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 811-05349
Goldman Sachs Trust
(Exact name of registrant as specified in charter)71 South Wacker Drive, Chicago, Illinois 60606
(Address of principal executive offices) (Zip code)| | | |
| Peter V. Bonanno, Esq. | | Copies to: |
| Goldman, Sachs & Co. | | Jack W. Murphy, Esq. |
| One New York Plaza | | Dechert LLP |
| New York, New York 10004 | | 1775 I Street, NW |
| | | Washington, D.C. 20006 |
|
(Name and address of agents for service)
|
Registrant’s telephone number, including area code: (312) 655-4400
Date of fiscal year end: August 31
Date of reporting period: February 28, 2009
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| ITEM 1. | | REPORTS TO STOCKHOLDERS. |
| | | |
| | | The Semi-Annual Report to Stockholders is filed herewith. |
Goldman Sachs Funds
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Semi-Annual Report | | | February 28, 2009 |
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| | | | Fundamental Equity Growth Funds |
| | | | All Cap Growth |
| | | | Capital Growth |
| | | | Concentrated Growth |
| | | | Growth Opportunities |
| | | | Small/Mid Cap Growth |
| | | | Strategic Growth |
| | | | Tollkeepersm |
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Goldman Sachs Fundamental Equity Growth Funds
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| n | ALL CAP GROWTH | |
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| n | CAPITAL GROWTH | |
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| n | CONCENTRATED GROWTH | |
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| n | GROWTH OPPORTUNITIES | |
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| n | SMALL/MID CAP GROWTH | |
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| n | STRATEGIC GROWTH | |
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| n | TOLLKEEPERSM | |
TABLE OF CONTENTS
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| Principal Investment Strategies and Risks | | 1 |
| Letters to Shareholders | | 4 |
| Schedules of Investments | | 44 |
| Financial Statements | | 60 |
| Notes to Financial Statements | | 69 |
| Financial Highlights | | 88 |
| Other Information | | 102 |
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NOT FDIC-INSURED | | | May Lose Value | | | No Bank Guarantee |
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GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
Principal Investment Strategies and Risks
This is not a complete list of risks that may affect the Funds. For additional information concerning the risks applicable to the Funds, please see the Funds’ Prospectuses.
The Goldman Sachs All Cap Growth Fund invests in U.S. equity investments in small, mid and large cap issuers. The Fund’s equity investments are subject to market risk, which means that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular industry sectors and/or general economic conditions. The securities of small and mid capitalization companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements.
The Fund may also invest in fixed income securities (including non-investment grade fixed income securities), which are subject to the risks associated with debt securities generally, including credit, liquidity and interest rate risk. Non-investment grade fixed income securities involve greater price volatility and present greater risks than higher rated fixed income securities. The Fund may also invest in foreign securities, including emerging country securities, which may be more volatile and less liquid than investments in U.S. securities and are subject to the risks of currency fluctuations and sudden economic or political developments.
The Goldman Sachs Capital Growth Fund invests primarily in large capitalization U.S. equity investments. The Fund’s equity investments are subject to market risk, which means that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular industry sectors and/or general economic conditions. The Fund may also invest in fixed income securities (including non-investment grade fixed income securities), which are subject to the risks associated with debt securities generally, including credit, liquidity and interest rate risk. Non-investment grade fixed income securities involve greater price volatility and present greater risks than higher rated fixed income securities. The Fund may also invest in foreign securities, including emerging country securities, which may be more volatile and less liquid than investments in U.S. securities and are subject to the risks of currency fluctuations and sudden economic or political developments.
The Goldman Sachs Concentrated Growth Fund invests primarily in U.S. equity investments. The Fund’s equity investments are subject to market risk, which means that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular industry sectors and/or general economic conditions. The Fund may also invest in fixed income securities (including non-investment grade fixed income securities), which are subject to the risks associated with debt securities generally, including credit, liquidity and interest rate risk. The Fund may also invest in foreign securities, including emerging country securities, which may be more volatile and less liquid than investments in U.S. securities and are subject to the risks of currency fluctuations and sudden economic or political developments.
The Concentrated Growth Fund is “non-diversified” under the Investment Company Act of 1940 and may invest a large percentage of its assets in fewer issuers than “diversified” mutual funds. Because of the smaller number of stocks generally held in the Fund’s portfolio, the Fund may be subject to greater risks than a more diversified fund. A change in the value of any single holding may affect the overall value of the portfolio more than it would affect a diversified fund that holds more investments.
The Goldman Sachs Growth Opportunities Fund invests in U.S. equity investments with a primary focus on mid cap companies. The Fund’s equity investments are subject to market risk, which means that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular industry sectors and/or general economic conditions. The securities of mid capitalization companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements.
The Fund may also invest in fixed income securities (including non-investment grade fixed income securities), which are subject to the risks associated with debt securities generally, including credit, liquidity and interest rate risk. Non-investment grade fixed income securities involve greater price volatility and present greater risks than higher rated fixed income securities. The Fund may also invest in foreign securities, including emerging country securities, which
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
may be more volatile and less liquid than investments in U.S. securities and are subject to the risks of currency fluctuations and sudden economic or political developments.
The Goldman Sachs Small/Mid Cap Growth Fund invests in equity investments with a primary focus on small and mid cap companies. The Fund’s equity investments are subject to market risk, which means that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular industry sectors and/or general economic conditions. The securities of small and mid capitalization companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements.
The Fund may also invest in fixed income securities (including non-investment grade fixed income securities), which are subject to the risks associated with debt securities generally, including credit, liquidity and interest rate risk. Non-investment grade fixed income securities involve greater price volatility and present greater risks than higher rated fixed income securities. The Fund may also invest in foreign securities, including emerging country securities, which may be more volatile and less liquid than investments in U.S. securities and are subject to the risks of currency fluctuations and sudden economic or political developments.
The Goldman Sachs Strategic Growth Fund invests primarily in large capitalization U.S. equity investments. The Fund’s equity investments are subject to market risk, which means that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular industry sectors and/or general economic conditions. The Fund may also invest in fixed income securities (including non-investment grade fixed income securities), which are subject to the risks associated with debt securities generally, including credit, liquidity and interest rate risk. Non-investment grade fixed income securities involve greater price volatility and present greater risks than higher rated fixed income securities. The Fund may also invest in foreign securities, including emerging country securities, which may be more volatile and less liquid than investments in U.S. securities and are subject to the risks of currency fluctuations and sudden economic or political developments.
The Goldman Sachs Tollkeeper FundSM invests primarily in equity securities of high quality technology, media or service companies that adopt or use technology to improve their cost structure, revenue opportunities or competitive advantage (“Tollkeeper” companies). Because the Fund concentrates its investments in specific industry sectors, the Fund is subject to greater risk of loss as a result of adverse economic, business or other developments affecting these sectors than if its investments were diversified across different industry sectors. Securities of issuers held by the Fund may lack sufficient market liquidity to enable the Fund to sell the securities at an advantageous time or without a substantial drop in price. Because the Fund invests in Tollkeeper companies, its net asset value may fluctuate substantially over time and its performance may be substantially different from the returns of the broader stock market. The Fund may also invest in foreign securities, including emerging market securities, which may be more volatile and less liquid than investments in U.S. securities and are subject to the risks of currency fluctuations and sudden economic or political developments. The Fund may participate in the Initial Public Offering (IPO) market. The market value of IPO shares may fluctuate considerably due to factors such as the absence of a prior public market, unseasoned trading, and the small number of shares available for trading and limited information about the issuer.
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
What Differentiates the Goldman Sachs Growth
Team’s Investment Process?
For over 28 years, the Goldman Sachs Growth Team has consistently applied a three-step investment process based on our belief that wealth is created through the long-term ownership of growing businesses.
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n Make decisions as long-term business owners rather than as stock traders
n Perform in-depth, fundamental research
n Focus on long-term structural and competitive advantages | | Result
Performance driven by the compounding growth of businesses over time — not short-term market movements
Long-term participation in growing businesses — less reliance on
macroeconomic predictions, market
timing, sector rotation or momentum |
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Identify high quality growth businesses.
Some required investment criteria include:
n Established brand names
n Dominant market shares
n Pricing power
n Recurring revenue streams
n Free cash flow
n Long product life cycles
n Favorable long-term growth prospects
n Excellent management
| | Result
Investments in businesses that we believe are strategically positioned for consistent, sustainable long-term growth |
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n Perform rigorous valuation analysis of every potential investment
n Use valuation tools and analytics to
ensure that the high-quality business
franchises we have identified also
represent sound investments | | Result
Good investment decisions based on solid understanding of what each business
is worth
Attractive buying opportunities as the
stock prices of quality growth businesses
fluctuate over time |
PORTFOLIO OVERVIEW
Goldman Sachs Fundamental Equity Growth Funds
Dear Shareholder:
This Market Review and Outlook provides an overview that covers the Goldman Sachs All Cap Growth Fund, the Goldman Sachs Capital Growth Fund, the Goldman Sachs Concentrated Growth Fund, the Goldman Sachs Growth Opportunities Fund, the Goldman Sachs Small/Mid Cap Growth Fund, the Goldman Sachs Strategic Growth Fund, and the Goldman Sachs TollkeeperSM Fund (the “Funds”) for the six-month reporting period that ended February 28, 2009.
Market Review
2008 marked the second worst year in history for U.S. equity markets, culminating in a sharp decline in the second half of the year. During the six-month reporting period that ended February 28, 2009, the equity markets were challenged by periods of extreme volatility and broad-based selling, often triggered by high profile collapses at several large financial and insurance companies. During the period, the overall market, as measured by the S&P 500 Index, returned −41.82%. The depth and breadth of the market’s decline was severe, with little differentiation across market capitalizations, investment styles and regions, as all segments posted sharp, double digit losses.
The market was driven to multi-year lows, as solvency and liquidity problems from the credit crunch persisted. In addition, fears of a slowing global economy and uncertainty around government action intensified among investors. Headlines were centered on the sharp rise in unemployment figures, disappointing company earnings and an overall contracting economy. The ongoing financial crisis continues to impact both developed and emerging economies. Given this backdrop, on an absolute basis, it was not possible for the Funds to avoid the market’s steep and rapid decline.
While there is likely more news to come with respect to economic data releases, unemployment and corporations under distress, we believe that much of this has already been reflected in equity prices and valuations are currently reflecting great uncertainty. We maintain our forward-looking approach to risk management and maintain vigilance in revisiting the investment thesis of every position in the Funds’ portfolios in light of any new information in this challenging environment.
Outlook
The equity markets were characterized by heightened volatility and broad-based selling during the reporting period. While this environment is not unprecedented, the sell-off was extreme and compressed in a very short period of time. For example, the last three months of 2008 represented the seventh worst quarter in the past 80 years (as measured by the S&P 500 Index). During the fourth quarter, investors tended to ignore the growth prospects of individual companies, as increased risk aversion caused them to seek out more defensive areas of the market that they believed offered a degree of safety. In our view, extremes in market volatility are generally unsustainable and accompanied by less differentiation between stock returns. We believe that as volatility returns to more reasonable levels, stock prices will again be driven by long-term fundamentals, giving stock pickers with a research advantage significant opportunity to generate excess returns.
PORTFOLIO OVERVIEW
Our approach to navigating in this environment is rooted in our investment criteria and our belief that, over time, the market places a premium on these criteria. In short, we believe companies that can increase their market share, sustain earnings growth and self-finance growth with strong balance sheets during this difficult period will not only survive but emerge stronger and more valuable.
We thank you for your investment and look forward to your continued confidence.
Goldman Sachs Growth Equity Investment Team
New York, March 11, 2009
PORTFOLIO RESULTS
Goldman Sachs All Cap Growth Fund
Dear Shareholder:
This report provides an overview on the performance of the Goldman Sachs All Cap Growth Fund (the “Fund”) during the six-month reporting period that ended February 28, 2009.
Performance Review
Over the six-month period that ended February 28, 2009, the Fund’s Class A, C, Institutional, IR and R Shares generated cumulative total returns, without sales charges, of −42.37%, −42.53%, −42.25%, −42.29% and −42.41%, respectively. These returns compare to the −40.43% cumulative total return of the Fund’s benchmark, the Russell 3000® Growth Index (with dividends reinvested) (the “Index”), over the same time period.
The Fund underperformed its benchmark during the reporting period. Stock selection within the Energy and Consumer Discretionary sectors detracted from results while specific Technology companies and the Fund’s underweight to the Cyclicals sector positively contributed to performance.
The Energy companies in the portfolio were down for the period as oil prices tumbled and the entire sector sold off. Shares of Rex Energy, Whiting Petroleum Corp. and Schlumberger Ltd. were among the largest detractors from performance as investors focused on safety and paid little attention to the long-term fundamentals of the individual businesses within the sector. While many energy companies have struggled with continued speculation of slowing demand, the drop in crude oil prices and concerns about project financing, we believe that our energy businesses remain well positioned. We believe they should benefit from the long-term challenge of global oil supply as profitability and growth for the companies are driven by increasing global drilling and improving oil recovery through more efficient oil extraction techniques.
For the reporting period, Microsoft Corp. detracted from performance as the company posted worse than expected earnings. In particular, Microsoft reported disappointing results in its client division, which produces the Windows operating system. This was largely driven by the decline in demand for computers. However, growth in the company’s Entertainment and Devices division and its Online Services unit partially offset these negative results. We continue to have conviction in Microsoft as Internet search is a rapidly growing area and has provided larger returns on investment than any other advertising medium. In addition, we are encouraged by the results of the Entertainment and Devices division, which includes the Xbox 360 console and video gaming. We believe this division will provide significant growth opportunity for the company going forward.
Shares of Netflix.com, Inc. were up over the past six months as the company reported strong quarterly results and a record number of new subscribers. The company also reported significant margin expansion, representing an increase in the company’s profitability. The company cites its “watch instantly” service that can stream movies and TV shows from the Internet directly to subscribers’ computers as the main driver of the positive results. The marketability and popularity of Netflix’s streaming service is increasing as Roku (a consumer electronics manufacturer) recently developed a $100 device that enables consumers to watch these movies on televisions “via the web.” In addition, Netflix has agreed to a joint venture with Microsoft to provide Netflix streaming content through Microsoft’s Xbox 360 video game console. In our view, these initiatives
PORTFOLIO RESULTS
have spurred subscriber growth, which we believe is an important metric for business models like Netflix.com. For these types of companies, more subscribers lead to predictable streams of cash flow in subscription fees, which provide funding for future growth opportunities.
Hansen Natural Corp. positively contributed to performance as the company reported fiscal third quarter earnings that exceeded analysts’ expectations. Strong sales of the company’s Monster energy drink brand drove expanding gross margins and increased profit. Hansen Natural continues to gain market share as it is strategically positioned within the high growth sports and health-oriented beverage segments of the industry. We believe the company is well positioned as it has no debt, strong margins and positive free cash flow. In addition, it continues to be a market share gainer in one of the fastest growing segments within the beverage industry.
Priceline.com, a recent purchase in the portfolio, positively contributed to performance during the reporting period. Priceline.com reported a solid fiscal third quarter, driven by an increase in year-over-year travel bookings and strong revenue growth in the U.S. and internationally. Priceline.com is not immune to the current macroeconomic backdrop and has begun to show some weakness. However, we believe its valuation is compelling as the market has already priced in a lot of negativity surrounding travel and the challenging retail environment. The company continues to do very well competitively due to its value-oriented brand positioning and diversified business mix. In our view, Priceline.com’s focus on the “budget/value conscious” area of the travel sector, specifically its “Name-Your-Own-Price” business, should help the company gain market share. Priceline’s strong balance sheet and free cash flow should also help it withstand the current market environment.
Portfolio Composition
The Fund invests primarily in U.S. equity investments. Since the Fund’s inception, we have focused on several key investment criteria that we believe can drive a company’s growth over the long term. These characteristics are: dominant market share, established brand name, pricing power, recurring revenue stream, free cash flow, high returns on invested capital, predictable growth, sustainable growth, long product life cycle, enduring competitive advantage, favorable demographic trends and excellent management. We strive to purchase these companies at reasonable valuations in order to capture the full benefits of their growth.
Portfolio Highlights
| |
| n | Advance Auto Parts — Advance Auto Parts positively contributed to performance over the past six months as it reported an increase in sales during its fiscal fourth quarter. This was driven mainly by its commercial (professional installers) business. Recently, the company shifted its focus towards the commercial segment, making it less reliant on retail consumers for growth. The company’s retail “Do-It-Yourself” (DIY) business has been somewhat more volatile as a result of the current market environment. While the life of a car has been extended as consumers opt for DIY methods of car repairs, consumers are deferring maintenance and refraining from making upgrades. On the positive side, |
PORTFOLIO RESULTS
| |
| Advance Auto Parts is taking action to improve its profitability. Management is focused on renegotiating store rental agreements and closing less profitable stores. The company is also seeking to enhance its distribution. |
| |
| n | CB Richard Ellis Group — CB Richard Ellis Group (CBRE), the leading global commercial real estate services firm, detracted from performance despite reporting earnings that exceeded consensus expectations. While the credit crunch has put pressure on the industry as a whole, we believe these positive results demonstrate that CBRE’s transaction-based, service-oriented business model is able to weather the downturn better than other companies in the real estate industry. We believe CBRE may benefit from the current economic environment as the company’s management team has a demonstrated track record of using industry downturns as an opportunity to further increase market share, thereby emerging in an even stronger competitive position. To this end, management has already substantially reduced costs in order to improve profit margins. In addition, the company has a solid balance sheet that does not have any direct credit exposure. In our view, CBRE is a high-quality franchise that is currently trading at a compelling valuation. |
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| n | Best Buy Co., Inc. — Best Buy, a new holding in the portfolio, was a top contributor to performance during the period. Best Buy is a dominant global player in consumer electronics retailing, with established operations in North America, Asia and Europe. The company has been able to grow square footage over time, which has produced strong, consistent sales growth. We believe Best Buy is well-positioned to benefit from the secular growth in demand for mobile phones and laptops, as these high technology products proliferate. In addition, Best Buy’s main competitor, Circuit City, has gone out of business, which should provide an opportunity for significant market share gains. Finally, we believe Best Buy is attractively valued given its significant growth opportunities. |
We thank you for your investment and look forward to your continued confidence.
Goldman Sachs Growth Equity Investment Team
New York, March 11, 2009
FUND BASICS
All Cap Growth Fund
as of February 28, 2009
PERFORMANCE REVIEW
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| September 1, 2008–February 28, 2009 | | Fund Total Return (based on NAV)1 | | | Russell 3000 Growth Index2 | | | |
|
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| Class A | | | -42.37 | % | | | -40.43 | % | | |
| Class C | | | -42.53 | | | | -40.43 | | | |
| Institutional | | | -42.25 | | | | -40.43 | | | |
| Class IR | | | -42.29 | | | | -40.43 | | | |
| Class R | | | -42.41 | | | | -40.43 | | | |
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| 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 Russell 3000 Growth Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index. |
STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS3
| | | | | | | | | |
| For the period ended 12/31/08 | | Since Inception | | | Inception Date | | |
|
| |
| Class A | | | -35.67 | % | | 1/31/08 | | |
| Class C | | | -32.92 | | | 1/31/08 | | |
| Institutional | | | -31.54 | | | 1/31/08 | | |
| Class IR | | | -31.64 | | | 1/31/08 | | |
| Class R | | | -31.94 | | | 1/31/08 | | |
|
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| 3 | Standardized Average Annual 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, Class IR and Class R Shares do not involve a sales charge, such a charge is not applied to their Standardized Average Annual Total Returns. |
| | The returns represent past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate and, therefore, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the total return figures in the above charts. Please visit www.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
| | | | | | | | | | | |
| | | Net Expense Ratio (Current) | | | Gross Expense Ratio (Before Waivers) | | | |
|
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| Class A | | | 1.35 | % | | | 20.95 | % | | |
| Class C | | | 2.10 | | | | 21.70 | | | |
| Institutional | | | 0.95 | | | | 20.55 | | | |
| Class IR | | | 1.10 | | | | 20.70 | | | |
| Class R | | | 1.60 | | | | 21.20 | | | |
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| 4 | The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations), are as set forth above according to the most recent publicly available Prospectuses for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Applicable 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. |
FUND BASICS
TOP TEN HOLDINGS AS OF 2/28/095
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| Holding | | % of Net Assets | | | Line of Business | | |
|
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| Microsoft Corp. | | | 3.1 | % | | Software | | |
| Cisco Systems, Inc. | | | 2.1 | | | Communications Equipment | | |
| American Tower Corp. | | | 2.1 | | | Wireless Telecommunication Services | | |
| Apple, Inc. | | | 2.1 | | | Computers & Peripherals | | |
| QUALCOMM, Inc. | | | 1.8 | | | Communications Equipment | | |
| PepsiCo., Inc. | | | 1.8 | | | Beverages | | |
| The Procter & Gamble Co. | | | 1.7 | | | Household Products | | |
| Johnson & Johnson | | | 1.6 | | | Pharmaceuticals | | |
| Hess Corp. | | | 1.6 | | | Oil, Gas & Consumable Fuels | | |
| Equinix, Inc. | | | 1.6 | | | Internet Software & Services | | |
|
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| 5 | The top 10 holdings may not be representative of the Fund’s future investments. |
SECTOR ALLOCATIONS AS OF 2/28/096
Percentage of Investment Portfolio
| |
| 6 | The Fund is actively managed and, as such, its composition may differ over time. The above graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Securities lending collateral represents 1.1% of the Fund’s net assets as of 2/28/09. |
PORTFOLIO RESULTS
Goldman Sachs Capital Growth Fund
Dear Shareholder:
This report provides an overview on the performance of the Goldman Sachs Capital Growth Fund (the “Fund”) during the six-month reporting period that ended February 28, 2009.
Performance Review
Over the six-month period that ended February 28, 2009, the Fund’s Class A, B, C, Institutional, Service, IR and R Shares generated cumulative total returns, without sales charges, of −44.69%, −44.89%, −44.94%, −44.58%, −44.71%, −44.63% and −44.77%, respectively. These returns compare to the −39.90% cumulative total return of the Fund’s benchmark, the Russell 1000® Growth Index (with dividends reinvested) (the “Index”), over the same time period.
The Fund underperformed its benchmark during the reporting period. Within the Fund, select Energy and Consumer Staples businesses detracted from its results, while certain Telecommunications companies positively contributed to performance.
The Energy companies in the Fund’s portfolio detracted from performance during the period as oil prices tumbled and the entire sector sold off. Shares of Weatherford International Ltd., Schlumberger Ltd. and Suncor, Inc. were among the largest detractors in the portfolio as investors focused on safety and paid little attention to the long-term fundamentals of the individual businesses within the sector. While many energy companies have struggled with continued speculation of slowing demand, the drop in crude oil prices, and concerns about project financing, we believe that our energy businesses remain well positioned. We believe they should benefit from the long-term challenge of global oil supply as profitability and growth for the companies are driven by increasing global drilling, and improving oil recovery through more efficient oil extraction techniques.
For the reporting period, Microsoft Corp. detracted from performance as the company posted worse than expected earnings. In particular, Microsoft reported disappointing results in its client division, which produces the Windows operating system. This was largely driven by the decline in demand for computers. However, growth in the company’s Entertainment and Devices division and its Online Services unit partially offset these negative results. We continue to have conviction in Microsoft as Internet search is a rapidly growing area and has provided larger returns on investment than any other advertising medium. In addition, we are encouraged by the results of the Entertainment and Devices division, which includes the Xbox 360 console and video gaming. We believe this division will provide significant growth opportunity for the company going forward.
Citrix, a software company, was a top contributor to performance for the period. The company reported better-than-expected revenue and earnings and subsequently raised its full-year guidance. Citrix holds a dominant market share position in the desktop virtualization software market, which allows employees to access their work desktop applications from outside the office. We believe the company had reached full valuation during the reporting period and we subsequently sold the position.
Best Buy Co., Inc., a new holding in the portfolio, was a top contributor to performance during the period. Best Buy is a dominant global player in consumer electronics retailing, with established operations in North America, Asia and Europe. The company has been able to grow square footage over time, which has produced strong, consistent sales growth.
PORTFOLIO RESULTS
We believe Best Buy is well-positioned to benefit from the secular growth in demand for mobile phones and laptops, as these high technology products proliferate. In addition, Best Buy’s main competitor, Circuit City, has gone out of business, which should provide an opportunity for significant market share gains. Finally, we believe Best Buy is attractively valued given its significant growth opportunities.
Portfolio Composition
The Fund invests primarily in large capitalization U.S. equity investments. Since the Fund’s inception, we have focused on several key investment criteria that we believe can drive a company’s growth over the long term. These characteristics are: dominant market share, established brand name, pricing power, recurring revenue stream, free cash flow, high returns on invested capital, predictable growth, sustainable growth, long product life cycle, enduring competitive advantage, favorable demographic trends and excellent management. We strive to purchase these companies at reasonable valuations in order to capture the full benefits of their growth.
Portfolio Highlights
During the reporting period, there were a number of holdings that impacted performance, including the following:
| |
| n | Advance Auto Parts — Advance Auto Parts positively contributed to performance over the past six months as it reported an increase in sales during its fiscal fourth quarter. This was driven mainly by its commercial (professional installers) business. Recently, the company shifted its focus towards the commercial segment, making it less reliant on retail consumers for growth. The company’s retail “Do-It-Yourself” (DIY) business has been somewhat more volatile as a result of the current market environment. While the life of a car has been extended as consumers opt for DIY methods of car repairs, consumers are deferring maintenance and refraining from making upgrades. On the positive side, Advance Auto Parts is taking action to improve its profitability. Management is focused on renegotiating store rental agreements and closing less profitable stores. The company is also seeking to enhance its distribution. |
| |
| n | CB Richard Ellis Group — CB Richard Ellis Group (CBRE), the leading global commercial real estate services firm, detracted from performance despite reporting earnings that exceeded consensus expectations. While the credit crunch has put pressure on the industry as a whole, we believe these positive results demonstrate that CBRE’s transaction-based, service-oriented business model is able to weather the downturn better than other companies in the real estate industry. We believe CBRE may benefit from the current economic environment as the company’s management team has a demonstrated track record of using industry downturns as an opportunity to further increase market share, thereby emerging in an even stronger competitive position. To this end, management has already substantially reduced costs in order to improve profit margins. In addition, the company has a solid balance sheet that does not have any direct credit exposure. In our view, CBRE is a high-quality franchise that is currently trading at a compelling valuation. |
| |
| n | Schering-Plough Corp. — Shares of Schering-Plough delivered positive returns after the company released results from its Phase III clinical study for its schizophrenia drug, asenapine, or Saphris. Additionally, the company’s CEO reiterated the strength of its |
PORTFOLIO RESULTS
| |
| product pipeline and noted several drugs that are in late testing and nearing approval. We believe Schering-Plough is well positioned because, unlike many of its competitors within the U.S. pharmaceutical industry, Schering-Plough has strong patent protection for many of its major drugs. We believe this, in turn, provides the company with a more predictable revenue stream and earnings growth. |
We thank you for your investment and look forward to your continued confidence.
Goldman Sachs Growth Equity Investment Team
New York, March 11, 2009
FUND BASICS
Capital Growth Fund
as of February 28, 2009
PERFORMANCE REVIEW
| | | | | | | | | | | |
| September 1, 2008–February 28, 2009 | | Fund Total Return (based on NAV)1 | | | Russell 1000 Growth Index2 | | | |
|
| |
| Class A | | | -44.69 | % | | | -39.90 | % | | |
| Class B | | | -44.89 | | | | -39.90 | | | |
| Class C | | | -44.94 | | | | -39.90 | | | |
| Institutional | | | -44.58 | | | | -39.90 | | | |
| Service | | | -44.71 | | | | -39.90 | | | |
| Class IR | | | -44.63 | | | | -39.90 | | | |
| Class R | | | -44.77 | | | | -39.90 | | | |
|
| |
| 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 Russell 1000 Growth Index is an unmanaged index that measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The Index figures do not reflect any deduction 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 12/31/08 | | One Year | | | Five Years | | | Ten Years | | | Since Inception | | | Inception Date | | |
|
| |
| Class A | | | -45.85 | % | | | -6.53 | % | | | -4.09 | % | | | 6.35 | % | | 4/20/90 | | |
| Class B | | | -46.00 | | | | -6.55 | | | | -4.27 | | | | 2.05 | | | 5/1/96 | | |
| Class C | | | -43.72 | | | | -6.17 | | | | -4.26 | | | | -0.76 | | | 8/15/97 | | |
| Institutional | | | -42.49 | | | | -5.09 | | | | -3.16 | | | | 0.36 | | | 8/15/97 | | |
| Service | | | -42.79 | | | | -5.56 | | | | -3.64 | 4 | | | 6.61 | 4 | | 4/20/90 | | |
| Class IR | | | -42.62 | | | | N/A | | | | N/A | | | | -39.63 | | | 11/30/07 | | |
| Class R | | | -42.84 | | | | N/A | | | | N/A | | | | -39.87 | | | 11/30/07 | | |
|
| |
| 3 | The Standardized Average Annual 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, Service, Class IR and Class R Shares do not involve a sales charge, such a charge is not applied to their Standardized Average Annual Total Returns. |
| 4 | Performance data for Service Shares prior to August 15, 1997 (commencement of operations) is that of Class A Shares (excluding the impact of front-end sales charges applicable to Class A Shares since Service Shares are not subject to any sales charges). Performance of Class A Shares of the Capital Growth Fund reflects the expenses applicable to the Fund’s Class A Shares. The fees applicable to Service 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 investment return and principal value of an investment will fluctuate and, therefore, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the total return figures in the above charts. Please visit www.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. |
FUND BASICS
EXPENSE RATIOS5
| | | | | | | | | | | |
| | | Net Expense Ratio (Current) | | Gross Expense Ratio (Before Waivers) | | |
|
| |
| Class A | | | 1.14 | % | | | 1.42 | % | | |
| Class B | | | 1.89 | | | | 2.17 | | | |
| Class C | | | 1.89 | | | | 2.17 | | | |
| Institutional | | | 0.74 | | | | 1.02 | | | |
| Service | | | 1.24 | | | | 1.52 | | | |
| Class IR | | | 0.89 | | | | 1.17 | | | |
| Class R | | | 1.39 | | | | 1.67 | | | |
|
| |
| 5 | The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations), are as set forth above according to the most recent publicly available Prospectuses for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Applicable 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 TEN HOLDINGS AS OF 2/28/096
| | | | | | | | | |
| Holding | | % of Net Assets | | | Line of Business | | |
|
| |
| Microsoft Corp. | | | 4.3 | % | | Software | | |
| American Tower Corp. | | | 3.6 | | | Wireless Telecommunication Services | | |
| Cisco Systems, Inc. | | | 3.4 | | | Communications Equipment | | |
| PepsiCo., Inc. | | | 2.7 | | | Beverages | | |
| Hess Corp. | | | 2.5 | | | Oil, Gas & Consumable Fuels | | |
| Apple, Inc. | | | 2.5 | | | Computers & Peripherals | | |
| Johnson & Johnson | | | 2.4 | | | Pharmaceuticals | | |
| QUALCOMM, Inc. | | | 2.4 | | | Communications Equipment | | |
| Gilead Sciences, Inc. | | | 2.4 | | | Biotechnology | | |
| Schlumberger Ltd. | | | 2.3 | | | Energy Equipment & Services | | |
|
| |
| 6 | The top 10 holdings may not be representative of the Fund’s future investments. |
FUND BASICS
SECTOR ALLOCATIONS AS OF 2/28/097
Percentage of Investment Portfolio
| |
| 7 | The Fund is actively managed and, as such, its composition may differ over time. The above graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category of the Fund reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Securities lending collateral represents 14.5% of the Fund’s net assets at 2/28/09. |
PORTFOLIO RESULTS
Goldman Sachs Concentrated Growth Fund
Dear Shareholder:
This report provides an overview on the performance of the Goldman Sachs Concentrated Growth Fund (the “Fund”) during the six-month reporting period that ended February 28, 2009.
Performance Review
Over the six-month period that ended February 28, 2009, the Fund’s Class A, B, C, Institutional, Service, IR and R Shares generated cumulative total returns, without sales charges, of −45.27%, −45.50%, −45.45%, −45.13%, −45.23%, −45.24% and −45.37%, respectively. These returns compare to the −39.90% cumulative total return of the Fund’s benchmark, the Russell 1000® Growth Index (with dividends reinvested) (the “Index”), over the same time period.
The Fund underperformed its benchmark during the six-month reporting period. The Fund’s Energy holdings and select Technology businesses detracted from results during the reporting period. In contrast, positive stock selection in the Finance sector and an underweight in Cyclicals positively contributed to performance.
Video game publisher Electronic Arts was a detractor from performance during the reporting period. Formerly the largest interactive entertainment publisher until the formation of ActivisionBlizzard, Electronic Arts utilizes its portfolio of annually produced sports simulation franchises to generate a consistent base of cash flow in order to fund new game development. Recently, the company has had difficulty executing its strategy effectively despite the strong success of its top selling games. In response, Electronic Arts has begun a restructuring, brought in a new CEO and division heads, and reinvigorated the creative process. We believe this will vastly improve execution and allow the company to capitalize on the growth of the video game industry.
The Energy companies in the Fund’s portfolio detracted from performance as oil prices tumbled and the entire sector sold off. Shares of Hess Corp., Schlumberger Ltd., and Suncor, Inc. were among the top detractors in the portfolio as investors focused on safety and paid little attention to the long-term fundamentals of the individual businesses within the sector. While many energy companies have struggled with continued speculation of slowing demand, the drop in crude oil prices, and concerns about project financing, we believe that our energy businesses remain well positioned. We believe they should benefit from the long-term challenge of global oil supply as profitability and growth for the companies are driven by increasing global drilling, and improving oil recovery through more efficient oil extraction techniques.
Electronic payments company Visa was a top contributor to performance as the company reported an increase in fourth quarter profits. The strong financial results were primarily driven by strong credit and debit card usage outside the U.S. In addition, Visa continues to benefit from its strong position in debit cards as more consumers are opting to use cards over paper currency. We believe Visa’s business model is attractive as it is built on a per transaction basis (one swipe at a time) and this recurring revenue generates significant free cash flow. Furthermore, in our view Visa is not exposed to credit risk because it does not lend to cardholders. Lastly, we believe Visa’s centralized network architecture (VisaNet) is superior to networks of competitors and provides a significant competitive advantage.
PORTFOLIO RESULTS
Portfolio Composition
The Fund typically holds 30-45 high quality growth companies and tends to be more concentrated in individual holdings, industries and sectors than the typical broadly diversified large-cap growth fund.
Portfolio Highlights
During the reporting period, there were a number of holdings that impacted performance, including the following:
| |
| n | Marriott International — Shares of Marriott International, a recent addition to the portfolio, were down during the period. While the company’s stock has been challenged by macroeconomic headwinds and decelerating revenue per available room (RevPar) growth, we believe that Marriott stands to benefit during this cyclical downturn in the hotel industry. In our view, more challenging operating conditions will lead to a tightening of supply in the lodging industry as recent difficulties in the credit markets have made borrowing more expensive, reducing the number of new hotels being constructed. We believe that these factors will constrain lodging supply, creating a potentially strong pricing environment for existing hotels in the future. In our view, Marriott, a company with a strong management team and dominant franchise, is positioned to benefit from this environment. |
| |
| n | Research In Motion — Research In Motion, the maker of BlackBerry smartphones, detracted from performance after announcing that earnings would likely come in at the low end of the company’s guidance. In addition, the company has recorded lower margins than previous quarters. We continue to have significant conviction in Research In Motion, as the company has been able to rapidly introduce several new products simultaneously, specifically the Bold, Storm and 8900. The company has added substantially more subscribers than industry experts expected and has been able to take market share from its top competitors. While this marketing and sales push has led to a small decrease in margins, we believe margins will likely improve as production costs for the new devices decline. |
| |
| n | Teva Pharmaceutical Industries Ltd. — Teva Pharmaceutical Industries, a leading manufacturer of generic drugs, positively contributed to performance during the period. Its shares rose after the company posted strong 2008 financial results due to growth in its global pharmaceutical sales. We believe Teva is competitively well positioned in the generic pharmaceutical industry given its ability to launch products earlier than other generic suppliers and its expanding global footprint. Furthermore, Teva’s large size and free cash flow enables the company to keep costs low and remain financially flexible. Finally, Teva produces about half of its own active ingredients, which is an additional cost savings that it would otherwise pay to suppliers. We have conviction in Teva and believe it is gaining market share in a growing industry. |
We thank you for your investment and look forward to your continued confidence.
Goldman Sachs Growth Equity Investment Team
New York, March 11, 2009
FUND BASICS
Concentrated Growth Fund
as of February 28, 2009
PERFORMANCE REVIEW
| | | | | | | | | | | |
| September 1, 2008–February 28, 2009 | | Fund Total Return (based on NAV)1 | | | Russell 1000 Growth Index2 | | | |
|
| |
| Class A | | | -45.27 | % | | | -39.90 | % | | |
| Class B | | | -45.50 | | | | -39.90 | | | |
| Class C | | | -45.45 | | | | -39.90 | | | |
| Institutional | | | -45.13 | | | | -39.90 | | | |
| Service | | | -45.23 | | | | -39.90 | | | |
| Class IR | | | -45.24 | | | | -39.90 | | | |
| Class R | | | -45.37 | | | | -39.90 | | | |
|
| |
| 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 Russell 1000 Growth Index is an unmanaged index that measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index. |
STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS3
| | | | | | | | | | | | | | | | | |
| For the period ended 12/31/08 | | One Year | | | Five Years | | | Since Inception | | | Inception Date | | |
|
| |
| Class A | | | -46.97 | % | | | -6.94 | % | | | -2.02 | % | | 9/3/02 | | |
| Class B | | | -47.10 | | | | -6.96 | | | | -1.88 | | | 9/3/02 | | |
| Class C | | | -44.94 | | | | -6.60 | | | | -1.92 | | | 9/3/02 | | |
| Institutional | | | -43.72 | | | | -5.51 | | | | -0.77 | | | 9/3/02 | | |
| Service | | | -43.86 | | | | -5.91 | | | | -1.16 | | | 9/3/02 | | |
| Class IR | | | -43.84 | | | | N/A | | | | -41.15 | | | 11/30/07 | | |
| Class R | | | -44.08 | | | | N/A | | | | -41.42 | | | 11/30/07 | | |
|
| |
| 3 | The Standardized Average Annual 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, Service, Class IR and Class R Shares do not involve a sales charge, such a charge is not applied to their Standardized Average Annual Total Returns. |
The returns represent past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate and, therefore, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the total return figures in the above charts. Please visit www.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.
FUND BASICS
EXPENSE RATIOS4
| | | | | | | | | | | |
| | | Net Expense Ratio (Current) | | Gross Expense Ratio (Before Waivers) | | |
|
| |
| Class A | | | 1.30 | % | | | 1.51 | % | | |
| Class B | | | 2.05 | | | | 2.26 | | | |
| Class C | | | 2.05 | | | | 2.26 | | | |
| Institutional | | | 0.90 | | | | 1.11 | | | |
| Service | | | 1.40 | | | | 1.61 | | | |
| Class IR | | | 1.05 | | | | 1.26 | | | |
| Class R | | | 1.55 | | | | 1.76 | | | |
|
| |
| 4 | The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations), are as set forth above according to the most recent publicly available Prospectuses for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Applicable 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 TEN HOLDINGS AS OF 2/28/095
| | | | | | | | | | | |
| Holding | | % of Net Assets | | Line of Business | | |
|
| |
| American Tower Corp. | | | 5.0 | % | | | Wireless Telecommunication Services | | | |
| Hess Corp. | | | 4.0 | | | | Oil, Gas & Consumable Fuels | | | |
| Activision Blizzard, Inc. | | | 3.9 | | | | Software | | | |
| PepsiCo., Inc. | | | 3.7 | | | | Beverages | | | |
| Microsoft Corp. | | | 3.7 | | | | Software | | | |
| Cisco Systems, Inc. | | | 3.6 | | | | Communications Equipment | | | |
| Thermo Fisher Scientific, Inc. | | | 3.5 | | | | Life Sciences Tools & Services | | | |
| QUALCOMM, Inc. | | | 3.5 | | | | Communications Equipment | | | |
| Johnson & Johnson | | | 3.3 | | | | Pharmaceuticals | | | |
| Baxter International, Inc. | | | 3.2 | | | | Health Care Equipment & Supplies | | | |
|
| |
| 5 | The top 10 holdings may not be representative of the Fund’s future investments. |
FUND BASICS
SECTOR ALLOCATIONS AS OF 2/28/096
Percentage of Investment Portfolio
| |
| 6 | The Fund is actively managed and, as such, its composition may differ over time. The above graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category of the Fund reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Securities lending collateral represents 9.2% of the Fund’s net assets at 2/28/09. |
PORTFOLIO RESULTS
Goldman Sachs Growth Opportunities Fund
Dear Shareholder:
This report provides an overview on the performance of the Goldman Sachs Growth Opportunities Fund (the “Fund”) during the six-month reporting period that ended February 28, 2009.
Performance Review
Over the six-month period that ended February 28, 2009, the Fund’s Class A, B, C, Institutional, Service, IR and R Shares generated cumulative total returns, without sales charges, of −43.87%, −44.09%, −44.06%, −43.72%, −43.87%, −43.74% and −43.89%, respectively. These returns compare to the -45.70% cumulative total return of the Fund’s benchmark, the Russell Midcap® Growth Index (with dividends reinvested) (the “Index”), over the same time period.
The Fund outperformed its benchmark over the reporting period. The Fund’s Technology companies positively contributed to performance, while stock selection within the Energy and Healthcare sectors detracted from performance.
Shares of Netflix.com, Inc. were up over the past six months as the company reported strong quarterly results and a record number of new subscribers. The company also reported significant margin expansion, representing an increase in the company’s profitability. The company cites its “watch instantly” service that can stream movies and TV shows from the Internet directly to subscribers’ computers as the main driver of the positive results. The marketability and popularity of Netflix’s streaming service is increasing as Roku (a consumer electronics manufacturer) recently developed a $100 device that enables consumers to watch these movies on televisions. In addition, Netflix has agreed to a joint venture with Microsoft to provide Netflix streaming content through Microsoft’s Xbox 360 video game console. In our view, these initiatives have spurred subscriber growth, which we believe is an important metric for business models like Netflix.com. For these types of companies, more subscribers lead to predictable streams of cash flow in subscription fees, which provide funding for future growth opportunities.
Hansen Natural Corp. contributed to performance as the company reported fiscal third quarter earnings that exceeded analysts’ expectations. Strong sales of the company’s Monster energy drink brand drove expanding gross margins and increased profit. Hansen Natural continues to gain market share as it is strategically positioned within the high growth sports and health-oriented beverage segments of the industry. We believe the company is well positioned as it has no debt, strong margins and positive free cash flow. In addition, it continues to be a market share gainer in one of the fastest growing segments within the beverage industry.
Advance Auto Parts positively contributed to performance over the past six months as it reported an increase in sales during its fiscal fourth quarter. This was driven mainly by its commercial (professional installers) business. Recently, the company shifted its focus towards the commercial segment, making it less reliant on retail consumers for growth. The company’s retail “Do-It-Yourself” (DIY) business has been somewhat more volatile as a result of the current market environment. While the life of a car has been extended as consumers opt for DIY methods of car repairs, consumers are deferring maintenance and refraining from making upgrades. On the positive side, Advance Auto Parts is taking action to improve its profitability. Management is focused on renegotiating store rental
PORTFOLIO RESULTS
agreements and closing less profitable stores. The company is also seeking to enhance its distribution.
The Energy companies in the Fund’s portfolio were down as oil prices tumbled and the entire sector sold off. Shares of Weatherford International and Whiting Petroleum were among the largest detractors in the Fund as investors focused on safety and paid little attention to the long-term fundamentals of the individual businesses within the sector. While many energy companies have struggled with continued speculation of slowing demand, the drop in crude oil prices, and concerns about project financing, we believe that our energy businesses remain well positioned. We believe they should benefit from the long-term challenge of global oil supply as profitability and growth for the companies are driven by increasing global drilling, and improving oil recovery through more efficient oil extraction techniques.
Within the Healthcare sector, Charles River Laboratories detracted from performance as the company lowered its outlook for 2008. In recent months, the company has been negatively impacted by a deceleration in demand from pharmaceutical and biotech customers, as access to capital has become more scarce and customer budgets have tightened. Charles River Laboratories is dependent upon pharmaceutical and biotech customers’ investments in research and development projects. Therefore, any pullback in spending can have a negative effect on its business. Additionally, some larger, more well-capitalized pharmaceutical companies have begun to defer budgeting. On the positive side, Charles River Laboratories recently opened a new facility in Shanghai, which should expand its global footprint and increase its market share. We increased our exposure to the stock after its price declined as we continue to have conviction in the long-term secular trends the company is positioned to benefit from.
Portfolio Composition
The Fund invests primarily in medium-sized growth companies with a market capitalization between $1 and $10 billion. Since the Fund’s inception, we have focused on several key investment criteria that we believe can drive a company’s growth over the long term. These characteristics are: dominant market share, established brand name, pricing power, recurring revenue stream, free cash flow, high returns on invested capital, predictable growth, sustainable growth, long product life cycle, enduring competitive advantage, favorable demographic trends and excellent management. We strive to purchase these companies at reasonable valuations in order to capture the full benefits of their growth.
Portfolio Highlights
| |
| n | Priceline.com — Priceline.com, a recent purchase in the portfolio, positively contributed to performance during the reporting period. Priceline.com reported a solid fiscal third quarter, driven by an increase in year-over-year travel bookings and strong revenue growth in the U.S. and internationally. Priceline.com is not immune to the current macroeconomic backdrop and has begun to show some weakness. However, we believe its valuation is compelling as the market has already priced in a lot of negativity surrounding travel and the challenging retail environment. The company continues to do very well competitively due to its value-oriented brand positioning and diversified business mix. In our view, Priceline.com’s focus on the “budget/value conscious” area of the travel sector, specifically its “Name-Your-Own-Price” business, should help the company gain market share. We |
PORTFOLIO RESULTS
| |
| believe Priceline’s strong balance sheet and free cash flow should also help it withstand the current market environment. |
| |
| n | American Tower — Wireless tower company American Tower detracted from performance during the reporting period along with the overall market. Despite its recent results, we have high conviction in the company and believe it is poised to benefit from the growth in wireless communications. Additionally, we believe American Tower is competitively well-positioned given its dominant market share in an industry with high barriers to entry. Lastly, we believe the leasing agreements used in the tower business are attractive, particularly in the current economic environment, as it provides a more predictable stream of revenue and recurring cash flow. |
| |
| n | Best Buy Co., Inc. — Best Buy, a new holding in the portfolio, was a top contributor to performance during the period. Best Buy is a dominant global player in consumer electronics retailing, with established operations in North America, Asia and Europe. The company has been able to grow square footage over time, which has produced strong, consistent sales growth. We believe Best Buy is well-positioned to benefit from the secular growth in demand for mobile phones and laptops, as these high technology products proliferate. In addition, Best Buy’s main competitor, Circuit City, has gone out of business, which should provide an opportunity for significant market share gains. Finally, we believe Best Buy is attractively valued given its significant growth opportunities. |
We thank you for your investment and look forward to your continued confidence.
Goldman Sachs Growth Equity Investment Team
New York, March 11, 2009
FUND BASICS
Growth Opportunities Fund
as of February 28, 2009
PERFORMANCE REVIEW
| | | | | | | | | | | |
| September 1, 2008–February 28, 2009 | | Fund Total Return (Based on NAV)1 | | | Russell Midcap Growth Index2 | | | |
|
| |
| Class A | | | -43.87 | % | | | -45.70 | % | | |
| Class B | | | -44.09 | | | | -45.70 | | | |
| Class C | | | -44.06 | | | | -45.70 | | | |
| Institutional | | | -43.72 | | | | -45.70 | | | |
| Service | | | -43.87 | | | | -45.70 | | | |
| Class IR | | | -43.74 | | | | -45.70 | | | |
| Class R | | | -43.89 | | | | -45.70 | | | |
|
| |
| 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 Russell Midcap Growth Index is an unmanaged market capitalization weighted index that measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index. |
STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS3
| | | | | | | | | | | | | | | | | |
| For the period ended 12/31/08 | | One Year | | | Five Years | | | Since Inception | | | Inception Date | | |
|
| |
| Class A | | | -43.39 | % | | | -2.82 | % | | | 5.69 | % | | 5/24/99 | | |
| Class B | | | -43.54 | | | | -2.84 | | | | 5.59 | | | 5/24/99 | | |
| Class C | | | -41.13 | | | | -2.44 | | | | 5.52 | | | 5/24/99 | | |
| Institutional | | | -39.89 | | | | -1.32 | | | | 6.73 | | | 5/24/99 | | |
| Service | | | -40.18 | | | | -1.82 | | | | 6.19 | | | 5/24/99 | | |
| Class IR | | | -39.97 | | | | N/A | | | | -36.33 | | | 11/30/07 | | |
| Class R | | | -40.26 | | | | N/A | | | | -36.63 | | | 11/30/07 | | |
|
| |
| 3 | The Standardized Average Annual 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, Service, Class IR and Class R Shares do not involve a sales charge, such a charge is not applied to their Standardized Average Annual Total Returns. |
The returns represent past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate and, therefore, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the total return figures in the above charts. Please visit www.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.
FUND BASICS
EXPENSE RATIOS4
| | | | | | | | | | | |
| | | Net Expense Ratio (Current) | | Gross Expense Ratio (Before Waivers) | | |
|
| |
| Class A | | | 1.38 | % | | | 1.47 | % | | |
| Class B | | | 2.13 | | | | 2.22 | | | |
| Class C | | | 2.13 | | | | 2.22 | | | |
| Institutional | | | 0.98 | | | | 1.07 | | | |
| Service | | | 1.48 | | | | 1.57 | | | |
| Class IR | | | 1.13 | | | | 1.22 | | | |
| Class R | | | 1.63 | | | | 1.72 | | | |
|
| |
| 4 | The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations), are as set forth above according to the most recent publicly available Prospectuses for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Applicable 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 TEN HOLDINGS AS OF 2/28/095
| | | | | | | | | |
| Holding | | % of Net Assets | | | Line of Business | | |
|
| |
| Amphenol Corp. | | | 2.7 | % | | Electronic Equipment, Instruments &
Components | | |
| Equinix, Inc. | | | 2.4 | | | Internet Software & Services | | |
| Activision Blizzard, Inc. | | | 2.4 | | | Software | | |
| American Tower Corp. | | | 2.4 | | | Wireless Telecommunication Services | | |
| Western Union Co. | | | 2.4 | | | IT Services | | |
| St. Jude Medical, Inc. | | | 2.4 | | | Health Care Equipment & Supplies | | |
| Global Payments, Inc. | | | 2.3 | | | IT Services | | |
| Iron Mountain, Inc. | | | 2.3 | | | Commercial Services & Supplies | | |
Laboratory Corp. of America
Holdings | | | 2.3 | | | Health Care Providers & Services | | |
| People’s United Financial, Inc. | | | 2.2 | | | Thrifts & Mortgage Finance | | |
|
| |
| 5 | The top 10 holdings may not be representative of the Fund’s future investments. |
FUND BASICS
SECTOR ALLOCATIONS AS OF 2/28/096
Percentage of Investment Portfolio
| |
| 6 | The Fund is actively managed and, as such, its composition may differ over time. The above graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category of the Fund reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Securities lending collateral represents 24.3% of the Fund’s net assets at 2/28/09. |
PORTFOLIO RESULTS
Goldman Sachs Small/Mid Cap Growth Fund
Dear Shareholder:
This report provides an overview on the performance of the Goldman Sachs Small/Mid Cap Growth Fund (the “Fund”) during the six-month reporting period that ended February 28, 2009.
Performance Review
Over the six-month period that ended February 28, 2009, the Fund’s Class A, B, C, Institutional, Service, IR and R Shares generated cumulative total returns, without sales charges, of −42.20%, −42.44%, −42.44%, −42.04%, −42.19%, −42.14% and −42.23%, respectively. These returns compare to the −46.20% cumulative total return of the Fund’s benchmark, the Russell 2500tm Growth Index (with dividends reinvested) (the “Index”), over the same time period.
The Fund outperformed its benchmark over the reporting period. The Fund’s investments in Technology companies contributed to performance, while stock selection within the Energy and Healthcare sectors detracted from performance.
Shares of Netflix.com, Inc. were up over the past six months as the company reported strong quarterly results and a record number of new subscribers. The company also reported significant margin expansion, representing an increase in the company’s profitability. The company cites its “watch instantly” service that can stream movies and TV shows from the Internet directly to subscribers’ computers as the main driver of the positive results. The marketability and popularity of Netflix’s streaming service is increasing as Roku (a consumer electronics manufacturer) recently developed a $100 device that enables consumers to watch these movies on television “via the web”. In addition, Netflix has agreed to a joint venture with Microsoft to provide Netflix streaming content through Microsoft’s Xbox 360 video game console. In our view, these initiatives have spurred subscriber growth, which we believe is an important metric for business models like Netflix.com. For these types of companies, more subscribers lead to predictable streams of cash flow in subscription fees, which provide funding for future growth opportunities.
Hansen Natural Corp. positively contributed to performance as the company reported fiscal third quarter earnings that exceeded analysts’ expectations. Strong sales of the company’s Monster energy drink brand drove expanding gross margins and increased profit. Hansen Natural continues to gain market share as it is strategically positioned within the high growth sports and health-oriented beverage segments of the industry. We believe the company is well positioned as it has no debt, strong margins and positive free cash flow. In addition, it continues to be a market share gainer in one of the fastest growing segments within the beverage industry.
Choice Hotels International was a top contributor to performance during the reporting period. The company reported fiscal fourth quarter earnings that exceeded analysts’ expectations. We have been anticipating a peak in the lodging cycle and have seen global hotel supply increase and revenue per available room (RevPAR) growth decelerate. Furthermore, the recent macroeconomic weakness has put additional pressure on RevPAR as growth is now negative. Prospectively, we believe that this cyclical downturn will lead to a tightening of supply in the industry as recent difficulties in the credit markets have made borrowing more expensive, reducing the number of new hotels being constructed.
PORTFOLIO RESULTS
We believe that these factors will mean that lodging supply will be constrained, creating a potentially strong pricing environment for existing hotels in the future. In our view, Choice Hotels should benefit in this type of environment.
The Energy companies in the Fund’s portfolio were down as oil prices tumbled and the entire sector sold off. Shares of Rex Energy and Whiting Petroleum were among the top detractors in the Fund as investors focused on safety and paid little attention to the long-term fundamentals of the individual businesses within the sector. While many energy companies have struggled with continued speculation of slowing demand, the drop in crude oil prices, and concerns about project financing, we believe that our energy businesses remain well positioned. We believe they should benefit from the long-term challenge of global oil supply as profitability and growth for the companies are driven by increasing global drilling, and improving oil recovery through more efficient oil extraction techniques.
CB Richard Ellis Group (CBRE), the leading global commercial real estate services firm, was the largest detractor from performance despite reporting earnings that exceeded consensus expectations. While the credit crunch has put pressure on the industry as a whole, we believe these positive results demonstrate that CBRE’s transaction-based, service-oriented business model is able to weather the downturn better than other companies in the real estate industry. We believe CBRE may benefit from the current economic environment as the company’s management team has a demonstrated track record of using industry downturns as an opportunity to further increase market share, thereby emerging in an even stronger competitive position. To this end, management has already substantially reduced costs in order to improve profit margins. In addition, the company has a solid balance sheet that does not have any direct credit exposure. In our view, CBRE is a high-quality franchise that is currently trading at a compelling valuation.
Portfolio Composition
The Fund invests primarily in small and medium-sized growth companies with a market capitalization between $200 million and $10 billion. Since the Fund’s inception, we have focused on several key investment criteria that we believe can drive a company’s growth over the long term. These characteristics are dominant market share, established brand name, pricing power, recurring revenue stream, free cash flow, high returns on invested capital, predictable growth, sustainable growth, long product life cycle, enduring competitive advantage, favorable demographic trends and excellent management. We strive to purchase these companies at reasonable valuations in order to capture the full benefits of their growth.
Portfolio Highlights
| |
| n | Priceline.com — Priceline.com, a recent purchase in the portfolio, positively contributed to performance during the reporting period. Priceline.com reported a solid fiscal third quarter, driven by an increase in year-over-year travel bookings and strong revenue growth in the U.S. and internationally. Priceline.com is not immune to the current macroeconomic backdrop and has begun to show some weakness. However, we believe its valuation is compelling as the market has already priced in a lot of negativity surrounding travel and the challenging retail environment. The company continues to do very well competitively due to its value-oriented brand positioning and diversified business mix. In our view, |
PORTFOLIO RESULTS
| |
| Priceline.com’s focus on the “budget/value conscious” area of the travel sector, specifically its “Name-Your-Own-Price” business, should help the company gain market share. We believe Priceline’s strong balance sheet and free cash flow should also help it withstand the current market environment. |
| |
| n | Advance Auto Parts — Advance Auto Parts positively contributed to performance over the past six months as it reported an increase in sales during its fiscal fourth quarter. This was driven mainly by its commercial (professional installers) business. Recently, the company shifted its focus towards the commercial segment, making it less reliant on retail consumers for growth. The company’s retail “Do-It-Yourself” (DIY) business has been somewhat more volatile as a result of the current market environment. While the life of a car has been extended as consumers opt for DIY methods of car repairs, consumers are deferring maintenance and refraining from making upgrades. On the positive side, Advance Auto Parts is taking action to improve its profitability. Management is focused on renegotiating store rental agreements and closing less profitable stores. The company is also seeking to enhance its distribution. |
| |
| n | Charles River Laboratories International, Inc. — Charles River Laboratories detracted from performance as the company lowered its outlook for 2008. In recent months, the company has been negatively impacted by a deceleration in demand from pharmaceutical and biotech customers, as access to capital has become more scarce and customer budgets have tightened. Charles River Laboratories is dependent upon pharmaceutical and biotech customers’ investments in research and development projects. Therefore, any pullback in spending can have a negative effect on its business. Additionally, some larger, more well-capitalized pharmaceutical companies have begun to defer budgeting. On the positive side, Charles River Laboratories recently opened a new facility in Shanghai, which should expand its global footprint and increase its market share. We increased our exposure to the stock after its price declined as we continue to have conviction in the long-term secular trends the company is positioned to benefit from. |
We thank you for your investment and look forward to your continued confidence.
Goldman Sachs Growth Equity Investment Team
New York, March 11, 2009
FUND BASICS
Small/Mid Cap Growth Fund
as of February 28, 2009
PERFORMANCE REVIEW
| | | | | | | | | | | |
| September 1, 2008–February 28, 2009 | | Fund Total Return (based on NAV)1 | | | Russell 2500 Growth Index2 | | | |
|
| |
| Class A | | | -42.20 | % | | | -46.20 | % | | |
| Class B | | | -42.44 | | | | -46.20 | | | |
| Class C | | | -42.44 | | | | -46.20 | | | |
| Institutional | | | -42.04 | | | | -46.20 | | | |
| Service | | | -42.19 | | | | -46.20 | | | |
| Class IR | | | -42.14 | | | | -46.20 | | | |
| Class R | | | -42.23 | | | | -46.20 | | | |
|
| |
| 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 Russell 2500 Growth Index offers investors access to the small to mid cap growth segment of the US equity universe. The Russell 2500 Growth Index is constructed to provide a comprehensive and unbiased barometer of the small to mid cap growth market. Based on ongoing empirical research of investment manager behavior, the methodology used to determine growth probability approximates the aggregate small to mid cap growth manager’s opportunity set. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index. |
STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS3
| | | | | | | | | | | | | |
| For the period ended 12/31/08 | | One Year | | | Since Inception | | | Inception Date | | |
|
| |
| Class A | | | -43.37 | % | | | -6.16 | % | | 6/30/05 | | |
| Class B | | | -43.52 | | | | -6.26 | | | 6/30/05 | | |
| Class C | | | -41.15 | | | | -5.44 | | | 6/30/05 | | |
| Institutional | | | -39.86 | | | | -4.34 | | | 6/30/05 | | |
| Service | | | -40.18 | | | | -4.84 | | | 6/30/05 | | |
| Class IR | | | -39.98 | | | | -36.55 | | | 11/30/07 | | |
| Class R | | | -40.24 | | | | -36.84 | | | 11/30/07 | | |
|
| |
| 3 | The Standardized Average Annual 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, Service, Class IR and Class R Shares do not involve a sales charge, such a charge is not applied to their Standardized Average Annual Total Returns. |
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.
FUND BASICS
EXPENSE RATIOS4
| | | | | | | | | | | |
| | | Net Expense Ratio (Current) | | Gross Expense Ratio (Before Waivers) | | |
|
| |
| Class A | | | 1.50 | % | | | 1.68 | % | | |
| Class B | | | 2.25 | | | | 2.43 | | | |
| Class C | | | 2.25 | | | | 2.43 | | | |
| Institutional | | | 1.10 | | | | 1.28 | | | |
| Service | | | 1.60 | | | | 1.78 | | | |
| Class IR | | | 1.25 | | | | 1.43 | | | |
| Class R | | | 1.75 | | | | 1.93 | | | |
|
| |
| 4 | The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations), are as set forth above according to the most recent publicly available Prospectuses for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Applicable 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 TEN HOLDINGS AS OF 2/28/095
| | | | | | | | | |
| Holding | | % of Net Assets | | | Line of Business | | |
|
| |
| Amphenol Corp. | | | 2.6 | % | | Electronic Equipment, Instruments &
Components | | |
| SBA Communications Corp. | | | 2.3 | | | Wireless Telecommunication Services | | |
| Iron Mountain, Inc. | | | 2.3 | | | Commercial Services & Supplies | | |
Laboratory Corp. of America
Holdings | | | 2.2 | | | Health Care Providers & Services | | |
| FLIR Systems, Inc. | | | 2.0 | | | Electronic Equipment, Instruments &
Components | | |
| Core Laboratories NV | | | 2.0 | | | Energy Equipment & Services | | |
| People’s United Financial, Inc. | | | 1.9 | | | Thrifts & Mortgage Finance | | |
| Equinix, Inc. | | | 1.9 | | | Internet Software & Services | | |
| PetSmart, Inc. | | | 1.9 | | | Specialty Retail | | |
Charles River Laboratories
International, Inc. | | | 1.9 | | | Life Sciences Tools & Services | | |
|
| |
| 5 | The top 10 holdings may not be representative of the Fund’s future investments. |
FUND BASICS
SECTOR ALLOCATIONS AS OF 2/28/096
Percentage of Investment Portfolio
| |
| 6 | The Fund is actively managed and, as such, its composition may differ over time. The above graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Securities lending collateral represents 17.0% of the Fund’s net assets as of 2/28/09. |
PORTFOLIO RESULTS
Goldman Sachs Strategic Growth Fund
Dear Shareholder:
This report provides an overview on the performance of the Goldman Sachs Strategic Growth Fund (the “Fund”) during the six-month reporting period that ended February 28, 2009.
Performance Review
Over the six-month period that ended February 28, 2009, the Fund’s Class A, B, C, Institutional and Service Shares generated cumulative total returns, without sales charges, of −43.23%, −43.52%, −43.54%, −43.16% and −43.37%, respectively. These returns compare to the −39.90% cumulative total return of the Fund’s benchmark, the Russell 1000® Growth Index (with dividends reinvested) (the “Index”), over the same time period. From their inception on January 6, 2009 through February 28, 2009, the Fund’s Class IR and R Shares generated cumulative total returns of −14.14% and −14.20%, respectively. Over the same period, the Index returned −16.06%.
The Fund underperformed its benchmark during the six-month reporting period. The Fund’s Energy holdings and select Technology businesses detracted from results during the reporting period. In contrast, positive stock selection in the Finance sector and an underweight in Cyclicals positively contributed to relative performance.
Video game publisher Electronic Arts was a detractor from performance during the reporting period. Formerly the largest interactive entertainment publisher until the formation of ActivisionBlizzard, Electronic Arts utilizes its portfolio of annually produced sports simulation franchises to generate a consistent base of cash flow in order to fund new game development. Recently, the company has had difficulty executing its strategy effectively despite the strong success of its top selling games. In response, Electronic Arts has begun a restructuring, brought in a new CEO and division heads, and reinvigorated the creative process. We believe this will vastly improve execution and allow the company to capitalize on the growth of the video game industry.
The Energy companies in the Fund’s portfolio detracted from performance as oil prices tumbled and the entire sector sold off. Shares of Hess Corp., Schlumberger Ltd., and Suncor, Inc. were among the top detractors in the portfolio as investors focused on safety and paid little attention to the long-term fundamentals of the individual businesses within the sector. While many energy companies have struggled with continued speculation of slowing demand, the drop in crude oil prices, and concerns about project financing, we believe that our energy businesses remain well positioned. We believe they should benefit from the long-term challenge of global oil supply as profitability and growth for the companies are driven by increasing global drilling, and improving oil recovery through more efficient oil extraction techniques.
Electronic payments company Visa was a top contributor to performance as the company reported an increase in fourth quarter profits. The strong financial results were primarily driven by strong credit and debit card usage outside the U.S. In addition, Visa continues to benefit from its strong position in debit cards as more consumers are opting to use cards over paper currency. We believe Visa’s business model is attractive as it is built on a per transaction basis (one swipe at a time) and this recurring revenue generates significant free cash flow. Furthermore, Visa is not exposed to credit risk because it does not lend to cardholders. Lastly, we believe Visa’s centralized network architecture (VisaNet) is superior to networks of competitors and provides a significant competitive advantage.
PORTFOLIO RESULTS
Portfolio Composition
The Fund invests in large cap growth stocks. More specifically, we seek businesses with dominant market share, established brand name, pricing power, recurring revenue stream and free cash flow. Additionally, we seek companies with high returns on invested capital, predictable growth, sustainable growth, long product life cycle, enduring competitive advantage, favorable demographic trends and excellent management. The Fund is more selective and focused than many mutual funds and there are typically 50 to 70 holdings in the portfolio.
Portfolio Highlights
During the reporting period, there were a number of holdings that impacted performance, including the following:
| |
| n | Research In Motion — Research in Motion, the maker of BlackBerry smartphones, detracted from performance after announcing that earnings would likely come in at the low end of the company’s guidance. In addition, the company has recorded lower margins than previous quarters. We continue to have significant conviction in Research In Motion, as the company has been able to rapidly introduce several new products simultaneously, specifically the Bold, Storm and 8900. The company has added substantially more subscribers than industry experts expected and has been able to take market share from its top competitors. While this marketing and sales push has led to a small decrease in margins, we believe margins will likely improve as production costs for the new devices decline. |
| |
| n | Best Buy Co., Inc. — Best Buy, a new holding in the portfolio, was a top contributor to performance during the period. Best Buy is a dominant global player in consumer electronics retailing, with established operations in North America, Asia and Europe. The company has been able to grow square footage over time, which has produced strong, consistent sales growth. We believe Best Buy is well-positioned to benefit from the secular growth in demand for mobile phones and laptops, as these high technology products proliferate. In addition, Best Buy’s main competitor, Circuit City, has gone out of business, which should provide an opportunity for significant market share gains. Finally, we believe Best Buy is attractively valued given its significant growth opportunities. |
| |
| n | Teva Pharmaceutical Industries Ltd. — Teva Pharmaceutical Industries, a leading manufacturer of generic drugs, positively contributed to performance during the period. Its shares rose after the company posted strong 2008 financial results due to growth in its global pharmaceutical sales. We believe Teva is competitively well positioned in the generic pharmaceutical industry given its ability to launch products earlier than other generic suppliers and its expanding global footprint. Furthermore, Teva’s large size and free cash flow enables the company to keep costs low and remain financially flexible. Finally, Teva produces about half of its own active ingredients, which is an additional cost savings that it would otherwise pay to suppliers. We have conviction in Teva and believe it is gaining market share in a growing industry. |
We thank you for your investment and look forward to your continued confidence.
Goldman Sachs Growth Equity Investment Team
New York, March 11, 2009
FUND BASICS
Strategic Growth Fund
as of February 28, 2009
PERFORMANCE REVIEW
| | | | | | | | | | | |
| September 1, 2008–February 28, 2009 | | Fund Total Return (based on NAV)1 | | | Russell 1000 Growth Index2 | | | |
|
| |
| Class A | | | -43.23 | % | | | -39.90 | % | | |
| Class B | | | -43.52 | | | | -39.90 | | | |
| Class C | | | -43.54 | | | | -39.90 | | | |
| Institutional | | | -43.16 | | | | -39.90 | | | |
| Service | | | -43.37 | | | | -39.90 | | | |
|
January 6, 2009–February 28, 2009 |
|
| Class IR | | | -14.14 | % | | | -16.06 | % | | |
| Class R | | | -14.20 | | | | -16.06 | | | |
|
| |
| 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 Russell 1000 Growth Index is an unmanaged market capitalization weighted index that measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The Index figures do not reflect any deduction 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 12/31/08 | | One Year | | | Five Years | | | Since Inception | | | Inception Date | | |
|
| |
| Class A | | | -43.51 | % | | | -6.20 | % | | | -5.04 | % | | 5/24/99 | | |
| Class B | | | -43.72 | | | | -6.24 | | | | -5.20 | | | 5/24/99 | | |
| Class C | | | -41.32 | | | | -5.87 | | | | -5.18 | | | 5/24/99 | | |
| Institutional | | | -40.01 | | | | -4.75 | | | | -4.10 | | | 5/24/99 | | |
| Service | | | -40.27 | | | | -5.11 | | | | -4.44 | | | 5/24/99 | | |
|
| |
| 3 | The Standardized Average Annual 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 Average Annual Total Returns. Class IR and Class R Shares of the Fund commenced operations as of January 6, 2009. |
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.
FUND BASICS
EXPENSE RATIOS4
| | | | | | | | | | | |
| | | Net Expense Ratio (Current) | | Gross Expense Ratio (Before Waivers) | | |
|
| |
| Class A | | | 1.15 | % | | | 1.52 | % | | |
| Class B | | | 1.90 | | | | 2.27 | | | |
| Class C | | | 1.90 | | | | 2.27 | | | |
| Institutional | | | 0.75 | | | | 1.12 | | | |
| Service | | | 1.25 | | | | 1.62 | | | |
| Class IR | | | 0.90 | | | | 1.27 | | | |
| Class R | | | 1.40 | | | | 1.77 | | | |
|
| |
| 4 | The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations), are as set forth above according to the most recent publicly available Prospectuses for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Applicable 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 TEN HOLDINGS AS OF 2/28/095
| | | | | | | | | |
| Holding | | % of Net Assets | | | Line of Business | | |
|
| |
| Microsoft Corp. | | | 3.5 | % | | Software | | |
| American Tower Corp. | | | 3.1 | | | Wireless Telecommunication Services | | |
| Hess Corp. | | | 2.9 | | | Oil, Gas & Consumable Fuels | | |
| Gilead Sciences, Inc. | | | 2.9 | | | Biotechnology | | |
| Cisco Systems, Inc. | | | 2.8 | | | Communications Equipment | | |
| Target Corp. | | | 2.7 | | | Multiline Retail | | |
| PepsiCo., Inc. | | | 2.7 | | | Beverages | | |
| Thermo Fisher Scientific, Inc. | | | 2.7 | | | Life Sciences Tools & Services | | |
| QUALCOMM, Inc. | | | 2.7 | | | Communications Equipment | | |
| Johnson & Johnson | | | 2.6 | | | Pharmaceuticals | | |
|
| |
| 5 | The top 10 holdings may not be representative of the Fund’s future investments. |
FUND BASICS
SECTOR ALLOCATIONS AS OF 2/28/096
Percentage of Investment Portfolio
| |
| 6 | The Fund is actively managed and, as such, its composition may differ over time. The above graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Securities lending collateral represents 1.8% of the Fund’s net assets as of 2/28/09. |
PORTFOLIO RESULTS
Tollkeeper Fund
Dear Shareholder:
This report provides an overview on the performance of the Goldman Sachs Tollkeeper Fund (the “Fund”) during the six-month reporting period that ended February 28, 2009.
Performance Review
Over the six-month period that ended February 28, 2009, the Fund’s Class A, B, C, Institutional and Service Shares generated cumulative total returns, without sales charges, of −40.86%, −41.18%, −41.11%, −40.81% and −40.91%, respectively. These returns compare to the −41.80% cumulative total return of the Fund’s benchmark, the NASDAQ Composite Index, over the same time period.
The Fund slightly outperformed its benchmark during the reporting period. The Fund benefited from strong stock selection in the Technology and Utilities sectors while a number of specific Media holdings detracted from performance.
Shares of Netflix.com, Inc. were up over the past six months as the company reported strong quarterly results and a record number of new subscribers. The company also reported significant margin expansion, representing an increase in the company’s profitability. The company cites its “watch instantly” service that can stream movies and TV shows from the Internet directly to subscribers’ computers as the main driver of the positive results. The marketability and popularity of Netflix’s streaming service is increasing as Roku (a consumer electronics manufacturer) recently developed a $100 device that enables consumers to watch these movies on televisions “via the web.” In addition, Netflix has agreed to a joint venture with Microsoft to provide Netflix streaming content through Microsoft’s Xbox 360 video game console. In our view, these initiatives have spurred subscriber growth, which we believe is an important metric for business models like Netflix.com. For these types of companies, more subscribers lead to predictable streams of cash flow in subscription fees, which provide funding for future growth opportunities.
Citrix, a software company, was a top contributor to performance for the period. The company reported better-than-expected revenue and earnings and subsequently raised its full-year guidance. Citrix holds a dominant market share position in the desktop virtualization software market, which allows employees to access their work desktop applications from outside the office. We believe the company had reached full valuation during the reporting period and we subsequently sold the position.
Several of our companies within the video games industry detracted from performance after consumer spending declined in the holiday season. Video game stocks were particularly singled out given their reliance on holiday sales, which can be as much as half of a year’s revenue and all of a year’s earnings. In this environment, Electronic Arts was a detractor from performance. Formerly the largest interactive entertainment publisher until the formation of ActivisionBlizzard, Electronic Arts utilizes its portfolio of annually produced sports simulation franchises to generate a consistent base of cash flow in order to fund new game development. Recently, the company has had difficulty executing its strategy effectively despite the strong success of its top selling games. In response, Electronic Arts has begun a restructuring, brought in a new CEO and division heads, and reinvigorated the creative process, which we believe will vastly improve execution and
PORTFOLIO RESULTS
allow the company to capitalize on the growth of the video game industry. Video game publisher T-HQ, Inc. also detracted from performance during the reporting period due to sales pressures.
Research In Motion, the maker of BlackBerry smartphones, detracted from performance after announcing that earnings would likely come in at the low end of the company’s guidance. In addition, the company has recorded lower margins than previous quarters. We continue to have significant conviction in Research In Motion, as the company has been able to rapidly introduce several new products simultaneously, specifically the Bold, Storm and 8900. The company has added substantially more subscribers than industry experts expected and has been able to take market share against its top competitors. While this marketing and sales push has led to a small decrease in margins, we believe margins will likely improve as production costs for the new devices decline.
Portfolio Composition
The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at time of purchase) in equity investments in “Tollkeeper” companies. In general, we define a Tollkeeper company as a high-quality technology, media or service company that adopts or uses technology to improve its cost structure, revenue opportunities or competitive advantage. We believe Tollkeeper connotes a promising growth business. Like a toll collector for a highway or bridge, Tollkeeper companies may grow revenue by increasing “traffic,” or customers and sales, and raising “tolls,” or prices, and margins. We believe that the characteristics of many Tollkeeper companies, including dominant market share, strong brand name, recurring revenue streams and the ability to generate free cash flow, should enable them to consistently grow their business.
Portfolio Highlights
During the reporting period, there were a number of holdings that impacted performance, including the following:
| |
| n | Visa — Electronic payments company Visa was a top contributor to performance as the company reported an increase in fourth quarter profits. The strong financial results were primarily driven by strong credit and debit card usage outside the U.S. In addition, Visa continues to benefit from its strong position in debit cards as more consumers are opting to use cards over paper currency. We believe Visa’s business model is attractive as it is built on a per transaction basis (one swipe at a time) and this recurring revenue generates significant free cash flow. Furthermore, Visa is not exposed to credit risk because it does not lend to cardholders. Lastly, we believe Visa’s centralized network architecture (VisaNet) is superior to networks of competitors and provides a significant competitive advantage. |
| |
| n | Microsoft Corp. — For the reporting period, Microsoft Corp. detracted from performance as the company posted worse than expected earnings. In particular, Microsoft reported disappointing results in its client division, which produces the Windows operating system. This was largely driven by the decline in demand for computers. However, growth in the company’s Entertainment and Devices division and its Online Services unit partially offset these negative results. We continue to have conviction in Microsoft as Internet search is a |
PORTFOLIO RESULTS
| |
| rapidly growing area and has provided larger returns on investment than any other advertising medium. In addition, we are encouraged by the results of the Entertainment and Devices division, which includes the Xbox 360 console and video gaming. We believe this division will provide significant growth opportunity for the company going forward. |
| |
| n | Neutral Tandem, Inc. — Neutral Tandem, a provider of tandem interconnection services, positively contributed to performance during the period. The company has created a tandem network capable of exchanging both voice and data traffic between wireline, wireless and broadband customers. This allows for the information to be routed to the network most able to accommodate the traffic, thereby enhancing network efficiency. During the reporting period, Neutral Tandem announced its fiscal fourth quarter results and recorded rapid growth in revenue and earnings due to an increase in billed minutes (minutes of data traffic carried over their networks). |
We thank you for your investment and look forward to your continued confidence.
Goldman Sachs Growth Equity Management Team
New York, March 11, 2009
FUND BASICS
Tollkeeper Fund
as of February 28, 2009
PERFORMANCE REVIEW
| | | | | | | | | | | |
| September 1, 2008–February 28, 2009 | | Fund Total Return (based on NAV)1 | | | NASDAQ Composite Index2 | | | |
|
| |
| Class A | | | -40.86 | % | | | -41.80 | % | | |
| Class B | | | -41.18 | | | | -41.80 | | | |
| Class C | | | -41.11 | | | | -41.80 | | | |
| Institutional | | | -40.81 | | | | -41.80 | | | |
| Service | | | -40.91 | | | | -41.80 | | | |
|
| |
| 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 NASDAQ Composite Index is a broad-based capitalization-weighted index of all NASDAQ National Market and small-cap stocks. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index. |
STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS3
| | | | | | | | | | | | | | | | | | | |
| For the period ended 12/31/08 | | One Year | | | Five Years | | | Since Inception | | | Inception Date | | | |
|
| |
| Class A | | | -48.39 | % | | | -3.23 | % | | | -5.32 | % | | | 10/1/99 | | | |
| Class B | | | -48.54 | | | | -3.27 | | | | -5.47 | | | | 10/1/99 | | | |
| Class C | | | -46.33 | | | | -2.85 | | | | -5.47 | | | | 10/1/99 | | | |
| Institutional | | | -45.17 | | | | -1.72 | | | | -4.36 | | | | 10/1/99 | | | |
| Service | | | -45.41 | | | | -2.16 | | | | -4.81 | | | | 10/1/99 | | | |
|
| |
| 3 | The Standardized Average Annual 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 Average Annual Total Returns. |
The returns represent past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate and, therefore, an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the total return figures in the above charts. Please visit www.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
| | | | | | | | | | | |
| | | Net Expense Ratio (Current) | | Gross Expense Ratio (Before Waivers) | | |
|
| |
| Class A | | | 1.50 | % | | | 1.57 | % | | |
| Class B | | | 2.25 | | | | 2.32 | | | |
| Class C | | | 2.25 | | | | 2.32 | | | |
| Institutional | | | 1.10 | | | | 1.17 | | | |
| Service | | | 1.60 | | | | 1.67 | | | |
|
| |
| 4 | The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations), are as set forth above according to the most recent publicly available Prospectuses for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Applicable 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. |
FUND BASICS
TOP 10 HOLDINGS AS OF 2/28/095
| | | | | | | | | |
| Holding | | % of Net Assets | | | Line of Business | | |
|
| |
| Microsoft Corp. | | | 6.2 | % | | Software & Services | | |
| American Tower Corp. Class A | | | 6.2 | | | Telecommunication Services | | |
| Apple, Inc. | | | 4.7 | | | Technology Hardware & Equipment | | |
| Activision Blizzard, Inc. | | | 4.7 | | | Software & Services | | |
| Research In Motion Ltd. | | | 4.5 | | | Technology Hardware & Equipment | | |
| Cisco Systems, Inc. | | | 4.2 | | | Technology Hardware & Equipment | | |
| Google, Inc. Class A | | | 4.1 | | | Software & Services | | |
| Electronic Arts, Inc. | | | 3.9 | | | Software & Services | | |
| Iron Mountain, Inc. | | | 3.8 | | | Commercial & Professional Services | | |
| QUALCOMM, Inc. | | | 3.7 | | | Technology Hardware & Equipment | | |
|
| |
| 5 | The top 10 holdings may not be representative of the Fund’s future investments. |
SECTOR ALLOCATIONS AS OF 2/28/096
Percentage of Investment Portfolio
| |
| 6 | The Fund is actively managed and, as such, its composition may differ over time. The above graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Securities lending collateral represents 26.0% of the Fund’s net assets as of 2/28/09. |
GOLDMAN SACHS ALL CAP GROWTH FUND
Schedule of Investments
February 28, 2009 (Unaudited)
| | | | | | | | | | | |
| | | Shares | | Description | | Value |
| |
Common Stocks – 92.6% |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | Aerospace & Defense – 2.4% |
| | | | 503 | | | Alliant Techsystems, Inc.* | | $ | 35,542 | |
| | | | 506 | | | Precision Castparts Corp. | | | 28,048 | |
| | | | 753 | | | United Technologies Corp. | | | 30,745 | |
| | | | | | | | | | | |
| | | | | | | | | | 94,335 | |
| | | |
| | | |
| | | Auto Components – 0.6% |
| | | | 2,956 | | | Gentex Corp. | | | 23,648 | |
| | | |
| | | |
| | | Beverages – 2.5% |
| | | | 869 | | | Hansen Natural Corp.* | | | 28,920 | |
| | | | 1,427 | | | PepsiCo., Inc. | | | 68,696 | |
| | | | | | | | | | | |
| | | | | | | | | | 97,616 | |
| | | |
| | | |
| | | Biotechnology* – 3.2% |
| | | | 3,745 | | | Amylin Pharmaceuticals, Inc. | | | 34,192 | |
| | | | 486 | | | Genentech, Inc. | | | 41,577 | |
| | | | 1,106 | | | Gilead Sciences, Inc. | | | 49,549 | |
| | | | | | | | | | | |
| | | | | | | | | | 125,318 | |
| | | |
| | | |
| | | Capital Markets – 0.9% |
| | | | 2,630 | | | The Charles Schwab Corp. | | | 33,427 | |
| | | |
| | | |
| | | Chemicals – 0.7% |
| | | | 464 | | | Praxair, Inc. | | | 26,332 | |
| | | |
| | | |
| | | Commercial Services & Supplies* – 1.2% |
| | | | 2,532 | | | Iron Mountain, Inc. | | | 47,045 | |
| | | |
| | | |
| | | Communications Equipment – 5.1% |
| | | | 5,583 | | | Cisco Systems, Inc.* | | | 81,344 | |
| | | | 2,099 | | | QUALCOMM, Inc. | | | 70,170 | |
| | | | 1,167 | | | Research In Motion Ltd.* | | | 46,610 | |
| | | | | | | | | | | |
| | | | | | | | | | 198,124 | |
| | | |
| | | |
| | | Computers & Peripherals* – 2.8% |
| | | | 903 | | | Apple, Inc. | | | 80,647 | |
| | | | 3,090 | | | Dell, Inc. | | | 26,358 | |
| | | | | | | | | | | |
| | | | | | | | | | 107,005 | |
| | | |
| | | |
| | | Diversified Financial Services – 1.5% |
| | | | 237 | | | CME Group, Inc. | | | 43,229 | |
| | | | 557 | | | JPMorgan Chase & Co. | | | 12,727 | |
| | | | | | | | | | | |
| | | | | | | | | | 55,956 | |
| | | |
| | | |
| | | Electrical Equipment – 1.9% |
| | | | 1,053 | | | ABB Ltd. ADR | | | 12,689 | |
| | | | 134 | | | First Solar, Inc.* | | | 14,169 | |
| | | | 642 | | | Rockwell Automation, Inc. | | | 12,904 | |
| | | | 855 | | | Roper Industries, Inc. | | | 35,354 | |
| | | | | | | | | | | |
| | | | | | | | | | 75,116 | |
| | | |
| | | |
| | | Electronic Equipment, Instruments & Components – 2.9% |
| | | | 2,144 | | | Amphenol Corp. | | | 54,501 | |
| | | | 648 | | | Dolby Laboratories, Inc.* | | | 18,176 | |
| | | | 2,003 | | | FLIR Systems, Inc.* | | | 40,881 | |
| | | | | | | | | | | |
| | | | | | | | | | 113,558 | |
| | | |
| | | |
| | | Energy Equipment & Services – 3.5% |
| | | | 844 | | | Cameron International Corp.* | | | 16,272 | |
| | | | 1,399 | | | Schlumberger Ltd. | | | 53,246 | |
| | | |
| | | |
| | | | 1,968 | | | Tesco Corp.* | | | 15,095 | |
| | | | 4,842 | | | Weatherford International Ltd.* | | | 51,664 | |
| | | | | | | | | | | |
| | | | | | | | | | 136,277 | |
| | | |
| | | |
| | | Food & Staples Retailing – 0.3% |
| | | | 255 | | | Costco Wholesale Corp. | | | 10,797 | |
| | | |
| | | |
| | | Health Care Equipment & Supplies – 5.1% |
| | | | 1,016 | | | Baxter International, Inc. | | | 51,725 | |
| | | | 495 | | | C.R. Bard, Inc. | | | 39,729 | |
| | | | 792 | | | NuVasive, Inc.* | | | 22,453 | |
| | | | 1,397 | | | St. Jude Medical, Inc.* | | | 46,324 | |
| | | | 1,036 | | | Zimmer Holdings, Inc.* | | | 36,281 | |
| | | | | | | | | | | |
| | | | | | | | | | 196,512 | |
| | | |
| | | |
| | | Health Care Providers & Services* – 2.2% |
| | | | 590 | | | Henry Schein, Inc. | | | 21,641 | |
| | | | 916 | | | Laboratory Corp. of America Holdings | | | 50,389 | |
| | | | 668 | | | Psychiatric Solutions, Inc. | | | 11,316 | |
| | | | | | | | | | | |
| | | | | | | | | | 83,346 | |
| | | |
| | | |
| | | Health Care Technology* – 0.4% |
| | | | 1,088 | | | MedAssets, Inc. | | | 16,081 | |
| | | |
| | | |
| | | Hotels, Restaurants & Leisure – 2.3% |
| | | | 469 | | | Choice Hotels International, Inc. | | | 11,612 | |
| | | | 695 | | | Life Time Fitness, Inc.* | | | 5,949 | |
| | | | 2,670 | | | Marriott International, Inc. | | | 37,807 | |
| | | | 2,318 | | | Pinnacle Entertainment, Inc.* | | | 17,408 | |
| | | | 1,416 | | | Starwood Hotels & Resorts Worldwide, Inc. | | | 16,412 | |
| | | | | | | | | | | |
| | | | | | | | | | 89,188 | |
| | | |
| | | |
| | | Household Durables – 1.1% |
| | | | 953 | | | Fortune Brands, Inc. | | | 22,634 | |
| | | | 3,194 | | | Newell Rubbermaid, Inc. | | | 18,046 | |
| | | | | | | | | | | |
| | | | | | | | | | 40,680 | |
| | | |
| | | |
| | | Household Products – 2.1% |
| | | | 445 | | | Energizer Holdings, Inc.* | | | 18,775 | |
| | | | 1,331 | | | The Procter & Gamble Co. | | | 64,114 | |
| | | | | | | | | | | |
| | | | | | | | | | 82,889 | |
| | | |
| | | |
| | | Insurance* – 0.3% |
| | | | 971 | | | eHealth, Inc. | | | 12,283 | |
| | | |
| | | |
| | | Internet & Catalog Retail* – 2.7% |
| | | | 444 | | | Amazon.com, Inc. | | | 28,767 | |
| | | | 1,294 | | | Netflix, Inc.(a) | | | 46,765 | |
| | | | 342 | | | Priceline.com, Inc. | | | 29,022 | |
| | | | | | | | | | | |
| | | | | | | | | | 104,554 | |
| | | |
| | | |
| | | Internet Software & Services* – 2.8% |
| | | | 1,290 | | | Equinix, Inc. | | | 59,869 | |
| | | | 113 | | | Google, Inc. | | | 38,193 | |
| | | | 1,741 | | | Switch and Data Facilities Co. | | | 10,707 | |
| | | | | | | | | | | |
| | | | | | | | | | 108,769 | |
| | | |
| | | |
The accompanying notes are an integral part of these financial statements.
GOLDMAN SACHS ALL CAP GROWTH FUND
| | | | | | | | | | | |
| | | Shares | | Description | | Value |
| |
Common Stocks – (continued) |
| | | Internet Software & Services* – (continued) |
| | | | | | | | | | | |
| | | IT Services – 4.3% |
| | | | 1,940 | | | Cognizant Technology Solutions Corp.* | | $ | 35,696 | |
| | | | 2,132 | | | Genpact Ltd.* | | | 16,885 | |
| | | | 1,148 | | | Global Payments, Inc. | | | 35,221 | |
| | | | 689 | | | Visa, Inc. | | | 39,073 | |
| | | | 3,570 | | | Western Union Co. | | | 39,841 | |
| | | | | | | | | | | |
| | | | | | | | | | 166,716 | |
| | | |
| | | |
| | | Life Sciences Tools & Services* – 2.5% |
| | | | 1,445 | | | Charles River Laboratories International, Inc. | | | 35,836 | |
| | | | 1,627 | | | Thermo Fisher Scientific, Inc. | | | 58,995 | |
| | | | | | | | | | | |
| | | | | | | | | | 94,831 | |
| | | |
| | | |
| | | Machinery – 1.9% |
| | | | 560 | | | Danaher Corp. | | | 28,426 | |
| | | | 3,888 | | | Energy Recovery, Inc.* | | | 24,533 | |
| | | | 1,133 | | | IDEX Corp. | | | 21,889 | |
| | | | | | | | | | | |
| | | | | | | | | | 74,848 | |
| | | |
| | | |
| | | Media – 1.2% |
| | | | 1,083 | | | Comcast Corp. | | | 14,144 | |
| | | | 2,276 | | | Entravision Communications Corp.* | | | 865 | |
| | | | 1,485 | | | Lamar Advertising Co.* | | | 10,276 | |
| | | | 1,485 | | | Viacom, Inc. Class B* | | | 22,854 | |
| | | | | | | | | | | |
| | | | | | | | | | 48,139 | |
| | | |
| | | |
| | | Multiline Retail – 1.5% |
| | | | 2,043 | | | Target Corp. | | | 57,837 | |
| | | |
| | | |
| | | Oil, Gas & Consumable Fuels – 6.2% |
| | | | 1,809 | | | Continental Resources, Inc.* | | | 28,745 | |
| | | | 1,136 | | | Hess Corp. | | | 62,128 | |
| | | | 2,413 | | | Petrohawk Energy Corp.* | | | 41,069 | |
| | | | 7,719 | | | Rex Energy Corp.* | | | 11,347 | |
| | | | 2,694 | | | Suncor Energy, Inc. | | | 56,008 | |
| | | | 1,735 | | | Whiting Petroleum Corp.* | | | 40,426 | |
| | | | | | | | | | | |
| | | | | | | | | | 239,723 | |
| | | |
| | | |
| | | Personal Products – 1.3% |
| | | | 573 | | | Avon Products, Inc. | | | 10,079 | |
| | | | 601 | | | Chattem, Inc.* | | | 38,121 | |
| | | | | | | | | | | |
| | | | | | | | | | 48,200 | |
| | | |
| | | |
| | | Pharmaceuticals – 5.4% |
| | | | 1,245 | | | Johnson & Johnson | | | 62,250 | |
| | | | 2,151 | | | Merck & Co., Inc. | | | 52,054 | |
| | | | 2,074 | | | Schering-Plough Corp. | | | 36,067 | |
| | | | 1,268 | | | Teva Pharmaceutical Industries Ltd. ADR | | | 56,527 | |
| | | | | | | | | | | |
| | | | | | | | | | 206,898 | |
| | | |
| | | |
| | | Real Estate Management & Development* – 0.6% |
| | | | 7,922 | | | CB Richard Ellis Group, Inc. | | | 22,895 | |
| | | |
| | | |
| | | Road & Rail – 0.5% |
| | | | 301 | | | Burlington Northern Santa Fe Corp. | | | 17,690 | |
| | | |
| | | |
| | | Semiconductors & Semiconductor Equipment – 2.3% |
| | | | 1,563 | | | FormFactor, Inc.* | | | 22,601 | |
| | | | 2,044 | | | Linear Technology Corp. | | | 44,559 | |
| | | | 2,060 | | | Tessera Technologies, Inc.* | | | 22,248 | |
| | | | | | | | | | | |
| | | | | | | | | | 89,408 | |
| | | |
| | | |
| | | Software – 5.4% |
| | | | 5,701 | | | Activision Blizzard, Inc.* | | | 57,181 | |
| | | | 1,959 | | | Electronic Arts, Inc.* | | | 31,952 | |
| | | | 7,448 | | | Microsoft Corp. | | | 120,285 | |
| | | | | | | | | | | |
| | | | | | | | | | 209,418 | |
| | | |
| | | |
| | | Specialty Retail – 5.0% |
| | | | 943 | | | Advance Auto Parts, Inc. | | | 36,070 | |
| | | | 919 | | | Best Buy Co., Inc. | | | 26,486 | |
| | | | 1,851 | | | Dick’s Sporting Goods, Inc.* | | | 22,860 | |
| | | | 3,632 | | | Lowe’s Cos., Inc. | | | 57,531 | |
| | | | 1,804 | | | PetSmart, Inc. | | | 36,152 | |
| | | | 721 | | | Urban Outfitters, Inc.* | | | 11,997 | |
| | | | | | | | | | | |
| | | | | | | | | | 191,096 | |
| | | |
| | | |
| | | Textiles, Apparel & Luxury Goods* – 1.1% |
| | | | 2,957 | | | Coach, Inc. | | | 41,339 | |
| | | |
| | | |
| | | Thrifts & Mortgage Finance – 1.3% |
| | | | 2,846 | | | People’s United Financial, Inc. | | | 49,549 | |
| | | |
| | | |
| | | Trading Companies & Distributors – 0.8% |
| | | | 451 | | | W.W. Grainger, Inc. | | | 29,838 | |
| | | |
| | | |
| | | Wireless Telecommunication Services* – 2.8% |
| | | | 2,791 | | | American Tower Corp. | | | 81,274 | |
| | | | 1,417 | | | Crown Castle International Corp. | | | 24,854 | |
| | | | | | | | | | | |
| | | | | | | | | | 106,128 | |
| | | |
| | | |
| | | TOTAL COMMON STOCKS |
| | | (Cost $5,020,334) | | $ | 3,573,409 | |
| | | |
| | | |
| | | | | | | | | | | | | | | | | |
| | | Principal
| | Interest
| | Maturity
| | |
| | | Amount | | Rate | | Date | | Value |
| |
Repurchase Agreement(b) – 5.2% |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | Joint Repurchase Agreement Account II |
| | | $ | 200,000 | | | | 0.274 | % | | | 03/02/09 | | | $ | 200,000 | |
| | | Maturity Value:$200,005 |
| | | (Cost $200,000) | | | | |
| | | |
| | | |
| | | TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE |
| | | (Cost $5,220,334) | | $ | 3,773,409 | |
| | | |
| | | |
The accompanying notes are an integral part of these financial statements.
GOLDMAN SACHS ALL CAP GROWTH FUND
Schedule of Investments (continued)
February 28, 2009 (Unaudited)
| | | | | | | | | | | |
| | | Shares | | Rate | | Value |
| |
Securities Lending Reinvestment Vehicle(c)(d) – 1.1% |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | Boston Global Investment Trust – Enhanced Portfolio |
| | | | 44,242 | | | 0.641% | | $ | 43,756 | |
| | | (Cost $43,799) | | | | |
| | | |
| | | |
| | | TOTAL INVESTMENTS – 98.9% |
| | | (Cost $5,264,133) | | $ | 3,817,165 | |
| | | |
| | | |
| | | OTHER ASSETS IN EXCESS
OF LIABILITIES – 1.1% | | | 43,167 | |
| | | |
| | | |
| | | NET ASSETS – 100.0% | | $ | 3,860,332 | |
| | | |
| | | |
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) | | Joint repurchase agreement was entered into on February 27, 2009. Additional information appears on page 59. |
| |
| (c) | | Variable rate security. Interest rate disclosed is that which is in effect at February 28, 2009. |
| |
| (d) | | Represents an affiliated issuer. |
| | | | | | | |
| | | |
| | | |
| | | Investment Abbreviation: |
| | | ADR | | — | | American Depositary Receipt |
| | | |
| | | |
The accompanying notes are an integral part of these financial statements.
GOLDMAN SACHS CAPITAL GROWTH FUND
Schedule of Investments
February 28, 2009 (Unaudited)
| | | | | | | | | | | |
| | | Shares | | Description | | Value |
| |
Common Stocks – 100.3% |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | Aerospace & Defense – 1.2% |
| | | | 57,136 | | | Precision Castparts Corp. | | $ | 3,167,049 | |
| | | | 221,981 | | | United Technologies Corp. | | | 9,063,484 | |
| | | | | | | | | | | |
| | | | | | | | | | 12,230,533 | |
| | | |
| | | |
| | | Auto Components – 0.8% |
| | | | 1,023,140 | | | Gentex Corp. | | | 8,185,120 | |
| | | |
| | | |
| | | Beverages – 3.9% |
| | | | 557,057 | | | PepsiCo., Inc. | | | 26,816,724 | |
| | | | 291,300 | | | The Coca-Cola Co.(a) | | | 11,899,605 | |
| | | | | | | | | | | |
| | | | | | | | | | 38,716,329 | |
| | | |
| | | |
| | | Biotechnology* – 4.2% |
| | | | 672,740 | | | Amylin Pharmaceuticals, Inc.(a) | | | 6,142,116 | |
| | | | 138,498 | | | Genentech, Inc. | | | 11,848,504 | |
| | | | 529,276 | | | Gilead Sciences, Inc.(a) | | | 23,711,565 | |
| | | | | | | | | | | |
| | | | | | | | | | 41,702,185 | |
| | | |
| | | |
| | | Capital Markets – 1.5% |
| | | | 1,183,886 | | | The Charles Schwab Corp. | | | 15,047,191 | |
| | | |
| | | |
| | | Chemicals – 1.0% |
| | | | 170,400 | | | Praxair, Inc. | | | 9,670,200 | |
| | | |
| | | |
| | | Commercial Services & Supplies*(a) – 1.7% |
| | | | 915,043 | | | Iron Mountain, Inc. | | | 17,001,499 | |
| | | |
| | | |
| | | Communications Equipment – 7.4% |
| | | | 2,341,613 | | | Cisco Systems, Inc.* | | | 34,117,301 | |
| | | | 714,883 | | | QUALCOMM, Inc. | | | 23,898,539 | |
| | | | 399,590 | | | Research In Motion Ltd.*(a) | | | 15,959,625 | |
| | | | | | | | | | | |
| | | | | | | | | | 73,975,465 | |
| | | |
| | | |
| | | Computers & Peripherals* – 3.9% |
| | | | 275,791 | | | Apple, Inc. | | | 24,630,894 | |
| | | | 1,639,340 | | | Dell, Inc.(a) | | | 13,983,570 | |
| | | | | | | | | | | |
| | | | | | | | | | 38,614,464 | |
| | | |
| | | |
| | | Diversified Financial Services – 2.1% |
| | | | 89,413 | | | CME Group, Inc.(a) | | | 16,308,931 | |
| | | | 209,592 | | | JPMorgan Chase & Co. | | | 4,789,177 | |
| | | | | | | | | | | |
| | | | | | | | | | 21,098,108 | |
| | | |
| | | |
| | | Electrical Equipment – 0.4% |
| | | | 328,536 | | | ABB Ltd. ADR | | | 3,958,859 | |
| | | |
| | | |
| | | Electronic Equipment, Instruments & Components – 1.3% |
| | | | 496,700 | | | Amphenol Corp. | | | 12,626,114 | |
| | | |
| | | |
| | | Energy Equipment & Services – 4.5% |
| | | | 261,300 | | | Cameron International Corp.*(a) | | | 5,037,864 | |
| | | | 238,600 | | | Halliburton Co. | | | 3,891,566 | |
| | | | 591,688 | | | Schlumberger Ltd. | | | 22,519,645 | |
| | | | 1,255,832 | | | Weatherford International Ltd.*(a) | | | 13,399,728 | |
| | | | | | | | | | | |
| | | | | | | | | | 44,848,803 | |
| | | |
| | | |
| | | Food & Staples Retailing – 0.5% |
| | | | 120,900 | | | Costco Wholesale Corp. | | | 5,118,906 | |
| | | |
| | | |
| | | Food Products(a) – 0.5% |
| | | | 212,800 | | | Kraft Foods, Inc. | | | 4,847,584 | |
| | | |
| | | |
| | | Health Care Equipment & Supplies – 4.9% |
| | | | 367,379 | | | Baxter International, Inc. | | | 18,703,265 | |
| | | | 459,963 | | | St. Jude Medical, Inc.* | | | 15,252,373 | |
| | | | 427,952 | | | Zimmer Holdings, Inc.* | | | 14,986,879 | |
| | | | | | | | | | | |
| | | | | | | | | | 48,942,517 | |
| | | |
| | | |
| | | Health Care Providers & Services*(a) – 1.6% |
| | | | 281,300 | | | Laboratory Corp. of America Holdings | | | 15,474,313 | |
| | | |
| | | |
| | | Hotels, Restaurants & Leisure – 2.4% |
| | | | 885,288 | | | Marriott International, Inc.(a) | | | 12,535,678 | |
| | | | 91,975 | | | McDonald’s Corp. | | | 4,805,694 | |
| | | | 534,200 | | | Starwood Hotels & Resorts Worldwide, Inc.(a) | | | 6,191,378 | |
| | | | | | | | | | | |
| | | | | | | | | | 23,532,750 | |
| | | |
| | | |
| | | Household Durables – 1.7% |
| | | | 379,873 | | | Fortune Brands, Inc. | | | 9,021,984 | |
| | | | 1,460,313 | | | Newell Rubbermaid, Inc. | | | 8,250,768 | |
| | | | | | | | | | | |
| | | | | | | | | | 17,272,752 | |
| | | |
| | | |
| | | Household Products – 1.5% |
| | | | 306,100 | | | The Procter & Gamble Co. | | | 14,744,837 | |
| | | |
| | | |
| | | Internet & Catalog Retail*(a) – 1.0% |
| | | | 152,200 | | | Amazon.com, Inc. | | | 9,861,038 | |
| | | |
| | | |
| | | Internet Software & Services*(a) – 4.3% |
| | | | 485,100 | | | Equinix, Inc. | | | 22,513,491 | |
| | | | 61,300 | | | Google, Inc. | | | 20,718,787 | |
| | | | | | | | | | | |
| | | | | | | | | | 43,232,278 | |
| | | |
| | | |
| | | IT Services – 6.7% |
| | | | 782,580 | | | Cognizant Technology Solutions Corp.* | | | 14,399,472 | |
| | | | 511,738 | | | Global Payments, Inc. | | | 15,700,122 | |
| | | | 350,870 | | | Visa, Inc.(a) | | | 19,897,838 | |
| | | | 1,486,666 | | | Western Union Co.(a) | | | 16,591,192 | |
| | | | | | | | | | | |
| | | | | | | | | | 66,588,624 | |
| | | |
| | | |
| | | Life Sciences Tools & Services* – 2.9% |
| | | | 366,197 | | | Charles River Laboratories International, Inc. | | | 9,081,685 | |
| | | | 533,957 | | | Thermo Fisher Scientific, Inc. | | | 19,361,281 | |
| | | | | | | | | | | |
| | | | | | | | | | 28,442,966 | |
| | | |
| | | |
| | | Machinery – 0.4% |
| | | | 86,900 | | | Danaher Corp. | | | 4,411,044 | |
| | | |
| | | |
| | | Media – 2.1% |
| | | | 582,800 | | | Comcast Corp. | | | 7,611,368 | |
| | | | 821,191 | | | Lamar Advertising Co.*(a) | | | 5,682,642 | |
| | | | 524,665 | | | Viacom, Inc. Class B* | | | 8,074,594 | |
| | | | | | | | | | | |
| | | | | | | | | | 21,368,604 | |
| | | |
| | | |
| | | Multiline Retail(a) – 2.0% |
| | | | 699,577 | | | Target Corp. | | | 19,805,025 | |
| | | |
| | | |
The accompanying notes are an integral part of these financial statements.
GOLDMAN SACHS CAPITAL GROWTH FUND
Schedule of Investments (continued)
February 28, 2009 (Unaudited)
| | | | | | | | | | | |
| | | Shares | | Description | | Value |
| |
Common Stocks – (continued) |
| | | Multiline Retail(a) – (continued) |
| | | | | | | | | | | |
| | | Oil, Gas & Consumable Fuels – 5.4% |
| | | | 455,856 | | | Hess Corp. | | $ | 24,930,764 | |
| | | | 952,886 | | | Suncor Energy, Inc.(a) | | | 19,810,500 | |
| | | | 370,049 | | | Whiting Petroleum Corp.* | | | 8,622,142 | |
| | | | | | | | | | | |
| | | | | | | | | | 53,363,406 | |
| | | |
| | | |
| | | Personal Products – 0.4% |
| | | | 212,077 | | | Avon Products, Inc. | | | 3,730,434 | |
| | | |
| | | |
| | | Pharmaceuticals – 7.0% |
| | | | 486,500 | | | Johnson & Johnson | | | 24,325,000 | |
| | | | 818,600 | | | Merck & Co., Inc.(a) | | | 19,810,120 | |
| | | | 578,256 | | | Schering-Plough Corp. | | | 10,055,872 | |
| | | | 340,055 | | | Teva Pharmaceutical Industries Ltd. ADR(a) | | | 15,159,652 | |
| | | | | | | | | | | |
| | | | | | | | | | 69,350,644 | |
| | | |
| | | |
| | | Real Estate Management & Development* – 0.9% |
| | | | 3,142,317 | | | CB Richard Ellis Group, Inc. | | | 9,081,296 | |
| | | |
| | | |
| | | Road & Rail – 0.6% |
| | | | 104,400 | | | Burlington Northern Santa Fe Corp. | | | 6,135,588 | |
| | | |
| | | |
| | | Semiconductors & Semiconductor Equipment(a) – 1.6% |
| | | | 717,148 | | | Linear Technology Corp. | | | 15,633,826 | |
| | | |
| | | |
| | | Software – 7.8% |
| | | | 1,937,640 | | | Activision Blizzard, Inc.* | | | 19,434,529 | |
| | | | 981,248 | | | Electronic Arts, Inc.* | | | 16,004,155 | |
| | | | 2,628,993 | | | Microsoft Corp. | | | 42,458,237 | |
| | | | | | | | | | | |
| | | | | | | | | | 77,896,921 | |
| | | |
| | | |
| | | Specialty Retail – 3.5% |
| | | | 267,600 | | | Advance Auto Parts, Inc. | | | 10,235,700 | |
| | | | 273,000 | | | Best Buy Co., Inc.(a) | | | 7,867,860 | |
| | | | 1,026,716 | | | Lowe’s Cos., Inc. | | | 16,263,182 | |
| | | | | | | | | | | |
| | | | | | | | | | 34,366,742 | |
| | | |
| | | |
| | | Textiles, Apparel & Luxury Goods*(a) – 1.3% |
| | | | 906,852 | | | Coach, Inc. | | | 12,677,791 | |
| | | |
| | | |
| | | Trading Companies & Distributors(a) – 1.0% |
| | | | 154,170 | | | W.W. Grainger, Inc. | | | 10,199,887 | |
| | | |
| | | |
| | | Wireless Telecommunication Services* – 4.4% |
| | | | 1,219,400 | | | American Tower Corp. | | | 35,508,928 | |
| | | | 443,265 | | | Crown Castle International Corp.(a) | | | 7,774,868 | |
| | | | | | | | | | | |
| | | | | | | | | | 43,283,796 | |
| | | |
| | | |
| | | TOTAL COMMON STOCKS |
| | | (Cost $1,454,651,557) | | $ | 997,038,439 | |
| | | |
| | | |
| | | | | | | | | | | | | | | | | |
| | | Principal
| | Interest
| | Maturity
| | |
| | | Amount | | Rate | | Date | | Value |
| |
Repurchase Agreement(b) – 0.2% |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | Joint Repurchase Agreement Account II |
| | | $ | 2,400,000 | | | | 0.274 | % | | | 03/02/09 | | | $ | 2,400,000 | |
| | | Maturity Value: $2,400,055 |
| | | (Cost $2,400,000) | | | | |
| | | |
| | | |
| | | TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE |
| | | (Cost $1,457,051,557) | | $ | 999,438,439 | |
| | | |
| | | |
| | | | | | | | | | | |
| | | | | Interest
| | |
| | | Shares | | Rate | | Value |
Securities Lending Reinvestment Vehicle(c)(d) – 14.5% |
| | | Boston Global Investment Trust – Enhanced Portfolio |
| | | | 145,487,308 | | | 0.641% | | $ | 143,886,948 | |
| | | (Cost $143,064,404) | | | | |
| | | |
| | | |
| | | TOTAL INVESTMENTS – 115.0% |
| | | (Cost $1,600,115,961) | | $ | 1,143,325,387 | |
| | | |
| | | |
| | | LIABILITIES IN EXCESS OF
OTHER ASSETS – (15.0)% | | | (149,456,369 | ) |
| | | |
| | | |
| | | NET ASSETS – 100.0% | | $ | 993,869,018 | |
| | | |
| | | |
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) | | Joint repurchase agreement was entered into on February 27, 2009. Additional information appears on page 59. |
| |
| (c) | | Variable rate security. Interest rate disclosed is that which is in effect at February 28, 2009. |
| |
| (d) | | Represents an affiliated issuer. |
| | | | | | | |
| | | |
| | | |
| | | Investment Abbreviation: |
| | | ADR | | — | | American Depositary Receipt |
| | | |
| | | |
The accompanying notes are an integral part of these financial statements.
GOLDMAN SACHS CONCENTRATED GROWTH FUND
Schedule of Investments
February 28, 2009 (Unaudited)
| | | | | | | | | | | |
| | | Shares | | Description | | Value |
| |
Common Stocks – 97.6% |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | Beverages – 3.7% |
| | | | 125,120 | | | PepsiCo., Inc. | | $ | 6,023,277 | |
| | | |
| | | |
| | | Biotechnology* – 3.2% |
| | | | 211,710 | | | Amylin Pharmaceuticals, Inc.(a) | | | 1,932,912 | |
| | | | 37,620 | | | Genentech, Inc. | | | 3,218,391 | |
| | | | | | | | | | | |
| | | | | | | | | | 5,151,303 | |
| | | |
| | | |
| | | Capital Markets – 2.4% |
| | | | 299,260 | | | The Charles Schwab Corp. | | | 3,803,595 | |
| | | |
| | | |
| | | Communications Equipment – 10.1% |
| | | | 399,420 | | | Cisco Systems, Inc.* | | | 5,819,550 | |
| | | | 169,740 | | | QUALCOMM, Inc. | | | 5,674,408 | |
| | | | 118,250 | | | Research In Motion Ltd.* | | | 4,722,905 | |
| | | | | | | | | | | |
| | | | | | | | | | 16,216,863 | |
| | | |
| | | |
| | | Computers & Peripherals* – 2.3% |
| | | | 41,380 | | | Apple, Inc. | | | 3,695,648 | |
| | | |
| | | |
| | | Diversified Financial Services – 2.9% |
| | | | 25,470 | | | CME Group, Inc. | | | 4,645,728 | |
| | | |
| | | |
| | | Energy Equipment & Services – 4.5% |
| | | | 110,100 | | | Schlumberger Ltd. | | | 4,190,406 | |
| | | | 279,270 | | | Weatherford International Ltd.* | | | 2,979,811 | |
| | | | | | | | | | | |
| | | | | | | | | | 7,170,217 | |
| | | |
| | | |
| | | Health Care Equipment & Supplies – 8.1% |
| | | | 102,520 | | | Baxter International, Inc. | | | 5,219,293 | |
| | | | 142,040 | | | St. Jude Medical, Inc.* | | | 4,710,047 | |
| | | | 89,820 | | | Zimmer Holdings, Inc.* | | | 3,145,496 | |
| | | | | | | | | | | |
| | | | | | | | | | 13,074,836 | |
| | | |
| | | |
| | | Hotels, Restaurants & Leisure – 1.8% |
| | | | 200,930 | | | Marriott International, Inc. | | | 2,845,169 | |
| | | |
| | | |
| | | Household Products – 1.9% |
| | | | 64,960 | | | The Procter & Gamble Co. | | | 3,129,123 | |
| | | |
| | | |
| | | Internet Software & Services* – 4.8% |
| | | | 94,940 | | | Equinix, Inc. | | | 4,406,165 | |
| | | | 9,620 | | | Google, Inc. | | | 3,251,464 | |
| | | | | | | | | | | |
| | | | | | | | | | 7,657,629 | |
| | | |
| | | |
| | | IT Services – 5.0% |
| | | | 61,630 | | | Visa, Inc. | | | 3,495,037 | |
| | | | 408,550 | | | Western Union Co. | | | 4,559,418 | |
| | | | | | | | | | | |
| | | | | | | | | | 8,054,455 | |
| | | |
| | | |
| | | Life Sciences Tools & Services*(a) – 3.5% |
| | | | 157,310 | | | Thermo Fisher Scientific, Inc. | | | 5,704,061 | |
| | | |
| | | |
| | | Media* – 1.7% |
| | | | 172,555 | | | Viacom, Inc. Class B | | | 2,655,621 | |
| | | |
| | | |
| | | Multiline Retail – 3.1% |
| | | | 178,960 | | | Target Corp. | | | 5,066,358 | |
| | | |
| | | |
| | | Oil, Gas & Consumable Fuels – 7.1% |
| | | | 117,080 | | | Hess Corp. | | | 6,403,105 | |
| | | | 243,180 | | | Suncor Energy, Inc. | | | 5,055,712 | |
| | | | | | | | | | | |
| | | | | | | | | | 11,458,817 | |
| | | |
| | | |
| | | Pharmaceuticals – 8.4% |
| | | | 106,990 | | | Johnson & Johnson | | | 5,349,500 | |
| | | | 139,380 | | | Merck & Co., Inc. | | | 3,372,996 | |
| | | | 108,690 | | | Teva Pharmaceutical Industries Ltd. ADR(a) | | | 4,845,400 | |
| | | | | | | | | | | |
| | | | | | | | | | 13,567,896 | |
| | | |
| | | |
| | | Real Estate Management & Development* – 0.8% |
| | | | 425,320 | | | CB Richard Ellis Group, Inc. | | | 1,229,175 | |
| | | |
| | | |
| | | Software – 10.0% |
| | | | 623,260 | | | Activision Blizzard, Inc.* | | | 6,251,298 | |
| | | | 243,050 | | | Electronic Arts, Inc.* | | | 3,964,145 | |
| | | | 366,780 | | | Microsoft Corp. | | | 5,923,497 | |
| | | | | | | | | | | |
| | | | | | | | | | 16,138,940 | |
| | | |
| | | |
| | | Specialty Retail – 2.6% |
| | | | 267,710 | | | Lowe’s Cos., Inc. | | | 4,240,526 | |
| | | |
| | | |
| | | Textiles, Apparel & Luxury Goods* – 2.3% |
| | | | 266,750 | | | Coach, Inc. | | | 3,729,165 | |
| | | |
| | | |
| | | Wireless Telecommunication Services* – 7.4% |
| | | | 278,840 | | | American Tower Corp.(a) | | | 8,119,821 | |
| | | | 212,080 | | | Crown Castle International Corp. | | | 3,719,883 | |
| | | | | | | | | | | |
| | | | | | | | | | 11,839,704 | |
| | | |
| | | |
| | | TOTAL COMMON STOCKS |
| | | (Cost $239,769,230) | | $ | 157,098,106 | |
| | | |
| | | |
| | | | | | | | | | | | | | | | | |
| | | Principal
| | Interest
| | Maturity
| | |
| | | Amount | | Rate | | Date | | Value |
| |
Repurchase Agreement(b) – 2.0% |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | Joint Repurchase Agreement Account II |
| | | $ | 3,200,000 | | | | 0.274 | % | | | 03/02/09 | | | $ | 3,200,000 | |
| | | Maturity Value:$3,200,073 |
| | | (Cost $3,200,000) | | | | |
| | | |
| | | |
| | | TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE |
| | | (Cost $242,969,230) | | $ | 160,298,106 | |
| | | |
| | | |
The accompanying notes are an integral part of these financial statements.
GOLDMAN SACHS CONCENTRATED GROWTH FUND
Schedule of Investments (continued)
February 28, 2009 (Unaudited)
| | | | | | | | | | | | | |
| | | Shares | | Rate | | Value |
| |
Securities Lending Reinvestment Vehicle(c)(d) – 9.2% |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | Boston Global Investment Trust – Enhanced Portfolio |
| | | | 14,949,948 | | | | 0.641 | % | | $ | 14,785,499 | |
| | | (Cost $14,746,894) |
| | | |
| | | TOTAL INVESTMENTS – 108.8% |
| | | (Cost $257,716,124) | | $ | 175,083,605 | |
| | | |
| | | |
| | | LIABILITIES IN EXCESS OF
OTHER ASSETS – (8.8)% | | | (14,142,456 | ) |
| | | |
| | | |
| | | NET ASSETS – 100.0% | | $ | 160,941,149 | |
| | | |
| | | |
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) | | Joint repurchase agreement was entered into on February 27, 2009. Additional information appears on page 59. |
| |
| (c) | | Variable rate security. Interest rate disclosed is that which is in effect at February 28, 2009. |
| |
| (d) | | Represents an affiliated issuer. |
| | | | | | | |
| | | |
| | | |
| | | Investment Abbreviation: |
| | | ADR | | — | | American Depositary Receipt |
| | | |
| | | |
The accompanying notes are an integral part of these financial statements.
GOLDMAN SACHS GROWTH OPPORTUNITIES FUND
Schedule of Investments
February 28, 2009 (Unaudited)
| | | | | | | | | | | | | | | |
| | | Shares | | Description | | Value | | |
| |
Common Stocks – 97.4% |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | Aerospace & Defense – 2.9% |
| | | | 317,377 | | | Alliant Techsystems, Inc.*(a) | | $ | 22,425,859 | | | | | |
| | | | 207,500 | | | Precision Castparts Corp. | | | 11,501,725 | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | 33,927,584 | | | | | |
| | | |
| | | |
| | | Auto Components – 1.5% |
| | | | 2,198,033 | | | Gentex Corp. | | | 17,584,264 | | | | | |
| | | |
| | | |
| | | Beverages*(a) – 1.0% |
| | | | 371,509 | | | Hansen Natural Corp. | | | 12,363,820 | | | | | |
| | | |
| | | |
| | | Biotechnology*(a) – 1.6% |
| | | | 2,127,085 | | | Amylin Pharmaceuticals, Inc. | | | 19,420,286 | | | | | |
| | | |
| | | |
| | | Capital Markets(a) – 1.8% |
| | | | 1,492,780 | | | Raymond James Financial, Inc. | | | 20,839,209 | | | | | |
| | | |
| | | |
| | | Chemicals – 0.5% |
| | | | 187,900 | | | Ecolab, Inc. | | | 5,971,462 | | | | | |
| | | |
| | | |
| | | Commercial Services & Supplies*(a) – 2.3% |
| | | | 1,433,636 | | | Iron Mountain, Inc. | | | 26,636,957 | | | | | |
| | | |
| | | |
| | | Diversified Financial Services – 1.8% |
| | | | 116,600 | | | CME Group, Inc. | | | 21,267,840 | | | | | |
| | | |
| | | |
| | | Diversified Telecommunication Services*(a) – 1.2% |
| | | | 1,801,736 | | | tw telecom, inc. | | | 14,485,957 | | | | | |
| | | |
| | | |
| | | Electrical Equipment – 2.0% |
| | | | 716,255 | | | Rockwell Automation, Inc. | | | 14,396,725 | | | | | |
| | | | 236,219 | | | Roper Industries, Inc. | | | 9,767,656 | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | 24,164,381 | | | | | |
| | | |
| | | |
| | | Electronic Equipment, Instruments & Components – 4.7% |
| | | | 1,247,605 | | | Amphenol Corp. | | | 31,714,119 | | | | | |
| | | | 1,167,668 | | | FLIR Systems, Inc.*(a) | | | 23,832,104 | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | 55,546,223 | | | | | |
| | | |
| | | |
| | | Energy Equipment & Services – 6.4% |
| | | | 1,256,572 | | | Cameron International Corp.* | | | 24,226,708 | | | | | |
| | | | 105,100 | | | Core Laboratories NV(a) | | | 7,924,540 | | | | | |
| | | | 810,682 | | | Dresser-Rand Group, Inc.* | | | 17,032,429 | | | | | |
| | | | 2,455,296 | | | Weatherford International Ltd.* | | | 26,198,008 | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | 75,381,685 | | | | | |
| | | |
| | | |
| | | Health Care Equipment & Supplies – 7.6% |
| | | | 290,478 | | | C.R. Bard, Inc. | | | 23,313,764 | | | | | |
| | | | 538,591 | | | NuVasive, Inc.*(a) | | | 15,269,055 | | | | | |
| | | | 838,094 | | | St. Jude Medical, Inc.* | | | 27,791,197 | | | | | |
| | | | 646,713 | | | Zimmer Holdings, Inc.* | | | 22,647,889 | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | 89,021,905 | | | | | |
| | | |
| | | |
| | | Health Care Providers & Services* – 3.8% |
| | | | 504,699 | | | Henry Schein, Inc.(a) | | | 18,512,359 | | | | | |
| | | | 483,276 | | | Laboratory Corp. of America Holdings | | | 26,585,013 | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | 45,097,372 | | | | | |
| | | |
| | | |
| | | Hotels, Restaurants & Leisure – 3.2% |
| | | | 1,253,292 | | | Marriott International, Inc. | | | 17,746,615 | | | | | |
| | | | 1,452,871 | | | Pinnacle Entertainment, Inc.*(a) | | | 10,911,061 | | | | | |
| | | | 811,685 | | | Starwood Hotels & Resorts Worldwide, Inc. | | | 9,407,429 | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | 38,065,105 | | | | | |
| | | |
| | | |
| | | Household Durables – 2.2% |
| | | | 610,396 | | | Fortune Brands, Inc. | | | 14,496,905 | | | | | |
| | | | 2,052,285 | | | Newell Rubbermaid, Inc. | | | 11,595,410 | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | 26,092,315 | | | | | |
| | | |
| | | |
| | | Household Products* – 1.5% |
| | | | 406,620 | | | Energizer Holdings, Inc. | | | 17,155,298 | | | | | |
| | | |
| | | |
| | | Internet & Catalog Retail*(a) – 2.2% |
| | | | 448,510 | | | Netflix, Inc. | | | 16,209,152 | | | | | |
| | | | 110,183 | | | Priceline.com, Inc. | | | 9,350,129 | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | 25,559,281 | | | | | |
| | | |
| | | |
| | | Internet Software & Services*(a) – 2.4% |
| | | | 617,875 | | | Equinix, Inc. | | | 28,675,579 | | | | | |
| | | |
| | | |
| | | IT Services – 6.4% |
| | | | 1,153,426 | | | Cognizant Technology Solutions Corp.* | | | 21,223,038 | | | | | |
| | | | 875,892 | | | Global Payments, Inc. | | | 26,872,367 | | | | | |
| | | | 2,492,282 | | | Western Union Co. | | | 27,813,867 | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | 75,909,272 | | | | | |
| | | |
| | | |
| | | Life Sciences Tools & Services*(a) – 4.4% |
| | | | 893,388 | | | Charles River Laboratories International, Inc. | | | 22,156,022 | | | | | |
| | | | 111,200 | | | Millipore Corp. | | | 6,122,672 | | | | | |
| | | | 634,788 | | | Thermo Fisher Scientific, Inc. | | | 23,017,413 | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | 51,296,107 | | | | | |
| | | |
| | | |
| | | Media* – 0.8% |
| | | | 4,212,902 | | | Entravision
Communications Corp. | | | 1,600,903 | | | | | |
| | | | 1,137,894 | | | Lamar Advertising Co.(a) | | | 7,874,226 | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | 9,475,129 | | | | | |
| | | |
| | | |
| | | Oil, Gas & Consumable Fuels – 6.3% |
| | | | 840,586 | | | Continental Resources, Inc.*(a) | | | 13,356,912 | | | | | |
| | | | 481,294 | | | Hess Corp. | | | 26,321,969 | | | | | |
| | | | 1,340,175 | | | Rex Energy Corp.* | | | 1,970,057 | | | | | |
| | | | 843,851 | | | Suncor Energy, Inc. | | | 17,543,662 | | | | | |
| | | | 657,672 | | | Whiting Petroleum Corp.* | | | 15,323,758 | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | 74,516,358 | | | | | |
| | | |
| | | |
| | | Personal Products(a) – 3.7% |
| | | | 1,032,400 | | | Avon Products, Inc. | | | 18,159,916 | | | | | |
| | | | 395,652 | | | Chattem, Inc.* | | | 25,096,206 | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | 43,256,122 | | | | | |
| | | |
| | | |
The accompanying notes are an integral part of these financial statements.
GOLDMAN SACHS GROWTH OPPORTUNITIES FUND
Schedule of Investments (continued)
February 28, 2009 (Unaudited)
| | | | | | | | | | | | | | | |
| | | Shares | | Description | | Value | | |
| |
Common Stocks – (continued) |
| | | Personal Products(a) – (continued) |
| | | | | | | | | | | | | | | |
| | | Pharmaceuticals – 0.5% |
| | | | 156,717 | | | Shire PLC ADR | | $ | 5,557,185 | | | | | |
| | | |
| | | |
| | | Real Estate Management & Development*(a) – 0.9% |
| | | | 3,490,273 | | | CB Richard Ellis Group, Inc. | | | 10,086,889 | | | | | |
| | | |
| | | |
| | | Semiconductors & Semiconductor Equipment – 4.2% |
| | | | 970,104 | | | FormFactor, Inc.*(a) | | | 14,027,704 | | | | | |
| | | | 878,940 | | | Linear Technology Corp.(a) | | | 19,160,892 | | | | | |
| | | | 1,559,862 | | | Tessera Technologies, Inc.* | | | 16,846,509 | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | 50,035,105 | | | | | |
| | | |
| | | |
| | | Software* – 3.4% |
| | | | 2,854,027 | | | Activision Blizzard, Inc. | | | 28,625,891 | | | | | |
| | | | 732,601 | | | Electronic Arts, Inc. | | | 11,948,722 | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | 40,574,613 | | | | | |
| | | |
| | | |
| | | Specialty Retail – 6.6% |
| | | | 494,714 | | | Advance Auto Parts, Inc. | | | 18,922,810 | | | | | |
| | | | 432,400 | | | Best Buy Co., Inc. | | | 12,461,768 | | | | | |
| | | | 1,248,600 | | | Dick’s Sporting Goods, Inc.*(a) | | | 15,420,210 | | | | | |
| | | | 1,205,743 | | | PetSmart, Inc. | | | 24,163,090 | | | | | |
| | | | 378,200 | | | Urban Outfitters, Inc.* | | | 6,293,248 | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | 77,261,126 | | | | | |
| | | |
| | | |
| | | Textiles, Apparel & Luxury Goods* – 2.1% |
| | | | 1,758,866 | | | Coach, Inc. | | | 24,588,947 | | | | | |
| | | |
| | | |
| | | Thrifts & Mortgage Finance – 2.2% |
| | | | 1,513,709 | | | People’s United Financial, Inc. | | | 26,353,674 | | | | | |
| | | |
| | | |
| | | Trading Companies & Distributors(a) – 1.4% |
| | | | 251,118 | | | W.W. Grainger, Inc. | | | 16,613,967 | | | | | |
| | | |
| | | |
| | | Wireless Telecommunication Services* – 3.9% |
| | | | 957,183 | | | American Tower Corp. | | | 27,873,169 | | | | | |
| | | | 1,007,501 | | | Crown Castle International Corp.(a) | | | 17,671,568 | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | 45,544,737 | | | | | |
| | | |
| | | |
| | | TOTAL COMMON STOCKS |
| | | (Cost $1,780,413,933) | | $ | 1,148,325,754 | | | | | |
| | | |
| | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | Principal
| | Interest
| | Maturity
| | | | |
| | | Amount | | Rate | | Date | | Value | | |
| |
Repurchase Agreement(b) – 5.3% |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | Joint Repurchase Agreement Account II |
| | | $ | 62,600,000 | | | | 0.274 | % | | | 03/02/09 | | | $ | 62,600,000 | | | | | |
| | | Maturity Value: $62,601,429 |
| | | (Cost $62,600,000) | | | | | | | | |
| | | |
| | | |
| | | TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE |
| | | (Cost $1,843,013,933) | | $ | 1,210,925,754 | | | | | |
| | | |
| | | |
| | | | | | | | | | | | | |
| | | Shares | | Rate | | Value |
| |
Securities Lending Reinvestment Vehicle(c)(d) – 24.3% |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | Boston Global Investment Trust – Enhanced Portfolio |
| | | | 289,606,733 | | | | 0.641 | % | | $ | 286,421,059 | |
| | | (Cost $285,225,584) | | | | |
| | | |
| | | |
| | | TOTAL INVESTMENTS – 127.0% |
| | | (Cost $2,128,239,517) | | $ | 1,497,346,813 | |
| | | |
| | | |
| | | LIABILITIES IN EXCESS OF
OTHER ASSETS – (27.0)% | | | (318,455,749 | ) |
| | | |
| | | |
| | | NET ASSETS – 100.0% | | $ | 1,178,891,064 | |
| | | |
| | | |
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) | | Joint repurchase agreement was entered into on February 27, 2009. Additional information appears on page 59. |
| |
| (c) | | Variable rate security. Interest rate disclosed is that which is in effect at February 28, 2009. |
| |
| (d) | | Represents an affiliated issuer. |
| | | | | | | |
| | | |
| | | |
| | | Investment Abbreviation: |
| | | ADR | | — | | American Depositary Receipt |
| | | |
| | | |
The accompanying notes are an integral part of these financial statements.
GOLDMAN SACHS SMALL/MID CAP GROWTH FUND
Schedule of Investments
February 28, 2009 (Unaudited)
| | | | | | | | | | | |
| | | Shares | | Description | | Value |
| |
Common Stocks – 95.7% |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | Aerospace & Defense* – 3.0% |
| | | | 37,977 | | | Aerovironment, Inc.(a) | | $ | 1,185,642 | |
| | | | 26,407 | | | Alliant Techsystems, Inc. | | | 1,865,918 | |
| | | | | | | | | | | |
| | | | | | | | | | 3,051,560 | |
| | | |
| | | |
| | | Auto Components – 1.6% |
| | | | 128,458 | | | Amerigon, Inc.*(a) | | | 368,674 | |
| | | | 162,216 | | | Gentex Corp. | | | 1,297,728 | |
| | | | | | | | | | | |
| | | | | | | | | | 1,666,402 | |
| | | |
| | | |
| | | Beverages* – 0.9% |
| | | | 29,397 | | | Hansen Natural Corp. | | | 978,332 | |
| | | |
| | | |
| | | Biotechnology* – 2.2% |
| | | | 18,836 | | | Alexion Pharmaceuticals, Inc. | | | 644,191 | |
| | | | 154,156 | | | Amylin Pharmaceuticals, Inc.(a) | | | 1,407,445 | |
| | | | 134,046 | | | NeurogesX, Inc.(a) | | | 175,600 | |
| | | | | | | | | | | |
| | | | | | | | | | 2,227,236 | |
| | | |
| | | |
| | | Capital Markets – 4.0% |
| | | | 50,284 | | | Eaton Vance Corp. | | | 869,913 | |
| | | | 74,341 | | | Evercore Partners, Inc.(a) | | | 907,704 | |
| | | | 27,185 | | | Oppenheimer Holdings, Inc. | | | 236,509 | |
| | | | 104,148 | | | Raymond James Financial, Inc.(a) | | | 1,453,906 | |
| | | | 115,446 | | | TradeStation Group, Inc.* | | | 616,482 | |
| | | | | | | | | | | |
| | | | | | | | | | 4,084,514 | |
| | | |
| | | |
| | | Commercial Services & Supplies – 6.9% |
| | | | 118,434 | | | Healthcare Services Group, Inc. | | | 1,820,331 | |
| | | | 125,384 | | | Iron Mountain, Inc.* | | | 2,329,635 | |
| | | | 114,651 | | | Ritchie Bros. Auctioneers, Inc.(a) | | | 1,725,497 | |
| | | | 24,800 | | | Stericycle, Inc.* | | | 1,189,904 | |
| | | | | | | | | | | |
| | | | | | | | | | 7,065,367 | |
| | | |
| | | |
| | | Communications Equipment* – 1.4% |
| | | | 71,432 | | | Neutral Tandem, Inc. | | | 1,425,068 | |
| | | |
| | | |
| | | Construction & Engineering* – 1.0% |
| | | | 57,491 | | | Quanta Services, Inc. | | | 1,011,842 | |
| | | |
| | | |
| | | Diversified Consumer Services* – 2.2% |
| | | | 16,132 | | | Capella Education Co.(a) | | | 894,681 | |
| | | | 50,710 | | | Coinstar, Inc. | | | 1,325,559 | |
| | | | | | | | | | | |
| | | | | | | | | | 2,220,240 | |
| | | |
| | | |
| | | Diversified Financial Services* – 1.3% |
| | | | 19,450 | | | IntercontinentalExchange, Inc. | | | 1,104,176 | |
| | | | 13,500 | | | MSCI, Inc. | | | 212,760 | |
| | | | | | | | | | | |
| | | | | | | | | | 1,316,936 | |
| | | |
| | | |
| | | Diversified Telecommunication Services*(a) – 0.9% |
| | | | 116,243 | | | tw telecom, inc. | | | 934,594 | |
| | | |
| | | |
| | | Electrical Equipment – 2.6% |
| | | | 47,295 | | | Rockwell Automation, Inc. | | | 950,630 | |
| | | | 41,638 | | | Roper Industries, Inc. | | | 1,721,731 | |
| | | | | | | | | | | |
| | | | | | | | | | 2,672,361 | |
| | | |
| | | |
| | | Electronic Equipment, Instruments & Components – 6.2% |
| | | | 106,971 | | | Amphenol Corp. | | | 2,719,203 | |
| | | | 66,084 | | | Cogent, Inc.* | | | 687,274 | |
| | | |
| | | |
| | | | 32,264 | | | Dolby Laboratories, Inc.* | | | 905,005 | |
| | | | 101,284 | | | FLIR Systems, Inc.*(a) | | | 2,067,206 | |
| | | | | | | | | | | |
| | | | | | | | | | 6,378,688 | |
| | | |
| | | |
| | | Energy Equipment & Services – 5.0% |
| | | | 26,700 | | | Core Laboratories NV(a) | | | 2,013,180 | |
| | | | 65,324 | | | Dresser-Rand Group, Inc.* | | | 1,372,457 | |
| | | | 115,214 | | | Tesco Corp.* | | | 883,692 | |
| | | | 81,100 | | | Weatherford International Ltd.* | | | 865,337 | |
| | | | | | | | | | | |
| | | | | | | | | | 5,134,666 | |
| | | |
| | | |
| | | Health Care Equipment & Supplies* – 2.8% |
| | | | 22,007 | | | Gen-Probe, Inc. | | | 892,824 | |
| | | | 77,539 | | | Natus Medical, Inc. | | | 607,130 | |
| | | | 49,627 | | | NuVasive, Inc.(a) | | | 1,406,926 | |
| | | | | | | | | | | |
| | | | | | | | | | 2,906,880 | |
| | | |
| | | |
| | | Health Care Providers & Services* – 4.5% |
| | | | 44,579 | | | Henry Schein, Inc. | | | 1,635,158 | |
| | | | 41,359 | | | Laboratory Corp. of America Holdings | | | 2,275,159 | |
| | | | 44,579 | | | Psychiatric Solutions, Inc.(a) | | | 755,168 | |
| | | | | | | | | | | |
| | | | | | | | | | 4,665,485 | |
| | | |
| | | |
| | | Health Care Technology* – 1.5% |
| | | | 102,302 | | | MedAssets, Inc. | | | 1,512,024 | |
| | | |
| | | |
| | | Hotels, Restaurants & Leisure – 3.8% |
| | | | 43,477 | | | Choice Hotels International, Inc.(a) | | | 1,076,491 | |
| | | | 41,870 | | | Life Time Fitness, Inc.*(a) | | | 358,407 | |
| | | | 123,844 | | | Pinnacle Entertainment, Inc.*(a) | | | 930,068 | |
| | | | 43,600 | | | Starwood Hotels & Resorts Worldwide, Inc. | | | 505,324 | |
| | | | 128,514 | | | Texas Roadhouse, Inc.*(a) | | | 1,053,815 | |
| | | | | | | | | | | |
| | | | | | | | | | 3,924,105 | |
| | | |
| | | |
| | | Household Durables – 0.6% |
| | | | 111,297 | | | Newell Rubbermaid, Inc. | | | 628,828 | |
| | | |
| | | |
| | | Household Products* – 1.1% |
| | | | 26,890 | | | Energizer Holdings, Inc. | | | 1,134,489 | |
| | | |
| | | |
| | | Insurance* – 1.0% |
| | | | 79,266 | | | eHealth, Inc. | | | 1,002,715 | |
| | | |
| | | |
| | | Internet & Catalog Retail*(a) – 2.4% |
| | | | 11,030 | | | Blue Nile, Inc. | | | 263,286 | |
| | | | 39,362 | | | Netflix, Inc. | | | 1,422,543 | |
| | | | 9,792 | | | Priceline.com, Inc. | | | 830,949 | |
| | | | | | | | | | | |
| | | | | | | | | | 2,516,778 | |
| | | |
| | | |
| | | Internet Software & Services*(a) – 3.2% |
| | | | 42,300 | | | Equinix, Inc. | | | 1,963,143 | |
| | | | 62,901 | | | GSI Commerce, Inc. | | | 697,572 | |
| | | | 112,007 | | | Switch and Data Facilities Co. | | | 688,843 | |
| | | | | | | | | | | |
| | | | | | | | | | 3,349,558 | |
| | | |
| | | |
The accompanying notes are an integral part of these financial statements.
GOLDMAN SACHS SMALL/MID CAP GROWTH FUND
Schedule of Investments (continued)
February 28, 2009 (Unaudited)
| | | | | | | | | | | |
| | | Shares | | Description | | Value |
| |
Common Stocks – (continued) |
| | | | | | | | | | | |
| | | IT Services – 2.8% |
| | | | 159,793 | | | Genpact Ltd.* | | $ | 1,265,560 | |
| | | | 51,600 | | | Global Payments, Inc. | | | 1,583,088 | |
| | | | | | | | | | | |
| | | | | | | | | | 2,848,648 | |
| | | |
| | | |
| | | Life Sciences Tools & Services* – 4.1% |
| | | | 76,858 | | | Charles River Laboratories International, Inc. | | | 1,906,079 | |
| | | | 12,680 | | | Covance, Inc. | | | 481,586 | |
| | | | 32,716 | | | Millipore Corp. | | | 1,801,343 | |
| | | | | | | | | | | |
| | | | | | | | | | 4,189,008 | |
| | | |
| | | |
| | | Machinery – 1.7% |
| | | | 78,771 | | | Energy Recovery, Inc.*(a) | | | 497,045 | |
| | | | 46,653 | | | IDEX Corp. | | | 901,336 | |
| | | | 19,800 | | | Kennametal, Inc. | | | 323,136 | |
| | | | | | | | | | | |
| | | | | | | | | | 1,721,517 | |
| | | |
| | | |
| | | Media* – 0.7% |
| | | | 218,670 | | | Entravision Communications Corp. | | | 83,094 | |
| | | | 94,165 | | | Lamar Advertising Co.(a) | | | 651,622 | |
| | | | | | | | | | | |
| | | | | | | | | | 734,716 | |
| | | |
| | | |
| | | Oil, Gas & Consumable Fuels* – 4.9% |
| | | | 66,354 | | | Continental Resources, Inc.(a) | | | 1,054,365 | |
| | | | 84,444 | | | Delta Petroleum Corp.(a) | | | 173,955 | |
| | | | 105,915 | | | Petrohawk Energy Corp. | | | 1,802,673 | |
| | | | 356,745 | | | Rex Energy Corp. | | | 524,415 | |
| | | | 64,309 | | | Whiting Petroleum Corp. | | | 1,498,400 | |
| | | | | | | | | | | |
| | | | | | | | | | 5,053,808 | |
| | | |
| | | |
| | | Personal Products* – 2.1% |
| | | | 28,657 | | | Chattem, Inc.(a) | | | 1,817,713 | |
| | | | 141,702 | | | Physicians Formula Holdings, Inc. | | | 331,583 | |
| | | | | | | | | | | |
| | | | | | | | | | 2,149,296 | |
| | | |
| | | |
| | | Real Estate Management & Development* – 0.8% |
| | | | 284,600 | | | CB Richard Ellis Group, Inc. | | | 822,494 | |
| | | |
| | | |
| | | Semiconductors & Semiconductor Equipment – 4.2% |
| | | | 60,146 | | | Cavium Networks, Inc.*(a) | | | 571,989 | |
| | | | 83,719 | | | FormFactor, Inc.* | | | 1,210,577 | |
| | | | 130,220 | | | Intellon Corp.* | | | 255,231 | |
| | | | 49,713 | | | Linear Technology Corp. | | | 1,083,743 | |
| | | | 111,114 | | | Tessera Technologies, Inc.* | | | 1,200,031 | |
| | | | | | | | | | | |
| | | | | | | | | | 4,321,571 | |
| | | |
| | | |
| | | Software* – 1.1% |
| | | | 43,000 | | | Electronic Arts, Inc. | | | 701,330 | |
| | �� | | 173,734 | | | THQ, Inc. | | | 434,335 | |
| | | | | | | | | | | |
| | | | | | | | | | 1,135,665 | |
| | | |
| | | |
| | | Specialty Retail – 6.7% |
| | | | 40,628 | | | Advance Auto Parts, Inc. | | | 1,554,021 | |
| | | | 105,690 | | | Dick’s Sporting Goods, Inc.* | | | 1,305,271 | |
| | | | 36,736 | | | GameStop Corp.* | | | 988,933 | |
| | | | 16,735 | | | O’Reilly Automotive, Inc.* | | | 558,280 | |
| | | | 97,003 | | | PetSmart, Inc. | | | 1,943,940 | |
| | | |
| | | |
| | | | 33,500 | | | Urban Outfitters, Inc.* | | | 557,440 | |
| | | | | | | | | | | |
| | | | | | | | | | 6,907,885 | |
| | | |
| | | |
| | | Textiles, Apparel & Luxury Goods* – 1.0% |
| | | | 75,500 | | | Coach, Inc. | | | 1,055,490 | |
| | | |
| | | |
| | | Thrifts & Mortgage Finance – 1.9% |
| | | | 113,358 | | | People’s United Financial, Inc. | | | 1,973,563 | |
| | | |
| | | |
| | | Trading Companies & Distributors – 1.3% |
| | | | 21,035 | | | W.W. Grainger, Inc. | | | 1,391,676 | |
| | | |
| | | |
| | | Wireless Telecommunication Services* – 2.3% |
| | | | 113,464 | | | SBA Communications Corp. | | | 2,357,782 | |
| | | |
| | | |
| | | TOTAL COMMON STOCKS |
| | | (Cost $154,902,096) | | $ | 98,471,787 | |
| | | |
| | | |
| | | | | | | | | | | | | | | | | |
| | | Principal
| | Interest
| | Maturity
| | |
| | | Amount | | Rate | | Date | | Value |
| |
Repurchase Agreement(b) – 5.9% |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | Joint Repurchase Agreement Account II |
| | | $ | 6,100,000 | | | | 0.274 | % | | | 03/02/09 | | | $ | 6,100,000 | |
| | | Maturity Value: $6,100,139 |
| | | (Cost $6,100,000) | | | | |
| | | |
| | | |
| | | TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE |
| | | (Cost $161,002,096) | | $ | 104,571,787 | |
| | | |
| | | |
The accompanying notes are an integral part of these financial statements.
GOLDMAN SACHS SMALL/MID CAP GROWTH FUND
| | | | | | | | | | | | | |
| | | Shares | | Rate | | Value |
| |
Securities Lending Reinvestment Vehicle(c)(d) – 17.0% |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | Boston Global Investment Trust – Enhanced Portfolio |
| | | | 17,650,115 | | | | 0.641 | % | | $ | 17,455,963 | |
| | | (Cost $17,366,010) | | | | |
| | | |
| | | |
| | | TOTAL INVESTMENTS – 118.6% |
| | | (Cost $178,368,106) | | $ | 122,027,750 | |
| | | |
| | | |
| | | LIABILITIES IN EXCESS OF
OTHER ASSETS – (18.6)% | | | (19,155,243 | ) |
| | | |
| | | |
| | | NET ASSETS – 100.0% | | $ | 102,872,507 | |
| | | |
| | | |
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) | | Joint repurchase agreement was entered into on February 27, 2009. Additional information appears on page 59. |
| |
| (c) | | Variable rate security. Interest rate disclosed is that which is in effect at February 28, 2009. |
| |
| (d) | | Represents an affiliated issuer. |
The accompanying notes are an integral part of these financial statements.
GOLDMAN SACHS STRATEGIC GROWTH FUND
Schedule of Investments
February 28, 2009 (Unaudited)
| | | | | | | | | | | |
| | | Shares | | Description | | Value |
| |
Common Stocks – 98.1% |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | Aerospace & Defense – 1.8% |
| | | | 14,960 | | | Precision Castparts Corp. | | $ | 829,233 | |
| | | | 57,390 | | | United Technologies Corp. | | | 2,343,234 | |
| | | | | | | | | | | |
| | | | | | | | | | 3,172,467 | |
| | | |
| | | |
| | | Beverages – 4.1% |
| | | | 99,180 | | | PepsiCo., Inc. | | | 4,774,525 | |
| | | | 59,540 | | | The Coca-Cola Co. | | | 2,432,209 | |
| | | | | | | | | | | |
| | | | | | | | | | 7,206,734 | |
| | | |
| | | |
| | | Biotechnology* – 5.0% |
| | | | 129,100 | | | Amylin Pharmaceuticals, Inc.(a) | | | 1,178,683 | |
| | | | 29,900 | | | Genentech, Inc. | | | 2,557,945 | |
| | | | 114,930 | | | Gilead Sciences, Inc. | | | 5,148,864 | |
| | | | | | | | | | | |
| | | | | | | | | | 8,885,492 | |
| | | |
| | | |
| | | Capital Markets – 1.6% |
| | | | 217,050 | | | The Charles Schwab Corp. | | | 2,758,706 | |
| | | |
| | | |
| | | Chemicals – 1.7% |
| | | | 52,030 | | | Praxair, Inc. | | | 2,952,703 | |
| | | |
| | | |
| | | Communications Equipment – 7.5% |
| | | | 342,070 | | | Cisco Systems, Inc.* | | | 4,983,960 | |
| | | | 140,330 | | | QUALCOMM, Inc. | | | 4,691,232 | |
| | | | 88,810 | | | Research In Motion Ltd.* | | | 3,547,071 | |
| | | | | | | | | | | |
| | | | | | | | | | 13,222,263 | |
| | | |
| | | |
| | | Computers & Peripherals* – 3.8% |
| | | | 47,020 | | | Apple, Inc. | | | 4,199,356 | |
| | | | 293,760 | | | Dell, Inc. | | | 2,505,773 | |
| | | | | | | | | | | |
| | | | | | | | | | 6,705,129 | |
| | | |
| | | |
| | | Diversified Financial Services – 2.5% |
| | | | 19,550 | | | CME Group, Inc. | | | 3,565,920 | |
| | | | 33,280 | | | JPMorgan Chase & Co. | | | 760,448 | |
| | | | | | | | | | | |
| | | | | | | | | | 4,326,368 | |
| | | |
| | | |
| | | Electrical Equipment – 0.4% |
| | | | 53,460 | | | ABB Ltd. ADR | | | 644,193 | |
| | | |
| | | |
| | | Energy Equipment & Services – 5.4% |
| | | | 150,350 | | | Halliburton Co. | | | 2,452,208 | |
| | | | 108,700 | | | Schlumberger Ltd. | | | 4,137,122 | |
| | | | 275,010 | | | Weatherford International Ltd.* | | | 2,934,357 | |
| | | | | | | | | | | |
| | | | | | | | | | 9,523,687 | |
| | | |
| | | |
| | | Food & Staples Retailing – 0.5% |
| | | | 19,680 | | | Costco Wholesale Corp. | | | 833,251 | |
| | | |
| | | |
| | | Food Products – 0.9% |
| | | | 71,350 | | | Kraft Foods, Inc. | | | 1,625,353 | |
| | | |
| | | |
| | | Health Care Equipment & Supplies – 6.8% |
| | | | 82,070 | | | Baxter International, Inc. | | | 4,178,183 | |
| | | | 127,980 | | | St. Jude Medical, Inc.* | | | 4,243,817 | |
| | | | 100,040 | | | Zimmer Holdings, Inc.* | | | 3,503,401 | |
| | | | | | | | | | | |
| | | | | | | | | | 11,925,401 | |
| | | |
| | | |
| | | Hotels, Restaurants & Leisure – 2.5% |
| | | | 185,690 | | | Marriott International, Inc. | | | 2,629,370 | |
| | | | 15,700 | | | McDonald’s Corp. | | | 820,325 | |
| | | | 90,290 | | | Starwood Hotels & Resorts Worldwide, Inc. | | | 1,046,461 | |
| | | | | | | | | | | |
| | | | | | | | | | 4,496,156 | |
| | | |
| | | |
| | | Household Durables – 1.2% |
| | | | 74,370 | | | Fortune Brands, Inc. | | | 1,766,288 | |
| | | | 76,860 | | | Newell Rubbermaid, Inc. | | | 434,259 | |
| | | | | | | | | | | |
| | | | | | | | | | 2,200,547 | |
| | | |
| | | |
| | | Household Products – 1.8% |
| | | | 65,610 | | | The Procter & Gamble Co. | | | 3,160,434 | |
| | | |
| | | |
| | | Internet & Catalog Retail*(a) – 0.9% |
| | | | 24,550 | | | Amazon.com, Inc. | | | 1,590,595 | |
| | | |
| | | |
| | | Internet Software & Services* – 2.1% |
| | | | 10,820 | | | Google, Inc. | | | 3,657,052 | |
| | | |
| | | |
| | | IT Services – 4.8% |
| | | | 69,920 | | | Visa, Inc. | | | 3,965,163 | |
| | | | 407,430 | | | Western Union Co. | | | 4,546,919 | |
| | | | | | | | | | | |
| | | | | | | | | | 8,512,082 | |
| | | |
| | | |
| | | Life Sciences Tools & Services* – 2.7% |
| | | | 130,720 | | | Thermo Fisher Scientific, Inc. | | | 4,739,907 | |
| | | |
| | | |
| | | Machinery(a) – 1.1% |
| | | | 39,720 | | | Danaher Corp. | | | 2,016,187 | |
| | | |
| | | |
| | | Media – 1.8% |
| | | | 144,480 | | | Comcast Corp. | | | 1,886,909 | |
| | | | 88,777 | | | Viacom, Inc. Class B* | | | 1,366,278 | |
| | | | | | | | | | | |
| | | | | | | | | | 3,253,187 | |
| | | |
| | | |
| | | Multiline Retail – 2.7% |
| | | | 170,250 | | | Target Corp. | | | 4,819,777 | |
| | | |
| | | |
| | | Oil, Gas & Consumable Fuels – 5.3% |
| | | | 94,360 | | | Hess Corp. | | | 5,160,548 | |
| | | | 198,510 | | | Suncor Energy, Inc. | | | 4,127,023 | |
| | | | | | | | | | | |
| | | | | | | | | | 9,287,571 | |
| | | |
| | | |
| | | Personal Products – 0.5% |
| | | | 46,090 | | | Avon Products, Inc. | | | 810,723 | |
| | | |
| | | |
| | | Pharmaceuticals – 9.0% |
| | | | 93,480 | | | Johnson & Johnson | | | 4,674,000 | |
| | | | 161,440 | | | Merck & Co., Inc. | | | 3,906,848 | |
| | | | 191,410 | | | Schering-Plough Corp. | | | 3,328,620 | |
| | | | 89,470 | | | Teva Pharmaceutical Industries Ltd. ADR | | | 3,988,572 | |
| | | | | | | | | | | |
| | | | | | | | | | 15,898,040 | |
| | | |
| | | |
| | | Road & Rail – 0.9% |
| | | | 27,340 | | | Burlington Northern Santa Fe Corp. | | | 1,606,772 | |
| | | |
| | | |
| | | Semiconductors & Semiconductor Equipment(a) – 1.5% |
| | | | 124,160 | | | Linear Technology Corp. | | | 2,706,688 | |
| | | |
| | | |
The accompanying notes are an integral part of these financial statements.
GOLDMAN SACHS STRATEGIC GROWTH FUND
| | | | | | | | | | | |
| | | Shares | | Description | | Value |
| |
Common Stocks – (continued) |
| | | | | | | | | | | |
| | | Software – 7.8% |
| | | | 427,300 | | | Activision Blizzard, Inc.* | | $ | 4,285,819 | |
| | | | 209,180 | | | Electronic Arts, Inc.* | | | 3,411,726 | |
| | | | 381,500 | | | Microsoft Corp. | | | 6,161,225 | |
| | | | | | | | | | | |
| | | | | | | | | | 13,858,770 | |
| | | |
| | | |
| | | Specialty Retail – 3.1% |
| | | | 45,300 | | | Best Buy Co., Inc. | | | 1,305,546 | |
| | | | 262,190 | | | Lowe’s Cos., Inc. | | | 4,153,090 | |
| | | | | | | | | | | |
| | | | | | | | | | 5,458,636 | |
| | | |
| | | |
| | | Textiles, Apparel & Luxury Goods* – 1.2% |
| | | | 153,500 | | | Coach, Inc. | | | 2,145,930 | |
| | | |
| | | |
| | | Wireless Telecommunication Services* – 5.2% |
| | | | 189,850 | | | American Tower Corp. | | | 5,528,432 | |
| | | | 211,110 | | | Crown Castle International Corp. | | | 3,702,869 | |
| | | | | | | | | | | |
| | | | | | | | | | 9,231,301 | |
| | | |
| | | |
| | | TOTAL COMMON STOCKS |
| | | (Cost $250,903,223) | | $ | 173,232,102 | |
| | | |
| | | |
| | | | | | | | | | | | | | | | | |
| | | Principal
| | Interest
| | Maturity
| | |
| | | Amount | | Rate | | Date | | Value |
| |
Repurchase Agreement(b) – 2.8% |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | Joint Repurchase Agreement Account II |
| | | $ | 4,900,000 | | | | 0.274 | % | | | 03/02/09 | | | $ | 4,900,000 | |
| | | Maturity Value: $4,900,112 |
| | | (Cost $4,900,000) | | | | |
| | | |
| | | |
| | | TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE |
| | | (Cost $255,803,223) | | | | | | $ | 178,132,102 | |
| | | |
| | | |
| | | | | | | | | | | | | |
| | | Shares | | Rate | | Value |
| |
Securities Lending Reinvestment Vehicle(c)(d) – 1.8% |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | Boston Global Investment Trust – Enhanced Portfolio |
| | | | 3,215,425 | | | | 0.641 | % | | $ | 3,180,055 | |
| | | (Cost $3,155,489) | | | | |
| | | |
| | | |
| | | TOTAL INVESTMENTS – 102.7% |
| | | (Cost $258,958,712) | | $ | 181,312,157 | |
| | | |
| | | |
| | | LIABILITIES IN EXCESS OF
OTHER ASSETS – (2.7)% | | | (4,691,476 | ) |
| | | |
| | | |
| | | NET ASSETS – 100.0% | | $ | 176,620,681 | |
| | | |
| | | |
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) | | Joint repurchase agreement was entered into on February 27, 2009. Additional information appears on page 59. |
| |
| (c) | | Variable rate security. Interest rate disclosed is that which was in effect at February 28, 2009. |
| |
| (d) | | Represents an affiliated issuer. |
| | | | | | | |
| | | |
| | | |
| | | Investment Abbreviation: |
| | | ADR — American Depositary Receipt | | | | |
| | | |
| | | |
The accompanying notes are an integral part of these financial statements.
GOLDMAN SACHS TOLLKEEPER FUND
Schedule of Investments
February 28, 2009 (Unaudited)
| | | | | | | | | | | |
| | | Shares | | Description | | Value |
| |
Common Stocks – 94.8% |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | Commercial & Professional Services – 3.8% |
| | | | 319,500 | | | Iron Mountain, Inc.*(a) | | $ | 5,936,310 | |
| | | |
| | | |
| | | Diversified Financials – 2.8% |
| | | | 23,830 | | | CME Group, Inc. | | | 4,346,592 | |
| | | |
| | | |
| | | Insurance – 2.0% |
| | | | 250,843 | | | eHealth, Inc.*(a) | | | 3,173,164 | |
| | | |
| | | |
| | | Media – 2.7% |
| | | | 603,540 | | | Lamar Advertising Co. Class A*(a) | | | 4,176,497 | |
| | | |
| | | |
| | | Retailing – 5.0% |
| | | | 55,950 | | | Amazon.com, Inc.* | | | 3,625,000 | |
| | | | 112,980 | | | Netflix, Inc.*(a) | | | 4,083,097 | |
| | | | | | | | | | | |
| | | | | | | | | | 7,708,097 | |
| | | |
| | | |
| | | Semiconductors & Semiconductor Equipment – 8.4% |
| | | | 195,312 | | | Cavium Networks, Inc.*(a) | | | 1,857,417 | |
| | | | 156,450 | | | FormFactor, Inc.*(a) | | | 2,262,267 | |
| | | | 715,730 | | | Intellon Corp.* | | | 1,402,831 | |
| | | | 258,950 | | | Linear Technology Corp.(a) | | | 5,645,110 | |
| | | | 170,030 | | | Tessera Technologies, Inc.* | | | 1,836,324 | |
| | | | | | | | | | | |
| | | | | | | | | | 13,003,949 | |
| | | |
| | | |
| | | Software & Services – 33.2% |
| | | | 730,070 | | | Activision Blizzard, Inc.*(a) | | | 7,322,602 | |
| | | | 235,170 | | | Cognizant Technology Solutions Corp. Class A*(a) | | | 4,327,128 | |
| | | | 372,453 | | | Electronic Arts, Inc.* | | | 6,074,708 | |
| | | | 104,050 | | | Equinix, Inc.*(a) | | | 4,828,961 | |
| | | | 18,905 | | | Google, Inc. Class A* | | | 6,389,701 | |
| | | | 592,555 | | | Microsoft Corp. | | | 9,569,763 | |
| | | | 531,680 | | | Switch & Data Facilities Co., Inc.*(a) | | | 3,269,832 | |
| | | | 584,360 | | | THQ, Inc.*(a) | | | 1,460,900 | |
| | | | 70,160 | | | Visa, Inc. Class A | | | 3,978,774 | |
| | | | 389,050 | | | Western Union Co. | | | 4,341,798 | |
| | | | | | | | | | | |
| | | | | | | | | | 51,564,167 | |
| | | |
| | | |
| | | Technology Hardware & Equipment – 29.0% |
| | | | 182,820 | | | Amphenol Corp. Class A | | | 4,647,284 | |
| | | | 82,563 | | | Apple, Inc.* | | | 7,373,702 | |
| | | | 451,865 | | | Cisco Systems, Inc.* | | | 6,583,673 | |
| | | | 577,990 | | | Dell, Inc.* | | | 4,930,255 | |
| | | | 170,688 | | | Dolby Laboratories, Inc. Class A*(a) | | | 4,787,798 | |
| | | | 203,160 | | | Neutral Tandem, Inc.* | | | 4,053,042 | |
| | | | 171,075 | | | QUALCOMM, Inc. | | | 5,719,037 | |
| | | | 174,850 | | | Research In Motion Ltd.* | | | 6,983,509 | |
| | | | | | | | | | | |
| | | | | | | | | | 45,078,300 | |
| | | |
| | | |
| | | Telecommunication Services – 7.9% |
| | | | 328,610 | | | American Tower Corp. Class A* | | | 9,569,123 | |
| | | | 329,396 | | | tw telecom, inc.*(a) | | | 2,648,344 | |
| | | | | | | | | | | |
| | | | | | | | | | 12,217,467 | |
| | | |
| | | |
| | | TOTAL COMMON STOCKS |
| | | (Cost $233,054,185) | | $ | 147,204,543 | |
| | | |
| | | |
| | | | | | | | | | | | | |
| | | | | Dividend
| | |
| | | Shares | | Rate | | Value |
| |
Investment Company(b) – 5.9% |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | JPMorgan U.S. Government Money Market Fund – Capital Shares |
| | | | 9,186,355 | | | | 0.524 | % | | $ | 9,186,355 | |
| | | (Cost $9,186,355) | | | | |
| | | |
| | | |
| | | TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE |
| | | (Cost $242,240,540) | | $ | 156,390,898 | |
| | | |
| | | |
| | | | | | | | | | | | | |
| | | Shares | | Rate | | Value |
| |
Securities Lending Reinvestment Vehicle(b)(c) – 26.0% |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | Boston Global Investment Trust – Enhanced Portfolio |
| | | | 40,845,222 | | | | 0.641 | % | | $ | 40,395,925 | |
| | | (Cost $40,602,312) | | | | |
| | | |
| | | |
| | | | | | | | | | | | | |
| | | TOTAL INVESTMENTS – 126.7% |
| | | (Cost $282,842,852) | | $ | 196,786,823 | |
| | | |
| | | |
| | | LIABILITIES IN EXCESS OF
OTHER ASSETS – (26.7)% | | | (41,474,300 | ) |
| | | |
| | | |
| | | NET ASSETS – 100.0% | | $ | 155,312,523 | |
| | | |
| | | |
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) | | Variable rate security. Interest rate disclosed is that which is in effect at February 28, 2009. |
| |
| (c) | | Represents an affiliated issuer. |
The accompanying notes are an integral part of these financial statements.
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
ADDITIONAL INVESTMENT INFORMATION
JOINT REPURCHASE AGREEMENT ACCOUNT II — At February 28, 2009, certain Funds had undivided interests in the Joint Repurchase Agreement Account II, as follows:
| | | | | |
| Fund | | Principal Amount | |
| | |
| All Cap Growth | | $ | 200,000 | |
| |
| |
| Capital Growth | | | 2,400,000 | |
| |
| |
| Concentrated Growth | | | 3,200,000 | |
| |
| |
| Growth Opportunities | | | 62,600,000 | |
| |
| |
| Small/Mid Cap Growth | | | 6,100,000 | |
| |
| |
| Strategic Growth | | | 4,900,000 | |
| |
| |
REPURCHASE AGREEMENTS
| | | | | | | | | | | | | | | | | |
| | |
| | | Principal
| | | Interest
| | | Maturity
| | | Maturity
| |
| Counterparty | | Amount | | | Rate | | | Date | | | Value | |
| | |
| Banc of America Securities LLC | | $ | 5,600,000,000 | | | | 0.28 | % | | | 03/02/09 | | | $ | 5,600,130,667 | |
| |
| |
| Barclays Capital, Inc. | | | 1,500,000,000 | | | | 0.25 | | | | 03/02/09 | | | | 1,500,031,250 | |
| |
| |
| Barclays Capital, Inc. | | | 7,500,000,000 | | | | 0.27 | | | | 03/02/09 | | | | 7,500,168,750 | |
| |
| |
| Citigroup Global Markets, Inc. | | | 1,000,000,000 | | | | 0.29 | | | | 03/02/09 | | | | 1,000,024,167 | |
| |
| |
| Credit Suisse Securities (USA) LLC | | | 500,000,000 | | | | 0.25 | | | | 03/02/09 | | | | 500,010,416 | |
| |
| |
| Credit Suisse Securities (USA) LLC | | | 2,000,000,000 | | | | 0.28 | | | | 03/02/09 | | | | 2,000,046,667 | |
| |
| |
| Deutsche Bank Securities, Inc. | | | 1,500,000,000 | | | | 0.25 | | | | 03/02/09 | | | | 1,500,031,250 | |
| |
| |
| Deutsche Bank Securities, Inc. | | | 1,475,000,000 | | | | 0.27 | | | | 03/02/09 | | | | 1,475,033,187 | |
| |
| |
| Deutsche Bank Securities, Inc. | | | 7,000,000,000 | | | | 0.29 | | | | 03/02/09 | | | | 7,000,169,167 | |
| |
| |
| Greenwich Capital Markets | | | 500,000,000 | | | | 0.29 | | | | 03/02/09 | | | | 500,012,083 | |
| |
| |
| JPMorgan Securities | | | 2,565,000,000 | | | | 0.28 | | | | 03/02/09 | | | | 2,565,059,850 | |
| |
| |
| Merrill Lynch & Co., Inc. | | | 1,000,000,000 | | | | 0.28 | | | | 03/02/09 | | | | 1,000,023,333 | |
| |
| |
| Morgan Stanley & Co. | | | 3,075,000,000 | | | | 0.26 | | | | 03/02/09 | | | | 3,075,066,625 | |
| |
| |
| UBS Securities LLC | | | 2,275,000,000 | | | | 0.26 | | | | 03/02/09 | | | | 2,275,049,292 | |
| |
| |
TOTAL | | | | | | | | | | | | | | $ | 37,490,856,704 | |
| |
| |
At February 28, 2009, the Joint Repurchase Agreement Account II was fully collateralized by Federal Farm Credit Bank, 1.950% to 6.900%, due 04/01/09 to 01/22/19; Federal Home Loan Bank, 2.650% to 6.270%, due 05/07/09 to 06/02/28; Federal Home Loan Mortgage Corp., 1.250% to 8.000%, due 04/09/09 to 02/01/48; Federal National Mortgage Association, 3.050% to 11.500%, due 04/01/09 to 02/01/49; Government National Mortgage Association, 3.500% to 7.500%, due 12/15/17 to 02/20/39; U.S. Treasury Bills, 0.000%, due 11/19/09 to 12/17/09; U.S. Treasury Bond, 6.250%, due 08/15/23; U.S. Treasury Inflation Protected Security, 3.000%, due 07/15/12; U.S. Treasury Notes, 1.125% to 5.125%, due 11/15/10 to 11/15/18; U.S. Treasury Principal-Only Stripped Security, 0.000%, due 05/15/10. The aggregate market value of the collateral, including accrued interest, was $38,331,216,272.
The accompanying notes are an integral part of these financial statements.
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
Statements of Assets and Liabilities
February 28, 2009 (Unaudited)
| | | | | | | | | |
| | | | | All Cap Growth
| | | |
| | | | | Fund | | | |
|
| | | Assets: |
| | | | | | | | | |
| | | Investments in securities of unaffiliated issuers, at value (identified cost $5,220,334, $1,457,051,557, $242,969,230, $1,843,013,933, $161,002,096, $255,803,223 and $242,240,540, respectively)(a) | | $ | 3,773,409 | | | |
| | | Investments in securities lending reinvestment vehicle — affiliated issuer, at value (identified cost $43,799, $143,064,404, $14,746,894, $285,225,584, $17,366,010, $3,155,489 and $40,602,312, respectively) | | | 43,756 | | | |
| | | Cash | | | 71,824 | | | |
| | | Receivables: | | | | | | |
| | | Reimbursement from adviser | | | 130,637 | | | |
| | | Fund shares sold | | | 9,533 | | | |
| | | Dividends and interest | | | 4,254 | | | |
| | | Securities lending income | | | 152 | | | |
| | | Investment securities sold | | | — | | | |
| | | Other assets | | | 133 | | | |
| | | |
| | | |
| | | Total assets | | | 4,033,698 | | | |
| | | |
| | | |
| | | | | | | | | |
| | | | | | | | | |
|
| | | Liabilities: |
| | | | | | | | | |
| | | Due to Custodian | | | — | | | |
| | | Payables: | | | | | | |
| | | Payable upon return of securities loaned | | | 43,800 | | | |
| | | Investment securities purchased | | | 20,314 | | | |
| | | Amounts owed to affiliates | | | 3,730 | | | |
| | | Fund shares redeemed | | | 2,256 | | | |
| | | Accrued expenses and other liabilities | | | 103,266 | | | |
| | | |
| | | |
| | | Total liabilities | | | 173,366 | | | |
| | | |
| | | |
| | | | | | | | | |
| | | | | | | | | |
|
| | | Net Assets: |
| | | | | | | | | |
| | | Paid-in capital | | | 5,958,874 | | | |
| | | Accumulated undistributed net investment income (loss) | | | (4,011 | ) | | |
| | | Accumulated net realized loss from investment and foreign currency related transactions | | | (647,563 | ) | | |
| | | Net unrealized loss on investments and translation of assets and liabilities denominated in foreign currencies | | | (1,446,968 | ) | | |
| | | |
| | | |
| | | NET ASSETS | | $ | 3,860,332 | | | |
| |
| |
| | | | | | | | | |
| | | Net Assets: | | | | | | |
| | | Class A | | $ | 2,313,087 | | | |
| | | Class B | | | — | | | |
| | | Class C | | | 209,868 | | | |
| | | Institutional | | | 1,325,089 | | | |
| | | Service | | | — | | | |
| | | Class IR | | | 6,161 | | | |
| | | Class R | | | 6,127 | | | |
| |
| |
| | | Total Net Assets | | $ | 3,860,332 | | | |
| |
| |
| | | Shares Outstanding $0.001 par value (unlimited shares authorized): | | | | | | |
| | | Class A | | | 381,837 | | | |
| | | Class B | | | — | | | |
| | | Class C | | | 34,857 | | | |
| | | Institutional | | | 217,484 | | | |
| | | Service | | | — | | | |
| | | Class IR | | | 1,013 | | | |
| | | Class R | | | 1,013 | | | |
| |
| |
| | | Net asset value, offering and redemption price per share:(b) | | | | | | |
| | | Class A | | | $6.06 | | | |
| | | Class B | | | — | | | |
| | | Class C | | | 6.02 | | | |
| | | Institutional | | | 6.09 | | | |
| | | Service | | | — | | | |
| | | Class IR | | | 6.08 | | | |
| | | Class R | | | 6.05 | | | |
| |
| |
| | |
| (a) | | Includes loaned securities having a market value of $43,488, $147,709,764, $15,073,272, $282,381,508, $17,099,082, $3,772,337 and $40,145,919 for the All Cap Growth, Capital Growth, Concentrated Growth, Growth Opportunities, Small/Mid Cap Growth, Strategic Growth and Tollkeeper Funds, respectively. |
| | |
| (b) | | Maximum public offering price per share (NAV per share multiplied by 1.0582) for Class A Shares of the All Cap Growth, Capital Growth, Concentrated Growth, Growth Opportunities, Small/Mid Cap Growth, Strategic Growth and Tollkeeper Funds is $6.41, $12.26, $7.84, $11.82, $7.49, $6.21 and $6.37, respectively. At redemption, Class B and Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current NAV or the original purchase price of the shares. |
The accompanying notes are an integral part of these financial statements.
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | Growth
| | | | | | | | | | | | |
| | | Capital
| | | Concentrated
| | | Opportunities
| | | Small/Mid Cap
| | | Strategic
| | | Tollkeeper
| | | |
| | | Growth Fund | | | Growth Fund | | | Fund | | | Growth Fund | | | Growth Fund | | | Fund | | | |
|
| | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | $ | 999,438,439 | | | $ | 160,298,106 | | | $ | 1,210,925,754 | | | $ | 104,571,787 | | | $ | 178,132,102 | | | $ | 156,390,898 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | 143,886,948 | | | | 14,785,499 | | | | 286,421,059 | | | | 17,455,963 | | | | 3,180,055 | | | | 40,395,925 | | | |
| | | | 4,910,720 | | | | 34,301 | | | | — | | | | 189,899 | | | | 39,184 | | | | — | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | 95,153 | | | | 20,914 | | | | — | | | | 42,642 | | | | 99,128 | | | | 55,685 | | | |
| | | | 746,501 | | | | 1,471,343 | | | | 3,066,405 | | | | 82,358 | | | | 549,902 | | | | 368,812 | | | |
| | | | 1,572,829 | | | | 195,184 | | | | 982,465 | | | | 52,868 | | | | 277,062 | | | | 115,533 | | | |
| | | | 199,087 | | | | 9,978 | | | | 447,908 | | | | 78,265 | | | | 5,133 | | | | 18,752 | | | |
| | | | — | | | | — | | | | 1,572,828 | | | | 476,093 | | | | — | | | | — | | | |
| | | | 58,528 | | | | — | | | | 9,577 | | | | 1,494 | | | | 6,444 | | | | 2,035 | | | |
| | | |
| | | |
| | | | 1,150,908,205 | | | | 176,815,325 | | | | 1,503,425,996 | | | | 122,951,369 | | | | 182,289,010 | | | | 197,347,640 | | | |
| | | |
| | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | — | | | | — | | | | 1,548,531 | | | | — | | | | — | | | | — | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | 151,285,375 | | | | 15,482,250 | | | | 294,148,411 | | | | 18,026,070 | | | | 3,921,435 | | | | 40,955,630 | | | |
| | | | 1,171,465 | | | | 158,544 | | | | 23,023,414 | | | | 1,450,252 | | | | — | | | | 409,541 | | | |
| | | | 985,766 | | | | 135,353 | | | | 1,152,360 | | | | 111,311 | | | | 147,729 | | | | 203,682 | | | |
| | | | 3,229,791 | | | | 20,752 | | | | 4,367,658 | | | | 385,119 | | | | 1,480,921 | | | | 360,093 | | | |
| | | | 366,790 | | | | 77,277 | | | | 294,558 | | | | 106,110 | | | | 118,244 | | | | 106,171 | | | |
| | | |
| | | |
| | | | 157,039,187 | | | | 15,874,176 | | | | 324,534,932 | | | | 20,078,862 | | | | 5,668,329 | | | | 42,035,117 | | | |
| | | |
| | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | 1,621,711,904 | | | | 278,558,804 | | | | 1,958,408,060 | | | | 171,576,592 | | | | 314,482,208 | | | | 1,574,534,229 | | | |
| | | | (644,272 | ) | | | (144,685 | ) | | | (1,921,241 | ) | | | (154,967 | ) | | | 197,668 | | | | (745,341 | ) | | |
| | | | (170,408,040 | ) | | | (34,840,451 | ) | | | (146,703,051 | ) | | | (12,208,762 | ) | | | (60,412,640 | ) | | | (1,332,420,361 | ) | | |
| | | | (456,790,574 | ) | | | (82,632,519 | ) | | | (630,892,704 | ) | | | (56,340,356 | ) | | | (77,646,555 | ) | | | (86,056,004 | ) | | |
| | | |
| | | |
| | | $ | 993,869,018 | | | $ | 160,941,149 | | | $ | 1,178,891,064 | | | $ | 102,872,507 | | | $ | 176,620,681 | | | $ | 155,312,523 | | | |
| |
| |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | $ | 735,868,003 | | | $ | 57,287,757 | | | $ | 422,979,141 | | | $ | 44,722,868 | | | $ | 91,949,441 | | | $ | 102,938,415 | | | |
| | | | 69,189,251 | | | | 702,645 | | | | 21,139,638 | | | | 2,635,342 | | | | 2,957,771 | | | | 14,299,670 | | | |
| | | | 62,348,102 | | | | 1,072,460 | | | | 56,232,700 | | | | 6,514,497 | | | | 6,406,691 | | | | 27,053,790 | | | |
| | | | 125,275,925 | | | | 101,866,639 | | | | 671,630,035 | | | | 48,651,868 | | | | 75,293,517 | | | | 9,067,488 | | | |
| | | | 1,176,810 | | | | 1,287 | | | | 6,240,128 | | | | 236,248 | | | | 8,968 | | | | 1,953,160 | | | |
| | | | 5,195 | | | | 5,195 | | | | 655,758 | | | | 5,517 | | | | 2,147 | | | | — | | | |
| | | | 5,732 | | | | 5,166 | | | | 13,664 | | | | 106,167 | | | | 2,146 | | | | — | | | |
| |
| |
| | | $ | 993,869,018 | | | $ | 160,941,149 | | | $ | 1,178,891,064 | | | $ | 102,872,507 | | | $ | 176,620,681 | | | $ | 155,312,523 | | | |
| |
| |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | 63,516,724 | | | | 7,732,817 | | | | 37,852,413 | | | | 6,315,243 | | | | 15,669,105 | | | | 17,109,363 | | | |
| | | | 6,654,087 | | | | 100,115 | | | | 2,067,455 | | | | 384,491 | | | | 542,360 | | | | 2,552,477 | | | |
| | | | 6,003,664 | | | | 153,031 | | | | 5,549,183 | | | | 950,484 | | | | 1,172,997 | | | | 4,831,605 | | | |
| | | | 10,363,832 | | | | 13,412,083 | | | | 57,117,773 | | | | 6,789,798 | | | | 12,403,225 | | | | 1,450,394 | | | |
| | | | 103,159 | | | | 174 | | | | 566,226 | | | | 33,625 | | | | 1,522 | | | | 326,735 | | | |
| | | | 447 | | | | 700 | | | | 58,459 | | | | 777 | | | | 354 | | | | — | | | |
| | | | 496 | | | | 700 | | | | 1,226 | | | | 15,032 | | | | 366 | | | | — | | | |
| |
| |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | $11.59 | | | | $7.41 | | | | $11.17 | | | | $7.08 | | | | $5.87 | | | | $6.02 | | | |
| | | | 10.40 | | | | 7.02 | | | | 10.22 | | | | 6.85 | | | | 5.45 | | | | 5.60 | | | |
| | | | 10.39 | | | | 7.01 | | | | 10.13 | | | | 6.85 | | | | 5.46 | | | | 5.60 | | | |
| | | | 12.09 | | | | 7.60 | | | | 11.76 | | | | 7.17 | | | | 6.07 | | | | 6.25 | | | |
| | | | 11.41 | | | | 7.40 | | | | 11.02 | | | | 7.03 | | | | 5.89 | | | | 5.98 | | | |
| | | | 11.62 | | | | 7.42 | | | | 11.22 | | | | 7.10 | | | | 6.07 | | | | — | | | |
| | | | 11.55 | | | | 7.38 | | | | 11.15 | | | | 7.06 | | | | 5.86 | | | | — | | | |
| |
| |
The accompanying notes are an integral part of these financial statements.
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
Statements of Operations
For the Six Months Ended February 28, 2009 (Unaudited)
| | | | | | | |
| | | | | All Cap Growth
| |
| | | | | Fund | |
| |
|
| | | Investment income: |
| | | | | | | |
| | | Dividends(a) | | $ | 19,466 | |
| | | Securities lending income — affiliated issuer | | | 699 | |
| | | Interest | | | 526 | |
| | | |
| | | |
| | | Total investment income | | | 20,691 | |
| | | |
| | | |
| | | | | | | |
| | | | | | | |
|
| | | Expenses: |
| | | | | | | |
| | | Management fees | | | 19,248 | |
| | | Distribution and Service fees(c) | | | 3,176 | |
| | | Transfer Agent fees(c) | | | 2,470 | |
| | | Registration fees | | | 51,353 | |
| | | Custody and accounting fees | | | 49,361 | |
| | | Professional fees | | | 44,500 | |
| | | Printing fees | | | 35,588 | |
| | | Trustee fees | | | 8,016 | |
| | | Service share fees — Service Plan | | | — | |
| | | Service share fees — Shareholder Administration Plan | | | — | |
| | | Amortization of offering costs | | | 59,367 | |
| | | Other | | | 638 | |
| | | |
| | | |
| | | Total expenses | | | 273,717 | |
| | | |
| | | |
| | | Less — expense reductions | | | (249,016 | ) |
| | | |
| | | |
| | | Net expenses | | | 24,701 | |
| | | |
| | | |
| | | NET INVESTMENT INCOME (LOSS) | | | (4,010 | ) |
| | | |
| | | |
| | | | | | | |
| | | | | | | |
|
| | | Realized and unrealized gain (loss) from investment and foreign currency related transactions: |
| | | | | | | |
| | | Net realized gain (loss) from: | | | | |
| | | Investment transactions — unaffiliated issuers (including commission recapture of $0, $89,663, $0, $134,494, $0, $19,381 and $18,676) | | | (627,769 | ) |
| | | Securities lending reinvestment vehicle transactions — affiliated issuer | | | (47 | ) |
| | | Foreign currency related transactions | | | — | |
| | | Net change in unrealized gain (loss) on: | | | | |
| | | Investments — unaffiliated issuers | | | (1,556,436 | ) |
| | | Securities lending reinvestment vehicle — affiliated issuer | | | (43 | ) |
| | | Translation of assets and liabilities denominated in foreign currencies | | | — | |
| | | |
| | | |
| | | Net realized and unrealized loss from investment and foreign currency related transactions | | | (2,184,295 | ) |
| | | |
| | | |
| | | NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (2,188,305 | ) |
| | | |
| | | |
| |
| (a) | Foreign taxes withheld on dividends were $93, $39,973, $10,269, $9,064, $2,866, $8,476 and $0 for All Cap Growth, Capital Growth, Concentrated Growth, Growth Opportunities, Small/Mid Cap Growth, Strategic Growth and Tollkeeper Funds, respectively. |
| (b) | Commenced operations on January 6, 2009 for Strategic Growth Fund only. |
| (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 R(b) | | | Class A | | | Class B | | | Class C | | | Institutional | | | Service | | | Class IR(b) | | | Class R(b) | |
| All Cap Growth | | $ | 2,700 | | | $ | — | | | $ | 458 | | | $ | 18 | | | $ | 2,052 | | | $ | — | | | $ | 87 | | | $ | 317 | | | $ | — | | | $ | 7 | | | $ | 7 | |
| Capital Growth | | | 1,185,756 | | | | 464,527 | | | | 402,256 | | | | 16 | | | | 901,175 | | | | 88,260 | | | | 76,429 | | | | 36,163 | | | | 433 | | | | 6 | | | | 6 | |
| Concentrated Growth | | | 90,009 | | | | 4,741 | | | | 7,127 | | | | 15 | | | | 68,407 | | | | 901 | | | | 1,354 | | | | 24,186 | | | | — | | | | 6 | | | | 6 | |
| Growth Opportunities | | | 673,797 | | | | 144,462 | | | | 366,721 | | | | 21 | | | | 512,085 | | | | 27,448 | | | | 69,677 | | | | 142,492 | | | | 1,418 | | | | 23 | | | | 8 | |
| Small/Mid Cap Growth | | | 57,302 | | | | 14,589 | | | | 37,166 | | | | 84 | | | | 43,550 | | | | 2,772 | | | | 7,061 | | | | 12,029 | | | | 39 | | | | 6 | | | | 32 | |
| Strategic Growth | | | 145,778 | | | | 19,041 | | | | 40,169 | | | | 2 | | | | 110,791 | | | | 3,618 | | | | 7,632 | | | | 19,617 | | | | 1 | | | | 1 | | | | 1 | |
| Tollkeeper | | | 150,829 | | | | 95,865 | | | | 163,117 | | | | — | | | | 114,631 | | | | 18,178 | | | | 30,932 | | | | 2,198 | | | | 433 | | | | — | | | | — | |
The accompanying notes are an integral part of these financial statements.
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | Growth
| | | | | | | | | | |
| | | Capital
| | | Concentrated
| | | Opportunities
| | | Small/Mid Cap
| | | Strategic
| | | Tollkeeper
| |
| | | Growth Fund | | | Growth Fund | | | Fund | | | Growth Fund | | | Growth Fund | | | Fund | |
| |
|
| | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | $ | 7,459,960 | | | $ | 956,304 | | | $ | 5,029,480 | | | $ | 357,115 | | | $ | 1,564,862 | | | $ | 525,905 | |
| | | | 746,951 | | | | 42,541 | | | | 1,962,837 | | | | 261,500 | | | | 28,425 | | | | 280,450 | |
| | | | 158,172 | | | | 21,489 | | | | 203,148 | | | | 21,083 | | | | 22,498 | | | | 7,138 | |
| | | |
| | | |
| | | | 8,365,083 | | | | 1,020,334 | | | | 7,195,465 | | | | 639,698 | | | | 1,615,785 | | | | 813,493 | |
| | | |
| | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
|
| | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | 6,364,754 | | | | 975,932 | | | | 6,801,862 | | | | 582,866 | | | | 1,131,303 | | | | 929,369 | |
| | | | 2,052,555 | | | | 101,892 | | | | 1,185,001 | | | | 109,141 | | | | 204,990 | | | | 409,811 | |
| | | | 1,102,472 | | | | 94,860 | | | | 753,151 | | | | 65,489 | | | | 141,661 | | | | 166,372 | |
| | | | 66,879 | | | | 61,940 | | | | 74,730 | | | | 25,461 | | | | 69,560 | | | | 43,676 | |
| | | | 59,841 | | | | 7,697 | | | | 72,594 | | | | 43,270 | | | | 38,265 | | | | 13,466 | |
| | | | 59,383 | | | | 50,477 | | | | 57,580 | | | | 48,005 | | | | 41,774 | | | | 40,859 | |
| | | | 65,065 | | | | 31,252 | | | | 69,123 | | | | 44,336 | | | | 51,070 | | | | 57,955 | |
| | | | 8,016 | | | | 8,016 | | | | 8,016 | | | | 8,016 | | | | 8,016 | | | | 8,016 | |
| | | | 2,707 | | | | 2 | | | | 8,861 | | | | 243 | | | | 9 | | | | 2,705 | |
| | | | 2,707 | | | | 2 | | | | 8,861 | | | | 243 | | | | 9 | | | | 2,705 | |
| | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | 8,962 | | | | 3,425 | | | | 143,900 | | | | 12,533 | | | | 21,770 | | | | 68,087 | |
| | | |
| | | |
| | | | 9,793,341 | | | | 1,335,495 | | | | 9,183,679 | | | | 939,603 | | | | 1,708,427 | | | | 1,743,021 | |
| | | |
| | | |
| | | | (681,253 | ) | | | (168,235 | ) | | | (66,973 | ) | | | (144,938 | ) | | | (267,112 | ) | | | (173,136 | ) |
| | | |
| | | |
| | | | 9,112,088 | | | | 1,167,260 | | | | 9,116,706 | | | | 794,665 | | | | 1,441,315 | | | | 1,569,885 | |
| | | |
| | | |
| | | | (747,005 | ) | | | (146,926 | ) | | | (1,921,241 | ) | | | (154,967 | ) | | | 174,470 | | | | (756,392 | ) |
| | | |
| | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
|
| | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | (146,681,836 | ) | | | (26,866,213 | ) | | | (119,207,687 | ) | | | (10,656,910 | ) | | | (28,447,753 | ) | | | (2,748,235 | ) |
| | | | (8,220,971 | ) | | | (735,356 | ) | | | (8,922,828 | ) | | | (660,060 | ) | | | (765,946 | ) | | | (353,318 | ) |
| | | | 3,635 | | | | 487 | | | | 524 | | | | — | | | | 363 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | (745,408,493 | ) | | | (108,860,278 | ) | | | (745,859,173 | ) | | | (59,467,665 | ) | | | (120,311,391 | ) | | | (110,661,041 | ) |
| | | | 822,544 | | | | 38,605 | | | | 1,195,475 | | | | 89,953 | | | | 24,566 | | | | (206,387 | ) |
| | | | — | | | | — | | | | — | | | | — | | | | — | | | | (78 | ) |
| | | |
| | | |
| | | | (899,485,121 | ) | | | (136,422,755 | ) | | | (872,793,689 | ) | | | (70,694,682 | ) | | | (149,500,161 | ) | | | (113,969,059 | ) |
| | | |
| | | |
| | | $ | (900,232,126 | ) | | $ | (136,569,681 | ) | | $ | (874,714,930 | ) | | $ | (70,849,649 | ) | | $ | (149,325,691 | ) | | $ | (114,725,451 | ) |
| | | |
| | | |
The accompanying notes are an integral part of these financial statements.
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
Statements of Changes in Net Assets (continued)
| | | | | | | | | | | |
| | | | | All Cap Growth Fund | |
| | | | | For the
| | | For the
| |
| | | | | Six Months Ended
| | | Period Ended
| |
| | | | | February 28, 2009
| | | August 31,
| |
| | | | | (Unaudited) | | | 2008(a) | |
| |
|
| | | From operations: |
| | | | | | | | | | | |
| | | Net investment loss | | $ | (4,010 | ) | | $ | (3,517 | ) |
| | | Net realized gain (loss) from investment and foreign currency related transactions | | | (627,816 | ) | | | 34,081 | |
| | | Net change in unrealized gain (loss) on investments and translation of assets and liabilities denominated in foreign currencies | | | (1,556,479 | ) | | | 109,511 | |
| | | |
| | | |
| | | Net increase (decrease) in net assets resulting from operations | | | (2,188,305 | ) | | | 140,075 | |
| | | |
| | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
|
| | | Distributions to shareholders: |
| | | | | | | | | | | |
| | | From net realized gains | | | | | | | | |
| | | Class A Shares | | | (30,970 | ) | | | — | |
| | | Class B Shares | | | — | | | | — | |
| | | Class C Shares | | | (1,343 | ) | | | — | |
| | | Institutional Shares | | | (17,999 | ) | | | — | |
| | | Service Shares | | | — | | | | — | |
| | | Class IR Shares(b) | | | (83 | ) | | | — | |
| | | Class R Shares(b) | | | (83 | ) | | | — | |
| | | From capital | | | | | | | | |
| | | Class A Shares | | | — | | | | — | |
| | | Class B Shares | | | — | | | | — | |
| | | Class C Shares | | | — | | | | — | |
| | | Institutional Shares | | | — | | | | — | |
| | | Service Shares | | | — | | | | — | |
| | | Class IR Shares(b) | | | — | | | | — | |
| | | Class R Shares(b) | | | — | | | | — | |
| | | |
| | | |
| | | Total distributions to shareholders | | | (50,478 | ) | | | — | |
| | | |
| | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
|
| | | From share transactions: |
| | | | | | | | | | | |
| | | Proceeds from sales of shares | | | 2,347,122 | | | | 4,668,394 | |
| | | Proceeds received in connection with merger | | | — | | | | — | |
| | | Reinvestment of distributions | | | 47,991 | | | | — | |
| | | Cost of shares redeemed | | | (963,665 | ) | | | (140,802 | ) |
| | | |
| | | |
| | | Net increase (decrease) in net assets resulting from share transactions | | | 1,431,448 | | | | 4,527,592 | |
| | | |
| | | |
| | | TOTAL INCREASE (DECREASE) | | | (807,335 | ) | | | 4,667,667 | |
| | | |
| | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
|
| | | Net assets: |
| | | | | | | | | | | |
| | | Beginning of period | | | 4,667,667 | | | | — | |
| | | |
| | | |
| | | End of period | | $ | 3,860,332 | | | $ | 4,667,667 | |
| | | |
| | | |
| | | Accumulated undistributed net investment income (loss) | | $ | (4,011 | ) | | $ | (1 | ) |
| | | |
| | | |
| | |
| (a) | | Commenced operations on January 31, 2008. |
| (b) | | Commenced operations on November 30, 2007 (except for All Cap Growth Fund). |
The accompanying notes are an integral part of these financial statements.
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
| | | | | | | | | | | | | | | | | |
| | | Capital Growth Fund | | | Concentrated Growth Fund | |
| | | For the
| | | | | | For the
| | | | |
| | | Six Months Ended
| | | For the
| | | Six Months Ended
| | | For the
| |
| | | February 28, 2009
| | | Year Ended
| | | February 28, 2009
| | | Year Ended
| |
| | | (Unaudited) | | | August 31, 2008 | | | (Unaudited) | | | August 31, 2008 | |
| |
|
| | | |
| | | | | | | | | | | | | | | | | |
| | | $ | (747,005 | ) | | $ | (9,767,813 | ) | | $ | (146,926 | ) | | $ | (1,416,164 | ) |
| | | | (154,899,172 | ) | | | 134,431,720 | | | | (27,601,082 | ) | | | 3,405,384 | |
| | | | | | | | | | | | | | | | | |
| | | | (744,585,949 | ) | | | (246,493,803 | ) | | | (108,821,673 | ) | | | (13,448,027 | ) |
| | | |
| | | |
| | | | (900,232,126 | ) | | | (121,829,896 | ) | | | (136,569,681 | ) | | | (11,458,807 | ) |
| | | |
| | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
|
| | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | (53,438,888 | ) | | | (14,788,391 | ) | | | — | | | | (8,532,752 | ) |
| | | | (5,923,013 | ) | | | (932,509 | ) | | | — | | | | (106,696 | ) |
| | | | (5,109,331 | ) | | | (875,661 | ) | | | — | | | | (135,778 | ) |
| | | | (10,826,018 | ) | | | (3,337,242 | ) | | | — | | | | (14,335,715 | ) |
| | | | (140,736 | ) | | | (87,400 | ) | | | — | | | | (173 | ) |
| | | | (364 | ) | | | (109 | ) | | | — | | | | (695 | ) |
| | | | (364 | ) | | | (109 | ) | | | — | | | | (695 | ) |
| | | | | | | | | | | | | | | | | |
| | | | — | | | | — | | | | — | | | | (50,453 | ) |
| | | | — | | | | — | | | | — | | | | (631 | ) |
| | | | — | | | | — | | | | — | | | | (803 | ) |
| | | | — | | | | — | | | | — | | | | (84,766 | ) |
| | | | — | | | | — | | | | — | | | | (1 | ) |
| | | | — | | | | — | | | | — | | | | (4 | ) |
| | | | — | | | | — | | | | — | | | | (4 | ) |
| | | |
| | | |
| | | | (75,438,714 | ) | | | (20,021,421 | ) | | | — | | | | (23,249,166 | ) |
| | | |
| | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
|
| | | |
| | | | | | | | | | | | | | | | | |
| | | | 117,092,463 | | | | 242,597,793 | | | | 28,588,419 | | | | 157,976,109 | |
| | | | — | | | | 723,504,958 | | | | — | | | | — | |
| | | | 69,456,886 | | | | 18,143,622 | | | | — | | | | 22,025,284 | |
| | | | (295,179,806 | ) | | | (609,487,646 | ) | | | (34,094,735 | ) | | | (126,691,080 | ) |
| | | |
| | | |
| | | | (108,630,457 | ) | | | 374,758,727 | | | | (5,506,316 | ) | | | 53,310,313 | |
| | | |
| | | |
| | | | (1,084,301,297 | ) | | | 232,907,410 | | | | (142,075,997 | ) | | | 18,602,340 | |
| | | |
| | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
|
| | | |
| | | | | | | | | | | | | | | | | |
| | | | 2,078,170,315 | | | | 1,845,262,905 | | | | 303,017,146 | | | | 284,414,806 | |
| | | |
| | | |
| | | $ | 993,869,018 | | | $ | 2,078,170,315 | | | $ | 160,941,149 | | | $ | 303,017,146 | |
| | | |
| | | |
| | | $ | (644,272 | ) | | $ | 102,733 | | | $ | (144,685 | ) | | $ | 2,241 | |
| | | |
| | | |
The accompanying notes are an integral part of these financial statements.
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
Statements of Changes in Net Assets (continued)
| | | | | | | | | | | |
| | | | | Growth Opportunities Fund | |
| | | | | For the
| | | | |
| | | | | Six Months Ended
| | | For the
| |
| | | | | February 28, 2009
| | | Year Ended
| |
| | | | | (Unaudited) | | | August 31, 2008 | |
| |
|
| | | From operations: |
| | | | | | | | | | | |
| | | Net investment income (loss) | | $ | (1,921,241 | ) | | $ | (8,326,874 | ) |
| | | Net realized gain (loss) from investment and foreign currency related transactions | | | (128,129,991 | ) | | | 191,675,791 | |
| | | Net change in unrealized loss on investments and translation of assets and liabilities denominated in foreign currencies | | | (744,663,698 | ) | | | (211,060,506 | ) |
| | | |
| | | |
| | | Net decrease in net assets resulting from operations | | | (874,714,930 | ) | | | (27,711,589 | ) |
| | | |
| | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
|
| | | Distributions to shareholders: |
| | | | | | | | | | | |
| | | From net realized gains | | | | | | | | |
| | | Class A Shares | | | (37,220,715 | ) | | | (120,775,909 | ) |
| | | Class B Shares | | | (2,180,127 | ) | | | (8,627,886 | ) |
| | | Class C Shares | | | (5,692,550 | ) | | | (17,875,472 | ) |
| | | Institutional Shares | | | (51,551,599 | ) | | | (122,089,293 | ) |
| | | Service Shares | | | (498,276 | ) | | | (1,630,425 | ) |
| | | Class IR Shares(a) | | | (471 | ) | | | (1,330 | ) |
| | | Class R Shares(a) | | | (471 | ) | | | (1,330 | ) |
| | | From capital | | | | | | | | |
| | | Class A Shares | | | — | | | | — | |
| | | Class B Shares | | | — | | | | — | |
| | | Class C Shares | | | — | | | | — | |
| | | Institutional Shares | | | — | | | | — | |
| | | Service Shares | | | — | | | | — | |
| | | Class IR Shares(a) | | | — | | | | — | |
| | | Class R Shares(a) | | | — | | | | — | |
| | | |
| | | |
| | | Total distributions to shareholders | | | (97,144,209 | ) | | | (271,001,645 | ) |
| | | |
| | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
|
| | | From share transactions: |
| | | | | | | | | | | |
| | | Proceeds from sales of shares | | | 394,806,987 | | | | 617,764,492 | |
| | | Reinvestment of distributions | | | 79,882,475 | | | | 234,960,757 | |
| | | Cost of shares redeemed | | | (290,114,926 | ) | | | (597,794,378 | ) |
| | | |
| | | |
| | | Net increase (decrease) in net assets resulting from share transactions | | | 184,574,536 | | | | 254,930,871 | |
| | | |
| | | |
| | | TOTAL INCREASE (DECREASE) | | | (787,284,603 | ) | | | (43,782,363 | ) |
| | | |
| | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
|
| | | Net assets: |
| | | | | | | | | | | |
| | | Beginning of period | | | 1,966,175,667 | | | | 2,009,958,030 | |
| | | |
| | | |
| | | End of period | | $ | 1,178,891,064 | | | $ | 1,966,175,667 | |
| | | |
| | | |
| | | Accumulated undistributed net investment income (loss) | | $ | (1,921,241 | ) | | $ | — | |
| | | |
| | | |
| | |
| (a) | | Commenced operations on November 30, 2007 (except for Strategic Growth Fund’s Class IR and R Shares which commenced operations on January 6, 2009). |
The accompanying notes are an integral part of these financial statements.
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
| | | | | | | | | | | | | | | | | |
| | | Small/Mid Cap Growth Fund | | | Strategic Growth Fund | |
| | | For the
| | | | | | For the
| | | | |
| | | Six Months Ended
| | | For the
| | | Six Months Ended
| | | For the
| |
| | | February 28, 2009
| | | Year Ended
| | | February 28, 2009
| | | Year Ended
| |
| | | (Unaudited) | | | August 31, 2008 | | | (Unaudited) | | | August 31, 2008 | |
| |
|
| | | |
| | | | | | | | | | | | | | | | | |
| | | $ | (154,967 | ) | | $ | (759,027 | ) | | $ | 174,470 | | | $ | (1,016,469 | ) |
| | | | (11,316,970 | ) | | | 4,282,448 | | | | (29,213,336 | ) | | | 9,934,034 | |
| | | | (59,377,712 | ) | | | (8,513,059 | ) | | | (120,286,825 | ) | | | (13,866,402 | ) |
| | | |
| | | |
| | | | (70,849,649 | ) | | | (4,989,638 | ) | | | (149,325,691 | ) | | | (4,948,837 | ) |
| | | |
| | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
|
| | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | — | | | | (2,647,184 | ) | | | — | | | | — | |
| | | | — | | | | (221,920 | ) | | | — | | | | — | |
| | | | — | | | | (717,061 | ) | | | — | | | | — | |
| | | | — | | | | (5,284,007 | ) | | | — | | | | — | |
| | | | — | | | | (10,695 | ) | | | — | | | | — | |
| | | | — | | | | (674 | ) | | | — | | | | — | |
| | | | — | | | | (674 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | | |
| | | | — | | | | (38,949 | ) | | | — | | | | — | |
| | | | — | | | | (3,265 | ) | | | — | | | | — | |
| | | | — | | | | (10,551 | ) | | | — | | | | — | |
| | | | — | | | | (77,746 | ) | | | — | | | | — | |
| | | | — | | | | (157 | ) | | | — | | | | — | |
| | | | — | | | | (10 | ) | | | — | | | | — | |
| | | | — | | | | (10 | ) | | | — | | | | — | |
| | | |
| | | |
| | | | — | | | | (9,012,903 | ) | | | — | | | | — | |
| | | |
| | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
|
| | | |
| | | | | | | | | | | | | | | | | |
| | | | 54,505,993 | | | | 103,834,443 | | | | 54,741,545 | | | | 151,135,547 | |
| | | | — | | | | 8,318,820 | | | | — | | | | — | |
| | | | (40,656,107 | ) | | | (50,416,498 | ) | | | (78,708,321 | ) | | | (104,401,195 | ) |
| | | |
| | | |
| | | | 13,849,886 | | | | 61,736,765 | | | | (23,966,776 | ) | | | 46,734,352 | |
| | | |
| | | |
| | | | (56,999,763 | ) | | | 47,734,224 | | | | (173,292,467 | ) | | | 41,785,515 | |
| | | |
| | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
|
| | | |
| | | | | | | | | | | | | | | | | |
| | | | 159,872,270 | | | | 112,138,046 | | | | 349,913,148 | | | | 308,127,633 | |
| | | |
| | | |
| | | $ | 102,872,507 | | | $ | 159,872,270 | | | $ | 176,620,681 | | | $ | 349,913,148 | |
| | | |
| | | |
| | | $ | (154,967 | ) | | $ | — | | | $ | 197,668 | | | $ | 23,198 | |
| | | |
| | | |
The accompanying notes are an integral part of these financial statements.
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
Statements of Changes in Net Assets (continued)
| | | | | | | | | | | | | | | |
| | | | | Tollkeeper Fund | |
| | | | | For the
| | | For the
| | | | |
| | | | | Six Months Ended
| | | Period
| | | For the
| |
| | | | | February 28, 2009
| | | January 1, 2008 to
| | | Year Ended
| |
| | | | | (Unaudited) | | | August 31, 2008(a) | | | December 31, 2007 | |
| |
|
| | | From operations: |
| | | | | | | | | | | | | | | |
| | | Net investment loss | | $ | (756,392 | ) | | $ | (2,131,586 | ) | | $ | (4,047,011 | ) |
| | | Net realized gain (loss) from investment and foreign currency related transactions | | | (3,101,553 | ) | | | 20,756,886 | | | | 47,855,392 | |
| | | Net change in unrealized gain (loss) on investments and translation of assets and liabilities denominated in foreign currencies | | | (110,867,506 | ) | | | (61,495,134 | ) | | | 30,996,758 | |
| | | |
| | | |
| | | Net increase (decrease) in net assets resulting from operations | | | (114,725,451 | ) | | | (42,869,834 | ) | | | 74,805,139 | |
| | | |
| | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
|
| | | From share transactions: |
| | | | | | | | | | | | | | | |
| | | Net proceeds from sales of shares | | | 20,649,156 | | | | 49,398,661 | | | | 80,338,753 | |
| | | Proceeds received in connection with merger | | | — | | | | — | | | | 55,815,600 | |
| | | Cost of shares redeemed | | | (39,243,064 | ) | | | (77,753,933 | ) | | | (120,328,914 | ) |
| | | |
| | | |
| | | Net increase (decrease) in net assets resulting from share transactions | | | (18,593,908 | ) | | | (28,355,272 | ) | | | 15,825,439 | |
| | | |
| | | |
| | | NET INCREASE (DECREASE) | | | (133,319,359 | ) | | | (71,225,106 | ) | | | 90,630,578 | |
| | | |
| | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
|
| | | Net assets: |
| | | | | | | | | | | | | | | |
| | | Beginning of period | | | 288,631,882 | | | | 359,856,988 | | | | 269,226,410 | |
| | | |
| | | |
| | | End of period | | $ | 155,312,523 | | | $ | 288,631,882 | | | $ | 359,856,988 | |
| | | |
| | | |
| | | Accumulated undistributed net investment income (loss) | | $ | (745,341 | ) | | $ | 11,051 | | | $ | 631,690 | |
| | | |
| | | |
| | |
| (a) | | The Fund changed its fiscal year end from December 31 to August 31. |
The accompanying notes are an integral part of these financial statements.
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
Notes to Financial Statements
February 28, 2009 (Unaudited)
1. ORGANIZATION
Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act��), as an open-end management investment company. The following are the Goldman Sachs Funds included in this report (collectively, the “Funds” or individually a “Fund”), the share classes offered by each Fund and each Funds’ diversification status under the Act:
| | | | | |
| Fund | | Share Classes Offered | | Diversified/Non-diversified |
| |
| All Cap Growth | | A, C, Institutional, IR and R | | Diversified |
| |
| |
Capital Growth, Growth Opportunities, Small/
Mid Cap Growth and Strategic Growth | | A, B, C, Institutional, Service, IR and R | | Diversified |
| |
| |
| Concentrated Growth | | A, B, C, Institutional, Service, IR and R | | Non-diversified |
| |
| |
| Tollkeeper | | A, B, C, Institutional and Service | | Diversified |
| |
| |
Class A Shares of the Funds are sold with a front-end sales charge of up to 5.50%. Class B Shares of the Funds are sold with a contingent deferred sales charge that declines from 5.00% to zero, depending upon the period of time the shares are held. Class C Shares are sold with a contingent deferred sales charge of 1.00% during the first 12 months. Institutional, Service, Class IR and Class R Shares are not subject to a sales charge. Goldman, Sachs & Co. (“Goldman Sachs”), serves as Distributor of the shares of the Funds pursuant to a Distribution Agreement. Goldman Sachs may retain a portion of such sales charges it receives as Distributor. Class IR and R Shares of the Strategic Growth Fund commenced operations on January 6, 2009.
Goldman Sachs Asset Management, L.P. (”GSAM”), an affiliate of Goldman Sachs, serves as investment adviser pursuant to a Management Agreement (the ”Agreement”) with the Trust on behalf of the Funds.
The Tollkeeper Fund changed its fiscal year end from December 31 to August 31. GSAM has agreed to reimburse the Fund for any costs associated with changing its fiscal year end.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of the significant accounting policies consistently followed by the Funds. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that may affect amounts. Actual results could differ from those estimates.
A. Investment Valuation — The investment valuation policy of the Funds is to value investments at market value. Investments in equity securities and investment companies traded on a United States (“U.S.”) securities exchange or the NASDAQ system are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If no sale occurs, such securities and investment companies are valued at the last bid price for long positions and at the last ask price for short positions. Debt securities for which market quotations are readily available are valued on the basis of quotations furnished by an independent pricing service or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which considers yield or price with respect to comparable bonds, quotations from bond dealers or by reference to other securities that are considered comparable in such characteristics as rating, interest rate and maturity date, to determine current value. Unlisted equity securities for which market quotations are available are valued at the last sale price on valuation date, or if no sale occurs, at the last bid price. In the absence of market quotations, broker quotes will be utilized or the security will be fair valued. Investments in investment companies
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
Notes to Financial Statements (continued)
February 28, 2009 (Unaudited)
| |
| 2. SIGNIFICANT ACCOUNTING POLICIES (continued) | |
(other than those that are exchange traded) are valued at the net asset value per share (“NAV”) on the valuation date. Short-term debt obligations maturing in sixty days or less are valued at amortized cost, which approximates market value. If accurate quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of the Funds’ investments may be determined based on yield equivalents, a pricing matrix or other sources, under valuation procedures established by the Board of Trustees.
GSAM, consistent with its procedures and applicable regulatory guidance, may determine to make an adjustment to the previous closing prices of securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining the Funds’ NAV. Significant events that could affect a large number of securities in a particular market may include, but are not limited to: situations relating to one or more single issuers in a market sector; significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions or market closings; equipment failures; natural or man-made disasters or acts of God; armed conflicts; government actions or other developments; as well as the same or similar events which may affect specific issuers or the securities markets even though not tied directly to the securities markets. Other significant events that could relate to a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; corporate announcements, including those relating to earnings, products and regulatory news; significant litigation; low trading volume; and trading limits or suspensions.
B. Security Transactions and Investment Income — Security transactions are reflected for financial reporting purposes as of the trade date. Realized gains and losses on sales of portfolio securities are calculated using the identified cost basis. Dividend income is recognized on the ex-dividend date, net of foreign withholding taxes, if any, which are reduced by any amounts reclaimable by the Funds, where applicable. Interest income is recorded on the basis of interest accrued, premium amortized and discount accreted.
Net investment income (other than class specific expenses) and unrealized and realized gains or losses are allocated daily to each class of shares of the Fund based upon the relative proportion of net assets of each class.
C. Commission Recapture — The Funds may direct portfolio trades, subject to obtaining best execution, to various brokers who have agreed to rebate a portion of the commissions generated. Such rebates are made directly to the Funds as cash payments and are included in the net realized gain (loss) from investments.
D. Expenses — Expenses incurred by the Trust that do not specifically relate to an individual Fund of the Trust are allocated to the Funds on a straight-line and/or “pro-rata” basis depending upon the nature of the expense.
E. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, no federal tax provisions are required. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule:
| | | | | |
| | | Income Distributions
| | Capital Gains Distributions
|
| Fund | | Declared and Paid | | Declared and Paid |
| |
| All Cap Growth, Capital Growth, Concentrated Growth, Growth Opportunities, Small/Mid Cap Growth, Strategic Growth and Tollkeeper | | Annually | | Annually |
| |
| |
Net capital losses are carried forward to future years and may be used to the extent allowed by the Code to offset any future capital gains. Utilization of capital loss carryforwards will reduce the requirement of future capital gain distributions.
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
| |
| 2. SIGNIFICANT ACCOUNTING POLICIES (continued) | |
The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with Federal income tax rules, which may differ from GAAP. Therefore, the source of a Fund’s distributions may be shown in the accompanying financial statements as either from net investment income, net realized gain or capital.
GSAM has reviewed the tax positions for the Funds for the open tax years (tax years ended August 31, 2005-2008, except for Tollkeeper with open tax years of December 31, 2005 — 2007 and August 31, 2008) and determined that they did not have a material impact on the Funds’ financial statements.
F. Offering Costs — Offering costs paid in connection with the offering of shares of All Cap Growth are amortized on a straight-line basis over 12 months from the date of commencement of operations.
G. Repurchase Agreements — The Funds may enter into repurchase agreements. Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase the securities at a mutually agreed upon date and price. During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of the Funds, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. If the seller defaults or becomes insolvent, realization of the collateral by the Funds may be delayed or limited and there may be a decline in the value of the collateral during the period that the Funds seek to assert their rights. The underlying securities for all repurchase agreements are held in safekeeping at the Funds’ custodian or designated subcustodians under tri-party repurchase agreements. Under these arrangements, the Funds are permitted to deliver or re-pledge these securities.
Pursuant to exemptive relief granted by the Securities and Exchange Commission and terms and conditions contained therein, the Funds, together with other registered investment companies having management agreements with GSAM, or its affiliates, may transfer uninvested cash into joint accounts, the daily aggregate balance of which is invested in one or more repurchase agreements. In addition, the Funds’ credit exposure is allocated to the underlying repurchase counterparties on a pro-rata basis. With the exception of certain transaction fees, the Funds are not subject to any expenses in relation to these agreements.
3. AGREEMENTS
A. Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Board of Trustees.
As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administering the Funds’ business affairs, including providing facilities, GSAM is entitled to a fee (“Management fee”) computed daily and payable monthly, equal to an annual percentage rate of each Fund’s average daily net assets.
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
Notes to Financial Statements (continued)
February 28, 2009 (Unaudited)
| |
| 3. AGREEMENTS (continued) | |
For the six months ended February 28, 2009, GSAM received a Management fee on a contractual basis at the following rates:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Contractual Management Rate | | | Effective Net
| |
| | | Up to
| | | Next
| | | Next
| | | Next
| | | Over
| | | Effective
| | | Management Rate
| |
| Fund | | $1 billion | | | $1 billion | | | $3 billion | | | $3 billion | | | $8 billion | | | Rate | | | (after waiver) | |
| | |
| All Cap Growth | | | 1.00 | % | | | 0.90 | % | | | 0.86 | % | | | 0.84 | % | | | 0.82 | % | | | 1.00 | % | | | 0.98 | %# |
| |
| |
| Capital Growth | | | 1.00 | | | | 0.90 | | | | 0.80 | | | | 0.80 | | | | 0.80 | | | | 0.98 | | | | 0.92 | # |
| |
| |
| Concentrated Growth | | | 1.00 | | | | 0.90 | | | | 0.86 | | | | 0.84 | | | | 0.82 | | | | 1.00 | | | | 0.98 | # |
| |
| |
| Growth Opportunities | | | 1.00 | | | | 1.00 | | | | 0.90 | | | | 0.86 | | | | 0.84 | | | | 1.00 | | | | 0.99 | # |
| |
| |
| Small/Mid Cap Growth | | | 1.00 | | | | 1.00 | | | | 0.90 | | | | 0.86 | | | | 0.84 | | | | 1.00 | | | | 1.00 | |
| |
| |
| Strategic Growth | | | 1.00 | | | | 0.90 | | | | 0.86 | | | | 0.84 | | | | 0.82 | | | | 1.00 | | | | 0.97 | # |
| |
| |
| Tollkeeper | | | 1.00 | | | | 0.90 | | | | 0.86 | | | | 0.84 | | | | 0.82 | | | | 1.00 | | | | 1.00 | |
| |
| |
| | |
| # | | Effective February 2, 2009, GSAM voluntarily agreed to waive a portion of its Management fee equal to 0.10%, 0.30%, 0.15%, 0.07% and 0.29% of the average daily net assets of the All Cap Growth, Capital Growth, Concentrated Growth, Growth Opportunities and Strategic Growth Funds, respectively. |
B. Distribution Agreement and Service Plan — The Trust, on behalf of each Fund, has adopted Distribution and Service Plans (the “Plans”). Under the Plans, Goldman Sachs and/or authorized dealers are entitled to a monthly fee for distribution services equal to, on an annual basis, 0.25%, 0.75%, 0.75% and 0.50% of each Fund’s average daily net assets attributable to Class A, Class B, Class C and Class R Shares, respectively. Additionally, Goldman Sachs and/or authorized dealers are entitled to receive, under the Plans, a separate fee for personal and account maintenance services equal to, on an annual basis, 0.25% of each Fund’s average daily net assets attributable to Class B and Class C Shares of the Funds. With respect to Class A and Class R Shares, the distributor at its discretion may use compensation for distribution service paid under the Distribution and Service Plans to compensate service organizations for personal and account maintenance services and expenses so long as such total compensation under the Plan does not exceed the maximum cap on “service fees” imposed by the Financial Industry Regulatory Authority.
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
| |
| 3. AGREEMENTS (continued) | |
Goldman Sachs may receive a portion of the Class A sales load and Class B and Class C contingent deferred sales charges. During the six months ended February 28, 2009, Goldman Sachs advised the Funds that it retained the following approximate amounts:
| | | | | | | | | | | | | |
| | | Front End
| | | Contingent Deferred
| |
| | | Sales Load | | | Sales Charge | |
| Fund | | Class A | | | Class B | | | Class C | |
| | |
| All Cap Growth | | $ | 100 | | | $ | — | | | $ | — | |
| |
| |
| Capital Growth | | | 35,300 | | | | 600 | | | | 800 | |
| |
| |
| Concentrated Growth | | | 900 | | | | — | | | | — | |
| |
| |
| Growth Opportunities | | | 33,900 | | | | 100 | | | | 800 | |
| |
| |
| Small/Mid Cap Growth | | | 13,500 | | | | — | | | | — | |
| |
| |
| Strategic Growth | | | 14,300 | | | | — | | | | — | |
| |
| |
| Tollkeeper | | | 4,500 | | | | 300 | | | | 600 | |
| |
| |
C. Transfer Agency Agreement — Goldman Sachs also serves as the Transfer Agent to the Funds for a fee pursuant to a Transfer Agency Agreement. The fees charged for such transfer agency services are calculated daily and payable monthly at an annual rate as follows: 0.19% of the average daily net assets for Class A, Class B, Class C, Class IR and Class R Shares and 0.04% of the average daily net assets for Institutional and Service Shares.
D. Service Plans and Shareholder Administration Plans — The Trust, on behalf of each Fund (except for All Cap Growth), has adopted a Service Plan and a Shareholder Administration Plan for Service Shares. These plans allow for Service Shares to compensate service organizations for providing varying levels of personal and account administration and shareholder administration services to their customers who are beneficial owners of such shares. The Service Plan and Shareholder Administration Plan each provide for compensation to the service organizations in an amount equal to, on an annual basis, 0.25% of the average daily net assets of the Service Shares.
E. Other Agreements — GSAM has voluntarily agreed to limit certain “Other Expenses” of the Funds (excluding Management fees, Distribution and Service fees, Transfer Agent fees and expenses, Service Share fees, taxes, interest, brokerage fees and litigation, indemnification, shareholder meeting and other extraordinary expenses, exclusive of any transfer agent fee credit reductions) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such expense reimbursements, if any, are computed daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expenses limitations for All Cap Growth, Capital Growth, Concentrated Growth, Growth Opportunities, Small/Mid Cap Growth, Strategic Growth, and Tollkeeper Funds as an annual percentage rate of average daily net assets were 0.014%, 0.004%, 0.014%, 0.014% (effective February 2, 2009), 0.064%, 0.004% and 0.064%, respectively. Prior to February 2, 2009 the Other Expenses limitation for Growth Opportunities Fund was 0.114% In addition, the Funds have entered into an offset arrangement with the custodian and transfer agent resulting in a reduction of certain Funds’ expenses.
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
Notes to Financial Statements (continued)
February 28, 2009 (Unaudited)
| |
| 3. AGREEMENTS (continued) | |
For the six months ended February 28, 2009, these expense reductions, including any Management Fee waivers and Other Expense reimbursements, were as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | Expense Credits | | | | |
| | | Management
| | | Other Expense
| | | Custody
| | | Transfer
| | | Total Expense
| |
| Fund | | Fee Waiver | | | Reimbursement | | | Fee | | | Agent Fee | | | Reductions | |
| | |
| All Cap Growth | | $ | — | * | | $ | 249 | | | $ | — | | | $ | — | | | $ | 249 | |
| |
| |
| Capital Growth | | | 240 | | | | 438 | | | | 1 | | | | 2 | | | | 681 | |
| |
| |
| Concentrated Growth | | | 19 | | | | 149 | | | | — | | | | — | | | | 168 | |
| |
| |
| Growth Opportunities | | | 65 | | | | — | | | | 1 | | | | 1 | | | | 67 | |
| |
| |
| Small/Mid Cap Growth | | | — | | | | 144 | | | | 1 | | | | — | | | | 145 | |
| |
| |
| Strategic Growth | | | 40 | | | | 226 | | | | 1 | | | | — | | | | 267 | |
| |
| |
| Tollkeeper | | | — | | | | 173 | | | | — | | | | — | * | | | 173 | |
| |
| |
| | |
| * | | Amount rounds to less than $500 |
As of February 28, 2009, the amounts owed to affiliates were as follows (in thousands):
| | | | | | | | | | | | | | | | | |
| | | Management
| | | Distribution and
| | | Transfer
| | | | |
| Fund | | Fees | | | Service Fees | | | Agent Fees | | | Total | |
| | |
| All Cap Growth | | $ | 3 | | | $ | 1 | | | $ | — | | | $ | 4 | |
| |
| |
| Capital Growth | | | 581 | | | | 263 | | | | 142 | | | | 986 | |
| |
| |
| Concentrated Growth | | | 110 | | | | 13 | | | | 12 | | | | 135 | |
| |
| |
| Growth Opportunities | | | 899 | | | | 152 | | | | 101 | | | | 1,152 | |
| |
| |
| Small/Mid Cap Growth | | | 84 | | | | 17 | | | | 10 | | | | 111 | |
| |
| |
| Strategic Growth | | | 103 | | | | 27 | | | | 18 | | | | 148 | |
| |
| |
| Tollkeeper | | | 126 | | | | 55 | | | | 23 | | | | 204 | |
| |
| |
F. Line of Credit Facility — The Funds participate in a $700,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and registered investment companies having management agreements with GSAM or affiliates. Pursuant to the terms of the facility, the Funds and other borrowers may increase the credit amount by an additional $300,000,000 for a total of up to $1 billion. This facility is to be used solely for temporary or emergency purposes. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the six months ended February 28, 2009, the Funds did not have any borrowings under the facility.
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
4. FAIR VALUE OF INVESTMENTS
For the six months ended February 28, 2009, the Funds adopted FASB Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”). The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). Fair value measurements do not include transaction costs. FAS 157 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under FAS 157 are described below:
Basis of Fair Value Measurement
Level 1— Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
Level 2— Quoted prices in markets that are not considered to be active or financial instruments for which all significant inputs are observable, either directly or indirectly;
Level 3— Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.
The following is a summary of the levels within the fair value hierarchy in which the Funds invest. All amounts in the following table reflect Investments in Securities Long-Assets:
| | | | | | | | | | | | | | | | | |
| Level | | All Cap Growth | | | Capital Growth | | | Concentrated Growth | | | Growth Opportunities | |
| | |
| Level 1 | | $ | 3,573,409 | | | $ | 997,038,439 | | | $ | 157,098,106 | | | $ | 1,148,325,754 | |
| |
| |
| Level 2 | | | 243,756 | | | | 146,286,948 | | | | 17,985,499 | | | | 349,021,059 | |
| |
| |
| Level 3 | | | — | | | | — | | | | — | | | | — | |
| |
| |
Total | | $ | 3,817,165 | | | $ | 1,143,325,387 | | | $ | 175,083,605 | | | $ | 1,497,346,813 | |
| |
| |
| | | | | | | | | | | | | | | | | |
| Level | | Small/Mid Cap Growth | | | Strategic Growth | | | Tollkeeper | | | | |
| | |
| Level 1 | | $ | 98,471,787 | | | $ | 173,232,102 | | | $ | 147,204,543 | | | | | |
| |
| |
| Level 2 | | | 23,555,963 | | | | 8,080,055 | | | | 49,582,280 | | | | | |
| |
| |
| Level 3 | | | — | | | | — | | | | — | | | | | |
| |
| |
Total | | $ | 122,027,750 | | | $ | 181,312,157 | | | $ | 196,786,823 | | | | | |
| |
| |
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
Notes to Financial Statements (continued)
February 28, 2009 (Unaudited)
5. SECURITIES LENDING
Pursuant to exemptive relief granted by the SEC and the terms and conditions contained therein, the Funds may lend their securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), formerly Boston Global Advisers, a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds bear the risk of delay on recovery or loss of rights in the collateral should the borrower of the securities fail financially.
The Funds invest the cash collateral received in connection with securities lending transactions in the Enhanced Portfolio of Boston Global Investment Trust (“Enhanced Portfolio”), a Delaware statutory trust. The Enhanced Portfolio, deemed an affiliate of the Trust, is exempt from registration under Section 3(c)(7) of the Act and is managed by GSAM, for which GSAM may receive an investment advisory fee of up to 0.10% on an annualized basis of the average daily net assets of the Enhanced Portfolio. The Enhanced Portfolio invests primarily in short-term investments, but is not a “money market fund” subject to the requirements of Rule 2a-7 of the Act. The Funds’ investment of cash collateral in the Enhanced Portfolio is subject to a net asset value that may fall or rise due to market and credit conditions.
Both the Funds and GSAL receive compensation relating to the lending of the Funds’ securities. The amounts earned by the Funds for the six months ended February 28, 2009, are reported under Investment Income on the Statements of Operations.
The table below details securities lending activity with affiliates of Goldman Sachs as of, and for the six months ended February 28, 2009:
| | | | | | | | | | | | | |
| | | Earnings of GSAL
| | | Amounts Received
| | | | |
| | | Relating to
| | | by the Funds
| | | Amounts Payable to
| |
| | | Securities
| | | from Lending to
| | | Goldman Sachs
| |
| | | Loaned for the six
| | | Goldman Sachs for the
| | | Upon Return of
| |
| | | months ended
| | | six months ended
| | | Securities Loaned as
| |
| Fund | | February 28, 2009 | | | February 28, 2009 | | | of February 28, 2009 | |
| | |
| All Cap Growth | | $ | 77 | | | $ | 265 | | | $ | — | |
| |
| |
| Capital Growth | | | 84,041 | | | | 164,980 | | | | 34,674,500 | |
| |
| |
| Concentrated Growth | | | 4,839 | | | | 7,229 | | | | — | |
| |
| |
| Growth Opportunities | | | 219,028 | | | | 404,969 | | | | 79,543,100 | |
| |
| |
| Small/Mid Cap Growth | | | 29,108 | | | | 46,683 | | | | 5,176,825 | |
| |
| |
| Strategic Growth | | | 3,165 | | | | 4,113 | | | | 1,466,250 | |
| |
| |
| Tollkeeper | | | 30,400 | | | | — | | | | 6,816,850 | |
| |
| |
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
| |
| 5. SECURITIES LENDING (continued) | |
The following table provides information about the Funds’ investment in the Enhanced Portfolio for the six months ended February 28, 2009.
| | | | | | | | | | | | | | | | | | | | | |
| | | Number of
| | | | | | | | | Number of
| | | | |
| | | Shares Held
| | | | | | | | | Shares Held
| | | Value at
| |
| | | Beginning
| | | Shares
| | | Shares
| | | End
| | | End
| |
| | | of Period
| | | Bought
| | | Sold
| | | of Period
| | | of Period
| |
| Fund | | (in 000’s) | | | (in 000’s) | | | (in 000’s) | | | (in 000’s) | | | (in 000’s) | |
| | |
| All Cap Growth | | | 19 | | | | 305 | | | | 280 | | | | 44 | | | $ | 44 | |
| |
| |
| Capital Growth | | | 585,341 | | | | 818,852 | | | | 1,258,706 | | | | 145,487 | | | | 143,887 | |
| |
| |
| Concentrated Growth | | | 46,835 | | | | 100,185 | | | | 132,070 | | | | 14,950 | | | | 14,785 | |
| |
| |
| Growth Opportunities | | | 579,110 | | | | 708,030 | | | | 997,533 | | | | 289,607 | | | | 286,421 | |
| |
| |
| Small/Mid Cap Growth | | | 36,787 | | | | 73,615 | | | | 92,752 | | | | 17,650 | | | | 17,456 | |
| |
| |
| Strategic Growth | | | 54,891 | | | | 72,812 | | | | 124,488 | | | | 3,215 | | | | 3,180 | |
| |
| |
| Tollkeeper | | | 43,164 | | | | 144,173 | | | | 146,492 | | | | 40,845 | | | | 40,396 | |
| |
| |
6. PORTFOLIO SECURITIES TRANSACTIONS
The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended February 28, 2009, were as follows:
| | | | | | | | | |
| Fund | | Purchases | | | Sales and Maturities | |
| | |
| All Cap Growth | | $ | 3,395,121 | | | $ | 1,587,000 | |
| |
| |
| Capital Growth | | | 1,554,824,261 | | | | 1,514,811,053 | |
| |
| |
| Concentrated Growth | | | 201,010,746 | | | | 181,380,981 | |
| |
| |
| Growth Opportunities | | | 1,833,692,857 | | | | 1,409,547,326 | |
| |
| |
| Small/Mid Cap Growth | | | 152,668,903 | | | | 117,949,705 | |
| |
| |
| Strategic Growth | | | 164,104,883 | | | | 180,591,266 | |
| |
| |
| Tollkeeper | | | 34,483,372 | | | | 59,060,437 | |
| |
| |
For the six months ended February 28, 2009, Goldman Sachs earned approximately $130, $42,868, $3,059, $44,381, $3,044 and $3,414 of brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant on behalf of All Cap Growth, Capital Growth, Concentrated Growth, Growth Opportunities, Small/Mid Cap Growth and Strategic Growth Funds, respectively. Goldman Sachs did not earn any brokerage commissions with respect to the Tollkeeper Fund.
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
Notes to Financial Statements (continued)
February 28, 2009 (Unaudited)
7. TAX INFORMATION
As of August 31, 2008, the components of accumulated earnings (losses) on a tax basis were as follows:
| | | | | | | | | |
| | | Strategic
| | | | |
| | | Growth | | | Tollkeeper | |
| | |
Capital loss carryforward:1 | | | | | | | | |
| Expiring 2009 | | $ | — | | | $ | (711,120,695 | ) |
| Expiring 2010 | | | (5,105,219 | ) | | | (476,409,289 | ) |
| Expiring 2011 | | | (7,008,970 | ) | | | (137,998,151 | ) |
| Expiring 2012 | | | (13,060,848 | ) | | | (1,145,651 | ) |
| Expiring 2013 | | | (2,826,194 | ) | | | — | |
| |
| |
| Total capital loss carryforward | | $ | (28,001,231 | ) | | $ | (1,326,673,786 | ) |
| |
| |
| | |
| 1 | | Expiration occurs on August 31 of the year indicated. |
At February 28, 2009, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. Federal income tax purposes was as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | All Cap
| | | Capital
| | | Concentrated
| | | Growth
| | | Small/Mid Cap
| | | Strategic
| | | | |
| | | Growth | | | Growth | | | Growth | | | Opportunities | | | Growth | | | Growth | | | Tollkeeper | |
| | |
| Tax Cost | | $ | 5,283,863 | | | $ | 1,615,519,472 | | | $ | 259,726,432 | | | $ | 2,146,810,269 | | | $ | 179,259,898 | | | $ | 262,133,544 | | | $ | 285,476,823 | |
| |
| |
| Gross unrealized gain | | | 44,695 | | | | 45,396,009 | | | | 1,796,867 | | | | 30,334,342 | | | | 2,298,073 | | | | 3,639,329 | | | | 4,886,869 | |
| Gross unrealized loss | | | (1,511,393 | ) | | | (517,590,094 | ) | | | (86,439,694 | ) | | | (679,797,798 | ) | | | (59,530,221 | ) | | | (84,460,716 | ) | | | (93,576,869 | ) |
| |
| |
| Net unrealized security loss | | $ | (1,466,698 | ) | | $ | (472,194,085 | ) | | $ | (84,642,827 | ) | | $ | (649,463,456 | ) | | $ | (57,232,148 | ) | | $ | (80,821,387 | ) | | $ | (88,690,000 | ) |
| |
| |
The difference between book-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, and differences in tax treatment of partnership investments as of the most recent fiscal year.
8. OTHER RISKS
Indemnifications — Under the Trust’s organizational documents, its Board of Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be against the Funds that have not yet occurred. However, the Funds believe the risk of loss under these arrangements to be remote.
Market and Credit Risks — In the normal course of business, the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, the Funds may also be exposed to credit risk in the event of the failure of an issuer to perform or that an institution or entity with which the Funds have unsettled or open transaction defaults.
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
9. OTHER MATTERS
Mergers and Reorganizations — At a meeting held on November 9, 2006, the Board of Trustees of the Trust approved an Agreement and Plan of Reorganization (“the Reorganization Agreement”) providing for the tax-free acquisition of the AXA Enterprise Growth Fund by the Capital Growth Fund. The acquisition was completed on December 17, 2007, as of the close of business on December 14, 2007.
Pursuant to the Reorganization Agreement, the assets and liabilities of the AXA Enterprise Growth Fund (“Acquired Fund”) Class A, Class B, Class C and Class Y were transferred into the Capital Growth Fund (“Survivor Fund”) Class A, Class B, Class C and Institutional Class, respectively, in a tax-free exchange as follows:
| | | | | | | | | | | | | |
| | | Exchanged Shares
| | | | | | Acquired Fund’s
| |
| | | of Survivor
| | | Value of
| | | Shares Outstanding
| |
| Survivor Share Class/Acquired Fund Share Class | | Issued | | | Exchanged Shares | | | as of December 14, 2007 | |
| | |
| Capital Growth Class A/AXA Enterprise Growth Class A | | | 19,649,825 | | | $ | 467,665,613 | | | | 23,838,852 | |
| |
| |
| Capital Growth Class B/AXA Enterprise Growth Class B | | | 6,811,061 | | | | 147,869,015 | | | | 8,219,599 | |
| |
| |
| Capital Growth Class C/AXA Enterprise Growth Class C | | | 4,242,672 | | | | 92,023,645 | | | | 5,031,579 | |
| |
| |
| Capital Growth Institutional Class/AXA Enterprise Growth Class Y | | | 646,924 | | | | 15,946,685 | | | | 763,862 | |
| |
| |
The following chart shows the Survivor Fund’s and Acquired Fund’s aggregate net assets (immediately before and after the completion of the acquisition) and the Acquired Fund’s unrealized appreciation.
| | | | | | | | | | | | | | | | | |
| | | | | | | | | Survivor
| | | | |
| | | Survivor
| | | Acquired
| | | Fund’s
| | | | |
| | | Fund’s
| | | Fund’s
| | | Aggregate
| | | | |
| | | Aggregate
| | | Aggregate
| | | Net Assets
| | | Acquired
| |
| | | Net Assets
| | | Net Assets
| | | immediately
| | | Fund’s
| |
| | | before
| | | before
| | | after
| | | Unrealized
| |
| Survivor/Acquired Fund | | acquisition | | | acquisition | | | acquisition | | | Appreciation | |
| | |
| Capital Growth/AXA Enterprise Growth Fund Bond | | $ | 1,813,624,193 | | | $ | 723,504,958 | | | $ | 2,537,129,151 | | | $ | 134,031,539 | |
| |
| |
At a meeting held on November 9, 2006, the Board of Trustees of the Trust approved an Agreement and Plan of Reorganization (the “Reorganization Agreement”) providing for the tax-free acquisition of the AXA Enterprise MultiManager Technology Fund by the Tollkeeper Fund. The reorganization was completed on June 25, 2007 as of the close of business on June 22, 2007.
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
Notes to Financial Statements (continued)
February 28, 2009 (Unaudited)
| |
| 9. OTHER MATTERS (continued) | |
Pursuant to the Reorganization Agreement, the assets and liabilities of the AXA Enterprise MultiManager Technology Fund’s (“Acquired Fund”) Class A, Class P, Class B, Class C and Class Y were reorganized into Tollkeeper Fund’s (“Survivor Fund”) Class A, Class A, Class B, Class C and Institutional Class, respectively, in a tax free exchange as follows:
| | | | | | | | | | | | | |
| | | | | | | | | Acquired Fund’s
| |
| | | Exchanged Shares of
| | | Value of
| | | Shares Outstanding
| |
| Survivor/Acquired Fund | | Survivor Issued | | | Exchanged Shares | | | as of June 22, 2007 | |
| | |
| Tollkeeper Class A/AXA Enterprise MultiManager Technology Class A | | | 2,149,738 | | | $ | 20,852,398 | | | | 1,823,253 | |
| |
| |
| Tollkeeper Class A/AXA Enterprise MultiManager Technology Class P | | | 101,611 | | | | 985,627 | | | | 85,451 | |
| |
| |
| Tollkeeper Class B/AXA Enterprise MultiManager Technology Class B | | | 2,302,825 | | | | 21,070,777 | | | | 1,909,559 | |
| |
| |
| Tollkeeper Class C/AXA Enterprise MultiManager Technology Class C | | | 633,925 | | | | 5,794,056 | | | | 525,351 | |
| |
| |
| Tollkeeper Institutional Class/AXA Enterprise MultiManager Technology Class Y | | | 710,566 | | | | 7,112,742 | | | | 610,978 | |
| |
| |
The following chart shows the Survivor Fund’s and Acquired Fund’s aggregate net assets (immediately before and after the completion of the acquisition) and the Acquired Fund’s unrealized appreciation.
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | Survivor Fund’s
| | | | | | | |
| | | | | | | | | Aggregate
| | | | | | | |
| | | Survivor Fund’s
| | | Acquired Fund’s
| | | Net Assets
| | | | | | | |
| | | Aggregate Net
| | | Aggregate
| | | Immediately
| | | Acquired Fund’s
| | | Acquired Fund’s
| |
| | | Assets before
| | | Net Assets before
| | | after
| | | Capital Loss
| | | Unrealized
| |
| Survivor/Acquired Fund | | reorganization | | | reorganization | | | reorganization | | | Carryforward* | | | Appreciation | |
| | |
| Tollkeeper/AXA Enterprise MultiManager Technology | | $ | 262,675,543 | | | $ | 55,815,600 | | | $ | 318,491,143 | | | $ | (256,832,499 | ) | | $ | 7,170,206 | |
| |
| |
| | |
| * | | Utilization of these losses may be limited under the Code. |
New Accounting Pronouncements — In March 2008, the FASB issued Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities” (“FAS 161”). FAS 161 is effective for fiscal years and interim periods beginning after November 15, 2008. FAS 161 requires enhanced disclosures about the Funds’ derivative and hedging activities. Management is currently evaluating the impact the adoption of FAS 161 will have on the Funds’ financial statement disclosures.
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
10. SUBSEQUENT EVENT
Liquidation of Service Shares — At a meeting held on March 12, 2009, the Board of Trustees approved a proposal to liquidate the Concentrated Growth Fund’s Service Shares which were subsequently liquidated on March 13, 2009.
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
Notes to Financial Statements (continued)
February 28, 2009 (Unaudited)
11. SUMMARY OF SHARE TRANSACTIONS
Share activity is as follows:
| | | | | | | | | | | | | | | | | |
| | | All Cap Growth Fund | |
| | | | |
| | | For the Six Months Ended
| | | | |
| | | February 28, 2009
| | | For the Period Ended
| |
| | | (Unaudited) | | | August 31, 2008(a) | |
| | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | |
| | | | |
Class A Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 296,359 | | | $ | 2,099,021 | | | | 225,250 | | | $ | 2,393,988 | |
| Shares issued in connection with merger | | | — | | | | — | | | | — | | | | — | |
| Reinvestment of distributions | | | 4,389 | | | | 28,483 | | | | — | | | | — | |
Shares converted from Class B(b) | | | — | | | | — | | | | — | | | | — | |
| Shares redeemed | | | (131,626 | ) | | | (885,875 | ) | | | (12,535 | ) | | | (140,762 | ) |
| |
| |
| | | | 169,122 | | | | 1,241,629 | | | | 212,715 | | | | 2,253,226 | |
| |
| |
Class B Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | — | | | | — | | | | — | | | | — | |
| Shares issued in connection with merger | | | — | | | | — | | | | — | | | | — | |
| Reinvestment of distributions | | | — | | | | — | | | | — | | | | — | |
Shares converted to Class A(b) | | | — | | | | — | | | | — | | | | — | |
| Shares redeemed | | | — | | | | — | | | | — | | | | — | |
| |
| |
| | | | — | | | | — | | | | — | | | | — | |
| |
| |
Class C Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 33,128 | | | | 209,939 | | | | 5,876 | | | | 62,406 | |
| Shares issued in connection with merger | | | — | | | | — | | | | — | | | | — | |
| Reinvestment of distributions | | | 208 | | | | 1,343 | | | | — | | | | — | |
| Shares redeemed | | | (4,354 | ) | | | (27,056 | ) | | | (1 | ) | | | (10 | ) |
| |
| |
| | | | 28,982 | | | | 184,226 | | | | 5,875 | | | | 62,396 | |
| |
| |
Institutional Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 5,067 | | | | 38,150 | | | | 217,694 | | | | 2,191,970 | |
| Shares issued in connection with merger | | | — | | | | — | | | | — | | | | — | |
| Reinvestment of distributions | | | 2,761 | | | | 17,999 | | | | — | | | | — | |
| Shares redeemed | | | (8,037 | ) | | | (50,715 | ) | | | (1 | ) | | | (10 | ) |
| |
| |
| | | | (209 | ) | | | 5,434 | | | | 217,693 | | | | 2,191,960 | |
| |
| |
Service Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | — | | | | — | | | | — | | | | — | |
| Reinvestment of distributions | | | — | | | | — | | | | — | | | | — | |
| Shares redeemed | | | — | | | | — | | | | — | | | | — | |
| |
| |
| | | | — | | | | — | | | | — | | | | — | |
| |
| |
Class IR Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 1 | | | | 6 | | | | 1,001 | | | | 10,010 | |
| Reinvestment of distributions | | | 13 | | | | 83 | | | | — | | | | — | |
| Shares redeemed | | | (1 | ) | | | (6 | ) | | | (1 | ) | | | (10 | ) |
| |
| |
| | | | 13 | | | | 83 | | | | 1,000 | | | | 10,000 | |
| |
| |
Class R Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 1 | | | | 6 | | | | 1,002 | | | | 10,020 | |
| Reinvestment of distributions | | | 13 | | | | 83 | | | | — | | | | — | |
| Shares redeemed | | | (2 | ) | | | (13 | ) | | | (1 | ) | | | (10 | ) |
| |
| |
| | | | 12 | | | | 76 | | | | 1,001 | | | | 10,010 | |
| |
| |
NET INCREASE (DECREASE) | | | 197,920 | | | $ | 1,431,448 | | | | 438,284 | | | $ | 4,527,592 | |
| |
| |
| | |
| (a) | | Commenced operations on January 31, 2008. |
| (b) | | Class B Shares automatically convert into Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is eight years after the initial purchase date of either the Fund or another Goldman Sachs Fund. |
| | |
| (c) | | Commenced operations on November 30, 2007. |
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Capital Growth Fund | | | Concentrated Growth Fund | |
| | |
| | | For the Six Months Ended
| | | | | | For the Six Months Ended
| | | | |
| | | February 28, 2009
| | | For the Year Ended
| | | February 28, 2009
| | | For the Year Ended
| |
| | | (Unaudited) | | | August 31, 2008 | | | (Unaudited) | | | August 31, 2008 | |
| | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | | | Shares | | | Dollars | | | Shares | | | Dollars | |
| | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | 4,685,345 | | | $ | 65,200,323 | | | | 6,141,457 | | | $ | 140,163,725 | | | | 1,481,367 | | | $ | 12,811,430 | | | | 5,558,756 | | | $ | 81,499,354 | |
| | | | — | | | | — | | | | 19,649,825 | | | | 467,665,613 | | | | — | | | | — | | | | — | | | | — | |
| | | | 4,026,080 | | | | 50,849,391 | | | | 575,717 | | | | 14,070,516 | | | | — | | | | — | | | | 533,016 | | | | 7,702,081 | |
| | | | 386,996 | | | | 6,375,925 | | | | 1,152,657 | | | | 25,539,381 | | | | 1,742 | | | | 19,309 | | | | 548 | | | | 6,955 | |
| | | | (12,774,790 | ) | | | (184,574,304 | ) | | | (17,851,916 | ) | | | (408,201,541 | ) | | | (2,276,975 | ) | | | (19,534,269 | ) | | | (3,696,925 | ) | | | (51,995,025 | ) |
| |
| |
| | | | (3,676,369 | ) | | | (62,148,665 | ) | | | 9,667,740 | | | | 239,237,694 | | | | (793,866 | ) | | | (6,703,530 | ) | | | 2,395,395 | | | | 37,213,365 | |
| |
| |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | 242,059 | | | | 3,081,222 | | | | 403,830 | | | | 8,338,026 | | | | 14,854 | | | | 133,393 | | | | 86,956 | | | | 1,222,330 | |
| | | | — | | | | — | | | | 6,811,061 | | | | 147,869,015 | | | | — | | | | — | | | | — | | | | — | |
| | | | 488,089 | | | | 5,544,698 | | | | 37,974 | | | | 846,827 | | | | — | | | | — | | | | 3,552 | | | | 49,094 | |
| | | | (428,584 | ) | | | (6,375,925 | ) | | | (1,265,741 | ) | | | (25,539,381 | ) | | | (1,833 | ) | | | (19,309 | ) | | | (574 | ) | | | (6,955 | ) |
| | | | (1,249,172 | ) | | | (16,655,198 | ) | | | (2,541,980 | ) | | | (52,363,858 | ) | | | (26,012 | ) | | | (214,217 | ) | | | (45,921 | ) | | | (623,368 | ) |
| |
| |
| | | | (947,608 | ) | | | (14,405,203 | ) | | | 3,445,144 | | | | 79,150,629 | | | | (12,991 | ) | | | (100,133 | ) | | | 44,013 | | | | 641,101 | |
| |
| |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | 419,534 | | | | 5,449,144 | | | | 613,938 | | | | 12,872,433 | | | | 31,816 | | | | 259,428 | | | | 149,024 | | | | 2,082,807 | |
| | | | — | | | | — | | | | 4,242,672 | | | | 92,023,645 | | | | — | | | | — | | | | — | | | | — | |
| | | | 405,526 | | | | 4,598,660 | | | | 34,628 | | | | 771,516 | | | | — | | | | — | | | | 5,542 | | | | 76,432 | |
| | | | (1,068,796 | ) | | | (14,084,204 | ) | | | (2,143,663 | ) | | | (44,229,321 | ) | | | (57,673 | ) | | | (438,602 | ) | | | (31,025 | ) | | | (397,956 | ) |
| |
| |
| | | | (243,736 | ) | | | (4,036,400 | ) | | | 2,747,575 | | | | 61,438,273 | | | | (25,857 | ) | | | (179,174 | ) | | | 123,541 | | | | 1,761,283 | |
| |
| |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | 2,672,485 | | | | 41,911,862 | | | | 3,313,878 | | | | 79,944,454 | | | | 1,777,402 | | | | 15,384,152 | | | | 4,969,457 | | | | 73,151,618 | |
| | | | — | | | | — | | | | 646,924 | | | | 15,946,685 | | | | — | | | | — | | | | — | | | | — | |
| | | | 633,664 | | | | 8,345,363 | | | | 93,760 | | | | 2,373,064 | | | | — | | | | — | | | | 963,101 | | | | 14,196,105 | |
| | | | (5,338,916 | ) | | | (78,102,989 | ) | | | (4,017,910 | ) | | | (96,177,485 | ) | | | (1,635,299 | ) | | | (13,907,647 | ) | | | (5,141,552 | ) | | | (73,674,731 | ) |
| |
| |
| | | | (2,032,767 | ) | | | (27,845,764 | ) | | | 36,652 | | | | 2,086,718 | | | | 142,103 | | | | 1,476,505 | | | | 791,006 | | | | 13,672,992 | |
| |
| |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | 80,267 | | | | 1,449,266 | | | | 53,432 | | | | 1,259,155 | | | | — | | | | — | | | | — | | | | — | |
| | | | 9,489 | | | | 118,046 | | | | 3,379 | | | | 81,480 | | | | — | | | | — | | | | 12 | | | | 174 | |
| | | | (128,498 | ) | | | (1,763,092 | ) | | | (367,245 | ) | | | (8,515,441 | ) | | | — | | | | — | | | | — | | | | — | |
| |
| |
| | | | (38,742 | ) | | | (195,780 | ) | | | (310,434 | ) | | | (7,174,806 | ) | | | — | | | | — | | | | 12 | | | | 174 | |
| |
| |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | 2 | | | | 19 | | | | 413 | (c) | | | 10,000 | (c) | | | 1 | | | | 8 | | | | 650 | (c) | | | 10,000 | (c) |
| | | | 29 | | | | 364 | | | | 4 | (c) | | | 109 | (c) | | | — | | | | — | | | | 49 | (c) | | | 699 | (c) |
| | | | (1 | ) | | | (7 | ) | | | — | (c) | | | — | (c) | | | — | | | | — | | | | — | (c) | | | — | (c) |
| |
| |
| | | | 30 | | | | 376 | | | | 417 | | | | 10,109 | | | | 1 | | | | 8 | | | | 699 | | | | 10,699 | |
| |
| |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | 51 | | | | 627 | | | | 413 | | | | 10,000 | | | | 1 | | | | 8 | | | | 650 | | | | 10,000 | |
| | | | 29 | | | | 364 | | | | 4 | | | | 110 | | | | — | | | | — | | | | 49 | | | | 699 | |
| | | | (1 | ) | | | (12 | ) | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| |
| |
| | | | 79 | | | | 979 | | | | 417 | | | | 10,110 | | | | 1 | | | | 8 | | | | 699 | | | | 10,699 | |
| |
| |
| | | | (6,939,113 | ) | | $ | (108,630,457 | ) | | | 15,587,511 | | | $ | 374,758,727 | | | | (690,609 | ) | | $ | (5,506,316 | ) | | | 3,355,365 | | | $ | 53,310,313 | |
| |
| |
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
Notes to Financial Statements (continued)
February 28, 2009 (Unaudited)
11. SUMMARY OF SHARE TRANSACTIONS (continued)
Share activity is as follows:
| | | | | | | | | | | | | | | | | |
| | | Growth Opportunities Fund | |
| | | | |
| | | For the Six Months Ended
| | | | |
| | | February 28, 2009
| | | For the Year Ended
| |
| | | (Unaudited) | | | August 31, 2008 | |
| | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | |
| | | | |
Class A Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 6,025,975 | | | $ | 82,851,184 | | | | 10,537,671 | | | $ | 239,417,109 | |
| Reinvestment of distributions | | | 3,012,646 | | | | 35,187,701 | | | | 4,916,878 | | | | 112,547,355 | |
Shares converted from Class B(a) | | | 101,706 | | | | 1,680,211 | | | | 216,333 | | | | 4,715,535 | |
| Shares redeemed | | | (10,559,659 | ) | | | (145,523,201 | ) | | | (14,263,356 | ) | | | (328,312,002 | ) |
| |
| |
| | | | (1,419,332 | ) | | | (25,804,105 | ) | | | 1,407,526 | | | | 28,367,997 | |
| |
| |
Class B Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 108,569 | | | | 1,417,633 | | | | 333,273 | | | | 7,099,199 | |
| Reinvestment of distributions | | | 184,071 | | | | 1,971,402 | | | | 348,179 | | | | 7,416,215 | |
Shares converted to Class A(a) | | | (110,346 | ) | | | (1,680,211 | ) | | | (232,214 | ) | | | (4,715,535 | ) |
| Shares redeemed | | | (546,155 | ) | | | (6,832,012 | ) | | | (716,489 | ) | | | (14,906,123 | ) |
| |
| |
| | | | (363,861 | ) | | | (5,123,188 | ) | | | (267,251 | ) | | | (5,106,244 | ) |
| |
| |
Class C Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 712,965 | | | | 8,777,085 | | | | 1,376,322 | | | | 28,692,887 | |
| Reinvestment of distributions | | | 377,984 | | | | 4,010,407 | | | | 586,610 | | | | 12,389,465 | |
| Shares redeemed | | | (1,416,183 | ) | | | (17,661,465 | ) | | | (1,457,798 | ) | | | (30,141,912 | ) |
| |
| |
| | | | (325,234 | ) | | | (4,873,973 | ) | | | 505,134 | | | | 10,940,440 | |
| |
| |
Institutional Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 20,963,499 | | | | 298,607,571 | | | | 13,872,157 | | | | 335,929,916 | |
| Reinvestment of distributions | | | 3,139,102 | | | | 38,548,172 | | | | 4,280,314 | | | | 102,213,908 | |
| Shares redeemed | | | (8,390,164 | ) | | | (118,305,971 | ) | | | (9,447,342 | ) | | | (218,260,142 | ) |
| |
| |
| | | | 15,712,437 | | | | 218,849,772 | | | | 8,705,129 | | | | 219,883,682 | |
| |
| |
Service Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 187,953 | | | | 2,458,470 | | | | 290,099 | | | | 6,605,381 | |
| Reinvestment of distributions | | | 14,223 | | | | 163,851 | | | | 17,285 | | | | 391,154 | |
| Shares redeemed | | | (131,080 | ) | | | (1,771,550 | ) | | | (277,029 | ) | | | (6,174,199 | ) |
| |
| |
| | | | 71,096 | | | | 850,771 | | | | 30,355 | | | | 822,336 | |
| |
| |
Class IR Shares(b) | | | | | | | | | | | | | | | | |
| Shares sold | | | 59,805 | | | | 685,836 | | | | 393 | | | | 10,000 | |
| Reinvestment of distributions | | | 40 | | | | 471 | | | | 58 | | | | 1,330 | |
| Shares redeemed | | | (1,837 | ) | | | (20,713 | ) | | | — | | | | — | |
| |
| |
| | | | 58,008 | | | | 665,594 | | | | 451 | | | | 11,330 | |
| |
| |
Class R Shares(b) | | | | | | | | | | | | | | | | |
| Shares sold | | | 736 | | | | 9,208 | | | | 393 | | | | 10,000 | |
| Reinvestment of distributions | | | 40 | | | | 471 | | | | 58 | | | | 1,330 | |
| Shares redeemed | | | (1 | ) | | | (14 | ) | | | — | | | | — | |
| |
| |
| | | | 775 | | | | 9,665 | | | | 451 | | | | 11,330 | |
| |
| |
NET INCREASE (DECREASE) | | | 13,733,889 | | | $ | 184,574,536 | | | | 10,381,795 | | | $ | 254,930,871 | |
| |
| |
| | |
| (a) | | Class B Shares automatically convert into Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is eight years after the initial purchase date of either the Fund or another Goldman Sachs Fund. |
| | |
| (b) | | Commenced operations on November 30, 2007 (except for Strategic Growth Fund’s IR and R shares which commenced operations on January 6, 2009). |
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
| | | | | | | | | | | | | | | | | |
| Small/Mid Cap Growth Fund | |
| | |
| | | For the Six Months Ended
| | | | |
| | | February 28, 2009
| | | For the Year Ended
| |
| | | (Unaudited) | | | August 31, 2008 | |
| | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | |
| | |
| | | | | | | | | | | | | | | | | |
| | | | 3,646,480 | | | $ | 30,048,487 | | | | 4,083,449 | | | $ | 51,897,530 | |
| | | | — | | | | — | | | | 175,501 | | | | 2,325,388 | |
| | | | 6,133 | | | | 53,060 | | | | 7,724 | | | | 100,013 | |
| | | | (2,176,212 | ) | | | (18,964,069 | ) | | | (1,388,483 | ) | | | (16,932,775 | ) |
| |
| |
| | | | 1,476,401 | | | | 11,137,478 | | | | 2,878,191 | | | | 37,390,156 | |
| |
| |
| | | | | | | | | | | | | | | | | |
| | | | 144,662 | | | | 1,233,068 | | | | 178,577 | | | | 2,264,465 | |
| | | | — | | | | — | | | | 15,758 | | | | 204,062 | |
| | | | (6,326 | ) | | | (53,060 | ) | | | (7,908 | ) | | | (100,013 | ) |
| | | | (70,527 | ) | | | (553,525 | ) | | | (57,124 | ) | | | (676,509 | ) |
| |
| |
| | | | 67,809 | | | | 626,483 | | | | 129,303 | | | | 1,692,005 | |
| |
| |
| | | | | | | | | | | | | | | | | |
| | | | 319,254 | | | | 2,612,281 | | | | 682,085 | | | | 8,776,285 | |
| | | | — | | | | — | | | | 33,561 | | | | 434,620 | |
| | | | (233,969 | ) | | | (1,808,991 | ) | | | (340,208 | ) | | | (4,043,651 | ) |
| |
| |
| | | | 85,285 | | | | 803,290 | | | | 375,438 | | | | 5,167,254 | |
| |
| |
| | | | | | | | | | | | | | | | | |
| | | | 2,211,764 | | | | 20,281,915 | | | | 3,227,507 | | | | 40,723,084 | |
| | | | — | | | | — | | | | 400,931 | | | | 5,352,429 | |
| | | | (2,397,501 | ) | | | (19,201,775 | ) | | | (2,308,146 | ) | | | (28,742,533 | ) |
| |
| |
| | | | (185,737 | ) | | | 1,080,140 | | | | 1,320,292 | | | | 17,332,980 | |
| |
| |
| | | | | | | | | | | | | | | | | |
| | | | 28,270 | | | | 218,983 | | | | 12,180 | | | | 153,079 | |
| | | | — | | | | — | | | | 72 | | | | 953 | |
| | | | (14,810 | ) | | | (125,226 | ) | | | (1,707 | ) | | | (21,030 | ) |
| |
| |
| | | | 13,460 | | | | 93,757 | | | | 10,545 | | | | 133,002 | |
| |
| |
| | | | | | | | | | | | | | | | | |
| | | | 1 | | | | 6 | | | | 725 | | | | 10,000 | |
| | | | — | | | | — | | | | 52 | | | | 684 | |
| | | | (1 | ) | | | (6 | ) | | | — | | | | — | |
| |
| |
| | | | — | | | | — | | | | 777 | | | | 10,684 | |
| |
| |
| | | | | | | | | | | | | | | | | |
| | | | 14,587 | | | | 111,253 | | | | 725 | | | | 10,000 | |
| | | | — | | | | — | | | | 52 | | | | 684 | |
| | | | (332 | ) | | | (2,515 | ) | | | — | | | | — | |
| |
| |
| | | | 14,255 | | | | 108,738 | | | | 777 | | | | 10,684 | |
| |
| |
| | | | 1,471,473 | | | $ | 13,849,886 | | | | 4,715,323 | | | $ | 61,736,765 | |
| |
| |
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
Notes to Financial Statements (continued)
February 28, 2009 (Unaudited)
11. SUMMARY OF SHARE TRANSACTIONS (continued)
Share activity is as follows:
| | | | | | | | | | | | | | | | | |
| | | Strategic Growth Fund | |
| | | | |
| | | For the Six Months Ended
| | | | |
| | | February 28, 2009
| | | For the Year Ended
| |
| | | (Unaudited) | | | August 31, 2008 | |
| | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | |
| | | | |
Class A Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 5,393,632 | | | $ | 37,414,977 | | | | 8,819,138 | | | $ | 92,331,167 | |
| Reinvestment of distributions | | | — | | | | — | | | | — | | | | — | |
Shares converted from Class B(a) | | | 15,469 | | | | 120,907 | | | | 84,538 | | | | 876,570 | |
| Shares redeemed | | | (6,932,523 | ) | | | (46,778,168 | ) | | | (4,929,760 | ) | | | (50,938,091 | ) |
| |
| |
| | | | (1,523,422 | ) | | | (9,242,284 | ) | | | 3,973,916 | | | | 42,269,646 | |
| |
| |
Class B Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 39,490 | | | | 262,747 | | | | 257,976 | | | | 2,561,469 | |
| Reinvestment of distributions | | | — | | | | — | | | | — | | | | — | |
Shares converted to Class A(a) | | | (16,608 | ) | | | (120,907 | ) | | | (90,174 | ) | | | (876,570 | ) |
| Shares redeemed | | | (103,583 | ) | | | (687,511 | ) | | | (211,498 | ) | | | (2,062,914 | ) |
| |
| |
| | | | (80,701 | ) | | | (545,671 | ) | | | (43,696 | ) | | | (378,015 | ) |
| |
| |
Class C Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 339,471 | | | | 2,336,292 | | | | 343,729 | | | | 3,385,650 | |
| Reinvestment of distributions | | | — | | | | — | | | | — | | | | — | |
| Shares redeemed | | | (343,204 | ) | | | (2,158,762 | ) | | | (268,585 | ) | | | (2,602,490 | ) |
| |
| |
| | | | (3,733 | ) | | | 177,530 | | | | 75,144 | | | | 783,160 | |
| |
| |
Institutional Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 2,038,430 | | | | 14,714,333 | | | | 4,947,394 | | | | 52,857,261 | |
| Reinvestment of distributions | | | — | | | | — | | | | — | | | | — | |
| Shares redeemed | | | (4,119,527 | ) | | | (29,083,866 | ) | | | (4,558,977 | ) | | | (48,797,681 | ) |
| |
| |
| | | | (2,081,097 | ) | | | (14,369,533 | ) | | | 388,417 | | | | 4,059,580 | |
| |
| |
Service Shares | | | | | | | | | | | | | | | | |
| Shares sold | | | 1,227 | | | | 8,182 | | | | — | | | | — | |
| Reinvestment of distributions | | | — | | | | — | | | | — | | | | — | |
| Shares redeemed | | | — | | | | — | | | | (2 | ) | | | (19 | ) |
| |
| |
| | | | 1,227 | | | | 8,182 | | | | (2 | ) | | | (19 | ) |
| |
| |
Class IR Shares(b) | | | | | | | | | | | | | | | | |
| Shares sold | | | 355 | | | | 2,507 | | | | — | | | | — | |
| Reinvestment of distributions | | | — | | | | — | | | | — | | | | — | |
| Shares redeemed | | | (1 | ) | | | (7 | ) | | | — | | | | — | |
| |
| |
| | | | 354 | | | | 2,500 | | | | — | | | | — | |
| |
| |
Class R Shares(b) | | | | | | | | | | | | | | | | |
| Shares sold | | | 367 | | | | 2,507 | | | | — | | | | — | |
| Reinvestment of distributions | | | — | | | | — | | | | — | | | | — | |
| Shares redeemed | | | (1 | ) | | | (7 | ) | | | — | | | | — | |
| |
| |
| | | | 366 | | | | 2,500 | | | | — | | | | — | |
| |
| |
NET INCREASE (DECREASE) | | | (3,687,006 | ) | | $ | (23,966,776 | ) | | | 4,393,779 | | | $ | 46,734,352 | |
| |
| |
| | |
| (a) | | Class B Shares automatically convert into Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is eight years after the initial purchase date of either the Fund or another Goldman Sachs Fund. |
| | |
| (b) | | Commenced operations on November 30, 2007 (except for Strategic Growth Fund’s IR and R shares which commenced operations on January 6, 2009). |
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Tollkeeper Fund | |
| | | | |
| | | For the Six Months Ended
| | | For the Period from
| | | | |
| | | February 28, 2009
| | | January 1, 2008 to
| | | For the Year Ended
| |
| | | (Unaudited) | | | August 31, 2008(a) | | | December 31, 2007 | |
| | | | |
| | | Shares | | | Dollars | | | Shares | | | Dollars | | | Shares | | | Dollars | |
| | | | |
Class A Shares | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares sold | | | 1,908,056 | | | $ | 13,182,488 | | | | 3,834,910 | | | $ | 38,262,228 | | | | 5,583,921 | | | $ | 58,818,970 | |
| Shares issued in connection with merger | | | — | | | | — | | | | — | | | | — | | | | 2,251,349 | | | | 21,838,025 | |
Shares converted from Class B(b) | | | 393,618 | | | | 3,107,144 | | | | 2,054,933 | | | | 19,514,785 | | | | 1,835,255 | | | | 20,617,110 | |
| Shares repurchased | | | (3,261,920 | ) | | | (23,377,776 | ) | | | (4,717,140 | ) | | | (47,628,949 | ) | | | (4,761,929 | ) | | | (47,981,894 | ) |
| |
| |
| | | | (960,246 | ) | | | (7,088,144 | ) | | | 1,172,703 | | | | 10,148,064 | | | | 4,908,596 | | | | 53,292,211 | |
| |
| |
Class B Shares | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares sold | | | 162,516 | | | | 988,654 | | | | 212,312 | | | | 2,021,006 | | | | 274,046 | | | | 2,717,562 | |
| Shares issued in connection with merger | | | — | | | | — | | | | — | | | | — | | | | 2,302,825 | | | | 21,070,777 | |
Shares converted to Class A(b) | | | (421,628 | ) | | | (3,107,144 | ) | | | (2,192,525 | ) | | | (19,514,785 | ) | | | (1,952,144 | ) | | | (20,617,110 | ) |
| Shares repurchased | | | (736,829 | ) | | | (4,887,929 | ) | | | (1,726,373 | ) | | | (15,648,502 | ) | | | (4,325,272 | ) | | | (42,002,519 | ) |
| |
| |
| | | | (995,941 | ) | | | (7,006,419 | ) | | | (3,706,586 | ) | | | (33,142,281 | ) | | | (3,700,545 | ) | | | (38,831,290 | ) |
| |
| |
Class C Shares | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares sold | | | 345,227 | | | | 2,255,628 | | | | 434,449 | | | | 4,092,015 | | | | 1,038,897 | | | | 9,908,191 | |
| Shares issued in connection with merger | | | — | | | | — | | | | — | | | | — | | | | 633,925 | | | | 5,794,056 | |
| Shares repurchased | | | (755,679 | ) | | | (4,903,322 | ) | | | (893,391 | ) | | | (8,384,782 | ) | | | (1,977,973 | ) | | | (18,673,595 | ) |
| |
| |
| | | | (410,452 | ) | | | (2,647,694 | ) | | | (458,942 | ) | | | (4,292,767 | ) | | | (305,151 | ) | | | (2,971,348 | ) |
| |
| |
Institutional Shares | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares sold | | | 449,005 | | | | 3,340,589 | | | | 242,945 | | | | 2,551,327 | | | | 714,891 | | | | 7,588,823 | |
| Shares issued in connection with merger | | | — | | | | — | | | | — | | | | — | | | | 710,566 | | | | 7,112,742 | |
| Shares repurchased | | | (675,909 | ) | | | (5,208,283 | ) | | | (553,826 | ) | | | (5,509,816 | ) | | | (1,119,132 | ) | | | (11,545,045 | ) |
| |
| |
| | | | (226,904 | ) | | | (1,867,694 | ) | | | (310,881 | ) | | | (2,958,489 | ) | | | 306,325 | | | | 3,156,520 | |
| |
| |
Service Shares | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares sold | | | 120,416 | | | | 881,797 | | | | 246,365 | | | | 2,472,085 | | | | 120,223 | | | | 1,305,207 | |
| Shares repurchased | | | (108,319 | ) | | | (865,754 | ) | | | (57,524 | ) | | | (581,884 | ) | | | (12,213 | ) | | | (125,861 | ) |
| |
| |
| | | | 12,097 | | | | 16,043 | | | | 188,841 | | | | 1,890,201 | | | | 108,010 | | | | 1,179,346 | |
| |
| |
NET INCREASE (DECREASE) | | | (2,581,446 | ) | | $ | (18,593,908 | ) | | | (3,114,865 | ) | | $ | (28,355,272 | ) | | | 1,317,235 | | | $ | 15,825,439 | |
| |
| |
| | |
| (a) | | The Fund changed its fiscal year end from December 31 to August 31. |
| | |
| (b) | | Class B Shares will automatically convert into Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is eight years after the initial purchase date of either the Fund or another Goldman Sachs Fund. |
GOLDMAN SACHS ALL CAP GROWTH FUND
Financial Highlights
Selected Data for a Share Outstanding Throughout Each Period
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Income (loss) from
| | | | | | | | | |
| | | | | investment operations | | | | | | Distributions
| | | |
| | | | | Net asset
| | | | | | | | | | | | to shareholders | | | |
| | | | | value,
| | | Net
| | | Net realized
| | | Total from
| | | From net
| | | |
| | | | | beginning
| | | investment
| | | and unrealized
| | | investment
| | | realized
| | | |
| | | Year - Share Class | | of period | | | loss(a) | | | gain (loss) | | | operations | | | gains | | | |
| |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| |
| FOR THE SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 2009 - A | | $ | 10.64 | | | $ | (0.01 | ) | | $ | (4.49 | ) | | $ | (4.50 | ) | | $ | (0.08 | ) | | |
| | | 2009 - C | | | 10.60 | | | | (0.03 | ) | | | (4.47 | ) | | | (4.50 | ) | | | (0.08 | ) | | |
| | | 2009 - Institutional | | | 10.67 | | | | — | (d) | | | (4.50 | ) | | | (4.50 | ) | | | (0.08 | ) | | |
| | | 2009 - IR | | | 10.66 | | | | — | (d) | | | (4.50 | ) | | | (4.50 | ) | | | (0.08 | ) | | |
| | | 2009 - R | | | 10.62 | | | | (0.03 | ) | | | (4.46 | ) | | | (4.49 | ) | | | (0.08 | ) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| FOR THE PERIOD ENDED AUGUST 31, |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 2008 - A (Commenced January 31, 2008) | | | 10.00 | | | | (0.03 | ) | | | 0.67 | | | | 0.64 | | | | — | | | |
| | | 2008 - C (Commenced January 31, 2008) | | | 10.00 | | | | (0.08 | ) | | | 0.68 | | | | 0.60 | | | | — | | | |
| | | 2008 - Institutional (Commenced January 31, 2008) | | | 10.00 | | | | (0.01 | ) | | | 0.68 | | | | 0.67 | | | | — | | | |
| | | 2008 - IR (Commenced January 31, 2008) | | | 10.00 | | | | (0.02 | ) | | | 0.68 | | | | 0.66 | | | | — | | | |
| | | 2008 - R (Commenced January 31, 2008) | | | 10.00 | | | | (0.05 | ) | | | 0.67 | | | | 0.62 | | | | — | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | |
| | | |
| |
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total returns would be reduced if sales or redemption charges were taken into account. Total returns for periods less than one full year are not annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
| (c) | Annualized. |
| (d) | Amount is less than $0.005 per share. |
The accompanying notes are an integral part of these financial statements.
GOLDMAN SACHS ALL CAP GROWTH FUND
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | Ratios assuming no
| | | | | | |
| | | | | | | | | | | | | | | | | | expense reductions | | | | | | |
| | | | | | | | | | | | | | | Ratio of
| | | | | | | | | | | | |
| | | | | | | | | Net assets,
| | | Ratio of
| | | net investment
| | | Ratio of
| | | Ratio of
| | | | | | |
| | | Net asset
| | | | | | end of
| | | net expenses
| | | income (loss)
| | | total expenses
| | | net investment
| | | Portfolio
| | | |
| | | value, end
| | | Total
| | | period
| | | to average
| | | to average
| | | to average
| | | loss to average
| | | turnover
| | | |
| | | of period | | | return(b) | | | (in 000s) | | | net assets(c) | | | net assets(c) | | | net assets(c) | | | net assets(c) | | | rate | | | |
| |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
| |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | $ | 6.06 | | | | (42.37 | )% | | $ | 2,313 | | | | 1.43 | % | | | (0.35 | )% | | | 14.37 | % | | | (13.29 | )% | | | 42 | % | | |
| | | | 6.02 | | | | (42.53 | ) | | | 210 | | | | 2.18 | | | | (1.03 | ) | | | 15.12 | | | | (13.97 | ) | | | 42 | | | |
| | | | 6.09 | | | | (42.25 | ) | | | 1,325 | | | | 1.03 | | | | 0.03 | | | | 13.97 | | | | (12.91 | ) | | | 42 | | | |
| | | | 6.08 | | | | (42.29 | ) | | | 6 | | | | 1.18 | | | | (0.11 | ) | | | 14.12 | | | | (13.05 | ) | | | 42 | | | |
| | | | 6.05 | | | | (42.41 | ) | | | 6 | | | | 1.68 | | | | (0.61 | ) | | | 14.62 | | | | (13.55 | ) | | | 42 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | 10.64 | | | | 6.50 | | | | 2,262 | | | | 1.45 | | | | (0.54 | ) | | | 20.95 | | | | (20.04 | ) | | | 41 | | | |
| | | | 10.60 | | | | 6.10 | | | | 62 | | | | 2.20 | | | | (1.37 | ) | | | 21.70 | | | | (20.87 | ) | | | 41 | | | |
| | | | 10.67 | | | | 6.80 | | | | 2,322 | | | | 1.05 | | | | (0.22 | ) | | | 20.55 | | | | (19.72 | ) | | | 41 | | | |
| | | | 10.66 | | | | 6.70 | | | | 11 | | | | 1.20 | | | | (0.36 | ) | | | 20.70 | | | | (19.86 | ) | | | 41 | | | |
| | | | 10.62 | | | | 6.40 | | | | 11 | | | | 1.70 | | | | (0.87 | ) | | | 21.20 | | | | (20.37 | ) | | | 41 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
| |
The accompanying notes are an integral part of these financial statements.
GOLDMAN SACHS CAPITAL GROWTH FUND
Financial Highlights
Selected Data for a Share Outstanding Throughout Each Period
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | Income (loss) from
| | | Distributions
| | | |
| | | | | Net asset
| | | investment operations | | | to shareholders | | | |
| | | | | 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) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 2009 - A | | $ | 22.40 | | | $ | — | (c) | | $ | (9.94 | ) | | $ | (9.94 | ) | | $ | — | | | $ | (0.87 | ) | | $ | (0.87 | ) | | |
| | | 2009 - B | | | 20.33 | | | | (0.05 | ) | | | (9.01 | ) | | | (9.06 | ) | | | — | | | | (0.87 | ) | | | (0.87 | ) | | |
| | | 2009 - C | | | 20.31 | | | | (0.05 | ) | | | (9.00 | ) | | | (9.05 | ) | | | — | | | | (0.87 | ) | | | (0.87 | ) | | |
| | | 2009 - Institutional | | | 23.26 | | | | 0.02 | | | | (10.32 | ) | | | (10.30 | ) | | | — | | | | (0.87 | ) | | | (0.87 | ) | | |
| | | 2009 - Service | | | 22.09 | | | | (0.01 | ) | | | (9.80 | ) | | | (9.81 | ) | | | — | | | | (0.87 | ) | | | (0.87 | ) | | |
| | | 2009 - IR | | | 22.44 | | | | 0.01 | | | | (9.96 | ) | | | (9.95 | ) | | | — | | | | (0.87 | ) | | | (0.87 | ) | | |
| | | 2009 - R | | | 22.37 | | | | (0.02 | ) | | | (9.93 | ) | | | (9.95 | ) | | | — | | | | (0.87 | ) | | | (0.87 | ) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| FOR THE YEARS ENDED AUGUST 31, |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 2008 - A | | | 23.73 | | | | (0.10 | ) | | | (0.97 | ) | | | (1.07 | ) | | | — | | | | (0.26 | ) | | | (0.26 | ) | | |
| | | 2008 - B | | | 21.73 | | | | (0.25 | ) | | | (0.89 | ) | | | (1.14 | ) | | | — | | | | (0.26 | ) | | | (0.26 | ) | | |
| | | 2008 - C | | | 21.70 | | | | (0.25 | ) | | | (0.88 | ) | | | (1.13 | ) | | | — | | | | (0.26 | ) | | | (0.26 | ) | | |
| | | 2008 - Institutional | | | 24.54 | | | | — | (c) | | | (1.02 | ) | | | (1.02 | ) | | | — | | | | (0.26 | ) | | | (0.26 | ) | | |
| | | 2008 - Service | | | 23.43 | | | | (0.12 | ) | | | (0.96 | ) | | | (1.08 | ) | | | — | | | | (0.26 | ) | | | (0.26 | ) | | |
| | | 2008 - IR (Commenced November 30, 2007) | | | 24.22 | | | | (0.03 | ) | | | (1.49 | ) | | | (1.52 | ) | | | — | | | | (0.26 | ) | | | (0.26 | ) | | |
| | | 2008 - R (Commenced November 30, 2007) | | | 24.22 | | | | (0.10 | ) | | | (1.49 | ) | | | (1.59 | ) | | | — | | | | (0.26 | ) | | | (0.26 | ) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | |
| | | |
| | | 2007 - A | | | 20.62 | | | | (0.08 | ) | | | 3.19 | | | | 3.11 | | | | — | | | | — | | | | — | | | |
| | | 2007 - B | | | 19.03 | | | | (0.23 | ) | | | 2.93 | | | | 2.70 | | | | — | | | | — | | | | — | | | |
| | | 2007 - C | | | 18.99 | | | | (0.23 | ) | | | 2.94 | | | | 2.71 | | | | — | | | | — | | | | — | | | |
| | | 2007 - Institutional | | | 21.24 | | | | 0.01 | | | | 3.29 | | | | 3.30 | | | | — | | | | — | | | | — | | | |
| | | 2007 - Service | | | 20.38 | | | | (0.10 | ) | | | 3.15 | | | | 3.05 | | | | — | | | | — | | | | — | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | |
| | | |
| | | 2006 - A | | | 20.06 | | | | (0.08 | ) | | | 0.65 | | | | 0.57 | | | | (0.01 | ) | | | — | | | | (0.01 | ) | | |
| | | 2006 - B | | | 18.63 | | | | (0.22 | ) | | | 0.62 | | | | 0.40 | | | | — | | | | — | | | | — | | | |
| | | 2006 - C | | | 18.60 | | | | (0.22 | ) | | | 0.61 | | | | 0.39 | | | | — | | | | — | | | | — | | | |
| | | 2006 - Institutional | | | 20.65 | | | | — | (c) | | | 0.68 | | | | 0.68 | | | | (0.09 | ) | | | — | | | | (0.09 | ) | | |
| | | 2006 - Service | | | 19.86 | | | | (0.10 | ) | | | 0.65 | | | | 0.55 | | | | (0.03 | ) | | | — | | | | (0.03 | ) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | |
| | | |
| | | 2005 - A | | | 18.31 | | | | 0.05 | (d) | | | 1.70 | (e) | | | 1.75 | | | | — | | | | — | | | | — | | | |
| | | 2005 - B | | | 17.13 | | | | (0.09 | )(d) | | | 1.59 | (e) | | | 1.50 | | | | — | | | | — | | | | — | | | |
| | | 2005 - C | | | 17.10 | | | | (0.09 | )(d) | | | 1.59 | (e) | | | 1.50 | | | | — | | | | — | | | | — | | | |
| | | 2005 - Institutional | | | 18.77 | | | | 0.13 | (d) | | | 1.75 | (e) | | | 1.88 | | | | — | | | | — | | | | — | | | |
| | | 2005 - Service | | | 18.14 | | | | 0.01 | (d) | | | 1.71 | (e) | | | 1.72 | | | | — | | | | — | | | | — | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | |
| | | |
| | | 2004 - A | | | 17.07 | | | | (0.05 | ) | | | 1.29 | | | | 1.24 | | | | — | | | | — | | | | — | | | |
| | | 2004 - B | | | 16.09 | | | | (0.17 | ) | | | 1.21 | | | | 1.04 | | | | — | | | | — | | | | — | | | |
| | | 2004 - C | | | 16.07 | | | | (0.17 | ) | | | 1.20 | | | | 1.03 | | | | — | | | | — | | | | — | | | |
| | | 2004 - Institutional | | | 17.44 | | | | 0.03 | | | | 1.30 | | | | 1.33 | | | | — | | | | — | | | | — | | | |
| | | 2004 - Service | | | 16.94 | | | | (0.07 | ) | | | 1.27 | | | | 1.20 | | | | — | | | | — | | | | — | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | |
| | | |
| |
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total returns would be reduced if sales or redemption charges were taken into account. Total returns for periods less than one full year are not annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
| (c) | Amount is less than $0.005 per share. |
| (d) | Reflects income recognized from a special dividend which amounted to $0.11 per share and 0.56% of average net assets. |
| (e) | Reflects an increase of $0.01 due to payments by affiliates during the period to reimburse certain security claims. |
The accompanying notes are an integral part of these financial statements.
GOLDMAN SACHS CAPITAL GROWTH FUND
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | 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 | | | |
| |
| |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | $ | 11.59 | | | | (44.69 | )% | | $ | 735,868 | | | | 1.36 | %(f) | | | (0.07 | )%(f) | | | 1.46 | %(f) | | | (0.17 | )%(f) | | | 95 | % | | |
| | | | 10.40 | | | | (44.89 | ) | | | 69,189 | | | | 2.11 | (f) | | | (0.82 | )(f) | | | 2.21 | (f) | | | (0.92 | )(f) | | | 95 | | | |
| | | | 10.39 | | | | (44.94 | ) | | | 62,348 | | | | 2.11 | (f) | | | (0.81 | )(f) | | | 2.21 | (f) | | | (0.91 | )(f) | | | 95 | | | |
| | | | 12.09 | | | | (44.58 | ) | | | 125,276 | | | | 0.96 | (f) | | | 0.31 | (f) | | | 1.06 | (f) | | | 0.21 | (f) | | | 95 | | | |
| | | | 11.41 | | | | (44.71 | ) | | | 1,177 | | | | 1.46 | (f) | | | (0.20 | )(f) | | | 1.56 | (f) | | | (0.30 | )(f) | | | 95 | | | |
| | | | 11.62 | | | | (44.63 | ) | | | 5 | | | | 1.11 | (f) | | | 0.16 | (f) | | | 1.21 | (f) | | | 0.06 | (f) | | | 95 | | | |
| | | | 11.55 | | | | (44.77 | ) | | | 6 | | | | 1.61 | (f) | | | (0.26 | )(f) | | | 1.71 | (f) | | | (0.36 | )(f) | | | 95 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | 22.40 | | | | (4.57 | ) | | | 1,505,237 | | | | 1.36 | | | | (0.42 | ) | | | 1.40 | | | | (0.46 | ) | | | 69 | | | |
| | | | 20.33 | | | | (5.37 | ) | | | 154,511 | | | | 2.11 | | | | (1.19 | ) | | | 2.15 | | | | (1.23 | ) | | | 69 | | | |
| | | | 20.31 | | | | (5.33 | ) | | | 126,865 | | | | 2.11 | | | | (1.19 | ) | | | 2.15 | | | | (1.23 | ) | | | 69 | | | |
| | | | 23.26 | | | | (4.22 | ) | | | 288,404 | | | | 0.96 | | | | (0.01 | ) | | | 1.00 | | | | (0.05 | ) | | | 69 | | | |
| | | | 22.09 | | | | (4.72 | ) | | | 3,135 | | | | 1.46 | | | | (0.52 | ) | | | 1.50 | | | | (0.56 | ) | | | 69 | | | |
| | | | 22.44 | | | | (6.39 | ) | | | 9 | | | | 1.11 | (f) | | | (0.19 | )(f) | | | 1.15 | (f) | | | (0.23 | )(f) | | | 69 | | | |
| | | | 22.37 | | | | (6.68 | ) | | | 9 | | | | 1.61 | (f) | | | (0.62 | )(f) | | | 1.65 | (f) | | | (0.66 | )(f) | | | 69 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | |
| | | |
| | | | 23.73 | | | | 15.08 | | | | 1,365,143 | | | | 1.40 | | | | (0.35 | ) | | | 1.43 | | | | (0.38 | ) | | | 41 | | | |
| | | | 21.73 | | | | 14.19 | | | | 90,307 | | | | 2.15 | | | | (1.09 | ) | | | 2.18 | | | | (1.12 | ) | | | 41 | | | |
| | | | 21.70 | | | | 14.27 | | | | 75,933 | | | | 2.15 | | | | (1.09 | ) | | | 2.18 | | | | (1.12 | ) | | | 41 | | | |
| | | | 24.54 | | | | 15.54 | | | | 303,283 | | | | 1.00 | | | | 0.05 | | | | 1.03 | | | | 0.02 | | | | 41 | | | |
| | | | 23.43 | | | | 14.97 | | | | 10,598 | | | | 1.50 | | | | (0.44 | ) | | | 1.53 | | | | (0.47 | ) | | | 41 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | |
| | | |
| | | | 20.62 | | | | 2.86 | | | | 1,289,843 | | | | 1.39 | | | | (0.41 | ) | | | 1.44 | | | | (0.45 | ) | | | 51 | | | |
| | | | 19.03 | | | | 2.15 | | | | 96,106 | | | | 2.14 | | | | (1.16 | ) | | | 2.19 | | | | (1.21 | ) | | | 51 | | | |
| | | | 18.99 | | | | 2.10 | | | | 68,528 | | | | 2.14 | | | | (1.16 | ) | | | 2.19 | | | | (1.21 | ) | | | 51 | | | |
| | | | 21.24 | | | | 3.31 | | | | 272,295 | | | | 0.99 | | | | (0.01 | ) | | | 1.04 | | | | (0.05 | ) | | | 51 | | | |
| | | | 20.38 | | | | 2.76 | | | | 10,330 | | | | 1.49 | | | | (0.51 | ) | | | 1.54 | | | | (0.55 | ) | | | 51 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | |
| | | |
| | | | 20.06 | | | | 9.56 | | | | 1,374,264 | | | | 1.39 | | | | 0.24 | (d) | | | 1.45 | | | | 0.18 | (d) | | | 34 | | | |
| | | | 18.63 | | | | 8.76 | | | | 160,575 | | | | 2.14 | | | | (0.48 | )(d) | | | 2.20 | | | | (0.54 | )(d) | | | 34 | | | |
| | | | 18.60 | | | | 8.77 | | | | 81,132 | | | | 2.14 | | | | (0.49 | )(d) | | | 2.20 | | | | (0.55 | )(d) | | | 34 | | | |
| | | | 20.65 | | | | 10.02 | | | | 273,418 | | | | 0.99 | | | | 0.68 | (d) | | | 1.05 | | | | 0.62 | (d) | | | 34 | | | |
| | | | 19.86 | | | | 9.48 | | | | 9,858 | | | | 1.49 | | | | 0.04 | (d) | | | 1.55 | | | | (0.02 | )(d) | | | 34 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | |
| | | |
| | | | 18.31 | | | | 7.26 | | | | 1,343,848 | | | | 1.39 | | | | (0.26 | ) | | | 1.47 | | | | (0.34 | ) | | | 43 | | | |
| | | | 17.13 | | | | 6.46 | | | | 196,910 | | | | 2.14 | | | | (1.01 | ) | | | 2.22 | | | | (1.09 | ) | | | 43 | | | |
| | | | 17.10 | | | | 6.41 | | | | 89,086 | | | | 2.14 | | | | (1.01 | ) | | | 2.22 | | | | (1.09 | ) | | | 43 | | | |
| | | | 18.77 | | | | 7.63 | | | | 289,239 | | | | 0.99 | | | | 0.14 | | | | 1.07 | | | | 0.06 | | | | 43 | | | |
| | | | 18.14 | | | | 7.08 | | | | 5,592 | | | | 1.49 | | | | (0.36 | ) | | | 1.57 | | | | (0.44 | ) | | | 43 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | |
| | | |
The accompanying notes are an integral part of these financial statements.
GOLDMAN SACHS CONCENTRATED GROWTH FUND
Financial Highlights
Selected Data for a Share Outstanding Throughout Each Period
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | Income (loss) from
| | | Distributions
| | | |
| | | | | Net asset
| | | investment operations | | | to shareholders | | | |
| | | | | 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) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 2009 - A | | $ | 13.54 | | | $ | (0.02 | ) | | $ | (6.11 | ) | | $ | (6.13 | ) | | $ | — | | | $ | — | | | $ | — | | | |
| | | 2009 - B | | | 12.88 | | | | (0.05 | ) | | | (5.81 | ) | | | (5.86 | ) | | | — | | | | — | | | | — | | | |
| | | 2009 - C | | | 12.85 | | | | (0.05 | ) | | | (5.79 | ) | | | (5.84 | ) | | | — | | | | — | | | | — | | | |
| | | 2009 - Institutional | | | 13.85 | | | | — | (f) | | | (6.25 | ) | | | (6.25 | ) | | | — | | | | — | | | | — | | | |
| | | 2009 - Service | | | 13.51 | | | | (0.01 | ) | | | (6.10 | ) | | | (6.11 | ) | | | — | | | | — | | | | — | | | |
| | | 2009 - IR | | | 13.55 | | | | (0.01 | ) | | | (6.12 | ) | | | (6.13 | ) | | | — | | | | — | | | | — | | | |
| | | 2009 - R | | | 13.51 | | | | (0.03 | ) | | | (6.10 | ) | | | (6.13 | ) | | | — | | | | — | | | | — | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| FOR THE YEARS ENDED AUGUST 31, |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 2008 - A | | | 15.01 | | | | (0.10 | ) | | | (0.29 | ) | | | (0.39 | ) | | | — | | | | (1.08 | )(d) | | | (1.08 | ) | | |
| | | 2008 - B | | | 14.43 | | | | (0.19 | ) | | | (0.28 | ) | | | (0.47 | ) | | | — | | | | (1.08 | )(d) | | | (1.08 | ) | | |
| | | 2008 - C | | | 14.41 | | | | (0.19 | ) | | | (0.29 | ) | | | (0.48 | ) | | | — | | | | (1.08 | )(d) | | | (1.08 | ) | | |
| | | 2008 - Institutional | | | 15.27 | | | | (0.04 | ) | | | (0.30 | ) | | | (0.34 | ) | | | — | | | | (1.08 | )(d) | | | (1.08 | ) | | |
| | | 2008 - Service | | | 14.98 | | | | (0.09 | ) | | | (0.30 | ) | | | (0.39 | ) | | | — | | | | (1.08 | )(d) | | | (1.08 | ) | | |
| | | 2008 - IR (Commenced November 30, 2007) | | | 15.38 | | | | (0.05 | ) | | | (0.70 | ) | | | (0.75 | ) | | | — | | | | (1.08 | )(d) | | | (1.08 | ) | | |
| | | 2008 - R (Commenced November 30, 2007) | | | 15.38 | | | | (0.09 | ) | | | (0.70 | ) | | | (0.79 | ) | | | — | | | | (1.08 | )(d) | | | (1.08 | ) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | |
| | | |
| | | 2007 - A | | | 12.98 | | | | (0.06 | ) | | | 2.57 | | | | 2.51 | | | | — | | | | (0.48 | ) | | | (0.48 | ) | | |
| | | 2007 - B | | | 12.59 | | | | (0.16 | ) | | | 2.48 | | | | 2.32 | | | | — | | | | (0.48 | ) | | | (0.48 | ) | | |
| | | 2007 - C | | | 12.57 | | | | (0.16 | ) | | | 2.48 | | | | 2.32 | | | | — | | | | (0.48 | ) | | | (0.48 | ) | | |
| | | 2007 - Institutional | | | 13.15 | | | | — | (f) | | | 2.60 | | | | 2.60 | | | | — | | | | (0.48 | ) | | | (0.48 | ) | | |
| | | 2007 - Service | | | 12.97 | | | | (0.07 | ) | | | 2.56 | | | | 2.49 | | | | — | | | | (0.48 | ) | | | (0.48 | ) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | |
| | | |
| | | 2006 - A | | | 12.74 | | | | (0.06 | ) | | | 0.61 | | | | 0.55 | | | | — | | | | (0.31 | ) | | | (0.31 | ) | | |
| | | 2006 - B | | | 12.46 | | | | (0.15 | ) | | | 0.59 | | | | 0.44 | | | | — | | | | (0.31 | ) | | | (0.31 | ) | | |
| | | 2006 - C | | | 12.43 | | | | (0.16 | ) | | | 0.61 | | | | 0.45 | | | | — | | | | (0.31 | ) | | | (0.31 | ) | | |
| | | 2006 - Institutional | | | 12.89 | | | | (0.01 | ) | | | 0.62 | | | | 0.61 | | | | (0.04 | ) | | | (0.31 | ) | | | (0.35 | ) | | |
| | | 2006 - Service | | | 12.73 | | | | (0.07 | ) | | | 0.62 | | | | 0.55 | | | | — | | | | (0.31 | ) | | | (0.31 | ) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | |
| | | |
| | | 2005 - A | | | 11.70 | | | | 0.01 | (e) | | | 1.22 | | | | 1.23 | | | | — | | | | (0.19 | ) | | | (0.19 | ) | | |
| | | 2005 - B | | | 11.53 | | | | (0.09 | )(e) | | | 1.21 | | | | 1.12 | | | | — | | | | (0.19 | ) | | | (0.19 | ) | | |
| | | 2005 - C | | | 11.51 | | | | (0.09 | )(e) | | | 1.20 | | | | 1.11 | | | | — | | | | (0.19 | ) | | | (0.19 | ) | | |
| | | 2005 - Institutional | | | 11.79 | | | | 0.05 | (e) | | | 1.24 | | | | 1.29 | | | | — | | | | (0.19 | ) | | | (0.19 | ) | | |
| | | 2005 - Service | | | 11.70 | | | | — | (e) | | | 1.22 | | | | 1.22 | | | | — | | | | (0.19 | ) | | | (0.19 | ) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | |
| | | |
| | | 2004 - A | | | 11.64 | | | | (0.07 | ) | | | 0.17 | | | | 0.10 | | | | — | | | | (0.04 | ) | | | (0.04 | ) | | |
| | | 2004 - B | | | 11.56 | | | | (0.16 | ) | | | 0.17 | | | | 0.01 | | | | — | | | | (0.04 | ) | | | (0.04 | ) | | |
| | | 2004 - C | | | 11.55 | | | | (0.16 | ) | | | 0.16 | | | | — | | | | — | | | | (0.04 | ) | | | (0.04 | ) | | |
| | | 2004 - Institutional | | | 11.68 | | | | (0.02 | ) | | | 0.17 | | | | 0.15 | | | | — | | | | (0.04 | ) | | | (0.04 | ) | | |
| | | 2004 - Service | | | 11.64 | | | | (0.07 | ) | | | 0.17 | | | | 0.10 | | | | — | | | | (0.04 | ) | | | (0.04 | ) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | |
| | | |
| |
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total returns would be reduced if sales or redemption charges were taken into account. Total returns for periods less than one full year are not annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
| (c) | Annualized. |
| (d) | Includes a distribution from capital of approximately $0.006 per share. |
| (e) | Reflects income recognized from a special dividend which amounted to $0.06 per share and 0.51% of average net assets. |
| |
| (f) | Amount is less than $0.005 per share. |
| |
| (g) | Amount is less than 0.005% of average net assets. |
The accompanying notes are an integral part of these financial statements.
GOLDMAN SACHS CONCENTRATED GROWTH FUND
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | 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 | | | |
| |
| |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | $ | 7.41 | | | | (45.27 | )% | | $ | 57,288 | | | | 1.43 | %(c) | | | (0.39 | )%(c) | | | 1.60 | %(c) | | | (0.56 | )%(c) | | | 83 | % | | |
| | | | 7.02 | | | | (45.50 | ) | | | 703 | | | | 2.18 | (c) | | | (1.14 | )(c) | | | 2.35 | (c) | | | (1.31 | )(c) | | | 83 | | | |
| | | | 7.01 | | | | (45.45 | ) | | | 1,072 | | | | 2.18 | (c) | | | (1.14 | )(c) | | | 2.35 | (c) | | | (1.31 | )(c) | | | 83 | | | |
| | | | 7.60 | | | | (45.13 | ) | | | 101,867 | | | | 1.03 | (c) | | | 0.01 | (c) | | | 1.20 | (c) | | | (0.16 | )(c) | | | 83 | | | |
| | | | 7.40 | | | | (45.23 | ) | | | 1 | | | | 1.53 | (c) | | | (0.29 | )(c) | | | 1.70 | (c) | | | (0.46 | )(c) | | | 83 | | | |
| | | | 7.42 | | | | (45.24 | ) | | | 5 | | | | 1.18 | (c) | | | (0.18 | )(c) | | | 1.35 | (c) | | | (0.35 | )(c) | | | 83 | | | |
| | | | 7.38 | | | | (45.37 | ) | | | 5 | | | | 1.68 | (c) | | | (0.63 | )(c) | | | 1.85 | (c) | | | (0.80 | )(c) | | | 83 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | 13.54 | | | | (3.07 | ) | | | 115,431 | | | | 1.48 | | | | (0.70 | ) | | | 1.51 | | | | (0.73 | ) | | | 71 | | | |
| | | | 12.88 | | | | (3.79 | ) | | | 1,457 | | | | 2.23 | | | | (1.46 | ) | | | 2.26 | | | | (1.49 | ) | | | 71 | | | |
| | | | 12.85 | | | | (3.86 | ) | | | 2,300 | | | | 2.23 | | | | (1.46 | ) | | | 2.26 | | | | (1.49 | ) | | | 71 | | | |
| | | | 13.85 | | | | (2.68 | ) | | | 183,809 | | | | 1.08 | | | | (0.30 | ) | | | 1.11 | | | | (0.33 | ) | | | 71 | | | |
| | | | 13.51 | | | | (3.08 | ) | | | 2 | | | | 1.58 | | | | (0.65 | ) | | | 1.61 | | | | (0.68 | ) | | | 71 | | | |
| | | | 13.55 | | | | (5.34 | ) | | | 9 | | | | 1.23 | (c) | | | (0.49 | )(c) | | | 1.26 | (c) | | | (0.52 | )(c) | | | 71 | | | |
| | | | 13.51 | | | | (5.62 | ) | | | 9 | | | | 1.73 | (c) | | | (0.93 | )(c) | | | 1.76 | (c) | | | (0.96 | )(c) | | | 71 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
| |
| | | | 15.01 | | | | 19.66 | | | | 92,015 | | | | 1.48 | | | | (0.43 | ) | | | 1.54 | | | | (0.49 | ) | | | 50 | | | |
| | | | 14.43 | | | | 18.74 | | | | 997 | | | | 2.23 | | | | (1.14 | ) | | | 2.29 | | | | (1.20 | ) | | | 50 | | | |
| | | | 14.41 | | | | 18.77 | | | | 797 | | | | 2.23 | | | | (1.19 | ) | | | 2.29 | | | | (1.25 | ) | | | 50 | | | |
| | | | 15.27 | | | | 20.10 | | | | 190,603 | | | | 1.08 | | | | — | (g) | | | 1.14 | | | | (0.06 | ) | | | 50 | | | |
| | | | 14.98 | | | | 19.52 | | | | 2 | | | | 1.58 | | | | (0.52 | ) | | | 1.64 | | | | (0.58 | ) | | | 50 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
| |
| | | | 12.98 | | | | 4.32 | | | | 70,352 | | | | 1.48 | | | | (0.49 | ) | | | 1.64 | | | | (0.69 | ) | | | 48 | | | |
| | | | 12.59 | | | | 3.52 | | | | 380 | | | | 2.23 | | | | (1.22 | ) | | | 2.39 | | | | (1.43 | ) | | | 48 | | | |
| | | | 12.57 | | | | 3.62 | | | | 507 | | | | 2.23 | | | | (1.24 | ) | | | 2.39 | | | | (1.44 | ) | | | 48 | | | |
| | | | 13.15 | | | | 4.75 | | | | 117,767 | | | | 1.08 | | | | (0.09 | ) | | | 1.24 | | | | (0.30 | ) | | | 48 | | | |
| | | | 12.97 | | | | 4.33 | | | | 2 | | | | 1.51 | | | | (0.54 | ) | | | 1.68 | | | | (0.74 | ) | | | 48 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
| |
| | | | 12.74 | | | | 10.52 | | | | 62,366 | | | | 1.48 | | | | 0.06 | (e) | | | 1.71 | | | | (0.17 | )(e) | | | 46 | | | |
| | | | 12.46 | | | | 9.71 | | | | 115 | | | | 2.23 | | | | (0.72 | )(e) | | | 2.46 | | | | (0.95 | )(e) | | | 46 | | | |
| | | | 12.43 | | | | 9.64 | | | | 401 | | | | 2.23 | | | | (0.76 | )(e) | | | 2.46 | | | | (0.99 | )(e) | | | 46 | | | |
| | | | 12.89 | | | | 10.95 | | | | 85,571 | | | | 1.08 | | | | 0.40 | (e) | | | 1.31 | | | | 0.17 | (e) | | | 46 | | | |
| | | | 12.73 | | | | 10.43 | | | | 2 | | | | 1.58 | | | | (0.05 | )(e) | | | 1.81 | | | | (0.28 | )(e) | | | 46 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
| |
| | | | 11.70 | | | | 0.84 | | | | 61,216 | | | | 1.48 | | | | (0.61 | ) | | | 1.79 | | | | (0.92 | ) | | | 28 | | | |
| | | | 11.53 | | | | 0.06 | | | | 96 | | | | 2.23 | | | | (1.38 | ) | | | 2.54 | | | | (1.69 | ) | | | 28 | | | |
| | | | 11.51 | | | | (0.02 | ) | | | 247 | | | | 2.23 | | | | (1.34 | ) | | | 2.54 | | | | (1.65 | ) | | | 28 | | | |
| | | | 11.79 | | | | 1.26 | | | | 45,464 | | | | 1.08 | | | | (0.20 | ) | | | 1.39 | | | | (0.51 | ) | | | 28 | | | |
| | | | 11.70 | | | | 0.84 | | | | 2 | | | | 1.58 | | | | (0.61 | ) | | | 1.89 | | | | (0.92 | ) | | | 28 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
| |
The accompanying notes are an integral part of these financial statements.
GOLDMAN SACHS GROWTH OPPORTUNITIES FUND
Financial Highlights
Selected Data for a Share Outstanding Throughout Each Period
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | Income (loss) from
| | | | | | |
| | | | | | | | investment operations | | | Distributions
| | | |
| | | | | Net asset
| | | | | | | | | | | | to shareholders
| | | |
| | | | | value,
| | | Net
| | | Net realized
| | | Total from
| | | from net
| | | |
| | | | | beginning
| | | investment
| | | and unrealized
| | | investment
| | | realized
| | | |
| | | Year - Share Class | | of period | | | income (loss)(a) | | | gain (loss) | | | operations | | | gains | | | |
| |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| |
| FOR THE SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 2009 - A | | $ | 21.68 | | | $ | (0.03 | ) | | $ | (9.44 | ) | | $ | (9.47 | ) | | $ | (1.04 | ) | | |
| | | 2009 - B | | | 20.06 | | | | (0.08 | ) | | | (8.72 | ) | | | (8.80 | ) | | | (1.04 | ) | | |
| | | 2009 - C | | | 19.89 | | | | (0.08 | ) | | | (8.64 | ) | | | (8.72 | ) | | | (1.04 | ) | | |
| | | 2009 - Institutional | | | 22.67 | | | | — | (c) | | | (9.87 | ) | | | (9.87 | ) | | | (1.04 | ) | | |
| | | 2009 - Service | | | 21.41 | | | | (0.04 | ) | | | (9.31 | ) | | | (9.35 | ) | | | (1.04 | ) | | |
| | | 2009 - IR | | | 21.72 | | | | 0.01 | | | | (9.47 | ) | | | (9.46 | ) | | | (1.04 | ) | | |
| | | 2009 - R | | | 21.65 | | | | (0.04 | ) | | | (9.42 | ) | | | (9.46 | ) | | | (1.04 | ) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| FOR THE YEARS ENDED AUGUST 31, |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 2008 - A | | | 25.20 | | | | (0.12 | ) | | | (0.02 | ) | | | (0.14 | ) | | | (3.38 | ) | | |
| | | 2008 - B | | | 23.72 | | | | (0.27 | ) | | | (0.01 | ) | | | (0.28 | ) | | | (3.38 | ) | | |
| | | 2008 - C | | | 23.55 | | | | (0.27 | ) | | | (0.01 | ) | | | (0.28 | ) | | | (3.38 | ) | | |
| | | 2008 - Institutional | | | 26.11 | | | | (0.03 | ) | | | (0.03 | ) | | | (0.06 | ) | | | (3.38 | ) | | |
| | | 2008 - Service | | | 24.95 | | | | (0.14 | ) | | | (0.02 | ) | | | (0.16 | ) | | | (3.38 | ) | | |
| | | 2008 - IR (Commenced November 30, 2007) | | | 25.44 | | | | (0.06 | ) | | | (0.28 | ) | | | (0.34 | ) | | | (3.38 | ) | | |
| | | 2008 - R (Commenced November 30, 2007) | | | 25.44 | | | | (0.13 | ) | | | (0.28 | ) | | | (0.41 | ) | | | (3.38 | ) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | |
| | | |
| | | 2007 - A | | | 20.81 | | | | (0.21 | ) | | | 5.77 | | | | 5.56 | | | | (1.17 | ) | | |
| | | 2007 - B | | | 19.80 | | | | (0.36 | ) | | | 5.45 | | | | 5.09 | | | | (1.17 | ) | | |
| | | 2007 - C | | | 19.66 | | | | (0.36 | ) | | | 5.42 | | | | 5.06 | | | | (1.17 | ) | | |
| | | 2007 - Institutional | | | 21.45 | | | | (0.12 | ) | | | 5.95 | | | | 5.83 | | | | (1.17 | ) | | |
| | | 2007 - Service | | | 20.63 | | | | (0.23 | ) | | | 5.72 | | | | 5.49 | | | | (1.17 | ) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | |
| | | |
| | | 2006 - A | | | 22.21 | | | | (0.19 | ) | | | (0.09 | ) | | | (0.28 | ) | | | (1.12 | ) | | |
| | | 2006 - B | | | 21.33 | | | | (0.34 | ) | | | (0.07 | ) | | | (0.41 | ) | | | (1.12 | ) | | |
| | | 2006 - C | | | 21.19 | | | | (0.34 | ) | | | (0.07 | ) | | | (0.41 | ) | | | (1.12 | ) | | |
| | | 2006 - Institutional | | | 22.77 | | | | (0.11 | ) | | | (0.09 | ) | | | (0.20 | ) | | | (1.12 | ) | | |
| | | 2006 - Service | | | 22.05 | | | | (0.21 | ) | | | (0.09 | ) | | | (0.30 | ) | | | (1.12 | ) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | |
| | | |
| | | 2005 - A | | | 18.58 | | | | (0.20 | )(e) | | | 3.83 | | | | 3.63 | | | | — | | | |
| | | 2005 - B | | | 17.98 | | | | (0.34 | )(e) | | | 3.69 | | | | 3.35 | | | | — | | | |
| | | 2005 - C | | | 17.86 | | | | (0.34 | )(e) | | | 3.67 | | | | 3.33 | | | | — | | | |
| | | 2005 - Institutional | | | 18.97 | | | | (0.12 | )(e) | | | 3.92 | | | | 3.80 | | | | — | | | |
| | | 2005 - Service | | | 18.46 | | | | (0.23 | )(e) | | | 3.82 | | | | 3.59 | | | | — | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | |
| | | |
| | | 2004 - A | | | 17.38 | | | | (0.15 | ) | | | 1.35 | | | | 1.20 | | | | — | | | |
| | | 2004 - B | | | 16.94 | | | | (0.28 | ) | | | 1.32 | | | | 1.04 | | | | — | | | |
| | | 2004 - C | | | 16.83 | | | | (0.28 | ) | | | 1.31 | | | | 1.03 | | | | — | | | |
| | | 2004 - Institutional | | | 17.67 | | | | (0.08 | ) | | | 1.38 | | | | 1.30 | | | | — | | | |
| | | 2004 - Service | | | 17.29 | | | | (0.17 | ) | | | 1.34 | | | | 1.17 | | | | — | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | |
| | | |
| |
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total returns would be reduced if sales or redemption charges were taken into account. Total returns for periods less than one full year are not annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
| (c) | Amount is less than $0.005 per share. |
| (d) | Annualized. |
| (e) | Reflects income recognized from special dividends which amounted to $0.01 per share and 0.03% of average net assets. |
The accompanying notes are an integral part of these financial statements.
GOLDMAN SACHS GROWTH OPPORTUNITIES FUND
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | 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 | | | |
| |
| |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | $ | 11.17 | | | | (43.87 | )% | | $ | 422,979 | | | | 1.49 | %(d) | | | (0.45 | )%(d) | | | 1.50 | %(d) | | | (0.46 | )%(d) | | | 85 | % | | |
| | | | 10.22 | | | | (44.09 | ) | | | 21,140 | | | | 2.24 | (d) | | | (1.21 | )(d) | | | 2.25 | (d) | | | (1.22 | )(d) | | | 85 | | | |
| | | | 10.13 | | | | (44.06 | ) | | | 56,233 | | | | 2.24 | (d) | | | (1.21 | )(d) | | | 2.25 | (d) | | | (1.22 | )(d) | | | 85 | | | |
| | | | 11.76 | | | | (43.72 | ) | | | 671,630 | | | | 1.09 | (d) | | | (0.02 | )(d) | | | 1.10 | (d) | | | (0.03 | )(d) | | | 85 | | | |
| | | | 11.02 | | | | (43.87 | ) | | | 6,240 | | | | 1.59 | (d) | | | (0.55 | )(d) | | | 1.60 | (d) | | | (0.56 | )(d) | | | 85 | | | |
| | | | 11.22 | | | | (43.74 | ) | | | 656 | | | | 1.24 | (d) | | | 0.13 | (d) | | | 1.25 | (d) | | | 0.12 | (d) | | | 85 | | | |
| | | | 11.15 | | | | (43.89 | ) | | | 14 | | | | 1.74 | (d) | | | (0.66 | )(d) | | | 1.75 | (d) | | | (0.67 | )(d) | | | 85 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | 21.68 | | | | (1.25 | ) | | | 851,222 | | | | 1.47 | | | | (0.54 | ) | | | 1.47 | | | | (0.54 | ) | | | 81 | | | |
| | | | 20.06 | | | | (1.99 | ) | | | 48,770 | | | | 2.22 | | | | (1.28 | ) | | | 2.22 | | | | (1.28 | ) | | | 81 | | | |
| | | | 19.89 | | | | (2.00 | ) | | | 116,837 | | | | 2.22 | | | | (1.29 | ) | | | 2.22 | | | | (1.29 | ) | | | 81 | | | |
| | | | 22.67 | | | | (0.87 | ) | | | 938,726 | | | | 1.07 | | | | (0.14 | ) | | | 1.07 | | | | (0.14 | ) | | | 81 | | | |
| | | | 21.41 | | | | (1.35 | ) | | | 10,601 | | | | 1.57 | | | | (0.64 | ) | | | 1.57 | | | | (0.64 | ) | | | 81 | | | |
| | | | 21.72 | | | | (2.01 | ) | | | 10 | | | | 1.22 | (d) | | | (0.35 | )(d) | | | 1.22 | (d) | | | (0.35 | )(d) | | | 81 | | | |
| | | | 21.65 | | | | (2.32 | ) | | | 10 | | | | 1.72 | (d) | | | (0.81 | )(d) | | | 1.72 | (d) | | | (0.81 | )(d) | | | 81 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
| |
| | | | 25.20 | | | | 27.46 | | | | 954,089 | | | | 1.47 | | | | (0.90 | ) | | | 1.48 | | | | (0.91 | ) | | | 67 | | | |
| | | | 23.72 | | | | 26.45 | | | | 64,011 | | | | 2.22 | | | | (1.66 | ) | | | 2.23 | | | | (1.67 | ) | | | 67 | | | |
| | | | 23.55 | | | | 26.49 | | | | 126,425 | | | | 2.22 | | | | (1.65 | ) | | | 2.23 | | | | (1.66 | ) | | | 67 | | | |
| | | | 26.11 | | | | 27.92 | | | | 853,836 | | | | 1.07 | | | | (0.50 | ) | | | 1.08 | | | | (0.51 | ) | | | 67 | | | |
| | | | 24.95 | | | | 27.36 | | | | 11,597 | | | | 1.57 | | | | (1.00 | ) | | | 1.58 | | | | (1.01 | ) | | | 67 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
| |
| | | | 20.81 | | | | (1.46 | ) | | | 908,135 | | | | 1.47 | | | | (0.89 | ) | | | 1.47 | | | | (0.89 | ) | | | 82 | | | |
| | | | 19.80 | | | | (2.16 | ) | | | 69,240 | | | | 2.22 | | | | (1.64 | ) | | | 2.22 | | | | (1.64 | ) | | | 82 | | | |
| | | | 19.66 | | | | (2.17 | ) | | | 113,383 | | | | 2.22 | | | | (1.64 | ) | | | 2.22 | | | | (1.64 | ) | | | 82 | | | |
| | | | 21.45 | | | | (1.06 | ) | | | 771,166 | | | | 1.07 | | | | (0.49 | ) | | | 1.07 | | | | (0.49 | ) | | | 82 | | | |
| | | | 20.63 | | | | (1.56 | ) | | | 10,961 | | | | 1.57 | | | | (0.99 | ) | | | 1.57 | | | | (0.99 | ) | | | 82 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
| |
| | | | 22.21 | | | | 19.54 | | | | 936,312 | | | | 1.49 | | | | (0.94 | )(e) | | | 1.49 | | | | (0.94 | )(e) | | | 62 | | | |
| | | | 21.33 | | | | 18.63 | | | | 91,286 | | | | 2.24 | | | | (1.69 | )(e) | | | 2.24 | | | | (1.69 | )(e) | | | 62 | | | |
| | | | 21.19 | | | | 18.65 | | | | 112,420 | | | | 2.24 | | | | (1.69 | )(e) | | | 2.24 | | | | (1.69 | )(e) | | | 62 | | | |
| | | | 22.77 | | | | 20.03 | | | | 739,739 | | | | 1.09 | | | | (0.54 | )(e) | | | 1.09 | | | | (0.54 | )(e) | | | 62 | | | |
| | | | 22.05 | | | | 19.45 | | | | 8,242 | | | | 1.59 | | | | (1.04 | )(e) | | | 1.59 | | | | (1.04 | )(e) | | | 62 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
| |
| | | | 18.58 | | | | 6.90 | | | | 615,510 | | | | 1.49 | | | | (0.80 | ) | | | 1.49 | | | | (0.80 | ) | | | 51 | | | |
| | | | 17.98 | | | | 6.14 | | | | 85,969 | | | | 2.24 | | | | (1.55 | ) | | | 2.24 | | | | (1.55 | ) | | | 51 | | | |
| | | | 17.86 | | | | 6.12 | | | | 69,067 | | | | 2.24 | | | | (1.55 | ) | | | 2.24 | | | | (1.55 | ) | | | 51 | | | |
| | | | 18.97 | | | | 7.36 | | | | 290,601 | | | | 1.09 | | | | (0.40 | ) | | | 1.09 | | | | (0.40 | ) | | | 51 | | | |
| | | | 18.46 | | | | 6.77 | | | | 1,464 | | | | 1.59 | | | | (0.87 | ) | | | 1.59 | | | | (0.87 | ) | | | 51 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
| |
The accompanying notes are an integral part of these financial statements.
GOLDMAN SACHS SMALL/MID CAP GROWTH FUND
Financial Highlights
Selected Data for a Share Outstanding Throughout Each Period
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | 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) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 2009 - A | | $ | 12.25 | | | $ | (0.02 | ) | | $ | (5.15 | ) | | $ | (5.17 | ) | | $ | — | | | $ | — | | | $ | — | | | |
| | | 2009 - B | | | 11.90 | | | | (0.05 | ) | | | (5.00 | ) | | | (5.05 | ) | | | — | | | | — | | | | — | | | |
| | | 2009 - C | | | 11.90 | | | | (0.05 | ) | | | (5.00 | ) | | | (5.05 | ) | | | — | | | | — | | | | — | | | |
| | | 2009 - Institutional | | | 12.37 | | | | — | (c) | | | (5.20 | ) | | | (5.20 | ) | | | — | | | | — | | | | — | | | |
| | | 2009 - Service | | | 12.16 | | | | (0.02 | ) | | | (5.11 | ) | | | (5.13 | ) | | | — | | | | — | | | | — | | | |
| | | 2009 - IR | | | 12.27 | | | | (0.01 | ) | | | (5.16 | ) | | | (5.17 | ) | | | — | | | | — | | | | — | | | |
| | | 2009 - R | | | 12.22 | | | | (0.02 | ) | | | (5.14 | ) | | | (5.16 | ) | | | — | | | | — | | | | — | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| FOR THE YEARS ENDED AUGUST 31, |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 2008 - A | | | 13.48 | | | | (0.09 | ) | | | (0.20 | ) | | | (0.29 | ) | | | — | | | | (0.94 | )(e) | | | (0.94 | ) | | |
| | | 2008 - B | | | 13.22 | | | | (0.18 | ) | | | (0.20 | ) | | | (0.38 | ) | | | — | | | | (0.94 | )(e) | | | (0.94 | ) | | |
| | | 2008 - C | | | 13.21 | | | | (0.18 | ) | | | (0.19 | ) | | | (0.37 | ) | | | — | | | | (0.94 | )(e) | | | (0.94 | ) | | |
| | | 2008 - Institutional | | | 13.55 | | | | (0.04 | ) | | | (0.20 | ) | | | (0.24 | ) | | | — | | | | (0.94 | )(e) | | | (0.94 | ) | | |
| | | 2008 - Service | | | 13.40 | | | | (0.10 | ) | | | (0.20 | ) | | | (0.30 | ) | | | — | | | | (0.94 | )(e) | | | (0.94 | ) | | |
| | | 2008 - IR (Commenced November 30, 2007) | | | 13.79 | | | | (0.04 | ) | | | (0.54 | ) | | | (0.58 | ) | | | — | | | | (0.94 | )(e) | | | (0.94 | ) | | |
| | | 2008 - R (Commenced November 30, 2007) | | | 13.79 | | | | (0.09 | ) | | | (0.54 | ) | | | (0.63 | ) | | | — | | | | (0.94 | )(e) | | | (0.94 | ) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | |
| | | |
| | | 2007 - A | | | 10.42 | | | | (0.11 | ) | | | 3.17 | | | | 3.06 | | | | — | | | | — | | | | — | | | |
| | | 2007 - B | | | 10.30 | | | | (0.20 | ) | | | 3.12 | | | | 2.92 | | | | — | | | | — | | | | — | | | |
| | | 2007 - C | | | 10.30 | | | | (0.20 | ) | | | 3.11 | | | | 2.91 | | | | — | | | | — | | | | — | | | |
| | | 2007 - Institutional | | | 10.44 | | | | (0.06 | ) | | | 3.17 | | | | 3.11 | | | | — | | | | — | | | | — | | | |
| | | 2007 - Service | | | 10.37 | | | | (0.12 | ) | | | 3.15 | | | | 3.03 | | | | — | | | | — | | | | — | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | |
| | | |
| | | 2006 - A | | | 10.40 | | | | (0.09 | ) | | | 0.22 | | | | 0.13 | | | | — | (c) | | | (0.11 | ) | | | (0.11 | ) | | |
| | | 2006 - B | | | 10.36 | | | | (0.16 | ) | | | 0.21 | | | | 0.05 | | | | — | | | | (0.11 | ) | | | (0.11 | ) | | |
| | | 2006 - C | | | 10.36 | | | | (0.16 | ) | | | 0.21 | | | | 0.05 | | | | — | | | | (0.11 | ) | | | (0.11 | ) | | |
| | | 2006 - Institutional | | | 10.38 | | | | (0.04 | ) | | | 0.21 | | | | 0.17 | | | | — | (c) | | | (0.11 | ) | | | (0.11 | ) | | |
| | | 2006 - Service | | | 10.37 | | | | (0.10 | ) | | | 0.21 | | | | 0.11 | | | | — | | | | (0.11 | ) | | | (0.11 | ) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| FOR THE PERIOD ENDED AUGUST 31, |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 2005 - A (Commenced June 30, 2005) | | | 10.00 | | | | (0.01 | ) | | | 0.41 | | | | 0.40 | | | | — | | | | — | | | | — | | | |
| | | 2005 - B (Commenced June 30, 2005) | | | 10.00 | | | | (0.02 | ) | | | 0.38 | | | | 0.36 | | | | — | | | | — | | | | — | | | |
| | | 2005 - C (Commenced June 30, 2005) | | | 10.00 | | | | (0.02 | ) | | | 0.38 | | | | 0.36 | | | | — | | | | — | | | | — | | | |
| | | 2005 - Institutional (Commenced June 30, 2005) | | | 10.00 | | | | — | (e) | | | 0.38 | | | | 0.38 | | | | — | | | | — | | | | — | | | |
| | | 2005 - Service (Commenced June 30, 2005) | | | 10.00 | | | | (0.01 | ) | | | 0.38 | | | | 0.37 | | | | — | | | | — | | | | — | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | |
| | | |
| |
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total returns would be reduced if sales or redemption charges were taken into account. Total returns for periods less than one full year are not annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
| (c) | Amount is less than $0.005 per share. |
| (d) | Annualized. |
| (e) | Includes a distribution from capital of $0.01 per share. |
The accompanying notes are an integral part of these financial statements.
GOLDMAN SACHS SMALL/MID CAP GROWTH FUND
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | 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 | | | net assets | | | net assets | | | net assets | | | rate | | | |
| |
| |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | $ | 7.08 | | | | (42.20 | )% | | $ | 44,723 | | | | 1.50 | %(d) | | | (0.39 | )%(d) | | | 1.75 | %(d) | | | (0.64 | )%(d) | | | 84 | % | | |
| | | | 6.85 | | | | (42.44 | ) | | | 2,635 | | | | 2.25 | (d) | | | (1.15 | )(d) | | | 2.50 | (d) | | | (1.40 | )(d) | | | 84 | | | |
| | | | 6.85 | | | | (42.44 | ) | | | 6,514 | | | | 2.25 | (d) | | | (1.16 | )(d) | | | 2.50 | (d) | | | (1.41 | )(d) | | | 84 | | | |
| | | | 7.17 | | | | (42.04 | ) | | | 48,652 | | | | 1.10 | (d) | | | (0.02 | )(d) | | | 1.35 | (d) | | | (0.27 | )(d) | | | 84 | | | |
| | | | 7.03 | | | | (42.19 | ) | | | 236 | | | | 1.60 | (d) | | | (0.49 | )(d) | | | 1.85 | (d) | | | (0.74 | )(d) | | | 84 | | | |
| | | | 7.10 | | | | (42.14 | ) | | | 6 | | | | 1.25 | (d) | | | (0.17 | )(d) | | | 1.50 | (d) | | | (0.42 | )(d) | | | 84 | | | |
| | | | 7.06 | | | | (42.23 | ) | | | 106 | | | | 1.75 | (d) | | | (0.50 | )(d) | | | 2.00 | (d) | | | (0.75 | )(d) | | | 84 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | 12.25 | | | | (2.65 | ) | | | 59,269 | | | | 1.50 | | | | (0.73 | ) | | | 1.68 | | | | (0.91 | ) | | | 63 | | | |
| | | | 11.90 | | | | (3.42 | ) | | | 3,768 | | | | 2.25 | | | | (1.49 | ) | | | 2.43 | | | | (1.67 | ) | | | 63 | | | |
| | | | 11.90 | | | | (3.34 | ) | | | 10,295 | | | | 2.25 | | | | (1.50 | ) | | | 2.43 | | | | (1.68 | ) | | | 63 | | | |
| | | | 12.37 | | | | (2.25 | ) | | | 86,275 | | | | 1.10 | | | | (0.35 | ) | | | 1.28 | | | | (0.53 | ) | | | 63 | | | |
| | | | 12.16 | | | | (2.75 | ) | | | 245 | | | | 1.60 | | | | (0.84 | ) | | | 1.78 | | | | (1.02 | ) | | | 63 | | | |
| | | | 12.27 | | | | (4.69 | ) | | | 10 | | | | 1.25 | (d) | | | (0.48 | )(d) | | | 1.43 | (d) | | | (0.66 | )(d) | | | 63 | | | |
| | | | 12.22 | | | | (5.08 | ) | | | 10 | | | | 1.75 | (d) | | | (0.98 | )(d) | | | 1.93 | (d) | | | (1.16 | )(d) | | | 63 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
| |
| | | | 13.48 | | | | 29.37 | | | | 26,423 | | | | 1.50 | | | | (0.89 | ) | | | 1.64 | | | | (1.03 | ) | | | 68 | | | |
| | | | 13.22 | | | | 28.35 | | | | 2,477 | | | | 2.25 | | | | (1.64 | ) | | | 2.39 | | | | (1.78 | ) | | | 68 | | | |
| | | | 13.21 | | | | 28.25 | | | | 6,472 | | | | 2.25 | | | | (1.64 | ) | | | 2.39 | | | | (1.78 | ) | | | 68 | | | |
| | | | 13.55 | | | | 29.79 | | | | 76,637 | | | | 1.10 | | | | (0.49 | ) | | | 1.24 | | | | (0.63 | ) | | | 68 | | | |
| | | | 13.40 | | | | 29.22 | | | | 129 | | | | 1.60 | | | | (0.99 | ) | | | 1.74 | | | | (1.13 | ) | | | 68 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
| |
| | | | 10.42 | | | | 1.24 | | | | 72,124 | | | | 1.49 | | | | (0.79 | ) | | | 2.05 | | | | (1.35 | ) | | | 64 | | | |
| | | | 10.30 | | | | 0.45 | | | | 1,563 | | | | 2.25 | | | | (1.56 | ) | | | 3.15 | | | | (2.47 | ) | | | 64 | | | |
| | | | 10.30 | | | | 0.45 | | | | 5,937 | | | | 2.25 | | | | (1.54 | ) | | | 2.82 | | | | (2.12 | ) | | | 64 | | | |
| | | | 10.44 | | | | 1.63 | | | | 1,360 | | | | 1.07 | | | | (0.38 | ) | | | 6.98 | | | | (6.29 | ) | | | 64 | | | |
| | | | 10.37 | | | | 1.04 | | | | 153 | | | | 1.61 | | | | (0.95 | ) | | | 2.46 | | | | (1.81 | ) | | | 64 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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| |
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| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | 10.40 | | | | 4.00 | | | | 569 | | | | 1.50 | (d) | | | (0.69 | )(d) | | | 16.73 | (d) | | | (15.92 | )(d) | | | 3 | | | |
| | | | 10.36 | | | | 3.60 | | | | 69 | | | | 2.25 | (d) | | | (1.42 | )(d) | | | 17.48 | (d) | | | (16.65 | )(d) | | | 3 | | | |
| | | | 10.36 | | | | 3.60 | | | | 19 | | | | 2.25 | (d) | | | (1.35 | )(d) | | | 17.48 | (d) | | | (16.58 | )(d) | | | 3 | | | |
| | | | 10.38 | | | | 3.80 | | | | 5,415 | | | | 1.10 | (d) | | | (0.13 | )(d) | | | 16.33 | (d) | | | (15.36 | )(d) | | | 3 | | | |
| | | | 10.37 | | | | 3.70 | | | | 10 | | | | 1.60 | (d) | | | (0.62 | )(d) | | | 16.83 | (d) | | | (15.85 | )(d) | | | 3 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
| |
The accompanying notes are an integral part of these financial statements.
GOLDMAN SACHS STRATEGIC GROWTH FUND
Financial Highlights
Selected Data for a Share Outstanding Throughout Each Period
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | Income (loss) from
| | | | | | |
| | | | | | | | investment operations | | | | | | |
| | | | | | | | | | | | | | | | | Distributions
| | | |
| | | | | Net asset
| | | | | | | | | | | | to shareholders
| | | |
| | | | | value,
| | | Net
| | | Net realized
| | | Total from
| | | from net
| | | |
| | | | | beginning
| | | investment
| | | and unrealized
| | | investment
| | | investment
| | | |
| | | Year - Share Class | | of period | | | income (loss)(a) | | | gain (loss) | | | operations | | | income | | | |
| |
| FOR THE PERIOD ENDED FEBRUARY 28, (UNAUDITED) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 2009 - A | | $ | 10.34 | | | $ | — | (c) | | $ | (4.47 | ) | | $ | (4.47 | ) | | $ | — | | | |
| | | 2009 - B | | | 9.65 | | | | (0.02 | ) | | | (4.18 | ) | | | (4.20 | ) | | | — | | | |
| | | 2009 - C | | | 9.67 | | | | (0.02 | ) | | | (4.19 | ) | | | (4.21 | ) | | | — | | | |
| | | 2009 - Institutional | | | 10.68 | | | | 0.02 | | | | (4.63 | ) | | | (4.61 | ) | | | — | | | |
| | | 2009 - Service | | | 10.40 | | | | — | (c) | | | (4.51 | ) | | | (4.51 | ) | | | — | | | |
| | | 2009 - IR (Commenced January 6, 2009) | | | 7.07 | | | | — | (c) | | | (1.00 | ) | | | (1.00 | ) | | | — | | | |
| | | 2009 - R (Commenced January 6, 2009) | | | 6.83 | | | | — | (c) | | | (0.97 | ) | | | (0.97 | ) | | | — | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| FOR THE YEARS ENDED AUGUST 31, |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 2008 - A | | | 10.49 | | | | (0.05 | ) | | | (0.10 | ) | | | (0.15 | ) | | | — | | | |
| | | 2008 - B | | | 9.86 | | | | (0.12 | ) | | | (0.09 | ) | | | (0.21 | ) | | | — | | | |
| | | 2008 - C | | | 9.88 | | | | (0.12 | ) | | | (0.09 | ) | | | (0.21 | ) | | | — | | | |
| | | 2008 - Institutional | | | 10.79 | | | | (0.01 | ) | | | (0.10 | ) | | | (0.11 | ) | | | — | | | |
| | | 2008 - Service | | | 10.52 | | | | (0.02 | ) | | | (0.10 | ) | | | (0.12 | ) | | | — | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | |
| | | |
| | | 2007 - A | | | 9.03 | | | | (0.04 | ) | | | 1.50 | | | | 1.46 | | | | — | | | |
| | | 2007 - B | | | 8.55 | | | | (0.11 | ) | | | 1.42 | | | | 1.31 | | | | — | | | |
| | | 2007 - C | | | 8.57 | | | | (0.11 | ) | | | 1.42 | | | | 1.31 | | | | — | | | |
| | | 2007 - Institutional | | | 9.25 | | | | — | (c) | | | 1.54 | | | | 1.54 | | | | — | | | |
| | | 2007 - Service | | | 9.06 | | | | (0.05 | ) | | | 1.51 | | | | 1.46 | | | | — | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | |
| | | |
| | | 2006 - A | | | 8.75 | | | | (0.05 | ) | | | 0.33 | | | | 0.28 | | | | — | | | |
| | | 2006 - B | | | 8.35 | | | | (0.11 | ) | | | 0.31 | | | | 0.20 | | | | — | | | |
| | | 2006 - C | | | 8.36 | | | | (0.11 | ) | | | 0.32 | | | | 0.21 | | | | — | | | |
| | | 2006 - Institutional | | | 8.94 | | | | (0.01 | ) | | | 0.33 | | | | 0.32 | | | | (0.01 | ) | | |
| | | 2006 - Service | | | 8.77 | | | | (0.05 | ) | | | 0.34 | | | | 0.29 | | | | — | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | |
| | | |
| | | 2005 - A | | | 8.07 | | | | 0.01 | (d) | | | 0.67 | | | | 0.68 | | | | — | (c) | | |
| | | 2005 - B | | | 7.76 | | | | (0.05 | )(d) | | | 0.64 | | | | 0.59 | | | | — | | | |
| | | 2005 - C | | | 7.78 | | | | (0.05 | )(d) | | | 0.63 | | | | 0.58 | | | | — | | | |
| | | 2005 - Institutional | | | 8.25 | | | | 0.05 | (d) | | | 0.68 | | | | 0.73 | | | | (0.04 | ) | | |
| | | 2005 - Service | | | 8.10 | | | | — | (c)(d) | | | 0.67 | | | | 0.67 | | | | — | (c) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | |
| | | |
| | | 2004 - A | | | 7.79 | | | | (0.04 | ) | | | 0.32 | | | | 0.28 | | | | — | | | |
| | | 2004 - B | | | 7.55 | | | | (0.10 | ) | | | 0.31 | | | | 0.21 | | | | — | | | |
| | | 2004 - C | | | 7.56 | | | | (0.10 | ) | | | 0.32 | | | | 0.22 | | | | — | | | |
| | | 2004 - Institutional | | | 7.93 | | | | (0.01 | ) | | | 0.33 | | | | 0.32 | | | | — | | | |
| | | 2004 - Service | | | 7.82 | | | | (0.05 | ) | | | 0.33 | | | | 0.28 | | | | — | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | |
| | | |
| |
| (a) | Calculated based on the average shares outstanding methodology. |
| (b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total returns would be reduced if sales or redemption charges were taken into account. Total returns for periods less than one full year are not annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
| (c) | Amount is less than $0.005 per share. |
| (d) | Reflects income recognized from special dividends which amounted to $0.05 per share and 0.57% of average net assets. |
| (e) | Amount is less than 0.005% per share. |
| (f) | Annualized. |
The accompanying notes are an integral part of these financial statements.
GOLDMAN SACHS STRATEGIC GROWTH FUND
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | 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 | | | |
| |
| |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | $ | 5.87 | | | | (43.23 | )% | | $ | 91,949 | | | | 1.41 | %(f) | | | 0.02 | %(f) | | | 1.65 | %(f) | | | (0.22 | )%(f) | | | 66 | % | | |
| | | | 5.45 | | | | (43.52 | ) | | | 2,958 | | | | 2.16 | (f) | | | (0.73 | )(f) | | | 2.40 | (f) | | | (0.97 | )(f) | | | 66 | | | |
| | | | 5.46 | | | | (43.54 | ) | | | 6,407 | | | | 2.16 | (f) | | | (0.72 | )(f) | | | 2.40 | (f) | | | (0.96 | )(f) | | | 66 | | | |
| | | | 6.07 | | | | (43.16 | ) | | | 75,294 | | | | 1.01 | (f) | | | 0.42 | (f) | | | 1.25 | (f) | | | 0.18 | (f) | | | 66 | | | |
| | | | 5.89 | | | | (43.37 | ) | | | 9 | | | | 1.51 | (f) | | | 0.14 | (f) | | | 1.75 | (f) | | | (0.10 | )(f) | | | 66 | | | |
| | | | 6.07 | | | | (14.14 | ) | | | 2 | | | | 1.16 | (f) | | | 0.16 | (f) | | | 1.40 | (f) | | | (0.08 | )(f) | | | 66 | | | |
| | | | 5.86 | | | | (14.20 | ) | | | 2 | | | | 1.66 | (f) | | | (0.07 | )(f) | | | 1.90 | (f) | | | (0.31 | )(f) | | | 66 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | 10.34 | | | | (1.43 | ) | | | 177,810 | | | | 1.44 | | | | (0.44 | ) | | | 1.52 | | | | (0.52 | ) | | | 59 | | | |
| | | | 9.65 | | | | (2.12 | ) | | | 6,015 | | | | 2.19 | | | | (1.19 | ) | | | 2.27 | | | | (1.27 | ) | | | 59 | | | |
| | | | 9.67 | | | | (2.12 | ) | | | 11,374 | | | | 2.19 | | | | (1.19 | ) | | | 2.27 | | | | (1.27 | ) | | | 59 | | | |
| | | | 10.68 | | | | (1.02 | ) | | | 154,711 | | | | 1.04 | | | | (0.05 | ) | | | 1.12 | | | | (0.13 | ) | | | 59 | | | |
| | | | 10.40 | | | | (1.14 | ) | | | 3 | | | | 1.54 | | | | (0.20 | ) | | | 1.62 | | | | (0.28 | ) | | | 59 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
| |
| | | | 10.49 | | | | 16.17 | | | | 138,613 | | | | 1.45 | | | | (0.41 | ) | | | 1.51 | | | | (0.47 | ) | | | 50 | | | |
| | | | 9.86 | | | | 15.32 | | | | 6,574 | | | | 2.20 | | | | (1.17 | ) | | | 2.26 | | | | (1.23 | ) | | | 50 | | | |
| | | | 9.88 | | | | 15.29 | | | | 10,878 | | | | 2.20 | | | | (1.16 | ) | | | 2.26 | | | | (1.22 | ) | | | 50 | | | |
| | | | 10.79 | | | | 16.65 | | | | 152,059 | | | | 1.05 | | | | (0.02 | ) | | | 1.11 | | | | (0.08 | ) | | | 50 | | | |
| | | | 10.52 | | | | 16.11 | | | | 3 | | | | 1.55 | | | | (0.55 | ) | | | 1.61 | | | | (0.61 | ) | | | 50 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
| |
| | | | 9.03 | | | | 3.20 | | | | 127,318 | | | | 1.44 | | | | (0.52 | ) | | | 1.56 | | | | (0.64 | ) | | | 53 | | | |
| | | | 8.55 | | | | 2.40 | | | | 7,619 | | | | 2.19 | | | | (1.27 | ) | | | 2.30 | | | | (1.38 | ) | | | 53 | | | |
| | | | 8.57 | | | | 2.51 | | | | 10,344 | | | | 2.19 | | | | (1.27 | ) | | | 2.31 | | | | (1.39 | ) | | | 53 | | | |
| | | | 9.25 | | | | 3.56 | | | | 183,697 | | | | 1.04 | | | | (0.12 | ) | | | 1.16 | | | | (0.24 | ) | | | 53 | | | |
| | | | 9.06 | | | | 3.31 | | | | 12 | | | | 1.54 | | | | (0.45 | ) | | | 1.65 | | | | (0.55 | ) | | | 53 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
| |
| | | | 8.75 | | | | 8.44 | | | | 164,330 | | | | 1.44 | | | | 0.12 | (d) | | | 1.57 | | | | (0.01 | )(d) | | | 46 | | | |
| | | | 8.35 | | | | 7.60 | | | | 10,195 | | | | 2.19 | | | | (0.62 | )(d) | | | 2.32 | | | | (0.75 | )(d) | | | 46 | | | |
| | | | 8.36 | | | | 7.46 | | | | 11,392 | | | | 2.19 | | | | (0.64 | )(d) | | | 2.32 | | | | (0.77 | )(d) | | | 46 | | | |
| | | | 8.94 | | | | 8.82 | | | | 155,546 | | | | 1.04 | | | | 0.54 | (d) | | | 1.17 | | | | 0.41 | (d) | | | 46 | | | |
| | | | 8.77 | | | | 8.27 | �� | | | 261 | | | | 1.54 | | | | — | (d)(e) | | | 1.67 | | | | (0.13 | )(d) | | | 46 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
| |
| | | | 8.07 | | | | 3.59 | | | | 173,243 | | | | 1.44 | | | | (0.47 | ) | | | 1.55 | | | | (0.58 | ) | | | 19 | | | |
| | | | 7.76 | | | | 2.78 | | | | 11,537 | | | | 2.19 | | | | (1.22 | ) | | | 2.30 | | | | (1.33 | ) | | | 19 | | | |
| | | | 7.78 | | | | 2.91 | | | | 11,491 | | | | 2.19 | | | | (1.22 | ) | | | 2.30 | | | | (1.33 | ) | | | 19 | | | |
| | | | 8.25 | | | | 4.04 | | | | 129,083 | | | | 1.04 | | | | (0.07 | ) | | | 1.15 | | | | (0.18 | ) | | | 19 | | | |
| | | | 8.10 | | | | 3.58 | | | | 297 | | | | 1.54 | | | | (0.58 | ) | | | 1.65 | | | | (0.69 | ) | | | 19 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
| |
The accompanying notes are an integral part of these financial statements.
GOLDMAN SACHS TOLLKEEPER FUND
Financial Highlights
Selected Data for a Share Outstanding Throughout Each Period
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | Income (loss) from
| | | |
| | | | | | | | investment operations | | | |
| | | | | Net asset
| | | | | | | | | | | | |
| | | | | value,
| | | Net
| | | Net realized
| | | Total from
| | | |
| | | | | beginning
| | | investment
| | | and unrealized
| | | investment
| | | |
| | | Year - Share Class | | of period | | | loss(a) | | | gain (loss) | | | operations | | | |
| |
| FOR THE SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED) |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | 2009 - A | | $ | 10.19 | | | $ | (0.02 | ) | | $ | (4.15 | ) | | $ | (4.17 | ) | | |
| | | 2009 - B | | | 9.52 | | | | (0.05 | ) | | | (3.87 | ) | | | (3.92 | ) | | |
| | | 2009 - C | | | 9.52 | | | | (0.05 | ) | | | (3.87 | ) | | | (3.92 | ) | | |
| | | 2009 - Institutional | | | 10.56 | | | | (0.01 | ) | | | (4.30 | ) | | | (4.31 | ) | | |
| | | 2009 - Service | | | 10.12 | | | | (0.03 | ) | | | (4.11 | ) | | | (4.14 | ) | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| FOR THE PERIOD JANUARY 1, 2008 TO AUGUST 31, 2008, * |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | 2008 - A | | | 11.52 | | | | (0.06 | ) | | | (1.27 | ) | | | (1.33 | ) | | |
| | | 2008 - B | �� | | 10.82 | | | | (0.10 | ) | | | (1.20 | ) | | | (1.30 | ) | | |
| | | 2008 - C | | | 10.81 | | | | (0.10 | ) | | | (1.19 | ) | | | (1.29 | ) | | |
| | | 2008 - Institutional | | | 11.91 | | | | (0.03 | ) | | | (1.32 | ) | | | (1.35 | ) | | |
| | | 2008 - Service | | | 11.45 | | | | (0.06 | ) | | | (1.27 | ) | | | (1.33 | ) | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| FOR THE YEARS ENDED DECEMBER 31, |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | 2007 - A | | | 9.04 | | | | (0.10 | )(c)(d) | | | 2.58 | (e) | | | 2.48 | | | |
| | | 2007 - B | | | 8.55 | | | | (0.16 | )(c)(d) | | | 2.43 | (e) | | | 2.27 | | | |
| | | 2007 - C | | | 8.55 | | | | (0.17 | )(c)(d) | | | 2.43 | (e) | | | 2.26 | | | |
| | | 2007 - Institutional | | | 9.31 | | | | (0.06 | )(c)(d) | | | 2.66 | (e) | | | 2.60 | | | |
| | | 2007 - Service | | | 8.99 | | | | (0.11 | )(c)(d) | | | 2.57 | (e) | | | 2.46 | | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | |
| | | |
| | | 2006 - A | | | 8.02 | | | | (0.10 | ) | | | 1.12 | (f) | | | 1.02 | | | |
| | | 2006 - B | | | 7.65 | | | | (0.15 | ) | | | 1.05 | (f) | | | 0.90 | | | |
| | | 2006 - C | | | 7.64 | | | | (0.15 | ) | | | 1.06 | (f) | | | 0.91 | | | |
| | | 2006 - Institutional | | | 8.23 | | | | (0.06 | ) | | | 1.14 | (f) | | | 1.08 | | | |
| | | 2006 - Service | | | 7.99 | | | | (0.10 | ) | | | 1.10 | (f) | | | 1.00 | | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | |
| | | |
| | | 2005 - A | | | 7.87 | | | | (0.08 | ) | | | 0.23 | | | | 0.15 | | | |
| | | 2005 - B | | | 7.56 | | | | (0.13 | ) | | | 0.22 | | | | 0.09 | | | |
| | | 2005 - C | | | 7.55 | | | | (0.13 | ) | | | 0.22 | | | | 0.09 | | | |
| | | 2005 - Institutional | | | 8.04 | | | | (0.05 | ) | | | 0.24 | | | | 0.19 | | | |
| | | 2005 - Service | | | 7.85 | | | | (0.09 | ) | | | 0.23 | | | | 0.14 | | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | |
| | | |
| | | 2004 - A | | | 6.99 | | | | (0.04 | ) | | | 0.92 | | | | 0.88 | | | |
| | | 2004 - B | | | 6.77 | | | | (0.09 | ) | | | 0.88 | | | | 0.79 | | | |
| | | 2004 - C | | | 6.76 | | | | (0.09 | ) | | | 0.88 | | | | 0.79 | | | |
| | | 2004 - Institutional | | | 7.11 | | | | (0.02 | ) | | | 0.95 | | | | 0.93 | | | |
| | | 2004 - Service | | | 6.96 | | | | (0.04 | ) | | | 0.93 | | | | 0.89 | | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | |
| | | |
| | | 2003 - A | | | 4.80 | | | | (0.08 | ) | | | 2.27 | | | | 2.19 | | | |
| | | 2003 - B | | | 4.68 | | | | (0.12 | ) | | | 2.21 | | | | 2.09 | | | |
| | | 2003 - C | | | 4.67 | | | | (0.12 | ) | | | 2.21 | | | | 2.09 | | | |
| | | 2003 - Institutional | | | 4.86 | | | | (0.05 | ) | | | 2.30 | | | | 2.25 | | | |
| | | 2003 - Service | | | 4.78 | | | | (0.08 | ) | | | 2.26 | | | | 2.18 | | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | |
| | | |
| |
| * | The Fund changed its fiscal year end from December 31 to August 31. |
| |
| (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 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 was taken into account. Total returns for periods less than one full year are not annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
| (c) | Includes non-recurring expense for a special shareholder proxy meeting which amounted to approximately $0.01 per share and approximately 0.05% of average net assets. |
| (d) | Reflects income recognized from special dividends which amounted to $0.01 per share and 0.12% of average net assets. |
| (e) | Reflects an increase of $0.07 per share and 0.67% of average net assets due to payments received for class action settlements received during the year. |
| (f) | Reflects an increase of $0.04 per share and 0.47% of average net assets due to payments received for class action settlements received during the year. |
| (g) | Total return reflects the impact of payments received for class action settlements received during the year. Excluding such payments, the total return would have been 27.32%, 26.43%, 26.32%, 27.82% and 27.25%, respectively. |
| (h) | Total return reflects the impact of payments received for class action settlements received during the year. Excluding such payments, the total return would have been 12.22%, 11.24%, 11.39%, 12.64% and 12.02%, respectively. |
| (i) | Annualized. |
The accompanying notes are an integral part of these financial statements.
GOLDMAN SACHS TOLLKEEPER FUND
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | 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 | | | net assets | | | net assets | | | net assets | | | rate | | | |
| |
| |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | $ | 6.02 | | | | (40.86 | )% | | $ | 102,938 | | | | 1.50 | %(i) | | | (0.63 | )%(i) | | | 1.69 | %(i) | | | (0.82 | )%(i) | | | 18 | % | | |
| | | | 5.60 | | | | (41.18 | ) | | | 14,300 | | | | 2.25 | (i) | | | (1.39 | )(i) | | | 2.44 | (i) | | | (1.58 | )(i) | | | 18 | | | |
| | | | 5.60 | | | | (41.11 | ) | | | 27,054 | | | | 2.25 | (i) | | | (1.38 | )(i) | | | 2.44 | (i) | | | (1.57 | )(i) | | | 18 | | | |
| | | | 6.25 | | | | (40.81 | ) | | | 9,067 | | | | 1.10 | (i) | | | (0.23 | )(i) | | | 1.29 | (i) | | | (0.42 | )(i) | | | 18 | | | |
| | | | 5.98 | | | | (40.91 | ) | | | 1,953 | | | | 1.60 | (i) | | | (0.73 | )(i) | | | 1.79 | (i) | | | (0.92 | )(i) | | | 18 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | 10.19 | | | | (11.63 | ) | | | 184,063 | | | | 1.44 | (i) | | | (0.86 | )(i) | | | 1.51 | (i) | | | (0.93 | )(i) | | | 29 | | | |
| | | | 9.52 | | | | (12.01 | ) | | | 33,787 | | | | 2.19 | (i) | | | (1.60 | )(i) | | | 2.26 | (i) | | | (1.67 | )(i) | | | 29 | | | |
| | | | 9.52 | | | | (12.03 | ) | | | 49,880 | | | | 2.19 | (i) | | | (1.60 | )(i) | | | 2.26 | (i) | | | (1.67 | )(i) | | | 29 | | | |
| | | | 10.56 | | | | (11.34 | ) | | | 17,717 | | | | 1.04 | (i) | | | (0.45 | )(i) | | | 1.11 | (i) | | | (0.52 | )(i) | | | 29 | | | |
| | | | 10.12 | | | | (11.62 | ) | | | 3,185 | | | | 1.54 | (i) | | | (0.89 | )(i) | | | 1.61 | (i) | | | (0.96 | )(i) | | | 29 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | 11.52 | | | | 27.43 | (g) | | | 194,604 | | | | 1.56 | (c) | | | (0.99 | )(c)(d) | | | 1.64 | (c) | | | (1.07 | )(c)(d) | | | 70 | | | |
| | | | 10.82 | | | | 26.55 | (g) | | | 78,493 | | | | 2.31 | (c) | | | (1.73 | )(c)(d) | | | 2.39 | (c) | | | (1.81 | )(c)(d) | | | 70 | | | |
| | | | 10.81 | | | | 26.43 | (g) | | | 61,641 | | | | 2.31 | (c) | | | (1.74 | )(c)(d) | | | 2.39 | (c) | | | (1.82 | )(c)(d) | | | 70 | | | |
| | | | 11.91 | | | | 27.93 | (g) | | | 23,679 | | | | 1.16 | (c) | | | (0.56 | )(c)(d) | | | 1.24 | (c) | | | (0.64 | )(c)(d) | | | 70 | | | |
| | | | 11.45 | | | | 27.36 | (g) | | | 1,441 | | | | 1.66 | (c) | | | (1.07 | )(c)(d) | | | 1.74 | (c) | | | (1.15 | )(c)(d) | | | 70 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
| |
| | | | 9.04 | | | | 12.72 | (h) | | | 108,340 | | | | 1.49 | | | | (1.14 | ) | | | 1.59 | | | | (1.24 | ) | | | 35 | | | |
| | | | 8.55 | | | | 11.76 | (h) | | | 93,722 | | | | 2.24 | | | | (1.89 | ) | | | 2.34 | | | | (1.99 | ) | | | 35 | | | |
| | | | 8.55 | | | | 11.91 | (h) | | | 51,346 | | | | 2.24 | | | | (1.89 | ) | | | 2.34 | | | | (1.99 | ) | | | 35 | | | |
| | | | 9.31 | | | | 13.12 | (h) | | | 15,659 | | | | 1.09 | | | | (0.75 | ) | | | 1.19 | | | | (0.85 | ) | | | 35 | | | |
| | | | 8.99 | | | | 12.52 | (h) | | | 160 | | | | 1.59 | | | | (1.24 | ) | | | 1.69 | | | | (1.34 | ) | | | 35 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
| |
| | | | 8.02 | | | | 1.91 | | | | 125,718 | | | | 1.50 | | | | (1.10 | ) | | | 1.56 | | | | (1.16 | ) | | | 48 | | | |
| | | | 7.65 | | | | 1.19 | | | | 120,415 | | | | 2.25 | | | | (1.85 | ) | | | 2.31 | | | | (1.91 | ) | | | 48 | | | |
| | | | 7.64 | | | | 1.19 | | | | 60,638 | | | | 2.25 | | | | (1.85 | ) | | | 2.31 | | | | (1.91 | ) | | | 48 | | | |
| | | | 8.23 | | | | 2.36 | | | | 8,819 | | | | 1.10 | | | | (0.70 | ) | | | 1.16 | | | | (0.76 | ) | | | 48 | | | |
| | | | 7.99 | | | | 1.78 | | | | 100 | | | | 1.60 | | | | (1.20 | ) | | | 1.66 | | | | (1.26 | ) | | | 48 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
| |
| | | | 7.87 | | | | 12.59 | | | | 158,079 | | | | 1.50 | | | | (0.55 | ) | | | 1.56 | | | | (0.61 | ) | | | 37 | | | |
| | | | 7.56 | | | | 11.67 | | | | 163,502 | | | | 2.25 | | | | (1.31 | ) | | | 2.31 | | | | (1.37 | ) | | | 37 | | | |
| | | | 7.55 | | | | 11.69 | | | | 79,210 | | | | 2.25 | | | | (1.31 | ) | | | 2.31 | | | | (1.37 | ) | | | 37 | | | |
| | | | 8.04 | | | | 13.08 | | | | 11,323 | | | | 1.10 | | | | (0.31 | ) | | | 1.16 | | | | (0.37 | ) | | | 37 | | | |
| | | | 7.85 | | | | 12.79 | | | | 121 | | | | 1.60 | | | | (0.57 | ) | | | 1.66 | | | | (0.63 | ) | | | 37 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
| |
| | | | 6.99 | | | | 45.63 | | | | 180,819 | | | | 1.50 | | | | (1.30 | ) | | | 1.55 | | | | (1.35 | ) | | | 27 | | | |
| | | | 6.77 | | | | 44.66 | | | | 189,420 | | | | 2.25 | | | | (2.04 | ) | | | 2.30 | | | | (2.09 | ) | | | 27 | | | |
| | | | 6.76 | | | | 44.75 | | | | 92,752 | | | | 2.25 | | | | (2.04 | ) | | | 2.30 | | | | (2.09 | ) | | | 27 | | | |
| | | | 7.11 | | | | 46.30 | | | | 27,687 | | | | 1.10 | | | | (0.89 | ) | | | 1.15 | | | | (0.94 | ) | | | 27 | | | |
| | | | 6.96 | | | | 45.61 | | | | 48 | | | | 1.60 | | | | (1.39 | ) | | | 1.65 | | | | (1.44 | ) | | | 27 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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| |
| |
The accompanying notes are an integral part of these financial statements.
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
Fund Expenses — Six Month Period Ended February 28, 2009 (Unaudited)
As a shareholder of Class A, Class B, Class C, Institutional, Service, Class IR or Class R Shares of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments (with respect to Class A Shares), contingent deferred sales charges (loads) on redemptions (with respect to Class B and Class C Shares), and redemption fees (if any); and (2) ongoing costs, including management fees; distribution and service (12b-1) fees (with respect to Class A, Class B, Class C and Class R Shares); and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class B, Class C, Institutional, Service, Class IR and Class R Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from September 1, 2008 through February 28, 2009.
Actual Expenses — The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual net expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | All Cap Growth Fund | | | Capital Growth Fund | | | Concentrated Growth Fund | | | | | | | | | |
| | | | | | | | | | | | | Growth Opportunities Fund |
| | | | | | | | | | Expenses
| | | | | | | | | Expenses
| | | | | | | | | Expenses
| | | | | | | | | Expenses
|
| | | | Beginning
| | | Ending
| | | Paid for the
| | | Beginning
| | | Ending
| | | Paid for the
| | | Beginning
| | | Ending
| | | Paid for the
| | | Beginning
| | | Ending
| | | Paid for the
|
| | | | Account Value
| | | Account Value
| | | 6 months ended
| | | Account Value
| | | Account Value
| | | 6 months ended
| | | Account Value
| | | Account Value
| | | 6 months ended
| | | Account Value
| | | Account Value
| | | 6 months ended
|
| Share Class | | | 9/1/08 | | | 2/28/09 | | | 2/28/09* | | | 9/1/08 | | | 2/28/09 | | | 2/28/09* | | | 9/1/08 | | | 2/28/09 | | | 2/28/09* | | | 9/1/08 | | | 2/28/09 | | | 2/28/09* |
Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Actual | | | $ | 1,000.00 | | | | $ | 576.30 | | | | $ | 5.59 | | | | $ | 1,000.00 | | | | $ | 553.10 | | | | $ | 5.20 | | | | $ | 1,000.00 | | | | $ | 547.30 | | | | $ | 5.50 | | | | $ | 1,000.00 | | | | $ | 561.30 | | | | $ | 5.77 | |
| Hypothetical 5% return | | | | 1,000.00 | | | | | 1,017.70 | + | | | | 7.16 | | | | | 1,000.00 | | | | | 1,018.05 | + | | | | 6.80 | | | | | 1,000.00 | | | | | 1,017.68 | + | | | | 7.17 | | | | | 1,000.00 | | | | | 1,017.41 | + | | | | 7.45 | |
| |
Class B | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Actual | | | | N/A | | | | | N/A | | | | | N/A | | | | | 1,000.00 | | | | | 551.10 | | | | | 8.09 | | | | | 1,000.00 | | | | | 545.00 | | | | | 8.37 | | | | | 1,000.00 | | | | | 559.10 | | | | | 8.66 | |
| Hypothetical 5% return | | | | N/A | | | | | N/A | | | | | N/A | | | | | 1,000.00 | | | | | 1,014.33 | + | | | | 10.54 | | | | | 1,000.00 | | | | | 1,013.96 | + | | | | 10.91 | | | | | 1,000.00 | | | | | 1,013.69 | + | | | | 11.18 | |
| |
Class C | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Actual | | | | 1,000.00 | | | | | 574.70 | | | | | 8.54 | | | | | 1,000.00 | | | | | 550.60 | | | | | 8.08 | | | | | 1,000.00 | | | | | 545.50 | | | | | 8.37 | | | | | 1,000.00 | | | | | 559.40 | | | | | 8.66 | |
| Hypothetical 5% return | | | | 1,000.00 | | | | | 1,013.98 | + | | | | 10.89 | | | | | 1,000.00 | | | | | 1,014.33 | + | | | | 10.54 | | | | | 1,000.00 | | | | | 1,013.97 | + | | | | 10.90 | | | | | 1,000.00 | | | | | 1,013.69 | + | | | | 11.18 | |
| |
Institutional | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Actual | | | | 1,000.00 | | | | | 577.50 | | | | | 4.02 | | | | | 1,000.00 | | | | | 554.20 | | | | | 3.68 | | | | | 1,000.00 | | | | | 548.70 | | | | | 3.97 | | | | | 1,000.00 | | | | | 562.80 | | | | | 4.24 | |
| Hypothetical 5% return | | | | 1,000.00 | | | | | 1,019.70 | + | | | | 5.14 | | | | | 1,000.00 | | | | | 1,020.03 | + | | | | 4.81 | | | | | 1,000.00 | | | | | 1,019.67 | + | | | | 5.18 | | | | | 1,000.00 | | | | | 1,019.37 | + | | | | 5.48 | |
| |
Service | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Actual | | | | N/A | | | | | N/A | | | | | N/A | | | | | 1,000.00 | | | | | 552.90 | | | | | 5.63 | | | | | 1,000.00 | | | | | 547.70 | | | | | 5.05 | | | | | 1,000.00 | | | | | 561.30 | | | | | 6.16 | |
| Hypothetical 5% return | | | | N/A | | | | | N/A | | | | | N/A | | | | | 1,000.00 | | | | | 1,017.54 | + | | | | 7.32 | | | | | 1,000.00 | | | | | 1,018.20 | + | | | | 6.66 | | | | | 1,000.00 | | | | | 1,016.90 | + | | | | 7.96 | |
| |
Class IR# | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Actual | | | | 1,000.00 | | | | | 577.10 | | | | | 4.58 | | | | | 1,000.00 | | | | | 553.70 | | | | | 4.40 | | | | | 1,000.00 | | | | | 547.60 | | | | | 4.73 | | | | | 1,000.00 | | | | | 562.60 | | | | | 5.22 | |
| Hypothetical 5% return | | | | 1,000.00 | | | | | 1,018.94 | + | | | | 5.91 | | | | | 1,000.00 | | | | | 1,019.29 | + | | | | 5.56 | | | | | 1,000.00 | | | | | 1,018.94 | + | | | | 5.91 | | | | | 1,000.00 | | | | | 1,018.65 | + | | | | 6.21 | |
| |
Class R# | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Actual | | | | 1,000.00 | | | | | 575.90 | | | | | 6.55 | | | | | 1,000.00 | | | | | 552.30 | | | | | 6.03 | | | | | 1,000.00 | | | | | 546.30 | | | | | 6.42 | | | | | 1,000.00 | | | | | 561.10 | | | | | 6.67 | |
| Hypothetical 5% return | | | | 1,000.00 | | | | | 1,016.48 | + | | | | 8.38 | | | | | 1,000.00 | | | | | 1,016.81 | + | | | | 8.05 | | | | | 1,000.00 | | | | | 1,016.49 | + | | | | 8.38 | | | | | 1,000.00 | | | | | 1,016.17 | + | | | | 8.70 | |
| |
102
GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Small/Mid Cap Growth Fund | | | Strategic Growth Fund | | | Tollkeeper Fund |
| | | | | | | | | | Expenses
| | | | | | | | | Expenses
| | | | | | | | | Expenses
|
| | | | Beginning
| | | Ending
| | | Paid for the
| | | Beginning
| | | Ending
| | | Paid for the
| | | Beginning
| | | Ending
| | | Paid for the
|
| | | | Account Value
| | | Account Value
| | | 6 months ended
| | | Account Value
| | | Account Value
| | | period ended
| | | Account Value
| | | Account Value
| | | 6 months ended
|
| Share Class | | | 9/1/08 | | | 2/28/09 | | | 2/28/09* | | | 9/1/08 | | | 2/28/09 | | | 2/28/09* | | | 9/1/08 | | | 2/28/09 | | | 2/28/09* |
Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Actual | | | $ | 1,000.00 | | | | $ | 578.00 | | | | $ | 5.89 | | | | $ | 1,000.00 | | | | $ | 567.70 | | | | $ | 5.47 | | | | $ | 1,000.00 | | | | $ | 591.40 | | | | $ | 5.96 | |
| Hypothetical 5% return | | | | 1,000.00 | | | | | 1,017.33 | + | | | | 7.53 | | | | | 1,000.00 | | | | | 1,017.82 | + | | | | 7.04 | | | | | 1,000.00 | | | | | 1,017.31 | + | | | | 7.55 | |
| |
Class B | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Actual | | | | 1,000.00 | | | | | 575.60 | | | | | 8.80 | | | | | 1,000.00 | | | | | 564.80 | | | | | 8.37 | | | | | 1,000.00 | | | | | 588.20 | | | | | 8.90 | |
| Hypothetical 5% return | | | | 1,000.00 | | | | | 1,013.62 | + | | | | 11.25 | | | | | 1,000.00 | | | | | 1,014.10 | + | | | | 10.77 | | | | | 1,000.00 | | | | | 1,013.59 | + | | | | 11.28 | |
| |
Class C | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Actual | | | | 1,000.00 | | | | | 575.60 | | | | | 8.80 | | | | | 1,000.00 | | | | | 564.60 | | | | | 8.36 | | | | | 1,000.00 | | | | | 588.90 | | | | | 8.90 | |
| Hypothetical 5% return | | | | 1,000.00 | | | | | 1,013.63 | + | | | | 11.25 | | | | | 1,000.00 | | | | | 1,014.10 | + | | | | 10.77 | | | | | 1,000.00 | | | | | 1,013.59 | + | | | | 11.28 | |
| |
Institutional | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Actual | | | | 1,000.00 | | | | | 579.60 | | | | | 4.31 | | | | | 1,000.00 | | | | | 568.40 | | | | | 3.91 | | | | | 1,000.00 | | | | | 591.90 | | | | | 4.38 | |
| Hypothetical 5% return | | | | 1,000.00 | | | | | 1,019.33 | + | | | | 5.52 | | | | | 1,000.00 | | | | | 1,019.80 | + | | | | 5.04 | | | | | 1,000.00 | | | | | 1,019.29 | + | | | | 5.56 | |
| |
Service | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Actual | | | | 1,000.00 | | | | | 578.10 | | | | | 6.33 | | | | | 1,000.00 | | | | | 566.30 | | | | | 5.68 | | | | | 1,000.00 | | | | | 590.90 | | | | | 6.31 | |
| Hypothetical 5% return | | | | 1,000.00 | | | | | 1,016.86 | + | | | | 8.00 | | | | | 1,000.00 | | | | | 1,017.31 | + | | | | 7.55 | | | | | 1,000.00 | | | | | 1,016.86 | + | | | | 8.00 | |
| |
Class IR# | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Actual | | | | 1,000.00 | | | | | 578.60 | | | | | 4.95 | | | | | 1,000.00 | | | | | 607.00 | | | | | 1.39 | | | | | N/A | | | | | N/A | | | | | N/A | |
| Hypothetical 5% return | | | | 1,000.00 | | | | | 1,018.60 | + | | | | 6.26 | | | | | 1,000.00 | | | | | 1,005.58 | + | | | | 1.69 | | | | | N/A | | | | | N/A | | | | | N/A | |
| |
Class R# | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Actual | | | | 1,000.00 | | | | | 577.70 | | | | | 7.12 | | | | | 1,000.00 | | | | | 586.00 | | | | | 1.55 | | | | | N/A | | | | | N/A | | | | | N/A | |
| Hypothetical 5% return | | | | 1,000.00 | | | | | 1,016.12 | + | | | | 8.75 | | | | | 1,000.00 | | | | | 1,004.85 | + | | | | 2.42 | | | | | N/A | | | | | N/A | | | | | N/A | |
| |
| |
| * | Expenses for each share class are calculated using the Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended February 28, 2009. Expenses are calculated by multiplying the annualized net 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. The annualized net expense ratios for the period were as follows: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Fund | | Class A | | | Class B | | | Class C | | | Institutional | | | Service | | | Class IR# | | | Class R# | |
| | |
| All Cap Growth | | | 1.43 | % | | | N/A | | | | 2.18 | % | | | 1.03 | % | | | N/A | | | | 1.18 | % | | | 1.68 | % |
| Capital Growth | | | 1.36 | | | | 2.11 | % | | | 2.11 | | | | 0.96 | | | | 1.46 | % | | | 1.11 | | | | 1.61 | |
| Concentrated Growth | | | 1.43 | | | | 2.18 | | | | 2.18 | | | | 1.03 | | | | 1.53 | | | | 1.18 | | | | 1.68 | |
| Growth Opportunities | | | 1.49 | | | | 2.24 | | | | 2.24 | | | | 1.09 | | | | 1.59 | | | | 1.24 | | | | 1.74 | |
| Small Mid/Cap Growth | | | 1.50 | | | | 2.25 | | | | 2.25 | | | | 1.10 | | | | 1.60 | | | | 1.25 | | | | 1.75 | |
| Strategic Growth | | | 1.41 | | | | 2.16 | | | | 2.16 | | | | 1.01 | | | | 1.51 | | | | 1.16 | | | | 1.66 | |
| Tollkeeper | | | 1.50 | | | | 2.25 | | | | 2.25 | | | | 1.10 | | | | 1.60 | | | | N/A | | | | N/A | |
| |
| |
| |
| + | Hypothetical expenses are based on each Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses. |
| |
| # | Strategic Growth Fund IR and R Shares commenced operations on January 6, 2009. |
103
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FUNDS PROFILE
Goldman Sachs Funds
Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.
Today, the Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With portfolio management teams located around the world — and $739 billion in assets under management as of December 31, 2008 — our investment professionals bring firsthand knowledge of local markets to every investment decision, making us one of the few truly global asset managers.
GOLDMAN SACHS FUNDS
In building a globally diversified portfolio, you can select from more than 80 Goldman Sachs Funds and gain access to investment opportunities across borders, investment styles, asset classes and security capitalizations.
| | | | | |
Money Market1
Fixed Income
n Enhanced Income Fund
n Ultra-Short Duration
Government Fund
n Short Duration Government Fund
n Short Duration Tax-Free Fund
n Municipal Income Fund
n Government Income Fund
n Inflation Protected Securities Fund
n U.S. Mortgages Fund
n Core Fixed Income Fund
n Core Plus Fixed Income Fund
n Investment Grade Credit Fund
n Global Income Fund
n High Yield Municipal Fund
n High Yield Fund
n Emerging Markets Debt Fund
n Local Emerging Markets Debt Fund | | Domestic Equity
n Balanced Fund
n Growth and Income Fund
n Structured Large Cap Value Fund
n Large Cap Value Fund
n Structured U.S. Equity Fund
n Structured Large Cap Growth Fund
n Capital Growth Fund
n Strategic Growth Fund
n All Cap Growth Fund
n Concentrated Growth Fund
n Tollkeeper Fundsm
n Mid Cap Value Fund
n Growth Opportunities Fund
n Small/Mid Cap Growth Fund
n Structured Small Cap Equity Fund
n Structured Small Cap Value Fund
n Structured Small Cap Growth Fund
n Small Cap Value Fund
Fund of Funds2
n Asset Allocation Portfolios
n Income Strategies Portfolio
n Satellite Strategies Portfolio
n Enhanced Dividend Global Equity Portfolio
n Tax-Advantaged Global Equity Portfolio | | Retirement Strategies2
International Equity
n Structured International Equity Fund
n Structured International Equity Flex Fund
n Strategic International Equity Fund
n Concentrated International Equity Fund
n Structured International Small Cap Fund
n International Small Cap Fund
n Asia Equity Fund
n Structured Emerging Markets Equity Fund
n Emerging Markets Equity Fund
n BRIC Fund (Brazil, Russia, India, China)
Specialty2
n U.S. Equity Dividend and Premium Fund
n International Equity Dividend and Premium Fund
n Structured Tax-Managed Equity Fund
n Structured International Tax-Managed Equity Fund
n Real Estate Securities Fund
n International Real Estate Securities Fund
n Commodity Strategy Fund
n Absolute Return Tracker Fund |
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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 | Individual Funds within the Fund of Funds, Retirement Strategies 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 Fund of Funds, Retirement Strategies or Specialty category. |
The Goldman Sachs Tollkeeper FundSM is a registered service mark of Goldman, Sachs & Co.
| | | |
TRUSTEES
Ashok N. Bakhru, Chairman
John P. Coblentz, Jr.
Diana M. Daniels
Patrick T. Harker
James A. McNamara
Jessica Palmer
Alan A. Shuch
Richard P. Strubel | | OFFICERS
James A. McNamara, President
John M. Perlowski, Senior Vice President and Treasurer
Peter V. Bonanno, Secretary |
| | | |
| | | |
GOLDMAN, SACHS & CO.
Distributor and Transfer Agent | | GOLDMAN SACHS ASSET MANAGEMENT, L.P.
Investment Adviser |
Visit our Web site at www.goldmansachsfunds.com to obtain the most recent month-end returns.
Goldman Sachs Asset Management, L.P. 32 Old Slip, 32nd Floor, New York, New York 10005
This information discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions. It also refers to specific securities which pertains to past performance or is the basis for previously made discretionary investment decisions. It should not be assumed that the recommendations made in the future will be profitable or will equal the performance of the securities discussed in this document. A complete list of recommendations is available upon request. This material should not be construed as research or investment advice, or recommendation to buy or sell investments in the strategy or any other investments mentioned in this report or to follow any investment strategy.
This material has been prepared by GSAM and is not a product of the Goldman Sachs Global Investment Research (GIR) Department. The views and opinions expressed may differ from the views and opinions expressed by the GIR Department or other departments or divisions of Goldman Sachs and its affiliates. Investors are urged to consult with their financial advisors before buying or selling any securities. This information should not be relied upon in making an investment decision. GSAM has no obligation to provide any updates or changes.
Holdings may change by the time you receive this report. The securities discussed do not represent all of the portfolio’s holdings and may represent only a small percentage of the strategy’s portfolio holdings. Future portfolio holdings may not be profitable. The information should not be deemed representative of future characteristics for the strategy.
The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (I) without charge, upon request by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders); and (II) on the Securities and Exchange Commission Web site at http://www.sec.gov.
A prospectus for the Fund containing more complete information may be obtained from your authorized dealer or from Goldman, Sachs & Co. by calling (retail — 1-800-526-7384) (institutional — 1-800-621-2550). Please consider a fund’s objectives, risks, and charges and expenses, and read the prospectus carefully before investing. The prospectus contains this and other information about the Fund.
The Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. Beginning the fiscal quarter ended November 30, 2004 and every first and third fiscal quarter thereafter, the Funds’ Form N-Q will become available on the SEC’s website at http://www.sec.gov within 60 days after the Funds’ first and third fiscal quarters. When available, the Funds’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. When available, Form N-Q may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).
Holdings and allocations shown may not be representative of current or future investments. Holdings and allocations may not include the Fund’s entire investment portfolio, which may change at any time. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities.
Goldman Sachs Tollkeeper FundSM is a registered service mark of Goldman, Sachs & Co.
This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus. Please consider a Fund’s objectives, risks, and charges and expenses, and read the Prospectus carefully before investing. The Prospectus contains this and other information about the Funds.
Copyright 2009 Goldman, Sachs & Co. All rights reserved. 20771.MF.TMPL GROWTHSAR / 219K / 03-09
| | (a) | | The information required by this Item is only required in an annual report on this Form N-CSR. |
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| | (b) | | During the period covered by this report, no amendments were made to the provisions of the Code of Ethics. |
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| | (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. |
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| | (d) | | A copy of the Code of Ethics is available as provided in Item 12(a)(1) of this report. |
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| ITEM 3. | | AUDIT COMMITTEE FINANCIAL EXPERT. |
The information required by this Item is only required in an annual report on this Form N-CSR.
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| ITEM 4. | | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
The information required by this Item is only required in an annual report on this Form N-CSR.
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| ITEM 5. | | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
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| | | The information required by this Item is only required in an annual report on this Form N-CSR. |
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| ITEM 6. | | SCHEDULE OF INVESTMENTS. |
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| | | The Schedule of Investments is included as part of the Semi-Annual Report to Stockholders filed under Item 1 of this Form N-CSR. |
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| ITEM 7. | | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
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| | | Not applicable. |
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| ITEM 8. | | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
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| | | Not applicable. |
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| ITEM 9. | | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
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| | | Not applicable. |
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| 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. |
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| ITEM 11. | | CONTROLS AND PROCEDURES. |
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| | (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. |
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| | (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. |
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| | (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). |
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| | (a)(2) | | Exhibit 99.CERT | Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith. |
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| | (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, as amended, and the Investment Company Act of 1940, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. |
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| | | | | Goldman Sachs Trust | | |
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| By: | | | | /s/ James A. McNamara | | |
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| | | | | James A. McNamara | | |
| | | | | President/Principal Executive Officer | | |
| | | | | Goldman Sachs Trust | | |
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| Date: | | | | May 6, 2009 | | |
| | | | Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated. |
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| By: | | | | /s/ James A. McNamara | | |
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| | | | | James A. McNamara | | |
| | | | | President/Principal Executive Officer | | |
| | | | | Goldman Sachs Trust | | |
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| Date: | | | | May 6, 2009 | | |
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| By: | | | | /s/ John M. Perlowski | | |
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| | | | | John M. Perlowski | | |
| | | | | Treasurer/Principal Financial Officer | | |
| | | | | Goldman Sachs Trust | | |
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| Date: | | | | May 6, 2009 | | |
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