(Area Code and Telephone Number)
Chicago, Illinois 60606
(Address of Principal Executive Offices)
Goldman, Sachs & Co.
One New York Plaza, 37th Floor
New York, New York 10004
(Name and address of Agent for Service)
Drinker Biddle & Reath LLP
One Logan Square
18th and Cherry Streets
Philadelphia, Pennsylvania 19103
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FORM N-14
CROSS REFERENCE SHEET
Item No. | Heading | |||
Part A | ||||
1. | Beginning of Registration Statement and Outside Front Cover Page of Prospectus | Cover Page of Registration Statement; Cross-Reference Sheet; Front Cover Pages of Proxy Statements/Prospectuses for the AXA Enterprise Funds | ||
2. | Beginning and Outside Back Cover Page of Prospectus | Table of Contents | ||
3. | Fee Table, Synopsis Information and Risk Factors | Summary; Board’s Consideration of the Reorganizations; The Reorganizations; Federal Income Tax Consequences of the Reorganizations; Voting Information; Comparison of Investment Objective, Policies and Strategies; Comparison of Principal Risk Factors; Comparison of Fees and Expenses; Comparative Performance Information; Comparison of Distribution Policies and Purchase, Redemption and Exchange Policies; Capitalization | ||
4. | Information About the Transaction | Additional Information Applicable to All of the Reorganizations; Reasons for the Reorganizations, and Board Considerations; The Reorganization Agreement; Description of Securities to be Issued; Federal Income Tax Consequences; Capitalization | ||
5. | Information About the Registrant | Summary; Comparison of Investment Objective, Policies and Strategies, Comparison of Principal Risk Factors; Comparison of Fees and Expenses; Comparative Performance Information; Comparison of Distribution Policies and Purchase, Redemption and Exchange Policies; Capitalization; Investment Advisers and Advisory Fee Information; Other Service Providers; Administration Arrangements; Shareholder Transactions and Services of the AXA Enterprise Funds and GST Funds; Financial Highlights; Materials Incorporated by Reference | ||
6. | Information About the Company Being Acquired | Summary; Comparison of Investment Objective, Policies and Strategies; Comparison of Principal Risk Factors; Comparison of Fees and Expenses; Comparative Performance Information; Comparison of Distribution Policies and Purchase, Redemption and Exchange Policies; Capitalization; Investment Advisers and Advisory Fee Information; Other Service Providers; Administration Arrangements; Shareholder Transactions and Services of the AXA Enterprise Funds and GST Funds; Materials Incorporated by Reference |
Item No. | Heading | |||
7. | Voting Information | Voting Information | ||
8. | Interest of Certain Persons and Experts | Not Applicable | ||
9. | Additional Information Required for Reoffering by Persons Deemed to be Underwriters | Not Applicable | ||
Part B | ||||
10. | Cover Page | Cover Page | ||
11. | Table of Contents | Not Applicable | ||
12. | Additional Information About the Registrant | Incorporation of Documents by Reference into the Statement of Additional Information | ||
13. | Additional Information About the Company Being Acquired | Incorporation of Documents by Reference into the Statement of Additional Information | ||
14. | Financial Statements | Pro Forma Financial Information |
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AXA Enterprise Fund | GST Fund | |
AXA Enterprise Capital Appreciation Fund AXA Enterprise Deep Value Fund AXA Enterprise Equity Fund AXA Enterprise Equity Income Fund AXA Enterprise Growth and Income Fund AXA Enterprise International Growth Fund AXA Enterprise Large Cap Growth Fund AXA Enterprise Small Company Growth Fund AXA Enterprise Small Company Value Fund AXA Enterprise Government Securities Fund AXA Enterprise High-Yield Bond Fund AXA Enterprise Short Duration Bond Fund AXA Enterprise Tax-Exempt Income Fund AXA Enterprise Money Market Fund | Goldman Sachs Structured U.S. Equity Fund† Goldman Sachs Large Cap Value Fund Goldman Sachs Structured Large Cap Growth Fund† Goldman Sachs Growth and Income Fund Goldman Sachs Growth and Income Fund Goldman Sachs Strategic International Equity Fund Goldman Sachs Capital Growth Fund† Goldman Sachs Structured Small Cap Growth Fund Goldman Sachs Structured Small Cap Value Fund Goldman Sachs Government Income Fund Goldman Sachs High Yield Fund Goldman Sachs Enhanced Income Fund Goldman Sachs Municipal Income Fund Goldman Sachs Institutional Liquid Assets Prime Obligations Portfolio |
† | In separate combined proxy statements/prospectuses, it is also proposed that the: (1) AXA Enterprise Multimanager Core Equity Fund of the AXA Enterprise Multimanager Funds Trust (“Multimanager Trust”) be reorganized into the Goldman Sachs Structured U.S. Equity Fund; (2) AXA Enterprise Multimanager Growth Fund of the Multimanager Trust be reorganized into the Goldman Sachs Structured Large Cap Growth Fund; and (3) AXA Enterprise Growth Fund of The Enterprise Group of Funds, Inc. be reorganized into the Goldman Sachs Capital Growth Fund. |
• | Similar Investment Objectives and Policies |
• | Same Aggregate Value of Shares |
• | Reasons for the Reorganizations |
1. | Internet – Instructions for casting your vote via the Internet can be found in the enclosed proxy voting materials. The required control number is printed on your enclosed Proxy Ballot. If this feature is used, you are giving authorization for another person to execute your proxy and there is no need to mail the Proxy Ballot. | |
2. | Telephone – Instructions for casting your vote via telephone can be found in the enclosed proxy voting materials. The toll-free telephone number and required control number are printed on your enclosed Proxy Ballot. If this feature is used, you are giving authorization for another person to execute your proxy and there is no need to mail the Proxy Ballot. |
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3. | By mail – If you vote by mail, please indicate your voting instructions on the enclosed Proxy Ballot, date and sign the card, and return it in the envelope provided. The envelope is addressed for your convenience and needs no postage if mailed in the United States. |
Sincerely, | |
Steven M. Joenk | |
President |
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Q: | What are Enterprise Trust shareholders being asked to vote upon? |
A: | Enterprise Trust shareholders are being asked in the attached Proxy/ Prospectus to consider and approve an Agreement and Plan of Reorganization dated as of January , 2007 (the “Reorganization Agreement”) under which each of the funds offered by Enterprise Trust (except for the AXA Enterprise Global Financial Services Fund and AXA Enterprise Socially Responsible Fund) (each, an “AXA Enterprise Fund” and, together, the “AXA Enterprise Funds”) would reorganize into a corresponding fund offered by GST (each, a “GST Fund” and, together, the “GST Funds”). Enterprise Trust shareholders will vote on the Reorganization Agreement on a fund by fund basis. |
Q. | Why has the reorganization of the AXA Enterprise Funds into corresponding GST Funds been recommended? |
A: | The Enterprise Trust Board of Trustees (the “Enterprise Trust Trustees”) have determined that the reorganization of the AXA Enterprise Funds into corresponding GST Funds is in the best interest of the shareholders of each of the AXA Enterprise Funds. At a meeting held on October 23, 2006, AXA Financial, Inc. and AXA Equitable Life Insurance Company (“AXA Equitable” and together with AXA Financial, Inc., “AXA”), the investment adviser to the AXA Enterprise Funds, informed the Enterprise Trust Trustees that AXA had entered into an agreement with Goldman Sachs Asset Management, L.P. (“GSAM”) under which GSAM would acquire certain assets associated with AXA’s retail mutual fund business. AXA also noted that, as part of this transaction, it was contemplated that each AXA Enterprise Fund would reorganize into a corresponding series of GST. AXA stated its belief that the reorganization of each AXA Enterprise Fund into its corresponding GST Fund is in the best interests of shareholders of the AXA Enterprise Fund and recommended that the Enterprise Trust Trustees approve the proposed reorganizations. |
The Enterprise Trust Trustees reviewed and considered, with the assistance of independent legal counsel, a number of factors relating to GST, the GST Funds, GSAM and Goldman, Sachs & Co. The Enterprise Trust Trustees also considered that neither Enterprise Trust nor GST will bear any direct fees or expenses in connection with the reorganizations or any explicit brokerage commissions resulting from portfolio transactions executed on behalf of the AXA Enterprise Funds in preparation for, or immediately following, the reorganizations. Under the Reorganization Agreement, which contemplates the reorganization of each of the AXA Enterprise Funds into a corresponding GST Fund, all of the fees, expenses and explicit brokerage commissions in connection with entering into and carrying out the transactions contemplated by the Reorganization Agreement, whether or not the transactions contemplated are concluded, will be paid by AXA Equitable (or an affiliate) or GSAM (or an affiliate). |
Q: | What is the anticipated timing of the reorganizations? |
A: | The special meeting of shareholders to consider the proposal is scheduled to occur on April 25, 2007. If all necessary approvals are obtained, the proposed reorganizations will likely take place immediately before the opening of business on April 30, 2007. |
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Q: | Who will receive the Proxy/ Prospectus material? |
A: | The Proxy/ Prospectus has been mailed to all persons and entities that held shares of record in an AXA Enterprise Fund on February 12, 2007. Please note that in some cases record ownership of and/or voting authority over AXA Enterprise Fund shares may reside with a fiduciary or other agent. In these cases, the fiduciary or other agent may receive the Proxy/ Prospectus. |
Q: | How are the AXA Enterprise Funds proposed to be reorganized? |
A: | As you may know, Enterprise Trust consists of sixteen separate mutual funds, fourteen of which would be affected by the proposed reorganizations. The Reorganization Agreement for these AXA Enterprise Funds, approved by the Enterprise Trust Trustees, contemplates the reorganization of each AXA Enterprise Fund into a corresponding GST Fund having similar investment objectives and policies. Under the Reorganization Agreement, each AXA Enterprise Fund will be reorganized into the corresponding GST Fund listed directly opposite such AXA Enterprise Fund in the table below. |
AXA Enterprise Fund AXA Enterprise Deep Value Fund AXA Enterprise Equity Fund AXA Enterprise Equity Income Fund AXA Enterprise Growth and Income Fund AXA Enterprise International Growth Fund AXA Enterprise Large Cap Growth Fund AXA Enterprise Small Company Growth Fund AXA Enterprise Small Company Value Fund AXA Enterprise Government Securities Fund AXA Enterprise High-Yield Bond Fund AXA Enterprise Short Duration Bond Fund AXA Enterprise Tax-Exempt Income Fund AXA Enterprise Money Market Fund | GST Fund Goldman Sachs Large Cap Value Fund Goldman Sachs Structured Large Cap Growth Fund Goldman Sachs Growth and Income Fund Goldman Sachs Growth and Income Fund Goldman Sachs Strategic International Equity Fund Goldman Sachs Capital Growth Fund Goldman Sachs Structured Small Cap Growth Fund Goldman Sachs Structured Small Cap Value Fund Goldman Sachs Government Income Fund Goldman Sachs High Yield Fund Goldman Sachs Enhanced Income Fund Goldman Sachs Municipal Income Fund Goldman Sachs Institutional Liquid Assets (“ILA”) Prime Obligations Portfolio |
At the same time that shareholders are being asked to approve the reorganization of the AXA Enterprise Funds into the GST Funds, it is expected that, subject to shareholder approval requested in separate proxy statements, one additional portfolio of The Enterprise Group of Funds, Inc. (“Enterprise Group”) and twelve portfolios of the AXA Enterprise Multimanager Funds Trust (“Multimanager Trust”) will be reorganized into corresponding funds of GST. In this regard, it is proposed that (1) in addition to the AXA Enterprise Capital Appreciation Fund, the AXA Enterprise Multimanager Core Equity Fund will be reorganized into the Goldman Sachs Structured U.S. Equity Fund; (2) in addition to the AXA Enterprise Equity Fund, the AXA Enterprise Multimanager Growth Fund will be reorganized into the Goldman Sachs Structured Large Cap Growth Fund; and (3) in addition to the AXA Enterprise Large Cap Growth Fund, the AXA Enterprise Growth Fund will be reorganized into the Goldman Sachs Capital Growth Fund. The reorganizations will be completed whether or not the reorganization of the funds of the Enterprise Group or Multimanager Trust is completed. Separate proxy/prospectuses have been mailed to shareholders of the Multimanager Trust and Enterprise Group. | ||
The Goldman Sachs Strategic International Equity Fund, Goldman Sachs Structured Small Cap Growth Fund and Goldman Sachs Structured Small Cap Value Fund are newly organized GST Funds that have been created in connection with the reorganizations and will not commence operations until the date of the reorganizations. Each GST Fund has investment objectives and policies that are similar to the corresponding AXA Enterprise Fund being reorganized into it. |
Q: | Which class of shares of the GST Funds will I receive in the reorganizations? |
A: | Except for shareholders of the AXA Enterprise Money Market Fund, holders of AXA Enterprise Fund Class A Shares will receive GST Fund Class A Shares, holders of AXA Enterprise Fund Class B |
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Shares will receive GST Fund Class B Shares, holders of AXA Enterprise Fund Class C Shares will receive GST Fund Class C Shares (except that holders of Class C Shares of the AXA Enterprise Short Duration Bond Fund will receive Class A Shares of the Goldman Sachs Enhanced Income Fund) and holders of AXA Enterprise Fund Class Y Shares will receive GST Fund Institutional Shares. For shareholders of the AXA Enterprise Money Market Fund, holders of AXA Enterprise Fund Class A Shares will receive GST Fund ILA Service Shares, holders of AXA Enterprise Fund Class B Shares will receive GST Fund ILA Class B Shares, holders of AXA Enterprise Fund Class C Shares will receive GST Fund ILA Class C Shares and holders of AXA Enterprise Fund Class Y Shares will receive GST Fund ILA Service Shares. |
The sales loads and Rule 12b-1 fees for each class of shares of the GST Funds generally are similar to those of the AXA Enterprise Funds. However, except as noted below, Class A Shares of the GST Equity Funds (as defined herein) are subject to a higher front-end sales load equal to 5.50% of the offering price for Class A Shares (versus 4.75% for Class A Shares of the AXA Enterprise Equity Funds (as defined herein)). With respect to the GST Fixed Income Funds (as defined herein), except the Goldman Sachs Enhanced Income Fund, the Class A Shares are subject to a front-end sales load equal to 4.50% of the offering price, while the Class A Shares of the corresponding AXA Enterprise Fixed Income Funds (as defined herein) are subject to a higher front-end sales load equal to 4.75%. With respect to the Goldman Sachs Enhanced Income Fund, Class A Shares are subject to a front-end sales load equal to 1.50% of the offering price, while Class A Shares of the AXA Enterprise Short Duration Bond Fund are subject to a higher front-end sales load equal to 3.50%. With respect to the Goldman Sachs ILA Prime Obligations Portfolio, ILA Class B Shares and ILA Class C Shares are subject to contingent deferred sales charges payable upon redemption equal to 5.00% and 1.00%, respectively, while the AXA Enterprise Money Market Fund does not impose such charges. In addition, Class A Shares of a GST Fund generally have a lower Rule 12b-1 fee (except as noted below) equal to an annual rate of 0.25% of a GST Fund’s average daily net assets attributable to Class A Shares (versus 0.45% for Class A Shares of an AXA Enterprise Fund). With respect to the AXA Enterprise Short Duration Bond Fund, Class A Shares are currently subject to the same Rule 12b-1 fee as the corresponding GST Fund (0.25%). With respect to the Goldman Sachs ILA Prime Obligations Portfolio, ILA Class B Shares and ILA Class C Shares are subject to a higher Rule 12b-1 fee (equal to an annual rate of 1.00%) than the AXA Enterprise Money Market Fund, which does not currently pay Rule 12b-1 fees. | ||
If the reorganization of an AXA Enterprise Fund is approved by its shareholders, shareholders of that AXA Enterprise Fund who do not wish to have their AXA Enterprise Fund shares exchanged for shares of a corresponding GST Fund as part of the reorganization should redeem their shares prior to the consummation of the reorganization. If you redeem your shares, you will recognize a taxable gain or loss based on the difference, if any, between your tax basis in the shares and the amount you receive for them, unless you are a tax-exempt investor. In addition, if you redeem your shares prior to the reorganization and your shares are subject to a contingent deferred sales charge, your redemption proceeds will be reduced by any applicable sales charge. |
Q. | What are the key differences between my AXA Enterprise Fund and its corresponding GST Fund? |
A. | AXA Equitable has recommended the acquiring fund in each reorganization based on, among other factors, its evaluation of the compatibility of your fund’s investment objective and policies with those of the acquiring fund. There are, however, certain differences in investment objectives, principal investment policies and strategies, and principal risks between your fund(s) and the acquiring fund(s). Please see the Proxy Statement/ Prospectus for more details on these differences, including comparative data on fees and performance. The following chart provides a brief summary of some of the more significant factors considered by your fund’s boards. |
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Reorganization | Key Considerations | |||
AXA Enterprise Capital | • | Each Fund seeks capital appreciation and invests primarily in equity securities of large U.S. companies. | ||
Appreciation Fund into Goldman Sachs Structured U.S. Equity Fund | • | The GST Fund also seeks dividend income as part of its investment objective and generally has been more diversified than the AXA Enterprise Fund, which has a policy to hold a core position of 35-50 stocks. The GST Fund blends value and growth investing in selecting investments, while the AXA Enterprise Fund follows a growth-oriented approach. | ||
• | The investment adviser for the GST Fund relies primarily on a quantitative style unlike the sub-adviser for the AXA Enterprise Fund. | |||
• | The GST Fund is substantially larger than the AXA Enterprise Fund with net assets of approximately $1.5 billion versus $390 million. | |||
• | The net annual operating expense ratio of each class of shares of the GST Fund for the last fiscal year was lower than that of the corresponding class of shares of the AXA Enterprise Fund. | |||
AXA Enterprise Deep Value Fund into Goldman | • | Each Fund primarily seeks capital appreciation and invests primarily in equity securities of large U.S. companies that meet value-investing criteria. The AXA Enterprise Fund also seeks income as a secondary consideration. | ||
Sachs Large Cap Value Fund | • | The investment adviser for the GST Fund relies primarily on a quantitative style unlike the sub-adviser for the AXA Enterprise Fund. | ||
• | The GST Fund is substantially larger than the AXA Enterprise Fund with net assets of approximately $1.3 billion versus $62 million. | |||
• | The net annual operating expense ratio of each class of shares of the GST Fund for the last fiscal year was lower than that of the corresponding class of shares of the AXA Enterprise Fund. | |||
AXA Enterprise Equity Fund into Goldman Sachs Structured Large Cap Growth Fund | • | Each Fund seeks capital appreciation and invests primarily in equity securities of large U.S. companies. The GST Fund also considers dividend income as a secondary objective. Both of the Funds’ advisers consider growth investing criteria when selecting securities for the Funds and the AXA Enterprise Fund’s adviser also considers value investing criteria. | ||
• | The GST Fund is substantially larger than the AXA Enterprise Fund with net assets of approximately $1.0 billion versus $107 million. | |||
• | The net annual operating expense ratio of each class of shares of the GST Fund for the last fiscal year was lower than that of the corresponding class of shares of the AXA Enterprise Fund. | |||
AXA Enterprise Equity Income Fund Into Goldman Sachs Growth and | • | Each Fund seeks a combination of capital appreciation and income and invests primarily in equity securities of large U.S. companies. In addition, the AXA Enterprise Fund invests primarily in equity securities that pay dividends and the GST Fund invests primarily in equity securities that pay dividends or provide for capital appreciation. | ||
Income Fund | • | The GST Fund generally may invest in non-investment grade debt securities, emerging market securities and other foreign securities to a greater extent than the AXA Enterprise Fund. | ||
• | The GST Fund is substantially larger than the AXA Enterprise Fund with net assets of approximately $1.2 billion versus $188 million. | |||
• | The net annual operating expense ratio of each class of shares of the GST Fund for the last fiscal year was lower than that of the corresponding class of shares of the AXA Enterprise Fund. |
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Reorganization | Key Considerations | |||
AXA Enterprise Growth and Income Fund into Goldman Sachs | • | Each Fund seeks a combination of capital appreciation and income and invests primarily in equity securities of large U.S. companies. In addition, both Funds invest primarily in equity securities that pay dividends or provide for capital appreciation. | ||
Growth and Income Fund | • | The GST Fund employs a value style of investing, while the AXA Enterprise Fund employs both value and growth styles. The GST Fund generally may invest in non-investment grade debt securities, emerging market securities and other foreign securities to a greater extent than the AXA Enterprise Fund. | ||
• | The GST Fund is substantially larger than the AXA Enterprise Fund with net assets of approximately $1.2 billion versus $192 million. | |||
• | The net annual operating expense ratio of each class of shares of the GST Fund for the last fiscal year was lower than that of the corresponding class of shares of the AXA Enterprise Fund. | |||
AXA Enterprise International Growth Fund into Goldman Sachs | • | Each Fund seeks capital appreciation and invests primarily in equity securities of foreign companies. The GST Fund generally does not invest in companies smaller than $500 million, while the AXA Enterprise Fund may invest in companies with any market capitalization. | ||
Strategic International | • | The GST Fund is new and not expected to have any investment operations prior to the date of the Reorganization. | ||
Equity Fund | • | It is expected that the net annual operating expense ratio of each class of shares of the GST Fund will be lower than that of the corresponding class of shares of the AXA Enterprise Fund. | ||
AXA Enterprise Large Cap Growth Fund into Goldman Sachs Capital Growth Fund | • | Each Fund seeks capital appreciation and invests primarily in equity securities and focuses its investments on large companies. Each Fund also may invest, to a limited extent, in foreign securities. The GST Fund generally is more diversified than the AXA Enterprise Fund which has a policy to hold approximately 20-35 core positions and, the AXA Enterprise Fund does not have a stated limit with respect to foreign securities, while the GST Fund may only invest up to 25% of its total assets in foreign securities. | ||
• | The GST Fund is substantially larger than the AXA Enterprise Fund with net assets of approximately $1.7 billion versus $81 million. | |||
• | The net annual operating expense ratio of each class of shares of the GST Fund for the last fiscal year was lower than that of the corresponding class of shares of the AXA Enterprise Fund. | |||
AXA Enterprise Small Company Growth Fund into | • | Each Fund seeks capital appreciation and invests primarily in equity securities of small capitalization companies. Each Fund focuses on securities that meet growth-investing criteria. | ||
Goldman Sachs Structured Small | • | The AXA Enterprise Fund has greater flexibility to invest in foreign securities than the GST Fund. | ||
Cap Growth Fund | • | The investment adviser to the Goldman Sachs Fund relies primarily on a quantitative style unlike the sub-adviser for the AXA Enterprise Fund. | ||
• | The GST Fund is new and is not expected to have any investment operations prior to the date of the Reorganization. | |||
• | It is expected that the net annual operating expense ratio of each class of shares of the GST Fund will be lower than that of the corresponding class of shares of the AXA Enterprise Fund. |
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Reorganization | Key Considerations | |||
AXA Enterprise Small Company Value Fund into | • | Each Fund seeks capital appreciation and invests primarily in equity securities of small capitalization companies. Each Fund focuses on securities that meet value-investing criteria. | ||
the Goldman Sachs Structured Small | • | The AXA Enterprise Fund has greater flexibility to invest in foreign securities than the GST Fund. | ||
Cap Value Fund | • | The investment adviser for the GST Fund relies primarily on a quantitative style unlike the sub-adviser for the AXA Enterprise Fund. | ||
• | The GST Fund is new and is not expected to have any investment operations prior to the date of the Reorganization. | |||
• | It is expected that the net annual operating expense ratio of each class of shares of the GST Fund will be lower than that of the corresponding class of shares of the AXA Enterprise Fund. | |||
AXA Enterprise Government | • | Each Fund seeks current income and safety of principal by investing principally in securities issued by the U.S. government. | ||
Securities Fund into Goldman | • | The GST Fund is significantly larger than the AXA Enterprise Fund with net assets of approximately $640 million versus $210 million. | ||
Sachs Government Income Fund | • | The net annual operating expense ratio of each class of shares of the GST Fund for the last fiscal year was lower than that of the corresponding class of shares of the AXA Enterprise Fund. | ||
AXA Enterprise High-Yield Bond Fund into the Goldman Sachs High Yield Fund | • | Each Fund seeks maximum current income and invests primarily in high yield debt securities. The GST Fund may also consider potential for capital appreciation. The GST Fund has greater flexibility to invest in junk bonds in the lowest rating categories than the AXA Enterprise Fund. In addition, the GST Fund seeks to maintain a duration that is no higher than 7.5 years, while the AXA Enterprise Fund does not have a specific duration target or range. | ||
• | The GST Fund is substantially larger than the AXA Enterprise Fund with net assets of approximately $2.6 billion versus $183 million. | |||
• | The net annual operating expense ratios of the Class A Shares and Institutional Shares of the GST Fund for the last fiscal year were lower than those of the corresponding class of shares of the AXA Enterprise Fund. The net annual operating expense ratios for the Class B and Class C Shares of the Goldman Sachs Fund were slightly higher than those of the Class B and Class C Shares of the AXA Enterprise Fund. | |||
AXA Enterprise Short Duration Bond Fund into the Goldman Sachs Enhanced Income Fund | • | Each Fund seeks income consistent with preservation of capital and invests primarily in investment grade debt securities. Each Fund seeks to maintain a relatively short duration; however, the AXA Enterprise Fund is permitted to have a longer duration than the GST Fund. In addition, the GST Fund seeks to maintain an average credit quality of AA while the AXA Enterprise Fund seeks to maintain a minimum average credit quality of A. | ||
• | The GST Fund is significantly larger than the AXA Enterprise Fund with net assets of $226 million versus $49 million. | |||
• | The net annual operating expense ratio of each class of shares of the GST Fund for the last fiscal year (or estimated for Class B Shares of the GST Fund) was lower than that of the corresponding class of shares of the AXA Enterprise Fund. |
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Reorganization | Key Considerations | |||
AXA Enterprise Tax-Exempt Income Fund into the Goldman Sachs Municipal Income | • | Each Fund seeks a high level of current income that is exempt from federal income tax, consistent with preservation of capital, by investing substantially all of its assets in certain investments, the interest on which is exempt from federal income tax. The GST Fund has a maximum duration of 12 years, while the AXA Enterprise Fund has no maximum duration. | ||
Fund | • | The GST Fund is substantially larger than the AXA Enterprise Fund with net assets of approximately $466 million versus $22 million. | ||
• | The net annual operating expense ratios of the Class A Shares and Institutional Shares of the GST Fund for the last fiscal year were lower than those of the Class A and Class Y Shares of the AXA Enterprise Fund. The net annual operating expense ratios for the Class B and Class C Shares of the GST Fund were higher than those of the Class B and Class C Shares of the AXA Enterprise Fund. | |||
AXA Enterprise Money Market Fund into the | • | Each Fund seeks to maximize current income consistent with preservation of capital and maintenance of liquidity. Each Fund is a money market fund and, thus, has substantially similar investment strategies and risks. | ||
Goldman Sachs Institutional Liquid | • | GST Fund is significantly larger than the AXA Enterprise Fund with net assets of approximately $598 million versus $118 million. | ||
Assets Prime Obligations Portfolio | • | The annual operating expense ratio of the Service Class shares of the GST Fund for the last fiscal year (after taking into account any expense limitation arrangements) was higher than that of the Class A and Class Y Shares of the AXA Enterprise Fund and would have been higher absent the expense limitation in effect for the GST Fund. | ||
• | The net annual operating expense ratios for the Service Shares, Class B Shares and Class C Shares of the GST Fund for the last fiscal year were higher than those of the corresponding classes of shares of the AXA Enterprise Fund. |
Q: | What are the costs and federal tax implications to shareholders in connection with the proposed reorganizations? |
A: | Neither Enterprise Trust nor GST will bear any direct fees or expenses in connection with the reorganizations or any explicit brokerage commissions resulting from portfolio transactions executed on behalf of the AXA Enterprise Funds in preparation for, or immediately following, the reorganizations. Under the Reorganization Agreement, GSAM (or an affiliate) and AXA Equitable (or an affiliate) have agreed to pay all of the fees, expenses and explicit brokerage commissions in connection with entering into and carrying out the transactions contemplated by the Reorganization Agreement whether or not the transactions contemplated are concluded. |
No sales charge will be imposed on the shares of a GST Fund issued to you in a reorganization, which means that the aggregate value of the GST Fund shares issued to you will be equal to the aggregate value of the AXA Enterprise Fund shares that you own immediately prior to the reorganization. In addition, each reorganization is intended to be tax-free under the federal tax law (however, there can be no assurance that the Internal Revenue Service will not adopt a contrary position). However, immediately prior to the reorganizations, each AXA Enterprise Fund will declare and pay a final distribution to its shareholders of all of its investment company taxable income (and net tax-exempt income, if any) for taxable years ending on or before the effective time of its reorganization and all of its net capital gain, if any, recognized in those years. The sale of securities by an AXA Enterprise Fund prior to its reorganization, whether in the ordinary course of business or in anticipation of the reorganization, could increase the amount of the final distribution it makes before the reorganization. |
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Q: | Can one of the proposed reorganizations take place without the others? |
A: | Yes. The proposed reorganizations are not conditioned on each other. If shareholders of one AXA Enterprise Fund approve the proposed reorganization of their AXA Enterprise Fund, it will proceed whether or not the proposed reorganizations for the other AXA Enterprise Funds proceed. However, no reorganization of any AXA Enterprise Fund will be consummated until either all of the AXA Enterprise Funds of the Enterprise Trust approve the Reorganization Agreement or shareholders of the AXA Enterprise Funds with combined total assets under management of at least $1,000,000,000 approve the Reorganization Agreement. Under certain circumstances detailed in the Reorganization Agreement, an AXA Enterprise Fund reorganization involving one or more AXA Enterprise Funds may be consummated with a lesser amount of combined total assets under management. |
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ITEM 1. With respect to each AXA Enterprise Fund, a proposal to approve an Agreement and Plan of Reorganization by and between Enterprise Trust and the Goldman Sachs Trust (“GST”), which provides for and contemplates: (1) the transfer of substantially all of the assets of that AXA Enterprise Fund to a corresponding investment portfolio of GST (each, a “GST Fund” and together, the “GST Funds”) in exchange solely for shares of the designated classes of the GST Fund and its assumption of substantially all of that AXA Enterprise Fund’s liabilities; and (2) the distribution of those shares to the shareholders of each AXA Enterprise Fund in liquidation thereof as described in the attached Combined Proxy Statement and Prospectus. |
By Order of the Board of Trustees, | |
Patricia Louie | |
Secretary |
• | With respect to each AXA Enterprise Fund, to approve an Agreement and Plan of Reorganization dated as of January , 2007 (the “Reorganization Agreement”), by and between Enterprise Trust and the Goldman Sachs Trust (“GST”), which provides for and contemplates: (1) the transfer of substantially all of the assets of that AXA Enterprise Fund to a corresponding investment portfolio of GST (each, a “GST Fund” and together, the “GST Funds”) in exchange solely for the shares of designated classes of the GST Fund and its assumption of substantially all of that AXA Enterprise Fund’s liabilities; and (2) the distribution of those shares to shareholders of that AXA Enterprise Fund in liquidation thereof, as follows: |
Proposal | AXA Enterprise Funds | GST Funds | Shareholders Entitled to Vote | |||
Proposal 1(a) | AXA Enterprise Capital Appreciation Fund | Goldman Sachs Structured U.S. Equity Fund† | Shareholders of the AXA Enterprise Capital Appreciation Fund | |||
Proposal 1(b) | AXA Enterprise Deep Value Fund | Goldman Sachs Large Cap Value Fund | Shareholders of the AXA Enterprise Deep Value Fund | |||
Proposal 1(c) | AXA Enterprise Equity Fund | Goldman Sachs Structured Large Cap Growth Fund† | Shareholders of the AXA Enterprise Equity Fund | |||
Proposal 1(d) | AXA Enterprise Equity Income Fund | Goldman Sachs Growth and Income Fund | Shareholders of the AXA Enterprise Equity Income Fund | |||
Proposal 1(e) | AXA Enterprise Growth and Income Fund | Goldman Sachs Growth and Income Fund | Shareholders of the AXA Enterprise Growth and Income Fund | |||
Proposal 1(f) | AXA Enterprise International Growth Fund | Goldman Sachs Strategic International Equity Fund | Shareholders of the AXA Enterprise International Growth Fund |
Proposal | AXA Enterprise Funds | GST Funds | Shareholders Entitled to Vote | |||
Proposal 1(g) | AXA Enterprise Large Cap Growth Fund | Goldman Sachs Capital Growth Fund† | Shareholders of the AXA Enterprise Large Cap Growth Fund | |||
Proposal 1(h) | AXA Enterprise Small Company Growth Fund | Goldman Sachs Structured Small Cap Growth Fund | Shareholders of the AXA Enterprise Small Company Growth Fund | |||
Proposal 1(i) | AXA Enterprise Small Company Value Fund | Goldman Sachs Structured Small Cap Value Fund | Shareholders of the AXA Enterprise Small Company Value Fund | |||
Proposal 1(j) | AXA Enterprise Government Securities Fund | Goldman Sachs Government Income Fund | Shareholders of the AXA Enterprise Government Securities Fund | |||
Proposal 1(k) | AXA Enterprise High-Yield Bond Fund | Goldman Sachs High Yield Fund | Shareholders of the AXA Enterprise High-Yield Bond Fund | |||
Proposal 1(l) | AXA Enterprise Short Duration Bond Fund | Goldman Sachs Enhanced Income Fund | Shareholders of the AXA Enterprise Short Duration Bond Fund | |||
Proposal 1(m) | AXA Enterprise Tax-Exempt Income Fund | Goldman Sachs Municipal Income Fund | Shareholders of the AXA Enterprise Tax-Exempt Income Fund | |||
Proposal 1(n) | AXA Enterprise Money Market Fund | Goldman Sachs Institutional Liquid Assets (“ILA”) Prime Obligations Portfolio | Shareholders of the AXA Enterprise Money Market Fund |
† | In a separate combined proxy statement/prospectus, it is also proposed that the: (1) AXA Enterprise Multimanager Core Equity Fund of the AXA Enterprise Multimanager Funds Trust (“Multimanager Trust”) be reorganized into the Goldman Sachs Structured U.S. Equity Fund; (2) AXA Enterprise Multimanager Growth Fund of the Multimanager Trust be reorganized into the Goldman Sachs Structured Large Cap Growth Fund; and (3) AXA Enterprise Growth Fund of The Enterprise Group of Funds, Inc. (“Enterprise Group”) be reorganized into the Goldman Sachs Capital Growth Fund. |
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ii
AXA Enterprise Funds | GST Funds | |
AXA Enterprise Capital Appreciation Fund | Goldman Sachs Structured U.S. Equity Fund | |
Class A Shares | Class A Shares | |
Class B Shares | Class B Shares | |
Class C Shares | Class C Shares | |
Class Y Shares | Institutional Shares | |
AXA Enterprise Deep Value Fund | Goldman Sachs Large Cap Value Fund | |
Class A Shares | Class A Shares | |
Class B Shares | Class B Shares | |
Class C Shares | Class C Shares | |
Class Y Shares | Institutional Shares |
1
AXA Enterprise Funds | GST Funds | |
AXA Enterprise Equity Fund | Goldman Sachs Structured Large Cap Growth Fund | |
Class A Shares | Class A Shares | |
Class B Shares | Class B Shares | |
Class C Shares | Class C Shares | |
Class Y Shares | Institutional Shares | |
AXA Enterprise Equity Income Fund | Goldman Sachs Growth and Income Fund | |
Class A Shares | Class A Shares | |
Class B Shares | Class B Shares | |
Class C Shares | Class C Shares | |
Class Y Shares | Institutional Shares | |
AXA Enterprise Growth and Income Fund | Goldman Sachs Growth and Income Fund | |
Class A Shares | Class A Shares | |
Class B Shares | Class B Shares | |
Class C Shares | Class C Shares | |
Class Y Shares | Institutional Shares | |
AXA Enterprise International Growth Fund | Goldman Sachs Strategic International Equity Fund | |
Class A Shares | Class A Shares | |
Class B Shares | Class B Shares | |
Class C Shares | Class C Shares | |
Class Y Shares | Institutional Shares | |
AXA Enterprise Large Cap Growth Fund | Goldman Sachs Capital Growth Fund | |
Class A Shares | Class A Shares | |
Class B Shares | Class B Shares | |
Class C Shares | Class C Shares | |
Class Y Shares | Institutional Shares | |
AXA Enterprise Small Company Growth Fund | Goldman Sachs Structured Small Cap Growth Fund | |
Class A Shares | Class A Shares | |
Class B Shares | Class B Shares | |
Class C Shares | Class C Shares | |
Class Y Shares | Institutional Shares | |
AXA Enterprise Small Company Value Fund | Goldman Sachs Structured Small Cap Value Fund | |
Class A Shares | Class A Shares | |
Class B Shares | Class B Shares | |
Class C Shares | Class C Shares | |
Class Y Shares | Institutional Shares | |
AXA Enterprise Government Securities Fund | Goldman Sachs Government Income Fund | |
Class A Shares | Class A Shares | |
Class B Shares | Class B Shares | |
Class C Shares | Class C Shares | |
Class Y Shares | Institutional Shares | |
AXA Enterprise High-Yield Bond Fund | Goldman Sachs High Yield Fund | |
Class A Shares | Class A Shares | |
Class B Shares | Class B Shares | |
Class C Shares | Class C Shares | |
Class Y Shares | Institutional Shares |
2
AXA Enterprise Funds | GST Funds | |
AXA Enterprise Short Duration Bond Fund | Goldman Sachs Enhanced Income Fund | |
Class A Shares | Class A Shares | |
Class B Shares | Class B Shares | |
Class C Shares | Class A Shares | |
Class Y Shares | Institutional Shares | |
AXA Enterprise Tax-Exempt Income Fund | Goldman Sachs Municipal Income Fund | |
Class A Shares | Class A Shares | |
Class B Shares | Class B Shares | |
Class C Shares | Class C Shares | |
Class Y Shares | Institutional Shares | |
AXA Enterprise Money Market Fund | Goldman Sachs ILA Prime Obligations Portfolio | |
Class A Shares | ILA Service Shares | |
Class B Shares | ILA B Shares | |
Class C Shares | ILA C Shares | |
Class Y Shares | ILA Service Shares |
• | The acquisition of all of the assets of an AXA Enterprise Fund by its Corresponding GST Fund and the assumption by that GST Fund of all of the liabilities (other than those liabilities specifically excluded under the Reorganization Agreement) of the AXA Enterprise Fund, in exchange for the number of shares of the corresponding classes of the GST Fund noted in the above chart having aggregate values equal to the net asset values of the shares of the AXA Enterprise Fund’s corresponding classes noted in the above chart as of the close of business on the business day immediately preceding the effective time of the Reorganization; | |
• | The distribution of the Corresponding GST Fund’s corresponding classes of shares to each holder of Class A Shares, Class B Shares, Class C Shares and Class Y Shares (as applicable) of the AXA Enterprise Fund as of the effective time of the Reorganization; and | |
• | The complete liquidation of the AXA Enterprise Fund. |
3
4
AXA Enterprise Capital Appreciation Fund | Goldman Sachs Structured U.S. Equity Fund | |
Investment Objective | Investment Objective | |
Seeks to achieve maximum capital appreciation. | Seeks long-term growth of capital and dividend income. | |
Investment Policies | Investment Policies | |
Under normal circumstances, the Fund intends to invest primarily in equity securities of U.S. large capitalization companies that the sub-adviser selects for their growth potential. For purposes of this Fund, large capitalization companies are companies with market capitalization in excess of $4 billion at the time of investment. | The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes measured at the time of purchase) (“Net Assets”) in a diversified portfolio of equity investments in U.S. issuers, including foreign companies that are traded in the United States. However, it is currently anticipated that, under normal circumstances, the Fund will invest at least 95% of its Net Assets in such equity investments. |
5
AXA Enterprise Capital Appreciation Fund | Goldman Sachs Structured U.S. Equity Fund | |
The sub-adviser focuses on identifying companies with growth potential. In choosing investments, the sub-adviser utilizes a process that combines top-down economic analysis with bottom-up stock selection. The “top-down” approach takes into consideration macro- economic factors such as interest rates and inflation. The “bottom-up” stock selection process looks for individual companies with earnings growth potential that may not be recognized by the market at large based on any of a number of different attributes. | The Fund’s investments are selected using both a variety of quantitative techniques derived from fundamental research including but not limited to valuation, momentum, profitability and earnings in seeking to maximize the Fund’s expected return, while maintaining risk, style, capitalization and industry characteristics similar to the S&P 500® Index. The Fund seeks a broadly diversified portfolio of large cap and blue chip equity investments representing all major sectors of the U.S. economy. The Fund is not required to limit its investments to securities in the S&P 500® Index. The Fund’s investments in fixed-income securities are limited to securities that are considered cash equivalents. | |
The Fund intends to invest primarily in common stocks, but it may also invest in other securities that the sub-adviser believes provide opportunities for capital appreciation, such as preferred stocks, warrants and securities convertible into common stock. | The Fund’s equity investments may include common stocks, preferred stocks, convertible securities, warrants and other instruments that have economic characteristics similar to equity securities. | |
The Fund also may invest in equity securities of small and mid-capitalization companies. | The Fund may, to the extent consistent with its investment policies, invest in small- and mid- capitalization companies. | |
The Fund will normally hold a core position of between 35 and 50 common stocks. The Fund may hold a limited number of additional common stocks at times when the sub-adviser is accumulating new positions, phasing out existing positions or responding to exceptional market conditions. | The Fund invests in a broadly diversified portfolio of large-cap and blue chip equity investments representing all major sectors of the U.S. economy. | |
The Fund may invest in foreign securities, including depositary receipts of foreign based companies, including companies based in developing countries. | The Fund may make foreign investments, including American and global depositary receipts. The Fund generally does not invest in securities of emerging market issuers. Equity securities of foreign issuers must be traded in the United States. | |
The Fund may engage in active or frequent trading of portfolio securities to achieve its investment objective. | Same. |
6
AXA Enterprise Capital Appreciation Fund | Goldman Sachs Structured U.S. Equity Fund | |
For temporary defensive purposes, the Fund may invest, without limit, in cash, money market instruments or high quality short-term debt securities. | For temporary defensive purposes, the Fund may invest up to 35% of its total assets (not including securities lending collateral and any investment of that collateral) (“Total Assets”) in securities issued or guaranteed by the U.S. Government, its agencies, instrumentalities or sponsored enterprises (“U.S. Government Securities”); commercial paper rated at least A-2 by Standard & Poor’s Rating Group (“Standard & Poor’s” or “S&P”), P-2 by Moody’s Investors Service, Inc. (“Moody’s”) or having a comparable rating by another nationally recognized statistical rating organization (“NRSRO”); certificates of deposit; bankers’ acceptances; repurchase agreements and non-convertible preferred stocks and non-convertible corporate bonds with a remaining maturity of less than one year. | |
Investment Advisers | Investment Adviser | |
AXA Equitable, through its AXA Funds Management Group unit, serves as the investment manager for the Fund. The day-to-day portfolio management of the Fund is provided by an investment sub-adviser selected by AXA Equitable. The Fund’s sub-adviser is Marsico Capital Management, LLC. | GSAM manages the Fund on a day-to-day basis and will continue to manage the Fund after the Reorganization. |
7
AXA Enterprise Capital | Goldman Sachs Structured | |||||||
Appreciation Fund | U.S. Equity Fund | |||||||
Net Asset Value Risk | X | X | ||||||
Interest Rate Risk | X | |||||||
Stock Risk | X | X | ||||||
Derivatives Risk | X | |||||||
Management Risk | X | X | ||||||
Market Risk | X | X | ||||||
Liquidity Risk | X | |||||||
Investment Style Risk | X | X | ||||||
Mid-Capitalization Risk | X | X | ||||||
Foreign Risk | X | X | ||||||
Emerging Countries Risk | X | |||||||
Small Capitalization Risk | X | X | ||||||
Issuer-Specific Risk | X | X | ||||||
Sub-adviser Selection Risk | X | |||||||
Large-Capitalization Risk | X | X | ||||||
Portfolio Turnover Risk | X | X |
8
9
Combined Fund Pro Forma | ||||||||||||||||||||||||||||||||||||||||||||||||
(AXA Enterprise Capital | ||||||||||||||||||||||||||||||||||||||||||||||||
Combined Fund Pro Forma | Appreciation Fund + AXA | |||||||||||||||||||||||||||||||||||||||||||||||
AXA Enterprise | (AXA Enterprise Capital | Enterprise Multimanager | ||||||||||||||||||||||||||||||||||||||||||||||
Multimanager Capital | Goldman Sachs Structured | Appreciation Fund + | Core Equity Fund + | |||||||||||||||||||||||||||||||||||||||||||||
Appreciation Fund | U.S. Equity Fund | GST Fund) | GST Fund) | |||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class A | Class B | Class C | Class A | Class B | Class C | Class A | Class B | Class C | |||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | |||||||||||||||||||||||||||||||||||||
Shareholder Fees (fees paid directly from your investment): | ||||||||||||||||||||||||||||||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Purchases | 4.75% | 1 | None | None | 5.50% | 1 | None | None | 5.50% | 1 | None | None | 5.50% | 1 | None | None | ||||||||||||||||||||||||||||||||
Maximum Deferred Sales Charge (Load) 2 | None | 1 | 5.00% | 3 | 1.00% | 4 | None | 1 | 5.00% | 3 | 1.00% | 4 | None | 1 | 5.00% | 3 | 1.00% | 4 | None | 1 | 5.00% | 3 | 1.00% | 4 | ||||||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Reinvested Dividends | None | None | None | None | None | None | None | None | None | None | None | None | ||||||||||||||||||||||||||||||||||||
Redemption Fees | 2.00% | 5 | 2.00% | 5 | 2.00% | 5 | None | None | None | None | None | None | None | None | None | |||||||||||||||||||||||||||||||||
Exchange Fees | None | None | None | None | None | None | None | None | None | None | None | None |
Combined Fund Pro Forma | ||||||||||||||||||||||||||||||||||||||||||||||||
(AXA Enterprise Capital | ||||||||||||||||||||||||||||||||||||||||||||||||
Combined Fund Pro Forma | Appreciation Fund + AXA | |||||||||||||||||||||||||||||||||||||||||||||||
(AXA Enterprise Capital | Enterprise Multimanager | |||||||||||||||||||||||||||||||||||||||||||||||
AXA Enterprise Capital | Goldman Sachs Structured | Appreciation Fund + | Core Equity Fund + | |||||||||||||||||||||||||||||||||||||||||||||
Appreciation Fund | U.S. Equity Fund | GST Fund) | GST Fund) | |||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class A | Class B | Class C | Class A | Class B | Class C | Class A | Class B | Class C | |||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | |||||||||||||||||||||||||||||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | ||||||||||||||||||||||||||||||||||||||||||||||||
Management Fees | 0.73% | 0.73% | 0.73% | 0.65% | 6 | 0.65% | 6 | 0.65% | 6 | 0.64% | 6 | 0.64% | 6 | 0.64% | 6 | 0.64% | 6 | 0.64% | 6 | 0.64% | 6 | |||||||||||||||||||||||||||
Distribution and Service (12b-1) Fees | 0.45% | 1.00% | 1.00% | 0.25% | 1.00% | 1.00% | 0.25% | 1.00% | 1.00% | 0.25% | 1.00% | 1.00% | ||||||||||||||||||||||||||||||||||||
Other Expenses* | 0.40% | 0.40% | 0.40% | 0.25% | 7 | 0.25% | 7 | 0.25% | 7 | 0.24% | 7 | 0.24% | 7 | 0.24% | 7 | 0.24% | 7 | 0.24% | 7 | 0.24% | 7 | |||||||||||||||||||||||||||
Total Fund Operating Expenses* | 1.58% | 8 | 2.13% | 8 | 2.13% | 8 | 1.15% | 1.90% | 1.90% | 1.13% | 1.88% | 1.88% | 1.13% | 1.88% | 1.88% |
* | The “Management Fees,” “Other Expenses” and “Total Fund Operating Expenses” (after any waivers and expense limitations) of the AXA Enterprise Fund, GST Fund and Combined Fund are as set forth below. |
Combined Fund Pro Forma | ||||||||||||||||||||||||||||||||||||||||||||||||
(AXA Enterprise Capital | ||||||||||||||||||||||||||||||||||||||||||||||||
Combined Fund Pro Forma | Appreciation Fund + AXA | |||||||||||||||||||||||||||||||||||||||||||||||
AXA Enterprise | (AXA Enterprise Capital | Enterprise Multimanager | ||||||||||||||||||||||||||||||||||||||||||||||
Multimanager Capital | Goldman Sachs Structured | Appreciation Fund + | Core Equity Fund + | |||||||||||||||||||||||||||||||||||||||||||||
Appreciation Fund | U.S. Equity Fund | GST Fund) | GST Fund) | |||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class A | Class B | Class C | Class A | Class B | Class C | Class A | Class B | Class C | |||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | |||||||||||||||||||||||||||||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | ||||||||||||||||||||||||||||||||||||||||||||||||
Management Fees | 0.73% | 0.73% | 0.73% | 0.55% | 6 | 0.55% | 6 | 0.55% | 6 | 0.54% | 6 | 0.54% | 6 | 0.54% | 6 | 0.54% | 6 | 0.54% | 6 | 0.54% | 6 | |||||||||||||||||||||||||||
Distribution and Service (12b-1) Fees | 0.45% | 1.00% | 1.00% | 0.25% | 1.00% | 1.00% | 0.25% | 1.00% | 1.00% | 0.25% | 1.00% | 1.00% | ||||||||||||||||||||||||||||||||||||
Other Expenses | 0.40% | 0.40% | 0.40% | 0.19% | 7 | 0.19% | 7 | 0.19% | 7 | 0.19% | 7 | 0.19% | 7 | 0.19% | 7 | 0.19% | 7 | 0.19% | 7 | 0.19% | 7 | |||||||||||||||||||||||||||
Total Fund Operating Expenses (after current expense limitations) | 1.58% | 8 | 2.13% | 8 | 2.13% | 8 | 0.99% | 1.74% | 1.74% | 0.98% | 1.73% | 1.73% | 0.98% | 1.73% | 1.73% |
10
Combined Fund Pro Forma | ||||||||||||||||
(AXA Enterprise Capital | ||||||||||||||||
Combined Fund Pro Forma | Appreciation Fund + AXA Enterprise | |||||||||||||||
AXA Enterprise Capital | Goldman Sachs Structured U.S. | (AXA Enterprise Capital | Multimanager Core Equity Fund + | |||||||||||||
Appreciation Fund | Equity Fund | Appreciation Fund + GST Fund) | GST Fund) | |||||||||||||
Class Y Shares | Institutional Shares | Institutional Shares | Institutional Shares | |||||||||||||
Shareholder Fees (fees paid directly from your investment): | ||||||||||||||||
Maximum Sales Charge (Load) Imposed on Purchases | None | None | None | None | ||||||||||||
Maximum Deferred Sales Charge (Load)2 | None | None | None | None | ||||||||||||
Maximum Sales Charge (Load) Imposed on Reinvested Dividends | None | None | None | None | ||||||||||||
Redemption Fees | 2.00% | 5 | None | None | None | |||||||||||
Exchange Fees | None | None | None | None |
Combined Fund Pro Forma | ||||||||||||||||
(AXA Enterprise Capital | ||||||||||||||||
Combined Fund Pro Forma | Appreciation Fund + AXA Enterprise | |||||||||||||||
AXA Enterprise Capital | Goldman Sachs Structured | (AXA Capital Appreciation | Multimanager Core Equity Fund + | |||||||||||||
Appreciation Fund | U.S. Equity Fund | Enterprise Fund + GST Fund) | GST Fund) | |||||||||||||
Class Y Shares | Institutional Shares | Institutional Shares | Institutional Shares | |||||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | ||||||||||||||||
Management Fees | 0.73% | 0.65% | 6 | 0.64% | 6 | 0.64% | 6 | |||||||||
Distribution and Service (12b-1) Fees | None | None | None | None | ||||||||||||
Other Expenses* | 0.40% | 0.10% | 7 | 0.09% | 0.09% | |||||||||||
Total Fund Operating Expenses* | 1.13% | 0.75% | 0.73% | 0.73% |
* | The “Management Fees,” “Other Expenses” and “Total Fund Operating Expenses” (after any waivers and expense limitations) of the AXA Enterprise Fund, GST Fund and Combined Fund are as set forth below. |
Combined Fund Pro Forma (AXA | ||||||||||||||||
Combined Fund Pro Forma | Enterprise Capital Appreciation Fund | |||||||||||||||
AXA Enterprise Capital | Goldman Sachs Structured | (AXA Capital Appreciation | + AXA Enterprise Multimanager Core | |||||||||||||
Appreciation Fund | U.S. Equity Fund | Enterprise Fund + GST Fund) | Equity Fund + GST Fund) | |||||||||||||
Class Y Shares | Institutional Shares | Institutional Shares | Institutional Shares | |||||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | ||||||||||||||||
Management Fees | 0.73% | 0.55% | 6 | 0.54% | 6 | 0.54% | 6 | |||||||||
Distribution and Service (12b-1) Fees | None | None | None | None | ||||||||||||
Other Expenses | 0.40% | 0.04% | 7 | 0.04% | 7 | 0.04% | 7 | |||||||||
Total Fund Operating Expenses (after current expense limitations) | 1.13% | 6 | 0.59% | 0.58% | 0.58% |
11
1 | The maximum sales charge is a percentage of the offering price. This sales charge varies depending on how much you invest. Under certain circumstances, the maximum sales charge may be reduced or waived entirely. If you buy $1,000,000 or more ($100,000 or more for certain employee benefit plans and $500,000 or more for certain individual retirement accounts) of Class A Shares of an AXA Enterprise Fund at net asset value and redeem those shares within 12 months of the end of the calendar month of their purchase, a contingent deferred sales charge (“CDSC”) of 1.00% generally will apply to the redemptions of those shares. A CDSC of 1% is imposed on certain redemptions (within 18 months of purchase) of Class A Shares of a GST Fund sold without an initial sales charge as part of an investment of $1 million or more. |
2 | The maximum CDSC is a percentage of the lesser of the net asset value at the time of the redemption or the net asset value when the shares were originally purchased. |
3 | A CDSC is imposed upon Class B Shares of an AXA Enterprise Fund or GST Fund redeemed within six years of purchase at a rate of 5% in the first year, declining to 1% in the sixth year, and eliminated thereafter. Class B Shares of an AXA Enterprise Fund and GST Fund automatically convert to Class A Shares eight years after the end of the calendar month in which you purchased them and will be subject to lower expenses. |
4 | A CDSC of 1% is imposed on Class C Shares of an AXA Enterprise Fund or GST Fund redeemed within 12 months of purchase. |
5 | If you redeem or exchange shares of the AXA Enterprise Fund after holding them one month or less, a fee of 2.00% of the current net asset value of the shares being redeemed or exchanged generally will be assessed and retained by the AXA Enterprise Fund for the benefit of the remaining shareholders. |
6 | GSAM has entered into the following contractual fee reduction commitments for the GST Fund: |
Management Fee | Average Daily | |||||
GST Fund | Annual Rate | Net Assets | ||||
Structured U.S. Equity Fund | 0.65% | First $1 Billion | ||||
0.59% | Next $1 Billion | |||||
0.56% | Over $2 Billion |
Prior to this fee reduction commitment, the management fees for the Structured U.S. Equity Fund as an annual percentage rate of average daily net assets was 0.65%. Additionally, as of August 31, 2006, GSAM was voluntarily waiving a portion of its management fee equal to 0.10% based on the average daily net assets of the GST Fund. |
7 | “Other Expenses” of the GST Fund include transfer agency fees and expenses equal on an annualized basis to 0.19% of the average daily net assets of the Fund’s Class A, B and C Shares, plus all other ordinary expenses not detailed above. “Other Expenses” of the GST Fund include transfer agency fees and expenses equal on an annualized basis to 0.04% of the average daily net assets of the Institutional Shares for the Fund. GSAM has voluntarily agreed to reduce or limit “Other Expenses” (excluding management fees, distribution and service fees, shareholder administration fees, transfer agency fees and expenses, taxes, interest, brokerage fees and litigation, indemnification, shareholder meeting and other extraordinary expenses) to 0.004% of the GST Fund’s average daily net assets. These expense reductions may be terminated at any time at the option of the GST Fund’s investment adviser. |
8 | Pursuant to an Expense Limitation Agreement, AXA Equitable has agreed to make payments or waive its management, administration and other fees to limit the expenses of the AXA Enterprise Fund through February 28, 2008 (unless the Enterprise Trust Trustees consent to an earlier revision or termination of this arrangement) so that the net annual fund operating expenses (as a percentage of average daily net assets) of the AXA Enterprise Fund (exclusive of taxes, interest, brokerage commissions, capitalized expenses, expenses of other investment companies in which the Fund invests, and other extraordinary expenses) do not exceed 1.75% for Class A Shares, 2.30% for Class B and Class C Shares and 1.30% for Class Y Shares. AXA Equitable may be reimbursed the amount of any such payments and waivers in the future provided that the payments or waivers are reimbursed within three years of the payment or waiver being made and the combination of the AXA Enterprise Fund’s expense ratio and such reimbursements do not exceed the AXA Enterprise Fund’s expense cap. AXA Equitable may discontinue these arrangements at any time after February 28, 2008. |
A portion of the brokerage commissions that the AXA Enterprise Fund pays is used to reduce the Fund’s expenses. Including this reduction the Net Operating Expenses for the AXA Enterprise Fund for the twelve months ended August 31, 2006 was 1.56% for Class A Shares, 2.11% for Class B and Class C Shares and 1.11% for Class Y Shares. |
12
1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||
AXA Enterprise Capital Appreciation Fund | ||||||||||||||||||
Class A Shares | $ | 628 | $ | 950 | $ | 1,295 | $ | 2,264 | ||||||||||
Class B Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 716 | $ | 1,067 | $ | 1,344 | $ | 2,322 | ||||||||||
- assuming no redemption | $ | 216 | $ | 667 | $ | 1,144 | $ | 2,322 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 316 | $ | 667 | $ | 1,144 | $ | 2,462 | ||||||||||
- assuming no redemption | $ | 216 | $ | 667 | $ | 1,144 | $ | 2,462 | ||||||||||
Class Y Shares | $ | 115 | $ | 359 | $ | 622 | $ | 1,375 | ||||||||||
Goldman Sachs Structured U.S. Equity Fund | ||||||||||||||||||
Class A Shares | $ | 645 | $ | 848 | $ | 1,067 | $ | 1,696 | ||||||||||
Class B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 677 | $ | 848 | $ | 1,144 | $ | 1,853 | ||||||||||
- assuming no redemption | $ | 177 | $ | 548 | $ | 944 | $ | 1,853 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 277 | $ | 548 | $ | 944 | $ | 2,052 | ||||||||||
- assuming no redemption | $ | 177 | $ | 548 | $ | 944 | $ | 2,052 | ||||||||||
Institutional Shares | $ | 60 | $ | 189 | $ | 329 | $ | 738 | ||||||||||
Combined Fund Pro Forma (AXA Enterprise Capital Appreciation Fund + GST Fund) | ||||||||||||||||||
Class A Shares | $ | 644 | $ | 845 | $ | 1,062 | $ | 1,685 | ||||||||||
Class B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 676 | $ | 845 | $ | 1,139 | $ | 1,842 | ||||||||||
- assuming no redemption | $ | 176 | $ | 545 | $ | 939 | $ | 1,842 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 276 | $ | 545 | $ | 939 | $ | 2,041 | ||||||||||
- assuming no redemption | $ | 176 | $ | 545 | $ | 939 | $ | 2,041 | ||||||||||
Institutional Shares | $ | 59 | $ | 186 | $ | 324 | $ | 726 |
13
1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||
Combined Fund Pro Forma (AXA Enterprise Capital Appreciation + Multimanager Core Equity Fund + GST Fund) | ||||||||||||||||||
Class A Shares | $ | 659 | $ | 889 | $ | 1,138 | $ | 1,849 | ||||||||||
Class B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 691 | $ | 891 | $ | 1,216 | $ | 2,005 | ||||||||||
- assuming no redemption | $ | 191 | $ | 591 | $ | 1,016 | $ | 2,005 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 291 | $ | 591 | $ | 1,016 | $ | 2,201 | ||||||||||
- assuming no redemption | $ | 191 | $ | 591 | $ | 1,016 | $ | 2,201 | ||||||||||
Institutional Shares | $ | 75 | $ | 233 | $ | 406 | $ | 906 |
1 | The Class B example for each Fund reflects the conversion of Class B Shares to Class A Shares after approximately eight years from the date of purchase of Class B Shares. |
14
10 Years | ||||||||||||
Average Annual Total Returns | or Since | |||||||||||
(For the periods ended December 31, 2006) | 1 Year | 5 Years | Inception | |||||||||
Class A (inception 11/17/87) | ||||||||||||
Return Before Taxes | 0.78% | 5.62% | 6.95% | |||||||||
Return After Taxes on Distributions1 | 0.78% | 5.62% | 5.28% | |||||||||
Return After Taxes on Distributions and Sale of Fund Shares1 | 0.51% | 4.85% | 5.26% | |||||||||
Russell 1000 Growth Index2 | 9.07% | 2.69% | 5.44% | |||||||||
Class B (inception 5/1/95) | ||||||||||||
Return Before Taxes | 0.22% | 5.75% | 7.00% | |||||||||
Russell 1000 Growth Index | 9.07% | 2.69% | 8.44% | |||||||||
Class C (inception 5/1/97) | ||||||||||||
Return Before Taxes | 4.22% | 6.08% | 7.41% | |||||||||
Russell 1000 Growth Index | 9.07% | 2.67% | 4.90% | |||||||||
Class Y (inception 5/14/98) | ||||||||||||
Return Before Taxes | 6.27% | 7.14% | 5.24% | |||||||||
Russell 1000 Growth Index | 9.07% | 2.69% | 1.25% |
15
10 Years | ||||||||||||
Average Annual Total Returns | or Since | |||||||||||
(For the periods ended December 31, 2006) | 1 Year | 5 Years | Inception | |||||||||
Class A (inception 5/24/91) | ||||||||||||
Return Before Taxes | 13.03% | 7.05% | 8.22% | |||||||||
Return After Taxes on Distributions1 | 6.17% | 5.66% | 6.66% | |||||||||
Return After Taxes on Distributions and Sale of Fund Shares1 | 5.29% | 5.03% | 6.26% | |||||||||
S&P 500 Index3 | 15.79% | 6.19% | 8.42% | |||||||||
Class B (inception 5/1/96) | ||||||||||||
Return Before Taxes | 12.24% | 6.26% | 7.46% | |||||||||
S&P 500 Index | 15.79% | 6.19% | 8.42% | |||||||||
Class C (inception 8/15/97) | ||||||||||||
Return Before Taxes | 12.22% | 6.27% | 5.39% | |||||||||
S&P 500 Index | 15.79% | 6.19% | 6.32% | |||||||||
Institutional Class (inception 6/15/95) | ||||||||||||
Return Before Taxes | 13.51% | 7.48% | 8.70% | |||||||||
S&P 500 Index | 15.79% | 6.19% | 8.42% |
1 | The after-tax returns are for Class A Shares only. The after-tax returns for Class B, Class C, Class Y and Institutional Class Shares will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. |
2 | The Russell 1000 Growth Index® is an unmanaged index of common stocks that measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The Index figures do not reflect any deduction for fees, expenses or taxes. |
3 | The S&P 500® Index is the Standard & Poor’s 500 Composite Stock Price Index of 500 stocks, an unmanaged index of common stock prices. The Index figures do not reflect any deduction for fees, expenses or taxes. |
16
AXA Enterprise Capital | Goldman Sachs Structured | |||
Appreciation Fund | U.S. Equity Fund | |||
Sales Charges and Distribution/ Service (Rule 12b-1) Fees | Class A Shares. Class A Shares are subject to a maximum front-end sales charge of 4.75%, which is reduced depending on the amount invested and, in certain circumstances, waived. There is no contingent deferred sales charge (“CDSC”) on redemptions of Class A Shares, except in certain circumstances when the front-end sales charge is waived. Class A Shares are subject to a Rule 12b-1 fee equal to an annual rate of 0.45% of the Fund’s average daily net assets attributable to Class A Shares. | Class A Shares. Class A Shares are subject to a maximum front-end sales charge of 5.50%, which is reduced depending on the amount invested and, in certain circumstances, waived. There is no CDSC on redemptions of Class A Shares, except in certain circumstances when the front-end sales charge is waived. Class A Shares are subject to a Rule 12b-1 fee equal to an annual rate of 0.25% of the Fund’s average daily net assets attributable to Class A Shares. | ||
Class B Shares. There is no front-end sales charge on Class B Shares. However, Class B Shares are subject to a CDSC of up to 5% on certain redemptions within 6 years of purchase. Class B Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class B Shares. Class B Shares convert to Class A Shares approximately 8 years after purchase. | Class B Shares. There is no front-end sales charge on Class B Shares. However, Class B Shares are subject to a CDSC of up to 5% on certain redemptions within 6 years of purchase. Class B Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class B Shares. Class B Shares convert to Class A Shares approximately 8 years after purchase. | |||
Class C Shares. There is no front-end sales charge on Class C Shares. However, Class C Shares are subject to a CDSC of 1% on certain redemptions within the first year of purchase. Class C Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class C Shares. | Class C Shares. There is no front-end sales charge on Class C Shares. However, Class C Shares are subject to a CDSC of 1% on certain redemptions within the first year of purchase. Class C Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class C Shares. |
17
AXA Enterprise Capital | Goldman Sachs Structured | |||
Appreciation Fund | U.S. Equity Fund | |||
Class Y Shares. Class Y Shares are not subject to any front-end sales charge, CDSC or Rule 12b-1 fees. | Institutional Shares. Institutional Shares are not subject to any front-end sales charge, CDSC or Rule 12b-1 fees. | |||
Purchase Policies | Investors can purchase shares of an AXA Enterprise Fund directly through the Fund’s principal underwriter, Enterprise Fund Distributors, Inc., or through an authorized dealer, subject to certain minimum investments and eligibility and other requirements. | Investors can purchase shares of a GST Fund directly from Goldman Sachs, through authorized dealers and directly from GST, subject to certain minimum investments and eligibility and other requirements. | ||
Exchange Policies | Shareholders can exchange shares of the AXA Enterprise Fund at net asset value without the imposition of any front-end sales charge or CDSC at the time of the exchange for shares of the same class of another AXA Enterprise Fund. Redemption of shares (including by exchange) that are held for one month or less may, however, be subject to a redemption fee. | Shareholders can exchange shares of a GST Fund at net asset value without the imposition of any front-end sales charge or CDSC at the time of the exchange for shares of the same class of another Goldman Sachs Fund. Redemption of shares (including by exchange) that are held for 30 or 60 calendar days or less may, however, be subject to a redemption fee. | ||
Redemption Policies | Shareholders can sell (redeem) some or all their shares. Generally, the AXA Enterprise Fund will redeem its shares upon request on any business day at the net asset value next determined after receipt of such request in proper form, subject to any applicable CDSC or redemption fee. Shareholders may request that redemption proceeds be sent by check or wire. Redemptions may be requested in writing or by telephone. | Shareholders can sell (redeem) some or all their shares. Generally, the GST Fund will redeem its shares upon request on any business day at the net asset value next determined after receipt of such request in proper form, subject to any applicable CDSC or redemption fee. Shareholders may request that redemption proceeds be sent by check or wire. Redemptions may be requested in writing or by telephone. | ||
Redemption Fees | There is a 2% redemption fee assessed on certain redemptions of shares (including by exchange) within one month after purchase. | The Fund does not impose any redemption fees. |
18
Pro Forma | ||||||||||||||
AXA Enterprise | AXA Enterprise | Goldman Sachs | Pro Forma | Combined Fund | ||||||||||
Capital | Multimanager | Structured | Combined Fund | (Fund A + | ||||||||||
Appreciation | Core Equity | U.S. Equity | Pro Forma | (Fund A + | Pro Forma | Fund B + | ||||||||
Fund (Fund A) | Fund (Fund B) | Fund* (Fund C) | Adjustments | Fund C) | Adjustments | Fund C) | ||||||||
Net Assets: | $192,169 (Class A Shares) | $587 (Class A Shares) | $611,999 (Class A Shares) | $0 | $804,168 (Class A Shares) | $3,781 | $808,536 (Class A Shares) | |||||||
$67,065 (Class B Shares) | $323 (Class B Shares) | $78,110 (Class B Shares) | $0 | $145,175 (Class B Shares) | $0 | $145,498 (Class B Shares) | ||||||||
$64,690 (Class C Shares) | $324 (Class C Shares) | $36,628 (Class C Shares) | $0 | $101,318 (Class C Shares) | $0 | $101,642 (Class C Shares) | ||||||||
$65,267 (Class Y Shares) | $6,900 (Class Y Shares) | $644,250 (Institutional Shares) | $0 | $709,517 (Institutional Shares) | $0 | $716,417 (Institutional Shares) | ||||||||
$3,781 (Class P Shares) | $13,019 (Service Shares) | $(3,781) | $13,019 (Service Shares) | |||||||||||
Net Asset Value Per Share: | $34.08 (Class A Shares) | $11.34 (Class A Shares) | $31.79 (Class A Shares) | $(34.08) | $31.79 (Class A Shares) | $(45.42) | $31.79 (Class A Shares) | |||||||
$31.34 (Class B Shares) | $11.05 (Class B Shares) | $29.92 (Class B Shares) | $(31.34) | $29.92 (Class B Shares) | $(42.39) | $29.92 (Class B Shares) | ||||||||
$32.25 (Class C Shares) | $11.05 (Class C Shares) | $29.78 (Class C Shares) | $(32.25) | $29.78 (Class C Shares) | $(43.30) | $29.78 (Class C Shares) | ||||||||
$35.61 (Class Y Shares) | $11.39 (Class Y Shares) | $32.48 (Institutional Shares) | $(35.61) | $32.48 (Institutional Shares) | $(46.99) | $32.48 (Institutional Shares) | ||||||||
$11.35 (Class P Shares) | $31.50 (Service Shares) | $11.35 | $31.50 (Service Shares) | |||||||||||
Shares Outstanding: | 5,639 (Class A Shares) | 52 (Class A Shares) | 19,251 (Class A Shares) | 405 | 25,295 (Class A Shares) | 491 | 25,433 (Class A Shares) | |||||||
2,140 (Class B Shares) | 29 (Class B Shares) | 2,611 (Class B Shares) | 101 | 4,852 (Class B Shares) | 83 | 4,863 (Class B Shares) | ||||||||
2,006 (Class C Shares) | 29 (Class C Shares) | 1,230 (Class C Shares) | 166 | 3,402 (Class C Shares) | 148 | 3,413 (Class C Shares) | ||||||||
1,833 (Class Y Shares) | 606 (Class Y Shares) | 19,835 (Institutional Shares) | 177 | 21,845 (Institutional Shares) | $(217) | 22,057 (Institutional Shares) | ||||||||
333 (Class P Shares) | 413 (Service Shares) | $(333) | 413 (Service Shares) |
* | The Goldman Sachs Structured U.S. Equity Fund will be the accounting survivor for financial statement purposes. |
19
AXA Enterprise Deep Value Fund | Goldman Sachs Large Cap Value Fund | |
Investment Objective Seeks total return through capital appreciation with income as a secondary consideration. | Investment Objective Seeks long-term capital appreciation. | |
Investment Policies | Investment Policies | |
Under normal circumstances, the Fund invests primarily in equity securities of U.S. large capitalization companies that the sub-adviser believes are undervalued. Large capitalization companies are companies with market capitalization in excess of $10 billion at the time of investment. | The Fund invests, under normal circumstances, at least 80% of its Net Assets in a diversified portfolio of equity investments in large-cap U.S. issuers with public stock market capitalizations (based upon shares available for trading on an unrestricted basis) within the range of the market capitalization of companies constituting the Russell 1000® Value Index at the time of investment. If the market capitalization of a company held by the Fund moves outside this range, the Fund may, but is not required to, sell the securities. Currently, the capitalization range of the Russell 1000® Value Index was between $1.3 billion and $448 billion. | |
The sub-adviser utilizes a value-oriented investment style that emphasizes companies whose stocks are undervalued based on certain financial measurements, including price-to-earnings and price-to-book ratios and dividend income potential. | The Fund seeks its investment objective by investing in value opportunities that GSAM defines as companies with identifiable competitive advantages whose intrinsic value is not reflected in the stock price. | |
The Fund intends to invest primarily in common stocks, but it may also invest in other securities that the sub-adviser believes provide opportunities for total return, such as preferred securities, warrants and securities convertible into common stock. | The Fund’s equity investments may include common stocks, preferred stocks, convertible securities, warrants and other instruments that have economic characteristics similar to equity securities. | |
The Fund may invest up to 20% of its assets in foreign securities, including securities of companies in emerging markets. | Although the Fund will invest primarily in publicly traded U.S. securities, it may invest up to 25% of its Net Assets in foreign securities, including securities quoted in foreign currencies. | |
The Fund also may invest in equity securities of small and mid-capitalization companies. | The Fund may, to the extent consistent with its investment policies, invest in small- and mid- capitalization companies. | |
The Fund generally does not invest more than 5% of its assets in fixed-income securities. | The Fund also may invest up to 20% of its Net Assets in fixed-income securities, such as government, corporate and bank debt obligations. |
20
AXA Enterprise Deep Value Fund | Goldman Sachs Large Cap Value Fund | |
For temporary defensive purposes, the Fund may invest, without limit, in cash, money market instruments or high quality short-term debt securities. | The Fund may, for temporary defensive purposes, invest 100% of its Total Assets in U.S. Government Securities; commercial paper rated at least A-2 by Standard & Poor’s, P-2 by Moody’s or having a comparable rating by another NRSRO; certificates of deposit; bankers’ acceptances; repurchase agreements and non-convertible preferred stocks and non-convertible corporate bonds with a remaining maturity of less than one year. | |
Investment Advisers AXA Equitable, through its AXA Funds Management Group unit, serves as the investment manager for the Fund. The day-to-day portfolio management of the Fund is provided by an investment sub-adviser selected by AXA Equitable. The Fund’s sub-adviser is Barrow, Hanley, Mewhinney & Strauss, Inc. | Investment Adviser GSAM manages the Fund on a day-to-day basis and will continue to manage the Fund after the Reorganization. |
21
Goldman Sachs | ||||||||
AXA Enterprise | Large Cap | |||||||
Deep Value Fund | Value Fund | |||||||
Net Asset Value Risk | X | X | ||||||
Interest Rate Risk | X | |||||||
Credit/ Default Risk | X | |||||||
Stock Risk | X | X | ||||||
Derivatives Risk | X | |||||||
Management Risk | X | X | ||||||
Market Risk | X | X | ||||||
Liquidity Risk | X | |||||||
Investment Style Risk | X | X | ||||||
Mid-Capitalization Risk | X | |||||||
Foreign Risk | X | X | ||||||
Emerging Countries Risk | X | X | ||||||
Initial Public Offering Risk | X | X | ||||||
Small-Capitalization Risk | X | |||||||
Issuer-Specific Risk | X | X | ||||||
Sub-adviser Selection Risk | X | |||||||
Large-Capitalization Risk | X | X |
22
23
AXA Enterprise Deep Value Fund | Goldman Sachs Large Cap Value Fund | Combined Fund Pro forma | ||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class Y | Class A | Class B | Class C | Institutional | Class A | Class B | Class C | Institutional | |||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | |||||||||||||||||||||||||||||||||||||
Shareholder Fees (fees paid directly from your investment): | ||||||||||||||||||||||||||||||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Purchases | 4.75% | 1 | None | None | None | 5.50% | 1 | None | None | None | 5.50% | 1 | None | None | None | |||||||||||||||||||||||||||||||||
Maximum Deferred Sales Charge (Load) 2 | None | 1 | 5.00% | 3 | 1.00% | 4 | None | None | 1 | 5.00% | 3 | 1.00% | 4 | None | None | 1 | 5.00% | 3 | 1.00% | 4 | None | |||||||||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Reinvested Dividends | None | None | None | None | None | None | None | None | None | None | None | None | ||||||||||||||||||||||||||||||||||||
Redemption Fees | 2.00% | 5 | 2.00% | 5 | 2.00% | 5 | 2.00% | 5 | None | None | None | None | None | None | None | None | ||||||||||||||||||||||||||||||||
Exchange Fees | None | None | None | None | None | None | None | None | None | None | None | None |
AXA Enterprise Deep Value Fund | Goldman Sachs Large Cap Value Fund | Combined Fund Pro forma | ||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class Y | Class A | Class B | Class C | Institutional | Class A | Class B | Class C | Institutional | |||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | |||||||||||||||||||||||||||||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | ||||||||||||||||||||||||||||||||||||||||||||||||
Management Fees | 0.73% | 0.73% | 0.73% | 0.73% | 0.74% | 6 | 0.74% | 6 | 0.74% | 6 | 0.74% | 6 | 0.74% | 6 | 0.74% | 6 | 0.74% | 6 | 0.74% | 6 | ||||||||||||||||||||||||||||
Distribution and Service (12b-1) Fees | 0.45% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | ||||||||||||||||||||||||||||||||||||
Other Expenses* | 0.61% | 0.61% | 0.61% | 0.61% | 0.24% | 7 | 0.24% | 7 | 0.24% | 7 | 0.09% | 7 | 0.24% | 7 | 0.24% | 7 | 0.24% | 7 | 0.09% | 7 | ||||||||||||||||||||||||||||
Total Fund Operating Expenses* | 1.79% | 8 | 2.34% | 8 | 2.34% | 8 | 1.34% | 8 | 1.23% | 1.98% | 1.98% | 0.83% | 1.23% | 1.98% | 1.98% | 0.83% |
* | The “Other Expenses” and “Total Fund Operating Expenses” (after any waivers and expense limitations) of the AXA Enterprise Fund, the GST Fund and the Combined Fund are as set forth below. |
AXA Enterprise Deep Value Fund | Goldman Sachs Large Cap Value Fund | Combined Fund Pro forma | ||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class Y | Class A | Class B | Class C | Institutional | Class A | Class B | Class C | Institutional | |||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | |||||||||||||||||||||||||||||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | ||||||||||||||||||||||||||||||||||||||||||||||||
Management Fees | 0.44% | 0.44% | 0.44% | 0.44% | 0.74% | 6 | 0.74% | 6 | 0.74% | 6 | 0.74% | 6 | 0.74% | 6 | 0.74% | 6 | 0.74% | 6 | 0.74% | 6 | ||||||||||||||||||||||||||||
Distribution and Service (12b-1) Fees | 0.45% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | ||||||||||||||||||||||||||||||||||||
Other Expenses | 0.61% | 0.61% | 0.61% | 0.61% | 0.24% | 7 | 0.24% | 7 | 0.24% | 7 | 0.09% | 7 | 0.24% | 7 | 0.24% | 7 | 0.24% | 7 | 0.09% | 7 | ||||||||||||||||||||||||||||
Total Fund Operating Expenses (after current expense limitations) | 1.50% | 8 | 2.05% | 8 | 2.05% | 8 | 1.05% | 8 | 1.23% | 1.98% | 1.98% | 0.83% | 1.23% | 1.98% | 1.98% | 0.83% |
24
1 | The maximum sales charge is a percentage of the offering price. This sales charge varies depending on how much you invest. Under certain circumstances, the maximum sales charge may be reduced or waived entirely. If you buy $1,000,000 or more ($100,000 or more for certain employee benefit plans and $500,000 or more for certain individual retirement accounts) of Class A Shares of an AXA Enterprise Fund at net asset value and redeem those shares within 12 months of the end of the calendar month of their purchase, a CDSC of 1.00% generally will apply to the redemptions of those shares. A CDSC of 1% is imposed on certain redemptions (within 18 months of purchase) of Class A Shares of a GST Fund sold without an initial sales charge as part of an investment of $1 million or more. |
2 | The maximum CDSC is a percentage of the lesser of the net asset value at the time of the redemption or the net asset value when the shares were originally purchased. |
3 | A CDSC is imposed upon Class B Shares of an AXA Enterprise Fund or GST Fund redeemed within six years of purchase at a rate of 5% in the first year, declining to 1% in the sixth year, and eliminated thereafter. Class B Shares of an AXA Enterprise Fund and GST Fund automatically convert to Class A Shares eight years after the end of the calendar month in which you purchased them and will be subject to lower expenses. |
4 | A CDSC of 1% is imposed on Class C Shares of an AXA Enterprise Fund or GST Fund redeemed within 12 months of purchase. |
5 | If you redeem or exchange shares of the AXA Enterprise Fund after holding them one month or less, a fee of 2.00% of the current net asset value of the shares being redeemed or exchanged generally will be assessed and retained by the AXA Enterprise Fund for the benefit of the remaining shareholders. |
6 | GSAM has entered into the following contractual fee reduction commitments for the GST Fund: |
Management Fee | Average Daily | |||||
GST Fund | Annual Rate | Net Assets | ||||
Large Cap Value Fund | 0.75% | First $1 Billion | ||||
0.68% | Next $1 Billion | |||||
0.65% | Over $2 Billion |
Prior to this fee reduction commitment, the management fees for the Large Cap Value Fund as an annual percentage rate of average daily net assets was 0.75%. |
7 | “Other Expenses” of the GST Fund include transfer agency fees and expenses equal on an annualized basis to 0.19% of the average daily net assets of the Fund’s Class A, B and C Shares, plus all other ordinary expenses not detailed above. “Other Expenses” of the GST Fund include transfer agency fees and expenses equal on an annualized basis to 0.04% of the average daily net assets of the Institutional Shares for the Fund. GSAM has voluntarily agreed to reduce or limit “Other Expenses” (excluding management fees, distribution and service fees, shareholder administration fees, transfer agency fees and expenses, taxes, interest, brokerage fees and litigation, indemnification, shareholder meeting and other extraordinary expenses) to 0.064% of the GST Fund’s average daily net assets. These expense reductions may be terminated at any time at the option of the GST Fund’s investment adviser. |
8 | Pursuant to an Expense Limitation Agreement, AXA Equitable has agreed to make payments or waive its management, administration and other fees to limit the expenses of the AXA Enterprise Fund through February 28, 2008 (unless the Enterprise Trust Trustees consent to an earlier revision or termination of this arrangement) so that the net annual fund operating expenses (as a percentage of average daily net assets) of the AXA Enterprise Fund (exclusive of taxes, interest, brokerage commissions, capitalized expenses, expenses of other investment companies in which the Fund invests and other extraordinary expenses) do not exceed 1.50% for Class A Shares, 2.05% for Class B and Class C Shares and 1.05% for Class Y Shares. AXA Equitable may be reimbursed the amount of any such payments and waivers in the future provided that the payments or waivers are reimbursed within three years of the payment or waiver being made and the combination of the AXA Enterprise Fund’s expense ratio and such reimbursements do not exceed the AXA Enterprise Fund’s expense cap. AXA Equitable may discontinue these arrangements at any time after February 28, 2008. |
A portion of the brokerage commissions that the AXA Enterprise Fund pays is used to reduce the Fund’s expenses. Including this reduction the Net Operating Expenses for the AXA Enterprise Fund for the twelve months ended August 31, 2006 was 1.49% for Class A Shares, 2.04% for Class B and Class C Shares and 1.04% for Class Y Shares. |
25
1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||
AXA Enterprise Deep Value Fund | ||||||||||||||||||
Class A Shares | $ | 620 | $ | 983 | $ | 1,371 | $ | 2,452 | ||||||||||
Class B Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 708 | $ | 1,101 | $ | 1,421 | $ | 2,510 | ||||||||||
- assuming no redemption | $ | 208 | $ | 701 | $ | 1,221 | $ | 2,510 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 308 | $ | 701 | $ | 1,221 | $ | 2,647 | ||||||||||
- assuming no redemption | $ | 208 | $ | 701 | $ | 1,221 | $ | 2,647 | ||||||||||
Class Y Shares | $ | 107 | $ | 395 | $ | 705 | $ | 1,583 | ||||||||||
Goldman Sachs Large Cap Value Fund | ||||||||||||||||||
Class A Shares | $ | 668 | $ | 919 | $ | 1,188 | $ | 1,957 | ||||||||||
Class B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 701 | $ | 921 | $ | 1,268 | $ | 2,113 | ||||||||||
- assuming no redemption | $ | 201 | $ | 621 | $ | 1,068 | $ | 2,113 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 301 | $ | 621 | $ | 1,068 | $ | 2,306 | ||||||||||
- assuming no redemption | $ | 201 | $ | 621 | $ | 1,068 | $ | 2,306 | ||||||||||
Institutional Shares | $ | 85 | $ | 265 | $ | 460 | $ | 1,025 | ||||||||||
Combined Fund Pro forma | ||||||||||||||||||
Class A Shares | $ | 668 | $ | 919 | $ | 1,188 | $ | 1,957 | ||||||||||
Class B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 701 | $ | 921 | $ | 1,268 | $ | 2,113 | ||||||||||
- assuming no redemption | $ | 201 | $ | 621 | $ | 1,068 | $ | 2,113 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 301 | $ | 621 | $ | 1,068 | $ | 2,306 | ||||||||||
- assuming no redemption | $ | 201 | $ | 621 | $ | 1,068 | $ | 2,306 | ||||||||||
Institutional Shares | $ | 85 | $ | 265 | $ | 460 | $ | 1,025 |
1 | The Class B example for each Fund reflects the conversion of Class B Shares to Class A Shares after approximately eight years from the date of purchase of Class B Shares. |
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10 Years | ||||||||||||
Average Annual Total Returns | or Since | |||||||||||
(For the periods ended December 31, 2006) | 1 Year | 5 Years | Inception | |||||||||
Class A (inception 5/31/2001) | ||||||||||||
Return Before Taxes | 10.86% | 5.55% | 4.88% | |||||||||
Return After Taxes on Distributions1 | 9.92% | 4.73% | 4.13% | |||||||||
Return After Taxes on Distributions | 7.67% | 4.42% | 3.87% | |||||||||
and Sale of Fund Shares1 | ||||||||||||
Russell 1000 Value Index2 | 22.25% | 10.86% | 8.36% | |||||||||
Class B (inception 5/31/2001) | ||||||||||||
Return Before Taxes | 10.88% | 5.70% | 5.10% | |||||||||
Russell 1000 Value Index | 22.25% | 10.86% | 8.36% | |||||||||
Class C (inception 5/31/2001) | ||||||||||||
Return Before Taxes | 14.88% | 6.02% | 5.24% | |||||||||
Russell 1000 Value Index | 22.25% | 10.86% | 8.36% | |||||||||
Class Y (inception 5/31/2001) | ||||||||||||
Return Before Taxes | 17.10% | 7.07% | 6.26% | |||||||||
Russell 1000 Value Index | 22.25% | 10.86% | 8.36% |
10 Years | ||||||||||||
Average Annual Total Returns | or Since | |||||||||||
(For the periods ended December 31, 2006) | 1 Year | 5 Years | Inception | |||||||||
Class A (inception 12/15/1999) | ||||||||||||
Return Before Taxes | 18.44% | 10.30% | 7.82% | |||||||||
Return After Taxes on Distributions1 | 11.06% | 8.32% | 6.39% | |||||||||
Return After Taxes on Distributions and Sale of Fund Shares2 | 8.50% | 7.57% | 5.82% | |||||||||
Russell 1000 Value Index2 | 22.25% | 10.86% | 8.03% | |||||||||
Class B (inception 12/15/1999) | ||||||||||||
Return Before Taxes | 17.54% | 9.48% | 7.00% | |||||||||
Russell 1000 Value Index | 22.25% | 10.86% | 8.03% | |||||||||
Class C (inception 12/15/1999) | ||||||||||||
Return Before Taxes | 17.64% | 9.47% | 7.00% | |||||||||
Russell 1000 Value Index | 22.25% | 10.86% | 8.03% | |||||||||
Institutional Class (inception 12/15/1999) | ||||||||||||
Return Before Taxes | 18.93% | 10.73% | 8.23% | |||||||||
Russell 1000 Value Index | 22.25% | 10.86% | 8.03% |
1 | The after-tax returns are for Class A Shares only. The after-tax returns for Class B, Class C, Class Y and Institutional Class Shares will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. |
28
2 | The Russell 1000 Value Index® is an unmanaged market capitalization weighted index of common stocks that measures the performance of the 1000 largest U.S. companies with lower price-to-book ratios and lower forecasted growth values. The Index figures do not reflect any deduction for fees, expenses or taxes. |
AXA Enterprise | Goldman Sachs | |||
Deep Value Fund | Large Cap Value Fund | |||
Sales Charges and Distribution/Service (Rule 12b-1) Fees | Class A Shares. Class A Shares are subject to a maximum front-end sales charge of 4.75%, which is reduced depending on the amount invested and, in certain circumstances, waived. There is no CDSC on redemptions of Class A Shares, except in certain circumstances when the front-end sales charge is waived. Class A Shares are subject to a Rule 12b-1 fee equal to an annual rate of 0.45% of the Fund’s average daily net assets attributable to Class A Shares. | Class A Shares. Class A Shares are subject to a maximum front-end sales charge of 5.50%, which is reduced depending on the amount invested and, in certain circumstances, waived. There is no CDSC on redemptions of Class A Shares, except in certain circumstances when the front-end sales charge is waived. Class A Shares are subject to a Rule 12b-1 fee equal to an annual rate of 0.25% of the Fund’s average daily net assets attributable to Class A Shares. | ||
Class B Shares. There is no front-end sales charge on Class B Shares. However, Class B Shares are subject to a CDSC of up to 5% on certain redemptions within 6 years of purchase. Class B Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class B Shares. Class B Shares convert to Class A Shares approximately 8 years after purchase. | Class B Shares. There is no front-end sales charge on Class B Shares. However, Class B Shares are subject to a CDSC of up to 5% on certain redemptions within 6 years of purchase. Class B Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class B Shares. Class B Shares convert to Class A Shares approximately 8 years after purchase. | |||
Class C Shares. There is no front-end sales charge on Class C Shares. However, Class C Shares are subject to a CDSC of 1% on certain redemptions within the first year of purchase. Class C Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class C Shares. | Class C Shares. There is no front-end sales charge on Class C Shares. However, Class C Shares are subject to a CDSC of 1% on certain redemptions within the first year of purchase. Class C Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class C Shares. |
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AXA Enterprise | Goldman Sachs | |||
Deep Value Fund | Large Cap Value Fund | |||
Class Y Shares. Class Y Shares are not subject to any front-end sales charge, CDSC or Rule 12b-1 fees. | Institutional Shares. Institutional Shares are not subject to any front-end sales charge, CDSC or Rule 12b-1 fees. | |||
Purchase Policies | Investors can purchase shares of an AXA Enterprise Fund directly through the Fund’s principal underwriter, Enterprise Fund Distributors, Inc., or through an authorized dealer, subject to certain minimum investments and eligibility and other requirements. | Investors can purchase shares of a GST Fund directly from Goldman Sachs, through authorized dealers and directly from GST, subject to certain minimum investments and eligibility and other requirements. | ||
Exchange Policies | Shareholders can exchange shares of the AXA Enterprise Fund at net asset value without the imposition of any front-end sales charge or CDSC at the time of the exchange for shares of the same class of another AXA Enterprise Fund. Redemption of shares (including by exchange) that are held for one month or less may, however, be subject to a redemption fee. | Shareholders can exchange shares of a GST Fund at net asset value without the imposition of any front-end sales charge or CDSC at the time of the exchange for shares of the same class of another Goldman Sachs Fund. Redemption of shares (including by exchange) that are held for 30 or 60 calendar days or less may, however, be subject to a redemption fee. | ||
Redemption Policies | Shareholders can sell (redeem) some or all their shares. Generally, the AXA Enterprise Fund will redeem its shares upon request on any business day at the net asset value next determined after receipt of such request in proper form, subject to any applicable CDSC or redemption fee. Shareholders may request that redemption proceeds be sent by check or wire. Redemptions may be requested in writing or by telephone. | Shareholders can sell (redeem) some or all their shares. Generally, the GST Fund will redeem its shares upon request on any business day at the net asset value next determined after receipt of such request in proper form, subject to any applicable CDSC or redemption fee. Shareholders may request that redemption proceeds be sent by check or wire. Redemptions may be requested in writing or by telephone. | ||
Redemption Fees | There is a 2% redemption fee assessed on certain redemptions of shares (including by exchange) within one month after purchase. | The Fund does not impose any redemption fees. |
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AXA Enterprise | Goldman Sachs Large | Pro Forma | Pro Forma | |||||
Deep Value Fund | Cap Value Fund* | Adjustments | Combined Fund | |||||
Net Assets: | $28,937 (Class A Shares) | $707,319 (Class A Shares) | $0 | $736,256 (Class A Shares) | ||||
$15,739 (Class B Shares) | $24,939 (Class B Shares) | $0 | $40,678 (Class B Shares) | |||||
$7,009 (Class C Shares) | $54,909 (Class C Share) | $0 | $61,918 (Class C Shares) | |||||
$9,117 (Class Y Shares) | $506,910 (Institutional Shares) | $0 | $516,027 (Institutional Shares) | |||||
Net Asset Value Per Share: | $10.96 (Class A Shares) | $13.80 (Class A Shares) | $(10.96) | $13.80 (Class A Shares) | ||||
$10.86 (Class B Shares) | $13.44 (Class B Shares) | $(10.86) | $13.44 (Class B Shares) | |||||
$10.86 (Class C Shares) | $13.40 (Class C Shares) | $(10.86) | $13.40 (Class C Shares) | |||||
$11.03 (Class Y Shares) | $13.94 (Institutional Shares) | $(11.03) | $13.94 (Institutional Shares) | |||||
Shares Outstanding: | 2,641 (Class A Shares) | 51,269 (Class A Shares) | (544) | 53,366 (Class A Shares) | ||||
1,449 (Class B Shares) | 1,855 (Class B Shares) | (278) | 3,026 (Class B Shares) | |||||
645 (Class C Shares) | 4,098 (Class C Shares) | (122) | 4,621 (Class C Shares) | |||||
827 (Class Y Shares) | 36,360 (Institutional Shares) | (174) | 37,013 (Institutional Shares) |
* | The Goldman Sachs Large Cap Value Fund will be the accounting survivor for financial statement purposes. |
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Goldman Sachs Structured | ||
AXA Enterprise Equity Fund | Large Cap Growth Fund | |
Investment Objective | Investment Objective | |
Seeks Long-term capital appreciation. | Seeks long-term growth of capital. Dividend income is a secondary consideration. The Fund seeks this objective through a broadly diversified portfolio of equity investments in large-cap U.S. issuers that are expected to have better prospects for earnings growth than the growth rate of the general domestic economy. | |
Investment Policies | Investment Policies | |
Under normal circumstances, the Fund intends to invest at least 80% of its net assets, plus borrowings for investment purposes, in equity securities. The Fund intends to invest primarily in the equity securities of U.S. large capitalization companies that meet the sub-adviser’s criteria of high return on investment capital, strong positions within their industries, sound financial fundamentals and management committed to shareholder interests. Large capitalization companies are companies with market capitalization in excess of $5 billion at the time of investment. | The Fund invests, under normal circumstances, at least 80% of its Net Assets in a broadly diversified portfolio of equity investments in large-cap U.S. issuers, including foreign issuers that are traded in the United States. However, it is currently anticipated that, under normal circumstances, the Fund will invest at least 95% of its Net Assets in such equity investments. These issuers will have public stock market capitalizations (based upon shares available for trading on an unrestricted basis) similar to that of the Russell 1000® Growth Index at the time of investment. If the market capitalization of a company held by the Fund moves outside this range, the Fund may, but is not required to, sell the securities. The Fund is not required to limit its investments to securities in the Russell 1000® Growth Index. The capitalization range of the Russell 1000® Growth Index is currently between $1.369 billion and $432.114 billion. |
32
Goldman Sachs Structured | ||
AXA Enterprise Equity Fund | Large Cap Growth Fund | |
The sub-adviser generally chooses investments that include either companies with above average growth prospects, companies selling at reasonable valuations, or both. The sub-adviser generally selects companies with one or more of the following characteristics: superior business practices that will benefit from long-term trends, superior growth, profitability and leading market share versus others in their industry, strong enduring business models, valuable consumer or commercial franchises, high return on capital, favorable price to intrinsic value and undervalued assets. | The adviser emphasizes a company’s growth prospects in analyzing equity investments to be purchased by the Fund. The Fund’s investments are selected using both a variety of quantitative techniques derived from fundamental research including but not limited to valuation, momentum, profitability and earnings in seeking to maximize the Fund’s expected return. The Fund maintains the risk, style, capitalization and industry characteristics similar to the Russell 1000® Growth Index. The Fund seeks to maximize expected return while maintaining characteristics similar to its benchmark which generally consists of companies with above average capitalizations and earnings growth expectations and below average dividend yields. | |
The Fund intends to invest primarily in common stocks, but it may also invest in other securities that the sub-adviser believes provide opportunities for capital appreciation, such as preferred stocks, warrants and securities convertible into common stock. | The Fund’s equity investments may include common stocks, preferred stocks, convertible securities, warrants and other instruments that have economic characteristics similar to equity securities. | |
The Fund may invest up to 20% of its assets in foreign securities, including securities of companies in emerging markets, provided that they are listed on a domestic or foreign securities exchange or represented by American Depositary Receipts (“ADRs”) or European Depositary Receipts (“EDRs”) listed on a domestic securities exchange or traded in the U.S. over-the-counter market. | The Fund may make foreign investments, including ADRs and global depositary receipts. The Fund generally does not invest in securities of emerging market issuers. Equity securities of foreign issuers must be traded in the United States. | |
The Fund also may invest in equity securities of small and mid-capitalization companies. | The Fund may, to the extent consistent with its investment policies, invest in small- and mid- capitalization companies. | |
For temporary defensive purposes, the Fund may invest, without limit, in cash, money market instruments or high quality short-term debt securities, including repurchase agreements. | For temporary defensive purposes, the Fund may invest up to 35% of its Total Assets in U.S. Government Securities; commercial paper rated at least A-2 by Standard & Poor’s, P-2 by Moody’s or having a comparable rating by another NRSRO; certificates of deposit; bankers’ acceptances; repurchase agreements; non-convertible preferred stocks and non-convertible corporate bonds with a remaining maturity of less than one year. |
33
Goldman Sachs Structured | ||
AXA Enterprise Equity Fund | Large Cap Growth Fund | |
Investment Advisers | Investment Adviser | |
AXA Equitable, through its AXA Funds Management Group unit, serves as the investment manager for the Fund. The day-to-day portfolio management of the Fund is provided by an investment sub-adviser selected by AXA Equitable. The Fund’s sub-adviser is TCW Investment Management Company. | GSAM manages the Fund on a day-to-day basis and will continue to manage the Fund after the Reorganization. |
Goldman Sachs Structured | ||||
AXA Enterprise Equity Fund | Large Cap Growth Fund | |||
Net Asset Value Risk | X | X | ||
Interest Rate Risk | X | |||
Stock Risk | X | X | ||
Derivatives Risk | X | |||
Management Risk | X | X | ||
Market Risk | X | X | ||
Liquidity Risk | X | |||
Investment Style Risk | X | X | ||
Mid-Capitalization Risk | X | X | ||
Foreign Risk | X | X | ||
Emerging Countries Risk | X | |||
Small-Capitalization Risk | X | X | ||
Issuer-Specific Risk | X | X | ||
Sub-adviser Selection Risk | X | |||
Large-Capitalization Risk | X | X |
34
35
Combined Fund Pro Forma | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Combined Fund Pro Forma | (AXA Enterprise Equity Fund + AXA | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goldman Sachs Structured Large Cap | (AXA Enterprise Equity Fund + | Enterprise Multimanager Growth Fund + | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AXA Enterprise Equity Fund | Growth Fund | GST Fund) | GST Fund) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class Y | Class A | Class B | Class C | Institutional | Class A | Class B | Class C | Institutional | Class A | Class B | Class C | Institutional | |||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | |||||||||||||||||||||||||||||||||||||||||||||||||
Shareholder Fees (fees paid directly from your investment): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Purchases | 4.75%1 | None | None | None | 5.50%1 | None | None | None | 5.50%1 | None | None | None | 5.50%1 | None | None | None | ||||||||||||||||||||||||||||||||||||||||||||||||
Maximum Deferred Sales Charge (Load) 2 | None | 1 | 5.00%3 | 1.00%4 | None | None | 1 | 5.00%3 | 1.00%4 | None | None | 1 | 5.00%3 | 1.00%4 | None | None | 1 | 5.00%3 | 1.00%4 | None | ||||||||||||||||||||||||||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Reinvested Dividends | None | None | None | None | None | None | None | None | None | None | None | None | None | None | None | None | ||||||||||||||||||||||||||||||||||||||||||||||||
Redemption Fees | 2.00%5 | 2.00%5 | 2.00%5 | 2.00%5 | None | None | None | None | None | None | None | None | None | None | None | None | ||||||||||||||||||||||||||||||||||||||||||||||||
Exchange Fees | None | None | None | None | None | None | None | None | None | None | None | None | None | None | None | None |
Combined Fund Pro Forma | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Combined Fund Pro Forma | (AXA Enterprise Equity Fund + AXA | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goldman Sachs Structured Large Cap | (AXA Enterprise Equity Fund + | Enterprise Multimanager Growth Fund + | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AXA Enterprise Equity Fund | Growth Fund | GST Fund) | GST Fund) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class Y | Class A | Class B | Class C | Institutional | Class A | Class B | Class C | Institutional | Class A | Class B | Class C | Institutional | |||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | |||||||||||||||||||||||||||||||||||||||||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Management Fees | 0.73% | 0.73% | 0.73% | 0.73% | 0.65%6 | 0.65%6 | 0.65%6 | 0.65%6 | 0.65%6 | 0.65%6 | 0.65%6 | 0.65%6 | 0.65%6 | 0.65%6 | 0.65%6 | 0.65%6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Distribution and Service (12b-1) Fees | 0.45% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | ||||||||||||||||||||||||||||||||||||||||||||||||
Other Expenses* | 0.59% | 0.59% | 0.59% | 0.59% | 0.26%7 | 0.26%7 | 0.26%7 | 0.11%7 | 0.25%7 | 0.25%7 | 0.25%7 | 0.10% | 0.25%7 | 0.25%7 | 0.25%7 | 0.10% | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Fund Operating Expenses* | 1.77%8 | 2.32%8 | 2.32%8 | 1.32% | 1.16% | 1.91% | 1.91% | 0.76% | 1.15% | 1.90% | 1.90% | 0.75% | 1.15% | 1.90% | 1.90% | 0.75% |
* | The “Management Fees,” “Other Expenses” and “Total Fund Operating Expenses” (after any waivers and expense limitations) of the AXA Enterprise Fund, GST Fund and Combined Fund are as set forth below. |
Combined Fund Pro Forma | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(AXA Enterprise Equity Fund + | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Combined Fund Pro Forma | AXA Enterprise Multimanager Growth | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goldman Sachs Structured Large Cap | (AXA Enterprise Equity Fund + | Fund + | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AXA Enterprise Equity Fund | Growth Fund | GST Fund) | GST Fund) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class Y | Class A | Class B | Class C | Institutional | Class A | Class B | Class C | Institutional | Class A | Class B | Class C | Institutional | |||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | |||||||||||||||||||||||||||||||||||||||||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Management Fees | 0.56% | 0.56% | 0.56% | 0.56% | 0.55%6 | 0.55%6 | 0.55%6 | 0.55%6 | 0.56%6 | 0.56%6 | 0.56%6 | 0.56%6 | 0.56%6 | 0.56%6 | 0.56%6 | 0.56%6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Distribution and Service (12b-1) Fees | 0.45% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | ||||||||||||||||||||||||||||||||||||||||||||||||
Other Expenses | 0.59% | 0.59% | 0.59% | 0.59% | 0.20%7 | 0.20%7 | 0.20%7 | 0.05%7 | 0.19%7 | 0.19%7 | 0.19%7 | 0.04%7 | 0.19%7 | 0.19%7 | 0.19%7 | 0.04%7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Fund Operating Expenses (after current expense limitations) | 1.60%8 | 2.15%8 | 2.15%8 | 1.15%6 | 1.00% | 1.75% | 1.75% | 0.60% | 1.00% | 1.75% | 1.75% | 0.60% | 1.00% | 1.75% | 1.75% | 0.60% |
36
1 | The maximum sales charge is a percentage of the offering price. This sales charge varies depending on how much you invest. Under certain circumstances, the maximum sales charge may be reduced or waived entirely. If you buy $1,000,000 or more ($100,000 or more for certain employee benefit plans and $500,000 or more for certain individual retirement accounts) of Class A Shares of an AXA Enterprise Fund at net asset value and redeem those shares within 12 months of the end of the calendar month of their purchase, a CDSC of 1.00% generally will apply to the redemptions of those shares. A CDSC of 1% is imposed on certain redemptions (within 18 months of purchase) of Class A Shares of a GST Fund sold without an initial sales charge as part of an investment of $1 million or more. |
2 | The maximum CDSC is a percentage of the lesser of the net asset value at the time of the redemption or the net asset value when the shares were originally purchased. |
3 | A CDSC is imposed upon Class B Shares of an AXA Enterprise Fund or GST Fund redeemed within six years of purchase at a rate of 5% in the first year, declining to 1% in the sixth year, and eliminated thereafter. Class B Shares of an AXA Enterprise Fund and GST Fund automatically convert to Class A Shares eight years after the end of the calendar month in which you purchased them and will be subject to lower expenses. |
4 | A CDSC of 1% is imposed on Class C Shares of an AXA Enterprise Fund or GST Fund redeemed within 12 months of purchase. |
5 | If you redeem or exchange shares of the AXA Enterprise Fund after holding them one month or less, a fee of 2.00% of the current net asset value of the shares being redeemed or exchanged generally will be assessed and retained by the AXA Enterprise Fund for the benefit of the remaining shareholders. |
6 | GSAM has entered into the following contractual fee reduction commitments for the GST Fund: |
Management Fee | Average Daily | |||||
GST Fund | Annual Rate | Net Assets | ||||
Structured Large Cap Growth | 0.65% | First $1 Billion | ||||
0.59% | Next $1 Billion | |||||
0.56% | Over $2 Billion |
Prior to this fee reduction commitment, the management fee for the GST Fund as an annual percentage rate of average daily net assets was 0.65%. Additionally, as of August 31, 2006, GSAM was voluntarily waiving a portion of its management fee equal to 0.10% based on the average daily net assets of the GST Fund. |
7 | “Other Expenses” of the GST Fund include transfer agency fees and expenses equal on an annualized basis to 0.19% of the average daily net assets of the Fund’s Class A, B and C Shares, plus all other ordinary expenses not detailed above. “Other Expenses” of the GST Fund include transfer agency fees and expenses equal on an annualized basis to 0.04% of the average daily net assets of the Institutional Shares for the Fund. GSAM has voluntarily agreed to reduce or limit “Other Expenses” (excluding management fees, distribution and service fees, shareholder administration fees, transfer agency fees and expenses, taxes, interest, brokerage fees and litigation, indemnification, shareholder meeting and other extraordinary expenses) to 0.004% of the GST Fund’s average daily net assets. These expense reductions may be terminated at any time at the option of the GST Fund’s investment adviser. |
8 | Pursuant to an Expense Limitation Agreement, AXA Equitable has agreed to make payments or waive its management, administration and other fees to limit the expenses of the AXA Enterprise Fund through February 28, 2008 (unless the Enterprise Trust Trustees consent to an earlier revision or termination of this arrangement) so that the net annual fund operating expenses (as a percentage of average daily net assets) of the AXA Enterprise Fund (exclusive of taxes, interest, brokerage commissions, capitalized expenses, expenses of other investment companies in which the Fund invests, and other extraordinary expenses) do not exceed 1.60% for Class A Shares, 2.15% for Class B and Class C Shares and 1.15% for Class Y Shares. AXA Equitable may be reimbursed the amount of any such payments and waivers in the future provided that the payments or waivers are reimbursed within three years of the payment or waiver being made and the combination of the AXA Enterprise Fund’s expense ratio and such reimbursements do not exceed the AXA Enterprise Fund’s expense cap. AXA Equitable may discontinue these arrangements at any time after February 28, 2008. |
A portion of the brokerage commissions that the AXA Enterprise Fund pays is used to reduce the Fund’s expenses. Including this reduction the Net Operating Expenses for the AXA Enterprise Fund for the twelve months ended August 31, 2006 was 1.55% for Class A Shares, 2.10% for Class B and Class C Shares and 1.10% for Class Y Shares. |
37
1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||
AXA Enterprise Equity Fund | ||||||||||||||||||
Class A Shares | $ | 630 | $ | 989 | $ | 1,372 | $ | 2,443 | ||||||||||
Class B Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 718 | $ | 1,107 | $ | 1,423 | $ | 2,502 | ||||||||||
- assuming no redemption | $ | 218 | $ | 707 | $ | 1,223 | $ | 2,502 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 318 | $ | 707 | $ | 1,223 | $ | 2,639 | ||||||||||
- assuming no redemption | $ | 218 | $ | 707 | $ | 1,223 | $ | 2,639 | ||||||||||
Class Y Shares | $ | 117 | $ | 401 | $ | 706 | $ | 1,573 | ||||||||||
Goldman Sachs Structured Large Cap Growth Fund | ||||||||||||||||||
Class A Shares | $ | 662 | $ | 898 | $ | 1,153 | $ | 1,881 | ||||||||||
Class B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 694 | $ | 900 | $ | 1,232 | $ | 2,038 | ||||||||||
- assuming no redemption | $ | 194 | $ | 600 | $ | 1,032 | $ | 2,038 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 294 | $ | 600 | $ | 1,032 | $ | 2,233 | ||||||||||
- assuming no redemption | $ | 194 | $ | 600 | $ | 1,032 | $ | 2,233 | ||||||||||
Institutional Shares | $ | 78 | $ | 243 | $ | 422 | $ | 942 | ||||||||||
Combined Fund Pro Forma (AXA Enterprise Equity Fund + GST Fund) | ||||||||||||||||||
Class A Shares | $ | 661 | $ | 895 | $ | 1,148 | $ | 1,871 | ||||||||||
Class B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 693 | $ | 897 | $ | 1,226 | $ | 2,027 | ||||||||||
- assuming no redemption | $ | 193 | $ | 597 | $ | 1,026 | $ | 2,027 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 293 | $ | 597 | $ | 1,026 | $ | 2,222 | ||||||||||
- assuming no redemption | $ | 193 | $ | 597 | $ | 1,026 | $ | 2,222 | ||||||||||
Institutional Shares | $ | 77 | $ | 240 | $ | 417 | $ | 930 |
38
1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||
Combined Fund Pro Forma (AXA Enterprise Equity Fund + AXA Enterprise Multimanager Growth Fund + GST Fund) | ||||||||||||||||||
Class A Shares | $ | 661 | $ | 895 | $ | 1,148 | $ | 1,871 | ||||||||||
Class B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 693 | $ | 897 | $ | 1,226 | $ | 2,027 | ||||||||||
- assuming no redemption | $ | 193 | $ | 597 | $ | 1,026 | $ | 2,027 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 293 | $ | 597 | $ | 1,026 | $ | 2,222 | ||||||||||
- assuming no redemption | $ | 193 | $ | 597 | $ | 1,026 | $ | 2,222 | ||||||||||
Institutional Shares | $ | 77 | $ | 240 | $ | 417 | $ | 930 |
1 | The Class B example for each Fund reflects the conversion of Class B Shares to Class A Shares after approximately eight years from the date of purchase of Class B Shares. |
39
10 Years | ||||||||||||
Average Annual Total Returns | or Since | |||||||||||
(For the periods ended December 31, 2006) | 1 Year | 5 Years | Inception | |||||||||
Class A (inception 5/1/97) | ||||||||||||
Return Before Taxes | -9.99% | 2.09% | 3.01% | |||||||||
Return After Taxes on Distributions1 | -9.99% | 2.09% | 2.69% | |||||||||
Return After Taxes on Distributions and Sale of Fund Shares1 | -6.49% | 1.79% | 2.43% | |||||||||
Russell 1000 Growth Index2 | 9.07% | 2.69% | 4.90% | |||||||||
Class B (inception 5/1/97) | ||||||||||||
Return Before Taxes | -10.72% | 2.15% | 3.07% | |||||||||
Russell 1000 Growth Index | 9.07% | 2.69% | 4.90% | |||||||||
Class C (inception 5/1/97) | ||||||||||||
Return Before Taxes | -6.95% | 2.51% | 3.00% | |||||||||
Russell 1000 Growth Index | 9.07% | 2.69% | 4.90% | |||||||||
Class Y (inception 10/14/98) | ||||||||||||
Return Before Taxes | -5.01% | 3.55% | 2.44% | |||||||||
Russell 1000 Growth Index | 9.07% | 2.69% | 2.54% |
10 Years | ||||||||||||
Average Annual Total Returns | or Since | |||||||||||
(For the periods ended December 31, 2006) | 1 Year | 5 Years | Inception | |||||||||
Class A (inception 5/1/97) | ||||||||||||
Return Before Taxes | 7.76% | 3.58% | 5.48% | |||||||||
Return After Taxes on Distributions1 | 1.85% | 2.41% | 3.80% | |||||||||
Return After Taxes on Distributions and Sale of Fund Shares1 | 1.22% | 2.07% | 3.42% | |||||||||
Russell 1000 Growth Index2 | 9.07% | 2.69% | 5.44% | |||||||||
Class B (inception 5/1/97) | ||||||||||||
Return Before Taxes | 6.97% | 2.81% | 4.01% | |||||||||
Russell 1000 Growth Index | 9.07% | 2.69% | 4.87% | |||||||||
Class C (inception 8/15/97) | ||||||||||||
Return Before Taxes | 6.97% | 2.81% | 2.32% | |||||||||
Russell 1000 Growth Index | 9.07% | 2.69% | 3.23% | |||||||||
Institutional Class (inception 5/1/97) | ||||||||||||
Return Before Taxes | 8.20% | 4.00% | 5.87% | |||||||||
Russell 1000 Growth Index | 9.07% | 2.69% | 5.44% |
40
1 | The after-tax returns are for Class A Shares only. The after-tax returns for Class B, Class C, Class Y and Institutional Class Shares will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. |
2 | The Russell 1000 Growth Index® is an unmanaged index of common stocks that measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The Index figures do not reflect any deduction for fees, expenses or taxes. |
Goldman Sachs Structured | ||||
AXA Enterprise Equity Fund | Large Cap Growth Fund | |||
Sales Charges and Distribution/ Service (Rule 12b-1) Fees | Class A Shares. Class A Shares are subject to a maximum front-end sales charge of 4.75%, which is reduced depending on the amount invested and, in certain circumstances, waived. There is no CDSC on redemptions of Class A Shares, except in certain circumstances when the front-end sales charge is waived. Class A Shares are subject to a Rule 12b-1 fee equal to an annual rate of 0.45% of the Fund’s average daily net assets attributable to Class A Shares. | Class A Shares. Class A Shares are subject to a maximum front-end sales charge of 5.50%, which is reduced depending on the amount invested and, in certain circumstances, waived. There is no CDSC on redemptions of Class A Shares, except in certain circumstances when the front-end sales charge is waived. Class A Shares are subject to a Rule 12b-1 fee equal to an annual rate of 0.25% of the Fund’s average daily net assets attributable to Class A Shares. | ||
Class B Shares. There is no front-end sales charge on Class B Shares. However, Class B Shares are subject to a CDSC of up to 5% on certain redemptions within 6 years of purchase. Class B Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class B Shares. Class B Shares convert to Class A Shares approximately 8 years after purchase. | Class B Shares. There is no front-end sales charge on Class B Shares. However, Class B Shares are subject to a CDSC of up to 5% on certain redemptions within 6 years of purchase. Class B Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class B Shares. Class B Shares convert to Class A Shares approximately 8 years after purchase. |
41
Goldman Sachs Structured | ||||
AXA Enterprise Equity Fund | Large Cap Growth Fund | |||
Class C Shares. There is no front-end sales charge on Class C Shares. However, Class C Shares are subject to a CDSC of 1% on certain redemptions within the first year of purchase. Class C Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class C Shares. | Class C Shares. There is no front-end sales charge on Class C Shares. However, Class C Shares are subject to a CDSC of 1% on certain redemptions within the first year of purchase. Class C Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class C Shares. | |||
Class Y Shares. Class Y Shares are not subject to any front-end sales charge, CDSC or Rule 12b-1 fees. | Institutional Shares. Institutional Shares are not subject to any front-end sales charge, CDSC or Rule 12b-1 fees. | |||
Purchase Policies | Investors can purchase shares of an AXA Enterprise Fund directly through the Fund’s principal underwriter, Enterprise Fund Distributors, Inc., or through an authorized dealer, subject to certain minimum investments and eligibility and other requirements. | Investors can purchase shares of a GST Fund directly from Goldman Sachs, through authorized dealers and directly from GST, subject to certain minimum investments and eligibility and other requirements. | ||
Exchange Policies | Shareholders can exchange shares of the AXA Enterprise Fund at net asset value without the imposition of any front-end sales charge or CDSC at the time of the exchange for shares of the same class of another AXA Enterprise Fund. Redemption of shares (including by exchange) that are held for one month or less may, however, be subject to a redemption fee. | Shareholders can exchange shares of a GST Fund at net asset value without the imposition of any front-end sales charge or CDSC at the time of the exchange for shares of the same class of another Goldman Sachs Fund. Redemption of shares (including by exchange) that are held for 30 or 60 calendar days or less may, however, be subject to a redemption fee. | ||
Redemption Policies | Shareholders can sell (redeem) some or all their shares. Generally, the AXA Enterprise Fund will redeem its shares upon request on any business day at the net asset value next determined after receipt of such request in proper form, subject to any applicable CDSC or redemption fee. Shareholders may request that redemption proceeds be sent by check or wire. Redemptions may be requested in writing or by telephone. | Shareholders can sell (redeem) some or all their shares. Generally, the GST Fund will redeem its shares upon request on any business day at the net asset value next determined after receipt of such request in proper form, subject to any applicable CDSC or redemption fee. Shareholders may request that redemption proceeds be sent by check or wire. Redemptions may be requested in writing or by telephone. | ||
Redemption Fees | There is a 2% redemption fee assessed on certain redemptions of shares (including by exchange) within one month after purchase. | The Fund does not impose any redemption fees. |
42
Pro Forma | ||||||||||||||
AXA Enterprise | Goldman Sachs | Pro Forma | Combined Fund | |||||||||||
AXA Enterprise | Multimanager | Structured Large | Combined Fund | (Fund A + | ||||||||||
Equity Fund | Growth Fund | Cap Growth | Pro Forma | (Fund A + | Pro Forma | Fund B + | ||||||||
(Fund A) | (Fund B) | Fund* (Fund C) | Adjustments | Fund C) | Adjustments | Fund C) | ||||||||
Net Assets: | $43,197 (Class A Shares) | $807 (Class A Shares) | $310,386 (Class A Shares) | $0 | $353,583 (Class A Shares) | $3,072 | $357,462 (Class A Shares) | |||||||
$33,720 (Class B Shares) | $347 (Class B Shares) | $41,947 (Class B Shares) | $0 | $75,667 (Class B Shares) | $0 | $76,014 (Class B Shares) | ||||||||
$23,498 (Class C Shares) | $239 (Class C Shares) | $22,811 (Class C Shares) | $0 | $46,309 (Class C Shares) | $0 | $46,548 (Class C Shares) | ||||||||
$7,545 (Class Y Shares) | $5,930 (Class Y Shares) | $488,448 (Institutional Shares) | $0 | $495,993 (Institutional Shares) | $0 | $501,923 (Institutional Shares) | ||||||||
$3,072 (Class P Shares) | $260 (Service Shares) | $(3,072) | $260 (Service Shares) | |||||||||||
Net Asset Value Per Share: | $6.00 (Class A Shares) | $9.46 (Class A Shares) | $13.20 (Class A Shares) | $(6.00) | $13.20 (Class A Shares) | $(15.46) | $13.20 (Class A Shares) | |||||||
$5.72 (Class B Shares) | $9.22 (Class B Shares) | $12.33 (Class B Shares) | $(5.72) | $12.33 (Class B Shares) | $(14.94) | $12.33 (Class B Shares) | ||||||||
$5.73 (Class C Shares) | $9.21 (Class C Shares) | $12.34 (Class C Shares) | $(5.73) | $12.34 (Class C Shares) | $(14.94) | $12.34 (Class C Shares) | ||||||||
$6.21 (Class Y Shares) | $9.55 (Class Y Shares) | $13.58 (Institutional Shares) | $(6.21) | $13.58 (Institutional Shares) | $(15.76) | $13.58 (Institutional Shares) | ||||||||
$9.49 (Class P Shares) | $13.10 (Service Shares) | $(9.49) | $13.10 (Service Shares) | |||||||||||
Shares Outstanding: | 7,196 (Class A Shares) | 85 (Class A Shares) | 23,521 (Class A Shares) | (3,922) | 26,795 (Class A Shares) | (3,713) | 27,089 (Class A Shares) | |||||||
5,892 (Class B Shares) | 38 (Class B Shares) | 3,401 (Class B Shares) | (3,158) | 6,135 (Class B Shares) | (3,168) | 6,163 (Class B Shares) | ||||||||
4,101 (Class C Shares) | 26 (Class C Shares) | 1,849 (Class C Shares) | (2,196) | 3,754 (Class C Shares) | (2,203) | 3,773 (Class C Shares) | ||||||||
1,215 (Class Y Shares) | 621 (Class Y Shares) | 35,974 (Institutional Shares) | (659) | 36,530 (Institutional Shares) | (843) | 36,967 (Institutional Shares) | ||||||||
324 (Class P Shares) | 20 (Service Shares) | (324) | 20 (Service Shares) |
* | The Goldman Sachs Structured Large Cap Growth Fund will be the accounting survivor for financial statement purposes. |
43
AXA Enterprise Equity Income Fund | Goldman Sachs Growth and Income Fund | |
Investment Objective | Investment Objective | |
Seeks above average and consistent total return through a combination of growth and income investing. | Seeks long-term growth of capital and growth of income. | |
Investment Policies | Investment Policies | |
Under normal circumstances, the Fund intends to invest at least 80% of its net assets, plus borrowings for investment purposes, in equity securities. The Fund intends to invest primarily in dividend-paying common stocks of U.S. large capitalization companies. Large capitalization companies include those companies with market capitalization in excess of $10 billion at the time of investment. | The Fund invests, under normal circumstances, at least 65% of its Total Assets in equity investments that the adviser considers to have favorable prospects for capital appreciation and/or dividend-paying ability. The Fund invests primarily in equity securities of large capitalization U.S. companies. | |
The sub-adviser focuses primarily on companies that offer the potential for capital appreciation combined with an above market level of dividend income. The sub-adviser generally uses the following guidelines in constructing the portfolio: (1) each individual stock holding will pay a dividend at least annually; (2) the overall portfolio yield will be greater than the dividend yield on the S&P 500 Index; and (3) at least 80% of the stocks (measured by net assets) will pay a dividend that exceeds the dividend yield on the S&P 500 Index. | The Fund invests primarily in securities that are believed to be undervalued. |
44
AXA Enterprise Equity Income Fund | Goldman Sachs Growth and Income Fund | |
The Fund intends to invest primarily in common stocks, but it may also invest in other securities that the sub-adviser believes provide opportunities for total return, such as preferred stocks, warrants and securities convertible into common stock. | The Fund’s equity investments may include common stocks, preferred stocks, convertible securities, warrants and other instruments that have economic characteristics similar to equity securities. | |
The Fund may invest up to 20% (but generally does not invest more than 5%) of its assets in fixed-income securities. | The Fund may also invest up to 35% of its Total Assets in fixed-income securities (including up to 10% in non- investment grade fixed-income securities), such as government, corporate and bank debt obligations, that offer the potential to further the Fund’s investment objective. | |
The Fund may invest up to 20% of its assets in foreign securities, including securities of issuers in emerging markets. | The Fund may invest up to 25% of its Total Assets in foreign securities, including securities of issuers in emerging countries and securities quoted in foreign currencies. | |
The Fund also may invest in equity securities of small-and mid-capitalization companies. | The Fund may, to the extent consistent with its investment policies, invest in small- and mid- capitalization companies. | |
For temporary defensive purposes, the Fund may invest, without limit, in cash, money market instruments or high quality short-term debt securities, including repurchase agreements. | The Fund may, for temporary defensive purposes, invest 100% of its Total Assets in U.S. Government Securities; commercial paper rated at least A-2 by Standard & Poor’s, P-2 by Moody’s or having a comparable rating by another NRSRO; certificates of deposit; bankers’ acceptances; repurchase agreements and non-convertible preferred stocks and non-convertible corporate bonds with a remaining maturity of less than one year. | |
Investment Advisers | Investment Adviser | |
AXA Equitable, through its AXA Funds Management Group unit, serves as the investment manager for the Fund. The day-to-day portfolio management of the Fund is provided by an investment sub-adviser selected by AXA Equitable. The Fund’s sub-adviser is Boston Advisors, LLC. | GSAM manages the Fund on a day-to-day basis and will continue to manage the Fund after the Reorganization. |
45
AXA Enterprise Equity | Goldman Sachs | |||||||
Income Fund | Growth and Income Fund | |||||||
Net Asset Value Risk | X | X | ||||||
Interest Rate Risk | X | |||||||
Credit/Default Risk | X | |||||||
Stock Risk | X | X | ||||||
Derivatives Risk | X | |||||||
Management Risk | X | X | ||||||
Market Risk | X | X | ||||||
Liquidity Risk | X | |||||||
Investment Style Risk | X | X | ||||||
Mid-Capitalization Risk | X | |||||||
Foreign Risk | X | X | ||||||
Emerging Countries Risk | X | X | ||||||
Small-Capitalization Risk | X | |||||||
Issuer-Specific Risk | X | X | ||||||
Sub-adviser Selection Risk | X | |||||||
Large-Capitalization Risk | X | X |
46
47
Combined Fund Pro Forma | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Combined Fund Pro Forma | (AXA Enterprise Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AXA Enterprise | Goldman Sachs | (AXA Enterprise Equity Income | Income Fund + AXA Enterprise | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Income Fund | Growth and Income Fund | Fund + GST Fund) | Growth and Income Fund + GST Fund) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class Y | Class A | Class B | Class C | Institutional | Class A | Class B | Class C | Institutional | Class A | Class B | Class C | Institutional | |||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | |||||||||||||||||||||||||||||||||||||||||||||||||
Shareholder Fees (fees paid directly from your investment): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Purchases | 4.75% | 1 | None | None | None | 5.50% | 1 | None | None | None | 5.50% | 1 | None | None | None | 5.50% | 1 | None | None | None | ||||||||||||||||||||||||||||||||||||||||||||
Maximum Deferred Sales Charge (Load) 2 | None | 1 | 5.00% | 3 | 1.00% | 4 | None | None | 1 | 5.00% | 3 | 1.00% | 4 | None | None | 1 | 5.00% | 3 | 1.00% | 4 | None | None | 1 | 5.00% | 3 | 1.00% | 4 | None | ||||||||||||||||||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Reinvested Dividends | None | None | None | None | None | None | None | None | None | None | None | None | None | None | None | None | ||||||||||||||||||||||||||||||||||||||||||||||||
Redemption Fees | 2.00% | 5 | 2.00% | 5 | 2.00% | 5 | 2.00% | 5 | None | None | None | None | None | None | None | None | None | None | None | None | ||||||||||||||||||||||||||||||||||||||||||||
Exchange Fees | None | None | None | None | None | None | None | None | None | None | None | None | None | None | None | None |
Combined Fund Pro Forma | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Combined Fund Pro Forma | (AXA Enterprise Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AXA Enterprise | Goldman Sachs | (AXA Enterprise Equity Income | Income Fund + AXA Enterprise | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Income Fund | Growth and Income Fund | Fund + GST Fund) | Growth and Income Fund + GST Fund) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class Y | Class A | Class B | Class C | Institutional | Class A | Class B | Class C | Institutional | Class A | Class B | Class C | Institutional | |||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | |||||||||||||||||||||||||||||||||||||||||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Management Fees | 0.73% | 0.73% | 0.73% | 0.73% | 0.70% | 6 | 0.70% | 6 | 0.70% | 6 | 0.70% | 6 | 0.69% | 6 | 0.69% | 6 | 0.69% | 6 | 0.69% | 6 | 0.69% | 6 | 0.69% | 6 | 0.69% | 6 | 0.69% | 6 | ||||||||||||||||||||||||||||||||||||
Distribution and Service (12b-1) Fees | 0.45% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | ||||||||||||||||||||||||||||||||||||||||||||||||
Other Expenses* | 0.53% | 0.53% | 0.53% | 0.53% | 0.24% | 7 | 0.24% | 7 | 0.24% | 7 | 0.09% | 7 | 0.24% | 7 | 0.24% | 7 | 0.24% | 7 | 0.09% | 0.24% | 7 | 0.24% | 7 | 0.24% | 7 | 0.09% | ||||||||||||||||||||||||||||||||||||||
Total Fund Operating Expenses* | 1.71% | 8 | 2.26% | 8 | 2.26% | 8 | 1.26% | 1.19% | 1.94% | 1.94% | 0.79% | 1.18% | 1.93% | 1.93% | 0.78% | 1.18% | 1.93% | 1.93% | 0.78% |
* | The “Management Fees,” “Other Expenses” and “Total Fund Operating Expenses” (after any waivers and expense limitations) of the AXA Enterprise Fund, GST Fund and Combined Fund are as set forth below. |
Combined Fund Pro Forma | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Combined Fund Pro Forma | (AXA Enterprise Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AXA Enterprise | Goldman Sachs | (AXA Enterprise Equity Income | Income Fund + AXA Enterprise | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Income Fund | Growth and Income Fund | Fund + GST Fund) | Growth and Income Fund + GST Fund) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class Y | Class A | Class B | Class C | Institutional | Class A | Class B | Class C | Institutional | Class A | Class B | Class C | Institutional | |||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | |||||||||||||||||||||||||||||||||||||||||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Management Fees | 0.52% | 0.52% | 0.52% | 0.52% | 0.69% | 6 | 0.69% | 6 | 0.69% | 6 | 0.69% | 6 | 0.68% | 6 | 0.68% | 6 | 0.68% | 6 | 0.68% | 6 | 0.68% | 6 | 0.68% | 6 | 0.68% | 6 | 0.68% | 6 | ||||||||||||||||||||||||||||||||||||
Distribution and Service (12b-1) Fees | 0.45% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | ||||||||||||||||||||||||||||||||||||||||||||||||
Other Expenses | 0.53% | 0.53% | 0.53% | 0.53% | 0.24% | 7 | 0.24% | 7 | 0.24% | 7 | 0.09% | 7 | 0.24% | 7 | 0.24% | 7 | 0.24% | 7 | 0.09% | 7 | 0.24% | 7 | 0.24% | 7 | 0.24% | 7 | 0.09% | 7 | ||||||||||||||||||||||||||||||||||||
Total Fund Operating Expenses (after current expense limitations) | 1.50% | 8 | 2.05% | 8 | 2.05% | 8 | 1.05% | 8 | 1.18% | 1.93% | 1.93% | 0.78% | 1.17% | 1.92% | 1.92% | 0.77% | 1.17% | 1.92% | 1.92% | 0.77% |
48
1 | The maximum sales charge is a percentage of the offering price. This sales charge varies depending on how much you invest. Under certain circumstances, the maximum sales charge may be reduced or waived entirely. If you buy $1,000,000 or more ($100,000 or more for certain employee benefit plans and $500,000 or more for certain individual retirement accounts) of Class A Shares of an AXA Enterprise Fund at net asset value and redeem those shares within 12 months of the end of the calendar month of their purchase, a CDSC of 1.00% generally will apply to the redemptions of those shares. A CDSC of 1% is imposed on certain redemptions (within 18 months of purchase) of Class A Shares of a GST Fund sold without an initial sales charge as part of an investment of $1 million or more. |
2 | The maximum CDSC is a percentage of the lesser of the net asset value at the time of the redemption or the net asset value when the shares were originally purchased. |
3 | A CDSC is imposed upon Class B Shares of an AXA Enterprise Fund or GST Fund redeemed within six years of purchase at a rate of 5% in the first year, declining to 1% in the sixth year, and eliminated thereafter. Class B Shares of an AXA Enterprise Fund and GST Fund automatically convert to Class A Shares eight years after the end of the calendar month in which you purchased them and will be subject to lower expenses. |
4 | A CDSC of 1% is imposed on Class C Shares of an AXA Enterprise Fund or GST Fund redeemed within 12 months of purchase. |
5 | If you redeem or exchange shares of the AXA Enterprise Fund after holding them one month or less, a fee of 2.00% of the current net asset value of the shares being redeemed or exchanged generally will be assessed and retained by the AXA Enterprise Fund for the benefit of the remaining shareholders. |
6 | GSAM has entered into the following contractual fee reduction commitments for the GST Fund: |
Management Fee | Average Daily | |||||
GST Fund | Annual Rate | Net Assets | ||||
Growth and Income Fund | 0.70% | First $1 Billion | ||||
0.63% | Next $1 Billion | |||||
0.60% | Over $2 Billion |
Prior to this fee reduction commitment, the management fee for the GST Fund as an annual percentage rate of average daily net assets was 0.70%. |
7 | “Other Expenses” of the GST Fund include transfer agency fees and expenses equal on an annualized basis to 0.19% of the average daily net assets of the Fund’s Class A, B and C Shares, plus all other ordinary expenses not detailed above. “Other Expenses” of the GST Fund include transfer agency fees and expenses equal on an annualized basis to 0.04% of the average daily net assets of the Institutional Shares for the Fund. GSAM has voluntarily agreed to reduce or limit “Other Expenses” (excluding management fees, distribution and service fees, shareholder administration fees, transfer agency fees and expenses, taxes, interest, brokerage fees and litigation, indemnification, shareholder meeting and other extraordinary expenses) to 0.054% of the GST Fund’s average daily net assets. These expense reductions may be terminated at any time at the option of the GST Fund’s investment adviser. |
8 | Pursuant to an Expense Limitation Agreement, AXA Equitable has agreed to make payments or waive its management, administration and other fees to limit the expenses of the AXA Enterprise Fund through February 28, 2008 (unless the Enterprise Trust Trustees consent to an earlier revision or termination of this arrangement) so that the net annual fund operating expenses (as a percentage of average daily net assets) of the AXA Enterprise Fund (exclusive of taxes, interest, brokerage commissions, capitalized expenses, expenses of other investment companies in which the Fund invests and other extraordinary expenses) do not exceed 1.50% for Class A Shares, 2.05% for Class B and Class C Shares and 1.05% for Class Y Shares. AXA Equitable may be reimbursed the amount of any such payments and waivers in the future provided that the payments or waivers are reimbursed within three years of the payment or waiver being made and the combination of the AXA Enterprise Fund’s expense ratio and such reimbursements do not exceed the AXA Enterprise Fund’s expense cap. AXA Equitable may discontinue these arrangements at any time after February 28, 2008. |
A portion of the brokerage commissions that the AXA Enterprise Fund pays is used to reduce the Fund’s expenses. Including this reduction the Net Operating Expenses for the AXA Enterprise Fund for the twelve months ended August 31, 2006 was 1.49% for Class A Shares, 2.04% for Class B and Class C Shares and 1.04% for Class Y Shares. |
49
1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||
AXA Enterprise Equity Income Fund | ||||||||||||||||||
Class A Shares | $ | 620 | $ | 968 | $ | 1,339 | $ | 2,378 | ||||||||||
Class B Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 708 | $ | 1,085 | $ | 1,389 | $ | 2,436 | ||||||||||
- assuming no redemption | $ | 208 | $ | 685 | $ | 1,189 | $ | 2,436 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 308 | $ | 685 | $ | 1,189 | $ | 2,574 | ||||||||||
- assuming no redemption | $ | 208 | $ | 685 | $ | 1,189 | $ | 2,574 | ||||||||||
Class Y Shares | $ | 107 | $ | 378 | $ | 670 | $ | 1,501 | ||||||||||
Goldman Sachs Growth and Income Fund | ||||||||||||||||||
Class A Shares | $ | 665 | $ | 907 | $ | 1,168 | $ | 1,914 | ||||||||||
Class B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 697 | $ | 909 | $ | 1,247 | $ | 2,070 | ||||||||||
- assuming no redemption | $ | 197 | $ | 609 | $ | 1,047 | $ | 2,070 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 297 | $ | 609 | $ | 1,047 | $ | 2,264 | ||||||||||
- assuming no redemption | $ | 197 | $ | 609 | $ | 1,047 | $ | 2,264 | ||||||||||
Institutional Shares | $ | 81 | $ | 252 | $ | 439 | $ | 978 | ||||||||||
Combined Fund Pro Forma (AXA Enterprise Equity Income Fund + GST Fund) | ||||||||||||||||||
Class A Shares | $ | 664 | $ | 904 | $ | 1,163 | $ | 1,903 | ||||||||||
Class B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 696 | $ | 906 | $ | 1,242 | $ | 2,059 | ||||||||||
- assuming no redemption | $ | 196 | $ | 606 | $ | 1,042 | $ | 2,059 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 296 | $ | 606 | $ | 1,042 | $ | 2,254 | ||||||||||
- assuming no redemption | $ | 196 | $ | 606 | $ | 1,042 | $ | 2,254 | ||||||||||
Institutional Shares | $ | 80 | $ | 249 | $ | 433 | $ | 966 |
50
1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||
Combined Fund Pro Forma (AXA Enterprise Growth & Income Fund + AXA Enterprise Equity Income + GST Fund) | ||||||||||||||||||
Class A Shares | $ | 664 | $ | 904 | $ | 1,163 | $ | 1,903 | ||||||||||
Class B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 696 | $ | 906 | $ | 1,242 | $ | 2,059 | ||||||||||
- assuming no redemption | $ | 196 | $ | 606 | $ | 1,042 | $ | 2,059 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 296 | $ | 606 | $ | 1,042 | $ | 2,254 | ||||||||||
- assuming no redemption | $ | 196 | $ | 606 | $ | 1,042 | $ | 2,254 | ||||||||||
Institutional Shares | $ | 80 | $ | 249 | $ | 433 | $ | 966 |
1 | The Class B example for each Fund reflects the conversion of Class B Shares to Class A Shares after approximately eight years from the date of purchase of Class B Shares. |
51
10 Years | ||||||||||||
Average Annual Total Returns | or Since | |||||||||||
(For the periods ended December 31, 2006) | 1 Year | 5 Years | Inception | |||||||||
Class A (inception 11/17/87) | ||||||||||||
Return Before Taxes | 10.15% | 8.16% | 7.70% | |||||||||
Return After Taxes on Distributions1 | 8.27% | 7.15% | 6.19% | |||||||||
Return After Taxes on Distributions and Sale of Fund Shares1 | 8.46% | 6.75% | 6.03% | |||||||||
Russell 1000 Value Index2 | 22.25% | 10.86% | 11.00% | |||||||||
Class B (inception 5/1/95) | ||||||||||||
Return Before Taxes | 9.99% | 8.33% | 7.75% | |||||||||
Russell 1000 Value Index | 22.25% | 10.86% | 11.00% | |||||||||
Class C (inception 5/1/97) | ||||||||||||
Return Before Taxes | 14.00% | 8.63% | 7.08% | |||||||||
Russell 1000 Value Index | 22.25% | 10.86% | 10.67% | |||||||||
Class Y (inception 1/22/98) | ||||||||||||
Return Before Taxes | 16.14% | 9.71% | 6.81% | |||||||||
Russell 1000 Value Index | 22.25% | 10.86% | 8.95% |
10 Years | ||||||||||||
Average Annual Total Returns | or Since | |||||||||||
(For the periods ended December 31, 2006) | 1 Year | 5 Years | Inception | |||||||||
Class A (inception 2/5/93) | ||||||||||||
Return Before Taxes | 22.26% | 10.46% | 5.91% | |||||||||
Return After Taxes on Distributions1 | 14.46% | 8.76% | 4.54% | |||||||||
Return After Taxes on Distributions and Sale of Fund Shares1 | 11.46% | 7.89% | 4.23% | |||||||||
Russell 1000 Value Index2 | 22.25% | 10.86% | 10.99% | |||||||||
Class B (inception 5/1/96) | ||||||||||||
Return Before Taxes | 21.39% | 9.63% | 5.13% | |||||||||
Russell 1000 Value Index | 22.25% | 10.86% | 10.99% | |||||||||
Class C (inception 8/15/97) | ||||||||||||
Return Before Taxes | 21.35% | 9.62% | 2.79% | |||||||||
Russell 1000 Value Index | 22.25% | 10.86% | 9.24% | |||||||||
Institutional Class (inception 6/3/96) | ||||||||||||
Return Before Taxes | 22.75% | 10.89% | 6.36% | |||||||||
Russell 1000 Value Index | 22.25% | 10.86% | 10.99% |
52
1 | The after-tax returns are for Class A Shares only. The after-tax returns for Class B, Class C, Class Y and Institutional Class Shares will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. |
2 | The Russell 1000 Value Index® is an unmanaged market capitalization weighted index of common stocks that measures the performance of the 1000 largest U.S. companies with lower price-to-book ratios and lower forecasted growth values. The Index figures do not reflect any deduction for fees, expenses or taxes. |
AXA Enterprise Equity Income Fund | Goldman Sachs Growth and Income Fund | |||
Sales Charges and Distribution/ Service (Rule 12b-1) Fees | Class A Shares. Class A Shares are subject to a maximum front-end sales charge of 4.75%, which is reduced depending on the amount invested and, in certain circumstances, waived. There is no CDSC on redemptions of Class A Shares, except in certain circumstances when the front-end sales charge is waived. Class A Shares are subject to a Rule 12b-1 fee equal to an annual rate of 0.45% of the Fund’s average daily net assets attributable to Class A Shares. | Class A Shares. Class A Shares are subject to a maximum front-end sales charge of 5.50%, which is reduced depending on the amount invested and, in certain circumstances, waived. There is no CDSC on redemptions of Class A Shares, except in certain circumstances when the front-end sales charge is waived. Class A Shares are subject to a Rule 12b-1 fee equal to an annual rate of 0.25% of the Fund’s average daily net assets attributable to Class A Shares. | ||
Class B Shares. There is no front-end sales charge on Class B Shares. However, Class B Shares are subject to a CDSC of up to 5% on certain redemptions within 6 years of purchase. Class B Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class B Shares. Class B Shares convert to Class A Shares approximately 8 years after purchase. | Class B Shares. There is no front-end sales charge on Class B Shares. However, Class B Shares are subject to a CDSC of up to 5% on certain redemptions within 6 years of purchase. Class B Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class B Shares. Class B Shares convert to Class A Shares approximately 8 years after purchase. |
53
AXA Enterprise Equity Income Fund | Goldman Sachs Growth and Income Fund | |||
Class C Shares. There is no front-end sales charge on Class C Shares. However, Class C Shares are subject to a CDSC of 1% on certain redemptions within the first year of purchase. Class C Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class C Shares. | Class C Shares. There is no front-end sales charge on Class C Shares. However, Class C Shares are subject to a CDSC of 1% on certain redemptions within the first year of purchase. Class C Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class C Shares. | |||
Class Y Shares. Class Y Shares are not subject to any front-end sales charge, CDSC or Rule 12b-1 fees. | Institutional Shares. Institutional Shares are not subject to any front-end sales charge, CDSC or Rule 12b-1 fees. | |||
Purchase Policies | Investors can purchase shares of an AXA Enterprise Fund directly through the Fund’s principal underwriter, Enterprise Fund Distributors, Inc., or through an authorized dealer, subject to certain minimum investments and eligibility and other requirements. | Investors can purchase shares of a GST Fund directly from Goldman Sachs, through authorized dealers and directly from GST, subject to certain minimum investments and eligibility and other requirements. | ||
Exchange Policies | Shareholders can exchange shares of the AXA Enterprise Fund at net asset value without the imposition of any front-end sales charge or CDSC at the time of the exchange for shares of the same class of another AXA Enterprise Fund. Redemption of shares (including by exchange) that are held for one month or less may, however, be subject to a redemption fee. | Shareholders can exchange shares of a GST Fund at net asset value without the imposition of any front-end sales charge or CDSC at the time of the exchange for shares of the same class of another Goldman Sachs Fund. Redemption of shares (including by exchange) that are held for 30 or 60 calendar days or less may, however, be subject to a redemption fee. | ||
Redemption Policies | Shareholders can sell (redeem) some or all their shares. Generally, the AXA Enterprise Fund will redeem its shares upon request on any business day at the net asset value next determined after receipt of such request in proper form, subject to any applicable CDSC or redemption fee. Shareholders may request that redemption proceeds be sent by check or wire. Redemptions may be requested in writing or by telephone. | Shareholders can sell (redeem) some or all their shares. Generally, the GST Fund will redeem its shares upon request on any business day at the net asset value next determined after receipt of such request in proper form, subject to any applicable CDSC or redemption fee. Shareholders may request that redemption proceeds be sent by check or wire. Redemptions may be requested in writing or by telephone. | ||
Redemption Fees | There is a 2% redemption fee assessed on certain redemptions of shares (including by exchange) within one month after purchase. | The Fund does not impose any redemption fees. |
54
Pro Forma | ||||||||||||||
AXA Enterprise | Goldman Sachs | Pro Forma | Combined Fund | |||||||||||
AXA Enterprise | Growth and | Growth and | Combined Fund | (Fund A + | ||||||||||
Equity Income | Income Fund | Income Fund* | Pro Forma | (Fund A + | Pro Forma | Fund B + | ||||||||
Fund (Fund A) | (Fund B) | (Fund C) | Adjustments | Fund C) | Adjustments | Fund C) | ||||||||
Net Assets: | $113,845 (Class A Shares) | $86,575 (Class A Shares) | $1,061,063 (Class A Shares) | $0 | $1,174,908 (Class A Shares) | $0 | $1,261,483 (Class A Shares) | |||||||
$43,751 (Class B Shares) | $59,295 (Class B Shares) | $64,579 (Class B Shares) | $0 | $108,330 (Class B Shares) | $0 | $167,625 (Class B Shares) | ||||||||
$15,334 (Class C Shares) | $16,914 (Class C Shares) | $18,834 (Class C Shares) | $0 | $34,168 (Class C Shares) | $0 | $51,082 (Class C Shares) | ||||||||
$14,113 (Class Y Shares) | $25,387 (Class Y Shares) | $27,590 (Institutional Shares) | $0 | $41,703 (Institutional Shares) | $0 | $67,090 (Institutional Shares) | ||||||||
Net Asset Value Per Share: | $27.50 (Class A Shares) | $38.59 (Class A Shares) | $28.45 (Class A Shares) | $(27.50) | $28.45 (Class A Shares) | $(66.09) | $28.45 (Class A Shares) | |||||||
$26.89 (Class B Shares) | $37.10 (Class B Shares) | $27.69 (Class B Shares) | $(26.89) | $27.69 (Class B Shares) | $(63.99) | $27.69 (Class B Shares) | ||||||||
$27.10 (Class C Shares) | $37.14 (Class C Shares) | $27.60 (Class C Shares) | $(27.10) | $27.60 (Class C Shares) | $(64.24) | $27.60 (Class C Shares) | ||||||||
$27.57 (Class Y Shares) | $39.83 (Class Y Shares) | $28.81 (Institutional Shares) | $(27.57) | $28.81 (Institutional Shares) | $(67.40) | $28.81 (Institutional Shares) | ||||||||
Shares Outstanding: | 4,140 (Class A Shares) | 2,243 (Class A Shares) | 37,292 (Class A Shares) | (138) | 41,294 (Class A Shares) | 661 | 44,336 (Class A Shares) | |||||||
1,627 (Class B Shares) | 1,598 (Class B Shares) | 2,332 (Class B Shares) | (47) | 3,912 (Class B Shares) | 496 | 6,053 (Class B Shares) | ||||||||
566 (Class C Shares) | 455 (Class C Shares) | 683 (Class C Shares) | (11) | 1,238 (Class C Shares) | 147 | 1,851 (Class C Shares) | ||||||||
512 (Class Y Shares) | 637 (Class Y Shares) | 958 (Institutional Shares) | (22) | 1,448 (Institutional Shares) | 222 | 2,329 (Institutional Shares) |
* | The Goldman Sachs Growth and Income Fund will be the accounting survivor for financial statement purposes. |
55
AXA Enterprise Growth and Income Fund | Goldman Sachs Growth and Income Fund | |
Investment Objective | Investment Objective | |
Seeks total return through capital appreciation with income as a secondary consideration. | Seeks long-term growth of capital and growth of income. | |
Investment Policies | Investment Policies | |
Under normal circumstances, the Fund intends to invest primarily in a broadly diversified group of equity securities of U.S. large capitalization companies that offer the opportunity for capital appreciation and, secondarily, income. Large capitalization companies include those companies with market capitalization in excess of $10 billion at the time of investment. | The Fund invests, under normal circumstances, at least 65% of its Total Assets in equity investments that the adviser considers to have favorable prospects for capital appreciation and/or dividend-paying ability. The Fund invests primarily in equity securities of large capitalization U.S. companies. | |
The sub-adviser utilizes an investment style that focuses on identifying discrepancies between a security’s fundamental value (i.e., the sub-adviser’s assessment of what the security is worth) and its market price. | The Fund invests primarily in securities that are believed to be undervalued. | |
The Fund intends to invest primarily in common stocks, but it may also invest in other securities that the sub-adviser believes provide opportunities for total return, such as preferred stocks, warrants and securities convertible into common stock. | The Fund’s equity investments may include common stocks, preferred stocks, convertible securities, warrants and other instruments that have economic characteristics similar to equity securities. | |
The Fund may invest up to 35% (but generally does not invest more than 5%) of its assets in fixed-income securities. In seeking income, the Fund generally invests in stocks of dividend-paying companies. | The Fund may also invest up to 35% of its Total Assets in fixed-income securities (including up to 10% in non- investment grade fixed-income securities), such as government, corporate and bank debt obligations, that offer the potential to further the Fund’s investment objective. | |
The Fund may invest, to a limited extent, in foreign securities, including securities of issuers in emerging markets. | The Fund may invest up to 25% of its Total Assets in foreign securities, including securities of issuers in emerging countries and securities quoted in foreign currencies. | |
The Fund also may invest in equity securities of small-and mid-capitalization companies. | The Fund may, to the extent consistent with its investment policies, invest in small- and mid- capitalization companies. |
56
AXA Enterprise Growth and Income Fund | Goldman Sachs Growth and Income Fund | |
For temporary defensive purposes, the Fund may invest, without limit, in cash, money market instruments or high quality short-term debt securities, including repurchase agreements. | The Fund may, for temporary defensive purposes, invest 100% of its Total Assets in U.S. Government Securities; commercial paper rated at least A-2 by Standard & Poor’s, P-2 by Moody’s or having a comparable rating by another NRSRO; certificates of deposit; bankers’ acceptances; repurchase agreements and non-convertible preferred stocks and non- convertible corporate bonds with a remaining maturity of less than one year. | |
Investment Advisers | Investment Adviser | |
AXA Equitable, through its AXA Funds Management Group unit, serves as the investment manager for the Fund. The day-to-day portfolio management of the Fund is provided by an investment sub-adviser selected by AXA Equitable. The Fund’s sub-adviser is UBS Global Asset Management (Americas) Inc. | GSAM manages the Fund on a day-to-day basis and will continue to manage the Fund after the Reorganization. |
57
AXA Enterprise | Goldman Sachs | |||||||
Growth and | Growth and | |||||||
Income Fund | Income Fund | |||||||
Net Asset Value Risk | X | X | ||||||
Interest Rate Risk | X | |||||||
Credit/ Default Risk | X | |||||||
Stock Risk | X | X | ||||||
Derivatives Risk | X | |||||||
Management Risk | X | X | ||||||
Market Risk | X | X | ||||||
Liquidity Risk | X | |||||||
Investment Style Risk | X | X | ||||||
Mid-Capitalization Risk | X | |||||||
Foreign Risk | X | X | ||||||
Emerging Countries Risk | X | X | ||||||
Small-Capitalization Risk | X | |||||||
Issuer-Specific Risk | X | X | ||||||
Sub-adviser Selection Risk | X | |||||||
Large-Capitalization Risk | X | X |
58
59
Combined Fund Pro Forma | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Combined Fund Pro Forma | (AXA Enterprise Growth and Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AXA Enterprise | Goldman Sachs | (AXA Enterprise Growth and Income | Fund + AXA Enterprise Equity Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Growth and Income Fund | Growth and Income Fund | Fund + GST Fund) | Fund + GST Fund) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class Y | Class A | Class B | Class C | Institutional | Class A | Class B | Class C | Institutional | Class A | Class B | Class C | Institutional | |||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | |||||||||||||||||||||||||||||||||||||||||||||||||
Shareholder Fees (fees paid directly from your investment): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Purchases | 4.75% | 1 | None | None | None | 5.50% | 1 | None | None | None | 5.50% | 1 | None | None | None | 5.50% | 1 | None | None | None | ||||||||||||||||||||||||||||||||||||||||||||
Maximum Deferred Sales Charge (Load) 2 | None | 1 | 5.00% | 3 | 1.00% | 4 | None | None | 1 | 5.00% | 3 | 1.0% | 4 | None | None | 1 | 5.00% | 3 | 1.00% | 4 | None | None | 1 | 5.00% | 3 | 1.00% | 4 | None | ||||||||||||||||||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Reinvested Dividends | None | None | None | None | None | None | None | None | None | None | None | None | None | None | None | None | ||||||||||||||||||||||||||||||||||||||||||||||||
Redemption Fees | 2.00% | 5 | 2.00% | 5 | 2.00% | 5 | 2.00% | 5 | None | None | None | None | None | None | None | None | None | None | None | None | ||||||||||||||||||||||||||||||||||||||||||||
Exchange Fees | None | None | None | None | None | None | None | None | None | None | None | None | None | None | None | None |
Combined Fund Pro Forma | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Combined Fund Pro Forma | (AXA Enterprise Growth and Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AXA Enterprise | Goldman Sachs | (AXA Enterprise Growth and Income | Fund + AXA Enterprise Equity Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Growth and Income Fund | Growth and Income Fund | Fund + GST Fund) | Fund + GST Fund) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class Y | Class A | Class B | Class C | Institutional | Class A | Class B | Class C | Institutional | Class A | Class B | Class C | Institutional | |||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | |||||||||||||||||||||||||||||||||||||||||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Management Fees | 0.73% | 0.73% | 0.73% | 0.73% | 0.70% | 6 | 0.70% | 6 | 0.70% | 6 | 0.70% | 6 | 0.69% | 6 | 0.69% | 6 | 0.69% | 6 | 0.69% | 6 | 0.69% | 6 | 0.69% | 6 | 0.69% | 6 | 0.69% | 6 | ||||||||||||||||||||||||||||||||||||
Distribution and Service (12b-1) Fees | 0.45% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | ||||||||||||||||||||||||||||||||||||||||||||||||
Other Expenses* | 0.65% | 0.65% | 0.65% | 0.65% | 0.24% | 7 | 0.24% | 7 | 0.24% | 7 | 0.09% | 7 | 0.24% | 7 | 0.24% | 7 | 0.24% | 7 | 0.09% | 7 | 0.24% | 7 | 0.24% | 7 | 0.24% | 7 | 0.09% | 7 | ||||||||||||||||||||||||||||||||||||
Total Fund Operating Expenses* | 1.83% | 8 | 2.38% | 8 | 2.38% | 8 | 1.38% | 1.19% | 1.94% | 1.94% | 0.79% | 1.18% | 1.93% | 1.93% | 0.78% | 1.18% | 1.93% | 1.93% | 0.78% |
* | The “Management Fees,” “Other Expenses” and “Total Fund Operating Expenses” (after any waivers and expense limitations) of the AXA Enterprise Fund, GST Fund and Combined Fund are as set forth below. |
Combined Fund Pro Forma | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Combined Fund Pro Forma | (AXA Enterprise Growth and Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AXA Enterprise | Goldman Sachs | (AXA Enterprise Growth and Income | Fund + AXA Enterprise Equity Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Growth and Income Fund | Growth and Income Fund | Fund + GST Fund) | Fund + GST Fund) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class Y | Class A | Class B | Class C | Institutional | Class A | Class B | Class C | Institutional | Class A | Class B | Class C | Institutional | |||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | |||||||||||||||||||||||||||||||||||||||||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Management Fees | 0.40% | 0.40% | 0.40% | 0.40% | 0.69% | 6 | 0.69% | 6 | 0.69% | 6 | 0.69% | 6 | 0.68% | 6 | 0.68% | 6 | 0.68% | 6 | 0.68% | 6 | 0.68% | 6 | 0.68% | 6 | 0.68% | 6 | 0.68% | 6 | ||||||||||||||||||||||||||||||||||||
Distribution and Service (12b-1) Fees | 0.45% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | ||||||||||||||||||||||||||||||||||||||||||||||||
Other Expenses | 0.65% | 0.65% | 0.65% | 0.65% | 0.24% | 7 | 0.24% | 7 | 0.24% | 7 | 0.09% | 7 | 0.24% | 7 | 0.24% | 7 | 0.24% | 7 | 0.09% | 7 | 0.24% | 7 | 0.24% | 7 | 0.24% | 7 | 0.09% | 7 | ||||||||||||||||||||||||||||||||||||
Total Fund Operating Expenses (after current expense limitations) | 1.50% | 8 | 2.05% | 8 | 2.05% | 8 | 1.05%6 | 1.18% | 1.93% | 1.93% | 0.78% | 1.17% | 1.92% | 1.92% | 0.77% | 1.17% | 1.92% | 1.92% | 0.77% |
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1 | The maximum sales charge is a percentage of the offering price. This sales charge varies depending on how much you invest. Under certain circumstances, the maximum sales charge may be reduced or waived entirely. If you buy $1,000,000 or more ($100,000 or more for certain employee benefit plans and $500,000 or more for certain individual retirement accounts) of Class A Shares of an AXA Enterprise Fund at net asset value and redeem those shares within 12 months of the end of the calendar month of their purchase, a CDSC of 1.00% generally will apply to the redemptions of those shares. A CDSC of 1% is imposed on certain redemptions (within 18 months of purchase) of Class A Shares of a GST Fund sold without an initial sales charge as part of an investment of $1 million or more. |
2 | The maximum CDSC is a percentage of the lesser of the net asset value at the time of the redemption or the net asset value when the shares were originally purchased. |
3 | A CDSC is imposed upon Class B Shares of an AXA Enterprise Fund or GST Fund redeemed within six years of purchase at a rate of 5% in the first year, declining to 1% in the sixth year, and eliminated thereafter. Class B Shares of an AXA Enterprise Fund and GST Fund automatically convert to Class A Shares eight years after the end of the calendar month in which you purchased them and will be subject to lower expenses. |
4 | A CDSC of 1% is imposed on Class C Shares of an AXA Enterprise Fund or GST Fund redeemed within 12 months of purchase. |
5 | If you redeem or exchange shares of the AXA Enterprise Fund after holding them one month or less, a fee of 2.00% of the current net asset value of the shares being redeemed or exchanged generally will be assessed and retained by the AXA Enterprise Fund for the benefit of the remaining shareholders. |
6 | GSAM has entered into the following contractual fee reduction commitments for the GST Fund: |
Management Fee | Average Daily | |||||
GST Fund | Annual Rate | Net Assets | ||||
Growth and Income Fund | 0.70% | First $1 Billion | ||||
0.63% | Next $1 Billion | |||||
0.60% | Over $2 Billion |
Prior to this fee reduction commitment, the management fee for the GST Fund as an annual percentage rate of average daily net assets was 0.70%. |
7 | “Other Expenses” of the GST Fund include transfer agency fees and expenses equal on an annualized basis to 0.19% of the average daily net assets of the Fund’s Class A, B and C Shares, plus all other ordinary expenses not detailed above. “Other Expenses” of the GST Fund include transfer agency fees and expenses equal on an annualized basis to 0.04% of the average daily net assets of the Institutional Shares for the Fund. GSAM has voluntarily agreed to reduce or limit “Other Expenses” (excluding management fees, distribution and service fees, shareholder administration fees, transfer agency fees and expenses, taxes, interest, brokerage fees and litigation, indemnification, shareholder meeting and other extraordinary expenses) to 0.054% of the GST Fund’s average daily net assets. These expense reductions may be terminated at any time at the option of the GST Fund’s investment adviser. |
8 | Pursuant to an Expense Limitation Agreement, AXA Equitable has agreed to make payments or waive its management, administration and other fees to limit the expenses of the AXA Enterprise Fund through February 28, 2008 (unless the Enterprise Trust Trustees consent to an earlier revision or termination of this arrangement) so that the net annual fund operating expenses (as a percentage of average daily net assets) of the AXA Enterprise Fund (exclusive of taxes, interest, brokerage commissions, capitalized expenses, expenses of other investment companies in which the Fund invests and other extraordinary expenses) do not exceed 1.50% for Class A Shares, 2.05% for Class B and Class C Shares and 1.05% for Class Y Shares. AXA Equitable may be reimbursed the amount of any such payments and waivers in the future provided that the payments or waivers are reimbursed within three years of the payment or waiver being made and the combination of the AXA Enterprise Fund’s expense ratio and such reimbursements do not exceed the AXA Enterprise Fund’s expense cap. AXA Equitable may discontinue these arrangements at any time after February 28, 2008. |
A portion of the brokerage commissions that the AXA Enterprise Fund pays is used to reduce the Fund’s expenses. Including this reduction the Net Operating Expenses for the AXA Enterprise Fund for the twelve months ended August 31, 2006 was 1.49% for Class A Shares, 2.04% for Class B and Class C Shares and 1.04% for Class Y Shares. |
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1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||
AXA Enterprise Growth and Income Fund | ||||||||||||||||||
Class A Shares | $ | 620 | $ | 991 | $ | 1,386 | $ | 2,489 | ||||||||||
Class B Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 708 | $ | 1,109 | $ | 1,437 | $ | 2,546 | ||||||||||
- assuming no redemption | $ | 208 | $ | 709 | $ | 1,237 | $ | 2,546 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 308 | $ | 709 | $ | 1,237 | $ | 2,683 | ||||||||||
- assuming no redemption | $ | 208 | $ | 709 | $ | 1,237 | $ | 2,683 | ||||||||||
Class Y Shares | $ | 107 | $ | 403 | $ | 722 | $ | 1,624 | ||||||||||
Goldman Sachs Growth and Income Fund | ||||||||||||||||||
Class A Shares | $ | 665 | $ | 907 | $ | 1,168 | $ | 1,914 | ||||||||||
Class B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 697 | $ | 909 | $ | 1,247 | $ | 2,076 | ||||||||||
- assuming no redemption | $ | 197 | $ | 609 | $ | 1,047 | $ | 2,076 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 297 | $ | 609 | $ | 1,047 | $ | 2,264 | ||||||||||
- assuming no redemption | $ | 197 | $ | 609 | $ | 1,047 | $ | 2,264 | ||||||||||
Institutional Shares | $ | 81 | $ | 252 | $ | 439 | $ | 978 | ||||||||||
Combined Fund Pro Forma (AXA Enterprise Growth and Income Fund + GST Fund) | ||||||||||||||||||
Class A Shares | $ | 664 | $ | 904 | $ | 1,163 | $ | 1,903 | ||||||||||
Class B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 696 | $ | 906 | $ | 1,242 | $ | 2,059 | ||||||||||
- assuming no redemption | $ | 196 | $ | 606 | $ | 1,042 | $ | 2,059 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 296 | $ | 606 | $ | 1,042 | $ | 2,254 | ||||||||||
- assuming no redemption | $ | 196 | $ | 606 | $ | 1,042 | $ | 2,254 | ||||||||||
Institutional Shares | $ | 80 | $ | 249 | $ | 433 | $ | 966 |
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1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||
Combined Fund Pro Forma (AXA Enterprise Growth and Income Fund + AXA Enterprise Equity Income Fund + GST Fund) | ||||||||||||||||||
Class A Shares | $ | 664 | $ | 904 | $ | 1,163 | $ | 1,903 | ||||||||||
Class B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 696 | $ | 906 | $ | 1,242 | $ | 2,059 | ||||||||||
- assuming no redemption | $ | 196 | $ | 606 | $ | 1,042 | $ | 2,059 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 296 | $ | 606 | $ | 1,042 | $ | 2,254 | ||||||||||
- assuming no redemption | $ | 196 | $ | 606 | $ | 1,042 | $ | 2,254 | ||||||||||
Institutional Shares | $ | 80 | $ | 249 | $ | 433 | $ | 966 |
1 | The Class B example for each Fund reflects the conversion of Class B Shares to Class A Shares after approximately eight years from the date of purchase of Class B Shares. |
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10 Years | ||||||||||||
Average Annual Total Returns | or Since | |||||||||||
(For the periods ended December 31, 2006) | 1 Year | 5 Years | Inception | |||||||||
Class A (inception 7/17/97) | ||||||||||||
Return Before Taxes | 8.34% | 4.30% | 5.66% | |||||||||
Return After Taxes on Distributions1 | 8.29% | 4.24% | 5.49% | |||||||||
Return After Taxes on Distributions and Sale of Fund Shares1 | 5.42% | 3.66% | 4.84% | |||||||||
Russell 1000 Index2 | 15.46% | 6.82% | 6.61% | |||||||||
Class B (inception 7/17/97) | ||||||||||||
Return Before Taxes | 8.15% | 4.41% | 5.72% | |||||||||
Russell 1000 Index | 15.46% | 6.82% | 6.61% | |||||||||
Class C (inception 7/17/97) | ||||||||||||
Return Before Taxes | 12.13% | 4.74% | 5.65% | |||||||||
Russell 1000 Index | 15.46% | 6.82% | 6.61% | |||||||||
Class Y (inception 5/9/91) | ||||||||||||
Return Before Taxes | 14.29% | 5.80% | 8.63% | |||||||||
Russell 1000 Index | 15.46% | 6.82% | 8.64% |
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10 Years | ||||||||||||
Average Annual Total Returns | or Since | |||||||||||
(For the periods ended December 31, 2006) | 1 Year | 5 Years | Inception | |||||||||
Class A (inception 2/5/93) | ||||||||||||
Return Before Taxes | 22.26 | % | 10.46 | % | 5.91 | % | ||||||
Return After Taxes on Distributions1 | 14.46 | % | 8.76 | % | 4.54 | % | ||||||
Return After Taxes on Distributions and Sale of Fund Shares1 | 11.46 | % | 7.89 | % | 4.23 | % | ||||||
Russell 1000 Value Index3 | 22.25 | % | 10.86 | % | 10.99 | % | ||||||
Class B (inception 5/1/96) | ||||||||||||
Return Before Taxes | 21.39 | % | 9.63 | % | 5.13 | % | ||||||
Russell 1000 Value Index | 22.25 | % | 10.86 | % | 10.99 | % | ||||||
Class C (inception 8/15/97) | ||||||||||||
Return Before Taxes | 21.35 | % | 9.62 | % | 2.79 | % | ||||||
Russell 1000 Value Index | 22.25 | % | 10.86 | % | 9.24 | % | ||||||
Institutional Class (inception 6/3/96) | ||||||||||||
Return Before Taxes | 22.75 | % | 10.89 | % | 6.36 | % | ||||||
Russell 1000 Value Index | 22.25 | % | 10.86 | % | 10.99 | % |
1 | The after-tax returns are for Class A Shares only. The after-tax returns for Class B, Class C, Class Y and Institutional Class Shares will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. |
2 | The Russell 1000 Index® is an unmanaged index of common stocks that measures the performance of the 1000 largest companies in the Russell 3000 Index® and represents approximately 92% of the total market capitalization of the Russell 3000. The Index figures do not reflect any deduction for fees, expenses or taxes. |
3 | The Russell 1000 Value Index® is an unmanaged market capitalization weighted index of common stocks that measures the performance of the 1000 largest U.S. companies with lower price-to-book ratios and lower forecasted growth values. The Index figures do not reflect any deduction for fees, expenses or taxes. |
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Goldman Sachs | ||||
AXA Enterprise Growth and Income Fund | Growth and Income Fund | |||
Sales Charges and Distribution/ Service (Rule 12b-1) Fees | Class A Shares. Class A Shares are subject to a maximum front-end sales charge of 4.75%, which is reduced depending on the amount invested and, in certain circumstances, waived. There is no CDSC on redemptions of Class A Shares, except in certain circumstances when the front-end sales charge is waived. Class A Shares are subject to a Rule 12b-1 fee equal to an annual rate of 0.45% of the Fund’s average daily net assets attributable to Class A Shares. | Class A Shares. Class A Shares are subject to a maximum front-end sales charge of 5.50%, which is reduced depending on the amount invested and, in certain circumstances, waived. There is no CDSC on redemptions of Class A Shares, except in certain circumstances when the front-end sales charge is waived. Class A Shares are subject to a Rule 12b-1 fee equal to an annual rate of 0.25% of the Fund’s average daily net assets attributable to Class A Shares. | ||
Class B Shares. There is no front-end sales charge on Class B Shares. However, Class B Shares are subject to a CDSC of up to 5% on certain redemptions within 6 years of purchase. Class B Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class B Shares. Class B Shares convert to Class A Shares approximately 8 years after purchase. | Class B Shares. There is no front-end sales charge on Class B Shares. However, Class B Shares are subject to a CDSC of up to 5% on certain redemptions within 6 years of purchase. Class B Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class B Shares. Class B Shares convert to Class A Shares approximately 8 years after purchase. | |||
Class C Shares. There is no front-end sales charge on Class C Shares. However, Class C Shares are subject to a CDSC of 1% on certain redemptions within the first year of purchase. Class C Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class C Shares. | Class C Shares. There is no front-end sales charge on Class C Shares. However, Class C Shares are subject to a CDSC of 1% on certain redemptions within the first year of purchase. Class C Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class C Shares. | |||
Class Y Shares. Class Y Shares are not subject to any front-end sales charge, CDSC or Rule 12b-1 fees. | Institutional Shares. Institutional Shares are not subject to any front-end sales charge, CDSC or Rule 12b-1 fees. |
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Goldman Sachs | ||||
AXA Enterprise Growth and Income Fund | Growth and Income Fund | |||
Purchase Policies | Investors can purchase shares of an AXA Enterprise Fund directly through the Fund’s principal underwriter, Enterprise Fund Distributors, Inc., or through an authorized dealer, subject to certain minimum investments and eligibility and other requirements. | Investors can purchase shares of a GST Fund directly from Goldman Sachs, through authorized dealers and directly from GST, subject to certain minimum investments and eligibility and other requirements. | ||
Exchange Policies | Shareholders can exchange shares of the AXA Enterprise Fund at net asset value without the imposition of any front-end sales charge or CDSC at the time of the exchange for shares of the same class of another AXA Enterprise Fund. Redemption of shares (including by exchange) that are held for one month or less may, however, be subject to a redemption fee. | Shareholders can exchange shares of a GST Fund at net asset value without the imposition of any front-end sales charge or CDSC at the time of the exchange for shares of the same class of another Goldman Sachs Fund. Redemption of shares (including by exchange) that are held for 30 or 60 calendar days or less may, however, be subject to a redemption fee. | ||
Redemption Policies | Shareholders can sell (redeem) some or all their shares. Generally, the AXA Enterprise Fund will redeem its shares upon request on any business day at the net asset value next determined after receipt of such request in proper form, subject to any applicable CDSC or redemption fee. Shareholders may request that redemption proceeds be sent by check or wire. Redemptions may be requested in writing or by telephone. | Shareholders can sell (redeem) some or all their shares. Generally, the GST Fund will redeem its shares upon request on any business day at the net asset value next determined after receipt of such request in proper form, subject to any applicable CDSC or redemption fee. Shareholders may request that redemption proceeds be sent by check or wire. Redemptions may be requested in writing or by telephone. | ||
Redemption Fees | There is a 2% redemption fee assessed on certain redemptions of shares (including by exchange) within one month after purchase. | The Fund does not impose any redemption fees. |
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Pro Forma | ||||||||||||||
AXA Enterprise | Goldman Sachs | Pro Forma | Combined Fund | |||||||||||
AXA Enterprise | Growth and | Growth and | Combined Fund | (Fund A + | ||||||||||
Equity Income | Income Fund | Income Fund* | Pro Forma | (Fund B + | Pro Forma | Fund B + | ||||||||
Fund (Fund A) | (Fund B) | (Fund C) | Adjustments | Fund C) | Adjustments | Fund C) | ||||||||
Net Assets: | $113,845 (Class A Shares) | $86,575 (Class A Shares) | $1,061,063 (Class A Shares) | $0 | $1,147,638 (Class A Shares) | $0 | $1,261,483 (Class A Shares) | |||||||
$43,751 (Class B Shares) | $59,295 (Class B Shares) | $64,579 (Class B Shares) | $0 | $123,874 (Class B Shares) | $0 | $167,625 (Class B Shares) | ||||||||
$15,334 (Class C Shares) | $16,914 (Class C Shares) | $18,834 (Class C Shares) | $0 | $35,748 (Class C Shares) | $0 | $51,082 (Class C Shares) | ||||||||
$14,113 (Class Y Shares) | $25,387 (Class Y Shares) | $27,590 (Institutional Shares) | $0 | $52,977 (Institutional Shares) | $0 | $67,090 (Institutional Shares) | ||||||||
Net Asset Value Per Share: | $27.50 (Class A Shares) | $38.59 (Class A Shares) | $28.45 (Class A Shares) | $(38.59) | $28.45 (Class A Shares) | $(66.09) | $28.45 (Class A Shares) | |||||||
$26.89 (Class B Shares) | $37.10 (Class B Shares) | $27.69 (Class B Shares) | $(37.10) | $27.69 (Class B Shares) | $(63.99) | $27.69 (Class B Shares) | ||||||||
$27.10 (Class C Shares) | $37.14 (Class C Shares) | $27.60 (Class C Shares) | $(37.14) | $27.60 (Class C Shares) | $(64.24) | $27.60 (Class C Shares) | ||||||||
$27.57 (Class Y Shares) | $39.83 (Class Y Shares) | $28.81 (Institutional Shares) | $(39.83) | $28.81 (Institutional Shares) | $(67.40) | $28.81 (Institutional Shares) | ||||||||
Shares Outstanding: | 4,140 (Class A Shares) | 2,243 (Class A Shares) | 37,292 (Class A Shares) | 800 | 40,335 (Class A Shares) | 661 | 44,336 (Class A Shares) | |||||||
1,627 (Class B Shares) | 1,598 (Class B Shares) | 2,332 (Class B Shares) | 543 | 4,473 (Class B Shares) | 496 | 6,053 (Class B Shares) | ||||||||
566 (Class C Shares) | 455 (Class C Shares) | 683 (Class C Shares) | 157 | 1,295 (Class C Shares) | 147 | 1,851 (Class C Shares) | ||||||||
512 (Class Y Shares) | 637 (Class Y Shares) | 958 (Institutional Shares) | 244 | 1,839 (Institutional Shares) | 222 | 2,329 (Institutional Shares) |
* | The Goldman Sachs Growth and Income Fund will be the accounting survivor for financial statement purposes. |
68
AXA Enterprise | Goldman Sachs Strategic | |
International Growth Fund | International Equity Fund | |
Investment Objective | Investment Objective | |
Seeks capital appreciation. | Seeks long-term growth of capital. The Fund seeks this objective by investing in the stocks of leading companies within developed and emerging countries around the world, outside the U.S. | |
Investment Policies | Investment Policies | |
Under normal circumstances, the Fund intends to invest at least 80% of its net assets in the equity securities of foreign companies that the sub-adviser believes are positioned for capital appreciation. Foreign companies include those companies that are organized or headquartered outside of the U.S. | The Fund invests, under normal circumstances, substantially all, and at least 80% of its Net Assets in a diversified portfolio of equity investments in companies that are organized outside the United States or whose securities are principally traded outside the United States. | |
The Fund does not limit its investments to issuers within a specific market capitalization. | The Fund intends to invest in companies with public stock market capitalizations that are larger than $500 million at the time of investment. | |
The Fund generally diversifies its investments among different foreign markets and may invest in securities issued by companies in countries with either developed or developing economies. The Fund also may invest in U.S. securities. | The Fund may allocate its assets among countries as determined by the adviser from time to time provided that the Fund’s assets are invested in at least three foreign countries. The Fund expects to invest a substantial portion of its assets in the securities of issuers located in the developed countries of Western Europe and in Japan. From time to time, the Fund’s investments in a particular developed country may exceed 25% of its investment portfolio. The Fund may invest in the securities of issuers located in Australia, Canada, New Zealand and in emerging countries. Currently, emerging countries include, among others, most Latin and South American, African, Asian and Eastern European nations. | |
The Fund intends to invest primarily in common stocks, but it may also invest in other securities that the sub-adviser believes provide opportunities for capital appreciation, such as preferred stocks, warrants and securities convertible into common stock. | The Fund’s equity investments may include common stocks, preferred stocks, convertible securities, warrants and other instruments that have economic characteristics similar to equity securities. | |
The Fund may also invest up to 20% (but generally does not invest more than 5%) of its assets in fixed-income securities. | The Fund may also invest up to 20% of its Net Assets in fixed-income securities, such as government, corporate and bank debt obligations. |
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AXA Enterprise | Goldman Sachs Strategic | |
International Growth Fund | International Equity Fund | |
For temporary defensive purposes, the Fund may invest, without limit, in cash, money market instruments or high quality short-term debt securities, including repurchase agreements. | For temporary defensive purposes, the Fund may invest up to 35% of its Total Assets in U.S. Government Securities; commercial paper rated at least A-2 by Standard & Poor’s, P-2 by Moody’s or having a comparable rating by another NRSRO; certificates of deposit; Bankers’ acceptances; repurchase agreements; and non-convertible preferred stocks and non- convertible corporate bonds with a remaining maturity of less than one year. | |
Investment Advisers | Investment Adviser | |
AXA Equitable, through its AXA Funds Management Group unit, serves as the investment manager for the Fund. The day-to-day portfolio management of the Fund is provided by an investment sub-adviser selected by AXA Equitable. The Fund’s sub-adviser is Wentworth, Hauser and Violich, Inc. | Goldman Sachs Asset Management International (“GSAMI”) manages the Fund on a day-to-day basis and will continue to manage the Fund after the Reorganization. |
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AXA Enterprise International | Goldman Sachs Strategic | |||||||
Growth Fund | International Equity Fund | |||||||
Net Asset Value Risk | X | X | ||||||
Interest Rate Risk | X | |||||||
Credit/ Default Risk | X | |||||||
Stock Risk | X | X | ||||||
Derivatives Risk | X | |||||||
Management Risk | X | X | ||||||
Market Risk | X | X | ||||||
Liquidity Risk | X | |||||||
Investment Style Risk | X | X | ||||||
Mid-Capitalization Risk | X | X | ||||||
Foreign Risk | X | X | ||||||
Emerging Countries Risk | X | X | ||||||
Geographic Risk | X | X | ||||||
Small-Capitalization Risk | X | X | ||||||
Issuer-Specific Risk | X | X | ||||||
Sub-adviser Selection Risk | X | |||||||
Large-Capitalization Risk | X | X | ||||||
Currency Risk | X | X |
71
72
AXA Enterprise | Goldman Sachs Strategic | |||||||||||||||||||||||||||||||||||||||||||||||
International Growth Fund | International Equity Fund | Combined Fund Pro Forma | ||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class Y | Class A | Class B | Class C | Institutional | Class A | Class B | Class C | Institutional | |||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | |||||||||||||||||||||||||||||||||||||
Shareholder Fees (fees paid directly from your investment): | ||||||||||||||||||||||||||||||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Purchases | 4.75% | 1 | None | None | None | 5.50% | 1 | None | None | None | 5.50% | 1 | None | None | None | |||||||||||||||||||||||||||||||||
Maximum Deferred Sales Charge (Load) 2 | None | 1 | 5.00% | 3 | 1.00% | 4 | None | None | 1 | 5.00% | 3 | 1.00% | 4 | None | None | 1 | 5.00% | 3 | 1.00% | 4 | None | |||||||||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Reinvested Dividends | None | None | None | None | None | None | None | None | None | None | None | None | ||||||||||||||||||||||||||||||||||||
Redemption Fees5 | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | ||||||||||||||||||||||||||||||||||||
Exchange Fees | None | None | None | None | None | None | None | None | None | None | None | None |
AXA Enterprise | Goldman Sachs Strategic | |||||||||||||||||||||||||||||||||||||||||||||||
International Growth Fund | International Equity Fund | Combined Fund Pro Forma | ||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class Y | Class A | Class B | Class C | Institutional | Class A | Class B | Class C | Institutional | |||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | |||||||||||||||||||||||||||||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | ||||||||||||||||||||||||||||||||||||||||||||||||
Management Fees | 0.83% | 0.83% | 0.83% | 0.83% | 0.85% | 6 | 0.85% | 6 | 0.85% | 6 | 0.85% | 6 | 0.85% | 6 | 0.85% | 6 | 0.85% | 6 | 0.85% | 6 | ||||||||||||||||||||||||||||
Distribution and Service (12b-1) Fees | 0.45% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | ||||||||||||||||||||||||||||||||||||
Other Expenses* | 0.71% | 0.71% | 0.71% | 0.71% | 0.55% | 7 | 0.55% | 7 | 0.55% | 7 | 0.40% | 7 | 0.55% | 7 | 0.55% | 7 | 0.55% | 7 | 0.40% | 7 | ||||||||||||||||||||||||||||
Total Fund Operating Expenses* | 1.99% | 8 | 2.54% | 8 | 2.54% | 8 | 1.54% | 8 | 1.65% | 2.40% | 2.40% | 1.25% | 1.65% | 2.40% | 2.40% | 1.25% |
* | The “Other Expenses” and “Total Fund Operating Expenses” (after any waivers and expense limitations) of the AXA Enterprise Fund, the GST Fund and the Combined Fund are as set forth below. |
AXA Enterprise | Goldman Sachs Strategic | |||||||||||||||||||||||||||||||||||||||||||||||
International Growth Fund | International Equity Fund | Combined Fund Pro Forma | ||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class Y | Class A | Class B | Class C | Institutional | Class A | Class B | Class C | Institutional | |||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | |||||||||||||||||||||||||||||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | ||||||||||||||||||||||||||||||||||||||||||||||||
Management Fees | 0.69% | 0.69% | 0.69% | 0.69% | 0.85% | 6 | 0.85% | 6 | 0.85% | 6 | 0.85% | 6 | 0.85% | 6 | 0.85% | 6 | 0.85% | 6 | 0.85% | 6 | ||||||||||||||||||||||||||||
Distribution and Service (12b-1) Fees | 0.45% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | ||||||||||||||||||||||||||||||||||||
Other Expenses | 0.71% | 0.71% | 0.71% | 0.71% | 0.35% | 7 | 0.35% | 7 | 0.35% | 7 | 0.20% | 7 | 0.35% | 7 | 0.35% | 7 | 0.35% | 7 | 0.20% | 7 | ||||||||||||||||||||||||||||
Total Fund Operating Expenses (after current expense limitations) | 1.85% | 8 | 2.40% | 8 | 2.40% | 8 | 1.40% | 8 | 1.45% | 2.20% | 2.20% | 1.05% | 1.45% | 2.20% | 2.20% | 1.05% |
73
1 | The maximum sales charge is a percentage of the offering price. This sales charge varies depending on how much you invest. Under certain circumstances, the maximum sales charge may be reduced or waived entirely. If you buy $1,000,000 or more ($100,000 or more for certain employee benefit plans and $500,000 or more for certain individual retirement accounts) of Class A Shares of an AXA Enterprise Fund at net asset value and redeem those shares within 12 months of the end of the calendar month of their purchase, a CDSC of 1.00% generally will apply to the redemptions of those shares. A CDSC of 1% is imposed on certain redemptions (within 18 months of purchase) of Class A Shares of a GST Fund sold without an initial sales charge as part of an investment of $1 million or more. |
2 | The maximum CDSC is a percentage of the lesser of the net asset value at the time of the redemption or the net asset value when the shares were originally purchased. |
3 | A CDSC is imposed upon Class B Shares of an AXA Enterprise Fund or GST Fund redeemed within six years of purchase at a rate of 5% in the first year, declining to 1% in the sixth year, and eliminated thereafter. Class B Shares of an AXA Enterprise Fund and GST Fund automatically convert to Class A Shares eight years after the end of the calendar month in which you purchased them and will be subject to lower expenses. |
4 | A CDSC of 1% is imposed on Class C Shares of an AXA Enterprise Fund or GST Fund redeemed within 12 months of purchase. |
5 | If you redeem or exchange shares of the AXA Enterprise Fund after holding them one month or less, a fee of 2.00% of the current net asset value of the shares being redeemed or exchanged generally will be assessed and retained by the AXA Enterprise Fund for the benefit of the remaining shareholders. A 2% redemption fee will be imposed on the redemption of shares (including by exchange) of the GST Fund Goldman held for 30 calendar days or less. |
6 | GSAM is entitled to management fees from the GST Fund at an annual rate equal to the following percentages of the average daily net assets of the GST Fund: |
Management Fee | Average Daily | |||||
GST Fund | Annual Rate | Net Assets | ||||
Strategic International Equity Fund | 0.85% | First $1 Billion | ||||
0.77% | Next $1 Billion | |||||
0.73% | Over $2 Billion |
7 | “Other Expenses” of the GST Fund include transfer agency fees and expenses equal on an annualized basis to 0.19% of the average daily net assets of the Fund’s Class A, B and C Shares, plus all other ordinary expenses not detailed above. “Other Expenses” of the GST Fund include transfer agency fees and expenses equal on an annualized basis to 0.04% of the average daily net assets of the Institutional Shares for the Fund. GSAM has voluntarily agreed to reduce or limit “Other Expenses” (excluding management fees, distribution and service fees, shareholder administration fees, transfer agency fees and expenses, taxes, interest, brokerage fees and litigation, indemnification, shareholder meeting and other extraordinary expenses) to 0.16% of the GST Fund’s average daily net assets. These expense reductions may be terminated at any time at the option of the GST Fund’s investment adviser. |
8 | Pursuant to an Expense Limitation Agreement, AXA Equitable has agreed to make payments or waive its management, administration and other fees to limit the expenses of the AXA Enterprise Fund through February 28, 2008 (unless the Enterprise Trust Trustees consent to an earlier revision or termination of this arrangement) so that the net annual fund operating expenses (as a percentage of average daily net assets) of the AXA Enterprise Fund (exclusive of taxes, interest, brokerage commissions, capitalized expenses, expenses of other investment companies in which the Fund invests and other extraordinary expenses) do not exceed 1.85% for Class A Shares, 2.40% for Class B and Class C Shares and 1.40% for Class Y Shares. AXA Equitable may be reimbursed the amount of any such payments and waivers in the future provided that the payments or waivers are reimbursed within three years of the payment or waiver being made and the combination of the AXA Enterprise Fund’s expense ratio and such reimbursements do not exceed the AXA Enterprise Fund’s expense cap. AXA Equitable may discontinue these arrangements at any time after February 28, 2008. |
A portion of the brokerage commissions that the AXA Enterprise Fund pays is used to reduce the Fund’s expenses. Including this reduction the Net Operating Expenses for the AXA Enterprise Fund for the twelve months ended August 31, 2006 was 1.72% for Class A Shares, 2.27% for Class B and Class C Shares and 1.27% for Class Y Shares. |
74
1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||
AXA Enterprise International Growth Fund | ||||||||||||||||||
Class A Shares | $ | 654 | $ | 1,056 | $ | 1,483 | $ | 2,668 | ||||||||||
Class B Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 743 | $ | 1,176 | $ | 1,536 | $ | 2,727 | ||||||||||
- assuming no redemption | $ | 243 | $ | 776 | $ | 1,336 | $ | 2,727 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 343 | $ | 776 | $ | 1,336 | $ | 2,861 | ||||||||||
- assuming no redemption | $ | 243 | $ | 776 | $ | 1,336 | $ | 2,861 | ||||||||||
Class Y Shares | $ | 142 | $ | 472 | $ | 825 | $ | 1,820 | ||||||||||
Goldman Sachs Strategic International Equity Fund | ||||||||||||||||||
Class A Shares | $ | 709 | $ | 1,042 | $ | 1,398 | $ | 2,397 | ||||||||||
Class B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 743 | $ | 1,048 | $ | 1,480 | $ | 2,550 | ||||||||||
- assuming no redemption | $ | 243 | $ | 748 | $ | 1,280 | $ | 2,550 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 343 | $ | 748 | $ | 1,280 | $ | 2,736 | ||||||||||
- assuming no redemption | $ | 243 | $ | 748 | $ | 1,280 | $ | 2,736 | ||||||||||
Institutional Shares | $ | 127 | $ | 397 | $ | 686 | $ | 1,511 | ||||||||||
Combined Fund Pro Forma | ||||||||||||||||||
Class A Shares | $ | 709 | $ | 1,042 | $ | 1,398 | $ | 2,397 | ||||||||||
Class B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 743 | $ | 1,048 | $ | 1,480 | $ | 2,550 | ||||||||||
- assuming no redemption | $ | 243 | $ | 748 | $ | 1,280 | $ | 2,550 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 343 | $ | 748 | $ | 1,280 | $ | 2,736 | ||||||||||
- assuming no redemption | $ | 243 | $ | 748 | $ | 1,280 | $ | 2,736 | ||||||||||
Institutional Shares | $ | 127 | $ | 397 | $ | 686 | $ | 1,511 |
1 | The Class B example for each Fund reflects the conversion of Class B Shares to Class A Shares after approximately eight years from the date of purchase of Class B Shares. |
75
AXA Enterprise | Goldman Sachs Strategic | |||
International Growth Fund | International Equity Fund | |||
Sales Charges and Distribution/Service (Rule 12b-1) Fees | Class A Shares. Class A Shares are subject to a maximum front-end sales charge of 4.75%, which is reduced depending on the amount invested and, in certain circumstances, waived. There is no CDSC on redemptions of Class A Shares, except in certain circumstances when the front-end sales charge is waived. Class A Shares are subject to a Rule 12b-1 fee equal to an annual rate of 0.45% of the Fund’s average daily net assets attributable to Class A Shares. | Class A Shares. Class A Shares are subject to a maximum front-end sales charge of 5.50%, which is reduced depending on the amount invested and, in certain circumstances, waived. There is no CDSC on redemptions of Class A Shares, except in certain circumstances when the front-end sales charge is waived. Class A Shares are subject to a Rule 12b-1 fee equal to an annual rate of 0.25% of the Fund’s average daily net assets attributable to Class A Shares. |
76
AXA Enterprise | Goldman Sachs Strategic | |||
International Growth Fund | International Equity Fund | |||
Class B Shares. There is no front-end sales charge on Class B Shares. However, Class B Shares are subject to a CDSC of up to 5% on certain redemptions within 6 years of purchase. Class B Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class B Shares. Class B Shares convert to Class A Shares approximately 8 years after purchase. | Class B Shares. There is no front-end sales charge on Class B Shares. However, Class B Shares are subject to a CDSC of up to 5% on certain redemptions within 6 years of purchase. Class B Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class B Shares. Class B Shares convert to Class A Shares approximately 8 years after purchase. | |||
Class C Shares. There is no front-end sales charge on Class C Shares. However, Class C Shares are subject to a CDSC of 1% on certain redemptions within the first year of purchase. Class C Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class C Shares. | Class C Shares. There is no front-end sales charge on Class C Shares. However, Class C Shares are subject to a CDSC of 1% on certain redemptions within the first year of purchase. Class C Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class C Shares. | |||
Class Y Shares. Class Y Shares are not subject to any front-end sales charge, CDSC or Rule 12b-1 fees. | Institutional Shares. Institutional Shares are not subject to any front-end sales charge, CDSC or Rule 12b-1 fees. | |||
Purchase Policies | Investors can purchase shares of an AXA Enterprise Fund directly through the Fund’s principal underwriter, Enterprise Fund Distributors, Inc., or through an authorized dealer, subject to certain minimum investments and eligibility and other requirements. | Investors can purchase shares of a GST Fund directly from Goldman Sachs, through authorized dealers and directly from GST, subject to certain minimum investments and eligibility and other requirements. | ||
Exchange Policies | Shareholders can exchange shares of the AXA Enterprise Fund at net asset value without the imposition of any front-end sales charge or CDSC at the time of the exchange for shares of the same class of another AXA Enterprise Fund. Redemption of shares (including by exchange) that are held for one month or less may, however, be subject to a redemption fee. | Shareholders can exchange shares of a GST Fund at net asset value without the imposition of any front-end sales charge or CDSC at the time of the exchange for shares of the same class of another Goldman Sachs Fund. Redemption of shares (including by exchange) that are held for 30 or 60 calendar days or less may, however, be subject to a redemption fee. |
77
AXA Enterprise | Goldman Sachs Strategic | |||
International Growth Fund | International Equity Fund | |||
Redemption Policies | Shareholders can sell (redeem) some or all their shares. Generally, the AXA Enterprise Fund will redeem its shares upon request on any business day at the net asset value next determined after receipt of such request in proper form, subject to any applicable CDSC or redemption fee. Shareholders may request that redemption proceeds be sent by check or wire. Redemptions may be requested in writing or by telephone. | Shareholders can sell (redeem) some or all their shares. Generally, the GST Fund will redeem its shares upon request on any business day at the net asset value next determined after receipt of such request in proper form, subject to any applicable CDSC or redemption fee. Shareholders may request that redemption proceeds be sent by check or wire. Redemptions may be requested in writing or by telephone. | ||
Redemption Fees | There is a 2% redemption fee assessed on certain redemptions of shares (including by exchange) within one month after purchase. | There is a 2% redemption fee assessed on certain redemptions of shares (including by exchange) held for 30 calendar days or less. |
AXA Enterprise | Goldman Sachs | |||||||
International | Strategic International | Pro Forma | Pro Forma | |||||
Growth Fund* | Equity Fund | Adjustments | Combined Fund | |||||
Net Assets: | $80,660 | $0 | $80,660 | |||||
(Class A Shares) | (Class A Shares) | $0 | (Class A Shares) | |||||
$27,432 | $0 | $27,432 | ||||||
(Class B Shares) | (Class B Shares) | $0 | (Class B Shares) | |||||
$32,566 | $0 | $32,566 | ||||||
(Class C Shares) | (Class C Share) | $0 | (Class C Shares) | |||||
$29,855 | $0 | $29,855 | ||||||
(Class Y Shares) | (Institutional Shares) | $0 | (Institutional Shares) |
78
AXA Enterprise | Goldman Sachs | |||||||
International | Strategic International | Pro Forma | Pro Forma | |||||
Growth Fund* | Equity Fund | Adjustments | Combined Fund | |||||
Net Asset Value Per Share: | $18.19 | $0 | $18.19 | |||||
(Class A Shares) | (Class A Shares) | $0 | (Class A Shares) | |||||
$17.19 | $0 | $17.19 | ||||||
(Class B Shares) | (Class B Shares) | $0 | (Class B Shares) | |||||
$17.30 | $0 | $17.30 | ||||||
(Class C Shares) | (Class C Shares) | $0 | (Class C Shares) | |||||
$18.57 | $0 | $18.57 | ||||||
(Class Y Shares) | (Institutional Shares) | $0 | (Institutional Shares) | |||||
Shares Outstanding: | 4,435 | 0 | 4,435 | |||||
(Class A Shares) | (Class A Shares) | 0 | (Class A Shares) | |||||
1,596 | 0 | 1,596 | ||||||
(Class B Shares) | (Class B Shares) | 0 | (Class B Shares) | |||||
1,882 | 0 | 1,882 | ||||||
(Class C Shares) | (Class C Shares) | 0 | (Class C Shares) | |||||
1,608 | 0 | 1,608 | ||||||
(Class Y Shares) | (Institutional Shares) | 0 | (Institutional Shares) |
* | The AXA Enterprise International Growth Fund will be the accounting survivor for financial statement purposes. |
79
AXA Enterprise Large Cap Growth Fund | Goldman Sachs Capital Growth Fund | |
Investment Objective | Investment Objective | |
Seeks capital appreciation. | Seeks long-term growth of capital. | |
Investment Policies | Investment Policies | |
Under normal circumstances, the Fund will invest at least 80% of its net assets, plus borrowings for investment purposes, in securities of large capitalization companies. For purposes of this Fund, large capitalization companies include those companies with market capitalizations of $4 billion or more. | The Fund invests, under normal circumstances, at least 90% of its Total Assets in equity investments. The Fund’s investment focus is on large-cap U.S. equity investments. | |
The Fund normally will have between 20-35 core holdings of large capitalization companies with growth characteristics, which the sub-adviser believes will provide superior rates of return over time, as compared to the Russell 1000 Growth Index. | The Fund seeks to achieve its objective by investing in a diversified portfolio of equity investments that are considered by the adviser to have long-term capital appreciation potential. | |
The Fund intends to invest primarily in common stocks, but it may also invest in other securities that the sub-adviser believes provide opportunities for capital appreciation, such as preferred stocks, warrants and securities convertible into common stock. | The Fund’s equity investments may include common stocks, preferred stocks, convertible securities, warrants and other instruments that have economic characteristics similar to equity securities. | |
The Fund may invest, to a limited extent, in foreign securities, including securities of companies in emerging markets. | The Fund may invest up to 25% of its Total Assets in foreign securities, including securities of issuers in emerging countries and securities quoted in foreign currencies. | |
The Fund also may invest in equity securities of small-and mid-capitalization companies. | The Fund may, to the extent consistent with its investment policies, invest in small- and mid- capitalization companies. | |
For temporary defensive purposes, the Fund may invest, without limit, in cash, money market instruments or high quality short-term debt securities, including repurchase agreements. | The Fund may, for temporary defensive purposes, invest 100% of its Total Assets in U.S. Government Securities; commercial paper rated at least A-2 by Standard & Poor’s, P-2 by Moody’s or having a comparable rating by another NRSRO; certificates of deposit; bankers’ acceptances; repurchase agreements; and non-convertible preferred stocks and non-convertible corporate bonds with a remaining maturity of less than one year. | |
Investment Advisers | Investment Adviser | |
AXA Equitable, through its AXA Funds Management Group unit, serves as the investment manager for the Fund. The day-to-day portfolio management of the Fund is provided by an investment sub-adviser selected by AXA Equitable. The Fund’s sub-adviser is Ark Asset Management Co., Inc. | GSAM manages the Fund on a day-to-day basis and will continue to manage the Fund after the Reorganization. |
80
AXA Enterprise | ||||||||
Large Cap | Goldman Sachs | |||||||
Growth Fund | Capital Growth Fund | |||||||
Net Asset Value Risk | X | X | ||||||
Interest Rate Risk | X | |||||||
Credit/ Default Risk | X | |||||||
Stock Risk | X | X | ||||||
Derivatives Risk | X | |||||||
Management Risk | X | X | ||||||
Market Risk | X | X | ||||||
Liquidity Risk | X | |||||||
Investment Style Risk | X | X | ||||||
Mid-Capitalization Risk | X | |||||||
Foreign Risk | X | X | ||||||
Emerging Countries Risk | X | X | ||||||
Initial Public Offering Risk | X | X | ||||||
Small-Capitalization Risk | X | |||||||
Issuer-Specific Risk | X | X | ||||||
Sub-adviser Selection Risk | X | |||||||
Large-Capitalization Risk | X | X |
81
82
Combined Fund Pro Forma | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Combined Fund Pro Forma | (AXA Enterprise Large Cap Growth | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AXA Enterprise | (AXA Enterprise Large Cap Growth | Fund + AXA Enterprise Growth | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Large Cap Growth Fund | Goldman Sachs Capital Growth Fund | Fund + GST Fund) | Fund + GST Fund) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class Y | Class A | Class B | Class C | Institutional | Class A | Class B | Class C | Institutional | Class A | Class B | Class C | Institutional | |||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | |||||||||||||||||||||||||||||||||||||||||||||||||
Shareholder Fees (fees paid directly from your investment): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Purchases | 4.75% | 1 | None | None | None | 5.50% | 1 | None | None | None | 5.50% | 1 | None | None | None | 5.50% | 1 | None | None | None | ||||||||||||||||||||||||||||||||||||||||||||
Maximum Deferred Sales Charge (Load) 2 | None | 1 | 5.00% | 3 | 1.00% | 4 | None | None | 1 | 5.00% | 3 | 1.00% | 4 | None | None | 1 | 5.00% | 3 | 1.00% | 4 | None | None | 1 | 5.00% | 3 | 1.00% | 4 | None | ||||||||||||||||||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Reinvested Dividends | None | None | None | None | None | None | None | None | None | None | None | None | None | None | None | None | ||||||||||||||||||||||||||||||||||||||||||||||||
Redemption Fees | 2.00% | 5 | 2.00% | 5 | 2.00% | 5 | 2.00% | 5 | None | None | None | None | None | None | None | None | None | None | None | None | ||||||||||||||||||||||||||||||||||||||||||||
Exchange Fees | None | None | None | None | None | None | None | None | None | None | None | None | None | None | None | None |
Combined Fund Pro Forma | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Combined Fund Pro Forma | (AXA Enterprise Large Cap Growth | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AXA Enterprise | (AXA Enterprise Large Cap Growth | Fund + AXA Enterprise Growth | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Large Cap Growth Fund | Goldman Sachs Capital Growth Fund | Fund + GST Fund) | Fund + GST Fund) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class Y | Class A | Class B | Class C | Institutional | Class A | Class B | Class C | Institutional | Class A | Class B | Class C | Institutional | |||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | |||||||||||||||||||||||||||||||||||||||||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Management Fees | 0.73% | 0.73% | 0.73% | 0.73% | 0.95% | 6 | 0.95% | 6 | 0.95% | 6 | 0.95% | 6 | 0.95% | 6 | 0.95% | 6 | 0.95% | 6 | 0.95% | 6 | 0.90% | 6 | 0.90% | 6 | 0.90% | 6 | 0.90% | 6 | ||||||||||||||||||||||||||||||||||||
Distribution and Service (12b-1) Fees | 0.45% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | ||||||||||||||||||||||||||||||||||||||||||||||||
Other Expenses* | 0.68% | 0.68% | 0.68% | 0.69% | 0.24% | 7 | 0.24% | 7 | 0.24% | 7 | 0.09% | 7 | 0.23% | 7 | 0.23% | 7 | 0.23% | 7 | 0.08% | 0.22% | 7 | 0.22% | 7 | 0.22% | 7 | 0.07% | ||||||||||||||||||||||||||||||||||||||
Total Fund Operating Expenses* | 1.86% | 8 | 2.41% | 8 | 2.41% | 8 | 1.42% | 1.44% | 2.19% | 2.19% | 1.04% | 1.43% | 2.18% | 2.18% | 1.03% | 1.37% | 2.12% | 2.12% | 0.97% |
* | The “Management Fees,” “Other Expenses” and “Total Fund Operating Expenses” (after any waivers and expense limitations) of the AXA Enterprise Fund, GST Fund and Combined Fund are as set forth below. |
Combined Fund Pro Forma | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Combined Fund Pro Forma | (AXA Enterprise Large Cap Growth | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AXA Enterprise | (AXA Enterprise Large Cap Growth | Fund + AXA Enterprise Growth | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Large Cap Growth Fund | Goldman Sachs Capital Growth Fund | Fund + GST Fund) | Fund + GST Fund) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class | Class | Class | Class | Class | Class | Class | Class | Class | Class | Class | Class | Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||
A | B | C | Y | A | B | C | Institutional | A | B | C | Institutional | A | B | C | Institutional | |||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | |||||||||||||||||||||||||||||||||||||||||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | 0.90% | 6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Management Fees | 0.65% | 0.65% | 0.65% | 0.65% | 0.95% | 6 | 0.95% | 6 | 0.95% | 6 | 0.95% | 6 | 0.95% | 6 | 0.95% | 6 | 0.95% | 6 | 0.95% | 6 | 0.90% | 6 | 0.90% | 6 | 0.90% | 6 | ||||||||||||||||||||||||||||||||||||||
Distribution and Service (12b-1) Fees | 0.45% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None 0.04% | 7 | |||||||||||||||||||||||||||||||||||||||||||||||
Other Expenses | 0.50% | 0.50% | 0.50% | 0.50% | 0.19% | 7 | 0.19% | 7 | 0.19% | 7 | 0.04% | 7 | 0.19% | 7 | 0.19% | 7 | 0.19% | 7 | 0.04% | 7 | 0.19% | 7 | 0.19% | 7 | 0.19% | 7 | ||||||||||||||||||||||||||||||||||||||
Total Fund Operating Expenses (after current expense limitations) | 1.60% | 8 | 2.15% | 8 | 2.15% | 8 | 1.15% | 6 | 1.39% | 2.14% | 2.14% | 0.99% | 1.39% | 2.14% | 2.14% | 0.99% | 1.34% | 2.09% | 2.09% | 0.94% |
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1 | The maximum sales charge is a percentage of the offering price. This sales charge varies depending on how much you invest. Under certain circumstances, the maximum sales charge may be reduced or waived entirely. If you buy $1,000,000 or more ($100,000 or more for certain employee benefit plans and $500,000 or more for certain individual retirement accounts) of Class A Shares of an AXA Enterprise Fund at net asset value and redeem those shares within 12 months of the end of the calendar month of their purchase, a CDSC of 1.00% generally will apply to the redemptions of those shares. A CDSC of 1% is imposed on certain redemptions (within 18 months of purchase) of Class A Shares of a GST Fund sold without an initial sales charge as part of an investment of $1 million or more. |
2 | The maximum CDSC is a percentage of the lesser of the net asset value at the time of the redemption or the net asset value when the shares were originally purchased. |
3 | A CDSC is imposed upon Class B Shares of an AXA Enterprise Fund or GST Fund redeemed within six years of purchase at a rate of 5% in the first year, declining to 1% in the sixth year, and eliminated thereafter. Class B Shares of an AXA Enterprise Fund and GST Fund automatically convert to Class A Shares eight years after the end of the calendar month in which you purchased them and will be subject to lower expenses. |
4 | A CDSC of 1% is imposed on Class C Shares of an AXA Enterprise Fund or GST Fund redeemed within 12 months of purchase. |
5 | If you redeem or exchange shares of the AXA Enterprise Fund after holding them one month or less, a fee of 2.00% of the current net asset value of the shares being redeemed or exchanged generally will be assessed and retained by the AXA Enterprise Fund for the benefit of the remaining shareholders. |
6 | GSAM has entered into the following contractual fee reduction commitments for the GST Fund: |
Management Fee | Average Daily Net | |||||
GST Fund | Annual Rate | Assets | ||||
Capital Growth Fund | 1.00% | First $1 Billion | ||||
0.90% | Next $1 Billion | |||||
0.80% | Over $2 Billion |
Prior to this fee reduction commitment, the management fee for the GST Fund as an annual percentage rate of average daily net assets was 1.00%. |
7 | “Other Expenses” of the GST Fund include transfer agency fees and expenses equal on an annualized basis to 0.19% of the average daily net assets of the Fund’s Class A, B and C Shares, plus all other ordinary expenses not detailed above. “Other Expenses” of the GST Fund include transfer agency fees and expenses equal on an annualized basis to 0.04% of the average daily net assets of the Institutional Shares for the Fund. GSAM has voluntarily agreed to reduce or limit “Other Expenses” (excluding management fees, distribution and service fees, shareholder administration fees, transfer agency fees and expenses, taxes, interest, brokerage fees and litigation, indemnification, shareholder meeting and other extraordinary expenses) to 0.004% of the GST Fund’s average daily net assets. These expense reductions may be terminated at any time at the option of the GST Fund’s investment adviser. |
8 | Pursuant to an Expense Limitation Agreement, AXA Equitable has agreed to make payments or waive its management, administration and other fees to limit the expenses of the AXA Enterprise Fund through February 28, 2008 (unless the Enterprise Trust Trustees consent to an earlier revision or termination of this arrangement) so that the net annual fund operating expenses (as a percentage of average daily net assets) of the AXA Enterprise Fund (exclusive of taxes, interest, brokerage commissions, capitalized expenses, expenses of other investment companies in which the Fund invests and other extraordinary expenses) do not exceed 1.60% for Class A Shares, 2.15% for Class B and Class C Shares and 1.15% for Class Y Shares. AXA Equitable may be reimbursed the amount of any such payments and waivers in the future provided that the payments or waivers are reimbursed within three years of the payment or waiver being made and the combination of the AXA Enterprise Fund’s expense ratio and such reimbursements do not exceed the AXA Enterprise Fund’s expense cap. AXA Equitable may discontinue these arrangements at any time after February 28, 2008. |
A portion of the brokerage commissions that the AXA Enterprise Fund pays is used to reduce the Fund’s expenses. Including this reduction the Net Operating Expenses for the AXA Enterprise Fund for the twelve months ended August 31, 2006 was 1.52% for Class A Shares, 2.07% for Class B and Class C Shares and 1.07% for Class Y Shares. |
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1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||
AXA Enterprise Large Cap Growth Fund | ||||||||||||||||||
Class A Shares | $ | 630 | $ | 1,007 | $ | 1,408 | $ | 2,526 | ||||||||||
Class B Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 718 | $ | 1,125 | $ | 1,459 | $ | 2,584 | ||||||||||
- assuming no redemption | $ | 218 | $ | 725 | $ | 1,259 | $ | 2,584 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 318 | $ | 725 | $ | 1,259 | $ | 2,720 | ||||||||||
- assuming no redemption | $ | 218 | $ | 725 | $ | 1,259 | $ | 2,720 | ||||||||||
Class Y Shares | $ | 117 | $ | 422 | $ | 749 | $ | 1,674 | ||||||||||
Goldman Sachs Capital Growth Fund | ||||||||||||||||||
Class A Shares | $ | 689 | $ | 980 | $ | 1,294 | $ | 2,179 | ||||||||||
Class B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 722 | $ | 985 | $ | 1,375 | $ | 2,334 | ||||||||||
- assuming no redemption | $ | 222 | $ | 685 | $ | 1,175 | $ | 2,334 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 322 | $ | 685 | $ | 1,175 | $ | 2,524 | ||||||||||
- assuming no redemption | $ | 222 | $ | 685 | $ | 1,175 | $ | 2,524 | ||||||||||
Institutional Shares | $ | 106 | $ | 331 | $ | 574 | $ | 1,271 | ||||||||||
Combined Fund Pro Forma (AXA Enterprise Large Cap Growth Fund + GST Fund) | ||||||||||||||||||
Class A Shares | $ | 689 | $ | 980 | $ | 1,294 | $ | 2,179 | ||||||||||
Class B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 722 | $ | 985 | $ | 1,375 | $ | 2,334 | ||||||||||
- assuming no redemption | $ | 222 | $ | 685 | $ | 1,175 | $ | 2,334 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 322 | $ | 685 | $ | 1,175 | $ | 2,524 | ||||||||||
- assuming no redemption | $ | 222 | $ | 685 | $ | 1,175 | $ | 2,524 | ||||||||||
Institutional Shares | $ | 106 | $ | 331 | $ | 574 | $ | 1,771 |
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1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||
Combined Fund Pro Forma (AXA Enterprise Growth Fund + AXA Enterprise Large Cap Growth Fund + GST Fund) | ||||||||||||||||||
Class A Shares | $ | 682 | $ | 960 | $ | 1,259 | $ | 2,106 | ||||||||||
Class B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 715 | $ | 964 | $ | 1,339 | $ | 2,261 | ||||||||||
- assuming no redemption | $ | 215 | $ | 664 | $ | 1,139 | $ | 2,261 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 315 | $ | 664 | $ | 1,139 | $ | 2,452 | ||||||||||
- assuming no redemption | $ | 215 | $ | 664 | $ | 1,139 | $ | 2,452 | ||||||||||
Institutional Shares | $ | 99 | $ | 309 | $ | 536 | $ | 1,190 |
1 | The Class B example for each Fund reflects the conversion of Class B Shares to Class A Shares after approximately eight years from the date of purchase of Class B Shares. |
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10 Years | ||||||||||||
Average Annual Total Returns | or Since | |||||||||||
(For the periods ended December 31, 2006) | 1 Year | 5 Years | Inception | |||||||||
Class A (inception 7/1/99) | ||||||||||||
Return Before Taxes | -0.45% | -0.87% | 5.89% | |||||||||
Return After Taxes on Distributions1 | -0.48% | -0.95% | 5.74% | |||||||||
Return After Taxes on Distributions and Sale of Fund Shares1 | -0.29% | -0.75% | 5.08% | |||||||||
Russell 1000 Growth Index2 | 9.07% | 2.69% | -2.24% | |||||||||
Class B (inception 7/1/99) | ||||||||||||
Return Before Taxes | -0.97% | -0.82% | 6.01% | |||||||||
Russell 1000 Growth Index | 9.07% | 2.69% | -2.24% | |||||||||
Class C (inception 7/1/99) | ||||||||||||
Return Before Taxes | 2.94% | -0.45% | 5.98% | |||||||||
Russell 1000 Growth Index | 9.07% | 2.69% | -2.24% | |||||||||
Class Y (inception 7/1/99) | ||||||||||||
Return Before Taxes | 4.95% | 0.52% | 7.02% | |||||||||
Russell 1000 Growth Index | 9.07% | 2.69% | -2.24% |
10 Years | ||||||||||||
Average Annual Total Returns | or Since | |||||||||||
(For the periods ended December 31, 2006) | 1 Year | 5 Years | Inception | |||||||||
Class A (inception 4/20/90) | ||||||||||||
Return Before Taxes | 8.17% | 2.24% | 7.25% | |||||||||
Return After Taxes on Distributions1 | 2.21% | 1.09% | 5.73% | |||||||||
Return After Taxes on Distributions and Sale of Fund Shares1 | 1.43% | 0.93% | 5.41% | |||||||||
Russell 1000 Growth Index2 | 9.07% | 2.69% | 5.44% | |||||||||
Class B (inception 5/1/96) | ||||||||||||
Return Before Taxes | 7.35% | 1.48% | 6.44% | |||||||||
Russell 1000 Growth Index | 9.07% | 2.69% | 5.44% | |||||||||
Class C (inception 8/15/97) | ||||||||||||
Return Before Taxes | 7.36% | 1.47% | 4.30% | |||||||||
Russell 1000 Growth Index | 9.07% | 2.69% | 3.23% | |||||||||
Institutional Class (inception 8/15/97) | ||||||||||||
Return Before Taxes | 8.62% | 2.66% | 5.48% | |||||||||
Russell 1000 Growth Index | 9.07% | 2.69% | 3.23% |
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1 | The after-tax returns are for Class A Shares only. The after-tax returns for Class B, Class C, Class Y and Institutional Class Shares will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. |
2 | The Russell 1000 Growth Index® is an unmanaged index of common stocks that measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The Index figures do not reflect any deduction for fees, expenses or taxes. |
AXA Enterprise Large Cap Growth Fund | Goldman Sachs Capital Growth Fund | |||
Sales Charges and Distribution/ Service (Rule 12b-1) Fees | Class A Shares. Class A Shares are subject to a maximum front-end sales charge of 4.75%, which is reduced depending on the amount invested and, in certain circumstances, waived. There is no CDSC on redemptions of Class A Shares, except in certain circumstances when the front-end sales charge is waived. Class A Shares are subject to a Rule 12b-1 fee equal to an annual rate of 0.45% of the Fund’s average daily net assets attributable to Class A Shares. | Class A Shares. Class A Shares are subject to a maximum front-end sales charge of 5.50%, which is reduced depending on the amount invested and, in certain circumstances, waived. There is no CDSC on redemptions of Class A Shares, except in certain circumstances when the front-end sales charge is waived. Class A Shares are subject to a Rule 12b-1 fee equal to an annual rate of 0.25% of the Fund’s average daily net assets attributable to Class A Shares. | ||
Class B Shares. There is no front-end sales charge on Class B Shares. However, Class B Shares are subject to a CDSC of up to 5% on certain redemptions within 6 years of purchase. Class B Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class B Shares. Class B Shares convert to Class A Shares approximately 8 years after purchase. | Class B Shares. There is no front-end sales charge on Class B Shares. However, Class B Shares are subject to a CDSC of up to 5% on certain redemptions within 6 years of purchase. Class B Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class B Shares. Class B Shares convert to Class A Shares approximately 8 years after purchase. |
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AXA Enterprise Large Cap Growth Fund | Goldman Sachs Capital Growth Fund | |||
Class C Shares. There is no front-end sales charge on Class C Shares. However, Class C Shares are subject to a CDSC of 1% on certain redemptions within the first year of purchase. Class C Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class C Shares. | Class C Shares. There is no front-end sales charge on Class C Shares. However, Class C Shares are subject to a CDSC of 1% on certain redemptions within the first year of purchase. Class C Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class C Shares. | |||
Class Y Shares. Class Y Shares are not subject to any front-end sales charge, CDSC or Rule 12b-1 fees. | Institutional Shares. Institutional Shares are not subject to any front-end sales charge, CDSC or Rule 12b-1 fees. | |||
Purchase Policies | Investors can purchase shares of an AXA Enterprise Fund directly through the Fund’s principal underwriter, Enterprise Fund Distributors, Inc., or through an authorized dealer, subject to certain minimum investments and eligibility and other requirements. | Investors can purchase shares of a GST Fund directly from Goldman Sachs, through authorized dealers and directly from GST, subject to certain minimum investments and eligibility and other requirements. | ||
Exchange Policies | Shareholders can exchange shares of the AXA Enterprise Fund at net asset value without the imposition of any front-end sales charge or CDSC at the time of the exchange for shares of the same class of another AXA Enterprise Fund. Redemption of shares (including by exchange) that are held for one month or less may, however, be subject to a redemption fee. | Shareholders can exchange shares of a GST Fund at net asset value without the imposition of any front-end sales charge or CDSC at the time of the exchange for shares of the same class of another Goldman Sachs Fund. Redemption of shares (including by exchange) that are held for 30 or 60 calendar days or less may, however, be subject to a redemption fee. | ||
Redemption Policies | Shareholders can sell (redeem) some or all their shares. Generally, the AXA Enterprise Fund will redeem its shares upon request on any business day at the net asset value next determined after receipt of such request in proper form, subject to any applicable CDSC or redemption fee. Shareholders may request that redemption proceeds be sent by check or wire. Redemptions may be requested in writing or by telephone. | Shareholders can sell (redeem) some or all their shares. Generally, the GST Fund will redeem its shares upon request on any business day at the net asset value next determined after receipt of such request in proper form, subject to any applicable CDSC or redemption fee. Shareholders may request that redemption proceeds be sent by check or wire. Redemptions may be requested in writing or by telephone. | ||
Redemption Fees | There is a 2% redemption fee assessed on certain redemptions of shares (including by exchange) within one month after purchase. | The Fund does not impose any redemption fees. |
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Pro Forma | |||||||||||||||
AXA Enterprise | Pro Forma | Combined Fund | |||||||||||||
Large Cap | AXA Enterprise | Goldman Sachs | Combined Fund | (Fund A + | |||||||||||
Growth Fund | Growth Fund | Capital Growth | Pro Forma | (Fund A + | Pro Forma | Fund B + | |||||||||
(Fund A) | (Fund B) | Fund* (Fund C) | Adjustments | Fund C) | Adjustments | Fund C) | |||||||||
Net Assets: | $29,990 | $709,068 | $1,289,843 | $0 | $1,319,833 | $0 | $2,028,901 | ||||||||
(Class A Shares) | (Class A Shares) | (Class A Shares) | (Class A Shares) | (Class A Shares) | |||||||||||
$36,171 | $220,298 | $96,106 | $0 | $132,277 | $0 | $352,575 | |||||||||
(Class B Shares) | (Class B Shares) | (Class B Shares) | (Class B Shares) | (Class B Shares) | |||||||||||
$12,019 | $132,176 | $68,528 | $0 | $80,547 | $0 | $212,723 | |||||||||
(Class C Shares) | (Class C Shares) | (Class C Shares) | (Class C Shares) | (Class C Shares) | |||||||||||
$1,530 | $45,374 | $272,295 | $0 | $273,825 | $0 | $319,199 | |||||||||
(Class Y Shares) | (Class Y Shares) | (Institutional Shares) | (Institutional Shares) | (Institutional Shares) | |||||||||||
Net Asset Value | $10.67 | $17.21 | $20.62 | $(10.67) | $20.62 | $(27.88) | $20.62 | ||||||||
Per Share: | (Class A Shares) | (Class A Shares) | (Class A Shares) | (Class A Shares) | (Class A Shares) | ||||||||||
$10.46 | $16.07 | $19.03 | $(10.46) | $19.03 | $(26.53) | $19.03 | |||||||||
(Class B Shares) | (Class B Shares) | (Class B Shares) | (Class B Shares) | (Class B Shares) | |||||||||||
$10.45 | $16.29 | $18.99 | $(10.45) | $18.99 | $(26.74) | $18.99 | |||||||||
(Class C Shares) | (Class C Shares) | (Class C Shares) | (Class C Shares) | (Class C Shares) | |||||||||||
$10.79 | $18.16 | $21.24 | $(10.79) | $21.24 | $(28.95) | $21.24 | |||||||||
(Class Y Shares) | (Class Y Shares) | (Institutional Shares) | (Institutional Shares) | (Institutional Shares) | |||||||||||
Shares | 2,811 | 41,200 | 62,543 | (1,356) | 63,998 | $(8,174) | 98,380 | ||||||||
Outstanding: | (Class A Shares) | (Class A Shares) | (Class A Shares) | (Class A Shares) | (Class A Shares) | ||||||||||
3,459 | 13,712 | 5,051 | (1,557) | 6,953 | $(3,690) | 18,532 | |||||||||
(Class B Shares) | (Class B Shares) | (Class B Shares) | (Class B Shares) | (Class B Shares) | |||||||||||
1,150 | 8,113 | 3,608 | (517) | 4,241 | $(1,671) | 11,200 | |||||||||
(Class C Shares) | (Class C Shares) | (Class C Shares) | (Class C Shares) | (Class C Shares) | |||||||||||
142 | 2,499 | 12,821 | (70) | 12,893 | $(433) | 15,029 | |||||||||
(Class Y Shares) | (Class Y Shares) | (Institutional Shares) | (Institutional Shares) | (Institutional Shares |
* | The Goldman Sachs Capital Growth Fund will be the accounting survivor for financial statement purposes. |
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AXA Enterprise Small Company Growth Fund | Goldman Sachs Structured Small Cap Growth Fund | |
Investment Objective | Investment Objective | |
Seeks capital appreciation. | Seeks long-term growth of capital. | |
Investment Policies | Investment Policies | |
Under normal circumstances, the Fund invests at least 80% of its net assets, plus borrowings for investment purposes, in stocks of small capitalization companies. Small capitalization companies are companies with market capitalization of $2.0 billion or less at the time of investment. | The Fund invests, under normal circumstances, at least 80% of its Net Assets in a broadly diversified portfolio of equity investments in small-cap U.S. issuers, including foreign issuers that are traded in the United States. However, it is currently anticipated that, under normal circumstances, the Fund will invest at least 95% of its Net Assets in such equity investments. Most of these issuers will have public stock market capitalizations (based upon shares available for trading on an unrestricted basis) similar to that of the range of the market capitalizations of companies constituting the Russell 2000® Growth Index at the time of investment. The Fund is not required to limit its investments to securities in the Russell 2000® Growth Index. If the market capitalization of a company held by the Fund moves outside this range, the Fund may, but is not required to, sell the securities. The capitalization range of the Russell 2000® Growth Index is currently (as of November 30, 2006) between $90 million and $3.0 billion. |
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AXA Enterprise Small Company Growth Fund | Goldman Sachs Structured Small Cap Growth Fund | |
The sub-adviser utilizes an aggressive, growth-oriented investment style that emphasizes companies that are either in or entering into the growth phase of their business cycle. | The adviser emphasizes a company’s growth prospects in analyzing equity investments to be purchased by the Fund. The Fund’s investments are selected using a variety of quantitative techniques to analyze fundamental data in seeking to maximize the Fund’s expected return, while maintaining risk, style, capitalization and industry characteristics similar to the Russell 2000® Growth Index. The Fund seeks a portfolio consisting of companies that the adviser believes exhibit good stock price momentum and also appear to be at reasonable valuations. The Fund also seeks companies with strong profit margins, sustainable earnings and who use their capital to enhance shareholder value. The Fund also seeks those companies about which fundamental research analysts are becoming more positive in the outlook regarding a company’s future. | |
The Fund intends to invest primarily in common stocks, but it may also invest in other securities that the sub-adviser believes provide opportunities for capital appreciation, such as preferred stocks, warrants and securities convertible into common stock. | The Fund’s equity investments may include common stocks, preferred stocks, convertible securities, warrants and other instruments that have economic characteristics similar to equity securities. | |
For temporary defensive purposes, the Fund may invest, without limit, in cash, money market instruments or high quality short-term debt securities, including repurchase agreements. | For temporary defensive purposes, the Fund may invest up to 35% of its Total Assets in U.S. Government Securities; commercial paper rated at least A-2 by Standard & Poor’s, P-2 by Moody’s or having a comparable rating by another NRSRO; certificates of deposit; bankers’ acceptances; repurchase agreements; and non-convertible preferred stocks and non- convertible corporate bonds with a remaining maturity of less than one year. | |
Investment Advisers | Investment Adviser | |
AXA Equitable, through its AXA Funds Management Group unit, serves as the investment manager for the Fund. The day-to-day portfolio management of the Fund is provided by an investment sub-adviser selected by AXA Equitable. The Fund’s sub-adviser is Eagle Asset Management, Inc. | GSAM manages the Fund on a day-to-day basis and will continue to manage the Fund after the Reorganization. |
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AXA Enterprise Small Company | Goldman Sachs Structured Small | |||||||
Growth Fund | Cap Growth Fund | |||||||
Net Asset Value Risk | X | X | ||||||
Interest Rate Risk | X | |||||||
Stock Risk | X | X | ||||||
Derivatives Risk | X | |||||||
Management Risk | X | X | ||||||
Market Risk | X | X | ||||||
Liquidity Risk | X | |||||||
Investment Style Risk | X | X | ||||||
Foreign Risk | X | X | ||||||
Small-Capitalization Risk | X | X | ||||||
Issuer-Specific Risk | X | X | ||||||
Sub-adviser Selection Risk | X |
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AXA Enterprise Small Company | Goldman Sachs Structured | |||||||||||||||||||||||||||||||||||||||||||||||
Growth Fund | Small Cap Growth Fund | Combined Fund Pro Forma | ||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class Y | Class A | Class B | Class C | Institutional | Class A | Class B | Class C | Institutional | |||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | |||||||||||||||||||||||||||||||||||||
Shareholder Fees (fees paid directly from your investment): | ||||||||||||||||||||||||||||||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Purchases | 4.75% | 1 | None | None | None | 5.50% | 1 | None | None | None | 5.50% | 1 | None | None | None | |||||||||||||||||||||||||||||||||
Maximum Deferred Sales Charge (Load) 2 | None | 1 | 5.00% | 3 | 1.00% | 4 | None | None | 1 | 5.00% | 3 | 1.00% | 4 | None | None | 1 | 5.00% | 3 | 1.00% | 4 | None | |||||||||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Reinvested Dividends | None | None | None | None | None | None | None | None | None | None | None | None | ||||||||||||||||||||||||||||||||||||
Redemption Fees | 2.00% | 5 | 2.00% | 5 | 2.00% | 5 | 2.00% | 5 | None | None | None | None | None | None | None | None | ||||||||||||||||||||||||||||||||
Exchange Fees | None | None | None | None | None | None | None | None | None | None | None | None |
AXA Enterprise Small Company | Goldman Sachs Structured | |||||||||||||||||||||||||||||||||||||||||||||||
Growth Fund | Small Cap Growth Fund | Combined Fund Pro Forma | ||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class Y | Class A | Class B | Class C | Institutional | Class A | Class B | Class C | Institutional | |||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | |||||||||||||||||||||||||||||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | ||||||||||||||||||||||||||||||||||||||||||||||||
Management Fees | 0.98% | 0.98% | 0.98% | 0.98% | 0.85% | 6 | 0.85% | 6 | 0.85% | 6 | 0.85% | 6 | 0.85% | 6 | 0.85% | 6 | 0.85% | 6 | 0.85% | 6 | ||||||||||||||||||||||||||||
Distribution and Service (12b-1) Fees | 0.45% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | ||||||||||||||||||||||||||||||||||||
Other Expenses* | 0.80% | 0.80% | 0.80% | 0.80% | 0.37% | 7 | 0.37% | 7 | 0.37% | 7 | 0.22% | 7 | 0.37% | 7 | 0.37% | 7 | 0.37% | 7 | 0.22% | 7 | ||||||||||||||||||||||||||||
Total Fund Operating Expenses* | 2.23% | 8 | 2.78% | 8 | 2.78% | 8 | 1.78% | 8 | 1.47% | 2.22% | 2.22% | 1.07% | 1.47% | 2.22% | 2.22% | 1.07% |
* | The “Other Expenses” and “Total Fund Operating Expenses” (after any waivers and expense limitations) of the AXA Enterprise Fund, the GST Fund and the Combined Fund are as set forth below. |
AXA Enterprise Small Company | Goldman Sachs Structured | |||||||||||||||||||||||||||||||||||||||||||||||
Growth Fund | Small Cap Growth Fund | Combined Fund Pro Forma | ||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class Y | Class A | Class B | Class C | Institutional | Class A | Class B | Class C | Institutional | |||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | |||||||||||||||||||||||||||||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | ||||||||||||||||||||||||||||||||||||||||||||||||
Management Fees | 0.40% | 0.40% | 0.40% | 0.40% | 0.81% | 6 | 0.81% | 6 | 0.81% | 6 | 0.81% | 6 | 0.81% | 6 | 0.81% | 6 | 0.81% | 6 | 0.81% | 6 | ||||||||||||||||||||||||||||
Distribution and Service (12b-1) Fees | 0.45% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | ||||||||||||||||||||||||||||||||||||
Other Expenses | 0.80% | 0.80% | 0.80% | 0.80% | 0.19% | 7 | 0.19% | 7 | 0.19% | 7 | 0.04% | 7 | 0.19% | 7 | 0.19% | 7 | 0.19% | 7 | 0.04% | 7 | ||||||||||||||||||||||||||||
Total Fund Operating Expenses (after current expense limitations) | 1.65% | 8 | 2.20% | 8 | 2.20% | 8 | 1.20% | 8 | 1.25% | 2.00% | 2.00% | 0.85% | 1.25% | 2.00% | 2.00% | 0.85% |
95
1 | The maximum sales charge is a percentage of the offering price. This sales charge varies depending on how much you invest. Under certain circumstances, the maximum sales charge may be reduced or waived entirely. If you buy $1,000,000 or more ($100,000 or more for certain employee benefit plans and $500,000 or more for certain individual retirement accounts) of Class A Shares of an AXA Enterprise Fund at net asset value and redeem those shares within 12 months of the end of the calendar month of their purchase, a CDSC of 1.00% generally will apply to the redemptions of those shares. A CDSC of 1% is imposed on certain redemptions (within 18 months of purchase) of Class A Shares of a GST Fund sold without an initial sales charge as part of an investment of $1 million or more. |
2 | The maximum CDSC is a percentage of the lesser of the net asset value at the time of the redemption or the net asset value when the shares were originally purchased. |
3 | A CDSC is imposed upon Class B Shares of an AXA Enterprise Fund or GST Fund redeemed within six years of purchase at a rate of 5% in the first year, declining to 1% in the sixth year, and eliminated thereafter. Class B Shares of an AXA Enterprise Fund and GST Fund automatically convert to Class A Shares eight years after the end of the calendar month in which you purchased them and will be subject to lower expenses. |
4 | A CDSC of 1% is imposed on Class C Shares of an AXA Enterprise Fund or GST Fund redeemed within 12 months of purchase. |
5 | If you redeem or exchange shares of the AXA Enterprise Fund after holding them one month or less, a fee of 2.00% of the current net asset value of the shares being redeemed or exchanged generally will be assessed and retained by the AXA Enterprise Fund for the benefit of the remaining shareholders. |
6 | GSAM is entitled to management fees from certain GST Funds at annual rates equal to the following percentages of the average daily net assets of the GST Funds: |
Management Fee | Average Daily | |||||
GST Fund | Annual Rate | Net Assets | ||||
Structured Small Cap Growth Fund | 0.85% | First $2 Billion | ||||
0.77% | Over $2 Billion |
6 | GSAM has voluntarily agreed to waive a portion of its advisory fee equal to 0.04% of the GST Fund’s average daily net assets. GSAM may discontinue or modify such voluntary limitations in the future at its discretion. |
7 | “Other Expenses” of the GST Fund include transfer agency fees and expenses equal on an annualized basis to 0.19% of the average daily net assets of the Fund’s Class A, B and C Shares, plus all other ordinary expenses not detailed above. “Other Expenses” of the GST Fund include transfer agency fees and expenses equal on an annualized basis to 0.04% of the average daily net assets of the Institutional Shares for the Fund. GSAM has voluntarily agreed to reduce or limit “Other Expenses” (excluding management fees, distribution and service fees, shareholder administration fees, transfer agency fees and expenses, taxes, interest, brokerage fees and litigation, indemnification, shareholder meeting and other extraordinary expenses) to 0.004% of the GST Fund’s average daily net assets. These expense reductions may be terminated at any time at the option of the GST Fund’s investment adviser. |
8 | Pursuant to an Expense Limitation Agreement, AXA Equitable has agreed to make payments or waive its management, administration and other fees to limit the expenses of the AXA Enterprise Fund through February 28, 2008 (unless the Enterprise Trust Trustees consent to an earlier revision or termination of this arrangement) so that the net annual fund operating expenses (as a percentage of average daily net assets) of the AXA Enterprise Fund (exclusive of taxes, interest, brokerage commissions, capitalized expenses, expenses of other investment companies in which the Fund invests and other extraordinary expenses) do not exceed 1.65% for Class A Shares, 2.20% for Class B and Class C Shares and 1.20% for Class Y Shares. AXA Equitable may be reimbursed the amount of any such payments and waivers in the future provided that the payments or waivers are reimbursed within three years of the payment or waiver being made and the combination of the AXA Enterprise Fund’s expense ratio and such reimbursements do not exceed the AXA Enterprise Fund’s expense cap. AXA Equitable may discontinue these arrangements at any time after February 28, 2008. |
A portion of the brokerage commissions that the AXA Enterprise Fund pays is used to reduce the Fund’s expenses. Including this reduction the Net Operating Expenses for the AXA Enterprise Fund for the twelve months ended August 31, 2006 was 1.60% for Class A Shares, 2.15% for Class B and Class C Shares and 1.15% for Class Y Shares. |
96
1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||
AXA Enterprise Small Company Growth Fund | ||||||||||||||||||
Class A Shares | $ | 634 | $ | 1,083 | $ | 1,557 | $ | 2,862 | ||||||||||
Class B Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 722 | $ | 1,203 | $ | 1,611 | $ | 2,919 | ||||||||||
- assuming no redemption | $ | 222 | $ | 803 | $ | 1,411 | $ | 2,919 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 322 | $ | 803 | $ | 1,411 | $ | 3,050 | ||||||||||
- assuming no redemption | $ | 222 | $ | 803 | $ | 1,411 | $ | 3,050 | ||||||||||
Class Y Shares | $ | 122 | $ | 501 | $ | 906 | $ | 2,036 | ||||||||||
Goldman Sachs Structured Small Cap Growth Fund | ||||||||||||||||||
Class A Shares | $ | 691 | $ | 989 | $ | 1,309 | $ | 2,211 | ||||||||||
Class B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 725 | $ | 994 | $ | 1,390 | $ | 2,365 | ||||||||||
- assuming no redemption | $ | 225 | $ | 694 | $ | 1,190 | $ | 2,365 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 325 | $ | 694 | $ | 1,190 | $ | 2,554 | ||||||||||
- assuming no redemption | $ | 225 | $ | 694 | $ | 1,190 | $ | 2,554 | ||||||||||
Institutional Shares | $ | 109 | $ | 340 | $ | 590 | $ | 1,306 | ||||||||||
Combined Fund Pro Forma | ||||||||||||||||||
Class A Shares | $ | 691 | $ | 989 | $ | 1,309 | $ | 2,211 | ||||||||||
Class B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 725 | $ | 994 | $ | 1,390 | $ | 2,365 | ||||||||||
- assuming no redemption | $ | 225 | $ | 694 | $ | 1,190 | $ | 2,365 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 325 | $ | 694 | $ | 1,190 | $ | 2,554 | ||||||||||
- assuming no redemption | $ | 225 | $ | 694 | $ | 1,190 | $ | 2,554 | ||||||||||
Institutional Shares | $ | 109 | $ | 340 | $ | 590 | $ | 1,306 |
1 | The Class B example for each Fund reflects the conversion of Class B Shares to Class A Shares after approximately eight years from the date of purchase of Class B Shares. |
97
AXA Enterprise | Goldman Sachs | |||
Small Company Growth Fund | Structured Small Cap Growth Fund | |||
Sales Charges and Distribution/ Service (Rule 12b-1) Fees | Class A Shares. Class A Shares are subject to a maximum front-end sales charge of 4.75%, which is reduced depending on the amount invested and, in certain circumstances, waived. There is no CDSC on redemptions of Class A Shares, except in certain circumstances when the front-end sales charge is waived. Class A Shares are subject to a Rule 12b-1 fee equal to an annual rate of 0.45% of the Fund’s average daily net assets attributable to Class A Shares. | Class A Shares. Class A Shares are subject to a maximum front-end sales charge of 5.50%, which is reduced depending on the amount invested and, in certain circumstances, waived. There is no CDSC on redemptions of Class A Shares, except in certain circumstances when the front-end sales charge is waived. Class A Shares are subject to a Rule 12b-1 fee equal to an annual rate of 0.25% of the Fund’s average daily net assets attributable to Class A Shares. |
98
AXA Enterprise | Goldman Sachs | |||
Small Company Growth Fund | Structured Small Cap Growth Fund | |||
Class B Shares. There is no front-end sales charge on Class B Shares. However, Class B Shares are subject to a CDSC of up to 5% on certain redemptions within 6 years of purchase. Class B Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class B Shares. Class B Shares convert to Class A Shares approximately 8 years after purchase. | Class B Shares. There is no front-end sales charge on Class B Shares. However, Class B Shares are subject to a CDSC of up to 5% on certain redemptions within 6 years of purchase. Class B Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class B Shares. Class B Shares convert to Class A Shares approximately 8 years after purchase. | |||
Class C Shares. There is no front-end sales charge on Class C Shares. However, Class C Shares are subject to a CDSC of 1% on certain redemptions within the first year of purchase. Class C Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class C Shares. | Class C Shares. There is no front-end sales charge on Class C Shares. However, Class C Shares are subject to a CDSC of 1% on certain redemptions within the first year of purchase. Class C Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class C Shares. | |||
Class Y Shares. Class Y Shares are not subject to any front-end sales charge, CDSC or Rule 12b-1 fees. | Institutional Shares. Institutional Shares are not subject to any front-end sales charge, CDSC or Rule 12b-1 fees. | |||
Purchase Policies | Investors can purchase shares of an AXA Enterprise Fund directly through the Fund’s principal underwriter, Enterprise Fund Distributors, Inc., or through an authorized dealer, subject to certain minimum investments and eligibility and other requirements. | Investors can purchase shares of a GST Fund directly from Goldman Sachs, through authorized dealers and directly from GST, subject to certain minimum investments and eligibility and other requirements. | ||
Exchange Policies | Shareholders can exchange shares of the AXA Enterprise Fund at net asset value without the imposition of any front-end sales charge or CDSC at the time of the exchange for shares of the same class of another AXA Enterprise Fund. Redemption of shares (including by exchange) that are held for one month or less may, however, be subject to a redemption fee. | Shareholders can exchange shares of a GST Fund at net asset value without the imposition of any front-end sales charge or CDSC at the time of the exchange for shares of the same class of another Goldman Sachs Fund. Redemption of shares (including by exchange) that are held for 30 or 60 calendar days or less may, however, be subject to a redemption fee. |
99
AXA Enterprise | Goldman Sachs | |||
Small Company Growth Fund | Structured Small Cap Growth Fund | |||
Redemption Policies | Shareholders can sell (redeem) some or all their shares. Generally, the AXA Enterprise Fund will redeem its shares upon request on any business day at the net asset value next determined after receipt of such request in proper form, subject to any applicable CDSC or redemption fee. Shareholders may request that redemption proceeds be sent by check or wire. Redemptions may be requested in writing or by telephone. | Shareholders can sell (redeem) some or all their shares. Generally, the GST Fund will redeem its shares upon request on any business day at the net asset value next determined after receipt of such request in proper form, subject to any applicable CDSC or redemption fee. Shareholders may request that redemption proceeds be sent by check or wire. Redemptions may be requested in writing or by telephone. | ||
Redemption Fees | There is a 2% redemption fee assessed on certain redemptions of shares (including by exchange) within one month after purchase. | The Fund does not impose any redemption fees. |
AXA Enterprise | Goldman Sachs | |||||||
Small Company | Structured Small Cap | Pro Forma | Pro Forma | |||||
Growth Fund* | Growth Fund | Adjustments | Combined Fund | |||||
Net Assets: | $46,699 | $0 | $0 | $46,699 | ||||
(Class A Shares) | (Class A Shares) | (Class A Shares) | ||||||
$30,273 | $0 | $0 | $30,273 | |||||
(Class B Shares) | (Class B Shares) | (Class B Shares) | ||||||
$12,793 | $0 | $0 | $12,793 | |||||
(Class C Shares) | (Class C Share) | (Class C Shares) | ||||||
$17,362 | $0 | $0 | $17,362 | |||||
(Class Y Shares) | (Institutional Shares) | (Institutional Shares) |
100
AXA Enterprise | Goldman Sachs | ||||||||
Small Company | Structured Small Cap | Pro Forma | Pro Forma | ||||||
Growth Fund* | Growth Fund | Adjustments | Combined Fund | ||||||
Net Asset Value | $31.19 | $0 | $0 | $31.19 | |||||
Per Share: | (Class A Shares) | (Class A Shares) | (Class A Shares) | ||||||
$29.37 | $0 | $0 | $29.37 | ||||||
(Class B Shares) | (Class B Shares) | (Class B Shares) | |||||||
$29.49 | $0 | $0 | $29.49 | ||||||
(Class C Shares) | (Class C Shares) | (Class C Shares) | |||||||
$32.60 | $0 | $0 | $32.60 | ||||||
(Class Y Shares) | (Institutional Shares) | (Institutional Shares) | |||||||
Shares Outstanding: | 1,497 | 0 | 0 | 1,497 | |||||
(Class A Shares) | (Class A Shares) | (Class A Shares) | |||||||
1,031 | 0 | 0 | 1,031 | ||||||
(Class B Shares) | (Class B Shares) | (Class B Shares) | |||||||
434 | 0 | 0 | 434 | ||||||
(Class C Shares) | (Class C Shares) | (Class C Shares) | |||||||
533 | 0 | 0 | 533 | ||||||
(Class Y Shares) | (Institutional Shares) | (Institutional Shares) |
* | The AXA Enterprise Small Company Growth Fund will be the accounting survivor for financial statement purposes. |
101
AXA Enterprise | Goldman Sachs | |
Small Company Value Fund | Structured Small Cap Value Fund | |
Investment Objective | Investment Objective | |
Seeks maximum capital appreciation. | Seeks long-term growth of capital. | |
Investment Policies | Investment Policies | |
Under normal circumstances, the Fund invests at least 80% of its net assets, plus borrowings for investment purposes, in stocks of small capitalization companies. Small capitalization companies are companies with market capitalization of $2.0 billion or less at the time of investment. | The Fund invests, under normal circumstances, at least 80% of its Net Assets in a broadly diversified portfolio of equity investments in small-cap U.S. issuers, including foreign issuers that are traded in the United States. However, it is currently anticipated that, under normal circumstances, the Fund will invest at least 95% of its Net Assets in such equity investments. Most of these issuers will have public stock market capitalizations (based upon shares available for trading on an unrestricted basis) similar to that of the range of the market capitalizations of companies constituting the Russell 2000® Value Index at the time of investment. The Fund is not required to limit its investments to securities in the Russell 2000® Value Index. If the market capitalization of a company held by the Fund moves outside this range, the Fund may, but is not required to, sell the securities. The capitalization range of the Russell 2000® Value Index is currently (as of November 30, 2006) between $94 million and $3 billion. | |
The sub-adviser utilizes a value-oriented investment style that emphasizes companies deemed to be currently underpriced according to certain financial measurements, which may include price-to-earnings and price-to-book ratios and dividend income potential. | The Fund’s investments are selected using a variety of quantitative techniques to analyze fundamental data such as valuation, momentum, profitability and earnings in seeking to maximize the Fund’s expected return, while maintaining risk, style, capitalization and industry characteristics similar to the Russell 2000® Value Index. The Fund seeks a portfolio consisting of companies that the adviser believes exhibit good stock price momentum and also appear to be at reasonable valuations. The Fund also seeks companies with strong profit margins, sustainable earnings and who use their capital to enhance shareholder value. The Fund also seeks those companies about which fundamental research analysts are becoming more positive in the outlook regarding a company’s future. | |
The Fund intends to invest primarily in common stocks, but it may also invest in other securities that the sub-adviser believes provide opportunities for capital appreciation, such as preferred stocks, warrants and securities convertible into common stocks. | The Fund’s equity investments may include common stocks, preferred stocks, convertible securities, warrants and other instruments that have economic characteristics similar to equity securities. |
102
AXA Enterprise | Goldman Sachs | |
Small Company Value Fund | Structured Small Cap Value Fund | |
For temporary defensive purposes, the Fund may invest, without limit, in cash, money market instruments or high quality short-term debt securities, including repurchase agreements. | For temporary defensive purposes, the Fund may invest up to 35% of its Total Assets in U.S. Government Securities; commercial paper rated at least A-2 by Standard & Poor’s, P-2 by Moody’s or having a comparable rating by another NRSRO; certificates of deposit; Bankers’ acceptances; repurchase agreements; and non-convertible preferred stocks and non- convertible corporate bonds with a remaining maturity of less than one year. | |
Investment Advisers | Investment Adviser | |
AXA Equitable, through its AXA Funds Management Group unit, serves as the investment manager for the Fund. The day-to-day portfolio management of the Fund is provided by an investment sub-adviser selected by AXA Equitable. The Fund’s sub-adviser is GAMCO Asset Management, Inc. | GSAM manages the Fund on a day-to-day basis and will continue to manage the Fund after the Reorganization. |
AXA Enterprise | Goldman Sachs | |||||||
Small Company Value Fund | Structured Small Cap Value Fund | |||||||
Net Asset Value Risk | X | X | ||||||
Interest Rate Risk | X | |||||||
Stock Risk | X | X | ||||||
Derivatives Risk | X | |||||||
Management Risk | X | X | ||||||
Market Risk | X | X | ||||||
Liquidity Risk | X | |||||||
Investment Style Risk | X | X | ||||||
Foreign Risk | X | X | ||||||
Small-Capitalization Risk | X | X | ||||||
Issuer-Specific Risk | X | X | ||||||
Sub-adviser Selection Risk | X |
103
104
Goldman Sachs Structured | ||||||||||||||||||||||||||||||||||||||||||||||||
AXA Enterprise Small Company Value Fund | Small Cap Value Fund | Combined Fund Pro forma | ||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class Y | Class A | Class B | Class C | Institutional | Class A | Class B | Class C | Institutional | |||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | |||||||||||||||||||||||||||||||||||||
Shareholder Fees (fees paid directly from your investment): | ||||||||||||||||||||||||||||||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Purchases | 4.75% | 1 | None | None | None | 5.50% | 1 | None | None | None | 5.50% | 1 | None | None | None | |||||||||||||||||||||||||||||||||
Maximum Deferred Sales Charge (Load) 2 | None | 1 | 5.00% | 3 | 1.00% | 4 | None | None | 1 | 5.00% | 3 | 1.00% | 4 | None | None | 1 | 5.00% | 3 | 1.00% | 4 | None | |||||||||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Reinvested Dividends | None | None | None | None | None | None | None | None | None | None | None | None | ||||||||||||||||||||||||||||||||||||
Redemption Fees | 2.00% | 5 | 2.00% | 5 | 2.00% | 5 | 2.00% | 5 | None | None | None | None | None | None | None | None | ||||||||||||||||||||||||||||||||
Exchange Fees | None | None | None | None | None | None | None | None | None | None | None | None |
Goldman Sachs Structured | ||||||||||||||||||||||||||||||||||||||||||||||||
AXA Enterprise Small Company Value Fund | Small Cap Value Fund | Combined Fund Pro forma | ||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class Y | Class A | Class B | Class C | Institutional | Class A | Class B | Class C | Institutional | |||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | |||||||||||||||||||||||||||||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | ||||||||||||||||||||||||||||||||||||||||||||||||
Management Fees | 0.73% | 0.73% | 0.73% | 0.73% | 0.85% | 6 | 0.85% | 6 | 0.85% | 6 | 0.85% | 6 | 0.85% | 6 | 0.85% | 6 | 0.85% | 6 | 0.85% | 6 | ||||||||||||||||||||||||||||
Distribution and Service (12b-1) Fees | 0.45% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | ||||||||||||||||||||||||||||||||||||
Other Expenses* | 0.45% | 0.45% | 0.45% | 0.45% | 0.26% | 7 | 0.26% | 7 | 0.26% | 7 | 0.11% | 7 | 0.26% | 7 | 0.26% | 7 | 0.26% | 7 | 0.11% | 7 | ||||||||||||||||||||||||||||
Total Fund Operating Expenses* | 1.63% | 8 | 2.18% | 8 | 2.18% | 8 | 1.18% | 8 | 1.36% | 2.11% | 2.11% | 0.96% | 1.36% | 2.11% | 2.11% | 0.96% |
* | The “Other Expenses” and “Total Fund Operating Expenses” (after any waivers and expense limitations) of the AXA Enterprise Fund, the GST Fund and the Combined Fund are as set forth below. |
Goldman Sachs Structured | ||||||||||||||||||||||||||||||||||||||||||||||||
AXA Enterprise Small Company Value Fund | Small Cap Value Fund | Combined Fund Pro forma | ||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class Y | Class A | Class B | Class C | Institutional | Class A | Class B | Class C | Institutional | |||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | |||||||||||||||||||||||||||||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | ||||||||||||||||||||||||||||||||||||||||||||||||
Management Fees | 0.73% | 0.73% | 0.73% | 0.73% | 0.81% | 6 | 0.81% | 6 | 0.81% | 6 | 0.81% | 6 | 0.81% | 6 | 0.81% | 6 | 0.81% | 6 | 0.81% | 6 | ||||||||||||||||||||||||||||
Distribution and Service (12b-1) Fees | 0.45% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | ||||||||||||||||||||||||||||||||||||
Other Expenses | 0.45% | 0.45% | 0.45% | 0.45% | 0.19% | 7 | 0.19% | 7 | 0.19% | 7 | 0.04% | 7 | 0.19% | 7 | 0.19% | 7 | 0.19% | 7 | 0.04% | 7 | ||||||||||||||||||||||||||||
Total Fund Operating Expenses (after current expense limitations) | 1.63% | 8 | 2.18% | 8 | 2.18% | 8 | 1.18% | 8 | 1.25% | 2.00% | 2.00% | 0.85% | 1.25% | 2.00% | 2.00% | 0.85% |
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1 | The maximum sales charge is a percentage of the offering price. This sales charge varies depending on how much you invest. Under certain circumstances, the maximum sales charge may be reduced or waived entirely. If you buy $1,000,000 or more ($100,000 or more for certain employee benefit plans and $500,000 or more for certain individual retirement accounts) of Class A Shares of an AXA Enterprise Fund at net asset value and redeem those shares within 12 months of the end of the calendar month of their purchase, a CDSC of 1.00% generally will apply to the redemptions of those shares. A CDSC of 1% is imposed on certain redemptions (within 18 months of purchase) of Class A Shares of a GST Fund sold without an initial sales charge as part of an investment of $1 million or more. |
2 | The maximum CDSC is a percentage of the lesser of the net asset value at the time of the redemption or the net asset value when the shares were originally purchased. |
3 | A CDSC is imposed upon Class B Shares of an AXA Enterprise Fund or GST Fund redeemed within six years of purchase at a rate of 5% in the first year, declining to 1% in the sixth year, and eliminated thereafter. Class B Shares of an AXA Enterprise Fund and GST Fund automatically convert to Class A Shares eight years after the end of the calendar month in which you purchased them and will be subject to lower expenses. |
4 | A CDSC of 1% is imposed on Class C Shares of an AXA Enterprise Fund or GST Fund redeemed within 12 months of purchase. |
5 | If you redeem or exchange shares of the AXA Enterprise Fund after holding them one month or less, a fee of 2.00% of the current net asset value of the shares being redeemed or exchanged generally will be assessed and retained by the AXA Enterprise Fund for the benefit of the remaining shareholders. |
6 | GSAM is entitled to management fees from certain GST Funds at annual rates equal to the following percentages of the average daily net assets of the GST Funds: |
Management Fee | Average Daily | |||||
GST Fund | Annual Rate | Net Assets | ||||
Structured Small Cap Value Fund | 0.85% | First $2 Billion | ||||
0.77% | Over $2 Billion |
GSAM has voluntarily agreed to waive a portion of its advisory fee equal to 0.04% of the GST Fund’s average daily net assets. GSAM may discontinue or modify such voluntary limitations in the future at its discretion. |
7 | “Other Expenses” of the GST Fund include transfer agency fees and expenses equal on an annualized basis to 0.19% of the average daily net assets of the Fund’s Class A, B and C Shares, plus all other ordinary expenses not detailed above. “Other Expenses” of the GST Fund include transfer agency fees and expenses equal on an annualized basis to 0.04% of the average daily net assets of the Institutional Shares for the Fund. GSAM has voluntarily agreed to reduce or limit “Other Expenses” (excluding management fees, distribution and service fees, shareholder administration fees, transfer agency fees and expenses, taxes, interest, brokerage fees and litigation, indemnification, shareholder meeting and other extraordinary expenses) to 0.004% of the GST Fund’s average daily net assets. These expense reductions may be terminated at any time at the option of the GST Fund’s investment adviser. |
8 | Pursuant to an Expense Limitation Agreement, AXA Equitable has agreed to make payments or waive its management, administration and other fees to limit the expenses of the AXA Enterprise Fund through February 28, 2008 (unless the Enterprise Trust Trustees consent to an earlier revision or termination of this arrangement) so that the net annual fund operating expenses (as a percentage of average daily net assets) of the AXA Enterprise Fund (exclusive of taxes, interest, brokerage commissions, capitalized expenses, expenses of other investment companies in which the Fund invests and other extraordinary expenses) do not exceed 1.75% for Class A Shares, 2.30% for Class B and Class C Shares and 1.30% for Class Y Shares. AXA Equitable may be reimbursed the amount of any such payments and waivers in the future provided that the payments or waivers are reimbursed within three years of the payment or waiver being made and the combination of the AXA Enterprise Fund’s expense ratio and such reimbursements do not exceed the AXA Enterprise Fund’s expense cap. AXA Equitable may discontinue these arrangements at any time after February 28, 2008. |
A portion of the brokerage commissions that the AXA Enterprise Fund pays is used to reduce the Fund’s expenses. Including this reduction the Net Operating Expenses for the AXA Enterprise Fund for the twelve months ended August 31, 2006 was 1.64% for Class A Shares, 2.19% for Class B and Class C Shares and 1.19% for Class Y Shares. |
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1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||
AXA Enterprise Small Company Value Fund | ||||||||||||||||||
Class A Shares | $ | 633 | $ | 965 | $ | 1,319 | $ | 2,316 | ||||||||||
Class B Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 721 | $ | 1,082 | $ | 1,369 | $ | 2,374 | ||||||||||
- assuming no redemption | $ | 221 | $ | 682 | $ | 1,169 | $ | 2,374 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 321 | $ | 682 | $ | 1,169 | $ | 2,513 | ||||||||||
- assuming no redemption | $ | 221 | $ | 682 | $ | 1,169 | $ | 2,513 | ||||||||||
Class Y Shares | $ | 120 | $ | 375 | $ | 649 | $ | 1,432 | ||||||||||
Goldman Sachs Structured Small Cap Value Fund | ||||||||||||||||||
Class A Shares | $ | 681 | $ | 957 | $ | 1,254 | $ | 2,095 | ||||||||||
Class B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 714 | $ | 961 | $ | 1,334 | $ | 2,250 | ||||||||||
- assuming no redemption | $ | 214 | $ | 661 | $ | 1,134 | $ | 2,250 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 314 | $ | 661 | $ | 1,134 | $ | 2,441 | ||||||||||
- assuming no redemption | $ | 214 | $ | 661 | $ | 1,134 | $ | 2,441 | ||||||||||
Institutional Shares | $ | 98 | $ | 306 | $ | 531 | $ | 1,178 | ||||||||||
Combined Fund Pro Forma | ||||||||||||||||||
Class A Shares | $ | 681 | $ | 957 | $ | 1,254 | $ | 2,095 | ||||||||||
Class B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 714 | $ | 961 | $ | 1,334 | $ | 2,250 | ||||||||||
- assuming no redemption | $ | 214 | $ | 661 | $ | 1,134 | $ | 2,250 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 314 | $ | 661 | $ | 1,134 | $ | 2,441 | ||||||||||
- assuming no redemption | $ | 214 | $ | 661 | $ | 1,134 | $ | 2,441 | ||||||||||
Institutional Shares | $ | 98 | $ | 306 | $ | 531 | $ | 1,178 |
1 | The Class B example for each Fund reflects the conversion of Class B Shares to Class A Shares after approximately eight years from the date of purchase of Class B Shares. |
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AXA Enterprise Small Company Value Fund | Goldman Sachs Structured Small Cap Value Fund | |||
Sales Charges and Distribution/Service (Rule 12b-1) Fees | Class A Shares. Class A Shares are subject to a maximum front-end sales charge of 4.75%, which is reduced depending on the amount invested and, in certain circumstances, waived. There is no CDSC on redemptions of Class A Shares, except in certain circumstances when the front-end sales charge is waived. Class A Shares are subject to a Rule 12b-1 fee equal to an annual rate of 0.45% of the Fund’s average daily net assets attributable to Class A Shares. | Class A Shares. Class A Shares are subject to a maximum front-end sales charge of 5.50%, which is reduced depending on the amount invested and, in certain circumstances, waived. There is no CDSC on redemptions of Class A Shares, except in certain circumstances when the front-end sales charge is waived. Class A Shares are subject to a Rule 12b-1 fee equal to an annual rate of 0.25% of the Fund’s average daily net assets attributable to Class A Shares. |
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AXA Enterprise Small Company Value Fund | Goldman Sachs Structured Small Cap Value Fund | |||
Class B Shares. There is no front-end sales charge on Class B Shares. However, Class B Shares are subject to a CDSC of up to 5% on certain redemptions within 6 years of purchase. Class B Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class B Shares. Class B Shares convert to Class A Shares approximately 8 years after purchase. | Class B Shares. There is no front-end sales charge on Class B Shares. However, Class B Shares are subject to a CDSC of up to 5% on certain redemptions within 6 years of purchase. Class B Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class B Shares. Class B Shares convert to Class A Shares approximately 8 years after purchase. | |||
Class C Shares. There is no front-end sales charge on Class C Shares. However, Class C Shares are subject to a CDSC of 1% on certain redemptions within the first year of purchase. Class C Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class C Shares. | Class C Shares. There is no front-end sales charge on Class C Shares. However, Class C Shares are subject to a CDSC of 1% on certain redemptions within the first year of purchase. Class C Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class C Shares. | |||
Class Y Shares. Class Y Shares are not subject to any front-end sales charge, CDSC or Rule 12b-1 fees. | Institutional Shares. Institutional Shares are not subject to any front-end sales charge, CDSC or Rule 12b-1 fees. | |||
Purchase Policies | Investors can purchase shares of an AXA Enterprise Fund directly through the Fund’s principal underwriter, Enterprise Fund Distributors, Inc., or through an authorized dealer, subject to certain minimum investments and eligibility and other requirements. | Investors can purchase shares of a GST Fund directly from Goldman Sachs, through authorized dealers and directly from GST, subject to certain minimum investments and eligibility and other requirements. | ||
Exchange Policies | Shareholders can exchange shares of the AXA Enterprise Fund at net asset value without the imposition of any front-end sales charge or CDSC at the time of the exchange for shares of the same class of another AXA Enterprise Fund. Redemption of shares (including by exchange) that are held for one month or less may, however, be subject to a redemption fee. | Shareholders can exchange shares of a GST Fund at net asset value without the imposition of any front-end sales charge or CDSC at the time of the exchange for shares of the same class of another Goldman Sachs Fund. Redemption of shares (including by exchange) that are held for 30 or 60 calendar days or less may, however, be subject to a redemption fee. |
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AXA Enterprise Small Company Value Fund | Goldman Sachs Structured Small Cap Value Fund | |||
Redemption Policies | Shareholders can sell (redeem) some or all their shares. Generally, the AXA Enterprise Fund will redeem its shares upon request on any business day at the net asset value next determined after receipt of such request in proper form, subject to any applicable CDSC or redemption fee. Shareholders may request that redemption proceeds be sent by check or wire. Redemptions may be requested in writing or by telephone. | Shareholders can sell (redeem) some or all their shares. Generally, the GST Fund will redeem its shares upon request on any business day at the net asset value next determined after receipt of such request in proper form, subject to any applicable CDSC or redemption fee. Shareholders may request that redemption proceeds be sent by check or wire. Redemptions may be requested in writing or by telephone. | ||
Redemption Fees | There is a 2% redemption fee assessed on certain redemptions of shares (including by exchange) within one month after purchase. | The Fund does not impose any redemption fees. |
AXA Enterprise | Goldman Sachs | |||||||||
Small Company | Structured Small | Pro forma | Pro forma | |||||||
Value Fund* | Cap Value Fund | Adjustments | Combined Fund | |||||||
Net Assets: | $249,407 | $0 | $0 | $249,407 | ||||||
(Class A Shares) | (Class A Shares) | (Class A Shares) | ||||||||
$172,377 | $0 | $0 | $172,377 | |||||||
(Class B Shares) | (Class B Shares) | (Class B Shares) | ||||||||
$88,988 | $0 | $0 | $88,988 | |||||||
(Class C Shares) | (Class C Share) | (Class C Shares) | ||||||||
$23,173 | $0 | $0 | $23,173 | |||||||
(Class Y Shares) | (Institutional Shares) | (Institutional Shares) | ||||||||
Net Asset Value Per Share: | $12.23 | $0 | $0 | $12.23 | ||||||
(Class A Shares) | (Class A Shares) | (Class A Shares) | ||||||||
$11.31 | $0 | $0 | $11.31 | |||||||
(Class B Shares) | (Class B Shares) | (Class B Shares) | ||||||||
$11.61 | $0 | $0 | $11.61 | |||||||
(Class C Shares) | (Class C Shares) | (Class C Shares) | ||||||||
$12.99 | $0 | $0 | $12.99 | |||||||
(Class Y Shares) | (Institutional Shares) | (Institutional Shares) |
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AXA Enterprise | Goldman Sachs | |||||||||
Small Company | Structured Small | Pro forma | Pro forma | |||||||
Value Fund* | Cap Value Fund | Adjustments | Combined Fund | |||||||
Shares Outstanding: | 20,390 | 0 | 0 | 20,390 | ||||||
(Class A Shares) | (Class A Shares) | (Class A Shares) | ||||||||
15,248 | 0 | 0 | 15,248 | |||||||
(Class B Shares) | (Class B Shares) | (Class B Shares) | ||||||||
7,665 | 0 | 0 | 7,665 | |||||||
(Class C Shares) | (Class C Shares) | (Class C Shares) | ||||||||
1,784 | 0 | 0 | 1,781 | |||||||
(Class Y Shares) | (Institutional Shares) | (Institutional Shares) |
* | The AXA Enterprise Small Company Value Fund will be the accounting survivor for financial statement purposes. |
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AXA Enterprise Government Securities Fund | Goldman Sachs Government Income Fund | |
Investment Objective | Investment Objective | |
Seeks current income and safety of principal. | Seeks a high level of current income, consistent with safety of principal. | |
Investment Policies | Investment Policies | |
Under normal circumstances, the Fund invests at least 80% of its net assets, plus borrowings for investment purposes, in securities that are obligations of the U.S. Government, its agencies or instrumentalities. Securities issued by the U.S. Government include securities issued by the U.S. Treasury, such as treasury bills, treasury notes and treasury bonds. Securities issued by agencies or instrumentalities of the U.S. Government include those issued by the Government National Mortgage Association (“GNMA”), Fannie Mae and Freddie Mac. | The Fund invests, under normal circumstances, at least 80% of its Net Assets in U.S. Government Securities and in repurchase agreements collateralized by such securities. | |
The Fund may invest in securities of any maturity. The sub-adviser actively manages the Fund’s duration based on the sub-adviser’s view of the market and interest rates. The sub-adviser seeks to maintain a duration within 1.5 years of that of the Lehman Brothers U.S. Treasury Index, which currently has a duration (as of December 31, 2006) of approximately 4.95 years. | The Fund has a target duration that is equal to that of the Lehman Brothers Mutual Fund Government/Mortgage Index, plus or minus one year. Historically, over the last ten years, the duration of this index has ranged between 3 and 4.8 years. The Fund’s maximum duration is 6 years. The Fund’s expected approximate interest rate sensitivity is comparable to the 5-year U.S. Treasury note. | |
Subject to compliance with its other investment policies, the Fund has the flexibility to invest in non-government securities, such as privately issued mortgage-backed securities, asset-backed securities and corporate securities. | The Fund may invest up to 20% of its Net Assets in non-government securities, such as privately issued mortgage-backed securities, asset-backed securities and corporate securities. | |
The Fund invests in U.S. Government securities, non-U.S. Government securities rated AAA or Aaa by an NRSRO at the time of purchase or, if unrated, determined by the adviser to be of comparable quality. | Same. | |
The Fund may invest primarily in GNMA, Fannie Mae, Freddie Mac securities and mortgage obligations collateralized by such securities and may concentrate from time to time in different U.S. Government securities in order to obtain the highest available level of current income and safety of principal. | No corresponding policy but may invest in the same types of securities. | |
The Fund generally invests all of its assets in U.S. dollar-denominated securities. | The Fund will invest all of its assets in U.S. dollar- denominated securities. | |
For temporary defensive purposes, the Fund may invest, without limit, in cash, money market instruments or high quality short-term debt securities, including repurchase agreements. | For temporary defensive purposes the Fund may invest in U.S. Government Securities and repurchase agreements collateralized by U.S. Government Securities. |
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AXA Enterprise Government Securities Fund | Goldman Sachs Government Income Fund | |
Investment Advisers | Investment Adviser | |
AXA Equitable, through its AXA Funds Management Group unit, serves as the investment manager for the Fund. The day-to-day portfolio management of the Fund is provided by an investment sub-adviser selected by AXA Equitable. The Fund’s sub-adviser is TCW Investment Management Company. | GSAM manages the Fund on a day-to-day basis and will continue to manage the Fund after the Reorganization. |
AXA | ||||||||
Enterprise | Goldman Sachs | |||||||
Government | Government | |||||||
Securities Fund | Income Fund | |||||||
Net Asset Value Risk | X | X | ||||||
Interest Rate Risk | X | X | ||||||
Credit/ Default Risk | X | |||||||
Call Risk | X | X | ||||||
Extension Risk | X | X | ||||||
U.S. Government Securities Risk | X | X | ||||||
Derivatives Risk | X | |||||||
Management Risk | X | X | ||||||
Market Risk | X | X | ||||||
Liquidity Risk | X | |||||||
Sub-adviser Selection Risk | X |
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114
AXA Enterprise | Goldman Sachs | Combined Fund | ||||||||||||||||||||||||||||||||||||||||||||||
Government Securities Fund | Government Income Fund | Pro Forma | ||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class Y | Class A | Class B | Class C | Institutional | Class A | Class B | Class C | Institutional | |||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | |||||||||||||||||||||||||||||||||||||
Shareholder Fees (fees paid directly from your investment): | ||||||||||||||||||||||||||||||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Purchases | 4.75% | 1 | None | None | None | 4.50% | 1 | None | None | None | 4.50% | 1 | None | None | None | |||||||||||||||||||||||||||||||||
Maximum Deferred Sales Charge (Load) 2 | None | 1 | 5.00% | 3 | 1.00% | 4 | None | None | 1 | 5.00% | 3 | 1.00% | 4 | None | None | 1 | 5.00% | 3 | 1.00% | 4 | None | |||||||||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Reinvested Dividends | None | None | None | None | None | None | None | None | None | None | None | None | ||||||||||||||||||||||||||||||||||||
Redemption Fees9 | 2.00%5 | 2.00%5 | 2.00%5 | 2.00%5 | None | None | None | None | None | None | None | None | ||||||||||||||||||||||||||||||||||||
Exchange Fees | None | None | None | None | None | None | None | None | None | None | None | None |
AXA Enterprise | Goldman Sachs | Combined Fund | ||||||||||||||||||||||||||||||||||||||||||||||
Government Securities Fund | Government Income Fund | Pro Forma | ||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class Y | Class A | Class B | Class C | Institutional | Class A | Class B | Class C | Institutional | |||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | |||||||||||||||||||||||||||||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | ||||||||||||||||||||||||||||||||||||||||||||||||
Management Fees | 0.58% | 0.58% | 0.58% | 0.58% | 0.54%6 | 0.54%6 | 0.54%6 | 0.54%6 | 0.54%6 | 0.54%6 | 0.54%6 | 0.54%6 | ||||||||||||||||||||||||||||||||||||
Distribution and Service (12b-1) Fees | 0.45% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | ||||||||||||||||||||||||||||||||||||
Other Expenses* | 0.57% | 0.57% | 0.57% | 0.57% | 0.25%7 | 0.25%7 | 0.25%7 | 0.13%7 | 0.24%7 | 0.24%7 | 0.24%7 | 0.12%7 | ||||||||||||||||||||||||||||||||||||
Total Fund Operating Expenses* | 1.60% | 8 | 2.15% | 8 | 2.15% | 8 | 1.15% | 8 | 1.04% | 1.79% | 1.79% | 0.67% | 1.03% | 1.78% | 1.78% | 0.66% |
* | The “Other Expenses” and “Total Fund Operating Expenses” (after any waivers and expense limitations) of the AXA Enterprise Fund, the GST Fund and the Combined Fund are as set forth below. |
AXA Enterprise | Goldman Sachs | Combined Fund | ||||||||||||||||||||||||||||||||||||||||||||||
Government Securities Fund | Government Income Fund | Pro Forma | ||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class Y | Class A | Class B | Class C | Institutional | Class A | Class B | Class C | Institutional | |||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | |||||||||||||||||||||||||||||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | ||||||||||||||||||||||||||||||||||||||||||||||||
Management Fees | 0.23% | 0.23% | 0.23% | 0.23% | 0.54%6 | 0.54%6 | 0.54% | 6 | 0.54%6 | 0.54%6 | 0.54%6 | 0.54%6 | 0.54%6 | |||||||||||||||||||||||||||||||||||
Distribution and Service (12b-1) Fees | 0.45% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | ||||||||||||||||||||||||||||||||||||
Other Expenses | 0.57% | 0.57% | 0.57% | 0.57% | 0.16%7 | 0.16%7 | 0.16%7 | 0.04% | 7 | 0.16%7 | 0.16%7 | 0.16%7 | 0.04%7 | |||||||||||||||||||||||||||||||||||
Total Fund Operating Expenses (after current expense limitations) | 1.25% | 8 | 1.80% | 8 | 1.80% | 8 | 0.80% | 8 | 0.95% | 1.70% | 1.70% | 0.58% | 0.95% | 1.70% | 1.70% | 0.58% |
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1 | The maximum sales charge is a percentage of the offering price. This sales charge varies depending on how much you invest. Under certain circumstances, the maximum sales charge may be reduced or waived entirely. If you buy $1,000,000 or more ($100,000 or more for certain employee benefit plans and $500,000 or more for certain individual retirement accounts) of Class A Shares of an AXA Enterprise Fund at net asset value and redeem those shares within 12 months of the end of the calendar month of their purchase, a CDSC of 1.00% generally will apply to the redemptions of those shares. A CDSC of 1% is imposed on certain redemptions (within 18 months of purchase) of Class A Shares of a GST Fund sold without an initial sales charge as part of an investment of $1 million or more. |
2 | The maximum CDSC is a percentage of the lesser of the net asset value at the time of the redemption or the net asset value when the shares were originally purchased. |
3 | A CDSC is imposed upon Class B Shares of an AXA Enterprise Fund or GST Fund redeemed within six years of purchase at a rate of 5% in the first year, declining to 1% in the sixth year, and eliminated thereafter. Class B Shares of an AXA Enterprise Fund and GST Fund automatically convert to Class A Shares eight years after the end of the calendar month in which you purchased them and will be subject to lower expenses. |
4 | A CDSC of 1% is imposed on Class C Shares of an AXA Enterprise Fund or GST Fund redeemed within 12 months of purchase. |
5 | If you redeem or exchange shares of the AXA Enterprise Fund after holding them one month or less, a fee of 2.00% of the current net asset value of the shares being redeemed or exchanged generally will be assessed and retained by the AXA Enterprise Fund for the benefit of the remaining shareholders. A 2% redemption fee will be imposed on the redemption of shares (including by exchange) of the GST Fund held for 30 calendar days or less. |
6 | GSAM has entered into the following contractual fee reduction commitments for the GST Fund: |
Management Fee | Average Daily Net | |||||
GST Fund | Annual Rate | Assets | ||||
Government Income Fund | 0.54% | First $1 Billion | ||||
0.49% | Next $1 Billion | |||||
0.47% | Over $2 Billion |
Prior to this fee reduction commitment, the management fee for the GST Fund as an annual percentage rate of average daily net assets was 0.54%. The annual operating expenses of the GST Fund have been restated to reflect a contractual reduction in transfer agent fees from an annual rate of 0.19% to an annual rate of 0.16% of the average daily net assets the GST Fund’s Class A, Class B and Class C Shares. |
7 | “Other Expenses” of the GST Fund include transfer agency fees and expenses equal on an annualized basis to 0.16% of the average daily net assets of the Fund’s Class A, B and C Shares, plus all other ordinary expenses not detailed above. “Other Expenses” of the GST Fund include transfer agency fees and expenses equal on an annualized basis to 0.04% of the average daily net assets of the Institutional Shares for the Fund. GSAM has voluntarily agreed to reduce or limit “Other Expenses” (excluding management fees, distribution and service fees, shareholder administration fees, transfer agency fees and expenses, taxes, interest, brokerage fees and litigation, indemnification, shareholder meeting and other extraordinary expenses) to 0.004% of the GST Fund’s average daily net assets. These expense reductions may be terminated at any time at the option of the GST Fund’s investment adviser. |
8 | Pursuant to an Expense Limitation Agreement, AXA Equitable has agreed to make payments or waive its management, administration and other fees to limit the expenses of the AXA Enterprise Fund through February 28, 2008 (unless the Enterprise Trust Trustees consent to an earlier revision or termination of this arrangement) so that the net annual fund operating expenses (as a percentage of average daily net assets) of the AXA Enterprise Fund (exclusive of taxes, interest, brokerage commissions, capitalized expenses, expenses of other investment companies in which the Fund invests and other extraordinary expenses) do not exceed 1.25% for Class A Shares, 1.80% for Class B and Class C Shares and 0.80% for Class Y Shares. AXA Equitable may be reimbursed the amount of any such payments and waivers in the future provided that the payments or waivers are reimbursed within three years of the payment or waiver being made and the combination of the AXA Enterprise Fund’s expense ratio and such reimbursements do not exceed the AXA Enterprise Fund’s expense cap. AXA Equitable may discontinue these arrangements at any time after February 28, 2008. |
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1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||
AXA Enterprise Government Securities Fund | ||||||||||||||||||
Class A Shares | $ | 596 | $ | 922 | $ | 1,271 | $ | 2,251 | ||||||||||
Class B Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 683 | $ | 1,038 | $ | 1,319 | $ | 2,308 | ||||||||||
- assuming no redemption | $ | 183 | $ | 638 | $ | 1,119 | $ | 2,308 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 283 | $ | 638 | $ | 1,119 | $ | 2,447 | ||||||||||
- assuming no redemption | $ | 183 | $ | 638 | $ | 1,119 | $ | 2,447 | ||||||||||
Class Y Shares | $ | 82 | $ | 330 | $ | 597 | $ | 1,362 | ||||||||||
Goldman Sachs Government Income Fund | ||||||||||||||||||
Class A Shares | $ | 551 | $ | 766 | $ | 998 | $ | 1,664 | ||||||||||
Class B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 682 | $ | 863 | $ | 1,170 | $ | 1,908 | ||||||||||
- assuming no redemption | $ | 182 | $ | 563 | $ | 970 | $ | 1,908 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 282 | $ | 563 | $ | 970 | $ | 2,105 | ||||||||||
- assuming no redemption | $ | 182 | $ | 563 | $ | 970 | $ | 2,105 | ||||||||||
Institutional Shares | $ | 68 | $ | 214 | $ | 373 | $ | 835 | ||||||||||
Combined Fund Pro Forma | ||||||||||||||||||
Class A Shares | $ | 550 | $ | 763 | $ | 993 | $ | 1,653 | ||||||||||
Class B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 681 | $ | 860 | $ | 1,164 | $ | 1,897 | ||||||||||
- assuming no redemption | $ | 181 | $ | 560 | $ | 964 | $ | 1,897 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 281 | $ | 560 | $ | 964 | $ | 2,095 | ||||||||||
- assuming no redemption | $ | 181 | $ | 560 | $ | 964 | $ | 2,095 | ||||||||||
Institutional Shares | $ | 67 | $ | 211 | $ | 368 | $ | 822 |
1 | The Class B example for each Fund reflects the conversion of Class B Shares to Class A Shares after approximately eight years from the date of purchase of Class B Shares. |
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10 Years | ||||||||||||
Average Annual Total Returns | or Since | |||||||||||
(For the periods ended December 31, 2006) | 1 Year | 5 Years | Inception | |||||||||
Class A (inception 11/17/87) | ||||||||||||
Return Before Taxes | -1.44% | 3.03% | 4.89% | |||||||||
Return After Taxes on Distributions1 | -2.82% | 1.59% | 3.01% | |||||||||
Return After Taxes on Distributions and Sale of Fund Shares1 | -0.96% | 1.73% | 3.00% | |||||||||
Lehman Brothers Intermediate Government Bond Index2 | 3.84% | 3.92% | 5.48% | |||||||||
Class B (inception 5/1/95) | ||||||||||||
Return Before Taxes | -2.06% | 3.09% | 4.93% | |||||||||
Lehman Brothers Intermediate Government Bond Index | 3.84% | 3.92% | 5.48% | |||||||||
Class C (inception 5/1/97) | ||||||||||||
Return Before Taxes | 1.91% | 3.44% | 4.94% | |||||||||
Lehman Brothers Intermediate Government Bond Index | 3.84% | 3.92% | 5.54% | |||||||||
Class Y (inception 7/17/97) | ||||||||||||
Return Before Taxes | 3.93% | 4.49% | 5.70% | |||||||||
Lehman Brothers Intermediate Government Bond Index | 3.84% | 3.92% | 5.38% |
10 Years | ||||||||||||
Average Annual Total Returns | or Since | |||||||||||
(For the periods ended December 31, 2006) | 1 Year | 5 Years | Inception | |||||||||
Class A (inception 2/10/93) | ||||||||||||
Return Before Taxes | 3.79% | 4.39% | 5.66% | |||||||||
Return After Taxes on Distributions1 | -2.21% | 2.05% | 3.16% | |||||||||
Return After Taxes on Distributions and Sale of Fund Shares2 | -0.59% | 2.13% | 3.17% | |||||||||
Lehman Brothers Government/Mortgage Index3 | 4.33% | 4.73% | 6.08% | |||||||||
Class B (inception 5/1/96) | ||||||||||||
Return Before Taxes | 3.02% | 3.61% | 4.87% | |||||||||
Lehman Brothers Government/Mortgage Index | 4.33% | 4.73% | 6.08% | |||||||||
Class C (inception 8/15/97) | ||||||||||||
Return Before Taxes | 3.09% | 3.63% | 4.72% | |||||||||
Lehman Brothers Government/Mortgage Index | 4.33% | 4.73% | 5.96% | |||||||||
Institutional Class (inception 8/15/97) | ||||||||||||
Return Before Taxes | 4.18% | 4.82% | 5.91% | |||||||||
Lehman Brothers Government/Mortgage Index | 4.33% | 4.73% | 5.96% |
1 | The after-tax returns are for Class A Shares only. The after-tax returns for Class B, Class C, Class Y and Institutional Class Shares will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. |
2 | The Lehman Brothers Intermediate Government Bond Index is an unmanaged index that includes all issues with maturities of one to 9.99 years contained in the Lehman Brothers Government Bond Index, which includes all publicly held |
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U.S. Treasury debt or any governmental agency thereof, quasi-federal corporation, or corporate debt guaranteed by the U.S. government. The Index figures do not reflect any deduction for fees, expenses or taxes. | |
3 | The Lehman Brothers Government/ Mortgage Index is an unmanaged index comprised of all U.S. government agency and Treasury securities and agency mortgage-backed securities. The Index figures do not reflect any deduction for fees, expenses or taxes. |
AXA Enterprise Government Securities Fund | Goldman Sachs Government Income Fund | |||
Sales Charges and Distribution/Service (Rule 12b-1) Fees | Class A Shares. Class A Shares are subject to a maximum front-end sales charge of 4.75%, which is reduced depending on the amount invested and, in certain circumstances, waived. There is no CDSC on redemptions of Class A Shares, except in certain circumstances when the front-end sales charge is waived. Class A Shares are subject to a Rule 12b-1 fee equal to an annual rate of 0.45% of the Fund’s average daily net assets attributable to Class A Shares. | Class A Shares. Class A Shares are subject to a maximum front-end sales charge of 4.50%, which is reduced depending on the amount invested and, in certain circumstances, waived. There is no CDSC on redemptions of Class A Shares, except in certain circumstances when the front-end sales charge is waived. Class A Shares are subject to a Rule 12b-1 fee equal to an annual rate of 0.25% of the Fund’s average daily net assets attributable to Class A Shares. | ||
Class B Shares. There is no front-end sales charge on Class B Shares. However, Class B Shares are subject to a CDSC of up to 5% on certain redemptions within 6 years of purchase. Class B Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class B Shares. Class B Shares convert to Class A Shares approximately 8 years after purchase. | Class B Shares. There is no front-end sales charge on Class B Shares. However, Class B Shares are subject to a CDSC of up to 5% on certain redemptions within 6 years of purchase. Class B Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class B Shares. Class B Shares convert to Class A Shares approximately 8 years after purchase. | |||
Class C Shares. There is no front-end sales charge on Class C Shares. However, Class C Shares are subject to a CDSC of 1% on certain redemptions within the first year of purchase. Class C Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class C Shares. | Class C Shares. There is no front-end sales charge on Class C Shares. However, Class C Shares are subject to a CDSC of 1% on certain redemptions within the first year of purchase. Class C Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class C Shares. |
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AXA Enterprise Government Securities Fund | Goldman Sachs Government Income Fund | |||
Class Y Shares. Class Y Shares are not subject to any front-end sales charge, CDSC or Rule 12b-1 fees. | Institutional Shares. Institutional Shares are not subject to any front-end sales charge, CDSC or Rule 12b-1 fees. | |||
Purchase Policies | Investors can purchase shares of an AXA Enterprise Fund directly through the Fund’s principal underwriter, Enterprise Fund Distributors, Inc., or through an authorized dealer, subject to certain minimum investments and eligibility and other requirements. | Investors can purchase shares of a GST Fund directly from Goldman Sachs, through authorized dealers and directly from GST, subject to certain minimum investments and eligibility and other requirements. | ||
Exchange Policies | Shareholders can exchange shares of the AXA Enterprise Fund at net asset value without the imposition of any front-end sales charge or CDSC at the time of the exchange for shares of the same class of another AXA Enterprise Fund. Redemption of shares (including by exchange) that are held for one month or less may, however, be subject to a redemption fee. | Shareholders can exchange shares of a GST Fund at net asset value without the imposition of any front-end sales charge or CDSC at the time of the exchange for shares of the same class of another Goldman Sachs Fund. Redemption of shares (including by exchange) that are held for 30 or 60 calendar days or less may, however, be subject to a redemption fee. | ||
Redemption Policies | Shareholders can sell (redeem) some or all their shares. Generally, the AXA Enterprise Fund will redeem its shares upon request on any business day at the net asset value next determined after receipt of such request in proper form, subject to any applicable CDSC or redemption fee. Shareholders may request that redemption proceeds be sent by check or wire. Redemptions may be requested in writing or by telephone. | Shareholders can sell (redeem) some or all their shares. Generally, the GST Fund will redeem its shares upon request on any business day at the net asset value next determined after receipt of such request in proper form, subject to any applicable CDSC or redemption fee. Shareholders may request that redemption proceeds be sent by check or wire. Redemptions may be requested in writing or by telephone. | ||
Redemption Fees | There is a 2% redemption fee assessed on certain redemptions of shares (including by exchange) within one month after purchase. | The Fund does not impose any redemption fees. |
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AXA Enterprise | Goldman Sachs | |||||||
Government | Government | Pro forma | Pro forma | |||||
Securities Fund | Income Fund* | Adjustments | Combined Fund | |||||
Net Assets: | $103,852 (Class A Shares) | $432,762 (Class A Shares) | $0 | $536,614 (Class A Shares) | ||||
$47,644 (Class B Shares) | $18,713 (Class B Shares) | $0 | $66,357 (Class B Shares) | |||||
$12,975 (Class C Shares) | $16,931 (Class C Shares) | $0 | $29,906 (Class C Shares) | |||||
$44,720 (Class Y Shares) | $146,784 (Institutional Shares) | $0 | $191,504 (Institutional Shares) | |||||
Net Asset Value Per Share: | $12.40 (Class A Shares) | $14.64 (Class A Shares) | $(12.40) | $14.64 (Class A Shares) | ||||
$12.38 (Class B Shares) | $14.64 (Class B Shares) | $(12.38) | $14.64 (Class B Shares) | |||||
$12.38 (Class C Shares) | $14.63 (Class C Shares) | $(12.38) | $14.63 (Class C Shares) | |||||
$12.38 (Class Y Shares) | $14.63 (Institutional Shares) | $(12.38) | $14.63 (Institutional Shares) | |||||
Shares Outstanding: | 8,374 (Class A Shares) | 29,556 (Class A Shares) | (1,281) | 36,649 (Class A Shares) | ||||
3,849 (Class B Shares) | 1,278 (Class B Shares) | (595) | 4,532 (Class B Shares) | |||||
1,048 (Class C Shares) | 1,157 (Class C Shares) | (161) | 2,044 (Class C Shares) | |||||
3,612 (Class Y Shares) | 10,036 (Institutional Shares) | (555) | 13,093 (Institutional Shares) |
* | The Goldman Sachs Government Income Fund will be the accounting survivor for financial statement purposes. |
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AXA Enterprise High-Yield Bond Fund | Goldman Sachs High Yield Fund | |
Investment Objective | Investment Objective | |
Seeks maximum current income. | Seeks a high level of current income and may also consider the potential for capital appreciation. | |
Investment Policies | Investment Policies | |
Under normal circumstances, the Fund invests at least 80% of its net assets, plus borrowings for investment purposes, in bonds that are rated below investment grade. The Fund generally invests in high-yield, income producing U.S. corporate bonds that are rated at the time of purchase B3 to Ba1 by Moody’s or B- to BB+ by Standard & Poor’s or determined by the sub-adviser to be of comparable quality, which are commonly known as “junk bonds.” | The Fund invests, under normal circumstances, at least 80% of its Net Assets in high-yield, fixed-income securities that, at the time of purchase, are non- investment grade securities. Non-investment grade securities are securities rated BB, Ba or below by a NRSRO, or, if unrated, determined by the adviser to be of comparable quality. The Fund may invest in all types of fixed-income securities, including senior and subordinated corporate debt obligations (such as bonds, debentures, notes and commercial paper), convertible and non-convertible corporate debt obligations, loan participations, custodial receipts, municipal securities and preferred stock. | |
The Fund generally does not purchase bonds in the lowest ratings categories (rated Ca or lower by Moody’s or CC or lower by Standard & Poor’s or which, if unrated, in the judgment of the sub-adviser are of comparable quality). If an investment is downgraded to Ca or lower or CC or lower after its purchase by the Fund, the sub-adviser has the discretion to hold or liquidate the security. | The Fund may invest in bonds in the lowest ratings categories. |
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AXA Enterprise High-Yield Bond Fund | Goldman Sachs High Yield Fund | |
Subject to the Fund’s other investment policies, under normal circumstances, up to 20% of the Fund’s assets may include: (1) bonds rated Caa by Moody’s or CCC by Standard & Poor’s; (2) unrated debt securities which, in the judgment of the sub-adviser, have characteristics similar to those described above in (1); (3) convertible debt securities; (4) puts, calls and futures as hedging devices; (5) foreign issuer debt securities; and (6) short-term money market instruments, including certificates of deposit, commercial paper, U.S. Government securities and other income-producing cash equivalents. | Under normal market conditions, the Fund may invest up to 20% of its Net Assets in investment grade fixed- income securities, including U.S. Government Securities. The Fund may also invest in common stocks, warrants, rights and other equity securities, but will generally hold such equity investments only when debt or preferred stock of the issuer of such equity securities is held by the Fund or when the equity securities are received by the Fund in connection with a corporate restructuring of an issuer. | |
The Fund has the flexibility to invest up to 20% of its assets in foreign securities, subject to compliance with its other investment policies. | The Fund may invest up to 25% of its Total Assets in obligations of domestic and foreign issuers which are denominated in currencies other than the U.S. dollar and in securities of issuers located in emerging countries denominated in any currency. However, to the extent that GSAM has entered into transactions that are intended to hedge the Fund’s position in a non-U.S. dollar denominated obligation against currency risk, such obligation will not be counted when calculating compliance with the 25% limitation on obligations in non-U.S. currency. | |
The Fund may invest in securities of any maturity. The sub-adviser actively manages the Fund’s duration based on the sub-adviser’s view of the market and interest rates. The sub-adviser is not required to maintain the Fund’s duration within any particular range. | The Fund has a target duration that is equal to that of the Lehman Brothers U.S. Corporate High Yield Bond Index -2% Issuer Capped, plus or minus 2.5 years. Historically, over the last ten years, the duration of this index has ranged between 4.1 and 4.8 years. The Fund’s maximum duration is 7.5 years. The Fund’s expected approximate interest rate sensitivity is comparable to the 6-year U.S. Treasury note. | |
For temporary defensive purposes, the Fund may invest, without limit, in cash, money market instruments or high quality short-term debt securities, including repurchase agreements. | For temporary defensive purposes, the Fund may invest in U.S. Government Securities and repurchase agreements collateralized by U.S. Government Securities. | |
Investment Advisers | Investment Adviser | |
AXA Equitable, through its AXA Funds Management Group unit, serves as the investment manager for the Fund. The day-to-day portfolio management of the Fund is provided by an investment sub-adviser selected by AXA Equitable. The Fund’s sub-adviser is Caywood-Scholl Capital Management LLC. | GSAM manages the Fund on a day-to-day basis and will continue to manage the Fund after the Reorganization. |
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AXA Enterprise High- | Goldman Sachs High | |||||||
Yield Bond Fund | Yield Fund | |||||||
Net Asset Value Risk | X | X | ||||||
Interest Rate Risk | X | X | ||||||
Credit/ Default Risk | X | X | ||||||
Call Risk | X | |||||||
Extension Risk | X | |||||||
U.S. Government Securities Risk | X | X | ||||||
Derivatives Risk | X | X | ||||||
Management Risk | X | X | ||||||
Market Risk | X | X | ||||||
Liquidity Risk | X | X | ||||||
Foreign Risk | X | X | ||||||
Emerging Countries Risk | X | X | ||||||
Sovereign Risk | X | X | ||||||
“Junk Bond” Risk | X | X | ||||||
Non-Hedging Foreign Currency Trading Risk | X | |||||||
Issuer-Specific Risk | X | X | ||||||
Sub-adviser Selection Risk | X | |||||||
Currency Risk | X | X |
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AXA Enterprise | Goldman Sachs | Combined Fund | ||||||||||||||||||||||||||||||||||||||||||||||
High-Yield Bond Fund | High Yield Fund | Pro Forma | ||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class Y | Class A | Class B | Class C | Institutional | Class A | Class B | Class C | Institutional | |||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | |||||||||||||||||||||||||||||||||||||
Shareholder Fees (fees paid directly from your investment): | ||||||||||||||||||||||||||||||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Purchases | 4.75% | 1 | None | None | None | 4.50% | 1 | None | None | None | 4.50% | 1 | None | None | None | |||||||||||||||||||||||||||||||||
Maximum Deferred Sales Charge (Load) 2 | None | 1 | 5.00% | 3 | 1.00% | 4 | None | None | 1 | 5.00% | 3 | 1.00% | 4 | None | None | 1 | 5.00% | 3 | 1.00% | 4 | None | |||||||||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Reinvested Dividends | None | None | None | None | None | None | None | None | None | None | None | None | ||||||||||||||||||||||||||||||||||||
Redemption Fees5 | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | ||||||||||||||||||||||||||||||||||||
Exchange Fees | None | None | None | None | None | None | None | None | None | None | None | None |
AXA Enterprise | Goldman Sachs | Combined Fund | ||||||||||||||||||||||||||||||||||||||||||||||
High-Yield Bond Fund | High Yield Fund | Pro Forma | ||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class Y | Class A | Class B | Class C | Institutional | Class A | Class B | Class C | Institutional | |||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | |||||||||||||||||||||||||||||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | ||||||||||||||||||||||||||||||||||||||||||||||||
Management Fees | 0.60% | 0.60% | 0.60% | 0.60% | 0.69% | 6 | 0.69% | 6 | 0.69% | 6 | 0.69% | 6 | 0.67% | 6 | 0.67% | 6 | 0.67% | 6 | 0.67% | 6 | ||||||||||||||||||||||||||||
Distribution and Service (12b-1) Fees | 0.45% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | ||||||||||||||||||||||||||||||||||||
Other Expenses* | 0.39% | 0.39% | 0.39% | 0.39% | 0.20% | 7 | 0.20% | 7 | 0.20% | 7 | 0.08% | 7 | 0.20% | 7 | 0.20% | 7 | 0.20% | 7 | 0.08% | 7 | ||||||||||||||||||||||||||||
Total Fund Operating Expenses* | 1.44% | 8 | 1.99% | 8 | 1.99% | 8 | 0.99% | 8 | 1.14% | 1.89% | 1.89% | 0.77% | 1.12% | 1.87% | 1.87% | 0.75% |
* | The “Other Expenses” and “Total Fund Operating Expenses” (after any waivers and expense limitations) of the AXA Enterprise Fund, the GST Fund and the Combined Fund are as set forth below. |
AXA Enterprise | Goldman Sachs | Combined Fund | ||||||||||||||||||||||||||||||||||||||||||||||
High-Yield Bond Fund | High Yield Fund | Pro Forma | ||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class Y | Class A | Class B | Class C | Institutional | Class A | Class B | Class C | Institutional | |||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | |||||||||||||||||||||||||||||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | ||||||||||||||||||||||||||||||||||||||||||||||||
Management Fees | 0.46% | 0.46% | 0.46% | 0.46% | 0.69% | 6 | 0.69% | 6 | 0.69% | 6 | 0.69% | 6 | 0.67% | 6 | 0.67% | 6 | 0.67% | 6 | 0.67% | 6 | ||||||||||||||||||||||||||||
Distribution and Service (12b-1) Fees | 0.45% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | ||||||||||||||||||||||||||||||||||||
Other Expenses | 0.39% | 0.39% | 0.39% | 0.39% | 0.18% | 7 | 0.18% | 7 | 0.18% | 7 | 0.06% | 7 | 0.18% | 7 | 0.18% | 7 | 0.18% | 7 | 0.06% | 7 | ||||||||||||||||||||||||||||
Total Fund Operating Expenses (after current expense limitations) | 1.30% | 8 | 1.85% | 8 | 1.85% | 8 | 0.85% | 8 | 1.12% | 1.87% | 1.87% | 0.75% | 1.10% | 1.85% | 1.85% | 0.73% |
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1 | The maximum sales charge is a percentage of the offering price. This sales charge varies depending on how much you invest. Under certain circumstances, the maximum sales charge may be reduced or waived entirely. If you buy $1,000,000 or more ($100,000 or more for certain employee benefit plans and $500,000 or more for certain individual retirement accounts) of Class A Shares of an AXA Enterprise Fund at net asset value and redeem those shares within 12 months of the end of the calendar month of their purchase, a CDSC of 1.00% generally will apply to the redemptions of those shares. A CDSC of 1% is imposed on certain redemptions (within 18 months of purchase) of Class A Shares of a GST Fund sold without an initial sales charge as part of an investment of $1 million or more. |
2 | The maximum CDSC is a percentage of the lesser of the net asset value at the time of the redemption or the net asset value when the shares were originally purchased. |
3 | A CDSC is imposed upon Class B Shares of an AXA Enterprise Fund or GST Fund redeemed within six years of purchase at a rate of 5% in the first year, declining to 1% in the sixth year, and eliminated thereafter. Class B Shares of an AXA Enterprise Fund and GST Fund automatically convert to Class A Shares eight years after the end of the calendar month in which you purchased them and will be subject to lower expenses. |
4 | A CDSC of 1% is imposed on Class C Shares of an AXA Enterprise Fund or GST Fund redeemed within 12 months of purchase. |
5 | If you redeem or exchange shares of the AXA Enterprise Fund after holding them one month or less, a fee of 2.00% of the current net asset value of the shares being redeemed or exchanged generally will be assessed and retained by the AXA Enterprise Fund for the benefit of the remaining shareholders. A 2% redemption fee will be imposed on the redemption of shares (including by exchange) of the GST Fund held for 60 calendar days or less. |
6 | GSAM has entered into the following contractual fee reduction commitments for the GST Fund: |
Management Fee | Average Daily | |||||
GST Fund | Annual Rate | Net Assets | ||||
High Yield Fund | 0.70% | First $2 Billion | ||||
0.63% | Over $2 Billion |
Prior to this fee reduction commitment, the management fee for the GST Fund as an annual percentage rate of average daily net assets was 0.70%. |
7 | “Other Expenses” of the GST Fund include transfer agency fees and expenses equal on an annualized basis to 0.16% of the average daily net assets of the Fund’s Class A, B and C Shares, plus all other ordinary expenses not detailed above. “Other Expenses” of the GST Fund include transfer agency fees and expenses equal on an annualized basis to 0.04% of the average daily net assets of the Institutional Shares for the Fund. GSAM has voluntarily agreed to reduce or limit “Other Expenses” (excluding management fees, distribution and service fees, shareholder administration fees, transfer agency fees and expenses, taxes, interest, brokerage fees and litigation, indemnification, shareholder meeting and other extraordinary expenses) to 0.024% of the GST Fund’s average daily net assets. These expense reductions may be terminated at any time at the option of the GST Fund’s investment adviser. |
8 | Pursuant to an Expense Limitation Agreement, AXA Equitable has agreed to make payments or waive its management, administration and other fees to limit the expenses of the AXA Enterprise Fund through February 28, 2008 (unless the Enterprise Trust Trustees consent to an earlier revision or termination of this arrangement) so that the net annual fund operating expenses (as a percentage of average daily net assets) of the AXA Enterprise Fund (exclusive of taxes, interest, brokerage commissions, capitalized expenses, expenses of other investment companies in which the Fund invests and other extraordinary expenses) do not exceed 1.30% for Class A Shares, 1.85% for Class B and Class C Shares and 0.85% for Class Y Shares. AXA Equitable may be reimbursed the amount of any such payments and waivers in the future provided that the payments or waivers are reimbursed within three years of the payment or waiver being made and the combination of the AXA Enterprise Fund’s expense ratio and such reimbursements do not exceed the AXA Enterprise Fund’s expense cap. AXA Equitable may discontinue these arrangements at any time after February 28, 2008. |
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1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||
AXA Enterprise High-Yield Bond Fund | ||||||||||||||||||
Class A Shares | $ | 584 | $ | 878 | $ | 1,193 | $ | 2,086 | ||||||||||
Class B Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 690 | $ | 1,012 | $ | 1,260 | $ | 2,163 | ||||||||||
- assuming no redemption | $ | 190 | $ | 612 | $ | 1,060 | $ | 2,163 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 290 | $ | 612 | $ | 1,060 | $ | 2,305 | ||||||||||
- assuming no redemption | $ | 190 | $ | 612 | $ | 1,060 | $ | 2,305 | ||||||||||
Class Y Shares | $ | 77 | $ | 291 | $ | 523 | $ | 1,189 | ||||||||||
Goldman Sachs High Yield Fund | ||||||||||||||||||
Class A Shares | $ | 561 | $ | 796 | $ | 1,049 | $ | 1,774 | ||||||||||
Class B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 692 | $ | 894 | $ | 1,221 | $ | 2,016 | ||||||||||
- assuming no redemption | $ | 192 | $ | 594 | $ | 1,021 | $ | 2,016 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 292 | $ | 594 | $ | 1,021 | $ | 2,212 | ||||||||||
- assuming no redemption | $ | 192 | $ | 594 | $ | 1,021 | $ | 2,212 | ||||||||||
Institutional Shares | $ | 79 | $ | 246 | $ | 428 | $ | 954 | ||||||||||
Combined Fund Pro Forma | ||||||||||||||||||
Class A Shares | $ | 559 | $ | 790 | $ | 1,039 | $ | 1,752 | ||||||||||
Class B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 690 | $ | 888 | $ | 1,211 | $ | 1,995 | ||||||||||
- assuming no redemption | $ | 190 | $ | 588 | $ | 1,011 | $ | 1,995 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 290 | $ | 588 | $ | 1,011 | $ | 2,190 | ||||||||||
- assuming no redemption | $ | 190 | $ | 588 | $ | 1,011 | $ | 2,190 | ||||||||||
Institutional Shares | $ | 77 | $ | 240 | $ | 417 | $ | 930 |
1 | The Class B example for each Fund reflects the conversion of Class B Shares to Class A Shares after approximately eight years from the date of purchase of Class B Shares. |
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10 Years | ||||||||||||
Average Annual Total Returns | or Since | |||||||||||
(For the periods ended December 31, 2006) | 1 Year | 5 Years | Inception | |||||||||
Class A (inception 11/17/87) | ||||||||||||
Return Before Taxes | 3.09% | 6.52% | 5.38% | |||||||||
Return After Taxes on Distributions1 | 0.68% | 3.95% | 2.36% | |||||||||
Return After Taxes on Distributions and Sale of Fund Shares1 | 1.94% | 4.00% | 2.65% | |||||||||
Merrill Lynch High Yield Master Cash Pay Index2 | 11.59% | 9.84% | 6.85% | |||||||||
Class B (inception 5/1/95) | ||||||||||||
Return Before Taxes | 2.57% | 6.65% | 5.42% | |||||||||
Merrill Lynch High Yield Master Cash Pay Index | 11.59% | 9.84% | 6.85% | |||||||||
Class C (inception 5/1/97) | ||||||||||||
Return Before Taxes | 6.69% | 6.95% | 5.32% | |||||||||
Merrill Lynch High Yield Master Cash Pay Index | 11.59% | 9.84% | 6.85% | |||||||||
Class Y (inception 7/25/97) | ||||||||||||
Return Before Taxes | 8.74% | 8.04% | 5.90% | |||||||||
Merrill Lynch High Yield Master Cash Pay Index | 11.59% | 9.84% | 6.43% |
10 Years | ||||||||||||
Average Annual Total Returns | or Since | |||||||||||
(For the periods ended December 31, 2006) | 1 Year | 5 Years | Inception | |||||||||
Class A (inception 8/1/97) | ||||||||||||
Return Before Taxes | 11.29% | 10.68% | 6.91% | |||||||||
Return After Taxes on Distributions1 | 3.52% | 6.42% | 2.92% | |||||||||
Return After Taxes on Distributions and Sale of Fund Shares1 | 4.00% | 6.29% | 3.20% | |||||||||
Lehman Brothers U.S. Corporate High Yield Bond Index — 2% Issuer Capped3 | 10.76% | 10.19% | 6.10% | |||||||||
Class B (inception 8/1/97) | ||||||||||||
Return Before Taxes | 10.45% | 9.85% | 6.12% | |||||||||
Lehman Brothers U.S. Corporate High Yield Bond Index — 2% Issuer Capped | 10.76% | 10.19% | 6.10% | |||||||||
Class C (inception 8/15/97) | ||||||||||||
Return Before Taxes | 10.47% | 9.86% | 6.16% | |||||||||
Lehman Brothers U.S. Corporate High Yield Bond Index — 2% Issuer Capped | 10.76% | 10.19% | 6.19% | |||||||||
Institutional Class (inception 8/1/97) | ||||||||||||
Return Before Taxes | 11.69% | 11.09% | 7.31% | |||||||||
Lehman Brothers U.S. Corporate High Yield Bond Index — 2% Issuer Capped | 10.76% | 10.19% | 6.10% |
1 | The after-tax returns are for Class A Shares only. The after-tax returns for Class B, Class C, Class Y and Institutional Class Shares will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. |
2 | The Merrill Lynch High Yield Master Cash Pay Index is a publicly reported unmanaged composite index of hypothetical return on investment in approximately 1075 high yield debt securities. The Index figures do not reflect any deduction for fees, expenses or taxes. |
3 | The Lehman Brothers U.S. Corporate High Yield Bond Index — 2% Issuer Capped is an unmanaged index that covers the universe of U.S. dollar denominated, non-convertible, fixed rate, non-investment grade debt. The Index figures do not reflect any deduction for fees, expenses or taxes. |
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AXA Enterprise | Goldman Sachs | |||
High-Yield Bond Fund | High Yield Fund | |||
Sales Charges and Distribution/Service (Rule 12b-1) Fees | Class A Shares. Class A Shares are subject to a maximum front-end sales charge of 4.75%, which is reduced depending on the amount invested and, in certain circumstances, waived. There is no CDSC on redemptions of Class A Shares, except in certain circumstances when the front-end sales charge is waived. Class A Shares are subject to a Rule 12b-1 fee equal to an annual rate of 0.45% of the Fund’s average daily net assets attributable to Class A Shares. | Class A Shares. Class A Shares are subject to a maximum front-end sales charge of 4.50%, which is reduced depending on the amount invested and, in certain circumstances, waived. There is no CDSC on redemptions of Class A Shares, except in certain circumstances when the front-end sales charge is waived. Class A Shares are subject to a Rule 12b-1 fee equal to an annual rate of 0.25% of the Fund’s average daily net assets attributable to Class A Shares. | ||
Class B Shares. There is no front-end sales charge on Class B Shares. However, Class B Shares are subject to a CDSC of up to 5% on certain redemptions within 6 years of purchase. Class B Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class B Shares. Class B Shares convert to Class A Shares approximately 8 years after purchase. | Class B Shares. There is no front-end sales charge on Class B Shares. However, Class B Shares are subject to a CDSC of up to 5% on certain redemptions within 6 years of purchase. Class B Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class B Shares. Class B Shares convert to Class A Shares approximately 8 years after purchase. | |||
Class C Shares. There is no front-end sales charge on Class C Shares. However, Class C Shares are subject to a CDSC of 1% on certain redemptions within the first year of purchase. Class C Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class C Shares. | Class C Shares. There is no front-end sales charge on Class C Shares. However, Class C Shares are subject to a CDSC of 1% on certain redemptions within the first year of purchase. Class C Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class C Shares. | |||
Class Y Shares. Class Y Shares are not subject to any front-end sales charge, CDSC or Rule 12b-1 fees. | Institutional Shares. Institutional Shares are not subject to any front-end sales charge, CDSC or Rule 12b-1 fees. |
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AXA Enterprise | Goldman Sachs | |||
High-Yield Bond Fund | High Yield Fund | |||
Purchase Policies | Investors can purchase shares of an AXA Enterprise Fund directly through the Fund’s principal underwriter, Enterprise Fund Distributors, Inc., or through an authorized dealer, subject to certain minimum investments and eligibility and other requirements. | Investors can purchase shares of a GST Fund directly from Goldman Sachs, through authorized dealers and directly from GST, subject to certain minimum investments and eligibility and other requirements. | ||
Exchange Policies | Shareholders can exchange shares of the AXA Enterprise Fund at net asset value without the imposition of any front-end sales charge or CDSC at the time of the exchange for shares of the same class of another AXA Enterprise Fund. Redemption of shares (including by exchange) that are held for one month or less may, however, be subject to a redemption fee. | Shareholders can exchange shares of a GST Fund at net asset value without the imposition of any front-end sales charge or CDSC at the time of the exchange for shares of the same class of another Goldman Sachs Fund. Redemption of shares (including by exchange) that are held for 30 or 60 calendar days or less may, however, be subject to a redemption fee. | ||
Redemption Policies | Shareholders can sell (redeem) some or all their shares. Generally, the AXA Enterprise Fund will redeem its shares upon request on any business day at the net asset value next determined after receipt of such request in proper form, subject to any applicable CDSC or redemption fee. Shareholders may request that redemption proceeds be sent by check or wire. Redemptions may be requested in writing or by telephone. | Shareholders can sell (redeem) some or all their shares. Generally, the GST Fund will redeem its shares upon request on any business day at the net asset value next determined after receipt of such request in proper form, subject to any applicable CDSC or redemption fee. Shareholders may request that redemption proceeds be sent by check or wire. Redemptions may be requested in writing or by telephone. | ||
Redemption Fees | There is a 2% redemption fee assessed on certain redemptions of shares (including by exchange) within one month after purchase. | There is a 2% redemption fee assessed on certain redemptions of shares (including by exchange) held for 60 calendar days or less. |
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AXA Enterprise High | Goldman Sachs High | Pro Forma | Pro Forma | |||||
Yield Bond Fund | Yield Fund* | Adjustments | Combined Fund | |||||
Net Assets: | $90,445 (Class A Shares) | $1,395,265 (Class A Shares) | $0 | $1,485,710 (Class A Shares) | ||||
$42,298 (Class B Shares) | $96,743 (Class B Shares) | $0 | $139,041 (Class B Shares) | |||||
$24,653 (Class C Shares) | $90,528 (Class C Share) | $0 | $115,181 (Class C Shares) | |||||
$13,661 (Class Y Shares) | $1,296,428 (Institutional Shares) | $0 | $1,310,089 (Institutional Shares) | |||||
Net Asset Value Per Share: | $9.58 (Class A Shares) | $8.04 (Class A Shares) | $(9.58) | $8.04 (Class A Shares) | ||||
$9.57 (Class B Shares) | $8.05 (Class B Shares) | $(9.57) | $8.05 (Class B Shares) | |||||
$9.57 (Class C Shares) | $8.04 (Class C Shares) | $(9.57) | $8.04 (Class C Shares) | |||||
$9.59 (Class Y Shares) | $8.05 (Institutional Shares) | $(9.59) | $8.05 (Institutional Shares) | |||||
Shares Outstanding: | 9,439 (Class A Shares) | 173,625 (Class A Shares) | 1,726 | 184,790 (Class A Shares) | ||||
4,418 (Class B Shares) | 12,023 (Class B Shares) | 831 | 17,272 (Class B Shares) | |||||
2,576 (Class C Shares) | 11,263 (Class C Shares) | 487 | 14,326 (Class C Shares) | |||||
1,425 (Class Y Shares) | 161,131 (Institutional Shares) | 188 | 162,744 (Institutional Shares) |
* | The Goldman Sachs High Yield Fund will be the accounting survivor for financial statement purposes. |
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AXA Enterprise Short Duration Bond Fund | Goldman Sachs Enhanced Income Fund | |
Investment Objective | Investment Objective | |
Seeks current income with reduced volatility of principal. | Seeks to generate return in excess of traditional money market products while maintaining an emphasis on preservation of capital and liquidity. | |
Investment Policies | Investment Policies | |
Under normal circumstances, the Fund invests at least 80% of its net assets, plus borrowings for investment purposes, in bonds and other debt securities. These securities may include U.S. Government bonds and notes, corporate bonds, municipal bonds, foreign debt securities, convertible securities, preferred stocks, asset-backed securities and mortgage related securities. | The Fund invests, under normal circumstances, primarily in a portfolio of fixed-income securities, including non-mortgage securities issued or guaranteed by the U.S. government, its agencies, instrumentalities or sponsored enterprises, corporate notes and commercial paper and fixed and floating rate asset- backed securities. | |
The Fund intends to invest only in investment grade fixed income securities and seeks to maintain a minimum average credit quality rating of “A” by Moody’s or Standard & Poor’s in its portfolio. | The Fund may invest across a broad range of high- grade fixed-income sectors with an emphasis on the preservation of capital and liquidity. The Fund’s investments must be rated at least A at the time of purchase (or determined by the adviser to be of comparable quality). The Fund seeks to maintain a weighted average credit quality of AA. | |
The Fund seeks to maintain a high level of share price stability by keeping the average duration of the overall portfolio between one year and three years. The Fund may adjust its holdings based on actual or anticipated changes in interest rates or credit quality. The Fund may also engage in risk management techniques, including futures contracts, swap agreements and other derivatives, in seeking to increase share price stability, increase income and otherwise manage the Fund’s exposure to investment risks. | The Fund has a target duration that is equal to that of the Six-Month U.S. Treasury Bill Index to One-Year U.S. Treasury Note Index. Historically, over the last ten years, the duration of this index has been approximately 0.75 years. The Fund’s expected approximate interest rate sensitivity is comparable to the 9-Month U.S. Treasury Bill. | |
The Fund may invest in securities with effective or final maturities of any length at the time of purchase. It is anticipated that the average effective maturity of the Fund will range from one to four years. | Except for asset-backed securities and Treasury Securities deliverable into futures transactions, the Fund will not invest in securities with remaining maturities of more than 5 years. With respect to asset-backed securities, the Fund will not invest in asset-backed securities with a weighted average life of more than 5 years. | |
The Fund will focus primarily on U.S. securities but may invest up to 20% of its total assets in U.S. dollar denominated fixed income securities of foreign issuers. | The Fund is permitted to invest in U.S. dollar denominated fixed income securities of foreign issuers. |
136
AXA Enterprise Short Duration Bond Fund | Goldman Sachs Enhanced Income Fund | |
In choosing investments, the sub-adviser searches for the best values on securities that meet the fund’s credit and maturity requirements. | In pursuing the Fund’s investment objective, the adviser will seek to enhance the Fund’s return by identifying those high grade fixed income securities that are within the maturity limitations discussed above and that the adviser believes offer advantageous yields relative to other similar securities. | |
For temporary defensive purposes, the Fund may invest, without limit, in cash, money market instruments or high quality short-term debt securities, including repurchase agreements. | For temporary defensive purposes the Fund may invest in U.S. Government Securities and repurchase agreement collateralized by U.S. Government Securities. | |
Investment Advisers | Investment Adviser | |
AXA Equitable, through its AXA Funds Management Group unit, serves as the investment manager for the Fund. The day-to-day portfolio management of the Fund is provided by an investment sub-adviser selected by AXA Equitable. The Fund’s sub-adviser is BlackRock Financial Management, Inc. | GSAM manages the Fund on a day-to-day basis and will continue to manage the Fund after the Reorganization. |
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AXA Enterprise Short Duration | Goldman Sachs Enhanced | |||||||
Bond Fund | Income Fund | |||||||
Net Asset Value Risk | X | X | ||||||
Interest Rate Risk | X | X | ||||||
Credit/ Default Risk | X | X | ||||||
Call Risk | X | X | ||||||
Extension Risk | X | X | ||||||
U.S. Government Securities Risk | X | X | ||||||
Derivatives Risk | X | X | ||||||
Management Risk | X | X | ||||||
Market Risk | X | X | ||||||
Liquidity Risk | X | |||||||
Foreign Risk | X | X | ||||||
Emerging Countries Risk | X | |||||||
Sovereign Risk | X | X | ||||||
Issuer-Specific Risk | X | X | ||||||
Sub-adviser Selection Risk | X | |||||||
Investment Grade Securities Risk | X | X |
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139
Goldman Sachs Enhanced | ||||||||||||||||||||||||||||||||||||||||
AXA Enterprise Short Duration Bond Fund | Income Fund | Combined Fund Pro Forma | ||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class Y | Class A | Class B | Institutional | Class A | Class B | Institutional | |||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | |||||||||||||||||||||||||||||||
Shareholder Fees (fees paid directly from your investment): | ||||||||||||||||||||||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Purchases | 3.50% | 1 | None | None | None | 1.50% | 1 | None | None | 1.50% | 1 | None | None | |||||||||||||||||||||||||||
Maximum Deferred Sales Charge (Load) 2 | None | 1 | 5.00% | 3 | 1.00% | 4 | None | None | 1 | 5.00% | 3 | None | None | 1 | 5.00% | 3 | None | |||||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Reinvested Dividends | None | None | None | None | None | None | None | None | None | None | ||||||||||||||||||||||||||||||
Redemption Fees9 | 2.00% | 5 | 2.00% | 5 | 2.00% | 5 | 2.00% | 5 | None | None | None | None | None | None | ||||||||||||||||||||||||||
Exchange Fees | None | None | None | None | None | None | None | None | None | None |
Goldman Sachs Enhanced | ||||||||||||||||||||||||||||||||||||||||
AXA Enterprise Short Duration Bond Fund | Income Fund | Combined Fund Pro Forma | ||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class Y | Class A | Class B | Institutional | Class A | Class B | Institutional | |||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | |||||||||||||||||||||||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | ||||||||||||||||||||||||||||||||||||||||
Management Fees | 0.43% | 0.43% | 0.43% | 0.43% | 0.25% | 6 | 0.25% | 6 | 0.25% | 6 | 0.25% | 6 | 0.25% | 6 | 0.25% | 6 | ||||||||||||||||||||||||
Distribution and Service (12b-1) Fees | 0.25% | 1.00% | 1.00% | None | 0.25% | 1.00% | None | 0.25% | 1.00% | None | ||||||||||||||||||||||||||||||
Other Expenses* | 0.55% | 0.55% | 0.55% | 0.55% | 0.28% | 7 | 0.28% | 7 | 0.16% | 7 | 0.28% | 7 | 0.28% | 7 | 0.16% | 7 | ||||||||||||||||||||||||
Total Fund Operating Expenses* | 1.23% | 8 | 1.98% | 8 | 1.98% | 8 | 0.98% | 8 | 0.78% | 1.53% | 0.41% | 0.78% | 1.53% | 0.41% |
* | The “Other Expenses” and “Total Fund Operating Expenses” (after any waivers and expense limitations) of the AXA Enterprise Fund, the GST Fund and the Combined Fund are as set forth below. |
Goldman Sachs Enhanced | ||||||||||||||||||||||||||||||||||||||||
AXA Enterprise Short Duration Bond Fund | Income Fund | Combined Fund Pro Forma | ||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class Y | Class A | Class B | Institutional | Class A | Class B | Institutional | |||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | |||||||||||||||||||||||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | ||||||||||||||||||||||||||||||||||||||||
Management Fees | 0.10% | 0.10% | 0.10% | 0.10% | 0.20% | 6 | 0.20% | 6 | 0.20% | 6 | 0.20% | 6 | 0.20% | 6 | 0.20% | 6 | ||||||||||||||||||||||||
Distribution and Service (12b-1) Fees | 0.25% | 1.00% | 1.00% | None | 0.25% | 1.00% | None | 0.25% | 1.00% | None | ||||||||||||||||||||||||||||||
Other Expenses | 0.55% | 0.55% | 0.55% | 0.55% | 0.17% | 7 | 0.17% | 7 | 0.05% | 7 | 0.17% | 7 | 0.17% | 7 | 0.05% | 7 | ||||||||||||||||||||||||
Total Fund Operating Expenses (after current expense limitations) | 0.90% | 8 | 1.65% | 8 | 1.65% | 8 | 0.65% | 8 | 0.62% | 1.37% | 0.25% | 0.62% | 1.37% | 0.25% |
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1 | The maximum sales charge is a percentage of the offering price. This sales charge varies depending on how much you invest. Under certain circumstances, the maximum sales charge may be reduced or waived entirely. If you buy $1,000,000 or more ($100,000 or more for certain employee benefit plans and $500,000 or more for certain individual retirement accounts) of Class A Shares of an AXA Enterprise Fund at net asset value and redeem those shares within 12 months of the end of the calendar month of their purchase, a CDSC of 1.00% generally will apply to the redemptions of those shares. A CDSC of 1% is imposed on certain redemptions (within 18 months of purchase) of Class A Shares of a GST Fund sold without an initial sales charge as part of an investment of $1 million or more. |
2 | The maximum CDSC is a percentage of the lesser of the net asset value at the time of the redemption or the net asset value when the shares were originally purchased. |
3 | A CDSC is imposed upon Class B Shares of an AXA Enterprise Fund or GST Fund redeemed within six years of purchase at a rate of 5% in the first year, declining to 1% in the sixth year, and eliminated thereafter. Class B Shares of the AXA Enterprise Fund and GST Fund automatically convert to Class A Shares eight years after the end of the calendar month in which you purchased them and will be subject to lower expenses. |
4 | A CDSC of 1% is imposed on Class C Shares of an AXA Enterprise Fund redeemed within 12 months of purchase. |
5 | If you redeem or exchange shares of the AXA Enterprise Fund after holding them one month or less, a fee of 2.00% of the current net asset value of the shares being redeemed or exchanged generally will be assessed and retained by the AXA Enterprise Fund for the benefit of the remaining shareholders. |
6 | GSAM has entered into the following contractual fee reduction commitments for the GST Fund: |
Management Fee | Average Daily | |||||
GST Fund | Annual Rate | Net Assets | ||||
Enhanced Income Fund | 0.25% | First $1 Billion | ||||
0.23% | Next $1 Billion | |||||
0.22% | Over $2 Billion |
Prior to this fee reduction commitment, the management fee for the GST Fund as an annual percentage rate of average daily net assets was 0.25%. | |
GSAM has voluntarily agreed not to impose a portion of the management fee on the GST Fund equal to 0.05% of the Fund’s average daily net assets. As a result of fee waivers, the current management fee of the GST Fund is 0.20% of the Fund’s average daily net assets. This waiver may be terminated at any time at the option of GSAM. |
7 | “Other Expenses” of the GST Fund include transfer agency fees and expenses equal on an annualized basis to 0.16% of the average daily net assets of the Fund’s Class A and B Shares, plus all other ordinary expenses not detailed above. “Other Expenses” of the GST Fund include transfer agency fees and expenses equal on an annualized basis to 0.04% of the average daily net assets of the Institutional Shares for the Fund. GSAM has voluntarily agreed to reduce or limit “Other Expenses” (excluding management fees, distribution and service fees, shareholder administration fees, transfer agency fees and expenses, taxes, interest, brokerage fees and litigation, indemnification, shareholder meeting and other extraordinary expenses) to 0.014% of the GST Fund’s average daily net assets. These expense reductions may be terminated at any time at the option of the GST Fund’s investment adviser. |
8 | Pursuant to an Expense Limitation Agreement, AXA Equitable has agreed to make payments or waive its management, administration and other fees to limit the expenses of the AXA Enterprise Fund through February 28, 2008 (unless the Enterprise Trust Trustees consent to an earlier revision or termination of this arrangement) so that the net annual fund operating expenses (as a percentage of average daily net assets) of the AXA Enterprise Fund (exclusive of taxes, interest, brokerage commissions, capitalized expenses, expenses of other investment companies in which the Fund invests and other extraordinary expenses) do not exceed 0.90% for Class A Shares, 1.65% for Class B and Class C Shares and 0.65% for Class Y Shares. AXA Equitable may be reimbursed the amount of any such payments and waivers in the future provided that the payments or waivers are reimbursed within three years of the payment or waiver being made and the combination of the AXA Enterprise Fund’s expense ratio and such reimbursements do not exceed the AXA Enterprise Fund’s expense cap. AXA Equitable may discontinue these arrangements at any time after February 28, 2008. |
141
1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||
AXA Enterprise Short Duration Bond Fund | ||||||||||||||||||
Class A Shares | $ | 438 | $ | 694 | $ | 970 | $ | 1,754 | ||||||||||
Class B Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 667 | $ | 988 | $ | 1,234 | $ | 2,079 | ||||||||||
- assuming no redemption | $ | 167 | $ | 588 | $ | 1,034 | $ | 2,079 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 267 | $ | 588 | $ | 1,034 | $ | 2,273 | ||||||||||
- assuming no redemption | $ | 167 | $ | 588 | $ | 1,034 | $ | 2,273 | ||||||||||
Class Y Shares | $ | 66 | $ | 278 | $ | 508 | $ | 1,168 | ||||||||||
Goldman Sachs Enhanced Income Fund | ||||||||||||||||||
Class A Shares | $ | 228 | $ | 395 | $ | 577 | $ | 1,102 | ||||||||||
Class B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 656 | $ | 783 | $ | 1,034 | $ | 1,621 | ||||||||||
- assuming no redemption | $ | 156 | $ | 483 | $ | 834 | $ | 1,621 | ||||||||||
Institutional Shares | $ | 42 | $ | 132 | $ | 230 | $ | 518 | ||||||||||
Combined Fund Pro Forma | ||||||||||||||||||
Class A Shares | $ | 228 | $ | 395 | $ | 577 | $ | 1,102 | ||||||||||
Class B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 656 | $ | 783 | $ | 1,034 | $ | 1,621 | ||||||||||
- assuming no redemption | $ | 156 | $ | 483 | $ | 834 | $ | 1,621 | ||||||||||
Institutional Shares | $ | 42 | $ | 132 | $ | 230 | $ | 518 |
1 | The Class B example for each Fund reflects the conversion of Class B Shares to Class A Shares after approximately eight years from the date of purchase of Class B Shares. |
142
10 Years | ||||||||||||
Average Annual Total Returns | or Since | |||||||||||
(For the periods ended December 31, 2006) | 1 Year | 5 Years | Inception | |||||||||
Class A (inception 11/29/02) | ||||||||||||
Return Before Taxes | 0.33% | N/A | 1.70% | |||||||||
Return After Taxes on Distributions1 | -1.04% | N/A | 0.65% | |||||||||
Return After Taxes on Distributions and Sale of Fund Shares1 | 0.20% | N/A | 0.84% | |||||||||
Lehman Brothers 1-3 Year Government/ Credit Index2 | 4.25% | N/A | 2.74% | |||||||||
Class B (inception 11/29/02) | ||||||||||||
Return Before Taxes | -1.76% | N/A | 1.37% | |||||||||
Lehman Brothers 1-3 Year Government/ Credit Index | 4.25% | N/A | 2.74% | |||||||||
Class C (inception 11/29/02) | ||||||||||||
Return Before Taxes | 2.14% | N/A | 1.80% | |||||||||
Lehman Brothers 1-3 Year Government/ Credit Index | 4.25% | N/A | 2.74% | |||||||||
Class Y (inception 11/29/02) | ||||||||||||
Return Before Taxes | 4.26% | N/A | 2.83% | |||||||||
Lehman Brothers 1-3 Year Government/ Credit Index | 4.25% | N/A | 2.74% |
143
10 Years | ||||||||||||
Average Annual Total Returns | or Since | |||||||||||
(For the periods ended December 31, 2006) | 1 Year | 5 Years | Inception | |||||||||
Class A (inception 8/2/00) | ||||||||||||
Return Before Taxes | 4.53% | 2.28% | 3.34% | |||||||||
Return After Taxes on Distributions1 | 1.53% | 0.78% | 1.70% | |||||||||
Return After Taxes on Distributions and Sale of Fund Shares1 | 1.89% | 0.97% | 1.79% | |||||||||
Six-Month U.S. Treasury Bill Index3 | 4.81% | 2.52% | 3.21% | |||||||||
One-Year U.S. Treasury Note Index4 | 4.32% | 2.43% | 3.38% | |||||||||
The Class B Shares of the GST Fund have not yet commenced operations and are being established in connection with the proposed Reorganization | ||||||||||||
Class C shareholders of the AXA Enterprise Fund will receive Class A Shares of the GST Fund in connection with the Reorganization. Information regarding the performance of the Class A Shares of the GST Fund is shown above | ||||||||||||
Institutional Class (inception 8/2/00) | ||||||||||||
Return Before Taxes | 4.81% | 2.64% | 3.71% | |||||||||
Six-Month U.S. Treasury Bill Index | 4.81% | 2.52% | 3.21% | |||||||||
One-Year U.S. Treasury Note Index | 4.32% | 2.43% | 3.38% |
1 | The after-tax returns are for Class A Shares only. The after-tax returns for Class B, Class C, Class Y and Institutional Class Shares will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. |
2 | The Lehman Brothers 1-3 Year Government/ Credit Index is an unmanaged index that is a subset of the Lehman Brothers Government Credit Index and includes all government and investment grade corporate bonds with maturities of one to three years. The Index figures do not reflect any deduction for fees, expenses or taxes. |
3 | The Six-Month U.S. Treasury Bill Index is an unmanaged index that tracks the performance of U.S. Treasury Bill with maturities of approximately six months. The Index figures do not reflect any deduction for fees, expenses or taxes. |
4 | The One-Year U.S. Treasury Note Index is an unmanaged index that tracks the performance of U.S. Treasury Notes with maturities of approximately one year. The Index figures do not reflect any deduction for fees, expenses or taxes. |
144
AXA Enterprise Short Duration Bond Fund | Goldman Sachs Enhanced Income Fund | |||
Sales Charges and Distribution/Service (Rule 12b-1) Fees | Class A Shares. Class A Shares are subject to a maximum front-end sales charge of 3.50%, which is reduced depending on the amount invested and, in certain circumstances, waived. There is no CDSC on redemptions of Class A Shares, except in certain circumstances when the front-end sales charge is waived. Class A Shares are subject to a Rule 12b-1 fee equal to an annual rate of 0.25% (subject to a maximum of 0.45%) of the Fund’s average daily net assets attributable to Class A Shares. | Class A Shares. Class A Shares are subject to a maximum front-end sales charge of 1.50%, which is reduced depending on the amount invested and, in certain circumstances, waived. There is no CDSC on redemptions of Class A Shares, except in certain circumstances when the front-end sales charge is waived. Class A Shares are subject to a Rule 12b-1 fee equal to an annual rate of 0.25% of the Fund’s average daily net assets attributable to Class A Shares. | ||
Class B Shares. There is no front-end sales charge on Class B Shares. However, Class B Shares are subject to a CDSC of up to 5% on certain redemptions within 6 years of purchase. Class B Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class B Shares. Class B Shares convert to Class A Shares approximately 8 years after purchase. | Class B Shares. There is no front-end sales charge on Class B Shares. However, Class B Shares are subject to a CDSC of up to 5% on certain redemptions within 6 years of purchase. Class B Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class B Shares. Class B Shares convert to Class A Shares approximately 8 years after purchase. | |||
Class C Shares. There is no front-end sales charge on Class C Shares. However, Class C Shares are subject to a CDSC of 1% on certain redemptions within the first year of purchase. Class C Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class C Shares. | Class C shareholders of the AXA Enterprise Fund will receive Class A Shares of the Fund in connection with the Reorganization. Information regarding the sales charges and distribution/service (Rule 12b-1) fees for the Class A Shares of the GST Fund is shown above. | |||
Class Y Shares. Class Y Shares are not subject to any front-end sales charge, CDSC or Rule 12b-1 fees. | Institutional Shares. Institutional Shares are not subject to any front-end sales charge, CDSC or Rule 12b-1 fees. |
145
AXA Enterprise Short Duration Bond Fund | Goldman Sachs Enhanced Income Fund | |||
Purchase Policies | Investors can purchase shares of an AXA Enterprise Fund directly through the Fund’s principal underwriter, Enterprise Fund Distributors, Inc., or through an authorized dealer, subject to certain minimum investments and eligibility and other requirements. | Investors can purchase shares of a GST Fund directly from Goldman Sachs, through authorized dealers and directly from GST, subject to certain minimum investments and eligibility and other requirements. | ||
Exchange Policies | Shareholders can exchange shares of the AXA Enterprise Fund at net asset value without the imposition of any front-end sales charge or CDSC at the time of the exchange for shares of the same class of another AXA Enterprise Fund. Redemption of shares (including by exchange) that are held for one month or less may, however, be subject to a redemption fee. | Shareholders can exchange shares of a GST Fund at net asset value without the imposition of any front-end sales charge or CDSC at the time of the exchange for shares of the same class of another Goldman Sachs Fund. Redemption of shares (including by exchange) that are held for 30 or 60 calendar days or less may, however, be subject to a redemption fee. | ||
Redemption Policies | Shareholders can sell (redeem) some or all their shares. Generally, the AXA Enterprise Fund will redeem its shares upon request on any business day at the net asset value next determined after receipt of such request in proper form, subject to any applicable CDSC or redemption fee. Shareholders may request that redemption proceeds be sent by check or wire. Redemptions may be requested in writing or by telephone. | Shareholders can sell (redeem) some or all their shares. Generally, the GST Fund will redeem its shares upon request on any business day at the net asset value next determined after receipt of such request in proper form, subject to any applicable CDSC or redemption fee. Shareholders may request that redemption proceeds be sent by check or wire. Redemptions may be requested in writing or by telephone. | ||
Redemption Fees | There is a 2% redemption fee assessed on certain redemptions of shares (including by exchange) within one month after purchase. | The Fund does not impose any redemption fees. |
146
AXA Enterprise | Goldman Sachs | |||||||
Short Duration | Enhanced | Pro Forma | Pro Forma | |||||
Bond Fund | Income Fund* | Adjustments | Combined Fund | |||||
Net Assets: | $16,869 (Class A Shares) | $36,333 (Class A Shares) | $4,496 | $57,698 (Class A Shares) | ||||
$6,569 (Class B Shares) | $0 (Class B Shares) | $0 | $6,569 (Class B Shares) | |||||
$4,496 (Class C Shares) | $(4,496) | |||||||
$21,624 (Class Y Shares) | $173,430 (Institutional Shares) | $0 | $195,054 (Institutional Shares) | |||||
Net Asset Value Per Share: | $9.83 (Class A Shares) | $9.73 (Class A Shares) | $(9.83) | $9.73 (Class A Shares) | ||||
$9.81 (Class B Shares) | $0.00 (Class B Shares) | $(0.08) | $9.73 (Class B Shares) | |||||
$9.81 (Class C Shares) | $(9.81) | |||||||
$9.83 (Class Y Shares) | $9.72 (Institutional Shares) | $(9.83) | $9.72 (Institutional Shares) | |||||
Shares Outstanding: | 1,716 (Class A Shares) | 3,734 (Class A Shares) | 480 | 5,930 (Class A Shares) | ||||
670 (Class B Shares) | 0 (Class B Shares) | 5 | 675 (Class B Shares) | |||||
458 (Class C Shares) | (458) | |||||||
2,199 (Class Y Shares) | 17,846 (Institutional Shares) | 26 | 20,071 (Institutional Shares) |
* | The Goldman Sachs Enhanced Income Fund will be the accounting survivor for financial statement purposes. |
147
AXA Enterprise Tax-Exempt Income Fund | Goldman Sachs Municipal Income Fund | |
Investment Objective | Investment Objective | |
Seeks high level of current income exempt from federal income tax, with consideration given to preservation of principal. | Seeks a high level of current income that is exempt from regular federal income tax, consistent with preservation of capital. | |
Investment Policies | Investment Policies | |
Under normal circumstances, the Fund intends to invest at least 80% of its net assets, plus borrowings for investment purposes, in investments, the income from which is exempt from federal income tax or from both federal and state income tax. The issuers of these securities may be located in any state, territory or possession of the United States. | The Fund invests, under normal market conditions, at least 80% of its Net Assets in Municipal Securities, the interest on which is exempt from regular federal income tax (i.e., excluded from gross income for federal income tax purposes). | |
The Fund generally invests in investment grade municipal securities (i.e., those securities rated BBB or better by Standard & Poor’s or Baa or better by Moody’s or unrated securities of similar quality). | The Fund’s investments must be rated at least BBB or Baa at the time of purchase (or determined by the adviser to be of comparable quality). The Fund seeks to maintain a weighted average credit quality of A. | |
The Fund will not invest more than 20% of its net assets in municipal securities, the interest on which is a tax preference item for purposes of the federal alternative minimum tax. | The Fund may invest up to 100% of its Net Assets in private activity bonds, the interest on which (including the Fund’s distributions of such interest) may be a preference item for purposes of the federal alternative minimum tax. | |
While there are no maturity restrictions on the municipal securities in which the Fund may invest, the average weighted maturity is expected to range from 10 to 25 years. The sub-adviser actively manages the Fund’s average maturity and, in some cases, may utilize futures contracts and options on futures as a defensive measure according to its judgment of anticipated changes in interest rates. | The Fund has a target duration that is equal to that of the Lehman Brothers Aggregate Municipal Bond Index, plus or minus one year. Historically, over the last ten years, the duration of this index has ranged between 6 and 8 years. The Fund has a maximum duration of 12 years. The Fund’s expected approximate interest rate sensitivity is comparable to a 15-year municipal bond. | |
The Fund invests all of its assets in U.S. dollar denominated securities. | Same. | |
The Fund may invest up to 20% of its net assets in cash, cash equivalents and debt securities, the interest from which may be subject to federal income tax. Investments in taxable securities generally will be limited to investment grade corporate debt securities and U.S. Government securities. | Same. |
148
AXA Enterprise Tax-Exempt Income Fund | Goldman Sachs Municipal Income Fund | |
The Fund may use derivatives, including purchasing put and call options and writing covered put and call options on securities it may purchase. The Fund also may invest in mortgage-backed securities. The Fund also may invest in floating rate and variable rate tax exempt securities. | Same, subject to the Fund’s other investment policies. | |
For temporary defensive purposes, the Fund may invest, without limit, in cash, money market instruments or high quality short-term debt securities, including repurchase agreements. | For temporary defensive purposes the Fund may invest in U.S. Government Securities and repurchase agreements collateralized by U.S. Government Securities. | |
Investment Advisers | Investment Adviser | |
AXA Equitable, through its AXA Funds Management Group unit, serves as the investment manager for the Fund. The day-to-day portfolio management of the Fund is provided by an investment sub-adviser selected by AXA Equitable. The Fund’s sub-adviser is MBIA Capital Management Corp. | GSAM manages the Fund on a day-to-day basis and will continue to manage the Fund after the Reorganization. |
149
AXA Enterprise Tax-Exempt | Goldman Sachs Municipal | |||||||
Income Fund | Income Fund | |||||||
Net Asset Value Risk | X | X | ||||||
Interest Rate Risk | X | X | ||||||
Credit/ Default Risk | X | X | ||||||
Call Risk | X | X | ||||||
Extension Risk | X | X | ||||||
U.S. Government Securities Risk | X | X | ||||||
Derivatives Risk | X | X | ||||||
Management Risk | X | X | ||||||
Market Risk | X | X | ||||||
Liquidity Risk | X | |||||||
Tax Risk | X | X | ||||||
Concentration Risk | X | |||||||
Issuer-Specific Risk | X | X | ||||||
Sub-adviser Selection Risk | X | |||||||
Investment Grade Securities Risk | X | X |
150
151
AXA Enterprise Tax-Exempt | Goldman Sachs Municipal | |||||||||||||||||||||||||||||||||||||||||||||||
Income Fund | Income Fund | Combined Fund Pro forma | ||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class Y | Class A | Class B | Class C | Institutional | Class A | Class B | Class C | Institutional | |||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | |||||||||||||||||||||||||||||||||||||
Shareholder Fees (fees paid directly from your investment): | ||||||||||||||||||||||||||||||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Purchases | 4.75% | 1 | None | None | None | 4.50% | 1 | None | None | None | 4.50% | 1 | None | None | None | |||||||||||||||||||||||||||||||||
Maximum Deferred Sales Charge (Load) 2 | None | 1 | 5.00% | 3 | 1.00% | 4 | None | None | 1 | 5.00% | 3 | 1.00% | 4 | None | None | 1 | 5.00% | 3 | 1.00% | 4 | None | |||||||||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Reinvested Dividends | None | None | None | None | None | None | None | None | None | None | None | None | ||||||||||||||||||||||||||||||||||||
Redemption Fees5 | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | ||||||||||||||||||||||||||||||||||||
Exchange Fees | None | None | None | None | None | None | None | None | None | None | None | None |
AXA Enterprise Tax-Exempt | Goldman Sachs Municipal | |||||||||||||||||||||||||||||||||||||||||||||||
Income Fund | Income Fund | Combined Fund Pro forma | ||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class Y | Class A | Class B | Class C | Institutional | Class A | Class B | Class C | Institutional | |||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | |||||||||||||||||||||||||||||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | ||||||||||||||||||||||||||||||||||||||||||||||||
Management Fees | 0.48% | 0.48% | 0.48% | 0.48% | 0.55% | 6 | 0.55% | 6 | 0.55% | 6 | 0.55% | 6 | 0.55% | 6 | 0.55% | 6 | 0.55% | 6 | 0.55% | 6 | ||||||||||||||||||||||||||||
Distribution and Service (12b-1) Fees | 0.45% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | ||||||||||||||||||||||||||||||||||||
Other Expenses* | 0.74% | 0.74% | 0.74% | 0.74% | 0.36% | 7 | 0.37% | 7 | 0.36% | 7 | 0.24% | 7 | 0.36% | 7 | 0.37% | 7 | 0.36% | 7 | 0.24% | 7 | ||||||||||||||||||||||||||||
Total Fund Operating Expenses* | 1.67% | 8 | 2.22% | 8 | 2.22% | 8 | 1.22% | 8 | 1.16% | 1.92% | 1.91% | 0.79% | 1.16% | 1.92% | 1.91% | 0.79% |
* | The “Management Fees”, “Other Expenses” and “Total Fund Operating Expenses” (after any waivers and expense limitations) of the AXA Enterprise Fund, the GST Fund and the Combined Fund are as set forth below. |
AXA Enterprise Tax-Exempt | Goldman Sachs Municipal | |||||||||||||||||||||||||||||||||||||||||||||||
Income Fund | Income Fund | Combined Fund Pro forma | ||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class Y | Class A | Class B | Class C | Institutional | Class A | Class B | Class C | Institutional | |||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | |||||||||||||||||||||||||||||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | ||||||||||||||||||||||||||||||||||||||||||||||||
Management Fees | 0.00% | 0.00% | 0.00% | 0.00% | 0.50% | 6 | 0.50% | 6 | 0.50% | 6 | 0.50% | 6 | 0.50% | 6 | 0.50% | 6 | 0.50% | 6 | 0.50% | 6 | ||||||||||||||||||||||||||||
Distribution and Service (12b-1) Fees | 0.45% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | ||||||||||||||||||||||||||||||||||||
Other Expenses | 0.65% | 0.65% | 0.65% | 0.65% | 0.25% | 7 | 0.25% | 7 | 0.25% | 7 | 0.13% | 7 | 0.25% | 7 | 0.25% | 7 | 0.25% | 7 | 0.13% | 7 | ||||||||||||||||||||||||||||
Total Fund Operating Expenses (after current expense limitations) | 1.10% | 8 | 1.65% | 8 | 1.65% | 8 | 0.65% | 8 | 1.00% | 1.75% | 6 | 1.75% | 6 | 0.63% | 6 | 1.00% | 1.75% | 1.75% | 0.63% |
152
1 | The maximum sales charge is a percentage of the offering price. This sales charge varies depending on how much you invest. Under certain circumstances, the maximum sales charge may be reduced or waived entirely. If you buy $1,000,000 or more ($100,000 or more for certain employee benefit plans and $500,000 or more for certain individual retirement accounts) of Class A Shares of an AXA Enterprise Fund at net asset value and redeem those shares within 12 months of the end of the calendar month of their purchase, a CDSC of 1.00% generally will apply to the redemptions of those shares. A CDSC of 1% is imposed on certain redemptions (within 18 months of purchase) of Class A Shares of a GST Fund sold without an initial sales charge as part of an investment of $1 million or more. |
2 | The maximum CDSC is a percentage of the lesser of the net asset value at the time of the redemption or the net asset value when the shares were originally purchased. |
3 | A CDSC is imposed upon Class B Shares of an AXA Enterprise Fund or GST Fund redeemed within six years of purchase at a rate of 5% in the first year, declining to 1% in the sixth year, and eliminated thereafter. Class B Shares of an AXA Enterprise Fund and GST Fund automatically convert to Class A Shares eight years after the end of the calendar month in which you purchased them and will be subject to lower expenses. |
4 | A CDSC of 1% is imposed on Class C Shares of an AXA Enterprise Fund or GST Fund redeemed within 12 months of purchase. |
5 | If you redeem or exchange shares of the AXA Enterprise Fund after holding them one month or less, a fee of 2.00% of the current net asset value of the shares being redeemed or exchanged generally will be assessed and retained by the AXA Enterprise Fund for the benefit of the remaining shareholders. |
6 | GSAM has entered into the following contractual fee reduction commitments for the GST Fund: |
Management Fee | Average Daily Net | |||||
GST Fund | Annual Rate | Assets | ||||
Municipal Income Fund | 0.55% | First $1 Billion | ||||
0.50% | Next $1 Billion | |||||
0.48% | Over $2 Billion |
Prior to this fee reduction commitment, the management fee for the GST Fund as an annual percentage rate of average daily net assets was 0.55%. The annual operating expenses of the GST Fund have been restated to reflect a contractual reduction in transfer agent fees from an annual rate of 0.19% to an annual rate of 0.16% of the average daily net assets the GST Fund’s Class A, Class B and Class C Shares. | |
GSAM has voluntarily agreed not to impose a portion of the management fee on the GST Fund equal to 0.05% of the Fund’s average daily net assets. As a result of fee waivers, the current management fee of the GST Fund is 0.50% of the GST Fund’s average daily net assets. This waiver may be terminated at any time at the option of GSAM. |
7 | “Other Expenses” of the GST Fund include transfer agency fees and expenses equal on an annualized basis to 0.16% of the average daily net assets of the Fund’s Class A, B and C Shares, plus all other ordinary expenses not detailed above. “Other Expenses” of the GST Fund include transfer agency fees and expenses equal on an annualized basis to 0.04% of the average daily net assets of the Institutional Shares for the Fund. GSAM has voluntarily agreed to reduce or limit “Other Expenses” (excluding management fees, distribution and service fees, shareholder administration fees, transfer agency fees and expenses, taxes, interest, brokerage fees and litigation, indemnification, shareholder meeting and other extraordinary expenses) to 0.004% of the GST Fund’s average daily net assets. These expense reductions may be terminated at any time at the option of the GST Fund’s investment adviser. |
8 | Pursuant to an Expense Limitation Agreement, AXA Equitable has agreed to make payments or waive its management, administration and other fees to limit the expenses of the AXA Enterprise Fund through February 28, 2008 (unless the Enterprise Trust Trustees consent to an earlier revision or termination of this arrangement) so that the net annual fund operating expenses (as a percentage of average daily net assets) of the AXA Enterprise Fund (exclusive of taxes, interest, brokerage commissions, capitalized expenses, expenses of other investment companies in which the Fund invests and other extraordinary expenses) do not exceed 1.10% for Class A Shares, 1.65% for Class B and Class C Shares and 0.65% for Class Y Shares. AXA Equitable may be reimbursed the amount of any such payments and waivers in the future provided that the payments or waivers are reimbursed within three years of the payment or waiver being made and the combination of the AXA Enterprise Fund’s expense ratio and such reimbursements do not exceed the AXA Enterprise Fund’s expense cap. AXA Equitable may discontinue these arrangements at any time after February 28, 2008. |
153
1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||
AXA Enterprise Tax-Exempt Income Fund | ||||||||||||||||||
Class A Shares | $ | 582 | $ | 921 | $ | 1,284 | $ | 2,302 | ||||||||||
Class B Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 667 | $ | 1,036 | $ | 1,332 | $ | 2,358 | ||||||||||
- assuming no redemption | $ | 167 | $ | 636 | $ | 1,132 | $ | 2,358 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 267 | $ | 636 | $ | 1,132 | $ | 2,497 | ||||||||||
- assuming no redemption | $ | 167 | $ | 636 | $ | 1,132 | $ | 2,497 | ||||||||||
Class Y Shares | $ | 66 | $ | 329 | $ | 612 | $ | 1,419 | ||||||||||
Goldman Sachs Municipal Income Fund | ||||||||||||||||||
Class A Shares | $ | 563 | $ | 802 | $ | 1,060 | $ | 1,796 | ||||||||||
Class B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 695 | $ | 903 | $ | 1,237 | $ | 2,046 | ||||||||||
- assuming no redemption | $ | 195 | $ | 603 | $ | 1,037 | $ | 2,046 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 294 | $ | 600 | $ | 1,032 | $ | 2,233 | ||||||||||
- assuming no redemption | $ | 194 | $ | 600 | $ | 1,032 | $ | 2,233 | ||||||||||
Institutional Shares | $ | 81 | $ | 252 | $ | 439 | $ | 978 | ||||||||||
Combined Fund Pro Forma | ||||||||||||||||||
Class A Shares | $ | 563 | $ | 802 | $ | 1,060 | $ | 1,796 | ||||||||||
Class B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 695 | $ | 903 | $ | 1,237 | $ | 2,046 | ||||||||||
- assuming no redemption | $ | 195 | $ | 603 | $ | 1,037 | $ | 2,046 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 294 | $ | 600 | $ | 1,032 | $ | 2,233 | ||||||||||
- assuming no redemption | $ | 194 | $ | 600 | $ | 1,032 | $ | 2,233 | ||||||||||
Institutional Shares | $ | 81 | $ | 252 | $ | 439 | $ | 978 |
1 | The Class B example for each Fund reflects the conversion of Class B Shares to Class A Shares after approximately eight years from the date of purchase of Class B Shares. |
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10 Years | ||||||||||||
Average Annual Total Returns | or Since | |||||||||||
(For the periods ended December 31, 2006) | 1 Year | 5 Years | Inception | |||||||||
Class A (inception 11/17/87) | ||||||||||||
Return Before Taxes | -1.80% | 3.38% | 4.02% | |||||||||
Return After Taxes on Distributions1 | -1.95% | 3.29% | 3.85% | |||||||||
Return After Taxes on Distributions and Sale of Fund Shares1 | 0.30% | 3.41% | 3.93% | |||||||||
Lehman Brothers Municipal Bond Index2 | 4.84% | 5.53% | 5.76% | |||||||||
Class B (inception 5/1/95) | ||||||||||||
Return Before Taxes | -2.31% | 3.48% | 4.07% | |||||||||
Lehman Brothers Municipal Bond Index | 4.84% | 5.53% | 6.13% | |||||||||
Class C (inception 5/1/97) | ||||||||||||
Return Before Taxes | 1.55% | 3.83% | 4.07% | |||||||||
Lehman Brothers Municipal Bond Index | 4.84% | 5.53% | 5.89% | |||||||||
Class Y (inception 11/17/98) | ||||||||||||
Return Before Taxes | 3.56% | 4.87% | 4.57% | |||||||||
Lehman Brothers Municipal Bond Index | 4.84% | 5.53% | 5.22% |
10 Years | ||||||||||||
Average Annual Total Returns | or Since | |||||||||||
(For the periods ended December 31, 2006) | 1 Year | 5 Years | Inception | |||||||||
Class A (inception 7/20/93) | ||||||||||||
Return Before Taxes | 4.83% | 5.44% | 5.37% | |||||||||
Return After Taxes on Distributions1 | 0.10% | 4.47% | 4.86% | |||||||||
Return After Taxes on Distributions and Sale of Fund Shares1 | 1.45% | 4.44% | 4.80% | |||||||||
Lehman Brothers Aggregate Municipal Bond Index3 | 4.84% | 5.53% | 5.75% | |||||||||
Class B (inception 5/1/96) | ||||||||||||
Return Before Taxes | 4.05% | 4.65% | 4.58% | |||||||||
Lehman Brothers Aggregate Municipal Bond Index | 4.84% | 5.53% | 5.75% | |||||||||
Class C (inception 8/15/97) | ||||||||||||
Return Before Taxes | 4.05% | 4.64% | 4.34% | |||||||||
Lehman Brothers Aggregate Municipal Bond Index | 4.84% | 5.53% | 5.59% | |||||||||
Institutional Class (inception 8/15/97) | ||||||||||||
Return Before Taxes | 5.22% | 5.85% | 5.53% | |||||||||
Lehman Brothers Aggregate Municipal Bond Index | 4.84% | 5.53% | 5.59% |
1 | The after-tax returns are for Class A Shares only. The after-tax returns for Class B, Class C, Class Y and Institutional Class Shares will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. |
2 | The Lehman Brothers Municipal Bond Index is an unmanaged index of state and local general obligation bonds, revenue bonds, insured bonds (with ratings of Aaa by Moody’s or AAA by Standard & Poor’s) and prefunded bonds with a minimum credit rating by Moody’s of Baa3 and a remaining maturity of at least one year. The Index figures do not reflect any deduction for fees, expenses or taxes. |
156
3 | The Lehman Brothers Aggregate Municipal Bond Index is an unmanaged broad-based total return index composed of approximately 8,000 investment grade, fixed rate, and tax-exempt issues, with a remaining maturity of at least one year. The Index figures do not reflect any deduction for fees, expenses or taxes. |
AXA Enterprise | Goldman Sachs | |||
Tax-Exempt Income Fund | Municipal Income Fund | |||
Sales Charges and Distribution/ Service (Rule 12b-1) Fees | Class A Shares. Class A Shares are subject to a maximum front-end sales charge of 4.75%, which is reduced depending on the amount invested and, in certain circumstances, waived. There is no CDSC on redemptions of Class A Shares, except in certain circumstances when the front-end sales charge is waived. Class A Shares are subject to a Rule 12b-1 fee equal to an annual rate of 0.45% of the Fund’s average daily net assets attributable to Class A Shares. | Class A Shares. Class A Shares are subject to a maximum front-end sales charge of 4.50%, which is reduced depending on the amount invested and, in certain circumstances, waived. There is no CDSC on redemptions of Class A Shares, except in certain circumstances when the front-end sales charge is waived. Class A Shares are subject to a Rule 12b-1 fee equal to an annual rate of 0.25% of the Fund’s average daily net assets attributable to Class A Shares. | ||
Class B Shares. There is no front-end sales charge on Class B Shares. However, Class B Shares are subject to a CDSC of up to 5% on certain redemptions within 6 years of purchase. Class B Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class B Shares. Class B Shares convert to Class A Shares approximately 8 years after purchase. | Class B Shares. There is no front-end sales charge on Class B Shares. However, Class B Shares are subject to a CDSC of up to 5% on certain redemptions within 6 years of purchase. Class B Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class B Shares. Class B Shares convert to Class A Shares approximately 8 years after purchase. | |||
Class C Shares. There is no front-end sales charge on Class C Shares. However, Class C Shares are subject to a CDSC of 1% on certain redemptions within the first year of purchase. Class C Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class C Shares. | Class C Shares. There is no front-end sales charge on Class C Shares. However, Class C Shares are subject to a CDSC of 1% on certain redemptions within the first year of purchase. Class C Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class C Shares. |
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AXA Enterprise | Goldman Sachs | |||
Tax-Exempt Income Fund | Municipal Income Fund | |||
Class Y Shares. Class Y Shares are not subject to any front-end sales charge, CDSC or Rule 12b-1 fees. | Institutional Shares. Institutional Shares are not subject to any front-end sales charge, CDSC or Rule 12b-1 fees. | |||
Purchase Policies | Investors can purchase shares of an AXA Enterprise Fund directly through the Fund’s principal underwriter, Enterprise Fund Distributors, Inc., or through an authorized dealer, subject to certain minimum investments and eligibility and other requirements. | Investors can purchase shares of a GST Fund directly from Goldman Sachs, through authorized dealers and directly from GST, subject to certain minimum investments and eligibility and other requirements. | ||
Exchange Policies | Shareholders can exchange shares of the AXA Enterprise Fund at net asset value without the imposition of any front-end sales charge or CDSC at the time of the exchange for shares of the same class of another AXA Enterprise Fund. Redemption of shares (including by exchange) that are held for one month or less may, however, be subject to a redemption fee. | Shareholders can exchange shares of a GST Fund at net asset value without the imposition of any front-end sales charge or CDSC at the time of the exchange for shares of the same class of another Goldman Sachs Fund. Redemption of shares (including by exchange) that are held for 30 calendar days or less may, however, be subject to a redemption fee. | ||
Redemption Policies | Shareholders can sell (redeem) some or all their shares. Generally, the AXA Enterprise Fund will redeem its shares upon request on any business day at the net asset value next determined after receipt of such request in proper form, subject to any applicable CDSC or redemption fee. Shareholders may request that redemption proceeds be sent by check or wire. Redemptions may be requested in writing or by telephone. | Shareholders can sell (redeem) some or all their shares. Generally, the GST Fund will redeem its shares upon request on any business day at the net asset value next determined after receipt of such request in proper form, subject to any applicable CDSC or redemption fee. Shareholders may request that redemption proceeds be sent by check or wire. Redemptions may be requested in writing or by telephone. | ||
Redemption Fees | There is a 2% redemption fee assessed on certain redemptions of shares (including by exchange) within one month after purchase. | There is a 2% redemption fee assessed on certain redemptions of shares (including by exchange) held for 30 calendar days or less. |
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AXA Enterprise | Goldman Sachs | |||||||||||
Tax-Exempt | Municipal | Pro Forma | Pro Forma | |||||||||
Income Fund | Income Fund* | Adjustments | Combined Fund | |||||||||
Net Assets: | $16,199 (Class A Shares) | $302,271 (Class A Shares) | $0 | $318,470 (Class A Shares) | ||||||||
$3,856 (Class B Shares) | $11,698 (Class B Shares) | $0 | $15,554 (Class B Shares) | |||||||||
$2,551 (Class C Shares) | $9,777 (Class C Shares) | $0 | $12,328 (Class C Shares) | |||||||||
$50 (Class Y Shares) | $152,070 (Institutional Shares) | $0 | $152,120 (Institutional Shares) | |||||||||
Net Asset Value Per Share: | $13.79 (Class A Shares) | $15.80 (Class A Shares) | $(13.79) | $15.80 (Class A Shares) | ||||||||
$13.80 (Class B Shares) | $15.81 (Class B Shares) | $(13.80) | $15.81 (Class B Shares) | |||||||||
$13.80 (Class C Shares) | $15.81 (Class C Shares) | $(13.80) | $15.81 (Class C Shares) | |||||||||
$13.80 (Class Y Shares) | $15.80 (Institutional Shares) | $(13.80) | $15.80 (Institutional Shares) | |||||||||
Shares Outstanding: | 1,175 (Class A Shares) | 19,125 (Class A Shares) | (144) | 20,156 (Class A Shares) | ||||||||
279 (Class B Shares) | 740 (Class B Shares) | (35) | 984 (Class B Shares) | |||||||||
185 (Class C Shares) | 618 (Class C Shares) | (23) | 780 (Class C Shares) | |||||||||
4 (Class Y Shares) | 9,623 (Institutional Shares) | 1 | 9,628 (Institutional Shares) |
* | The Goldman Sachs Municipal Income Fund will be the accounting survivor for financial statement purposes. |
159
AXA Enterprise Money Market Fund | Goldman Sachs ILA Prime Obligations Portfolio | |
Investment Objective | Investment Objective | |
Seeks highest possible level of current income consistent with preservation of capital and liquidity. | Seeks to maximize current income to the extent consistent with the preservation of capital and the maintenance of liquidity. | |
Investment Policies | Investment Policies | |
Under normal circumstances, the fund intends to invest only in short-term, high quality dollar-denominated securities. These securities may be issued by U.S. companies, U.S. and foreign banks, U.S. and foreign governments, U.S. agencies, states and municipalities and international organizations, such as the World Bank and the International Monetary Fund. The fund’s principal investments include bank obligations, commercial paper and corporate obligations. The fund may also invest in repurchase agreements based on these securities. | The Fund pursues its investment objective by investing in U.S. Government Securities, obligations of U.S. banks, commercial paper and other short-term obligations of U.S. companies, states, municipalities and other entities and repurchase agreements. | |
The fund will maintain a weighted average portfolio maturity of 90 days or less, and will not invest in securities with remaining maturities of more than 13 months. | Same. | |
All securities purchased by the fund must meet the requirements of Rule 2a-7 under the 1940 Act, which is designed to mitigate the risk of loss. | Same. | |
Investment Advisers | Investment Adviser | |
AXA Equitable, through its AXA Funds Management Group unit, serves as the investment manager for the Fund. The day-to-day portfolio management of the Fund is provided by an investment sub-adviser selected by AXA Equitable. The Fund’s sub-adviser is The Dreyfus Corporation. | GSAM manages the Fund on a day-to-day basis and will continue to manage the Fund after the Reorganization. |
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AXA Enterprise | Goldman Sachs ILA Prime | |||||||
Money Market Fund | Obligations Portfolio | |||||||
Net Asset Value Risk | X | X | ||||||
Interest Rate Risk | X | X | ||||||
Credit/ Default Risk | X | X | ||||||
U.S. Government Securities Risk | X | X | ||||||
Management Risk | X | |||||||
Liquidity Risk | X | |||||||
Sub-adviser Selection Risk | X | |||||||
Foreign Securities Risk | X | |||||||
Banking Industry Sector Risk | X |
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AXA Enterprise | Goldman Sachs ILA | |||||||||||||||||||||||||||||||||||||||
Money Market Fund | Prime Obligations Portfolio | Combined Fund Pro Forma | ||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class Y | ILA Service | ILA Class B | ILA Class C | ILA Service | ILA Class B | ILA Class C | |||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares1 | Shares1 | Shares1 | Shares1 | Shares1 | Shares1 | |||||||||||||||||||||||||||||||
Shareholder Fees (fees paid directly from your investment): | ||||||||||||||||||||||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Purchases | None | None | None | None | None | None | None | None | None | None | ||||||||||||||||||||||||||||||
Maximum Deferred Sales Charge (Load) | None | 2 | None | 2 | None | 2 | None | None | 5.0% | 3 | 1.0% | 4 | None | 5.0% | 3 | 1.0% | 4 | |||||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Reinvested Dividends | None | None | None | None | None | None | None | None | None | None | ||||||||||||||||||||||||||||||
Redemption Fees | None | None | None | None | None | None | None | None | None | None | ||||||||||||||||||||||||||||||
Exchange Fees | None | None | None | None | None | None | None | None | None | None |
AXA Enterprise | Goldman Sachs ILA | ||||||||||||||||||||||||||||||||||||||||
Money Market Fund | Prime Obligations Portfolio | Combined Fund Pro Forma | |||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class Y | ILA Service | ILA Class B | ILA Class C | ILA Service | ILA Class B | ILA Class C | ||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | ||||||||||||||||||||||||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | |||||||||||||||||||||||||||||||||||||||||
Management Fees | 0.33% | 0.33% | 0.33% | 0.33% | 0.35% | 5 | 0.35% | 5 | 0.35% | 5 | 0.35% | 5 | 0.35% | 5 | 0.35% | 5 | |||||||||||||||||||||||||
Distribution and Service (12b-1) Fees | None | None | None | None | N/A | 1.00% | 1.00% | N/A | 1.00% | 1.00% | |||||||||||||||||||||||||||||||
Other Expenses* | 0.90% | 0.90% | 0.90% | 0.90% | 0.51% | 0.11% | 0.11% | 0.50% | 0.10% | 0.10% | |||||||||||||||||||||||||||||||
Service Fees | N/A | N/A | N/A | N/A | 0.25% | 6 | N/A | N/A | 0.25% | 6 | N/A | N/A | |||||||||||||||||||||||||||||
Shareholder Administration Fees | N/A | N/A | N/A | N/A | 0.15% | N/A | N/A | 0.15% | N/A | N/A | |||||||||||||||||||||||||||||||
All Other Expenses | N/A | N/A | N/A | N/A | 0.11% | N/A | N/A | 0.10% | N/A | N/A | |||||||||||||||||||||||||||||||
Total Fund Operating Expenses* | 1.23% | 7 | 1.23% | 7 | 1.23% | 7 | 1.23% | 7 | 0.86% | 1.46% | 1.46% | 0.85% | 1.45% | 1.45% |
* | As a result of waivers and expense limitations, “Other Expenses” and “Total Fund Operating Expenses” (after any waivers and expense limitations) of the AXA Enterprise Fund, the GST Fund and the Combined Fund are as set forth below. The waivers and expense limitations may be terminated or modified at any time at the option of the Investment Adviser. If this occurs, “Other Expenses” and “Total Fund Operating Expenses” may increase without shareholder approval. |
AXA Enterprise | Goldman Sachs ILA | ||||||||||||||||||||||||||||||||||||||||
Money Market Fund | Prime Obligations Portfolio | Combined Fund Pro Forma | |||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class Y | ILA Service | ILA Class B | ILA Class C | ILA Service | ILA Class B | ILA Class C | ||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | ||||||||||||||||||||||||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | |||||||||||||||||||||||||||||||||||||||||
Management Fees | 0.00% | 0.00% | 0.00% | 0.00% | 0.35% | 5 | 0.35% | 5 | 0.35% | 5 | 0.35% | 5 | 0.35% | 5 | 0.35% | 5 | |||||||||||||||||||||||||
Distribution and Service (12b-1) Fees | None | None | None | None | N/A | 1.00% | 1.00% | N/A | 1.00% | 1.00% | |||||||||||||||||||||||||||||||
Other Expenses | 0.70% | 0.70% | 0.70% | 0.70% | 0.48% | 8 | 0.08% | 8 | 0.08% | 8 | 0.48% | 0.08% | 0.08% | ||||||||||||||||||||||||||||
Service Fees | N/A | N/A | N/A | N/A | 0.25% | 6 | N/A | N/A | 0.25% | 6 | N/A | N/A | |||||||||||||||||||||||||||||
Shareholder Administration Fees | N/A | N/A | N/A | N/A | 0.15% | N/A | N/A | 0.15% | N/A | N/A | |||||||||||||||||||||||||||||||
All Other Expenses | N/A | N/A | N/A | N/A | 0.06% | N/A | N/A | 0.06% | N/A | N/A | |||||||||||||||||||||||||||||||
Total Fund Operating Expenses (after current expense limitations) | 0.70% | 7 | 0.70% | 7 | 0.70% | 7 | 0.70% | 7 | 0.83% | 1.43% | 1.43% | 0.83% | 1.43% | 1.43% |
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1 | Investors wishing to purchase shares of the ILA Prime Obligations Portfolio are generally required to purchase ILA Service Shares. ILA Class B and Class C Shares of the Prime Obligations Portfolio will typically be acquired in exchange for Class B or Class C Shares, respectively, of another Goldman Sachs Fund. |
2 | When you exchange shares of another AXA Enterprise Fund into shares of the Money Market Fund, the holding period for purposes of determining the CDSC will continue to run while you hold your shares of the Money Market Fund. If you redeem those shares of the Money Market Fund, the applicable CDSC will apply. |
3 | A CDSC is imposed upon ILA Class B Shares of the GST Fund redeemed within six years of purchase at a rate of 5% in the first year, declining to 1% in the sixth year, and eliminated thereafter. Class B Shares of the AXA Enterprise Fund and ILA Class B Shares of the GST Fund automatically convert to Class A Shares and ILA Service Class, respectively, shares eight years after the end of the calendar month in which you purchased them and will be subject to lower expenses. |
4 | A CDSC of 1% is imposed on ILA Class C Shares of the GST Fund redeemed within 12 months of purchase. |
5 | GSAM is entitled to management fees from certain GST Funds at annual rates equal to the following percentages of the average daily net assets of the GST Funds: |
Management Fee | ||||
GST Fund | Annual Rate | |||
ILA Prime Obligations Portfolio | 0.35 | % |
6 | Service Organizations may charge other fees directly to their customers who are the beneficial owners of ILA Service Shares in connection with their customers’ accounts. Such fees may affect the return such customers realize with respect to their investments. |
7 | Pursuant to an Expense Limitation Agreement, AXA Equitable has agreed to make payments or waive its management, administration and other fees to limit the expenses of the AXA Enterprise Fund through February 28, 2008 (unless the Enterprise Trust Trustees consent to an earlier revision or termination of this arrangement) so that the net annual fund operating expenses (as a percentage of average daily net assets) of the AXA Enterprise Fund (exclusive of taxes, interest, brokerage commissions, capitalized expenses, expenses of other investment companies in which the Fund invests and other extraordinary expenses) do not exceed 0.70% for each Class of shares. AXA Equitable may be reimbursed the amount of any such payments and waivers in the future provided that the payments or waivers are reimbursed within three years of the payment or waiver being made and the combination of the AXA Enterprise Fund’s expense ratio and such reimbursements do not exceed the AXA Enterprise Fund’s expense cap. AXA Equitable may discontinue these arrangements at any time after February 28, 2008. |
8 | GSAM has voluntarily agreed to reduce or limit “Other Expenses” (excluding management fees, distribution and service fees, shareholder administration fees, transfer agency fees and expenses, taxes, interest, brokerage fees and litigation, indemnification, shareholder meeting and other extraordinary expenses) to 0.434% of the GST Fund’s average daily net assets. |
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1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||
AXA Enterprise Money Market Fund | ||||||||||||||||||
Class A Shares | $ | 71 | $ | 336 | $ | 622 | $ | 1,435 | ||||||||||
Class B Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 71 | $ | 336 | $ | 622 | $ | 1,435 | ||||||||||
- assuming no redemption | $ | 71 | $ | 336 | $ | 622 | $ | 1,435 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 71 | $ | 336 | $ | 622 | $ | 1,435 | ||||||||||
- assuming no redemption | $ | 71 | $ | 336 | $ | 622 | $ | 1,435 | ||||||||||
Class Y Shares | $ | 71 | $ | 336 | $ | 622 | $ | 1,435 | ||||||||||
Goldman Sachs ILA Prime Obligations Portfolio | ||||||||||||||||||
ILA Service Shares | $ | 88 | $ | 274 | $ | 477 | $ | 1,061 | ||||||||||
ILA B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 649 | $ | 762 | $ | 997 | $ | 1,584 | ||||||||||
- assuming no redemption | $ | 149 | $ | 462 | $ | 797 | $ | 1,584 | ||||||||||
ILA C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 249 | $ | 462 | $ | 797 | $ | 1,746 | ||||||||||
- assuming no redemption | $ | 149 | $ | 462 | $ | 797 | $ | 1,746 | ||||||||||
Combined Fund Pro Forma | ||||||||||||||||||
ILA Service Shares | $ | 87 | $ | 271 | $ | 471 | $ | 1,049 | ||||||||||
ILA B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 648 | $ | 759 | $ | 992 | $ | 1,572 | ||||||||||
- assuming no redemption | $ | 148 | $ | 459 | $ | 792 | $ | 1,572 | ||||||||||
ILA C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 248 | $ | 459 | $ | 792 | $ | 1,735 | ||||||||||
- assuming no redemption | $ | 148 | $ | 459 | $ | 792 | $ | 1,735 |
1 | The ILA Class B example for each Fund reflects the conversion of ILA Class B Shares to ILA Service Shares after approximately eight years from the date of purchase of ILA Class B Shares. |
165
10 Years | ||||||||||||
Average Annual Total Returns | or Since | |||||||||||
(For the periods ended December 31, 2006) | 1 Year | 5 Years | Inception | |||||||||
Class A (inception 5/1/90) | 4.53% | 1.96% | 3.40% | |||||||||
Class B (inception 5/1/95) | 4.53% | 1.96% | 3.45% | |||||||||
Class C (inception 5/1/97) | 4.53% | 1.96% | 3.33% | |||||||||
Class Y (inception 7/17/97) | 4.53% | 1.96% | 3.34% |
10 Years | ||||||||||||
Average Annual Total ended Returns | or Since | |||||||||||
(For the periods December 31, 2006) | 1 Year | 5 Years | Inception | |||||||||
ILA Service (inception 6/1/90) | 4.32% | 1.76% | 3.21% | |||||||||
ILA Class B (inception 5/8/96) | 3.69% | 1.32% | 2.68% | |||||||||
ILA Class C (inception 8/15/97) | 3.69% | 1.32% | 2.58% |
166
AXA Enterprise Money Market Fund | Goldman Sachs ILA Prime Obligations Portfolio | |||
Sales Charges and Distribution/Service (Rule 12b-1) Fees | Class A Shares. Initial purchases of shares of the AXA Enterprise Money Market Fund are not subject to any sales charges. However, an investor will have to pay a sales charge if the investor exchanges Class A Shares of the Fund for Class A Shares of another AXA Enterprise Fund, unless the investor has already paid a sales charge on those shares. Class A Shares currently do not pay any Rule 12b-1 fees (but are subject to a maximum Rule 12b-1 fee equal to an annual rate of 0.30% of the Fund’s average daily net assets attributable to Class A Shares). | Service Shares. Service Shares are not subject to any sales charges or Rule 12b-1 fees. However, Service Shares are subject to a service plan and shareholder administration plan under which Service Shares bear fees for personal and account maintenance services plus shareholder administration services paid to service organizations. Under the plan, service organizations are entitled to receive payments from the Fund equal to an annual rate of 0.25% for personal and account maintenance services plus an additional fee equal to an annual rate of 0.15% for shareholder administrative services of the average daily net assets of the Service Shares attributable to or held in the name of the organization for its customers. | ||
Class B Shares. Initial purchases of shares of the AXA Enterprise Money Market Fund are not subject to any sales charges. However, if an investor exchanges Class B Shares of the Fund for Class B Shares of another AXA Enterprise Fund, the shares received in the exchange will become subject to a CDSC. Class B Shares convert to Class A Shares approximately 8 years after purchase. When an investor exchanges Class B Shares of another AXA Enterprise Fund into Class B Shares of the AXA Enterprise Money Market Fund, the holding period for purposes of determining the CDSC and conversion to Class A Shares will continue to run while the investor holds his Class B Shares of the Fund. Class B Shares currently do not pay any Rule 12b-1 fees (but are subject to a maximum Rule 12b-1 fee equal to an annual rate of 0.85% of the Fund’s average daily net assets attributable to Class B Shares). | Class B Shares. There is no front-end sales charge on Class B Shares. However, ILA Class B Shares are subject to a CDSC of up to 5% on certain redemptions within 6 years of purchase. Class B Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class B Shares. Class B Shares convert to Service Shares approximately 8 years after purchase. |
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AXA Enterprise Money Market Fund | Goldman Sachs ILA Prime Obligations Portfolio | |||
Class C Shares. Initial purchases of shares of the AXA Enterprise Money Market Fund are not subject to any sales charges. However, if an investor exchanges Class C Shares of the Fund for Class C Shares of another AXA Enterprise Fund, the shares received in the exchange will become subject to a CDSC. When an investor exchanges Class C Shares of another AXA Enterprise Fund into Class C Shares of the AXA Enterprise Money Market Fund, the holding period for purposes of determining the CDSC will continue to run while the investor holds his Class C Shares of the Fund. Class C Shares currently do not pay any Rule 12b-1 fees (but are subject to a maximum Rule 12b-1 fee equal to an annual rate of 0.85% of the Fund’s average daily net assets attributable to Class C Shares). | Class C Shares. There is no front-end sales charge on Class C Shares. However, Class C Shares are subject to a CDSC of 1% on certain redemptions within the first year of purchase. Class C Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class C Shares. | |||
Class Y Shares. Class Y Shares are not subject to any front-end sales charge, CDSC or Rule 12b-1 fees. | Class Y shareholders of the AXA Enterprise Fund will receive Service Shares of the GST Fund in connection with the Reorganization. Information regarding the sales charges, distribution/service (Rule 12b-1) fees and other fees is shown above. | |||
Purchase Policies | Investors can purchase shares of an AXA Enterprise Fund directly through the Fund’s principal underwriter, Enterprise Fund Distributors, Inc., or through an authorized dealer, subject to certain minimum investments and eligibility and other requirements. | Investors can purchase shares of a GST Fund directly from Goldman Sachs, through authorized dealers and directly from GST, subject to certain minimum investments and eligibility and other requirements. | ||
Exchange Policies | Shareholders can exchange shares of the AXA Enterprise Fund at net asset value without the imposition of any front-end sales charge or CDSC at the time of the exchange for shares of the same class of another AXA Enterprise Fund. Redemption of shares (including by exchange) that are held for one month or less may, however, be subject to a redemption fee. | Shareholders can exchange shares of a GST Fund at net asset value without the imposition of any front-end sales charge or CDSC at the time of the exchange for shares of the same class or an equivalent class of another Goldman Sachs Fund. Redemption of shares (including by exchange) that are held for 30 or 60 calendar days or less may, however, be subject to a redemption fee. |
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AXA Enterprise Money Market Fund | Goldman Sachs ILA Prime Obligations Portfolio | |||
Redemption Policies | Shareholders can sell (redeem) some or all their shares. Generally, the AXA Enterprise Fund will redeem its shares upon request on any business day at the net asset value next determined after receipt of such request in proper form, subject to any applicable CDSC or redemption fee. Shareholders may request that redemption proceeds be sent by check or wire. Redemptions may be requested in writing or by telephone. | Shareholders can sell (redeem) some or all their shares. Generally, the GST Fund will redeem its shares upon request on any business day at the net asset value next determined after receipt of such request in proper form, subject to any applicable CDSC or redemption fee. Shareholders may request that redemption proceeds be sent by check or wire. Redemptions may be requested in writing or by telephone. | ||
Redemption Fees | The Fund does not impose any redemption fees. | The Fund does not impose any redemption fees. |
Goldman Sachs | ||||||||
AXA Enterprise | ILA Prime Obligations | Pro forma | Pro forma | |||||
Money Market Fund | Portfolio* | Adjustments | Combined Fund | |||||
Net Assets: | $71,347 (Class A Shares) | $264,746 (ILA Service Shares) | $10,617 | $346,710 (ILA Service Shares) | ||||
$23,563 (Class B Shares) | $12,447 (ILA B Shares) | $0 | $36,010 (ILA B Shares) | |||||
$9,542 (Class C Shares) | $19,089 (ILA C Shares) | $0 | $28,631 (ILA C Shares) | |||||
$10,617 (Class Y Shares) | $(10,617) | |||||||
Net Asset Value Per Share: | $1.00 (Class A Shares) | $1.00 (ILA Service Shares) | $(1.00) | $1.00 (ILA Service Shares) | ||||
$1.00 (Class B Shares) | $1.00 (ILA B Shares) | $(1.00) | $1.00 (ILA B Shares) | |||||
$1.00 (Class C Shares) | $1.00 (ILA C Shares) | $(1.00) | $1.00 (ILA C Shares) | |||||
$1.00 (Class Y Shares) |
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Goldman Sachs | ||||||||
AXA Enterprise | ILA Prime Obligations | Pro forma | Pro forma | |||||
Money Market Fund | Portfolio* | Adjustments | Combined Fund | |||||
Shares Outstanding: | 71,345 (Class A Shares) | 264,749 (ILA Service Shares) | 10,617 | 346,711 (ILA Service Shares) | ||||
23,563 (Class B Shares) | 12,448 (ILA B Shares) | (1) | 36,010 (ILA B Shares) | |||||
9,541 (Class C Shares) | 19,089 (ILA C Shares) | 1 | 28,631 (ILA C Shares) | |||||
10,617 (Class Y Shares) | (10,617) |
* | The Goldman Sachs ILA Prime Obligations Portfolio Fund will be the accounting survivor for financial statement purposes. |
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Principal Risk | Funds Denoting Risk as a Principal Risk | |
Net Asset Value Risk — The risk that the net asset value of a Fund and the value of your investment will fluctuate or in the case of a money market fund that a Fund will not be able to maintain a net asset value per share of $1.00 at all times. | All GST Funds All AXA Enterprise Funds |
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Principal Risk | Funds Denoting Risk as a Principal Risk | |
Interest Rate Risk — The risk that when interest rates increase, fixed income securities held by a Fund will decline in value. Long-term fixed-income securities will normally have more price volatility because of this risk than short-term fixed-income securities. Also with respect to money market funds, during periods of rising interest rates, a Fund’s yield (and the market value of its securities) will tend to be lower than prevailing market rates; in periods of falling interest rates, a Fund’s yield will tend to be higher. | All GST Funds All AXA Enterprise Fixed Income Funds AXA Enterprise Money Market Fund | |
Credit/ Default Risk — The risk that an issuer or guarantor of a fixed-income security held by a Fund, or a bank or other financial institution that has entered into a repurchase agreement, or the counterparty in a derivative transaction, may default on its payment obligations including the obligation to pay interest and repay principal. For certain funds, this risk may include the risk of default on foreign letters of credit, guarantees or insurance that back municipal securities. | All GST Funds (except Structured U.S. Equity, Structured Large Cap Value, Structured Large Cap Growth, Structured Small Cap Growth and Structured Small Cap Value Fund) AXA Enterprise High-Yield Bond Fund AXA Enterprise Short Duration Bond Fund AXA Enterprise Tax-Exempt Income Fund AXA Enterprise Money Market Fund | |
Call Risk — The risk that an issuer will exercise its right to pay principal on an obligation held by a Fund (such as a mortgage-backed security) earlier than expected. This may happen when there is a decline in interest rates. Under these circumstances, a Fund may be unable to recoup all of its initial investment and will also suffer from having to reinvest in lower yielding securities. | All GST Fixed Income Funds AXA Enterprise Government Securities Fund AXA Enterprise Short Duration Bond Fund AXA Enterprise Tax-Exempt Income Fund | |
Extension Risk — The risk that an issuer will exercise its right to pay principal on an obligation held by a Fund (such as a mortgage-backed security) later than expected. This may happen when there is a rise in interest rates. Under these circumstances, the value of the obligation will decrease, and a Fund will also suffer from the inability to invest in higher yielding securities. | All GST Fixed Income Funds AXA Enterprise Government Securities Fund AXA Enterprise Short Duration Bond Fund AXA Enterprise Tax-Exempt Income Fund |
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Principal Risk | Funds Denoting Risk as a Principal Risk | |
U.S. Government Securities Risk — The risk that the U.S. government will not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. Although many U.S. Government Securities purchased by the Funds, such as those issued by the Federal National Mortgage Association, Federal Home Loan Mortgage Corporation and Federal Home Loan Banks, may be chartered or sponsored by Acts of Congress, their securities are neither issued nor guaranteed by the United States Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. Government Securities held by a Fund may greatly exceed their current resources, including their legal right to support from the U.S. Treasury. It is possible that these issuers will not have the funds to meet their payment obligations in the future. | All GST Fixed Income Funds Goldman Sachs ILA Prime Obligations Portfolio All AXA Enterprise Fixed Income Funds AXA Enterprise Money Market Fund | |
Stock Risk — The risk that stock prices have historically risen and fallen in periodic cycles. Stocks and other equity securities generally fluctuate more in value than bonds and may decline in value over short or extended periods. In recent years, U.S. and foreign stock markets have experienced substantial price volatility. The value of such securities will change based on changes in a company’s financial condition and in overall market and economic conditions. | All GST Equity Funds All AXA Enterprise Equity Funds | |
Derivatives Risk — The risk that loss may result from a Fund’s investments in options, futures, swaps, structured securities and other derivative instruments. These instruments may be illiquid, difficult to price and leveraged so that small changes may produce disproportionate losses to a Fund. Derivatives are financial contracts whose value is based on the value of an underlying asset, reference rate or index. A Fund’s investment in derivatives may rise or fall more rapidly than other investments. These transactions are subject to changes in the value of the underlying security on which such transactions are based. Even a small investment in derivative securities can have a significant impact on a Fund’s exposure to stock market values, interest rates or currency exchange rates. Derivatives are subject to a number of risks such as liquidity risk, interest rate risk, market risk, credit risk and portfolio management risk depending on the type of underlying asset, reference rate or index. They also involve the risk of mispricing or improper valuation and the risk that changes in the value of a derivative may not correlate well with the underlying asset, rate or index. These types of transactions will be used primarily as a substitute for taking a position in the underlying asset and/or for hedging purposes. When a derivative security is used as a hedge against an offsetting position that a Fund also holds, any loss generated by the derivative security should be substantially offset by gains on the hedged instrument, and vice versa. To the extent that a Fund uses a derivative security for purposes other than as a hedge, that Fund is directly exposed to the risks of that derivative security and any loss generated by the derivative security will not be offset by a gain. | All GST Equity Funds All GST Fixed Income Funds AXA Enterprise High-Yield Bond Fund AXA Enterprise Short Duration Bond Fund AXA Enterprise Tax-Exempt Income Fund |
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Principal Risk | Funds Denoting Risk as a Principal Risk | |
Management Risk — The risk that a strategy used by a Fund’s investment adviser or sub-adviser may fail to produce the intended results. | All GST Equity Funds All GST Fixed Income Funds All AXA Enterprise Funds | |
Market Risk — The risk that the value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular industry sectors and/or general economic conditions. Price changes may be temporary or last for extended periods. A Fund’s investments may be overweighted from time to time in one or more industry sectors, which will increase a Fund’s exposure to risk of loss from adverse developments affecting those sectors. | All GST Equity Funds All GST Fixed Income Funds All AXA Enterprise Equity Funds All AXA Enterprise Fixed Income Funds | |
Liquidity Risk — The risk that a Fund will not be able to pay redemption proceeds within the time period stated in its prospectus because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. Funds that invest in small and mid-capitalization stocks and real estate investment trusts will be especially subject to the risk that during certain periods the liquidity of particular issuers or industries, or all securities within particular investment categories, will shrink or disappear suddenly and without warning as a result of adverse economic, market or political events, or adverse investor perceptions whether or not accurate. | All GST Funds AXA Enterprise High-Yield Bond Fund | |
Tax Risk — A Fund may be adversely impacted by changes in tax rates and policies. Because interest income from municipal securities is normally not subject to regular federal income taxation, the attractiveness of municipal securities in relation to other investment alternatives is affected by changes in federal income tax rates or changes in the tax-exempt status of interest income from municipal securities. Any proposed or actual changes in such rates or exempt status, therefore, can significantly affect the demand for and supply, liquidity and marketability of municipal securities. This could in turn affect a Fund’s net asset value and ability to acquire and dispose of municipal securities at desirable yield and price levels. Additionally, these Funds would not be suitable investments for IRAs, other tax-exempt or tax-deferred accounts or for other investors who are not sensitive to the federal, state or local income tax consequences of their investments. | Goldman Sachs Municipal Income Fund AXA Enterprise Tax-Exempt Income Fund | |
Concentration Risk — The risk that if a Fund invests more than 25% of its total assets in issuers within the same state, industry or economic sector, an adverse economic, business or political development may affect the value of a Fund’s investments more than if its investments were not so concentrated. | Goldman Sachs Municipal Income Fund |
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Principal Risk | Funds Denoting Risk as a Principal Risk | |
Investment Style Risk — Different investment styles tend to shift in and out of favor depending upon market and economic conditions as well as investor sentiment. A Fund may outperform or underperform other funds that employ a different investment style. Examples of different investment styles include growth and value investing. Growth stocks may be more volatile than other stocks because they are more sensitive to investor perceptions of the issuing company’s growth of earnings potential. Growth companies are often expected by investors to increase their earnings at a certain rate. When these expectations are not met, investors can punish the stock inordinately even if earnings showed an absolute increase. Also, since growth companies usually invest a high portion of earnings in their business, growth stocks may lack the dividends of some value stocks that can cushion stock prices in a falling market. Growth oriented funds will typically underperform when value investing is in favor. Value stocks are those that are undervalued in comparison to their peers due to adverse business developments or other factors. | All GST Equity Funds AXA Enterprise Capital Appreciation Fund AXA Enterprise Deep Value Fund AXA Enterprise Equity Fund AXA Enterprise Equity Income Fund AXA Enterprise Growth and Income Fund AXA Enterprise International Growth Fund AXA Enterprise Large Cap Growth Fund AXA Enterprise Small Company Growth Fund AXA Enterprise Small Company Value Fund | |
Mid-Capitalization Risk — Risk is greater for the securities of mid-capitalization companies because they generally are more vulnerable than larger companies to adverse business or economic developments and they may have more limited resources. The securities of mid- capitalization companies also may trade less frequently and in smaller volume than larger companies. As a result, the value of such securities may be more volatile than the securities of larger companies, and a Fund may experience difficulty in purchasing or selling such securities at the desired time and price. | Goldman Sachs Structured U.S. Equity Fund Goldman Sachs Structured Large Cap Growth Fund Goldman Sachs Strategic International Equity Fund AXA Enterprise Capital Appreciation Fund AXA Enterprise Deep Value Fund AXA Enterprise Equity Fund AXA Enterprise Equity Income Fund AXA Enterprise Growth and Income Fund AXA Enterprise International Growth Fund AXA Large Cap Growth Fund | |
Foreign Risk — The risk that when a Fund invests in foreign securities, it will be subject to risk of loss not typically associated with domestic issuers. Loss may result because of less foreign government regulation, less public information and less economic, political and social stability. Loss may also result from the imposition of exchange controls, confiscations and other government restrictions. A Fund will also be subject to the risk of negative foreign currency rate fluctuations. Foreign risks will normally be greatest when a Fund invests in issuers located in emerging countries. | All GST Equity Funds Goldman Sachs High Yield Fund Goldman Sachs Enhanced Income Fund All AXA Enterprise Equity Funds AXA Enterprise High-Yield Bond Fund AXA Enterprise Short Duration Bond Fund AXA Enterprise Money Market Fund |
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Principal Risk | Funds Denoting Risk as a Principal Risk | |
Emerging Countries Risk — The securities markets of Asian, Latin and South American, Eastern European, African and other emerging countries are less liquid, are especially subject to greater price volatility, have smaller market capitalizations, have less government regulation and are not subject to as extensive and frequent accounting, financial and other reporting requirements as the securities markets of more developed countries. Further, investment in equity securities of issuers located in certain emerging countries involves risk of loss resulting from problems in share registration and custody and substantial economic and political disruptions. These risks are not normally associated with investments in more developed countries. | Goldman Sachs Large Cap Value Fund Goldman Sachs Growth and Income Fund Goldman Sachs Strategic International Equity Fund Goldman Sachs Capital Growth Fund Goldman Sachs High Yield Fund AXA Enterprise Capital Appreciation Fund AXA Enterprise Deep Value Fund AXA Enterprise Equity Fund AXA Enterprise Equity Income Fund AXA Enterprise Growth and Income Fund AXA Enterprise International Growth Fund AXA Enterprise Large Cap Growth Fund AXA Enterprise High-Yield Bond Fund AXA Enterprise Short Duration Bond Fund | |
Sovereign Risk — The risk that the issuer of the sovereign debt or the governmental authorities that control the repayment of the debt may be unable or unwilling to repay the principal or interest when due. This risk includes, political, economic and repayment risks. Political risk is the risk associated with the general political and social environment of a country and includes, among other factors, government instability, poor socioeconomic conditions, corruption, lack of law and order, lack of democratic accountability, poor quality of the bureaucracy, internal and external conflict, and religious and ethnic tensions. High political risk can impede the economic welfare of a country. Economic risk is the risk associated with general economic conditions and includes, among other things, low quality and growth rate of gross domestic product (“GDP”), high inflation or deflation, high government deficits as a percentage of GDP, weak financial sector, overvalued exchange rate, and high current accounts deficits as a percentage of GDP. Repayment risk is the risk associated with the inability of a country to pay its external debt obligations in the immediate future and includes, among other items but are not limited to, high foreign debt as a percentage of GDP, high foreign debt service as a percentage of exports, and an unsustainable exchange rate structure. | Goldman Sachs High Yield Fund Goldman Sachs Enhanced Income Fund AXA Enterprise High-Yield Bond Fund AXA Enterprise Short Duration Bond Fund |
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Principal Risk | Funds Denoting Risk as a Principal Risk | |
Geographic Risk — Concentration of investments in issuers located in a particular country or region will subject a Fund, to a greater extent than if investments were less concentrated, to the risk of adverse securities markets, exchange rates and social, political, regulatory or economic events which may occur in that country or region. | Goldman Sachs Strategic International Equity Fund AXA Enterprise International Growth Fund | |
Initial Public Offering (“IPO”) Risk — The risk that the market value of IPO shares will fluctuate considerably due to factors such as the absence of a prior public market, unseasoned trading, the small number of shares available for trading and limited information about the issuer. The purchase of IPO shares may involve high transaction costs. IPO shares are subject to market risk and liquidity risk. When a Fund’s asset base is small, a significant portion of a Fund’s performance could be attributable to investments in IPOs, because such investments would have a magnified impact on a Fund. As a Fund’s assets grow, the effect of a Fund’s investments in IPOs on a Fund’s performance probably will decline, which could reduce a Fund’s performance. | Goldman Sachs Large Cap Value Fund Goldman Sachs Capital Growth Fund AXA Enterprise Deep Value Fund AXA Enterprise Large Cap Growth Fund | |
“Junk Bond” Risk — Some Funds will invest in non-investment grade fixed-income securities (commonly known as “junk bonds”) that are considered predominantly speculative by traditional standards. Non-investment grade fixed-income securities and unrated securities of comparable credit quality are subject to the increased risk of an issuer’s inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate or municipal developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less secondary market liquidity. | Goldman Sachs High Yield Fund AXA Enterprise High-Yield Bond Fund | |
Non-Hedging Foreign Currency Trading Risk — A Fund may engage, to a greater extent than other Funds, in forward foreign currency transactions for speculative purposes. A Fund’s investment adviser may purchase or sell foreign currencies through the use of forward contracts based on the investment adviser’s judgment regarding the direction of the market for a particular foreign currency or currencies. In pursuing this strategy, an investment adviser seeks to profit from anticipated movements in currency rates by establishing “long” and/or “short” positions in forward contracts on various foreign currencies. Foreign exchange rates can be extremely volatile and a variance in the degree of volatility of the market or in the direction of the market from the investment adviser’s expectations may produce significant losses to a Fund. | Goldman Sachs High Yield Fund |
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Principal Risk | Funds Denoting Risk as a Principal Risk | |
Small Capitalization Risk — The securities of small capitalization companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements. Securities of such issuers may lack sufficient market liquidity to enable a Fund to effect sales at an advantageous time or without a substantial drop in price. Small-cap companies often have narrower markets and more limited managerial and financial resources than larger, more established companies. As a result, their performance can be more volatile and they face greater risk of business failure, which could increase the volatility of a Fund’s portfolio. Generally, the smaller the company, the greater these risks. | Goldman Sachs Structured U.S. Equity Goldman Sachs Structured Large Cap Growth Goldman Sachs Strategic International Equity Fund Goldman Sachs Structured Small Cap Growth Fund Goldman Sachs Structured Small Cap Value Cap Fund All AXA Enterprise Equity Funds | |
Issuer-Specific Risk — The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the market as a whole. A Fund could lose all of its investment in a company’s securities. | All GST Equity Funds Goldman Sachs High Yield Fund Goldman Sachs Enhanced Income Fund Goldman Sachs Municipal Income Fund All AXA Enterprise Equity Funds AXA Enterprise High-Yield Bond Fund AXA Enterprise Short Duration Bond Fund AXA Enterprise Tax-Exempt Income Fund | |
Sub-adviser Selection Risk — The risk that the process for selecting or replacing a sub-adviser and the decision to select or replace a sub-adviser does not produce the intended result. | All AXA Enterprise Funds | |
Large-Capitalization Risk — Larger more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Many larger companies also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. | Goldman Sachs Structured U.S. Equity Goldman Sachs Large Cap Value Fund Goldman Sachs Structured Large Cap Growth Fund Goldman Sachs Growth & Income Fund Goldman Sachs Strategic International Equity Fund Goldman Sachs Capital Growth Fund AXA Enterprise Capital Appreciation Fund AXA Enterprise Deep Value Fund AXA Enterprise Equity Fund AXA Enterprise Equity Income Fund AXA Enterprise Growth and Income Fund AXA Enterprise International Growth Fund AXA Enterprise Large Cap Growth Fund |
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Principal Risk | Funds Denoting Risk as a Principal Risk | |
Portfolio Turnover Risk — High portfolio turnover may result in increased transaction costs to a Fund, which may result in higher fund expenses and lower returns. The sale of portfolio securities also may result in the recognition of capital gain, which can create adverse tax results on shareholders when distributed to them, or loss. Depending on the frequency of sales, any such net gain will likely be short-term capital gain. Unlike long-term capital gain, short-term gain is taxable to individuals at the same rates as ordinary income. | AXA Enterprise Capital Appreciation Fund Goldman Sachs Structured U.S. Equity Fund | |
Currency Risk — The risk that fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect an investment. A change in the value of any such currency against the U.S. dollar will result in a change in the U.S. dollar value of a Fund’s assets and income. | AXA Enterprise International Growth Fund AXA Enterprise High-Yield Bond Fund Goldman Sachs Strategic International Equity Fund Goldman Sachs High Yield Fund | |
Investment Grade Securities Risk — Debt securities are rated by national bond rating agencies. Securities rated BBB and higher by Standard & Poor’s and Baa or higher by Moody’s are considered investment grade securities, but securities rated BBB or Baa are somewhat riskier than higher rated obligations because they are regarded as having only an adequate capacity to pay principal and interest, and are considered to lack outstanding investment characteristics. | AXA Enterprise Short Duration Bond Fund AXA Enterprise Tax-Exempt Income Fund Goldman Sachs Enhanced Income Fund | |
Banking Industry Sector Risk — To the extent a Fund invests in the banking industry, it is exposed to the risks generally associated with such industry, including interest rate risk, credit risk and the risk that regulatory developments relating to the banking industry may affect its investment | AXA Enterprise Money Market Fund |
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• | The Reorganizations will enable shareholders of each AXA Enterprise Fund to continue their investment in a GST Fund that has similar investment objectives, policies and risks as the AXA Enterprise Fund and which is part of a substantially larger, more diversified family of funds with increased potential for asset growth and the benefits of that growth resulting from economies of scale and greater portfolio diversification. | |
• | GSAM has substantial experience, qualifications and capabilities in managing mutual funds with similar investment objectives and policies as the AXA Enterprise Funds. | |
• | The historical investment performance record of each GST Fund for the periods provided generally was more favorable or compared reasonably to that of the corresponding AXA Enterprise Fund, although there is no guarantee or assurance as to the future performance of the GST Funds. | |
• | The net annual operating expense ratio of each class of shares of each GST Fund after the Reorganizations, except for the Goldman Sachs Municipal Income Fund and the ILA Prime Obligations Portfolio, are expected to be the same as or lower than that of the corresponding class of shares of the corresponding AXA Enterprise Fund. | |
• | The net annual operating expense ratios of the Class A and Institutional Shares of the Goldman Sachs Municipal Income Fund after the Reorganization are expected to be lower than those of the Class A and Class Y Shares, respectively, of the corresponding AXA Enterprise Fund, and the net annual operating expense ratios of the Class B and Class C Shares of this GST Fund after the Reorganization are expected to be 10 basis points higher than those of the Class B and Class C Shares of the corresponding AXA Enterprise Fund. In addition, GSAM has agreed to cap the net annual operating expenses of the Goldman Sachs Municipal Income Fund (Class B and Class C Shares) for one year from the effective time of the Reorganization, as described above. | |
• | Although the net annual operating expense ratio for each class of Shares of the ILA Prime Obligations Portfolio after the Reorganization is expected to be higher than that of the corresponding class of Shares of the AXA Enterprise Money Market Fund, the Reorganization would ensure that shareholders of the AXA Enterprise Fund continue to have a wide range of investment alternatives into which they would be permitted to exchange their money market investment after the Reorganization without incurring any additional sales charges. In addition, GSAM has agreed to cap the net annual operating expenses of the ILA Prime Obligations Portfolio (Service, Class B and Class C Shares) for one year from the effective time of the Reorganization, as described above. | |
• | The distribution and shareholder servicing arrangements compare favorably to those of the AXA Enterprise Funds. In addition, as a result of the Reorganizations, each shareholder of an AXA Enterprise Fund would receive shares of a corresponding class of the corresponding GST Fund that has a similar sales charge and Rule 12b-1 fee structure. Although the Class A Shares of the GST Equity Funds |
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generally have a higher front-end sales load than Class A Shares of the corresponding AXA Enterprise Funds, the ongoing Rule 12b-1 fee for Class A Shares of the GST Funds is lower than that of the AXA Enterprise Funds. | ||
• | As a result of the Reorganizations, each shareholder invested in shares of an AXA Enterprise Fund would hold, immediately after the Reorganization, shares of the corresponding class of the corresponding GST Fund having an aggregate value equal to the aggregate value of those AXA Enterprise Fund Shares held immediately before the Effective Time of the Reorganization. | |
• | Goldman Sachs has substantial distribution capabilities for the GST Funds, which is reasonably likely to lead to future growth of the GST Funds. | |
• | The Reorganizations are expected to be tax-free for the AXA Enterprise Funds and their shareholders. | |
• | The AXA Enterprise Funds would not bear any of the expenses of the proposed Reorganizations. |
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(1) | each Reorganization will constitute a “reorganization” within the meaning of Section 368(a) of the Code, and each GST Fund and AXA Enterprise Fund will be a “party to a reorganization” within the meaning of Section 368(b) of the Code; | |
(2) | each AXA Enterprise Fund will recognize no gain or loss (a) upon the transfer of its assets to the Corresponding GST Fund in exchange for that GST Fund’s shares and the assumption of the liabilities of the AXA Enterprise Fund, and (b) upon the distribution of those shares to the shareholders of the AXA Enterprise Fund; | |
(3) | each GST Fund will recognize no gain or loss upon the receipt of the assets of the Corresponding AXA Enterprise Fund in exchange for shares of such GST Fund and the assumption of the liabilities of such AXA Enterprise Fund; | |
(4) | the tax basis in the hands of each GST Fund of each asset of the Corresponding AXA Enterprise Fund transferred to such GST Fund in their Reorganization will be the same as the basis of that asset in the hands of such AXA Enterprise Fund immediately before the transfer; | |
(5) | the holding period of each asset of each AXA Enterprise Fund in the hands of the Corresponding GST Fund will include the period during which that asset was held by such AXA Enterprise Fund; | |
(6) | the shareholders of each AXA Enterprise Fund will recognize no gain or loss upon their receipt of shares of the Corresponding GST Fund; | |
(7) | the aggregate tax basis of the GST Fund shares received by each shareholder of the Corresponding AXA Enterprise Fund will equal the aggregate tax basis of the AXA Enterprise Fund shares surrendered in exchange therefor; | |
(8) | the holding period of the GST Fund shares received by each AXA Enterprise Fund shareholder will include the holding period of the AXA Enterprise Fund shares surrendered in exchange therefor, provided that the AXA Enterprise Fund shares are held by that shareholder as capital assets on the date of the exchange; and | |
(9) | each GST Fund will succeed to and take into account the tax attributes of the Corresponding AXA Enterprise Fund described in Section 381(c) of the Code, subject to the conditions and limitations specified in Sections 381, 382, 383 and 384 of the Code and the Treasury Regulations thereunder. |
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Trustees of Enterprise Trust and GST |
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Liability and Indemnification of Enterprise Trust and GST Trustees |
Shareholder Liability |
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Voting Rights of Shareholders of Enterprise Trust and GST |
Termination of Enterprise Trust/ GST and its Series or Classes |
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Advisory Fees | Advisory Fees | |||||||||
Before/After | Before/After | |||||||||
AXA Enterprise Fund* | Waivers | Corresponding GST Fund | Waivers | |||||||
Capital Appreciation Fund Advisory Fee | 0.730%/0.73% | 1 | Goldman Sachs Structured U.S. Equity Fund | 0.65%/0.51% | 2 | |||||
Deep Value Fund Advisory Fee | 0.730%/0.46% | 1 | Goldman Sachs Large Cap Value Fund | 0.75%/0.75% | 2 | |||||
Equity Fund Advisory Fee | 0.730%/0.59% | 1 | Goldman Sachs Structured Large Cap Growth Fund | 0.65%/0.51% | 2 | |||||
Equity Income Fund Advisory Fee | 0.730%/0.58% | 1 | Goldman Sachs Growth and Income Fund | 0.70%/0.70% | 2 | |||||
Growth and Income Fund Advisory Fee | 0.730%/0.45% | 1 | Goldman Sachs Growth and Income Fund | 0.70%/0.70% | 2 | |||||
International Growth Fund Advisory Fee | 0.830%/0.83% | 1 | Goldman Sachs Strategic International Equity Fund | 0.85%/0.85% | 2 | |||||
Large Cap Growth Fund Advisory Fee | 0.730%/0.35% | 1 | Goldman Sachs Capital Growth Fund | 0.95%/0.95% | 2 | |||||
Small Company Growth Fund Advisory Fee | 0.980%/0.45% | 1 | Goldman Sachs Structured Small Cap Growth Fund | 0.85%/0.81% | 2 | |||||
Small Company Value Fund Advisory Fee | 0.730%/0.73% | 1 | Goldman Sachs Structured Small Cap Value Fund | 0.85%/0.81% | 2 | |||||
Government Securities Fund Advisory Fee | 0.580%/0.23% | 1 | Goldman Sachs Government Income Fund | 0.54%/0.54% | 2 | |||||
High Yield Bond Fund Advisory Fee | 0.600%/0.46% | 1 | Goldman Sachs High Yield Fund | 0.70%/0.70% | 2 | |||||
Short Duration Bond Fund Advisory Fee | 0.430%/0.10% | 1 | Goldman Sachs Enhanced Income Fund | 0.25%/0.20% | 2 | |||||
Tax-Exempt Income Fund Advisory Fee | 0.480%/0.000% | 1 | Goldman Sachs Municipal Income Fund | 0.55%/0.50% | 2 | |||||
Money Market Fund Advisory Fee | 0.330%/0.000% | 1 | Goldman Sachs ILA Prime Obligations Portfolio | 0.35%/0.35% | 2 |
191
* | Includes Sub-Advisory Fee. |
1 | AXA Equitable has entered into agreements with the Enterprise Trust establishing a contractual management fee rate. The agreements imposed breakpoints on the management fees and reduce the management fees for certain of the AXA Enterprise Funds to annual rates equal to the following percentages of the average daily net assets of the AXA Enterprise Funds as follows: |
AXA Enterprise Fund | First $1 billion | Next $1 billion | Next $3 billion | Next $5 billion | Thereafter | |||||||||||||||
Capital Appreciation Fund | 0.730% | 0.705% | 0.680% | 0.655% | 0.630% | |||||||||||||||
Deep Value Fund | 0.730% | 0.705% | 0.680% | 0.655% | 0.630% | |||||||||||||||
Equity Fund | 0.730% | 0.705% | 0.680% | 0.655% | 0.630% | |||||||||||||||
Equity Income Fund | 0.730% | 0.705% | 0.680% | 0.655% | 0.630% | |||||||||||||||
Growth and Income Fund | 0.730% | 0.705% | 0.680% | 0.655% | 0.630% | |||||||||||||||
International Growth Fund | 0.830% | 0.805% | 0.780% | 0.755% | 0.730% | |||||||||||||||
Large Cap Growth Fund | 0.730% | 0.705% | 0.680% | 0.655% | 0.630% | |||||||||||||||
Small Company Growth Fund | 0.980% | 0.955% | 0.930% | 0.905% | 0.880% | |||||||||||||||
Small Company Value Fund | 0.730% | 0.705% | 0.680% | 0.655% | 0.630% | |||||||||||||||
Government Securities Fund | 0.580% | 0.555% | 0.530% | 0.505% | 0.480% | |||||||||||||||
High Yield Bond Fund | 0.600% | 0.575% | 0.550% | 0.525% | 0.500% | |||||||||||||||
Short Duration Bond Fund | 0.430% | 0.405% | 0.380% | 0.355% | 0.330% | |||||||||||||||
Tax-Exempt Income Fund | 0.480% | 0.455% | 0.430% | 0.405% | 0.380% | |||||||||||||||
Money Market Fund | 0.330% | 0.305% | 0.280% | 0.255% | 0.230% |
2 | The breakpoints listed below have been contractual for: the Goldman Sachs Structured U.S. Equity, Large Cap Value, Structured Large Cap Growth, Growth and Income and Capital Growth Funds since December 29, 2005; the Goldman Sachs Government Income, High Yield, Enhanced Income and Municipal Income Funds since February 28, 2006; the Goldman Sachs Strategic International Equity, Structured Small Cap Growth and Structured Small Cap Value Fund since commencement of operations. The fee reduction commitments imposed breakpoints on the management fees and reduce the management fees for certain GST Funds to annual rates equal to the following percentages of the average daily net assets of the GST Funds: |
Over $1 billion | ||||||||||||
GST Fund | First $1 billion | up to $2 billion | Over $2 billion | |||||||||
Structured U.S. Equity Fund | 0.65% | 0.59% | 0.56% | |||||||||
Large Cap Value Fund | 0.75% | 0.68% | 0.65% | |||||||||
Structured Large Cap Growth Fund | 0.65% | 0.59% | 0.56% | |||||||||
Growth and Income Fund | 0.70% | 0.63% | 0.60% | |||||||||
Strategic International Equity Fund | 0.85% | 0.77% | 0.73% | |||||||||
Capital Growth Fund | 1.00% | 0.90% | 0.80% | |||||||||
Structured Small Cap Growth Fund | 0.85% | 0.85% | 0.77% | |||||||||
Structured Small Cap Value Fund | 0.85% | 0.85% | 0.77% | |||||||||
Government Income Fund | 0.54% | 0.49% | 0.47% | |||||||||
High Yield Fund | 0.70% | 0.70% | 0.63% | |||||||||
Enhanced Income Fund | 0.25% | 0.23% | 0.22% | |||||||||
Municipal Income Fund | 0.55% | 0.50% | 0.48% |
The Structured Small Cap Growth, Structured Small Cap Value and Strategic International Equity Funds have not yet commenced operations. | |
In addition, GSAM has voluntarily agreed not to impose a portion of the management fee for certain GST Funds. These fee waivers may be terminated at any time at the option of GSAM. As a result of fee waivers, the current management fees of these GST Funds as a percentage of average daily net assets are as follows: |
192
GST Fund | Management Fee | |||
Structured U.S. Equity Fund | 0.51% | |||
Structured Large Cap Growth Fund | 0.51% | |||
Enhanced Income Fund | 0.20% | |||
Municipal Income Fund | 0.50% |
Enterprise Trust | GST | |||
Distributor | Enterprise Fund Distributors, Inc. | Goldman Sachs | ||
Administrator | AXA Equitable* | GSAM** | ||
Transfer Agent and Dividend Disbursing Agent | Boston Financial Data Services, Inc. | Goldman Sachs | ||
Custodian | JPMorgan Chase Bank | JP Morgan Chase Bank (Municipal Income Fund) | ||
State Street Bank & Trust Company (All other GST Funds) | ||||
Independent Registered Public Accounting Firm | PricewaterhouseCoopers LLP | PricewaterhouseCoopers LLP |
* | AXA Equitable provides administrative services to the Enterprise Trust pursuant to a fund services agreement. | |
** | GSAM provides administrative services to GST Funds as part of its advisory services for GST Funds. |
193
194
195
Distributions to | ||||||||||||||||||||
Income (Loss) from Investment Operations | Shareholders | |||||||||||||||||||
Net Asset | Net | |||||||||||||||||||
Value, | Investment | Net Realized | Total from | From Net | ||||||||||||||||
Beginning | Income | and Unrealized | Investment | Investment | ||||||||||||||||
Year—Share Class | of Year | (Loss)(a) | Gain (Loss) | Operations | Income | |||||||||||||||
For the Years Ended August 31, | ||||||||||||||||||||
2006 - A | $ | 29.13 | $ | 0.24 | $ | 2.53 | $ | 2.77 | $ | (0.11 | ) | |||||||||
2006 - B | 27.52 | — | (d) | 2.40 | 2.40 | — | ||||||||||||||
2006 - C | 27.39 | 0.01 | 2.38 | 2.39 | — | |||||||||||||||
2006 - Institutional | 29.72 | 0.38 | 2.56 | 2.94 | (0.18 | ) | ||||||||||||||
2005 - A | 25.81 | 0.26 | (c) | 3.28 | 3.54 | (0.22 | ) | |||||||||||||
2005 - B | 24.39 | 0.05 | (c) | 3.09 | 3.14 | (0.01 | ) | |||||||||||||
2005 - C | 24.30 | 0.05 | (c) | 3.07 | 3.12 | (0.03 | ) | |||||||||||||
2005 - Institutional | 26.32 | 0.36 | (c) | 3.37 | 3.73 | (0.33 | ) | |||||||||||||
2004 - A | 22.57 | 0.11 | 3.20 | 3.31 | (0.07 | ) | ||||||||||||||
2004 - B | 21.42 | (0.08 | ) | 3.05 | 2.97 | — | ||||||||||||||
2004 - C | 21.34 | (0.08 | ) | 3.04 | 2.96 | — | ||||||||||||||
2004 - Institutional | 23.00 | 0.21 | 3.27 | 3.48 | (0.16 | ) | ||||||||||||||
2003 - A | 20.18 | 0.09 | 2.31 | 2.40 | (0.01 | ) | ||||||||||||||
2003 - B | 19.28 | (0.06 | ) | 2.20 | 2.14 | — | ||||||||||||||
2003 - C | 19.20 | (0.06 | ) | 2.20 | 2.14 | — | ||||||||||||||
2003 - Institutional | 20.57 | 0.17 | 2.37 | 2.54 | (0.11 | ) | ||||||||||||||
2002 - A | 24.30 | 0.04 | (4.16 | ) | (4.12 | ) | — | |||||||||||||
2002 - B | 23.39 | (0.13 | ) | (3.98 | ) | (4.11 | ) | — | ||||||||||||
2002 - C | 23.29 | (0.12 | ) | (3.97 | ) | (4.09 | ) | — | ||||||||||||
2002 - Institutional | 24.68 | 0.14 | (4.25 | ) | (4.11 | ) | — |
(b) | Assumes investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges. Total return would be reduced if a sales or redemption charge were taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
196
Ratios Assuming | ||||||||||||||||||||||||||||||||
no Expense Reductions | ||||||||||||||||||||||||||||||||
Ratio of Net | Ratio of Net | Ratio of Total | Ratio of Net | |||||||||||||||||||||||||||||
Net Asset | Net Assets, | Expenses to | Investment Income | Expenses to | Investment Income | |||||||||||||||||||||||||||
Value, End | Total | End of Year | Average Net | (Loss) to Average | Average Net | (Loss) to Average | Portfolio | |||||||||||||||||||||||||
of Year | Return(b) | (in 000s) | Assets | Net Assets | Assets | Net Assets | Turnover Rate | |||||||||||||||||||||||||
$ | 31.79 | 9.51 | % | $ | 611,999 | 0.99 | % | 0.79 | % | 1.15 | % | 0.64 | % | 129 | % | |||||||||||||||||
29.92 | 8.72 | 78,110 | 1.75 | 0.01 | 1.90 | (0.13 | ) | 129 | ||||||||||||||||||||||||
29.78 | 8.73 | 36,628 | 1.75 | 0.03 | 1.90 | (0.12 | ) | 129 | ||||||||||||||||||||||||
32.48 | 9.97 | 644,250 | 0.59 | 1.22 | 0.75 | 1.06 | 129 | |||||||||||||||||||||||||
29.13 | 13.75 | 477,204 | 1.09 | 0.93 | (c) | 1.19 | 0.83 | (c) | 142 | |||||||||||||||||||||||
27.52 | 12.87 | 108,595 | 1.84 | 0.19 | (c) | 1.94 | 0.09 | (c) | 142 | |||||||||||||||||||||||
27.93 | 12.86 | 38,380 | 1.84 | 0.20 | (c) | 1.94 | 0.10 | (c) | 142 | |||||||||||||||||||||||
29.72 | 14.16 | 269,545 | 0.69 | 1.23 | (c) | 0.79 | 1.13 | (c) | 142 | |||||||||||||||||||||||
25.81 | 14.71 | 398,346 | 1.13 | 0.43 | 1.25 | 0.31 | 112 | |||||||||||||||||||||||||
24.39 | 13.87 | 115,492 | 1.88 | (0.32 | ) | 2.00 | (0.44 | ) | 112 | |||||||||||||||||||||||
24.30 | 13.87 | 38,656 | 1.88 | (0.32 | ) | 2.00 | (0.44 | ) | 112 | |||||||||||||||||||||||
26.32 | 15.18 | 140,587 | 0.73 | 0.83 | 0.85 | 0.71 | 112 | |||||||||||||||||||||||||
22.57 | 11.90 | 351,673 | 1.15 | 0.44 | 1.26 | 0.33 | 74 | |||||||||||||||||||||||||
21.42 | 11.10 | 118,993 | 1.90 | (0.31 | ) | 2.01 | (0.42 | ) | 74 | |||||||||||||||||||||||
21.34 | 11.15 | 36,546 | 1.90 | (0.31 | ) | 2.01 | (0.42 | ) | 74 | |||||||||||||||||||||||
23.00 | 12.40 | 131,457 | 0.75 | 0.84 | 0.86 | 0.73 | 74 | |||||||||||||||||||||||||
20.18 | (16.95 | ) | 340,934 | 1.14 | 0.19 | 1.24 | 0.09 | 74 | ||||||||||||||||||||||||
19.28 | (17.57 | ) | 125,243 | 1.89 | (0.57 | ) | 1.99 | (0.67 | ) | 74 | ||||||||||||||||||||||
19.20 | (17.56 | ) | 36,223 | 1.89 | (0.56 | ) | 1.99 | (0.66 | ) | 74 | ||||||||||||||||||||||
20.57 | (16.65 | ) | 163,439 | 0.74 | 0.59 | 0.84 | 0.49 | 74 |
197
Income (Loss) from | ||||||||||||||||||||||||||||
Investment Operations | Distributions to Shareholders | |||||||||||||||||||||||||||
Net Asset | From | |||||||||||||||||||||||||||
Value, | Net | Net Realized | Total from | From Net | Net | |||||||||||||||||||||||
Beginning | Investment | and Unrealized | Investment | Investment | Realized | Total | ||||||||||||||||||||||
Year—Share Class | of Year | Income(a) | Gain (Loss) | Operations | Income | Gains | Distributions | |||||||||||||||||||||
For the Years Ended August 31, | ||||||||||||||||||||||||||||
2006 - A | $ | 13.40 | $ | 0.12 | $ | 1.36 | $ | 1.48 | $ | (0.09 | ) | $ | (0.99 | ) | $ | (1.08 | ) | |||||||||||
2006 - B | 13.09 | 0.02 | 1.32 | 1.34 | — | (0.99 | ) | (0.99 | ) | |||||||||||||||||||
2006 - C | 13.06 | 0.03 | 1.31 | 1.34 | (0.01 | ) | (0.99 | ) | (1.00 | ) | ||||||||||||||||||
2006 - Institutional | 13.52 | 0.18 | 1.37 | 1.55 | (0.14 | ) | (0.99 | ) | (1.13 | ) | ||||||||||||||||||
2005 - A | 11.80 | 0.13 | (c) | 1.65 | 1.78 | (0.09 | ) | (0.09 | ) | (0.18 | ) | |||||||||||||||||
2005 - B | 11.54 | 0.04 | (c) | 1.61 | 1.65 | (0.01 | ) | (0.09 | ) | (0.10 | ) | |||||||||||||||||
2005 - C | 11.53 | 0.03 | (c) | 1.61 | 1.64 | (0.02 | ) | (0.09 | ) | (0.11 | ) | |||||||||||||||||
2005 - Institutional | 11.90 | 0.19 | (c) | 1.66 | 1.85 | (0.14 | ) | (0.09 | ) | (0.23 | ) | |||||||||||||||||
2004 - A | 9.86 | 0.08 | 1.95 | 2.03 | (0.09 | ) | — | (0.09 | ) | |||||||||||||||||||
2004 - B | 9.66 | — | (d) | 1.91 | 1.91 | (0.03 | ) | — | (0.03 | ) | ||||||||||||||||||
2004 - C | 9.67 | — | (d) | 1.90 | 1.90 | (0.04 | ) | — | (0.04 | ) | ||||||||||||||||||
2004 - Institutional | 9.95 | 0.12 | 1.96 | 2.08 | (0.13 | ) | — | (0.13 | ) | |||||||||||||||||||
2003 - A | 9.24 | 0.08 | 0.63 | 0.71 | (0.09 | ) | — | (0.09 | ) | |||||||||||||||||||
2003 - B | 9.11 | 0.01 | 0.61 | 0.62 | (0.07 | ) | — | (0.07 | ) | |||||||||||||||||||
2003 - C | 9.11 | 0.01 | 0.62 | 0.63 | (0.07 | ) | — | (0.07 | ) | |||||||||||||||||||
2003 - Institutional | 9.29 | 0.12 | 0.64 | 0.76 | (0.10 | ) | — | (0.10 | ) | |||||||||||||||||||
2002 - A | 10.21 | 0.08 | (1.01 | ) | (0.93 | ) | (0.04 | ) | — | (0.04 | ) | |||||||||||||||||
2002 - B | 10.10 | — | (d) | (0.99 | ) | (0.99 | ) | — | — | — | ||||||||||||||||||
2002 - C | 10.10 | — | (d) | (0.99 | ) | (0.99 | ) | — | — | — | ||||||||||||||||||
2002 - Institutional | 10.24 | 0.12 | (1.01 | ) | (0.89 | ) | (0.06 | ) | — | (0.06 | ) |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges. Total return would be reduced if a sales or redemption charge were taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
(c) | Reflects income recognized from a special dividend which amounted to $0.03 per share and 0.21% of average net assets. |
(d) | Less than $0.005 per share. |
198
Ratios Assuming no | ||||||||||||||||||||||||||||||||||
Expense Reductions | ||||||||||||||||||||||||||||||||||
Ratio of | Ratio of | |||||||||||||||||||||||||||||||||
Net Assets, | Ratio of | Net Investment | Ratio of | Net Investment | ||||||||||||||||||||||||||||||
Net Asset | End of | Net Expenses | Income (Loss) | Total Expenses | Income (Loss) | Portfolio | ||||||||||||||||||||||||||||
Value, End | Total | Year | to Average | to Average | to Average | to Average | Turnover | |||||||||||||||||||||||||||
of Year | Return(b) | (in 000s) | Net Assets | Net Assets | Net Assets | Net Assets | Rate | |||||||||||||||||||||||||||
$ | 13.80 | 11.67 | % | $ | 707,319 | 1.23 | % | 0.94 | % | 1.23 | % | 0.94 | % | 66 | % | |||||||||||||||||||
13.44 | 10.78 | 24,939 | 1.98 | 0.17 | 1.98 | 0.17 | 66 | |||||||||||||||||||||||||||
13.40 | 10.85 | 54,910 | 1.98 | 0.19 | 1.98 | 0.19 | 66 | |||||||||||||||||||||||||||
13.94 | 12.12 | 506,910 | 0.83 | 1.35 | 0.83 | 1.35 | 66 | |||||||||||||||||||||||||||
13.40 | 15.16 | 518,376 | 1.25 | 1.03 | (c) | 1.26 | 1.02 | (c) | 70 | |||||||||||||||||||||||||
13.09 | 14.35 | 25,040 | 2.00 | 0.29 | (c) | 2.01 | 0.28 | (c) | 70 | |||||||||||||||||||||||||
13.06 | 14.28 | 37,503 | 2.00 | 0.25 | (c) | 2.01 | 0.24 | (c) | 70 | |||||||||||||||||||||||||
13.52 | 15.61 | 321,210 | 0.85 | 1.45 | (c) | 0.86 | 1.44 | (c) | 70 | |||||||||||||||||||||||||
11.80 | 20.71 | 291,795 | 1.25 | 0.68 | 1.28 | 0.65 | 72 | |||||||||||||||||||||||||||
11.54 | 19.76 | 17,069 | 2.00 | (0.07 | ) | 2.03 | (0.10 | ) | 72 | |||||||||||||||||||||||||
11.53 | 19.74 | 14,601 | 2.00 | (0.07 | ) | 2.03 | (0.10 | ) | 72 | |||||||||||||||||||||||||
11.90 | 21.07 | 158,316 | 0.85 | 1.07 | 0.88 | 1.04 | 72 | |||||||||||||||||||||||||||
9.86 | 7.77 | 224,605 | 1.26 | 0.91 | 1.30 | 0.87 | 78 | |||||||||||||||||||||||||||
9.66 | 6.92 | 13,740 | 2.01 | 0.16 | 2.05 | 0.12 | 78 | |||||||||||||||||||||||||||
9.67 | 7.03 | 10,417 | 2.01 | 0.15 | 2.05 | 0.11 | 78 | |||||||||||||||||||||||||||
9.95 | 8.27 | 96,895 | 0.86 | 1.31 | 0.90 | 1.27 | 78 | |||||||||||||||||||||||||||
9.24 | (9.12 | ) | 232,501 | 1.26 | 0.80 | 1.32 | 0.74 | 91 | ||||||||||||||||||||||||||
9.11 | (9.80 | ) | 11,772 | 2.01 | 0.04 | 2.07 | (0.02 | ) | 91 | |||||||||||||||||||||||||
9.11 | (9.80 | ) | 4,420 | 2.01 | 0.05 | 2.07 | (0.01 | ) | 91 | |||||||||||||||||||||||||
9.29 | (8.73 | ) | 78,146 | 0.86 | 1.19 | 0.92 | 1.13 | 91 |
199
Income (Loss) from | Distributions to | |||||||||||||||||||||||||||
Investment Operations | 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 Year | (Loss)(a) | Gain (Loss) | Operations | Income | Gains | Distributions | |||||||||||||||||||||
For The Years Ended August 31, | ||||||||||||||||||||||||||||
2006 - A | $ | 12.55 | $ | 0.04 | $ | 0.61 | $ | 0.65 | $ | — | (f) | $ | — | $ | — | (f) | ||||||||||||
2006 - B | 11.81 | (0.06 | ) | 0.58 | 0.52 | — | — | — | ||||||||||||||||||||
2006 - C | 11.81 | (0.06 | ) | 0.59 | 0.53 | — | — | — | ||||||||||||||||||||
2006 - Institutional | 12.89 | 0.09 | 0.64 | 0.73 | (0.04 | ) | — | (0.04 | ) | |||||||||||||||||||
2005 - A | 11.13 | 0.04 | (c) | 1.38 | (d) | 1.42 | — | — | — | |||||||||||||||||||
2005 - B | 10.55 | (0.04 | )(c) | 1.30 | (d) | 1.26 | — | — | — | |||||||||||||||||||
2005 - C | 10.55 | (0.04 | )(c) | 1.30 | (d) | 1.26 | — | — | — | |||||||||||||||||||
2005 - Institutional | 11.38 | 0.08 | (c) | 1.43 | (d) | 1.51 | — | — | — | |||||||||||||||||||
2004 - A | 10.33 | (0.01 | ) | 0.81 | 0.80 | — | — | — | ||||||||||||||||||||
2004 - B | 9.87 | (0.09 | ) | 0.77 | 0.68 | — | — | — | ||||||||||||||||||||
2004 - C | 9.87 | (0.09 | ) | 0.77 | 0.68 | — | — | — | ||||||||||||||||||||
2004 - Institutional | 10.52 | 0.03 | 0.83 | 0.86 | — | — | — | |||||||||||||||||||||
2003 - A | 9.06 | (0.01 | ) | 1.28 | 1.27 | — | — | — | ||||||||||||||||||||
2003 - B | 8.72 | (0.07 | ) | 1.22 | 1.15 | — | — | — | ||||||||||||||||||||
2003 - C | 8.72 | (0.07 | ) | 1.22 | 1.15 | — | — | — | ||||||||||||||||||||
2003 - Institutional | 9.19 | 0.03 | 1.30 | 1.33 | — | — | — | |||||||||||||||||||||
2002 - A | 11.51 | (0.03 | ) | (2.38 | ) | (2.41 | ) | — | (0.04 | ) | (0.04 | ) | ||||||||||||||||
2002 - B | 11.16 | (0.11 | ) | (2.29 | ) | (2.40 | ) | — | (0.04 | ) | (0.04 | ) | ||||||||||||||||
2002 - C | 11.17 | (0.11 | ) | (2.30 | ) | (2.41 | ) | — | (0.04 | ) | (0.04 | ) | ||||||||||||||||
2002 - Institutional | 11.63 | 0.01 | (2.41 | ) | (2.40 | ) | — | (0.04 | ) | (0.04 | ) |
(b) | Assumes investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges. Total return would be reduced if a sales or redemption charge were taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
(d) | Reflects an increase of $0.01 due to payments by affiliates during the period to reimburse certain security claims. |
(e) | Performance has not been restated to reflect the impact of security claims recorded during the period. If restated, the performance would have been 12.67%, 11.85%, 11.85% and 13.18% for Class A, Class B, Class C, and Institutional Shares, respectively. |
200
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 | Year | to Average | to Average | to Average | to Average | Turnover | |||||||||||||||||||||||||||
of Year | Return(b) | (in 000s) | Net Assets | Net Assets | Net Assets | Net Assets | Rate | |||||||||||||||||||||||||||
$ | 13.20 | 5.21 | % | $ | 310,386 | 1.00 | % | 0.28 | % | 1.16 | % | 0.12 | % | 111 | % | |||||||||||||||||||
12.33 | 4.40 | 41,947 | 1.76 | (0.52 | ) | 1.91 | (0.67 | ) | 111 | |||||||||||||||||||||||||
12.34 | 4.49 | 22,811 | 1.76 | (0.52 | ) | 1.91 | (0.67 | ) | 111 | |||||||||||||||||||||||||
13.58 | 5.66 | 488,448 | 0.60 | 0.69 | 0.76 | 0.53 | 111 | |||||||||||||||||||||||||||
12.55 | 12.76 | (e) | 166,792 | 1.11 | 0.37 | (c) | 1.24 | 0.24 | (c) | 146 | ||||||||||||||||||||||||
11.81 | 11.94 | (e) | 65,545 | 1.86 | (0.32 | )(c) | 1.99 | (0.45 | )(c) | 146 | ||||||||||||||||||||||||
11.81 | 11.94 | (e) | 29,672 | 1.86 | (0.32 | )(c) | 1.99 | (0.45 | )(c) | 146 | ||||||||||||||||||||||||
12.89 | 13.27 | (e) | 263,906 | 0.71 | 0.65 | (c) | 0.84 | 0.52 | (c) | 146 | ||||||||||||||||||||||||
11.13 | 7.74 | 120,872 | 1.15 | (0.10 | ) | 1.29 | (0.24 | ) | 149 | |||||||||||||||||||||||||
10.55 | 6.89 | 78,810 | 1.90 | (0.85 | ) | 2.04 | (0.99 | ) | 149 | |||||||||||||||||||||||||
10.55 | 6.89 | 32,901 | 1.90 | (0.85 | ) | 2.04 | (0.99 | ) | 149 | |||||||||||||||||||||||||
11.38 | 8.17 | 109,353 | 0.75 | 0.31 | 0.89 | 0.17 | 149 | |||||||||||||||||||||||||||
10.33 | 14.02 | 127,317 | 1.18 | (0.07 | ) | 1.31 | (0.20 | ) | 119 | |||||||||||||||||||||||||
9.87 | 13.19 | 91,084 | 1.93 | (0.82 | ) | 2.06 | (0.95 | ) | 119 | |||||||||||||||||||||||||
9.87 | 13.19 | 36,553 | 1.93 | (0.82 | ) | 2.06 | (0.95 | ) | 119 | |||||||||||||||||||||||||
10.52 | 14.47 | 114,524 | 0.78 | 0.33 | 0.91 | 0.20 | 119 | |||||||||||||||||||||||||||
9.06 | (21.04) | 139,593 | 1.17 | (0.32 | ) | 1.27 | (0.42 | ) | 113 | |||||||||||||||||||||||||
8.72 | (21.61) | 99,959 | 1.92 | (1.06 | ) | 2.02 | (1.16 | ) | 113 | |||||||||||||||||||||||||
8.72 | (21.68) | 41,627 | 1.92 | (1.07 | ) | 2.02 | (1.17 | ) | 113 | |||||||||||||||||||||||||
9.19 | (20.74) | 131,590 | 0.77 | 0.08 | 0.87 | (0.02 | ) | 113 |
201
Income (Loss) from | Distributions | |||||||||||||||||||||||
Investment Operations | to Shareholders | |||||||||||||||||||||||
Net Asset | ||||||||||||||||||||||||
Value, | Net | Net Realized | Total from | From Net | Net Asset | |||||||||||||||||||
Beginning | Investment | and Unrealized | Investment | Investment | Value, End | |||||||||||||||||||
Year—Share Class | of Year | Income(a) | Gain (Loss) | Operations | Income | of Year | ||||||||||||||||||
For the Years Ended August 31, | ||||||||||||||||||||||||
2006 - A | $ | 25.55 | $ | 0.46 | $ | 2.86 | $ | 3.32 | $ | (0.42 | ) | $ | 28.45 | |||||||||||
2006 - B | 24.86 | 0.24 | 2.82 | 3.06 | (0.23 | ) | 27.69 | |||||||||||||||||
2006 - C | 24.78 | 0.25 | 2.80 | 3.05 | (0.23 | ) | 27.60 | |||||||||||||||||
2006 - Institutional | 25.86 | 0.57 | 2.91 | 3.48 | (0.53 | ) | 28.81 | |||||||||||||||||
2005 - A | 22.88 | 0.41 | (c) | 2.61 | (d) | 3.02 | (0.35 | ) | 25.55 | |||||||||||||||
2005 - B | 22.27 | 0.22 | (c) | 2.54 | (d) | 2.76 | (0.17 | ) | 24.86 | |||||||||||||||
2005 - C | 22.21 | 0.22 | (c) | 2.53 | (d) | 2.75 | (0.18 | ) | 24.78 | |||||||||||||||
2005 - Institutional | 23.15 | 0.52 | (c) | 2.63 | (d) | 3.15 | (0.44 | ) | 25.86 | |||||||||||||||
2004 - A | 19.22 | 0.22 | 3.67 | 3.89 | (0.23 | ) | 22.88 | |||||||||||||||||
2004 - B | 18.72 | 0.05 | 3.58 | 3.63 | (0.08 | ) | 22.27 | |||||||||||||||||
2004 - C | 18.67 | 0.05 | 3.57 | 3.62 | (0.08 | ) | 22.21 | |||||||||||||||||
2004 - Institutional | 19.44 | 0.31 | 3.72 | 4.03 | (0.32 | ) | 23.15 | |||||||||||||||||
2003 - A | 18.01 | 0.25 | 1.21 | 1.46 | (0.25 | ) | 19.22 | |||||||||||||||||
2003 - B | 17.55 | 0.12 | 1.17 | 1.29 | (0.12 | ) | 18.72 | |||||||||||||||||
2003 - C | 17.51 | 0.12 | 1.16 | 1.28 | (0.12 | ) | 18.67 | |||||||||||||||||
2003 - Institutional | 18.22 | 0.33 | 1.21 | 1.54 | (0.32 | ) | 19.44 | |||||||||||||||||
2002 - A | 19.66 | 0.18 | (1.69 | ) | (1.51 | ) | (0.14 | ) | 18.01 | |||||||||||||||
2002 - B | 19.23 | 0.04 | (1.65 | ) | (1.61 | ) | (0.07 | ) | 17.55 | |||||||||||||||
2002 - C | 19.19 | 0.04 | (1.65 | ) | (1.61 | ) | (0.07 | ) | 17.51 | |||||||||||||||
2002 - Institutional | 19.84 | 0.22 | (1.66 | ) | (1.44 | ) | (0.18 | ) | 18.22 |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges. Total return would be reduced if a sales or redemption charge were taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
(c) | Reflects income recognized from a special dividend which amounted to $0.05 per share and 0.20% of average net assets. |
(d) | Reflects an increase of $0.02 due to payments by affiliates during the period to reimburse certain security claims. |
(e) | Performance has not been restated to reflect the impact of security claims recorded during the period. If restated, the performance would have been 13.33%, 12.45%, 12.45%, and 13.78% for Class A, Class B, Class C, and Institutional Shares, respectively. |
202
Ratios Assuming No Expense Reductions | ||||||||||||||||||||||||||||
Ratio of | Ratio of Net | Ratio of | Ratio of Net | |||||||||||||||||||||||||
Net Assets, | Net Expenses | Investment Income | Total Expenses | Investment Income | ||||||||||||||||||||||||
Total | End of Year | to Average | to Average | to Average | to Average | Portfolio | ||||||||||||||||||||||
Return(b) | (in 000s) | Net Assets | Net Assets | Net Assets | Net Assets | Turnover Rate | ||||||||||||||||||||||
13.14 | % | $ | 1,061,063 | 1.18 | % | 1.72 | % | 1.19 | % | 1.72 | % | 51 | % | |||||||||||||||
12.36 | 64,579 | 1.93 | 0.93 | 1.94 | 0.93 | 51 | ||||||||||||||||||||||
12.33 | 18,834 | 1.93 | 0.97 | 1.94 | 0.97 | 51 | ||||||||||||||||||||||
13.62 | 27,590 | 0.78 | 2.14 | 0.79 | 2.14 | 51 | ||||||||||||||||||||||
13.37 | (e) | 924,479 | 1.19 | 1.65 | (c) | 1.21 | 1.63 | (c) | 45 | |||||||||||||||||||
12.50 | (e) | 92,469 | 1.94 | 0.91 | (c) | 1.96 | 0.89 | (c) | 45 | |||||||||||||||||||
12.49 | (e) | 16,149 | 1.94 | 0.89 | (c) | 1.96 | 0.87 | (c) | 45 | |||||||||||||||||||
13.83 | (e) | 19,226 | 0.79 | 1.94 | (c) | 0.81 | 1.92 | (c) | 45 | |||||||||||||||||||
20.27 | 637,130 | 1.19 | 1.02 | 1.21 | 1.00 | 54 | ||||||||||||||||||||||
19.38 | 93,367 | 1.94 | 0.27 | 1.96 | 0.25 | 54 | ||||||||||||||||||||||
19.40 | 12,159 | 1.94 | 0.27 | 1.96 | 0.25 | 54 | ||||||||||||||||||||||
20.75 | 4,659 | 0.79 | 1.43 | 0.81 | 1.41 | 54 | ||||||||||||||||||||||
8.25 | 401,439 | 1.20 | 1.42 | 1.24 | 1.38 | 55 | ||||||||||||||||||||||
7.43 | 81,765 | 1.95 | 0.68 | 1.99 | 0.64 | 55 | ||||||||||||||||||||||
7.39 | 9,661 | 1.95 | 0.68 | 1.99 | 0.64 | 55 | ||||||||||||||||||||||
8.63 | 3,615 | 0.80 | 1.83 | 0.84 | 1.79 | 55 | ||||||||||||||||||||||
(7.74 | ) | 291,151 | 1.20 | 0.95 | 1.22 | 0.93 | 89 | |||||||||||||||||||||
(8.42 | ) | 76,772 | 1.95 | 0.19 | 1.97 | 0.17 | 89 | |||||||||||||||||||||
(8.42 | ) | 9,336 | 1.95 | 0.21 | 1.97 | 0.19 | 89 | |||||||||||||||||||||
(7.36 | ) | 4,539 | 0.80 | 1.12 | 0.82 | 1.10 | 89 |
203
Distributions to | ||||||||||||||||||||||||
Income (Loss) from Investment Operations | Shareholders | |||||||||||||||||||||||
Net Asset | ||||||||||||||||||||||||
Value, | Net Realized | Total from | From Net | From Net | ||||||||||||||||||||
Beginning | Net Investment | and Unrealized | Investment | Investment | Realized | |||||||||||||||||||
Year—Share Class | of Year | Income (Loss)(a) | Gain (Loss) | Operations | Income | Gains | ||||||||||||||||||
For the Years Ended August 31, | ||||||||||||||||||||||||
2006 - A | $ | 20.06 | $ | (0.08 | ) | $ | 0.65 | $ | 0.57 | $ | (0.01 | ) | $ | — | ||||||||||
2006 - B | 18.63 | (0.22 | ) | 0.62 | 0.40 | — | — | |||||||||||||||||
2006 - C | 18.60 | (0.22 | ) | 0.61 | 0.39 | — | — | |||||||||||||||||
2006 - Institutional | 20.65 | — | 0.68 | 0.68 | (0.09 | ) | — | |||||||||||||||||
2005 - A | 18.31 | 0.05 | (d) | 1.70 | (e) | 1.75 | — | — | ||||||||||||||||
2005 - B | 17.13 | (0.09 | )(d) | 1.59 | (e) | 1.50 | — | — | ||||||||||||||||
2005 - C | 17.10 | (0.09 | )(d) | 1.59 | (e) | 1.50 | — | — | ||||||||||||||||
2005 - Institutional | 18.77 | 0.13 | (d) | 1.75 | (e) | 1.88 | — | — | ||||||||||||||||
2004 - A | 17.07 | (0.05 | ) | 1.29 | 1.24 | — | — | |||||||||||||||||
2004 - B | 16.09 | (0.17 | ) | 1.21 | 1.04 | — | — | |||||||||||||||||
2004 - C | 16.07 | (0.17 | ) | 1.20 | 1.03 | — | — | |||||||||||||||||
2004 - Institutional | 17.44 | 0.03 | 1.30 | 1.33 | — | — | ||||||||||||||||||
2003 - A | 15.44 | — | (c) | 1.63 | 1.63 | — | — | |||||||||||||||||
2003 - B | 14.66 | (0.11 | ) | 1.54 | 1.43 | — | — | |||||||||||||||||
2003 - C | 14.64 | (0.11 | ) | 1.54 | 1.43 | — | — | |||||||||||||||||
2003 - Institutional | 15.71 | 0.06 | 1.67 | 1.73 | — | — | ||||||||||||||||||
2002 - A | 19.76 | (0.05 | ) | (4.24 | ) | (4.29 | ) | — | (0.03 | ) | ||||||||||||||
2002 - B | 18.90 | (0.18 | ) | (4.03 | ) | (4.21 | ) | — | (0.03 | ) | ||||||||||||||
2002 - C | 18.88 | (0.18 | ) | (4.03 | ) | (4.21 | ) | — | (0.03 | ) | ||||||||||||||
2002 - Institutional | 20.02 | 0.02 | (4.30 | ) | (4.28 | ) | — | (0.03 | ) |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges. Total return would be reduced if a sales or redemption charge were taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
(c) | Amount is less than $0.005 per share. |
(d) | Reflects income recognized from special dividends which amounted to $0.11 per share and 0.56% of average net assets. |
(e) | Reflects an increase of $0.01 due to payments by affiliates during the period to reimburse certain security claims. |
204
Ratios Assuming No | ||||||||||||||||||||||||||||||||
Expense Reductions | ||||||||||||||||||||||||||||||||
Ratio of | Ratio of | |||||||||||||||||||||||||||||||
Ratio of | Net Investment | Ratio of | Net Investment | |||||||||||||||||||||||||||||
Net Asset | Net Assets, | Net Expenses | Income (Loss) | Total Expenses | Income (Loss) | |||||||||||||||||||||||||||
Value, End | Total | at End of Year | to Average | to Average | to Average | to Average | Portfolio | |||||||||||||||||||||||||
of Year | Return(b) | (in 000s) | Net Assets | Net Assets | Net Assets | Net Assets | Turnover Rate | |||||||||||||||||||||||||
$ | 20.62 | 2.86 | % | $ | 1,289,843 | 1.39 | % | (0.41 | )% | 1.44 | % | (0.45 | )% | 51 | % | |||||||||||||||||
19.03 | 2.15 | 96,106 | 2.14 | (1.16 | ) | 2.19 | (1.21 | ) | 51 | |||||||||||||||||||||||
18.99 | 2.10 | 68,528 | 2.14 | (1.16 | ) | 2.19 | (1.21 | ) | 51 | |||||||||||||||||||||||
21.24 | 3.31 | 272,295 | 0.99 | (0.01 | ) | 1.04 | (0.05 | ) | 51 | |||||||||||||||||||||||
20.06 | 9.56 | 1,374,264 | 1.39 | 0.24 | (d) | 1.45 | 0.18 | (d) | 34 | |||||||||||||||||||||||
18.63 | 8.76 | 160,575 | 2.14 | (0.48 | )(d) | 2.20 | (0.54 | )(d) | 34 | |||||||||||||||||||||||
18.60 | 8.77 | 81,132 | 2.14 | (0.49 | )(d) | 2.20 | (0.55 | )(d) | 34 | |||||||||||||||||||||||
20.65 | 10.02 | 273,418 | 0.99 | 0.68 | (d) | 1.05 | 0.62 | (d) | 34 | |||||||||||||||||||||||
18.31 | 7.26 | 1,343,848 | 1.39 | (0.26 | ) | 1.47 | (0.34 | ) | 43 | |||||||||||||||||||||||
17.13 | 6.46 | 196,910 | 2.14 | (1.01 | ) | 2.22 | (1.09 | ) | 43 | |||||||||||||||||||||||
17.10 | 6.41 | 89,086 | 2.14 | (1.01 | ) | 2.22 | (1.09 | ) | 43 | |||||||||||||||||||||||
18.77 | 7.63 | 289,239 | 0.99 | 0.14 | 1.07 | 0.06 | 43 | |||||||||||||||||||||||||
17.07 | 10.56 | 1,483,768 | 1.40 | 0.00 | 1.48 | (0.08 | ) | 17 | ||||||||||||||||||||||||
16.09 | 9.75 | 226,663 | 2.15 | (0.74 | ) | 2.23 | (0.82 | ) | 17 | |||||||||||||||||||||||
16.07 | 9.77 | 100,027 | 2.15 | (0.74 | ) | 2.23 | (0.82 | ) | 17 | |||||||||||||||||||||||
17.44 | 11.01 | 303,840 | 1.00 | 0.41 | 1.08 | 0.33 | 17 | |||||||||||||||||||||||||
15.44 | (21.74 | ) | 1,388,868 | 1.43 | (0.29 | ) | 1.47 | (0.33 | ) | 11 | ||||||||||||||||||||||
14.66 | (22.31 | ) | 238,335 | 2.18 | (1.04 | ) | 2.22 | (1.08 | ) | 11 | ||||||||||||||||||||||
14.64 | (22.33 | ) | 101,783 | 2.18 | (1.04 | ) | 2.22 | (1.08 | ) | 11 | ||||||||||||||||||||||
15.71 | (21.41 | ) | 316,020 | 1.03 | 0.11 | 1.07 | 0.07 | 11 |
205
Income (Loss) from | ||||||||||||||||||||||||||||
Investment Operations | Distributions to Shareholders | |||||||||||||||||||||||||||
Net Asset | ||||||||||||||||||||||||||||
Value, | Net | Net Realized | Total from | From Net | From Net | |||||||||||||||||||||||
Beginning | Investment | and Unrealized | Investment | Investment | Realized | Total | ||||||||||||||||||||||
Year—Share Class | of Year | Income(a) | Gain (Loss) | Operations | Income | Gains | Distributions | |||||||||||||||||||||
For the Years Ended October 31, | ||||||||||||||||||||||||||||
2006 - A | $ | 14.57 | $ | 0.55 | $ | 0.08 | $ | 0.63 | $ | (0.56 | ) | $ | — | (e) | $ | (0.56 | ) | |||||||||||
2006 - B | 14.57 | 0.44 | 0.08 | 0.52 | (0.45 | ) | — | (e) | (0.45 | ) | ||||||||||||||||||
2006 - C | 14.56 | 0.44 | 0.08 | 0.52 | (0.45 | ) | — | (e) | (0.45 | ) | ||||||||||||||||||
2006 - Institutional | 14.55 | 0.60 | 0.09 | 0.69 | (0.61 | ) | — | (e) | (0.61 | ) | ||||||||||||||||||
2005 - A | 15.00 | 0.43 | (0.30 | ) | 0.13 | (0.39 | ) | (0.17 | ) | (0.56 | ) | |||||||||||||||||
2005 - B | 15.00 | 0.30 | (0.28 | ) | 0.02 | (0.28 | ) | (0.17 | ) | (0.45 | ) | |||||||||||||||||
2005 - C | 14.99 | 0.31 | (0.29 | ) | 0.02 | (0.28 | ) | (0.17 | ) | (0.45 | ) | |||||||||||||||||
2005 - Institutional | 14.98 | 0.46 | (0.27 | ) | 0.19 | (0.45 | ) | (0.17 | ) | (0.62 | ) | |||||||||||||||||
2004 - A | 14.88 | 0.39 | 0.33 | 0.72 | (0.47 | ) | (0.13 | ) | (0.60 | ) | ||||||||||||||||||
2004 - B | 14.88 | 0.28 | 0.32 | 0.60 | (0.35 | ) | (0.13 | ) | (0.48 | ) | ||||||||||||||||||
2004 - C | 14.87 | 0.28 | 0.32 | 0.60 | (0.35 | ) | (0.13 | ) | (0.48 | ) | ||||||||||||||||||
2004 - Institutional | 14.85 | 0.46 | 0.33 | 0.79 | (0.53 | ) | (0.13 | ) | (0.66 | ) | ||||||||||||||||||
2003 - A | 14.95 | 0.41 | 0.05 | 0.46 | (0.51 | ) | (0.02 | ) | (0.53 | ) | ||||||||||||||||||
2003 - B | 14.95 | 0.31 | 0.04 | 0.35 | (0.40 | ) | (0.02 | ) | (0.42 | ) | ||||||||||||||||||
2003 - C | 14.94 | 0.31 | 0.04 | 0.35 | (0.40 | ) | (0.02 | ) | (0.42 | ) | ||||||||||||||||||
2003 - Institutional | 14.93 | 0.47 | 0.04 | 0.51 | (0.57 | ) | (0.02 | ) | (0.59 | ) | ||||||||||||||||||
2002 - A | 14.96 | 0.63 | (d) | 0.19 | (d) | 0.82 | (0.67 | ) | (0.16 | ) | (0.83 | ) | ||||||||||||||||
2002 - B | 14.96 | 0.52 | (d) | 0.19 | (d) | 0.71 | (0.56 | ) | (0.16 | ) | (0.72 | ) | ||||||||||||||||
2002 - C | 14.95 | 0.51 | (d) | 0.20 | (d) | 0.71 | (0.56 | ) | (0.16 | ) | (0.72 | ) | ||||||||||||||||
2002 - Institutional | 14.94 | 0.69 | (d) | 0.19 | (d) | 0.88 | (0.73 | ) | (0.16 | ) | (0.89 | ) |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges. Total return would be reduced if a sales or redemption charge were taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of Fund shares. |
(c) | The portfolio turnover rate excluding the effect of mortgage dollar rolls is 690% for the year ended October 31, 2006. Prior years include the effect of mortgage dollar roll transactions. |
(d) | As required, effective November 1, 2001, the Fund has adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing all premiums and discounts on debt securities. The effect of this change for the year ended October 31, 2002 was to decrease net investment income per share by $0.06, increase net realized and unrealized gains and losses per share by $0.06, and decrease the ratio of net investment income to average net assets with and without expense reductions by 0.44%. |
(e) | Amount is less than $0.005 per share. |
206
Ratios Assuming no | ||||||||||||||||||||||||||||||||
Expense Reductions | ||||||||||||||||||||||||||||||||
Ratio of | Ratio of | Ratio of | ||||||||||||||||||||||||||||||
Net Assets | Ratio of | Net Investment | Total | Net Investment | ||||||||||||||||||||||||||||
Net Asset | at End of | Net Expenses | Income to | Expenses | Income to | Portfolio | ||||||||||||||||||||||||||
Value, End | Total | Year | to Average | Average Net | to Average | Average Net | Turnover | |||||||||||||||||||||||||
of Year | Return(a) | (in 000s) | Net Assets | Assets | Net Assets | Assets | Rate(c) | |||||||||||||||||||||||||
$ | 14.64 | 4.40 | % | $ | 432,762 | 0.95 | % | 3.77 | % | 1.04 | % | 3.68 | % | 766 | % | |||||||||||||||||
14.64 | 3.62 | 18,713 | 1.70 | 3.03 | 1.79 | 2.94 | 766 | |||||||||||||||||||||||||
14.63 | 3.63 | 16,931 | 1.70 | 3.04 | 1.79 | 2.95 | 766 | |||||||||||||||||||||||||
14.63 | 4.86 | 146,784 | 0.58 | 4.18 | 0.67 | 4.09 | 766 | |||||||||||||||||||||||||
14.57 | 0.80 | 729,958 | 0.97 | 2.83 | 1.07 | 2.73 | 256 | |||||||||||||||||||||||||
14.57 | 0.04 | 24,882 | 1.72 | 2.08 | 1.83 | 1.97 | 256 | |||||||||||||||||||||||||
14.56 | 0.11 | 18,692 | 1.72 | 2.08 | 1.83 | 1.97 | 256 | |||||||||||||||||||||||||
14.55 | 1.26 | 60,747 | 0.58 | 3.20 | 0.69 | 3.08 | 256 | |||||||||||||||||||||||||
15.00 | 4.99 | 494,883 | 0.98 | 2.60 | 1.17 | 2.41 | 609 | |||||||||||||||||||||||||
15.00 | 4.21 | 32,782 | 1.73 | 1.93 | 1.92 | 1.74 | 609 | |||||||||||||||||||||||||
14.99 | 4.14 | 20,778 | 1.73 | 1.91 | 1.92 | 1.72 | 609 | |||||||||||||||||||||||||
14.98 | 5.35 | 69,770 | 0.58 | 3.12 | 0.77 | 2.93 | 609 | |||||||||||||||||||||||||
14.88 | 3.11 | 358,058 | 0.99 | 2.78 | 1.18 | 2.59 | 520 | |||||||||||||||||||||||||
14.88 | 2.34 | 44,120 | 1.74 | 2.06 | 1.93 | 1.87 | 520 | |||||||||||||||||||||||||
14.87 | 2.34 | 23,720 | 1.74 | 2.05 | 1.93 | 1.86 | 520 | |||||||||||||||||||||||||
14.85 | 3.60 | 151,111 | 0.59 | 3.16 | 0.78 | 2.97 | 520 | |||||||||||||||||||||||||
14.95 | 5.77 | 248,719 | 0.98 | 4.26 | (d) | 1.24 | 4.00 | (d) | 226 | |||||||||||||||||||||||
14.95 | 4.99 | 51,124 | 1.73 | 3.54 | (d) | 1.99 | 3.28 | (d) | 226 | |||||||||||||||||||||||
14.94 | 4.99 | 24,095 | 1.73 | 3.49 | (d) | 1.99 | 3.23 | (d) | 226 | |||||||||||||||||||||||
14.93 | 6.13 | 82,523 | 0.58 | 4.74 | (d) | 0.84 | 4.48 | (d) | 226 |
207
Income (Loss) from | ||||||||||||||||||||
Investment Operations | ||||||||||||||||||||
Distributions | ||||||||||||||||||||
Net Asset | to Shareholders | |||||||||||||||||||
Value, | Net | Net Realized | Total from | from Net | ||||||||||||||||
Beginning | Investment | and Unrealized | Investment | Investment | ||||||||||||||||
Year—Share Class | of Year | Income(a) | Gain (Loss) | Operations | Income | |||||||||||||||
For the Years Ended October 31, | ||||||||||||||||||||
2006 - A | $ | 7.81 | $ | 0.58 | $ | 0.23 | $ | 0.81 | $ | (0.58 | ) | |||||||||
2006 - B | 7.82 | 0.53 | 0.22 | 0.75 | (0.52 | ) | ||||||||||||||
2006 - C | 7.81 | 0.53 | 0.22 | 0.75 | (0.52 | ) | ||||||||||||||
2006 - Institutional | 7.82 | 0.61 | 0.23 | 0.84 | (0.61 | ) | ||||||||||||||
2005 - A | 8.08 | 0.62 | (0.22 | ) | 0.40 | (0.67 | ) | |||||||||||||
2005 - B | 8.09 | 0.56 | (0.22 | ) | 0.34 | (0.61 | ) | |||||||||||||
2005 - C | 8.08 | 0.56 | (0.22 | ) | 0.34 | (0.61 | ) | |||||||||||||
2005 - Institutional | 8.09 | 0.65 | (0.21 | ) | 0.44 | (0.71 | ) | |||||||||||||
2004 - A | 7.79 | 0.65 | 0.32 | 0.97 | (0.68 | ) | ||||||||||||||
2004 - B | 7.80 | 0.60 | 0.31 | 0.91 | (0.62 | ) | ||||||||||||||
2004 - C | 7.79 | 0.60 | 0.31 | 0.91 | (0.62 | ) | ||||||||||||||
2004 - Institutional | 7.81 | 0.69 | 0.30 | 0.99 | (0.71 | ) | ||||||||||||||
2003 - A | 6.38 | 0.65 | 1.40 | 2.05 | (0.64 | ) | ||||||||||||||
2003 - B | 6.39 | 0.60 | 1.39 | 1.99 | (0.58 | ) | ||||||||||||||
2003 - C | 6.38 | 0.59 | 1.40 | 1.99 | (0.58 | ) | ||||||||||||||
2003 - Institutional | 6.39 | 0.68 | 1.41 | 2.09 | (0.67 | ) | ||||||||||||||
2002 - A | 7.24 | 0.68 | (c) | (0.86 | )(c) | (0.18 | ) | (0.68 | ) | |||||||||||
2002 - B | 7.24 | 0.63 | (c) | (0.85 | )(c) | (0.22 | ) | (0.63 | ) | |||||||||||
2002 - C | 7.24 | 0.62 | (c) | (0.85 | )(c) | (0.23 | ) | (0.63 | ) | |||||||||||
2002 - Institutional | 7.25 | 0.70 | (c) | (0.85 | )(c) | (0.15 | ) | (0.71 | ) |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges. Total return would be reduced if a sales or redemption charge were taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
(c) | As required, effective November 1, 2001, the Fund has adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing all premiums and discounts on debt securities. For the year ended October 31, 2002 this change had no impact on net investment income per share, no impact on net realized and unrealized gains and losses per share and no impact on the ratio of net investment income to average net assets with or without expense reductions. |
208
Ratios Assuming No | ||||||||||||||||||||||||||||||||
Expense Reductions | ||||||||||||||||||||||||||||||||
Ratio of | ||||||||||||||||||||||||||||||||
Net Assets, | Ratio of Net | Ratio of Net | Ratio of Total | Net Investment | ||||||||||||||||||||||||||||
Net Asset | End of | Expenses | Investment Income | Expenses | Income | |||||||||||||||||||||||||||
Value, | Total | Year | to Average | to Average | to Average | to Average | Portfolio | |||||||||||||||||||||||||
End Year | Return(b) | (in 000s) | Net Assets | Net Assets | Net Assets | Net Assets | Turnover Rate | |||||||||||||||||||||||||
$ | 8.04 | 10.76 | % | $ | 1,395,265 | 1.12 | % | 7.38 | % | 1.14 | % | 7.36 | % | 41 | % | |||||||||||||||||
8.05 | 9.93 | 96,743 | 1.87 | 6.65 | 1.89 | 6.62 | 41 | |||||||||||||||||||||||||
8.04 | 9.94 | 90,528 | 1.87 | 6.64 | 1.89 | 6.62 | 41 | |||||||||||||||||||||||||
8.05 | 11.16 | 1,296,429 | 0.75 | 7.77 | 0.77 | 7.74 | 41 | |||||||||||||||||||||||||
7.81 | 5.10 | 1,006,734 | 1.15 | 7.74 | 1.17 | 7.72 | 52 | |||||||||||||||||||||||||
7.82 | 4.31 | 104,637 | 1.90 | 6.98 | 1.92 | 6.96 | 52 | |||||||||||||||||||||||||
7.81 | 4.32 | 72,590 | 1.90 | 6.95 | 1.92 | 6.93 | 52 | |||||||||||||||||||||||||
7.82 | 5.50 | 825,508 | 0.76 | 8.11 | 0.79 | 8.08 | 52 | |||||||||||||||||||||||||
8.08 | 12.94 | 1,109,364 | 1.16 | 8.31 | 1.18 | 8.29 | 47 | |||||||||||||||||||||||||
8.09 | 12.09 | 105,106 | 1.91 | 7.54 | 1.93 | 7.52 | 47 | |||||||||||||||||||||||||
8.08 | 12.10 | 56,174 | 1.91 | 7.53 | 1.93 | 7.51 | 47 | |||||||||||||||||||||||||
8.09 | 13.23 | 832,175 | 0.76 | 8.73 | 0.78 | 8.71 | 47 | |||||||||||||||||||||||||
7.79 | 33.34 | 1,821,032 | 1.17 | 8.97 | 1.19 | 8.95 | 54 | |||||||||||||||||||||||||
7.80 | 32.31 | 97,894 | 1.92 | 8.25 | 1.94 | 8.23 | 54 | |||||||||||||||||||||||||
7.79 | 32.36 | 46,812 | 1.92 | 8.21 | 1.94 | 8.19 | 54 | |||||||||||||||||||||||||
7.81 | 33.98 | 1,119,417 | 0.77 | 9.42 | 0.79 | 9.40 | 54 | |||||||||||||||||||||||||
6.38 | (2.98 | ) | 770,011 | 1.16 | 9.54 | (c) | 1.19 | 9.51 | (c) | 36 | ||||||||||||||||||||||
6.39 | (3.56 | ) | 54,065 | 1.91 | 8.83 | (c) | 1.94 | 8.80 | (c) | 36 | ||||||||||||||||||||||
6.38 | (3.57 | ) | 20,107 | 1.91 | 8.81 | (c) | 1.94 | 8.78 | (c) | 36 | ||||||||||||||||||||||
6.39 | (2.59 | ) | 726,140 | 0.76 | 9.95 | (c) | 0.79 | 9.92 | (c) | 36 |
209
Income (Loss) from | ||||||||||||||||||||
Investment Operations | ||||||||||||||||||||
Distributions | ||||||||||||||||||||
Net Asset | to Shareholders | |||||||||||||||||||
Value, | Net | Net Realized | Total from | from Net | ||||||||||||||||
Beginning | Investment | and Unrealized | Investment | Investment | ||||||||||||||||
Year—Share Class | of Year | Income(a) | Gain (Loss) | Operations | Income | |||||||||||||||
For the Years Ended October 31, | ||||||||||||||||||||
2006 - A | $ | 9.68 | $ | 0.37 | $ | 0.04 | $ | 0.41 | $ | (0.36 | ) | |||||||||
2006 - Institutional | 9.67 | 0.40 | 0.04 | $ | 0.44 | (0.39 | ) | |||||||||||||
2005 - A | 9.78 | 0.28 | (0.10 | ) | 0.18 | (0.28 | ) | |||||||||||||
2005 - Institutional | 9.77 | 0.32 | (0.10 | ) | 0.22 | (0.32 | ) | |||||||||||||
2004 - A | 9.99 | 0.25 | (0.19 | ) | 0.06 | (0.27 | ) | |||||||||||||
2004 - Institutional | 9.98 | 0.30 | (0.20 | ) | 0.10 | (0.31 | ) | |||||||||||||
2003 - A | 10.13 | 0.33 | (0.15 | ) | 0.18 | (0.32 | ) | |||||||||||||
2003 - Institutional | 10.12 | 0.37 | (0.15 | ) | 0.22 | (0.36 | ) | |||||||||||||
2002 - A | 10.26 | 0.38 | (0.13 | ) | 0.25 | (0.38 | ) | |||||||||||||
2002 - Institutional | 10.26 | 0.42 | (0.14 | ) | 0.28 | (0.42 | ) |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges. Total return would be reduced if a sales or redemption charge were taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of Fund shares. |
210
Ratios Assuming No | ||||||||||||||||||||||||||||||||
Expense Reductions | ||||||||||||||||||||||||||||||||
Ratio of Net | Ratio of Net | |||||||||||||||||||||||||||||||
Net Assets | Ratio of Net | Investment | Ratio of Total | Investment | ||||||||||||||||||||||||||||
Net Asset | at End of | Expenses to | Income to | Expenses to | Income to | Portfolio | ||||||||||||||||||||||||||
Value, End | Total | Year | Average | Average | Average | Average | turnover | |||||||||||||||||||||||||
of Year | Return(b) | (in 000s) | Net Assets | Net Assets | Net Assets | Net Assets | rate | |||||||||||||||||||||||||
$ | 9.73 | 4.26 | % | $ | 36,333 | 0.62 | % | 3.77 | % | 0.78 | % | 3.61 | % | 67 | % | |||||||||||||||||
9.72 | 4.66 | 173,430 | 0.25 | 4.15 | 0.41 | 3.99 | 67 | |||||||||||||||||||||||||
9.68 | 1.88 | 65,645 | 0.64 | 2.94 | 0.79 | 2.80 | 49 | |||||||||||||||||||||||||
9.67 | 2.28 | 301,362 | 0.25 | 3.34 | 0.40 | 3.19 | 49 | |||||||||||||||||||||||||
9.78 | 0.63 | 150,537 | 0.65 | 2.61 | 0.73 | 2.53 | 51 | |||||||||||||||||||||||||
9.77 | 1.04 | 492,276 | 0.25 | 3.02 | 0.33 | 2.94 | 51 | |||||||||||||||||||||||||
9.99 | 1.77 | 378,378 | 0.65 | 3.28 | 0.71 | 3.22 | 41 | |||||||||||||||||||||||||
9.98 | 2.18 | 1,106,956 | 0.25 | 3.65 | 0.31 | 3.59 | 41 | |||||||||||||||||||||||||
10.13 | 2.48 | 810,768 | 0.65 | 3.70 | 0.72 | 3.63 | 65 | |||||||||||||||||||||||||
10.12 | 2.79 | 2,071,378 | 0.25 | 4.17 | 0.32 | 4.10 | 65 |
211
Income (Loss) from | Distributions | |||||||||||||||||||
Investment Operations | to Shareholders | |||||||||||||||||||
Net Asset | ||||||||||||||||||||
Value, | Net | Net Realized | Total from | From Net | ||||||||||||||||
Beginning | Investment | and Unrealized | Investment | Investment | ||||||||||||||||
Year—Share Class | of Year | Income(a) | Gain (Loss) | Operations | Income | |||||||||||||||
For the Years Ended October 31, | ||||||||||||||||||||
2006 - A | $ | 15.59 | $ | 0.63 | $ | 0.22 | $ | 0.85 | $ | (0.64 | ) | |||||||||
2006 - B | 15.59 | 0.52 | 0.22 | 0.74 | (0.52 | ) | ||||||||||||||
2006 - C | 15.60 | 0.52 | 0.21 | 0.73 | (0.52 | ) | ||||||||||||||
2006 - Institutional | 15.59 | 0.69 | 0.22 | 0.91 | (0.70 | ) | ||||||||||||||
2005 - A | 15.68 | 0.63 | (0.08 | ) | 0.55 | (0.64 | ) | |||||||||||||
2005 - B | 15.68 | 0.51 | (0.08 | ) | 0.43 | (0.52 | ) | |||||||||||||
2005 - C | 15.68 | 0.52 | (0.08 | ) | 0.44 | (0.52 | ) | |||||||||||||
2005 - Institutional | 15.67 | 0.70 | (0.08 | ) | 0.62 | (0.70 | ) | |||||||||||||
2004 - A | 15.41 | 0.65 | 0.27 | 0.92 | (0.65 | ) | ||||||||||||||
2004 - B | 15.41 | 0.54 | 0.26 | 0.80 | (0.53 | ) | ||||||||||||||
2004 - C | 15.41 | 0.54 | 0.26 | 0.80 | (0.53 | ) | ||||||||||||||
2004 - Institutional | 15.40 | 0.72 | 0.26 | 0.98 | (0.71 | ) | ||||||||||||||
2003 - A | 15.29 | 0.64 | 0.13 | 0.77 | (0.65 | ) | ||||||||||||||
2003 - B | 15.29 | 0.53 | 0.12 | 0.65 | (0.53 | ) | ||||||||||||||
2003 - C | 15.30 | 0.53 | 0.11 | 0.64 | (0.53 | ) | ||||||||||||||
2003 - Institutional | 15.29 | 0.71 | 0.11 | 0.82 | (0.71 | ) | ||||||||||||||
2002 - A | 15.32 | 0.65 | (c) | (0.01 | )(c) | 0.64 | (0.67 | ) | ||||||||||||
2002 - B | 15.32 | 0.54 | (c) | (0.01 | )(c) | 0.53 | (0.56 | ) | ||||||||||||
2002 - C | 15.33 | 0.54 | (c) | (0.01 | )(c) | 0.53 | (0.56 | ) | ||||||||||||
2002 - Institutional | 15.32 | 0.71 | (c) | (0.01 | )(c) | 0.70 | (0.73 | ) |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges. Total return would be reduced if a sales or redemption charge were taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on capital gains and other taxable distributions or the redemption of Fund shares. |
(c) | As required, effective November 1, 2001, the Fund has adopted the provisions of the AICPA Audit and Accounting Grade for Investment Companies and began amortizing all premium and discounts on debt securities. The effect of this change for the year ended October 31, 2002 was an impact of less than $0.01 per share to net investment income and net realized and unrealized gains and losses, and an impact to the ratio of net investment income to average net assets with and without expense reductions by less than 0.01%. |
(d) | Less than $0.005 per share. |
(e) | Ratios have been restated for the years ended October 31, 2005, 2004, 2003 and 2002. |
(f) | Rates have been restated for the years ended October 31, 2005, 2004, 2003 and 2002 which were previously reported as 38%, 32%, 54% and 39%, respectively. |
212
Ratios Assuming No | ||||||||||||||||||||||||||||||||||||||||
Expense Reductions | ||||||||||||||||||||||||||||||||||||||||
Ratio of | Ratio of | Ratio of | Ratio of | |||||||||||||||||||||||||||||||||||||
Net Expenses | Net Expenses | Ratio of | Total Expenses | Total Expenses | Ratio of | |||||||||||||||||||||||||||||||||||
Net Assets | to Average | to Average | Net Investment | to Average | to Average | Net Investment | ||||||||||||||||||||||||||||||||||
Net Asset | at End of | Net Assets | Net Assets | Income | Net Assets | Net Assets | Income | Portfolio | ||||||||||||||||||||||||||||||||
Value, End | Total | Year | Excluding Interest | Including Interest | to Average | Excluding Interest | Including Interest | to Average | Turnover | |||||||||||||||||||||||||||||||
of Year | Return(b) | (in 000s) | Expense and Fees | Expense and Fees(e) | Net Assets | Expense and Fees | Expense and Fees(e) | Net Assets | Rate(f) | |||||||||||||||||||||||||||||||
$ | 15.80 | 5.59 | % | $ | 302,271 | 0.90 | % | 1.00 | % | 4.05 | % | 1.07 | % | 1.16 | % | 3.88 | % | 19 | % | |||||||||||||||||||||
15.81 | 4.87 | 11,698 | 1.65 | 1.75 | 3.31 | 1.82 | 1.92 | 3.14 | 19 | |||||||||||||||||||||||||||||||
15.81 | 4.80 | 9,777 | 1.65 | 1.75 | 3.30 | 1.82 | 1.91 | 3.14 | 19 | |||||||||||||||||||||||||||||||
15.80 | 5.98 | 152,070 | 0.53 | 0.63 | 4.42 | 0.70 | 0.79 | 4.26 | 19 | |||||||||||||||||||||||||||||||
15.59 | 3.55 | 240,123 | 0.93 | 1.00 | 3.99 | 1.09 | 1.16 | 3.83 | 37 | |||||||||||||||||||||||||||||||
15.59 | 2.78 | 13,783 | 1.68 | 1.75 | 3.25 | 1.84 | 1.91 | 3.09 | 37 | |||||||||||||||||||||||||||||||
15.60 | 2.85 | 7,873 | 1.68 | 1.75 | 3.24 | 1.84 | 1.91 | 3.08 | 37 | |||||||||||||||||||||||||||||||
15.59 | 4.02 | 128,311 | 0.54 | 0.61 | 4.37 | 0.70 | 0.77 | 4.21 | 37 | |||||||||||||||||||||||||||||||
15.68 | 6.09 | 179,223 | 0.94 | 1.02 | 4.21 | 1.12 | 1.20 | 4.03 | 27 | |||||||||||||||||||||||||||||||
15.68 | 5.30 | 14,117 | 1.69 | 1.77 | 3.46 | 1.87 | 1.95 | 3.28 | 27 | |||||||||||||||||||||||||||||||
15.68 | 5.30 | 5,838 | 1.69 | 1.77 | 3.46 | 1.87 | 1.95 | 3.28 | 27 | |||||||||||||||||||||||||||||||
15.67 | 6.52 | 60,506 | 0.54 | 0.62 | 4.61 | 0.72 | 0.80 | 4.43 | 27 | |||||||||||||||||||||||||||||||
15.41 | 5.10 | 160,856 | 0.95 | 1.00 | 4.17 | 1.13 | 1.18 | 3.99 | 52 | |||||||||||||||||||||||||||||||
15.41 | 4.32 | 15,143 | 1.70 | 1.75 | 3.44 | 1.88 | 1.93 | 3.26 | 52 | |||||||||||||||||||||||||||||||
15.41 | 4.25 | 4,615 | 1.70 | 1.75 | 3.45 | 1.88 | 1.93 | 3.27 | 52 | |||||||||||||||||||||||||||||||
15.40 | 5.45 | 57,696 | 0.55 | 0.60 | 4.58 | 0.73 | 0.78 | 4.40 | 52 | |||||||||||||||||||||||||||||||
15.29 | 4.30 | 119,161 | 0.94 | 1.00 | 4.27 | (c) | 1.11 | 1.17 | 4.10 | (c) | 35 | |||||||||||||||||||||||||||||
15.29 | 3.52 | 16,903 | 1.69 | 1.75 | 3.53 | (c) | 1.86 | 1.92 | 3.36 | (c) | 35 | |||||||||||||||||||||||||||||
15.30 | 3.52 | 6,155 | 1.69 | 1.75 | 3.54 | (c) | 1.86 | 1.92 | 3.37 | (c) | 35 | |||||||||||||||||||||||||||||
15.29 | 4.71 | 76,733 | 0.54 | 0.60 | 4.69 | (c) | 0.71 | 0.77 | 4.52 | (c) | 35 |
213
Ratios Assuming No | ||||||||||||||||||||||||||||||||||||||||
Expense Reductions | ||||||||||||||||||||||||||||||||||||||||
Ratio of Net | Ratio of Net | |||||||||||||||||||||||||||||||||||||||
Net Asset | Net Asset | Net Assets | Ratio of Net | Investment | Ratio of Total | Investment | ||||||||||||||||||||||||||||||||||
Value, | Net | Distributions | Value, | End | Expenses to | Income to | Expenses to | Income (Loss) | ||||||||||||||||||||||||||||||||
Beginning | Investment | to Unit/ | End of | Total | of Period | Average Net | Average Net | Average Net | to Average | |||||||||||||||||||||||||||||||
Year—Share Class | of Period | Income(a) | Shareholders | Period | Return(b) | (In 000’s) | Assets | Assets | Assets | Net Assets | ||||||||||||||||||||||||||||||
For the Six Months Ended June 30, (Unaudited) | ||||||||||||||||||||||||||||||||||||||||
2006-ILA Service Units | $ | 1.00 | $ | 0.019 | $ | (0.019 | ) | $ | 1.00 | 1.96 | % | $ | 264,746 | 0.83 | %(c) | 3.93 | %(c) | 0.87 | %(c) | 3.90 | %(c) | |||||||||||||||||||
2006-ILA B Units | 1.00 | 0.016 | (0.016 | ) | 1.00 | 1.66 | 12,448 | 1.43 | (c) | 3.33 | (c) | 1.46 | (c) | 3.29 | (c) | |||||||||||||||||||||||||
2006-ILA C Units | 1.00 | 0.016 | (0.016 | ) | 1.00 | 1.66 | 19,089 | 1.43 | (c) | 3.32 | (c) | 1.47 | (c) | 3.29 | (c) | |||||||||||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||||
2005-ILA Service Units | 1.00 | 0.025 | (0.025 | ) | 1.00 | 2.50 | 228,238 | 0.83 | 2.45 | 0.86 | 2.42 | |||||||||||||||||||||||||||||
2005-ILA B Units | 1.00 | 0.019 | (0.019 | ) | 1.00 | 1.90 | 12,304 | 1.43 | 1.80 | 1.46 | 1.77 | |||||||||||||||||||||||||||||
2005-ILA C Units | 1.00 | 0.019 | (0.019 | ) | 1.00 | 1.90 | 19,781 | 1.43 | 1.87 | 1.46 | 1.84 | |||||||||||||||||||||||||||||
2004-ILA Service Units | 1.00 | 0.006 | (0.006 | ) | 1.00 | 0.60 | 205,341 | 0.83 | 0.63 | 0.87 | 0.59 | |||||||||||||||||||||||||||||
2004-ILA B Units | 1.00 | 0.003 | (0.003 | ) | 1.00 | 0.35 | 18,080 | 1.07 | 0.35 | 1.47 | (0.05 | ) | ||||||||||||||||||||||||||||
2004-ILA C Units | 1.00 | 0.003 | (0.003 | ) | 1.00 | 0.35 | 15,068 | 1.07 | 0.36 | 1.47 | (0.04 | ) | ||||||||||||||||||||||||||||
2003-ILA Service Units | 1.00 | 0.004 | (0.004 | ) | 1.00 | 0.39 | 172,154 | 0.84 | 0.39 | 0.84 | 0.39 | |||||||||||||||||||||||||||||
2003-ILA B Units | 1.00 | 0.002 | (0.002 | ) | 1.00 | 0.24 | 26,359 | 0.99 | 0.24 | 1.44 | (0.21 | ) | ||||||||||||||||||||||||||||
2003-ILA C Units | 1.00 | 0.002 | (0.002 | ) | 1.00 | 0.24 | 16,345 | 0.99 | 0.24 | 1.44 | (0.21 | ) | ||||||||||||||||||||||||||||
2002-ILA Service Units | 1.00 | 0.01 | (0.01 | ) | 1.00 | 1.05 | 179,945 | 0.83 | 1.03 | 0.84 | 1.02 | |||||||||||||||||||||||||||||
2002-ILA B Units | 1.00 | — | (d) | — | (d) | 1.00 | 0.48 | 39,904 | 1.39 | 0.46 | 1.44 | 0.41 | ||||||||||||||||||||||||||||
2002-ILA C Units | 1.00 | — | (d) | — | (d) | 1.00 | 0.48 | 18,241 | 1.39 | 0.47 | 1.44 | 0.42 | ||||||||||||||||||||||||||||
2001-ILA Service Units | 1.00 | 0.03 | (0.03 | ) | 1.00 | 3.38 | 152,735 | 0.83 | 3.25 | 0.83 | 3.25 | |||||||||||||||||||||||||||||
2001-ILA B Units | 1.00 | 0.03 | (0.03 | ) | 1.00 | 2.76 | 32,731 | 1.43 | 2.51 | 1.43 | 2.51 | |||||||||||||||||||||||||||||
2001-ILA C Units | 1.00 | 0.03 | (0.03 | ) | 1.00 | 2.76 | 15,396 | 1.43 | 2.56 | 1.43 | 2.56 |
(a) | Calculated based on the average units/shares outstanding methodology. | |
(b) | Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a unitholder/shareholder would pay on portfolio distributions. Total returns for periods less than one full year are not annualized. | |
(c) | Annualized. | |
(d) | Less than $.005 per unit. |
214
215
Shares Outstanding and | ||||
Enterprise Trust | Entitled to Vote | |||
AXA Enterprise Capital Appreciation Fund | ||||
AXA Enterprise Deep Value Fund | ||||
AXA Enterprise Equity Fund | ||||
AXA Enterprise Equity Income Fund | ||||
AXA Enterprise Growth and Income Fund | ||||
AXA Enterprise International Growth Fund | ||||
AXA Enterprise Large Cap Growth Fund | ||||
AXA Enterprise Small Company Growth Fund | ||||
AXA Enterprise Small Company Value Fund | ||||
AXA Enterprise Government Securities Fund | ||||
AXA Enterprise High-Yield Bond Fund | ||||
AXA Enterprise Short Duration Bond Fund | ||||
AXA Enterprise Tax-Exempt Income Fund | ||||
AXA Enterprise Money Market Fund |
216
AXA Enterprise | Class; Amount of | Percentage of | Percentage of | |||||||||
Fund | Name and Address | Shares Owned | Class Owned | Fund Owned | ||||||||
Fund | ||||||||||||
Fund | ||||||||||||
Fund | ||||||||||||
Fund | ||||||||||||
Fund | ||||||||||||
Fund | ||||||||||||
Fund |
217
Class; Amount of | Percentage of | Percentage of | ||||||||||
GST Fund | Name and Address | Shares Owned | Class Owned | Fund Owned | ||||||||
Fund | ||||||||||||
Fund | ||||||||||||
Fund | ||||||||||||
Fund | ||||||||||||
Fund | ||||||||||||
Fund |
218
219
220
A-1
A-2
A-3
A-4
A-5
A-6
A-7
A-8
A-9
A-10
A-11
A-12
A-13
A-14
A-15
A-16
A-17
A-18
A-19
A-20
A-21
A-22
A-23
AXA Enterprise Funds Trust | |
1290 Avenue of the Americas, 8th Floor | |
New York, NY 10104 | |
Attention: Patricia Louie, Esq. | |
Telephone No.: (212) 314-5329 | |
Facsimile No.: (212) 314-4723 | |
E-mail: patricia.louie@axa-equitable.com | |
With copies (which shall not constitute notice) to: | |
Kirkpatrick & Lockhart Preston Gates Ellis LLP (counsel to Enterprise Trust) | |
1601 K Street, N.W. | |
Washington, DC 20006-1600 | |
Attention: Arthur J. Brown, Esq. | |
Telephone No.: (202) 778-9046 | |
Facsimile No.: (202) 778-9000 | |
E-mail: abrown@klng.com | |
AXA Equitable Life Insurance Company | |
1290 Avenue of the Americas, 8th Floor | |
New York, NY 10104 | |
Attention: Patricia Louie, Esq. | |
Telephone No.: (212) 314-5329 | |
Facsimile No.: (212) 314-4723 | |
E-mail: patricia.louie@axa-equitable.com |
A-24
Goldman Sachs Trust | |
32 Old Slip | |
New York, NY 10005 | |
Attention: Peter V. Bonanno, Esq. | |
Telephone No.: (212) 357-3184 | |
Facsimile No.: (212) 902-4140 | |
E-mail: Peter.Bonanno@gs.com | |
With a copy (which shall not constitute notice) to: | |
Drinker Biddle & Reath LLP (counsel to GST) | |
One Logan Square | |
18th & Cherry Streets | |
Philadelphia, PA 19103-6996 | |
Attention: Kenneth L. Greenberg, Esq. | |
Telephone No.: (215) 988-1152 | |
Facsimile No.: (215) 988-2757 | |
E-mail: Kenneth.Greenberg@dbr.com |
A-25
A-26
A-27
A-28
A-29
AXA ENTERPRISE FUNDS TRUST |
By: |
Name: Steven M. Joenk |
Title: | President and Chief Executive Officer |
GOLDMAN SACHS TRUST |
By: |
Name: James Fitzpatrick |
Title: | Vice President |
Solely for purposes of Article VII and Paragraphs 1.3, 1.5, 2.5, 4.1(i), 5.1, 5.11, 9.2, 10.5, 10.11, 10.14 and 10.15 | |
AXA EQUITABLE LIFE | |
INSURANCE COMPANY |
By: |
Name: | |
Title: | |
Solely for purposes of Article VII and Paragraphs 4.2(i), 5.1, 5.11, 5.13, 9.2, 10.5, 10.11, 10.14 and 10.15 | |
GOLDMAN SACHS | |
ASSET MANAGEMENT, L.P. |
By: |
Name: James Fitzpatrick |
Title: | Managing Director |
Solely for purposes of Paragraphs 4.2(i), 5.1, 5.11, 9.2, 10.5, 10.11, 10.14 and 10.15 | |
GOLDMAN SACHS ASSET | |
MANAGEMENT INTERNATIONAL |
By: |
Name: Ted Sotir |
Title: | President |
A-30
AXA Enterprise Funds | GST Funds | ||
AXA Enterprise Capital Appreciation Fund | Goldman Sachs Structured U.S. Equity Fund | ||
Class A Shares | Class A Shares | ||
Class B Shares | Class B Shares | ||
Class C Shares | Class C Shares | ||
Class Y Shares | Institutional Shares | ||
AXA Enterprise Deep Value Fund | Goldman Sachs Large Cap Value Fund | ||
Class A Shares | Class A Shares | ||
Class B Shares | Class B Shares | ||
Class C Shares | Class C Shares | ||
Class Y Shares | Institutional Shares | ||
AXA Enterprise Equity Fund | Goldman Sachs Structured Large Cap Growth Fund | ||
Class A Shares | Class A Shares | ||
Class B Shares | Class B Shares | ||
Class C Shares | Class C Shares | ||
Class Y Shares | Institutional Shares | ||
AXA Enterprise Equity Income Fund | Goldman Sachs Growth and Income Fund | ||
Class A Shares | Class A Shares | ||
Class B Shares | Class B Shares | ||
Class C Shares | Class C Shares | ||
Class Y Shares | Institutional Shares | ||
AXA Enterprise Growth and Income Fund | Goldman Sachs Growth and Income Fund | ||
Class A Shares | Class A Shares | ||
Class B Shares | Class B Shares | ||
Class C Shares | Class C Shares | ||
Class Y Shares | Institutional Shares | ||
AXA Enterprise International Growth Fund | Goldman Sachs Strategic International Equity Fund | ||
Class A Shares | Class A Shares | ||
Class B Shares | Class B Shares | ||
Class C Shares | Class C Shares | ||
Class Y Shares | Institutional Shares | ||
AXA Enterprise Large Cap Growth Fund | Goldman Sachs Capital Growth Fund | ||
Class A Shares | Class A Shares | ||
Class B Shares | Class B Shares | ||
Class C Shares | Class C Shares | ||
Class Y Shares | Institutional Shares | ||
AXA Enterprise Small Company Growth Fund | Goldman Sachs Structured Small Cap Growth Fund | ||
Class A Shares | Class A Shares | ||
Class B Shares | Class B Shares | ||
Class C Shares | Class C Shares | ||
Class Y Shares | Institutional Shares | ||
AXA Enterprise Small Company Value Fund | Goldman Sachs Structured Small Cap Value Fund | ||
Class A Shares | Class A Shares | ||
Class B Shares | Class B Shares | ||
Class C Shares | Class C Shares | ||
Class Y Shares | Institutional Shares | ||
AXA Enterprise Government Securities Fund | Goldman Sachs Government Income Fund | ||
Class A Shares | Class A Shares | ||
Class B Shares | Class B Shares | ||
Class C Shares | Class C Shares | ||
Class Y Shares | Institutional Shares |
A-31
AXA Enterprise Funds | GST Funds | ||
AXA Enterprise Short Duration Bond Fund | Goldman Sachs Enhanced Income Fund | ||
Class A Shares | Class A Shares | ||
Class B Shares | Class B Shares | ||
Class C Shares | Class A Shares | ||
Class Y Shares | Institutional Shares | ||
AXA Enterprise High-Yield Bond Fund | Goldman Sachs High Yield Fund | ||
Class A Shares | Class A Shares | ||
Class B Shares | Class B Shares | ||
Class C Shares | Class C Shares | ||
Class Y Shares | Institutional Shares | ||
AXA Enterprise Tax-Exempt Income Fund | Goldman Sachs Municipal Income Fund | ||
Class A Shares | Class A Shares | ||
Class B Shares | Class B Shares | ||
Class C Shares | Class C Shares | ||
Class Y Shares | Institutional Shares | ||
AXA Enterprise Money Market Fund | Goldman Sachs Institutional Liquid Assets Prime Obligations Portfolio | ||
Class A Shares | ILA Service Shares | ||
Class B Shares | ILA B Shares | ||
Class C Shares | ILA C Shares | ||
Class Y Shares | ILA Service Shares |
A-32
10 Percent of total assets (including securities lending collateral) (Italic type) | ||||||||
10 Percent of net assets (excluding borrowing for investment purposes) (Roman type) | AXA Enterprise | Goldman Sachs | ||||||
• No specific % limitation on usage; limited only by the objective and strategies of the Fund | Capital Appreciation | Structured | ||||||
— Not permitted | Fund | U.S. Equity Fund | ||||||
Investment Practices | ||||||||
Borrowings | 33 | 1/3 | 33 | 1/3 | ||||
Cross Hedging of Currencies | • | • | ||||||
Currency Swaps | • | — | ||||||
Custodial Receipts and Trust Certificates | — | • | ||||||
Equity Swaps | • | • | 1 | |||||
Foreign Currency Transactions | • | • | 2 | |||||
Futures Contracts and Options on Futures Contracts | • | • | 3 | |||||
Investment Company Securities (including iSharesSM and Standard & Poor’s Depositary ReceiptsTM) | 10 | 10 | ||||||
Options on Foreign Currencies4 | • | • | ||||||
Options on Securities and Securities Indices | • | • | 5 | |||||
Repurchase Agreements | • | • | ||||||
Reverse Repurchase Agreements | • | — | ||||||
Securities Lending | 33 | 1/3 | 33 | 1/3 | ||||
Short Sales Against the Box | • | 6 | — | |||||
Unseasoned Companies | • | • | ||||||
Warrants and Stock Purchase Rights | • | • | ||||||
When-Issued Securities and Forward Commitments | • | • |
1. | Limited to 15% of net assets (together with other illiquid securities) for all structured securities and all swap transactions that are not deemed to be liquid. |
2. | Limited by the amount the GST Fund invests in foreign securities. |
3. | The GST Fund may enter into futures transactions only with respect to the S&P 500® Index. |
4. | Each Fund may purchase and sell call and put options. |
5. | The GST Fund may sell covered call and put options and purchase call and put options. |
6. | The AXA Enterprise Fund may also cover a short sale by depositing in a segregated account cash, U.S. Government securities, or other liquid securities in an amount equal to the market value of the securities sold short. |
B-1
10 Percent of total assets (excluding securities lending collateral) (Italic type) | ||||||||
10 Percent of net assets (including borrowing for investment purposes) (Roman type) | AXA Enterprise | Goldman Sachs | ||||||
• No specific % limitation on usage; limited only by the objective and strategies of the Fund | Capital Appreciation | Structured | ||||||
— Not permitted | Fund | U.S. Equity Fund | ||||||
Investment Securities | ||||||||
American and Global Depositary Receipts | • | • | ||||||
Asset-Backed and Mortgage-Backed Securities | • | — | ||||||
Bank Obligations | • | • | 1 | |||||
Convertible Securities | • | • | 2 | |||||
Corporate Debt Obligations | • | • | 1 | |||||
Equity Investments | • | 90 | + | |||||
Emerging Country Securities | • | — | ||||||
Fixed Income Securities | • | 10 | 1.3 | |||||
Foreign Government Securities | • | — | ||||||
Foreign Securities | • | • | 4 | |||||
Mortgage-Backed Securities | • | — | ||||||
Non-Investment Grade Fixed Income Securities | • | — | 3 | |||||
Real Estate Investment Trusts | • | • | ||||||
Structured Securities | — | • | 5 | |||||
Temporary Investments | 100 | 35 | ||||||
U.S. Government Securities | • | • | 1 |
1. | Limited by the amount the GST Fund invests in fixed-income securities and limited to cash equivalents only. The GST Fund may invest in bank obligations issued by U.S. or foreign banks. |
2. | The GST Fund has no minimum rating criteria for convertible debt securities. |
3. | Except as noted under “Convertible Securities,” fixed-income securities must be investment grade (i.e., BBB or higher by Standard & Poor’s or Baa or higher by Moody’s or have a comparable rating by another NRSRO at the time of investment). |
4. | Equity securities of foreign issuers must be traded in the United States. |
5. | Limited to 15% of net assets (together with other illiquid securities) for all structured securities which are not deemed to be liquid and all swap transactions. |
B-2
10 Percent of total assets (including securities lending collateral) (Italic type) | ||||||||
10 Percent of net assets (excluding borrowing for investment purposes) (Roman type) | Goldman Sachs | |||||||
• No specific % limitation on usage; limited only by the objective and strategies of the Fund | AXA Enterprise | Large Cap | ||||||
— Not permitted | Deep Value Fund | Value Fund | ||||||
Investment Practices | ||||||||
Borrowing | 33 | 1/3 | 33 | 1/3 | ||||
Cross Hedging of Currencies | • | • | ||||||
Custodial Receipts and Trust Certificates | — | • | ||||||
Equity Swaps | — | • | 1 | |||||
Foreign Currency Transactions | • | • | 2 | |||||
Futures Contracts and Options on Futures Contracts | • | • | ||||||
Investment Company Securities (including iSharesSM and Standard & Poor’s Depositary ReceiptsTM) | 10 | 10 | ||||||
Options on Foreign Currencies3 | • | • | ||||||
Options on Securities and Securities Indices | • | • | 4 | |||||
Repurchase Agreements | • | • | ||||||
Securities Lending | 33 | 1/3 | 33 | 1/3 | ||||
Short Sales Against the Box | • | 5 | 25 | |||||
Unseasoned Companies | • | • | ||||||
Warrants and Stock Purchase Rights | • | • | ||||||
When-Issued Securities and Forward Commitments | • | • |
1. | Limited to 15% of net assets (together with other illiquid securities) for all structured securities and all swap transactions that are not deemed to be liquid. |
2. | Limited by the amount the GST Fund invests in foreign securities. |
3. | The GST Fund may purchase and sell call and put options. |
4. | The GST Fund may sell covered call and put options and purchase call and put options. |
5. | The AXA Enterprise Fund may also cover a short sale by depositing in a segregated account cash, U.S. Government securities, or other liquid securities in an amount equal to the market value of the securities sold short. |
B-3
10 Percent of total assets (excluding securities lending collateral) (Italic type) | ||||||||
10 Percent of net assets (including borrowing for investment purposes) (Roman type) | Goldman Sachs | |||||||
• No specific % limitation on usage; limited only by the objective and strategies of the Fund | AXA Enterprise | Large Cap | ||||||
— Not permitted | Deep Value Fund | Value Fund | ||||||
Investment Securities | ||||||||
American, European and Global Depositary Receipts | • | • | ||||||
Asset-Backed and Mortgage-Backed Securities | • | • | 1 | |||||
Bank Obligations | • | • | 1 | |||||
Convertible Securities | • | • | 2 | |||||
Corporate Debt Obligations | • | • | 1 | |||||
Equity Investments | • | 80 | + | |||||
Emerging Country Securities | 20 | 25 | 3 | |||||
Fixed Income Securities | • | 20 | 4 | |||||
Foreign Securities | 20 | 25 | 3 | |||||
Foreign Government Securities | • | — | ||||||
Mortgage Backed Securities | • | • | ||||||
Non-Investment Grade Fixed Income Securities | • | 10 | 5 | |||||
Real Estate Investment Trusts | • | • | ||||||
Structured Securities | • | • | 6 | |||||
Temporary Investments | 100 | 100 | ||||||
U.S. Government Securities | • | • | 1 |
1. | Limited by the amount the GST Fund invests in fixed-income securities. |
2. | The GST Fund uses the same rating criteria for convertible and non-convertible debt securities. |
3. | The GST Fund may invest up to 25% of its net assets in foreign securities, including emerging country securities. |
4. | Except as noted under “Convertible Securities” and “Non-Investment Grade Fixed Income Securities,” fixed income securities must be investment grade (i.e., BBB or higher by S&P, Baa or higher by Moody’s or have a comparable rating by another NRSRO). |
5. | May be BB or lower by S&P, Baa or lower by Moody’s or have a comparable rating by another NRSRO at the time of investment. |
6. | Limited to 15% of net assets (together with other illiquid securities) for all structured securities which are not deemed to be liquid and all swap transactions. |
B-4
10 Percent of total assets (including securities lending collateral) (Italic type) | Goldman Sachs | |||||||
10 Percent of net assets (excluding borrowing for investment purposes) (Roman type) | Structured | |||||||
• No specific % limitation on usage; limited only by the objective and strategies of the Fund | AXA Enterprise | Large Cap | ||||||
— Not permitted | Equity Fund | Growth Fund | ||||||
Investment Practices | ||||||||
Borrowing | 33 | 1/3 | 33 | 1/3 | ||||
Cross Hedging of Currencies | • | • | ||||||
Currency Swaps | • | — | ||||||
Custodial Receipts and Trust Certificates | — | • | ||||||
Equity Swaps | • | • | 1 | |||||
Foreign Currency Transactions | • | • | 2 | |||||
Futures Contracts and Options on Futures Contracts | • | • | 3 | |||||
Investment Company Securities (including iSharesSM and Standard & Poor’s Depositary ReceiptsTM) | 10 | 10 | ||||||
Options on Foreign Currencies4 | • | • | ||||||
Options on Securities and Securities Indices | • | • | 5 | |||||
Repurchase Agreements | • | • | ||||||
Securities Lending | 33 | 1/3 | 33 | 1/3 | ||||
Short Sales Against the Box | • | 6 | — | |||||
Unseasoned Companies | • | • | ||||||
Warrants and Stock Purchase Rights | • | • | ||||||
When-Issued Securities and Forward Commitments | • | • |
1. | Limited to 15% of net assets (together with other illiquid securities) for all structured securities and all swap transactions that are not deemed to be liquid. |
2. | Limited by the amount the GST Fund invests in foreign securities. |
3. | The GST Fund may enter into future transactions only with respect to a representative index. |
4. | Each Fund may purchase and sell call and put options. |
5. | The GST Fund may sell covered call and put options and purchase call and put options. |
6. | The AXA Enterprise Fund may also cover a short sale by depositing in a segregated account cash, U.S. Government securities, or other liquid securities in an amount equal to the market value of the securities sold short. |
B-5
10 Percent of total assets (excluding securities lending collateral) (Italic type) | Goldman Sachs | |||||||
10 Percent of net assets (including borrowing for investment purposes) (Roman type) | Structured | |||||||
• No specific % limitation on usage; limited only by the objective and strategies of the Fund | AXA Enterprise | Large Cap | ||||||
— Not permitted | Equity Fund | Growth Fund | ||||||
Investment Securities | ||||||||
American, European and Global Depositary Receipts | • | • | 1 | |||||
Asset-Backed Securities | • | — | ||||||
Bank Obligations | • | • | 2 | |||||
Convertible Securities | • | • | 3 | |||||
Corporate Debt Obligations | • | • | 2 | |||||
Equity Investments | 80 | + | 80 | + | ||||
Emerging Country Securities | 20 | — | ||||||
Fixed Income Securities | • | 20 | 2, 4 | |||||
Foreign Government Securities | • | — | ||||||
Foreign Securities | 20 | • | 5 | |||||
Non-Investment Grade Fixed Income Securities | • | — | 4 | |||||
Real Estate Investment Trusts | • | • | ||||||
Structured Securities | — | • | 6 | |||||
Temporary Investments | 100 | 35 | ||||||
U.S. Government Securities | • | • | 2 |
1. | The GST Fund may not invest in EDRs. |
2. | Limited by the amount the GST Fund invests in fixed-income securities and limited to cash equivalents only. The GST Fund may invest in bank obligations issued by U.S. or Foreign banks. |
3. | The GST Fund has no minimum rating criteria for convertible debt securities. |
4. | Except as noted under “Convertible Securities,” fixed-income securities must be investment grade (i.e., BBB or higher by S&P, Baa or higher by Moody’s or have a comparable rating by another NRSRO). |
5. | Equity securities of foreign issuers must be traded in the United States. |
6. | Limited to 15% of net assets (together with other illiquid securities) for all structured securities which are not deemed to be liquid and all swap transactions. |
B-6
10 Percent of total assets (including securities lending collateral) (Italic type) | ||||||||
10 Percent of net assets (excluding borrowing for investment purposes) (Roman type) | Goldman Sachs | |||||||
• No specific % limitation on usage; limited only by the objective and strategies of the Fund | AXA Enterprise | Growth and | ||||||
— Not permitted | Equity Income Fund | Income Fund | ||||||
Investment Practices | ||||||||
Borrowing | 33 | 1/3 | 33 | 1/3 | ||||
Credit, Currency, Index, Interest Rate, Total Return and Mortgage Swaps | • | — | ||||||
Cross Hedging of Currencies | • | • | ||||||
Custodial Receipts and Trust Certificates | — | • | ||||||
Equity Swaps | • | • | 1 | |||||
Foreign Currency Transactions | • | • | 2 | |||||
Futures Contracts and Options on Futures Contracts | • | • | ||||||
Investment Company Securities (including iSharesSM and Standard & Poor’s Depositary ReceiptsTM) | 10 | 10 | ||||||
Options on Foreign Currencies3 | • | • | ||||||
Options on Securities and Securities Indices | • | • | 4 | |||||
Repurchase Agreements | • | • | ||||||
Reverse Repurchase Agreements | • | — | ||||||
Securities Lending | 33 | 1/3 | 33 | 1/3 | ||||
Short Sales Against the Box | • | 5 | 25 | |||||
Unseasoned Companies | • | • | ||||||
Warrants and Stock Purchase Rights | • | • | ||||||
When-Issued Securities and Forward Commitments | • | • |
1. | Limited to 15% of net assets (together with other illiquid securities) for all structured securities and all swap transactions that are not deemed to be liquid. |
2. | Limited by the amount the GST Fund invests in foreign securities. |
3. | Each Fund may purchase and sell call and put options. |
4. | The GST Fund may sell covered call and put options and purchase call and put options. |
5. | The AXA Enterprise Fund may also cover a short sale by depositing in a segregated account cash, U.S. Government securities, or other liquid securities in an amount equal to the market value of the securities sold short. |
B-7
10 Percent of total assets (excluding securities lending collateral) (Italic type) | ||||||||
10 Percent of net assets (including borrowing for investment purposes) (Roman type) | Goldman Sachs | |||||||
• No specific % limitation on usage; limited only by the objective and strategies of the Fund | AXA Enterprise | Growth and | ||||||
— Not permitted | Equity Income Fund | Income Fund | ||||||
Investment Securities | ||||||||
American, European and Global Depositary Receipts | • | • | ||||||
Asset-Backed Securities | • | • | 1 | |||||
Bank Obligations | • | • | 1 | |||||
Convertible Securities | • | • | 2 | |||||
Corporate Debt Obligations | • | • | 1 | |||||
Equity Investments | 80 | + | 65 | + | ||||
Emerging Country Securities | • | 25 | 3 | |||||
Fixed Income Securities | • | 35 | 4 | |||||
Foreign Securities | • | 25 | 3 | |||||
Foreign Government Securities | • | — | ||||||
Mortgage-Backed Securities | — | • | 1 | |||||
Non-Investment Grade Fixed Income Securities | • | 10 | 5 | |||||
Real Estate Investment Trusts | • | • | ||||||
Structured Securities | — | • | 6 | |||||
Temporary Investments | 100 | 100 | ||||||
U.S. Government Securities | • | • | 1 |
1. | Limited by the amount the GST Fund invests in fixed-income securities. |
2. | The GST Fund uses the same rating criteria for convertible and non-convertible debt securities. |
3. | The GST Fund may invest in the aggregate up to 25% of its total assets in foreign securities, including emerging country securities. |
4. | Except as noted under “Convertible Securities” and “Non-Investment Grade Fixed Income Securities,” fixed income securities must be investment grade (i.e., BBB or higher by S&P, Baa or higher by Moody’s or have a comparable rating by another NRSRO). |
5. | May be BB or lower by S&P, Baa or lower by Moody’s or have a comparable rating by another NRSRO at the time of investment. |
6. | Limited to 15% of net assets (together with other illiquid securities) for all structured securities which are not deemed to be liquid and all swap transactions. |
B-8
10 Percent of total assets (including securities lending collateral) (Italic type) | ||||||||
10 Percent of net assets (excluding borrowing for investment purposes) (Roman type) | AXA Enterprise | Goldman Sachs | ||||||
• No specific % limitation on usage; limited only by the objective and strategies of the Fund | Growth and | Growth and | ||||||
— Not permitted | Income Fund | Income Fund | ||||||
Investment Practices | ||||||||
Borrowing | 33 | 1/3 | 33 | 1/3 | ||||
Credit, Currency, Index, Interest Rate, Total Return and Mortgage Swaps | • | — | ||||||
Cross Hedging of Currencies | • | • | ||||||
Custodial Receipts and Trust Certificates | — | • | ||||||
Equity Swaps | • | • | 1 | |||||
Foreign Currency Transactions | • | • | 2 | |||||
Futures Contracts and Options on Futures Contracts | • | • | ||||||
Investment Company Securities (including iSharesSM and Standard & Poor’s Depositary ReceiptsTM) | 10 | 10 | ||||||
Options on Foreign Currencies3 | • | • | ||||||
Options on Securities and Securities Indices | • | • | 4 | |||||
Repurchase Agreements | • | • | ||||||
Securities Lending | 33 | 1/3 | 33 | 1/3 | ||||
Short Sales Against the Box | • | 5 | 25 | |||||
Unseasoned Companies | • | • | ||||||
Warrants and Stock Purchase Rights | • | • | ||||||
When-Issued Securities and Forward Commitments | • | • |
1. | Limited to 15% of net assets (together with other illiquid securities) for all structured securities and all swap transactions that are not deemed to be liquid. |
2. | Limited by the amount the GST Fund invests in foreign securities. |
3. | Each Fund may purchase and sell call and put options. |
4. | The GST Fund may sell covered call and put options and purchase call and put options. |
5. | The AXA Enterprise Fund may also cover a short sale by depositing in a segregated account cash, U.S. Government securities, or other liquid securities in an amount equal to the market value of the securities sold short. |
B-9
10 Percent of total assets (excluding securities lending collateral) (Italic type) | ||||||||
10 Percent of net assets (including borrowing for investment purposes) (Roman type) | AXA Enterprise | Goldman Sachs | ||||||
• No specific % limitation on usage; limited only by the objective and strategies of the Fund | Growth and | Growth and | ||||||
— Not permitted | Income Fund | Income Fund | ||||||
Investment Securities | ||||||||
American, European and Global Depositary Receipts | • | • | ||||||
Asset-Backed Securities | • | • | 1 | |||||
Bank Obligations | • | • | 1 | |||||
Convertible Securities | • | • | 2 | |||||
Corporate Debt Obligations | • | • | 1 | |||||
Equity Investments | • | 65 | + | |||||
Emerging Country Securities | • | 25 | 3 | |||||
Fixed Income Securities | • | 35 | 4 | |||||
Foreign Securities | • | 25 | 3 | |||||
Foreign Government Securities | • | — | ||||||
Mortgage-Backed Securities | — | • | 1 | |||||
Non-Investment Grade Fixed Income Securities | • | 10 | 5 | |||||
Real Estate Investment Trusts | • | • | ||||||
Structured Securities | — | • | 6 | |||||
Temporary Investments | 100 | 100 | ||||||
U.S. Government Securities | • | • | 1 |
1. | Limited by the amount the GST Fund invests in fixed-income securities. |
2. | The GST Fund uses the same rating criteria for convertible and non-convertible debt securities. |
3. | The GST Fund may invest in the aggregate up to 25% of its total assets in foreign securities, including emerging country securities. |
4. | Except as noted under “Convertible Securities” and “Non-Investment Grade Fixed Income Securities,” fixed income securities must be investment grade (i.e., BBB or higher by S&P, Baa or higher by Moody’s or have a comparable rating by another NRSRO). |
5. | May be BB or lower by S&P, Baa or lower by Moody’s or have a comparable rating by another NRSRO at the time of investment. |
6. | Limited to 15% of net assets (together with other illiquid securities) for all structured securities which are not deemed to be liquid and all swap transactions. |
B-10
10 Percent of total assets (including securities lending collateral) (Italic type) | Goldman Sachs | |||||||
10 Percent of net assets (excluding borrowing for investment purposes) (Roman type) | AXA Enterprise | Strategic | ||||||
• No specific % limitation on usage; limited only by the objective and strategies of the Fund | International | International | ||||||
— Not permitted | Growth Fund | Equity Fund | ||||||
Investment Practices | ||||||||
Borrowing | 33 | 1/3 | 33 | 1/3 | ||||
Cross Hedging of Currencies | • | • | ||||||
Currency Swaps | • | • | 1 | |||||
Custodial Receipts and Trust Certificates | — | • | ||||||
Equity Swaps | • | • | 1 | |||||
Foreign Currency Transactions | • | • | ||||||
Futures Contracts and Options on Futures Contracts | • | • | ||||||
Investment Company Securities (including iSharesSM and Standard & Poor’s Depositary ReceiptsTM) | 10 | 10 | ||||||
Options on Foreign Currencies2 | • | • | ||||||
Options on Securities and Securities Indices | • | • | 3 | |||||
Unseasoned Companies | • | • | ||||||
Warrants and Stock Purchase Rights | • | • | ||||||
Repurchase Agreements | • | • | ||||||
Securities Lending | 33 | 1/3 | 33 | 1/3 | ||||
Short Sales Against the Box | • | 4 | 25 | |||||
When-Issued Securities and Forward Commitments | • | • |
1. | Limited to 15% of a net assets (together with other illiquid securities) for all structured securities and all swap transactions that are not deemed to be liquid. |
2. | Each Fund may purchase and sell call and put options. |
3. | The GST Fund may sell covered call and put options and purchase call and put options. |
4. | The AXA Enterprise Fund may also cover a short sale by depositing in a segregated account cash, U.S. Government securities, or other liquid securities in an amount equal to the market value of the securities sold short. |
B-11
10 Percent of total assets (excluding securities lending collateral) (Italic type) | Goldman Sachs | |||||||
10 Percent of net assets (including borrowing for investment purposes) (Roman type) | AXA Enterprise | Strategic | ||||||
• No specific % limitation on usage; limited only by the objective and strategies of the Fund | International | International | ||||||
— Not permitted | Growth Fund | Equity Fund | ||||||
Investment Securities | ||||||||
American, European and Global Depositary Receipts | • | • | ||||||
Asset-Backed Securities | • | • | 1 | |||||
Bank Obligations | • | • | 2, 3 | |||||
Convertible Securities | • | • | ||||||
Corporate Debt Obligations | • | • | 1 | |||||
Equity Investments | 80 | + | 80 | + | ||||
Emerging Country Securities | • | • | ||||||
Fixed Income Securities | • | 20 | 3 | |||||
Foreign Securities | • | • | ||||||
Foreign Government Securities | • | • | 1 | |||||
Mortgage-Backed Securities | — | • | 1 | |||||
Non-Investment Grade Fixed Income Securities | • | • | 1, 4 | |||||
Real Estate Investment Trusts | • | • | ||||||
Structured Securities | — | • | 5 | |||||
Temporary Investments | 100 | 35 | ||||||
U.S. Government Securities | • | • | 1 |
1. | Limited by the amount the GST Fund invests in fixed-income securities. |
2. | Issued by U.S. or foreign banks. |
3. | Except as noted under “Non-Investment Grade Fixed-Income Securities,” fixed-income securities are investment grade (i.e., BBB or higher by S&P, Baa or higher by Moody’s or have a comparable rating by another NRSRO at the time of investment). |
4. | May be BB or lower by S&P, Baa or lower by Moody’s or have a comparable rating by another NRSRO at the time of investment. |
5. | Limited to 15% of net assets (together with other illiquid securities) for all structured securities which are not deemed to be liquid and all swap transactions. |
B-12
10 Percent of total assets (including securities lending collateral) (Italic type) | ||||||||
10 Percent of net assets (excluding borrowing for investment purposes) (Roman type) | ||||||||
• No specific % limitation on usage; limited only by the objective and strategies of the Fund | AXA Enterprise | Goldman Sachs | ||||||
— Not permitted | Large Cap Growth | Capital Growth Fund | ||||||
Investment Practices | ||||||||
Borrowing | 33 | 1/3 | 33 | 1/3 | ||||
Credit, Currency, Index, Interest Rate, Total Return and Mortgage Swaps | • | — | ||||||
Cross Hedging of Currencies | • | • | ||||||
Custodial Receipts and Trust Certificates | — | • | ||||||
Equity Swaps | • | • | 1 | |||||
Foreign Currency Transactions | • | • | 2 | |||||
Futures Contracts and Options on Futures Contracts | • | • | ||||||
Investment Company Securities (including iSharesSM and Standard & Poor’s Depositary ReceiptsTM) | 10 | 10 | ||||||
Options on Foreign Currencies3 | • | • | ||||||
Options on Securities and Securities Indices | • | • | 4 | |||||
Repurchase Agreements | • | • | ||||||
Securities Lending | 33 | 1/3 | 33 | 1/3 | ||||
Short Sales Against the Box | • | 5 | 25 | |||||
Unseasoned Companies | • | • | ||||||
Warrants and Stock Purchase Rights | • | • | ||||||
When-Issued Securities and Forward Commitments | • | • |
1. | Limited to 15% of the GST Fund’s net assets (together with other illiquid securities) for all structured securities and all swap transactions that are not deemed to be liquid. |
2. | Limited by the amount the GST Fund invests in foreign securities. |
3. | Each Fund may purchase and sell call and put options. |
4. | The GST Fund may sell covered call and put options and purchase call and put options. |
5. | The AXA Enterprise Fund may also cover a short sale by depositing in a segregated account cash, U.S. Government securities, or other liquid securities in an amount equal to the market value of the securities sold short. |
B-13
10 Percent of total assets (excluding securities lending collateral) (Italic type) | ||||||||
10 Percent of net assets (including borrowing for investment purposes) (Roman type) | AXA Enterprise | Goldman Sachs | ||||||
• No specific % limitation on usage; limited only by the objective and strategies of the Fund | Large Cap | Capital Growth | ||||||
— Not permitted | Growth Fund | Fund | ||||||
Investment Securities | ||||||||
American, European and Global Depositary Receipts | • | • | ||||||
Asset-Backed Securities | • | • | 1 | |||||
Bank Obligations | • | • | 1 | |||||
Convertible Securities | • | • | 2 | |||||
Corporate Debt Obligations | • | • | 1 | |||||
Equity Investments | • | 90 | + | |||||
Emerging Country Securities | • | 10 | 3 | |||||
Fixed Income Securities | • | • | 4 | |||||
Foreign Securities | • | 25 | 3 | |||||
Foreign Government Securities | • | — | ||||||
Mortgage-Backed Securities | — | • | 1 | |||||
Non-Investment Grade Fixed Income Securities | • | 10 | 5 | |||||
Real Estate Investment Trusts | • | • | ||||||
Structured Securities | — | • | 6 | |||||
Temporary Investments | 100 | 100 | ||||||
U.S. Government Securities | • | • | 1 |
1. | Limited by the amount the GST Fund invests in fixed-income securities |
2. | The GST Fund uses the same rating criteria for convertible and non-convertible debt securities. |
3. | The GST Fund may invest in the aggregate up to 25% of its total assets in foreign securities, including emerging country securities. |
4. | Except as noted under “Convertible Securities” and “Non-Investment Grade Fixed Income Securities,” fixed income securities must be investment grade. |
5. | May be BB or lower by S&P, Baa or lower by Moody’s or have a comparable rating by another NRSRO at the time of investment. |
6. | Limited to 15% of net assets (together with other illiquid securities) for all structured securities which are not deemed to be liquid and all swap transactions. |
B-14
10 Percent of total assets (including securities lending collateral) (Italic type) | Goldman Sachs | |||||||
10 Percent of net assets (excluding borrowing for investment purposes) (Roman type) | AXA Enterprise | Structured | ||||||
• No specific % limitation on usage; limited only by the objective and strategies of the Fund | Small Company | Small Cap | ||||||
— Not permitted | Growth Fund | Growth Fund | ||||||
Investment Practices | ||||||||
Borrowing | 33 | 1/3 | 33 | 1/3 | ||||
Cross Hedging of Currencies | • | • | ||||||
Custodial Receipts and Trust Certificates | — | • | ||||||
Equity Swaps | • | • | 1 | |||||
Foreign Currency Transactions | • | • | 2 | |||||
Futures Contracts and Options on Futures Contracts | • | • | 3 | |||||
Investment Company Securities (including iSharesSM and Standard & Poor’s Depositary ReceiptsTM) | 10 | 10 | ||||||
Options on Foreign Currencies4 | • | • | ||||||
Options on Securities and Securities Indices | • | • | 5 | |||||
Repurchase Agreements | • | • | ||||||
Reverse Repurchase Agreements | • | — | ||||||
Securities Lending | 33 | 1/3 | 33 | 1/3 | ||||
Short Sales Against the Box | • | 6 | — | |||||
Unseasoned Companies | • | • | ||||||
Warrants and Stock Purchase Rights | • | • | ||||||
When-Issued Securities and Forward Commitments | • | • |
1. | Limited to 15% of net assets (together with other illiquid securities) for all structured securities and all swap transactions that are not deemed to be liquid. |
2. | Limited by the amount the GST Fund invests in foreign securities. |
3. | The GST Fund may enter into futures transactions only with respect to a representative index. |
4. | Each Fund may purchase and sell call and put options. |
5. | The GST Fund may sell covered call and put options and purchase call and put options. |
6. | The AXA Enterprise Fund may also cover a short sale by depositing in a segregated account cash, U.S. Government securities, or other liquid securities in an amount equal to the market value of the securities sold short. |
B-15
10 Percent of total assets (excluding securities lending collateral) (Italic type) | Goldman Sachs | |||||||
10 Percent of net assets (including borrowing for investment purposes) (Roman type) | AXA Enterprise | Structured | ||||||
• No specific % limitation on usage; limited only by the objective and strategies of the Fund | Small Company | Small Cap | ||||||
— Not permitted | Growth Fund | Growth Fund | ||||||
Investment Securities | ||||||||
American and Global Depositary Receipts | • | • | ||||||
Asset-Backed Securities | • | — | ||||||
Bank Obligations | • | • | 1 | |||||
Convertible Securities | • | • | 2 | |||||
Corporate Debt Obligations | • | • | 1 | |||||
Equity Investments | 80 | + | 80 | + | ||||
Emerging Country Securities | • | — | ||||||
Fixed Income Securities | • | 20 | 1.3 | |||||
Foreign Securities | • | • | 4 | |||||
Non-Investment Grade Fixed Income Securities | • | — | 3 | |||||
Real Estate Investment Trusts | • | • | ||||||
Structured Securities | • | • | 5 | |||||
Temporary Investments | 100 | 35 | ||||||
U.S. Government Securities | • | • | 1 |
1. | Limited by the amount the GST Fund invests in fixed-income securities and limited to cash equivalents only. The GST Fund may invest in bank obligations issued by U.S. or foreign banks. |
2. | The GST Fund has no minimum rating criteria for convertible debt securities. |
3. | Except as noted under “Convertible Securities,” fixed-income securities must be investment grade (i.e., BBB or higher by S&P, Baa or higher by Moody’s or have a comparable rating by another NRSRO at the time of investment). |
4. | Equity securities of foreign issuers must be traded in the United States. |
5. | Limited to 15% of net assets (together with other illiquid securities) for all structured securities which are not deemed to be liquid and all swap transactions. |
B-16
10 Percent of total assets (including securities lending collateral) (Italic type) | ||||||||
10 Percent of net assets (excluding borrowing for investment purposes) (Roman type) | AXA Enterprise | Goldman Sachs | ||||||
• No specific % limitation on usage; limited only by the objective and strategies of the Fund | Small Company | Structured Small Cap | ||||||
— Not permitted | Value Fund | Value Fund | ||||||
Investment Practices | ||||||||
Borrowing | 33 | 1/3 | 33 | 1/3 | ||||
Cross Hedging of Currencies | • | • | ||||||
Custodial Receipts and Trust Certificates | — | • | ||||||
Equity Swaps | • | • | 1 | |||||
Foreign Currency Transactions | • | • | 2 | |||||
Futures Contracts and Options on Futures Contracts | • | • | 3 | |||||
Investment Company Securities (including iSharessm and Standard & Poor’s Depositary Receiptstm) | 10 | 10 | ||||||
Options on Foreign Currencies4 | • | • | ||||||
Options on Securities and Securities Indices | • | • | 5 | |||||
Repurchase Agreements | • | • | ||||||
Securities Lending | 33 | 1/3 | 33 | 1/3 | ||||
Short Sales Against the Box | • | 6 | — | |||||
Unseasoned Companies | • | • | ||||||
Warrants and Stock Purchase Rights | • | • | ||||||
When-Issued Securities and Forward Commitments | • | • |
1. | Limited to 15% net assets (together with other illiquid securities) for all structured securities and all swap transactions that are not deemed to be liquid. |
2. | Limited by the amount the GST Fund invests in foreign securities. |
3. | The GST Fund may enter into futures transactions only with respect to a representative index. |
4. | Each Fund may purchase and sell call and put options. |
5. | The GST Fund may sell covered call and put options and purchase call and put options. |
6. | The AXA Enterprise Fund may also cover a short sale by depositing in a segregated account cash, U.S. Government securities, or other liquid securities in an amount equal to the market value of the securities sold short. |
B-17
10 Percent of total assets (including securities lending collateral) (Italic type) | ||||||||
10 Percent of net assets (excluding borrowing for investment purposes) (Roman type) | AXA Enterprise | Goldman Sachs | ||||||
• No specific % limitation on usage; limited only by the objective and strategies of the Fund | Small Company | Structured Small Cap | ||||||
— Not permitted | Value Fund | Value Fund | ||||||
Investment Securities | ||||||||
American and Global Depositary Receipts | • | • | ||||||
Asset-Backed Securities | • | — | ||||||
Bank Obligations | • | • | 1 | |||||
Convertible Securities | • | • | 2 | |||||
Corporate Debt Obligations | • | • | 1 | |||||
Equity Investments | 80 | + | 80 | + | ||||
Emerging Country Securities | • | — | ||||||
Fixed Income Securities | • | 20 | 1, 3 | |||||
Foreign Securities | • | • | 4 | |||||
Non-Investment Grade Fixed Income Securities | • | — | 3 | |||||
Real Estate Investment Trusts | • | • | ||||||
Structured Securities | — | • | 5 | |||||
Temporary Investments | 100 | 35 | ||||||
U.S. Government Securities | • | • | 1 |
1. | Limited by the amount the GST Fund invests in fixed-income securities and limited to cash equivalents only. The GST Fund may invest in bank obligations issued by U.S. or foreign banks. |
2. | The GST Fund has no minimum rating criteria for convertible debt securities. |
3. | Except as noted under “Convertible Securities,” fixed-income securities must be investment grade (i.e., BBB or higher by S&P, Baa or higher by Moody’s or have a comparable rating by another NRSRO at the time of investment). |
4. | Equity securities of foreign issuers must be traded in the United States. |
5. | Limited to 15% of net assets (together with other illiquid securities) for all structured securities which are not deemed to be liquid and all swap transactions. |
B-18
10 Percent of total assets (including securities lending collateral) (Italic type) | AXA Enterprise | |||||||
10 Percent of net assets (excluding borrowing for investment purposes) (Roman type) | Government | Goldman Sachs | ||||||
• No specific % limitation on usage; limited only by the objective and strategies of the Fund | Securities | Government | ||||||
— Not permitted | Fund | Income Fund | ||||||
Investment Practices | ||||||||
Borrowing | 33 | 1/3 | 33 | 1/3 | ||||
Credit, Interest Rate and Total Return Swaps | — | • | 1 | |||||
Currency Options and Futures | • | — | ||||||
Cross Hedging of Currencies | • | — | ||||||
Financial Futures Contracts | • | • | ||||||
Forward Foreign Currency Exchange Contracts | • | — | ||||||
Interest Rate Floors, Caps and Collars | — | • | ||||||
Mortgage Dollar Rolls | • | • | ||||||
Mortgage Swaps | — | • | 1 | |||||
Options (including Options on Futures) | • | • | ||||||
Options on Foreign Currencies | • | — | ||||||
Repurchase Agreements | • | • | ||||||
Securities Lending | 33 | 1/3 | 33 | 1/3 | ||||
When-Issued Securities and Forward Commitments | • | • |
1. | Limited to 15% of net assets (together with other illiquid securities) for all structured securities which are not deemed to be liquid and all swap transactions. |
B-19
10 Percent of total assets (including securities lending collateral) (Italic type) | AXA Enterprise | ||||||||
10 Percent of net assets (excluding borrowing for investment purposes) (Roman type) | Government | Goldman Sachs | |||||||
• No specific % limitation on usage; limited only by the objective and strategies of the Fund | Securities | Government | |||||||
— Not permitted | Fund | Income Fund | |||||||
Investment Securities | |||||||||
Asset-Backed Securities | • | • | |||||||
Bank Obligations | • | • | |||||||
Corporate Debt Obligations | • | • | |||||||
Floating and Variable Rate Obligations | • | • | |||||||
Mortgage-Backed Securities | |||||||||
Adjustable Rate Mortgage Loans | • | • | |||||||
Collateralized Mortgage Obligations | • | • | |||||||
Fixed Rate Mortgage Loans | • | • | |||||||
Government Issued Mortgaged-Backed Securities | • | • | |||||||
Multiple Class Mortgage-Backed Securities | • | • | |||||||
Privately Issued Mortgage-Backed Securities | • | • | |||||||
Stripped Mortgage-Backed Securities | • | • | |||||||
Structured Securities | • | • | 1 | ||||||
Taxable Municipal Securities | • | • | |||||||
Tax-Free Municipal Securities | • | • | |||||||
Temporary Investments | 100 | • | |||||||
Trust Preferred Securities | — | • | |||||||
U.S. Government Securities | 80 | + | 80 | + |
1. | The GST Fund is limited to 15% of net assets (together with other illiquid securities) for all structured securities which are not deemed to be liquid and all swap transactions. |
B-20
10 Percent of total assets (including securities lending collateral) (Italic type) | ||||||||
10 Percent of net assets (excluding borrowing for investment purposes) (Roman type) | AXA Enterprise | Goldman Sachs | ||||||
• No specific % limitation on usage; limited only by the objective and strategies of the Fund | Short Duration | Enhanced | ||||||
— Not permitted | Bond Fund | Income Fund | ||||||
Investment Practices | ||||||||
Borrowing | 33 | 1/3 | 33 | 1/3 | ||||
Credit, Interest Rate and Total Return Swaps | • | • | 1 | |||||
Currency Swaps | • | — | ||||||
Financial Futures Contracts | • | • | ||||||
Interest Rate Floors, Caps and Collars | — | • | ||||||
Mortgage Dollar Rolls | • | — | ||||||
Mortgage Swaps | • | — | ||||||
Options (including Options on Futures) | • | • | ||||||
Repurchase Agreements | • | • | 2 | |||||
Reverse Repurchase Agreements | • | — | ||||||
Securities Lending | 33 | 1/3 | 33 | 1/3 | ||||
When-Issued Securities and Forward Commitments | • | • |
1. | Limited to 15% of net assets (together with other illiquid securities) for all structured securities which are not deemed to be liquid and all swap transactions. |
2. | The GST Fund may enter into repurchase agreements collateralized by securities issued by foreign governments. |
B-21
10 Percent of total assets (including securities lending collateral) (Italic type) | |||||||||
10 Percent of net assets (excluding borrowing for investment purposes) (Roman type) | AXA Enterprise | Goldman Sachs | |||||||
• No specific % limitation on usage; limited only by the objective and strategies of the Fund | Short Duration | Enhanced | |||||||
— Not permitted | Bond Fund | Income Fund | |||||||
Investment Securities | |||||||||
Asset-Backed Securities | • | • | |||||||
Bank Obligations | • | • | |||||||
Convertible Securities | • | • | |||||||
Corporate Debt Obligations | • | • | |||||||
Emerging Country Securities | • | — | |||||||
Floating and Variable Rate Obligations | • | • | |||||||
Foreign Securities | 20 | 1 | • | 2 | |||||
Mortgage-Backed Securities | |||||||||
Adjustable Rate Mortgage | • | — | |||||||
Collateralized Mortgage Obligations | • | — | |||||||
Fixed Rate Mortgage Loans | • | — | |||||||
Government Issued Mortgage-Backed Securities | • | — | |||||||
Multiple Class Mortgage-Backed Securities | • | — | |||||||
Privately Issued Mortgage-Backed Securities | • | — | |||||||
Stripped Mortgage-Backed Securities | • | — | |||||||
Preferred Stock, Warrants and Rights | • | • | |||||||
Structured Securities | • | • | 3 | ||||||
Taxable Municipal Securities | • | — | |||||||
Tax-Free Municipal Securities | • | — | |||||||
Temporary Investments | 100 | • | |||||||
Trust Preferred Securities | — | • | |||||||
U.S. Government Securities | • | • |
1. | Limited to U.S. dollar denominated fixed income securities of foreign issuers. |
2. | Includes issuers domiciled in one country and issuing securities denominated in the currency of another. Non-dollar securities are not permitted for the GST Fund. |
3. | Limited to 15% of net assets (together with other illiquid securities) for all structured securities which are not deemed to be liquid and all swap transactions. |
B-22
10 Percent of total assets (including securities lending collateral) (Italic type) | ||||||||
10 Percent of net assets (excluding borrowing for investment purposes) (Roman type) | AXA Enterprise | Goldman Sachs | ||||||
• No specific % limitation on usage; limited only by the objective and strategies of the Fund | High-Yield | High Yield | ||||||
— Not permitted | Bond Fund | Fund | ||||||
Investment Practices | ||||||||
Borrowing | 33 | 1/3 | 33 | 1/3 | ||||
Credit, Interest Rate and Total Return Swaps | • | • | 1 | |||||
Currency Options and Futures | • | • | ||||||
Cross Hedging of Currencies | • | • | ||||||
Currency Swaps | • | • | 1 | |||||
Financial Futures Contracts | • | • | ||||||
Forward Foreign Currency Exchange Contracts | • | • | ||||||
Interest Rate Floors, Caps and Collars | — | • | ||||||
Mortgage Dollar Rolls | • | — | ||||||
Mortgage Swaps | • | • | 1 | |||||
Options (including Options on Futures) | • | • | ||||||
Options on Foreign Currencies | • | • | ||||||
Repurchase Agreements | • | • | 2 | |||||
Securities Lending | 33 | 1/3 | 33 | 1/3 | ||||
When-Issued Securities and Forward Commitments | • | • |
1. | Limited to 15% of net assets (together with other illiquid securities) for all structured securities which are not deemed to be liquid and all swap transactions. |
2. | The GST Fund may enter into repurchase agreements collateralized by securities issued by foreign governments. |
B-23
10 Percent of total assets (including securities lending collateral) (Italic type) | |||||||||
10 Percent of net assets (excluding borrowing for investment purposes) (Roman type) | AXA Enterprise | Goldman Sachs | |||||||
• No specific % limitation on usage; limited only by the objective and strategies of the Fund | High Yield | High Yield | |||||||
— Not permitted | Bond Fund | Fund | |||||||
Investment Securities | |||||||||
Asset-Backed Securities | • | • | |||||||
Bank Obligations | • | • | |||||||
Convertible Securities | • | • | |||||||
Corporate Debt Obligations | • | • | |||||||
Emerging Country Securities | • | 25 | 1 | ||||||
Floating and Variable Rate Obligations | • | • | |||||||
Foreign Securities | • | • | 1, 2 | ||||||
Loan Participations | • | • | |||||||
Mortgage-Backed Securities | |||||||||
Adjustable Rate Mortgage | — | • | |||||||
Collateralized Mortgage Obligations | — | • | |||||||
Fixed Rate Mortgage Loans | — | • | |||||||
Government Issued Mortgage-Backed Securities | — | • | |||||||
Multiple Class Mortgage-Backed Securities | — | • | |||||||
Privately Issued Mortgage-Backed Securities | — | • | |||||||
Stripped Mortgage-Backed Securities | — | • | |||||||
Lower Grade Fixed Income Securities | 80 | + | 80 | +3 | |||||
Preferred Stock, Warrants and Rights | • | • | |||||||
Structured Securities | — | • | 4 | ||||||
Taxable Municipal Securities | — | • | |||||||
Tax-Free Municipal Securities | — | • | |||||||
Temporary Investments | 100 | • | 5 | ||||||
Trust Preferred Securities | — | • | |||||||
U.S. Government Securities | • | • |
1. | The GST Fund may invest up to 25% of its total assets in securities not denominated in U.S. dollars and in emerging country securities denominated in any currency. If the GST Fund’s position is hedged against currency risk, such position is not counted when calculating compliance with this 25% limitation. |
2. | Includes issuers domiciled in one country and issuing securities denominated in the currency of another. |
3. | The GST Fund will invest at least 80% of its net assets in lower grade securities under normal circumstances. |
4. | Limited to 15% of net assets (together with other illiquid securities) for all structured securities which are not deemed to be liquid and all swap transactions. |
5. | The GST Fund may for this purpose invest in investment grade and high grade securities without limit. |
B-24
10 Percent of total assets (including securities lending collateral) (Italic type) | ||||||||
10 Percent of net assets (excluding borrowing for investment purposes) (Roman type) | AXA Enterprise | Goldman Sachs | ||||||
• No specific % limitation on usage; limited only by the objective and strategies of the Fund | Tax-Exempt | Municipal | ||||||
— Not permitted | Income Fund | Income Fund | ||||||
Investment Practices | ||||||||
Borrowing | 33 | 1/3 | 33 | 1/3 | ||||
Credit, Interest Rate and Total Return Swaps | — | • | 1 | |||||
Financial Futures Contracts | • | • | ||||||
Interest Rate Floors, Caps and Collars | — | • | ||||||
Options (including Options on Futures) | • | • | ||||||
Repurchase Agreements | • | • | ||||||
Securities Lending | 33 | 1/3 | 33 | 1/3 | ||||
Standby Commitments and Tender Option Bonds | — | • | ||||||
When-Issued Securities and Forward Commitments | • | • |
1. | Limited to 15% of net assets (together with other illiquid securities) for all structured securities which are not deemed to be liquid and all swap transactions. |
B-25
10 Percent of total assets (including securities lending collateral) (Italic type) | ||||||||
10 Percent of net assets (excluding borrowing for investment purposes) (Roman type) | AXA Enterprise | Goldman Sachs | ||||||
• No specific % limitation on usage; limited only by the objective and strategies of the Fund | Tax-Exempt | Municipal | ||||||
— Not permitted | Income Fund | Income Fund | ||||||
Investment Securities | ||||||||
Asset-Backed Securities | • | • | ||||||
Convertible Securities | • | • | ||||||
Corporate Debt Obligations | • | • | ||||||
Floating and Variable Rate Obligations | • | • | ||||||
Structured Securities | • | • | 1 | |||||
Taxable Municipal Securities | 20 | 20 | ||||||
Tax-Free Municipal Securities2 | 80 | + | 80 | + | ||||
Temporary Investments | 100 | • | 3 | |||||
Trust Preferred Securities | — | • | ||||||
U.S. Government Securities | • | • |
1. | Limited to 15% of net assets (together with other illiquid securities) for all structured securities which are not deemed to be liquid and all swap transactions. |
2. | The AXA Enterprise Fund and GST Fund will invest at least 80% of their net assets in investments, the interest on which is exempt from federal income tax. |
3. | The AXA Enterprise Fund and GST Fund and may invest no more than 20% of their net assets in taxable investments under normal market conditions. Under unusual conditions, taxable investments may exceed this percentage. |
B-26
AXA Enterprise | Goldman Sachs | |||
• Permitted | Money Market | ILA Prime Obligations | ||
— Not permitted | Fund | Portfolio | ||
Investment Policies | ||||
U.S. Treasury Obligations | • | •1 | ||
U.S. Government Securities | • | • | ||
Bank Obligations | • | • | ||
(U.S. banks only)2 | ||||
Commercial Paper | • | • | ||
Short-Term Obligations of Corporations and Other Entities | • | • | ||
(U.S. entities only) | ||||
Repurchase Agreements | • | • | ||
Asset Backed and Receivables Backed Securities | • | •3 | ||
Foreign Securities | • | — | ||
Municipals | • | •4 | ||
Custodial Receipts | — | • | ||
Unrated Securities5 | • | • | ||
Investment Companies | • | • | ||
(Up to 10% of total assets in other investment companies) | (Up to 10% of total assets in other investment companies) | |||
Private Activity Bonds | • | • | ||
Credit Quality | First Tier6 | First Tier6 |
1. | Issued or guaranteed by the U.S. Treasury. |
2. | Including foreign branches of U.S. banks. |
3. | To the extent required by Rule 2a-7, asset-backed and receivables-backed securities will be rated by the requisite number of NRSROs. |
4. | The GST Fund will only make such investments when yields on such securities are attractive compared to other taxable investments. |
5. | To the extent permitted by Rule 2a-7, securities without short-term ratings may be purchased if they are deemed to be of comparable quality to first tier securities. In addition, a Fund holding a security supported by a guarantee or demand feature may rely on the credit quality of the guarantee or demand feature in determining the credit quality of the investment. |
6. | First Tier Securities are (a) rated in the highest short-term rating category by at least two NRSROs, or if only one NRSRO has assigned a rating by that NRSRO or (b) issued or guaranteed by, or otherwise allow a Fund under certain conditions to demand payment from an entity with such ratings. U.S. Government Securities are considered First Tier Securities. |
B-27
C-1
C-2
C-3
C-4
Sales Charge as a | Sales Charge as a | |||||||
Percentage of | Percentage of | |||||||
Amount of Transaction at Offering Price* | Offering Price | Net Asset Value | ||||||
Up to $99,999 | 4.75% | 4.99% | ||||||
$100,000 but less than $250,000** | 3.75% | 3.90% | ||||||
$250,000 but less than $500,000** | 2.50% | 2.56% | ||||||
$500,000 but less than $1,000,0000** | 2.00% | 2.04% | ||||||
$1,000,000 and over** | None | None |
* | In determining the amount of your investment and the applicable sales charge, the AXA Enterprise Fund will include all shares you are currently purchasing in all of the AXA Enterprise Funds (including funds of Multimanager Trust and Enterprise Group). |
D-1
** | If certain employee benefit plans qualified under Sections 401, 403 and 408 of the Code, or participants of such plans, invest $100,000 or more ($500,000 or more, in the case of Traditional IRAs, IRA rollovers, Coverdell ESAs or Roth IRAs) or if you invest $1,000,000 or more in Class A Shares, no initial sales charge applies to those shares. However, if the entire plan or you redeem the shares within 12 months of the end of the calendar month of their purchase, the plans or you will be charged a CDSC of 1%. The dealer discount or agency fee as a percentage of the offering price for these purchases of less than $5,000,000 of Class A Shares will be 1%. |
Sales Charge as a | Sales Charge as a | |||||||
Percentage of | Percentage of | |||||||
Amount of Transaction at Offering Price* | Offering Price | Net Asset Value | ||||||
Less than $100,000 | 3.50% | 3.63% | ||||||
$100,000 but less than $250,000** | 2.50% | 2.56% | ||||||
$250,000 but less than $500,000** | 2.00% | 2.04% | ||||||
$500,000 but less than $1,000,0000** | 1.50% | 1.52% | ||||||
$1,000,000 and over** | None | None |
* | In determining the amount of your investment and the applicable sales charge, the AXA Enterprise Fund will include all shares you are currently purchasing in all of the AXA Enterprise Funds. |
** | If certain employee benefit plans qualified under Sections 401, 403 and 408 of the Code, or participants of such plans, invest $100,000 or more ($500,000 or more, in the case of Traditional IRAs, IRA rollovers, Coverdell ESAs or Roth IRAs) or if you invest $1,000,000 or more in Class A Shares, no initial sales charge applies to those shares. However, if the entire plan or you redeem the shares within 12 months of the end of the calendar month of their purchase, the plans or you will be charged a CDSC of 1%. The dealer discount or agency fee as a percentage of the offering price for these purchases of less than $5,000,000 of Class A Shares will be 1%. |
D-2
Sales Charge as a | Sales Charge as a | |||||||
Percentage of | Percentage of | |||||||
Amount of Transaction at Offering Price | Offering Price | Net Amount Invested | ||||||
Less than $50,000 | 5.50% | 5.82% | ||||||
$50,000 but less than $100,000 | 4.75% | 4.99% | ||||||
$100,000 but less than $250,000 | 3.75% | 3.90% | ||||||
$250,000 but less than $500,000 | 2.75% | 2.83% | ||||||
$500,000 but less than $1,000,000 | 2.00% | 2.04% | ||||||
$1,000,000 and over | 0.00% | * | 0.00% | * |
* | No sales charge is payable at the time of purchase of Class A Shares of $1 million or more, but a CDSC of 1% may be imposed in the event of certain redemptions within 18 months of purchase. |
Sales Charge as a | Sales Charge as a | |||||||
Percentage of | Percentage of | |||||||
Amount of Transaction at Offering Price | Offering Price | Net Amount Invested | ||||||
Less than $100,000 | 4.50% | 4.71% | ||||||
$100,000 but less than $250,000 | 3.00% | 3.09% | ||||||
$250,000 but less than $500,000 | 2.50% | 2.56% | ||||||
$500,000 but less than $1,000,000 | 2.00% | 2.04% | ||||||
$1,000,000 and over | 0.00% | * | 0.00% | * |
Sales Charge as a | Sales Charge as a | |||||||
Percentage of | Percentage of | |||||||
Amount of Transaction at Offering Price | Offering Price | Net Amount Invested | ||||||
Less than $500,000 | 1.50% | 1.52% | ||||||
$500,000 but less than $1 million | 1.00% | 1.01% | ||||||
$1 million or more | 0.00% | 0.00% |
* | No sales charge is payable at the time of purchase of Class A Shares of $1 million ($500,000 in the case of the Goldman Sachs Short Duration Government Fund) or more, but a CDSC of 1% may be imposed in the event of certain redemptions within 18 months of purchase. |
AXA Enterprise Funds Class A Shares |
D-3
GST Class A Shares |
AXA Enterprise Funds Class A Shares |
GST Class A Shares |
D-4
AXA Enterprise Funds | GST Funds | |
Financial institutions and other financial institutions’ trust departments for funds over which they exercise exclusive discretionary investment authority and which are held in a fiduciary, agency, advisory, custodial or similar capacity. | Banks, trust companies or other types of depository institutions (Front end sales charge only (“FESC”) only). | |
Representatives and employees, or their immediate family members, of broker-dealers and other intermediaries that have entered into selling or service arrangements with the Enterprise Fund Distributors, Inc. | Any employee or registered representative of any authorized dealer or their respective spouses, children and parents (FESC only). | |
Any government entity that is prohibited from paying a sales charge or commission to purchase mutual fund shares. | Any state, county or city, or any instrumentality, department, authority or agency thereof, which is prohibited by applicable investment laws from paying a sales commission with the purchase of shares of a GST Fund (FESC only). | |
Clients of fee-based/fee-only financial advisors. | Registered investment advisers investing for accounts for which they receive asset-based fees (FESC only). | |
State-sponsored Texas 529 qualified tuition savings plan. | State sponsored 529 Plan (FESC only). | |
Direct referrals by the Manager’s employees. | Trustees or directors of investment companies for which Goldman Sachs or an affiliate acts as sponsor (FESC only). | |
Goldman Sachs, its affiliates or their respective officers, partners, directors or employees (including retired employees and former partners), any partnership of which Goldman Sachs is a general partner, any trustee or officer of GST and designated family members of any of these individuals (FESC only). |
D-5
AXA Enterprise Funds | GST Funds | |
Section 401(k), profit sharing, money purchase pension, tax-sheltered annuity, defined benefit pension, or other employee benefit plans (including health savings accounts) that are sponsored by one or more employers (including governmental or church employers) or employee organizations (“Employee Benefit Plans”) that buy shares of a GST Fund worth $500,000 or more; or have 100 or more eligible employees at the time of purchase; or certify that they expect to have annual plan purchases of shares of GST Funds of $200,000 or more; or are provided administrative services by certain third-party administrators that have entered into a special service arrangement with Goldman Sachs relating to such plans; or have at the time of purchase aggregate assets of at least $2,000,000 (FESC only). | ||
Accounts over which GSAM or its advisory affiliates have investment discretion (FESC only). | ||
Qualified Employee Benefit Plans of Goldman Sachs (FESC only). | ||
Non-qualified pension plan sponsored by employees who also sponsors qualified plans that qualify for an investment in Goldman Sachs Funds at NAV without the payment of any sales charge (FESC only). | ||
Insurance company benefits accounts that make the Funds available as underlying investments in certain group annuity contracts (FESC only). | ||
“Wrap” accounts for the benefit of clients of broker-dealers, financial institutions or financial planners, provided they have entered into an agreement with GSAM specifying aggregate minimums and certain operating policies and standards (FESC only). | ||
Shareholders receiving distributions from a qualified retirement plan invested in GST Funds and reinvesting such proceeds in a Goldman Sachs IRA in the same class (FESC only). | ||
Shareholders who roll over distributions from any tax-qualified Employee Benefit Plan or tax-sheltered annuity to an IRA which invests in GST Funds if the tax-qualified Employee Benefit Plan or tax-sheltered annuity receives administrative services provided by certain third-party administrators that have entered into a special service arrangement with Goldman Sachs relating to such plan or annuity (FESC only). |
D-6
AXA Enterprise Funds | GST Funds | |
Purchases of $1 million or more of Class A Shares will be made at net asset value with no initial sales charge. However, if you redeem shares within 18 months after the end of the calendar month in which the purchase was made, a CDSC of 1% may be imposed. The CDSC may not be imposed if your authorized dealer enters into an agreement with Goldman Sachs to return all or an applicable prorated portion of its commission to Goldman Sachs (FESC only). |
AXA Enterprise Funds | GST Funds | |
Distributions to participants or beneficiaries of and redemptions (other than redemption of the entire plan account) by plans qualified under the Code Section 401(a) or from custodial accounts under the Code Section 403(b)(7), IRAs under the Code Section 408(a), participant-directed non-qualified deferred compensation plans under the Code IRC Section 457 and other employee benefit plans (“plans”), and returns of excess contributions made to these plans. | Retirement distributions or loans to participants or beneficiaries from Employee Benefit Plans. The death or disability (as defined in Section 72(m)(7) of the Code) of a participant or beneficiary in an Employee Benefit Plan. | |
Redemptions of shares of a shareholder (including a registered joint owner) who has died or has become totally disabled (as evidenced by a determination by the federal Social Security Administration). | ||
Required minimum distributions from an IRA. | Satisfying the minimum distribution requirements of the Code. | |
Redemptions through a systematic withdrawal plan. Redemptions made pursuant to any IRA systematic withdrawal based on the shareholder’s life expectancy in accordance with the requirements of the Code, including substantially equal periodic payments described in the Code Section 72 prior to age 591/2 and required minimum distributions after age 701/2. | Shares subject to a systematic withdrawal plan (GST reserves the right to limit such redemptions, on an annual basis, to 10% each of the value of the shareholder’s Class A Shares.) | |
The liquidation of a shareholder’s account if the aggregate net asset value of shares held in the account is less than the required minimum. | Hardship withdrawals by a participant or beneficiary in an Employee Benefit Plan. | |
Establishing “substantially equal periodic payments” as described under Section 72(t)(2) of the Code. | ||
The separation from service by a participant or beneficiary in an Employee Benefit Plan. | ||
The death or disability (as defined in Section 72(m)(7) of the Code) of a shareholder if the redemption is made within one year of the event. |
D-7
AXA Enterprise Funds | GST Funds | |
Excess contributions distributed from an Employee Benefit Plan; | ||
Distributions from a qualified Employee Benefit Plan invested in the GST Funds which are being rolled over to a Goldman IRA in the same share class. | ||
Redemption proceeds which are to be reinvested in accounts or non-registered products over which GSAM or its advisory affiliates have investment discretion. |
D-8
D-9
CDSC as a Percentage | ||||
of Dollar Amount | ||||
Year since Purchase | Subject to CDSC | |||
First | 5.00% | |||
Second | 4.00% | |||
Third | 4.00% | |||
Fourth | 3.00% | |||
Fifth | 2.00% | |||
Sixth | 1.00% | |||
Seventh and thereafter | None |
D-10
CDSC as a Percentage | ||||
of Dollar Amount | ||||
Year since Purchase | Subject to CDSC | |||
First | 5.00% | |||
Second | 4.00% | |||
Third | 3.00% | |||
Fourth | 3.00% | |||
Fifth | 2.00% | |||
Sixth | 1.00% | |||
Seventh and thereafter | None |
D-11
AXA Enterprise Funds | GST Funds | |
Shares purchased by the reinvestment of dividends or capital gain distributions; | Redemptions of shares acquired by reinvestment of dividends or capital gains distributions; | |
Shares redeemed or exchanged by the AXA Enterprise Allocation Funds or the portfolios of the Texas 529 qualified tuition savings plans; | Redemptions of shares by other Goldman Sachs Funds (e.g., Goldman Sachs Asset Allocation Portfolios); | |
Shares redeemed or exchanged through rebalancing, or asset reallocation, wrap fee, omnibus or other program approved by AXA Equitable; | Redemptions of shares that are acquired or redeemed in connection with participation in a systematic withdrawal program or automatic investment plan; | |
Redemptions of shares held through discretionary wrap programs or models programs that utilize regularly scheduled automatic rebalancing of assets and that have provided GSAM with a representation letter specifying certain operating policies and standards; |
D-12
AXA Enterprise Funds | GST Funds | |
Shares redeemed or exchanged from the Money Market Fund; or Shares redeemed by an AXA Enterprise Fund to cover various fees (e.g., account fees). | Redemptions of shares involving transactions other than participant initiated exchanges from retirement plans and accounts maintained pursuant to Section 401 (tax-qualified pension, profit sharing, 401(k), money purchase and stock bonus plans), 403 (qualified annuity plans and tax-sheltered annuities) and 457 (deferred compensation plans for employees of tax-exempt entities or governments) of the Code. Redemptions involving transactions other than participant initiated exchanges would include, for example: loans; required minimum distributions; rollovers; forfeiture; redemptions of shares to pay fees; plan level redemptions or exchanges; redemptions pursuant to systematic withdrawal programs; return of excess contribution amounts; hardship withdrawals; redemptions related to death, disability or qualified domestic relations order; and certain other transactions; | |
Redemptions of shares from accounts of financial institutions in connection with hedging services provided in support of nonqualified deferred compensation plans offering the GST Funds; | ||
Redemption of shares where the GST Funds are made available as an underlying investment in certain group annuity contracts; or | ||
Redemption of shares that are issued as part of an investment company reorganization to which a GST Fund is a party. | ||
Redemption of shares representing “seed capital” investments by Goldman Sachs or its affiliates. |
D-13
AXA Enterprise Funds: | GST Funds: | GST Funds: | ||||||||||||||||
Class A Shares | Class A Shares | ILA Service Shares | ||||||||||||||||
Class B Shares | Class B Shares | ILA Class B Shares | ||||||||||||||||
Class C Shares | Class C Shares | ILA Class C Shares | ||||||||||||||||
Minimum Initial Investment | Individual Retail Accounts | $ | 2,000 | Regular Accounts | $ | 1,000 | Regular Accounts | $5,000 | ||||||||||
Individual Retirement Accounts (IRAs) | $ | 250 | Employee Sponsored Benefit Plans | $ | 250 | Systematic Exchange Program (Class B and C Shares Only) | $1,000 | |||||||||||
Automatic Bank Draft Plan | $ | 250 | Uniform Gift to Minors Act Accounts/Uniform Transfer to Minors Act Accounts | $ | 250 | Other Share Exchanges | $5,000 or full account share balance whichever is less | |||||||||||
Coverdell ESA | $ | 250 | Individual Retirement Accounts and Coverdell ESAs | $ | 250 | Retirement Accounts (e.g., IRA and Employee Sponsored Plans) (Prime Obligations Portfolio Only) | $ 250 | |||||||||||
Certain fee-based programs with which the AXA Enterprise Funds, AXA Equitable or the Distributor Has and Agreement | No minimum requirement | Automatic Investment Plan | $ | 250 | Uniform Gift to Minors Act Accounts/Uniform Transfer to Minors Act Accounts | $ 250 | ||||||||||||
Corporate Retirement Accounts such as 401(k) and 403(b) Plans | No minimum requirement | Coverdell ESAs | $ 250 | |||||||||||||||
Automatic Investment Plan Accounts | $ 250 |
D-14
AXA Enterprise Funds: | GST Funds: | |||||||
Class Y Shares | Institutional Shares | |||||||
Minimum Initial Investment | Corporations, banks, saving institutions, trust companies, insurance companies, pension funds, employee benefit plans, professional firms, trusts, estates or educational, religious or charitable organizations | $1,000,000 in Class Y Shares | Banks, trust companies or other depository institutions investing for their own account or on behalf of their clients | $1,000,000 in Institutional Shares of a GST Fund alone or in combination with other assets under the management of GSAM and its affiliates | ||||
Investment companies registered under the 1940 Act | $1,000,000 in Class Y Shares | Section 401(k), profit sharing, money purchase pension, tax- sheltered annuity, defined benefit pension, or other employee benefit plans that are sponsored by one or more employers (including governmental or church employers) or employee organizations | $1,000,000 in Institutional Shares of a GST Fund alone or in combination with other assets under the management of GSAM and its affiliates | |||||
Financial institution buyers | $1,000,000 in Class Y Shares | State, county, city or any instrumentality, department, authority or agency thereof | $1,000,000 in Institutional Shares of a GST Fund alone or in combination with other assets under the management of GSAM and its affiliates | |||||
Employees of AXA Financial or its subsidiaries or an immediate family member of such employee | Not subject to $1,000,000 minimum | Corporations with at least $100 million in assets or in outstanding publicly traded securities | $1,000,000 in Institutional Shares of a GST Fund alone or in combination with other assets under the management of GSAM and its affiliates |
D-15
AXA Enterprise Funds: | GST Funds: | |||||||
Class Y Shares | Institutional Shares | |||||||
Wrap account clients of an eligible broker-dealer or a client of a fee-based planner that is unaffiliated with a broker-dealer | Not subject to $1,000,000 minimum | “Wrap” account sponsors (provided they have an agreement covering the arrangement with GSAM) | $1,000,000 in Institutional Shares of a GST Fund alone or in combination with other assets under the management of GSAM and its affiliates | |||||
Present or former trustees of the Enterprise Trust or a spouse or minor child of any such trustee or any trust, IRA or retirement plan account for the benefit of any such person or relative or the estate of any such person or relative | Not subject to $1,000,000 minimum | Registered investment advisers investing for accounts for which they receive asset- based fees | $1,000,000 in Institutional Shares of a GST Fund alone or in combination with other assets under the management of GSAM and its affiliates | |||||
Qualified non-profit organizations, charitable trusts, foundations and endowments | $1,000,000 in Institutional Shares of a GST Fund alone or in combination with other assets under the management of GSAM and its affiliates | |||||||
Individual investors | $10,000,000 | |||||||
Accounts over which GSAM or its advisory affiliates have investment discretion | $10,000,000 | |||||||
Individual Retirement Accounts (IRAs) for which GSAM or its advisory affiliates act as fiduciary | No minimum |
D-16
AXA Enterprise Funds: | GST Funds: | GST Funds: | ||||||||||||||||
Class A Shares | Class A Shares | ILA Service Shares | ||||||||||||||||
Class B Shares | Class B Shares | ILA Class B Shares | ||||||||||||||||
Class C Shares | Class C Shares | ILA Class C Shares | ||||||||||||||||
Minimum Subsequent Investments | Individual Retail Accounts | $ 50 | Regular Accounts | $ | 50 | Regular Accounts | None | |||||||||||
Individual Retirement Accounts (IRAs) | $ 50 | Employee Benefit Plans | None | Systematic Exchange Program | None | |||||||||||||
Automatic Bank Draft Plan | $ 50 | Uniform Gift to Minors Act Accounts/Uniform Transfer to Minors Act Accounts | $ | 50 | Other Share Exchanges (Class B and C Shares only) | None | ||||||||||||
Coverdell ESAs | $ 50 | Coverdell ESAs | $ | 50 | Retirement Accounts (e.g., IRA and Employee Sponsored Plans) | None | ||||||||||||
Certain fee based programs with which the AXA Enterprise Funds, AXA Equitable or the Distributor Has an Agreement | No minimum requirement | Automatic Investment Plan Accounts | $ | 50 | Uniform Gift to Minors Act Accounts/Uniform Transfer to Minors Act Accounts | $ | 50 | |||||||||||
Corporate Retirement Accounts, such as 401(k) and 403(b) | No minimum requirement | Coverdell ESAs | $ | 50 | ||||||||||||||
Automatic Investment Plan Accounts | $ | 50 |
AXA Enterprise Funds: | GST Funds: | |||||
Class Y Shares | Institutional Shares | |||||
Minimum Subsequent Investments | None | None |
D-17
AXA Enterprise Funds: | GST Funds: | GST Funds: | ||||
Class A Shares | Class A Shares | ILA Service Shares | ||||
Class B Shares | Class B Shares | ILA Class B Shares | ||||
Class C Shares | Class C Shares | ILA Class C Shares | ||||
Purchase Methods | Order through AXA by mailing or wiring payment to AXA Enterprise Shareholder Services; through ACH; through broker or other financial professional | Directly through GST by mail; by wire or through ACH; through an authorized dealer | Service Shares through GST acting as Service Organization; through authorized dealer | |||
Class B and C Shares directly through GST; by wire or through authorized dealer |
AXA Enterprise Funds: | GST Funds: | |||||
Class Y Shares | Institutional Shares | |||||
Purchase Methods | Order through AXA by mailing or wiring payment to AXA Enterprise Shareholder Services; through ACH; through broker or other financial professional | Order through GST by telephone, and either send payment by wire through The Northern Trust Company or by check to GST by mail; through an authorized financial institution |
AXA Enterprise Funds: | GST Funds: | GST Funds: | ||||
Class A Shares | Class A Shares | ILA Service Shares | ||||
Class B Shares | Class B Shares | ILA Class B Shares | ||||
Class C Shares | Class C Shares | ILA Class C Shares | ||||
Systematic/ Automatic Investment Plan | Yes (subject to $250 initial investment and $50 minimum subsequent investment) | Yes ($50 per month minimum) | Yes ($50 per month minimum) |
AXA Enterprise Funds: | GST Funds: | |||||
Class Y Shares | Institutional Shares | |||||
Systematic/ Automatic Investment Plan | Yes (subject to $250 initial investment and $50 minimum subsequent investment) | None |
D-18
AXA Enterprise Funds: | GST Funds: | GST Funds: | ||||
Class A Shares | Class A Shares | ILA Service Shares | ||||
Class B Shares | Class B Shares | ILA Class B Shares | ||||
Class C Shares | Class C Shares | ILA Class C Shares | ||||
Request made through an Authorized Broker-Dealer or Other Financial Institution or Adviser | Yes | Yes | Yes |
AXA Enterprise Funds: | GST Funds: | |||||
Class Y Shares | Institutional Shares | |||||
Request made through an Authorized Broker-Dealer or Other Financial Institution or Adviser | Yes | Yes |
AXA Enterprise Funds: | GST Funds: | GST Funds: | ||||
Class A Shares | Class A Shares | ILA Service Shares | ||||
Class B Shares | Class B Shares | ILA Class B Shares | ||||
Class C Shares | Class C Shares | ILA Class C Shares | ||||
Request Made by Mail | Yes | Yes | Yes |
AXA Enterprise Funds: | GST Funds: | |||||
Class Y Shares | Institutional Shares | |||||
Request Made by Mail | Yes | Yes |
AXA Enterprise Funds: | GST Funds: | GST Funds: | ||||
Class A Shares | Class A Shares | ILA Service Shares | ||||
Class B Shares | Class B Shares | ILA Class B Shares | ||||
Class C Shares | Class C Shares | ILA Class C Shares | ||||
Request made by Telephone | Yes (If authorized this service) | Yes | Yes (If did not decline telephone redemption privilege on application) |
AXA Enterprise Funds: | GST Funds: | |||||
Class Y Shares | Institutional Shares | |||||
Request made by Telephone | Yes (If authorized this service) | Yes |
D-19
AXA Enterprise Funds: | GST Funds: | GST Funds | ||||
Class A Shares | Class A Shares | ILA Service Shares | ||||
Class B Shares | Class B Shares | ILA Class B Shares | ||||
Class C Shares | Class C Shares | ILA Class C Shares | ||||
Proceeds paid by Wire | Yes | Yes | Yes |
AXA Enterprise Funds: | GST Funds: | |||||
Class Y Shares | Institutional Shares | |||||
Proceeds paid by Wire | Yes | Yes |
AXA Enterprise Funds: | GST Funds: | GST Funds: | ||||
Class A Shares | Class A Shares | ILA Service Shares | ||||
Class B Shares | Class B Shares | ILA Class B Shares | ||||
Class C Shares | Class C Shares | ILA Class C Shares | ||||
Proceeds paid by Systematic Withdrawal Plan | Yes, but must have at least $5,000 in account (except for individual IRA accounts) and withdrawals must be $100 or more | Yes, but withdrawals must be $50 or more | Yes, but withdrawals must be $50 or more | |||
The maximum annual rate at which Class B Shares may be sold is 10% of the net asset value of the account |
AXA Enterprise Funds: | GST Funds: | |||||
Class Y Shares | Institutional Shares | |||||
Proceeds paid by Systematic Withdrawal Plan | Yes, but must have at least $5,000 in account (except for individual IRA accounts) and withdrawals must be $100 or more | No |
AXA Enterprise Funds: | GST Funds: | GST Funds: | ||||
Class A Shares | Class A Shares | ILA Service Shares | ||||
Class B Shares | Class B Shares | ILA Class B Shares | ||||
Class C Shares | Class C Shares | ILA Class C Shares | ||||
Proceeds paid by Check | Yes | Yes | Yes |
AXA Enterprise Funds: | GST Funds: | |||||
Class Y Shares | Institutional Shares | |||||
Proceeds paid by Check | Yes | Yes |
D-20
AXA Enterprise Funds: | GST Funds: | GST Funds: | ||||
Class A Shares | Class A Shares | ILA Service Shares | ||||
Class B Shares | Class B Shares | ILA Class B Shares | ||||
Class C Shares | Class C Shares | ILA Class C Shares | ||||
Check Writing Privileges | Yes (if hold account with balance of more than $5,000 in Class A Shares of Money Market Fund, may redeem shares of that fund by redemption check) | No | Yes (ILA Service Shares only) | |||
Redemption check is any amount from $500-$100,000, 5 checks per month and each additional check is subject to a $5 fee |
AXA Enterprise Funds: | GST Funds: | |||||
Class Y Shares | Institutional Shares | |||||
Check Writing Privileges | No | No |
AXA Enterprise Funds: | GST Funds: | GST Funds: | ||||
Class A Shares | Class A Shares | ILA Service Shares | ||||
Class B Shares | Class B Shares | ILA Class B Shares | ||||
Class C Shares | Class C Shares | ILA Class C Shares | ||||
Involuntary Redemptions | Yes - If account balance drops to $500 or less due to redemption activity (45 days’ notice provided) | Yes - If account balance drops below the required Fund minimum because of redemptions (60 days’ written notice provided) | Yes - If account balance falls below the GST Fund minimum as a result of redemption (60 days’ written notice provided) | |||
If your institution or authorized dealer’s relationship with Goldman Sachs is terminated and your account does not transfer to an entity with a relationship with Goldman Sachs |
AXA Enterprise Funds: | GST Funds: | |||||
Class Y Shares | Institutional Shares | |||||
Involuntary Redemptions | Yes - If account balance drops to $500 or less due to redemption activity (45 days’ notice provided) | Generally no - But if your institution or authorized dealer’s relationship with Goldman Sachs is terminated and your account does not transfer to an entity with a relationship with Goldman Sachs |
D-21
AXA Enterprise Funds: | GST Funds: | GST Funds: | ||||
Class A Shares | Class A Shares | ILA Service Shares | ||||
Class B Shares | Class B Shares | ILA Class B Shares | ||||
Class C Shares | Class C Shares | ILA Class C Shares | ||||
Through an Authorized Broker-Dealer or Other Financial Institution or Adviser | Yes | Yes | Yes |
AXA Enterprise Funds: | GST Funds: | |||||
Class Y Shares | Institutional Shares | |||||
Through an Authorized Broker-Dealer or Other Financial Institution or Adviser | Yes | Yes |
AXA Enterprise Funds: | GST Funds: | GST Funds: | ||||
Class A Shares | Class A Shares | ILA Service Shares | ||||
Class B Shares | Class B Shares | ILA Class B Shares | ||||
Class C Shares | Class C Shares | ILA Class C Shares | ||||
By Mail | Yes | Yes | Yes |
AXA Enterprise Funds: | GST Funds: | |||||
Class Y Shares | Institutional Shares | |||||
By Mail | Yes | Yes |
AXA Enterprise Funds: | GST Funds: | GST Funds: | ||||
Class A Shares | Class A Shares | ILA Service Shares | ||||
Class B Shares | Class B Shares | ILA Class B Shares | ||||
Class C Shares | Class C Shares | ILA Class C Shares | ||||
By Telephone | Yes, if authorized this service | Yes, if the telephone exchange privilege on the account application was not declined | Yes, if the telephone exchange privilege on the account application was elected |
AXA Enterprise Funds: | GST Funds: | |||||
Class Y Shares | Institutional Shares | |||||
By Telephone | Yes, if authorized this service | Yes, if the telephone exchange privilege on the account application was elected |
AXA Enterprise Funds: | GST Funds: | GST Funds: | ||||
Class A Shares | Class A Shares | ILA Service Shares | ||||
Class B Shares | Class B Shares | ILA Class B Shares | ||||
Class C Shares | Class C Shares | ILA Class C Shares | ||||
By Website | Yes | No | No |
AXA Enterprise Funds: | GST Funds: | |||||
Class Y Shares | Institutional Shares | |||||
By Website | Yes | No |
D-22
AXA Enterprise Funds: | GST Funds: | GST Funds: | ||||
Class A Shares | Class A Shares | ILA Service Shares | ||||
Class B Shares | Class B Shares | ILA Class B Shares | ||||
Class C Shares | Class C Shares | ILA Class C Shares | ||||
Minimum | If the exchange results in opening new account, subject to applicable minimum investment requirement | If the exchange represents the initial investment, the amount must satisfy initial investment requirements | The initial exchange minimum is $5,000 or the full account share balance, whichever is less |
AXA Enterprise Funds: | GST Funds: | |||||
Class Y Shares | Institutional Shares | |||||
Minimum | If the exchange results in opening new account, subject to applicable minimum investment requirement | If the exchange represents the initial investment, the amount must satisfy initial investment requirements |
AXA Enterprise Funds | GST Funds | |||
Declared Daily and Paid Monthly | AXA Enterprise Government Securities Fund | Goldman Sachs Government Income Fund | ||
AXA Enterprise High-Yield Bond Fund | Goldman Sachs High Yield Fund | |||
AXA Enterprise Short Duration Bond Fund | Goldman Sachs Enhanced Income Fund | |||
AXA Enterprise Tax-Exempt Income Fund | Goldman Sachs Municipal Income Fund | |||
AXA Enterprise Money Market Fund | Goldman Sachs ILA Prime Obligations Portfolio | |||
Declared Annually and Paid Annually | AXA Enterprise Capital Appreciation Fund | Goldman Sachs Structured U.S. Equity Fund |
D-23
AXA Enterprise Funds | GST Funds | |||
AXA Enterprise Deep Value Fund | Goldman Sachs Large Cap Value Fund | |||
AXA Enterprise Equity Fund | Goldman Sachs Structured Large Cap Growth Fund | |||
AXA Enterprise Equity Income Fund | Goldman Sachs Growth and Income Fund | |||
AXA Enterprise Growth and Income Fund | Goldman Sachs Growth and Income Fund | |||
AXA Enterprise International Growth Fund | Goldman Sachs Strategic International Equity Fund | |||
AXA Enterprise Large Cap Growth Fund | Goldman Sachs Capital Growth Fund | |||
AXA Enterprise Small Company Growth Fund | Goldman Sachs Structured Small Cap Growth Fund | |||
AXA Enterprise Small Company Value Fund | Goldman Sachs Structured Small Cap Value Fund | |||
D-24
Goldman Sachs Large Cap Value Fund
Goldman Sachs Structured Large Cap Growth Fund
Goldman Sachs Growth and Income Fund
Goldman Sachs Strategic International Equity Fund
Goldman Sachs Capital Growth Fund
Goldman Sachs Structured Small Cap Growth Fund
Goldman Sachs Structured Small Cap Value Fund
Goldman Sachs Government Income Fund
Goldman Sachs Enhanced Income Fund
Goldman Sachs High Yield Fund
Goldman Sachs Municipal Income Fund
Goldman Sachs Institutional Liquid Assets Prime Obligations Portfolio
Acquisition of substantially all of the assets and liabilities of: | By and in exchange for shares of: | |
AXA Enterprise Capital Appreciation Fund | Goldman Sachs Structured U.S. Equity Fund | |
AXA Enterprise Deep Value Fund | Goldman Sachs Large Cap Value Fund | |
AXA Enterprise Equity Fund | Goldman Sachs Structured Large Cap Growth Fund | |
AXA Enterprise Equity Income Fund | Goldman Sachs Growth and Income Fund | |
AXA Enterprise Growth and Income Fund | Goldman Sachs Growth and Income Fund | |
AXA Enterprise International Growth Fund | Goldman Sachs Strategic International Equity Fund | |
AXA Enterprise Large Cap Growth Fund | Goldman Sachs Capital Growth Fund | |
AXA Enterprise Small Company Growth Fund | Goldman Sachs Structured Small Cap Growth Fund |
- 1 -
AXA Enterprise Small Company Value Fund | Goldman Sachs Structured Small Cap Value Fund | |
AXA Enterprise Government Securities Fund | Goldman Sachs Government Income Fund | |
AXA Enterprise Short Duration Bond Fund | Goldman Sachs Enhanced Income Fund | |
AXA Enterprise High-Yield Bond Fund | Goldman Sachs High Yield Fund | |
AXA Enterprise Tax-Exempt Income Fund | Goldman Sachs Municipal Income Fund | |
AXA Enterprise Money Market Fund | Goldman Sachs Institutional Liquid Assets Prime Obligations Portfolio | |
(collectively, the “AXA Enterprise Funds”) | (collectively, the “GST Funds”) | |
(each, a series of the AXA Enterprise Funds Trust) | (each a series of the Goldman Sachs Trust) | |
1290 Avenue of the Americas, 8th Floor | 71 South Wacker Drive | |
New York, NY 10104 | Suite 500 | |
Chicago, Illinois 60600 |
- 2 -
(1) | Statement of Additional Information dated March 1, 2006 with respect to the AXA Enterprise Funds (previously filed on EDGAR, Accession No. 0001193125-06-043402). | |
(2) | Supplement dated October 1, 2006 to the Statement of Additional Information dated March 1, 2006 with respect to the AXA Enterprise Funds (previously filed on EDGAR, Accession No. 0001193125-06-202676). | |
(3) | Supplement dated March 16, 2006 to the Statement of Additional Information dated March 1, 2006 with respect to the AXA Enterprise Funds (previously filed on EDGAR, Accession No. 0001193125-06-056147). | |
(4) | The audited financial statements and related report of the independent registered public accounting firm included in the AXA Enterprise Funds Trust Annual Report to Shareholders for the fiscal year ended October 31, 2006 with respect to the AXA Enterprise Funds (previously filed on EDGAR, Accession No. 0001193125-07-003756). No other parts of the Annual Report are incorporated herein by reference. | |
(5) | Statement of Additional Information dated December 29, 2006, as amended January 8, 2007, with respect to Class A Shares, Class B Shares, Class C Shares, Service Shares and Institutional Shares of the Goldman Sachs Balanced Fund, Goldman Sachs Growth and Income Fund, Goldman Sachs Structured Large Cap Value Fund, Goldman Sachs Structured U.S. Equity Fund, Goldman Sachs Structured Large Cap Growth Fund, Goldman Sachs Structured Small Cap Equity Fund, Goldman Sachs Structured International Equity Fund, Goldman Sachs Capital Growth Fund, Goldman Sachs Small/Mid Cap Growth Fund, Goldman Sachs Strategic Growth Fund, Goldman Sachs Growth Opportunities Fund, Goldman Sachs Mid Cap Value Fund, Goldman Sachs Small Cap Value Fund, Goldman Sachs Large Cap Value Fund, Goldman Sachs Concentrated International Equity Fund, Goldman Sachs Japanese Equity Fund, Goldman Sachs International Small Cap Fund, Goldman Sachs Emerging Markets Equity Fund, Goldman Sachs Asia Equity Fund, Goldman Sachs BRIC Fund and Goldman Sachs Concentrated Growth Fund (previously filed on EDGAR, Accession No. 0000950123-07-000202). | |
(6) | Statement of Additional Information dated February 28, 2006, as amended June 16, 2006, with respect to Class A Shares, Class B Shares, Class C Shares, Service Shares, Institutional Shares, Administration Shares and Separate Account Institutional Shares of the Goldman Sachs Enhanced Income Fund, Goldman Sachs Ultra-Short Duration Government Fund, Goldman Sachs Short Duration Government Fund, Goldman Sachs Short Duration Tax-Free Fund, Goldman Sachs Government Income Fund, Goldman Sachs Municipal Income Fund, Goldman Sachs California Intermediate AMT-Free Municipal Fund, Goldman Sachs New York Intermediate AMT-Free Municipal Fund, Goldman Sachs U.S. Mortgages Fund, Goldman Sachs |
- 3 -
Core Fixed Income Fund, Goldman Sachs Investment Grade Credit Fund, Goldman Sachs Global Income Fund, Goldman Sachs High Yield Municipal Fund, Goldman Sachs High Yield Fund and Goldman Sachs Emerging Markets Debt Fund (previously filed on EDGAR, Accession No. 0000950123-06-007805). | ||
(7) | Supplement dated January 19, 2007 and Statement of Additional Information dated January 19, 2007 with respect to Class A Shares, Class B Shares, Class C Shares, Service Shares and Institutional Shares of the Goldman Sachs Structured Small Cap Value Fund, Goldman Sachs Structured Small Cap Growth Fund and Goldman Sachs Strategic International Equity Fund (previously filed on EDGAR, Accession No. 0000950123-07-000569). | |
(8) | Statement of Additional Information dated December 15, 2006 with respect to Class B Shares of the Goldman Sachs Enhanced Income Fund (previously filed on EDGAR, Accession No. 0000950123-06-012620). | |
(9) | Statement of Additional Information dated April 28, 2006, as amended June 16, 2006, with respect to (i) ILA Shares, ILA Administration Shares, ILA Service Shares and ILA Cash Management Shares of: ILA Prime Obligations Portfolio, ILA Money Market Portfolio, ILA Treasury Obligations Portfolio, ILA Treasury Instruments Portfolio, ILA Government Portfolio, ILA Federal Portfolio, ILA Tax-Exempt Diversified Portfolio, ILA Tax-Exempt California Portfolio and ILA Tax-Exempt New York Portfolio; (ii) ILA Class B and Class C Shares of ILA Prime Obligations Portfolio; and (iii) FST Shares, FST Service Shares, FST Administration Shares, FST Preferred Shares, FST Select Shares and FST Capital Shares of: Goldman Sachs – Financial Square Prime Obligations Fund, Goldman Sachs – Financial Square Money Market Fund, Goldman Sachs – Financial Square Treasury Obligations Fund, Goldman Sachs – Financial Square Treasury Instruments Fund, Goldman Sachs — Financial Square Government Fund, Goldman Sachs – Financial Square Federal Fund, and Goldman Sachs — Financial Square Tax-Free Money Market Fund (previously filed on EDGAR, Accession No. 0000950123-06-007805). | |
(10) | The audited financial statements and related report of the independent registered public accounting firm included in the Goldman Sachs Trust Annual Report to Shareholders for the fiscal year ended August 31, 2006 with respect to the Goldman Sachs Structured U.S. Equity Fund and Goldman Sachs Structured Large Cap Value Fund (previously filed on EDGAR, Accession No. 0000950123-06-013820). No other parts of the Annual Report are incorporated herein by reference. | |
(11) | The audited financial statements and related report of the independent registered public accounting firm included in the Goldman Sachs Trust Annual Report to Shareholders for the fiscal year ended August 31, 2006 with respect to the Goldman Sachs Capital Growth Fund (previously filed on EDGAR, Accession No. 0000950123-06-013824). No other parts of the Annual Report are incorporated herein by reference. | |
(12) | The audited financial statements and related report of the independent registered public accounting firm included in the Goldman Sachs Trust Annual Report to Shareholders for the fiscal year ended August 31, 2006 with respect to the Goldman Sachs Large Cap Value Fund and Goldman Sachs Growth and Income Fund (previously filed on EDGAR, Accession No. 0000950123-06-013826). No other parts of the Annual Report are incorporated herein by reference. | |
(13) | The audited financial statements and related report of the independent registered public accounting firm included in the Goldman Sachs Trust Annual Report to |
- 4 -
Shareholders for the fiscal year ended October 31, 2006 with respect to the Goldman Sachs Government Income Fund (previously filed on EDGAR, Accession No. 0000950123-07-000670). No other parts of the Annual Report are incorporated herein by reference. | ||
(14) | The audited financial statements and related report of the independent registered public accounting firm included in the Goldman Sachs Trust Annual Report to Shareholders for the fiscal year ended October 31, 2006 with respect to the Goldman Sachs Enhanced Income Fund (previously filed on EDGAR, Accession No. 0000950123-07-000669). No other parts of the Annual Report are incorporated herein by reference. | |
(15) | The audited financial statements and related report of the independent registered public accounting firm included in the Goldman Sachs Trust Annual Report to Shareholders for the fiscal year ended October 31, 2006 with respect to the Goldman Sachs High Yield Fund (previously filed on EDGAR, Accession No. 0000950123-07-000672). No other parts of the Annual Report are incorporated herein by reference. | |
(16) | The audited financial statements and related report of the independent registered public accounting firm included in the Goldman Sachs Trust Annual Report to Shareholders for the fiscal year ended October 31, 2006 with respect to the Goldman Sachs Municipal Income Fund (previously filed on EDGAR, Accession No. 0000950123-07-000671). No other parts of the Annual Report are incorporated herein by reference. | |
(17) | The audited financial statements and related report of the independent registered public accounting firm included in the Goldman Sachs Trust Annual Report to Shareholders for the fiscal year ended December 31, 2005 with respect to the Goldman Sachs Institutional Liquid Assets Prime Obligations Portfolio (previously filed on EDGAR, Accession No. 0000950123-06-002942). No other parts of the Annual Report are incorporated herein by reference. | |
(18) | The unaudited financial statements included in the Goldman Sachs Trust Semi-Annual Report to Shareholders for the fiscal period ended June 30, 2006 with respect to the Goldman Sachs Institutional Liquid Assets Prime Obligations Portfolio (previously filed on EDGAR, Accession No. 0000950123-06-011242). No other parts of the Semi-Annual Report are incorporated herein by reference. |
AXA Enterprise Funds | GST Fund | |
AXA Enterprise Capital Appreciation Fund | Goldman Sachs Structured U.S. Equity Fund | |
AXA Enterprise Deep Value Fund | Goldman Sachs Large Cap Value Fund | |
AXA Enterprise Equity Fund | Goldman Sachs Structured Large Cap Growth Fund |
- 5 -
AXA Enterprise Funds | GST Fund | |
AXA Enterprise Equity Income Fund | Goldman Sachs Growth and Income Fund | |
AXA Enterprise Growth & Income Fund | Goldman Sachs Growth and Income Fund | |
AXA Enterprise International Growth Fund AXA Enterprise Large Cap Growth Fund | Goldman Sachs Strategic International Equity Fund Goldman Sachs Capital Growth Fund | |
AXA Enterprise Small Company Growth Fund | Goldman Sachs Structured Small Cap Growth Fund | |
AXA Enterprise Small Company Value Fund | Goldman Sachs Structured Small Cap Value Fund | |
AXA Enterprise Government Securities Fund | Goldman Sachs Government Income Fund | |
AXA Enterprise Short Duration Bond Fund | Goldman Sachs Enhanced Income Fund | |
AXA Enterprise High-Yield Bond Fund | Goldman Sachs High Yield Fund | |
AXA Enterprise Tax-Exempt Income Fund | Goldman Sachs Municipal Income Fund | |
AXA Enterprise Money Market Fund | Goldman Sachs Institutional Liquid Assets Prime Obligations Portfolio |
- 6 -
- 7 -
- 8 -
August 31, 2006 (Unaudited)
Shares | Description | Value | ||||||||||||||||||||||||||||||
AXA Enterprise | AXA Enterprise | |||||||||||||||||||||||||||||||
Capital | Capital | |||||||||||||||||||||||||||||||
GS Structured | Appreciation | Pro Forma | GS Structured | Appreciation | Pro Forma | |||||||||||||||||||||||||||
U.S. Equity Fund | Fund | Adjustments | Combined Fund | U.S. Equity Fund | Fund | Adjustments | Combined Fund | |||||||||||||||||||||||||
Common Stocks - 97.3% | ||||||||||||||||||||||||||||||||
Aerospace & Defense - 4.5% | ||||||||||||||||||||||||||||||||
— | 164,398 | — | 164,398 | General Dynamics Corp. | $ | — | $ | 11,105,085 | $ | — | $ | 11,105,085 | ||||||||||||||||||||
— | 93,126 | — | 93,126 | Locheed Martin Corp. | — | 7,692,208 | — | 7,692,208 | ||||||||||||||||||||||||
371,000 | — | — | 371,000 | Northrop Grumman Corp. | 24,786,510 | — | — | 24,786,510 | ||||||||||||||||||||||||
330,573 | — | — | 330,573 | The Boeing Co. | 24,759,918 | — | — | 24,759,918 | ||||||||||||||||||||||||
71,600 | 100,542 | — | 172,142 | United Technologies Corp. | 4,490,036 | 6,304,989 | — | 10,795,025 | ||||||||||||||||||||||||
54,036,464 | 25,102,282 | — | 79,138,746 | |||||||||||||||||||||||||||||
Air Freight & couries - 0.8% | ||||||||||||||||||||||||||||||||
— | 144,176 | — | 144,176 | Fedex Corp | — | 14,566,101 | — | 14,566,101 | ||||||||||||||||||||||||
Automobiles - - 0.4% | ||||||||||||||||||||||||||||||||
— | 57,541 | — | 57,541 | Toyota Motor Corp. | — | 6,233,992 | — | 6,233,992 | ||||||||||||||||||||||||
Banks - 7.5% | ||||||||||||||||||||||||||||||||
947,884 | — | — | 947,884 | Bank of America Corp. | 48,787,590 | — | — | 48,787,590 | ||||||||||||||||||||||||
324,944 | — | — | 324,944 | Hudson City Bankcorp, Inc. | 4,243,769 | — | — | 4,243,769 | ||||||||||||||||||||||||
32,288 | — | — | 32,288 | M&T Bank Corp. | 3,953,988 | — | — | 3,953,988 | ||||||||||||||||||||||||
38,400 | — | — | 38,400 | Mercantile Bankshares Corp. | 1,418,112 | — | — | 1,418,112 | ||||||||||||||||||||||||
132,900 | — | — | 132,900 | Regions Financial Corp. | 4,783,071 | — | — | 4,783,071 | ||||||||||||||||||||||||
467,475 | — | — | 467,475 | U.S. Bancorp | 14,991,923 | — | — | 14,991,923 | ||||||||||||||||||||||||
38,448 | — | — | 38,448 | UnionBanCal Corp. | 2,303,035 | — | — | 2,303,035 | ||||||||||||||||||||||||
133,025 | — | — | 133,025 | Wachovia Corp. | 7,267,156 | — | — | 7,267,156 | ||||||||||||||||||||||||
31,900 | — | — | 31,900 | Washington Mutual, Inc.(a) | 1,336,291 | — | — | 1,336,291 | ||||||||||||||||||||||||
1,019,112 | 249,541 | — | 1,268,653 | Wells Fargo & Co. | 35,414,142 | 8,671,550 | — | 44,085,692 | ||||||||||||||||||||||||
124,499,077 | 8,671,550 | — | 133,170,627 | |||||||||||||||||||||||||||||
Beverages - 0.1% | ||||||||||||||||||||||||||||||||
— | 29,451 | — | 29,451 | Pepsico Inc. | 1,922,561 | 1,922,561 | ||||||||||||||||||||||||||
Biotechnology - 3.4% | ||||||||||||||||||||||||||||||||
311,800 | — | — | 311,800 | Amgen, Inc. * | 21,180,574 | — | — | 21,180,574 | ||||||||||||||||||||||||
183,472 | — | — | 183,472 | Celgene Corp.* | 7,465,476 | — | — | 7,465,476 | ||||||||||||||||||||||||
— | 135,009 | — | 135,009 | Amalyn Pharmaceutical Co. | — | 6,119,958 | — | 6,119,958 | ||||||||||||||||||||||||
— | 249,257 | — | 249,257 | Genentech | — | 20,568,688 | — | 20,568,688 | ||||||||||||||||||||||||
— | 81,614 | — | 81,614 | Genzyme Corp. | — | 5,405,295 | — | 5,405,295 | ||||||||||||||||||||||||
28,646,050 | 32,093,941 | — | 60,739,991 | |||||||||||||||||||||||||||||
Chemicals - 2.5% | ||||||||||||||||||||||||||||||||
— | 10,289 | — | 10,289 | Air Products and Chemicals | 682,058 | — | 682,058 | |||||||||||||||||||||||||
163,265 | — | — | 163,265 | Ashland, Inc. | 10,308,552 | — | — | 10,308,552 | ||||||||||||||||||||||||
527,352 | 138,416 | — | 665,768 | Monsanto Co. | 25,017,579 | 6,566,455 | — | 31,584,034 | ||||||||||||||||||||||||
— | 17,570 | — | 17,570 | Praxair Inc. | 1,008,694 | — | 1,008,694 | |||||||||||||||||||||||||
35,326,131 | 8,257,207 | — | 43,583,338 | |||||||||||||||||||||||||||||
Commercial Services & Supplies - 1.1% | ||||||||||||||||||||||||||||||||
45,817 | — | — | 45,817 | Global Payments, Inc. | 1,743,337 | — | — | 1,743,337 | ||||||||||||||||||||||||
202,484 | — | — | 202,484 | Manpower, Inc. | 11,968,829 | — | — | 11,968,829 | ||||||||||||||||||||||||
174,486 | — | — | 174,486 | Waste Management, Inc. | 5,981,380 | — | — | 5,981,380 | ||||||||||||||||||||||||
19,693,546 | — | — | 19,693,546 | |||||||||||||||||||||||||||||
Communications Equipment - 2.9% | ||||||||||||||||||||||||||||||||
1,756,400 | — | — | 1,756,400 | Cisco Systems, Inc.* | 38,623,236 | — | — | 38,623,236 | ||||||||||||||||||||||||
— | 174,901 | — | 174,901 | Motorola Inc. | — | 4,089,185 | — | 4,089,185 | ||||||||||||||||||||||||
— | 162,444 | — | 162,444 | Qualcomm | — | 6,119,265 | — | 6,119,265 | ||||||||||||||||||||||||
303,900 | — | — | 303,900 | Tellabs, Inc.* | 3,096,741 | — | — | 3,096,741 | ||||||||||||||||||||||||
41,719,977 | 10,208,450 | — | 51,928,427 | |||||||||||||||||||||||||||||
Computers & Peripherals - 2.0% | ||||||||||||||||||||||||||||||||
947,700 | — | — | 947,700 | Hewlett-Packard Co. | 34,647,912 | — | — | 34,647,912 | ||||||||||||||||||||||||
Diversified Financials - 8.1% | ||||||||||||||||||||||||||||||||
143,500 | — | — | 143,500 | AmeriCredit Corp.* (a) | 3,370,815 | — | — | 3,370,815 | ||||||||||||||||||||||||
35,000 | — | — | 35,000 | Ameriprise Financial, Inc. | 1,600,550 | — | — | 1,600,550 | ||||||||||||||||||||||||
189,770 | — | — | 189,770 | Citigroup, Inc. | 9,365,150 | — | — | 9,365,150 | ||||||||||||||||||||||||
392,200 | — | — | 392,200 | Countrywide Financial Corp. | 13,256,360 | — | — | 13,256,360 | ||||||||||||||||||||||||
— | 91,081 | (91,081 | ) | — | Goldman Sachs Group Inc. | — | 13,539,190 | (13,539,190 | ) | — | ||||||||||||||||||||||
885,300 | — | — | 885,300 | J.P. Morgan Chase & Co. | 40,422,798 | — | — | 40,422,798 | ||||||||||||||||||||||||
— | 190,160 | — | 190,160 | Lehman Brothers Holding Group Inc. | — | 12,134,110 | — | 12,134,110 | ||||||||||||||||||||||||
337,599 | — | — | 337,599 | Merrill Lynch & Co., Inc. | 24,823,654 | — | — | 24,823,654 | ||||||||||||||||||||||||
176,000 | — | — | 176,000 | Principal Financial, Inc. | 9,370,240 | — | — | 9,370,240 | ||||||||||||||||||||||||
— | 280,140 | — | 280,140 | UBS AG | — | 15,903,548 | — | 15,903,548 | ||||||||||||||||||||||||
102,209,567 | 41,576,848 | (13,539,190 | ) | 130,247,225 | ||||||||||||||||||||||||||||
Diversified Telecommunications - 2.3% | ||||||||||||||||||||||||||||||||
476,800 | — | — | 476,800 | AT&T, Inc. | 14,842,784 | — | — | 14,842,784 | ||||||||||||||||||||||||
194,300 | — | — | 194,300 | CenturyTel, Inc. | 7,737,026 | — | — | 7,737,026 | ||||||||||||||||||||||||
257,763 | — | — | 257,763 | Embarq Corp. | 12,153,525 | — | — | 12,153,525 | ||||||||||||||||||||||||
332,330 | — | — | 332,330 | Sprint Nextel Corp. | 5,623,024 | — | — | 5,623,024 | ||||||||||||||||||||||||
40,356,359 | — | — | 40,356,359 | |||||||||||||||||||||||||||||
Electric Utilities - 3.3% | ||||||||||||||||||||||||||||||||
160,000 | — | — | 160,000 | American Electric Power Co., Inc.* (a) | 5,836,800 | — | — | 5,836,800 | ||||||||||||||||||||||||
64,000 | — | — | 64,000 | FirstEnergy Corp. | 3,651,840 | — | — | 3,651,840 | ||||||||||||||||||||||||
539,948 | — | — | 539,948 | PG&E Corp. | 22,640,020 | — | — | 22,640,020 | ||||||||||||||||||||||||
388,701 | — | — | 388,701 | TXU Corp. | 25,735,893 | — | — | 25,735,893 | ||||||||||||||||||||||||
57,864,553 | — | — | 57,864,553 | |||||||||||||||||||||||||||||
Electrical Equipment - 0.4% | ||||||||||||||||||||||||||||||||
116,100 | — | — | 116,100 | Energizer Holdings, Inc. * (a) | 7,762,446 | — | — | 7,762,446 | ||||||||||||||||||||||||
Electronic Equipment & Services - 0.1% | — | — | ||||||||||||||||||||||||||||||
123,200 | — | — | 123,200 | Ingram Micro, Inc.* | 2,217,600 | — | — | 2,217,600 | ||||||||||||||||||||||||
Energy Equipment & Services - 1.2% | ||||||||||||||||||||||||||||||||
65,200 | — | — | 65,200 | Dresser-Rand Group, Inc.* | 1,333,340 | — | — | 1,333,340 | ||||||||||||||||||||||||
— | 240,624 | — | 240,624 | Halliburton Co. | — | 7,849,155 | — | 7,849,155 | ||||||||||||||||||||||||
49,900 | 134,594 | — | 184,494 | Schlumberger Ltd.(a) | 3,058,870 | 8,250,612 | — | 11,309,482 | ||||||||||||||||||||||||
4,392,210 | 16,099,767 | — | 20,491,977 | |||||||||||||||||||||||||||||
Shares | Description | Value | ||||||||||||||||||||||||||||||
AXA Enterprise | AXA Enterprise | |||||||||||||||||||||||||||||||
Capital | Capital | |||||||||||||||||||||||||||||||
GS Structured | Appreciation | Pro Forma | GS Structured | Appreciation | Pro Forma | |||||||||||||||||||||||||||
U.S. Equity Fund | Fund | Adjustments | Combined Fund | U.S. Equity Fund | Fund | Adjustments | Combined Fund | |||||||||||||||||||||||||
Food & Drug Retailing - 0.6% | ||||||||||||||||||||||||||||||||
221,500 | — | — | 221,500 | Safeway, Inc.(a) | 6,850,995 | — | — | 6,850,995 | ||||||||||||||||||||||||
— | 69,456 | — | 69,456 | Wallgreen Co. | — | 3,435,294 | — | 3,435,294 | ||||||||||||||||||||||||
6,850,995 | 3,435,294 | — | 10,286,289 | |||||||||||||||||||||||||||||
Food Products - 2.5% | ||||||||||||||||||||||||||||||||
602,751 | 167,937 | — | 770,688 | Archer-Daniels-Midland Co. | 24,815,259 | 6,913,966 | — | 31,729,225 | ||||||||||||||||||||||||
195,200 | — | — | 195,200 | Kraft Foods, Inc.(a) | 6,619,232 | — | — | 6,619,232 | ||||||||||||||||||||||||
442,300 | — | — | 442,300 | Tyson Foods, Inc. | 6,515,079 | — | — | 6,515,079 | ||||||||||||||||||||||||
— | 37,949,570 | 6,913,966 | — | 44,863,536 | ||||||||||||||||||||||||||||
Healthcare Equipment & Supplies - 0.8% | ||||||||||||||||||||||||||||||||
364,800 | — | — | 364,800 | Applera Corp. — Applied Biosystems Group | 11,181,120 | — | — | 11,181,120 | ||||||||||||||||||||||||
19,900 | — | — | 19,900 | Becton, Dickinson and Co. | 1,387,030 | — | — | 1,387,030 | ||||||||||||||||||||||||
17,776 | — | — | 17,776 | Fisher Scientific International, Inc.* | 1,390,616 | — | — | 1,390,616 | ||||||||||||||||||||||||
13,958,766 | — | — | 13,958,766 | |||||||||||||||||||||||||||||
Healthcare Providers & Services - 5.1% | ||||||||||||||||||||||||||||||||
522,569 | — | — | 522,569 | AmerisourceBergen Corp. | 23,076,647 | — | — | 23,076,647 | ||||||||||||||||||||||||
71,600 | — | — | 71,600 | Caremark Rx, Inc. | 4,148,504 | — | — | 4,148,504 | ||||||||||||||||||||||||
61,300 | — | — | 61,300 | Express Scripts, Inc.* | 5,154,104 | — | — | 5,154,104 | ||||||||||||||||||||||||
130,000 | — | — | 130,000 | Humana, Inc.* | 7,920,900 | — | — | 7,920,900 | ||||||||||||||||||||||||
414,000 | — | — | 414,000 | McKesson Corp. | 21,031,200 | — | — | 21,031,200 | ||||||||||||||||||||||||
— | 37,136 | — | 37,136 | Quest Diagnostice Inc. | — | 2,387,102 | — | 2,387,102 | ||||||||||||||||||||||||
— | 520,828 | — | 520,828 | United Health Group Inc. | — | 27,057,015 | — | 27,057,015 | ||||||||||||||||||||||||
61,331,355 | 29,444,117 | — | 90,775,472 | |||||||||||||||||||||||||||||
Hotels, Restaurants & Leisure - 3.3% | ||||||||||||||||||||||||||||||||
38,941 | — | — | 38,941 | Darden Restaurants, Inc. | 1,378,511 | — | — | 1,378,511 | ||||||||||||||||||||||||
— | 123,438 | — | 123,438 | Four Seasons Hotel | — | 7,790,172 | — | 7,790,172 | ||||||||||||||||||||||||
— | 116,183 | — | 116,183 | Las Vegas Sands Corp. | — | 8,110,735 | — | 8,110,735 | ||||||||||||||||||||||||
37,400 | — | — | 37,400 | Marriott International, Inc. | 1,408,484 | — | — | 1,408,484 | ||||||||||||||||||||||||
37,500 | — | — | 37,500 | McDonald’s Corp. | 1,346,250 | — | — | 1,346,250 | ||||||||||||||||||||||||
— | 251,948 | — | 251,948 | MGM Mirage Inc. | — | 8,989,505 | — | 8,989,505 | ||||||||||||||||||||||||
287,000 | 182,759 | — | 469,759 | Starbucks Corp.* | 8,899,870 | 5,667,357 | — | 14,567,227 | ||||||||||||||||||||||||
— | 51,077 | — | 51,077 | Station Casinos Inc. | — | 2,975,235 | — | 2,975,235 | ||||||||||||||||||||||||
— | 46,474 | — | 46,474 | Wynn Resorts | — | 3,597,552 | — | 3,597,552 | ||||||||||||||||||||||||
— | 163,697 | — | 163,697 | Yum Brands Inc. | — | 8,001,509 | — | 8,001,509 | ||||||||||||||||||||||||
13,033,115 | 45,132,065 | — | 58,165,180 | |||||||||||||||||||||||||||||
Household Durables - 2.5% | ||||||||||||||||||||||||||||||||
117,263 | — | — | 117,263 | Colgate-Palmolive Co. | 7,019,363 | — | — | 7,019,363 | ||||||||||||||||||||||||
— | 93,246 | — | 93,246 | KB Home | — | 3,987,199 | — | 3,987,199 | ||||||||||||||||||||||||
— | 94,255 | — | 94,255 | Lennar Corp. | — | 4,226,394 | — | 4,226,394 | ||||||||||||||||||||||||
220,569 | 263,577 | — | 484,146 | Procter & Gamble Co. | 13,653,221 | 16,315,416 | — | 29,968,637 | ||||||||||||||||||||||||
20,672,584 | 24,529,009 | — | 45,201,593 | |||||||||||||||||||||||||||||
Household Products - 2.5% | ||||||||||||||||||||||||||||||||
952,320 | — | — | 952,320 | General Electric Co. | 32,436,019 | — | — | 32,436,019 | ||||||||||||||||||||||||
196,412 | — | — | 196,412 | Reynolds American, Inc. (a) | 12,780,529 | — | — | 12,780,529 | ||||||||||||||||||||||||
45,216,548 | — | — | 45,216,548 | |||||||||||||||||||||||||||||
Insurance - 5.2% | �� | |||||||||||||||||||||||||||||||
135,227 | — | — | 135,227 | AMBAC Financial Group, Inc. | 11,709,306 | — | — | 11,709,306 | ||||||||||||||||||||||||
594,600 | 90,398 | — | 684,998 | Genworth Financial, Inc. | 20,472,078 | 3,112,403 | — | 23,584,481 | ||||||||||||||||||||||||
628,988 | — | — | 628,988 | Loews Corp. | 24,203,459 | — | — | 24,203,459 | ||||||||||||||||||||||||
263,221 | — | — | 263,221 | MBIA, Inc. (a) | 16,222,310 | — | — | 16,222,310 | ||||||||||||||||||||||||
— | 147,944 | — | 147,944 | Progressive Corp. | — | 3,637,943 | — | 3,637,943 | ||||||||||||||||||||||||
102,600 | — | — | 102,600 | Radian Group, Inc. | 6,143,688 | — | — | 6,143,688 | ||||||||||||||||||||||||
123,000 | — | — | 123,000 | The Chubb Corp. | 6,169,680 | — | — | 6,169,680 | ||||||||||||||||||||||||
84,920,521 | 6,750,346 | — | 91,670,867 | |||||||||||||||||||||||||||||
Internet Software & Services - 1.3% | ||||||||||||||||||||||||||||||||
58,900 | — | — | 58,900 | Google, Inc., Class A * | 22,295,417 | — | — | 22,295,417 | ||||||||||||||||||||||||
IT Consulting & Services - 1.5% | ||||||||||||||||||||||||||||||||
482,018 | — | — | 482,018 | Computer Sciences Corp. * | 22,838,013 | 22,838,013 | ||||||||||||||||||||||||||
89,400 | — | — | 89,400 | First Data Corp. | 3,841,518 | 3,841,518 | ||||||||||||||||||||||||||
26,679,531 | — | — | 26,679,531 | |||||||||||||||||||||||||||||
Machinery - 0.7% | ||||||||||||||||||||||||||||||||
— | 145,096 | — | 145,096 | Caterpillar Inc. | — | 9,627,120 | — | 9,627,120 | ||||||||||||||||||||||||
62,580 | — | — | 62,580 | Illinois Tool Works, Inc. | 2,747,262 | — | — | 2,747,262 | ||||||||||||||||||||||||
2,747,262 | 9,627,120 | — | 12,374,382 | |||||||||||||||||||||||||||||
Media - 6.0% | ||||||||||||||||||||||||||||||||
782,281 | — | — | 782,281 | CBS Corp. Class B | 22,334,123 | — | — | 22,334,123 | ||||||||||||||||||||||||
485,783 | — | — | 485,783 | Clear Channel Communications, Inc. | 14,107,138 | — | — | 14,107,138 | ||||||||||||||||||||||||
— | 446,314 | — | 446,314 | Comcast Corp. | — | 15,620,990 | — | 15,620,990 | ||||||||||||||||||||||||
70,500 | — | — | 70,500 | The McGraw-Hill Companies., Inc. | 3,941,655 | — | — | 3,941,655 | ||||||||||||||||||||||||
666,132 | — | — | 666,132 | The Walt Disney Co. | 19,750,814 | — | — | 19,750,814 | ||||||||||||||||||||||||
1,795,258 | — | — | 1,795,258 | Time Warner, Inc. | 29,837,188 | — | — | 29,837,188 | ||||||||||||||||||||||||
89,970,918 | 15,620,990 | — | 105,591,908 | |||||||||||||||||||||||||||||
Metals & Mining - 0.1% | ||||||||||||||||||||||||||||||||
26,700 | — | — | 26,700 | Newmont Mining Corp. | 1,368,375 | — | — | 1,368,375 | ||||||||||||||||||||||||
Multiline Retail - 0.9% | ||||||||||||||||||||||||||||||||
53,504 | — | — | 53,504 | Costco Wholesale Corp. | 11,241,297 | — | — | 11,241,297 | ||||||||||||||||||||||||
20,200 | — | — | 20,200 | Target Corp | — | 5,079,837 | — | 5,079,837 | ||||||||||||||||||||||||
407,744 | — | — | 407,744 | 11,241,297 | 5,079,837 | — | 16,321,134 | |||||||||||||||||||||||||
19,337 | — | — | 19,337 | Oil & Gas - 7.9% | ||||||||||||||||||||||||||||
1,020,216 | — | — | 1,020,216 | Anadarko Petroleum Corp. | 2,509,873 | — | — | 2,509,873 | ||||||||||||||||||||||||
— | 154,454 | — | 154,454 | Apache Corp. | 1,318,656 | — | — | 1,318,656 | ||||||||||||||||||||||||
235,400 | — | — | 235,400 | Devon Energy Corp.(a) | 25,479,922 | — | — | 25,479,922 | ||||||||||||||||||||||||
53,367 | — | — | 53,367 | EOG Resources, Inc. | 1,253,424 | — | — | 1,253,424 | ||||||||||||||||||||||||
313,900 | — | — | 313,900 | Exxon Mobil Corp. | 69,038,017 | — | — | 69,038,017 | ||||||||||||||||||||||||
Peabody Energy Corp. | — | 6,806,788 | — | 6,806,788 | ||||||||||||||||||||||||||||
Sunoco, Inc. | 16,927,614 | — | — | 16,927,614 | ||||||||||||||||||||||||||||
240,250 | — | — | 240,250 | Ultra Petroleum Corp.* | 2,649,138 | — | — | 2,649,138 | ||||||||||||||||||||||||
— | 104,977 | — | 104,977 | XTO Energy, Inc. | 14,367,203 | — | — | 14,367,203 | ||||||||||||||||||||||||
133,543,847 | 6,806,788 | — | 140,350,635 | |||||||||||||||||||||||||||||
Pharmaceuticals - - 5.3% | ||||||||||||||||||||||||||||||||
— | 105,827 | — | 105,827 | Abbot Labs | — | 5,153,775 | — | 5,153,775 |
Shares | Description | Value | ||||||||||||||||||||||||||||||
AXA Enterprise Capital | AXA Enterprise Capital | |||||||||||||||||||||||||||||||
GS Structured | Appreciation | Pro Forma | GS Structured | Appreciation | Pro Forma | |||||||||||||||||||||||||||
U.S. Equity Fund | Fund | Adjustments | Combined Fund | U.S. Equity Fund | Fund | Adjustments | Combined Fund | |||||||||||||||||||||||||
29,000 | — | — | 29,000 | Forest Laboratories, Inc.* | 1,449,420 | — | — | 1,449,420 | ||||||||||||||||||||||||
41,437 | — | — | 41,437 | Johnson & Johnson | 2,679,317 | — | — | 2,679,317 | ||||||||||||||||||||||||
660,745 | — | — | 660,745 | Merck & Co., Inc. | 26,793,210 | — | — | 26,793,210 | ||||||||||||||||||||||||
1,660,615 | — | — | 1,660,615 | Pfizer, Inc. | 45,766,549 | — | — | 45,766,549 | ||||||||||||||||||||||||
259,800 | — | — | 259,800 | Wyeth | 12,652,260 | — | — | 12,652,260 | ||||||||||||||||||||||||
89,340,756 | 5,153,775 | — | 94,494,531 | |||||||||||||||||||||||||||||
Real Estate - - 1.0% | ||||||||||||||||||||||||||||||||
32,500 | — | — | 32,500 | Archstone-Smith Trust (REIT) | 1,728,350 | — | — | 1,728,350 | ||||||||||||||||||||||||
— | 21,076 | — | 21,076 | CB Richard Ellis Group | — | 484,748 | — | 484,748 | ||||||||||||||||||||||||
163,900 | — | — | 163,900 | Equity Office Properties Trust (REIT) | 6,079,051 | — | — | 6,079,051 | ||||||||||||||||||||||||
33,800 | — | — | 33,800 | Kimco Realty Corp. (REIT) | 1,404,390 | — | — | 1,404,390 | ||||||||||||||||||||||||
88,383 | — | — | 88,383 | New Century Financial Corp. (REIT)(a) | 3,421,306 | — | — | 3,421,306 | ||||||||||||||||||||||||
18,800 | — | — | 18,800 | SL Green Realty Corp. | 2,097,328 | — | — | 2,097,328 | ||||||||||||||||||||||||
— | 52,387 | — | 52,387 | ST Joe Co. | — | 2,669,642 | — | 2,669,642 | ||||||||||||||||||||||||
14,730,425 | 3,154,390 | — | 17,884,815 | |||||||||||||||||||||||||||||
Road & Rail - 2.5% | ||||||||||||||||||||||||||||||||
— | 178,174 | — | 178,174 | Burlington Northern Santa Fe | — | 11,928,749 | — | 11,928,749 | ||||||||||||||||||||||||
343,200 | — | — | 343,200 | CSX Corp. | 10,371,504 | — | — | 10,371,504 | ||||||||||||||||||||||||
111,600 | — | — | 111,600 | Norfolk Southern Corp. | 4,768,668 | — | — | 4,768,668 | ||||||||||||||||||||||||
97,830 | 106,300 | — | 204,130 | Union Pacific Corp. | 7,860,640 | 8,541,205 | — | 16,401,845 | ||||||||||||||||||||||||
23,000,812 | 20,469,954 | — | 43,470,766 | |||||||||||||||||||||||||||||
Semiconductor Equipment & Products - 1.7% | ||||||||||||||||||||||||||||||||
754,367 | 148,212 | — | 902,579 | Texas Instruments, Inc. | 24,584,821 | 4,830,229 | — | 29,415,050 | ||||||||||||||||||||||||
Software - 2.0% | ||||||||||||||||||||||||||||||||
1,188,240 | — | — | 1,188,240 | Microsoft Corp. | 30,525,885 | — | — | 30,525,885 | ||||||||||||||||||||||||
296,556 | — | — | 296,556 | Synopsys, Inc.* | 5,622,702 | — | — | 5,622,702 | ||||||||||||||||||||||||
36,148,587 | — | — | 36,148,587 | |||||||||||||||||||||||||||||
Specialty Retail - 3.1% | ||||||||||||||||||||||||||||||||
542,775 | — | — | 542,775 | AutoNation, Inc.* | 10,546,118 | — | — | 10,546,118 | ||||||||||||||||||||||||
528,431 | — | — | 528,431 | Circuit City Stores, Inc. | 12,476,256 | — | — | 12,476,256 | ||||||||||||||||||||||||
— | 351,276 | — | 351,276 | Loew’s Co.Inc. | — | 9,505,529 | — | 9,505,529 | ||||||||||||||||||||||||
589,787 | — | — | 589,787 | Office Depot, Inc.* | 21,727,753 | — | — | 21,727,753 | ||||||||||||||||||||||||
69,100 | — | — | 69,100 | United Rentals, Inc.* | 1,496,706 | — | — | 1,496,706 | ||||||||||||||||||||||||
46,246,833 | 9,505,529 | — | 55,752,362 | |||||||||||||||||||||||||||||
Textiles & Apparel - 0.1% | ||||||||||||||||||||||||||||||||
75,602 | — | — | 75,602 | Jones Apparel Group, Inc. | 2,366,343 | — | — | 2,366,343 | ||||||||||||||||||||||||
Tobacco - 0.4% | ||||||||||||||||||||||||||||||||
144,200 | — | — | 144,200 | UST, Inc. | 7,622,412 | — | — | 7,622,412 | ||||||||||||||||||||||||
Wireless Telecommunication Services - 0.5% | ||||||||||||||||||||||||||||||||
44,910 | — | — | 44,910 | United States Cellular Corp. * | 2,692,355 | — | — | 2,692,355 | ||||||||||||||||||||||||
— | 160,395 | — | 160,395 | America Movil SA ADR | — | 5,984,337 | — | 5,984,337 | ||||||||||||||||||||||||
2,692,355 | 5,984,337 | — | 8,676,692 | |||||||||||||||||||||||||||||
TOTAL COMMON STOCKS (Cost $1,235,129,943, $312,322,140, $(13,182,842) and $1,534,269,241 respectively) - (Including $54,679,277, $0, $0 and $54,649,277 of securities on loan, respectively) | $ | 1,371,885,337 | $ | 367,170,445 | $ | (13,539,190 | ) | $ | 1,725,516,592 | |||||||||||||||||||||||
Principal Amount | Interest Rate Maturity Date | Value | ||||||||||||||||||||||||||||||
Time Deposits - 1.2% | ||||||||||||||||||||||||||||||||
— | 22,076,954 | — | 22,076,954 | JP Morgan Chase Nassau | — | 22,076,954 | — | 22,076,954 | ||||||||||||||||||||||||
TOTAL Time Deposits (Cost $0, $22,079,954, $0 and $22,079,954 respectively) | $ | — | $ | 22,076,954 | $ | — | $ | 22,076,954 | ||||||||||||||||||||||||
Repurchase Agreement (b) - 0.6% | ||||||||||||||||||||||||||||||||
10,900,000 | $ | — | $ | — | $ | 10,900,000 | Joint Repurchase Agreement Account II 5.28% 09/01/2006 Maturity Value $10,901,599 (Cost $10,900,000, $0, $0 and $10,900,000 respectively) | $ | 10,900,000 | $ | — | $ | — | $ | 10,900,000 | |||||||||||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL (Cost $1,246,029,943, $334,399,094, $(13,182,842) and $1,567,246,195 respectively) | $ | 1,382,785,337 | $ | 389,247,399 | $ | (13,539,190 | ) | $ | 1,758,493,546 | |||||||||||||||||||||||
Shares | Description | Value | ||||||||||||||||||||||||||||||
Securities Lending Collateral - 4.8% | ||||||||||||||||||||||||||||||||
28,958,492 | 28,958,492 | HSBC Securities Repo | 28,958,492 | 28,958,492 | ||||||||||||||||||||||||||||
55,463,875 | — | — | 55,463,875 | Boston Global Investment Trust — Enhanced Portfolio | $ | 55,463,875 | 55,463,875 | |||||||||||||||||||||||||
TOTAL SECURITIES LENDING COLLATERAL (Cost $55,463,875, $28,958,492, $0, and $84,422,367 respectively) | $ | 55,463,875 | $ | 28,958,492 | $ | — | $ | 84,422,367 | ||||||||||||||||||||||||
(Cost $1,301,493,818, $334,399,094, $(13,1182,842) and 1,622,710,127, respectively) - 103.9% | $ | 1,438,249,212 | $ | 418,205,891 | $ | (13,539,190 | ) | $ | 1,842,915,913 | |||||||||||||||||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - 3.9% | $ | (54,242,385 | ) | $ | (29,014,476 | ) | $ | 13,539,190 | $ | (69,717,671 | ) | |||||||||||||||||||||
Net Assets - - 100.0% | $ | 1,384,006,827 | $ | 389,191,415 | $ | — | $ | 1,773,198,242 | ||||||||||||||||||||||||
(a) All or portion of the security is on loan.
Number of | Settlement | Unrealized | ||||||||||||
Type | Contracts Long | Month | Market Value | Gain | ||||||||||
S & P Mini 500 Index | 183 | September 2006 | $ | 11,946,240 | $ | 156,153 | ||||||||
For the Goldman Sachs Structured U.S. Equity Fund and the AXA Enterprise Capital Appreciation Fund
August 31, 2006 (Unaudited)
Goldman Sachs | AXA Enterprise Capital | |||||||||||||||
Structured U.S. | Appreciation | Pro Forma | ||||||||||||||
Equity Fund | Fund | Adjustments | Combined Fund | |||||||||||||
Assets: | ||||||||||||||||
Investments in securities, at value (identified cost $1,246,029,943, 334,399,094, ($13,182,842) and $1,567,246,195, respectively) — (including $54,679,277, $0, $0 and $54,679,277 of securities on loan, respectively) | $ | 1,382,785,337 | $ | 367,170,445 | $ | (13,539,190 | )(d) | $ | 1,736,416,592 | |||||||
Investments in short term securities, at value (cost $0, $22,076,954, $0 and $22,076,954 respectively) | — | 22,076,954 | — | 22,076,954 | ||||||||||||
Securities Lending collateral, at value (cost $55,463,875, $28,958,492, $0 and $84,422,367 respectively) | 55,463,875 | 28,958,492 | — | 84,422,367 | ||||||||||||
Cash | 1,255,099 | (a) | 1,411,545 | — | 2,666,644 | |||||||||||
Foreign Currenies, at value (cost $0, $0, $0 and $0 respectively | — | 139 | — | 139 | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold, at value | — | 256,317 | 13,539,190 | (d) | 13,795,507 | |||||||||||
Fund shares sold | 1,583,615 | 661,404 | — | 2,245,019 | ||||||||||||
Dividends and Interest, at value | 3,231,402 | 310,523 | — | 3,541,925 | ||||||||||||
Reclaim receivable | — | 46,315 | — | 46,315 | ||||||||||||
Due from broker | 4,575 | — | — | 4,575 | ||||||||||||
Reimbursement from adviser | 64,844 | — | — | 64,844 | ||||||||||||
Securities lending income | 6,244 | — | — | 6,244 | ||||||||||||
Other assets | 5,299 | 80,750 | — | 86,049 | ||||||||||||
Total assets | 1,444,400,290 | 420,972,884 | — | 1,865,373,174 | ||||||||||||
Liabilities: | ||||||||||||||||
Payables: | ||||||||||||||||
Investment securities purchased | — | 1,975,249 | — | 1,975,249 | ||||||||||||
Payable upon return of securities loaned | 55,463,875 | 28,958,492 | — | 84,422,367 | ||||||||||||
Fund shares repurchased | 3,553,123 | 348,691 | — | 3,901,814 | ||||||||||||
Amounts owed to affiliates | 951,181 | 276,442 | — | 1,227,623 | ||||||||||||
Accrued expenses | 425,284 | 222,595 | — | 647,879 | ||||||||||||
Total liabilities | 60,393,463 | 31,781,469 | — | 92,174,932 | ||||||||||||
Net Assets: | ||||||||||||||||
Paid-in capital | 1,219,511,120 | 363,626,736 | — | 1,583,137,856 | ||||||||||||
Accumulated undistributed net investment income (loss) | 9,432,894 | (2,368,760 | ) | — | 7,064,134 | |||||||||||
Accumulated net realized gain (loss) on investments and futures transactions | 18,151,267 | (26,915,005 | ) | 362,238 | (8,401,500 | ) | ||||||||||
Net unrealized gain on investments and futures | 136,911,546 | 54,848,305 | (362,238 | ) | 191,397,613 | |||||||||||
Net unrealized gain on Foreign Exchange | — | 139 | — | 139 | ||||||||||||
Net Assets | $ | 1,384,006,827 | 389,191,415 | — | 1,773,198,242 | |||||||||||
Net Assets: | ||||||||||||||||
Class A | $ | 611,999,464 | $ | 192,169,019 | $ | — | $ | 804,168,483 | ||||||||
Class B | 78,109,902 | 67,065,118 | — | 145,175,020 | ||||||||||||
Class C | 36,628,284 | 64,690,343 | — | 101,318,627 | ||||||||||||
Institutional | 644,250,108 | 65,266,935 | — | 709,517,043 | ||||||||||||
Service | 13,019,069 | — | — | 13,019,069 | ||||||||||||
Shares Outstanding: | ||||||||||||||||
Class A | 19,250,586 | 5,638,670 | 406,051 | (b) | 25,295,307 | |||||||||||
Class B | 2,610,560 | 2,139,636 | 101,790 | (b) | 4,851,986 | |||||||||||
Class C | 1,230,033 | 2,005,725 | 166,674 | (b) | 3,402,432 | |||||||||||
Institutional | 19,835,225 | 1,832,927 | 176,517 | (b) | 21,844,669 | |||||||||||
Service | 413,263 | — | — | 413,263 | ||||||||||||
Total shares outstanding, $0.001 par value (unlimited number of share authorized | 43,339,667 | 11,616,959 | 851,031 | (b) | 55,807,657 | |||||||||||
Net assets value, offering and redemption price per share:(c) | ||||||||||||||||
Class A | $ | 31.79 | $ | 34.08 | $ | 2.29 | $ | 31.79 | ||||||||
Class B | 29.92 | 31.34 | 1.42 | 29.92 | ||||||||||||
Class C | 29.78 | 32.25 | 2.47 | 29.78 | ||||||||||||
Institutional | 32.48 | 35.61 | 3.13 | 32.48 | ||||||||||||
Service | 31.50 | — | — | 31.50 | ||||||||||||
(a) | Includes restricted cash of $1,225,000 relating to initial margin requirements on futures transactions. | |
(b) | Adjustment to reflect reduction of shares based on Structured U.S. Equity Fund’s NAV. | |
(c) | Maximum public offering price per share (NAV per share multiplied by 1.0582) for Class A Shares is $33.64, $36.06, and $33.64 for the Structured U.S. Equity Fund and the AXA Capital Appreciation Fund, respsectively. At redemption, Class B and Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current NAV or the original purchase price of the shares. |
For the Goldman Sachs Structured U.S. Equity Fund and the AXA Enterprise Capital Appreciation Fund
For year ended August 31, 2006 (Unaudited)
Goldman Sachs | ||||||||||||||||
Structured U.S. | AXA Enterprise Capital | Pro Forma | ||||||||||||||
Equity Fund | Appreciation Fund | Adjustments | Combined Fund | |||||||||||||
Investment Income: | ||||||||||||||||
Dividends (Net of foreign witholding tax of $0, $45,484, $0 and $45,484, respectively) | $ | 18,208,337 | $ | 3,079,598 | $ | — | $ | 21,287,935 | ||||||||
Interest (including securities lending income of $45,910, $72,313, $0, and $118,223 respectively) | 465,974 | 545,998 | — | 1,011,972 | ||||||||||||
Total income | 18,674,311 | 3,625,596 | — | 22,299,907 | ||||||||||||
Expenses: | ||||||||||||||||
Management fees | 6,790,112 | 2,889,236 | (497,688 | )(a) | 9,181,660 | |||||||||||
Administrative fees | — | 227,175 | (227,175 | )(b) | — | |||||||||||
Distribution and service fees | 2,612,081 | 2,294,358 | (394,034 | )(b) | 4,512,405 | |||||||||||
Transfer Agent fees | 1,405,893 | 921,511 | (257,356 | )(b) | 2,070,049 | |||||||||||
Custody and accounting fees | 212,103 | 6,605 | 41,627 | (b) | 260,335 | |||||||||||
Printing fees | 90,105 | 133,458 | (116,383 | )(b) | 107,180 | |||||||||||
Registration fees | 75,006 | 72,501 | (58,287 | )(b) | 89,220 | |||||||||||
Audit fees | 47,999 | 28,372 | (23,572 | )(b) | 52,799 | |||||||||||
Legal fees | 18,533 | 59,796 | (56,089 | )(b) | 22,240 | |||||||||||
Trustee fees | 15,230 | 55,596 | (55,596 | )(b) | 15,230 | |||||||||||
Service share fees | 54,938 | — | 2 | (b) | 54,940 | |||||||||||
Other | 121,636 | 86,957 | (52,381 | )(b) | 156,212 | |||||||||||
Total expenses | 11,443,636 | 6,775,565 | (1,696,932 | ) | 16,522,269 | |||||||||||
Less — expense reductions | (1,628,072 | ) | (100,912 | ) | (348,214 | )(c) | (2,077,198 | ) | ||||||||
Net Expenses | 9,815,564 | 6,674,653 | (2,045,146 | ) | 14,445,071 | |||||||||||
Net Investment Income (loss) | 8,858,747 | (3,049,057 | ) | 2,045,146 | 7,854,836 | |||||||||||
Realized and unrealized gain (loss) on investment and futures transactions: | ||||||||||||||||
Net realized gain from: | ||||||||||||||||
Investment transactions | 71,738,092 | 33,549,820 | 100,612 | 105,388,524 | ||||||||||||
Futures transactions | (36,059 | ) | — | — | (36,059 | ) | ||||||||||
Net change in unrealized gain (loss) on: | ||||||||||||||||
Investments | 9,763,484 | (27,179,139 | ) | — | (17,415,655 | ) | ||||||||||
Futures | 137,231 | — | — | 137,231 | ||||||||||||
Net realized and unrealized gain on investment and futures transactions | 81,602,748 | 6,370,681 | 100,612 | 88,074,041 | ||||||||||||
Net Increase in Net Assets Resulting from Operations | $ | 90,461,495 | $ | 3,321,624 | $ | 2,145,758 | $ | 95,928,877 | ||||||||
(a) | Adjustment to reduce management fee based on Structured U.S. Equity Fund rates. | |
(b) | Adjustments to reflect the anticipated adjustment as a result of consolidation of transfer agent, printing, custody and accounting and other services. | |
(c) | Adjustment to reflect increase in expense reduction based on Structured U.S. Equity Fund current expense cap and waivers. |
For the Twelve Months Ended August 31, 2006 (Unaudited)
Class A | Class B | Class C | Institutional | |||||||||||||
Shares Issued | 6,044,721 | 2,241,425 | 2,172,399 | 2,009,444 | ||||||||||||
Net Assets 08/31/2006 | $ | 192,169,019 | $ | 67,065,118 | $ | 64,690,343 | $ | 65,266,936 | ||||||||
Pro Forma Net Asset Value 08/31/2006 | $ | 31.79 | $ | 29.92 | $ | 29.78 | $ | 32.48 |
Capital Loss Carryforward* | The Portfolio | Structured U.S. Equity Fund | ||||||
Expiring 2009 | $3,326 | $ | — | |||||
Expiring 2010 | 25,282 | 21,317,839 | ||||||
Expiring 2011 | — | — | ||||||
Total | $28,608 | $ | 21,317,839 | |||||
* | Expiration occurs on August 31 of the year indicated. As a consequence of the reorganization, utilization of these losses may be limited under the Internal Revenue Code. |
2
Average Daily Net Assets | | Annual Rate | ||
First $1 Billion | 0.65 | % | ||
Next $1 Billion | 0.59 | % | ||
Over $2 Billion | 0.56 | % | ||
3
4
August 31, 2006 (Unaudited)
Shares | Description | Value | ||||||||||||||||||||||||||||||||||||||
GS Structured | AXA Enterprise Capital | AXA MM Core | Pro Forma | GS Structured | AXA Enterprise Capital | AXA MM Core | Pro Forma | |||||||||||||||||||||||||||||||||
U.S. Equity Fund | Appreciation Fund | Equity Fund | Adjustments | Combined Fund | U.S. Equity Fund | Appreciation Fund | Equity Fund | Adjustments | Combined Fund | |||||||||||||||||||||||||||||||
Common Stocks-97.4% | ||||||||||||||||||||||||||||||||||||||||
Advertizing-0.00% | ||||||||||||||||||||||||||||||||||||||||
— | — | 1,300 | — | 1,300 | Interpublic Group * | — | — | 11,934 | — | 11,934 | ||||||||||||||||||||||||||||||
Aerospace & Defense 4.4% | ||||||||||||||||||||||||||||||||||||||||
— | 164,398 | — | — | 164,398 | General Dynamics Corp. | — | 11,105,085 | — | — | 11,105,085 | ||||||||||||||||||||||||||||||
— | 93,126 | — | — | 93,126 | Locheed Martin Corp. | — | 7,692,208 | — | — | 7,692,208 | ||||||||||||||||||||||||||||||
371,000 | — | 500 | — | 371,500 | Northrop Grumman Corp. | 24,786,510 | — | 33,405 | — | 24,819,915 | ||||||||||||||||||||||||||||||
330,573 | — | 600 | — | 331,173 | The Boeing Co. | 24,759,918 | — | 44,940 | — | 24,804,858 | ||||||||||||||||||||||||||||||
71,600 | 100,542 | — | — | 172,142 | United Technologies Corp. | 4,490,036 | 6,304,989 | — | — | 10,795,025 | ||||||||||||||||||||||||||||||
54,036,464 | 25,102,282 | 78,345 | — | 79,217,091 | ||||||||||||||||||||||||||||||||||||
Air Freight & Couries-0.8% | ||||||||||||||||||||||||||||||||||||||||
— | 144,176 | 510 | — | 144,686 | Fedex Corp | — | 14,566,101 | 51,525 | — | 14,617,626 | ||||||||||||||||||||||||||||||
— | — | 125 | — | 125 | United Parcel Service Inc. | — | — | 8,757 | — | 8,757 | ||||||||||||||||||||||||||||||
— | 14,566,101 | 60,282 | — | 14,626,383 | ||||||||||||||||||||||||||||||||||||
Airlines-0.0% | ||||||||||||||||||||||||||||||||||||||||
— | — | 5,700 | — | 5,700 | Jet Blue Airways Corp. * | 58,368 | 58,368 | |||||||||||||||||||||||||||||||||
Auto Components-0.0% | ||||||||||||||||||||||||||||||||||||||||
— | — | 375 | — | 375 | Autoliv Inc. | — | — | 21,194 | — | 21,194 | ||||||||||||||||||||||||||||||
— | — | 150 | — | 150 | Borg Warner Inc. | — | — | 8,507 | — | 8,507 | ||||||||||||||||||||||||||||||
— | — | 150 | — | 150 | Magna International | — | — | 10,793 | — | 10,793 | ||||||||||||||||||||||||||||||
— | — | 40,494 | — | 40,494 | ||||||||||||||||||||||||||||||||||||
Automobiles-0.4% | ||||||||||||||||||||||||||||||||||||||||
— | — | 225 | — | 225 | DaimleChrysler AG | — | — | 11,876 | — | 11,876 | ||||||||||||||||||||||||||||||
— | — | 500 | — | 500 | Peugeot SA Euro | — | — | 28,205 | — | 28,205 | ||||||||||||||||||||||||||||||
— | 57,541 | 200 | — | 57,741 | Toyota Motor Corp. (ADR) | — | 6,233,992 | 21,668 | — | 6,255,660 | ||||||||||||||||||||||||||||||
— | 6,233,992 | 61,749 | — | 6,295,741 | ||||||||||||||||||||||||||||||||||||
Banks-7.5% | ||||||||||||||||||||||||||||||||||||||||
947,884 | — | — | — | 947,884 | Bank of America Corp. | 48,787,590 | — | — | — | 48,787,590 | ||||||||||||||||||||||||||||||
— | — | 400 | — | 400 | Comerica Inc. | — | — | 22,900 | — | 22,900 | ||||||||||||||||||||||||||||||
— | — | 2,895 | — | 2,895 | Fannie Mae | — | — | 152,420 | — | 152,420 | ||||||||||||||||||||||||||||||
— | — | 2,248 | — | 2,248 | Freddie Mac | — | — | 142,972 | — | 142,972 | ||||||||||||||||||||||||||||||
324,944 | — | — | — | 324,944 | Hudson City Bankcorp, Inc. | 4,243,769 | — | — | — | 4,243,769 | ||||||||||||||||||||||||||||||
— | — | 600 | — | 600 | Huntinton Bancshares Inc. | — | — | 14,352 | — | 14,352 | ||||||||||||||||||||||||||||||
— | — | 825 | — | 825 | Key Corp | — | — | 30,352 | — | 30,352 | ||||||||||||||||||||||||||||||
32,288 | — | — | — | 32,288 | M&T Bank Corp. | 3,953,988 | — | — | — | 3,953,988 | ||||||||||||||||||||||||||||||
38,400 | — | — | — | 38,400 | Mercantile Bankshares Corp. | 1,418,112 | — | — | — | 1,418,112 | ||||||||||||||||||||||||||||||
— | — | 775 | — | 775 | National City Corp. | — | — | 26,800 | — | 26,800 | ||||||||||||||||||||||||||||||
— | — | 125 | — | 125 | PNC Financial Services | — | 8,849 | — | 8,849 | |||||||||||||||||||||||||||||||
132,900 | — | — | — | 132,900 | Regions Financial Corp. | 4,783,071 | — | — | — | 4,783,071 | ||||||||||||||||||||||||||||||
467,475 | — | 1,100 | — | 468,575 | U.S. Bancorp | 14,991,923 | — | 35,277 | — | 15,027,200 | ||||||||||||||||||||||||||||||
38,448 | — | — | — | 38,448 | UnionBanCal Corp. | 2,303,035 | — | — | — | 2,303,035 | ||||||||||||||||||||||||||||||
133,025 | — | 200 | — | 133,225 | Wachovia Corp. | 7,267,156 | — | 10,926 | — | 7,278,082 | ||||||||||||||||||||||||||||||
31,900 | — | 875 | — | 32,775 | Washington Mutual, Inc.(a) | 1,336,291 | — | 36,654 | — | 1,372,945 | ||||||||||||||||||||||||||||||
1,019,112 | 249,541 | 750 | — | 1,269,403 | Wells Fargo & Co. | 35,414,142 | 8,671,550 | 26,063 | — | 44,111,755 | ||||||||||||||||||||||||||||||
124,499,077 | 8,671,550 | 507,565 | — | 133,678,192 | ||||||||||||||||||||||||||||||||||||
Beverages-0.1% | ||||||||||||||||||||||||||||||||||||||||
— | — | 1,200 | — | 1,200 | Coca-Cola Inc. | — | — | 53,772 | — | 53,772 | ||||||||||||||||||||||||||||||
— | 29,451 | 1,755 | — | 31,206 | Pepsico Co. | — | 1,922,561 | 114,566 | — | 2,037,127 | ||||||||||||||||||||||||||||||
— | 1,922,561 | 168,338 | — | 2,090,899 | ||||||||||||||||||||||||||||||||||||
Biotechnology-3.4% | ||||||||||||||||||||||||||||||||||||||||
311,800 | — | 2,195 | — | 313,995 | Amgen, Inc. * | 21,180,574 | — | 149,105 | — | 21,329,679 | ||||||||||||||||||||||||||||||
183,472 | — | — | — | 183,472 | Celgene Corp.* | 7,465,476 | — | — | — | 7,465,476 | ||||||||||||||||||||||||||||||
— | 135,009 | — | — | 135,009 | Amalyn Pharmaceutical Co. | — | 6,119,958 | — | — | 6,119,958 | ||||||||||||||||||||||||||||||
— | 249,257 | 965 | — | 250,222 | Genentech * | — | 20,568,688 | 79,632 | — | 20,648,320 | ||||||||||||||||||||||||||||||
— | 81,614 | — | — | 81,614 | Genzyme Corp. | — | 5,405,295 | — | — | 5,405,295 | ||||||||||||||||||||||||||||||
— | — | 1,475 | — | 1,475 | Gilead sciences * | — | — | 93,515 | — | 93,515 | ||||||||||||||||||||||||||||||
28,646,050 | 32,093,941 | 322,252 | — | 61,062,243 | ||||||||||||||||||||||||||||||||||||
Chemicals-2.4% | ||||||||||||||||||||||||||||||||||||||||
— | 10,289 | 1,400 | — | 11,689 | Air Products and Chemicals | — | 682,058 | 92,806 | — | 774,864 | ||||||||||||||||||||||||||||||
163,265 | — | — | — | 163,265 | Ashland, Inc. | 10,308,552 | — | — | — | 10,308,552 | ||||||||||||||||||||||||||||||
— | — | 500 | — | 500 | Lubrizol Corp. | — | — | 21,745 | — | 21,745 | ||||||||||||||||||||||||||||||
527,352 | 138,416 | — | — | 665,768 | Monsanto Co. | 25,017,579 | 6,566,455 | — | — | 31,584,034 | ||||||||||||||||||||||||||||||
— | 17,570 | — | — | 17,570 | Praxair Inc. | — | 1,008,694 | — | — | 1,008,694 | ||||||||||||||||||||||||||||||
35,326,131 | 8,257,207 | 114,551 | — | 43,697,889 | ||||||||||||||||||||||||||||||||||||
Commercial Services & Supplies-1.1% | ||||||||||||||||||||||||||||||||||||||||
— | — | 400 | — | 400 | Avery Dennison Corp. | — | — | 24,776 | — | 24,776 | ||||||||||||||||||||||||||||||
45,817 | — | — | — | 45,817 | Global Payments, Inc. | 1,743,337 | — | — | — | 1,743,337 | ||||||||||||||||||||||||||||||
202,484 | — | — | — | 202,484 | Manpower, Inc. | 11,968,829 | — | — | — | 11,968,829 | ||||||||||||||||||||||||||||||
174,486 | — | — | — | 174,486 | Waste Management, Inc. | 5,981,380 | — | — | — | 5,981,380 | ||||||||||||||||||||||||||||||
19,693,546 | — | 24,776 | — | 19,718,322 | ||||||||||||||||||||||||||||||||||||
Communications Equipment-2.9% | ||||||||||||||||||||||||||||||||||||||||
— | — | 978 | — | 978 | ADC Telecommunications * | — | — | 13,350 | — | 13,350 | ||||||||||||||||||||||||||||||
1,756,400 | — | 3,400 | — | 1,759,800 | Cisco Systems, Inc.* | 38,623,236 | — | 74,766 | — | 38,698,002 | ||||||||||||||||||||||||||||||
— | — | 2,925 | — | 2,925 | Corning Inc. * | — | — | 65,052 | — | 65,052 | ||||||||||||||||||||||||||||||
— | 174,901 | 5,275 | — | 180,176 | Motorola Inc. | — | 4,089,185 | 123,329 | — | 4,212,514 | ||||||||||||||||||||||||||||||
— | — | 1,300 | — | 1,300 | Nokia Corp ADR | — | — | 27,144 | — | 27,144 | ||||||||||||||||||||||||||||||
— | 162,444 | 3,025 | — | 165,469 | Qualcomm | — | 6,119,265 | 113,951 | — | 6,233,216 | ||||||||||||||||||||||||||||||
— | — | 1,265 | — | 1,265 | Research in Motion * | — | — | 104,363 | — | 104,363 | ||||||||||||||||||||||||||||||
303,900 | — | 1,000 | — | 304,900 | Tellabs, Inc.* | 3,096,741 | — | 10,190 | — | 3,106,931 | ||||||||||||||||||||||||||||||
41,719,977 | 10,208,450 | 532,145 | — | 52,460,572 | ||||||||||||||||||||||||||||||||||||
Computers & Peripherals-2.0% | ||||||||||||||||||||||||||||||||||||||||
— | — | 2,075 | — | 2,075 | Apple Computer Co. Inc. * | — | — | 140,788 | — | 140,788 | ||||||||||||||||||||||||||||||
— | — | 3,700 | — | 3,700 | Dell Inc. * | — | — | 83,435 | — | 83,435 | ||||||||||||||||||||||||||||||
— | — | 6,920 | — | 6,920 | EMC Corp. * | — | — | 80,618 | — | 80,618 | ||||||||||||||||||||||||||||||
947,700 | — | 1,700 | — | 949,400 | Hewlett-Packard Co. | 34,647,912 | — | 62,152 | — | 34,710,064 | ||||||||||||||||||||||||||||||
— | — | 850 | — | 850 | International Business Machines Corp. | — | — | 68,825 | — | 68,825 | ||||||||||||||||||||||||||||||
— | — | 1,180 | — | 1,180 | Sandisk Corp. * | — | — | 69,526 | — | 69,526 | ||||||||||||||||||||||||||||||
34,647,912 | — | 505,344 | — | 35,153,256 | ||||||||||||||||||||||||||||||||||||
Consumer Durables & Apparel-0.0% | ||||||||||||||||||||||||||||||||||||||||
— | — | 700 | — | 700 | Matell Inc. | — | — | 13,188 | — | 13,188 | ||||||||||||||||||||||||||||||
Containers and Packaging-0.0% | ||||||||||||||||||||||||||||||||||||||||
— | — | 675 | — | 675 | Crown Holdings Inc. * | — | — | 12,413 | — | 12,413 | ||||||||||||||||||||||||||||||
— | — | 1,050 | — | 1,050 | Owens Illinois Inc. * | — | — | 15,918 | — | 15,918 | ||||||||||||||||||||||||||||||
— | — | 1,000 | — | 1,000 | Smurfit-Stone Container * | — | — | 11,390 | — | 11,390 | ||||||||||||||||||||||||||||||
— | — | 39,721 | — | 39,721 | ||||||||||||||||||||||||||||||||||||
Diversified Financials-7.4% | ||||||||||||||||||||||||||||||||||||||||
— | — | 2,550 | — | 2,550 | American Express Co. | — | — | 133,977 | — | 133,977 |
Shares | Description | Value | ||||||||||||||||||||||||||||||||||||||||||
GS Structured | AXA Enterprise Capital | AXA MM Core | Pro Forma | GS Structured U.S. | AXA Enterprise Capital | AXA MM Core | Pro Forma | |||||||||||||||||||||||||||||||||||||
U.S. Equity Fund | Appreciation Fund | Equity Fund | Adjustments | Combined Fund | Equity Fund | Appreciation Fund | Equity Fund | Adjustments | Combined Fund | |||||||||||||||||||||||||||||||||||
143,500 | — | — | — | 143,500 | AmeriCredit Corp.* (a) | 3,370,815 | — | — | — | 3,370,815 | ||||||||||||||||||||||||||||||||||
35,000 | — | — | — | 35,000 | Ameriprise Financial, Inc. | 1,600,550 | — | — | — | 1,600,550 | ||||||||||||||||||||||||||||||||||
— | — | 2,000 | — | 2,000 | Bank of America Corp. | — | — | 102,940 | — | 102,940 | ||||||||||||||||||||||||||||||||||
— | — | 6,300 | — | 6,300 | Charles Schwab Corp. | — | — | 102,753 | — | 102,753 | ||||||||||||||||||||||||||||||||||
189,770 | — | 4,100 | — | 193,870 | Citigroup, Inc. | 9,365,150 | — | 202,334 | — | 9,567,484 | ||||||||||||||||||||||||||||||||||
392,200 | — | — | — | 392,200 | Countrywide Financial Corp. | 13,256,360 | — | — | — | 13,256,360 | ||||||||||||||||||||||||||||||||||
— | 91,081 | 50 | (91,131 | ) | — | Goldman Sachs Group Inc. | — | 13,539,190 | 7,433 | (13,546,623 | ) | — | ||||||||||||||||||||||||||||||||
885,300 | — | 1,675 | — | 886,975 | J.P. Morgan Chase & Co. | 40,422,798 | 76,481 | — | 40,499,279 | |||||||||||||||||||||||||||||||||||
— | 190,160 | — | — | 190,160 | Lehman Brothers Holding Group Inc. | — | 12,134,110 | — | — | 12,134,110 | ||||||||||||||||||||||||||||||||||
— | — | 9,900 | — | 9,900 | Lloyds TSB Group | — | — | 98,205 | — | 98,205 | ||||||||||||||||||||||||||||||||||
337,599 | — | 2,195 | — | 339,794 | Merrill Lynch & Co., Inc. | 24,823,654 | — | 161398 | — | 24,985,052 | ||||||||||||||||||||||||||||||||||
— | — | 75 | — | 75 | Morgan Stanley Co. | — | — | 4934 | — | 4,934 | ||||||||||||||||||||||||||||||||||
— | — | 1,200 | — | 1,200 | NYSE Group Inc. * | — | — | 71160 | — | 71,160 | ||||||||||||||||||||||||||||||||||
— | — | 1,900 | — | 1,900 | Options Express Holdings Inc | — | — | 49628 | — | 49,628 | ||||||||||||||||||||||||||||||||||
176,000 | — | — | 176,000 | Principal Financial, Inc. | 9,370,240 | — | — | — | 9,370,240 | |||||||||||||||||||||||||||||||||||
— | 280,140 | 880 | — | 281,020 | UBS AG | — | 15,903,548 | 49,958 | — | 15,953,506 | ||||||||||||||||||||||||||||||||||
— | — | 475 | — | 475 | Waddel and Reed Financial | — | — | 11,030 | — | 11,030 | ||||||||||||||||||||||||||||||||||
102,209,567 | 41,576,848 | 1,072,231 | (13,546,623 | ) | 131,312,023 | |||||||||||||||||||||||||||||||||||||||
Diversified Telecommunications - 2.3% | ||||||||||||||||||||||||||||||||||||||||||||
476,800 | — | 300 | — | 477,100 | AT&T, Inc. | 14,842,784 | — | 9,339 | — | 14,852,123 | ||||||||||||||||||||||||||||||||||
— | — | 1,500 | — | 1,500 | Bellsouth Corp. | — | — | 61,080 | — | 61,080 | ||||||||||||||||||||||||||||||||||
194,300 | — | — | — | 194,300 | CenturyTel, Inc. | 7,737,026 | — | — | — | 7,737,026 | ||||||||||||||||||||||||||||||||||
— | — | 3,978 | — | 3,978 | Chunghwa Telecom ADR | — | — | 68,859 | — | 68,859 | ||||||||||||||||||||||||||||||||||
257,763 | — | 110 | — | 257,873 | Embarq Corp. | 12,153,525 | — | 5,187 | — | 12,158,712 | ||||||||||||||||||||||||||||||||||
— | — | 17,900 | — | 17,900 | Level 3 Communications * | — | — | 79,297 | — | 79,297 | ||||||||||||||||||||||||||||||||||
332,330 | — | 2,200 | — | 334,530 | Sprint Nextel Corp. | 5,623,024 | — | 37,224 | — | 5,660,248 | ||||||||||||||||||||||||||||||||||
— | — | 1,650 | — | 1,650 | Verizon Communications | — | — | 58,047 | — | 58,047 | ||||||||||||||||||||||||||||||||||
40,356,359 | — | 319,033 | — | 40,675,392 | ||||||||||||||||||||||||||||||||||||||||
Electric Utilities - 3.2% | ||||||||||||||||||||||||||||||||||||||||||||
160,000 | — | — | — | 160,000 | American Electric Power Co., Inc.* (a) | 5,836,800 | — | — | — | 5,836,800 | ||||||||||||||||||||||||||||||||||
— | — | 500 | — | 500 | Constellation Energy | — | — | 30,045 | — | 30,045 | ||||||||||||||||||||||||||||||||||
64,000 | — | — | — | 64,000 | FirstEnergy Corp. | 3,651,840 | — | — | — | 3,651,840 | ||||||||||||||||||||||||||||||||||
539,948 | — | — | — | 539,948 | PG&E Corp. | 22,640,020 | — | — | — | 22,640,020 | ||||||||||||||||||||||||||||||||||
388,701 | — | 890 | — | 389,591 | TXU Corp. | 25,735,893 | — | 58,927 | — | 25,794,820 | ||||||||||||||||||||||||||||||||||
57,864,553 | — | 88,972 | — | 57,953,525 | ||||||||||||||||||||||||||||||||||||||||
Electrical Equipment - 0.4% | ||||||||||||||||||||||||||||||||||||||||||||
116,100 | — | — | — | 116,100 | Energizer Holdings, Inc. * (a) | 7,762,446 | — | — | — | 7,762,446 | ||||||||||||||||||||||||||||||||||
— | — | 225 | — | 225 | Cooper Industries Ltd. | — | — | 18,423 | — | 18,423 | ||||||||||||||||||||||||||||||||||
7,762,446 | — | 18,423 | — | 7,780,869 | ||||||||||||||||||||||||||||||||||||||||
Electronic Equipment & Services - 0.1% | ||||||||||||||||||||||||||||||||||||||||||||
— | — | 300 | — | 300 | Arrow Electronics Inc. | — | — | 8,370 | — | 8,370 | ||||||||||||||||||||||||||||||||||
— | — | 900 | — | 900 | Flextronics * | — | — | 10,620 | — | 10,620 | ||||||||||||||||||||||||||||||||||
123,200 | — | — | — | 123,200 | Ingram Micro, Inc.* | 2,217,600 | — | — | — | 2,217,600 | ||||||||||||||||||||||||||||||||||
— | — | 3,200 | — | 3,200 | Sanmina SCI Corp * | — | — | 10,848 | — | 10,848 | ||||||||||||||||||||||||||||||||||
— | — | 4,400 | — | 4,400 | Solectron NPV * | — | — | 13,816 | — | 13,816 | ||||||||||||||||||||||||||||||||||
— | — | 250 | — | 250 | Tech Data Corp. * | — | — | 8,723 | — | 8,723 | ||||||||||||||||||||||||||||||||||
2,217,600 | — | 52,377 | — | 2,269,977 | ||||||||||||||||||||||||||||||||||||||||
Energy Equipment & Services - 1.2% | ||||||||||||||||||||||||||||||||||||||||||||
65,200 | — | — | — | 65,200 | Dresser-Rand Group, Inc.* | 1,333,340 | — | — | — | 1,333,340 | ||||||||||||||||||||||||||||||||||
— | — | 600 | — | 600 | Global Santa Fe Corp. | — | — | 29,532 | — | 29,532 | ||||||||||||||||||||||||||||||||||
— | 240,624 | 1,210 | — | 241,834 | Halliburton Co. | — | 7,849,155 | 39,470 | — | 7,888,625 | ||||||||||||||||||||||||||||||||||
— | — | 700 | — | 700 | Rowan Co’s Inc. | — | — | 23,940 | — | 23,940 | ||||||||||||||||||||||||||||||||||
49,900 | 134,594 | — | — | 184,494 | Schlumberger Ltd.(a) | 3,058,870 | 8,250,612 | — | — | 11,309,482 | ||||||||||||||||||||||||||||||||||
4,392,210 | 16,099,767 | 92,942 | — | 20,584,919 | ||||||||||||||||||||||||||||||||||||||||
Food & Drug Retailing - 0.6% | ||||||||||||||||||||||||||||||||||||||||||||
— | — | 1,500 | — | 1,500 | Kroger Co. | — | — | 35,715 | — | 35,715 | ||||||||||||||||||||||||||||||||||
221,500 | 450 | — | 221,950 | Safeway, Inc.(a) | 6,850,995 | — | 13,919 | — | 6,864,914 | |||||||||||||||||||||||||||||||||||
— | — | 2,475 | — | 2,475 | Sysco Corp. | — | — | 77,690 | — | 77,690 | ||||||||||||||||||||||||||||||||||
— | 69,456 | — | — | 69,456 | Wallgreen Co. | — | 3,435,294 | — | — | 3,435,294 | ||||||||||||||||||||||||||||||||||
— | — | 970 | — | 970 | Whole Foods Market Inc. | — | — | 52,011 | — | 52,011 | ||||||||||||||||||||||||||||||||||
6,850,995 | 3,435,294 | 179,335 | — | 10,465,624 | ||||||||||||||||||||||||||||||||||||||||
Food Products - 2.5% | ||||||||||||||||||||||||||||||||||||||||||||
602,751 | 167,937 | — | — | 770,688 | Archer-Daniels-Midland Co. | 24,815,259 | 6,913,966 | — | — | 31,729,225 | ||||||||||||||||||||||||||||||||||
— | — | 175 | — | 175 | Bunge Ltd. | — | — | 9,860 | — | 9,860 | ||||||||||||||||||||||||||||||||||
— | — | 1,200 | — | 1,200 | Conagra Foods Inc. | — | — | 28,560 | — | 28,560 | ||||||||||||||||||||||||||||||||||
— | — | 600 | — | 600 | Kellogg Co. | — | — | 30,420 | — | 30,420 | ||||||||||||||||||||||||||||||||||
195,200 | — | — | — | 195,200 | Kraft Foods, Inc.(a) | 6,619,232 | — | — | — | 6,619,232 | ||||||||||||||||||||||||||||||||||
442,300 | — | — | — | 442,300 | Tyson Foods, Inc. | 6,515,079 | — | — | — | 6,515,079 | ||||||||||||||||||||||||||||||||||
37,949,570 | 6,913,966 | 68,840 | — | 44,932,376 | ||||||||||||||||||||||||||||||||||||||||
Healthcare Equipment & Supplies - 0.8 | ||||||||||||||||||||||||||||||||||||||||||||
— | — | 300 | — | 300 | Alcon Inc. | — | — | 35,337 | — | 35,337 | ||||||||||||||||||||||||||||||||||
364,800 | — | — | — | 364,800 | Applera Corp. — Applied Biosystems Group | 11,181,120 | — | — | — | 11,181,120 | ||||||||||||||||||||||||||||||||||
19,900 | — | — | — | 19,900 | Becton, Dickinson and Co. | 1,387,030 | — | — | — | 1,387,030 | ||||||||||||||||||||||||||||||||||
— | — | 3,200 | — | 3,200 | Eclipsys Corp * | — | — | 54,720 | — | 54,720 | ||||||||||||||||||||||||||||||||||
17,776 | — | 1,470 | — | 19,246 | Fisher Scientific International, Inc.* | 1,390,616 | — | 114,998 | — | 1,505,614 | ||||||||||||||||||||||||||||||||||
— | — | 775 | — | 775 | Zimmer Holding Corp. * | — | — | 52,700 | — | 52,700 | ||||||||||||||||||||||||||||||||||
— | 13,958,766 | — | 257,755 | — | 14,216,521 | |||||||||||||||||||||||||||||||||||||||
— | Healthcare Providers & Services - 5.1% | |||||||||||||||||||||||||||||||||||||||||||
522,569 | — | 400 | — | 522,969 | AmerisourceBergen Corp. | 23,076,647 | — | 17,664 | — | 23,094,311 | ||||||||||||||||||||||||||||||||||
71,600 | — | 3,155 | — | 74,755 | Caremark Rx, Inc. | 4,148,504 | — | 182,801 | — | 4,331,305 | ||||||||||||||||||||||||||||||||||
— | — | 2,295 | — | 2,295 | Coventry Healthcare * | — | — | 124,481 | — | 124,481 | ||||||||||||||||||||||||||||||||||
61,300 | — | — | — | 61,300 | Express Scripts, Inc.* | 5,154,104 | — | — | — | 5,154,104 | ||||||||||||||||||||||||||||||||||
130,000 | — | — | — | 130,000 | Humana, Inc.* | 7,920,900 | — | — | — | 7,920,900 | ||||||||||||||||||||||||||||||||||
414,000 | — | — | — | 414,000 | McKesson Corp. | 21,031,200 | — | — | — | 21,031,200 | ||||||||||||||||||||||||||||||||||
— | 37,136 | — | — | 37,136 | Quest Diagnostice Inc. | — | 2,387,102 | — | — | 2,387,102 | ||||||||||||||||||||||||||||||||||
— | — | 1,100 | — | 1,100 | Tenet Healthcare Corp. * | — | — | 8,668 | — | 8,668 | ||||||||||||||||||||||||||||||||||
— | 520,828 | 1,345 | — | 522,173 | United Health Group Inc. | — | 27,057,015 | 69,873 | — | 27,126,888 | ||||||||||||||||||||||||||||||||||
— | — | 1,600 | — | 1,600 | Wellpoint Inc. * | — | — | 123,856 | — | 123,856 | ||||||||||||||||||||||||||||||||||
61,331,355 | 29,444,117 | 527,343 | — | 91,302,815 | ||||||||||||||||||||||||||||||||||||||||
Hotels, Restaurants & Leisure - 3.4% | ||||||||||||||||||||||||||||||||||||||||||||
38,941 | — | — | — | 38,941 | Darden Restaurants, Inc. | 1,378,511 | — | — | — | 1,378,511 | ||||||||||||||||||||||||||||||||||
— | 123,438 | — | — | 123,438 | Four Seasons Hotel | — | 7,790,172 | — | — | 7,790,172 | ||||||||||||||||||||||||||||||||||
— | 116,183 | 1,600 | — | 117,783 | Las Vegas Sands Corp. * | — | 8,110,735 | 111,697 | — | 8,222,432 | ||||||||||||||||||||||||||||||||||
37,400 | — | — | — | 37,400 | Marriott International, Inc. | 1,408,484 | — | — | — | 1,408,484 | ||||||||||||||||||||||||||||||||||
37,500 | — | 1,400 | — | 38,900 | McDonald’s Corp. | 1,346,250 | — | 50,260 | — | 1,396,510 | ||||||||||||||||||||||||||||||||||
— | 251,948 | 1,930 | — | 253,878 | MGM Mirage Inc. * | — | 8,989,505 | 68,862 | — | 9,058,367 | ||||||||||||||||||||||||||||||||||
287,000 | 182,759 | 2,610 | — | 472,369 | Starbucks Corp.* | 8,899,870 | 5,667,357 | 80,936 | — | 14,648,163 | ||||||||||||||||||||||||||||||||||
— | 51,077 | — | — | 51,077 | Station Casinos Inc. | — | 2,975,235 | — | — | 2,975,235 | ||||||||||||||||||||||||||||||||||
— | 46,474 | — | — | 46,474 | Wynn Resorts | — | 3,597,552 | — | — | 3,597,552 | ||||||||||||||||||||||||||||||||||
— | 163,697 | — | — | 163,697 | Yum Brands Inc. | — | 8,001,509 | — | — | 8,001,509 | ||||||||||||||||||||||||||||||||||
13,033,115 | 45,132,065 | 311,755 | — | 58,476,935 | ||||||||||||||||||||||||||||||||||||||||
Household Durables - 2.5% | ||||||||||||||||||||||||||||||||||||||||||||
— | — | 400 | — | 400 | Clorox Co. | — | — | 23,924 | — | 23924 | ||||||||||||||||||||||||||||||||||
117,263 | — | 575 | — | 117,838 | Colgate-Palmolive Co. | 7,019,363 | — | 34,420 | — | 7,053,783 | ||||||||||||||||||||||||||||||||||
— | 93,246 | — | — | 93,246 | KB Home | — | 3,987,199 | — | — | 3,987,199 | ||||||||||||||||||||||||||||||||||
— | — | 500 | — | 500 | Kimberly-Clark Corp. | — | — | 31,750 | — | 31,750 | ||||||||||||||||||||||||||||||||||
— | 94,255 | — | — | 94,255 | Lennar Corp. | — | 4,226,394 | — | — | 4,226,394 | ||||||||||||||||||||||||||||||||||
220,569 | 263,577 | 2,530 | — | 486,676 | Procter & Gamble Co. | 13,653,221 | 16,315,416 | 156,607 | — | 30,125,244 | ||||||||||||||||||||||||||||||||||
— | — | 1,300 | — | 1,300 | Toll Brothers * | — | — | 34,346 | — | 34,346 | ||||||||||||||||||||||||||||||||||
20,672,584 | 24,529,009 | 281,047 | — | 45,482,640 | ||||||||||||||||||||||||||||||||||||||||
Shares | Description | Value | ||||||||||||||||||||||||||||||||||||||||||
GS Structured | AXA Enterprise Capital | AXA MM Core | Pro Forma | GS Structured U.S. | AXA Enterprise Capital | AXA MM Core | Pro Forma | |||||||||||||||||||||||||||||||||||||
U.S. Equity Fund | Appreciation Fund | Equity Fund | Adjustments | Combined Fund | Equity Fund | Appreciation Fund | Equity Fund | Adjustments | Combined Fund | |||||||||||||||||||||||||||||||||||
Household Products - 2.6% | ||||||||||||||||||||||||||||||||||||||||||||
952,320 | — | 11,630 | — | 963,950 | General Electric Co. | 32,436,019 | — | 396,118 | — | 32,832,137 | ||||||||||||||||||||||||||||||||||
196,412 | — | — | — | 196,412 | Reynolds American, Inc. (a) | 12,780,529 | — | — | — | 12,780,529 | ||||||||||||||||||||||||||||||||||
45,216,548 | — | 396,118 | — | 45,612,666 | ||||||||||||||||||||||||||||||||||||||||
Industrial Conglomerates - 0.0% | ||||||||||||||||||||||||||||||||||||||||||||
— | — | 325 | — | 325 | Textron Inc. | — | — | 27,255 | — | 27,255 | ||||||||||||||||||||||||||||||||||
— | — | 2,890 | — | 2,890 | Tyco International | — | — | 75,574 | — | 75,574 | ||||||||||||||||||||||||||||||||||
�� | ||||||||||||||||||||||||||||||||||||||||||||
— | — | 102,829 | — | 102,829 | ||||||||||||||||||||||||||||||||||||||||
Insurance - - 5.2 | ||||||||||||||||||||||||||||||||||||||||||||
— | — | 400 | — | 400 | Ace Ltd. | — | — | 21,544 | — | 21,544 | ||||||||||||||||||||||||||||||||||
— | — | 150 | — | 150 | Allstate Corp. | — | — | 8,691 | — | 8,691 | ||||||||||||||||||||||||||||||||||
135,227 | — | — | — | 135,227 | AMBAC Financial Group, Inc. | 11,709,306 | — | — | 11,709,306 | |||||||||||||||||||||||||||||||||||
— | — | 3,200 | — | 3,200 | American International Group, Inc. | — | — | 204,223 | — | 204,223 | ||||||||||||||||||||||||||||||||||
594,600 | 90,398 | 1,000 | — | 685,998 | Genworth Financial, Inc. | 20,472,078 | 3,112,403 | 34,430 | — | 23,618,911 | ||||||||||||||||||||||||||||||||||
— | — | 275 | — | 275 | Hartford Financial | — | — | 23,612 | — | 23,612 | ||||||||||||||||||||||||||||||||||
628,988 | — | — | — | 628,988 | Loews Corp. | 24,203,459 | — | — | 24,203,459 | |||||||||||||||||||||||||||||||||||
263,221 | — | 1,242 | (1,242 | ) | 263,221 | MBIA, Inc. (a) | 16,222,310 | — | 76,544 | (76,544 | ) | 16,222,310 | ||||||||||||||||||||||||||||||||
— | — | 650 | — | 650 | Metlife Inc. | — | — | 35,770 | — | 35,770 | ||||||||||||||||||||||||||||||||||
— | — | 325 | — | 325 | Old Republic | — | — | 6,793 | — | 6,793 | ||||||||||||||||||||||||||||||||||
— | 147,944 | — | — | 147,944 | Progressive Corp. | — | 3,637,943 | — | 3,637,943 | |||||||||||||||||||||||||||||||||||
— | — | 150 | — | 150 | Prudential Financial | — | — | 11,012 | — | 11,012 | ||||||||||||||||||||||||||||||||||
102,600 | — | — | — | 102,600 | Radian Group, Inc. | 6,143,688 | — | — | 6,143,688 | |||||||||||||||||||||||||||||||||||
— | — | 777 | — | 777 | St. Paul Travelers | — | — | 34,110 | — | 34,110 | ||||||||||||||||||||||||||||||||||
123,000 | — | 650 | — | 123,650 | The Chubb Corp. | 6,169,680 | — | 32,604 | — | 6,202,284 | ||||||||||||||||||||||||||||||||||
— | — | 1,100 | — | 1,100 | Unumprovident Corp. | — | — | 20,845 | — | 20,845 | ||||||||||||||||||||||||||||||||||
— | — | 400 | — | 400 | XL Capital Class A | — | — | 26,256 | — | 26,256 | ||||||||||||||||||||||||||||||||||
84,920,521 | 6,750,346 | 536,434 | (76,544 | ) | 92,130,757 | |||||||||||||||||||||||||||||||||||||||
Internet & Catalog Retail - 0.0% | ||||||||||||||||||||||||||||||||||||||||||||
— | — | 500 | — | 500 | Amazon.com * | — | — | 15,415 | — | 15,415 | ||||||||||||||||||||||||||||||||||
— | — | 2,585 | — | 2,585 | IAC/Interactive * | — | — | 73,621 | — | 73,621 | ||||||||||||||||||||||||||||||||||
— | — | 89,036 | — | 89,036 | ||||||||||||||||||||||||||||||||||||||||
Internet Software & Services - 1.3% | ||||||||||||||||||||||||||||||||||||||||||||
58,900 | — | 348 | — | 59,248 | Google, Inc., Class A * | 22,295,417 | — | 131,727 | — | 22,427,144 | ||||||||||||||||||||||||||||||||||
— | — | 250 | — | 250 | Ceridian Corp. * | — | — | 5,968 | — | 5,968 | ||||||||||||||||||||||||||||||||||
— | — | 1,350 | — | 1,350 | Electronic Data | — | — | 32,171 | — | 32,171 | ||||||||||||||||||||||||||||||||||
— | — | 4,555 | — | 4,555 | Yahoo Inc. * | — | — | 131,275 | — | 131,275 | ||||||||||||||||||||||||||||||||||
22,295,417 | — | 301,141 | — | 22,596,558 | ||||||||||||||||||||||||||||||||||||||||
IT Consulting & Services - 1.5% | ||||||||||||||||||||||||||||||||||||||||||||
482,018 | — | — | — | 482,018 | Computer Sciences Corp. * | 22,838,013 | — | — | — | 22,838,013 | ||||||||||||||||||||||||||||||||||
89,400 | — | — | — | 89,400 | First Data Corp. | 3,841,518 | — | — | — | 3,841,518 | ||||||||||||||||||||||||||||||||||
26,679,531 | — | — | — | 26,679,531 | ||||||||||||||||||||||||||||||||||||||||
Machinery - - 0.7% | ||||||||||||||||||||||||||||||||||||||||||||
— | 145,096 | — | — | 145,096 | Caterpillar Inc. | — | 9,627,120 | — | — | 9,627,120 | ||||||||||||||||||||||||||||||||||
— | — | 500 | — | 500 | Eaton Corp. | — | — | 33,250 | — | 33,250 | ||||||||||||||||||||||||||||||||||
62,580 | — | — | — | 62,580 | Illinois Tool Works, Inc. | 2,747,262 | — | — | — | 2,747,262 | ||||||||||||||||||||||||||||||||||
— | — | 250 | — | 250 | Ingersoll-Rand Co. | — | — | 9,505 | — | 9,505 | ||||||||||||||||||||||||||||||||||
— | — | 500 | — | 500 | SPX Corp | — | — | 26,400 | — | 26,400 | ||||||||||||||||||||||||||||||||||
2,747,262 | 9,627,120 | 69,155 | — | 12,443,537 | ||||||||||||||||||||||||||||||||||||||||
Media - 5.9% | ||||||||||||||||||||||||||||||||||||||||||||
782,281 | — | 1,262 | — | 783,543 | CBS Corp. Class B | 22,334,123 | — | 36,030 | — | 22,370,153 | ||||||||||||||||||||||||||||||||||
485,783 | — | — | — | 485,783 | Clear Channel Communications, Inc. | 14,107,138 | — | — | — | 14,107,138 | ||||||||||||||||||||||||||||||||||
— | — | 1,650 | — | 1,650 | Comcast Corp. Class A * | — | — | 57,750 | — | 57,750 | ||||||||||||||||||||||||||||||||||
— | 446,314 | 3,995 | — | 450,309 | Comcast Corp. * | — | 15,620,990 | 139,464 | — | 15,760,454 | ||||||||||||||||||||||||||||||||||
— | — | 4,491 | — | 4,491 | DirectTV Group * | — | — | 84,386 | — | 84,386 | ||||||||||||||||||||||||||||||||||
— | — | 2,040 | — | 2,040 | Sirius Satellite Radio * | — | — | 8,344 | — | 8,344 | ||||||||||||||||||||||||||||||||||
70,500 | — | — | — | 70,500 | The McGraw-Hill Companies., Inc. | 3,941,655 | — | — | — | 3,941,655 | ||||||||||||||||||||||||||||||||||
666,132 | — | 200 | — | 666,332 | The Walt Disney Co. | 19,750,814 | — | 5,930 | — | 19,756,744 | ||||||||||||||||||||||||||||||||||
1,795,258 | — | 2,600 | — | 1,797,858 | Time Warner, Inc. | 29,837,188 | — | 43,212 | — | 29,880,400 | ||||||||||||||||||||||||||||||||||
— | — | 462 | — | 462 | Viacom Inc. Class B * | — | — | 16,771 | — | 16,771 | ||||||||||||||||||||||||||||||||||
89,970,918 | 15,620,990 | 391,887 | — | 105,983,795 | ||||||||||||||||||||||||||||||||||||||||
Metals & Mining - 0.1% | ||||||||||||||||||||||||||||||||||||||||||||
26,700 | — | — | — | 26,700 | Newmont Mining Corp. | 1,368,375 | — | — | 1,368,375 | |||||||||||||||||||||||||||||||||||
— | — | 1,200 | — | 1,200 | Southern Copper Corp. | 110,784 | 110,784 | |||||||||||||||||||||||||||||||||||||
1,368,375 | — | 110,784 | — | 1,479,159 | ||||||||||||||||||||||||||||||||||||||||
Multi-Utilities - 0.0% | ||||||||||||||||||||||||||||||||||||||||||||
— | — | 225 | — | 225 | Dominion Resources | — | — | 17,975 | — | 17,975 | ||||||||||||||||||||||||||||||||||
Multiline Retail - 0.9% | ||||||||||||||||||||||||||||||||||||||||||||
240,250 | — | — | — | 240,250 | Costco Wholesale Corp. | 11,241,297 | — | — | — | 11,241,297 | ||||||||||||||||||||||||||||||||||
— | — | 1,545 | — | 1,545 | Nordstrom Inc. | — | — | 57,706 | — | 57,706 | ||||||||||||||||||||||||||||||||||
— | 104,977 | 2,925 | — | 107,902 | Target Corp | — | 5,079,837 | 141,540 | — | 5,221,377 | ||||||||||||||||||||||||||||||||||
— | — | 650 | — | 650 | Saks Inc. | — | — | 9,380 | — | 9,380 | ||||||||||||||||||||||||||||||||||
— | — | 500 | — | 500 | Wall-mart Stores Inc. | — | — | 22,360 | — | 22,360 | ||||||||||||||||||||||||||||||||||
11,241,297 | 5,079,837 | 230,986 | — | 16,552,120 | ||||||||||||||||||||||||||||||||||||||||
Oil & Gas - 7.9% | ||||||||||||||||||||||||||||||||||||||||||||
53,504 | — | — | — | 53,504 | Anadarko Petroleum Corp. | 2,509,873 | — | — | — | 2,509,873 | ||||||||||||||||||||||||||||||||||
20,200 | — | 1,700 | — | 21,900 | Apache Corp. | 1,318,656 | — | 110,976 | — | 1,429,632 | ||||||||||||||||||||||||||||||||||
— | — | 425 | — | 425 | BP Amoco P.L.C. ADR | — | — | 28,921 | — | 28,921 | ||||||||||||||||||||||||||||||||||
— | — | 1,250 | — | 1,250 | Canadian Natural Resource Ltd. | — | — | 65,364 | — | 65,364 | ||||||||||||||||||||||||||||||||||
— | — | 3,042 | — | 3,042 | Chevron Corp. | — | — | 195,905 | — | 195,905 | ||||||||||||||||||||||||||||||||||
— | — | 2,125 | — | 2,125 | Conocophillips Co. | — | — | 134,789 | — | 134,789 | ||||||||||||||||||||||||||||||||||
407,744 | — | — | — | 407,744 | Devon Energy Corp.(a) | 25,479,922 | — | — | — | 25,479,922 | ||||||||||||||||||||||||||||||||||
19,337 | — | 1,415 | — | 20,752 | EOG Resources, Inc. | 1,253,424 | — | 91,720 | — | 1,345,144 | ||||||||||||||||||||||||||||||||||
1,020,216 | — | 4,975 | — | 1,025,191 | Exxon Mobil Corp. | 69,038,017 | — | 336,658 | — | 69,374,675 | ||||||||||||||||||||||||||||||||||
— | — | 275 | — | 275 | Marathon Oil Corp. | — | — | 22,963 | — | 22,963 | ||||||||||||||||||||||||||||||||||
— | — | 1,525 | — | 1,525 | Occidental Petroleum | — | — | 77,760 | — | 77,760 | ||||||||||||||||||||||||||||||||||
— | 154,454 | — | — | 154,454 | Peabody Energy Corp. | — | 6,806,788 | — | — | 6,806,788 | ||||||||||||||||||||||||||||||||||
— | — | 300 | — | 300 | Total S A Sponsored | — | — | 20,229 | — | 20,229 | ||||||||||||||||||||||||||||||||||
235,400 | — | — | — | 235,400 | Sunoco, Inc. | 16,927,614 | — | — | — | 16,927,614 | ||||||||||||||||||||||||||||||||||
53,367 | — | — | — | 53,367 | Ultra Petroleum Corp.* | 2,649,138 | — | — | — | 2,649,138 | ||||||||||||||||||||||||||||||||||
— | — | 1,270 | — | 1,270 | Valero Energy | — | — | 72,898 | — | 72,898 | ||||||||||||||||||||||||||||||||||
313,900 | — | — | — | 313,900 | XTO Energy, Inc. | 14,367,203 | — | — | — | 14,367,203 | ||||||||||||||||||||||||||||||||||
133,543,847 | 6,806,788 | 1,158,183 | — | 141,508,818 | ||||||||||||||||||||||||||||||||||||||||
Pharmaceuticals - 5.3% | ||||||||||||||||||||||||||||||||||||||||||||
— | 105,827 | 700 | — | 106,527 | Abbot Labs | — | 5,153,775 | 34,090 | — | 5,187,865 | ||||||||||||||||||||||||||||||||||
29,000 | — | — | — | 29,000 | Forest Laboratories, Inc.* | 1,449,420 | — | — | — | 1,449,420 | ||||||||||||||||||||||||||||||||||
41,437 | — | 3,284 | — | 44,721 | Johnson & Johnson | 2,679,317 | — | 212,343 | — | 2,891,660 | ||||||||||||||||||||||||||||||||||
— | — | 1,405 | — | 1,405 | Lilly & Co. | — | — | 78,582 | — | 78,582 | ||||||||||||||||||||||||||||||||||
660,745 | — | 1,375 | — | 662,120 | Merck & Co., Inc. | 26,793,210 | — | 55,756 | — | 26,848,966 | ||||||||||||||||||||||||||||||||||
1,660,615 | — | 11,335 | — | 1,671,950 | Pfizer, Inc. | 45,766,549 | — | 312,393 | — | 46,078,942 | ||||||||||||||||||||||||||||||||||
— | — | 1,485 | — | 1,485 | Sanofi-Aventis ADR | — | — | 66,751 | — | 66,751 | ||||||||||||||||||||||||||||||||||
259,800 | — | 150 | — | 259,950 | Wyeth | 12,652,260 | — | 7,305 | — | 12,659,565 | ||||||||||||||||||||||||||||||||||
89,340,756 | 5,153,775 | 767,220 | — | 95,261,751 | ||||||||||||||||||||||||||||||||||||||||
Real Estate - 1.0% | ||||||||||||||||||||||||||||||||||||||||||||
32,500 | — | — | — | 32,500 | Archstone-Smith Trust (REIT) | 1,728,350 | — | — | — | 1,728,350 | ||||||||||||||||||||||||||||||||||
— | 21,076 | — | — | 21,076 | CB Richard Ellis Group | — | 484,748 | — | — | 484,748 | ||||||||||||||||||||||||||||||||||
163,900 | — | — | — | 163,900 | Equity Office Properties Trust (REIT) | 6,079,051 | — | — | — | 6,079,051 | ||||||||||||||||||||||||||||||||||
33,800 | — | — | — | 33,800 | Kimco Realty Corp. (REIT) | 1,404,390 | — | — | — | 1,404,390 | ||||||||||||||||||||||||||||||||||
88,383 | — | — | — | 88,383 | New Century Financial Corp. (REIT)(a) | 3,421,306 | — | — | — | 3,421,306 | ||||||||||||||||||||||||||||||||||
18,800 | — | — | — | 18,800 | SL Green Realty Corp. | 2,097,328 | — | — | — | 2,097,328 | ||||||||||||||||||||||||||||||||||
— | 52,387 | — | — | 52,387 | ST Joe Co. | — | 2,669,642 | — | — | 2,669,642 | ||||||||||||||||||||||||||||||||||
14,730,425 | 3,154,390 | — | — | 17,884,815 | ||||||||||||||||||||||||||||||||||||||||
Road & Rail - 2.4% | ||||||||||||||||||||||||||||||||||||||||||||
— | 178,174 | — | — | 178,174 | Burlington Northern Santa Fe | — | 11,928,749 | — | — | 11,928,749 | ||||||||||||||||||||||||||||||||||
343,200 | — | 1,300 | — | 344,500 | CSX Corp. | 10,371,504 | — | 39,286 | — | 10,410,790 |
Shares | Description | Value | ||||||||||||||||||||||||||||||||||||||
GS Structured | AXA Enterprise Capital | AXA MM Core | Pro Forma | GS Structured | AXA Enterprise Capital | Pro Forma | ||||||||||||||||||||||||||||||||||
U.S. Equity Fund | Appreciation Fund | Equity Fund | Adjustments | Combined Fund | U.S. Equity Fund | Appreciation Fund | AXA MM Core Equity Fund | Adjustments | Combined Fund | |||||||||||||||||||||||||||||||
111,600 | — | 700 | — | 112,300 | Norfolk Southern Corp. | 4,768,668 | — | 29,911 | — | 4,798,579 | ||||||||||||||||||||||||||||||
97,830 | 106,300 | — | — | 204,130 | Union Pacific Corp. | 7,860,640 | 8,541,205 | — | — | 16,401,845 | ||||||||||||||||||||||||||||||
23,000,812 | 20,469,954 | 69,197 | — | 43,539,963 | ||||||||||||||||||||||||||||||||||||
Semiconductor Equipment & Products – 1.7% | ||||||||||||||||||||||||||||||||||||||||
— | — | 2,600 | — | 2,600 | Advanced Micro Devices * | — | — | 64,974 | — | 64,974 | ||||||||||||||||||||||||||||||
— | — | 1,110 | — | 1,110 | Agere Systems Inc. * | — | — | 16,916 | — | 16,916 | ||||||||||||||||||||||||||||||
— | — | 348 | — | 348 | Samsung Electronic GDR | — | — | 117,629 | — | 117,629 | ||||||||||||||||||||||||||||||
754,367 | 148,212 | 2,615 | — | 905,194 | Texas Instruments, Inc. | 24,584,821 | 4,830,229 | 85,223 | — | 29,500,273 | ||||||||||||||||||||||||||||||
24,584,821 | 4,830,229 | 284,742 | — | 29,699,792 | ||||||||||||||||||||||||||||||||||||
Software – 2.1% | ||||||||||||||||||||||||||||||||||||||||
— | — | 1,860 | — | 1,860 | Adobe Systems Inc. * | — | — | 60,338 | — | 60,338 | ||||||||||||||||||||||||||||||
— | — | 11,960 | — | 11,960 | Bearingpoint * | — | — | 99,986 | — | 99,986 | ||||||||||||||||||||||||||||||
— | — | 750 | — | 750 | Intel Corp. | — | — | 14,655 | — | 14,655 | ||||||||||||||||||||||||||||||
1,188,240 | — | 9,300 | — | 1,197,540 | Microsoft Corp. | 30,525,885 | — | 238,917 | — | 30,764,802 | ||||||||||||||||||||||||||||||
— | — | 8,100 | — | 8,100 | Oracle Corp. * | — | — | 126,765 | — | 126,765 | ||||||||||||||||||||||||||||||
— | — | 805 | — | 805 | SAP AG (c) | — | — | 38,431 | — | 38,431 | ||||||||||||||||||||||||||||||
296,556 | — | — | — | 296,556 | Synopsys, Inc.* | 5,622,702 | — | — | — | 5,622,702 | ||||||||||||||||||||||||||||||
36,148,587 | — | 579,092 | — | 36,727,679 | ||||||||||||||||||||||||||||||||||||
Specialty Retail – 3.1% | ||||||||||||||||||||||||||||||||||||||||
— | — | 1,200 | — | 1,200 | Abercrombie & Fitch Co. | — | — | 77,435 | — | 77,435 | ||||||||||||||||||||||||||||||
542,775 | — | — | — | 542,775 | AutoNation, Inc.* | 10,546,118 | — | — | — | 10,546,118 | ||||||||||||||||||||||||||||||
528,431 | — | — | — | 528,431 | Circuit City Stores, Inc. | 12,476,256 | — | — | — | 12,476,256 | ||||||||||||||||||||||||||||||
— | — | 750 | — | 750 | GAP Inc. | — | — | 12,608 | — | 12,608 | ||||||||||||||||||||||||||||||
— | — | 1,005 | — | 1,005 | Home Depot Inc. | — | — | 34,461 | — | 34,461 | ||||||||||||||||||||||||||||||
— | — | 1,200 | — | 1,200 | Limited Brands Inc. | — | — | 30,876 | — | 30,876 | ||||||||||||||||||||||||||||||
— | 351,276 | — | — | 351,276 | Loew’s Co.Inc. | — | 9,505,529 | — | — | 9,505,529 | ||||||||||||||||||||||||||||||
589,787 | — | 1,100 | — | 590,887 | Office Depot, Inc.* | 21,727,753 | — | 40,524 | — | 21,768,277 | ||||||||||||||||||||||||||||||
— | — | 1,787 | — | 1,787 | Staples Inc. | — | — | 40,315 | — | 40,315 | ||||||||||||||||||||||||||||||
69,100 | — | — | — | 69,100 | United Rentals, Inc.* | 1,496,706 | — | — | — | 1,496,706 | ||||||||||||||||||||||||||||||
46,246,833 | 9,505,529 | 236,219 | — | 55,988,581 | ||||||||||||||||||||||||||||||||||||
Textiles & Apparel – 0.1% | ||||||||||||||||||||||||||||||||||||||||
75,602 | — | 650 | — | 76,252 | Jones Apparel Group, Inc. | 2,366,343 | — | 20,345 | — | 2,386,688 | ||||||||||||||||||||||||||||||
— | — | 170 | — | 170 | Nike Inc. Class B | — | — | 13,729 | — | 13,729 | ||||||||||||||||||||||||||||||
2,366,343 | — | 34,074 | — | 2,400,417 | ||||||||||||||||||||||||||||||||||||
Tobacco – 0.4% | ||||||||||||||||||||||||||||||||||||||||
— | — | 1,025 | — | 1,025 | Altria Group | — | — | 85,618 | — | 85,618 | ||||||||||||||||||||||||||||||
144,200 | — | — | — | 144,200 | UST, Inc. | 7,622,412 | — | — | — | 7,622,412 | ||||||||||||||||||||||||||||||
7,622,412 | — | 85,618 | — | 7,708,030 | ||||||||||||||||||||||||||||||||||||
Wireless Telecommunication Services – 0.5% | ||||||||||||||||||||||||||||||||||||||||
— | 160,395 | — | — | 160,395 | America Movil SA ADR | — | 5,984,337 | — | — | 5,984,337 | ||||||||||||||||||||||||||||||
— | — | 4,000 | — | 4,000 | American Tower Corp. * | — | — | 143,440 | — | 143,440 | ||||||||||||||||||||||||||||||
— | — | 900 | — | 900 | Crown Castle * | — | — | 30,924 | — | 30,924 | ||||||||||||||||||||||||||||||
— | — | 720 | — | 720 | Leap Wireless * | — | — | 33,307 | — | 33,307 | ||||||||||||||||||||||||||||||
— | — | 2,365 | — | 2,365 | NII Holdings Inc. Class B * | — | — | 126,173 | — | 126,173 | ||||||||||||||||||||||||||||||
44,910 | — | — | — | 44,910 | United States Cellular Corp. * | 2,692,355 | — | — | — | 2,692,355 | ||||||||||||||||||||||||||||||
2,692,355 | 5,984,337 | 333,844 | — | 9,010,536 | ||||||||||||||||||||||||||||||||||||
TOTAL COMMON STOCKS | ||||||||||||||||||||||||||||||||||||||||
(Cost $1,235,129,943, $312,322,140, $10,265,996, $(13,182,842) and $1,544,535,237 respectively) — (Including $54,679,277, $0, $0, $0 and $54,649,277 of securities on loan, respectively) | $ | 1,371,885,337 | $ | 367,170,445 | $ | 11,603,639 | $ | (13,623,167 | ) | $ | 1,737,036,254 | |||||||||||||||||||||||||||||
Principal Amount | Interest Rate Maturity Date | Value | ||||||||||||||||||||||||||||||||||||||
Time Deposits - 1.2% | ||||||||||||||||||||||||||||||||||||||||
— | 22,076,954 | 105,468 | — | 22,182,422 | JP Morgan Chase Nassau | — | 22,076,954 | 105,468 | — | 22,182,422 | ||||||||||||||||||||||||||||||
— | — | 100,000 | — | 100,000 | Rabobank America | — | — | 99,985 | — | 99,985 | ||||||||||||||||||||||||||||||
TOTAL Time Deposits | ||||||||||||||||||||||||||||||||||||||||
(Cost $0, $22,076,954, $205,468, $0 and $22,282,422 respectively) | $ | — | $ | 22,076,954 | $ | 205,453 | $ | — | $ | 22,282,407 | ||||||||||||||||||||||||||||||
Repurchase Agreement (b) - 0.6% | ||||||||||||||||||||||||||||||||||||||||
Joint Repurchase Agreement Account II 5.28% 09/01/2006 Maturity Value $10,901,599 (Cost $10,900,000, $0, $0, $0 and $10,900,000 respectively) | ||||||||||||||||||||||||||||||||||||||||
10,900,000 | $ | — | $ | — | $ | — | $ | 10,900,000 | $ | 10,900,000 | $ | — | $ | — | $ | — | $ | 10,900,000 | ||||||||||||||||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL (Cost $1,246,029,943, $334,399,094, $10,471,464, $(13,182,842) and $1,577,717,659 respectively) – 99.2% | $ | 1,382,785,337 | $ | 389,247,399 | $ | 11,809,092 | $ | (13,623,167 | ) | $ | 1,770,218,661 | |||||||||||||||||||||||||||||
Shares | Description | Value | ||||||||||||||||||||||||||||||||||||||
Securities Lending Collateral - 4.7% | ||||||||||||||||||||||||||||||||||||||||
28,958,492 | 28,958,492 | HSBC Securities Repo | 28,958,492 | 28,958,492 | ||||||||||||||||||||||||||||||||||||
55,463,875 | — | — | — | 55,463,875 | Boston Global Investment Trust - Enhanced Portfolio | $ | 55,463,875 | 55,463,875 | ||||||||||||||||||||||||||||||||
TOTAL SECURITIES LENDING COLLATERAL | ||||||||||||||||||||||||||||||||||||||||
(Cost $55,463,875, $28,958,492, $0, $0 and $84,422,367 respectively) | $ | 55,463,875 | $ | 28,958,492 | $ | — | $ | — | $ | 84,422,367 | ||||||||||||||||||||||||||||||
TOTAL INVESTMENTS | ||||||||||||||||||||||||||||||||||||||||
(Cost $1,301,493,818, $334,399,094, $10,471,464, $(13,182,842) and $1,633,181,534 respectively) – 103.9% | $ | 1,438,249,212 | $ | 418,205,891 | $ | 11,809,092 | $ | (13,623,167 | ) | $ | 1,854,641,028 | |||||||||||||||||||||||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES/(LIABILITIES IN EXCESS OF OTHER ASSETS) – 3.9% | $ | (54,242,385 | ) | $ | (29,014,476 | ) | $ | 105,718 | $ | 13,623,167 | $ | (69,527,976 | ) | |||||||||||||||||||||||||||
Net Assets – 100.0% | $ | 1,384,006,827 | $ | 389,191,415 | $ | 11,914,810 | $ | — | $ | 1,785,113,052 | ||||||||||||||||||||||||||||||
(a) All or portion of the security is on loan.
(b) Repurchase agreement was entered into on August 31, 2006.
(c) One ADR represents one fourth of SAP AG underlying foreign security
ADR American Depository Receipts
REIT Real Estate Investment Trust
Number of | Settlement | Unrealized | ||||||||||||
Type | Contracts Long | Month | Market Value | Gain | ||||||||||
S&P Mini 500 Index | 183 | September 2006 | $ | 11,946,240 | $ | 156,153 | ||||||||
For the Goldman Sachs Structured U.S. Equity Fund and AXA Enterprise Capital Appreciation Fund and AXA Enterprise MM Core Equity Fund
August 31, 2006 (Unaudited)
Goldman Sachs | AXA Enterprise | |||||||||||||||||||
Structured U.S. | Capital | AXA Enterprise | Pro Forma | |||||||||||||||||
Equity Fund | Appreciation Fund | MM Core Equity Fund | Adjustments | Combined Fund | ||||||||||||||||
Assets: | ||||||||||||||||||||
Investments in securities, at value (identified cost $1,246,029,943, $312,322,140, $10,265,996, ($13,182,842) and $1,555,435,237, respectively) — (including $54,679,277, $0, $0, $0 and $54,679,277 of securities on loan, respectively) | $ | 1,382,785,337 | $ | 367,170,445 | 11,603,639 | $ | (13,623,167 | )(d) | $ | 1,747,936,254 | ||||||||||
Investments in short term securities, at value (cost $0, $22,076,954, $205,468, $0 and $22,282,422, respectively) | — | 22,076,954 | 205,453 | — | 22,282,407 | |||||||||||||||
Securities Lending collateral, at value (cost $55,463,875, $28,958,492, $0, $0 and $84,422,367, respectively) | 55,463,875 | 28,958,492 | — | — | 84,422,367 | |||||||||||||||
Cash | 1,255,099 | (a) | 1,411,545 | 100,051 | — | 2,766,695 | ||||||||||||||
Foreign Currencies, at value (cost $0, $0, $28,076, $0 and $28,076, respectively) | — | 139 | 28,418 | — | 28,557 | |||||||||||||||
Receivables: | ||||||||||||||||||||
Investment securities sold, at value | — | 256,317 | 34,324 | 13,623,167 | (d) | 13,913,808 | ||||||||||||||
Fund shares sold | 1,583,615 | 661,404 | 180 | — | 2,245,199 | |||||||||||||||
Dividends and interest, at value | 3,231,402 | 310,523 | 23,932 | — | 3,565,857 | |||||||||||||||
Reclaim receivable | — | 46,315 | — | — | 46,315 | |||||||||||||||
Due from broker | 4,575 | — | — | — | 4,575 | |||||||||||||||
Reimbursement from adviser | 64,844 | — | 25,373 | — | 90,217 | |||||||||||||||
Securities lending income | 6,244 | — | — | — | 6,244 | |||||||||||||||
Other assets | 5,299 | 80,750 | — | — | 86,049 | |||||||||||||||
Total assets | 1,444,400,290 | 420,972,884 | 12,021,370 | — | 1,877,394,544 | |||||||||||||||
Liabilities: | ||||||||||||||||||||
Payables: | ||||||||||||||||||||
Investment securities purchased | — | 1,975,249 | 41,236 | — | 2,016,485 | |||||||||||||||
Payable upon return of securities loaned | 55,463,875 | 28,958,492 | — | — | 84,422,367 | |||||||||||||||
Fund shares repurchased | 3,553,123 | 348,691 | — | — | 3,901,814 | |||||||||||||||
Amounts owed to affiliates | 951,181 | 276,442 | 11,467 | — | 1,239,090 | |||||||||||||||
Capital shares redeemed | — | — | 2,149 | — | 2,149 | |||||||||||||||
Unrealized loss on forward contracts | — | — | 31 | — | 31 | |||||||||||||||
Accrued expenses | 425,284 | 222,595 | 51,677 | — | 699,556 | |||||||||||||||
Total liabilities | 60,393,463 | 31,781,469 | 106,560 | — | 92,281,492 | |||||||||||||||
Net Assets: | ||||||||||||||||||||
Paid-in capital | 1,219,511,120 | 363,626,736 | 9,778,275 | — | 1,592,916,131 | |||||||||||||||
Accumulated undistributed net investment income (loss) | 9,432,894 | (2,368,760 | ) | 20,949 | — | 7,085,083 | ||||||||||||||
Accumulated net realized gain (loss) on investments and futures transactions | 18,151,267 | (26,915,005 | ) | 777,700 | 366,937 | (7,619,101 | ) | |||||||||||||
Net unrealized gain on investments and futures | 136,911,546 | 54,848,305 | 1,337,628 | (366,937 | ) | 192,730,542 | ||||||||||||||
Net unrealized gain on Foreign Exchange | — | 139 | 258 | — | 397 | |||||||||||||||
Net Assets | $ | 1,384,006,827 | $ | 389,191,415 | $ | 11,914,810 | $ | — | $ | 1,785,113,052 | ||||||||||
Net Assets: | ||||||||||||||||||||
Class A | $ | 611,999,464 | $ | 192,169,019 | $ | 586,728 | $ | 3,781,073 | $ | 808,536,284 | ||||||||||
Class B | 78,109,902 | 67,065,118 | 322,810 | — | 145,497,830 | |||||||||||||||
Class C | 36,628,284 | 64,690,343 | 323,965 | — | 101,642,592 | |||||||||||||||
Institutional/Class Y | 644,250,108 | 65,266,935 | 6,900,234 | — | 716,417,277 | |||||||||||||||
Service/Class P | 13,019,069 | — | 3,781,073 | (3,781,073 | ) | 13,019,069 | ||||||||||||||
Shares Outstanding: | ||||||||||||||||||||
Class A | 19,250,586 | 5,638,670 | 51,725 | 491,716 | (b) | $ | 25,432,698 | |||||||||||||
Class B | 2,610,560 | 2,139,636 | 29,205 | 83,374 | (b) | 4,862,774 | ||||||||||||||
Class C | 1,230,033 | 2,005,725 | 29,305 | 148,248 | (b) | 3,413,311 | ||||||||||||||
Institutional/Class Y | 19,835,225 | 1,832,927 | 606,064 | (217,102 | )(b) | 22,057,114 | ||||||||||||||
Service/Class P | 413,263 | — | 333,097 | (333,097 | )(b) | 413,263 | ||||||||||||||
Total shares outstanding, $0.001 par value (unlimited number of shares authorized) | 43,339,667 | 11,616,959 | 1,049,396 | 173,138 | (b) | 56,179,160 | ||||||||||||||
Net assets value, offering and redemption price per share:(c) | ||||||||||||||||||||
Class A | $ | 31.79 | $ | 34.08 | 11.34 | $ | — | $ | 31.79 | |||||||||||
Class B | 29.92 | 31.34 | 11.05 | — | 29.92 | |||||||||||||||
Class C | 29.78 | 32.25 | 11.05 | — | 29.78 | |||||||||||||||
Institutional/Class Y | 32.48 | 35.61 | 11.39 | — | 32.48 | |||||||||||||||
Service/Class P | 31.50 | — | 11.35 | — | 31.50 | |||||||||||||||
(a) | Includes restricted cash of $1,225,000 relating to initial margin requirements on futures transactions. | |
(b) | Adjustment to reflect reduction of shares based on Structured U.S. Equity Fund’s NAV. | |
(c) | Maximum public offering price per share (NAV per share multiplied by 1.0582) for Class A Shares is $33.64, $36.06, $12.02 and $33.64 for the Structured U.S. Equity Fund, the AXA Capital Appreciation fund and the AXA MM Core Equity fund, respectively. At redemption, Class B and Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current NAV or the original purchase price of the shares. |
For the Goldman Sachs Structured U.S. Equity Fund and AXA Enterprise Capital Appreciation Fund and AXA Enterprise MM Core Equity Fund
For year ended August 31, 2006 (Unaudited)
Goldman Sachs | AXA Enterprise | |||||||||||||||||||
Structured U.S. | Capital | AXA Enterprise | Pro Forma | |||||||||||||||||
Equity Fund | Appreciation Fund | MM Core Equity Fund | Adjustments | Combined Fund | ||||||||||||||||
Investment Income: | ||||||||||||||||||||
Dividends (Net of foreign witholding tax of $0, $45,484, $1,085, $0 and $46,569, respectively) | $ | 18,208,337 | $ | 3,079,598 | $ | 197,739 | $ | — | $ | 21,485,674 | ||||||||||
Interest (including securities lending income of $45,910, $72,313, $0, $0 and $118,223, respectively) | 465,974 | 545,998 | 9,062 | — | 1,021,034 | |||||||||||||||
Total income | 18,674,311 | 3,625,596 | 206,801 | — | 22,506,708 | |||||||||||||||
Expenses: | ||||||||||||||||||||
Management fees | 6,790,112 | 2,889,236 | 126,145 | (546,890 | )(a) | 9,258,603 | ||||||||||||||
Administrative fees | — | 227,175 | 159,148 | (386,323 | )(b) | — | ||||||||||||||
Distribution and service fees | 2,612,081 | 2,294,358 | 18,887 | (395,069 | )(b) | 4,530,258 | ||||||||||||||
Transfer agent fees | 1,405,893 | 921,511 | 32,620 | (277,067 | )(b) | 2,082,958 | ||||||||||||||
Custody and accounting fees | 212,103 | 6,605 | 3,767 | 38,412 | (b) | 260,887 | ||||||||||||||
Printing fees | 90,105 | 133,458 | 17,088 | (132,885 | )(b) | 107,766 | ||||||||||||||
Registration fees | 75,006 | 72,501 | 42,188 | (99,988 | )(b) | 89,707 | ||||||||||||||
Audit fees | 47,999 | 28,372 | 45,953 | (69,525 | )(b) | 52,799 | ||||||||||||||
Legal fees | 18,533 | 59,796 | 11,229 | (67,318 | )(b) | 22,240 | ||||||||||||||
Trustee fees | 15,230 | 55,596 | 1,228 | (56,824 | )(b) | 15,230 | ||||||||||||||
Service share fees | 54,938 | — | — | 2 | (b) | 54,940 | ||||||||||||||
Other | 121,636 | 86,957 | 10,338 | (61,619 | )(b) | 157,312 | ||||||||||||||
Total expenses | 11,443,636 | 6,775,565 | 468,591 | (2,055,093 | ) | 16,632,699 | ||||||||||||||
Less — expense reductions | (1,628,072 | ) | (100,912 | ) | (301,099 | ) | (63,629 | )(c) | (2,093,712 | ) | ||||||||||
Net Expenses | 9,815,564 | 6,674,653 | 167,492 | (2,118,722 | ) | 14,538,987 | ||||||||||||||
Net Investment Income (loss) | 8,858,747 | (3,049,057 | ) | 39,309 | 2,118,722 | 7,967,721 | ||||||||||||||
Realized and unrealized gain (loss) on investment and futures transactions: | ||||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Investment transactions | 71,738,092 | 33,549,820 | 986,438 | 2,884 | 106,277,234 | |||||||||||||||
Futures transactions | (36,059 | ) | — | — | — | (36,059 | ) | |||||||||||||
Foreign currency related transactions | — | — | (320 | ) | — | (320 | ) | |||||||||||||
Net change in unrealized gain (loss) on: | ||||||||||||||||||||
Investments | 9,763,484 | (27,179,139 | ) | (184,021 | ) | — | (17,599,676 | ) | ||||||||||||
Futures | 137,231 | — | — | 137,231 | ||||||||||||||||
Net realized and unrealized gain on investment and futures transactions | 81,602,748 | 6,370,681 | 802,097 | 2,884 | 88,778,410 | |||||||||||||||
Net Increase in Net Assets Resulting from Operations | $ | 90,461,495 | $ | 3,321,624 | $ | 841,406 | $ | 2,121,606 | $ | 96,746,131 | ||||||||||
(a) | Adjustment to reduce management fee based on Structured U.S. Equity Fund rates. | |
(b) | Adjustments to reflect the anticipated adjustment as a result of consolidation of transfer agent, printing, custody and accounting and other services. | |
(c) | Adjustment to reflect increase in expense reduction based on Structured U.S. Equity Fund current expense cap and waivers. |
For the Twelve Months Ended August 31, 2006 (Unaudited)
Class A | Class B | Class C | Institutional | |||||||||||||
Shares Issued | 6,182,112 | 2,252,214 | 2,183,278 | 2,221,889 | ||||||||||||
Net Assets 08/31/2006 | $ | 196,536,820 | $ | 67,387,928 | $ | 65,014,308 | $ | 72,167,169 | ||||||||
Pro Forma Net Asset Value 08/31/2006 | $ | 31.79 | $ | 29.92 | $ | 29.78 | $ | 32.48 |
The Portfolio and the Multi | ||||||||
Capital Loss Carryforward* | Manager Portfolio | Structured U.S. Equity Fund | ||||||
Expiring 2009 | $ | 3,326 | $ | — | ||||
Expiring 2010 | 25,282 | 21,317,839 | ||||||
Expiring 2011 | — | — | ||||||
Total | $ | 28,608 | $ | 21,317,839 | ||||
* | Expiration occurs on August 31 of the year indicated. As a consequence of the reorganization, utilization of these losses may be limited under the Internal Revenue Code. |
2
Average Daily Net Assets | | Annual Rate | ||
First $1 Billion | 0.65 | % | ||
Next $1 Billion | 0.59 | % | ||
Over $2 Billion | 0.56 | % | ||
3
4
5
Shares | Description | Value | ||||||||||||||||||||||||||||
AXA Enterprise | AXA Enterprise | |||||||||||||||||||||||||||||
GS Growth & | Equity Income | Pro Forma | GS Growth & | Equity Income | Pro Forma | |||||||||||||||||||||||||
Income Fund | Fund | Adjustments | Combined Fund | Income Fund | Fund | Adjustments | Combined Fund | |||||||||||||||||||||||
| | | ||||||||||||||||||||||||||||
Common Stocks - 97.4% | ||||||||||||||||||||||||||||||
Air Freight & Logistics - 0.0% | ||||||||||||||||||||||||||||||
$ | — | $ | 6,700 | $ | — | $ | 6,700 | Pacer International, Inc. | $ | — | $ | 184,451 | $ | — | $ | 184,451 | ||||||||||||||
Biotechnology - 0.4% | ||||||||||||||||||||||||||||||
72,999 | — | — | 72,999 | Amgen, Inc. * | 4,958,822 | — | — | 4,958,822 | ||||||||||||||||||||||
— | — | |||||||||||||||||||||||||||||
Brokers - 2.9% | ||||||||||||||||||||||||||||||
306,978 | — | — | 306,978 | Lehman Brothers Holdings, Inc. | 19,588,266 | — | — | 19,588,266 | ||||||||||||||||||||||
72,595 | — | — | 72,595 | Merrill Lynch & Co., Inc. | 5,337,910 | — | — | 5,337,910 | ||||||||||||||||||||||
182,920 | 46,900 | — | 229,820 | Morgan Stanley | 12,034,307 | 3,085,551 | — | 15,119,858 | ||||||||||||||||||||||
36,960,483 | 3,085,551 | — | 40,046,034 | |||||||||||||||||||||||||||
Chemicals - 0.2% | ||||||||||||||||||||||||||||||
— | 22,500 | — | 22,500 | BASF AG ADR | — | 1,858,050 | — | 1,858,050 | ||||||||||||||||||||||
— | 20,800 | — | 20,800 | Rohm and Haas Co. | — | 917,280 | — | 917,280 | ||||||||||||||||||||||
— | 2,775,330 | — | 2,775,330 | |||||||||||||||||||||||||||
Commercial Services & Supplies - 0.1% | ||||||||||||||||||||||||||||||
— | 114,700 | — | 114,700 | Steelcase, Inc. | — | 1,663,150 | — | 1,663,150 | ||||||||||||||||||||||
Communications Equipment - 0.1% | ||||||||||||||||||||||||||||||
— | 86,100 | — | 86,100 | Nokia Corp. ADR | — | 1,797,768 | — | 1,797,768 | ||||||||||||||||||||||
Computers Hardware - 2.3% | ||||||||||||||||||||||||||||||
1,119,992 | — | — | 1,119,992 | Cisco Systems, Inc. * | �� | 24,628,624 | — | — | 24,628,624 | |||||||||||||||||||||
179,853 | — | — | 179,853 | Hewlett-Packard Co. | 6,575,426 | — | — | 6,575,426 | ||||||||||||||||||||||
31,204,050 | — | — | 31,204,050 | |||||||||||||||||||||||||||
Computer Software - 0.7% | ||||||||||||||||||||||||||||||
774,548 | — | — | 774,548 | Activision, Inc. * | 9,991,669 | — | — | 9,991,669 | ||||||||||||||||||||||
Containers & Packaging - 0.2% | ||||||||||||||||||||||||||||||
— | 55,600 | — | 55,600 | Bemis Co., Inc. | — | 1,795,880 | — | 1,795,880 | ||||||||||||||||||||||
— | 29,800 | — | 29,800 | Sonoco Products Co., Inc. | — | 997,704 | — | 997,704 | ||||||||||||||||||||||
— | 2,793,584 | — | 2,793,584 | |||||||||||||||||||||||||||
Defense/Aerospace - 1.7% | ||||||||||||||||||||||||||||||
198,365 | — | — | 198,365 | General Dynamics Corp. | 13,399,556 | — | — | 13,399,556 | ||||||||||||||||||||||
— | 41,700 | — | 41,700 | Goodrich Corp. | — | 1,624,215 | — | 1,624,215 | ||||||||||||||||||||||
— | 42,000 | — | 42,000 | Northrop Grumman Corp. | — | 2,806,020 | — | 2,806,020 | ||||||||||||||||||||||
— | 59,100 | — | 59,100 | Raytheon Co. | — | 2,790,111 | — | 2,790,111 | ||||||||||||||||||||||
33,235 | — | — | 33,235 | The Boeing Co. | 2,489,301 | — | — | 2,489,301 | ||||||||||||||||||||||
15,888,857 | 7,220,346 | — | 23,109,203 | |||||||||||||||||||||||||||
Diversified Energy - 1.6% | ||||||||||||||||||||||||||||||
891,546 | — | — | 891,546 | The Williams Companies, Inc. | 21,958,778 | — | — | 21,958,778 | ||||||||||||||||||||||
Drugs - 4.8% | ||||||||||||||||||||||||||||||
— | 76,800 | — | 76,800 | Biovail Corp. International | — | 1,254,912 | — | 1,254,912 | ||||||||||||||||||||||
— | 29,200 | — | 29,200 | GlaxoSmithKline ADR | — | 1,657,976 | — | 1,657,976 | ||||||||||||||||||||||
— | 68,400 | — | 68,400 | Merck & Co., Inc. | — | 2,773,620 | — | 2,773,620 | ||||||||||||||||||||||
1,880,163 | 105,500 | — | 1,985,663 | Pfizer, Inc. | 51,817,292 | 2,907,580 | — | 54,724,872 | ||||||||||||||||||||||
— | 41,300 | — | 41,300 | Sanofi-Aventis ADR | — | 1,856,435 | — | 1,856,435 | ||||||||||||||||||||||
— | 53,100 | — | 53,100 | Wyeth | — | 2,585,970 | — | 2,585,970 | ||||||||||||||||||||||
51,817,292 | 13,036,493 | — | 64,853,785 | |||||||||||||||||||||||||||
Electric Utilities - 6.5% | ||||||||||||||||||||||||||||||
70,578 | — | — | 70,578 | Edison International | 3,080,024 | — | — | 3,080,024 | ||||||||||||||||||||||
484,559 | — | — | 484,559 | Entergy Corp. | 37,626,006 | — | — | 37,626,006 | ||||||||||||||||||||||
365,475 | — | — | 365,475 | Exelon Corp. | 22,286,666 | — | — | 22,286,666 | ||||||||||||||||||||||
133,437 | 36,800 | — | 170,237 | FirstEnergy Corp. | 7,613,915 | 2,099,808 | — | 9,713,723 | ||||||||||||||||||||||
70,060 | — | — | 70,060 | FPL Group, inc. | 3,114,167 | — | — | 3,114,167 | ||||||||||||||||||||||
367,631 | — | — | 367,631 | PPL Corp. | 12,856,056 | — | — | 12,856,056 | ||||||||||||||||||||||
86,576,834 | 2,099,808 | — | 88,676,642 | |||||||||||||||||||||||||||
Electrical Equipment - 0.2% | ||||||||||||||||||||||||||||||
— | 32,000 | — | 32,000 | Emerson Electric Co. | — | 2,628,800 | — | 2,628,800 | ||||||||||||||||||||||
Electronic Equipment - 0.1% | ||||||||||||||||||||||||||||||
— | 109,901 | — | 109,901 | AU Optronics Corp. | — | 1,602,357 | — | 1,602,357 | ||||||||||||||||||||||
Energy Resources - 8.8% | ||||||||||||||||||||||||||||||
— | 13,600 | — | 13,600 | BP Amoco P.L.C. ADR | — | 925,480 | — | 925,480 | ||||||||||||||||||||||
— | 50,199 | — | 50,199 | Chevron Corp. | — | 3,232,816 | — | 3,232,816 | ||||||||||||||||||||||
536,248 | 48,400 | — | 584,648 | ConocoPhillips | 34,014,211 | 3,070,012 | — | 37,084,223 | ||||||||||||||||||||||
894,742 | 44,200 | — | 938,942 | Exxon Mobil Corp. | 60,547,191 | 2,991,014 | — | 63,538,205 | ||||||||||||||||||||||
— | 31,100 | — | 31,100 | Kinder Morgan, Inc. | — | 3,245,596 | — | 3,245,596 |
Shares | Description | Value | ||||||||||||||||||||||||||||
AXA Enterprise | AXA Enterprise | |||||||||||||||||||||||||||||
GS Growth & | Equity Income | Pro Forma | GS Growth & | Equity Income | Pro Forma | |||||||||||||||||||||||||
Income Fund | Fund | Adjustments | Combined Fund | Income Fund | Fund | Adjustments | Combined Fund | |||||||||||||||||||||||
| | | ||||||||||||||||||||||||||||
$ | — | $ | 41,900 | $ | — | $ | 41,900 | Marathon Oil Corp. | $ | — | $ | 3,498,650 | $ | — | $ | 3,498,650 | ||||||||||||||
— | 51,700 | — | 51,700 | Norsk Hydro ASA ADR | — | 1,344,200 | — | 1,344,200 | ||||||||||||||||||||||
— | 77,200 | — | 77,200 | Occidental Petroleum Corp. | — | 3,936,428 | — | 3,936,428 | ||||||||||||||||||||||
— | 18,800 | — | 18,800 | PetroChina Co. ADR | — | 2,108,984 | — | 2,108,984 | ||||||||||||||||||||||
— | 32,500 | — | 32,500 | TransCanada | — | 1,056,900 | — | 1,056,900 | ||||||||||||||||||||||
— | ||||||||||||||||||||||||||||||
94,561,402 | 25,410,080 | — | 119,971,482 | |||||||||||||||||||||||||||
— | ||||||||||||||||||||||||||||||
Energy-Master Limited Partnerships - 3.8% | ||||||||||||||||||||||||||||||
277,020 | — | — | 277,020 | Energy Transfer Partners LP | 13,205,543 | — | — | 13,205,543 | ||||||||||||||||||||||
638,360 | — | — | 638,360 | Enterprise Products Partners LP | 17,088,897 | — | — | 17,088,897 | ||||||||||||||||||||||
319,337 | — | — | 319,337 | Magellan Midstream Partners LP | 11,767,569 | — | — | 11,767,569 | ||||||||||||||||||||||
— | 25,300 | — | 25,300 | Plains All American Pipeline LP | — | 1,163,800 | — | 1,163,800 | ||||||||||||||||||||||
228,781 | — | — | 228,781 | Williams Partners LP | 8,197,223 | — | — | 8,197,223 | ||||||||||||||||||||||
— | ||||||||||||||||||||||||||||||
50,259,232 | 1,163,800 | — | 51,423,032 | |||||||||||||||||||||||||||
— | ||||||||||||||||||||||||||||||
Environmental & Other Services - 1.2% | ||||||||||||||||||||||||||||||
381,597 | 76,600 | — | 458,197 | Waste Management, Inc. | 13,081,145 | 2,625,848 | — | 15,706,993 | ||||||||||||||||||||||
— | ||||||||||||||||||||||||||||||
Financial Technology - 0.7% | ||||||||||||||||||||||||||||||
209,283 | — | — | 209,283 | First Data Corp. | 8,992,891 | — | — | 8,992,891 | ||||||||||||||||||||||
— | ||||||||||||||||||||||||||||||
Food & Beverage - 1.4% | ||||||||||||||||||||||||||||||
— | 44,600 | — | 44,600 | Heinz H. J. Co. | — | 1,866,064 | — | 1,866,064 | ||||||||||||||||||||||
— | 45,900 | — | 45,900 | Kellogg Co. | — | 2,327,130 | — | 2,327,130 | ||||||||||||||||||||||
— | 44,100 | — | 44,100 | Molson Coors Brewing Co. | — | 3,100,230 | — | 3,100,230 | ||||||||||||||||||||||
— | 32,800 | — | 32,800 | Sara Lee Corp. | — | 545,464 | — | 545,464 | ||||||||||||||||||||||
471,985 | — | — | 471,985 | Unilever NV | 11,252,122 | — | — | 11,252,122 | ||||||||||||||||||||||
— | ||||||||||||||||||||||||||||||
11,252,122 | 7,838,888 | — | 19,091,010 | |||||||||||||||||||||||||||
— | ||||||||||||||||||||||||||||||
Home Products - 2.4% | ||||||||||||||||||||||||||||||
— | 42,500 | — | 42,500 | Colgate Palmolive Co. | — | 2,544,050 | — | 2,544,050 | ||||||||||||||||||||||
— | 55,400 | — | 55,400 | Koninklijke Philips | — | 1,901,328 | — | 1,901,328 | ||||||||||||||||||||||
— | 79,100 | — | 79,100 | Legget and Platt, Inc. | — | 1,823,255 | — | 1,823,255 | ||||||||||||||||||||||
680,534 | 52,700 | — | 733,234 | Newell Rubbermaid, Inc. | 18,367,613 | 1,422,373 | — | 19,789,986 | ||||||||||||||||||||||
— | 18,600 | — | 18,600 | Proctor & Gamble Co. | — | 1,151,340 | — | 1,151,340 | ||||||||||||||||||||||
— | 16,200 | — | 16,200 | Stanley Works | — | 765,126 | — | 765,126 | ||||||||||||||||||||||
77,300 | — | — | 77,300 | The Clorox Co. | 4,623,313 | — | — | 4,623,313 | ||||||||||||||||||||||
— | ||||||||||||||||||||||||||||||
22,990,926 | 9,607,472 | — | 32,598,398 | |||||||||||||||||||||||||||
— | ||||||||||||||||||||||||||||||
Hotels & Leisure - 0.2% | ||||||||||||||||||||||||||||||
— | 36,700 | — | 36,700 | Harrah’s Entertainment, Inc. | — | 2,288,612 | — | 2,288,612 | ||||||||||||||||||||||
— | ||||||||||||||||||||||||||||||
Industrial Conglomerates - 0.1% | ||||||||||||||||||||||||||||||
— | 34,200 | — | 34,200 | General Electric Co. | — | 1,164,852 | — | 1,164,852 | ||||||||||||||||||||||
— | ||||||||||||||||||||||||||||||
Insurance - 1.5% | ||||||||||||||||||||||||||||||
— | 164,541 | — | 164,541 | AEGON N.V | — | 2,941,993 | — | 2,941,993 | ||||||||||||||||||||||
— | 61,200 | — | 61,200 | Chubb Corp. | — | 3,069,792 | — | 3,069,792 | ||||||||||||||||||||||
— | 76,100 | — | 76,100 | Commerce Group, Inc. | — | 2,267,019 | — | 2,267,019 | ||||||||||||||||||||||
— | 59,300 | — | 59,300 | Lincoln National Corp. | — | 3,599,510 | — | 3,599,510 | ||||||||||||||||||||||
— | 72,700 | — | 72,700 | Manulife Financial Corp. | — | 2,373,655 | — | 2,373,655 | ||||||||||||||||||||||
— | 73,800 | — | 73,800 | Nationwide Financial | — | 3,572,658 | — | 3,572,658 | ||||||||||||||||||||||
— | 56,000 | — | 56,000 | Sun Life Financial | — | 2,307,760 | — | 2,307,760 | ||||||||||||||||||||||
— | ||||||||||||||||||||||||||||||
— | 20,132,387 | — | 20,132,387 | |||||||||||||||||||||||||||
— | ||||||||||||||||||||||||||||||
Large Banks - 14.0% | ||||||||||||||||||||||||||||||
— | 93,000 | — | 93,000 | Banco Stantader Central | — | 1,448,010 | — | 1,448,010 | ||||||||||||||||||||||
1,094,172 | 36,600 | — | 1,130,772 | Bank of America Corp. | 56,317,033 | 1,883,802 | — | 58,200,835 | ||||||||||||||||||||||
647,391 | 51,200 | — | 698,591 | Citigroup, Inc. | 31,948,746 | 2,526,720 | — | 34,475,466 | ||||||||||||||||||||||
— | 16,700 | — | 16,700 | HSBC Holdings ADR | — | 1,518,698 | — | 1,518,698 | ||||||||||||||||||||||
— | 76,300 | — | 76,300 | ING Groep N.V. ADR | — | 3,313,709 | — | 3,313,709 | ||||||||||||||||||||||
1,131,705 | 68,700 | — | 1,200,405 | J.P. Morgan Chase & Co. | 51,673,650 | 3,136,842 | — | 54,810,492 | ||||||||||||||||||||||
— | 29,300 | — | 29,300 | PNC Financial Services | — | 2,074,147 | — | 2,074,147 | ||||||||||||||||||||||
— | 30,200 | — | 30,200 | SunTrust Banks, Inc. | — | 2,307,280 | — | 2,307,280 | ||||||||||||||||||||||
862,267 | 49,100 | — | 911,367 | Wells Fargo & Co. | 29,963,778 | 1,706,225 | — | 31,670,003 | ||||||||||||||||||||||
— | ||||||||||||||||||||||||||||||
169,903,207 | 19,915,433 | — | 189,818,640 | |||||||||||||||||||||||||||
— | ||||||||||||||||||||||||||||||
Machinery - 0.4% | ||||||||||||||||||||||||||||||
— | 27,500 | — | 27,500 | Caterpillar, Inc. | — | 1,824,625 | — | 1,824,625 | ||||||||||||||||||||||
— | 56,800 | — | 56,800 | SPX Corp. | — | 2,999,040 | — | 2,999,040 | ||||||||||||||||||||||
— | ||||||||||||||||||||||||||||||
— | 4,823,665 | — | 4,823,665 | |||||||||||||||||||||||||||
— | ||||||||||||||||||||||||||||||
Media - 1.9% | ||||||||||||||||||||||||||||||
400,171 | — | — | 400,171 | Comcast Corp. * | 14,005,985 | — | — | 14,005,985 | ||||||||||||||||||||||
734,290 | — | — | 734,290 | Time Warner, Inc. | 12,203,900 | — | — | 12,203,900 | ||||||||||||||||||||||
— | ||||||||||||||||||||||||||||||
26,209,885 | — | — | 26,209,885 | |||||||||||||||||||||||||||
— | ||||||||||||||||||||||||||||||
Medical Products - 2.1% | ||||||||||||||||||||||||||||||
428,483 | — | — | 428,483 | Baxter International, Inc. | 19,016,076 | — | — | 19,016,076 | ||||||||||||||||||||||
192,200 | — | — | 192,200 | Medtronic, Inc. | 9,014,180 | — | — | 9,014,180 | ||||||||||||||||||||||
— | ||||||||||||||||||||||||||||||
28,030,256 | — | — | 28,030,256 | |||||||||||||||||||||||||||
— | ||||||||||||||||||||||||||||||
Mining - 0.4% | ||||||||||||||||||||||||||||||
106,577 | — | — | 106,577 | Nucor Corp. | 5,208,418 | — | — | 5,208,418 | ||||||||||||||||||||||
— | 6,300 | — | 6,300 | Southern Copper Corp. | — | 581,616 | — | 581,616 | ||||||||||||||||||||||
— | ||||||||||||||||||||||||||||||
5,208,418 | 581,616 | — | 5,790,034 | |||||||||||||||||||||||||||
— | ||||||||||||||||||||||||||||||
Motor Vehicle - 0.6% | ||||||||||||||||||||||||||||||
144,654 | — | — | 144,654 | Autoliv, Inc. | 8,175,844 | — | — | 8,175,844 | ||||||||||||||||||||||
— | 11,500 | — | 11,500 | DaimlerChrysler AG | — | 606,970 | — | 606,970 | ||||||||||||||||||||||
— | ||||||||||||||||||||||||||||||
8,175,844 | 606,970 | — | 8,782,814 | |||||||||||||||||||||||||||
— | ||||||||||||||||||||||||||||||
Oil Refining - 0.9% | ||||||||||||||||||||||||||||||
189,962 | — | — | 189,962 | EOG Resources, Inc. | 12,313,337 | — | — | 12,313,337 | ||||||||||||||||||||||
— | ||||||||||||||||||||||||||||||
Oil Services - 1.0% | ||||||||||||||||||||||||||||||
108,414 | — | — | 108,414 | Baker Hughes, Inc. | 7,716,909 | — | — | 7,716,909 | ||||||||||||||||||||||
185,566 | — | — | 185,566 | BJ Services Co. | 6,366,769 | — | — | 6,366,769 | ||||||||||||||||||||||
— | ||||||||||||||||||||||||||||||
14,083,678 | — | — | 14,083,678 | |||||||||||||||||||||||||||
— | ||||||||||||||||||||||||||||||
Paper & Packaging - 3.0% | ||||||||||||||||||||||||||||||
494,150 | — | — | 494,150 | International Paper Co. | 17,181,595 | — | — | 17,181,595 |
�� | ||||||||||||||||||||||||||||||
Shares | Description | Value | ||||||||||||||||||||||||||||
AXA Enterprise | AXA Enterprise | |||||||||||||||||||||||||||||
GS Growth & | Equity Income | Pro Forma | GS Growth & | Equity Income | Pro Forma | |||||||||||||||||||||||||
Income Fund | Fund | Adjustments | Combined Fund | Income Fund | Fund | Adjustments | Combined Fund | |||||||||||||||||||||||
| | | ||||||||||||||||||||||||||||
$ | — | $ | 80,200 | $ | — | $ | 80,200 | Louisiana-Pacific Corp. | $ | — | $ | 1,568,712 | $ | — | $ | 1,568,712 | ||||||||||||||
702,726 | — | — | 702,726 | Packaging Corp. of America | 16,261,080 | — | — | 16,261,080 | ||||||||||||||||||||||
172,035 | — | — | 172,035 | Plum Creek Timber Co., Inc. | 5,991,979 | — | — | 5,991,979 | ||||||||||||||||||||||
— — | ||||||||||||||||||||||||||||||
39,434,654 | 1,568,712 | — | 41,003,366 | |||||||||||||||||||||||||||
Parts & Equipment - 1.6% | ||||||||||||||||||||||||||||||
350,933 | — | — | 350,933 | United Technologies Corp. | 22,007,008 | — | — | 22,007,008 | ||||||||||||||||||||||
Property Insurance - 3.4% | ||||||||||||||||||||||||||||||
158,631 | — | — | 158,631 | American International Group, Inc. | 10,123,830 | — | — | 10,123,830 | ||||||||||||||||||||||
198,270 | — | — | 198,270 | PartnerRe, Inc. | 12,748,761 | — | — | 12,748,761 | ||||||||||||||||||||||
230,034 | — | — | 230,034 | The Allstate Corp. | 13,328,170 | — | — | 13,328,170 | ||||||||||||||||||||||
157,271 | — | — | 157,271 | XL Capital | 10,323,269 | — | — | 10,323,269 | ||||||||||||||||||||||
46,524,030 | — | — | 46,524,030 | |||||||||||||||||||||||||||
Regional’s - 1.9% | — | — | ||||||||||||||||||||||||||||
499,595 | — | — | 499,595 | KeyCorp | 18,380,100 | — | — | 18,380,100 | ||||||||||||||||||||||
220,438 | — | — | 220,438 | Regions Financial Corp. | 7,933,564 | — | — | 7,933,564 | ||||||||||||||||||||||
26,313,664 | — | — | 26,313,664 | |||||||||||||||||||||||||||
REITs - 4.3% | ||||||||||||||||||||||||||||||
207,380 | — | — | 207,380 | Apartment Investment & Management Co. | 10,626,151 | — | — | 10,626,151 | ||||||||||||||||||||||
461,288 | — | — | 461,288 | Capital Source, Inc, (a) | 11,209,298 | — | — | 11,209,298 | ||||||||||||||||||||||
— | 49,700 | — | 49,700 | CBL & Associates | — | 2,024,778 | — | 2,024,778 | ||||||||||||||||||||||
169,615 | — | — | 169,615 | Developers Diversified Realty Corp. | 9,176,172 | — | — | 9,176,172 | ||||||||||||||||||||||
— | 42,400 | — | 42,400 | First Industrial Realty | — | 1,836,768 | — | 1,836,768 | ||||||||||||||||||||||
— | 32,400 | — | 32,400 | General Growth Properties, Inc. | — | 1,468,692 | — | 1,468,692 | ||||||||||||||||||||||
— | 15,200 | — | 15,200 | Highwoods Properties, Inc. | — | 573,648 | — | 573,648 | ||||||||||||||||||||||
— | 110,900 | — | 110,900 | Host Hotels & Resorts, Inc. | — | 2,499,686 | — | 2,499,686 | ||||||||||||||||||||||
423,295 | — | — | 423,295 | iStar Financial, Inc. (a) | 17,744,526 | — | — | 17,744,526 | ||||||||||||||||||||||
— | 22,600 | — | 22,600 | Simon Property Group, Inc. | — | 1,916,254 | — | 1,916,254 | ||||||||||||||||||||||
48,756,147 | 10,319,826 | — | 59,075,973 | |||||||||||||||||||||||||||
Restaurants - 2.4% | ||||||||||||||||||||||||||||||
844,904 | 62,500 | — | 907,404 | McDonald’s Corp. | 30,332,054 | 2,243,750 | — | 32,575,804 | ||||||||||||||||||||||
Retail Apparel - 1.9% | ||||||||||||||||||||||||||||||
408,367 | — | — | 408,367 | J.C. Penny Co., Inc. | 25,743,456 | — | — | 25,743,456 | ||||||||||||||||||||||
Semiconductors - 0.4% | ||||||||||||||||||||||||||||||
— | 68,600 | — | 68,600 | Microchip Technology | — | 2,343,376 | — | 2,343,376 | ||||||||||||||||||||||
— | 310,336 | — | 310,336 | Taiwan Semiconductor | — | 2,889,228 | — | 2,889,228 | ||||||||||||||||||||||
— | 5,232,604 | — | 5,232,604 | |||||||||||||||||||||||||||
Specialty Financials - 6.3% | ||||||||||||||||||||||||||||||
258,176 | — | — | 258,176 | Alliance Bernstein Holding LP | 17,220,339 | — | — | 17,220,339 | ||||||||||||||||||||||
302,484 | — | — | 302,484 | American Capital Strategies Ltd. (a) | 11,715,205 | — | — | 11,715,205 | ||||||||||||||||||||||
468,072 | — | — | 468,072 | Apollo Investment Corp. | 9,347,398 | — | — | 9,347,398 | ||||||||||||||||||||||
319,055 | — | — | 319,055 | Countrywide Financial Corp. | 10,784,059 | — | — | 10,784,059 | ||||||||||||||||||||||
— | 66,800 | — | 66,800 | Indymac Bancorp, Inc. | — | 2,611,880 | — | 2,611,880 | ||||||||||||||||||||||
775,890 | 42,800 | — | 818,690 | Washington Mutual, Inc. | 32,502,032 | 1,792,892 | — | 34,294,924 | ||||||||||||||||||||||
81,569,033 | 4,404,772 | — | 85,973,805 | |||||||||||||||||||||||||||
Specialty Stores - 0.3% | ||||||||||||||||||||||||||||||
— | 69,200 | — | 69,200 | Limited Brands, Inc. | — | 1,780,516 | — | 1,780,516 | ||||||||||||||||||||||
— | 55,900 | — | 55,900 | Sherwin Williams | — | 2,886,676 | — | 2,886,676 | ||||||||||||||||||||||
— | 4,667,192 | — | 4,667,192 | |||||||||||||||||||||||||||
Telecom Equipment - 1.3% | ||||||||||||||||||||||||||||||
745,634 | — | — | 745,634 | Motorola, Inc. | 17,432,923 | — | — | 17,432,923 | ||||||||||||||||||||||
Telephone - 3.6% | ||||||||||||||||||||||||||||||
— | 82,600 | — | 82,600 | AT&T, Inc. | — | 2,571,338 | — | 2,571,338 | ||||||||||||||||||||||
— | 55,100 | — | 55,100 | Bell South Corp. | — | 2,243,672 | — | 2,243,672 | ||||||||||||||||||||||
1,186,316 | 69,500 | — | 1,255,816 | Verizon Communications Group, Inc. | 41,734,597 | 2,445,010 | — | 44,179,607 | ||||||||||||||||||||||
41,734,597 | 7,260,020 | — | 48,994,617 | |||||||||||||||||||||||||||
Tobacco - 2.2% | ||||||||||||||||||||||||||||||
317,698 | — | — | 317,698 | Altria Group, Inc. | 26,537,314 | — | — | 26,537,314 | ||||||||||||||||||||||
— | 25,100 | — | 25,100 | Lowes Corp Carolina Group | — | 1,437,226 | — | 1,437,226 | ||||||||||||||||||||||
— | 23,100 | — | 23,100 | Reynolds American | — | 1,503,117 | — | 1,503,117 | ||||||||||||||||||||||
26,537,314 | 2,940,343 | — | 29,477,657 | |||||||||||||||||||||||||||
Transports - 1.1% | ||||||||||||||||||||||||||||||
— | 19,400 | — | 19,400 | Laidlaw International, Inc. | — | 523,800 | — | 523,800 | ||||||||||||||||||||||
113,655 | — | — | 113,655 | Union Pacific Corp. | 9,132,179 | — | — | 9,132,179 | ||||||||||||||||||||||
73,277 | — | — | 73,277 | United Parcel Service, Inc. Class B | 5,133,054 | — | — | 5,133,054 | ||||||||||||||||||||||
14,265,233 | 523,800 | — | 14,789,033 | |||||||||||||||||||||||||||
Utilities - 0.4% | ||||||||||||||||||||||||||||||
— | 72,600 | — | 72,600 | Duke Energy Corp. | — | 2,178,000 | — | 2,178,000 | ||||||||||||||||||||||
— | 100,150 | — | 100,150 | MDU Resources Group, Inc. | — | 2,453,675 | — | 2,453,675 | ||||||||||||||||||||||
— | 47,700 | — | 47,700 | Teco Energy, Inc. | — | 752,229 | — | 752,229 | ||||||||||||||||||||||
— | 5,383,904 | — | 5,383,904 | |||||||||||||||||||||||||||
Wireless Communications - 0.1% | ||||||||||||||||||||||||||||||
— | 45,200 | — | 45,200 | Sprint Nextel Corp. | — | 764,784 | — | 764,784 | ||||||||||||||||||||||
Shares | Description | Value | ||||||||||||||||||||||||||
AXA Enterprise | AXA Enterprise | |||||||||||||||||||||||||||
GS Growth & | Equity Income | Pro Forma | GS Growth & | Equity Income | Pro Forma | |||||||||||||||||||||||
Income Fund | Fund | Adjustments | Combined Fund | Income Fund | Fund | Adjustments | Combined Fund | |||||||||||||||||||||
TOTAL COMMON STOCKS | ||||||||||||||||||||||||||||
(Cost $991,906,962, $158,447,610, $0 and 1,150,354,572 respectively) | $ | 1,145,069,241 | $ | 180,356,967 | $ — | $ | 1,325,426,208 | |||||||||||||||||||||
Principal Amount | Interest Rate Maturity Date | Value | ||||||||||||||||||||||||||
Time Deposits - 0.4% | ||||||||||||||||||||||||||||
$ | — | $ | 6,105,699 | — | $ | 6,105,699 | JP Morgan Chase Nassau | — | 6,105,699 | — | 6,105,699 | |||||||||||||||||
TOTAL Time Deposits (Cost $0, $6,105,699, $0 and $6,105,699 respectively) | $ | — | $ | 6,105,699 | $ — | $ | 6,105,699 | |||||||||||||||||||||
Repurchase Agreement (b) - 1.9% | ||||||||||||||||||||||||||||
25,400,000 | — | — | 25,400,000 | Joint Repurchase Agreement Account II 5.28% 09/01/2006 Maturity Value $25,403,726 (Cost $25,400,000, $0, $0 and $25,400,000 respectively) | $ | 25,400,000 | $ | — | $ — | $ | 25,400,000 | |||||||||||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL (Cost $1,017,306,962, $164,553,309, $0 and $1,181,860,271 respectively) | $ | 1,170,469,241 | $ | 186,462,666 | $ — | $ | 1,356,931,907 | |||||||||||||||||||||
Shares/Principal | Description | Value | ||||||||||||||||||||||||||
Securities Lending Collateral - 5.3% | ||||||||||||||||||||||||||||
— | 20,489,681 | — | 20,489,681 | Banc of America Securities LLC | — | 20,489,681 | — | 20,489,681 | ||||||||||||||||||||
51,167,925 | — | — | 51,167,925 | Boston Global Investment Trust — Enhanced Portfolio | 51,167,925 | — | — | 51,167,925 | ||||||||||||||||||||
TOTAL SECURITIES LENDING COLLATERAL (Cost $51,167,925, $0, $0 and $51,167,925 respectively) | $ | 51,167,925 | $ | 20,489,681 | $ — | $ | 71,657,606 | |||||||||||||||||||||
TOTAL INVESTMENTS (Cost $1,068,474,887, $185,042,990, $0 and $1,253,517,877 respectively) 105.0% | $ | 1,221,637,166 | $ | 206,952,347 | $ — | $ | 1,428,589,513 | |||||||||||||||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES/(LIABILITIES IN EXCESS OF OTHER ASSETS) -5.0% | (48,557,968 | ) | (19,909,573 | ) | — | (68,467,541 | ) | |||||||||||||||||||||
NET ASSETS - 100.0% | $ | 1,173,079,198 | $ | 187,042,774 | $ — | $ | 1,360,121,972 | |||||||||||||||||||||
* | Non-income producing security. | |
(a) | All or portion of the security is on loan. | |
(b) | Repurchase agreement was entered into on August 31, 2006. |
ADR American Depository Receipt REIT Real Estate Investment Trust | |
For the Goldman Sachs Growth and Income Fund and the AXA Enterprise Equity Income Fund
August 31, 2006 (Unaudited)
Goldman Sachs | AXA Enterprise | |||||||||||||||
Growth and | Equity Income | Pro Forma | ||||||||||||||
Income Fund | Fund | Adjustments | Combined Fund | |||||||||||||
Assets: | ||||||||||||||||
Investments in securities, at value (identified cost $1,017,306,962, $158,447,610, $0 and $1,175,754,572, respectively) — (including $49,911,437 $20,212,656, $0 and $70,124,093 of securities on loan, respectively) | $ | 1,170,469,241 | $ | 180,356,967 | $ | — | $ | 1,350,826,208 | ||||||||
Investments in short term securities, at value (cost $0, $6,105,699, $0 and $6,105,699, respectively) | — | 6,105,699 | — | 6,105,699 | ||||||||||||
Securities Lending collateral, at value (cost $51,167,925, $20,481,681 $0 and $71,657,606, respectively) | 51,167,925 | 20,489,681 | — | 71,657,606 | ||||||||||||
Cash | 31,940 | 670,441 | — | 702,381 | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold, at value | — | 222,946 | — | 222,946 | ||||||||||||
Fund shares sold | 2,999,444 | 52,486 | — | 3,051,930 | ||||||||||||
Dividends and interest, at value | 3,307,462 | 570,488 | — | 3,877,950 | ||||||||||||
Foreign tax reclaims, at value | 29,188 | — | — | 29,188 | ||||||||||||
Securities lending income | 3,230 | — | — | 3,230 | ||||||||||||
Other assets | 6,432 | 59,267 | — | 65,699 | ||||||||||||
Total assets | 1,228,014,862 | 208,527,975 | — | 1,436,542,837 | ||||||||||||
Liabilities: | ||||||||||||||||
Payables: | ||||||||||||||||
Investment securities purchased | — | 526,484 | — | 526,484 | ||||||||||||
Payable upon return of securities loaned | 51,167,925 | 20,489,681 | — | 71,657,606 | ||||||||||||
Fund shares repurchased | 2,391,428 | 185,726 | — | 2,577,154 | ||||||||||||
Amounts owed to affiliates | 1,162,667 | — | — | 1,162,667 | ||||||||||||
Accrued expenses | 213,644 | 283,310 | — | 496,954 | ||||||||||||
Total liabilities | 54,935,664 | 21,485,201 | — | 76,420,865 | ||||||||||||
Net Assets: | ||||||||||||||||
Paid-in capital | 968,380,655 | 151,584,145 | — | 1,119,964,800 | ||||||||||||
Accumulated undistributed net investment income (loss) | 4,244,248 | 1,838,496 | — | 6,082,744 | ||||||||||||
Accumulated net realized gain (loss) on investments | 47,292,016 | 11,710,776 | — | 59,002,792 | ||||||||||||
Net unrealized gain on investments | 153,162,279 | 21,909,357 | — | 175,071,636 | ||||||||||||
Net Assets | $ | 1,173,079,198 | $ | 187,042,774 | $ | — | $ | 1,360,121,972 | ||||||||
Net Assets: | ||||||||||||||||
Class A | $ | 1,061,063,489 | $ | 113,844,920 | $ | — | $ | 1,174,908,409 | ||||||||
Class B | 64,578,777 | 43,750,594 | — | 108,329,371 | ||||||||||||
Class C | 18,834,065 | 15,333,901 | $ | — | 34,167,966 | |||||||||||
Institutional/Class Y | 27,590,090 | 14,113,359 | — | 41,703,449 | ||||||||||||
Service/Class P | 1,012,777 | — | — | 1,012,777 | ||||||||||||
Shares Outstanding: | ||||||||||||||||
Class A | 37,292,325 | 4,139,906 | (138,692 | )(b) | $ | 141,293,539 | ||||||||||
Class B | 2,332,108 | 1,626,978 | (47,030 | )(b) | 3,912,056 | |||||||||||
Class C | 682,503 | 565,792 | (10,127 | )(b) | 1,238,168 | |||||||||||
Institutional/Class Y | 957,798 | 511,832 | (21,883 | )(b) | 1,447,747 | |||||||||||
Service/Class P | 35,602 | — | — | 35,602 | ||||||||||||
Total shares outstanding, $0.001 par value (unlimited number of shares authorized) | 41,300,336 | 6,844,508 | (217,732 | )(b) | 47,927,112 | |||||||||||
Net assets value, offering and redemption price per share:(c) | ||||||||||||||||
Class A | $ | 28.45 | 27.50 | — | $ | 28.45 | ||||||||||
Class B | 27.69 | 26.89 | — | 27.69 | ||||||||||||
Class C | 27.60 | 27.10 | — | 27.60 | ||||||||||||
Institutional/Class Y | 28.81 | 27.57 | — | 28.81 | ||||||||||||
Service/Class P | 28.45 | — | — | �� | 28.45 | |||||||||||
(a) | Adjustment to reflect reduction of shares based on Structured U.S. Equity Fund’s NAV. | |
(b) | Maximum public offering price per share for Class A Shares is $30.11, $28.87, 0 and $30.11, respectively. At redemption, Class B and Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current NAV or the original purchase price of the shares. | |
The accompanying notes are an integral part of these pro forma financial statements. |
For the Goldman Sachs Growth and Income Fund and the AXA Enterprise Equity Income Fund
August 31, 2006 (Unaudited)
Goldman Sachs | AXA Enterprise | |||||||||||||||
Growth and | Equity Income | Pro Forma | ||||||||||||||
Income Fund | Fund | Adjustments | Combined Fund | |||||||||||||
Investment Income: | ||||||||||||||||
Dividends (Net of foreign withholding tax of $62,579, $19,213, $0 | ||||||||||||||||
and $81,792, respectively) | $ | 30,652,567 | $ | 5,090,826 | $ | — | $ | 35,743,393 | ||||||||
Interest (including securities lending income of $33,738, $52,246, $0, and $85,984, respectively) | 926,162 | 379,084 | — | 1,305,246 | ||||||||||||
Total income | 31,578,729 | 5,469,910 | — | 37,048,639 | ||||||||||||
Expenses: | ||||||||||||||||
Management fees | 7,560,961 | 1,384,184 | (137,254) | (a) | 8,807,891 | |||||||||||
Administrative fees | — | 110,068 | (110,068) | (b) | — | |||||||||||
Distribution and service fees | 3,359,686 | 1,161,512 | (227,166) | (b) | 4,294,033 | |||||||||||
Transfer agent fees | 2,036,490 | 537,070 | (193,313) | (b) | 2,380,247 | |||||||||||
Custody and accounting fees | 196,752 | 10,321 | 10,220 | (b) | 217,293 | |||||||||||
Printing fees | 86,201 | 63,652 | (56,153) | (b) | 93,700 | |||||||||||
Registration fees | 94,057 | 85,470 | (77,287) | (b) | 102,240 | |||||||||||
Audit fees | 22,199 | 28,635 | (28,249) | (b) | 22,585 | |||||||||||
Legal fees | 18,961 | 30,499 | (29,839) | (b) | 19,621 | |||||||||||
Trustee fees | 15,230 | 51,337 | (51,337) | (b) | 15,230 | |||||||||||
Service share fees | 4,680 | — | — | 4,680 | ||||||||||||
Other | 154,056 | 89,151 | (69,047) | (b) | 174,160 | |||||||||||
Total expenses | 13,549,272 | 3,551,899 | (969,493) | 16,131,679 | ||||||||||||
Less — expense reductions | (60,846) | (412,178 | ) | 408,456 | (c) | (64,568 | ) | |||||||||
Net Expenses | 13,488,426 | 3,139,721 | (561,036) | 16,067,111 | ||||||||||||
Net Investment Income (loss) | 18,090,303 | 2,330,189 | 561,036 | 20,981,528 | ||||||||||||
Realized and unrealized gain (loss) on investment and futures transactions: | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investment transactions (including commissions recapture of $126,460, $15,418, $22,025 and $163,903, respectively | 75,962,963 | 11,466,558 | 22,025 | 87,451,546 | ||||||||||||
Net change in unrealized gain (loss) on: | ||||||||||||||||
Investments | 41,654,688 | 4,640,341 | — | 46,295,029 | ||||||||||||
Net realized and unrealized gain on investment and futures transactions | 117,617,651 | 16,106,899 | 22,025 | 133,746,575 | ||||||||||||
Net Increase in Net Assets Resulting from Operations | $ | 135,707,954 | $ | 18,437,088 | $ | 583,061 | $ | 154,728,103 | ||||||||
(a) | Adjustment to reduce management fee based on Structured U.S. Equity Fund rates. | |
(b) | Adjustments to reflect the anticipated adjustment as a result of consolidation of transfer agent, printing, custody and accounting and other services. | |
(c) | Adjustment to reflect increase in expense reduction based on Structured U.S. Equity Fund current expense cap and waivers. |
For the Twelve Months Ended August 31, 2006 (Unaudited)
Class A | Class B | Class C | Institutional | |||||||||||||
Shares Issued | 4,001,214 | 1,579,948 | 555,665 | 489,949 | ||||||||||||
Net Assets 08/31/2006 | $ | 113,844,920 | $ | 43,750,594 | $ | 15,333,901 | $ | 14,113,359 | ||||||||
Pro Forma Net Asset Value 08/31/2006 | $ | 28.45 | $ | 27.69 | $ | 27.60 | $ | 28.81 |
Capital Loss Carryforward* | The Portfolio | Growth and Income Fund | ||||||
Expiring 2010 | $ | — | $ | 1,571 | ||||
Total | $ | — | $ | 1,571 | ||||
* | Expiration occurs on August 31 of the year indicated. As a consequence of the reorganization, utilization of these losses may be limited under the Internal Revenue Code. |
2
Average Daily Net Assets | Annual Rate | |||
First $1 Billion | 0.70 | % | ||
Next $1 Billion | 0.63 | % | ||
Over $2 Billion | 0.60 | % | ||
3
4
Shares | Description | Value | ||||||||||||||||||||||||||||||||||||||
AXA | AXA | AXA | AXA | |||||||||||||||||||||||||||||||||||||
Enterprise | Enterprise | Pro | GS | Enterprise | Enterprise | Pro | ||||||||||||||||||||||||||||||||||
GS Growth | Equity | Growth | Forma | Growth | Equity | Growth | Forma | |||||||||||||||||||||||||||||||||
& Income | Income | & Income | Combined | & Income | Income | & Income | Combined | |||||||||||||||||||||||||||||||||
Fund | Fund | Fund | Adjustments | Fund | Fund | Fund | Fund | Adjustments | Fund | |||||||||||||||||||||||||||||||
Common Stocks - 97.6% | ||||||||||||||||||||||||||||||||||||||||
Air Freight & Logistics - 0.0% | ||||||||||||||||||||||||||||||||||||||||
$ | — | $ | 6,700 | $ | — | $ | — | $ | 6,700 | Pacer International, Inc. | $ | — | $ | 184,451 | $ | — | $ | — | $ | 184,451 | ||||||||||||||||||||
Auto Components - 0.3% | ||||||||||||||||||||||||||||||||||||||||
— | — | 26,000 | — | 26,000 | Borg-warner, Inc. | — | — | 1,474,460 | — | 1,474,460 | ||||||||||||||||||||||||||||||
— | — | 50,300 | — | 50,300 | Johnson Controls, Inc. | — | — | 3,618,079 | — | 3,618,079 | ||||||||||||||||||||||||||||||
— | — | 5,092,539 | — | 5,092,539 | ||||||||||||||||||||||||||||||||||||
Automobiles - 0.1% | ||||||||||||||||||||||||||||||||||||||||
— | — | 32,000 | — | 32,000 | Harley Davidson Co. | — | — | 1,872,320 | — | 1,872,320 | ||||||||||||||||||||||||||||||
Biotechnology - 0.6% | ||||||||||||||||||||||||||||||||||||||||
72,999 | — | — | — | 72,999 | Amgen, Inc. * | 4,958,822 | — | — | — | 4,958,822 | ||||||||||||||||||||||||||||||
— | — | 17,900 | — | 17,900 | Cephalon Inc. | — | — | 1,020,658 | — | 1,020,658 | ||||||||||||||||||||||||||||||
— | — | 46,700 | — | 46,700 | Genzyme Corp. | — | — | 3,092,941 | — | 3,092,941 | ||||||||||||||||||||||||||||||
— | — | 67,400 | — | 67,400 | Millennium Pharmaceutical | — | — | 731,964 | — | 731,964 | ||||||||||||||||||||||||||||||
4,958,822 | — | 4,845,563 | — | 9,804,385 | ||||||||||||||||||||||||||||||||||||
Brokers - 3.0% | ||||||||||||||||||||||||||||||||||||||||
306,978 | — | — | — | 306,978 | Lehman Brothers Holdings, Inc. | 19,588,266 | — | — | — | 19,588,266 | ||||||||||||||||||||||||||||||
72,595 | — | — | — | 72,595 | Merrill Lynch & Co., Inc. | 5,337,910 | — | — | — | 5,337,910 | ||||||||||||||||||||||||||||||
182,920 | 46,900 | 104,500 | — | 334,320 | Morgan Stanley | 12,034,307 | 3,085,551 | 6,875,055 | — | 21,994,913 | ||||||||||||||||||||||||||||||
36,960,483 | 3,085,551 | 6,875,055 | — | 46,921,089 | ||||||||||||||||||||||||||||||||||||
Building Products - 0.3% | ||||||||||||||||||||||||||||||||||||||||
— | — | 143,200 | — | 143,200 | Masco Corp. | — | — | 3,925,112 | — | 3,925,112 | ||||||||||||||||||||||||||||||
Chemicals - 0.2% | ||||||||||||||||||||||||||||||||||||||||
— | 22,500 | — | — | 22,500 | BASF AG ADR | — | 1,858,050 | — | — | 1,858,050 | ||||||||||||||||||||||||||||||
— | 20,800 | — | — | 20,800 | Rohm and Haas Co. | — | 917,280 | — | — | 917,280 | ||||||||||||||||||||||||||||||
— | 2,775,330 | — | — | 2,775,330 | ||||||||||||||||||||||||||||||||||||
Commercial Services & Supplies - 0.1% | ||||||||||||||||||||||||||||||||||||||||
— | 114,700 | — | — | 114,700 | Steelcase, Inc. | — | 1,663,150 | — | — | 1,663,150 | ||||||||||||||||||||||||||||||
Communications Equipment - 0.1% | ||||||||||||||||||||||||||||||||||||||||
— | 86,100 | — | — | 86,100 | Nokia Corp. ADR | — | 1,797,768 | — | — | 1,797,768 | ||||||||||||||||||||||||||||||
Computers Hardware - 2.1% | ||||||||||||||||||||||||||||||||||||||||
1,119,992 | — | — | — | 1,119,992 | Cisco Systems, Inc. * | 24,628,624 | — | — | — | 24,628,624 | ||||||||||||||||||||||||||||||
— | — | 86,100 | — | 86,100 | Dell, Inc. | — | — | 1,941,555 | — | 1,941,555 | ||||||||||||||||||||||||||||||
179,853 | — | — | — | 179,853 | Hewlett-Packard Co. | 6,575,426 | — | — | — | 6,575,426 | ||||||||||||||||||||||||||||||
31,204,050 | — | 1,941,555 | — | 33,145,605 | ||||||||||||||||||||||||||||||||||||
Computer Software - 1.5% | ||||||||||||||||||||||||||||||||||||||||
774,548 | — | — | — | 774,548 | Activision, Inc. * | 9,991,669 | — | — | — | 9,991,669 | ||||||||||||||||||||||||||||||
— | — | 280,500 | — | 280,500 | Microsoft Corp. | — | — | 7,206,045 | — | 7,206,045 | ||||||||||||||||||||||||||||||
— | — | 176,200 | — | 176,200 | Oracle Corp. | — | — | 2,757,530 | — | 2,757,530 | ||||||||||||||||||||||||||||||
— | — | 35,600 | — | 35,600 | Salesforce.com, Inc. | — | — | 1,227,488 | — | 1,227,488 | ||||||||||||||||||||||||||||||
— | — | 144,296 | — | 144,296 | Symantec Corp. | — | — | 2,689,677 | — | 2,689,677 | ||||||||||||||||||||||||||||||
9,991,669 | — | 13,880,740 | — | 23,872,409 | ||||||||||||||||||||||||||||||||||||
Containers & Packaging - 0.2% | ||||||||||||||||||||||||||||||||||||||||
— | 55,600 | — | — | 55,600 | Bemis Co., Inc. | — | 1,795,880 | — | — | 1,795,880 | ||||||||||||||||||||||||||||||
— | 29,800 | — | — | 29,800 | Sonoco Products Co., Inc. | — | 997,704 | — | — | 997,704 | ||||||||||||||||||||||||||||||
— | 2,793,584 | — | — | 2,793,584 | ||||||||||||||||||||||||||||||||||||
Defense/Aerospace - - 1.6% | ||||||||||||||||||||||||||||||||||||||||
198,365 | — | — | — | 198,365 | General Dynamics Corp. | 13,399,556 | — | — | — | 13,399,556 | ||||||||||||||||||||||||||||||
— | 41,700 | — | — | 41,700 | Goodrich Corp. | — | 1,624,215 | — | — | 1,624,215 | ||||||||||||||||||||||||||||||
— | 42,000 | 25,800 | — | 67,800 | Northrop Grumman Corp. | — | 2,806,020 | 1,723,698 | — | 4,529,718 | ||||||||||||||||||||||||||||||
— | 59,100 | — | — | 59,100 | Raytheon Co. | — | 2,790,111 | — | — | 2,790,111 | ||||||||||||||||||||||||||||||
33,235 | — | — | — | 33,235 | The Boeing Co. | 2,489,301 | — | — | — | 2,489,301 | ||||||||||||||||||||||||||||||
15,888,857 | 7,220,346 | 1,723,698 | — | 24,832,901 | ||||||||||||||||||||||||||||||||||||
Diversified Communications - 3.4% | ||||||||||||||||||||||||||||||||||||||||
— | 82,600 | 88,000 | — | 170,600 | AT&T, Inc. | — | 2,571,338 | 2,739,440 | — | 5,310,778 | ||||||||||||||||||||||||||||||
— | 55,100 | — | — | 55,100 | Bell South Corp. | — | 2,243,672 | — | — | 2,243,672 | ||||||||||||||||||||||||||||||
— | — | 11,304 | — | 11,304 | Embarq Corp. | — | — | 532,984 | — | 532,984 | ||||||||||||||||||||||||||||||
1,186,316 | 69,500 | — | — | 1,255,816 | Verizon Communications Group, Inc. | 41,734,597 | 2,445,010 | — | — | 44,179,607 | ||||||||||||||||||||||||||||||
41,734,597 | 7,260,020 | 3,272,424 | — | 52,267,041 | ||||||||||||||||||||||||||||||||||||
Diversified Consumer Services - 0.1% | ||||||||||||||||||||||||||||||||||||||||
— | — | 42,000 | — | 42,000 | H&R Block, Inc. | — | — | 883,260 | — | 883,260 | ||||||||||||||||||||||||||||||
Diversified Energy - 1.4% | ||||||||||||||||||||||||||||||||||||||||
891,546 | — | — | — | 891,546 | The Williams Companies, Inc. | 21,958,778 | — | — | — | 21,958,778 | ||||||||||||||||||||||||||||||
Drugs - 4.2% | ||||||||||||||||||||||||||||||||||||||||
— | 76,800 | — | — | 76,800 | Biovail Corp. International | — | 1,254,912 | — | — | 1,254,912 | ||||||||||||||||||||||||||||||
— | 29,200 | — | — | 29,200 | GlaxoSmithKline ADR | — | 1,657,976 | — | — | 1,657,976 | ||||||||||||||||||||||||||||||
— | 68,400 | — | — | 68,400 | Merck & Co., Inc. | — | 2,773,620 | — | — | 2,773,620 | ||||||||||||||||||||||||||||||
1,880,163 | 105,500 | — | — | 1,985,663 | Pfizer, Inc. | 51,817,292 | 2,907,580 | — | — | 54,724,872 | ||||||||||||||||||||||||||||||
— | 41,300 | — | — | 41,300 | Sanofi-Aventis ADR | — | 1,856,435 | — | — | 1,856,435 | ||||||||||||||||||||||||||||||
— | 53,100 | — | — | 53,100 | Wyeth | — | 2,585,970 | — | — | 2,585,970 | ||||||||||||||||||||||||||||||
51,817,292 | 13,036,493 | — | — | 64,853,785 | ||||||||||||||||||||||||||||||||||||
Electric Utilities - 6.3% | ||||||||||||||||||||||||||||||||||||||||
— | — | 44,200 | — | 44,200 | American Electric Power | — | — | 1,612,416 | — | 1,612,416 | ||||||||||||||||||||||||||||||
70,578 | — | — | — | 70,578 | Edison International | 3,080,024 | — | — | — | 3,080,024 | ||||||||||||||||||||||||||||||
484,559 | — | — | — | 484,559 | Entergy Corp. | 37,626,006 | — | — | — | 37,626,006 | ||||||||||||||||||||||||||||||
365,475 | — | 89,700 | — | 455,175 | Exelon Corp. | 22,286,666 | — | 5,469,906 | — | 27,756,572 | ||||||||||||||||||||||||||||||
133,437 | 36,800 | — | — | 170,237 | FirstEnergy Corp. | 7,613,915 | 2,099,808 | — | — | 9,713,723 | ||||||||||||||||||||||||||||||
70,060 | — | — | — | 70,060 | FPL Group, Inc. | 3,114,167 | — | — | — | 3,114,167 | ||||||||||||||||||||||||||||||
— | — | 23,000 | — | 23,000 | Northeast Utilities | — | — | 524,630 | — | 524,630 | ||||||||||||||||||||||||||||||
— | — | 34,600 | — | 34,600 | Pepco Holding, Inc. | — | — | 878,494 | — | 878,494 | ||||||||||||||||||||||||||||||
367,631 | — | — | — | 367,631 | PPL Corp. | 12,856,056 | — | — | — | 12,856,056 | ||||||||||||||||||||||||||||||
86,576,834 | 2,099,808 | 8,485,446 | — | 97,162,088 | ||||||||||||||||||||||||||||||||||||
Electrical Equipment - 0.2% | ||||||||||||||||||||||||||||||||||||||||
— | 32,000 | — | — | 32,000 | Emerson Electric Co. | — | 2,628,800 | — | — | 2,628,800 | ||||||||||||||||||||||||||||||
Electronic Equipment - 0.1% | ||||||||||||||||||||||||||||||||||||||||
— | 109,901 | — | — | 109,901 | AU Optronics Corp. | — | 1,602,357 | — | — | 1,602,357 | ||||||||||||||||||||||||||||||
Energy Resources - 8.0% | ||||||||||||||||||||||||||||||||||||||||
13,600 | — | — | 13,600 | BP Amoco P.L.C. ADR | — | 925,480 | — | — | 925,480 |
Shares | Description | Value | ||||||||||||||||||||||||||||||||||||||
AXA | AXA | AXA | AXA | |||||||||||||||||||||||||||||||||||||
Enterprise | Enterprise | Pro | GS | Enterprise | Enterprise | Pro | ||||||||||||||||||||||||||||||||||
GS Growth | Equity | Growth | Forma | Growth | Equity | Growth | Forma | |||||||||||||||||||||||||||||||||
& Income | Income | & Income | Combined | & income | Income | & Income | Combined | |||||||||||||||||||||||||||||||||
Fund | Fund | Fund | Adjustments | Fund | Fund | Fund | Fund | Adjustments | Fund | |||||||||||||||||||||||||||||||
$ | — | $ | 50,199 | $ | — | $ | — | $ | 50,199 | Chevron Corp. | $ | — | $ | 3,232,816 | $ | — | $ | — | $ | 3,232,816 | ||||||||||||||||||||
536,248 | 48,400 | — | — | 584,648 | ConocoPhillips | 34,014,211 | 3,070,012 | — | — | 37,084,223 | ||||||||||||||||||||||||||||||
894,742 | 44,200 | 29,100 | — | 968,042 | Exxon Mobil Corp. | 60,547,191 | 2,991,014 | 1,969,197 | — | 65,507,402 | ||||||||||||||||||||||||||||||
— | 31,100 | — | — | 31,100 | Kinder Morgan, Inc. | — | 3,245,596 | — | — | 3,245,596 | ||||||||||||||||||||||||||||||
— | 41,900 | 22,000 | — | 63,900 | Marathon Oil Corp. | — | 3,498,650 | 1,837,000 | — | 5,335,650 | ||||||||||||||||||||||||||||||
— | 51,700 | — | — | 51,700 | Norsk Hydro ASA ADR | — | 1,344,200 | — | — | 1,344,200 | ||||||||||||||||||||||||||||||
— | 77,200 | — | — | 77,200 | Occidental Petroleum Corp. | — | 3,936,428 | — | — | 3,936,428 | ||||||||||||||||||||||||||||||
— | 18,800 | — | — | 18,800 | PetroChina Co. ADR | — | 2,108,984 | — | — | 2,108,984 | ||||||||||||||||||||||||||||||
— | 32,500 | — | — | 32,500 | TransCanada | — | 1,056,900 | — | — | 1,056,900 | ||||||||||||||||||||||||||||||
94,561,402 | 25,410,080 | 3,806,197 | — | 123,777,679 | ||||||||||||||||||||||||||||||||||||
Energy-Master Limited Partnerships - 3.3% | ||||||||||||||||||||||||||||||||||||||||
277,020 | — | — | — | 277,020 | Energy Transfer Partners LP | 13,205,543 | — | — | — | 13,205,543 | ||||||||||||||||||||||||||||||
638,360 | — | — | — | 638,360 | Enterprise Products Partners LP | 17,088,897 | — | — | — | 17,088,897 | ||||||||||||||||||||||||||||||
319,337 | — | — | — | 319,337 | Magellan Midstream Partners LP | 11,767,569 | — | — | — | 11,767,569 | ||||||||||||||||||||||||||||||
— | 25,300 | — | — | 25,300 | Plains All American Pipeline LP | — | 1,163,800 | — | — | 1,163,800 | ||||||||||||||||||||||||||||||
228,781 | — | — | — | 228,781 | Williams Partners LP | 8,197,223 | — | — | — | 8,197,223 | ||||||||||||||||||||||||||||||
50,259,232 | 1,163,800 | — | — | 51,423,032 | ||||||||||||||||||||||||||||||||||||
Environmental & Other Services - 1.0% | ||||||||||||||||||||||||||||||||||||||||
381,597 | 76,600 | — | — | 458,197 | Waste Management, Inc. | 13,081,145 | 2,625,848 | — | — | 15,706,993 | ||||||||||||||||||||||||||||||
Financial Technology - 0.6% | ||||||||||||||||||||||||||||||||||||||||
209,283 | — | — | — | 209,283 | First Data Corp. | 8,992,891 | — | — | — | 8,992,891 | ||||||||||||||||||||||||||||||
Food & Beverage - 1.3% | ||||||||||||||||||||||||||||||||||||||||
— | — | 31,000 | — | 31,000 | Anheuser-Busch Co. | — | — | 1,530,780 | — | 1,530,780 | ||||||||||||||||||||||||||||||
— | 44,600 | — | — | 44,600 | Heinz H. J. Co. | — | 1,866,064 | — | — | 1,866,064 | ||||||||||||||||||||||||||||||
— | 45,900 | — | — | 45,900 | Kellogg Co. | — | 2,327,130 | — | — | 2,327,130 | ||||||||||||||||||||||||||||||
— | 44,100 | — | — | 44,100 | Molson Coors Brewing Co. | — | 3,100,230 | — | — | 3,100,230 | ||||||||||||||||||||||||||||||
— | 32,800 | — | — | 32,800 | Sara Lee Corp. | — | 545,464 | — | — | 545,464 | ||||||||||||||||||||||||||||||
471,985 | — | — | — | 471,985 | Unilever NV | 11,252,122 | — | — | — | 11,252,122 | ||||||||||||||||||||||||||||||
11,252,122 | 7,838,888 | 1,530,780 | — | 20,621,790 | ||||||||||||||||||||||||||||||||||||
Food & Staples Retail - 0.4% | ||||||||||||||||||||||||||||||||||||||||
— | — | 54,900 | — | 54,900 | Costco Wholesale Corp. | — | — | 2,568,771 | — | 2,568,771 | ||||||||||||||||||||||||||||||
— | — | 95,100 | — | 95,100 | Kroger Co. | — | — | 2,264,331 | — | 2,264,331 | ||||||||||||||||||||||||||||||
— | — | 58,000 | — | 58,000 | Sysco Corp. | — | — | 1,820,620 | — | 1,820,620 | ||||||||||||||||||||||||||||||
— | — | 6,653,722 | — | 6,653,722 | ||||||||||||||||||||||||||||||||||||
Health Care Provider & Services - 0.6% | ||||||||||||||||||||||||||||||||||||||||
— | — | 33,900 | — | 33,900 | Caremark RX, Inc. | — | — | 1,964,166 | — | 1,964,166 | ||||||||||||||||||||||||||||||
— | — | 42,600 | — | 42,600 | Medco Health Solutions, Inc. | — | — | 2,699,562 | — | 2,699,562 | ||||||||||||||||||||||||||||||
— | — | 90,900 | — | 90,900 | UnitedHealth Group, inc. | — | — | 4,722,255 | — | 4,722,255 | ||||||||||||||||||||||||||||||
— | — | 9,385,983 | — | 9,385,983 | ||||||||||||||||||||||||||||||||||||
Home Products - 2.1% | ||||||||||||||||||||||||||||||||||||||||
— | 42,500 | — | — | 42,500 | Colgate Palmolive Co. | — | 2,544,050 | — | — | 2,544,050 | ||||||||||||||||||||||||||||||
— | 55,400 | — | — | 55,400 | Koninklijke Philips | — | 1,901,328 | — | — | 1,901,328 | ||||||||||||||||||||||||||||||
— | 79,100 | — | — | 79,100 | Legget and Platt, Inc. | — | 1,823,255 | — | — | 1,823,255 | ||||||||||||||||||||||||||||||
680,534 | 52,700 | — | — | 733,234 | Newell Rubbermaid, Inc. | 18,367,613 | 1,422,373 | — | — | 19,789,986 | ||||||||||||||||||||||||||||||
— | 18,600 | — | — | 18,600 | Proctor & Gamble Co. | — | 1,151,340 | — | — | 1,151,340 | ||||||||||||||||||||||||||||||
— | 16,200 | — | — | 16,200 | Stanley Works | — | 765,126 | — | — | 765,126 | ||||||||||||||||||||||||||||||
77,300 | — | — | — | 77,300 | The Clorox Co. | 4,623,313 | — | — | — | 4,623,313 | ||||||||||||||||||||||||||||||
22,990,926 | 9,607,472 | — | — | 32,598,398 | ||||||||||||||||||||||||||||||||||||
Hotels & Leisure - 0.4% | ||||||||||||||||||||||||||||||||||||||||
— | — | 72,300 | — | 72,300 | Carnival Corp. | — | — | 3,029,370 | — | 3,029,370 | ||||||||||||||||||||||||||||||
— | 36,700 | — | — | 36,700 | Harrah’s Entertainment, inc. | — | 2,288,612 | — | — | 2,288,612 | ||||||||||||||||||||||||||||||
— | — | 15,580 | — | 15,580 | Wyndham Worldwide Corp. | — | — | 455,871 | — | 455,871 | ||||||||||||||||||||||||||||||
— | 2,288,612 | 3,485,241 | — | 5,773,853 | ||||||||||||||||||||||||||||||||||||
Industrial Conglomerates - 0.1% | ||||||||||||||||||||||||||||||||||||||||
— | 34,200 | — | — | 34,200 | General Electric Co. | — | 1,164,852 | — | — | 1,164,852 | ||||||||||||||||||||||||||||||
Internet Retail - 0.0% | ||||||||||||||||||||||||||||||||||||||||
— | — | 400 | — | 400 | Expedia, Inc. * | — | — | 6,528 | — | 6,528 | ||||||||||||||||||||||||||||||
Insurance - 1.9% | ||||||||||||||||||||||||||||||||||||||||
— | 164,541 | — | — | 164,541 | AEGON N.V | — | 2,941,993 | — | — | 2,941,993 | ||||||||||||||||||||||||||||||
— | — | 34,700 | — | 34,700 | Allstate Corp. | — | — | 2,010,518 | — | 2,010,518 | ||||||||||||||||||||||||||||||
— | — | 70,000 | — | 70,000 | American International Group | — | — | 4,467,400 | — | 4,467,400 | ||||||||||||||||||||||||||||||
— | 61,200 | — | — | 61,200 | Chubb Corp. | — | 3,069,792 | — | — | 3,069,792 | ||||||||||||||||||||||||||||||
— | 76,100 | — | — | 76,100 | Commerce Group, Inc. | — | 2,267,019 | — | — | 2,267,019 | ||||||||||||||||||||||||||||||
— | — | 23,900 | — | 23,900 | Hartford Financial Services Group | — | — | 2,052,054 | — | 2,052,054 | ||||||||||||||||||||||||||||||
— | 59,300 | — | — | 59,300 | Lincoln National Corp. | — | 3,599,510 | — | — | 3,599,510 | ||||||||||||||||||||||||||||||
— | 72,700 | — | — | 72,700 | Manulife Financial Corp. | — | 2,373,655 | — | — | 2,373,655 | ||||||||||||||||||||||||||||||
— | 73,800 | — | — | 73,800 | Nationwide Financial | — | 3,572,658 | — | — | 3,572,658 | ||||||||||||||||||||||||||||||
— | 56,000 | — | — | 56,000 | Sun Life Financial | — | 2,307,760 | — | — | 2,307,760 | ||||||||||||||||||||||||||||||
— | 20,132,387 | 8,529,972 | — | 28,662,359 | ||||||||||||||||||||||||||||||||||||
IT Services - - 0.1% | ||||||||||||||||||||||||||||||||||||||||
— | — | 50,600 | — | 50,600 | Accenture Ltd. Class A | — | — | 1,500,796 | — | 1,500,796 | ||||||||||||||||||||||||||||||
Large Banks - - 13.5% | ||||||||||||||||||||||||||||||||||||||||
— | 93,000 | — | — | 93,000 | Banco Stantader Central | — | 1,448,010 | — | — | 1,448,010 | ||||||||||||||||||||||||||||||
1,094,172 | 36,600 | — | — | 1,130,772 | Bank of America Corp. | 56,317,033 | 1,883,802 | — | — | 58,200,835 | ||||||||||||||||||||||||||||||
647,391 | 51,200 | 174,000 | — | 872,591 | Citigroup, Inc. | 31,948,746 | 2,526,720 | 8,586,900 | — | 43,062,366 | ||||||||||||||||||||||||||||||
— | 16,700 | — | — | 16,700 | HSBC Holdings ADR | — | 1,518,698 | — | — | 1,518,698 | ||||||||||||||||||||||||||||||
— | 76,300 | — | — | 76,300 | ING Groep N.V. ADR | — | 3,313,709 | — | — | 3,313,709 | ||||||||||||||||||||||||||||||
1,131,705 | 68,700 | 84,600 | — | 1,285,005 | J.P. Morgan Chase & Co. | 51,673,650 | 3,136,842 | 3,862,836 | — | 58,673,328 | ||||||||||||||||||||||||||||||
— | — | 110,900 | — | 110,900 | Mellon Financial Co. | — | — | 4,128,807 | — | 4,128,807 | ||||||||||||||||||||||||||||||
862,267 | 49,100 | 180,100 | — | 1,091,467 | Wells Fargo & Co. | 29,963,778 | 1,706,225 | 6,258,475 | — | 37,928,478 | ||||||||||||||||||||||||||||||
169,903,207 | 15,534,006 | 22,837,018 | — | 208,274,231 | ||||||||||||||||||||||||||||||||||||
Life Sciences Tools & Services - 0.1% | ||||||||||||||||||||||||||||||||||||||||
— | — | 39,500 | — | 39,500 | Waters Corp. | — | — | 1,684,675 | — | 1,684,675 | ||||||||||||||||||||||||||||||
Machinery - 0.5% | ||||||||||||||||||||||||||||||||||||||||
— | 27,500 | — | — | 27,500 | Caterpillar, Inc. | — | 1,824,625 | — | — | 1,824,625 | ||||||||||||||||||||||||||||||
— | — | 82,800 | — | 82,800 | Illinois Tool Work, Inc. | — | — | 3,634,920 | — | 3,634,920 | ||||||||||||||||||||||||||||||
— | 56,800 | — | — | 56,800 | SPX Corp. | — | 2,999,040 | — | — | 2,999,040 | ||||||||||||||||||||||||||||||
— | 4,823,665 | 3,634,920 | — | 8,458,585 | ||||||||||||||||||||||||||||||||||||
Media - 2.4% | ||||||||||||||||||||||||||||||||||||||||
400,171 | — | — | — | 400,171 | Comcast Corp. * | 14,005,985 | — | — | — | 14,005,985 | ||||||||||||||||||||||||||||||
— | — | 143,000 | — | 143,000 | DirecTV Group, Inc. * | — | — | 2,686,970 | — | 2,686,970 | ||||||||||||||||||||||||||||||
— | — | 76,300 | — | 76,300 | News Corp Class A | — | — | 1,451,989 | — | 1,451,989 | ||||||||||||||||||||||||||||||
— | — | 46,600 | — | 46,600 | Omnicom Group, Inc. | — | — | 4,073,772 | — | 4,073,772 | ||||||||||||||||||||||||||||||
— | — | 29,080 | — | 29,080 | R.H. Donnelley Corp. * | — | — | 1,579,626 | — | 1,579,626 |
Shares | Description | Value | ||||||||||||||||||||||||||||||||||||||
AXA | AXA | AXA | AXA | |||||||||||||||||||||||||||||||||||||
Enterprise | Enterprise | Pro | GS | Enterprise | Enterprise | Pro | ||||||||||||||||||||||||||||||||||
GS Growth | Equity | Growth | Forma | Growth | Equity | Growth | Forma | |||||||||||||||||||||||||||||||||
& Income | Income | & Income | Combined | & income | Income | & Income | Combined | |||||||||||||||||||||||||||||||||
Fund | Fund | Fund | Adjustments | Fund | Fund | Fund | Fund | Adjustments | Fund | |||||||||||||||||||||||||||||||
$ | 734,290 | $ | — | $ | — | $ | — | $ | 734,290 | Time Warner, Inc. | $ | 12,203,900 | $ | — | $ | — | $ | — | $ | 12,203,900 | ||||||||||||||||||||
— | — | 19,100 | — | 19,100 | Univision Communications Class A | — | — | 660,096 | — | 660,096 | ||||||||||||||||||||||||||||||
26,209,885 | — | 10,452,453 | — | 36,662,338 | ||||||||||||||||||||||||||||||||||||
Medical Products - 1.9% | ||||||||||||||||||||||||||||||||||||||||
428,483 | — | — | — | 428,483 | Baxter International, Inc. | 19,016,076 | — | — | — | 19,016,076 | ||||||||||||||||||||||||||||||
192,200 | — | 44,700 | — | 236,900 | Medtronic, Inc. | 9,014,180 | — | 2,096,430 | — | 11,110,610 | ||||||||||||||||||||||||||||||
28,030,256 | — | 2,096,430 | — | 30,126,686 | ||||||||||||||||||||||||||||||||||||
Mining - 0.4% | ||||||||||||||||||||||||||||||||||||||||
106,577 | — | — | — | 106,577 | Nucor Corp. | 5,208,418 | — | — | — | 5,208,418 | ||||||||||||||||||||||||||||||
— | 6,300 | — | — | 6,300 | Southern Copper Corp. | 581,616 | 581,616 | |||||||||||||||||||||||||||||||||
5,208,418 | 581,616 | — | — | 5,790,034 | ||||||||||||||||||||||||||||||||||||
Motor Vehicle - 0.6% | ||||||||||||||||||||||||||||||||||||||||
144,654 | — | — | — | 144,654 | Autoliv, Inc. | 8,175,844 | — | — | — | 8,175,844 | ||||||||||||||||||||||||||||||
— | 11,500 | — | — | 11,500 | DaimlerChrysler AG | — | 606,970 | — | — | 606,970 | ||||||||||||||||||||||||||||||
8,175,844 | 606,970 | — | — | 8,782,814 | ||||||||||||||||||||||||||||||||||||
Multi Line Retail - 0.1% | ||||||||||||||||||||||||||||||||||||||||
— | — | 33,600 | — | 33,600 | Kohl’s Corp. * | — | — | 2,100,336 | — | 2,100,336 | ||||||||||||||||||||||||||||||
Oil Refining - 1.1% | ||||||||||||||||||||||||||||||||||||||||
189,962 | — | 26,600 | — | 216,562 | EOG Resources, Inc. | 12,313,337 | — | 1,724,212 | — | 14,037,549 | ||||||||||||||||||||||||||||||
— | — | 39,100 | — | 39,100 | Ensco International, Inc. | — | — | 1,747,379 | — | 1,747,379 | ||||||||||||||||||||||||||||||
— | — | 38,100 | — | 38,100 | Global Santa Fe Corp. | — | — | 1,875,282 | — | 1,875,282 | ||||||||||||||||||||||||||||||
12,313,337 | — | 5,346,873 | — | 17,660,210 | ||||||||||||||||||||||||||||||||||||
Oil Services - 1.0% | ||||||||||||||||||||||||||||||||||||||||
108,414 | — | 2,000 | — | 110,414 | Baker Hughes, Inc. | 7,716,909 | — | 142,360 | — | 7,859,269 | ||||||||||||||||||||||||||||||
185,566 | — | — | — | 185,566 | BJ Services Co. | 6,366,769 | — | — | — | 6,366,769 | ||||||||||||||||||||||||||||||
— | — | 38,500 | — | 38,500 | Halliburton Co. | — | — | 1,255,870 | — | 1,255,870 | ||||||||||||||||||||||||||||||
14,083,678 | — | 1,398,230 | — | 15,481,908 | ||||||||||||||||||||||||||||||||||||
Paper & Packaging - 2.6% | ||||||||||||||||||||||||||||||||||||||||
494,150 | — | — | — | 494,150 | International Paper Co. | 17,181,595 | — | — | — | 17,181,595 | ||||||||||||||||||||||||||||||
— | 80,200 | — | — | 80,200 | Louisiana-Pacific Corp. | — | 1,568,712 | — | — | 1,568,712 | ||||||||||||||||||||||||||||||
702,726 | — | — | — | 702,726 | Packaging Corp. of America | 16,261,080 | — | — | — | 16,261,080 | ||||||||||||||||||||||||||||||
172,035 | — | — | — | 172,035 | Plum Creek Timber Co., Inc. | 5,991,979 | — | — | — | 5,991,979 | ||||||||||||||||||||||||||||||
39,434,654 | 1,568,712 | — | — | 41,003,366 | ||||||||||||||||||||||||||||||||||||
Parts & Equipment - 1.4% | ||||||||||||||||||||||||||||||||||||||||
350,933 | — | — | — | 350,933 | United Technologies Corp. | 22,007,008 | — | — | — | 22,007,008 | ||||||||||||||||||||||||||||||
Pharmaceuticals - - 1.1% | ||||||||||||||||||||||||||||||||||||||||
— | — | 41,300 | — | 41,300 | Allergen, Inc. | — | — | 4,731,328 | — | 4,731,328 | ||||||||||||||||||||||||||||||
— | — | 98,700 | — | 98,700 | Bristol-Meyers Squib Co. | — | — | 2,146,725 | — | 2,146,725 | ||||||||||||||||||||||||||||||
— | — | 68,800 | — | 68,800 | Johnson & Johnson | — | — | 4,448,608 | — | 4,448,608 | ||||||||||||||||||||||||||||||
— | — | 130,200 | — | 130,200 | Wyeth | — | — | 6,340,740 | — | 6,340,740 | ||||||||||||||||||||||||||||||
— | — | 17,667,401 | — | 17,667,401 | ||||||||||||||||||||||||||||||||||||
Property Insurance - 3.0% | ||||||||||||||||||||||||||||||||||||||||
158,631 | — | — | — | 158,631 | American International Group, Inc. | 10,123,830 | — | — | — | 10,123,830 | ||||||||||||||||||||||||||||||
198,270 | — | — | — | 198,270 | PartnerRe, Inc. | 12,748,761 | — | — | — | 12,748,761 | ||||||||||||||||||||||||||||||
230,034 | — | — | — | 230,034 | The Allstate Corp. | 13,328,170 | — | — | — | 13,328,170 | ||||||||||||||||||||||||||||||
157,271 | — | — | — | 157,271 | XL Capital | 10,323,269 | — | — | — | 10,323,269 | ||||||||||||||||||||||||||||||
46,524,030 | — | — | — | 46,524,030 | ||||||||||||||||||||||||||||||||||||
Regional’s - - 2.4% | ||||||||||||||||||||||||||||||||||||||||
— | — | 6,600 | — | 6,600 | City National Corp. | — | — | 434,280 | — | 434,280 | ||||||||||||||||||||||||||||||
— | — | 88,300 | — | 88,300 | Fifth Third Bancorp | — | — | 3,473,722 | — | 3,473,722 | ||||||||||||||||||||||||||||||
499,595 | — | — | 499,595 | KeyCorp | 18,380,100 | — | — | — | 18,380,100 | |||||||||||||||||||||||||||||||
— | 29,300 | 38,500 | — | 67,800 | PNC Financial Services | — | 2,074,147 | 2,725,415 | — | 4,799,562 | ||||||||||||||||||||||||||||||
220,438 | — | — | — | 220,438 | Regions Financial Corp. | 7,933,564 | — | — | — | 7,933,564 | ||||||||||||||||||||||||||||||
— | 30,200 | — | — | 30,200 | SunTrust Banks, Inc. | — | 2,307,280 | — | — | 2,307,280 | ||||||||||||||||||||||||||||||
26,313,664 | 4,381,427 | 6,633,417 | — | 37,328,508 | ||||||||||||||||||||||||||||||||||||
Real Estate Management & Development - 0.0% | ||||||||||||||||||||||||||||||||||||||||
— | — | 26,200 | — | 26,200 | Realogy Corp. * | — | — | 560,680 | — | 560,680 | ||||||||||||||||||||||||||||||
REITs - 3.8% | ||||||||||||||||||||||||||||||||||||||||
207,380 | — | — | — | 207,380 | Apartment Investment & Management Co. | 10,626,151 | — | — | — | 10,626,151 | ||||||||||||||||||||||||||||||
461,288 | — | — | — | 461,288 | Capital Source, Inc, (a) | 11,209,298 | — | — | — | 11,209,298 | ||||||||||||||||||||||||||||||
— | 49,700 | — | — | 49,700 | CBL & Associates | — | 2,024,778 | — | — | 2,024,778 | ||||||||||||||||||||||||||||||
169,615 | — | — | — | 169,615 | Developers Diversified Realty Corp. | 9,176,172 | — | — | — | 9,176,172 | ||||||||||||||||||||||||||||||
— | 42,400 | — | — | 42,400 | First Industrial Realty | — | 1,836,768 | — | — | 1,836,768 | ||||||||||||||||||||||||||||||
— | 32,400 | — | — | 32,400 | General Growth Properties, Inc. | — | 1,468,692 | — | — | 1,468,692 | ||||||||||||||||||||||||||||||
— | 15,200 | — | — | 15,200 | Highwood’s Properties, Inc. | — | 573,648 | — | — | 573,648 | ||||||||||||||||||||||||||||||
— | 110,900 | — | — | 110,900 | Host Hotels & Resorts, Inc. | — | 2,499,686 | — | — | 2,499,686 | ||||||||||||||||||||||||||||||
423,295 | — | — | — | 423,295 | iStar Financial, Inc. (a) | 17,744,526 | — | — | — | 17,744,526 | ||||||||||||||||||||||||||||||
22,600 | — | — | 22,600 | Simon Property Group, Inc. | — | 1,916,254 | — | — | 1,916,254 | |||||||||||||||||||||||||||||||
48,756,147 | 10,319,826 | — | — | 59,075,973 | ||||||||||||||||||||||||||||||||||||
Restaurants - - 2.1% | ||||||||||||||||||||||||||||||||||||||||
844,904 | 62,500 | — | — | 907,404 | McDonald’s Corp. | 30,332,054 | 2,243,750 | — | — | 32,575,804 | ||||||||||||||||||||||||||||||
Retail Apparel - 1.7% | ||||||||||||||||||||||||||||||||||||||||
408,367 | — | — | — | 408,367 | J.C. Penny Co., Inc. | 25,743,456 | — | — | — | 25,743,456 | ||||||||||||||||||||||||||||||
Road and Rail - 0.2% | ||||||||||||||||||||||||||||||||||||||||
— | — | 52,000 | — | 52,000 | Burlington Northern Santa Fe | — | — | 3,481,400 | — | 3,481,400 | ||||||||||||||||||||||||||||||
Semiconductors - - 0.8% | ||||||||||||||||||||||||||||||||||||||||
— | — | 60,700 | — | 60,700 | Analog Devices | — | — | 1,859,848 | — | 1,859,848 | ||||||||||||||||||||||||||||||
— | — | 181,800 | — | 181,800 | Intel Corp. | — | — | 3,552,372 | — | 3,552,372 | ||||||||||||||||||||||||||||||
— | 68,600 | — | — | 68,600 | Microchip Technology | — | 2,343,376 | — | — | 2,343,376 | ||||||||||||||||||||||||||||||
— | 310,336 | — | — | 310,336 | Taiwan Semiconductor | — | 2,889,228 | — | — | 2,889,228 | ||||||||||||||||||||||||||||||
58,600 | — | 58,600 | Xilinx, Inc. | — | — | 1,340,182 | — | 1,340,182 | ||||||||||||||||||||||||||||||||
— | 5,232,604 | 6,752,402 | — | 11,985,006 | ||||||||||||||||||||||||||||||||||||
Specialty Financials - 5.7% | ||||||||||||||||||||||||||||||||||||||||
258,176 | — | — | — | 258,176 | Alliance Bernstein Holding LP | 17,220,339 | — | — | — | 17,220,339 | ||||||||||||||||||||||||||||||
302,484 | — | — | — | 302,484 | American Capital Strategies Ltd. (a) | 11,715,205 | — | — | — | 11,715,205 | ||||||||||||||||||||||||||||||
468,072 | — | — | — | 468,072 | Apollo Investment Corp. | 9,347,398 | — | — | — | 9,347,398 | ||||||||||||||||||||||||||||||
319,055 | — | — | — | 319,055 | Countrywide Financial Corp. | 10,784,059 | — | — | — | 10,784,059 | ||||||||||||||||||||||||||||||
— | — | 45,800 | — | 45,800 | Freddie Mac | — | — | 2,912,880 | — | 2,912,880 | ||||||||||||||||||||||||||||||
66,800 | 66,800 | Indy Mac Bancorp, Inc. | — | 2,611,880 | — | — | 2,611,880 |
Shares | Description | Value | ||||||||||||||||||||||||||||||||||||||
AXA | AXA | AXA | AXA | |||||||||||||||||||||||||||||||||||||
Enterprise | Enterprise | Pro | GS | Enterprise | Enterprise | Pro | ||||||||||||||||||||||||||||||||||
GS Growth | Equity | Growth | Forma | Growth | Equity | Growth | Forma | |||||||||||||||||||||||||||||||||
& Income | Income | & Income | Combined | & Income | Income | & Income | Combined | |||||||||||||||||||||||||||||||||
Fund | Fund | Fund | Adjustments | Fund | Fund | Fund | Fund | Adjustments | Fund | |||||||||||||||||||||||||||||||
$ | 775,890 | $ | 42,800 | $ | — | $ | — | $ | 818,690 | Washington Mutual, Inc. | $ | 32,502,032 | $ | 1,792,892 | $ | — | $ | — | $ | 34,294,924 | ||||||||||||||||||||
81,569,033 | 4,404,772 | 2,912,880 | — | 88,886,685 | ||||||||||||||||||||||||||||||||||||
Specialty Stores - 0.3% | ||||||||||||||||||||||||||||||||||||||||
— | 69,200 | — | — | 69,200 | Limited Brands, Inc. | — | 1,780,516 | — | — | 1,780,516 | ||||||||||||||||||||||||||||||
— | 55,900 | — | — | 55,900 | Sherwin Williams | — | 2,886,676 | — | — | 2,886,676 | ||||||||||||||||||||||||||||||
— | 4,667,192 | — | — | 4,667,192 | ||||||||||||||||||||||||||||||||||||
Telecom Equipment - 1.1% | ||||||||||||||||||||||||||||||||||||||||
745,634 | — | — | — | 745,634 | Motorola, Inc. | 17,432,923 | — | — | — | 17,432,923 | ||||||||||||||||||||||||||||||
Tobacco - 1.9% | ||||||||||||||||||||||||||||||||||||||||
317,698 | — | — | — | 317,698 | Altria Group, Inc. | 26,537,314 | — | — | — | 26,537,314 | ||||||||||||||||||||||||||||||
— | 25,100 | — | — | 25,100 | Lowes Corp Carolina Group | — | 1,437,226 | — | — | 1,437,226 | ||||||||||||||||||||||||||||||
— | 23,100 | — | — | 23,100 | Reynolds American | — | 1,503,117 | — | — | 1,503,117 | ||||||||||||||||||||||||||||||
26,537,314 | 2,940,343 | — | — | 29,477,657 | ||||||||||||||||||||||||||||||||||||
Transports - - 1.1% | ||||||||||||||||||||||||||||||||||||||||
— | — | 27,800 | — | 27,800 | FedEx Corp. | — | — | 2,808,634 | — | 2,808,634 | ||||||||||||||||||||||||||||||
— | 19,400 | — | — | 19,400 | Laidlaw International, Inc. | — | 523,800 | — | — | 523,800 | ||||||||||||||||||||||||||||||
113,655 | — | — | — | 113,655 | Union Pacific Corp. | 9,132,179 | — | — | 9,132,179 | |||||||||||||||||||||||||||||||
73,277 | — | — | — | 73,277 | United Parcel Service, Inc. Class B | 5,133,054 | — | — | — | 5,133,054 | ||||||||||||||||||||||||||||||
14,265,233 | 523,800 | 2,808,634 | — | 17,597,667 | ||||||||||||||||||||||||||||||||||||
Utilities - 0.6% | ||||||||||||||||||||||||||||||||||||||||
— | 72,600 | — | — | 72,600 | Duke Energy Corp. | — | 2,178,000 | — | — | 2,178,000 | ||||||||||||||||||||||||||||||
— | 100,150 | — | — | 100,150 | MDU Resources Group, Inc. | — | 2,453,675 | — | — | 2,453,675 | ||||||||||||||||||||||||||||||
— | — | 52,800 | — | 52,800 | NiSource, Inc. | — | — | 1,117,776 | — | 1,117,776 | ||||||||||||||||||||||||||||||
— | — | 42,000 | — | 42,000 | Sempra Energy Corp. | — | — | 2,088,240 | — | 2,088,240 | ||||||||||||||||||||||||||||||
— | 47,700 | — | — | 47,700 | Teco Energy, Inc. | — | 752,229 | — | — | 752,229 | ||||||||||||||||||||||||||||||
— | 5,383,904 | 3,206,016 | — | 8,589,920 | ||||||||||||||||||||||||||||||||||||
Wireless Communications - 0.3% | ||||||||||||||||||||||||||||||||||||||||
— | 45,200 | 226,983 | — | 272,183 | Sprint Nextel Corp. | — | 764,784 | 3,840,552 | — | 4,605,336 | ||||||||||||||||||||||||||||||
(Cost $991,906,962, $158,447,610, $158,745,383 $0 and $1,309,099,955 respectively) | $ | 1,145,069,241 | $ | 180,356,967 | $ | 185,111,248 | $ | — | $ | 1,510,537,456 | ||||||||||||||||||||||||||||||
Principal Amount | Interest Rate Maturity Date | Value | ||||||||||||||||||||||||||||||||||||||
| | | ||||||||||||||||||||||||||||||||||||||
Time Deposits - 0.6% | ||||||||||||||||||||||||||||||||||||||||
6,105,699 | 3,068,117 | 6,105,699 | JP Morgan Chase Nassau | — | 6,105,699 | 3,068,117 | — | 9,173,816 | ||||||||||||||||||||||||||||||||
TOTAL Time Deposits (Cost $0, $6,105,699, $3,068,117, $0 and $9,173,816 respectively) | $ | — | $ | 6,105,699 | $ | 3,068,117 | $ | — | $ | 9,173,816 | ||||||||||||||||||||||||||||||
Repurchase Agreement (b) - 1.6% | ||||||||||||||||||||||||||||||||||||||||
Joint Repurchase Agreement Account II 5.28% 09/01/2006 Maturity Value $25,403,726 | ||||||||||||||||||||||||||||||||||||||||
25,400,000 | — | — | — | 25,400,000 | (Cost $25,400,000, $0, $0, $0 and $25,400,000 respectively) | $ | 25,400,000 | $ | — | $ | — | $ | — | $ | 25,400,000 | |||||||||||||||||||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL (Cost $1,017,306,962, $164,553,309, $161,813,500, $0 and $1,343,673,771 respectively) | $ | 1,170,469,241 | $ | 186,462,666 | $ | 188,179,365 | $ | — | $ | 1,545,111,272 | ||||||||||||||||||||||||||||||
Shares/Principal | Description | Value | ||||||||||||||||||||||||||||||||||||||
| | | ||||||||||||||||||||||||||||||||||||||
Securities Lending Collateral - 4.8% | ||||||||||||||||||||||||||||||||||||||||
— | 20,489,681 | 3,445,986 | — | 23,935,667 | Banc of America Securities LLC | — | 20,489,681 | 3,445,986 | 23,935,667 | |||||||||||||||||||||||||||||||
51,167,925 | — | — | — | 51,167,925 | Boston Global Investment Trust — Enhanced Portfolio | 51,167,925 | — | 51,167,925 | ||||||||||||||||||||||||||||||||
TOTAL SECURITIES LENDING COLLATERAL (Cost $51,167,925, $20,489,681, $3,445,986, $0 and $75,103,592 respectively) | $ | 51,167,925 | $ | 20,489,681 | $ | 3,445,986 | $ | — | $ | 75,103,592 | ||||||||||||||||||||||||||||||
(Cost $1,068,474,887, $185,042,990, $165,259,486, $0 and $1,364,841,696 respectively) 104.6% | $ | 1,221,637,166 | $ | 206,952,347 | $ | 191,625,351 | $ | — | $ | 1,620,214,864 | ||||||||||||||||||||||||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES/(LIABILITIES IN EXCESS OF OTHER ASSETS) -4.6% | (48,557,968 | ) | (19,909,573 | ) | (3,453,916 | ) | — | (71,921,457 | ) | |||||||||||||||||||||||||||||||
NET ASSETS - - 100.0% | $ | 1,173,079,198 | $ | 187,042,774 | $ | 188,171,435 | $ | — | $ | 1,548,293,407 | ||||||||||||||||||||||||||||||
REIT Real Estate Investment Trust
For the Goldman Sachs Growth and Income Fund and the AXA Enterprise Equity Income Fund and the AXA Enterprise Growth and Income Fund
August 31, 2006 (Unaudited)
Goldman Sachs | AXA Enterprise | AXA Enterprise | ||||||||||||||||||||||
Growth and | Equity Income | Growth and | Pro Forma | |||||||||||||||||||||
Income Fund | Fund | Income Fund | Adjustments | Combined Fund | ||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Investments in securities, at value (identified cost $1,017,306,962, $158,447,610, $158,745,383, $0 and $1,334,499,955, respectively) — (including $49,911,437 $20,212,656,$3,388,652, $0 and $73,512,745 of securities on loan, respectively) | $ | 1,170,469,241 | $ | 180,356,967 | 185,111,248 | $ | 1,535,937,456 | |||||||||||||||||
Investments in short term securities, at value (cost $0, $6,105,699, $3,068,117, $0 and $9,173,816, respectively) | — | 6,105,699 | 3,068,117 | — | 9,173,816 | |||||||||||||||||||
Securities Lending collateral, at value (cost $51,167,925, $20,481,681 $3,445,986, $0 and $75,103,592, respectively) | 51,167,925 | 20,489,681 | 3,445,986 | — | 75,103,592 | |||||||||||||||||||
Cash | 31,940 | 670,441 | — | — | 702,381 | |||||||||||||||||||
Receivables: | ||||||||||||||||||||||||
Investment securities sold, at value | — | 222,946 | 277,728 | — | 500,674 | |||||||||||||||||||
Fund shares sold | 2,999,444 | 52,486 | 3,786 | — | 3,055,716 | |||||||||||||||||||
Dividends and interest, at value | 3,307,462 | 570,488 | 333,542 | — | 4,211,492 | |||||||||||||||||||
Foreign tax reclaims, at value | 29,188 | — | — | — | 29,188 | |||||||||||||||||||
Securities lending income | 3,230 | — | — | — | 3,230 | |||||||||||||||||||
Other assets | 6,432 | 59,267 | 97,046 | — | 162,745 | |||||||||||||||||||
Total assets | 1,228,014,862 | 208,527,975 | 192,337,453 | — | 1,628,880,290 | |||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Payables: | ||||||||||||||||||||||||
Investment securities purchased | 526,484 | 124,356.00 | — | 650,840 | ||||||||||||||||||||
Payable upon return of securities loaned | 51,167,925 | 20,489,681 | 3,445,986 | — | 75,103,592 | |||||||||||||||||||
Fund shares repurchased | 2,397,428 | 185,726 | 35,242 | — | 2,618,396 | |||||||||||||||||||
Amounts owed to affiliates | 1,162,667 | — | — | — | 1,162,667 | |||||||||||||||||||
Bank overdraft | — | — | 207,888 | — | 207,888 | |||||||||||||||||||
Accrued expenses | 213,644 | 283,310 | 352,546 | — | 849,500 | |||||||||||||||||||
Total liabilities | 54,941,664 | 21,485,201 | 4,166,018 | — | 80,592,883 | |||||||||||||||||||
Net Assets: | ||||||||||||||||||||||||
Paid-in capital | 968,380,655 | 151,584,145 | 171,121,556 | — | 1,291,086,356 | |||||||||||||||||||
Accumulated undistributed net investment income (loss) | 4,244,248 | 1,838,496 | 178,212 | — | 6,260,956 | |||||||||||||||||||
Accumulated net realized gain (loss) on investments | 47,292,016 | 11,710,776 | (9,494,198 | ) | — | 49,508,594 | ||||||||||||||||||
Net unrealized gain on investments | 153,162,279 | 21,909,357 | 26,365,865 | — | 201,437,501 | |||||||||||||||||||
Net Assets | $ | 1,173,079,198 | $ | 187,042,774 | $ | 188,171,435 | $ | — | $ | 1,548,293,407 | ||||||||||||||
Net Assets: | ||||||||||||||||||||||||
Class A | $ | 1,061,063,489 | $ | 113,844,920 | $ | 86,574,642 | $ | — | $ | 1,261,483,051 | ||||||||||||||
Class B | 64,578,777 | 43,750,594 | 59,295,365 | — | 167,624,736 | |||||||||||||||||||
Class C | 18,834,065 | 15,333,901 | 16,913,944 | — | 51,081,910 | |||||||||||||||||||
Institutional/Class Y | 27,590,090 | 14,113,359 | 25,387,484 | — | 67,090,933 | |||||||||||||||||||
Service/Class P | 1,012,777 | — | — | — | 1,012,777 | |||||||||||||||||||
Shares Outstanding: | ||||||||||||||||||||||||
Class A | 37,292,325 | 4,139,906 | 2,243,296 | 660,779 | (b) | $ | 44,336,306 | |||||||||||||||||
Class B | 2,332,108 | 1,626,978 | 1,598,226 | 496,054 | (b) | 6,053,366 | ||||||||||||||||||
Class C | 682,503 | 565,792 | 455,391 | 147,404 | (b) | 1,851,090 | ||||||||||||||||||
Institutional/Class Y | 957,798 | 511,832 | 637,445 | 222,006 | (b) | 2,329,081 | ||||||||||||||||||
Service/Class P | 35,602 | — | — | — | 35,602 | |||||||||||||||||||
Total shares outstanding, $0.001 par value (unlimited number of shares authorized) | 41,300,336 | 6,844,508 | 4,934,358 | 1,526,243 | (b) | 54,605,445 | ||||||||||||||||||
Net assets value, offering and redemption price per share:(c) | ||||||||||||||||||||||||
Class A | $ | 28.45 | 27.50 | 38.59 | $ | — | $ | 28.45 | ||||||||||||||||
Class B | 27.69 | 26.89 | 37.10 | — | 27.69 | |||||||||||||||||||
Class C | 27.60 | 27.10 | 37.14 | — | 27.60 | |||||||||||||||||||
Institutional/Class Y | 28.81 | 27.57 | 39.83 | — | 28.81 | |||||||||||||||||||
Service/Class P | 28.45 | — | — | — | 28.45 | |||||||||||||||||||
(b) | Adjustment to reflect reduction of shares based on Structured U.S. Equity Fund’s NAV. | |
(c) | Maximum public offering price per share for Class A Shares is $30.11, $28.87, $40.51 ,0 and $30.11, respectively. At redemption, Class B and Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current NAV or the original purchase price of the shares. | |
(d) | Adjustment to reflect proceeds on investments that do not meet Core Fixed Income Fund’s investment criteria and are assumed to be sold at 8/31/06. |
For the Goldman Sachs Growth and Income Fund and the AXA Enterprise Equity Income Fund and the AXA Enterprise Growth and Income Fund
August 31, 2006 (Unaudited)
Goldman Sachs | AXA Enterprise | AXA Enterprise | |||||||||||||||||||
Growth and | Equity Income | Growth and | Pro Forma | ||||||||||||||||||
Income Fund | Fund | Income Fund | Adjustments | Combined Fund | |||||||||||||||||
Investment Income: | |||||||||||||||||||||
Dividends (Net of foreign withholding tax of $62,579, $19,213, $0 and $62,579, respectively) | $ | 30,652,567 | $ | 5,090,826 | $ | 3,260,868 | $ | — | $ | 39,004,261 | |||||||||||
Interest (including securities lending income of $33,738, $6,702 $0, and $40,440, respectively) | 926,162 | 379,084 | 110,025 | — | 1,415,271 | ||||||||||||||||
Total income | 31,578,729 | 5,469,910 | 3,370,893 | — | 40,419,532 | ||||||||||||||||
Expenses: | |||||||||||||||||||||
Management fees | 7,560,961 | 1,384,184 | 1,405,556 | (284,601) | (a) | 10,066,100 | |||||||||||||||
Administrative fees | — | 110,068 | 112,211 | (222,279) | (b) | — | |||||||||||||||
Distribution and service fees | 3,359,686 | 1,161,512 | 1,231,202 | (391,438) | (b) | 5,360,963 | |||||||||||||||
Transfer agent fees | 2,036,490 | 537,070 | 788,157 | (651,846) | (b) | 2,709,871 | |||||||||||||||
Custody and accounting fees | 196,752 | 10,321 | 3,697 | 27,536 | (b) | 238,306 | |||||||||||||||
Printing fees | 86,201 | 63,652 | 62,930 | (111,410) | (b) | 101,373 | |||||||||||||||
Registration fees | 94,057 | 85,470 | 86,207 | (155,123) | (b) | 110,611 | |||||||||||||||
Audit fees | 22,199 | 28,635 | 28,511 | (56,365) | (b) | 22,980 | |||||||||||||||
Legal fees | 18,961 | 30,499 | 30,821 | (59,985) | (b) | 20,296 | |||||||||||||||
Trustee fees | 15,230 | 51,337 | 52,692 | (104,029) | (b) | 15,230 | |||||||||||||||
Service share fees | 4,680 | — | — | — | (b) | 4,680 | |||||||||||||||
Other | 154,056 | 89,151 | 84,086 | (132,566) | (b) | 194,727 | |||||||||||||||
Total expenses | 13,549,272 | 3,551,899 | 3,886,070 | (2,142,106) | 18,845,136 | ||||||||||||||||
Less — expense reductions | (60,846) | (412,178) | (647,103) | 1,010,624 | (c) | (109,504) | |||||||||||||||
Net Expenses | 13,488,426 | 3,139,721 | 3,238,967 | (1,131,482) | 18,735,632 | ||||||||||||||||
Net Investment Income (loss) | 18,090,303 | 2,330,189 | 131,926 | 1,131,482 | 21,683,900 | ||||||||||||||||
Realized and unrealized gain (loss) on investment and futures transactions: | |||||||||||||||||||||
Net realized gain (loss) from: | |||||||||||||||||||||
Investment transactions (including commissions recapture of $126,460, $15,418, $14,687, $36,712 and $193,277, respectively | 75,962,963 | 11,466,558 | 15,079,830 | 669,128 | 103,178,479 | ||||||||||||||||
Net change in unrealized gain (loss) on: | |||||||||||||||||||||
Investments | 41,654,688 | (203,672) | (2,704,164) | — | 38,746,852 | ||||||||||||||||
Net realized and unrealized gain on investment and futures transactions | 117,617,651 | 11,262,886 | 12,375,666 | 669,128 | 141,925,331 | ||||||||||||||||
Net Increase in Net Assets Resulting from Operations | $ | 135,707,954 | $ | 13,593,075 | $ | 12,507,592 | $ | 1,800,610 | $ | 163,609,231 | |||||||||||
(a) | Adjustment to reduce management fee based on Structured U.S. Equity Fund rates. | |
(b) | Adjustments to reflect the anticipated adjustment as a result of consolidation of transfer agent, printing, custody and accounting and other services. | |
(c) | Adjustment to reflect increase in expense reduction based on Structured U.S. Equity Fund current expense cap and waivers. |
For the Twelve Months Ended August 31, 2006 (Unaudited)
Class A | Class B | Class C | Institutional | |||||||||||||
Shares Issued | 7,043,981 | 3,721,258 | 1,168,587 | 1,371,283 | ||||||||||||
Net Assets 08/31/2006 | $ | 200,419,562 | $ | 103,045,959 | $ | 32,247,845 | $ | 39,500,843 | ||||||||
Pro Forma Net Asset Value 08/31/2006 | $ | 28.45 | $ | 27.69 | $ | 27.60 | $ | 28.81 |
Capital Loss Carryforward* | The Portfolios | Growth and Income Fund | ||||||
Expiring 2010 | $ | — | $ | 1,571 | ||||
Expiring 2011 | 21,768 | — | ||||||
Total | $ | 21,768 | $ | 1,571 | ||||
* | Expiration occurs on August 31 of the year indicated. As a consequence of the reorganization, utilization of these losses may be limited under the Internal Revenue Code. |
2
Average Daily Net Assets | | Annual Rate | ||
First $1 Billion | 0.70 | % | ||
Next $1 Billion | 0.63 | % | ||
Over $2 Billion | 0.60 | % | ||
3
4
| | | | | | | | | | | | | | | Description | | | | | Value | | | | | | | | | ||||||||
AXA Enterprise | AXA Enterprise | Pro Forma | ||||||||||||||||||||||||||||||||||
GS Growth & | Growth & Income | Pro Forma | GS Growth & | Growth & Income | Combined | |||||||||||||||||||||||||||||||
Income Fund | | Fund | | Adjustments | | Combined Fund | | Income Fund | | Fund | | Adjustments | | Fund | ||||||||||||||||||||||
Common Stocks - 97.7% | ||||||||||||||||||||||||||||||||||||
Auto Components - 0.4% | ||||||||||||||||||||||||||||||||||||
$ | — | $ | 26,000 | $ | — | $ | 26,000 | Borg-Warner, Inc. | $ | — | $ | 1,474,460 | $ | — | $ | 1,474,460 | ||||||||||||||||||||
— | 50,300 | — | 50,300 | Johnson Controls, Inc. | — | 3,618,079 | — | 3,618,079 | ||||||||||||||||||||||||||||
— | 5,092,539 | — | 5,092,539 | |||||||||||||||||||||||||||||||||
Automobiles - 0.1% | ||||||||||||||||||||||||||||||||||||
— | 32,000 | — | 32,000 | Harley Davidson Co. | — | 1,872,320 | — | 1,872,320 | ||||||||||||||||||||||||||||
Biotechnology - 0.7% | ||||||||||||||||||||||||||||||||||||
72,999 | — | — | 72,999 | Amgen, Inc. * | 4,958,822 | — | — | 4,958,822 | ||||||||||||||||||||||||||||
— | 17,900 | — | 17,900 | Cephalon Inc. | — | 1,020,658 | — | 1,020,658 | ||||||||||||||||||||||||||||
— | 46,700 | — | 46,700 | Genzyme Corp. | — | 3,092,941 | — | 3,092,941 | ||||||||||||||||||||||||||||
— | 67,400 | — | 67,400 | Millennium Pharmaceutical | — | 731,964 | — | 731,964 | ||||||||||||||||||||||||||||
4,958,822 | 4,845,563 | — | 9,804,385 | |||||||||||||||||||||||||||||||||
Brokers - 3.2% | ||||||||||||||||||||||||||||||||||||
306,978 | — | — | 306,978 | Lehman Brothers Holdings, Inc. | 19,588,266 | — | — | 19,588,266 | ||||||||||||||||||||||||||||
72,595 | — | — | 72,595 | Merrill Lynch & Co., Inc. | 5,337,910 | — | — | 5,337,910 | ||||||||||||||||||||||||||||
182,920 | 104,500 | — | 287,420 | Morgan Stanley | 12,034,307 | 6,875,055 | — | 18,909,362 | ||||||||||||||||||||||||||||
36,960,483 | 6,875,055 | — | 43,835,538 | |||||||||||||||||||||||||||||||||
Building Products - 0.3% | ||||||||||||||||||||||||||||||||||||
— | 143,200 | — | 143,200 | Masco Corp. | — | 3,925,112 | — | 3,925,112 | ||||||||||||||||||||||||||||
Computers Hardware - 2.4% | ||||||||||||||||||||||||||||||||||||
1,119,992 | — | — | 1,119,992 | Cisco Systems, Inc. * | 24,628,624 | — | — | 24,628,624 | ||||||||||||||||||||||||||||
— | 86,100 | — | 86,100 | Dell, Inc. | — | 1,941,555 | — | 1,941,555 | ||||||||||||||||||||||||||||
179,853 | — | — | 179,853 | Hewlett-Packard Co. | 6,575,426 | — | — | 6,575,426 | ||||||||||||||||||||||||||||
31,204,050 | 1,941,555 | — | 33,145,605 | |||||||||||||||||||||||||||||||||
Computer Software - 1.8% | ||||||||||||||||||||||||||||||||||||
774,548 | — | — | 774,548 | Activision, Inc. * | 9,991,669 | — | — | 9,991,669 | ||||||||||||||||||||||||||||
— | 280,500 | — | 280,500 | Microsoft Corp. | — | 7,206,045 | — | 7,206,045 | ||||||||||||||||||||||||||||
— | 176,200 | — | 176,200 | Oracle Corp. | — | 2,757,530 | — | 2,757,530 | ||||||||||||||||||||||||||||
— | 35,600 | — | 35,600 | Salesforce.com, Inc. | — | 1,227,488 | — | 1,227,488 | ||||||||||||||||||||||||||||
— | 144,296 | — | 144,296 | Symantec Corp. | — | 2,689,677 | — | 2,689,677 | ||||||||||||||||||||||||||||
9,991,669 | 13,880,740 | — | 23,872,409 | |||||||||||||||||||||||||||||||||
Defense/Aerospace - 1.3% | ||||||||||||||||||||||||||||||||||||
198,365 | — | — | 198,365 | General Dynamics Corp. | 13,399,556 | — | — | 13,399,556 | ||||||||||||||||||||||||||||
— | 25,800 | — | 25,800 | Northrop Grumman Corp. | — | 1,723,698 | — | 1,723,698 | ||||||||||||||||||||||||||||
33,235 | — | — | 33,235 | The Boeing Co. | 2,489,301 | — | — | 2,489,301 | ||||||||||||||||||||||||||||
15,888,857 | 1,723,698 | — | 17,612,555 | |||||||||||||||||||||||||||||||||
Diversified Communications - 3.3% | ||||||||||||||||||||||||||||||||||||
— | 88,000 | — | 88,000 | AT&T, Inc. | — | 2,739,440 | — | 2,739,440 | ||||||||||||||||||||||||||||
— | 11,304 | — | 11,304 | Embarq Corp. | — | 532,984 | — | 532,984 | ||||||||||||||||||||||||||||
1,186,316 | — | — | 1,186,316 | Verizon Communications Group, Inc. | 41,734,597 | — | — | 41,734,597 | ||||||||||||||||||||||||||||
41,734,597 | 3,272,424 | — | 45,007,021 | |||||||||||||||||||||||||||||||||
Diversified Consumer Services - 0.1% | ||||||||||||||||||||||||||||||||||||
— | 42,000 | — | 42,000 | H&R Block, Inc. | — | 883,260 | — | 883,260 | ||||||||||||||||||||||||||||
Diversified Energy - 1.6% | ||||||||||||||||||||||||||||||||||||
891,546 | — | — | 891,546 | The Williams Companies, Inc. | 21,958,778 | — | — | 21,958,778 | ||||||||||||||||||||||||||||
Drugs - 3.8% | ||||||||||||||||||||||||||||||||||||
1,880,163 | — | — | 1,880,163 | Pfizer, Inc. | 51,817,292 | — | — | 51,817,292 | ||||||||||||||||||||||||||||
Electric Utilities - 7.0% | ||||||||||||||||||||||||||||||||||||
— | 44,200 | — | 44,200 | American Electric Power | — | 1,612,416 | — | 1,612,416 | ||||||||||||||||||||||||||||
70,578 | — | 70,578 | Edison International | 3,080,024 | — | — | 3,080,024 | |||||||||||||||||||||||||||||
484,559 | — | — | 484,559 | Entergy Corp. | 37,626,006 | — | — | 37,626,006 | ||||||||||||||||||||||||||||
365,475 | 89,700 | — | 455,175 | Exelon Corp. | 22,286,666 | 5,469,906 | — | 27,756,572 | ||||||||||||||||||||||||||||
133,437 | — | — | 133,437 | FirstEnergy Corp. | 7,613,915 | — | — | 7,613,915 | ||||||||||||||||||||||||||||
70,060 | — | — | 70,060 | FPL Group, Inc. | 3,114,167 | — | — | 3,114,167 | ||||||||||||||||||||||||||||
— | 23,000 | — | 23,000 | Northeast Utilities | — | 524,630 | — | 524,630 | ||||||||||||||||||||||||||||
— | 34,600 | — | 34,600 | Pepco Holding, Inc. | — | 878,494 | — | 878,494 | ||||||||||||||||||||||||||||
367,631 | — | — | 367,631 | PPL Corp. | 12,856,056 | — | — | 12,856,056 | ||||||||||||||||||||||||||||
86,576,834 | 8,485,446 | — | 95,062,280 | |||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | Description | | | | Value | | ||||||||||||||||
AXA Enterprise | AXA Enterprise | Pro Forma | ||||||||||||||||||||||||||||||||||
GS Growth & | Growth & Income | Pro Forma | GS Growth & | Growth & Income | Combined | |||||||||||||||||||||||||||||||
Income Fund | | Fund | | Adjustments | | Combined Fund | | | | | Income Fund | | Fund | | Adjustments | | Fund | |||||||||||||||||||
Energy Resources - 7.2% | ||||||||||||||||||||||||||||||||||||
$ | 536,248 | $ | — | $ | — | $ | 536,248 | ConocoPhillips | $ | 34,014,211 | $ | — | $ | — | $ | 34,014,211 | ||||||||||||||||||||
894,742 | 29,100 | — | 923,842 | Exxon Mobil Corp. | 60,547,191 | 1,969,197 | — | 62,516,388 | ||||||||||||||||||||||||||||
— | 22,000 | — | 22,000 | Marathon Oil Corp. | — | 1,837,000 | — | 1,837,000 | ||||||||||||||||||||||||||||
94,561,402 | 3,806,197 | — | 98,367,599 | |||||||||||||||||||||||||||||||||
Energy-Master Limited Partnerships - 3.7% | ||||||||||||||||||||||||||||||||||||
277,020 | — | — | 277,020 | Energy Transfer Partners LP | 13,205,543 | — | — | 13,205,543 | ||||||||||||||||||||||||||||
638,360 | — | — | 638,360 | Enterprise Products Partners LP | 17,088,897 | — | — | 17,088,897 | ||||||||||||||||||||||||||||
319,337 | — | — | 319,337 | Magellan Midstream Partners LP | 11,767,569 | — | — | 11,767,569 | ||||||||||||||||||||||||||||
228,781 | — | — | 228,781 | Williams Partners LP | 8,197,223 | — | — | 8,197,223 | ||||||||||||||||||||||||||||
50,259,232 | — | — | 50,259,232 | |||||||||||||||||||||||||||||||||
Environmental & Other Services - 1.0% | ||||||||||||||||||||||||||||||||||||
381,587 | — | — | 381,587 | Waste Management, Inc. | 13,081,145 | — | — | 13,081,145 | ||||||||||||||||||||||||||||
Financial Technology - 0.7% | ||||||||||||||||||||||||||||||||||||
209,283 | — | — | 209,283 | First Data Corp. | 8,992,891 | — | — | 8,992,891 | ||||||||||||||||||||||||||||
Food & Beverage - 0.9% | ||||||||||||||||||||||||||||||||||||
— | 31,000 | — | 31,000 | Anheuser-Busch Co. | — | 1,530,780 | — | 1,530,780 | ||||||||||||||||||||||||||||
471,985 | — | — | 471,985 | Unilever NV | 11,252,122 | — | — | 11,252,122 | ||||||||||||||||||||||||||||
11,252,122 | 1,530,780 | — | 12,782,902 | |||||||||||||||||||||||||||||||||
Food & Staples Retail - 0.5% | ||||||||||||||||||||||||||||||||||||
— | 54,900 | — | 54,900 | Costco Wholesale Corp. | — | 2,568,771 | — | 2,568,771 | ||||||||||||||||||||||||||||
— | 95,100 | — | 95,100 | Kroger Co. | — | 2,264,331 | — | 2,264,331 | ||||||||||||||||||||||||||||
— | 58,000 | — | 58,000 | Sysco Corp. | — | 1,820,620 | — | 1,820,620 | ||||||||||||||||||||||||||||
— | 6,653,722 | — | 6,653,722 | |||||||||||||||||||||||||||||||||
Health Care Provider & Services - 0.7% | ||||||||||||||||||||||||||||||||||||
— | 33,900 | 33,900 | Caremark RX, Inc. | — | 1,964,166 | — | 1,964,166 | |||||||||||||||||||||||||||||
— | 42,600 | — | 42,600 | Medco Health Solutions, Inc. | — | 2,699,562 | — | 2,699,562 | ||||||||||||||||||||||||||||
— | 90,900 | — | 90,900 | UnitedHealth Group, inc. | — | 4,722,255 | — | 4,722,255 | ||||||||||||||||||||||||||||
— | 9,385,983 | — | 9,385,983 | |||||||||||||||||||||||||||||||||
Home Products - 1.7% | ||||||||||||||||||||||||||||||||||||
680,534 | — | — | 680,534 | Newell Rubbermaid, Inc. | 18,367,613 | — | — | 18,367,613 | ||||||||||||||||||||||||||||
77,300 | — | — | 77,300 | The Clorox Co. | 4,623,313 | — | — | 4,623,313 | ||||||||||||||||||||||||||||
22,990,926 | — | — | 22,990,926 | |||||||||||||||||||||||||||||||||
Hotels & Leisure - 0.3% | ||||||||||||||||||||||||||||||||||||
— | 72,300 | — | 72,300 | Carnival Corp. | — | 3,029,370 | — | 3,029,370 | ||||||||||||||||||||||||||||
— | 15,580 | — | 15,580 | Wyndham Worldwide Corp. | — | 455,871 | — | 455,871 | ||||||||||||||||||||||||||||
— | 3,485,241 | — | 3,485,241 | |||||||||||||||||||||||||||||||||
Internet Retail - 0.0% | ||||||||||||||||||||||||||||||||||||
— | 400 | — | 400 | Expedia, Inc. * | — | 6,528 | — | 6,528 | ||||||||||||||||||||||||||||
Insurance - 0.6% | ||||||||||||||||||||||||||||||||||||
— | 34,700 | — | 34,700 | Allstate Corp. | — | 2,010,518 | — | 2,010,518 | ||||||||||||||||||||||||||||
— | 70,000 | — | 70,000 | American International Group | — | 4,467,400 | — | 4,467,400 | ||||||||||||||||||||||||||||
— | 23,900 | — | 23,900 | Hartford Financial Services Group | — | 2,052,054 | — | 2,052,054 | ||||||||||||||||||||||||||||
— | 8,529,972 | — | 8,529,972 | |||||||||||||||||||||||||||||||||
IT Services - 0.1% | ||||||||||||||||||||||||||||||||||||
— | 50,600 | — | 50,600 | Accenture Ltd. Class A | — | 1,500,796 | — | 1,500,796 | ||||||||||||||||||||||||||||
Large Banks - 14.2% | ||||||||||||||||||||||||||||||||||||
1,094,172 | — | — | 1,094,172 | Bank of America Corp. | 56,317,033 | — | — | 56,317,033 | ||||||||||||||||||||||||||||
647,391 | 174,000 | — | 821,391 | Citigroup, Inc. | 31,948,746 | 8,586,900 | — | 40,535,646 | ||||||||||||||||||||||||||||
1,131,705 | 84,600 | — | 1,216,305 | J.P. Morgan Chase & Co. | 51,673,650 | 3,862,836 | — | 55,536,486 | ||||||||||||||||||||||||||||
— | 110,900 | — | 110,900 | Mellon Financial Co. | — | 4,128,807 | — | 4,128,807 | ||||||||||||||||||||||||||||
862,267 | 180,100 | — | 1,042,367 | Wells Fargo & Co. | 29,963,778 | 6,258,475 | — | 36,222,253 | ||||||||||||||||||||||||||||
169,903,207 | 22,837,018 | — | 192,740,225 | |||||||||||||||||||||||||||||||||
Life Sciences Tools & Services - 0.1% | ||||||||||||||||||||||||||||||||||||
— | 39,500 | — | 39,500 | Waters Corp. | — | 1,684,675 | — | 1,684,675 | ||||||||||||||||||||||||||||
Machinery - 0.3% | ||||||||||||||||||||||||||||||||||||
— | 82,800 | — | 82,800 | Illinois Tool Work, Inc. | — | 3,634,920 | — | 3,634,920 | ||||||||||||||||||||||||||||
Media - 2.7% | ||||||||||||||||||||||||||||||||||||
400,171 | — | — | 400,171 | Comcast Corp. * | 14,005,985 | — | — | 14,005,985 | ||||||||||||||||||||||||||||
— | 143,000 | — | 143,000 | DirecTV Group, Inc. * | — | 2,686,970 | — | 2,686,970 | ||||||||||||||||||||||||||||
— | 76,300 | — | 76,300 | News Corp Class A | — | 1,451,989 | — | 1,451,989 | ||||||||||||||||||||||||||||
— | 46,600 | — | 46,600 | Omnicom Group, Inc. | — | 4,073,772 | — | 4,073,772 | ||||||||||||||||||||||||||||
— | 29,080 | — | 29,080 | R.H. Donnelley Corp. * | — | 1,579,626 | — | 1,579,626 | ||||||||||||||||||||||||||||
734,290 | — | — | 734,290 | Time Warner, Inc. | 12,203,900 | — | — | 12,203,900 | ||||||||||||||||||||||||||||
— | 19,100 | — | 19,100 | Univision Communications Class A | — | 660,096 | — | 660,096 | ||||||||||||||||||||||||||||
26,209,885 | 10,452,453 | — | 36,662,338 | |||||||||||||||||||||||||||||||||
Description | Value | |||||||||||||||||||||||||||||||||||||||
AXA Enterprise | AXA Enterprise | Pro Forma | ||||||||||||||||||||||||||||||||||||||
GS Growth & | Growth & Income | Pro Forma | GS Growth & | Growth & Income | Combined | |||||||||||||||||||||||||||||||||||
Income Fund | Fund | Adjustments | Combined Fund | Income Fund | Fund | Adjustments | Fund | |||||||||||||||||||||||||||||||||
Medical Products - 2.2% | ||||||||||||||||||||||||||||||||||||||||
$ | 428,483 | $ | — | $ | — | $ | 428,483 | Baxter International, Inc. | $ | 19,016,076 | $ | — | $ | — | $ | 19,016,076 | ||||||||||||||||||||||||
192,200 | 44,700 | — | 236,900 | Medtronic, Inc. | 9,014,180 | 2,096,430 | — | 11,110,610 | ||||||||||||||||||||||||||||||||
28,030,256 | 2,096,430 | — | 30,126,686 | |||||||||||||||||||||||||||||||||||||
Mining - 0.4% | ||||||||||||||||||||||||||||||||||||||||
106,577 | — | — | 106,577 | Nucor Corp. | 5,208,418 | — | — | 5,208,418 | ||||||||||||||||||||||||||||||||
Motor Vehicle - 0.6% | ||||||||||||||||||||||||||||||||||||||||
144,654 | — | — | 144,654 | Autoliv, Inc. | 8,175,844 | — | — | 8,175,844 | ||||||||||||||||||||||||||||||||
Multi Line Retail - 0.2% | ||||||||||||||||||||||||||||||||||||||||
— | 33,600 | — | 33,600 | Kohl’s Corp. * | — | 2,100,336 | — | 2,100,336 | ||||||||||||||||||||||||||||||||
Oil Refining - 1.3% | ||||||||||||||||||||||||||||||||||||||||
189,962 | 26,600 | — | 216,562 | EOG Resources, Inc. | 12,313,337 | 1,724,212 | — | 14,037,549 | ||||||||||||||||||||||||||||||||
— | 39,100 | — | 39,100 | Ensco International, Inc. | — | 1,747,379 | — | 1,747,379 | ||||||||||||||||||||||||||||||||
— | 38,100 | — | 38,100 | Global Santa Fe Corp. | — | 1,875,282 | — | 1,875,282 | ||||||||||||||||||||||||||||||||
12,313,337 | 5,346,873 | — | 17,660,210 | |||||||||||||||||||||||||||||||||||||
Oil Services - 1.1% | ||||||||||||||||||||||||||||||||||||||||
108,414 | 2,000 | — | 110,414 | Baker Hughes, Inc. | 7,716,909 | 142,360 | — | 7,859,269 | ||||||||||||||||||||||||||||||||
185,566 | — | — | 185,566 | BJ Services Co. | 6,366,769 | — | — | 6,366,769 | ||||||||||||||||||||||||||||||||
— | 38,500 | — | 38,500 | Halliburton Co. | — | 1,255,870 | — | 1,255,870 | ||||||||||||||||||||||||||||||||
14,083,678 | 1,398,230 | — | 15,481,908 | |||||||||||||||||||||||||||||||||||||
Paper & Packaging - 2.9% | ||||||||||||||||||||||||||||||||||||||||
494,150 | — | — | 494,150 | International Paper Co. | 17,181,595 | — | — | 17,181,595 | ||||||||||||||||||||||||||||||||
702,726 | — | — | 702,726 | Packaging Corp. of America | 16,261,080 | — | — | 16,261,080 | ||||||||||||||||||||||||||||||||
172,035 | — | — | 172,035 | Plum Creek Timber Co., Inc. | 5,991,979 | — | — | 5,991,979 | ||||||||||||||||||||||||||||||||
39,434,654 | — | — | 39,434,654 | |||||||||||||||||||||||||||||||||||||
Parts & Equipment - 1.6% | ||||||||||||||||||||||||||||||||||||||||
350,933 | — | — | 350,933 | United Technologies Corp. | 22,007,008 | — | — | 22,007,008 | ||||||||||||||||||||||||||||||||
Pharmaceuticals - 1.3% | ||||||||||||||||||||||||||||||||||||||||
— | 41,300 | — | 41,300 | Allergen, Inc. | — | 4,731,328 | — | 4,731,328 | ||||||||||||||||||||||||||||||||
— | 98,700 | — | 98,700 | Bristol-Meyers Squib Co. | — | 2,146,725 | — | 2,146,725 | ||||||||||||||||||||||||||||||||
— | 68,800 | — | 68,800 | Johnson & Johnson | — | 4,448,608 | — | 4,448,608 | ||||||||||||||||||||||||||||||||
— | 130,200 | — | 130,200 | Wyeth | — | 6,340,740 | — | 6,340,740 | ||||||||||||||||||||||||||||||||
— | 17,667,401 | — | 17,667,401 | |||||||||||||||||||||||||||||||||||||
Property Insurance - 3.4% | ||||||||||||||||||||||||||||||||||||||||
158,631 | — | — | 158,631 | American International Group, Inc. | 10,123,830 | — | — | 10,123,830 | ||||||||||||||||||||||||||||||||
198,270 | — | — | 198,270 | PartnerRe, Inc. | 12,748,761 | — | — | 12,748,761 | ||||||||||||||||||||||||||||||||
230,034 | — | — | 230,034 | The Allstate Corp. | 13,328,170 | — | — | 13,328,170 | ||||||||||||||||||||||||||||||||
157,271 | — | — | 157,271 | XL Capital | 10,323,269 | — | — | 10,323,269 | ||||||||||||||||||||||||||||||||
46,524,030 | — | — | 46,524,030 | |||||||||||||||||||||||||||||||||||||
Regional’s - 2.4% | ||||||||||||||||||||||||||||||||||||||||
— | 6,600 | — | 6,600 | City National Corp. | — | 434,280 | — | 434,280 | ||||||||||||||||||||||||||||||||
— | 88,300 | — | 88,300 | Fifth Third Bancorp | — | 3,473,722 | — | 3,473,722 | ||||||||||||||||||||||||||||||||
499,595 | — | — | 499,595 | KeyCorp | 18,380,100 | — | — | 18,380,100 | ||||||||||||||||||||||||||||||||
— | 38,500 | — | 38,500 | PNC Financial Services | — | 2,725,415 | — | 2,725,415 | ||||||||||||||||||||||||||||||||
220,438 | — | — | 220,438 | Regions Financial Corp. | 7,933,564 | — | — | 7,933,564 | ||||||||||||||||||||||||||||||||
26,313,664 | 6,633,417 | — | 32,947,081 | |||||||||||||||||||||||||||||||||||||
Real Estate Management & Development - 0.0% | ||||||||||||||||||||||||||||||||||||||||
— | 26,200 | — | 26,200 | Realogy Corp. * | — | 560,680 | — | 560,680 | ||||||||||||||||||||||||||||||||
REITs - 3.6% | ||||||||||||||||||||||||||||||||||||||||
207,380 | — | — | 207,380 | Apartment Investment & Management Co. | 10,626,151 | — | — | 10,626,151 | ||||||||||||||||||||||||||||||||
461,288 | — | — | 461,288 | Capital Source, Inc, (a) | 11,209,298 | — | — | 11,209,298 | ||||||||||||||||||||||||||||||||
169,615 | — | — | 169,615 | Developers Diversified Realty Corp. | 9,176,172 | — | — | 9,176,172 | ||||||||||||||||||||||||||||||||
48,756,147 | — | — | 48,756,147 | |||||||||||||||||||||||||||||||||||||
Restaurants - 2.2% | ||||||||||||||||||||||||||||||||||||||||
844,904 | — | — | 844,904 | McDonald’s Corp. | 30,332,054 | — | — | 30,332,054 | ||||||||||||||||||||||||||||||||
Retail Apparel - 1.9% | ||||||||||||||||||||||||||||||||||||||||
408,367 | — | — | 408,367 | J.C. Penny Co., Inc. | 25,743,456 | — | — | 25,743,456 | ||||||||||||||||||||||||||||||||
Road and Rail - 0.3% | ||||||||||||||||||||||||||||||||||||||||
— | 52,000 | — | 52,000 | Burlington Northern Santa Fe | — | 3,481,400 | — | 3,481,400 | ||||||||||||||||||||||||||||||||
Semiconductors - 0.5% | ||||||||||||||||||||||||||||||||||||||||
— | 60,700 | — | 60,700 | Analog Devices | — | 1,859,848 | — | 1,859,848 | ||||||||||||||||||||||||||||||||
— | 181,800 | — | 181,800 | Intel Corp. | — | 3,552,372 | — | 3,552,372 | ||||||||||||||||||||||||||||||||
58,600 | — | 58,600 | Xilinx, Inc. | — | 1,340,182 | — | 1,340,182 | |||||||||||||||||||||||||||||||||
— | 6,752,402 | — | 6,752,402 | |||||||||||||||||||||||||||||||||||||
Specialty Financials - 6.2% | ||||||||||||||||||||||||||||||||||||||||
258,176 | — | — | 258,176 | Alliance Bernstein Holding LP | 17,220,339 | — | — | 17,220,339 | ||||||||||||||||||||||||||||||||
302,484 | — | — | 302,484 | American Capital Strategies Ltd. (a) | 11,715,205 | — | — | 11,715,205 | ||||||||||||||||||||||||||||||||
468,072 | — | — | 468,072 | Apollo Investment Corp. | 9,347,398 | — | — | 9,347,398 | ||||||||||||||||||||||||||||||||
319,055 | — | — | 319,055 | Countrywide Financial Corp. | 10,784,059 | — | — | 10,784,059 | ||||||||||||||||||||||||||||||||
— | 45,800 | — | 45,800 | Freddie Mac | — | 2,912,880 | — | 2,912,880 | ||||||||||||||||||||||||||||||||
— | Indy Mac Bancorp, Inc. | — | — | — | — | |||||||||||||||||||||||||||||||||||
775,890 | 775,890 | Washington Mutual, Inc. | 32,502,032 | — | — | 32,502,032 | ||||||||||||||||||||||||||||||||||
81,569,033 | 2,912,880 | — | 84,481,913 | |||||||||||||||||||||||||||||||||||||
Description | Value | |||||||||||||||||||||||||||||||||||||||||
AXA Enterprise | AXA Enterprise | Pro Forma | ||||||||||||||||||||||||||||||||||||||||
GS Growth & | Growth & Income | Pro Forma | GS Growth & | Growth & Income | Combined | |||||||||||||||||||||||||||||||||||||
Income Fund | Fund | Adjustments | Combined Fund | Income Fund | Fund | Adjustments | Fund | |||||||||||||||||||||||||||||||||||
Telecom Equipment - 1.3% | ||||||||||||||||||||||||||||||||||||||||||
$ | 745,634 | $ | — | $ | — | $ | 745,634 | Motorola, Inc. | $ | 17,432,923 | $ | — | $ | — | $ | 17,432,923 | ||||||||||||||||||||||||||
Tobacco - 1.9% | ||||||||||||||||||||||||||||||||||||||||||
317,698 | — | — | 317,698 | Altria Group, Inc. | 26,537,314 | — | — | 26,537,314 | ||||||||||||||||||||||||||||||||||
Transports - 1.3% | ||||||||||||||||||||||||||||||||||||||||||
— | 27,800 | — | 27,800 | FedEx Corp. | — | 2,808,634 | — | 2,808,634 | ||||||||||||||||||||||||||||||||||
113,655 | — | — | 113,655 | Union Pacific Corp. | 9,132,179 | — | — | 9,132,179 | ||||||||||||||||||||||||||||||||||
73,277 | — | — | 73,277 | United Parcel Service, Inc. Class B | 5,133,054 | — | — | 5,133,054 | ||||||||||||||||||||||||||||||||||
14,265,233 | 2,808,634 | — | 17,073,867 | |||||||||||||||||||||||||||||||||||||||
Utilities - 0.2% | ||||||||||||||||||||||||||||||||||||||||||
— | 52,800 | — | 52,800 | NiSource, Inc. | — | 1,117,776 | — | 1,117,776 | ||||||||||||||||||||||||||||||||||
— | 42,000 | — | 42,000 | Sempra Energy Corp. | — | 2,088,240 | — | 2,088,240 | ||||||||||||||||||||||||||||||||||
— | 3,206,016 | — | 3,206,016 | |||||||||||||||||||||||||||||||||||||||
Wireless Communications - 0.3% | ||||||||||||||||||||||||||||||||||||||||||
— | 226,983 | — | 226,983 | Sprint Nextel Corp. | — | 3,840,552 | — | 3,840,552 | ||||||||||||||||||||||||||||||||||
TOTAL COMMON STOCKS | ||||||||||||||||||||||||||||||||||||||||||
(Cost $991,906,962, $158,745,383 $0 and $1,150652,345 respectively) | $ | 1,145,069,241 | $ | 185,111,248 | $ | — | $ | 1,330,180,489 | ||||||||||||||||||||||||||||||||||
Principal Amount | Interest Rate Maturity Date | |||||||||||||||||||||||||||||||||||||||||
Time Deposits - 0.2% | ||||||||||||||||||||||||||||||||||||||||||
3,068,117 | 3,068,117 | JP Morgan Chase Nassau | — | 3,068,117 | — | 3,068,117 | ||||||||||||||||||||||||||||||||||||
— | ||||||||||||||||||||||||||||||||||||||||||
TOTAL Time Deposits (Cost $0, $3,068,117, $0 and $3,068,117 respectively) | $ | — | $ | 3,068,117 | $ | — | $ | 3,068,117 | ||||||||||||||||||||||||||||||||||
Repurchase Agreement (b) - 1.9% | ||||||||||||||||||||||||||||||||||||||||||
Joint Repurchase Agreement Account II 5.28% 09/01/2006 Maturity Value $25,403,726 | ||||||||||||||||||||||||||||||||||||||||||
25,400,000 | — | — | 25,400,000 | (Cost $25,400,000, $0,$0 and $25,400,000 respectively) | $ | 25,400,000 | $ | — | $ | — | $ | 25,400,000 | ||||||||||||||||||||||||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL | ||||||||||||||||||||||||||||||||||||||||||
(Cost $1,017,306,962, $161,813,500, $0 and $1,179,120,462 respectively) | $ | 1,170,469,241 | $ | 188,179,365 | $ | — | $ | 1,358,648,606 | ||||||||||||||||||||||||||||||||||
Shares/Principal | Description | |||||||||||||||||||||||||||||||||||||||||
Securities Lending Collateral - 4.0% | ||||||||||||||||||||||||||||||||||||||||||
— | 3,445,986 | — | 3,445,986 | Banc of America Securities LLC | — | 3,445,986 | — | 3,445,986 | ||||||||||||||||||||||||||||||||||
Boston Global Investment Trust - | ||||||||||||||||||||||||||||||||||||||||||
51,167,925 | — | — | 51,167,925 | Enhanced Portfolio | 51,167,925 | — | — | 51,167,925 | ||||||||||||||||||||||||||||||||||
TOTAL SECURITIES LENDING COLLATERAL | ||||||||||||||||||||||||||||||||||||||||||
(Cost $51,167,925, $3,445,986, $0 and $54,613,911 respectively) | $ | 51,167,925 | $ | 3,445,986 | $ | — | $ | 54,613,911 | ||||||||||||||||||||||||||||||||||
TOTAL INVESTMENTS (Cost $1,068,474,887, $165,259,486, $0 and $1,233,734,373 respectively) 103.8% | $ | 1,221,637,166 | $ | 191,625,351 | $ | — | $ | 1,413,262,517 | ||||||||||||||||||||||||||||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES/(LIABILITIES IN EXCESS OF OTHER ASSETS) - 3.8% | (48,557,968 | ) | (3,453,916 | ) | — | (52,011,884 | ) | |||||||||||||||||||||||||||||||||||
NET ASSETS - 100.0% | $ | 1,173,079,198 | $ | 188,171,435 | $ | — | $ | 1,361,250,633 | ||||||||||||||||||||||||||||||||||
For the Goldman Sachs Growth and Income Fund and the AXA Enterprise Growth and Income Fund
August 31, 2006 (Unaudited)
Goldman Sachs | AXA Enterprise | |||||||||||||||
Growth and | Growth and | Pro Forma | ||||||||||||||
Income Fund | Income Fund | Adjustments | Combined Fund | |||||||||||||
Assets: | ||||||||||||||||
Investments in securities, at value (identified cost $1,017,306,962, $158,745,383, $0 and $1,176,052,345, respectively) — (including $49,911,437 $3,388,652, $0 and $53,300,089 of securities on loan, respectively) | $ | 1,170,469,241 | 185,111,248 | — | $ | 1,355,580,489 | ||||||||||
Investments in short term securities, at value (cost $0, $3,068,117, $0 and $3,068,117, respectively) | — | 3,068,117 | — | 3,068,117 | ||||||||||||
Securities Lending collateral, at value (cost $51,167,925, $3,445,986, $0 and $54,613,911, respectively) | 51,167,925 | 3,445,986 | — | 54,613,911 | ||||||||||||
Cash | 31,940 | — | — | 31,940 | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold, at value | — | 277,728 | 277,728 | |||||||||||||
Fund shares sold | 2,999,444 | 3,786 | — | 3,003,230 | ||||||||||||
Dividends and interest, at value | 3,307,462 | 333,542 | — | 3,641,004 | ||||||||||||
Foreign tax reclaims, at value | 29,188 | — | — | 29,188 | ||||||||||||
Securities lending income | 3,230 | — | — | 3,230 | ||||||||||||
Other assets | 6,432 | 97,046 | — | 103,478 | ||||||||||||
Total assets | 1,228,014,862 | 192,337,453 | — | 1,420,352,315 | ||||||||||||
Liabilities: | ||||||||||||||||
Payables: | ||||||||||||||||
Investment securities purchased | — | 124,356.00 | — | 124,356 | ||||||||||||
Payable upon return of securities loaned | 51,167,925 | 3,445,986 | — | 54,613,911 | ||||||||||||
Fund shares repurchased | 2,397,428 | 35,242 | — | 2,432,670 | ||||||||||||
Amounts owed to affiliates | 1,162,667 | — | — | 1,162,667 | ||||||||||||
Bank overdraft | — | 207,888 | — | 207,888 | ||||||||||||
Accrued expenses | 213,644 | 352,546 | — | 566,190 | ||||||||||||
Total liabilities | 54,941,664 | 4,166,018 | — | 59,107,682 | ||||||||||||
Net Assets: | ||||||||||||||||
Paid-in capital | 968,380,655 | 171,121,556 | — | 1,139,502,211 | ||||||||||||
Accumulated undistributed net investment income (loss) | 4,244,248 | 178,212 | — | 4,422,460 | ||||||||||||
Accumulated net realized gain (loss) on investments | 47,292,016 | (9,494,198 | ) | — | 37,797,818 | |||||||||||
Net unrealized gain on investments | 153,162,279 | 26,365,865 | — | 179,528,144 | ||||||||||||
Net Assets | $ | 1,173,079,198 | $ | 188,171,435 | $ | — | $ | 1,361,250,633 | ||||||||
Net Assets: | ||||||||||||||||
Class A | $ | 1,061,063,489 | $ | 86,574,642 | $ | — | $ | 1,147,638,131 | ||||||||
Class B | 64,578,777 | 59,295,365 | — | 123,874,142 | ||||||||||||
Class C | 18,834,065 | 16,913,944 | — | 35,748,009 | ||||||||||||
Institutional/Class Y | 27,590,090 | 25,387,484 | — | 52,977,574 | ||||||||||||
Service/Class P | 1,012,777 | — | — | 1,012,777 | ||||||||||||
Shares Outstanding: | �� | |||||||||||||||
Class A | 37,292,325 | 2,243,296 | 799,472 | (b) | $ | 40,335,093 | ||||||||||
Class B | 2,332,108 | 1,598,226 | 543,084 | (b) | 4,473,418 | |||||||||||
Class C | 682,503 | 455,391 | 157,531 | (b) | 1,295,425 | |||||||||||
Institutional/Class Y | 957,798 | 637,445 | 243,889 | (b) | 1,839,132 | |||||||||||
Service/Class P | 35,602 | — | — | 35,602 | ||||||||||||
Total shares outstanding, $0.001 par value (unlimited number of shares authorized) | 41,300,336 | 4,934,358 | 1,743,976 | (b) | 47,978,670 | |||||||||||
Net assets value, offering and redemption price per share:(c) | ||||||||||||||||
Class A | $ | 28.45 | 38.59 | $ | — | $ | 28.45 | |||||||||
Class B | 27.69 | 37.10 | — | 27.69 | ||||||||||||
Class C | 27.60 | 37.14 | — | 27.60 | ||||||||||||
Institutional/Class Y | 28.81 | 39.83 | — | 28.81 | ||||||||||||
Service/Class P | 28.45 | — | — | 28.45 | ||||||||||||
(b) | Adjustment to reflect reduction of shares based on Structured U.S. Equity Fund’s NAV. | |
(c) | Maximum public offering price per share for Class A Shares is $30.11, $40.51 ,0 and $30.11, respectively. At redemption, Class B and Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current NAV or the original purchase price of the shares. |
For the Goldman Sachs Growth and Income Fund and the AXA Enterprise Growth and Income Fund
August 31, 2006 (Unaudited)
Goldman Sachs | AXA Enterprise | |||||||||||||||
Growth and | Growth and | Pro Forma | ||||||||||||||
Income Fund | Income Fund | Adjustments | Combined Fund | |||||||||||||
Investment Income: | ||||||||||||||||
Dividends (Net of foreign withholding tax of $62,579, $19,213, $0, $0 and $81,792, respectively) | $ | 30,652,567 | $ | 3,260,868 | $ | — | $ | 33,913,435 | ||||||||
Interest (including securities lending income of $33,738, $52,246, $6,702, $0, and $92,686, respectively) | 926,162 | 110,025 | — | 1,036,187 | ||||||||||||
Total income | 31,578,729 | 3,370,893 | — | 34,949,622 | ||||||||||||
Expenses: | ||||||||||||||||
Management fees | 7,560,961 | 1,405,556 | (139,209 | )(a) | 8,827,308 | |||||||||||
Administrative fees | — | 112,211 | (112,211 | )(b) | — | |||||||||||
Co-Administrative fees | — | — | — | (b) | — | |||||||||||
Distribution and service fees | 3,359,686 | 1,231,202 | (164,278 | )(b) | 4,426,610 | |||||||||||
Transfer agent fees | 2,036,490 | 788,157 | (458,534 | )(b) | 2,366,113 | |||||||||||
Merger cost | — | — | — | (b) | — | |||||||||||
Custody and accounting fees | 196,752 | 3,697 | 17,198 | (b) | 217,647 | |||||||||||
Printing fees | 86,201 | 62,930 | (55,301 | )(b) | 93,830 | |||||||||||
Registration fees | 94,057 | 86,207 | (77,883 | )(b) | 102,381 | |||||||||||
Audit fees | 22,199 | 28,511 | (28,118 | )(b) | 22,592 | |||||||||||
Legal fees | 18,961 | 30,821 | (30,150 | )(b) | 19,632 | |||||||||||
Trustee fees | 15,230 | 52,692 | (52,692 | )(b) | 15,230 | |||||||||||
Service share fees | 4,680 | — | — | (b) | 4,680 | |||||||||||
Insurance expense | — | — | — | (b) | — | |||||||||||
Other | 154,056 | 84,086 | (63,635 | )(b) | 174,507 | |||||||||||
Total expenses | 13,549,272 | 3,886,070 | (1,164,813 | ) | 16,270,529 | |||||||||||
Less — expense reductions | (60,846 | ) | (647,103 | ) | 642,688 | (c) | (65,261 | ) | ||||||||
Net Expenses | 13,488,426 | 3,238,967 | (522,125 | ) | 16,205,268 | |||||||||||
Net Investment Income (loss) | 18,090,303 | 131,926 | 522,125 | 18,744,354 | ||||||||||||
Realized and unrealized gain (loss) on investment and futures transactions: | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investment transactions (including commissions recapture of $126,460, $14,687, $21,294 and $162,441, respectively | 75,962,963 | 15,079,830 | 653,710 | 91,696,503 | ||||||||||||
Investments | 41,654,688 | (1,447,743 | ) | — | 40,206,945 | |||||||||||
Net realized and unrealized gain on investment and futures transactions | 117,617,651 | 13,632,087 | 653,710 | 131,903,448 | ||||||||||||
Net Increase in Net Assets Resulting from Operations | $ | 135,707,954 | $ | 13,764,013 | $ | 1,175,835 | $ | 150,647,802 | ||||||||
(a) | Adjustment to reduce management fee based on Structured U.S. Equity Fund rates. | |
(b) | Adjustments to reflect the anticipated adjustment as a result of consolidation of transfer agent, printing, custody and accounting and other services. | |
(c) | Adjustment to reflect increase in expense reduction based on Structured U.S. Equity Fund current expense cap and waivers. |
For the Twelve Months Ended August 31, 2006 (Unaudited)
Class A | Class B | Class C | Institutional | |||||||||||||
Shares Issued | 3,042,768 | 2,141,310 | 612,922 | 881,334 | ||||||||||||
Net Assets 08/31/2006 | $ | 86,574,642 | $ | 59,295,365 | $ | 16,913,944 | $ | 25,387,484 | ||||||||
Pro Forma Net Asset Value 08/31/2006 | $ | 28.45 | $ | 27.69 | $ | 27.60 | $ | 28.81 |
Capital Loss Carryforward* | The Portfolio | Growth and Income Fund | ||||||
Expiring 2010 | $ | — | $ | 1,571 | ||||
Expiring 2011 | 21,768 | — | ||||||
Total | $ | 21,768 | $ | 1,571 | ||||
* | Expiration occurs on August 31 of the year indicated. As a consequence of the reorganization, utilization of these losses may be limited under the Internal Revenue Code. |
2
Average Daily Net Assets | Annual Rate | |||
First $1 Billion | 0.70 | % | ||
Next $1 Billion | 0.63 | % | ||
Over $2 Billion | 0.60 | % | ||
3
4
August 31, 2006 (Unaudited)
Shares | Description | |||||||||||||||||||||||||||||||||||||
AXA | Pro | GS | AXA | Pro | ||||||||||||||||||||||||||||||||||
GS | Enterprise Group | AXA Enterprise | Forma | Capital | Enterprise Group | AXA Enterprise | Forma | |||||||||||||||||||||||||||||||
Capital | of Funds | Large Cap | Combined | Growth | of Funds | Large Cap | Combined | |||||||||||||||||||||||||||||||
Growth Fund | Growth Fund | Growth Fund | Adjustments | Fund | Fund | Growth Fund | Growth Fund | Adjustments | Fund | |||||||||||||||||||||||||||||
Common Stocks - 99.1% | ||||||||||||||||||||||||||||||||||||||
Aerospace & Defense - 1.0% | ||||||||||||||||||||||||||||||||||||||
$ — | $ | — | $ | 22,200 | $ | — | $ | 22,200 | Boeing Co., Inc. | $ | — | $ | — | $ | 1,662,780 | $ | — | $ | 1,662,780 | |||||||||||||||||||
456,481 | — | — | 456,481 | United Technologies Corp. | 28,625,924 | — | — | — | 28,625,924 | |||||||||||||||||||||||||||||
28,625,924 | — | 1,662,780 | — | 30,288,704 | ||||||||||||||||||||||||||||||||||
Airlines - 0.0% | ||||||||||||||||||||||||||||||||||||||
— | — | 33,800 | — | 33,800 | US Airways Group * | — | — | 1,428,050 | — | 1,428,050 | ||||||||||||||||||||||||||||
Apparel/Shoes - 0.2% | ||||||||||||||||||||||||||||||||||||||
356,900 | — | — | — | 356,900 | Chico’s FAS, Inc. * | 6,581,236 | — | — | — | 6,581,236 | ||||||||||||||||||||||||||||
Audio & Visual Equipment - 0.7% | ||||||||||||||||||||||||||||||||||||||
264,130 | — | — | — | 264,130 | Harman International, Inc. | 21,426,226 | — | — | — | 21,426,226 | ||||||||||||||||||||||||||||
Beverages - 4.6% | ||||||||||||||||||||||||||||||||||||||
432,450 | — | — | — | 432,450 | Fortune Brands, Inc. | 31,395,870 | — | — | — | 31,395,870 | ||||||||||||||||||||||||||||
696,250 | 901,400 | — | — | 1,597,650 | PepsiCo, Inc. | 45,451,200 | 58,843,392 | — | — | 104,294,592 | ||||||||||||||||||||||||||||
76,847,070 | 58,843,392 | — | — | 135,690,462 | ||||||||||||||||||||||||||||||||||
Biotechnology - 5.2% | ||||||||||||||||||||||||||||||||||||||
631,800 | 258,100 | 24,000 | — | 913,900 | Amgen, Inc. * | 42,918,174 | 17,532,733 | 1,630,320 | — | 62,081,227 | ||||||||||||||||||||||||||||
223,700 | 530,600 | — | — | 754,300 | Genentech, Inc. * | 18,459,724 | 43,785,112 | — | — | 62,244,836 | ||||||||||||||||||||||||||||
983,874 | — | — | — | 983,874 | Med Immune, Inc. * | 27,194,277 | — | — | — | 27,194,277 | ||||||||||||||||||||||||||||
88,572,175 | 61,317,845 | 1,630,320 | — | 151,520,340 | ||||||||||||||||||||||||||||||||||
Chemicals - 0.1% | ||||||||||||||||||||||||||||||||||||||
— | — | 47,500 | — | 47,500 | Monsanto Co. | — | — | 2,253,400 | — | 2,253,400 | ||||||||||||||||||||||||||||
Commercial Banks - 0.0% | ||||||||||||||||||||||||||||||||||||||
— | — | 42,700 | — | 42,700 | Commerce Bancorp, Inc. | — | — | 1,422,337 | — | 1,422,337 | ||||||||||||||||||||||||||||
Commercial Services - 2.2% | ||||||||||||||||||||||||||||||||||||||
416,431 | — | — | — | 416,431 | Moody’s Corp. | 25,477,249 | — | — | — | 25,477,249 | ||||||||||||||||||||||||||||
686,572 | — | — | — | 686,572 | The McGraw-Hill Companies, Inc. | 38,386,240 | — | — | — | 38,386,240 | ||||||||||||||||||||||||||||
63,863,489 | — | — | — | 63,863,489 | ||||||||||||||||||||||||||||||||||
Computer Hardware - 3.2% | ||||||||||||||||||||||||||||||||||||||
— | 373,100 | 25,300 | — | 398,400 | Apple Computer Co., Inc. * | — | 25,314,835 | 1,716,605 | — | 27,031,440 | ||||||||||||||||||||||||||||
1,591,000 | — | — | — | 1,591,000 | EMC Corp. * | 18,535,150 | — | — | — | 18,535,150 | ||||||||||||||||||||||||||||
— | 1,233,100 | — | 1,233,100 | Hewlet Packard, Inc. | — | 45,082,136 | — | — | 45,082,136 | |||||||||||||||||||||||||||||
— | — | 67,200 | — | 67,200 | SanDisk Corp. * | — | — | 3,959,424 | — | 3,959,424 | ||||||||||||||||||||||||||||
18,535,150 | 70,396,971 | 5,676,029 | — | 94,608,150 | ||||||||||||||||||||||||||||||||||
Computer Services - 3.2% | ||||||||||||||||||||||||||||||||||||||
205,700 | — | — | — | 205,700 | Check Free Corp. * | 7,364,060 | — | — | — | 7,364,060 | ||||||||||||||||||||||||||||
1,132,120 | — | — | — | 1,132,120 | First Data Corp. | 48,647,196 | — | — | — | 48,647,196 | ||||||||||||||||||||||||||||
— | 1,079,000 | — | — | 1,079,000 | Paychex, Inc. | — | 38,746,890 | — | — | 38,746,890 | ||||||||||||||||||||||||||||
56,011,256 | 38,746,890 | — | — | 94,758,146 | ||||||||||||||||||||||||||||||||||
Computer Software - 4.0% | ||||||||||||||||||||||||||||||||||||||
651,080 | — | 147,400 | — | 798,480 | Electronic Arts, Inc. * | 33,185,548 | — | 7,512,978 | — | 40,698,526 | ||||||||||||||||||||||||||||
2,750,100 | — | 201,100 | — | 2,951,200 | Microsoft Corp. | 70,650,069 | — | 5,166,259 | — | 75,816,328 | ||||||||||||||||||||||||||||
103,835,617 | — | 12,679,237 | — | 116,514,854 | ||||||||||||||||||||||||||||||||||
Drugs & Medicine - 1.8% | ||||||||||||||||||||||||||||||||||||||
719,937 | — | — | — | 719,937 | Pfizer, Inc. | 19,841,464 | — | — | — | 19,841,464 | ||||||||||||||||||||||||||||
922,300 | — | — | — | 922,300 | Schering-Plough Corp. | 19,322,185 | — | — | — | 19,322,185 | ||||||||||||||||||||||||||||
302,400 | — | — | — | 302,400 | Wyeth | 14,726,880 | — | — | — | 14,726,880 | ||||||||||||||||||||||||||||
53,890,529 | — | — | — | 53,890,529 | ||||||||||||||||||||||||||||||||||
Financials - 4.5% | ||||||||||||||||||||||||||||||||||||||
36,900 | — | — | — | 36,900 | Chicago Mercantile Exchange Holdings, Inc. | 16,236,000 | — | — | — | 16,236,000 | ||||||||||||||||||||||||||||
200,300 | — | — | — | 200,300 | Franklin Resources, Inc. | 19,711,523 | — | — | — | 19,711,523 | ||||||||||||||||||||||||||||
169,800 | — | — | — | 169,800 | Legg Mason, Inc. | 15,495,948 | — | — | — | 15,495,948 | ||||||||||||||||||||||||||||
205,900 | 316,400 | — | — | 522,300 | Merrill Lynch, Inc. | 15,139,827 | 23,264,892 | — | — | 38,404,719 | ||||||||||||||||||||||||||||
293,900 | — | — | — | 293,900 | Morgan Stanley | 19,335,681 | — | — | — | 19,335,681 | ||||||||||||||||||||||||||||
1,420,400 | — | — | — | 1,420,400 | The Charles Schwab Corp. | 23,166,724 | — | — | — | 23,166,724 | ||||||||||||||||||||||||||||
109,085,703 | 23,264,892 | — | — | 132,350,595 | ||||||||||||||||||||||||||||||||||
Foods - 0.2% | ||||||||||||||||||||||||||||||||||||||
133,550 | — | — | — | 133,550 | The Hershey Co. | 7,206,358 | — | — | — | 7,206,358 | ||||||||||||||||||||||||||||
Foods Retail - 2.2% | ||||||||||||||||||||||||||||||||||||||
— | 608,000 | — | — | 608,000 | Costco Wholesale Corp. | 28,448,320 | — | — | 28,448,320 | |||||||||||||||||||||||||||||
— | — | 83,000 | — | 83,000 | CVS Corp. | — | — | 2,784,650 | — | 2,784,650 | ||||||||||||||||||||||||||||
— | 662,200 | — | — | 662,200 | Wallgreen Co. | — | 32,752,412 | — | — | 32,752,412 | ||||||||||||||||||||||||||||
— | 61,200,732 | 2,784,650 | — | 63,985,382 | ||||||||||||||||||||||||||||||||||
Health Care Services - 0.5% | ||||||||||||||||||||||||||||||||||||||
— | — | 47,500 | — | 47,500 | Cardinal Health, inc. | — | — | 3,202,450 | — | 3,202,450 | ||||||||||||||||||||||||||||
266,490 | — | — | — | 266,490 | Omnicare, Inc. (a) | 12,074,662 | — | — | — | 12,074,662 | ||||||||||||||||||||||||||||
12,074,662 | — | 3,202,450 | — | 15,277,112 | ||||||||||||||||||||||||||||||||||
Hotels Restaurants & Leisure - 3.5% | ||||||||||||||||||||||||||||||||||||||
341,610 | — | — | — | 341,610 | Harrah’s Entertainment, Inc. | 21,302,800 | — | — | — | 21,302,800 | ||||||||||||||||||||||||||||
533,320 | — | — | — | 533,320 | Marriott International, Inc. | 20,084,831 | — | — | — | 20,084,831 | ||||||||||||||||||||||||||||
— | 665,300 | — | — | 665,300 | McDonald’s Corp. | — | 23,884,270 | — | — | 23,884,270 | ||||||||||||||||||||||||||||
— | 1,144,300 | — | — | 1,144,300 | Starbucks Corp. | — | 35,484,743 | — | — | 35,484,743 | ||||||||||||||||||||||||||||
— | — | 46,500 | — | 46,500 | Starwoods Hotels and Resorts | — | — | 2,476,590 | — | 2,476,590 | ||||||||||||||||||||||||||||
41,387,631 | 59,369,013 | 2,476,590 | — | 103,233,234 | ||||||||||||||||||||||||||||||||||
Household Products - 3.3% | ||||||||||||||||||||||||||||||||||||||
— | 622,900 | — | — | 622,900 | Colgate-Palmolive Co. | — | 37,286,794 | — | — | 37,286,794 | ||||||||||||||||||||||||||||
— | 929,644 | 43,200 | — | 972,844 | Proctor & Gamble Co. | — | 57,544,964 | 2,674,080 | — | 60,219,044 | ||||||||||||||||||||||||||||
— | 94,831,758 | 2,674,080 | — | 97,505,838 | ||||||||||||||||||||||||||||||||||
Housewares - 0.3% | ||||||||||||||||||||||||||||||||||||||
265,200 | — | — | — | 265,200 | Williams-Sonoma, Inc. | 7,812,792 | — | — | — | 7,812,792 | ||||||||||||||||||||||||||||
Industrial Conglomerates - 2.2% | ||||||||||||||||||||||||||||||||||||||
— | 1,280,000 | 71,600 | — | 1,351,600 | General Electric Co. | — | 43,596,800 | 2,438,696 | — | 46,035,496 | ||||||||||||||||||||||||||||
— | 239,700 | — | — | 239,700 | 3M Company, Inc. | — | 17,186,490 | — | — | 17,186,490 | ||||||||||||||||||||||||||||
— | 60,783,290 | 2,438,696 | — | 63,221,986 | ||||||||||||||||||||||||||||||||||
Insurance - 1.0% | ||||||||||||||||||||||||||||||||||||||
— | 459,500 | — | — | 459,500 | American International Group | — | 29,325,290 | — | — | 29,325,290 | ||||||||||||||||||||||||||||
Internet & Online - 5.0% | ||||||||||||||||||||||||||||||||||||||
— | — | 81,100 | — | 81,100 | Akamai Technologies Co. * | — | — | 3,179,120 | — | 3,179,120 | ||||||||||||||||||||||||||||
135,108 | 101,200 | 9,300 | — | 245,608 | Google, Inc. * | 51,142,431 | 38,307,236 | 3,520,329 | — | 92,969,996 | ||||||||||||||||||||||||||||
1,757,900 | — | — | — | 1,757,900 | Yahoo!, Inc. * | 50,662,678 | — | — | — | 50,662,678 | ||||||||||||||||||||||||||||
101,805,109 | 38,307,236 | 6,699,449 | — | 146,811,794 | ||||||||||||||||||||||||||||||||||
Machinery - 0.6% | ||||||||||||||||||||||||||||||||||||||
— | 281,400 | — | — | 281,400 | Caterpillar, Inc. | — | 18,670,890 | — | — | 18,670,890 | ||||||||||||||||||||||||||||
Manufacturing - 0.8% | ||||||||||||||||||||||||||||||||||||||
423,800 | — | — | — | 423,800 | Rockwell Automation, Inc. | 23,893,844 | — | — | — | 23,893,844 | ||||||||||||||||||||||||||||
Media - 0.8% | ||||||||||||||||||||||||||||||||||||||
— | 203,800 | — | — | 203,800 | McGraw Hill Companies, Inc. | — | 11,394,458 | — | — | 11,394,458 | ||||||||||||||||||||||||||||
— | 124,500 | — | — | 124,500 | Omnicom Group, Inc. | — | 10,883,790 | — | — | 10,883,790 | ||||||||||||||||||||||||||||
— | 22,278,248 | — | — | 22,278,248 | ||||||||||||||||||||||||||||||||||
Shares | Description | |||||||||||||||||||||||||||||||||||||
AXA Enterprise | AXA Enterprise | Pro Forma | AXA Enterprise | AXA Enterprise | Pro Forma | |||||||||||||||||||||||||||||||||
GS Capital | Group of Funds | Large Cap | Combined | GS Capital | Group of Funds | Large Cap | Combined | |||||||||||||||||||||||||||||||
Growth Fund | Growth Fund | Growth Fund | Adjustments | Fund | Growth Fund | Growth Fund | Growth Fund | Adjustments | Fund | |||||||||||||||||||||||||||||
Medical Products - 5.3% | ||||||||||||||||||||||||||||||||||||||
$ 132,830 | $ | — | $ | — | $ | — | $ | 132,830 | Fisher Scientific International, Inc. * | $ | 10,391,291 | $ | — | $ | — | $ | — | $ | 10,391,291 | |||||||||||||||||||
666,000 | 254,200 | — | — | 920,200 | Medtronic, Inc. | 31,235,400 | 11,921,980 | — | — | 43,157,380 | ||||||||||||||||||||||||||||
491,368 | — | 87,200 | — | 578,568 | St. Jude Medical, Inc. * | 17,890,709 | — | 3,174,952 | — | 21,065,661 | ||||||||||||||||||||||||||||
340,385 | 829,200 | — | — | 1,169,585 | Stryker Corp. | 16,348,691 | 39,826,476 | — | — | 56,175,167 | ||||||||||||||||||||||||||||
353,363 | — | — | — | 353,363 | Zimmer Holdings, Inc. * | 24,028,684 | — | — | — | 24,028,684 | ||||||||||||||||||||||||||||
99,894,775 | 51,748,456 | 3,174,952 | — | 154,818,183 | ||||||||||||||||||||||||||||||||||
Medical Supplies - 0.3% | ||||||||||||||||||||||||||||||||||||||
217,176 | — | — | — | 217,176 | Charles River Laboratories | 8,826,033 | — | — | — | 8,826,033 | ||||||||||||||||||||||||||||
Movies & Entertainment - 0.5% | ||||||||||||||||||||||||||||||||||||||
442,965 | — | — | — | 442,965 | Viacom, Inc. Class B * | 16,079,630 | — | — | — | 16,079,630 | ||||||||||||||||||||||||||||
Multiline Retail - 1.0% | ||||||||||||||||||||||||||||||||||||||
— | 375,700 | 29,200 | — | 404,900 | Kohl’s Corp. * | — | 23,485,007 | 1,825,292 | — | 25,310,299 | ||||||||||||||||||||||||||||
— | — | 17,900 | — | 17,900 | Sear Holding Corp. * | — | — | 2,579,569 | — | 2,579,569 | ||||||||||||||||||||||||||||
— | 23,485,007 | 4,404,861 | — | 27,889,868 | ||||||||||||||||||||||||||||||||||
Networking/Telecommunications Equipment - 4.1% | ||||||||||||||||||||||||||||||||||||||
2,116,175 | — | — | — | 2,116,175 | Cisco System, Inc. * | 46,534,688 | — | — | — | 46,534,688 | ||||||||||||||||||||||||||||
— | — | 102,500 | — | 102,500 | Corning Inc. * | — | — | 2,279,600 | — | 2,279,600 | ||||||||||||||||||||||||||||
804,300 | — | — | — | 804,300 | Motorola, Inc | 18,804,534 | — | — | — | 18,804,534 | ||||||||||||||||||||||||||||
155,144 | 471,300 | — | — | 626,444 | Research In Motion Ltd. * | 12,799,380 | 38,882,250 | — | — | 51,681,630 | ||||||||||||||||||||||||||||
78,138,602 | 38,882,250 | 2,279,600 | — | 119,300,452 | ||||||||||||||||||||||||||||||||||
Oil & Gas - 6.2% | ||||||||||||||||||||||||||||||||||||||
708,910 | — | — | — | 708,910 | Canadian Natural Resources Ltd. | 37,281,577 | — | — | — | 37,281,577 | ||||||||||||||||||||||||||||
1,094,800 | — | — | — | 1,094,800 | Chesapeake Energy Corp. (a) | 34,562,836 | — | — | — | 34,562,836 | ||||||||||||||||||||||||||||
— | 880,600 | — | — | 880,600 | Occidental Petroleum, Inc. | — | 44,901,794 | — | — | 44,901,794 | ||||||||||||||||||||||||||||
301,100 | — | — | — | 301,100 | Quicksilver Resources, Inc. * (a) | 11,327,382 | — | — | — | 11,327,382 | ||||||||||||||||||||||||||||
667,310 | — | — | — | 667,310 | Suncor Energy, Inc. (a) | 51,769,910 | — | — | — | 51,769,910 | ||||||||||||||||||||||||||||
134,941,705 | 44,901,794 | — | 179,843,499 | |||||||||||||||||||||||||||||||||||
Oil Well Services & Equipment - 8.4% | ||||||||||||||||||||||||||||||||||||||
645,510 | 436,000 | — | — | 1,081,510 | Baker Hughes, Inc. | 45,947,402 | 31,034,480 | — | — | 76,981,882 | ||||||||||||||||||||||||||||
216,100 | — | — | — | 216,100 | Grant Pride co, Inc. * | 8,974,633 | — | — | — | 8,974,633 | ||||||||||||||||||||||||||||
— | 1,508,300 | — | — | 1,508,300 | Halliburton Co. | — | 49,200,746 | — | — | 49,200,746 | ||||||||||||||||||||||||||||
683,448 | 839,200 | — | — | 1,522,648 | Schlumberger Ltd. (a) | 41,895,362 | 51,442,960 | — | — | 93,338,322 | ||||||||||||||||||||||||||||
392,200 | — | — | — | 392,200 | Weatherford International Ltd. * | 16,864,600 | — | — | — | 16,864,600 | ||||||||||||||||||||||||||||
113,681,997 | 131,678,186 | — | — | 245,360,183 | ||||||||||||||||||||||||||||||||||
Personal Products - 0.5% | ||||||||||||||||||||||||||||||||||||||
— | 398,700 | — | — | 398,700 | Estee Lauder Companies | — | 14,696,082 | — | — | 14,696,082 | ||||||||||||||||||||||||||||
Pharmaceuticals - 1.3% | ||||||||||||||||||||||||||||||||||||||
— | — | 16,700 | — | 16,700 | Allergen Inc. | — | — | 1,913,152 | — | 1,913,152 | ||||||||||||||||||||||||||||
— | 664,400 | — | — | 664,400 | Lilly & Co., Inc. | — | 37,159,892 | — | — | 37,159,892 | ||||||||||||||||||||||||||||
— | 37,159,892 | 1,913,152 | — | 39,073,044 | ||||||||||||||||||||||||||||||||||
Pharmacy Benefit Manager - 2.8% | ||||||||||||||||||||||||||||||||||||||
411,873 | 648,700 | — | — | 1,060,573 | Caremark Rx, Inc. | 23,863,922 | 37,585,678 | — | — | 61,449,600 | ||||||||||||||||||||||||||||
256,100 | — | 50,200 | — | 306,300 | Medco Health Solutions, Inc. * | 16,229,057 | — | 3,181,174 | — | 19,410,231 | ||||||||||||||||||||||||||||
40,092,979 | 37,585,678 | 3,181,174 | — | 80,859,831 | ||||||||||||||||||||||||||||||||||
Producer Goods - 0.4% | ||||||||||||||||||||||||||||||||||||||
187,770 | — | — | — | 187,770 | W.W. Grainger, Inc. | 12,543,036 | — | — | — | 12,543,036 | ||||||||||||||||||||||||||||
Shares | Description | |||||||||||||||||||||||||||||||||||||||
GS Capital Growth Fund | AXA Enterprise Group of Funds Growth Fund | AXA Large Cap Enterprise Growth Fund | Adjustments | Pro Forma Combined Fund | GS Capital Growth Fund | AXA Enterprise Group of Funds Growth Fund | AXA Enterprise Large Cap Growth Fund | Adjustments | Pro Forma Combined Fund | |||||||||||||||||||||||||||||||
Publishing - 0.6% | ||||||||||||||||||||||||||||||||||||||||
$ | 346,612 | $ | — | $ | — | $ | — | $ | 346,612 | Lamar Advertising Co. * | $ | 18,127,808 | $ | — | $ | — | $ | — | $ | 18,127,808 | ||||||||||||||||||||
Retailing - 3.7% | ||||||||||||||||||||||||||||||||||||||||
1,195,800 | — | — | — | 1,195,800 | Lowe’s Companies Co. * | 32,358,348 | — | — | — | 32,358,348 | ||||||||||||||||||||||||||||||
721,100 | — | — | — | 721,100 | Target Corp. | 34,894,029 | — | — | — | 34,894,029 | ||||||||||||||||||||||||||||||
— | — | 94,700 | — | 94,700 | Urban Outfitters, Inc. * | — | 1,485,843 | — | 1,485,843 | |||||||||||||||||||||||||||||||
863,970 | — | — | — | 863,970 | Wal-Mart Stores, Inc. | 38,636,738 | — | — | — | 38,636,738 | ||||||||||||||||||||||||||||||
105,889,115 | — | 1,485,843 | — | 107,374,958 | ||||||||||||||||||||||||||||||||||||
Road & Rail - 0.0% | ||||||||||||||||||||||||||||||||||||||||
— | — | 17,700 | — | 17,700 | Union Pacific Corp. | — | — | 1,422,195 | — | 1,422,195 | ||||||||||||||||||||||||||||||
Semiconductors - 4.1% | ||||||||||||||||||||||||||||||||||||||||
527,860 | — | — | — | 527,860 | Intel Corp. | 10,314,384 | — | — | — | 10,314,384 | ||||||||||||||||||||||||||||||
1,133,848 | — | — | — | 1,133,848 | Linear Technology Corp. | 38,562,171 | — | — | — | 38,562,171 | ||||||||||||||||||||||||||||||
— | — | 90,900 | — | 90,900 | National Semiconductor | — | — | 2,207,961 | — | 2,207,961 | ||||||||||||||||||||||||||||||
983,590 | 719,400 | 132,400 | — | 1,835,390 | QUALCOMM, Inc. | 37,051,835 | 27,099,798 | 4,987,508 | — | 69,139,141 | ||||||||||||||||||||||||||||||
85,928,390 | 27,099,798 | 7,195,469 | — | 120,223,657 | ||||||||||||||||||||||||||||||||||||
Specialty Finance - 5.7% | ||||||||||||||||||||||||||||||||||||||||
497,030 | 689,588 | 70,200 | — | 1,256,818 | American Express Co. | 26,113,956 | 36,230,954 | 3,688,308 | — | 66,033,218 | ||||||||||||||||||||||||||||||
352,743 | — | — | — | 352,743 | Fannie Mae | 18,571,919 | — | — | — | 18,571,919 | ||||||||||||||||||||||||||||||
1,298,100 | — | — | — | 1,298,100 | Freddie Mac | 82,559,160 | — | — | — | 82,559,160 | ||||||||||||||||||||||||||||||
127,245,035 | 36,230,954 | 3,688,308 | — | 167,164,297 | ||||||||||||||||||||||||||||||||||||
�� | ||||||||||||||||||||||||||||||||||||||||
Technology Services - 0.4% | ||||||||||||||||||||||||||||||||||||||||
177,140 | — | — | — | 177,140 | Cognizant Technology Solutions Corp. * | 12,383,857 | — | — | — | 12,383,857 | ||||||||||||||||||||||||||||||
Telecommunications - 2.2% | ||||||||||||||||||||||||||||||||||||||||
1,264,800 | — | — | — | 1,264,800 | American Tower Corp. * | 45,355,728 | — | — | — | 45,355,728 | ||||||||||||||||||||||||||||||
333,765 | — | — | — | 333,765 | Crown Castle International Corp. * | 11,468,165 | — | — | — | 11,468,165 | ||||||||||||||||||||||||||||||
224,900 | — | — | — | 224,900 | NeuStar, Inc. * | 6,346,678 | — | — | — | 6,346,678 | ||||||||||||||||||||||||||||||
63,170,571 | — | — | — | 63,170,571 | ||||||||||||||||||||||||||||||||||||
Tobacco | ||||||||||||||||||||||||||||||||||||||||
— | — | 31,400 | — | 31,400 | Altria Group, Inc. | — | — | 2,622,842 | — | 2,622,842 | ||||||||||||||||||||||||||||||
(Cost $1,412,295,904, $78,405,137, $985,441,929, $0 and $2,476,142,970 respectively) | $ | 1,738,398,304 | $ | 1,080,804,543 | $ | 78,396,464 | $ | — | $ | 2,897,599,311 | ||||||||||||||||||||||||||||||
Principal Amount | Interest Rate Maturity Date | Value | ||||||||||||||||||||||||||||||||||||||
Time Deposits - 1.1% | ||||||||||||||||||||||||||||||||||||||||
— | 31,435,295 | 1,341,542 | — | 32,776,837 | JP Morgan Chase Nassau | — | 31,435,295 | 1,341,542 | 32,776,837 | |||||||||||||||||||||||||||||||
TOTAL Time Deposits (Cost $0, $1,341,542, $31,435,295, $0 and $32,776,837 respectively) | — | 31,435,295 | 1,341,542 | — | 32,776,837 | |||||||||||||||||||||||||||||||||||
Repurchase Agreement (b) - 0.1% | ||||||||||||||||||||||||||||||||||||||||
2,900,000 | — | — | — | 2,900,000 | Joint Repurchase Agreement Account II 5.28% 09/01/2006 Maturity Value $2,900,425 (Cost $2,900,000, $0, $0, $0 and $2,900,000 respectively) | 2,900,000 | — | — | — | 2,900,000 | ||||||||||||||||||||||||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL | ||||||||||||||||||||||||||||||||||||||||
(Cost $1,415,195,904, $79,746,679, $1,016,877,225, $0 and $2,511,811,135 respectively) | 1,741,298,304 | 1,112,239,838 | 79,738,006 | — | 2,933,276,148 | |||||||||||||||||||||||||||||||||||
Shares/Principal | Description | Value | ||||||||||||||||||||||||||||||||||||||
Securities Lending Collateral - 5.4% | ||||||||||||||||||||||||||||||||||||||||
— | 71,791,736 | — | — | 71,791,736 | Cantor Fitzgerald Securities Repurchase Agreement | — | 71,791,736 | — | — | 71,791,736 | ||||||||||||||||||||||||||||||
— | — | 4,271,093 | — | 4,271,093 | Bank of America Securities LLC Repurchase Agreement | — | — | 4,271,093 | — | 4,271,093 | ||||||||||||||||||||||||||||||
80,977,750 | — | — | — | 80,977,750 | Boston Global Investment Trust — Enhanced Portfolio | 80,977,750 | — | — | — | 80,977,750 | ||||||||||||||||||||||||||||||
TOTAL SECURITIES LENDING COLLATERAL (Cost $80,977,750, $4,271,093, $71,791,736 and $161,311,672 respectively) | 80,977,750 | 71,791,736 | 4,271,093 | — | 157,040,579 | |||||||||||||||||||||||||||||||||||
(Cost $1,496,173,654, $84,000,426 $1,088,668,961, $0 and $2,668,843,041 respectively) - 105.7% | 1,822,276,054 | 1,184,031,574 | 84,009,099 | — | 3,090,316,727 | |||||||||||||||||||||||||||||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - 5.7% | (85,175,523 | ) | (77,116,561 | ) | (4,298,284 | ) | — | (166,590,368 | ) | |||||||||||||||||||||||||||||||
NET ASSETS - 100.0% | $ | 1,737,100,531 | $ | 1,106,915,013 | $ | 79,710,815 | $ | — | $ | 2,923,726,359 | ||||||||||||||||||||||||||||||
* | Non-income producing security. | |
(a) | All or portion of the security is on loan. | |
(b) | Repurchase agreement was entered into on August 31, 2006. |
REIT Real Estate Investment Trust
For the Goldman Sachs Capital Growth Fund and AXA Enterprise Group of Funds Growth Fund and AXA Enterprise Large Cap Growth Fund
August 31, 2006 (Unaudited)
Goldman Sachs | AXA Enterprise | AXA Enterprise | ||||||||||||||||||
Capital Growth | Large Cap | Group of Funds | Pro Forma | |||||||||||||||||
Fund | Growth Fund | Growth Fund | Adjustments | Combined Fund | ||||||||||||||||
Assets: | ||||||||||||||||||||
Investments in securities, at value (identified cost $1,415,195,904, $78,405,137, $985,441,929, $0, and $2,479,042,970, respectively) — (including $78,901,761, $4,169,205, $0, $0 and $83,070,966 of securities on loan, respectively) | $ | 1,741,298,304 | $ | 78,396,464 | $ | 1,080,804,543 | $ | — | $ | 2,900,499,311 | ||||||||||
Investments in short term securities, at value (cost $0, 1,341,542, $31,435,295, $0 and $32,828,552, respectively) | — | 1,341,542 | 31,435,295 | — | 32,776,837 | |||||||||||||||
Securities Lending collateral, at value (cost $80,977,750, $4,271,093, $71,791,736, $0 and $161,311,672, respectively) | 80,977,750 | 4,271,093 | 71,791,736 | — | 157,040,579 | |||||||||||||||
Cash | 68,764 | (a) | — | — | — | 68,764 | ||||||||||||||
Receivables: | ||||||||||||||||||||
Fund shares sold | 1,187,281 | 7,381 | 277,405 | — | 1,472,067 | |||||||||||||||
Dividends and interest, at value | 1,608,019 | 52,629 | 1,012,778 | — | 2,673,426 | |||||||||||||||
Reimbursement from adviser | 59,167 | — | — | — | 59,167 | |||||||||||||||
Securities lending income | 3,726 | — | — | — | 3,726 | |||||||||||||||
Other assets | 10,384 | 54,924 | 283,940 | — | 349,248 | |||||||||||||||
Total assets | 1,825,213,395 | 84,124,033 | 1,185,605,697 | — | 3,094,943,125 | |||||||||||||||
Liabilities: | ||||||||||||||||||||
Payables: | ||||||||||||||||||||
Investment securities purchased | 1,080,626 | — | 1,080,626 | |||||||||||||||||
Payable upon return of securities loaned | 80,977,750 | 4,271,093 | 71,791,736 | — | 157,040,579 | |||||||||||||||
Fund shares repurchased | 4,685,996 | 45,031 | 1,627,698 | — | 6,358,725 | |||||||||||||||
Amounts owed to affiliates | 2,058,341 | — | — | — | 2,058,341 | |||||||||||||||
Bank Overdraft | — | 96,401 | 2,245,496 | — | 2,341,897 | |||||||||||||||
Accrued expenses | 390,777 | 693 | 1,945,128 | — | 2,336,598 | |||||||||||||||
Total liabilities | 88,112,864 | 4,413,218 | 78,690,684 | — | 171,216,766 | |||||||||||||||
Net Assets: | ||||||||||||||||||||
Paid-in capital | 1,649,606,492 | 196,901,899 | 1,123,650,472 | — | 2,970,158,863 | |||||||||||||||
Accumulated undistributed net investment income (loss) | 1,637,581 | (466,347 | ) | (4,270,641 | ) | — | (3,099,407 | ) | ||||||||||||
Accumulated net realized gain (loss) on investments | (240,245,942 | ) | (116,716,064 | ) | (107,827,432 | ) | — | (464,789,438 | ) | |||||||||||
Net unrealized gain on investments | 326,102,400 | (8,673 | ) | 95,362,614 | — | 421,456,341 | ||||||||||||||
Net Assets | $ | 1,737,100,531 | $ | 79,710,815 | $ | 1,106,915,013 | $ | — | $ | 2,923,726,359 | ||||||||||
Net Assets: | ||||||||||||||||||||
Class A | $ | 1,289,842,758 | $ | 29,990,404 | $ | 709,067,653 | $ | — | $ | 2,028,900,815 | ||||||||||
Class B | 96,105,662 | 36,170,944 | 220,297,564 | — | 352,574,170 | |||||||||||||||
Class C | 68,527,926 | 12,019,011 | 132,175,945 | — | 212,722,882 | |||||||||||||||
Institutional/Class Y | 272,294,602 | 1,530,456 | 45,373,851 | — | 319,198,909 | |||||||||||||||
Service/Class P | 10,329,583 | — | — | — | 10,329,583 | |||||||||||||||
Shares Outstanding: | ||||||||||||||||||||
Class A | 62,543,451 | 2,811,011 | 41,199,510 | (8,174,183 | )(b) | $ | 98,379,789 | |||||||||||||
Class B | 5,051,445 | 3,458,789 | 13,712,398 | (3,690,852 | )(b) | 18,531,780 | ||||||||||||||
Class C | 3,608,130 | 1,150,128 | 8,112,788 | (1,670,768 | )(b) | 11,200,278 | ||||||||||||||
Institutional/Class Y | 12,820,835 | 141,903 | 2,499,079 | (432,520 | )(b) | 15,029,297 | ||||||||||||||
Service/Class P | 506,824 | — | — | — | 506,824 | |||||||||||||||
Total shares outstanding, $0.001 par value (unlimited number of shares authorized) | 84,530,685 | 7,561,831 | 65,523,775 | (13,968,323 | )(b) | 143,647,968 | ||||||||||||||
Net assets value, offering and redemption price per share:(c) | ||||||||||||||||||||
Class A | $ | 20.62 | $ | 10.67 | 17.21 | $ | — | $ | 20.62 | |||||||||||
Class B | 19.03 | 10.46 | 16.07 | — | 19.03 | |||||||||||||||
Class C | 18.99 | 10.45 | 16.29 | — | 18.99 | |||||||||||||||
Institutional/Class Y | 21.24 | 10.79 | 18.16 | — | 21.24 | |||||||||||||||
Service/Class P | 20.38 | — | — | — | 20.38 | |||||||||||||||
(b) | Adjustment to reflect proceeds on investments that do not meet Capital Growth Fund’s investment criteria and are assumed to be sold at 8/31/06. | |
(b) | Adjustment to reflect reduction of shares based on Capital Growth Fund’s NAV. | |
(c) | Maximum public offering price per share for Class A Shares is $21.82, $11.20, $18.07, $0 and $21.82 for the Capital Growth Fund, AXA Enterprise Large Cap Growth Fund and the AXA Enterprise Group of Funds Growth Fund, respectively. At redemption, Class B and Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current NAV or the original purchase price of the shares. |
For the Goldman Sachs Capital Growth Fund and AXA Enterprise Group of Funds Growth Fund and AXA Enterprise Large Cap Growth Fund
For year ended August 31, 2006 (Unaudited)
Goldman Sachs | AXA Enterprise | AXA Enterprise | ||||||||||||||||||
Capital Growth | Large Cap | Group of Funds | Pro Forma | |||||||||||||||||
Fund | Growth Fund | Growth Fund | Adjustments | Combined Fund | ||||||||||||||||
Investment Income: | ||||||||||||||||||||
Dividends (Net of foreign withholding tax of $52,081, $0, $0, $0 and $52,081, respectively) | $ | 17,706,466 | $ | 938,300 | $ | 14,712,594 | $ | — | $ | 33,357,360 | ||||||||||
Interest (including securities lending income of $108,912, $30,664, $4,330, $0 and $143,906, respectively) | 519,571 | 152,898 | 2,174,215 | — | 2,846,684 | |||||||||||||||
Total income | 18,226,037 | 1,091,198 | 16,886,809 | — | 36,204,044 | |||||||||||||||
Expenses: | ||||||||||||||||||||
Management fees | 17,686,134 | 682,113 | 9,435,220 | 1,125,013 | (a) | 28,928,480 | ||||||||||||||
Administrative fees | — | 52,834 | 712,527 | (765,361 | )(b) | — | ||||||||||||||
Distribution and service fees | 5,447,811 | 722,871 | 7,968,423 | (1,701,710 | )(b) | 12,437,395 | ||||||||||||||
Transfer agent fees | 3,092,359 | 418,226 | 3,562,633 | (1,420,478 | )(b) | 5,652,741 | ||||||||||||||
Custody and accounting fees | 260,626 | 11,330 | (42,719 | ) | 148,358 | (b) | 377,595 | |||||||||||||
Printing fees | 94,677 | 37,503 | 447,321 | (449,414 | )(b) | 130,087 | ||||||||||||||
Registration fees | 120,003 | (12,204 | ) | 102,819 | (122,258 | )(b) | 88,360 | |||||||||||||
Audit fees | 61,542 | 37,102 | 40,134 | (61,762 | )(b) | 77,016 | ||||||||||||||
Legal fees | 17,898 | 7,778 | 227,598 | (241,115 | )(b) | 12,159 | ||||||||||||||
Trustee fees | 15,230 | 19,082 | 241,129 | (260,211 | )(b) | 15,230 | ||||||||||||||
Service share fees | 51,590 | — | — | — | (b) | 51,590 | ||||||||||||||
Other | 237,962 | 66,145 | 564,930 | (421,056 | )(b) | 447,981 | ||||||||||||||
Total expenses | 27,085,831 | 2,042,780 | 23,260,015 | (4,169,994 | ) | 48,218,633 | ||||||||||||||
Less — expense reductions | (806,389 | ) | (321,852 | ) | (583,200 | ) | 689,323 | (c) | (1,022,118 | ) | ||||||||||
Net Expenses | 26,279,442 | 1,720,928 | 22,676,815 | (3,480,671 | ) | 47,196,515 | ||||||||||||||
Net Investment Income (loss) | (8,053,405 | ) | (629,730 | ) | (5,790,006 | ) | 3,480,671 | (10,992,471 | ) | |||||||||||
Realized and unrealized gain (loss) on investment and futures transactions: | ||||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Investment transactions | 120,202,002 | 17,790,263 | 102,992,801 | 324,014 | 241,309,080 | |||||||||||||||
Net change in unrealized gain (loss) on: | ||||||||||||||||||||
Investments | (58,053,651 | ) | (5,152,696 | ) | (52,505,881 | ) | — | (115,712,228 | ) | |||||||||||
Net realized and unrealized gain on investment and futures transactions | 62,148,351 | 12,637,567 | 50,486,920 | 324,014 | 125,596,852 | |||||||||||||||
Net Increase in Net Assets Resulting from Operations | $ | 54,094,946 | $ | 12,007,837 | $ | 44,696,914 | $ | 3,804,685 | $ | 114,604,381 | ||||||||||
(a) | Adjustment to reduce management fee based on Capital Growth Fund rates. | |
(b) | Adjustments to reflect the anticipated adjustment as a result of consolidation of transfer agent, printing, custody and accounting and other services. | |
(c) | Adjustment to reflect increase in expense reduction based on Capital Growth Fund current expense cap and waivers. |
For the Twelve Months Ended August 31, 2006 (Unaudited)
Class A | Class B | Class C | Institutional | |||||||||||||
Shares Issued | 35,836,338 | 13,480,335 | 7,592,148 | 2,208,462 | ||||||||||||
Net Assets 08/31/2006 | $ | 739,058,057 | $ | 256,468,508 | $ | 144,194,956 | $ | 46,904,307 | ||||||||
Pro Forma Net Asset Value 08/31/2006 | $ | 20.62 | $ | 19.03 | $ | 18.99 | $ | 21.24 |
The Enterprise Group | ||||||||
Capital Loss Carryforward* | Portfolio and the Portfolio | Capital Growth Fund | ||||||
Expiring 2007 | $ | 7,070 | $ | — | ||||
Expiring 2008 | 73,521 | — | ||||||
Expiring 2009 | 34,197 | — | ||||||
Expiring 2010 | 30,354 | — | ||||||
Expiring 2011 | 60,741 | 222,589 | ||||||
Total | $ | 205,883 | $ | 222,589 | ||||
* | Expiration occurs on August 31 of the year indicated. As a consequence of the reorganization, utilization of these losses may be limited under the Internal Revenue Code. |
2
Average Daily Net Assets | | Annual Rate | ||
First $1 Billion | 1.00 | % | ||
Next $1 Billion | 0.90 | % | ||
Over $2 Billion | 0.80 | % | ||
3
4
October 31, 2006 (Unaudited)
Interest | ||||||||||||||||||||||||||||||||||||||||||||
Principal Amount | Description | Rate | Maturity Date | Value | ||||||||||||||||||||||||||||||||||||||||
AXA Enterprise | AXA Enterprise | |||||||||||||||||||||||||||||||||||||||||||
GS Government | Government | Combined | GS Government | Government | Combined | |||||||||||||||||||||||||||||||||||||||
Income Fund | Securities Fund | adjustment | Proforma | Income Fund | Securities Fund | adjustment | Proforma | |||||||||||||||||||||||||||||||||||||
Mortgage-Backed Obligations - 68.6% | ||||||||||||||||||||||||||||||||||||||||||||
Adjustable Rate FHLMC (a) - 1.8% | ||||||||||||||||||||||||||||||||||||||||||||
$ | — | $ | 1,445,474 | $ | — | $ | 1,445,474 | FHLMC | 4.863 | Nov 1 2032 | $ | — | $ | 1,453,587 | $ | — | $ | 1,453,587 | ||||||||||||||||||||||||||
8,229,530 | — | — | 8,229,530 | FHLMC | 3.496 | Sep 1 2033 | 7,908,438 | — | — | 7,908,438 | ||||||||||||||||||||||||||||||||||
5,702,418 | — | — | 5,702,418 | FHLMC | 4.583 | Aug 1 2035 | 5,574,518 | — | — | 5,574,518 | ||||||||||||||||||||||||||||||||||
13,482,956 | 1,453,587 | 14,936,543 | ||||||||||||||||||||||||||||||||||||||||||
Adjustable Rate FNMA (a) - 6.4% | ||||||||||||||||||||||||||||||||||||||||||||
— | 826,277 | — | 826,277 | FNMA | 5.734 | Jun 1 2032 | — | 838,896 | — | 838,896 | ||||||||||||||||||||||||||||||||||
— | 1,785,890 | — | 1,785,890 | FNMA | 4.686 | Nov 1 2032 | — | 1,775,173 | — | 1,775,173 | ||||||||||||||||||||||||||||||||||
— | 1,995,199 | — | 1,995,199 | FNMA | 4.821 | Dec 1 2032 | — | 1,987,323 | — | 1,987,323 | ||||||||||||||||||||||||||||||||||
— | 7,309,543 | — | 7,309,543 | FNMA | 4.186 | May 1 2033 | — | 7,034,532 | — | 7,034,532 | ||||||||||||||||||||||||||||||||||
— | 7,678,427 | — | 7,678,427 | FNMA | 4.105 | Oct 1 2033 | — | 7,473,143 | — | 7,473,143 | ||||||||||||||||||||||||||||||||||
— | 7,213,651 | — | 7,213,651 | FNMA | 4.855 | Sep 1 2035 | — | 7,153,287 | — | 7,153,287 | ||||||||||||||||||||||||||||||||||
17,160,167 | — | — | 17,160,167 | FNMA | 5.370 | Nov 25 2028 | 17,171,291 | — | — | 17,171,291 | ||||||||||||||||||||||||||||||||||
242,634 | — | — | 242,634 | FNMA | 4.486 | Mar 1 2033 | 243,873 | — | — | 243,873 | ||||||||||||||||||||||||||||||||||
4,283,408 | — | — | 4,283,408 | FNMA | 3.851 | Oct 1 2033 | 4,249,605 | — | — | 4,249,605 | ||||||||||||||||||||||||||||||||||
6,476,914 | — | — | 6,476,914 | FNMA | 4.330 | Jan 1 2035 | 6,308,326 | — | — | 6,308,326 | ||||||||||||||||||||||||||||||||||
27,973,095 | 26,262,354 | — | 54,235,449 | |||||||||||||||||||||||||||||||||||||||||
Adjustable Rate GNMA (a) - 1.8% | ||||||||||||||||||||||||||||||||||||||||||||
— | 752,533 | — | 752,533 | GNMA | 5.000 | Mar 20 2032 | — | 752,687 | — | 752,687 | ||||||||||||||||||||||||||||||||||
251,798 | — | — | 251,798 | GNMA | 5.375 | Jun 20 2023 | 253,107 | — | — | 253,107 | ||||||||||||||||||||||||||||||||||
121,495 | — | — | 121,495 | GNMA | 4.750 | Jul 20 2023 | 122,392 | — | — | 122,392 | ||||||||||||||||||||||||||||||||||
125,254 | — | — | 125,254 | GNMA | 4.750 | Aug 20 2023 | 126,182 | — | — | 126,182 | ||||||||||||||||||||||||||||||||||
317,859 | — | — | 317,859 | GNMA | 4.750 | Sep 20 2023 | 320,213 | — | — | 320,213 | ||||||||||||||||||||||||||||||||||
93,097 | — | — | 93,097 | GNMA | 5.375 | Mar 20 2024 | 93,648 | — | — | 93,648 | ||||||||||||||||||||||||||||||||||
860,732 | — | — | 860,732 | GNMA | 5.375 | Apr 20 2024 | 864,721 | — | — | 864,721 | ||||||||||||||||||||||||||||||||||
112,847 | — | — | 112,847 | GNMA | 5.375 | May 20 2024 | 113,426 | — | — | 113,426 | ||||||||||||||||||||||||||||||||||
855,164 | — | — | 855,164 | GNMA | 5.375 | Jun 20 2024 | 860,650 | — | — | 860,650 | ||||||||||||||||||||||||||||||||||
459,159 | — | — | 459,159 | GNMA | 4.750 | Jul 20 2024 | 463,471 | — | — | 463,471 | ||||||||||||||||||||||||||||||||||
657,685 | — | — | 657,685 | GNMA | 4.750 | Aug 20 2024 | 664,293 | — | — | 664,293 | ||||||||||||||||||||||||||||||||||
219,949 | — | — | 219,949 | GNMA | 4.750 | Sep 20 2024 | 222,025 | — | — | 222,025 | ||||||||||||||||||||||||||||||||||
240,159 | — | — | 240,159 | GNMA | 5.125 | Nov 20 2024 | 242,364 | — | — | 242,364 | ||||||||||||||||||||||||||||||||||
210,139 | — | — | 210,139 | GNMA | 5.125 | Dec 20 2024 | 211,998 | — | — | 211,998 | ||||||||||||||||||||||||||||||||||
175,871 | — | — | 175,871 | GNMA | 5.375 | Jan 20 2025 | 177,328 | — | — | 177,328 | ||||||||||||||||||||||||||||||||||
92,347 | — | — | 92,347 | GNMA | 5.375 | Feb 20 2025 | 93,117 | — | — | 93,117 | ||||||||||||||||||||||||||||||||||
307,073 | — | — | 307,073 | GNMA | 5.375 | May 20 2025 | 309,404 | — | — | 309,404 | ||||||||||||||||||||||||||||||||||
197,888 | — | — | 197,888 | GNMA | 4.750 | Jul 20 2025 | 200,051 | — | — | 200,051 | ||||||||||||||||||||||||||||||||||
136,715 | — | — | 136,715 | GNMA | 5.375 | Feb 20 2026 | 137,604 | — | — | 137,604 | ||||||||||||||||||||||||||||||||||
5,755 | — | — | 5,755 | GNMA | 4.750 | Jul 20 2026 | 5,810 | — | — | 5,810 | ||||||||||||||||||||||||||||||||||
360,737 | — | — | 360,737 | GNMA | 5.375 | Jan 20 2027 | 363,818 | — | — | 363,818 | ||||||||||||||||||||||||||||||||||
126,373 | — | — | 126,373 | GNMA | 5.375 | Feb 20 2027 | 127,222 | — | — | 127,222 | ||||||||||||||||||||||||||||||||||
1,039,761 | — | — | 1,039,761 | GNMA | 5.375 | Apr 20 2027 | 1,046,180 | — | — | 1,046,180 | ||||||||||||||||||||||||||||||||||
114,205 | — | — | 114,205 | GNMA | 5.375 | May 20 2027 | 114,806 | — | — | 114,806 | ||||||||||||||||||||||||||||||||||
131,934 | — | — | 131,934 | GNMA | 5.375 | Jun 20 2027 | 132,618 | — | — | 132,618 | ||||||||||||||||||||||||||||||||||
35,583 | — | — | 35,583 | GNMA | 5.125 | Nov 20 2027 | 35,839 | — | — | 35,839 | ||||||||||||||||||||||||||||||||||
153,783 | — | — | 153,783 | GNMA | 5.125 | Dec 20 2027 | 154,883 | — | — | 154,883 | ||||||||||||||||||||||||||||||||||
309,731 | — | — | 309,731 | GNMA | 5.375 | Jan 20 2028 | 311,976 | — | — | 311,976 | ||||||||||||||||||||||||||||||||||
116,123 | — | — | 116,123 | GNMA | 5.250 | Feb 20 2028 | 116,400 | — | — | 116,400 | ||||||||||||||||||||||||||||||||||
116,048 | — | — | 116,048 | GNMA | 5.375 | Mar 20 2028 | 116,850 | — | — | 116,850 | ||||||||||||||||||||||||||||||||||
853,776 | — | — | 853,776 | GNMA | 4.500 | Jul 20 2029 | 855,645 | — | — | 855,645 | ||||||||||||||||||||||||||||||||||
318,126 | — | — | 318,126 | GNMA | 4.500 | Aug 20 2029 | 318,824 | — | — | 318,824 | ||||||||||||||||||||||||||||||||||
137,355 | — | — | 137,355 | GNMA | 4.500 | Sep 20 2029 | 137,710 | — | — | 137,710 | ||||||||||||||||||||||||||||||||||
373,869 | — | — | 373,869 | GNMA | 5.125 | Oct 20 2029 | 377,169 | — | — | 377,169 | ||||||||||||||||||||||||||||||||||
467,053 | — | �� | — | 467,053 | GNMA | 5.125 | Nov 20 2029 | 471,355 | — | — | 471,355 | |||||||||||||||||||||||||||||||||
128,195 | — | — | 128,195 | GNMA | 5.125 | Dec 20 2029 | 129,337 | — | — | 129,337 | ||||||||||||||||||||||||||||||||||
178,577 | — | — | 178,577 | GNMA | 5.250 | Jan 20 2030 | 179,241 | — | — | 179,241 | ||||||||||||||||||||||||||||||||||
89,016 | — | — | 89,016 | GNMA | 5.250 | Feb 20 2030 | 89,346 | — | — | 89,346 | ||||||||||||||||||||||||||||||||||
317,139 | — | — | 317,139 | GNMA | 5.250 | Mar 20 2030 | 318,299 | — | — | 318,299 | ||||||||||||||||||||||||||||||||||
578,142 | — | — | 578,142 | GNMA | 5.375 | Apr 20 2030 | 582,543 | — | — | 582,543 | ||||||||||||||||||||||||||||||||||
1,473,227 | — | — | 1,473,227 | GNMA | 5.375 | May 20 2030 | 1,485,152 | — | — | 1,485,152 | ||||||||||||||||||||||||||||||||||
131,968 | — | — | 131,968 | GNMA | 5.375 | Jun 20 2030 | 132,803 | — | — | 132,803 | ||||||||||||||||||||||||||||||||||
1,102,617 | — | — | 1,102,617 | GNMA | 4.500 | Jul 20 2030 | 1,108,990 | — | — | 1,108,990 | ||||||||||||||||||||||||||||||||||
149,600 | — | — | 149,600 | GNMA | 4.500 | Sep 20 2030 | 150,478 | — | — | 150,478 | ||||||||||||||||||||||||||||||||||
328,440 | — | — | 328,440 | GNMA | 4.875 | Oct 20 2030 | 328,896 | — | — | 328,896 | ||||||||||||||||||||||||||||||||||
14,668,184 | 752,687 | — | 15,420,871 | |||||||||||||||||||||||||||||||||||||||||
Adjustable Rate Non-Agency (a) - 5.5% | ||||||||||||||||||||||||||||||||||||||||||||
116,362 | — | — | 116,362 | Bear Stearns Adjustable Rate Mortgage Trust Series 2003-5, Class 1A1 | 5.979 | Aug 25 2033 | 117,928 | — | — | 117,928 | ||||||||||||||||||||||||||||||||||
4,881,808 | — | — | 4,881,808 | Countrywide Alternative Loan Trust Series 2005-59, Class 1A1 | 5.660 | Nov 20 2035 | 4,897,938 | — | — | 4,897,938 | ||||||||||||||||||||||||||||||||||
148,854 | — | — | 148,854 | Countrywide Home Loans Series 2003-37, Class 1A1 | 5.875 | Aug 25 2033 | 148,610 | — | — | 148,610 | ||||||||||||||||||||||||||||||||||
6,500,000 | — | — | 6,500,000 | Countrywide Securities Corp. Series 2006-OA19, Class A1 | 5.525 | Dec 25 2046 | 6,500,000 | — | — | 6,500,000 | ||||||||||||||||||||||||||||||||||
505,224 | — | — | 505,224 | CS First Boston Mortgage Securities Corp. Series 2003-AR9, Class 2A2 | 5.100 | Mar 25 2033 | 502,917 | — | — | 502,917 | ||||||||||||||||||||||||||||||||||
1,547,678 | — | — | 1,547,678 | Harbor view Mortgage Loan Trust Series 2005-10, Class 2A1A | 5.630 | Nov 19 2035 | 1,552,407 | — | — | 1,552,407 | ||||||||||||||||||||||||||||||||||
1,860,976 | — | — | 1,860,976 | Harbor view Mortgage Loan Trust Series 2005-16, Class 2A1A | 5.560 | Jan 19 2036 | 1,866,055 | — | — | 1,866,055 | ||||||||||||||||||||||||||||||||||
1,299,583 | — | — | 1,299,583 | Impac CMB Trust Series 2004-8, Class 1A | 5.680 | Oct 25 2034 | 1,307,083 | — | — | 1,307,083 | ||||||||||||||||||||||||||||||||||
457,573 | — | — | 457,573 | Master Adjustable Rate Mortgages Trust Series 2004-9, Class 2A1 | 5.700 | Nov 25 2034 | 459,938 | — | — | 459,938 | ||||||||||||||||||||||||||||||||||
3,115,908 | — | — | 3,115,908 | MLCC Mortgage Investors, Inc. Series 2004-E, Class A2B | 5.780 | Nov 25 2029 | 3,117,854 | — | — | 3,117,854 | ||||||||||||||||||||||||||||||||||
1,975,951 | — | — | 1,975,951 | Sequoia Mortgage Trust Series 2004-09, Class A2 | 5.799 | Oct 20 2034 | 1,981,681 | — | — | 1,981,681 | ||||||||||||||||||||||||||||||||||
240,556 | — | — | 240,556 | Structured Adjustable Rate Mortgage Loan Series 2004-1, Class 3A3 | 4.655 | Feb 25 2034 | 244,594 | — | — | 244,594 | ||||||||||||||||||||||||||||||||||
2,189,423 | — | — | 2,189,423 | Structured Adjustable Rate Mortgage Loan Series 2004-5, Class 1A | 4.456 | May 25 2034 | 2,189,461 | — | — | 2,189,461 | ||||||||||||||||||||||||||||||||||
1,182,147 | — | — | 1,182,147 | Structured Asset Securities Corp. Series 2003-24A, Class 1A3 | 5.000 | Jul 25 2033 | 1,185,824 | — | — | 1,185,824 | ||||||||||||||||||||||||||||||||||
1,832,474 | — | — | 1,832,474 | Structured Asset Securities Corp. Series 2003-34A, Class 3A3 | 4.700 | Nov 25 2033 | 1,825,952 | — | — | 1,825,952 | ||||||||||||||||||||||||||||||||||
4,454,170 | — | — | 4,454,170 | Washington Mutual Series 2005-AR11, Class A1A | 5.640 | Aug 25 2045 | 4,467,390 | — | — | 4,467,390 | ||||||||||||||||||||||||||||||||||
4,370,814 | — | — | 4,370,814 | Washington Mutual Series 2006-AR13, Class 1A | 5.544 | Oct 25 2046 | 4,369,278 | — | — | 4,369,278 | ||||||||||||||||||||||||||||||||||
5,923,106 | — | — | 5,923,106 | Wells Fargo Mortgage Backed Securities Trust Series 2005-AR16, Class 1A1 | 4.977 | Oct 25 2035 | 5,929,933 | — | — | 5,929,933 | ||||||||||||||||||||||||||||||||||
3,809,179 | — | — | 3,809,179 | Wells Fargo Mortgage Backed Securities Trust Series 2006-AR10, Class 5A3 | 5.606 | Jul 25 2036 | 3,800,145 | — | — | 3,800,145 | ||||||||||||||||||||||||||||||||||
46,464,988 | — | — | 46,464,988 | |||||||||||||||||||||||||||||||||||||||||
CMBS - 3.4% | ||||||||||||||||||||||||||||||||||||||||||||
Interest Only (a) (b) - 0.4% | ||||||||||||||||||||||||||||||||||||||||||||
19,672,041 | — | — | 19,672,041 | Bear Stearns Commercial Mortgage Securities, Inc. Series 2003-T10, Class X2 (c) | 1.246 | Mar 13 2040 | 781,094 | — | — | 781,094 | ||||||||||||||||||||||||||||||||||
12,736,999 | — | — | 12,736,999 | CS First Boston Mortgage Securities Corp. Series 2003-C3, Class ASP (c) | 1.765 | May 15 2038 | 564,906 | — | — | 564,906 | ||||||||||||||||||||||||||||||||||
21,988,469 | — | — | 21,988,469 | JP Morgan Chase Commercial Mortgage Securities Corp. Series 2004-C1, Class X2 (c) | 0.993 | Jan 15 2038 | 680,616 | — | — | 680,616 | ||||||||||||||||||||||||||||||||||
23,010,567 | — | — | 23,010,567 | Prudential Commercial Mortgage Trust Series 2003-PWR1, Class X2 (c) | 1.481 | Feb 11 2036 | 1,057,055 | — | — | 1,057,055 | ||||||||||||||||||||||||||||||||||
3,083,671 | — | — | 3,083,671 | |||||||||||||||||||||||||||||||||||||||||
Sequential Fixed Rate - 3.0% | ||||||||||||||||||||||||||||||||||||||||||||
561,654 | — | — | 561,654 | CS First Boston Mortgage Securities Corp. Series 1997-C2, Class A3 | 6.550 | Jan 17 2035 | 566,773 | — | — | 566,773 | ||||||||||||||||||||||||||||||||||
9,500,000 | — | — | 9,500,000 | First Union National Bank Commercial Mortgage Trust Series 2000-C2, Class A2 | 7.202 | Oct 15 2032 | 10,104,993 | — | — | 10,104,993 | ||||||||||||||||||||||||||||||||||
8,000,000 | — | — | 8,000,000 | GMAC Commercial Mortgage Securities, Inc. Series 2002-C1, Class A2 | 6.278 | Nov 15 2039 | 8,356,382 | — | — | 8,356,382 | ||||||||||||||||||||||||||||||||||
19,028,148 | — | — | 19,028,148 | |||||||||||||||||||||||||||||||||||||||||
Total CMBS | 22,111,819 | — | — | 22,111,819 | ||||||||||||||||||||||||||||||||||||||||
CMOs - 6.7% | ||||||||||||||||||||||||||||||||||||||||||||
Agency CMO - - 0.7% | ||||||||||||||||||||||||||||||||||||||||||||
— | 6,091,624 | — | 6,091,624 | Government National Mortgage Association | 6.000 | Jun 16 2032 | — | 6,156,146 | — | 6,156,146 | ||||||||||||||||||||||||||||||||||
Interest Only(b) - 0.1% | ||||||||||||||||||||||||||||||||||||||||||||
961,853 | — | — | 961,853 | Countrywide Home Loan Trust Series 2003-42, Class 2X1 (a) | 0.368 | Oct 25 2033 | 4,701 | — | — | 4,701 | ||||||||||||||||||||||||||||||||||
155,952 | — | — | 155,952 | CS First Boston Mortgage Securities Corp. Series 2003-11, Class 1A2 | 5.500 | Jun 25 2033 | 9,912 | — | — | 9,912 | ||||||||||||||||||||||||||||||||||
293,502 | — | — | 293,502 | CS First Boston Mortgage Securities Corp. Series 2003-AR18, Class 2X (a) | 0.782 | Jul 25 2033 | 1,931 | — | — | 1,931 | ||||||||||||||||||||||||||||||||||
331,681 | — | — | 331,681 | CS First Boston Mortgage Securities Corp. Series 2003-AR20, Class 2X (a) | 0.605 | Aug 25 2033 | 2,120 | — | — | 2,120 | ||||||||||||||||||||||||||||||||||
29,444 | — | — | 29,444 | FNMA Series 151, Class 2 | 9.500 | Jul 25 2022 | 7,876 | — | — | 7,876 | ||||||||||||||||||||||||||||||||||
3,805,708 | — | — | 3,805,708 | FNMA Series 2004-47, Class EI (a) (d) | 0.000 | Jun 25 2034 | 153,774 | — | — | 153,774 | ||||||||||||||||||||||||||||||||||
1,675,304 | — | — | 1,675,304 | FNMA Series 2004-62, Class DI (a) (d) | 0.000 | Jul 25 2033 | 68,578 | — | — | 68,578 | ||||||||||||||||||||||||||||||||||
2,828,514 | — | — | 2,828,514 | FNMA Series 2004-71, Class DI (a) (d) | 0.000 | Apr 25 2034 | 73,841 | — | — | 73,841 | ||||||||||||||||||||||||||||||||||
105,047 | — | — | 105,047 | Master Adjustable Rate Mortgages Trust Series 2003-2, Class 3AX (a) | 0.679 | Aug 25 2033 | 890 | — | — | 890 | ||||||||||||||||||||||||||||||||||
37,305 | — | — | 37,305 | Master Adjustable Rate Mortgages Trust Series 2003-2, Class 4AX (a) | 1.158 | Jul 25 2033 | 660 | — | — | 660 |
Interest | ||||||||||||||||||||||||||||||||||||||||||||
Principal Amount | Description | Rate | Maturity Date | Value | ||||||||||||||||||||||||||||||||||||||||
AXA Enterprise | AXA Enterprise | |||||||||||||||||||||||||||||||||||||||||||
GS Government | Government | Combined | GS Government | Government | Combined | |||||||||||||||||||||||||||||||||||||||
Income Fund | Securities Fund | adjustment | Proforma | Income Fund | Securities Fund | adjustment | Proforma | |||||||||||||||||||||||||||||||||||||
$ | 2,406,096 | $ | — | $ | — | $ | 2,406,096 | Washington Mutual Series 2003-AR04, Class X1 (a) | 1.181 | Jan 25 2008 | $ | 26,923 | $ | — | $ | — | $ | 26,923 | ||||||||||||||||||||||||||
1,361,986 | — | — | 1,361,986 | Washington Mutual Series 2003-AR07, Class X (a) | 0.940 | Jun 25 2008 | 14,424 | — | — | 14,424 | ||||||||||||||||||||||||||||||||||
5,991,240 | — | — | 5,991,240 | Washington Mutual Series 2003-AR12, Class X (a) | 0.488 | Feb 25 2034 | 41,955 | — | — | 41,955 | ||||||||||||||||||||||||||||||||||
407,585 | — | — | 407,585 | |||||||||||||||||||||||||||||||||||||||||
Inverse Floaters - 0.1% | ||||||||||||||||||||||||||||||||||||||||||||
284,527 | — | — | 284,527 | FHLMC Series 1760, Class ZB | 4.110 | May 15 2024 | 276,506 | — | — | 276,506 | ||||||||||||||||||||||||||||||||||
98,564 | — | — | 98,564 | GNMA Series 2001-48, Class SA | 9.198 | Oct 16 2031 | 111,828 | — | — | 111,828 | ||||||||||||||||||||||||||||||||||
78,557 | — | — | 78,557 | GNMA Series 2001-51, Class SA | 9.447 | Oct 16 2031 | 90,571 | — | — | 90,571 | ||||||||||||||||||||||||||||||||||
98,581 | — | — | 98,581 | GNMA Series 2001-51, Class SB | 9.198 | Oct 16 2031 | 111,124 | — | — | 111,124 | ||||||||||||||||||||||||||||||||||
84,624 | — | — | 84,624 | GNMA Series 2001-59, Class SA | 9.035 | Nov 16 2024 | 96,033 | — | — | 96,033 | ||||||||||||||||||||||||||||||||||
336,391 | — | — | 336,391 | GNMA Series 2002-13, Class SB | 12.740 | Feb 16 2032 | 420,300 | — | — | 420,300 | ||||||||||||||||||||||||||||||||||
1,106,362 | — | — | 1,106,362 | |||||||||||||||||||||||||||||||||||||||||
PAC - 0.2% | ||||||||||||||||||||||||||||||||||||||||||||
2,000,000 | — | — | 2,000,000 | FHLMC Series 2590, Class NV | 5.000 | Mar 15 2018 | 1,973,820 | — | — | 1,973,820 | ||||||||||||||||||||||||||||||||||
Principal Only - 0.9% | ||||||||||||||||||||||||||||||||||||||||||||
4,778,298 | — | — | 4,778,298 | FHLMC Series 235, Class PO | 0.000 | Feb 1 2036 | 3,544,864 | — | — | 3,544,864 | ||||||||||||||||||||||||||||||||||
24,871 | — | — | 24,871 | FNMA REMIC Trust Series G-35, Class N | 0.000 | Oct 25 2021 | 20,136 | — | — | 20,136 | ||||||||||||||||||||||||||||||||||
5,144,881 | — | — | 5,144,881 | FNMA Series 363, Class 1 | 0.000 | Nov 1 2035 | 3,854,501 | — | — | 3,854,501 | ||||||||||||||||||||||||||||||||||
7,419,501 | — | — | 7,419,501 | |||||||||||||||||||||||||||||||||||||||||
Sequential Fixed Rate - 4.7% | ||||||||||||||||||||||||||||||||||||||||||||
10,000,000 | — | — | 10,000,000 | Banc of America Commercial Mortgage, Inc. Series 2005-6, Class A4 | 5.182 | Sep 10 2047 | 9,967,196 | — | — | 9,967,196 | ||||||||||||||||||||||||||||||||||
5,512,564 | — | — | 5,512,564 | FHLMC Series 2329, Class ZA | 6.500 | Jun 15 2031 | 5,684,368 | — | — | 5,684,368 | ||||||||||||||||||||||||||||||||||
10,000,000 | — | — | 10,000,000 | Citigroup/Deutsche Bank Commercial Mortgage Trust (a) | 5.226 | Jul 15 2044 | 10,007,509 | — | — | 10,007,509 | ||||||||||||||||||||||||||||||||||
34,802 | — | — | 34,802 | FNMA REMIC Trust Series 1993-78, Class H | 6.500 | Jun 25 2008 | 34,905 | — | — | 34,905 | ||||||||||||||||||||||||||||||||||
3,241,601 | — | — | 3,241,601 | FNMA REMIC Trust Series 1994-42, Class ZQ | 7.000 | Apr 25 2024 | 3,359,960 | — | — | 3,359,960 | ||||||||||||||||||||||||||||||||||
801,083 | — | — | 801,083 | FNMA Series 2001-53, Class GH | 8.000 | Sep 25 2016 | 845,327 | — | — | 845,327 | ||||||||||||||||||||||||||||||||||
29,899,265 | — | — | 29,899,265 | |||||||||||||||||||||||||||||||||||||||||
Total CMOs | 40,806,533 | — | — | 40,806,533 | ||||||||||||||||||||||||||||||||||||||||
FHLMC - 15.4% | ||||||||||||||||||||||||||||||||||||||||||||
— | 61,064 | — | 61,064 | FHLMC | 7.000 | Sep 1 2017 | — | 63,459 | — | 63,459 | ||||||||||||||||||||||||||||||||||
— | 44,237 | — | 44,237 | FHLMC | 7.000 | Oct 1 2017 | — | 45,971 | — | 45,971 | ||||||||||||||||||||||||||||||||||
— | 58,489 | — | 58,489 | FHLMC | 10.000 | Oct 1 2018 | — | 63,992 | — | 63,992 | ||||||||||||||||||||||||||||||||||
— | 110,502 | — | 110,502 | FHLMC | 10.000 | Jul 1 2020 | — | 121,039 | — | 121,039 | ||||||||||||||||||||||||||||||||||
— | 100,962 | — | 100,962 | FHLMC | 10.000 | Oct 1 2020 | — | 111,250 | — | 111,250 | ||||||||||||||||||||||||||||||||||
— | 435,970 | — | 435,970 | FHLMC | 6.500 | Jul 1 2021 | — | 448,711 | — | 448,711 | ||||||||||||||||||||||||||||||||||
— | 222,629 | — | 222,629 | FHLMC | 9.000 | Oct 1 2022 | — | 240,539 | — | 240,539 | ||||||||||||||||||||||||||||||||||
— | 2,994,394 | — | 2,994,394 | FHLMC | 6.000 | Oct 1 2034 | — | 3,018,760 | — | 3,018,760 | ||||||||||||||||||||||||||||||||||
— | 4,789,115 | — | 4,789,115 | FHLMC | 4.500 | Oct 1 2035 | — | 4,495,095 | — | 4,495,095 | ||||||||||||||||||||||||||||||||||
— | 5,597,577 | — | 5,597,577 | FHLMC | 5.500 | Nov 1 2035 | — | 5,539,373 | — | 5,539,373 | ||||||||||||||||||||||||||||||||||
— | 28,945,938 | — | 28,945,938 | FHLMC | 5.500 | Mar 1 2036 | — | 28,644,957 | — | 28,644,957 | ||||||||||||||||||||||||||||||||||
— | 4,974,393 | — | 4,974,393 | FHLMC | 5.500 | May 1 2036 | — | 4,920,326 | — | 4,920,326 | ||||||||||||||||||||||||||||||||||
1,967,808 | — | — | 1,967,808 | FHLMC | 5.500 | Dec 1 2008 | 1,963,960 | — | — | 1,963,960 | ||||||||||||||||||||||||||||||||||
156,164 | — | — | 156,164 | FHLMC | 7.000 | Jun 1 2009 | 157,929 | — | — | 157,929 | ||||||||||||||||||||||||||||||||||
1,335,342 | — | — | 1,335,342 | FHLMC | 6.500 | Dec 1 2013 | 1,362,409 | — | — | 1,362,409 | ||||||||||||||||||||||||||||||||||
35,195 | — | — | 35,195 | FHLMC | 6.500 | Feb 1 2014 | 35,908 | — | — | 35,908 | ||||||||||||||||||||||||||||||||||
5,032,578 | — | — | 5,032,578 | FHLMC | 7.500 | Nov 1 2014 | 5,247,888 | — | — | 5,247,888 | ||||||||||||||||||||||||||||||||||
22,294 | — | — | 22,294 | FHLMC | 7.000 | Feb 1 2015 | 22,881 | — | — | 22,881 | ||||||||||||||||||||||||||||||||||
2,362,233 | — | — | 2,362,233 | FHLMC | 5.500 | Jul 1 2015 | 2,372,355 | — | — | 2,372,355 | ||||||||||||||||||||||||||||||||||
232,488 | — | — | 232,488 | FHLMC | 8.000 | Jul 1 2015 | 244,985 | — | — | 244,985 | ||||||||||||||||||||||||||||||||||
35,246 | — | — | 35,246 | FHLMC | 7.000 | Jan 1 2016 | 36,153 | — | — | 36,153 | ||||||||||||||||||||||||||||||||||
88,269 | — | — | 88,269 | FHLMC | 7.000 | Feb 1 2016 | 90,540 | — | — | 90,540 | ||||||||||||||||||||||||||||||||||
672,913 | — | — | 672,913 | FHLMC | 4.500 | May 1 2018 | 651,540 | — | — | 651,540 | ||||||||||||||||||||||||||||||||||
574,287 | — | — | 574,287 | FHLMC | 5.500 | May 1 2018 | 575,892 | — | — | 575,892 | ||||||||||||||||||||||||||||||||||
158,999 | — | — | 158,999 | FHLMC | 4.500 | Jun 1 2018 | 153,960 | — | — | 153,960 | ||||||||||||||||||||||||||||||||||
3,099,820 | — | — | 3,099,820 | FHLMC | 5.500 | Jun 1 2018 | 3,108,487 | — | — | 3,108,487 | ||||||||||||||||||||||||||||||||||
647,166 | — | — | 647,166 | FHLMC | 4.500 | Sep 1 2018 | 626,655 | — | — | 626,655 | ||||||||||||||||||||||||||||||||||
470,504 | — | — | 470,504 | FHLMC | 4.500 | Oct 1 2018 | 455,582 | — | — | 455,582 | ||||||||||||||||||||||||||||||||||
484,979 | — | — | 484,979 | FHLMC | 4.500 | Nov 1 2018 | 469,593 | — | — | 469,593 | ||||||||||||||||||||||||||||||||||
12,187,542 | — | — | 12,187,542 | FHLMC | 4.500 | Dec 1 2018 | 11,801,285 | — | — | 11,801,285 | ||||||||||||||||||||||||||||||||||
2,475,156 | — | — | 2,475,156 | FHLMC | 5.000 | Dec 1 2018 | 2,442,130 | — | — | 2,442,130 | ||||||||||||||||||||||||||||||||||
176,528 | — | — | 176,528 | FHLMC | 4.500 | Jan 1 2019 | 170,933 | — | — | 170,933 | ||||||||||||||||||||||||||||||||||
350,732 | — | — | 350,732 | FHLMC | 4.500 | Mar 1 2019 | 339,580 | — | — | 339,580 | ||||||||||||||||||||||||||||||||||
14,342,903 | — | — | 14,342,903 | FHLMC | 4.000 | Jun 1 2019 | 13,582,048 | — | — | 13,582,048 | ||||||||||||||||||||||||||||||||||
8,796,067 | — | — | 8,796,067 | FHLMC | 4.500 | Jun 1 2019 | 8,517,296 | — | — | 8,517,296 | ||||||||||||||||||||||||||||||||||
707,572 | — | — | 707,572 | FHLMC | 5.000 | Jun 1 2019 | 697,355 | — | — | 697,355 | ||||||||||||||||||||||||||||||||||
7,097,215 | — | — | 7,097,215 | FHLMC | 5.000 | Nov 1 2019 | 7,002,511 | — | — | 7,002,511 | ||||||||||||||||||||||||||||||||||
974,329 | — | — | 974,329 | FHLMC | 4.500 | Feb 1 2020 | 943,450 | — | — | 943,450 | ||||||||||||||||||||||||||||||||||
30,769 | — | — | 30,769 | FHLMC | 6.500 | Aug 1 2022 | 31,437 | — | — | 31,437 | ||||||||||||||||||||||||||||||||||
1,836,691 | — | — | 1,836,691 | FHLMC | 4.500 | Oct 1 2023 | 1,754,526 | — | — | 1,754,526 | ||||||||||||||||||||||||||||||||||
7,134,567 | — | — | 7,134,567 | FHLMC | 5.500 | Nov 1 2023 | 7,125,840 | — | — | 7,125,840 | ||||||||||||||||||||||||||||||||||
22,961 | — | — | 22,961 | FHLMC | 7.500 | Mar 1 2027 | 23,762 | — | — | 23,762 | ||||||||||||||||||||||||||||||||||
1,188,731 | — | — | 1,188,731 | FHLMC | 6.500 | Jul 1 2028 | 1,211,671 | — | — | 1,211,671 | ||||||||||||||||||||||||||||||||||
6,405,077 | — | — | 6,405,077 | FHLMC | 6.500 | Dec 1 2029 | 6,573,738 | — | — | 6,573,738 | ||||||||||||||||||||||||||||||||||
19,358 | — | — | 19,358 | FHLMC | 8.000 | Jul 1 2030 | 20,247 | — | — | 20,247 | ||||||||||||||||||||||||||||||||||
58,551 | — | — | 58,551 | FHLMC | 7.500 | Dec 1 2030 | 60,591 | — | — | 60,591 | ||||||||||||||||||||||||||||||||||
6,163 | — | — | 6,163 | FHLMC | 7.500 | Jan 1 2031 | 6,377 | — | — | 6,377 | ||||||||||||||||||||||||||||||||||
491,003 | — | — | 491,003 | FHLMC | 7.000 | Apr 1 2031 | 508,536 | — | — | 508,536 | ||||||||||||||||||||||||||||||||||
295,530 | — | — | 295,530 | FHLMC | 6.500 | Jul 1 2031 | 303,312 | — | — | 303,312 | ||||||||||||||||||||||||||||||||||
1,985,869 | — | — | 1,985,869 | FHLMC | 6.000 | May 1 2033 | 2,003,965 | — | — | 2,003,965 | ||||||||||||||||||||||||||||||||||
82,697,307 | 47,713,472 | — | 130,410,779 | |||||||||||||||||||||||||||||||||||||||||
FNMA - 20.7% | ||||||||||||||||||||||||||||||||||||||||||||
— | 109,573 | — | 109,573 | FNMA | 5.500 | Jan 1 2009 | — | 109,473 | — | 109,473 | ||||||||||||||||||||||||||||||||||
— | 5,826 | — | 5,826 | FNMA | 6.500 | Feb 1 2009 | — | 5,842 | — | 5,842 | ||||||||||||||||||||||||||||||||||
— | 191,297 | — | 191,297 | FNMA | 5.500 | Jun 1 2009 | — | 190,932 | — | 190,932 | ||||||||||||||||||||||||||||||||||
— | 110,947 | — | 110,947 | FNMA | 7.000 | Mar 1 2014 | — | 115,147 | — | 115,147 | ||||||||||||||||||||||||||||||||||
— | 723,924 | — | 723,924 | FNMA | 8.000 | Nov 1 2016 | — | 766,514 | — | 766,514 | ||||||||||||||||||||||||||||||||||
— | 571,404 | — | 571,404 | FNMA | 6.500 | Aug 1 2019 | — | 588,744 | — | 588,744 | ||||||||||||||||||||||||||||||||||
— | 47,715 | — | 47,715 | FNMA | 9.500 | Aug 1 2020 | — | 52,221 | — | 52,221 | ||||||||||||||||||||||||||||||||||
— | 120,752 | — | 120,752 | FNMA | 9.500 | Oct 1 2020 | — | 132,156 | — | 132,156 | ||||||||||||||||||||||||||||||||||
— | 4,052,297 | — | 4,052,297 | FNMA | 5.500 | Feb 1 2023 | — | 4,043,645 | — | 4,043,645 | ||||||||||||||||||||||||||||||||||
— | 5,269,749 | — | 5,269,749 | FNMA | 5.500 | Aug 1 2023 | — | 5,258,498 | — | 5,258,498 | ||||||||||||||||||||||||||||||||||
— | 1,306,276 | — | 1,306,276 | FNMA | 6.000 | Nov 1 2028 | — | 1,321,748 | — | 1,321,748 | ||||||||||||||||||||||||||||||||||
— | 79,152 | — | 79,152 | FNMA | 7.000 | Nov 1 2030 | — | 81,784 | — | 81,784 | ||||||||||||||||||||||||||||||||||
— | 6,087,197 | — | 6,087,197 | FNMA | 5.500 | Jul 1 2033 | — | 5,991,094 | — | 5,991,094 | ||||||||||||||||||||||||||||||||||
— | 5,360,360 | — | 5,360,360 | FNMA | 4.500 | Sep 1 2033 | — | 5,046,262 | — | 5,046,262 | ||||||||||||||||||||||||||||||||||
— | 9,281,283 | — | 9,281,283 | FNMA | 5.000 | Jun 1 2035 | — | 8,963,850 | — | 8,963,850 | ||||||||||||||||||||||||||||||||||
— | 8,033,712 | — | 8,033,712 | FNMA | 5.000 | Jul 1 2035 | — | 7,758,948 | — | 7,758,948 | ||||||||||||||||||||||||||||||||||
— | 925,902 | — | 925,902 | FNMA | 5.000 | Aug 1 2035 | — | 894,235 | — | 894,235 | ||||||||||||||||||||||||||||||||||
— | 4,695,359 | — | 4,695,359 | FNMA | 5.500 | Oct 1 2036 | — | 4,640,794 | — | 4,640,794 | ||||||||||||||||||||||||||||||||||
5,005,721 | — | — | 5,005,721 | FNMA | 6.255 | Dec 1 2008 | 5,065,818 | — | — | 5,065,818 | ||||||||||||||||||||||||||||||||||
775,740 | — | — | 775,740 | FNMA | 5.500 | May 1 2009 | 762,265 | — | — | 762,265 | ||||||||||||||||||||||||||||||||||
593,730 | — | — | 593,730 | FNMA | 4.500 | Mar 1 2013 | 581,899 | — | — | 581,899 | ||||||||||||||||||||||||||||||||||
266,076 | — | — | 266,076 | FNMA | 4.500 | May 1 2013 | 260,668 | — | — | 260,668 | ||||||||||||||||||||||||||||||||||
347,085 | — | — | 347,085 | FNMA | 4.000 | Jun 1 2013 | 335,812 | — | — | 335,812 | ||||||||||||||||||||||||||||||||||
557,518 | — | — | 557,518 | FNMA | 4.500 | Jun 1 2013 | 546,071 | — | — | 546,071 | ||||||||||||||||||||||||||||||||||
463,946 | — | — | 463,946 | FNMA | 4.000 | Jul 1 2013 | 448,762 | — | — | 448,762 | ||||||||||||||||||||||||||||||||||
578,823 | — | — | 578,823 | FNMA | 4.500 | Jul 1 2013 | 566,814 | — | — | 566,814 | ||||||||||||||||||||||||||||||||||
641,395 | — | — | 641,395 | FNMA | 4.000 | Aug 1 2013 | 620,426 | — | — | 620,426 | ||||||||||||||||||||||||||||||||||
273,230 | — | — | 273,230 | FNMA | 4.500 | Aug 1 2013 | 267,505 | — | — | 267,505 | ||||||||||||||||||||||||||||||||||
943,590 | — | — | 943,590 | FNMA | 4.000 | Sep 1 2013 | 912,525 | — | — | 912,525 | ||||||||||||||||||||||||||||||||||
1,140,067 | — | — | 1,140,067 | FNMA | 4.500 | Sep 1 2013 | 1,115,970 | — | — | 1,115,970 | ||||||||||||||||||||||||||||||||||
1,909,758 | — | — | 1,909,758 | FNMA | 4.000 | Oct 1 2013 | 1,846,390 | — | — | 1,846,390 | ||||||||||||||||||||||||||||||||||
933,294 | — | — | 933,294 | FNMA | 4.000 | Apr 1 2014 | 900,592 | — | — | 900,592 | ||||||||||||||||||||||||||||||||||
4,499,828 | — | — | 4,499,828 | FNMA | 5.500 | Sep 1 2014 | 4,519,017 | — | — | 4,519,017 | ||||||||||||||||||||||||||||||||||
144,503 | — | — | 144,503 | FNMA | 7.000 | Mar 1 2015 | 147,584 | — | — | 147,584 | ||||||||||||||||||||||||||||||||||
46,026 | — | — | 46,026 | FNMA | 8.000 | Jan 1 2016 | 48,294 | — | — | 48,294 | ||||||||||||||||||||||||||||||||||
759,971 | — | — | 759,971 | FNMA | 5.000 | Nov 1 2017 | 750,369 | — | — | 750,369 | ||||||||||||||||||||||||||||||||||
25,299,851 | — | — | 25,299,851 | FNMA | 5.000 | Dec 1 2017 | 24,980,229 | — | — | 24,980,229 | ||||||||||||||||||||||||||||||||||
4,607,194 | — | — | 4,607,194 | FNMA | 5.000 | Jan 1 2018 | 4,548,989 | — | — | 4,548,989 | ||||||||||||||||||||||||||||||||||
5,795,184 | — | — | 5,795,184 | FNMA | 5.000 | Feb 1 2018 | 5,721,830 | — | — | 5,721,830 | ||||||||||||||||||||||||||||||||||
5,099,173 | — | — | 5,099,173 | FNMA | 5.000 | Mar 1 2018 | 5,033,502 | — | — | 5,033,502 | ||||||||||||||||||||||||||||||||||
684,167 | — | — | 684,167 | FNMA | 4.500 | Apr 1 2018 | 663,319 | — | — | 663,319 | ||||||||||||||||||||||||||||||||||
1,851,419 | — | — | 1,851,419 | FNMA | 5.000 | Apr 1 2018 | 1,827,575 | — | — | 1,827,575 | ||||||||||||||||||||||||||||||||||
3,113,190 | — | — | 3,113,190 | FNMA | 4.500 | May 1 2018 | 3,018,325 | — | — | 3,018,325 | ||||||||||||||||||||||||||||||||||
674,598 | — | — | 674,598 | FNMA | 5.000 | May 1 2018 | 665,911 | — | — | 665,911 |
Interest | ||||||||||||||||||||||||||||||||||||||||||||
Principal Amount | Description | Rate | Maturity Date | Value | ||||||||||||||||||||||||||||||||||||||||
AXA Enterprise | AXA Enterprise | |||||||||||||||||||||||||||||||||||||||||||
GS Government | Government | Combined | GS Government | Government | Combined | |||||||||||||||||||||||||||||||||||||||
Income Fund | Securities Fund | adjustment | Proforma | Income Fund | Securities Fund | adjustment | Proforma | |||||||||||||||||||||||||||||||||||||
$ | 5,721,833 | $ | — | $ | — | $ | 5,721,833 | FNMA | 4.500 | Jun 1 2018 | $ | 5,547,480 | $ | — | $ | — | $ | 5,547,480 | ||||||||||||||||||||||||||
3,050,756 | — | — | 3,050,756 | FNMA | 5.000 | Jun 1 2018 | 3,011,510 | — | — | 3,011,510 | ||||||||||||||||||||||||||||||||||
445,628 | — | — | 445,628 | FNMA | 4.500 | Jul 1 2018 | 432,050 | — | — | 432,050 | ||||||||||||||||||||||||||||||||||
146,811 | — | — | 146,811 | FNMA | 5.000 | Jul 1 2018 | 144,921 | — | — | 144,921 | ||||||||||||||||||||||||||||||||||
12,224,762 | — | — | 12,224,762 | FNMA | 4.000 | Aug 1 2018 | 11,611,784 | — | — | 11,611,784 | ||||||||||||||||||||||||||||||||||
531,560 | — | — | 531,560 | FNMA | 4.500 | Aug 1 2018 | 515,362 | — | — | 515,362 | ||||||||||||||||||||||||||||||||||
126,679 | — | — | 126,679 | FNMA | 5.000 | Aug 1 2018 | 125,048 | — | — | 125,048 | ||||||||||||||||||||||||||||||||||
890,326 | — | — | 890,326 | FNMA | 4.500 | Sep 1 2018 | 863,196 | — | — | 863,196 | ||||||||||||||||||||||||||||||||||
1,762,087 | — | — | 1,762,087 | FNMA | 5.000 | Sep 1 2018 | 1,739,946 | — | — | 1,739,946 | ||||||||||||||||||||||||||||||||||
9,070,226 | — | — | 9,070,226 | FNMA | 5.000 | Oct 1 2018 | 8,956,254 | — | — | 8,956,254 | ||||||||||||||||||||||||||||||||||
4,303,468 | — | — | 4,303,468 | FNMA | 5.000 | Nov 1 2018 | 4,248,045 | — | — | 4,248,045 | ||||||||||||||||||||||||||||||||||
31,503 | — | — | 31,503 | FNMA | 4.500 | Dec 1 2018 | 30,543 | — | — | 30,543 | ||||||||||||||||||||||||||||||||||
1,794,910 | — | — | 1,794,910 | FNMA | 5.500 | Dec 1 2018 | 1,801,736 | — | — | 1,801,736 | ||||||||||||||||||||||||||||||||||
3,442,630 | — | — | 3,442,630 | FNMA | 5.000 | Apr 1 2019 | 3,398,294 | — | — | 3,398,294 | ||||||||||||||||||||||||||||||||||
1,126,876 | — | — | 1,126,876 | FNMA | 4.500 | Jun 1 2019 | 1,091,473 | — | — | 1,091,473 | ||||||||||||||||||||||||||||||||||
3,709,167 | — | — | 3,709,167 | FNMA | 5.000 | Jun 1 2019 | 3,661,399 | — | — | 3,661,399 | ||||||||||||||||||||||||||||||||||
6,438,166 | — | — | 6,438,166 | FNMA | 4.500 | Oct 1 2023 | 6,118,829 | — | — | 6,118,829 | ||||||||||||||||||||||||||||||||||
57,064 | — | — | 57,064 | FNMA | 6.500 | Oct 1 2028 | 58,637 | — | — | 58,637 | ||||||||||||||||||||||||||||||||||
59,987 | — | — | 59,987 | FNMA | 6.500 | Nov 1 2028 | 61,637 | — | — | 61,637 | ||||||||||||||||||||||||||||||||||
25,129 | — | — | 25,129 | FNMA | 7.500 | Jul 1 2029 | 25,968 | — | — | 25,968 | ||||||||||||||||||||||||||||||||||
1,858 | — | — | 1,858 | FNMA | 7.500 | Aug 1 2029 | 1,920 | — | — | 1,920 | ||||||||||||||||||||||||||||||||||
12,266 | — | — | 12,266 | FNMA | 7.500 | Oct 1 2029 | 12,675 | — | — | 12,675 | ||||||||||||||||||||||||||||||||||
69 | — | — | 69 | FNMA | 7.500 | Jan 1 2030 | 71 | — | — | 71 | ||||||||||||||||||||||||||||||||||
3,787 | — | — | 3,787 | FNMA | 7.500 | Feb 1 2030 | 3,913 | — | — | 3,913 | ||||||||||||||||||||||||||||||||||
777,212 | — | — | 777,212 | FNMA | 7.000 | Jul 1 2031 | 799,205 | — | — | 799,205 | ||||||||||||||||||||||||||||||||||
14,789 | — | — | 14,789 | FNMA | 6.500 | Jan 1 2034 | 15,155 | — | — | 15,155 | ||||||||||||||||||||||||||||||||||
5,000,000 | — | — | 5,000,000 | FNMA (e) | 7.000 | Dec 1 2099 | 5,140,625 | — | — | 5,140,625 | ||||||||||||||||||||||||||||||||||
4,000,000 | — | — | 4,000,000 | FNMA (e) | 7.500 | Dec 1 2099 | 4,146,248 | — | — | 4,146,248 | ||||||||||||||||||||||||||||||||||
129,720,385 | 45,961,887 | — | 175,682,272 | |||||||||||||||||||||||||||||||||||||||||
GNMA | ||||||||||||||||||||||||||||||||||||||||||||
— | 756 | — | 756 | GNMA - 8.9% | 9.000 | Aug 15 2016 | — | 809 | — | 809 | ||||||||||||||||||||||||||||||||||
— | 386,491 | — | 386,491 | GNMA | 7.000 | Dec 15 2027 | — | 400,195 | — | 400,195 | ||||||||||||||||||||||||||||||||||
— | 65,069 | — | 65,069 | GNMA | 6.500 | Aug 15 2028 | — | 67,100 | — | 67,100 | ||||||||||||||||||||||||||||||||||
— | 698,573 | — | 698,573 | GNMA | 6.000 | Jan 15 2029 | — | 709,948 | — | 709,948 | ||||||||||||||||||||||||||||||||||
— | 151,774 | — | 151,774 | GNMA | 7.000 | Jun 15 2029 | — | 157,018 | — | 157,018 | ||||||||||||||||||||||||||||||||||
— | 346,485 | — | 346,485 | GNMA | 7.000 | Oct 15 2029 | — | 358,458 | — | 358,458 | ||||||||||||||||||||||||||||||||||
— | 7,735,191 | — | 7,735,191 | GNMA | 5.500 | Dec 15 2032 | — | 7,712,687 | — | 7,712,687 | ||||||||||||||||||||||||||||||||||
— | 14,333,754 | — | 14,333,754 | GNMA | 5.000 | May 15 2033 | — | 13,998,384 | — | 13,998,384 | ||||||||||||||||||||||||||||||||||
— | 9,258,994 | — | 9,258,994 | GNMA | 5.000 | Jun 15 2033 | — | 9,042,360 | — | 9,042,360 | ||||||||||||||||||||||||||||||||||
— | 29,363,170 | — | 29,363,170 | GNMA | 5.000 | Jul 15 2033 | — | 28,676,154 | — | 28,676,154 | ||||||||||||||||||||||||||||||||||
— | 3,517,944 | — | 3,517,944 | GNMA | 5.000 | Sep 15 2033 | — | 3,435,634 | — | 3,435,634 | ||||||||||||||||||||||||||||||||||
— | 6,764,141 | — | 6,764,141 | GNMA | 5.000 | Mar 15 2034 | — | 6,602,102 | — | 6,602,102 | ||||||||||||||||||||||||||||||||||
— | 4,569,498 | — | 4,569,498 | GNMA | 5.500 | Jun 15 2034 | — | 4,553,413 | — | 4,553,413 | ||||||||||||||||||||||||||||||||||
— | 75,714,262 | — | 75,714,262 | |||||||||||||||||||||||||||||||||||||||||
TOTAL MORTGAGE-BACKED OBLIGATIONS | ||||||||||||||||||||||||||||||||||||||||||||
(Cost $379,763,341, $204,707,007, $0 and $584,470,348, respectively) | 377,925,267 | 204,014,395 | — | 581,939,662 | ||||||||||||||||||||||||||||||||||||||||
Agency Debentures - 13.9% | ||||||||||||||||||||||||||||||||||||||||||||
FFCB - 5.2% | ||||||||||||||||||||||||||||||||||||||||||||
6,838,000 | — | — | 6,838,000 | FFCB | 4.100 | Jul 21 2008 | 6,745,325 | — | — | 6,745,325 | ||||||||||||||||||||||||||||||||||
10,000,000 | — | — | 10,000,000 | FFCB | 4.200 | Feb 23 2009 | 9,854,180 | — | — | 9,854,180 | ||||||||||||||||||||||||||||||||||
11,000,000 | — | — | 11,000,000 | FFCB | 4.450 | Jun 11 2009 | 10,892,200 | — | — | 10,892,200 | ||||||||||||||||||||||||||||||||||
7,000,000 | — | — | 7,000,000 | FFCB | 7.375 | Feb 9 2010 | 7,539,112 | — | — | 7,539,112 | ||||||||||||||||||||||||||||||||||
9,000,000 | — | — | 9,000,000 | FFCB | 4.750 | Nov 6 2012 | 8,925,318 | — | — | 8,925,318 | ||||||||||||||||||||||||||||||||||
43,956,135 | — | — | 43,956,135 | |||||||||||||||||||||||||||||||||||||||||
FHLB - 3.5% | ||||||||||||||||||||||||||||||||||||||||||||
1,000,000 | — | — | 1,000,000 | FHLB (f) | 5.680 | Dec 3 2007 | 1,005,963 | — | — | 1,005,963 | ||||||||||||||||||||||||||||||||||
15,560,000 | — | — | 15,560,000 | FHLB | 4.100 | Jun 13 2008 | 15,363,197 | — | — | 15,363,197 | ||||||||||||||||||||||||||||||||||
3,900,000 | — | — | 3,900,000 | FHLB | 3.500 | Feb 13 2009 | 3,781,017 | — | — | 3,781,017 | ||||||||||||||||||||||||||||||||||
1,500,000 | — | — | 1,500,000 | FHLB | 7.625 | May 14 2010 | 1,631,130 | — | — | 1,631,130 | ||||||||||||||||||||||||||||||||||
8,400,000 | — | — | 8,400,000 | FHLB | 4.500 | Sep 14 2012 | 8,215,648 | — | — | 8,215,648 | ||||||||||||||||||||||||||||||||||
29,996,955 | — | — | 29,996,955 | |||||||||||||||||||||||||||||||||||||||||
FHLMC - 2.5% | ||||||||||||||||||||||||||||||||||||||||||||
10,390,000 | — | — | 10,390,000 | FHLMC | 4.250 | Jun 23 2008 | 10,279,409 | — | — | 10,279,409 | ||||||||||||||||||||||||||||||||||
11,000,000 | — | — | 11,000,000 | FHLMC | 4.480 | Sep 19 2008 | 10,906,265 | — | — | 10,906,265 | ||||||||||||||||||||||||||||||||||
21,185,674 | — | — | 21,185,674 | |||||||||||||||||||||||||||||||||||||||||
FNMA - 0.8% | ||||||||||||||||||||||||||||||||||||||||||||
5,000,000 | — | — | 5,000,000 | FNMA | 6.625 | Sep 15 209 | 5,233,724 | — | — | 5,233,724 | ||||||||||||||||||||||||||||||||||
1,200,000 | — | — | 1,200,000 | FNMA | 6.000 | May 15 2011 | 1,254,101 | — | — | 1,254,101 | ||||||||||||||||||||||||||||||||||
6,487,825 | — | — | 6,487,825 | |||||||||||||||||||||||||||||||||||||||||
New Valley Generation II - 0.4% | ||||||||||||||||||||||||||||||||||||||||||||
3,416,362 | — | — | 3,416,362 | New Valley Generation II | 5.572 | May 1 2020 | 3,444,368 | — | — | 3,444,368 | ||||||||||||||||||||||||||||||||||
Small Business Administration - 0.3% | ||||||||||||||||||||||||||||||||||||||||||||
574,939 | — | — | 574,939 | Small Business Administration | 6.700 | Dec 1 2016 | 592,681 | — | — | 592,681 | ||||||||||||||||||||||||||||||||||
433,271 | — | — | 433,271 | Small Business Administration | 7.150 | Mar 1 2017 | 450,725 | — | — | 450,725 | ||||||||||||||||||||||||||||||||||
329,548 | — | — | 329,548 | Small Business Administration | 7.500 | Apr 1 2017 | 345,040 | — | — | 345,040 | ||||||||||||||||||||||||||||||||||
195,788 | — | — | 195,788 | Small Business Administration | 7.300 | May 1 2017 | 203,984 | — | — | 203,984 | ||||||||||||||||||||||||||||||||||
140,645 | — | — | 140,645 | Small Business Administration | 6.800 | Aug 1 2017 | 145,564 | — | — | 145,564 | ||||||||||||||||||||||||||||||||||
358,500 | — | — | 358,500 | Small Business Administration | 6.300 | May 1 2018 | 368,207 | — | — | 368,207 | ||||||||||||||||||||||||||||||||||
356,024 | — | — | 356,024 | Small Business Administration | 6.300 | Jun 1 2018 | 365,773 | — | — | 365,773 | ||||||||||||||||||||||||||||||||||
2,471,974 | — | — | 2,471,974 | |||||||||||||||||||||||||||||||||||||||||
Tennessee Valley Authority - 1.2% | ||||||||||||||||||||||||||||||||||||||||||||
6,000,000 | — | — | 6,000,000 | Tennessee Valley Authority (f) | 4.875 | Dec 15 2016 | 5,993,947 | — | — | 5,993,947 | ||||||||||||||||||||||||||||||||||
4,000,000 | — | — | 4,000,000 | Tennessee Valley Authority | 5.375 | Apr 1 2056 | 4,123,760 | — | — | 4,123,760 | ||||||||||||||||||||||||||||||||||
10,117,707 | — | — | 10,117,707 | |||||||||||||||||||||||||||||||||||||||||
�� | ||||||||||||||||||||||||||||||||||||||||||||
TOTAL AGENCY DEBENTURES | ||||||||||||||||||||||||||||||||||||||||||||
(Cost $119,153,443, $0, $0 and $119,153,443, respectively) | 117,660,638 | — | — | 117,660,638 | ||||||||||||||||||||||||||||||||||||||||
Asset-Backed Securities - 1.6% | ||||||||||||||||||||||||||||||||||||||||||||
Home Equity (a) - 1.6% | ||||||||||||||||||||||||||||||||||||||||||||
1,442,444 | — | — | 1,442,444 | Carrington Mortgage Loan Trust Series 2005-OPT2, Class A1B | 5.470 | May 25 2035 | 1,442,669 | — | — | 1,442,669 | ||||||||||||||||||||||||||||||||||
1,439,086 | — | — | 1,439,086 | Citigroup Mortgage Loan Trust, Inc. Series 2004-OPT1, Class A2 | 5.680 | Oct 25 2034 | 1,439,148 | — | — | 1,439,148 | ||||||||||||||||||||||||||||||||||
1,508,844 | — | — | 1,508,844 | Countrywide Home Equity Loan Trust Series 2004-I, Class A | 5.610 | Feb 15 2034 | 1,513,323 | — | — | 1,513,323 | ||||||||||||||||||||||||||||||||||
1,631,291 | — | — | 1,631,291 | Countrywide Home Equity Loan Trust Series 2004-Q, Class 2A | 5.620 | Dec 15 2033 | 1,635,695 | — | — | 1,635,695 | ||||||||||||||||||||||||||||||||||
1,759,147 | — | — | 1,759,147 | Countrywide Home Equity Loan Trust Series 2005-B, Class 2A | 5.500 | May 15 2035 | 1,760,796 | — | — | 1,760,796 | ||||||||||||||||||||||||||||||||||
4,563,430 | — | — | 4,563,430 | Master Asset Backed Securities Trust Series 2005-WMC1, Class A4 | 5.510 | Mar 25 2035 | 4,565,269 | — | — | 4,565,269 | ||||||||||||||||||||||||||||||||||
1,019,791 | — | — | 1,019,791 | Popular ABS Mortgage Pass-Through Trust Series 2004-5, Class AV2 | 5.660 | Dec 25 2034 | 1,020,907 | — | — | 1,020,907 | ||||||||||||||||||||||||||||||||||
304,878 | — | — | 304,878 | Securitized Asset Backed Receivables LLC Trust Series 2004-OP2, Class A2 | 5.670 | Aug 25 2034 | 305,216 | — | — | 305,216 | ||||||||||||||||||||||||||||||||||
13,683,023 | — | — | 13,683,023 | |||||||||||||||||||||||||||||||||||||||||
Manufactured Housing - 0.0% | ||||||||||||||||||||||||||||||||||||||||||||
292,402 | — | — | 292,402 | Mid-State Trust Series 4, Class A | 8.330 | Apr 1 2030 | 301,735 | — | — | 301,735 | ||||||||||||||||||||||||||||||||||
TOTAL ASSET-BACKED SECURITIES | ||||||||||||||||||||||||||||||||||||||||||||
(Cost $13,973,576, $0, $0 and $13,973,576, respectively) | 13,984,758 | — | — | 13,984,758 | ||||||||||||||||||||||||||||||||||||||||
U.S. Treasury Obligations - 2.1% | ||||||||||||||||||||||||||||||||||||||||||||
United States Treasury Inflation Protected Securities | ||||||||||||||||||||||||||||||||||||||||||||
1,887,187 | — | — | 1,887,187 | United States Treasury Inflation Protected Securities | 1.875 | Jul 15 2013 | 1,827,475 | — | — | 1,827,475 | ||||||||||||||||||||||||||||||||||
3,089,632 | — | — | 3,089,632 | United States Treasury Inflation Protected Securities | 2.000 | Jan 15 2014 | 3,011,304 | — | — | 3,011,304 | ||||||||||||||||||||||||||||||||||
2,812,290 | — | — | 2,812,290 | United States Treasury Inflation Protected Securities | 2.000 | Jul 15 2014 | 2,739,345 | — | — | 2,739,345 | ||||||||||||||||||||||||||||||||||
5,031,408 | — | — | 5,031,408 | United States Treasury Inflation Protected Securities | 1.875 | Jul 15 2015 | 4,845,497 | — | — | 4,845,497 | ||||||||||||||||||||||||||||||||||
308,178 | — | — | 308,178 | United States Treasury Inflation Protected Securities | 2.000 | Jan 15 2016 | 299,390 | — | — | 299,390 | ||||||||||||||||||||||||||||||||||
4,644,068 | — | — | 4,644,068 | United States Treasury Inflation Protected Securities | 2.500 | Jul 15 2016 | 4,710,826 | — | — | 4,710,826 | ||||||||||||||||||||||||||||||||||
TOTAL U.S. TREASURY OBLIGATIONS | ||||||||||||||||||||||||||||||||||||||||||||
(Cost $17,533,818, $0, $0 and $17,533,818, respectively) | 17,433,837 | — | — | 17,433,837 | ||||||||||||||||||||||||||||||||||||||||
Insured Revenue Bonds - 0.9% | ||||||||||||||||||||||||||||||||||||||||||||
2,000,000 | — | — | 2,000,000 | New Jersey Economic Development Authority Series A (MBIA) | 7.425 | Feb 15 2029 | 2,490,080 | — | — | 2,490,080 | ||||||||||||||||||||||||||||||||||
5,500,000 | — | — | 5,500,000 | Sales Tax Asset Receivable Taxable Series B (FSA) | 3.600 | Oct 15 2008 | 5,349,575 | — | — | 5,349,575 | ||||||||||||||||||||||||||||||||||
TOTAL INSURED REVENUE BONDS | ||||||||||||||||||||||||||||||||||||||||||||
(Cost $7,500,000, $0, $0 and $7,500,000, respectively) | 7,839,655 | — | — | 7,839,655 | ||||||||||||||||||||||||||||||||||||||||
Short Term Securities - 0.6% | ||||||||||||||||||||||||||||||||||||||||||||
— | 5,076,605 | — | 5,076,605 | Time Deposits (cost $0, $5,076,605, $0 and $5,076,605, respectively | 4.800 | Nov 1 2006 | — | 5,076,605 | — | 5,076,605 | ||||||||||||||||||||||||||||||||||
Interest | Maturity | |||||||||||||||||||||||||||||||||||||||||||
Principal Amount | Description | Rate | Date | Value | ||||||||||||||||||||||||||||||||||||||||
AXA Enterprise | AXA Enterprise | |||||||||||||||||||||||||||||||||||||||||||
GS Government | Government | Combined | GS Government | Government | Combined | |||||||||||||||||||||||||||||||||||||||
Income Fund | Securities Fund | adjustment | Proforma | Income Fund | Securities Fund | adjustment | Proforma | |||||||||||||||||||||||||||||||||||||
TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENT | $ | 534,844,155 | $ | 209,091,000 | $ | — | $ | 743,935,155 | ||||||||||||||||||||||||||||||||||||
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||||||||||||||||||||||||||||||
Repurchase Agreement (g) | 13.2 | % | ||||||||||||||||||||||||||||||||||||||||||
Joint Repurchase Agreement Account II 5.32% 00/1/2006 | ||||||||||||||||||||||||||||||||||||||||||||
$ | 112,200,000 | $ | — | $ | — | $ | 112,200,000 | Maturity Value $112,216,581 | 112,200,000 | — | — | 112,200,000 | ||||||||||||||||||||||||||||||||
Total Repurchase Agreements (g) | 112,200,000 | $ | — | 112,200,000 | ||||||||||||||||||||||||||||||||||||||||
Total Investments (cost $650,124,178, $209,783,612, $0 and $859,907,790, respectively) | 101.0 | % | 647,044,155 | 209,091,000 | — | 856,135,155 | ||||||||||||||||||||||||||||||||||||||
Liabilities in excess of net assets / other assets in excess of net assets | -1.0 | % | (8,393,301 | ) | 100,685 | — | (8,292,616 | ) | ||||||||||||||||||||||||||||||||||||
Net assets | 100.0 | % | $ | 638,650,854 | $ | 209,191,685 | $ | — | 847,842,539 | |||||||||||||||||||||||||||||||||||
Investment Abbreviations: | ||||||||||||||||||||||||||||||||||||||||||||
CMBS — Commercial Mortgage Backed Securities | ||||||||||||||||||||||||||||||||||||||||||||
CMO — Collateralized Mortgage Obligations | ||||||||||||||||||||||||||||||||||||||||||||
FFCB — Federal Farm Credit Bank | ||||||||||||||||||||||||||||||||||||||||||||
FHLB — Federal Home Loan Bank | ||||||||||||||||||||||||||||||||||||||||||||
FHLMC — Federal Home Loan Mortgage Corp. | ||||||||||||||||||||||||||||||||||||||||||||
FNMA — Federal National Mortgage Association | ||||||||||||||||||||||||||||||||||||||||||||
FSA — Insured by Financial Security Assurance Co. | ||||||||||||||||||||||||||||||||||||||||||||
GNMA — Government National Mortgage Association | ||||||||||||||||||||||||||||||||||||||||||||
MBIA — Insured by Municipal Bond Investors Assurance | ||||||||||||||||||||||||||||||||||||||||||||
PAC Planned Amortization Class | ||||||||||||||||||||||||||||||||||||||||||||
REMIC — Real Estate Mortgage Investment Conduit | ||||||||||||||||||||||||||||||||||||||||||||
Number of | ||||||||||||||||
Contracts | Settlement | Unrealized | ||||||||||||||
Type | Long/(Short) | Month | Market Value | Gain (Loss) | ||||||||||||
Eurodollars | 78 | December 2006 | $ | 18,453,825 | $ | (220,677 | ) | |||||||||
U.S. Treasury Bonds | 731 | December 2006 | 82,351,719 | 1,544,619 | ||||||||||||
2 Year U.S. Treasury Notes | (88 | ) | December 2006 | (17,987,750 | ) | 30,092 | ||||||||||
5 Year U.S. Treasury Notes | (555 | ) | December 2006 | (58,587,188 | ) | (118,046 | ) | |||||||||
10 Year U.S. Treasury Notes | (724 | ) | December 2006 | (78,350,375 | ) | (752,735 | ) | |||||||||
$ | (54,119,769 | ) | $ | 483,253 | ||||||||||||
Rates Exchanged | ||||||||||||||||||||||||
Notional Amount | Payments received | Payments made | Upfront Payments | Unrealized | ||||||||||||||||||||
Swap Counterparty | (000s) | Termination Date | by the Fund | by the Fund | made by the Fund | Gain(Loss) | ||||||||||||||||||
Bank of America Securities LLC | $ | 20,000 | 12/27/2006 | 3.427 | % | 3 month LIBOR | $ | — | $ | 68,376 | ||||||||||||||
Bank of America Securities LLC | 30,000 | 04/07/2008 | 4.339 | % | 3 month LIBOR | — | (370,458 | ) | ||||||||||||||||
Bank of America Securities LLC | 35,000 | 09/02/2010 | 4.309 | % | 3 month LIBOR | — | (929,881 | ) | ||||||||||||||||
Bank of America Securities LLC | 25,000 | 10/06/2010 | 4.702 | % | 3 month LIBOR | — | (296,180 | ) | ||||||||||||||||
Deutsche Bank Securities (a) | 20,000 | 12/20/2011 | 5.600 | % | 3 month LIBOR | 393,569 | 103,529 | |||||||||||||||||
Bank of America Securities LLC (a) | 31,000 | 12/20/2011 | 5.600 | % | 3 month LIBOR | 572,997 | 199,263 | |||||||||||||||||
J.P. Morgan Securities (a) | 28,000 | 12/20/2013 | 5.650 | % | 3 month LIBOR | 527,100 | 408,688 | |||||||||||||||||
Deutsche Bank Securities (a) | 54,600 | 12/20/2013 | 5.650 | % | 3 month LIBOR | 1,271,549 | 553,772 | |||||||||||||||||
Bank of America Securities LLC | 30,000 | 12/09/2014 | 4.641 | % | 3 month LIBOR | — | (600,069 | ) | ||||||||||||||||
Bank of America Securities LLC | 9,000 | 05/25/2015 | 4.532 | % | 3 month LIBOR | — | (272,423 | ) | ||||||||||||||||
J.P. Morgan Securities | 30,000 | 03/07/2016 | 3 month LIBOR | 5.183 | % | — | (121,653 | ) | ||||||||||||||||
J.P. Morgan Securities (a) | 22,000 | 12/20/2016 | 5.700 | % | 3 month LIBOR | 571,560 | 390,850 | |||||||||||||||||
Bank of America Securities LLC | 43,000 | 11/02/2019 | 3 month LIBOR | 4.865 | % | — | 845,011 | |||||||||||||||||
Bank of America Securities LLC | 20,000 | 11/12/2019 | 3 month LIBOR | 5.068 | % | — | (14,427 | ) | ||||||||||||||||
Bank of America Securities LLC | 13,200 | 04/09/2035 | 5.265 | % | 3 month LIBOR | — | 9,249 | |||||||||||||||||
TOTAL | $ | 3,336,775 | $ | (26,353 | ) | |||||||||||||||||||
Fund | Principal Amount | |||
Government Income | $ | 112,200,000 | ||
Principal | Interest | Maturity | Maturity | |||||||||||
Repurchase Agreements | Amount | Rate | Date | Value | ||||||||||
ABN Amro, Inc. | $ | 500,000,000 | 5.32 | % | 11/01/06 | $ | 500,073,889 | |||||||
Banc of America Securities LLC | 2,750,000,000 | 5.31 | 11/01/06 | 2,750,405,625 | ||||||||||
Barclays Capital PLC | 200,000,000 | 5.31 | 11/01/06 | 200,029,500 | ||||||||||
Barclays Capital PLC | 2,000,000,000 | 5.32 | 11/01/06 | 2,000,295,557 | ||||||||||
Bear Stearns | 500,000,000 | 5.32 | 11/01/06 | 500,073,889 | ||||||||||
Credit Suisse Securities (USA) LLC | 750,000,000 | 5.32 | 11/01/06 | 750,110,834 | ||||||||||
Greenwich Capital Markets | 300,000,000 | 5.32 | 11/01/06 | 300,044,334 | ||||||||||
Merrill Lynch | 500,000,000 | 5.31 | 11/01/06 | 500,073,750 | ||||||||||
Wachovia Bank | 250,000,000 | 5.31 | 11/01/06 | 250,036,875 | ||||||||||
UBS Securities LLC | 2,700,200,000 | 5.32 | 11/01/06 | 2,700,399,027 | ||||||||||
TOTAL | $ | 10,450,200,000 | $ | 10,451,543,280 | ||||||||||
For the Goldman Sachs Government Income Fund and the AXA Enterprise Government Securities Fund
October 31, 2006 (Unaudited)
Goldman Sachs | AXA Enterprise | |||||||||||||||
Government Income | Government | Pro Forma | ||||||||||||||
Fund | Securities Fund | Adjustments | Combined Fund | |||||||||||||
Assets: | ||||||||||||||||
Investments in securities, at value (identified cost $537,624,178, $204,707,007, $0 and $742,631,185, respectively) | $ | 534,844,155 | $ | 204,014,395 | $ | 738,858,550 | ||||||||||
Investments in short term securities, at value (cost $0, $5,076,605, $0 and $5,076,605, respectively) | — | 5,076,605 | — | 5,076,605 | ||||||||||||
Repurchase agreement, at value | 112,200,000 | — | — | 112,200,000 | ||||||||||||
Cash | 10,894,581 | (a) | — | — | 10,894,581 | |||||||||||
Receivables: | ||||||||||||||||
Investment securities sold, at value | 14,066,740 | 4,035 | — | 14,070,775 | ||||||||||||
Swap contracts, at value | 5,915,513 | — | — | 5,915,513 | ||||||||||||
Fund shares sold | 844,590 | 1,013,790 | — | 1,858,380 | ||||||||||||
Interest, at value | 3,348,872 | 921,485 | — | 4,270,357 | ||||||||||||
Reimbursement from adviser | 51,652 | — | — | 51,652 | ||||||||||||
Variation margin | 25,438 | — | — | 25,438 | ||||||||||||
Other assets | 2,606 | 46,705 | — | 49,311 | ||||||||||||
Total assets | 682,194,147 | 211,077,015 | — | 893,271,162 | ||||||||||||
Liabilities: | ||||||||||||||||
Payables: | ||||||||||||||||
Investment securities purchased, at value | 37,824,350 | — | — | 37,824,350 | ||||||||||||
Swap contracts, at value | 2,605,091 | — | — | 2,605,091 | ||||||||||||
Fund shares repurchased | 2,071,622 | 784,959 | — | 2,856,581 | ||||||||||||
Income distribution | 326,685 | 706,075 | — | 1,032,760 | ||||||||||||
Amounts owed to affiliates | 482,326 | 81,195 | — | 563,521 | ||||||||||||
Accrued expenses | 233,219 | 313,101 | — | 546,320 | ||||||||||||
Total liabilities | 43,543,293 | 1,885,330 | — | 45,428,623 | ||||||||||||
Net Assets: | ||||||||||||||||
Paid-in capital | 651,009,122 | 210,652,863 | — | 861,661,985 | ||||||||||||
Accumulated undistributed net investment income (loss) | 2,438,600 | 495,264 | — | 2,933,864 | ||||||||||||
Accumulated net realized gain (loss) on investments, futures and swaps transactions | (12,474,096 | ) | (1,263,830 | ) | — | (13,737,926 | ) | |||||||||
Net unrealized gain on investments, futures and swaps | (2,322,772 | ) | (692,612 | ) | — | (3,015,384 | ) | |||||||||
Net Assets | $ | 638,650,854 | $ | 209,191,685 | $ | — | $ | 847,842,539 | ||||||||
Net Assets: | ||||||||||||||||
Class A | $ | 432,761,594 | $ | 103,852,245 | $ | — | $ | 536,613,838 | ||||||||
Class B | 18,712,710 | 47,643,606 | — | 66,356,316 | ||||||||||||
Class C | 16,931,338 | 12,975,393 | — | 29,906,731 | ||||||||||||
Institutional/Class Y | 146,783,760 | 44,720,441 | — | 191,504,202 | ||||||||||||
Service/Class P | 23,461,452 | — | — | 23,461,452 | ||||||||||||
Shares Outstanding: | ||||||||||||||||
Class A | 29,555,889 | 8,373,610 | (1,280,916 | )(b) | $ | 36,648,583 | ||||||||||
Class B | 1,277,939 | 3,849,108 | (595,404 | )(b) | 4,531,643 | |||||||||||
Class C | 1,156,993 | 1,048,139 | (161,473 | )(b) | 2,043,659 | |||||||||||
Institutional/Class Y | 10,035,821 | 3,611,652 | (554,050 | )(b) | 13,093,423 | |||||||||||
Service/Class P | 1,605,403 | — | — | 1,605,403 | ||||||||||||
Total shares outstanding, $0.001 par value (unlimited number of shares authorized) | 43,632,045 | 16,882,509 | (2,591,843 | )(b) | 57,922,711 | |||||||||||
Net assets value, offering and redemption price per share:(c) | ||||||||||||||||
Class A | $ | 14.64 | 12.40 | $ | — | $ | 14.64 | |||||||||
Class B | 14.64 | 12.38 | — | 14.64 | ||||||||||||
Class C | 14.63 | 12.38 | — | 14.63 | ||||||||||||
Institutional/Class Y | 14.63 | 12.38 | — | 14.63 | ||||||||||||
Service/Class P | 14.61 | — | — | 14.61 | ||||||||||||
(a) | Includes restricted cash of $3,000,000 relating to initial margin requirements on futures transactions. | |
(b) | Adjustment to reflect reduction of shares based on GS Government Income Fund’s NAV. | |
(c) | Maximum public offering price per share for Class A Shares is $15.33, $13.02, $0 and $15.33 for the GS Government Income Fund’s and the AXA Enterprise Government Securities Fund, respectively. |
For the Goldman Sachs Government Income Fund and the AXA Enterprise Government Securities Fund
For year ended October 31, 2006 (Unaudited)
Goldman Sachs | AXA Enterprise | |||||||||||||||
Government | Government | Pro Forma | ||||||||||||||
Income Fund | Securities Fund | Adjustments | Combined Fund | |||||||||||||
Investment Income: | ||||||||||||||||
Interest | $ | 39,267,344 | $ | 11,267,499 | $ | — | $ | 50,534,843 | ||||||||
Total income | 39,267,344 | 11,267,499 | — | 50,534,843 | ||||||||||||
Expenses: | ||||||||||||||||
Management fees | 4,481,364 | 1,243,617 | (98,653 | )(a) | 5,626,328 | |||||||||||
Administrative fees | — | 122,925 | (122,925 | )(b) | — | |||||||||||
Distribution and service fees | 2,036,968 | 1,170,411 | (212,742 | )(b) | 2,994,638 | |||||||||||
Transfer agent fees | 1,169,147 | 788,500 | (492,086 | )(b) | 1,465,561 | |||||||||||
Custody and accounting fees | 315,452 | 9,000 | 39,832 | (b) | 364,284 | |||||||||||
Printing fees | 103,089 | 71,990 | (58,353 | )(b) | 116,726 | |||||||||||
Registration fees | 146,339 | 100,835 | (81,957 | )(b) | 165,217 | |||||||||||
Audit fees | 50,480 | 28,000 | (22,952 | )(b) | 55,528 | |||||||||||
Legal fees | 26,865 | 25,334 | (19,961 | )(b) | 32,238 | |||||||||||
Trustee fees | 16,201 | 32,561 | (32,561 | )(b) | 16,201 | |||||||||||
Service share fees | 95,515 | — | — | 95,515 | ||||||||||||
Other | 120,746 | 52,454 | (29,810 | )(b) | 143,390 | |||||||||||
Total expenses | 8,562,166 | 3,645,627 | (1,132,168 | ) | 11,075,625 | |||||||||||
Less — expense reductions | (813,458 | ) | (759,905 | ) | (53,949 | )(c) | (1,627,312 | ) | ||||||||
Net Expenses | 7,748,708 | 2,885,722 | (1,186,117 | ) | 9,448,313 | |||||||||||
Net Investment Income (loss) | 31,518,636 | 8,381,777 | 1,186,117 | 41,086,530 | ||||||||||||
Realized and unrealized gain (loss) on investment and futures transactions: | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investment transactions | (7,881,384 | ) | (896,028 | ) | — | (8,588,797 | ) | |||||||||
Futures transactions | (4,241,535 | ) | — | — | (4,241,535 | ) | ||||||||||
Swap contracts | (2,001,989 | ) | — | — | (2,001,989 | ) | ||||||||||
Net change in unrealized gain (loss) on: | ||||||||||||||||
Investments | 6,699,801 | 826,828 | — | 6,699,801 | ||||||||||||
Futures | 303,462 | — | — | 303,462 | ||||||||||||
Swap contracts | 4,337,671 | — | — | 4,337,671 | ||||||||||||
Net realized and unrealized gain on investment and futures transactions | (2,783,974 | ) | (69,200 | ) | — | (3,491,387 | ) | |||||||||
Net Increase in Net Assets Resulting from Operations | $ | 28,734,662 | $ | 8,312,577 | $ | 1,185,396 | $ | 36,645,902 | ||||||||
(a) | Adjustment to reduce management fee based on GS Government Income Fund rates. | |
(b) | Adjustments to reflect the anticipated changes as a result of consolidation of transfer agent, printing, custody and accounting and other services. | |
(c) | Adjustment to reflect decrease in expense reduction based on GS Government Income Fund current expense cap and waivers. |
For the Twelve Months Ended October 31, 2006 (Unaudited)
Class A | Class B | Class C | Institutional | |||||||||||||
Shares Issued | 7,092,694 | 3,253,704 | 886,666 | 3,057,602 | ||||||||||||
Net Assets 10/31/2006 | $ | 103,852,245 | $ | 47,643,606 | $ | 12,975,393 | $ | 44,720,442 | ||||||||
Pro Forma Net Asset Value 10/31/2006 | $ | 14.64 | $ | 14.64 | $ | 14.63 | $ | 14.63 |
Capital Loss Carryforward* | The Portfolio | Government Income | ||
Expiring 2012 | $ | 22 | $ | — |
Expiring 2013 | 215 | — | ||
Expiring 2014 | 1,027 | 11,925 | ||
Total | $ | 1,264 | $ | 11,925 |
* | Expiration occurs on October 31 of the year indicated. As a consequence of the reorganization, utilization of these losses may be limited under the Internal Revenue Code. |
2
3
4
Government | ||||
Average Daily Net Assets | Income | |||
Up to $1 billion | 0.54 | % | ||
Next $1 billion | 0.49 | |||
Over $2 billion | 0.47 | |||
5
6
Interest | Maturity | |||||||||||||||||||||||||||||||||||||
Principal Amount | Description | Rate | Date | Value | ||||||||||||||||||||||||||||||||||
AXA Enterprise | ||||||||||||||||||||||||||||||||||||||
GS Enhanced | AXA Enterprise Short | Combined | GS Enhanced | Short Duration Bond | Combined | |||||||||||||||||||||||||||||||||
Income Fund | Duration Bond Fund | adjustment | Proforma | Income Fund | Fund | adjustment | Proforma | |||||||||||||||||||||||||||||||
Corporate Bonds - 26.2% | ||||||||||||||||||||||||||||||||||||||
Aerospace and Defense - 0.2% | ||||||||||||||||||||||||||||||||||||||
$ | — | $ | 375,000 | $ | — | $ | 375,000 | Goodrich Corp. | 7.500 | Apr 15 2008 | $ | — | $ | 384,743 | $ | — | $ | 384,743 | ||||||||||||||||||||
— | 200,000 | — | 200,000 | Raytheon Co. | 6.150 | Nov 1 2008 | — | 203,368 | — | 203,368 | ||||||||||||||||||||||||||||
— | 588,111 | — | 588,111 | |||||||||||||||||||||||||||||||||||
Airlines - 0.2% | ||||||||||||||||||||||||||||||||||||||
— | 400,000 | — | 400,000 | Southwest Airlines Co. | 7.875 | Sep 1 2007 | — | 407,179 | — | 407,179 | ||||||||||||||||||||||||||||
Automobiles - 0.1% | ||||||||||||||||||||||||||||||||||||||
— | 200,000 | — | 200,000 | DaimlerChrysler N.A. Holding Corp. | 4.050 | June 4 2008 | — | 195,557 | — | 195,557 | ||||||||||||||||||||||||||||
Banks - 4.8% | ||||||||||||||||||||||||||||||||||||||
2,000,000 | — | — | 2,000,000 | Credit Suisse First Boston New York (a) | 6.500 | May 1 2008 | 2,036,050 | — | — | 2,036,050 | ||||||||||||||||||||||||||||
2,975,000 | — | — | 2,975,000 | Credit Suisse First Boston USA, Inc. | 4.125 | Jan 15 2010 | 2,886,895 | — | — | 2,886,895 | ||||||||||||||||||||||||||||
1,750,000 | — | — | 1,750,000 | Huntington National Bank | 4.650 | Jun 30 2009 | 1,727,973 | — | — | 1,727,973 | ||||||||||||||||||||||||||||
1,100,000 | — | — | 1,100,000 | Key bank National Association | 7.300 | May 1 2011 | 1,193,588 | — | — | 1,193,588 | ||||||||||||||||||||||||||||
1,200,000 | — | — | 1,200,000 | Popular North America, Inc. | 5.200 | Dec 12 2007 | 1,195,389 | — | — | 1,195,389 | ||||||||||||||||||||||||||||
1,500,000 | — | — | 1,500,000 | Union Planters Corp. | 7.750 | Mar 1 2011 | 1,643,383 | — | — | 1,643,383 | ||||||||||||||||||||||||||||
2,000,000 | — | — | 2,000,000 | Washington Mutual, Inc. | 4.000 | Jan 15 2009 | 1,952,178 | — | — | 1,952,178 | ||||||||||||||||||||||||||||
12,635,456 | — | — | 12,635,456 | |||||||||||||||||||||||||||||||||||
Brokerage - 1.9% | ||||||||||||||||||||||||||||||||||||||
5,000,000 | — | — | 5,000,000 | Morgan Stanley | 4.000 | Jan 15 2010 | 4,832,244 | — | — | 4,832,244 | ||||||||||||||||||||||||||||
Capital Markets - 0.0% | ||||||||||||||||||||||||||||||||||||||
— | 400,000 | ( | 400,000) | — | Goldman Sachs Group, Inc. | 3.875 | Jan 15 2009 | — | 389,545 | (389,545 | ) | — | ||||||||||||||||||||||||||
Commercial Banks - 0.4% | ||||||||||||||||||||||||||||||||||||||
— | 400,000 | — | 400,000 | Bank One N.A./Illinois (e) | 3.700 | Jan 15 2008 | — | 392,221 | — | 392,221 | ||||||||||||||||||||||||||||
— | 250,000 | — | 250,000 | Wachovia Bank N.A. | 5.800 | Dec 12 2008 | — | 253,431 | — | 253,431 | ||||||||||||||||||||||||||||
— | 500,000 | — | 500,000 | Wells Fargo & Co. | 3.120 | Aug 15 2008 | — | 482,360 | — | 482,360 | ||||||||||||||||||||||||||||
— | 1,128,012 | — | 1,128,012 | |||||||||||||||||||||||||||||||||||
Consumer Finance - 0.1% | ||||||||||||||||||||||||||||||||||||||
— | 370,000 | — | 370,000 | HSBC Finance Corp. | 5.875 | Feb 1 2009 | — | 375,984 | — | 375,984 | ||||||||||||||||||||||||||||
Diversified Financial Services - 0.5% | ||||||||||||||||||||||||||||||||||||||
— | 375,000 | — | 375,000 | Bank of America Corp. | 3.875 | Jan 15 2008 | — | 368,950 | — | 368,950 | ||||||||||||||||||||||||||||
— | 350,000 | — | 350,000 | Citigroup, Inc. | 4.200 | Dec 20 2007 | — | 345,899 | — | 345,899 | ||||||||||||||||||||||||||||
— | 550,000 | — | 550,000 | General Electric Capital Corp. | 4.125 | Sep 1 2009 | — | 536,945 | — | 536,945 | ||||||||||||||||||||||||||||
— | 1,251,794 | — | 1,251,794 | |||||||||||||||||||||||||||||||||||
Energy - 0.2% | ||||||||||||||||||||||||||||||||||||||
— | 200,000 | — | 200,000 | Anadarko Petroleum Corp. | 4.050 | May 1 2008 | — | 193,713 | — | 193,713 | ||||||||||||||||||||||||||||
— | 200,000 | — | 200,000 | Ocean Energy, Inc. | 4.375 | Oct 1 2007 | — | 198,088 | — | 198,088 | ||||||||||||||||||||||||||||
— | 200,000 | — | 200,000 | Valero Energy Corp. | 3.500 | Apr 1 2009 | — | 192,046 | — | 192,046 | ||||||||||||||||||||||||||||
— | 583,847 | — | 583,847 | |||||||||||||||||||||||||||||||||||
Life Insurance - 4.3% | ||||||||||||||||||||||||||||||||||||||
2,125,000 | — | — | 2,125,000 | AXA Financial, Inc. | 7.750 | Aug 1 2010 | 2,303,209 | — | — | 2,303,209 | ||||||||||||||||||||||||||||
2,500,000 | — | — | 2,500,000 | ING Security Life Institutional Funding (a) | 4.250 | Jan 15 2010 | 2,440,945 | — | — | 2,440,945 | ||||||||||||||||||||||||||||
2,000,000 | — | — | 2,000,000 | Jackson National Life Insurance Co. (a) | 5.250 | Mar 15 2007 | 2,002,284 | — | — | 2,002,284 | ||||||||||||||||||||||||||||
4,390,000 | — | — | 4,390,000 | Monumental Global Funding (a) | 5.200 | Jan 30 2007 | 4,387,252 | — | — | 4,387,252 | ||||||||||||||||||||||||||||
11,133,690 | — | — | 11,133,690 | |||||||||||||||||||||||||||||||||||
Health Care - 0.1% | ||||||||||||||||||||||||||||||||||||||
— | 20,000 | — | 20,000 | WellPoint, Inc. | 3.750 | Dec 14 2007 | — | 196,484 | — | 196,484 | ||||||||||||||||||||||||||||
Industrial Conglomerates - 0.1% | ||||||||||||||||||||||||||||||||||||||
— | 200,000 | — | 200,000 | Tyco International Group S.A. | 6.125 | Jan 15 2009 | — | 203,445 | — | 203,445 | ||||||||||||||||||||||||||||
Insurance - 0.3% | ||||||||||||||||||||||||||||||||||||||
— | 420,000 | — | 420,000 | American International Group, Inc. | 2.875 | May 15 2008 | — | 405,854 | — | 405,854 | ||||||||||||||||||||||||||||
— | 350,000 | — | 350,000 | Protective Life Secured Trusts | 3.700 | Nov 24 2008 | — | 340,278 | — | 340,278 | ||||||||||||||||||||||||||||
— | 746,132 | — | 746,132 | |||||||||||||||||||||||||||||||||||
Noncaptive-Consumer - 3.9% | ||||||||||||||||||||||||||||||||||||||
1,500,000 | — | — | 1,500,000 | American General Finance Corp. | 4.875 | May 15 2010 | 1,479,800 | — | — | 1,479,800 | ||||||||||||||||||||||||||||
7,000,000 | — | — | 7,000,000 | HSBC Finance Corp. | 4.125 | Nov 16 2009 | 6,800,429 | — | — | 6,800,429 | ||||||||||||||||||||||||||||
2,000,000 | — | — | 2,000,000 | John Deere Capital Corp. | 5.400 | Apr 7 2010 | 2,013,614 | — | — | 2,013,614 | ||||||||||||||||||||||||||||
10,293,843 | — | — | 10,293,843 | |||||||||||||||||||||||||||||||||||
Property/Casualty Insurance - 2.5% | ||||||||||||||||||||||||||||||||||||||
6,487,000 | — | — | 6,487,000 | ACE Ltd. | 6.000 | Apr 1 2007 | 6,498,229 | — | — | 6,498,229 | ||||||||||||||||||||||||||||
Telecommunications - 0.1% | ||||||||||||||||||||||||||||||||||||||
— | 370,000 | — | 370,000 | Deutsche Telekom International Finance B.V. | 3.875 | Jul 22 2008 | — | 361,912 | — | 361,912 | ||||||||||||||||||||||||||||
Transportation - 0.1% | ||||||||||||||||||||||||||||||||||||||
— | 200,000 | — | 200,000 | CSX Corp. | 6.250 | Oct 15 2008 | — | 203,620 | — | 203,620 | ||||||||||||||||||||||||||||
Utilities - 0.2% | ||||||||||||||||||||||||||||||||||||||
— | 350,000 | — | 350,000 | Duke Energy Corp. (e) | 4.200 | Oct 1 2008 | — | 343,094 | — | 343,094 | ||||||||||||||||||||||||||||
— | 200,000 | — | 200,000 | Ohio Edison Co. | 4.000 | May 10 2008 | — | 196,179 | — | 196,179 | ||||||||||||||||||||||||||||
— | 539,273 | — | 539,273 | |||||||||||||||||||||||||||||||||||
Real Estate Investment Trusts (REIT’s) - 0.1% | ||||||||||||||||||||||||||||||||||||||
— | 325,000 | — | 325,000 | Simon Property Group LP (REIT) | 6.375 | Nov 15 2007 | — | 327,765 | — | 327,765 | ||||||||||||||||||||||||||||
Wireless Telecommunications - 6.1% | ||||||||||||||||||||||||||||||||||||||
9,250,000 | — | — | 9,250,000 | Verizon Wireless Capital LLC | 5.375 | Dec 15 2006 | 9,248,020 | — | — | 9,248,020 | ||||||||||||||||||||||||||||
375,000 | — | — | 375,000 | Ameritech Capital Funding | 6.250 | May 18 2009 | 380,639 | — | — | 380,639 | ||||||||||||||||||||||||||||
1,500,000 | — | — | 1,500,000 | Deutsche Telekom International Finance BV | 8.000 | Jun 15 2010 | 1,637,342 | — | — | 1,637,342 | ||||||||||||||||||||||||||||
2,875,000 | — | — | 2,875,000 | GTE California, Inc. | 7.650 | Mar 15 2007 | 2,897,721 | — | — | 2,897,721 | ||||||||||||||||||||||||||||
1,375,000 | — | — | 1,375,000 | SBC Communications, Inc. | 4.125 | Sep 15 2009 | 1,334,221 | — | — | 1,334,221 | ||||||||||||||||||||||||||||
— | 315,000 | — | 315,000 | Vodafone Group | 3.950 | Jan 30 2008 | — | 310,093 | — | 310,093 | ||||||||||||||||||||||||||||
15,497,943 | 310,093 | — | 15,808,036 | |||||||||||||||||||||||||||||||||||
Total Corporate Bonds (Cost $61,348,758, $7,836,990, $(387,392) and $68,798,356, respectively) | 60,891,405 | 7,808,753 | (389,545 | ) | 68,310,613 | |||||||||||||||||||||||||||||||||
Interest | Maturity | |||||||||||||||||||||||||||||||||||||
Principal Amount | Description | Rate | Date | Value | ||||||||||||||||||||||||||||||||||
AXA Enterprise | ||||||||||||||||||||||||||||||||||||||
GS Enhanced | AXA Enterprise Short | Combined | GS Enhanced | Short Duration Bond | Combined | |||||||||||||||||||||||||||||||||
Income Fund | Duration Bond Fund | adjustment | Proforma | Income Fund | Fund | adjustment | Proforma | |||||||||||||||||||||||||||||||
Agency Debentures - 43.0% | ||||||||||||||||||||||||||||||||||||||
$ | — | $ | 1,150,000 | $ | — | $ | 1,150,000 | FHLB | 3.375 | Feb 15 2008 | $ | — | $ | 1,126,116 | $ | — | $ | 1,126,116 | ||||||||||||||||||||
— | 757,918 | — | 757,918 | FHLMC | 4.776 | May 1 2035 | — | 745,400 | — | 745,400 | ||||||||||||||||||||||||||||
— | 1,350,000 | — | 1,350,000 | FNMA | 4.250 | Aug 15 2010 | — | 1,321,009 | — | 1,321,009 | ||||||||||||||||||||||||||||
— | 382,500 | — | 382,500 | FNMA (b) | 4.499 | May 1 2033 | — | 374,431 | — | 374,431 | ||||||||||||||||||||||||||||
— | 236,472 | — | 236,472 | FNMA (b) | 3.684 | Jun 1 2034 | — | 236,707 | — | 236,707 | ||||||||||||||||||||||||||||
— | 281,178 | — | 281,178 | FNMA (b) | 4.272 | Jul 1 2034 | — | 275,943 | — | 275,943 | ||||||||||||||||||||||||||||
— | 785,456 | — | 785,456 | FNMA (b) | 4.526 | Apr 1 2035 | — | 775,699 | — | 775,699 | ||||||||||||||||||||||||||||
— | 771,967 | — | 771,967 | FNMA (b) | 4.635 | May 1 2035 | — | 762,292 | — | 762,292 | ||||||||||||||||||||||||||||
— | 812,082 | — | 812,082 | FNMA (b) | 4.645 | May 1 2035 | — | 801,804 | — | 801,804 | ||||||||||||||||||||||||||||
— | 717,050 | — | 717,050 | FNMA (b) | 4.903 | Jun 1 2035 | — | 709,385 | — | 709,385 | ||||||||||||||||||||||||||||
— | 818,939 | — | 818,939 | FNMA (b) | 4.847 | Des 1 2035 | — | 811,160 | — | 811,160 | ||||||||||||||||||||||||||||
— | 709,867 | — | 709,867 | FNMA (b) | 5.614 | Jun 1 2036 | — | 710,815 | — | 710,815 | ||||||||||||||||||||||||||||
— | 884,950 | — | 884,950 | FNMA (b) | 5.735 | Jun 1 2036 | — | 893,268 | — | 893,268 | ||||||||||||||||||||||||||||
6,600,000 | — | — | 6,600,000 | FHLB | 3.500 | Jan 18 2007 | 6,573,435 | — | — | 6,573,435 | ||||||||||||||||||||||||||||
5,100,000 | — | — | 5,100,000 | FHLB | 3.625 | Feb 16 2007 | 5,074,143 | — | — | 5,074,143 | ||||||||||||||||||||||||||||
3,000,000 | — | — | 3,000,000 | FHLB | 4.250 | Apr 16 2007 | 2,985,567 | — | — | 2,985,567 | ||||||||||||||||||||||||||||
6,730,000 | — | — | 6,730,000 | FHLB | 4.500 | Aug 24 2007 | 6,692,218 | — | — | 6,692,218 | ||||||||||||||||||||||||||||
7,000,000 | — | — | 7,000,000 | FHLB (b) | 4.000 | Dec 3 2007 | 6,855,114 | — | — | 6,855,114 | ||||||||||||||||||||||||||||
10,000,000 | — | — | 10,000,000 | FHLB (b) | 4.500 | Mar 7 2008 | 9,983,482 | — | — | 9,983,482 | ||||||||||||||||||||||||||||
4,000,000 | — | — | 4,000,000 | FHLMC (b) | 5.238 | Dec 27 2006 | 3,999,872 | — | — | 3,999,872 | ||||||||||||||||||||||||||||
11,628,000 | — | — | 11,628,000 | FHLMC (c) | 0.000 | Jan 15 2007 | 11,504,545 | — | — | 11,504,545 | ||||||||||||||||||||||||||||
5,000,000 | — | — | 5,000,000 | FHLMC | 4.500 | Apr 18 2007 | 4,978,730 | — | — | 4,978,730 | ||||||||||||||||||||||||||||
15,000,000 | — | — | 15,000,000 | FHLMC | 4.250 | Jun 23 2008 | 14,840,340 | — | — | 14,840,340 | ||||||||||||||||||||||||||||
4,000,000 | — | — | 4,000,000 | FNMA (b) | 5.257 | Dec 22 2006 | 4,000,000 | — | — | 4,000,000 | ||||||||||||||||||||||||||||
5,000,000 | — | — | 5,000,000 | FNMA | 2.750 | Feb 6 2007 | 4,965,720 | — | — | 4,965,720 | ||||||||||||||||||||||||||||
7,750,000 | — | — | 7,750,000 | FNMA | 3.740 | Jun 14 2007 | 7,679,188 | — | — | 7,679,188 | ||||||||||||||||||||||||||||
5,000,000 | — | — | 5,000,000 | FNMA | 5.500 | Jan 15 2008 | 5,024,455 | — | — | 5,024,455 | ||||||||||||||||||||||||||||
7,644,000 | 7,500,000 | — | 15,144,000 | FNMA (c) | 0.000 | Apr 1 2007 | 7,482,842 | — | — | 7,482,842 | ||||||||||||||||||||||||||||
Total Agency Debentures (Cost $102,783,140, $9,614,508, $0 and $112,397,648, respectively) | 102,639,651 | 9,544,029 | — | 112,183,680 | ||||||||||||||||||||||||||||||||||
Agency CMO - 0.9% | ||||||||||||||||||||||||||||||||||||||
— | 710,000 | — | 710,000 | Federal Home Loan Mortgage Corp. | 5.500 | June 15 2026 | — | 715,189 | — | 715,189 | ||||||||||||||||||||||||||||
— | 721,148 | — | 721,148 | Federal Home Loan Mortgage Corp. | 6.000 | Apr 15 2027 | — | 730,849 | — | 730,849 | ||||||||||||||||||||||||||||
— | 820,000 | — | 820,000 | Federal National Mortgage Association | 5.500 | June 25 2030 | — | 823,813 | — | 823,813 | ||||||||||||||||||||||||||||
Total Agency CMO | — | 2,269,851 | — | 2,269,851 | ||||||||||||||||||||||||||||||||||
Non-Agency CMO - 2.1% | ||||||||||||||||||||||||||||||||||||||
— | 130,429 | — | 130,429 | Banc of America Mortgage Securities, Series 2003-B2A2 | 4.413 | Mar 25 2033 | — | 128,722 | — | 128,722 | ||||||||||||||||||||||||||||
— | 221,003 | — | 221,003 | Banc of America Mortgage Securities, Series 2003-I 1A1 | 5.714 | Oct 25 2033 | — | 223,644 | — | 223,644 | ||||||||||||||||||||||||||||
— | 359,591 | — | 359,591 | Banc of America Mortgage Securities, Series 2004-A 1A1 | 2.433 | Feb 25 2034 | — | 362,868 | — | 362,868 | ||||||||||||||||||||||||||||
— | 607,967 | — | 607,967 | Banc of America Mortgage Securities, Series 2004-C 2A1 | 3.712 | Apr 25 2034 | — | 590,722 | — | 590,722 | ||||||||||||||||||||||||||||
— | 35,426 | — | 35,426 | Banc of America Mortgage Securities, Series 2004-K 2A1 | 4.404 | Dec 25 2034 | — | 34,897 | — | 34,897 | ||||||||||||||||||||||||||||
— | 307,744 | — | 307,744 | Commercial Mortgage Acceptance Corps., Series 1999-C1 A2 | 7.030 | Jun 15 2031 | — | 318,522 | — | 318,522 | ||||||||||||||||||||||||||||
— | 485,527 | — | 485,527 | Credit Suisse Mortgage Capital Certificates, Series 1999-C3 A1 | 4.991 | Jun 15 2038 | — | 483,914 | — | 483,914 | ||||||||||||||||||||||||||||
— | 14,226 | — | 14,226 | FFCA Secured Lending Corp., Series 1998-1 A1B | 6.730 | Oct 18 2025 | — | 14,200 | — | 14,200 | ||||||||||||||||||||||||||||
— | 432,842 | — | 432,842 | GE Capital Commercial Mortgage Corp., Series 2001-2 A2 | 5.850 | Aug 11 2033 | — | 436,360 | — | 436,360 | ||||||||||||||||||||||||||||
— | 326,466 | — | 326,466 | GMAC Commercial Mortgage Securities, Inc., Series 1999-C1 A2 | 6.175 | May 15 2033 | — | 333,894 | — | 333,894 | ||||||||||||||||||||||||||||
— | 294,076 | — | 294,076 | Greenwich Capital Commercial Funding Corp., Series 2002-C1 A1 | 3.357 | Jan 11 2013 | — | 288,856 | — | 288,856 | ||||||||||||||||||||||||||||
— | 292,348 | (292,348 | ) | — | GS Mortgage Securities Corp. II, Series 2005-GG4 A1P | 5.285 | Jul 10 2039 | — | 293,269 | (293,269 | ) | — | ||||||||||||||||||||||||||
— | 573,967 | — | 573,967 | Nomura Asset Securities Corp., Series 1998-D6 A1B | 6.590 | Mar 15 2030 | — | 582,750 | — | 582,750 | ||||||||||||||||||||||||||||
— | 425,000 | — | 425,000 | Residential Accredit Loans, Inc., Series 1998-D6 A1B | 5.500 | Nov 25 2036 | — | 425,000 | — | 425,000 | ||||||||||||||||||||||||||||
— | 92,816 | — | 92,816 | Sequoia Mortgage Trust, Series 6A | 5.640 | Apr 19 2027 | — | 92,846 | — | 92,846 | ||||||||||||||||||||||||||||
— | 500,000 | — | 500,000 | Washington Mutual, Inc., Series 2003-AR5 A6 | 3.695 | Jun 25 2033 | — | 487,807 | — | 487,807 | ||||||||||||||||||||||||||||
— | 413,214 | — | 413,214 | Washington Mutual, Inc., Series 2003-AR10 A4 | 4.062 | Oct 25 2033 | — | 409,032 | — | 409,032 | ||||||||||||||||||||||||||||
— | 343,717 | — | 343,717 | Washington Mutual, Inc., Series 2003-AR10 A4 | 4.229 | Mar 25 2034 | — | 337,256 | — | 337,256 | ||||||||||||||||||||||||||||
Total Non- Agency CMO | — | 5,844,559 | (293,269 | ) | 5,551,290 | |||||||||||||||||||||||||||||||||
Asset-Backed Securities 10.1% Autos - 7.4% | ||||||||||||||||||||||||||||||||||||||
2,000,000 | — | — | 2,000,000 | AmeriCredit Automobile Receivables Trust Series 2006-AF, Class A3 | 5.560 | Sep 6 2011 | 2,013,125 | — | — | 2,013,125 | ||||||||||||||||||||||||||||
— | 700,000 | — | 700,000 | AmeriCredit Automobile Receivables Trust Series 2005-DA, Class A3 | 4.870 | Dec 6 2010 | — | 647,116 | — | 647,116 | ||||||||||||||||||||||||||||
3,500,000 | — | — | 3,500,000 | Capital One Auto Finance Trust Series 2006-A, Class A3 | 5.330 | Nov 15 2010 | 3,508,687 | — | — | 3,508,687 | ||||||||||||||||||||||||||||
— | 600,000 | — | 600,000 | CarMax Auto Owner Trust, Series 2005-2 A3 | 4.210 | Jan 15 2010 | — | 593,779 | — | 593,779 | ||||||||||||||||||||||||||||
— | 625,000 | — | 625,000 | Chase Manhattan Auto Owner Trust, Series 2006-B A4 | 5.110 | Apr 15 2014 | — | 627,941 | — | 627,941 | ||||||||||||||||||||||||||||
— | 475,000 | — | 475,000 | Daimler Chrysler Auto Trust, Series 2006-C A3 | 5.020 | Jul 8 2010 | — | 474,823 | — | 474,823 | ||||||||||||||||||||||||||||
— | 550,000 | — | 550,000 | Ford Credit Auto Owner Trust, Series 2005-C A3 | 4.300 | Aug 15 2009 | — | 544,532 | — | 544,532 | ||||||||||||||||||||||||||||
— | 750,000 | — | 750,000 | Harley-Davidson Motorcycle Trust, Series 2006-2 A2 | 5.350 | Mar 15 2013 | — | 755,703 | — | 755,703 | ||||||||||||||||||||||||||||
3,790,153 | — | — | 3,790,153 | Honda Auto Receivables Owner Trust Series 2005-4, Class A2 | 4.320 | Jan 21 2008 | 3,782,530 | — | — | 3,782,530 | ||||||||||||||||||||||||||||
— | 500,000 | — | 500,000 | Household Automotive Trust, Series 2001-B A3 | 4.350 | Jun 15 2014 | — | 495,483 | — | 495,483 | ||||||||||||||||||||||||||||
2,500,000 | — | — | 2,500,000 | Long Beach Auto Receivables Trust Series 2006-A, Class A4 | 5.500 | May 15 2013 | 2,521,875 | — | — | 2,521,875 | ||||||||||||||||||||||||||||
— | 700,000 | — | 700,000 | Long Beach Auto Receivables Trust Series 2005-A A3 | 4.080 | Jun 15 2010 | — | 694,972 | — | 694,972 | ||||||||||||||||||||||||||||
— | 750,000 | — | 750,000 | MBNA Credit Card Master Note Trust, Series 2005-A7 A7 | 4.300 | Feb 15 2011 | — | 740,868 | — | 740,868 | ||||||||||||||||||||||||||||
— | 350,000 | — | 350,000 | Nissan Auto Receivables Owner Trust, Series 2006-B A3 | 5.160 | Feb 15 2010 | — | 349,918 | — | 349,918 | ||||||||||||||||||||||||||||
— | 618,561 | — | 618,561 | Triad Auto Receivables Owner Trust, Series 2004-A A4 | 2.500 | Sep 13 2010 | — | 604,921 | — | 604,921 | ||||||||||||||||||||||||||||
— | 500,000 | — | 500,000 | USA A Auto Owner Trust, Series 2006-1 A3 | 5.010 | Sep 15 2010 | — | 499,360 | — | 499,360 | ||||||||||||||||||||||||||||
— | 425,000 | — | 425,000 | World Omni Auto Receivables Trust, Series 2005-A A4 | 3.820 | Nov 12 2011 | — | 416,228 | — | 416,228 | ||||||||||||||||||||||||||||
11,826,217 | 7,445,644 | — | 19,271,861 | |||||||||||||||||||||||||||||||||||
Financial - - 2.7% | ||||||||||||||||||||||||||||||||||||||
— | 375,000 | — | 375,000 | Aegis Asset Backed Securities trust, Series 2006-1 A1 (b) | 5.400 | Jan 25 2037 | — | 375,000 | — | 375,000 | ||||||||||||||||||||||||||||
— | 56,387 | — | 56,387 | Amresco Residential Securities Mortgage Trust, Series 1998-2 M1F | 6.745 | Jun 25 2028 | — | 56,144 | — | 56,144 | ||||||||||||||||||||||||||||
— | 300,000 | — | 300,000 | Atherton Franchisee Loan Funding, Series 1998-A A2 (h) | 6.720 | May 15 2020 | — | 122,319 | — | 122,319 | ||||||||||||||||||||||||||||
— | 750,000 | — | 750,000 | Capital One Master Trust, Series 1998-1 A | 6.310 | Jun 15 2011 | — | 762,690 | — | 762,690 | ||||||||||||||||||||||||||||
— | 250,000 | — | 250,000 | Capital One Multi-Asset Execution Trust, Series 2003-C1 | 7.870 | Mar 15 2011 | — | 257,969 | — | 257,969 | ||||||||||||||||||||||||||||
— | 750,000 | — | 750,000 | Centex Home Equity, Series 2004-D MV3 | 6.320 | Sep 25 2034 | — | 757,299 | — | 757,299 | ||||||||||||||||||||||||||||
— | 220,000 | — | 220,000 | Citibank Credit Card Issuance Trust, Series 2002-C3 C3 | 6.530 | Dec 12 2009 | — | 222,079 | — | 222,079 | ||||||||||||||||||||||||||||
— | 400,000 | — | 400,000 | Citibank Credit Card Issuance Trust, Series 2003-A3 A3 | 3.100 | Mar 10 2010 | — | 389,336 | — | 389,336 | ||||||||||||||||||||||||||||
— | 607,967 | — | 607,967 | Citibank Credit Card Issuance Trust, Series 2005-B1 B1 | 4.400 | Sep 15 2010 | — | 739,588 | — | 739,588 | ||||||||||||||||||||||||||||
— | 600,000 | — | 600,000 | Citibank Credit Card Issuance Trust, Series 2005-C5 C5 | 4.950 | Oct 25 2010 | — | 595,987 | — | 595,987 | ||||||||||||||||||||||||||||
— | 700,000 | — | 700,000 | CNH Equipment Trust, Series 2006-A A3 | 5.200 | Aug 16 2010 | — | 701,600 | — | 701,600 | ||||||||||||||||||||||||||||
— | 450,000 | — | 450,000 | Countrywide Asset Backed Certificates, Series 2006-2A1 | 5.370 | Apr 25 2028 | — | 450,000 | — | 450,000 | ||||||||||||||||||||||||||||
— | 500,000 | — | 500,000 | Discover Card Master Trust I, Series 2003-2 B | 3.850 | Aug 15 2010 | — | 490,861 | — | 490,861 | ||||||||||||||||||||||||||||
— | 160,268 | — | 160,268 | DVI Receivables Corp., Series 03-1 D1 | 7.270 | Mar 14 2011 | — | — | — | — | ||||||||||||||||||||||||||||
— | 375,000 | — | 375,000 | Fremont Home Loan Trust, Series 2005-E 2A2 | 5.490 | Jan 25 2036 | — | 375,133 | — | 375,133 | ||||||||||||||||||||||||||||
— | 367,752 | — | 367,752 | GCO Slims Trust, Series 2006-1A | 6.590 | Mar 1 2022 | — | 369,418 | — | 369,418 | ||||||||||||||||||||||||||||
— | 137,541 | — | 137,541 | Lehman ABS Manufactured Housing Contract, Series 2001-B A3 | 4.370 | May 17 2010 | — | 131,701 | — | 131,701 | ||||||||||||||||||||||||||||
— | 300,000 | — | 300,000 | Morgan Stanley ABS Capital I, Series 2004-HE4 M3 | 6.820 | May 25 2034 | — | 299,997 | — | 299,997 | ||||||||||||||||||||||||||||
Total Financial | — | 7,097,121 | 7,097,121 | |||||||||||||||||||||||||||||||||||
Total Asset Backed (Cost $11,789,359, $14,728,888, $0 and $26,518,247, respectively) | 11,826,217 | 14,542,765 | — | 26,368,982 | ||||||||||||||||||||||||||||||||||
Interest | Maturity | |||||||||||||||||||||||||||||||||||||
Principal Amount | Description | Rate | Date | Value | ||||||||||||||||||||||||||||||||||
AXA Enterprise | ||||||||||||||||||||||||||||||||||||||
GS Enhanced | AXA Enterprise Short | Combined | GS Enhanced | Short Duration Bond | Combined | |||||||||||||||||||||||||||||||||
Income Fund | Duration Bond Fund | adjustment | Proforma | Income Fund | Fund | adjustment | Proforma | |||||||||||||||||||||||||||||||
U.S. Treasury Obligations - 8.4% | ||||||||||||||||||||||||||||||||||||||
$ | 11,000,000 | $ | — | $ | — | $ | 11,000,000 | United States Treasury Bonds | 4.625 | Feb 29 2008 | $ | 10,971,642 | $ | — | $ | — | $ | 10,971,642 | ||||||||||||||||||||
5,154,424 | — | — | 5,154,424 | United States Treasury Inflation Indexed Bonds | 3.500 | Jan 15 2011 | 5,361,606 | — | — | 5,361,606 | ||||||||||||||||||||||||||||
— | 490,000 | — | 490,000 | United States Treasury Notes (e) | 3.125 | Sep 15 2008 | — | 476,352 | — | 476,352 | ||||||||||||||||||||||||||||
— | 2,170,000 | — | 2,170,000 | United States Treasury Notes (e) | 4.625 | Sep 30 2008 | — | 2,166,524 | — | 2,166,524 | ||||||||||||||||||||||||||||
— | 450,000 | — | 450,000 | United States Treasury Notes (e) | 3.125 | Oct 15 2008 | — | 436,975 | — | 436,975 | ||||||||||||||||||||||||||||
— | 1,100,000 | — | 1,100,000 | United States Treasury Notes | 4.875 | Oct 31 2008 | — | 1,103,695 | — | 1,103,695 | ||||||||||||||||||||||||||||
— | 575,000 | — | 575,000 | United States Treasury Notes (e) | 4.875 | May 15 2009 | — | 578,279 | — | 578,279 | ||||||||||||||||||||||||||||
— | 895,000 | — | 895,000 | United States Treasury Notes (e) | 4.875 | Aug 15 2009 | — | 900,803 | — | 900,803 | ||||||||||||||||||||||||||||
Total U.S. Treasury Obligations | 16,333,248 | 5,662,628 | — | 21,995,876 | ||||||||||||||||||||||||||||||||||
Short Term Investments - 2.2% | ||||||||||||||||||||||||||||||||||||||
— | 4,700,000 | — | 4,700,000 | Federal Home Loan Bank (f) (g) | 4.980 | Nov 1 2006 | — | 4,699,350 | — | 4,699,350 | ||||||||||||||||||||||||||||
— | 954,389 | — | 954,389 | JP Morgan Chase Nassau | 4.770 | Nov 1 2006 | — | 954,389 | — | 954,389 | ||||||||||||||||||||||||||||
Total Short-Term Securities (Cost $0, $5,654,390, $0 and $5,654,390, respectively) | — | 5,653,739 | — | 5,653,739 | ||||||||||||||||||||||||||||||||||
TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENT AND SECURITIES LENDING COLLATERAL (Cost $192,230,617, $51,602,188, $(682,467) and $243,150,338), respectively | $ | 191,690,521 | $ | 51,326,325 | $ | (682,814 | ) | $ | 242,334,031 | |||||||||||||||||||||||||||||
Interest | Maturity | |||||||||||||||||||||||||||||||||||||
Principal Amount | Rate | Date | Value | |||||||||||||||||||||||||||||||||||
Repurchase Agreement (d) - 4.3% | ||||||||||||||||||||||||||||||||||||||
11,200,000 | — | — | 11,200,000 | Joint Repurchase Agreement Account II Maturity Value $11,201,655 | 5.32% | 11/1/2006 | 11,200,000 | — | — | 11,200,000 | ||||||||||||||||||||||||||||
Total Repurchase Agreements (Cost $11,200,000 $0, $0 and $11,200,000, respectively) | 11,200,000 | — | — | 11,200,000 | ||||||||||||||||||||||||||||||||||
Securities Lending Collateral - 1.6% | ||||||||||||||||||||||||||||||||||||||
— | 4,178,064.00 | — | 4,178,064 | Joint Repurchase Banc of America Securities LLC Maturity Value $4,178,681 (i) | 5.32% | 11/1/2006 | — | 4,178,064 | — | 4,178,064 | ||||||||||||||||||||||||||||
Total Securities Lending Collateral (Cost $0, $4,178,064, $0 and $4,178,064, respectively) | — | 4,178,064 | — | 4,178,064 | ||||||||||||||||||||||||||||||||||
TOTAL INVESTMENTS (Cost 203,430,617, $55,780,252, $0 and $259,210,869, respectively) - 98.7% | 202,890,521 | 55,504,388 | (682,814 | ) | 257,712,095 | |||||||||||||||||||||||||||||||||
Liabilities in excess of net assets / other assets in excess of net assets - 1.0% | 8,576,265 | (5,945,520 | ) | 682,814 | 3,313,559 | |||||||||||||||||||||||||||||||||
NET ASSETS - 100.0% | $ | 211,466,786 | $ | 49,558,869 | $ | — | $ | 261,025,655 | ||||||||||||||||||||||||||||||
Investment Abbreviations: | ||||||||||||||||||||||
CMO — Collateralized Mortgage Obligation | ||||||||||||||||||||||
FNMA — Federal National Mortgage Association | ||||||||||||||||||||||
LIBOR — London Interbank Offered Rate | ||||||||||||||||||||||
Number of | ||||||||||||||||
Contracts | Settlement | Unrealized | ||||||||||||||
Type | Long/(Short) | Month | Market Value | Gain (Loss) | ||||||||||||
Eurodollars | (19 | ) | December 2006 | $ | (4,495,163 | ) | $ | 41,183 | ||||||||
Eurodollars | 100 | March 2007 | 23,695,000 | 45,910 | ||||||||||||
2 Year U.S. Treasury Notes | (138 | ) | December 2006 | (28,208,062 | ) | (53,202 | ) | |||||||||
5 Year U.S. Treasury Notes | (55 | ) | December 2006 | (5,805,938 | ) | (34,982 | ) | |||||||||
TOTAL | $ | (14,814,163 | ) | $ | (1,091 | ) | ||||||||||
INTEREST RATE SWAP CONTRACT — At October 31, 2006, the Fund had an outstanding swap contract with the following terms:
Rates Exchanged | ||||||||||||||||||||
Payments | Payments | |||||||||||||||||||
Notional Amount | received by | made by | Unrealized | |||||||||||||||||
Swap Counterparty | (000s) | Termination Date | the Fund | the Fund | Loss | |||||||||||||||
J.P. Morgan Securities, Inc. | $ | 20,000 | 02/17/2011 | 3 month LIBOR | 5.091 | % | $ | (30,468 | ) | |||||||||||
For the Goldman Sachs Enhanced Income Fund and the AXA Enterprise Short Duration Fund
October 31, 2006 (Unaudited)
Goldman Sachs | AXA Enterprise | |||||||||||||||
Enhanced | Short Duration | Pro Forma | ||||||||||||||
Income Fund | Fund | Adjustments | Combined Fund | |||||||||||||
Assets: | ||||||||||||||||
Investments in securities, at value (identified cost $203,430,617, $45,947,798, $0 and $249,378,415, respectively) — (including $0, $5,432,467, $0 and $5,432,467 of securities on loan, respectively) | $ | 202,890,521 | $ | 45,672,585 | $ | (682,814) | (b) | $ | 247,880,292 | |||||||
Investments in short term securities, at value (cost $0, $5,654,389, $0 and $5,654,389, respectively) | — | 5,653,740 | — | 5,653,240 | ||||||||||||
Securities Lending collateral, at value (cost $0, $4,178,064, $0 and $4,178,064, respectively) | — | 4,178,064 | — | 4,178,064 | ||||||||||||
Cash | 1,154,419 | (a) | — | — | 1,154,419 | |||||||||||
Receivables: | ||||||||||||||||
Investment securities sold, at value | — | 4,282 | 682,814 | (b) | 687,096 | |||||||||||
Fund shares sold | 7,509,157 | 232,230 | — | 7,741,387 | ||||||||||||
Interest, at value | 1,876,806 | 260,241 | — | 2,137,047 | ||||||||||||
Other assets | 931 | 43,403 | — | 44,334 | ||||||||||||
Total assets | 213,431,834 | 56,044,545 | — | 269,476,379 | ||||||||||||
Liabilities: | ||||||||||||||||
Payables: | ||||||||||||||||
Investment securities purchased | — | 2,030,717 | — | 2,030,717 | ||||||||||||
Payable upon return of securities loaned | — | 4,178,064 | — | 4,178,064 | ||||||||||||
Fund shares repurchased | 1,449,495 | 39,765 | — | 1,489,260 | ||||||||||||
Amounts owed to affiliates | 86,022 | — | — | 86,022 | ||||||||||||
Swap Contract, at value | 30,468 | — | — | 30,468 | ||||||||||||
Income distribution | 151,456 | 171,355 | — | 322,811 | ||||||||||||
Bank overdraft | — | 1,800 | — | 1,800 | ||||||||||||
Variation Margin | 39,146 | — | — | 39,146 | ||||||||||||
Accrued expenses | 208,461 | 63,975 | — | 272,436 | ||||||||||||
Total liabilities | 1,965,048 | 6,485,676 | — | 8,450,724 | ||||||||||||
Net Assets: | ||||||||||||||||
Paid-in capital | 289,367,517 | 50,361,100 | — | 339,728,617 | ||||||||||||
Accumulated undistributed net investment income | 3,223,079 | 13,162 | — | 3,236,241 | ||||||||||||
Accumulated net realized (loss) on investments, futures and swaps transactions | (80,552,155 | ) | (539,530 | ) | 346 | (b) | (81,091,339 | ) | ||||||||
Net unrealized gain on investments, futures and swaps | (571,655 | ) | (275,863 | ) | (346 | )(b) | (847,864 | ) | ||||||||
Net Assets | $ | 211,466,786 | $ | 49,558,869 | $ | — | $ | 261,025,655 | ||||||||
Net Assets: | ||||||||||||||||
Class A | $ | 36,333,460 | $ | 16,869,508 | $ | 4,496,065 | (c) | $ | 57,698,857 | |||||||
Class B | — | 6,569,396 | — | 6,569,396 | ||||||||||||
Class C | — | 4,496,112 | (4,496,065 | )(c) | — | |||||||||||
Institutional/Class Y | 173,430,029 | 21,623,784 | — | 195,053,587 | ||||||||||||
Administration | 1,703,297 | — | — | 1,703,297 | ||||||||||||
Shares Outstanding: | ||||||||||||||||
Class A | 3,733,929 | 1,715,689 | 480,138 | (c) | 5,929,756 | |||||||||||
Class B | — | 669,519 | 5,650 | (c) | 675,169 | |||||||||||
Class C | — | 458,328 | (458,328 | )(c) | ||||||||||||
Institutional/Class Y | 17,846,274 | 2,199,038 | 25,608 | (c) | 20,070,920 | |||||||||||
Administration | 175,330 | — | — | 175,330 | ||||||||||||
Total shares outstanding, $0.001 par value (unlimited number of shares authorized) | 21,755,533 | 5,042,574 | 53,068 | (c) | 26,851,175 | |||||||||||
Net assets value, offering and redemption price per share:(d) | ||||||||||||||||
Class A | $ | 9.73 | 9.83 | $ | — | $ | 9.73 | |||||||||
Class B | — | 9.81 | — | 9.73 | ||||||||||||
Class C | — | 9.81 | — | — | ||||||||||||
Institutional/Class Y | 9.72 | 9.83 | — | 9.72 | ||||||||||||
Administration | 9.71 | — | — | 9.71 | ||||||||||||
(a) | Includes restricted cash of $1,100,000 relating to initial margin requirements on futures transactions. | |
(b) | Adjustment to reflect proceeds on investments that do not meet GS Enhanced Income Fund’s investment criteria and are assumed to be sold at 10/31/06. | |
(c) | Adjustment to reflect reduction of shares based on GS Enhanced Income Fund’s NAV. | |
(d) | Maximum public offering price per share for Class A Shares is $9.88, $10.19, $0 and $9.88 for the GS Enhanced Income Fund, the AXA Enterprise Short Duration fund, respectively. At redemption, Class B and Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current NAV or the original purchase price of the shares. |
For the Goldman Sachs Enhanced Income Fund and the AXA Enterprise Short Duration Fund
For year ended October 31, 2006 (Unaudited)
Goldman Sachs | AXA Enterprise | |||||||||||||||
Enhanced | Short Duration | Pro Forma | ||||||||||||||
Income Fund | Fund | Adjustments | Combined Fund | |||||||||||||
Investment Income: | ||||||||||||||||
Interest (including securities lending income of $0, $6,071, $0 and $6,071, respectively) | $ | 11,737,016 | $ | 2,253,465 | $ | — | $ | 13,990,481 | ||||||||
Total income | 11,737,016 | 2,253,465 | — | 13,990,481 | ||||||||||||
Expenses: | ||||||||||||||||
Management fees | 666,924 | 204,854 | (85,754 | )(a) | 786,024 | |||||||||||
Administrative fees | — | 27,201 | (27,201 | )(b) | — | |||||||||||
Distribution and service fees | 120,096 | 164,548 | (38,176 | )(b) | 246,468 | |||||||||||
Transfer agent fees | 164,354 | 111,500 | (56,949 | )(b) | 218,905 | |||||||||||
Custody and accounting fees | 115,297 | 9,000 | 4,457 | (b) | 128,754 | |||||||||||
Printing fees | 73,323 | 17,185 | (9,729 | )(b) | 80,779 | |||||||||||
Registration fees | 30,000 | 45,234 | (45,234 | )(b) | 30,000 | |||||||||||
Audit fees | 50,530 | 29,300 | (24,247 | )(b) | 55,583 | |||||||||||
Legal fees | 26,865 | 5,564 | (200 | )(b) | 32,229 | |||||||||||
Trustee fees | 16,201 | 7,036 | (7,036 | )(b) | 16,201 | |||||||||||
Administration share fees | 5,230 | — | — | 5,230 | ||||||||||||
Other | 20,759 | 11,634 | (6,507 | )(b) | 25,886 | |||||||||||
Total expenses | 1,289,579 | 633,056 | (296,576 | ) | 1,626,059 | |||||||||||
Less — expense reductions | (441,320 | ) | (158,847 | ) | (41,440 | )(c) | (641,607 | ) | ||||||||
Net Expenses | 848,259 | 474,209 | (338,016 | ) | 984,452 | |||||||||||
Net Investment Income (loss) | 10,888,757 | 1,779,256 | 338,016 | 13,006,029 | ||||||||||||
Realized and unrealized gain (loss) on investment and futures transactions: | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investment transactions | (1,001,036 | ) | (331,237 | ) | 346 | (d) | (1,331,927 | ) | ||||||||
Futures transactions | (64,921 | ) | — | (64,921 | ) | |||||||||||
Swap contracts | 137,469 | — | — | 137,469 | ||||||||||||
Net change in unrealized gain (loss) on: | ||||||||||||||||
Investments | 1,778,263 | 364,553 | (346 | )(d) | 2,142,470 | |||||||||||
Futures | 173,281 | — | 173,281 | |||||||||||||
Swap contracts | (193,200 | ) | — | (193,200 | ) | |||||||||||
Net realized and unrealized gain on investment and futures transactions | 829,856 | 33,316 | — | 863,172 | ||||||||||||
Net Increase in Net Assets Resulting from Operations | $ | 11,718,613 | $ | 1,812,572 | $ | — | $ | 13,869,201 | ||||||||
(a) | Adjustment to reduce management fee based on GS Enhanced Income Fund rates. | |
(b) | Adjustments to reflect the anticipated changes as a result of consolidation of transfer agent, printing, custody and accounting and other services. | |
(c) | Adjustment to reflect increase in expense reduction based on GS Enhanced Income Fund current expense cap and waivers. | |
(d) | Adjustment to reflect proceeds on investments that do not meet GS Enhanced Income Fund’s investment criteria and are assumed to be sold at 10/31/06. |
For the Twelve Months Ended October 31, 2006 (Unaudited)
Class A | Class B | Institutional | ||||||||||
Shares Issued | 2,195,827 | 675,169 | 2,224,646 | |||||||||
Net Assets 10/31/2006 | $ | 21,365,397 | $ | 6,569,396 | $ | 21,623,558 | ||||||
Pro Forma Net Asset Value 10/31/2006 | $ | 9.73 | $ | 9.73 | $ | 9.72 |
Capital Loss Carryforward* | The Portfolio | Enhanced Income Fund | ||||||
Expiring 2009 | $ | — | $ | 7,623 | ||||
Expiring 2010 | — | 65,332 | ||||||
Expiring 2012 | — | 7,471 | ||||||
Expiring 2013 | 187 | — | ||||||
Expiring 2014 | 352 | 127 | ||||||
Total | $ | 539 | $ | 80,553 | ||||
* | Expiration occurs on October 31 of the year indicated. As a consequence of the reorganization, utilization of these losses may be limited under the Internal Revenue Code. |
2
3
Average Daily Net Assets | Annual Rate | |||
Up to $1 Billion | 0.25 | % | ||
Next $1 Billion | 0.23 | % | ||
Over $2 Billion | 0.22 | % | ||
4
5
June 30, 2006 (Unaudited)
Interest | Maturity | |||||||||||||||||||||||||||||||||||||||||
Principal Amount | Description | Rate | Date | Value | ||||||||||||||||||||||||||||||||||||||
AXA Enterprise | AXA Enterprise | |||||||||||||||||||||||||||||||||||||||||
GS ILA Prime | Money | Combined | GS ILA Prime | Money | Combined | |||||||||||||||||||||||||||||||||||||
Obligations Fund | Market Portfolio | adjustment | Proforma | Obligations Fund | Market Portfolio | adjustment | Proforma | |||||||||||||||||||||||||||||||||||
Bank Notes - 1.2% | ||||||||||||||||||||||||||||||||||||||||||
$ | 5,000,000 | $ | 5,000,000.00 | Bank of America Corp. | 4.22 | % | 8/30/2006 | $ | 5,000,000 | $ | — | $ | $ | 5,000,000 | ||||||||||||||||||||||||||||
3,000 | 3,000.00 | National City Bank | 4.79 | 1/16/2007 | 3,000,000 | 3,000,000 | ||||||||||||||||||||||||||||||||||||
Total Bank Notes | 8,000,000 | 8,000,000 | ||||||||||||||||||||||||||||||||||||||||
Commercial Paper and Corporate Obligations | ||||||||||||||||||||||||||||||||||||||||||
Asset-Backed - 27.4% | ||||||||||||||||||||||||||||||||||||||||||
4,000,000 | 4,000,000.00 | Abbey National | 0.00 | 7/3/2006 | 3,998,833 | 3,998,833 | ||||||||||||||||||||||||||||||||||||
5,000,000 | 5,000,000.00 | Adirondack Ltd. | 4.94 | 7/3/2006 | 4,998,628 | 4,998,628 | ||||||||||||||||||||||||||||||||||||
4,000,000 | 4,000,000.00 | AIG Funding | 0.00 | 7/3/2006 | 3,998,829 | 3,998,829 | ||||||||||||||||||||||||||||||||||||
4,000,000 | 4,000,000.00 | Atlantis One | 0.00 | 8/21/2006 | 3,970,023 | 3,970,023 | ||||||||||||||||||||||||||||||||||||
4,000,000 | 4,000,000.00 | Bryant Park Funding | 0.00 | 8/22/2006 | 3,969,320 | 3,969,320 | ||||||||||||||||||||||||||||||||||||
4,000,000 | 4,000,000.00 | Beethoven | 0.00 | 7/5/2006 | 3,997,760 | 3,997,760 | ||||||||||||||||||||||||||||||||||||
5,000,000 | 5,000,000.00 | Citibank Credit Card Issuance Trust (Dakota Corp.) | 5.29 | 8/17/2006 | 4,965,468 | 4,965,468 | ||||||||||||||||||||||||||||||||||||
4,000,000 | 4,000,000.00 | Citi Group Funding | 3,968,789 | |||||||||||||||||||||||||||||||||||||||
CRC Funding LLC | ||||||||||||||||||||||||||||||||||||||||||
5,000,000 | 5,000,000.00 | 5.05 | 7/25/2006 | 4,983,167 | 4,983,167 | |||||||||||||||||||||||||||||||||||||
4,000,000 | 4,000,000.00 | 0.00 | 8/22/2006 | 3,969,378 | 3,969,378 | |||||||||||||||||||||||||||||||||||||
4,983,167 | 3,969,378 | 0 | 8,952,545 | |||||||||||||||||||||||||||||||||||||||
5,000,000 | 5,000,000.00 | Curzon Funding LLC | 5.19 | 8/14/2006 | 4,968,314 | 4,968,314 | ||||||||||||||||||||||||||||||||||||
FCAR Owner Trust Series II | ||||||||||||||||||||||||||||||||||||||||||
5,000,000 | 5,000,000.00 | 5.15 | 7/12/2006 | 4,992,132 | 4,992,132 | |||||||||||||||||||||||||||||||||||||
4,000,000 | 4,000,000.00 | 0.00 | 7/5/2006 | 3,997,760 | 3,997,760 | |||||||||||||||||||||||||||||||||||||
4,992,132 | 3,997,760 | 0 | 8,989,892 | |||||||||||||||||||||||||||||||||||||||
5,000,000 | 5,000,000.00 | Fountain Square Commercial Funding Corp. | 5.29 | 8/21/2006 | 4,962,529 | 4,962,529 | ||||||||||||||||||||||||||||||||||||
5,000,000 | 5,000,000.00 | Galleon Capital LLC | 5.20 | 8/9/2006 | 4,971,833 | 4,971,833 | ||||||||||||||||||||||||||||||||||||
Gemini Securitization Corp. | ||||||||||||||||||||||||||||||||||||||||||
5,000,000 | 5,000,000.00 | 5.20 | 8/10/2006 | 4,971,111 | 4,971,111 | |||||||||||||||||||||||||||||||||||||
5,000,000 | 5,000,000.00 | 5.13 | 8/31/2006 | 4,956,538 | 4,956,538 | |||||||||||||||||||||||||||||||||||||
9,927,649 | 0 | — | 9,927,649 | |||||||||||||||||||||||||||||||||||||||
3,850,000 | 3,850,000.00 | General Electric | 5.35 | 10/17/2007 | 3,850,000 | 3,850,000 | ||||||||||||||||||||||||||||||||||||
5,000,000 | 5,000,000.00 | K2 USA LLC | 5.34 | 9/20/2006 | 4,939,925 | 4,939,925 | ||||||||||||||||||||||||||||||||||||
5,000,000 | 5,000,000.00 | Kitty Hawk Funding Corp. | 5.20 | 7/17/2006 | 4,988,444 | 4,988,444 | ||||||||||||||||||||||||||||||||||||
5,000,000 | 5,000,000.00 | KLIO Funding Corp. | 5.27 | 7/20/2006 | 4,986,106 | 4,986,106 | ||||||||||||||||||||||||||||||||||||
5,000,000 | 5,000,000.00 | KLIO II Funding Corp. | 5.29 | 7/20/2006 | 4,986,053 | 4,986,053 | ||||||||||||||||||||||||||||||||||||
4,000,000 | 4,000,000.00 | Lake Constance Funding Ltd. | 5.30 | 7/3/2006 | 3,998,822 | 3,998,822 | ||||||||||||||||||||||||||||||||||||
5,000,000 | 5,000,000.00 | Nieuw Amsterdam Receivables Corp. | 5.25 | 7/17/2006 | 4,988,333 | 4,988,333 | ||||||||||||||||||||||||||||||||||||
5,000,000 | 5,000,000.00 | Park Granada LLC | 5.06 | 7/13/2006 | 4,991,567 | 4,991,567 | ||||||||||||||||||||||||||||||||||||
5,000,000 | 5,000,000.00 | Ticonderoga Funding LLC | 5.15 | 7/12/2006 | 4,992,132 | 4,992,132 | ||||||||||||||||||||||||||||||||||||
10,677,000 | 10,677,000.00 | Triple-A One Funding Corp. | 4.99 | 7/20/2006 | 10,648,881 | 10,648,881 | ||||||||||||||||||||||||||||||||||||
5,000,000 | 5,000,000.00 | Variable Funding Capital Corp. | 5.29 | 7/28/2006 | 4,980,163 | 4,980,163 | ||||||||||||||||||||||||||||||||||||
Security and Commodity Broker, Dealers and Services | ||||||||||||||||||||||||||||||||||||||||||
Bear Sterns & Cos., Inc. | ||||||||||||||||||||||||||||||||||||||||||
5,000,000 | 5,000,000.00 | 5.32 | 7/3/2006 | 4,998,522 | 4,998,522 | |||||||||||||||||||||||||||||||||||||
4,000,000 | 4,000,000.00 | 0.00 | 8/22/2006 | 3,969,262 | 3,969,262 | |||||||||||||||||||||||||||||||||||||
4,998,522 | 3,969,262 | — | 8,967,784 | |||||||||||||||||||||||||||||||||||||||
4,000,000 | 4,000,000.00 | BNP Paribas | 0.00 | 7/3/2006 | 3,998,829 | 3,998,829 | ||||||||||||||||||||||||||||||||||||
4,000,000 | 4,000,000.00 | Deutsche Bank | 0.00 | 7/3/2006 | 3,998,822 | 3,998,822 | ||||||||||||||||||||||||||||||||||||
4,000,000 | 4,000,000.00 | Harrier | 0.00 | 7/6/2006 | 3,997,200 | 3,997,200 | ||||||||||||||||||||||||||||||||||||
4,000,000 | 4,000,000.00 | Intensa Funding | 0.00 | 7/3/2006 | 3,998,829 | 3,998,829 | ||||||||||||||||||||||||||||||||||||
4,000,000 | 4,000,000.00 | Prudential Funding | 0.00 | 7/3/2006 | 3,998,831 | 3,998,831 | ||||||||||||||||||||||||||||||||||||
4,000,000 | 4,000,000.00 | Sigma Securities | 0.00 | 8/22/2006 | 3,969,436 | 3,969,436 | ||||||||||||||||||||||||||||||||||||
4,000,000 | 4,000,000.00 | Three Pillars | 0.00 | 7/3/2006 | 3,998,827 | 3,998,827 | ||||||||||||||||||||||||||||||||||||
�� | 4,000,000 | 4,000,000.00 | UBS Finance | 0.00 | 7/3/2006 | 3,998,829 | 3,998,829 | |||||||||||||||||||||||||||||||||||
Total Commercial Paper and Corporate Obligations | 104,268,668 | 71,649,557 | 0 | 175,918,225 | ||||||||||||||||||||||||||||||||||||||
Time Deposits - 4.9% | ||||||||||||||||||||||||||||||||||||||||||
5,000,000 | 5,000,000.00 | American Express | 5.25 | 7/3/2006 | 5,000,000 | 5,000,000 | ||||||||||||||||||||||||||||||||||||
1,741,243 | 1,741,243.12 | Chase Nassau | 4.58 | 12/31/2049 | 1,741,243 | 1,741,243 |
Interest | Maturity | |||||||||||||||||||||||||||||||||||||||||
Principal Amount | Description | Rate | Date | Value | ||||||||||||||||||||||||||||||||||||||
AXA Enterprise | AXA Enterprise | |||||||||||||||||||||||||||||||||||||||||
GS ILA Prime | Money | Combined | GS ILA Prime | Money | Combined | |||||||||||||||||||||||||||||||||||||
Obligations Fund | Market Portfolio | adjustment | Proforma | Obligations Fund | Market Portfolio | adjustment | Proforma | |||||||||||||||||||||||||||||||||||
$ | 5,000,000 | $5,000,000.00 | State street | 5.25 | 7/3/2006 | $ | — | $ | 5,000,000 | $ | 5,000,000 | |||||||||||||||||||||||||||||||
5,000,000 | 5,000,000.00 | National City | 5.25 | 7/3/2006 | 5,000,000 | 5,000,000 | ||||||||||||||||||||||||||||||||||||
5,000,000 | 5,000,000.00 | Manufacturers | 5.27 | 7/3/2006 | 5,000,000 | 5,000,000 | ||||||||||||||||||||||||||||||||||||
5,000,000 | 5,000,000.00 | Key Bank | 5.28 | 7/3/2006 | 5,000,000 | 5,000,000 | ||||||||||||||||||||||||||||||||||||
5,000,000 | 5,000,000.00 | Branch Banking | 5.27 | 7/3/2006 | 5,000,000 | 5,000,000 | ||||||||||||||||||||||||||||||||||||
Total Time Deposits | — | 31,741,243 | — | 31,741,243 | ||||||||||||||||||||||||||||||||||||||
Certificates of Deposit - 3.4% | ||||||||||||||||||||||||||||||||||||||||||
3,000,000 | 3,000,000.00 | Bank of New York | 4.76 | 12/5/2006 | 3,000,000 | 3,000,000 | ||||||||||||||||||||||||||||||||||||
5,000,000 | Citibank, N.A. | 5.20 | 8/31/2006 | 5,000,000 | 5,000,000 | |||||||||||||||||||||||||||||||||||||
5,000,000 | 5,000,000.00 | Suntrust Bank | 4.73 | 11/28/2006 | 4,999,702 | 4,999,702 | ||||||||||||||||||||||||||||||||||||
Wells Fargo Bank | ||||||||||||||||||||||||||||||||||||||||||
2,000,000 | 2,000,000.00 | 4.08 | 7/31/2006 | 2,000,000 | 2,000,000 | |||||||||||||||||||||||||||||||||||||
3,000,000 | 3,000,000.00 | 4.74 | 1/10/2007 | 3,000,000 | 3,000,000 | |||||||||||||||||||||||||||||||||||||
2,000,000 | 2,000,000.00 | 4.78 | 1/24/2007 | 1,999,664 | 1,999,664 | |||||||||||||||||||||||||||||||||||||
2,000,000 | 2,000,000.00 | 5.06 | 2/26/2007 | 2,000,000 | 2,000,000 | |||||||||||||||||||||||||||||||||||||
8,999,664 | — | — | 8,999,664 | |||||||||||||||||||||||||||||||||||||||
Total Certificates of Deposit | 21,999,366 | — | — | 21,999,366 | ||||||||||||||||||||||||||||||||||||||
. | ||||||||||||||||||||||||||||||||||||||||||
Government Agency Securities (a) - - 2.3% | ||||||||||||||||||||||||||||||||||||||||||
10,000,000 | 10,000,000.00 | FNMA | 5.11 | 9/7/2006 | 9,998,620 | 9,998,620 | ||||||||||||||||||||||||||||||||||||
5,000,000 | 5,000,000.00 | FNMA | 5.01 | 7/7/2006 | 4,999,323 | 4,999,323 | ||||||||||||||||||||||||||||||||||||
Total Government Agency Securities | 14,997,943 | — | — | 14,997,943 | ||||||||||||||||||||||||||||||||||||||
Master Demand Note - 1.6% | ||||||||||||||||||||||||||||||||||||||||||
10,000,000 | 10,000,000.00 | Bank of America Securities LLC | 5.38 | 7/31/2006 | 10,000,000 | 10,000,000 | ||||||||||||||||||||||||||||||||||||
Variable Rate Obligations (a) - 15.3% | ||||||||||||||||||||||||||||||||||||||||||
3,000,000 | 3,000,000.00 | Bank of America Corp. | 5.25 | 7/24/2006 | 3,000,000 | 3,000,000 | ||||||||||||||||||||||||||||||||||||
4,000,000 | Caterpillar | 5.14 | 7/10/2006 | 4,000,000 | 4,000,000 | |||||||||||||||||||||||||||||||||||||
10,000,000 | Fifth Third Bank | 5.08 | 7/6/2006 | 9,999,527 | 9,999,527 | |||||||||||||||||||||||||||||||||||||
General Electric | 5.35 | 10/17/2007 | 5,000,000 | 5,000,000 | ||||||||||||||||||||||||||||||||||||||
Merrill Lynch & Co., Inc. | ||||||||||||||||||||||||||||||||||||||||||
10,000,000 | 10,000,000.00 | 5.19 | 7/5/2006 | 10,004,378 | 10,004,378 | |||||||||||||||||||||||||||||||||||||
5,000,000 | 5,000,000.00 | 5.42 | 7/11/2006 | 5,004,379 | 5,004,379 | |||||||||||||||||||||||||||||||||||||
2,000,000 | 5.42 | 7/11/2007 | 2,000,000 | 2,000,000 | ||||||||||||||||||||||||||||||||||||||
15,008,757 | 2,000,000 | — | 17,008,757 | |||||||||||||||||||||||||||||||||||||||
20,000,000 | 20,000,000.00 | Monumental Life Insurance Co. (b) | 5.28 | 7/1/2006 | 20,000,000 | 20,000,000 | ||||||||||||||||||||||||||||||||||||
5,000,000 | 5,000,000.00 | Morgan Stanley | 5.15 | 7/3/2006 | 5,000,000 | 5,000,000 | ||||||||||||||||||||||||||||||||||||
5,000,000 | Royal Bank of Canada | 5.20 | 11/7/2008 | 5,000,000 | 5,000,000 | |||||||||||||||||||||||||||||||||||||
Suntrust Bank | ||||||||||||||||||||||||||||||||||||||||||
5,000,000 | 5,000,000.00 | 5.10 | 7/10/2006 | 5,000,000 | 5,000,000 | |||||||||||||||||||||||||||||||||||||
5,000,000 | 5,000,000.00 | 5.29 | 7/27/2006 | 5,000,000 | 5,000,000 | |||||||||||||||||||||||||||||||||||||
10,000,000 | — | — | 10,000,000 | |||||||||||||||||||||||||||||||||||||||
10,000,000 | 10,000,000.00 | US Bank, NA | 5.28 | 7/31/2006 | 9,999,509 | 9,999,509 | ||||||||||||||||||||||||||||||||||||
9,007,418 | 9,007,418.00 | Wachovia Asset Securitization, Inc. (b) | 5.31 | 7/25/2006 | 9,007,418 | 9,007,418 | ||||||||||||||||||||||||||||||||||||
Total Variable Rate Obligations | 87,015,211 | 11,000,000 | — | 98,015,211 | ||||||||||||||||||||||||||||||||||||||
TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENT | $ | 246,281,188 | $ | 114,390,800 | $ | — | $ | 360,671,988 | ||||||||||||||||||||||||||||||||||
Principal Amount | Interest Rate Maturity Date | Value | ||||||||||||||||||||||||||||||||||||||||
Repurchase Agreement (c) - 41.3% | ||||||||||||||||||||||||||||||||||||||||||
Citigroup Global Markets, Inc. | ||||||||||||||||||||||||||||||||||||||||||
5.40% 7/3/2006 Maturity | ||||||||||||||||||||||||||||||||||||||||||
Value $5,002,250 | ||||||||||||||||||||||||||||||||||||||||||
5.36 7/3/2006 Maturity | ||||||||||||||||||||||||||||||||||||||||||
Value $5,002,233 | ||||||||||||||||||||||||||||||||||||||||||
Repurchase Agreements issued by Citigroup Global Markets, | ||||||||||||||||||||||||||||||||||||||||||
Inc., with a amortized cost of $10,000,000 are collaterized by | ||||||||||||||||||||||||||||||||||||||||||
a corporate issue 4.25%, due 10/25/2035. The aggregate market | ||||||||||||||||||||||||||||||||||||||||||
value of the collateral, including accrued interest, was | ||||||||||||||||||||||||||||||||||||||||||
10,000,000 | 10,000,000 | $10,005,903 | 5.36 - 5.40 | 7/3/2006 | 10,000,000 | 10,000,000 | ||||||||||||||||||||||||||||||||||||
Joint Repurchase Agreement Account II 5.28% | ||||||||||||||||||||||||||||||||||||||||||
7/3/2006 Maturity Value | ||||||||||||||||||||||||||||||||||||||||||
265,700,000 | 265,700,000 | $265,816,908 2.97 | 5/2/2005 | 265,700,000 | — | — | 265,700,000 | |||||||||||||||||||||||||||||||||||
Wachovia Capital Markets | ||||||||||||||||||||||||||||||||||||||||||
5.38% 7/3/2006 Maturity | ||||||||||||||||||||||||||||||||||||||||||
Value $5,002,242 | �� | |||||||||||||||||||||||||||||||||||||||||
Collateralized by various corporate issues 0.00% to 8.25%, | ||||||||||||||||||||||||||||||||||||||||||
due 5/1/2010 to 9/25/2035. The aggregate market value | ||||||||||||||||||||||||||||||||||||||||||
5,000,000 | 5,000,000 | of the collateral, including aggrued interest, was $5,250,224 | 5,000,000 | 5,000,000 | ||||||||||||||||||||||||||||||||||||||
Total Repurchase Agreements - 5.38% | 280,700,000 | — | — | 280,700,000 | ||||||||||||||||||||||||||||||||||||||
Total Investments - 99.8% | 526,981,188 | 114,390,800 | — | 641,371,988 | ||||||||||||||||||||||||||||||||||||||
Other Assets in Excess of Liabilities - 0.2% | 586,462 | 678,514 | 1,264,976 | |||||||||||||||||||||||||||||||||||||||
Net Assets - 100.0% | 527,567,650 | 115,069,314 | 642,636,964 | |||||||||||||||||||||||||||||||||||||||
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
(a) Variable or floating rate security index is based on either LIBOR or Federal Funds rate. |
(b) Securities not registered under the Securities Act of 1933, as amended. Such securities have been determined to be illiquid by the investment advisor. At June 30, 2006, these securities amounted to $29,007,418 or approximately 4.5% of Net Assets. | |
(c) Unless noted, all repurchase agreements were entered into on June 30, 2006. | |
Investment Abbreviations: | |
FNMA — Federal National Mortgage Association | |
LIBOR — London Interbank Offered Rate | |
Type | Number of contracts Long | Settlement month | Market Value | Unrealized Loss | ||||||||||||
Eurodollars | 264 | June 2005 | $ | 63,739,500 | $ | 33,052 | ||||||||||
Eurodollars | 308 | September 2005 | 74,116,350 | (66,143 | ) | |||||||||||
Eurodollars | 511 | December 2005 | 122,723,038 | (234,307 | ) | |||||||||||
Eurodollars | 90 | March 2006 | 21,586,500 | 10,974 | ||||||||||||
Eurodollars | 113 | June 2006 | 27,071,975 | (84,417 | ) | |||||||||||
Eurodollars | (184 | ) | September 2006 | (44,040,400 | ) | 30,892 | ||||||||||
Eurodollars | (476 | ) | December 2006 | (113,841,350 | ) | 293,891 | ||||||||||
Eurodollars | 50 | March 2007 | 11,955,000 | (22,893 | ) | |||||||||||
Eurodollars | 40 | June 2007 | 9,560,500 | (6,734 | ) | |||||||||||
U.S. Treasury Bonds | 667 | June 2005 | 76,600,781 | 2,138,051 | ||||||||||||
2 Year U.S. Treasury Notes | 292 | June 2005 | 60,649,313 | 18,166 | ||||||||||||
5 Year U.S. Treasury Notes | (1,470 | ) | June 2005 | (159,426,094 | ) | 207,739 | ||||||||||
10 Year German Federal Republic Bonds | 808 | June 2005 | 125,490,477 | 142,794 | ||||||||||||
10 Year U.S. Treasury Notes | 1 | June 2005 | 111,422 | 529 | ||||||||||||
$ | 276,297,012 | $ | 2,461,594 | |||||||||||||
Repurchase Agreements | Principal Amount | Interest Rate | Maturity Date | Maturity Value | ||||||||||||
Banc of America Securities LLC | $ | 900,000,000 | 2.97 | % | 5/2/2005 | $ | 900,222,750 | |||||||||
Barclays Capital PLC | 1,700,000,000 | 2.97 | 5/2/2005 | 1,700,420,750 | ||||||||||||
Bear Stearns & Co. | 300,000,000 | 2.98 | 5/2/2005 | 300,074,500 | ||||||||||||
Deutsche Bank Securities, Inc. | 610,000,000 | 2.97 | 5/2/2005 | 610,150,975 | ||||||||||||
Greenwich Capital Markets | 400,000,000 | 2.97 | 5/2/2005 | 400,099,000 | ||||||||||||
Merrill Lynch | 250,000,000 | 2.97 | 5/2/2005 | 250,061,875 | ||||||||||||
Morgan Stanley & Co. | 1,411,700,000 | 2.97 | 5/2/2005 | 1,412,049,396 | ||||||||||||
UBS Securities LLC | 750,000,000 | 2.95 | 5/2/2005 | 750,184,375 | ||||||||||||
UBS Securities LLC | 450,000,000 | 2.96 | 5/2/2005 | 450,111,000 | ||||||||||||
Westdeutsche Landesbank AG | 900,000,000 | 2.97 | 5/2/2005 | 900,222,750 | ||||||||||||
TOTAL | $ | 7,671,700,000 | $ | 7,673,597,371 | ||||||||||||
Rate Type | ||||||||||||||||||||||||
Notional Amount | Payments received | Payments made by | Unrealized Gain | |||||||||||||||||||||
Swap Type | Swap Counterparty | (000s) | Termination Date | by the Fund | the Fund | (Loss) | ||||||||||||||||||
Banc of America | 3 month LIBOR | |||||||||||||||||||||||
Interest Rate | Securities LLC | $ | 60,000 | 12/27/2006 | 3.43 | % | Floating | $ | 48,169 | |||||||||||||||
Banc of America | 3 month LIBOR | |||||||||||||||||||||||
Interest Rate | Securities LLC | 281,330 | 5/6/2008 | 4.35 | % | Floating | — | |||||||||||||||||
Banc of America | 3 month LIBOR | |||||||||||||||||||||||
Interest Rate | Securities LLC | 100,000 | 10/14/2008 | 3.51 | % | Floating | (2,217,960 | ) | ||||||||||||||||
Banc of America | 3 month LIBOR | |||||||||||||||||||||||
Interest Rate | Securities LLC | 93,000 | 4/21/2010 | 4.29 | % | Floating | (198,384 | ) | ||||||||||||||||
Banc of America | 3 month LIBOR | |||||||||||||||||||||||
Interest Rate | Securities LLC | 120,500 | 5/4/2011 | Floating | 4.53 | % | — | |||||||||||||||||
Banc of America | 3 month LIBOR | |||||||||||||||||||||||
Interest Rate | Securities LLC | 65,000 | 4/19/2012 | 4.55 | % | Floating | 302,960 | |||||||||||||||||
Banc of America | 3 month LIBOR | |||||||||||||||||||||||
Interest Rate | Securities LLC | 20,000 | 11/12/2019 | Floating | 5.07 | % | (873,351 | ) | ||||||||||||||||
Banc of America | 3 month LIBOR | |||||||||||||||||||||||
Interest Rate | Securities LLC | 80,000 | 3/23/2020 | Floating | 5.11 | % | (2,516,738 | ) | ||||||||||||||||
Banc of America | 3 month LIBOR | |||||||||||||||||||||||
Interest Rate | Securities LLC | 9,000 | 3/30/2035 | 5.32 | % | Floating | 472,996 | |||||||||||||||||
Banc of America | 3 month LIBOR | |||||||||||||||||||||||
Interest Rate | Securities LLC | 10,000 | 4/9/2035 | 5.27 | % | Floating | 434,661 | |||||||||||||||||
$ | (4,547,647 | ) | ||||||||||||||||||||||
Unrealized | ||||||||||||||||||||
Open Forward Foreign Currency | Value on | |||||||||||||||||||
Purchase Contracts | Expiration Date | Settlement Date | Current Value | Gain | Loss | |||||||||||||||
Australian Dollar | 6/15/2005 | $ | 16,341,000 | $ | 16,597,522 | $ | 256,522 | $ | — | |||||||||||
Canadian Dollar | 6/15/2005 | 5,512,000 | 5,431,860 | — | 80,140 | |||||||||||||||
Euro | 6/15/2005 | 5,481,000 | 5,395,047 | — | 85,953 | |||||||||||||||
Great Britain Pound | 6/15/2005 | 11,097,000 | 11,085,243 | — | 11,757 | |||||||||||||||
Japanese Yen | 6/15/2005 | 5,585,000 | 5,642,277 | 57,277 | — | |||||||||||||||
Norwegian Krone | 6/15/2005 | 21,771,000 | 21,699,224 | — | 71,776 | |||||||||||||||
TOTAL OPEN FORWARD FOREIGN CURRENCY PURCHASE CONTRACTS | $ | 65,787,000 | $ | 65,851,173 | $ | 313,799 | $ | 249,626 | ||||||||||||
Unrealized | ||||||||||||||||||||
Open Forward Foreign Currency | Value on | |||||||||||||||||||
Sale Contracts | Expiration Date | Settlement Date | Current Value | Gain | Loss | |||||||||||||||
Canadian Dollar | 6/15/2008 | $ | 10,911,000 | $ | 10,774,320 | $ | 136,680 | $ | — | |||||||||||
Euro | 5/27/2005 | 3,511,565 | 3,497,507 | 14,058 | — | |||||||||||||||
Euro | 6/15/2008 | 5,512,000 | 5,472,298 | 39,702 | — | |||||||||||||||
Great Britain Pound | 6/15/2008 | 5,430,000 | 5,459,040 | — | 29,040 | |||||||||||||||
Japanese Yen | 6/15/2008 | 5,430,000 | 5,572,075 | — | 142,075 | |||||||||||||||
Swedish Krona | 6/15/2008 | 5,430,000 | 5,382,342 | 47,658 | — | |||||||||||||||
Swiss Franc | 6/15/2008 | 32,632,000 | 32,492,220 | 139,780 | — | |||||||||||||||
TOTAL OPEN FORWARD FOREIGN CURRENCY SALE CONTRACTS | $ | 68,856,565 | $ | 68,649,802 | $ | 377,878 | $ | 171,115 | ||||||||||||
For the Goldman Sachs ILA Prime Obligations Fund and the AXA Enterprise Money Market Fund
June 30, 2006 (Unaudited)
Goldman Sachs | AXA Enterprise | |||||||||||||||
ILA Prime | Money Market | Pro Forma | ||||||||||||||
Obligations Fund | Fund | Adjustments | Combined Fund | |||||||||||||
Assets: | ||||||||||||||||
Investments in securities, based on amortized cost — unaffiliated issuers | $ | 246,281,188 | $ | 114,390,800 | $ | — | $ | 360,671,988 | ||||||||
Repurchase agreements, at value based on amortized cost — unaffiliated issuers | 280,700,000 | — | — | 280,700,000 | ||||||||||||
Cash | 42,812 | 2,035,591 | — | 2,078,403 | ||||||||||||
Receivables: | ||||||||||||||||
Interest, at value | 1,133,024 | 77,818 | — | 1,210,842 | ||||||||||||
Reimbursement from adviser | 10,845 | — | 10,845 | |||||||||||||
Other assets | 22,804 | 106,407 | — | 129,211 | ||||||||||||
Total assets | 528,190,673 | 116,610,616 | — | 644,801,289 | ||||||||||||
Liabilities: | ||||||||||||||||
Payables: | ||||||||||||||||
Dividend distribution | 235,710 | 415,349 | — | 651,059 | ||||||||||||
Fund shares repurchased | — | 6,638 | — | 6,638 | ||||||||||||
Amounts owed to affiliates | 247,869 | — | — | 247,869 | ||||||||||||
Accrued expenses | 139,444 | 1,119,315 | — | 1,258,759 | ||||||||||||
Total liabilities | 623,023 | 1,541,302 | — | 2,164,325 | ||||||||||||
Net Assets: | ||||||||||||||||
Paid-in capital | 527,573,102 | 115,065,563 | — | 642,638,665 | ||||||||||||
Accumulated undistributed net investment income (loss) | 12,035 | 1,982 | — | 14,017 | ||||||||||||
Accumulated net realized gain (loss) on investments | (17,487 | ) | 1,769 | — | (15,718 | ) | ||||||||||
Net Assets | $ | 527,567,650 | $ | 115,069,314 | $ | — | $ | 642,636,964 | ||||||||
Net Assets: | ||||||||||||||||
ILA Units | $ | 136,285,483 | $ | — | $ | — | $ | 136,285,483 | ||||||||
ILA Admin Units | 89,042,680 | — | — | 89,042,680 | ||||||||||||
ILA Service Units | 264,745,974 | 71,347,301 | — | 346,710,448 | ||||||||||||
ILA Class B | 12,447,312 | 23,563,065 | — | 36,010,377 | ||||||||||||
ILA Class C | 19,089,063 | 9,541,774 | — | 28,630,837 | ||||||||||||
ILA Cash Management Shares | 5,956,718 | 10,617,173 | (10,617,173 | ) | 5,956,718 | |||||||||||
Shares Outstanding: | ||||||||||||||||
ILA Units | 136,286,891 | — | — | (a) | $ | 136,286,891 | ||||||||||
ILA Admin Units | 89,043,600 | — | — | 89,043,600 | ||||||||||||
ILA Service Units | 264,748,710 | 71,345,259 | 10,616,790 | (a) | 346,710,759 | |||||||||||
ILA Class B | 12,447,861 | 23,562,833 | — | (a) | 36,010,694 | |||||||||||
ILA Class C | 19,089,260 | 9,541,449 | — | (a) | 28,630,709 | |||||||||||
ILA Cash Management Shares | 5,956,780 | 10,616,790 | (10,616,790 | )(a) | 5,956,780 | |||||||||||
Total shares outstanding, $0.001 par value (unlimited number of shares authorized) | 527,573,102 | 115,066,331 | 0 | 642,639,433 | ||||||||||||
Net assets value, offering and redemption price per share: (c) | ||||||||||||||||
ILA Units | $ | 1.00 | $ | — | $ | — | $ | 1.00 | ||||||||
ILA Admin Units | 1.00 | — | — | 1.00 | ||||||||||||
ILA Service Units | 1.00 | 1.00 | — | 1.00 | ||||||||||||
ILA Class B | 1.00 | 1.00 | — | 1.00 | ||||||||||||
ILA Class C | 1.00 | 1.00 | — | 1.00 | ||||||||||||
ILA Cash Management Shares | 1.00 | 1.00 | — | 1.00 | ||||||||||||
(a) | Adjustment to reflect reduction of shares based on GS ILA Prime Obligations Fund’s NAV. |
For the Goldman Sachs ILA Prime Obligations Fund and the AXA Enterprise Money Market Fund
June 30, 2006 (Unaudited)
Goldman Sachs | ||||||||||||||||
ILA Prime | AXA Enterprise | |||||||||||||||
Obligations | Money Market | Pro Forma | ||||||||||||||
Fund | Fund | Adjustments | Combined Fund | |||||||||||||
Investment Income: | ||||||||||||||||
Interest | $ | 21,979,676 | $ | 5,106,774 | $ | — | $ | 27,086,450 | ||||||||
Total income | 21,979,676 | 5,106,774 | — | 27,086,450 | ||||||||||||
Expenses: | ||||||||||||||||
Management fees | 1,801,761 | 396,234 | 23,682 | (a) | 2,221,677 | |||||||||||
Administrative fees | 139,670 | 77,268 | (77,268 | )(b) | 139,670 | |||||||||||
Distribution and service fees | 354,618 | — | 338,845 | (b) | 693,463 | |||||||||||
Transfer agent fees | 205,917 | 572,559 | (480,128 | )(b) | 298,348 | |||||||||||
Custody and accounting fees | 100,274 | 72,847 | (58,829 | )(b) | 114,292 | |||||||||||
Printing fees | 29,534 | 30,430 | (26,989 | )(b) | 32,975 | |||||||||||
Registration fees | 93,738 | 83,314 | (72,394 | )(b) | 104,658 | |||||||||||
Audit fees | 24,317 | 28,474 | (26,042 | )(b) | 26,749 | |||||||||||
Legal fees | 53,081 | 23,475 | (12,859 | )(b) | 63,697 | |||||||||||
Trustee fees | 11,757 | 43,820 | (43,820 | )(b) | 11,757 | |||||||||||
Service share fees | 954,806 | — | 332,622 | (b) | 1,287,428 | |||||||||||
Cash management share fees | 29,834 | — | (104 | )(b) | 29,730 | |||||||||||
Other | 59,449 | 153,519 | (143,130 | )(b) | 69,838 | |||||||||||
Total expenses | 3,858,756 | 1,481,940 | (246,414 | ) | 5,094,282 | |||||||||||
Less — expense reductions | (173,348 | ) | (644,389 | ) | 647,442 | (c) | (170,295 | ) | ||||||||
Net Expenses | 3,685,408 | 837,551 | 401,029 | 4,923,988 | ||||||||||||
Net Investment Income (loss) | 18,294,268 | 4,269,223 | (401,029 | ) | 22,162,462 | |||||||||||
Realized and unrealized gain (loss) on investment and futures transactions: | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investment transactions | (12,814 | ) | 1,768 | — | (11,046 | ) | ||||||||||
Net realized on investment and futures transactions | (12,814 | ) | 1,768 | — | (11,046 | ) | ||||||||||
Net Increase in Net Assets Resulting from Operations | $ | 18,281,454 | $ | 4,270,991 | $ | (401,029 | ) | $ | 22,151,416 | |||||||
(a) | Adjustment to reduce management fee based on GS ILA Prime Obligations Fund rates. | |
(b) | Adjustments to reflect the anticipated adjustment as a result of consolidation of transfer agent, printing, custody and accounting and other services. | |
(c) | Adjustment to reflect increase in expense reduction based on GS ILA Prime Obligations Fund current expense cap and waivers. |
For the Twelve Months Ended June 30, 2006 (Unaudited)
ILA Service | ILA Class B | ILA Class | ||||||||||
Units | Units | C Units | ||||||||||
Shares Issued | 81,962,049 | 23,562,833 | 9,541,449 | |||||||||
Net Assets 06/30/2006 | $ | 81,964,474 | $ | 23,563,065 | $ | 9,541,774 | ||||||
Pro Forma Net Asset Value 06/30/2006 | $ | 1.00 | $ | 1.00 | $ | 1.00 |
Capital Loss Carryforward* | The Fund | ILA Prime Obligation Portfolio | ||||||
Expiring 2013 | $ | — | $ | 8 | ||||
Total | $ | — | $ | 8 | ||||
* | Expiration occurs on December 31 of the year indicated. As a consequence of the reorganization, utilization of these losses may be limited under the Internal Revenue Code. |
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AXA Enterprise Funds | GST Funds | |
AXA Enterprise Multimanager Core Equity Fund | Goldman Sachs Structured U.S. Equity Fund† | |
AXA Enterprise Multimanager Growth Fund | Goldman Sachs Structured Large Cap Growth Fund† | |
AXA Enterprise Multimanager Mid Cap Growth Fund | Goldman Sachs Growth Opportunities Fund | |
AXA Enterprise Multimanager Mid Cap Value Fund | Goldman Sachs Mid Cap Value Fund | |
AXA Enterprise Multimanager Value Fund | Goldman Sachs Structured Large Cap Value Fund | |
AXA Enterprise Multimanager International Equity Fund | Goldman Sachs Structured International Equity Fund | |
AXA Enterprise Multimanager Technology Fund | Goldman Sachs Tollkeeper Fund | |
AXA Enterprise Multimanager Core Bond Fund | Goldman Sachs Core Plus Fixed Income Fund | |
AXA Enterprise Aggressive Allocation Fund | Goldman Sachs Equity Growth Strategy Portfolio | |
AXA Enterprise Conservative Allocation Fund | Goldman Sachs Balanced Strategy Portfolio | |
AXA Enterprise Moderate Allocation Fund | Goldman Sachs Growth and Income Strategy Portfolio | |
AXA Enterprise Moderate-Plus Allocation Fund | Goldman Sachs Growth Strategy Portfolio |
† | In a separate combined proxy statement/prospectus, it is also proposed that the: (1) AXA Enterprise Capital Appreciation Fund of AXA Enterprise Funds Trust be reorganized into the Goldman Sachs Structured U.S. Equity Fund; and (2) AXA Enterprise Equity Fund of AXA Enterprise Funds Trust be reorganized into the Goldman Sachs Structured Large Cap Growth Fund. |
• | Similar Investment Objectives and Policies |
• | Same Aggregate Value of Shares |
• | Reasons for the Reorganizations |
1. | Internet – Instructions for casting your vote via the Internet can be found in the enclosed proxy voting materials. The required control number is printed on your enclosed Proxy Ballot. If this feature is used, you are giving authorization for another person to execute your proxy and there is no need to mail the Proxy Ballot. | |
2. | Telephone – Instructions for casting your vote via telephone can be found in the enclosed proxy voting materials. The toll-free telephone number and required control number are printed on your enclosed Proxy Ballot. If this feature is used, you are giving authorization for another person to execute your proxy and there is no need to mail the Proxy Ballot. | |
3. | By mail – If you vote by mail, please indicate your voting instructions on the enclosed Proxy Ballot, date and sign the card, and return it in the envelope provided. The envelope is addressed for your convenience and needs no postage if mailed in the United States. |
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Sincerely, | |
Steven M. Joenk | |
President |
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Q: | What are Enterprise Multimanager Trust shareholders being asked to vote upon? | |
A: | Enterprise Multimanager Trust shareholders are being asked in the attached Proxy/ Prospectus to consider and approve an Agreement and Plan of Reorganization dated as of January , 2007 (the “Reorganization Agreement”) under which each of the funds offered by Enterprise Multimanager Trust (except for the AXA Enterprise Multimanager Health Care Fund) (each, an “AXA Enterprise Fund” and, together, the “AXA Enterprise Funds”) would reorganize into a corresponding fund offered by GST (each, a “GST Fund” and, together, the “GST Funds”). Enterprise Multimanager Trust shareholders will vote on the Reorganization Agreement on a fund by fund basis. | |
Q. | Why has the reorganization of the AXA Enterprise Funds into corresponding GST Funds been recommended? | |
A: | The Enterprise Multimanager Trust Board of Trustees (the “Enterprise Multimanager Trust Trustees”) have determined that the reorganization of the AXA Enterprise Funds into corresponding GST Funds is in the best interest of the shareholders of each of the AXA Enterprise Funds. At a meeting held on October 23, 2006, AXA Financial, Inc. and AXA Equitable Life Insurance Company (“AXA Equitable” and together with AXA Financial, Inc., “AXA”), the investment adviser to the AXA Enterprise Funds, informed the Enterprise Multimanager Trust Trustees that AXA had entered into an agreement with Goldman Sachs Asset Management, L.P. (“GSAM”) under which GSAM would acquire certain assets associated with AXA’s retail mutual fund business. AXA also noted that, as part of this transaction, it was contemplated that each AXA Enterprise Fund would reorganize into a corresponding series of GST. AXA stated its belief that the reorganization of each AXA Enterprise Fund into its corresponding GST Fund is in the best interests of shareholders of the AXA Enterprise Fund and recommended that the Enterprise Trust Trustees approve the proposed reorganizations. | |
The Enterprise Multimanager Trust Trustees reviewed and considered, with the assistance of independent legal counsel, a number of factors relating to GST, the GST Funds, Goldman Sachs Asset Management, L.P. (“GSAM”) and Goldman, Sachs & Co. The Enterprise Multimanager Trust Trustees also considered that neither Enterprise Multimanager Trust nor GST will bear any direct fees or expenses in connection with the reorganization or any explicit brokerage commissions resulting from portfolio transactions executed on behalf of the AXA Enterprise Funds in preparation for, or immediately following, the reorganization. Under the Reorganization Agreement, which contemplates the reorganization of each of the AXA Enterprise Funds into a corresponding GST Fund, all of the fees, expenses and explicit brokerage commissions in connection with entering into and carrying out the transactions contemplated by the Reorganization Agreement whether or not the transactions contemplated are concluded will be paid by AXA Equitable (or an affiliate) or GSAM (or an affiliate). |
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Q: | What is the anticipated timing of the reorganizations? | |
A: | The special meeting of shareholders to consider the proposal is scheduled to occur on April 25, 2007. If all necessary approvals are obtained, the proposed reorganizations will likely take place immediately before the opening of business on April 30, 2007. | |
Q: | Who will receive the Proxy/ Prospectus material? | |
A: | The Proxy/ Prospectus has been mailed to all persons and entities that held shares of record in an AXA Enterprise Fund on February 12, 2007. Please note that in some cases record ownership of and/or voting authority over AXA Enterprise Fund shares may reside with a fiduciary or other agent. In these cases, the fiduciary or other agent may receive the Proxy/ Prospectus. | |
Q: | How are the AXA Enterprise Funds proposed to be reorganized? | |
A: | As you may know, Enterprise Multimanager Trust consists of thirteen separate mutual funds, twelve of which would be affected by the proposed reorganizations. The Reorganization Agreement for these AXA Enterprise Funds, approved by the Enterprise Multimanager Trust Trustees, contemplates the reorganization of each AXA Enterprise Funds into a corresponding GST Fund having similar investment objectives and policies. Under the Reorganization Agreement, each AXA Enterprise Fund will be reorganized into the corresponding GST Fund listed directly opposite such AXA Enterprise Fund in the table below. |
AXA Enterprise Funds | GST Funds | |
AXA Enterprise Multimanager Core Equity Fund AXA Enterprise Multimanager Growth Fund AXA Enterprise Multimanager Mid Cap Growth Fund AXA Enterprise Multimanager Mid Cap Value Fund AXA Enterprise Multimanager Value Fund AXA Enterprise Multimanager International Equity Fund AXA Enterprise Multimanager Technology Fund AXA Enterprise Multimanager Core Bond Fund AXA Enterprise Aggressive Allocation Fund AXA Enterprise Conservative Allocation Fund AXA Enterprise Moderate Allocation Fund | Goldman Sachs Structured U.S. Equity Fund Goldman Sachs Structured Large Cap Growth Fund Goldman Sachs Growth Opportunities Fund Goldman Sachs Mid Cap Value Fund Goldman Sachs Structured Large Cap Value Fund Goldman Sachs Structured International Equity Fund Goldman Sachs Tollkeeper Fund Goldman Sachs Core Plus Fixed Income Fund Goldman Sachs Equity Growth Strategy Portfolio Goldman Sachs Balanced Strategy Portfolio Goldman Sachs Growth and Income Strategy Portfolio | |
AXA Enterprise Moderate-Plus Allocation Fund | Goldman Sachs Growth Strategy Portfolio |
At the same time that shareholders are being asked to approve the reorganization of the AXA Enterprise Funds into the GST Funds, it is expected that, subject to shareholder approval requested in separate proxy statements, fourteen additional portfolios of AXA Enterprise Funds Trust will be reorganized into corresponding funds of GST. In this regard, it is proposed that: (1) in addition to the AXA Enterprise Multimanager Core Equity Fund, the AXA Enterprise Capital Appreciation Fund will be reorganized into the Goldman Sachs Structured U.S. Equity Fund; and (2) in addition to the AXA Enterprise Multimanager Growth Fund, the AXA Enterprise Equity Fund will be reorganized into the Goldman Sachs Structured Large Cap Growth Fund. A separate proxy/ prospectus has been mailed to shareholders of the AXA Enterprise Funds Trust. | ||
Each GST Fund has investment objectives and policies that are similar to the corresponding AXA Enterprise Fund being reorganized into it. | ||
Q: | Which class of shares of the GST Funds will I receive in the reorganizations? | |
A: | Holders of AXA Enterprise Fund Class A Shares will receive GST Fund Class A Shares, holders of AXA Enterprise Fund Class B Shares will receive GST Fund Class B Shares, holders of AXA Enterprise Fund Class C Shares will receive GST Fund Class C Shares, holders of AXA Enterprise Fund Class Y Shares will receive GST Fund Institutional Shares and holders of AXA Enterprise Funds Class P Shares will receive GST Fund Class A Shares. |
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The sales loads and Rule 12b-1 fees for each class of shares of the GST Funds generally are similar to those of the corresponding class of shares of the AXA Enterprise Funds, except that Class A shares of the GST Funds (other than the Goldman Sachs Core Plus Fixed Income Fund) are subject to a higher front-end sales load equal to 5.50% of the offering price for Class A shares (versus 4.75% for Class A shares of the corresponding AXA Enterprise Funds), but a lower Rule 12b-1 fee equal to an annual rate of 0.25% of each GST Fund’s average daily net assets attributable to Class A shares (versus either 0.30% or 0.45% for Class A shares of the AXA Enterprise Funds). | ||
If the reorganization of an AXA Enterprise Fund is approved by its shareholders, shareholders of that AXA Enterprise Fund who do not wish to have their AXA Enterprise Fund shares exchanged for shares of a corresponding GST Fund as part of the reorganization should redeem their shares prior to the consummation of the reorganization. If you redeem your shares, you will recognize a taxable gain or loss based on the difference, if any, between your tax basis in the shares and the amount you receive for them. In addition, if you redeem your shares prior to the reorganization and your shares are subject to a contingent deferred sales charge, your redemption proceeds will be reduced by any applicable sales charge. | ||
Q: | What are the key differences between my AXA Enterprise Fund and the corresponding GST Fund? | |
A. | AXA Equitable has recommended the acquiring fund in each reorganization based on, among other factors, its evaluation of the compatibility of your fund’s investment objective and policies with those of the acquiring fund. There are, however, certain differences in investment objectives, principal investment policies and strategies, and principal risks between your fund(s) and the acquiring fund(s). Please see the Proxy Statement/ Prospectus for more details on these differences, including comparative data on fees and performance. The following chart provides a brief summary of some of the more significant factors considered by your fund’s boards. |
Reorganization | Key Considerations | |||
AXA Enterprise Multimanager Core Equity Fund into | • | Each Fund seeks the long-term growth of capital and invests primarily in equity securities of large-cap U.S. issuers that meet a combination of value and growth investing criteria. | ||
Goldman Sachs Structured | • | The investment objective of the GST Fund includes an income component, while the AXA Enterprise Fund’s investment objective does not. | ||
U.S. Equity Fund | • | The investment adviser for the GST Fund, unlike the investment sub-advisers for the AXA Enterprise Fund, relies primarily on a quantitative investment style. | ||
• | The GST Fund is substantially larger than the AXA Enterprise Fund with net assets of approximately $1.5 billion versus $12 million. | |||
• | The net annual operating expense ratio of each class of shares of the GST Fund for the last fiscal year was lower than that of the corresponding class of shares of the AXA Enterprise Fund. | |||
AXA Enterprise Multimanager | • | Each Fund seeks long-term growth of capital and invests primarily in equity securities of large U.S. companies that meet growth investing criteria. | ||
Growth Fund into Goldman Sachs | • | The GST Fund is substantially larger than the AXA Enterprise Fund with net assets of approximately $1.0 billion versus $11 million. | ||
Structured Large Cap Growth Fund | • | The net annual operating expense ratio of each class of shares of the GST Fund for the last fiscal year was lower than that of the corresponding class of shares of the AXA Enterprise Fund. |
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Reorganization | Key Considerations | |||
AXA Enterprise Multimanager Mid | • | Each Fund seeks long-term growth of capital and invests primarily in equity securities of medium sized U.S. companies that meet growth investing criteria. | ||
Cap Growth Fund into Goldman | • | The GST Fund has a substantially larger asset base than the AXA Enterprise Fund with net assets of approximately $1.8 billion versus $15 million. | ||
Sachs Growth Opportunities Fund | • | The net annual operating expense ratio of each class of shares of the GST Fund for the last fiscal year was lower than that of the corresponding class of shares of the AXA Enterprise Fund. | ||
AXA Enterprise Multimanager Mid | • | Each Fund seeks long-term growth of capital and invests primarily in equity securities of medium sized U.S. companies that meet value investing criteria. | ||
Cap Value Fund into Goldman | • | The GST Fund is substantially larger than the AXA Enterprise Fund with net assets of approximately $6.1 billion versus $19 million. | ||
Sachs Mid Cap Value Fund | • | The net annual operating expense ratio of each class of shares of the GST Fund for the last fiscal year was lower than that of the corresponding class of shares of the AXA Enterprise Fund. | ||
AXA Enterprise Multimanager | • | Each Fund seeks long-term growth of capital and invests primarily in equity securities of large-cap U.S. issuers that meet value investing criteria. | ||
Value Fund into Goldman Sachs | • | The investment objective of the GST Fund includes an income component, while the AXA Enterprise Fund’s investment objective does not. | ||
Structured Large Cap Value Fund | • | The investment adviser for the GST Fund, unlike the investment sub-advisers for the AXA Enterprise Fund, relies primarily on a quantitative investment style. | ||
• | The GST Fund is substantially larger than the AXA Enterprise Fund with net assets of approximately $1.3 billion versus $51 million. | |||
• | The net annual operating expense ratio of each class of shares of the GST Fund for the last fiscal year was lower than that of the corresponding class of shares of the AXA Enterprise Fund. | |||
AXA Enterprise Multimanager International | • | Each Fund seeks long-term growth of capital and invests primarily in equity securities of foreign companies and may also invest in securities of companies located in emerging markets. | ||
Equity Fund into Goldman Sachs Structured | • | The GST Funds has a policy of investing primarily in large-cap companies, while the AXA Enterprise Fund has greater flexibility to invest in companies of any market capitalization. | ||
International Equity Fund | • | The investment adviser uses a quantitative investment style unlike the investment adviser to the AXA Enterprise Fund. | ||
• | The GST Fund is substantially larger than the AXA Enterprise Fund with net assets of approximately $2.4 billion versus $47 million. | |||
• | The net annual operating expense ratio of each class of shares of the GST Fund for the last fiscal year was lower than that of the corresponding class of shares of the AXA Enterprise Fund. |
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Reorganization | Key Considerations | |||
AXA Enterprise Multimanager | • | Each Fund seeks long-term growth of capital and invests primarily in equity securities of technology companies. | ||
Technology Fund into Goldman Sachs Tollkeeper Fund | • | The AXA Enterprise Fund may invest in foreign securities to a greater extent than the GST Fund. In addition, the AXA Enterprise Fund is non-diversified under the Investment Company Act of 1940 (“1940 Act”), which means that it may invest in a limited number of issuers. The GST Fund also may invest in a relatively few number of issuers in comparison to other funds but is considered diversified under the 1940 Act. | ||
• | The GST Fund is substantially larger than the AXA Enterprise Fund with net assets of approximately $275 million versus $60 million. | |||
• | The net annual operating expense ratio of each class of shares of the Goldman Sachs Fund for the last fiscal year was lower than that of the corresponding class of shares of the AXA Enterprise Fund. | |||
AXA Enterprise Multimanager Core Bond Fund into Goldman Sachs | • | Each Fund seeks a combination of capital appreciation and income and invests primarily in fixed income securities. Each Fund also seeks to maintain a target duration that is comparable to that of the Lehman Brothers Aggregate Bond Index. | ||
Core Plus Fixed Income Fund | • | Each Fund may invest in foreign securities, including emerging market securities. The GST Fund’s investments in emerging markets are limited to 15% of the Fund’s total assets. The AXA Enterprise Fund’s investments in foreign securities that are denominated in foreign currencies are limited to 10% of total assets. | ||
• | The net annual operating expense ratio of each class of shares of the GST Fund is expected to be lower than that of the corresponding class of shares of the AXA Enterprise Fund. | |||
AXA Enterprise Aggressive Allocation Fund into Goldman Sachs Equity | • | Each Fund is a “fund of funds” that seeks long-term capital appreciation by investing primarily in underlying funds that emphasize equity investments. The GST Fund normally invests substantially all of its assets in equity investments, while the AXA Enterprise Fund normally invests approximately 90% of its assets in equity investments and 10% in fixed income investments. | ||
Growth Strategy Portfolio | • | The GST Fund is substantially larger than the AXA Enterprise Fund with net assets of approximately $431 million versus $19 million. | ||
�� | • | The net annual operating expense ratio of each class of shares of the GST Fund (including underlying fund expenses) for the last fiscal year was lower than that of the corresponding class of shares of the AXA Enterprise Fund. | ||
AXA Enterprise Conservative Allocation Fund | • | Each Fund is a “fund of funds” that seeks current income by investing primarily in underlying funds that emphasize investments in fixed income securities. | ||
into Goldman Sachs Balanced Strategy Fund | • | The GST Fund also seeks long-term capital appreciation as part of its objective and generally invests a greater portion of its assets (about 40%) in underlying funds that emphasize investments in equity securities than the AXA Enterprise Fund (about 20%). | ||
• | The GST Fund is substantially larger than the AXA Enterprise Fund with net assets of approximately $372 million versus $7 million. | |||
• | The net annual operating expense ratio (including underlying fund expenses) of each class of shares of the GST Fund for the last fiscal year was lower than that of the corresponding class of shares of the AXA Enterprise Fund. |
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Reorganization | Key Considerations | |||
AXA Enterprise Moderate Allocation Fund into | • | Each Fund is a “fund of funds” that seeks long-term capital appreciation by investing in a combination of underlying funds that emphasize either equity or fixed income investments. The GST Fund also seeks current income as part of its objective. | ||
Goldman Sachs Growth and Income Strategy Fund | • | The GST Fund normally invests about 60% of its total assets in equity investments and 40% in fixed income investments, while the AXA Enterprise Fund normally invests its assets about equally in equity and fixed income investments. | ||
• | The GST Fund is significantly larger than the AXA Enterprise Fund with net assets of approximately $1.6 billion versus $23 million. | |||
• | The net annual operating expense ratio of each class of shares of the GST Fund (including underlying fund expenses) for the last fiscal year was lower than that of the corresponding class of shares of the AXA Enterprise Fund. | |||
AXA Enterprise Moderate-Plus Allocation Fund | • | Each Fund is a “fund of funds” that seeks capital appreciation and, secondarily, current income by investing in a combination of underlying funds that emphasize either equity or fixed income investments. | ||
into Goldman Sachs Growth Strategy Fund | • | The GST Fund normally invests about 80% of its assets in equity investments and 20% in fixed income investments, while the AXA Enterprise Fund normally invests about 70% of its assets in equity investments and 30% in fixed income investments. | ||
• | The GST Fund is substantially larger than the AXA Enterprise Fund with net assets of approximately $1.4 billion versus $129 million. | |||
• | The net annual operating expense ratio of each class of shares of the GST Fund (including underlying fund expenses) for the last fiscal year was lower than that of the corresponding class of shares of the AXA Enterprise Fund. |
Q: | What are the costs and federal tax implications to shareholders in connection with the proposed reorganizations? | |
A: | Neither Enterprise Multimanager Trust nor GST will bear any direct fees or expenses in connection with the reorganizations or any explicit brokerage commissions resulting from portfolio transactions executed on behalf of the AXA Enterprise Funds in preparation for, or immediately following, the reorganizations. Under the Reorganization Agreement, GSAM (or an affiliate) and AXA Equitable (or an affiliate) have agreed to pay all of the fees, expenses and explicit brokerage commissions in connection with entering into and carrying out the transactions contemplated by the Reorganization Agreement whether or not the transactions contemplated are concluded. | |
No sales charge will be imposed on the shares of a GST Fund issued to you in a reorganization, which means that the aggregate value of the GST Fund shares issued to you will be equal to the aggregate value of the AXA Enterprise Fund shares that you own immediately prior to the reorganization. In addition, each reorganization is intended to be tax-free under the federal tax law (however, there can be no assurance that the Internal Revenue Service will not adopt a contrary position). However, immediately prior to the reorganizations, each AXA Enterprise Fund will declare and pay a final distribution to its shareholders of all of its investment company taxable income (and net tax-exempt income, if any) for taxable years ending on or before the effective time of its reorganization and all of its net capital gain, if any, recognized in those years. The sale of securities by an AXA Enterprise Fund prior to its reorganization, whether in the ordinary course of business or in anticipation of the reorganization, could increase the amount of the final distribution it makes before the reorganization. |
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Q: | Can one of the proposed reorganizations take place without the others? |
A: | Yes. The proposed reorganizations are not conditioned on each other. If shareholders of one AXA Enterprise Fund approve the proposed reorganization of their AXA Enterprise Fund, it will proceed whether or not the proposed reorganizations for the other AXA Enterprise Funds proceed. However, no reorganization of any AXA Enterprise Fund will be consummated until either all of the AXA Enterprise Funds of Enterprise Multimanager Trust approve the Reorganization Agreement or shareholders of the AXA Enterprise Funds with combined total assets under management of at least $1,000,000,000 approve the Reorganization Agreement. Under certain circumstances detailed in the Reorganization Agreement, an AXA Enterprise Fund reorganization involving one or more AXA Enterprise Funds may be consummated with a lesser amount of combined total assets under management. |
7
ITEM 1. With respect to each AXA Enterprise Fund, a proposal to approve an Agreement and Plan of Reorganization by and between Enterprise Multimanager Trust and the Goldman Sachs Trust (“GST”), which provides for and contemplates: (1) the transfer of substantially all of the assets of that AXA Enterprise Fund to a corresponding investment portfolio of GST (each, a “GST Fund” and together, the “GST Funds”) in exchange solely for shares of the designated classes of the GST Fund and its assumption of substantially all of that AXA Enterprise Fund’s liabilities; and (2) the distribution of those shares to the shareholders of each AXA Enterprise Fund in liquidation thereof, as described in the attached Combined Proxy Statement and Prospectus. |
By Order of the Board of Trustees, | |
Patricia Louie | |
Secretary |
• | With respect to each AXA Enterprise Fund, to approve an Agreement and Plan of Reorganization dated as of January , 2007 (the “Reorganization Agreement”), by and between Enterprise Multimanager Trust and the Goldman Sachs Trust (“GST”), which provides for and contemplates: (1) the transfer of substantially all of the assets of that AXA Enterprise Fund to a corresponding investment portfolio of GST (each, a “GST Fund” and together, the “GST Funds”) in exchange solely for the shares of designated classes of the GST Fund and its assumption of substantially all of that AXA Enterprise Fund’s liabilities; and (2) the distribution of those shares to shareholders of that AXA Enterprise Fund in liquidation thereof, as follows: |
Proposal | AXA Enterprise Funds | GST Funds | Shareholders Entitled to Vote | |||
Proposal 1(a) | AXA Enterprise Multimanager Core Equity Fund | Goldman Sachs Structured U.S. Equity Fund† | Shareholders of the AXA Enterprise Multimanager Core Equity Fund | |||
Proposal 1(b) | AXA Enterprise Multimanager Growth Fund | Goldman Sachs Structured Large Cap Growth Fund† | AXA Enterprise Multimanager Growth Fund | |||
Proposal 1(c) | AXA Enterprise Multimanager Mid Cap Growth Fund | Goldman Sachs Growth Opportunities Fund | AXA Enterprise Multimanager Mid Cap Growth Fund | |||
Proposal 1(d) | AXA Enterprise Multimanager Mid Cap Value Fund | Goldman Sachs Mid Cap Value Fund | AXA Enterprise Multimanager Mid Cap Value Fund | |||
Proposal 1(e) | AXA Enterprise Multimanager Value Fund | Goldman Sachs Structured Large Cap Value Fund | AXA Enterprise Multimanager Value Fund | |||
Proposal 1(f) | AXA Enterprise Multimanager International Equity Fund | Goldman Sachs Structured International Equity Fund | AXA Enterprise Multimanager International Equity Fund |
Proposal | AXA Enterprise Funds | GST Funds | Shareholders Entitled to Vote | |||
Proposal 1(g) | AXA Enterprise Multimanager Technology Fund | Goldman Sachs Tollkeeper Fund | AXA Enterprise Multimanager Technology Fund | |||
Proposal 1(h) | AXA Enterprise Multimanager Core Bond Fund | Goldman Sachs Core Plus Fixed Income Fund | AXA Enterprise Multimanager Core Bond Fund | |||
Proposal 1(i) | AXA Enterprise Aggressive Allocation Fund | Goldman Sachs Equity Growth Strategy Portfolio | AXA Enterprise Aggressive Allocation Fund | |||
Proposal 1(j) | AXA Enterprise Conservative Allocation Fund | Goldman Sachs Balanced Strategy Portfolio | AXA Enterprise Conservative Allocation Fund | |||
Proposal 1(k) | AXA Enterprise Moderate Allocation Fund | Goldman Sachs Growth and Income Strategy Portfolio | AXA Enterprise Moderate Allocation Fund | |||
Proposal 1(l) | AXA Enterprise Moderate-Plus Allocation Fund | Goldman Sachs Growth Strategy Portfolio | AXA Enterprise Moderate-Plus Allocation Fund |
† | In a separate combined proxy statement/prospectus, it is also proposed that the: (1) AXA Enterprise Capital Appreciation Fund of AXA Enterprise Funds Trust be reorganized into the Goldman Sachs Structured U.S. Equity Fund; and (2) AXA Enterprise Equity Fund of AXA Enterprise Funds Trust be reorganized into the Goldman Sachs Structured Large Cap Growth Fund. |
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ii
1
AXA Enterprise Funds | GST Funds | |
AXA Enterprise Multimanager Core Equity Fund | Goldman Sachs Structured U.S. Equity Fund | |
Class A Shares | Class A Shares | |
Class B Shares | Class B Shares | |
Class C Shares | Class C Shares | |
Class P Shares | Class A Shares | |
Class Y Shares | Institutional Shares | |
AXA Enterprise Multimanager Growth Fund | Goldman Sachs Structured Large Cap Growth Fund | |
Class A Shares | Class A Shares | |
Class B Shares | Class B Shares | |
Class C Shares | Class C Shares | |
Class P Shares | Class A Shares | |
Class Y Shares | Institutional Shares | |
AXA Enterprise Multimanager Mid Cap Growth Fund | Goldman Sachs Growth Opportunities Fund | |
Class A Shares | Class A Shares | |
Class B Shares | Class B Shares | |
Class C Shares | Class C Shares | |
Class P Shares | Class A Shares | |
Class Y Shares | Institutional Shares | |
AXA Enterprise Multimanager Mid Cap Value Fund | Goldman Sachs Mid Cap Value Fund | |
Class A Shares | Class A Shares | |
Class B Shares | Class B Shares | |
Class C Shares | Class C Shares | |
Class P Shares | Class A Shares | |
Class Y Shares | Institutional Shares | |
AXA Enterprise Multimanager Value Fund | Goldman Sachs Structured Large Cap Value Fund | |
Class A Shares | Class A Shares | |
Class B Shares | Class B Shares | |
Class C Shares | Class C Shares | |
Class P Shares | Class A Shares | |
Class Y Shares | Institutional Shares | |
AXA Enterprise Multimanager International Equity Fund | Goldman Sachs Structured International Equity Fund | |
Class A Shares | Class A Shares | |
Class B Shares | Class B Shares | |
Class C Shares | Class C Shares | |
Class P Shares | Class A Shares | |
Class Y Shares | Institutional Shares | |
AXA Enterprise Multimanager Technology Fund | Goldman Sachs Tollkeeper Fund | |
Class A Shares | Class A Shares | |
Class B Shares | Class B Shares | |
Class C Shares | Class C Shares | |
Class P Shares | Class A Shares | |
Class Y Shares | Institutional Shares |
2
AXA Enterprise Funds | GST Funds | |
AXA Enterprise Multimanager Core Bond Fund | Goldman Sachs Core Plus Fixed Income Fund | |
Class A Shares | Class A Shares | |
Class B Shares | Class B Shares | |
Class C Shares | Class C Shares | |
Class P Shares | Class A Shares | |
Class Y Shares | Institutional Shares | |
AXA Enterprise Aggressive Allocation Fund | Goldman Sachs Equity Growth Strategy Portfolio | |
Class A Shares | Class A Shares | |
Class B Shares | Class B Shares | |
Class C Shares | Class C Shares | |
Class Y Shares | Institutional Shares | |
AXA Enterprise Conservative Allocation Fund | Goldman Sachs Balanced Strategy Portfolio | |
Class A Shares | Class A Shares | |
Class B Shares | Class B Shares | |
Class C Shares | Class C Shares | |
Class Y Shares | Institutional Shares | |
AXA Enterprise Moderate Allocation Fund | Goldman Sachs Growth and Income Strategy Portfolio | |
Class A Shares | Class A Shares | |
Class B Shares | Class B Shares | |
Class C Shares | Class C Shares | |
Class Y Shares | Institutional Shares | |
AXA Enterprise Moderate-Plus Allocation Fund | Goldman Sachs Growth Strategy Portfolio | |
Class A Shares | Class A Shares | |
Class B Shares | Class B Shares | |
Class C Shares | Class C Shares | |
Class Y Shares | Institutional Shares |
• | The acquisition of all of the assets of an AXA Enterprise Fund by its Corresponding GST Fund and the assumption by that GST Fund of all of the liabilities (other than those liabilities specifically excluded under the Reorganization Agreement) of the AXA Enterprise Fund, in exchange for the number of shares of the corresponding classes of the GST Fund noted in the above chart having aggregate values equal to the net asset values of the shares of the AXA Enterprise Fund’s corresponding classes of shares noted in the above chart as of the close of business on the business day immediately preceding the effective time of the Reorganization; | |
• | The distribution of the Corresponding GST Fund’s corresponding classes of shares to each holder of Class A Shares, Class B Shares, Class C Shares, Class P Shares and Class Y Shares (as applicable) of the AXA Enterprise Fund as of the effective time of the Reorganization; and | |
• | The complete liquidation of the AXA Enterprise Fund. |
3
4
AXA Enterprise Multimanager Core Equity Fund | Goldman Sachs Structured U.S. Equity Fund | |
Investment Objective | Investment Objective | |
Seeks long-term growth of capital. | Seeks long-term growth of capital and dividend income. |
5
AXA Enterprise Multimanager Core Equity Fund | Goldman Sachs Structured U.S. Equity Fund | |
Investment Policies | Investment Policies | |
Under normal circumstances, the Fund intends to invest at least 80% of its net assets, plus borrowings for investment purposes, in equity securities, including at least 65% of its total assets in equity securities of U.S. large capitalization companies. Large capitalization companies are companies with market capitalization in excess of $5 billion at the time of investment. | The Fund invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes measured at the time of purchase) (“Net Assets”) in a diversified portfolio of equity investments in U.S. issuers, including foreign companies that are traded in the United States. However, it is currently anticipated that, under normal circumstances, the Fund will invest at least 95% of its Net Assets in such equity investments. | |
Each sub-adviser generally chooses investments that include either companies with above average growth prospects, companies selling at reasonable valuations, or both. Among other things, these processes involve researching and evaluating individual companies for potential investment. Each sub-adviser may sell a security for a variety of reasons, such as to invest in a company offering superior investment opportunities. | The Fund’s investments are selected using both a variety of quantitative techniques, derived from fundamental research including but not limited to valuation, momentum, profitability and earnings in seeking to maximize the Fund’s expected return, while maintaining risk, style, capitalization and industry characteristics similar to the S&P 500® Index. The Fund seeks a broadly diversified portfolio of large cap and blue chip equity investments representing all major sectors of the U.S. economy. The Fund is not required to limit its investments to securities in the S&P 500 Index. The Fund’s investments in fixed income securities are limited to securities that are considered cash equivalents. | |
The Fund intends to invest primarily in common stocks, but it may also invest in other securities that the sub-advisers believe provide opportunities for capital growth, such as preferred stocks, warrants and securities convertible into common stock. | The Fund’s equity investments may include common stocks, preferred stocks, convertible securities, warrants and other instruments that have economic characteristics similar to equity securities. | |
The Fund also may invest, to a limited extent, in foreign securities, including depositary receipts of foreign based companies, including companies in developing countries. | The Fund may make foreign investments, including American and global depositary receipts. The Fund generally does not invest in securities of emerging market issuers. Equity securities of foreign issuers must be traded in the United States. |
6
AXA Enterprise Multimanager Core Equity Fund | Goldman Sachs Structured U.S. Equity Fund | |
For temporary defensive purposes, the Fund may invest, without limit, in cash, money market instruments or high quality short-term debt securities, including repurchase agreements. | For temporary defensive purposes, the Fund may invest up to 35% of its total assets (not including securities lending collateral and any investment of that collateral) measured at time of purchase (“Total Assets”) in securities issued or guaranteed by the U.S. Government, its agencies, instrumentalities or sponsored enterprises (“U.S. Government Securities”); commercial paper rated at least A-2 by Standard & Poor’s Rating Group (“Standard & Poor’s” or “S&P”), P-2 by Moody’s Investors Service, Inc. (“Moody’s”) or having a comparable rating by another nationally recognized statistical rating organization (“NRSRO”); certificates of deposit; bankers’ acceptances; repurchase agreements and non-convertible preferred stocks and non-convertible corporate bonds with a remaining maturity of less than one year. | |
Investment Advisers | Investment Adviser | |
AXA Equitable, through its AXA Funds Management Group unit, serves as the investment manager for the Fund. The day-to-day portfolio management of the Fund is provided by investment sub-advisers selected by AXA Equitable. The Fund’s sub-advisers are AllianceBernstein Management L.P., Janus Capital Management LLC and Thornburg Investment Management, Inc. | GSAM manages the Fund on a day-to-day basis and will continue to manage the Fund after the Reorganization. |
7
AXA Enterprise Multimanager | Goldman Sachs Structured | |||
Core Equity Fund | U.S. Equity Fund | |||
Net Asset Value Risk | X | X | ||
Interest Rate Risk | X | |||
Stock Risk | X | X | ||
Derivatives Risk | X | |||
Management Risk | X | X | ||
Market Risk | X | X | ||
Liquidity Risk | X | |||
Investment Style Risk | X | X | ||
Foreign Risk | X | X | ||
Emerging Countries Risk | X | |||
Issuer-Specific Risk | X | X | ||
Sub-adviser Selection Risk | X | |||
Large-Capitalization Risk | X | X | ||
Mid- and Small-Capitalization Risk | X |
8
9
Combined Fund Pro Forma | ||||||||||||||||||||||||||||||||||||||||||||||||
Combined Fund Pro Forma | (AXA Enterprise | |||||||||||||||||||||||||||||||||||||||||||||||
(AXA Enterprise | Multimanager Core Equity | |||||||||||||||||||||||||||||||||||||||||||||||
AXA Enterprise | Multimanager | Fund + AXA Enterprise | ||||||||||||||||||||||||||||||||||||||||||||||
Multimanager | Goldman Sachs Structured | Core Equity Fund + | Capital Appreciation Fund + | |||||||||||||||||||||||||||||||||||||||||||||
Core Equity Fund | U.S. Equity Fund | GST Fund) | GST Fund) | |||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class A | Class B | Class C | Class A | Class B | Class C | Class A | Class B | Class C | |||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | |||||||||||||||||||||||||||||||||||||
Shareholder Fees (fees paid directly from your investment): | ||||||||||||||||||||||||||||||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Purchases | 4.75% | 1 | None | None | 5.50% | 1 | None | None | 5.50% | 1 | None | None | 5.50% | 1 | None | None | ||||||||||||||||||||||||||||||||
Maximum Deferred Sales Charge (Load) 2 | None | 1 | 5.00% | 3 | 1.00% | 4 | None | 1 | 5.00% | 3 | 1.00% | 4 | None | 1 | 5.00% | 3 | 1.00% | 4 | None | 1 | 5.00% | 3 | 1.00% | 4 | ||||||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Reinvested Dividends | None | None | None | None | None | None | None | None | None | None | None | None | ||||||||||||||||||||||||||||||||||||
Redemption Fees | 2.00% | 5 | 2.00% | 5 | 2.00% | 5 | None | None | None | None | None | None | None | None | None | |||||||||||||||||||||||||||||||||
Exchange Fees | None | None | None | None | None | None | None | None | None | None | None | None |
Combined Fund Pro Forma | ||||||||||||||||||||||||||||||||||||||||||||||||
(AXA Enterprise | ||||||||||||||||||||||||||||||||||||||||||||||||
Combined Fund Pro Forma | Multimanager Core Equity | |||||||||||||||||||||||||||||||||||||||||||||||
AXA Enterprise | (AXA Enterprise | Fund + AXA Enterprise | ||||||||||||||||||||||||||||||||||||||||||||||
Multimanager | Goldman Sachs Structured | Multimanager | Capital Appreciation Fund + | |||||||||||||||||||||||||||||||||||||||||||||
Core Equity Fund | U.S. Equity Fund | Core Equity + GST Fund) | GST Fund) | |||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class A | Class B | Class C | Class A | Class B | Class C | Class A | Class B | Class C | |||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | |||||||||||||||||||||||||||||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | ||||||||||||||||||||||||||||||||||||||||||||||||
Management Fees | 1.00% | 1.00% | 1.00% | 0.65% | 6 | 0.65% | 6 | 0.65% | 6 | 0.65% | 6 | 0.65% | 6 | 0.65% | 6 | 0.64% | 6 | 0.64% | 6 | 0.64% | 6 | |||||||||||||||||||||||||||
Distribution and Service (12b-1) Fees | 0.45% | 1.00% | 1.00% | 0.25% | 1.00% | 1.00% | 0.25% | 1.00% | 1.00% | 0.25% | 1.00% | 1.00% | ||||||||||||||||||||||||||||||||||||
Other Expenses* | 2.56% | 2.56% | 2.56% | 0.25% | 7 | 0.25% | 7 | 0.25% | 7 | 0.24% | 7 | 0.24% | 7 | 0.24% | 7 | 0.24% | 7 | 0.24% | 7 | 0.24% | 7 | |||||||||||||||||||||||||||
Total Fund Operating Expenses* | 4.01% | 8 | 4.56% | 8 | 4.56% | 8 | 1.15% | 1.90% | 1.90% | 1.15% | 1.90% | 1.90% | 1.13% | 1.88% | 1.88% |
* | The “Management Fees,” “Other Expenses” and “Total Fund Operating Expenses” (after any waivers and expense limitations) of the AXA Enterprise Fund, GST Fund and Combined Fund are as set forth below. |
Combined Fund Pro Forma | ||||||||||||||||||||||||||||||||||||||||||||||||
Combined Fund Pro Forma | (AXA Enterprise | |||||||||||||||||||||||||||||||||||||||||||||||
(AXA Enterprise | Multimanager Core Equity | |||||||||||||||||||||||||||||||||||||||||||||||
AXA Enterprise | Multimanager | Fund + AXA Enterprise | ||||||||||||||||||||||||||||||||||||||||||||||
Multimanager | Goldman Sachs Structured | Core Equity Fund + | Capital Appreciation Fund + | |||||||||||||||||||||||||||||||||||||||||||||
Core Equity Fund | U.S. Equity Fund | GST Fund) | GST Fund | |||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class A | Class B | Class C | Class A | Class B | Class C | Class A | Class B | Class C | |||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | |||||||||||||||||||||||||||||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | ||||||||||||||||||||||||||||||||||||||||||||||||
Management Fees | 1.00% | 1.00% | 1.00% | 0.55% | 6 | 0.55% | 6 | 0.55% | 6 | 0.56% | 6 | 0.56% | 6 | 0.56% | 6 | 0.54% | 6 | 0.54% | 6 | 0.54% | 6 | |||||||||||||||||||||||||||
Distribution and Service (12b-1) Fees | 0.45% | 1.00% | 1.00% | 0.25% | 1.00% | 1.00% | 0.25% | 1.00% | 1.00% | 0.25% | 1.00% | 1.00% | ||||||||||||||||||||||||||||||||||||
Other Expenses | 0.20% | 0.20% | 0.20% | 0.19% | 7 | 0.19% | 7 | 0.19% | 7 | 0.19%7 | 0.19%7 | 0.19%7 | 0.19%7 | 0.19%7 | 0.19%7 | |||||||||||||||||||||||||||||||||
Total Fund Operating Expenses (after current expense limitations) | 1.65%8 | 2.20%8 | 2.20%8 | 0.99% | 1.74% | 1.74% | 1.00% | 1.75% | 1.75% | 0.98% | 1.73% | 1.73% |
10
Combined Fund | ||||||||||||||||||||||||||||||||
Pro Forma | ||||||||||||||||||||||||||||||||
Combined Fund | (AXA Enterprise Fund + | |||||||||||||||||||||||||||||||
AXA Enterprise | Goldman Sachs | Pro Forma (AXA | AXA Enterprise Capital | |||||||||||||||||||||||||||||
Multimanager Core | Structured | Enterprise Fund + | Appreciation Fund + GST | |||||||||||||||||||||||||||||
Equity Fund | U.S. Equity Fund | GST Fund) | Fund) | |||||||||||||||||||||||||||||
Class P | Class Y | Class A | Institutional | Class A | Institutional | Class A | Institutional | |||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | |||||||||||||||||||||||||
Shareholder Fees (fees paid directly from your investment): | ||||||||||||||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Purchases | 5.50% | 1 | None | 5.50% | 1 | None | 5.50% | 1 | None | 5.50% | 1 | None | ||||||||||||||||||||
Maximum Deferred Sales Charge (Load)2 | None | 4 | None | None | 1 | None | None | 1 | None | None | 1 | None | ||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Reinvested Dividends | None | None | None | None | None | None | None | None | ||||||||||||||||||||||||
Redemption Fees | 2.00% | 5 | 2.00% | 5 | None | None | None | None | None | None | ||||||||||||||||||||||
Exchange Fees | None | None | None | None | None | None | None | None |
Combined Fund | ||||||||||||||||||||||||||||||||
Pro Forma | ||||||||||||||||||||||||||||||||
Combined Fund | (AXA Enterprise Fund + | |||||||||||||||||||||||||||||||
AXA Enterprise | Goldman Sachs | Pro Forma (AXA | AXA Enterprise Capital | |||||||||||||||||||||||||||||
Multimanager Core | Structured | Enterprise Fund + | Appreciation Fund + GST | |||||||||||||||||||||||||||||
Equity Fund | U.S. Equity Fund | GST Fund) | Fund) | |||||||||||||||||||||||||||||
Class P | Class Y | Class A | Institutional | Class A | Institutional | Class A | Institutional | |||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | |||||||||||||||||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | ||||||||||||||||||||||||||||||||
Management Fees | 1.00% | 1.00% | 0.65% | 6 | 0.65% | 6 | 0.65% | 6 | 0.65% | 6 | 0.64% | 6 | 0.64% | 6 | ||||||||||||||||||
Distribution and Service (12b-1) Fees | 0.25% | None | 0.25% | None | 0.25% | None | 0.25% | None | ||||||||||||||||||||||||
Other Expenses* | 2.57% | 2.57% | 0.25% | 7 | 0.10% | 7 | 0.25% | 0.10% | 0.24% | 0.09% | ||||||||||||||||||||||
Total Fund Operating Expenses* | 3.82% | 8 | 3.57% | 8 | 1.15% | 0.75% | 1.15% | 0.75% | 1.13% | 0.73% |
* | The “Management Fees,” “Other Expenses” and “Total Fund Operating Expenses” (after any waivers and expense limitations) of the AXA Enterprise Fund, GST Fund and Combined Fund are as set forth below. |
Combined Fund | ||||||||||||||||||||||||||||||||
Pro Forma | ||||||||||||||||||||||||||||||||
Combined Fund | (AXA Enterprise Fund + | |||||||||||||||||||||||||||||||
AXA Enterprise | Goldman Sachs | Pro Forma (AXA | AXA Enterprise Capital | |||||||||||||||||||||||||||||
Multimanager Core | Structured | Enterprise Fund + | Appreciation Fund + GST | |||||||||||||||||||||||||||||
Equity Fund | U.S. Equity Fund | GST Fund) | Fund) | |||||||||||||||||||||||||||||
Class P | Class Y | Class A | Institutional | Class A | Institutional | Class A | Institutional | |||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | |||||||||||||||||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | ||||||||||||||||||||||||||||||||
Management Fees | 1.00% | 1.00% | 0.55% | 6 | 0.55% | 6 | 0.56% | 6 | 0.56% | 6 | 0.54% | 6 | 0.54% | 6 | ||||||||||||||||||
Distribution and Service (12b-1) Fees | 0.25% | None | 0.25% | None | 0.25% | None | 0.25% | None | ||||||||||||||||||||||||
Other Expenses | 0.20% | 0.20% | 0.19% | 7 | 0.04% | 7 | 0.19% | 0.04% | 0.19% | 0.04% | ||||||||||||||||||||||
Total Fund Operating Expenses (after current expense limitations) | 1.45% | 8 | 1.20% | 8 | 0.99% | 0.59% | 1.00% | 0.60% | 0.98% | 0.58% |
11
1 | The maximum sales charge is a percentage of the offering price. This sales charge varies depending on how much you invest. Under certain circumstances, the maximum sales charge may be reduced or waived entirely. If you buy $1,000,000 or more ($100,000 or more for certain employee benefit plans and $500,000 or more for certain individual retirement accounts) of Class A Shares of an AXA Enterprise Fund at net asset value and redeem those shares within 12 months of the end of the calendar month of their purchase, a contingent deferred sales charge (“CDSC”) of 1.00% generally will apply to the redemptions of those shares. A CDSC of 1% is imposed on certain redemptions (within 18 months of purchase) of Class A Shares of a GST Fund sold without an initial sales charge as part of an investment of $1 million or more. | |
2 | The maximum CDSC is a percentage of the lesser of the net asset value at the time of the redemption or the net asset value when the shares were originally purchased. | |
3 | A CDSC is imposed upon Class B Shares of an AXA Enterprise Fund or GST Fund redeemed within six years of purchase at a rate of 5% in the first year, declining to 1% in the sixth year, and eliminated thereafter. Class B Shares of AXA Enterprise Funds and GST Funds automatically convert to Class A Shares eight years after the end of the calendar month in which you purchased them and will be subject to lower expenses. | |
4 | A CDSC of 1% is imposed on Class C Shares of an AXA Enterprise Fund or GST Fund redeemed within 12 months of purchase. If you buy $1,000,000 or more of Class P Shares of an AXA Enterprise Fund and redeem those shares within one year of the date of purchase, a CDSC of 1.00% generally will apply to the redemptions on those shares. | |
5 | If you redeem or exchange shares of an AXA Enterprise Fund after holding them one month or less, a fee of 2.00% of the current net asset value of the shares being redeemed or exchanged generally will be assessed and retained by the respective Fund for the benefit of the remaining shareholders. | |
6 | GSAM has entered into the following fee reduction commitment for the GST Fund: |
Management Fee | Average Daily | |||||
GST Fund | Annual Rate | Net Assets | ||||
Structured U.S. Equity Fund | 0.65% | First $1 Billion | ||||
0.59% | Next $1 Billion | |||||
0.56% | Over $2 Billion |
Prior to this fee reduction commitment, the management fee for the GST Fund as an annual percentage rate of average daily net assets was 0.65%. Additionally, GSAM is currently voluntarily waiving a portion of its management fee equal to 0.10% based on the average daily net assets of the GST Fund. | ||
7 | “Other Expenses” of the GST Fund include transfer agency fees and expenses equal on an annualized basis to 0.19% of the average daily net assets of the Fund’s Class A, B and C Shares and 0.04% of the average daily net assets of the Institutional Shares, plus all other ordinary expenses not detailed above. GSAM has voluntarily agreed to reduce or limit “Other Expenses” (excluding management fees, distribution and service fees, transfer agency fees and expenses, taxes, interest, brokerage fees and litigation, indemnification, shareholder meeting and other extraordinary expenses exclusive of any offset arrangements) to 0.004% of the GST Fund’s average daily net assets. These expense reductions may be terminated at any time at the option of the GST Fund’s investment adviser. | |
8 | Pursuant to a contract, AXA Equitable has agreed to make payments or waive its management, administrative or other fees to limit the expenses of the AXA Enterprise Fund through February 28, 2008 (unless the Enterprise Multimanager Trust Trustees consent to an earlier revision or termination of this arrangement) so that the Total Fund Operating Expenses of the AXA Enterprise Fund (exclusive of taxes, interest, brokerage commissions, capitalized expenses, expenses of other investment companies in which the fund invests, and extraordinary expenses) do not exceed 1.65% for Class A Shares, 2.20% for Class B and Class C Shares, 1.45% for Class P Shares and 1.20% for Class Y Shares. AXA Equitable may be reimbursed the amount of any such payments and waivers in the future provided that the payments or waivers are reimbursed within three years of the payment or waiver being made and the combination of the Fund’s expense ratio and such reimbursements do not exceed the Fund’s expense cap. AXA Equitable may discontinue these arrangements at any time after February 28, 2008. | |
For the twelve months ended August 31, 2006, a portion of the brokerage commissions that the AXA Enterprise Fund pays is used to reduce the Fund’s expenses. Including this reduction, the Net Operating Expenses (after current expense limitations) for the AXA Enterprise Fund was 1.63% for Class A Shares, 2.18% for Class B and Class C Shares, 1.43% for Class P Shares and 1.18% for Class Y Shares. |
12
1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||
AXA Enterprise Multimanager Core Equity Fund | ||||||||||||||||||
Class A Shares | $ | 633 | $ | 1,412 | $ | 2,207 | $ | 4,263 | ||||||||||
Class B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 720 | $ | 1,541 | $ | 2,269 | $ | 4,315 | ||||||||||
- assuming no redemption | $ | 220 | $ | 1,141 | $ | 2,069 | $ | 4,315 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 320 | $ | 1,141 | $ | 2,069 | $ | 4,425 | ||||||||||
- assuming no redemption | $ | 220 | $ | 1,141 | $ | 2,069 | $ | 4,425 | ||||||||||
Class P Shares | $ | 664 | $ | 1,403 | $ | 2,160 | $ | 4,131 | ||||||||||
Class Y Shares | $ | 146 | $ | 881 | $ | 1,636 | $ | 3,622 | ||||||||||
AXA Enterprise Capital Appreciation Fund | ||||||||||||||||||
Class A Shares | $ | 628 | $ | 950 | $ | 1,295 | $ | 2,264 | ||||||||||
Class B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 716 | $ | 1,067 | $ | 1,344 | $ | 2,322 | ||||||||||
- assuming no redemption | $ | 216 | $ | 667 | $ | 1,144 | $ | 2,322 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 316 | $ | 667 | $ | 1,144 | $ | 2,462 | ||||||||||
- assuming no redemption | $ | 216 | $ | 667 | $ | 1,144 | $ | 2,462 | ||||||||||
Class Y Shares | $ | 115 | $ | 359 | $ | 622 | $ | 1,375 | ||||||||||
Goldman Sachs Structured U.S. Equity Fund | ||||||||||||||||||
Class A Shares | $ | 661 | $ | 895 | $ | 1,148 | $ | 1,871 | ||||||||||
Class B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 693 | $ | 897 | $ | 1,226 | $ | 2,027 | ||||||||||
- assuming no redemption | $ | 193 | $ | 597 | $ | 1,026 | $ | 2,027 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 293 | $ | 597 | $ | 1,026 | $ | 2,222 | ||||||||||
- assuming no redemption | $ | 193 | $ | 597 | $ | 1,026 | $ | 2,222 | ||||||||||
Institutional Shares | $ | 77 | $ | 240 | $ | 417 | $ | 930 |
13
1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||
Combined Fund Pro Forma (AXA Enterprise Multimanager Core Equity Fund + GST Fund) | ||||||||||||||||||
Class A Shares | $ | 661 | $ | 895 | $ | 1,148 | $ | 1,871 | ||||||||||
Class B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 693 | $ | 897 | $ | 1,226 | $ | 2,027 | ||||||||||
- assuming no redemption | $ | 193 | $ | 597 | $ | 1,026 | $ | 2,027 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 293 | $ | 597 | $ | 1,026 | $ | 2,222 | ||||||||||
- assuming no redemption | $ | 193 | $ | 597 | $ | 1,026 | $ | 2,222 | ||||||||||
Institutional Shares | $ | 77 | $ | 240 | $ | 417 | $ | 930 | ||||||||||
Combined Fund Pro Forma (AXA Enterprise Multimanager Core Equity Fund + AXA Enterprise Capital Appreciation Fund + GST Fund) | ||||||||||||||||||
Class A Shares | $ | 659 | $ | 889 | $ | 1,138 | $ | 1,849 | ||||||||||
Class B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 691 | $ | 891 | $ | 1,216 | $ | 2,005 | ||||||||||
- assuming no redemption | $ | 191 | $ | 591 | $ | 1,016 | $ | 2,005 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 291 | $ | 591 | $ | 1,016 | $ | 2,201 | ||||||||||
- assuming no redemption | $ | 191 | $ | 591 | $ | 1,016 | $ | 2,201 | ||||||||||
Institutional Shares | $ | 75 | $ | 233 | $ | 406 | $ | 906 |
1 | The Class B example for each Fund reflects the conversion of Class B Shares to Class A Shares after approximately eight years from the date of purchase of Class B Shares. |
14
10 Years | ||||||||||||
Average Annual Total Returns | or Since | |||||||||||
(For the periods ended December 31, 2006) | 1 Year | 5 Years | Inception | |||||||||
Class A (inception 12/13/04) | ||||||||||||
Return Before Taxes | 7.74% | NA | 7.53% | |||||||||
Return After Taxes on Distributions1 | 6.47% | NA | 6.63% | |||||||||
Return After Taxes on Distributions and Sale of Fund Shares1 | 6.52% | NA | 6.37% | |||||||||
S&P 500 Index2 | 15.80% | NA | 10.59% | |||||||||
Class B (inception 12/31/01) | ||||||||||||
Return Before Taxes | 7.50% | 4.41% | 4.41% | |||||||||
S&P 500 Index | 15.80% | 6.19% | 6.19% | |||||||||
Class C (inception 12/31/01) | ||||||||||||
Return Before Taxes | 11.50% | 4.74% | 4.74% | |||||||||
S&P 500 Index | 15.80% | 6.19% | 6.19% | |||||||||
Class P (inception 12/31/01) | ||||||||||||
Return Before Taxes | 7.14% | 4.36% | 4.36% | |||||||||
S&P 500 Index | 15.80% | 6.19% | 6.19% | |||||||||
Class Y (inception 12/31/01) | ||||||||||||
Return Before Taxes | 13.77% | 5.80% | 5.80% | |||||||||
S&P 500 Index | 15.80% | 6.19% | 6.19% |
15
10 Years | ||||||||||||
Average Annual Total Returns | or Since | |||||||||||
(For the periods ended December 31, 2006) | 1 Year | 5 Years | Inception | |||||||||
Class A (inception 5/24/91) | ||||||||||||
Return Before Taxes | 13.03% | 7.05% | 8.22% | |||||||||
Return After Taxes on Distributions1 | 6.17% | 5.66% | 6.66% | |||||||||
Return After Taxes on Distributions and Sale of Fund Shares1 | 5.29% | 5.03% | 6.26% | |||||||||
S&P 500 Index2 | 15.79% | 6.19% | 8.42% | |||||||||
Class B (inception 5/1/96) | ||||||||||||
Return Before Taxes | 12.24% | 6.26% | 7.46% | |||||||||
S&P 500 Index | 15.79% | 6.19% | 8.42% | |||||||||
Class C (inception 8/15/97) | ||||||||||||
Return Before Taxes | 12.22% | 6.27% | 5.39% | |||||||||
S&P 500 Index | 15.79% | 6.19% | 6.32% | |||||||||
Class P shareholders of the AXA Enterprise Fund will receive Class A Shares of the GST Fund in connection with the Reorganization. Information regarding the performance of the Class A Shares of the GST Fund is shown above. | ||||||||||||
Institutional Class (inception 6/15/95) | ||||||||||||
Return Before Taxes | 13.51% | 7.48% | 8.70% | |||||||||
S&P 500 Index | 15.79% | 6.19% | 8.42% |
1 | The after-tax returns are for Class A Shares only. The after-tax returns for Class B, Class C, Class Y, Class P and Institutional Class Shares will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold shares through tax- deferred arrangements such as 401(k) plans or individual retirement accounts. |
2 | The S&P 500® Index is the Standard & Poor’s 500 Composite Stock Price Index of 500 stocks, an unmanaged index of common stock prices. The Index figures do not reflect any deduction for fees, expenses or taxes. |
16
AXA Enterprise Multimanager | Goldman Sachs Structured | |||
Core Equity Fund | U.S. Equity Fund | |||
Sales charges and Distribution/Service (Rule 12b-1) Fees | Class A Shares. Class A Shares are subject to a maximum front-end sales charge of 4.75%, which is reduced depending on the amount invested and, in certain circumstances, waived. There is no CDSC on redemptions of Class A Shares, except in certain circumstances when the front-end sales charge is waived. Class A Shares are subject to a Rule 12b-1 fee equal to an annual rate of 0.45% of the Fund’s average daily net assets attributable to Class A Shares. | Class A Shares. Class A Shares are subject to a maximum front-end sales charge of 5.50%, which is reduced depending on the amount invested and, in certain circumstances, waived. There is no CDSC on redemptions of Class A Shares, except in certain circumstances when the front-end sales charge is waived. Class A Shares are subject to a Rule 12b-1 fee equal to an annual rate of 0.25% of the Fund’s average daily net assets attributable to Class A Shares. | ||
Class B Shares. There is no front-end sales charge on Class B Shares. However, Class B Shares are subject to a CDSC of up to 5% on certain redemptions within 6 years of purchase. Class B Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class B Shares. Class B Shares convert to Class A Shares approximately 8 years after purchase. | Class B Shares. There is no front-end sales charge on Class B Shares. However, Class B Shares are subject to a CDSC of up to 5% on certain redemptions within 6 years of purchase. Class B Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class B Shares. Class B Shares convert to Class A Shares approximately 8 years after purchase. | |||
Class C Shares. There is no front-end sales charge on Class C Shares. However, Class C Shares are subject to a CDSC of 1% on certain redemptions within the first year of purchase. Class C Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class C Shares. | Class C Shares. There is no front-end sales charge on Class C Shares. However, Class C Shares are subject to a CDSC of 1% on certain redemptions within the first year of purchase. Class C Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class C Shares. |
17
AXA Enterprise Multimanager | Goldman Sachs Structured | |||
Core Equity Fund | U.S. Equity Fund | |||
Class P Shares. Class P Shares are no longer available for investment, except through reinvestment of dividends and distributions and through exchanges of Class P Shares of another AXA Enterprise Fund. Class P Shares are subject to a maximum front-end sales charge of 5.50%, which is reduced depending on the amount invested and in certain circumstances, waived. There is no CDSC on redemptions of Class P Shares, except in certain circumstances when the front-end sales charge is waived. Class P Shares are subject to a Rule 12b-1 fee equal to an annual rate of 0.25% of the Fund’s average daily net assets attributable to Class P Shares. | Class P shareholders of the AXA Enterprise Fund will receive Class A Shares of the GST Fund in connection with the Reorganization. Information regarding the sales charges and distribution/service (Rule 12b-1) fees for the Class A Shares of the GST Fund is shown above. | |||
Class Y Shares. Class Y Shares are not subject to any front-end sales charge, CDSC or Rule 12b-1 fees. | Institutional Shares. Institutional Shares are not subject to any front-end sales charge, CDSC or Rule 12b-1 fees. | |||
Purchase Policies | Investors can purchase shares of an AXA Enterprise Fund directly through the Fund’s principal underwriter, Enterprise Fund Distributors, Inc., or through an authorized dealer, subject to certain minimum investments and eligibility and other requirements. | Investors can purchase shares of a GST Fund directly from Goldman Sachs, through authorized dealers and directly from GST, subject to certain minimum investments and eligibility and other requirements. | ||
Exchange Policies | Shareholders can exchange shares of the AXA Enterprise Fund at net asset value without the imposition of any front-end sales charge or CDSC at the time of the exchange for shares of the same class of another AXA Enterprise Fund. Redemption of shares (including by exchange) that are held for one month or less may, however, be subject to a redemption fee. | Shareholders can exchange shares of a GST Fund at net asset value without the imposition of any front-end sales charge or CDSC at the time of the exchange for shares of the same class of another Goldman Sachs Fund. Redemption of shares (including by exchange) that are held for 30 or 60 calendar days or less may, however, be subject to a redemption fee. |
18
AXA Enterprise Multimanager | Goldman Sachs Structured | |||
Core Equity Fund | U.S. Equity Fund | |||
Redemption Policies | Shareholders can sell (redeem) some or all their shares. Generally, the AXA Enterprise Fund will redeem its shares upon request on any business day at the net asset value next determined after receipt of such request in proper form, subject to any applicable CDSC or redemption fee. Shareholders may request that redemption proceeds be sent by check or wire. Redemptions may be requested in writing or by telephone. | Shareholders can sell (redeem) some or all their shares. Generally, the GST Fund will redeem its shares upon request on any business day at the net asset value next determined after receipt of such request in proper form, subject to any applicable CDSC or redemption fee. Shareholders may request that redemption proceeds be sent by check or wire. Redemptions may be requested in writing or by telephone. | ||
Redemption Fees | There is a 2% redemption fee assessed on certain redemptions of shares (including by exchange) within one month after purchase. | The Fund does not impose any redemption fees. |
Pro Forma | ||||||||||||||
AXA Enterprise | AXA Enterprise | Goldman Sachs | Pro Forma | Combined Fund | ||||||||||
Multimanager | Capital | Structured | Combined Fund | (Fund A + | ||||||||||
Core Equity | Appreciation | U.S. Equity | Pro Forma | (Fund A + | Pro Forma | Fund B + | ||||||||
Fund (Fund A) | Fund (Fund B) | Fund* (Fund C) | Adjustments | Fund C) | Adjustments | Fund C) | ||||||||
Net Assets: | $587 (Class A Shares) | $192,169 (Class A Shares) | $611,999 (Class A Shares) | $0 | $612,586 (Class A Shares) | $3,781 | $808,536 (Class A Shares) | |||||||
$323 (Class B Shares) | $67,065 (Class B Shares) | $78,110 (Class B Shares) | $0 | $78,433 (Class B Shares) | $0 | $145,498 (Class B Shares) | ||||||||
$324 (Class C Shares) | $64,690 (Class C Shares) | $36,628 (Class C Shares) | $0 | $36,952 (Class C Shares) | $0 | $101,642 (Class C Shares) | ||||||||
$3,781 (Class P Shares) | $0 | $(3,781) | ||||||||||||
$6,900 (Class Y Shares) | $65,267 (Class Y Shares) | $644,250 (Institutional Shares) | $0 | $651,150 (Institutional Shares) | $0 | $716,417 (Institutional Shares) |
19
Pro Forma | ||||||||||||||
AXA Enterprise | AXA Enterprise | Goldman Sachs | Pro Forma | Combined Fund | ||||||||||
Multimanager | Capital | Structured | Combined Fund | (Fund A + | ||||||||||
Core Equity | Appreciation | U.S. Equity | Pro Forma | (Fund A + | Pro Forma | Fund B + | ||||||||
Fund (Fund A) | Fund (Fund B) | Fund* (Fund C) | Adjustments | Fund C) | Adjustments | Fund C) | ||||||||
Net Asset Value Per Share: | $11.34 (Class A Shares) | $34.08 (Class A Shares) | $31.79 (Class A Shares) | $(11.34) | $31.79 (Class A Shares) | $(45.42) | $31.79 (Class A Shares) | |||||||
$11.05 (Class B Shares) | $31.34 (Class B Shares) | $29.92 (Class B Shares) | $(11.05) | $29.92 (Class B Shares) | $(42.39) | $29.92 (Class B Shares) | ||||||||
$11.05 (Class C Shares) | $32.25 (Class C Shares) | $29.78 (Class C Shares) | $(11.05) | $29.78 (Class C Shares) | $(43.30) | $29.78 (Class C Shares) | ||||||||
$11.35 (Class P Shares) | $(11.35) | |||||||||||||
$11.39 (Class Y Shares) | $35.61 (Class Y Shares) | $32.48 (Institutional Shares) | $(11.39) | $32.48 (Institutional Shares) | $(47.00) | $32.48 (Institutional Shares) | ||||||||
Shares Outstanding: | 52 (Class A Shares) | 5,639 (Class A Shares) | 19,251 (Class A Shares) | (33) | 19,270 (Class A Shares) | 492 | 25,433 (Class A Shares) | |||||||
29 (Class B Shares) | 2,140 (Class B Shares) | 2,611 (Class B Shares) | (18) | 2,622 (Class B Shares) | 83 | 4,863 (Class B Shares) | ||||||||
29 (Class C Shares) | 2,006 (Class C Shares) | 1,230 (Class C Shares) | (18) | 1,241 (Class C Shares) | 148 | 3,413 (Class C Shares) | ||||||||
333 (Class P Shares) | (333) | |||||||||||||
606 (Class Y Shares) | 1,833 (Class Y Shares) | 19,835 (Institutional Shares) | (394) | 20,047 (Institutional Shares) | (217) | 22,057 (Institutional Shares) |
* | The Goldman Sachs Structured U.S. Equity Fund will be the accounting survivor for financial statement purposes. |
20
AXA Enterprise Multimanager | Goldman Sachs Structured Large Cap | |
Growth Fund | Growth Fund | |
Investment Objective | Investment Objective | |
Seeks long-term growth of capital. | Seeks long-term growth of capital. Dividend income is a secondary consideration. The Fund seeks this objective through a broadly diversified portfolio of equity investments in large-cap U.S. issuers that are expected to have better prospects for earnings growth than the growth rate of the general domestic economy. | |
Investment Policies | Investment Policies | |
Under normal circumstances, the Fund intends to invest primarily in equity securities of U.S. large capitalization companies. Large capitalization companies are companies with market capitalization in excess of $5 billion at the time of investment. | The Fund invests, under normal circumstances, at least 80% of its Net Assets in a broadly diversified portfolio of equity investments in large-cap U.S. issuers, including foreign issuers that are traded in the United States. However, it is currently anticipated that, under normal circumstances, the Fund will invest at least 95% of its Net Assets in such equity investments. These issuers will have public stock market capitalizations (based upon shares available for trading on an unrestricted basis) similar to that of the Russell 1000® Growth Index at the time of investment. If the market capitalization of a company held by the Fund moves outside this range, the Fund may, but is not required to, sell the securities. The Fund is not required to limit its investments to securities in the Russell 1000® Growth Index. The capitalization range of the Russell 1000® Growth Index is currently between $1.369 billion and $432.114 billion. | |
The sub-advisers focus on identifying companies expected to grow at a faster rate than the U.S. economy. This process involves researching and evaluating individual companies for potential investment. The sub-advisers may sell a security for a variety of reasons, including to seek more attractive growth prospects. | The adviser emphasizes a company’s growth prospects in analyzing equity investments to be purchased by the Fund. The Fund’s investments are selected using both a variety of quantitative techniques derived from fundamental research including but not limited to valuation, momentum, profitability and earnings in seeking to maximize the Fund’s expected return. The Fund maintains the risk, style, capitalization and industry characteristics similar to the Russell 1000® Growth Index. The Fund seeks to maximize expected return while maintaining characteristics similar to its benchmark which generally consists of companies with above average capitalizations and earnings growth expectations and below average dividend yields. |
21
AXA Enterprise Multimanager | Goldman Sachs Structured Large Cap | |
Growth Fund | Growth Fund | |
The Fund intends to invest primarily in common stocks, but it may also invest in other securities that the sub-advisers believe provide opportunities for capital growth, such as preferred stocks, warrants and securities convertible into common stock. | The Fund’s equity investments may include common stocks, preferred stocks, convertible securities, warrants and other instruments that have economic characteristics similar to equity securities. | |
The Fund also may invest, to a limited extent, in foreign securities, including depositary receipts of foreign based companies, including companies in developing countries. | The Fund may make foreign investments, including ADRs and global depositary receipts. The Fund generally does not invest in securities of emerging market issuers. Equity securities of foreign issuers must be traded in the United States. | |
For temporary defensive purposes, the Fund may invest, without limit, in cash, money market instruments or high quality short-term debt securities, including repurchase agreements. | For temporary defensive purposes, the Fund may invest up to 35% of its Total Assets in U.S. Government Securities; commercial paper rated at least A-2 by Standard & Poor’s, P-2 by Moody’s or having a comparable rating by another NRSRO; certificates of deposit; bankers’ acceptances; repurchase agreements; non-convertible preferred stocks and non-convertible corporate bonds with a remaining maturity of less than one year. | |
Investment Advisers | Investment Adviser | |
AXA Equitable, through its AXA Funds Management Group unit, serves as the investment manager for the Fund. The day-to-day portfolio management of the Fund is provided by investment sub-advisers selected by AXA Equitable. The Fund’s sub-advisers are AllianceBernstein L.P., RCM Capital Management LLC and TCW Investment Management Company. | GSAM manages the Fund on a day-to-day basis and will continue to manage the Fund after the Reorganization. |
22
Goldman Sachs | ||||
AXA Enterprise | Structured Large Cap | |||
Multimanager Growth Fund | Growth Fund | |||
Net Asset Value Risk | X | X | ||
Interest Rate Risk | X | |||
Stock Risk | X | X | ||
Derivatives Risk | X | |||
Management Risk | X | X | ||
Market Risk | X | X | ||
Liquidity Risk | X | |||
Investment Style Risk | X | X | ||
Foreign Risk | X | X | ||
Emerging Countries Risk | X | |||
Issuer-Specific Risk | X | X | ||
Sub-adviser Selection Risk | X | |||
Large-Capitalization Risk | X | X | ||
Mid and Small Capitalization Risk | X |
23
24
Combined Fund Pro Forma | ||||||||||||||||||||||||||||||||||||||||||||||||
Combined Fund Pro Forma | (AXA Enterprise | |||||||||||||||||||||||||||||||||||||||||||||||
(AXA Enterprise | Multimanager Growth | |||||||||||||||||||||||||||||||||||||||||||||||
AXA Enterprise | Goldman Sachs Structured | Multimanager Growth | Fund + AXA Enterprise | |||||||||||||||||||||||||||||||||||||||||||||
Multimanager Growth Fund | Large Cap Growth Fund | Fund + GST Fund) | Equity Fund + GST Fund) | |||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class A | Class B | Class C | Class A | Class B | Class C | Class A | Class B | Class C | |||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | |||||||||||||||||||||||||||||||||||||
Shareholder Fees (fees paid directly from your investment): | ||||||||||||||||||||||||||||||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Purchases | 4.75% | 1 | None | None | 5.50% | 1 | None | None | 5.50% | 1 | None | None | 5.50% | 1 | None | None | ||||||||||||||||||||||||||||||||
Maximum Deferred Sales Charge (Load) 2 | None | 1 | 5.00% | 3 | 1.00% | 4 | None | 1 | 5.00% | 3 | 1.00% | 4 | None | 1 | 5.00% | 3 | 1.00% | 4 | None | 1 | 5.00% | 3 | 1.00% | 4 | ||||||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Reinvested Dividends | None | None | None | None | None | None | None | None | None | None | None | None | ||||||||||||||||||||||||||||||||||||
Redemption Fees | 2.00% | 5 | 2.00% | 5 | 2.00% | 5 | None | None | None | None | None | None | None | None | None | |||||||||||||||||||||||||||||||||
Exchange Fees | None | None | None | None | None | None | None | None | None | None | None | None |
Combined Fund Pro Forma | ||||||||||||||||||||||||||||||||||||||||||||||||
Combined Fund Pro Forma | (AXA Enterprise | |||||||||||||||||||||||||||||||||||||||||||||||
(AXA Enterprise | Multimanager Growth | |||||||||||||||||||||||||||||||||||||||||||||||
AXA Enterprise | Goldman Sachs Structured | Multimanager Growth | Fund + AXA Enterprise | |||||||||||||||||||||||||||||||||||||||||||||
Multimanager Growth Fund | Large Cap Growth Fund | Fund + GST Fund) | Equity Fund + GST Fund) | |||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class A | Class B | Class C | Class A | Class B | Class C | Class A | Class B | Class C | |||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | |||||||||||||||||||||||||||||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | ||||||||||||||||||||||||||||||||||||||||||||||||
Management Fees | 1.00% | 1.00% | 1.00% | 0.65% | 6 | 0.65% | 6 | 0.65% | 6 | 0.65% | 6 | 0.65% | 6 | 0.65% | 6 | 0.65% | 6 | 0.65% | 6 | 0.65% | 6 | |||||||||||||||||||||||||||
Distribution and Service (12b-1) Fees | 0.45% | 1.00% | 1.00% | 0.25% | 1.00% | 1.00% | 0.25% | 1.00% | 1.00% | 0.25% | 1.00% | 1.00% | ||||||||||||||||||||||||||||||||||||
Other Expenses* | 2.87% | 2.86% | 2.86% | 0.26% | 7 | 0.26% | 7 | 0.26% | 7 | 0.25% | 7 | 0.25% | 7 | 0.25% | 7 | 0.25% | 7 | 0.25% | 7 | 0.25% | 7 | |||||||||||||||||||||||||||
Total Fund Operating Expenses* | 4.32% | 8 | 4.86% | 8 | 4.86% | 8 | 1.16% | 1.91% | 1.91% | 1.15% | 1.90% | 1.90% | 1.15% | 1.90% | 1.90% |
* | The “Management Fees,” “Other Expenses” and “Total Fund Operating Expenses” (after any waivers and expense limitations) of the AXA Enterprise Fund, GST Fund and Combined Fund are as set forth below. |
Combined Fund Pro Forma | ||||||||||||||||||||||||||||||||||||||||||||||||
Combined Fund Pro Forma | (AXA Enterprise | |||||||||||||||||||||||||||||||||||||||||||||||
(AXA Enterprise | Multimanager Growth | |||||||||||||||||||||||||||||||||||||||||||||||
AXA Enterprise | Goldman Sachs Structured | Multimanager Growth | Fund + AXA Enterprise | |||||||||||||||||||||||||||||||||||||||||||||
Multimanager Growth Fund | Large Cap Growth Fund | Fund + GST Fund) | Equity Fund + GST Fund) | |||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class A | Class B | Class C | Class A | Class B | Class C | Class A | Class B | Class C | |||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | |||||||||||||||||||||||||||||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | ||||||||||||||||||||||||||||||||||||||||||||||||
Management Fees | 1.00% | 1.00% | 1.00% | 0.55% | 6 | 0.55% | 6 | 0.55% | 6 | 0.56% | 6 | 0.56% | 6 | 0.56% | 6 | 0.56% | 6 | 0.56% | 6 | 0.56% | 6 | |||||||||||||||||||||||||||
Distribution and Service (12b-1) Fees | 0.45% | 1.00% | 1.00% | 0.25% | 1.00% | 1.00% | 0.25% | 1.00% | 1.00% | 0.25% | 1.00% | 1.00% | ||||||||||||||||||||||||||||||||||||
Other Expenses | 0.20% | 0.20% | 0.20% | 0.20% | 7 | 0.20% | 7 | 0.20% | 7 | 0.19% | 7 | 0.19% | 7 | 0.19% | 7 | 0.19% | 7 | 0.19% | 7 | 0.19% | 7 | |||||||||||||||||||||||||||
Total Fund Operating Expenses (after current expense limitations) | 1.65% | 8 | 2.20% | 8 | 2.20% | 8 | 1.00% | 1.75% | 1.75% | 1.00% | 1.75% | 1.75% | 1.00% | 1.75% | 1.75% |
25
Combined Fund Pro | ||||||||||||||||||||||||||||||||
Forma (AXA Enterprise | ||||||||||||||||||||||||||||||||
Combined Fund Pro | Multimanager Growth | |||||||||||||||||||||||||||||||
AXA Enterprise | Goldman Sachs | Forma (AXA Enterprise | Fund + AXA Enterprise | |||||||||||||||||||||||||||||
Multimanager | Structured Large Cap | Multimanager Growth | Equity Fund | |||||||||||||||||||||||||||||
Growth Fund | Growth Fund | Fund + GST Fund) | + GST Fund) | |||||||||||||||||||||||||||||
Class P | Class Y | Class A | Institutional | Class A | Institutional | Class A | Institutional | |||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | |||||||||||||||||||||||||
Shareholder Fees (fees paid directly from your investment): | ||||||||||||||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Purchases | 5.50% | 1 | None | 5.50% | 1 | None | 5.50% | 1 | None | 5.50% | 1 | None | ||||||||||||||||||||
Maximum Deferred Sales Charge (Load)2 | None | 4 | None | None | 1 | None | None | 1 | None | None | 1 | None | ||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Reinvested Dividends | None | None | None | None | None | None | None | None | ||||||||||||||||||||||||
Redemption Fees | 2.00% | 5 | 2.00% | 5 | None | None | None | None | None | None | ||||||||||||||||||||||
Exchange Fees | None | None | None | None | None | None | None | None |
Combined Fund Pro | ||||||||||||||||||||||||||||||||
Forma (AXA Enterprise | ||||||||||||||||||||||||||||||||
Combined Fund Pro | Multimanager Growth | |||||||||||||||||||||||||||||||
AXA Enterprise | Goldman Sachs | Forma (AXA Enterprise | Fund + AXA Enterprise | |||||||||||||||||||||||||||||
Multimanager | Structured Large Cap | Multimanager Growth | Equity Fund | |||||||||||||||||||||||||||||
Growth Fund | Growth Fund | Fund + GST Fund) | + GST Fund) | |||||||||||||||||||||||||||||
Class P | Class Y | Class A | Institutional | Class A | Institutional | Class A | Institutional | |||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | |||||||||||||||||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | ||||||||||||||||||||||||||||||||
Management Fees | 1.00% | 1.00% | 0.65% | 6 | 0.65% | 6 | 0.65% | 6 | 0.65% | 6 | 0.65% | 6 | 0.65% | 6 | ||||||||||||||||||
Distribution and Service (12b-1) Fees | 0.25% | None | 0.25% | None | 0.25% | None | 0.25% | None | ||||||||||||||||||||||||
Other Expenses* | 2.89% | 2.89% | 0.26% | 7 | 0.11% | 7 | 0.25% | 7 | 0.10% | 7 | 0.25% | 7 | 0.10% | 7 | ||||||||||||||||||
Total Fund Operating Expenses* | 4.14% | 8 | 3.89% | 8 | 1.16% | 0.76% | 1.15% | 0.75% | 1.15% | 0.75% |
* | The “Management Fees,” “Other Expenses” and “Total Fund Operating Expenses” (after any waivers and expense limitations) of the AXA Enterprise Fund, GST Fund and Combined Fund are as set forth below. |
Combined Fund Pro | ||||||||||||||||||||||||||||||||
Forma (AXA Enterprise | ||||||||||||||||||||||||||||||||
Combined Fund Pro | Multimanager Growth | |||||||||||||||||||||||||||||||
AXA Enterprise | Goldman Sachs | Forma (AXA Enterprise | Fund + AXA Enterprise | |||||||||||||||||||||||||||||
Multimanager | Structured Large Cap | Multimanager Growth | Equity Fund | |||||||||||||||||||||||||||||
Growth Fund | Growth Fund | Fund + GST Fund) | + GST Fund) | |||||||||||||||||||||||||||||
Class P | Class Y | Class A | Institutional | Class A | Institutional | Class A | Institutional | |||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | |||||||||||||||||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | ||||||||||||||||||||||||||||||||
Management Fees | 1.00% | 1.00% | 0.55% | 6 | 0.55% | 6 | 0.56% | 6 | 0.56% | 6 | 0.56% | 6 | 0.56% | 6 | ||||||||||||||||||
Distribution and Service (12b-1) Fees | 0.25% | None | 0.25% | None | 0.25% | None | 0.25% | None | ||||||||||||||||||||||||
Other Expenses | 0.20% | 0.20% | 0.20% | 7 | 0.05% | 7 | 0.18% | 7 | 0.04% | 7 | 0.18% | 7 | 0.04% | 7 | ||||||||||||||||||
Total Fund Operating Expenses (after current expense limitations) | 1.45% | 8 | 1.20% | 8 | 1.00% | 0.60% | 0.99% | 0.60% | 0.99% | 0.60% |
26
1 | The maximum sales charge is a percentage of the offering price. This sales charge varies depending on how much you invest. Under certain circumstances, the maximum sales charge may be reduced or waived entirely. If you buy $1,000,000 or more ($100,000 or more for certain employee benefit plans and $500,000 or more for certain individual retirement accounts) of Class A Shares of an AXA Enterprise Fund at net asset value and redeem those shares within 12 months of the end of the calendar month of their purchase, a CDSC of 1.00% generally will apply to the redemptions of those shares. A CDSC of 1% is imposed on certain redemptions (within 18 months of purchase) of Class A Shares of a GST Fund sold without an initial sales charge as part of an investment of $1 million or more. | |
2 | The maximum CDSC is a percentage of the lesser of the net asset value at the time of the redemption or the net asset value when the shares were originally purchased. | |
3 | A CDSC is imposed upon Class B Shares of an AXA Enterprise Fund or GST Fund redeemed within six years of purchase at a rate of 5% in the first year, declining to 1% in the sixth year, and eliminated thereafter. Class B Shares of AXA Enterprise Funds and GST Funds automatically convert to Class A Shares eight years after the end of the calendar month in which you purchased them and will be subject to lower expenses. | |
4 | A CDSC of 1% is imposed on Class C Shares of an AXA Enterprise Fund or GST Fund redeemed within 12 months of purchase. If you buy $1,000,000 or more of Class P Shares of an AXA Enterprise Fund and redeem those shares within one year of the date of purchase, a CDSC of 1.00% generally will apply to the redemptions on those shares. | |
5 | If you redeem or exchange shares of an AXA Enterprise Fund after holding them one month or less, a fee of 2.00% of the current net asset value of the shares being redeemed or exchanged generally will be assessed and retained by the respective Fund for the benefit of the remaining shareholders. | |
6 | GSAM has entered into the following fee reduction commitment for the GST Fund: |
Management Fee | Average Daily | |||||
GST Fund | Annual Rate | Net Assets | ||||
Structured Large Cap Growth Fund | 0.65% | First $1 Billion | ||||
0.59% | Next $1 Billion | |||||
0.56% | Over $2 Billion |
Prior to this fee reduction commitment, the management fee for the GST Fund as an annual percentage rate of average daily net assets was 0.65%. Additionally, GSAM is currently voluntarily waiving a portion of its management fee equal to 0.10% based on the average daily net assets of the GST Fund. | ||
7 | “Other Expenses” of the GST Fund include transfer agency fees and expenses equal on an annualized basis to 0.19% of the average daily net assets of the Fund’s Class A, B and C Shares and 0.04% of the average daily net assets of the Institutional Shares, plus all other ordinary expenses not detailed above. GSAM has voluntarily agreed to reduce or limit “Other Expenses” (excluding management fees, distribution and service fees, transfer agency fees and expenses, taxes, interest, brokerage fees and litigation, indemnification, shareholder meeting and other extraordinary expenses exclusive of any offset arrangements) to 0.004% of the GST Fund’s average daily net assets. These expense reductions may be terminated at any time at the option of the GST Fund’s investment adviser. | |
8 | Pursuant to a contract, AXA Equitable has agreed to make payments or waive its management, administrative or other fees to limit the expenses of the AXA Enterprise Fund through February 28, 2008 (unless the Enterprise Multimanager Trust Trustees consent to an earlier revision or termination of this arrangement) so that the Total Fund Operating Expenses of the AXA Enterprise Fund (exclusive of taxes, interest, brokerage commissions, capitalized expenses, expenses of other investment companies in which the Fund invests and extraordinary expenses) do not exceed 1.65% for Class A Shares, 2.20% for Class B and Class C Shares, 1.45% for Class P Shares and 1.20% for Class Y Shares. AXA Equitable may be reimbursed the amount of any such payments and waivers in the future provided that the payments or waivers are reimbursed within three years of the payment or waiver being made and the combination of the Fund’s expense ratio and such reimbursements do not exceed the Fund’s expense cap. AXA Equitable may discontinue these arrangements at any time after February 28, 2008. | |
For the twelve months ended August 31, 2006, a portion of the brokerage commissions that the AXA Enterprise Fund pays is used to reduce the Fund’s expenses. Including this reduction, the Net Operating Expenses (after current expense limitations) for the AXA Enterprise Fund was 1.63% for Class A Shares, 2.18% for Class B and Class C Shares, 1.43% for Class P Shares and 1.18% for Class Y Shares. |
27
1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||
AXA Enterprise Multimanager Growth Fund | ||||||||||||||||||
Class A Shares | $ | 633 | $ | 1,467 | $ | 2,312 | $ | 4,477 | ||||||||||
Class B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 720 | $ | 1,595 | $ | 2,372 | $ | 4,523 | ||||||||||
- assuming no redemption | $ | 220 | $ | 1,195 | $ | 2,172 | $ | 4,523 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 320 | $ | 1,198 | $ | 2,179 | $ | 4,641 | ||||||||||
- assuming no redemption | $ | 220 | $ | 1,198 | $ | 2,179 | $ | 4,641 | ||||||||||
Class P Shares | $ | 688 | $ | 1,484 | $ | 2,293 | $ | 4,379 | ||||||||||
Class Y Shares | $ | 121 | $ | 916 | $ | 1,729 | $ | 3,842 | ||||||||||
Goldman Sachs Structured Large Cap Growth Fund | ||||||||||||||||||
Class A Shares | $ | 662 | $ | 898 | $ | 1,153 | $ | 1,881 | ||||||||||
Class B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 694 | $ | 900 | $ | 1,232 | $ | 2,038 | ||||||||||
- assuming no redemption | $ | 194 | $ | 600 | $ | 1,032 | $ | 2,038 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 294 | $ | 600 | $ | 1,032 | $ | 2,233 | ||||||||||
- assuming no redemption | $ | 194 | $ | 600 | $ | 1,032 | $ | 2,233 | ||||||||||
Institutional Shares | $ | 78 | $ | 243 | $ | 422 | $ | 942 | ||||||||||
Combined Fund Pro Forma (AXA Enterprise Multimanager Growth Fund + GST Fund) | ||||||||||||||||||
Class A Shares | $ | 662 | $ | 898 | $ | 1,153 | $ | 1,881 | ||||||||||
Class B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 694 | $ | 900 | $ | 1,232 | $ | 2,038 | ||||||||||
- assuming no redemption | $ | 194 | $ | 600 | $ | 1,032 | $ | 2,038 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 294 | $ | 600 | $ | 1,032 | $ | 2,233 | ||||||||||
- assuming no redemption | $ | 194 | $ | 600 | $ | 1,032 | $ | 2,233 | ||||||||||
Institutional Shares | $ | 78 | $ | 243 | $ | 422 | $ | 942 |
28
1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||
Combined Fund Pro Forma (AXA Enterprise Multimanager Growth Fund + AXA Enterprise Equity Fund + GST Fund) | ||||||||||||||||||
Class A Shares | $ | 661 | $ | 895 | $ | 1,148 | $ | 1,871 | ||||||||||
Class B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 693 | $ | 897 | $ | 1,226 | $ | 2,027 | ||||||||||
- assuming no redemption | $ | 193 | $ | 597 | $ | 1,026 | $ | 2,027 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 293 | $ | 597 | $ | 1,026 | $ | 2,222 | ||||||||||
- assuming no redemption | $ | 193 | $ | 597 | $ | 1,026 | $ | 2,222 | ||||||||||
Institutional Shares | $ | 77 | $ | 240 | $ | 417 | $ | 930 |
1 | The Class B example for each Fund reflects the conversion of Class B Shares to Class A Shares after approximately eight years from the date of purchase of Class B Shares. |
29
10 Years | ||||||||||||
Average Annual Total Returns | or Since | |||||||||||
(For the periods ended December 31, 2006) | 1 Year | 5 Years | Inception | |||||||||
Class A (inception 12/13/04) | ||||||||||||
Return Before Taxes | -5.32 | % | NA | 0.68 | % | |||||||
Return After Taxes on Distributions1 | -5.32 | % | NA | 0.68 | % | |||||||
Return After Taxes on Distributions and Sale of Fund Shares1 | -3.46 | % | NA | 0.58 | % | |||||||
Russell 1000 Growth Index2 | 9.07 | % | NA | 7.64 | % | |||||||
Class B (inception 12/31/01) | ||||||||||||
Return Before Taxes | -6.05 | % | -0.63 | % | -0.63 | % | ||||||
Russell 1000 Growth Index | 9.07 | % | 2.69 | % | 2.69 | % | ||||||
Class C (inception 12/31/01) | ||||||||||||
Return Before Taxes | -2.09 | % | -0.25 | % | -0.25 | % | ||||||
Russell 1000 Growth Index | 9.07 | % | 2.69 | % | 2.69 | % | ||||||
Class P (inception 12/31/01) | ||||||||||||
Return Before Taxes | -5.91 | % | -0.62 | % | -0.62 | % | ||||||
Russell 1000 Growth Index | 9.07 | % | 2.69 | % | 2.69 | % | ||||||
Class Y (inception 12/31/01) | ||||||||||||
Return Before Taxes | -0.10 | % | 0.76 | % | 0.76 | % | ||||||
Russell 1000 Growth Index | 9.07 | % | 2.69 | % | 2.69 | % |
30
10 Years | ||||||||||||
Average Annual Total Returns | or Since | |||||||||||
(For the periods ended December 31, 2006) | 1 Year | 5 Years | Inception | |||||||||
Class A (inception 11/11/91) | ||||||||||||
Return Before Taxes | 7.76 | % | 3.58 | % | 5.48 | % | ||||||
Return After Taxes on Distributions1 | 1.85 | % | 2.41 | % | 3.80 | % | ||||||
Return After Taxes on Distributions and Sale of Fund Shares1 | 1.22 | % | 2.07 | % | 3.42 | % | ||||||
Russell 1000 Growth Index2 | 9.07 | % | 2.69 | % | 5.44 | % | ||||||
Class B (inception 5/1/97) | 6.97 | % | 2.81 | % | 4.01 | % | ||||||
Return Before Taxes | ||||||||||||
Russell 1000 Growth Index | 9.07 | % | 2.69 | % | 4.87 | % | ||||||
Class C (inception 8/15/97) | 6.97 | % | 2.81 | % | 2.32 | % | ||||||
Return Before Taxes | ||||||||||||
Russell 1000 Growth Index | 9.07 | % | 2.69 | % | 3.23 | % | ||||||
Class P shareholders of the AXA Enterprise Fund will receive Class A Shares of the GST Fund in connection with the Reorganization. Information regarding the performance of the Class A Shares of the GST Fund is shown above. | ||||||||||||
Institutional Class (inception 5/1/97) | ||||||||||||
Return Before Taxes | 8.20 | % | 4.00 | % | 5.87 | % | ||||||
Russell 1000 Growth Index | 9.07 | % | 2.69 | % | 5.44 | % |
1 | The after-tax returns are for Class A Shares only. The after-tax returns for Class B, Class C, Class Y, Class P and Institutional Class Shares will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. |
2 | The Russell 1000 Growth Index® is an unmanaged index of common stocks that measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The Index figures do not reflect any deduction for fees, expenses or taxes. |
31
AXA Enterprise | Goldman Sachs Structured | |||
Multimanager Growth Fund | Large Cap Growth Fund | |||
Sales charges and Distribution/ Service (Rule 12b-1) Fees | Class A Shares. Class A Shares are subject to a maximum front-end sales charge of 4.75%, which is reduced depending on the amount invested and, in certain circumstances, waived. There is no CDSC on redemptions of Class A Shares, except in certain circumstances when the front-end sales charge is waived. Class A Shares are subject to a Rule 12b-1 fee equal to an annual rate of 0.45% of the Fund’s average daily net assets attributable to Class A Shares. | Class A Shares. Class A Shares are subject to a maximum front-end sales charge of 5.50%, which is reduced depending on the amount invested and, in certain circumstances, waived. There is no CDSC on redemptions of Class A Shares, except in certain circumstances when the front-end sales charge is waived. Class A Shares are subject to a Rule 12b-1 fee equal to an annual rate of 0.25% of the Fund’s average daily net assets attributable to Class A Shares. | ||
Class B Shares. There is no front-end sales charge on Class B Shares. However, Class B Shares are subject to a CDSC of up to 5% on certain redemptions within 6 years of purchase. Class B Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class B Shares. Class B Shares convert to Class A Shares approximately 8 years after purchase. | Class B Shares. There is no front-end sales charge on Class B Shares. However, Class B Shares are subject to a CDSC of up to 5% on certain redemptions within 6 years of purchase. Class B Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class B Shares. Class B Shares convert to Class A Shares approximately 8 years after purchase. | |||
Class C Shares. There is no front-end sales charge on Class C Shares. However, Class C Shares are subject to a CDSC of 1% on certain redemptions within the first year of purchase. Class C Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class C Shares. | Class C Shares. There is no front-end sales charge on Class C Shares. However, Class C Shares are subject to a CDSC of 1% on certain redemptions within the first year of purchase. Class C Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class C Shares. |
32
AXA Enterprise | Goldman Sachs Structured | |||
Multimanager Growth Fund | Large Cap Growth Fund | |||
Class P Shares. Class P Shares are no longer available for investment, except through reinvestment of dividends and distributions and through exchanges of Class P Shares of another AXA Enterprise Fund. Class P Shares are subject to a maximum front-end sales charge of 5.50%, which is reduced depending on the amount invested and in certain circumstances, waived. There is no CDSC on redemptions of Class P Shares, except in certain circumstances when the front-end sales charge is waived. Class P Shares are subject to a Rule 12b-1 fee equal to an annual rate of 0.25% of the Fund’s average daily net assets attributable to Class P Shares. | Class P shareholders of the AXA Enterprise Fund will receive Class A Shares of the GST Fund in connection with the Reorganization. Information regarding the sales charges and distribution/service (Rule 12b-1) fees for the Class A Shares of the GST Fund is shown above. | |||
Class Y Shares. Class Y Shares are not subject to any front-end sales charge, CDSC or Rule 12b-1 fees. | Institutional Shares. Institutional Shares are not subject to any front-end sales charge, CDSC or Rule 12b-1 fees. | |||
Purchase Policies | Investors can purchase shares of an AXA Enterprise Fund directly through the Fund’s principal underwriter, Enterprise Fund Distributors, Inc., or through an authorized dealer, subject to certain minimum investments and eligibility and other requirements. | Investors can purchase shares of a GST Fund directly from Goldman Sachs, through authorized dealers and directly from GST, subject to certain minimum investments and eligibility and other requirements. | ||
Exchange Policies | Shareholders can exchange shares of the AXA Enterprise Fund at net asset value without the imposition of any front-end sales charge or CDSC at the time of the exchange for shares of the same class of another AXA Enterprise Fund. Redemption of shares (including by exchange) that are held for one month or less may, however, be subject to a redemption fee. | Shareholders can exchange shares of a GST Fund at net asset value without the imposition of any front-end sales charge or CDSC at the time of the exchange for certain shares of the same class of another Goldman Sachs Fund. Redemption of shares (including by exchange) that are held for 30 or 60 calendar days or less may, however, be subject to a redemption fee. |
33
AXA Enterprise | Goldman Sachs Structured | |||
Multimanager Growth Fund | Large Cap Growth Fund | |||
Redemption Policies | Shareholders can sell (redeem) some or all their shares. Generally, the AXA Enterprise Fund will redeem its shares upon request on any business day at the net asset value next determined after receipt of such request in proper form, subject to any applicable CDSC or redemption fee. Shareholders may request that redemption proceeds be sent by check or wire. Redemptions may be requested in writing or by telephone. | Shareholders can sell (redeem) some or all their shares. Generally, the GST Fund will redeem its shares upon request on any business day at the net asset value next determined after receipt of such request in proper form, subject to any applicable CDSC or redemption fee. Shareholders may request that redemption proceeds be sent by check or wire. Redemptions may be requested in writing or by telephone. | ||
Redemption Fees | There is a 2% redemption fee assessed on certain redemptions of shares (including by exchange) within one month after purchase. | The Fund does not impose any redemption fees. |
Goldman Sachs | Pro forma | |||||||||||||
AXA Enterprise | Structured Large | Pro forma | Combined Fund | |||||||||||
Multimanager | AXA Enterprise | Cap Growth | Combined Fund | (Fund A + | ||||||||||
Growth Fund | Equity Fund | Fund* | Pro Forma | (Fund A + | Pro Forma | Fund B + | ||||||||
(Fund A) | (Fund B) | (Fund C) | Adjustments | Fund C) | Adjustments | Fund C) | ||||||||
Net Assets: | $807 (Class A Shares) | $43,197 (Class A Shares) | $310,386 (Class A Shares) | $0 | $311,193 (Class A Shares) | $3,072 | $357,462 (Class A Shares) | |||||||
$347 (Class B Shares) | $33,720 (Class B Shares) | $41,947 (Class B Shares) | $0 | $42,293 (Class B Shares) | $0 | $76,013 (Class B Shares) | ||||||||
$239 (Class C Shares) | $23,498 (Class C Shares) | $22,811 (Class C Shares) | $0 | $23,050 (Class C Shares) | $0 | $46,548 (Class C Shares) | ||||||||
$3,072 (Class P Shares) | $(3,072) | |||||||||||||
$5,930 (Class Y Shares) | $7,545 (Class Y Shares) | $488,448 (Institutional Shares) | $0 | $494,378 (Institutional Shares) | $0 | $501,923 (Institutional Shares) |
34
Goldman Sachs | Pro forma | |||||||||||||
AXA Enterprise | Structured Large | Pro forma | Combined Fund | |||||||||||
Multimanager | AXA Enterprise | Cap Growth | Combined Fund | (Fund A + | ||||||||||
Growth Fund | Equity Fund | Fund* | Pro Forma | (Fund A + | Pro Forma | Fund B + | ||||||||
(Fund A) | (Fund B) | (Fund C) | Adjustments | Fund C) | Adjustments | Fund C) | ||||||||
Net Asset Value Per Share: | $9.46 (Class A Shares) | $6.00 (Class A Shares) | $13.20 (Class A Shares) | $(9.46) | $13.20 (Class A Shares) | $(15.46) | $13.20 (Class A Shares) | |||||||
$9.22 (Class B Shares) | $5.72 (Class B Shares) | $12.33 (Class B Shares) | $(9.22) | $12.33 (Class B Shares) | $(14.94) | $12.33 (Class B Shares) | ||||||||
$9.21 (Class C Shares) | $5.73 (Class C Shares) | $12.34 (Class C Shares) | $(9.21) | $12.34 (Class C Shares) | $(14.94) | $12.34 (Class C Shares) | ||||||||
$9.49 (Class P Shares) | ||||||||||||||
$9.55 (Class Y Shares) | $6.21 (Class Y Shares) | $13.58 (Institutional Shares) | $(9.55) | $13.58 (Institutional Shares) | $(15.76) | $13.58 (Institutional Shares) | ||||||||
Shares Outstanding: | 85 (Class A Shares) | 7,196 (Class A Shares) | 23,521 (Class A Shares) | 24 | 23,582 (Class A Shares) | $(3,714) | 27,088 (Class A Shares) | |||||||
38 (Class B Shares) | 5,892 (Class B Shares) | 3,401 (Class B Shares) | 9 | 3,429 (Class B Shares) | $(3,167) | 6,164 (Class B Shares) | ||||||||
26 (Class C Shares) | 4,101 (Class C Shares) | 1,849 (Class C Shares) | 7 | 1,868 (Class C Shares) | $(2,203) | 3,773 (Class C Shares) | ||||||||
324 (Class P Shares) | ||||||||||||||
621 (Class Y Shares) | 1,215 (Class Y Shares) | 35,974 (Institutional Shares) | 184 | 36,411 (Institutional Shares) | $(843) | 36,967 (Institutional Shares) |
* | The Goldman Sachs Structured Large Cap Growth Fund will be the accounting survivor for financial statement purposes. |
35
AXA Enterprise Multimanager | Goldman Sachs Growth | |
Mid Cap Growth Fund | Opportunities Fund | |
Investment Objective | Investment Objective | |
Seeks long-term growth of capital. | Seeks long-term growth of capital. | |
Investment Policies | Investment Policies | |
Under normal circumstances, the Fund intends to invest at least 80% of its net assets, plus borrowings for investment purposes, in equity securities of U.S. mid-capitalization companies. Mid-capitalization companies are companies with market capitalization within the range of companies in the Russell Midcap® Growth Index at the time of investment. The market capitalization of companies included in this index currently (as of December 31, 2006) ranges from approximately $1.18 billion to $21.43 billion. | The Fund invests, under normal circumstances, at least 90% of its Total Assets in equity investments with a primary focus on mid-cap companies. | |
The sub-advisers utilize an aggressive, growth-oriented investment style that emphasizes companies that are either in or entering into the growth phase of their business cycle. In choosing investments, sub- advisers utilize a process that involves researching and evaluating individual companies for potential investment. The sub-advisers may sell a security for a variety of reasons, such as to invest in a company offering superior investment opportunities. | The Fund seeks to achieve its investment objective by investing in a diversified portfolio of equity investments that are considered by the adviser to be strategically positioned for long-term growth. | |
The Fund intends to invest primarily in common stocks, but it may also invest in other securities that the sub-advisers believe provide opportunities for capital growth, such as preferred stocks, warrants and securities convertible into common stock. | Although the Fund invests primarily in publicly traded U.S. securities, it may invest up to 25% of its Total Assets in foreign securities, including securities of issuers in emerging countries and securities quoted in foreign currencies. The fund’s equity investments may include common stocks, preferred stocks, convertible securities, warrants and other instruments that have economic characteristics similar to equity securities. | |
The Fund, to a limited extent, may invest in foreign securities, including depositary receipts of foreign based companies, including companies in developing countries. |
36
AXA Enterprise Multimanager | Goldman Sachs Growth | |
Mid Cap Growth Fund | Opportunities Fund | |
For temporary defensive purposes, the Fund may invest, without limit, in cash, money market instruments or high quality short-term debt securities, including repurchase agreements. | The Fund may, for temporary defensive purposes, invest 100% of its Total Assets in U.S. Government Securities; commercial paper rated at least A-2 by Standard & Poor’s, P-2 by Moody’s or having a comparable rating by another NRSRO; certificates of deposit; bankers’ acceptances; repurchase agreements and non-convertible preferred stocks and non- convertible corporate bonds with a remaining maturity of less than one year. | |
Investment Advisers | Investment Adviser | |
AXA Equitable, through its AXA Funds Management Group unit, serves as the investment manager for the Fund. The day-to-day portfolio management of the Fund is provided by investment sub-advisers selected by AXA Equitable. The Fund’s sub-advisers are AllianceBernstein L.P., Franklin Advisers, Inc. and Provident Investment Counsel, Inc. | GSAM manages the Fund on a day-to-day basis and will continue to manage the Fund after the Reorganization. |
37
AXA Enterprise Multimanager | Goldman Sachs Growth | |||
Mid Cap Growth Fund | Opportunities Fund | |||
Net Asset Value Risk | X | X | ||
Interest Rate Risk | X | |||
Credit/Default Risk | X | |||
Stock Risk | X | X | ||
Derivatives Risk | X | |||
Management Risk | X | X | ||
Market Risk | X | X | ||
Liquidity Risk | X | X | ||
Investment Style Risk | X | X | ||
Mid Cap Risk | X | X | ||
Small Cap Risk | X | |||
Foreign Risk | X | X | ||
Emerging Countries Risk | X | X | ||
Issuer-Specific Risk | X | X | ||
Sub-adviser Selection Risk | X |
38
39
AXA Enterprise Multimanager | Goldman Sachs | |||||||||||||||||||||||||||||||||||||||||||||||||||
Mid Cap Growth Fund | Growth Opportunities Fund | Combined Fund Pro Forma | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class P | Class Y | Class A | Class B | Class C | Institutional | Class A | Class B | Class C | Institutional | ||||||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | ||||||||||||||||||||||||||||||||||||||||
Shareholder Fees (fees paid directly from your investment): | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Purchases | 4.75%1 | None | None | 5.50%1 | None | 5.50%1 | None | None | None | 5.50%1 | None | None | None | |||||||||||||||||||||||||||||||||||||||
Maximum Deferred Sales Charge (Load) 2 | None | 1 | 5.00%3 | 1.00%4 | None | 4 | None | None | 1 | 5.00%3 | 1.00%4 | None | None | 1 | 5.00%3 | 1.00%4 | None | |||||||||||||||||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Reinvested Dividends | None | None | None | None | None | None | None | None | None | None | None | None | None | |||||||||||||||||||||||||||||||||||||||
Redemption Fees | 2.00%5 | 2.00%5 | 2.00%5 | 2.00%5 | 2.00%5 | None | None | None | None | None | None | None | None | |||||||||||||||||||||||||||||||||||||||
Exchange Fees | None | None | None | None | None | None | None | None | None | None | None | None | None |
AXA Enterprise | Goldman Sachs | |||||||||||||||||||||||||||||||||||||||||||||||||||
Multimanager Mid Cap Growth Fund | Growth Opportunities Fund | Combined Fund Pro Forma | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class P | Class Y | Class A | Class B | Class C | Institutional | Class A | Class B | Class C | Institutional | ||||||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | ||||||||||||||||||||||||||||||||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Management Fees | 1.20% | 1.20% | 1.20% | 1.20% | 1.20% | 1.00%6 | 1.00%6 | 1.00%6 | 1.00%6 | 0.99%6 | 0.99%6 | 0.99%6 | 0.99%6 | |||||||||||||||||||||||||||||||||||||||
Distribution and Service (12b-1) Fees | 0.45% | 1.00% | 1.00% | 0.25% | None | 0.25% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | |||||||||||||||||||||||||||||||||||||||
Other Expenses* | 2.38% | 2.37% | 2.37% | 2.40% | 2.40% | 0.23%7 | 0.23%7 | 0.23%7 | 0.08%7 | 0.22%7 | 0.22%7 | 0.22%7 | 0.07%7 | |||||||||||||||||||||||||||||||||||||||
Total Fund Operating Expenses* | 4.03%8 | 4.57%8 | 4.57%8 | 3.85%8 | 3.60%8 | 1.47% | 2.22% | 2.22% | 1.07% | 1.47% | 2.22% | 2.22% | 1.07% |
* | The “Other Expenses” and “Total Fund Operating Expenses” (after any waivers and expense limitations) of the AXA Enterprise Fund, GST Fund and Combined Fund are as set forth below. |
AXA Enterprise | Goldman Sachs | |||||||||||||||||||||||||||||||||||||||||||||||||||
Multimanager Mid Cap Growth Fund | Growth Opportunities Fund | Combined Fund Pro Forma | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class P | Class Y | Class A | Class B | Class C | Institutional | Class A | Class B | Class C | Institutional | ||||||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | ||||||||||||||||||||||||||||||||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Management Fees | 1.16% | 1.16% | 1.16% | 1.16% | 1.16% | 1.00%6 | 1.00%6 | 1.00%6 | 1.00%6 | 0.99%6 | 0.99%6 | 0.99%6 | 0.99%6 | |||||||||||||||||||||||||||||||||||||||
Distribution and Service (12b-1) Fees | 0.45% | 1.00% | 1.00% | 0.25% | None | 0.25% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | |||||||||||||||||||||||||||||||||||||||
Other Expenses | 0.29% | 0.29% | 0.29% | 0.29% | 0.29% | 0.22%7 | 0.22%7 | 0.22%7 | 0.08%7 | 0.23%7 | 0.23% 7 | 0.23%7 | 0.07%7 | |||||||||||||||||||||||||||||||||||||||
Total Fund Operating Expenses (after current expense limitations) | 1.90% 8 | 2.45%8 | 2.45%8 | 1.70%8 | 1.45%8 | 1.47% | 2.22% | 2.22% | 1.07% | 1.47% | 2.22% | 2.22% | 1.07% |
40
1 | The maximum sales charge is a percentage of the offering price. This sales charge varies depending on how much you invest. Under certain circumstances, the maximum sales charge may be reduced or waived entirely. If you buy $1,000,000 or more ($100,000 or more for certain employee benefit plans and $500,000 or more for certain individual retirement accounts) of Class A Shares of an AXA Enterprise Fund at net asset value and redeem those shares within 12 months of the end of the calendar month of their purchase, a CDSC of 1.00% generally will apply to the redemptions of those shares. A CDSC of 1% is imposed on certain redemptions (within 18 months of purchase) of Class A Shares of a GST Fund sold without an initial sales charge as part of an investment of $1 million or more. | |
2 | The maximum CDSC is a percentage of the lesser of the net asset value at the time of the redemption or the net asset value when the shares were originally purchased. | |
3 | A CDSC is imposed upon Class B Shares of an AXA Enterprise Fund or GST Fund redeemed within six years of purchase at a rate of 5% in the first year, declining to 1% in the sixth year, and eliminated thereafter. Class B Shares of AXA Enterprise Funds and GST Funds automatically convert to Class A Shares eight years after the end of the calendar month in which you purchased them and will be subject to lower expenses. | |
4 | A CDSC of 1% is imposed on Class C Shares of an AXA Enterprise Fund or GST Fund redeemed within 12 months of purchase. If you buy $1,000,000 or more of Class P Shares of an AXA Enterprise Fund and redeem those shares within one year of the date of purchase, a CDSC of 1.00% generally will apply to the redemptions on those shares. | |
5 | If you redeem or exchange shares of an AXA Enterprise Fund after holding them one month or less, a fee of 2.00% of the current net asset value of the shares being redeemed or exchanged generally will be assessed and retained by the respective Fund for the benefit of the remaining shareholders. | |
6 | GSAM has entered into the following fee reduction commitment for the GST Fund: |
Management Fee | Average Daily | |||||
GST Fund | Annual Rate | Net Assets | ||||
Growth Opportunities Fund | 1.00% | First $2 Billion | ||||
0.90% | Over $2 Billion |
Prior to this fee reduction commitment, the management fee for the GST Fund as an annual percentage rate of average daily net assets was 1.00%. | ||
7 | “Other Expenses” of the GST Fund include transfer agency fees and expenses equal on an annualized basis to 0.19% of the average daily net assets of the Fund’s Class A, B and C Shares and 0.04% of the average daily net assets of the Institutional Shares, plus all other ordinary expenses not detailed above. GSAM has voluntarily agreed to reduce or limit “Other Expenses” (excluding management fees, distribution and service fees, transfer agency fees and expenses, taxes, interest, brokerage fees and litigation, indemnification, shareholder meeting and other extraordinary expenses exclusive of any offset arrangements) to 0.114% of the GST Fund’s average daily net assets. The expense reductions may be terminated at any time at the option of the GST Fund’s investment adviser. | |
8 | Pursuant to a contract, AXA Equitable has agreed to make payments or waive its management, administrative or other fees to limit the expenses of the AXA Enterprise Fund through February 28, 2008 (unless the Enterprise Multimanager Trust Trustees consent to an earlier revision or termination of this arrangement) so that the Total Fund Operating Expenses of the AXA Enterprise Fund (exclusive of taxes, interest, brokerage commissions, capitalized expenses, expenses of other investment companies in which the fund invests, and extraordinary expenses) do not exceed 1.90% for Class A Shares, 2.45% for Class B and Class C Shares, 1.70% for Class P Shares and 1.45% for Class Y Shares. AXA Equitable may be reimbursed the amount of any such payments and waivers in the future provided that the payments or waivers are reimbursed within three years of the payment or waiver being made and the combination of the Fund’s expense ratio and such reimbursements do not exceed the Fund’s expense cap. AXA Equitable may discontinue these arrangements at any time after February 28, 2008. | |
For the twelve months ended August 31, 2006, a portion of the brokerage commissions that the AXA Enterprise Fund pays is used to reduce the Fund’s expenses. Including this reduction, the Net Operating Expenses (after current expense limitations) for the AXA Enterprise Fund was 1.86% for Class A Shares, 2.41% for Class B and Class C Shares, 1.66% for Class P Shares and 1.41% for Class Y Shares. |
41
1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||
AXA Enterprise Multimanager Mid Cap Growth Fund | ||||||||||||||||||
Class A Shares | $ | 657 | $ | 1,440 | $ | 2,238 | $ | 4,301 | ||||||||||
Class B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 746 | $ | 1,567 | $ | 2,297 | $ | 4,349 | ||||||||||
- assuming no redemption | $ | 246 | $ | 1,167 | $ | 2,097 | $ | 4,349 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 346 | $ | 1,167 | $ | 2,097 | $ | 4,457 | ||||||||||
- assuming no redemption | $ | 246 | $ | 1,167 | $ | 2,097 | $ | 4,457 | ||||||||||
Class P Shares | $ | 712 | $ | 1,456 | $ | 2,218 | $ | 4,200 | ||||||||||
Class Y Shares | $ | 146 | $ | 886 | $ | 1,648 | $ | 3,646 | ||||||||||
Goldman Sachs Growth Opportunities Fund | ||||||||||||||||||
Class A Shares | $ | 691 | $ | 989 | $ | 1,390 | $ | 2,211 | ||||||||||
Class B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 725 | $ | 994 | $ | 1,390 | $ | 2,365 | ||||||||||
- assuming no redemption | $ | 225 | $ | 694 | $ | 1,190 | $ | 2,365 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 325 | $ | 694 | $ | 1,190 | $ | 2,554 | ||||||||||
- assuming no redemption | $ | 225 | $ | 694 | $ | 1,190 | $ | 2,554 | ||||||||||
Institutional Shares | $ | 109 | $ | 340 | $ | 590 | $ | 1,306 | ||||||||||
Combined Fund Pro Forma | ||||||||||||||||||
Class A Shares | $ | 691 | $ | 989 | $ | 1,390 | $ | 2,211 | ||||||||||
Class B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 725 | $ | 994 | $ | 1,390 | $ | 2,365 | ||||||||||
- assuming no redemption | $ | 225 | $ | 694 | $ | 1,190 | $ | 2,365 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 325 | $ | 694 | $ | 1,190 | $ | 2,554 | ||||||||||
- assuming no redemption | $ | 225 | $ | 694 | $ | 1,190 | $ | 2,554 | ||||||||||
Institutional Shares | $ | 109 | $ | 340 | $ | 590 | $ | 1,306 |
1 | The Class B example for each Fund reflects the conversion of Class B Shares to Class A Shares after approximately eight years from the date of purchase of Class B Shares. |
42
43
10 Years | ||||||||||||
Average Annual Total Returns | or Since | |||||||||||
(For the periods ended December 31, 2006) | 1 Year | 5 Years | Inception | |||||||||
Class A (inception 12/13/04) | ||||||||||||
Return Before Taxes | 4.24 | % | NA | 7.27 | % | |||||||
Return After Taxes on Distributions1 | 2.94 | % | NA | 6.62 | % | |||||||
Return After Taxes on Distributions and Sale of Fund Shares1 | 4.49 | % | NA | 6.22 | % | |||||||
Russell Midcap Growth Index2 | 10.66 | % | NA | 12.30 | % | |||||||
Class B (inception 12/31/01) | ||||||||||||
Return Before Taxes | 3.79 | % | 1.87 | % | 1.87 | % | ||||||
Russell Midcap Growth Index | 10.66 | % | 8.22 | % | 8.22 | % | ||||||
Class C (inception 12/31/01) | ||||||||||||
Return Before Taxes | 7.77 | % | 2.22 | % | 2.22 | % | ||||||
Russell Midcap Growth Index | 10.66 | % | 8.22 | % | 8.22 | % | ||||||
Class P (inception 12/31/01) | ||||||||||||
Return Before Taxes | 3.47 | % | 1.86 | % | 1.86 | % | ||||||
Russell Midcap Growth Index | 10.66 | % | 8.22 | % | 8.22 | % | ||||||
Class Y (inception 12/31/01) | ||||||||||||
Return Before Taxes | 9.82 | % | 3.26 | % | 3.26 | % | ||||||
Russell Midcap Growth Index | 10.66 | % | 8.22 | % | 8.22 | % |
10 Years | ||||||||||||
Average Annual Total Returns | or Since | |||||||||||
(For the periods ended December 31, 2006) | 1 Year | 5 Years | Inception | |||||||||
Class A (inception 5/24/99) | ||||||||||||
Return Before Taxes | 6.14 | % | 4.37 | % | 12.93 | % | ||||||
Return After Taxes on Distributions1 | -0.43 | % | 2.89 | % | 11.61 | % | ||||||
Return After Taxes on Distributions and Sale of Fund Shares1 | 1.25 | % | 2.74 | % | 10.56 | % | ||||||
Russell Midcap Growth Index2 | 10.66 | % | 8.21 | % | 5.34 | % | ||||||
Class B (inception 5/24/99) | ||||||||||||
Return Before Taxes | 5.30 | % | 3.58 | % | 12.18 | % | ||||||
Russell Midcap Growth Index | 10.66 | % | 8.21 | % | 5.34 | % | ||||||
Class C (inception 5/24/99) | ||||||||||||
Return Before Taxes | 5.29 | % | 3.59 | % | 12.09 | % | ||||||
Russell Midcap Growth Index | 10.66 | % | 8.21 | % | 5.34 | % | ||||||
Class P shareholders of the AXA Enterprise Fund will receive Class A Shares of the GST Fund in connection with the Reorganization. Information regarding the performance of the Class A Shares of the GST Fund is shown above. | ||||||||||||
Institutional Class (inception 5/24/99) | ||||||||||||
Return Before Taxes | 6.51 | % | 4.78 | % | 13.37 | % | ||||||
Russell Midcap Growth Index | 10.66 | % | 8.21 | % | 5.34 | % |
1 | The after-tax returns are for Class A Shares only. The after-tax returns for Class B, Class C, Class Y, Class P and Institutional Class Shares will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax |
44
situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. | |
2 | The Russell Midcap® Growth Index is an unmanaged index which measures the performance of the bottom 800 companies in the Russell 1000® Index with a greater than average growth orientation. Securities in this index tend to exhibit higher price-to-book and price-earnings ratios, lower dividend yields and higher forecasted growth values. The Index figures do not reflect any deduction for fees, expenses or taxes. |
AXA Enterprise Multimanager | ||||
Mid Cap Growth Fund | Goldman Sachs Growth Opportunities Fund | |||
Sales charges and Distribution/ Service (Rule 12b-1) Fees | Class A Shares. Class A Shares are subject to a maximum front-end sales charge of 4.75%, which is reduced depending on the amount invested and, in certain circumstances, waived. There is no CDSC on redemptions of Class A Shares, except in certain circumstances when the front-end sales charge is waived. Class A Shares are subject to a Rule 12b-1 fee equal to an annual rate of 0.45% of the Fund’s average daily net assets attributable to Class A Shares. | Class A Shares. Class A Shares are subject to a maximum front-end sales charge of 5.50%, which is reduced depending on the amount invested and, in certain circumstances, waived. There is no CDSC on redemptions of Class A Shares, except in certain circumstances when the front-end sales charge is waived. Class A Shares are subject to a Rule 12b-1 fee equal to an annual rate of 0.25% of the Fund’s average daily net assets attributable to Class A Shares. | ||
Class B Shares. There is no front-end sales charge on Class B Shares. However, Class B Shares are subject to a CDSC of up to 5% on certain redemptions within 6 years of purchase. Class B Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class B Shares. Class B Shares convert to Class A Shares approximately 8 years after purchase. | Class B Shares. There is no front-end sales charge on Class B Shares. However, Class B Shares are subject to a CDSC of up to 5% on certain redemptions within 6 years of purchase. Class B Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class B Shares. Class B Shares convert to Class A Shares approximately 8 years after purchase | |||
Class C Shares. There is no front-end sales charge on Class C Shares. However, Class C Shares are subject to a CDSC of 1% on certain redemptions within the first year of purchase. Class C Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class C Shares. | Class C Shares. There is no front-end sales charge on Class C Shares. However, Class C Shares are subject to a CDSC of 1% on certain redemptions within the first year of purchase. Class C Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class C Shares. |
45
AXA Enterprise Multimanager | ||||
Mid Cap Growth Fund | Goldman Sachs Growth Opportunities Fund | |||
Class P Shares. Class P Shares are no longer available for investment, except through reinvestment of dividends and distributions and through exchanges of Class P Shares of another AXA Enterprise Fund. Class P Shares are subject to a maximum front-end sales charge of 5.50%, which is reduced depending on the amount invested and in certain circumstances, waived. There is no CDSC on redemptions of Class P Shares, except in certain circumstances when the front-end sales charge is waived. Class P Shares are subject to a Rule 12b-1 fee equal to an annual rate of 0.25% of the Fund’s average daily net assets attributable to Class P Shares. | Class P shareholders of the AXA Enterprise Fund will receive Class A Shares of the GST Fund in connection with the Reorganization. Information regarding the sales charges and distribution/ service (Rule 12b-1) fees for the Class A Shares of the GST Fund is shown above. | |||
Class Y Shares. Class Y Shares are not subject to any front-end sales charge, CDSC or Rule 12b-1 fees. | Institutional Shares. Institutional Shares are not subject to any front-end sales charge, CDSC or Rule 12b-1 fees. | |||
Purchase Policies | Investors can purchase shares of an AXA Enterprise Fund directly through the Fund’s principal underwriter, Enterprise Fund Distributors, Inc., or through an authorized dealer, subject to certain minimum investments and eligibility and other requirements. | Investors can purchase shares of a GST Fund directly from Goldman Sachs, through authorized dealers and directly from GST, subject to certain minimum investments and eligibility and other requirements. | ||
Exchange Policies | Shareholders can exchange shares of the AXA Enterprise Fund at net asset value without the imposition of any front-end sales charge or CDSC at the time of the exchange for shares of the same class of another AXA Enterprise Fund. Redemption of shares (including by exchange) that are held for one month or less may, however, be subject to a redemption fee. | Shareholders can exchange shares of a GST Fund at net asset value without the imposition of any front-end sales charge or CDSC at the time of the exchange for shares of the same class of another Goldman Sachs Fund. Redemption of shares (including by exchange) that are held for 30 or 60 calendar days or less may, however, be subject to a redemption fee. |
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AXA Enterprise Multimanager | ||||
Mid Cap Growth Fund | Goldman Sachs Growth Opportunities Fund | |||
Redemption Policies | Shareholders can sell (redeem) some or all their shares. Generally, the AXA Enterprise Fund will redeem its shares upon request on any business day at the net asset value next determined after receipt of such request in proper form, subject to any applicable CDSC or redemption fee. Shareholders may request that redemption proceeds be sent by check or wire. Redemptions may be requested in writing or by telephone. | Shareholders can sell (redeem) some or all their shares. Generally, the GST Fund will redeem its shares upon request on any business day at the net asset value next determined after receipt of such request in proper form, subject to any applicable CDSC or redemption fee. Shareholders may request that redemption proceeds be sent by check or wire. Redemptions may be requested in writing or by telephone. | ||
Redemption Fees | There is a 2% redemption fee assessed on certain redemptions of shares (including by exchange) within one month after purchase. | The Fund does not impose any redemption fees. |
AXA Enterprise | ||||||||
Multimanager Mid | Goldman Sachs Growth | Pro Forma | Pro Forma | |||||
Cap Growth Fund | Opportunities Fund* | Adjustments | Combined Fund | |||||
Net Assets: | $2,193 (Class A Shares) | $908,135 (Class A Shares) | $4,467 | $914,795 (Class A Shares) | ||||
$844 (Class B Shares) | $69,240 (Class B Shares) | $(0) | $70,084 (Class B Shares) | |||||
$548 (Class C Shares) | $113,383 (Class C Shares) | $0 | $113,931 (Class C Shares) | |||||
$4,467 Class P Shares) | $(0) | |||||||
$6,886 (Class Y Shares) | $771,166 (Institutional Shares) | $(4,467) | $778,052 (Institutional Shares) | |||||
Net Asset Value Per Share: | $10.64 (Class A Shares) | $20.81 (Class A Shares) | $(10.64) | $20.81 (Class A Shares) | ||||
$10.29 (Class B Shares) | $19.80 (Class B Shares) | $(10.29) | $19.80 (Class B Shares) | |||||
$10.28 (Class C Shares) | $19.66 (Class C Shares) | $(10.28) | $19.66 (Class C Shares) | |||||
$10.66 (Class P Shares) |
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AXA Enterprise | ||||||||
Multimanager Mid | Goldman Sachs Growth | Pro Forma | Pro Forma | |||||
Cap Growth Fund | Opportunities Fund* | Adjustments | Combined Fund | |||||
$10.79 (Class Y Shares) | $21.45 (Institutional Shares) | $(10.79) | $21.45 (Institutional Shares) | |||||
Shares Outstanding: | 206 (Class A Shares) | 43,630 (Class A Shares) | 114 | 43,950 (Class A Shares) | ||||
82 (Class B Shares) | 3,497 (Class B Shares) | (39) | 3,540 (Class B Shares) | |||||
53 (Class C Shares) | 5,768 (Class C Shares) | (25) | 5,796 (Class C Shares) | |||||
419 (Class P Shares) | (317) | |||||||
638 (Class Y Shares) | 35,955 (Institutional Shares) | (419) | 36,276 (Institutional Shares) |
* | The Goldman Sachs Growth Opportunities Fund will be the accounting survivor for financial statement purposes. |
48
AXA Enterprise Multimanager | Goldman Sachs | |
Mid Cap Value Fund | Mid Cap Value Fund | |
Investment Objective | Investment Objective | |
Seeks long-term growth of capital. | Seeks long-term capital appreciation | |
Investment Policies | Investment Policies | |
Under normal circumstances, the Fund intends to invest at least 80% of its net assets, plus borrowings for investment purposes, in equity securities of U.S. mid-capitalization companies. Mid-capitalization companies are companies with market capitalization within the range of companies in the Russell Midcap® Value Index at the time of investment. The capitalization of the Russell Midcap® Value Index is currently between $1.3 billion and $19 billion. | The Fund invests, under normal circumstances, at least 80% of its Net Assets in a diversified portfolio of equity investments in mid-cap issuers with public stock market capitalizations (based upon shares available for trading on an unrestricted basis) within the range of the market capitalization of companies constituting the Russell Midcap® Value Index at the time of investment. If the market capitalization of a company held by the Fund moves outside this range, the Fund may, but is not required to, sell the securities. The capitalization of the Russell Midcap® Value Index is currently between $1.3 billion and $19 billion. | |
The sub-advisers utilize a value-oriented investment style that emphasizes companies deemed to be currently under-priced according to certain financial measurements, which may include price-to-earnings and price-to-book ratios and dividend income potential. This process involves researching and evaluating individual companies for potential investment by the Fund. This approach will often lead the Fund to focus on “strong companies” in out-of-favor sectors or out-of-favor companies exhibiting a catalyst for change. The sub-advisers may sell a security for a variety of reasons, such as because it becomes overvalued or shows deteriorating fundamentals. | The investment adviser focuses on mid-cap U.S. equity investments that are believed to be undervalued or undiscovered by the market place. | |
The Fund intends to invest primarily in common stocks, but it may also invest in other securities that the sub-advisers believe provide opportunities for capital growth, such as preferred stocks, warrants and securities convertible into common stock. | The Fund’s equity investments may include common stocks, preferred stocks, convertible securities, warrants and other instruments that have economic characteristics similar to equity securities. | |
The Fund also may invest, to a limited extent, in foreign securities, including depositary receipts of foreign based companies, including companies in developing countries. | Although the Fund invests primarily in publicly- traded U.S. securities, it may invest up to 25% of its Net Assets in foreign securities, including securities of issuers in emerging countries and securities quoted in foreign currencies. |
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AXA Enterprise Multimanager | Goldman Sachs | |
Mid Cap Value Fund | Mid Cap Value Fund | |
The Fund may invest in the aggregate up to 20% of its net assets in companies with public stock market capitalizations outside the range of companies constituting the Russell Midcap® Value Index at the time of investment, foreign securities and fixed- income securities, such as government, corporate and bank debt obligations. | The Fund may invest in the aggregate up to 20% of its Net Assets in companies with public stock market capitalizations outside the range of companies constituting the Russell Midcap® Value Index at the time of investment and in fixed-income securities such as government, corporate and bank debt obligations. | |
For temporary defensive purposes, the Fund may invest, without limit, in cash, money market instruments or high quality short-term debt securities, including repurchase agreements. | The Fund may, for temporary defensive purposes, invest 100% of its Total Assets in U.S. Government Securities; commercial paper rated at least A-2 by Standard & Poor’s, P-2 by Moody’s or having a comparable rating by another NRSRO; certificates of deposit; bankers’ acceptances; repurchase agreements and non-convertible preferred stocks and non- convertible corporate bonds with a remaining maturity of less than one year. | |
Investment Advisers | Investment Adviser | |
AXA Equitable, through its AXA Funds Management Group unit, serves as the investment manager for the Fund. The day-to-day portfolio management of the Fund is provided by investment sub-advisers selected by AXA Equitable. The Fund’s sub-advisers are AXA Rosenberg Investment Management LLC, TCW Investment Management Company and Wellington Management Company, LLP. | GSAM manages the Fund on a day-to-day basis and will continue to manage the Fund after the Reorganization. |
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AXA Enterprise Multimanager | Goldman Sachs | |||
Mid Cap Value Fund | Mid Cap Value Fund | |||
Net Asset Value Risk | X | X | ||
Interest Rate Risk | X | |||
Credit/Default Risk | X | |||
Stock Risk | X | X | ||
Derivatives Risk | X | |||
Management Risk | X | X | ||
Market Risk | X | X | ||
Liquidity Risk | X | X | ||
Investment Style Risk | X | X | ||
Mid Cap Risk | X | X | ||
Small Cap Risk | X | |||
Foreign Risk | X | X | ||
Emerging Countries Risk | X | X | ||
Issuer-Specific Risk | X | X | ||
Sub-adviser Selection Risk | X |
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AXA Enterprise Multimanager | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Mid Cap Value Fund | Goldman Sachs Mid Cap Value Fund | Combined Fund Pro Forma | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class P | Class Y | Class A | Class B | Class C | Institutional | Class A | Class B | Class C | Institutional | ||||||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | ||||||||||||||||||||||||||||||||||||||||
Shareholder Fees (fees paid directly from your investment): | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Purchases | 4.75% | 1 | None | None | 5.50% | 1 | None | 5.50% | 1 | None | None | None | 5.50% | 1 | None | None | None | |||||||||||||||||||||||||||||||||||
Maximum Deferred Sales Charge (Load) 2 | None | 1 | 5.00% | 3 | 1.00% | 4 | None | 4 | None | None | 1 | 5.00% | 3 | 1.00% | 4 | None | None | 1 | 5.00% | 3 | 1.00% | 4 | None | |||||||||||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Reinvested Dividends | None | None | None | None | None | None | None | None | None | None | None | None | None | |||||||||||||||||||||||||||||||||||||||
Redemption Fees | 2.00% | 5 | 2.00% | 5 | 2.00% | 5 | 2.00% | 5 | 2.00% | 5 | None | None | None | None | None | None | None | None | ||||||||||||||||||||||||||||||||||
Exchange Fees | None | None | None | None | None | None | None | None | None | None | None | None | None |
AXA Enterprise Multimanager | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Mid Cap Value Fund | Goldman Sachs Mid Cap Value Fund | Combined Fund Pro Forma | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class P | Class Y | Class A | Class B | Class C | Institutional | Class A | Class B | Class C | Institutional | ||||||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | ||||||||||||||||||||||||||||||||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Management Fees | 1.20% | 1.20% | 1.20% | 1.20% | 1.20% | 0.72% | 6 | 0.72% | 6 | 0.72% | 6 | 0.72% | 6 | 0.72% | 6 | 0.72% | 6 | 0.72% | 6 | 0.72% | 6 | |||||||||||||||||||||||||||||||
Distribution and Service (12b-1) Fees | 0.45% | 1.00% | 1.00% | 0.25% | None | 0.25% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | |||||||||||||||||||||||||||||||||||||||
Other Expenses* | 2.24% | 2.25% | 2.25% | 2.27% | 2.27% | 0.22% | 7 | 0.22% | 7 | 0.22% | 7 | 0.07% | 7 | 0.22% | 7 | 0.22% | 7 | 0.22% | 7 | 0.07% | 7 | |||||||||||||||||||||||||||||||
Total Fund Operating Expenses* | 3.89% | 8 | 4.45% | 8 | 4.45% | 8 | 3.72% | 8 | 3.47% | 8 | 1.19% | 1.94% | 1.94% | 0.79% | 1.19% | 1.94% | 1.94% | 0.79% |
* | The “Other Expenses” and “Total Fund Operating Expenses” (after any waivers and expense limitations) of the AXA Enterprise Fund, GST Fund and Combined Fund are as set forth below. |
AXA Enterprise Multimanager | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Mid Cap Value Fund | Goldman Sachs Mid Cap Value Fund | Combined Fund Pro Forma | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class P | Class Y | Class A | Class B | Class C | Institutional | Class A | Class B | Class C | Institutional | ||||||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | ||||||||||||||||||||||||||||||||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Management Fees | 1.20% | 1.20% | 1.20% | 1.20% | 1.20% | 0.71% | 6 | 0.71% | 6 | 0.71% | 6 | 0.71% | 6 | 0.71% | 6 | 0.71% | 6 | 0.71% | 6 | 0.71% | 6 | |||||||||||||||||||||||||||||||
Distribution and Service (12b-1) Fees | 0.45% | 1.00% | 1.00% | 0.25% | None | 0.25% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | |||||||||||||||||||||||||||||||||||||||
Other Expenses | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.21% | 7 | 0.21% | 7 | 0.21% | 7 | 0.06% | 7 | 0.21% | 7 | 0.21% | 7 | 0.21% | 7 | 0.06% | 7 | |||||||||||||||||||||||||||||||
Total Fund Operating Expenses (after current expense limitations) | 1.90% | 8 | 2.45% | 8 | 2.45% | 8 | 1.70% | 8 | 1.45% | 8 | 1.17% | 1.92% | 1.92% | 0.77% | 1.17% | 1.92% | 1.92% | 6 | 0.77% |
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1 | The maximum sales charge is a percentage of the offering price. This sales charge varies depending on how much you invest. Under certain circumstances, the maximum sales charge may be reduced or waived entirely. If you buy $1,000,000 or more ($100,000 or more for certain employee benefit plans and $500,000 or more for certain individual retirement accounts) of Class A Shares of an AXA Enterprise Fund at net asset value and redeem those shares within 12 months of the end of the calendar month of their purchase, a CDSC of 1.00% generally will apply to the redemptions of those shares. A CDSC of 1% is imposed on certain redemptions (within 18 months of purchase) of Class A Shares of a GST Fund sold without an initial sales charge as part of an investment of $1 million or more. |
2 | The maximum CDSC is a percentage of the lesser of the net asset value at the time of the redemption or the net asset value when the shares were originally purchased. |
3 | A CDSC is imposed upon Class B Shares of an AXA Enterprise Fund or GST Fund redeemed within six years of purchase at a rate of 5% in the first year, declining to 1% in the sixth year, and eliminated thereafter. Class B Shares of AXA Enterprise Funds and GST Funds automatically convert to Class A Shares eight years after the end of the calendar month in which you purchased them and will be subject to lower expenses. |
4 | A CDSC of 1% is imposed on Class C Shares of an AXA Enterprise Fund or GST Fund redeemed within 12 months of purchase. If you buy $1,000,000 or more of Class P Shares of an AXA Enterprise Fund and redeem those shares within one year of the date of purchase, a CDSC of 1.00% generally will apply to the redemptions on those shares. |
5 | If you redeem or exchange shares of an AXA Enterprise Fund after holding them one month or less, a fee of 2.00% of the current net asset value of the shares being redeemed or exchanged generally will be assessed and retained by the respective Fund for the benefit of the remaining shareholders. |
6 | GSAM has entered into the following fee reduction commitment for the GST Fund: |
Management Fee | Average Daily | |||||
GST Fund | Annual Rate | Net Assets | ||||
Mid Cap Value Fund | 0.75% | First $2 Billion | ||||
0.68% | Over $2 Billion |
7 | “Other Expenses” of the GST Fund include transfer agency fees and expenses equal on an annualized basis to 0.19% of the average daily net assets of the Fund’s Class A, B and C Shares and 0.04% of the average daily net assets of the Institutional Shares, plus all other ordinary expenses not detailed above. GSAM has voluntarily agreed to reduce or limit “Other Expenses” (excluding management fees, distribution and service fees, transfer agency fees and expenses, taxes, interest, brokerage fees and litigation, indemnification, shareholder meeting and other extraordinary expenses exclusive of any offset arrangements) to 0.104% of the GST Fund’s average daily net assets. These expense reductions may be terminated at any time of the option of the GST Fund’s investment adviser. |
8 | Pursuant to a contract, AXA Equitable has agreed to make payments or waive its management, administrative or other fees to limit the expenses of the AXA Enterprise Fund through February 28, 2008 (unless the Enterprise Multimanager Trust Trustees consent to an earlier revision or termination of this arrangement) so that the Total Fund Operating Expenses of the AXA Enterprise Fund (exclusive of taxes, interest, brokerage commissions, capitalized expenses, expenses of other investment companies in which the Fund invests, and extraordinary expenses) do not exceed 1.90% for Class A Shares, 2.45% for Class B and Class C Shares, 1.70% for Class P Shares and 1.45% for Class Y Shares. AXA Equitable may be reimbursed the amount of any such payments and waivers in the future provided that the payments or waivers are reimbursed within three years of the payment or waiver being made and the combination of the Fund’s expense ratio and such reimbursements do not exceed the Fund’s expense cap. AXA Equitable may discontinue these arrangements at any time after February 28, 2008. |
For the twelve months ended August 31, 2006, a portion of the brokerage commissions that the AXA Enterprise Fund pays is used to reduce the Fund’s expenses. Including this reduction, the Net Operating Expenses (after current expense limitations) for the AXA Enterprise Fund was 1.89% for Class A Shares, 2.44% for Class B and Class C Shares, 1.69% for Class P Shares and 1.44% for Class Y Shares. |
54
1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||
AXA Enterprise Multimanager Mid Cap Value Fund | ||||||||||||||||||
Class A Shares | $ | 657 | $ | 1,415 | $ | 2,189 | $ | 4,202 | ||||||||||
Class B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 746 | $ | 1,545 | $ | 2,255 | $ | 4,261 | ||||||||||
- assuming no redemption | $ | 246 | $ | 1,145 | $ | 2,055 | $ | 4,261 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 346 | $ | 1,145 | $ | 2,055 | $ | 4,374 | ||||||||||
- assuming no redemption | $ | 246 | $ | 1,145 | $ | 2,055 | $ | 4,374 | ||||||||||
Class P Shares | $ | 712 | $ | 1,433 | $ | 2,173 | $ | 4,107 | ||||||||||
Class Y Shares | $ | 146 | $ | 862 | $ | 1,599 | $ | 3,544 | ||||||||||
Goldman Sachs Mid Cap Value Fund | ||||||||||||||||||
Class A Shares | $ | 665 | $ | 907 | $ | 1,168 | $ | 1,914 | ||||||||||
Class B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 697 | $ | 909 | $ | 1,247 | $ | 2,070 | ||||||||||
- assuming no redemption | $ | 197 | $ | 609 | $ | 1,047 | $ | 2,070 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 297 | $ | 609 | $ | 1,047 | $ | 2,264 | ||||||||||
- assuming no redemption | $ | 197 | $ | 609 | $ | 1,047 | $ | 2,264 | ||||||||||
Institutional Shares | $ | 81 | $ | 252 | $ | 439 | $ | 978 | ||||||||||
Combined Fund Pro Forma | ||||||||||||||||||
Class A Shares | $ | 665 | $ | 907 | $ | 1,168 | $ | 1,914 | ||||||||||
Class B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 697 | $ | 909 | $ | 1,247 | $ | 2,070 | ||||||||||
- assuming no redemption | $ | 197 | $ | 609 | $ | 1,047 | $ | 2,070 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 297 | $ | 609 | $ | 1,047 | $ | 2,264 | ||||||||||
- assuming no redemption | $ | 197 | $ | 609 | $ | 1,047 | $ | 2,264 | ||||||||||
Institutional Shares | $ | 81 | $ | 252 | $ | 439 | $ | 978 |
1 | The Class B example for each Fund reflects the conversion of Class B Shares to Class A Shares after approximately eight years from the date of purchase of Class B Shares. |
55
56
10 Years | ||||||||||||
Average Annual Total Returns | or Since | |||||||||||
(For the periods ended December 31, 2006) | 1 Year | 5 Years | Inception | |||||||||
Class A (inception 12/13/04) | ||||||||||||
Return Before Taxes | 8.99 | % | NA | 9.19 | % | |||||||
Return After Taxes on Distributions1 | 6.93 | % | NA | 7.27 | % | |||||||
Return After Taxes on Distributions and Sale of Fund Shares1 | 7.61 | % | NA | 7.48 | % | |||||||
Russell Midcap Value Index2 | 20.22 | % | NA | 17.33 | % | |||||||
Class B (inception 12/31/01) | ||||||||||||
Return Before Taxes | 8.89 | % | 7.35 | % | 7.35 | % | ||||||
Russell Midcap Value Index | 20.22 | % | 15.88 | % | 15.88 | % | ||||||
Class C (inception 12/31/01) | ||||||||||||
Return Before Taxes | 12.83 | % | 7.60 | % | 7.60 | % | ||||||
Russell Midcap Value Index | 20.22 | % | 15.88 | % | 15.88 | % | ||||||
Class P (inception 12/31/01) | ||||||||||||
Return Before Taxes | 8.34 | % | 7.21 | % | 7.21 | % | ||||||
Russell Midcap Value Index | 20.22 | % | 15.88 | % | 15.88 | % | ||||||
Class Y (inception 12/31/01) | ||||||||||||
Return Before Taxes | 14.92 | % | 8.68 | % | 8.68 | % | ||||||
Russell Midcap Value Index | 20.22 | % | 15.88 | % | 15.88 | % |
10 Years | ||||||||||||
Average Annual Total Returns | or Since | |||||||||||
(For the periods ended December 31, 2006) | 1 Year | 5 Years | Inception | |||||||||
Class A (inception 8/15/97) | ||||||||||||
Return Before Taxes | 15.61 | % | 14.54 | % | 11.48 | % | ||||||
Return After Taxes on Distributions1 | 8.50 | % | 12.31 | % | 9.25 | % | ||||||
Return After Taxes on Distributions and Sale of Fund Shares1 | 7.00 | % | 11.29 | % | 8.65 | % | ||||||
Russell Midcap Value Index2 | 20.22 | % | 15.87 | % | 12.23 | % | ||||||
Class B (inception 8/15/97) | ||||||||||||
Return Before Taxes | 14.76 | % | 13.69 | % | 10.68 | % | ||||||
Russell Midcap Value Index | 20.22 | % | 15.87 | % | 12.23 | % | ||||||
Class C (inception 8/15/97) | ||||||||||||
Return Before Taxes | 14.76 | % | 13.69 | % | 10.68 | % | ||||||
Russell Midcap Value Index | 20.22 | % | 15.87 | % | 12.23 | % | ||||||
Class P shareholders of the AXA Enterprise Fund will receive Class A Shares of the GST Fund in connection with the Reorganization. Information regarding the performance of the Class A Shares of the GST Fund is shown above. | ||||||||||||
Institutional Class (inception 8/1/95) | ||||||||||||
Return Before Taxes | 16.06 | % | 15.00 | % | 14.37 | % | ||||||
Russell Midcap Value Index | 20.22 | % | 15.87 | % | 13.64 | % |
1 | The after-tax returns are for Class A Shares only. The after-tax returns for Class B, Class C, Class Y, Class P and Institutional Class Shares will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax |
57
situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. | ||
2 | The Russell Midcap® Value Index is an unmanaged index which measures the performance of the bottom 800 companies in the Russell 1000® Index with a lower than average growth orientation. Securities in this index tend to exhibit lower price-to-book and price-earnings ratios, lower dividend yields and lower forecasted growth values. The Index figures do not reflect any deduction for fees, expenses or taxes. |
AXA Enterprise Multimanager | ||||
Mid Cap Value Fund | Goldman Sachs Mid Cap Value Fund | |||
Sales charges and Distribution/ Service (Rule 12b-1) Fees | Class A Shares. Class A Shares are subject to a maximum front-end sales charge of 4.75%, which is reduced depending on the amount invested and, in certain circumstances, waived. There is no CDSC on redemptions of Class A Shares, except in certain circumstances when the front-end sales charge is waived. Class A Shares are subject to a Rule 12b-1 fee equal to an annual rate of 0.45% of the Fund’s average daily net assets attributable to Class A Shares. | Class A Shares. Class A Shares are subject to a maximum front-end sales charge of 5.50%, which is reduced depending on the amount invested and, in certain circumstances, waived. There is no CDSC on redemptions of Class A Shares, except in certain circumstances when the front-end sales charge is waived. Class A Shares are subject to a Rule 12b-1 fee equal to an annual rate of 0.25% of the Fund’s average daily net assets attributable to Class A Shares. | ||
Class B Shares. There is no front-end sales charge on Class B Shares. However, Class B Shares are subject to a CDSC of up to 5% on certain redemptions within 6 years of purchase. Class B Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class B Shares. Class B Shares convert to Class A Shares approximately 8 years after purchase. | Class B Shares. There is no front-end sales charge on Class B Shares. However, Class B Shares are subject to a CDSC of up to 5% on certain redemptions within 6 years of purchase. Class B Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class B Shares. Class B Shares convert to Class A Shares approximately 8 years after purchase. | |||
Class C Shares. There is no front-end sales charge on Class C Shares. However, Class C Shares are subject to a CDSC of 1% on certain redemptions within the first year of purchase. Class C Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class C Shares. | Class C Shares. There is no front-end sales charge on Class C Shares. However, Class C Shares are subject to a CDSC of 1% on certain redemptions within the first year of purchase. Class C Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class C Shares. |
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AXA Enterprise Multimanager | ||||
Mid Cap Value Fund | Goldman Sachs Mid Cap Value Fund | |||
Class P Shares. Class P Shares are no longer available for investment, except through reinvestment of dividends and distributions and through exchanges of Class P Shares of another AXA Enterprise Fund. Class P Shares are subject to a maximum front-end sales charge of 5.50%, which is reduced depending on the amount invested and in certain circumstances, waived. There is no CDSC on redemptions of Class P Shares, except in certain circumstances when the front-end sales charge is waived. Class P Shares are subject to a Rule 12b-1 fee equal to an annual rate of 0.25% of the Fund’s average daily net assets attributable to Class P Shares. | Class P shareholders of the AXA Enterprise Fund will receive Class A Shares of the GST Fund in connection with the Reorganization. Information regarding the sales charges and distribution/service (Rule 12b-1) fees for the Class A Shares of the GST Fund is shown above. | |||
Class Y Shares. Class Y Shares are not subject to any front-end sales charge, CDSC or Rule 12b-1 fees. | Institutional Shares. Institutional Shares are not subject to any front-end sales charge, CDSC or Rule 12b-1 fees. | |||
Purchase Policies | Investors can purchase shares of an AXA Enterprise Fund directly through the Fund’s principal underwriter, Enterprise Fund Distributors, Inc., or through an authorized dealer, subject to certain minimum investments and eligibility and other requirements. | Investors can purchase shares of a GST Fund directly from Goldman Sachs, through authorized dealers and directly from GST, subject to certain minimum investments and eligibility and other requirements. | ||
Exchange Policies | Shareholders can exchange shares of the AXA Enterprise Fund at net asset value without the imposition of any front-end sales charge or CDSC at the time of the exchange for shares of the same class of another AXA Enterprise Fund. Redemption of shares (including by exchange) that are held for one month or less may, however, be subject to a redemption fee. | Shareholders can exchange shares of a GST Fund at net asset value without the imposition of any front-end sales charge or CDSC at the time of the exchange for certain shares of the same class of another Goldman Sachs Fund. Redemption of shares (including by exchange) that are held for 30 or 60 calendar days or less may, however, be subject to a redemption fee. |
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AXA Enterprise Multimanager | ||||
Mid Cap Value Fund | Goldman Sachs Mid Cap Value Fund | |||
Redemption Policies | Shareholders can sell (redeem) some or all their shares. Generally, the AXA Enterprise Fund will redeem its shares upon request on any business day at the net asset value next determined after receipt of such request in proper form, subject to any applicable CDSC or redemption fee. Shareholders may request that redemption proceeds be sent by check or wire. Redemptions may be requested in writing or by telephone. | Shareholders can sell (redeem) some or all their shares. Generally, the GST Fund will redeem its shares upon request on any business day at the net asset value next determined after receipt of such request in proper form, subject to any applicable CDSC or redemption fee. Shareholders may request that redemption proceeds be sent by check or wire. Redemptions may be requested in writing or by telephone. | ||
Redemption Fees | There is a 2% redemption fee assessed on certain redemptions of shares (including by exchange) within one month after purchase. | The Fund does not impose any redemption fees. |
AXA Enterprise | ||||||||
Multimanager Mid | Goldman Sachs Mid | Pro Forma | Pro Forma | |||||
Cap Value Fund | Cap Value Fund* | Adjustments | Combined Fund | |||||
Net Assets: | $2,430 (Class A Shares) | $3,434,753 (Class A Shares) | $6,007 | $3,443,190 (Class A Shares) | ||||
$903 (Class B Shares) | $206,335 (Class B Shares) | $0 | $207,238 (Class B Shares) | |||||
$600 (Class C Shares) | $353,614 (Class C Shares) | $0 | $354,214 (Class C Shares) | |||||
$6,007 (Class P Shares) | ||||||||
$8,715 (Class Y Shares) | $1,837,408 (Institutional Shares) | $(0) | $1,846,123 (Institutional Shares) |
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AXA Enterprise | ||||||||
Multimanager Mid | Goldman Sachs Mid | Pro Forma | Pro Forma | |||||
Cap Value Fund | Cap Value Fund* | Adjustments | Combined Fund | |||||
Net Asset Value Per Share: | $12.33 (Class A Shares) | $36.84 (Class A Shares) | $(12.33) | $36.84 (Class A Shares) | ||||
$12.01 (Class B Shares) | $35.73 (Class B Shares) | $(12.01) | $35.73 (Class B Shares) | |||||
$11.98 (Class C Shares) | $35.52 (Class C Shares) | $(11.98) | $35.52 (Class C Shares) | |||||
$12.37 (Class P Shares) | ||||||||
$12.47 (Class Y Shares) | $37.18 (Institutional Shares) | $(12.47) | $37.18 (Institutional Shares) | |||||
Shares Outstanding: | 197 (Class A Shares) | 93,225 (Class A Shares) | 32 | 93,454 (Class A Shares) | ||||
75 (Class B Shares) | 5,775 (Class B Shares) | (50) | 5,800 (Class B Shares) | |||||
50 (Class C Shares) | 9,955 (Class C Shares) | (33) | 9,972 (Class C Shares) | |||||
486 (Class P Shares) | ||||||||
699 (Class Y Shares) | 49,414 (Institutional Shares) | (465) | 49,648 (Institutional Shares) |
* | The Goldman Sachs Mid Cap Value Fund will be the accounting survivor for financial statement purposes. |
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AXA Enterprise Multimanager Value Fund | Goldman Sachs Structured Large Cap Value Fund | |
Investment Objective | Investment Objective | |
Seeks long-term growth of capital. | Seeks long-term growth of capital and dividend income. | |
Investment Policies | Investment Policies | |
Under normal circumstances, the Fund intends to invest primarily in equity securities of U.S. large capitalization companies. Large capitalization companies are companies with market capitalization in excess of $5 billion at the time of investment. | The Fund invests, under normal circumstances, at least 80% of its Net Assets in a diversified portfolio of equity investments in large-cap U.S. issuers, including foreign issuers that are traded in the United States. However, it is currently anticipated that, under normal circumstances, the Fund will invest at least 95% of its Net Assets in such equity investments. These issuers will have public stock market capitalizations (based upon shares available for trading on an unrestricted basis) similar to that of the range of the market capitalizations of companies constituting the Russell 1000® Value Index at the time of investment. If the market capitalization of a company held by the Fund moves outside this range, the Fund may, but is not required to, sell the securities. The capitalization range of the Russell 1000® Value Index is currently between $1.601 billion and $432.114 billion. The Fund is not required to limit its investments to securities in the Russell 1000® Value Index. | |
The sub-advisers focus primarily on stocks that are currently under priced using certain financial measurements, including the stock’s price-to-earnings and price-to-book ratios and dividend income potential. This process involves researching and evaluating individual companies for potential investment. This approach often leads the Fund to focus on “strong companies” in out-of-favor sectors or out-of-favor companies exhibiting a catalyst for change. The sub-advisers may sell a security for a variety of reasons, such as because it becomes overvalued or shows deteriorating fundamentals. | The Fund’s investments are selected using both a variety of quantitative techniques derived from fundamental research including but not limited to valuation, momentum, profitability and earnings in seeking to maximize the Fund’s expected return. The Fund maintains risk, style, capitalization and industry characteristics similar to the Russell 1000® Value Index. The Fund seeks to maximize expected return while maintaining characteristics similar to its benchmark which consists of companies with above average capitalizations, low earnings growth expectations and above average dividend yields. | |
The Fund intends to invest primarily in common stocks, but it may also invest in other securities that the sub-advisers believe provide opportunities for capital growth, such as preferred stocks, warrants and securities convertible into common stock. | The Fund’s equity investments may include common stocks, preferred stocks, convertible securities, warrants and other instruments that have economic characteristics similar to equity securities. |
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AXA Enterprise Multimanager Value Fund | Goldman Sachs Structured Large Cap Value Fund | |
The Fund also may invest, to a limited extent, in foreign securities, including depositary receipts of foreign based companies, including companies in developing countries. | The Fund may invest in foreign issuers that are traded in the United States. | |
For temporary defensive purposes, the Fund may invest, without limit, in cash, money market instruments or high quality short-term debt securities, including repurchase agreements. | For temporary defensive purposes, the Fund may invest up to 35% of Total Assets in U.S. Government Securities; commercial paper rated at least A-2 by Standard & Poor’s, P-2 by Moody’s or having a comparable rating by another NRSRO; certificates of deposit; bankers’ acceptances; repurchase agreements and non-convertible preferred stocks and non-convertible corporate bonds with a remaining maturity of less than one year. | |
Investment Advisers | Investment Adviser | |
AXA Equitable, through its AXA Funds Management Group unit, serves as the investment manager for the Fund. The day-to-day portfolio management of the Fund is provided by investment sub-advisers selected by AXA Equitable. The Fund’s sub-advisers are Alliance Capital Management L.P., Institutional Capital LLC and MFS Investment Management. | GSAM manages the Fund on a day-to-day basis and will continue to manage the Fund after the Reorganization. |
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AXA Enterprise | Goldman Sachs | |||
Multimanager | Structured Large | |||
Value Fund | Cap Value Fund | |||
Net Asset Value Risk | X | X | ||
Interest Rate Risk | X | |||
Stock Risk | X | X | ||
Derivatives Risk | X | |||
Management Risk | X | X | ||
Market Risk | X | X | ||
Liquidity Risk | X | |||
Investment Style Risk | X | X | ||
Foreign Risk | X | X | ||
Emerging Countries Risk | X | |||
Issuer-Specific Risk | X | X | ||
Sub-adviser Selection Risk | X | |||
Large-Capitalization Risk | X | X | ||
Mid-and Small-Capitalization Risk | X |
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AXA Enterprise | Goldman Sachs | |||||||||||||||||||||||||||||||||||||||||||||||||||
Multimanager Value Fund | Structured Large Cap Value Fund | Combined Fund Pro Forma | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class P | Class Y | Class A | Class B | Class C | Institutional | Class A | Class B | Class C | Institutional | ||||||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | ||||||||||||||||||||||||||||||||||||||||
Shareholder Fees (fees paid directly from your investment): | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Purchases | 4.75% | 1 | None | None | 5.50% | 1 | None | 5.50% | 1 | None | None | None | 5.50% | 1 | None | None | None | |||||||||||||||||||||||||||||||||||
Maximum Deferred Sales Charge (Load) 2 | None | 1 | 5.00% | 3 | 1.00% | 4 | None | 4 | None | None | 1 | 5.00% | 3 | 1.00% | 4 | None | None | 1 | 5.00% | 3 | 1.00% | 4 | None | |||||||||||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Reinvested Dividends | None | None | None | None | None | None | None | None | None | None | None | None | None | |||||||||||||||||||||||||||||||||||||||
Redemption Fees | 2.00% | 5 | 2.00% | 5 | 2.00% | 5 | 2.00% | 5 | 2.00% | 5 | None | None | None | None | None | None | None | None | ||||||||||||||||||||||||||||||||||
Exchange Fees | None | None | None | None | None | None | None | None | None | None | None | None | None |
AXA Enterprise | Goldman Sachs | |||||||||||||||||||||||||||||||||||||||||||||||||||
Multimanager Value Fund | Structured Large Cap Value Fund | Combined Fund Pro Forma | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class P | Class Y | Class A | Class B | Class C | Institutional | Class A | Class B | Class C | Institutional | ||||||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | ||||||||||||||||||||||||||||||||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Management Fees | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 0.60% | 6 | 0.60% | 6 | 0.60% | 6 | 0.60% | 6 | 0.60% | 6 | 0.60% | 6 | 0.60% | 6 | 0.60% | 6 | |||||||||||||||||||||||||||||||
Distribution and Service (12b-1) Fees | 0.45% | 1.00% | 1.00% | 0.25% | None | 0.25% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | |||||||||||||||||||||||||||||||||||||||
Other Expenses* | 0.99% | 1.00% | 1.00% | 1.00% | 1.00% | 0.25% | 7 | 0.24% | 7 | 0.24% | 7 | 0.09% | 7 | 0.24% | 7 | 0.24% | 7 | 0.24% | 7 | 0.09% | 7 | |||||||||||||||||||||||||||||||
Total Fund Operating Expenses* | 2.44% | 8 | 3.00% | 8 | 3.00% | 8 | 2.25% | 8 | 2.00% | 8 | 1.10% | 1.84% | 1.84% | 0.69% | 1.09% | 1.84% | 1.84% | 0.69% |
* | The “Management Fees,” “Other Expenses” and “Total Fund Operating Expenses” (after any waivers and expense limitations) of the AXA Enterprise Fund, GST Fund and Combined Fund are as set forth below. |
AXA Enterprise | Goldman Sachs | |||||||||||||||||||||||||||||||||||||||||||||||||||
Multimanager Value Fund | Structured Large Cap Value Fund | Combined Fund Pro Forma | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class P | Class Y | Class A | Class B | Class C | Institutional | Class A | Class B | Class C | Institutional | ||||||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | ||||||||||||||||||||||||||||||||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Management Fees | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | 0.53% | 6 | 0.53% | 6 | 0.53% | 6 | 0.53% | 6 | 0.54% | 6 | 0.54% | 6 | 0.54% | 6 | 0.54% | 6 | |||||||||||||||||||||||||||||||
Distribution and Service (12b-1) Fees | 0.45% | 1.00% | 1.00% | 0.25% | None | 0.25% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | |||||||||||||||||||||||||||||||||||||||
Other Expenses | 0.20% | 0.20% | 0.20% | 0.20% | 0.20% | 0.21% | 7 | 0.22% | 7 | 0.22% | 7 | 0.06% | 7 | 0.20% | 7 | 0.21% | 7 | 0.21% | 7 | 0.05% | 7 | |||||||||||||||||||||||||||||||
Total Fund Operating Expenses (after current expense limitations) | 1.65% | 8 | 2.20% | 8 | 2.20% | 8 | 1.45% | 8 | 1.20% | 8 | 0.99% | 1.75% | 1.75% | 0.59% | 0.99% | 1.75% | 1.75% | 0.59% |
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1 | The maximum sales charge is a percentage of the offering price. This sales charge varies depending on how much you invest. Under certain circumstances, the maximum sales charge may be reduced or waived entirely. If you buy $1,000,000 or more ($100,000 or more for certain employee benefit plans and $500,000 or more for certain individual retirement accounts) of Class A Shares of an AXA Enterprise Fund at net asset value and redeem those shares within 12 months of the end of the calendar month of their purchase, a CDSC of 1.00% generally will apply to the redemptions of those shares. A CDSC of 1% is imposed on certain redemptions (within 18 months of purchase) of Class A Shares of a GST Fund sold without an initial sales charge as part of an investment of $1 million or more. |
2 | The maximum CDSC is a percentage of the lesser of the net asset value at the time of the redemption or the net asset value when the shares were originally purchased. |
3 | A CDSC is imposed upon Class B Shares of an AXA Enterprise Fund or GST Fund redeemed within six years of purchase at a rate of 5% in the first year, declining to 1% in the sixth year, and eliminated thereafter. Class B Shares of AXA Enterprise Funds and GST Funds automatically convert to Class A Shares eight years after the end of the calendar month in which you purchased them and will be subject to lower expenses. |
4 | A CDSC of 1% is imposed on Class C Shares of an AXA Enterprise Fund or GST Fund redeemed within 12 months of purchase. If you buy $1,000,000 or more of Class P Shares of an AXA Enterprise Fund and redeem those shares within one year of the date of purchase, a CDSC of 1.00% generally will apply to the redemptions on those shares. |
5 | If you redeem or exchange shares of an AXA Enterprise Fund after holding them one month or less, a fee of 2.00% of the current net asset value of the shares being redeemed or exchanged generally will be assessed and retained by the respective Fund for the benefit of the remaining shareholders. |
6 | GSAM has entered into the following fee reduction commitment for the GST Fund: |
Management Fee | Average Daily | |||||
GST Fund | Annual Rate | Net Assets | ||||
Structured Large Cap Value Fund | 0.60% | First $1 Billion | ||||
0.54% | Next $1 Billion | |||||
0.51% | Over $2 Billion |
Prior to this fee reduction commitment, the management fee for the GST Fund as an annual percentage rate of average daily net assets was 0.60%. Additionally, GSAM is currently voluntarily waiving a portion of its management fee equal to 0.07% based on the average daily net assets of the GST Fund. |
7 | “Other Expenses” of the GST Fund include transfer agency fees and expenses equal on an annualized basis to 0.19% of the average daily net assets of the Fund’s Class A, B and C Shares and 0.04% of the average daily net assets of the Institutional Shares, plus all other ordinary expenses not detailed above. GSAM has voluntarily agreed to reduce or limit “Other Expenses” (excluding management fees, distribution and service fees, transfer agency fees and expenses, taxes, interest, brokerage fees and litigation, indemnification, shareholder meeting and other extraordinary expenses exclusive of any offset arrangements) to 0.004% of the GST Fund’s average daily net assets. The expense reductions may be terminated at any time at the option of the GST Fund’s investment adviser. |
8 | Pursuant to a contract, AXA Equitable has agreed to make payments or waive its management, administrative or other fees to limit the expenses of the AXA Enterprise Fund through February 28, 2008 (unless the Enterprise Multimanager Trust Trustees consent to an earlier revision or termination of this arrangement) so that the Total Fund Operating Expenses of the AXA Enterprise Fund (exclusive of taxes, interest, brokerage commissions, capitalized expenses, expenses of other investment companies in which the Fund invests, and extraordinary expenses) do not exceed 1.65% for Class A Shares, 2.20% for Class B and Class C Shares, 1.45% for Class P Shares and 1.20% for Class Y Shares. AXA Equitable may be reimbursed the amount of any such payments and waivers in the future provided that the payments or waivers are reimbursed within three years of the payment or waiver being made and the combination of the Fund’s expense ratio and such reimbursements do not exceed the Fund’s expense cap. AXA Equitable may discontinue these arrangements at any time after February 28, 2008. |
For the twelve months ended August 31, 2006, a portion of the brokerage commissions that the AXA Enterprise Fund pays is used to reduce the Fund’s expenses. Including this reduction, the Net Operating Expenses (after current expense limitations) for the AXA Enterprise Fund was 1.60% for Class A Shares, 2.15% for Class B and Class C Shares, 1.40% for Class P Shares and 1.15% for Class Y Shares. |
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1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||
AXA Enterprise Multimanager Value Fund | ||||||||||||||||||
Class A Shares | $ | 634 | $ | 1,123 | $ | 1,638 | $ | 3,043 | ||||||||||
Class B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 722 | $ | 1,247 | $ | 1,696 | $ | 3,106 | ||||||||||
- assuming no redemption | $ | 222 | $ | 847 | $ | 1,496 | $ | 3,106 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 322 | $ | 847 | $ | 1,496 | $ | 3,237 | ||||||||||
- assuming no redemption | $ | 222 | $ | 847 | $ | 1,496 | $ | 3,237 | ||||||||||
Class P Shares | $ | 689 | $ | 1,138 | $ | 1,612 | $ | 2,916 | ||||||||||
Class Y Shares | $ | 122 | $ | 546 | $ | 997 | $ | 2,246 | ||||||||||
Goldman Sachs Structured Large Cap Value Fund | ||||||||||||||||||
Class A Shares | $ | 656 | $ | 880 | $ | 1,123 | $ | 1,816 | ||||||||||
Class B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 687 | $ | 879 | $ | 1,195 | $ | 1,965 | ||||||||||
- assuming no redemption | $ | 187 | $ | 579 | $ | 995 | $ | 1,965 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 287 | $ | 579 | $ | 995 | $ | 2,159 | ||||||||||
- assuming no redemption | $ | 187 | $ | 579 | $ | 995 | $ | 2,159 | ||||||||||
Institutional Shares | $ | 70 | $ | 221 | $ | 384 | $ | 859 | ||||||||||
Combined Fund Pro Forma | ||||||||||||||||||
Class A Shares | $ | 656 | $ | 880 | $ | 1,123 | $ | 1,816 | ||||||||||
Class B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 687 | $ | 879 | $ | 1,195 | $ | 1,965 | ||||||||||
- assuming no redemption | $ | 187 | $ | 579 | $ | 995 | $ | 1,965 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 287 | $ | 579 | $ | 995 | $ | 2,159 | ||||||||||
- assuming no redemption | $ | 187 | $ | 579 | $ | 995 | $ | 2,159 | ||||||||||
Institutional Shares | $ | 70 | $ | 221 | $ | 384 | $ | 859 |
1 | The Class B example for each Fund reflects the conversion of Class B Shares to Class A Shares after approximately eight years from the date of purchase of Class B Shares. |
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10 Years | ||||||||||||
Average Annual Total Returns | or Since | |||||||||||
(For the periods ended December 31, 2006) | 1 Year | 5 Years | Inception | |||||||||
Class A (inception 12/13/04) | ||||||||||||
Return Before Taxes | 13.46 | % | NA | 10.48 | % | |||||||
Return After Taxes on Distributions1 | 12.18 | % | NA | 9.12 | % | |||||||
Return After Taxes on Distributions and Sale of Fund Shares1 | 9.12 | % | NA | 8.37 | % | |||||||
Russell 1000 Value Index2 | 22.25 | % | NA | 14.87 | % | |||||||
Class B (inception 12/31/01) | ||||||||||||
Return Before Taxes | 13.54 | % | 7.91 | % | 7.91 | % | ||||||
Russell 1000 Value Index | 22.25 | % | 10.86 | % | 10.86 | % | ||||||
Class C (inception 12/31/01) | ||||||||||||
Return Before Taxes | 17.52 | % | 8.22 | % | 8.22 | % | ||||||
Russell 1000 Value Index | 22.25 | % | 10.86 | % | 10.86 | % | ||||||
Class P (inception 12/31/01) | ||||||||||||
Return Before Taxes | 12.81 | % | 7.76 | % | 7.76 | % | ||||||
Russell 1000 Value Index | 12.25 | % | 10.86 | % | 10.86 | % | ||||||
Class Y (inception 12/31/01) | ||||||||||||
Return Before Taxes | 19.68 | % | 9.30 | % | 9.30 | % | ||||||
Russell 1000 Value Index | 22.25 | % | 10.86 | % | 10.86 | % |
10 Years | ||||||||||||
Average Annual Total Returns | or Since | |||||||||||
(For the periods ended December 31, 2006) | 1 Year | 5 Years | Inception | |||||||||
Class A (inception 12/31/98) | ||||||||||||
Return Before Taxes | 17.84 | % | 9.92 | % | 7.05 | % | ||||||
Return After Taxes on Distributions1 | 10.37 | % | 8.20 | % | 5.80 | % | ||||||
Return After Taxes on Distributions and Sale of Fund Shares1 | 8.26 | % | 7.41 | % | 5.27 | % | ||||||
Russell 1000 Value Index2 | 22.25 | % | 10.86 | % | 7.74 | % | ||||||
Class B (inception 12/31/98) | ||||||||||||
Return Before Taxes | 16.95 | % | 9.11 | % | 6.23 | % | ||||||
Russell 1000 Value Index | 22.25 | % | 10.86 | % | N/A | |||||||
Class C (inception 12/31/98) | ||||||||||||
Return Before Taxes | 16.96 | % | 9.10 | % | 7.74 | % | ||||||
Russell 1000 Value Index | 22.25 | % | 10.86 | % | 7.74 | % | ||||||
Class P shareholders of the AXA Enterprise Fund will receive Class A Shares of the GST Fund in connection with the Reorganization. Information regarding the performance of the Class A Shares of the GST Fund is shown above. | ||||||||||||
Institutional Class (inception 12/15/99) | ||||||||||||
Return Before Taxes | 18.27 | % | 10.35 | % | 7.45 | % | ||||||
Russell 1000 Value Index | 22.25 | % | 10.86 | % | 7.44 | % |
1 | The after-tax returns are for Class A Shares only. The after-tax returns for Class B, Class C, Class Y, Class P and Institutional Class shares will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax |
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situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. | ||
2 | The Russell 1000 Value Index® is an unmanaged market capitalization weighted index of common stocks that measures the performance of the 1000 largest U.S. companies with lower price-to-book ratios and lower forecasted growth values. The Index figures do not reflect any deduction for fees, expenses or taxes. |
Goldman Sachs Structured | ||||
AXA Enterprise Multimanager Value Fund | Large Cap Value Fund | |||
Sales charges and Distribution/ Service (Rule 12b-1) Fees | Class A Shares. Class A Shares are subject to a maximum front-end sales charge of 4.75%, which is reduced depending on the amount invested and, in certain circumstances, waived. There is no CDSC on redemptions of Class A Shares, except in certain circumstances when the front-end sales charge is waived. Class A Shares are subject to a Rule 12b-1 fee equal to an annual rate of 0.45% of the Fund’s average daily net assets attributable to Class A Shares. | Class A Shares. Class A Shares are subject to a maximum front-end sales charge of 5.50%, which is reduced depending on the amount invested and, in certain circumstances, waived. There is no CDSC on redemptions of Class A Shares, except in certain circumstances when the front-end sales charge is waived. Class A Shares are subject to a Rule 12b-1 fee equal to an annual rate of 0.25% of the Fund’s average daily net assets attributable to Class A Shares. | ||
Class B Shares. There is no front-end sales charge on Class B Shares. However, Class B Shares are subject to a CDSC of up to 5% on certain redemptions within 6 years of purchase. Class B Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class B Shares. Class B Shares convert to Class A Shares approximately 8 years after purchase. | Class B Shares. There is no front-end sales charge on Class B Shares. However, Class B Shares are subject to a CDSC of up to 5% on certain redemptions within 6 years of purchase. Class B Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class B Shares. Class B Shares convert to Class A Shares approximately 8 years after purchase. | |||
Class C Shares. There is no front-end sales charge on Class C Shares. However, Class C Shares are subject to a CDSC of 1% on certain redemptions within the first year of purchase. Class C Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class C Shares. | Class C Shares. There is no front-end sales charge on Class C Shares. However, Class C Shares are subject to a CDSC of 1% on certain redemptions within the first year of purchase. Class C Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class C Shares. |
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Goldman Sachs Structured | ||||
AXA Enterprise Multimanager Value Fund | Large Cap Value Fund | |||
Class P Shares. Class P Shares are no longer available for investment, except through reinvestment of dividends and distributions and through exchanges of Class P Shares of another AXA Enterprise Fund. Class P Shares are subject to a maximum front-end sales charge of 5.50%, which is reduced depending on the amount invested and in certain circumstances, waived. There is no CDSC on redemptions of Class P Shares, except in certain circumstances when the front-end sales charge is waived. Class P Shares are subject to a Rule 12b-1 fee equal to an annual rate of 0.25% of the Fund’s average daily net assets attributable to Class P Shares. | Class P shareholders of the AXA Enterprise Fund will receive Class A Shares of the GST Fund in connection with the Reorganization. Information regarding the sales charges and distribution/service (Rule 12b-1) fees for the Class A Shares of the GST Fund is shown above. | |||
Class Y Shares. Class Y Shares are not subject to any front-end sales charge, CDSC or Rule 12b-1 fees. | Institutional Shares. Institutional Shares are not subject to any front-end sales charge, CDSC or Rule 12b-1 fees. | |||
Purchase Policies | Investors can purchase shares of an AXA Enterprise Fund directly through the Fund’s principal underwriter, Enterprise Fund Distributors, Inc., or through an authorized dealer, subject to certain minimum investments and eligibility and other requirements. | Investors can purchase shares of a GST Fund directly from Goldman Sachs, through authorized dealers and directly from GST, subject to certain minimum investments and eligibility and other requirements. | ||
Exchange Policies | Shareholders can exchange shares of the AXA Enterprise Fund at net asset value without the imposition of any front-end sales charge or CDSC at the time of the exchange for shares of the same class of another AXA Enterprise Fund. Redemption of shares (including by exchange) that are held for one month or less may, however, be subject to a redemption fee. | Shareholders can exchange shares of a GST Fund at net asset value without the imposition of any front-end sales charge or CDSC at the time of the exchange for shares of the same class of another Goldman Sachs Fund. Redemption of shares (including by exchange) that are held for 30 or 60 calendar days or less may, however, be subject to a redemption fee. |
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Goldman Sachs Structured | ||||
AXA Enterprise Multimanager Value Fund | Large Cap Value Fund | |||
Redemption Policies | Shareholders can sell (redeem) some or all their shares. Generally, the AXA Enterprise Fund will redeem its shares upon request on any business day at the net asset value next determined after receipt of such request in proper form, subject to any applicable CDSC or redemption fee. Shareholders may request that redemption proceeds be sent by check or wire. Redemptions may be requested in writing or by telephone. | Shareholders can sell (redeem) some or all their shares. Generally, the GST Fund will redeem its shares upon request on any business day at the net asset value next determined after receipt of such request in proper form, subject to any applicable CDSC or redemption fee. Shareholders may request that redemption proceeds be sent by check or wire. Redemptions may be requested in writing or by telephone. | ||
Redemption Fees | There is a 2% redemption fee assessed on certain redemptions of shares (including by exchange) within one month after purchase. | The Fund does not impose any redemption fees. |
AXA Enterprise | Goldman Sachs | |||||||
Multimanager | Structured Large Cap | Pro Forma | Pro Forma | |||||
Value Fund | Value Fund* | Adjustments | Combined Fund | |||||
Net Assets: | $1,421 (Class A Shares) | $707,319 (Class A Shares) | $3,930 | $712,670 (Class A Shares) | ||||
$853 (Class B Shares) | $24,939 (Class B Shares) | $0 | $25,792 (Class B Shares) | |||||
$638 (Class C Shares) | $54,909 (Class C Shares) | $0 | $55,547 (Class C Shares) | |||||
$3,930 (Class P Shares) | $0 | |||||||
$42,092 (Class Y Shares) | $506,910 (Institutional Shares) | $(3,930) | $549,002 (Institutional Shares) |
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AXA Enterprise | Goldman Sachs | |||||||
Multimanager | Structured Large Cap | Pro Forma | Pro Forma | |||||
Value Fund | Value Fund* | Adjustments | Combined Fund | |||||
Net Asset Value Per Share: | $12.78 (Class A Shares) | $13.80 (Class A Shares) | $(12.78) | $13.80 (Class A Shares) | ||||
$12.65 (Class B Shares) | $13.44 (Class B Shares) | $(12.65) | $13.44 (Class B Shares) | |||||
$12.65 (Class C Shares) | $13.40 (Class C Shares) | $(12.65) | $13.40 (Class C Shares) | |||||
$12.76 (Class P Shares) | ||||||||
$12.81 (Class Y Shares) | $13.94 (Institutional Shares) | $(12.81) | $13.94 (Institutional Shares) | |||||
Shares Outstanding: | 111 (Class A Shares) | 51,269 (Class A Shares) | 277 | 51,657 (Class A Shares) | ||||
67 (Class B Shares) | 1,855 (Class B Shares) | (4) | 1,918 (Class B Shares) | |||||
50 (Class C Shares) | 4,098 (Class C Shares) | (3) | 4,145 (Class C Shares) | |||||
308 (Class P Shares) | ||||||||
3,285 (Class Y Shares) | 36,360 (Institutional Shares) | (265) | 39,380 (Institutional Shares) |
* | The Goldman Sachs Structured Large Cap Value Fund will be the accounting survivor for financial statement purposes. |
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AXA Enterprise Multimanager | Goldman Sachs Structured | |
International Equity Fund | International Equity Fund | |
Investment Objective | Investment Objective | |
Seeks long-term growth of capital. | Seeks long-term growth of capital | |
Investment Policies | Investment Policies | |
Under normal circumstances, the Fund intends to invest at least 80% of its Net Assets, plus borrowings for investment purposes, in equity securities of companies, including at least 65% of its total assets in equity securities of foreign companies (companies organized or headquartered outside of the U.S.). Foreign securities include securities issued by companies in countries with either developed or developing economies. The Fund does not limit its investment to issuers within a specific market capitalization range. | The Fund invests, under normal circumstances, at least 80% of its Net Assets in a broadly diversified portfolio of equity investments in companies that are organized outside the United States or whose securities are principally traded outside the United States. The Fund generally focuses its investments in large-cap companies. The Fund may allocate its assets among countries as determined by the adviser from time to time, provided the Fund’s assets are invested in at least three foreign countries. The Fund may invest in the securities of issuers in countries with emerging markets or economies. | |
Each of the sub-advisers utilizes an approach that concentrates its efforts on identifying foreign companies with good prospects for future growth. Other factors, such as country and regional factors, are considered by the sub-advisers. While the sub-advisers believe that the identification, research and selection of individual stocks is of great importance to the Fund’s success, regional issues or political and economic considerations also play a role in the overall success of the Fund. The sub-advisers may sell a security for a variety of reasons, such as to invest in a company offering superior investment opportunities. | The Fund seeks broad representation of large-cap issuers across major countries and sectors of the international economy. The Fund’s investments are selected using both a variety of quantitative techniques derived from fundamental research including but not limited to valuation, momentum, profitability and earnings in seeking to maximize the Fund’s expected return, while maintaining risk, style, capitalization and industry characteristics similar to the MSCI® Europe, Australasia, Far East (“EAFE®”) Index (unhedged). In addition, the Fund seeks a portfolio composed of companies with attractive valuations and stronger momentum characteristics than the EAFE® Index. | |
The Fund intends to invest primarily in common stocks, but it may also invest in other securities that the sub-advisers believe provide opportunities for capital growth, such as preferred stocks, warrants and securities convertible into common stock. | The Fund’s equity investments may include common stocks, preferred stocks, convertible securities, warrants and other instruments that have economic characteristics similar to equity securities. |
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AXA Enterprise Multimanager | Goldman Sachs Structured | |
International Equity Fund | International Equity Fund | |
For temporary defensive purposes, the Fund may invest, without limit, in U.S. securities, cash, money market instruments or high quality short-term debt securities, including repurchase agreements. | For temporary defensive purposes, the Fund may invest up to 35% of Total Assets in U.S. Government Securities; commercial paper rated at least A-2 by Standard & Poor’s, P-2 by Moody’s or having a comparable rating by another NRSRO; certificates of deposit; bankers’ acceptances; repurchase agreements and non-convertible preferred stocks and non- convertible corporate bonds with a remaining maturity of less than one year. | |
Investment Advisers | Investment Adviser | |
AXA Equitable, through its AXA Funds Management Group unit, serves as the investment manager for the Fund. The day-to-day portfolio management of the Fund is provided by investment sub-advisers selected by AXA Equitable. The Fund’s sub-advisers are AllianceBernstein L.P. (Bernstein Investment Research and Management Unit), J.P. Morgan Investment Management Inc. and Marsico Capital Management, LLC. | GSAM manages the Fund on a day-to-day basis and will continue to manage the Fund after the Reorganization. |
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AXA Enterprise Multimanager | Goldman Sachs Structured | |||
International Equity Fund | International Equity Fund | |||
Net Asset Value Risk | X | X | ||
Interest Rate Risk | X | |||
Credit/Default Risk | X | |||
Stock Risk | X | X | ||
Derivatives Risk | X | |||
Management Risk | X | X | ||
Market Risk | X | X | ||
Liquidity Risk | X | X | ||
Investment Style Risk | X | X | ||
Mid Cap and Small Cap Risk | X | X | ||
Foreign Risk | X | X | ||
Emerging Countries Risk | X | X | ||
Geographic Risk | X | X | ||
Issuer-Specific Risk | X | X | ||
Sub-adviser Selection Risk | X | |||
Large-Capitalization Risk | X | X | ||
Currency Risk | X | X |
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AXA Enterprise Multimanager | Goldman Sachs Structured | |||||||||||||||||||||||||||||||||||||||||||||||||||
International Equity Fund | International Equity Fund | Combined Fund Pro Forma | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class P | Class Y | Class A | Class B | Class C | Institutional | Class A | Class B | Class C | Institutional | ||||||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | ||||||||||||||||||||||||||||||||||||||||
Shareholder Fees (fees paid directly from your investment): | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Purchases | 4.75% | 1 | None | None | 5.50% | 1 | None | 5.50% | 1 | None | None | None | 5.50% | 1 | None | None | None | |||||||||||||||||||||||||||||||||||
Maximum Deferred Sales Charge (Load) 2 | None | 1 | 5.00% | 3 | 1.00% | 4 | None | 4 | None | None | 1 | 5.00% | 3 | 1.00% | 4 | None | None | 1 | 5.00% | 3 | 1.00% | 4 | None | |||||||||||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Reinvested Dividends | None | None | None | None | None | None | None | None | None | None | None | None | None | |||||||||||||||||||||||||||||||||||||||
Redemption Fees5 | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | |||||||||||||||||||||||||||||||||||||||
Exchange Fees | None | None | None | None | None | None | None | None | None | None | None | None | None |
AXA Enterprise Multimanager | Goldman Sachs Structured | |||||||||||||||||||||||||||||||||||||||||||||||||||
International Equity Fund | International Equity Fund | Combined Fund Pro Forma | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class P | Class Y | Class A | Class B | Class C | Institutional | Class A | Class B | Class C | Institutional | ||||||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | ||||||||||||||||||||||||||||||||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Management Fees | 1.15% | 1.15% | 1.15% | 1.15% | 1.15% | 0.83% | 6 | 0.83% | 6 | 0.83% | 6 | 0.83% | 6 | 0.83% | 6 | 0.83% | 6 | 0.83% | 6 | 0.83% | 6 | |||||||||||||||||||||||||||||||
Distribution and Service (12b-1) Fees | 0.45% | 1.00% | 1.00% | 0.25% | None | 0.25% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | |||||||||||||||||||||||||||||||||||||||
Other Expenses* | 1.23% | 1.23% | 1.23% | 1.23% | 1.23% | 0.27% | 7 | 0.28% | 7 | 0.28% | 7 | 0.12% | 7 | 0.27% | 7 | 0.27% | 7 | 0.27% | 7 | 0.12% | 7 | |||||||||||||||||||||||||||||||
Total Fund Operating Expenses* | 2.83% | 8 | 3.38% | 8 | 3.38% | 8 | 2.63% | 8 | 2.38% | 8 | 1.35% | 2.11% | 2.11% | 0.95% | 1.35% | 2.10% | 2.10% | 0.95% |
* | The “Management Fees,” “Other Expenses” and “Total Fund Operating Expenses” (after any waivers and expense limitations) of the AXA Enterprise Fund, GST Fund and Combined Fund are as set forth below. |
AXA Enterprise Multimanager | Goldman Sachs Structured | |||||||||||||||||||||||||||||||||||||||||||||||||||
International Equity Fund | International Equity Fund | Combined Fund Pro Forma | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class P | Class Y | Class A | Class B | Class C | Institutional | Class A | Class B | Class C | Institutional | ||||||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | ||||||||||||||||||||||||||||||||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Management Fees | 0.40% | 0.40% | 0.40% | 0.40% | 0.40% | 0.79% | 6 | 0.79% | 6 | 0.79% | 6 | 0.79% | 6 | 0.78% | 6 | 0.78% | 6 | 0.78% | 6 | 0.78% | 6 | |||||||||||||||||||||||||||||||
Distribution and Service (12b-1) Fees | 0.45% | 1.00% | 1.00% | 0.25% | None | 0.25% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | |||||||||||||||||||||||||||||||||||||||
Other Expenses | 1.20% | 1.20% | 1.20% | 1.20% | 1.20% | 0.22% | 7 | 0.23% | 7 | 0.23% | 7 | 0.07% | 7 | 0.23% | 7 | 0.23%7 | 0.23% | 7 | 0.08% | 7 | ||||||||||||||||||||||||||||||||
Total Fund Operating Expenses (after current expense limitations) | 2.05% | 8 | 2.60% | 8 | 2.60% | 8 | 1.85% | 8 | 1.60% | 8 | 1.26% | 2.02% | 2.02% | 0.86% | 1.26% | 2.01% | 2.01% | 0.86% |
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1 | The maximum sales charge is a percentage of the offering price. This sales charge varies depending on how much you invest. Under certain circumstances, the maximum sales charge may be reduced or waived entirely. If you buy $1,000,000 or more ($100,000 or more for certain employee benefit plans and $500,000 or more for certain individual retirement accounts) of Class A Shares of an AXA Enterprise Fund at net asset value and redeem those shares within 12 months of the end of the calendar month of their purchase, a CDSC of 1.00% generally will apply to the redemptions of those shares. A CDSC of 1% is imposed on certain redemptions (within 18 months of purchase) of Class A Shares of a GST Fund sold without an initial sales charge as part of an investment of $1 million or more. |
2 | The maximum CDSC is a percentage of the lesser of the net asset value at the time of the redemption or the net asset value when the shares were originally purchased. |
3 | A CDSC is imposed upon Class B Shares of an AXA Enterprise Fund or GST Fund redeemed within six years of purchase at a rate of 5% in the first year, declining to 1% in the sixth year, and eliminated thereafter. Class B Shares of AXA Enterprise Funds and GST Funds automatically convert to Class A Shares eight years after the end of the calendar month in which you purchased them and will be subject to lower expenses. |
4 | A CDSC of 1% is imposed on Class C Shares of an AXA Enterprise Fund or GST Fund redeemed within 12 months of purchase. If you buy $1,000,000 or more of Class P Shares of an AXA Enterprise Fund and redeem those shares within one year of the date of purchase, a CDSC of 1.00% generally will apply to the redemptions on those shares. |
5 | If you redeem or exchange shares of an AXA Enterprise Fund after holding them one month or less, a fee of 2.00% of the current net asset value of the shares being redeemed or exchanged generally will be assessed and retained by the respective Fund for the benefit of the remaining shareholders. A 2% redemption fee will be imposed on the redemption of shares (including by exchange) of the GST Fund held for 30 calendar days or less. |
6 | GSAM has entered into the following fee reduction commitment for the GST Fund: |
Management Fee | Average Daily | |||||
GST Fund | Annual Rate | Net Assets | ||||
Structured International Equity Fund | 0.85% | First $1 Billion | ||||
0.77% | Next $1 Billion | |||||
0.73% | Over $2 Billion |
Prior to this fee reduction commitment, the management fee for the GST Fund as an annual percentage rate of average daily net assets was 0.85%. Additionally, GSAM is currently voluntarily waiving a portion of its management fee equal to 0.04% based on the average daily net assets of the GST Fund. |
7 | “Other Expenses” of the GST Fund include transfer agency fees and expenses equal on an annualized basis to 0.19% of the average daily net assets of the Fund’s Class A, B and C Shares and 0.04% of the average daily net assets of the Institutional Shares, plus all other ordinary expenses not detailed above. GSAM has voluntarily agreed to reduce or limit “Other Expenses” (excluding management fees, distribution and service fees, transfer agency fees and expenses, taxes, interest, brokerage fees and litigation, indemnification, shareholder meeting and other extraordinary expenses exclusive of any offset arrangements) to 0.004% of the GST Fund’s average daily net assets. These expense reductions may be terminated at any time at the option of the GST Fund’s investment adviser. |
8 | Pursuant to a contract, AXA Equitable has agreed to make payments or waive its management, administrative or other fees to limit the expenses of the AXA Enterprise Fund through February 28, 2008 (unless the Enterprise Multimanager Trust Trustees consent to an earlier revision or termination of this arrangement) so that the Total Fund Operating Expenses of the AXA Enterprise Fund (exclusive of taxes, interest, brokerage commissions, capitalized expenses, expenses of other investment companies in which the Fund invests, and extraordinary expenses) do not exceed 2.00% for Class A Shares, 2.55% for Class B and Class C Shares, 1.80% for Class P Shares and 1.55% for Class Y Shares. AXA Equitable may be reimbursed the amount of any such payments and waivers in the future provided that the payments or waivers are reimbursed within three years of the payment or waiver being made and the combination of the Fund’s expense ratio and such reimbursements do not exceed the Fund’s expense cap. AXA Equitable may discontinue these arrangements at any time after February 28, 2008. |
For the twelve months ended August 31, 2006, a portion of the brokerage commissions that the AXA Enterprise Fund pays is used to reduce the Fund’s expenses. Including this reduction, the Net Operating Expenses (after current expense limitations) for the AXA Enterprise Fund was 2.03% for Class A Shares, 2.58% for Class B and Class C Shares, 1.83% for Class P Shares and 1.58% for Class Y Shares. |
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1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||
AXA Enterprise Multimanager International Equity Fund | ||||||||||||||||||
Class A Shares | $ | 672 | $ | 1,235 | $ | 1,823 | $ | 3,407 | ||||||||||
Class B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 762 | $ | 1,360 | $ | 1,881 | $ | 3,465 | ||||||||||
- assuming no redemption | $ | 262 | $ | 960 | $ | 1,681 | $ | 3,465 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 362 | $ | 960 | $ | 1,681 | $ | 3,588 | ||||||||||
- assuming no redemption | $ | 262 | $ | 960 | $ | 1,681 | $ | 3,588 | ||||||||||
Class P Shares | $ | 727 | $ | 1,248 | $ | 1,794 | $ | 3,276 | ||||||||||
Class Y Shares | $ | 162 | $ | 663 | $ | 1,191 | $ | 2,637 | ||||||||||
Goldman Sachs Structured International Equity Fund | ||||||||||||||||||
Class A Shares | $ | 680 | $ | 954 | $ | 1,249 | $ | 2,085 | ||||||||||
Class B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 714 | $ | 961 | $ | 1,334 | $ | 2,248 | ||||||||||
- assuming no redemption | $ | 214 | $ | 661 | $ | 1,134 | $ | 2,248 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 314 | $ | 661 | $ | 1,134 | $ | 2,441 | ||||||||||
- assuming no redemption | $ | 214 | $ | 661 | $ | 1,134 | $ | 2,441 | ||||||||||
Institutional Shares | $ | 97 | $ | 303 | $ | 525 | $ | 1,166 | ||||||||||
Combined Fund Pro Forma | ||||||||||||||||||
Class A Shares | $ | 680 | $ | 954 | $ | 1,249 | $ | 2,085 | ||||||||||
Class B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 713 | $ | 958 | $ | 1,329 | $ | 2,240 | ||||||||||
- assuming no redemption | $ | 213 | $ | 658 | $ | 1,129 | $ | 2,240 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 313 | $ | 658 | $ | 1,129 | $ | 2,431 | ||||||||||
- assuming no redemption | $ | 213 | $ | 658 | $ | 1,129 | $ | 2,431 | ||||||||||
Institutional Shares | $ | 97 | $ | 303 | $ | 525 | $ | 1,166 |
1 | The Class B example for each Fund reflects the conversion of Class B Shares to Class A Shares after approximately eight years from the date of purchase of Class B Shares. |
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82
10 Years | ||||||||||||
Average Annual Total Returns | or Since | |||||||||||
(For the periods ended December 31, 2006) | 1 Year | 5 Years | Inception | |||||||||
Class A (inception 12/13/04) | ||||||||||||
Return Before Taxes | 19.17% | NA | 18.48% | |||||||||
Return After Taxes on Distributions1 | 15.72% | NA | 16.01% | |||||||||
Return After Taxes on Distributions and Sale of Fund Shares1 | 13.65% | NA | 14.77% | |||||||||
MSCI EAFE Index2 | 26.34% | NA | 21.61% | |||||||||
Class B (inception 12/31/01) | ||||||||||||
Return Before Taxes | 19.27% | 12.00% | 12.00% | |||||||||
MSCI EAFE Index | 26.34% | 14.98% | 14.98% | |||||||||
Class C (inception 12/31/01) | ||||||||||||
Return Before Taxes | 23.34% | 12.26% | 12.26% | |||||||||
MSCI EAFE Index | 26.34% | 14.98% | 14.98% | |||||||||
Class P (inception 12/31/01) | ||||||||||||
Return Before Taxes | 18.42% | 11.80% | 11.80% | |||||||||
MSCI EAFE Index | 26.34% | 14.98% | 14.98% | |||||||||
Class Y (inception 12/31/01) | ||||||||||||
Return Before Taxes | 25.55% | 13.38% | 13.38% | |||||||||
MSCI EAFE Index | 26.34% | 14.98% | 14.98% |
10 Years | ||||||||||||
Average Annual Total Returns | or Since | |||||||||||
(For the periods ended December 31, 2006) | 1 Year | 5 Years | Inception | |||||||||
Class A (inception 8/15/97) | ||||||||||||
Return Before Taxes | 27.28% | 15.53% | 6.38% | |||||||||
Return After Taxes on Distributions1 | 18.61% | 13.79% | 5.33% | |||||||||
Return After Taxes on Distributions and Sale of Fund Shares1 | 14.25% | 12.38% | 4.86% | |||||||||
MSCI EAFE Index2 | 26.86% | 15.42% | 7.54% | |||||||||
Class B (inception 8/15/97) | ||||||||||||
Return Before Taxes | 26.38% | 14.81% | 5.80% | |||||||||
MSCI EAFE Index | 26.86% | 15.42% | 7.54% | |||||||||
Class C (inception 8/15/97) | ||||||||||||
Return Before Taxes | 26.27% | 14.82% | 5.81% | |||||||||
MSCI EAFE Index | 26.86% | 15.42% | 7.54% | |||||||||
Class P shareholders of the AXA Enterprise Fund will receive Class A Shares of the GST Fund in connection with the Reorganization. Information regarding the performance of the Class A Shares of the GST Fund is shown above. | ||||||||||||
Institutional Class (inception 8/15/97) | ||||||||||||
Return Before Taxes | 27.76% | 16.13% | 7.01% | |||||||||
MSCI EAFE Index | 26.86% | 15.42% | 7.54% |
1 | The after-tax returns are for Class A Shares only. The after-tax returns for Class B, Class C, Class Y, Class P and Institutional Class Shares will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax |
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situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. | ||
2 | The MSCI® EAFE® Index is a free float-adjusted market capitalization index that is designed to measure developed market equity performance, excluding the U.S. and Canada. The Index figures do not reflect any deduction for fees, expenses or taxes. |
AXA Enterprise Multimanager | Goldman Sachs Structured | |||
International Equity Fund | International Equity Fund | |||
Sales charges and Distribution/ Service (Rule 12b-1) Fees | Class A Shares. Class A Shares are subject to a maximum front-end sales charge of 4.75%, which is reduced depending on the amount invested and, in certain circumstances, waived. There is no CDSC on redemptions of Class A Shares, except in certain circumstances when the front-end sales charge is waived. Class A Shares are subject to a Rule 12b-1 fee equal to an annual rate of 0.45% of the Fund’s average daily net assets attributable to Class A Shares. | Class A Shares. Class A Shares are subject to a maximum front-end sales charge of 5.50%, which is reduced depending on the amount invested and, in certain circumstances, waived. There is no CDSC on redemptions of Class A Shares, except in certain circumstances when the front-end sales charge is waived. Class A Shares are subject to a Rule 12b-1 fee equal to an annual rate of 0.25% of the Fund’s average daily net assets attributable to Class A Shares. | ||
Class B Shares. There is no front-end sales charge on Class B Shares. However, Class B Shares are subject to a CDSC of up to 5% on certain redemptions within 6 years of purchase. Class B Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class B Shares. Class B Shares convert to Class A Shares approximately 8 years after purchase. | Class B Shares. There is no front-end sales charge on Class B Shares. However, Class B Shares are subject to a CDSC of up to 5% on certain redemptions within 6 years of purchase. Class B Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class B Shares. Class B Shares convert to Class A Shares approximately 8 years after purchase. | |||
Class C Shares. There is no front-end sales charge on Class C Shares. However, Class C Shares are subject to a CDSC of 1% on certain redemptions within the first year of purchase. Class C Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class C Shares. | Class C Shares. There is no front-end sales charge on Class C Shares. However, Class C Shares are subject to a CDSC of 1% on certain redemptions within the first year of purchase. Class C Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class C Shares. |
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AXA Enterprise Multimanager | Goldman Sachs Structured | |||
International Equity Fund | International Equity Fund | |||
Class P Shares. Class P Shares are no longer available for investment, except through reinvestment of dividends and distributions and through exchanges of Class P Shares of another AXA Enterprise Fund. Class P Shares are subject to a maximum front-end sales charge of 5.50%, which is reduced depending on the amount invested and in certain circumstances, waived. There is no CDSC on redemptions of Class P Shares, except in certain circumstances when the front-end sales charge is waived. Class P Shares are subject to a Rule 12b-1 fee equal to an annual rate of 0.25% of the Fund’s average daily net assets attributable to Class P Shares. | Class P shareholders of the AXA Enterprise Fund will receive Class A Shares of the GST Fund in connection with the Reorganization. Information regarding the sales charges and distribution/service (Rule 12b-1) fees for the Class A Shares of the GST Fund is shown above. | |||
Class Y Shares. Class Y Shares are not subject to any front-end sales charge, CDSC or Rule 12b-1 fees. | Institutional Shares. Institutional Shares are not subject to any front-end sales charge, CDSC or Rule 12b-1 fees. | |||
Purchase Policies | Investors can purchase shares of an AXA Enterprise Fund directly through the Fund’s principal underwriter, Enterprise Fund Distributors, Inc., or through an authorized dealer, subject to certain minimum investments and eligibility and other requirements. | Investors can purchase shares of a GST Fund directly from Goldman Sachs, through authorized dealers and directly from GST, subject to certain minimum investments and eligibility and other requirements. | ||
Exchange Policies | Shareholders can exchange shares of the AXA Enterprise Fund at net asset value without the imposition of any front-end sales charge or CDSC at the time of the exchange for shares of the same class or of another AXA Enterprise Fund. Redemption of shares (including by exchange) that are held for one month or less may, however, be subject to a redemption fee. | Shareholders can exchange shares of a GST Fund at net asset value without the imposition of any front-end sales charge or CDSC at the time of the exchange for shares of the same class of another Goldman Sachs Fund. Redemption of shares (including by exchange) that are held for 30 or 60 calendar days or less may, however, be subject to a redemption fee. |
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AXA Enterprise Multimanager | Goldman Sachs Structured | |||
International Equity Fund | International Equity Fund | |||
Redemption Policies | Shareholders can sell (redeem) some or all their shares. Generally, the AXA Enterprise Fund will redeem its shares upon request on any business day at the net asset value next determined after receipt of such request in proper form, subject to any applicable CDSC or redemption fee. Shareholders may request that redemption proceeds be sent by check or wire. Redemptions may be requested in writing or by telephone. | Shareholders can sell (redeem) some or all their shares. Generally, the GST Fund will redeem its shares upon request on any business day at the net asset value next determined after receipt of such request in proper form, subject to any applicable CDSC or redemption fee. Shareholders may request that redemption proceeds be sent by check or wire. Redemptions may be requested in writing or by telephone. | ||
Redemption Fees | There is a 2% redemption fee assessed on certain redemptions of shares (including by exchange) within one month after purchase. | There is a 2% redemption fee assessed on certain redemptions of shares (including by exchange) held for 30 calendar days or less. |
AXA Enterprise | ||||||||
Multimanager | Goldman Sachs | |||||||
International | Structured International | Pro Forma | Pro Forma | |||||
Equity Fund | Equity Fund* | Adjustments | Combined Fund | |||||
Net Assets: | $5,404 | $739,861 | $4,295 | $749,560 | ||||
(Class A Shares) | (Class A Shares) | (Class A Shares) | ||||||
$3,283 | $10,306 | $0 | $13,589 | |||||
(Class B Shares) | (Class B Shares) | (Class B Shares) | ||||||
$1,279 | $7,110 | $0 | $8,389 | |||||
(Class C Shares) | (Class C Shares) | (Class C Shares) | ||||||
$4,295 | ||||||||
(Class P Shares) | ||||||||
$31,766 | $1,661,909 | $0 | $1,693,675 | |||||
(Class Y Shares) | (Institutional Shares) | (Institutional Shares) |
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AXA Enterprise | ||||||||
Multimanager | Goldman Sachs | |||||||
International | Structured International | Pro Forma | Pro Forma | |||||
Equity Fund | Equity Fund* | Adjustments | Combined Fund | |||||
Net Asset Value Per Share: | $15.50 (Class A Shares) | $14.29 (Class A Shares) | $(15.50) | $14.29 (Class A Shares) | ||||
$15.38 | $14.09 | $(15.38) | $14.09 | |||||
(Class B Shares) | (Class B Shares) | (Class B Shares) | ||||||
$15.39 | $14.09 | $(15.39) | $14.09 | |||||
(Class C Shares) | (Class C Shares) | (Class C Shares) | ||||||
$15.48 | ||||||||
(Class P Shares) | ||||||||
$15.52 | $14.59 | $(15.52) | $14.59 | |||||
(Class Y Shares) | (Institutional Shares) | (Institutional Shares) | ||||||
Shares Outstanding: | 349 | 51,785 | 330 | 52,464 | ||||
(Class A Shares) | (Class A Shares) | (Class A Shares) | ||||||
213 | 732 | 20 | 965 | |||||
(Class B Shares) | (Class B Shares) | (Class B Shares) | ||||||
83 | 505 | 8 | 596 | |||||
(Class C Shares) | (Class C Shares) | (Class C Shares) | ||||||
277 | ||||||||
(Class P Shares) | ||||||||
2,047 | 113,884 | 130 | 116,060 | |||||
(Class Y Shares) | (Institutional Shares) | (Institutional Shares) |
* | The Goldman Sachs Structured International Equity Fund will be the accounting survivor for financial statement purposes. |
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AXA Enterprise Multimanager Technology Fund | Goldman Sachs Tollkeeper Fund | |
Investment Objective | Investment Objective | |
Seeks long-term growth of capital. | Seeks long-term growth of capital. | |
Investment Policies | Investment Policies | |
Under normal circumstances, the Fund intends to invest at least 80% of its net assets, plus borrowings for investment purposes, in equity securities of companies principally engaged in the technology sector. Such companies include, among others, those in the internet products and services, computer, electronic, hardware and components, communication, software, e-commerce, information service, healthcare equipment and services, including medical devices, biotechnology, chemical products and synthetic materials, defense and aerospace industries, environmental services, nanotechnology, energy equipment and services, and electronic manufacturing services. | The Fund invests, under normal circumstances, at least 80% of its Net Assets in equity investments in “Tollkeeper” companies. In general, the adviser defines a Tollkeeper company as a high-quality technology, media or service company that adopts or uses technology to improve its cost structure, revenue opportunities or competitive advantage. | |
The sub-advisers select securities based upon fundamental analysis, such as an analysis of earnings, cash flows, competitive position and management’s abilities. The sub-advisers may sell a security for a variety of reasons, such as to invest in a company with more attractive growth prospects. | The Fund intends to invest a substantial portion of its assets in companies the adviser describes as Tollkeepers. The adviser believes that the characteristics of many Tollkeeper companies should enable them to consistently grow their business. The adviser seeks to identify Tollkeeper companies that exhibit many of the following characteristics: strong brand name; dominant market share; recurring revenue streams; free cash flow generation; long product life cycle; enduring competitive advantage and excellent management. To the adviser, Tollkeeper connotes a promising growth business. Like a toll collector for a highway or bridge, Tollkeeper companies may grow revenue by increasing “traffic,” or customers and sales, and raising “tolls,” or prices, and margins. The Fund seeks to achieve its investment objective by investing in equity investments of companies that the adviser believes are well positioned to benefit from the proliferation of technology. The adviser does not define companies that are capital intensive, low margin businesses as Tollkeepers (although the adviser may invest in such companies as part of the Fund’s 20% basket of securities which are not or may not be Tollkeepers). | |
The Fund does not limit its investment to issuers with a specific market capitalization range. | Same. |
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AXA Enterprise Multimanager Technology Fund | Goldman Sachs Tollkeeper Fund | |
The Fund intends to invest primarily in common stocks, but it may also invest in other securities that the sub-advisers believe provide opportunities for capital growth, such as preferred stocks, warrants and securities convertible into common stock. | The Fund’s equity investments may include common stocks, preferred stocks, convertible securities, warrants and other instruments that have economic characteristics similar to equity securities. | |
The Fund is non-diversified, which means that it may invest in a limited number of issuers. | The Fund may invest in a relatively few number of issuers in comparison to other funds but is considered “diversified” under the 1940 Act. | |
While the Fund can invest in securities of U.S. and foreign companies, including companies based in developing countries, the majority of Fund assets are expected to be invested in securities of U.S. companies. | The Fund may invest up to 25% of its Total Assets in foreign securities, including securities of issuers in emerging markets or countries and securities quoted in foreign currencies. | |
For temporary defensive purposes, the AXA Enterprise Fund may invest, without limit, in cash, money market instruments or high quality short-term debt securities, including repurchase agreements. | The Fund may, for temporary defensive purposes, invest 100% of its Total Assets in U.S. Government Securities; commercial paper rated at least A-2 by Standard & Poor’s, P-2 by Moody’s or having a comparable rating by another NRSRO; certificates of deposit; bankers’ acceptances; repurchase agreements and non-convertible preferred stocks and non- convertible corporate bonds with a remaining maturity of less than one year. | |
Investment Adviser | Investment Adviser | |
AXA Equitable, through its AXA Funds Management Group unit, serves as the investment manager for the Fund. The day-to-day portfolio management of the Fund is provided by investment sub-advisers selected by AXA Equitable. The Fund’s sub-advisers are Firsthand Capital Management, Inc., RCM Capital Management LLC and Wellington Management Company, LLP. | GSAM manages the Fund on a day-to-day basis and will continue to manage the Fund after the Reorganization. |
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AXA Enterprise Multimanager | Goldman Sachs | |||
Technology Fund | Tollkeeper Fund | |||
Net Asset Value Risk | X | X | ||
Stock Risk | X | X | ||
Management Risk | X | X | ||
Market Risk | X | X | ||
Liquidity Risk | X | |||
Industry Concentration Risk | X | X | ||
Investment Style Risk | X | X | ||
Mid Cap and Small Cap Risk | X | X | ||
Foreign Risk | X | X | ||
Emerging Countries Risk | X | X | ||
Initial Public Offering Risk | X | X | ||
Issuer-Specific Risk | X | X | ||
Sub-adviser Selection Risk | X | |||
Large-Capitalization Risk | X | |||
Internet Risk | X | X | ||
Technology Sector Risk | X | X | ||
Non-Diversification Risk | X |
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AXA Enterprise Multimanager Technology Fund | Goldman Sachs Tollkeeper Fund | Combined Fund Pro Forma | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class P | Class Y | Class A | Class B | Class C | Institutional | Class A | Class B | Class C | Institutional | ||||||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | ||||||||||||||||||||||||||||||||||||||||
Shareholder Fees (fees paid directly from your investment): | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Purchases | 4.75%1 | None | None | 5.50%1 | None | 5.50%1 | None | None | None | 5.50%1 | None | None | None | |||||||||||||||||||||||||||||||||||||||
Maximum Deferred Sales Charge (Load) 2 | None | 1 | 5.00%3 | 1.00%4 | None | 4 | None | None1 | 5.00%3 | 1.00%4 | None | None | 1 | 5.00%3 | 1.00%4 | None | ||||||||||||||||||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Reinvested Dividends | None | None | None | None | None | None | None | None | None | None | None | None | None | |||||||||||||||||||||||||||||||||||||||
Redemption Fees | 2.00%5 | 2.00%5 | 2.00%5 | 2.00%5 | 2.00%5 | None | None | None | None | None | None | None | None | |||||||||||||||||||||||||||||||||||||||
Exchange Fees | None | None | None | None | None | None | None | None | None | None | None | None | None |
AXA Enterprise Multimanager Technology Fund | Goldman Sachs Tollkeeper Fund | Combined Fund Pro Forma | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class P | Class Y | Class A | Class B | Class C | Institutional | Class A | Class B | Class C | Institutional | ||||||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | ||||||||||||||||||||||||||||||||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Management Fees | 1.30% | 1.30% | 1.30% | 1.30% | 1.30% | 1.00%6 | 1.00%6 | 1.00%6 | 1.00%6 | 1.00%6 | 1.00%6 | 1.00%6 | 1.00%6 | |||||||||||||||||||||||||||||||||||||||
Distribution and Service (12b-1) Fees | 0.45% | 1.00% | 1.00% | 0.25% | None | 0.25% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | |||||||||||||||||||||||||||||||||||||||
Other Expenses* | 1.49% | 1.48% | 1.48% | 1.48% | 1.49% | 0.31%7 | 0.31%7 | 0.31%7 | 0.16%7 | 0.30%7 | 0.30%7 | 0.30%7 | 0.15%7 | |||||||||||||||||||||||||||||||||||||||
Total Fund Operating Expenses* | 3.24%8 | 3.78%8 | 3.78%8 | 3.03%8 | 2.79%8 | 1.56% | 2.31% | 2.31% | 1.16% | 1.55% | 2.30% | 2.30% | 1.15% |
* | The “Other Expenses” and “Total Fund Operating Expenses” (after any waivers and expense limitations) of the AXA Enterprise Fund, GST Fund and Combined Fund are as set forth below. |
AXA Enterprise Multimanager Technology Fund | Goldman Sachs Tollkeeper Fund | Combined Fund Pro Forma | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class P | Class Y | Class A | Class B | Class C | Institutional | Class A | Class B | Class C | Institutional | ||||||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | ||||||||||||||||||||||||||||||||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Management Fees | 0.83% | 0.83% | 0.83% | 0.83% | 0.83% | 1.00%6 | 1.00%6 | 1.00%6 | 1.00%6 | 1.00%6 | 1.00%6 | 1.00%6 | 1.00%6 | |||||||||||||||||||||||||||||||||||||||
Distribution and Service (12b-1) Fees | 0.45% | 1.00% | 1.00% | 0.25% | None | 0.25% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | |||||||||||||||||||||||||||||||||||||||
Other Expenses | 0.87% | 0.87% | 0.87% | 0.87% | 0.87% | 0.25%7 | 0.25%7 | 0.25%7 | 0.10%7 | 0.25%7 | 0.25%7 | 0.25%7 | 0.10%7 | |||||||||||||||||||||||||||||||||||||||
Total Fund Operating Expenses (after current expense limitations) | 2.15%8 | 2.70%8 | 2.70%8 | 1.95%8 | 1.70%8 | 1.50% | 2.25% | 2.25% | 1.10% | 1.50% | 2.25% | 2.25% | 1.10% |
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1 | The maximum sales charge is a percentage of the offering price. This sales charge varies depending on how much you invest. Under certain circumstances, the maximum sales charge may be reduced or waived entirely. If you buy $1,000,000 or more ($100,000 or more for certain employee benefit plans and $500,000 or more for certain individual retirement accounts) of Class A Shares of an AXA Enterprise Fund at net asset value and redeem those shares within 12 months of the end of the calendar month of their purchase, a CDSC of 1.00% generally will apply to the redemptions of those shares. A CDSC of 1% is imposed on certain redemptions (within 18 months of purchase) of Class A Shares of a GST Fund sold without an initial sales charge as part of an investment of $1 million or more. |
2 | The maximum CDSC is a percentage of the lesser of the net asset value at the time of the redemption or the net asset value when the shares were originally purchased. |
3 | A CDSC is imposed upon Class B Shares of an AXA Enterprise Fund or GST Fund redeemed within six years of purchase at a rate of 5% in the first year, declining to 1% in the sixth year, and eliminated thereafter. Class B Shares of AXA Enterprise Funds and GST Funds automatically convert to Class A Shares eight years after the end of the calendar month in which you purchased them and will be subject to lower expenses. |
4 | A CDSC of 1% is imposed on Class C Shares of an AXA Enterprise Fund or GST Fund redeemed within 12 months of purchase. If you buy $1,000,000 or more of Class P Shares of an AXA Enterprise Fund and redeem those shares within one year of the date of purchase, a CDSC of 1.00% generally will apply to the redemptions on those shares. |
5 | If you redeem or exchange shares of an AXA Enterprise Fund after holding them one month or less, a fee of 2.00% of the current net asset value of the shares being redeemed or exchanged generally will be assessed and retained by the respective Fund for the benefit of the remaining shareholders. |
6 | GSAM has entered into the following fee reduction commitment for the GST Fund: |
Management Fee | Average Daily | |||
GST Fund | Annual Rate | Net Assets | ||
Tollkeeper Fund | 1.00% | First $1 Billion | ||
0.90% | Next $1 Billion | |||
0.86% | Over $2 Billion |
Prior to this fee reduction commitment, the management fee for the GST Fund as an annual percentage rate of average daily net assets was 1.00%. |
7 | “Other Expenses” of the GST Fund include transfer agency fees and expenses equal on an annualized basis to 0.19% of the average daily net assets of the Fund’s Class A, B and C Shares and 0.04% of the average daily net assets of the Institutional Shares, plus all other ordinary expenses not detailed above. GSAM has voluntarily agreed to reduce or limit “Other Expenses” (excluding management fees, distribution and service fees, transfer agency fees and expenses, taxes, interest, brokerage fees and litigation, indemnification, shareholder meeting and other extraordinary expenses exclusive of any offset arrangements) to 0.064% of the GST Fund’s average daily net assets. These expense reductions may be terminated at any time at the option of the GST Fund’s investment adviser. |
8 | Pursuant to a contract, AXA Equitable has agreed to make payments or waive its management, administrative or other fees to limit the expenses of the AXA Enterprise Fund through February 28, 2008 (unless the Enterprise Multimanager Trust Trustees consent to an earlier revision or termination of this arrangement) so that the Total Fund Operating Expenses of the AXA Enterprise Fund (exclusive of taxes, interest, brokerage commissions, capitalized expenses, expenses of other investment companies in which the Fund invests, and extraordinary expenses) do not exceed 2.15% for Class A Shares, 2.70% for Class B and Class C Shares, 1.95% for Class P Shares and 1.70% for Class Y Shares. AXA Equitable may be reimbursed the amount of any such payments and waivers in the future provided that the payments or waivers are reimbursed within three years of the payment or waiver being made and the combination of the Fund’s expense ratio and such reimbursements do not exceed the Fund’s expense cap. AXA Equitable may discontinue these arrangements at any time after February 28, 2008. |
For the twelve months ended August 31, 2006, a portion of the brokerage commissions that the AXA Enterprise Fund pays is used to reduce the Fund’s expenses. Including this reduction, the Net Operating Expenses (after current expense limitations) for the AXA Enterprise Fund was 1.86% for Class A Shares, 2.41% for Class B and Class C Shares, 1.66% for Class P Shares and 1.41% for Class Y Shares. |
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1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||
AXA Multimanager Technology Fund | ||||||||||||||||||
Class A Shares | $ | 682 | $ | 1,321 | $ | 1,983 | $ | 3,742 | ||||||||||
Class B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 772 | $ | 1,446 | $ | 2,040 | $ | 3,794 | ||||||||||
- assuming no redemption | $ | 272 | $ | 1,046 | $ | 1,840 | $ | 3,794 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 372 | $ | 1,046 | $ | 1,840 | $ | 3,910 | ||||||||||
- assuming no redemption | $ | 272 | $ | 1,046 | $ | 1,840 | $ | 3,910 | ||||||||||
Class P Shares | $ | 736 | $ | 1,332 | $ | 1,951 | $ | 3,609 | ||||||||||
Class Y Shares | $ | 172 | $ | 755 | $ | 1,364 | $ | 3,008 | ||||||||||
Goldman Sachs Tollkeeper Fund | ||||||||||||||||||
Class A Shares | $ | 700 | $ | 1,016 | $ | 1,353 | $ | 2,304 | ||||||||||
Class B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 734 | $ | 1,021 | $ | 1,435 | $ | 2,458 | ||||||||||
- assuming no redemption | $ | 234 | $ | 721 | $ | 1,235 | $ | 2,458 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 334 | $ | 721 | $ | 1,235 | $ | 2,646 | ||||||||||
- assuming no redemption | $ | 234 | $ | 721 | $ | 1,235 | $ | 2,646 | ||||||||||
Institutional Shares | $ | 118 | $ | 368 | $ | 638 | $ | 1,409 | ||||||||||
Combined Fund Pro Forma | ||||||||||||||||||
Class A Shares | $ | 699 | $ | 1,013 | $ | 1,348 | $ | 2,294 | ||||||||||
Class B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 733 | $ | 1,018 | $ | 1,430 | $ | 2,448 | ||||||||||
- assuming no redemption | $ | 233 | $ | 718 | $ | 1,230 | $ | 2,448 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 333 | $ | 718 | $ | 1,230 | $ | 2,636 | ||||||||||
- assuming no redemption | $ | 233 | $ | 718 | $ | 1,230 | $ | 2,636 | ||||||||||
Institutional Shares | $ | 117 | $ | 365 | $ | 633 | $ | 1,398 |
1 | The Class B example for each Fund reflects the conversion of Class B Shares to Class A Shares after approximately eight years from the date of purchase of Class B Shares. |
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10 Years | ||||||||||||
Average Annual Total Returns | or Since | |||||||||||
(For the periods ended December 31, 2006) | 1 Year | 5 Years | Inception | |||||||||
Class A (inception 12/13/04) | ||||||||||||
Return Before Taxes | 1.66 | % | NA | 5.66 | % | |||||||
Return After Taxes on Distributions1 | 1.66 | % | NA | 4.57 | % | |||||||
Return After Taxes on Distributions and Sale of Fund Shares1 | 1.08 | % | NA | 4.25 | % | |||||||
Russell 1000 Technology Index2 | 10.58 | % | NA | 6.37 | % | |||||||
Class B (inception 12/31/01) | ||||||||||||
Return Before Taxes | 1.31 | % | 1.33 | % | 1.33 | % | ||||||
Russell 1000 Technology Index | 10.58 | % | 0.99 | % | 0.99 | % | ||||||
Class C (inception 12/31/01) | ||||||||||||
Return Before Taxes | 5.20 | % | 1.68 | % | 1.68 | % | ||||||
Russell 1000 Technology Index | 10.58 | % | 0.99 | % | 0.99 | % | ||||||
Class P (inception 12/31/01) | ||||||||||||
Return Before Taxes | 1.25 | % | 1.33 | % | 1.33 | % | ||||||
Russell 1000 Technology Index | 10.58 | % | 0.99 | % | 0.99 | % | ||||||
Class Y (inception 12/31/01) | ||||||||||||
Return Before Taxes | 7.29 | % | 2.70 | % | 2.70 | % | ||||||
Russell 1000 Technology Index | 10.58 | % | 0.99 | % | 0.99 | % |
10 Years | ||||||||||||
Average Annual Total Returns | or Since | |||||||||||
(For the periods ended December 31, 2006) | 1 Year | 5 Years | Inception | |||||||||
Class A (inception 10/1/99) | ||||||||||||
Return Before Taxes | 12.72 | % | 2.71 | % | -1.18 | % | ||||||
Return After Taxes on Distributions1 | 6.48 | % | 1.55 | % | -2.02 | % | ||||||
Return After Taxes on Distributions and Sale of Fund Shares1 | 4.21 | % | 1.32 | % | -1.67 | % | ||||||
NASDAQ Composite Index3 | 9.52 | % | 4.37 | % | -1.75 | % | ||||||
Class B (inception 10/1/99) | ||||||||||||
Return Before Taxes | 11.76 | % | 1.93 | % | -1.93 | % | ||||||
NASDAQ Composite Index | 9.52 | % | 4.37 | % | -1.75 | % | ||||||
Class C (inception 10/1/99) | ||||||||||||
Return Before Taxes | 11.91 | % | 1.93 | % | -1.93 | % | ||||||
NASDAQ Composite Index | 9.52 | % | 4.37 | % | -1.75 | % | ||||||
Class P shareholders of the AXA Enterprise Fund will receive Class A Shares of the GST Fund in connection with the Reorganization. Information regarding the performance of the Class A Shares of the GST Fund is shown above. | ||||||||||||
Institutional Class (inception 10/1/99) | ||||||||||||
Return Before Taxes | 13.12 | % | 3.13 | % | -0.78 | % | ||||||
NASDAQ Composite Index | 9.52 | % | 4.37 | % | -1.75 | % |
1 | The after-tax returns are for Class A Shares only. The after-tax returns for Class B, Class C, Class Y, Class P and Institutional Class Shares will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax |
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situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. | ||
2 | The Russell 1000 Technology® Index is a unmanaged index that consists of those Russell 1000® securities (1,000 largest securities in the Russell 3000® Index) that are deemed technology companies by the Russell sector classification scheme. this sector includes securities in the following industries: computer hardware and software, communications technology, electrical & electronics, semiconductors, and scientific equipment & suppliers. The Index figures do not reflect any deduction for fees, expenses or taxes. | |
3 | The NASDAQ® Composite Index is a broad-based capitalization-weighted index of all NASDAQ National Market and Small-Cap stocks. The Index figures do not reflect any deduction for fees, expenses or taxes. |
AXA Enterprise Multimanager | ||||
Technology Fund | Goldman Sachs Tollkeeper Fund | |||
Sales charges and Distribution/ Service (Rule 12b-1) Fees | Class A Shares. Class A Shares are subject to a maximum front-end sales charge of 4.75%, which is reduced depending on the amount invested and, in certain circumstances, waived. There is no CDSC on redemptions of Class A Shares, except in certain circumstances when the front-end sales charge is waived. Class A Shares are subject to a Rule 12b-1 fee equal to an annual rate of 0.45% of the Fund’s average daily net assets attributable to Class A Shares. | Class A Shares. Class A Shares are subject to a maximum front-end sales charge of 5.50%, which is reduced depending on the amount invested and, in certain circumstances, waived. There is no CDSC on redemptions of Class A Shares, except in certain circumstances when the front-end sales charge is waived. Class A Shares are subject to a Rule 12b-1 fee equal to an annual rate of 0.25% of the Fund’s average daily net assets attributable to Class A Shares. | ||
Class B Shares. There is no front-end sales charge on Class B Shares. However, Class B Shares are subject to a CDSC of up to 5% on certain redemptions within 6 years of purchase. Class B Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class B Shares. Class B Shares convert to Class A Shares approximately 8 years after purchase. | Class B Shares. There is no front-end sales charge on Class B Shares. However, Class B Shares are subject to a CDSC of up to 5% on certain redemptions within 6 years of purchase. Class B Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class B Shares. Class B Shares convert to Class A Shares approximately 8 years after purchase. |
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AXA Enterprise Multimanager | ||||
Technology Fund | Goldman Sachs Tollkeeper Fund | |||
Class C Shares. There is no front-end sales charge on Class C Shares. However, Class C Shares are subject to a CDSC of 1% on certain redemptions within the first year of purchase. Class C Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class C Shares. | Class C Shares. There is no front-end sales charge on Class C Shares. However, Class C Shares are subject to a CDSC of 1% on certain redemptions within the first year of purchase. Class C Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class C Shares. | |||
Class P Shares. Class P Shares are no longer available for investment, except through reinvestment of dividends and distributions and through exchanges of Class P Shares of another AXA Enterprise Fund. Class P Shares are subject to a maximum front-end sales charge of 5.50%, which is reduced depending on the amount invested and in certain circumstances, waived. There is no CDSC on redemptions of Class P Shares, except in certain circumstances when the front-end sales charge is waived. Class P Shares are subject to a Rule 12b-1 fee equal to an annual rate of 0.25% of the Fund’s average daily net assets attributable to Class P Shares. | Class P shareholders of the AXA Enterprise Fund will receive Class A Shares of the GST Fund in connection with the Reorganization. Information regarding the sales charges and distribution/service (Rule 12b-1) fees for the Class A Shares of the GST Fund is shown above. | |||
Class Y Shares. Class Y Shares are not subject to any front-end sales charge, CDSC or Rule 12b-1 fees. | Institutional Shares. Institutional Shares are not subject to any front-end sales charge, CDSC or Rule 12b-1 fees. | |||
Purchase Policies | Investors can purchase shares of an AXA Enterprise Fund directly through the Fund’s principal underwriter, Enterprise Fund Distributors, Inc., or through an authorized dealer, subject to certain minimum investments and eligibility and other requirements. | Investors can purchase shares of a GST Fund directly from Goldman Sachs, through authorized dealers and directly from GST, subject to certain minimum investments and eligibility and other requirements. | ||
Exchange Policies | Shareholders can exchange shares of the AXA Enterprise Fund at net asset value without the imposition of any front-end sales charge or CDSC at the time of the exchange for shares of the same class of another AXA Enterprise Fund. Redemption of shares (including by exchange) that are held for one month or less may, however, be subject to a redemption fee. | Shareholders can exchange shares of a GST Fund at net asset value without the imposition of any front-end sales charge or CDSC at the time of the exchange for shares of the same class of another Goldman Sachs Fund. Redemption of shares (including by exchange) that are held for 30 or 60 calendar days or less may, however, be subject to a redemption fee. |
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AXA Enterprise Multimanager | ||||
Technology Fund | Goldman Sachs Tollkeeper Fund | |||
Redemption Policies | Shareholders can sell (redeem) some or all their shares. Generally, the AXA Enterprise Fund will redeem its shares upon request on any business day at the net asset value next determined after receipt of such request in proper form, subject to any applicable CDSC or redemption fee. Shareholders may request that redemption proceeds be sent by check or wire. Redemptions may be requested in writing or by telephone. | Shareholders can sell (redeem) some or all their shares. Generally, the GST Fund will redeem its shares upon request on any business day at the net asset value next determined after receipt of such request in proper form, subject to any applicable CDSC or redemption fee. Shareholders may request that redemption proceeds be sent by check or wire. Redemptions may be requested in writing or by telephone. | ||
Redemption Fees | There is a 2% redemption fee assessed on certain redemptions of shares (including by exchange) within one month after purchase. | The Fund does not impose any redemption fees. |
AXA Enterprise | ||||||||
Multimanager | Goldman Sachs | Pro Forma | Pro Forma | |||||
Technology Fund | Tollkeeper Fund* | Adjustments | Combined Fund | |||||
Net Assets: | $22,226 (Class A Shares) | $112,256 (Class A Shares) | $1,086 | $135,568 (Class A Shares) | ||||
$24,796 (Class B Shares) | $99,295 (Class B Shares) | $0 | $124,091 (Class B Shares) | |||||
$6,797 (Class C Shares) | $52,030 (Class C Shares) | $0 | $58,827 (Class C Shares) | |||||
$1,086 (Class P Shares) | ||||||||
$5,966 (Class Y Shares) | $11,095 (Institutional Shares) | $0 | $17,060 (Institutional Shares) |
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AXA Enterprise | ||||||||
Multimanager | Goldman Sachs | Pro Forma | Pro Forma | |||||
Technology Fund | Tollkeeper Fund* | Adjustments | Combined Fund | |||||
Net Asset Value Per Share: | $9.40 (Class A Shares) | $7.90 (Class A Shares) | $(9.40) | $7.90 (Class A Shares) | ||||
$9.13 (Class B Shares) | $7.50 (Class B Shares) | $(9.13) | $7.50 (Class B Shares) | |||||
$9.13 (Class C Shares) | $7.50 (Class C Shares) | $(9.13) | $7.50 (Class C Shares) | |||||
$9.45 (Class P Shares) | $(9.45) | |||||||
$9.52 (Class Y Shares) | $8.12 (Institutional Shares) | $(9.52) | $8.12 (Institutional Shares) | |||||
Shares Outstanding: | 2,364 (Class A Shares) | 14,217 (Class A Shares) | 589 | 17,170 (Class A Shares) | ||||
2,716 (Class B Shares) | 13,234 (Class B Shares) | 589 | 16,539 (Class B Shares) | |||||
745 (Class C Shares) | 6,939 (Class C Shares) | 162 | 7,846 (Class C Shares) | |||||
115 (Class P Shares) | (115) | |||||||
627 (Class Y Shares) | 1,367 (Institutional Shares) | 108 | 2,102 (Institutional Shares) |
* | The Goldman Sachs Tollkeeper Fund will be the accounting survivor for financial statement purposes. |
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AXA Enterprise Multimanager Core Bond Fund | Goldman Sachs Core Plus Fixed Income Fund | |
Investment Objective | Investment Objective | |
Seeks a balance of a high current income and capital appreciation, consistent with a prudent level of risk. | Seeks a total return consisting of capital appreciation and income that exceeds the total return of the Lehman Brothers Aggregate Bond Index. | |
Investment Policies | Investment Policies | |
Under normal circumstances, the Fund intends to invest at least 80% of its net assets, plus borrowings for investment purposes, in investment grade bonds. For purposes of this investment policy, a debt security is considered a “bond.” Debt securities represent an issuer’s obligation to repay a loan of money that generally pays interest to the holder. Bonds, notes and debentures are examples of debt securities. The Fund focuses on U.S. government and corporate debt securities and mortgage- and asset-backed securities. | The Fund invests, under normal circumstances, at least 80% of its Net Assets in fixed-income securities, including U.S. government securities, corporate debt securities, privately issued mortgage-backed securities, asset-backed securities, high yield non-investment grade securities (securities rated BB, Ba or below by a NRSRO, or, if unrated, determined by the adviser to be of comparable quality) and fixed income securities of issuers located in countries with emerging markets or economies (“emerging countries”). | |
The Fund’s sub-advisers evaluate several sectors of the bond market and individual securities within these sectors. The sub-advisers select bonds from several sectors including: U.S. Treasuries and agency securities, commercial and residential mortgage-backed securities, asset-backed securities, corporate bonds and bonds of foreign issuers. Securities are purchased for the Fund when the sub-advisers determine that they have the potential for above-average total return. | The Fund’s advisers’ fixed income investing philosophy consists of four factors. The advisers combine diversified sources of return by employing multiple investment strategies, take a global perspective to uncover relative value opportunities, employ focused specialist teams to identify short-term mispricings and incorporate long-term views and emphasize a risk-aware approach to select investments for the Fund. | |
The Fund may purchase bonds of any maturity, but generally the Fund’s overall effective duration will be of an intermediate-term nature (similar to that of five-to seven-year U.S. Treasury notes) and have a comparable duration to that of the Lehman Brothers Aggregate Bond Index (4.46 years as of December 31, 2006). | The Fund has a target duration that is equal to that of the Lehman Brothers Aggregate Bond Index, plus or minus 1.5 years. Historically, over the last ten years, the duration of this index has ranged between 3.8 and 5 years. The Fund has a maximum duration of 6 years. The Fund’s expected approximate interest rate sensitivity is comparable to a 5-year U.S. Treasury note. |
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AXA Enterprise Multimanager Core Bond Fund | Goldman Sachs Core Plus Fixed Income Fund | |
The Fund may also invest up to 10% of its assets in securities rated below investment grade (i.e., Ba or lower by Moody’s or BB or lower by S&P) or, if unrated, determined by the sub-adviser to be of comparable quality (“junk bonds”). | The Fund’s investments in junk bonds will not exceed 15% of its Total Assets at the time of investment. The Fund may purchase securities of issuers in default. | |
The Fund has no specific limit on its investments in foreign securities denominated in U.S. dollars and may invest up to 10% of its assets in securities denominated in foreign currencies, including issuers located in emerging markets. The Fund normally will seek to hedge most of its exposure to foreign currency to reduce the risk of loss due to fluctuations in currency exchange rates. | 15% of the Fund’s Total Assets may be invested in obligations of issuers in emerging countries. | |
Although it is not a principal investment strategy, the Fund may purchase securities of other investment companies to the extent permitted by the 1940 Act except the Fund may not acquire any securities of registered open-end investment companies or registered unit investment trusts in reliance on Sections 12(d)(1)(F) or (G) of the 1940 Act. | In lieu of direct investments in particular types of fixed income securities, the Fund intends to invest up to 20% of its Total Assets in one or more fixed income funds for which the adviser or an affiliate now or in the future acts as investment adviser or principal underwriter (“Underlying Funds”). The Fund is permitted to invest in the affiliated Underlying Funds under rules adopted by the SEC. The adviser expects that the Fund, from time to time, will invest up to 10% of its Total Assets in each of the Goldman Sachs High Yield Fund and the Goldman Sachs Emerging Markets Debt Fund. When investing in an Underlying Fund, the Fund bears expenses charged by the Underlying Fund in which it invests. | |
The Fund’s sub-advisers may, when consistent with the Fund’s investment objective, use derivative securities. Derivative securities include futures and options contracts, options on futures contracts, foreign currencies, securities and bond indices, structured notes, swaps (including long and short credit default swaps) and indexed securities. The Fund will typically use derivatives as a substitute for taking a position in the underlying asset and/or in an attempt to reduce risk to the Fund as a whole (hedge), but they may also be used to maintain liquidity, commit cash pending investment or for speculation to increase returns. The Fund may also enter into interest rate transactions as a hedging technique. In these transactions, the Fund exchanges its right to pay or receive interest with another party for their right to pay or receive interest. | The Fund may also invest in custodial receipts, municipal securities and convertible securities. The Fund may also engage in forward foreign currency transactions for both speculative and hedging purposes. |
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AXA Enterprise Multimanager Core Bond Fund | Goldman Sachs Core Plus Fixed Income Fund | |
For temporary defensive purposes, the Fund may invest, without limit, in cash, money market instruments or high quality short-term debt securities, including repurchase agreements. | The Fund may, for temporary defensive purposes, invest 100% of its Total Assets in U.S. Government Securities and repurchase agreements collateralized by U.S. Government Securities. | |
Investment Advisers | Investment Adviser | |
AXA Equitable, through its AXA Funds Management Group unit, serves as the investment manager for the Fund. The day-to-day portfolio management of the Fund is provided by investment sub-advisers selected by AXA Equitable. The Fund’s sub-advisers are BlackRock Financial Management, Inc. and Pacific Investment Management Company LLC. | GSAM manages the Fund on a day-to-day basis and will continue to manage the Fund after the Reorganization. |
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AXA Enterprise Multimanager | Goldman Sachs Core Plus | |||
Core Bond Fund | Fixed Income Fund | |||
Net Asset Value Risk | X | X | ||
Interest Rate Risk | X | X | ||
Credit/Default Risk | X | X | ||
Call Risk | X | X | ||
Extension Risk | X | X | ||
U.S. Government Securities Risk | X | X | ||
Derivatives Risk | X | X | ||
Management Risk | X | X | ||
Market Risk | X | X | ||
Liquidity Risk | X | X | ||
Foreign Risk | X | X | ||
Emerging Countries Risk | X | X | ||
Sovereign Risk | X | X | ||
“Junk Bond” Risk | X | X | ||
Non-Hedging Foreign Currency Trading Risk | X | |||
Issuer-Specific Risk | X | X | ||
Sub-adviser Selection Risk | X | |||
Currency Risk | X | X | ||
Investment Grade Securities Risk | X | X | ||
Investing in Underlying Funds | X | |||
Investments of Underlying Funds | X |
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AXA Enterprise Multimanager | Goldman Sachs | |||||||||||||||||||||||||||||||||||||||||||||||||||
Core Bond Fund | Core Plus Fixed Income Fund | Combined Fund Pro Forma | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class P | Class Y | Class A | Class B | Class C | Institutional | Class A | Class B | Class C | Institutional | ||||||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | ||||||||||||||||||||||||||||||||||||||||
Shareholder Fees (fees paid directly from your investment): | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Purchases | 4.75% | 1 | None | None | 4.50% | 1 | None | 4.50% | 1 | None | None | None | 4.50% | 1 | None | None | None | |||||||||||||||||||||||||||||||||||
Maximum Deferred Sales Charge (Load) 2 | None | 1 | 5.00% | 3 | 1.00% | 4 | None | 4 | None | None | 1 | 5.00% | 3 | 1.0% | 4 | None | None | 1 | 5.00% | 3 | 1.00% | 4 | None | |||||||||||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Reinvested Dividends | None | None | None | None | None | None | None | None | None | None | None | None | None | |||||||||||||||||||||||||||||||||||||||
Redemption Fees5 | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | |||||||||||||||||||||||||||||||||||||||
Exchange Fees | None | None | None | None | None | None | None | None | None | None | None | None | None |
AXA Enterprise Multimanager | Goldman Sachs Core Plus | |||||||||||||||||||||||||||||||||||||||||||||||||||
Core Bond Fund | Fixed Income Fund | Combined Fund Pro Forma | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class P | Class Y | Class A | Class B | Class C | Institutional | Class A | Class B | Class C | Institutional | ||||||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | ||||||||||||||||||||||||||||||||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Management Fees | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% | 0.45% | 7 | 0.45% | 7 | 0.45% | 7 | 0.45% | 7 | 0.45% | 7 | 0.45% | 7 | 0.45% | 7 | 0.45% | 7 | |||||||||||||||||||||||||||||||
Distribution and Service (12b-1) Fees | 0.45% | 1.00% | 1.00% | 0.25% | None | 0.25% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | |||||||||||||||||||||||||||||||||||||||
Acquired Fund Fees and Expenses | None | None | None | None | None | 0.08% | 8 | 0.08% | 8 | 0.08% | 8 | 0.08% | 8 | 0.08% | 8 | 0.08% | 8 | 0.08% | 8 | 0.08% | 8 | |||||||||||||||||||||||||||||||
Other Expenses* | 0.79% | 0.79% | 0.79% | 0.79% | 0.79% | 0.46% | 9 | 0.46% | 9 | 0.46% | 9 | 0.36% | 9 | 0.46% | 9 | 0.46% | 9 | 0.46% | 9 | 0.36% | 9 | |||||||||||||||||||||||||||||||
Total Fund Operating Expenses* | 1.94% | 10 | 2.49% | 10 | 2.49% | 10 | 1.74% | 10 | 1.49% | 10 | 1.24% | 1.99% | 1.99% | 0.87% | 1.24% | 1.99% | 1.99% | 0.87% |
* | The “Other Expenses” and “Total Fund Operating Expenses” (after any waivers and expense limitations) of the AXA Enterprise Fund, GST Fund and Combined Fund are as set forth below. |
AXA Enterprise Multimanager | Goldman Sachs Core Plus | |||||||||||||||||||||||||||||||||||||||||||||||||||
Core Bond Fund | Fixed Income Fund6 | Combined Fund Pro Forma | ||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class P | Class Y | Class A | Class B | Class C | Institutional | Class A | Class B | Class C | Institutional | ||||||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | ||||||||||||||||||||||||||||||||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Management Fees | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.45% | 7 | 0.45% | 7 | 0.45% | 7 | 0.45% | 7 | 0.45% | 7 | 0.45% | 7 | 0.45% | 7 | 0.45% | 7 | |||||||||||||||||||||||||||||||
Distribution and Service (12b-1) Fees | 0.45% | 1.00% | 1.00% | 0.25% | None | 0.25% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | |||||||||||||||||||||||||||||||||||||||
Acquired Fund Fees and Expenses | None | None | None | None | None | 0.00% | 8 | 0.00% | 8 | 0.00% | 8 | 0.00% | 8 | 0.00% | 8 | 0.00% | 8 | 0.00% | 8 | 0.00% | 8 | |||||||||||||||||||||||||||||||
Other Expenses | 0.79% | 0.79% | 0.79% | 0.79% | 0.79% | 0.16% | 9 | 0.16% | 9 | 0.16% | 9 | 0.04% | 9 | 0.16% | 9 | 0.16% | 9 | 0.16% | 9 | 0.04% | 9 | |||||||||||||||||||||||||||||||
Total Fund Operating Expenses (after current expense limitations) | 1.25% | 10 | 1.80% | 10 | 1.80% | 10 | 1.05% | 10 | 0.80% | 10 | 0.86% | 1.61% | 1.61% | 0.49% | 0.86% | 1.61% | 1.61% | 0.49% |
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1 | The maximum sales charge is a percentage of the offering price. This sales charge varies depending on how much you invest. Under certain circumstances, the maximum sales charge may be reduced or waived entirely. If you buy $1,000,000 or more ($100,000 or more for certain employee benefit plans and $500,000 or more for certain individual retirement accounts) of Class A Shares of an AXA Enterprise Fund at net asset value and redeem those shares within 12 months of end of the calendar month of their purchase, a CDSC of 1.00% generally will apply to the redemptions of those shares. A CDSC of 1% is imposed on certain redemptions (within 18 months of purchase) of Class A Shares of a GST Fund sold without an initial sales charge as part of an investment of $1 million or more. |
2 | The maximum CDSC is a percentage of the lesser of the net asset value at the time of the redemption or the net asset value when the shares were originally purchased. |
3 | A CDSC is imposed upon Class B Shares of an AXA Enterprise Fund or GST Fund redeemed within six years of purchase at a rate of 5% in the first year, declining to 1% in the sixth year, and eliminated thereafter. Class B Shares of AXA Enterprise Funds and GST Funds automatically convert to Class A Shares eight years after the end of the calendar month in which you purchased them and will be subject to lower expenses. |
4 | A CDSC of 1% is imposed on Class C Shares of an AXA Enterprise Fund or GST Fund redeemed within 12 months of purchase. If you buy $1,000,000 or more of Class P Shares of an AXA Enterprise Fund and redeem those shares within one year of the date of purchase, a CDSC of 1.00% generally will apply to the redemptions on those shares. |
5 | If you redeem or exchange shares of an AXA Enterprise Fund after holding them one month or less, a fee of 2.00% of the current net asset value of the shares being redeemed or exchanged generally will be assessed and retained by the respective Fund for the benefit of the remaining shareholders. A 2% redemption fee will be imposed on the redemption of shares (including by exchange) of the GST Fund held for 30 calendar days or less. |
6 | The Goldman Sachs Core Plus Fixed Income Fund’s annual fund operating expenses have been estimated for the current fiscal year. |
7 | The management agreement for the Core Plus Fixed Income Fund provides for management fees at annual rates equal to the following percentage of the average daily net assets of the Fund: |
Management Fee | Average Daily | |||
GST Fund | Annual Rate | Net Assets | ||
Core Plus Fixed Income Fund | 0.45% | First $1 Billion | ||
0.35% | Next $1 Billion | |||
0.30% | Over $2 Billion |
8 | “Acquired Fund” means any investment company in which the Goldman Sachs Core Plus Fixed Income Fund invests or has invested during the period. The Acquired Fund fees and expenses are based on estimated amounts for the current fiscal year. The total annual Fund operating expenses will not correlate to the Core Plus Fixed Income Fund’s ratio of expenses to average net assets, which reflects the operating expenses of the Core Plus Fixed Income Fund and does not include Acquired Fund fees and expenses. The Core Plus Fixed Income Fund calculates the Acquired Funds’ expenses using the net expense ratios reported in the Acquired Funds’ most recent shareholder reports. |
9 | “Other Expenses” include transfer agency fees and expenses equal on an annualized basis to 0.16% of the average daily net assets of the Class A and Class C Shares and 0.04% of the average daily net assets of the Institutional Shares, plus all ordinary expenses not detailed above. GSAM has voluntarily agreed to reduce or limit “Other Expenses” (excluding management fees, distribution and service fees, transfer agency fees and expenses, taxes, interest, brokerage fees and litigation, indemnification, shareholder meeting and other extraordinary expenses exclusive of any offset arrangements) to 0.004% of the GST Fund’s average daily net assets. These expense reductions may be terminated at any time at the option of the GST Fund’s investment adviser. |
10 | Pursuant to a contract, AXA Equitable has agreed to make payments or waive its management, administrative or other fees to limit the expenses of the AXA Enterprise Fund through February 28, 2008 (unless the Enterprise Multimanager Trust Trustees consent to an earlier revision or termination of this arrangement) so that the Total Fund Operating Expenses of the AXA Enterprise Fund (exclusive of taxes, interest, brokerage commissions, capitalized expenses, expenses of other investment companies in which the Fund invests, and extraordinary expenses) do not exceed 1.25% for Class A Shares, 1.80% for Class B and Class C Shares, 1.05% for Class P Shares and 0.80% for Class Y Shares. AXA Equitable may be reimbursed the amount of any such payments and waivers in the future provided that the payments or waivers are reimbursed within three years of the payment or waiver being made and the combination of the Fund’s expense ratio and such reimbursements do not exceed the Fund’s expense cap. AXA Equitable may discontinue these arrangements at any time after February 28, 2008. |
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1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||
AXA Enterprise Multimanager Core Bond Fund | ||||||||||||||||||
Class A Shares | $ | 596 | $ | 989 | $ | 1,406 | $ | 2,565 | ||||||||||
Class B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 682 | $ | 1,106 | $ | 1,456 | $ | 2,621 | ||||||||||
- assuming no redemption | $ | 182 | $ | 706 | $ | 1,256 | $ | 2,621 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 282 | $ | 706 | $ | 1,256 | $ | 2,756 | ||||||||||
- assuming no redemption | $ | 182 | $ | 706 | $ | 1,256 | $ | 2,756 | ||||||||||
Class P Shares | $ | 651 | $ | 1,002 | $ | 1,376 | $ | 2,423 | ||||||||||
Class Y Shares | $ | 81 | $ | 401 | $ | 743 | $ | 1,709 | ||||||||||
Goldman Sachs Core Plus Fixed Income Fund | ||||||||||||||||||
Class A Shares | $ | 571 | $ | 826 | $ | 1,100 | $ | 1,882 | ||||||||||
Class B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 702 | $ | 924 | $ | 1,273 | $ | 2,123 | ||||||||||
- assuming no redemption | $ | 202 | $ | 624 | $ | 1,073 | $ | 2,123 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 302 | $ | 624 | $ | 1,073 | $ | 2,317 | ||||||||||
- assuming no redemption | $ | 202 | $ | 624 | $ | 1,073 | $ | 2,317 | ||||||||||
Institutional Shares | $ | 89 | $ | 278 | $ | 482 | $ | 1,073 | ||||||||||
Combined Fund Pro Forma | ||||||||||||||||||
Class A Shares | $ | 571 | $ | 826 | $ | 1,100 | $ | 1,882 | ||||||||||
Class B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 702 | $ | 924 | $ | 1,273 | $ | 2,123 | ||||||||||
- assuming no redemption | $ | 202 | $ | 624 | $ | 1,073 | $ | 2,123 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 302 | $ | 624 | $ | 1,073 | $ | 2,317 | ||||||||||
- assuming no redemption | $ | 202 | $ | 624 | $ | 1,073 | $ | 2,317 | ||||||||||
Institutional Shares | $ | 89 | $ | 278 | $ | 482 | $ | 1,073 |
1 | The Class B example for each Fund reflects the conversion of Class B Shares to Class A Shares after approximately eight years from the date of purchase of Class B Shares. |
108
AXA Enterprise Multimanager | ||||
Core Bond Fund | Goldman Sachs Core Plus Fixed Income Fund | |||
Sales charges and Distribution/ Service (Rule 12b-1) Fees | Class A Shares. Class A Shares are subject to a maximum front-end sales charge of 4.75%, which is reduced depending on the amount invested and, in certain circumstances, waived. There is no CDSC on redemptions of Class A Shares, except in certain circumstances when the front-end sales charge is waived. Class A Shares are subject to a Rule 12b-1 fee equal to an annual rate of 0.45% of the Fund’s average daily net assets attributable to Class A Shares. | Class A Shares. Class A Shares are subject to a maximum front-end sales charge of 4.50%, which is reduced depending on the amount invested and, in certain circumstances, waived. There is no CDSC on redemptions of Class A Shares, except in certain circumstances when the front-end sales charge is waived. Class A Shares are subject to a Rule 12b-1 fee equal to an annual rate of 0.25% of the Fund’s average daily net assets attributable to Class A Shares. |
109
AXA Enterprise Multimanager | ||||
Core Bond Fund | Goldman Sachs Core Plus Fixed Income Fund | |||
Class B Shares. There is no front-end sales charge on Class B Shares. However, Class B Shares are subject to a CDSC of up to 5% on certain redemptions within 6 years of purchase. Class B Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class B Shares. Class B Shares convert to Class A Shares approximately 8 years after purchase. | Class B Shares. There is no front-end sales charge on Class B Shares. However, Class B Shares are subject to a CDSC of up to 5% on certain redemptions within 6 years of purchase. Class B Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class B Shares. Class B Shares convert to Class A Shares approximately 8 years after purchase. | |||
Class C Shares. There is no front-end sales charge on Class C Shares. However, Class C Shares are subject to a CDSC of 1% on certain redemptions within the first year of purchase. Class C Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class C Shares. | Class C Shares. There is no front-end sales charge on Class C Shares. However, Class C Shares are subject to a CDSC of 1% on certain redemptions within the first year of purchase. Class C Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class C Shares. | |||
Class P Shares. Class P Shares are no longer available for investment, except through reinvestment of dividends and distributions and through exchanges of Class P Shares of another AXA Enterprise Fund. Class P Shares are subject to a maximum front-end sales charge of 5.50%, which is reduced depending on the amount invested and in certain circumstances, waived. There is no CDSC on redemptions of Class P Shares, except in certain circumstances when the front-end sales charge is waived. Class P Shares are subject to a Rule 12b-1 fee equal to an annual rate of 0.25% of the Fund’s average daily net assets attributable to Class P Shares. | Class P shareholders of the AXA Enterprise Fund will receive Class A Shares of the GST Fund in connection with the Reorganization. Information regarding the sales charges and distribution/service (Rule 12b-1) fees for the Class A Shares of the GST Fund is shown above. | |||
Class Y Shares. Class Y Shares are not subject to any front-end sales charge, CDSC or Rule 12b-1 fees. | Institutional Shares. Institutional Shares are not subject to any front-end sales charge, CDSC or Rule 12b-1 fees. |
110
AXA Enterprise Multimanager | ||||
Core Bond Fund | Goldman Sachs Core Plus Fixed Income Fund | |||
Purchase Policies | Investors can purchase shares of an AXA Enterprise Fund directly through the Fund’s principal underwriter, Enterprise Fund Distributors, Inc., or through an authorized dealer, subject to certain minimum investments and eligibility and other requirements. | Investors can purchase shares of a GST Fund directly from Goldman Sachs, through authorized dealers and directly from GST, subject to certain minimum investments and eligibility and other requirements. | ||
Exchange Policies | Shareholders can exchange shares of the AXA Enterprise Fund at net asset value without the imposition of any front-end sales charge or CDSC at the time of the exchange for shares of the same class of another AXA Enterprise Fund. Redemption of shares (including by exchange) that are held for one month or less may, however, be subject to a redemption fee. | Shareholders can exchange shares of a GST Fund at net asset value without the imposition of any front-end sales charge or CDSC at the time of the exchange for shares of the same class of another Goldman Sachs Fund. Redemption of shares (including by exchange) that are held for 30 or 60 calendar days or less may, however, be subject to a redemption fee. | ||
Redemption Policies | Shareholders can sell (redeem) some or all their shares. Generally, the AXA Enterprise Fund will redeem its shares upon request on any business day at the net asset value next determined after receipt of such request in proper form, subject to any applicable CDSC or redemption fee. Shareholders may request that redemption proceeds be sent by check or wire. Redemptions may be requested in writing or by telephone. | Shareholders can sell (redeem) some or all their shares. Generally, the GST Fund will redeem its shares upon request on any business day at the net asset value next determined after receipt of such request in proper form, subject to any applicable CDSC or redemption fee. Shareholders may request that redemption proceeds be sent by check or wire. Redemptions may be requested in writing or by telephone. | ||
Redemption Fees | There is a 2% redemption fee assessed on certain redemptions of shares (including by exchange) within one month after purchase. | There is a 2% redemption fee assessed on certain redemptions of shares (including by exchange) held for 30 calendar days or less. |
111
AXA Enterprise | Goldman Sachs | |||||||
Multimanager Core | Core Plus Fixed | Pro Forma | Pro Forma | |||||
Bond Fund | Income Fund* | Adjustments | Combined Fund | |||||
Net Assets: | $37,509 (Class A Shares) | $0 (Class A Shares) | $0 | $37,509 (Class A Shares) | ||||
$19,634 (Class B Shares) | $0 (Class B Shares) | $0 | $19,634 (Class B Shares) | |||||
$14,232 (Class C Shares) | $0 (Class C Shares) | $0 | $14,232 (Class C Shares) | |||||
$6,762 (Class P Shares) | $0 | |||||||
$43,033 (Class Y Shares) | $0 (Institutional Shares) | $0 | $43,033 (Institutional Shares) | |||||
Net Asset Value Per Share: | $9.87 (Class A Shares) | $0 (Class A Shares) | $0.00 | $9.87 (Class A Shares) | ||||
$9.85 (Class B Shares) | $0 (Class B Shares) | $0.00 | $9.85 (Class B Shares) | |||||
$9.84 (Class C Shares) | $0 (Class C Shares) | $0.00 | $9.84 (Class C Shares) | |||||
$9.86 (Class P Shares) | ||||||||
$9.87 (Class Y Shares) | $0 (Institutional Shares) | $0.00 | $9.87 (Institutional Shares) | |||||
Shares Outstanding: | 3,800 (Class A Shares) | 0 (Class A Shares) | 0 | 3,800 (Class A Shares) | ||||
1,994 (Class B Shares) | 0 (Class B Shares) | 0 | 1,994 (Class B Shares) | |||||
1,446 (Class C Shares) | 0 (Class C Shares) | 0 | 1,446 (Class C Shares) | |||||
686 (Class P Shares) | ||||||||
4,359 (Class Y Shares) | 0 (Institutional Shares) | 0 | 4,359 (Institutional Shares) |
* | The Goldman Sachs Core Plus Fixed Income Fund will be the accounting survivor for financial statement purposes. |
112
AXA Enterprise Aggressive Allocation Fund | Goldman Sachs Equity Growth Strategy Portfolio | |
Investment Objective | Investment Objective | |
Seeks long-term capital appreciation. | Seeks long-term capital appreciation. | |
Investment Policies | Investment Policies | |
The Fund pursues its investment objective by investing exclusively in other mutual funds managed by AXA Equitable or Enterprise Capital Management, Inc., an affiliate of AXA Equitable (the “AXA Underlying Funds”). | The Fund pursues its investment objective by investing exclusively in other mutual funds managed by GSAM or an affiliate (the “GST Underlying Funds”). | |
The Fund invests approximately 90% of its assets in equity investments and approximately 10% of its assets in fixed income investments through investments in AXA Underlying Funds that invest primarily in either equity securities or fixed-income securities. Subject to this asset allocation target, the Fund generally invests its assets in a combination of AXA Underlying Funds that would result in the Fund being invested in the following asset categories in the approximate percentages: International Equity — 25%; Large Cap Equity — 45%; Small/Mid Cap Equity — 20%; Investment Grade — 10%; and High Yield Bonds — 0%. Actual allocations between asset classes and among asset categories can deviate from the amounts shown above by up to 15% of the Fund’s assets. | Under normal conditions, substantially all of the Fund’s Total Assets will be allocated among GST Underlying Funds that invest primarily in equity securities (“GST Underlying Equity Funds”), with a greater focus on small cap and international investments relative to the other asset allocation funds advised by GSAM (“GST Asset Allocation Funds”). The target allocation is 100% for GST Underlying Equity Funds and 0% for GST Underlying Funds that invest primarily in fixed- income securities (“GST Underlying Fixed-Income Funds”). The allocation range is 80% to 100% for GST Underlying Equity Funds and 0% to 20% for GST Underlying Fixed-Income Funds. The Fund will invest a relatively significant percentage of its assets in the Structured Large Cap Growth, Structured Large Cap Value and Structured International Equity Funds. |
113
AXA Enterprise Aggressive Allocation Fund | Goldman Sachs Equity Growth Strategy Portfolio | |
The Fund is managed so that it can serve as a core part of a larger portfolio. AXA Equitable establishes the asset allocation targets for each asset class and the target investment percentages for each asset category and identifies the specific AXA Underlying Funds in which to invest using its proprietary investment process, based on fundamental research regarding the investment characteristics of the asset classes, asset categories and AXA Underlying Funds, as well as its outlook for the economy and financial markets. AXA Equitable may change the asset allocation targets and the target investment percentages. | The Fund is intended for investors who prefer to have their asset allocation decisions made by professional money managers. GSAM uses a disciplined, rigorous and quantitative approach to global tactical allocation. The Global Tactical Asset Allocation (“GTAA”) strategy attempts to add value by actively managing exposure to global stock, bond and currency markets. GSAM’s GTAA models use financial and economic factors that are designed to capture intuitive fundamental relationships across markets. The Fund may tactically deviate from the strategic allocations based on forecasts provided by the models. This process seeks to add value by overweighting attractive markets and underweighting unattractive markets. | |
Information regarding the AXA Underlying Funds in which the AXA Enterprise Fund currently may invest is included in Appendix D. These Underlying Funds have been selected to represent a reasonable spectrum of investment options for the relevant Fund. AXA Equitable may change the particular Underlying Funds in which the Fund invests from time to time. | Information regarding the GST Underlying Funds in which the GST Fund currently may invest is included in Appendix D. These Underlying Funds have been selected to represent a reasonable spectrum of investment options for the relevant Fund. GSAM may change the particular Underlying Funds in which the Fund invests from time to time. | |
Investment Adviser | Investment Adviser | |
AXA Equitable, through its AXA Funds Management Group unit, serves as the investment adviser for the Fund. | GSAM manages the Fund on a day-to-day basis and will continue to manage the Fund after the Reorganization. |
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AXA Enterprise Aggressive | Goldman Sachs Equity Growth | |||
Allocation Fund | Strategy Portfolio | |||
Net Asset Value Risk | X | X | ||
Interest Rate Risk | X | X | ||
Credit/Default Risk | X | X | ||
Call Risk | X | |||
Extension Risk | X | |||
Stock Risk | X | X | ||
Derivatives Risk | X | X | ||
Management Risk | X | X | ||
Market Risk | X | X | ||
Liquidity Risk | X | X | ||
Investment Style Risk | X | X | ||
Mid Cap and Small Cap Risk | X | X | ||
Foreign Risk | X | X | ||
Emerging Countries Risk | X | X | ||
Geographic Risk | X | X | ||
Issuer-Specific Risk | X | X | ||
Sub-adviser Selection Risk | X | |||
Large Capitalization Risk | X | X | ||
Currency Risk | X | X | ||
Investment Grade Securities Risk | X | |||
Investing in Underlying Funds | X | X | ||
Investments of Underlying Funds | X | X | ||
Affiliated Persons | X | X | ||
Expenses | X | X | ||
Initial Public Offering (“IPO”) Risk | X |
115
116
AXA Enterprise Aggressive | Goldman Sachs Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Allocation Fund | Growth Strategy Portfolio | Combined Fund Pro Forma | ||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class Y | Class A | Class B | Class C | Institutional | Class A | Class B | Class C | Institutional | |||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | |||||||||||||||||||||||||||||||||||||
Shareholder Fees (fees paid directly from your investment): | ||||||||||||||||||||||||||||||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Purchases | 4.75% | 1 | None | None | None | 5.50% | 1 | None | None | None | 5.50% | 1 | None | None | None | |||||||||||||||||||||||||||||||||
Maximum Deferred Sales Charge (Load) 2 | None | 1 | 5.00% | 3 | 1.00% | 4 | None | None | 1 | 5.00% | 3 | 1.00% | 4 | None | None | 1 | 5.00% | 3 | 1.00% | 4 | None | |||||||||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Reinvested Dividends | None | None | None | None | None | None | None | None | None | None | None | None | ||||||||||||||||||||||||||||||||||||
Redemption Fees | 2.00% | 5 | 2.00% | 5 | 2.00% | 5 | 2.00% | 5 | None | None | None | None | None | None | None | None | ||||||||||||||||||||||||||||||||
Exchange Fees | None | None | None | None | None | None | None | None | None | None | None | None |
AXA Enterprise Aggressive | Goldman Sachs Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Allocation Fund | Growth Strategy Portfolio | Combined Fund Pro Forma | ||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class Y | Class A | Class B | Class C | Institutional | Class A | Class B | Class C | Institutional | |||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | |||||||||||||||||||||||||||||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | ||||||||||||||||||||||||||||||||||||||||||||||||
Management Fees (for asset allocation) | 0.20% | 0.20% | 0.20% | 0.20% | 0.15% | 6 | 0.15% | 6 | 0.15% | 6 | 0.15% | 6 | 0.15% | 6 | 0.15% | 6 | 0.15% | 6 | 0.15% | 6 | ||||||||||||||||||||||||||||
Distribution and Service (12b-1) Fees | 0.30% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | ||||||||||||||||||||||||||||||||||||
Other Expenses* | 1.78% | 1.68% | 1.68% | 1.64% | 0.31% | 7 | 0.31% | 7 | 0.31% | 7 | 0.16% | 7 | 0.31% | 7 | 0.31% | 7 | 0.31% | 7 | 0.16% | 7 | ||||||||||||||||||||||||||||
Underlying Fund Expenses8 | 8.15% | 9 | 8.85% | 9 | 8.85% | 9 | 7.85% | 9 | 0.85% | 9 | 0.85% | 10 | 0.85% | 10 | 0.85% | 10 | 0.85% | 10 | 0.85% | 10 | 0.85% | 10 | 0.85% | 10 | ||||||||||||||||||||||||
Total Other and Underlying Fund Expenses | 9.93% | 10.53% | 10.53% | 9.49% | 1.16% | 1.16% | 1.16% | 1.01% | 1.16% | 1.16% | 1.16% | 1.01% | ||||||||||||||||||||||||||||||||||||
Total Fund Operating Expenses* | 10.43% | 11 | 11.73% | 11 | 11.73% | 11 | 9.69% | 11 | 1.56% | 2.31% | 2.31% | 1.16% | 1.56% | 2.31% | 2.31% | 1.16% |
* | The “Other Expenses” and “Total Fund Operating Expenses” (after any waivers and expense limitations) of the AXA Enterprise Fund, GST Fund and Combined Fund are as set forth below. |
AXA Enterprise Aggressive | Goldman Sachs Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Allocation Fund | Growth Strategy Portfolio | Combined Fund Pro Forma | ||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class Y | Class A | Class B | Class C | Institutional | Class A | Class B | Class C | Institutional | |||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | |||||||||||||||||||||||||||||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | ||||||||||||||||||||||||||||||||||||||||||||||||
Management Fees (for asset allocation) | 0.00% | 0.00% | 0.00% | 0.00% | 0.15% | 6 | 0.15% | 6 | 0.15% | 6 | 0.15% | 6 | 0.15% | 6 | 0.15% | 6 | 0.15% | 6 | 0.15% | 6 | ||||||||||||||||||||||||||||
Distribution and Service (12b-1) Fees | 0.30% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | ||||||||||||||||||||||||||||||||||||
Other Expenses | 0.36% | 0.21% | 0.21% | 0.21% | 0.19% | 7 | 0.19% | 7 | 0.19% | 7 | 0.04% | 7 | 0.19% | 7 | 0.19% | 7 | 0.19% | 7 | 0.04% | 7 | ||||||||||||||||||||||||||||
Underlying Fund Expenses8 | 1.70% | 9 | 2.40% | 9 | 2.40% | 9 | 1.40% | 9 | 0.80% | 10 | 0.80% | 10 | 0.80% | 10 | 0.80% | 10 | 0.80% | 10 | 0.80% | 10 | 0.80% | 10 | 0.80% | 10 | ||||||||||||||||||||||||
Total Other and Underlying Fund Expenses | 2.06% | 2.61% | 2.61% | 1.61% | 0.99% | 0.99% | 0.99% | 0.84% | 0.99% | 0.99% | 0.99% | 0.84% | ||||||||||||||||||||||||||||||||||||
Total Fund Operating Expenses (after current expense limitations) | 2.36% | 9,11 | 3.61% | 9,11 | 3.61% | 9,11 | 1.61% | 9,11 | 1.39% | 2.14% | 2.14% | 0.99% | 1.36% | 2.14% | 2.14% | 0.99% |
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1 | The maximum sales charge is a percentage of the offering price. This sales charge varies depending on how much you invest. Under certain circumstances, the maximum sales charge may be reduced or waived entirely. If you buy $1,000,000 or more ($100,000 or more for certain employee benefit plans and $500,000 or more for certain individual retirement accounts) of Class A Shares of an AXA Enterprise Fund at net asset value and redeem those shares within 12 months of end of the calendar month of their purchase, a CDSC of 1.00% generally will apply to the redemptions of those shares. A CDSC of 1% is imposed on certain redemptions (within 18 months of purchase) of Class A Shares of a GST Fund sold without an initial sales charge as part of an investment of $1 million or more. |
2 | The maximum CDSC is a percentage of the lesser of the net asset value at the time of the redemption or the net asset value when the shares were originally purchased. |
3 | A CDSC is imposed upon Class B Shares of an AXA Enterprise Fund or GST Fund redeemed within six years of purchase at a rate of 5% in the first year, declining to 1% in the sixth year, and eliminated thereafter. Class B Shares of AXA Enterprise Funds and GST Funds automatically convert to Class A Shares eight years after the end of the calendar month in which you purchased them and will be subject to lower expenses. |
4 | A CDSC of 1% is imposed on Class C Shares of an AXA Enterprise Fund or GST Fund redeemed within 12 months of purchase. |
5 | If you redeem or exchange shares of an AXA Enterprise Fund after holding them one month or less, a fee of 2.00% of the current net asset value of the shares being redeemed or exchanged generally will be assessed and retained by the respective Fund for the benefit of the remaining shareholders. |
6 | GSAM’s fee reduction commitment with GST has permanently reduced the management fee for the Goldman Sachs Equity Growth Strategy Portfolio to an annual rate of 0.15% of the average daily net assets of the Fund. As a result, “Management Fees” and “Total Fund Operating Expenses” of the Fund have been restated to reflect the current expenses that are expected for the current fiscal year. |
7 | “Other Expenses” of the GST Fund include transfer agency fees and expenses equal on an annualized basis to 0.19% of the average daily net assets of the Fund’s Class A, B and C Shares and 0.04% of the average daily net assets of the Institutional Shares, plus all other ordinary expenses not detailed above. GSAM has voluntarily agreed to reduce or limit “Other Expenses” (excluding management fees, distribution and service fees, transfer agency fees and expenses, taxes, interest, brokerage fees and litigation, indemnification, shareholder meeting and other extraordinary expenses exclusive of any offset arrangements) to 0.004% of the GST Fund’s average daily net assets. These expense reductions may be terminated at any time at the option of the GST Fund’s investment adviser. |
8 | The AXA Enterprise Aggressive Allocation Fund and Goldman Sachs Equity Growth Strategy Portfolio invest in shares of Underlying Funds (as defined below). Therefore, each Fund will, in addition to its own expenses such as management fees, bear its pro rata share of the fees and expenses incurred by the Underlying Funds and the investment return of each Fund will be reduced by each Underlying Fund’s expenses. |
9 | The range of expenses (as a percentage of net assets) expected to be incurred indirectly in connection with the AXA Enterprise Aggressive Allocation Fund’s investments in Underlying Funds is 1.20% to 1.70%. Thus, the Total Fund Operating Expenses (after current expense limitations) ratio of the Fund, including the Fund’s direct and indirect expenses, is currently expected to range from 1.70% to 2.20% for Class A Shares, 2.40% to 2.90% for Class B Shares, 2.40% to 2.90% for Class C Shares, and 1.40% to 1.90% for Class Y Shares, after taking into account the fee waiver and expense reimbursement arrangement described above. The Underlying Fund Expenses and Total Fund Operating Expenses (after current expense limitations) set forth in the fee and expense tables assume the highest amount of the expected range of expenses of the Underlying Funds is incurred. Absent this arrangement, the total operating expense ratio of the shares of the Fund would range from 8.15% to 8.65% for Class A Shares, 8.85% to 9.35% for Class B Shares, 8.85% to 9.35% for Class C Shares, and 7.85% to 8.35% for Class Y Shares. This information is based on a weighted-average range of the expense ratios since the average assets of the Fund invested in the Underlying Funds will fluctuate. The total expense ratios may be higher or lower depending on the allocation of the Fund’s assets among Underlying Funds and the actual expenses of the Underlying Funds. An investor could realize lower overall expenses by investing directly in the Underlying Funds. |
10 | “Underlying Fund Expenses” for the Goldman Sachs Equity Growth Strategy Portfolio are based upon the strategic allocation of the Fund’s investment in the Underlying Funds and upon the actual total operating expenses of the Underlying Funds (including any current waivers and expense limitations of the Underlying Funds). Actual Underlying Fund expenses incurred by the Fund may vary with changes in the allocation of the Fund’s assets among the Underlying Funds and with other events that directly affect the expenses of the Underlying Funds. |
118
11 | Pursuant to a contract, AXA Equitable has agreed to make payments or waive its management, administrative or other fees to limit the expenses of the AXA Enterprise Fund through April 30, 2008 (unless the Enterprise Multimanager Trust Trustees consent to an earlier revision or termination of this arrangement) so that the Total Fund Operating Expenses of the AXA Enterprise Fund (exclusive of taxes, interest, brokerage commissions, capitalized expenses, expenses of other investment companies in which the Fund invests, and extraordinary expenses) do not exceed 0.50% for Class A Shares, 1.20% for Class B and Class C Shares and 0.20% for Class Y Shares. The Total Fund Operating Expenses set forth in the previous sentence with respect to AXA Enterprise Aggressive Allocation Fund do not include the proportionate share of Underlying Fund expenses that this Fund indirectly bears. AXA Equitable may be reimbursed the amount of any such payments and waivers in the future provided that the payments or waivers are reimbursed within three years of the payment or waiver being made and the combination of the Fund’s expense ratio and such reimbursements do not exceed the Fund’s expense cap. AXA Equitable may discontinue these arrangements at any time after April 30, 2008. |
1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||
AXA Enterprise Aggressive Allocation Fund | ||||||||||||||||||
Class A Shares | $ | 694 | $ | 2,472 | $ | 4,063 | $ | 7,342 | ||||||||||
Class B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 849 | $ | 2,792 | $ | 4,370 | $ | 7,543 | ||||||||||
- assuming no redemption | $ | 349 | $ | 2,392 | $ | 4,170 | $ | 7,543 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 449 | $ | 2,392 | $ | 4,170 | $ | 7,667 | ||||||||||
- assuming no redemption | $ | 349 | $ | 2,392 | $ | 4,170 | $ | 7,667 | ||||||||||
Class Y Shares | $ | 157 | $ | 1,919 | $ | 3,519 | $ | 6,907 | ||||||||||
Goldman Sachs Equity Growth Strategy Portfolio | ||||||||||||||||||
Class A Shares | $ | 700 | $ | 1,016 | $ | 1,353 | $ | 2,304 | ||||||||||
Class B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 734 | $ | 1,021 | $ | 1,435 | $ | 2,458 | ||||||||||
- assuming no redemption | $ | 234 | $ | 721 | $ | 1,235 | $ | 2,458 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 334 | $ | 721 | $ | 1,235 | $ | 2,646 | ||||||||||
- assuming no redemption | $ | 234 | $ | 721 | $ | 1,235 | $ | 2,646 | ||||||||||
Institutional Shares | $ | 118 | $ | 368 | $ | 638 | $ | 1,409 |
119
1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||
Combined Fund Pro Forma | ||||||||||||||||||
Class A Shares | $ | 700 | $ | 1,016 | $ | 1,353 | $ | 2,304 | ||||||||||
Class B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 734 | $ | 1,021 | $ | 1,435 | $ | 2,458 | ||||||||||
- assuming no redemption | $ | 234 | $ | 721 | $ | 1,235 | $ | 2,458 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 334 | $ | 721 | $ | 1,235 | $ | 2,646 | ||||||||||
- assuming no redemption | $ | 234 | $ | 721 | $ | 1,235 | $ | 2,646 | ||||||||||
Institutional Shares | $ | 118 | $ | 368 | $ | 638 | $ | 1,409 |
1 | The Class B example for each Fund reflects the conversion of Class B Shares to Class A Shares after approximately eight years from the date of purchase of Class B Shares. |
120
10 Years | ||||||||||||
Average Annual Total Returns | or Since | |||||||||||
(For the periods ended December 31, 2006) | 1 Year | 5 Years | Inception | |||||||||
Class A (inception 1/10/05) | ||||||||||||
Return Before Taxes | 10.93% | NA | 10.33% | |||||||||
Return After Taxes on Distributions1 | 10.01% | NA | 9.44% | |||||||||
Return After Taxes on Distributions and Sale of Fund Shares1 | 7.23% | NA | 8.34% | |||||||||
Aggressive Allocation Index2 | 16.15% | NA | 12.07% | |||||||||
Class B (inception 1/10/05) | ||||||||||||
Return Before Taxes | 10.77% | NA | 10.64% | |||||||||
Aggressive Allocation Index | 16.15% | NA | 12.07% | |||||||||
Class C (inception 1/10/05) | ||||||||||||
Return Before Taxes | 14.69% | NA | 12.37% | |||||||||
Aggressive Allocation Index | 16.15% | NA | 12.07% | |||||||||
Class Y (inception 1/10/05) | ||||||||||||
Return Before Taxes | 16.78% | NA | 13.48% | |||||||||
Aggressive Allocation Index | 16.15% | NA | 12.07% |
10 Years | ||||||||||||
Average Annual Total Returns | or Since | |||||||||||
(For the periods ended December 31, 2006) | 1 Year | 5 Years | Inception | |||||||||
Class A (inception 1/2/98) | ||||||||||||
Return Before Taxes | 20.64% | 12.71% | 6.68% | |||||||||
Return After Taxes on Distributions1 | 13.21% | 11.24% | 5.69% | |||||||||
Return After Taxes on Distributions and Sale of Fund Shares1 | 9.80% | 9.96% | 5.09% | |||||||||
S&P 500 Index3 | 15.79% | 6.19% | 5.95% | |||||||||
MSCI EAFE Index4 | 26.86% | 15.42% | 8.75% | |||||||||
Russell 2000 Index5 | 18.37% | 11.38% | 8.09% | |||||||||
MSCI Emerging Markets Free Index6 | 32.59% | 26.96% | 12.02% | |||||||||
Class B (inception 1/2/98) | ||||||||||||
Return Before Taxes | 19.71% | 11.86% | 5.89% | |||||||||
S&P 500 Index | 15.79% | 6.19% | 5.95% | |||||||||
MSCI EAFE Index | 26.86% | 15.42% | 8.75% | |||||||||
Russell 2000 Index | 18.37% | 11.38% | 8.09% | |||||||||
MSCI Emerging Markets Free Index | 32.59% | 26.96% | 12.02% |
121
10 Years | ||||||||||||
Average Annual Total Returns | or Since | |||||||||||
(For the periods ended December 31, 2006) | 1 Year | 5 Years | Inception | |||||||||
Class C (inception 1/2/98) | ||||||||||||
Return Before Taxes | 19.68% | 11.86% | 5.90% | |||||||||
S&P 500 Index | 15.79% | 6.19% | 5.95% | |||||||||
MSCI EAFE Index | 26.86% | 15.42% | 8.75% | |||||||||
Russell 2000 Index | 18.37% | 11.38% | 8.09% | |||||||||
MSCI Emerging Markets Free Index | 32.59% | 26.96% | 12.02% | |||||||||
Institutional Class (inception 1/2/98) | ||||||||||||
Return Before Taxes | 21.05% | 13.15% | 7.06% | |||||||||
S&P 500 Index | 15.79% | 6.19% | 5.95% | |||||||||
MSCI EAFE Index | 26.86% | 15.42% | 8.75% | |||||||||
Russell 2000 Index | 18.37% | 11.38% | 8.09% | |||||||||
MSCI Emerging Markets Free Index | 32.59% | 26.96% | 12.02% |
1 | The after-tax returns are for Class A Shares only. The after-tax returns for Class B, Class C, Class Y, and Institutional Class Shares will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. |
2 | The Aggressive Allocation Index is a weighted blend of the Lehman Brothers Aggregate Bond Index, the S&P 500 Index and the MSCI® EAFE® Index in the following proportions: 10% Lehman Brothers Aggregate Bond Index; 65% S&P 500 Index; and 25% MSCI® EAFE® Index. The Lehman Brothers Aggregate Bond Index covers the U.S. investment grade fixed-rate bond market, including government and credit securities, taxable municipal securities, agency mortgage pass-through securities, asset-backed securities, and commercial mortgage-based securities. The S&P 500® Index is an unmanaged broad-based index that includes 500 companies that tend to be leaders in important industries within the U.S. economy. The MSCI® EAFE® Index is a free float-adjusted market capitalization index that is designed to measure developed market equity performance, excluding the U.S. and Canada. The Aggressive Allocation Index figures do not reflect any deduction for fees, expenses or taxes. |
3 | The S&P 500® Index is an unmanaged broad-based index that includes 500 companies that tend to be leaders in important industries within the U.S. economy. The Index figures do not reflect any deduction for fees, expenses or taxes. |
4 | The MSCI® EAFE® Index is a free float-adjusted market capitalization index that is designed to measure developed market equity performance, excluding the U.S. and Canada. The Index figures do not reflect any deduction for fees, expenses or taxes. |
5 | The Russell 2000® Index is an unmanaged index of common stock prices that measures the performance of the 2000 smallest companies in the Russell 3000® Index. The Index figures do not reflect any deduction for fees, expenses or taxes. |
6 | The MSCI® Emerging Markets Free (EMF) Index is an unmanaged free float-adjusted market capitalization-weighted index that is designed to measure equity market performance in the global emerging markets of over 26 emerging market countries. The Index figures do not reflect any deduction for fees, expenses or taxes. |
122
AXA Enterprise Aggressive Allocation Fund | Goldman Sachs Equity Growth Strategy Portfolio | |||
Sales charges and Distribution/Service (Rule 12b-1) Fees | Class A Shares. Class A Shares are subject to a maximum front-end sales charge of 4.75%, which is reduced depending on the amount invested and, in certain circumstances, waived. There is no CDSC on redemptions of Class A Shares, except in certain circumstances when the front-end sales charge is waived. Class A Shares are subject to a Rule 12b-1 fee equal to an annual rate of 0.30% of the Fund’s average daily net assets attributable to Class A Shares. | Class A Shares. Class A Shares are subject to a maximum front-end sales charge of 5.50%, which is reduced depending on the amount invested and, in certain circumstances, waived. There is no CDSC on redemptions of Class A Shares, except in certain circumstances when the front-end sales charge is waived. Class A Shares are subject to a Rule 12b-1 fee equal to an annual rate of 0.25% of the Fund’s average daily net assets attributable to Class A Shares. | ||
Class B Shares. There is no front-end sales charge on Class B Shares. However, Class B Shares are subject to a CDSC of up to 5% on certain redemptions within 6 years of purchase. Class B Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class B Shares. Class B Shares convert to Class A Shares approximately 8 years after purchase. | Class B Shares. There is no front-end sales charge on Class B Shares. However, Class B Shares are subject to a CDSC of up to 5% on certain redemptions within 6 years of purchase. Class B Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class B Shares. Class B Shares convert to Class A Shares approximately 8 years after purchase. | |||
Class C Shares. There is no front-end sales charge on Class C Shares. However, Class C Shares are subject to a CDSC of 1% on certain redemptions within the first year of purchase. Class C Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class C Shares. | Class C Shares. There is no front-end sales charge on Class C Shares. However, Class C Shares are subject to a CDSC of 1% on certain redemptions within the first year of purchase. Class C Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class C Shares. | |||
Class Y Shares. Class Y Shares are not subject to any front-end sales charge, CDSC or Rule 12b-1 fees. | Institutional Shares. Institutional Shares are not subject to any front-end sales charge, CDSC or Rule 12b-1 fees. |
123
AXA Enterprise Aggressive Allocation Fund | Goldman Sachs Equity Growth Strategy Portfolio | |||
Purchase Policies | Investors can purchases shares of an AXA Enterprise Fund directly through the Fund’s principal underwriter, Enterprise Fund Distributors, Inc., or through an authorized dealer, subject to certain minimum investments and eligibility and other requirements. | Investors can purchase shares of a GST Fund directly from Goldman Sachs, through authorized dealers and directly from GST, subject to certain minimum investments and eligibility and other requirements. | ||
Exchange Policies | Shareholders can exchange shares of the AXA Enterprise Fund at net asset value without the imposition of any front-end sales charge or CDSC at the time of the exchange for shares of the same class of another AXA Enterprise Fund. Redemption of shares (including by exchange) that are held for one month or less may, however, be subject to a redemption fee. | Shareholders can exchange shares of a GST Fund at net asset value without the imposition of any front-end sales charge or CDSC at the time of the exchange for shares of the same class of another Goldman Sachs Fund. Redemption of shares (including by exchange) that are held for 30 or 60 calendar days or less may, however, be subject to a redemption fee. | ||
Redemption Policies | Shareholders can sell (redeem) some or all their shares. Generally, the AXA Enterprise Fund will redeem its shares upon request on any business day at the net asset value next determined after receipt of such request in proper form, subject to any applicable CDSC or redemption fee. Shareholders may request that redemption proceeds be sent by check or wire. Redemptions may be requested in writing or by telephone. | Shareholders can sell (redeem) some or all their shares. Generally, the GST Fund will redeem its shares upon request on any business day at the net asset value next determined after receipt of such request in proper form, subject to any applicable CDSC or redemption fee. Shareholders may request that redemption proceeds be sent by check or wire. Redemptions may be requested in writing or by telephone. | ||
Redemption Fees | There is a 2% redemption fee assessed on certain redemptions of shares (including by exchange) within one month after purchase. | The Fund does not impose any redemption fees. |
124
AXA Enterprise | Goldman Sachs | |||||||
Aggressive | Equity Growth | Pro Forma | Pro Forma | |||||
Allocation Fund | Strategy Portfolio* | Adjustments | Combined Fund | |||||
Net Assets: | $8,057 | $193,430 | $(0) | $201,487 | ||||
(Class A Shares) | (Class A Shares) | (Class A Shares) | ||||||
$3,798 | $31,704 | $0 | $35,502 | |||||
(Class B Shares) | (Class B Shares) | (Class B Shares) | ||||||
$3,420 | $106,214 | $0 | $109,634 | |||||
(Class C Shares) | (Class C Shares) | (Class C Shares) | ||||||
$149 | $14,916 | $0 | $15,065 | |||||
(Class Y Shares) | (Institutional Shares) | (Institutional Shares) | ||||||
Net Asset Value Per Share: | $11.29 | $14.75 | $(11.29) | $14.75 | ||||
(Class A Shares) | (Class A Shares) | (Class A Shares) | ||||||
$11.26 | $14.27 | $(11.26) | $14.27 | |||||
(Class B Shares) | (Class B Shares) | (Class B Shares) | ||||||
$11.25 | $14.24 | $(11.25) | $14.24 | |||||
(Class C Shares) | (Class C Shares) | (Class C Shares) | ||||||
$11.30 | $14.90 | $(11.30) | $14.90 | |||||
(Class Y Shares) | (Institutional Shares) | (Institutional Shares) | ||||||
Shares Outstanding: | 714 | 13,116 | (167) | 13,663 | ||||
(Class A Shares) | (Class A Shares) | (Class A Shares) | ||||||
337 | 2,222 | (71) | 2,488 | |||||
(Class B Shares) | (Class B Shares) | (Class B Shares) | ||||||
304 | 7,456 | (64) | 7,696 | |||||
(Class C Shares) | (Class C Shares) | (Class C Shares) | ||||||
13 | 1,001 | (3) | 1,011 | |||||
(Class Y Shares) | (Institutional Shares) | (Institutional Shares) |
* | The Goldman Sachs Equity Growth Strategy Portfolio will be the accounting survivor for financial statement purposes. |
125
AXA Enterprise Conservative Allocation Fund | Goldman Sachs Balanced Strategy Portfolio | |
Investment Objective | Investment Objective | |
Seeks a high level of current income. | Current income and long-term capital appreciation. | |
Investment Policies | Investment Policies | |
The Fund pursues its investment objective by investing exclusively in other mutual funds managed by AXA Equitable or Enterprise Capital Management, Inc., an affiliate of AXA Equitable. | The Fund pursues its investment objective by investing exclusively in other mutual funds managed by GSAM or an affiliate. | |
The Fund invests approximately 80% of its assets in fixed income investments and approximately 20% of its assets in equity investments through investments in AXA Underlying Funds. Subject to this asset allocation target, the Fund generally invests its assets in a combination of AXA Underlying Funds that would result in the Fund being invested in the following asset categories in the following approximate percentages: 5% in International Equity Securities, 10% in Large Cap Equity Securities, 5% in Small/Mid Cap Equity Securities, 75% in Investment Grade Bonds and 5% in High Yield Bonds. The target allocation to investment grade and high yield fixed income asset classes may include securities of both U.S. and foreign issuers. Actual allocations between asset classes and among asset categories can deviate from the amounts shown above by up to 15% of the Fund’s assets. | Under normal conditions, approximately 60% of the Fund’s Total Assets will be allocated among GST Underlying Fixed-Income Funds and 40% of the Fund’s Total Assets will be allocated among GST Underlying Equity Funds. Allocation to GST Underlying Equity Funds is intended to add diversification and enhance returns, but will also add some volatility. GSAM expects that the Fund will invest a relatively significant percentage of its equity allocation in the Goldman Sachs Structured Large Cap Growth, Goldman Sachs Structured Large Cap Value, and Goldman Sachs Structured International Equity Funds and may invest a relatively significant percentage of its assets in the Goldman Sachs Global Income and Goldman Sachs High Yield Funds. It is expected that the Fund will invest more than 25% of its assets in the Goldman Sachs Short Duration Government Fund. The target allocation is 40% for GST Underlying Equity Fund and 60% for GST Underlying Fixed-Income Funds. The allocation range is 20-60% for GST Underlying Equity Funds and 40%-80% for GST Underlying Fixed-Income Funds. |
126
AXA Enterprise Conservative Allocation Fund | Goldman Sachs Balanced Strategy Portfolio | |
The Fund is managed so that it can serve as a core part of a larger portfolio. AXA Equitable establishes the asset allocation targets for each asset class and the target investment percentages for each asset category and identifies the specific AXA Underlying Funds in which to invest using its proprietary investment process, based on fundamental research regarding the investment characteristics of the asset classes, asset categories and AXA Underlying Funds, as well as its outlook for the economy and financial markets. AXA Equitable may change the asset allocation targets and the target investment percentages. | The Fund is intended for investors who prefer to have their asset allocation decisions made by professional money managers. GSAM uses a disciplined, rigorous and quantitative approach to global tactical allocation. The Global Tactical Asset Allocation (“GTAA”) strategy attempts to add value by actively managing exposure to global stock, bond and currency markets. GSAM’s GTAA models use financial and economic factors that are designed to capture intuitive fundamental relationships across markets. The Fund may tactically deviate from the strategic allocations based on forecasts provided by the models. This process seeks to add value by overweighting attractive markets and underweighting unattractive markets. | |
Information regarding the AXA Underlying Funds in which the AXA Enterprise Fund currently may invest is included in Appendix D. These Underlying Funds have been selected to represent a reasonable spectrum of investment options for the relevant Fund. AXA Equitable may change the particular Underlying Funds in which the Fund invests from time to time. | Information regarding the GST Underlying Funds in which the GST Fund currently may invest is included in Appendix D. These Underlying Funds have been selected to represent a reasonable spectrum of investment options for the relevant Fund. GSAM may change the particular Underlying Funds in which the Fund invests from time to time. | |
Investment Adviser | Investment Adviser | |
AXA Equitable, through its AXA Funds Management Group unit, serves as the investment adviser for the Fund. | GSAM manages the Fund on a day-to-day basis and will continue to manage the Fund after the Reorganization. |
127
AXA Enterprise Conservative | Goldman Sachs Balanced | |||
Allocation Fund | Strategy Portfolio | |||
Net Asset Value Risk | X | X | ||
Interest Rate Risk | X | X | ||
Credit/Default Risk | X | X | ||
Call Risk | X | X | ||
Extension Risk | X | X | ||
Stock Risk | X | X | ||
Derivatives Risk | X | X | ||
Management Risk | X | X | ||
Market Risk | X | X | ||
Liquidity Risk | X | X | ||
Investment Style Risk | X | X | ||
Mid Cap and Small Cap Risk | X | X | ||
Foreign Risk | X | X | ||
Emerging Countries Risk | X | X | ||
Geographic Risk | X | X | ||
Issuer Specific Risk | X | X | ||
Sub-Adviser Selection Risk | X | |||
Large Capitalization Risk | X | X | ||
Currency Risk | X | X | ||
Investment Grade Securities Risk | X | X | ||
Investing in Underlying Funds | X | X | ||
Investments of Underlying Funds | X | X | ||
Affiliated Persons | X | X | ||
Expenses | X | X | ||
U.S. Government Securities Risk | X | X | ||
Sovereign Risk | X | X | ||
Junk Bond Risk | X | X | ||
Non-Hedging Foreign Currency Trading Risk | X | |||
Initial Public Offering Risk | X |
128
129
AXA Enterprise | Goldman Sachs | Combined Fund | ||||||||||||||||||||||||||||||||||||||||||||||
Conservative Allocation Fund | Balanced Strategy Portfolio | Pro Forma | ||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class Y | Class A | Class B | Class C | Institutional | Class A | Class B | Class C | Institutional | |||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | |||||||||||||||||||||||||||||||||||||
Shareholder Fees (fees paid directly from your investment): | ||||||||||||||||||||||||||||||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Purchases | 4.75% | 1 | None | None | None | 5.50% | 1 | None | None | None | 5.50% | 1 | None | None | None | |||||||||||||||||||||||||||||||||
Maximum Deferred Sales Charge (Load) 2 | None | 1 | 5.00% | 3 | 1.00% | 4 | None | None | 1 | 5.00% | 3 | 1.00% | 4 | None | None | 1 | 5.00% | 3 | 1.00% | 4 | None | |||||||||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Reinvested Dividends | None | None | None | None | None | None | None | None | None | None | None | None | ||||||||||||||||||||||||||||||||||||
Redemption Fees | 2.00% | 5 | 2.00% | 5 | 2.00% | 5 | 2.00% | 5 | None | None | None | None | None | None | None | None | ||||||||||||||||||||||||||||||||
Exchange Fees | None | None | None | None | None | None | None | None | None | None | None | None |
AXA Enterprise | Goldman Sachs | Combined Fund | ||||||||||||||||||||||||||||||||||||||||||||||
Conservative Allocation Fund | Balanced Strategy Portfolio | Pro Forma | ||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class Y | Class A | Class B | Class C | Institutional | Class A | Class B | Class C | Institutional | |||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | |||||||||||||||||||||||||||||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | ||||||||||||||||||||||||||||||||||||||||||||||||
Management Fees (for asset allocation) | 0.20% | 0.20% | 0.20% | 0.20% | 0.15% | 6 | 0.15% | 6 | 0.15% | 6 | 0.15% | 6 | 0.15% | 6 | 0.15% | 6 | 0.15% | 6 | 0.15% | 6 | ||||||||||||||||||||||||||||
Distribution and Service (12b-1) Fees | 0.30% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | ||||||||||||||||||||||||||||||||||||
Other Expenses* | 2.61% | 2.46% | 2.46% | 2.46% | 0.28% | 7 | 0.28% | 7 | 0.28% | 7 | 0.13% | 7 | 0.28% | 7 | 0.28% | 7 | 0.28% | 7 | 0.13% | 7 | ||||||||||||||||||||||||||||
Underlying Fund Expenses8 | 13.04% | 9 | 13.74% | 9 | 13.74% | 9 | 12.74% | 9 | 0.69% | 10 | 0.69% | 10 | 0.69% | 10 | 0.69% | 10 | 0.69% | 10 | 0.69% | 10 | 0.69% | 10 | 0.69% | 10 | ||||||||||||||||||||||||
Total Other and Underlying Fund Expenses | 15.65% | 16.20% | 16.20% | 15.20% | 0.97% | 0.97% | 0.97% | 0.82% | 0.97% | 0.97% | 0.97% | 0.82% | ||||||||||||||||||||||||||||||||||||
Total Fund Operating Expenses* | 16.15% | 11 | 17.40% | 11 | 17.40% | 11 | 15.40% | 11 | 1.37% | 2.12% | 2.12% | 1.97% | 1.37% | 2.12% | 2.12% | �� | 0.97% |
* | The “Other Expenses” and “Total Fund Operating Expenses” (after any waivers and expense limitations) of the AXA Enterprise Fund, GST Fund and Combined Fund are as set forth below. |
AXA Enterprise | Goldman Sachs | Combined Fund | ||||||||||||||||||||||||||||||||||||||||||||||
Conservative Allocation Fund | Balanced Strategy Portfolio | Pro Forma | ||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class Y | Class A | Class B | Class C | Institutional | Class A | Class B | Class C | Institutional | |||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | |||||||||||||||||||||||||||||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | ||||||||||||||||||||||||||||||||||||||||||||||||
Management Fees (for asset allocation) | 0.00% | 0.00% | 0.00% | 0.00% | 0.15% | 6 | 0.15% | 6 | 0.15% | 6 | 0.15% | 6 | 0.15% | 6 | 0.15% | 6 | 0.15% | 6 | 0.15% | 6 | ||||||||||||||||||||||||||||
Distribution and Service (12b-1) Fees | 0.30% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | ||||||||||||||||||||||||||||||||||||
Other Expenses | 0.39% | 0.24% | 0.24% | 0.24% | 0.19% | 7 | 0.19% | 7 | 0.19% | 7 | 0.04% | 7 | 0.19% | 0.19% | 0.19% | 0.04% | ||||||||||||||||||||||||||||||||
Underlying Fund Expenses8 | 1.25% | 9 | 1.95% | 9 | 1.95% | 9 | 0.95% | 9 | 0.62% | 10 | 0.62% | 10 | 0.62% | 10 | 0.62% | 10 | 0.62% | 10 | 0.62% | 10 | 0.62% | 10 | 0.62% | 10 | ||||||||||||||||||||||||
Total Other and Underlying Fund Expenses | 1.64% | 2.19% | 2.19% | 1.19% | 0.81% | 0.81% | 0.81% | 0.66% | 0.81% | 0.81% | 0.81% | 0.66% | ||||||||||||||||||||||||||||||||||||
Total Fund Operating Expenses (after current expense limitations) | 1.94% | 9,11 | 3.19% | 9,11 | 3.19% | 9,11 | 1.19% | 9,11 | 1.21% | 1.96% | 1.96% | 0.81% | 1.21% | 1.96% | 1.96% | 0.81% |
130
1 | The maximum sales charge is a percentage of the offering price. This sales charge varies depending on how much you invest. Under certain circumstances, the maximum sales charge may be reduced or waived entirely. If you buy $1,000,000 or more ($100,000 or more for certain employee benefit plans and $500,000 or more for certain individual retirement accounts) of Class A Shares of an AXA Enterprise Fund at net asset value and redeem those shares within 12 months of end of the calendar month of their purchase, a CDSC of 1.00% generally will apply to the redemptions of those shares. A CDSC of 1% is imposed on certain redemptions (within 18 months of purchase) of Class A Shares of a GST Fund sold without an initial sales charge as part of an investment of $1 million or more. |
2 | The maximum CDSC is a percentage of the lesser of the net asset value at the time of the redemption or the net asset value when the shares were originally purchased. |
3 | A CDSC is imposed upon Class B Shares of an AXA Enterprise Fund or GST Fund redeemed within six years of purchase at a rate of 5% in the first year, declining to 1% in the sixth year, and eliminated thereafter. Class B Shares of AXA Enterprise Funds and GST Funds automatically convert to Class A Shares eight years after the end of the calendar month in which you purchased them and will be subject to lower expenses. |
4 | A CDSC of 1% is imposed on Class C Shares of an AXA Enterprise Fund or GST Fund redeemed within 12 months of purchase. |
5 | If you redeem or exchange shares of an AXA Enterprise Fund after holding them one month or less, a fee of 2.00% of the current net asset value of the shares being redeemed or exchanged generally will be assessed and retained by the respective Fund for the benefit of the remaining shareholders. |
6 | GSAM’s fee reduction commitment with GST has permanently reduced the management fee for the Goldman Sachs Balanced Strategy Portfolio to an annual rate of 0.15% of the average daily net assets of the Fund. As a result, “Management Fees” and “Total Fund Operating Expenses” of the Fund have been restated to reflect the current expenses that are expected for the current fiscal year. |
7 | “Other Expenses” of the GST Fund include transfer agency fees and expenses equal on an annualized basis to 0.19% of the average daily net assets of the Fund’s Class A, B and C Shares plus all other ordinary expenses not detailed above. GSAM has voluntarily agreed to reduce or limit “Other Expenses” (excluding management fees, distribution and service fees, transfer agency fees and expenses, taxes, interest, brokerage fees and litigation, indemnification, shareholder meeting and other extraordinary expenses exclusive of any offset arrangements) to 0.004% of the GST Fund’s average daily net assets. These expense reductions may be terminated at any time at the option of the GST Fund’s investment adviser. |
8 | The AXA Enterprise Conservative Fund and Goldman Sachs Balanced Strategy Portfolio invest in shares of Underlying Funds (as defined below). Therefore, each Fund will, in addition to its own expenses such as management fees, bear its pro rata share of the fees and expenses incurred by the Underlying Funds and the investment return of each Fund will be reduced by each Underlying Fund’s expenses. |
9 | The range of expenses (as a percentage of average net assets) expected to be incurred indirectly in connection with each fund’s investments in Underlying Funds is 0.75% to 1.25%; Thus, the net operating expense ratio of the shares of each fund, including the fund’s direct and indirect expenses, is currently expected to range from 1.25% to 1.75% for Class A Shares, 1.95% to 2.45% for Class B Shares, 1.95% to 2.45% for Class C Shares, and 0.95% to 1.45% for Class Y Shares, after taking into account the fee waiver and expense reimbursement arrangement described above. Absent this arrangement, the total operating expense ratio of the shares of each fund would range from 13.04% to 13.54% for Class A Shares, 13.74 to 14.24% for Class B Shares, 13.74% to 14.24% for Class C Shares, and 12.74% to 13.24% for Class Y Shares. This information is based on a weighted-average range of the expense ratios since the average assets of each fund invested in Underlying Funds will fluctuate. The total expense ratios may be higher or lower depending on the allocation of a fund’s assets among Underlying Funds and the actual expenses of the Underlying Funds. An investor could realize lower overall expenses by investing directly in the Underlying Funds. |
10 | “Underlying Fund Expenses” for the Goldman Sachs Balanced Strategy Portfolio are based upon the strategic allocation of the Fund’s investment in the Underlying Funds and upon the actual total operating expenses of the Underlying Funds (including any current waivers and expense limitations of the Underlying Funds). Actual Underlying Fund expenses incurred by the Fund may vary with changes in the allocation of the Fund’s assets among the Underlying Funds and with other events that directly affect the expenses of the Underlying Funds. |
11 | Pursuant to a contract, AXA Equitable has agreed to make payments or waive its management, administrative or other fees to limit the expenses of the AXA Enterprise Fund through April 30, 2008 (unless the Enterprise Multimanager Trust Trustees consent to an earlier revision or termination of this arrangement) so that the Total Fund Operating |
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Expenses of the AXA Enterprise Fund (exclusive of taxes, interest, brokerage commissions, capitalized expenses, expenses of other investment companies in which the Fund invests, and extraordinary expenses) do not exceed 0.50% for Class A Shares, 1.20% for Class B and Class C Shares and 0.20% for Class Y Shares. The Total Fund Operating Expenses set forth in the previous sentence with respect to AXA Enterprise Conservative Allocation Fund do not include the proportionate share of Underlying Fund expenses that this Fund indirectly bears. AXA Equitable may be reimbursed the amount of any such payments and waivers in the future provided that the payments or waivers are reimbursed within three years of the payment or waiver being made and the combination of the Fund’s expense ratio and such reimbursements do not exceed the Fund’s expense cap. AXA Equitable may discontinue these arrangements at any time after April 30, 2008. |
1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||
AXA Enterprise Conservative Allocation Fund | ||||||||||||||||||
Class A Shares | $ | 649 | $ | 3,087 | $ | 5,011 | $ | 8,230 | ||||||||||
Class B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 795 | $ | 3,378 | $ | 5,236 | $ | 8,260 | ||||||||||
- assuming no redemption | $ | 295 | $ | 2,978 | $ | 5,036 | $ | 8,260 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 395 | $ | 2,978 | $ | 5,036 | $ | 8,323 | ||||||||||
- assuming no redemption | $ | 295 | $ | 2,978 | $ | 5,036 | $ | 8,323 | ||||||||||
Class Y Shares | $ | 113 | $ | 2,593 | $ | 4,584 | $ | 8,009 | ||||||||||
Goldman Sachs Balanced Strategy Portfolio | ||||||||||||||||||
Class A Shares | $ | 682 | $ | 960 | $ | 1,259 | $ | 2,106 | ||||||||||
Class B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 715 | $ | 964 | $ | 1,339 | $ | 2,261 | ||||||||||
- assuming no redemption | $ | 215 | $ | 664 | $ | 1,139 | $ | 2,261 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 315 | $ | 664 | $ | 1,139 | $ | 2,452 | ||||||||||
- assuming no redemption | $ | 215 | $ | 664 | $ | 1,139 | $ | 2,452 | ||||||||||
Institutional Shares | $ | 99 | $ | 309 | $ | 536 | $ | 1,190 |
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1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||
Combined Fund Pro Forma | ||||||||||||||||||
Class A Shares | $ | 682 | $ | 960 | $ | 1,259 | $ | 2,106 | ||||||||||
Class B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 715 | $ | 964 | $ | 1,339 | $ | 2,261 | ||||||||||
- assuming no redemption | $ | 215 | $ | 664 | $ | 1,139 | $ | 2,261 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 315 | $ | 664 | $ | 1,139 | $ | 2,452 | ||||||||||
- assuming no redemption | $ | 215 | $ | 664 | $ | 1,139 | $ | 2,452 | ||||||||||
Institutional Shares | $ | 99 | $ | 309 | $ | 536 | $ | 1,190 |
1 | The Class B example for each Fund reflects the conversion of Class B Shares to Class A Shares after approximately eight years from the date of purchase of Class B Shares. |
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10 Years | ||||||||||||
Average Annual Total Returns | or Since | |||||||||||
(For the periods ended December 31, 2006) | 1 Year | 5 Years | Inception | |||||||||
Class A (inception 1/10/05) | ||||||||||||
Return Before Taxes | 1.49 | % | NA | 1.77 | % | |||||||
Return After Taxes on Distributions1 | 0.44 | % | NA | 0.95 | % | |||||||
Return After Taxes on Distributions and Sale of Fund Shares1 | 1.00 | % | NA | 1.04 | % | |||||||
Conservative Allocation Index2 | 6.56 | % | NA | 5.07 | % | |||||||
Class B (inception 1/10/05) | ||||||||||||
Return Before Taxes | 0.74 | % | NA | 1.76 | % | |||||||
Conservative Allocation Index | 6.56 | % | NA | 5.07 | % | |||||||
Class C (inception 1/10/05) | ||||||||||||
Return Before Taxes | 4.85 | % | NA | 3.73 | % | |||||||
Conservative Allocation Index | 6.56 | % | NA | 5.07 | % | |||||||
Class Y (inception 1/10/05) | ||||||||||||
Return Before Taxes | 6.84 | % | NA | 4.65 | % | |||||||
Conservative Allocation Index | 6.56 | % | NA | 5.07 | % |
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10 Years | ||||||||||||
Average Annual Total Returns | or Since | |||||||||||
(For the periods ended December 31, 2006) | 1 Year | 5 Years | Inception | |||||||||
Class A (inception 1/2/98) | ||||||||||||
Return Before Taxes | 11.09 | % | 7.66 | % | 5.69 | % | ||||||
Return After Taxes on Distributions1 | 3.27 | % | 5.37 | % | 3.69 | % | ||||||
Return After Taxes on Distributions and Sale of Fund Shares1 | 4.17 | % | 5.04 | % | 3.57 | % | ||||||
S&P 500 Index3 | 15.79 | % | 6.19 | % | 5.95 | % | ||||||
Two Year U.S. Treasury Note Index4 | 3.80 | % | 3.00 | % | 4.51 | % | ||||||
Class B (inception 1/2/98) | ||||||||||||
Return Before Taxes | 10.16 | % | 6.83 | % | 4.91 | % | ||||||
S&P 500 Index | 15.79 | % | 6.19 | % | 5.95 | % | ||||||
Two Year U.S. Treasury Note Index4 | 3.80 | % | 3.00 | % | 4.51 | % | ||||||
Class C (inception 1/2/98) | ||||||||||||
Return Before Taxes | 10.22 | % | 6.85 | % | 4.92 | % | ||||||
S&P 500 Index | 15.79 | % | 6.19 | % | 5.95 | % | ||||||
Two Year U.S. Treasury Note Index4 | 3.80 | % | 3.00 | % | 4.51 | % | ||||||
Institutional Class (inception 1/2/98) | ||||||||||||
Return Before Taxes | 11.50 | % | 8.07 | % | 6.12 | % | ||||||
S&P 500 Index | 15.79 | % | 6.19 | % | 5.95 | % | ||||||
Two Year U.S. Treasury Note Index4 | 3.80 | % | 3.00 | % | 4.51 | % |
1 | The after-tax returns are for Class A Shares only. The after-tax returns for Class B and Class C Shares will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. |
2 | The Conservative Allocation Index is a weighted blend of the Lehman Brothers Aggregate Bond Index, the S&P 500 Index and the MSCI® EAFE® Index in the following proportions: 80% Lehman Brothers Aggregate Bond Index; 15% S&P 500 Index; and 5% MSCI® EAFE® Index. The Lehman Brothers Aggregate Bond Index covers the U.S. investment grade fixed-rate bond market, including government and credit securities, taxable municipal securities, agency mortgage pass-through securities, asset-backed securities, and commercial mortgage-based securities. The S&P 500® Index is an unmanaged broad-based index that includes 500 companies that tend to be leaders in important industries within the U.S. economy. The MSCI® EAFE® Index is a free float-adjusted market capitalization index that is designed to measure developed market equity performance, excluding the U.S. and Canada. The Conservative Allocation Index figures do not reflect any deduction for fees, expenses or taxes. |
3 | The S&P 500® Index is an unmanaged broad-based index that includes 500 companies that tend to be leaders in important industries within the U.S. economy. The Index figures do not reflect any deduction for fees, expenses or taxes. |
4 | The Two-Year U.S. Treasury Note Index, as reported by Merrill Lynch. The Index figures do not reflect any deduction for fees, expenses or taxes. |
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AXA Enterprise Conservative | Goldman Sachs Balanced | |||
Allocation Fund | Strategy Portfolio | |||
Sales charges and Distribution/ Service (Rule 12b-1) Fees | Class A Shares. Class A Shares are subject to a maximum front-end sales charge of 4.75%, which is reduced depending on the amount invested and, in certain circumstances, waived. There is no CDSC on redemptions of Class A Shares, except in certain circumstances when the front-end sales charge is waived. Class A Shares are subject to a Rule 12b-1 fee equal to an annual rate of 0.30% of the Fund’s average daily net assets attributable to Class A Shares. | Class A Shares. Class A Shares are subject to a maximum front-end sales charge of 5.50%, which is reduced depending on the amount invested and, in certain circumstances, waived. There is no CDSC on redemptions of Class A Shares, except in certain circumstances when the front-end sales charge is waived. Class A Shares are subject to a Rule 12b-1 fee equal to an annual rate of 0.25% of the Fund’s average daily net assets attributable to Class A Shares. | ||
Class B Shares. There is no front-end sales charge on Class B Shares. However, Class B Shares are subject to a CDSC of up to 5% on certain redemptions within 6 years of purchase. Class B Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class B Shares. Class B Shares convert to Class A Shares approximately 8 years after purchase. | Class B Shares. There is no front-end sales charge on Class B Shares. However, Class B Shares are subject to a CDSC of up to 5% on certain redemptions within 6 years of purchase. Class B Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class B Shares. Class B Shares convert to Class A Shares approximately 8 years after purchase. | |||
Class C Shares. There is no front-end sales charge on Class C Shares. However, Class C Shares are subject to a CDSC of 1% on certain redemptions within the first year of purchase. Class C Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class C Shares. | Class C Shares. There is no front-end sales charge on Class C Shares. However, Class C Shares are subject to a CDSC of 1% on certain redemptions within the first year of purchase. Class C Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class C Shares. | |||
Class Y Shares. Class Y Shares are not subject to any front-end sales charge, CDSC or Rule 12b-1 fees. | Institutional Shares. Institutional Shares are not subject to any front-end sales charge, CDSC or Rule 12b-1 fees. |
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AXA Enterprise Conservative | Goldman Sachs Balanced | |||
Allocation Fund | Strategy Portfolio | |||
Purchase Policies | Investors can purchases shares of an AXA Enterprise Fund directly through the Fund’s principal underwriter, Enterprise Fund Distributors, Inc., or through an authorized dealer, subject to certain minimum investments and eligibility and other requirements. | Investors can purchase shares of a GST Fund directly from Goldman Sachs, through authorized dealers and directly from GST, subject to certain minimum investments and eligibility and other requirements. | ||
Exchange Policies | Shareholders can exchange shares of the AXA Enterprise Fund at net asset value without the imposition of any front-end sales charge or CDSC at the time of the exchange for shares of the same class of another AXA Enterprise Fund. Redemption of shares (including by exchange) that are held for one month or less may, however, be subject to a redemption fee. | Shareholders can exchange shares of a GST Fund at net asset value without the imposition of any front-end sales charge or CDSC at the time of the exchange for shares of the same class of another Goldman Sachs Fund. Redemption of shares (including by exchange) that are held for 30 or 60 calendar days or less may, however, be subject to a redemption fee. | ||
Redemption Policies | Shareholders can sell (redeem) some or all their shares. Generally, the AXA Enterprise Fund will redeem its shares upon request on any business day at the net asset value next determined after receipt of such request in proper form, subject to any applicable CDSC or redemption fee. Shareholders may request that redemption proceeds be sent by check or wire. Redemptions may be requested in writing or by telephone. | Shareholders can sell (redeem) some or all their shares. Generally, the GST Fund will redeem its shares upon request on any business day at the net asset value next determined after receipt of such request in proper form, subject to any applicable CDSC or redemption fee. Shareholders may request that redemption proceeds be sent by check or wire. Redemptions may be requested in writing or by telephone. | ||
Redemption Fees | There is a 2% redemption fee assessed on certain redemptions of shares (including by exchange) within one month after purchase. | The Fund does not impose any redemption fees. |
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AXA Enterprise | Goldman Sachs | |||||||
Conservative | Balanced Strategy | Pro Forma | Pro Forma | |||||
Allocation Fund | Portfolio* | Adjustments | Combined Fund | |||||
Net Assets: | $5,549 (Class A Shares) | $152,646 (Class A Shares) | $0 | $158,195 (Class A Shares) | ||||
$770 (Class B Shares) | $31,637 (Class B Shares) | $0 | $32,407 (Class B Shares) | |||||
$904 (Class C Shares) | $62,403 (Class C Shares) | $0 | $63,307 (Class C Shares) | |||||
$10 (Class Y Shares) | $72,869 (Institutional Shares) | $0 | $72,879 (Institutional Shares) | |||||
Net Asset Value Per Share: | $10.14 (Class A Shares) | $11.19 (Class A Shares) | $(10.14) | $11.19 (Class A Shares) | ||||
$10.12 (Class B Shares) | $11.19 (Class B Shares) | $(10.12) | $11.19 (Class B Shares) | |||||
$10.12 (Class C Shares) | $11.19 (Class C Shares) | $(10.12) | $11.19 (Class C Shares) | |||||
$10.15 (Class Y Shares) | $11.19 (Institutional Shares) | $(10.15) | $11.19 (Institutional Shares) | |||||
Shares Outstanding: | 547 (Class A Shares) | 13,641 (Class A Shares) | (51) | 14,137 (Class A Shares) | ||||
76 (Class B Shares) | 2,828 (Class B Shares) | (7) | 2,897 (Class B Shares) | |||||
89 (Class C Shares) | 5,577 (Class C Shares) | (9) | 5,657 (Class C Shares) | |||||
1 (Class Y Shares) | 6,512 (Institutional Shares) | (0) | 6,513 (Institutional Shares) |
* | The Goldman Sachs Balanced Strategy Portfolio will be the accounting survivor for financial statement purposes. |
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AXA Enterprise Moderate Allocation Fund | Goldman Sachs Growth and Income Strategy Portfolio | |
Investment Objective | Investment Objective | |
Seeks long-term capital appreciation. | Seeks long-term capital appreciation and current income. | |
Investment Policies | Investment Policies | |
The Fund pursues its investment objective by investing exclusively in other mutual funds managed by AXA Equitable or Enterprise Capital Management, Inc., an affiliate of AXA Equitable. | The Fund pursues its investment objective by investing exclusively in other mutual funds managed by GSAM or an affiliate. | |
The Fund invests approximately 50% of its assets in equity investments and approximately 50% of its assets in fixed-income investments through investments in AXA Underlying Funds. Subject to this asset allocation target, the Fund generally invests its assets in a combination of AXA Underlying Funds that would result in the Fund being invested in the following asset categories in the approximate percentages: International Equity — 15%; Large Cap Equity — 25%; Small/Mid Cap Equity — 10%; Investment Grade — 45%; and High Yield Bonds — 5%. Actual allocations between asset classes and among asset categories can deviate from the amounts shown above by up to 15% of the Fund’s assets. | Under normal conditions, approximately 60% of the Fund’s Total Assets will be allocated among GST Underlying Equity Funds, which are intended to provide the capital appreciation component, and approximately 40% of the Fund’s Total Assets will be allocated among GST Underlying Fixed-Income Funds. Allocation to GST Underlying Fixed-Income Funds is intended to provide the income component. GSAM expects that the Fund will invest a relatively significant percentage of its equity allocation in the Goldman Sachs Structured Large Cap Growth, Goldman Sachs Structured Large Cap Value and Goldman Sachs Structured International Equity Funds and will invest a relatively significant percentage of its assets in the Goldman Sachs Core Fixed Income and Goldman Sachs Global Income Funds. The target allocation is 60% for GST Underlying Equity Funds and 40% for GST Underlying Fixed Income Funds. The allocation range is 40%-80% for GST Underlying Equity Funds and 20%-60% for GST Underlying Fixed Income Funds. |
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AXA Enterprise Moderate Allocation Fund | Goldman Sachs Growth and Income Strategy Portfolio | |
The Fund is managed so that it can serve as a core part of a larger portfolio. AXA Equitable establishes the asset allocation targets for each asset class and the target investment percentages for each asset category and identifies the specific AXA Underlying Funds in which to invest using its proprietary investment process, based on fundamental research regarding the investment characteristics of the asset classes, asset categories and AXA Underlying Funds, as well as its outlook for the economy and financial markets. AXA Equitable may change the asset allocation targets and the target investment percentages. | The Fund is intended for investors who prefer to have their asset allocation decisions made by professional money managers. GSAM uses a disciplined, rigorous and quantitative approach to global tactical allocation. The Global Tactical Asset Allocation (“GTAA”) strategy attempts to add value by actively managing exposure to global stock, bond and currency markets. GSAM’s GTAA models use financial and economic factors that are designed to capture intuitive fundamental relationships across markets. The Fund may tactically deviate from the strategic allocations based on forecasts provided by the models. This process seeks to add value by overweighting attractive markets and underweighting unattractive markets. | |
Information regarding the AXA Underlying Funds in which the AXA Enterprise Fund currently may invest is included in Appendix D. These Underlying Funds have been selected to represent a reasonable spectrum of investment options for the relevant Fund. AXA Equitable may change the particular Underlying Funds in which the Fund invests from time to time. | Information regarding the GST Underlying Funds in which the GST Fund currently may invest is included in Appendix D. These Underlying Funds have been selected to represent a reasonable spectrum of investment options for the relevant Fund. GSAM may change the particular Underlying Funds in which the Fund invests from time to time. | |
Investment Adviser | Investment Adviser | |
AXA Equitable, through its AXA Funds Management Group unit, serves as the investment adviser for the Fund. | GSAM manages the Fund on a day-to-day basis and will continue to manage the Fund after the Reorganization. |
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AXA Enterprise Moderate | Goldman Sachs Growth | |||
Allocation Fund | and Income Portfolio | |||
Net Asset Value Risk | X | X | ||
Interest Rate Risk | X | X | ||
Credit/ Default Risk | X | X | ||
Call Risk | X | X | ||
Extension Risk | X | X | ||
Stock Risk | X | X | ||
Derivatives Risk | X | X | ||
Management Risk | X | X | ||
Market Risk | X | X | ||
Liquidity Risk | X | X | ||
Investment Style Risk | X | X | ||
Mid Cap and Small Cap Risk | X | X | ||
Foreign Risk | X | X | ||
Emerging Countries Risk | X | X | ||
Large Capitalization Risk | X | X | ||
Investing in Underlying Funds | X | X | ||
Investments of Underlying Funds | X | X | ||
Affiliated Persons | X | X | ||
Expenses | X | X | ||
U.S. Government Securities Risk | X | X | ||
Sovereign Risk | X | X | ||
Initial Public Offering (“IPO”) Risk | X | |||
Junk Bond Risk | X | X | ||
Non-Hedging Foreign Currency Trading Risk | X | |||
Geographic Risk | X | X | ||
Issuer Specific Risk | X | X | ||
Sub-Adviser Risk | X | |||
Currency Risk | X | |||
Investment Grade Securities Risk | X | X |
141
142
AXA Enterprise Moderate | Goldman Sachs Growth and Income | Combined Fund | ||||||||||||||||||||||||||||||||||||||||||||||
Allocation Fund | Strategy Portfolio | Pro Forma | ||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class Y | Class A | Class B | Class C | Institutional | Class A | Class B | Class C | Institutional | |||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | |||||||||||||||||||||||||||||||||||||
Shareholder Fees (fees paid directly from your investment): | ||||||||||||||||||||||||||||||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Purchases | 4.75% | 1 | None | None | None | 5.50% | 1 | None | None | None | 5.50% | 1 | None | None | None | |||||||||||||||||||||||||||||||||
Maximum Deferred Sales Charge (Load) 2 | None | 1 | 5.00% | 3 | 1.00% | 4 | None | None | 1 | 5.00% | 3 | 1.00% | 4 | None | None | 1 | 5.00% | 3 | 1.00% | 4 | None | |||||||||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Reinvested Dividends | None | None | None | None | None | None | None | None | None | None | None | None | ||||||||||||||||||||||||||||||||||||
Redemption Fees | 2.00% | 5 | 2.00% | 5 | 2.00% | 5 | 2.00% | 5 | None | None | None | None | None | None | None | None | ||||||||||||||||||||||||||||||||
Exchange Fees | None | None | None | None | None | None | None | None | None | None | None | None |
AXA Enterprise Moderate | Goldman Sachs Growth and Income | Combined Fund | ||||||||||||||||||||||||||||||||||||||||||||||
Allocation Fund | Strategy Portfolio | Pro Forma | ||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class Y | Class A | Class B | Class C | Institutional | Class A | Class B | Class C | Institutional | |||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | |||||||||||||||||||||||||||||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | ||||||||||||||||||||||||||||||||||||||||||||||||
Management Fees (for asset allocation) | 0.20% | 0.20% | 0.20% | 0.20% | 0.15% | 6 | 0.15% | 6 | 0.15% | 6 | 0.15% | 6 | 0.15% | 6 | 0.15% | 6 | 0.15% | 6 | 0.15% | 6 | ||||||||||||||||||||||||||||
Distribution and Service (12b-1) Fees | 0.30% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | ||||||||||||||||||||||||||||||||||||
Other Expenses* | 1.32% | 1.23% | 1.23% | 1.22% | 0.24% | 7 | 0.24% | 7 | 0.24% | 7 | 0.09% | 7 | 0.24% | 7 | 0.24% | 7 | 0.24% | 7 | 0.09% | 7 | ||||||||||||||||||||||||||||
Underlying Fund Expenses8 | 5.06% | 9 | 5.76% | 9 | 5.76% | 9 | 4.76% | 9 | 0.76% | 10 | 0.76% | 10 | 0.76% | 10 | 0.76% | 10 | 0.76% | 10 | 0.76% | 10 | 0.76% | 10 | 0.76% | 10 | ||||||||||||||||||||||||
Total Other and Underlying Fund Expenses | 6.38% | 6.99% | 6.99% | 5.98% | 1.00% | 1.00% | 1.00% | 0.85% | 1.00% | 1.00% | 1.00% | 0.85% | ||||||||||||||||||||||||||||||||||||
Total Fund Operating Expenses* | 6.88% | 11 | 8.19% | 11 | 8.19% | 11 | 6.18% | 8,11 | 1.40% | 2.15% | 2.15% | 1.00% | 1.40% | 2.15% | 2.15% | 1.00% |
* | The “Other Expenses” and “Total Fund Operating Expenses” (after any waivers and expense limitations) of the AXA Enterprise Fund, GST Fund and Combined Fund are as set forth below. |
AXA Enterprise Moderate | Goldman Sachs Growth and Income | Combined Fund | ||||||||||||||||||||||||||||||||||||||||||||||
Allocation Fund | Strategy Portfolio | Pro Forma | ||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class Y | Class A | Class B | Class C | Institutional | Class A | Class B | Class C | Institutional | |||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | |||||||||||||||||||||||||||||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | ||||||||||||||||||||||||||||||||||||||||||||||||
Management Fees (for asset allocation) | 0.00% | 0.00% | 0.00% | 0.00% | 0.15% | 6 | 0.15% | 6 | 0.15% | 6 | 0.15% | 6 | 0.15% | 6 | 0.15% | 6 | 0.15% | 6 | 0.15% | 6 | ||||||||||||||||||||||||||||
Distribution and Service (12b-1) Fees | 0.30% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | ||||||||||||||||||||||||||||||||||||
Other Expenses | 0.37% | 0.22% | 0.22% | 0.22% | 0.19% | 7 | 0.19% | 7 | 0.19% | 7 | 0.04% | 7 | 0.19% | 7 | 0.19% | 7 | 0.19% | 7 | 0.04% | 7 | ||||||||||||||||||||||||||||
Underlying Fund Expenses8 | 1.40% | 9 | 2.10% | 9 | 2.10% | 9 | 1.10% | 9 | 0.69% | 9 | 0.69% | 10 | 0.69% | 10 | 0.69% | 10 | 0.69% | 10 | 0.69% | 10 | 0.69% | 10 | 0.69% | 10 | ||||||||||||||||||||||||
Total Other and Underlying Fund Expenses | 1.77% | 2.32% | 2.32% | 1.32% | 0.88% | 0.88% | 0.88% | 0.73% | 0.88% | 0.88% | 0.88% | 0.73% | ||||||||||||||||||||||||||||||||||||
Total Fund Operating Expenses (after current expense limitations) | 2.07% 9,11 | 3.32% 9,11 | 3.32% 9,11 | 1.32% 9,11 | 1.28% | 2.03% | 2.03% | 0.88% | 1.28% | 2.03% | 2.03% | 0.88% |
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1 | The maximum sales charge is a percentage of the offering price. This sales charge varies depending on how much you invest. Under certain circumstances, the maximum sales charge may be reduced or waived entirely. If you buy $1,000,000 or more ($100,000 or more for certain employee benefit plans and $500,000 or more for certain individual retirement accounts) of Class A Shares of an AXA Enterprise Fund at net asset value and redeem those shares within 12 months of end of the calendar month of their purchase, a CDSC of 1.00% generally will apply to the redemptions of those shares. A CDSC of 1% is imposed on certain redemptions (within 18 months of purchase) of Class A Shares of a GST Fund sold without an initial sales charge as part of an investment of $1 million or more. |
2 | The maximum CDSC is a percentage of the lesser of the net asset value at the time of the redemption or the net asset value when the shares were originally purchased. |
3 | A CDSC is imposed upon Class B Shares of an AXA Enterprise Fund or GST Fund redeemed within six years of purchase at a rate of 5% in the first year, declining to 1% in the sixth year, and eliminated thereafter. Class B Shares of AXA Enterprise Funds and GST Funds automatically convert to Class A Shares eight years after the end of the calendar month in which you purchased them and will be subject to lower expenses. |
4 | A CDSC of 1% is imposed on Class C Shares of an AXA Enterprise Fund or GST Fund redeemed within 12 months of purchase. |
5 | If you redeem or exchange shares of an AXA Enterprise Fund after holding them one month or less, a fee of 2.00% of the current net asset value of the shares being redeemed or exchanged generally will be assessed and retained by the respective Fund for the benefit of the remaining shareholders. |
6 | GSAM’s fee reduction commitment with GST has permanently reduced the management fee for the Goldman Sachs Growth and Income Strategy Portfolio to an annual rate of 0.15% of the average daily net assets of the Fund. As a result, “Management Fees” and “Total Fund Operating Expenses” of the Fund have been restated to reflect the current expenses that are expected for the current fiscal year. |
7 | “Other Expenses” of the GST Fund include transfer agency fees and expenses equal on an annualized basis to 0.19% of the average daily net assets of the Fund’s Class A, B and C Shares and 0.04% of the average daily net assets of the Institutional Shares, plus all other ordinary expenses not detailed above. GSAM has voluntarily agreed to reduce or limit “Other Expenses” (excluding management fees, distribution and service fees, transfer agency fees and expenses, taxes, interest, brokerage fees and litigation, indemnification, shareholder meeting and other extraordinary expenses exclusive of any offset arrangements) to 0.004% of the GST Fund’s average daily net assets. These expense reductions may be terminated at any time at the option of the GST Fund’s investment adviser. |
8 | The AXA Enterprise Moderate Allocation Fund and Goldman Sachs Growth and Income Strategy Portfolio invest in shares of Underlying Funds (as defined below). Therefore, each Fund will, in addition to its own expenses such as management fees, bear its pro rata share of the fees and expenses incurred by the Underlying Funds and the investment return of each Fund will be reduced by each Underlying Fund’s expenses. |
9 | The range of expenses (as a percentage of average net assets) expected to be incurred indirectly in connection with each fund’s investments in Underlying Funds is 0.90% to 1.40%; Thus, the net operating expense ratio of the shares of each fund, including the fund’s direct and indirect expenses, is currently expected to range from: 1.40% to 1.90% for Class A Shares, 2.10% to 2.60% for Class B Shares, 2.10% to 2.60% for Class C Shares, and 1.10% to 1.60% for Class Y Shares,; after taking into account the fee waiver and expense reimbursement arrangement described above. Absent this arrangement, the total operating expense ratio of the shares of each fund would range from 5.06% to 5.56% for Class A Shares, 5.76% to 6.26% for Class B Shares, 5.76% to 6.26% for Class C Shares and 4.76% to 5.26% for Class Y Shares; This information is based on a weighted-average range of the expense ratios since the average assets of each fund invested in Underlying Funds will fluctuate. The total expense ratios may be higher or lower depending on the allocation of a fund’s assets among Underlying Funds and the actual expenses of the Underlying Funds. An investor could realize lower overall expenses by investing directly in the Underlying Funds. |
10 | “Underlying Fund Expenses” for the Goldman Sachs Growth and Income Strategy Portfolio are based upon the strategic allocation of the Fund’s investment in the Underlying Funds and upon the actual total operating expenses of the Underlying Funds (including any current waivers and expense limitations of the Underlying Funds). Actual Underlying Fund expenses incurred by the Fund may vary with changes in the allocation of the Fund’s assets among the Underlying Funds and with other events that directly affect the expenses of the Underlying Funds. |
11 | Pursuant to a contract, AXA Equitable has agreed to make payments or waive its management, administrative or other fees to limit the expenses of the AXA Enterprise Fund through April 30, 2008 (unless the Enterprise Multimanager Trust Trustees consent to an earlier revision or termination of this arrangement) so that the Total Fund Operating Expenses of the AXA Enterprise Fund (exclusive of taxes, interest, brokerage commissions, capitalized expenses, expenses of other investment companies in which the Fund invests, and extraordinary expenses) do not exceed 0.50% for |
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Class A Shares, 1.20% for Class B and Class C Shares and 0.20% for Class Y Shares. The Total Fund Operating Expenses set forth in the previous sentence with respect to AXA Enterprise Growth and Income Allocation Fund do not include the proportionate share of Underlying Fund expenses that this Fund indirectly bears. AXA Equitable may be reimbursed the amount of any such payments and waivers in the future provided that the payments or waivers are reimbursed within three years of the payment or waiver being made and the combination of the Fund’s expense ratio and such reimbursements do not exceed the Fund’s expense cap. AXA Equitable may discontinue these arrangements at any time after April 30, 2008. |
1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||
AXA Enterprise Moderate Allocation Fund | ||||||||||||||||||
Class A Shares | $ | 670 | $ | 1,932 | $ | 3,147 | $ | 5,990 | ||||||||||
Class B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 827 | $ | 2,262 | $ | 3,501 | $ | 6,334 | ||||||||||
- assuming no redemption | $ | 327 | $ | 1,862 | $ | 3,301 | $ | 6,334 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 427 | $ | 1,862 | $ | 3,301 | $ | 6,516 | ||||||||||
- assuming no redemption | $ | 327 | $ | 1,862 | $ | 3,301 | $ | 6,516 | ||||||||||
Class Y Shares | $ | 131 | $ | 1,338 | $ | 2,517 | $ | 5,344 | ||||||||||
Goldman Sachs Growth and Income Strategy Portfolio | ||||||||||||||||||
Class A Shares | $ | 685 | $ | 969 | $ | 1,274 | $ | 2,137 | ||||||||||
Class B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 718 | $ | 973 | $ | 1,354 | $ | 2,292 | ||||||||||
- assuming no redemption | $ | 218 | $ | 673 | $ | 1,154 | $ | 2,292 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 318 | $ | 673 | $ | 1,154 | $ | 2,483 | ||||||||||
- assuming no redemption | $ | 218 | $ | 673 | $ | 1,154 | $ | 2,483 | ||||||||||
Institutional Shares | $ | 102 | $ | 318 | $ | 552 | $ | 1,225 | ||||||||||
Combined Fund Pro Forma | ||||||||||||||||||
Class A Shares | $ | 685 | $ | 969 | $ | 1,274 | $ | 2,137 | ||||||||||
Class B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 718 | $ | 973 | $ | 1,354 | $ | 2,292 | ||||||||||
- assuming no redemption | $ | 218 | $ | 673 | $ | 1,154 | $ | 2,292 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 318 | $ | 673 | $ | 1,154 | $ | 2,483 | ||||||||||
- assuming no redemption | $ | 218 | $ | 673 | $ | 1,154 | $ | 2,483 | ||||||||||
Institutional Shares | $ | 102 | $ | 318 | $ | 552 | $ | 1,225 |
1 | The Class B example for each Fund reflects the conversion of Class B Shares to Class A Shares after approximately eight years from the date of purchase of Class B Shares. |
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Average Annual Total Returns | 10 Years or Since | |||||||||||
(For the periods ended December 31, 2006) | 1 Year | 5 Years | Inception | |||||||||
Class A (inception 1/10/05) | ||||||||||||
Return Before Taxes | 4.81 | % | NA | 4.44% | ||||||||
Return After Taxes on Distributions1 | 3.86 | % | NA | 3.59% | ||||||||
Return After Taxes on Distributions and Sale of Fund Shares1 | 3.24 | % | NA | 3.31% | ||||||||
Moderate Allocation Index2 | 9.97 | % | NA | 7.43% | ||||||||
Class B (inception 1/10/05) | ||||||||||||
Return Before Taxes | 4.44 | % | NA | 4.52% | ||||||||
Moderate Allocation Index | 9.97 | % | NA | 7.43% | ||||||||
Class C (inception 1/10/05) | ||||||||||||
Return Before Taxes | 8.33 | % | NA | 6.45% | ||||||||
Moderate Allocation Index | 9.97 | % | NA | 7.43% | ||||||||
Class Y (inception 1/10/05) | ||||||||||||
Return Before Taxes | 10.57 | % | NA | 7.50% | ||||||||
Moderate Allocation Index | 9.97 | % | NA | 7.43% |
Average Annual Total Returns | 10 Years or Since | |||||||||||
(For the periods ended December 31, 2006) | 1 Year | 5 Years | Inception | |||||||||
Class A (inception 1/2/98) | ||||||||||||
Return Before Taxes | 13.95 | % | 10.21 | % | 6.59 | % | ||||||
Return After Taxes on Distributions1 | 6.13 | % | 8.05 | % | 4.81 | % | ||||||
Return After Taxes on Distributions and Sale of Fund Shares1 | 5.95 | % | 7.33 | % | 4.50 | % | ||||||
S&P 500 Index3 | 15.79 | % | 6.19 | % | 5.95 | % | ||||||
MSCI EAFE Index4 | 26.86 | % | 15.42 | % | 8.75 | % | ||||||
Lehman Brothers Aggregate Bond Index5 | 4.33 | % | 5.06 | % | 5.86 | % | ||||||
Class B (inception 1/2/98) | ||||||||||||
Return Before Taxes | 13.05 | % | 9.38 | % | 5.79 | % | ||||||
S&P 500 Index | 15.79 | % | 6.19 | % | 5.95 | % | ||||||
MSCI EAFE Index | 26.86 | % | 15.42 | % | 8.75 | % | ||||||
Lehman Brothers Aggregate Bond Index5 | 4.33 | % | 5.06 | % | 5.86 | % | ||||||
Class C (inception 1/2/98) | ||||||||||||
Return Before Taxes | 13.06 | % | 9.38 | % | 5.79 | % | ||||||
S&P 500 Index | 15.79 | % | 6.19 | % | 5.95 | % | ||||||
MSCI EAFE Index | 26.86 | % | 15.42 | % | 8.75 | % | ||||||
Lehman Brothers Aggregate Bond Index5 | 4.33 | % | 5.06 | % | 5.86 | % | ||||||
Institutional Class (inception 1/2/98) | ||||||||||||
Return Before Taxes | 14.41 | % | 10.66 | % | 7.02 | % | ||||||
S&P 500 Index | 15.79 | % | 6.19 | % | 5.95 | % | ||||||
MSCI EAFE Index | 26.86 | % | 15.42 | % | 8.75 | % | ||||||
Lehman Brothers Aggregate Bond Index5 | 4.33 | % | 5.06 | % | 5.86 | % |
1 | The after-tax returns are for Class A Shares only. The after-tax returns for Class B, Class C, Class Y, and Institutional Class shares will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. |
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2 | The Moderate Allocation Index is a weighted blend of the Lehman Brothers Aggregate Bond Index, the S&P 500 Index and the MSCI® EAFE® Index in the following proportions: 50% Lehman Brothers Aggregate Bond Index; 35% S&P 500 Index; and 15% MSCI® EAFE® Index. The Lehman Brothers Aggregate Bond Index covers the U.S. investment grade fixed-rate bond market, including government and credit securities, taxable municipal securities, agency mortgage pass-through securities, asset-backed securities, and commercial mortgage-based securities. The S&P 500® Index is an unmanaged broad-based index that includes 500 companies that tend to be leaders in important industries within the U.S. economy. The MSCI® EAFE® Index is a free float-adjusted market capitalization index that is designed to measure developed market equity performance, excluding the U.S. and Canada. The Moderate Allocation Index figures do not reflect any deduction for fees, expenses or taxes. |
3 | The S&P 500® Index is an unmanaged broad-based index that includes 500 companies that tend to be leaders in important industries within the U.S. economy. The Index figures do not reflect any deduction for fees, expenses or taxes. |
4 | The MSCI® EAFE® Index is a free float-adjusted market capitalization index that is designed to measure developed market equity performance, excluding the U.S. and Canada. The Index figures do not reflect any deduction for fees, expenses or taxes. |
5 | The Lehman Brothers Aggregate Bond Index -2% Issuer Capped represents an unmanaged diversified portfolio of fixed-income securities. |
AXA Enterprise Moderate | Goldman Sachs Growth and Income | |||
Allocation Fund | Strategy Portfolio | |||
Sales charges and Distribution/ Service (Rule 12b-1) Fees | Class A Shares. Class A Shares are subject to a maximum front-end sales charge of 4.75%, which is reduced depending on the amount invested and, in certain circumstances, waived. There is no CDSC on redemptions of Class A Shares, except in certain circumstances when the front-end sales charge is waived. Class A Shares are subject to a Rule 12b-1 fee equal to an annual rate of 0.30% of the Fund’s average daily net assets attributable to Class A Shares. | Class A Shares. Class A Shares are subject to a maximum front-end sales charge of 5.50%, which is reduced depending on the amount invested and, in certain circumstances, waived. There is no CDSC on redemptions of Class A Shares, except in certain circumstances when the front-end sales charge is waived. Class A Shares are subject to a Rule 12b-1 fee equal to an annual rate of 0.25% of the Fund’s average daily net assets attributable to Class A Shares. |
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AXA Enterprise Moderate | Goldman Sachs Growth and Income | |||
Allocation Fund | Strategy Portfolio | |||
Class B Shares. There is no front-end sales charge on Class B Shares. However, Class B Shares are subject to a CDSC of up to 5% on certain redemptions within 6 years of purchase. Class B Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class B Shares. Class B Shares convert to Class A Shares approximately 8 years after purchase. | Class B Shares. There is no front- end sales charge on Class B Shares. However, Class B Shares are subject to a CDSC of up to 5% on certain redemptions within 6 years of purchase. Class B Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class B Shares. Class B Shares convert to Class A Shares approximately 8 years after purchase. | |||
Class C Shares. There is no front-end sales charge on Class C Shares. However, Class C Shares are subject to a CDSC of 1% on certain redemptions within the first year of purchase. Class C Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class C Shares. | Class C Shares. There is no front- end sales charge on Class C Shares. However, Class C Shares are subject to a CDSC of 1% on certain redemptions within the first year of purchase. Class C Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class C Shares. | |||
Class Y Shares. Class Y Shares are not subject to any front-end sales charge, CDSC or Rule 12b-1 fees. | Institutional Shares. Institutional Shares are not subject to any front- end sales charge, CDSC or Rule 12b-1 fees. | |||
Purchase Policies | Investors can purchases shares of an AXA Enterprise Fund directly through the Fund’s principal underwriter, Enterprise Fund Distributors, Inc., or through an authorized dealer, subject to certain minimum investments and eligibility and other requirements. | Investors can purchase shares of a GST Fund directly from Goldman Sachs, through authorized dealers and directly from GST, subject to certain minimum investments and eligibility and other requirements. | ||
Exchange Policies | Shareholders can exchange shares of the AXA Enterprise Fund at net asset value without the imposition of any front-end sales charge or CDSC at the time of the exchange for shares of the same class of another AXA Enterprise Fund. Redemption of shares (including by exchange) that are held for one month or less may, however, be subject to a redemption fee. | Shareholders can exchange shares of a GST Fund at net asset value without the imposition of any front-end sales charge or CDSC at the time of the exchange for shares of the same class of another Goldman Sachs Fund. Redemption of shares (including by exchange) that are held for 30 or 60 calendar days or less may, however, be subject to a redemption fee. |
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AXA Enterprise Moderate | Goldman Sachs Growth and Income | |||
Allocation Fund | Strategy Portfolio | |||
Redemption Policies | Shareholders can sell (redeem) some or all their shares. Generally, the AXA Enterprise Fund will redeem its shares upon request on any business day at the net asset value next determined after receipt of such request in proper form, subject to any applicable CDSC or redemption fee. Shareholders may request that redemption proceeds be sent by check or wire. Redemptions may be requested in writing or by telephone. | Shareholders can sell (redeem) some or all their shares. Generally, the GST Fund will redeem its shares upon request on any business day at the net asset value next determined after receipt of such request in proper form, subject to any applicable CDSC or redemption fee. Shareholders may request that redemption proceeds be sent by check or wire. Redemptions may be requested in writing or by telephone. | ||
Redemption Fees | There is a 2% redemption fee assessed on certain redemptions of shares (including by exchange) within one month after purchase. | The Fund does not impose any redemption fees. |
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AXA Enterprise | Goldman Sachs Growth | |||||||
Moderate | and Income Strategy | Pro Forma | Pro Forma Combined | |||||
Allocation Fund | Portfolio* | Adjustments | Fund | |||||
Net Assets: | $12,001 | $810,308 | $(0) | $822,309 | ||||
(Class A Shares) | (Class A Shares) | (Class A Shares) | ||||||
$4,640 | $101,879 | $0 | $106,519 | |||||
(Class B Shares) | (Class B Shares) | (Class B Shares) | ||||||
$2,532 | $243,803 | $(0) | $246,335 | |||||
(Class C Shares) | (Class C Shares) | (Class C Shares) | ||||||
$19 | $174,427 | $0 | $174,446 | |||||
(Class Y Shares) | (Institutional Shares) | (Institutional Shares) | ||||||
Net Asset Value Per Share: | $10.42 | $12.59 | $(10.42) | $12.59 | ||||
(Class A Shares) | (Class A Shares) | (Class A Shares) | ||||||
$10.40 | $12.57 | $(10.40) | $12.57 | |||||
(Class B Shares) | (Class B Shares) | (Class B Shares) | ||||||
$10.40 | $12.55 | $(10.40) | $12.55 | |||||
(Class C Shares) | (Class C Shares) | (Class C Shares) | ||||||
$10.44 | $12.62 | $(10.44) | $12.62 | |||||
(Class Y Shares) | (Institutional Shares) | (Institutional Shares) | ||||||
Shares Outstanding: | 1,151 | 64,353 | (198) | 65,306 | ||||
(Class A Shares) | (Class A Shares) | (Class A Shares) | ||||||
446 | 8,103 | (77) | 8,472 | |||||
(Class B Shares) | (Class B Shares) | (Class B Shares) | ||||||
243 | 19,433 | (42) | 19,634 | |||||
(Class C Shares) | (Class C Shares) | (Class C Shares) | ||||||
2 | 13,817 | (0) | 13,819 | |||||
(Class Y Shares) | (Institutional Shares) | (Institutional Shares) |
* | The Goldman Sachs Balanced Strategy Portfolio will be the accounting survivor for financial statement purposes. |
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AXA Enterprise Moderate-Plus Allocation Fund | Goldman Sachs Growth Strategy Portfolio | |
Investment Objective | Investment Objective | |
Seeks long-term capital appreciation and current income, with a greater emphasis on capital appreciation. | Seeks long-term capital appreciation and secondarily current income. | |
Investment Policies | Investment Policies | |
The Fund pursues its investment objective by investing exclusively in other mutual funds managed by AXA Equitable or Enterprise Capital Management, Inc., an affiliate of AXA Equitable. | The Fund pursues its investment objective by investing exclusively in other mutual funds managed by GSAM or an affiliate. | |
The Fund invests approximately 70% of its assets in AXA Underlying Funds that emphasize equity investments and approximately 30% of its assets in AXA Underlying Funds that emphasize fixed income investments. Subject to this asset allocation target, the Fund generally invests its assets in a combination of AXA Underlying Funds that would result in the Fund being invested in the following asset categories in the approximate percentages: International Equity — 20%; Large Cap Equity — 35%; Small/Mid Cap Equity — 15%; and Investment Grade — 30%. Actual allocations between asset classes and among asset categories can deviate from the amounts shown above by up to 15% of the Fund’s assets. | Under normal conditions, substantially all of the Fund’s Total Assets will be allocated among GST Underlying Equity Funds, with a greater focus on domestic large cap, small cap and international investments relative to the other GST Asset Allocation Funds. The target allocation is 80% for GST Underlying Equity Funds and is 20% for GST Underlying Fixed-Income Funds. The allocation range is 60% to 100% for GST Underlying Equity Funds is 0% to 40% for GST Underlying Fixed-Income Funds. GSAM expects that the Fund will invest a relatively significant percentage of its assets in the Goldman Sachs Structured Large Cap Growth Fund, Goldman Sachs Structured Large Cap Value Fund, and Goldman Sachs Structured International Equity Fund. |
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AXA Enterprise Moderate-Plus Allocation Fund | Goldman Sachs Growth Strategy Portfolio | |
The Fund is managed so that it can serve as a core part of a larger portfolio. AXA Equitable establishes the asset allocation targets for each asset class and the target investment percentages for each asset category and identifies the specific AXA Underlying Funds in which to invest using its proprietary investment process, based on fundamental research regarding the investment characteristics of the asset classes, asset categories and AXA Underlying Funds, as well as its outlook for the economy and financial markets. AXA Equitable may change the asset allocation targets and the target investment percentages. | The Fund is intended for investors who prefer to have their asset allocation decisions made by professional money managers. GSAM uses a disciplined, rigorous and quantitative approach to global tactical allocation. The Global Tactical Asset Allocation (“GTAA”) strategy attempts to add value by actively managing exposure to global stock, bond and currency markets. GSAM’s GTAA models use financial and economic factors that are designed to capture intuitive fundamental relationships across markets. The Fund may tactically deviate from the strategic allocations based on forecasts provided by the models. This process seeks to add value by overweighting attractive markets and underweighting unattractive markets. | |
Information regarding the AXA Underlying Funds in which the AXA Enterprise Fund currently may invest is included in Appendix D. These Underlying Funds have been selected to represent a reasonable spectrum of investment options for the relevant Fund. AXA Equitable may change the particular Underlying Funds in which the Fund invests from time to time. | Information regarding the GST Underlying Funds in which the GST Fund currently may invest is included in Appendix D. These Underlying Funds have been selected to represent a reasonable spectrum of investment options for the relevant Fund. GSAM may change the particular Underlying Funds in which the Fund invests from time to time. | |
Investment Adviser | Investment Adviser | |
AXA Equitable, through its AXA Funds Management Group unit, serves as the investment adviser for the Fund. | GSAM manages the Fund on a day-to-day basis and will continue to manage the Fund after the Reorganization. |
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AXA Enterprise Moderate-Plus | Goldman Sachs Growth | |||
Allocation Fund | Strategy Portfolio | |||
Net Asset Value Risk | X | X | ||
Interest Rate Risk | X | X | ||
Credit/ Default Risk | X | X | ||
Call Risk | X | X | ||
Extension Risk | X | X | ||
Stock Risk | X | X | ||
Derivatives Risk | X | X | ||
Management Risk | X | X | ||
Market Risk | X | X | ||
Liquidity Risk | X | X | ||
Investment Style Risk | X | X | ||
Mid Cap and Small Cap Risk | X | X | ||
Foreign Risk | X | X | ||
Emerging Countries Risk | X | X | ||
Investing in Underlying Funds | X | X | ||
Investments of Underlying Funds | X | X | ||
Affiliated Persons | X | X | ||
Expenses | X | X | ||
U.S. Government Securities Risk | X | X | ||
Sovereign Risk | X | X | ||
Initial Public Offering Risk (IPO) Risk | X | |||
Junk Bond Risk | X | |||
Non-Hedging Foreign Currency Trading Risk | X | |||
Geographic Risk | X | X | ||
Issuer Specific Risk | X | X | ||
Sub-Adviser Selection Risk | X | |||
Currency Risk | X | X | ||
Investment Grade Securities Risk | X | X | ||
Large Capitalization Risk | X | X |
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AXA Enterprise Moderate-Plus | ||||||||||||||||||||||||||||||||||||||||||||||||
Allocation Fund | Goldman Sachs Growth Strategy Portfolio | Combined Fund Pro Forma | ||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class Y | Class A | Class B | Class C | Institutional | Class A | Class B | Class C | Institutional | |||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | |||||||||||||||||||||||||||||||||||||
Shareholder Fees (fees paid directly from your investment): | ||||||||||||||||||||||||||||||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Purchases | 4.75% | 1 | None | None | None | 5.50% | 1 | None | None | None | 5.50% | 1 | None | None | None | |||||||||||||||||||||||||||||||||
Maximum Deferred Sales Charge (Load) 2 | None | 1 | 5.00% | 3 | 1.00% | 4 | None | None | 1 | 5.00% | 3 | 1.00% | 4 | None | None | 1 | 5.00% | 3 | 1.00% | 4 | None | |||||||||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Reinvested Dividends | None | None | None | None | None | None | None | None | None | None | None | None | ||||||||||||||||||||||||||||||||||||
Redemption Fees | 2.00% | 5 | 2.00% | 5 | 2.00% | 5 | 2.00% | 5 | None | None | None | None | None | None | None | None | ||||||||||||||||||||||||||||||||
Exchange Fees | None | None | None | None | None | None | None | None | None | None | None | None |
AXA Enterprise Moderate-Plus | ||||||||||||||||||||||||||||||||||||||||||||||||
Allocation Fund | Goldman Sachs Growth Strategy Portfolio | Combined Fund Pro Forma | ||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class Y | Class A | Class B | Class C | Institutional | Class A | Class B | Class C | Institutional | |||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | |||||||||||||||||||||||||||||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | ||||||||||||||||||||||||||||||||||||||||||||||||
Management Fees (for asset allocation) | 0.20% | 0.20% | 0.20% | 0.20% | 0.15% | 6 | 0.15% | 6 | 0.15% | 6 | 0.15% | 6 | 0.15% | 6 | 0.15% | 6 | 0.15% | 6 | 0.15% | 6 | ||||||||||||||||||||||||||||
Distribution and Service (12b-1) Fees | 0.30% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | ||||||||||||||||||||||||||||||||||||
Other Expenses* | 0.94% | 0.82% | 0.82% | 0.81% | 0.24% | 7 | 0.24% | 7 | 0.24% | 7 | 0.09% | 7 | 0.24% | 7 | 0.24% | 7 | 0.24% | 7 | 0.09% | 7 | ||||||||||||||||||||||||||||
Underlying Fund Expenses8 | 2.72% | 9 | 3.42% | 9 | 3.42% | 9 | 2.42% | 9 | 0.81% | 10 | 0.81% | 10 | 0.81% | 10 | 0.81% | 10 | 0.81% | 10 | 0.81% | 10 | 0.81% | 10 | 0.81% | 10 | ||||||||||||||||||||||||
Total Other and Underlying Fund Expenses | 3.66% | 4.24% | 4.24% | 3.23% | 1.05% | 1.05% | 1.05% | 0.90% | 1.05% | 1.05% | 1.05% | 0.90% | ||||||||||||||||||||||||||||||||||||
Total Fund Operating Expenses* | 4.16% | 11 | 5.44% | 11 | 5.44% | 11 | 3.43% | 11 | 1.45% | 2.20% | 2.20% | 1.05% | 1.45% | 2.20% | 2.20% | 1.05% |
* | The “Other Expenses” and “Total Fund Operating Expenses” (after any waivers and expense limitations) of the AXA Enterprise Fund, GST Fund and Combined Fund are as set forth below. |
AXA Enterprise Moderate-Plus | ||||||||||||||||||||||||||||||||||||||||||||||||
Allocation Fund | Goldman Sachs Growth Strategy Portfolio | Combined Fund Pro Forma | ||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class Y | Class A | Class B | Class C | Institutional | Class A | Class B | Class C | Institutional | |||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | |||||||||||||||||||||||||||||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | ||||||||||||||||||||||||||||||||||||||||||||||||
Management Fees (for asset allocation) | 0.00% | 0.00% | 0.00% | 0.00% | 0.15% | 6 | 0.15% | 6 | 0.15% | 6 | 0.15% | 6 | 0.15% | 6 | 0.15% | 6 | 0.15% | 6 | 0.15% | 6 | ||||||||||||||||||||||||||||
Distribution and Service (12b-1) Fees | 0.30% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | 0.25% | 1.00% | 1.00% | None | ||||||||||||||||||||||||||||||||||||
Other Expenses | 0.39% | 0.24% | 0.24% | 0.24% | 0.19% | 7 | 0.19% | 7 | 0.19% | 7 | 0.04% | 7 | 0.19% | 7 | 0.19% | 7 | 0.19% | 7 | 0.04% | 7 | ||||||||||||||||||||||||||||
Underlying Fund Expenses8 | 1.60% | 9 | 2.30% | 9 | 2.30% | 9 | 1.30% | 9 | 0.74% | 10 | 0.74% | 10 | 0.74% | 10 | 0.74% | 10 | 0.74% | 10 | 0.74% | 10 | 0.74% | 10 | 0.74% | 10 | ||||||||||||||||||||||||
Total Other and Underlying Fund Expenses | 1.99% | 2.54% | 2.54% | 1.54% | 0.93% | 0.93% | 0.93% | 0.78% | 0.93% | 0.93% | 0.93% | 0.78% | ||||||||||||||||||||||||||||||||||||
Total Fund Operating Expenses (after current expense limitations) | 2.29% | 9,11 | 3.54% | 9,11 | 3.54% | 9,11 | 1.54% | 9,11 | 1.33% | 2.08% | 2.08% | 0.93% | 1.33% | 2.08% | 2.08% | 0.93% |
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1 | The maximum sales charge is a percentage of the offering price. This sales charge varies depending on how much you invest. Under certain circumstances, the maximum sales charge may be reduced or waived entirely. If you buy $1,000,000 or more ($100,000 or more for certain employee benefit plans and $500,000 or more for certain individual retirement accounts) of Class A Shares of an AXA Enterprise Fund at net asset value and redeem those shares within 12 months of end of the calendar month of their purchase, a CDSC of 1.00% generally will apply to the redemptions of those shares. A CDSC of 1% is imposed on certain redemptions (within 18 months of purchase) of Class A Shares of a GST Fund sold without an initial sales charge as part of an investment of $1 million or more. |
2 | The maximum CDSC is a percentage of the lesser of the net asset value at the time of the redemption or the net asset value when the shares were originally purchased. |
3 | A CDSC is imposed upon Class B Shares of an AXA Enterprise Fund or GST Fund redeemed within six years of purchase at a rate of 5% in the first year, declining to 1% in the sixth year, and eliminated thereafter. Class B Shares of AXA Enterprise Funds and GST Funds automatically convert to Class A Shares eight years after the end of the calendar month in which you purchased them and will be subject to lower expenses. |
4 | A CDSC of 1% is imposed on Class C Shares of an AXA Enterprise Fund or GST Fund redeemed within 12 months of purchase. |
5 | If you redeem or exchange shares of an AXA Enterprise Fund after holding them one month or less, a fee of 2.00% of the current net asset value of the shares being redeemed or exchanged generally will be assessed and retained by the respective Fund for the benefit of the remaining shareholders. |
6 | GSAM’s fee reduction commitment with GST has permanently reduced the management fee for the Goldman Sachs Growth Strategy Portfolio to an annual rate of 0.15% of the average daily net assets of the Fund. As a result, “Management Fees” and “Total Fund Operating Expenses” of the Fund have been restated to reflect the current expenses that are expected for the current fiscal year. |
7 | “Other Expenses” of the GST Fund include transfer agency fees and expenses equal on an annualized basis to 0.19% of the average daily net assets of the Fund’s Class A, B and C Shares and 0.04% of the average daily net assets of the Institutional Shares, plus all other ordinary expenses not detailed above. GSAM has voluntarily agreed to reduce or limit “Other Expenses” (excluding management fees, distribution and service fees, transfer agency fees and expenses, taxes, interest, brokerage fees and litigation, indemnification, shareholder meeting and other extraordinary expenses exclusive of any offset arrangements) to 0.004% of the GST Fund’s average daily net assets. These expense reductions may be terminated at any time at the option of the GST Fund’s investment adviser. |
8 | The AXA Enterprise Moderate-Plus Allocation Fund and Goldman Sachs Growth Strategy Portfolio invest in shares of Underlying Funds (as defined below). Therefore, each Fund will, in addition to its own expenses such as management fees, bear its pro rata share of the fees and expenses incurred by the Underlying Funds and the investment return of each Fund will be reduced by each Underlying Fund’s expenses. |
9 | The range of expenses (as a percentage of average net assets) expected to be incurred indirectly in connection with each fund’s investments in Underlying Funds is: 1.10% to 1.60% Thus, the net operating expense ratio of the shares of each fund, including the fund’s direct and indirect expenses, is currently expected to range from: 1.60% to 2.10% for Class A Shares, 2.30% to 2.80% for Class B Shares, 2.30% to 2.80% for Class C Shares, and 1.30% to 1.80% for Class Y Shares; and, after taking into account the fee waiver and expense reimbursement arrangement described above. Absent this arrangement, the total operating expense ratio of the shares of each fund would range from: 2.72% to 3.22% for Class A Shares, 3.42% to 3.92% for Class B Shares, 3.42% to 3.92% for Class C Shares, and 2.42% to 2.92% for Class Y Shares. This information is based on a weighted-average range of the expense ratios since the average assets of each fund invested in Underlying Funds will fluctuate. The total expense ratios may be higher or lower depending on the allocation of a fund’s assets among Underlying Funds and the actual expenses of the Underlying Funds. An investor could realize lower overall expenses by investing directly in the Underlying Funds. |
10 | “Underlying Fund Expenses” for the Goldman Sachs Growth Strategy Portfolio are based upon the strategic allocation of the Fund’s investment in the Underlying Funds and upon the actual total operating expenses of the Underlying Funds (including any current waivers and expense limitations of the Underlying Funds). Actual Underlying Fund expenses incurred by the Fund may vary with changes in the allocation of the Fund’s assets among the Underlying Funds and with other events that directly affect the expenses of the Underlying Funds. |
11 | Pursuant to a contract, AXA Equitable has agreed to make payments or waive its management, administrative or other fees to limit the expenses of the AXA Enterprise Fund through April 30, 2008 (unless the Enterprise Multimanager |
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Trust Trustees consent to an earlier revision or termination of this arrangement) so that the Total Fund Operating Expenses of the AXA Enterprise Fund (exclusive of taxes, interest, brokerage commissions, capitalized expenses, expenses of other investment companies in which the Fund invests, and extraordinary expenses) do not exceed 0.50% for Class A Shares, 1.20% for Class B and Class C Shares and 0.20% for Class Y Shares. The Total Fund Operating Expenses set forth in the previous sentence with respect to AXA Enterprise Moderate-Plus Allocation Fund do not include the proportionate share of Underlying Fund expenses that this Fund indirectly bears. AXA Equitable may be reimbursed the amount of any such payments and waivers in the future provided that the payments or waivers are reimbursed within three years of the payment or waiver being made and the combination of the Fund’s expense ratio and such reimbursements do not exceed the Fund’s expense cap. AXA Equitable may discontinue these arrangements at any time after April 30, 2008. |
1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||
AXA Enterprise Moderate-Plus Allocation Fund | ||||||||||||||||||
Class A Shares | $ | 694 | $ | 1,500 | $ | 2,319 | $ | 4,429 | ||||||||||
Class B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 853 | $ | 1,832 | $ | 2,701 | $ | 4,896 | ||||||||||
- assuming no redemption | $ | 353 | $ | 1,432 | $ | 2,501 | $ | 4,896 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 453 | $ | 1,432 | $ | 2,501 | $ | 5,132 | ||||||||||
- assuming no redemption | $ | 353 | $ | 1,432 | $ | 2,501 | $ | 5,132 | ||||||||||
Class Y Shares | $ | 155 | $ | 882 | $ | 1,631 | $ | 3,600 | ||||||||||
Goldman Sachs Growth Strategy Portfolio | ||||||||||||||||||
Class A Shares | $ | 689 | $ | 983 | $ | 1,299 | $ | 2,190 | ||||||||||
Class B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 723 | $ | 988 | $ | 1,380 | $ | 2,344 | ||||||||||
- assuming no redemption | $ | 223 | $ | 688 | $ | 1,180 | $ | 2,344 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 323 | $ | 688 | $ | 1,180 | $ | 2,534 | ||||||||||
- assuming no redemption | $ | 223 | $ | 688 | $ | 1,180 | $ | 2,534 | ||||||||||
Institutional Shares | $ | 107 | $ | 334 | $ | 579 | $ | 1,283 | ||||||||||
Combined Fund Pro Forma | ||||||||||||||||||
Class A Shares | $ | 689 | $ | 983 | $ | 1,299 | $ | 2,190 | ||||||||||
Class B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 723 | $ | 988 | $ | 1,380 | $ | 2,344 | ||||||||||
- assuming no redemption | $ | 223 | $ | 688 | $ | 1,180 | $ | 2,344 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 323 | $ | 688 | $ | 1,180 | $ | 2,534 | ||||||||||
- assuming no redemption | $ | 223 | $ | 688 | $ | 1,180 | $ | 2,534 | ||||||||||
Institutional Shares | $ | 107 | $ | 334 | $ | 579 | $ | 1,283 |
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1 | The Class B example for each Fund reflects the conversion of Class B Shares to Class A Shares after approximately eight years from the date of purchase of Class B Shares. |
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10 Years | ||||||||||||
Average Annual Total Returns | or Since | |||||||||||
(For the periods ended December 31, 2006) | 1 Year | 5 Years | Inception | |||||||||
Class A (inception 10/1/94) | ||||||||||||
Return Before Taxes | 8.17% | 3.18% | 3.72% | |||||||||
Return After Taxes on Distributions1 | 7.25% | 2.75% | 2.72% | |||||||||
Return After Taxes on Distributions and Sale of Fund Shares1 | 5.31% | 2.47% | 2.76% | |||||||||
Moderate-Plus Allocation Index2 | 14.38% | 7.50% | 8.39% | |||||||||
Class B (inception 5/1/95) | ||||||||||||
Return Before Taxes | 7.93% | 3.27% | 3.76% | |||||||||
Moderate-Plus Allocation Index | 14.38% | 7.50% | 8.39% | |||||||||
Class C (inception 5/1/97) | ||||||||||||
Return Before Taxes | 11.98% | 3.57% | 3.41% | |||||||||
Moderate-Plus Allocation Index | 14.38% | 7.50% | 8.10% | |||||||||
Class Y (inception 7/5/95) | ||||||||||||
Return Before Taxes | 14.20% | 4.62% | 4.65% | |||||||||
Moderate-Plus Allocation Index | 14.38% | 7.50% | 8.39% |
10 Years | ||||||||||||
Average Annual Total Returns | or Since | |||||||||||
(For the periods ended December 31, 2006) | 1 Year | 5 Years | Inception | |||||||||
Class A (inception 1/2/98) | ||||||||||||
Return Before Taxes | 17.14% | 11.48% | 6.54% | |||||||||
Return After Taxes on Distributions1 | 9.68% | 9.75% | 5.22% | |||||||||
Return After Taxes on Distributions and Sale of Fund Shares1 | 7.61% | 8.70% | 4.75% | |||||||||
S&P 500 Index3 | 15.79% | 6.19% | 5.95% | |||||||||
MSCI EAFE Index4 | 26.86% | 15.42% | 8.75% | |||||||||
Russell 2000 Index5 | 18.37% | 11.38% | 8.09% | |||||||||
MSCI Emerging Markets Free Index6 | 32.59% | 26.96% | 12.02% | |||||||||
Class B (inception 1/2/98) | ||||||||||||
Return Before Taxes | 16.26% | 10.67% | 5.76% | |||||||||
S&P 500 Index | 15.79% | 6.19% | 5.95% | |||||||||
MSCI EAFE Index | 26.86% | 15.42% | 8.75% | |||||||||
Russell 2000 Index | 18.37% | 11.38% | 8.09% | |||||||||
MSCI Emerging Markets Free Index | 32.59% | 26.96% | 12.02% | |||||||||
Class C (inception 1/2/98) | ||||||||||||
Return Before Taxes | 16.28% | 10.64% | 5.76% | |||||||||
S&P 500 Index | 15.79% | 6.19% | 5.95% | |||||||||
MSCI EAFE Index | 26.86% | 15.42% | 8.75% | |||||||||
Russell 2000 Index | 18.37% | 11.38% | 8.09% | |||||||||
MSCI Emerging Markets Free Index | 32.59% | 26.96% | 12.02% | |||||||||
Institutional Class (inception 1/2/98) | ||||||||||||
Return Before Taxes | 17.64% | 11.92% | 6.96% | |||||||||
S&P 500 Index | 15.79% | 6.19% | 5.95% | |||||||||
MSCI EAFE Index | 28.86% | 15.42% | 8.75% | |||||||||
Russell 2000 Index | 18.37% | 11.38% | 8.09% | |||||||||
MSCI Emerging Markets Free Index | 32.59% | 26.96% | 12.02% |
1 | The after-tax returns are for Class A Shares only. The after-tax returns for Class B and Class C Shares will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates |
160
and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. |
2 | The Moderate-Plus Allocation Index is a weighted blend of the Lehman Brothers Aggregate Bond Index, the S&P 500 Index and the MSCI® EAFE® Index in the following proportions: 25% Lehman Brothers Aggregate Bond Index; 60% S&P 500 Index; and 15% MSCI® EAFE® Index. The Lehman Brothers Aggregate Bond Index covers the U.S. investment grade fixed-rate bond market, including government and credit securities, taxable municipal securities, agency mortgage pass-through securities, asset-backed securities, and commercial mortgage-based securities. The S&P 500® Index is an unmanaged broad-based index that includes 500 companies that tend to be leaders in important industries within the U.S. economy. The MSCI® EAFE® Index is a free float-adjusted market capitalization index that is designed to measure developed market equity performance, excluding the U.S. and Canada. The Moderate-Plus Allocation Index figures do not reflect any deduction for fees, expenses or taxes. |
3 | The S&P 500® Index is an unmanaged broad-based index that includes 500 companies that tend to be leaders in important industries within the U.S. economy. The Index figures do not reflect any deduction for fees, expenses or taxes. |
4 | The MSCI® EAFE® Index is a free float-adjusted market capitalization index that is designed to measure developed market equity performance, excluding the U.S. and Canada. The Index figures do not reflect any deduction for fees, expenses or taxes. |
5 | The Russell 2000® Index is an unmanaged index of common stock prices that measures the performance of the 2000 smallest companies in the Russell 3000® Index. The Index figures do not reflect any deduction for fees, expenses or taxes. |
6 | The MSCI® Emerging Markets Free (EMF) Index is an unmanaged free float-adjusted market capitalization-weighted index that is designed to measure equity market performance in the global emerging markets of over 26 emerging market countries. The Index figures do not reflect any deduction for fees, expenses or taxes. |
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AXA Enterprise | ||||
Moderate-Plus Allocation Fund | Goldman Sachs Growth Strategy Portfolio | |||
Sales charges and Distribution/Service (Rule 12b-1) Fees | Class A Shares. Class A Shares are subject to a maximum front-end sales charge of 4.75%, which is reduced depending on the amount invested and, in certain circumstances, waived. There is no CDSC on redemptions of Class A Shares, except in certain circumstances when the front-end sales charge is waived. Class A Shares are subject to a Rule 12b-1 fee equal to an annual rate of 0.30% of the Fund’s average daily net assets attributable to Class A Shares. | Class A Shares. Class A Shares are subject to a maximum front-end sales charge of 5.50%, which is reduced depending on the amount invested and, in certain circumstances, waived. There is no CDSC on redemptions of Class A Shares, except in certain circumstances when the front-end sales charge is waived. Class A Shares are subject to a Rule 12b-1 fee equal to an annual rate of 0.25% of the Fund’s average daily net assets attributable to Class A Shares. | ||
Class B Shares. There is no front-end sales charge on Class B Shares. However, Class B Shares are subject to a CDSC of up to 5% on certain redemptions within 6 years of purchase. Class B Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class B Shares. Class B Shares convert to Class A Shares approximately 8 years after purchase. | Class B Shares. There is no front-end sales charge on Class B Shares. However, Class B Shares are subject to a CDSC of up to 5% on certain redemptions within 6 years of purchase. Class B Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class B Shares. Class B Shares convert to Class A Shares approximately 8 years after purchase. | |||
Class C Shares. There is no front-end sales charge on Class C Shares. However, Class C Shares are subject to a CDSC of 1% on certain redemptions within the first year of purchase. Class C Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class C Shares. | Class C Shares. There is no front-end sales charge on Class C Shares. However, Class C Shares are subject to a CDSC of 1% on certain redemptions within the first year of purchase. Class C Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class C Shares. | |||
Class Y Shares. Class Y Shares are not subject to any front-end sales charge, CDSC or Rule 12b-1 fees. | Institutional Shares. Institutional Shares are not subject to any front-end sales charge, CDSC or Rule 12b-1 fees. | |||
Purchase Policies | Investors can purchases shares of an AXA Enterprise Fund directly through the Fund’s principal underwriter, Enterprise Fund Distributors, Inc., or through an authorized dealer, subject to certain minimum investments and eligibility and other requirements. | Investors can purchase shares of a GST Fund directly from Goldman Sachs, through authorized dealers and directly from GST, subject to certain minimum investments and eligibility and other requirements. |
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AXA Enterprise | ||||
Moderate-Plus Allocation Fund | Goldman Sachs Growth Strategy Portfolio | |||
Exchange Policies | Shareholders can exchange shares of the AXA Enterprise Fund at net asset value without the imposition of any front-end sales charge or CDSC at the time of the exchange for shares of the same class of another AXA Enterprise Fund. Redemption of shares (including by exchange) that are held for one month or less may, however, be subject to a redemption fee. | Shareholders can exchange shares of a GST Fund at net asset value without the imposition of any front-end sales charge or CDSC at the time of the exchange for shares of the same class of another Goldman Sachs Fund. Redemption of shares (including by exchange) that are held for 30 or 60 calendar days or less may, however, be subject to a redemption fee. | ||
Redemption Policies | Shareholders can sell (redeem) some or all their shares. Generally, the AXA Enterprise Fund will redeem its shares upon request on any business day at the net asset value next determined after receipt of such request in proper form, subject to any applicable CDSC or redemption fee. Shareholders may request that redemption proceeds be sent by check or wire. Redemptions may be requested in writing or by telephone. | Shareholders can sell (redeem) some or all their shares. Generally, the GST Fund will redeem its shares upon request on any business day at the net asset value next determined after receipt of such request in proper form, subject to any applicable CDSC or redemption fee. Shareholders may request that redemption proceeds be sent by check or wire. Redemptions may be requested in writing or by telephone. | ||
Redemption Fees | There is a 2% redemption fee assessed on certain redemptions of shares (including by exchange) within one month after purchase. | The Fund does not impose any redemption fees. |
AXA Enterprise | ||||||||
Moderate-Plus | Goldman Sachs Growth | Pro Forma | Pro Forma | |||||
Allocation Fund | Strategy Portfolio* | Adjustments | Combined Fund | |||||
Net Assets: | $73,987 (Class A Shares) | $593,034 (Class A Shares) | $0 | $667,021 (Class A Shares) | ||||
$39,942 (Class B Shares) | $106,506 (Class B Shares) | $0 | $146,448 (Class B Shares) |
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AXA Enterprise | ||||||||
Moderate-Plus | Goldman Sachs Growth | Pro Forma | Pro Forma | |||||
Allocation Fund | Strategy Portfolio* | Adjustments | Combined Fund | |||||
$8,461 (Class C Shares) | $319,370 (Class C Shares) | $0 | $327,831 (Class C Shares) | |||||
$389 (Class Y Shares) | $97,809 (Institutional Shares) | $0 | $98,198 (Institutional Shares) | |||||
Net Asset Value Per Share: | $7.67 (Class A Shares) | $13.72 (Class A Shares) | $(7.67) | $13.72 (Class A Shares) | ||||
$7.48 (Class B Shares) | $13.69 (Class B Shares) | $(7.48) | $13.69 (Class B Shares) | |||||
$7.45 (Class C Shares) | $13.61 (Class C Shares) | $(7.45) | $13.61 (Class C Shares) | |||||
$7.73 (Class Y Shares) | $13.77 (Institutional Shares) | $(7.73) | $13.77 (Institutional Shares) | |||||
Shares Outstanding: | 9,647 (Class A Shares) | 43,222 (Class A Shares) | (4,254) | 48,615 (Class A Shares) | ||||
5,339 (Class B Shares) | 7,781 (Class B Shares) | (2,421) | 10,699 (Class B Shares) | |||||
1,135 (Class C Shares) | 23,461 (Class C Shares) | (514) | 24,082 (Class C Shares) | |||||
50 (Class Y Shares) | 7,104 (Institutional Shares) | (22) | 7,132 (Institutional Shares) |
* | The Goldman Sachs Growth Strategy Portfolio will be the accounting survivor for financial statement purposes. |
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Principal Risk | Funds Denoting Risk as a Principal Risk | |
Net Asset Value Risk — The risk that the net asset value of the Fund and the value of your investment will fluctuate. | All GST Funds All AXA Enterprise Funds | |
Interest Rate Risk — The risk that when interest rates increase, securities held by a Fund will decline in value. Long-term fixed-income securities will normally have more price volatility because of this risk than short-term fixed-income securities. | All GST Funds (except Goldman Sachs Tollkeeper Fund) AXA Enterprise Multimanager Core Bond Fund All AXA Enterprise Asset Allocation Funds | |
Credit/ Default Risk — The risk that an issuer or guarantor of a fixed-income security held by a Fund, or a bank or other financial institution that has entered into a repurchase agreement, or the counterparty in a derivative transaction may default on its payment obligations including the obligation to pay interest and repay principal. For certain Funds, this risk may include the risk of default on foreign letters of credit, guarantees or insurance that back municipal securities. | All GST Funds (except Goldman Sachs Structured U.S. Equity Fund Structured Large Cap Growth Fund Structured Large Cap Value Fund and Tollkeeper Fund) AXA Enterprise Multimanager Core Bond Fund All AXA Enterprise Asset Allocation Funds | |
Call Risk — The risk that an issuer will exercise its right to pay principal on an obligation held by a Fund (such as a mortgage-backed security) earlier than expected. This may happen when there is a decline in interest rates. Under these circumstances, a Fund may be unable to recoup all of its initial investment and will also suffer from having to reinvest in lower yielding securities. | Goldman Sachs Core Plus Fixed Income Fund All GST Asset Allocation Funds (except Goldman Sachs Equity Growth Strategy Portfolio) AXA Enterprise Multimanager Core Bond Fund All AXA Enterprise Asset Allocation Funds | |
Extension Risk — The risk that an issuer will exercise its right to pay principal on an obligation held by a Fund (such as a mortgage-backed security) later than expected. This may happen when there is a rise in interest rates. Under these circumstances, the value of the obligation will decrease, and a Fund will also suffer from the inability to invest in higher yielding securities. | Goldman Sachs Core Plus Fixed Income Fund All GST Asset Allocation Funds (except Goldman Sachs Equity Growth Strategy Portfolio) AXA Enterprise Multimanager Core Bond Fund All AXA Enterprise Asset Allocation Funds |
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Principal Risk | Funds Denoting Risk as a Principal Risk | |
U.S. Government Securities Risk — The risk that the U.S. government will not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. Although many U.S. Government Securities purchased by the Funds, such as those issued by the Federal National Mortgage Association, Federal Home Loan Mortgage Corporation and Federal Home Loan Banks, may be chartered or sponsored by Acts of Congress, their securities are neither issued nor guaranteed by the United States Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. Government Securities held by a Fund may greatly exceed their current resources, including their legal right to support from the U.S. Treasury. It is possible that these issuers will not have the funds to meet their payment obligations in the future. | Goldman Sachs Core Plus Fixed Income Fund All GST Asset Allocation Funds (except Goldman Sachs Equity Growth Strategy Portfolio) AXA Enterprise Multimanager Core Bond Fund All AXA Enterprise Asset Allocation Funds (except AXA Enterprise Aggressive Allocation Fund) | |
Stock Risk — The risk that stock prices have historically risen and fallen in periodic cycles. Stocks and other equity securities generally fluctuate more in value than bonds and may decline in value over short or extended periods. In recent years, U.S. and foreign stock markets have experienced substantial price volatility. The value of such securities will change based on changes in a company’s financial condition and in overall market and economic conditions. | All GST Equity Funds All GST Asset Allocation Funds All AXA Enterprise Equity Funds All AXA Enterprise Asset Allocation Funds |
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Principal Risk | Funds Denoting Risk as a Principal Risk | |
Derivatives Risk — The risk that loss may result from a Fund’s investments in options, futures, swaps, structured securities and other derivative instruments. These instruments may be illiquid, difficult to price and leveraged so that small changes may produce disproportionate losses to a Fund. Derivatives are financial contracts whose value is based on the value of an underlying asset, reference rate or index. A Fund’s investment in derivatives may rise or fall more rapidly than other investments. These transactions are subject to changes in the value of the underlying security on which such transactions are based. Even a small investment in derivative securities can have a significant impact on a Fund’s exposure to stock market values, interest rates or currency exchange rates. Derivatives are subject to a number of risks such as liquidity risk, interest rate risk, market risk, credit risk and portfolio management risk depending on the type of underlying asset, reference rate or index. They also involve the risk of mispricing or improper valuation and the risk that changes in the value of a derivative may not correlate well with the underlying asset, rate or index. These types of transactions will be used primarily as a substitute for taking a position in the underlying asset and/or for hedging purposes. When a derivative security is used as a hedge against an offsetting position that a Fund also holds, any loss generated by the derivative security should be substantially offset by gains on the hedged instrument, and vice versa. To the extent that a Fund uses a derivative security for purposes other than as a hedge, that Fund is directly exposed to the risks of that derivative security and any loss generated by the derivative security will not be offset by a gain. | All GST Funds (except Goldman Sachs Tollkeeper Fund) AXA Enterprise Multimanager Core Bond Fund All AXA Enterprise Asset Allocation Funds | |
Management Risk — The risk that a strategy used by a Fund’s investment adviser or sub-adviser may fail to produce the intended results. | All GST Funds All AXA Enterprise Funds | |
Market Risk — The risk that the value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular industry sectors and/or general economic conditions. Price changes may be temporary or last for extended periods. A Fund’s investments may be overweighted from time to time in one or more industry sectors, which will increase the Fund’s exposure to risk of loss from adverse developments affecting those sectors. | All GST Funds All AXA Enterprise Funds |
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Principal Risk | Funds Denoting Risk as a Principal Risk | |
Liquidity Risk — The risk that a Fund will not be able to pay redemption proceeds within the time period stated in its prospectus because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. Funds that invest in small and mid-capitalization stocks and real estate investment trusts will be especially subject to the risk that during certain periods the liquidity of particular issuers or industries, or all securities within particular investment categories, will shrink or disappear suddenly and without warning as a result of adverse economic, market or political events, or adverse investor perceptions whether or not accurate. | All GST Funds AXA Enterprise Multimanager Mid Cap Growth Fund AXA Enterprise Multimanager Mid Cap Value Fund AXA Enterprise Multimanager International Equity Fund AXA Enterprise Multimanager Core Bond Fund All AXA Enterprise Asset Allocation Funds | |
Industry Concentration Risk — The risk that a Fund concentrates its investments in specific industry sectors that have historically experienced substantial price volatility. A Fund is subject to greater risk of loss as a result of adverse economic, business or other developments than if its investments were diversified across different industry sectors. Securities of issuers held by a Fund may lack sufficient market liquidity to enable a Fund to sell the securities at an advantageous time or without a substantial drop in price. | Goldman Sachs Tollkeeper Fund AXA Enterprise Multimanager Technology Fund | |
Investment Style Risk — Different investment styles tend to shift in and out of favor depending upon market and economic conditions as well as investor sentiment. A Fund may outperform or underperform other funds that employ a different investment style. Examples of different investment styles include growth and value investing. Growth stocks may be more volatile than other stocks because they are more sensitive to investor perceptions of the issuing company’s growth of earnings potential. Growth companies are often expected by investors to increase their earnings at a certain rate. When these expectations are not met, investors can punish the stock inordinately even if earnings showed an absolute increase. Also, since growth companies usually invest a high portion of earnings in their business, growth stocks may lack the dividends of some value stocks that can cushion stock prices in a falling market. Growth oriented funds will typically underperform when value investing is in favor. Value stocks are those that are undervalued in comparison to their peers due to adverse business developments or other factors. | All GST Equity Funds All GST Asset Allocation Funds All AXA Enterprise Equity Funds All AXA Enterprise Asset Allocation Funds |
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Principal Risk | Funds Denoting Risk as a Principal Risk | |
Mid-Cap and Small-Cap Risk — The securities of small capitalization and mid-capitalization companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements. Securities of such issuers may lack sufficient market liquidity to enable a Fund to effect sales at an advantageous time or without a substantial drop in price. Both mid-cap and small-cap companies often have narrower markets and more limited managerial and financial resources than larger, more established companies. As a result, their performance can be more volatile and they face greater risk of business failure, which could increase the volatility of a Fund’s portfolio. Generally, the smaller the company, the greater these risks. | Goldman Sachs Structured U.S. Equity Fund Goldman Sachs Structured Large Cap Growth Fund Goldman Sachs Growth Opportunities Fund Goldman Sachs Mid Cap Value Fund Goldman Sachs Structured Large Cap Value Fund Goldman Sachs Structured International Equity Fund Goldman Sachs Tollkeeper Fund All GST Asset Allocation Funds AXA Enterprise Multimanager Mid Cap Growth Fund (Mid Cap Risk) AXA Enterprise Multimanager Mid Cap Value Fund (Mid Cap Risk) AXA Enterprise Multimanager International Equity Fund AXA Enterprise Multimanager Technology Fund All AXA Enterprise Asset Allocation Funds | |
Foreign Risk — The risk that when a Fund invests in foreign securities, it will be subject to risk of loss not typically associated with domestic issuers. Loss may result because of less foreign government regulation, less public information and less economic, political and social stability. Loss may also result from the imposition of exchange controls, confiscations and other government restrictions. A Fund will also be subject to the risk of negative foreign currency rate fluctuations. Foreign risks will normally be greatest when a Fund invests in issuers located in emerging countries. | All GST Funds All AXA Enterprise Funds | |
Emerging Countries Risk — The securities markets of Asian, Latin and South American, Eastern European, African and other emerging countries are less liquid, are especially subject to greater price volatility, have smaller market capitalizations, have less government regulation and are not subject to as extensive and frequent accounting, financial and other reporting requirements as the securities markets of more developed countries. Further, investment in equity securities of issuers located in certain emerging countries involves risk of loss resulting from problems in share registration and custody and substantial economic and political disruptions. These risks are not normally associated with investments in more developed countries. | Goldman Sachs Growth Opportunities Fund Goldman Sachs Mid Cap Value Fund Goldman Structured International Equity Fund Goldman Sachs Tollkeeper Fund Goldman Sachs Core Plus Fixed Income Fund All GST Asset Allocation Funds All AXA Enterprise Multimanager Funds |
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Principal Risk | Funds Denoting Risk as a Principal Risk | |
Sovereign Risk — The risk that the issuer of the sovereign debt or the governmental authorities that control the repayment of the debt may be unable or unwilling to repay the principal or interest when due. This risk includes political, economic and repayment risks. Political risk is the risk associated with the general political and social environment of a country and includes among other factors, government instability, poor socioeconomic conditions, corruption, lack of law and order, lack of democratic accountability, poor quality of the bureaucracy, internal and external conflict, and religious and ethnic tensions. High political risk can impede the economic welfare of a country. Economic risk is the risk associated with general economic conditions and includes, among other things, low quality and growth rate of gross domestic product (“GDP”), high inflation or deflation, high government deficits as a percentage of GDP, weak financial sector, overvalued exchange rate, and high current accounts deficits as a percentage of GDP. Repayment risk is the risk associated with the inability of a country to pay its external debt obligations in the immediate future and includes, among other items, high foreign debt as a percentage of GDP, high foreign debt service as a percentage of exports, and an unsustainable exchange rate structure. | Goldman Sachs Core Plus Fixed Income Fund All GST Asset Allocation Funds (except Goldman Sachs Equity Growth Strategy Portfolio) AXA Enterprise Multimanager Core Bond Fund All AXA Enterprise Asset Allocation Funds | |
Initial Public Offering (“IPO”) Risk — The risk that the market value of IPO shares will fluctuate considerably due to factors such as the absence of a prior public market, unseasoned trading, the small number of shares available for trading and limited information about the issuer. The purchase of IPO shares may involve high transaction costs. IPO shares are subject to market risk and liquidity risk. When a Fund’s asset base is small, a significant portion of the Fund’s performance could be attributable to investments in IPOs, because such investments would have a magnified impact on the Fund. As the Fund’s assets grow, the effect of the Fund’s investments in IPOs on the Fund’s performance probably will decline, which could reduce the Fund’s performance. | Goldman Sachs Tollkeeper Fund All GST Asset Allocation Funds AXA Enterprise Multimanager Technology Fund | |
“Junk Bond” Risk — Some Funds will invest in non-investment grade fixed-income securities (commonly known as “junk bonds”) that are considered predominantly speculative by traditional standards. Non-investment grade fixed-income securities and unrated securities of comparable credit quality are subject to the increased risk of an issuer’s inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate or municipal developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less secondary market liquidity. | Goldman Sachs Core Plus Fixed Income Fund All GST Asset Allocation Funds (except Goldman Sachs Equity Growth Strategy Portfolio) AXA Enterprise Multimanager Core Bond Fund AXA Enterprise Conservative Allocation Fund AXA Enterprise Moderate Allocation Fund |
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Principal Risk | Funds Denoting Risk as a Principal Risk | |
Non-Hedging Foreign Currency Trading Risk — Certain Funds may engage, to a greater extent than other Funds, in forward foreign currency transactions for speculative purposes. A Fund’s investment adviser may purchase or sell foreign currencies through the use of forward contracts based on the investment adviser’s judgment regarding the direction of the market for a particular foreign currency or currencies. In pursuing this strategy, an investment adviser seeks to profit from anticipated movements in currency rates by establishing “long” and/or “short” positions in forward contracts on various foreign currencies. Foreign exchange rates can be extremely volatile and a variance in the degree of volatility of the market or in the direction of the market from the investment adviser’s expectations may produce significant losses to a Fund. | Goldman Sachs Core Plus Fixed Income Fund All GST Asset Allocation Funds (except Goldman Sachs Equity Growth Strategy Portfolio) | |
Geographic Risk — Concentration of investments of a Fund in issuers located in a particular country or region will subject the Fund, to a greater extent than if investments were less concentrated, to the risks of adverse securities markets, exchange rates and social, political, regulatory or economic events that may occur in that country or region. | Goldman Sachs Structured International Equity Fund All GST Asset Allocation Funds AXA Enterprise Multimanager International Equity Fund All AXA Enterprise Allocation Funds | |
Issuer-Specific Risk — The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the market as a whole. A Fund could lose all of its investment in a company’s securities. | All GST Funds All AXA Enterprise Funds | |
Sub-adviser Selection Risk — The risk that the process for selecting or replacing a sub-adviser and the decision to select or replace a sub-adviser does not produce the intended result. | All AXA Enterprise Funds |
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Principal Risk | Funds Denoting Risk as a Principal Risk | |
Large Capitalization Risk — Larger more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Many larger companies also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. | Goldman Sachs Structured U.S. Equity Fund Goldman Sachs Structured Large Cap Growth Fund Goldman Sachs Structured Large Cap Value Fund Goldman Sachs Structured International Equity Fund All GST Asset Allocation Funds AXA Enterprise Multimanager Core Equity Fund AXA Enterprise Multimanager Growth Fund AXA Enterprise Multimanager Value Fund AXA Enterprise Multimanager International Equity Fund AXA Enterprise Multimanager Technology Fund All AXA Enterprise Asset Allocation Funds | |
Currency Risk — The risk that fluctuations in the exchange rates between the U.S. dollar and foreign currencies may negatively affect an investment. A change in the value of any such currency against the U.S. dollar will result in a change in the U.S. dollar value of a Fund’s assets and income. | Goldman Sachs Structured International Equity Fund Goldman Sachs Core Plus Fixed Income Fund All GST Asset Allocation Funds AXA Enterprise Multimanager International Equity Fund AXA Enterprise Multimanager Core Bond Fund All AXA Enterprise Asset Allocation Funds | |
Investment Grade Securities Risk — Debt securities are rated by national bond rating agencies. Securities rated BBB and higher by Standard & Poor’s and Baa or higher by Moody’s are considered investment grade securities, but securities rated BBB or Baa are somewhat riskier than higher rated obligations because they are regarded as having only an adequate capacity to pay principal and interest, and are considered to lack outstanding investment characteristics. | Goldman Sachs Core Plus Fixed Income Fund All GST Asset Allocation Funds AXA Enterprise Multimanager Core Bond Fund All AXA Enterprise Asset Allocation Funds |
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Principal Risk | Funds Denoting Risk as a Principal Risk | |
Internet Risk — The risk that the stock prices of Internet and Internet-related companies and therefore the value of a Fund will experience significant price movements as a result of intense market volatility, worldwide competition, consumer preferences, product compatibility, product obsolescence, government regulation, excessive investor optimism or pessimism, or other factors. To the extent a Fund may also invest in a relatively few number of issuers, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio and may be more susceptible to greater losses because of these developments. | Goldman Sachs Tollkeeper Fund AXA Enterprise Multimanager Technology Fund | |
Technology Sector Risk — The value of a Fund’s shares is particularly vulnerable to factors affecting the technology sector, such as dependency on consumer and business acceptance as new technology evolves, large and rapid price movements resulting from competition, rapid obsolescence of products and services and short product cycles. Many technology companies are small and at an earlier stage of development and, therefore, may be subject to risks such as those arising out of limited product lines, markets and financial and managerial resources. | Goldman Sachs Tollkeeper Fund AXA Enterprise Multimanager Technology Fund | |
Investing in Underlying Funds — The investments of certain Funds are concentrated in Underlying Funds, and each such Fund’s investment performance is directly and proportionately related to the investment performance of the Underlying Funds held by it. The ability of a Fund to meet its investment objective is directly related to the ability of the Underlying Funds to meet their objectives as well as the allocation among those Underlying Funds by the Fund’s investment adviser. The value of the Underlying Funds’ investments, and the net asset values (“NAV”) of the shares the Fund and the Underlying Funds, will fluctuate in response to various market and economic factors related to the equity and fixed-income markets, as well as the financial condition and prospects of issuers in which the Underlying Funds invest. There can be no assurance that the investment objective of a Fund or any Underlying Fund will be achieved. | Goldman Sachs Core Plus Fixed Income Fund All GST Asset Allocation Funds All AXA Enterprise Asset Allocation Funds |
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Principal Risk | Funds Denoting Risk as a Principal Risk | |
Investments of Underlying Funds — Because certain Funds invest in the Underlying Funds, these Funds’ shareholders will be affected by the investment policies of the Underlying Funds in direct proportion to the amount of assets the Funds allocate to those Underlying Funds. Certain Funds may invest in Underlying Funds that in turn invest in small capitalization companies and foreign issuers and thus are subject to additional risks, including changes in foreign currency exchange rates and political risk. Foreign investments may include securities of issuers located in emerging countries in Asia, Latin, Central and South America, Eastern Europe, Africa and the Middle East. Certain Funds may also invest in Underlying Funds that in turn invest in non-investment grade fixed-income securities (“junk bonds”), which are considered speculative by traditional standards. In addition, Underlying Funds may purchase derivative securities; enter into forward currency transactions; lend their portfolio securities; enter into futures contracts and options transactions; purchase zero coupon bonds and payment-in-kind bonds; purchase securities issue by real estate investment trusts (“REITs”) and other issuers in the real estate industry; purchase restricted and illiquid securities; purchase securities on a when-issued or delayed delivery basis; enter into repurchase agreements; borrow money; and engage in various other investment practices. | Goldman Sachs Core Plus Fixed Income Fund All GST Asset Allocation Funds All AXA Enterprise Asset Allocation Funds | |
Affiliated Persons — In managing certain Funds, an investment adviser will have the authority to select and substitute Underlying Funds. An Investment Adviser is subject to conflicts of interest in allocating Fund assets among the various Underlying Funds both because the fees payable to it and/or its affiliates by some Underlying Funds are higher than the fees payable by other Underlying Funds and because the investment adviser and its affiliates are also responsible for managing the Underlying Funds. The Trustees and officers of the a Fund may also have conflicting interests in fulfilling their fiduciary duties to both the Fund and the Underlying Funds. | All GST Asset Allocation Funds AXA Enterprise Asset Allocation Funds | |
Expenses — Investors invest in Underlying Funds directly. By investing in Underlying Funds indirectly through another Fund, an investor will incur not only a proportionate share of the expenses of the Underlying Funds held by the Fund (including operating costs and investment management fees), but also expenses of the Fund. | All GST Asset Allocation Funds All AXA Enterprise Asset Allocation Funds | |
Non-Diversification Risk — As a non-diversified mutual fund, more of a Fund’s assets may be focused in the common stocks of a small number of issuers, which may make the value of the Fund’s shares more sensitive to changes in the market value of a single issuer or industry than shares of a diversified mutual fund. | AXA Enterprise Multimanager Technology Fund |
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• | The Reorganizations will enable shareholders of each AXA Enterprise Fund to continue their investment in a GST Fund that has similar investment objectives, policies and risks as the AXA Enterprise Fund and which is part of a substantially larger, more diversified family of funds with increased potential for asset growth and the benefits of that growth resulting from economies of scale and greater portfolio diversification. | |
• | GSAM has substantial experience, qualifications and capabilities in managing mutual funds with similar investment objectives and policies as the AXA Enterprise Funds. | |
• | The historical investment performance records of each GST Fund for the periods reviewed generally compared reasonably to that of the corresponding AXA Enterprise Fund, although there is no guarantee or assurance as to the future performance of the GST Funds. | |
• | The net annual operating expense ratio of each class of shares of each GST Fund after the Reorganizations, except for the GST Asset Allocation Funds, is expected to be lower than that of the corresponding class of shares of the corresponding AXA Enterprise Fund. | |
• | The net annual operating expense ratios of the Class A and Institutional Shares of the GST Asset Allocation Funds after the Reorganizations are expected to be lower than those of the Class A and Y Shares, respectively, of the corresponding AXA Enterprise Funds, and the net annual operating expense ratios of the Class B and Class C Shares of the GST Funds are expected to be higher than those of the Class B and Class C Shares of the corresponding AXA Enterprise Funds. However, the net annual operating expense ratio for each class of Shares of each GST Asset Allocation Fund for the last fiscal year, including the expenses of the Underlying Funds in which they invest, generally was lower than that of the corresponding class of shares of the AXA Enterprise Fund, including the expenses of the |
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Underlying Funds in which it invested. In addition, GSAM has agreed to cap the net annual operating expenses of each GST Asset Allocation Fund (Class B and Class C Shares) for one year from the effective time of the Reorganization, as described above. | ||
• | The distribution and shareholder servicing arrangements compare favorably to those of the AXA Enterprise Funds. In addition, as a result of the Reorganizations, each shareholder of an AXA Enterprise Fund would receive shares of a corresponding class of the corresponding GST Fund that has a similar sales charge and Rule 12b-1 fee structure. Although the Class A Shares of the GST Equity Funds and GST Asset Allocation Funds generally have a higher front-end sales load than Class A Shares of the corresponding AXA Enterprise Funds, the ongoing Rule 12b-1 fee for Class A Shares of the GST Funds is lower than that of the AXA Enterprise Funds. | |
• | As a result of the Reorganizations, each shareholder invested in shares of an AXA Enterprise Fund would hold, immediately after the Reorganization, shares of the corresponding class of the corresponding GST Fund having an aggregate value equal to the aggregate value of those AXA Enterprise Fund Shares held immediately before the Effective Time of the Reorganization. | |
• | Goldman Sachs has substantial distribution capabilities for the GST Funds, which is reasonably likely to lead to future growth of the GST Funds. | |
• | The Reorganizations are expected to be tax-free for the AXA Enterprise Funds and their shareholders. | |
• | The AXA Enterprise Funds would not bear any of the expenses of the proposed Reorganizations. |
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(1) | each Reorganization will constitute a “reorganization” within the meaning of Section 368(a) of the Code, and each GST Fund and AXA Enterprise Fund will be a “party to a reorganization” within the meaning of Section 368(b) of the Code; |
(2) | each AXA Enterprise Fund will recognize no gain or loss (a) upon the transfer of its assets to the Corresponding GST Fund in exchange for that GST Fund’s shares and the assumption of the liabilities of the AXA Enterprise Fund, and (b) upon the distribution of those shares to the shareholders of the AXA Enterprise Fund; |
(3) | each GST Fund will recognize no gain or loss upon the receipt of the assets of the Corresponding AXA Enterprise Fund in exchange for shares of such GST Fund and the assumption of the liabilities of such AXA Enterprise Fund; |
(4) | the tax basis in the hands of each GST Fund of each asset of the Corresponding AXA Enterprise Fund transferred to such GST Fund in their Reorganization will be the same as the basis of that asset in the hands of such AXA Enterprise Fund immediately before the transfer; |
(5) | the holding period of each asset of each AXA Enterprise Fund in the hands of the Corresponding GST Fund will include the period during which that asset was held by such AXA Enterprise Fund; |
(6) | the shareholders of each AXA Enterprise Fund will recognize no gain or loss upon their receipt of shares of the Corresponding GST Fund; |
(7) | the aggregate tax basis of the GST Fund shares received by each shareholder of the Corresponding AXA Enterprise Fund will equal the aggregate tax basis of the AXA Enterprise Fund shares surrendered in exchange therefor; |
(8) | the holding period of the GST Fund shares received by each AXA Enterprise Fund shareholder will include the holding period of the AXA Enterprise Fund shares surrendered in exchange therefor, provided that the AXA Enterprise Fund shares are held by that shareholder as capital assets on the date of the exchange; and |
(9) | each GST Fund will succeed to and take into account the tax attributes of the Corresponding AXA Enterprise Fund described in Section 381(c) of the Code, subject to the conditions and limitations specified in Sections 381, 382, 383 and 384 of the Code and the Treasury Regulations thereunder. |
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Liability and Indemnification of Enterprise Multimanager Trust Trustees and GST Trustees |
Voting Rights of Shareholders of Enterprise Multimanager Trust and GST |
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Advisory Fees | Advisory Fees | |||||||||
Before/After | Before/After | |||||||||
Enterprise Multimanager Trust* | Waivers | Corresponding GST Fund | Waivers | |||||||
Multimanager Core Equity Fund Advisory Fee | 1.000%/0.00% | 1 | Goldman Sachs Structured U.S. Equity Fund | 0.65%/0.51% | 2 | |||||
Multimanager Growth Fund Advisory Fee | 1.000%/0.00% | 1 | Goldman Sachs Structured Large Cap Growth Fund | 0.65%/0.51% | 2 | |||||
Multimanager Mid Cap Growth Fund Advisory Fee | 1.200%/0.00% | 1 | Goldman Sachs Growth Opportunities Fund | 1.00%/1.00% | 2 | |||||
Multimanager Mid Cap Value Fund Advisory Fee | 1.200%/0.00% | 1 | Goldman Sachs Mid Cap Value Fund | 0.71%/0.71% | 2 | |||||
Multimanager Value Fund Advisory Fee | 1.000%/0.26% | 1 | Goldman Sachs Structured Large Cap Value Fund. | 0.60%/0.51% | 2 | |||||
Multimanager International Equity Fund Advisory Fee | 1.150%/0.40% | 1 | Goldman Sachs Structured International Equity Fund | 0.85%/0.81% | 2 | |||||
Multimanager Technology Fund Advisory Fee | 1.300%/0.01% | 1 | Goldman Sachs Tollkeeper Fund | 1.00%/1.00% | 2 | |||||
Multimanager Core Bond Fund Advisory Fee | 0.700%/0.01% | 1 | Goldman Sachs Core Plus Fixed Income Fund | 0.45%/0.45% | 2 | |||||
Aggressive Allocation Fund Advisory Fee | 0.200%/0.00% | Goldman Sachs Equity Growth Strategy Portfolio | 0.15%/0.15% | 3 | ||||||
Conservative Allocation Fund Advisory Fee | 0.200%/0.00% | Goldman Sachs Balanced Strategy Portfolio | 0.15%/0.15% | 3 | ||||||
Moderate Allocation Fund Advisory Fee | 0.200%/0.00% | Goldman Sachs Growth and Income Strategy Portfolio | 0.15%/0.15% | 3 | ||||||
Moderate-Plus Allocation Fund Advisory Fee | 0.200%/0.00% | Goldman Sachs Growth Strategy Portfolio | 0.15%/0.15% | 3 |
* | Includes Sub-Advisory Fee | |
1 | AXA Equitable has entered into agreements with the Enterprise Multimanager Trust establishing a contractual management fee rate. The agreements imposed breakpoints on the management fees and reduce the management fees for |
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certain of the AXA Enterprise Funds to annual rates equal to the following percentages of the average daily net assets of the AXA Enterprise Funds as follows: |
AXA Enterprise Fund | First $1 billion | Next $1 billion | Next $3 billion | Next $5 billion | Thereafter | |||||
Multimanager Core Equity Fund | 1.000% | 0.950% | 0.925% | 0.900% | 0.875% | |||||
Multimanager Growth Fund | 1.000% | 0.950% | 0.925% | 0.900% | 0.875% | |||||
Multimanager Mid Cap Growth Fund | 1.200% | 1.150% | 1.125% | 1.100% | 1.075% | |||||
Multimanager Mid Cap Value Fund | 1.200% | 1.150% | 1.125% | 1.100% | 1.075% | |||||
Multimanager Value Fund | 1.000% | 0.950% | 0.925% | 0.900% | 0.875% | |||||
Multimanager International Equity Fund | 1.150% | 1.100% | 1.075% | 1.050% | 1.025% | |||||
Multimanager Technology Fund | 1.300% | 1.250% | 1.225% | 1.200% | 1.175% |
AXA Enterprise Fund | First $1.5 billion | Next $1 billion | Next $1 billion | Next $2.5 billion | Thereafter | |||||
Multimanager Core Bond Fund | 0.700% | 0.675% | 0.650% | 0.625% | 0.600% |
2 | GSAM has implemented voluntary fee reductions with GST for certain GST Funds. The breakpoints listed below have been contractual for: the Structured U.S. Equity, Structured Large Cap Growth, Growth Opportunities, Mid Cap Value, Structured Large Cap Value and Structured International Equity Funds since December 29, 2005; the Tollkeeper Fund since April 28, 2006; and the Core Plus Fixed Income Fund since October , 2006. The fee reduction commitments imposed breakpoints on the management fees and reduce the management fees for certain GST Funds to annual rates equal to the following percentages of the average daily net assets of the GST Funds: |
Over $1 billion | ||||||
GST Fund | First $1 billion | up to $2 billion | Over $2 billion | |||
Structured U.S. Equity Fund | 0.65% | 0.59% | 0.56% | |||
Structured Large Cap Growth Fund | 0.65% | 0.59% | 0.56% | |||
Structured Large Cap Value Fund | 0.60% | 0.54% | 0.51% | |||
Structured International Equity Fund | 0.85% | 0.77% | 0.73% | |||
Tollkeeper Fund | 1.00% | 0.90% | 0.86% | |||
Core Plus Fixed Income Fund | 0.45% | 0.35% | 0.30% |
First $2 billion | Over $2 billion | |||
Growth Opportunities Fund | 1.00% | 0.90% | ||
Mid Cap Value Fund | 0.75% | 0.68% |
In addition, GSAM has voluntarily agreed not to impose a portion of the management fee for certain GST Funds. These fee waivers may be terminated at any time at the option of GSAM. As a result of fee waivers, the current management fees of these GST Funds as a percentage of average daily net assets are as follows: |
GST Fund | Management Fee | |
Structured U.S. Equity Fund | 0.51% | |
Structured Large Cap Growth Fund | 0.51% | |
Structured Large Cap Value Fund | 0.51% | |
Structured International Equity Fund | 0.81% |
3 | Effective April 29, 2005, GSAM entered into a fee reduction commitment with GST with respect to the GST Asset Allocation Funds. The commitment permanently reduced the management fee for each GST Asset Allocation Fund to an annual ratio of 0.15% of the average daily net assets of each such Fund. |
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Enterprise Multimanager Trust | GST | |||
Distributor | Enterprise Fund Distributors, Inc. | Goldman, Sachs & Co. | ||
Administrator | AXA Equitable* | GSAM** | ||
Transfer Agent and Dividend Disbursing Agent | Boston Financial Data Services, Inc. | Goldman, Sachs & Co. | ||
Custodian | JPMorgan Chase Bank | JPMorgan Chase Bank (Tollkeeper Fund) State Street Bank & Trust Company (All other GST Funds) | ||
Independent Registered Public Accounting Firm | PricewaterhouseCoopers LLP | PricewaterhouseCoopers LLP |
* | AXA Equitable provides administrative services to Enterprise Multimanager Trust pursuant to a fund services agreement. |
** | GSAM provides administrative services to GST Funds as part of its advisory services for the GST Funds. |
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Income (Loss) from | Distributions | |||||||||||
Investment Operations | to Shareholders | |||||||||||
Net Asset | ||||||||||||
Value, | Net | Net Realized | Total from | From Net | ||||||||
Beginning | Investment | and Unrealized | Investment | Investment | ||||||||
Year - Share Class | of Year | Income (Loss)(a) | Gain (Loss) | Operations | Income | |||||||
For the Years Ended August 31, | ||||||||||||
2006 - A | $29.13 | $0.24 | $2.53 | $2.77 | $(0.11) | |||||||
2006 - B | 27.52 | — | (d) | 2.40 | 2.40 | — | ||||||
2006 - C | 27.39 | 0.01 | 2.38 | 2.39 | — | |||||||
2006 - Institutional | 29.72 | 0.38 | 2.56 | 2.94 | (0.18) | |||||||
2005 - A | 25.81 | 0.26 | (c) | 3.28 | 3.54 | (0.22) | ||||||
2005 - B | 24.39 | 0.05 | (c) | 3.09 | 3.14 | (0.01) | ||||||
2005 - C | 24.30 | 0.05 | (c) | 3.07 | 3.12 | (0.03) | ||||||
2005 - Institutional | 26.32 | 0.36 | (c) | 3.37 | 3.73 | (0.33) | ||||||
2004 - A | 22.57 | 0.11 | 3.20 | 3.31 | (0.07) | |||||||
2004 - B | 21.42 | (0.08) | 3.05 | 2.97 | — | |||||||
2004 - C | 21.34 | (0.08) | 3.04 | 2.96 | — | |||||||
2004 - Institutional | 23.00 | 0.21 | 3.27 | 3.48 | (0.16) | |||||||
2003 - A | 20.18 | 0.09 | 2.31 | 2.40 | (0.01) | |||||||
2003 - B | 19.28 | (0.06) | 2.20 | 2.14 | — | |||||||
2003 - C | 19.20 | (0.06) | 2.20 | 2.14 | — | |||||||
2003 - Institutional | 20.57 | 0.17 | 2.37 | 2.54 | (0.11) | |||||||
2002 - A | 24.30 | 0.04 | (4.16) | (4.12) | — | |||||||
2002 - B | 23.39 | (0.13) | (3.98) | (4.11) | — | |||||||
2002 - C | 23.29 | (0.12) | (3.97) | (4.09) | — | |||||||
2002 - Institutional | 24.68 | 0.14 | (4.25) | (4.11) | — |
(a) | Calculated based on the average shares outstanding methodology. | |
(b) | Assumes investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges. Total return would be reduced if a sales or redemption charge were taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. | |
(c) | Reflects income recognized from a special dividend which amounted to $0.10 per share and .03% of average net assets. | |
(d) | Amount is less than $0.005. |
190
Ratios Assuming No | ||||||||||||||||||||||||||||||||
Expense Reductions | ||||||||||||||||||||||||||||||||
Ratio of | Ratio of | |||||||||||||||||||||||||||||||
Net Assets, | Ratio of | Net Investment | Ratio of | Net Investment | ||||||||||||||||||||||||||||
Net Asset | End of | Net Expenses | Income (Loss) | Total Expenses | Income (Loss) | Portfolio | ||||||||||||||||||||||||||
Value, End | Total | Year | to Average | to Average | to Average | to Average | Turnover | |||||||||||||||||||||||||
of Year | Return(b) | (in 000s) | Net Assets | Net Assets | Net Assets | Net Assets | Rate | |||||||||||||||||||||||||
$ | 31.79 | 9.51 | % | $ | 611,999 | 0.99 | % | 0.79 | % | 1.15 | % | 0.64 | % | 129 | % | |||||||||||||||||
29.92 | 8.72 | 78,110 | 1.75 | 0.01 | 1.90 | (0.13 | ) | 129 | ||||||||||||||||||||||||
29.78 | 8.73 | 36,628 | 1.75 | 0.03 | 1.90 | (0.12 | ) | 129 | ||||||||||||||||||||||||
32.48 | 9.97 | 644,250 | 0.59 | 1.22 | 0.75 | 1.06 | 129 | |||||||||||||||||||||||||
29.13 | 13.75 | 477,204 | 1.09 | 0.93 | (c) | 1.19 | 0.83 | (c) | 142 | |||||||||||||||||||||||
27.52 | 12.87 | 108,595 | 1.84 | 0.19 | (c) | 1.94 | 0.09 | (c) | 142 | |||||||||||||||||||||||
27.39 | 12.86 | 38,380 | 1.84 | 0.20 | (c) | 1.94 | 0.10 | (c) | 142 | |||||||||||||||||||||||
29.72 | 14.16 | 269,545 | 0.69 | 1.23 | (c) | 0.79 | 1.13 | (c) | 142 | |||||||||||||||||||||||
25.81 | 14.71 | 398,346 | 1.13 | 0.43 | 1.25 | 0.31 | 112 | |||||||||||||||||||||||||
24.39 | 13.87 | 115,492 | 1.88 | (0.32 | ) | 2.00 | (0.44 | ) | 112 | |||||||||||||||||||||||
24.30 | 13.87 | 38,656 | 1.88 | (0.32 | ) | 2.00 | (0.44 | ) | 112 | |||||||||||||||||||||||
26.32 | 15.18 | 140,587 | 0.73 | 0.83 | 0.85 | 0.71 | 112 | |||||||||||||||||||||||||
22.57 | 11.90 | 351,673 | 1.15 | 0.44 | 1.26 | 0.33 | 74 | |||||||||||||||||||||||||
21.42 | 11.10 | 118,993 | 1.90 | (0.31 | ) | 2.01 | (0.42 | ) | 74 | |||||||||||||||||||||||
21.34 | 11.15 | 36,546 | 1.90 | (0.31 | ) | 2.01 | (0.42 | ) | 74 | |||||||||||||||||||||||
23.00 | 12.40 | 131,457 | 0.75 | 0.84 | 0.86 | 0.73 | 74 | |||||||||||||||||||||||||
20.18 | (16.95 | ) | 340,934 | 1.14 | 0.19 | 1.24 | 0.09 | 74 | ||||||||||||||||||||||||
19.28 | (17.57 | ) | 125,243 | 1.89 | (0.57 | ) | 1.99 | (0.67 | ) | 74 | ||||||||||||||||||||||
19.20 | (17.56 | ) | 36,223 | 1.89 | (0.56 | ) | 1.99 | (0.66 | ) | 74 | ||||||||||||||||||||||
20.57 | (16.65 | ) | 163,439 | 0.74 | 0.59 | 0.84 | 0.49 | 74 |
191
Income (Loss) from | Distributions to | |||||||||||||||||||||||||||
Investment Operations | 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 Year | (Loss)(a) | Gain (Loss) | Operations | Income | Gains | Distributions | |||||||||||||||||||||
For the Years Ended August 31, | ||||||||||||||||||||||||||||
2006 - A | $ | 12.55 | $ | 0.04 | $ | 0.61 | $ | 0.65 | $ | — | (f) | $ | — | $ | — | (f) | ||||||||||||
2006 - B | 11.81 | (0.06 | ) | 0.58 | 0.52 | — | — | — | ||||||||||||||||||||
2006 - C | 11.81 | (0.06 | ) | 0.59 | 0.53 | — | — | — | ||||||||||||||||||||
2006 - Institutional | 12.89 | 0.09 | 0.64 | 0.73 | (0.04 | ) | — | (0.04 | ) | |||||||||||||||||||
2005 - A | 11.13 | 0.04 | (c) | 1.38 | (d) | 1.42 | — | — | — | |||||||||||||||||||
2005 - B | 10.55 | (0.04 | )(c) | 1.30 | (d) | 1.26 | — | — | — | |||||||||||||||||||
2005 - C | 10.55 | (0.04 | )(c) | 1.30 | (d) | 1.26 | — | — | — | |||||||||||||||||||
2005 - Institutional | 11.38 | 0.08 | (c) | 1.43 | (d) | 1.51 | — | — | — | |||||||||||||||||||
2004 - A | 10.33 | (0.01 | ) | 0.81 | 0.80 | — | — | — | ||||||||||||||||||||
2004 - B | 9.87 | (0.09 | ) | 0.77 | 0.68 | — | — | — | ||||||||||||||||||||
2004 - C | 9.87 | (0.09 | ) | 0.77 | 0.68 | — | — | — | ||||||||||||||||||||
2004 - Institutional | 10.52 | 0.03 | 0.83 | 0.86 | — | — | — | |||||||||||||||||||||
2003 - A | 9.06 | (0.01 | ) | 1.28 | 1.27 | — | — | — | ||||||||||||||||||||
2003 - B | 8.72 | (0.07 | ) | 1.22 | 1.15 | — | — | — | ||||||||||||||||||||
2003 - C | 8.72 | (0.07 | ) | 1.22 | 1.15 | — | — | — | ||||||||||||||||||||
2003 - Institutional | 9.19 | 0.03 | 1.30 | 1.33 | — | — | — | |||||||||||||||||||||
2002 - A | 11.51 | (0.03 | ) | (2.38 | ) | (2.41 | ) | — | (0.04 | ) | (0.04 | ) | ||||||||||||||||
2002 - B | 11.16 | (0.11 | ) | (2.29 | ) | (2.40 | ) | — | (0.04 | ) | (0.04 | ) | ||||||||||||||||
2002 - C | 11.17 | (0.11 | ) | (2.30 | ) | (2.41 | ) | — | (0.04 | ) | (0.04 | ) | ||||||||||||||||
2002 - Institutional | 11.63 | 0.01 | (2.41 | ) | (2.40 | ) | — | (0.04 | ) | (0.04 | ) |
(a) | Calculated based on the average shares outstanding methodology. | |
(b) | Assumes investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges. Total return would be reduced if a sales or redemption charge were taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. | |
(c) | Reflects income recognized from a special dividend which amounted to $0.03 per share and 0.30% of average net assets. | |
(d) | Reflects an increase of $0.01 due to payments by affiliates during the period to reimburse certain security claims. | |
(e) | Performance has not been restated to reflect the impact of security claims recorded during the period. If restated, the performance would have been 12.67%, 11.85%, 11.85% and 13.18% for Class A, Class B, Class C and Institutional Shares, respectively. | |
(f) | Amount is less than $0.005 per share. |
192
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 | Year | to Average | to Average | to Average | to Average | Turnover | |||||||||||||||||||||||||
of Year | Return(b) | (in 000s) | Net Assets | Net Assets | Net Assets | Net Assets | Rate | |||||||||||||||||||||||||
$ | 13.20 | 5.21 | % | $ | 310,386 | 1.00 | % | 0.28 | % | 1.16 | % | 0.12 | % | 111 | % | |||||||||||||||||
12.33 | 4.40 | 41,947 | 1.76 | (0.52 | ) | 1.91 | (0.67 | ) | 111 | |||||||||||||||||||||||
12.34 | 4.49 | 22,811 | 1.76 | (0.52 | ) | 1.91 | (0.67 | ) | 111 | |||||||||||||||||||||||
13.58 | 5.66 | 488,448 | 0.60 | 0.69 | 0.76 | 0.53 | 111 | |||||||||||||||||||||||||
12.55 | 12.76 | (e) | 166,792 | 1.11 | 0.37 | (c) | 1.24 | 0.24 | (c) | 146 | ||||||||||||||||||||||
11.81 | 11.94 | (e) | 65,545 | 1.86 | (0.32 | ) (c) | 1.99 | (0.45 | )(c) | 146 | ||||||||||||||||||||||
11.81 | 11.94 | (e) | 29,672 | 1.86 | (0.32 | ) (c) | 1.99 | (0.45 | )(c) | 146 | ||||||||||||||||||||||
12.89 | 13.27 | (e) | 263,906 | 0.71 | 0.65 | (c) | 0.84 | 0.52 | (c) | 146 | ||||||||||||||||||||||
11.13 | 7.74 | 120,872 | 1.15 | (0.10 | ) | 1.29 | (0.24 | ) | 149 | |||||||||||||||||||||||
10.55 | 6.89 | 78,810 | 1.90 | (0.85 | ) | 2.04 | (0.99 | ) | 149 | |||||||||||||||||||||||
10.55 | 6.89 | 32,901 | 1.90 | (0.85 | ) | 2.04 | (0.99 | ) | 149 | |||||||||||||||||||||||
11.38 | 8.17 | 109,353 | 0.75 | 0.31 | 0.89 | 0.17 | 149 | |||||||||||||||||||||||||
10.33 | 14.02 | 127,317 | 1.18 | (0.07 | ) | 1.31 | (0.20 | ) | 119 | |||||||||||||||||||||||
9.87 | 13.19 | 91,084 | 1.93 | (0.82 | ) | 2.06 | (0.95 | ) | 119 | |||||||||||||||||||||||
9.87 | 13.19 | 36,553 | 1.93 | (0.82 | ) | 2.06 | (0.95 | ) | 119 | |||||||||||||||||||||||
10.52 | 14.47 | 114,524 | 0.78 | 0.33 | 0.91 | 0.20 | 119 | |||||||||||||||||||||||||
9.06 | (21.04 | ) | 139,593 | 1.17 | (0.32 | ) | 1.27 | (0.42 | ) | 113 | ||||||||||||||||||||||
8.72 | (21.61 | ) | 99,959 | 1.92 | (1.06 | ) | 2.02 | (1.16 | ) | 113 | ||||||||||||||||||||||
8.72 | (21.68 | ) | 41,627 | 1.92 | (1.07 | ) | 2.02 | (1.17 | ) | 113 | ||||||||||||||||||||||
9.19 | (20.74 | ) | 131,590 | 0.77 | 0.08 | 0.87 | (0.02 | ) | 113 |
193
Distributions | ||||||||||||||||||||
Income (Loss) from Investment Operations | to Shareholders | |||||||||||||||||||
Net Asset | ||||||||||||||||||||
Value, | Net | Net Realized | Total from | From Net | ||||||||||||||||
Beginning | Investment | and Unrealized | Investment | Realized | ||||||||||||||||
Year - Share Class | of Year | Loss(a) | Gain (Loss) | Operations | Gains | |||||||||||||||
For the Years Ended August 31, | ||||||||||||||||||||
2006 - A | $ | 22.21 | $ | (0.19 | ) | $ | (0.09 | ) | $ | (0.28 | ) | $ | (1.12 | ) | ||||||
2006 - B | 21.33 | (0.34 | ) | (0.07 | ) | (0.41 | ) | (1.12 | ) | |||||||||||
2006 - C | 21.19 | (0.34 | ) | (0.07 | ) | (0.41 | ) | (1.12 | ) | |||||||||||
2006 - Institutional | 22.77 | (0.11 | ) | (0.09 | ) | (0.20 | ) | (1.12 | ) | |||||||||||
2005 - A | 18.58 | (0.20 | )(c) | 3.83 | 3.63 | — | ||||||||||||||
2005 - B | 17.98 | (0.34 | )(c) | 3.69 | 3.35 | — | ||||||||||||||
2005 - C | 17.86 | (0.34 | )(c) | 3.67 | 3.33 | — | ||||||||||||||
2005 - Institutional | 18.97 | (0.12 | )(c) | 3.92 | 3.80 | — | ||||||||||||||
2004 - A | 17.38 | (0.15 | ) | 1.35 | 1.20 | — | ||||||||||||||
2004 - B | 16.94 | (0.28 | ) | 1.32 | 1.04 | — | ||||||||||||||
2004 - C | 16.83 | (0.28 | ) | 1.31 | 1.03 | — | ||||||||||||||
2004 - Institutional | 17.67 | (0.08 | ) | 1.38 | 1.30 | — | ||||||||||||||
2003 - A | 14.09 | (0.12 | ) | 3.41 | 3.29 | — | ||||||||||||||
2003 - B | 13.84 | (0.22 | ) | 3.32 | 3.10 | — | ||||||||||||||
2003 - C | 13.74 | (0.22 | ) | 3.31 | 3.09 | — | ||||||||||||||
2003 - Institutional | 14.27 | (0.06 | ) | 3.46 | 3.40 | — | ||||||||||||||
2002 - A | 18.11 | (0.15 | ) | (3.87 | ) | (4.02 | ) | — | ||||||||||||
2002 - B | 17.92 | (0.27 | ) | (3.81 | ) | (4.08 | ) | — | ||||||||||||
2002 - C | 17.80 | (0.27 | ) | (3.79 | ) | (4.06 | ) | — | ||||||||||||
2002 - Institutional | 18.26 | (0.08 | ) | (3.91 | ) | (3.99 | ) | — |
(a) | Calculated based on the average shares outstanding methodology. | |
(b) | Assumes investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges. Total return would be reduced if a sales or redemption charge were taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. | |
(c) | Reflects income recognized from special dividends which amounted to $0.01 per share and 0.03% of average net assets. |
194
Ratios Assuming No Expense | ||||||||||||||||||||||||||||||||
Reductions | ||||||||||||||||||||||||||||||||
Ratio of Net | Ratio of Net | Ratio of Total | Ratio of Net | |||||||||||||||||||||||||||||
Net Assets, | Expenses to | Investment Loss | Expenses to | Investment Loss | ||||||||||||||||||||||||||||
Net Asset Value, | Total | End of Year | Average | to Average | Average | to Average | Portfolio | |||||||||||||||||||||||||
End of Year | Return(b) | (in 000s) | Net Assets | Net Assets | Net Assets | Net Assets | Turnover Rate | |||||||||||||||||||||||||
$ | 20.81 | (1.46 | )% | $ | 908,135 | 1.47 | % | (0.89 | )% | 1.47 | % | (0.89 | )% | 82 | % | |||||||||||||||||
19.80 | (2.16 | ) | 69,240 | 2.22 | (1.64 | ) | 2.22 | (1.64 | ) | 82 | ||||||||||||||||||||||
19.66 | (2.17 | ) | 113,383 | 2.22 | (1.64 | ) | 2.22 | (1.64 | ) | 82 | ||||||||||||||||||||||
21.45 | (1.06 | ) | 771,166 | 1.07 | (0.49 | ) | 1.07 | (0.49 | ) | 82 | ||||||||||||||||||||||
22.21 | 19.54 | 936,312 | 1.49 | (0.94 | )(c) | 1.49 | (0.94 | )(c) | 62 | |||||||||||||||||||||||
21.33 | 18.63 | 91,286 | 2.24 | (1.69 | )(c) | 2.24 | (1.69 | )(c) | 62 | |||||||||||||||||||||||
21.19 | 18.65 | 112,420 | 2.24 | (1.69 | )(c) | 2.24 | (1.69 | )(c) | 62 | |||||||||||||||||||||||
22.77 | 20.03 | 739,739 | 1.09 | (0.54 | )(c) | 1.09 | (0.54 | )(c) | 62 | |||||||||||||||||||||||
18.58 | 6.90 | 615,510 | 1.49 | (0.80 | ) | 1.49 | (0.80 | ) | 51 | |||||||||||||||||||||||
17.98 | 6.14 | 85,969 | 2.24 | (1.55 | ) | 2.24 | (1.55 | ) | 51 | |||||||||||||||||||||||
17.86 | 6.12 | 69,067 | 2.24 | (1.55 | ) | 2.24 | (1.55 | ) | 51 | |||||||||||||||||||||||
18.97 | 7.36 | 290,601 | 1.09 | (0.40 | ) | 1.09 | (0.40 | ) | 51 | |||||||||||||||||||||||
17.38 | 23.35 | 441,187 | 1.53 | (0.80 | ) | 1.53 | (0.80 | ) | 66 | |||||||||||||||||||||||
16.94 | 22.40 | 85,601 | 2.28 | (1.56 | ) | 2.28 | (1.56 | ) | 66 | |||||||||||||||||||||||
16.83 | 22.49 | 63,358 | 2.28 | (1.56 | ) | 2.28 | (1.56 | ) | 66 | |||||||||||||||||||||||
17.67 | 23.83 | 189,498 | 1.13 | (0.41 | ) | 1.13 | (0.41 | ) | 66 | |||||||||||||||||||||||
14.09 | (22.20 | ) | 368,361 | 1.51 | (0.87 | ) | 1.51 | (0.87 | ) | 69 | ||||||||||||||||||||||
13.84 | (22.77 | ) | 68,639 | 2.26 | (1.62 | ) | 2.26 | (1.62 | ) | 69 | ||||||||||||||||||||||
13.74 | (22.81 | ) | 47,581 | 2.26 | (1.62 | ) | 2.26 | (1.62 | ) | 69 | ||||||||||||||||||||||
14.27 | (21.89 | ) | 134,954 | 1.11 | (0.47 | ) | 1.11 | (0.47 | ) | 69 |
195
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 Year | (Loss)(a) | Gain | Operations | Income | Gains | Distributions | |||||||||||||||||||||
For the Years Ended August 31, | ||||||||||||||||||||||||||||
2006 - A | $ | 36.88 | $ | 0.18 | $ | 2.30 | $ | 2.48 | $ | (0.13 | ) | $ | (2.39 | ) | $ | (2.52 | ) | |||||||||||
2006 - B | 35.96 | (0.09 | ) | 2.25 | 2.16 | — | (2.39 | ) | (2.39 | ) | ||||||||||||||||||
2006 - C | 35.76 | (0.09 | ) | 2.24 | 2.15 | — | (2.39 | ) | (2.39 | ) | ||||||||||||||||||
2006 - Institutional | 37.17 | 0.33 | 2.32 | 2.65 | (0.25 | ) | (2.39 | ) | (2.64 | ) | ||||||||||||||||||
2005 - A | 30.82 | 0.15 | 8.36 | 8.51 | (0.10 | ) | (2.35 | ) | (2.45 | ) | ||||||||||||||||||
2005 - B | 30.23 | (0.11 | ) | 8.19 | 8.08 | — | (2.35 | ) | (2.35 | ) | ||||||||||||||||||
2005 - C | 30.08 | (0.11 | ) | 8.14 | 8.03 | — | (2.35 | ) | (2.35 | ) | ||||||||||||||||||
2005 - Institutional | 31.01 | 0.29 | 8.41 | 8.70 | (0.19 | ) | (2.35 | ) | (2.54 | ) | ||||||||||||||||||
2004 - A | 25.37 | 0.11 | 5.51 | 5.62 | (0.17 | ) | — | (0.17 | ) | |||||||||||||||||||
2004 - B | 24.92 | (0.11 | ) | 5.42 | 5.31 | — | — | — | ||||||||||||||||||||
2004 - C | 24.81 | (0.11 | ) | 5.40 | 5.29 | (0.02 | ) | — | (0.02 | ) | ||||||||||||||||||
2004 - Institutional | 25.49 | 0.23 | 5.53 | 5.76 | (0.24 | ) | — | (0.24 | ) | |||||||||||||||||||
2003 - A | 24.17 | 0.19 | 1.65 | 1.84 | (0.14 | ) | (0.50 | ) | (0.64 | ) | ||||||||||||||||||
2003 - B | 23.80 | 0.02 | 1.62 | 1.64 | (0.02 | ) | (0.50 | ) | (0.52 | ) | ||||||||||||||||||
2003 - C | 23.73 | 0.02 | 1.60 | 1.62 | (0.04 | ) | (0.50 | ) | (0.54 | ) | ||||||||||||||||||
2003 - Institutional | 24.24 | 0.29 | 1.66 | 1.95 | (0.20 | ) | (0.50 | ) | (0.70 | ) | ||||||||||||||||||
2002 - A | 24.34 | 0.18 | 0.45 | 0.63 | (0.18 | ) | (0.62 | ) | (0.80 | ) | ||||||||||||||||||
2002 - B | 24.01 | (0.01 | ) | 0.45 | 0.44 | (0.03 | ) | (0.62 | ) | (0.65 | ) | |||||||||||||||||
2002 - C | 23.98 | (0.01 | ) | 0.45 | 0.44 | (0.07 | ) | (0.62 | ) | (0.69 | ) | |||||||||||||||||
2002 - Institutional | 24.35 | 0.27 | 0.45 | 0.72 | (0.21 | ) | (0.62 | ) | (0.83 | ) |
(a) | Calculated based on the average shares outstanding methodology. | |
(b) | Assumes investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges. Total return would be reduced if a sales or redemption charge were taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
196
Ratios Assuming No Expense | ||||||||||||||||||||||||||||||||
Reductions | ||||||||||||||||||||||||||||||||
Ratio of Net | Ratio of Net | |||||||||||||||||||||||||||||||
Ratio of Net | Investment | Ratio of Total | Investment | |||||||||||||||||||||||||||||
Net Assets, | Expenses to | Income (Loss) | Expenses to | Income (Loss) | Portfolio | |||||||||||||||||||||||||||
Net Asset Value, | Total | End of Year | Average | to Average | Average Net | to Average | Turnover | |||||||||||||||||||||||||
End of Year | Return(b) | (in 000s) | Net Assets | Net Assets | Assets | Net Assets | Rate | |||||||||||||||||||||||||
$ | 36.84 | 7.14 | % | $3,434,753 | 1.17 | % | 0.51 | % | 1.19 | % | 0.49 | % | 49 | % | ||||||||||||||||||
35.73 | 6.34 | 206,336 | 1.92 | (0.25 | ) | 1.94 | (0.27 | ) | 49 | |||||||||||||||||||||||
35.52 | 6.35 | 353,614 | 1.92 | (0.25 | ) | 1.94 | (0.27 | ) | 49 | |||||||||||||||||||||||
37.18 | 7.58 | 1,837,408 | 0.77 | 0.91 | 0.79 | 0.90 | 49 | |||||||||||||||||||||||||
36.88 | 28.68 | 2,714,610 | 1.22 | 0.43 | 1.23 | 0.42 | 58 | |||||||||||||||||||||||||
35.96 | 27.76 | 234,405 | 1.97 | (0.34 | ) | 1.98 | (0.35 | ) | 58 | |||||||||||||||||||||||
35.76 | 27.73 | 360,806 | 1.97 | (0.31 | ) | 1.98 | (0.32 | ) | 58 | |||||||||||||||||||||||
37.17 | 29.20 | 1,253,069 | 0.82 | 0.82 | 0.83 | 0.81 | 58 | |||||||||||||||||||||||||
30.82 | 22.24 | 915,091 | 1.24 | 0.37 | 1.24 | 0.37 | 71 | |||||||||||||||||||||||||
30.23 | 21.31 | 148,555 | 1.99 | (0.38 | ) | 1.99 | (0.38 | ) | 71 | |||||||||||||||||||||||
30.08 | 21.35 | 96,007 | 1.99 | (0.37 | ) | 1.99 | (0.37 | ) | 71 | |||||||||||||||||||||||
31.01 | 22.71 | 537,533 | 0.84 | 0.78 | 0.84 | 0.78 | 71 | |||||||||||||||||||||||||
25.37 | 7.88 | 504,693 | 1.25 | 0.83 | 1.25 | 0.83 | 80 | |||||||||||||||||||||||||
24.92 | 7.09 | 110,569 | 2.00 | 0.09 | 2.00 | 0.09 | 80 | |||||||||||||||||||||||||
24.81 | 7.07 | 53,835 | 2.00 | 0.09 | 2.00 | 0.09 | 80 | |||||||||||||||||||||||||
25.49 | 8.34 | 330,827 | 0.85 | 1.24 | 0.85 | 1.24 | 80 | |||||||||||||||||||||||||
24.17 | 2.67 | 342,976 | 1.27 | 0.72 | 1.27 | 0.72 | 92 | |||||||||||||||||||||||||
23.80 | 1.90 | 89,434 | 2.02 | (0.04 | ) | 2.02 | (0.04 | ) | 92 | |||||||||||||||||||||||
23.73 | 1.87 | 39,498 | 2.02 | (0.03 | ) | 2.02 | (0.03 | ) | 92 | |||||||||||||||||||||||
24.24 | 3.05 | 318,916 | 0.87 | 1.11 | 0.87 | 1.11 | 92 |
197
Income (Loss) from | Distributions | |||||||||||||||||||||||||||
Investment Operations | to Shareholders | |||||||||||||||||||||||||||
Net Asset | Net | From | ||||||||||||||||||||||||||
Value, | Investment | Net Realized | Total from | From Net | Net | |||||||||||||||||||||||
Beginning | Income | and Unrealized | Investment | Investment | Realized | Total | ||||||||||||||||||||||
Year - Share Class | of Year | (Loss)(a) | Gain (Loss) | Operations | Income | Gains | Distributions | |||||||||||||||||||||
For the Years Ended August 31, | ||||||||||||||||||||||||||||
2006 - A | $ | 12.69 | $ | 0.17 | $ | 1.51 | $ | 1.68 | $ | (0.14 | ) | $ | (0.24 | ) | $ | (0.38 | ) | |||||||||||
2006 - B | 12.59 | 0.07 | 1.49 | 1.56 | (0.03 | ) | (0.24 | ) | (0.27 | ) | ||||||||||||||||||
2006 - C | 12.60 | 0.07 | 1.50 | 1.57 | (0.03 | ) | (0.24 | ) | (0.27 | ) | ||||||||||||||||||
2006 - Institutional | 12.69 | 0.23 | 1.50 | 1.73 | (0.18 | ) | (0.24 | ) | (0.42 | ) | ||||||||||||||||||
2005 - A | 11.15 | 0.12 | 1.76 | 1.88 | (0.09 | ) | (0.25 | ) | (0.34 | ) | ||||||||||||||||||
2005 - B | 11.06 | 0.03 | 1.76 | 1.79 | (0.01 | ) | (0.25 | ) | (0.26 | ) | ||||||||||||||||||
2005 - C | 11.07 | 0.03 | 1.76 | 1.79 | (0.01 | ) | (0.25 | ) | (0.26 | ) | ||||||||||||||||||
2005 - Institutional | 11.14 | 0.17 | 1.77 | 1.94 | (0.14 | ) | (0.25 | ) | (0.39 | ) | ||||||||||||||||||
2004 - A | 9.48 | 0.04 | 1.75 | 1.79 | (0.12 | ) | — | (0.12 | ) | |||||||||||||||||||
2004 - B | 9.40 | (0.04 | ) | 1.74 | 1.70 | (0.04 | ) | — | (0.04 | ) | ||||||||||||||||||
2004 - C | 9.42 | (0.04 | ) | 1.73 | 1.69 | (0.04 | ) | — | (0.04 | ) | ||||||||||||||||||
2004 - Institutional | 9.47 | 0.09 | 1.74 | 1.83 | (0.16 | ) | — | (0.16 | ) | |||||||||||||||||||
2003 - A | 8.74 | 0.10 | 0.74 | 0.84 | (0.10 | ) | — | (0.10 | ) | |||||||||||||||||||
2003 - B | 8.67 | 0.03 | 0.73 | 0.76 | (0.03 | ) | — | (0.03 | ) | |||||||||||||||||||
2003 - C | 8.68 | 0.03 | 0.74 | 0.77 | (0.03 | ) | — | (0.03 | ) | |||||||||||||||||||
2003 - Institutional | 8.74 | 0.13 | 0.73 | 0.86 | (0.13 | ) | — | (0.13 | ) | |||||||||||||||||||
2002 - A | 10.31 | 0.07 | (1.57 | ) | (1.50 | ) | (0.07 | ) | — | (0.07 | ) | |||||||||||||||||
2002 - B | 10.24 | — | (c) | (1.56 | ) | (1.56 | ) | (0.01 | ) | — | (0.01 | ) | ||||||||||||||||
2002 - C | 10.25 | — | (c) | (1.56 | ) | (1.56 | ) | (0.01 | ) | — | (0.01 | ) | ||||||||||||||||
2002 - Institutional | 10.31 | 0.11 | (1.57 | ) | (1.46 | ) | (0.11 | ) | — | (0.11 | ) |
(a) | Calculated based on the average shares outstanding methodology. | |
(b) | Assumes investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges. Total returns could be reduced if sales or redemption charges were taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. | |
(c) | Amount is less than $0.005 per share. | |
(d) | Amount is less than 0.005% per share. |
198
Ratios Assuming No | ||||||||||||||||||||||||||||||||
Expense Reductions | ||||||||||||||||||||||||||||||||
Ratio of | Ratio of | |||||||||||||||||||||||||||||||
Net Assets, | Ratio of | Net Investment | Ratio of | Net Investment | ||||||||||||||||||||||||||||
Net Asset | End of | Net Expenses | Income to | Total Expenses | Income (Loss) | Portfolio | ||||||||||||||||||||||||||
Value, End | Total | Year | to Average | Average | to Average | to Average | Turnover | |||||||||||||||||||||||||
of Year | Return(b) | (in 000s) | Net Assets | Net Assets | Net Assets | Net Assets | Rate | |||||||||||||||||||||||||
$ | 13.99 | 13.43 | % | $ | 438,245 | 0.99 | % | 1.31 | % | 1.10 | % | 1.20 | % | 127 | % | |||||||||||||||||
13.88 | 12.56 | 19,200 | 1.75 | 0.49 | 1.84 | 0.40 | 127 | |||||||||||||||||||||||||
13.90 | 12.66 | 22,768 | 1.75 | 0.51 | 1.84 | 0.41 | 127 | |||||||||||||||||||||||||
14.00 | 13.92 | 715,191 | 0.59 | 1.69 | 0.69 | 1.59 | 127 | |||||||||||||||||||||||||
12.69 | 17.13 | 186,441 | 1.10 | 0.99 | 1.14 | 0.95 | 132 | |||||||||||||||||||||||||
12.59 | 16.32 | 20,479 | 1.85 | 0.22 | 1.89 | 0.18 | 132 | |||||||||||||||||||||||||
12.60 | 16.32 | 20,666 | 1.85 | 0.22 | 1.89 | 0.18 | 132 | |||||||||||||||||||||||||
12.69 | 17.69 | 384,875 | 0.70 | 1.39 | 0.74 | 1.35 | 132 | |||||||||||||||||||||||||
11.15 | 18.93 | 100,374 | 1.10 | 0.95 | 1.15 | 0.90 | 154 | |||||||||||||||||||||||||
11.06 | 18.09 | 19,819 | 1.85 | 0.19 | 1.90 | 0.14 | 154 | |||||||||||||||||||||||||
11.07 | 17.97 | 17,027 | 1.85 | 0.19 | 1.90 | 0.14 | 154 | |||||||||||||||||||||||||
11.14 | 19.41 | 194,541 | 0.70 | 1.36 | 0.75 | 1.31 | 154 | |||||||||||||||||||||||||
9.48 | 9.70 | 79,866 | 1.11 | 1.13 | 1.22 | 1.02 | 102 | |||||||||||||||||||||||||
9.40 | 8.83 | 18,077 | 1.86 | 0.38 | 1.97 | 0.27 | 102 | |||||||||||||||||||||||||
9.42 | 8.95 | 13,798 | 1.86 | 0.37 | 1.97 | 0.26 | 102 | |||||||||||||||||||||||||
9.47 | 10.03 | 145,059 | 0.71 | 1.52 | 0.82 | 1.41 | 102 | |||||||||||||||||||||||||
8.74 | (14.61 | ) | 76,472 | 1.11 | 0.76 | 1.20 | 0.67 | 112 | ||||||||||||||||||||||||
8.67 | (15.28 | ) | 18,828 | 1.86 | 0.00 | (d) | 1.95 | (0.09 | ) | 112 | ||||||||||||||||||||||
8.68 | (15.26 | ) | 12,533 | 1.86 | 0.01 | 1.95 | (0.08 | ) | 112 | |||||||||||||||||||||||
8.74 | (14.25 | ) | 108,613 | 0.71 | 1.15 | 0.80 | 1.06 | 112 |
199
Income (Loss) from | Distributions | |||||||||||||||||||||||||||
Investment Operations | to Shareholders | |||||||||||||||||||||||||||
Net Asset | Net | From | ||||||||||||||||||||||||||
Value, | Investment | Net Realized | Total from | From Net | Net | |||||||||||||||||||||||
Beginning | Income | and Unrealized | Investment | Investment | Realized | Total | ||||||||||||||||||||||
Year - Share Class | of Year | (Loss)(a) | Gain (Loss) | Operations | Income | Gains | Distributions | |||||||||||||||||||||
For the Years Ended August 31, | ||||||||||||||||||||||||||||
2006 - A | $ | 11.70 | $ | 0.21 | $ | 2.57 | $ | 2.78 | $ | (0.11 | ) | $ | (0.08 | ) | $ | (0.19 | ) | |||||||||||
2006 - B | 11.53 | 0.08 | 2.57 | 2.65 | (0.01 | ) | (0.08 | ) | (0.09 | ) | ||||||||||||||||||
2006 - C | 11.54 | 0.09 | 2.56 | 2.65 | (0.02 | ) | (0.08 | ) | (0.10 | ) | ||||||||||||||||||
2006 - Institutional | 11.93 | 0.27 | 2.61 | 2.88 | (0.14 | ) | (0.08 | ) | (0.22 | ) | ||||||||||||||||||
2005 - A | 9.49 | 0.18 | 2.10 | 2.28 | (0.07 | ) | — | (0.07 | ) | |||||||||||||||||||
2005 - B | 9.37 | 0.08 | 2.08 | 2.16 | — | — | — | |||||||||||||||||||||
2005 - C | 9.37 | 0.08 | 2.09 | 2.17 | — | — | — | |||||||||||||||||||||
2005 - Institutional | 9.68 | 0.22 | 2.14 | 2.36 | (0.11 | ) | — | (0.11 | ) | |||||||||||||||||||
2004 - A | 7.66 | 0.10 | 1.80 | 1.90 | (0.07 | ) | — | (0.07 | ) | |||||||||||||||||||
2004 - B | 7.56 | 0.04 | 1.80 | 1.84 | (0.03 | ) | — | (0.03 | ) | |||||||||||||||||||
2004 - C | 7.56 | 0.04 | 1.79 | 1.83 | (0.02 | ) | — | (0.02 | ) | |||||||||||||||||||
2004 - Institutional | 7.80 | 0.15 | 1.84 | 1.99 | (0.11 | ) | — | (0.11 | ) | |||||||||||||||||||
2003 - A | 7.35 | 0.08 | 0.28 | 0.36 | (0.05 | ) | — | (0.05 | ) | |||||||||||||||||||
2003 - B | 7.24 | 0.04 | 0.28 | 0.32 | — | (c) | — | — | (c) | |||||||||||||||||||
2003 - C | 7.25 | 0.04 | 0.28 | 0.32 | (0.01 | ) | — | (0.01 | ) | |||||||||||||||||||
2003 - Institutional | 7.49 | 0.12 | 0.29 | 0.41 | (0.10 | ) | — | (0.10 | ) | |||||||||||||||||||
2002 - A | 8.38 | 0.03 | (1.06 | ) | (1.03 | ) | — | — | — | |||||||||||||||||||
2002 - B | 8.29 | (0.01 | ) | (1.04 | ) | (1.05 | ) | — | — | — | ||||||||||||||||||
2002 - C | 8.30 | (0.01 | ) | (1.04 | ) | (1.05 | ) | — | — | — | ||||||||||||||||||
2002 - Institutional | 8.50 | 0.08 | (1.07 | ) | (0.99 | ) | (0.02 | ) | — | (0.02 | ) |
(a) | Calculated based on the average shares outstanding methodology. | |
(b) | Assumes investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges. Total return would be reduced if a sales or redemption charge were taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. | |
(c) | Amount is less than $0.005 per share. |
200
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 to | Expenses | Income (Loss) | Portfolio | ||||||||||||||||||||||||||
Value, End | Total | Year | to Average | Average | to Average | to Average | Turnover | |||||||||||||||||||||||||
of Year | Return(b) | (in 000s) | Net Assets | Net Assets | Net Assets | Net Assets | Rate | |||||||||||||||||||||||||
$ | 14.29 | 24.02 | % | $ | 739,861 | 1.26 | % | 1.63 | % | 1.35 | % | 1.54 | % | 59 | % | |||||||||||||||||
14.09 | 23.18 | 10,306 | 2.02 | 0.64 | 2.11 | 0.55 | 59 | |||||||||||||||||||||||||
14.09 | 23.10 | 7,110 | 2.02 | 0.67 | 2.11 | 0.58 | 59 | |||||||||||||||||||||||||
14.59 | 24.52 | 1,661,909 | 0.86 | 2.01 | 0.95 | 1.92 | 59 | |||||||||||||||||||||||||
11.70 | 24.12 | 293,591 | 1.39 | 1.64 | 1.40 | 1.63 | 73 | |||||||||||||||||||||||||
11.53 | 23.05 | 8,075 | 2.14 | 0.75 | 2.15 | 0.74 | 73 | |||||||||||||||||||||||||
11.54 | 23.16 | 4,824 | 2.14 | 0.75 | 2.15 | 0.74 | 73 | |||||||||||||||||||||||||
11.93 | 24.51 | 697,144 | 0.99 | 1.96 | 1.00 | 1.95 | 73 | |||||||||||||||||||||||||
9.49 | 24.85 | 130,291 | 1.59 | 1.08 | 1.68 | 0.99 | 99 | |||||||||||||||||||||||||
9.37 | 24.31 | 6,408 | 2.16 | 0.45 | 2.25 | 0.36 | 99 | |||||||||||||||||||||||||
9.37 | 24.28 | 3,747 | 2.16 | 0.43 | 2.25 | 0.34 | 99 | |||||||||||||||||||||||||
9.68 | 25.71 | 261,118 | 1.01 | 1.65 | 1.10 | 1.56 | 99 | |||||||||||||||||||||||||
7.66 | 5.00 | 95,015 | 1.67 | 1.12 | 1.84 | 0.95 | 122 | |||||||||||||||||||||||||
7.56 | 4.45 | 5,574 | 2.17 | 0.56 | 2.34 | 0.39 | 122 | |||||||||||||||||||||||||
7.56 | 4.38 | 3,646 | 2.17 | 0.64 | 2.34 | 0.47 | 122 | |||||||||||||||||||||||||
7.80 | 5.64 | 158,021 | 1.02 | 1.73 | 1.19 | 1.56 | 122 | |||||||||||||||||||||||||
7.35 | (12.29 | ) | 72,405 | 1.67 | 0.38 | 1.82 | 0.23 | 115 | ||||||||||||||||||||||||
7.24 | (12.67 | ) | 6,434 | 2.17 | (0.07 | ) | 2.32 | (0.22 | ) | 115 | ||||||||||||||||||||||
7.25 | (12.65 | ) | 3,963 | 2.17 | (0.07 | ) | 2.32 | (0.22 | ) | 115 | ||||||||||||||||||||||
7.49 | (11.68 | ) | 188,858 | 1.02 | 1.02 | 1.17 | 0.87 | 115 |
201
Income (Loss) from | ||||||||||||||||
Investment Operations | ||||||||||||||||
Net Asset | ||||||||||||||||
Value, | Net | Net Realized | Total from | |||||||||||||
Beginning | Investment | and Unrealized | Investment | |||||||||||||
Year - Share Class | of Period | Loss(a) | Gain (Loss) | Operations | ||||||||||||
For the Six Months Ended June 30, (Unaudited) | ||||||||||||||||
2006 - A | $ | 8.02 | $ | (0.05 | ) | $ | (0.07 | ) | $ | (0.12 | ) | |||||
2006 - B | 7.65 | (0.08 | ) | (0.07 | ) | (0.15 | ) | |||||||||
2006 - C | 7.64 | (0.08 | ) | (0.06 | ) | (0.14 | ) | |||||||||
2006 - Institutional | 8.23 | (0.03 | ) | (0.08 | ) | (0.11 | ) | |||||||||
For the Years Ended December 31, | ||||||||||||||||
2005 - A | 7.87 | (0.08 | ) | 0.23 | 0.15 | |||||||||||
2005 - B | 7.56 | (0.13 | ) | 0.22 | 0.09 | |||||||||||
2005 - C | 7.55 | (0.13 | ) | 0.22 | 0.09 | |||||||||||
2005 - Institutional | 8.04 | (0.05 | ) | 0.24 | 0.19 | |||||||||||
2004 - A | 6.99 | (0.04 | ) | 0.92 | 0.88 | |||||||||||
2004 - B | 6.77 | (0.09 | ) | 0.88 | 0.79 | |||||||||||
2004 - C | 6.76 | (0.09 | ) | 0.88 | 0.79 | |||||||||||
2004 - Institutional | 7.11 | (0.02 | ) | 0.95 | 0.93 | |||||||||||
2003 - A | 4.80 | (0.08 | ) | 2.27 | 2.19 | |||||||||||
2003 - B | 4.68 | (0.12 | ) | 2.21 | 2.09 | |||||||||||
2003 - C | 4.67 | (0.12 | ) | 2.21 | 2.09 | |||||||||||
2003 - Institutional | 4.86 | (0.05 | ) | 2.30 | 2.25 | |||||||||||
2002 - A | 7.91 | (0.08 | ) | (3.03 | ) | (3.11 | ) | |||||||||
2002 - B | 7.77 | (0.12 | ) | (2.97 | ) | (3.09 | ) | |||||||||
2002 - C | 7.77 | (0.12 | ) | (2.98 | ) | (3.10 | ) | |||||||||
2002 - Institutional | 7.98 | (0.06 | ) | (3.06 | ) | (3.12 | ) | |||||||||
2001 - A | 11.90 | (0.13 | ) | (3.86 | ) | (3.99 | ) | |||||||||
2001 - B | 11.79 | (0.20 | ) | (3.82 | ) | (4.02 | ) | |||||||||
2001 - C | 11.78 | (0.20 | ) | (3.81 | ) | (4.01 | ) | |||||||||
2001 - Institutional | 11.97 | (0.09 | ) | (3.90 | ) | (3.99 | ) |
(a) | Calculated based on the average shares outstanding methodology. | |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all 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. | |
(c) | Annualized. |
202
Ratios Assuming No | ||||||||||||||||||||||||||||||||
Expense Reductions | ||||||||||||||||||||||||||||||||
Ratio of | Ratio of | |||||||||||||||||||||||||||||||
Net Assets, | Ratio of | Net Investment | Ratio of | Net Investment | ||||||||||||||||||||||||||||
Net Asset | End of | Net Expenses | Loss to | Total Expenses | Loss to | Portfolio | ||||||||||||||||||||||||||
Value, End | Total | Period | to Average | Average | to Average | Average | Turnover | |||||||||||||||||||||||||
of Period | Return(b) | (in 000s) | Net Assets | Net Assets | Net Assets | Net Assets | Rate | |||||||||||||||||||||||||
$ | 7.90 | (1.50 | )% | $ | 112,256 | 1.50 | % (c) | (1.16 | )% (c) | 1.58 | % (c) | (1.24 | )% (c) | 25 | % | |||||||||||||||||
7.50 | (1.96 | ) | 99,295 | 2.25 (c) | (1.90 | )(c) | 2.33(c) | (1.98 | )(c) | 25 | ||||||||||||||||||||||
7.50 | (1.83 | ) | 52,030 | 2.25 (c) | (1.90 | )(c) | 2.33(c) | (1.98 | )(c) | 25 | ||||||||||||||||||||||
8.12 | (1.34 | ) | 11,095 | 1.10 (c) | (0.75 | )(c) | 1.18(c) | (0.83 | )(c) | 25 | ||||||||||||||||||||||
8.02 | 1.91 | 125,718 | 1.50 | (1.10 | ) | 1.56 | (1.16 | ) | 48 | |||||||||||||||||||||||
7.65 | 1.19 | 120,415 | 2.25 | (1.85 | ) | 2.31 | (1.91 | ) | 48 | |||||||||||||||||||||||
7.64 | 1.19 | 60,638 | 2.25 | (1.85 | ) | 2.31 | (1.91 | ) | 48 | |||||||||||||||||||||||
8.23 | 2.36 | 8,819 | 1.10 | (0.70 | ) | 1.16 | (0.76 | ) | 48 | |||||||||||||||||||||||
7.87 | 12.59 | 158,079 | 1.50 | (0.55 | ) | 1.56 | (0.61 | ) | 37 | |||||||||||||||||||||||
7.56 | 11.67 | 163,502 | 2.25 | (1.31 | ) | 2.31 | (1.37 | ) | 37 | |||||||||||||||||||||||
7.55 | 11.69 | 79,210 | 2.25 | (1.31 | ) | 2.31 | (1.37 | ) | 37 | |||||||||||||||||||||||
8.04 | 13.08 | 11,323 | 1.10 | (0.31 | ) | 1.16 | (0.37 | ) | 37 | |||||||||||||||||||||||
6.99 | 45.63 | 180,819 | 1.50 | (1.30 | ) | 1.55 | (1.35 | ) | 27 | |||||||||||||||||||||||
6.77 | 44.66 | 189,420 | 2.25 | (2.04 | ) | 2.30 | (2.09 | ) | 27 | |||||||||||||||||||||||
6.76 | 44.75 | 92,752 | 2.25 | (2.04 | ) | 2.30 | (2.09 | ) | 27 | |||||||||||||||||||||||
7.11 | 46.30 | 27,687 | 1.10 | (0.89 | ) | 1.15 | (0.94 | ) | 27 | |||||||||||||||||||||||
4.80 | (39.32 | ) | 147,055 | 1.51 | (1.46 | ) | 1.56 | (1.51 | ) | 28 | ||||||||||||||||||||||
4.68 | (39.77 | ) | 154,251 | 2.26 | (2.21 | ) | 2.31 | (2.26 | ) | 28 | ||||||||||||||||||||||
4.67 | (39.90 | ) | 74,765 | 2.26 | (2.21 | ) | 2.31 | (2.26 | ) | 28 | ||||||||||||||||||||||
4.86 | (39.10 | ) | 15,920 | 1.11 | (1.06 | ) | 1.16 | (1.11 | ) | 28 | ||||||||||||||||||||||
7.91 | (33.53 | ) | 325,639 | 1.50 | (1.37 | ) | 1.50 | (1.37 | ) | 24 | ||||||||||||||||||||||
7.77 | (34.10 | ) | 345,170 | 2.25 | (2.12 | ) | 2.25 | (2.12 | ) | 24 | ||||||||||||||||||||||
7.77 | (34.04 | ) | 173,860 | 2.25 | (2.12 | ) | 2.25 | (2.12 | ) | 24 | ||||||||||||||||||||||
7.98 | (33.33 | ) | 56,030 | 1.10 | (0.97 | ) | 1.10 | (0.97 | ) | 24 |
203
Income (Loss) from | ||||||||||||||||||||
Investment Operations | ||||||||||||||||||||
Distributions to | ||||||||||||||||||||
Net Asset | Shareholders | |||||||||||||||||||
Value at | Net | Net Realized | Total from | from Net | ||||||||||||||||
Beginning | Investment | and Unrealized | Investment | Investment | ||||||||||||||||
Year - Share Class | of Period | Income (Loss)(a) | Gain (Loss) | Operations | Income | |||||||||||||||
For the Six Months Ended June 30, (Unaudited) | ||||||||||||||||||||
2006 - A | $ | 13.82 | $ | — | $ | 0.93 | $ | 0.93 | $ | — | ||||||||||
2006 - B | 13.42 | (0.06 | ) | 0.91 | 0.85 | — | ||||||||||||||
2006 - C | 13.40 | (0.05 | ) | 0.89 | 0.84 | — | ||||||||||||||
2006 - Institutional | 13.94 | 0.02 | 0.94 | 0.96 | — | |||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||
2005 - A | 12.30 | 0.06 | 1.48 | 1.54 | (0.02 | ) | ||||||||||||||
2005 - B | 12.01 | (0.05 | ) | 1.46 | 1.41 | — | ||||||||||||||
2005 - C | 11.99 | (0.04 | ) | 1.45 | 1.41 | — | ||||||||||||||
2005 - Institutional | 12.40 | 0.16 | 1.45 | 1.61 | (0.07 | ) | ||||||||||||||
2004 - A | 10.36 | 0.05 | 1.91 | 1.96 | (0.02 | ) | ||||||||||||||
2004 - B | 10.18 | (0.04 | ) | 1.87 | 1.83 | — | ||||||||||||||
2004 - C | 10.17 | (0.03 | ) | 1.85 | 1.82 | — | ||||||||||||||
2004 - Institutional | 10.43 | 0.08 | 1.95 | 2.03 | (0.06 | ) | ||||||||||||||
2003 - A | 7.72 | 0.04 | 2.66 | 2.70 | (0.06 | ) | ||||||||||||||
2003 - B | 7.59 | (0.02 | ) | 2.61 | 2.59 | — | ||||||||||||||
2003 - C | 7.59 | (0.02 | ) | 2.60 | 2.58 | — | (d) | |||||||||||||
2003 - Institutional | 7.77 | 0.08 | 2.68 | 2.76 | (0.10 | ) | ||||||||||||||
2002 - A | 9.25 | 0.02 | (1.55 | ) | (1.53 | ) | — | |||||||||||||
2002 - B | 9.17 | (0.05 | ) | (1.53 | ) | (1.58 | ) | — | ||||||||||||
2002 - C | 9.16 | (0.05 | ) | (1.52 | ) | (1.57 | ) | — | ||||||||||||
2002 - Institutional | 9.27 | 0.04 | (1.54 | ) | (1.50 | ) | — | |||||||||||||
2001 - A | 10.71 | (0.01 | ) | (1.45 | ) | (1.46 | ) | — | ||||||||||||
2001 - B | 10.70 | (0.08 | ) | (1.45 | ) | (1.53 | ) | — | ||||||||||||
2001 - C | 10.69 | (0.08 | ) | (1.45 | ) | (1.53 | ) | — | ||||||||||||
2001 - Institutional | 10.70 | 0.02 | (1.45 | ) | (1.43 | ) | — |
(a) | Calculated based on the average shares outstanding methodology. | |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total returns would be reduced if sales or redemption charges 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 Portfolio distributions or the redemption of Portfolio shares. | |
(c) | Expense ratios exclude expenses of the Underlying Funds. | |
(d) | Amount is less than $.005 per share | |
(e) | Annualized. |
204
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(b) | (in 000s) | Net Assets(c) | Net Assets | Net Assets(c) | Net Assets | Rate | |||||||||||||||||||||||||
$ | 14.75 | 6.73 | % | $ | 193,430 | 0.59 | %(e) | 0.01 | % (e) | 0.68 | %(e) | (0.08 | )% (e) | 10 | % | |||||||||||||||||
14.27 | 6.33 | 31,704 | 1.34 | (e) | (0.82 | )(e) | 1.43 | (e) | (0.91 | )(e) | 10 | |||||||||||||||||||||
14.24 | 6.27 | 106,214 | 1.34 | (e) | (0.76 | )(e) | 1.43 | (e) | (0.85 | )(e) | 10 | |||||||||||||||||||||
14.90 | 6.89 | 14,916 | 0.19 | (e) | 0.30(e) | 0.28 | (e) | 0.21(e) | 10 | |||||||||||||||||||||||
13.82 | 12.55 | 111,758 | 0.59 | 0.50 | 0.82 | 0.27 | 32 | |||||||||||||||||||||||||
13.42 | 11.74 | 30,069 | 1.34 | (0.38 | ) | 1.58 | (0.62 | ) | 32 | |||||||||||||||||||||||
13.40 | 11.76 | 65,904 | 1.34 | (0.30 | ) | 1.57 | (0.53 | ) | 32 | |||||||||||||||||||||||
13.94 | 12.96 | 15,256 | 0.19 | 1.21 | 0.40 | 1.00 | 32 | |||||||||||||||||||||||||
12.30 | 18.91 | 70,961 | 0.58 | 0.43 | 0.99 | 0.02 | 36 | |||||||||||||||||||||||||
12.01 | 17.98 | 27,582 | 1.33 | (0.38 | ) | 1.74 | (0.79 | ) | 36 | |||||||||||||||||||||||
11.99 | 17.90 | 44,582 | 1.33 | (0.31 | ) | 1.74 | (0.72 | ) | 36 | |||||||||||||||||||||||
12.40 | 19.46 | 4,247 | 0.18 | 0.74 | 0.59 | 0.33 | 36 | |||||||||||||||||||||||||
10.36 | 35.02 | 52,088 | 0.60 | 0.50 | 1.03 | 0.07 | 36 | |||||||||||||||||||||||||
10.18 | 34.12 | 24,879 | 1.35 | (0.27 | ) | 1.78 | (0.70 | ) | 36 | |||||||||||||||||||||||
10.17 | 34.05 | 30,706 | 1.35 | (0.22 | ) | 1.78 | (0.65 | ) | 36 | |||||||||||||||||||||||
10.43 | 35.51 | 4,881 | 0.20 | 0.88 | 0.63 | 0.45 | 36 | |||||||||||||||||||||||||
7.72 | (16.54 | ) | 39,214 | 0.60 | 0.22 | 1.06 | (0.24 | ) | 27 | |||||||||||||||||||||||
7.59 | (17.23 | ) | 21,105 | 1.35 | (0.58 | ) | 1.81 | (1.04 | ) | 27 | ||||||||||||||||||||||
7.59 | (17.14 | ) | 20,740 | 1.35 | (0.54 | ) | 1.81 | (1.00 | ) | 27 | ||||||||||||||||||||||
7.77 | (16.18 | ) | 3,961 | 0.20 | 0.48 | 0.66 | 0.02 | 27 | ||||||||||||||||||||||||
9.25 | (13.63 | ) | 48,639 | 0.59 | (0.11 | ) | 0.97 | (0.49 | ) | 43 | ||||||||||||||||||||||
9.17 | (14.30 | ) | 30,013 | 1.34 | (0.87 | ) | 1.72 | (1.25 | ) | 43 | ||||||||||||||||||||||
9.16 | (14.31 | ) | 25,571 | 1.34 | (0.86 | ) | 1.72 | (1.24 | ) | 43 | ||||||||||||||||||||||
9.27 | (13.36 | ) | 7,248 | 0.19 | 0.25 | 0.57 | (0.13 | ) | 43 |
205
Income (Loss) from | Distributions | |||||||||||||||||||||||||||
Investment Operations | to Shareholders | |||||||||||||||||||||||||||
�� | ||||||||||||||||||||||||||||
Net Asset | ||||||||||||||||||||||||||||
Value at | Net | Net Realized | Total from | From Net | From Net | |||||||||||||||||||||||
Beginning | Investment | and Unrealized | Investment | Investment | Realized | Total | ||||||||||||||||||||||
Year - Share Class | of Period | Income(a) | Gain (Loss) | Operations | Income | Gains | Distributions | |||||||||||||||||||||
For the Six Months Ended June 30, (Unaudited) | ||||||||||||||||||||||||||||
2006 - A | $ | 10.89 | $ | 0.11 | $ | 0.33 | $ | 0.44 | $ | (0.14 | ) | $ | — | $ | (0.14 | ) | ||||||||||||
2006 - B | 10.89 | 0.07 | 0.33 | 0.40 | (0.10 | ) | — | (0.10 | ) | |||||||||||||||||||
2006 - C | 10.90 | 0.07 | 0.32 | 0.39 | (0.10 | ) | — | (0.10 | ) | |||||||||||||||||||
2006 - Institutional | 10.89 | 0.13 | 0.33 | 0.46 | (0.16 | ) | — | (0.16 | ) | |||||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||||||||||
2005 - A | 10.79 | 0.28 | 0.32 | 0.60 | (0.22 | ) | (0.28 | ) | (0.50 | ) | ||||||||||||||||||
2005 - B | 10.78 | 0.17 | 0.36 | 0.53 | (0.14 | ) | (0.28 | ) | (0.42 | ) | ||||||||||||||||||
2005 - C | 10.80 | 0.19 | 0.33 | 0.52 | (0.14 | ) | (0.28 | ) | (0.42 | ) | ||||||||||||||||||
2005 - Institutional | 10.78 | 0.32 | 0.33 | 0.65 | (0.26 | ) | (0.28 | ) | (0.54 | ) | ||||||||||||||||||
2004 - A | 10.00 | 0.25 | 0.77 | 1.02 | (0.23 | ) | — | (0.23 | ) | |||||||||||||||||||
2004 - B | 10.00 | 0.16 | 0.77 | 0.93 | (0.15 | ) | — | (0.15 | ) | |||||||||||||||||||
2004 - C | 10.01 | 0.17 | 0.77 | 0.94 | (0.15 | ) | — | (0.15 | ) | |||||||||||||||||||
2004 - Institutional | 10.00 | 0.28 | 0.77 | 1.05 | (0.27 | ) | — | (0.27 | ) | |||||||||||||||||||
2003 - A | 8.83 | 0.23 | 1.18 | 1.41 | (0.24 | ) | — | (0.24 | ) | |||||||||||||||||||
2003 - B | 8.83 | 0.16 | 1.18 | 1.34 | (0.17 | ) | — | (0.17 | ) | |||||||||||||||||||
2003 - C | 8.84 | 0.16 | 1.18 | 1.34 | (0.17 | ) | — | (0.17 | ) | |||||||||||||||||||
2003 - Institutional | 8.83 | 0.26 | 1.18 | 1.44 | (0.27 | ) | — | (0.27 | ) | |||||||||||||||||||
2002 - A | 9.43 | 0.25 | (0.60 | ) | (0.35 | ) | (0.25 | ) | — | (0.25 | ) | |||||||||||||||||
2002 - B | 9.43 | 0.18 | (0.60 | ) | (0.42 | ) | (0.18 | ) | — | (0.18 | ) | |||||||||||||||||
2002 - C | 9.44 | 0.18 | (0.60 | ) | (0.42 | ) | (0.18 | ) | — | (0.18 | ) | |||||||||||||||||
2002 - Institutional | 9.43 | 0.29 | (0.60 | ) | (0.31 | ) | (0.29 | ) | — | (0.29 | ) | |||||||||||||||||
2001 - A | 10.16 | 0.30 | (0.58 | ) | (0.28 | ) | (0.31 | ) | (0.14 | ) | (0.45 | ) | ||||||||||||||||
2001 - B | 10.16 | 0.23 | (0.59 | ) | (0.36 | ) | (0.23 | ) | (0.14 | ) | (0.37 | ) | ||||||||||||||||
2001 - C | 10.17 | 0.23 | (0.59 | ) | (0.36 | ) | (0.23 | ) | (0.14 | ) | (0.37 | ) | ||||||||||||||||
2001 - Institutional | 10.16 | 0.36 | (0.60 | ) | (0.24 | ) | (0.35 | ) | (0.14 | ) | (0.49 | ) |
(a) | Calculated based on the average shares outstanding methodology. | |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total returns for periods less than one full year are not annualized. Total returns would be reduced if sales or redemption charges were taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. | |
(c) | Expense ratios exclude expenses of the Underlying Funds. | |
(d) | Annualized. |
206
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 to | Total Expenses | Income to | Portfolio | ||||||||||||||||||||||||||
Value, End | Total | Period | to Average | Average | to Average | Average | Turnover | |||||||||||||||||||||||||
of Period | Return(b) | (in 000s) | Net Assets(c) | Net Assets | Net Assets(c) | Net Assets | Rate | |||||||||||||||||||||||||
$ | 11.19 | 4.04 | % | $ | 152,646 | 0.59 | %(d) | 2.03 | %(d) | 0.67 | %(d) | 1.95 | %(d) | 40 | % | |||||||||||||||||
11.19 | 3.65 | 31,637 | 1.34 | (d) | 1.22 | (d) | 1.42 | (d) | 1.14 | (d) | 40 | |||||||||||||||||||||
11.19 | 3.59 | 62,430 | 1.34 | (d) | 1.29 | (d) | 1.42 | (d) | 1.21 | (d) | 40 | |||||||||||||||||||||
11.19 | 4.23 | 72,869 | 0.19 | (d) | 2.31 | (d) | 0.27 | (d) | 2.23 | (d) | 40 | |||||||||||||||||||||
10.89 | 5.63 | 108,661 | 0.59 | 2.50 | 0.77 | 2.32 | 90 | |||||||||||||||||||||||||
10.89 | 4.93 | 31,648 | 1.34 | 1.60 | 1.53 | 1.41 | 90 | |||||||||||||||||||||||||
10.90 | 4.87 | 42,448 | 1.34 | 1.69 | 1.52 | 1.51 | 90 | |||||||||||||||||||||||||
10.89 | 6.12 | 118,291 | 0.19 | 2.83 | 0.33 | 2.69 | 90 | |||||||||||||||||||||||||
10.79 | 10.28 | 53,944 | 0.58 | 2.42 | 0.99 | 2.01 | 52 | |||||||||||||||||||||||||
10.78 | 9.36 | 28,265 | 1.33 | 1.61 | 1.74 | 1.20 | 52 | |||||||||||||||||||||||||
10.80 | 9.48 | 25,835 | 1.33 | 1.64 | 1.74 | 1.23 | 52 | |||||||||||||||||||||||||
10.78 | 10.60 | 47,030 | 0.18 | 2.75 | 0.59 | 2.34 | 52 | |||||||||||||||||||||||||
10.00 | 16.13 | 33,379 | 0.60 | 2.52 | 1.03 | 2.09 | 41 | |||||||||||||||||||||||||
10.00 | 15.26 | 23,620 | 1.35 | 1.72 | 1.78 | 1.29 | 41 | |||||||||||||||||||||||||
10.01 | 15.28 | 17,540 | 1.35 | 1.76 | 1.78 | 1.33 | 41 | |||||||||||||||||||||||||
10.00 | 16.57 | 30,676 | 0.20 | 2.84 | 0.63 | 2.41 | 41 | |||||||||||||||||||||||||
8.83 | (3.76 | ) | 24,057 | 0.60 | 2.72 | 1.10 | 2.22 | 40 | ||||||||||||||||||||||||
8.83 | (4.48 | ) | 21,543 | 1.35 | 1.98 | 1.85 | 1.48 | 40 | ||||||||||||||||||||||||
8.84 | (4.50 | ) | 13,129 | 1.35 | 1.97 | 1.85 | 1.47 | 40 | ||||||||||||||||||||||||
8.83 | (3.35 | ) | 28,778 | 0.20 | 3.19 | 0.70 | 2.69 | 40 | ||||||||||||||||||||||||
9.43 | (2.62 | ) | 31,539 | 0.59 | 3.09 | 1.05 | 2.63 | 51 | ||||||||||||||||||||||||
9.43 | (3.37 | ) | 23,643 | 1.34 | 2.34 | 1.80 | 1.88 | 51 | ||||||||||||||||||||||||
9.44 | (3.38 | ) | 16,354 | 1.34 | 2.34 | 1.80 | 1.88 | 51 | ||||||||||||||||||||||||
9.43 | (2.21 | ) | 9,278 | 0.19 | 3.74 | 0.65 | 3.28 | 51 |
207
Income (Loss) from | Distributions to | |||||||||||||||||||||||||||
Investment Operations | Shareholders | |||||||||||||||||||||||||||
Net Asset | ||||||||||||||||||||||||||||
Value at | Net | Net Realized | Total from | From Net | From Net | |||||||||||||||||||||||
Beginning | Investment | and Unrealized | Investment | Investment | Realized | Total | ||||||||||||||||||||||
Year - Share Class | of Period | Income(a) | Gain (Loss) | Operations | Income | Gains | Distributions | |||||||||||||||||||||
For the Six Months Ended June 30, (Unaudited) | ||||||||||||||||||||||||||||
2006 - A | $ | 12.18 | $ | 0.08 | $ | 0.45 | $ | 0.53 | $ | (0.12 | ) | $ | — | $ | (0.12 | ) | ||||||||||||
2006 - B | 12.16 | 0.03 | 0.46 | 0.49 | (0.08 | ) | — | (0.08 | ) | |||||||||||||||||||
2006 - C | 12.14 | 0.04 | 0.45 | 0.49 | (0.08 | ) | — | (0.08 | ) | |||||||||||||||||||
2006 - Institutional | 12.21 | 0.11 | 0.45 | 0.56 | (0.15 | ) | — | (0.15 | ) | |||||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||||||||||
2005 - A | 11.46 | 0.33 | 0.69 | 1.02 | (0.24 | ) | (0.06 | ) | (0.30 | ) | ||||||||||||||||||
2005 - B | 11.45 | 0.19 | 0.73 | 0.92 | (0.15 | ) | (0.06 | ) | (0.21 | ) | ||||||||||||||||||
2005 - C | 11.43 | 0.21 | 0.72 | 0.93 | (0.16 | ) | (0.06 | ) | (0.22 | ) | ||||||||||||||||||
2005 - Institutional | 11.49 | 0.42 | 0.64 | 1.06 | (0.28 | ) | (0.06 | ) | (0.34 | ) | ||||||||||||||||||
2004 - A | 10.17 | 0.22 | 1.28 | 1.50 | (0.21 | ) | — | (0.21 | ) | |||||||||||||||||||
2004 - B | 10.15 | 0.13 | 1.30 | 1.43 | (0.13 | ) | — | (0.13 | ) | |||||||||||||||||||
2004 - C | 10.14 | 0.13 | 1.29 | 1.42 | (0.13 | ) | — | (0.13 | ) | |||||||||||||||||||
2004 - Institutional | 10.19 | 0.26 | 1.29 | 1.55 | (0.25 | ) | — | (0.25 | ) | |||||||||||||||||||
2003 - A | 8.39 | 0.21 | 1.83 | 2.04 | (0.26 | ) | — | (0.26 | ) | |||||||||||||||||||
2003 - B | 8.38 | 0.14 | 1.82 | 1.96 | (0.19 | ) | — | (0.19 | ) | |||||||||||||||||||
2003 - C | 8.37 | 0.14 | 1.82 | 1.96 | (0.19 | ) | — | (0.19 | ) | |||||||||||||||||||
2003 - Institutional | 8.40 | 0.27 | 1.81 | 2.08 | (0.29 | ) | — | (0.29 | ) | |||||||||||||||||||
2002 - A | 9.38 | 0.19 | (0.98 | ) | (0.79 | ) | (0.20 | ) | — | (0.20 | ) | |||||||||||||||||
2002 - B | 9.36 | 0.12 | (0.96 | ) | (0.84 | ) | (0.14 | ) | — | (0.14 | ) | |||||||||||||||||
2002 - C | 9.36 | 0.12 | (0.97 | ) | (0.85 | ) | (0.14 | ) | — | (0.14 | ) | |||||||||||||||||
2002 - Institutional | 9.39 | 0.21 | (0.96 | ) | (0.75 | ) | (0.24 | ) | — | (0.24 | ) | |||||||||||||||||
2001 - A | 10.64 | 0.21 | (0.98 | ) | (0.77 | ) | (0.22 | ) | (0.27 | ) | (0.49 | ) | ||||||||||||||||
2001 - B | 10.62 | 0.14 | (0.99 | ) | (0.85 | ) | (0.14 | ) | (0.27 | ) | (0.41 | ) | ||||||||||||||||
2001 - C | 10.61 | 0.14 | (0.98 | ) | (0.84 | ) | (0.14 | ) | (0.27 | ) | (0.41 | ) | ||||||||||||||||
2001 - Institutional | 10.66 | 0.25 | (0.99 | ) | (0.74 | ) | (0.26 | ) | (0.27 | ) | (0.53 | ) |
(a) | Calculated based on the average shares outstanding methodology. | |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total returns for periods less than one full year are not annualized. Total returns would be reduced if sales or redemption charges were taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. | |
(c) | Expense ratios exclude expenses of the Underlying Funds. | |
(d) | Annualized. |
208
Ratios Assuming No | ||||||||||||||||||||||||||||||||
Expense Reductions | ||||||||||||||||||||||||||||||||
Ratio of | Ratio of | Ratio of | ||||||||||||||||||||||||||||||
Net Assets | Net | Net Investment | Ratio of Total | Net Investment | ||||||||||||||||||||||||||||
Net Asset | at End of | Expenses | Income to | Expenses to | Income to | Portfolio | ||||||||||||||||||||||||||
Value, End | Total | Period | to Average | Average | Average | Average | Turnover | |||||||||||||||||||||||||
of Period | Return(b) | (in 000s) | Net Assets(c) | Net Assets | Net Assets(c) | Net Assets | Rate | |||||||||||||||||||||||||
$ | 12.59 | 4.37 | % | $ | 810,308 | 0.59 | %(d) | 1.36 | %(d) | 0.63 | %(d) | 1.32 | %(d) | 22 | % | |||||||||||||||||
12.57 | 3.98 | 101,879 | 1.34 | (d) | 0.54 | (d) | 1.38 | (d) | 0.50 | (d) | 22 | |||||||||||||||||||||
12.55 | 4.04 | 243,803 | 1.34 | (d) | 0.60 | (d) | 1.38 | (d) | 0.56 | (d) | 22 | |||||||||||||||||||||
12.62 | 4.55 | 174,427 | 0.19 | (d) | 1.68 | (d) | 0.23 | (d) | 1.64 | (d) | 22 | |||||||||||||||||||||
12.18 | 8.99 | 496,785 | 0.59 | 2.73 | 0.71 | 2.61 | 53 | |||||||||||||||||||||||||
12.16 | 8.09 | 93,433 | 1.34 | 1.61 | 1.46 | 1.49 | 53 | |||||||||||||||||||||||||
12.14 | 8.15 | 149,581 | 1.34 | 1.78 | 1.46 | 1.66 | 53 | |||||||||||||||||||||||||
12.21 | 9.37 | 175,272 | 0.19 | 3.37 | 0.28 | 3.28 | 53 | |||||||||||||||||||||||||
11.46 | 14.85 | 203,730 | 0.57 | 2.05 | 0.88 | 1.74 | 53 | |||||||||||||||||||||||||
11.45 | 14.11 | 79,369 | 1.32 | 1.19 | 1.63 | 0.88 | 53 | |||||||||||||||||||||||||
11.43 | 14.05 | 84,937 | 1.32 | 1.25 | 1.63 | 0.94 | 53 | |||||||||||||||||||||||||
11.49 | 15.35 | 19,448 | 0.17 | 2.41 | 0.48 | 2.10 | 53 | |||||||||||||||||||||||||
10.17 | 24.55 | 134,430 | 0.60 | 2.33 | 0.89 | 2.04 | 38 | |||||||||||||||||||||||||
10.15 | 23.53 | 73,619 | 1.35 | 1.54 | 1.64 | 1.25 | 38 | |||||||||||||||||||||||||
10.14 | 23.60 | 65,853 | 1.35 | 1.58 | 1.64 | 1.29 | 38 | |||||||||||||||||||||||||
10.19 | 25.12 | 10,938 | 0.20 | 3.01 | 0.49 | 2.72 | 38 | |||||||||||||||||||||||||
8.39 | (8.44 | ) | 105,812 | 0.60 | 2.15 | 0.90 | 1.85 | 31 | ||||||||||||||||||||||||
8.38 | (9.07 | ) | 65,864 | 1.35 | 1.35 | 1.65 | 1.05 | 31 | ||||||||||||||||||||||||
8.37 | (9.16 | ) | 50,722 | 1.35 | 1.40 | 1.65 | 1.10 | 31 | ||||||||||||||||||||||||
8.40 | (8.08 | ) | 5,476 | 0.20 | 2.36 | 0.50 | 2.06 | 31 | ||||||||||||||||||||||||
9.38 | (7.27 | ) | 123,586 | 0.59 | 2.11 | 0.85 | 1.85 | 42 | ||||||||||||||||||||||||
9.36 | (8.01 | ) | 89,089 | 1.34 | 1.36 | 1.60 | 1.10 | 42 | ||||||||||||||||||||||||
9.36 | (7.92 | ) | 60,569 | 1.34 | 1.36 | 1.60 | 1.10 | 42 | ||||||||||||||||||||||||
9.39 | (6.95 | ) | 18,107 | 0.19 | 2.52 | 0.45 | 2.26 | 42 |
209
Income (Loss) from | Distributions | |||||||||||||||||||||||||||
Investment Operations | to Shareholders | |||||||||||||||||||||||||||
Net Asset | ||||||||||||||||||||||||||||
Value at | Net | Net Realized | Total from | From Net | From Net | |||||||||||||||||||||||
Beginning | Investment | and Unrealized | Investment | Investment | Realized | Total | ||||||||||||||||||||||
Year - Share Class | of Period | Income(a) | Gain (Loss) | Operations | Income | Gains | Distributions | |||||||||||||||||||||
For the Six Months Ended June 30, (Unaudited) | ||||||||||||||||||||||||||||
2006 - A | $ | 13.00 | $ | 0.05 | $ | 0.67 | $ | 0.72 | $ | — | $ | — | $ | — | ||||||||||||||
2006 - B | 13.02 | — | 0.67 | 0.67 | — | — | — | |||||||||||||||||||||
2006 - C | 12.94 | — | 0.67 | 0.67 | — | — | — | |||||||||||||||||||||
2006 - Institutional | 13.02 | 0.07 | 0.68 | 0.75 | — | — | — | |||||||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||||||||||
2005 - A | 11.88 | 0.20 | 1.06 | 1.26 | (0.14 | ) | — | (0.14 | ) | |||||||||||||||||||
2005 - B | 11.90 | 0.07 | 1.09 | 1.16 | (0.04 | ) | — | (0.04 | ) | |||||||||||||||||||
2005 - C | 11.86 | 0.09 | 1.06 | 1.15 | (0.07 | ) | — | (0.07 | ) | |||||||||||||||||||
2005 - Institutional | 11.88 | 0.23 | 1.08 | 1.31 | (0.17 | ) | — | (0.17 | ) | |||||||||||||||||||
2004 - A | 10.22 | 0.12 | 1.67 | 1.79 | (0.13 | ) | — | (0.13 | ) | |||||||||||||||||||
2004 - B | 10.23 | 0.04 | 1.67 | 1.71 | (0.04 | ) | — | (0.04 | ) | |||||||||||||||||||
2004 - C | 10.21 | 0.04 | 1.67 | 1.71 | (0.06 | ) | — | (0.06 | ) | |||||||||||||||||||
2004 - Institutional | 10.21 | 0.19 | 1.65 | 1.84 | (0.17 | ) | — | (0.17 | ) | |||||||||||||||||||
2003 - A | 7.91 | 0.11 | 2.34 | 2.45 | (0.14 | ) | — | (0.14 | ) | |||||||||||||||||||
2003 - B | 7.93 | 0.05 | 2.32 | 2.37 | (0.07 | ) | — | (0.07 | ) | |||||||||||||||||||
2003 - C | 7.92 | 0.05 | 2.31 | 2.36 | (0.07 | ) | — | (0.07 | ) | |||||||||||||||||||
2003 - Institutional | 7.91 | 0.17 | 2.30 | 2.47 | (0.17 | ) | — | (0.17 | ) | |||||||||||||||||||
2002 - A | 9.30 | 0.11 | (1.38 | ) | (1.27 | ) | (0.12 | ) | — | (0.12 | ) | |||||||||||||||||
2002 - B | 9.29 | 0.04 | (1.35 | ) | (1.31 | ) | (0.05 | ) | — | (0.05 | ) | |||||||||||||||||
2002 - C | 9.30 | 0.04 | (1.37 | ) | (1.33 | ) | (0.05 | ) | — | (0.05 | ) | |||||||||||||||||
2002 - Institutional | 9.30 | 0.13 | (1.36 | ) | (1.23 | ) | (0.16 | ) | — | (0.16 | ) | |||||||||||||||||
2001 - A | 10.88 | 0.11 | (1.32 | ) | (1.21 | ) | (0.13 | ) | (0.24 | ) | (0.37 | ) | ||||||||||||||||
2001 - B | 10.86 | 0.03 | (1.31 | ) | (1.28 | ) | (0.05 | ) | (0.24 | ) | (0.29 | ) | ||||||||||||||||
2001 - C | 10.87 | 0.03 | (1.31 | ) | (1.28 | ) | (0.05 | ) | (0.24 | ) | (0.29 | ) | ||||||||||||||||
2001 - Institutional | 10.87 | 0.16 | (1.32 | ) | (1.16 | ) | (0.17 | ) | (0.24 | ) | (0.41 | ) |
(a) | Calculated based on the average shares outstanding methodology. | |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total returns would be reduced if sales or redemption charges 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 Portfolio distributions or the redemption of Portfolio shares. | |
(c) | Expense ratios exclude expenses of the Underlying Funds. | |
(d) | Annualized. |
210
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 to | Total Expenses | Income to | Portfolio | ||||||||||||||||||||||||||
Value, End | Total | Period | to Average | Average | to Average | Average | Turnover | |||||||||||||||||||||||||
of Period | Return(b) | (in 000s) | Net Assets(c) | Net Assets | Net Assets(c) | Net Assets | Rate | |||||||||||||||||||||||||
$ | 13.72 | 5.54 | % | $ | 593,033 | 0.59 | %(d) | 0.76 | %(d) | 0.63 | %(d) | 0.72 | %(d) | 17 | % | |||||||||||||||||
13.69 | 5.15 | 106,506 | 1.34 | (d) | (0.07 | )(d) | 1.38 | (d) | (0.10 | )(d) | 17 | |||||||||||||||||||||
13.61 | 5.18 | 319,370 | 1.34 | (d) | — | (d) | 1.38 | (d) | (0.03 | )(d) | 17 | |||||||||||||||||||||
13.77 | 5.76 | 97,809 | 0.19 | (d) | 1.09 | (d) | 0.23 | (d) | 1.06 | (d) | 17 | |||||||||||||||||||||
13.00 | 10.60 | 299,961 | 0.59 | 1.58 | 0.72 | 1.45 | 48 | |||||||||||||||||||||||||
13.02 | 9.76 | 88,741 | 1.34 | 0.61 | 1.48 | 0.47 | 48 | |||||||||||||||||||||||||
12.94 | 9.67 | 173,355 | 1.34 | 0.77 | 1.47 | 0.64 | 48 | |||||||||||||||||||||||||
13.02 | 11.05 | 75,132 | 0.19 | 1.81 | 0.31 | 1.69 | 48 | |||||||||||||||||||||||||
11.88 | 17.54 | 129,419 | 0.58 | 1.16 | 0.89 | 0.85 | 44 | |||||||||||||||||||||||||
11.90 | 16.72 | 71,753 | 1.33 | 0.33 | 1.64 | 0.02 | 44 | |||||||||||||||||||||||||
11.86 | 16.77 | 86,277 | 1.33 | 0.42 | 1.64 | 0.11 | 44 | |||||||||||||||||||||||||
11.88 | 18.05 | 27,967 | 0.18 | 1.77 | 0.49 | 1.46 | 44 | |||||||||||||||||||||||||
10.22 | 30.96 | 89,342 | 0.60 | 1.29 | 0.92 | 0.97 | 46 | |||||||||||||||||||||||||
10.23 | 29.87 | 67,025 | 1.35 | 0.53 | 1.67 | 0.21 | 46 | |||||||||||||||||||||||||
10.21 | 29.88 | 55,151 | 1.35 | 0.57 | 1.67 | 0.25 | 46 | |||||||||||||||||||||||||
10.21 | 31.30 | 8,747 | 0.20 | 1.92 | 0.52 | 1.60 | 46 | |||||||||||||||||||||||||
7.91 | (13.64 | ) | 72,060 | 0.60 | 1.25 | 0.93 | 0.92 | 23 | ||||||||||||||||||||||||
7.93 | (14.13 | ) | 56,279 | 1.35 | 0.47 | 1.68 | 0.14 | 23 | ||||||||||||||||||||||||
7.92 | (14.26 | ) | 40,571 | 1.35 | 0.49 | 1.68 | 0.16 | 23 | ||||||||||||||||||||||||
7.91 | (13.25 | ) | 3,525 | 0.20 | 1.52 | 0.53 | 1.19 | 23 | ||||||||||||||||||||||||
9.30 | (11.03 | ) | 93,313 | 0.59 | 1.09 | 0.88 | 0.80 | 40 | ||||||||||||||||||||||||
9.29 | (11.72 | ) | 81,563 | 1.34 | 0.34 | 1.63 | 0.05 | 40 | ||||||||||||||||||||||||
9.30 | (11.69 | ) | 53,001 | 1.34 | 0.34 | 1.63 | 0.05 | 40 | ||||||||||||||||||||||||
9.30 | (10.55 | ) | 7,324 | 0.19 | 1.65 | 0.48 | 1.36 | 40 |
211
212
Shares Outstanding and | ||||
AXA Enterprise Fund | Entitled to Vote | |||
AXA Enterprise Multimanager Core Equity Fund | ||||
AXA Enterprise Multimanager Growth Fund | ||||
AXA Enterprise Multimanager Mid Cap Growth Fund | ||||
AXA Enterprise Multimanager Mid Cap Value Fund | ||||
AXA Enterprise Multimanager Value Fund | ||||
AXA Enterprise Multimanager International Equity Fund | ||||
AXA Enterprise Multimanager Technology Fund | ||||
AXA Enterprise Multimanager Core Bond Fund | ||||
AXA Enterprise Aggressive Allocation Fund | ||||
AXA Enterprise Conservative Allocation Fund | ||||
AXA Enterprise Moderate Allocation Fund | ||||
AXA Enterprise Moderate-Plus Allocation Fund |
213
Class; Amount of | Percentage of | Percentage of Fund | ||||||||||||||
Enterprise Multimanager Trust Fund | Name and Address | Shares Owned | Class Owned | Owned | ||||||||||||
Fund | ||||||||||||||||
Fund | ||||||||||||||||
Fund | ||||||||||||||||
Fund | ||||||||||||||||
Fund | ||||||||||||||||
Fund | ||||||||||||||||
Fund |
214
Class; Amount of | Percentage of | Percentage of Fund | ||||||||||||||
GST Fund | Name and Address | Shares Owned | Class Owned | Owned | ||||||||||||
Fund | ||||||||||||||||
Fund | ||||||||||||||||
Fund | ||||||||||||||||
Fund | ||||||||||||||||
Fund | ||||||||||||||||
Fund |
215
216
217
A-1
A-2
A-3
A-4
A-5
A-6
A-7
A-8
A-9
A-10
A-11
A-12
A-13
A-14
A-15
A-16
A-17
A-18
A-19
A-20
A-21
AXA Enterprise Multimanager Funds Trust | |
1290 Avenue of the Americas, 8th Floor | |
New York, NY 10104 | |
Attention: Patricia Louie, Esq. | |
Telephone No.: (212) 314-5329 | |
Facsimile No.: (212) 314-4723 | |
E-mail: patricia.louie@axa-equitable.com |
A-22
With copies (which shall not constitute notice) to: | |
Kirkpatrick & Lockhart Preston Gates Ellis LLP (counsel to Multimanager Trust) | |
1601 K Street, N.W. | |
Washington, DC 20006-1600 | |
Attention: Arthur J. Brown, Esq. | |
Telephone No.: (202) 778-9046 | |
Facsimile No.: (202) 778-9000 | |
E-mail: abrown@klng.com | |
AXA Equitable Life Insurance Company | |
1290 Avenue of the Americas, 8th Floor | |
New York, NY 10104 | |
Attention: Patricia Louie, Esq. | |
Telephone No.: (212) 314-5329 | |
Facsimile No.: (212) 314-4723 | |
E-mail: patricia.louie@axa-equitable.com |
Goldman Sachs Trust | |
32 Old Slip | |
New York, NY 10005 | |
Attention: Peter V. Bonanno, Esq. | |
Telephone No.: (212) 357-3184 | |
Facsimile No.: (212) 902-4140 | |
E-mail: Peter.Bonanno @gs.com | |
With a copy (which shall not constitute notice) to: | |
Drinker Biddle & Reath LLP (counsel to GST) | |
One Logan Square | |
18th & Cherry Streets | |
Philadelphia, PA 19103-6996 | |
Attention: Kenneth L. Greenberg, Esq. | |
Telephone No.: (215) 988-1152 | |
Facsimile No.: (215) 988-2757 | |
E-mail: Kenneth.Greenberg@dbr.com |
A-23
A-24
A-25
A-26
A-27
AXA ENTERPRISE MULTIMANAGER FUNDS TRUST | ||
By: | ||
Name: Steven M. Joenk Title: President and Chief Executive Officer | ||
GOLDMAN SACHS TRUST | ||
By: | ||
Name: James Fitzpatrick Title: Vice President | ||
Solely for purposes of Article VII and Paragraphs 1.3, 1.5, 4.1(i), 5.1, 5.11, 9.2, 10.5, 10.11, 10.14 and 10.15 | Solely for purposes of Article VII and Paragraphs 4.2(i), 5.1, 5.11, 5.12, 9.2, 10.5, 10.11, 10.14 and 10.15 | |
AXA EQUITABLE LIFE INSURANCE COMPANY | GOLDMAN SACHS ASSET MANAGEMENT, L.P. | |
By: | By: | |
Name: Title: | Name: James Fitzpatrick Title: Managing Director |
A-28
Multimanager Funds | GST Funds | ||
AXA Enterprise Multimanager Core Equity Fund | Goldman Sachs Structured U.S. Equity Fund | ||
Class A Shares | Class A Shares | ||
Class B Shares | Class B Shares | ||
Class C Shares | Class C Shares | ||
Class P Shares | Class A Shares | ||
Class Y Shares | Institutional Shares | ||
AXA Enterprise Multimanager Growth Fund | Goldman Sachs Structured Large Cap Growth Fund | ||
Class A Shares | Class A Shares | ||
Class B Shares | Class B Shares | ||
Class C Shares | Class C Shares | ||
Class P Shares | Class A Shares | ||
Class Y Shares | Institutional Shares | ||
AXA Enterprise Multimanager Mid Cap Growth Fund | Goldman Sachs Growth Opportunities Fund | ||
Class A Shares | Class A Shares | ||
Class B Shares | Class B Shares | ||
Class C Shares | Class C Shares | ||
Class P Shares | Class A Shares | ||
Class Y Shares | Institutional Shares | ||
AXA Enterprise Multimanager Mid Cap Value Fund | Goldman Sachs Mid Cap Value Fund | ||
Class A Shares | Class A Shares | ||
Class B Shares | Class B Shares | ||
Class C Shares | Class C Shares | ||
Class P Shares | Class A Shares | ||
Class Y Shares | Institutional Shares | ||
AXA Enterprise Multimanager Value Fund | Goldman Sachs Structured Large Cap Value Fund | ||
Class A Shares | Class A Shares | ||
Class B Shares | Class B Shares | ||
Class C Shares | Class C Shares | ||
Class P Shares | Class A Shares | ||
Class Y Shares | Institutional Shares | ||
AXA Enterprise Multimanager International Equity Fund | Goldman Sachs Structured International Equity Fund | ||
Class A Shares | Class A Shares | ||
Class B Shares | Class B Shares | ||
Class C Shares | Class C Shares | ||
Class P Shares | Class A Shares | ||
Class Y Shares | Institutional Shares | ||
AXA Enterprise Multimanager Technology Fund | Goldman Sachs Tollkeeper Fund | ||
Class A Shares | Class A Shares | ||
Class B Shares | Class B Shares | ||
Class C Shares | Class C Shares | ||
Class P Shares | Class A Shares | ||
Class Y Shares | Institutional Shares |
A-29
Multimanager Funds | GST Funds | ||
AXA Enterprise Multimanager Core Bond Fund | Goldman Sachs Core Plus Fixed Income Fund | ||
Class A Shares | Class A Shares | ||
Class B Shares | Class B Shares | ||
Class C Shares | Class C Shares | ||
Class P Shares | Class A Shares | ||
Class Y Shares | Institutional Shares | ||
AXA Enterprise Aggressive Allocation Fund | Goldman Sachs Equity Growth Strategy Portfolio | ||
Class A Shares | Class A Shares | ||
Class B Shares | Class B Shares | ||
Class C Shares | Class C Shares | ||
Class Y Shares | Institutional Shares | ||
AXA Enterprise Conservative Allocation Fund | Goldman Sachs Balanced Strategy Portfolio | ||
Class A Shares | Class A Shares | ||
Class B Shares | Class B Shares | ||
Class C Shares | Class C Shares | ||
Class Y Shares | Institutional Shares | ||
AXA Enterprise Moderate Allocation Fund | Goldman Sachs Growth and Income Strategy Portfolio | ||
Class A Shares | Class A Shares | ||
Class B Shares | Class B Shares | ||
Class C Shares | Class C Shares | ||
Class Y Shares | Institutional Shares | ||
AXA Enterprise Moderate Plus Allocation Fund | Goldman Sachs Growth Strategy Portfolio | ||
Class A Shares | Class A Shares | ||
Class B Shares | Class B Shares | ||
Class C Shares | Class C Shares | ||
Class Y Shares | Institutional Shares |
A-30
10 Percent of total assets (including securities | ||||||||
lending collateral) (Italic type) | ||||||||
10 Percent of net assets (excluding borrowing | ||||||||
for investment purposes) (Roman type) | ||||||||
• No specific % limitation on usage; limited | Goldman Sachs | |||||||
only by the objective and strategies of the | AXA Enterprise | Structured | ||||||
Fund | Multimanager Core | U.S. Equity | ||||||
— Not permitted | Equity Fund | Fund | ||||||
Investment Practices | ||||||||
Borrowings | 33 | 1/3 | 33 | 1/3 | ||||
Cross Hedging of Currencies | • | • | ||||||
Custodial Receipts and Trust Certificates | — | • | ||||||
Equity Swaps | — | • | 1 | |||||
Foreign Currency Transactions | • | • | 2 | |||||
Futures Contracts and Options on Futures Contracts | — | • | 3 | |||||
Investment Company Securities (including iShares SM and Standard & Poor’s Depositary ReceiptsTM ) | 10 | 10 | ||||||
Options on Securities and Securities Indices4 | — | • | 5 | |||||
Repurchase Agreements | • | • | ||||||
Securities Lending | 33 | 1/3 | 33 | 1/3 | ||||
Unseasoned Companies | — | • | ||||||
Warrants and Stock Purchase Rights | • | • | ||||||
When-Issued Securities and Forward Commitments | • | • |
1. | Limited to 15% of assets (together with other illiquid securities) for all structured securities and all swap transactions that are not deemed to be liquid. |
2. | Limited by the amount the GST Fund invests in foreign securities. |
3. | The GST Fund may enter into futures transactions only with respect to the S&P 500® Index. |
4. | Each Fund may purchase and sell call and put options. |
5. | The GST Fund may sell covered call and put options and purchase call and put options. |
B-1
10 Percent of total assets (excluding securities | ||||||||
lending collateral) (Italic type) | ||||||||
10 Percent of net assets (including borrowing | ||||||||
for investment purposes) (Roman type) | ||||||||
• No specific % limitation on usage; limited | ||||||||
only by the objective and strategies of the | AXA Enterprise | Goldman Sachs | ||||||
Fund | Multimanager Core | Structured | ||||||
— Not permitted | Equity Fund | U.S. Equity Fund | ||||||
Investment Securities | ||||||||
American and Global Depositary Receipts | • | • | ||||||
Asset-Backed Securities | • | — | ||||||
Bank Obligations | • | • | 1 | |||||
Convertible Securities | • | • | 2 | |||||
Corporate Debt Obligations | • | • | 1 | |||||
Equity Investments | 80+ | 90+ | ||||||
Emerging Country Securities | • | — | ||||||
Fixed Income Securities | • | 10 | 1,3 | |||||
Foreign Government Securities | • | — | ||||||
Foreign Securities | 20 | • | 4 | |||||
Real Estate Investment Trusts (“REITs”) | — | • | ||||||
Structured Securities | • | • | 5 | |||||
Temporary Investments | 100 | 35 | ||||||
U.S. Government Securities | • | • | 1 |
1. | Limited by the amount the GST Fund invests in fixed-income securities and limited to cash equivalents only. The Fund may invest in bank obligations issued by U.S. or foreign banks. |
2. | The GST Fund has no minimum rating criteria for convertible debt securities. |
3. | Except as noted under “Convertible Securities,” fixed-income securities must be investment grade (i.e., BBB or higher by S&P, Baa or higher by Moody’s or have a comparable rating by another NRSRO at the time of investment). |
4. | Equity securities of foreign issuers must be traded in the United States. |
5. | Limited to 15% of net assets (together with other illiquid securities) for all structured securities that are not deemed to be liquid and all swap transactions. |
B-2
10 Percent of total assets (including securities | ||||||||
lending collateral) (Italic type) | ||||||||
10 Percent of net assets (excluding borrowing | ||||||||
for investment purposes) (Roman type) | ||||||||
• No specific % limitation on usage; limited | Goldman Sachs | |||||||
only by the objective and strategies of the | AXA Enterprise | Structured Large | ||||||
Fund | Multimanager Growth | Cap Growth | ||||||
— Not permitted | Fund | Fund | ||||||
Investment Practices | ||||||||
Borrowings | 33 | 1/3 | 33 | 1/3 | ||||
Cross Hedging of Currencies | • | • | ||||||
Custodial Receipts and Trust Certificates | — | • | ||||||
Equity Swaps | — | • | 1 | |||||
Foreign Currency Transactions | • | • | 2 | |||||
Futures Contracts and Options on Futures Contracts | — | • | 3 | |||||
Investment Company Securities (including iShares SM and Standard & Poor’s Depositary Receipts™ ) | 10 | 10 | ||||||
Options on Foreign Currencies4 | • | • | ||||||
Options on Securities and Securities Indices | — | • | 5 | |||||
Repurchase Agreements | • | • | ||||||
Securities Lending | 33 | 1/3 | 33 | 1/3 | ||||
Unseasoned Companies | — | • | ||||||
Warrants and Stock Purchase Rights | • | • | ||||||
When-Issued Securities and Forward Commitments | • | • |
1. | Limited to 15% of net assets (together with other illiquid securities) for all structured securities and all swap transactions which are not deemed to be liquid. |
2. | Limited by the amount the GST Fund invests in foreign securities. |
3. | The GST Fund may enter into future transactions only with respect to a representative index. |
4. | Each Fund may purchase and sell call and put options. |
5. | The GST Fund may sell covered call and put options and purchase call and put options. |
B-3
10 Percent of total assets (excluding securities | ||||||||
lending collateral) (Italic type) | ||||||||
10 Percent of net assets (including borrowing | ||||||||
for investment purposes) (Roman type) | ||||||||
• No specific % limitation on usage; limited | Goldman Sachs | |||||||
only by the objective and strategies of the | AXA Enterprise | Structured Large | ||||||
Fund | Multimanager Growth | Cap Growth | ||||||
— Not permitted | Fund | Fund | ||||||
Investment Securities | ||||||||
American and Global Depositary Receipts | • | • | ||||||
Asset-Backed Securities | • | — | ||||||
Bank Obligations | • | • | 1 | |||||
Convertible Securities | — | • | 2 | |||||
Corporate Debt Obligations | • | • | 1 | |||||
Equity Investments | • | 80+ | ||||||
Emerging Country Securities | • | — | ||||||
Fixed Income Securities | • | 20 | 1,3 | |||||
Foreign Government Securities | • | — | ||||||
Foreign Securities | 20 | • | 4 | |||||
Real Estate Investment Trusts (“REITs”) | — | • | ||||||
Structured Securities | — | • | 5 | |||||
Temporary Investments | 100 | 35 | ||||||
U.S. Government Securities | • | • | 1 |
1. | Limited by the amount the GST Fund invests in fixed-income securities and limited to cash equivalents only. The GST Fund may invest in bank obligations issued by U.S. or foreign banks. |
2. | The GST Fund has no minimum rating criteria for convertible debt securities. |
3. | Except as noted under “Convertible Securities,” fixed-income securities must be investment grade (i.e., BBB or higher by S&P, Baa or higher by Moody’s or have a comparable rating by another NRSRO) at the time of investment. |
4. | Equity securities of foreign issuers must be traded for the United States. |
5. | Limited to 15% of net assets (together with other illiquid securities) for all structured securities that are not deemed to be liquid and all swap transactions. |
B-4
10 Percent of total assets (including securities | ||||||||
lending collateral) (Italic type) | ||||||||
10 Percent of net assets (excluding borrowing | ||||||||
for investment purposes) (Roman type) | ||||||||
• No specific % limitation on usage; limited | ||||||||
only by the objective and strategies of the | AXA Enterprise | Goldman Sachs | ||||||
Fund | Multimanager | Growth | ||||||
— Not permitted | Mid Cap Growth Fund | Opportunities Fund | ||||||
Investment Practices | ||||||||
Borrowings | 33 | 1/3 | 33 | 1/3 | ||||
Cross Hedging of Currencies | • | • | ||||||
Custodial Receipts and Trust Certificates | — | • | ||||||
Equity Swaps | — | • | 1 | |||||
Foreign Currency Transactions | • | • | 2 | |||||
Futures Contracts and Options on Futures Contracts | • | • | ||||||
Investment Company Securities (including iShares SM and Standard & Poor’s Depositary Receipts™ ) | 10 | 10 | ||||||
Options on Foreign Currencies3 | • | • | ||||||
Options on Securities and Securities Indices | • | • | 4 | |||||
Repurchase Agreements | • | • | ||||||
Securities Lending | 33 | 1/3 | 33 | 1/3 | ||||
Short Sales Against the Box | 10 | 5 | 25 | |||||
Unseasoned Companies | • | • | ||||||
Warrants and Stock Purchase Rights | • | • | ||||||
When-Issued Securities and Forward Commitments | • | • |
1. | Limited to 15% of net assets (together with other illiquid securities) for all structured securities and all swap transactions that are not deemed to be liquid. |
2. | Limited by the amount the Fund invests in foreign securities. |
3. | Each Fund may purchase and sell call and put options. |
4. | The GST Fund may sell covered call and put options and purchase call and put options. |
5. | The AXA Enterprise Fund may also cover a short sale by depositing in a segregated account cash, U.S. Government securities, or other liquid securities in an amount equal to the market value of the securities sold short. |
B-5
10 Percent of total assets (excluding securities | ||||||||
lending collateral) (Italic type) | ||||||||
10 Percent of net assets (including borrowing | ||||||||
for investment purposes) (Roman type) | ||||||||
• No specific % limitation on usage; limited | AXA Enterprise | Goldman Sachs | ||||||
only by the objective and strategies of the | Multimanager | Growth | ||||||
Fund | Mid Cap | Opportunities | ||||||
— Not permitted | Growth Fund | Fund | ||||||
Investment Securities | ||||||||
American, European and Global Depositary Receipts | • | • | ||||||
Asset-Backed Securities | • | • | 1 | |||||
Bank Obligations | • | • | 1 | |||||
Convertible Securities | • | • | 2 | |||||
Corporate Debt Obligations | • | • | 1 | |||||
Equity Investments | 80+ | 90+ | ||||||
Emerging Country Securities | • | 10 | 3 | |||||
Fixed Income Securities | • | • | 4 | |||||
Foreign Securities | 20 | 25 | 3 | |||||
Foreign Government Securities | • | — | ||||||
Mortgage-Backed Securities | — | • | ||||||
Non-Investment Grade Fixed Income Securities | — | 10 | 5 | |||||
Real Estate Investment Trusts (“REITs”) | • | • | ||||||
Structured Securities | — | • | 6 | |||||
Temporary Investments | 100 | 100 | ||||||
U.S. Government Securities | • | • | 1 |
1. | Limited by the amount the GST Fund invests in fixed income securities. |
2. | The GST Fund uses the same rating criteria for convertible and non-convertible debt securities. |
3. | The GST Fund may invest in the aggregate up to 25% of its total assets in foreign securities, including emerging country securities. |
4. | Except as noted under “Convertible Securities” and “Non-Investment Grade Fixed-Income Securities,” fixed income securities must be investment grade (i.e. BBB or higher by S&P, Baa or higher by Moody’s or have a comparable rating by another NRSRO). |
5. | May be BB or lower by S&P, Ba or lower by Moody’s or have a comparable rating by another NRSRO at the time of investment. |
6. | Limited to 15% of net assets (together with other illiquid securities) for all structured securities that are not deemed to be liquid and all swap transactions. |
B-6
10 Percent of total assets (including securities | ||||||||
lending collateral) (Italic type) | ||||||||
10 Percent of net assets (excluding borrowing | ||||||||
for investment purposes) (Roman type) | ||||||||
• No specific % limitation on usage; limited | ||||||||
only by the objective and strategies of the | AXA Enterprise | |||||||
Fund | Multimanager Mid | Goldman Sachs Mid | ||||||
— Not permitted | Cap Value Fund | Cap Value Fund | ||||||
Investment Practices | ||||||||
Borrowings | 33 | 1/3 | 33 | 1/3 | ||||
Cross Hedging of Currencies | • | • | ||||||
Custodial Receipts and Trust Certificates | — | • | ||||||
Equity Swaps | — | • | 1 | |||||
Foreign Currency Transactions | • | • | 2 | |||||
Futures Contracts and Options on Futures Contracts | • | • | ||||||
Investment Company Securities (including iShares SM and Standard & Poor’s Depositary Receipts™ ) | 10 | 10 | ||||||
Options on Foreign Currencies3 | • | • | ||||||
Options on Securities and Securities Indices | • | • | 4 | |||||
Repurchase Agreements | • | • | ||||||
Securities Lending | 33 | 1/3 | 33 | 1/3 | ||||
Short Sales Against the Box | — | 25 | ||||||
Unseasoned Companies | • | • | ||||||
Warrants and Stock Purchase Rights | • | • | ||||||
When-Issued Securities and Forward Commitments | • | • |
1. | Limited to 15% of net assets (together with other illiquid securities) for all structured securities and all swap transactions which are not deemed to be liquid. |
2. | Limited by the amount the Fund invests in foreign securities. |
3. | Each Fund may purchase and sell call and put options. |
4. | The GST Fund may sell covered call and put options and purchase call and put options. |
B-7
10 Percent of total assets (excluding securities | ||||||||
lending collateral) (Italic type) | ||||||||
10 Percent of net assets (including borrowing | ||||||||
for investment purposes) (Roman type) | ||||||||
• No specific % limitation on usage; limited | AXA Enterprise | |||||||
only by the objective and strategies of the | Multimanager | Goldman Sachs | ||||||
Fund | Mid Cap Value | Mid Cap Value | ||||||
— Not permitted | Fund | Fund | ||||||
Investment Securities | ||||||||
American, European and Global Depositary Receipts | • | • | ||||||
Asset-Backed Securities | • | • | 1 | |||||
Bank Obligations | • | • | 1 | |||||
Convertible Securities | — | • | 2 | |||||
Corporate Debt Obligations | • | • | 1 | |||||
Equity Investments | 80+ | 80+ | ||||||
Emerging Country Securities | • | 25 | 3 | |||||
Fixed Income Securities | • | 20 | 4,5 | |||||
Foreign Securities | 20 | 25 | 3 | |||||
Foreign Government Securities | • | — | ||||||
Mortgage-Backed Securities | — | • | ||||||
Non-Investment Grade Fixed Income Securities | — | 10 | 6 | |||||
Real Estate Investment Trusts (“REITs”) | • | • | ||||||
Structured Securities | — | • | 7 | |||||
Temporary Investments | 100 | 100 | ||||||
U.S. Government Securities | • | • | 1 |
1. | Limited by the amount the GST Fund invests in fixed income securities. |
2. | The GST Fund uses the same rating criteria for convertible and non-convertible debt securities. |
3. | The GST Fund may invest in the aggregate up to 25% of its net assets in foreign securities, including emerging country securities. |
4. | Except as noted under “Convertible Securities” and “Non-Investment Grade Fixed-Income Securities,” fixed income securities must be investment grade (i.e. BBB or higher by S&P, Baa or higher by Moody’s or have a comparable rating by another NRSRO). |
5. | The GST Fund may invest an aggregate of 20% of its net assets in: (i) securities of companies with public stock market capitalizations outside the range of companies constituting the Russell Midcap® Value Index at the time of investment; and (ii) fixed income securities. |
6. | Must be B or higher by S&P, B or higher by Moody’s or have a comparable rating by another NRSRO at the time of investment. |
7. | Limited to 15% of net assets (together with other illiquid securities) for all structured securities that are not deemed to be liquid and all swap transactions. |
B-8
10 Percent of total assets (including securities | ||||||||
lending collateral) (Italic type) | ||||||||
10 Percent of net assets (excluding borrowing | ||||||||
for investment purposes) (Roman type) | ||||||||
• No specific % limitation on usage; limited | Goldman Sachs | |||||||
only by the objective and strategies of the | AXA Enterprise | Structured | ||||||
Fund | Multimanager | Large Cap | ||||||
— Not permitted | Value Fund | Value Fund | ||||||
Investment Practices | ||||||||
Borrowings | 33 | 1/3 | 33 | 1/3 | ||||
Cross Hedging of Currencies | • | • | ||||||
Custodial Receipts and Trust Certificates | — | • | ||||||
Equity Swaps | — | • | 1 | |||||
Foreign Currency Transactions | • | • | 2 | |||||
Futures Contracts and Options on Futures Contracts | • | • | 3 | |||||
Investment Company Securities (including iShares SM and Standard & Poor’s Depositary Receipts™ ) | 10 | 10 | ||||||
Options on Foreign Currencies4 | • | • | ||||||
Options on Securities and Securities Indices | • | • | 5 | |||||
Repurchase Agreements | • | • | ||||||
Securities Lending | 33 | 1/3 | 33 | 1/3 | ||||
Short Sales Against the Box | 10 | 6 | — | |||||
Unseasoned Companies | — | • | ||||||
Warrants and Stock Purchase Rights | • | • | ||||||
When-Issued Securities and Forward Commitments | • | • |
1. | Limited to 15% of assets (together with other illiquid securities) for all structured securities and all swap transactions that are not deemed to be liquid. |
2. | Limited by the amount the GST Fund invests in foreign securities. |
3. | The GST Fund may enter into futures transactions only with respect to a representative index. |
4. | Each Fund may purchase and sell call and put options. |
5. | The GST Fund may sell covered call and put options and purchase call and put options. |
6. | The AXA Enterprise Fund may also cover a short sale by depositing in a segregated account cash, U.S. Government securities, or other liquid securities in an amount equal to the market value of the securities sold short. |
B-9
10 Percent of total assets (excluding securities | ||||||||
lending collateral) (Italic type) | ||||||||
10 Percent of net assets (including borrowing | ||||||||
for investment purposes) (Roman type) | ||||||||
• No specific % limitation on usage; limited | ||||||||
only by the objective and strategies of the | AXA Enterprise | Goldman Sachs | ||||||
Fund | Multimanager Value | Structured Large | ||||||
— Not permitted | Fund | Cap Value Fund | ||||||
Investment Securities | ||||||||
American and Global Depositary Receipts | • | • | ||||||
Asset-Backed Securities | • | — | ||||||
Bank Obligations | • | • | 1 | |||||
Convertible Securities | — | • | 2 | |||||
Corporate Debt Obligations | • | • | 1 | |||||
Equity Investments | • | 80+ | ||||||
Emerging Country Securities | • | — | ||||||
Fixed Income Securities | • | 20 | 1,3 | |||||
Foreign Government Securities | • | — | ||||||
Foreign Securities | 20 | • | 4 | |||||
Real Estate Investment Trusts (“REITs”) | — | • | ||||||
Structured Securities | — | • | 5 | |||||
Temporary Investments | 100 | 35 | ||||||
U.S. Government Securities | • | • | 1 |
1. | Limited by the amount the GST Fund invests in fixed-income securities and limited to cash equivalents only. The Fund may invest in bank obligations issued by U.S. or foreign banks. |
2. | The GST Fund has no minimum rating criteria for convertible debt securities. |
3. | Except as noted under “Convertible Securities,” fixed-income securities must be investment grade (i.e., BBB or higher by S&P, Baa or higher by Moody’s or have a comparable rating by another NRSRO) at the time of investment. |
4. | Equity securities of foreign issuers must be traded in the United States. |
5. | Limited to 15% of net assets (together with other illiquid securities) for all structured securities that are not deemed to be liquid and all swap transactions. |
B-10
10 Percent of total assets (including | ||||||||
securities lending collateral) (Italic type) | ||||||||
10 Percent of net assets (excluding borrowing | ||||||||
for investment purposes) (Roman type) | ||||||||
• No specific % limitation on usage; limited | AXA Enterprise | Goldman Sachs | ||||||
only by the objective and strategies of the | Multimanager | Structured | ||||||
Fund | International | International | ||||||
— Not permitted | Equity Fund | Equity Fund | ||||||
Investment Practices | ||||||||
Borrowings | 33 | 1/3 | 33 | 1/3 | ||||
Cross Hedging of Currencies | • | • | ||||||
Currency Swaps | • | 15 | ||||||
Custodial Receipts and Trust Certificates | — | • | ||||||
Equity Swaps | • | • | 1 | |||||
Foreign Currency Transactions | • | • | 2 | |||||
Futures Contracts and Options on Futures Contracts | • | • | 3 | |||||
Investment Company Securities (including iSharesSM and Standard & Poor’s Depositary Receipts™) | 10 | 10 | ||||||
Options on Foreign Currencies4 | • | • | ||||||
Options on Securities and Securities Indices | • | • | 5 | |||||
Repurchase Agreements | • | • | ||||||
Securities Lending | 33 | 1/3 | 33 | 1/3 | ||||
Unseasoned Companies | • | • | ||||||
Warrants and Stock Purchase Rights | • | • | ||||||
When-Issued Securities and Forward Commitments | • | • |
1. | Limited to 15% of assets (together with other illiquid securities) for all structured securities and all swap transactions that are not deemed to be liquid. |
2. | Limited by the amount the GST Fund invests in foreign securities. |
3. | The GST Fund may enter into future transactions only with respect to a representative index. |
4. | Each Fund may purchase and sell call and put options. |
5. | The GST Fund may sell covered call and put options and purchase call and put options. |
B-11
10 Percent of total assets (excluding securities | ||||||||
lending collateral) (Italic type) | ||||||||
10 Percent of net assets (including borrowing | ||||||||
for investment purposes) (Roman type) | ||||||||
• No specific % limitation on usage; limited | AXA Enterprise | Goldman Sachs | ||||||
only by the objective and strategies of the | Multimanager | Structured | ||||||
Fund | International | International | ||||||
— Not permitted | Equity Fund | Equity Fund | ||||||
Investment Securities | ||||||||
American, European and Global Depositary Receipts | • | • | ||||||
Asset-Backed Securities | • | — | ||||||
Bank Obligations | • | • | 1 | |||||
Convertible Securities | • | • | 2 | |||||
Corporate Debt Obligations | • | • | 1 | |||||
Equity Investments | 80+ | 80+ | ||||||
Emerging Country Securities | • | 25 | ||||||
Fixed Income Securities | • | 20 | 1,3 | |||||
Foreign Government Securities | • | • | 1 | |||||
Foreign Securities | 65+ | • | 4 | |||||
Real Estate Investment Trusts (“REITs”) | — | • | ||||||
Structured Securities | — | • | 5 | |||||
Temporary Investments | 100 | 35 | ||||||
U.S. Government Securities | • | • | 1 |
1. | Limited by the amount the GST Fund invests in fixed-income securities and limited to cash equivalents only. The GST Fund may invest in bank obligations issued by U.S. or foreign banks. |
2. | The GST Fund has no minimum rating criteria for convertible debt securities. |
3. | Except as noted under “Convertible Securities,” fixed-income securities must be investment grade (i.e., BBB or higher by S&P, Baa or higher by Moody’s or have a comparable rating by another NRSRO) at the time of investment. |
4. | Equity securities of foreign issuers need not be traded in the United States. |
5. | Limited to 15% of net assets (together with other illiquid securities) for all structured securities that are not deemed to be liquid and all swap transactions. |
B-12
10 Percent of total assets (including | ||||||||
securities lending collateral) (Italic type) | ||||||||
10 Percent of net assets (excluding borrowing | ||||||||
for investment purposes) (Roman type) | ||||||||
• No specific % limitation on usage; limited | AXA Enterprise | |||||||
only by the objective and strategies of the | Multimanager | Goldman Sachs | ||||||
Fund | Technology | Tollkeeper | ||||||
— Not permitted | Fund | Fund | ||||||
Investment Practices | ||||||||
Borrowings | 33 | 1/3 | 33 | 1/3 | ||||
Credit, Currency, Index, Interest Rate, Total Return and Mortgage Swaps | • | — | ||||||
Cross Hedging of Currencies | • | • | ||||||
Custodial Receipts and Trust Certificates | — | • | ||||||
Equity Swaps | • | 15 | 1 | |||||
Foreign Currency Transactions | • | • | 2 | |||||
Futures Contracts and Options on Futures Contracts | — | • | ||||||
Investment Company Securities (including iSharessm and Standard & Poor’s Depositary Receiptstm) | 10 | 10 | ||||||
Options on Foreign Currencies3 | • | • | ||||||
Options on Securities and Securities Indices | — | • | 4 | |||||
Repurchase Agreements | • | • | ||||||
Securities Lending | 33 | 1/3 | 33 | 1/3 | ||||
Short Sales Against the Box | — | 25 | ||||||
Unseasoned Companies | • | • | ||||||
Warrants and Stock Purchase Rights | • | • | ||||||
When-Issued Securities and Forward Commitments | • | • |
1. | Limited to 15% of net assets (together with other illiquid securities) for all structured securities that are not deemed to be liquid and all swap transactions. |
2. | Limited by the amount the GST Fund invests in foreign securities. |
3. | Each Fund may purchase and sell call and put options. |
4. | The GST Fund may sell covered call and put options and purchase call and put options. |
B-13
10 Percent of total assets (excluding securities | ||||||||
lending collateral) (Italic type) | ||||||||
10 Percent of net assets (including borrowing | ||||||||
for investment purposes) (Roman type) | ||||||||
• No specific % limitation on usage; limited | ||||||||
only by the objective and strategies of the | AXA Enterprise | |||||||
Fund | Multimanager | Goldman Sachs | ||||||
— Not permitted | Technology Fund | Tollkeeper Fund | ||||||
Investment Securities | ||||||||
American, European and Global Depositary Receipts | • | • | ||||||
Asset-Backed Securities | • | • | 1 | |||||
Bank Obligations | • | • | 1 | |||||
Convertible Securities | — | • | 2 | |||||
Corporate Debt Obligations | • | • | 1 | |||||
Equity Investments | 80+ | 80+ | ||||||
Emerging Country Securities | • | 25 | 3 | |||||
Fixed Income Securities | • | 20 | ||||||
Foreign Securities | 50 | 25 | 3 | |||||
Foreign Government Securities | • | — | ||||||
Mortgage-Backed Securities | — | • | 1 | |||||
Non-Investment Grade Fixed Income Securities | • | 204 | ||||||
Real Estate Investment Trusts (“REITs”) | — | • | ||||||
Structured Securities | — | • | 1,5 | |||||
Temporary Investments | 100 | • | ||||||
U.S. Government Securities | • | • | 1 |
1. | Limited by the amount the GST Fund invests in fixed-income securities. |
2. | The GST Fund uses the same rating criteria for convertible and non-convertible debt securities. |
3. | The GST Fund may invest in the aggregate up to 25% of its total assets in foreign securities, including emerging country securities. |
4. | May be BB or lower by S&P, Ba or lower by Moody’s or have a comparable rating by another NRSRO at the time of investment. |
5. | Limited to 15% of net assets (together with other illiquid securities) for all structured securities that are not deemed to be liquid and all swap transactions. |
B-14
10 Percent of total assets (including | ||||||||
securities lending collateral) (Italic type) | ||||||||
10 Percent of net assets (excluding borrowing | ||||||||
for investment purposes) (Roman type) | ||||||||
• No specific % limitation on usage; limited | ||||||||
only by the objective and strategies of the | AXA Enterprise | Goldman Sachs Core | ||||||
Fund | Multimanager Core | Plus Fixed Income | ||||||
— Not permitted | Bond Fund | Fund | ||||||
Investment Practices | ||||||||
Borrowings | 33 | 1/3 | 33 | 1/3 | ||||
Credit, Interest Rate and Total Return Swaps | • | • | 1 | |||||
Currency Options and Futures | • | • | ||||||
Cross Hedging of Currencies | • | • | ||||||
Currency Swaps | • | • | 1 | |||||
Dollar Rolls | • | • | 2 | |||||
Financial Futures Contracts | • | • | ||||||
Forward Foreign Currency Exchange Contracts | • | • | ||||||
Futures Contracts and Options on Futures Contracts | • | • | ||||||
Interest Rate Floors, Caps and Collars | — | • | ||||||
Loan Participations | • | — | ||||||
Mortgage Swaps | • | • | 1 | |||||
Options (including Options on Futures) | • | • | ||||||
Options on Foreign Currencies | • | • | ||||||
Repurchase Agreements | • | • | 3 | |||||
Securities Lending | 33 | 1/3 | 33 | 1/3 | ||||
Short sales against the box | 10 | 4 | — | |||||
When-Issued Securities and Forward Commitments | • | • |
1. | Limited to 15% of net assets (together with other illiquid securities) for all structured securities and swap transactions that are not deemed to be liquid. |
2. | The GST Fund may use Mortgage Dollar Rolls only. |
3. | The GST Fund may enter into repurchase agreements collateralized by securities issues by foreign governments. |
4. | The AXA Enterprise Fund may also cover a short sale by depositing a segregated account cash, U.S. Government securities or other liquid securities in an amount equal to the market value of the securities sold short. |
B-15
10 Percent of total assets (excluding securities | |||||||||
lending collateral) (Italic type) | |||||||||
10 Percent of net assets (including borrowing | |||||||||
for investment purposes) (Roman type) | |||||||||
• No specific % limitation on usage; limited | |||||||||
only by the objective and strategies of the | AXA Enterprise | Goldman Sachs | |||||||
Fund | Multimanager Core | Core Plus Fixed | |||||||
— Not permitted | Bond Fund | Income Fund | |||||||
Investment Securities | |||||||||
Asset-Backed Securities | • | • | |||||||
Bank Obligations | • | • | |||||||
Convertible Securities | — | • | |||||||
Corporate Debt Obligations | • | • | |||||||
Emerging Country Securities | • | 15 | 1 | ||||||
Floating and Variable Rate Obligations | • | • | 2 | ||||||
Foreign Securities | • | 4 | • | 3,5 | |||||
Lower Grade Fixed Income Securities | 10 | 15 | |||||||
Mortgage-Backed Securities | |||||||||
Adjustable Rate Mortgage Loans | • | • | |||||||
Collateralized Mortgage Obligations | • | • | |||||||
Fixed Rate Mortgage Loans | • | • | |||||||
Government Issued Mortgage-Backed Securities | • | • | |||||||
Multiple Class Mortgage-Backed Securities | • | • | |||||||
Privately Issued Mortgage-Backed Securities | • | • | |||||||
Stripped Mortgage-Backed Securities | • | • | |||||||
Preferred Stock, Warrants and Rights | • | • | |||||||
Structured Securities | • | • | 2 | ||||||
Taxable Municipal Securities | • | • | |||||||
Tax-Free Municipal Securities | • | • | |||||||
Temporary Investments | 100 | • | |||||||
Trust Preferred Securities | — | • | |||||||
U.S. Government Securities | • | • |
1. | The GST Fund may invest in the aggregate up to 15% of its total assets in emerging country securities. |
2. | Limited to 15% of net assets (together with other illiquid securities) for all structured securities and swap transactions that are not deemed to be liquid and all swap transactions. |
3. | Includes issuers domiciled in one country and issuing securities denominated in the currency of another. |
4. | The AXA Enterprise Fund may invest up to 10% of its total assets in securities denominated in foreign currencies and may invest beyond this limit in U.S. dollar-denominated securities of foreign issuers. |
5. | The GST Fund may invest up to 25% of its total assets in securities not denominated in U.S. dollars. If the GST Fund’s position is hedged against currency risk, such is not counted when calculating compliance with this 25% limitation. |
B-16
C-1
C-2
C-3
C-4
AXA Enterprise Aggressive Allocation Fund | Goldman Sachs Equity Growth Strategy Portfolio | |
Underlying Funds | Underlying Funds | |
AXA Enterprise Multimanager Value Fund | Goldman Sachs Structured Large Cap Growth Fund | |
AXA Enterprise Multimanager International Equity Fund | Goldman Sachs Structured Large Cap Value Fund | |
AXA Enterprise International Growth Fund | Goldman Sachs Structured International Equity Fund | |
AXA Enterprise Small Company Value Fund | Goldman Sachs Emerging Markets Equity Fund | |
AXA Enterprise Equity Income Fund | Goldman Sachs Real Estate Securities Fund | |
AXA Enterprise Growth Fund | ||
AXA Enterprise Deep Value Fund | ||
AXA Enterprise Capital Appreciation Fund | ||
AXA Enterprise Multimanager Core Bond Fund | ||
AXA Enterprise Small Company Growth Fund | ||
AXA Enterprise Equity Fund | ||
AXA Enterprise Government Securities Fund | ||
AXA Enterprise Multimanager Mid Cap Growth Fund | ||
AXA Enterprise Multimanager Mid Cap Value Fund |
AXA Enterprise Conservative Allocation Fund | Goldman Sachs Balanced Strategy Portfolio | |
Underlying Funds | Underlying Funds | |
AXA Enterprise Short Duration Bond Fund | Goldman Sachs Structured Large Cap Growth Fund | |
AXA Enterprise Government Securities Fund | Goldman Sachs Structured Large Cap Value Fund | |
AXA Enterprise Multimanager Core Bond Fund | Goldman Sachs Structured International Equity Fund | |
AXA Enterprise Multimanager Value Fund | Goldman Sachs Real Estate Securities Fund | |
AXA Enterprise High Yield Bond Fund | Goldman Sachs Global Income Fund | |
AXA Enterprise Equity Income Fund | Goldman Sachs High Yield Fund | |
AXA Enterprise Multimanager International Equity Fund | Goldman Sachs Short Duration Government Fund | |
AXA Enterprise International Growth Fund | Financial Square Prime Obligations Fund | |
AXA Enterprise Growth Fund | ||
AXA Enterprise Capital Appreciation Fund | ||
AXA Enterprise Equity Fund | ||
AXA Enterprise Multimanager Mid Cap Value Fund | ||
AXA Enterprise Multimanager Money Market Fund |
D-1
AXA Enterprise Moderate Allocation Fund | Goldman Sachs Growth and Income Strategy | |
Underlying Funds | PortfolioUnderlying Funds | |
AXA Enterprise Short Duration Bond Fund | Goldman Sachs Structured Large Cap Growth Fund | |
AXA Enterprise Multimanager Value Fund | Goldman Sachs Structured Large Cap Value Fund | |
AXA Enterprise Multimanager Core Bond Fund | Goldman Sachs Structured International Equity Fund | |
AXA Enterprise Government Securities Fund | Goldman Sachs Emerging Markets Equity Fund | |
AXA Enterprise International Growth Fund | Goldman Sachs Real Estate Securities Fund | |
AXA Enterprise Multimanager International Equity Fund | Goldman Sachs Core Fixed Income Fund | |
AXA Enterprise Equity Income Fund | Goldman Sachs Global Income Fund | |
AXA Enterprise Small Company Value Fund | Goldman Sachs Short Duration Government Fund | |
AXA Enterprise High Yield Bond Fund | Goldman Sachs Emerging Markets Debt Fund | |
AXA Enterprise Deep Value Fund | Goldman Sachs High Yield Fund | |
AXA Enterprise Small Company Growth Fund | Financial Square Prime Obligations Fund | |
AXA Enterprise Capital Appreciation Fund | ||
AXA Enterprise Growth Fund | ||
AXA Enterprise Equity Fund | ||
AXA Enterprise Multimanager Mid Cap Value Fund | ||
AXA Enterprise Multimanager Mid Cap Growth Fund | ||
AXA Enterprise Money Market Fund |
AXA Enterprise Moderate-Plus Allocation Fund | Goldman Sachs Growth Strategy Portfolio | |
Underlying Funds | Underlying Funds | |
AXA Enterprise Multimanager Value Fund | Goldman Sachs Structured Large Cap Growth Fund | |
AXA Enterprise Multimanager International Equity Fund | Goldman Sachs Structured Large Cap Value Fund | |
AXA Enterprise Multimanager Core Bond Fund | Goldman Sachs Structured International Equity Fund | |
AXA Enterprise Short Duration Bond Fund | Goldman Sachs Emerging Markets Equity Fund | |
AXA Enterprise Government Securities Fund | Goldman Sachs Real Estate Securities Fund | |
AXA Enterprise Equity Income Fund | Goldman Sachs Global Income Fund | |
AXA Enterprise Small Company Value Fund | Goldman Sachs Core Fixed Income Fund | |
AXA Enterprise International Growth Fund | Goldman Sachs Emerging Markets Debt Fund | |
AXA Enterprise Growth Fund | Financial Square Prime Obligations Fund | |
AXA Enterprise Capital Appreciation Fund | ||
AXA Enterprise Deep Value Fund | ||
AXA Enterprise Equity Fund | ||
AXA Enterprise Small Company Growth Fund | ||
AXA Enterprise Multimanager Mid Cap Growth Fund | ||
AXA Enterprise Multimanager Mid Cap Value Fund |
D-2
Underlying Fund | Investment Objectives | Principal Investment Strategy | ||
Investment Grade Bond Funds and Money Market Fund | ||||
AXA Enterprise Multimanager Core Bond Fund | Seeks a balance of high current income and capital appreciation, consistent with a prudent level of risk. | Under normal circumstances, the Fund intends to invest at least 80% of its net assets, plus borrowings for investment purposes, in investment grade bonds. The Fund may purchase bonds of any maturity, but generally the Fund’s overall effective duration will be of an intermediate-term nature (similar to that of five- to seven-year U.S. Treasury notes) and have a comparable duration to that of the Lehman Brothers Aggregate Bond Index (currently, approximately 4.58 years). | ||
AXA Enterprise Government Securities Fund | Seeks current income and safety of principal. | Under normal circumstances, the Fund intends to invest at least 80% of its net assets, plus borrowings for investment purposes, in securities that are obligations of the U.S. Government, its agencies or instrumentalities. The sub-adviser generally seeks to maintain a duration within 1.5 years of that of the Lehman Brothers U.S. Treasury Index, which had a duration of approximately 5.17 years as of December 31, 2005. | ||
AXA Enterprise Short Duration Bond Fund | Seeks current income with reduced volatility of principal. | Under normal circumstances, the Fund intends to invest at least 80% of its net assets, plus borrowings for investment purposes, in bonds and other debt securities. The Fund seeks to maintain a high level of share price stability by keeping the average duration of the overall portfolio between one year and three years. | ||
AXA Enterprise Money Market Fund | Seeks highest possible level of current income consistent with preservation of capital and liquidity. | Under normal circumstances, the Fund intends to invest only in short-term, high quality dollar denominated securities. The sub-adviser will actively manage the Fund’s average maturity based on current interest rates and its outlook on the market. |
Underlying Fund | Investment Objectives | Investment Strategy | ||
Large Cap Equity Funds | ||||
AXA Enterprise Multimanager Growth Fund | Seeks long-term growth of capital. | Under normal circumstances, the Fund intends to invest primarily in equity securities of U.S. large capitalization companies. The sub-advisers use an investment style that emphasizes companies with strong earnings growth. | ||
AXA Enterprise Multimanager Core Equity Fund | Seeks long-term growth of capital. | Under normal circumstances, the Fund intends to invest at least 80% of its net assets, plus borrowings for investment purposes, in equity securities, including at least 65% of its total assets in equity securities of U.S. large capitalization companies. The sub-advisers generally choose investments that include either companies with above average growth prospects, companies selling at reasonable valuations, or both. | ||
AXA Enterprise Multimanager Value Fund | Seeks long-term growth of capital. | Under normal circumstances, the Fund intends to invest primarily in equity securities of U.S. large capitalization companies. The sub-advisers use an investment style that focuses on companies that may be temporarily out of favor or have earnings or assets not fully reflected in their stock prices. | ||
AXA Enterprise Capital Appreciation Fund | Seeks maximum capital appreciation. | Under normal circumstances, the Fund intends to invest primarily in equity securities of U.S. large capitalization companies that the sub-adviser selects for their growth potential. The Fund will normally hold a core position of between 35 and 50 common stocks. | ||
AXA Enterprise Deep Value Fund | Seeks total return through capital appreciation with income as a secondary consideration. | Under normal circumstances, the Fund intends to invest primarily in equity securities of U.S. large capitalization companies that the sub-adviser believes are undervalued. The sub-adviser will utilize a value-oriented investment style that emphasizes companies whose stocks are undervalued based on certain financial measurements. |
D-3
Underlying Fund | Investment Objectives | Investment Strategy | ||
Large Cap Equity Funds | ||||
AXA Enterprise Equity Fund | Seeks long-term capital appreciation. | Under normal circumstances, the Fund intends to invest at least 80% of its net assets, plus borrowings for investment purposes, in equity securities. The Fund intends to invest primarily in the equity securities of U.S. large capitalization companies that meet the sub-adviser’s criteria of high return on investment capital, strong positions within their industries, sound financial fundamentals and management committed to shareholder interests. | ||
AXA Enterprise Equity Income Fund | Seeks above average and consistent total return through a combination of growth and income investing. | Under normal circumstances, the Fund intends to invest at least 80% of its net assets, plus borrowings for investment purposes, in equity securities. The Fund intends to invest primarily in dividend-paying common stocks of U.S. large capitalization companies. The sub-adviser focuses primarily on companies that offer the potential for capital appreciation combined with an above market level of dividend income. | ||
AXA Enterprise Growth Fund | Seeks capital appreciation. | Under normal circumstances, the Fund invests primarily in equity securities of U.S. large capitalization companies. | ||
AXA Enterprise Growth and Income Fund | Seeks total return through capital appreciation with income as a secondary consideration. | Under normal circumstances, the Fund intends to invest primarily in a broadly diversified group of equity securities of U.S. large capitalization companies that offer the opportunity for capital appreciation and, secondarily, income. The sub-adviser utilizes an investment style that focuses on identifying discrepancies between a security’s fundamental value (i.e., the sub-adviser’s assessment of what the security is worth) and its market price, with the aim of constructing a portfolio of stocks with attractive price and value characteristics. | ||
AXA Enterprise Large Cap Growth Fund | Seeks capital appreciation. | Under normal circumstances, the Fund will invest at least 80% of its net assets, plus borrowings for investment purposes, in securities of large capitalization companies. Large capitalization companies include those companies with market capitalization in excess of $5 billion at the time of investment. The Fund also may invest in equity securities of small- and mid-capitalization companies. The Fund invests primarily in common stocks, but it may also invest in preferred stocks, warrants and securities convertible into common stock. | ||
High Yield Bond Fund | ||||
AXA Enterprise High Yield Bond Fund | Seeks maximum current income. | Under normal circumstances, the Fund intends to invest at least 80% of its net assets, plus borrowings for investment purposes, in bonds that are rated below investment grade. The sub-adviser is not required to maintain the Fund’s duration within any particular range and actively manages the Fund’s duration based on the sub-adviser’s view of the market and interest rates. | ||
Small/ Mid Cap Equity Funds | ||||
AXA Enterprise Multimanager Mid Cap Growth Fund | Seeks long-term growth of capital. | Under normal circumstances, the Fund intends to invest at least 80% of its net assets, plus borrowings for investment purposes, in equity securities of U.S. mid-capitalization companies. The sub-advisers utilize an aggressive, growth oriented investment style that emphasizes companies that are either in or entering into the growth phase of their business cycle. | ||
AXA Enterprise Multimanager Mid Cap Value Fund | Seeks long-term growth of capital. | Under normal circumstances, the Fund intends to invest at least 80% of its net assets, plus borrowings for investment purposes, in equity securities of U.S. mid-capitalization companies. The sub-advisers utilize a value-oriented investment style that emphasizes companies deemed to be currently under-priced according to certain financial measurements. |
D-4
Underlying Fund | Investment Objectives | Investment Strategy | ||
Small/ Mid Cap Equity Funds | ||||
AXA Enterprise Small Company Growth Fund | Seeks capital appreciation. | Under normal circumstances, the Fund intends to invest at least 80% of its net assets, plus borrowings for investment purposes, in stocks of small capitalization companies. The sub-adviser utilizes an aggressive, growth-oriented investment style that emphasizes companies that are either in or entering into the growth phase of their business cycle. | ||
AXA Enterprise Small Company Value Fund | Seeks maximum capital appreciation. | Under normal circumstances, the Fund intends to invest at least 80% of its net assets, plus borrowings for investment purposes, in stocks of small capitalization companies. The Sub-adviser will utilize a value oriented investment style that emphasizes companies deemed to be currently under priced according to certain financial measurements. | ||
International Equity Funds | ||||
AXA Enterprise Multimanager International Equity Fund | Seeks long-term growth of capital. | Under normal circumstances, the Fund intends to invest at least 80% of its net assets, plus borrowings for investment purposes, in equity securities of companies, including at least 65% of its total assets in equity securities of foreign companies (companies organized or headquartered outside of the U.S.). | ||
AXA Enterprise International Growth Fund | Seeks capital appreciation. | Under normal circumstances, the Fund intends to invest at least 80% of its net assets in the equity securities of foreign companies that the sub-adviser believes are undervalued. |
Underlying Fund | Investment Objectives | Investment Criteria | ||
Equity Funds | ||||
Goldman Sachs Structured Large Cap Value Fund | Long-term growth of capital and dividend income. | At least 80% of its Net Assets plus any borrowings for investment purposes (measured at time of purchase) in a diversified portfolio of equity investments in large-cap U.S. issuers, including foreign issuers that are traded in the United States. The Fund’s investments are selected using both a variety of quantitative techniques derived from fundamental research including but not limited to valuation, momentum, profitability and earnings in seeking to maximize the Fund’s expected return. The Fund maintains risk, style capitalization and industry characteristics similar to the Russell 1000® Value Index. | ||
Goldman Sachs Structured Large Cap Growth Fund | Long-term growth of capital. Dividend income is a secondary consideration. | At least 80% of its Net Assets plus any borrowings for investment purposes (measured at time of purchase) in a broadly diversified portfolio of equity investments in large-cap U.S. issuers, including foreign issuers that are traded in the United States. The Fund’s investments are selected using both a variety of quantitative techniques derived from fundamental research, including but not limited to valuation, momentum, profitability and earnings in seeking to maximize the Fund’s expected return. The Fund maintains the risk, style capitalization and industry characteristics similar to the Russell 1000® Growth Index. | ||
Goldman Sachs Structured Small Cap Equity Fund | Long-term growth of capital. | At least 80% of its Net Assets plus any borrowings for investment purposes (measured at time of purchase) in a diversified portfolio of equity investments in small-cap U.S. issuers, including foreign issuers that are traded in the United States. The Fund’s investments are selected using both a variety of quantitative techniques derived from fundamental research, including but not limited to valuation, momentum, profitability and earnings in seeking to maximize the Fund’s expected return. The Fund maintains risk, style capitalization and industry characteristics similar to the Russell 2000® Index. | ||
Goldman Sachs Real Estate Securities Fund | Total return comprised of long-term growth of capital and dividend income. | Substantially all, and at least 80% of its Net Assets in a diversified portfolio of equity investments in issuers that are primarily engaged in or related to the real estate industry. The Fund expects that a substantial portion of its total assets will be invested in REITS and real estate industry companies. |
D-5
Underlying Fund | Investment Objectives | Investment Criteria | ||
Equity Funds | ||||
Goldman Sachs Structured International Equity Fund | Long-term growth of capital. | At least 80% of its Net Assets in a broadly diversified portfolio of equity investments in companies organized outside the United States or whose securities are principally traded outside the United States. The Fund’s investments are selected using both a variety of quantitative techniques derived from fundamental research including but not limited to valuation, momentum, profitability and earnings in seeking to maximize the Fund’s expected return. The Fund maintains risk, style, capitalization and industry characteristics similar to the MSCI® EAFE® Index. | ||
Goldman Sachs Emerging Markets Equity Fund | Long-term capital appreciation. | Substantially all, and at least 80% of its Net Assets plus any borrowings for investment purposes (measured at time of purchase) in a diversified portfolio of equity investments in emerging country issuers. |
Expected Approximate | ||||||
Underlying Fund | Investment Objectives | Duration or Maturity | Interest Rate Sensitivity | |||
Underlying Fixed-Income Funds and Money Market Fund | ||||||
Goldman Sachs Financial Square Prime Obligations Fund | Maximum current income to the extent consistent with the preservation of capital and maintenance of liquidity. | Maximum Maturity of Individual Investments = 13 months at time of purchase Maximum Dollar Weighted Average Portfolio Maturity = 90 days | 3-month Treasury bill | |||
Goldman Sachs Short Duration Government Fund | A high level of current income and secondarily, in seeking current income, may also consider the potential for capital appreciation. | Target Duration = Two-Year U.S. Treasury Note Index plus or minus 0.5 years Maximum Duration(1) = 3 years | 2-year U.S. Treasury note | |||
Goldman Sachs Core Fixed Income Fund | Total return consisting of capital appreciation and income that exceeds the total return of the Lehman Brothers Aggregate Bond Index. | Target Duration = Lehman Brothers Aggregate Bond Index plus or minus one year Maximum Duration(1) = 6 years | 5-year U.S. Treasury note | |||
Goldman Sachs Global Income Fund | A high total return, emphasizing current income, and, to a lesser extent, providing opportunities for capital appreciation. | Target Duration = J.P. Morgan Global Government Bond Index (hedged) plus or minus 2.5 years Maximum Duration(1) = 7.5 years | 6-year government bond | |||
Goldman Sachs High Yield Fund | A high level of current income and may also consider the potential for capital appreciation. | Target Duration = Lehman Brothers U.S. Corporate High Yield Bond Index -2% Issuer Capped plus or minus 2.5 years Maximum Duration(1) = 7.5 years | 6-year U.S. Treasury note | |||
Goldman Sachs Emerging Markets Debt Fund | A high level of total return consisting of income and capital appreciation. | Target Duration = J.P. Morgan EMBI Global Diversified Index plus or minus 2 years Maximum Duration(1) = 7 years | 10-year government bond |
(1) | The GST Fund’s duration approximates its price sensitivity to changes in interest rates. |
D-6
Sales Charge as a | Sales Charge as a | |||||||
Percentage of | Percentage of | |||||||
Amount of Transaction at Offering Price* | Offering Price | Net Asset Value | ||||||
Up to $99,999 | 4.75 | % | 4.99 | % | ||||
$100,000 but less than $250,000** | 3.75 | % | 3.90 | % | ||||
$250,000 but less than $500,000** | 2.50 | % | 2.56 | % | ||||
$500,000 but less than $1,000,0000** | 2.00 | % | 2.04 | % | ||||
$1,000,000 and over** | None | None |
* | In determining the amount of your investment and the applicable sales charge, the AXA Enterprise Funds will include all shares you are currently purchasing in all of the AXA Enterprise Funds (including funds of AXA Enterprise Funds Trust and The Enterprise Group of Funds, Inc.). |
** | If certain employee benefit plans qualified under Sections 401, 403 and 408 of the Code, or participants of such plans, invest $100,000 or more ($500,000 or more, in the case of Traditional IRAs, IRA rollovers, Coverdell ESAs or Roth IRAs) or if you invest $1,000,000 or more in Class A Shares, no initial sales charge applies to those shares. However, if the entire plan or you redeem the shares within 12 months of the end of the calendar month of their purchase, the plans or you will |
E-1
be charged a CDSC of 1%. The dealer discount or agency fee as a percentage of the offering price for these purchases of less than $5,000,000 of Class A Shares will be 1%. |
Sales Charge as a | Sales Charge as a | |||||||
Percentage of | Percentage of | |||||||
Amount of Transaction at Offering Price | Offering Price | Net Amount Invested | ||||||
Less than $50,000 | 5.50 | % | 5.82 | % | ||||
$50,000 but less than $100,000 | 4.75 | % | 4.99 | % | ||||
$100,000 but less than $250,000 | 3.75 | % | 3.90 | % | ||||
$250,000 but less than $500,000 | 2.75 | % | 2.83 | % | ||||
$500,000 but less than $1,000,000 | 2.00 | % | 2.04 | % | ||||
$1,000,000 and over | 0.00 | %* | 0.00 | %* |
* | No sales charge is payable at the time of purchase of Class A Shares of $1 million or more, but a CDSC of 1% may be imposed in the event of certain redemptions within 18 months of purchase. |
Sales Charge as a | Sales Charge as a | |||||||
Percentage of | Percentage of | |||||||
Amount of Transaction at Offering Price | Offering Price | Net Amount Invested | ||||||
Less than $100,000 | 4.50 | % | 4.71 | % | ||||
$100,000 but less than $250,000 | 3.00 | % | 3.09 | % | ||||
$250,000 but less than $500,000 | 2.50 | % | 2.56 | % | ||||
$500,000 but less than $1,000,000 | 2.00 | % | 2.04 | % | ||||
$1,000,000 and over | 0.00 | %* | 0.00 | %* |
* | No sales charge is payable at the time of purchase of Class A Shares of $1 million or more, but a CDSC of 1% may be imposed in the event of certain redemptions within 18 months of purchase. |
Sales Charge as a | ||||||||
Sales Charge as a | Percentage of | |||||||
Percentage of | Net Amount | |||||||
Amount of Transaction at Offering Price | Offering Price | Invested | ||||||
Less than $50,000 | 5.50 | % | 5.82 | % | ||||
$50,000 but less than $100,000 | 4.75 | % | 4.99 | % | ||||
$100,000 but less than $250,000 | 3.75 | % | 3.90 | % | ||||
$250,000 but less than $500,000 | 2.75 | % | 2.83 | % | ||||
$500,000 but less than $1,000,000 | 2.00 | % | 2.04 | % | ||||
$1,000,000 and over* | None | None |
* | A CDSC of 1.00% generally will apply to redemptions of shares made within one year of the date of purchase. |
E-2
Sales Charge as a | Sales Charge as a | |||||||
Percentage of | Percentage of | |||||||
Amount of Transaction at Offering Price | Offering Price | Net Asset Value | ||||||
Less than $100,000 | 4.50 | % | 4.71 | % | ||||
$100,000 but less than $250,000 | 3.50 | % | 3.63 | % | ||||
$250,000 but less than $500,000 | 2.50 | % | 2.56 | % | ||||
$500,000 but less than $1,000,0000 | 1.75 | % | 1.78 | % | ||||
$1,000,000 and over* | None | None |
* | A CDSC of 1.00% generally will apply to redemptions of shares made within one year of the date of purchase. |
E-3
Sales Charge and CDSC Waivers — AXA Enterprise Funds and GST Funds — Class A Shares |
AXA Enterprise Funds | GST Funds | |
Financial institutions and other financial institutions’ trust departments for funds over which they exercise exclusive discretionary investment authority and which are held in a fiduciary, agency, advisory, custodial or similar capacity. | Banks, trust companies or other types of depository institutions (Front end sales charge (“FESC”) only). | |
Representatives and employees, or their immediate family members, of broker-dealers and other intermediaries that have entered into selling or service arrangements with Enterprise Fund Distributors, Inc. | Any employee or registered representative of any authorized dealer or their respective spouses, children and parents (FESC only). | |
Any government entity that is prohibited from paying a sales charge or commission to purchase mutual fund shares. | Any state, county or city, or any instrumentality, department, authority or agency thereof, which is prohibited by applicable investment laws from paying a sales commission with the purchase of shares of a GST Fund (FESC only). | |
Clients of fee-based/fee-only financial advisors. | Registered investment advisers investing for accounts for which they receive asset-based fees (FESC only). |
E-4
AXA Enterprise Funds | GST Funds | |
State-sponsored Texas 529 qualified tuition savings plan. | State sponsored 529 Plan (FESC only). | |
Direct referrals by the Manager’s employees. | ||
Trustees or directors of investment companies for which Goldman Sachs or an affiliate acts as sponsor (FESC only). | ||
Goldman Sachs, its affiliates or their respective officers, partners, directors or employees (including retired employees and former partners), any partnership of which Goldman Sachs is a general partner, any trustee or officer of GST and designated family members of any of these individuals (FESC only). | ||
Section 401(k), profit sharing, money purchase pension, tax-sheltered annuity, defined benefit pension, or other employee benefit plans (including health savings accounts) that are sponsored by one or more employers (including governmental or church employers) or employee organizations (“Employee Benefit Plans”) that buy shares of a GST Fund worth $500,000 or more; or have 100 or more eligible employees at the time of purchase; or certify that they expect to have annual plan purchases of shares of GST Funds of $200,000 or more; or are provided administrative services by certain third-party administrators that have entered into a special service arrangement with Goldman Sachs relating to such plans; or have at the time of purchase aggregate assets of at least $2,000,000 (FESC only). | ||
Accounts over which GSAM or its advisory affiliates have investment discretion (FESC only). | ||
Qualified Employee Benefit Plans of Goldman Sachs (FESC only). | ||
Non-qualified person plans sponsored by employers who also sponsor qualified plans that qualify for and invest in Goldman Sachs Funds at NAV without the payment of any sales charge (FESC only). | ||
Insurance company separate accounts that make the Funds available as underlying investments in certain group annuity contracts (FESC only). |
E-5
AXA Enterprise Funds | GST Funds | |
“Wrap” accounts for the benefit of clients of broker-dealers, financial institutions or financial planners, provided they have entered into an agreement with GSAM specifying aggregate minimums and certain operating policies and standards (FESC only). | ||
Shareholders receiving distributions from a qualified retirement plan invested in GST Funds and reinvesting such proceeds in a Goldman Sachs IRA in the same class (FESC only). | ||
Shareholders who roll over distributions from any tax-qualified Employee Benefit Plan or tax-sheltered annuity to an IRA which invests in GST Funds if the tax-qualified Employee Benefit Plan or tax-sheltered annuity receives administrative services provided by certain third-party administrators that have entered into a special service arrangement with Goldman Sachs relating to such plan or annuity (FESC only). | ||
Purchases of $1 million or more of Class A Shares will be made at net asset value with no initial sales charge. However, if you redeem shares within 18 months after the end of the calendar month in which the purchase was made, a CDSC of 1% may be imposed. The CDSC may not be imposed if your authorized dealer enters into an agreement with Goldman Sachs to return all or an applicable prorated portion of its commission to Goldman Sachs (FESC only). |
AXA Enterprise Funds | GST Funds | |
Distributions to participants or beneficiaries of and redemptions (other than redemption of the entire plan account) by plans qualified under the Code Section 401(a) or from custodial accounts under the Code Section 403(b)(7), IRAs under the Code Section 408(a), participant-directed non-qualified deferred compensation plans under the Code Section 457 and other employee benefit plans (“plans”), and returns of excess contributions made to these plans. | Retirement distributions or loans to participants or beneficiaries from Employee Benefit Plans. The death or disability (as defined in Section 72(m)(7) of the Code of a participant or beneficiary in an Employee Benefit Plan. | |
Redemptions of shares of a shareholder (including a registered joint owner) who has died or has become totally disabled (as evidenced by a determination by the federal Social Security Administration). |
E-6
AXA Enterprise Funds | GST Funds | |
Required minimum distributions from an IRA. | Satisfying the minimum distribution requirements of the Code. | |
Redemptions through a systematic withdrawal plan. Redemptions made pursuant to any IRA systematic withdrawal based on the shareholder’s life expectancy in accordance with the requirements of the Code, including substantially equal periodic payments described in the Code Section 72 prior to age 59-1/2 and required minimum distributions after age 70-1/2. | Shares subject to a systematic withdrawal plan (GST reserves the right to limit such redemptions, on an annual basis, to 10% each of the value of the shareholder’s Class A Shares.) | |
The liquidation of a shareholder’s account if the aggregate net asset value of shares held in the account is less than the required minimum. | Hardship withdrawals by a participant or beneficiary in an Employee Benefit Plan. | |
Establishing “substantially equal periodic payments” as described under Section 72(t)(2) of the Code. | ||
The separation from service by a participant or beneficiary in an Employee Benefit Plan. | ||
Excess contributions distributed from an Employee Benefit Plan. | ||
Distributions from a qualified Employee Benefit Plan invested in the GST Funds which are being rolled over to a Goldman IRA in the same share class. | ||
Redemption proceeds which are to be reinvested in accounts or non-registered products over which GSAM or its advisory affiliates have investment discretion. |
E-7
E-8
Sales charge, Distribution and Shareholder Servicing Arrangements for GST |
CDSC as a Percentage | ||||
of Dollar Amount | ||||
Year Since Purchase | Subject to CDSC | |||
First | 5.00 | % | ||
Second | 4.00 | % | ||
Third | 4.00 | % | ||
Fourth | 3.00 | % | ||
Fifth | 2.00 | % | ||
Sixth | 1.00 | % | ||
Seventh and thereafter | None |
E-9
CDSC as a Percentage | ||||
of Dollar Amount | ||||
Year Since Purchase | Subject to CDSC | |||
First | 5.00 | % | ||
Second | 4.00 | % | ||
Third | 3.00 | % | ||
Fourth | 3.00 | % | ||
Fifth | 2.00 | % | ||
Sixth | 1.00 | % | ||
Seventh and thereafter | None |
E-10
AXA Enterprise Funds | GST Funds | |
Shares purchased by the reinvestment of dividends or capital gain distributions; | Redemptions of shares acquired by reinvestment of dividends or capital gains distributions; | |
Shares redeemed or exchanged by the AXA Enterprise Allocation Funds or the portfolios of the Texas 529 qualified tuition savings plans; | Redemptions of shares by other Funds of GST (e.g., GST Asset Allocation Funds); | |
Shares redeemed or exchanged through an auto rebalancing, or asset reallocation, wrap fee, omnibus or other program approved by AXA Equitable; | Redemptions of shares that are acquired or redeemed in connection with participation in a systematic withdrawal program or automatic investment plan; Redemptions of shares held through discretionary wrap programs or models programs that utilize regularly scheduled automatic rebalancing of assets and that have provided GSAM with a representation letter specifying certain operating policies and standards; |
E-11
AXA Enterprise Funds | GST Funds | |
Shares redeemed by an AXA Enterprise Fund to cover various fees (e.g., account fees). | Redemptions of shares involving transactions other than participant initiated exchanges from retirement plans and accounts maintained pursuant to Section 401 (tax-qualified pension, profit sharing, 401(k), money purchase and stock bonus plans), 403 (qualified annuity plans and tax-sheltered annuities) and 457 (deferred compensation plans for employees of tax-exempt entities or governments) of the Code. Redemptions involving transactions other than participant initiated exchanges would include, for example: loans; required minimum distributions; rollovers; forfeiture; redemptions of shares to pay fees; plan level redemptions or exchanges; redemptions pursuant to systematic withdrawal programs; return of excess contribution amounts; hardship withdrawals; redemptions related to death, disability or qualified domestic relations order; and certain other transactions; Redemptions of shares from accounts of financial institutions in connection with hedging services provided in support of nonqualified deferred compensation plans offering the GST Funds; Redemption of shares where the GST Funds are made available as an underlying investment in certain group annuity contracts; or Redemption of shares that are issued as part of an investment company reorganization to which a GST Fund is a party. Redemption of shares representing “seed capital” investments by Goldman Sachs or its affiliates. |
E-12
AXA Enterprise Funds: | ||||||||||||
Class A Shares | GST Funds: | |||||||||||
Class B Shares | Class A Shares | |||||||||||
Class C Shares | Class B Shares | |||||||||||
Class P Shares* | Class C Shares | |||||||||||
Minimum Initial Investment | Individual Retail Accounts | $2,000 | Regular Accounts | $ | 1,000 | |||||||
Individual Retirement Accounts (IRAs) | $ 250 | Employer Sponsored Benefit Plans | $ | 250 | ||||||||
Automatic Bank Draft Plan | $ 250 | Uniform Gift to Minors Act Accounts/Uniform Transfer to Minors Act Accounts | $ | 250 | ||||||||
Coverdell ESA | $ 250 | Individual Retirement Accounts and Coverdell ESAs | $ | 250 | ||||||||
Certain fee-based programs with which the AXA Enterprise Funds, AXA Equitable or the Distributor has an Agreement | No minimum requirement | Automatic Investment Plans | $ | 250 | ||||||||
Corporate Retirement Accounts such as 401(k) and 403(b) Plans | No minimum requirement |
* | Class P Shares are no longer available for investment. |
E-13
AXA Enterprise Funds: | GST Funds: | |||||||
Class Y Shares | Institutional Shares | |||||||
Minimum Initial Investment | Corporations, banks, saving institutions, trust companies, insurance companies, pension funds, employee benefit plans, professional firms, trusts, estates or educational, religious or charitable organizations | $1,000,000 in Class Y Shares | Banks, trust companies or other depository institutions investing for their own account or on behalf of their clients | $1,000,000 in Institutional Shares of a GST Fund alone or in combination with other assets under the management of GSAM and its affiliates | ||||
Investment companies registered under the 1940 Act | $1,000,000 in Class Y Shares | Section 401(k), profit sharing, money purchase pension, tax- sheltered annuity, defined benefit pension, or other employee benefit plans that are sponsored by one or more employers (including governmental or church employers) or employee organizations | $1,000,000 in Institutional Shares of a GST Fund alone or in combination with other assets under the management of GSAM and its affiliates | |||||
Financial institution buyers | $1,000,000 in Class Y Shares | State, county, city or any instrumentality, department, authority or agency thereof | $1,000,000 in Institutional Shares of a GST Fund alone or in combination with other assets under the management of GSAM and its affiliates | |||||
Employees of AXA Financial or its subsidiaries or an immediate family member of such employee | Not subject to $1,000,000 minimum | Corporations with at least $100 million in assets or in outstanding publicly traded securities | $1,000,000 in Institutional Shares of a GST Fund alone or in combination with other assets under the management of GSAM and its affiliates |
E-14
AXA Enterprise Funds: | GST Funds: | |||||||
Class Y Shares | Institutional Shares | |||||||
Wrap account clients of an eligible broker- dealer or a client of a fee-based planner that is unaffiliated with a broker-dealer | Not subject to $1,000,000 minimum | “Wrap” account sponsors (provided they have an agreement covering the arrangement with GSAM) | $1,000,000 in Institutional Shares of a GST Fund alone or in combination with other assets under the management of GSAM and its affiliates | |||||
Present or former trustees of Enterprise Multimanager Trust or a spouse or minor child of any such trustee or any trust, IRA or retirement plan account for the benefit of any such person or relative or the estate of any such person or relative | Not subject to $1,000,000 minimum | Registered investment advisers investing for accounts for which they receive asset- based fees | $1,000,000 in Institutional Shares of a GST Fund alone or in combination with other assets under the management of GSAM and its affiliates | |||||
Qualified non-profit organizations, charitable trusts, foundations and endowments | $1,000,000 in Institutional Shares of a GST Fund alone or in combination with other assets under the management of GSAM and its affiliates | |||||||
Individual investors | $10,000,000 | |||||||
Accounts over which GSAM or its advisory affiliates have investment discretion | $10,000,000 | |||||||
Individual Retirement Accounts (IRAs) for which GSAM or its advisory affiliates act as fiduciary | No minimum |
E-15
AXA Enterprise Funds: | ||||||||||||
Class A Shares | GST Funds: | |||||||||||
Class B Shares | Class A Shares | |||||||||||
Class C Shares | Class B Shares | |||||||||||
Class P Shares | Class C Shares | |||||||||||
Minimum Subsequent Investments | Individual Retail Accounts | $ 50 | Regular Accounts | $ | 50 | |||||||
Individual Retirement Accounts (IRAs) | $ 50 | Employee Benefit Plans | None | |||||||||
Automatic Bank Draft Plan | $ 50 | Uniform Gift to Minors Act Accounts/Uniform Transfer to Minors Act Accounts | $ | 50 | ||||||||
Coverdell ESAs | $ 50 | Coverdell ESAs | $ | 50 | ||||||||
Certain fee based programs with which the AXA Enterprise Funds, AXA Equitable or the Distributor has an Agreement | No minimum requirement | Automatic Investment Plans | $ | 50 | ||||||||
Corporate Retirement Accounts, such as 401(k) and 403(b) | No minimum requirement |
AXA Enterprise Funds: | GST Funds: | |||||||||||
Class Y Shares | Institutional Shares | |||||||||||
Minimum Subsequent Investments | None | None |
AXA Enterprise Funds: | ||||
Class A Shares | GST Funds: | |||
Class B Shares | Class A Shares | |||
Class C Shares | Class B Shares | |||
Class P Shares | Class C Shares | |||
Purchase Methods | Order through AXA by mailing or wiring payment to AXA Enterprise Shareholder Services; through ACH; through broker or other financial professional | Directly through GST by mail; by wire or through ACH; through an authorized dealer |
AXA Enterprise Funds: | GST Funds: | |||
Class Y Shares | Institutional Shares | |||
Purchase Methods | Order through AXA by mailing or wiring payment to AXA Enterprise Shareholder Services; through ACH; through broker or other financial professional | Order through GST by telephone, and either send payment by wire through The Northern Trust Company or by check to GST by mail; through an authorized financial institution |
E-16
AXA Enterprise Funds: | ||||
Class A Shares | GST Funds: | |||
Class B Shares | Class A Shares | |||
Class C Shares | Class B Shares | |||
Class P Shares | Class C Shares | |||
Systematic/ Automatic Investment Plan | Yes (subject to $250 initial investment and $50 minimum subsequent investment) | Yes ($50 per month minimum) |
AXA Enterprise Funds: | GST Funds: | |||
Class Y Shares | Institutional Shares | |||
Systematic/ Automatic Investment Plan | Yes (subject to $250 initial investment and $50 minimum subsequent investment) | None |
AXA Enterprise Funds: | ||||
Class A Shares | GST Funds: | |||
Class B Shares | Class A Shares | |||
Class C Shares | Class B Shares | |||
Class P Shares | Class C Shares | |||
Request made through an Authorized Broker-Dealer or Other Financial Institution or Adviser | Yes | Yes |
AXA Enterprise Funds: | GST Funds: | |||
Class Y Shares | Institutional Shares | |||
Request made through an Authorized Broker-Dealer or Other Financial Institution or Adviser | Yes | Yes |
AXA Enterprise Funds: | ||||
Class A Shares | GST Funds: | |||
Class B Shares | Class A Shares | |||
Class C Shares | Class B Shares | |||
Class P Shares | Class C Shares | |||
Request Made by Mail | Yes | Yes |
AXA Enterprise Funds: | GST Funds: | |||
Class Y Shares | Institutional Shares | |||
Request Made by Mail | Yes | Yes |
E-17
AXA Enterprise Funds: | ||||
Class A Shares | GST Funds: | |||
Class B Shares | Class A Shares | |||
Class C Shares | Class B Shares | |||
Class P Shares | Class C Shares | |||
Request made by Telephone | Yes (If authorized this service) | Yes |
AXA Enterprise Funds: | GST Funds: | |||
Class Y Shares | Institutional Shares | |||
Request made by Telephone | Yes (If authorized this service) | Yes |
AXA Enterprise Funds: | ||||
Class A Shares | GST Funds: | |||
Class B Shares | Class A Shares | |||
Class C Shares | Class B Shares | |||
Class P Shares | Class C Shares | |||
Proceeds paid by Wire | Yes | Yes |
AXA Enterprise Funds: | GST Funds: | |||
Class Y Shares | Institutional Shares | |||
Proceeds paid by Wire | Yes | Yes |
AXA Enterprise Funds: | ||||
Class A Shares | GST Funds: | |||
Class B Shares | Class A Shares | |||
Class C Shares | Class B Shares | |||
Class P Shares | Class C Shares | |||
Proceeds paid by Systematic Withdrawal Plan | Yes, but must have at least $5,000 in account (except for individual IRA accounts) and withdrawals must be $100 or more The maximum annual rate at which Class B Shares may be sold is 10% of the net asset value of the account | Yes, but withdrawals must be $50 or more |
AXA Enterprise Funds: | GST Funds: | |||
Class Y Shares | Institutional Shares | |||
Proceeds paid by Systematic Withdrawal Plan | Yes, but must have at least $5,000 in account (except for individual IRA accounts) and withdrawals must be $100 or more | No |
AXA Enterprise Funds: | ||||
Class A Shares | GST Funds: | |||
Class B Shares | Class A Shares | |||
Class C Shares | Class B Shares | |||
Class P Shares | Class C Shares | |||
Proceeds paid by Check | Yes | Yes |
AXA Enterprise Funds: | GST Funds: | |||
Class Y Shares | Institutional Shares | |||
Proceeds paid by Check | Yes | Yes |
E-18
AXA Enterprise Multi- | ||||
Manager Funds Trust: | ||||
Class A Shares | GST Funds: | |||
Class B Shares | Class A Shares | |||
Class C Shares | Class B Shares | |||
Class P Shares | Class C Shares | |||
Check Writing Privileges | No | No |
AXA Enterprise Funds: | GST Funds: | |||
Class Y Shares | Institutional Shares | |||
Check Writing Privileges | No | No |
AXA Enterprise Funds: | ||||||||||||
Class A Shares | GST Funds: | |||||||||||
Class B Shares | Class A Shares | |||||||||||
Class C Shares | Class B Shares | |||||||||||
Class P Shares | Class C Shares | |||||||||||
Involuntary Redemptions | Yes — If account balance drops to $500 or less due to redemption activity (45 days’ notice provided) | Yes — If account balance drops below the required Fund minimum because of redemptions (60 days’ written notice provided) If your institution or authorized dealer’s relationship with Goldman Sachs is terminated and your account does not transfer to an entity with a relationship with Goldman Sachs |
AXA Enterprise Funds: | GST Funds: | |||||||||||
Class Y Shares | Institutional Shares | |||||||||||
Involuntary Redemptions | Yes — If account balance drops to $500 or less due to redemption activity (45 days’ notice provided) | Generally no — But if your institution or authorized dealer’s relationship with Goldman Sachs is terminated and your account does not transfer to an entity with a relationship with Goldman Sachs |
AXA Enterprise Funds: | ||||||||||
Class A Shares | GST Funds: | |||||||||
Class B Shares | Class A Shares | |||||||||
Class C Shares | Class B Shares | |||||||||
Class P Shares | Class C Shares | |||||||||
Through an Authorized Broker-Dealer or Other Financial Institution or Adviser | Yes | Yes |
E-19
AXA Enterprise Funds: | GST Funds: | |||||
Class Y Shares | Institutional Shares | |||||
Through an Authorized Broker-Dealer or Other Financial Institution or Adviser | Yes | Yes |
AXA Enterprise Funds: | ||||||
Class A Shares | GST Funds: | |||||
Class B Shares | Class A Shares | |||||
Class C Shares | Class B Shares | |||||
Class P Shares | Class C Shares | |||||
By Mail | Yes | Yes |
AXA Enterprise Funds: | GST Funds: | |||||
Class Y Shares | Institutional Shares | |||||
By Mail | Yes | Yes |
AXA Enterprise Funds: | ||||||
Class A Shares | GST Funds: | |||||
Class B Shares | Class A Shares | |||||
Class C Shares | Class B Shares | |||||
Class P Shares | Class C Shares | |||||
By Telephone | Yes, if authorized this service | Yes, if the telephone exchange privilege on the account application was not declined |
AXA Enterprise Funds: | GST Funds: | |||||
Class Y Shares | Institutional Shares | |||||
By Telephone | Yes, if authorized this service | Yes, if the telephone exchange privilege on the account application was elected |
AXA Enterprise Funds: | ||||||
Class A Shares | GST Funds: | |||||
Class B Shares | Class A Shares | |||||
Class C Shares | Class B Shares | |||||
Class P Shares | Class C Shares | |||||
By Website | Yes | No |
AXA Enterprise Funds: | GST Funds: | |||||
Class Y Shares | Institutional Shares | |||||
By Website | Yes | No |
AXA Enterprise Funds: | ||||||
Class A Shares | GST Funds: | |||||
Class B Shares | Class A Shares | |||||
Class C Shares | Class B Shares | |||||
Class P Shares | Class C Shares | |||||
Minimum | If the exchange results in opening new account, subject to applicable minimum investment requirement | If the exchange represents the initial investment, the amount must satisfy initial investment requirements |
AXA Enterprise Funds: | GST Funds: | |||||
Class Y Shares | Institutional Shares | |||||
Minimum | If the exchange results in opening new account, subject to applicable minimum investment requirement | If the exchange represents the initial investment, the amount must satisfy initial investment requirements |
E-20
AXA Enterprise Funds | GST Funds | |||
Declared Daily and Paid Monthly | AXA Enterprise Multimanager Core Bond Fund | Goldman Sachs Core Plus Fixed Income Fund | ||
Declared Annually and Paid Annually | All AXA Enterprise Funds (other than AXA Enterprise Multimanager Core Bond Fund) | All GST Funds (other than Goldman Sachs Core Plus Fixed Income Fund) | ||
E-21
Goldman Sachs Structured Large Cap Growth Fund
Goldman Sachs Growth Opportunities Fund
Goldman Sachs Mid Cap Value Fund
Goldman Sachs Structured Large Cap Value Fund
Goldman Sachs Structured International Equity Fund
Goldman Sachs Tollkeeper Fund
Goldman Sachs Core Plus Fixed Income Fund
Goldman Sachs Equity Growth Strategy Portfolio
Goldman Sachs Balanced Strategy Portfolio
Goldman Sachs Growth and Income Strategy Portfolio
Goldman Sachs Growth Strategy Portfolio
Acquisition of substantially all of the assets and liabilities of: | By and in exchange for shares of: | |
AXA Enterprise Multimanager Core Equity Fund | Goldman Sachs Structured U.S. Equity Fund | |
AXA Enterprise Multimanager Growth Fund | Goldman Sachs Structured Large Cap Growth Fund | |
AXA Enterprise Multimanager Mid Cap Growth Fund | Goldman Sachs Growth Opportunities Fund | |
AXA Enterprise Multimanager Mid Cap Value Fund | Goldman Sachs Mid Cap Value Fund | |
AXA Enterprise Multimanager Value Fund | Goldman Sachs Structured Large Cap Value Fund | |
AXA Enterprise Multimanager International Equity Fund | Goldman Sachs Structured International Equity Fund | |
AXA Enterprise Multimanager Technology Fund | Goldman Sachs Tollkeeper Fund |
- 1 -
AXA Enterprise Multimanager Core Bond Fund | Goldman Sachs Core Plus Fixed Income Fund | |
AXA Enterprise Aggressive Allocation Fund | Goldman Sachs Equity Growth Strategy Portfolio | |
AXA Enterprise Conservative Allocation Fund | Goldman Sachs Balanced Strategy Portfolio | |
AXA Enterprise Moderate Allocation Fund | Goldman Sachs Growth and Income Strategy Portfolio | |
AXA Enterprise Moderate Plus Allocation Fund (collectively, the “AXA Enterprise Multimanager Funds”) | Goldman Sachs Growth Strategy Portfolio (collectively, the “GST Funds”) | |
(each, a series of the AXA Enterprise | (each a series of the Goldman Sachs Trust) | |
Multimanager Funds Trust) | 71 South Wacker Drive | |
1290 Avenue of the Americas, 8th Floor | Suite 500 | |
New York, NY 10104 | Chicago, Illinois 60600 |
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(1) | Statement of Additional Information dated March 1, 2006 with respect to the AXA Enterprise Multimanager Funds (previously filed on EDGAR, Accession No. 0001193125-06-043969). | |
(2) | Supplement dated September 15, 2006 to the Prospectus and the Statement of Additional Information dated March 1, 2006 with respect to the AXA Enterprise Multimanager Funds (previously filed on EDGAR, Accession No. 0001193125-06-191357). | |
(3) | The audited financial statements and related report of the independent registered public accounting firm included in the AXA Enterprise Multimanager Funds Trust Annual Report to Shareholders for the fiscal year ended October 31, 2006 with respect to the AXA Enterprise Multimanager Funds (previously filed on EDGAR, Accession No. 0001193125-07-003754). No other parts of the Annual Report are incorporated herein by reference. | |
(4) | Statement of Additional Information dated December 29, 2006, as amended January 8, 2007, with respect to Class A Shares, Class B Shares, Class C Shares, Service Shares and Institutional Shares of the Goldman Sachs Balanced Fund, Goldman Sachs Growth and Income Fund, Goldman Sachs Structured Large Cap Value Fund, Goldman Sachs Structured U.S. Equity Fund, Goldman Sachs Structured Large Cap Growth Fund, Goldman Sachs Structured Small Cap Equity Fund, Goldman Sachs Structured International Equity Fund, Goldman Sachs Capital Growth Fund, Goldman Sachs Strategic Growth Fund, Goldman Sachs Growth Opportunities Fund, Goldman Sachs Small/Mid Cap Growth Fund, Goldman Sachs Mid Cap Value Fund, Goldman Sachs Small Cap Value Fund, Goldman Sachs Large Cap Value Fund, Goldman Sachs Concentrated International Equity Fund, Goldman Sachs Japanese Equity Fund, Goldman Sachs International Small Cap Fund, Goldman Sachs Emerging Markets Equity Fund, Goldman Sachs Asia Equity Fund, Goldman Sachs BRIC Fund and Goldman Sachs Concentrated Growth Fund (previously filed on EDGAR, Accession No. 0000950123-07-000202). | |
(5) | Statement of Additional Information dated October 16, 2006, as amended November 29, 2006, with respect to Class A Shares, Class C Shares and Institutional Shares of the Goldman Sachs Core Plus Fixed Income Fund (previously filed on EDGAR, Accession No. 0000950123-06-012623). | |
(6) | Statement of Additional Information dated December 15, 2006 with respect to Class B Shares and Service Shares of the Goldman Sachs Core Plus Fixed Income Fund and Class B Shares of the Goldman Sachs Enhanced Income Fund (previously filed |
- 3 -
on EDGAR, Accession No. 0000950123-06-012620). | ||
(7) | Statement of Additional Information dated April 28, 2006, as amended June 16, 2006 with respect to Class A Shares, Class B Shares, Class C Shares, Institutional Shares and Service Shares of the Goldman Sachs Balanced Strategy Portfolio, Goldman Sachs Growth and Income Strategy Portfolio, Goldman Sachs Growth Strategy Portfolio and Goldman Sachs Equity Growth Strategy Portfolio (previously filed on EDGAR, Accession No. 0000950123-06-007805 ). | |
(8) | Statement of Additional Information dated April 28, 2006, as amended June 16, 2006, with respect to Class A Shares, Class B Shares, Class C Shares, Service Shares and Institutional Shares of the Goldman Sachs U.S. Equity Dividend and Premium Fund, Goldman Sachs Tollkeeper Fund, Goldman Sachs Structured Tax-Managed Equity Fund and Goldman Sachs Real Estate Securities Fund (previously filed on EDGAR, Accession No. 0000950123-06-007805). | |
(9) | The audited financial statements and related report of the independent registered public accounting firm included in the Goldman Sachs Trust Annual Report to Shareholders for the fiscal year ended August 31, 2006 with respect to the Goldman Sachs Structured U.S. Equity Fund, Goldman Sachs Structured Large Cap Growth Fund, Goldman Sachs Structured Large Cap Value Fund and Goldman Sachs Structured International Equity Fund (previously filed on EDGAR, Accession No. 0000950123-06-013820). No other parts of the Annual Report are incorporated herein by reference. | |
(10) | The audited financial statements and related report of the independent registered public accounting firm included in the Goldman Sachs Trust Annual Report to Shareholders for the fiscal year ended August 31, 2006 with respect to the Goldman Sachs Growth Opportunities Fund (previously filed on EDGAR, Accession No. 0000950123-06-013824). No other parts of the Annual Report are incorporated herein by reference. | |
(11) | The audited financial statements and related report of the independent registered public accounting firm included in the Goldman Sachs Trust Annual Report to Shareholders for the fiscal year ended August 31, 2006 with respect to the Goldman Sachs Mid Cap Value Fund (previously filed on EDGAR, Accession No. 0000950123-06-013826). No other parts of the Annual Report are incorporated herein by reference. | |
(12) | The audited financial statements and related report of the independent registered public accounting firm included in the Goldman Sachs Trust Annual Report to Shareholders for the fiscal year ended December 31, 2005 with respect to the Goldman Sachs Tollkeeper Fund (previously filed on EDGAR, Accession No. 0000950123-06-002939). No other parts of the Annual Report are incorporated herein by reference. | |
(13) | The unaudited financial statements included in the Goldman Sachs Trust Semi-Annual Report to Shareholders for the fiscal period ended June 30, 2006 with respect to the Goldman Sachs Tollkeeper Fund (previously filed on EDGAR, Accession No. 0000950123-06-011299). No other parts of the Semi-Annual Report are |
- 4 -
incorporated herein by reference. | ||
(14) | The audited financial statements and related report of the independent registered public accounting firm included in the Goldman Sachs Trust Annual Report to Shareholders for the fiscal year ended December 31, 2005 with respect to the Goldman Sachs Balanced Strategy Portfolio, Goldman Sachs Growth and Income Strategy Portfolio, Goldman Sachs Growth Strategy Portfolio and Goldman Sachs Aggressive Growth Strategy Portfolio (previously filed on EDGAR, Accession No. 0000950123-06-002940). No other parts of the Annual Report are incorporated herein by reference. | |
(15) | The unaudited financial statements included in the Goldman Sachs Trust Semi-Annual Report to Shareholders for the fiscal period ended June 30, 2006 with respect to the Goldman Sachs Balanced Strategy Portfolio, Goldman Sachs Growth and Income Strategy Portfolio, Goldman Sachs Growth Strategy Portfolio and Goldman Sachs Equity Growth Strategy Portfolio (previously filed on EDGAR, Accession No. 0000950123-06-011244). No other parts of the Semi-Annual Report are incorporated herein by reference. |
AXA Enterprise Funds | GST Fund | |
AXA Enterprise Multimanager Core Equity Fund | Goldman Sachs Structured U.S. Equity Fund | |
AXA Enterprise Multimanager Growth Fund | Goldman Sachs Structured Large Cap Growth Fund | |
AXA Enterprise Multimanager Mid Cap Growth Fund | Goldman Sachs Growth Opportunities Fund | |
AXA Enterprise Multimanager Mid Cap Value Fund | Goldman Sachs Mid Cap Value Fund | |
AXA Enterprise Multimanager Value Fund | Goldman Sachs Structured Large Cap Value Fund | |
AXA Enterprise Multimanager International Equity Fund | Goldman Sachs Structured International Equity Fund | |
AXA Enterprise Multimanager Technology Fund | Goldman Sachs Tollkeeper Fund | |
AXA Enterprise Multimanager Core Bond Fund | Goldman Sachs Core Plus Fixed Income Fund | |
AXA Enterprise Aggressive Allocation Fund | Goldman Sachs Equity Growth Strategy Portfolio | |
AXA Enterprise Conservative Allocation Fund | Goldman Sachs Balanced Strategy Portfolio | |
AXA Enterprise Moderate Allocation Fund | Goldman Sachs Growth and Income Strategy Portfolio | |
AXA Enterprise Moderate Plus Allocation Fund | Goldman Sachs Growth Strategy Portfolio |
- 5 -
- 6 -
- 7 -
- 8 -
August 31, 2006 (Unaudited)
Shares | Description | Value | ||||||||||||||||||||||||||||||||||||||
GS Structured | AXA Enterprise Capital | AXA MM Core | Pro Forma | GS Structured | AXA Enterprise Capital | AXA MM Core | Pro Forma | |||||||||||||||||||||||||||||||||
U.S. Equity Fund | Appreciation Fund | Equity Fund | Adjustments | Combined Fund | U.S. Equity Fund | Appreciation Fund | Equity Fund | Adjustments | Combined Fund | |||||||||||||||||||||||||||||||
Common Stocks-97.4% | ||||||||||||||||||||||||||||||||||||||||
Advertizing-0.00% | ||||||||||||||||||||||||||||||||||||||||
— | — | 1,300 | — | 1,300 | Interpublic Group * | — | — | 11,934 | — | 11,934 | ||||||||||||||||||||||||||||||
Aerospace & Defense 4.4% | ||||||||||||||||||||||||||||||||||||||||
— | 164,398 | — | — | 164,398 | General Dynamics Corp. | — | 11,105,085 | — | — | 11,105,085 | ||||||||||||||||||||||||||||||
— | 93,126 | — | — | 93,126 | Locheed Martin Corp. | — | 7,692,208 | — | — | 7,692,208 | ||||||||||||||||||||||||||||||
371,000 | — | 500 | — | 371,500 | Northrop Grumman Corp. | 24,786,510 | — | 33,405 | — | 24,819,915 | ||||||||||||||||||||||||||||||
330,573 | — | 600 | — | 331,173 | The Boeing Co. | 24,759,918 | — | 44,940 | — | 24,804,858 | ||||||||||||||||||||||||||||||
71,600 | 100,542 | — | — | 172,142 | United Technologies Corp. | 4,490,036 | 6,304,989 | — | — | 10,795,025 | ||||||||||||||||||||||||||||||
54,036,464 | 25,102,282 | 78,345 | — | 79,217,091 | ||||||||||||||||||||||||||||||||||||
Air Freight & Couries-0.8% | ||||||||||||||||||||||||||||||||||||||||
— | 144,176 | 510 | — | 144,686 | Fedex Corp | — | 14,566,101 | 51,525 | — | 14,617,626 | ||||||||||||||||||||||||||||||
— | — | 125 | — | 125 | United Parcel Service Inc. | — | — | 8,757 | — | 8,757 | ||||||||||||||||||||||||||||||
— | 14,566,101 | 60,282 | — | 14,626,383 | ||||||||||||||||||||||||||||||||||||
Airlines-0.0% | ||||||||||||||||||||||||||||||||||||||||
— | — | 5,700 | — | 5,700 | Jet Blue Airways Corp. * | 58,368 | 58,368 | |||||||||||||||||||||||||||||||||
Auto Components-0.0% | ||||||||||||||||||||||||||||||||||||||||
— | — | 375 | — | 375 | Autoliv Inc. | — | — | 21,194 | — | 21,194 | ||||||||||||||||||||||||||||||
— | — | 150 | — | 150 | Borg Warner Inc. | — | — | 8,507 | — | 8,507 | ||||||||||||||||||||||||||||||
— | — | 150 | — | 150 | Magna International | — | — | 10,793 | — | 10,793 | ||||||||||||||||||||||||||||||
— | — | 40,494 | — | 40,494 | ||||||||||||||||||||||||||||||||||||
Automobiles-0.4% | ||||||||||||||||||||||||||||||||||||||||
— | — | 225 | — | 225 | DaimleChrysler AG | — | — | 11,876 | — | 11,876 | ||||||||||||||||||||||||||||||
— | — | 500 | — | 500 | Peugeot SA Euro | — | — | 28,205 | — | 28,205 | ||||||||||||||||||||||||||||||
— | 57,541 | 200 | — | 57,741 | Toyota Motor Corp. (ADR) | — | 6,233,992 | 21,668 | — | 6,255,660 | ||||||||||||||||||||||||||||||
— | 6,233,992 | 61,749 | — | 6,295,741 | ||||||||||||||||||||||||||||||||||||
Banks-7.5% | ||||||||||||||||||||||||||||||||||||||||
947,884 | — | — | — | 947,884 | Bank of America Corp. | 48,787,590 | — | — | — | 48,787,590 | ||||||||||||||||||||||||||||||
— | — | 400 | — | 400 | Comerica Inc. | — | — | 22,900 | — | 22,900 | ||||||||||||||||||||||||||||||
— | — | 2,895 | — | 2,895 | Fannie Mae | — | — | 152,420 | — | 152,420 | ||||||||||||||||||||||||||||||
— | — | 2,248 | — | 2,248 | Freddie Mac | — | — | 142,972 | — | 142,972 | ||||||||||||||||||||||||||||||
324,944 | — | — | — | 324,944 | Hudson City Bankcorp, Inc. | 4,243,769 | — | — | — | 4,243,769 | ||||||||||||||||||||||||||||||
— | — | 600 | — | 600 | Huntinton Bancshares Inc. | — | — | 14,352 | — | 14,352 | ||||||||||||||||||||||||||||||
— | — | 825 | — | 825 | Key Corp | — | — | 30,352 | — | 30,352 | ||||||||||||||||||||||||||||||
32,288 | — | — | — | 32,288 | M&T Bank Corp. | 3,953,988 | — | — | — | 3,953,988 | ||||||||||||||||||||||||||||||
38,400 | — | — | — | 38,400 | Mercantile Bankshares Corp. | 1,418,112 | — | — | — | 1,418,112 | ||||||||||||||||||||||||||||||
— | — | 775 | — | 775 | National City Corp. | — | — | 26,800 | — | 26,800 | ||||||||||||||||||||||||||||||
— | — | 125 | — | 125 | PNC Financial Services | — | 8,849 | — | 8,849 | |||||||||||||||||||||||||||||||
132,900 | — | — | — | 132,900 | Regions Financial Corp. | 4,783,071 | — | — | — | 4,783,071 | ||||||||||||||||||||||||||||||
467,475 | — | 1,100 | — | 468,575 | U.S. Bancorp | 14,991,923 | — | 35,277 | — | 15,027,200 | ||||||||||||||||||||||||||||||
38,448 | — | — | — | 38,448 | UnionBanCal Corp. | 2,303,035 | — | — | — | 2,303,035 | ||||||||||||||||||||||||||||||
133,025 | — | 200 | — | 133,225 | Wachovia Corp. | 7,267,156 | — | 10,926 | — | 7,278,082 | ||||||||||||||||||||||||||||||
31,900 | — | 875 | — | 32,775 | Washington Mutual, Inc.(a) | 1,336,291 | — | 36,654 | — | 1,372,945 | ||||||||||||||||||||||||||||||
1,019,112 | 249,541 | 750 | — | 1,269,403 | Wells Fargo & Co. | 35,414,142 | 8,671,550 | 26,063 | — | 44,111,755 | ||||||||||||||||||||||||||||||
124,499,077 | 8,671,550 | 507,565 | — | 133,678,192 | ||||||||||||||||||||||||||||||||||||
Beverages-0.1% | ||||||||||||||||||||||||||||||||||||||||
— | — | 1,200 | — | 1,200 | Coca-Cola Inc. | — | — | 53,772 | — | 53,772 | ||||||||||||||||||||||||||||||
— | 29,451 | 1,755 | — | 31,206 | Pepsico Co. | — | 1,922,561 | 114,566 | — | 2,037,127 | ||||||||||||||||||||||||||||||
— | 1,922,561 | 168,338 | — | 2,090,899 | ||||||||||||||||||||||||||||||||||||
Biotechnology-3.4% | ||||||||||||||||||||||||||||||||||||||||
311,800 | — | 2,195 | — | 313,995 | Amgen, Inc. * | 21,180,574 | — | 149,105 | — | 21,329,679 | ||||||||||||||||||||||||||||||
183,472 | — | — | — | 183,472 | Celgene Corp.* | 7,465,476 | — | — | — | 7,465,476 | ||||||||||||||||||||||||||||||
— | 135,009 | — | — | 135,009 | Amalyn Pharmaceutical Co. | — | 6,119,958 | — | — | 6,119,958 | ||||||||||||||||||||||||||||||
— | 249,257 | 965 | — | 250,222 | Genentech * | — | 20,568,688 | 79,632 | — | 20,648,320 | ||||||||||||||||||||||||||||||
— | 81,614 | — | — | 81,614 | Genzyme Corp. | — | 5,405,295 | — | — | 5,405,295 | ||||||||||||||||||||||||||||||
— | — | 1,475 | — | 1,475 | Gilead sciences * | — | — | 93,515 | — | 93,515 | ||||||||||||||||||||||||||||||
28,646,050 | 32,093,941 | 322,252 | — | 61,062,243 | ||||||||||||||||||||||||||||||||||||
Chemicals-2.4% | ||||||||||||||||||||||||||||||||||||||||
— | 10,289 | 1,400 | — | 11,689 | Air Products and Chemicals | — | 682,058 | 92,806 | — | 774,864 | ||||||||||||||||||||||||||||||
163,265 | — | — | — | 163,265 | Ashland, Inc. | 10,308,552 | — | — | — | 10,308,552 | ||||||||||||||||||||||||||||||
— | — | 500 | — | 500 | Lubrizol Corp. | — | — | 21,745 | — | 21,745 | ||||||||||||||||||||||||||||||
527,352 | 138,416 | — | — | 665,768 | Monsanto Co. | 25,017,579 | 6,566,455 | — | — | 31,584,034 | ||||||||||||||||||||||||||||||
— | 17,570 | — | — | 17,570 | Praxair Inc. | — | 1,008,694 | — | — | 1,008,694 | ||||||||||||||||||||||||||||||
35,326,131 | 8,257,207 | 114,551 | — | 43,697,889 | ||||||||||||||||||||||||||||||||||||
Commercial Services & Supplies-1.1% | ||||||||||||||||||||||||||||||||||||||||
— | — | 400 | — | 400 | Avery Dennison Corp. | — | — | 24,776 | — | 24,776 | ||||||||||||||||||||||||||||||
45,817 | — | — | — | 45,817 | Global Payments, Inc. | 1,743,337 | — | — | — | 1,743,337 | ||||||||||||||||||||||||||||||
202,484 | — | — | — | 202,484 | Manpower, Inc. | 11,968,829 | — | — | — | 11,968,829 | ||||||||||||||||||||||||||||||
174,486 | — | — | — | 174,486 | Waste Management, Inc. | 5,981,380 | — | — | — | 5,981,380 | ||||||||||||||||||||||||||||||
19,693,546 | — | 24,776 | — | 19,718,322 | ||||||||||||||||||||||||||||||||||||
Communications Equipment-2.9% | ||||||||||||||||||||||||||||||||||||||||
— | — | 978 | — | 978 | ADC Telecommunications * | — | — | 13,350 | — | 13,350 | ||||||||||||||||||||||||||||||
1,756,400 | — | 3,400 | — | 1,759,800 | Cisco Systems, Inc.* | 38,623,236 | — | 74,766 | — | 38,698,002 | ||||||||||||||||||||||||||||||
— | — | 2,925 | — | 2,925 | Corning Inc. * | — | — | 65,052 | — | 65,052 | ||||||||||||||||||||||||||||||
— | 174,901 | 5,275 | — | 180,176 | Motorola Inc. | — | 4,089,185 | 123,329 | — | 4,212,514 | ||||||||||||||||||||||||||||||
— | — | 1,300 | — | 1,300 | Nokia Corp ADR | — | — | 27,144 | — | 27,144 | ||||||||||||||||||||||||||||||
— | 162,444 | 3,025 | — | 165,469 | Qualcomm | — | 6,119,265 | 113,951 | — | 6,233,216 | ||||||||||||||||||||||||||||||
— | — | 1,265 | — | 1,265 | Research in Motion * | — | — | 104,363 | — | 104,363 | ||||||||||||||||||||||||||||||
303,900 | — | 1,000 | — | 304,900 | Tellabs, Inc.* | 3,096,741 | — | 10,190 | — | 3,106,931 | ||||||||||||||||||||||||||||||
41,719,977 | 10,208,450 | 532,145 | — | 52,460,572 | ||||||||||||||||||||||||||||||||||||
Computers & Peripherals-2.0% | ||||||||||||||||||||||||||||||||||||||||
— | — | 2,075 | — | 2,075 | Apple Computer Co. Inc. * | — | — | 140,788 | — | 140,788 | ||||||||||||||||||||||||||||||
— | — | 3,700 | — | 3,700 | Dell Inc. * | — | — | 83,435 | — | 83,435 | ||||||||||||||||||||||||||||||
— | — | 6,920 | — | 6,920 | EMC Corp. * | — | — | 80,618 | — | 80,618 | ||||||||||||||||||||||||||||||
947,700 | — | 1,700 | — | 949,400 | Hewlett-Packard Co. | 34,647,912 | — | 62,152 | — | 34,710,064 | ||||||||||||||||||||||||||||||
— | — | 850 | — | 850 | International Business Machines Corp. | — | — | 68,825 | — | 68,825 | ||||||||||||||||||||||||||||||
— | — | 1,180 | — | 1,180 | Sandisk Corp. * | — | — | 69,526 | — | 69,526 | ||||||||||||||||||||||||||||||
34,647,912 | — | 505,344 | — | 35,153,256 | ||||||||||||||||||||||||||||||||||||
Consumer Durables & Apparel-0.0% | ||||||||||||||||||||||||||||||||||||||||
— | — | 700 | — | 700 | Matell Inc. | — | — | 13,188 | — | 13,188 | ||||||||||||||||||||||||||||||
Containers and Packaging-0.0% | ||||||||||||||||||||||||||||||||||||||||
— | — | 675 | — | 675 | Crown Holdings Inc. * | — | — | 12,413 | — | 12,413 | ||||||||||||||||||||||||||||||
— | — | 1,050 | — | 1,050 | Owens Illinois Inc. * | — | — | 15,918 | — | 15,918 | ||||||||||||||||||||||||||||||
— | — | 1,000 | — | 1,000 | Smurfit-Stone Container * | — | — | 11,390 | — | 11,390 | ||||||||||||||||||||||||||||||
— | — | 39,721 | — | 39,721 | ||||||||||||||||||||||||||||||||||||
Diversified Financials-7.4% | ||||||||||||||||||||||||||||||||||||||||
— | — | 2,550 | — | 2,550 | American Express Co. | — | — | 133,977 | — | 133,977 |
�� | ||||||||||||||||||||||||||||||||||||||||||||
Shares | Description | Value | ||||||||||||||||||||||||||||||||||||||||||
GS Structured | AXA Enterprise Capital | AXA MM Core | Pro Forma | GS Structured U.S. | AXA Enterprise Capital | AXA MM Core | Pro Forma | |||||||||||||||||||||||||||||||||||||
U.S. Equity Fund | Appreciation Fund | Equity Fund | Adjustments | Combined Fund | Equity Fund | Appreciation Fund | Equity Fund | Adjustments | Combined Fund | |||||||||||||||||||||||||||||||||||
143,500 | — | — | — | 143,500 | AmeriCredit Corp.* (a) | 3,370,815 | — | — | — | 3,370,815 | ||||||||||||||||||||||||||||||||||
35,000 | — | — | — | 35,000 | Ameriprise Financial, Inc. | 1,600,550 | — | — | — | 1,600,550 | ||||||||||||||||||||||||||||||||||
— | — | 2,000 | — | 2,000 | Bank of America Corp. | — | — | 102,940 | — | 102,940 | ||||||||||||||||||||||||||||||||||
— | — | 6,300 | — | 6,300 | Charles Schwab Corp. | — | — | 102,753 | — | 102,753 | ||||||||||||||||||||||||||||||||||
189,770 | — | 4,100 | — | 193,870 | Citigroup, Inc. | 9,365,150 | — | 202,334 | — | 9,567,484 | ||||||||||||||||||||||||||||||||||
392,200 | — | — | — | 392,200 | Countrywide Financial Corp. | 13,256,360 | — | — | — | 13,256,360 | ||||||||||||||||||||||||||||||||||
— | 91,081 | 50 | (91,131 | ) | — | Goldman Sachs Group Inc. | — | 13,539,190 | 7,433 | (13,546,623 | ) | — | ||||||||||||||||||||||||||||||||
885,300 | — | 1,675 | — | 886,975 | J.P. Morgan Chase & Co. | 40,422,798 | 76,481 | — | 40,499,279 | |||||||||||||||||||||||||||||||||||
— | 190,160 | — | — | 190,160 | Lehman Brothers Holding Group Inc. | — | 12,134,110 | — | — | 12,134,110 | ||||||||||||||||||||||||||||||||||
— | — | 9,900 | — | 9,900 | Lloyds TSB Group | — | — | 98,205 | — | 98,205 | ||||||||||||||||||||||||||||||||||
337,599 | — | 2,195 | — | 339,794 | Merrill Lynch & Co., Inc. | 24,823,654 | — | 161398 | — | 24,985,052 | ||||||||||||||||||||||||||||||||||
— | — | 75 | — | 75 | Morgan Stanley Co. | — | — | 4934 | — | 4,934 | ||||||||||||||||||||||||||||||||||
— | — | 1,200 | — | 1,200 | NYSE Group Inc. * | — | — | 71160 | — | 71,160 | ||||||||||||||||||||||||||||||||||
— | — | 1,900 | — | 1,900 | Options Express Holdings Inc | — | — | 49628 | — | 49,628 | ||||||||||||||||||||||||||||||||||
176,000 | — | — | 176,000 | Principal Financial, Inc. | 9,370,240 | — | — | — | 9,370,240 | |||||||||||||||||||||||||||||||||||
— | 280,140 | 880 | — | 281,020 | UBS AG | — | 15,903,548 | 49,958 | — | 15,953,506 | ||||||||||||||||||||||||||||||||||
— | — | 475 | — | 475 | Waddel and Reed Financial | — | — | 11,030 | — | 11,030 | ||||||||||||||||||||||||||||||||||
102,209,567 | 41,576,848 | 1,072,231 | (13,546,623 | ) | 131,312,023 | |||||||||||||||||||||||||||||||||||||||
Diversified Telecommunications - 2.3% | ||||||||||||||||||||||||||||||||||||||||||||
476,800 | — | 300 | — | 477,100 | AT&T, Inc. | 14,842,784 | — | 9,339 | — | 14,852,123 | ||||||||||||||||||||||||||||||||||
— | — | 1,500 | — | 1,500 | Bellsouth Corp. | — | — | 61,080 | — | 61,080 | ||||||||||||||||||||||||||||||||||
194,300 | — | — | — | 194,300 | CenturyTel, Inc. | 7,737,026 | — | — | — | 7,737,026 | ||||||||||||||||||||||||||||||||||
— | — | 3,978 | — | 3,978 | Chunghwa Telecom ADR | — | — | 68,859 | — | 68,859 | ||||||||||||||||||||||||||||||||||
257,763 | — | 110 | — | 257,873 | Embarq Corp. | 12,153,525 | — | 5,187 | — | 12,158,712 | ||||||||||||||||||||||||||||||||||
— | — | 17,900 | — | 17,900 | Level 3 Communications * | — | — | 79,297 | — | 79,297 | ||||||||||||||||||||||||||||||||||
332,330 | — | 2,200 | — | 334,530 | Sprint Nextel Corp. | 5,623,024 | — | 37,224 | — | 5,660,248 | ||||||||||||||||||||||||||||||||||
— | — | 1,650 | — | 1,650 | Verizon Communications | — | — | 58,047 | — | 58,047 | ||||||||||||||||||||||||||||||||||
40,356,359 | — | 319,033 | — | 40,675,392 | ||||||||||||||||||||||||||||||||||||||||
Electric Utilities - 3.2% | ||||||||||||||||||||||||||||||||||||||||||||
160,000 | — | — | — | 160,000 | American Electric Power Co., Inc.* (a) | 5,836,800 | — | — | — | 5,836,800 | ||||||||||||||||||||||||||||||||||
— | — | 500 | — | 500 | Constellation Energy | — | — | 30,045 | — | 30,045 | ||||||||||||||||||||||||||||||||||
64,000 | — | — | — | 64,000 | FirstEnergy Corp. | 3,651,840 | — | — | — | 3,651,840 | ||||||||||||||||||||||||||||||||||
539,948 | — | — | — | 539,948 | PG&E Corp. | 22,640,020 | — | — | — | 22,640,020 | ||||||||||||||||||||||||||||||||||
388,701 | — | 890 | — | 389,591 | TXU Corp. | 25,735,893 | — | 58,927 | — | 25,794,820 | ||||||||||||||||||||||||||||||||||
57,864,553 | — | 88,972 | — | 57,953,525 | ||||||||||||||||||||||||||||||||||||||||
Electrical Equipment - 0.4% | ||||||||||||||||||||||||||||||||||||||||||||
116,100 | — | — | — | 116,100 | Energizer Holdings, Inc. * (a) | 7,762,446 | — | — | — | 7,762,446 | ||||||||||||||||||||||||||||||||||
— | — | 225 | — | 225 | Cooper Industries Ltd. | — | — | 18,423 | — | 18,423 | ||||||||||||||||||||||||||||||||||
7,762,446 | — | 18,423 | — | 7,780,869 | ||||||||||||||||||||||||||||||||||||||||
Electronic Equipment & Services - 0.1% | ||||||||||||||||||||||||||||||||||||||||||||
— | — | 300 | — | 300 | Arrow Electronics Inc. | — | — | 8,370 | — | 8,370 | ||||||||||||||||||||||||||||||||||
— | — | 900 | — | 900 | Flextronics * | — | — | 10,620 | — | 10,620 | ||||||||||||||||||||||||||||||||||
123,200 | — | — | — | 123,200 | Ingram Micro, Inc.* | 2,217,600 | — | — | — | 2,217,600 | ||||||||||||||||||||||||||||||||||
— | — | 3,200 | — | 3,200 | Sanmina SCI Corp * | — | — | 10,848 | — | 10,848 | ||||||||||||||||||||||||||||||||||
— | — | 4,400 | — | 4,400 | Solectron NPV * | — | — | 13,816 | — | 13,816 | ||||||||||||||||||||||||||||||||||
— | — | 250 | — | 250 | Tech Data Corp. * | — | — | 8,723 | — | 8,723 | ||||||||||||||||||||||||||||||||||
2,217,600 | — | 52,377 | — | 2,269,977 | ||||||||||||||||||||||||||||||||||||||||
Energy Equipment & Services - 1.2% | ||||||||||||||||||||||||||||||||||||||||||||
65,200 | — | — | — | 65,200 | Dresser-Rand Group, Inc.* | 1,333,340 | — | — | — | 1,333,340 | ||||||||||||||||||||||||||||||||||
— | — | 600 | — | 600 | Global Santa Fe Corp. | — | — | 29,532 | — | 29,532 | ||||||||||||||||||||||||||||||||||
— | 240,624 | 1,210 | — | 241,834 | Halliburton Co. | — | 7,849,155 | 39,470 | — | 7,888,625 | ||||||||||||||||||||||||||||||||||
— | — | 700 | — | 700 | Rowan Co’s Inc. | — | — | 23,940 | — | 23,940 | ||||||||||||||||||||||||||||||||||
49,900 | 134,594 | — | — | 184,494 | Schlumberger Ltd.(a) | 3,058,870 | 8,250,612 | — | — | 11,309,482 | ||||||||||||||||||||||||||||||||||
4,392,210 | 16,099,767 | 92,942 | — | 20,584,919 | ||||||||||||||||||||||||||||||||||||||||
Food & Drug Retailing - 0.6% | ||||||||||||||||||||||||||||||||||||||||||||
— | — | 1,500 | — | 1,500 | Kroger Co. | — | — | 35,715 | — | 35,715 | ||||||||||||||||||||||||||||||||||
221,500 | 450 | — | 221,950 | Safeway, Inc.(a) | 6,850,995 | — | 13,919 | — | 6,864,914 | |||||||||||||||||||||||||||||||||||
— | — | 2,475 | — | 2,475 | Sysco Corp. | — | — | 77,690 | — | 77,690 | ||||||||||||||||||||||||||||||||||
— | 69,456 | — | — | 69,456 | Wallgreen Co. | — | 3,435,294 | — | — | 3,435,294 | ||||||||||||||||||||||||||||||||||
— | — | 970 | — | 970 | Whole Foods Market Inc. | — | — | 52,011 | — | 52,011 | ||||||||||||||||||||||||||||||||||
6,850,995 | 3,435,294 | 179,335 | — | 10,465,624 | ||||||||||||||||||||||||||||||||||||||||
Food Products - 2.5% | ||||||||||||||||||||||||||||||||||||||||||||
602,751 | 167,937 | — | — | 770,688 | Archer-Daniels-Midland Co. | 24,815,259 | 6,913,966 | — | — | 31,729,225 | ||||||||||||||||||||||||||||||||||
— | — | 175 | — | 175 | Bunge Ltd. | — | — | 9,860 | — | 9,860 | ||||||||||||||||||||||||||||||||||
— | — | 1,200 | — | 1,200 | Conagra Foods Inc. | — | — | 28,560 | — | 28,560 | ||||||||||||||||||||||||||||||||||
— | — | 600 | — | 600 | Kellogg Co. | — | — | 30,420 | — | 30,420 | ||||||||||||||||||||||||||||||||||
195,200 | — | — | — | 195,200 | Kraft Foods, Inc.(a) | 6,619,232 | — | — | — | 6,619,232 | ||||||||||||||||||||||||||||||||||
442,300 | — | — | — | 442,300 | Tyson Foods, Inc. | 6,515,079 | — | — | — | 6,515,079 | ||||||||||||||||||||||||||||||||||
37,949,570 | 6,913,966 | 68,840 | — | 44,932,376 | ||||||||||||||||||||||||||||||||||||||||
Healthcare Equipment & Supplies - 0.8 | ||||||||||||||||||||||||||||||||||||||||||||
— | — | 300 | — | 300 | Alcon Inc. | — | — | 35,337 | — | 35,337 | ||||||||||||||||||||||||||||||||||
364,800 | — | — | — | 364,800 | Applera Corp. — Applied Biosystems Group | 11,181,120 | — | — | — | 11,181,120 | ||||||||||||||||||||||||||||||||||
19,900 | — | — | — | 19,900 | Becton, Dickinson and Co. | 1,387,030 | — | — | — | 1,387,030 | ||||||||||||||||||||||||||||||||||
— | — | 3,200 | — | 3,200 | Eclipsys Corp * | — | — | 54,720 | — | 54,720 | ||||||||||||||||||||||||||||||||||
17,776 | — | 1,470 | — | 19,246 | Fisher Scientific International, Inc.* | 1,390,616 | — | 114,998 | — | 1,505,614 | ||||||||||||||||||||||||||||||||||
— | — | 775 | — | 775 | Zimmer Holding Corp. * | — | — | 52,700 | — | 52,700 | ||||||||||||||||||||||||||||||||||
— | 13,958,766 | — | 257,755 | — | 14,216,521 | |||||||||||||||||||||||||||||||||||||||
— | Healthcare Providers & Services - 5.1% | |||||||||||||||||||||||||||||||||||||||||||
522,569 | — | 400 | — | 522,969 | AmerisourceBergen Corp. | 23,076,647 | — | 17,664 | — | 23,094,311 | ||||||||||||||||||||||||||||||||||
71,600 | — | 3,155 | — | 74,755 | Caremark Rx, Inc. | 4,148,504 | — | 182,801 | — | 4,331,305 | ||||||||||||||||||||||||||||||||||
— | — | 2,295 | — | 2,295 | Coventry Healthcare * | — | — | 124,481 | — | 124,481 | ||||||||||||||||||||||||||||||||||
61,300 | — | — | — | 61,300 | Express Scripts, Inc.* | 5,154,104 | — | — | — | 5,154,104 | ||||||||||||||||||||||||||||||||||
130,000 | — | — | — | 130,000 | Humana, Inc.* | 7,920,900 | — | — | — | 7,920,900 | ||||||||||||||||||||||||||||||||||
414,000 | — | — | — | 414,000 | McKesson Corp. | 21,031,200 | — | — | — | 21,031,200 | ||||||||||||||||||||||||||||||||||
— | 37,136 | — | — | 37,136 | Quest Diagnostice Inc. | — | 2,387,102 | — | — | 2,387,102 | ||||||||||||||||||||||||||||||||||
— | — | 1,100 | — | 1,100 | Tenet Healthcare Corp. * | — | — | 8,668 | — | 8,668 | ||||||||||||||||||||||||||||||||||
— | 520,828 | 1,345 | — | 522,173 | United Health Group Inc. | — | 27,057,015 | 69,873 | — | 27,126,888 | ||||||||||||||||||||||||||||||||||
— | — | 1,600 | — | 1,600 | Wellpoint Inc. * | — | — | 123,856 | — | 123,856 | ||||||||||||||||||||||||||||||||||
61,331,355 | 29,444,117 | 527,343 | — | 91,302,815 | ||||||||||||||||||||||||||||||||||||||||
Hotels, Restaurants & Leisure - 3.4% | ||||||||||||||||||||||||||||||||||||||||||||
38,941 | — | — | — | 38,941 | Darden Restaurants, Inc. | 1,378,511 | — | — | — | 1,378,511 | ||||||||||||||||||||||||||||||||||
— | 123,438 | — | — | 123,438 | Four Seasons Hotel | — | 7,790,172 | — | — | 7,790,172 | ||||||||||||||||||||||||||||||||||
— | 116,183 | 1,600 | — | 117,783 | Las Vegas Sands Corp. * | — | 8,110,735 | 111,697 | — | 8,222,432 | ||||||||||||||||||||||||||||||||||
37,400 | — | — | — | 37,400 | Marriott International, Inc. | 1,408,484 | — | — | — | 1,408,484 | ||||||||||||||||||||||||||||||||||
37,500 | — | 1,400 | — | 38,900 | McDonald’s Corp. | 1,346,250 | — | 50,260 | — | 1,396,510 | ||||||||||||||||||||||||||||||||||
— | 251,948 | 1,930 | — | 253,878 | MGM Mirage Inc. * | — | 8,989,505 | 68,862 | — | 9,058,367 | ||||||||||||||||||||||||||||||||||
287,000 | 182,759 | 2,610 | — | 472,369 | Starbucks Corp.* | 8,899,870 | 5,667,357 | 80,936 | — | 14,648,163 | ||||||||||||||||||||||||||||||||||
— | 51,077 | — | — | 51,077 | Station Casinos Inc. | — | 2,975,235 | — | — | 2,975,235 | ||||||||||||||||||||||||||||||||||
— | 46,474 | — | — | 46,474 | Wynn Resorts | — | 3,597,552 | — | — | 3,597,552 | ||||||||||||||||||||||||||||||||||
— | 163,697 | — | — | 163,697 | Yum Brands Inc. | — | 8,001,509 | — | — | 8,001,509 | ||||||||||||||||||||||||||||||||||
13,033,115 | 45,132,065 | 311,755 | — | 58,476,935 | ||||||||||||||||||||||||||||||||||||||||
Household Durables - 2.5% | ||||||||||||||||||||||||||||||||||||||||||||
— | — | 400 | — | 400 | Clorox Co. | — | — | 23,924 | — | 23924 | ||||||||||||||||||||||||||||||||||
117,263 | — | 575 | — | 117,838 | Colgate-Palmolive Co. | 7,019,363 | — | 34,420 | — | 7,053,783 | ||||||||||||||||||||||||||||||||||
— | 93,246 | — | — | 93,246 | KB Home | — | 3,987,199 | — | — | 3,987,199 | ||||||||||||||||||||||||||||||||||
— | — | 500 | — | 500 | Kimberly-Clark Corp. | — | — | 31,750 | — | 31,750 | ||||||||||||||||||||||||||||||||||
— | 94,255 | — | — | 94,255 | Lennar Corp. | — | 4,226,394 | — | — | 4,226,394 | ||||||||||||||||||||||||||||||||||
220,569 | 263,577 | 2,530 | — | 486,676 | Procter & Gamble Co. | 13,653,221 | 16,315,416 | 156,607 | — | 30,125,244 | ||||||||||||||||||||||||||||||||||
— | — | 1,300 | — | 1,300 | Toll Brothers * | — | — | 34,346 | — | 34,346 | ||||||||||||||||||||||||||||||||||
20,672,584 | 24,529,009 | 281,047 | — | 45,482,640 | ||||||||||||||||||||||||||||||||||||||||
Shares | Description | Value | ||||||||||||||||||||||||||||||||||||||||||
GS Structured | AXA Enterprise Capital | AXA MM Core | Pro Forma | GS Structured U.S. | AXA Enterprise Capital | AXA MM Core | Pro Forma | |||||||||||||||||||||||||||||||||||||
U.S. Equity Fund | Appreciation Fund | Equity Fund | Adjustments | Combined Fund | Equity Fund | Appreciation Fund | Equity Fund | Adjustments | Combined Fund | |||||||||||||||||||||||||||||||||||
Household Products - 2.6% | ||||||||||||||||||||||||||||||||||||||||||||
952,320 | — | 11,630 | — | 963,950 | General Electric Co. | 32,436,019 | — | 396,118 | — | 32,832,137 | ||||||||||||||||||||||||||||||||||
196,412 | — | — | — | 196,412 | Reynolds American, Inc. (a) | 12,780,529 | — | — | — | 12,780,529 | ||||||||||||||||||||||||||||||||||
45,216,548 | — | 396,118 | — | 45,612,666 | ||||||||||||||||||||||||||||||||||||||||
Industrial Conglomerates - 0.0% | ||||||||||||||||||||||||||||||||||||||||||||
— | — | 325 | — | 325 | Textron Inc. | — | — | 27,255 | — | 27,255 | ||||||||||||||||||||||||||||||||||
— | — | 2,890 | — | 2,890 | Tyco International | — | — | 75,574 | — | 75,574 | ||||||||||||||||||||||||||||||||||
— | — | 102,829 | — | 102,829 | ||||||||||||||||||||||||||||||||||||||||
Insurance - - 5.2 | ||||||||||||||||||||||||||||||||||||||||||||
— | — | 400 | — | 400 | Ace Ltd. | — | — | 21,544 | — | 21,544 | ||||||||||||||||||||||||||||||||||
— | — | 150 | — | 150 | Allstate Corp. | — | — | 8,691 | — | 8,691 | ||||||||||||||||||||||||||||||||||
135,227 | — | — | — | 135,227 | AMBAC Financial Group, Inc. | 11,709,306 | — | — | 11,709,306 | |||||||||||||||||||||||||||||||||||
— | — | 3,200 | — | 3,200 | American International Group, Inc. | — | — | 204,223 | — | 204,223 | ||||||||||||||||||||||||||||||||||
594,600 | 90,398 | 1,000 | — | 685,998 | Genworth Financial, Inc. | 20,472,078 | 3,112,403 | 34,430 | — | 23,618,911 | ||||||||||||||||||||||||||||||||||
— | — | 275 | — | 275 | Hartford Financial | — | — | 23,612 | — | 23,612 | ||||||||||||||||||||||||||||||||||
628,988 | — | — | — | 628,988 | Loews Corp. | 24,203,459 | — | — | 24,203,459 | |||||||||||||||||||||||||||||||||||
263,221 | — | 1,242 | (1,242 | ) | 263,221 | MBIA, Inc. (a) | 16,222,310 | — | 76,544 | (76,544 | ) | 16,222,310 | ||||||||||||||||||||||||||||||||
— | — | 650 | — | 650 | Metlife Inc. | — | — | 35,770 | — | 35,770 | ||||||||||||||||||||||||||||||||||
— | — | 325 | — | 325 | Old Republic | — | — | 6,793 | — | 6,793 | ||||||||||||||||||||||||||||||||||
— | 147,944 | — | — | 147,944 | Progressive Corp. | — | 3,637,943 | — | 3,637,943 | |||||||||||||||||||||||||||||||||||
— | — | 150 | — | 150 | Prudential Financial | — | — | 11,012 | — | 11,012 | ||||||||||||||||||||||||||||||||||
102,600 | — | — | — | 102,600 | Radian Group, Inc. | 6,143,688 | — | — | 6,143,688 | |||||||||||||||||||||||||||||||||||
— | — | 777 | — | 777 | St. Paul Travelers | — | — | 34,110 | — | 34,110 | ||||||||||||||||||||||||||||||||||
123,000 | — | 650 | — | 123,650 | The Chubb Corp. | 6,169,680 | — | 32,604 | — | 6,202,284 | ||||||||||||||||||||||||||||||||||
— | — | 1,100 | — | 1,100 | Unumprovident Corp. | — | — | 20,845 | — | 20,845 | ||||||||||||||||||||||||||||||||||
— | — | 400 | — | 400 | XL Capital Class A | — | — | 26,256 | — | 26,256 | ||||||||||||||||||||||||||||||||||
84,920,521 | 6,750,346 | 536,434 | (76,544 | ) | 92,130,757 | |||||||||||||||||||||||||||||||||||||||
Internet & Catalog Retail - 0.0% | ||||||||||||||||||||||||||||||||||||||||||||
— | — | 500 | — | 500 | Amazon.com * | — | — | 15,415 | — | 15,415 | ||||||||||||||||||||||||||||||||||
— | — | 2,585 | — | 2,585 | IAC/Interactive * | — | — | 73,621 | — | 73,621 | ||||||||||||||||||||||||||||||||||
— | — | 89,036 | — | 89,036 | ||||||||||||||||||||||||||||||||||||||||
Internet Software & Services - 1.3% | ||||||||||||||||||||||||||||||||||||||||||||
58,900 | — | 348 | — | 59,248 | Google, Inc., Class A * | 22,295,417 | — | 131,727 | — | 22,427,144 | ||||||||||||||||||||||||||||||||||
— | — | 250 | — | 250 | Ceridian Corp. * | — | — | 5,968 | — | 5,968 | ||||||||||||||||||||||||||||||||||
— | — | 1,350 | — | 1,350 | Electronic Data | — | — | 32,171 | — | 32,171 | ||||||||||||||||||||||||||||||||||
— | — | 4,555 | — | 4,555 | Yahoo Inc. * | — | — | 131,275 | — | 131,275 | ||||||||||||||||||||||||||||||||||
22,295,417 | — | 301,141 | — | 22,596,558 | ||||||||||||||||||||||||||||||||||||||||
IT Consulting & Services - 1.5% | ||||||||||||||||||||||||||||||||||||||||||||
482,018 | — | — | — | 482,018 | Computer Sciences Corp. * | 22,838,013 | — | — | — | 22,838,013 | ||||||||||||||||||||||||||||||||||
89,400 | — | — | — | 89,400 | First Data Corp. | 3,841,518 | — | — | — | 3,841,518 | ||||||||||||||||||||||||||||||||||
26,679,531 | — | — | — | 26,679,531 | ||||||||||||||||||||||||||||||||||||||||
Machinery - - 0.7% | ||||||||||||||||||||||||||||||||||||||||||||
— | 145,096 | — | — | 145,096 | Caterpillar Inc. | — | 9,627,120 | — | — | 9,627,120 | ||||||||||||||||||||||||||||||||||
— | — | 500 | — | 500 | Eaton Corp. | — | — | 33,250 | — | 33,250 | ||||||||||||||||||||||||||||||||||
62,580 | — | — | — | 62,580 | Illinois Tool Works, Inc. | 2,747,262 | — | — | — | 2,747,262 | ||||||||||||||||||||||||||||||||||
— | — | 250 | — | 250 | Ingersoll-Rand Co. | — | — | 9,505 | — | 9,505 | ||||||||||||||||||||||||||||||||||
— | — | 500 | — | 500 | SPX Corp | — | — | 26,400 | — | 26,400 | ||||||||||||||||||||||||||||||||||
2,747,262 | 9,627,120 | 69,155 | — | 12,443,537 | ||||||||||||||||||||||||||||||||||||||||
Media - 5.9% | ||||||||||||||||||||||||||||||||||||||||||||
782,281 | — | 1,262 | — | 783,543 | CBS Corp. Class B | 22,334,123 | — | 36,030 | — | 22,370,153 | ||||||||||||||||||||||||||||||||||
485,783 | — | — | — | 485,783 | Clear Channel Communications, Inc. | 14,107,138 | — | — | — | 14,107,138 | ||||||||||||||||||||||||||||||||||
— | — | 1,650 | — | 1,650 | Comcast Corp. Class A * | — | — | 57,750 | — | 57,750 | ||||||||||||||||||||||||||||||||||
— | 446,314 | 3,995 | — | 450,309 | Comcast Corp. * | — | 15,620,990 | 139,464 | — | 15,760,454 | ||||||||||||||||||||||||||||||||||
— | — | 4,491 | — | 4,491 | DirectTV Group * | — | — | 84,386 | — | 84,386 | ||||||||||||||||||||||||||||||||||
— | — | 2,040 | — | 2,040 | Sirius Satellite Radio * | — | — | 8,344 | — | 8,344 | ||||||||||||||||||||||||||||||||||
70,500 | — | — | — | 70,500 | The McGraw-Hill Companies., Inc. | 3,941,655 | — | — | — | 3,941,655 | ||||||||||||||||||||||||||||||||||
666,132 | — | 200 | — | 666,332 | The Walt Disney Co. | 19,750,814 | — | 5,930 | — | 19,756,744 | ||||||||||||||||||||||||||||||||||
1,795,258 | — | 2,600 | — | 1,797,858 | Time Warner, Inc. | 29,837,188 | — | 43,212 | — | 29,880,400 | ||||||||||||||||||||||||||||||||||
— | — | 462 | — | 462 | Viacom Inc. Class B * | — | — | 16,771 | — | 16,771 | ||||||||||||||||||||||||||||||||||
89,970,918 | 15,620,990 | 391,887 | — | 105,983,795 | ||||||||||||||||||||||||||||||||||||||||
Metals & Mining - 0.1% | ||||||||||||||||||||||||||||||||||||||||||||
26,700 | — | — | — | 26,700 | Newmont Mining Corp. | 1,368,375 | — | — | 1,368,375 | |||||||||||||||||||||||||||||||||||
— | — | 1,200 | — | 1,200 | Southern Copper Corp. | 110,784 | 110,784 | |||||||||||||||||||||||||||||||||||||
1,368,375 | — | 110,784 | — | 1,479,159 | ||||||||||||||||||||||||||||||||||||||||
Multi-Utilities - 0.0% | ||||||||||||||||||||||||||||||||||||||||||||
— | — | 225 | — | 225 | Dominion Resources | — | — | 17,975 | — | 17,975 | ||||||||||||||||||||||||||||||||||
Multiline Retail - 0.9% | ||||||||||||||||||||||||||||||||||||||||||||
240,250 | — | — | — | 240,250 | Costco Wholesale Corp. | 11,241,297 | — | — | — | 11,241,297 | ||||||||||||||||||||||||||||||||||
— | — | 1,545 | — | 1,545 | Nordstrom Inc. | — | — | 57,706 | — | 57,706 | ||||||||||||||||||||||||||||||||||
— | 104,977 | 2,925 | — | 107,902 | Target Corp | — | 5,079,837 | 141,540 | — | 5,221,377 | ||||||||||||||||||||||||||||||||||
— | — | 650 | — | 650 | Saks Inc. | — | — | 9,380 | — | 9,380 | ||||||||||||||||||||||||||||||||||
— | — | 500 | — | 500 | Wall-mart Stores Inc. | — | — | 22,360 | — | 22,360 | ||||||||||||||||||||||||||||||||||
11,241,297 | 5,079,837 | 230,986 | — | 16,552,120 | ||||||||||||||||||||||||||||||||||||||||
Oil & Gas - 7.9% | ||||||||||||||||||||||||||||||||||||||||||||
53,504 | — | — | — | 53,504 | Anadarko Petroleum Corp. | 2,509,873 | — | — | — | 2,509,873 | ||||||||||||||||||||||||||||||||||
20,200 | — | 1,700 | — | 21,900 | Apache Corp. | 1,318,656 | — | 110,976 | — | 1,429,632 | ||||||||||||||||||||||||||||||||||
— | — | 425 | — | 425 | BP Amoco P.L.C. ADR | — | — | 28,921 | — | 28,921 | ||||||||||||||||||||||||||||||||||
— | — | 1,250 | — | 1,250 | Canadian Natural Resource Ltd. | — | — | 65,364 | — | 65,364 | ||||||||||||||||||||||||||||||||||
— | — | 3,042 | — | 3,042 | Chevron Corp. | — | — | 195,905 | — | 195,905 | ||||||||||||||||||||||||||||||||||
— | — | 2,125 | — | 2,125 | Conocophillips Co. | — | — | 134,789 | — | 134,789 | ||||||||||||||||||||||||||||||||||
407,744 | — | — | — | 407,744 | Devon Energy Corp.(a) | 25,479,922 | — | — | — | 25,479,922 | ||||||||||||||||||||||||||||||||||
19,337 | — | 1,415 | — | 20,752 | EOG Resources, Inc. | 1,253,424 | — | 91,720 | — | 1,345,144 | ||||||||||||||||||||||||||||||||||
1,020,216 | — | 4,975 | — | 1,025,191 | Exxon Mobil Corp. | 69,038,017 | — | 336,658 | — | 69,374,675 | ||||||||||||||||||||||||||||||||||
— | — | 275 | — | 275 | Marathon Oil Corp. | — | — | 22,963 | — | 22,963 | ||||||||||||||||||||||||||||||||||
— | — | 1,525 | — | 1,525 | Occidental Petroleum | — | — | 77,760 | — | 77,760 | ||||||||||||||||||||||||||||||||||
— | 154,454 | — | — | 154,454 | Peabody Energy Corp. | — | 6,806,788 | — | — | 6,806,788 | ||||||||||||||||||||||||||||||||||
— | — | 300 | — | 300 | Total S A Sponsored | — | — | 20,229 | — | 20,229 | ||||||||||||||||||||||||||||||||||
235,400 | — | — | — | 235,400 | Sunoco, Inc. | 16,927,614 | — | — | — | 16,927,614 | ||||||||||||||||||||||||||||||||||
53,367 | — | — | — | 53,367 | Ultra Petroleum Corp.* | 2,649,138 | — | — | — | 2,649,138 | ||||||||||||||||||||||||||||||||||
— | — | 1,270 | — | 1,270 | Valero Energy | — | — | 72,898 | — | 72,898 | ||||||||||||||||||||||||||||||||||
313,900 | — | — | — | 313,900 | XTO Energy, Inc. | 14,367,203 | — | — | — | 14,367,203 | ||||||||||||||||||||||||||||||||||
133,543,847 | 6,806,788 | 1,158,183 | — | 141,508,818 | ||||||||||||||||||||||||||||||||||||||||
Pharmaceuticals - 5.3% | ||||||||||||||||||||||||||||||||||||||||||||
— | 105,827 | 700 | — | 106,527 | Abbot Labs | — | 5,153,775 | 34,090 | — | 5,187,865 | ||||||||||||||||||||||||||||||||||
29,000 | — | — | — | 29,000 | Forest Laboratories, Inc.* | 1,449,420 | — | — | — | 1,449,420 | ||||||||||||||||||||||||||||||||||
41,437 | — | 3,284 | — | 44,721 | Johnson & Johnson | 2,679,317 | — | 212,343 | — | 2,891,660 | ||||||||||||||||||||||||||||||||||
— | — | 1,405 | — | 1,405 | Lilly & Co. | — | — | 78,582 | — | 78,582 | ||||||||||||||||||||||||||||||||||
660,745 | — | 1,375 | — | 662,120 | Merck & Co., Inc. | 26,793,210 | — | 55,756 | — | 26,848,966 | ||||||||||||||||||||||||||||||||||
1,660,615 | — | 11,335 | — | 1,671,950 | Pfizer, Inc. | 45,766,549 | — | 312,393 | — | 46,078,942 | ||||||||||||||||||||||||||||||||||
— | — | 1,485 | — | 1,485 | Sanofi-Aventis ADR | — | — | 66,751 | — | 66,751 | ||||||||||||||||||||||||||||||||||
259,800 | — | 150 | — | 259,950 | Wyeth | 12,652,260 | — | 7,305 | — | 12,659,565 | ||||||||||||||||||||||||||||||||||
89,340,756 | 5,153,775 | 767,220 | — | 95,261,751 | ||||||||||||||||||||||||||||||||||||||||
Real Estate - 1.0% | ||||||||||||||||||||||||||||||||||||||||||||
32,500 | — | — | — | 32,500 | Archstone-Smith Trust (REIT) | 1,728,350 | — | — | — | 1,728,350 | ||||||||||||||||||||||||||||||||||
— | 21,076 | — | — | 21,076 | CB Richard Ellis Group | — | 484,748 | — | — | 484,748 | ||||||||||||||||||||||||||||||||||
163,900 | — | — | — | 163,900 | Equity Office Properties Trust (REIT) | 6,079,051 | — | — | — | 6,079,051 | ||||||||||||||||||||||||||||||||||
33,800 | — | — | — | 33,800 | Kimco Realty Corp. (REIT) | 1,404,390 | — | — | — | 1,404,390 | ||||||||||||||||||||||||||||||||||
88,383 | — | — | — | 88,383 | New Century Financial Corp. (REIT)(a) | 3,421,306 | — | — | — | 3,421,306 | ||||||||||||||||||||||||||||||||||
18,800 | — | — | — | 18,800 | SL Green Realty Corp. | 2,097,328 | — | — | — | 2,097,328 | ||||||||||||||||||||||||||||||||||
— | 52,387 | — | — | 52,387 | ST Joe Co. | — | 2,669,642 | — | — | 2,669,642 | ||||||||||||||||||||||||||||||||||
14,730,425 | 3,154,390 | — | — | 17,884,815 | ||||||||||||||||||||||||||||||||||||||||
Road & Rail - 2.4% | ||||||||||||||||||||||||||||||||||||||||||||
— | 178,174 | — | — | 178,174 | Burlington Northern Santa Fe | — | 11,928,749 | — | — | 11,928,749 | ||||||||||||||||||||||||||||||||||
343,200 | — | 1,300 | — | 344,500 | CSX Corp. | 10,371,504 | — | 39,286 | — | 10,410,790 |
Shares | Description | Value | ||||||||||||||||||||||||||||||||||||||
GS Structured | AXA Enterprise Capital | AXA MM Core | Pro Forma | GS Structured | AXA Enterprise Capital | Pro Forma | ||||||||||||||||||||||||||||||||||
U.S. Equity Fund | Appreciation Fund | Equity Fund | Adjustments | Combined Fund | U.S. Equity Fund | Appreciation Fund | AXA MM Core Equity Fund | Adjustments | Combined Fund | |||||||||||||||||||||||||||||||
111,600 | — | 700 | — | 112,300 | Norfolk Southern Corp. | 4,768,668 | — | 29,911 | — | 4,798,579 | ||||||||||||||||||||||||||||||
97,830 | 106,300 | — | — | 204,130 | Union Pacific Corp. | 7,860,640 | 8,541,205 | — | — | 16,401,845 | ||||||||||||||||||||||||||||||
23,000,812 | 20,469,954 | 69,197 | — | 43,539,963 | ||||||||||||||||||||||||||||||||||||
Semiconductor Equipment & Products – 1.7% | ||||||||||||||||||||||||||||||||||||||||
— | — | 2,600 | — | 2,600 | Advanced Micro Devices * | — | — | 64,974 | — | 64,974 | ||||||||||||||||||||||||||||||
— | — | 1,110 | — | 1,110 | Agere Systems Inc. * | — | — | 16,916 | — | 16,916 | ||||||||||||||||||||||||||||||
— | — | 348 | — | 348 | Samsung Electronic GDR | — | — | 117,629 | — | 117,629 | ||||||||||||||||||||||||||||||
754,367 | 148,212 | 2,615 | — | 905,194 | Texas Instruments, Inc. | 24,584,821 | 4,830,229 | 85,223 | — | 29,500,273 | ||||||||||||||||||||||||||||||
24,584,821 | 4,830,229 | 284,742 | — | 29,699,792 | ||||||||||||||||||||||||||||||||||||
Software – 2.1% | ||||||||||||||||||||||||||||||||||||||||
— | — | 1,860 | — | 1,860 | Adobe Systems Inc. * | — | — | 60,338 | — | 60,338 | ||||||||||||||||||||||||||||||
— | — | 11,960 | — | 11,960 | Bearingpoint * | — | — | 99,986 | — | 99,986 | ||||||||||||||||||||||||||||||
— | — | 750 | — | 750 | Intel Corp. | — | — | 14,655 | — | 14,655 | ||||||||||||||||||||||||||||||
1,188,240 | — | 9,300 | — | 1,197,540 | Microsoft Corp. | 30,525,885 | — | 238,917 | — | 30,764,802 | ||||||||||||||||||||||||||||||
— | — | 8,100 | — | 8,100 | Oracle Corp. * | — | — | 126,765 | — | 126,765 | ||||||||||||||||||||||||||||||
— | — | 805 | — | 805 | SAP AG (c) | — | — | 38,431 | — | 38,431 | ||||||||||||||||||||||||||||||
296,556 | — | — | — | 296,556 | Synopsys, Inc.* | 5,622,702 | — | — | — | 5,622,702 | ||||||||||||||||||||||||||||||
36,148,587 | — | 579,092 | — | 36,727,679 | ||||||||||||||||||||||||||||||||||||
Specialty Retail – 3.1% | ||||||||||||||||||||||||||||||||||||||||
— | — | 1,200 | — | 1,200 | Abercrombie & Fitch Co. | — | — | 77,435 | — | 77,435 | ||||||||||||||||||||||||||||||
542,775 | — | — | — | 542,775 | AutoNation, Inc.* | 10,546,118 | — | — | — | 10,546,118 | ||||||||||||||||||||||||||||||
528,431 | — | — | — | 528,431 | Circuit City Stores, Inc. | 12,476,256 | — | — | — | 12,476,256 | ||||||||||||||||||||||||||||||
— | — | 750 | — | 750 | GAP Inc. | — | — | 12,608 | — | 12,608 | ||||||||||||||||||||||||||||||
— | — | 1,005 | — | 1,005 | Home Depot Inc. | — | — | 34,461 | — | 34,461 | ||||||||||||||||||||||||||||||
— | — | 1,200 | — | 1,200 | Limited Brands Inc. | — | — | 30,876 | — | 30,876 | ||||||||||||||||||||||||||||||
— | 351,276 | — | — | 351,276 | Loew’s Co.Inc. | — | 9,505,529 | — | — | 9,505,529 | ||||||||||||||||||||||||||||||
589,787 | — | 1,100 | — | 590,887 | Office Depot, Inc.* | 21,727,753 | — | 40,524 | — | 21,768,277 | ||||||||||||||||||||||||||||||
— | — | 1,787 | — | 1,787 | Staples Inc. | — | — | 40,315 | — | 40,315 | ||||||||||||||||||||||||||||||
69,100 | — | — | — | 69,100 | United Rentals, Inc.* | 1,496,706 | — | — | — | 1,496,706 | ||||||||||||||||||||||||||||||
46,246,833 | 9,505,529 | 236,219 | — | 55,988,581 | ||||||||||||||||||||||||||||||||||||
Textiles & Apparel – 0.1% | ||||||||||||||||||||||||||||||||||||||||
75,602 | — | 650 | — | 76,252 | Jones Apparel Group, Inc. | 2,366,343 | — | 20,345 | — | 2,386,688 | ||||||||||||||||||||||||||||||
— | — | 170 | — | 170 | Nike Inc. Class B | — | — | 13,729 | — | 13,729 | ||||||||||||||||||||||||||||||
2,366,343 | — | 34,074 | — | 2,400,417 | ||||||||||||||||||||||||||||||||||||
Tobacco – 0.4% | ||||||||||||||||||||||||||||||||||||||||
— | — | 1,025 | — | 1,025 | Altria Group | — | — | 85,618 | — | 85,618 | ||||||||||||||||||||||||||||||
144,200 | — | — | — | 144,200 | UST, Inc. | 7,622,412 | — | — | — | 7,622,412 | ||||||||||||||||||||||||||||||
7,622,412 | — | 85,618 | — | 7,708,030 | ||||||||||||||||||||||||||||||||||||
Wireless Telecommunication Services – 0.5% | ||||||||||||||||||||||||||||||||||||||||
— | 160,395 | — | — | 160,395 | America Movil SA ADR | — | 5,984,337 | — | — | 5,984,337 | ||||||||||||||||||||||||||||||
— | — | 4,000 | — | 4,000 | American Tower Corp. * | — | — | 143,440 | — | 143,440 | ||||||||||||||||||||||||||||||
— | — | 900 | — | 900 | Crown Castle * | — | — | 30,924 | — | 30,924 | ||||||||||||||||||||||||||||||
— | — | 720 | — | 720 | Leap Wireless * | — | — | 33,307 | — | 33,307 | ||||||||||||||||||||||||||||||
— | — | 2,365 | — | 2,365 | NII Holdings Inc. Class B * | — | — | 126,173 | — | 126,173 | ||||||||||||||||||||||||||||||
44,910 | — | — | — | 44,910 | United States Cellular Corp. * | 2,692,355 | — | — | — | 2,692,355 | ||||||||||||||||||||||||||||||
2,692,355 | 5,984,337 | 333,844 | — | 9,010,536 | ||||||||||||||||||||||||||||||||||||
TOTAL COMMON STOCKS | ||||||||||||||||||||||||||||||||||||||||
(Cost $1,235,129,943, $312,322,140, $10,265,996, $(13,182,842) and $1,544,535,237 respectively) — (Including $54,679,277, $0, $0, $0 and $54,649,277 of securities on loan, respectively) | $ | 1,371,885,337 | $ | 367,170,445 | $ | 11,603,639 | $ | (13,623,167 | ) | $ | 1,737,036,254 | |||||||||||||||||||||||||||||
Principal Amount | Interest Rate Maturity Date | Value | ||||||||||||||||||||||||||||||||||||||
Time Deposits - 1.2% | ||||||||||||||||||||||||||||||||||||||||
— | 22,076,954 | 105,468 | — | 22,182,422 | JP Morgan Chase Nassau | — | 22,076,954 | 105,468 | — | 22,182,422 | ||||||||||||||||||||||||||||||
— | — | 100,000 | — | 100,000 | Rabobank America | — | — | 99,985 | — | 99,985 | ||||||||||||||||||||||||||||||
TOTAL Time Deposits | ||||||||||||||||||||||||||||||||||||||||
(Cost $0, $22,076,954, $205,468, $0 and $22,282,422 respectively) | $ | — | $ | 22,076,954 | $ | 205,453 | $ | — | $ | 22,282,407 | ||||||||||||||||||||||||||||||
Repurchase Agreement (b) - 0.6% | ||||||||||||||||||||||||||||||||||||||||
Joint Repurchase Agreement Account II 5.28% 09/01/2006 Maturity Value $10,901,599 (Cost $10,900,000, $0, $0, $0 and $10,900,000 respectively) | ||||||||||||||||||||||||||||||||||||||||
10,900,000 | $ | — | $ | — | $ | — | $ | 10,900,000 | $ | 10,900,000 | $ | — | $ | — | $ | — | $ | 10,900,000 | ||||||||||||||||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL (Cost $1,246,029,943, $334,399,094, $10,471,464, $(13,182,842) and $1,577,717,659 respectively) – 99.2% | $ | 1,382,785,337 | $ | 389,247,399 | $ | 11,809,092 | $ | (13,623,167 | ) | $ | 1,770,218,661 | |||||||||||||||||||||||||||||
Shares | Description | Value | ||||||||||||||||||||||||||||||||||||||
Securities Lending Collateral - 4.7% | ||||||||||||||||||||||||||||||||||||||||
28,958,492 | 28,958,492 | HSBC Securities Repo | 28,958,492 | 28,958,492 | ||||||||||||||||||||||||||||||||||||
55,463,875 | — | — | — | 55,463,875 | Boston Global Investment Trust - Enhanced Portfolio | $ | 55,463,875 | 55,463,875 | ||||||||||||||||||||||||||||||||
TOTAL SECURITIES LENDING COLLATERAL | ||||||||||||||||||||||||||||||||||||||||
(Cost $55,463,875, $28,958,492, $0, $0 and $84,422,367 respectively) | $ | 55,463,875 | $ | 28,958,492 | $ | — | $ | — | $ | 84,422,367 | ||||||||||||||||||||||||||||||
TOTAL INVESTMENTS | ||||||||||||||||||||||||||||||||||||||||
(Cost $1,301,493,818, $334,399,094, $10,471,464, $(13,182,842) and $1,633,181,534 respectively) – 103.9% | $ | 1,438,249,212 | $ | 418,205,891 | $ | 11,809,092 | $ | (13,623,167 | ) | $ | 1,854,641,028 | |||||||||||||||||||||||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES/(LIABILITIES IN EXCESS OF OTHER ASSETS) – 3.9% | $ | (54,242,385 | ) | $ | (29,014,476 | ) | $ | 105,718 | $ | 13,623,167 | $ | (69,527,976 | ) | |||||||||||||||||||||||||||
Net Assets – 100.0% | $ | 1,384,006,827 | $ | 389,191,415 | $ | 11,914,810 | $ | — | $ | 1,785,113,052 | ||||||||||||||||||||||||||||||
(a) All or portion of the security is on loan.
(b) Repurchase agreement was entered into on August 31, 2006.
(c) One ADR represents one fourth of SAP AG underlying foreign security
ADR American Depository Receipts
REIT Real Estate Investment Trust
Number of | Settlement | Unrealized | ||||||||||||
Type | Contracts Long | Month | Market Value | Gain | ||||||||||
S&P Mini 500 Index | 183 | September 2006 | $ | 11,946,240 | $ | 156,153 | ||||||||
For the Goldman Sachs Structured U.S. Equity Fund and AXA Enterprise Capital Appreciation Fund and AXA Enterprise MM Core Equity Fund
August 31, 2006 (Unaudited)
Goldman Sachs | AXA Enterprise | |||||||||||||||||||
Structured U.S. | Capital | AXA Enterprise | Pro Forma | |||||||||||||||||
Equity Fund | Appreciation Fund | MM Core Equity Fund | Adjustments | Combined Fund | ||||||||||||||||
Assets: | ||||||||||||||||||||
Investments in securities, at value (identified cost $1,246,029,943, $312,322,140, $10,265,996, ($13,182,842) and $1,555,435,237, respectively) — (including $54,679,277, $0, $0, $0 and $54,679,277 of securities on loan, respectively) | $ | 1,382,785,337 | $ | 367,170,445 | 11,603,639 | $ | (13,623,167 | )(d) | $ | 1,747,936,254 | ||||||||||
Investments in short term securities, at value (cost $0, $22,076,954, $205,468, $0 and $22,282,422, respectively) | — | 22,076,954 | 205,453 | — | 22,282,407 | |||||||||||||||
Securities Lending collateral, at value (cost $55,463,875, $28,958,492, $0, $0 and $84,422,367, respectively) | 55,463,875 | 28,958,492 | — | — | 84,422,367 | |||||||||||||||
Cash | 1,255,099 | (a) | 1,411,545 | 100,051 | — | 2,766,695 | ||||||||||||||
Foreign Currencies, at value (cost $0, $0, $28,076, $0 and $28,076, respectively) | — | 139 | 28,418 | — | 28,557 | |||||||||||||||
Receivables: | ||||||||||||||||||||
Investment securities sold, at value | — | 256,317 | 34,324 | 13,623,167 | (d) | 13,913,808 | ||||||||||||||
Fund shares sold | 1,583,615 | 661,404 | 180 | — | 2,245,199 | |||||||||||||||
Dividends and interest, at value | 3,231,402 | 310,523 | 23,932 | — | 3,565,857 | |||||||||||||||
Reclaim receivable | — | 46,315 | ��� | — | 46,315 | |||||||||||||||
Due from broker | 4,575 | — | — | — | 4,575 | |||||||||||||||
Reimbursement from adviser | 64,844 | — | 25,373 | — | 90,217 | |||||||||||||||
Securities lending income | 6,244 | — | — | — | 6,244 | |||||||||||||||
Other assets | 5,299 | 80,750 | — | — | 86,049 | |||||||||||||||
Total assets | 1,444,400,290 | 420,972,884 | 12,021,370 | — | 1,877,394,544 | |||||||||||||||
Liabilities: | ||||||||||||||||||||
Payables: | ||||||||||||||||||||
Investment securities purchased | — | 1,975,249 | 41,236 | — | 2,016,485 | |||||||||||||||
Payable upon return of securities loaned | 55,463,875 | 28,958,492 | — | — | 84,422,367 | |||||||||||||||
Fund shares repurchased | 3,553,123 | 348,691 | — | — | 3,901,814 | |||||||||||||||
Amounts owed to affiliates | 951,181 | 276,442 | 11,467 | — | 1,239,090 | |||||||||||||||
Capital shares redeemed | — | — | 2,149 | — | 2,149 | |||||||||||||||
Unrealized loss on forward contracts | — | — | 31 | — | 31 | |||||||||||||||
Accrued expenses | 425,284 | 222,595 | 51,677 | — | 699,556 | |||||||||||||||
Total liabilities | 60,393,463 | 31,781,469 | 106,560 | — | 92,281,492 | |||||||||||||||
Net Assets: | �� | |||||||||||||||||||
Paid-in capital | 1,219,511,120 | 363,626,736 | 9,778,275 | — | 1,592,916,131 | |||||||||||||||
Accumulated undistributed net investment income (loss) | 9,432,894 | (2,368,760 | ) | 20,949 | — | 7,085,083 | ||||||||||||||
Accumulated net realized gain (loss) on investments and futures transactions | 18,151,267 | (26,915,005 | ) | 777,700 | 366,937 | (7,619,101 | ) | |||||||||||||
Net unrealized gain on investments and futures | 136,911,546 | 54,848,305 | 1,337,628 | (366,937 | ) | 192,730,542 | ||||||||||||||
Net unrealized gain on Foreign Exchange | — | 139 | 258 | — | 397 | |||||||||||||||
Net Assets | $ | 1,384,006,827 | $ | 389,191,415 | $ | 11,914,810 | $ | — | $ | 1,785,113,052 | ||||||||||
Net Assets: | ||||||||||||||||||||
Class A | $ | 611,999,464 | $ | 192,169,019 | $ | 586,728 | $ | 3,781,073 | $ | 808,536,284 | ||||||||||
Class B | 78,109,902 | 67,065,118 | 322,810 | — | 145,497,830 | |||||||||||||||
Class C | 36,628,284 | 64,690,343 | 323,965 | — | 101,642,592 | |||||||||||||||
Institutional/Class Y | 644,250,108 | 65,266,935 | 6,900,234 | — | 716,417,277 | |||||||||||||||
Service/Class P | 13,019,069 | — | 3,781,073 | (3,781,073 | ) | 13,019,069 | ||||||||||||||
Shares Outstanding: | ||||||||||||||||||||
Class A | 19,250,586 | 5,638,670 | 51,725 | 491,716 | (b) | $ | 25,432,698 | |||||||||||||
Class B | 2,610,560 | 2,139,636 | 29,205 | 83,374 | (b) | 4,862,774 | ||||||||||||||
Class C | 1,230,033 | 2,005,725 | 29,305 | 148,248 | (b) | 3,413,311 | ||||||||||||||
Institutional/Class Y | 19,835,225 | 1,832,927 | 606,064 | (217,102 | )(b) | 22,057,114 | ||||||||||||||
Service/Class P | 413,263 | — | 333,097 | (333,097 | )(b) | 413,263 | ||||||||||||||
Total shares outstanding, $0.001 par value (unlimited number of shares authorized) | 43,339,667 | 11,616,959 | 1,049,396 | 173,138 | (b) | 56,179,160 | ||||||||||||||
Net assets value, offering and redemption price per share:(c) | ||||||||||||||||||||
Class A | $ | 31.79 | $ | 34.08 | 11.34 | $ | — | $ | 31.79 | |||||||||||
Class B | 29.92 | 31.34 | 11.05 | — | 29.92 | |||||||||||||||
Class C | 29.78 | 32.25 | 11.05 | — | 29.78 | |||||||||||||||
Institutional/Class Y | 32.48 | 35.61 | 11.39 | — | 32.48 | |||||||||||||||
Service/Class P | 31.50 | — | 11.35 | — | 31.50 | |||||||||||||||
(a) | Includes restricted cash of $1,225,000 relating to initial margin requirements on futures transactions. | |
(b) | Adjustment to reflect reduction of shares based on Structured U.S. Equity Fund’s NAV. | |
(c) | Maximum public offering price per share (NAV per share multiplied by 1.0582) for Class A Shares is $33.64, $36.06, $12.02 and $33.64 for the Structured U.S. Equity Fund, the AXA Capital Appreciation fund and the AXA MM Core Equity fund, respectively. At redemption, Class B and Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current NAV or the original purchase price of the shares. |
For the Goldman Sachs Structured U.S. Equity Fund and AXA Enterprise Capital Appreciation Fund and AXA Enterprise MM Core Equity Fund
For year ended August 31, 2006 (Unaudited)
Goldman Sachs | AXA Enterprise | |||||||||||||||||||
Structured U.S. | Capital | AXA Enterprise | Pro Forma | |||||||||||||||||
Equity Fund | Appreciation Fund | MM Core Equity Fund | Adjustments | Combined Fund | ||||||||||||||||
Investment Income: | ||||||||||||||||||||
Dividends (Net of foreign witholding tax of $0, $45,484, $1,085, $0 and $46,569, respectively) | $ | 18,208,337 | $ | 3,079,598 | $ | 197,739 | $ | — | $ | 21,485,674 | ||||||||||
Interest (including securities lending income of $45,910, $72,313, $0, $0 and $118,223, respectively) | 465,974 | 545,998 | 9,062 | — | 1,021,034 | |||||||||||||||
Total income | 18,674,311 | 3,625,596 | 206,801 | — | 22,506,708 | |||||||||||||||
Expenses: | ||||||||||||||||||||
Management fees | 6,790,112 | 2,889,236 | 126,145 | (546,890 | )(a) | 9,258,603 | ||||||||||||||
Administrative fees | — | 227,175 | 159,148 | (386,323 | )(b) | — | ||||||||||||||
Distribution and service fees | 2,612,081 | 2,294,358 | 18,887 | (395,069 | )(b) | 4,530,258 | ||||||||||||||
Transfer agent fees | 1,405,893 | 921,511 | 32,620 | (277,067 | )(b) | 2,082,958 | ||||||||||||||
Custody and accounting fees | 212,103 | 6,605 | 3,767 | 38,412 | (b) | 260,887 | ||||||||||||||
Printing fees | 90,105 | 133,458 | 17,088 | (132,885 | )(b) | 107,766 | ||||||||||||||
Registration fees | 75,006 | 72,501 | 42,188 | (99,988 | )(b) | 89,707 | ||||||||||||||
Audit fees | 47,999 | 28,372 | 45,953 | (69,525 | )(b) | 52,799 | ||||||||||||||
Legal fees | 18,533 | 59,796 | 11,229 | (67,318 | )(b) | 22,240 | ||||||||||||||
Trustee fees | 15,230 | 55,596 | 1,228 | (56,824 | )(b) | 15,230 | ||||||||||||||
Service share fees | 54,938 | — | — | 2 | (b) | 54,940 | ||||||||||||||
Other | 121,636 | 86,957 | 10,338 | (61,619 | )(b) | 157,312 | ||||||||||||||
Total expenses | 11,443,636 | 6,775,565 | 468,591 | (2,055,093 | ) | 16,632,699 | ||||||||||||||
Less — expense reductions | (1,628,072 | ) | (100,912 | ) | (301,099 | ) | (63,629 | )(c) | (2,093,712 | ) | ||||||||||
Net Expenses | 9,815,564 | 6,674,653 | 167,492 | (2,118,722 | ) | 14,538,987 | ||||||||||||||
Net Investment Income (loss) | 8,858,747 | (3,049,057 | ) | 39,309 | 2,118,722 | 7,967,721 | ||||||||||||||
Realized and unrealized gain (loss) on investment and futures transactions: | ||||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Investment transactions | 71,738,092 | 33,549,820 | 986,438 | 2,884 | 106,277,234 | |||||||||||||||
Futures transactions | (36,059 | ) | — | — | — | (36,059 | ) | |||||||||||||
Foreign currency related transactions | — | — | (320 | ) | — | (320 | ) | |||||||||||||
Net change in unrealized gain (loss) on: | ||||||||||||||||||||
Investments | 9,763,484 | (27,179,139 | ) | (184,021 | ) | — | (17,599,676 | ) | ||||||||||||
Futures | 137,231 | — | — | 137,231 | ||||||||||||||||
Net realized and unrealized gain on investment and futures transactions | 81,602,748 | 6,370,681 | 802,097 | 2,884 | 88,778,410 | |||||||||||||||
Net Increase in Net Assets Resulting from Operations | $ | 90,461,495 | $ | 3,321,624 | $ | 841,406 | $ | 2,121,606 | $ | 96,746,131 | ||||||||||
(a) | Adjustment to reduce management fee based on Structured U.S. Equity Fund rates. | |
(b) | Adjustments to reflect the anticipated adjustment as a result of consolidation of transfer agent, printing, custody and accounting and other services. | |
(c) | Adjustment to reflect increase in expense reduction based on Structured U.S. Equity Fund current expense cap and waivers. |
For the Twelve Months Ended August 31, 2006 (Unaudited)
Class A | Class B | Class C | Institutional | |||||||||||||
Shares Issued | 6,182,112 | 2,252,214 | 2,183,278 | 2,221,889 | ||||||||||||
Net Assets 08/31/2006 | $ | 196,536,820 | $ | 67,387,928 | $ | 65,014,308 | $ | 72,167,169 | ||||||||
Pro Forma Net Asset Value 08/31/2006 | $ | 31.79 | $ | 29.92 | $ | 29.78 | $ | 32.48 |
The Portfolio and the Multi | ||||||||
Capital Loss Carryforward* | Manager Portfolio | Structured U.S. Equity Fund | ||||||
Expiring 2009 | $ | 3,326 | $ | — | ||||
Expiring 2010 | 25,282 | 21,317,839 | ||||||
Expiring 2011 | — | — | ||||||
Total | $ | 28,608 | $ | 21,317,839 | ||||
* | Expiration occurs on August 31 of the year indicated. As a consequence of the reorganization, utilization of these losses may be limited under the Internal Revenue Code. |
2
Average Daily Net Assets | | Annual Rate | ||
First $1 Billion | 0.65 | % | ||
Next $1 Billion | 0.59 | % | ||
Over $2 Billion | 0.56 | % | ||
3
4
5
June 30, 2006 (Unaudited)
Shares | Description | Value | ||||||||||||||||||||||||||||||
AXA MM | AXA MM | |||||||||||||||||||||||||||||||
GS Tollkeeper | Enterprise | Pro Forma | GS Tollkeeper | Enterprise | Pro Forma | |||||||||||||||||||||||||||
Fund | Technology Fund | Adjustments | Combined Fund | Fund | Technology Fund | Adjustments | Combined Fund | |||||||||||||||||||||||||
Common Stocks - 99.2% | ||||||||||||||||||||||||||||||||
Audio Technology - 2.2% | ||||||||||||||||||||||||||||||||
321,845 | — | — | 321,845 | Dolby Laboratories, Inc. * | $ | 7,498,988 | $ | — | $ | — | $ | 7,498,988 | ||||||||||||||||||||
Biotechnology - 0.2% | ||||||||||||||||||||||||||||||||
— | 6,660 | — | 6,660 | Celgene Corp. * | — | 315,884 | — | 315,884 | ||||||||||||||||||||||||
— | 3,660 | — | 3,660 | Gilead Sciences * | — | 216,526 | — | 216,526 | ||||||||||||||||||||||||
— | 532,409 | — | 532,409 | |||||||||||||||||||||||||||||
Broadcasting & Cable/Satellite TV - 2.1% | ||||||||||||||||||||||||||||||||
483,365 | — | — | 483,365 | XM Satellite Radio Holdings, Inc. * | 7,081,297 | 7,081,297 | ||||||||||||||||||||||||||
Commercial Services - 6.2% | ||||||||||||||||||||||||||||||||
— | 11,800 | — | 11,800 | Accenture Ltd. Bermuda | — | 334,176 | — | 334,176 | ||||||||||||||||||||||||
— | 7,850 | — | 7,850 | Automatic Data Processing | — | 355,998 | — | 355,998 | ||||||||||||||||||||||||
— | 8,700 | — | 8,700 | BISYS Group * | — | 119,190 | — | 119,190 | ||||||||||||||||||||||||
— | 5,450 | — | 5,450 | Check Free Corp. * | — | 270,102 | — | 270,102 | ||||||||||||||||||||||||
— | 6,540 | — | 6,540 | Cognizant Technologies * | — | 440,600 | — | 440,600 | ||||||||||||||||||||||||
— | 6,230 | — | 6,230 | DST Systems, Inc. * | — | 370,685 | — | 370,685 | ||||||||||||||||||||||||
— | 11,300 | — | 11,300 | First Data Corp. | — | 508,952 | — | 508,952 | ||||||||||||||||||||||||
183,300 | 4,100 | — | 187,400 | Iron Mountain, Inc. * | 6,851,754 | 153,258 | — | 7,005,012 | ||||||||||||||||||||||||
— | 15,914 | — | 15,914 | Identix, Inc. | — | 111,239 | — | 111,239 | ||||||||||||||||||||||||
— | 3,750 | — | 3,750 | Manpower, Inc. | — | 242,250 | — | 242,250 | ||||||||||||||||||||||||
— | 38,300 | — | 38,300 | Monster Worldwide * | — | 1,633,878 | — | 1,633,878 | ||||||||||||||||||||||||
184,970 | — | — | 184,970 | The McGraw-Hill Companies, Inc. | 9,291,043 | — | — | 9,291,043 | ||||||||||||||||||||||||
16,142,797 | 4,540,327 | — | 20,683,124 | |||||||||||||||||||||||||||||
Computer Hardware - 6.1% | ||||||||||||||||||||||||||||||||
— | 21,400 | — | 21,400 | Apple Computer Co., Inc. * | — | 1,222,368 | — | 1,222,368 | ||||||||||||||||||||||||
181,345 | — | — | 181,345 | Avocent Corp. * | 4,760,306 | — | — | 4,760,306 | ||||||||||||||||||||||||
— | 4,600 | — | 4,600 | Dell, Inc. * | — | 112,286 | — | 112,286 | ||||||||||||||||||||||||
924,760 | 121,405 | — | 1,046,165 | EMC Corp. * | 10,144,617 | 1,331,813 | — | 11,476,430 | ||||||||||||||||||||||||
— | 19,950 | — | 19,950 | Hewlett-Packard | — | 632,016 | — | 632,016 | ||||||||||||||||||||||||
— | 13,160 | — | 13,160 | Network Appliance, Inc. * | — | 464,548 | — | 464,548 | ||||||||||||||||||||||||
— | 32,920 | — | 32,920 | Qlogic Corp. * | — | 567,541 | — | 567,541 | ||||||||||||||||||||||||
— | 24,976 | — | 24,976 | Seagate Technology | — | 565,457 | — | 565,457 | ||||||||||||||||||||||||
— | 87,700 | — | 87,700 | Sun Microsystems * | — | 363,955 | — | 363,955 | ||||||||||||||||||||||||
— | 10,600 | — | 10,600 | Western Digital Corp. * | — | 209,986 | — | 209,986 | ||||||||||||||||||||||||
14,904,923 | 5,469,970 | — | 20,374,893 | |||||||||||||||||||||||||||||
Computer Services - 5.5% | ||||||||||||||||||||||||||||||||
149,020 | — | — | 149,020 | CheckFree Corp. * | 7,385,431 | — | — | 7,385,431 | ||||||||||||||||||||||||
243,890 | — | — | 243,890 | First Data Corp. | 10,984,806 | — | — | 10,984,806 | ||||||||||||||||||||||||
18,370,237 | — | — | 18,370,237 | |||||||||||||||||||||||||||||
Computer Software - 19.9% | ||||||||||||||||||||||||||||||||
1,037,880 | 12,300 | — | 1,050,180 | Activision, Inc. * | 11,811,074 | 139,974 | — | 11,951,048 | ||||||||||||||||||||||||
— | 33,033 | — | 33,033 | Adobe Systems, Inc. * | — | 1,002,882 | — | 1,002,882 | ||||||||||||||||||||||||
— | 36,171 | — | 36,171 | Amdocs * | — | 1,323,859 | — | 1,323,859 | ||||||||||||||||||||||||
— | 17,680 | — | 17,680 | Autodesk, Inc. * | — | 609,253 | — | 609,253 | ||||||||||||||||||||||||
— | 6,820 | — | 6,820 | Citrix Systems * | — | 273,755 | — | 273,755 | ||||||||||||||||||||||||
180,405 | — | — | 180,405 | Cogent, Inc. * (a) | 2,718,703 | — | — | 2,718,703 | ||||||||||||||||||||||||
147,370 | 6,420 | — | 153,790 | Cognos, Inc. * | 4,192,677 | 182,649 | — | 4,375,326 | ||||||||||||||||||||||||
— | 7,400 | — | 7,400 | Compuware Corp. * | — | 49,580 | — | 49,580 | ||||||||||||||||||||||||
267,513 | 7,900 | — | 275,413 | Electronic Arts, Inc. * | 11,513,760 | 340,016 | — | 11,853,776 | ||||||||||||||||||||||||
— | 11,860 | — | 11,860 | Mercury Interactive | — | 414,744 | — | 414,744 | ||||||||||||||||||||||||
439,340 | 132,670 | — | 572,010 | Microsoft Corp. | 10,236,622 | 3,091,211 | — | 13,327,833 | ||||||||||||||||||||||||
158,470 | 15,800 | — | 174,270 | NAVTEQ * | 7,080,440 | 705,944 | — | 7,786,384 | ||||||||||||||||||||||||
— | 101,360 | — | 101,360 | Oracle Corp. * | — | 1,468,706 | — | 1,468,706 | ||||||||||||||||||||||||
— | 23,130 | — | 23,130 | Red Hat * | — | 541,242 | — | 541,242 | ||||||||||||||||||||||||
269,981 | 5,940 | — | 275,921 | Salesforce.com, Inc. * | 7,197,693 | 158,360 | — | 7,356,053 | ||||||||||||||||||||||||
— | 11,900 | — | 11,900 | Shanda Interactive * | — | 154,224 | — | 154,224 | ||||||||||||||||||||||||
— | 65,460 | — | 65,460 | Symantec * | — | 1,017,248 | — | 1,017,248 | ||||||||||||||||||||||||
— | 170,000 | — | 170,000 | Tencent Holding Ltd. | — | 356,766 | — | 356,766 | ||||||||||||||||||||||||
— | 30,500 | — | 30,500 | Tibco Software, Inc. * | — | 215,025 | — | 215,025 | ||||||||||||||||||||||||
54,750,969 | 12,045,438 | — | 66,796,407 | |||||||||||||||||||||||||||||
Diversified Telecommunications - 0.1% | ||||||||||||||||||||||||||||||||
— | 33,600 | — | 33,600 | Qwest Communications International * | — | 271,824 | — | 271,824 | ||||||||||||||||||||||||
Electrical Equipment - 0.2% | ||||||||||||||||||||||||||||||||
— | 4,580 | — | 4,580 | Energy Conversion Devices * | — | 166,849 | — | 166,849 | ||||||||||||||||||||||||
— | 22,400 | — | 22,400 | Evergreen Solar, Inc. * | — | 290,752 | — | 290,752 | ||||||||||||||||||||||||
— | 4,660 | — | 4,660 | Suntech Power Holdings * | — | 131,645 | — | 131,645 | ||||||||||||||||||||||||
— | 589,246 | — | 589,246 | |||||||||||||||||||||||||||||
Electronic Equipment and Instruments - 0.8% | ||||||||||||||||||||||||||||||||
— | 200 | — | 200 | Agilent Technologies, Inc. * | — | 6,312 | — | 6,312 | ||||||||||||||||||||||||
— | 64,315 | — | 64,315 | Flextronics * | — | 683,025 | — | 683,025 | ||||||||||||||||||||||||
— | 64,206 | — | 64,206 | Hon Hai Precision | — | 396,615 | — | 396,615 | ||||||||||||||||||||||||
— | 8,600 | — | 8,600 | Jabil Circuit Inc. | — | 220,160 | — | 220,160 | ||||||||||||||||||||||||
— | 3,000 | — | 3,000 | Matsushita Electronic | — | 63,378 | — | 63,378 | ||||||||||||||||||||||||
— | 1,700 | — | 1,700 | Nintendo | — | 285,527 | — | 285,527 | ||||||||||||||||||||||||
— | 838 | — | 838 | Samsung Electronics KRW | — | 532,638 | — | 532,638 | ||||||||||||||||||||||||
— | 10,973 | — | 10,973 | Soitec | — | 324,528 | — | 324,528 | ||||||||||||||||||||||||
— | 2,000 | — | 2,000 | Sony Corp. | — | 88,352 | — | 88,352 | ||||||||||||||||||||||||
— | 2,600,535 | — | 2,600,535 | |||||||||||||||||||||||||||||
Energy Equipment & Services - 0.2% | ||||||||||||||||||||||||||||||||
— | 700 | — | 700 | Baker Hughes, Inc. | — | 57,295 | — | 57,295 | ||||||||||||||||||||||||
— | 1,120 | — | 1,120 | Cameron International * | — | 53,502 | — | 53,502 | ||||||||||||||||||||||||
— | 940 | — | 940 | Diamond Offshore Drilling | — | 78,894 | — | 78,894 | ||||||||||||||||||||||||
— | 650 | — | 650 | Halliburton Co. | — | 48,237 | — | 48,237 | ||||||||||||||||||||||||
— | 950 | — | 950 | National Oilwell Varco * | — | 60,154 | — | 60,154 | ||||||||||||||||||||||||
— | 2,200 | — | 2,200 | Schlumberger | — | 143,242 | — | 143,242 | ||||||||||||||||||||||||
— | 1,260 | — | 1,260 | Weatherford International * | — | 62,521 | — | 62,521 | ||||||||||||||||||||||||
— | 503,845 | — | 503,845 | |||||||||||||||||||||||||||||
Health Care Equipment & Supplies - 0.0% |
Shares | Description | Value | ||||||||||||||||||||||||||||||
AXA MM | AXA MM | |||||||||||||||||||||||||||||||
GS Tollkeeper | Enterprise | Pro Forma | GS Tollkeeper | Enterprise | Pro Forma | |||||||||||||||||||||||||||
Fund | Technology Fund | Adjustments | Combined Fund | Fund | Technology Fund | Adjustments | Combined Fund | |||||||||||||||||||||||||
— | 1,450 | — | 1,450 | Conor Medsystems, Inc. * | $ | — | $ | 40,006 | $ | — | $ | 40,006 | ||||||||||||||||||||
Health Care Technology - 0.2% | ||||||||||||||||||||||||||||||||
— | 8,610 | — | 8,610 | Cerner Corp. * | 319,517 | 319,517 | ||||||||||||||||||||||||||
— | 18,400 | — | 18,400 | Emdeon Corp. * | 228,344 | 228,344 | ||||||||||||||||||||||||||
— | 547,861 | — | 547,861 | |||||||||||||||||||||||||||||
Hotels Restaurants & Leisure - 0.1% | ||||||||||||||||||||||||||||||||
— | 4,470 | — | 4,470 | Ctrip.com International | — | 228,194 | — | 228,194 | ||||||||||||||||||||||||
Household Durables - 0.1% | ||||||||||||||||||||||||||||||||
— | 2,300 | — | 2,300 | Garmin | — | 242,512 | — | 242,512 | ||||||||||||||||||||||||
Internet & Online - 12.2% | ||||||||||||||||||||||||||||||||
296,960 | — | — | 296,960 | CNET Networks, Inc. * | 2,369,741 | — | — | 2,369,741 | ||||||||||||||||||||||||
— | 20,340 | — | 20,340 | EBay, Inc. * | — | 595,759 | — | 595,759 | ||||||||||||||||||||||||
33,560 | 5,385 | — | 38,945 | Google, Inc. * | 14,072,715 | 2,258,092 | — | 16,330,807 | ||||||||||||||||||||||||
— | 11,200 | — | 11,200 | Netease.com, Inc. * ADR | — | 250,096 | — | 250,096 | ||||||||||||||||||||||||
213,810 | — | — | 213,810 | Netflix, Inc. * (a) | 5,817,770 | — | — | 5,817,770 | ||||||||||||||||||||||||
— | 1,150 | — | 1,150 | Sina Corp. * | — | 28,727 | — | 28,727 | ||||||||||||||||||||||||
— | 58,405 | — | 58,405 | Verisign * | — | 1,353,244 | — | 1,353,244 | ||||||||||||||||||||||||
375,340 | 59,750 | — | 435,090 | Yahoo, Inc. * | 12,386,220 | 1,971,750 | — | 14,357,970 | ||||||||||||||||||||||||
— | 1 | — | 1 | Yahoo Japan | — | 530 | — | 530 | ||||||||||||||||||||||||
34,646,446 | 6,458,198 | — | 41,104,644 | |||||||||||||||||||||||||||||
Media - 0.1% | ||||||||||||||||||||||||||||||||
— | 3,950 | — | 3,950 | DreamWorks Animation * | — | 90,455 | — | 90,455 | ||||||||||||||||||||||||
— | 610 | — | 610 | Focus Media Holdings * ADR | — | 39,748 | — | 39,748 | ||||||||||||||||||||||||
— | 8,700 | — | 8,700 | XM Satellite Radio Holdings * | — | 127,455 | — | 127,455 | ||||||||||||||||||||||||
— | 257,658 | — | 257,658 | |||||||||||||||||||||||||||||
Movies and Entertainment - 1.0% | ||||||||||||||||||||||||||||||||
97,970 | — | — | 97,970 | Viacom, Inc. Class B * | 3,511,245 | — | — | 3,511,245 | ||||||||||||||||||||||||
Networking/Telecommunications Equipment - 8.6% | ||||||||||||||||||||||||||||||||
— | 13,800 | — | 13,800 | Arris Group, Inc. * | — | 181,056 | — | 181,056 | ||||||||||||||||||||||||
522,340 | 93,190 | — | 615,530 | Cisco Systems, Inc. * | 10,201,300 | 1,820,001 | — | 12,021,301 | ||||||||||||||||||||||||
— | 23,630 | — | 23,630 | Comverse Technology, Inc. * | — | 467,165 | — | 467,165 | ||||||||||||||||||||||||
— | 97,510 | — | 97,510 | Corning, Inc. * | — | 2,358,767 | — | 2,358,767 | ||||||||||||||||||||||||
— | 19,300 | — | 19,300 | Motorola, Inc. | — | 388,895 | — | 388,895 | ||||||||||||||||||||||||
— | 54,200 | — | 54,200 | Nokia Corp. ADR | — | 1,098,092 | — | 1,098,092 | ||||||||||||||||||||||||
— | 9,200 | — | 9,200 | Polycom, Inc. * | — | 201,664 | — | 201,664 | ||||||||||||||||||||||||
170,820 | 1,490 | — | 172,310 | Research In Motion Ltd. * | 11,918,112 | 103,957 | — | 12,022,069 | ||||||||||||||||||||||||
— | 40,900 | — | 40,900 | Sonus Networks, Inc. * | — | 202,455 | — | 202,455 | ||||||||||||||||||||||||
22,119,412 | 6,822,052 | — | 28,941,464 | |||||||||||||||||||||||||||||
Oil, Gas & Consumable Fuels - 0.0% | ||||||||||||||||||||||||||||||||
— | 1,260 | — | 1,260 | Valero Energy Corp. | — | 83,815 | — | 83,815 | ||||||||||||||||||||||||
Publishing - 3.1% | ||||||||||||||||||||||||||||||||
192,730 | — | — | 192,730 | Lamar Advertising Co. * | 10,380,438 | — | — | 10,380,438 | ||||||||||||||||||||||||
Semi-Capital - 8.0% | ||||||||||||||||||||||||||||||||
293,120 | — | — | 293,120 | Form Factor, Inc. * | 13,081,946 | — | — | 13,081,946 | ||||||||||||||||||||||||
504,550 | — | — | 504,550 | Tessera Technologies, Inc. * | 13,875,125 | — | — | 13,875,125 | ||||||||||||||||||||||||
26,957,071 | — | — | 26,957,071 | |||||||||||||||||||||||||||||
Semiconductors - 14.5% | ||||||||||||||||||||||||||||||||
— | 50,441 | — | 50,441 | Altera Corp. * | — | 885,240 | — | 885,240 | ||||||||||||||||||||||||
— | 90,100 | — | 90,100 | Applied Materials | — | 1,466,828 | — | 1,466,828 | ||||||||||||||||||||||||
— | 67,010 | — | 67,010 | ASML Holding * | — | 1,354,942 | — | 1,354,942 | ||||||||||||||||||||||||
— | 3,592 | — | 3,592 | Broadcom Corp. * Class A | — | 107,940 | — | 107,940 | ||||||||||||||||||||||||
390,280 | — | — | 390,280 | Linear Technology Corp. | 13,070,477 | — | — | 13,070,477 | ||||||||||||||||||||||||
— | 373,000 | (373,000 | ) | — | Chartered Semiconductor | — | 318,430 | (318,430 | ) | — | ||||||||||||||||||||||
— | 11,700 | — | 11,700 | Cypress Semiconductor * | — | 170,118 | — | 170,118 | ||||||||||||||||||||||||
— | 1,300 | — | 1,300 | Elpida Memory, Inc. | — | 48,900 | — | 48,900 | ||||||||||||||||||||||||
— | 6,730 | — | 6,730 | Fairchild Semiconductor * | — | 122,284 | — | 122,284 | ||||||||||||||||||||||||
— | 27,200 | — | 27,200 | Integrated Device * | — | 385,696 | — | 385,696 | ||||||||||||||||||||||||
— | 110,230 | — | 110,230 | Intel Corp. * | — | 2,088,859 | — | 2,088,859 | ||||||||||||||||||||||||
— | 7,400 | — | 7,400 | International Rectifier * | — | 289,192 | — | 289,192 | ||||||||||||||||||||||||
— | 9,100 | — | 9,100 | KLA Tencar Corp. | — | 378,287 | — | 378,287 | ||||||||||||||||||||||||
— | 11,250 | — | 11,250 | Lam Research Corp. * | — | 524,475 | — | 524,475 | ||||||||||||||||||||||||
126,430 | 26,720 | — | 153,150 | Marvell Technology Group Ltd. * | 5,604,642 | 1,184,498 | — | 6,789,140 | ||||||||||||||||||||||||
— | 3,900 | — | 3,900 | Memc Electronics * | — | 146,250 | — | 146,250 | ||||||||||||||||||||||||
— | 21,800 | — | 21,800 | Micron Technologies, Inc. | — | 328,308 | — | 328,308 | ||||||||||||||||||||||||
— | 19,400 | — | 19,400 | National Semiconductor | — | 462,690 | — | 462,690 | ||||||||||||||||||||||||
— | 27,000 | — | 27,000 | PMC Sierra, Inc. * | — | 253,800 | — | 253,800 | ||||||||||||||||||||||||
233,780 | 33,365 | — | 267,145 | QUALCOMM, Inc. | 9,367,565 | 1,336,936 | — | 10,704,501 | ||||||||||||||||||||||||
— | 2,874 | — | 2,874 | Samsung Electronics GDR | — | 913,367 | — | 913,367 | ||||||||||||||||||||||||
— | 147,109 | — | 147,109 | Taiwan Semiconductor | — | 1,350,461 | — | 1,350,461 | ||||||||||||||||||||||||
— | 24,275 | — | 24,275 | Texas Instruments | — | 735,290 | — | 735,290 | ||||||||||||||||||||||||
— | 8,300 | — | 8,300 | Trident Microsystems, Inc. * | — | 157,533 | — | 157,533 | ||||||||||||||||||||||||
240,160 | 25,829 | — | 265,989 | Xilinx, Inc. (a) | 5,439,624 | 585,027 | — | 6,024,651 | ||||||||||||||||||||||||
33,482,308 | 15,595,350 | (318,430 | ) | 48,759,228 | ||||||||||||||||||||||||||||
Telecommunications - 7.9% | ||||||||||||||||||||||||||||||||
403,310 | 40 | — | 403,350 | American Tower Corp. | 12,551,007 | 1,245 | — | 12,552,252 | ||||||||||||||||||||||||
— | 18,210 | — | 18,210 | China Mobile Ltd. ADR | — | 520,987 | — | 520,987 | ||||||||||||||||||||||||
— | 69,630 | — | 69,630 | Ciena Corp. | — | 334,920 | — | 334,920 | ||||||||||||||||||||||||
110,931 | — | — | 110,931 | Crown Castle International Corp. * | 3,831,557 | — | — | 3,831,557 | ||||||||||||||||||||||||
272,290 | — | — | 272,290 | NeuStar, Inc. * | 9,189,787 | — | — | 9,189,787 | ||||||||||||||||||||||||
— | 3,410 | — | 3,410 | NII Holdings, Inc. * Class B | — | 192,256 | — | 192,256 | ||||||||||||||||||||||||
25,572,351 | 1,049,408 | — | 26,621,759 | |||||||||||||||||||||||||||||
Shares | Description | Value | |||||||||||||||||||||||||||||||
AXA MM | AXA MM | ||||||||||||||||||||||||||||||||
GS Tollkeeper | Enterprise | Pro Forma | GS Tollkeeper | Enterprise | Pro Forma | ||||||||||||||||||||||||||||
Fund | Technology Fund | Adjustments | Combined Fund | Fund | Technology Fund | Adjustments | Combined Fund | ||||||||||||||||||||||||||
TOTAL COMMON STOCKS (Cost $256,116,502, $58,044,735, $0 and $314,161,237, respectively) | $ | 275,418,482 | $ | 57,878,648 | $ | (318,430 | ) | $ | 332,978,700 | ||||||||||||||||||||||||
Warrants - 0.1% | Expiration Month | ||||||||||||||||||||||||||||||||
2,900 | 2,900 | Hon Hai Precision Warrants | 11/17/2010 | — | 17,914 | — | 17,914 | ||||||||||||||||||||||||||
45,990 | 45,990 | Merrill Lynch Warrants | 2/19/2009 | — | 30,183 | — | 30,183 | ||||||||||||||||||||||||||
5,500 | 5,500 | Merrill Lynch Warrants | 2/8/2011 | — | 129,444 | — | 129,444 | ||||||||||||||||||||||||||
2,125 | 2,125 | MSDW Asia Securities Warrants | 9/12/2009 | — | 80,162 | — | 80,162 | ||||||||||||||||||||||||||
TOTAL WARRANTS (Cost $0, $228,867, $0 and $228,867, respectively) | $ | — | $ | 257,703 | $ | — | $ | 257,703 | |||||||||||||||||||||||||
Principal Amount | Interest Rate Maturity Date | Value | |||||||||||||||||||||||||||||||
Time Deposits - 0.6% | |||||||||||||||||||||||||||||||||
— | 2,014,974 | 2,014,974 | JP Morgan Chase Nassau | 2,014,974 | — | 2,014,974 | |||||||||||||||||||||||||||
TOTAL Time Deposits (Cost $0, $2,014,974, $0 and $2,014,974, respectively) | $ | — | $ | 2,014,974 | $ | — | $ | 2,014,974 | |||||||||||||||||||||||||
Options Purchased - 0.1% | |||||||||||||||||||||||||||||||||
Call Options Hewlett Packard Co. January-07 @ 25.00 | |||||||||||||||||||||||||||||||||
290 | Cost ($138,892) | — | 229,100 | 229,100 | |||||||||||||||||||||||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL (Cost $256,116,502, $60,288,576, $0 and $316,405,078, respectively) | $ | 275,418,482 | $ | 60,380,425 | $ | (318,430 | ) | $ | 335,480,477 | ||||||||||||||||||||||||
Shares | Description | Value | |||||||||||||||||||||||||||||||
Securities Lending Collateral - 3.7% | |||||||||||||||||||||||||||||||||
12,537,250 | — | — | 12,537,250 | Boston Global Investment Trust — Enhanced Portfolio | 12,537,250 | — | — | 12,537,250 | |||||||||||||||||||||||||
TOTAL SECURITIES LENDING COLLATERAL (Cost $12,537,250, $0, $0 and $12,537,250, respectively) | $ | 12,537,250 | $ | — | $ | — | $ | 12,537,250 | |||||||||||||||||||||||||
TOTAL INVESTMENTS (Cost $268,653,752, $60,288,572, $0 and $328,942,328, respectively - 103.7% | $ | 287,955,732 | $ | 60,380,425 | $ | (318,430 | ) | $ | 348,017,727 | ||||||||||||||||||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - -3.7% | (13,092,623 | ) | 490,180 | 318,430 | (12,284,013 | ) | |||||||||||||||||||||||||||
NET ASSETS - 100.0% | $ | 274,863,109 | $ | 60,870,605 | $ | 335,733,714 | |||||||||||||||||||||||||||
GDR — Global Depository Receipt L.C.
* Non-income producing security
Call Options | Exercise Rate | Number of Contracts | Expiration Month | Value | |||||||||||||
CTRIP.COM | $ | 55 | (22 | ) | September 2006 | $ | (5,940 | ) | |||||||||
(Premium Received $5,944) | $ | (5,940 | ) | ||||||||||||||
For the Goldman Sachs Tollkeeper Fund and the AXA Multimanager Technology Fund
June 30, 2006 (Unaudited)
AXA | ||||||||||||||||
Multimanager | ||||||||||||||||
Goldman Sachs | Technology | Pro Forma | ||||||||||||||
Tollkeeper Fund | Fund | Adjustments | Combined Fund | |||||||||||||
Assets: | ||||||||||||||||
Investments in securities, at value (identified cost $256,116,502, $58,412,494, $0 and $314,528,996, respectively) — (including $12,200,250 $0, $0, and $12,200,250 of securities on loan, respectively) | $ | 275,418,482 | $ | 58,365,451 | $ | (318,430 | )(a) | $ | 333,465,503 | |||||||
Investments in short term securities, at value (cost $0, $2,014,974, $0 and $2,014,974 respectively) | — | 2,014,974 | — | 2,014,974 | ||||||||||||
Securities Lending collateral, at value (cost $12,537,250, $0, $0, and $$12,537,250, respectively) | 12,537,250 | — | — | 12,537,250 | ||||||||||||
Cash | 154,638 | 56,286 | — | 210,924 | ||||||||||||
Foreign Currencies, at value (cost $0, $49,199, $0 and $49,199, respectively) | 49,132 | — | 49,132 | |||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold, at value | 481,522 | 879,537 | 318,430 | (a) | 1,679,489 | |||||||||||
Unrealized appreciation on foreign exchange | — | 252 | — | 252 | ||||||||||||
Fund shares sold | 114,088 | — | — | 114,088 | ||||||||||||
Dividends and interest, at value | 14,633 | 58,614 | — | 73,247 | ||||||||||||
Reimbursement from adviser | 23,752 | — | — | 23,752 | ||||||||||||
Securities lending income | 21,194 | — | — | 21,194 | ||||||||||||
Other assets | 2,831 | 253,363 | — | 2,831 | ||||||||||||
Total assets | 288,768,390 | 61,677,609 | — | 350,192,636 | ||||||||||||
Liabilities: | ||||||||||||||||
Payables: | ||||||||||||||||
Investment securities purchased | — | 540,112 | — | 540,112 | ||||||||||||
Payable upon return of securities loaned | 12,537,250 | — | — | 12,537,250 | ||||||||||||
Fund shares repurchased | 784,786 | 58,268 | — | 843,054 | ||||||||||||
Amounts owed to affiliates | 413,994 | — | — | 413,994 | ||||||||||||
Short positions, at value | — | 5,940 | — | 5,940 | ||||||||||||
Accrued expenses | 169,251 | 202,684 | — | 118,572 | ||||||||||||
Total liabilities | 13,905,281 | 807,004 | — | 14,458,922 | ||||||||||||
Net Assets: | ||||||||||||||||
Paid-in capital | 1,661,638,419 | 319,909,229 | — | 1,981,547,648 | ||||||||||||
Accumulated undistributed net investment income (loss) | (2,411,719 | ) | (790,548 | ) | — | (3,202,267 | ) | |||||||||
Accumulated net realized gain (loss) on investments | (1,403,665,571 | ) | (258,200,772 | ) | 26,178 | (a) | (1,661,840,165 | ) | ||||||||
Net unrealized gain on investments | 19,301,980 | (47,304 | ) | (26,178 | )(a) | 19,228,498 | ||||||||||
Net Assets | $ | 274,863,109 | $ | 60,870,605 | $ | — | $ | 335,733,714 | ||||||||
Net Assets: | ||||||||||||||||
Class A | $ | 112,256,248 | $ | 22,226,360 | $ | 1,085,734 | $ | 135,568,342 | ||||||||
Class B | 99,294,721 | 24,796,314 | — | 124,091,035 | ||||||||||||
Class C | 52,030,348 | 6,796,586 | — | 58,826,934 | ||||||||||||
Institutional/Class Y | 11,094,538 | 5,965,611 | — | 17,060,149 | ||||||||||||
Service/Class P | 187,254 | 1,085,734 | (1,085,734 | ) | 187,254 | |||||||||||
Shares Outstanding: | ||||||||||||||||
Class A | 14,216,975 | 2,363,504 | 451,409 | (b) | $ | 17,031,888 | ||||||||||
Class B | 13,233,652 | 2,715,862 | 588,904 | (b) | 16,538,418 | |||||||||||
Class C | 6,939,386 | 744,541 | 161,933 | (b) | 7,845,860 | |||||||||||
Institutional/Class Y | 1,366,790 | 626,813 | 108,120 | (b) | 2,101,723 | |||||||||||
Service/Class P | 23,812 | 114,948 | 23,118 | (b) | 161,878 | |||||||||||
Total shares outstanding, $0.001 par value (unlimited number of shares authorized) | 35,780,615 | 6,565,668 | 1,333,484 | (b) | 43,679,767 | |||||||||||
Net assets value, offering and redemption price per share:(c) | ||||||||||||||||
Class A | $ | 7.90 | 9.40 | $ | — | $ | 7.90 | |||||||||
Class B | 7.50 | 9.13 | — | 7.50 | ||||||||||||
Class C | 7.50 | 9.13 | — | 7.50 | ||||||||||||
Institutional/Class Y | 8.12 | 9.52 | — | 8.12 | ||||||||||||
Service/Class P | 7.86 | 9.45 | — | 7.86 | ||||||||||||
(a) | Adjustment to reflect proceeds on investments that do not meet GS Tollkeeper Fund’s investment criteria and are assumed to be sold at 6/30/06. | |
(b) | Adjustment to reflect reduction of shares based on Structured U.S. Equity Fund’s NAV. | |
(c) | Maximum public offering price per share for Class A Shares is $8.36, $9.87, $0 and $8.36 for the GS Tollkeeper fund, the AXA Multimanager Technology fund, respectively. | |
At redemption, Class B and Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current NAV or the original purchase price of the shares. |
For the Goldman Sachs Tollkeeper Fund and the AXA Multimanager Technology Fund
For the year ended June 30, 2006 (Unaudited)
AXA | ||||||||||||||||
Multimanager | ||||||||||||||||
Goldman Sachs | Technology | Pro Forma | ||||||||||||||
Tollkeeper Fund | Fund | Adjustments | Combined Fund | |||||||||||||
Investment Income: | ||||||||||||||||
Dividends (Net of foreign withholding tax of $0, $$4,023, $0 and $$4,023, respectively) | $ | 986,245 | $ | 298,891 | $ | — | $ | 1,285,136 | ||||||||
Interest (including securities lending income of $50,616, $0, $0 and $50,616, respectively) | 233,139 | 119,700 | — | 352,839 | ||||||||||||
Total income | 1,219,384 | 418,591 | — | 1,637,975 | ||||||||||||
Expenses: | ||||||||||||||||
Management fees | 3,259,134 | 845,480 | (195,274 | )(a) | 3,909,340 | |||||||||||
Administrative fees | — | 238,524 | (238,524 | )(b) | — | |||||||||||
Distribution and service fees | 2,190,773 | 453,594 | (45,170 | )(b) | 2,599,198 | |||||||||||
Transfer agent fees | 603,108 | 420,006 | (306,082 | )(b) | 717,032 | |||||||||||
Custody and accounting fees | 112,989 | 64,939 | (51,380 | )(b) | 126,548 | |||||||||||
Printing fees | 72,593 | 31,732 | (24,472 | )(b) | 79,853 | |||||||||||
Registration fees | 80,498 | 39,078 | (31,028 | )(b) | 88,548 | |||||||||||
Audit fees | 30,838 | 51,676 | (48,592 | )(b) | 33,922 | |||||||||||
Legal fees | 22,986 | 34,646 | (30,049 | )(b) | 27,583 | |||||||||||
Trustee fees | 15,868 | 13,962 | (13,962 | )(b) | 15,868 | |||||||||||
Service share fees | 659 | — | — | 659 | ||||||||||||
Other | 52,284 | 71,158 | (63,315 | )(b) | 60,127 | |||||||||||
Total expenses | 6,441,730 | 2,264,795 | (1,047,848 | ) | 7,658,677 | |||||||||||
Less — expense reductions | (182,182 | ) | (893,998 | ) | 489,392 | (c)(d) | (586,788 | ) | ||||||||
Net Expenses | 6,259,548 | 1,370,797 | (558,456 | ) | 7,071,889 | |||||||||||
Net Investment Income (loss) | (5,040,164 | ) | (952,206 | ) | 558,456 | (5,433,914 | ) | |||||||||
Realized and unrealized gain (loss) on investment and futures transactions: | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investment transactions | 7,580,604 | 12,630,092 | 213,913 | (d)(e) | 20,398,431 | |||||||||||
Options Written | — | 363,855 | — | 363,855 | ||||||||||||
Foreign currency related transactions | — | (21,382 | ) | — | (21,382 | ) | ||||||||||
Net change in unrealized gain (loss) on: | ||||||||||||||||
Investments | 4,722,429 | (2,612,247 | ) | — | 2,110,182 | |||||||||||
Options Written | — | 84,156 | (26,178 | )(e) | 84,156 | |||||||||||
Foreign currency related transactions | — | (21 | ) | — | (21 | ) | ||||||||||
Net realized and unrealized gain on investment and futures transactions | 12,303,033 | 10,444,453 | 187,735 | 22,935,221 | ||||||||||||
Net Increase in Net Assets Resulting from Operations | $ | 7,260,160 | $ | 9,492,247 | $ | 746,190 | $ | 17,096,769 | ||||||||
(a) | Adjustment to reduce management fee based on GS Tollkeeper Fund rates. | |
(b) | Adjustments to reflect the anticipated adjustment as a result of consolidation of transfer agent, printing, custody and accounting and other services. | |
(c) | Adjustment to reflect decrease in expense reduction based on GS Tollkeeper Fund current expense cap and waivers. | |
(d) | Adjustment reflects the difference in accounting treatment for Commission Recapture at June 30, 2006. | |
(e) | Adjustment to reflect proceeds on investments that do not meet GS Tollkeeper Fund's investment criteria and are assumed to be sold at 6/30/06. |
For the Twelve Months Ended June 30, 2006 (Unaudited)
Class A | Class B | Class C | Institutional | |||||||||||||
Shares Issued | 2,814,913 | 3,304,766 | 906,474 | 734,933 | ||||||||||||
Net Assets 06/30/2006 | $ | 22,226,360 | $ | 24,796,314 | $ | 6,796,586 | $ | 5,965,611 | ||||||||
Pro Forma Net Asset Value 06/30/2006 | $ | 7.90 | $ | 7.50 | $ | 7.50 | $ | 8.12 |
Capital Loss Carryforward* | The Portfolio | Tollkeeper Fund | ||||||
Expiring 2007 | $ | 262,559 | $ | — | ||||
Expiring 2008 | 7,945 | — | ||||||
Expiring 2009 | 48,249 | 775,761 | ||||||
Expiring 2010 | 102 | 476,361 | ||||||
Expiring 2011 | — | 137,998 | ||||||
Expiring 2012 | — | 1,146 | ||||||
Total | $ | 318,858 | $ | 1,391,266 | ||||
* | Expiration occurs on December 31 of the year indicated. As a consequence of the reorganization, utilization of these losses may be limited under the Internal Revenue Code. |
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Average Daily Net Assets | Annual Rate | |||
First $1 Billion | 1.00 | % | ||
Next $1 Billion | 0.90 | % | ||
Over $2 Billion | 0.86 | % | ||
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AXA Enterprise Growth Fund | Goldman Sachs Capital Growth Fund† | ||
Class A Shares | Class A Shares | ||
Class B Shares | Class B Shares | ||
Class C Shares | Class C Shares | ||
Class Y Shares | Institutional Shares |
† | It is also proposed that the AXA Enterprise Large Cap Growth Fund, a series of the AXA Enterprise Funds Trust, be reorganized into the Goldman Sachs Capital Growth Fund. A separate combined proxy statement/ prospectus is being mailed to the AXA Enterprise Large Cap Growth Fund shareholders. |
• | Similar Investment Objectives and Policies |
• | Same Aggregate Value of Shares |
• | Reasons for the Reorganization |
1. | Internet — Instructions for casting your vote via the Internet can be found in the enclosed proxy voting materials. The required control number is printed on your enclosed Proxy Ballot. If this feature is used, you are giving authorization for another person to execute your proxy and there is no need to mail the Proxy Ballot. | |
2. | Telephone — Instructions for casting your vote via telephone can be found in the enclosed proxy voting materials. The toll-free telephone number and required control number are printed on your enclosed Proxy Ballot. If this feature is used, you are giving authorization for another person to execute your proxy and there is no need to mail the Proxy Ballot. | |
3. | By mail — If you vote by mail, please indicate your voting instructions on the enclosed Proxy Ballot, date and sign the card, and return it in the envelope provided. The envelope is addressed for your convenience and needs no postage if mailed in the United States. |
Sincerely, | |
Steven M. Joenk | |
President |
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Q: | What are AXA Enterprise Fund shareholders being asked to vote upon? |
A: | AXA Enterprise Fund shareholders are being asked in the attached Proxy/ Prospectus to consider and approve an Agreement and Plan of Reorganization dated as of January , 2007 (the “Reorganization Agreement”) under which the AXA Enterprise Fund would reorganize into the GST Fund. |
Q: | Why has the reorganization of the AXA Enterprise Fund into the GST Fund been recommended? |
A: | The Enterprise Group Board of Directors (the “Enterprise Group Directors”) have determined that the reorganization of the AXA Enterprise Fund into the GST Fund is in the best interest of the shareholders of the AXA Enterprise Fund. At a meeting held on October 23, 2006, AXA Financial, Inc. and Enterprise Capital Management, Inc. (“ECM” and together with AXA Financial, Inc., “AXA”), the investment adviser to the AXA Enterprise Fund, informed the Enterprise Group Directors that AXA had entered into an agreement with Goldman Sachs Asset Management, L.P. (“GSAM”) under which GSAM would acquire certain assets associated with AXA’s retail mutual fund business. AXA also noted that, as part of this transaction, it was contemplated that the AXA Enterprise Fund would reorganize into a corresponding series of GST. AXA stated its belief that the reorganization of the AXA Enterprise Fund into the corresponding GST Fund is in the best interests of shareholders of the AXA Enterprise Fund and recommended that the Enterprise Group Directors approve the proposed reorganization. |
The Enterprise Group Directors reviewed and considered, with the assistance of independent legal counsel, a number of factors relating to GST, the GST Fund, GSAM, the investment adviser to the GST Fund and Goldman, Sachs & Co. The Enterprise Group Directors also considered that neither Enterprise Group nor GST will bear any direct fees or expenses in connection with the reorganization or any explicit brokerage commissions resulting from portfolio transactions executed on behalf of the AXA Enterprise Fund in preparation for, or immediately following, the reorganization. Under the Reorganization Agreement, which contemplates the reorganization of the AXA Enterprise Fund into the GST Fund, all of the fees, expenses and explicit brokerage commissions in connection with entering into and carrying out the transactions contemplated by the Reorganization Agreement whether or not the transactions contemplated are concluded will be paid by ECM (or an affiliate) or GSAM (or an affiliate).
Q: | What is the anticipated timing of the reorganization? |
A: | The Special Meeting of shareholders to consider the proposal is scheduled to occur on April 25, 2007. If all necessary approvals are obtained, the proposed reorganization will likely take place immediately before the opening of business on April 30, 2007. |
Q: | Who will receive the Proxy/ Prospectus material? |
A: | The Proxy/ Prospectus has been mailed to all persons and entities that held shares of record in the AXA Enterprise Fund on February 12, 2007. Please note that in some cases record ownership of and/or voting |
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authority over the AXA Enterprise Fund shares may reside with a fiduciary or other agent. In these cases, the fiduciary or other agent may receive the Proxy/ Prospectus. | |
Q: | How is the AXA Enterprise Fund proposed to be reorganized? |
A: | As you may know, Enterprise Group consists of two separate mutual funds, only one of which would be affected by the proposed reorganization. The Reorganization Agreement for the AXA Enterprise Fund that was approved by the Enterprise Group Directors contemplates the reorganization of the AXA Enterprise Fund into the GST Fund, which has a similar investment objective and policies. Under the Reorganization Agreement, the share classes listed below of the AXA Enterprise Fund will be reorganized into the corresponding share classes of the GST Fund. |
Enterprise Group Fund | GST Fund | ||
AXA Enterprise Growth Fund | Goldman Sachs Capital Growth Fund | ||
Class A Shares | Class A Shares | ||
Class B Shares | Class B Shares | ||
Class C Shares | Class C Shares | ||
Class Y Shares | Institutional Shares |
Q: | What are the key differences between my AXA Enterprise Fund and the corresponding GST Fund? |
A: | AXA Equitable has recommended the acquiring fund based on, among other factors, its evaluation of the compatibility of your fund’s investment objective and policies with those of the acquiring fund. There are, however, certain differences in investment objectives, principal investment policies and strategies, and principal risks between your fund and the acquiring fund. Please see the Proxy Statement/ Prospectus for more details on these differences, including comparative data on fees and performance. The following chart provides a brief summary of some of the more significant factors considered by your fund’s board. |
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AXA Enterprise Growth into Goldman Sachs Capital Growth Fund | • Each Fund seeks long-term growth of capital and invests primarily in equity securities of large-cap U.S. issuers. • The GST Fund is substantially larger than the AXA Enterprise Fund with net assets of approximately $1.7 billion versus $1.1 billion. • The net annual operating expense ratio of each class of shares of the GST Fund for the last fiscal year was lower than that of the corresponding class of shares of the AXA Enterprise Fund. |
Q: | What are the costs and federal tax implications to shareholders in connection with the proposed reorganization? |
A: | Neither Enterprise Group nor GST will bear any direct fees or expenses in connection with the reorganization or any explicit brokerage commissions resulting from portfolio transactions executed on behalf of the AXA Enterprise Fund in preparation for, or immediately following, the reorganization. Under the Reorganization Agreement, GSAM (or an affiliate) and ECM (or an affiliate) have agreed to pay all of the fees, expenses and explicit brokerage commissions in connection with entering into and carrying out the transactions contemplated by the Reorganization Agreement whether or not the transactions contemplated are concluded. No sales charge will be imposed on the shares of the GST Fund issued to you in the reorganization, which means that the aggregate value of the GST Fund shares issued to you will be equal to the aggregate value of the AXA Enterprise Fund shares that you own immediately prior to the reorganization. In addition, the reorganization is intended to be tax-free under federal tax law (however, there can be no assurance that the Internal Revenue Service will not adopt a contrary position). However, immediately prior to the reorganization, the AXA Enterprise Fund will declare and pay a final distribution to its shareholders of all of its investment company taxable income (and net tax-exempt income, if any) for taxable years ending on or before the effective time of the reorganization and all of its net capital gain, if any, recognized in those years. The sale of securities by the AXA Enterprise Fund prior to the reorganization, whether in the ordinary course of business or in anticipation of the reorganization, could increase the amount of the final distribution it makes before the reorganization. |
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ITEM 1. A proposal to approve an Agreement and Plan of Reorganization by and between Enterprise Group and the Goldman Sachs Trust (“GST”), which provides for and contemplates: (1) the transfer of substantially all of the assets of the AXA Enterprise Fund to the Goldman Sachs Capital Growth Fund of GST (the “GST Fund”) in exchange solely for shares of the designated classes of the GST Fund and its assumption of substantially all of the AXA Enterprise Fund’s liabilities; and (2) the distribution of those shares to the shareholders of AXA Enterprise Fund in liquidation thereof as described in the attached Combined Proxy Statement and Prospectus. |
By Order of the Board of Directors, | |
Patricia Louie | |
Secretary |
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• | To approve an Agreement and Plan of Reorganization dated as of January , 2007 (the “Reorganization Agreement”), by and between Enterprise Group and the Goldman Sachs Trust (“GST”), which provides for and contemplates: (1) the transfer of substantially all of the assets of that AXA Enterprise Fund to the Goldman Sachs Capital Growth Fund of GST (the “GST Fund”) in exchange solely for the shares of designated classes of the GST Fund and its assumption of substantially all of the AXA Enterprise Fund’s liabilities; and (2) the distribution of those shares to shareholders of the AXA Enterprise Fund in liquidation thereof. |
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APPENDIX A — Agreement and Plan of Reorganization | A-1 | ||||
APPENDIX B — Comparison of Other Investment Practices and Investment Securities of the AXA Enterprise Fund and the GST Fund | B-1 | ||||
APPENDIX C — Comparison of the Investment Restrictions of the AXA Enterprise Fund and the GST Fund | C-1 | ||||
APPENDIX D — Comparison of Shareholder Transactions and Services of the AXA Enterprise Fund and the GST Fund | D-1 |
AXA Enterprise Growth Fund | Goldman Sachs Capital Growth Fund† | |
Class A Shares | Class A Shares | |
Class B Shares | Class B Shares | |
Class C Shares | Class C Shares | |
Class Y Shares | Institutional Shares | |
† | It is also proposed that the AXA Enterprise Large Cap Growth Fund of the AXA Enterprise Funds Trust be reorganized into the Goldman Sachs Capital Growth Fund. A separate combined proxy statement/ prospectus is being mailed to shareholders of the AXA Enterprise Large Cap Growth Fund. |
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• | The acquisition of all of the assets of the AXA Enterprise Fund by the GST Fund and the assumption by the GST Fund of all of the liabilities (other than those liabilities specifically excluded under the Reorganization Agreement) of the AXA Enterprise Fund, in exchange for the number of shares of the corresponding classes of the GST Fund noted in the above chart having aggregate values equal to the net asset values of the shares of the AXA Enterprise Fund’s corresponding classes noted in the above chart as of the close of business on the business day immediately preceding the effective time of the Reorganization; | |
• | The distribution of the GST Fund’s Class A Shares, Class B Shares, Class C Shares and Institutional Shares to each holder of Class A Shares, Class B Shares, Class C Shares and Class Y Shares, respectively, of the AXA Enterprise Fund’s as of the effective time of the Reorganization; and | |
• | The complete liquidation of the AXA Enterprise Fund. |
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AXA Enterprise Growth Fund | Goldman Sachs Capital Growth Fund | |
Investment Objective | Investment Objective | |
Seeks capital appreciation. | Seeks long-term growth of capital. | |
Investment Policies | Investment Policies | |
Under normal circumstances, the Fund invests primarily in equity securities of U.S. large capitalization companies. For purposes of this Fund, large capitalization companies include those companies with market capitalization in excess of $5 billion at the time of investment. | The Fund invests, under normal circumstances, at least 90% of its total assets (not including securities lending collateral and any investment of that collateral) measured at the time of purchase (“Total Assets”) in equity investments. The Fund’s investment focus is on large-cap U.S. equity investments. | |
The Fund’s sub-adviser utilizes a “growth at a reasonable price” investment approach that combines growth and value style investing. This means that the Fund invests in the stocks of companies with long-term earnings potential, but which are currently selling at a discount to their estimated long-term value. | The Fund seeks to achieve its objective by investing in a diversified portfolio of equity investments that are considered by the adviser to have long-term capital appreciation potential. | |
The Fund intends to invest primarily in common stocks, but it may also invest in other securities that the sub-adviser believes will further the fund’s investment objective, such as preferred stocks, warrants and securities convertible into common stock. | The Fund’s equity investments may include common stocks, preferred stocks, convertible securities, warrants and other instruments that have economic characteristics similar to equity securities. | |
The Fund may invest up to 20% of its assets in foreign securities, including securities of companies based in developing countries. | The Fund may invest up to 25% of its Total Assets in foreign securities, including securities of issuers in emerging countries and securities quoted in foreign currencies. | |
The Fund also may invest in equity securities of small- and mid-capitalization companies. | The Fund may, to the extent consistent with its investment policies, invest in small- and mid-capitalization companies. | |
For temporary defensive purposes, the Fund may invest, without limit, in cash, money market instruments or high quality short-term debt securities, including repurchase agreements. | The Fund may, for temporary defensive purposes, invest 100% of its Total Assets in U.S. Government Securities; commercial paper rated at least A-2 by Standard & Poor’s Ratings Group (“Standard & Poor’s” or “S&P”), P-2 by Moody’s Investors Service, Inc. (“Moody’s”) or having a comparable rating by another nationally recognized statistical rating organization (“NRSRO”); certificates of deposit; bankers’ acceptances; repurchase agreements; and non-convertible preferred stocks and non-convertible corporate bonds with a remaining maturity of less than one year. | |
Investment Adviser | Investment Adviser | |
Enterprise Capital Management, Inc. (“ECM”) serves as the investment manager for the Fund. The day-to-day portfolio management of the Fund is provided by an investment sub-adviser selected by ECM. The Fund’s sub-adviser is Montag & Caldwell, Inc. | GSAM manages the Fund on a day-to-day basis and will continue to manage the Fund after the Reorganization. |
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AXA Enterprise Growth Fund | Goldman Sachs Capital Growth Fund | |||||||
Net Asset Value Risk | X | X | ||||||
Interest Rate Risk | X | |||||||
Credit/ Default Risk | X | |||||||
Stock Risk | X | X | ||||||
Derivatives Risk | X | |||||||
Management Risk | X | X | ||||||
Market Risk | X | X | ||||||
Liquidity Risk | X | |||||||
Investment Style Risk | X | X | ||||||
Mid-Capitalization Risk | X | |||||||
Foreign Risk | X | X | ||||||
Emerging Countries Risk | X | X | ||||||
Initial Public Offering Risk | X | |||||||
Small-Capitalization Risk | X | |||||||
Issuer-Specific Risk | X | X | ||||||
Sub-adviser Selection Risk | X | |||||||
Large-Capitalization Risk | X | X |
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Combined Fund Pro Forma | |||||||||||||||||||||||||||||||||||||||||||||||||
(AXA Enterprise Growth | |||||||||||||||||||||||||||||||||||||||||||||||||
Combined Fund Pro Forma | Fund + AXA Enterprise | ||||||||||||||||||||||||||||||||||||||||||||||||
AXA Enterprise Growth | Goldman Sachs Capital | (AXA Enterprise Growth | Large Cap Growth Fund + | ||||||||||||||||||||||||||||||||||||||||||||||
Fund | Growth Fund | Fund + GST Fund) | GST Fund) | ||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class A | Class B | Class C | Class A | Class B | Class C | Class A | Class B | Class C | ||||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | ||||||||||||||||||||||||||||||||||||||
Shareholder Fees | |||||||||||||||||||||||||||||||||||||||||||||||||
(fees paid directly from your investment): | |||||||||||||||||||||||||||||||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Purchases | 4.75% | 1 | None | None | 5.50% | 1 | None | None | 5.50% | 1 | None | None | 5.50% | 1 | None | None | |||||||||||||||||||||||||||||||||
Maximum Deferred Sales Charge (Load) 2 | None | 1 | 5.00% | 3 | 1.00% | 4 | None | 1 | 5.00% | 3 | 1.00% | 4 | None | 1 | 5.00% | 3 | 1.00% | 4 | None | 1 | 5.00% | 3 | 1.00% | 4 | |||||||||||||||||||||||||
Maximum Sales Charge (Load) Imposed on Reinvested Dividends | None | None | None | None | None | None | None | None | None | None | None | None | |||||||||||||||||||||||||||||||||||||
Redemption Fees | 2.00% | 5 | 2.00% | 5 | 2.00% | 5 | None | None | None | None | None | None | None | None | None | ||||||||||||||||||||||||||||||||||
Exchange Fees | None | None | None | None | None | None | None | None | None | None | None | None |
Combined Fund Pro Forma | |||||||||||||||||||||||||||||||||||||||||||||||||
(AXA Enterprise Growth | |||||||||||||||||||||||||||||||||||||||||||||||||
Combined Fund Pro Forma | Fund + AXA Enterprise | ||||||||||||||||||||||||||||||||||||||||||||||||
AXA Enterprise Growth | Goldman Sachs Capital | (AXA Enterprise Growth | Large Cap Growth Fund + | ||||||||||||||||||||||||||||||||||||||||||||||
Fund | Growth Fund | Fund + GST Fund) | GST Fund) | ||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class A | Class B | Class C | Class A | Class B | Class C | Class A | Class B | Class C | ||||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | ||||||||||||||||||||||||||||||||||||||
Annual Fund Operating Expenses | |||||||||||||||||||||||||||||||||||||||||||||||||
(expenses that are deducted from Fund assets): | |||||||||||||||||||||||||||||||||||||||||||||||||
Management Fees | 0.73% | 0.73% | 0.73% | 0.95% | 6 | 0.95% | 6 | 0.95% | 6 | 0.90% | 6 | 0.90% | 6 | 0.90% | 6 | 0.90% | 6 | 0.90% | 6 | 0.90% | 6 | ||||||||||||||||||||||||||||
Distribution and Service (12b-1) Fees | 0.45% | 1.00% | 1.00% | 0.25% | 1.00% | 1.00% | 0.25% | 1.00% | 1.00% | 0.25% | 1.00% | 1.00% | |||||||||||||||||||||||||||||||||||||
Other Expenses* | 0.45% | 0.45% | 0.45% | 0.24% | 7 | 0.24% | 7 | 0.24% | 7 | 0.22% | 7 | 0.22% | 7 | 0.22% | 7 | 0.22% | 7 | 0.22% | 7 | 0.22% | 7 | ||||||||||||||||||||||||||||
Total Fund Operating Expenses* | 1.63% | 8 | 2.18% | 8 | 2.18% | 8 | 1.44% | 2.19% | 2.19% | 1.37% | 2.12% | 2.12% | 1.37% | 2.12% | 2.12% |
* | The “Other Expenses” and “Total Fund Operating Expenses” (after any waivers and expense limitations) of the AXA Enterprise Fund, the GST Fund and the Combined Fund are as set forth below. |
Combined Fund Pro Forma | ||||||||||||||||||||||||||||||||||||||||||||||||
(AXA Enterprise Growth | ||||||||||||||||||||||||||||||||||||||||||||||||
Combined Fund Pro Forma | Fund + AXA Enterprise | |||||||||||||||||||||||||||||||||||||||||||||||
AXA Enterprise Growth | Goldman Sachs Capital | (AXA Enterprise Growth | Large Cap Growth Fund + | |||||||||||||||||||||||||||||||||||||||||||||
Fund | Growth Fund | Fund + GST Fund) | GST Fund) | |||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class C | Class A | Class B | Class C | Class A | Class B | Class C | Class A | Class B | Class C | |||||||||||||||||||||||||||||||||||||
Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | Shares | |||||||||||||||||||||||||||||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | ||||||||||||||||||||||||||||||||||||||||||||||||
Management Fees | 0.70% | 0.70% | 0.70% | 0.95% | 6 | 0.95% | 6 | 0.95% | 6 | 0.90% | 6 | 0.90% | 6 | 0.90% | 6 | 0.90% | 6 | 0.90% | 6 | 0.90% | 6 | |||||||||||||||||||||||||||
Distribution and Service (12b-1) Fees | 0.45% | 1.00% | 1.00% | 0.25% | 1.00% | 1.00% | 0.25% | 1.00% | 1.00% | 0.25% | 1.00% | 1.00% | ||||||||||||||||||||||||||||||||||||
Other Expenses | 0.45% | 0.45% | 0.45% | 0.19% | 7 | 0.19% | 7 | 0.19% | 7 | 0.19% | 7 | 0.19% | 7 | 0.19% | 7 | 0.19% | 7 | 0.19% | 7 | 0.19% | 7 | |||||||||||||||||||||||||||
Total Fund Operating Expenses (after current expense limitations) | 1.60% | 8 | 2.15% | 8 | 2.15% | 8 | 1.39% | 2.14% | 2.14% | 1.34% | 2.09% | 2.09% | 1.34% | 2.09% | 2.09% |
7
Combined Fund | |||||||||||||||||
Pro Forma (AXA | |||||||||||||||||
Enterprise Growth | |||||||||||||||||
Combined Fund | Fund + AXA | ||||||||||||||||
Goldman Sachs | Pro Forma (AXA | Enterprise Large | |||||||||||||||
AXA Enterprise | Capital Growth | Enterprise Growth | Cap Growth Fund | ||||||||||||||
Growth Fund | Fund | Fund + GST Fund) | + GST Fund) | ||||||||||||||
Class Y Shares | Institutional Shares | Institutional Shares | Institutional Shares | ||||||||||||||
Shareholder Fees | |||||||||||||||||
(fees paid directly from your investment): | |||||||||||||||||
Maximum Sales Charge (Load) Imposed on Purchases | None | None | None | None | |||||||||||||
Maximum Deferred Sales Charge (Load) | None | None | None | None | |||||||||||||
Maximum Sales Charge (Load) Imposed on Reinvested Dividends | None | None | None | None | |||||||||||||
Redemption Fees | 2.00% | 5 | None | None | None | ||||||||||||
Exchange Fees | None | None | None | None |
Combined Fund | |||||||||||||||||
Pro Forma (AXA | |||||||||||||||||
Enterprise Growth | |||||||||||||||||
Combined Fund | Fund + AXA | ||||||||||||||||
Goldman Sachs | Pro Forma (AXA | Enterprise Large | |||||||||||||||
AXA Enterprise | Capital Growth | Enterprise Growth | Cap Growth Fund | ||||||||||||||
Growth Fund | Fund | Fund + GST Fund) | + GST Fund) | ||||||||||||||
Class Y Shares | Institutional Shares | Institutional Shares | Institutional Shares | ||||||||||||||
Annual Fund Operating Expenses | |||||||||||||||||
(expenses that are deducted from Fund assets): | |||||||||||||||||
Management Fees | 0.73% | 0.95% | 6 | 0.90% | 6 | 0.90% | 6 | ||||||||||
Distribution and Service (12b-1) Fees | None | None | None | None | |||||||||||||
Other Expenses* | 0.45% | 0.09% | 7 | 0.07% | 7 | 0.07% | 7 | ||||||||||
Total Fund Operating Expenses* | 1.18% | 8 | 1.04% | 0.97% | 0.97% |
* | The “Other Expenses” and “Total Fund Operating Expenses” (after any waivers and expense limitations) of the AXA Enterprise Fund, the GST Fund and the Combined Fund are as set forth below. |
Combined Fund | ||||||||||||||||
Pro Forma (AXA | ||||||||||||||||
Enterprise Growth | ||||||||||||||||
Combined Fund | Fund + AXA | |||||||||||||||
Goldman Sachs | Pro Forma (AXA | Enterprise Large | ||||||||||||||
AXA Enterprise | Capital Growth | Enterprise Growth | Cap Growth Fund | |||||||||||||
Growth Fund | Fund | Fund + GST Fund) | + GST Fund) | |||||||||||||
Class Y Shares | Institutional Shares | Institutional Shares | Institutional Shares | |||||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets): | ||||||||||||||||
Management Fees | 0.70% | 0.95% | 6 | 0.90% | 6 | 0.90% | 6 | |||||||||
Distribution and Service (12b-1) Fees | None | None | None | None | ||||||||||||
Other Expenses | 0.45% | 0.04% | 7 | 0.04% | 7 | 0.04% | 7 | |||||||||
Total Fund Operating Expenses (after current expense limitations) | 1.15% | 8 | 0.99% | 0.94% | 0.94% |
8
1 | The maximum sales charge is a percentage of the offering price. This sales charge varies depending on how much you invest. Under certain circumstances, the maximum sales charge may be reduced or waived entirely. If you buy $1,000,000 or more ($100,000 or more for certain employee benefit plans and $500,000 or more for certain individual retirement accounts) of Class A Shares of the AXA Enterprise Fund at net asset value and redeem those shares within 12 months of the end of the calendar month of their purchase, a CDSC of 1.00% generally will apply to the redemptions of those shares. A CDSC of 1% is imposed on certain redemptions (within 18 months of purchase) of Class A Shares of a GST Fund sold without an initial sales charge as part of an investment of $1 million or more. |
2 | The maximum CDSC is a percentage of the lesser of the net asset value at the time of the redemption or the net asset value when the shares were originally purchased. |
3 | A CDSC is imposed upon Class B Shares of the AXA Enterprise Fund or GST Fund redeemed within six years of purchase at a rate of 5% in the first year, declining to 1% in the sixth year, and eliminated thereafter. Class B Shares of the AXA Enterprise Fund and GST Fund automatically convert to Class A Shares eight years after the end of the calendar month in which you purchased them and will be subject to lower expenses. |
4 | A CDSC of 1% is imposed on Class C Shares of the AXA Enterprise Fund or GST Fund redeemed within 12 months of purchase. |
5 | If you redeem or exchange shares of the AXA Enterprise Fund after holding them one month or less, a fee of 2.00% of the current net asset value of the shares being redeemed or exchanged generally will be assessed and retained by the AXA Enterprise Fund for the benefit of the remaining shareholders. |
6 | GSAM has entered into the following contractual fee reduction commitments for the GST Fund: |
Management Fee | Average Daily | |||||
GST Fund | Annual Rate | Net Assets | ||||
Capital Growth Fund | 1.00% | First $1 Billion | ||||
0.90% | Next $1 Billion | |||||
0.80% | Over $2 Billion |
Prior to this fee reduction commitment, the management fee for the GST Fund as an annual percentage rate of average daily net assets was 1.00%. |
7 | “Other Expenses” of the GST Fund include transfer agency fees and expenses equal on an annualized basis to 0.19% of the average daily net assets of the Fund’s Class A, B and C shares and 0.04% of the average daily net assets of the Institutional Shares, plus all other ordinary expenses not detailed above. GSAM has voluntarily agreed to reduce or limit “Other Expenses” (excluding management fees, distribution and service fees, transfer agency fees and expenses, taxes, interest, brokerage fees and litigation, indemnification, shareholder meeting and other extraordinary expenses) to 0.004% of the GST Fund’s average daily net assets These expense reductions may be terminated at any time at the option of GSAM. |
8 | Pursuant to an Expense Limitation Agreement, ECM and AXA Equitable Life Insurance Company (“AXA Equitable”), the accounting and compliance agent of the AXA Enterprise Fund, have agreed to make payments or waive its management, fund accounting and compliance fees and other fees to limit the expenses of the AXA Enterprise Fund through February 28, 2008 (unless the Enterprise Group Directors consent to an earlier revision or termination of this arrangement) so that the net annual fund operating expenses (as a percentage of average daily net assets) of the AXA Enterprise Fund (exclusive of taxes, interest, brokerage commissions, capitalized expenses, expenses of other investment companies in which the Fund invests and other extraordinary expenses) do not exceed 1.60% for Class A Shares, 2.15% for Class B and Class C Shares and 1.15% for Class Y Shares. ECM and AXA Equitable may be reimbursed the amount of any such payments and waivers in the future provided that the payments or waivers are reimbursed within three years of the payment or waiver being made and the combination of the AXA Enterprise Fund’s expense ratio and such reimbursements do not exceed the AXA Enterprise Fund’s expense cap. ECM and AXA Equitable may discontinue these arrangements at any time after February 28, 2008. |
A portion of the brokerage commissions that the AXA Enterprise Fund pays is used to reduce the Fund’s expenses. Including this reduction the Net Operating Expenses for the AXA Enterprise Fund for the twelve months ended August 31, 2006 was 1.59% for Class A Shares, 2.14% for Class B and Class C Shares and 1.14% for Class Y Shares. |
9
1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||
AXA Enterprise Growth Fund | ||||||||||||||||||
Class A Shares | $ | 630 | $ | 962 | $ | 1,316 | $ | 2,313 | ||||||||||
Class B Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 718 | $ | 1,079 | $ | 1,366 | $ | 2,371 | ||||||||||
- assuming no redemption | $ | 218 | $ | 679 | $ | 1,166 | $ | 2,371 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 318 | $ | 679 | $ | 1,166 | $ | 2,510 | ||||||||||
- assuming no redemption | $ | 218 | $ | 679 | $ | 1,166 | $ | 2,510 | ||||||||||
Class Y Shares | $ | 117 | $ | 372 | $ | 646 | $ | 1,429 | ||||||||||
Goldman Sachs Capital Growth Fund | ||||||||||||||||||
Class A Shares | $ | 689 | $ | 980 | $ | 1,294 | $ | 2,179 | ||||||||||
Class B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 722 | $ | 985 | $ | 1,375 | $ | 2,334 | ||||||||||
- assuming no redemption | $ | 222 | $ | 685 | $ | 1,175 | $ | 2,334 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 322 | $ | 685 | $ | 1,175 | $ | 2,524 | ||||||||||
- assuming no redemption | $ | 222 | $ | 685 | $ | 1,175 | $ | 2,524 | ||||||||||
Institutional Shares | $ | 106 | $ | 331 | $ | 574 | $ | 1,271 | ||||||||||
Combined Fund Pro forma (AXA Enterprise Growth Fund + GST Fund) | ||||||||||||||||||
Class A Shares | $ | 682 | $ | 960 | $ | 1,259 | $ | 2,106 | ||||||||||
Class B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 715 | $ | 964 | $ | 1,339 | $ | 2,261 | ||||||||||
- assuming no redemption | $ | 215 | $ | 664 | $ | 1,139 | $ | 2,261 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 315 | $ | 664 | $ | 1,139 | $ | 2,452 | ||||||||||
- assuming no redemption | $ | 215 | $ | 664 | $ | 1,139 | $ | 2,452 | ||||||||||
Institutional Shares | $ | 99 | $ | 309 | $ | 536 | $ | 1,190 |
10
1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||||
Combined Fund Pro forma (AXA Enterprise Growth Fund + AXA Enterprise Large Cap Growth Fund + GST Fund) | ||||||||||||||||||
Class A Shares | $ | 682 | $ | 960 | $ | 1,259 | $ | 2,106 | ||||||||||
Class B Shares1 | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 715 | $ | 964 | $ | 1,339 | $ | 2,261 | ||||||||||
- assuming no redemption | $ | 215 | $ | 664 | $ | 1,139 | $ | 2,261 | ||||||||||
Class C Shares | ||||||||||||||||||
- assuming complete redemption at end of period | $ | 315 | $ | 664 | $ | 1,139 | $ | 2,452 | ||||||||||
- assuming no redemption | $ | 215 | $ | 664 | $ | 1,139 | $ | 2,452 | ||||||||||
Institutional Shares | $ | 99 | $ | 309 | $ | 536 | $ | 1,190 |
1 | The Class B example for each Fund reflects the conversion of Class B Shares to Class A Shares after approximately eight years from the date of purchase of Class B Shares. |
11
10 Years | |||||||||||||
or Since | |||||||||||||
Average Annual Total Returns (For the periods ended December 31, 2006) | 1 Year | 5 Years | Inception | ||||||||||
Class A (inception 2/28/68) | |||||||||||||
Return Before Taxes | 2.37 | % | (0.12 | )% | 5.27 | % | |||||||
Return After Taxes on Distributions1 | 2.37 | % | (0.12 | )% | 4.78 | % | |||||||
Return After Taxes on Distributions and Sale of Fund Shares1 | 1.54 | % | (0.10 | )% | 4.47 | % | |||||||
Russell 1000 Growth Index2 | 9.07 | % | 2.69 | % | 5.44 | % | |||||||
Class B (inception 5/1/95) | |||||||||||||
Return Before Taxes | 1.92 | % | (0.10 | )% | 5.32 | % | |||||||
Russell 1000 Growth Index | 9.07 | % | 2.69 | % | 5.44 | % | |||||||
Class C (inception 5/1/97) | |||||||||||||
Return Before Taxes | 5.89 | % | 0.31 | % | 4.59 | % | |||||||
Russell 1000 Growth Index | 9.07 | % | 2.69 | % | 4.90 | % | |||||||
Class Y (inception 8/8/96) | |||||||||||||
Return Before Taxes | 7.98 | % | 1.31 | % | 6.30 | % | |||||||
Russell 1000 Growth Index | 9.07 | % | 2.69 | % | 5.44 | % | |||||||
10 Years | |||||||||||||
or Since | |||||||||||||
Average Annual Total Returns (For the periods ended December 31, 2006) | 1 Year | 5 Years | Inception | ||||||||||
Class A (inception 4/20/90) | |||||||||||||
Return Before Taxes | 8.17 | % | 2.24 | % | 7.25 | % | |||||||
Return After Taxes on Distributions1 | 2.21 | % | 1.09 | % | 5.73 | % | |||||||
Return After Taxes on Distributions and Sale of Fund Shares1 | 1.43 | % | 0.93 | % | 5.41 | % | |||||||
Russell 1000 Growth Index2 | 9.07 | % | 2.69 | % | 5.44 | % | |||||||
Class B (inception 5/1/96) | |||||||||||||
Return Before Taxes | 7.35 | % | 1.48 | % | 6.44 | % | |||||||
Russell 1000 Growth Index | 9.07 | % | 2.69 | % | 5.44 | % | |||||||
Class C (inception 8/15/97) | |||||||||||||
Return Before Taxes | 7.36 | % | 1.47 | % | 4.30 | % | |||||||
Russell 1000 Growth Index | 9.07 | % | 2.69 | % | 3.23 | % | |||||||
Institutional Class (inception 8/15/97) | |||||||||||||
Return Before Taxes | 8.62 | % | 2.66 | % | 5.48 | % | |||||||
Russell 1000 Growth Index | 9.07 | % | 2.69 | % | 3.23 | % | |||||||
12
1 | The after-tax returns are for Class A Shares only. The after-tax returns for Class B, Class C, Class Y and Institutional Class Shares will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. |
2 | The Russell 1000 Growth Index® is an unmanaged index of common stocks that measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The Index figures do not reflect any deduction for fees, expenses or taxes. |
AXA Enterprise Growth Fund | Goldman Sachs Capital Growth Fund | |||
Sales Charges and Distribution/ Service (Rule 12b-1) Fees | Class A Shares. Class A Shares are subject to a maximum front-end sales charge of 4.75%, which is reduced depending on the amount invested and, in certain circumstances, waived. There is no CDSC on redemptions of Class A Shares, except in certain circumstances when the front-end sales charge is waived. Class A Shares are subject to a Rule 12b-1 fee equal to an annual rate of 0.45% of the Fund’s average daily net assets attributable to Class A Shares. | Class A Shares. Class A Shares are subject to a maximum front-end sales charge of 5.50%, which is reduced depending on the amount invested and, in certain circumstances, waived. There is no CDSC on redemptions of Class A Shares, except in certain circumstances when the front-end sales charge is waived. Class A Shares are subject to a Rule 12b-1 fee equal to an annual rate of 0.25% of the Fund’s average daily net assets attributable to Class A Shares. | ||
Class B Shares. There is no front-end sales charge on Class B Shares. However, Class B Shares are subject to a CDSC of up to 5% on certain redemptions within 6 years of purchase. Class B Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class B Shares. Class B Shares convert to Class A Shares approximately 8 years after purchase. | Class B Shares. There is no front-end sales charge on Class B Shares. However, Class B Shares are subject to a CDSC of up to 5% on certain redemptions within 6 years of purchase. Class B Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class B Shares. Class B Shares convert to Class A Shares approximately 8 years after purchase. |
13
AXA Enterprise Growth Fund | Goldman Sachs Capital Growth Fund | |||
Class C Shares. There is no front-end sales charge on Class C Shares. However, Class C Shares are subject to a CDSC of 1% on certain redemptions within the first year of purchase. Class C Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class C Shares. | Class C Shares. There is no front-end sales charge on Class C Shares. However, Class C Shares are subject to a CDSC of 1% on certain redemptions within the first year of purchase. Class C Shares also are subject to a Rule 12b-1 fee equal to an annual rate of 1.00% of the Fund’s average daily net assets attributable to Class C Shares. | |||
Class Y Shares. Class Y Shares are not subject to any front-end sales charge, CDSC or Rule 12b-1 fees. | Institutional Shares. Institutional Shares are not subject to any front-end sales charge, CDSC or Rule 12b-1 fees. | |||
Purchase Policies | Investors can purchase shares of an AXA Enterprise Fund directly through the Fund’s principal underwriter, Enterprise Fund Distributors, Inc., or through an authorized dealer, subject to certain minimum investments and eligibility and other requirements. | Investors can purchase shares of a GST Fund directly from Goldman Sachs, through authorized dealers and directly from GST, subject to certain minimum investments and eligibility and other requirements. | ||
Exchange Policies | Shareholders can exchange shares of the AXA Enterprise Fund at net asset value without the imposition of any front-end sales charge or CDSC at the time of the exchange for shares of the same class of another AXA Enterprise Fund. Redemption of shares (including by exchange) that are held for one month or less may, however, be subject to a redemption fee. | Shareholders can exchange shares of a GST Fund at net asset value without the imposition of any front-end sales charge or CDSC at the time of the exchange for shares of the same class of another Goldman Sachs Fund. Redemption of shares (including by exchange) that are held for 30 or 60 calendar days or less may, however, be subject to a redemption fee. | ||
Redemption Policies | Shareholders can sell (redeem) some or all their shares. Generally, the AXA Enterprise Fund will redeem its shares upon request on any business day at the net asset value next determined after receipt of such request in proper form, subject to any applicable CDSC or redemption fee. Shareholders may request that redemption proceeds be sent by check or wire. Redemptions may be requested in writing or by telephone. | Shareholders can sell (redeem) some or all their shares. Generally, the GST Fund will redeem its shares upon request on any business day at the net asset value next determined after receipt of such request in proper form, subject to any applicable CDSC or redemption fee. Shareholders may request that redemption proceeds be sent by check or wire. Redemptions may be requested in writing or by telephone. | ||
Redemption Fees | There is a 2% redemption fee assessed on certain redemptions of shares (including by exchange) within one month after purchase. | The Fund does not impose any redemption fees. |
14
Pro forma | ||||||||||||||
AXA Enterprise | Goldman Sachs | Pro forma | Combined Fund | |||||||||||
Large Cap | AXA Enterprise | Capital Growth | Combined Fund | (Fund A + | ||||||||||
Growth Fund | Growth Fund | Fund* | Pro forma | (Fund A + | Pro forma | Fund B + | ||||||||
(Fund A) | (Fund B) | (Fund C) | Adjustments | Fund C) | Adjustments | Fund C) | ||||||||
Net Assets: | $29,990 | $709,068 | $1,289,843 | $0 | $1,319,833 | $0 | $2,028,901 | |||||||
(Class A Shares) | (Class A Shares) | (Class A Shares) | (Class A Shares) | (Class A Shares) | ||||||||||
$36,171 | $220,298 | $96,106 | $0 | $132,277 | $0 | $352,575 | ||||||||
(Class B Shares) | (Class B Shares) | (Class B Shares) | (Class B Shares) | (Class B Shares) | ||||||||||
$12,019 | $132,176 | $68,528 | $0 | $80,547 | $0 | $212,723 | ||||||||
(Class C Shares) | (Class C Shares) | (Class C Shares) | (Class C Shares) | (Class C Shares) | ||||||||||
$1,530 | $45,374 | $272,295 | $0 | $273,825 | $0 | $319,199 | ||||||||
(Class Y Shares) | (Class Y Shares) | (Institutional Shares) | (Institutional Shares) | (Institutional Shares) | ||||||||||
Net Asset Value Per Share: | $10.67 | $17.21 | $20.62 | $(10.67) | $20.62 | $(27.88) | $20.62 | |||||||
(Class A Shares) | (Class A Shares) | (Class A Shares) | (Class A Shares) | (Class A Shares) | ||||||||||
$10.46 | $16.07 | $19.03 | $(10.46) | $19.03 | $(26.53) | $19.03 | ||||||||
(Class B Shares) | (Class B Shares) | (Class B Shares) | (Class B Shares) | (Class B Shares) | ||||||||||
$10.45 | $16.29 | $18.99 | $(10.45) | $18.99 | $(26.74) | $18.99 | ||||||||
(Class C Shares) | (Class C Shares) | (Class C Shares) | (Class C Shares) | (Class C Shares) | ||||||||||
$10.79 | $18.16 | $21.24 | $(10.79) | $21.24 | $(28.95) | $21.24 | ||||||||
(Class Y Shares) | (Class Y Shares) | (Institutional Shares) | (Institutional Shares) | (Institutional Shares) | ||||||||||
Shares Outstanding: | 2,811 | 41,200 | 62,543 | (1,356) | 63,998 | (8,174) | 98,380 | |||||||
(Class A Shares) | (Class A Shares) | (Class A Shares) | (Class A Shares) | (Class A Shares) | ||||||||||
3,459 | 13,712 | 5,051 | (1,557) | 6,953 | (3,690) | 18,532 | ||||||||
(Class B Shares) | (Class B Shares) | (Class B Shares) | (Class B Shares) | (Class B Shares) | ||||||||||
1,150 | 8,113 | 3,608 | (517) | 4,241 | (1,671) | 11,200 | ||||||||
(Class C Shares) | (Class C Shares) | (Class C Shares) | (Class C Shares) | (Class C Shares) | ||||||||||
142 | 2,499 | 12,821 | (70) | 12,893 | (433) | 15,029 | ||||||||
(Class Y Shares) | (Class Y Shares) | (Institutional Shares) | (Institutional Shares) | (Institutional Shares) |
* | The Goldman Sachs Capital Growth Fund will be the accounting survivor for financial statement purposes. |
15
Principal Investment Risk | Funds Denoting Risk as a Principal Risk | |
Net Asset Value Risk — The risk that the net asset value of a Fund and the value of your investment will fluctuate. | GST Fund AXA Enterprise Fund | |
Stock Risk — The risk that stock prices have historically risen and fallen in periodic cycles. The value of such securities will change based on changes in a company’s financial condition and in overall market and economic conditions. In recent years, U.S. and foreign stock markets have experienced substantial price volatility. | GST Fund AXA Enterprise Fund | |
Management Risk — The risk that a strategy used by the Fund’s investment adviser or sub-adviser may fail to produce the intended results. | GST Fund AXA Enterprise Fund | |
Market Risk — The risk that the value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular industry sectors and/or general economic conditions. Price changes may be temporary or last for extended periods. A Fund’s investments may be overweighted from time to time in one or more industry sectors, which will increase the Fund’s exposure to risk of loss from adverse developments affecting those sectors. | GST Fund AXA Enterprise Fund | |
Interest Rate Risk — The risk that when interest rates increase, securities held by a fund will decline in value. Long-term fixed-income securities will normally have more price volatility because of this risk than short-term fixed-income securities. | GST Fund |
16
Principal Investment Risk | Funds Denoting Risk as a Principal Risk | |
Credit/Default Risk — The risk that an issuer or guarantor of a security or of a fixed-income security held by a Fund may default on its obligation to pay interest and repay principal. | GST Fund | |
Derivatives Risk — The risk that loss may result from a Fund’s investments in options, futures, swaps, structured securities and other derivative instruments. These instruments may be leveraged so that small changes may produce disproportionate losses to a Fund. | GST Fund | |
Liquidity Risk — The risk that a Fund will not be able to pay redemption proceeds within the time period stated in its prospectus because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. Funds that invest in small and mid-capitalization stocks, real estate investment trusts, and emerging country issuers will be especially subject to the risk that during certain periods the liquidity of particular issuers or industries, or all securities within particular investment categories, will shrink or disappear suddenly and without warning as a result of adverse economic, market or political events, or adverse investor perceptions whether or not accurate. | GST Fund | |
Investment Style Risk — Different investment styles tend to shift in and out of favor depending upon market and economic conditions as well as investor sentiment. A Fund may outperform or underperform other funds that employ a different investment style. Examples of different investment styles include growth and value investing. Growth stocks may be more volatile than other stocks because they are more sensitive to investor perceptions of the issuing company’s growth of earnings potential. Growth companies are often expected by investors to increase their earnings at a certain rate. When these expectations are not met, investors can punish the stock inordinately even if earnings showed an absolute increase. Also, since growth companies usually invest a high portion of earnings in their business, growth stocks may lack the dividends of some value stocks that can cushion stock prices in a falling market. Growth oriented funds will typically underperform when value investing is in favor. Value stocks are those that are undervalued in comparison to their peers due to adverse business developments or other factors. | GST Fund AXA Enterprise Fund |
17
Principal Investment Risk | Funds Denoting Risk as a Principal Risk | |
Foreign Risk — The risk that when a Fund invests in foreign securities, it will be subject to risk of loss not typically associated with domestic issuers. Loss may result because of less foreign government regulation, less public information and less economic, political and social stability. Loss may also result from the imposition of exchange controls, confiscations and other government restrictions. A Fund will also be subject to the risk of negative foreign currency rate fluctuations. Foreign risks will normally be greatest when a Fund invests in issuers located in emerging countries. | GST Fund AXA Enterprise Fund | |
Emerging Countries Risk — The securities markets of Asian, Latin, Central and South American, Eastern European, Middle Eastern, African and other emerging countries are less liquid, are especially subject to greater price volatility, have smaller market capitalizations, have less government regulation and are not subject to as extensive and frequent accounting, financial and other reporting requirements as the securities markets of more developed countries. Further, investment in equity securities of issuers located in certain emerging countries involves risk of loss resulting from problems in share registration and custody and substantial economic and political disruptions. These risks are not normally associated with investments in more developed countries. | GST Fund AXA Enterprise Fund | |
Initial Public Offering (“IPO”) Risk — The risk that the market value of IPO shares will fluctuate considerably due to factors such as the absence of a prior public market, unseasoned trading, the small number of shares available for trading and limited information about the issuer. The purchase of IPO shares may involve high transaction costs. IPO shares are subject to market risk and liquidity risk. When a Fund’s asset base is small, a significant portion of the Fund’s performance could be attributable to investments in IPOs, because such investments would have a magnified impact on the Fund. As the Fund’s assets grow, the effect of the Fund’s investments in IPOs on the Fund’s performance probably will decline, which could reduce the Fund’s performance. | GST Fund | |
Issuer-Specific Risk — The value of an individual security or particular type of security can be more volatile than the market as a whole and can perform differently from the market as a whole. The Fund could lose all of its investment in a company’s securities. | GST Fund AXA Enterprise Fund | |
Large-Capitalization Risk — Larger more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Many larger companies also may not be able to attain the high growth rate of successful smaller companies, especially during extended period of economic expansion. | GST Fund AXA Enterprise Fund |
18
Principal Investment Risk | Funds Denoting Risk as a Principal Risk | |
Small- and Mid-Capitalization Risk — Risk is greater for the securities of small- and mid-capitalization companies because they generally are more vulnerable than larger companies to adverse business or economic developments and they may have more limited resources. The securities of small- and mid-capitalization companies also may trade less frequently and in smaller volume than larger companies. As a result, the value of such securities may be more volatile than the securities of larger companies, and the fund may experience difficulty in purchasing or selling such securities at the desired time and price. In general, these risks are greater for small-capitalization companies than for mid-capitalization companies. | AXA Enterprise Fund | |
Sub-adviser Selection Risk — The risk that the process for selecting or replacing a sub-adviser and the decision to select or replace a sub-adviser does not produce the intended result. | AXA Enterprise Fund |
19
20
• | The Reorganization will enable shareholders of the AXA Enterprise Fund to continue their investment in a GST Fund that has similar investment objectives, policies and risks as the AXA Enterprise Fund and which is part of a substantially larger, more diversified family of funds with increased potential for asset growth and the benefits of that growth resulting from economies of scale and greater portfolio diversification. | |
• | GSAM has substantial experience, qualifications and capabilities in managing mutual funds with similar investment objectives and policies as the AXA Enterprise Fund. | |
• | The historical investment performance record of the GST Fund for the periods reviewed generally compared reasonably to that of the AXA Enterprise Fund, although there is no guarantee or assurance as to the future performance of the GST Fund. | |
• | The net annual operating expense ratio of each class of shares of the GST Fund after the Reorganization is expected to be lower than that of the corresponding class of shares of the corresponding AXA Enterprise Fund. | |
• | The distribution and shareholder servicing arrangements compare favorably to those of the AXA Enterprise Fund. In addition, as a result of the Reorganizations, each shareholder of the AXA Enterprise Fund would receive shares of a corresponding class of the corresponding GST Fund that has a similar sales charge and Rule 12b-1 fee structure. Although the Class A Shares of the GST Fund generally have a higher front-end sales load than Class A Shares of the AXA Enterprise Fund, the ongoing Rule 12b-1 fee for Class A Shares of the GST Fund is lower than that of the AXA Enterprise Fund. | |
• | As a result of the Reorganization, each shareholder of the AXA Enterprise Fund would hold, immediately after the Reorganization, shares of the corresponding class of the GST Fund having an aggregate value equal to the aggregate value of those AXA Enterprise Fund Shares held immediately before the Effective Time of the Reorganization. |
21
• | Goldman Sachs has substantial distribution capabilities for the GST Fund, which is reasonably likely to lead to future growth of the GST Fund. | |
• | The Reorganization is expected to be tax-free for the AXA Enterprise Fund and its shareholders. | |
• | The AXA Enterprise Fund would not bear any of the expenses of the proposed Reorganization. |
AXA Enterprise Fund | GST Fund | |
AXA Enterprise Growth Fund Class A Shares Class B Shares Class C Shares Class Y Shares | Goldman Sachs Capital Growth Fund† Class A Shares Class B Shares Class C Shares Institutional Shares |
† | It is also proposed that the AXA Enterprise Large Cap Growth Fund of the AXA Enterprise Funds Trust be reorganized into the Goldman Sachs Capital Growth Fund. A separate proxy statement/ prospectus is being mailed to shareholders of the AXA Enterprise Large Cap Growth Fund shareholders. |
22
23
(1) | the Reorganization will constitute a “reorganization” within the meaning of Section 368(a) of the Code, and the GST Fund and AXA Enterprise Fund will be a “party to a reorganization” within the meaning of Section 368(b) of the Code; |
(2) | the AXA Enterprise Fund will recognize no gain or loss (a) upon the transfer of its assets to the GST Fund in exchange for GST Fund shares and the assumption of the liabilities of the AXA Enterprise Fund, and (b) upon the distribution of those shares to the shareholders of the AXA Enterprise Fund; |
(3) | the GST Fund will recognize no gain or loss upon the receipt of the assets of the AXA Enterprise Fund in exchange for shares of such GST Fund and the assumption of the liabilities of the AXA Enterprise Fund; |
(4) | the tax basis in the hands of the GST Fund of each asset of the AXA Enterprise Fund transferred to such GST Fund in the Reorganization will be the same as the basis of that asset in the hands of the AXA Enterprise Fund immediately before the transfer; |
(5) | the holding period of each asset of the AXA Enterprise Fund in the hands of the GST Fund will include the period during which that asset was held by the AXA Enterprise Fund; |
24
(6) | the shareholders of the AXA Enterprise Fund will recognize no gain or loss upon their receipt of shares of the GST Fund; |
(7) | the aggregate tax basis of the GST Fund shares received by each shareholder of the AXA Enterprise Fund will equal the aggregate tax basis of the AXA Enterprise Fund shares surrendered in exchange therefor; |
(8) | the holding period of the GST Fund shares received by the AXA Enterprise Fund shareholder will include the holding period of the AXA Enterprise Fund shares surrendered in exchange therefor, provided that the AXA Enterprise Fund shares are held by that shareholder as capital assets on the date of the exchange; and |
(9) | the GST Fund will succeed to and take into account the tax attributes of the AXA Enterprise Fund described in Section 381(c) of the Code, subject to the conditions and limitations specified in Sections 381, 382, 383 and 384 of the Code and the Treasury Regulations thereunder. |
25
26
27
28
Advisory Fees | Advisory Fees | |||||||||||
Before/After | Before/After | |||||||||||
AXA Enterprise Fund | Waivers | GST Fund | Waivers | |||||||||
AXA Enterprise Growth Fund* | 0.730%/0.730% 1 | Goldman Sachs Capital Growth Fund | 1.00%/0.95%2 |
* | Includes Sub-Advisory Fee. |
1 | The AXA Enterprise Fund is charged investment advisory fees by ECM for furnishing advisory and certain administrative services. The advisory fees are equal to the following annual percentages of average daily net assets of the AXA Enterprise Fund: |
Fund | First $1 billion | Next $1 billion | Next $3 billion | Next $5 billion | Thereafter | |||||||||||||||
AXA Enterprise Fund | 0.730 | % | 0.705 | % | 0.680 | % | 0.655 | % | 0.630 | % |
2 | GSAM is entitled to the following fees, computed daily and payable monthly at the annual rates listed below (as a percentage of the average daily net assets of the GST Fund): |
Over $1 billion | ||||||||||||
Fund | First $1 billion | up to $2 billion | Over $2 billion | |||||||||
GST Fund | 1.00 | % | 0.90 | % | 0.80 | % |
Enterprise Group | GST | |||
Distributor | AXA Enterprise Fund Distributors, Inc. | Goldman, Sachs & Co. | ||
Administrator | AXA Equitable | GSAM* | ||
Transfer Agent and Dividend Disbursing Agent | Boston Financial Data Services, Inc. | Goldman, Sachs & Co. | ||
Custodian | JPMorgan Chase Bank | State Street Bank & Trust Company | ||
Independent Registered Public Accounting Firm | PricewaterhouseCoopers LLP | PricewaterhouseCoopers LLP |
* | GSAM provides administrative services to GST Fund as part of its advisory services for GST Fund. |
29
30
31
Income (Loss) From | Distributions | |||||||||||||||||||||||
Investment Operations | to Shareholders | |||||||||||||||||||||||
Net Asset | ||||||||||||||||||||||||
Value, | Net | Net Realized | Total from | From Net | From Net | |||||||||||||||||||
Beginning | Investment | and Unrealized | Investment | Investment | Realized | |||||||||||||||||||
Year - Share Class | of Year | Income (Loss)(a) | Gain (Loss) | Operations | Income | Gains | ||||||||||||||||||
For the Years Ended August 31, | ||||||||||||||||||||||||
2006 - A | $ | 20.06 | $ | (0.08 | ) | $ | 0.65 | $ | 0.57 | $ | (0.01 | ) | $ | — | ||||||||||
2006 - B | 18.63 | (0.22 | ) | 0.62 | 0.40 | — | — | |||||||||||||||||
2006 - C | 18.60 | (0.22 | ) | 0.61 | 0.39 | — | — | |||||||||||||||||
2006 - Institutional | 20.65 | — | 0.68 | 0.68 | (0.09 | ) | — | |||||||||||||||||
2005 - A | 18.31 | 0.05 | (d) | 1.70 | (e) | 1.75 | — | — | ||||||||||||||||
2005 - B | 17.13 | (0.09 | )(d) | 1.59 | (e) | 1.50 | — | — | ||||||||||||||||
2005 - C | 17.10 | (0.09 | )(d) | 1.59 | (e) | 1.50 | — | — | ||||||||||||||||
2005 - Institutional | 18.77 | 0.13 | (d) | 1.75 | (e) | 1.88 | — | — | ||||||||||||||||
2004 - A | 17.07 | (0.05 | ) | 1.29 | 1.24 | — | — | |||||||||||||||||
2004 - B | 16.09 | (0.17 | ) | 1.21 | 1.04 | — | — | |||||||||||||||||
2004 - C | 16.07 | (0.17 | ) | 1.20 | 1.03 | — | — | |||||||||||||||||
2004 - Institutional | 17.44 | 0.03 | 1.30 | 1.33 | — | — | ||||||||||||||||||
2003 - A | 15.44 | — | (c) | 1.63 | 1.63 | — | — | |||||||||||||||||
2003 - B | 14.66 | (0.11 | ) | 1.54 | 1.43 | — | — | |||||||||||||||||
2003 - C | 14.64 | (0.11 | ) | 1.54 | 1.43 | — | — | |||||||||||||||||
2003 - Institutional | 15.71 | 0.06 | 1.67 | 1.73 | — | — | ||||||||||||||||||
2002 - A | 19.76 | (0.05 | ) | (4.24 | ) | (4.29 | ) | — | (0.03 | ) | ||||||||||||||
2002 - B | 18.90 | (0.18 | ) | (4.03 | ) | (4.21 | ) | — | (0.03 | ) | ||||||||||||||
2002 - C | 18.88 | (0.18 | ) | (4.03 | ) | (4.21 | ) | — | (0.03 | ) | ||||||||||||||
2002 - Institutional | 20.02 | 0.02 | (4.30 | ) | (4.28 | ) | — | (0.03 | ) | |||||||||||||||
(a) | Calculated based on the average shares outstanding methodology. | |
(b) | Assumes investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges. Total return would be reduced if a sales or redemption charge were taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. | |
(c) | Amount is less than $0.005 per share. | |
(d) | Reflects income recognized from special dividends which amounted to $0.11 per share and 0.56% of average net assets. | |
(e) | Reflects an increase of $0.01 due to payments by affiliates during the period to reimburse certain security claims. |
32
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 | Wear | to Average | to Average | to Average | to Average | Turnover | |||||||||||||||||||||||||
of Year | Return(b) | (in 000s) | Net Assets | Net Assets | Net Assets | Net Assets | Rate | |||||||||||||||||||||||||
$ | 20.62 | 2.86 | % | $ | 1,289,843 | 1.39 | % | (0.41 | )% | 1.44 | % | (0.45 | )% | 51 | % | |||||||||||||||||
19.03 | 2.15 | 96,106 | 2.14 | (1.16 | ) | 2.19 | (1.21 | ) | 51 | |||||||||||||||||||||||
18.99 | 2.10 | 68,528 | 2.14 | (1.16 | ) | 2.19 | (1.21 | ) | 51 | |||||||||||||||||||||||
21.24 | 3.31 | 272,295 | 0.99 | (0.01 | ) | 1.04 | (0.05 | ) | 51 | |||||||||||||||||||||||
20.06 | 9.56 | 1,374,264 | 1.39 | 0.24 | (d) | 1.45 | 0.18 | (d) | 34 | |||||||||||||||||||||||
18.63 | 8.76 | 160,575 | 2.14 | (0.48 | )(d) | 2.20 | (0.54 | )(d) | 34 | |||||||||||||||||||||||
18.60 | 8.77 | 81,132 | 2.14 | (0.49 | )(d) | 2.20 | (0.55 | )(d) | 34 | |||||||||||||||||||||||
20.65 | 10.02 | 273,418 | 0.99 | 0.68 | (d) | 1.05 | 0.62 | (d) | 34 | |||||||||||||||||||||||
18.31 | 7.26 | 1,343,848 | 1.39 | (0.26 | ) | 1.47 | (0.34 | ) | 43 | |||||||||||||||||||||||
17.13 | 6.46 | 196,910 | 2.14 | (1.01 | ) | 2.22 | (1.09 | ) | 43 | |||||||||||||||||||||||
17.10 | 6.41 | 89,086 | 2.14 | (1.01 | ) | 2.22 | (1.09 | ) | 43 | |||||||||||||||||||||||
18.77 | 7.63 | 289,239 | 0.99 | 0.14 | 1.07 | 0.06 | 43 | |||||||||||||||||||||||||
17.07 | 10.56 | 1,483,768 | 1.40 | 0.00 | 1.48 | (0.08 | ) | 17 | ||||||||||||||||||||||||
16.09 | 9.75 | 226,663 | 2.15 | (0.74 | ) | 2.23 | (0.82 | ) | 17 | |||||||||||||||||||||||
16.07 | 9.77 | 100,027 | 2.15 | (0.74 | ) | 2.23 | (0.82 | ) | 17 | |||||||||||||||||||||||
17.44 | 11.01 | 303,840 | 1.00 | 0.41 | 1.08 | 0.33 | 17 | |||||||||||||||||||||||||
15.44 | (21.74 | ) | 1,388,868 | 1.43 | (0.29 | ) | 1.47 | (0.33 | ) | 11 | ||||||||||||||||||||||
14.66 | (22.31 | ) | 238,335 | 2.18 | (1.04 | ) | 2.22 | (1.08 | ) | 11 | ||||||||||||||||||||||
14.64 | (22.33 | ) | 101,783 | 2.18 | (1.04 | ) | 2.22 | (1.08 | ) | 11 | ||||||||||||||||||||||
15.71 | (21.41 | ) | 316,020 | 1.03 | 0.11 | 1.07 | 0.07 | 11 | ||||||||||||||||||||||||
33
Shares Outstanding and | ||||
Enterprise Group | Entitled to Vote | |||
AXA Enterprise Fund |
34
Class; Amount of | Percentage of | Percentage of | ||||||||||
Fund | Name and Address | Shares Owned | Class Owned | Fund Owned | ||||||||
AXA Enterprise Fund |
Class; Amount of | Percentage of | Percentage of | ||||||||||
Fund | Name and Address | Shares Owned | Class Owned | Fund Owned | ||||||||
GST Fund |
35
36
37
38
A-1
A-2
A-3
A-4
A-5
A-6
A-7
A-8
A-9
A-10
A-11
A-12
A-13
A-14
A-15
A-16
A-17
A-18
A-19
A-20
A-21
Enterprise Group of Funds, Inc. | |
Atlanta Financial Center | |
3343 Peachtree Road, N.E. | |
Suite 450 | |
Atlanta, Georgia 30326-1022 | |
Attention: Patricia Louie, Esq. | |
Telephone No.: (212) 314-5329 | |
Facsimile No.: (212) 314-4723 | |
E-mail: patricia.louie@axa-equitable.com | |
With copies (which shall not constitute notice) to: | |
Kirkpatrick & Lockhart Preston Gates Ellis LLP (counsel to Enterprise Group) | |
1601 K Street, N.W. | |
Washington, DC 20006-1600 | |
Attention: Arthur J. Brown, Esq. | |
Telephone No.: (202) 778-9046 | |
Facsimile No.: (202) 778-9000 | |
E-mail: abrown@klng.com | |
Enterprise Capital Management, Inc. | |
Atlanta Financial Center | |
3343 Peachtree Road, N.E. | |
Suite 450 | |
Atlanta, GA 30326-1022 | |
Attention: Steven M. Joenk | |
Telephone No.: (212) 314-5718 | |
Facsimile No.: (212) 707-7348 | |
E-mail: steven.joenk@axa-equitable.com |
A-22
AXA Equitable Life Insurance Company | |
1290 Avenue of the Americas, 8th Floor | |
New York, NY 10104 | |
Attention: Patricia Louie, Esq. | |
Telephone No.: (212) 314-5329 | |
Facsimile No.: (212) 314-4723 | |
E-mail: patricia.louie@axa-equitable.com |
Goldman Sachs Trust | |
32 Old Slip | |
New York, NY 10005 | |
Attention: Peter V. Bonanno, Esq. | |
Telephone No.: (212) 357-3184 | |
Facsimile No.: (212) 902-4140 | |
E-mail: Peter.Bonanno @gs.com | |
With a copy (which shall not constitute notice) to: | |
Drinker Biddle & Reath LLP (counsel to GST) | |
One Logan Square | |
18th & Cherry Streets | |
Philadelphia, PA 19103-6996 | |
Attention: Kenneth L. Greenberg, Esq. | |
Telephone No.: (215) 988-1152 | |
Facsimile No.: (215) 988-2757 | |
E-mail: Kenneth.Greenberg@dbr.com |
A-23
A-24
A-25
A-26
A-27
THE ENTERPRISE GROUP OF FUNDS, INC. |
By: |
Name: Steven M. Joenk |
Title: | President and Chief Executive Officer |
GOLDMAN SACHS TRUST |
By: |
Name: James Fitzpatrick |
Title: | Vice President |
By: |
By: |
By: |
Title: | Managing Director |
A-28
10 Percent of total assets (including securities lending collateral) (Italic type) | |||||||||
10 Percent of net assets (excluding borrowings for investment purposes) (Roman type) | AXA | ||||||||
• No specific % limitation on usage; limited only by the objective and strategies of the Fund | Enterprise | GST | |||||||
— Not permitted | Fund | Fund | |||||||
Investment Practices | |||||||||
Borrowings | • | 1 | 331/3 | ||||||
Credit, Currency, Index, Interest Rate, Total Return and Mortgage Swaps | • | — | |||||||
Cross Hedging of Currencies | • | • | |||||||
Custodial Receipts and Trust Certificates | — | • | |||||||
Equity Swaps | • | • | 2 | ||||||
Foreign Currency Transactions | • | • | 3 | ||||||
Futures Contracts and Options on Futures Contracts | • | • | |||||||
Investment Company Securities (including iSharesSM and Standard & Poor’s Depositary Receipts™) | 10 | 10 | |||||||
Options on Foreign Currencies4 | • | • | |||||||
Options on Securities and Securities Indices | • | • | 5 | ||||||
Repurchase Agreements | • | • | |||||||
Securities Lending | • | 331/3 | |||||||
Short Sales Against the Box | • | 6 | 25 | ||||||
Unseasoned Companies | • | • | |||||||
Warrants and Stock Purchase Rights | • | • | |||||||
When-Issued Securities and Forward Commitments | • | • |
1. | The AXA Enterprise Fund may borrow to the extent permitted by applicable law. |
2. | Limited to 15% of the GST Fund’s net assets (together with other illiquid securities) for all structured securities which are not deemed to be liquid and all swap transactions. |
3. | Limited by the amount the GST Fund invests in foreign securities. |
4. | Each Fund may purchase and sell call and put options. |
5. | The GST Fund may sell covered call and put options and purchase call and put options. |
6. | The AXA Enterprise Fund may also cover a short sale by designating on the records of its subadviser or with the Fund’s custodian cash, U.S. Government securities, or other liquid securities in an amount equal to the market value of the securities sold short. |
B-1
10 Percent of total assets (excluding securities lending collateral) (Italic type) | |||||||||
10 Percent of net assets (including borrowings for investment purposes) (Roman type) | AXA | ||||||||
• No specific % limitation on usage; limited only by the objective and strategies of the Fund | Enterprise | GST | |||||||
— Not permitted | Fund | Fund | |||||||
Investment Securities | |||||||||
American, European and Global Depositary Receipts | • | • | |||||||
Asset-Backed and Mortgage-Backed Securities | • | • | 1 | ||||||
Bank Obligations | • | 2 | • | 1 | |||||
Convertible Securities | • | • | 3 | ||||||
Corporate Debt Obligations | • | • | 1 | ||||||
Equity Investments | • | 90 | + | ||||||
Emerging Country Securities | — | 10 | 4 | ||||||
Fixed Income Securities | • | 5 | • | 5 | |||||
Foreign Securities | • | 25 | 4 | ||||||
Foreign Government Securities | • | — | |||||||
Municipal Securities | • | — | |||||||
Non-Investment Grade Fixed Income Securities | — | 10 | 6 | ||||||
Real Estate Investment Trusts (“REITs”) | • | • | |||||||
Stripped Mortgage Backed Securities | • | — | |||||||
Structured Securities | — | • | 7 | ||||||
Temporary Investments | 100 | 100 | |||||||
U.S. Government Securities | • | • | 1 |
1. | Limited by the amount the GST Fund invests in fixed-income securities |
2. | The AXA Enterprise Fund may invest in Eurodollar and Yankee dollar obligations. |
3. | The GST Fund uses the same rating criteria for convertible and non-convertible debt securities. |
4. | The GST Fund may invest in the aggregate up to 25% of its total assets in foreign securities, including emerging country securities. |
5. | The AXA Enterprise Fund may invest in investment grade securities (i.e., BBB or higher by Standard & Poor’s or Moody’s or have a comparable rating by another NRSRO. Except as noted under “Non-Investment Grade Fixed Income Securities,” fixed income securities purchased by the GST Fund must be investment grade. |
6. | May be BB or lower by Standard & Poor’s, Baa or lower by Moody’s or have a comparable rating by another NRSRO at the time of investment. |
7. | Limited to 15% of net assets (together with other illiquid securities) for all structured securities which are not deemed to be liquid and all swap transactions. |
B-2
C-1
C-2
Sales Charge as a | Sales Charge as a | |||||||
Percentage of | Percentage of | |||||||
Amount of Transaction at Offering Price* | Offering Price | Net Asset Value | ||||||
Up to $99,999 | 4.75% | 4.99% | ||||||
$100,000 but less than $250,000** | 3.75% | 3.90% | ||||||
$250,000 but less than $500,000** | 2.50% | 2.56% | ||||||
$500,000 but less than $1,000,0000** | 2.00% | 2.04% | ||||||
$1,000,000 and over** | None | None |
* | In determining the amount of your investment and the applicable sales charge, the AXA Enterprise Fund includes all Shares an investor is currently purchasing in all of the AXA Enterprise Funds (including funds of the AXA Enterprise Funds Trust and AXA Enterprise Multimanager Funds Trust). |
** | If certain employee benefit plans qualified under Sections 401, 403 and 408 of the Code, or participants of such plans, invest $100,000 or more ($500,000 or more, in the case of Traditional IRAs, IRA rollovers, Coverdell ESAs or Roth IRAs) or if you invest $1,000,000 or more in Class A Shares, no initial sales charge applies to those shares. However, if the entire plan or you redeem the Shares within 12 months of the end of the calendar month of their purchase, the plans or you will be charged a CDSC of 1%. The dealer discount or agency fee as a percentage of the offering price for these purchases of less than $5,000,000 of Class A Shares will be 1%. |
D-1
Sales Charge as a | Sales Charge as a | |||||||
Percentage of | Percentage of | |||||||
Amount of Transaction at Offering Price | Offering Price | Net Amount Invested | ||||||
Less than $50,000 | 5.50% | 5.82% | ||||||
$50,000 but less than $100,000 | 4.75% | 4.99% | ||||||
$100,000 but less than $250,000 | 3.75% | 3.90% | ||||||
$250,000 but less than $500,000 | 2.75% | 2.83% | ||||||
$500,000 but less than $1,000,000 | 2.00% | 2.04% | ||||||
$1,000,000 and over | 0.00% | * | 0.00%* |
* | No sales charge is payable at the time of purchase of Class A Shares of $1 million or more, but a CDSC of 1% may be imposed in the event of certain redemptions within 18 months of purchase. |
D-2
AXA Enterprise Fund Class A Shares |
GST Fund Class A Shares |
AXA Enterprise Fund | GST Fund | |
Financial institutions and other financial institutions’ trust departments for funds over which they exercise exclusive discretionary investment authority and which are held in a fiduciary, agency, advisory, custodial or similar capacity. | Banks, trust companies or other types of depository institutions (Front end sales charge only (“FESC”) only). | |
Representatives and employees, or their immediate family members, of broker-dealers and other intermediaries that have entered into selling or service arrangements with the Enterprise Fund Distributors, Inc. | Any employee or registered representative of any authorized dealer or their respective spouses, children and parents (FESC only). | |
Any government entity that is prohibited from paying a sales charge or commission to purchase mutual fund shares. | Any state, county or city, or any instrumentality, department, authority or agency thereof, which is prohibited by applicable investment laws from paying a sales commission with the purchase of shares of a GST Fund (FESC only). |
D-3
AXA Enterprise Fund | GST Fund | |
Clients of fee-based/fee-only financial advisors. | Registered investment advisers investing for accounts for which they receive asset-based fees (FESC only). | |
State-sponsored Texas 529 qualified tuition savings plan. | State sponsored 529 Plan (FESC only). | |
Direct referrals by the Manager’s employees. | ||
Trustees or directors of investment companies for which Goldman Sachs or an affiliate acts as sponsor (FESC only). | ||
Goldman Sachs, its affiliates or their respective officers, partners, directors or employees (including retired employees and former partners), any partnership of which Goldman Sachs is a general partner, any trustee or officer of GST and designated family members of any of these individuals (FESC only). | ||
Section 401(k), profit sharing, money purchase pension, tax-sheltered annuity, defined benefit pension, or other employee benefit plans (including health savings accounts) that are sponsored by one or more employers (including governmental or church employers) or employee organizations (“Employee Benefit Plans”) that buy shares of a GST Fund worth $500,000 or more; or have 100 or more eligible employees at the time of purchase; or certify that they expect to have annual plan purchases of shares of GST Fund of $200,000 or more; or are provided administrative services by certain third-party administrators that have entered into a special service arrangement with Goldman Sachs relating to such plans; or have at the time of purchase aggregate assets of at least $2,000,000 (FESC only). | ||
Accounts over which GSAM or its advisory affiliates have investment discretion (FESC only). | ||
Qualified Employee Benefit Plans of Goldman Sachs (FESC only). | ||
Non-qualified pension plans sponsored by employers who also sponsor qualified plans that qualify for and invest in Goldman Sachs Funds at NAV without the payment of any sales charge. | ||
Insurance Company separate accounts that make the Funds available as underlying investment in certain group annuity contracts. |
D-4
AXA Enterprise Fund | GST Fund | |
“Wrap” accounts for the benefit of clients of broker-dealers, financial institutions or financial planners, provided they have entered into an agreement with GSAM specifying aggregate minimums and certain operating policies and standards (FESC only). | ||
Shareholders receiving distributions from a qualified retirement plan invested in GST Fund and reinvesting such proceeds in a Goldman Sachs IRA in the same class (FESC only). | ||
Shareholders who roll over distributions from any tax-qualified Employee Benefit Plan or tax-sheltered annuity to an IRA which invests in GST Fund if the tax-qualified Employee Benefit Plan or tax-sheltered annuity receives administrative services provided by certain third-party administrators that have entered into a special service arrangement with Goldman Sachs relating to such plan or annuity (FESC only). | ||
Purchases of $1 million or more of Class A Shares will be made at NAV with no initial sales charge. However, if you redeem shares within 18 months after the end of the calendar month in which the purchase was made, a CDSC of 1% may be imposed. The CDSC may not be imposed if your authorized dealer enters into an agreement with Goldman Sachs to return all or an applicable prorated portion of its commission to Goldman Sachs (FESC only). |
D-5
AXA Enterprise Fund | GST Fund | |
Distributions to participants or beneficiaries of and redemptions (other than redemption of the entire plan account) by plans qualified under the Code Section 401(a) or from custodial accounts under the Code Section 403(b)(7), IRAs under the Code Section 408(a), participant-directed non-qualified deferred compensation plans under the Code IRC Section 457 and other employee benefit plans (“plans”), and returns of excess contributions made to these plans. Redemptions of shares of a shareholder (including a registered joint owner) who has died or has become totally disabled (as evidenced by a determination by the federal Social Security Administration). | Retirement distributions or loans to participants or beneficiaries from Employee Benefit Plans. The death or disability (as defined in Section 72(m)(7) of the Code of a participant or beneficiary in an Employee Benefit Plan. | |
Required minimum distributions from an IRA. | Satisfying the minimum distribution requirements of the Code. | |
Redemptions through a systematic withdrawal plan. Redemptions made pursuant to any IRA systematic withdrawal based on the shareholder’s life expectancy in accordance with the requirements of the Code, including substantially equal periodic payments described in the Code Section 72 prior to age 591/2 and required minimum distributions after age 701/2. | Shares subject to a systematic withdrawal plan (GST reserves the right to limit such redemptions, on an annual basis, to 10% each of the value of the shareholder’s Class A Shares.) | |
The liquidation of a shareholder’s account if the aggregate net asset value of shares held in the account is less than the required minimum. | Hardship withdrawals by a participant or beneficiary in an Employee Benefit Plan. | |
Establishing “substantially equal periodic payments” as described under Section 72(t)(2) of the Code. | ||
The separation from service by a participant or beneficiary in an Employee Benefit Plan. | ||
The death or disability (as defined in Section 72(m)(7) of the Code) of a shareholder if the redemption is made within one year of the event. | ||
Excess contributions distributed from an Employee Benefit Plan; |
D-6
AXA Enterprise Fund | GST Fund | |
Distributions from a qualified Employee Benefit Plan invested in the GST Funds which are being rolled over to a Goldman IRA in the same share class. | ||
Redemption proceeds which are to be reinvested in accounts or non-registered products over which GSAM or its advisory affiliates have investment discretion. |
D-7
D-8
CDSC as a | ||||
Percentage of | ||||
Dollar Amount | ||||
Year since Purchase | Subject to CDSC | |||
First | 5.00% | |||
Second | 4.00% | |||
Third | 4.00% | |||
Fourth | 3.00% | |||
Fifth | 2.00% | |||
Sixth | 1.00% | |||
Seventh and thereafter | None |
CDSC as a | ||||
Percentage of | ||||
Dollar Amount | ||||
Year since Purchase | Subject to CDSC | |||
First | 5.00% | |||
Second | 4.00% | |||
Third | 3.00% | |||
Fourth | 3.00% | |||
Fifth | 2.00% | |||
Sixth | 1.00% | |||
Seventh and thereafter | None |
D-9
1. | Shares purchased by the reinvestment of dividends or capital gain distributions; | |
2. | Shares redeemed or exchanged by the AXA Enterprise Allocation Funds or the portfolios of the Texas 529 qualified tuition savings plans; | |
3. | Shares redeemed or exchanged through a rebalancing, asset reallocation wrap fee, omnibus or other program approved by the Manager; and | |
4. | Shares redeemed by the AXA Enterprise Fund to cover various fees (e.g., account fees). |
D-10
Purchase Policies |
AXA Enterprise Fund: | GST Fund: | |||||||||
Class A Shares | Class A Shares | |||||||||
Class B Shares | Class B Shares | |||||||||
Class C Shares | Class C Shares | |||||||||
Minimum Initial Investment | Individual Retail Accounts | $2,000 | Regular Accounts | $ | 1,000 | |||||
Individual Retirement Accounts (IRAs) | $ 250 | Employer Sponsored Benefit Plans | $ | 250 | ||||||
Automatic Bank Draft Plan | $ 250 | Uniform Gift to Minors Act Accounts/Uniform Transfer to Minors Act Accounts | $ | 250 | ||||||
Coverdell ESA | $ 250 | Individual Retirement Accounts and Coverdell ESAs | $ | 250 | ||||||
Certain fee-based programs with which the AXA Enterprise Funds, AXA Equitable or the Distributor has an Agreement | No minimum requirement | Automatic Investment Plan | $ | 250 | ||||||
Corporate Retirement Accounts such as 401(k) and 403(b) Plans | No minimum requirement | |||||||||
D-11
AXA Enterprise Fund: | GST Fund: | |||||||
Class Y Shares | Institutional Shares | |||||||
Minimum Initial Investment | Corporations, banks, saving institutions, trust companies, insurance companies, pension funds, employee benefit plans, professional firms, trusts, estates or educational, religious or charitable organizations | $1,000,000 in Class Y Shares | Banks, trust companies or other depository institutions investing for their own account or on behalf of their clients | $1,000,000 in Institutional Shares of a GST Fund alone or in combination with other assets under the management of GSAM and its affiliates | ||||
Investment companies registered under the 1940 Act | $1,000,000 in Class Y Shares | Section 401(k), profit sharing, money purchase pension, tax- sheltered annuity, defined benefit pension, or other employee benefit plans that are sponsored by one or more employers (including governmental or church employers) or employee organizations | $1,000,000 in Institutional Shares of a GST Fund alone or in combination with other assets under the management of GSAM and its affiliates | |||||
Financial institution buyers | $1,000,000 in Class Y Shares | State, county, city or any instrumentality, department, authority or agency thereof | $1,000,000 in Institutional Shares of a GST Fund alone or in combination with other assets under the management of GSAM and its affiliates | |||||
Employees of AXA Financial or its subsidiaries or an immediate family member of such employee | Not subject to $1,000,000 minimum | Corporations with at least $100 million in assets or in outstanding publicly traded securities | $1,000,000 in Institutional Shares of a GST Fund alone or in combination with other assets under the management of GSAM and its affiliates | |||||
Wrap account clients of an eligible broker-dealer or a client of a fee-based planner that is unaffiliated with a broker-dealer | Not subject to $1,000,000 minimum | “Wrap” account sponsors (provided they have an agreement covering the arrangement with GSAM) | $1,000,000 in Institutional Shares of a GST Fund alone or in combination with other assets under the management of GSAM and its affiliates | |||||
D-12
AXA Enterprise Fund: | GST Fund: | |||||||
Class Y Shares | Institutional Shares | |||||||
Present or former directors of the Enterprise Group or a spouse or minor child of any such trustee or any trust, IRA or retirement plan account for the benefit of any such person or relative or the estate of any such person or relative | Not subject to $1,000,000 minimum | Registered investment advisers investing for accounts for which they receive asset- based fees | $1,000,000 in Institutional Shares of a GST Fund alone or in combination with other assets under the management of GSAM and its affiliates | |||||
Qualified non-profit organizations, charitable trusts, foundations and endowments | $1,000,000 in Institutional Shares of a GST Fund alone or in combination with other assets under the management of GSAM and its affiliates | |||||||
Individual investors | $10,000,000 | |||||||
Accounts over which GSAM or its advisory affiliates have investment discretion | $10,000,000 | |||||||
Individual Retirement Accounts (IRAs) for which GSAM or its advisory affiliates act as fiduciary | No minimum | |||||||
D-13
AXA Enterprise Fund: | GST Fund: | |||||||
Class A Shares | Class A Shares | |||||||
Class B Shares | Class B Shares | |||||||
Class C Shares | Class C Shares | |||||||
Minimum Subsequent Investments | Individual Retail Accounts | $50 | Regular Accounts | $50 | ||||
Individual Retirement Accounts (IRAs) | $50 | Employer Sponsored Benefit Plans | None | |||||
Automatic Bank Draft Plan | $50 (with a minimum initial investment of $250 through which a fund will, following the initial investment, deduct $50 or more on a monthly basis from the investor’s demand deposit account to invest directly in the funds Class A, B, C or Y Shares) | Uniform Gift to Minors Act Accounts/Uniform Transfer to Minors Act Accounts | $50 | |||||
Coverdell ESAs | $50 | Individual Retirement Accounts and Coverdell ESAs | $50 | |||||
Accounts Established in a Wrap Program with which the AXA Enterprise Funds, AXA Equitable or the Distributor has an Agreement | $50 | Automatic Investment Plan | $50 | |||||
Corporate Retirement Accounts, such as 401(k) and 403(b) | No minimum requirement |
AXA Enterprise Fund: | GST Fund: | |||
Class Y Shares | Institutional Shares | |||
Minimum Subsequent Investments | None | None | ||
D-14
AXA Enterprise Fund: | GST Fund: | |||
Class A Shares | Class A Shares | |||
Class B Shares | Class C Shares | |||
Class C Shares | Class C Shares | |||
Purchase Methods | Order through AXA by mailing or wiring payment to AXA Enterprise Shareholder Services; through ACH; through broker or other financial professional | Directly through GST by mail; by wire or through ACH; through an authorized dealer |
AXA Enterprise Fund: | GST Fund: | |||
Class Y Shares | Institutional Shares | |||
Purchase Methods | Order through AXA by mailing or wiring payment to AXA Enterprise Shareholder Services; through ACH; through broker or other financial professional | Order through GST by telephone, and either send payment by wire through The Northern Trust Company or by check to GST by mail; through an authorized financial institution | ||
AXA Enterprise Fund: | GST Fund: | |||
Class A Shares | Class A Shares | |||
Class B Shares | Class B Shares | |||
Class C Shares | Class C Shares | |||
Systematic/ Automatic Investment Plan | Yes (subject to $250 initial investment and $50 minimum subsequent investment) | Yes ($50 per month minimum) |
AXA Enterprise Fund: | GST Fund: | |||
Class Y Shares | Institutional Shares | |||
Systematic/ Automatic Investment Plan | Yes (subject to $250 initial investment and $50 minimum subsequent investment) | None |
Redemption Procedures |
AXA Enterprise Fund: | GST Fund: | |||
Class A Shares | Class A Shares | |||
Class B Shares | Class B Shares | |||
Class C Shares | Class C Shares | |||
Request made through an Authorized Broker-Dealer or Other Financial Institution or Adviser | Yes | Yes |
AXA Enterprise Fund: | GST Fund: | |||
Class Y Shares | Institutional Shares | |||
Request made through an Authorized Broker-Dealer or Other Financial Institution or Adviser | Yes | Yes | ||
AXA Enterprise Fund: | GST Fund: | |||
Class A Shares | Class A Shares | |||
Class B Shares | Class B Shares | |||
Class C Shares | Class C Shares | |||
Request Made by Mail | Yes | Yes |
AXA Enterprise Fund: | GST Fund: | |||
Class Y Shares | Institutional Shares | |||
Request Made by Mail | Yes | Yes | ||
D-15
AXA Enterprise Fund: | GST Fund: | |||
Class A Shares | Class A Shares | |||
Class B Shares | Class B Shares | |||
Class C Shares | Class C Shares | |||
Request made by Telephone | Yes (If authorized this service) | Yes |
AXA Enterprise Fund: | GST Fund: | |||
Class Y Shares | Institutional Shares | |||
Request made by Telephone | Yes (If authorized this service) | Yes | ||
AXA Enterprise Fund | GST Fund: | |||
Class A Shares | Class A Shares | |||
Class B Shares | Class B Shares | |||
Class C Shares | Class C Shares | |||
Proceeds paid by Wire | Yes (If completed “Telephone Exchange Privilege and/or Telephone Redemption Privilege” and “Bank Account of Record” section on account application) | Yes |
AXA Enterprise Fund: | GST Fund: | |||
Class Y Shares | Institutional Shares | |||
Proceeds paid by Wire | Yes (If completed “Telephone Exchange Privilege and/or Telephone Redemption Privilege” and “Bank Account of Record” section on account application) | Yes | ||
AXA Enterprise Fund: | GST Fund: | |||
Class A Shares | Class A Shares | |||
Class B Shares | Class B Shares | |||
Class C Shares | Class C Shares | |||
Proceeds paid by Systematic Withdrawal Plan | Yes, but must have at least $5,000 in account (except for individual IRA accounts) and withdrawals must be $100 or more | Yes, but withdrawals must be $50 or more |
AXA Enterprise Fund: | GST Fund: | |||
Class Y Shares | Institutional Shares | |||
Proceeds paid by Systematic Withdrawal Plan | Yes, but must have at least $5,000 in account (except for individual IRA accounts) and withdrawals must be $100 or more | No | ||
AXA Enterprise Fund: | GST Fund: | |||
Class A Shares | Class A Shares | |||
Class B Shares | Class B Shares | |||
Class C Shares | Class C Shares | |||
Proceeds paid by Check | Yes | Yes |
AXA Enterprise Fund: | GST Fund: | |||
Class Y Shares | Institutional Shares | |||
Proceeds paid by Check | Yes | Yes | ||
D-16
AXA Enterprise Fund: | GST Fund: | |||
Class A Shares | Class A Shares | |||
Class B Shares | Class B Shares | |||
Class C Shares | Class C Shares | |||
Check Writing Privileges | No | No |
AXA Enterprise Fund: | GST Fund: | |||
Class Y Shares | Institutional Shares | |||
Check Writing Privileges | No | No | ||
AXA Enterprise Fund: | GST Fund: | |||
Class A Shares | Class A Shares | |||
Class B Shares | Class B Shares | |||
Class C Shares | Class C Shares | |||
Involuntary Redemptions | No | Yes — If account balance drops below the required Fund minimum because of redemptions (60 days’ written notice provided) |
AXA Enterprise Fund: | GST Fund: | |||
Class Y Shares | Institutional Shares | |||
Involuntary Redemptions | No | No |
Share Exchanges |
AXA Enterprise Fund: | GST Fund: | |||
Class A Shares | Class A Shares | |||
Class B Shares | Class B Shares | |||
Class C Shares | Class C Shares | |||
Through an Authorized Broker-Dealer or Other Financial Institution or Adviser | Yes | Yes |
AXA Enterprise Fund: | GST Fund: | |||
Class Y Shares | Institutional Shares | |||
Through an Authorized Broker-Dealer or Other Financial Institution or Adviser | Yes | Yes | ||
AXA Enterprise Fund: | GST Fund: | |||
Class A Shares | Class A Shares | |||
Class B Shares | Class B Shares | |||
Class C Shares | Class C Shares | |||
By Mail | Yes | Yes |
AXA Enterprise Fund: | GST Fund: | |||
Class Y Shares | Institutional Shares | |||
By Mail | Yes | Yes | ||
D-17
AXA Enterprise Fund: | GST Fund: | |||
Class A Shares | Class A Shares | |||
Class B Shares | Class B Shares | |||
Class C Shares | Class C Shares | |||
By Telephone | Yes, if authorized this service | Yes, if the telephone exchange privilege on the account application was not declined |
AXA Enterprise Fund: | GST Fund: | |||
Class Y Shares | Institutional Shares | |||
By Telephone | Yes, if authorized this service | Yes, if the telephone exchange privilege on the account application was elected | ||
AXA Enterprise Fund: | GST Fund: | |||
Class A Shares | Class A Shares | |||
Class B Shares | Class B Shares | |||
Class C Shares | Class C Shares | |||
By Website | Yes | No |
AXA Enterprise Fund: | GST Fund: | |||
Class Y Shares | Institutional Shares | |||
By Website | Yes | No | ||
AXA Enterprise Fund: | GST Fund: | |||
Class A Shares | Class A Shares | |||
Class B Shares | Class B Shares | |||
Class C Shares | Class C Shares | |||
Minimum | If the exchange results in opening a new account, subject to applicable minimum investment requirements | If the exchange represents the initial investment, the amount must satisfy initial investment requirements |
AXA Enterprise Fund: | GST Fund: | |||
Class Y Shares | Institutional Shares | |||
Minimum | If the exchange results in opening a new account, subject to applicable minimum investment requirements | If the exchange represents the initial investment, the amount must satisfy initial investment requirements |
Time | AXA | GST Fund | ||
4:00 p.m., Eastern Time | AXA Enterprise Fund | GST Fund |
D-18
Acquisition of substantially all of the assets and liabilities of: | By and in exchange for shares of: | |
AXA Enterprise Growth Fund | Goldman Sachs Capital Growth Fund | |
(a series of The Enterprise Group of Funds, Inc.) | (a series of Goldman Sachs Trust) | |
Atlanta Financial Center | 71 South Wacker | |
3343 Peachtree Road | Suite 500 | |
Atlanta, Georgia 30326 | Chicago, Illinois 60600 |
- 1 -
(1) | Statement of Additional Information dated March 1, 2006 with respect to the AXA Enterprise Growth Fund (previously filed on EDGAR, Accession No. 0001193125-06-038893). | |
(2) | The audited financial statements and related report of the independent registered public accounting firm included in The Enterprise Group of Funds, Inc.’s Annual Report to Shareholders for the fiscal year ended October 31, 2006 with respect to the AXA Enterprise Growth Fund (previously filed on EDGAR, Accession No. 0001193125-07-003752). No other parts of the Annual Report are incorporated herein by reference. | |
(3) | Statement of Additional Information dated December 29, 2006, as amended January 8, 2007, with respect to Class A Shares, Class B Shares, Class C Shares, Service Shares and Institutional Shares of the Goldman Sachs Balanced Fund, Goldman Sachs Growth and Income Fund, Goldman Sachs Structured Large Cap Value Fund, Goldman Sachs Structured U.S. Equity Fund, Goldman Sachs Structured Large Cap Growth Fund, Goldman Sachs Structured Small Cap Equity Fund, Goldman Sachs Structured International Equity Fund, Goldman Sachs Capital Growth Fund, Goldman Sachs Strategic Growth Fund, Goldman Sachs Growth Opportunities Fund, Goldman Sachs Small/Mid Cap Growth Fund, Goldman Sachs Mid Cap Value Fund, Goldman Sachs Small Cap Value Fund, Goldman Sachs Large Cap Value Fund, Goldman Sachs International Equity Fund, Goldman Sachs Japanese Equity Fund, Goldman Sachs International Small Cap Fund, Goldman Sachs Emerging Markets Equity Fund, Goldman Sachs Asia Equity Fund, Goldman Sachs BRIC Fund and Goldman Sachs Concentrated Growth Fund (previously filed on EDGAR, Accession No. 0000950123-07-000202). | |
(4) | The audited financial statements and related report of the independent registered public accounting firm included in the Goldman Sachs Trust Annual Report to Shareholders for the fiscal year ended August 31, 2006 with respect to the Goldman Sachs Capital Growth Fund (previously filed on EDGAR, Accession No. 0000950123-06-013824). No other parts of the Annual Report are incorporated herein by reference. |
- 2 -
- 3 -
- 4 -
August 31, 2006 (Unaudited)
Shares | Description | Value | ||||||||||||||||||||||||||||
AXA Enterprise | AXA Enterprise | |||||||||||||||||||||||||||||
GS Capital | Group of Funds | Pro Forma | GS Capital | Group of Funds | Pro Forma | |||||||||||||||||||||||||
Growth Fund | Growth Fund | Adjustments | Combined Fund | Growth Fund | Growth Fund | Adjustments | Combined Fund | |||||||||||||||||||||||
Common Stocks - 99.1% | ||||||||||||||||||||||||||||||
Aerospace & Defense - 1.0% | ||||||||||||||||||||||||||||||
$ | 456,481 | $ | — | $ | — | $ | 456,481 | United Technologies Corp. | $ | 28,625,924 | $ | — | $ | — | $ | 28,625,924 | ||||||||||||||
Apparel/Shoes - 0.2% | ||||||||||||||||||||||||||||||
356,900 | — | — | 356,900 | Chico’s FAS, Inc. * | 6,581,236 | — | — | 6,581,236 | ||||||||||||||||||||||
Audio & Visual Equipment - 0.8% | ||||||||||||||||||||||||||||||
264,130 | — | — | 264,130 | Harman International, Inc. | 21,426,226 | — | — | 21,426,226 | ||||||||||||||||||||||
Beverages - 4.8% | ||||||||||||||||||||||||||||||
432,450 | — | — | 432,450 | Fortune Brands, Inc. | 31,395,870 | — | — | 31,395,870 | ||||||||||||||||||||||
696,250 | 901,400 | — | 1,597,650 | PepsiCo, Inc. | 45,451,200 | 58,843,392 | — | 104,294,592 | ||||||||||||||||||||||
76,847,070 | 58,843,392 | — | 135,690,462 | |||||||||||||||||||||||||||
Biotechnology - 5.3% | ||||||||||||||||||||||||||||||
631,800 | 258,100 | — | 889,900 | Amgen, Inc. * | 42,918,174 | 17,532,733 | — | 60,450,907 | ||||||||||||||||||||||
223,700 | 530,600 | — | 754,300 | Genentech, Inc. * | 18,459,724 | 43,785,112 | — | 62,244,836 | ||||||||||||||||||||||
983,874 | — | — | 983,874 | MedImmune, Inc. * | 27,194,277 | — | — | 27,194,277 | ||||||||||||||||||||||
88,572,175 | 61,317,845 | — | 149,890,020 | |||||||||||||||||||||||||||
Commercial Services - 2.2% | ||||||||||||||||||||||||||||||
416,431 | — | — | 416,431 | Moody’s Corp. | 25,477,249 | — | — | 25,477,249 | ||||||||||||||||||||||
686,572 | — | — | 686,572 | The McGraw-Hill Companies, Inc. | 38,386,240 | — | — | 38,386,240 | ||||||||||||||||||||||
63,863,489 | — | — | 63,863,489 | |||||||||||||||||||||||||||
Computer Hardware - 3.1% | ||||||||||||||||||||||||||||||
— | 373,100 | — | 373,100 | Apple Computer Co., Inc. * | — | 25,314,835 | — | 25,314,835 | ||||||||||||||||||||||
1,591,000 | — | — | 1,591,000 | EMC Corp. * | 18,535,150 | — | — | 18,535,150 | ||||||||||||||||||||||
— | 1,233,100 | — | 1,233,100 | Hewlet Packard, Inc. | — | 45,082,136 | — | 45,082,136 | ||||||||||||||||||||||
18,535,150 | 70,396,971 | — | 88,932,121 | |||||||||||||||||||||||||||
Computer Services - 3.3% | ||||||||||||||||||||||||||||||
205,700 | — | — | 205,700 | CheckFree Corp. * | 7,364,060 | — | — | 7,364,060 | ||||||||||||||||||||||
1,132,120 | — | — | 1,132,120 | First Data Corp. | 48,647,196 | — | — | 48,647,196 | ||||||||||||||||||||||
— | 1,079,000 | — | 1,079,000 | Paychex, Inc. | — | 38,746,890 | — | 38,746,890 | ||||||||||||||||||||||
56,011,256 | 38,746,890 | — | 94,758,146 | |||||||||||||||||||||||||||
Computer Software - 3.7% | ||||||||||||||||||||||||||||||
651,080 | — | — | 651,080 | Electronic Arts, Inc. * | 33,185,548 | — | — | 33,185,548 | ||||||||||||||||||||||
2,750,100 | — | — | 2,750,100 | Microsoft Corp. | 70,650,069 | — | — | 70,650,069 | ||||||||||||||||||||||
103,835,617 | — | — | 103,835,617 | |||||||||||||||||||||||||||
Drugs & Medicine - 1.9% | ||||||||||||||||||||||||||||||
719,937 | — | — | 719,937 | Pfizer, Inc. | 19,841,464 | — | — | 19,841,464 | ||||||||||||||||||||||
922,300 | — | — | 922,300 | Schering-Plough Corp. | 19,322,185 | — | — | 19,322,185 | ||||||||||||||||||||||
302,400 | — | — | 302,400 | Wyeth | 14,726,880 | — | — | 14,726,880 | ||||||||||||||||||||||
53,890,529 | — | — | 53,890,529 | |||||||||||||||||||||||||||
Financials - 4.7% | ||||||||||||||||||||||||||||||
36,900 | — | — | 36,900 | Chicago Mercantile Exchange Holdings, Inc. | 16,236,000 | — | — | 16,236,000 | ||||||||||||||||||||||
200,300 | — | — | 200,300 | Franklin Resources, Inc. | 19,711,523 | — | — | 19,711,523 | ||||||||||||||||||||||
169,800 | — | — | 169,800 | Legg Mason, Inc. | 15,495,948 | — | — | 15,495,948 | ||||||||||||||||||||||
205,900 | 316,400 | — | 522,300 | Merrill Lynch, Inc. | 15,139,827 | 23,264,892 | — | 38,404,719 | ||||||||||||||||||||||
293,900 | — | — | 293,900 | Morgan Stanley | 19,335,681 | — | — | 19,335,681 | ||||||||||||||||||||||
1,420,400 | — | — | 1,420,400 | The Charles Schwab Corp. | 23,166,724 | — | — | 23,166,724 | ||||||||||||||||||||||
109,085,703 | 23,264,892 | — | 132,350,595 | |||||||||||||||||||||||||||
Foods - 0.3% | ||||||||||||||||||||||||||||||
133,550 | — | — | 133,550 | The Hershey Co. | 7,206,358 | — | — | 7,206,358 | ||||||||||||||||||||||
Foods Retail - 2.2% | ||||||||||||||||||||||||||||||
— | 608,000 | — | 608,000 | Costco Wholesale Corp. | — | 28,448,320 | — | 28,448,320 | ||||||||||||||||||||||
— | 662,200 | — | 662,200 | Walgreens Co. | — | 32,752,412 | — | 32,752,412 | ||||||||||||||||||||||
— | 61,200,732 | — | 61,200,732 | |||||||||||||||||||||||||||
Health Care Services - 0.4% | ||||||||||||||||||||||||||||||
266,490 | — | — | 266,490 | Omnicare, Inc. (a) | 12,074,662 | — | — | 12,074,662 | ||||||||||||||||||||||
Hotels Restaurants & Leisure - 3.5% | ||||||||||||||||||||||||||||||
341,610 | — | — | 341,610 | Harrah’s Entertainment, Inc. | 21,302,800 | — | — | 21,302,800 | ||||||||||||||||||||||
533,320 | — | — | 533,320 | Marriott International, Inc. | 20,084,831 | — | — | 20,084,831 | ||||||||||||||||||||||
— | 665,300 | — | 665,300 | McDonald’s Corp. | — | 23,884,270 | — | 23,884,270 | ||||||||||||||||||||||
— | 1,144,300 | — | 1,144,300 | Starbucks Corp. | — | 35,484,743 | — | 35,484,743 | ||||||||||||||||||||||
41,387,631 | 59,369,013 | — | 100,756,644 | |||||||||||||||||||||||||||
Household Products - 3.3% | ||||||||||||||||||||||||||||||
— | 622,900 | — | 622,900 | Colgate-Palmolive Co. | — | 37,286,794 | — | 37,286,794 | ||||||||||||||||||||||
— | 929,644 | — | 929,644 | Proctor & Gamble Co. | — | 57,544,964 | — | 57,544,964 | ||||||||||||||||||||||
— | 94,831,758 | — | 94,831,758 | |||||||||||||||||||||||||||
House Wares - 0.3% | ||||||||||||||||||||||||||||||
265,200 | — | — | 265,200 | Williams-Sonoma, Inc. | 7,812,792 | — | — | 7,812,792 | ||||||||||||||||||||||
Industrial Conglomerates - 2.1% | ||||||||||||||||||||||||||||||
— | 1,280,000 | — | 1,280,000 | General Electric Co. | — | 43,596,800 | — | 43,596,800 | ||||||||||||||||||||||
— | 239,700 | — | 239,700 | 3M Company, Inc. | — | 17,186,490 | — | 17,186,490 | ||||||||||||||||||||||
— | 60,783,290 | — | 60,783,290 | |||||||||||||||||||||||||||
Insurance - 1.0% | ||||||||||||||||||||||||||||||
— | 459,500 | — | 459,500 | American International Group | — | 29,325,290 | — | 29,325,290 | ||||||||||||||||||||||
Internet & Online - 4.9% | ||||||||||||||||||||||||||||||
135,108 | 101,200 | — | 236,308 | Google, Inc. * | 51,142,431 | 38,307,236 | — | 89,449,667 | ||||||||||||||||||||||
1,757,900 | — | — | 1,757,900 | Yahool, Inc. * | 50,662,678 | — | — | 50,662,678 | ||||||||||||||||||||||
101,805,109 | 38,307,236 | — | 140,112,345 | |||||||||||||||||||||||||||
Machinery - 0.7% | ||||||||||||||||||||||||||||||
— | 281,400 | — | 281,400 | Caterpillar, Inc. | — | 18,670,890 | — | 18,670,890 | ||||||||||||||||||||||
Manufacturing - 0.8% | ||||||||||||||||||||||||||||||
423,800 | — | — | 423,800 | Rockwell Automation, Inc. | 23,893,844 | — | — | 23,893,844 | ||||||||||||||||||||||
Shares | Description | Value | ||||||||||||||||||||||||||||
AXA Enterprise | AXA Enterprise | |||||||||||||||||||||||||||||
GS Capital | Group of Funds | Pro Forma | GS Capital | Group of Funds | Pro Forma | |||||||||||||||||||||||||
Growth Fund | Growth Fund | Adjustments | Combined Fund | Growth Fund | Growth Fund | Adjustments | Combined Fund | |||||||||||||||||||||||
Media - 0.8% | ||||||||||||||||||||||||||||||
$ | — | $ | 203,800 | $ | — | $ | 203,800 | McGraw Hill Companies, Inc. | $ | — | $ | 11,394,458 | $ | — | $ | 11,394,458 | ||||||||||||||
— | 124,500 | — | 124,500 | Omnicom Group, Inc. | — | 10,883,790 | — | 10,883,790 | ||||||||||||||||||||||
— | 22,278,248 | — | 22,278,248 | |||||||||||||||||||||||||||
Medical Products - 5.3% | ||||||||||||||||||||||||||||||
132,830 | — | — | 132,830 | Fisher Scientific International, Inc. * | 10,391,291 | — | — | 10,391,291 | ||||||||||||||||||||||
666,000 | 254,200 | — | 920,200 | Medtronic, Inc. | 31,235,400 | 11,921,980 | — | 43,157,380 | ||||||||||||||||||||||
491,368 | — | — | 491,368 | St. Jude Medical, Inc. | 17,890,709 | — | — | 17,890,709 | ||||||||||||||||||||||
340,385 | 829,200 | — | 1,169,585 | Stryker Corp. | 16,348,691 | 39,826,476 | — | 56,175,167 | ||||||||||||||||||||||
353,363 | — | — | 353,363 | Zimmer Holdings, Inc. * | 24,028,684 | — | — | 24,028,684 | ||||||||||||||||||||||
99,894,775 | 51,748,456 | — | 151,643,231 | |||||||||||||||||||||||||||
Medical Supplies - 0.3% | ||||||||||||||||||||||||||||||
217,176 | — | — | 217,176 | Charles River Laboratories | 8,826,033 | — | — | 8,826,033 | ||||||||||||||||||||||
Movies & Entertainment - 0.6% | ||||||||||||||||||||||||||||||
442,965 | — | — | 442,965 | Viacom, Inc. Class B * | 16,079,630 | — | — | 16,079,630 | ||||||||||||||||||||||
Multiline Retail - 0.8% | ||||||||||||||||||||||||||||||
— | 375,700 | — | 375,700 | Kohl’s Corp. | — | 23,485,007 | — | 23,485,007 | ||||||||||||||||||||||
Networking/Telecommunications Equipment - 4.1% | ||||||||||||||||||||||||||||||
2,116,175 | — | — | 2,116,175 | Cisco System, Inc. * | 46,534,688 | — | — | 46,534,688 | ||||||||||||||||||||||
804,300 | — | — | 804,300 | Motorola, Inc. | 18,804,534 | — | — | 18,804,534 | ||||||||||||||||||||||
155,144 | 471,300 | — | 626,444 | Research In Motion Ltd. * | 12,799,380 | 38,882,250 | — | 51,681,630 | ||||||||||||||||||||||
78,138,602 | 38,882,250 | — | 117,020,852 | |||||||||||||||||||||||||||
Oil & Gas - 6.3% | ||||||||||||||||||||||||||||||
708,910 | — | — | 708,910 | Canadian Natural Resources Ltd. | 37,281,577 | — | — | 37,281,577 | ||||||||||||||||||||||
1,094,800 | — | — | 1,094,800 | Chesapeake Energy Corp. (a) | 34,562,836 | — | — | 34,562,836 | ||||||||||||||||||||||
— | 880,600 | — | 880,600 | Occidental Petroleum, Inc. | — | 44,901,794 | — | 44,901,794 | ||||||||||||||||||||||
301,100 | — | — | 301,100 | Quicksilver Resources, Inc. * (a) | 11,327,382 | — | — | 11,327,382 | ||||||||||||||||||||||
667,310 | — | — | 667,310 | Suncor Energy, Inc. (a) | 51,769,910 | — | — | 51,769,910 | ||||||||||||||||||||||
134,941,705 | 44,901,794 | — | 179,843,499 | |||||||||||||||||||||||||||
Oil Well Services & Equipment - 8.6% | ||||||||||||||||||||||||||||||
645,510 | 436,000 | — | 1,081,510 | Baker Hughes, Inc. | 45,947,402 | 31,034,480 | — | 76,981,882 | ||||||||||||||||||||||
216,100 | — | — | 216,100 | Grant Pride co, Inc. * | 8,974,633 | — | — | 8,974,633 | ||||||||||||||||||||||
— | 1,508,300 | — | 1,508,300 | Halliburton Co. | — | 49,200,746 | — | 49,200,746 | ||||||||||||||||||||||
683,448 | 839,200 | — | 1,522,648 | Schlumberger Ltd. (a) | 41,895,362 | 51,442,960 | — | 93,338,322 | ||||||||||||||||||||||
392,200 | — | — | 392,200 | Weatherford International Ltd. * | 16,864,600 | — | — | 16,864,600 | ||||||||||||||||||||||
113,681,997 | 131,678,186 | — | 245,360,183 | |||||||||||||||||||||||||||
Personal Products - 0.5% | ||||||||||||||||||||||||||||||
— | 398,700 | — | 398,700 | Estee Lauder Companies | — | 14,696,082 | — | 14,696,082 | ||||||||||||||||||||||
Pharmaceuticals - 1.3% | ||||||||||||||||||||||||||||||
— | 664,400 | — | 664,400 | Lilly & Co., Inc. | — | 37,159,892 | — | 37,159,892 | ||||||||||||||||||||||
Pharmacy Benefit Manager - 2.7% | ||||||||||||||||||||||||||||||
411,873 | 648,700 | — | 1,060,573 | Caremark Rx, Inc. | 23,863,922 | 37,585,678 | — | 61,449,600 | ||||||||||||||||||||||
256,100 | — | — | 256,100 | Medco Health Solutions, Inc. * | 16,229,057 | — | — | 16,229,057 | ||||||||||||||||||||||
40,092,979 | 37,585,678 | — | 77,678,657 | |||||||||||||||||||||||||||
Producer Goods - 0.4% | ||||||||||||||||||||||||||||||
187,770 | — | — | 187,770 | W.W. Grainger, Inc. | 12,543,036 | — | — | 12,543,036 | ||||||||||||||||||||||
Shares | Description | Value | ||||||||||||||||||||||||||||||
AXA Enterprise | AXA Enterprise | |||||||||||||||||||||||||||||||
GS Capital | Group of Funds | Pro Forma | GS Capital | Group of Funds | Pro Forma | |||||||||||||||||||||||||||
Growth Fund | Growth Fund | Adjustments | Combined Fund | Growth Fund | Growth Fund | Adjustments | Combined Fund | |||||||||||||||||||||||||
Publishing - 0.6% | ||||||||||||||||||||||||||||||||
$ | 346,612 | $ | — | $ | — | $ | 346,612 | Lamar Advertising Co. * | $ | 18,127,808 | $ | — | $ | — | $ | 18,127,808 | ||||||||||||||||
Retailing - 3.7% | ||||||||||||||||||||||||||||||||
1,195,800 | — | — | 1,195,800 | Lowe’s Companies Co. * | 32,358,348 | — | — | 32,358,348 | ||||||||||||||||||||||||
721,100 | — | — | 721,100 | Target Corp. | 34,894,029 | — | — | 34,894,029 | ||||||||||||||||||||||||
863,970 | — | — | 863,970 | Wal-Mart Stores, Inc. | 38,636,738 | — | — | 38,636,738 | ||||||||||||||||||||||||
105,889,115 | — | — | 105,889,115 | |||||||||||||||||||||||||||||
Semiconductors - 4.0% | ||||||||||||||||||||||||||||||||
527,860 | — | — | 527,860 | Intel Corp. | 10,314,384 | — | — | 10,314,384 | ||||||||||||||||||||||||
1,133,848 | — | — | 1,133,848 | Linear Technology Corp. | 38,562,171 | — | — | 38,562,171 | ||||||||||||||||||||||||
983,590 | 719,400 | — | 1,702,990 | QUALCOMM, Inc. | 37,051,835 | 27,099,798 | — | 64,151,633 | ||||||||||||||||||||||||
85,928,390 | 27,099,798 | — | 113,028,188 | |||||||||||||||||||||||||||||
Specialty Finance-5.7% | ||||||||||||||||||||||||||||||||
497,030 | 689,588 | — | 1,186,618 | American Express Co. | 26,113,956 | 36,230,954 | — | 62,344,910 | ||||||||||||||||||||||||
352,743 | — | — | 352,743 | Fannie Mae | 18,571,919 | — | — | 18,571,919 | ||||||||||||||||||||||||
1,298,100 | — | — | 1,298,100 | Freddie Mac | 82,559,160 | — | — | 82,559,160 | ||||||||||||||||||||||||
127,245,035 | 36,230,954 | — | 163,475,989 | |||||||||||||||||||||||||||||
Technology Services-0.4% | ||||||||||||||||||||||||||||||||
177,140 | — | — | 177,140 | Cognizant Technology Solutions Corp. * | 12,383,857 | — | — | 12,383,857 | ||||||||||||||||||||||||
Telecommunications - 2.2% | ||||||||||||||||||||||||||||||||
1,264,800 | — | — | 1,264,800 | American Tower Corp. * | 45,355,728 | — | — | 45,355,728 | ||||||||||||||||||||||||
333,765 | — | — | 333,765 | Crown Castle International Corp. * | 11,468,165 | — | — | 11,468,165 | ||||||||||||||||||||||||
224,900 | — | — | 224,900 | NeuStar, Inc. * | 6,346,678 | — | — | 6,346,678 | ||||||||||||||||||||||||
63,170,571 | — | — | 63,170,571 | |||||||||||||||||||||||||||||
TOTAL COMMON STOCKS (Cost $1,412,295,904, $985,441,929, $0 and $2,397,737,833 respectively) | $ | 1,738,398,304 | $ | 1,080,804,543 | $ | — | $ | 2,819,202,847 | ||||||||||||||||||||||||
Principal Amount | Interest Rate Maturity Date | Value | ||||||||||||||||||||||||||||||
Time Deposits - 1.1% | ||||||||||||||||||||||||||||||||
6,105,699 | 31,435,295 | JP Morgan Chase Nassau | — | 31,435,295 | — | 31,435,295 | ||||||||||||||||||||||||||
TOTAL Time Deposits (Cost $0, $31,435,29574, $0 and $31,435,295 respectively) | $ | — | $ | 31,435,295 | $ | — | $ | 31,435,295 | ||||||||||||||||||||||||
2,900,000 | — | $ | — | $ | 2,900,000 | Repurchase Agreement (b) - 0.1% Joint Repurchase Agreement Account II 5.28% 09/01/2006 Maturity Value $2,900,425 (Cost $2,900,000, $0, $0 and $2,900,000 | ||||||||||||||||||||||||||
respectively) | $ | 2,900,000 | $ | — | $ | — | $ | 2,900,000 | ||||||||||||||||||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL (Cost $1,415,195,904, $1,016,877,225, $0 and $2,432,073,129 respectively) | $ | 1,741,298,304 | $ | 1,112,239,838 | $ | — | $ | 2,853,538,142 | ||||||||||||||||||||||||
Shares | Description | Value | ||||||||||||||||||||||||||||||
Securities Lending Collateral - 5.4% | ||||||||||||||||||||||||||||||||
— | 71,791,736 | — | 71,791,736 | Cantor Fitzgerald Securities Repurchase Agreement | — | 71,791,736 | — | 71,791,736 | ||||||||||||||||||||||||
80,977,750 | — | — | 80,977,750 | Boston Global Investment Trust - Enhanced | ||||||||||||||||||||||||||||
Portfolio | $ | 80,977,750 | — | — | $ | 80,977,750 | ||||||||||||||||||||||||||
TOTAL SECURITIES LENDING COLLATERAL (Cost $80,977,750, $0, $0 and $80,977,750 respectively) | $ | 80,977,750 | $ | 71,791,736 | $ | — | $ | 152,769,486 | ||||||||||||||||||||||||
TOTAL INVESTMENTS (Cost $1,496,173,654, $1,088,668,961, $0 and $2,729,201,850 respectively) - 105.7% | $ | 1,822,276,054 | $ | 1,184,031,574 | $ | — | $ | 3,006,307,628 | ||||||||||||||||||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES/(LIABILITIES IN EXCESS OF OTHER ASSETS) - 5.7% | $ | (85,175,523 | ) | $ | (77,116,561 | ) | $ | — | $ | (162,292,085 | ) | |||||||||||||||||||||
NET ASSETS - 100.0% | $ | 1,737,100,531 | $ | 1,106,915,013 | $ | — | $ | 2,844,015,543 | ||||||||||||||||||||||||
For the Goldman Sachs Capital Growth Fund and the AXA Enterprise Group of Funds Growth Fund
August 31, 2006 (Unaudited)
Goldman Sachs | AXA Enterprise | |||||||||||||||
Capital Growth | Group of Funds | Pro Forma | ||||||||||||||
Fund | Growth Fund | Adjustments | Combined Fund | |||||||||||||
Assets: | ||||||||||||||||
Investments in securities, at value (identified cost $1,415,195,904, $985,441,929, $0, and $2,400,637,833, respectively) — (including $78,901,761, $0, $0 and $78,901,761 of securities on loan, respectively) | $ | 1,741,298,304 | $ | 1,080,804,543 | $ | — | $ | 2,822,102,847 | ||||||||
Investments in short term securities, at value (cost $0, $31,435,295, $0 and $$31,435,295, respectively) | — | 31,435,295 | — | 31,435,295 | ||||||||||||
Securities Lending collateral, at value (cost $80,977,750, $71,791,736, $0 and $152,769,486, respectively) | 80,977,750 | 71,791,736 | — | 152,769,486 | ||||||||||||
Cash | 68,764 | (a) | — | — | 68,764 | |||||||||||
Receivables: | ||||||||||||||||
Fund shares sold | 1,187,281 | 277,405 | — | 1,464,686 | ||||||||||||
Dividends and interest, at value | 1,608,019 | 1,012,778 | — | 2,620,797 | ||||||||||||
Reimbursement from adviser | 59,167 | — | — | 59,167 | ||||||||||||
Securities lending income | 3,726 | — | — | 3,726 | ||||||||||||
Other assets | 10,384 | 283,940 | — | 294,324 | ||||||||||||
Total assets | 1,825,213,395 | 1,185,605,697 | — | 3,010,819,092 | ||||||||||||
Liabilities: | ||||||||||||||||
Payables: | ||||||||||||||||
Investment securities purchased | 1,080,626 | — | 1,080,626 | |||||||||||||
Payable upon return of securities loaned | 80,977,750 | 71,791,736 | — | 152,769,486 | ||||||||||||
Fund shares repurchased | 4,685,996 | 1,627,698 | — | 6,313,694 | ||||||||||||
Amounts owed to affiliates | 2,058,341 | — | — | 2,058,341 | ||||||||||||
Bank Overdraft | — | 2,245,496 | — | 2,245,496 | ||||||||||||
Accrued expenses | 390,777 | 1,945,128 | — | 2,335,905 | ||||||||||||
Total liabilities | 88,112,864 | 78,690,684 | — | 166,803,548 | ||||||||||||
Net Assets: | ||||||||||||||||
Paid-in capital | 1,649,606,492 | 1,123,650,472 | — | 2,773,256,964 | ||||||||||||
Accumulated undistributed net investment income (loss) | 1,637,581 | (4,270,641 | ) | — | (2,633,060 | ) | ||||||||||
Accumulated net realized gain (loss) on investments | (240,245,942 | ) | (107,827,432 | ) | — | (348,073,374 | ) | |||||||||
Net unrealized gain on investments | 326,102,400 | 95,362,614 | — | 421,465,014 | ||||||||||||
Net Assets | $ | 1,737,100,531 | $ | 1,106,915,013 | $ | — | $ | 2,844,015,544 | ||||||||
Net Assets: | ||||||||||||||||
Class A | $ | 1,289,842,758 | $ | 709,067,653 | $ | — | $ | 1,998,910,411 | ||||||||
Class B | 96,105,662 | 220,297,564 | — | 316,403,226 | ||||||||||||
Class C | 68,527,926 | 132,175,945 | — | 200,703,871 | ||||||||||||
Institutional/Class Y | 272,294,602 | 45,373,851 | — | 317,668,453 | ||||||||||||
Service/Class P | 10,329,583 | — | — | 10,329,583 | ||||||||||||
Shares Outstanding: | ||||||||||||||||
Class A | 62,543,451 | 41,199,510 | (6,817,383 | )(b) | $ | 96,925,578 | ||||||||||
Class B | 5,051,445 | 13,712,398 | (2,133,257 | )(b) | 16,630,586 | |||||||||||
Class C | 3,608,130 | 8,112,788 | (1,153,465 | )(b) | 10,567,453 | |||||||||||
Institutional/Class Y | 12,820,835 | 2,499,079 | (362,677 | )(b) | 14,957,237 | |||||||||||
Service/Class P | 506,824 | — | — | 506,824 | ||||||||||||
Total shares outstanding, $0.001 par value (unlimited number of shares authorized) | 84,530,685 | 65,523,775 | (10,466,781 | )(b) | 139,587,679 | |||||||||||
Net assets value, offering and redemption price per share:(c) | ||||||||||||||||
Class A | $ | 20.62 | 17.21 | $ | — | $ | 20.62 | |||||||||
Class B | 19.03 | 16.07 | — | 19.03 | ||||||||||||
Class C | 18.99 | 16.29 | — | 18.99 | ||||||||||||
Institutional/Class Y | 21.24 | 18.16 | — | 21.24 | ||||||||||||
Service/Class P | 20.38 | — | — | 20.38 | ||||||||||||
(b) | Adjustment to reflect proceeds on investments that do not meet Capital Growth Fund’s investment criteria and are assumed to be sold at 8/31/06. | |
(b) | Adjustment to reflect reduction of shares based on Capital Growth Fund’s NAV. | |
(c) | Maximum public offering price per share for Class A Shares is $21.82, $18.07, $0 and $21.82 for the Capital Growth Fund, the AXA Enterprise Group of Funds Growth Fund, respectively. At redemption, Class B and Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current NAV or the original purchase price of the shares. |
For the Goldman Sachs Capital Growth Fund and the AXA Enterprise Group of Funds Growth Fund
For year ended August 31, 2006 (Unaudited)
Goldman Sachs | AXA Enterprise | |||||||||||||||
Capital Growth | Group of Funds | Pro Forma | ||||||||||||||
Fund | Growth Fund | Adjustments | Combined Fund | |||||||||||||
Investment Income: | ||||||||||||||||
Dividends (Net of foreign withholding tax of $52,081, $0, $0, and $52,081, respectively) | $ | 17,706,466 | $ | 14,712,594 | $ | — | $ | 32,419,060 | ||||||||
Interest (including securities lending income of $108,912, $30,664, $0 and $139,576, respectively) | 519,571 | 2,174,215 | — | 2,693,786 | ||||||||||||
Total income | 18,226,037 | 16,886,809 | — | 35,112,846 | ||||||||||||
Expenses: | ||||||||||||||||
Management fees | 17,686,134 | 9,435,220 | 1,059,734 | (a) | 28,181,088 | |||||||||||
Administrative fees | — | 712,527 | (712,527) | (b) | — | |||||||||||
Distribution and service fees | 5,447,811 | 7,968,423 | (1,630,524) | (b) | 11,785,710 | |||||||||||
Transfer agent fees | 3,092,359 | 3,562,633 | (1,177,345) | (b) | 5,477,647 | |||||||||||
Custody and accounting fees | 260,626 | (42,719 | ) | 151,869 | (b) | 369,776 | ||||||||||
Printing fees | 94,677 | 447,321 | (414,279) | (b) | 127,719 | |||||||||||
Registration fees | 120,003 | 102,819 | (60,938) | (b) | 161,884 | |||||||||||
Audit fees | 61,542 | 40,134 | (33,980) | (b) | 67,696 | |||||||||||
Legal fees | 17,898 | 227,598 | (224,018) | (b) | 21,478 | |||||||||||
Trustee fees | 15,230 | 241,129 | (241,129) | (b) | 15,230 | |||||||||||
Service share fees | 51,590 | — | — | (b) | 51,590 | |||||||||||
Other | 237,962 | 564,930 | (440,357) | (b) | 362,535 | |||||||||||
Total expenses | 27,085,831 | 23,260,015 | (3,723,494) | 46,622,352 | ||||||||||||
Less — expense reductions | (806,389 | ) | (583,200 | ) | 1,386,256 | (c) | (3,333 | ) | ||||||||
Net Expenses | 26,279,442 | 22,676,815 | (2,337,238) | 46,619,019 | ||||||||||||
Net Investment Income (loss) | (8,053,405 | ) | (5,790,006 | ) | 2,337,238 | (11,506,173 | ) | |||||||||
Realized and unrealized gain (loss) on investment and futures transactions: | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investment transactions (including commissions recapture of $290,115, $0, $175,063 and $465,178, respectively | 120,202,002 | 90,132,599 | 175,063 | 210,509,664 | ||||||||||||
Investments | (58,053,651 | ) | (91,750,378 | ) | — | (149,804,029 | ) | |||||||||
Net realized and unrealized gain on investment and futures transactions | 62,148,351 | (1,617,779 | ) | 175,063 | 60,705,635 | |||||||||||
Net Increase in Net Assets Resulting from Operations | $ | 54,094,946 | $ | (7,407,785 | ) | $ | 2,512,301 | $ | 49,199,462 | |||||||
(a) | Adjustment to reduce management fee based on Capital Growth Fund rates. | |
(b) | Adjustments to reflect the anticipated adjustment as a result of consolidation of transfer agent, printing, custody and accounting and other services. | |
(c) | Adjustment to reflect increase in expense reduction based on Capital Growth Fund current expense cap and waivers. |
For the Twelve Months Ended August 31, 2006 (Unaudited)
Class A | Class B | Class C | Institutional | |||||||||||||
Shares Issued | 34,382,127 | 11,579,141 | 6,959,323 | 2,136,402 | ||||||||||||
Net Assets 08/31/2006 | $ | 709,067,653 | $ | 220,297,564 | $ | 132,175,945 | $ | 45,373,851 | ||||||||
Pro Forma Net Asset Value 08/31/2006 | $ | 20.62 | $ | 19.03 | $ | 18.99 | $ | 21.24 |
Capital Loss Carryforward* | The Enterprise Group Portfolio | Capital Growth Fund | ||||||
Expiring 2010 | $ | 30,354 | $ | — | ||||
Expiring 2011 | 60,741 | 222,589 | ||||||
Total | $ | 91,095 | $ | 222,589 | ||||
* | Expiration occurs on August 31 of the year indicated. As a consequence of the reorganization, utilization of these losses may be limited under the Internal Revenue Code. |
2
Average Daily Net Assets | | Annual Rate | ||
First $1 Billion | 1.00 | % | ||
Next $1 Billion | 0.90 | % | ||
Over $2 Billion | 0.80 | % | ||
3
4
August 31, 2006 (Unaudited)
Shares | Description | |||||||||||||||||||||||||||||||||||||
AXA | Pro | GS | AXA | Pro | ||||||||||||||||||||||||||||||||||
GS | Enterprise Group | AXA Enterprise | Forma | Capital | Enterprise Group | AXA Enterprise | Forma | |||||||||||||||||||||||||||||||
Capital | of Funds | Large Cap | Combined | Growth | of Funds | Large Cap | Combined | |||||||||||||||||||||||||||||||
Growth Fund | Growth Fund | Growth Fund | Adjustments | Fund | Fund | Growth Fund | Growth Fund | Adjustments | Fund | |||||||||||||||||||||||||||||
Common Stocks - 99.1% | ||||||||||||||||||||||||||||||||||||||
Aerospace & Defense - 1.0% | ||||||||||||||||||||||||||||||||||||||
$ — | $ | — | $ | 22,200 | $ | — | $ | 22,200 | Boeing Co., Inc. | $ | — | $ | — | $ | 1,662,780 | $ | — | $ | 1,662,780 | |||||||||||||||||||
456,481 | — | — | 456,481 | United Technologies Corp. | 28,625,924 | — | — | — | 28,625,924 | |||||||||||||||||||||||||||||
28,625,924 | — | 1,662,780 | — | 30,288,704 | ||||||||||||||||||||||||||||||||||
Airlines - 0.0% | ||||||||||||||||||||||||||||||||||||||
— | — | 33,800 | — | 33,800 | US Airways Group * | — | — | 1,428,050 | — | 1,428,050 | ||||||||||||||||||||||||||||
Apparel/Shoes - 0.2% | ||||||||||||||||||||||||||||||||||||||
356,900 | — | — | — | 356,900 | Chico’s FAS, Inc. * | 6,581,236 | — | — | — | 6,581,236 | ||||||||||||||||||||||||||||
Audio & Visual Equipment - 0.7% | ||||||||||||||||||||||||||||||||||||||
264,130 | — | — | — | 264,130 | Harman International, Inc. | 21,426,226 | — | — | — | 21,426,226 | ||||||||||||||||||||||||||||
Beverages - 4.6% | ||||||||||||||||||||||||||||||||||||||
432,450 | — | — | — | 432,450 | Fortune Brands, Inc. | 31,395,870 | — | — | — | 31,395,870 | ||||||||||||||||||||||||||||
696,250 | 901,400 | — | — | 1,597,650 | PepsiCo, Inc. | 45,451,200 | 58,843,392 | — | — | 104,294,592 | ||||||||||||||||||||||||||||
76,847,070 | 58,843,392 | — | — | 135,690,462 | ||||||||||||||||||||||||||||||||||
Biotechnology - 5.2% | ||||||||||||||||||||||||||||||||||||||
631,800 | 258,100 | 24,000 | — | 913,900 | Amgen, Inc. * | 42,918,174 | 17,532,733 | 1,630,320 | — | 62,081,227 | ||||||||||||||||||||||||||||
223,700 | 530,600 | — | — | 754,300 | Genentech, Inc. * | 18,459,724 | 43,785,112 | — | — | 62,244,836 | ||||||||||||||||||||||||||||
983,874 | — | — | — | 983,874 | Med Immune, Inc. * | 27,194,277 | — | — | — | 27,194,277 | ||||||||||||||||||||||||||||
88,572,175 | 61,317,845 | 1,630,320 | — | 151,520,340 | ||||||||||||||||||||||||||||||||||
Chemicals - 0.1% | ||||||||||||||||||||||||||||||||||||||
— | — | 47,500 | — | 47,500 | Monsanto Co. | — | — | 2,253,400 | — | 2,253,400 | ||||||||||||||||||||||||||||
Commercial Banks - 0.0% | ||||||||||||||||||||||||||||||||||||||
— | — | 42,700 | — | 42,700 | Commerce Bancorp, Inc. | — | — | 1,422,337 | — | 1,422,337 | ||||||||||||||||||||||||||||
Commercial Services - 2.2% | ||||||||||||||||||||||||||||||||||||||
416,431 | — | — | — | 416,431 | Moody’s Corp. | 25,477,249 | — | — | — | 25,477,249 | ||||||||||||||||||||||||||||
686,572 | — | — | — | 686,572 | The McGraw-Hill Companies, Inc. | 38,386,240 | — | — | — | 38,386,240 | ||||||||||||||||||||||||||||
63,863,489 | — | — | — | 63,863,489 | ||||||||||||||||||||||||||||||||||
Computer Hardware - 3.2% | ||||||||||||||||||||||||||||||||||||||
— | 373,100 | 25,300 | — | 398,400 | Apple Computer Co., Inc. * | — | 25,314,835 | 1,716,605 | — | 27,031,440 | ||||||||||||||||||||||||||||
1,591,000 | — | — | — | 1,591,000 | EMC Corp. * | 18,535,150 | — | — | — | 18,535,150 | ||||||||||||||||||||||||||||
— | 1,233,100 | — | 1,233,100 | Hewlet Packard, Inc. | — | 45,082,136 | — | — | 45,082,136 | |||||||||||||||||||||||||||||
— | — | 67,200 | — | 67,200 | SanDisk Corp. * | — | — | 3,959,424 | — | 3,959,424 | ||||||||||||||||||||||||||||
18,535,150 | 70,396,971 | 5,676,029 | — | 94,608,150 | ||||||||||||||||||||||||||||||||||
Computer Services - 3.2% | ||||||||||||||||||||||||||||||||||||||
205,700 | — | — | — | 205,700 | Check Free Corp. * | 7,364,060 | — | — | — | 7,364,060 | ||||||||||||||||||||||||||||
1,132,120 | — | — | — | 1,132,120 | First Data Corp. | 48,647,196 | — | — | — | 48,647,196 | ||||||||||||||||||||||||||||
— | 1,079,000 | — | — | 1,079,000 | Paychex, Inc. | — | 38,746,890 | — | — | 38,746,890 | ||||||||||||||||||||||||||||
56,011,256 | 38,746,890 | — | — | 94,758,146 | ||||||||||||||||||||||||||||||||||
Computer Software - 4.0% | ||||||||||||||||||||||||||||||||||||||
651,080 | — | 147,400 | — | 798,480 | Electronic Arts, Inc. * | 33,185,548 | — | 7,512,978 | — | 40,698,526 | ||||||||||||||||||||||||||||
2,750,100 | — | 201,100 | — | 2,951,200 | Microsoft Corp. | 70,650,069 | — | 5,166,259 | — | 75,816,328 | ||||||||||||||||||||||||||||
103,835,617 | — | 12,679,237 | — | 116,514,854 | ||||||||||||||||||||||||||||||||||
Drugs & Medicine - 1.8% | ||||||||||||||||||||||||||||||||||||||
719,937 | — | — | — | 719,937 | Pfizer, Inc. | 19,841,464 | — | — | — | 19,841,464 | ||||||||||||||||||||||||||||
922,300 | — | — | — | 922,300 | Schering-Plough Corp. | 19,322,185 | — | — | — | 19,322,185 | ||||||||||||||||||||||||||||
302,400 | — | — | — | 302,400 | Wyeth | 14,726,880 | — | — | — | 14,726,880 | ||||||||||||||||||||||||||||
53,890,529 | — | — | — | 53,890,529 | ||||||||||||||||||||||||||||||||||
Financials - 4.5% | ||||||||||||||||||||||||||||||||||||||
36,900 | — | — | — | 36,900 | Chicago Mercantile Exchange Holdings, Inc. | 16,236,000 | — | — | — | 16,236,000 | ||||||||||||||||||||||||||||
200,300 | — | — | — | 200,300 | Franklin Resources, Inc. | 19,711,523 | — | — | — | 19,711,523 | ||||||||||||||||||||||||||||
169,800 | — | — | — | 169,800 | Legg Mason, Inc. | 15,495,948 | — | — | — | 15,495,948 | ||||||||||||||||||||||||||||
205,900 | 316,400 | — | — | 522,300 | Merrill Lynch, Inc. | 15,139,827 | 23,264,892 | — | — | 38,404,719 | ||||||||||||||||||||||||||||
293,900 | — | — | — | 293,900 | Morgan Stanley | 19,335,681 | — | — | — | 19,335,681 | ||||||||||||||||||||||||||||
1,420,400 | — | — | — | 1,420,400 | The Charles Schwab Corp. | 23,166,724 | — | — | — | 23,166,724 | ||||||||||||||||||||||||||||
109,085,703 | 23,264,892 | — | — | 132,350,595 | ||||||||||||||||||||||||||||||||||
Foods - 0.2% | ||||||||||||||||||||||||||||||||||||||
133,550 | — | — | — | 133,550 | The Hershey Co. | 7,206,358 | — | — | — | 7,206,358 | ||||||||||||||||||||||||||||
Foods Retail - 2.2% | ||||||||||||||||||||||||||||||||||||||
— | 608,000 | — | — | 608,000 | Costco Wholesale Corp. | 28,448,320 | — | — | 28,448,320 | |||||||||||||||||||||||||||||
— | — | 83,000 | — | 83,000 | CVS Corp. | — | — | 2,784,650 | — | 2,784,650 | ||||||||||||||||||||||||||||
— | 662,200 | — | — | 662,200 | Wallgreen Co. | — | 32,752,412 | — | — | 32,752,412 | ||||||||||||||||||||||||||||
— | 61,200,732 | 2,784,650 | — | 63,985,382 | ||||||||||||||||||||||||||||||||||
Health Care Services - 0.5% | ||||||||||||||||||||||||||||||||||||||
— | — | 47,500 | — | 47,500 | Cardinal Health, inc. | — | — | 3,202,450 | — | 3,202,450 | ||||||||||||||||||||||||||||
266,490 | — | — | — | 266,490 | Omnicare, Inc. (a) | 12,074,662 | — | — | — | 12,074,662 | ||||||||||||||||||||||||||||
12,074,662 | — | 3,202,450 | — | 15,277,112 | ||||||||||||||||||||||||||||||||||
Hotels Restaurants & Leisure - 3.5% | ||||||||||||||||||||||||||||||||||||||
341,610 | — | — | — | 341,610 | Harrah’s Entertainment, Inc. | 21,302,800 | — | — | — | 21,302,800 | ||||||||||||||||||||||||||||
533,320 | — | — | — | 533,320 | Marriott International, Inc. | 20,084,831 | — | — | — | 20,084,831 | ||||||||||||||||||||||||||||
— | 665,300 | — | — | 665,300 | McDonald’s Corp. | — | 23,884,270 | — | — | 23,884,270 | ||||||||||||||||||||||||||||
— | 1,144,300 | — | — | 1,144,300 | Starbucks Corp. | — | 35,484,743 | — | — | 35,484,743 | ||||||||||||||||||||||||||||
— | — | 46,500 | — | 46,500 | Starwoods Hotels and Resorts | — | — | 2,476,590 | — | 2,476,590 | ||||||||||||||||||||||||||||
41,387,631 | 59,369,013 | 2,476,590 | — | 103,233,234 | ||||||||||||||||||||||||||||||||||
Household Products - 3.3% | ||||||||||||||||||||||||||||||||||||||
— | 622,900 | — | — | 622,900 | Colgate-Palmolive Co. | — | 37,286,794 | — | — | 37,286,794 | ||||||||||||||||||||||||||||
— | 929,644 | 43,200 | — | 972,844 | Proctor & Gamble Co. | — | 57,544,964 | 2,674,080 | — | 60,219,044 | ||||||||||||||||||||||||||||
— | 94,831,758 | 2,674,080 | — | 97,505,838 | ||||||||||||||||||||||||||||||||||
Housewares - 0.3% | ||||||||||||||||||||||||||||||||||||||
265,200 | — | — | — | 265,200 | Williams-Sonoma, Inc. | 7,812,792 | — | — | — | 7,812,792 | ||||||||||||||||||||||||||||
Industrial Conglomerates - 2.2% | ||||||||||||||||||||||||||||||||||||||
— | 1,280,000 | 71,600 | — | 1,351,600 | General Electric Co. | — | 43,596,800 | 2,438,696 | — | 46,035,496 | ||||||||||||||||||||||||||||
— | 239,700 | — | — | 239,700 | 3M Company, Inc. | — | 17,186,490 | — | — | 17,186,490 | ||||||||||||||||||||||||||||
— | 60,783,290 | 2,438,696 | — | 63,221,986 | ||||||||||||||||||||||||||||||||||
Insurance - 1.0% | ||||||||||||||||||||||||||||||||||||||
— | 459,500 | — | — | 459,500 | American International Group | — | 29,325,290 | — | — | 29,325,290 | ||||||||||||||||||||||||||||
Internet & Online - 5.0% | ||||||||||||||||||||||||||||||||||||||
— | — | 81,100 | — | 81,100 | Akamai Technologies Co. * | — | — | 3,179,120 | — | 3,179,120 | ||||||||||||||||||||||||||||
135,108 | 101,200 | 9,300 | — | 245,608 | Google, Inc. * | 51,142,431 | 38,307,236 | 3,520,329 | — | 92,969,996 | ||||||||||||||||||||||||||||
1,757,900 | — | — | — | 1,757,900 | Yahoo!, Inc. * | 50,662,678 | — | — | — | 50,662,678 | ||||||||||||||||||||||||||||
101,805,109 | 38,307,236 | 6,699,449 | — | 146,811,794 | ||||||||||||||||||||||||||||||||||
Machinery - 0.6% | ||||||||||||||||||||||||||||||||||||||
— | 281,400 | — | — | 281,400 | Caterpillar, Inc. | — | 18,670,890 | — | — | 18,670,890 | ||||||||||||||||||||||||||||
Manufacturing - 0.8% | ||||||||||||||||||||||||||||||||||||||
423,800 | — | — | — | 423,800 | Rockwell Automation, Inc. | 23,893,844 | — | — | — | 23,893,844 | ||||||||||||||||||||||||||||
Media - 0.8% | ||||||||||||||||||||||||||||||||||||||
— | 203,800 | — | — | 203,800 | McGraw Hill Companies, Inc. | — | 11,394,458 | — | — | 11,394,458 | ||||||||||||||||||||||||||||
— | 124,500 | — | — | 124,500 | Omnicom Group, Inc. | — | 10,883,790 | — | — | 10,883,790 | ||||||||||||||||||||||||||||
— | 22,278,248 | — | — | 22,278,248 | ||||||||||||||||||||||||||||||||||
Shares | Description | |||||||||||||||||||||||||||||||||||||
AXA Enterprise | AXA Enterprise | Pro Forma | AXA Enterprise | AXA Enterprise | Pro Forma | |||||||||||||||||||||||||||||||||
GS Capital | Group of Funds | Large Cap | Combined | GS Capital | Group of Funds | Large Cap | Combined | |||||||||||||||||||||||||||||||
Growth Fund | Growth Fund | Growth Fund | Adjustments | Fund | Growth Fund | Growth Fund | Growth Fund | Adjustments | Fund | |||||||||||||||||||||||||||||
Medical Products - 5.3% | ||||||||||||||||||||||||||||||||||||||
$ 132,830 | $ | — | $ | — | $ | — | $ | 132,830 | Fisher Scientific International, Inc. * | $ | 10,391,291 | $ | — | $ | — | $ | — | $ | 10,391,291 | |||||||||||||||||||
666,000 | 254,200 | — | — | 920,200 | Medtronic, Inc. | 31,235,400 | 11,921,980 | — | — | 43,157,380 | ||||||||||||||||||||||||||||
491,368 | — | 87,200 | — | 578,568 | St. Jude Medical, Inc. * | 17,890,709 | — | 3,174,952 | — | 21,065,661 | ||||||||||||||||||||||||||||
340,385 | 829,200 | — | — | 1,169,585 | Stryker Corp. | 16,348,691 | 39,826,476 | — | — | 56,175,167 | ||||||||||||||||||||||||||||
353,363 | — | — | — | 353,363 | Zimmer Holdings, Inc. * | 24,028,684 | — | — | — | 24,028,684 | ||||||||||||||||||||||||||||
99,894,775 | 51,748,456 | 3,174,952 | — | 154,818,183 | ||||||||||||||||||||||||||||||||||
Medical Supplies - 0.3% | ||||||||||||||||||||||||||||||||||||||
217,176 | — | — | — | 217,176 | Charles River Laboratories | 8,826,033 | — | — | — | 8,826,033 | ||||||||||||||||||||||||||||
Movies & Entertainment - 0.5% | ||||||||||||||||||||||||||||||||||||||
442,965 | — | — | — | 442,965 | Viacom, Inc. Class B * | 16,079,630 | — | — | — | 16,079,630 | ||||||||||||||||||||||||||||
Multiline Retail - 1.0% | ||||||||||||||||||||||||||||||||||||||
— | 375,700 | 29,200 | — | 404,900 | Kohl’s Corp. * | — | 23,485,007 | 1,825,292 | — | 25,310,299 | ||||||||||||||||||||||||||||
— | — | 17,900 | — | 17,900 | Sear Holding Corp. * | — | — | 2,579,569 | — | 2,579,569 | ||||||||||||||||||||||||||||
— | 23,485,007 | 4,404,861 | — | 27,889,868 | ||||||||||||||||||||||||||||||||||
Networking/Telecommunications Equipment - 4.1% | ||||||||||||||||||||||||||||||||||||||
2,116,175 | — | — | — | 2,116,175 | Cisco System, Inc. * | 46,534,688 | — | — | — | 46,534,688 | ||||||||||||||||||||||||||||
— | — | 102,500 | — | 102,500 | Corning Inc. * | — | — | 2,279,600 | — | 2,279,600 | ||||||||||||||||||||||||||||
804,300 | — | — | — | 804,300 | Motorola, Inc | 18,804,534 | — | — | — | 18,804,534 | ||||||||||||||||||||||||||||
155,144 | 471,300 | — | — | 626,444 | Research In Motion Ltd. * | 12,799,380 | 38,882,250 | — | — | 51,681,630 | ||||||||||||||||||||||||||||
78,138,602 | 38,882,250 | 2,279,600 | — | 119,300,452 | ||||||||||||||||||||||||||||||||||
Oil & Gas - 6.2% | ||||||||||||||||||||||||||||||||||||||
708,910 | — | — | — | 708,910 | Canadian Natural Resources Ltd. | 37,281,577 | — | — | — | 37,281,577 | ||||||||||||||||||||||||||||
1,094,800 | — | — | — | 1,094,800 | Chesapeake Energy Corp. (a) | 34,562,836 | — | — | — | 34,562,836 | ||||||||||||||||||||||||||||
— | 880,600 | — | — | 880,600 | Occidental Petroleum, Inc. | — | 44,901,794 | — | — | 44,901,794 | ||||||||||||||||||||||||||||
301,100 | — | — | — | 301,100 | Quicksilver Resources, Inc. * (a) | 11,327,382 | — | — | — | 11,327,382 | ||||||||||||||||||||||||||||
667,310 | — | — | — | 667,310 | Suncor Energy, Inc. (a) | 51,769,910 | — | — | — | 51,769,910 | ||||||||||||||||||||||||||||
134,941,705 | 44,901,794 | — | 179,843,499 | |||||||||||||||||||||||||||||||||||
Oil Well Services & Equipment - 8.4% | ||||||||||||||||||||||||||||||||||||||
645,510 | 436,000 | — | — | 1,081,510 | Baker Hughes, Inc. | 45,947,402 | 31,034,480 | — | — | 76,981,882 | ||||||||||||||||||||||||||||
216,100 | — | — | — | 216,100 | Grant Pride co, Inc. * | 8,974,633 | — | — | — | 8,974,633 | ||||||||||||||||||||||||||||
— | 1,508,300 | — | — | 1,508,300 | Halliburton Co. | — | 49,200,746 | — | — | 49,200,746 | ||||||||||||||||||||||||||||
683,448 | 839,200 | — | — | 1,522,648 | Schlumberger Ltd. (a) | 41,895,362 | 51,442,960 | — | — | 93,338,322 | ||||||||||||||||||||||||||||
392,200 | — | — | — | 392,200 | Weatherford International Ltd. * | 16,864,600 | — | — | — | 16,864,600 | ||||||||||||||||||||||||||||
113,681,997 | 131,678,186 | — | — | 245,360,183 | ||||||||||||||||||||||||||||||||||
Personal Products - 0.5% | ||||||||||||||||||||||||||||||||||||||
— | 398,700 | — | — | 398,700 | Estee Lauder Companies | — | 14,696,082 | — | — | 14,696,082 | ||||||||||||||||||||||||||||
Pharmaceuticals - 1.3% | ||||||||||||||||||||||||||||||||||||||
— | — | 16,700 | — | 16,700 | Allergen Inc. | — | — | 1,913,152 | — | 1,913,152 | ||||||||||||||||||||||||||||
— | 664,400 | — | — | 664,400 | Lilly & Co., Inc. | — | 37,159,892 | — | — | 37,159,892 | ||||||||||||||||||||||||||||
— | 37,159,892 | 1,913,152 | — | 39,073,044 | ||||||||||||||||||||||||||||||||||
Pharmacy Benefit Manager - 2.8% | ||||||||||||||||||||||||||||||||||||||
411,873 | 648,700 | — | — | 1,060,573 | Caremark Rx, Inc. | 23,863,922 | 37,585,678 | — | — | 61,449,600 | ||||||||||||||||||||||||||||
256,100 | — | 50,200 | — | 306,300 | Medco Health Solutions, Inc. * | 16,229,057 | — | 3,181,174 | — | 19,410,231 | ||||||||||||||||||||||||||||
40,092,979 | 37,585,678 | 3,181,174 | — | 80,859,831 | ||||||||||||||||||||||||||||||||||
Producer Goods - 0.4% | ||||||||||||||||||||||||||||||||||||||
187,770 | — | — | — | 187,770 | W.W. Grainger, Inc. | 12,543,036 | — | — | — | 12,543,036 | ||||||||||||||||||||||||||||
Shares | Description | |||||||||||||||||||||||||||||||||||||||
GS Capital Growth Fund | AXA Enterprise Group of Funds Growth Fund | AXA Large Cap Enterprise Growth Fund | Adjustments | Pro Forma Combined Fund | GS Capital Growth Fund | AXA Enterprise Group of Funds Growth Fund | AXA Enterprise Large Cap Growth Fund | Adjustments | Pro Forma Combined Fund | |||||||||||||||||||||||||||||||
Publishing - 0.6% | ||||||||||||||||||||||||||||||||||||||||
$ | 346,612 | $ | — | $ | — | $ | — | $ | 346,612 | Lamar Advertising Co. * | $ | 18,127,808 | $ | — | $ | — | $ | — | $ | 18,127,808 | ||||||||||||||||||||
Retailing - 3.7% | ||||||||||||||||||||||||||||||||||||||||
1,195,800 | — | — | — | 1,195,800 | Lowe’s Companies Co. * | 32,358,348 | — | — | — | 32,358,348 | ||||||||||||||||||||||||||||||
721,100 | — | — | — | 721,100 | Target Corp. | 34,894,029 | �� | — | — | — | 34,894,029 | |||||||||||||||||||||||||||||
— | — | 94,700 | — | 94,700 | Urban Outfitters, Inc. * | — | 1,485,843 | — | 1,485,843 | |||||||||||||||||||||||||||||||
863,970 | — | — | — | 863,970 | Wal-Mart Stores, Inc. | 38,636,738 | — | — | — | 38,636,738 | ||||||||||||||||||||||||||||||
105,889,115 | — | 1,485,843 | — | 107,374,958 | ||||||||||||||||||||||||||||||||||||
Road & Rail - 0.0% | ||||||||||||||||||||||||||||||||||||||||
— | — | 17,700 | — | 17,700 | Union Pacific Corp. | — | — | 1,422,195 | — | 1,422,195 | ||||||||||||||||||||||||||||||
Semiconductors - 4.1% | ||||||||||||||||||||||||||||||||||||||||
527,860 | — | — | — | 527,860 | Intel Corp. | 10,314,384 | — | — | — | 10,314,384 | ||||||||||||||||||||||||||||||
1,133,848 | — | — | — | 1,133,848 | Linear Technology Corp. | 38,562,171 | — | — | — | 38,562,171 | ||||||||||||||||||||||||||||||
— | — | 90,900 | — | 90,900 | National Semiconductor | — | — | 2,207,961 | — | 2,207,961 | ||||||||||||||||||||||||||||||
983,590 | 719,400 | 132,400 | — | 1,835,390 | QUALCOMM, Inc. | 37,051,835 | 27,099,798 | 4,987,508 | — | 69,139,141 | ||||||||||||||||||||||||||||||
85,928,390 | 27,099,798 | 7,195,469 | — | 120,223,657 | ||||||||||||||||||||||||||||||||||||
Specialty Finance - 5.7% | ||||||||||||||||||||||||||||||||||||||||
497,030 | 689,588 | 70,200 | — | 1,256,818 | American Express Co. | 26,113,956 | 36,230,954 | 3,688,308 | — | 66,033,218 | ||||||||||||||||||||||||||||||
352,743 | — | — | — | 352,743 | Fannie Mae | 18,571,919 | — | — | — | 18,571,919 | ||||||||||||||||||||||||||||||
1,298,100 | — | — | — | 1,298,100 | Freddie Mac | 82,559,160 | — | — | — | 82,559,160 | ||||||||||||||||||||||||||||||
127,245,035 | 36,230,954 | 3,688,308 | — | 167,164,297 | ||||||||||||||||||||||||||||||||||||
Technology Services - 0.4% | ||||||||||||||||||||||||||||||||||||||||
177,140 | — | — | — | 177,140 | Cognizant Technology Solutions Corp. * | 12,383,857 | — | — | — | 12,383,857 | ||||||||||||||||||||||||||||||
Telecommunications - 2.2% | ||||||||||||||||||||||||||||||||||||||||
1,264,800 | — | — | — | 1,264,800 | American Tower Corp. * | 45,355,728 | — | — | — | 45,355,728 | ||||||||||||||||||||||||||||||
333,765 | — | — | — | 333,765 | Crown Castle International Corp. * | 11,468,165 | — | — | — | 11,468,165 | ||||||||||||||||||||||||||||||
224,900 | — | — | — | 224,900 | NeuStar, Inc. * | 6,346,678 | — | — | — | 6,346,678 | ||||||||||||||||||||||||||||||
63,170,571 | — | — | — | 63,170,571 | ||||||||||||||||||||||||||||||||||||
Tobacco | ||||||||||||||||||||||||||||||||||||||||
— | — | 31,400 | — | 31,400 | Altria Group, Inc. | — | — | 2,622,842 | — | 2,622,842 | ||||||||||||||||||||||||||||||
(Cost $1,412,295,904, $78,405,137, $985,441,929, $0 and $2,476,142,970 respectively) | $ | 1,738,398,304 | $ | 1,080,804,543 | $ | 78,396,464 | $ | — | $ | 2,897,599,311 | ||||||||||||||||||||||||||||||
Principal Amount | Interest Rate Maturity Date | Value | ||||||||||||||||||||||||||||||||||||||
Time Deposits - 1.1% | ||||||||||||||||||||||||||||||||||||||||
— | 31,435,295 | 1,341,542 | — | 32,776,837 | JP Morgan Chase Nassau | — | 31,435,295 | 1,341,542 | 32,776,837 | |||||||||||||||||||||||||||||||
TOTAL Time Deposits (Cost $0, $1,341,542, $31,435,295, $0 and $32,776,837 respectively) | — | 31,435,295 | 1,341,542 | — | 32,776,837 | |||||||||||||||||||||||||||||||||||
Repurchase Agreement (b) - 0.1% | ||||||||||||||||||||||||||||||||||||||||
2,900,000 | — | — | — | 2,900,000 | Joint Repurchase Agreement Account II 5.28% 09/01/2006 Maturity Value $2,900,425 (Cost $2,900,000, $0, $0, $0 and $2,900,000 respectively) | 2,900,000 | — | — | — | 2,900,000 | ||||||||||||||||||||||||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL | ||||||||||||||||||||||||||||||||||||||||
(Cost $1,415,195,904, $79,746,679, $1,016,877,225, $0 and $2,511,811,135 respectively) | 1,741,298,304 | 1,112,239,838 | 79,738,006 | — | 2,933,276,148 | |||||||||||||||||||||||||||||||||||
Shares/Principal | Description | Value | ||||||||||||||||||||||||||||||||||||||
Securities Lending Collateral - 5.4% | ||||||||||||||||||||||||||||||||||||||||
— | 71,791,736 | — | — | 71,791,736 | Cantor Fitzgerald Securities Repurchase Agreement | — | 71,791,736 | — | — | 71,791,736 | ||||||||||||||||||||||||||||||
— | — | 4,271,093 | — | 4,271,093 | Bank of America Securities LLC Repurchase Agreement | — | — | 4,271,093 | — | 4,271,093 | ||||||||||||||||||||||||||||||
80,977,750 | — | — | — | 80,977,750 | Boston Global Investment Trust — Enhanced Portfolio | 80,977,750 | — | — | — | 80,977,750 | ||||||||||||||||||||||||||||||
TOTAL SECURITIES LENDING COLLATERAL (Cost $80,977,750, $4,271,093, $71,791,736 and $161,311,672 respectively) | 80,977,750 | 71,791,736 | 4,271,093 | — | 157,040,579 | |||||||||||||||||||||||||||||||||||
(Cost $1,496,173,654, $84,000,426 $1,088,668,961, $0 and $2,668,843,041 respectively) - 105.7% | 1,822,276,054 | 1,184,031,574 | 84,009,099 | — | 3,090,316,727 | |||||||||||||||||||||||||||||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - 5.7% | (85,175,523 | ) | (77,116,561 | ) | (4,298,284 | ) | — | (166,590,368 | ) | |||||||||||||||||||||||||||||||
NET ASSETS - 100.0% | $ | 1,737,100,531 | $ | 1,106,915,013 | $ | 79,710,815 | $ | — | $ | 2,923,726,359 | ||||||||||||||||||||||||||||||
�� |
* | Non-income producing security. | |
(a) | All or portion of the security is on loan. | |
(b) | Repurchase agreement was entered into on August 31, 2006. |
REIT Real Estate Investment Trust
For the Goldman Sachs Capital Growth Fund and AXA Enterprise Group of Funds Growth Fund and AXA Enterprise Large Cap Growth Fund
August 31, 2006 (Unaudited)
Goldman Sachs | AXA Enterprise | AXA Enterprise | ||||||||||||||||||
Capital Growth | Large Cap | Group of Funds | Pro Forma | |||||||||||||||||
Fund | Growth Fund | Growth Fund | Adjustments | Combined Fund | ||||||||||||||||
Assets: | ||||||||||||||||||||
Investments in securities, at value (identified cost $1,415,195,904, $78,405,137, $985,441,929, $0, and $2,479,042,970, respectively) — (including $78,901,761, $4,169,205, $0, $0 and $83,070,966 of securities on loan, respectively) | $ | 1,741,298,304 | $ | 78,396,464 | $ | 1,080,804,543 | $ | — | $ | 2,900,499,311 | ||||||||||
Investments in short term securities, at value (cost $0, 1,341,542, $31,435,295, $0 and $32,828,552, respectively) | — | 1,341,542 | 31,435,295 | — | 32,776,837 | |||||||||||||||
Securities Lending collateral, at value (cost $80,977,750, $4,271,093, $71,791,736, $0 and $161,311,672, respectively) | 80,977,750 | 4,271,093 | 71,791,736 | — | 157,040,579 | |||||||||||||||
Cash | 68,764 | (a) | — | — | — | 68,764 | ||||||||||||||
Receivables: | ||||||||||||||||||||
Fund shares sold | 1,187,281 | 7,381 | 277,405 | — | 1,472,067 | |||||||||||||||
Dividends and interest, at value | 1,608,019 | 52,629 | 1,012,778 | — | 2,673,426 | |||||||||||||||
Reimbursement from adviser | 59,167 | — | — | — | 59,167 | |||||||||||||||
Securities lending income | 3,726 | — | — | — | 3,726 | |||||||||||||||
Other assets | 10,384 | 54,924 | 283,940 | — | 349,248 | |||||||||||||||
Total assets | 1,825,213,395 | 84,124,033 | 1,185,605,697 | — | 3,094,943,125 | |||||||||||||||
Liabilities: | ||||||||||||||||||||
Payables: | ||||||||||||||||||||
Investment securities purchased | 1,080,626 | — | 1,080,626 | |||||||||||||||||
Payable upon return of securities loaned | 80,977,750 | 4,271,093 | 71,791,736 | — | 157,040,579 | |||||||||||||||
Fund shares repurchased | 4,685,996 | 45,031 | 1,627,698 | — | 6,358,725 | |||||||||||||||
Amounts owed to affiliates | 2,058,341 | — | — | — | 2,058,341 | |||||||||||||||
Bank Overdraft | — | 96,401 | 2,245,496 | — | 2,341,897 | |||||||||||||||
Accrued expenses | 390,777 | 693 | 1,945,128 | — | 2,336,598 | |||||||||||||||
Total liabilities | 88,112,864 | 4,413,218 | 78,690,684 | — | 171,216,766 | |||||||||||||||
Net Assets: | ||||||||||||||||||||
Paid-in capital | 1,649,606,492 | 196,901,899 | 1,123,650,472 | — | 2,970,158,863 | |||||||||||||||
Accumulated undistributed net investment income (loss) | 1,637,581 | (466,347 | ) | (4,270,641 | ) | — | (3,099,407 | ) | ||||||||||||
Accumulated net realized gain (loss) on investments | (240,245,942 | ) | (116,716,064 | ) | (107,827,432 | ) | — | (464,789,438 | ) | |||||||||||
Net unrealized gain on investments | 326,102,400 | (8,673 | ) | 95,362,614 | — | 421,456,341 | ||||||||||||||
Net Assets | $ | 1,737,100,531 | $ | 79,710,815 | $ | 1,106,915,013 | $ | — | $ | 2,923,726,359 | ||||||||||
Net Assets: | ||||||||||||||||||||
Class A | $ | 1,289,842,758 | $ | 29,990,404 | $ | 709,067,653 | $ | — | $ | 2,028,900,815 | ||||||||||
Class B | 96,105,662 | 36,170,944 | 220,297,564 | — | 352,574,170 | |||||||||||||||
Class C | 68,527,926 | 12,019,011 | 132,175,945 | — | 212,722,882 | |||||||||||||||
Institutional/Class Y | 272,294,602 | 1,530,456 | 45,373,851 | — | 319,198,909 | |||||||||||||||
Service/Class P | 10,329,583 | — | — | — | 10,329,583 | |||||||||||||||
Shares Outstanding: | ||||||||||||||||||||
Class A | 62,543,451 | 2,811,011 | 41,199,510 | (8,174,183 | )(b) | $ | 98,379,789 | |||||||||||||
Class B | 5,051,445 | 3,458,789 | 13,712,398 | (3,690,852 | )(b) | 18,531,780 | ||||||||||||||
Class C | 3,608,130 | 1,150,128 | 8,112,788 | (1,670,768 | )(b) | 11,200,278 | ||||||||||||||
Institutional/Class Y | 12,820,835 | 141,903 | 2,499,079 | (432,520 | )(b) | 15,029,297 | ||||||||||||||
Service/Class P | 506,824 | — | — | — | 506,824 | |||||||||||||||
Total shares outstanding, $0.001 par value (unlimited number of shares authorized) | 84,530,685 | 7,561,831 | 65,523,775 | (13,968,323 | )(b) | 143,647,968 | ||||||||||||||
Net assets value, offering and redemption price per share:(c) | ||||||||||||||||||||
Class A | $ | 20.62 | $ | 10.67 | 17.21 | $ | — | $ | 20.62 | |||||||||||
Class B | 19.03 | 10.46 | 16.07 | — | 19.03 | |||||||||||||||
Class C | 18.99 | 10.45 | 16.29 | — | 18.99 | |||||||||||||||
Institutional/Class Y | 21.24 | 10.79 | 18.16 | — | 21.24 | |||||||||||||||
Service/Class P | 20.38 | — | — | — | 20.38 | |||||||||||||||
(b) | Adjustment to reflect proceeds on investments that do not meet Capital Growth Fund’s investment criteria and are assumed to be sold at 8/31/06. | |
(b) | Adjustment to reflect reduction of shares based on Capital Growth Fund’s NAV. | |
(c) | Maximum public offering price per share for Class A Shares is $21.82, $11.20, $18.07, $0 and $21.82 for the Capital Growth Fund, AXA Enterprise Large Cap Growth Fund and the AXA Enterprise Group of Funds Growth Fund, respectively. At redemption, Class B and Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current NAV or the original purchase price of the shares. |
For the Goldman Sachs Capital Growth Fund and AXA Enterprise Group of Funds Growth Fund and AXA Enterprise Large Cap Growth Fund
For year ended August 31, 2006 (Unaudited)
Goldman Sachs | AXA Enterprise | AXA Enterprise | ||||||||||||||||||
Capital Growth | Large Cap | Group of Funds | Pro Forma | |||||||||||||||||
Fund | Growth Fund | Growth Fund | Adjustments | Combined Fund | ||||||||||||||||
Investment Income: | ||||||||||||||||||||
Dividends (Net of foreign withholding tax of $52,081, $0, $0, $0 and $52,081, respectively) | $ | 17,706,466 | $ | 938,300 | $ | 14,712,594 | $ | — | $ | 33,357,360 | ||||||||||
Interest (including securities lending income of $108,912, $30,664, $4,330, $0 and $143,906, respectively) | 519,571 | 152,898 | 2,174,215 | — | 2,846,684 | |||||||||||||||
Total income | 18,226,037 | 1,091,198 | 16,886,809 | — | 36,204,044 | |||||||||||||||
Expenses: | ||||||||||||||||||||
Management fees | 17,686,134 | 682,113 | 9,435,220 | 1,125,013 | (a) | 28,928,480 | ||||||||||||||
Administrative fees | — | 52,834 | 712,527 | (765,361 | )(b) | — | ||||||||||||||
Distribution and service fees | 5,447,811 | 722,871 | 7,968,423 | (1,701,710 | )(b) | 12,437,395 | ||||||||||||||
Transfer agent fees | 3,092,359 | 418,226 | 3,562,633 | (1,420,478 | )(b) | 5,652,741 | ||||||||||||||
Custody and accounting fees | 260,626 | 11,330 | (42,719 | ) | 148,358 | (b) | 377,595 | |||||||||||||
Printing fees | 94,677 | 37,503 | 447,321 | (449,414 | )(b) | 130,087 | ||||||||||||||
Registration fees | 120,003 | (12,204 | ) | 102,819 | (122,258 | )(b) | 88,360 | |||||||||||||
Audit fees | 61,542 | 37,102 | 40,134 | (61,762 | )(b) | 77,016 | ||||||||||||||
Legal fees | 17,898 | 7,778 | 227,598 | (241,115 | )(b) | 12,159 | ||||||||||||||
Trustee fees | 15,230 | 19,082 | 241,129 | (260,211 | )(b) | 15,230 | ||||||||||||||
Service share fees | 51,590 | — | — | — | (b) | 51,590 | ||||||||||||||
Other | 237,962 | 66,145 | 564,930 | (421,056 | )(b) | 447,981 | ||||||||||||||
Total expenses | 27,085,831 | 2,042,780 | 23,260,015 | (4,169,994 | ) | 48,218,633 | ||||||||||||||
Less — expense reductions | (806,389 | ) | (321,852 | ) | (583,200 | ) | 689,323 | (c) | (1,022,118 | ) | ||||||||||
Net Expenses | 26,279,442 | 1,720,928 | 22,676,815 | (3,480,671 | ) | 47,196,515 | ||||||||||||||
Net Investment Income (loss) | (8,053,405 | ) | (629,730 | ) | (5,790,006 | ) | 3,480,671 | (10,992,471 | ) | |||||||||||
Realized and unrealized gain (loss) on investment and futures transactions: | ||||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Investment transactions | 120,202,002 | 17,790,263 | 102,992,801 | 324,014 | 241,309,080 | |||||||||||||||
Net change in unrealized gain (loss) on: | ||||||||||||||||||||
Investments | (58,053,651 | ) | (5,152,696 | ) | (52,505,881 | ) | — | (115,712,228 | ) | |||||||||||
Net realized and unrealized gain on investment and futures transactions | 62,148,351 | 12,637,567 | 50,486,920 | 324,014 | 125,596,852 | |||||||||||||||
Net Increase in Net Assets Resulting from Operations | $ | 54,094,946 | $ | 12,007,837 | $ | 44,696,914 | $ | 3,804,685 | $ | 114,604,381 | ||||||||||
(a) | Adjustment to reduce management fee based on Capital Growth Fund rates. | |
(b) | Adjustments to reflect the anticipated adjustment as a result of consolidation of transfer agent, printing, custody and accounting and other services. | |
(c) | Adjustment to reflect increase in expense reduction based on Capital Growth Fund current expense cap and waivers. |
For the Twelve Months Ended August 31, 2006 (Unaudited)
Class A | Class B | Class C | Institutional | |||||||||||||
Shares Issued | 35,836,338 | 13,480,335 | 7,592,148 | 2,208,462 | ||||||||||||
Net Assets 08/31/2006 | $ | 739,058,057 | $ | 256,468,508 | $ | 144,194,956 | $ | 46,904,307 | ||||||||
Pro Forma Net Asset Value 08/31/2006 | $ | 20.62 | $ | 19.03 | $ | 18.99 | $ | 21.24 |
The Enterprise Group | ||||||||
Capital Loss Carryforward* | Portfolio and the Portfolio | Capital Growth Fund | ||||||
Expiring 2007 | $ | 7,070 | $ | — | ||||
Expiring 2008 | 73,521 | — | ||||||
Expiring 2009 | 34,197 | — | ||||||
Expiring 2010 | 30,354 | — | ||||||
Expiring 2011 | 60,741 | 222,589 | ||||||
Total | $ | 205,883 | $ | 222,589 | ||||
* | Expiration occurs on August 31 of the year indicated. As a consequence of the reorganization, utilization of these losses may be limited under the Internal Revenue Code. |
2
Average Daily Net Assets | | Annual Rate | ||
First $1 Billion | 1.00 | % | ||
Next $1 Billion | 0.90 | % | ||
Over $2 Billion | 0.80 | % | ||
3
4
FORM N-14
PART C — OTHER INFORMATION
- 2 -
(1 | ) | (a) | Agreement and Declaration of Trust dated January 28, 1997. (Accession No. 0000950130-97-000573). | |||||
(b) | Amendment No. 1 dated April 24, 1997 to Agreement and Declaration of Trust January 28, 1997. (Accession No. 0000950130-97-004495). | |||||||
(c) | Amendment No. 2 dated July 21, 1997 to Agreement and Declaration of Trust as amended, dated January 28, 1997. (Accession No. 0000950130-97-004495). |
- 3 -
(d) | Amendment No. 3 dated October 21, 1997 to the Agreement and Declaration of Trust as amended, dated January 28, 1997. (Accession No. 0000950130-98-000676). | ||
(e) | Amendment No. 4 dated January 28, 1998 to the Agreement and Declaration of Trust as amended, dated January 28, 1997. (Accession No. 0000950130-98-000676). | ||
(f) | Amendment No. 5 dated April 23, 1998 to Agreement and Declaration of Trust as amended, dated January 28, 1997. (Accession No. 0000950130-98-004845). | ||
(g) | Amendment No. 6 dated July 22, 1998 to Agreement and Declaration of Trust as amended, dated January 28, 1997. (Accession No. 0000950130-98-004845). | ||
(h) | Amendment No. 7 dated November 3, 1998 to Agreement and Declaration of Trust as amended, dated January 28, 1997. (Accession No. 0000950130-98-006081). | ||
(i) | Amendment No. 8 dated January 22, 1999 to Agreement and Declaration of Trust as amended, dated January 28, 1997. (Accession No. 0000950130-99-000742). | ||
(j) | Amendment No. 9 dated April 28, 1999 to Agreement and Declaration of Trust as amended, dated January 28, 1997. (Accession No. 0000950109-99-002544). | ||
(k) | Amendment No. 10 dated July 27, 1999 to Agreement and Declaration of Trust as amended, dated January 28, 1997. (Accession No. 0000950130-99-005294). | ||
(l) | Amendment No. 11 dated July 27, 1999 to Agreement and Declaration of Trust as amended, dated January 28, 1997. (Accession No. 0000950130-99-005294). | ||
(m) | Amendment No. 12 dated October 26, 1999 to Agreement and Declaration of Trust as amended, dated January 28, 1997. (Accession No. 0000950130-99-004208). | ||
(n) | Amendment No. 13 dated February 3, 2000 to Agreement and Declaration of Trust as amended, dated January 28, 1997. (Accession No. 0000950109-00-000585). |
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(o) | Amendment No. 14 dated April 26, 2000 to Agreement and Declaration of Trust as amended, dated January 28, 1997. (Accession No. 0000950130-00-002509). | ||
(p) | Amendment No. 15 dated August 1, 2000 to Agreement and Declaration of Trust, as amended, dated January 28, 1997. (Accession No. 0000950109-00-500123). | ||
(q) | Amendment No. 16 dated January 30, 2001 to Agreement and Declaration of Trust, dated January 28, 1997. (Accession No. 0000950109-01-500540). | ||
(r) | Amendment No. 17 dated April 25, 2001 to Agreement and Declaration of Trust, dated January 28, 1997. (Accession No. 0000950123-01-509514). | ||
(s) | Amendment No. 18 dated July 1, 2002 to Agreement and Declaration of Trust, dated January 28, 1997. (Accession No. 0000950123-02-011711). | ||
(t) | Amendment No. 19 dated August 1, 2002 to Agreement and Declaration of Trust, dated January 28, 1997. (Accession No. 0000950123-02-011711). | ||
(u) | Amendment No. 20 dated August 1, 2002 to Agreement and Declaration of Trust, dated January 28, 1997. (Accession No. 0000950123-02-011711). | ||
(v) | Amendment No. 21 dated January 29, 2003 to the Agreement and Declaration of Trust, dated January 28, 1997. (Accession No. 0000950123-03-001754). | ||
(w) | Amendment No. 22 dated July 31, 2003 to the Agreement and Declaration of Trust dated January 28, 1997. (Accession No. 0000950123-03-013727). | ||
(x) | Amendment No. 23 dated October 30, 2003 to the Agreement and Declaration of Trust dated January 28, 1997. (Accession No. 0000950123-03-013727). | ||
(y) | Amendment No. 24 dated May 6, 2004 to the Agreement and Declaration of Trust dated January 28, 1997. (Accession No. 0000950123-04-008643). | ||
(z) | Amendment No. 25 dated April 21, 2004 to the Agreement and Declaration of Trust dated January 28, 1997. (Accession No. 0000950123-04-015178). |
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(aa) | Amendment No. 26 dated November 4, 2004 to the Agreement and Declaration of Trust dated January 28, 1997. (Accession No. 0000950123-04-015178). | ||
(bb) | Amendment No. 27 dated February 10, 2005 to the Agreement and Declaration of Trust dated January 28, 1997. (Accession No. 0000950123-05-007490). | ||
(cc) | Amendment No. 28 dated May 12, 2005 to the Agreement and Declaration of Trust dated January 28, 1997. (Accession No. 0000950123-05-014459). | ||
(dd) | Amendment No. 29 dated June 16, 2005 to the Agreement and Declaration of Trust dated January 28, 1997. (Accession No. 0000950123-05-014459). | ||
(ee) | Amendment No. 30 dated August 4, 2005 to the Agreement and Declaration of Trust dated January 28, 1977. (Accession No. 0000950123-05-014459) | ||
(ff) | Amendment No. 32 dated December 31, 2005 to the Agreement and Declaration of Trust dated January 28, 1997 (Accession No. 0000950123-05-015341). | ||
(gg) | Amendment No. 31 dated November 2, 2005 to the Agreement and Declaration of Trust dated January 28, 1997. (Accession No. 0000950123-06-007014). | ||
(hh) | Amendment No. 33 dated March 16, 2006 to the Agreement and Declaration of Trust dated January 28, 1997. (Accession No. 0000950123-06-007014). | ||
(ii) | Amendment No. 34 dated March 16, 2006 to the Agreement and Declaration of Trust dated January 28, 1997. (Accession No. 0000950123-06-007014). | ||
(jj) | Amendment No. 36 dated June 15, 2006 to the Agreement and Declaration of Trust dated January 28, 1997. (Accession No. 0000950123-06-010686). | ||
(kk) | Amendment No. 35 dated May 11, 2006 to the Agreement and Declaration of Trust dated January 28, 1997. (Accession No. 0000950123-06-008041). |
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(ll) | Amendment No. 37 dated August 10, 2006 to the Agreement and Declaration of Trust dated January 28, 1997. (Accession No. 0000950123-06-015465). | ||
(mm) | Amendment No. 38 dated November 9, 2006 to the Agreement and Declaration of Trust dated January 28, 1997. (Accession No. 0000950123-06-015465). |
(2 | ) | (a) | Amended and Restated By-laws of the Delaware business trust dated January 28, 1997. (Accession No. 0000950130-97-000573). |
(b) | Amended and Restated By-laws of the Delaware business trust dated January 28, 1997 as amended and restated July 27, 1999. (Accession No. 0000950130-99-005294). | ||
(c) | Amended and Restated By-laws of the Delaware business trust dated January 28, 1997 as amended and restated October 30, 2002. (Accession No. 0000950123-02-011711). | ||
(d) | Amendment to Amended and Restated By-laws of the Delaware business trust dated January 28, 1997 as amended and restated October 30, 2002. (Accession No. 0000950123-04-015178). | ||
(e) | Amendment No. 1 dated November 4, 2004 to Amended and Restated By-Laws of the Delaware business trust dated January 28, 1997 as amended and restated October 30, 2002. (Accession No. 0000950123-04-007490). |
(3 | ) | Not Applicable | ||||||
(4 | ) | (a) | Agreement and Plan of Reorganization for the AXA Enterprise Funds Trust dated January 24, 2007 is incorporated herein by reference to Appendix A to the Combined Proxy Statement/Prospectus. | |||||
(b) | Agreement and Plan of Reorganization for the AXA Enterprise Multimanager Funds Trust dated January 24, 2007 is incorporated herein by reference to Appendix A to the Combined Proxy Statement/Prospectus. | |||||||
(c) | Agreement and Plan of Reorganization for the Enterprise Group of Funds, Inc. dated January 24, 2007 is incorporated herein by reference to Appendix A to the Combined Proxy Statement/Prospectus. | |||||||
(5 | ) | Article II, Section 10, Article IV, Section 3, Article V, Article VI, Article VII, Article IX, Section 8 and Section 9 of the Registrant’s Agreement and Declaration of Trust incorporated herein by reference as Exhibit (1)(a) and Article III of the |
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Registrant’s Amended and Restated By-Laws incorporated by reference as Exhibit (2)(c). | ||||||||
(6 | ) | (a) | Management Agreement dated April 30, 1997 between Registrant, on behalf of Goldman Sachs Short Duration Government Fund, and Goldman Sachs Funds Management, L.P. (Accession No. 0000950130-98-000676). | |||||
(b) | Management Agreement dated April 30, 1997 between Registrant, on behalf of Goldman Sachs Adjustable Rate Government Fund, and Goldman Sachs Funds Management, L.P. (Accession No. 0000950130-98-000676). | |||||||
(c) | Management Agreement dated April 30, 1997 between Registrant, on behalf of Goldman Sachs Short Duration Tax-Free Fund, and Goldman Sachs Asset Management. (Accession No. 0000950130-98-000676). | |||||||
(d) | Management Agreement dated April 30, 1997 between Registrant, on behalf of Goldman Sachs Core Fixed Income Fund, and Goldman Sachs Asset Management. (Accession No. 0000950130-98-000676). | |||||||
(e) | Management Agreement dated April 30, 1997 between the Registrant, on behalf of Goldman Sachs — Institutional Liquid Assets, and Goldman Sachs Asset Management. (Accession No. 0000950130-98-000676). | |||||||
(f) | Management Agreement dated April 30, 1997 between Registrant, Goldman Sachs Asset Management, Goldman Sachs Fund Management L.P. and Goldman, Sachs Asset Management International. (Accession No. 0000950109-98-005275). | |||||||
(g) | Management Agreement dated January 1, 1998 on behalf of the Goldman Sachs Asset Allocation Portfolios and Goldman Sachs Asset Management. (Accession No. 0000950130-98-000676). | |||||||
(h) | Amended Annex A to Management Agreement dated January 1, 1998 on behalf of the Goldman Sachs Asset Allocation Portfolios and Goldman Sachs Asset Management (Conservative Strategy Portfolio) (Accession No. 0000950130-99-000742). | |||||||
(i) | Amended Annex A dated April 28, 1999 to Management Agreement dated April 30, 1997. (Accession No. 0000950109-99-002544). | |||||||
(j) | Amended Annex A dated July 27, 1999 to Management Agreement dated April 30, 1997. (Accession No. 0000950130-99-005294). | |||||||
(k) | Amended Annex A dated October 26, 1999 to Management Agreement dated April 30, 1997. (Accession No. 0000950130-99-004208). |
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(l) | Amended Annex A dated February 3, 2000 to Management Agreement dated April 30, 1997. (Accession No. 0000950109-00-001365). | ||
(m) | Amended Annex A dated April 26, 2000 to Management Agreement dated April 30, 1997 (Accession No. 0000950130-00-002509). | ||
(n) | Amended Annex A dated January 30, 2001 to Management Agreement dated April 30, 1997. (Accession No. 0000950109-01-500094). | ||
(o) | Amended Annex A dated April 25, 2001 to Management Agreement, dated April 30, 1997. (Accession No. 0000950123-01-509514). | ||
(p) | Amended Annex A dated August 1, 2002 to Management Agreement, dated April 30, 1997. (Accession No. 0000950123-02-011711). | ||
(q) | Assumption Agreement dated April 26, 2003 between Goldman, Sachs & Co. and Goldman Sachs Asset Management, L.P. (With respect to the Goldman Sachs Short-Duration Tax-Free Fund). (Accession No. 0000950123-03-007054). | ||
(r) | Assumption Agreement dated April 26, 2003 between Goldman, Sachs & Co. and Goldman Sachs Asset Management, L.P. (With respect to the Goldman Sachs Money Market Funds). (Accession No. 0000950123-03-007054). | ||
(s) | Assumption Agreement dated April 26, 2003 between Goldman, Sachs & Co. and Goldman Sachs Asset Management, L.P. (With respect to the Goldman Sachs Fixed Income, Equity, Specialty and Money Market Funds). (Accession No. 0000950123-03-007054). | ||
(t) | Assumption Agreement dated April 26, 2003 between Goldman, Sachs & Co. and Goldman Sachs Asset Management, L.P. (With respect to the Goldman Sachs Core Fixed Income Fund). (Accession No. 0000950123-03-007054). | ||
(u) | Assumption Agreement dated April 26, 2003 between Goldman, Sachs & Co. and Goldman Sachs Asset Management, L.P. (With respect to the Goldman Sachs Asset Allocation Funds). (Accession No. 0000950123-03-007054). | ||
(v) | Amended Annex A dated July 31, 2003 to the Management Agreement dated April 30, 1997. (Accession No. 0000950123-03-009618). |
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(w) | Amended Annex A dated October 30, 2003 to the Management Agreement dated April 30, 1997. (Accession No. 0000950123-03-013727). | ||
(x) | Amended Annex A dated November 2, 2005 to the Management Agreement dated April 30, 1997. (Accession No. 0000950123-05-014459). | ||
(y) | Amended Annex A dated November 12, 2005 to the Management Agreement dated April 30, 1997. (Accession No. 0000950123-05-014459). | ||
(z) | Amended Annex A dated November 9, 2006 to the Management Agreement dated April 30, 1997. (Accession No. 0000950123-06- 015465). | ||
(aa) | Fee Reduction Commitment dated January 1, 2005 among Goldman Sachs Asset Management, L.P., Goldman Sachs Asset Management International and Goldman Sachs Trust relating to the Capital Growth, CORE Large Cap Growth, CORE U.S. Equity and International Growth Opportunities Funds. (Accession No. 0000950123-04-007490). | ||
(bb) | Fee Reduction Commitment dated February 25, 2005 among Goldman Sachs Asset Management, L.P., Goldman Sachs Asset Management International and Goldman Sachs Trust relating to the Government Income and Global Income and Funds. (Accession No. 0000950123-04-007490). | ||
(cc) | Fee Reduction Commitment dated April 29, 2005 between Goldman Sachs Asset Management, L.P. and Goldman Sachs Trust relating to the CORE Tax-Managed Equity Fund. (Accession No. 0000950123-04-007490). | ||
(dd) | Fee Reduction Commitment dated April 29, 2005 between Goldman Sachs Asset Management, L.P. and Goldman Sachs Trust relating to the Aggressive Growth Strategy, Balanced Strategy, Growth and Income Strategy and Growth Strategy Portfolios. (Accession No. 0000950123-04-007490). | ||
(ee) | Fee Reduction Commitment dated February 28, 2006 between Goldman Sachs Asset Management, L.P. and Goldman Sachs Trust relating to the Short Duration Tax-Free Fund. (Accession No. 0000950123-06-015465). | ||
(ff) | Fee Reduction Commitment dated February 28, 2006 between Goldman Sachs Asset Management, L.P. and Goldman Sachs Trust relating to the Core Fixed Income Fund. (Accession No. 0000950123-06-015465). |
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(gg) | Fee Reduction Commitment dated February 28, 2006 between Goldman Sachs Asset Management, L.P. and Goldman Sachs Trust relating to the Short Duration Government Fund. (Accession No. 0000950123-06-015465). | ||
(hh) | Fee Reduction Commitment dated February 28, 2006 between Goldman Sachs Asset Management, L.P. and Goldman Sachs Trust relating to the Ultra-Short Duration Government Fund. (Accession No. 0000950123-06-015465). | ||
(ii) | Fee Reduction Commitment dated February 28, 2006 between Goldman Sachs Asset Management, L.P. and Goldman Sachs Trust relating to the Enhanced Income Fund, Global Income fund, Government Income Fund, Municipal Income Fund, Investment Grade Credit Fund, U.S. Mortgages Fund, High Yield Fund, High Yield Municipal Fund and Emerging Markets Debt Fund. (Accession No. 0000950123-06-015465). | ||
(jj) | Fee Reduction Commitment dated April 28, 2006 between Goldman Sachs Asset Management, L.P. and Goldman Sachs Trust relating to the Balanced Fund, CORE Large Cap Value Fund, Growth and Income Fund, Real Estate Securities Fund, Asia Growth Fund, CORE International Equity Fund, CORE U.S. Equity Fund, CORE Large Cap Growth Fund, European Equity Fund, International Equity Fund, Large Cap Value Fund, Strategic Growth Fund, Research Select Fund, CORE Tax-Managed Equity Fund, Tollkeeper Fund, Concentrated Growth Fund, Japanese Equity Fund, CORE Small Cap Equity Fund, Emerging Markets Equity Fund, International Growth Opportunities Fund, Mid-Cap Value Fund, Small Cap Value Fund and Growth Opportunities Fund. (Accession No. 0000950123-06-015465). |
(7 | ) | (a) | Distribution Agreement dated April 30, 1997, as amended October 30, 2003. (Accession No. 0000950123-03-013727). | |||||
(b) | Amended Exhibit A dated November 9, 2006 to the Distribution Agreement dated April 30, 1997, as amended October 30, 2003. (Accession No. 0000950123-06-015465). | |||||||
(8 | ) | Not applicable. | ||||||
(9 | ) | (a) | Custodian Agreement dated July 15, 1991, between Registrant and State Street Bank and Trust Company. (Accession No. 0000950130-95-002856). | |||||
(b) | Custodian Agreement dated December 27, 1978 between Registrant and State Street Bank and Trust Company, on behalf of Goldman Sachs - |
- 11 -
Institutional Liquid Assets, filed as Exhibit 8(a). (Accession No. 0000950130-98-000965). | |||
(c) | Letter Agreement dated December 27, 1978 between Registrant and State Street Bank and Trust Company, on behalf of Goldman Sachs — Institutional Liquid Assets, pertaining to the fees payable by Registrant pursuant to the Custodian Agreement, filed as Exhibit 8(b). (Accession No. 0000950130-98-000965). | ||
(d) | Amendment dated May 28, 1981 to the Custodian Agreement referred to above as Exhibit 9(b). (Accession No. 0000950130-98-000965). | ||
(e) | Fee schedule relating to the Custodian Agreement between Registrant on behalf of the Goldman Sachs Asset Allocation Portfolios and State Street Bank and Trust Company. (Accession No. 0000950130-97-004495). | ||
(f) | Letter Agreement dated June 14, 1984 between Registrant and State Street Bank and Trust Company, on behalf of Goldman Sachs — Institutional Liquid Assets, pertaining to a change in wire charges under the Custodian Agreement, filed as Exhibit 8(d). (Accession No. 0000950130-98-000965). | ||
(g) | Letter Agreement dated March 29, 1983 between Registrant and State Street Bank and Trust Company, on behalf of Goldman Sachs — Institutional Liquid Assets, pertaining to the latter’s designation of Bank of America, N.T. and S.A. as its subcustodian and certain other matters, filed as Exhibit 8(f). (Accession No. 0000950130-98-000965). | ||
(h) | Letter Agreement dated March 21, 1985 between Registrant and State Street Bank and Trust Company, on behalf of Goldman Sachs — Institutional Liquid Assets, pertaining to the creation of a joint repurchase agreement account, filed as Exhibit 8(g). (Accession No. 0000950130-98-000965). | ||
(i) | Letter Agreement dated November 7, 1985, with attachments, between Registrant and State Street Bank and Trust Company, on behalf of Goldman Sachs — Institutional Liquid Assets, authorizing State Street Bank and Trust Company to permit redemption of units by check, filed as Exhibit 8(h). (Accession No. 0000950130-98-000965). | ||
(j) | Money Transfer Services Agreement dated November 14, 1985, including attachment, between Registrant and State Street Bank and Trust Company, on behalf of Goldman Sachs — Institutional Liquid Assets, pertaining to transfers of funds on deposit with State Street Bank and Trust Company, filed as Exhibit 8(i). (Accession No. 0000950130-98-000965). |
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(k) | Letter Agreement dated November 27, 1985 between Registrant and State Street Bank and Trust Company, on behalf of Goldman Sachs — Institutional Liquid Assets, amending the Custodian Agreement. (Accession No. 0000950130-98-000965). | ||
(l) | Letter Agreement dated July 22, 1986 between Registrant and State Street Bank and Trust Company, on behalf of Goldman Sachs — Institutional Liquid Assets, pertaining to a change in wire charges. (Accession No. 0000950130-98-000965). | ||
(m) | Letter Agreement dated June 20, 1987 between Registrant and State Street Bank and Trust Company, on behalf of Goldman Sachs — Institutional Liquid Assets, amending the Custodian Agreement. (Accession No. 0000950130-98-000965). | ||
(n) | Letter Agreement between Registrant and State Street Bank and Trust Company, on behalf of Goldman Sachs — Institutional Liquid Assets, pertaining to the latter’s designation of Security Pacific National Bank as its subcustodian and certain other matters. (Accession No. 0000950130-98-000965). | ||
(o) | Amendment dated July 19, 1988 to the Custodian Agreement between Registrant and State Street Bank and Trust Company, on behalf of Goldman Sachs — Institutional Liquid Assets. (Accession No. 0000950130-98-000965). | ||
(p) | Amendment dated December 19, 1988 to the Custodian Agreement between Registrant and State Street Bank and Trust Company, on behalf of Goldman Sachs — Institutional Liquid Assets. (Accession No. 0000950130-98-000965). | ||
(q) | Custodian Agreement dated April 6, 1990 between Registrant and State Street Bank and Trust Company on behalf of Goldman Sachs Capital Growth Fund. (Accession No. 0000950130-98-006081). | ||
(r) | Sub-Custodian Agreement dated March 29, 1983 between State Street Bank and Trust Company and Bank of America, National Trust and Savings Association on behalf of Goldman Sachs Institutional Liquid Assets. (Accession No. 0000950130-98-006081). | ||
(s) | Fee schedule dated January 8, 1999 relating to Custodian Agreement dated April 6, 1990 between Registrant and State Street Bank and Trust Company (Conservative Strategy Portfolio). (Accession No. 0000950130-99-000742). |
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(t) | Fee schedule dated April 12, 1999 relating to Custodian Agreement dated April 6, 1990 between Registrant and State Street Bank and Trust Company (Strategic Growth and Growth Opportunities Portfolios). (Accession No. 0000950109-99-002544). | ||
(u) | Fee schedule dated July 19, 1999 relating to Custodian Agreement dated April 6, 1990 between Registrant and State Street Bank and Trust Company (Internet Tollkeeper Fund). (Accession No. 0000950130-99-005294). | ||
(v) | Fee schedule dated October 1, 1999 relating to the Custodian Agreement dated April 6, 1990 between Registrant and State Street Bank and Trust Company (Large Cap Value Fund). (Accession No. 0000950130-99-006810). | ||
(w) | Fee schedule dated January 12, 2000 relating to Custodian Agreement dated April 6, 1990 between Registrant and State Street Bank and Trust Company (CORE Tax-Managed Equity Fund). (Accession No. 0000950109-00-000585). | ||
(x) | Fee schedule dated January 6, 2000 relating to Custodian Agreement dated July 15, 1991 between Registrant and State Street Bank and Trust Company (High Yield Municipal Fund). (Accession No. 0000950109-00-000585). | ||
(y) | Fee schedule dated April 14, 2000 relating to Custodian Agreement dated April 6, 1990 between Registrant and State Street Bank and Trust Company (Research Select Fund). (Accession No. 0000950130-00-002509). | ||
(z) | Fee schedule dated April 14, 2000 relating to Custodian Agreement dated July 15, 1991 between Registrant and State Street Bank and Trust Company (Enhanced Income Fund). (Accession No. 0000950130-00-002509). | ||
(aa) | Additional Portfolio Agreement dated September 27, 1999 between Registrant and State Street Bank and Trust Company. (Accession No. 0000950109-00-000585). | ||
(bb) | Letter Agreement dated September 27, 1999 between Registrant and State Street Bank and Trust Company relating to Custodian Agreement dated December 27, 1978. (Accession No. 0000950109-00-000585). | ||
(cc) | Letter Agreement dated September 27, 1999 between Registrant and State Street Bank and Trust Company relating to Custodian Agreement dated April 6, 1990. (Accession No. 0000950109-00-000585). |
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(dd) | Letter Agreement dated September 27, 1999 between Registrant and State Street Bank and Trust Company relating to Custodian Agreement dated July 15, 1991. (Accession No. 0000950109-00-000585). | ||
(ee) | Letter Agreement dated January 29, 2001 relating to Custodian Agreement dated July 15, 1991 between Registrant and State Street Bank and Trust Company (Global Consumer Growth Fund, Global Financial Services Fund, Global Health Sciences Fund, Global Infrastructure and Resources Fund and Global Technology Fund). (Accession No. 0000950109-01-500540). | ||
(ff) | Amendment dated July 2, 2001 to the Custodian Agreement dated December 27, 1978 between Registrant and State Street Bank and Trust Company (Accession No. 0000950123-01-509514). | ||
(gg) | Amendment dated July 2, 2001 to the Custodian Contract dated April 6, 1990 between Registrant and State Street Bank and Trust Company (Accession No. 0000950123-01-509514). | ||
(hh) | Amendment dated July 2, 2001 to the Custodian Contract dated July 15, 1991 between Registrant and State Street Bank and Trust Company (Accession No. 0000950123-01-509514). | ||
(ii) | Form of amendment to the Custodian Agreement dated December 27, 1978 between Registrant and State Street Bank and Trust Company (Accession No. 0000950123-01-509514). | ||
(jj) | Amendment to the Custodian Agreement dated April 6, 1990 between Registrant and State Street Bank and Trust Company (Accession No. 0000950123-02-003780). | ||
(kk) | Amendment to the Custodian Agreement dated July 15, 1991 between Registrant and State Street Bank and Trust Company (Accession No. 0000950123-02-003780). | ||
(ll) | Letter Amendment dated May 15, 2002 to the Custodian Agreement dated April 6, 1990 between Registrant and State Street Bank and Trust Company. (Accession No. 0000950123-02-011711). | ||
(mm) | Global Custody Agreement dated June 30, 2006 between Registrant and J.P. Morgan Chase Bank, N.A. (Accession No. 0000950123-07-000569). |
(10 | ) | (a) | Class A Distribution and Service Plan amended and restated as of May 5, 2004 (Accession No. 0000950123-04-015178). |
- 15 -
(b) | Class B Distribution and Service Plan amended and restated as of February 4, 2004 (Accession No. 0000950123-04-002212). | ||
(c) | Class C Distribution and Service Plan amended and restated as of February 4, 2004. (Accession No. 0000950123-04-002212). | ||
(d) | Cash Management Shares Plan of Distribution pursuant to Rule 12b-1 amended and restated as of February 4, 2004. (Accession No. 0000950123-04-002212). | ||
(e) | Revised plan dated October 30, 2003 entered into by Registrant pursuant to Rule 18f-3. (Accession No. 0000950123-03-013727). |
(11) | Opinion and consent of counsel that shares will be validly issued, fully paid and non-assessable is filed herewith. | ||
(12) | Forms of opinion of counsel with respect to certain tax consequences are filed herewith. Final signed opinion will be filed by post-effective amendment pursuant to an undertaking. |
(13 | ) | (a) | Wiring Agreement dated June 20, 1987 among Goldman, Sachs & Co., State Street Bank and Trust Company and The Northern Trust Company. (Accession No. 0000950130-98-000965). |
(b) | Letter Agreement dated June 20, 1987 regarding use of checking account between Registrant and The Northern Trust Company. (Accession No. 0000950130-98-000965). | ||
(c) | Transfer Agency Agreement dated July 15, 1991 between Registrant and Goldman, Sachs & Co. (Accession No. 0000950130-95-002856). | ||
(d) | Transfer Agency Agreement dated May 1, 1988 between Goldman Sachs Institutional Liquid Assets and Goldman, Sachs & Co. (Accession No. 0000950130-98-006081). | ||
(e) | Transfer Agency Agreement dated April 30, 1997 between Registrant and Goldman, Sachs & Co. on behalf of the Financial Square Funds. (Accession No. 0000950130-98-006081). | ||
(f) | Transfer Agency Agreement dated April 6, 1990 between GS-Capital Growth Fund, Inc. and Goldman Sachs & Co. (Accession No. 0000950130-98-006081). | ||
(g) | Form of Retail Service Agreement on behalf of Goldman Sachs Trust relating to Class A Shares of Goldman Sachs Asset Allocation Portfolios, Goldman Sachs Fixed Income Funds, Goldman Sachs Domestic Equity |
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Funds and Goldman Sachs International Equity Funds. (Accession No. 0000950130-98-006081). | |||
(h) | Form of Supplemental Service Agreement on behalf of Goldman Sachs Trust relating to the Administrative Class, Service Class and Cash Management Class of Goldman Sachs — Institutional Liquid Assets Portfolios. (Accession No. 0000950130-98-006081). | ||
(i) | Form of Supplemental Service Agreement on behalf of Goldman Sachs Trust relating to the FST Shares, FST Preferred Shares, FST Administration Shares and FST Service Shares of Goldman Sachs Financial Square Funds. (Accession No. 0000950130-98-006081). | ||
(j) | Fee schedule relating to Transfer Agency Agreement between Registrant and Goldman, Sachs & Co. on behalf of all Funds other than ILA and FST money market funds. (Accession No. 0000950109-01-500540). | ||
(k) | Fee schedule relating to Transfer Agency Agreement between Registrant and Goldman, Sachs & Co. on behalf of the ILA portfolios. (Accession No. 0000950109-01-500540). | ||
(l) | Form of Service Agreement on behalf of Goldman Sachs Trust relating to the Select Class, the Preferred Class, the Administration Class, the Service Class and the Cash Management Class, as applicable, of Goldman Sachs Financial Square Funds, Goldman Sachs Institutional Liquid Assets Portfolios, Goldman Sachs Fixed Income Funds, Goldman Sachs Domestic Equity Funds, Goldman Sachs International Equity Funds and Goldman Sachs Asset Allocation Portfolios. (Accession No. 0000950109-01-500540). | ||
(m) | Form of fee schedule relating to Transfer Agency Agreement between Registrant and Goldman, Sachs & Co. on behalf of the Cash Portfolio (Accession No. 0000950123-01-509514). | ||
(n) | Form of Account Service Agreement on behalf of Goldman Sachs Trust relating to Institutional Shares of Goldman Sachs U.S. Mortgages Fund and Investment Grade Credit Fund. (Accession No. 0000950123-03-013727). | ||
(o) | Form of Account Service Agreement on behalf of Goldman Sachs Trust relating to Class A Shares of Goldman Sachs U.S. Mortgages Fund and Investment Grade Credit Fund. (Accession No. 0000950123-03-013727). | ||
(p) | Goldman Sachs Institutional Liquid Assets Administration Class Administration Plan amended and restated as of February 4, 2004. (Accession No. 0000950123-04-002212). |
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(q) | Goldman Sachs Cash Management Shares Service Plan and Shareholder Administration Plan amended and restated as of February 4, 2004. (Accession No. 0000950123-06-001985). | ||
(r) | Goldman Sachs FST Select Class Select Plan amended and restated as of February 4, 2004. (Accession No. 0000950123-04-002212). | ||
(s) | Goldman Sachs FST Administration Class Administration Plan amended and restated as of February 4, 2004. (Accession No. 0000950123-04-002212). | ||
(t) | Goldman Sachs FST Preferred Class Preferred Administration Plan amended and restated as of February 4, 2004. (Accession No. 0000950123-04-002212). | ||
(u) | Goldman Sachs Administration Class Administration Plan amended and restated as of February 4, 2004. (Accession No. 0000950123-04-002212). | ||
(v) | Goldman Sachs Institutional Liquid Assets Service Class Service Plan and Shareholder Administration Plan amended and restated as of February 4, 2004. (Accession No. 0000950123-04-002212). | ||
(w) | Goldman Sachs Service Class Service Plan and Shareholder Administration Plan amended and restated as of February 4, 2004. (Accession No. 0000950123-04-002212). | ||
(x) | Goldman Sachs Cash Portfolio Administration Class Administration Plan amended and restated as of February 4, 2004. (Accession No. 0000950123-04-002212). | ||
(y) | Goldman Sachs Cash Portfolio Preferred Class Preferred Administration Plan amended and restated as of February 4, 2004. (Accession No. 0000950123-04-002212). | ||
(z) | Goldman Sachs FST Capital Administration Class Capital Administration Plan amended and restated as of February 4, 2004. (Accession No. 0000950123-04-002212). | ||
(aa) | Goldman Sachs Account Service Plan for Institutional Shares amended and restated as of February 4, 2004 (U.S. Mortgages Fund and Investment Grade Credit Fund). (Accession No. 0000950123-04-002212). | ||
(bb) | Goldman Sachs Account Service Plan for Class A Shares amended and restated as of February 4, 2004 (U.S. Mortgages Fund and Investment Grade Credit Fund). (Accession No. 0000950123-04-002212). |
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(cc) | Goldman Sachs FST Service Class Service Plan and Shareholder Administration Plan amended and restated as of February 4, 2004. (Accession No. 0000950123-04-002212). | ||
(dd) | Mutual Fund Service Agreement dated June 30, 2006 between Registrant and J.P. Morgan Investors Service Co. (Accession No. 00009501233-07- 000569). |
(14 | ) | (a) | Consents of PricewaterhouseCoopers LLP are filed herewith. | |||||
(b) | Consents of PricewaterhouseCoopers LLP are filed herewith. | |||||||
(c) | Consents of Ernst & Young LLP are filed herewith. | |||||||
(15 | ) | Not Applicable | ||||||
(16 | ) | (a) | Certificate of Secretary is filed herewith. | |||||
(b) | Powers of Attorney are filed herewith. | |||||||
(17 | ) | (a) | Form of Voting Instruction Form is filed herewith. |
(b) | Prospectus dated December 29, 2006 with respect to Class A Shares, Class B Shares and Class C Shares of the Goldman Sachs Structured Large Cap Value Fund, Goldman Sachs Structured U.S. Equity Fund, Goldman Sachs Structured Large Cap Growth Fund, Goldman Sachs Structured Small Cap Equity Fund and Goldman Sachs Structured International Equity Fund. | ||
(c) | Prospectus dated December 29, 2006 with respect to Institutional Shares of the Goldman Sachs Structured Large Cap Value Fund, Goldman Sachs Structured U.S. Equity Fund, Goldman Sachs Structured Large Cap Growth Fund, Goldman Sachs Structured Small Cap Equity Fund and Goldman Sachs Structured International Equity Fund. | ||
(d) | Prospectus dated December 29, 2006 with respect to Class A Shares, Class B Shares and Class C Shares of the Goldman Sachs Balanced Fund, Goldman Sachs Capital Growth Fund, Goldman Sachs Growth and Income Fund, Goldman Sachs Large Cap Value Fund, Goldman Sachs Strategic Growth Fund, Goldman Sachs Concentrated Growth Fund, Goldman Sachs Mid Cap Value Fund, Goldman Sachs Growth Opportunities Fund, Goldman Sachs Small/Mid Cap Growth Fund and Goldman Sachs Small Cap Value Fund. | ||
(e) | Supplement dated January 9, 2007 to the Prospectus for the Class A Shares, Class B Shares, Class C Shares, Service Shares and Institutional |
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Shares dated December 29, 2006 with respect to the Goldman Sachs Mid Cap Value Fund and Goldman Sachs Small Cap Value Fund. | |||
(f) | Prospectus dated December 29, 2006 with respect to Institutional Shares of the Goldman Sachs Balanced Fund, Goldman Sachs Capital Growth Fund, Goldman Sachs Growth and Income Fund, Goldman Sachs Large Cap Value Fund, Goldman Sachs Strategic Growth Fund, Goldman Sachs Concentrated Growth Fund, Goldman Sachs Mid Cap Value Fund, Goldman Sachs Growth Opportunities Fund, Goldman Sachs Small/Mid Cap Growth Fund and Goldman Sachs Small Cap Value Fund. | ||
(g) | Prospectus dated December 29, 2006 with respect to Class A Shares, Class B Shares and Class C Shares of the Goldman Sachs Concentrated International Equity Fund, Goldman Sachs Japanese Equity Fund, Goldman Sachs International Small Cap Fund, Goldman Sachs Emerging Markets Equity Fund and Goldman Sachs Asia Equity Fund. | ||
(h) | Prospectus dated December 29, 2006 with respect to Institutional Shares of the Goldman Sachs Concentrated International Equity Fund, Goldman Sachs Japanese Equity Fund, Goldman Sachs International Small Cap Fund, Goldman Sachs Emerging Markets Equity Fund and Goldman Sachs Asia Equity Fund. | ||
(i) | Supplement dated January 9, 2007 to the Prospectuses for Class A Shares, Class B Shares and Class C Shares of the Domestic Equity Funds dated December 29, 2006; Class A Shares, Class B Shares and Class C Shares of the International Equity Funds dated December 29, 2006; and Class A Shares, Class B Shares and Class C Shares of the Structured Equity Funds dated December 29, 2006. | ||
(j) | Prospectus dated February 28, 2006 with respect to Class A Shares, Class B Shares and Class C Shares of the Goldman Sachs Enhanced Income Fund, Goldman Sachs Ultra-Short Duration Government Fund, Goldman Sachs Short-Duration Government Fund, Goldman Sachs Government Income Fund, Goldman Sachs U.S. Mortgages Fund, Goldman Sachs Core Fixed Income Fund, Goldman Sachs Investment Grade Credit Fund, Goldman Sachs Global Income Fund, Goldman Sachs High Yield Fund, and Goldman Sachs Emerging Markets Debt Fund. | ||
(k) | Supplement dated June 1, 2006 to the Prospectus for the Class A Shares, Class B Shares, and Class C Shares dated February 28, 2006 with respect to the Goldman Sachs High Yield Fund. | ||
(l) | Supplement dated December 13, 2006 to the Prospectus for the Class A Shares dated February 28, 2006 with respect to the Goldman Sachs Enhanced Income Fund. |
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(m) | Prospectus dated February 28, 2006 with respect to Institutional Shares of the Goldman Sachs Enhanced Income Fund, Goldman Sachs Ultra-Short Duration Government Fund, Goldman Sachs Short-Duration Government Fund, Goldman Sachs Government Income Fund, Goldman Sachs U.S. Mortgages Fund, Goldman Sachs Core Fixed Income Fund, Goldman Sachs Investment Grade Credit Fund, Goldman Sachs Global Income Fund, Goldman Sachs High Yield Fund, and Goldman Sachs Emerging Markets Debt Fund. | ||
(n) | Supplement dated September 8, 2006 to the Prospectus for the Class A Shares, Class B Shares and Class C Shares dated February 28, 2006 with respect to the Goldman Sachs Global Income Fund, Goldman Sachs High Yield Fund and Goldman Sachs Emerging Markets Debt Fund (Class A Shares only); and the Prospectus for the Institutional Shares dated February 28, 2006 with respect to the Goldman Sachs Emerging Markets Debt Fund. | ||
(o) | Supplement dated December 13, 2006 to the Prospectus for the Institutional Shares dated February 28, 2006 with respect to the Goldman Sachs Enhanced Income Fund. | ||
(p) | Prospectus dated February 28, 2006 with respect to Class A Shares, Class B Shares and Class C Shares of the Goldman Sachs Short Duration Tax-Free Fund, Goldman Sachs California Intermediate AMT-Free Municipal Fund, Goldman Sachs New York Intermediate AMT-Free Municipal Fund, Goldman Sachs Municipal Income Fund and Goldman Sachs High Yield Municipal Fund. | ||
(q) | Supplement dated December 13, 2006 to the Prospectus for the Class A Shares, Class B Shares and Class C Shares dated February 28, 2006 with respect to the Goldman Sachs Municipal Income Fund. | ||
(r) | Prospectus dated February 28, 2006 with respect to Institutional Shares of the Goldman Sachs Short Duration Tax-Free Fund, Goldman Sachs California Intermediate AMT-Free Municipal Fund, Goldman Sachs New York Intermediate AMT-Free Municipal Fund, Goldman Sachs Municipal Income Fund and Goldman Sachs High Yield Municipal Fund. | ||
(s) | Supplement dated September 8, 2006 to the Prospectus for the Class A Shares, Class B Shares and Class C Shares dated February 28, 2006 with respect to the Goldman Sachs Municipal Income Fund, Goldman Sachs High Yield Municipal Fund, Goldman Sachs California Intermediate AMT-Free Municipal Fund (Class A Shares and Class C Shares only) and Goldman Sachs New York Intermediate AMT-Free Municipal Fund (Class A Shares and Class C Shares only); and the Prospectus for the Institutional Shares dated February 28, 2006 with respect to the Goldman Sachs Municipal Income Fund, Goldman Sachs High Yield Municipal |
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Fund, Goldman Sachs California Intermediate AMT-Free Municipal Fund and Goldman Sachs New York Intermediate AMT-Free Municipal Fund. | |||
(t) | Supplement dated December 13, 2006 to the Prospectus for the Institutional Shares dated February 28, 2006 with respect to the Goldman Sachs Municipal Income Fund. | ||
(u) | Prospectus dated January 19, 2007 with respect to Class A Shares, Class B Shares and Class C Shares of the Goldman Sachs Strategic International Equity Fund. | ||
(v) | Prospectus dated January 19, 2007 with respect to Institutional Shares of the Goldman Sachs Strategic International Equity Fund. | ||
(w) | Prospectus dated January 19, 2007 with respect to Class A Shares, Class B Shares and Class C Shares of the Goldman Sachs Structured Small Cap Growth Fund and Goldman Sachs Structured Small Cap Value Fund. | ||
(x) | Prospectus dated January 19, 2007 with respect to Institutional Shares of the Goldman Sachs Structured Small Cap Growth Fund and Goldman Sachs Structured Small Cap Value Fund. | ||
(y) | Prospectus dated October 16, 2006 with respect to Class A Shares and Class C Shares of the Goldman Sachs Core Plus Fixed Income Fund. | ||
(z) | Supplement dated January 9, 2007 to the Prospectuses for Class A Shares, Class B Shares and Class C Shares of the Municipal Fixed Income Funds dated February 28, 2006; Class A Shares, Class B Shares and Class C Shares of the Taxable Fixed Income Funds dated February 28, 2006; and Class A Shares and Class C Shares of the Taxable Fixed Income Funds Prospectus for the Core Plus Fixed Income dated October 16, 2006, as amended November 29, 2006. | ||
(aa) | Prospectus dated December 15, 2006 with respect to Class B Shares of the Goldman Sachs Core Plus Fixed Income Fund. | ||
(bb) | Prospectus dated October 16, 2006 with respect to Institutional Shares of the Goldman Sachs Core Plus Fixed Income Fund. | ||
(cc) | Prospectus dated December 15, 2006 with respect to Class B Shares of the Goldman Sachs Enhanced Income Fund. | ||
(dd) | Prospectus dated April 28, 2006 with respect to Class B Shares, Class C Shares and ILA Service Shares of the Goldman Sachs Institutional Liquid Assets Prime Obligations Portfolio and Goldman Sachs Institutional Liquid Assets Tax-Exempt Diversified Portfolio. |
- 22 -
(ee) | Prospectus dated April 28, 2006 with respect to Class A Shares, Class B Shares and Class C Shares of the Goldman Sachs U.S. Equity Dividend and Premium Fund, Goldman Sachs Tollkeeper FundSM, Goldman Sachs Structured Tax-Managed Equity Fund and Goldman Sachs Real Estate Securities Fund. | ||
(ff) | Prospectus dated April 28, 2006 with respect to Institutional Shares of the Goldman Sachs U.S. Equity Dividend and Premium Fund, Goldman Sachs Tollkeeper FundSM, Goldman Sachs Structured Tax-Managed Equity Fund and Goldman Sachs Real Estate Securities Fund. | ||
(gg) | Prospectus dated April 28, 2006 with respect to Class A Shares, Class B Shares and Class C Shares of the Goldman Sachs Balanced Strategy Portfolio, Goldman Sachs Growth and Income Strategy Portfolio, Goldman Sachs Growth Strategy Portfolio and Goldman Sachs Equity Growth Strategy Portfolio. | ||
(hh) | Prospectus dated April 28, 2006 with respect to Institutional Shares of the Goldman Sachs Balanced Strategy Portfolio, Goldman Sachs Growth and Income Strategy Portfolio, Goldman Sachs Growth Strategy Portfolio and Goldman Sachs Equity Growth Strategy Portfolio. | ||
(ii) | Supplement dated September 8, 2006 to the Prospectuses for Class A Shares, Class B Shares, Class C Shares, Service Shares and Institutional Shares of the Asset Allocation Portfolios dated April 28, 2006; and Class A Shares, Class B Shares, Class C Shares, Service Shares and Institutional Shares of the Specialty Funds dated April 28, 2006. | ||
(jj) | Supplement dated January 9, 2007 to the Prospectuses for Class A Shares, Class B Shares and Class C Shares of the Asset Allocation Portfolios dated April 28, 2006; and Class A Shares, Class B Shares and Class C Shares of the Specialty Funds dated April 28, 2006. | ||
(kk) | Statement of Additional Information dated December 29, 2006, as amended January 8, 2007, with respect to Class A Shares, Class B Shares, Class C Shares, Service Shares and Institutional Shares of the Goldman Sachs Balanced Fund, Goldman Sachs Growth and Income Fund, Goldman Sachs Structured Large Cap Value Fund, Goldman Sachs Structured U.S. Equity Fund, Goldman Sachs Structured Large Cap Growth Fund, Goldman Sachs Structured Small Cap Equity Fund, Goldman Sachs Structured International Equity Fund, Goldman Sachs Capital Growth Fund, Goldman Sachs Strategic Growth Fund, Goldman Sachs Growth Opportunities Fund, Goldman Sachs Small/Mid-Cap Growth Fund, Goldman Sachs Mid Cap Value Fund, Goldman Sachs Small Cap Value Fund, Goldman Sachs Large Cap Value Fund, Goldman Sachs Concentrated International Equity Fund, Goldman Sachs Japanese Equity Fund, Goldman Sachs International Small Cap Fund, Goldman |
- 23 -
Sachs Emerging Markets Equity Fund, Goldman Sachs Asia Equity Fund and Goldman Sachs Concentrated Growth Fund. | |||
(ll) | Statement of Additional Information dated February 28, 2006, as amended July 12, 2006, with respect to Class A Shares, Class B Shares, Class C Shares, Service Shares, Institutional Shares, Administration Shares, and Separate Account Institutional Shares of the Goldman Sachs Enhanced Income Fund, Goldman Sachs Ultra-Short Duration Government Fund, Goldman Sachs Short Duration Government Fund, Goldman Sachs Short Duration Tax-Free Fund, Goldman Sachs Government Income Fund, Goldman Sachs Municipal Income Fund, Goldman Sachs California Intermediate AMT-Free Municipal Fund, Goldman Sachs New York Intermediate AMT-Free Municipal Fund, Goldman Sachs U.S. Mortgages Fund, Goldman Sachs Core Fixed Income Fund, Goldman Sachs Investment Grade Credit Fund, Goldman Sachs Global Income Fund, Goldman Sachs High Yield Municipal Fund, Goldman Sachs High Yield Fund, and Goldman Sachs Emerging Markets Debt Fund. | ||
(mm) | Statement of Additional Information dated January 10, 2007 with respect to Class A Shares, Class B Shares, Class C Shares, Service Shares and Institutional Shares of the Goldman Sachs Structured Small Cap Value Fund, Goldman Sachs Structured Small Cap Growth Fund and Goldman Sachs Strategic International Equity Fund. | ||
(nn) | Statement of Additional Information dated October 16, 2006, as amended November 29, 2006, with respect to Class A Shares, Class C Shares and Institutional Shares of the Goldman Sachs Core Plus Fixed Income Fund. | ||
(oo) | Statement of Additional Information dated January 10, 2007 with respect to Class B Shares of the Goldman Sachs Enhanced Income Fund and Class B Shares and Service Shares of the Goldman Sachs Core Plus Fixed Income Fund. | ||
(pp) | Statement of Additional Information dated April 28, 2006, as amended June 16, 2006, with respect to (i) ILA Shares, ILA Administration Shares, ILA Service Shares and ILA Cash Management Shares of: ILA Prime Obligations Portfolio, ILA Money Market Portfolio, ILA Treasury Obligations Portfolio, ILA Treasury Instruments Portfolio, ILA Government Portfolio, ILA Federal Portfolio, ILA Tax-Exempt Diversified Portfolio, ILA Tax-Exempt California Portfolio and ILA Tax-Exempt New York Portfolio; (ii) ILA Class B and Class C Shares of ILA Prime Obligations Portfolio; and (iii) FST Shares, FST Service Shares, FST Administration Shares, FST Preferred Shares, FST Select Shares and FST Capital Shares of: Goldman Sachs — Financial Square Prime Obligations Fund, Goldman Sachs — Financial Square Money Market Fund, Goldman Sachs — Financial Square Treasury Obligations Fund, Goldman Sachs — Financial Square Treasury Instruments Fund, Goldman |
- 24 -
Sachs — Financial Square Government Fund, Goldman Sachs — Financial Square Federal Fund, and Goldman Sachs — Financial Square Tax-Free Money Market Fund. | |||
(qq) | Statement of Additional Information dated April 28, 2006, as amended June 16, 2006, with respect to the Class A Shares, Class B Shares, Class C Shares, Service Shares and Institutional Shares of the Goldman Sachs U.S. Equity Dividend and Premium Fund, Goldman Sachs Tollkeeper FundSM, Goldman Sachs Structured Tax-Managed Equity Fund and Goldman Sachs Real Estate Securities Fund. | ||
(rr) | Statement of Additional Information dated April 28, 2006, as amended June 16, 2006, with respect to the Class A Shares, Class B Shares, Class C Shares, Service Shares and Institutional Shares of the Goldman Sachs Balanced Strategy Portfolio, Goldman Sachs Growth and Income Strategy Portfolio, Goldman Sachs Growth Strategy Portfolio and Goldman Sachs Equity Growth Strategy Portfolio. | ||
(ss) | Goldman Sachs Trust Annual Report to Shareholders for the fiscal year ended August 31, 2006 with respect to the Goldman Sachs Structured U.S. Equity Fund, Goldman Sachs Structured Large Cap Growth Fund, Goldman Sachs Structured Small Cap Equity Fund, Goldman Sachs Structured Large Cap Value Fund, and Goldman Sachs Structured International Equity Fund. | ||
(tt) | Goldman Sachs Trust Annual Report to Shareholders for the fiscal year ended August 31, 2006 with respect to the Goldman Sachs Capital Growth Fund, Goldman Sachs Strategic Growth Fund, Goldman Sachs Concentrated Growth Fund, Goldman Sachs Growth Opportunities Fund and Goldman Sachs Small/Mid-Cap Growth Fund. | ||
(uu) | Goldman Sachs Trust Annual Report to Shareholders for the fiscal year ended August 31, 2006 with respect to the Goldman Sachs Large Cap Value Fund, Goldman Sachs Growth and Income Fund, Goldman Sachs Mid Cap Value Fund and Goldman Sachs Small Cap Value Fund. | ||
(vv) | Goldman Sachs Trust Annual Report to Shareholders for the fiscal year ended August 31, 2006 with respect to the Goldman Sachs Concentrated International Equity Fund, Goldman Sachs Japanese Equity Fund, Goldman Sachs International Growth Opportunities Fund, Goldman Sachs Emerging Markets Equity Fund and Goldman Sachs Asia Growth Fund. | ||
(ww) | Goldman Sachs Trust Annual Report to Shareholders for the fiscal year ended October 31, 2006 with respect to the Goldman Sachs Government Income Fund, Goldman Sachs U.S. Mortgages Fund, Goldman Sachs Core Fixed Income Fund and Goldman Sachs Investment Grade Credit Fund. |
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(xx) | Goldman Sachs Trust Annual Report to Shareholders for the fiscal year ended October 31, 2006 with respect to the Goldman Sachs Enhanced Income Fund, Goldman Sachs Ultra-Short Duration Government Fund and Goldman Sachs Short Duration Government Fund. | ||
(yy) | Goldman Sachs Trust Annual Report to Shareholders for the fiscal year ended October 31, 2006 with respect to the Goldman Sachs Short Duration Tax-Free Fund, Goldman Sachs Municipal Income Fund and Goldman Sachs High Yield Municipal Fund. | ||
(zz) | Goldman Sachs Trust Annual Report to Shareholders for the fiscal year ended October 31, 2006 with respect to the Goldman Sachs Global Income Fund, Goldman Sachs High Yield Fund and Goldman Sachs Emerging Markets Debt Fund. | ||
(aaa) | Goldman Sachs Trust Annual Report to Shareholders for the fiscal year ended December 31, 2005 with respect to the Goldman Sachs Institutional Liquid Assets Prime Obligations Portfolio, Goldman Sachs Institutional Liquid Assets Money Market Portfolio, Goldman Sachs Institutional Liquid Assets Government Portfolio, Goldman Sachs Institutional Liquid Assets Treasury Obligations Portfolio, Goldman Sachs Institutional Liquid Assets Treasury Instruments Portfolio, Goldman Sachs Institutional Liquid Assets Federal Portfolio, Goldman Sachs Institutional Liquid Assets Tax-Exempt Diversified Portfolio, Goldman Sachs Institutional Liquid Assets Tax-Exempt California Portfolio and Goldman Sachs Institutional Liquid Assets Tax-Exempt New York Portfolio. | ||
(bbb) | Goldman Sachs Trust Semi-Annual Report to Shareholders for the fiscal period ended June 30, 2006 with respect to the Goldman Sachs Institutional Liquid Assets Prime Obligations Portfolio, Goldman Sachs Institutional Liquid Assets Money Market Portfolio, Goldman Sachs Institutional Liquid Assets Government Portfolio, Goldman Sachs Institutional Liquid Assets Treasury Obligations Portfolio, Goldman Sachs Institutional Liquid Assets Treasury Instruments Portfolio, Goldman Sachs Institutional Liquid Assets Federal Portfolio, Goldman Sachs Institutional Liquid Assets Tax-Exempt Diversified Portfolio, Goldman Sachs Institutional Liquid Assets Tax-Exempt California Portfolio and Goldman Sachs Institutional Liquid Assets Tax-Exempt New York Portfolio. | ||
(ccc) | Goldman Sachs Trust Annual Report to Shareholders for the fiscal year ended December 31, 2005 with respect to the Goldman Sachs Tollkeeper FundSM, Goldman Sachs Structured Tax-Managed Equity Fund and Goldman Sachs Real Estate Securities Fund. | ||
(ddd) | Goldman Sachs Trust Semi-Annual Report to Shareholders for the fiscal period ended June 30, 2006 with respect to the Goldman Sachs Tollkeeper |
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FundSM, Goldman Sachs Structured Tax-Managed Equity Fund and Goldman Sachs Real Estate Securities Fund. | |||
(eee) | Goldman Sachs Trust Annual Report to Shareholders for the fiscal year ended December 31, 2005 with respect to the Goldman Sachs Balanced Strategy Portfolio, Goldman Sachs Growth and Income Strategy Portfolio, Goldman Sachs Growth Strategy Portfolio and Goldman Sachs Equity Growth Strategy Portfolio. | ||
(fff) | Goldman Sachs Trust Semi-Annual Report to Shareholders for the fiscal period ended June 30, 2006 with respect to the Goldman Sachs Balanced Strategy Portfolio, Goldman Sachs Growth and Income Strategy Portfolio, Goldman Sachs Growth Strategy Portfolio and Goldman Sachs Equity Growth Strategy Portfolio. | ||
(ggg) | Prospectus dated March 1, 2006 with respect to the Class A Shares, Class B Shares, Class C Shares and Class Y Shares of the AXA Enterprise Small Company Growth Fund, AXA Enterprise Small Company Value Fund, AXA Enterprise Capital Appreciation Fund, AXA Enterprise Deep Value Fund, AXA Enterprise Equity Fund, AXA Enterprise Equity Income Fund, AXA Enterprise Multi-Cap Growth Fund, AXA Enterprise Growth and Income Fund, AXA Enterprise International Growth Fund, AXA Enterprise Global Financial Services Fund, AXA Enterprise Global Socially Responsive Fund, AXA Enterprise Government Securities Fund, AXA Enterprise High-Yield Bond Fund, AXA Enterprise Short Duration Bond Fund, AXA Enterprise Tax-Exempt Income Fund and AXA Enterprise Money Market Fund of the AXA Enterprise Funds Trust. | ||
(hhh) | Statement of Additional Information dated March 1, 2006 with respect to the AXA Enterprise Small Company Growth Fund, AXA Enterprise Small Company Value Fund, AXA Enterprise Capital Appreciation Fund, AXA Enterprise Deep Value Fund, AXA Enterprise Equity Fund, AXA Enterprise Equity Income Fund, AXA Enterprise Multi-Cap Growth Fund, AXA Enterprise Growth and Income Fund, AXA Enterprise International Growth Fund, AXA Enterprise Global Financial Services Fund, AXA Enterprise Global Socially Responsive Fund, AXA Enterprise Mergers and Acquisitions Fund, AXA Enterprise Government Securities Fund, AXA Enterprise High-Yield Bond Fund, AXA Enterprise Short Duration Bond Fund, AXA Enterprise Tax-Exempt Income Fund and AXA Enterprise Money Market Fund of the AXA Enterprise Funds Trust. | ||
(iii) | Supplement dated March 16, 2006 to the Prospectus for the Class A Shares, Class B Shares, Class C Shares and Class Y Shares dated March 1, 2006 with respect to the AXA Enterprise Global Socially Responsive Fund and AXA Enterprise Large Cap Growth Fund (formerly, Multi-Cap Growth Fund) of the AXA Enterprise Funds Trust. |
- 27 -
(jjj) | Supplement dated March 16, 2006 to the Statement of Additional Information dated March 1, 2006 with respect to the AXA Enterprise Global Socially Responsive Fund and AXA Enterprise Multi-Cap Growth Fund of the AXA Enterprise Funds Trust. | ||
(kkk) | Supplement dated March 27, 2006 to the Prospectus for the Class A Shares, Class B Shares, Class C Shares and Class Y Shares dated March 1, 2006 with respect to the AXA Enterprise Global Socially Responsive Fund and AXA Enterprise Large Cap Growth Fund (formerly, Multi-Cap Growth Fund) of the AXA Enterprise Funds Trust. | ||
(lll) | Supplement dated May 30, 2006 to the Prospectus for the Class A Shares, Class B Shares, Class C Shares and Class Y Shares and Statement of Additional Information dated March 1, 2006 with respect to the AXA Enterprise Tax Exempt Income Fund of the AXA Enterprise Funds Trust. | ||
(mmm) | Supplement dated July 1, 2006 to the Prospectus for the Class A Shares, Class B Shares, Class C Shares and Class Y Shares dated March 1, 2006 with respect to the AXA Enterprise Small Company Growth Fund, AXA Enterprise Small Company Value Fund, AXA Enterprise Capital Appreciation Fund, AXA Enterprise Deep Value Fund, AXA Enterprise Equity Fund, AXA Enterprise Equity Income Fund, AXA Enterprise Large Cap Growth Fund (formerly, Multi-Cap Growth Fund), AXA Enterprise Growth and Income Fund, AXA Enterprise International Growth Fund, AXA Enterprise Global Financial Services Fund, AXA Enterprise Global Socially Responsive Fund, AXA Enterprise Government Securities Fund, AXA Enterprise High-Yield Bond Fund, AXA Enterprise Short Duration Bond Fund, AXA Enterprise Tax-Exempt Income Fund and AXA Enterprise Money Market Fund of the AXA Enterprise Funds Trust. | ||
(nnn) | Supplement dated October 1, 2006 to the Prospectus for the Class A Shares, Class B Shares, Class C Shares and Class Y Shares dated March 1, 2006 with respect to the AXA Enterprise Short Duration Bond Fund of the AXA Enterprise Funds Trust. | ||
(ooo) | Supplement dated October 1, 2006 to the Statement of Additional Information dated March 1, 2006 with respect to the AXA Enterprise Short Duration Bond Fund of the AXA Enterprise Funds Trust. | ||
(ppp) | Supplement dated December 15, 2006 to the Prospectus for the Class A Shares, Class B Shares, Class C Shares and Class Y Shares dated March 1, 2006 with respect to the AXA Enterprise Tax-Exempt Income Fund of the AXA Enterprise Funds Trust. | ||
(qqq) | Supplement dated December 15, 2006 to the Prospectus for the Class A Shares, Class B Shares, Class C Shares and Class Y Shares and Statement |
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of Additional Information each dated March 1, 2006 with respect to the AXA Enterprise Funds of the AXA Enterprise Funds Trust. | |||
(rrr) | Supplement dated January 5, 2007 to the Prospectus for the Class A Shares, Class B Shares, Class C Shares and Class Y Shares dated March 1, 2006 with respect to the AXA Enterprise Small Company Growth Fund, AXA Enterprise Small Company Value Fund, AXA Enterprise Capital Appreciation Fund, AXA Enterprise Deep Value Fund, AXA Enterprise Equity Fund, AXA Enterprise Equity Income Fund, AXA Enterprise Large Cap Growth Fund (formerly, Multi-Cap Growth Fund), AXA Enterprise Growth and Income Fund, AXA Enterprise International Growth Fund, AXA Enterprise Government Securities Fund, AXA Enterprise High-Yield Bond Fund, AXA Enterprise Short Duration Bond Fund, AXA Enterprise Tax-Exempt Income Fund and AXA Enterprise Money Market Fund of the AXA Enterprise Funds Trust. | ||
(sss) | AXA Enterprise Funds Trust Annual Report to Shareholders for the fiscal year ended October 31, 2006 with respect to the AXA Enterprise Small Company Growth Fund, AXA Enterprise Small Company Value Fund, AXA Enterprise Capital Appreciation Fund, AXA Enterprise Deep Value Fund, AXA Enterprise Equity Fund, AXA Enterprise Equity Income Fund, AXA Enterprise Large Cap Growth Fund (formerly, Multi-Cap Growth Fund), AXA Enterprise Growth and Income Fund, AXA Enterprise International Growth Fund, AXA Enterprise Global Financial Services Fund, AXA Enterprise Global Socially Responsive Fund, AXA Enterprise Government Securities Fund, AXA Enterprise High-Yield Bond Fund, AXA Enterprise Short Duration Bond Fund, AXA Enterprise Tax-Exempt Income Fund and AXA Enterprise Money Market Fund. | ||
(ttt) | Prospectus dated March 1, 2006 with respect to the Class A Shares, Class B Shares, Class C Shares, Class P Shares, and Class Y Shares of the AXA Enterprise Multimanager Growth Fund, AXA Enterprise Multimanager Core Equity Fund, AXA Enterprise Multimanager Value Fund, AXA Enterprise Multimanager Mid Cap Growth Fund, AXA Enterprise Multimanager Mid Cap Value Fund, AXA Enterprise Multimanager International Equity Fund, AXA Enterprise Multimanager Technology Fund, AXA Enterprise Multimanager Health Care Fund and AXA Enterprise Multimanager Core Bond Fund of the AXA Enterprise Multimanager Funds Trust. | ||
(uuu) | Prospectus dated March 1, 2006, as revised May 1, 2006, with respect to the Class A Shares, Class B Shares, Class C Shares and Class Y Shares of the AXA Enterprise Conservative Allocation Fund, AXA Enterprise Moderate Allocation Fund, AXA Enterprise Moderate-Plus Allocation Fund and AXA Enterprise Aggressive Allocation Fund of the AXA Enterprise Multimanager Funds Trust. |
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(vvv) | Statement of Additional Information dated March 1, 2006 with respect to the AXA Enterprise Multimanager Growth Fund, AXA Enterprise Multimanager Core Equity Fund, AXA Enterprise Multimanager Value Fund, AXA Enterprise Multimanager Mid Cap Growth Fund, AXA Enterprise Multimanager Mid Cap Value Fund, AXA Enterprise Multimanager International Equity Fund, AXA Enterprise Multimanager Technology Fund, AXA Enterprise Multimanager Health Care Fund, AXA Enterprise Multimanager Core Bond Fund, AXA Enterprise Conservative Allocation Fund, AXA Enterprise Moderate Allocation Fund, AXA Enterprise Moderate-Plus Allocation Fund and AXA Enterprise Aggressive Allocation Fund of the AXA Enterprise Multimanager Funds Trust. | ||
(www) | Supplement dated June 15, 2006 to the Prospectus for the Class A Shares, Class B Shares, Class C Shares, Class P Shares and Class Y Shares dated March 1, 2006 with respect to the AXA Enterprise Multimanager Value Fund of the AXA Enterprise Multimanager Funds Trust. | ||
(xxx) | Supplement dated June 15, 2006 to the Prospectus for the Class A Shares, Class B Shares, Class C Shares, Class P Shares and Class Y Shares and Statement of Additional Information dated March 1, 2006 with respect to the AXA Enterprise Multimanager Value Fund of the AXA Enterprise Multimanager Funds Trust. | ||
(yyy) | Supplement dated July 1, 2006 to the Prospectus for the Class A Shares, Class B Shares, Class C Shares, Class P Shares and Class Y Shares dated March 1, 2006 with respect to the AXA Enterprise Multimanager Growth Fund, AXA Enterprise Multimanager Core Equity Fund, AXA Enterprise Multimanager Value Fund, AXA Enterprise Multimanager Mid Cap Growth Fund, AXA Enterprise Multimanager Mid Cap Value Fund, AXA Enterprise Multimanager International Equity Fund, AXA Enterprise Multimanager Technology Fund, AXA Enterprise Multimanager Health Care Fund and AXA Enterprise Multimanager Core Bond Fund of the AXA Enterprise Multimanager Funds Trust. | ||
(zzz) | Supplement dated July 1, 2006 to the Prospectus for the Class A Shares, Class B Shares, Class C Shares and Class Y Shares dated March 1, 2006, as revised May 1, 2006, with respect to the AXA Enterprise Conservative Allocation Fund, AXA Enterprise Moderate Allocation Fund, AXA Enterprise Moderate-Plus Allocation Fund and AXA Enterprise Aggressive Allocation Fund of the AXA Enterprise Multimanager Funds Trust. | ||
(aaaa) | Supplement dated July 1, 2006 to the Prospectus for the Class A Shares, Class B Shares, Class C Shares, Class P Shares and Class Y Shares dated March 1, 2006 with respect to the AXA Enterprise Multimanager Value Fund of the AXA Enterprise Multimanager Funds Trust. |
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(bbbb) | Supplement dated September 15, 2006 to the Prospectus for the Class A Shares, Class B Shares, Class C Shares, Class P Shares and Class Y Shares and Statement of Additional Information dated March 1, 2006 with respect to the AXA Enterprise Multimanager Core Bond Fund of the AXA Enterprise Multimanager Funds Trust. | ||
(cccc) | Supplement dated December 15, 2006 to the Prospectus for the Class A Shares, Class B Shares, Class C Shares, Class P Shares and Class Y Shares and Statement of Additional Information each dated March 1, 2006 with respect to the AXA Enterprise Multimanager Funds of the AXA Enterprise Multimanager Funds Trust. | ||
(dddd) | Supplement dated December 15, 2006 to the Prospectus for the Class A Shares, Class B Shares, Class C Shares and Class Y Shares dated March 1, 2006, as revised May 1, 2006, and Statement of Additional Information dated March 1, 2006 with respect to the AXA Enterprise Allocation Funds of the AXA Enterprise Multimanager Funds Trust. | ||
(eeee) | Supplement dated January 5, 2006 to the Prospectus for the Class A Shares, Class B Shares, Class C Shares, Class P Shares and Class Y Shares dated March 1, 2006 with respect to the AXA Enterprise Multimanager Growth Fund, AXA Enterprise Multimanager Core Equity Fund, AXA Enterprise Multimanager Value Fund, AXA Enterprise Multimanager Mid Cap Growth Fund, AXA Enterprise Multimanager Mid Cap Value Fund, AXA Enterprise Multimanager International Equity Fund, AXA Enterprise Multimanager Technology Fund and AXA Enterprise Multimanager Core Bond Fund of the AXA Enterprise Multimanager Funds Trust. | ||
(ffff) | Supplement dated January 5, 2006 to the Prospectus for the Class A Shares, Class B Shares, Class C Shares and Class Y Shares dated March 1, 2006 with respect to the AXA Enterprise Conservative Allocation Fund, AXA Enterprise Moderate Allocation Fund, AXA Enterprise Moderate-Plus Allocation Fund and AXA Enterprise Aggressive Allocation Fund of the AXA Enterprise Multimanager Funds Trust. | ||
(gggg) | AXA Enterprise Multimanager Funds Trust Annual Report to Shareholders for the fiscal year ended October 31, 2006 with respect to the AXA Enterprise Multimanager Growth Fund, AXA Enterprise Multimanager Core Equity Fund, AXA Enterprise Multimanager Value Fund, AXA Enterprise Multimanager Mid Cap Growth Fund, AXA Enterprise Multimanager Mid Cap Value Fund, AXA Enterprise Multimanager International Equity Fund, AXA Enterprise Multimanager Technology Fund, AXA Enterprise Multimanager Health Care Fund, AXA Enterprise Multimanager Core Bond Fund, AXA Enterprise Conservative Allocation Fund, AXA Enterprise Moderate Allocation |
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Fund, AXA Enterprise Moderate-Plus Allocation Fund and AXA Enterprise Aggressive Allocation Fund. | |||
(hhhh) | Prospectus dated March 1, 2006 with respect to the Class A Shares, Class B Shares, Class C Shares and Class Y Shares of the AXA Enterprise Growth Fund and AXA Enterprise Mergers and Acquisitions Fund of the Enterprise Group of Funds, Inc.. | ||
(iiii) | Statement of Additional Information dated March 1, 2006 with respect to the AXA Enterprise Growth Fund and AXA Enterprise Mergers and Acquisitions Fund of the Enterprise Group of Funds, Inc.. | ||
(jjjj) | Supplement dated July 1, 2006 to the Prospectus for the Class A Shares, Class B Shares, Class C Shares and Class Y Shares dated March 1, 2006 with respect to the AXA Enterprise Growth Fund and AXA Enterprise Mergers and Acquisitions Fund of the Enterprise Group of Funds, Inc.. | ||
(kkkk) | Supplement dated December 15, 2006 to the Prospectus for the Class A Shares, Class B Shares, Class C Shares and Class Y Shares and Statement of Additional Information each dated March 1, 2006 with respect to the Enterprise Group Funds of the Enterprise Group of Funds, Inc. | ||
(llll) | Supplement dated January 5, 2007 to the Prospectus for the Class A Shares, Class B Shares, Class C Shares and Class Y Shares dated March 1, 2006 with respect to the AXA Enterprise Growth Fund of the Enterprise Group of Funds, Inc.. | ||
(mmmm) | The Enterprise Group of Funds, Inc. Annual Report to Shareholders for the fiscal year ended October 31, 2006 with respect to the AXA Enterprise Growth Fund and AXA Enterprise Mergers and Acquisitions Fund. |
(1) | The undersigned Registrant agrees that prior to any public reoffering of the securities registered through the use of a prospectus which is a part of this registration statement by any person or party who is deemed to be an underwriter within the meaning of Rule 145(c) of the Securities Act of 1933, as amended (the “1933 Act”), the reoffering prospectus will contain the information called for by the applicable registration form for reofferings by persons who may be deemed underwriters, in addition to the information called for by the other items of the applicable form. | ||
(2) | The undersigned Registrant agrees that every prospectus that is filed under paragraph (1) above will be filed as a part of an amendment to the registration statement and will not be used until the amendment is effective, and that, in determining any liability under the 1933 Act, each |
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post-effective amendment shall be deemed to be a new registration statement for the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering of them. | |||
(3) | The undersigned Registrant agrees to file by Post-Effective Amendment the opinion of counsel regarding the tax consequences of the proposed reorganization required by Item 16(12) of Form N-14 within a reasonable time after receipt of such opinion. |
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GOLDMAN SACHS TRUST Registrant | ||||
By: | /s/ Peter V. Bonanno | |||
Peter V. Bonanno | ||||
Secretary | ||||
Name | Title | Date | ||
1 Kaysie P. Uniacke | President (Chief Executive Officer) | January 24, 2007 | ||
1 John M. Perlowski | Treasurer (Principal Accounting Officer and Principal Financial Officer) | January 24, 2007 | ||
1 Ashok N. Bakhru | Chairman and Trustee | January 24, 2007 | ||
1 John P. Coblentz, Jr. | Trustee | January 24, 2007 | ||
1 Patrick T. Harker | Trustee | January 24, 2007 | ||
1 Mary Patterson McPherson | Trustee | January 24, 2007 | ||
1 Alan A. Shuch | Trustee | January 24, 2007 | ||
1 Richard P. Strubel | Trustee | January 24, 2007 |
1By: | /s/ Peter V. Bonanno | |||
Attorney-In-Fact |
1 | Pursuant to a power of attorney incorporated herein by reference. |
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