electrical & Electronics) | 1,845,015 | ||||||||
TOTAL PREFERRED STOCKS | ||||||||||
(Cost $2,826,805) | $ | 4,591,634 | ||||||||
Units | Expiration | |||||||||||||
Description | Month | Value | ||||||||||||
Right* – 0.0% | ||||||||||||||
198,411 | TelecomAsia Corp. Public – Alien Market (Communication) | 04/2008 | ||||||||||||
(Cost $0) | $ | — | ||||||||||||
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Short-Term Obligation – 2.0% | ||||||||||||||||
State Street Bank & Trust Euro – Time Deposit | ||||||||||||||||
$ | 1,716,000 | 2.50 | % | 03/01/2005 | $ | 1,716,000 | ||||||||||
(Cost $1,716,000) | ||||||||||||||||
TOTAL INVESTMENTS – 97.6% | ||||||||||||||||
(Cost $66,248,416) | $ | 84,476,579 | ||||||||||||||
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
* | Non-income producing security. |
Investment Abbreviation: | ||||||
REIT | — | Real Estate Investment Trust | ||||
40
As a % of | ||||||
Net Assets | ||||||
Investments Industry Classifications†† | ||||||
Amusement & Recreation | 1.1 | % | ||||
Apparel and Other Finished Goods | 2.8 | |||||
Auto Retail | 0.7 | |||||
Automotive Repair Service | 5.2 | |||||
Banking | 24.8 | |||||
Bituminous Coal and Lignite | 1.8 | |||||
Business Services | 1.9 | |||||
Communication | 13.0 | |||||
Depository Institutions | 0.8 | |||||
Electric, Gas and Sanitary Service | 4.8 | |||||
Electrical & Electronics | 21.5 | |||||
Electronic and Other Electric Equipment | 0.9 | |||||
Holding & Other Investments | 2.8 | |||||
Miscellaneous | 2.8 | |||||
Oil & Gas Extraction | 1.0 | |||||
Petroleum Refining and Resources | 2.2 | |||||
Primary Metal Industries | 1.8 | |||||
Real Estate | 5.2 | |||||
Short Term Investments | 2.0 | |||||
Transportation by Air | 0.5 | |||||
TOTAL INVESTMENTS | 97.6 | % | ||||
†† | Industry concentrations greater than one-tenth of one percent are disclosed. |
41
Statements of Assets and Liabilities
European | |||||||
Equity Fund | |||||||
Assets: | |||||||
Investment in securities, at value (identified cost $25,972,020, $345,391,861, $49,691,962, $83,455,539, $92,485,753 and $66,248,416, respectively) | $ | 32,332,700 | |||||
Securities lending collateral, at value | 696,000 | ||||||
Cash | 83,106 | ||||||
Foreign currencies, at value(a) (identified cost $465,014, $3,245, $33,399, $141,140, $117,118 and $164,030, respectively) | 471,796 | ||||||
Receivables: | |||||||
Investment securities sold, at value | 912,087 | ||||||
Fund shares sold | 172,876 | ||||||
Forward foreign currency exchange contracts, at value | — | ||||||
Foreign tax reclaims, at value | 9,191 | ||||||
Dividends and interest, at value | 43,207 | ||||||
Due from broker(b) | 27,286 | ||||||
Reimbursement from investment adviser | 51,664 | ||||||
Securities lending income | 61 | ||||||
Foreign tax refunds | — | ||||||
Other assets | 579 | ||||||
Total assets | 34,800,553 | ||||||
Liabilities: | |||||||
Payables: | |||||||
Payable upon return of securities loaned | 696,000 | ||||||
Investment securities purchased, at value | 1,566,105 | ||||||
Forward foreign currency exchange contracts, at value | — | ||||||
Fund shares repurchased | 14,853 | ||||||
Amounts owed to affiliates | 34,442 | ||||||
Variation margin, at value | 43,455 | ||||||
Unrealized foreign capital gains taxes | — | ||||||
Accrued expenses | 74,066 | ||||||
Total liabilities | 2,428,921 | ||||||
Net Assets: | |||||||
Paid-in capital | 59,453,820 | ||||||
Accumulated undistributed net investment income (loss) | (30,910 | ) | |||||
Accumulated net realized loss on investment, futures and foreign currency related transactions | (33,419,866 | ) | |||||
Net unrealized gain on investments, futures and translation of assets and liabilities denominated in foreign currencies | 6,368,588 | ||||||
NET ASSETS | $ | 32,371,632 | |||||
Net assets: | |||||||
Class A | $ | 20,826,599 | |||||
Class B | 2,778,567 | ||||||
Class C | 1,000,654 | ||||||
Institutional | 7,596,424 | ||||||
Service | 169,388 | ||||||
Shares outstanding: | |||||||
Class A | 1,722,705 | ||||||
Class B | 237,456 | ||||||
Class C | 85,257 | ||||||
Institutional | 622,039 | ||||||
Service | 14,108 | ||||||
Total shares outstanding, $0.001 par value (unlimited number of shares authorized) | 2,681,565 | ||||||
Net asset value, offering and redemption price per share:(c) | |||||||
Class A | $12.09 | ||||||
Class B | 11.70 | ||||||
Class C | 11.74 | ||||||
Institutional | 12.21 | ||||||
Service | 12.01 | ||||||
(a) | Includes restricted cash of approximately $85,100 for the European Equity Fund relating to initial margin requirements for futures transactions. |
(b) | Includes approximately $27,300 and $101,600 for European Equity and International Growth Opportunities Funds relating to initial program requirements for futures transactions, respectively. |
(c) | Maximum public offering price per share (NAV per share multiplied by 1.0582) for Class A Shares of European Equity, International Equity, Japanese Equity, International Growth Opportunities, Emerging Markets Equity and Asia Growth Funds is $12.79, $18.56, $9.65, $16.42, $15.41 and $13.78, 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. |
42
International | Japanese | International Growth | Emerging Markets | Asia | ||||||||||||||||
Equity Fund | Equity Fund | Opportunities Fund | Equity Fund | Growth Fund | ||||||||||||||||
$ | 447,919,488 | $ | 54,113,107 | $ | 112,058,440 | $ | 126,159,381 | $ | 84,476,579 | |||||||||||
36,037,975 | 2,351,929 | 14,008,943 | 6,461,700 | — | ||||||||||||||||
904 | 49,658 | 787 | 245,123 | 105 | ||||||||||||||||
3,343 | 33,691 | 143,216 | 119,927 | 165,653 | ||||||||||||||||
1,834,356 | 362,004 | 126,481 | 3,881,354 | — | ||||||||||||||||
377,245 | 625,184 | 975,916 | 586,144 | 2,891,555 | ||||||||||||||||
5,064,855 | — | — | — | — | ||||||||||||||||
88,311 | — | 2,805 | 1,410 | 5,956 | ||||||||||||||||
375,002 | 32,234 | 48,569 | 696,023 | 292,265 | ||||||||||||||||
81,394 | 25,406 | 512,026 | — | — | ||||||||||||||||
— | 42,426 | 44,467 | 18,403 | 54,082 | ||||||||||||||||
26,401 | 1,181 | 6,499 | 2,993 | — | ||||||||||||||||
— | — | — | — | 7,356 | ||||||||||||||||
6,635 | 840 | 1,298 | 1,604 | 1,182 | ||||||||||||||||
491,815,909 | 57,637,660 | 127,929,447 | 138,174,062 | 87,894,733 | ||||||||||||||||
36,037,975 | 2,351,929 | 14,008,943 | 6,461,700 | — | ||||||||||||||||
2,386,903 | 320,559 | 1,024,435 | 5,328,753 | 738,058 | ||||||||||||||||
4,258,497 | — | — | 4,144 | — | ||||||||||||||||
1,180,681 | 14,102 | 94,762 | 167,201 | 340,826 | ||||||||||||||||
493,345 | 58,971 | 116,793 | 130,241 | 85,183 | ||||||||||||||||
— | — | — | — | — | ||||||||||||||||
— | — | — | 75,166 | 64,726 | ||||||||||||||||
100,700 | 71,572 | 80,311 | 94,553 | 101,103 | ||||||||||||||||
44,458,101 | 2,817,133 | 15,325,244 | 12,261,758 | 1,329,896 | ||||||||||||||||
924,742,221 | 77,773,078 | 230,720,409 | 104,052,536 | 152,080,745 | ||||||||||||||||
747,863 | (197,467 | ) | (365,166 | ) | (445,864 | ) | (289,791 | ) | ||||||||||||
(581,494,809 | ) | (27,176,592 | ) | (146,392,890 | ) | (11,338,847 | ) | (83,402,186 | ) | |||||||||||
103,362,533 | 4,421,508 | 28,641,850 | 33,644,479 | 18,176,069 | ||||||||||||||||
$ | 447,357,808 | $ | 54,820,527 | $ | 112,604,203 | $ | 125,912,304 | $ | 86,564,837 | |||||||||||
$ | 328,926,546 | $ | 42,232,734 | $ | 41,264,311 | $ | 46,956,617 | $ | 49,492,112 | |||||||||||
22,453,251 | 2,148,419 | 4,946,573 | 5,030,142 | 5,486,601 | ||||||||||||||||
18,098,028 | 1,767,350 | 7,836,565 | 2,130,417 | 1,826,133 | ||||||||||||||||
77,415,722 | 8,670,336 | 58,371,254 | 70,737,550 | 29,759,991 | ||||||||||||||||
464,261 | 1,688 | 185,500 | 1,057,578 | — | ||||||||||||||||
18,750,640 | 4,632,729 | 2,665,084 | 3,222,415 | 3,814,015 | ||||||||||||||||
1,321,226 | 244,289 | 330,408 | 355,607 | 438,677 | ||||||||||||||||
1,085,090 | 201,350 | 525,450 | 150,455 | 146,700 | ||||||||||||||||
4,325,051 | 919,421 | 3,658,042 | 4,677,862 | 2,188,408 | ||||||||||||||||
26,261 | 182 | 12,000 | 73,492 | — | ||||||||||||||||
25,508,268 | 5,997,971 | 7,190,984 | 8,479,831 | 6,587,800 | ||||||||||||||||
$ | 17.54 | $ | 9.12 | $ | 15.48 | $ | 14.57 | $ | 12.98 | |||||||||||
16.99 | 8.79 | 14.97 | 14.15 | 12.51 | ||||||||||||||||
16.68 | 8.78 | 14.91 | 14.16 | 12.45 | ||||||||||||||||
17.90 | 9.43 | 15.96 | 15.12 | 13.60 | ||||||||||||||||
17.68 | 9.26 | 15.46 | 14.39 | — | ||||||||||||||||
43
Statements of Operations
European | |||||||
Equity Fund | |||||||
Investment Income: | |||||||
Dividends(a) | $ | 165,452 | |||||
Interest (including securities lending income of $3,547, $185,592, $13,255, $30,098, $14,207 and $0, respectively) | 7,337 | ||||||
Total income | 172,789 | ||||||
Expenses: | |||||||
Management fees | 149,272 | ||||||
Distribution and Service fees(b) | 41,638 | ||||||
Custody and accounting fees | 83,712 | ||||||
Transfer Agent fees(b) | 23,309 | ||||||
Registration fees | 28,261 | ||||||
Printing fees | 23,346 | ||||||
Professional fees | 18,549 | ||||||
Trustee fees | 7,674 | ||||||
Service Share fees | 297 | ||||||
Other | 1,304 | ||||||
Total expenses | 377,362 | ||||||
Less — expense reductions | (147,914 | ) | |||||
Net expenses | 229,448 | ||||||
NET INVESTMENT INCOME (LOSS) | (56,659 | ) | |||||
Realized and unrealized gain (loss) on investment, futures and foreign currency related transactions: | |||||||
Net realized gain (loss) from: | |||||||
Investment transactions | 3,390,776 | ||||||
Futures transactions | 3,048 | ||||||
Foreign currency related transactions | 81,819 | ||||||
Net change in unrealized gain (loss) on: | |||||||
Investments | 2,639,603 | ||||||
Futures | (3,372 | ) | |||||
Translation of assets and liabilities denominated in foreign currencies | 6,579 | ||||||
Net realized and unrealized gain on investment, futures and foreign currency related transactions | 6,118,453 | ||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 6,061,794 | |||||
(a) | For the European Equity, International Equity, Japanese Equity, International Growth Opportunities, Emerging Markets Equity and Asia Growth Funds, foreign taxes withheld on dividends were $14,404, $159,597, $16,263, $24,041, $126,101 and $111,842, respectively. |
(b) | Class specific Distribution and Service, and Transfer Agent fees were as follows: |
Distribution and Service Fees | Transfer Agent Fees | |||||||||||||||||||||||||||||||
Fund | Class A | Class B | Class C | Class A | Class B | Class C | Institutional | Service | ||||||||||||||||||||||||
European Equity | $ | 24,650 | $ | 12,173 | $ | 4,815 | $ | 18,734 | $ | 2,313 | $ | 915 | $ | 1,323 | $ | 24 | ||||||||||||||||
International Equity | 393,440 | 113,435 | 84,338 | 299,014 | 21,553 | 16,024 | 14,906 | 101 | ||||||||||||||||||||||||
Japanese Equity | 48,166 | 9,873 | 8,230 | 36,606 | 1,876 | 1,564 | 1,617 | — | ||||||||||||||||||||||||
International Growth Opportunities | 37,103 | 18,461 | 32,969 | 28,198 | 3,508 | 6,264 | 8,862 | 41 | ||||||||||||||||||||||||
Emerging Markets Equity | 44,378 | 19,260 | 6,499 | 33,727 | 3,659 | 1,235 | 10,936 | 152 | ||||||||||||||||||||||||
Asia Growth | 53,030 | 23,840 | 8,454 | 40,303 | 4,530 | 1,606 | 4,467 | — |
44
International | Japanese | International Growth | Emerging Markets | Asia | ||||||||||||||||
Equity Fund | Equity Fund | Opportunities Fund | Equity Fund | Growth Fund | ||||||||||||||||
$ | 2,115,743 | $ | 229,603 | $ | 406,190 | $ | 919,735 | $ | 642,263 | |||||||||||
229,162 | 13,336 | 59,543 | 21,541 | 14,251 | ||||||||||||||||
2,344,905 | 242,939 | 465,733 | 941,276 | 656,514 | ||||||||||||||||
2,146,723 | 251,208 | 490,502 | 576,554 | 356,092 | ||||||||||||||||
591,213 | 66,269 | 88,533 | 70,137 | 85,324 | ||||||||||||||||
170,373 | 73,614 | 109,448 | 129,250 | 141,011 | ||||||||||||||||
351,598 | 41,663 | 46,873 | 49,709 | 50,906 | ||||||||||||||||
36,280 | 28,047 | 28,134 | 27,014 | 28,351 | ||||||||||||||||
23,346 | 23,346 | 23,346 | 23,346 | 21,411 | ||||||||||||||||
34,407 | 18,631 | 19,242 | 26,351 | 18,549 | ||||||||||||||||
7,674 | 7,674 | 7,674 | 7,674 | 7,674 | ||||||||||||||||
1,264 | 4 | 513 | 1,895 | — | ||||||||||||||||
50,890 | 2,961 | 3,651 | 3,580 | 6,807 | ||||||||||||||||
3,413,768 | 513,417 | 817,916 | 915,510 | 716,125 | ||||||||||||||||
(121,683 | ) | (125,808 | ) | (174,374 | ) | (49,525 | ) | (166,232 | ) | |||||||||||
3,292,085 | 387,609 | 643,542 | 865,985 | 549,893 | ||||||||||||||||
(947,180 | ) | (144,670 | ) | (177,809 | ) | 75,291 | 106,621 | |||||||||||||
15,873,071 | (202,300 | ) | 5,013,079 | 9,654,199 | 4,872,380 | |||||||||||||||
515,464 | (15,066 | ) | 70,662 | — | — | |||||||||||||||
2,379,164 | 28,423 | (14,387 | ) | (53,802 | ) | (15,598 | ) | |||||||||||||
65,237,587 | 3,020,841 | 17,857,541 | 23,362,898 | 11,169,515 | ||||||||||||||||
— | — | 62,235 | — | — | ||||||||||||||||
1,657,243 | 97 | (3,386 | ) | (21,034 | ) | (14,586 | ) | |||||||||||||
85,662,529 | 2,831,995 | 22,985,744 | 32,942,261 | 16,011,711 | ||||||||||||||||
$ | 84,715,349 | $ | 2,687,325 | $ | 22,807,935 | $ | 33,017,552 | $ | 16,118,332 | |||||||||||
45
Statements of Changes in Net Assets
European Equity Fund | |||||||||||
For the Six Months Ended February 28, 2005 (Unaudited) | For the Year Ended August 31, 2004 | ||||||||||
From operations: | |||||||||||
Net investment income (loss) | $(56,659) | $123,576 | |||||||||
Net realized gain (loss) on investment, futures and foreign currency related transactions | 3,475,643 | 5,164,186 | |||||||||
Net change in unrealized gain (loss) on investments, futures and translation of assets and liabilities denominated in foreign currencies | 2,642,810 | 929,630 | |||||||||
Net increase in net assets resulting from operations | 6,061,794 | 6,217,392 | |||||||||
Distributions to shareholders: | |||||||||||
From net investment income | |||||||||||
Class A Shares | (149,242) | (185,590) | |||||||||
Class B Shares | (12,031) | (11,847) | |||||||||
Class C Shares | (2,586) | (6,377) | |||||||||
Institutional Shares | (99,974) | (34,063) | |||||||||
Service Shares | (1,581) | (18) | |||||||||
Total distributions to shareholders | (265,414) | (237,895) | |||||||||
From share transactions: | |||||||||||
Proceeds from sales of shares | 5,830,728 | 12,184,736 | |||||||||
Reinvestment of dividends and distributions | 239,309 | 216,807 | |||||||||
Cost of shares repurchased | (6,788,527)(a) | (29,733,709) | |||||||||
Net increase (decrease) in net assets resulting from share transactions | (718,490) | (17,332,166) | |||||||||
TOTAL INCREASE (DECREASE) | 5,077,890 | (11,352,669) | |||||||||
Net assets: | |||||||||||
Beginning of period | 27,293,742 | 38,646,411 | |||||||||
End of period | $32,371,632 | $27,293,742 | |||||||||
Accumulated undistributed net investment income (loss) | $(30,910) | $291,163 | |||||||||
(a) | Net of $29, $960 and $4,076 redemption fees remitted to the European Equity, International Equity and Japanese Equity Funds, respectively. |
(b) | Net of $1,309 and $111 redemption fees remitted for the International Equity and Japanese Equity Funds, respectively. |
46
International Equity Fund | Japanese Equity Fund | |||||||||||||||||
For the | For the | |||||||||||||||||
Six Months | Six Months | |||||||||||||||||
Ended | For the | Ended | For the | |||||||||||||||
February 28, 2005 | Year Ended | February 28, 2005 | Year Ended | |||||||||||||||
(Unaudited) | August 31, 2004 | (Unaudited) | August 31, 2004 | |||||||||||||||
$ | (947,180 | ) | $ | 1,104,001 | $ | (144,670 | ) | $ | (422,926 | ) | ||||||||
18,767,699 | 79,971,342 | (188,943 | ) | 6,993,143 | ||||||||||||||
66,894,830 | (5,007,233 | ) | 3,020,938 | (2,641,267 | ) | |||||||||||||
84,715,349 | 76,068,110 | 2,687,325 | 3,928,950 | |||||||||||||||
(6,635,665 | ) | (14,756,927 | ) | — | (15,317 | ) | ||||||||||||
(386,046 | ) | (1,145,958 | ) | — | — | |||||||||||||
(323,999 | ) | (669,750 | ) | — | — | |||||||||||||
(1,814,461 | ) | (6,012,132 | ) | — | (40,005 | ) | ||||||||||||
(9,587 | ) | (35,988 | ) | — | (2 | ) | ||||||||||||
(9,169,758 | ) | (22,620,755 | ) | — | (55,324 | ) | ||||||||||||
33,607,921 | 127,821,358 | 14,124,718 | 70,794,622 | |||||||||||||||
7,693,816 | 18,403,323 | — | 44,738 | |||||||||||||||
(83,202,794 | )(a) | (337,172,045 | ) (b) | (16,744,413 | )(a) | (47,446,094 | ) (b) | |||||||||||
(41,901,057 | ) | (190,947,364 | ) | (2,619,695 | ) | 23,393,266 | ||||||||||||
33,644,534 | (137,500,009 | ) | 67,630 | 27,266,892 | ||||||||||||||
413,713,274 | 551,213,283 | 54,752,897 | 27,486,005 | |||||||||||||||
$ | 447,357,808 | $ | 413,713,274 | $ | 54,820,527 | $ | 54,752,897 | |||||||||||
$ | 747,863 | $ | 10,864,801 | $ | (197,467 | ) | $ | (52,797 | ) | |||||||||
47
Statements of Changes in Net Assets (continued)
International Growth Opportunities Fund | |||||||||||
For the Six Months Ended February 28, 2005 (Unaudited) | For the Year Ended August 31, 2004 | ||||||||||
From operations: | |||||||||||
Net investment income (loss) | $ | (177,809 | ) | $ | 658,640 | ||||||
Net realized gain on investment, futures and foreign currency related transactions | 5,069,354 | 15,373,445 | |||||||||
Net change in unrealized gain (loss) on investments, futures and translation of assets and liabilities denominated in foreign currencies | 17,916,390 | 2,085,877 | |||||||||
Net increase in net assets resulting from operations | 22,807,935 | 18,117,962 | |||||||||
Distributions to shareholders: | |||||||||||
From net investment income | |||||||||||
Class A Shares | (179,767 | ) | (51,812 | ) | |||||||
Class B Shares | (19,347 | ) | (969 | ) | |||||||
Class C Shares | (57,850 | ) | — | ||||||||
Institutional Shares | (550,369 | ) | (227,660 | ) | |||||||
Service Shares | (2,894 | ) | (220 | ) | |||||||
Total distributions to shareholders | (810,227 | ) | (280,661 | ) | |||||||
From share transactions: | |||||||||||
Proceeds from sales of shares | 24,446,046 | 36,876,781 | |||||||||
Reinvestment of dividends and distributions | 668,677 | 223,028 | |||||||||
Cost of shares repurchased | (6,319,099 | )(a) | (44,686,943 | ) (b) | |||||||
Net increase (decrease) in net assets resulting from share transactions | 18,795,624 | (7,587,134 | ) | ||||||||
TOTAL INCREASE (DECREASE) | 40,793,332 | 10,250,167 | |||||||||
Net assets: | |||||||||||
Beginning of period | 71,810,871 | 61,560,704 | |||||||||
End of period | $ | 112,604,203 | $ | 71,810,871 | |||||||
Accumulated undistributed net investment income (loss) | $ | (365,166 | ) | $ | 622,870 | ||||||
(a) | Net of $302 and $147 redemption fees remitted to the International Growth Opportunities and Asia Growth Funds, respectively. |
(b) | Net of $2, $153 and $49 redemption fees remitted for the International Growth Opportunities, Emerging Markets Equity and Asia Growth Funds, respectively. |
48
Emerging Markets Equity Fund | Asia Growth Fund | |||||||||||||||||
For the | For the | |||||||||||||||||
Six Months | Six Months | |||||||||||||||||
Ended | For the | Ended | For the | |||||||||||||||
February 28, 2005 | Year Ended | February 28, 2005 | Year Ended | |||||||||||||||
(Unaudited) | August 31, 2004 | (Unaudited) | August 31, 2004 | |||||||||||||||
$ | 75,291 | $ | 529,438 | $ | 106,621 | $ | 495,271 | |||||||||||
9,600,397 | 23,265,409 | 4,856,782 | 5,499,746 | |||||||||||||||
23,341,864 | (12,139,415 | ) | 11,154,929 | (2,369,885 | ) | |||||||||||||
33,017,552 | 11,655,432 | 16,118,332 | 3,625,132 | |||||||||||||||
(41,158 | ) | (116,835 | ) | (251,824 | ) | (277,789 | ) | |||||||||||
— | (3,850 | ) | (5,793 | ) | (11,047 | ) | ||||||||||||
— | — | (1,061 | ) | (5,672 | ) | |||||||||||||
(328,140 | ) | (341,969 | ) | (211,272 | ) | (64,254 | ) | |||||||||||
(1,770 | ) | (2,427 | ) | — | — | |||||||||||||
(371,068 | ) | (465,081 | ) | (469,950 | ) | (358,762 | ) | |||||||||||
21,180,847 | 41,910,166 | 17,919,723 | 67,594,910 | |||||||||||||||
368,752 | 460,268 | 428,249 | 304,547 | |||||||||||||||
(8,563,962 | ) | (78,501,250 | ) (b) | (13,527,269 | )(a) | (47,701,526 | ) (b) | |||||||||||
12,985,637 | (36,130,816 | ) | 4,820,703 | 20,197,931 | ||||||||||||||
45,632,121 | (24,940,465 | ) | 20,469,085 | 23,464,301 | ||||||||||||||
80,280,183 | 105,220,648 | 66,095,752 | 42,631,451 | |||||||||||||||
$ | 125,912,304 | $ | 80,280,183 | $ | 86,564,837 | $ | 66,095,752 | |||||||||||
$ | (445,864 | ) | $ | (150,087 | ) | $ | (289,791 | ) | $ | 73,538 | ||||||||
49
Notes to Financial Statements
1. ORGANIZATION |
2. SIGNIFICANT ACCOUNTING POLICIES |
A. Investment Valuation — Investments in securities traded on a foreign securities exchange are valued daily at fair value determined by an independent service (if available) under valuation procedures approved by the Board of Trustees consistent with applicable regulatory guidance. The independent service takes into account multiple factors including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates.
B. Security Transactions and Investment Income — Security transactions are recorded as of the trade date. Realized gains and losses on sales of portfolio securities are calculated using the identified-cost basis. Dividend income is recorded on the ex-dividend date, net of foreign withholding taxes, if any, which are reduced by any amounts reclaimable by the Funds, where applicable. Interest income is recorded on the basis of interest accrued, premium amortized and discount accreted. In addition, it is the Funds’ policy to accrue for estimated capital gains taxes on foreign securities held by the Funds, which are subject to such taxes.
C. Federal Taxes — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code (“the Code”) applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, no federal tax provisions are required. Dividends and distributions to shareholders are recorded on ex-dividend date. Income and capital gain distributions, if any, are declared and paid annually.
2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
D. Expenses — Expenses incurred by the Trust that do not specifically relate to an individual Fund of the Trust are allocated to the Funds on a straight-line or pro rata basis depending upon the nature of the expense.
E. Foreign Currency Translations — The books and records of the Funds are maintained in U.S. dollars. Amounts denominated in foreign currencies are translated into U.S. dollars on the following basis: (i) investment valuations, foreign currency and other assets and liabilities initially expressed in foreign currencies are converted each business day into U.S. dollars based upon current exchange rates; and (ii) purchases and sales of foreign investments, income and expenses are converted into U.S. dollars based upon currency exchange rates prevailing on the respective dates of such transactions.
F. Segregation Transactions — As set forth in the prospectus, certain Funds may enter into derivative transactions to seek to increase total return. Forward foreign currency exchange contracts, futures contracts, written options, when-issued securities and forward commitments represent examples of such transactions. As a result of entering into these transactions, the Funds are required to segregate liquid assets on the accounting records equal to or greater than the market value of the corresponding transactions.
G. Forward Foreign Currency Exchange Contracts — The Funds may enter into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date as a hedge or cross-hedge against either specific transactions or portfolio positions. The Funds may also purchase and sell forward contracts to seek to increase total return. All commitments are “marked-to-market” daily at the applicable translation rates and any resulting unrealized gains or losses are recorded in the Funds’ financial statements. The Funds record realized gains or losses at the time a forward contract is offset by entry into a closing transaction or extinguished by delivery of the currency. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.
H. Futures Contracts — The Funds may enter into futures transactions to hedge against changes in interest rates, securities prices, currency exchange rates or to seek to increase total return. Futures contracts are valued at the last settlement price at the end of each day on the board of trade or exchange upon which they are traded. Upon entering into a futures contract, the Funds are required to deposit with a broker an amount of cash or securities equal to the minimum “initial margin” requirement of the associated futures exchange. Subsequent payments for futures contracts (“variation margin”) are paid or received by the Funds, dependent on the fluctuations in the value of the contracts, and are recorded for financial reporting
2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
3. AGREEMENTS |
Management | Expense | |||||||
Fund | Fee | Limitation | ||||||
European Equity | 1.00 | % | 0.104 | % | ||||
International Equity | 1.00 | 0.104 | ||||||
Japanese Equity | 1.00 | 0.114 | ||||||
International Growth Opportunities | 1.10 | 0.104 | ||||||
Emerging Markets Equity | 1.20 | 0.354 | ||||||
Asia Growth | 1.00 | 0.164 | ||||||
The Trust, on behalf of each Fund, has adopted Distribution and Service Plans (the “Plans”). Under the Plans, Goldman Sachs and/or Authorized Dealers are entitled to a monthly fee for distribution services equal to, on an annual basis, 0.25%, 0.75% and 0.75% of each Fund’s average daily net assets attributable to Class A, Class B and Class C Shares, respectively. Additionally, Goldman Sachs and/or Authorized Dealers are entitled to receive, under the Plans, a separate fee for personal and account maintenance services equal to, on an annual basis, 0.25% of the Funds’ average daily net assets attributable to Class B and Class C Shares.
3. AGREEMENTS (continued) |
Contingent Deferred | ||||||||||||
Sales Charge | ||||||||||||
Sales Load | ||||||||||||
Fund | Class A | Class B | Class C | |||||||||
European Equity | $ | 800 | $ | — | $ | — | ||||||
International Equity | 16,300 | — | — | |||||||||
Japanese Equity | 1,700 | — | — | |||||||||
International Growth Opportunities | 11,800 | — | — | |||||||||
Emerging Markets Equity | 4,000 | 100 | — | |||||||||
Asia Growth | 4,000 | 200 | — | |||||||||
Goldman Sachs also serves as the Transfer Agent of the Funds for a fee. Fees charged for such transfer agency services are calculated daily and payable monthly at an annual rate as follows: 0.19% of average daily net assets for Class A, Class B and Class C Shares and 0.04% of average daily net assets for Institutional and Service Shares.
Other | Transfer | |||||||||||||||||||
Management | Expense | Agent | Custody | Total Expense | ||||||||||||||||
Fund | Fee Waiver | Reimbursements | Credit | Fee Reduction | Reductions | |||||||||||||||
European Equity | $ | — | $ | 147 | $ | 1 | $ | — | $ | 148 | ||||||||||
International Equity | — | 100 | 22 | — | 122 | |||||||||||||||
Japanese Equity | — | 126 | — | — | 126 | |||||||||||||||
International Growth Opportunities | 26 | 147 | 1 | — | 174 | |||||||||||||||
Emerging Markets Equity | — | 47 | 2 | 1 | 50 | |||||||||||||||
Asia Growth | — | 165 | 1 | — | 166 | |||||||||||||||
3. AGREEMENTS (continued) |
Over | ||||||||||||||||||||
Management | Distribution and | Transfer | Reimbursement of | |||||||||||||||||
Fund | Fees | Service Fees | Agent Fees | “Other Expenses” | Total | |||||||||||||||
European Equity | $ | 24 | $ | 6 | $ | 4 | $ | — | $ | 34 | ||||||||||
International Equity | 333 | 91 | 55 | 14 | 493 | |||||||||||||||
Japanese Equity | 41 | 11 | 7 | — | 59 | |||||||||||||||
International Growth Opportunities | 91 | 17 | 9 | — | 117 | |||||||||||||||
Emerging Markets Equity | 108 | 13 | 9 | — | 130 | |||||||||||||||
Asia Growth | 62 | 14 | 9 | — | 85 | |||||||||||||||
4. PORTFOLIO SECURITIES TRANSACTIONS |
Fund | Purchases | Sales and Maturities | ||||||
European Equity | $ | 14,390,244 | $ | 15,818,482 | ||||
International Equity | 68,612,786 | 127,209,158 | ||||||
Japanese Equity | 19,797,684 | 23,233,414 | ||||||
International Growth Opportunities | 43,679,160 | 26,491,963 | ||||||
Emerging Markets Equity | 63,594,632 | 51,404,869 | ||||||
Asia Growth | 29,356,594 | 28,005,661 | ||||||
For the six months ended February 28, 2005, Goldman Sachs earned approximately $1,200, $11,200, $1,600, $15,800, and $12,000 of brokerage commissions from portfolio transactions, including futures transactions executed on behalf of the European Equity, International Equity, Japanese Equity, International Growth Opportunities and Asia Growth Funds, respectively.
5. SECURITIES LENDING |
Earnings of BGA | Earnings Received | Amount Payable to | ||||||||||||||||||
Cash Collateral | Relating to Securities | From Lending to | Goldman Sachs | |||||||||||||||||
Market Value of | Received for Loans | Loaned for the | Goldman Sachs for | Upon Return of | ||||||||||||||||
Securities on Loan as of | Outstanding as of | Six Months Ended | the Six Months Ended | Securities Loaned as of | ||||||||||||||||
Fund | February 28, 2005 | February 28, 2005 | February 28, 2005 | February 28, 2005 | February 28, 2005 | |||||||||||||||
European Equity | $ | 643,639 | $ | 696,000 | $ | 619 | $ | — | $ | — | ||||||||||
International Equity | 34,517,381 | 36,037,975 | 32,746 | 21,257 | 9,388,490 | |||||||||||||||
Japanese Equity | 2,228,802 | 2,351,929 | 2,339 | 5,905 | 350,939 | |||||||||||||||
International Growth Opportunities | 13,339,033 | 14,008,943 | 5,311 | 7,143 | 543,816 | |||||||||||||||
Emerging Markets Equity | 6,406,165 | 6,461,700 | 2,502 | 770 | — | |||||||||||||||
6. LINE OF CREDIT FACILITY |
Notes to Financial Statements (continued)
7. ADDITIONAL TAX INFORMATION |
International | Emerging | |||||||||||||||||||||||
Capital loss carryforward1 | European | International | Japanese | Growth | Markets | |||||||||||||||||||
Year | Equity | Equity | Equity | Opportunities | Equity | Asia Growth | ||||||||||||||||||
2005 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (1,884,772 | ) | |||||||||||
2006 | — | — | — | — | — | (62,653,847 | ) | |||||||||||||||||
2007 | — | — | — | — | — | (2,489,328 | ) | |||||||||||||||||
2009 | — | (4,358,148 | ) | — | — | — | (3,727,234 | ) | ||||||||||||||||
2010 | (17,749,195 | ) | (192,154,207 | ) | (19,739,612 | ) | (100,139,554 | ) | (11,729,593 | ) | (15,182,667 | ) | ||||||||||||
2011 | (14,916,016 | ) | (317,735,173 | ) | (5,228,295 | ) | (51,047,001 | ) | (6,947,758 | ) | (525,255 | ) | ||||||||||||
2012 | (2,492,920 | ) | (69,572,929 | ) | (1,408,407 | ) | — | — | — | |||||||||||||||
Total capital loss carryforward | $ | (35,158,131 | ) | $ | (583,820,457 | ) | $ | (26,376,314 | ) | $ | (151,186,555 | ) | $ | (18,677,351 | ) | $ | (86,463,103 | ) | ||||||
Timing differences (post October losses) | $ | — | $ | — | $ | (62,292 | ) | $ | — | $ | (149,534 | ) | $ | (66,362 | ) | |||||||||
1 | At August 31, 2004 (tax year end), the Funds had a capital loss carryforward for U.S. federal tax purposes. The year and amount of expiration for each capital loss carryforward is indicated above. Expiration occurs on August 31 of the year indicated. |
At February 28, 2005, the Funds’ aggregate security unrealized gains and losses based on a cost for U.S. federal income tax purposes was as follows:
International | Emerging | |||||||||||||||||||||||
European | International | Japanese | Growth | Markets | ||||||||||||||||||||
Equity | Equity | Equity | Opportunities | Equity | Asia Growth | |||||||||||||||||||
Tax Cost | $ | 28,405,398 | $ | 361,582,781 | $ | 52,666,104 | $ | 97,986,349 | $ | 101,379,839 | $ | 68,183,954 | ||||||||||||
Gross unrealized gain | 4,675,180 | 123,118,410 | 4,699,997 | 29,407,802 | 31,713,757 | 16,982,464 | ||||||||||||||||||
Gross unrealized loss | (51,878 | ) | (743,728 | ) | (901,065 | ) | (1,326,768 | ) | (472,515 | ) | (689,839 | ) | ||||||||||||
Net unrealized security gain | $ | 4,623,302 | $ | 122,374,682 | $ | 3,798,932 | $ | 28,081,034 | $ | 31,241,242 | $ | 16,292,625 | ||||||||||||
The difference between book-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales.
8. OTHER MATTERS |
Goldman Sachs | Goldman Sachs | Goldman Sachs | ||||||||||
Growth and Income | Growth Strategy | Aggressive Growth | ||||||||||
Fund | Strategy Portfolio | Portfolio | Strategy Portfolio | |||||||||
Emerging Markets Equity | 13 | % | 14 | % | 9 | % | ||||||
8. OTHER MATTERS (continued) |
In addition, on March 10, 2005, Jeanne and Don Masden filed a purported class action lawsuit in the United States District Court for the Southern District of New York against Goldman Sachs Group, Inc., GSAM, Goldman Sachs, the Trustees of the Trust and John Doe Defendants (collectively the “Defendants”). The lawsuit amends a previously-filed complaint, and alleges that the Defendants breached their fiduciary duties and duties of care owed under federal and state law by failing to ensure that equity securities held by Goldman Sachs Funds participated in class action settlements for which they were eligible. Plaintiffs seek compensatory damages, disgorgement of the fees paid to the investment advisers and punitive damages. Based on currently available information, GSAM believes that the likelihood that the pending purported class action lawsuit will have a material adverse financial impact on the Goldman Sachs Funds is remote, and the pending action is not likely to materially affect its ability to provide investment management services to its clients, including the Goldman Sachs Funds.
9. SUMMARY OF SHARE TRANSACTIONS |
European Equity Fund | International Equity Fund | |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
Class A Shares | ||||||||||||||||
Shares sold | 84,660 | $ | 919,298 | 1,673,934 | $ | 27,276,718 | ||||||||||
Reinvestment of dividends and distributions | 11,418 | 129,821 | 365,938 | 5,942,838 | ||||||||||||
Shares converted from Class B(a) | — | — | 93,031 | 1,499,958 | ||||||||||||
Shares repurchased | (181,342 | ) | (2,054,856 | ) | (3,831,403 | ) | (62,502,155 | ) | ||||||||
(85,264 | ) | (1,005,737 | ) | (1,698,500 | ) | (27,782,641 | ) | |||||||||
Class B Shares | ||||||||||||||||
Shares sold | 41,967 | 451,491 | 44,946 | 698,725 | ||||||||||||
Reinvestment of dividends and distributions | 1,023 | 11,277 | 22,653 | 357,007 | ||||||||||||
Shares converted to Class A(a) | — | — | (96,001 | ) | (1,499,958 | ) | ||||||||||
Shares repurchased | (31,258 | ) | (332,927 | ) | (299,353 | ) | (4,662,652 | ) | ||||||||
11,732 | 129,841 | (327,755 | ) | (5,106,878 | ) | |||||||||||
Class C Shares | ||||||||||||||||
Shares sold | 3,664 | 38,976 | 139,401 | 2,169,343 | ||||||||||||
Reinvestment of dividends and distributions | 217 | 2,394 | 18,593 | 287,637 | ||||||||||||
Shares repurchased | (19,812 | ) | (208,284 | ) | (188,133 | ) | (2,938,457 | ) | ||||||||
(15,931 | ) | (166,914 | ) | (30,139 | ) | (481,477 | ) | |||||||||
Institutional Shares | ||||||||||||||||
Shares sold | 369,619 | 4,376,971 | 207,229 | 3,440,381 | ||||||||||||
Reinvestment of dividends and distributions | 8,351 | 95,789 | 66,378 | 1,099,217 | ||||||||||||
Shares repurchased | (361,412 | ) | (4,192,460 | ) | (786,421 | ) | (12,900,145 | ) | ||||||||
16,558 | 280,300 | (512,814 | ) | (8,360,547 | ) | |||||||||||
Service Shares | ||||||||||||||||
Shares sold | 3,822 | 43,992 | 1,395 | 22,754 | ||||||||||||
Reinvestment of dividends and distributions | 3 | 28 | 435 | 7,117 | ||||||||||||
Shares repurchased | — | — | (12,161 | ) | (199,385 | ) | ||||||||||
3,825 | 44,020 | (10,331 | ) | (169,514 | ) | |||||||||||
NET INCREASE (DECREASE) | (69,080 | ) | $ | (718,490 | ) | (2,579,539 | ) | $ | (41,901,057 | ) | ||||||
(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. |
International Growth | Emerging Markets | |||||||||||||||||||||||||||||||
Japanese Equity Fund | Opportunities Fund | Equity Fund | Asia Growth Fund | |||||||||||||||||||||||||||||
Shares | Dollars | Shares | Dollars | Shares | Dollars | Shares | Dollars | |||||||||||||||||||||||||
1,190,348 | $ | 10,552,388 | 904,962 | $ | 12,752,186 | 802,785 | $ | 10,227,528 | 449,949 | $ | 5,441,887 | |||||||||||||||||||||
— | — | 12,311 | 165,585 | 3,236 | 39,509 | 18,532 | 217,380 | |||||||||||||||||||||||||
— | — | 125 | 1,515 | 5,492 | 56,846 | 8,173 | 91,866 | |||||||||||||||||||||||||
(1,034,035 | ) | (8,995,653 | ) | (286,925 | ) | (3,912,357 | ) | (464,132 | ) | (5,750,573 | ) | (382,411 | ) | (4,475,126 | ) | |||||||||||||||||
156,313 | 1,556,735 | 630,473 | 9,006,929 | 347,381 | 4,573,310 | 94,243 | 1,276,007 | |||||||||||||||||||||||||
29,443 | 251,387 | 125,008 | 1,690,743 | 100,373 | 1,242,288 | 103,791 | 1,135,832 | |||||||||||||||||||||||||
— | — | 1,309 | 17,045 | — | — | 485 | 5,490 | |||||||||||||||||||||||||
— | — | (129 | ) | (1,515 | ) | (5,645 | ) | (56,846 | ) | (8,486 | ) | (91,866 | ) | |||||||||||||||||||
(21,222 | ) | (180,003 | ) | (84,438 | ) | (1,078,635 | ) | (30,594 | ) | (365,939 | ) | (63,368 | ) | (692,430 | ) | |||||||||||||||||
8,221 | 71,384 | 41,750 | 627,638 | 64,134 | 819,503 | 32,422 | 357,026 | |||||||||||||||||||||||||
31,273 | 267,976 | 32,969 | 450,068 | 65,096 | 805,646 | 4,536 | 51,238 | |||||||||||||||||||||||||
— | — | 4,375 | 56,790 | — | — | 87 | 985 | |||||||||||||||||||||||||
(28,157 | ) | (236,860 | ) | (20,314 | ) | (267,107 | ) | (6,566 | ) | (74,978 | ) | (15,652 | ) | (175,177 | ) | |||||||||||||||||
3,116 | 31,116 | 17,030 | 239,751 | 58,530 | 730,668 | (11,029 | ) | (122,954 | ) | |||||||||||||||||||||||
338,936 | 3,052,967 | 648,484 | 9,539,489 | 651,256 | 8,643,984 | 897,710 | 11,290,766 | |||||||||||||||||||||||||
— | — | 30,851 | 426,974 | 25,910 | 328,022 | 16,644 | 204,394 | |||||||||||||||||||||||||
(835,813 | ) | (7,331,897 | ) | (69,546 | ) | (965,657 | ) | (179,480 | ) | (2,341,453 | ) | (678,492 | ) | (8,184,536 | ) | |||||||||||||||||
(496,877 | ) | (4,278,930 | ) | 609,789 | 9,000,806 | 497,686 | 6,630,553 | 235,862 | 3,310,624 | |||||||||||||||||||||||
— | — | 1,041 | 13,560 | 21,345 | 261,401 | — | — | |||||||||||||||||||||||||
— | — | 170 | 2,283 | 101 | 1,221 | — | — | |||||||||||||||||||||||||
— | — | (6,895 | ) | (95,343 | ) | (2,635 | ) | (31,019 | ) | — | — | |||||||||||||||||||||
— | — | (5,684 | ) | (79,500 | ) | 18,811 | 231,603 | — | — | |||||||||||||||||||||||
(329,227 | ) | $ | (2,619,695 | ) | 1,293,358 | $ | 18,795,624 | 986,542 | $ | 12,985,637 | 351,498 | $ | 4,820,703 | |||||||||||||||||||
9. SUMMARY OF SHARE TRANSACTIONS (continued) |
European Equity Fund | International Equity Fund | |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
Class A Shares | ||||||||||||||||
Shares sold | 841,685 | $ | 7,815,487 | 5,973,104 | $ | 88,905,100 | ||||||||||
Reinvestment of dividends and distributions | 18,156 | 169,760 | 918,846 | 13,148,864 | ||||||||||||
Shares converted from Class B(a) | — | — | 19,748 | 300,564 | ||||||||||||
Shares repurchased | (3,113,025 | ) | (28,348,376 | ) | (9,813,917 | ) | (146,112,696 | ) | ||||||||
(2,253,184 | ) | (20,363,129 | ) | (2,902,219 | ) | (43,758,168 | ) | |||||||||
Class B Shares | ||||||||||||||||
Shares sold | 49,596 | 457,582 | 91,156 | 1,342,449 | ||||||||||||
Reinvestment of dividends and distributions | 1,206 | 10,976 | 74,329 | 1,033,915 | ||||||||||||
Shares converted to Class A(a) | — | — | (20,363 | ) | (300,564 | ) | ||||||||||
Shares repurchased | (40,714 | ) | (377,563 | ) | (526,155 | ) | (7,635,633 | ) | ||||||||
10,088 | 90,995 | (381,033 | ) | (5,559,833 | ) | |||||||||||
Class C Shares | ||||||||||||||||
Shares sold | 20,324 | 193,067 | 326,251 | 4,666,778 | ||||||||||||
Reinvestment of dividends and distributions | 614 | 5,584 | 41,693 | 570,777 | ||||||||||||
Shares repurchased | (29,772 | ) | (285,447 | ) | (329,118 | ) | (4,728,384 | ) | ||||||||
(8,834 | ) | (86,796 | ) | 38,826 | 509,171 | |||||||||||
Institutional Shares | ||||||||||||||||
Shares sold | 370,276 | 3,615,000 | 2,170,025 | 32,708,033 | ||||||||||||
Reinvestment of dividends and distributions | 3,224 | 30,468 | 248,545 | 3,621,293 | ||||||||||||
Shares repurchased | (79,779 | ) | (722,323 | ) | (11,919,465 | ) | (177,602,101 | ) | ||||||||
293,721 | 2,923,145 | (9,500,895 | ) | (141,272,775 | ) | |||||||||||
Service Shares | ||||||||||||||||
Shares sold | 10,097 | 103,600 | 13,474 | 198,998 | ||||||||||||
Reinvestment of dividends and distributions | 2 | 19 | 1,978 | 28,474 | ||||||||||||
Shares repurchased | — | — | (73,796 | ) | (1,093,231 | ) | ||||||||||
10,099 | 103,619 | (58,344 | ) | (865,759 | ) | |||||||||||
NET INCREASE (DECREASE) | (1,948,110 | ) | $ | (17,332,166 | ) | (12,803,665 | ) | $ | (190,947,364 | ) | ||||||
(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. |
International Growth | Emerging Markets | |||||||||||||||||||||||||||||||
Japanese Equity Fund | Opportunities Fund | Equity Fund | Asia Growth Fund | |||||||||||||||||||||||||||||
Shares | Dollars | Shares | Dollars | Shares | Dollars | Shares | Dollars | |||||||||||||||||||||||||
6,115,775 | $ | 52,375,941 | 2,658,400 | $ | 29,250,382 | 2,227,874 | $ | 23,603,421 | 3,781,072 | $ | 38,803,252 | |||||||||||||||||||||
1,536 | 12,025 | 4,451 | 46,560 | 11,308 | 112,514 | 22,093 | 226,894 | |||||||||||||||||||||||||
— | — | 302 | 3,662 | 697 | 7,211 | 4,375 | 44,015 | |||||||||||||||||||||||||
(4,224,846 | ) | (35,217,504 | ) | (3,864,976 | ) | (42,822,357 | ) | (2,046,635 | ) | (21,862,403 | ) | (3,831,406 | ) | (38,648,172 | ) | |||||||||||||||||
1,892,465 | 17,170,462 | (1,201,823 | ) | (13,521,753 | ) | 193,244 | 1,860,743 | (23,866 | ) | 425,989 | ||||||||||||||||||||||
89,106 | 735,366 | 198,162 | 2,189,493 | 175,823 | 1,809,837 | 180,229 | 1,873,294 | |||||||||||||||||||||||||
— | — | 80 | 811 | 359 | 3,488 | 1,008 | 10,015 | |||||||||||||||||||||||||
— | — | (311 | ) | (3,662 | ) | (716 | ) | (7,211 | ) | (4,538 | ) | (44,015 | ) | |||||||||||||||||||
(69,247 | ) | (574,306 | ) | (52,117 | ) | (573,974 | ) | (44,300 | ) | (452,087 | ) | (122,802 | ) | (1,214,734 | ) | |||||||||||||||||
19,859 | 161,060 | 145,814 | 1,612,668 | 131,166 | 1,354,027 | 53,897 | 624,560 | |||||||||||||||||||||||||
93,350 | 761,857 | 362,219 | 4,100,424 | 68,722 | 743,207 | 93,054 | 930,066 | |||||||||||||||||||||||||
— | — | — | — | — | — | 516 | 5,101 | |||||||||||||||||||||||||
(143,607 | ) | (1,163,506 | ) | (37,746 | ) | (411,899 | ) | (85,786 | ) | (835,683 | ) | (70,873 | ) | (678,005 | ) | |||||||||||||||||
(50,257 | ) | (401,649 | ) | 324,473 | 3,688,525 | (17,064 | ) | (92,476 | ) | 22,697 | 257,162 | |||||||||||||||||||||
1,927,233 | 16,921,458 | 96,647 | 1,153,362 | 1,341,567 | 15,178,478 | 2,268,203 | 25,988,298 | |||||||||||||||||||||||||
4,064 | 32,713 | 16,247 | 175,463 | 33,124 | 341,839 | 5,823 | 62,537 | |||||||||||||||||||||||||
(1,178,868 | ) | (10,490,778 | ) | (71,490 | ) | (839,051 | ) | (5,431,606 | ) | (55,138,171 | ) | (643,326 | ) | (7,160,615 | ) | |||||||||||||||||
752,429 | 6,463,393 | 41,404 | 489,774 | (4,056,915 | ) | (39,617,854 | ) | 1,630,700 | 18,890,220 | |||||||||||||||||||||||
— | — | 15,170 | 183,120 | 54,899 | 575,223 | — | — | |||||||||||||||||||||||||
— | — | 18 | 194 | 247 | 2,427 | — | — | |||||||||||||||||||||||||
— | — | (3,518 | ) | (39,662 | ) | (20,913 | ) | (212,906 | ) | — | — | |||||||||||||||||||||
— | — | 11,670 | 143,652 | 34,233 | 364,744 | — | — | |||||||||||||||||||||||||
2,614,496 | $ | 23,393,266 | (678,462 | ) | $ | (7,587,134 | ) | (3,715,336 | ) | $ | (36,130,816 | ) | 1,683,428 | $ | 20,197,931 | |||||||||||||||||
Financial Highlights
Income (loss) from | ||||||||||||||||||||||||||||||||
investment operations | Distributions to shareholders | |||||||||||||||||||||||||||||||
Net asset | Net | |||||||||||||||||||||||||||||||
value, | investment | Net realized | Total from | From net | From net | |||||||||||||||||||||||||||
beginning | income | and unrealized | investment | investment | realized | Total | ||||||||||||||||||||||||||
Year - Share Class | of period | (loss)(b) | gain (loss) | operations | income | gains | distributions | |||||||||||||||||||||||||
FOR THE SIX MONTHS ENDED FEBRUARY 28, (Unaudited) | ||||||||||||||||||||||||||||||||
2005 - A | $ | 9.93 | $ | (0.02 | ) | $ | 2.26 | $ | 2.24 | $ | (0.08 | ) | $ | — | $ | (0.08 | ) | |||||||||||||||
2005 - B | 9.62 | (0.06 | ) | 2.19 | 2.13 | (0.05 | ) | — | (0.05 | ) | ||||||||||||||||||||||
2005 - C | 9.62 | (0.06 | ) | 2.21 | 2.15 | (0.03 | ) | — | (0.03 | ) | ||||||||||||||||||||||
2005 - Institutional | 10.07 | — | (c) | 2.30 | 2.30 | (0.16 | ) | — | (0.16 | ) | ||||||||||||||||||||||
2005 - Service | 9.93 | (0.02 | ) | 2.25 | 2.23 | (0.15 | ) | — | (0.15 | ) | ||||||||||||||||||||||
FOR THE YEARS ENDED AUGUST 31, | ||||||||||||||||||||||||||||||||
2004 - A | 8.23 | 0.02 | 1.75 | 1.77 | (0.07 | ) | — | (0.07 | ) | |||||||||||||||||||||||
2004 - B | 8.01 | (0.01 | ) | 1.67 | 1.66 | (0.05 | ) | — | (0.05 | ) | ||||||||||||||||||||||
2004 - C | 8.02 | (0.01 | ) | 1.67 | 1.66 | (0.06 | ) | — | (0.06 | ) | ||||||||||||||||||||||
2004 - Institutional | 8.36 | 0.16 | 1.68 | 1.84 | (0.13 | ) | — | (0.13 | ) | |||||||||||||||||||||||
2004 - Service | 8.25 | 0.06 | 1.72 | 1.78 | (0.10 | ) | — | (0.10 | ) | |||||||||||||||||||||||
2003 - A | 7.64 | 0.04 | 0.55 | 0.59 | — | (c) | — | — | (c) | |||||||||||||||||||||||
2003 - B | 7.48 | 0.02 | 0.51 | 0.53 | — | — | — | |||||||||||||||||||||||||
2003 - C | 7.48 | 0.02 | 0.52 | 0.54 | �� | — | — | — | ||||||||||||||||||||||||
2003 - Institutional | 7.80 | 0.07 | 0.58 | 0.65 | (0.09 | ) | — | (0.09 | ) | |||||||||||||||||||||||
2003 - Service | 7.70 | 0.07 | 0.54 | 0.61 | (0.06 | ) | — | (0.06 | ) | |||||||||||||||||||||||
2002 - A | 9.31 | 0.01 | (1.40 | ) | (1.39 | ) | — | (0.28 | ) | (0.28 | ) | |||||||||||||||||||||
2002 - B | 9.17 | (0.02 | ) | (1.39 | ) | (1.41 | ) | — | (0.28 | ) | (0.28 | ) | ||||||||||||||||||||
2002 - C | 9.18 | (0.01 | ) | (1.41 | ) | (1.42 | ) | — | (0.28 | ) | (0.28 | ) | ||||||||||||||||||||
2002 - Institutional | 9.46 | 0.07 | (1.45 | ) | (1.38 | ) | — | (0.28 | ) | (0.28 | ) | |||||||||||||||||||||
2002 - Service | 9.38 | 0.06 | (1.46 | ) | (1.40 | ) | — | (0.28 | ) | (0.28 | ) | |||||||||||||||||||||
2001 - A | 13.82 | (0.02 | ) | (2.93 | ) | (2.95 | ) | — | (1.56 | ) | (1.56 | ) | ||||||||||||||||||||
2001 - B | 13.69 | (0.07 | ) | (2.89 | ) | (2.96 | ) | — | (1.56 | ) | (1.56 | ) | ||||||||||||||||||||
2001 - C | 13.72 | (0.07 | ) | (2.91 | ) | (2.98 | ) | — | (1.56 | ) | (1.56 | ) | ||||||||||||||||||||
2001 - Institutional | 14.00 | 0.08 | (3.00 | ) | (2.92 | ) | (0.06 | ) | (1.56 | ) | (1.62 | ) | ||||||||||||||||||||
2001 - Service | 13.86 | 0.02 | (2.94 | ) | (2.92 | ) | — | (1.56 | ) | (1.56 | ) | |||||||||||||||||||||
2000 - A | 11.75 | — | 2.78 | 2.78 | — | (0.71 | ) | (0.71 | ) | |||||||||||||||||||||||
2000 - B | 11.71 | (0.04 | ) | 2.73 | 2.69 | — | (0.71 | ) | (0.71 | ) | ||||||||||||||||||||||
2000 - C | 11.72 | (0.04 | ) | 2.75 | 2.71 | — | (0.71 | ) | (0.71 | ) | ||||||||||||||||||||||
2000 - Institutional | 11.82 | 0.10 | 2.79 | 2.89 | — | (0.71 | ) | (0.71 | ) | |||||||||||||||||||||||
2000 - Service | 11.76 | 0.01 | 2.80 | 2.81 | — | (0.71 | ) | (0.71 | ) | |||||||||||||||||||||||
(a) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total return would be reduced if a sales or redemption charge were taken into account. Total returns for periods less than one full year are not annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
(b) | Calculated based on the average shares outstanding methodology. |
(c) | Amount is less than $0.005 per share. |
(d) | Annualized. |
62
Ratios assuming no | ||||||||||||||||||||||||||||||||||
expense reductions | ||||||||||||||||||||||||||||||||||
Ratio of | Ratio of | Ratio of | ||||||||||||||||||||||||||||||||
Net assets | Ratio of | net investment | total | net investment | ||||||||||||||||||||||||||||||
Net asset | end of | net expenses | income (loss) | expenses | income (loss) | Portfolio | ||||||||||||||||||||||||||||
value, end | Total | period | to average | to average | to average | to average | turnover | |||||||||||||||||||||||||||
of period | return(a) | (in 000s) | net assets | net assets | net assets | net assets | rate | |||||||||||||||||||||||||||
$ | 12.09 | 22.63 | % | $ | 20,827 | 1.54 | % (d) | (0.39 | )%(d) | 2.53 | %(d) | (1.38 | )%(d) | 50 | % | |||||||||||||||||||
11.70 | 22.21 | 2,779 | 2.29 | (d) | (1.14 | )(d) | 3.28 | (d) | (2.13 | )(d) | 50 | |||||||||||||||||||||||
11.74 | 22.25 | 1,001 | 2.29 | (d) | (1.14 | )(d) | 3.28 | (d) | (2.13 | )(d) | 50 | |||||||||||||||||||||||
12.21 | 22.98 | 7,596 | 1.14 | (d) | 0.04 | (d) | 2.13 | (d) | (0.95 | )(d) | 50 | |||||||||||||||||||||||
12.01 | 22.49 | 169 | 1.64 | (d) | (0.45 | )(d) | 2.63 | (d) | (1.44 | )(d) | 50 | |||||||||||||||||||||||
9.93 | 21.52 | 17,947 | 1.74 | 0.25 | 2.66 | (0.67 | ) | 51 | ||||||||||||||||||||||||||
9.62 | 20.81 | 2,172 | 2.29 | (0.05 | ) | 3.21 | (0.97 | ) | 51 | |||||||||||||||||||||||||
9.62 | 20.86 | 974 | 2.29 | (0.09 | ) | 3.21 | (1.01 | ) | 51 | |||||||||||||||||||||||||
10.07 | 22.16 | 6,099 | 1.14 | 1.55 | 2.06 | 0.63 | 51 | |||||||||||||||||||||||||||
9.93 | 21.66 | 102 | 1.64 | 0.60 | 2.56 | (0.32 | ) | 51 | ||||||||||||||||||||||||||
8.23 | 7.74 | 33,429 | 1.82 | 0.61 | 2.89 | (0.46 | ) | 131 | ||||||||||||||||||||||||||
8.01 | 7.23 | 1,727 | 2.32 | 0.21 | 3.39 | (0.86 | ) | 131 | ||||||||||||||||||||||||||
8.02 | 7.09 | 882 | 2.32 | 0.26 | 3.39 | (0.81 | ) | 131 | ||||||||||||||||||||||||||
8.36 | 8.49 | 2,606 | 1.17 | 0.98 | 2.24 | (0.09 | ) | 131 | ||||||||||||||||||||||||||
8.25 | 7.96 | 2 | 1.67 | 0.98 | 2.74 | (0.09 | ) | 131 | ||||||||||||||||||||||||||
7.64 | (15.31 | ) | 37,017 | 1.81 | 0.16 | 2.54 | (0.57 | ) | 88 | |||||||||||||||||||||||||
7.48 | (15.88 | ) | 1,737 | 2.31 | (0.21 | ) | 3.04 | (0.94 | ) | 88 | ||||||||||||||||||||||||
7.48 | (15.86 | ) | 629 | 2.31 | (0.17 | ) | 3.04 | (0.90 | ) | 88 | ||||||||||||||||||||||||
7.80 | (14.95 | ) | 5,238 | 1.16 | 0.82 | 1.89 | 0.09 | 88 | ||||||||||||||||||||||||||
7.70 | (15.29 | ) | 2 | 1.66 | 0.64 | 2.39 | (0.09 | ) | 88 | |||||||||||||||||||||||||
9.31 | (23.47 | ) | 90,347 | 1.79 | (0.16 | ) | 2.17 | (0.54 | ) | 110 | ||||||||||||||||||||||||
9.17 | (23.80 | ) | 2,727 | 2.29 | (0.63 | ) | 2.67 | (1.01 | ) | 110 | ||||||||||||||||||||||||
9.18 | (23.89 | ) | 1,195 | 2.29 | (0.64 | ) | 2.67 | (1.02 | ) | 110 | ||||||||||||||||||||||||
9.46 | (22.94 | ) | 10,713 | 1.14 | 0.71 | 1.52 | 0.33 | 110 | ||||||||||||||||||||||||||
9.38 | (23.16 | ) | 2 | 1.64 | 0.14 | 2.02 | (0.24 | ) | 110 | |||||||||||||||||||||||||
13.82 | 24.04 | 139,966 | 1.79 | 0.02 | 2.17 | (0.36 | ) | 98 | ||||||||||||||||||||||||||
13.69 | 23.32 | 4,538 | 2.29 | (0.27 | ) | 2.67 | (0.65 | ) | 98 | |||||||||||||||||||||||||
13.72 | 23.48 | 1,482 | 2.29 | (0.26 | ) | 2.67 | (0.64 | ) | 98 | |||||||||||||||||||||||||
14.00 | 24.85 | 14,630 | 1.14 | 0.70 | 1.52 | 0.32 | 98 | |||||||||||||||||||||||||||
13.86 | 24.28 | 2 | 1.64 | 0.09 | 2.02 | (0.29 | ) | 98 | ||||||||||||||||||||||||||
Financial Highlights
Income (loss) from | ||||||||||||||||||||||||||||||||||||
investment operations | Distributions to shareholders | |||||||||||||||||||||||||||||||||||
Net asset | Net | In excess | ||||||||||||||||||||||||||||||||||
value, | investment | Net realized | Total from | From net | of net | From net | ||||||||||||||||||||||||||||||
beginning | income | and unrealized | investment | investment | investment | realized | Total | |||||||||||||||||||||||||||||
Year - Share Class | of period | (loss)(b) | gain (loss) | operations | income | income | gains | distributions | ||||||||||||||||||||||||||||
FOR THE SIX MONTHS ENDED FEBRUARY 28, (Unaudited) | ||||||||||||||||||||||||||||||||||||
2005 - A | $ | 14.73 | $ | (0.04 | ) | $ | 3.19 | $ | 3.15 | $ | (0.34 | ) | $ | — | $ | — | $ | (0.34 | ) | |||||||||||||||||
2005 - B | 14.26 | (0.09 | ) | 3.08 | 2.99 | (0.26 | ) | — | — | (0.26 | ) | |||||||||||||||||||||||||
2005 - C | 14.03 | (0.09 | ) | 3.03 | 2.94 | (0.29 | ) | — | — | (0.29 | ) | |||||||||||||||||||||||||
2005 - Institutional | 15.05 | — | (c) | 3.26 | 3.26 | (0.41 | ) | — | — | (0.41 | ) | |||||||||||||||||||||||||
2005 - Service | 14.82 | (0.04 | ) | 3.21 | 3.17 | (0.31 | ) | — | — | (0.31 | ) | |||||||||||||||||||||||||
FOR THE YEARS ENDED AUGUST 31, | ||||||||||||||||||||||||||||||||||||
2004 - A | 13.41 | 0.03 | 1.95 | 1.98 | (0.66 | ) | — | — | (0.66 | ) | ||||||||||||||||||||||||||
2004 - B | 13.02 | (0.06 | ) | 1.90 | 1.84 | (0.60 | ) | — | — | (0.60 | ) | |||||||||||||||||||||||||
2004 - C | 12.83 | (0.05 | ) | 1.86 | 1.81 | (0.61 | ) | — | — | (0.61 | ) | |||||||||||||||||||||||||
2004 - Institutional | 13.70 | 0.09 | 2.01 | 2.10 | (0.75 | ) | — | — | (0.75 | ) | ||||||||||||||||||||||||||
2004 - Service | 13.38 | 0.02 | 1.96 | 1.98 | (0.54 | ) | — | — | (0.54 | ) | ||||||||||||||||||||||||||
2003 - A | 12.97 | 0.03 | 0.56 | 0.59 | (0.15 | ) | — | — | (0.15 | ) | ||||||||||||||||||||||||||
2003 - B | 12.61 | (0.02 | ) | 0.53 | 0.51 | (0.10 | ) | — | — | (0.10 | ) | |||||||||||||||||||||||||
2003 - C | 12.46 | (0.01 | ) | 0.51 | 0.50 | (0.13 | ) | — | — | (0.13 | ) | |||||||||||||||||||||||||
2003 - Institutional | 13.32 | 0.10 | 0.58 | 0.68 | (0.30 | ) | — | — | (0.30 | ) | ||||||||||||||||||||||||||
2003 - Service | 13.00 | 0.06 | 0.55 | 0.61 | (0.23 | ) | — | — | (0.23 | ) | ||||||||||||||||||||||||||
2002 - A | 15.64 | — | (c) | (2.61 | ) | (2.61 | ) | (0.06 | ) | — | — | (0.06 | ) | |||||||||||||||||||||||
2002 - B | 15.23 | (0.06 | ) | (2.56 | ) | (2.62 | ) | — | — | — | — | |||||||||||||||||||||||||
2002 - C | 15.05 | (0.06 | ) | (2.53 | ) | (2.59 | ) | — | — | — | — | |||||||||||||||||||||||||
2002 - Institutional | 16.09 | 0.13 | (2.72 | ) | (2.59 | ) | (0.18 | ) | — | — | (0.18 | ) | ||||||||||||||||||||||||
2002 - Service | 15.71 | 0.04 | (2.64 | ) | (2.60 | ) | (0.11 | ) | — | — | (0.11 | ) | ||||||||||||||||||||||||
2001 - A | 23.59 | (0.02 | ) | (5.80 | ) | (5.82 | ) | — | — | (2.13 | ) | (2.13 | ) | |||||||||||||||||||||||
2001 - B | 23.14 | (0.12 | ) | (5.66 | ) | (5.78 | ) | — | — | (2.13 | ) | (2.13 | ) | |||||||||||||||||||||||
2001 - C | 22.89 | (0.11 | ) | (5.60 | ) | (5.71 | ) | — | — | (2.13 | ) | (2.13 | ) | |||||||||||||||||||||||
2001 - Institutional | 24.06 | 0.11 | (5.95 | ) | (5.84 | ) | — | — | (2.13 | ) | (2.13 | ) | ||||||||||||||||||||||||
2001 - Service | 23.65 | 0.02 | (5.83 | ) | (5.81 | ) | — | — | (2.13 | ) | (2.13 | ) | ||||||||||||||||||||||||
2000 - A | 23.12 | (0.03 | ) | 3.41 | 3.38 | (0.10 | ) | (0.24 | ) | (2.57 | ) | (2.91 | ) | |||||||||||||||||||||||
2000 - B | 22.73 | (0.16 | ) | 3.38 | 3.22 | (0.07 | ) | (0.17 | ) | (2.57 | ) | (2.81 | ) | |||||||||||||||||||||||
2000 - C | 22.54 | (0.14 | ) | 3.35 | 3.21 | (0.09 | ) | (0.20 | ) | (2.57 | ) | (2.86 | ) | |||||||||||||||||||||||
2000 - Institutional | 23.49 | 0.14 | 3.46 | 3.60 | (0.14 | ) | (0.32 | ) | (2.57 | ) | (3.03 | ) | ||||||||||||||||||||||||
2000 - Service | 23.14 | (0.01 | ) | 3.45 | �� | 3.44 | (0.11 | ) | (0.25 | ) | (2.57 | ) | (2.93 | ) | ||||||||||||||||||||||
(a) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total return would be reduced if a sales or redemption charge were taken into account. Total returns for periods less than one full year are not annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
(b) | Calculated based on the average shares outstanding methodology. |
(c) | Amount is less than $0.005 per share. |
(d) | Annualized. |
64
Ratios assuming no | ||||||||||||||||||||||||||||||||||
expense reductions | ||||||||||||||||||||||||||||||||||
Ratio of | Ratio of | |||||||||||||||||||||||||||||||||
Net assets | Ratio of | net investment | Ratio of | net investment | ||||||||||||||||||||||||||||||
Net asset | at end of | net expenses | income (loss) | total expenses | income (loss) | Portfolio | ||||||||||||||||||||||||||||
value, end | Total | period | to average | to average | to average | to average | turnover | |||||||||||||||||||||||||||
of period | return(a) | (in 000s) | net assets | net assets | net assets | net assets | rate | |||||||||||||||||||||||||||
$ | 17.54 | 21.60 | % | $ | 328,927 | 1.53 | %(d) | (0.44 | )%(d) | 1.59 | %(d) | (0.50 | )%(d) | 16 | % | |||||||||||||||||||
16.99 | 21.15 | 22,453 | 2.28 | (d) | (1.18 | )(d) | 2.34 | (d) | (1.24 | )(d) | 16 | |||||||||||||||||||||||
16.68 | 21.15 | 18,098 | 2.28 | (d) | (1.20 | )(d) | 2.34 | (d) | (1.26 | )(d) | 16 | |||||||||||||||||||||||
17.90 | 21.86 | 77,416 | 1.13 | (d) | (0.05 | )(d) | 1.19 | (d) | (0.11 | )(d) | 16 | |||||||||||||||||||||||
17.68 | 21.59 | 464 | 1.63 | (d) | (0.54 | )(d) | 1.69 | (d) | (0.60 | )(d) | 16 | |||||||||||||||||||||||
14.73 | 14.88 | 301,190 | 1.74 | 0.17 | 1.81 | 0.10 | 78 | |||||||||||||||||||||||||||
14.26 | 14.23 | 23,515 | 2.29 | (0.39 | ) | 2.36 | (0.46 | ) | 78 | |||||||||||||||||||||||||
14.03 | 14.26 | 15,643 | 2.29 | (0.36 | ) | 2.36 | (0.43 | ) | 78 | |||||||||||||||||||||||||
15.05 | 15.53 | 72,823 | 1.14 | 0.63 | 1.21 | 0.56 | 78 | |||||||||||||||||||||||||||
14.82 | 14.90 | 542 | 1.64 | 0.12 | 1.71 | 0.05 | 78 | |||||||||||||||||||||||||||
13.41 | 4.69 | 313,197 | 1.80 | 0.29 | 1.87 | 0.22 | 62 | |||||||||||||||||||||||||||
13.02 | 4.17 | 26,438 | 2.30 | (0.18 | ) | 2.37 | (0.25 | ) | 62 | |||||||||||||||||||||||||
12.83 | 4.17 | 13,814 | 2.30 | (0.12 | ) | 2.37 | (0.19 | ) | 62 | |||||||||||||||||||||||||
13.70 | 5.39 | 196,494 | 1.15 | 0.82 | 1.22 | 0.75 | 62 | |||||||||||||||||||||||||||
13.38 | 4.93 | 1,270 | 1.65 | 0.52 | 1.72 | 0.45 | 62 | |||||||||||||||||||||||||||
12.97 | (16.76 | ) | 503,843 | 1.80 | 0.01 | 1.86 | (0.05 | ) | 118 | |||||||||||||||||||||||||
12.61 | (17.20 | ) | 32,317 | 2.30 | (0.43 | ) | 2.36 | (0.49 | ) | 118 | ||||||||||||||||||||||||
12.46 | (17.21 | ) | 13,832 | 2.30 | (0.40 | ) | 2.36 | (0.46 | ) | 118 | ||||||||||||||||||||||||
13.32 | (16.22 | ) | 409,736 | 1.15 | 0.90 | 1.21 | 0.84 | 118 | ||||||||||||||||||||||||||
13.00 | (16.63 | ) | 5,122 | 1.65 | 0.25 | 1.71 | 0.19 | 118 | ||||||||||||||||||||||||||
15.64 | (26.49 | ) | 1,068,155 | 1.79 | (0.10 | ) | 1.83 | (0.14 | ) | 63 | ||||||||||||||||||||||||
15.23 | (26.86 | ) | 49,019 | 2.29 | (0.64 | ) | 2.33 | (0.68 | ) | 63 | ||||||||||||||||||||||||
15.05 | (26.85 | ) | 17,665 | 2.29 | (0.62 | ) | 2.33 | (0.66 | ) | 63 | ||||||||||||||||||||||||
16.09 | (26.03 | ) | 292,298 | 1.14 | 0.57 | 1.18 | 0.53 | 63 | ||||||||||||||||||||||||||
15.71 | (26.41 | ) | 5,621 | 1.64 | 0.12 | 1.68 | 0.08 | 63 | ||||||||||||||||||||||||||
23.59 | 14.68 | 1,343,869 | 1.79 | (0.12 | ) | 1.84 | (0.17 | ) | 80 | |||||||||||||||||||||||||
23.14 | 14.20 | 80,274 | 2.29 | (0.65 | ) | 2.34 | (0.70 | ) | 80 | |||||||||||||||||||||||||
22.89 | 14.28 | 22,031 | 2.29 | (0.59 | ) | 2.34 | (0.64 | ) | 80 | |||||||||||||||||||||||||
24.06 | 15.45 | 325,161 | 1.14 | 0.54 | 1.19 | 0.49 | 80 | |||||||||||||||||||||||||||
23.65 | 15.00 | 3,789 | 1.64 | (0.02 | ) | 1.69 | (0.07 | ) | 80 | |||||||||||||||||||||||||
Financial Highlights
Income (loss) from | ||||||||||||||||||||||||||||||||||||
investment operations | Distributions to shareholders | |||||||||||||||||||||||||||||||||||
Net asset | In excess | |||||||||||||||||||||||||||||||||||
value, | Net | Net realized | Total from | From net | of net | From net | ||||||||||||||||||||||||||||||
beginning | investment | and unrealized | investment | investment | investment | realized | Total | |||||||||||||||||||||||||||||
Year - Share Class | of period | loss(b) | gains (loss) | operations | income | income | gains | distributions | ||||||||||||||||||||||||||||
FOR THE SIX MONTHS ENDED FEBRUARY 28, (Unaudited) | ||||||||||||||||||||||||||||||||||||
2005 - A | $ | 8.61 | $ | (0.02 | ) | $ | 0.53 | $ | 0.51 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
2005 - B | 8.34 | (0.06 | ) | 0.51 | 0.45 | — | — | — | — | |||||||||||||||||||||||||||
2005 - C | 8.32 | (0.06 | ) | 0.52 | 0.46 | — | — | — | — | |||||||||||||||||||||||||||
2005 - Institutional | 8.89 | (0.02 | ) | 0.56 | 0.54 | — | — | — | — | |||||||||||||||||||||||||||
2005 - Service | 8.75 | (0.03 | ) | 0.54 | 0.51 | — | — | — | — | |||||||||||||||||||||||||||
FOR THE YEARS ENDED AUGUST 31, | ||||||||||||||||||||||||||||||||||||
2004 - A | 7.39 | (0.08 | ) | 1.31 | 1.23 | (0.01 | ) | — | — | (0.01 | ) | |||||||||||||||||||||||||
2004 - B | 7.19 | (0.13 | ) | 1.28 | 1.15 | — | — | — | — | |||||||||||||||||||||||||||
2004 - C | 7.18 | (0.13 | ) | 1.27 | 1.14 | — | — | — | — | |||||||||||||||||||||||||||
2004 - Institutional | 7.62 | (0.03 | ) | 1.34 | 1.31 | (0.04 | ) | — | — | (0.04 | ) | |||||||||||||||||||||||||
2004 - Service | 7.47 | (0.04 | ) | 1.33 | 1.29 | (0.01 | ) | — | — | (0.01 | ) | |||||||||||||||||||||||||
2003 - A | 7.70 | (0.06 | ) | (0.25 | ) | (0.31 | ) | — | — | — | — | |||||||||||||||||||||||||
2003 - B | 7.55 | (0.09 | ) | (0.27 | ) | (0.36 | ) | — | — | — | — | |||||||||||||||||||||||||
2003 - C | 7.53 | (0.09 | ) | (0.26 | ) | (0.35 | ) | — | — | — | — | |||||||||||||||||||||||||
2003 - Institutional | 7.90 | (0.02 | ) | (0.26 | ) | (0.28 | ) | — | — | — | — | |||||||||||||||||||||||||
2003 - Service | 7.77 | (0.04 | ) | (0.26 | ) | (0.30 | ) | — | — | — | — | |||||||||||||||||||||||||
2002 - A | 8.82 | (0.09 | ) | (0.95 | ) | (1.04 | ) | — | — | (0.08 | ) | (0.08 | ) | |||||||||||||||||||||||
2002 - B | 8.69 | (0.13 | ) | (0.93 | ) | (1.06 | ) | — | — | (0.08 | ) | (0.08 | ) | |||||||||||||||||||||||
2002 - C | 8.67 | (0.13 | ) | (0.93 | ) | (1.06 | ) | — | — | (0.08 | ) | (0.08 | ) | |||||||||||||||||||||||
2002 - Institutional | 9.00 | (0.04 | ) | (0.98 | ) | (1.02 | ) | — | — | (0.08 | ) | (0.08 | ) | |||||||||||||||||||||||
2002 - Service | 8.88 | (0.07 | ) | (0.96 | ) | (1.03 | ) | — | — | (0.08 | ) | (0.08 | ) | |||||||||||||||||||||||
2001 - A | 15.77 | (0.14 | ) | (5.80 | ) | (5.94 | ) | — | — | (1.01 | ) | (1.01 | ) | |||||||||||||||||||||||
2001 - B | 15.63 | (0.20 | ) | (5.73 | ) | (5.93 | ) | — | — | (1.01 | ) | (1.01 | ) | |||||||||||||||||||||||
2001 - C | 15.58 | (0.19 | ) | (5.71 | ) | (5.90 | ) | — | — | (1.01 | ) | (1.01 | ) | |||||||||||||||||||||||
2001 - Institutional | 15.96 | (0.08 | ) | (5.87 | ) | (5.95 | ) | — | — | (1.01 | ) | (1.01 | ) | |||||||||||||||||||||||
2001 - Service | 15.83 | (0.11 | ) | (5.83 | ) | (5.94 | ) | — | — | (1.01 | ) | (1.01 | ) | |||||||||||||||||||||||
2000 - A | 16.24 | (0.20 | ) | 1.67 | 1.47 | — | (0.21 | ) | (1.73 | ) | (1.94 | ) | ||||||||||||||||||||||||
2000 - B | 16.14 | (0.28 | ) | 1.68 | 1.40 | — | (0.18 | ) | (1.73 | ) | (1.91 | ) | ||||||||||||||||||||||||
2000 - C | 16.16 | (0.28 | ) | 1.64 | 1.36 | — | (0.21 | ) | (1.73 | ) | (1.94 | ) | ||||||||||||||||||||||||
2000 - Institutional | 16.36 | (0.09 | ) | 1.67 | 1.58 | — | (0.25 | ) | (1.73 | ) | (1.98 | ) | ||||||||||||||||||||||||
2000 - Service | 16.22 | (0.16 | ) | 1.65 | 1.49 | — | (0.15 | ) | (1.73 | ) | (1.88 | ) | ||||||||||||||||||||||||
(a) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total return would be reduced if a sales or redemption charge were taken into account. Total returns for periods less than one full year are not annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
(b) | Calculated based on the average shares outstanding methodology. |
(c) | Annualized. |
66
Ratios assuming no | ||||||||||||||||||||||||||||||||||
expense reductions | ||||||||||||||||||||||||||||||||||
Ratio of | Ratio of | |||||||||||||||||||||||||||||||||
Net assets | Ratio of | net investment | Ratio of | net investment | ||||||||||||||||||||||||||||||
Net asset | at end | net expenses | loss to | total expenses | loss to | Portfolio | ||||||||||||||||||||||||||||
value, end | Total | of period | to average | average | to average | average | turnover | |||||||||||||||||||||||||||
of period | return(a) | (in 000s) | net assets | net assets | net assets | net assets | rate | |||||||||||||||||||||||||||
$ | 9.12 | 5.92 | % | $ | 42,233 | 1.55 | %(c) | (0.55 | )%(c) | 2.05 | %(c) | (1.05 | )%(c) | 39 | % | |||||||||||||||||||
8.79 | 5.52 | 2,149 | 2.30 | (c) | (1.34 | )(c) | 2.80 | (c) | (1.84 | )(c) | 39 | |||||||||||||||||||||||
8.78 | 5.53 | 1,767 | 2.30 | (c) | (1.34 | )(c) | 2.80 | (c) | (1.84 | )(c) | 39 | |||||||||||||||||||||||
9.43 | 6.07 | 8,670 | 1.15 | (c) | (0.38 | )(c) | 1.65 | (c) | (0.88 | )(c) | 39 | |||||||||||||||||||||||
9.26 | 5.83 | 2 | 1.65 | (c) | (0.59 | )(c) | 2.15 | (c) | (1.09 | )(c) | 39 | |||||||||||||||||||||||
8.61 | 16.58 | 38,544 | 1.73 | (0.92 | ) | 2.34 | (1.53 | ) | 111 | |||||||||||||||||||||||||
8.34 | 15.99 | 1,969 | 2.30 | (1.57 | ) | 2.91 | (2.18 | ) | 111 | |||||||||||||||||||||||||
8.32 | 15.88 | 1,650 | 2.30 | (1.55 | ) | 2.91 | (2.16 | ) | 111 | |||||||||||||||||||||||||
8.89 | 17.32 | 12,588 | 1.15 | (0.28 | ) | 1.76 | (0.89 | ) | 111 | |||||||||||||||||||||||||
8.75 | 17.27 | 2 | 1.65 | (0.47 | ) | 2.26 | (1.08 | ) | 111 | |||||||||||||||||||||||||
7.39 | (4.03 | ) | 19,088 | 1.84 | (0.91 | ) | 3.15 | (2.22 | ) | 115 | ||||||||||||||||||||||||
7.19 | (4.77 | ) | 1,556 | 2.34 | (1.40 | ) | 3.65 | (2.71 | ) | 115 | ||||||||||||||||||||||||
7.18 | (4.65 | ) | 1,784 | 2.34 | (1.40 | ) | 3.65 | (2.71 | ) | 115 | ||||||||||||||||||||||||
7.62 | (3.54 | ) | 5,057 | 1.19 | (0.34 | ) | 2.50 | (1.65 | ) | 115 | ||||||||||||||||||||||||
7.47 | (3.86 | ) | 1 | 1.69 | (0.54 | ) | 3.00 | (1.85 | ) | 115 | ||||||||||||||||||||||||
7.70 | (11.84 | ) | 16,863 | 1.83 | (1.11 | ) | 3.19 | (2.47 | ) | 98 | ||||||||||||||||||||||||
7.55 | (12.25 | ) | 1,807 | 2.33 | (1.59 | ) | 3.69 | (2.95 | ) | 98 | ||||||||||||||||||||||||
7.53 | (12.28 | ) | 2,389 | 2.33 | (1.60 | ) | 3.69 | (2.96 | ) | 98 | ||||||||||||||||||||||||
7.90 | (11.38 | ) | 6,480 | 1.18 | (0.45 | ) | 2.54 | (1.81 | ) | 98 | ||||||||||||||||||||||||
7.77 | (11.65 | ) | 1 | 1.68 | (0.88 | ) | 3.04 | (2.24 | ) | 98 | ||||||||||||||||||||||||
8.82 | (39.60 | ) | 19,289 | 1.80 | (1.19 | ) | 2.29 | (1.68 | ) | 75 | ||||||||||||||||||||||||
8.69 | (39.90 | ) | 2,281 | 2.30 | (1.67 | ) | 2.79 | (2.16 | ) | 75 | ||||||||||||||||||||||||
8.67 | (39.84 | ) | 2,242 | 2.30 | (1.65 | ) | 2.79 | (2.14 | ) | 75 | ||||||||||||||||||||||||
9.00 | (39.16 | ) | 2,285 | 1.15 | (0.64 | ) | 1.64 | (1.13 | ) | 75 | ||||||||||||||||||||||||
8.88 | (39.44 | ) | 2 | 1.65 | (0.94 | ) | 2.14 | (1.43 | ) | 75 | ||||||||||||||||||||||||
15.77 | 8.47 | 69,741 | 1.74 | (1.20 | ) | 2.10 | (1.56 | ) | 61 | |||||||||||||||||||||||||
15.63 | 8.12 | 5,783 | 2.24 | (1.67 | ) | 2.60 | (2.03 | ) | 61 | |||||||||||||||||||||||||
15.58 | 7.82 | 4,248 | 2.24 | (1.66 | ) | 2.60 | (2.02 | ) | 61 | |||||||||||||||||||||||||
15.96 | 9.14 | 27,768 | 1.09 | (0.53 | ) | 1.45 | (0.89 | ) | 61 | |||||||||||||||||||||||||
15.83 | 8.65 | 3 | 1.59 | (0.94 | ) | 1.95 | (1.30 | ) | 61 | |||||||||||||||||||||||||
Financial Highlights
Income (loss) from | ||||||||||||||||||||||||||||||||
investment operations | Distributions to shareholders | |||||||||||||||||||||||||||||||
Net asset | Net | |||||||||||||||||||||||||||||||
value, | investment | Net realized | Total from | From net | From net | |||||||||||||||||||||||||||
beginning | income | and unrealized | investment | investment | realized | Total | ||||||||||||||||||||||||||
Year - Share Class | of period | (loss)(b) | gain (loss) | operations | income | gains | distributions | |||||||||||||||||||||||||
FOR THE SIX MONTHS ENDED FEBRUARY 28, (Unaudited) | ||||||||||||||||||||||||||||||||
2005 - A | $ | 12.00 | $ | (0.04 | ) | $ | 3.60 | $ | 3.56 | $ | (0.08 | ) | $ | — | $ | (0.08 | ) | |||||||||||||||
2005 - B | 11.65 | (0.09 | ) | 3.48 | 3.39 | (0.07 | ) | — | (0.07 | ) | ||||||||||||||||||||||
2005 - C | 11.64 | (0.08 | ) | 3.46 | 3.38 | (0.11 | ) | — | (0.11 | ) | ||||||||||||||||||||||
2005 - Institutional | 12.43 | (0.01 | ) | 3.72 | 3.71 | (0.18 | ) | — | (0.18 | ) | ||||||||||||||||||||||
2005 - Service | 12.06 | (0.03 | ) | 3.59 | 3.56 | (0.16 | ) | — | (0.16 | ) | ||||||||||||||||||||||
FOR THE YEARS ENDED AUGUST 31, | ||||||||||||||||||||||||||||||||
2004 - A | 9.22 | 0.08 | 2.71 | 2.79 | (0.01 | ) | — | (0.01 | ) | |||||||||||||||||||||||
2004 - B | 8.99 | 0.02 | 2.65 | 2.67 | (0.01 | ) | — | (0.01 | ) | |||||||||||||||||||||||
2004 - C | 8.98 | (0.01 | ) | 2.67 | 2.66 | — | — | — | ||||||||||||||||||||||||
2004 - Institutional | 9.55 | 0.13 | 2.83 | 2.96 | (0.08 | ) | — | (0.08 | ) | |||||||||||||||||||||||
2004 - Service | 9.29 | 0.09 | 2.73 | 2.82 | (0.05 | ) | — | (0.05 | ) | |||||||||||||||||||||||
2003 - A | 7.96 | — | (c) | 1.26 | 1.26 | — | — | — | ||||||||||||||||||||||||
2003 - B | 7.81 | (0.03 | ) | 1.21 | 1.18 | — | — | — | ||||||||||||||||||||||||
2003 - C | 7.80 | (0.03 | ) | 1.21 | 1.18 | — | — | — | ||||||||||||||||||||||||
2003 - Institutional | 8.20 | 0.06 | 1.29 | 1.35 | — | — | — | |||||||||||||||||||||||||
2003 - Service | 8.01 | 0.03 | 1.25 | 1.28 | — | — | — | |||||||||||||||||||||||||
2002 - A | 9.81 | (0.07 | ) | (1.78 | ) | (1.85 | ) | — | — | — | ||||||||||||||||||||||
2002 - B | 9.66 | (0.11 | ) | (1.74 | ) | (1.85 | ) | — | — | — | ||||||||||||||||||||||
2002 - C | 9.66 | (0.11 | ) | (1.75 | ) | (1.86 | ) | — | — | — | ||||||||||||||||||||||
2002 - Institutional | 10.03 | (0.01 | ) | (1.82 | ) | (1.83 | ) | — | — | — | ||||||||||||||||||||||
2002 - Service | 9.85 | (0.04 | ) | (1.80 | ) | (1.84 | ) | — | — | — | ||||||||||||||||||||||
2001 - A | 16.12 | (0.12 | ) | (5.21 | ) | (5.33 | ) | — | (0.98 | ) | (0.98 | ) | ||||||||||||||||||||
2001 - B | 15.98 | (0.18 | ) | (5.16 | ) | (5.34 | ) | — | (0.98 | ) | (0.98 | ) | ||||||||||||||||||||
2001 - C | 15.97 | (0.17 | ) | (5.16 | ) | (5.33 | ) | — | (0.98 | ) | (0.98 | ) | ||||||||||||||||||||
2001 - Institutional | 16.37 | (0.05 | ) | (5.31 | ) | (5.36 | ) | — | (0.98 | ) | (0.98 | ) | ||||||||||||||||||||
2001 - Service | 16.16 | (0.10 | ) | (5.23 | ) | (5.33 | ) | — | (0.98 | ) | (0.98 | ) | ||||||||||||||||||||
2000 - A | 13.24 | (0.12 | ) | 3.52 | 3.40 | — | (0.52 | ) | (0.52 | ) | ||||||||||||||||||||||
2000 - B | 13.19 | (0.18 | ) | 3.49 | 3.31 | — | (0.52 | ) | (0.52 | ) | ||||||||||||||||||||||
2000 - C | 13.19 | (0.19 | ) | 3.49 | 3.30 | — | (0.52 | ) | (0.52 | ) | ||||||||||||||||||||||
2000 - Institutional | 13.35 | (0.03 | ) | 3.57 | 3.54 | — | (0.52 | ) | (0.52 | ) | ||||||||||||||||||||||
2000 - Service | 13.24 | (0.10 | ) | 3.54 | 3.44 | — | (0.52 | ) | (0.52 | ) | ||||||||||||||||||||||
(a) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total return would be reduced if a sales or redemption charge were taken into account. Total returns for periods less than one full year are not annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
(b) | Calculated based on the average shares outstanding methodology. |
(c) | Amount is less than $0.005 per share. |
(d) | Annualized. |
68
Ratios assuming no | ||||||||||||||||||||||||||||||||||
expense reductions | ||||||||||||||||||||||||||||||||||
Ratio of | Ratio of | |||||||||||||||||||||||||||||||||
Net assets | Ratio of | net investment | Ratio of | net investment | ||||||||||||||||||||||||||||||
Net asset | at end of | net expenses | income (loss) | total expenses | income (loss) | Portfolio | ||||||||||||||||||||||||||||
value, end | Total | period | to average | to average | to average | to average | turnover | |||||||||||||||||||||||||||
of period | return(a) | (in 000s) | net assets | net assets | net assets | net assets | rate | |||||||||||||||||||||||||||
$ | 15.48 | 30.10 | % | $ | 41,264 | 1.64 | %(d) | (0.56 | )%(d) | 2.05 | %(d) | (0.97 | )%(d) | 31 | % | |||||||||||||||||||
14.97 | 29.55 | 4,947 | 2.39 | (d) | (1.31 | )(d) | 2.80 | (d) | (1.72 | )(d) | 31 | |||||||||||||||||||||||
14.91 | 29.57 | 7,837 | 2.39 | (d) | (1.24 | )(d) | 2.80 | (d) | (1.65 | )(d) | 31 | |||||||||||||||||||||||
15.96 | 30.42 | 58,371 | 1.24 | (d) | (0.13 | )(d) | 1.65 | (d) | (0.54 | )(d) | 31 | |||||||||||||||||||||||
15.46 | 30.03 | 185 | 1.74 | (d) | (0.40 | )(d) | 2.15 | (d) | (0.81 | )(d) | 31 | |||||||||||||||||||||||
12.00 | 30.33 | 24,420 | 1.85 | 0.70 | 2.43 | 0.12 | 99 | |||||||||||||||||||||||||||
11.65 | 29.66 | 3,362 | 2.39 | 0.17 | 2.97 | (0.41 | ) | 99 | ||||||||||||||||||||||||||
11.64 | 29.62 | 5,918 | 2.39 | (0.05 | ) | 2.97 | (0.63 | ) | 99 | |||||||||||||||||||||||||
12.43 | 31.07 | 37,898 | 1.24 | 1.12 | 1.82 | 0.54 | 99 | |||||||||||||||||||||||||||
12.06 | 30.38 | 213 | 1.74 | 0.73 | 2.32 | 0.15 | 99 | |||||||||||||||||||||||||||
9.22 | 15.83 | 29,846 | 1.91 | 0.02 | 2.66 | (0.73 | ) | 87 | ||||||||||||||||||||||||||
8.99 | 15.11 | 1,285 | 2.41 | (0.38 | ) | 3.16 | (1.13 | ) | 87 | |||||||||||||||||||||||||
8.98 | 15.13 | 1,653 | 2.41 | (0.44 | ) | 3.16 | (1.19 | ) | 87 | |||||||||||||||||||||||||
9.55 | 16.46 | 28,721 | 1.26 | 0.83 | 2.01 | 0.08 | 87 | |||||||||||||||||||||||||||
9.29 | 15.98 | 56 | 1.76 | 0.34 | 2.51 | (0.41 | ) | 87 | ||||||||||||||||||||||||||
7.96 | (18.86 | ) | 51,188 | 2.03 | (0.77 | ) | 2.37 | (1.11 | ) | 56 | ||||||||||||||||||||||||
7.81 | (19.15 | ) | 1,171 | 2.53 | (1.22 | ) | 2.87 | (1.56 | ) | 56 | ||||||||||||||||||||||||
7.80 | (19.25 | ) | 1,377 | 2.53 | (1.23 | ) | 2.87 | (1.57 | ) | 56 | ||||||||||||||||||||||||
8.20 | (18.25 | ) | 41,175 | 1.38 | (0.12 | ) | 1.72 | (0.46 | ) | 56 | ||||||||||||||||||||||||
8.01 | (18.68 | ) | 25 | 1.88 | (0.49 | ) | 2.22 | (0.83 | ) | 56 | ||||||||||||||||||||||||
9.81 | (34.26 | ) | 161,849 | 2.05 | (1.02 | ) | 2.13 | (1.10 | ) | 64 | ||||||||||||||||||||||||
9.66 | (34.64 | ) | 1,709 | 2.55 | (1.51 | ) | 2.63 | (1.59 | ) | 64 | ||||||||||||||||||||||||
9.66 | (34.60 | ) | 1,826 | 2.55 | (1.47 | ) | 2.63 | (1.55 | ) | 64 | ||||||||||||||||||||||||
10.03 | (33.90 | ) | 82,850 | 1.40 | (0.38 | ) | 1.48 | (0.46 | ) | 64 | ||||||||||||||||||||||||
9.85 | (34.17 | ) | 8 | 1.90 | (0.86 | ) | 1.98 | (0.94 | ) | 64 | ||||||||||||||||||||||||
16.12 | 26.26 | 327,697 | 2.05 | (0.79 | ) | 2.22 | (0.96 | ) | 73 | |||||||||||||||||||||||||
15.98 | 25.66 | 2,827 | 2.55 | (1.16 | ) | 2.72 | (1.33 | ) | 73 | |||||||||||||||||||||||||
15.97 | 25.58 | 3,672 | 2.55 | (1.23 | ) | 2.72 | (1.40 | ) | 73 | |||||||||||||||||||||||||
16.37 | 27.12 | 187,075 | 1.40 | (0.19 | ) | 1.57 | (0.36 | ) | 73 | |||||||||||||||||||||||||
16.16 | 26.57 | 3 | 1.90 | (0.63 | ) | 2.07 | (0.80 | ) | 73 | |||||||||||||||||||||||||
Financial Highlights
Income (loss) from | ||||||||||||||||||||||||||||||||
investment operations | Distributions to shareholders | |||||||||||||||||||||||||||||||
Net asset | Net | |||||||||||||||||||||||||||||||
value, | investment | Net realized | Total from | From net | From net | |||||||||||||||||||||||||||
beginning | income | and unrealized | investment | investment | realized | Total | ||||||||||||||||||||||||||
Year - Share Class | of period | (loss)(b) | gain (loss) | operations | income | gains | distributions | |||||||||||||||||||||||||
FOR THE SIX MONTHS ENDED FEBRUARY 28, (Unaudited) | ||||||||||||||||||||||||||||||||
2005 - A | $ | 10.49 | $ | — | (c) | $ | 4.09 | $ | 4.09 | $ | (0.01 | ) | $ | — | $ | (0.01 | ) | |||||||||||||||
2005 - B | 10.19 | (0.05 | ) | 4.01 | 3.96 | — | — | — | ||||||||||||||||||||||||
2005 - C | 10.22 | (0.04 | ) | 3.98 | 3.94 | — | — | — | ||||||||||||||||||||||||
2005 - Institutional | 10.92 | 0.02 | 4.26 | 4.28 | (0.08 | ) | — | (0.08 | ) | |||||||||||||||||||||||
2005 - Service | 10.38 | (0.01 | ) | 4.05 | 4.04 | (0.03 | ) | — | (0.03 | ) | ||||||||||||||||||||||
FOR THE YEARS ENDED AUGUST 31, | ||||||||||||||||||||||||||||||||
2004 - A | 9.14 | 0.04 | 1.35 | 1.39 | (0.04 | ) | — | (0.04 | ) | |||||||||||||||||||||||
2004 - B | 8.91 | (0.01 | ) | 1.31 | 1.30 | (0.02 | ) | — | (0.02 | ) | ||||||||||||||||||||||
2004 - C | 8.92 | (0.02 | ) | 1.32 | 1.30 | — | — | — | ||||||||||||||||||||||||
2004 - Institutional | 9.49 | 0.09 | 1.42 | 1.51 | (0.08 | ) | — | (0.08 | ) | |||||||||||||||||||||||
2004 - Service | 9.06 | 0.06 | 1.33 | 1.39 | (0.07 | ) | — | (0.07 | ) | |||||||||||||||||||||||
2003 - A | 7.14 | 0.03 | 1.97 | 2.00 | — | — | — | |||||||||||||||||||||||||
2003 - B | 7.00 | (0.01 | ) | 1.92 | 1.91 | — | — | — | ||||||||||||||||||||||||
2003 - C | 7.01 | (0.01 | ) | 1.92 | 1.91 | — | — | — | ||||||||||||||||||||||||
2003 - Institutional | 7.37 | 0.08 | 2.04 | 2.12 | — | — | — | |||||||||||||||||||||||||
2003 - Service | 7.07 | 0.04 | 1.95 | 1.99 | — | — | — | |||||||||||||||||||||||||
2002 - A | 7.21 | (0.04 | ) | (0.03 | ) | (0.07 | ) | — | — | — | ||||||||||||||||||||||
2002 - B | 7.09 | (0.08 | ) | (0.01 | ) | (0.09 | ) | — | — | — | ||||||||||||||||||||||
2002 - C | 7.11 | (0.08 | ) | (0.02 | ) | (0.10 | ) | — | — | — | ||||||||||||||||||||||
2002 - Institutional | 7.38 | 0.01 | (0.02 | ) | (0.01 | ) | — | — | — | |||||||||||||||||||||||
2002 - Service | 7.12 | (0.06 | ) | 0.01 | (0.05 | ) | — | — | — | |||||||||||||||||||||||
2001 - A | 10.83 | 0.01 | (3.27 | ) | (3.26 | ) | — | (0.36 | ) | (0.36 | ) | |||||||||||||||||||||
2001 - B | 10.72 | (0.02 | ) | (3.25 | ) | (3.27 | ) | — | (0.36 | ) | (0.36 | ) | ||||||||||||||||||||
2001 - C | 10.75 | (0.03 | ) | (3.25 | ) | (3.28 | ) | — | (0.36 | ) | (0.36 | ) | ||||||||||||||||||||
2001 - Institutional | 11.02 | 0.05 | (3.33 | ) | (3.28 | ) | — | (0.36 | ) | (0.36 | ) | |||||||||||||||||||||
2001 - Service | 10.63 | 0.08 | (3.23 | ) | (3.15 | ) | — | (0.36 | ) | (0.36 | ) | |||||||||||||||||||||
2000 - A | 9.26 | (0.05 | ) | 1.62 | 1.57 | — | — | — | ||||||||||||||||||||||||
2000 - B | 9.21 | (0.11 | ) | 1.62 | 1.51 | — | — | — | ||||||||||||||||||||||||
2000 - C | 9.24 | (0.10 | ) | 1.61 | 1.51 | — | — | — | ||||||||||||||||||||||||
2000 - Institutional | 9.37 | 0.01 | 1.64 | 1.65 | — | — | — | |||||||||||||||||||||||||
2000 - Service | 9.05 | 0.01 | 1.57 | 1.58 | — | — | — | |||||||||||||||||||||||||
(a) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total return would be reduced if a sales or redemption charge were taken into account. Total returns for periods less than one full year are not annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
(b) | Calculated based on the average shares outstanding methodology. |
(c) | Amount is less than $0.005 per share. |
(d) | Annualized. |
70
Ratios assuming no | ||||||||||||||||||||||||||||||||||
expense reductions | ||||||||||||||||||||||||||||||||||
Ratio of | Ratio of | |||||||||||||||||||||||||||||||||
Net assets | Ratio of | net investment | Ratio of | net investment | ||||||||||||||||||||||||||||||
Net asset | at end | net expenses | income (loss) | total expenses | income (loss) | Portfolio | ||||||||||||||||||||||||||||
value, end | Total | of period | to average | to average | to average | to average | turnover | |||||||||||||||||||||||||||
of period | return(a) | (in 000s) | net assets | net assets | net assets | net assets | rate | |||||||||||||||||||||||||||
$ | 14.57 | 38.96 | % | $ | 46,957 | 1.99 | %(d) | (0.03 | )%(d) | 2.09 | %(d) | (0.13 | )%(d) | 53 | % | |||||||||||||||||||
14.15 | 38.53 | 5,030 | 2.74 | (d) | (0.82 | )(d) | 2.84 | (d) | (0.92 | )(d) | 53 | |||||||||||||||||||||||
14.16 | 38.45 | 2,130 | 2.74 | (d) | (0.71 | )(d) | 2.84 | (d) | (0.81 | )(d) | 53 | |||||||||||||||||||||||
15.12 | 39.20 | 70,737 | 1.59 | (d) | 0.37 | (d) | 1.69 | (d) | 0.27 | (d) | 53 | |||||||||||||||||||||||
14.39 | 38.86 | 1,058 | 2.09 | (d) | (0.15 | )(d) | 2.19 | (d) | (0.25 | )(d) | 53 | |||||||||||||||||||||||
10.49 | 15.20 | 30,159 | 2.18 | 0.36 | 2.33 | 0.21 | 150 | |||||||||||||||||||||||||||
10.19 | 14.68 | 2,971 | 2.74 | (0.13 | ) | 2.89 | (0.28 | ) | 150 | |||||||||||||||||||||||||
10.22 | 14.70 | 939 | 2.74 | (0.22 | ) | 2.89 | (0.37 | ) | 150 | |||||||||||||||||||||||||
10.92 | 15.91 | 45,644 | 1.59 | 0.82 | 1.74 | 0.67 | 150 | |||||||||||||||||||||||||||
10.38 | 15.36 | 567 | 2.09 | 0.56 | 2.24 | 0.41 | 150 | |||||||||||||||||||||||||||
9.14 | 28.01 | 24,504 | 2.25 | 0.40 | 2.42 | 0.23 | 82 | |||||||||||||||||||||||||||
8.91 | 27.29 | 1,428 | 2.75 | (0.10 | ) | 2.92 | (0.27 | ) | 82 | |||||||||||||||||||||||||
8.92 | 27.10 | 972 | 2.75 | (0.18 | ) | 2.92 | (0.35 | ) | 82 | |||||||||||||||||||||||||
9.49 | 28.77 | 78,132 | 1.60 | 1.07 | 1.77 | 0.90 | 82 | |||||||||||||||||||||||||||
9.06 | 28.15 | 185 | 2.10 | 0.52 | 2.27 | 0.35 | 82 | |||||||||||||||||||||||||||
7.14 | (0.97 | ) | 22,442 | 2.25 | (0.51 | ) | 2.56 | (0.82 | ) | 104 | ||||||||||||||||||||||||
7.00 | (1.27 | ) | 1,351 | 2.75 | (1.03 | ) | 3.06 | (1.34 | ) | 104 | ||||||||||||||||||||||||
7.01 | (1.41 | ) | 706 | 2.75 | (1.04 | ) | 3.06 | (1.35 | ) | 104 | ||||||||||||||||||||||||
7.37 | (0.14 | ) | 66,920 | 1.60 | 0.13 | 1.91 | (0.18 | ) | 104 | |||||||||||||||||||||||||
7.07 | (0.70 | ) | 50 | 2.10 | (0.93 | ) | 2.41 | (1.24 | ) | 104 | ||||||||||||||||||||||||
7.21 | (30.55 | ) | 33,827 | 2.24 | 0.11 | 2.49 | (0.14 | ) | 139 | |||||||||||||||||||||||||
7.09 | (30.97 | ) | 1,498 | 2.74 | (0.29 | ) | 2.99 | (0.54 | ) | 139 | ||||||||||||||||||||||||
7.11 | (30.98 | ) | 656 | 2.74 | (0.41 | ) | 2.99 | (0.66 | ) | 139 | ||||||||||||||||||||||||
7.38 | (30.20 | ) | 74,483 | 1.59 | 0.63 | 1.84 | 0.38 | 139 | ||||||||||||||||||||||||||
7.12 | (30.08 | ) | 8 | 1.55 | 0.97 | 2.34 | 0.18 | 139 | ||||||||||||||||||||||||||
10.83 | 16.95 | 64,279 | 2.11 | (0.49 | ) | 2.30 | (0.68 | ) | 125 | |||||||||||||||||||||||||
10.72 | 16.40 | 2,187 | 2.61 | (1.00 | ) | 2.80 | (1.19 | ) | 125 | |||||||||||||||||||||||||
10.75 | 16.34 | 1,304 | 2.61 | (0.96 | ) | 2.80 | (1.15 | ) | 125 | |||||||||||||||||||||||||
11.02 | 17.61 | 145,774 | 1.46 | 0.13 | 1.65 | (0.06 | ) | 125 | ||||||||||||||||||||||||||
10.63 | 17.46 | 2 | 1.96 | 0.14 | 2.15 | (0.05 | ) | 125 | ||||||||||||||||||||||||||
Financial Highlights
Income (loss) from | Distributions to | |||||||||||||||||||||||||||||||
investment operations | shareholders | |||||||||||||||||||||||||||||||
Net asset | Net | |||||||||||||||||||||||||||||||
value, | investment | Net realized | Total from | From net | Net asset | |||||||||||||||||||||||||||
beginning | income | and unrealized | investment | investment | value, end | Total | ||||||||||||||||||||||||||
Year - Share Class | of period | (loss)(b) | gain (loss) | operations | income | of period | return(a) | |||||||||||||||||||||||||
FOR THE SIX MONTHS ENDED FEBRUARY 28, (Unaudited) | ||||||||||||||||||||||||||||||||
2005 - A | $ | 10.47 | $ | 0.01 | $ | 2.57 | $ | 2.58 | $ | (0.07 | ) | $ | 12.98 | 25.09 | % | |||||||||||||||||
2005 - B | 10.08 | (0.03 | ) | 2.47 | 2.44 | (0.01 | ) | 12.51 | 24.65 | |||||||||||||||||||||||
2005 - C | 10.03 | (0.03 | ) | 2.46 | 2.43 | (0.01 | ) | 12.45 | 24.60 | |||||||||||||||||||||||
2005 - Institutional | 11.00 | 0.04 | 2.69 | 2.73 | (0.13 | ) | 13.60 | 25.29 | ||||||||||||||||||||||||
FOR THE YEARS ENDED AUGUST 31, | ||||||||||||||||||||||||||||||||
2004 - A | 9.37 | 0.06 | 1.11 | 1.17 | (0.07 | ) | 10.47 | 12.53 | ||||||||||||||||||||||||
2004 - B | 9.04 | 0.01 | 1.06 | 1.07 | (0.03 | ) | 10.08 | 11.85 | ||||||||||||||||||||||||
2004 - C | 9.00 | 0.01 | 1.06 | 1.07 | (0.04 | ) | 10.03 | 11.89 | ||||||||||||||||||||||||
2004 - Institutional | 9.82 | 0.20 | 1.09 | 1.29 | (0.11 | ) | 11.00 | 13.21 | ||||||||||||||||||||||||
2003 - A | 8.65 | 0.07 | 0.65 | 0.72 | — | 9.37 | 8.20 | |||||||||||||||||||||||||
2003 - B | 8.39 | 0.02 | 0.63 | 0.65 | — | 9.04 | 7.62 | |||||||||||||||||||||||||
2003 - C | 8.37 | 0.03 | 0.60 | 0.63 | — | 9.00 | 7.53 | |||||||||||||||||||||||||
2003 - Institutional | 8.97 | 0.21 | 0.64 | 0.85 | — | 9.82 | 9.35 | |||||||||||||||||||||||||
2002 - A | 8.07 | 0.06 | 0.52 | 0.58 | — | 8.65 | 7.18 | |||||||||||||||||||||||||
2002 - B | 7.87 | 0.01 | 0.51 | 0.52 | — | 8.39 | 6.73 | |||||||||||||||||||||||||
2002 - C | 7.85 | 0.02 | 0.50 | 0.52 | — | 8.37 | 6.62 | |||||||||||||||||||||||||
2002 - Institutional | 8.32 | 0.12 | 0.53 | 0.65 | — | 8.97 | 7.80 | |||||||||||||||||||||||||
2001 - A | 11.16 | 0.04 | (3.13 | ) | (3.09 | ) | — | 8.07 | (27.53) | |||||||||||||||||||||||
2001 - B | 10.91 | — | (c) | (3.04 | ) | (3.04 | ) | — | 7.87 | (27.80) | ||||||||||||||||||||||
2001 - C | 10.88 | (0.01 | ) | (3.02 | ) | (3.03 | ) | — | 7.85 | (27.78) | ||||||||||||||||||||||
2001 - Institutional | 11.41 | 0.13 | (3.22 | ) | (3.09 | ) | — | 8.32 | (26.93) | |||||||||||||||||||||||
2000 - A | 11.07 | (0.05 | ) | 0.14 | 0.09 | — | 11.16 | 0.72 | ||||||||||||||||||||||||
2000 - B | 10.88 | (0.11 | ) | 0.14 | 0.03 | — | 10.91 | 0.18 | ||||||||||||||||||||||||
2000 - C | 10.85 | (0.11 | ) | 0.14 | 0.03 | — | 10.88 | 0.18 | ||||||||||||||||||||||||
2000 - Institutional | 11.24 | 0.01 | 0.16 | 0.17 | — | 11.41 | 1.42 | |||||||||||||||||||||||||
(a) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total return would be reduced if a sales or redemption charge were taken into account. Total returns for periods less than one full year are not annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
(b) | Calculated based on the average shares outstanding methodology. |
(c) | Amount is less than $0.005 per share. |
(d) | Annualized. |
72
Ratios assuming no | ||||||||||||||||||||||||||
expense reductions | ||||||||||||||||||||||||||
Ratio of | Ratio of | |||||||||||||||||||||||||
Net assets | Ratio of | net investment | Ratio of | net investment | ||||||||||||||||||||||
at end | net expenses | income (loss) | total expenses | income (loss) | Portfolio | |||||||||||||||||||||
of period | to average | to average | to average | to average | turnover | |||||||||||||||||||||
(in 000s) | net assets | net assets | net assets | net assets | rate | |||||||||||||||||||||
$ | 49,492 | 1.60 | %(d) | 0.23 | %(d) | 2.07 | %(d) | (0.24 | )%(d) | 39 | % | |||||||||||||||
5,487 | 2.35 | (d) | (0.55 | )(d) | 2.82 | (d) | (1.02 | )(d) | 39 | |||||||||||||||||
1,826 | 2.35 | (d) | (0.54 | )(d) | 2.82 | (d) | (1.01 | )(d) | 39 | |||||||||||||||||
29,760 | 1.20 | (d) | 0.69 | (d) | 1.67 | (d) | 0.22 | (d) | 39 | |||||||||||||||||
38,943 | 1.79 | 0.62 | 2.40 | 0.01 | 105 | |||||||||||||||||||||
4,096 | 2.35 | 0.08 | 2.96 | (0.53 | ) | 105 | ||||||||||||||||||||
1,582 | 2.35 | 0.06 | 2.96 | (0.55 | ) | 105 | ||||||||||||||||||||
21,475 | 1.20 | 1.74 | 1.81 | 1.13 | 105 | |||||||||||||||||||||
35,070 | 1.89 | 0.87 | 3.34 | (0.58 | ) | 224 | ||||||||||||||||||||
3,185 | 2.39 | 0.32 | 3.84 | (1.13 | ) | 224 | ||||||||||||||||||||
1,215 | 2.39 | 0.38 | 3.84 | (1.07 | ) | 224 | ||||||||||||||||||||
3,161 | 1.24 | 2.65 | 2.69 | 1.20 | 224 | |||||||||||||||||||||
29,635 | 1.87 | 0.70 | 3.17 | (0.60 | ) | 161 | ||||||||||||||||||||
3,101 | 2.37 | 0.17 | 3.67 | (1.13 | ) | 161 | ||||||||||||||||||||
1,055 | 2.37 | 0.23 | 3.67 | (1.07 | ) | 161 | ||||||||||||||||||||
4,068 | 1.22 | 1.35 | 2.52 | 0.05 | 161 | |||||||||||||||||||||
33,854 | 1.85 | 0.41 | 2.57 | (0.31 | ) | 314 | ||||||||||||||||||||
3,645 | 2.35 | (0.04 | ) | 3.07 | (0.76 | ) | 314 | |||||||||||||||||||
1,010 | 2.35 | (0.07 | ) | 3.07 | (0.79 | ) | 314 | |||||||||||||||||||
3,055 | 1.20 | 1.41 | 1.92 | 0.69 | 314 | |||||||||||||||||||||
86,458 | 1.85 | (0.39 | ) | 2.30 | (0.84 | ) | 207 | |||||||||||||||||||
6,849 | 2.35 | (0.91 | ) | 2.80 | (1.36 | ) | 207 | |||||||||||||||||||
2,265 | 2.35 | (0.91 | ) | 2.80 | (1.36 | ) | 207 | |||||||||||||||||||
5,236 | 1.20 | 0.12 | 1.65 | (0.33 | ) | 207 | ||||||||||||||||||||
Fund Expenses (Unaudited) — Six Month Period Ended February 28, 2005
As a shareholder of Class A, Class B, Class C, Institutional or Service Shares of the Funds you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments (with respect to Class A Shares), contingent deferred sales charges (loads) on redemptions (with respect to Class B and Class C Shares), and redemption fees (with respect to Class A, Class B, Class C, Institutional and Service Shares, if any); and (2) ongoing costs, including management fees; distribution and service (12b-1) fees (with respect to Class A, Class B and Class C Shares); and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class B, Class C, Institutional and Service Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from September 1, 2004 through February 28, 2005.
Actual Expenses — The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
European Equity Fund | International Equity Fund | Japanese Equity Fund | ||||||||||||||||||||||||||||||||||
Expenses | Expenses | Expenses | ||||||||||||||||||||||||||||||||||
Beginning | Ending | Paid for the | Beginning | Ending | Paid for the | Beginning | Ending | Paid for the | ||||||||||||||||||||||||||||
Account | Account | 6 months | Account | Account | 6 months | Account | Account | 6 months | ||||||||||||||||||||||||||||
Value | Value | ended | Value | Value | ended | Value | Value | ended | ||||||||||||||||||||||||||||
Share Class | 9/1/04 | 2/28/05 | 2/28/05* | 9/1/04 | 2/28/05 | 2/28/05* | 9/1/04 | 2/28/05 | 2/28/05* | |||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,226.30 | $ | 8.50 | $ | 1,000 | $ | 1,216.00 | $ | 8.43 | $ | 1,000 | $ | 1,059.20 | $ | 7.93 | ||||||||||||||||||
Hypothetical 5% return | 1,000 | 1,017.16 | + | 7.70 | 1,000 | 1,017.19 | + | 7.67 | 1,000 | 1,017.09 | + | 7.77 | ||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||
Actual | 1,000 | 1,222.10 | 12.62 | 1,000 | 1,211.50 | 12.52 | 1,000 | 1,055.20 | 11.74 | |||||||||||||||||||||||||||
Hypothetical 5% return | 1,000 | 1,013.44 | + | 11.44 | 1,000 | 1,013.47 | + | 11.40 | 1,000 | 1,013.37 | + | 11.50 | ||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||
Actual | 1,000 | 1,222.50 | 12.61 | 1,000 | 1,211.50 | 12.52 | 1,000 | 1,055.30 | 11.74 | |||||||||||||||||||||||||||
Hypothetical 5% return | 1,000 | 1,013.44 | + | 11.43 | 1,000 | 1,013.47 | + | 11.40 | 1,000 | 1,013.37 | + | 11.50 | ||||||||||||||||||||||||
Institutional | ||||||||||||||||||||||||||||||||||||
Actual | 1,000 | 1,229.80 | 6.30 | 1,000 | 1,218.60 | 6.24 | 1,000 | 1,060.70 | 5.88 | |||||||||||||||||||||||||||
Hypothetical 5% return | 1,000 | 1,019.14 | + | 5.71 | 1,000 | 1,019.17 | + | 5.68 | 1,000 | 1,019.09 | + | 5.76 | ||||||||||||||||||||||||
Service | ||||||||||||||||||||||||||||||||||||
Actual | 1,000 | 1,224.90 | 9.06 | 1,000 | 1,215.90 | 8.96 | 1,000 | 1,058.30 | 8.40 | |||||||||||||||||||||||||||
Hypothetical 5% return | 1,000 | 1,016.65 | + | 8.21 | 1,000 | 1,016.70 | + | 8.16 | 1,000 | 1,016.64 | + | 8.23 | ||||||||||||||||||||||||
[Additional columns below]
[Continued from above table, first column(s) repeated]
International Growth Opportunities Fund | Emerging Markets Equity Fund | Asia Growth Fund | ||||||||||||||||||||||||||||||||||
Expenses | Expenses | Expenses | ||||||||||||||||||||||||||||||||||
Beginning | Ending | Paid for the | Beginning | Ending | Paid for the | Beginning | Ending | Paid for the | ||||||||||||||||||||||||||||
Account | Account | 6 months | Account | Account | 6 months | Account | Account | 6 months | ||||||||||||||||||||||||||||
Value | Value | ended | Value | Value | ended | Value | Value | ended | ||||||||||||||||||||||||||||
Share Class | 9/1/04 | 2/28/05 | 2/28/05* | 9/1/04 | 2/28/05 | 2/28/05* | 9/1/04 | 2/28/05 | 2/28/05* | |||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,301.00 | $ | 9.37 | $ | 1,000 | $ | 1,389.60 | $ | 11.78 | $ | 1,000 | $ | 1,250.90 | $ | 8.94 | ||||||||||||||||||
Hypothetical 5% return | 1,000 | 1,016.65 | + | 8.22 | 1,000 | 1,014.93 | + | 9.94 | 1,000 | 1,016.85 | + | 8.01 | ||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||
Actual | 1,000 | 1,295.50 | 13.60 | 1,000 | 1,385.30 | 16.21 | 1,000 | 1,246.50 | 13.10 | |||||||||||||||||||||||||||
Hypothetical 5% return | 1,000 | 1,012.94 | + | 11.93 | 1,000 | 1,011.21 | + | 13.66 | 1,000 | 1,013.13 | + | 11.74 | ||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||
Actual | 1,000 | 1,295.70 | 13.60 | 1,000 | 1,384.50 | 16.22 | 1,000 | 1,246.00 | 13.09 | |||||||||||||||||||||||||||
Hypothetical 5% return | 1,000 | 1,012.94 | + | 11.93 | 1,000 | 1,011.19 | + | 13.68 | 1,000 | 1,013.14 | + | 11.73 | ||||||||||||||||||||||||
Institutional | ||||||||||||||||||||||||||||||||||||
Actual | 1,000 | 1,304.20 | 7.09 | 1,000 | 1,392.00 | 9.42 | 1,000 | 1,252.90 | 6.71 | |||||||||||||||||||||||||||
Hypothetical 5% return | 1,000 | 1,018.64 | + | 6.21 | 1,000 | 1,016.92 | + | 7.95 | 1,000 | 1,018.84 | + | 6.01 | ||||||||||||||||||||||||
Service | ||||||||||||||||||||||||||||||||||||
Actual | 1,000 | 1,300.30 | 9.91 | 1,000 | 1,388.60 | 12.39 | N/A | ** | N/A | ** | N/A | ** | ||||||||||||||||||||||||
Hypothetical 5% return | 1,000 | 1,016.18 | + | 8.68 | 1,000 | 1,014.42 | + | 10.45 | ||||||||||||||||||||||||||||
* Expenses for each share class are calculated using the fund’s annualized expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended 2/28/05. Expenses are calculated by multiplying the annualized expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the calendar year. The expense ratios for the period were as follows:
Fund | Class A | Class B | Class C | Institutional | Service | |||||||||||||||
European Equity | 1.54 | % | 2.29 | % | 2.29 | % | 1.14 | % | 1.64 | % | ||||||||||
International Equity | 1.53 | 2.28 | 2.28 | 1.13 | 1.63 | |||||||||||||||
Japanese Equity | 1.55 | 2.30 | 2.30 | 1.15 | 1.65 | |||||||||||||||
International Growth Opportunities | 1.64 | 2.39 | 2.39 | 1.24 | 1.74 | |||||||||||||||
Emerging Markets Equity | 1.99 | 2.74 | 2.74 | 1.59 | 2.09 | |||||||||||||||
Asia Growth | 1.60 | 2.35 | 2.35 | 1.20 | N/A | |||||||||||||||
** | No service shares of the Asia Growth Fund were outstanding during the period. |
+ | Hypothetical expenses are based on each Fund’s actual annualized expense ratios and an assumed rate of return of 5% per year before expenses. |
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FUNDS PROFILE Goldman Sachs Funds THE GOLDMAN SACHS ADVANTAGE Our goal is to deliver: Strong, Consistent Investment Results Global Resources and Global Research Team Approach Disciplined Processes Innovative, Value-Added Investment Products Thoughtful Solutions Risk Management Outstanding Client Service Dedicated Service Teams Excellence and Integrity 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 $451.3 billion in assets under management as of December 31, 2004 — our investment professionals bring firsthand knowledge of local markets to every investment decision, making us one of the few truly global asset managers. GOLDMAN SACHS FUNDS In building a globally diversified portfolio, you can select from more than 50 Goldman Sachs Funds and gain access to investment opportunities across borders, investment styles, asset classes and security capitalizations. MONEY MARKET FIXED INCOME DOMESTIC EQUITY INTERNATIONAL EQUITY Lower Risk/Return Higher Risk/Return ASSET ALLOCATION PORTFOLIOS SPECIALTY International Equity Funds Asia Growth Fund Emerging Markets Equity Fund International Growth Opportunities Fund Japanese Equity Fund European Equity Fund International Equity Fund CORESM International Equity Fund Domestic Equity Funds Small Cap Value Fund CORESM Small Cap Equity Fund Mid Cap Value Fund Concentrated Growth Fund Growth Opportunities Fund Research Select FundSM Strategic Growth Fund Capital Growth Fund Large Cap Value Fund Growth and Income Fund CORESM Large Cap Growth Fund CORESM Large Cap Value Fund CORESM U.S. Equity Fund Specialty Funds Tollkeeper FundSM CORESM Tax-Managed Equity Fund Real Estate Securities Fund Asset Allocation Funds Balanced Fund Asset Allocation Portfolios Fixed Income Funds Emerging Markets Debt Fund High Yield Fund High Yield Municipal Fund Global Income Fund Investment Grade Credit Fund Core Fixed Income Fund U.S. Mortgages Fund Municipal Income Fund Government Income Fund Short Duration Tax-Free Fund Short Duration Government Fund Ultra-Short Duration Government Fund Enhanced Income 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, Tollkeeper FundSM and CORESM are registered service marks of Goldman, Sachs & Co. |
GOLDMAN SACHS INTERNATIONAL EQUITY FUNDS The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed. A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 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. The Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Form N-Q is available on the Commission’s website at http://www.sec.gov. The Funds’ Form N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. Form N-Q may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders). |
GOLDMAN SACHS ASSET MANAGEMENT, L.P. 32 OLD SLIP, 32ND FLOOR, NEW YORK, NEW YORK 10005 TRUSTEES Ashok N. Bakhru, Chairman John P. Coblentz, Jr. Patrick T. Harker Mary Patterson McPherson Alan A. Shuch Wilma J. Smelcer Richard P. Strubel Kaysie P. Uniacke GOLDMAN, SACHS & CO. Distributor and Transfer Agent GOLDMAN SACHS ASSET MANAGEMENT INTERNATIONAL, L.P. Investment Adviser OFFICERS Kaysie P. Uniacke, President James A. Fitzpatrick, Vice President James A. McNamara, Vice President John M. Perlowski, Treasurer Howard B. Surloff, Secretary GOLDMAN SACHS INTERNATIONAL Christchurch Court 10-15 Newgate Street London, England EC1A 7HD Visit our Web site at www.gs.com/funds to obtain the most recent month-end returns The Funds are subject to the risk of rising and falling stock prices. In recent years, the U.S. stock market has experienced substantial price volatility. The European Equity, Japanese Equity, International Growth Opportunities, Emerging Markets Equity, and Asia Growth Funds may participate in the Initial Public Offering (IPO) market, and a portion of the Funds’ returns consequently may be attributable to their investment in IPOs, which may have a magnified impact due to the Funds’ small asset bases. As the Funds’ assets grow, it is probable that the effect of the Funds’ investment in IPOs on their total returns may not be as significant. Stocks of smaller and mid-capitalization companies are often more volatile and present greater risks than stocks of larger companies. At times, the Goldman Sachs International Growth Opportunities Fund may be unable to sell certain of its portfolio securities without a substantial drop in price, if at all. The Japanese Equity Fund’s investment in Japanese securities will be particularly subject to the risks of adverse social, political and economic events which occur in Japan or affect Japanese markets. The Asia Growth Fund may invest in any other country in the Asia region (other than Japan) to the extent foreign investors are permitted by law to make such investments. Although securities of Japanese companies are also eligible for the Fund, the portfolio managers do not currently intend to invest in them. Emerging markets securities are volatile. They are subject to substantial currency fluctuations and sudden economic and political developments. At times, the International Equity, European Equity, International Growth Opportunities and Emerging Markets Equity Funds may be unable to sell certain of their portfolio securities without a substantial drop in price, if at all. Concentration of the Fund’s assets in one or a few countries (or a particular geographic area) and currencies will subject a fund to greater risks than if a fund’s assets were not geographically concentrated. Holdings and allocations shown are unaudited, and may not be representative of current or future investments. Holdings and allocations may not include the Fund’s entire investment portfolio, which may change at any time. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus for the Funds. Please consider a Fund’s objectives, risks, and charges and expenses, and read the Prospectus carefully before investing. The Prospectus contains this and other information about the Funds. Copyright 2005 Goldman, Sachs & Co. All rights reserved. Date of first use: April 29, 2005 / 05-610 INTLSAR / 32K / 04-05 |
ITEM 2. | CODE OF ETHICS. — Not applicable to the Semi-Annual Report for the period ended February 28, 2005 |
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. — Not applicable to the Semi-Annual Report for the period ended February 28, 2005 |
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. — Not applicable to the Semi-Annual Report for the period ended February 28, 2005 |
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. | |
Not applicable. |
ITEM 6. | SCHEDULE OF INVESTMENTS. | |
Schedule of Investments is included as part of the Report to Shareholders filed under Item 1. |
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. | |
Not applicable. |
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED END MANAGEMENT INVESTMENT COMPANIES. | |
Not applicable. |
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. | |
Not applicable. |
ITEM 10. | 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 11. | CONTROLS AND PROCEDURES. | |
(a) | The Registrant’s Principal Executive Officer and Principal Financial Officer concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940), as enhanced as described below, were effective as of a date within 90 days prior to the filing date of this report (the “Evaluation Date”), based on their evaluation of the effectiveness of the Registrant's disclosure controls and procedures as of the Evaluation Date. | ||
(b) | During the filing period of this report, the Registrant enhanced its control environment to ensure the increased tracking and filing of class action claims with respect to securities owned by the Funds and the recognition of gain contingencies on the financial statements. See the footnotes to the financial statements of the CORE Large Cap Growth Fund and Growth and Income Fund regarding related receivables for these Funds. Fund management has discussed these matters with the Registrant’s Audit Committee and auditors. | ||
ITEM 12. | EXHIBITS. |
(a)(1) | Goldman Sachs Trust’s Code of Ethics for Principal Executive and Senior Financial Officers is incorporated by reference to Exhibit 11(a)(1) of the registrant’s Form N-CSR filed on March 8, 2004 for its Real Estate Securities Fund (Accession Number 0000950123-04-0002984). | ||
(a)(2) | Exhibit 99.CERT | Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith. | ||
(b) | Exhibit 99.906CERT | 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 | ||||||
By: | /s/ Kaysie P. Uniacke | |||||
Kaysie P. Uniacke | ||||||
President/Principal Executive Officer | ||||||
Goldman Sachs Trust | ||||||
Date: | May 9, 2005 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. |
By: | /s/ Kaysie P. Uniacke | |||||
Kaysie P. Uniacke | ||||||
President/Principal Executive Officer | ||||||
Goldman Sachs Trust | ||||||
Date: | May 9, 2005 | |||||
By: | /s/ John M. Perlowski | |||||
John M. Perlowski | ||||||
Treasurer/Principal Financial Officer | ||||||
Goldman Sachs Trust | ||||||
Date: | May 9, 2005 |