UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT
COMPANIES
Investment Company Act file number 811-5349
Goldman Sachs Trust
(Exact name of registrant as specified in charter)
71 South Wacker Drive, Suite 500, Chicago, Illinois 60606
(Address of principal executive offices) (Zip code)
Peter V. Bonanno, Esq. | Copies to: | |
Goldman, Sachs & Co. | Jack Murphy, Esq. | |
One New York Plaza | Dechert | |
New York, New York 10004 | 1775 I Street, NW | |
Washington, DC 20006 | ||
(Name and address of agents for service) |
Registrant’s telephone number, including area code: (312) 655-4400
Date of fiscal year end: February 28
Date of reporting period: February 28, 2007
ITEM 1. | REPORTS TO STOCKHOLDERS. | |
The Semiannual Report to Stockholders is filed herewith. |
INTERNATIONAL EQUITY FUNDS | Semiannual Report February 28, 2007 |
Long-term capital growth potential through investments in equity markets located around the world. |
n | GOLDMAN SACHS CONCENTRATED INTERNATIONAL EQUITY FUND |
n | GOLDMAN SACHS JAPANESE EQUITY FUND |
n | GOLDMAN SACHS INTERNATIONAL SMALL CAP FUND |
n | GOLDMAN SACHS EMERGING MARKETS EQUITY FUND |
n | GOLDMAN SACHS ASIA EQUITY FUND |
n | GOLDMAN SACHS BRIC FUND |
NOT FDIC-INSURED | May Lose Value | No Bank Guarantee | ||
n Fundamental research teams based in London, Tokyo, Singapore, Boston and Miami focus on long-term business and management quality n Analysts collaborate regularly in global sector teams to leverage industry-specific research and insights n Global perspective is informed by local market expertise n A common valuation framework, focusing on long-term earnings power, ensures consistency when valuing and comparing a company to its peers globally |
n Team of experienced portfolio managers with sector expertise n Team leverages the research of the approximately 45 regional investment professionals n Decision making process is informed by active participation in the global research process |
n Security selections are aligned with level of investment conviction n Risk monitoring considers whether investment and other risks to the Portfolios are intended and justified n Dedicated portfolio construction team assists in ongoing monitoring and adjustment of the Portfolios |
International equity portfolios that strive to offer: | ||
n Access to markets across the world n Disciplined approach to stock selection n Optimal risk/return profiles |
Over the six-month period that ended February 28, 2007, the Fund’s Class A, B, C, Institutional and Service Shares generated cumulative total returns, without sales charges, of 10.63%, 10.14%, 10.19%, 10.80%, and 10.53%, respectively. These returns compare to the 12.26% cumulative total return of the Fund’s benchmark, the Morgan Stanley Capital International (MSCI) Europe, Australasia, Far East Index (EAFE) (unhedged, with dividends reinvested), over the same time period. | |
During the reporting period, the Fund generated solid results but underperformed its benchmark. Weak stock selection in the Industrials, Consumer Discretionary and Utilities sectors detracted from performance versus the benchmark. In contrast, strong stock selection in the Energy, Healthcare, Telecommunication Services and Consumer Staples sectors contributed to relative results. | |
The third largest credit card operator in Japan, Credit Saison, was the leading detractor from performance. Its shares were weak, we believe, as a result of new governmental policy in the unsecured lending sector. The country’s leading government party lowered the maximum lending interest rate from the expected 20% to 18%, which downgraded the company’s earnings forecasts. Because of this change, all companies, including Credit Saison, will now have three years to comply with the new limits. Additionally, the company took on provisions as recommended by the local CPA accounting body in response to the government’s lowering of the maximum interest rate ceiling. We have confidence in Credit Saison’s core credit card business, which has continued to report healthy growth and we maintain the Fund’s position in the stock. | |
Techtronic Industries, a Hong Kong manufacturer of outdoor power equipment and floor care appliances, also detracted from performance. Its share price fell due to weaker than expected U.S. housing sales, coupled with disappointing sales by Home Depot, Techtronic Industries’ key customer. The stock also fell amid continued concern that further measures to slow China’s economy may hurt its earnings growth. However, we continue to like the company as a result of its successful transformation from a pure original equipment manufacturer (“OEM”) to a producer of world class branded power tools and home appliances. The company has also been increasing market share and is a beneficiary of the global outsourcing trend to Asia. We believe in the fundamentals of Techtronic Industries and the execution ability of its management team. | |
ICBC, China’s largest bank, was the leading contributor to performance. The stock rose on the back of analyst upgrades as the company improved its credit profile. Additionally, confidence in Chinese banks increased, leading to increased investment into the Financial sector. Speculation that the Chinese government would cut the tax rates on domestic companies to match those paid by China-based businesses of international rivals also boosted the stock’s performance. We sold out of the position in January as the stock reached our target price. |
Throughout the period, we continued to focus on high quality companies that have strong franchises and excellent management teams that can demonstrate long-term earnings power. We believe these types of organizations have the potential to perform well across the market cycle when purchased at attractive prices. Stock selection has led to overweight positions in the Financials, Information Technology and Telecommunication Services sectors and underweight positions in the Consumer Discretionary, Consumer Staples and Utilities sectors. |
Although the Fund underperformed its benchmark over the reporting period, there were a number of holdings that enhanced results, including the following: | |
n | Merck — Merck, a global pharmaceutical and chemical company based in Germany, contributed to performance. Its shares continued to perform well after the company received interest from several bidders for its generic pharmaceutical business. Management reported that it may sell its generic unit to focus on branded medicines and its liquid crystals business, as well as to help pay for its acquisition of biotechnology company Serono. The company also continues to benefit from its ongoing restructuring efforts. |
n | Fastweb — Fastweb, the second largest broadband services provider in Italy, significantly contributed to performance, as it reported very strong third quarter results last year. In addition, the company paid a special dividend in excess of 10% of its market capitalization and reiterated its revenue and earnings targets for the year. Fastweb has been able to grow by gaining Italian broadband market share from the incumbent telecom operator. In addition, the company’s all-fibre network gives it a material cost advantage over its competitors in Italy. We took advantage of the stock appreciation and exited the position as its shares reached our target price. |
n | Kookmin Bank — Kookmin Bank, Korea’s largest retail bank and lender, also contributed to performance. The company’s shares rose on the back of reporting strong financial results. In addition, it announced some capital management initiatives that were positively received by the market. The company reported higher net interest margins, an indicative measure of lending profitability. It also posted record profits in 2006 due to domestic economic expansion, which has had a significant effect in the demand for loans. In addition, Kookmin Bank cut its service charges by 20%, which had a positive effect on the company’s share price. |
We thank you for your investment and look forward to your continued confidence. | |
Goldman Sachs London Active Equity Team | |
London, March 16, 2007 |
PERFORMANCE REVIEW |
September 1, 2006–February 28, 2007 | Fund Total Return (based on NAV)1 | MSCI EAFE Index (unhedged)2 | ||||||||
Class A | 10.63 | % | 12.26 | % | ||||||
Class B | 10.14 | 12.26 | ||||||||
Class C | 10.19 | 12.26 | ||||||||
Institutional | 10.80 | 12.26 | ||||||||
Service | 10.53 | 12.26 | ||||||||
1 | The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges. |
2 | The MSCI EAFE Index (unhedged) is a market capitalization-weighted composite of securities in 21 developed markets. The Index is unmanaged and the figures for the Index do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index. |
STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS3 |
For the period ended 12/31/06 | One Year | Five Years | Ten Years | Since Inception | Inception Date | |||||||||||||||
Class A | 15.12 | % | 9.86 | % | 5.57 | % | 7.47 | % | 12/1/92 | |||||||||||
Class B | 15.93 | 10.11 | 5.56 | 5.79 | 5/1/96 | |||||||||||||||
Class C | 20.03 | 10.41 | n/a | 4.50 | 8/15/97 | |||||||||||||||
Institutional | 22.34 | 11.68 | 6.78 | 7.66 | 2/7/96 | |||||||||||||||
Service | 21.71 | 11.11 | 6.25 | 7.97 | 4 | 12/1/92 | ||||||||||||||
3 | The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares and the assumed contingent deferred sales charge for Class B Shares (5% maximum declining to 0% after six years) and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional and Service Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns. The Fund will charge a 2% redemption fee on the redemption of shares (including by exchange) held for 30 calendar days or less. The performance figures do not reflect the deduction of the redemption fee. If reflected, the redemption fee would reduce the performance quoted. |
4 | Performance data for Service Shares prior to 3/6/96 (commencement of operations) is that of Class A Shares (excluding the impact of front-end sales charges applicable to Class A Shares since Service Shares are not subject to any sales charges). Performance of Class A Shares of the International Equity Fund reflects the expenses applicable to the Fund’s Class A Shares. The fees applicable to Service Shares are different from those applicable to Class A Shares which impact performance ratings and rankings for a class of shares. |
The returns represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our Web site at: www.goldmansachsfunds.com to obtain the most recent month-end returns. Performance reflects expense limitations in effect. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
EXPENSE RATIOS5 |
Current Expense Ratio | Expense Ratio Before Waivers | |||||||||
Class A | 1.54 | % | 1.58 | % | ||||||
Class B | 2.29 | 2.33 | ||||||||
Class C | 2.29 | 2.33 | ||||||||
Institutional | 1.14 | 1.18 | ||||||||
Service | 1.64 | 1.68 | ||||||||
5 | The expense ratios of the Fund, both with and without waivers and expense limitations, are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights. The waivers and expense limitations are voluntary and may be modified or terminated at any time at the option of the Investment Adviser. If this occurs, the expense ratios may change without shareholder approval. |
TOP 10 HOLDINGS AS OF 2/28/076 |
Holding | % of Net Assets | Line of Business | ||||||
Vinci SA | 3.9 | % | Construction & Engineering | |||||
Millea Holdings, Inc. | 3.9 | Insurance | ||||||
Sumitomo Mitsui Financial Group, Inc. | 3.8 | Commercial Banks | ||||||
E.ON AG | 3.8 | Electrical Utilities | ||||||
Nestle SA | 3.2 | Food Products | ||||||
Svenska Celllulosa AB (SCA) Series B | 3.1 | Paper & Forest Products | ||||||
Esprit Holdings Ltd. | 3.1 | Specialty Retail | ||||||
Prudential PLC | 3.1 | Insurance | ||||||
Amvescap PLC | 3.0 | Capital Markets | ||||||
Vodafone Group PLC | 2.9 | Wireless Telecommunication Services | ||||||
6 | The top 10 holdings may not be representative of the Fund’s future investments. |
Over the six-month period that ended February 28, 2007, the Fund’s Class A, B, C, Institutional and Service Shares generated cumulative total returns, without sales charges, of 6.44%, 6.00%, 6.01%, 6.61%, and 6.36%, respectively. These returns compare to the 6.69% cumulative total return of the Fund’s benchmark, the Tokyo Price Index (TOPIX) (unhedged, with dividends reinvested), over the same time period. | |
During the reporting period, the Fund slightly underperformed its benchmark. After a market correction that was triggered by the weak July-September GDP figure released in November, 2006, Japanese equities recovered steadily on the back of strong corporate earnings, an improving economy and stable currency. The Bank of Japan decided to raise interest rates by 25 basis points in February 2007. We believe this was also beneficial to the equity market, as the decision put an end to uncertainty about the rate hike. The global equity markets sold off at the end of February 2007, triggered by the fall in Chinese stocks. | |
Overall, our stock selection detracted from results versus the benchmark while the Fund’s sector weightings contributed positively to relative performance. In particular, the Fund’s stock selection in Steel Products, Telecommunications and Electrical Machinery detracted from performance. In contrast, the Fund’s stock selection in Transport Equipment, Miscellaneous Finance and Retail companies enhanced results. Among the Fund’s top contributors to performance were JFE Holdings, Mitsui & Co. and Central Japan Railway (see “Portfolio Highlights” for additional information on these holdings). | |
An example of a stock that detracted from performance was Sumitomo Mitsui Financial Group, one of the largest banks in Japan. Its shares did not perform well as the earnings of a number of large banks did not meet expectations during the reporting period. The company was also hurt by an ongoing Financial Services Agency of Japan’s review and fears that this would hurt its sales. |
In managing the Fund, we seek to generate above-average returns over time through careful bottom-up stock selection based on extensive, firsthand fundamental research and a long-term investment horizon. Given this process, the Fund’s sector weightings are the by-product of individual stock holdings rather than sector-based decisions. As of February 28, 2007, the Fund held overweight positions in Steel Products, Precision Instruments and Glass Ceramics. Conversely, it had underweights in Other Products, Transport Equipment and Real Estate. |
There were a number of holdings that enhanced results during the reporting period, including the following: | |
n | JFE Holdings — JFE Holdings is a leading Japanese steel company. Its shares performed well along with the steel sector in general. During the reporting period, strong demand for steel as well as improved industry conditions from restructuring contributed to higher stock prices of large steel companies. |
n | Mitsui & Co — Mitsui & Co. is an international trading company. It benefited as demand for metal products rose across the globe, pushing the prices of raw materials higher. The Fund had an overweight position in Mitsui & Co in anticipation of increased profits driven by these higher prices. |
n | Central Japan Railway — Central Japan Railway provides rail and bus transportation services such as “Shinkansen” (the bullet train) in the Tokai region located between Tokyo and Osaka. The company demonstrated stable growth through its core business. |
We thank you for your investment and look forward to your continued confidence. | |
Goldman Sachs Japanese Equity Team | |
Tokyo, March 13, 2007 |
PERFORMANCE REVIEW |
September 1, 2006–February 28, 2007 | Fund Total Return (based on NAV)1 | TOPIX (unhedged)2 | ||||||||
Class A | 6.44 | % | 6.69 | % | ||||||
Class B | 6.00 | 6.69 | ||||||||
Class C | 6.01 | 6.69 | ||||||||
Institutional | 6.61 | 6.69 | ||||||||
Service | 6.36 | 6.69 | ||||||||
1 | The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges. |
2 | The TOPIX (unhedged, with dividends reinvested) is an unmanaged composite of all stocks on the first section of the Tokyo Stock Exchange. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index. |
STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS3 |
For the period ended 12/31/06 | One Year | Five Years | Since Inception | Inception Date | ||||||||||||
Class A | -4.48 | % | 8.19 | % | 3.97 | % | 5/1/98 | |||||||||
Class B | -5.16 | 8.36 | 4.04 | 5/1/98 | ||||||||||||
Class C | -1.17 | 8.69 | 4.04 | 5/1/98 | ||||||||||||
Institutional | 1.04 | 9.92 | 5.21 | 5/1/98 | ||||||||||||
Service | 0.49 | 9.53 | 4.77 | 5/1/98 | ||||||||||||
3 | The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares, the assumed contingent deferred sales charge for Class B Shares (5% maximum declining to 0% after six years) and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional and Service Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns. The Fund will charge a 2% redemption fee on the redemption of shares (including by exchange) held for 30 calendar days or less. The performance figures do not reflect the deduction of the redemption fee. If reflected, the redemption fee would reduce the performance quoted. |
The returns represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our Web site at: www.goldmansachsfunds.com to obtain the most recent month-end returns. Performance reflects expense limitations in effect. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
EXPENSE RATIOS4 |
Current Expense Ratio | Expense Ratio Before Waivers | |||||||||
Class A | 1.55 | % | 1.93 | % | ||||||
Class B | 2.30 | 2.68 | ||||||||
Class C | 2.30 | 2.68 | ||||||||
Institutional | 1.15 | 1.53 | ||||||||
Service | 1.65 | 2.03 | ||||||||
4 | The expense ratios of the Fund, both with and without waivers and expense limitations, are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights. The waivers and expense limitations are voluntary and may be modified or terminated at any time at the option of the Investment Adviser. If this occurs, the expense ratios may change without shareholder approval. |
TOP 10 HOLDINGS AS OF 2/28/075 |
Holding | % of Net Assets | Line of Business | ||||||
Toyota Motor Corp. | 5.7 | % | Automobiles | |||||
Mitsubishi UFJ Financial Group, Inc. | 4.2 | Commercial Banks | ||||||
Sumitomo Mitsui Financial Group, Inc. | 4.0 | Commercial Banks | ||||||
Mizuho Financial Group, Inc. | 2.9 | Commercial Banks | ||||||
Mitsui & Co. Ltd. | 2.8 | Trading Companies & Distributors | ||||||
JFE Holdings, Inc. | 2.7 | Metals & Mining | ||||||
Takeda Pharmaceutical Co. Ltd. | 2.6 | Pharmaceuticals | ||||||
Central Japan Railway Co. | 2.6 | Road & Rail | ||||||
Sekisui House Ltd. | 2.4 | Household Durables | ||||||
Hitachi Metals Ltd. | 2.3 | Metals & Mining | ||||||
5 | The top 10 holdings may not be representative of the Fund’s future investments. |
Over the six-month period that ended February 28, 2007, the Fund’s Class A, B, C, Institutional, and Service Shares generated cumulative total returns, without sales charges, of 15.95%, 15.51%, 15.58%, 16.24%, and 15.89%, respectively. These returns compare to the 16.67% cumulative total return of the Fund’s benchmark, the S&P/Citigroup EMI World ex-US Index (gross) over the same time period. | |
During the reporting period, the Fund generated strong absolute results but it lagged its benchmark. Weak stock selection, particularly within the Information Technology, Healthcare and Materials sectors detracted from relative performance during the period. | |
Wolfson Microelectronics, the UK-based integrated circuits supplier, was the leading detractor from performance. Its shares fell after management announced that third quarter profits had declined. The company subsequently lowered its sales forecast for the fourth quarter as a result of falling demand. The forecast revision was attributed to lower chip sales to Sony Corp., after Sony cut its sales projections for its PlayStation product. After reviewing our position in the stock, we exercised our sell discipline and sold out of the stock during the period. | |
The Greek Organization of Football Prognostics (OPAP), the world’s third largest traded gaming company based in Greece, also detracted from results during the period. Following a strong run at the end of 2006, OPAP’s shares fell at the beginning of 2007 after management announced that fourth quarter revenue from its Stihima betting game had changed little from a year earlier. This was a result of the game’s manager, Interlot, widening the game’s odds during the soccer World Cup and then subsequently cutting them again, which reduced interest in the game. Its shares also fell after management recorded a $3.7 million charge against their 2006 earnings after a tax audit. It subsequently announced that these taxes would be recorded in 2006 and therefore burdened its earnings figures. We believe that this is a temporary issue and we continue to maintain the Fund’s position. | |
Carter & Carter, a provider of outsourced apprentice learning solutions and support services in the UK, was the leading contributor to performance as management reported very strong fiscal year results that exceeded analysts’ expectations. Carter & Carter acquired a number of companies during the reporting period, and it has successfully positioned itself as one of the clear market leaders in government-funded vocational learning programs. Given the substantial government funding already in place to support the current year business plan, we believe that Carter & Carter is well positioned given the government’s drive to improve domestic labor skills. |
We maintain our focus on individual security selection rather than taking large sector and country under- or overweight positions. In addition, we strive to own quality businesses with enduring franchises and exceptional managements that have the potential to perform well in a variety of markets. We believe that value is created through rigorous fundamental analysis that identifies small- cap companies operating in clear and defensible market niches. Additionally, these companies might be well positioned to benefit from structural change in the marketplace. At the end of the reporting period, the Fund was overweight in the Industrials, Energy and Telecommunication Services sectors, and underweight in the Materials, Consumer Staples, Utilities and Information Technology sectors. |
Although the Fund underperformed its benchmark over the reporting period, there were a number of holdings that enhanced results, including the following: | |
n | Bank of Cyprus — Bank of Cyprus, Cyprus’ largest retail bank, was a leading contributor to performance. Its shares rose on the back of very strong third quarter results and on speculation that the Bank of Cyprus may be the target of a takeover approach from Piraeus Bank. Management subsequently voted to reject the offer submitted by Piraeus Bank on the grounds that it significantly undervalued Bank of Cyprus’ strong profitability and growth potential. The stock has received several analyst upgrades and all three of Bank of Cyprus’ businesses continue to perform well. |
n | MyTravel — MyTravel, a travel services provider, contributed to performance. Its shares rose sharply higher after the company announced it was planning to merge with Thomas Cook, Europe’s second largest travel company. Thomas Cook agreed to a merger of equals in order to cut costs and reduce competition from low cost travel operators. The newly combined company, Thomas Cook Group Plc, is expected to be debt free, which should allow the company to expand its operations and to better compete with TUI AG, Europe’s largest travel company. We took advantage of the share price appreciation and subsequently exited the Fund’s position. |
n | Techem — Techem, a reader of heat and water meters in Germany, contributed to performance. Its shares surged higher following a bid approach by BC Partners Limited, after a previous bid from a mutual fund managed by Macquarie Bank. The latter bid was subsequently trumped by Macquarie Bank. Furthermore, amid the flurry of takeover bids, Techem’s management reported that its full-year fiscal profit rose 25%, exceeding its own targets. Profit was driven by increased business in its energy contracting unit and reduced costs relating to its core business in Germany, which boosted sales and earnings. As its shares reached our target price, we sold out of the stock. |
We thank you for your investment and look forward to your continued confidence. | |
Goldman Sachs International Small Cap Equity Investment Team | |
London, March 16, 2007 |
PERFORMANCE REVIEW |
Fund Total Return | S&P/Citigroup EMI | |||||||||
September 1, 2006–February 28, 2007 | (based on NAV)1 | World ex-US Index (gross)2 | ||||||||
Class A | 15.95 | % | 16.67 | % | ||||||
Class B | 15.51 | 16.67 | ||||||||
Class C | 15.58 | 16.67 | ||||||||
Institutional | 16.24 | 16.67 | ||||||||
Service | 15.89 | 16.67 | ||||||||
1 | The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges. |
2 | The S&P/Citigroup EMI World ex-US Index covers the smallest 20% of companies, ranked by total market capitalization, which first qualify for inclusion in the country index. This includes approximately 4,280 securities from 24 developed markets with a general regional allocation of 61% Europe, 21% Japan, 11% Australasia and 7% North America. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index. |
STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS3 |
For the period ended 12/31/06 | One Year | Five Years | Since Inception | Inception Date | ||||||||||||
Class A | 12.40 | % | 16.21 | % | 9.45 | % | 5/1/98 | |||||||||
Class B | 13.17 | 16.58 | 9.56 | 5/1/98 | ||||||||||||
Class C | 17.16 | 16.80 | 9.55 | 5/1/98 | ||||||||||||
Institutional | 19.50 | 18.15 | 10.79 | 5/1/98 | ||||||||||||
Service | 18.88 | 17.55 | 10.23 | 5/1/98 | ||||||||||||
3 | The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares, the assumed contingent deferred sales charge for Class B Shares (5% maximum declining to 0% after six years) and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional and Service Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns. The Fund will charge a 2% redemption fee on the redemption of shares (including by exchange) held for 30 calendar days or less. The performance figures do not reflect the deduction of the redemption fee. If reflected, the redemption fee would reduce the performance quoted. |
The returns represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our Web site at: www.goldmansachsfunds.com to obtain the most recent month-end returns. Performance reflects expense limitations in effect. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
EXPENSE RATIOS4 |
Current Expense Ratio | Expense Ratio Before Waivers | |||||||||
Class A | 1.64 | % | 1.79 | % | ||||||
Class B | 2.39 | 2.54 | ||||||||
Class C | 2.39 | 2.54 | ||||||||
Institutional | 1.24 | 1.39 | ||||||||
Service | 1.74 | 1.89 | ||||||||
4 | The expense ratios of the Fund, both with and without waivers and expense limitations, are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights. The waivers and expense limitations are voluntary and may be modified or terminated at any time at the option of the Investment Adviser. If this occurs, the expense ratios may change without shareholder approval. |
TOP 10 HOLDINGS AS OF 2/28/075 |
Holding | % of Net Assets | Line of Business | ||||||
OPAP SA | 2.1 | % | Hotels, Restaurants & Leisure | |||||
AWD Holding AG | 2.0 | Capital Markets | ||||||
Aalberts Industries NV | 2.0 | Machinery | ||||||
Dawnay Day Carpathian PLC | 1.9 | Real Estate Management & Development | ||||||
Gruppo Coin SpA | 1.8 | Specialty Retail | ||||||
Heijmans NV | 1.8 | Construction & Engineering | ||||||
Speymill Deutsche Immobilien Co. PLC | 1.8 | Real Estate Management & Development | ||||||
Ballast Nedam NV | 1.8 | Construction & Engineering | ||||||
Schroders PLC | 1.7 | Capital Markets | ||||||
CENTROTEC Sustainable AG | 1.6 | Chemicals | ||||||
5 | The top 10 holdings may not be representative of the Fund’s future investments. |
Over the six-month period that ended February 28, 2007, the Fund’s Class A, B, C, Institutional and Service Shares generated cumulative total returns, without sales charges, of 16.15%, 15.69%, 15.68%, 16.35%, and 16.04%, respectively. These returns compare to the 16.72% cumulative total return of the Fund’s benchmark, the Morgan Stanley Capital International (MSCI) Emerging Markets Free (EMF) Index (with dividends reinvested), over the same time period. | |
During the period, the Fund generated very strong returns but slightly lagged its benchmark. Leading contributors to performance included Sberbank, Axtel and China COSCO Holdings Co. In contrast, the Fund’s underweight exposure to China and certain companies in Korea detracted from results versus the benchmark. |
Our overall overweight in the Eastern Europe, Middle East and Africa region was the strongest contributor to performance during the period versus the benchmark. In particular, Eastern European emerging markets performed well, as Russian domestic stocks, in particular, rallied. Latin American markets showed resilience in the face of slowing U.S. consumer spending. Within the region, the Fund’s overweight positions in Brazil and Mexico contributed to performance. They were helped by strengthened commodity prices and clarity on the outcome of the Brazilian election. Mexico led the region on the back of expectations that the home-building sector will continue to be a priority for the newly elected administration. Asia, while delivering strong performance from India and Thailand, detracted from performance as a region. The Fund’s underweight in China hurt relative performance, as manufacturing activity expanded and liquidity remained ample in the Chinese market. Additionally, the Chinese financial sector rallied significantly on the back of expectations of favorable tax reforms. The Fund’s export oriented companies in Korea also detracted from relative performance, as the Korean won continued to strengthen verses the U.S. dollar. | |
While emerging market equity performance was weak during the sell-off that occurred in late February, country and corporate health fundamentals remaining largely in tact. We continue to believe that we are experiencing an indiscriminate short-term correction. As the dust settles, we believe that markets will differentiate at a country and stock level as they have in the past. Furthermore, in the face of more persistent weakness, we believe that many of the cash laden, highly profitable emerging market equity companies would stand to be the beneficiaries of private equity and mergers and acquisition activity. |
Although the Fund underperformed its benchmark over the reporting period, there were number of holdings that enhanced results, including the following: | |
n | Sberbank — Sberbank is Russia’s dominant retail banking franchise. Its shares rallied on further evidence that 2006 was a very strong year for Russian lending growth. Additionally, investors took the company’s announcement that it plans to offer existing shareholders the right to buy additional shares worth $7.5 billion in early 2007 as a very strong signal that the outlook for the bank is robust for the next few years and reduced concerns that growth would slow due to capital constraints. With retail lending currently growing at rates in excess of 50% per year in what remains an economy with very low credit penetration, investors’ willingness to extend their investment horizon had a powerful positive impact on its stock price. |
n | Axtel — Axtel, a local Mexican provider of regional and long distance telecommunications services, data transmission and Internet services, was a leading contributor to performance. The company’s shares rallied after the successful completion of its acquisition of Aventel. This made Axtel the second-largest fixed-line integrated telecommunications company in Mexico. The company’s stock has shown a continuous improvement since November 2006, which supports the positive sentiment of the company’s growth. In addition, recent announcements for further investment in technology have given the stock upward momentum. |
n | China COSCO Holdings Co. — China COSCO Holdings is one of the world’s leading container liner and port operators. The company’s shares rose to a two-year high in February on increased optimism regarding a recovery in freight rates and overall China exports. All business units of COSCO Holdings delivered strong performance, with COSCO Container in particular reporting a 48% increase in profits during the fourth quarter. The shares have reacted positively on the back of an improving profit trend as well as expectations of continued profit expansion. |
We thank you for your investment and look forward to your continued confidence. | |
Goldman Sachs Emerging Markets Equity Investment Team | |
New York, London and Singapore, | |
March 21, 2007 |
PERFORMANCE REVIEW |
September 1, 2006–February 28, 2007 | Fund Total Return (based on NAV)1 | MSCI EMF Index2 | ||||||||
Class A | 16.15 | % | 16.72 | % | ||||||
Class B | 15.69 | 16.72 | ||||||||
Class C | 15.68 | 16.72 | ||||||||
Institutional | 16.35 | 16.72 | ||||||||
Service | 16.04 | 16.72 | ||||||||
1 | The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges. |
2 | The unmanaged MSCI Emerging Markets Free Index is a 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. “Free” indicates an index that excludes shares in otherwise free markets that are not purchasable by foreigners. The Index is unmanaged and the figures for the Index do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index. |
STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS3 |
For the period ended 12/31/06 | One Year | Five Years | Since Inception | Inception Date | ||||||||||||
Class A | 20.82 | % | 23.76 | % | 10.27 | % | 12/15/97 | |||||||||
Class B | 21.84 | 24.28 | 10.39 | 12/15/97 | ||||||||||||
Class C | 25.85 | 24.35 | 10.36 | 12/15/97 | ||||||||||||
Institutional | 28.37 | 25.83 | 11.63 | 12/15/97 | ||||||||||||
Service | 27.66 | 25.22 | 10.84 | 12/15/97 | ||||||||||||
3 | The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares, the assumed contingent deferred sales charge for Class B Shares (5% maximum declining to 0% after six years) and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional and Service Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns. The Fund will charge a 2% redemption fee on the redemption of shares (including by exchange) held for 30 calendar days or less. The performance figures do not reflect the deduction of the redemption fee. If reflected, the redemption fee would reduce the performance quoted. |
The returns represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our Web site at: www.goldmansachsfunds.com to obtain the most recent month-end returns. Performance reflects expense limitations in effect. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
EXPENSE RATIOS4 |
Current Expense Ratio | Expense Ratio Before Waivers | |||||||||
Class A | 1.81 | % | 1.81 | % | ||||||
Class B | 2.56 | 2.56 | ||||||||
Class C | 2.56 | 2.56 | ||||||||
Institutional | 1.41 | 1.41 | ||||||||
Service | 1.91 | 1.91 | ||||||||
4 | The expense ratios of the Fund, both with and without waivers and expense limitations, are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights. The waivers and expense limitations are voluntary and may be modified or terminated at any time at the option of the Investment Adviser. If this occurs, the expense ratios may change without shareholder approval. |
TOP 10 HOLDINGS AS OF 2/28/075 |
Holding | % of Net Assets | Line of Business | ||||||
OAO Gazprom ADR | 4.8 | % | Oil, Gas & Consumable Fuels | |||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 3.8 | Semiconductors & Semiconductor Equipment | ||||||
LUKOIL ADR | 3.5 | Oil, Gas & Consumable Fuels | ||||||
Compahnia Vale do Rio Doce Class A | 3.3 | Metals & Mining | ||||||
Samsung Electronics Co. Ltd. | 3.0 | Semiconductors & Semiconductor Equipment | ||||||
Kookmin Bank | 2.7 | Commercial Banks | ||||||
Sberbank RF | 2.6 | Commercial Banks | ||||||
Petroleo Brasileiro SA ADR | 2.3 | Oil, Gas & Consumable Fuels | ||||||
POSCO | 2.2 | Metals & Mining | ||||||
Sasol Ltd. | 2.2 | Oil, Gas & Consumable Fuels | ||||||
5 | The top 10 holdings may not be representative of the Fund’s future investments. |
Over the six-month period that ended February 28, 2007, the Fund’s Class A, B, C and Institutional Shares generated cumulative total returns, without sales charges, of 13.70%, 13.25%, 13.27% and 13.91%, respectively. These returns compare to the 17.34% cumulative total return of the Fund’s benchmark, the Morgan Stanley Capital International (MSCI) All Country (AC) Asia Free ex-Japan Index (unhedged, with dividends reinvested), over the same time period. | |
While the Fund generated positive returns during the reporting period, it underperformed its benchmark. This was mainly due to negative stock selection, coupled with overweight positions in Consumer Discretionary and Information Technology and an underweight position in China. | |
In terms of specific stocks, Hong Kong’s Techtronic Industries Co. struggled for most of 2006 after it issued a profit warning at the beginning of the year. Despite positive guidance, the share price remained under pressure due to the overhang of the weakening U.S. housing market. Weaker than expected results released by Home Depot, its key customer, also affected Techtronic Industries negatively. Although its share price rebounded in January 2007, concern over the deterioration of the sub-prime market and U.S. housing market in February led to the share price declining again. We continue to believe that the stock is oversold and that its valuation is very attractive. As Techtronic’s drivers of growth remain strong, we feel that our investment thesis for the stock remains very much intact. We have taken some profits following the rally in January, but our long-term investment thesis for the company has not changed and we continue to hold the stock. | |
Korea had been a detractor from the Fund’s performance, mainly driven by negative stock selection. One example of a disappointing holding was LG.Philips LCD. The company is a large global producer and supplier of Thin-Film Transistor Liquid-Crystal Display (TFT-LCD) panels for monitors and notebook computers. Persistent losses were posted by the company, mainly due to competitive prices offered by various TFT-LCD panel producers. In addition, there were concerns of an oversupply of TFT-LCD panels in early 2007, which caused price cutting measures to be undertaken by the TFT-LCD panel producers. We sold out of the stock in late January, as we believe that the TFT-LCD panel prices will continue to remain under pressure. |
As of February 28, 2007, the Fund was overweight in India, Indonesia, Pakistan and Singapore, and underweight in Taiwan, China and Korea. |
Although the Fund underperformed its benchmark over the reporting period, there were a number of holdings that enhanced results, including the following: | |
n | Bharti Airtel — Bharti Airtel rallied strongly due to strong subscriber activity in the Indian wireless mobile network over the past months. The stronger than expected growth of its business helped its shares to rally. |
n | UTI Bank Ltd. — UTI Bank’s shares continued to be strong, boosted, in part, by the overall recovery in the Indian equity market. In addition, the company reported outstanding results that beat consensus expectations and led to upgrades on earnings forecasts by several analysts. |
n | Kerry Properties — Kerry Properties was a new addition to the Fund and we purchased its shares at what we felt to be a relatively attractive price. Its stock price rose as the firm instituted its strategy of selling down its projects in Hong Kong and reinvesting the proceeds in sizeable assets in China. The firm’s focus on cluster type holdings, which involve investing in properties with complementary businesses like malls and offices, was also viewed favorably as such they tend to be synergistic. |
We thank you for your investment and look forward to your continued confidence. | |
Goldman Sachs Asia Equity Investment Team | |
Singapore, March 19, 2007 |
PERFORMANCE REVIEW |
Fund Total Return | MSCI AC Asia Free ex-Japan | |||||||||
September 1, 2006–February 28, 2007 | (based on NAV)1 | Index (unhedged)2 | ||||||||
Class A | 13.70 | % | 17.34 | % | ||||||
Class B | 13.25 | 17.34 | ||||||||
Class C | 13.27 | 17.34 | ||||||||
Institutional | 13.91 | 17.34 | ||||||||
1 | The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges. |
2 | The unmanaged MSCI All Country Asia Free ex-Japan Index (unhedged, with dividends reinvested) is a market capitalization-weighted composite of securities in 11 Asian countries. “Free” indicates an index that excludes shares in otherwise free markets that are not purchasable by foreigners. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index. |
STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS3 |
For the period ended 12/31/06 | One Year | Five Years | Ten Years | Since Inception | Inception Date | |||||||||||||||
Class A | 15.30 | % | 14.48 | % | 0.70 | % | 1.91 | % | 7/8/94 | |||||||||||
Class B | 16.14 | 14.82 | 0.71 | 0.07 | 5/1/96 | |||||||||||||||
Class C | 20.12 | 15.01 | n/a | 1.04 | 8/15/97 | |||||||||||||||
Institutional | 22.52 | 16.45 | 1.93 | 1.64 | 2/2/96 | |||||||||||||||
3 | The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares, the assumed contingent deferred sales charge for Class B Shares (5% maximum declining to 0% after six years) and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns. The Fund will charge a 2% redemption fee on the redemption of shares (including by exchange) held for 30 calendar days or less. The performance figures do not reflect the deduction of the redemption fee. If reflected, the redemption fee would reduce the performance quoted. |
The returns represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our Web site at: www.goldmansachsfunds.com to obtain the most recent month-end returns. Performance reflects expense limitations in effect. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
EXPENSE RATIOS4 |
Current Expense Ratio | Expense Ratio Before Waivers | |||||||||
Class A | 1.60 | % | 1.87 | % | ||||||
Class B | 2.35 | 2.62 | ||||||||
Class C | 2.35 | 2.62 | ||||||||
Institutional | 1.20 | 1.47 | ||||||||
4 | The expense ratios of the Fund, both with and without waivers and expense limitations, are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights. The waivers and expense limitations are voluntary and may be modified or terminated at any time at the option of the Investment Adviser. If this occurs, the expense ratios may change without shareholder approval. |
TOP 10 HOLDINGS AS OF 2/28/075 |
Holding | % of Net Assets | Line of Business | ||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 4.4 | % | Semiconductors & Semiconductor Equipment | |||
Samsung Electronics Co. Ltd. | 4.0 | Semiconductors & Semiconductor Equipment | ||||
Kookmin Bank | 4.0 | Commercial Banks | ||||
Infosys Technologies Ltd. | 3.7 | IT Services | ||||
China Mobile Ltd. | 3.7 | Wireless Telecommunication Services | ||||
POSCO | 3.0 | Metals & Mining | ||||
Hana Financial Group, Inc. | 2.8 | Commercial Banks | ||||
Esprit Holdings Ltd. | 2.7 | Specialty Retail | ||||
United Overseas Bank Ltd. | 2.5 | Commercial Banks | ||||
Hutchison Whampoa Ltd. | 2.4 | Industrial Conglomerates | ||||
5 | The top 10 holdings may not be representative of the Fund’s future investments. |
Over the six-month period that ended February 28, 2007, the Fund’s Class A, C and Institutional Shares generated cumulative total returns, without sales charges, of 19.69%, 19.25%, and 20.08%, respectively. These returns compare to the 21.93% cumulative total return of the Fund’s benchmark, the MSCI BRIC 5-25 Constrained Index, and the 17.18% cumulative total return of its former benchmark, the MSCI BRIC Index, over the same time period. | |
While the Fund provided strong absolute returns during the period, it underperformed its benchmark. The main driver of the underperformance was our stock selection. At the stock level, Bajaj Hindusthan and Yanzhou Coal were leading detractors from relative performance. Stock selection within the Utilities and Telecommunication Services sectors also detracted from results. In contrast, leading contributors to performance were X5 Retail, China COSCO Holdings Co. and Sberbank (see “Portfolio Highlights” for additional information on these holdings). | |
Bajaj Hindusthan, a sugar producer based in India, detracted from performance amid negative sentiment surrounding the Indian sugar industry. Domestic pricing in the industry has been weak and the government has banned all sugar exports. Towards the end of the period, however, there was the suggestion that the government may lift the export ban, which provided some relief to the company’s share price. Yanzhou Coal, a Chinese mining company, detracted from performance after releasing disappointing third quarter results on the back of a decline in sales volumes and an increase in production costs. In addition, the Chinese government increased export taxes on commodities towards the end of the period and introduced a 5% export tax on coal. We lowered our earnings estimates for the company and decided to sell out of the position as a result of this change in the company’s fundamentals and the erosion in management quality. |
The Fund seeks long-term capital appreciation by investing primarily in equity investments in Brazil, Russia, India and China or in issuers that participate in these markets. At the end of the reporting period, the Fund was overweight in Brazil and Russia, and underweight in India and China. From a sector perspective, at the end of the period the Fund was overweight in the Financials, Industrials and Information Technology sectors and underweight in the Materials, Utilities and Consumer Discretionary sectors. |
Although the Fund underperformed its benchmark over the reporting period, there were a number of holdings that enhanced results, including the following: | |
n | X5 Retail — X5 Retail is Russia’s largest food retailer as a result of the merger of Pyaterochka and Perekrestok. The stock performed well on the back of positive investor sentiment about the growth potential of the business after the company’s management held a series of meetings with investors. We continue to see significant scope for consolidation in the Russian food retail market and expect large players such as X5 Retail to continue to take market share via internal growth and acquisitions. |
n | China COSCO Holdings Co. — China COSCO Holdings is one of the world’s leading container liner and port operators. The company’s shares rose to a two-year high in February on increased optimism regarding a recovery in freight rates and overall China exports. All business units of COSCO Holdings delivered strong performance, with COSCO Container in particular reporting a 48% increase in profits during the fourth quarter. The shares have reacted positively on the back of an improving profit trend as well as expectations of continued profit expansion. |
n | Sberbank — Sberbank is Russia’s dominant retail banking franchise. Its shares rallied on further evidence that 2006 was a very strong year for Russian lending growth. Additionally, investors took the company’s announcement that it plans to offer existing shareholders the right to buy additional shares worth $7.5 billion in early 2007 as a very strong signal that the outlook for the bank is robust for the next few years and reduced concerns that growth would slow due to capital constraints. With retail lending currently growing at rates in excess of 50% per year in what remains an economy with very low credit penetration, investors’ willingness to extend their investment horizon had a powerful positive impact on its stock price. |
We thank you for your investment and look forward to your continued confidence. | |
Goldman Sachs BRIC Investment Team | |
London, March 16, 2007 |
PERFORMANCE REVIEW |
Fund Total Return | MSCI 5-25 | |||||||||||||
September 1, 2006–February 28, 2007 | (based on NAV)1 | Constrained Index | MSCI BRIC Index2 | |||||||||||
Class A | 19.69 | % | 21.93 | % | 17.18 | % | ||||||||
Class C | 19.25 | 21.93 | 17.18 | |||||||||||
Institutional | 20.08 | 21.93 | 17.18 | |||||||||||
1 | The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges. |
2 | Effective January 1, 2007, the MSCI 5-25 Constrained Index replaced the MSCI BRIC Index as the Fund’s benchmark. The MSCI BRIC 5-25 Constrained Index is a customised, constrained benchmark, derived from the standard MSCI BRIC Index, with individual stock weights capped at 5% and the total of all stocks weighing more than 2.5% capped at 25%. The MSCI BRIC Equity Index combines, on a market capitalization weighted basis, the components of the MSCI Brazil, MSCI Russia, MSCI India and MSCI China Equity Indices. In the Investment Adviser’s opinion, the MSCI 5-25 Constrained Index is a more appropriate benchmark against which to measure the performance of the Fund. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index. |
STANDARDIZED TOTAL RETURNS3 |
For the period ended 12/31/06 | One Year | Since Inception | Inception Date | |||||||||
Class A | n/a | 22.12 | % | 6/30/06 | ||||||||
Class C | n/a | 27.60 | 6/30/06 | |||||||||
Institutional | n/a | 29.41 | 6/30/06 | |||||||||
3 | As the Fund has not been operating for one year, the Standardized Total Returns are cumulative total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns. The Fund will charge a 2% redemption fee on the redemption of shares (including by exchange) held for 30 calendar days or less. The performance figures do not reflect the deduction of the redemption fee. If reflected, the redemption fee would reduce the performance quoted. |
The returns represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our Web site at: www.goldmansachsfunds.com to obtain the most recent month-end returns. Performance reflects expense limitations in effect. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
EXPENSE RATIOS4 |
Current Expense Ratio | Expense Ratio Before Waivers | |||||||||
Class A | 1.97 | % | 2.42 | % | ||||||
Class C | 2.72 | 3.17 | ||||||||
Institutional | 1.57 | 2.02 | ||||||||
4 | The expense ratios of the Fund, both with and without waivers and expense limitations, are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights. The waivers and expense limitations are voluntary and may be modified or terminated at any time at the option of the Investment Adviser. If this occurs, the expense ratios may change without shareholder approval. |
TOP 10 HOLDINGS AS OF 2/28/075 |
Holding | % of Net Assets | Line of Business | ||||||
Companhia Vale do Rio Doce ADR | 6.5 | % | Metals & Mining | |||||
LUKOIL ADR | 6.4 | Oil, Gas & Consumable Fuels | ||||||
OAO Gazprom ADR | 5.7 | Oil, Gas & Consumable Fuels | ||||||
China Mobile Ltd. | 5.2 | Wireless Telecommunication Services | ||||||
Sberbank RF | 5.1 | Commercial Banks | ||||||
PetroChina Co. Ltd. Class H | 4.4 | Oil, Gas & Consumable Fuels | ||||||
Petroleo Brasileiro SA ADR | 4.2 | Oil, Gas & Consumable Fuels | ||||||
Infosys Technologies Ltd. | 3.7 | IT Services | ||||||
China Construction Bank Corp. Class H | 3.5 | Commercial Banks | ||||||
Unibanco Uniao de Bancos Brasileiros SA GDR | 3.1 | Commercial Banks | ||||||
5 | The top 10 holdings may not be representative of the Fund’s future investments. |
Shares | Description | Value | ||||||||
Common Stocks – 95.3% | ||||||||||
Australia – 2.5% | ||||||||||
2,793,636 | Alumina Ltd. (Metals & Mining) | $ | 14,947,945 | |||||||
Belgium – 4.1% | ||||||||||
184,538 | InBev NV (Beverages) | 12,220,482 | ||||||||
183,317 | UCB SA(a) (Pharmaceuticals) | 11,837,180 | ||||||||
24,057,662 | ||||||||||
Bermuda – 2.1% | ||||||||||
1,347,093 | Catlin Group Ltd. (Insurance) | 12,540,108 | ||||||||
France – 9.5% | ||||||||||
134,149 | Sanofi-Aventis (Pharmaceuticals) | 11,390,894 | ||||||||
153,672 | Technip SA(a) (Energy Equipment & Services) | 10,290,749 | ||||||||
168,638 | Total SA(a) (Oil, Gas & Consumable Fuels) | 11,358,224 | ||||||||
166,862 | Vinci SA (Construction & Engineering) | 23,063,140 | ||||||||
56,103,007 | ||||||||||
Germany – 8.8% | ||||||||||
810,800 | Deutsche Telekom AG (Diversified Telecommunication Services) | 14,544,884 | ||||||||
169,309 | E.ON AG (Electric Utilities) | 22,194,369 | ||||||||
119,463 | Merck KGaA (Pharmaceuticals) | 14,867,469 | ||||||||
51,606,722 | ||||||||||
Hong Kong – 4.9% | ||||||||||
1,744,000 | Esprit Holdings Ltd. (Specialty Retail) | 18,173,859 | ||||||||
7,772,000 | Techtronic Industries Co. Ltd. (Household Durables) | 10,640,720 | ||||||||
28,814,579 | ||||||||||
Italy – 2.1% | ||||||||||
1,332,504 | UniCredito Italiano SpA (Commercial Banks) | 12,306,255 | ||||||||
Japan – 18.3% | ||||||||||
350,100 | Alpen Co. Ltd. (Specialty Retail) | 8,144,874 | ||||||||
361,800 | Credit Saison Co. Ltd. (Consumer Finance) | 11,912,703 | ||||||||
3,279,000 | Fuji Electric Holdings Co., Inc. Ltd. (Electrical Equipment) | 16,114,742 | ||||||||
1,410,000 | Hitachi Metals Ltd. (Metals & Mining) | 16,735,745 | ||||||||
611,700 | Millea Holdings, Inc. (Insurance) | 22,839,147 | ||||||||
2,301 | Sumitomo Mitsui Financial Group, Inc. (Commercial Banks) | 22,385,406 | ||||||||
221,400 | Union Tool Co.(a) (Machinery) | 9,439,341 | ||||||||
107,571,958 | ||||||||||
Netherlands – 5.4% | ||||||||||
368,021 | ING Groep NV (Diversified Financial Services) | 15,699,728 | ||||||||
377,461 | TNT NV (Air Freight & Logistics) | 16,221,932 | ||||||||
31,921,660 | ||||||||||
Norway – 2.1% | ||||||||||
876,220 | Prosafe SE(a) (Energy Equipment & Services) | 12,371,226 | ||||||||
Russia – 1.9% | ||||||||||
136,686 | LUKOIL ADR (Oil, Gas & Consumable Fuels) | 10,914,377 | ||||||||
South Africa – 2.4% | ||||||||||
4,289,669 | FirstRand Ltd. (Diversified Financial Services) | 14,228,369 | ||||||||
South Korea – 4.0% | ||||||||||
187,760 | Kookmin Bank (Commercial Banks) | 16,864,014 | ||||||||
23,100 | Samsung Electronics Co. Ltd. GDR(b) (Semiconductors & Semiconductor Equipment) | 6,909,506 | ||||||||
23,773,520 | ||||||||||
Spain – 4.2% | ||||||||||
461,518 | Banco Bilbao Vizcaya Argentaria SA (Commercial Banks) | 11,231,586 | ||||||||
594,034 | Indra Sistemas SA (IT Services) | 13,650,003 | ||||||||
24,881,589 | ||||||||||
Sweden – 3.1% | ||||||||||
355,362 | Svenska Cellulosa AB (SCA) Series B (Paper & Forest Products) | 18,373,547 | ||||||||
Switzerland – 5.4% | ||||||||||
183,568 | Credit Suisse Group (Capital Markets) | 12,683,892 | ||||||||
50,821 | Nestle SA (Food Products) | 18,906,231 | ||||||||
31,590,123 | ||||||||||
Taiwan – 1.9% | ||||||||||
5,360,000 | Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) | 10,953,003 | ||||||||
United Kingdom – 12.6% | ||||||||||
1,516,832 | Amvescap PLC (Capital Markets) | 17,841,088 | ||||||||
1,470,300 | Bodycote International PLC (Machinery) | 7,726,520 | ||||||||
3,779,626 | Old Mutual PLC (Insurance) | 13,026,191 |
Shares | Description | Value | ||||||||
Common Stocks – (continued) | ||||||||||
United Kingdom – (continued) | ||||||||||
1,376,305 | Prudential PLC (Insurance) | $ | 18,140,903 | |||||||
6,265,192 | Vodafone Group PLC (Wireless Telecommunication Services) | 17,356,782 | ||||||||
74,091,484 | ||||||||||
TOTAL COMMON STOCKS | ||||||||||
(Cost $462,320,908) | $ | 561,047,134 | ||||||||
Preferred Stocks – 3.1% | ||||||||||
Brazil – 1.8% | ||||||||||
346,152 | Tim Participacoes SA ADR(a) (Wireless Telecommunication Services) | 10,959,172 | ||||||||
South Korea – 1.3% | ||||||||||
32,600 | Samsung Electronics Co. Ltd. ADR (Semiconductors & Semiconductor Equipment) | 7,498,000 | ||||||||
TOTAL PREFERRED STOCKS | ||||||||||
(Cost $15,610,054) | $ | 18,457,172 | ||||||||
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Short-Term Obligation – 1.4% | ||||||||||||||||
JPMorgan Chase Euro – Time Deposit | ||||||||||||||||
$ | 8,252,558 | 5.384 | % | 03/01/07 | $ | 8,252,558 | ||||||||||
(Cost $8,252,558) | ||||||||||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL | ||||||||||||||||
(Cost $486,183,520) | $ | 587,756,864 | ||||||||||||||
Shares | Description | Value | ||||||||
Securities Lending Collateral – 6.2% | ||||||||||
36,395,260 | Boston Global Investment Trust – Enhanced Portfolio | |||||||||
(Cost $36,395,260) | $ | 36,395,260 | ||||||||
TOTAL INVESTMENTS – 106.0% | ||||||||||
(Cost $522,578,780) | $ | 624,152,124 | ||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS – (6.0)% | (35,152,279 | ) | ||||||||
NET ASSETS – 100% | $ | 588,999,845 | ||||||||
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
(a) | All or a portion of security is on loan. |
(b) | Securities are exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $6,909,506, which represents approximately 1.2% of net assets as of February 28, 2007. |
Investment Abbreviations: | ||||||
ADR | — | American Depositary Receipt | ||||
GDR | — | Global Depositary Receipt | ||||
As a % of | ||||||
Net Assets | ||||||
Investments Industry Classifications† | ||||||
Air Freight & Logistics | 2.7 | % | ||||
Beverages | 2.1 | |||||
Capital Markets | 5.2 | |||||
Commercial Banks | 10.7 | |||||
Construction & Engineering | 3.9 | |||||
Consumer Finance | 2.0 | |||||
Diversified Financial Services | 5.1 | |||||
Diversified Telecommunication Services | 2.5 | |||||
Electric Utilities | 3.8 | |||||
Electrical Equipment | 2.7 | |||||
Energy Equipment & Services | 3.8 | |||||
Food Products | 3.2 | |||||
Household Durables | 1.8 | |||||
Insurance | 11.3 | |||||
IT Services | 2.3 | |||||
Machinery | 2.9 | |||||
Metals & Mining | 5.4 | |||||
Oil, Gas & Consumable Fuels | 3.8 | |||||
Paper & Forest Products | 3.1 | |||||
Pharmaceuticals | 6.5 | |||||
Semiconductors & Semiconductor Equipment | 4.3 | |||||
Short-term Investments# | 7.6 | |||||
Specialty Retail | 4.5 | |||||
Wireless Telecommunication Services | 4.8 | |||||
TOTAL INVESTMENTS | 106.0 | % | ||||
† | Industry concentrations greater than one-tenth of one percent are disclosed. |
# | Short-term investments include short-term obligations and securities lending collateral. |
Shares | Description | Value | ||||||||
Common Stocks – 98.2% | ||||||||||
Air Freight & Logistics – 1.3% | ||||||||||
45,000 | Yamato Holdings Co. Ltd. | $ | 722,019 | |||||||
Auto Components – 2.3% | ||||||||||
32,600 | Denso Corp. | 1,270,081 | ||||||||
Automobiles – 5.7% | ||||||||||
47,600 | Toyota Motor Corp. | 3,197,105 | ||||||||
Building Products – 2.2% | ||||||||||
94,000 | Asahi Glass Co. Ltd. | 1,263,604 | ||||||||
Capital Markets – 1.5% | ||||||||||
40,000 | Nomura Holdings, Inc. | 866,244 | ||||||||
Chemicals – 2.8% | ||||||||||
97,000 | Asahi Kasei Corp. | 710,626 | ||||||||
13,300 | Shin-Etsu Chemical Co. Ltd. | 836,343 | ||||||||
1,546,969 | ||||||||||
Commercial Banks – 13.4% | ||||||||||
136,000 | Chiba Bank Ltd. (The) | 1,298,792 | ||||||||
194 | Mitsubishi UFJ Financial Group, Inc. | 2,378,921 | ||||||||
234 | Mizuho Financial Group, Inc. | 1,644,020 | ||||||||
229 | Sumitomo Mitsui Financial Group, Inc. | 2,227,839 | ||||||||
7,549,572 | ||||||||||
Computers & Peripherals – 1.8% | ||||||||||
149,000 | Fujitsu Ltd. | 1,035,868 | ||||||||
Construction & Engineering – 1.0% | ||||||||||
51,000 | Kyowa Exeo Corp. | 574,914 | ||||||||
Construction Materials – 0.9% | ||||||||||
150,000 | Sumitomo Osaka Cement Co. Ltd. | 490,991 | ||||||||
Consumer Finance – 1.5% | ||||||||||
3,080 | ORIX Corp. | 848,470 | ||||||||
Diversified Telecommunication Services – 2.1% | ||||||||||
221 | Nippon Telegraph & Telephone Corp. | 1,170,726 | ||||||||
Electric Utilities – 2.2% | ||||||||||
43,600 | Kyushu Electric Power Co., Inc. | 1,251,726 | ||||||||
Electrical Equipment – 4.0% | ||||||||||
242,000 | Fuji Electric Holdings Co. Ltd. | 1,189,316 | ||||||||
16,700 | Futaba Corp. (Chiba) | 390,935 | ||||||||
800 | Matsushita Electric Works Ltd. | 9,130 | ||||||||
64,000 | Mitsubishi Electric Corp. | 643,267 | ||||||||
2,232,648 | ||||||||||
Electronic Equipment & Instruments – 7.6% | ||||||||||
16,700 | Hamamatsu Photonics K.K. | 491,430 | ||||||||
27,900 | Hoya Corp. | 966,985 | ||||||||
13,000 | Nihon Dempa Kogyo Co. Ltd. | 627,539 | ||||||||
54,000 | Shimadzu Corp. | 469,155 | ||||||||
8,400 | TDK Corp. | 699,451 | ||||||||
18,900 | TOPCON Corp. | 283,809 | ||||||||
70,000 | Yaskawa Electric Corp. | 765,619 | ||||||||
4,303,988 | ||||||||||
Food & Staples Retailing – 1.9% | ||||||||||
28,200 | Lawson, Inc. | 1,082,379 | ||||||||
Food Products – 1.2% | ||||||||||
54,000 | Ajinomoto Co., Inc. | 668,206 | ||||||||
Gas Utilities – 2.3% | ||||||||||
228,000 | Tokyo Gas Co. Ltd. | 1,284,205 | ||||||||
Hotels, Restaurants & Leisure – 0.5% | ||||||||||
9,600 | Resorttrust, Inc. | 268,129 | ||||||||
Household Durables – 4.1% | ||||||||||
9,500 | Funai Electric Co. Ltd. | 915,733 | ||||||||
91,000 | Sekisui House Ltd. | 1,365,467 | ||||||||
2,281,200 | ||||||||||
Insurance – 2.3% | ||||||||||
105,000 | Mitsui Sumitomo Insurance Co. Ltd. | 1,313,667 | ||||||||
Internet & Catalog Retail – 0.3% | ||||||||||
8,700 | ASKUL Corp. | 181,050 | ||||||||
IT Services – 0.3% | ||||||||||
5,100 | NS Solutions Corp. | 139,795 | ||||||||
Machinery – 4.3% | ||||||||||
36,500 | Daifuku Co. Ltd. | 547,609 | ||||||||
6,000 | Fanuc Ltd. | 536,659 | ||||||||
49,700 | Komatsu Ltd. | 1,112,174 | ||||||||
5,000 | Union Tool Co. | 213,174 | ||||||||
2,409,616 | ||||||||||
Media – 1.4% | ||||||||||
708 | Jupiter Telecommunications Co. Ltd.* | 591,498 | ||||||||
32,000 | Toei Co. Ltd. | 175,737 | ||||||||
767,235 | ||||||||||
Metals & Mining – 6.0% | ||||||||||
111,000 | Hitachi Metals Ltd. | 1,317,495 | ||||||||
24,500 | JFE Holdings, Inc. | 1,515,451 | ||||||||
105,000 | Mitsubishi Steel Manufacturing Co. Ltd.(a) | 553,454 | ||||||||
3,386,400 | ||||||||||
Office Electronics – 2.2% | ||||||||||
23,150 | Canon, Inc. | 1,253,897 | ||||||||
Pharmaceuticals – 5.2% | ||||||||||
21,700 | Astellas Pharma, Inc. | 952,720 | ||||||||
21,600 | Takeda Pharmaceutical Co. Ltd. | 1,486,145 | ||||||||
20,600 | Tsumura & Co. | 482,023 | ||||||||
2,920,888 | ||||||||||
Real Estate Management & Development – 3.0% | ||||||||||
42,000 | Mitsui Fudosan Co. Ltd. | 1,161,926 | ||||||||
14,000 | Nomura Real Estate Holdings, Inc.* | 507,221 | ||||||||
1,669,147 | ||||||||||
Road & Rail – 2.6% | ||||||||||
121 | Central Japan Railway Co. | 1,455,733 | ||||||||
Shares | Description | Value | ||||||||
Common Stocks – (continued) | ||||||||||
Semiconductors & Semiconductor Equipment – 0.5% | ||||||||||
4,800 | Disco Corp. | $ | 289,687 | |||||||
Software – 0.9% | ||||||||||
15,800 | NSD Co. Ltd. | 521,390 | ||||||||
Specialty Retail – 2.0% | ||||||||||
30,300 | Alpen Co. Ltd. | 704,912 | ||||||||
5,000 | Fast Retailing Co. Ltd.(a) | 408,886 | ||||||||
1,113,798 | ||||||||||
Trading Companies & Distributors – 4.2% | ||||||||||
34,200 | Mitsubishi Corp. | 796,911 | ||||||||
88,000 | Mitsui & Co. Ltd. | 1,581,632 | ||||||||
2,378,543 | ||||||||||
Transportation Infrastructure – 1.0% | ||||||||||
65,000 | Sumitomo Warehouse Co. Ltd. (The) | 541,693 | ||||||||
Wireless Telecommunication Services – 1.7% | ||||||||||
125 | KDDI Corp. | 976,708 | ||||||||
TOTAL COMMON STOCKS | ||||||||||
(Cost $45,505,489) | $ | 55,228,291 | ||||||||
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Short-Term Obligation – 0.3% | ||||||||||||||||
JPMorgan Chase Euro – Time Deposit | ||||||||||||||||
$ | 185,855 | 5.384 | % | 03/01/07 | $ | 185,855 | ||||||||||
(Cost $185,855) | ||||||||||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL | ||||||||||||||||
(Cost $45,691,344) | $ | 55,414,146 | ||||||||||||||
Shares | Description | Value | ||||||||
Securities Lending Collateral – 0.8% | ||||||||||
425,464 | Boston Global Investment Trust – Enhanced Portfolio | $ | 425,464 | |||||||
(Cost $425,464) | ||||||||||
TOTAL INVESTMENTS – 99.3% | ||||||||||
(Cost $46,116,808) | $ | 55,839,610 | ||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.7% | 429,890 | |||||||||
NET ASSETS – 100% | $ | 56,269,500 | ||||||||
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
* | Non-income producing security. |
(a) | All or portion of security is on loan. |
As a % of | ||||||
Net Assets | ||||||
Investments Industry Classifications† | ||||||
Air Freight & Logistics | 1.3 | % | ||||
Auto Components | 2.3 | |||||
Automobiles | 5.7 | |||||
Building Products | 2.2 | |||||
Capital Markets | 1.5 | |||||
Chemicals | 2.8 | |||||
Commercial Banks | 13.4 | |||||
Computers & Peripherals | 1.8 | |||||
Construction & Engineering | 1.0 | |||||
Construction Materials | 0.9 | |||||
Consumer Finance | 1.5 | |||||
Diversified Telecommunication Services | 2.1 | |||||
Electric Utilities | 2.2 | |||||
Electrical Equipment | 4.0 | |||||
Electronic Equipment & Instruments | 7.6 | |||||
Food & Staples Retailing | 1.9 | |||||
Food Products | 1.2 | |||||
Gas Utilities | 2.3 | |||||
Hotels, Restaurants & Leisure | 0.5 | |||||
Household Durables | 4.1 | |||||
Insurance | 2.3 | |||||
Internet & Catalog Retail | 0.3 | |||||
IT Services | 0.3 | |||||
Machinery | 4.3 | |||||
Media | 1.4 | |||||
Metals & Mining | 6.0 | |||||
Office Electronics | 2.2 | |||||
Pharmaceuticals | 5.2 | |||||
Real Estate Management & Development | 3.0 | |||||
Road & Rail | 2.6 | |||||
Semiconductors & Semiconductor Equipment | 0.5 | |||||
Short-term Investments# | 1.1 | |||||
Software | 0.9 | |||||
Specialty Retail | 2.0 | |||||
Trading Companies & Distributors | 4.2 | |||||
Transportation Infrastructure | 1.0 | |||||
Wireless Telecommunication Services | 1.7 | |||||
TOTAL INVESTMENTS | 99.3 | % | ||||
† | Industry concentrations greater than one-tenth of one percent are disclosed. |
# | Short-term investments include short-term obligations and securities lending collateral. |
Shares | Description | Value | ||||||||
Common Stocks – 99.1% | ||||||||||
Austria – 1.1% | ||||||||||
59,691 | Semperit AG Holding(a) (Auto Components) | $ | 2,452,510 | |||||||
Bermuda – 0.8% | ||||||||||
378,288 | Energy XXI Acquisition Corp. (Bermuda) Ltd.*(b) (Oil, Gas & Consumable Fuels) | 1,872,526 | ||||||||
Brazil – 0.6% | ||||||||||
136,013 | GVT Holding SA* (Diversified Telecommunication Services) | 1,397,653 | ||||||||
Canada – 1.7% | ||||||||||
301,092 | Oilexco, Inc.* (Oil, Gas & Consumable Fuels) | 1,984,975 | ||||||||
1,280,000 | Primeline Energy Holdings, Inc.*(b) (Oil, Gas & Consumable Fuels) | 1,948,016 | ||||||||
3,932,991 | ||||||||||
Cyprus – 1.4% | ||||||||||
220,520 | Bank of Cyprus Public Co. Ltd. (Commercial Banks) | 3,287,769 | ||||||||
Denmark – 0.8% | ||||||||||
70,375 | H. Lundbeck A/S (Pharmaceuticals) | 1,878,865 | ||||||||
Finland – 2.5% | ||||||||||
63,708 | Stockmann Oyj Abp Class B (Multiline Retail) | 2,822,567 | ||||||||
85,036 | Vacon Oyj (Electrical Equipment) | 2,926,901 | ||||||||
5,749,468 | ||||||||||
France – 2.4% | ||||||||||
49,998 | Rodriguez Group(a) (Leisure Equipment & Products) | 2,637,286 | ||||||||
12,213 | Vallourec (Machinery) | 3,012,924 | ||||||||
5,650,210 | ||||||||||
Germany – 13.6% | ||||||||||
130,553 | Arques Industries AG(a) (Diversified Financial Services) | 2,939,254 | ||||||||
106,350 | AWD Holdings AG (Capital Markets) | 4,714,497 | ||||||||
99,610 | CENTROTEC Sustainable AG*(a) (Chemicals) | 3,822,597 | ||||||||
200,758 | Curanum AG (Health Care Providers & Services) | 1,819,867 | ||||||||
48,820 | ElringKlinger AG (Auto Components) | 3,418,365 | ||||||||
668,498 | Heliad Equity Partners GmbH & Co. KGaA* (Capital Markets) | 977,947 | ||||||||
141,559 | IDS Scheer AG(a) (IT Services) | 2,847,448 | ||||||||
120,866 | Pfleiderer AG(a) (Building Products) | 3,602,902 | ||||||||
38,344 | Rheinmetall AG (Industrial Conglomerates) | 3,087,268 | ||||||||
35,932 | Surteco AG (Household Durables) | 1,828,499 | ||||||||
89,193 | Thielert AG*(a) (Aerospace & Defense) | 2,453,709 | ||||||||
31,512,353 | ||||||||||
Greece – 2.1% | ||||||||||
141,300 | OPAP SA (Hotels Restaurants & Leisure) | 4,992,798 | ||||||||
Hong Kong – 1.6% | ||||||||||
2,624,000 | Shui On Land Ltd.* (Real Estate Management & Development) | 2,384,539 | ||||||||
1,056,000 | Techtronic Industries Co. Ltd. (Household Durables) | 1,445,780 | ||||||||
3,830,319 | ||||||||||
India – 1.8% | ||||||||||
67,884 | AIA Engineering Ltd. (Construction & Engineering) | 1,965,154 | ||||||||
204,775 | UTI Bank Ltd.(b) (Commercial Banks) | 2,129,728 | ||||||||
4,094,882 | ||||||||||
Indonesia – 1.9% | ||||||||||
4,559,000 | PT Bank Rakyat Indonesia (Commercial Banks) | 2,376,373 | ||||||||
5,170,500 | PT Medco Energi Internasional Tbk (Oil, Gas & Consumable Fuels) | 2,070,265 | ||||||||
4,446,638 | ||||||||||
Ireland – 2.3% | ||||||||||
77,777 | DCC PLC (Industrial Conglomerates) | 2,620,132 | ||||||||
117,383 | Iaws Group PLC (Food Products) | 2,730,098 | ||||||||
5,350,230 | ||||||||||
Isle of Man – 4.2% | ||||||||||
1,731,913 | Dawnay Day Carpathian PLC (Real Estate Management & Development) | 4,297,316 | ||||||||
202,532 | Hansard Global PLC* (Insurance) | 1,377,394 | ||||||||
1,781,822 | Speymill Deutsche Immobilien Co. PLC* (Real Estate Management & Development) | 4,140,618 | ||||||||
9,815,328 | ||||||||||
Italy – 4.6% | ||||||||||
633,773 | Gruppo Coin SpA* (Specialty Retail) | 4,243,840 | ||||||||
647,621 | Safilo Group SpA* (Textiles, Apparel & Luxury Goods) | 3,791,214 | ||||||||
63,214 | Valentino Fashion Group SpA(a) (Textiles, Apparel & Luxury Goods) | 2,611,315 | ||||||||
10,646,369 | ||||||||||
Shares | Description | Value | ||||||||
Common Stocks – (continued) | ||||||||||
Japan – 16.2% | ||||||||||
149,900 | Aica Kogyo Co. Ltd. (Building Products) | $ | 2,076,163 | |||||||
55,700 | As One Corp. (Health Care Providers & Services) | 1,520,763 | ||||||||
59,700 | Asahi Pretec Corp. (Commercial Services & Supplies) | 1,401,726 | ||||||||
68,000 | ASKUL Corp. (Internet & Catalog Retail) | 1,415,108 | ||||||||
33,300 | C. Uyemura & Co. Ltd.(a) (Chemicals) | 2,188,145 | ||||||||
325,000 | Daihen Corp. (Electrical Equipment) | 1,945,151 | ||||||||
379,000 | Higashi-Nippon Bank Ltd. (The) (Commercial Banks) | 1,924,551 | ||||||||
115,200 | Hitachi Tool Engineering Ltd. (Machinery) | 1,712,046 | ||||||||
22,800 | Iwai Securities Co. Ltd. (Capital Markets) | 432,061 | ||||||||
392 | Macromill, Inc. (Internet Software & Services) | 1,018,732 | ||||||||
777 | MTI Ltd.(a) (Wireless Telecommunication Services) | 1,510,771 | ||||||||
294,000 | Nachi-Fujikoshi Corp. (Machinery) | 1,528,755 | ||||||||
163,100 | Neturen Co. Ltd. (Metals & Mining) | 1,945,426 | ||||||||
110,000 | Nihon Parkerizing Co. Ltd. (Chemicals) | 1,824,924 | ||||||||
110,369 | Optex Co. Ltd.(a) (Electronic Equipment & Instruments) | 2,353,639 | ||||||||
163,700 | Pronexus, Inc. (Commercial Services & Supplies) | 1,621,705 | ||||||||
57,200 | Resorttrust, Inc. (Hotels Restaurants & Leisure) | 1,597,604 | ||||||||
184,000 | ROHTO Pharmaceutical Co. Ltd. (Pharmaceuticals) | 1,960,905 | ||||||||
12,800 | Ryohin Keikaku Co. Ltd. (Multiline Retail) | 873,901 | ||||||||
158,000 | Shiga Bank Ltd. (The) (Commercial Banks) | �� | 1,116,721 | |||||||
109,500 | Sohgo Security Services Co. Ltd. (Commercial Services & Supplies) | 2,103,656 | ||||||||
66,000 | Tokyu Community Corp. (Real Estate Management & Development) | 1,994,715 | ||||||||
62,000 | Tsumura & Co. (Pharmaceuticals) | 1,450,749 | ||||||||
37,517,917 | ||||||||||
Malaysia – 1.0% | ||||||||||
578,000 | Transmile Group Berhad (Air Freight & Logistics) | 2,310,020 | ||||||||
Netherlands – 7.0% | ||||||||||
47,106 | Aalberts Industries NV (Machinery) | 4,529,660 | ||||||||
83,595 | Ballast Nedam NV (Construction & Engineering) | 4,088,216 | ||||||||
257,981 | Buhrmann NV(a) (Commercial Services & Supplies) | 3,519,733 | ||||||||
75,680 | Heijmans NV (Construction & Engineering) | 4,241,930 | ||||||||
16,379,539 | ||||||||||
Norway – 3.4% | ||||||||||
20,337 | Aker Kvaerner ASA (Energy Equipment & Services) | 2,349,752 | ||||||||
42,018 | Aker Yards AS (Machinery) | 3,692,389 | ||||||||
125,932 | Prosafe ASA(a) (Energy Equipment & Services) | 1,778,016 | ||||||||
7,820,157 | ||||||||||
Singapore – 3.1% | ||||||||||
1,541,000 | Cosco Corp. (Singapore) Ltd. (Marine) | 2,735,463 | ||||||||
2,992,000 | Macquarie International Infrastructure Fund Ltd. (Capital Markets) | 2,114,490 | ||||||||
1,896,000 | Suntec Real Estate Investment Trust (Real Estate Investment Trusts) | 2,345,258 | ||||||||
7,195,211 | ||||||||||
South Korea – 1.1% | ||||||||||
53,060 | LG Chem Ltd. (Chemicals) | 2,464,279 | ||||||||
Spain – 1.3% | ||||||||||
132,457 | Indra Sistemas SA (IT Services) | 3,043,662 | ||||||||
Sweden – 2.3% | ||||||||||
545,184 | Observer AB*(a) (Commercial Services & Supplies) | 2,251,429 | ||||||||
212,017 | Tele2 AB (Diversified Telecommunication Services) | 3,185,453 | ||||||||
5,436,882 | ||||||||||
United Kingdom – 20.3% | ||||||||||
876,877 | Augean PLC*(b) (Commercial Services & Supplies) | 2,305,095 | ||||||||
252,601 | Benfield Group PLC (Insurance) | 1,712,562 | ||||||||
2,734,141 | Billing Services Group Ltd.* (IT Services) | 1,454,589 | ||||||||
95,380 | Carter & Carter Group PLC (Commercial Services & Supplies) | 2,130,063 | ||||||||
1,153,795 | Chrysalis Group PLC (Media) | 3,372,718 | ||||||||
8,853,018 | Corporate Services Group PLC* (Commercial Services & Supplies) | 1,608,451 | ||||||||
320,748 | Cyberview Technology, Inc.* (Hotels Restaurants & Leisure) | 1,170,772 |
Shares | Description | Value | ||||||||
Common Stocks – (continued) | ||||||||||
United Kingdom – (continued) | ||||||||||
1,312,812 | European Nickel PLC* (Metals & Mining) | $ | 1,353,744 | |||||||
1,362,453 | Galiform PLC* (Specialty Retail) | 3,405,289 | ||||||||
181,408 | Genus PLC (Biotechnology) | 2,226,953 | ||||||||
479,471 | Globe Specialty Metals, Inc.*(b) (Metals & Mining) | 2,661,064 | ||||||||
952,612 | Heywood Williams Group PLC* (Building Products) | 2,046,099 | ||||||||
87,545 | Imperial Energy Corp. PLC* (Oil, Gas & Consumable Fuels) | 1,570,959 | ||||||||
789,538 | Inspicio PLC* (Capital Markets) | 2,666,528 | ||||||||
55,811 | McBride PLC (Household Products) | 237,216 | ||||||||
60,716 | Peter Hambro Mining PLC* (Metals & Mining) | 1,352,834 | ||||||||
389,381 | Raymarine PLC (Communications Equipment) | 3,231,109 | ||||||||
186,824 | Schroders PLC (Capital Markets) | 4,016,194 | ||||||||
297,298 | Sibir Energy PLC* (Oil, Gas & Consumable Fuels) | 2,522,285 | ||||||||
472,289 | Sierra Leone Diamond Co.* (Metals & Mining) | 1,015,994 | ||||||||
297,079 | Taylor Woodrow PLC (Household Durables) | 2,365,552 | ||||||||
263,008 | Unite Group PLC (Real Estate Management & Development) | 2,657,007 | ||||||||
47,083,077 | ||||||||||
TOTAL COMMON STOCKS | ||||||||||
(Cost $186,134,984) | $ | 230,161,653 | ||||||||
Expiration | ||||||||||||||
Units | Description | Month | Value | |||||||||||
Warrants* – 0.3% | ||||||||||||||
Bermuda – 0.3% | ||||||||||||||
858,723 | Energy XXI Acquisition | |||||||||||||
Corp. (Bermuda) Ltd. (Oil, | ||||||||||||||
Gas & Consumable Fuels) | 10/2009 | $ | 669,804 | |||||||||||
Canada – 0.0% | ||||||||||||||
652,500 | Primeline Energy | |||||||||||||
Holdings, Inc. (Oil, Gas & Consumable Fuels) | 04/2008 | — | ||||||||||||
United Kingdom – 0.0% | ||||||||||||||
14 | Globe Specialty Metals, | |||||||||||||
Inc. (Metals & Mining) | 10/2009 | 13 | ||||||||||||
31,958 | Oriel Resources PLC(b) | |||||||||||||
(Metals & Mining) | 10/2010 | 12,554 | ||||||||||||
12,567 | ||||||||||||||
TOTAL WARRANTS | ||||||||||||||
(Cost $758,044) | $ | 682,371 | ||||||||||||
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Short-Term Obligation – 0.0% | ||||||||||||||||
JPMorgan Chase Euro – Time Deposit | ||||||||||||||||
$ | 111,350 | 5.384 | % | 03/01/07 | $ | 111,350 | ||||||||||
(Cost $111,350) | ||||||||||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL | ||||||||||||||||
(Cost $187,004,378) | $ | 230,955,374 | ||||||||||||||
Shares | Description | Value | ||||||||
Securities Lending Collateral – 8.2% | ||||||||||
18,959,780 | Boston Global Investment Trust – Enhanced Portfolio | $ | 18,959,780 | |||||||
(Cost $18,959,780) | ||||||||||
TOTAL INVESTMENTS – 107.6% | ||||||||||
(Cost $205,964,158) | $ | 249,915,154 | ||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS – (7.6)% | (17,659,224 | ) | ||||||||
NET ASSETS – 100% | $ | 232,255,930 | ||||||||
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
* | Non-income producing security. |
(a) | All or a portion of security is on loan. |
(b) | Securities are exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $10,928,983, which represents approximately 4.7% of net assets as of February 28, 2007. |
As a % of | ||||||
Net Assets | ||||||
Investments Industry Classifications† | ||||||
Aerospace & Defense | 1.1 | % | ||||
Air Freight & Logistics | 1.0 | |||||
Auto Components | 2.5 | |||||
Biotechnology | 1.0 | |||||
Building Products | 3.3 | |||||
Capital Markets | 6.4 | |||||
Chemicals | 4.4 | |||||
Commercial Banks | 4.7 | |||||
Commercial Services & Supplies | 7.3 | |||||
Communications Equipment | 1.4 | |||||
Construction & Engineering | 4.4 | |||||
Diversified Financial Services | 1.3 | |||||
Diversified Telecommunication Services | 2.0 | |||||
Electrical Equipment | 2.1 | |||||
Electronic Equipment & Instruments | 1.0 | |||||
Energy Equipment & Services | 1.8 | |||||
Food Products | 1.2 | |||||
Health Care Providers & Services | 1.4 | |||||
Hotels Restaurants & Leisure | 3.3 | |||||
Household Durables | 2.4 | |||||
Household Products | 0.1 | |||||
Industrial Conglomerates | 2.5 | |||||
Insurance | 1.3 | |||||
Internet & Catalog Retail | 0.6 | |||||
Internet Software & Services | 0.4 | |||||
IT Services | 3.2 | |||||
Leisure Equipment & Products | 1.1 | |||||
Machinery | 6.2 | |||||
Marine | 1.2 | |||||
Media | 1.5 | |||||
Metals & Mining | 3.6 | |||||
Multiline Retail | 1.6 | |||||
Oil, Gas & Consumable Fuels | 5.4 | |||||
Pharmaceuticals | 2.3 | |||||
Real Estate Investment Trusts | 1.0 | |||||
Real Estate Management & Development | 6.7 | |||||
Short-term Investments# | 8.2 | |||||
Specialty Retail | 3.3 | |||||
Textiles, Apparel & Luxury Goods | 2.8 | |||||
Wireless Telecommunication Services | 0.6 | |||||
TOTAL INVESTMENTS | 107.6 | % | ||||
† | Industry concentrations greater than one-tenth of one percent are disclosed. |
# | Short-term investments include short-term obligations and securities lending collateral. |
Shares | Description | Value | ||||||||
Common Stocks – 82.7% | ||||||||||
Brazil – 3.3% | ||||||||||
31,100 | Petroleo Brasileiro SA ADR (Oil, Gas & Consumable Fuels) | $ | 2,811,440 | |||||||
395,788 | Tele Norte Leste Participacoes SA (Diversified Telecommunication Services) | 10,172,340 | ||||||||
235,407 | Unibanco-Uniao de Bancos Brasileiros SA GDR (Commercial Banks) | 20,122,590 | ||||||||
780,853 | Vivax SA* (Media) | 16,718,098 | ||||||||
49,824,468 | ||||||||||
China – 8.4% | ||||||||||
53,321,000 | China Construction Bank Corp. Class H (Commercial Banks) | 29,933,057 | ||||||||
11,622,000 | China Shipping Development Co. Ltd. Class H (Marine) | 16,069,448 | ||||||||
24,078,500 | COSCO Holdings Class H (Marine) | 21,226,780 | ||||||||
35,354,000 | Huadian Power International Co. Class H (Independent Power Producers & Energy Traders) | 12,406,951 | ||||||||
41,148,000 | Industrial & Commercial Bank of China Class H* (Commercial Banks) | 22,699,076 | ||||||||
21,815,000 | PetroChina Co. Ltd. Class H (Oil, Gas & Consumable Fuels) | 25,382,139 | ||||||||
127,717,451 | ||||||||||
Egypt – 0.7% | ||||||||||
140,987 | Orascom Telecom Holding SAE GDR (Wireless Telecommunication Services) | 10,180,277 | ||||||||
Hungary – 1.4% | ||||||||||
249,800 | OTP Bank Nyrt GDR (Commercial Banks) | 21,058,140 | ||||||||
India – 4.9% | ||||||||||
1,305,169 | Indiabulls Financial Services Ltd. (Capital Markets) | 11,621,721 | ||||||||
567,000 | Infosys Technologies Ltd. (IT Services) | 26,652,733 | ||||||||
830,778 | Tata Consultancy Services Ltd. (IT Services) | 22,382,128 | ||||||||
1,292,709 | UTI Bank Ltd.(b) (Commercial Banks) | 13,444,602 | ||||||||
74,101,184 | ||||||||||
Israel – 0.7% | ||||||||||
1,480,247 | Mizrahi Tefahot Bank Ltd. (Commercial Banks) | 10,546,400 | ||||||||
Malaysia – 2.6% | ||||||||||
3,731,400 | Resorts World Berhad (Hotels, Restaurants & Leisure) | 15,987,374 | ||||||||
7,063,700 | Tenaga Nasional Berhad (Electric Utilities) | 24,208,199 | ||||||||
40,195,573 | ||||||||||
Mexico – 7.3% | ||||||||||
5,280,553 | Axtel SAB de CV*(b) (Diversified Telecommunication Services) | 20,338,562 | ||||||||
4,345,045 | Corp. GEO SA de CV Series B* (Household Durables) | 23,546,266 | ||||||||
8,505,775 | Corp. Moctezuma SAB de CV (Construction Materials) | 22,856,385 | ||||||||
6,275,457 | Empresas ICA SAB de CV* (Construction & Engineering) | 22,484,216 | ||||||||
197,900 | Fomento Economico Mexicano SAB de CV ADR (Beverages) | 21,828,370 | ||||||||
111,053,799 | ||||||||||
Pakistan – 0.4% | ||||||||||
293,281 | MCB Bank Ltd. GDR(b) (Commercial Banks) | 5,664,781 | ||||||||
Peru – 1.1% | ||||||||||
597,472 | Companhia de Minas Buenaventura SA ADR (Metals & Mining) | 16,561,924 | ||||||||
Russia – 13.5% | ||||||||||
663,818 | LUKOIL ADR (Oil, Gas & Consumable Fuels) | 53,005,868 | ||||||||
112,116 | North-West Telecom ADR (Diversified Telecommunication Services) | 8,576,874 | ||||||||
1,813,040 | OAO Gazprom ADR(a) (Oil, Gas & Consumable Fuels) | 73,428,120 | ||||||||
473,789 | OAO Open Investments GDR* (Real Estate Management & Development) | 15,102,024 | ||||||||
10,977 | Sberbank RF (Commercial Banks) | 38,939,887 | ||||||||
585,883 | X 5 Retail Group NV GDR* (Food & Staples Retailing) | 16,780,109 | ||||||||
205,832,882 | ||||||||||
South Africa – 10.4% | ||||||||||
7,291,244 | FirstRand Ltd. (Diversified Financial Services) | 24,184,270 | ||||||||
1,266,148 | Harmony Gold Mining Co. Ltd.* (Metals & Mining) | 17,252,910 | ||||||||
2,420,096 | JD Group Ltd. (Specialty Retail) | 30,384,999 | ||||||||
2,259,197 | Massmart Holdings Ltd. (Food & Staples Retailing) | 26,243,268 |
Shares | Description | Value | ||||||||
Common Stocks – (continued) | ||||||||||
South Africa – (continued) | ||||||||||
1,023,207 | Sasol Ltd. (Oil, Gas & Consumable Fuels) | $ | 32,872,921 | |||||||
1,193,367 | Telkom South Africa Ltd. (Diversified Telecommunication Services) | 26,931,663 | ||||||||
157,870,031 | ||||||||||
South Korea – 11.9% | ||||||||||
93,791 | Hana Financial Group, Inc.(b) (Commercial Banks) | 4,993,311 | ||||||||
219,800 | Hyundai Mobis (Auto Components) | 18,337,002 | ||||||||
453,331 | Kookmin Bank (Commercial Banks) | 40,716,767 | ||||||||
349,370 | LG Chem Ltd. (Chemicals) | 16,225,880 | ||||||||
517,440 | LG.Philips LCD Co. Ltd.* (Electronic Equipment & Instruments) | 17,055,432 | ||||||||
89,640 | POSCO (Metals & Mining) | 33,643,591 | ||||||||
34,556 | Samsung Electronics Co. Ltd. (Semiconductors & Semiconductor Equipment) | 20,870,977 | ||||||||
395,110 | Shinhan Financial Group Co. Ltd. (Commercial Banks) | 22,284,905 | ||||||||
271,870 | Woongjin Coway Co. Ltd. (Household Durables) | 7,606,231 | ||||||||
181,734,096 | ||||||||||
Taiwan – 9.8% | ||||||||||
16,101,070 | AU Optronics Corp. (Electronic Equipment & Instruments) | 22,656,630 | ||||||||
13,188,000 | Far EasTone Telecommunications Co. Ltd. (Wireless Telecommunication Services) | 15,042,176 | ||||||||
1,299,000 | High Tech Computer Corp. (Computers & Peripherals) | 18,474,047 | ||||||||
3,196,336 | Hon Hai Precision Industry Co. Ltd. (Electronic Equipment & Instruments) | 21,478,795 | ||||||||
14,721,484 | Shin Kong Financial Holdings Co. Ltd. (Insurance) | 14,370,664 | ||||||||
28,237,747 | Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) | 57,703,007 | ||||||||
149,725,319 | ||||||||||
Thailand – 3.3% | ||||||||||
12,022,700 | Siam Commercial Bank PCL (Commercial Banks) | 22,967,685 | ||||||||
10,485,200 | Thai Oil PCL (Oil, Gas & Consumable Fuels) | 17,234,495 | ||||||||
11,880,750 | Thoresen Thai Agencies PCL(b) (Marine) | 9,865,896 | ||||||||
50,068,076 | ||||||||||
Turkey – 3.0% | ||||||||||
1,623,158 | Akbank TAS (Commercial Banks) | 10,830,001 | ||||||||
3,220,187 | Turkcell Iletisim Hizmet AS (Wireless Telecommunication Services) | 16,317,136 | ||||||||
4,672,989 | Turkiye Garanti Bankasi AS (Commercial Banks) | 18,066,503 | ||||||||
45,213,640 | ||||||||||
TOTAL COMMON STOCKS | ||||||||||
(Cost $1,063,946,809) | $ | 1,257,348,041 | ||||||||
Exchange Traded Fund – 2.0% | ||||||||||
Other – 2.0% | ||||||||||
271,330 | iShares MSCI Emerging Markets Index Fund(a) | |||||||||
(Cost $30,762,351) | $ | 29,981,965 | ||||||||
Preferred Stocks – 13.6% | ||||||||||
Brazil – 9.4% | ||||||||||
340,366 | Banco Itau Holding Financeira SA ADR (Commercial Banks) | 11,643,921 | ||||||||
345,687 | Companhia de Bebidas das Americas ADR(b) (Beverages) | 16,720,880 | ||||||||
1,711,800 | Companhia Vale do Rio Doce Class A (Metals & Mining) | 50,421,612 | ||||||||
436,680 | Petroleo Brasileiro SA ADR (Oil, Gas & Consumable Fuels) | 35,624,355 | ||||||||
19,378 | Telemig Celular Participacoes SA Class G(b) (Wireless Telecommunication Services) | 6,305,503 | ||||||||
714,143 | Tim Participacoes SA ADR (Wireless Telecommunication Services) | 22,609,767 | ||||||||
143,326,038 | ||||||||||
South Korea – 4.2% | ||||||||||
433,260 | Hyundai Motor Co. (Automobiles) | 17,944,870 | ||||||||
99,258 | Samsung Electronics Co. Ltd. (Semiconductors & Semiconductor Equipment) | 45,951,036 | ||||||||
63,895,906 | ||||||||||
TOTAL PREFERRED STOCKS | ||||||||||
(Cost $183,972,507) | $ | 207,221,944 | ||||||||
Expiration | ||||||||||||||
Description | Month | Value | ||||||||||||
Units | ||||||||||||||
Right* – 0.0% | ||||||||||||||
Thailand – 0.0% | ||||||||||||||
91,200 | True Corp. PCL(b) (Wireless Telecommunication Services) | 04/08 | $ | — | ||||||||||
(Cost $0) | ||||||||||||||
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Short-Term Obligation – 0.1% | ||||||||||||||||
JPMorgan Chase Euro — Time Deposit | ||||||||||||||||
$ | 1,347,571 | 5.384 | % | 03/01/07 | $ | 1,347,571 | ||||||||||
(Cost $1,347,571) | ||||||||||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL | ||||||||||||||||
(Cost $1,280,029,238) | $ | 1,495,899,521 | ||||||||||||||
Shares | Description | Value | ||||||||
Securities Lending Collateral 3.9% | ||||||||||
59,555,250 | Boston Global Investment Trust – Enhanced Portfolio | $ | 59,555,250 | |||||||
(Cost $59,555,250) | ||||||||||
TOTAL INVESTMENTS – 102.3% | ||||||||||
(Cost $1,339,584,488) | $ | 1,555,454,771 | ||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS – (2.3)% | (34,491,256 | ) | ||||||||
NET ASSETS 100% | $ | 1,520,963,515 | ||||||||
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
* | Non-income producing security. |
(a) | All or a portion of security is on loan. |
(b) | Securities are exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $82,998,316, which represents approximately 5.5% of net assets as of February 28, 2007. |
Investment Abbreviations: | ||||||
ADR | — | American Depositary Receipt | ||||
GDR | — | Global Depositary Receipt | ||||
As a % of | ||||||
Net Assets | ||||||
Investments Industry Classifications† | ||||||
Auto Components | 1.2 | % | ||||
Automobiles | 1.2 | |||||
Beverages | 2.5 | |||||
Capital Markets | 0.8 | |||||
Chemicals | 1.1 | |||||
Commercial Banks | 19.3 | |||||
Computers & Peripherals | 1.2 | |||||
Construction & Engineering | 1.5 | |||||
Construction Materials | 1.5 | |||||
Diversified Financial Services | 1.6 | |||||
Diversified Telecommunication Services | 4.3 | |||||
Electric Utilities | 1.6 | |||||
Electronic Equipment & Instruments | 4.0 | |||||
Food & Staples Retailing | 2.8 | |||||
Hotels, Restaurants & Leisure | 1.1 | |||||
Household Durables | 2.1 | |||||
Independent Power Producers & Energy Traders | 0.8 | |||||
Insurance | 0.9 | |||||
IT Services | 3.2 | |||||
Marine | 3.1 | |||||
Media | 1.1 | |||||
Metals & Mining | 7.8 | |||||
Miscellaneous (Exchange Traded Fund) | 2.0 | |||||
Oil, Gas & Consumable Fuels | 15.8 | |||||
Real Estate Management & Development | 1.0 | |||||
Semiconductors & Semiconductor Equipment | 8.2 | |||||
Short-term Investments# | 4.0 | |||||
Specialty Retail | 2.0 | |||||
Wireless Telecommunication Services | 4.6 | |||||
TOTAL INVESTMENTS | 102.3 | % | ||||
† | Industry concentrations greater than one-tenth of one percent are disclosed. |
# | Short-term investments include short-term obligations and securities lending collateral. |
Shares | Description | Value | ||||||||
Common Stocks – 94.5% | ||||||||||
China – 11.9% | ||||||||||
4,277,000 | China Construction Bank Corp. Class H (Commercial Banks) | $ | 2,400,999 | |||||||
1,430,000 | China Merchants Bank Co. Ltd.* Class H (Commercial Banks) | 2,906,616 | ||||||||
673,500 | China Mobile Ltd. (Wireless Telecommunication Services) | 6,252,351 | ||||||||
1,820,000 | China Petroleum and Chemical Corp. (Sinopec) Class H (Oil, Gas & Consumable Fuels) | 1,449,100 | ||||||||
966,000 | China Shipping Development Co. Ltd. Class H (Marine) | 1,335,664 | ||||||||
382,500 | COSCO Holdings Class H (Marine) | 337,199 | ||||||||
4,626,000 | Huadian Power International Co. Class H (Independent Power Producers & Energy Traders) | 1,623,425 | ||||||||
3,132,000 | PetroChina Co. Ltd. Class M (Oil, Gas & Consumable Fuels) | 3,644,137 | ||||||||
19,949,491 | ||||||||||
Hong Kong – 15.5% | ||||||||||
970,000 | China Overseas Land & Investment Ltd. (Real Estate Management & Development) | 978,414 | ||||||||
434,500 | Esprit Holdings Ltd. (Specialty Retail) | 4,527,834 | ||||||||
192,000 | Hong Kong Exchanges & Clearing Ltd. (Diversified Financial Services) | 1,976,858 | ||||||||
573,000 | Hongkong Land Holdings Ltd. (Real Estate Management & Development) | 2,489,205 | ||||||||
429,000 | Hutchison Whampoa Ltd. (Industrial Conglomerates) | 4,085,298 | ||||||||
549,000 | Kerry Properties Ltd. (Real Estate Management & Development) | 2,723,254 | ||||||||
2,370,000 | Shui On Land Ltd.* (Real Estate Management & Development) | 2,153,718 | ||||||||
724,000 | Sino Land Co. Ltd. (Real Estate Management & Development) | 1,665,401 | ||||||||
156,000 | Sun Hung Kai Properties Ltd. (Real Estate Management & Development) | 1,846,797 | ||||||||
2,539,000 | Techtronic Industries Co. Ltd. (Household Durables) | 3,476,169 | ||||||||
25,922,948 | ||||||||||
India – 9.9% | ||||||||||
132,768 | Bharti Airtel Ltd.* (Wireless Telecommunication Services) | 2,157,479 | ||||||||
206,559 | ICICI Bank Ltd. (Commercial Banks) | 3,870,290 | ||||||||
133,071 | Infosys Technologies Ltd. (IT Services) | 6,255,213 | ||||||||
503,226 | Nagarjuna Construction Co. Ltd. (Construction & Engineering) | 1,769,609 | ||||||||
245,239 | UTI Bank Ltd. (Commercial Banks) | 2,550,567 | ||||||||
16,603,158 | ||||||||||
Indonesia – 6.7% | ||||||||||
2,089,500 | PT Astra International Tbk (Automobiles) | 3,220,849 | ||||||||
5,747,000 | PT Bank Rakyat Indonesia (Commercial Banks) | 2,995,617 | ||||||||
6,025,000 | PT Medco Energi Internasional Tbk (Oil, Gas & Consumable Fuels) | 2,412,406 | ||||||||
2,575,000 | PT Telekomunikasi Indonesia Tbk (Diversified Telecommunication Services) | 2,548,747 | ||||||||
11,177,619 | ||||||||||
Isle of Man – 1.0% | ||||||||||
884,573 | Ishaan Real Estate PLC* (Real Estate Management & Development) | 1,650,563 | ||||||||
Malaysia – 4.1% | ||||||||||
533,600 | Resorts World Berhad (Hotels, Restaurants & Leisure) | 2,286,237 | ||||||||
716,700 | Tenaga Nasional Berhad (Electric Utilities) | 2,456,222 | ||||||||
538,000 | Transmile Group Berhad (Air Freight & Logistics) | 2,150,157 | ||||||||
6,892,616 | ||||||||||
Pakistan – 1.5% | ||||||||||
106,300 | MCB Bank Ltd. (Commercial Banks) | 513,488 | ||||||||
100,894 | MCB Bank Ltd. GDR(a) (Commercial Banks) | 1,948,788 | ||||||||
2,462,276 | ||||||||||
Singapore – 8.1% | ||||||||||
1,112,000 | Ascendas Real Estate Investment Trust (Real Estate Investment Trusts) | 1,761,184 | ||||||||
1,578,000 | Cosco Corp. (Singapore) Ltd. (Marine) | 2,801,142 | ||||||||
119,000 | DBS Group Holdings Ltd. (Commercial Banks) | 1,661,293 | ||||||||
2,623,000 | Suntec Real Estate Investment Trust (Real Estate Investment Trusts) | 3,244,529 | ||||||||
308,000 | United Overseas Bank Ltd. (Commercial Banks) | 4,114,814 | ||||||||
13,582,962 | ||||||||||
Shares | Description | Value | ||||||||
Common Stocks – (continued) | ||||||||||
South Korea – 20.7% | ||||||||||
81,700 | Daewoo Shipbuilding & Marine Engineering Co. Ltd. (Machinery) | $ | 2,891,873 | |||||||
89,083 | Hana Financial Group, Inc. (Commercial Banks) | 4,742,663 | ||||||||
14,930 | Hyundai Mobis (Auto Components) | 1,245,548 | ||||||||
73,843 | Kookmin Bank (Commercial Banks) | 6,632,347 | ||||||||
162,530 | Korean Reinsurance Co. (Insurance) | 2,273,983 | ||||||||
49,990 | LG Chem Ltd. (Chemicals) | 2,321,698 | ||||||||
13,210 | POSCO (Metals & Mining) | 4,957,963 | ||||||||
11,004 | Samsung Electronics Co. Ltd. (Semiconductors & Semiconductor Equipment) | 6,646,146 | ||||||||
51,550 | Samsung Engineering Co. Ltd. (Construction & Engineering) | 2,822,515 | ||||||||
34,534,736 | ||||||||||
Taiwan – 13.8% | ||||||||||
2,570,869 | AU Optronics Corp. (Electronic Equipment & Instruments) | 3,617,600 | ||||||||
1,142,000 | CHIPBOND Technology Corp. (Semiconductors & Semiconductor Equipment) | 1,068,184 | ||||||||
138,000 | High Tech Computer Corp. (Computers & Peripherals) | 1,962,601 | ||||||||
441,131 | Hon Hai Precision Industry Co. Ltd. (Electronic Equipment & Instruments) | 2,964,320 | ||||||||
76,500 | MediaTek, Inc. (Semiconductors & Semiconductor Equipment) | 824,281 | ||||||||
2,382,081 | Shin Kong Financial Holdings Co. Ltd. (Insurance) | 2,325,315 | ||||||||
3,687,101 | Taishin Financial Holdings Co. Ltd.* (Commercial Banks) | 1,918,801 | ||||||||
3,575,806 | Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) | 7,307,054 | ||||||||
1,785,232 | United Microelectronics Corp. (Semiconductors & Semiconductor Equipment) | 1,060,472 | ||||||||
23,048,628 | ||||||||||
Thailand – 1.3% | ||||||||||
1,167,800 | Siam Commercial Bank PCL (Commercial Banks) | 2,230,918 | ||||||||
TOTAL COMMON STOCKS | ||||||||||
(Cost $139,608,422) | $ | 158,055,915 | ||||||||
Exchange Traded Fund – 1.7% | ||||||||||
Singapore – 1.7% | ||||||||||
3,970,000 | Macquarie International Infrastructure Fund Ltd. (Capital Markets) | |||||||||
(Cost $2,620,651) | $ | 2,805,656 | ||||||||
Expiration | ||||||||||||||
Units | Description | Month | Value | |||||||||||
Warrant* – 1.4% | ||||||||||||||
Pakistan – 1.4% | ||||||||||||||
494,858 | MCB Bank Ltd. (Commercial Banks) | 01/10 | $ | 2,390,438 | ||||||||||
(Cost $1,955,629) | ||||||||||||||
Right* – 0.0% | ||||||||||||||
Thailand – 0.0% | ||||||||||||||
198,411 | True Corp. PCL(a) (Wireless Telecommunication Services) | 04/08 | $ | — | ||||||||||
(Cost $0) | ||||||||||||||
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Short-Term Obligation – 1.5% | ||||||||||||||||
JPMorgan Chase Euro – Time Deposit | ||||||||||||||||
$ | 2,560,552 | 5.384 | % | 03/01/07 | $ | 2,560,552 | ||||||||||
(Cost $2,560,552) | ||||||||||||||||
TOTAL INVESTMENTS – 99.1% | ||||||||||||||||
(Cost $146,745,254) | $ | 165,812,561 | ||||||||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.9% | 1,542,039 | |||||||||||||||
NET ASSETS – 100% | $ | 167,354,600 | ||||||||||||||
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
* | Non-income producing security. |
(a) | Securities are exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $1,948,788, which represents approximately 1.2% of net assets as of February 28, 2007. |
Investment Abbreviation: | ||||||
GDR | — | Global Depositary Receipt | ||||
As a % of | ||||||
Net Assets | ||||||
Investments Industry Classifications† | ||||||
Air Freight & Logistics | 1.3 | % | ||||
Auto Components | 0.7 | |||||
Automobiles | 1.9 | |||||
Capital Markets | 1.7 | |||||
Chemicals | 1.4 | |||||
Commercial Banks | 24.4 | |||||
Computers & Peripherals | 1.2 | |||||
Construction & Engineering | 2.8 | |||||
Diversified Financial Services | 1.2 | |||||
Diversified Telecommunication Services | 1.5 | |||||
Electric Utilities | 1.5 | |||||
Electronic Equipment & Instruments | 3.9 | |||||
Hotels, Restaurants & Leisure | 1.4 | |||||
Household Durables | 2.1 | |||||
Independent Power Producers & Energy Traders | 1.0 | |||||
Industrial Conglomerates | 2.4 | |||||
Insurance | 2.7 | |||||
IT Services | 3.7 | |||||
Machinery | 1.7 | |||||
Marine | 2.7 | |||||
Metals & Mining | 3.0 | |||||
Oil, Gas & Consumable Fuels | 4.5 | |||||
Real Estate Investment Trusts | 3.0 | |||||
Real Estate Management & Development | 8.1 | |||||
Semiconductors & Semiconductor Equipment | 10.1 | |||||
Short-term Investments# | 1.5 | |||||
Specialty Retail | 2.7 | |||||
Wireless Telecommunication Services | 5.0 | |||||
TOTAL INVESTMENTS | 99.1 | % | ||||
† | Industry concentrations greater than one-tenth of one percent are disclosed. |
# | Short-term investments include short-term obligations. |
Shares | Description | Value | ||||||||
Common Stocks – 85.9% | ||||||||||
Brazil – 18.8% | ||||||||||
306,600 | Companhia Vale do Rio Doce ADR (Metals & Mining) | $ | 10,461,192 | |||||||
307,399 | GVT Holding SA* (Diversified Telecommunication Services) | 3,158,795 | ||||||||
173,081 | Iguatemi Empresa de Shopping Centers SA* (Real Estate Management & Development) | 2,611,927 | ||||||||
121,940 | Lupatech SA* (Machinery) | 1,874,673 | ||||||||
307,161 | Santos-Brasil SA (Transportation Infrastructure) | 3,737,210 | ||||||||
59,077 | Unibanco-Uniao de Bancos Brasileiros SA GDR (Commercial Banks) | 5,049,902 | ||||||||
167,931 | Vivax SA* (Media) | 3,595,410 | ||||||||
30,489,109 | ||||||||||
China – 26.0% | ||||||||||
9,980,000 | China Construction Bank Corp. Class H (Commercial Banks) | 5,602,519 | ||||||||
903,000 | China Mobile Ltd. (Wireless Telecommunication Services) | 8,382,885 | ||||||||
2,948,000 | China Petroleum and Chemical Corp. (Sinopec) Class H (Oil, Gas & Consumable Fuels) | 2,347,223 | ||||||||
3,472,000 | China Shipping Development Co. Ltd. Class H (Marine) | 4,800,647 | ||||||||
4,083,500 | COSCO Holdings Class H (Marine) | 3,599,874 | ||||||||
10,434,000 | Huadian Power International Co. Class H (Independent Power Producers & Energy Traders) | 3,661,654 | ||||||||
5,740,000 | Industrial & Commercial Bank of China Class H* (Commercial Banks) | 3,166,441 | ||||||||
6,116,000 | PetroChina Co. Ltd. Class H (Oil, Gas & Consumable Fuels) | 7,116,074 | ||||||||
3,772,000 | Shui On Land Ltd.* (Real Estate Management & Development) | 3,427,774 | ||||||||
42,105,091 | ||||||||||
India – 16.9% | ||||||||||
135,872 | AIA Engineering Ltd. (Construction & Engineering) | 3,933,320 | ||||||||
862,844 | Bajaj Hindustan Ltd. (Food Products) | 3,425,170 | ||||||||
348,605 | Indiabulls Financial Services Ltd. (Capital Markets) | 3,104,112 | ||||||||
125,655 | Infosys Technologies Ltd. (IT Services) | 5,906,612 | ||||||||
18,702 | Infosys Technologies Ltd. ADR (IT Services) | 1,014,770 | ||||||||
1,590,988 | Ishaan Real Estate PLC* (Real Estate Management & Development) | 2,968,693 | ||||||||
140,296 | Tata Consultancy Services Ltd. (IT Services) | 3,779,738 | ||||||||
267,565 | UTI Bank Ltd.(b) (Commercial Banks) | 2,782,765 | ||||||||
37,900 | UTI Bank Ltd. GDR(a)(b) (Commercial Banks) | 394,913 | ||||||||
27,310,093 | ||||||||||
Russia – 24.2% | ||||||||||
130,481 | LUKOIL ADR (Oil, Gas & Consumable Fuels) | 10,418,908 | ||||||||
242,194 | OAO Gazprom ADR (Oil, Gas & Consumable Fuels) | 9,808,857 | ||||||||
57,276 | OAO Open Investments GDR* (Real Estate Management & Development) | 1,825,672 | ||||||||
1,502,909 | Raspadskaya* (Metals & Mining) | 3,261,312 | ||||||||
2,319 | Sberbank RF (Commercial Banks) | 8,226,437 | ||||||||
1,389,142 | Uralkaliy (Chemicals) | 2,371,620 | ||||||||
111,459 | X 5 Retail Group NV GDR* (Food & Staples Retailing) | 3,192,266 | ||||||||
39,105,072 | ||||||||||
TOTAL COMMON STOCKS | ||||||||||
(Cost $133,951,996) | $ | 139,009,365 | ||||||||
Preferred Stocks – 10.1% | ||||||||||
Brazil – 10.1% | ||||||||||
104,679 | Banco Itau Holding Financeira SA ADR (Commercial Banks) | $ | 3,581,068 | |||||||
30,800 | Companhia Vale do Rio Doce Class A (Metals & Mining) | 907,224 | ||||||||
83,300 | Petroleo Brasileiro SA ADR (Oil, Gas & Consumable Fuels) | 6,795,614 | ||||||||
609 | Telemig Celular Participacoes SA Class G(b) (Wireless Telecommunication Services) | 198,165 | ||||||||
152,945 | Tim Participacoes SA ADR(a) (Wireless Telecommunication Services) | 4,842,239 | ||||||||
TOTAL PREFERRED STOCKS | ||||||||||
(Cost $16,070,458) | $ | 16,324,310 | ||||||||
Expiration | ||||||||||||||||
Units | Description | Month | Value | |||||||||||||
Warrants* – 0.0% | ||||||||||||||||
India – 0.0% | ||||||||||||||||
14,980 | Bajaj Hindusthan Ltd.(b) (Food Products) | 01/10 | $ | 59,465 | ||||||||||||
(Cost $110,397) |
Principal | Interest | Maturity | ||||||||||||||
Amount | Rate | Date | Value | |||||||||||||
Short-Term Obligation – 1.8% | ||||||||||||||||
JPMorgan Chase Euro – Time Deposit | ||||||||||||||||
$ | 2,873,856 | 5.384 | % | 03/01/07 | $ | 2,873,856 | ||||||||||
(Cost $2,873,856) | ||||||||||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL | ||||||||||||||||
(Cost $153,006,707) | $ | 158,266,996 | ||||||||||||||
Shares | Description | Value | ||||||||
Securities Lending Collateral – 1.1% | ||||||||||
1,801,600 | Boston Global Investment Trust – Enhanced Portfolio | $ | 1,801,600 | |||||||
(Cost $1,801,600) | ||||||||||
TOTAL INVESTMENTS – 98.9% | ||||||||||
(Cost $154,808,307) | $ | 160,068,596 | ||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES – 1.1% | 1,749,903 | |||||||||
NET ASSETS – 100% | $ | 161,818,499 | ||||||||
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
* | Non-income producing security. |
(a) | All or a portion of this security is on loan. |
(b) | Securities are exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the Investment Advisor and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $3,435,308, which represents approximately 2.1% of net assets as of February 28, 2007. |
Investment Abbreviations: | ||||||
ADR | — | American Depositary Receipt | ||||
GDR | — | Global Depositary Receipt | ||||
As a % of | ||||||
Net Assets | ||||||
Investments Industry Classifications† | ||||||
Capital Markets | 1.9 | % | ||||
Chemicals | 1.5 | |||||
Commercial Banks | 17.8 | |||||
Construction & Engineering | 2.4 | |||||
Diversified Telecommunication Services | 2.0 | |||||
Food & Staples Retailing | 2.0 | |||||
Food Products | 2.1 | |||||
Independent Power Producers & Energy Traders | 2.3 | |||||
IT Services | 6.6 | |||||
Machinery | 1.2 | |||||
Marine | 5.2 | |||||
Media | 2.2 | |||||
Metals & Mining | 9.0 | |||||
Oil, Gas & Consumable Fuels | 22.5 | |||||
Real Estate Management & Development | 6.7 | |||||
Short-term Investments# | 2.9 | |||||
Transportation Infrastructure | 2.3 | |||||
Wireless Telecommunication Services | 8.3 | |||||
TOTAL INVESTMENTS | 98.9 | % | ||||
† | Industry concentrations greater than one-tenth of one percent are disclosed. |
# | Short-term investments include short-term obligations and securities lending collateral. |
Concentrated | |||||||||
International | |||||||||
Equity Fund(a) | |||||||||
Assets: | |||||||||
Investment in securities, at value (identified cost $486,183,520, $45,691,344, $187,004,378, $1,280,029,238, $146,745,254, $153,006,707, respectively)(b) | $ | 587,756,864 | |||||||
Securities lending collateral, at value which equals cost | 36,395,260 | ||||||||
Cash | — | ||||||||
Foreign currency, at value (identified cost $100,333, $1,071,282, $348,750, $1,548,090, $2,718,789 and $1,416,875, respectively) | 101,442 | ||||||||
Receivables: | |||||||||
Investment securities sold, at value | 5,928,453 | ||||||||
Fund shares sold | 718,366 | ||||||||
Dividends and interest, at value | 522,123 | ||||||||
Foreign tax reclaims, at value | 6,455 | ||||||||
Reimbursement from investment adviser | — | ||||||||
Due from broker-variation margin | — | ||||||||
Deferred offering costs | — | ||||||||
Other assets | 7,366 | ||||||||
Total assets | 631,436,329 | ||||||||
Liabilities: | |||||||||
Due to custodian | — | ||||||||
Payables: | |||||||||
Payable upon return of securities loaned | 36,395,260 | ||||||||
Investment securities purchased, at value | 4,062,729 | ||||||||
Fund shares repurchased | 1,094,064 | ||||||||
Amounts owed to affiliates | 654,561 | ||||||||
Unrealized foreign capital gains taxes | — | ||||||||
Accrued expenses | 229,870 | ||||||||
Total liabilities | 42,436,484 | ||||||||
Net Assets: | |||||||||
Paid-in capital | 941,703,777 | ||||||||
Accumulated undistributed (distributions in excess of) net investment income (loss) | 857,150 | ||||||||
Accumulated net realized gain (loss) on investments, futures and foreign currency related transactions | (455,138,954 | ) | |||||||
Net unrealized gain on investments and translation of assets and liabilities denominated in foreign currencies | 101,577,872 | ||||||||
NET ASSETS | $ | 588,999,845 | |||||||
Net Assets: | |||||||||
Class A | $ | 421,870,211 | |||||||
Class B | 14,435,104 | ||||||||
Class C | 24,685,198 | ||||||||
Institutional | 126,663,974 | ||||||||
Service | 1,345,358 | ||||||||
Shares outstanding: | |||||||||
Class A | 18,249,535 | ||||||||
Class B | 644,980 | ||||||||
Class C | 1,127,290 | ||||||||
Institutional | 5,362,091 | ||||||||
Service | 57,854 | ||||||||
Total shares outstanding, $0.001 par value (unlimited number of shares authorized) | 25,441,750 | ||||||||
Net asset value, offering and redemption price per share:(c) | |||||||||
Class A | $23.12 | ||||||||
Class B | 22.38 | ||||||||
Class C | 21.90 | ||||||||
Institutional | 23.62 | ||||||||
Service | 23.25 | ||||||||
(a) | Effective December 26, 2006, the International Equity Fund changed its name to the Concentrated International Equity Fund. |
(b) | Includes loaned securities having market value of $34,719,224, $403,874, $18,277,662, $57,580,600, $0 and $1,785,273 for the Concentrated International Equity, Japanese Equity, International Small Cap, Emerging Markets Equity, Asia Equity and BRIC Funds, respectively. |
(c) | Maximum public offering price per share (NAV per share multiplied by 1.0582) for Class A Shares of Concentrated International Equity, Japanese Equity, International Small Cap, Emerging Markets Equity, Asia Equity and BRIC Funds is $24.47, $13.12, $22.07, $24.23, $18.70 and $13.22. At redemption, Class B and Class C Shares may be subject to a contingent deferred sales charge assessed on the amount equal to the lesser of the current net asset value or the original purchase price of the shares. |
Japanese | International | Emerging Markets | Asia | |||||||||||||||||||
Equity Fund | Small Cap Fund | Equity Fund | Equity Fund | BRIC Fund | ||||||||||||||||||
$ | 55,414,146 | $ | 230,955,374 | $ | 1,495,899,521 | $ | 165,812,561 | $ | 158,266,996 | |||||||||||||
425,464 | 18,959,780 | 59,555,250 | — | 1,801,600 | ||||||||||||||||||
32,531 | 997,167 | — | 4,922 | 548,100 | ||||||||||||||||||
1,091,095 | 361,199 | 1,552,350 | 2,726,524 | 1,415,991 | ||||||||||||||||||
795,873 | 8,590,004 | 73,049,881 | 5,512,178 | 9,144,251 | ||||||||||||||||||
128,600 | 535,770 | 7,086,196 | 579,388 | 6,731,670 | ||||||||||||||||||
48,412 | 99,138 | 4,399,091 | 541,021 | 82,362 | ||||||||||||||||||
— | 8,399 | — | 6,039 | — | ||||||||||||||||||
— | 4,863 | — | 101,423 | 30,263 | ||||||||||||||||||
— | 475,396 | — | — | — | ||||||||||||||||||
— | — | — | — | 46,911 | ||||||||||||||||||
728 | 2,849 | 21,031 | 2,014 | 1,074 | ||||||||||||||||||
57,936,849 | 260,989,939 | 1,641,563,320 | 175,286,070 | 178,069,218 | ||||||||||||||||||
— | — | 21,116,088 | — | — | ||||||||||||||||||
425,464 | 18,959,780 | 59,555,250 | — | 1,801,600 | ||||||||||||||||||
863,281 | 8,342,316 | 33,483,223 | 7,039,635 | 12,944,875 | ||||||||||||||||||
192,417 | 1,021,938 | 2,327,469 | 393,434 | 1,125,352 | ||||||||||||||||||
77,507 | 261,890 | 1,698,314 | 180,451 | 203,571 | ||||||||||||||||||
— | — | 1,712,763 | 102,259 | — | ||||||||||||||||||
108,680 | 148,085 | 706,698 | 215,691 | 175,321 | ||||||||||||||||||
1,667,349 | 28,734,009 | 120,599,805 | 7,931,470 | 16,250,719 | ||||||||||||||||||
62,003,185 | 293,698,007 | 1,248,061,791 | 169,362,823 | 154,585,704 | ||||||||||||||||||
(583,035 | ) | (3,269,141 | ) | (1,700,874 | ) | (539,863 | ) | (402,586 | ) | |||||||||||||
(14,892,112 | ) | (102,134,483 | ) | 60,365,417 | (20,537,831 | ) | 2,375,042 | |||||||||||||||
9,741,462 | 43,961,547 | 214,237,181 | 19,069,471 | 5,260,339 | ||||||||||||||||||
$ | 56,269,500 | $ | 232,255,930 | $ | 1,520,963,515 | $ | 167,354,600 | $ | 161,818,499 | |||||||||||||
$ | 32,587,450 | $ | 115,144,894 | $ | 528,237,127 | $ | 107,020,599 | $ | 110,212,563 | |||||||||||||
2,509,863 | 4,921,859 | 14,335,894 | 3,094,809 | — | ||||||||||||||||||
5,313,210 | 8,475,870 | 25,545,113 | 4,576,700 | 34,118,287 | ||||||||||||||||||
15,620,068 | 102,748,544 | 951,172,559 | 52,662,492 | 17,487,649 | ||||||||||||||||||
238,909 | 964,763 | 1,672,822 | — | — | ||||||||||||||||||
2,627,071 | 5,518,602 | 23,064,053 | 6,056,094 | 8,823,431 | ||||||||||||||||||
211,900 | 243,861 | 651,370 | 182,753 | — | ||||||||||||||||||
449,884 | 422,786 | 1,159,962 | 271,880 | 2,746,440 | ||||||||||||||||||
1,211,665 | 4,763,315 | 39,873,037 | 2,835,184 | 1,396,116 | ||||||||||||||||||
19,031 | 46,379 | 73,757 | — | — | ||||||||||||||||||
4,519,551 | 10,994,943 | 64,822,179 | 9,345,911 | 12,965,987 | ||||||||||||||||||
$12.40 | $ | 20.86 | $ | 22.90 | $ | 17.67 | $ | 12.49 | ||||||||||||||
11.84 | 20.18 | 22.01 | 16.93 | — | ||||||||||||||||||
11.81 | 20.05 | 22.02 | 16.83 | 12.42 | ||||||||||||||||||
12.89 | 21.57 | 23.86 | 18.57 | 12.53 | ||||||||||||||||||
12.55 | 20.80 | 22.68 | — | — | ||||||||||||||||||
Concentrated | |||||||
International | |||||||
Equity Fund(a) | |||||||
Investment Income: | |||||||
Dividends(b) | $ | 3,398,735 | |||||
Interest (including securities lending income of $109,310, $1,955, $38,853, $271,332, $0 and $649, respectively) | 316,622 | ||||||
Total income | 3,715,357 | ||||||
Expenses: | |||||||
Management fees | 2,856,589 | ||||||
Distribution and Service fees(c) | 703,467 | ||||||
Custody and accounting fees | 122,174 | ||||||
Transfer Agent fees(c) | 449,188 | ||||||
Registration fees | 38,729 | ||||||
Professional fees | 10,883 | ||||||
Printing fees | 37,651 | ||||||
Trustee fees | 8,119 | ||||||
Service Share fees | 3,318 | ||||||
Amortization of offering costs | — | ||||||
Other | 31,814 | ||||||
Total expenses | 4,261,932 | ||||||
Less — expense reductions | (17,501 | ) | |||||
Net expenses | 4,244,431 | ||||||
NET INVESTMENT LOSS | (529,074 | ) | |||||
Realized and unrealized gain (loss) on investment, futures and foreign currency related transactions: | |||||||
Net realized gain (loss) from: | |||||||
Investment transactions | 46,105,581 | ||||||
Futures transactions | (534 | ) | |||||
Foreign currency related transactions | 162,869 | ||||||
Net change in unrealized gain (loss) on: | |||||||
Investments (including the effects of a decrease on the foreign capital gains liability of $0, $0, $0, $(651,952), $(80,176) and $0, respectively) | 11,937,597 | ||||||
Futures | — | ||||||
Translation of assets and liabilities denominated in foreign currencies | (30,597 | ) | |||||
Net realized and unrealized gain on investments, futures and foreign currency related transactions: | 58,174,916 | ||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 57,645,842 | |||||
(a) | Effective December 26, 2006, the International Equity Fund changed its name to the Concentrated International Equity Fund. |
(b) | For the Concentrated International Equity, Japanese Equity, International Small Cap, Emerging Markets Equity, Asia Equity, and BRIC Funds foreign taxes withheld on dividends were $320,196, $21,856, $43,320, $797,311, $129,353 and $3,033 respectively. |
(c) | Class specific Distribution and Service and Transfer Agent fees were as follows: |
Distribution and Service Fees | Transfer Agent Fees | |||||||||||||||||||||||||||||||
Fund | Class A | Class B | Class C | Class A | Class B | Class C | Institutional | Service | ||||||||||||||||||||||||
Concentrated International Equity | $ | 509,783 | $ | 71,891 | $ | 121,793 | $ | 387,437 | $ | 13,659 | $ | 23,141 | $ | 24,685 | $ | 266 | ||||||||||||||||
Japanese Equity | 41,979 | 12,887 | 26,544 | 31,904 | 2,449 | 5,043 | 2,984 | 46 | ||||||||||||||||||||||||
International Small Cap | 133,585 | 22,756 | 41,249 | 101,525 | 4,324 | 7,837 | 20,105 | 171 | ||||||||||||||||||||||||
Emerging Markets Equity | 585,016 | 67,064 | 116,542 | 444,614 | 12,742 | 22,143 | 151,700 | 207 | ||||||||||||||||||||||||
Asia Equity | 126,625 | 16,759 | 21,420 | 96,235 | 3,184 | 4,070 | 9,380 | — | ||||||||||||||||||||||||
BRIC | 55,696 | — | 62,960 | 42,329 | — | 11,963 | 3,145 | — |
Japanese | International | Emerging Markets | Asia | |||||||||||||||||||
Equity Fund | Small Cap Fund | Equity Fund | Equity Fund | BRIC Fund | ||||||||||||||||||
$ | 289,132 | $ | 708,699 | $ | 8,991,420 | $ | 1,080,479 | $ | 255,357 | |||||||||||||
12,352 | 93,457 | 745,715 | 49,543 | 76,612 | ||||||||||||||||||
301,484 | 802,156 | 9,737,135 | 1,130,022 | 331,969 | ||||||||||||||||||
283,090 | 1,215,768 | 7,585,553 | 779,169 | 473,696 | ||||||||||||||||||
81,410 | 197,590 | 768,622 | 164,804 | 118,656 | ||||||||||||||||||
40,660 | 85,133 | 863,233 | 204,684 | 95,294 | ||||||||||||||||||
42,426 | 133,962 | 631,406 | 112,869 | 57,437 | ||||||||||||||||||
28,900 | 37,512 | 48,069 | 30,305 | 28,779 | ||||||||||||||||||
20,163 | 20,950 | 23,606 | 21,149 | 30,903 | ||||||||||||||||||
14,745 | 20,681 | 51,739 | 18,499 | 7,598 | ||||||||||||||||||
8,119 | 8,119 | 8,119 | 8,119 | 8,119 | ||||||||||||||||||
573 | 2,138 | 2,587 | — | — | ||||||||||||||||||
— | — | — | — | 67,604 | ||||||||||||||||||
11,303 | 10,203 | 31,977 | 8,260 | 1,108 | ||||||||||||||||||
531,389 | 1,732,056 | 10,014,911 | 1,347,858 | 889,194 | ||||||||||||||||||
(92,285 | ) | (70,983 | ) | (14,841 | ) | (166,199 | ) | (154,014 | ) | |||||||||||||
439,104 | 1,661,073 | 10,000,070 | 1,181,659 | 735,180 | ||||||||||||||||||
(137,620 | ) | (858,917 | ) | (262,935 | ) | (51,637 | ) | (403,211 | ) | |||||||||||||
2,962,859 | 17,992,456 | 69,413,208 | 2,360,575 | 2,552,045 | ||||||||||||||||||
— | 293,437 | — | — | |||||||||||||||||||
(21,584 | ) | (47,367 | ) | (990,774 | ) | (175,383 | ) | (80,436 | ) | |||||||||||||
685,393 | 16,158,123 | 118,816,821 | 17,340,449 | 4,769,754 | ||||||||||||||||||
— | (101,950 | ) | — | — | — | |||||||||||||||||
18,235 | 11,546 | 82,179 | 105,335 | (267 | ) | |||||||||||||||||
3,644,903 | 34,306,247 | 187,321,434 | 19,630,976 | 7,241,096 | ||||||||||||||||||
$ | 3,507,283 | $ | 33,447,330 | $ | 187,058,499 | $ | 19,579,339 | $ | 6,837,885 | |||||||||||||
Concentrated | |||||||||||||||||||
International Equity Fund(c) | Japanese Equity Fund | ||||||||||||||||||
For the | For the | ||||||||||||||||||
Six Months Ended | For the | Six Months Ended | For the | ||||||||||||||||
February 28, 2007 | Year Ended | February 28, 2007 | Year Ended | ||||||||||||||||
(Unaudited) | August 31, 2006 | (Unaudited) | August 31, 2006 | ||||||||||||||||
From operations: | |||||||||||||||||||
Net investment income (loss) | $ | (529,074 | ) | $ | 5,176,562 | $ | (137,620 | ) | $ | (340,219 | ) | ||||||||
Net realized gain from investment, futures and foreign currency related transactions | 46,267,916 | 59,745,333 | 2,941,275 | 9,098,313 | |||||||||||||||
Unrealized gain (loss) on investments and translation of assets and liabilities denominated in foreign currencies | 11,907,000 | 12,499,797 | 703,628 | 3,236,246 | |||||||||||||||
Net increase in net assets resulting from operations | 57,645,842 | 77,421,692 | 3,507,283 | 11,994,340 | |||||||||||||||
Distributions to shareholders: | |||||||||||||||||||
From net investment income | |||||||||||||||||||
Class A Shares | (2,824,408 | ) | (2,485,442 | ) | — | (319,752 | ) | ||||||||||||
Class B Shares | — | — | — | (7,170 | ) | ||||||||||||||
Class C Shares | (32,578 | ) | (43,839 | ) | — | (9,248 | ) | ||||||||||||
Institutional Shares | (1,297,678 | ) | (746,955 | ) | (12,037 | ) | (113,669 | ) | |||||||||||
Service Shares | (9,947 | ) | (3,123 | ) | — | (2,511 | ) | ||||||||||||
From net realized gains | |||||||||||||||||||
Class A Shares | — | — | — | — | |||||||||||||||
Class B Shares | — | — | — | — | |||||||||||||||
Class C Shares | — | — | — | — | |||||||||||||||
Institutional Shares | — | — | — | — | |||||||||||||||
Service Shares | — | — | — | — | |||||||||||||||
Total distributions to shareholders | (4,164,611 | ) | (3,279,359 | ) | (12,037 | ) | (452,350 | ) | |||||||||||
From share transactions: | |||||||||||||||||||
Proceeds from sales of shares | 64,058,073 | 115,218,749 | 7,406,078 | 37,341,651 | |||||||||||||||
Proceeds received in connection with merger | — | 44,036,707 | — | — | |||||||||||||||
Reinvestments of dividends and distributions | 3,479,283 | 2,941,972 | 11,152 | 370,025 | |||||||||||||||
Cost of shares repurchased | (60,256,872 | )(a) | (113,784,413 | ) (b) | (18,432,155 | )(a) | (34,435,788 | ) (b) | |||||||||||
Net increase (decrease) in net assets resulting from share transactions | 7,280,484 | 48,413,015 | (11,014,925 | ) | 3,275,888 | ||||||||||||||
TOTAL INCREASE (DECREASE) | 60,761,715 | 122,555,348 | (7,519,679 | ) | 14,817,878 | ||||||||||||||
Net assets: | |||||||||||||||||||
Beginning of period | 528,238,130 | 405,682,782 | 63,789,179 | 48,971,301 | |||||||||||||||
End of period | $ | 588,999,845 | $ | 528,238,130 | $ | 56,269,500 | $ | 63,789,179 | |||||||||||
Accumulated undistributed (distribution in excess of) net investment income (loss) | $ | 857,150 | $ | 5,550,835 | $ | (583,035 | ) | $ | (433,378 | ) | |||||||||
(a) | Net of $1,082, $7,372, $630, $1,869, $97 and $10,644 redemption fees remitted to the Concentrated International Equity, Japanese Equity, International Small Cap, Emerging Markets Equity, Asia Equity and BRIC Funds, respectively. |
(b) | Net of $7,446, $20,567, $3,800, $32,857 and $7,025 redemption fees remitted to the Concentrated International Equity, Japanese Equity, International Small Cap, Emerging Markets Equity and Asia Equity Funds, respectively. |
(c) | Effective December 26, 2006, the International Equity Fund changed its name to the Concentrated International Equity Fund. |
(d) | Commenced operations on June 30, 2006. |
GOLDMAN SACHS INTERNATIONAL EQUITY FUNDS |
International | Emerging Markets | Asia | ||||||||||||||||||||||||||||||
Small Cap Fund | Equity Fund | Equity Fund | BRIC Fund | |||||||||||||||||||||||||||||
For the | For the | For the | For the | |||||||||||||||||||||||||||||
Six Months Ended | For the | Six Months Ended | For the | Six Months Ended | For the | Six Months Ended | For the | |||||||||||||||||||||||||
February 28, 2007 | Year Ended | February 28, 2007 | Year Ended | February 28, 2007 | Year Ended | February 28, 2007 | Period Ended | |||||||||||||||||||||||||
(Unaudited) | August 31, 2006 | (Unaudited) | August 31, 2006 | (Unaudited) | August 31, 2006 | (Unaudited) | August 31, 2006(d) | |||||||||||||||||||||||||
$ | (858,917 | ) | $ | 408,660 | $ | (262,935 | ) | $ | 5,680,294 | $ | (51,637 | ) | $ | 916,024 | $ | (403,211 | ) | $ | (12,753 | ) | ||||||||||||
18,238,526 | 16,722,478 | 68,422,434 | 6,684,758 | 2,185,192 | 31,793,588 | 2,471,609 | 32,098 | |||||||||||||||||||||||||
16,067,721 | 5,438,597 | 118,899,000 | 60,589,646 | 17,445,784 | (13,791,836 | ) | 4,769,487 | 490,852 | ||||||||||||||||||||||||
33,447,330 | 22,569,735 | 187,058,499 | 72,954,698 | 19,579,339 | 18,917,776 | 6,837,885 | 510,197 | |||||||||||||||||||||||||
(1,028,551 | ) | (470,203 | ) | (1,692,684 | ) | (235,068 | ) | (443,914 | ) | (793,132 | ) | — | ||||||||||||||||||||
— | — | — | — | — | (29,259 | ) | — | — | ||||||||||||||||||||||||
(25,170 | ) | — | — | — | — | (17,521 | ) | — | — | |||||||||||||||||||||||
(1,295,894 | ) | (510,427 | ) | (4,829,059 | ) | (769,874 | ) | (367,492 | ) | (441,724 | ) | — | — | |||||||||||||||||||
(8,829 | ) | (1,531 | ) | — | — | — | — | — | — | |||||||||||||||||||||||
— | — | (3,020,956 | ) | (797,972 | ) | — | — | (70,571 | ) | — | ||||||||||||||||||||||
— | — | (90,844 | ) | (43,856 | ) | — | — | — | — | |||||||||||||||||||||||
— | — | (155,264 | ) | (32,307 | ) | — | — | (19,904 | ) | — | ||||||||||||||||||||||
— | — | (4,659,443 | ) | (1,146,768 | ) | — | — | (27,615 | ) | — | ||||||||||||||||||||||
— | — | (5,933 | ) | (8,095 | ) | — | — | — | — | |||||||||||||||||||||||
(2,358,444 | ) | (982,161 | ) | (14,454,183 | ) | (3,033,940 | ) | (811,406 | ) | (1,281,636 | ) | (118,090 | ) | — | ||||||||||||||||||
23,733,208 | 90,512,443 | 625,839,155 | 826,155,134 | 23,487,217 | 49,893,205 | 156,817,554 | 17,978,215 | |||||||||||||||||||||||||
— | — | — | — | — | — | — | — | |||||||||||||||||||||||||
1,809,769 | 778,640 | 11,364,613 | 2,914,467 | 745,600 | 1,192,005 | 112,117 | — | |||||||||||||||||||||||||
(29,420,990 | )(a) | (52,219,732 | ) (b) | (222,488,939 | )(a) | (153,049,257 | ) (b) | (19,456,921 | )(a) | (25,529,614 | ) (b) | (20,314,683 | )(a) | (4,696 | ) | |||||||||||||||||
(3,878,013 | ) | 39,071,351 | 414,714,829 | 676,020,344 | 4,775,896 | 25,555,596 | 136,614,988 | 17,973,519 | ||||||||||||||||||||||||
27,210,873 | 60,658,925 | 587,319,145 | 745,941,102 | 23,543,829 | 43,191,736 | 143,334,783 | 18,483,716 | |||||||||||||||||||||||||
205,045,057 | 144,386,132 | 933,644,370 | 187,703,268 | 143,810,771 | 100,619,035 | 18,483,716 | — | |||||||||||||||||||||||||
$ | 232,255,930 | $ | 205,045,057 | $ | 1,520,963,515 | $ | 933,644,370 | $ | 167,354,600 | $ | 143,810,771 | $ | 161,818,499 | $ | 18,483,716 | |||||||||||||||||
$ | (3,269,141 | ) | $ | (51,780 | ) | $ | (1,700,874 | ) | $ | 5,083,804 | $ | (539,863 | ) | $ | 323,180 | $ | (402,586 | ) | $ | 625 | ||||||||||||
1. ORGANIZATION |
2. SIGNIFICANT ACCOUNTING POLICIES |
2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
3. AGREEMENTS |
3. AGREEMENTS (continued) |
Management Fee | Average Daily | |||||
Fund | Annual Rate | Net Assets | ||||
Concentrated International Equity, | ||||||
Japanese Equity and Asia Equity | 1.00 | % | First $1 Billion | |||
0.90 | Next $1 Billion | |||||
0.86 | Over $2 Billion | |||||
International Small Cap | 1.10 | First $2 Billion | ||||
0.99 | Over $2 Billion | |||||
Emerging Markets Equity | 1.20 | First $2 Billion | ||||
1.08 | Over $2 Billion | |||||
BRIC | 1.30 | First $2 Billion | ||||
1.17 | Over $2 Billion | |||||
3. AGREEMENTS (continued) |
Contingent Deferred | ||||||||||||
Sales Load | Sales Charge | |||||||||||
Fund | Class A | Class B | Class C | |||||||||
Concentrated International Equity | $ | 28,000 | $ | — | $ | 300 | ||||||
Japanese Equity | 1,600 | — | — | |||||||||
International Small Cap | 7,200 | — | — | |||||||||
Emerging Markets Equity | 29,700 | 200 | — | |||||||||
Asia Equity | 7,400 | 200 | — | |||||||||
BRIC | 243,600 | N/A | 1,100 | |||||||||
Transfer | ||||||||||||||||
Management Fee | Other Expense | Agent Fee | Total Expense | |||||||||||||
Fund | Waiver | Reimbursement | Fee Credit | Reductions | ||||||||||||
Concentrated International Equity | $ | — | $ | 2 | $ | 16 | $ | 18 | ||||||||
Japanese Equity | — | 90 | 2 | 92 | ||||||||||||
International Small Cap | — | 67 | 4 | 71 | ||||||||||||
Emerging Markets Equity | — | — | 15 | 15 | ||||||||||||
Asia Equity | — | 162 | 4 | 166 | ||||||||||||
BRIC | 11 | 143 | — | 154 | ||||||||||||
3. AGREEMENTS (continued) |
Management | Distribution and | Transfer | ||||||||||||||
Fund | Fees | Service Fees | Agent Fees | Total | ||||||||||||
Concentrated International Equity | $ | 465 | $ | 117 | $ | 73 | $ | 655 | ||||||||
Japanese Equity | 59 | 13 | 6 | 78 | ||||||||||||
International Small Cap | 205 | 34 | 23 | 262 | ||||||||||||
Emerging Markets Equity | 1,443 | 139 | 116 | 1,698 | ||||||||||||
Asia Equity | 134 | 27 | 19 | 180 | ||||||||||||
BRIC | 142 | 42 | 20 | 204 | ||||||||||||
4. PORTFOLIO SECURITIES TRANSACTIONS |
Fund | Purchases | Sales and Maturities | ||||||
Concentrated International Equity | $252,081,939 | $ | 252,873,599 | |||||
Japanese Equity | 25,699,720 | 36,162,295 | ||||||
International Small Cap | 92,031,170 | 96,215,570 | ||||||
Emerging Markets Equity | 1,132,128,182 | 719,164,776 | ||||||
Asia Equity | 76,742,903 | 72,406,268 | ||||||
BRIC | 153,318,379 | 22,989,591 | ||||||
5. SECURITIES LENDING |
5. SECURITIES LENDING (continued) |
Earnings of | Earnings Received | Amount Payable to | ||||||||||
BGA Relating | by the Funds from | Goldman Sachs | ||||||||||
to Securities | Lending to | Upon Return of | ||||||||||
Loaned for the | Goldman Sachs | Securities Loaned | ||||||||||
Period Ended | for the Period Ended | as of | ||||||||||
February 28, | February 28, | February 28, | ||||||||||
Fund | 2007 | 2007 | 2007 | |||||||||
Concentrated International Equity | $ | 15,260 | $ | 222 | $ | — | ||||||
Japanese Equity | 288 | 642 | — | |||||||||
International Small Cap | 5,453 | 12,105 | 1,536,758 | |||||||||
Emerging Markets Equity | 35,739 | 14,980 | 5,512,500 | |||||||||
BRIC | 103 | — | — | |||||||||
6. LINE OF CREDIT FACILITY |
7. TAX INFORMATION |
Concentrated | Emerging | ||||||||||||||||||||||||
International | Japanese | International | Markets | ||||||||||||||||||||||
Equity | Equity | Small Cap | Equity | Asia Equity | BRIC | ||||||||||||||||||||
Capital loss carryforward 1 | |||||||||||||||||||||||||
Expiring 2007 | $ | — | $ | — | $ | — | $ | — | $ | (2,489,328 | ) | $ | — | ||||||||||||
Expiring 2009 | — | — | — | — | (3,727,234 | — | |||||||||||||||||||
Expiring 2010 | (106,700,469 | ) | (11,026,243 | ) | (69,140,653 | ) | — | (15,182,667 | ) | — | |||||||||||||||
Expiring 2011 | (320,228,093 | ) | (5,228,295 | ) | (51,047,001 | ) | — | (525,255 | ) | — | |||||||||||||||
Expiring 2012 | (69,572,929 | ) | (1,408,407 | ) | — | — | — | — | |||||||||||||||||
Total capital loss carryforward | $ | (496,501,491 | ) | $ | (17,662,945 | ) | $ | (120,187,654 | ) | $ | — | $ | (21,924,484 | ) | $ | — | |||||||||
Timing differences (post October losses) | (14,612 | ) | (26,836 | ) | (56,197 | ) | (1,197,227 | ) | (381,236 | ) | — | ||||||||||||||
1 | Expiration occurs on August 31 of the year indicated. Due to a fund merger, utilization of the Concentrated International Equity Fund’s losses may be limited under the Internal Revenue Code. |
Concentrated | Emerging | |||||||||||||||||||||||
International | Japanese | International | Markets | Asia | ||||||||||||||||||||
Equity | Equity | Small Cap | Equity | Equity | BRIC | |||||||||||||||||||
Tax Cost | $ | 527,484,159 | $ | 46,705,505 | $ | 206,927,255 | $ | 1,342,610,481 | $ | 147,578,691 | $ | 154,811,214 | ||||||||||||
Gross unrealized gain | 109,178,010 | 10,143,346 | 48,702,279 | 238,643,608 | 21,377,296 | 9,259,436 | ||||||||||||||||||
Gross unrealized loss | (12,510,045 | ) | (1,009,241 | ) | (5,714,380 | ) | (25,799,318 | ) | (3,143,426 | ) | (4,002,054 | ) | ||||||||||||
Net unrealized security gain | $ | 96,667,965 | $ | 9,134,105 | $ | 42,987,899 | $ | 212,844,290 | $ | 18,233,870 | $ | 5,257,382 | ||||||||||||
8. OTHER MATTERS |
Goldman Sachs | Goldman Sachs | Goldman Sachs | ||||||||||
Growth and Income | Growth Strategy | Equity Growth | ||||||||||
Fund | Strategy Portfolio | Portfolio | Strategy Portfolio | |||||||||
Emerging Markets Equity | 6 | % | 7 | % | 4 | % | ||||||
8. OTHER MATTERS (continued) |
Acquired Fund’s | ||||||||||||
Exchanged Shares of | Value of | Shares Outstanding | ||||||||||
Survivor/Acquired Fund | Survivor Issued | Exchanged Shares | as of August 25, 2006 | |||||||||
Concentrated International Equity Class A/European Equity Class A | 830,850 | $ | 17,190,283 | 1,229,555 | ||||||||
Concentrated International Equity Class B/European Equity Class B | 109,876 | 2,194,222 | 161,531 | |||||||||
Concentrated International Equity Class C/European Equity Class C | 59,930 | 1,172,233 | 86,282 | |||||||||
Concentrated International Equity Institutional Class/European Equity Institutional Class | 1,105,618 | 23,394,862 | 1,660,189 | |||||||||
Concentrated International Equity Service Class/European Equity Service Class | 4,084 | 85,107 | 6,025 | |||||||||
8. OTHER MATTERS (continued) |
Survivor Fund’s | ||||||||||||||||||||
Survivor Fund’s | Acquired Fund’s | Aggregate Net | ||||||||||||||||||
Aggregate Net | Aggregate Net | Acquired Fund’s | Acquired Fund’s | Assets | ||||||||||||||||
Assets before | Assets before | Unrealized | Capital Loss | Immediately after | ||||||||||||||||
Survivor/Acquired Fund | acquisition | acquisition | Appreciation | Carryforward | acquisition | |||||||||||||||
Concentrated International Equity/European Equity | $ | 476,995,852 | $ | 44,036,707 | $ | 3,023,210 | $ | (24,627,926 | ) | $ | 521,032,559 | |||||||||
9. SUMMARY OF SHARE TRANSACTIONS |
Concentrated International Equity | ||||||||||||||||
For the Six Months Ended | ||||||||||||||||
February 28, 2007 | For the Year Ended | |||||||||||||||
(Unaudited) | August 31, 2006 | |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
Class A Shares | ||||||||||||||||
Shares sold | 1,406,785 | $ | 31,802,144 | 4,425,829 | $ | 88,037,043 | ||||||||||
Shares issued in connection with merger | — | — | 830,850 | 17,190,283 | ||||||||||||
Reinvestment of dividends and distributions | 115,055 | 2,639,364 | 123,532 | 2,316,227 | ||||||||||||
Shares converted from Class B(a) | 20,614 | 443,405 | 138,565 | 2,634,196 | ||||||||||||
Shares repurchased | (1,826,347 | ) | (40,844,459 | ) | (4,330,113 | ) | (85,013,574 | ) | ||||||||
(283,893 | ) | (5,959,546 | ) | 1,188,663 | 25,164,175 | |||||||||||
Class B Shares | ||||||||||||||||
Shares sold | 52,110 | 1,132,265 | 145,247 | 2,802,768 | ||||||||||||
Shares issued in connection with merger | — | — | 109,876 | 2,194,222 | ||||||||||||
Reinvestment of dividends and distributions | — | — | — | — | ||||||||||||
Shares converted to Class A(a) | (21,332 | ) | (443,405 | ) | (143,369 | ) | (2,634,196 | ) | ||||||||
Shares repurchased | (103,265 | ) | (2,203,574 | ) | (358,866 | ) | (6,776,314 | ) | ||||||||
(72,487 | ) | (1,514,714 | ) | (247,112 | ) | (4,413,520 | ) | |||||||||
Class C Shares | ||||||||||||||||
Shares sold | 195,825 | 4,168,267 | 428,752 | 8,055,463 | ||||||||||||
Shares issued in connection with merger | — | — | 59,930 | 1,172,233 | ||||||||||||
Reinvestment of dividends and distributions | 1,348 | 29,350 | 2,234 | 39,829 | ||||||||||||
Shares repurchased | (224,653 | ) | (4,817,020 | ) | (391,125 | ) | (7,384,773 | ) | ||||||||
(27,480 | ) | (619,403 | ) | 99,791 | 1,882,752 | |||||||||||
Institutional Shares | ||||||||||||||||
Shares sold | 1,212,020 | 26,394,801 | 754,511 | 15,555,429 | ||||||||||||
Shares issued in connection with merger | — | — | 1,105,618 | 23,394,862 | ||||||||||||
Reinvestment of dividends and distributions | 34,353 | 804,537 | 30,497 | 583,402 | ||||||||||||
Shares repurchased | (497,224 | ) | (11,745,928 | ) | (713,540 | ) | (14,519,845 | ) | ||||||||
749,149 | 15,453,410 | 1,177,086 | 25,013,848 | |||||||||||||
Service Shares | ||||||||||||||||
Shares sold | 5,162 | 117,191 | 37,877 | 768,046 | ||||||||||||
Shares issued in connection with merger | — | — | 4,084 | 85,107 | ||||||||||||
Reinvestment of dividends and distributions | 261 | 6,032 | 133 | 2,514 | ||||||||||||
Shares repurchased | (8,946 | ) | (202,486 | ) | (4,525 | ) | (89,907 | ) | ||||||||
(3,523 | ) | (79,263 | ) | 37,569 | 765,760 | |||||||||||
NET INCREASE | 361,766 | $ | 7,280,484 | 2,255,997 | $ | 48,413,015 | ||||||||||
(a) | Class B Shares will automatically convert into Class A Shares at the end of the calendar quarter that is eight years after the initial purchase date of either the Fund or another Goldman Sachs Fund. |
9. SUMMARY OF SHARE TRANSACTIONS (continued) |
Japanese Equity | ||||||||||||||||
For the Six Months Ended | ||||||||||||||||
February 28, 2007 | For the Year Ended | |||||||||||||||
(Unaudited) | August 31, 2006 | |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
Class A Shares | ||||||||||||||||
Shares sold | 331,319 | $ | 4,026,461 | 1,757,788 | $ | 20,211,990 | ||||||||||
Reinvestment of dividends and distributions | — | — | 22,464 | 248,906 | ||||||||||||
Shares converted from Class B(a) | 9,353 | 111,763 | 5,296 | 59,771 | ||||||||||||
Shares repurchased | (1,208,894 | ) | (14,280,063 | ) | (2,304,005 | ) | (27,162,411 | ) | ||||||||
(868,222 | ) | (10,141,839 | ) | (518,457 | ) | (6,641,744 | ) | |||||||||
Class B Shares | ||||||||||||||||
Shares sold | 23,534 | 265,227 | 190,372 | 2,086,530 | ||||||||||||
Reinvestment of dividends and distributions | — | — | 537 | 5,729 | ||||||||||||
Shares converted Class A(a) | (9,779 | ) | (111,763 | ) | (5,521 | ) | (59,771 | ) | ||||||||
Shares repurchased | (52,025 | ) | (585,259 | ) | (130,418 | ) | (1,482,613 | ) | ||||||||
(38,270 | ) | (431,795 | ) | 54,970 | 549,875 | |||||||||||
Class C Shares | ||||||||||||||||
Shares sold | 71,812 | 802,959 | 379,126 | 4,310,267 | ||||||||||||
Reinvestment of dividends and distributions | — | — | 585 | 6,227 | ||||||||||||
Shares repurchased | (111,049 | ) | (1,251,287 | ) | (76,812 | ) | (853,504 | ) | ||||||||
(39,237 | ) | (448,328 | ) | 302,899 | 3,462,990 | |||||||||||
Institutional Shares | ||||||||||||||||
Shares sold | 182,619 | 2,183,359 | 883,149 | 10,465,409 | ||||||||||||
Reinvestment of dividends and distributions | 902 | 11,152 | 9,515 | 109,144 | ||||||||||||
Shares repurchased | (176,397 | ) | (2,171,545 | ) | (394,720 | ) | (4,869,265 | ) | ||||||||
7,124 | 22,966 | 497,944 | 5,705,288 | |||||||||||||
Service Shares | ||||||||||||||||
Shares sold | 1,374 | 16,309 | 25,589 | 267,455 | ||||||||||||
Reinvestment of dividends and distributions | — | — | 2 | 19 | ||||||||||||
Shares repurchased | (2,797 | ) | (32,238 | ) | (5,319 | ) | (67,995 | ) | ||||||||
(1,423 | ) | (15,929 | ) | 20,272 | 199,479 | |||||||||||
NET INCREASE (DECREASE) | (940,028 | ) | $ | (11,014,925 | ) | 357,628 | $ | 3,275,888 | ||||||||
(a) | Class B Shares will automatically convert into Class A Shares at the end of the calendar quarter that is eight years after the initial purchase date of either the Fund or another Goldman Sachs Fund. |
9. SUMMARY OF SHARE TRANSACTIONS (continued) |
International Small Cap | ||||||||||||||||
For the Six Months Ended | ||||||||||||||||
February 28, 2007 | For the Year Ended | |||||||||||||||
(Unaudited) | August 31, 2006 | |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
Class A Shares | ||||||||||||||||
Shares sold | 738,623 | $ | 14,245,683 | 3,409,568 | $ | 61,527,231 | ||||||||||
Reinvestment of dividends and distributions | 48,304 | 954,485 | 27,717 | 450,962 | ||||||||||||
Shares converted from Class B(a) | 5,773 | 111,051 | 12,946 | 231,285 | ||||||||||||
Shares repurchased | (718,061 | ) | (13,963,888 | ) | (2,059,633 | ) | (37,316,495 | ) | ||||||||
74,639 | 1,347,331 | 1,390,598 | 24,892,983 | |||||||||||||
Class B Shares | ||||||||||||||||
Shares sold | 27,924 | 555,713 | 124,439 | 2,184,858 | ||||||||||||
Shares converted Class A(a) | (5,979 | ) | (111,051 | ) | (13,428 | ) | (231,285 | ) | ||||||||
Shares repurchased | (42,302 | ) | (787,368 | ) | (167,054 | ) | (2,950,160 | ) | ||||||||
(20,357 | ) | (342,706 | ) | (56,043 | ) | (996,587 | ) | |||||||||
Class C Shares | ||||||||||||||||
Shares sold | 32,105 | 609,291 | 176,728 | 3,078,155 | ||||||||||||
Reinvestment of dividends and distributions | 1,129 | 21,477 | — | — | ||||||||||||
Shares repurchased | (88,259 | ) | (1,638,677 | ) | (254,821 | ) | (4,042,923 | ) | ||||||||
(55,025 | ) | (1,007,909 | ) | (78,093 | ) | (964,768 | ) | |||||||||
Institutional Shares | ||||||||||||||||
Shares sold | 396,652 | 8,055,694 | 1,256,399 | 23,115,600 | ||||||||||||
Reinvestment of dividends and distributions | 40,435 | 825,674 | 19,443 | 326,438 | ||||||||||||
Shares repurchased | (595,764 | ) | (12,851,659 | ) | (432,265 | ) | (7,778,230 | ) | ||||||||
(158,677 | ) | (3,970,291 | ) | 843,577 | 15,663,808 | |||||||||||
Service Shares | ||||||||||||||||
Shares sold | 7,988 | 155,776 | 35,827 | 606,599 | ||||||||||||
Reinvestment of dividends and distributions | 413 | 8,133 | 76 | 1,240 | ||||||||||||
Shares repurchased | (3,383 | ) | (68,347 | ) | (8,266 | ) | (131,924 | ) | ||||||||
5,018 | 95,562 | 27,637 | 475,915 | |||||||||||||
NET INCREASE (DECREASE) | (154,402 | ) | $ | (3,878,013 | ) | 2,127,676 | $ | 39,071,351 | ||||||||
(a) | Class B Shares will automatically convert into Class A Shares at the end of the calendar quarter that is eight years after the initial purchase date of either the Fund or another Goldman Sachs Fund. |
9. SUMMARY OF SHARE TRANSACTIONS (continued) |
Emerging Markets Equity | ||||||||||||||||
For the Six Months Ended | ||||||||||||||||
February 28, 2007 | For the Year Ended | |||||||||||||||
(Unaudited) | August 31, 2006 | |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
Class A Shares | ||||||||||||||||
Shares sold | 6,015,403 | $ | 132,241,786 | 19,646,889 | $ | 383,466,888 | ||||||||||
Reinvestment of dividends and distributions | 199,394 | 4,442,503 | 54,050 | 962,096 | ||||||||||||
Shares converted from Class B(a) | 2,249 | 46,395 | 15,495 | 287,322 | ||||||||||||
Shares repurchased | (3,278,985 | ) | (73,868,828 | ) | (5,128,757 | ) | (97,171,624 | ) | ||||||||
2,938,061 | 62,861,856 | 14,587,677 | 287,544,682 | |||||||||||||
Class B Shares | ||||||||||||||||
Shares sold | 89,612 | 1,885,696 | 547,646 | 10,438,970 | ||||||||||||
Reinvestment of dividends and distributions | 3,573 | 76,652 | 2,393 | 41,169 | ||||||||||||
Shares converted Class A(a) | (2,339 | ) | (46,395 | ) | (16,078 | ) | (287,322 | ) | ||||||||
Shares repurchased | (93,246 | ) | (1,933,747 | ) | (279,080 | ) | (5,181,008 | ) | ||||||||
(2,400 | ) | (17,794 | ) | 254,881 | 5,011,809 | |||||||||||
Class C Shares | ||||||||||||||||
Shares sold | 212,681 | 4,480,788 | 1,194,759 | 22,922,802 | ||||||||||||
Reinvestment of dividends and distributions | 4,654 | 99,903 | 1,569 | 27,014 | ||||||||||||
Shares repurchased | (154,743 | ) | (3,243,831 | ) | (284,761 | ) | (5,165,111 | ) | ||||||||
62,592 | 1,336,860 | 911,567 | 17,784,705 | |||||||||||||
Institutional Shares | ||||||||||||||||
Shares sold | 21,873,168 | 486,278,414 | 20,608,151 | 408,262,143 | ||||||||||||
Reinvestment of dividends and distributions | 290,762 | 6,742,778 | 101,412 | 1,876,129 | ||||||||||||
Shares repurchased | (6,319,148 | ) | (143,336,564 | ) | (2,162,565 | ) | (43,154,464 | ) | ||||||||
15,844,782 | 349,684,628 | 18,546,998 | 366,983,808 | |||||||||||||
Service Shares | ||||||||||||||||
Shares sold | 40,562 | 906,076 | 56,234 | 1,064,331 | ||||||||||||
Reinvestment of dividends and distributions | 126 | 2,777 | 458 | 8,059 | ||||||||||||
Shares repurchased | (2,720 | ) | (59,574 | ) | (127,275 | ) | (2,377,050 | ) | ||||||||
37,968 | 849,279 | (70,583 | ) | (1,304,660 | ) | |||||||||||
NET INCREASE | 18,881,003 | $ | 414,714,829 | 34,230,540 | $ | 676,020,344 | ||||||||||
(a) | Class B Shares will automatically convert into Class A Shares at the end of the calendar quarter that is eight years after the initial purchase date of either the Fund or another Goldman Sachs Fund. |
9. SUMMARY OF SHARE TRANSACTIONS (continued) |
Asia Equity | ||||||||||||||||
For the Six Months Ended | ||||||||||||||||
February 28, 2007 | For the Year Ended | |||||||||||||||
(Unaudited) | August 31, 2006 | |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
Class A Shares | ||||||||||||||||
Shares sold | 653,743 | $ | 11,451,252 | 2,458,364 | $ | 36,967,552 | ||||||||||
Reinvestment of dividends and distributions | 23,725 | 410,677 | 50,397 | 721,183 | ||||||||||||
Shares converted from Class B(a) | 11,353 | 188,310 | 45,604 | 683,839 | ||||||||||||
Shares repurchased | (653,562 | ) | (11,241,374 | ) | (984,335 | ) | (15,028,418 | ) | ||||||||
35,259 | 808,865 | 1,570,030 | 23,344,156 | |||||||||||||
Class B Shares | ||||||||||||||||
Shares sold | 27,226 | 450,455 | 76,346 | 1,118,782 | ||||||||||||
Reinvestment of dividends and distributions | — | — | 2,015 | 27,764 | ||||||||||||
Shares converted Class A(a) | (11,852 | ) | (188,310 | ) | (47,486 | ) | (683,839 | ) | ||||||||
Shares repurchased | (62,253 | ) | (1,033,205 | ) | (200,033 | ) | (2,919,059 | ) | ||||||||
(46,879 | ) | (771,060 | ) | (169,158 | ) | (2,456,352 | ) | |||||||||
Class C Shares | ||||||||||||||||
Shares sold | 44,716 | 738,415 | 136,541 | 1,995,827 | ||||||||||||
Reinvestment of dividends and distributions | — | — | 1,222 | 16,736 | ||||||||||||
Shares repurchased | (27,990 | ) | (471,062 | ) | (45,957 | ) | (651,133 | ) | ||||||||
16,726 | 267,353 | 91,806 | 1,361,430 | |||||||||||||
Institutional Shares | ||||||||||||||||
Shares sold | 588,420 | 10,658,785 | 625,720 | 9,811,044 | ||||||||||||
Reinvestment of dividends and distributions | 18,433 | 334,923 | 28,383 | 426,322 | ||||||||||||
Shares repurchased | (370,761 | ) | (6,522,970 | ) | (462,988 | ) | (6,931,004 | ) | ||||||||
236,092 | 4,470,738 | 191,115 | 3,306,362 | |||||||||||||
NET INCREASE | 241,198 | $ | 4,775,896 | 1,683,793 | $ | 25,555,596 | ||||||||||
(a) | Class B Shares will automatically convert into Class A Shares at the end of the calendar quarter that is eight years after the initial purchase date of either the Fund or another Goldman Sachs Fund. |
9. SUMMARY OF SHARE TRANSACTIONS (continued) |
BRIC | ||||||||||||||||
For the Period Ended | ||||||||||||||||
February 28, 2007 | For the Period Ended | |||||||||||||||
(Unaudited) | August 31, 2006(a) | |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
Class A Shares | ||||||||||||||||
Shares sold | 8,766,644 | $ | 107,335,221 | 551,716 | $ | 5,733,613 | ||||||||||
Reinvestment of dividends and distributions | 5,694 | 68,976 | — | — | ||||||||||||
Shares repurchased | (500,244 | ) | (6,185,167 | ) | (379 | ) | (3,706 | ) | ||||||||
8,272,094 | 101,219,030 | 551,337 | 5,729,907 | |||||||||||||
Class C Shares | ||||||||||||||||
Shares sold | 2,651,052 | $ | 32,559,138 | 181,207 | 1,883,948 | |||||||||||
Reinvestment of dividends and distributions | 1,567 | 18,921 | — | — | ||||||||||||
Shares repurchased | (87,291 | ) | (1,091,118 | ) | (95 | ) | (990 | ) | ||||||||
2,565,328 | 31,486,941 | 181,112 | 1,882,958 | |||||||||||||
Institutional Shares | ||||||||||||||||
Shares sold | 1,368,985 | $ | 16,923,194 | 1,035,876 | 10,360,654 | |||||||||||
Reinvestment of dividends and distributions | 1,997 | 24,220 | — | — | ||||||||||||
Shares repurchased | (1,010,742 | ) | (13,038,397 | ) | — | — | ||||||||||
360,240 | 3,909,017 | 1,035,876 | 10,360,654 | |||||||||||||
NET INCREASE | 11,197,662 | $ | 136,614,988 | 1,768,325 | $ | 17,973,519 | ||||||||||
(a) | Commencement of operations was June 30, 2006. |
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 period | gain (loss)(a) | gain (loss) | operations | income | |||||||||||||||||||
FOR THE SIX MONTHS ENDED FEBRUARY 28, (Unaudited) | ||||||||||||||||||||||||
2007 - A | $ | 21.05 | $ | (0.03 | ) | $ | 2.26 | $ | 2.23 | $ | (0.16 | ) | ||||||||||||
2007 - B | 20.32 | (0.11 | ) | 2.17 | 2.06 | — | ||||||||||||||||||
2007 - C | 19.90 | (0.10 | ) | 2.13 | 2.03 | (0.03 | ) | |||||||||||||||||
2007 - Institutional | 21.53 | 0.02 | 2.30 | 2.32 | (0.23 | ) | ||||||||||||||||||
2007 - Service | 21.19 | (0.05 | ) | 2.28 | 2.23 | (0.17 | ) | |||||||||||||||||
FOR THE YEARS ENDED AUGUST 31, | ||||||||||||||||||||||||
2006 - A | 17.78 | 0.23 | 3.19 | 3.42 | (0.15 | ) | ||||||||||||||||||
2006 - B | 17.16 | 0.05 | 3.11 | 3.16 | — | |||||||||||||||||||
2006 - C | 16.84 | 0.07 | 3.03 | 3.10 | (0.04 | ) | ||||||||||||||||||
2006 - Institutional | 18.19 | 0.31 | 3.25 | 3.56 | (0.22 | ) | ||||||||||||||||||
2006 - Service | 17.91 | 0.27 | 3.13 | 3.40 | (0.12 | ) | ||||||||||||||||||
2005 - A | 14.73 | 0.09 | 3.30 | 3.39 | (0.34 | ) | ||||||||||||||||||
2005 - B | 14.26 | (0.04 | ) | 3.20 | 3.16 | (0.26 | ) | |||||||||||||||||
2005 - C | 14.03 | (0.03 | ) | 3.13 | 3.10 | (0.29 | ) | |||||||||||||||||
2005 - Institutional | 15.05 | 0.14 | 3.41 | 3.55 | (0.41 | ) | ||||||||||||||||||
2005 - Service | 14.82 | 0.06 | 3.34 | 3.40 | (0.31 | ) | ||||||||||||||||||
2004 - A | 13.41 | 0.03 | 1.95 | 1.98 | (0.66 | ) | ||||||||||||||||||
2004 - B | 13.02 | (0.06 | ) | 1.90 | 1.84 | (0.60 | ) | |||||||||||||||||
2004 - C | 12.83 | (0.05 | ) | 1.86 | 1.81 | (0.61 | ) | |||||||||||||||||
2004 - Institutional | 13.70 | 0.09 | 2.01 | 2.10 | (0.75 | ) | ||||||||||||||||||
2004 - Service | 13.38 | 0.02 | 1.96 | 1.98 | (0.54 | ) | ||||||||||||||||||
2003 - A | 12.97 | 0.03 | 0.56 | 0.59 | (0.15 | ) | ||||||||||||||||||
2003 - B | 12.61 | (0.02 | ) | 0.53 | 0.51 | (0.10 | ) | |||||||||||||||||
2003 - C | 12.46 | (0.01 | ) | 0.51 | 0.50 | (0.13 | ) | |||||||||||||||||
2003 - Institutional | 13.32 | 0.10 | 0.58 | 0.68 | (0.30 | ) | ||||||||||||||||||
2003 - Service | 13.00 | 0.06 | 0.55 | 0.61 | (0.23 | ) | ||||||||||||||||||
2002 - A | 15.64 | — | (c) | (2.61 | ) | (2.61 | ) | (0.06 | ) | |||||||||||||||
2002 - B | 15.23 | (0.06 | ) | (2.56 | ) | (2.62 | ) | — | ||||||||||||||||
2002 - C | 15.05 | (0.06 | ) | (2.53 | ) | (2.59 | ) | — | ||||||||||||||||
2002 - Institutional | 16.09 | 0.13 | (2.72 | ) | (2.59 | ) | (0.18 | ) | ||||||||||||||||
2002 - Service | 15.71 | 0.04 | (2.64 | ) | (2.60 | ) | (0.11 | ) | ||||||||||||||||
(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 year 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) | Amount is less than $0.005 per share. |
(d) | Annualized. |
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 | period | to average | to average | to average | to average | turnover | |||||||||||||||||||||||||||
of period | return(b) | (in 000s) | net assets | net assets | net assets | net assets | rate | |||||||||||||||||||||||||||
$ | 23.12 | 10.63 | % | $ | 421,870 | 1.54 | %(d) | (0.23 | )% (d) | 1.54 | %(d) | (0.23 | )% (d) | 45 | % | |||||||||||||||||||
22.38 | 10.14 | 14,435 | 2.29 | (d) | (0.99 | )(d) | 2.29 | (d) | (0.99 | )(d) | 45 | |||||||||||||||||||||||
21.90 | 10.19 | 24,685 | 2.29 | (d) | (0.98 | )(d) | 2.29 | (d) | (0.98 | )(d) | 45 | |||||||||||||||||||||||
23.62 | 10.80 | 126,664 | 1.14 | (d) | 0.18 | (d) | 1.14 | (d) | 0.18 | (d) | 45 | |||||||||||||||||||||||
23.25 | 10.53 | 1,345 | 1.64 | (d) | (0.42 | )(d) | 1.64 | (d) | (0.42 | )(d) | 45 | |||||||||||||||||||||||
21.05 | 19.26 | 390,054 | 1.54 | 1.15 | 1.58 | 1.11 | 59 | |||||||||||||||||||||||||||
20.32 | 18.41 | 14,576 | 2.29 | 0.24 | 2.33 | 0.20 | 59 | |||||||||||||||||||||||||||
19.90 | 18.44 | 22,982 | 2.29 | 0.40 | 2.33 | 0.36 | 59 | |||||||||||||||||||||||||||
21.53 | 19.72 | 99,325 | 1.14 | 1.54 | 1.18 | 1.50 | 59 | |||||||||||||||||||||||||||
21.19 | 19.10 | 1,301 | 1.64 | 1.37 | 1.68 | 1.33 | 59 | |||||||||||||||||||||||||||
17.78 | 23.26 | 308,447 | 1.54 | 0.53 | 1.60 | 0.47 | 49 | |||||||||||||||||||||||||||
17.16 | 22.36 | 16,554 | 2.29 | (0.27 | ) | 2.35 | (0.33 | ) | 49 | |||||||||||||||||||||||||
16.84 | 22.31 | 17,770 | 2.29 | (0.21 | ) | 2.35 | (0.27 | ) | 49 | |||||||||||||||||||||||||
18.19 | 23.84 | 62,486 | 1.14 | 0.83 | 1.20 | 0.77 | 49 | |||||||||||||||||||||||||||
17.91 | 23.17 | 426 | 1.64 | 0.39 | 1.70 | 0.33 | 49 | |||||||||||||||||||||||||||
14.73 | 14.88 | 301,190 | 1.74 | 0.17 | 1.81 | 0.10 | 78 | |||||||||||||||||||||||||||
14.26 | 14.23 | 23,515 | 2.29 | (0.39 | ) | 2.36 | (0.46 | ) | 78 | |||||||||||||||||||||||||
14.03 | 14.26 | 15,643 | 2.29 | (0.36 | ) | 2.36 | (0.43 | ) | 78 | |||||||||||||||||||||||||
15.05 | 15.53 | 72,823 | 1.14 | 0.63 | 1.21 | 0.56 | 78 | |||||||||||||||||||||||||||
14.82 | 14.90 | 542 | 1.64 | 0.12 | 1.71 | 0.05 | 78 | |||||||||||||||||||||||||||
13.41 | 4.69 | 313,197 | 1.80 | 0.29 | 1.87 | 0.22 | 62 | |||||||||||||||||||||||||||
13.02 | 4.17 | 26,438 | 2.30 | (0.18 | ) | 2.37 | (0.25 | ) | 62 | |||||||||||||||||||||||||
12.83 | 4.17 | 13,814 | 2.30 | (0.12 | ) | 2.37 | (0.19 | ) | 62 | |||||||||||||||||||||||||
13.70 | 5.39 | 196,494 | 1.15 | 0.82 | 1.22 | 0.75 | 62 | |||||||||||||||||||||||||||
13.38 | 4.93 | 1,270 | 1.65 | 0.52 | 1.72 | 0.45 | 62 | |||||||||||||||||||||||||||
12.97 | (16.76 | ) | 503,843 | 1.80 | 0.01 | 1.86 | (0.05 | ) | 118 | |||||||||||||||||||||||||
12.61 | (17.20 | ) | 32,317 | 2.30 | (0.43 | ) | 2.36 | (0.49 | ) | 118 | ||||||||||||||||||||||||
12.46 | (17.21 | ) | 13,832 | 2.30 | (0.40 | ) | 2.36 | (0.46 | ) | 118 | ||||||||||||||||||||||||
13.32 | (16.22 | ) | 409,736 | 1.15 | 0.90 | 1.21 | 0.84 | 118 | ||||||||||||||||||||||||||
13.00 | (16.63 | ) | 5,122 | 1.65 | 0.25 | 1.71 | 0.19 | 118 | ||||||||||||||||||||||||||
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 | Total | ||||||||||||||||||||||||||
Year - Share Class | of period | loss(a) | gain (loss) | operations | income | gains | distributions | |||||||||||||||||||||||||
FOR THE SIX MONTHS ENDED FEBRUARY 28, (Unaudited) | ||||||||||||||||||||||||||||||||
2007 - A | $ | 11.65 | $ | (0.03 | ) | $ | 0.78 | $ | 0.75 | $ | — | $ | — | $ | — | |||||||||||||||||
2007 - B | 11.17 | (0.07 | ) | 0.74 | 0.67 | — | — | — | ||||||||||||||||||||||||
2007 - C | 11.14 | (0.07 | ) | 0.74 | 0.67 | — | — | — | ||||||||||||||||||||||||
2007 - Institutional | 12.10 | (0.01 | ) | 0.81 | 0.80 | (0.01 | ) | — | (0.01 | ) | ||||||||||||||||||||||
2007 - Service | 11.80 | (0.03 | ) | 0.78 | 0.75 | — | — | — | ||||||||||||||||||||||||
FOR THE YEARS ENDED AUGUST 31, | ||||||||||||||||||||||||||||||||
2006 - A | 9.58 | (0.06 | ) | 2.21 | 2.15 | (0.08 | ) | — | (0.08 | ) | ||||||||||||||||||||||
2006 - B | 9.21 | (0.14 | ) | 2.13 | 1.99 | (0.03 | ) | — | (0.03 | ) | ||||||||||||||||||||||
2006 - C | 9.19 | (0.15 | ) | 2.14 | 1.99 | (0.04 | ) | — | (0.04 | ) | ||||||||||||||||||||||
2006 - Institutional | 9.93 | (0.02 | ) | 2.31 | 2.29 | (0.12 | ) | — | (0.12 | ) | ||||||||||||||||||||||
2006 - Service | 9.73 | (0.07 | ) | 2.24 | 2.17 | (0.10 | ) | — | (0.10 | ) | ||||||||||||||||||||||
2005 - A | 8.61 | (0.04 | ) | 1.01 | 0.97 | — | — | — | ||||||||||||||||||||||||
2005 - B | 8.34 | (0.10 | ) | 0.97 | 0.87 | — | — | — | ||||||||||||||||||||||||
2005 - C | 8.32 | (0.10 | ) | 0.97 | 0.87 | — | — | — | ||||||||||||||||||||||||
2005 - Institutional | 8.89 | — | (c) | 1.04 | 1.04 | — | — | — | ||||||||||||||||||||||||
2005 - Service | 8.75 | (0.05 | ) | 1.03 | 0.98 | — | — | — | ||||||||||||||||||||||||
2004 - A | 7.39 | (0.08 | ) | 1.31 | 1.23 | (0.01 | ) | — | (0.01 | ) | ||||||||||||||||||||||
2004 - B | 7.19 | (0.13 | ) | 1.28 | 1.15 | — | — | — | ||||||||||||||||||||||||
2004 - C | 7.18 | (0.13 | ) | 1.27 | 1.14 | — | — | — | ||||||||||||||||||||||||
2004 - Institutional | 7.62 | (0.03 | ) | 1.34 | 1.31 | (0.04 | ) | — | (0.04 | ) | ||||||||||||||||||||||
2004 - Service | 7.47 | (0.04 | ) | 1.33 | 1.29 | (0.01 | ) | — | (0.01 | ) | ||||||||||||||||||||||
2003 - A | 7.70 | (0.06 | ) | (0.25 | ) | (0.31 | ) | — | — | — | ||||||||||||||||||||||
2003 - B | 7.55 | (0.09 | ) | (0.27 | ) | (0.36 | ) | — | — | — | ||||||||||||||||||||||
2003 - C | 7.53 | (0.09 | ) | (0.26 | ) | (0.35 | ) | — | — | — | ||||||||||||||||||||||
2003 - Institutional | 7.90 | (0.02 | ) | (0.26 | ) | (0.28 | ) | — | — | — | ||||||||||||||||||||||
2003 - Service | 7.77 | (0.04 | ) | (0.26 | ) | (0.30 | ) | — | — | — | ||||||||||||||||||||||
2002 - A | 8.82 | (0.09 | ) | (0.95 | ) | (1.04 | ) | — | (0.08 | ) | (0.08 | ) | ||||||||||||||||||||
2002 - B | 8.69 | (0.13 | ) | (0.93 | ) | (1.06 | ) | — | (0.08 | ) | (0.08 | ) | ||||||||||||||||||||
2002 - C | 8.67 | (0.13 | ) | (0.93 | ) | (1.06 | ) | — | (0.08 | ) | (0.08 | ) | ||||||||||||||||||||
2002 - Institutional | 9.00 | (0.04 | ) | (0.98 | ) | (1.02 | ) | — | (0.08 | ) | (0.08 | ) | ||||||||||||||||||||
2002 - Service | 8.88 | (0.07 | ) | (0.96 | ) | (1.03 | ) | — | (0.08 | ) | (0.08 | ) | ||||||||||||||||||||
(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 year 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) | Amount is less than $0.005 per share. |
(d) | Annualized. |
Ratios assuming no | ||||||||||||||||||||||||||||||||||
expense reductions | ||||||||||||||||||||||||||||||||||
Net assets, | Ratio of | Ratio of | Ratio of | Ratio of | ||||||||||||||||||||||||||||||
Net asset | end of | net expenses | net investment | total expenses | net investment | Portfolio | ||||||||||||||||||||||||||||
value, end | Total | period | to average | loss to average | to average | loss to average | turnover | |||||||||||||||||||||||||||
of period | return(b) | (in 000s) | net assets | net assets | net assets | net assets | rate | |||||||||||||||||||||||||||
$ | 12.40 | 6.44 | % | $ | 32,587 | 1.55 | %(d) | (0.46 | )%(d) | 1.88 | %(d) | (0.79 | )%(d) | 46 | % | |||||||||||||||||||
11.84 | 6.00 | 2,510 | 2.30 | (d) | (1.22 | )(d) | 2.63 | (d) | (1.55 | )(d) | 46 | |||||||||||||||||||||||
11.81 | 6.01 | 5,313 | 2.30 | (d) | (1.24 | )(d) | 2.63 | (d) | (1.57 | )(d) | 46 | |||||||||||||||||||||||
12.89 | 6.61 | 15,620 | 1.15 | (d) | (0.15 | )(d) | 1.48 | (d) | (0.48 | )(d) | 46 | |||||||||||||||||||||||
12.55 | 6.36 | 239 | 1.65 | (d) | (0.45 | )(d) | 1.98 | (d) | (0.78 | )(d) | 46 | |||||||||||||||||||||||
11.65 | 22.45 | 40,735 | 1.55 | (0.52 | ) | 1.93 | (0.90 | ) | 73 | |||||||||||||||||||||||||
11.17 | 21.58 | 2,795 | 2.30 | (1.29 | ) | 2.68 | (1.67 | ) | 73 | |||||||||||||||||||||||||
11.14 | 21.62 | 5,447 | 2.30 | (1.34 | ) | 2.68 | (1.72 | ) | 73 | |||||||||||||||||||||||||
12.10 | 23.08 | 14,571 | 1.15 | (0.17 | ) | 1.53 | (0.55 | ) | 73 | |||||||||||||||||||||||||
11.80 | 22.39 | 241 | 1.65 | (0.59 | ) | 2.03 | (0.97 | ) | 73 | |||||||||||||||||||||||||
9.58 | 11.27 | 38,443 | 1.55 | (0.46 | ) | 2.11 | (1.02 | ) | 82 | |||||||||||||||||||||||||
9.21 | 10.43 | 1,797 | 2.30 | (1.20 | ) | 2.86 | (1.76 | ) | 82 | |||||||||||||||||||||||||
9.19 | 10.46 | 1,711 | 2.30 | (1.21 | ) | 2.86 | (1.77 | ) | 82 | |||||||||||||||||||||||||
9.93 | 11.70 | 7,018 | 1.15 | (0.04 | ) | 1.71 | (0.60 | ) | 82 | |||||||||||||||||||||||||
9.73 | 11.20 | 2 | 1.65 | (0.48 | ) | 2.21 | (1.04 | ) | 82 | |||||||||||||||||||||||||
8.61 | 16.58 | 38,544 | 1.73 | (0.92 | ) | 2.34 | (1.53 | ) | 111 | |||||||||||||||||||||||||
8.34 | 15.99 | 1,969 | 2.30 | (1.57 | ) | 2.91 | (2.18 | ) | 111 | |||||||||||||||||||||||||
8.32 | 15.88 | 1,650 | 2.30 | (1.55 | ) | 2.91 | (2.16 | ) | 111 | |||||||||||||||||||||||||
8.89 | 17.32 | 12,588 | 1.15 | (0.28 | ) | 1.76 | (0.89 | ) | 111 | |||||||||||||||||||||||||
8.75 | 17.27 | 2 | 1.65 | (0.47 | ) | 2.26 | (1.08 | ) | 111 | |||||||||||||||||||||||||
7.39 | (4.03 | ) | 19,088 | 1.84 | (0.91 | ) | 3.15 | (2.22 | ) | 115 | ||||||||||||||||||||||||
7.19 | (4.77 | ) | 1,556 | 2.34 | (1.40 | ) | 3.65 | (2.71 | ) | 115 | ||||||||||||||||||||||||
7.18 | (4.65 | ) | 1,784 | 2.34 | (1.40 | ) | 3.65 | (2.71 | ) | 115 | ||||||||||||||||||||||||
7.62 | (3.54 | ) | 5,057 | 1.19 | (0.34 | ) | 2.50 | (1.65 | ) | 115 | ||||||||||||||||||||||||
7.47 | (3.86 | ) | 1 | 1.69 | (0.54 | ) | 3.00 | (1.85 | ) | 115 | ||||||||||||||||||||||||
7.70 | (11.84 | ) | 16,863 | 1.83 | (1.11 | ) | 3.19 | (2.47 | ) | 98 | ||||||||||||||||||||||||
7.55 | (12.25 | ) | 1,807 | 2.33 | (1.59 | ) | 3.69 | (2.95 | ) | 98 | ||||||||||||||||||||||||
7.53 | (12.28 | ) | 2,389 | 2.33 | (1.60 | ) | 3.69 | (2.96 | ) | 98 | ||||||||||||||||||||||||
7.90 | (11.38 | ) | 6,480 | 1.18 | (0.45 | ) | 2.54 | (1.81 | ) | 98 | ||||||||||||||||||||||||
7.77 | (11.65 | ) | 1 | 1.68 | (0.88 | ) | 3.04 | (2.24 | ) | 98 | ||||||||||||||||||||||||
Income (loss) from | Distributions | |||||||||||||||||||||||
investment operations | to shareholders | |||||||||||||||||||||||
Net asset | Net | |||||||||||||||||||||||
value, | investment | Net realized | Total from | From net | ||||||||||||||||||||
beginning | income | and unrealized | investment | investment | ||||||||||||||||||||
Year - Share Class | of period | (loss)(a) | gain (loss) | operations | income | |||||||||||||||||||
FOR THE SIX MONTHS ENDED FEBRUARY 28, (Unaudited) | ||||||||||||||||||||||||
2007 - A | $ | 18.16 | $ | (0.09 | ) | $ | 2.98 | $ | 2.89 | $ | (0.19 | ) | ||||||||||||
2007 - B | 17.47 | (0.16 | ) | 2.87 | 2.71 | — | ||||||||||||||||||
2007 - C | 17.40 | (0.15 | ) | 2.86 | 2.71 | (0.06 | ) | |||||||||||||||||
2007 - Institutional | 18.79 | (0.05 | ) | 3.09 | 3.04 | (0.26 | ) | |||||||||||||||||
2007 - Service | 18.13 | (0.12 | ) | 2.99 | 2.87 | (0.20 | ) | |||||||||||||||||
FOR THE YEARS ENDED AUGUST 31, | ||||||||||||||||||||||||
2006 - A | 15.83 | 0.02 | 2.41 | 2.43 | (0.10 | ) | ||||||||||||||||||
2006 - B | 15.25 | (0.13 | ) | 2.35 | 2.22 | — | ||||||||||||||||||
2006 - C | 15.19 | (0.11 | ) | 2.32 | 2.21 | — | ||||||||||||||||||
2006 - Institutional | 16.35 | 0.09 | 2.48 | 2.57 | (0.13 | ) | ||||||||||||||||||
2006 - Service | 15.80 | 0.02 | 2.39 | 2.41 | (0.08 | ) | ||||||||||||||||||
2005 - A | 12.00 | 0.03 | 3.88 | 3.91 | (0.08 | ) | ||||||||||||||||||
2005 - B | 11.65 | (0.09 | ) | 3.76 | 3.67 | (0.07 | ) | |||||||||||||||||
2005 - C | 11.64 | (0.09 | ) | 3.75 | 3.66 | (0.11 | ) | |||||||||||||||||
2005 - Institutional | 12.43 | 0.08 | 4.02 | 4.10 | (0.18 | ) | ||||||||||||||||||
2005 - Service | 12.06 | 0.01 | 3.89 | 3.90 | (0.16 | ) | ||||||||||||||||||
2004 - A | 9.22 | 0.08 | 2.71 | 2.79 | (0.01 | ) | ||||||||||||||||||
2004 - B | 8.99 | 0.02 | 2.65 | 2.67 | (0.01 | ) | ||||||||||||||||||
2004 - C | 8.98 | (0.01 | ) | 2.67 | 2.66 | — | ||||||||||||||||||
2004 - Institutional | 9.55 | 0.13 | 2.83 | 2.96 | (0.08 | ) | ||||||||||||||||||
2004 - Service | 9.29 | 0.09 | 2.73 | 2.82 | (0.05 | ) | ||||||||||||||||||
2003 - A | 7.96 | — | (c) | 1.26 | 1.26 | — | ||||||||||||||||||
2003 - B | 7.81 | (0.03 | ) | 1.21 | 1.18 | — | ||||||||||||||||||
2003 - C | 7.80 | (0.03 | ) | 1.21 | 1.18 | — | ||||||||||||||||||
2003 - Institutional | 8.20 | 0.06 | 1.29 | 1.35 | — | |||||||||||||||||||
2003 - Service | 8.01 | 0.03 | 1.25 | 1.28 | — | |||||||||||||||||||
2002 - A | 9.81 | (0.07 | ) | (1.78 | ) | (1.85 | ) | — | ||||||||||||||||
2002 - B | 9.66 | (0.11 | ) | (1.74 | ) | (1.85 | ) | — | ||||||||||||||||
2002 - C | 9.66 | (0.11 | ) | (1.75 | ) | (1.86 | ) | — | ||||||||||||||||
2002 - Institutional | 10.03 | (0.01 | ) | (1.82 | ) | (1.83 | ) | — | ||||||||||||||||
2002 - Service | 9.85 | (0.04 | ) | (1.80 | ) | (1.84 | ) | — | ||||||||||||||||
(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 year 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) | Amount is less than $0.005 per share. |
(d) | Annualized. |
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 | period | to average | to average | to average | to average | turnover | |||||||||||||||||||||||||||
of period | return(b) | (in 000s) | net assets | net assets | net assets | net assets | rate | |||||||||||||||||||||||||||
$ | 20.86 | 15.95 | % | $ | 115,145 | 1.64 | %(d) | (0.91 | )% (d) | 1.70 | %(d) | (0.97 | )% (d) | 42 | % | |||||||||||||||||||
20.18 | 15.51 | 4,922 | 2.39 | (d) | (1.66 | )(d) | 2.45 | (d) | (1.72 | )(d) | 42 | |||||||||||||||||||||||
20.05 | 15.58 | 8,476 | 2.39 | (d) | (1.66 | )(d) | 2.45 | (d) | (1.72 | )(d) | 42 | |||||||||||||||||||||||
21.57 | 16.24 | 102,749 | 1.24 | (d) | (0.52 | )(d) | 1.30 | (d) | (0.58 | )(d) | 42 | |||||||||||||||||||||||
20.80 | 15.89 | 965 | 1.74 | (d) | (1.24 | )(d) | 1.80 | (d) | (1.30 | )(d) | 42 | |||||||||||||||||||||||
18.16 | 15.39 | 98,861 | 1.64 | 0.10 | 1.79 | (0.05 | ) | 60 | ||||||||||||||||||||||||||
17.47 | 14.56 | 4,615 | 2.39 | (0.73 | ) | 2.54 | (0.88 | ) | 60 | |||||||||||||||||||||||||
17.40 | 14.55 | 8,314 | 2.39 | (0.66 | ) | 2.54 | (0.81 | ) | 60 | |||||||||||||||||||||||||
18.79 | 15.79 | 92,505 | 1.24 | 0.48 | 1.39 | 0.33 | 60 | |||||||||||||||||||||||||||
18.13 | 15.29 | 750 | 1.74 | 0.10 | 1.89 | (0.05 | ) | 60 | ||||||||||||||||||||||||||
15.83 | 32.70 | 64,169 | 1.64 | 0.17 | 1.95 | (0.14 | ) | 67 | ||||||||||||||||||||||||||
15.25 | 31.63 | 4,885 | 2.39 | (0.64 | ) | 2.70 | (0.95 | ) | 67 | |||||||||||||||||||||||||
15.19 | 31.65 | 8,445 | 2.39 | (0.63 | ) | 2.70 | (0.94 | ) | 67 | |||||||||||||||||||||||||
16.35 | 33.27 | 66,670 | 1.24 | 0.52 | 1.55 | 0.21 | 67 | |||||||||||||||||||||||||||
15.80 | 32.54 | 217 | 1.74 | 0.06 | 2.05 | (0.25 | ) | 67 | ||||||||||||||||||||||||||
12.00 | 30.33 | 24,420 | 1.85 | 0.70 | 2.43 | 0.12 | 99 | |||||||||||||||||||||||||||
11.65 | 29.66 | 3,362 | 2.39 | 0.17 | 2.97 | (0.41 | ) | 99 | ||||||||||||||||||||||||||
11.64 | 29.62 | 5,918 | 2.39 | (0.05 | ) | 2.97 | (0.63 | ) | 99 | |||||||||||||||||||||||||
12.43 | 31.07 | 37,898 | 1.24 | 1.12 | 1.82 | 0.54 | 99 | |||||||||||||||||||||||||||
12.06 | 30.38 | 213 | 1.74 | 0.73 | 2.32 | 0.15 | 99 | |||||||||||||||||||||||||||
9.22 | 15.83 | 29,846 | 1.91 | 0.02 | 2.66 | (0.73 | ) | 87 | ||||||||||||||||||||||||||
8.99 | 15.11 | 1,285 | 2.41 | (0.38 | ) | 3.16 | (1.13 | ) | 87 | |||||||||||||||||||||||||
8.98 | 15.13 | 1,653 | 2.41 | (0.44 | ) | 3.16 | (1.19 | ) | 87 | |||||||||||||||||||||||||
9.55 | 16.46 | 28,721 | 1.26 | 0.83 | 2.01 | 0.08 | 87 | |||||||||||||||||||||||||||
9.29 | 15.98 | 56 | 1.76 | 0.34 | 2.51 | (0.41 | ) | 87 | ||||||||||||||||||||||||||
7.96 | (18.86 | ) | 51,188 | 2.03 | (0.77 | ) | 2.37 | (1.11 | ) | 56 | ||||||||||||||||||||||||
7.81 | (19.15 | ) | 1,171 | 2.53 | (1.22 | ) | 2.87 | (1.56 | ) | 56 | ||||||||||||||||||||||||
7.80 | (19.15 | ) | 1,377 | 2.53 | (1.23 | ) | 2.87 | (1.57 | ) | 56 | ||||||||||||||||||||||||
8.20 | (18.25 | ) | 41,175 | 1.38 | (0.12 | ) | 1.72 | (0.46 | ) | 56 | ||||||||||||||||||||||||
8.01 | (18.68 | ) | 25 | 1.88 | (0.49 | ) | 2.22 | (0.83 | ) | 56 | ||||||||||||||||||||||||
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 | Total | ||||||||||||||||||||||||||
Year - Share Class | of period | income (loss)(a) | gain (loss) | operations | income | gains | distributions | |||||||||||||||||||||||||
FOR THE SIX MONTHS ENDED FEBRUARY 28, (Unaudited) | ||||||||||||||||||||||||||||||||
2007 - A | $ | 19.91 | $ | (0.03 | ) | $ | 3.24 | $ | 3.21 | $ | (0.08 | ) | $ | (0.14 | ) | $ | (0.22 | ) | ||||||||||||||
2007 - B | 19.14 | (0.10 | ) | 3.11 | 3.01 | — | (0.14 | ) | (0.14 | ) | ||||||||||||||||||||||
2007 - C | 19.16 | (0.10 | ) | 3.10 | 3.00 | — | (0.14 | ) | (0.14 | ) | ||||||||||||||||||||||
2007 - Institutional | 20.75 | 0.01 | 3.39 | 3.40 | (0.15 | ) | (0.14 | ) | (0.29 | ) | ||||||||||||||||||||||
2007 - Service | 19.66 | (0.05 | ) | 3.21 | 3.16 | — | (0.14 | ) | (0.14 | ) | ||||||||||||||||||||||
FOR THE YEARS ENDED AUGUST 31, | ||||||||||||||||||||||||||||||||
2006 - A | 15.76 | 0.16 | 4.12 | 4.28 | (0.03 | ) | (0.10 | ) | (0.13 | ) | ||||||||||||||||||||||
2006 - B | 15.24 | (0.02 | ) | 4.02 | 4.00 | — | (0.10 | ) | (0.10 | ) | ||||||||||||||||||||||
2006 - C | 15.26 | 0.03 | 3.97 | 4.00 | — | (0.10 | ) | (0.10 | ) | |||||||||||||||||||||||
2006 - Institutional | 16.39 | 0.24 | 4.29 | 4.53 | (0.07 | ) | (0.10 | ) | (0.17 | ) | ||||||||||||||||||||||
2006 - Service | 15.56 | 0.04 | 4.16 | 4.20 | — | (0.10 | ) | (0.10 | ) | |||||||||||||||||||||||
2005 - A | 10.49 | 0.09 | 5.19 | 5.28 | (0.01 | ) | — | (0.01 | ) | |||||||||||||||||||||||
2005 - B | 10.19 | (0.01 | ) | 5.06 | 5.05 | — | — | — | ||||||||||||||||||||||||
2005 - C | 10.22 | — | (c) | 5.04 | 5.04 | — | — | — | ||||||||||||||||||||||||
2005 - Institutional | 10.92 | 0.14 | 5.41 | 5.55 | (0.08 | ) | — | (0.08 | ) | |||||||||||||||||||||||
2005 - Service | 10.38 | 0.08 | 5.13 | 5.21 | (0.03 | ) | — | (0.03 | ) | |||||||||||||||||||||||
2004 - A | 9.14 | 0.04 | 1.35 | 1.39 | (0.04 | ) | — | (0.04 | ) | |||||||||||||||||||||||
2004 - B | 8.91 | (0.01 | ) | 1.31 | 1.30 | (0.02 | ) | — | (0.02 | ) | ||||||||||||||||||||||
2004 - C | 8.92 | (0.02 | ) | 1.32 | 1.30 | — | — | — | ||||||||||||||||||||||||
2004 - Institutional | 9.49 | 0.09 | 1.42 | 1.51 | (0.08 | ) | — | (0.08 | ) | |||||||||||||||||||||||
2004 - Service | 9.06 | 0.06 | 1.33 | 1.39 | (0.07 | ) | — | (0.07 | ) | |||||||||||||||||||||||
2003 - A | 7.14 | 0.03 | 1.97 | 2.00 | — | — | — | |||||||||||||||||||||||||
2003 - B | 7.00 | (0.01 | ) | 1.92 | 1.91 | — | — | — | ||||||||||||||||||||||||
2003 - C | 7.01 | (0.01 | ) | 1.92 | 1.91 | — | — | — | ||||||||||||||||||||||||
2003 - Institutional | 7.37 | 0.08 | 2.04 | 2.12 | — | — | — | |||||||||||||||||||||||||
2003 - Service | 7.07 | 0.04 | 1.95 | 1.99 | — | — | — | |||||||||||||||||||||||||
2002 - A | 7.21 | (0.04 | ) | (0.03 | ) | (0.07 | ) | — | — | — | ||||||||||||||||||||||
2002 - B | 7.09 | (0.08 | ) | (0.01 | ) | (0.09 | ) | — | — | — | ||||||||||||||||||||||
2002 - C | 7.11 | (0.08 | ) | (0.02 | ) | (0.10 | ) | — | — | — | ||||||||||||||||||||||
2002 - Institutional | 7.38 | 0.01 | (0.02 | ) | (0.01 | ) | — | — | — | |||||||||||||||||||||||
2002 - Service | 7.12 | (0.06 | ) | 0.01 | (0.05 | ) | — | — | — | |||||||||||||||||||||||
(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 year 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) | Amount is less than $0.005 per share. |
(d) | Annualized. |
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 | period | to average | to average | to average | to average | turnover | |||||||||||||||||||||||||||
of period | return(b) | (in 000s) | net assets | net assets | net assets | net assets | rate | |||||||||||||||||||||||||||
$ | 22.90 | 16.15 | % | $ | 528,237 | 1.79 | %(d) | (0.24 | )%(d) | 1.79 | %(d) | (0.24 | )%(d) | 58 | % | |||||||||||||||||||
22.01 | 15.69 | 14,336 | 2.54 | (d) | (0.97 | )(d) | 2.54 | (d) | (0.97 | )(d) | 58 | |||||||||||||||||||||||
22.02 | 15.68 | 25,545 | 2.54 | (d) | (0.98 | )(d) | 2.54 | (d) | (0.98 | )(d) | 58 | |||||||||||||||||||||||
23.86 | 16.35 | 951,173 | 1.40 | (d) | 0.13 | (d) | 1.40 | (d) | 0.13 | (d) | 58 | |||||||||||||||||||||||
22.68 | 16.04 | 1,673 | 1.90 | (d) | (0.44 | )(d) | 1.90 | (d) | (0.44 | )(d) | 58 | |||||||||||||||||||||||
19.91 | 27.17 | 400,757 | 1.81 | 0.82 | 1.81 | 0.82 | 101 | |||||||||||||||||||||||||||
19.14 | 26.24 | 12,516 | 2.56 | (0.11 | ) | 2.56 | (0.11 | ) | 101 | |||||||||||||||||||||||||
19.16 | 26.28 | 21,024 | 2.56 | 0.18 | 2.56 | 0.18 | 101 | |||||||||||||||||||||||||||
20.75 | 27.74 | 498,643 | 1.41 | 1.18 | 1.41 | 1.18 | 101 | |||||||||||||||||||||||||||
19.66 | 27.07 | 704 | 1.89 | 0.22 | 1.89 | 0.22 | 101 | |||||||||||||||||||||||||||
15.76 | 50.51 | 87,292 | 1.99 | 0.63 | 2.06 | 0.56 | 91 | |||||||||||||||||||||||||||
15.24 | 49.51 | 6,080 | 2.74 | (0.11 | ) | 2.81 | (0.18 | ) | 91 | |||||||||||||||||||||||||
15.26 | 49.32 | 2,835 | 2.74 | 0.02 | 2.81 | (0.05 | ) | 91 | ||||||||||||||||||||||||||
16.39 | 51.00 | 89,841 | 1.59 | 1.01 | 1.66 | 0.94 | 91 | |||||||||||||||||||||||||||
15.56 | 50.25 | 1,655 | 2.09 | 0.58 | 2.16 | 0.51 | 91 | |||||||||||||||||||||||||||
10.49 | 15.20 | 30,159 | 2.18 | 0.36 | 2.33 | 0.21 | 150 | |||||||||||||||||||||||||||
10.19 | 14.68 | 2,971 | 2.74 | (0.13 | ) | 2.89 | (0.28 | ) | 150 | |||||||||||||||||||||||||
10.22 | 14.70 | 939 | 2.74 | (0.22 | ) | 2.89 | (0.37 | ) | 150 | |||||||||||||||||||||||||
10.92 | 15.91 | 45,644 | 1.59 | 0.82 | 1.74 | 0.67 | 150 | |||||||||||||||||||||||||||
10.38 | 15.36 | 567 | 2.09 | 0.56 | 2.24 | 0.41 | 150 | |||||||||||||||||||||||||||
9.14 | 28.01 | 24,504 | 2.25 | 0.40 | 2.42 | 0.23 | 82 | |||||||||||||||||||||||||||
8.91 | 27.29 | 1,428 | 2.75 | (0.10 | ) | 2.92 | (0.27 | ) | 82 | |||||||||||||||||||||||||
8.92 | 27.10 | 972 | 2.75 | (0.18 | ) | 2.92 | (0.35 | ) | 82 | |||||||||||||||||||||||||
9.49 | 28.77 | 78,132 | 1.60 | 1.07 | 1.77 | 0.90 | 82 | |||||||||||||||||||||||||||
9.06 | 28.15 | 185 | 2.10 | 0.52 | 2.27 | 0.35 | 82 | |||||||||||||||||||||||||||
7.14 | (0.97 | ) | 22,442 | 2.25 | (0.51 | ) | 2.56 | (0.82 | ) | 104 | ||||||||||||||||||||||||
7.00 | (1.27 | ) | 1,351 | 2.75 | (1.03 | ) | 3.06 | (1.34 | ) | 104 | ||||||||||||||||||||||||
7.01 | (1.41 | ) | 706 | 2.75 | (1.04 | ) | 3.06 | (1.35 | ) | 104 | ||||||||||||||||||||||||
7.37 | (0.14 | ) | 66,920 | 1.60 | 0.13 | 1.91 | (0.18 | ) | 104 | |||||||||||||||||||||||||
7.07 | (0.70 | ) | 50 | 2.10 | (0.93 | ) | 2.41 | (1.24 | ) | 104 | ||||||||||||||||||||||||
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 period | Income (loss)(a) | gain | operations | income | |||||||||||||||||||
FOR THE SIX MONTHS ENDED FEBRUARY 28, (Unaudited) | ||||||||||||||||||||||||
2007 - A | $ | 15.60 | $ | (0.01 | ) | $ | 2.16 | $ | 2.15 | $ | (0.08 | ) | ||||||||||||
2007 - B | 14.94 | (0.08 | ) | 2.07 | 1.99 | — | ||||||||||||||||||
2007 - C | 14.85 | (0.08 | ) | 2.06 | 1.98 | — | ||||||||||||||||||
2007 - Institutional | 16.42 | 0.02 | 2.27 | 2.29 | (0.14 | ) | ||||||||||||||||||
FOR THE YEARS ENDED AUGUST 31, | ||||||||||||||||||||||||
2006 - A | 13.38 | 0.10 | 2.28 | 2.38 | (0.16 | ) | ||||||||||||||||||
2006 - B | 12.85 | (0.05 | ) | 2.22 | 2.17 | (0.08 | ) | |||||||||||||||||
2006 - C | 12.79 | (0.01 | ) | 2.17 | 2.16 | (0.10 | ) | |||||||||||||||||
2006 - Institutional | 14.05 | 0.15 | 2.40 | 2.55 | (0.18 | ) | ||||||||||||||||||
2005 - A | 10.47 | 0.16 | 2.82 | 2.98 | (0.07 | ) | ||||||||||||||||||
2005 - B | 10.08 | 0.04 | 2.74 | 2.78 | (0.01 | ) | ||||||||||||||||||
2005 - C | 10.03 | 0.06 | 2.71 | 2.77 | (0.01 | ) | ||||||||||||||||||
2005 - Institutional | 11.00 | 0.23 | 2.95 | 3.18 | (0.13 | ) | ||||||||||||||||||
2004 - A | 9.37 | 0.06 | 1.11 | 1.17 | (0.07 | ) | ||||||||||||||||||
2004 - B | 9.04 | 0.01 | 1.06 | 1.07 | (0.03 | ) | ||||||||||||||||||
2004 - C | 9.00 | 0.01 | 1.06 | 1.07 | (0.04 | ) | ||||||||||||||||||
2004 - Institutional | 9.82 | 0.20 | 1.09 | 1.29 | (0.11 | ) | ||||||||||||||||||
2003 - A | 8.65 | 0.07 | 0.65 | 0.72 | — | |||||||||||||||||||
2003 - B | 8.39 | 0.02 | 0.63 | 0.65 | — | |||||||||||||||||||
2003 - C | 8.37 | 0.03 | 0.60 | 0.63 | — | |||||||||||||||||||
2003 - Institutional | 8.97 | 0.21 | 0.64 | 0.85 | — | |||||||||||||||||||
2002 - A | 8.07 | 0.06 | 0.52 | 0.58 | — | |||||||||||||||||||
2002 - B | 7.87 | 0.01 | 0.51 | 0.52 | — | |||||||||||||||||||
2002 - C | 7.85 | 0.02 | 0.50 | 0.52 | — | |||||||||||||||||||
2002 - Institutional | 8.32 | 0.12 | 0.53 | 0.65 | — | |||||||||||||||||||
(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 year 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. |
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 | period | to average | to average | to average | to average | turnover | |||||||||||||||||||||||||||
of period | return(b) | (in 000s) | net assets | net assets | net assets | net assets | rate | |||||||||||||||||||||||||||
$ | 17.67 | 13.70 | % | $ | 107,021 | 1.60 | %(c) | (0.16 | )% (c) | 1.81 | %(c) | (0.37 | )% (c) | 48 | % | |||||||||||||||||||
16.93 | 13.25 | 3,095 | 2.35 | (c) | (0.93 | )(c) | 2.56 | (c) | (1.14 | )(c) | 48 | |||||||||||||||||||||||
16.83 | 13.27 | 4,577 | 2.35 | (c) | (0.93 | )(c) | 2.56 | (c) | (1.14 | )(c) | 48 | |||||||||||||||||||||||
18.57 | 13.91 | 52,662 | 1.20 | (c) | 0.27 | (c) | 1.41 | (c) | 0.06 | (c) | 48 | |||||||||||||||||||||||
15.60 | 17.77 | 93,917 | 1.60 | 0.63 | 1.87 | 0.36 | 162 | |||||||||||||||||||||||||||
14.94 | 16.93 | 3,430 | 2.35 | (0.36 | ) | 2.62 | (0.63 | ) | 162 | |||||||||||||||||||||||||
14.85 | 16.94 | 3,790 | 2.35 | (0.06 | ) | 2.62 | (0.33 | ) | 162 | |||||||||||||||||||||||||
16.42 | 18.29 | 42,674 | 1.20 | 0.97 | 1.47 | 0.70 | 162 | |||||||||||||||||||||||||||
13.38 | 28.64 | 59,572 | 1.60 | 1.25 | 1.99 | 0.86 | 66 | |||||||||||||||||||||||||||
12.85 | 27.63 | 5,124 | 2.35 | 0.38 | 2.74 | (0.01 | ) | 66 | ||||||||||||||||||||||||||
12.79 | 27.60 | 2,090 | 2.35 | 0.48 | 2.74 | 0.09 | 66 | |||||||||||||||||||||||||||
14.05 | 29.06 | 33,833 | 1.20 | 1.74 | 1.59 | 1.35 | 66 | |||||||||||||||||||||||||||
10.47 | 12.53 | 38,943 | 1.79 | 0.62 | 2.40 | 0.01 | 105 | |||||||||||||||||||||||||||
10.08 | 11.85 | 4,096 | 2.35 | 0.08 | 2.96 | (0.53 | ) | 105 | ||||||||||||||||||||||||||
10.03 | 11.89 | 1,582 | 2.35 | 0.06 | 2.96 | (0.55 | ) | 105 | ||||||||||||||||||||||||||
11.00 | 13.21 | 21,475 | 1.20 | 1.74 | 1.81 | 1.13 | 105 | |||||||||||||||||||||||||||
9.37 | 8.20 | 35,070 | 1.89 | 0.87 | 3.34 | (0.58 | ) | 224 | ||||||||||||||||||||||||||
9.04 | 7.62 | 3,185 | 2.39 | 0.32 | 3.84 | (1.13 | ) | 224 | ||||||||||||||||||||||||||
9.00 | 7.53 | 1,215 | 2.39 | 0.38 | 3.84 | (1.07 | ) | 224 | ||||||||||||||||||||||||||
9.82 | 9.35 | 3,161 | 1.24 | 2.65 | 2.69 | 1.20 | 224 | |||||||||||||||||||||||||||
8.65 | 7.18 | 29,635 | 1.87 | 0.70 | 3.17 | (0.60 | ) | 161 | ||||||||||||||||||||||||||
8.39 | 6.73 | 3,101 | 2.37 | 0.17 | 3.67 | (1.13 | ) | 161 | ||||||||||||||||||||||||||
8.37 | 6.62 | 1,055 | 2.37 | 0.23 | 3.67 | (1.07 | ) | 161 | ||||||||||||||||||||||||||
8.97 | 7.80 | 4,068 | 1.22 | 1.35 | 2.52 | 0.05 | 161 | |||||||||||||||||||||||||||
Income (loss) from | Distributions | |||||||||||||||||||||||
investment operations | to shareholders | |||||||||||||||||||||||
Net asset | ||||||||||||||||||||||||
value, | Net | Net realized | Total from | From net | ||||||||||||||||||||
beginning | investment | and unrealized | investment | realized | ||||||||||||||||||||
Year - Share Class | of period | loss(a) | gain | operations | gains | |||||||||||||||||||
FOR THE SIX MONTHS ENDED FEBRUARY 28, (Unaudited) | ||||||||||||||||||||||||
2007 - A | $ | 10.45 | $ | (0.07 | ) | $ | 2.13 | $ | 2.06 | $ | (0.02 | ) | ||||||||||||
2007 - C | 10.43 | (0.12 | ) | 2.13 | 2.01 | (0.02 | ) | |||||||||||||||||
2007 - Institutional | 10.46 | (0.03 | ) | 2.12 | 2.09 | (0.02 | ) | |||||||||||||||||
FOR THE PERIOD ENDED AUGUST 31, | ||||||||||||||||||||||||
2006 - A(c) | 10.00 | (0.03 | ) | 0.48 | 0.45 | — | ||||||||||||||||||
2006 - C(c) | 10.00 | (0.04 | ) | 0.47 | 0.43 | — | ||||||||||||||||||
2006 - Institutional(c) | 10.00 | (0.01 | ) | 0.47 | 0.46 | — | ||||||||||||||||||
(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 year 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) | The Fund commenced operations on June 30, 2006. |
(d) | Annualized. |
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 | total expenses | loss | Portfolio | ||||||||||||||||||||||||||||
value, end | Total | period | to average | to average | to average | to average | turnover | |||||||||||||||||||||||||||
of period | return(b) | (in 000s) | net assets(d) | net assets(d) | net assets(d) | net assets(d) | rate | |||||||||||||||||||||||||||
$ | 12.49 | 19.69 | % | $ | 110,212 | 1.97 | % | (1.14 | )% | 2.39 | % | (1.56 | )% | 32 | % | |||||||||||||||||||
12.42 | 19.25 | 34,118 | 2.72 | (1.88 | ) | 3.14 | (2.30 | ) | 32 | |||||||||||||||||||||||||
12.53 | 20.08 | 17,488 | 1.57 | (0.35 | ) | 1.99 | (0.77 | ) | 32 | |||||||||||||||||||||||||
10.45 | 4.60 | 5,762 | 1.97 | (1.48 | ) | 7.54 | (7.05 | ) | 8 | |||||||||||||||||||||||||
10.43 | 4.40 | 1,890 | 2.72 | (2.19 | ) | 8.60 | (8.06 | ) | 8 | |||||||||||||||||||||||||
10.46 | 4.60 | 10,832 | 1.57 | (0.41 | ) | 7.16 | (5.99 | ) | 8 | |||||||||||||||||||||||||
Concentrated International Equity Fund | Japanese Equity Fund | International Small Cap Fund | ||||||||||||||||||||||||||||||||||
Beginning | Ending | Expenses | Beginning | Ending | Expenses | Beginning | Ending | Expenses | ||||||||||||||||||||||||||||
Account | Account | Paid for the | Account | Account | Paid for the | Account | Account | Paid for the | ||||||||||||||||||||||||||||
Value | Value | 6 months ended | Value | Value | 6 months ended | Value | Value | 6 months ended | ||||||||||||||||||||||||||||
Share Class | 9/1/06* | 2/28/07 | 2/28/07* | 9/1/06* | 2/28/07 | 2/28/07* | 9/1/06* | 2/28/07 | 2/28/07* | |||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,106.30 | $ | 7.94 | $ | 1,000 | $ | 1,064.40 | $ | 7.93 | $ | 1,000 | $ | 1,159.50 | $ | 8.78 | ||||||||||||||||||
Hypothetical 5% return | 1,000 | 1,017.26 | 7.60 | 1,000 | 1,017.11 | + | 7.75 | 1,000 | 1,016.66 | + | 8.20 | |||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||
Actual | 1,000 | 1,101.40 | 11.83 | 1,000 | 1,060.00 | 11.75 | 1,000 | 1,155.10 | 12.77 | |||||||||||||||||||||||||||
Hypothetical 5% return | 1,000 | 1,013.54 | 11.33 | 1,000 | 1,013.39 | + | 11.48 | 1,000 | 1,012.94 | + | 11.93 | |||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||
Actual | 1,000 | 1,101.90 | 11.83 | 1,000 | 1,060.10 | 11.75 | 1,000 | 1,155.80 | 12.78 | |||||||||||||||||||||||||||
Hypothetical 5% return | 1,000 | 1,013.54 | 11.33 | 1,000 | 1,013.39 | + | 11.48 | 1,000 | 1,012.94 | + | 11.93 | |||||||||||||||||||||||||
Institutional | ||||||||||||||||||||||||||||||||||||
Actual | 1,000 | 1,108.00 | 5.85 | 1,000 | 1,066.10 | 5.89 | 1,000 | 1,162.40 | 6.65 | |||||||||||||||||||||||||||
Hypothetical 5% return | 1,000 | 1,019.24 | 5.61 | 1,000 | 1,019.09 | + | 5.76 | 1,000 | 1,018.65 | 6.21 | ||||||||||||||||||||||||||
Service | ||||||||||||||||||||||||||||||||||||
Actual | 1,000 | 1,105.30 | 8.46 | 1,000 | 1,063.60 | 8.44 | 1,000 | 1,158.90 | 9.31 | |||||||||||||||||||||||||||
Hypothetical 5% return | 1,000 | 1,016.76 | 8.10 | 1,000 | 1,016.61 | + | 8.25 | 1,000 | 1,016.17 | 8.70 | ||||||||||||||||||||||||||
Emerging Markets Equity Fund | Asia Equity Fund | BRIC Fund | ||||||||||||||||||||||||||||||||||
Beginning | Ending | Expenses | Beginning | Ending | Expenses | Beginning | Ending | Expenses | ||||||||||||||||||||||||||||
Account | Account | Paid for the | Account | Account | Paid for the | Account | Account | Paid for the | ||||||||||||||||||||||||||||
Value | Value | 6 months ended | Value | Value | 6 months ended | Value | Value | 6 months ended | ||||||||||||||||||||||||||||
Share Class | 9/1/06* | 2/28/07 | 2/28/07* | 9/1/06* | 2/28/07 | 2/28/07* | 9/1/06* | 2/28/07 | 2/28/07* | |||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 1,161.50 | $ | 9.59 | $ | 1,000 | $ | 1,137.00 | $ | 8.48 | $ | 1,000 | $ | 1,196.90 | $ | 10.73 | ||||||||||||||||||
Hypothetical 5% return | 1,000 | 1,015.92 | + | 8.95 | 1,000 | 1,016,86 | + | 8.00 | 1,000 | 1,015.03 | + | 9.84 | ||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||
Actual | 1,000 | 1,156.90 | 13.58 | 1,000 | 1,132.50 | 12.43 | ||||||||||||||||||||||||||||||
Hypothetical 5% return | 1,000 | 1,012.20 | + | 12.67 | 1,000 | 1,013.44 | + | 11.73 | N/A | N/A | N/A | |||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||
Actual | 1,000 | 1,156.80 | 13.58 | 1,000 | 1,132.70 | 12.43 | 1,000 | 1,192.50 | 14.79 | |||||||||||||||||||||||||||
Hypothetical 5% return | 1,000 | 1,012.20 | + | 12.67 | 1,000 | 1,013.14 | + | 11.73 | 1,000 | 1,011.31 | + | 13.56 | ||||||||||||||||||||||||
Institutional | ||||||||||||||||||||||||||||||||||||
Actual | 1,000 | 1,163.50 | 7.51 | 1,000 | 1,139.10 | 6.36 | 1,000 | 1,200.80 | 8.57 | |||||||||||||||||||||||||||
Hypothetical 5% return | 1,000 | 1,017.85 | + | 7.00 | 1,000 | 1,018.84 | + | 6.01 | 1,000 | 1,017.01 | + | 7.85 | ||||||||||||||||||||||||
Service | ||||||||||||||||||||||||||||||||||||
Actual | 1,000 | 1,160.40 | 10.23 | |||||||||||||||||||||||||||||||||
Hypothetical 5% return | 1,000 | 1,015.32 | + | 9.54 | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||||
* | Expenses for each share class are calculated using the Fund’s annualized expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended February 28, 2007. Expenses are calculated by multiplying the annualized expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. Expense ratios for the most recent fiscal half year may differ from expense ratios based on one-year data in the financial highlights. The annualized expense ratios for the period were as follows: |
Fund | Class A | Class B | Class C | Institutional | Service | |||||||||||||||
Concentrated International Equity | 1.54 | % | 2.29 | % | 2.29 | % | 1.14 | % | 1.64 | % | ||||||||||
Japanese Equity | 1.55 | % | 2.30 | % | 2.30 | % | 1.15 | % | 1.65 | % | ||||||||||
International Small Cap | 1.64 | % | 2.39 | % | 2.39 | % | 1.24 | % | 1.74 | % | ||||||||||
Emerging Markets Equity | 1.79 | % | 2.54 | % | 2.54 | % | 1.40 | % | 1.90 | % | ||||||||||
Asia Equity | 1.60 | % | 2.35 | % | 2.35 | % | 1.20 | % | — | |||||||||||
BRIC | 1.97 | % | — | 2.72 | % | 1.57 | % | — | ||||||||||||
+ | Hypothetical expenses are based on the Fund’s actual annualized expense ratios and an assumed rate of return of 5% per year before expenses. |
GOLDMAN SACHS FUNDS |
Money Market Funds1 Fixed Income Funds ▪ Enhanced Income Fund ▪ Ultra-Short Duration Government Fund ▪ Short Duration Government Fund ▪ Short Duration Tax-Free Fund ▪ California Intermediate AMT-Free Municipal Fund ▪ New York Intermediate AMT-Free Municipal Fund ▪ Tennessee Municipal Fund ▪ Municipal Income Fund ▪ U.S. Mortgages Fund ▪ Government Income Fund ▪ Core Fixed Income Fund ▪ Core Plus Fixed Income Fund ▪ Investment Grade Credit Fund ▪ Global Income Fund ▪ High Yield Municipal Fund ▪ High Yield Fund ▪ Emerging Markets Debt Fund | Domestic Equity Funds ▪ Balanced Fund ▪ Growth and Income Fund ▪ Structured Large Cap Value Fund ▪ Large Cap Value Fund ▪ Structured U.S. Equity Fund ▪ Structured U.S. Equity Flex Fund ▪ Structured Large Cap Growth Fund ▪ Capital Growth Fund ▪ Strategic Growth Fund ▪ Concentrated Growth Fund ▪ Mid Cap Value Fund ▪ Growth Opportunities Fund ▪ Small/ Mid Cap Growth Fund ▪ Structured Small Cap Equity Fund ▪ Small Cap Value Fund | International Equity Funds ▪ Structured International Equity Fund ▪ Structured International Equity Flex Fund ▪ Concentrated International Equity Fund2 ▪ Japanese Equity Fund ▪ International Small Cap Fund ▪ Asia Equity Fund ▪ Emerging Markets Equity Fund ▪ BRIC Fund (Brazil, Russia, India, China) Asset Allocation Funds3 Specialty Funds3 ▪ U.S. Equity Dividend and Premium Fund ▪ Structured Tax-Managed Equity Fund2 ▪ Real Estate Securities Fund ▪ International Real Estate Securities Fund ▪ Tollkeeper FundSM ▪ Commodity Strategy Fund |
1 | An investment in a money market fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Funds. |
2 | Effective December 26, 2006 the International Equity Fund was renamed the Concentrated International Equity Fund. |
3 | Individual Funds within the Asset Allocation and Specialty categories will have various placement on the risk/return spectrum and may have greater or lesser risk than that indicated by the placement of the general Asset Allocation or Specialty category. |
The Goldman Sachs Tollkeeper FundSM is a registered service mark of Goldman, Sachs & Co. |
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TRUSTEES Ashok N. Bakhru, Chairman John P. Coblentz, Jr. Patrick T. Harker Mary Patterson McPherson Alan A. Shuch Richard P. Strubel | OFFICERS Kaysie P. Uniacke, President James A. Fitzpatrick, Vice President James A. McNamara, Vice President John M. Perlowski, Treasurer Peter V. Bonanno, Secretary |
GOLDMAN, SACHS & CO. Distributor and Transfer Agent | GOLDMAN SACHS ASSET MANAGEMENT INTERNATIONAL, L.P. Investment Adviser |
Copyright 2007 Goldman, Sachs & Co. All rights reserved. 07-679 | INTLSAR / 59.9K/ 4-07 |
ITEM 2. | CODE OF ETHICS. |
(a) | As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the “Code of Ethics”). | |||
(b) | During the period covered by this report, no amendments were made to the provisions of the Code of Ethics. | |||
(c) | During the period covered by this report, the registrant did not grant any waivers, including an implicit waiver, from any provision of the Code of Ethics. | |||
(d) | A copy of the Code of Ethics is available as provided in Item 12(a)(1) of this report. |
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. | |
The registrant’s board of trustees has determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its audit committee. John P. Coblentz, Jr. is the “audit committee financial expert” and is “independent” (as each term is defined in Item 3 of Form N-CSR). |
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. | |
N/A |
* | These include the advisor (excluding sub-advisors) and any entity controlling, controlled by or under common control with the advisor that provides ongoing services to the registrant (hereinafter referred to as “service affiliates”). |
Item 4(e)(1) — Audit Committee Pre-Approval Policies and Procedures
Pre-Approval of Audit and Non-Audit Services Provided to the Funds of the Goldman Sachs Trust. The Audit and Non-Audit Services Pre-Approval Policy (the “Policy”) adopted by the Audit Committee of Goldman Sachs Trust (“GST”) sets forth the procedures and the conditions pursuant to which services performed by an independent auditor for GST may be pre-approved. Services may be pre-approved specifically by the Audit Committee as a whole or, in certain circumstances, by the Audit Committee Chairman or the person designated as the Audit Committee Financial Expert. In addition, subject to specified cost limitations, certain services may be pre-approved under the provisions of the Policy. The Policy provides that the Audit Committee will consider whether the services provided by an independent auditor are consistent with the Securities and Exchange Commission’s rules on auditor independence. The Policy provides for periodic review and pre-approval by the Audit Committee of the services that may be provided by the independent auditor.
De Minimis Waiver. The pre-approval requirements of the Policy may be waived with respect to the provision of non-audit services that are permissible for an independent auditor to perform, provided (1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues subject to pre-approval that was paid to the independent auditors during the fiscal year in which the services are provided; (2) such services were not recognized by GST at the time of the engagement to be non-audit services; and (3) such services are promptly brought to the attention of the Audit Committee and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee to whom authority to grant such approvals has been delegated by the Audit Committee, pursuant to the pre-approval provisions of the Policy.
Pre-Approval of Non-Audit Services Provided to GST’s Investment Advisers. The Policy provides that, in addition to requiring pre-approval of audit and non-audit services provided to GST, the Audit Committee will pre-approve those non-audit services provided to GST’s investment advisers (and entities controlling, controlled by or under common control with the investment advisers that provide ongoing services to GST) where the engagement relates directly to the operations or financial reporting of GST.
Item 4(e)(2) – 0% of the audit-related fees, tax fees and other fees listed in Table 1 were approved by GST’s Audit Committee pursuant to the “de minimis” exception of Rule 2-01(c)(7)(i)(C) of Regulation S-X. In addition, 0% of the non-audit services to the GST’s service affiliates listed in Table 2 were approved by GST’s Audit Committee pursuant to the “de minimis” exception of Rule 2-01(c)(7)(i)(C) of Regulation S-X.
Item 4(f) – Not applicable.
Item 4(g) Aggregate Non-Audit Fees Disclosure
The aggregate non-audit fees billed to GST by PricewaterhouseCoopers LLP for the 12 months ended December 31, 2006 and December 31, 2005 were approximately $476,400 and $411,200 respectively. The aggregate non-audit fees billed to GST’s adviser and service affiliates by PricewaterhouseCoopers LLP for non-audit services for the twelve months ended November 25, 2006 and November 26, 2005 were approximately $5.9 million and $5.2 million, respectively. With regard to the aggregate non-audit fees billed to GST’s adviser and service affiliates, the 2005 and 2006 amounts include fees for non-audit services required to be pre-approved [see Table 2] and fees for non-audit services that did not require pre-approval since they did not directly relate to GST’s operations or financial reporting.
The aggregate non-audit fees billed to GST by Ernst & Young LLP for the 12 months ended December 31, 2006 and December 31, 2005 were approximately $107,400 and $84,850, respectively. The aggregate non-audit fees billed to GST’s adviser and service affiliates by Ernst & Young LLP for non-audit services for the twelve months ended December 31, 2006 and December 31, 2005 were approximately $55.9 million and $49.0 million, respectively. With regard to the aggregate non-audit fees billed to GST’s adviser and service affiliates, the 2005 and 2006 amounts include fees for non-audit services required to be pre-approved [see Table 2] and fees for non-audit services that did not require pre-approval since they did not directly relate to GST’s operations or financial reporting.
Item 4(h) — GST’s Audit Committee has considered whether the provision of non-audit services to GST’s investment adviser and service affiliates that did not require pre-approval pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the auditors’ independence.
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. | |
Not applicable. |
ITEM 6. | SCHEDULE OF INVESTMENTS. | |
Schedule of Investments is included as part of the Report to Stockholders filed under Item 1. |
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. | |
Not applicable. |
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. | |
Not applicable. |
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. | |
Not applicable. |
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees. | |
ITEM 11. | CONTROLS AND PROCEDURES. | |
(a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934, as amended. | ||
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. | ||
ITEM 12. | EXHIBITS. |
(a)(1) | Goldman Sachs Trust’s Code of Ethics for Principal Executive and Senior Financial Officers is incorporated by reference to Exhibit 11(a)(1) of the registrant’s Form N-CSR filed on March 8, 2004 for its Real Estate Securities Fund (Accession Number 0000950123-04-0002984). | ||
(a)(2) | Exhibit 99.CERT | Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith. | ||
(b) | Exhibit 99.906CERT | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 filed herewith. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. |
Goldman Sachs Trust | ||||||
By: | /s/ Kaysie P. Uniacke | |||||
Kaysie P. Uniacke | ||||||
President/Principal Executive Officer | ||||||
Goldman Sachs Trust | ||||||
Date: | May 9, 2007 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. |
By: | /s/ Kaysie P. Uniacke | |||||
Kaysie P. Uniacke | ||||||
President/Principal Executive Officer | ||||||
Goldman Sachs Trust | ||||||
Date: | May 9, 2007 | |||||
By: | /s/ John M. Perlowski | |||||
John M. Perlowski | ||||||
Treasurer/Principal Financial Officer | ||||||
Goldman Sachs Trust | ||||||
Date: | May 9, 2007 |