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: October 31
Date of reporting period: April 30, 2009
ITEM 1. | REPORTS TO STOCKHOLDERS. | |
The Semi-Annual Report to Stockholders is filed herewith. |
Goldman Sachs Funds
Semi-Annual Report | April 30, 2009 | ||
Fundamental International Equity Funds | |||
Concentrated International Equity Fund | |||
International Small Cap Fund | |||
Strategic International Equity Fund | |||
Goldman Sachs Fundamental
International Equity Funds
International Equity Funds
GOLDMAN SACHS CONCENTRATED INTERNATIONAL EQUITY FUND | ||
n | GOLDMAN SACHS INTERNATIONAL SMALL CAP FUND | |
n | GOLDMAN SACHS STRATEGIC INTERNATIONAL EQUITY FUND |
TABLE OF CONTENTS
Principal Investment Strategies and Risks | 1 | |
Investment Process | 2 | |
Portfolio Review and Results | 3 | |
Schedules of Investments | 21 | |
Financial Statements | 30 | |
Notes to Financial Statements | 34 | |
Financial Highlights | 46 | |
Other Information | 52 |
NOT FDIC-INSURED | May Lose Value | No Bank Guarantee | ||||
GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY 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’ Prospectus.
GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS
What Differentiates Goldman Sachs’ Fundamental
International Equity Investment Process?
International Equity Investment Process?
Goldman Sachs’ Fundamental International Equity investment process is based on the belief that strong, consistent results are best achieved through expert stock selection performed by research teams working together on a global scale. Our deep, diverse and experienced team of research analysts and portfolio managers combines local insights with global, industry-specific expertise to identify their best investment ideas.
n Fundamental research teams based in the United Kingdom, United States, Japan, China, India and Korea focusing on long-term business and management quality n Analysts collaborate regularly to leverage regional and industry-specific research and insights n Global perspective is informed by local market expertise n A common valuation framework, focusing on long-term earnings power, ensures consistency when valuing and comparing a company to its peers globally n Team of experienced portfolio managers is regionally aligned and has sector expertise n Team leverages the research of the approximately 42 regional investment professionals n Decision-making process is informed by active participation in the global research process n Security selections are aligned with level of investment conviction n Risk monitoring considers whether investment and other risks to the Funds are intended and justified n Dedicated portfolio construction team assists in ongoing monitoring and adjustment of the Funds International equity portfolios that strive to offer: n Access to markets across the world n Disciplined approach to stock selection n Optimal risk/return profiles |
PORTFOLIO REVIEW
Goldman Sachs Fundamental
International Equity Funds
International Equity Funds
Market Review
Overall, international equities struggled during the six-month period ended April 30, 2009. The Morgan Stanley Capital International Europe, Australasia, Far East Index (the “MSCI EAFE Index”) posted a return of −2.35%.
As the reporting period began in November 2008, international equities were in the midst of a severe downturn, driven by slumping oil prices, record-breaking high volatility, and the British pound weakening significantly against both the U.S. dollar and the euro. By the end of December, equity markets had recovered some of the lost ground, and volatility, while still elevated, came off its highs.
During the first months of 2009, however, negative data points concerning the current global economic and financial crises extended and amplified 2008 headwinds, thereby driving international equity markets further downward. Across geographies, concerns about the financial health of banks and insurance companies dominated. Announcements of government intervention and ratings downgrades heightened fears of insolvency and further bad debt exposures.
In February, the U.S. government was forced to come to the rescue of Citigroup for a third time, while Standard & Poor’s slashed its ratings on the life insurers. Similar themes emerged in Europe, where life assurance and insurance companies faced steep declines, and details of the U.K. Treasury’s Asset Protection Scheme provided little comfort to investors. The Bank of England cut interest rates by 50 basis points (0.50%) to an all-time low of 1.00%, while the European Central Bank left rates unchanged at 2.00%. In Japan, loan business SFCG declared bankruptcy in February, confirming the bleak environment for financing. On the economic front, pessimistic unemployment and growth forecasts in Europe reflected deepening contraction. In Japan, fourth quarter 2008 GDP data showed a 12.7% annualized rate of contraction, representing the worst growth rate in 35 years. China also reported dramatically worse export results in March, confirming worries about diminished global demand. All of this troubling news brought the international equity markets to new period lows early in March.
For the first calendar quarter overall, the MSCI EAFE Index declined 13.85%, despite a significant rally in late March. The late-March rally brought the MSCI EAFE Index into positive territory, with a monthly gain of 6.39%. In April, the equity markets continued to rally strongly. The MSCI EAFE Index generated a 12.96% return for April alone. Among other factors, the rally was driven primarily by hopes that monetary and fiscal stimuli may be enough to avoid a global depression. However such late-period gains were not enough to entirely recapture losses from prior months.
Small-Cap International Equities
The MSCI Small Cap EAFE Index gained 5.03% for the six-month period ended April 30, 2009. Small-capitalization international equities overall struggled even more than their larger-cap counterparts early in the reporting period, as heightened investor risk aversion in the face of extreme market volatility and the global credit crisis caused a sell-off of small-cap names in general. Shares of small-cap companies also tend to be
* | All index returns are expressed in U.S. dollar terms. |
Any reference to a specific company or security does not constitute a recommendation to buy, sell, hold or directly invest in the company or its securities. A complete list of recommendations is available upon request.
PORTFOLIO REVIEW
disproportionately affected by tightening liquidity. However, small-cap stocks were the biggest benefactors of the March/April 2009 equity market rally, as risk aversion ebbed and investors bought previously beaten-down stocks that they considered extremely cheap. All told, then, small-cap international equities, as measured by the MSCI Small Cap EAFE Index, outpaced larger-cap international equities during the reporting period.
Looking Ahead
We maintain a cautious near-term view ahead for the international equity markets but are quite constructive in our view of the longer-term opportunities individual stocks present. Certainly, the global economic environment remains challenging. However, we believe that bottom-up fundamental equity investing, based on understanding companies and anticipating change through thorough forward-looking research, has the potential to add value to our shareholders’ investment portfolios.
That said, with volatility set to remain elevated, we expect there to be increased stock-level differentiation going forward. It appears that investors are beginning to pay greater attention to company fundamentals. Therefore, we expect to see an increased dispersion among the winners and losers, as higher quality companies with robust business models successfully meet the challenges of difficult economic conditions and lower quality companies flounder. We expect to see stronger businesses taking market share from weaker competitors. This increased differentiation and renewed focus on company fundamentals should create a ripe environment with potentially greater opportunities to add value for skill-based managers.
For the near term, as we manage the Fundamental International Equity Funds, we intend to continue to seek to avoid financial, or balance sheet, risk, while endeavoring to analyze which companies will emerge stronger from this economic downturn. Certainly, most companies are suffering from the cyclical malaise. However, as investors, we look to the franchise and balance sheet strength of each company as characteristics that should enable the “best of breed” to emerge as winners when we begin to see more benign economic conditions. Where such companies can be identified, analyzed and valued to our satisfaction, we intend to establish positions in the Fundamental International Equity Funds.
As always, we maintain our focus on high-quality equity investments trading at compelling valuations and intend to stay true to our long-term discipline as we seek to navigate volatile markets ahead.
PORTFOLIO RESULTS
Concentrated International Equity Fund
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Global Equity Team discusses the Fund’s performance and positioning for the six-month period ended April 30, 2009.
Q | How did the Goldman Sachs Concentrated International Equity Fund (the “Fund”) perform during the semi-annual period ended April 30, 2009? |
A | During the six-month period ended April 30, 2009, the Fund’s Class A, B, C, Institutional and Service Shares generated cumulative total returns, without sales charges, of −3.58%, −3.94%, −3.97%, −3.44% and −3.64%, respectively. These returns compare to the −2.35% cumulative total return of the Fund’s benchmark, the MSCI EAFE Index (unhedged, with dividends reinvested), during the same period. |
Q | What key factors were responsible for the Fund’s performance during the six-month reporting period? |
A | The Fund’s underperformance against its benchmark during the reporting period can be primarily attributed to the month of April when the MSCI EAFE Index rallied 12.96%. The surge in the international equity markets was driven mostly by lower quality stocks, and because the Fund was rather defensively positioned in higher quality stocks, it lagged its benchmark. |
However, the impact of regulatory settlements during the period contributed positively to the Fund’s performance.
Q | What were some of the best-performing individual stocks within the countries that contributed most to the Fund’s performance? |
A | The Fund’s positioning in the U.K., Italy and Switzerland contributed most positively to its returns relative to the MSCI EAFE Index. Within the Fund’s U.K. allocation, the top contributor to performance during the reporting period was Autonomy Corp. PLC, a software company whose technology allows enterprises and governments to search media files in a conceptual, rather than structural, manner. Autonomy Corp. PLC’s shares rose on announcements of new contract wins, better-than-expected full-year results and an accretive acquisition during the period. A stabilization of industry fundamentals and a modest rebound in commodity prices positively impacted the Fund’s holdings in energy companies BG Group PLC and BP PLC. |
The Fund’s strong performance in Italy was driven largely by the Fund’s overweight position in Azimut Holding SpA, a financial firm that rebounded strongly from its 2008 lows. In Switzerland, health care company Roche Holding AG held up relatively well during the challenging fourth quarter of 2008. Further, weakness in its stock price after announcing its takeover bid for Genentech, Inc. in March was offset by buying in April related to the swine flu outbreak. The Fund also benefited from its position in diversified financials company Credit Suisse Group AG, which reported an incrementally better start to 2009 and rose with the financials sector broadly in April.
Q | What were some of the Fund’s other winning stocks? |
A | Two Asian holdings were among the strongest positive contributors to the Fund’s performance relative to the MSCI EAFE Index. Japan’s Honda Motor Co. Ltd. rallied after a March report indicated auto sales were rising from prior months’ lows. Also, shares of Hong Kong’s Sun Hung Kai Properties Ltd., Asia’s largest property developer, surged after the company reaffirmed its sales target for the year and after its strong credit rating was affirmed in late March. |
Q | Which stocks detracted significantly from the Fund’s performance during the semi-annual period? |
A | All three of the stocks that detracted most from the Fund’s performance during the semi-annual period were Japanese stocks. The Fund’s position in East Japan Railway Co., a rail transportation services company and real estate operator, detracted. Historically viewed as being defensive during recessionary times, passenger data released during the reporting period indicated worse-than-expected ridership levels, putting downward pressure on East Japan Railway Co.’s share price. The stock was also negatively impacted by press announcements surrounding the misuse of river water for power generation and a reduction in weekend highway fees. The Kansai Electric Power Co., Inc., which generates electricity from hydroelectric, thermal, geothermal, and nuclear power sources and distributes it to Osaka and the surrounding Kansai area, saw its shares decline upon moderating its earnings outlook. A position |
PORTFOLIO RESULTS
in real estate operator and developer NTT Urban Development Corp. detracted from the Fund’s results, as real estate names broadly slumped through most of the semi-annual period. |
Q | What other holdings hurt the Fund’s results relative to the MSCI EAFE Index during the reporting period? |
A | The Fund’s exposure to two financial names in Singapore — United Overseas Bank Ltd. and DBS Group Holdings Ltd. — detracted from its results given concerns surrounding credit exposures among Singapore banks. A position in Australian bank Westpac Banking Corp. also hurt the Fund’s results, as financials faced broad pressure from the end of 2008 through early March. We had eliminated Westpac Banking Corp. from the Fund’s portfolio before the stock’s rebound in April. |
Q | Did the Fund make any significant purchases during the first half of the fiscal year? |
A | Within the telecommunication services sector, we initiated a Fund position in Telefonica SA, the leading telecommunications operator in the Spanish and Portuguese-speaking world. We favored the company’s dominant market share and good free cash flow. We also added SAP AG, the German business software developer, to the Fund’s portfolio. Upon purchase, we believed SAP AG could benefit from upcoming corporate upgrade cycles as well as from its recurring revenue stream. We were also encouraged by the company’s strong sales growth in emerging markets and the broader profit margin expansion opportunity such growth may provide. |
Q | What sales did the Fund make during the six-month period? |
A | In addition to those sales mentioned above, we eliminated the Fund’s holding in Norwegian newspaper publisher Schibsted ASA upon growing concerns about the impact of a weak outlook for the advertising industry. We also sold out of the Fund’s position in Singapore-based bank DBS Group Holdings Ltd. after concerns about bad debts and slower loan growth pressured the stock, and we found more attractive investment candidates elsewhere. |
Q | How was the Fund positioned relative to its benchmark index at the end of April 2009? |
A | As of April 30, 2009, the Fund had overweighted allocations to Switzerland, Italy and Denmark and underweighted exposure to the U.K., Germany and Spain compared to the MSCI EAFE Index. |
From a sector allocation perspective, the Fund remained somewhat defensively positioned at the end of the reporting period, reflecting ongoing economic uncertainty. The Fund had underweighted allocations to materials and consumer-related industries and an overweighted exposure to health care. Nevertheless, at the margin, we tended to be more neutral on a sector basis overall, as the poor economic backdrop was balanced in part by interesting valuation levels across some stocks and sectors. As always, we remained focused on individual stock selection, with sector and regional positioning being a secondary, closely-monitored effect.
Goldman Sachs Global Equity Team
London, May 19, 2009
FUND BASICS
Concentrated International Equity Fund
as of April 30, 2009
PERFORMANCE REVIEW
Fund Total Return | MSCI EAFE Index | |||||||||
November 1, 2008-April 30, 2009 | (based on NAV)1 | (unhedged)2 | ||||||||
Class A | -3.58 | % | -2.35 | % | ||||||
Class B | -3.94 | -2.35 | ||||||||
Class C | -3.97 | -2.35 | ||||||||
Institutional | -3.44 | -2.35 | ||||||||
Service | -3.64 | -2.35 | ||||||||
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 Morgan Stanley Capital International (MSCI) Europe, Australia, Far East (EAFE) (NET) Index (unhedged, with dividends reinvested) is a market capitalization-weighted composite of securities in 21 developed markets. The Index is unmanaged and the figures for the Index do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an index. |
STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS3
For the period ended 3/31/09 | One Year | Five Years | Ten Years | Since Inception | Inception Date | |||||||||||||||
Class A | -49.54 | % | -6.09 | % | -3.49 | % | 2.08 | % | 12/1/92 | |||||||||||
Class B | -49.69 | -6.12 | -3.55 | -0.74 | 5/1/96 | |||||||||||||||
Class C | -47.53 | -5.72 | -3.53 | -2.40 | 8/15/97 | |||||||||||||||
Institutional | -46.39 | -4.63 | -2.43 | 1.03 | 2/7/96 | |||||||||||||||
Service | -46.68 | -5.12 | -2.91 | 0.39 | 3/6/96 | |||||||||||||||
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 Fund will charge a 2% redemption fee on the redemption of shares (including by exchange) held for 30 calendar days or less. The performance figures do not reflect the deduction of the redemption fee. If reflected, the redemption fee would reduce the performance quoted. |
The returns represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our Web site at: www.goldmansachsfunds.com to obtain the most recent month-end returns. Performance reflects fee waivers and/or 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 | 1.54 | % | 1.55 | % | ||||||
Class B | 2.29 | 2.30 | ||||||||
Class C | 2.29 | 2.30 | ||||||||
Institutional | 1.14 | 1.15 | ||||||||
Service | 1.64 | 1.65 | ||||||||
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 4/30/095
% of Net | ||||||||
Holding | Assets | Line of Business | Country | |||||
Fujitsu Ltd. | 3.1 | % | Technology Hardware & Equipment | Japan | ||||
BP PLC | 3.0 | Energy | United Kingdom | |||||
Roche Holding AG | 2.7 | Pharmaceuticals, Biotechnology & Life Sciences | Switzerland | |||||
Sun Hung Kai Properties Ltd. | 2.7 | Real Estate | Hong Kong | |||||
Nestle SA (Registered) | 2.7 | Food, Beverage & Tobacco | Switzerland | |||||
Vivendi | 2.7 | Media | France | |||||
Honda Motor Co. Ltd. | 2.6 | Automobiles & Components | Japan | |||||
Mitsubishi Corp. | 2.5 | Capital Goods | Japan | |||||
Total SA | 2.5 | Energy | France | |||||
Novo Nordisk A/S Class B | 2.5 | Pharmaceuticals, Biotechnology & Life Sciences | Denmark | |||||
5The top 10 holdings may not be representative of the Fund’s future investments.
FUND BASICS
SECTOR ALLOCATION AS OF 4/30/096
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 in the schedule of investments may differ from GICS. |
The percentage shown for each investment category reflects the value of investments in that category as a percentage of the total value of investments (excluding investments in the securities lending reinvestment vehicle, if any). Securities lending collateral represented 12.6% of the Fund’s net assets at April 30, 2009.
PORTFOLIO RESULTS
International Small Cap Fund
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Global Equity Team discusses the Fund’s performance and positioning for the six-month period ended April 30, 2009.
Q | How did the Goldman Sachs International Small Cap Fund (the “Fund”) perform during the semi-annual period ended April 30, 2009? |
A | During the six-month period ended April 30, 2009, the Fund’s Class A, B, C, Institutional and Service Shares generated cumulative total returns, without sales charges, of 4.99%, 4.56%, 4.58%, 5.25% and 5.00%, respectively. These returns compare to the 6.06% cumulative total return of the Fund’s benchmark, the S&P Developed ex-US Small Cap Index (gross) over the same period. |
Q | What key factors were responsible for the Fund’s performance during the six-month reporting period? |
A | The Fund’s underperformance against its benchmark during the reporting period was due primarily to weak stock selection within Switzerland, South Korea and Belgium, to underweight allocations to the stronger-performing equity markets of Switzerland and South Korea, and to exposure to the financials sector. The financials sector suffered during the semi-annual period in the face of the credit and sub-prime mortgage crises and the resulting increased risk aversion that drove a significant sell-off in small-cap equities overall. These factors were only partially mitigated by strong individual stock selection within Japan, the U.K. and Greece. |
Q | What were some of the best-performing individual stocks within the countries that contributed most to the Fund’s performance? |
A | Within Japan, Tsumura & Co., the largest producer of Chinese medicine kampo, was a leading positive contributor to the Fund’s performance during the reporting period. The company’s prescription herbal medicines grew steadily, supported by growth of its major prescription drugs. The company was able to take full advantage of growing demand for kampo, owing to efficacy against diseases common among the elderly and women and possible efficacy for patients who do not respond fully to western-style medicine. It appeared that clinical physicians and patients were beginning to gain a better understanding of the benefits of kampo. The Fund’s position in Funai Electric Co. Ltd. was also a strong contributor to its returns. Funai Electric Co. Ltd., which manufactures and sells audio-visual equipment and computer peripherals, saw its shares rise after the company announced better-than-expected quarterly results, quelling concerns about excess inventory in the short term and the company’s cost competitiveness in the audio-visual equipment market. Several sell-side analysts also upgraded the stock to a buy rating, which proved to be another positive catalyst for its shares. |
Within the U.K., the Fund’s holdings in Venture Production PLC and Greene King PLC were significant contributors to Fund performance. Shares of oil exploration and production company Venture Production PLC surged early in 2009, after management announced a strong rise in 2008 net income on the back of record oil prices and higher output as well as on some merger and acquisition speculation. Greene King PLC operates managed, tenanted and leased public houses, brews beer and wholesales beers, wines, spirits and soft drinks. Greene King PLC’s shares rose on positive news flow, including stronger sales than its rivals, an affirmed profit forecast and the announcement of a 207.5 million-pound ($302 million) rights offering to repay debt at a discount and fund acquisitions of distressed assets in the recession. Autonomy Corp. PLC, the U.K.’s second largest software maker, was also a leading contributor following a number of positive announcements, including new contract wins, better-than-expected full-year results and an accretive acquisition.
The Fund’s strong performance in Greece was driven predominantly by the Fund’s holding of retailer Jumbo SA. Following a difficult 2008, when the stock sold off due to heavy selling pressure on the Greek equity market broadly and negative consumer sentiment, the stock came back in 2009 through April 30. Given its value-based price positioning in the retail market, Jumbo SA was a beneficiary of consumers trading down from premium brands.
Q | Which stocks detracted significantly from the Fund’s performance during the semi-annual period? |
A | Within Belgium, the Fund’s holding of EVS Broadcast Equipment SA, the world’s largest supplier of digital disk recorders for broadcast vans, detracted from results. Its |
PORTFOLIO RESULTS
shares fell following a steep decline in orders following the Olympics. We nevertheless maintained the Fund’s position in EVS Broadcast Equipment SA, as we believe the company’s leading position in its market and the build-up to the soccer World Cup in 2010 should benefit the company. |
Within South Korea, it was the Fund’s underweight exposure that hurt most, as the nation’s equity market was the strongest performing market within the S&P Developed ex-US Small Cap Index during the semi-annual period. In addition, while the majority of the Fund’s holdings in South Korea were positive contributors to Fund performance, not owning many outperforming names within the market hurt relative results.
Q | Which holdings within the financials sector hurt the Fund’s results most during the reporting period? |
A | As mentioned above, the financials sector suffered in the face of the credit and sub-prime mortgage crises, especially during the last several months of 2008. Struggling along with the sector in general amid deteriorating conditions were a number of the Fund’s bank and real estate-related holdings, particularly in the U.K., France, Switzerland and South Korea. Leading detractors within the sector included Switzerland’s EFG International AG, the U.K.’s Unite Group PLC, and France’s Société Générale. It is worth noting that the Fund did benefit from several of its insurance and reinsurance-related holdings, such as South Korea’s Korean Reinsurance Co. Ltd. and the U.K.’s Catlin Group Ltd. These holdings benefited from improved fundamentals in the reinsurance market following the struggles of American International Group, Inc. (AIG). AIG’s troubles brought new capacity to the market and expectations of an improved pricing environment. |
Q | Did the Fund make any significant purchases during the first half of the fiscal year? |
A | We initiated a Fund position in Snam Rete Gas SpA, a regulated Italian gas transportation company, which accounts for 99% of domestic volumes transported. We purchased the stock because we believe demand for gas in Italy should grow. Snam Rete Gas SpA’s business should also benefit as existing oil-fired plants are being re-powered to gas, and there is considerable new capacity coming on stream. Furthermore, we believe there is opportunity for the company to improve its profit margins, as state-owned companies normally have more scope to cut costs than is initially expected by the market at the time of floatation. Floatation is another term for “going public,” or the process of changing a private company into a public company by issuing shares and soliciting the public to purchase them. |
We also initiated a Fund position in Viscofan SA, the Spanish artificial meat casing producer. We liked the company’s strong position within its markets and its good earnings visibility. Also, the stock had suffered in the first half of 2008 on rising input costs and currency concerns, which have since unwound. At the time of purchase, we also believed Viscofan SA should be a strong beneficiary of consumers trading down to lower-priced meat products, such as sausages, in response to the global economic slowdown.
We established a Fund position in Bucher Industries AG, the Swiss industrial conglomerate specializing in the manufacturing of industrial and agricultural machinery. Based on our research and analysis, Bucher Industries AG has a healthy balance sheet, strong positions in its niche markets and a highly capable management team. We saw an opportunity to purchase the stock, as it had suffered on the back of the general underperformance of the industrials sector and had reached a valuation level we believe was quite attractive given the strength of the company’s order book.
Q | What sales did the Fund make during the six-month period? |
A | We eliminated the Fund’s position in Colruyt SA, Belgium’s largest discount food retailer. The stock had performed well in 2008, as the company benefited from consumers trading down to lower-priced food items in response to the global economic slowdown. However, given this strong performance, coupled with an easing of food price inflation in 2009, we exercised our sell discipline and sold the stock. |
PORTFOLIO RESULTS
We also sold out of the Fund’s position in Aalberts Industries NV, the Dutch industrial conglomerate. The company is geared toward the auto and construction industries, which both suffered considerably during the reporting period with no clear prospects for improvement in sight. Given these operating conditions, together with our concerns surrounding the company’s financial gearing, we exited the position in favor of a new position in Bucher Industries AG, mentioned above.
Q | How was the Fund positioned relative to its benchmark index at the end of April 2009? |
A | As of April 30, 2009, the Fund had overweighted allocations to the U.K., Italy, Germany and Greece and underweighted exposure to Spain, Switzerland, Hong Kong, Australia and Sweden compared to the S&P Developed ex-US Small Cap Index. On the same date, the Fund was neutrally-weighted to Japan compared to its benchmark. |
From a sector allocation perspective, the Fund remained somewhat defensively positioned at the end of the reporting period, reflecting ongoing economic uncertainty. The Fund had underweighted allocations to materials and industrials, an overweighted exposure to consumer staples and a virtually equal weight to the benchmark in health care. Nevertheless, at the margin, we tended to be more neutral on a sector basis overall, as the poor economic backdrop was balanced in part by interesting valuation levels across some stocks and sectors. As always, we remained focused on individual stock selection, with sector and regional positioning being a secondary, closely-
monitored effect.
monitored effect.
Goldman Sachs Global Equity Team
London, May 19, 2009
FUND BASICS
International Small Cap Fund
as of April 30, 2009
PERFORMANCE REVIEW
Fund Total Return | S&P Developed ex-US | |||||||||
November 1, 2008-April 30, 2009 | (based on NAV)1 | Small Cap Index (gross)2 | ||||||||
Class A | 4.99 | % | 6.06 | % | ||||||
Class B | 4.56 | 6.06 | ||||||||
Class C | 4.58 | 6.06 | ||||||||
Institutional | 5.25 | 6.06 | ||||||||
Service | 5.00 | 6.06 | ||||||||
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 S&P Developed Ex-U.S. Small Cap Index (gross) covers the smallest 20% of companies, ranked by total market capitalization, which first qualify for inclusion in the country index. This includes approximately 4,610 securities from 24 developed markets with a general regional allocation of 64% Europe, 18% Japan, 11% Australasia and 7% North America. The Index figures do not reflect any deduction for fees, expenses or taxes. An investor cannot invest directly in an index. |
STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS3
For the period ended 3/31/09 | One Year | Five Years | Ten Years | Since Inception | Inception Date | |||||||||||||||
Class A | -52.02 | % | -6.13 | % | -0.96 | % | -0.09 | % | 5/1/98 | |||||||||||
Class B | -52.14 | -6.17 | -1.02 | -0.17 | 5/1/98 | |||||||||||||||
Class C | -50.14 | -5.79 | -1.03 | -0.18 | 5/1/98 | |||||||||||||||
Institutional | -49.02 | -4.68 | 0.12 | 0.96 | 5/1/98 | |||||||||||||||
Service | -49.29 | -5.17 | -0.36 | 0.45 | 5/1/98 | |||||||||||||||
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. The Fund will charge a 2% redemption fee on the redemption of shares (including by exchange) held for 30 calendar days or less. The performance figures do not reflect the deduction of the redemption fee. If reflected, the redemption fee would reduce the performance quoted. |
The returns represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our Web site at: www.goldmansachsfunds.com to obtain the most recent month-end returns. Performance reflects fee waivers and/or 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 | 1.60 | % | 1.78 | % | ||||||
Class B | 2.35 | 2.53 | ||||||||
Class C | 2.35 | 2.53 | ||||||||
Institutional | 1.20 | 1.38 | ||||||||
Service | 1.70 | 1.88 | ||||||||
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 4/30/095
% of Net | ||||||||
Holding | Assets | Line of Business | Country | |||||
Imtech NV | 1.6 | % | Capital Goods | Netherlands | ||||
Azimut Holding SpA | 1.5 | Diversified Financials | Italy | |||||
MTU Aero Engines Holding AG | 1.5 | Capital Goods | Germany | |||||
Banca Popolare Di Milano Scarl | 1.5 | Banks | Italy | |||||
Catlin Group Ltd. | 1.4 | Insurance | Bermuda | |||||
Saft Groupe SA | 1.4 | Capital Goods | France | |||||
Eutelsat Communications | 1.3 | Media | France | |||||
Koninklijke Vopak NV | 1.3 | Transportation | Netherlands | |||||
Gerresheimer AG | 1.3 | Pharmaceuticals, Biotechnology & Life Sciences | Germany | |||||
Kuoni Reisen Holding AG | 1.3 | Consumer Services | Switzerland | |||||
5The top 10 holdings may not be representative of the Fund’s future investments.
FUND BASICS
SECTOR ALLOCATION AS OF 4/30/096
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 in the schedule of investments may differ from GICS. |
The percentage shown for each investment category reflects the value of investments in that category as a percentage of the total value of investments (excluding investments in the securities lending reinvestment vehicle, if any). Securities lending collateral represented 3.6% of the Fund’s net assets at April 30, 2009.
PORTFOLIO RESULTS
Strategic International Equity Fund
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Global Equity Team discusses the Fund’s performance and positioning for the six-month period ended April 30, 2009.
Q | How did the Goldman Sachs Strategic International Equity Fund (the “Fund”) perform during the semi-annual period ended April 30, 2009? |
A | During the six-month period ended April 30, 2009, the Fund’s Class A, B, C, Institutional, Class IR and Class R Shares generated cumulative total returns, without sales charges, of −3.98%, −4.25%, −4.37%, −3.75%, −3.83% and −4.16%, respectively. These returns compare to the −2.35% cumulative total return of the Fund’s benchmark, the MSCI EAFE Index (unhedged, with dividends reinvested), during the same period. |
Q | What key factors were responsible for the Fund’s performance during the six-month reporting period? |
A | The Fund’s underperformance against its benchmark during the reporting period can be primarily attributed to the month of April when the MSCI EAFE Index rallied 12.96%. The surge in the international equity markets was driven mostly by lower quality stocks, and because the Fund was rather defensively positioned in higher quality stocks, it lagged its benchmark. |
However, the impact of regulatory settlements during the period contributed positively to the Fund’s performance.
Q | What were some of the best-performing individual stocks within the countries that contributed most to the Fund’s performance? |
A | The Fund’s positioning in the U.K., China and Italy contributed most positively to its returns relative to the MSCI EAFE Index. Within the Fund’s U.K. allocation, the top contributor to performance during the reporting period was Autonomy Corp. PLC, a software company whose technology allows enterprises and governments to search media files in a conceptual, rather than structural, manner. Autonomy Corp. PLC’s shares rose on announcements of new contract wins, better-than-expected full-year results and an accretive acquisition during the period. A stabilization of industry fundamentals and a modest rebound in commodity prices positively impacted the Fund’s holdings in energy companies BG Group PLC and Venture Production PLC and diversified metals producer Rio Tinto Ltd. |
The Fund’s modest exposure to China, which is not represented in the MSCI EAFE Index, helped its results, as the Chinese equity market rebounded significantly in 2009 year-to-date. Specifically, the Fund’s holdings in China Shenhua Energy Co. Ltd., China Life Insurance Co. Ltd. and China Mobile Ltd. added value for the Fund. The Fund’s strong performance in Italy was driven largely by the Fund’s overweight position in Azimut Holding SpA, a financial firm that rebounded strongly from its 2008 lows.
Q | What were some of the Fund’s other winning stocks? |
A | Among the strongest positive contributors to the Fund’s performance relative to the MSCI EAFE Index was Nippon Telegraph & Telephone Corp., the Japanese telecommunication services giant. Nippon Telegraph & Telephone Corp.’s shares showed resilience in the equity market downturn at the end of 2008, reflecting a record of solid revenue growth. The Fund also benefited from a turnaround in Australian mining company BHP Billiton Ltd., which rebounded from 2008 lows during the first months of 2009. |
Q | Which stocks detracted significantly from the Fund’s performance during the semi-annual period? |
A | All three of the stocks that detracted most from the Fund’s performance during the semi-annual period were Japanese stocks. The Fund’s position in Nomura Holdings, Inc, Japan’s largest brokerage firm, detracted. Its shares fell upon its announcement that it may sell as much as 300 billion yen of equity to raise capital following the larger-than-expected third quarter loss it reported early in 2009. The Kansai Electric Power Co., Inc., which generates electricity from hydroelectric, thermal, geothermal, and nuclear power sources and distributes it to Osaka and the surrounding Kansai area, saw its shares decline upon moderating its earnings outlook. A position in telecommunications company KDDI Corp. also detracted from the Fund’s results. It saw its share price fall based on declines in year-over-year revenues given decreased handset sales. |
PORTFOLIO RESULTS
Q | What other holdings hurt the Fund’s results relative to the MSCI EAFE Index during the reporting period? |
A | During the reporting period, we initiated a Fund position in Telefonica SA, the leading telecommunications operator in the Spanish and Portuguese-speaking world. We favored the company’s dominant market share and good free cash flow. However, Telefonica SA’s stock did not perform well from our date of purchase through April 30, 2009, and so it detracted from results. Telefonica SA experienced a particularly challenging fourth calendar quarter, as worsening economic trends heightened investor concerns regarding consumer demand. In addition to stock-specific weakness in Spain, the Fund’s results were hurt by an underweight allocation in the country’s equity market, which outpaced the MSCI EAFE Index during the reporting period. |
The Fund’s exposure to two financial names in Singapore — United Overseas Bank Ltd. and DBS Group Holdings Ltd. — detracted from its results given concerns surrounding credit exposures among Singapore banks.
Q | Did the Fund make any significant purchases during the first half of the fiscal year? |
A | In addition to those purchases mentioned above, we also added SAP AG, the German business software developer, to the Fund’s portfolio. Upon purchase, we believed SAP AG could benefit from upcoming corporate upgrade cycles as well as from its recurring revenue stream. We were also encouraged by the company’s strong sales growth in emerging markets and the broader profit margin expansion opportunity such growth may provide. |
Q | What sales did the Fund make during the six-month period? |
A | We eliminated the Fund’s holding in Norwegian newspaper publisher Schibsted ASA upon growing concerns about the impact of a weak outlook for the advertising industry. We also sold out of the Fund’s position in Singapore-based bank DBS Group Holdings Ltd. after concerns about bad debts and slower loan growth pressured the stock, and we found more attractive investment candidates elsewhere. |
Q | How was the Fund positioned relative to its benchmark index at the end of April 2009? |
A | As of April 30, 2009, the Fund had overweighted allocations to Switzerland, Italy and Hong Kong and underweighted exposure to Spain, France and Australia compared to the MSCI EAFE Index. |
From a sector allocation perspective, the Fund remained somewhat defensively positioned at the end of the reporting period, reflecting ongoing economic uncertainty. The Fund had underweighted allocations to industrials and consumer-related industries and an overweighted exposure to health care. Nevertheless, at the margin, we tended to be more neutral on a sector basis overall, as the poor economic backdrop was balanced in part by interesting valuation levels across some stocks and sectors. As always, we remained focused on individual stock selection, with sector and regional positioning being a secondary, closely-monitored effect.
Goldman Sachs Global Equity Team
London, May 19, 2009
FUND BASICS
Strategic International Equity Fund
as of April 30, 2009
PERFORMANCE REVIEW
Fund Total Return | MSCI EAFE | |||||||||
November 1, 2008-April 30, 2009 | (based on NAV)1 | Index (unhedged)2 | ||||||||
Class A | -3.98 | % | -2.35 | % | ||||||
Class B | -4.25 | -2.35 | ||||||||
Class C | -4.37 | -2.35 | ||||||||
Institutional | -3.75 | -2.35 | ||||||||
Class IR | -3.83 | -2.35 | ||||||||
Class R | -4.16 | -2.35 | ||||||||
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 Morgan Stanley Capital International (MSCI) Europe, Australia, Far East (EAFE) (NET) Index (unhedged with dividends reinvested) is a market capitalization-weighted composite of securities in 21 developed markets. The Index is unmanaged and the figures for the Index do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an index. |
STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS3
For the period ended 3/31/09 | One Year | Since Inception | Inception Date | |||||||||
Class A | -49.58 | % | -34.71 | % | 6/25/07 | |||||||
Class B | -49.75 | -34.69 | 6/25/07 | |||||||||
Class C | -47.54 | -33.10 | 6/25/07 | |||||||||
Institutional | -46.39 | -32.30 | 6/25/07 | |||||||||
Class IR | -46.56 | -43.74 | 11/30/07 | |||||||||
Class R | -46.80 | -44.02 | 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 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, Class IR and R Shares do not involve a sales charge, such a charge is not applied to their Standardized Average Annual Total Returns. The Fund will charge a 2% redemption fee on the redemption of shares (including by exchange) held for 30 calendar days or less. The performance figures do not reflect the deduction of the redemption fee. If reflected, the redemption fee would reduce the performance quoted. |
The returns represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our Web site at: www.goldmansachsfunds.com to obtain the most recent month-end returns. Performance reflects fee waivers and/or 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 | 1.45 | % | 1.78 | % | ||||||
Class B | 2.20 | 2.53 | ||||||||
Class C | 2.20 | 2.53 | ||||||||
Institutional | 1.05 | 1.38 | ||||||||
Class IR | 1.20 | 1.53 | ||||||||
Class R | 1.70 | 2.03 | ||||||||
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. The waivers and expense limitations are voluntary and may be modified or terminated at any time at the option of the investment adviser. If this occurs, the expense ratios may change without shareholder approval. |
TOP 10 HOLDINGS AS OF 4/30/095
% of Net | ||||||||
Holding | Assets | Line of Business | Country | |||||
BP PLC | 2.5 | % | Energy | United Kingdom | ||||
Nestle SA (Registered) | 2.3 | Food, Beverage & Tobacco | Switzerland | |||||
HSBC Holdings PLC | 2.2 | Banks | United Kingdom | |||||
Roche Holding AG | 2.2 | Pharmaceuticals, Biotechnology & Life Sciences | Switzerland | |||||
Total SA | 2.0 | Energy | France | |||||
Novartis AG (Registered) | 2.0 | Pharmaceuticals, Biotechnology & Life Sciences | Switzerland | |||||
Vivendi | 1.9 | Media | France | |||||
E.ON AG | 1.7 | Utilities | Germany | |||||
Tesco PLC | 1.7 | Food & Staples Retailing | United Kingdom | |||||
Koninklijke KPN NV | 1.6 | Telecommunication Services | Netherlands | |||||
5The top 10 holdings may not be representative of the Fund’s future investments.
FUND BASICS
SECTOR ALLOCATION AS OF 4/30/096
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 in the schedule of investments may differ from GICS. |
The percentage shown for each investment category reflects the value of investments in that category as a percentage of the total value of investments (excluding investments in the securities lending reinvestment vehicle, if any). Securities lending collateral represented 9.6% of the Fund’s net assets at April 30, 2009.
GOLDMAN SACHS CONCENTRATED INTERNATIONAL EQUITY FUND
Schedule of Investments
April 30, 2009 (Unaudited)
Shares | Description | Value | ||||||||
Common Stocks – 89.5% | ||||||||||
Australia – 1.0% | ||||||||||
76,829 | BHP Billiton Ltd. (Materials) | $ | 1,856,003 | |||||||
Cyprus – 0.8% | ||||||||||
344,832 | ProSafe SE (Energy)* | 1,416,762 | ||||||||
Denmark – 2.5% | ||||||||||
94,454 | Novo Nordisk A/S Class B (Pharmaceuticals, Biotechnology & Life Sciences) | 4,494,202 | ||||||||
France – 8.9% | ||||||||||
44,387 | Air Liquide SA (Materials) | 3,611,706 | ||||||||
97,427 | AXA SA (Insurance)*(a) | 1,636,938 | ||||||||
34,480 | Societe Generale (Banks) | 1,762,222 | ||||||||
90,374 | Total SA (Energy) | 4,521,931 | ||||||||
182,198 | Vivendi (Media)(a) | 4,899,131 | ||||||||
16,431,928 | ||||||||||
Germany – 5.7% | ||||||||||
116,577 | E.ON AG (Utilities) | 3,942,279 | ||||||||
16,785 | Muenchener Rueckversicherungs-Gesellschaft AG (Registered) (Insurance) | 2,319,186 | ||||||||
66,477 | SAP AG (Software & Services) | 2,555,792 | ||||||||
23,268 | Siemens AG (Registered) (Capital Goods) | 1,564,419 | ||||||||
10,381,676 | ||||||||||
Hong Kong – 2.7% | ||||||||||
483,000 | Sun Hung Kai Properties Ltd. (Real Estate) | 4,993,136 | ||||||||
Italy – 5.0% | ||||||||||
191,496 | Azimut Holding SpA (Diversified Financials)* | 1,338,185 | ||||||||
237,042 | Banca Popolare Di Milano Scarl (Banks) | 1,378,134 | ||||||||
439,907 | Intesa Sanpaolo SpA (Banks) | 1,401,482 | ||||||||
180,823 | Mediobanca SpA (Diversified Financials) | 2,086,246 | ||||||||
950,226 | Terna Rete Elettrica Nazionale SpA (Utilities) | 3,051,467 | ||||||||
9,255,514 | ||||||||||
Japan – 23.7% | ||||||||||
47,700 | East Japan Railway Co. (Transportation) | 2,687,863 | ||||||||
1,303,000 | Fujitsu Ltd. (Technology Hardware & Equipment) | 5,582,008 | ||||||||
162,300 | Honda Motor Co. Ltd. (Automobiles & Components) | 4,756,515 | ||||||||
195,800 | Komatsu Ltd. (Capital Goods) | 2,442,866 | ||||||||
301,500 | Mitsubishi Corp. (Capital Goods) | 4,639,920 | ||||||||
284,000 | Mitsubishi Tanabe Pharma Corp. (Pharmaceuticals, Biotechnology & Life Sciences) | 2,710,796 | ||||||||
3,869 | NTT Urban Development Corp. (Real Estate) | 3,136,514 | ||||||||
289,400 | Panasonic Corp. (Consumer Durables & Apparel) | 4,241,031 | ||||||||
111,100 | Seven & I Holdings Co. Ltd. (Food & Staples Retailing) | 2,510,486 | ||||||||
53,900 | Shin-Etsu Chemical Co. Ltd. (Materials) | 2,619,691 | ||||||||
648 | Sony Financial Holdings, Inc. (Insurance) | 2,038,754 | ||||||||
87,500 | Sumitomo Mitsui Financial Group, Inc. (Banks) | 3,034,603 | ||||||||
157,700 | The Kansai Electric Power Co., Inc. (Utilities) | 3,211,275 | ||||||||
43,612,322 | ||||||||||
Luxembourg – 0.9% | ||||||||||
93,389 | SES SA FDR (Media) | 1,685,834 | ||||||||
Netherlands – 2.1% | ||||||||||
322,222 | Koninklijke KPN NV (Telecommunication Services) | 3,873,854 | ||||||||
Singapore – 1.2% | ||||||||||
602,000 | Singapore Press Holdings Ltd. (Media) | 1,176,887 | ||||||||
141,000 | United Overseas Bank Ltd. (Banks) | 1,086,784 | ||||||||
2,263,671 | ||||||||||
Spain – 3.3% | ||||||||||
125,712 | Grifols SA (Pharmaceuticals, Biotechnology & Life Sciences) | 2,205,964 | ||||||||
207,000 | Telefonica SA (Telecommunication Services) | 3,921,849 | ||||||||
6,127,813 | ||||||||||
Sweden – 1.5% | ||||||||||
133,600 | Atlas Copco AB Class B (Capital Goods)(a) | 1,105,931 | ||||||||
227,459 | Nordea Bank AB (Banks) | 1,691,919 | ||||||||
2,797,850 | ||||||||||
Switzerland – 12.9% | ||||||||||
53,710 | Credit Suisse Group AG (Registered) (Diversified Financials)(a) | 2,098,800 | ||||||||
29,563 | Kuehne + Nagel International AG (Registered) (Transportation) | 2,221,885 | ||||||||
151,133 | Nestle SA (Registered) (Food, Beverage & Tobacco)(a) | 4,926,442 | ||||||||
113,163 | Novartis AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences) | 4,283,029 | ||||||||
39,688 | Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences) | 5,004,821 | ||||||||
8,399 | Straumann Holding AG (Registered) (Health Care Equipment & Services)(a) | 1,535,877 | ||||||||
GOLDMAN SACHS CONCENTRATED INTERNATIONAL EQUITY FUND
Schedule of Investments (continued)
April 30, 2009 (Unaudited)
Shares | Description | Value | ||||||||
Common Stocks – (continued) | ||||||||||
Switzerland – (continued) | ||||||||||
18,139 | Synthes, Inc. (Health Care Equipment & Services) | $ | 1,835,236 | |||||||
132,334 | UBS AG (Registered) (Diversified Financials)* | 1,817,805 | ||||||||
23,723,895 | ||||||||||
United Kingdom – 17.3% | ||||||||||
218,775 | Amlin PLC (Insurance) | 1,157,755 | ||||||||
182,955 | BG Group PLC (Energy) | 2,921,393 | ||||||||
780,600 | BP PLC (Energy)(b) | 5,516,214 | ||||||||
375,712 | Capita Group PLC (Commercial & Professional Services) | 3,788,162 | ||||||||
615,857 | HSBC Holdings PLC (Banks) | 4,379,629 | ||||||||
121,756 | Imperial Tobacco Group PLC (Food, Beverage & Tobacco) | 2,778,006 | ||||||||
48,538 | Rio Tinto PLC (Materials) | 1,972,159 | ||||||||
203,435 | Schroders PLC (Diversified Financials) | 2,463,851 | ||||||||
501,573 | Standard Life PLC (Insurance) | 1,394,564 | ||||||||
797,644 | Tesco PLC (Food & Staples Retailing) | 3,952,172 | ||||||||
202,029 | WPP PLC (Media) | 1,382,266 | ||||||||
31,706,171 | ||||||||||
TOTAL COMMON STOCKS | ||||||||||
(Cost $192,442,419) | $ | 164,620,631 | ||||||||
Exchange Traded Fund – 5.4% | ||||||||||
Australia – 5.4% | ||||||||||
673,780 | iShares MSCI Australia Index Fund(a) | $ | 9,897,828 | |||||||
(Cost $7,888,324) | ||||||||||
Shares | Rate | Value | ||||||||||
Investment Company(c) – 2.6% | ||||||||||||
JPMorgan U.S. Government Money Market Fund – Capital Shares | ||||||||||||
4,768,199 | 0.377 | % | $ | 4,768,199 | ||||||||
(Cost $4,768,199) | ||||||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | ||||||||||||
(Cost $205,098,942) | $ | 179,286,658 | ||||||||||
Securities Lending Reinvestment Vehicle(c)(d) – 12.6% | ||||||||||||
Boston Global Investment Trust – Enhanced Portfolio | ||||||||||||
23,373,060 | 0.493 | % | $ | 23,162,703 | ||||||||
(Cost $23,135,881) | ||||||||||||
TOTAL INVESTMENTS – 110.1% | ||||||||||||
(Cost $228,234,823) | $ | 202,449,361 | ||||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS – (10.1)% | (18,648,221 | ) | ||||||||||
NET ASSETS – 100.0% | $ | 183,801,140 | ||||||||||
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) | All or a portion of security is segregated as collateral for initial margin requirements on futures transactions. | |
(c) | Variable rate security. Interest rate disclosed is that which is in effect at April 30, 2009. | |
(d) | Represents an affiliated issuer. |
Investment Abbreviation: | ||||||
FDR | — | Fiduciary Depositary Receipt | ||||
ADDITIONAL INVESTMENT INFORMATION
FUTURES CONTRACTS — At April 30, 2009, the following futures contracts were open:
Number of | ||||||||||||||
Contracts | Settlement | Notional | Unrealized | |||||||||||
Type | Long | Month | Value | Gain | ||||||||||
Dow Jones EURO STOXX 50 Index | 68 | June 2009 | $ | 2,094,520 | $ | 196,069 | ||||||||
FTSE 100 Index | 16 | June 2009 | 995,780 | 78,105 | ||||||||||
TOTAL | $ | 274,174 | ||||||||||||
GOLDMAN SACHS INTERNATIONAL SMALL CAP FUND
Schedule of Investments
April 30, 2009 (Unaudited)
Shares | Description | Value | ||||||||
Common Stocks – 91.6% | ||||||||||
Australia – 2.6% | ||||||||||
56,193 | Ansell Ltd. (Health Care Equipment & Services) | $ | 341,544 | |||||||
581,413 | Beach Petroleum Ltd. (Energy) | 322,254 | ||||||||
101,403 | Centennial Coal Co. Ltd. (Energy) | 132,806 | ||||||||
287,828 | DUET Group (Utilities) | 343,460 | ||||||||
71,720 | Iress Market Technology Ltd. (Software & Services) | 310,377 | ||||||||
924,552 | PanAust Ltd. (Materials)* | 221,861 | ||||||||
1,672,302 | ||||||||||
Austria – 1.0% | ||||||||||
19,577 | Andritz AG (Capital Goods) | 665,508 | ||||||||
Belgium – 1.2% | ||||||||||
16,045 | EVS Broadcast Equipment SA (Technology Hardware & Equipment) | 735,557 | ||||||||
Bermuda – 1.5% | ||||||||||
178,818 | Catlin Group Ltd. (Insurance) | 925,365 | ||||||||
Cyprus – 0.6% | ||||||||||
89,135 | ProSafe SE (Energy)* | 366,216 | ||||||||
Finland – 0.4% | ||||||||||
17,981 | Nokian Renkaat Oyj (Automobiles & Components)(a) | 283,957 | ||||||||
France – 10.1% | ||||||||||
17,149 | Bureau Veritas SA (Commercial & Professional Services) | 697,900 | ||||||||
37,927 | Eutelsat Communications (Media) | 821,260 | ||||||||
25,331 | Gemalto NV (Technology Hardware & Equipment)* | 797,605 | ||||||||
40,291 | Groupe Steria SCA (Software & Services)(a) | 768,278 | ||||||||
43,092 | Ingenico SA (Technology Hardware & Equipment)(a) | 788,947 | ||||||||
16,288 | Ipsen SA (Pharmaceuticals, Biotechnology & Life Sciences) | 666,877 | ||||||||
28,295 | Saft Groupe SA (Capital Goods) | 866,021 | ||||||||
29,906 | SCOR SE (Insurance) | 627,650 | ||||||||
15,909 | SeLoger.com (Media)* | 403,141 | ||||||||
6,437,679 | ||||||||||
Germany – 7.1% | ||||||||||
36,030 | Deutsche Lufthansa AG (Registered) (Transportation) | 459,624 | ||||||||
33,760 | Gerresheimer AG (Pharmaceuticals, Biotechnology & Life Sciences) | 813,509 | ||||||||
4,978 | Linde AG (Materials) | 396,984 | ||||||||
28,819 | MTU Aero Engines Holding AG (Capital Goods) | 970,414 | ||||||||
6,820 | Rational AG (Consumer Durables & Apparel)(a) | 693,851 | ||||||||
6,787 | Salzgitter AG (Materials) | 482,774 | ||||||||
14,190 | Wincor Nixdorf AG (Technology Hardware & Equipment) | 712,338 | ||||||||
4,529,494 | ||||||||||
Greece – 2.1% | ||||||||||
89,160 | Hellenic Exchanges SA (Diversified Financials) | 779,034 | ||||||||
69,090 | Jumbo SA (Consumer Durables & Apparel) | 589,786 | ||||||||
1,368,820 | ||||||||||
Ireland – 1.1% | ||||||||||
34,383 | Kerry Group PLC Class A (Food, Beverage & Tobacco) | 706,917 | ||||||||
Italy – 5.0% | ||||||||||
139,632 | Azimut Holding SpA (Diversified Financials)* | 975,756 | ||||||||
165,340 | Banca Popolare Di Milano Scarl (Banks) | 961,267 | ||||||||
104,421 | Davide Campari-Milano SpA (Food, Beverage & Tobacco) | 702,245 | ||||||||
138,238 | Snam Rete Gas SpA (Utilities) | 547,479 | ||||||||
3,186,747 | ||||||||||
Japan – 22.6% | ||||||||||
15,400 | Aisin Seiki Co. Ltd. (Automobiles & Components) | 316,261 | ||||||||
5,600 | Benesse Corp. (Consumer Services) | 214,309 | ||||||||
21,700 | Casio Computer Co. Ltd. (Consumer Durables & Apparel) | 166,275 | ||||||||
14,600 | Funai Electric Co. Ltd. (Consumer Durables & Apparel) | 415,210 | ||||||||
16,200 | Hitachi Chemical Co. Ltd. (Materials) | 217,335 | ||||||||
42,000 | Hitachi Metals Ltd. (Materials) | 331,213 | ||||||||
7,000 | Hogy Medical Co. Ltd. (Health Care Equipment & Services) | 374,969 | ||||||||
12,600 | Hokkaido Electric Power Co., Inc. (Utilities) | 231,840 | ||||||||
60,900 | Hudson Soft Co. Ltd. (Software & Services) | 330,152 | ||||||||
28,000 | Ito En Ltd. (Food, Beverage & Tobacco) | 342,852 | ||||||||
56,000 | Itochu Corp. (Capital Goods) | 300,274 | ||||||||
76,000 | J. Front Retailing Co. Ltd. (Retailing) | 312,175 | ||||||||
52,000 | Keio Corp. (Transportation) | 295,212 | ||||||||
52,000 | Kinden Corp. (Capital Goods) | 433,846 | ||||||||
16,000 | Kissei Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 309,248 | ||||||||
56,000 | Kubota Corp. (Capital Goods) | 336,585 | ||||||||
5,300 | Mabuchi Motor Co. Ltd. (Technology Hardware & Equipment) | 240,086 | ||||||||
28,000 | Maeda Road Construction Co. Ltd. (Capital Goods) | 233,323 | ||||||||
83,000 | Marubeni Corp. (Capital Goods) | 301,725 | ||||||||
4,100 | Meiji Holdings Co. Ltd. (Food, Beverage & Tobacco)* | 125,137 | ||||||||
GOLDMAN SACHS INTERNATIONAL SMALL CAP FUND
Schedule of Investments (continued)
April 30, 2009 (Unaudited)
Shares | Description | Value | ||||||||
Common Stocks – (continued) | ||||||||||
Japan – (continued) | ||||||||||
16,700 | Mimasu Semiconductor Industry Co. Ltd. (Semiconductors & Semiconductor Equipment) | $ | 191,666 | |||||||
84,000 | Mitsubishi Materials Corp. (Materials) | 243,149 | ||||||||
147 | MTI Ltd. (Telecommunication Services) | 303,734 | ||||||||
21,200 | Namco Bandai Holdings, Inc. (Consumer Durables & Apparel) | 210,945 | ||||||||
36,000 | Nippon Electric Glass Co. Ltd. (Technology Hardware & Equipment) | 292,948 | ||||||||
67,000 | Nippon Express Co. Ltd. (Transportation) | 238,941 | ||||||||
109,000 | Nippon Sheet Glass Co. Ltd. (Capital Goods) | 308,829 | ||||||||
67,000 | Nippon Yusen Kabushiki Kaisha (Transportation) | 274,454 | ||||||||
15,000 | Nipro Corp. (Health Care Equipment & Services) | 218,726 | ||||||||
13,200 | Nissha Printing Co. Ltd. (Commercial & Professional Services) | 384,954 | ||||||||
323 | NTT Urban Development Corp. (Real Estate) | 261,849 | ||||||||
595 | Rakuten, Inc. (Retailing) | 302,703 | ||||||||
4,500 | Ryohin Keikaku Co. Ltd. (Retailing) | 171,938 | ||||||||
113 | Seven Bank Ltd. (Banks) | 266,860 | ||||||||
34,000 | Shimadzu Corp. (Technology Hardware & Equipment) | 207,832 | ||||||||
64,000 | Shimizu Corp. (Capital Goods) | 306,550 | ||||||||
31,500 | Showa Shell Sekiyu K.K. (Energy) | 277,083 | ||||||||
28,000 | Sumitomo Metal Mining Co. Ltd. (Materials) | 312,689 | ||||||||
7,940 | Sumitomo Real Estate Sales Co. Ltd. (Real Estate) | 291,411 | ||||||||
56,000 | The Awa Bank Ltd. (Banks) | 315,453 | ||||||||
44,000 | The Gunma Bank Ltd. (Banks) | 219,236 | ||||||||
70,000 | The Hachijuni Bank Ltd. (Banks) | 412,414 | ||||||||
70,000 | The Higo Bank Ltd. (Banks) | 382,874 | ||||||||
29,100 | Tokai Rubber Industries, Inc. (Automobiles & Components) | 255,346 | ||||||||
25,500 | Tokyo Steel Manufacturing Co. Ltd. (Materials) | 261,179 | ||||||||
10,000 | Tokyu Community Corp. (Commercial & Professional Services) | 154,894 | ||||||||
15,800 | Tsumura & Co. (Pharmaceuticals, Biotechnology & Life Sciences) | 432,697 | ||||||||
10,200 | Union Tool Co. (Capital Goods) | 244,240 | ||||||||
27,800 | Yamaha Motor Co. Ltd. (Automobiles & Components) | 293,874 | ||||||||
13,900 | Yamatake Corp. (Technology Hardware & Equipment) | 232,962 | ||||||||
159 | Zappallas, Inc. (Software & Services) | 330,399 | ||||||||
14,430,856 | ||||||||||
Jersey – 0.7% | ||||||||||
9,747 | Randgold Resources Ltd. (Materials) | 469,005 | ||||||||
Luxembourg – 1.0% | ||||||||||
13,525 | Millicom International Cellular SA SDR (Telecommunication Services) | 665,384 | ||||||||
Mexico – 0.9% | ||||||||||
436,556 | Corp. GEO SAB de CV Series B (Consumer Durables & Apparel)* | 569,173 | ||||||||
Netherlands – 4.5% | ||||||||||
9,747 | Fugro NV CVA (Energy) | 348,962 | ||||||||
65,444 | Imtech NV (Capital Goods) | 1,021,434 | ||||||||
18,583 | Koninklijke Vopak NV (Transportation) | 818,330 | ||||||||
41,993 | QIAGEN NV (Pharmaceuticals, Biotechnology & Life Sciences)* | 694,801 | ||||||||
2,883,527 | ||||||||||
Singapore – 0.9% | ||||||||||
1,225,000 | Suntec Real Estate Investment Trust (REIT) (Real Estate) | 605,521 | ||||||||
South Korea – 3.4% | ||||||||||
48,830 | Daehan Steel Co. Ltd. (Materials) | 541,359 | ||||||||
72,200 | Daesang Corp. (Food, Beverage & Tobacco)* | 358,209 | ||||||||
51,770 | Hansol Paper Co. Ltd. (Materials)* | 382,637 | ||||||||
3,230 | Hite Brewery Co. Ltd. (Food, Beverage & Tobacco) | 460,855 | ||||||||
45,400 | Korean Reinsurance Co. Ltd. (Insurance) | 420,190 | ||||||||
2,163,250 | ||||||||||
Spain – 1.0% | ||||||||||
32,983 | Viscofan SA (Food, Beverage & Tobacco) | 612,351 | ||||||||
Switzerland – 4.8% | ||||||||||
1,223 | Barry Callebaut AG (Registered) (Food, Beverage & Tobacco)* | 586,426 | ||||||||
6,502 | Bucher Industries AG (Registered) (Capital Goods) | 529,832 | ||||||||
36,644 | EFG International AG (Registered) (Diversified Financials)*(a) | 443,324 | ||||||||
2,788 | Kuoni Reisen Holding AG (Consumer Services) | 805,526 | ||||||||
423 | Lindt & Spruengli AG (Food, Beverage & Tobacco) | 677,033 | ||||||||
3,042,141 | ||||||||||
GOLDMAN SACHS INTERNATIONAL SMALL CAP FUND
Shares | Description | Value | ||||||||
Common Stocks – (continued) | ||||||||||
Switzerland – (continued) | ||||||||||
United Kingdom – 19.1% | ||||||||||
55,030 | Amlin PLC (Insurance) | $ | 291,218 | |||||||
37,385 | Autonomy Corp. PLC (Software & Services)* | 784,304 | ||||||||
89,701 | Charter International PLC (Capital Goods) | 738,027 | ||||||||
40,770 | Close Brothers Group PLC (Diversified Financials) | 376,758 | ||||||||
92,592 | Croda International (Materials) | 738,728 | ||||||||
130,001 | CSR PLC (Semiconductors & Semiconductor Equipment)* | 500,507 | ||||||||
26,738 | Dana Petroleum PLC (Energy)* | 494,343 | ||||||||
59,911 | Derwent London PLC (REIT) (Real Estate) | 737,946 | ||||||||
61,525 | Dignity PLC (Consumer Services) | 476,826 | ||||||||
138,643 | Domino’s Pizza UK & IRL PLC (Consumer Services) | 417,083 | ||||||||
20,607 | Go-Ahead Group PLC (Transportation) | 387,144 | ||||||||
68,854 | Greene King PLC (Consumer Services) | 631,990 | ||||||||
506,165 | Hays PLC (Commercial & Professional Services) | 671,903 | ||||||||
89,055 | Hikma Pharmaceuticals PLC (Pharmaceuticals, Biotechnology & Life Sciences) | 510,900 | ||||||||
235,384 | HMV Group PLC (Retailing) | 494,425 | ||||||||
31,423 | Homeserve PLC (Commercial & Professional Services) | 568,725 | ||||||||
68,383 | Inmarsat PLC (Telecommunication Services) | 487,538 | ||||||||
139,868 | Mitie Group PLC (Commercial & Professional Services) | 430,758 | ||||||||
22,105 | Premier Oil PLC (Energy)* | 338,681 | ||||||||
49,683 | Schroders PLC (Diversified Financials) | 601,723 | ||||||||
17,927 | Soco International PLC (Energy)* | 326,088 | ||||||||
12,931 | Ultra Electronics Holdings PLC (Capital Goods) | 226,721 | ||||||||
20,743 | Venture Production PLC (Energy) | 244,640 | ||||||||
218,935 | William Hill PLC (Consumer Services) | 702,993 | ||||||||
12,179,969 | ||||||||||
TOTAL COMMON STOCKS | ||||||||||
(Cost $70,301,986) | $ | 58,499,739 | ||||||||
Exchange Traded Funds – 7.3% | ||||||||||
Canada – 7.3% | ||||||||||
190,139 | iShares CDN S&P/TSX 60 Index Fund | $ | 2,268,985 | |||||||
219,300 | iShares CDN S&P/TSX Completion Index Fund | 2,444,222 | ||||||||
TOTAL EXCHANGE TRADED FUNDS | ||||||||||
(Cost $4,335,478) | $ | 4,713,207 | ||||||||
Expiration | ||||||||||||||
Units | Description | Month | Value | |||||||||||
Rights* – 0.3% | ||||||||||||||
Italy – 0.2% | ||||||||||||||
130,555 | Snam Rete Gas SpA (Utilities) | 05/09 | $ | 100,188 | ||||||||||
United Kingdom – 0.1% | ||||||||||||||
9,824 | Premier Oil PLC (Energy) | 05/09 | 80,949 | |||||||||||
TOTAL RIGHTS | ||||||||||||||
(Cost $193,084) | $ | 181,137 | ||||||||||||
Shares | Rate | Value | ||||||||||
Investment Company(b) – 9.6% | ||||||||||||
JPMorgan U.S. Government Money Market Fund – Capital Shares | ||||||||||||
6,118,378 | 0.377 | % | $ | 6,118,378 | ||||||||
(Cost $6,118,378) | ||||||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | ||||||||||||
(Cost $80,948,926) | $ | 69,512,461 | ||||||||||
Securities Lending Reinvestment Vehicle(b)(c) – 3.6% | ||||||||||
Boston Global Investment Trust – Enhanced Portfolio | ||||||||||
2,309,499 | 0.493% | $ | 2,288,713 | |||||||
(Cost $2,280,863) | ||||||||||
TOTAL INVESTMENTS – 112.4% | ||||||||||
(Cost $83,229,789) | $ | 71,801,174 | ||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS – (12.4)% | (7,929,171 | ) | ||||||||
NET ASSETS – 100.0% | $ | 63,872,003 | ||||||||
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 April 30, 2009. | |
(c) | Represents an affiliated issuer. |
Investment Abbreviations: | ||||||
CDN | — | Canadian | ||||
CVA | — | Dutch Certification | ||||
IRL | — | Ireland | ||||
REIT | — | Real Estate Investment Trust | ||||
SDR | — | Swedish Depositary Receipt | ||||
UK | — | United Kingdom | ||||
GOLDMAN SACHS STRATEGIC INTERNATIONAL EQUITY FUND
Schedule of Investments
April 30, 2009 (Unaudited)
Shares | Description | Value | ||||||||
Common Stocks – 87.9% | ||||||||||
Australia – 0.3% | ||||||||||
6,707 | BHP Billiton Ltd. (Materials) | $ | 162,025 | |||||||
Bermuda – 0.3% | ||||||||||
39,675 | Hiscox Ltd. (Insurance) | 196,413 | ||||||||
Cyprus – 0.4% | ||||||||||
53,556 | ProSafe SE (Energy)* | 220,038 | ||||||||
Denmark – 1.5% | ||||||||||
17,687 | Novo Nordisk A/S Class B (Pharmaceuticals, Biotechnology & Life Sciences) | 841,563 | ||||||||
Finland – 0.5% | ||||||||||
20,480 | Nokia Oyj (Technology Hardware & Equipment)(a) | 290,887 | ||||||||
France – 8.6% | ||||||||||
9,012 | Air Liquide SA (Materials) | 733,294 | ||||||||
28,330 | AXA SA (Insurance)*(a) | 475,992 | ||||||||
8,053 | Eutelsat Communications (Media) | 174,377 | ||||||||
5,601 | Ipsen SA (Pharmaceuticals, Biotechnology & Life Sciences) | 229,321 | ||||||||
1,755 | LVMH Moet Hennessy Louis Vuitton SA (Consumer Durables & Apparel) | 132,500 | ||||||||
10,876 | SCOR SE (Insurance) | 228,259 | ||||||||
8,620 | Societe Generale (Banks) | 440,555 | ||||||||
4,442 | Sodexo (Consumer Services) | 213,384 | ||||||||
22,581 | Total SA (Energy) | 1,129,857 | ||||||||
40,898 | Vivendi (Media)(a) | 1,099,709 | ||||||||
4,857,248 | ||||||||||
Germany – 5.7% | ||||||||||
1,671 | Allianz SE (Registered) (Insurance)(a) | 154,188 | ||||||||
28,740 | E.ON AG (Utilities)(a) | 971,899 | ||||||||
4,267 | Muenchener Rueckversicherungs-Gesellschaft AG (Registered) (Insurance)(a) | 589,572 | ||||||||
5,685 | Salzgitter AG (Materials) | 404,387 | ||||||||
16,585 | SAP AG (Software & Services) | 637,631 | ||||||||
6,894 | Siemens AG (Registered) (Capital Goods) | 463,517 | ||||||||
3,221,194 | ||||||||||
Hong Kong – 4.1% | ||||||||||
237,500 | BOC Hong Kong (Holdings) Ltd. (Banks) | 335,441 | ||||||||
73,000 | CLP Holdings Ltd. (Utilities) | 492,627 | ||||||||
20,300 | Hang Seng Bank Ltd. (Banks) | 224,999 | ||||||||
88,000 | Hutchison Whampoa Ltd. (Capital Goods) | 518,317 | ||||||||
72,000 | Sun Hung Kai Properties Ltd. (Real Estate) | 744,318 | ||||||||
2,315,702 | ||||||||||
Ireland – 0.7% | ||||||||||
14,852 | CRH PLC (Materials) | 385,546 | ||||||||
Italy – 5.9% | ||||||||||
35,463 | Azimut Holding SpA (Diversified Financials)* | 247,817 | ||||||||
71,339 | Banca Popolare Di Milano Scarl (Banks) | 414,757 | ||||||||
32,209 | Eni SpA (Energy) | 691,177 | ||||||||
129,880 | Intesa Sanpaolo SpA (Banks) | 413,779 | ||||||||
44,425 | Mediobanca SpA (Diversified Financials) | 512,554 | ||||||||
72,498 | Snam Rete Gas SpA (Utilities) | 287,122 | ||||||||
151,783 | Terna Rete Elettrica Nazionale SpA (Utilities) | 487,422 | ||||||||
23,302 | Unione di Banche Italiane ScpA (Banks) | 321,296 | ||||||||
3,375,924 | ||||||||||
Japan – 23.2% | ||||||||||
7,400 | ABC-Mart, Inc. (Retailing) | 151,615 | ||||||||
18,800 | Daiichi Sankyo Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 314,354 | ||||||||
15,600 | Denso Corp. (Automobiles & Components) | 368,766 | ||||||||
8,400 | East Japan Railway Co. (Transportation) | 473,334 | ||||||||
15,300 | FUJIFILM Holdings Corp. (Technology Hardware & Equipment) | 393,642 | ||||||||
109,000 | Fujitsu Ltd. (Technology Hardware & Equipment) | 466,953 | ||||||||
8,800 | Funai Electric Co. Ltd. (Consumer Durables & Apparel) | 250,264 | ||||||||
31,000 | Hitachi Metals Ltd. (Materials) | 244,466 | ||||||||
12,300 | Honda Motor Co. Ltd. (Automobiles & Components) | 360,475 | ||||||||
81 | Japan Tobacco, Inc. (Food, Beverage & Tobacco) | 203,504 | ||||||||
110 | KDDI Corp. (Telecommunication Services)* | 494,672 | ||||||||
33,200 | Komatsu Ltd. (Capital Goods) | 414,214 | ||||||||
32,000 | Kuraray Co. Ltd. (Materials) | 275,334 | ||||||||
6,000 | Kyocera Corp. (Technology Hardware & Equipment) | 465,987 | ||||||||
11,100 | Kyushu Electric Power Co., Inc. (Utilities) | 229,075 | ||||||||
6,400 | Mabuchi Motor Co. Ltd. (Technology Hardware & Equipment) | 289,915 | ||||||||
13,200 | McDonald’s Holdings Co. (Japan) Ltd. (Consumer Services) | 227,410 | ||||||||
20,900 | Mitsubishi Corp. (Capital Goods) | 321,639 | ||||||||
29,000 | Mitsubishi Tanabe Pharma Corp. (Pharmaceuticals, Biotechnology & Life Sciences) | 276,806 | ||||||||
100,500 | Mitsubishi UFJ Financial Group, Inc. (Banks) | 548,214 | ||||||||
44,000 | Mitsui & Co. Ltd. (Capital Goods) | 466,689 | ||||||||
GOLDMAN SACHS STRATEGIC INTERNATIONAL EQUITY FUND
Shares | Description | Value | ||||||||
Common Stocks – (continued) | ||||||||||
Japan – (continued) | ||||||||||
35,000 | Nippon Electric Glass Co. Ltd. (Technology Hardware & Equipment) | $ | 284,811 | |||||||
60,000 | Nippon Sheet Glass Co. Ltd. (Capital Goods) | 169,998 | ||||||||
13,400 | Nissha Printing Co. Ltd. (Commercial & Professional Services) | 390,786 | ||||||||
46,800 | Nomura Holdings, Inc. (Diversified Financials) | 282,417 | ||||||||
549 | NTT Urban Development Corp. (Real Estate) | 445,062 | ||||||||
2,650 | ORIX Corp. (Diversified Financials)* | 124,109 | ||||||||
23,200 | Panasonic Corp. (Consumer Durables & Apparel) | 339,986 | ||||||||
15,800 | Seven & I Holdings Co. Ltd. (Food & Staples Retailing) | 357,027 | ||||||||
5,000 | Shin-Etsu Chemical Co. Ltd. (Materials) | 243,014 | ||||||||
33,900 | Showa Shell Sekiyu K.K. (Energy) | 298,194 | ||||||||
70 | Sony Financial Holdings, Inc. (Insurance) | 220,236 | ||||||||
110,000 | Sumitomo Metal Industries Ltd. (Materials) | 257,679 | ||||||||
30,000 | Sumitomo Metal Mining Co. Ltd. (Materials) | 335,024 | ||||||||
10,700 | Sumitomo Mitsui Financial Group, Inc. (Banks) | 371,088 | ||||||||
54,000 | The Hachijuni Bank Ltd. (Banks) | 318,148 | ||||||||
20,000 | The Kansai Electric Power Co., Inc. (Utilities) | 407,264 | ||||||||
84,000 | Toshiba Corp. (Technology Hardware & Equipment) | 288,256 | ||||||||
23,000 | TOTO Ltd. (Capital Goods) | 114,714 | ||||||||
16,400 | Toyota Motor Corp. (Automobiles & Components) | 649,092 | ||||||||
13,134,233 | ||||||||||
Jersey – 0.3% | ||||||||||
3,570 | Randgold Resources Ltd. (Materials) | 171,781 | ||||||||
Luxembourg – 0.4% | ||||||||||
12,206 | SES SA FDR (Media) | 220,340 | ||||||||
Netherlands – 1.6% | ||||||||||
75,230 | Koninklijke KPN NV (Telecommunication Services) | 904,438 | ||||||||
Singapore – 0.5% | ||||||||||
38,000 | United Overseas Bank Ltd. (Banks) | 292,892 | ||||||||
Spain – 2.5% | ||||||||||
22,153 | Grifols SA (Pharmaceuticals, Biotechnology & Life Sciences) | 388,735 | ||||||||
4,495 | Inditex SA (Retailing) | 191,657 | ||||||||
44,750 | Telefonica SA (Telecommunication Services) | 847,839 | ||||||||
1,428,231 | ||||||||||
Sweden – 1.5% | ||||||||||
28,800 | Atlas Copco AB Class B (Capital Goods)(a) | 238,404 | ||||||||
64,916 | Nordea Bank AB (Banks) | 482,868 | ||||||||
8,154 | Svenska Handelsbanken AB Class A (Banks)(a) | 142,046 | ||||||||
863,318 | ||||||||||
Switzerland – 12.0% | ||||||||||
12,677 | Credit Suisse Group AG (Registered) (Diversified Financials)(a) | 495,373 | ||||||||
5,568 | Kuehne + Nagel International AG (Registered) (Transportation) | 418,478 | ||||||||
161 | Lindt & Spruengli AG (Food, Beverage & Tobacco) | 257,689 | ||||||||
39,553 | Nestle SA (Registered) (Food, Beverage & Tobacco) | 1,289,298 | ||||||||
29,525 | Novartis AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences) | 1,117,471 | ||||||||
9,677 | Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences) | 1,220,310 | ||||||||
2,394 | Sonova Holding AG (Health Care Equipment & Services) | 155,543 | ||||||||
1,948 | Straumann Holding AG (Registered) (Health Care Equipment & Services)(a) | 356,220 | ||||||||
2,437 | Syngenta AG (Registered) (Materials) | 520,276 | ||||||||
4,645 | Synthes, Inc. (Health Care Equipment & Services) | 469,964 | ||||||||
35,453 | UBS AG (Registered) (Diversified Financials)* | 487,000 | ||||||||
6,787,622 | ||||||||||
United Kingdom – 17.9% | ||||||||||
116,414 | Aegis Group PLC (Media) | 155,848 | ||||||||
55,301 | Amlin PLC (Insurance) | 292,652 | ||||||||
15,496 | Autonomy Corp. PLC (Software & Services)* | 325,092 | ||||||||
45,658 | BG Group PLC (Energy) | 729,059 | ||||||||
14,189 | BHP Billiton PLC (Materials) | 294,492 | ||||||||
201,400 | BP PLC (Energy) | 1,423,220 | ||||||||
85,315 | Capita Group PLC (Commercial & Professional Services) | 860,199 | ||||||||
11,531 | Close Brothers Group PLC (Diversified Financials) | 106,559 | ||||||||
178,850 | Friends Provident PLC (Insurance) | 168,286 | ||||||||
175,132 | HSBC Holdings PLC (Banks) | 1,245,440 | ||||||||
37,431 | Imperial Tobacco Group PLC (Food, Beverage & Tobacco) | 854,032 | ||||||||
GOLDMAN SACHS STRATEGIC INTERNATIONAL EQUITY FUND
Schedule of Investments (continued)
April 30, 2009 (Unaudited)
Shares | Description | Value | ||||||||
Common Stocks – (continued) | ||||||||||
United Kingdom – (continued) | ||||||||||
33,597 | Inmarsat PLC (Telecommunication Services) | $ | 239,530 | |||||||
11,766 | Rio Tinto PLC (Materials) | 478,067 | ||||||||
46,633 | Schroders PLC (Diversified Financials) | 564,783 | ||||||||
48,618 | Serco Group PLC (Commercial & Professional Services) | 262,301 | ||||||||
34,771 | Shire PLC (Pharmaceuticals, Biotechnology & Life Sciences) | 434,767 | ||||||||
119,860 | Standard Life PLC (Insurance) | 333,257 | ||||||||
191,698 | Tesco PLC (Food & Staples Retailing) | 949,827 | ||||||||
60,595 | WPP PLC (Media) | 414,586 | ||||||||
10,131,997 | ||||||||||
TOTAL COMMON STOCKS | ||||||||||
(Cost $56,118,590) | $ | 49,801,392 | ||||||||
Exchange Traded Fund – 5.3% | ||||||||||
Australia — 5.3% | ||||||||||
202,892 | iShares MSCI Australia Index Fund(a) | $ | 2,980,483 | |||||||
(Cost $2,375,371) | ||||||||||
Expiration | ||||||||||||
Units | Description | Month | Value | |||||||||
Right* – 0.1% | ||||||||||||
Italy – 0.1% | ||||||||||||
72,498 | Snam Rete Gas SpA (Utilities) | 05/09 | $ | 55,635 | ||||||||
(Cost $71,953) | ||||||||||||
Shares | Rate | Value | ||||||||||
Investment Company(b) – 3.4% | ||||||||||||
JPMorgan U.S. Government Money Market Fund – Capital Shares | ||||||||||||
1,933,433 | 0.377 | % | $ | 1,933,433 | ||||||||
(Cost $1,933,433) | ||||||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | ||||||||||||
(Cost $60,499,347) | $ | 54,770,943 | ||||||||||
Securities Lending Reinvestment Vehicle(b)(c) – 9.6% | ||||||||||||
Boston Global Investment Trust – Enhanced Portfolio | ||||||||||||
5,488,701 | 0.493 | % | $ | 5,439,303 | ||||||||
(Cost $5,432,648) | ||||||||||||
TOTAL INVESTMENTS – 106.3% | ||||||||||||
(Cost $65,931,995) | $ | 60,210,246 | ||||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS – (6.3)% | (3,585,100 | ) | ||||||||||
NET ASSETS – 100.0% | $ | 56,625,146 | ||||||||||
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 April 30, 2009. | |
(c) | Represents an affiliated issuer. |
Investment Abbreviation: | ||||||
FDR | — | Fiduciary Depository Receipt | ||||
GOLDMAN SACHS STRATEGIC INTERNATIONAL EQUITY FUND
ADDITIONAL INVESTMENT INFORMATION
FUTURES CONTRACTS — At April 30, 2009, the following futures contracts were open:
Number of | ||||||||||||||
Contracts | Settlement | Notional | Unrealized | |||||||||||
Type | Long | Month | Value | Gain | ||||||||||
Dow Jones EURO STOXX 50 Index | 41 | June 2009 | $ | 1,262,872 | $ | 99,495 | ||||||||
FTSE 100 Index | 9 | June 2009 | 560,126 | 30,967 | ||||||||||
TOTAL | $ | 130,462 | ||||||||||||
GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS
Statements of Assets and Liabilities
April 30, 2009 (Unaudited)
Concentrated | Strategic | |||||||||||||||
International | International | International | ||||||||||||||
Equity Fund | Small Cap Fund | Equity Fund | ||||||||||||||
Assets: | ||||||||||||||||
Investments in securities of unaffiliated issuers, at value (identified cost $205,098,942, $80,948,926 and $60,499,347, respectively)(a) | $ | 179,286,658 | $ | 69,512,461 | $ | 54,770,943 | ||||||||||
Investments in affiliated securities lending reinvestment vehicle, at value (identified cost $23,135,881, $2,280,863 and $5,432,648, respectively) | 23,162,703 | 2,288,713 | 5,439,303 | |||||||||||||
Cash | 17,008 | 650,941 | — | |||||||||||||
Foreign currencies, at value (identified cost $317,968, $78,683 and $101,115, respectively) | 321,246 | 79,772 | 100,747 | |||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold, at value | 6,359,457 | — | 864,359 | |||||||||||||
Regulatory settlement proceeds | 4,738,237 | 84,326 | 105,680 | |||||||||||||
Dividends and interest, at value | 847,924 | 218,299 | 248,135 | |||||||||||||
Foreign tax reclaims, at value | 142,945 | 62,848 | 81,498 | |||||||||||||
Fund shares sold | 75,808 | 83,815 | 1,387,338 | |||||||||||||
Due from broker — variation margin, at value(b) | 54,136 | — | 199,214 | |||||||||||||
Securities lending income | 40,041 | 4,167 | 12,524 | |||||||||||||
Reimbursement from adviser | 16,763 | 4,336 | 69,685 | |||||||||||||
Total assets | 215,062,926 | 72,989,678 | 63,279,426 | |||||||||||||
Liabilities: | ||||||||||||||||
Due to custodian | — | — | 139,906 | |||||||||||||
Payables: | ||||||||||||||||
Payable upon return of securities loaned | 23,116,375 | 2,344,543 | 5,430,227 | |||||||||||||
Investment securities purchased, at value | 7,207,250 | 5,651,954 | 872,176 | |||||||||||||
Fund shares redeemed | 588,712 | 971,466 | 51,600 | |||||||||||||
Amounts owed to affiliates | 216,171 | 62,778 | 65,641 | |||||||||||||
Accrued expenses | 133,278 | 86,934 | 94,730 | |||||||||||||
Total liabilities | 31,261,786 | 9,117,675 | 6,654,280 | |||||||||||||
Net Assets: | ||||||||||||||||
Paid-in capital | 774,879,006 | 203,266,495 | 131,649,225 | |||||||||||||
Accumulated undistributed net investment income | 2,217,216 | 297,636 | 262,177 | |||||||||||||
Accumulated net realized loss from investment, futures and foreign currency related transactions | (567,745,758 | ) | (128,248,186 | ) | (69,690,964 | ) | ||||||||||
Net unrealized loss on investments, futures and translation of assets and liabilities denominated in foreign currencies | (25,549,324 | ) | (11,443,942 | ) | (5,595,292 | ) | ||||||||||
NET ASSETS | $ | 183,801,140 | $ | 63,872,003 | $ | 56,625,146 | ||||||||||
Net Assets: | ||||||||||||||||
Class A | $ | 143,809,501 | $ | 16,960,490 | $ | 34,291,465 | ||||||||||
Class B | 2,789,986 | 825,002 | 8,643,329 | |||||||||||||
Class C | 13,232,869 | 1,540,883 | 8,405,792 | |||||||||||||
Institutional | 23,615,167 | 44,240,430 | 5,274,532 | |||||||||||||
Service | 353,617 | 305,198 | — | |||||||||||||
Class IR | — | — | 5,028 | |||||||||||||
Class R | — | — | 5,000 | |||||||||||||
Total Net Assets | $ | 183,801,140 | $ | 63,872,003 | $ | 56,625,146 | ||||||||||
Shares outstanding $0.001 par value (unlimited shares authorized): | ||||||||||||||||
Class A | 12,027,382 | 1,816,072 | 4,145,346 | |||||||||||||
Class B | 237,475 | 89,902 | 1,160,754 | |||||||||||||
Class C | 1,169,604 | 170,193 | 1,113,215 | |||||||||||||
Institutional | 1,937,609 | 4,615,775 | 611,337 | |||||||||||||
Service | 29,357 | 32,839 | — | |||||||||||||
Class IR | — | — | 609 | |||||||||||||
Class R | — | — | 605 | |||||||||||||
Net asset value, offering and redemption price per share:(c) | ||||||||||||||||
Class A | $11.96 | $9.34 | $8.27 | |||||||||||||
Class B | 11.75 | 9.18 | 7.45 | |||||||||||||
Class C | 11.31 | 9.05 | 7.55 | |||||||||||||
Institutional | 12.19 | 9.58 | 8.63 | |||||||||||||
Service | 12.05 | 9.29 | — | |||||||||||||
Class IR | — | — | 8.26 | |||||||||||||
Class R | — | — | 8.26 | |||||||||||||
(a) | Includes loaned securities having a market value of $22,402,479, $2,301,450 and $5,261,999 for the Concentrated International Equity, International Small Cap and Strategic International Equity Funds, respectively. |
(b) | Includes restricted amount on deposit with counterparty of $168,000 for the Strategic International Equity Fund relating to initial margin requirements on futures transactions. |
(c) | Maximum public offering price per share (NAV per share multiplied by 1.0582) for Class A Shares of the Concentrated International Equity, International Small Cap and Strategic International Equity Funds is $12.66, $9.88 and $8.75, respectively. At redemption, Class B and Class C Shares may be subject to a contingent deferred sales charge assessed on the amount equal to the lesser of the current net asset value or the original purchase price of the shares. |
GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS
Statements of Operations
For the Six Months Ended April 30, 2009 (Unaudited)
Concentrated | Strategic | |||||||||||||
International | International | International | ||||||||||||
Equity Fund | Small Cap Fund | Equity Fund | ||||||||||||
Investment income: | ||||||||||||||
Dividends(a) | $ | 3,619,803 | $ | 618,658 | $ | 960,286 | ||||||||
Securities lending income — affiliated issuer | 100,264 | 13,046 | 24,708 | |||||||||||
Total investment income | 3,720,067 | 631,704 | 984,994 | |||||||||||
Expenses: | ||||||||||||||
Management fees | 978,776 | 269,071 | 237,453 | |||||||||||
Distribution and Service fees(b) | 265,040 | 35,261 | 129,690 | |||||||||||
Transfer Agent fees(b) | 162,723 | 25,103 | 49,120 | |||||||||||
Custody and accounting fees | 62,304 | 41,918 | 54,317 | |||||||||||
Professional fees | 46,259 | 49,489 | 54,786 | |||||||||||
Printing fees | 40,240 | 21,422 | 56,247 | |||||||||||
Registration fees | 20,602 | 27,004 | 45,885 | |||||||||||
Trustee fees | 8,065 | 8,065 | 8,065 | |||||||||||
Service Share fees — Service Plan | 557 | 359 | 5 | (c) | ||||||||||
Service Share fees — Shareholder Administration Plan | 557 | 359 | 5 | (c) | ||||||||||
Other | 28,661 | 8,235 | 16,430 | |||||||||||
Total expenses | 1,613,784 | 486,286 | 652,003 | |||||||||||
Less — expense reductions | (104,636 | ) | (140,477 | ) | (192,727 | ) | ||||||||
Net expenses | 1,509,148 | 345,809 | 459,276 | |||||||||||
NET INVESTMENT INCOME | 2,210,919 | 285,895 | 525,718 | |||||||||||
Realized and unrealized gain (loss) from investment, futures and foreign currency related transactions: | ||||||||||||||
Net realized gain (loss) from: | ||||||||||||||
Investment transactions — unaffiliated issuers | (106,250,938 | ) | (22,849,615 | ) | (28,928,345 | ) | ||||||||
Securities lending reinvestment vehicle transactions — affiliated issuer | 3,256 | 2,517 | 2,421 | |||||||||||
Futures transactions | (1,512,003 | ) | — | (103,709 | ) | |||||||||
Foreign currency related transactions | 493,441 | 5,606 | (52,893 | ) | ||||||||||
Net change in unrealized gain (loss) on: | ||||||||||||||
Investments — unaffiliated issuers | 90,471,635 | 25,687,801 | 25,276,899 | |||||||||||
Securities lending reinvestment vehicle — affiliated issuer | 25,575 | 6,609 | 6,655 | |||||||||||
Futures | 274,174 | — | (45,005 | ) | ||||||||||
Translation of assets and liabilities denominated in foreign currencies | (146,869 | ) | (4,102 | ) | (11,603 | ) | ||||||||
Net realized and unrealized gain (loss) from investment, futures and foreign currency related transactions | (16,641,729 | ) | 2,848,816 | (3,855,580 | ) | |||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (14,430,810 | ) | $ | 3,134,711 | $ | (3,329,862 | ) | ||||||
(a) | Foreign taxes withheld on dividends were $290,483, $49,334 and $118,938 for the Concentrated International Equity, International Small Cap and Strategic International Equity Funds, respectively. |
(b) | Class specific Distribution and Service and Transfer Agent fees were as follows: |
Distribution and Service Fees | Transfer Agent Fees | |||||||||||||||||||||||||||||||||||||||||||
Fund | Class A | Class B | Class C | Class R | Class A | Class B | Class C | Institutional | Service | Class IR | Class R | |||||||||||||||||||||||||||||||||
Concentrated International Equity | $ | 186,372 | $ | 15,061 | $ | 63,607 | $ | — | $ | 141,644 | $ | 2,858 | $ | 12,074 | $ | 6,058 | $ | 89 | $ | — | $ | — | ||||||||||||||||||||||
International Small Cap | 22,313 | 4,141 | 8,807 | — | 16,958 | 786 | 1,672 | 5,630 | 57 | — | — | |||||||||||||||||||||||||||||||||
Strategic International Equity | 41,136 | 45,075 | 43,467 | 12 | 31,263 | 8,556 | 8,250 | 1,040 | 1 | (c) | 5 | 5 |
(c) | Service Shares of the Strategic International Equity Fund were liquidated as of March 13, 2009. |
GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS
Statements of Changes in Net Assets
Concentrated International Equity Fund | ||||||||||||||
For the | ||||||||||||||
Six Months Ended | For the Period | For the Fiscal | ||||||||||||
April 30, 2009 | September 1, 2008 to | Year Ended | ||||||||||||
(Unaudited) | October 31, 2008(a) | August 31, 2008 | ||||||||||||
From operations: | ||||||||||||||
Net investment income | $ | 2,210,919 | $ | 41,095 | $ | 10,651,115 | ||||||||
Net realized gain (loss) from investment, futures and foreign currency related transactions | (107,266,244 | ) | (73,082,738 | ) | 19,711,101 | |||||||||
Net change in unrealized gain (loss) on investments, futures and translation of assets and liabilities denominated in foreign currencies | 90,624,515 | (57,287,904 | ) | (130,589,625 | ) | |||||||||
Net increase (decrease) in net assets resulting from operations | (14,430,810 | ) | (130,329,547 | ) | (100,227,409 | ) | ||||||||
Distributions to shareholders: | ||||||||||||||
From net investment income | ||||||||||||||
Class A Shares | (9,797,017 | ) | — | (4,532,961 | ) | |||||||||
Class B Shares | (134,774 | ) | — | (12,304 | ) | |||||||||
Class C Shares | (687,439 | ) | — | (137,971 | ) | |||||||||
Institutional Shares | (2,347,731 | ) | — | (1,908,650 | ) | |||||||||
Service Shares | (29,316 | ) | — | (7,167 | ) | |||||||||
Class IR Shares(c) | — | — | — | |||||||||||
Class R Shares(c) | — | — | — | |||||||||||
From net realized gains | ||||||||||||||
Class A Shares | — | — | — | |||||||||||
Class B Shares | — | — | — | |||||||||||
Class C Shares | — | — | — | |||||||||||
Institutional Shares | — | — | — | |||||||||||
Service Shares | — | — | — | |||||||||||
Class IR Shares(c) | — | — | — | |||||||||||
Class R Shares(c) | — | — | — | |||||||||||
Total distributions to shareholders | (12,996,277 | ) | — | (6,599,053 | ) | |||||||||
From capital transactions: | ||||||||||||||
Proceeds from sales of shares | 18,411,255 | 4,497,301 | 101,479,296 | |||||||||||
Reinvestments of distributions | 11,754,026 | — | 5,555,976 | |||||||||||
Cost of shares redeemed | (68,010,807 | )(d) | (61,054,270 | ) | (137,359,009 | )(e) | ||||||||
Net increase (decrease) in net assets resulting from share transactions | (37,845,526 | ) | (56,556,969 | ) | (30,323,737 | ) | ||||||||
Increase from regulatory settlements | 2,541,801 | 4,517 | 2,195,351 | |||||||||||
Net increase (decrease) in net assets resulting from capital transactions | (35,303,725 | ) | (56,552,452 | ) | (28,128,386 | ) | ||||||||
TOTAL INCREASE (DECREASE) | (62,730,812 | ) | (186,881,999 | ) | (134,954,848 | ) | ||||||||
Net assets: | ||||||||||||||
Beginning of period | 246,531,952 | 433,413,951 | 568,368,799 | |||||||||||
End of period | $ | 183,801,140 | $ | 246,531,952 | $ | 433,413,951 | ||||||||
Accumulated undistributed net investment income | $ | 2,217,216 | $ | 13,002,574 | $ | 12,982,721 | ||||||||
(a) | The Fund changed its fiscal year end from August 31 to October 31. |
(b) | Service Shares of the Strategic International Equity Fund were liquidated as of March 13, 2009. |
(c) | Commenced operations on November 30, 2007. |
(d) | Net of $2,204, $680 and $6,874 in redemption fees remitted to the Concentrated International Equity, International Small Cap and Strategic International Equity Funds, respectively. |
(e) | Net of $2,168 and $1,546 in redemption fees remitted to the Concentrated International Equity and International Small Cap Funds, respectively. | |
(f) | Net of $9,291 in redemption fees remitted to the Strategic International Equity Fund. |
GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS
International Small Cap Fund | Strategic International Equity Fund | |||||||||||||||||||
For the | For the | |||||||||||||||||||
Six Months Ended | For the Period | For the Fiscal | Six Months Ended | For the Fiscal | ||||||||||||||||
April 30, 2009 | September 1, 2008 to | Year Ended | April 30, 2009 | Year Ended | ||||||||||||||||
(Unaudited) | October 31, 2008(a) | August 31, 2008 | (Unaudited) | October 31, 2008 | ||||||||||||||||
$ | 285,895 | $ | 151,688 | $ | 1,669,269 | $ | 525,718 | $ | 2,374,507 | |||||||||||
(22,841,492 | ) | (17,814,908 | ) | 1,306,069 | (29,082,526 | ) | (40,869,633 | ) | ||||||||||||
25,690,308 | (19,164,579 | ) | (44,876,614 | ) | 25,226,946 | (43,244,360 | ) | |||||||||||||
3,134,711 | (36,827,799 | ) | (41,901,276 | ) | (3,329,862 | ) | (81,739,486 | ) | ||||||||||||
(1,170,806 | ) | — | (2,052,458 | ) | (1,613,398 | ) | — | |||||||||||||
(35,554 | ) | — | (71,432 | ) | (360,687 | ) | — | |||||||||||||
(88,580 | ) | — | (123,143 | ) | (323,444 | ) | — | |||||||||||||
(1,960,365 | ) | — | (2,920,356 | ) | (293,328 | ) | — | |||||||||||||
(17,655 | ) | — | (30,976 | ) | (226 | )(b) | — | |||||||||||||
— | — | — | (247 | ) | — | |||||||||||||||
— | — | — | (208 | ) | — | |||||||||||||||
— | — | — | — | (34,487,419 | ) | |||||||||||||||
— | — | — | — | (11,387,460 | ) | |||||||||||||||
— | — | — | — | (12,618,780 | ) | |||||||||||||||
— | — | — | — | (9,680,388 | ) | |||||||||||||||
— | — | — | — | (3,819 | ) | |||||||||||||||
— | — | — | — | (3,628 | ) | |||||||||||||||
— | — | — | — | (3,628 | ) | |||||||||||||||
(3,272,960 | ) | — | (5,198,365 | ) | (2,591,538 | ) | (68,185,122 | ) | ||||||||||||
18,847,540 | 3,567,912 | 57,656,766 | 10,134,125 | 47,598,522 | ||||||||||||||||
3,037,684 | — | 4,423,153 | 2,306,759 | 61,745,668 | ||||||||||||||||
(11,628,051 | )(d) | (14,533,119 | ) | (132,484,320 | )(e) | (14,980,873 | )(d) | (90,657,323 | )(f) | |||||||||||
10,257,173 | (10,965,207 | ) | (70,404,401 | ) | (2,539,989 | ) | 18,686,867 | |||||||||||||
3,536 | — | 80,790 | 102,665 | 206,450 | ||||||||||||||||
10,260,709 | (10,965,207 | ) | (70,323,611 | ) | (2,437,324 | ) | 18,893,317 | |||||||||||||
10,122,460 | (47,793,006 | ) | (117,423,252 | ) | (8,358,724 | ) | (131,031,291 | ) | ||||||||||||
53,749,543 | 101,542,549 | 218,965,801 | 64,983,870 | 196,015,161 | ||||||||||||||||
$ | 63,872,003 | $ | 53,749,543 | $ | 101,542,549 | $ | 56,625,146 | $ | 64,983,870 | |||||||||||
$ | 297,636 | $ | 3,284,701 | $ | 1,224,411 | $ | 262,177 | $ | 2,327,997 | |||||||||||
GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS
Notes to Financial Statements
April 30, 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 table lists those series of the Trust that are included in this report (collectively, the “Funds” or individually a “Fund”), along with their corresponding share classes and respective diversification status under the Act:
Fund | Share Classes Offered | Diversified/Non-diversified | ||||
Concentrated International Equity and International Small Cap | A, B, C, Institutional and Service | Diversified | ||||
Strategic International Equity | A, B, C, Institutional, IR and R | 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 of the Funds are sold with a contingent deferred sales charge of 1.00% during the first 12 months. Institutional, Service, Class IR and Class R Shares of the Funds are not subject to a sales charge. As of March 13, 2009, the Service Shares of the Strategic International Equity Fund were liquidated. Goldman, Sachs & Co. (“Goldman Sachs” or the “Distributor”) 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.
Goldman Sachs Asset Management International (“GSAMI”), an affiliate of Goldman Sachs, serves as investment adviser pursuant to a Management Agreement (the “Agreement”) with the Trust on behalf of the Funds.
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 the amounts and disclosures on the financial statements. Actual results could differ from those estimates and assumptions.
A. Investment Valuation — The investment valuation policy of the Funds is to value investments at market value. Investments in equity securities traded on a foreign securities exchange are valued daily at fair value determined by an independent fair value service (if available) under valuation procedures approved by the trustees consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the United States (“U.S.”) securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchanges. While the independent service may not take into account market or security specific information, under the valuation procedures, these securities might also be fair valued by GSAMI by taking into consideration market or security specific information as discussed below.
Investments in equity securities and investment companies traded on a 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. Investments in equity securities and investment companies traded on a foreign securities exchange for which an independent fair value service cannot provide a quote are valued daily at their last sale price or official closing price on the principal exchange 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 approved by the trustees or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which consider either (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from bond dealers, to determine current value. If accurate quotations are not readily available, or if GSAMI 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
GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS
2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
established by the trustees. 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 (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 that mature in sixty days or less and that do not exhibit signs of credit deterioration are valued at amortized cost, which approximates market value.
GSAMI, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the previous closing prices of either domestic or foreign 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. In addition, it is each Fund’s policy to accrue for estimated capital gains taxes, if any, on securities held by the Funds, which are subject to such taxes.
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 respective Fund based upon the relative proportion of net assets of each class.
C. 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.
D. 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 (mutual funds) and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, no federal income 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/Paid | Declared/Paid | ||||||
Concentrated International Equity, International Small Cap and Strategic International Equity | Annually | Annually | ||||||
Net capital losses are carried forward to future fiscal 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 gains distributions.
The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from net investment income, net realized gain or capital. Financial statements are adjusted for permanent book/tax differences to reflect the appropriate tax character, and are not adjusted for temporary differences.
GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS
Notes to Financial Statements (continued)
April 30, 2009 (Unaudited)
2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
GAAP establishes financial statement accounting and disclosure requirements for recognition and measurement of tax positions taken or expected to be taken on a U.S. income tax return. GSAMI has reviewed the tax positions for the Funds for the open tax years (tax years ended August 31, 2006-8 and October 31, 2008) and determined that they did not have a material impact on the Funds’ financial statements.
E. Foreign Currency Translations — The books and records of the Funds are accounted for in U.S. dollars. Amounts denominated in foreign currencies are translated into U.S. dollars on the following basis: (i) investment valuations, foreign currency and other assets and liabilities initially expressed in foreign currencies are converted into U.S. dollars based upon 4:00 p.m. Eastern Time exchange rates; and (ii) purchases and sales of foreign investments, income and expenses are converted into U.S. dollars based upon currency exchange rates prevailing on the respective dates of such transactions as of 4:00 p.m. Eastern Time.
Net realized and unrealized gain (loss) on foreign currency transactions represents: (i) foreign exchange gains and losses from the sale and holdings of foreign currencies; (ii) currency gains and losses between trade date and settlement date on investment security transactions and forward exchange contracts; and (iii) gains and losses from the difference between amounts of dividends, interest and foreign withholding taxes recorded and the amounts actually received. The effect of changes in foreign currency exchange rates on equity securities and derivative instruments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included with the net realized and unrealized gain (loss) on investments. The effect of changes in foreign currency exchange rates on fixed income securities are segregated in the Statements of Operations from the effects of changes in market prices of those investments, and are included with the net realized and unrealized gain (loss) on foreign currency related transactions. Net unrealized foreign exchange gains and losses arising from changes in the value of other assets and liabilities as a result of changes in foreign exchange rates are included as increases and decreases in unrealized gain (loss) on foreign currency related transactions.
F. Futures Contracts — The Funds may purchase or sell futures contracts to hedge against changes in interest rates, securities prices, currency exchange rates or to seek to increase total return. Futures contracts are valued at the last settlement price, or in the absence of a sale, the last bid price, at the end of each day on the board of trade or exchange upon which they are traded. Upon entering into a futures contract, the Funds deposit cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by the Funds equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset in unrealized gains or losses. The Funds recognize a realized gain or loss when a contract is closed or expires.
The use of futures contracts involves, to varying degrees, elements of market and counterparty risk which may exceed the amounts recognized in the Statements of Assets and Liabilities. Futures contracts may be illiquid, and exchanges may limit fluctuations in futures contract prices during a single day. Changes in the value of a futures contract may not directly correlate with changes in the value of the underlying securities. These risks may decrease the effectiveness of the Funds’ strategies and potentially result in a loss. The Funds must set aside liquid assets, or engage in other appropriate measures to cover their obligations under these contracts.
G. Redemption Fees — All classes of the Funds charge a 2% redemption fee on the redemption of shares (including by exchange) held for 30 calendar days or less. For this purpose, the Funds use a first-in first-out method so that shares held longest will be treated as being redeemed first and shares held shortest will be treated as being redeemed last. Redemption fees are reimbursed to a Fund and are reflected as a reduction in share redemptions. Redemption fees are credited to Paid-in capital and are allocated to each share class of a Fund on a pro-rata basis at the time of payment.
GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS
3. AGREEMENTS
A. Management Agreement — Under the Agreement, GSAMI manages the Funds, subject to the general supervision of the 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, GSAMI is entitled to a management fee computed daily and payable monthly, equal to an annual percentage rate of each Fund’s average daily net assets.
For the six months ended April 30, 2009, contractual management fees with GSAMI were at the following rates:
Contractual Management Rate | ||||||||||||||||||||||||
First | Next | Next | Next | Over | Effective | |||||||||||||||||||
Fund | $1 billion | $1 billion | $3 billion | $3 billion | $8 billion | Rate | ||||||||||||||||||
Concentrated International Equity | 1.00 | % | 0.90 | % | 0.86 | % | 0.84 | % | 0.82 | % | 1.00 | % | ||||||||||||
International Small Cap | 1.10 | 1.10 | 0.99 | 0.94 | 0.92 | 1.10 | ||||||||||||||||||
Strategic International Equity | 0.85 | 0.77 | 0.73 | 0.72 | 0.71 | 0.85 | ||||||||||||||||||
B. Distribution Agreement and Service Plans — 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 fee accrued daily and paid monthly for distribution services and account maintenance services at the following annual rates calculated on a Fund’s average daily net assets of each respective share class:
Distribution and Service Plan Rates | ||||||||||||||||
Class A* | Class B | Class C | Class R* | |||||||||||||
Distribution Plan | 0.25 | % | 0.75 | % | 0.75 | % | 0.50 | % | ||||||||
Service Plan | — | 0.25 | % | 0.25 | % | — | ||||||||||
* | With respect to Class A and Class R Shares, the Distributor at its discretion may use compensation for distribution services paid under the Plans to compensate service organizations for personal and account maintenance services and expenses so long as such total compensation under the Plans does not exceed the maximum cap on “service fees” imposed by the Financial Industry Regulatory Authority. |
Goldman Sachs may retain a portion of the Class A front end sales load and Class B and Class C contingent deferred sales charges. During the six months ended April 30, 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 | |||||||||
Concentrated International Equity | $ | 2,400 | $ | — | $ | 900 | ||||||
International Small Cap | 400 | — | — | * | ||||||||
Strategic International Equity | 1,900 | — | — | |||||||||
* | Amount rounds to less than $100. |
C. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent for 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 Plan and Shareholder Administration Plans — The Trust, on behalf of the Concentrated International Equity and International Small Cap Funds, has adopted a Service Plan and a Shareholder Administration Plan for Service
GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS
Notes to Financial Statements (continued)
April 30, 2009 (Unaudited)
3. AGREEMENTS (continued) |
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% (0.50% in aggregate) of the average daily net assets of the Service Shares.
E. Other Agreements — GSAMI 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 meetings and other extraordinary expenses, exclusive of any custody and 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 GSAMI for prior period expense reimbursements, if any. The Other Expenses limitations for the Concentrated International Equity, International Small Cap and Strategic International Equity Funds as an annual percentage rate of average daily net assets are 0.104%, 0.064% and 0.164%, respectively. In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent resulting in a reduction in the Funds’ expenses.
For the six months ended April 30, 2009, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows (in thousands):
Other | Total | |||||||||||
Expense | Transfer | Expense | ||||||||||
Fund | Reimbursement | Agent Fee Credit | Reductions | |||||||||
Concentrated International Equity | $ | 105 | $ | — | * | $ | 105 | |||||
International Small Cap | 140 | — | * | 140 | ||||||||
Strategic International Equity | 190 | 3 | 193 | |||||||||
* | Amount rounds to less than $1,000. |
As of April 30, 2009, the amounts owed to affiliates of the Funds were as follows (in thousands):
Distribution | ||||||||||||||||
Management | and Service | Transfer | ||||||||||||||
Fund | Fees | Fees | Agent Fees | Total | ||||||||||||
Concentrated International Equity | $ | 147 | $ | 44 | $ | 25 | $ | 216 | ||||||||
International Small Cap | 52 | 7 | 4 | 63 | ||||||||||||
Strategic International Equity | 38 | 20 | 8 | 66 | ||||||||||||
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 GSAMI or its 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 April 30, 2009, the Funds did not have any borrowings under the facility. Effective May 12, 2009, the facility decreased to $660,000,000.
GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS
4. FAIR VALUE OF INVESTMENTS
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. Financial Accounting Standards Board (“FASB”) Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“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:
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 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 Funds’ investments categorized in the fair value hierarchy:
Concentrated | International | |||||||||||||||||||
International Equity | Small Cap | Strategic International Equity | ||||||||||||||||||
Investments in | Investments in | Investments in | ||||||||||||||||||
Securities | Derivatives- | Securities | Securities | Derivatives- | ||||||||||||||||
Level | Long-Assets | Assets(a) | Long-Assets | Long-Assets | Assets(a) | |||||||||||||||
Level 1 | $ | 14,666,027 | $ | 274,174 | $ | 11,400,758 | $ | 4,913,916 | $ | 130,462 | ||||||||||
Level 2(b) | 187,783,334 | — | 60,400,416 | 55,296,330 | — | |||||||||||||||
Level 3 | — | — | — | — | — | |||||||||||||||
Total | $ | 202,449,361 | $ | 274,174 | $ | 71,801,174 | $ | 60,210,246 | $ | 130,462 | ||||||||||
(a) | Derivatives may include open forward foreign currency contracts, futures contracts, swap contracts and written options. |
(b) | To adjust for the time difference between local market close and the calculation of the net asset value, the Funds may utilize fair value model prices for international equities provided by an independent service resulting in a Level 2 classification. |
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”), 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 Goldman Sachs Asset Management, L.P. (“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’
GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS
Notes to Financial Statements (continued)
April 30, 2009 (Unaudited)
5. SECURITIES LENDING (continued) |
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 April 30, 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 April 30, 2009:
Earnings of GSAL | Amounts Received | |||||||||||
Relating to | by the Funds | Amounts Payable to | ||||||||||
Securities | from Lending to | Goldman Sachs | ||||||||||
Loaned for the | Goldman Sachs for | Upon Return of | ||||||||||
Six Months Ended | the Six Months Ended | Securities Loaned as | ||||||||||
Fund | April 30, 2009 | April 30, 2009 | of April 30, 2009 | |||||||||
Concentrated International Equity | $ | 11,382 | $ | 10,748 | $ | 4,645,050 | ||||||
International Small Cap | 1,460 | 4,111 | 1,360,750 | |||||||||
Strategic International Equity | 2,834 | 7,162 | 858,800 | |||||||||
The following table provides information about the Funds’ investment in the Enhanced Portfolio for the six months ended April 30, 2009 (in thousands):
Number of Shares | ||||||||||||||||||||
Held Beginning of | Shares | Shares | Number of Shares | Value at End of | ||||||||||||||||
Fund | Period | Bought | Sold | Held End of Period | Period | |||||||||||||||
Concentrated International Equity | 1,893 | 98,321 | (76,841 | ) | 23,373 | $ | 23,163 | |||||||||||||
International Small Cap | 618 | 6,908 | (5,217 | ) | 2,309 | 2,289 | ||||||||||||||
Strategic International Equity | — | 23,144 | (17,655 | ) | 5,489 | 5,439 | ||||||||||||||
6. PORTFOLIO SECURITIES TRANSACTIONS
The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended April 30, 2009, were as follows:
Sales and | ||||||||
Fund | Purchases | Maturities | ||||||
Concentrated International Equity | $ | 117,422,009 | $ | 169,966,943 | ||||
International Small Cap | 39,923,820 | 32,900,902 | ||||||
Strategic International Equity | 41,551,476 | 46,769,432 | ||||||
For the six months ended April 30, 2009, Goldman Sachs earned approximately $4,500 and $1,300 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, executed on behalf of the Concentrated International Equity and Strategic International Equity Funds, respectively.
GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS
7. TAX INFORMATION
As of the Funds’ most recent fiscal period end, October 31, 2008, the Funds’ capital loss carryforwards on a tax basis were as follows:
Concentrated | Strategic | |||||||||||
International | International | International | ||||||||||
Equity | Small Cap | Equity | ||||||||||
Capital loss carryforward1 | ||||||||||||
Expiring 2009 | $ | (3,480,014 | ) | $ | (24,352,289 | ) | $ | — | ||||
Expiring 2010 | (265,232,801 | ) | (51,047,001 | ) | — | |||||||
Expiring 2011 | (69,572,929 | ) | — | — | ||||||||
Expiring 2016 | (112,531,656 | ) | (29,417,166 | ) | (36,073,466 | ) | ||||||
Total capital loss carryforward | $ | (450,817,400 | ) | $ | (104,816,456 | ) | $ | (36,073,466 | ) | |||
1 | Expiration occurs on October 31 of the year indicated. Due to a fund merger, utilization of the Concentrated International Equity Fund’s losses may be substantially limited under the Code. |
At April 30, 2009, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. Federal income tax purposes were as follows:
Concentrated | Strategic | |||||||||||
International | International | International | ||||||||||
Equity | Small Cap | Equity | ||||||||||
Tax cost | $ | 237,889,896 | $ | 83,867,499 | $ | 70,466,967 | ||||||
Gross unrealized gain | 9,809,666 | 3,376,101 | 3,339,208 | |||||||||
Gross unrealized loss | (45,250,201 | ) | (15,442,426 | ) | (13,595,929 | ) | ||||||
Net unrealized security loss | $ | (35,440,535 | ) | $ | (12,066,325 | ) | $ | (10,256,721 | ) | |||
The difference between book-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales and differences related to the tax treatment of partnership investments as of the most recent fiscal year end.
8. OTHER RISKS
Funds’ Shareholder Concentration — Certain Goldman Sachs Fund of Funds Portfolios and the Goldman Sachs Profit Sharing Trust may invest a significant percentage of their assets in the Funds. In the event the Fund of Funds Portfolios and/or the Profit Sharing Trust experience significant redemptions and/or reallocations, the Funds may be exposed to liquidity risk. In particular, the Funds may encounter difficulty meeting redemptions if unusual market conditions create an unfavorable environment in which the Funds are forced to liquidate their securities. As of April 30, 2009, the Goldman Sachs Satellite Strategies Portfolio was a beneficial owner of approximately 49% of the outstanding shares of the International Small Cap Fund.
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 that an issuer fails to perform or that an institution or entity with which the Funds have unsettled or open transactions defaults.
Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. These risks include revaluation of currencies, high rates of inflation, repatriation restrictions on income and capital, and adverse political and economic developments. Moreover, securities issued in these markets may be less liquid, be subject to
GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS
Notes to Financial Statements (continued)
April 30, 2009 (Unaudited)
8. OTHER RISKS (continued) |
government ownership controls, have delayed settlements, and their prices may be more volatile than those of comparable securities in the U.S.
9. OTHER MATTERS
Regulatory Settlements — As of April 30, 2009, the Concentrated International Equity, International Small Cap and Strategic International Equity Funds were entitled to receive payments of $4,738,237, $84,326 and $105,680, respectively, relating to certain regulatory settlements that the Funds had participated in during the periods ended August 31, 2008, October 31, 2008 and April 30, 2009. The payments have been included as an increase to Capital Transactions on the Statements of Changes in Net Assets.
Indemnifications — Under the Trust’s organizational documents, its 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.
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 the first interim or annual period beginning after November 15, 2008. FAS 161 requires enhanced disclosures about the Funds’ derivative and hedging activities. GSAMI does not believe the adoption of FAS 161 will impact the amounts reported in the financial statements; however, additional disclosures will be required.
In April 2009, the FASB issued a new FASB Staff Position FSP FAS 157-4, which amends FAS 157 and is effective for interim and annual periods ending after June 15, 2009. FSP FAS 157-4 provides additional guidance when the volume and level of activity for the asset or liability measured at fair value has significantly decreased. Additionally, FSP FAS 157-4 expands disclosure by reporting entities with respect to categories of assets and liabilities carried at fair value. GSAMI believes applying the provisions of FSP FAS 157-4 will not have a material impact on the Funds’ financial statements.
GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS
10. SUMMARY OF SHARE TRANSACTIONS
Share activity is as follows:
Concentrated International Equity Fund | ||||||||||||||||||||||||
For the Six Months Ended | ||||||||||||||||||||||||
April 30, 2009 | For the Period September 1, 2008 | For the Fiscal Year Ended | ||||||||||||||||||||||
(Unaudited) | to October 31, 2008(a) | August 31, 2008 | ||||||||||||||||||||||
Shares | Dollars | Shares | Dollars | Shares | Dollars | |||||||||||||||||||
Class A Shares | ||||||||||||||||||||||||
Shares sold | 835,470 | $ | 9,844,096 | 224,448 | $ | 3,303,430 | 2,810,377 | $ | 63,009,791 | |||||||||||||||
Reinvestment of distributions | 737,789 | 8,897,733 | — | — | 166,132 | 4,219,551 | ||||||||||||||||||
Shares converted from Class B(b) | 10,483 | 118,003 | 15,259 | 263,221 | 89,194 | 2,070,155 | ||||||||||||||||||
Shares redeemed | (3,781,920 | ) | (44,574,543 | ) | (1,348,798 | ) | (20,219,734 | ) | (4,409,840 | ) | (100,276,578 | ) | ||||||||||||
(2,198,178 | ) | (25,714,711 | ) | (1,109,091 | ) | (16,653,083 | ) | (1,344,137 | ) | (30,977,081 | ) | |||||||||||||
Class B Shares | ||||||||||||||||||||||||
Shares sold | 9,783 | 108,661 | 2,872 | 41,622 | 36,791 | 838,101 | ||||||||||||||||||
Reinvestment of distributions | 10,562 | 125,579 | — | — | 454 | 11,209 | ||||||||||||||||||
Shares converted to Class A(b) | (10,649 | ) | (118,003 | ) | (15,800 | ) | (263,221 | ) | (92,334 | ) | (2,070,155 | ) | ||||||||||||
Shares redeemed | (62,049 | ) | (693,393 | ) | (39,832 | ) | (600,711 | ) | (142,839 | ) | (3,165,218 | ) | ||||||||||||
(52,353 | ) | (577,156 | ) | (52,760 | ) | (822,310 | ) | (197,928 | ) | (4,386,063 | ) | |||||||||||||
Class C Shares | ||||||||||||||||||||||||
Shares sold | 225,985 | 2,468,281 | 58,889 | 866,619 | 349,491 | 7,518,401 | ||||||||||||||||||
Reinvestment of distributions | 54,651 | 625,757 | — | — | 5,214 | 125,441 | ||||||||||||||||||
Shares redeemed | (244,749 | ) | (2,635,989 | ) | (100,072 | ) | (1,447,471 | ) | (469,032 | ) | (10,205,106 | ) | ||||||||||||
35,887 | 458,049 | (41,183 | ) | (580,852 | ) | (114,327 | ) | (2,561,264 | ) | |||||||||||||||
Institutional Shares | ||||||||||||||||||||||||
Shares sold | 466,643 | 5,901,086 | 15,438 | 255,776 | 1,295,589 | 29,910,471 | ||||||||||||||||||
Reinvestment of distributions | 170,389 | 2,092,373 | — | — | 46,123 | 1,196,388 | ||||||||||||||||||
Shares redeemed | (1,723,488 | ) | (19,903,329 | ) | (2,385,261 | ) | (38,760,919 | ) | (994,721 | ) | (23,034,975 | ) | ||||||||||||
(1,086,456 | ) | (11,909,870 | ) | (2,369,823 | ) | (38,505,143 | ) | 346,991 | 8,071,884 | |||||||||||||||
Service Shares | ||||||||||||||||||||||||
Shares sold | 7,639 | 89,131 | 1,791 | �� | 29,854 | 8,835 | 202,532 | |||||||||||||||||
Reinvestment of distributions | 1,035 | 12,584 | — | — | 132 | 3,387 | ||||||||||||||||||
Shares redeemed | (18,305 | ) | (203,553 | ) | (1,425 | ) | (25,435 | ) | (27,699 | ) | (677,132 | ) | ||||||||||||
(9,631 | ) | (101,838 | ) | 366 | 4,419 | (18,732 | ) | (471,213 | ) | |||||||||||||||
NET DECREASE | (3,310,731 | ) | $ | (37,845,526 | ) | (3,572,491 | ) | $ | (56,556,969 | ) | (1,328,133 | ) | $ | (30,323,737 | ) | |||||||||
(a) | The Fund changed its fiscal year end from August 31 to October 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 FUNDAMENTAL INTERNATIONAL EQUITY FUNDS
Notes to Financial Statements (continued)
April 30, 2009 (Unaudited)
10. SUMMARY OF SHARE TRANSACTIONS (continued) |
Share activity is as follows:
International Small Cap Fund | ||||||||||||||||||||||||
For the Six Months Ended | ||||||||||||||||||||||||
April 30, 2009 | For the Period September 1, 2008 | For the Fiscal Year Ended | ||||||||||||||||||||||
(Unaudited) | to October 31, 2008(a) | August 31, 2008 | ||||||||||||||||||||||
Shares | Dollars | Shares | Dollars | Shares | Dollars | |||||||||||||||||||
Class A Shares | ||||||||||||||||||||||||
Shares sold | 222,608 | $ | 1,937,662 | 65,658 | $ | 798,466 | 456,266 | $ | 8,775,179 | |||||||||||||||
Reinvestment of distributions | 124,435 | 1,088,809 | — | — | 91,506 | 1,894,931 | ||||||||||||||||||
Shares converted from Class B(b) | 3,055 | 25,038 | 2,001 | 27,231 | 19,882 | 380,636 | ||||||||||||||||||
Shares redeemed | (818,373 | ) | (7,184,141 | ) | (363,297 | ) | (4,258,515 | ) | (2,966,387 | ) | (56,480,785 | ) | ||||||||||||
(468,275 | ) | (4,132,632 | ) | (295,638 | ) | (3,432,818 | ) | (2,398,733 | ) | (45,430,039 | ) | |||||||||||||
Class B Shares | ||||||||||||||||||||||||
Shares sold | 6,208 | 53,304 | 704 | 7,631 | 14,637 | 286,140 | ||||||||||||||||||
Reinvestment of distributions | 3,722 | 32,049 | — | — | 3,268 | 65,320 | ||||||||||||||||||
Shares converted to Class A(b) | (3,107 | ) | (25,038 | ) | (2,079 | ) | (27,231 | ) | (20,630 | ) | (380,636 | ) | ||||||||||||
Shares redeemed | (25,068 | ) | (211,276 | ) | (17,140 | ) | (188,898 | ) | (94,337 | ) | (1,644,937 | ) | ||||||||||||
(18,245 | ) | (150,961 | ) | (18,515 | ) | (208,498 | ) | (97,062 | ) | (1,674,113 | ) | |||||||||||||
Class C Shares | ||||||||||||||||||||||||
Shares sold | 3,066 | 25,949 | 3,926 | 39,858 | 19,622 | 378,080 | ||||||||||||||||||
Reinvestment of distributions | 8,772 | 74,563 | — | — | 5,283 | 104,912 | ||||||||||||||||||
Shares redeemed | (88,936 | ) | (716,852 | ) | (27,098 | ) | (308,165 | ) | (182,748 | ) | (3,398,644 | ) | ||||||||||||
(77,098 | ) | (616,340 | ) | (23,172 | ) | (268,307 | ) | (157,843 | ) | (2,915,652 | ) | |||||||||||||
Institutional Shares | ||||||||||||||||||||||||
Shares sold | 1,891,145 | 16,794,163 | 198,648 | 2,706,056 | 2,504,573 | 47,993,331 | ||||||||||||||||||
Reinvestment of distributions | 203,979 | 1,827,650 | — | — | 108,679 | 2,331,025 | ||||||||||||||||||
Shares redeemed | (388,996 | ) | (3,478,735 | ) | (825,248 | ) | (9,774,370 | ) | (3,592,673 | ) | (70,239,994 | ) | ||||||||||||
1,706,128 | 15,143,078 | (626,600 | ) | (7,068,314 | ) | (979,421 | ) | (19,915,638 | ) | |||||||||||||||
Service Shares | ||||||||||||||||||||||||
Shares sold | 4,251 | 36,462 | 1,525 | 15,901 | 11,441 | 224,036 | ||||||||||||||||||
Reinvestment of distributions | 1,679 | 14,613 | — | — | 1,309 | 26,965 | ||||||||||||||||||
Shares redeemed | (4,252 | ) | (37,047 | ) | (287 | ) | (3,171 | ) | (40,416 | ) | (719,960 | ) | ||||||||||||
1,678 | 14,028 | 1,238 | 12,730 | (27,666 | ) | (468,959 | ) | |||||||||||||||||
NET INCREASE (DECREASE) | 1,144,188 | $ | 10,257,173 | (962,687 | ) | $ | (10,965,207 | ) | (3,660,725 | ) | $ | (70,404,401 | ) | |||||||||||
(a) | The Fund changed its fiscal year end from August 31 to October 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 FUNDAMENTAL INTERNATIONAL EQUITY FUNDS
10. SUMMARY OF SHARE TRANSACTIONS (continued) |
Share activity is as follows:
Strategic International Equity Fund | ||||||||||||||||
For the Six Months Ended | ||||||||||||||||
April 30, 2009 | For the Fiscal Year Ended | |||||||||||||||
(Unaudited) | October 31, 2008 | |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
Class A Shares | ||||||||||||||||
Shares sold | 987,116 | $ | 8,135,822 | 1,596,386 | $ | 24,385,367 | ||||||||||
Reinvestment of distributions | 170,907 | 1,421,942 | 1,841,317 | 32,259,048 | ||||||||||||
Shares converted from Class B(a) | 66,120 | 506,906 | 123,814 | 1,948,551 | ||||||||||||
Shares redeemed | (1,316,628 | ) | (10,485,675 | ) | (2,966,264 | ) | (44,755,410 | ) | ||||||||
(92,485 | ) | (421,005 | ) | 595,253 | 13,837,556 | |||||||||||
Class B Shares | ||||||||||||||||
Shares sold | 68,470 | 494,700 | 187,253 | 2,700,643 | ||||||||||||
Reinvestment of distributions | 45,318 | 340,328 | 666,486 | 10,543,535 | ||||||||||||
Shares converted to Class A(a) | (73,298 | ) | (506,906 | ) | (136,967 | ) | (1,948,551 | ) | ||||||||
Shares redeemed | (204,434 | ) | (1,444,915 | ) | (609,685 | ) | (8,446,736 | ) | ||||||||
(163,944 | ) | (1,116,793 | ) | 107,087 | 2,848,891 | |||||||||||
Class C Shares | ||||||||||||||||
Shares sold | 62,021 | 456,856 | 288,602 | 4,461,727 | ||||||||||||
Reinvestment of distributions | 35,937 | 273,480 | 630,428 | 10,080,274 | ||||||||||||
Shares redeemed | (279,519 | ) | (2,029,122 | ) | (951,709 | ) | (13,253,717 | ) | ||||||||
(181,561 | ) | (1,298,786 | ) | (32,679 | ) | 1,288,284 | ||||||||||
Institutional Shares | ||||||||||||||||
Shares sold | 117,821 | 1,046,701 | 984,302 | 16,030,783 | ||||||||||||
Reinvestment of distributions | 31,215 | 270,328 | 485,039 | 8,851,736 | ||||||||||||
Shares redeemed | (121,289 | ) | (1,016,465 | ) | (1,845,923 | ) | (24,201,460 | ) | ||||||||
27,747 | 300,564 | (376,582 | ) | 681,059 | ||||||||||||
Service Shares(b) | ||||||||||||||||
Shares sold | — | — | — | 2 | ||||||||||||
Reinvestment of distributions | 26 | 226 | 210 | 3,819 | ||||||||||||
Shares redeemed | (628 | ) | (4,659 | ) | — | — | ||||||||||
(602 | ) | (4,433 | ) | 210 | 3,821 | |||||||||||
Class IR Shares(c) | ||||||||||||||||
Shares sold | 3 | 23 | 372 | 10,000 | ||||||||||||
Reinvestment of distributions | 30 | 247 | 207 | 3,628 | ||||||||||||
Shares redeemed | (3 | ) | (23 | ) | — | — | ||||||||||
30 | 247 | 579 | 13,628 | |||||||||||||
Class R Shares(c) | ||||||||||||||||
Shares sold | 3 | 23 | 372 | 10,000 | ||||||||||||
Reinvestment of distributions | 25 | 208 | 207 | 3,628 | ||||||||||||
Shares redeemed | (2 | ) | (14 | ) | — | — | ||||||||||
26 | 217 | 579 | 13,628 | |||||||||||||
NET INCREASE (DECREASE) | (410,789 | ) | $ | (2,539,989 | ) | 294,447 | $ | 18,686,867 | ||||||||
(a) | 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. | |
(b) | Service Shares of the Strategic International Equity Fund were liquidated as of March 13, 2009. | |
(c) | Commencement of operations was November 30, 2007. |
GOLDMAN SACHS CONCENTRATED INTERNATIONAL EQUITY 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 | Increase from | |||||||||||||||||||||||
beginning | investment | and unrealized | investment | investment | regulatory | |||||||||||||||||||||||
Year - Share Class | of period | income (loss)(a) | gain (loss) | operations | income | settlements | ||||||||||||||||||||||
FOR THE SIX MONTHS ENDED APRIL 30, (UNAUDITED) | ||||||||||||||||||||||||||||
2009 - A | $ | 13.18 | $ | 0.13 | $ | (0.75 | ) | $ | (0.62 | ) | $ | (0.75 | ) | $ | 0.15 | |||||||||||||
2009 - B | 12.72 | 0.09 | (0.74 | ) | (0.65 | ) | (0.47 | ) | 0.15 | |||||||||||||||||||
2009 - C | 12.40 | 0.09 | (0.72 | ) | (0.63 | ) | (0.61 | ) | 0.15 | |||||||||||||||||||
2009 - Institutional | 13.50 | 0.15 | (0.75 | ) | (0.60 | ) | (0.86 | ) | 0.15 | |||||||||||||||||||
2009 - Service | 13.28 | 0.12 | (0.75 | ) | (0.63 | ) | (0.75 | ) | 0.15 | |||||||||||||||||||
FOR THE PERIOD SEPTEMBER 1, 2008 TO OCTOBER 31, 2008* | ||||||||||||||||||||||||||||
2008 - A | 19.40 | — | (d) | (6.22 | ) | (6.22 | ) | — | — | |||||||||||||||||||
2008 - B | 18.75 | (0.02 | ) | (6.01 | ) | (6.03 | ) | — | — | |||||||||||||||||||
2008 - C | 18.28 | (0.02 | ) | (5.86 | ) | (5.88 | ) | — | — | |||||||||||||||||||
2008 - Institutional | 19.87 | 0.01 | (6.38 | ) | (6.37 | ) | — | — | ||||||||||||||||||||
2008 - Service | 19.55 | — | (d) | (6.27 | ) | (6.27 | ) | — | — | |||||||||||||||||||
FOR THE FISCAL YEARS ENDED AUGUST 31, | ||||||||||||||||||||||||||||
2008 - A | 24.04 | 0.44 | (f) | (4.89 | ) | (4.45 | ) | (0.28 | ) | 0.09 | ||||||||||||||||||
2008 - B | 23.19 | 0.21 | (f) | (4.71 | ) | (4.50 | ) | (0.03 | ) | 0.09 | ||||||||||||||||||
2008 - C | 22.68 | 0.26 | (f) | (4.63 | ) | (4.37 | ) | (0.12 | ) | 0.09 | ||||||||||||||||||
2008 - Institutional | 24.61 | 0.58 | (f) | (5.03 | ) | (4.45 | ) | (0.38 | ) | 0.09 | ||||||||||||||||||
2008 - Service | 24.17 | 0.41 | (f) | (4.93 | ) | (4.52 | ) | (0.19 | ) | 0.09 | ||||||||||||||||||
2007 - A | 21.05 | 0.24 | 2.91 | 3.15 | (0.16 | ) | — | |||||||||||||||||||||
2007 - B | 20.32 | 0.05 | 2.82 | 2.87 | — | — | ||||||||||||||||||||||
2007 - C | 19.90 | 0.10 | 2.71 | 2.81 | (0.03 | ) | — | |||||||||||||||||||||
2007 - Institutional | 21.53 | 0.34 | 2.97 | 3.31 | (0.23 | ) | — | |||||||||||||||||||||
2007 - Service | 21.19 | 0.20 | 2.95 | 3.15 | (0.17 | ) | — | |||||||||||||||||||||
2006 - A | 17.78 | 0.23 | 3.19 | 3.42 | (0.15 | ) | — | |||||||||||||||||||||
2006 - B | 17.16 | 0.05 | 3.11 | 3.16 | — | — | ||||||||||||||||||||||
2006 - C | 16.84 | 0.07 | 3.03 | 3.10 | (0.04 | ) | — | |||||||||||||||||||||
2006 - Institutional | 18.19 | 0.31 | 3.25 | 3.56 | (0.22 | ) | — | |||||||||||||||||||||
2006 - Service | 17.91 | 0.27 | 3.13 | 3.40 | (0.12 | ) | — | |||||||||||||||||||||
2005 - A | 14.73 | 0.09 | 3.30 | 3.39 | (0.34 | ) | — | |||||||||||||||||||||
2005 - B | 14.26 | (0.04 | ) | 3.20 | 3.16 | (0.26 | ) | — | ||||||||||||||||||||
2005 - C | 14.03 | (0.03 | ) | 3.13 | 3.10 | (0.29 | ) | — | ||||||||||||||||||||
2005 - Institutional | 15.05 | 0.14 | 3.41 | 3.55 | (0.41 | ) | — | |||||||||||||||||||||
2005 - Service | 14.82 | 0.06 | 3.34 | 3.40 | (0.31 | ) | — | |||||||||||||||||||||
2004 - A | 13.41 | 0.03 | 1.95 | 1.98 | (0.66 | ) | — | |||||||||||||||||||||
2004 - B | 13.02 | (0.06 | ) | 1.90 | 1.84 | (0.60 | ) | — | ||||||||||||||||||||
2004 - C | 12.83 | (0.05 | ) | 1.86 | 1.81 | (0.61 | ) | — | ||||||||||||||||||||
2004 - Institutional | 13.70 | 0.09 | 2.01 | 2.10 | (0.75 | ) | — | |||||||||||||||||||||
2004 - Service | 13.38 | 0.02 | 1.96 | 1.98 | (0.54 | ) | — | |||||||||||||||||||||
* | The Fund changed its fiscal year end from August 31 to October 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 were taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Total return reflects the impact of payments for regulatory settlements entitled to be received during the period and recorded as an increase to capital by the Fund. Excluding such payments, the total return would have been: |
Class A | Class B | Class C | Institutional | Service | ||||||||||||||||||
For the Six Months Ended April 30, 2009 | (4.93 | )% | (5.34 | )% | (5.22 | )% | (5.11 | )% | (5.28 | )% | ||||||||||||
For the Fiscal Year Ended August 31, 2008 | (18.88 | ) | (19.52 | ) | (19.48 | ) | (18.54 | ) | (18.97 | ) |
(d) | Amount is less than $0.005 per share. |
(e) | Annualized. |
(f) | Includes income recognized from a corporate action which amounted to $0.23 per share and 0.98% of average net assets. |
GOLDMAN SACHS CONCENTRATED INTERNATIONAL EQUITY 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 | |||||||||||||||||||||||||||
$ | 11.96 | (3.58 | )%(c) | $ | 143,810 | 1.54 | %(e) | 2.30 | %(e) | 1.65 | %(e) | 2.19 | %(e) | 61 | % | |||||||||||||||||||
11.75 | (3.94 | )(c) | 2,790 | 2.29 | (e) | 1.50 | (e) | 2.40 | (e) | 1.39 | (e) | 61 | ||||||||||||||||||||||
11.31 | (3.97 | )(c) | 13,233 | 2.29 | (e) | 1.57 | (e) | 2.40 | (e) | 1.46 | (e) | 61 | ||||||||||||||||||||||
12.19 | (3.44 | )(c) | 23,615 | 1.14 | (e) | 2.47 | (e) | 1.25 | (e) | 2.36 | (e) | 61 | ||||||||||||||||||||||
12.05 | (3.64 | )(c) | 354 | 1.64 | (e) | 2.15 | (e) | 1.75 | (e) | 2.04 | (e) | 61 | ||||||||||||||||||||||
13.18 | (32.11 | ) | 187,435 | 1.54 | (e) | 0.02 | (e) | 1.72 | (e) | (0.16 | )(e) | 21 | ||||||||||||||||||||||
12.72 | (32.16 | ) | 3,686 | 2.29 | (e) | (0.74 | )(e) | 2.47 | (e) | (0.92 | )(e) | 21 | ||||||||||||||||||||||
12.40 | (32.17 | ) | 14,057 | 2.29 | (e) | (0.74 | )(e) | 2.47 | (e) | (0.92 | )(e) | 21 | ||||||||||||||||||||||
13.50 | (32.06 | ) | 40,837 | 1.14 | (e) | 0.54 | (e) | 1.32 | (e) | 0.36 | (e) | 21 | ||||||||||||||||||||||
13.28 | (32.12 | ) | 518 | 1.64 | (e) | (0.09 | )(e) | 1.82 | (e) | (0.27 | )(e) | 21 | ||||||||||||||||||||||
19.40 | (18.37 | )(c) | 297,558 | 1.54 | 1.92 | (f) | 1.55 | 1.91 | (f) | 178 | ||||||||||||||||||||||||
18.75 | (19.01 | )(c) | 6,424 | 2.29 | 0.96 | (f) | 2.30 | 0.95 | (f) | 178 | ||||||||||||||||||||||||
18.28 | (18.97 | )(c) | 21,480 | 2.29 | 1.18 | (f) | 2.30 | 1.17 | (f) | 178 | ||||||||||||||||||||||||
19.87 | (18.03 | )(c) | 107,197 | 1.14 | 2.46 | (f) | 1.15 | 2.45 | (f) | 178 | ||||||||||||||||||||||||
19.55 | (18.46 | )(c) | 755 | 1.64 | 1.79 | (f) | 1.65 | 1.78 | (f) | 178 | ||||||||||||||||||||||||
24.04 | 15.03 | 400,976 | 1.55 | 1.02 | 1.55 | 1.02 | 97 | |||||||||||||||||||||||||||
23.19 | 14.12 | 12,534 | 2.30 | 0.22 | 2.30 | 0.22 | 97 | |||||||||||||||||||||||||||
22.68 | 14.12 | 29,244 | 2.30 | 0.43 | 2.30 | 0.43 | 97 | |||||||||||||||||||||||||||
24.61 | 15.45 | 124,229 | 1.15 | 1.40 | 1.15 | 1.40 | 97 | |||||||||||||||||||||||||||
24.17 | 14.90 | 1,386 | 1.65 | 0.84 | 1.65 | 0.84 | 97 | |||||||||||||||||||||||||||
21.05 | 19.26 | 390,054 | 1.54 | 1.15 | 1.58 | 1.11 | 59 | |||||||||||||||||||||||||||
20.32 | 18.41 | 14,576 | 2.29 | 0.24 | 2.33 | 0.20 | 59 | |||||||||||||||||||||||||||
19.90 | 18.44 | 22,982 | 2.29 | 0.40 | 2.33 | 0.36 | 59 | |||||||||||||||||||||||||||
21.53 | 19.72 | 99,325 | 1.14 | 1.54 | 1.18 | 1.50 | 59 | |||||||||||||||||||||||||||
21.19 | 19.10 | 1,301 | 1.64 | 1.37 | 1.68 | 1.33 | 59 | |||||||||||||||||||||||||||
17.78 | 23.26 | 308,447 | 1.54 | 0.53 | 1.60 | 0.47 | 49 | |||||||||||||||||||||||||||
17.16 | 22.36 | 16,554 | 2.29 | (0.27 | ) | 2.35 | (0.33 | ) | 49 | |||||||||||||||||||||||||
16.84 | 22.31 | 17,770 | 2.29 | (0.21 | ) | 2.35 | (0.27 | ) | 49 | |||||||||||||||||||||||||
18.19 | 23.84 | 62,486 | 1.14 | 0.83 | 1.20 | 0.77 | 49 | |||||||||||||||||||||||||||
17.91 | 23.17 | 426 | 1.64 | 0.39 | 1.70 | 0.33 | 49 | |||||||||||||||||||||||||||
14.73 | 14.88 | 301,190 | 1.74 | 0.17 | 1.81 | 0.10 | 78 | |||||||||||||||||||||||||||
14.26 | 14.23 | 23,515 | 2.29 | (0.39 | ) | 2.36 | (0.46 | ) | 78 | |||||||||||||||||||||||||
14.03 | 14.26 | 15,643 | 2.29 | (0.36 | ) | 2.36 | (0.43 | ) | 78 | |||||||||||||||||||||||||
15.05 | 15.53 | 72,823 | 1.14 | 0.63 | 1.21 | 0.56 | 78 | |||||||||||||||||||||||||||
14.82 | 14.90 | 542 | 1.64 | 0.12 | 1.71 | 0.05 | 78 | |||||||||||||||||||||||||||
GOLDMAN SACHS INTERNATIONAL SMALL CAP 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 SIX MONTHS ENDED APRIL 30, (UNAUDITED) | ||||||||||||||||||||||||
2009 - A | $ | 9.48 | $ | 0.04 | $ | 0.38 | $ | 0.42 | $ | (0.56 | ) | |||||||||||||
2009 - B | 9.12 | — | (c) | 0.39 | 0.39 | (0.33 | ) | |||||||||||||||||
2009 - C | 9.06 | — | (c) | 0.38 | 0.38 | (0.39 | ) | |||||||||||||||||
2009 - Institutional | 9.82 | 0.07 | 0.39 | 0.46 | (0.70 | ) | ||||||||||||||||||
2009 - Service | 9.42 | 0.04 | 0.38 | 0.42 | (0.55 | ) | ||||||||||||||||||
FOR THE PERIOD SEPTEMBER 1, 2008 TO OCTOBER 31, 2008* | ||||||||||||||||||||||||
2008 - A | 15.26 | 0.02 | (5.80 | ) | (5.78 | ) | — | |||||||||||||||||
2008 - B | 14.70 | — | (c) | (5.58 | ) | (5.58 | ) | — | ||||||||||||||||
2008 - C | 14.60 | — | (c) | (5.54 | ) | (5.54 | ) | — | ||||||||||||||||
2008 - Institutional | 15.81 | 0.03 | (6.02 | ) | (5.99 | ) | — | |||||||||||||||||
2008 - Service | 15.18 | 0.02 | (5.78 | ) | (5.76 | ) | — | |||||||||||||||||
FOR THE FISCAL YEARS ENDED AUGUST 31, | ||||||||||||||||||||||||
2008 - A | 21.18 | 0.16 | (e) | (5.57 | ) | (5.41 | ) | (0.51 | ) | |||||||||||||||
2008 - B | 20.41 | 0.03 | (e) | (5.39 | ) | (5.36 | ) | (0.35 | ) | |||||||||||||||
2008 - C | 20.27 | 0.03 | (e) | (5.35 | ) | (5.32 | ) | (0.35 | ) | |||||||||||||||
2008 - Institutional | 21.94 | 0.28 | (e) | (5.78 | ) | (5.50 | ) | (0.63 | ) | |||||||||||||||
2008 - Service | 21.10 | 0.16 | (e) | (5.54 | ) | (5.38 | ) | (0.54 | ) | |||||||||||||||
2007 - A | 18.16 | — | (c) | 3.21 | 3.21 | (0.19 | ) | |||||||||||||||||
2007 - B | 17.47 | (0.15 | ) | 3.09 | 2.94 | — | ||||||||||||||||||
2007 - C | 17.40 | (0.15 | ) | 3.08 | 2.93 | (0.06 | ) | |||||||||||||||||
2007 - Institutional | 18.79 | 0.08 | 3.33 | 3.41 | (0.26 | ) | ||||||||||||||||||
2007 - Service | 18.13 | (0.01 | ) | 3.18 | 3.17 | (0.20 | ) | |||||||||||||||||
2006 - A | 15.83 | 0.02 | 2.41 | 2.43 | (0.10 | ) | ||||||||||||||||||
2006 - B | 15.25 | (0.13 | ) | 2.35 | 2.22 | — | ||||||||||||||||||
2006 - C | 15.19 | (0.11 | ) | 2.32 | 2.21 | — | ||||||||||||||||||
2006 - Institutional | 16.35 | 0.09 | 2.48 | 2.57 | (0.13 | ) | ||||||||||||||||||
2006 - Service | 15.80 | 0.02 | 2.39 | 2.41 | (0.08 | ) | ||||||||||||||||||
2005 - A | 12.00 | 0.03 | 3.88 | 3.91 | (0.08 | ) | ||||||||||||||||||
2005 - B | 11.65 | (0.09 | ) | 3.76 | 3.67 | (0.07 | ) | |||||||||||||||||
2005 - C | 11.64 | (0.09 | ) | 3.75 | 3.66 | (0.11 | ) | |||||||||||||||||
2005 - Institutional | 12.43 | 0.08 | 4.02 | 4.10 | (0.18 | ) | ||||||||||||||||||
2005 - Service | 12.06 | 0.01 | 3.89 | 3.90 | (0.16 | ) | ||||||||||||||||||
2004 - A | 9.22 | 0.08 | 2.71 | 2.79 | (0.01 | ) | ||||||||||||||||||
2004 - B | 8.99 | 0.02 | 2.65 | 2.67 | (0.01 | ) | ||||||||||||||||||
2004 - C | 8.98 | (0.01 | ) | 2.67 | 2.66 | — | ||||||||||||||||||
2004 - Institutional | 9.55 | 0.13 | 2.83 | 2.96 | (0.08 | ) | ||||||||||||||||||
2004 - Service | 9.29 | 0.09 | 2.73 | 2.82 | (0.05 | ) | ||||||||||||||||||
* | The Fund changed its fiscal year end from August 31 to October 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 were taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Amount is less than $0.005 per share. |
(d) | Annualized. |
(e) | Includes income recognized from a corporate action which amounted to $0.08 per share and 0.41% of average net assets. |
(f) | Total return reflects the impact of payments for class action settlements, amounting to $0.01 per share, received during the year and recorded as an increase to capital by the Fund. Excluding such payments, the total return would have been (26.18)%, (26.77)%, (26.73)%, (25.89)% and (26.24)%, respectively. |
GOLDMAN SACHS INTERNATIONAL SMALL CAP 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 | |||||||||||||||||||||||||||
$ | 9.34 | 4.99 | % | $ | 16,960 | 1.60 | %(d) | 0.85 | %(d) | 2.18 | %(d) | 0.27 | %(d) | 66 | % | |||||||||||||||||||
9.18 | 4.56 | 825 | 2.35 | (d) | 0.04 | (d) | 2.93 | (d) | (0.54 | )(d) | 66 | |||||||||||||||||||||||
9.05 | 4.58 | 1,541 | 2.35 | (d) | (0.02 | )(d) | 2.93 | (d) | (0.60 | )(d) | 66 | |||||||||||||||||||||||
9.58 | 5.25 | 44,240 | 1.20 | (d) | 1.49 | (d) | 1.78 | (d) | 0.91 | (d) | 66 | |||||||||||||||||||||||
9.29 | 5.00 | 305 | 1.70 | (d) | 0.82 | (d) | 2.28 | (d) | 0.24 | (d) | 66 | |||||||||||||||||||||||
9.48 | (37.88 | ) | 21,650 | 1.60 | (d) | 0.99 | (d) | 2.39 | (d) | 0.20 | (d) | 24 | ||||||||||||||||||||||
9.12 | (37.92 | ) | 986 | 2.35 | (d) | 0.23 | (d) | 3.14 | (d) | (0.56 | )(d) | 24 | ||||||||||||||||||||||
9.06 | (37.95 | ) | 2,239 | 2.35 | (d) | 0.22 | (d) | 3.14 | (d) | (0.57 | )(d) | 24 | ||||||||||||||||||||||
9.82 | (37.85 | ) | 28,581 | 1.20 | (d) | 1.43 | (d) | 1.99 | (d) | 0.64 | (d) | 24 | ||||||||||||||||||||||
9.42 | (37.90 | ) | 294 | 1.70 | (d) | 0.87 | (d) | 2.49 | (d) | 0.08 | (d) | 24 | ||||||||||||||||||||||
15.26 | (26.10 | )(f) | 39,376 | 1.64 | 0.85 | (e) | 1.78 | 0.71 | (e) | 117 | ||||||||||||||||||||||||
14.70 | (26.69 | )(f) | 1,862 | 2.39 | 0.14 | (e) | 2.53 | 0.00 | (e) | 117 | ||||||||||||||||||||||||
14.60 | (26.65 | )(f) | 3,950 | 2.39 | 0.18 | (e) | 2.53 | 0.04 | (e) | 117 | ||||||||||||||||||||||||
15.81 | (25.81 | )(f) | 55,901 | 1.24 | 1.42 | (e) | 1.38 | 1.28 | (e) | 117 | ||||||||||||||||||||||||
15.18 | (26.16 | )(f) | 454 | 1.74 | 0.84 | (e) | 1.88 | 0.70 | (e) | 117 | ||||||||||||||||||||||||
21.18 | 17.73 | 105,435 | 1.65 | (0.01 | ) | 1.77 | (0.13 | ) | 88 | |||||||||||||||||||||||||
20.41 | 16.83 | 4,566 | 2.40 | (0.74 | ) | 2.52 | (0.86 | ) | 88 | |||||||||||||||||||||||||
20.27 | 16.85 | 8,681 | 2.40 | (0.77 | ) | 2.52 | (0.89 | ) | 88 | |||||||||||||||||||||||||
21.94 | 18.23 | 99,069 | 1.25 | 0.39 | 1.37 | 0.27 | 88 | |||||||||||||||||||||||||||
21.10 | 17.56 | 1,215 | 1.75 | (0.06 | ) | 1.87 | (0.18 | ) | 88 | |||||||||||||||||||||||||
�� | ||||||||||||||||||||||||||||||||||
18.16 | 15.39 | 98,861 | 1.64 | 0.10 | 1.79 | (0.05 | ) | 60 | ||||||||||||||||||||||||||
17.47 | 14.56 | 4,615 | 2.39 | (0.73 | ) | 2.54 | (0.88 | ) | 60 | |||||||||||||||||||||||||
17.40 | 14.55 | 8,314 | 2.39 | (0.66 | ) | 2.54 | (0.81 | ) | 60 | |||||||||||||||||||||||||
18.79 | 15.79 | 92,505 | 1.24 | 0.48 | 1.39 | 0.33 | 60 | |||||||||||||||||||||||||||
18.13 | 15.29 | 750 | 1.74 | 0.10 | 1.89 | (0.05 | ) | 60 | ||||||||||||||||||||||||||
15.83 | 32.70 | 64,169 | 1.64 | 0.17 | 1.95 | (0.14 | ) | 67 | ||||||||||||||||||||||||||
15.25 | 31.63 | 4,885 | 2.39 | (0.64 | ) | 2.70 | (0.95 | ) | 67 | |||||||||||||||||||||||||
15.19 | 31.65 | 8,445 | 2.39 | (0.63 | ) | 2.70 | (0.94 | ) | 67 | |||||||||||||||||||||||||
16.35 | 33.27 | 66,670 | 1.24 | 0.52 | 1.55 | 0.21 | 67 | |||||||||||||||||||||||||||
15.80 | 32.54 | 217 | 1.74 | 0.06 | 2.05 | (0.25 | ) | 67 | ||||||||||||||||||||||||||
12.00 | 30.33 | 24,420 | 1.85 | 0.70 | 2.43 | 0.12 | 99 | |||||||||||||||||||||||||||
11.65 | 29.66 | 3,362 | 2.39 | 0.17 | 2.97 | (0.41 | ) | 99 | ||||||||||||||||||||||||||
11.64 | 29.62 | 5,918 | 2.39 | (0.05 | ) | 2.97 | (0.63 | ) | 99 | |||||||||||||||||||||||||
12.43 | 31.07 | 37,898 | 1.24 | 1.12 | 1.82 | 0.54 | 99 | |||||||||||||||||||||||||||
12.06 | 30.38 | 213 | 1.74 | 0.73 | 2.32 | 0.15 | 99 | |||||||||||||||||||||||||||
GOLDMAN SACHS STRATEGIC INTERNATIONAL EQUITY 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 | Increase from | ||||||||||||||||||||||||||||||
beginning | Investment | and unrealized | Investment | investment | realized | Total | regulatory | |||||||||||||||||||||||||||||
Year - Share Class | of period | Income (loss)(a) | gain (loss) | operations | income | gains | distributions | settlements | ||||||||||||||||||||||||||||
FOR THE SIX MONTHS ENDED APRIL 30, (UNAUDITED) | ||||||||||||||||||||||||||||||||||||
2009 - A | $ | 9.01 | $ | 0.08 | $ | (0.45 | ) | $ | (0.37 | ) | $ | (0.38 | ) | $ | — | $ | (0.38 | ) | $ | 0.01 | ||||||||||||||||
2009 - B | 8.08 | 0.05 | (0.41 | ) | (0.36 | ) | (0.28 | ) | — | (0.28 | ) | 0.01 | ||||||||||||||||||||||||
2009 - C | 8.17 | 0.05 | (0.41 | ) | (0.36 | ) | (0.27 | ) | — | (0.27 | ) | 0.01 | ||||||||||||||||||||||||
2009 - Institutional | 9.42 | 0.10 | (0.46 | ) | (0.36 | ) | (0.44 | ) | — | (0.44 | ) | 0.01 | ||||||||||||||||||||||||
2009 - IR | 9.03 | 0.09 | (0.44 | ) | (0.35 | ) | (0.43 | ) | — | (0.43 | ) | 0.01 | ||||||||||||||||||||||||
2009 - R | 8.99 | 0.07 | (0.45 | ) | (0.38 | ) | (0.36 | ) | — | (0.36 | ) | 0.01 | ||||||||||||||||||||||||
FOR THE FISCAL YEARS ENDED OCTOBER 31, | ||||||||||||||||||||||||||||||||||||
2008 - A | 27.90 | 0.28 | (e) | (9.45 | ) | (9.17 | ) | — | (9.74 | ) | (9.74 | ) | 0.02 | |||||||||||||||||||||||
2008 - B | 26.18 | 0.15 | (e) | (8.53 | ) | (8.38 | ) | — | (9.74 | ) | (9.74 | ) | 0.02 | |||||||||||||||||||||||
2008 - C | 26.35 | 0.14 | (e) | (8.60 | ) | (8.46 | ) | — | (9.74 | ) | (9.74 | ) | 0.02 | |||||||||||||||||||||||
2008 - Institutional | 28.64 | 0.40 | (e) | (9.90 | ) | (9.50 | ) | — | (9.74 | ) | (9.74 | ) | 0.02 | |||||||||||||||||||||||
2008 - IR (commenced November 30, 2007) | 26.87 | 0.29 | (e) | (8.41 | ) | (8.12 | ) | — | (9.74 | ) | (9.74 | ) | 0.02 | |||||||||||||||||||||||
2008 - R (commenced November 30, 2007) | 26.87 | 0.23 | (e) | (8.39 | ) | (8.16 | ) | — | (9.74 | ) | (9.74 | ) | 0.02 | |||||||||||||||||||||||
2007 - A | 18.93 | (0.02 | ) | 8.99 | 8.97 | — | — | — | — | |||||||||||||||||||||||||||
2007 - B | 17.88 | (0.15 | ) | 8.45 | 8.30 | — | — | — | — | |||||||||||||||||||||||||||
2007 - C | 17.99 | (0.15 | ) | 8.51 | 8.36 | — | — | — | — | |||||||||||||||||||||||||||
2007 - Institutional | 19.34 | 0.06 | 9.24 | 9.30 | — | — | — | — | ||||||||||||||||||||||||||||
2006 - A | 15.24 | (0.01 | ) | 3.77 | 3.76 | (0.07 | ) | — | (0.07 | ) | — | |||||||||||||||||||||||||
2006 - B | 14.40 | (0.10 | ) | 3.58 | 3.48 | — | — | — | — | |||||||||||||||||||||||||||
2006 - C | 14.50 | (0.10 | ) | 3.59 | 3.49 | — | — | — | — | |||||||||||||||||||||||||||
2006 - Institutional | 15.56 | 0.09 | 3.83 | 3.92 | (0.14 | ) | — | (0.14 | ) | — | ||||||||||||||||||||||||||
2005 - A | 12.86 | 0.04 | 2.36 | 2.40 | (0.02 | ) | — | (0.02 | ) | — | ||||||||||||||||||||||||||
2005 - B | 12.23 | (0.04 | ) | 2.23 | 2.19 | (0.02 | ) | — | (0.02 | ) | — | |||||||||||||||||||||||||
2005 - C | 12.31 | (0.04 | ) | 2.25 | 2.21 | (0.02 | ) | — | (0.02 | ) | — | |||||||||||||||||||||||||
2005 - Institutional | 13.08 | 0.10 | 2.40 | 2.50 | (0.02 | ) | — | (0.02 | ) | — | ||||||||||||||||||||||||||
FOR THE FISCAL PERIOD ENDED OCTOBER 31, | ||||||||||||||||||||||||||||||||||||
2004 - A | 13.39 | 0.01 | (0.54 | ) | (0.53 | ) | — | — | — | — | ||||||||||||||||||||||||||
2004 - B | 12.78 | (0.05 | ) | (0.50 | ) | (0.55 | ) | — | — | — | — | |||||||||||||||||||||||||
2004 - C | 12.88 | (0.05 | ) | (0.52 | ) | (0.57 | ) | — | — | — | — | |||||||||||||||||||||||||
2004 - Institutional | 13.56 | 0.06 | (0.54 | ) | (0.48 | ) | — | — | — | — | ||||||||||||||||||||||||||
FOR THE FISCAL YEAR ENDED DECEMBER 31, | ||||||||||||||||||||||||||||||||||||
2003 - A | 10.30 | 0.01 | 3.08 | (f) | 3.09 | — | — | — | — | |||||||||||||||||||||||||||
2003 - B | 9.89 | (0.05 | ) | 2.94 | (f) | 2.89 | — | — | — | — | ||||||||||||||||||||||||||
2003 - C | 9.97 | (0.05 | ) | 2.96 | (f) | 2.91 | — | — | — | — | ||||||||||||||||||||||||||
2003 - Institutional | 10.39 | 0.06 | 3.11 | (f) | 3.17 | — | — | — | — | |||||||||||||||||||||||||||
(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 distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total return would be reduced if a sales or redemption charge were taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Total return reflects the impact of payments for regulatory settlements entitled to be received during the period and recorded as an increase to capital by the Fund. Excluding such payments, the total return would have been: |
Class A | Class B | Class C | Institutional | Class IR | Class R | |||||||||||||||||||
For the Six Months Ended April 30, 2009 | (4.16 | )% | (4.44 | )% | (4.56 | )% | (3.93 | )% | (4.00 | )% | (4.33 | )% | ||||||||||||
For the Fiscal Year Ended October 31, 2008 | (49.92 | ) | (50.39 | ) | (50.31 | ) | (50.09 | ) | (46.73 | ) | (46.97 | ) |
(d) | Annualized. |
(e) | Includes income recognized from a corporate action which amounted to $0.08 per share and 0.56% of average net assets. |
(f) | Includes redemption fees of $0.04, $0.07, $0.07 and $0.07 for Class A, Class B, Class C and Institutional Shares, respectively. |
GOLDMAN SACHS STRATEGIC INTERNATIONAL EQUITY FUND
Ratios assuming no | ||||||||||||||||||||||||||||||||||||||||||||
expense reductions | ||||||||||||||||||||||||||||||||||||||||||||
Ratio of | ||||||||||||||||||||||||||||||||||||||||||||
Ratio of | Ratio of | net investment | Ratio of | |||||||||||||||||||||||||||||||||||||||||
Net assets, | Ratio of | net expenses | net investment | income (loss) | Ratio of | net investment | ||||||||||||||||||||||||||||||||||||||
Net asset | end of | net expenses | (not including | income (loss) | (not including | total expenses | income (loss) | Portfolio | ||||||||||||||||||||||||||||||||||||
value, end | Total | period | to average | fees paid | to average | fees paid | to average | to average | turnover | |||||||||||||||||||||||||||||||||||
of period | return(b) | (in 000s) | net assets | indirectly) | net assets | indirectly) | net assets | net assets | rate | |||||||||||||||||||||||||||||||||||
$ | 8.27 | (3.98 | )%(c) | $ | 34,291 | 1.45 | %(d) | 1.45 | %(d) | 2.09 | %(d) | 2.09 | %(d) | 2.12 | %(d) | 1.42 | %(d) | 75 | % | |||||||||||||||||||||||||
7.45 | (4.25 | )(c) | 8,643 | 2.20 | (d) | 2.20 | (d) | 1.32 | (d) | 1.32 | (d) | 2.87 | (d) | 0.65 | (d) | 75 | ||||||||||||||||||||||||||||
7.55 | (4.37 | )(c) | 8,406 | 2.20 | (d) | 2.20 | (d) | 1.32 | (d) | �� | 1.32 | (d) | 2.87 | (d) | 0.65 | (d) | 75 | |||||||||||||||||||||||||||
8.63 | (3.75 | )(c) | 5,275 | 1.05 | (d) | 1.05 | (d) | 2.43 | (d) | 2.43 | (d) | 1.72 | (d) | 1.76 | (d) | 75 | ||||||||||||||||||||||||||||
8.26 | (3.83 | )(c) | 5 | 1.20 | (d) | 1.20 | (d) | 2.40 | (d) | 2.40 | (d) | 1.87 | (d) | 1.73 | (d) | 75 | ||||||||||||||||||||||||||||
8.26 | (4.16 | )(c) | 5 | 1.70 | (d) | 1.70 | (d) | 1.90 | (d) | 1.90 | (d) | 2.37 | (d) | 1.23 | (d) | 75 | ||||||||||||||||||||||||||||
9.01 | (49.64 | )(c) | 38,194 | 1.40 | 1.40 | 1.80 | (e) | 1.80 | (e) | 1.73 | 1.47 | (e) | 108 | |||||||||||||||||||||||||||||||
8.08 | (50.09 | )(c) | 10,697 | 2.15 | 2.15 | 1.01 | (e) | 1.01 | (e) | 2.48 | 0.68 | (e) | 108 | |||||||||||||||||||||||||||||||
8.17 | (50.00 | )(c) | 10,577 | 2.15 | 2.15 | 1.00 | (e) | 1.00 | (e) | 2.48 | 0.67 | (e) | 108 | |||||||||||||||||||||||||||||||
9.42 | (49.45 | )(c) | 5,499 | 1.00 | 1.00 | 2.46 | (e) | 2.46 | (e) | 1.33 | 2.13 | (e) | 108 | |||||||||||||||||||||||||||||||
9.03 | (47.70 | )(c) | 5 | 1.15 | (d) | 1.15 | (d) | 2.18 | (d)(e) | 2.18 | (d)(e) | 1.48 | (d) | 1.85 | (d)(e) | 108 | ||||||||||||||||||||||||||||
8.99 | (47.93 | )(c) | 5 | 1.65 | (d) | 1.65 | (d) | 1.68 | (d)(e) | 1.68 | (d)(e) | 1.98 | (d) | 1.35 | (d)(e) | 108 | ||||||||||||||||||||||||||||
27.90 | 49.69 | 101,641 | 1.69 | 1.71 | (0.09 | ) | (0.11 | ) | 1.85 | (0.25 | ) | 135 | ||||||||||||||||||||||||||||||||
26.18 | 48.67 | 31,881 | 2.31 | 2.33 | (0.69 | ) | (0.71 | ) | 2.48 | (0.86 | ) | 135 | ||||||||||||||||||||||||||||||||
26.35 | 48.70 | 34,984 | 2.31 | 2.34 | (0.72 | ) | (0.74 | ) | 2.46 | (0.87 | ) | 135 | ||||||||||||||||||||||||||||||||
28.64 | 50.34 | 27,498 | 1.29 | 1.31 | 0.27 | (0.25 | ) | 1.41 | 0.15 | 135 | ||||||||||||||||||||||||||||||||||
18.93 | 24.79 | 87,839 | 1.75 | 1.85 | (0.04 | ) | (0.15 | ) | 1.85 | (0.15 | ) | 74 | ||||||||||||||||||||||||||||||||
17.88 | 24.17 | 27,959 | 2.30 | 2.40 | (0.56 | ) | (0.70 | ) | 2.40 | (0.72 | ) | 74 | ||||||||||||||||||||||||||||||||
17.99 | 24.07 | 37,889 | 2.30 | 2.40 | (0.58 | ) | (0.68 | ) | 2.40 | (0.68 | ) | 74 | ||||||||||||||||||||||||||||||||
19.34 | 25.35 | 34,332 | 1.30 | 1.40 | 0.48 | 0.39 | 1.40 | 0.39 | 74 | |||||||||||||||||||||||||||||||||||
15.24 | 18.59 | 35,599 | 1.74 | 1.85 | 0.25 | 0.14 | 2.19 | (0.20 | ) | 136 | ||||||||||||||||||||||||||||||||||
14.40 | 17.91 | 19,327 | 2.29 | 2.40 | (0.30 | ) | (0.41 | ) | 2.74 | (0.75 | ) | 136 | ||||||||||||||||||||||||||||||||
14.50 | 17.96 | 10,091 | 2.29 | 2.40 | (0.30 | ) | (0.41 | ) | 2.74 | (0.75 | ) | 136 | ||||||||||||||||||||||||||||||||
15.56 | 19.12 | 5,937 | 1.29 | 1.40 | 0.70 | 0.59 | 1.74 | 0.25 | 136 | |||||||||||||||||||||||||||||||||||
12.86 | (3.96 | ) | 32,757 | 1.85 | (d) | 1.85 | (d) | 0.05 | (d) | 0.05 | (d) | 1.88 | (d) | 0.02 | (d) | 115 | ||||||||||||||||||||||||||||
12.23 | (4.30 | ) | 18,181 | 2.40 | (d) | 2.40 | (d) | (0.45 | )(d) | (0.45 | )(d) | 2.43 | (d) | (0.48 | )(d) | 115 | ||||||||||||||||||||||||||||
12.31 | (4.43 | ) | 8,796 | 2.40 | (d) | 2.40 | (d) | (0.45 | )(d) | (0.45 | )(d) | 2.43 | (d) | (0.48 | )(d) | 115 | ||||||||||||||||||||||||||||
13.08 | (3.54 | ) | 15,199 | 1.40 | (d) | 1.40 | (d) | 0.55 | (d) | 0.55 | (d) | 1.43 | (d) | 0.52 | (d) | 115 | ||||||||||||||||||||||||||||
13.39 | 30.00 | 30,444 | 1.85 | 1.85 | 0.06 | 0.06 | 1.95 | (0.04 | ) | 56 | ||||||||||||||||||||||||||||||||||
12.78 | 29.22 | 21,726 | 2.40 | 2.40 | (0.49 | ) | (0.49 | ) | 2.50 | (0.59 | ) | 56 | ||||||||||||||||||||||||||||||||
12.88 | 29.19 | 8,718 | 2.40 | 2.40 | (0.51 | ) | (0.51 | ) | 2.50 | (0.61 | ) | 56 | ||||||||||||||||||||||||||||||||
13.56 | 30.51 | 15,097 | 1.40 | 1.40 | 0.50 | 0.50 | 1.50 | 0.40 | 56 | |||||||||||||||||||||||||||||||||||
GOLDMAN SACHS FUNDAMENTAL INTERNATIONAL EQUITY FUNDS
Fund Expenses — Six Month Period Ended April 30, 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 (with respect to Class A, Class B, Class C, Institutional, Service, Class IR and Class R Shares, 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 November 1, 2008 through April 30, 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 “Expenses Paid” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), 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.
Concentrated International Equity Fund | International Small Cap Fund | Strategic International Equity 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 | 6 Months Ended | Account Value | Account Value | 6 Months Ended | |||||||||||||||||||||||||||||||||||||
Share Class | 11/1/08 | 4/30/09 | 4/30/09* | 11/1/08 | 4/30/09 | 4/30/09* | 11/1/08 | 4/30/09 | 4/30/09* | ||||||||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||||||||
Actual | $ | 1,000 | $ | 964.20 | $ | 7.55 | $ | 1,000 | $ | 1,049.90 | $ | 8.13 | $ | 1,000 | $ | 960.20 | $ | 7.05 | |||||||||||||||||||||||||||
Hypothetical 5% return | 1,000 | 1,017.11 | + | 7.75 | 1,000 | 1,016.86 | + | 8.00 | 1,000 | 1,017.60 | + | 7.25 | |||||||||||||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||||||||||||||||
Actual | 1,000 | 960.60 | 11.18 | 1,000 | 1,045.60 | 11.92 | 1,000 | 957.50 | 10.68 | ||||||||||||||||||||||||||||||||||||
Hypothetical 5% return | 1,000 | 1,013.39 | + | 11.48 | 1,000 | 1,013.14 | + | 11.73 | 1,000 | 1,013.88 | + | 10.99 | |||||||||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||||||||
Actual | 1,000 | 960.30 | 11.18 | 1,000 | 1,045.80 | 11.97 | 1,000 | 956.30 | 10.67 | ||||||||||||||||||||||||||||||||||||
Hypothetical 5% return | 1,000 | 1,013.39 | + | 11.48 | 1,000 | 1,013.09 | + | 11.78 | 1,000 | 1,013.88 | + | 10.99 | |||||||||||||||||||||||||||||||||
Institutional | |||||||||||||||||||||||||||||||||||||||||||||
Actual | 1,000 | 965.60 | 5.60 | 1,000 | 1,052.50 | 6.11 | 1,000 | 962.50 | 5.01 | ||||||||||||||||||||||||||||||||||||
Hypothetical 5% return | 1,000 | 1,019.09 | + | 5.76 | 1,000 | 1,018.84 | + | 6.01 | 1,000 | 1,019.69 | + | 5.16 | |||||||||||||||||||||||||||||||||
Service | |||||||||||||||||||||||||||||||||||||||||||||
Actual | 1,000 | 963.60 | 8.03 | 1,000 | 1,050.00 | 8.64 | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||||||
Hypothetical 5% return | 1,000 | 1,016.61 | + | 8.25 | 1,000 | 1,016.36 | + | 8.50 | |||||||||||||||||||||||||||||||||||||
Class IR | |||||||||||||||||||||||||||||||||||||||||||||
Actual | 1,000 | 961.70 | 5.69 | ||||||||||||||||||||||||||||||||||||||||||
Hypothetical 5% return | N/A | N/A | N/A | N/A | N/A | N/A | 1,000 | 1,018.99 | + | 5.86 | |||||||||||||||||||||||||||||||||||
Class R | |||||||||||||||||||||||||||||||||||||||||||||
Actual | 1,000 | 958.40 | 8.21 | ||||||||||||||||||||||||||||||||||||||||||
Hypothetical 5% return | N/A | N/A | N/A | N/A | N/A | N/A | 1,000 | 1,016.41 | + | 8.45 | |||||||||||||||||||||||||||||||||||
* | Expenses for each share class are calculated using each 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 April 30, 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 period. The annualized net expense ratios for the period were as follows: |
Fund | Class A | Class B | Class C | Institutional | Service | Class IR | Class R | |||||||||||||||||||||
Concentrated International Equity | 1.54 | % | 2.29 | % | 2.29 | % | 1.14 | % | 1.64 | % | N/A | N/A | ||||||||||||||||
International Small Cap | 1.60 | 2.35 | 2.35 | 1.20 | 1.70 | N/A | N/A | |||||||||||||||||||||
Strategic International Equity | 1.45 | 2.20 | 2.20 | 1.05 | N/A | 1.20 | % | 1.70 | % | |||||||||||||||||||
+ | 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. |
52
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 $713 billion in assets under management as of March 31, 2009 — 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 |
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 INTERNATIONAL Investment Adviser |
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 reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (I) without charge, upon request by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders); and (II) on the Securities and Exchange Commission Web site at http://www.sec.gov.
The Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (”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.
This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus for the Fund. 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.
Copyright 2009 Goldman, Sachs & Co. All rights reserved. 23038.MF.TMPL EQINTSAR / 25.0K / 06-09
ITEM 2. | CODE OF ETHICS. |
(a) | The information required by this Item is only required in an annual report on this Form N-CSR. | ||
(b) | During the period covered by this report, no amendments were made to the provisions of the Code of Ethics. | ||
(c) | During the period covered by this report, the registrant did not grant any waivers, including an implicit waiver, from any provision of the Code of Ethics. | ||
(d) | A copy of the Code of Ethics is available as provided in Item 12(a)(1) of this report. | ||
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
The information required by this Item is only required in an annual report on this Form N-CSR.
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.
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. | |
The information required by this Item is only required in an annual report on this Form N-CSR. |
ITEM 6. | SCHEDULE OF INVESTMENTS. | |
The Schedule of Investments is included as part of the Semi-Annual Report to Stockholders filed under Item 1 of this Form N-CSR. |
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. | |
Not applicable. |
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. | |
Not applicable. |
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. | |
Not applicable. |
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees. | |
ITEM 11. | CONTROLS AND PROCEDURES. | |
(a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934, as amended. | ||
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. | ||
ITEM 12. | EXHIBITS. |
(a)(1) | Goldman Sachs Trust's Code of Ethics for Principal Executive and Senior Financial Officers is incorporated by reference to Exhibit 11(a)(1) of the registrant's Form N-CSR filed on March 8, 2004 for its Real Estate Securities Fund (Accession Number 0000950123-04-0002984). | |||
(a)(2) | Exhibit 99.CERT | Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith. | ||
(b) | Exhibit 99.906CERT | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 filed herewith. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, 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. |
Goldman Sachs Trust | ||||||
By: | /s/ James A. McNamara | |||||
James A. McNamara | ||||||
President/Principal Executive Officer | ||||||
Goldman Sachs Trust | ||||||
Date: | July 1, 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. |
By: | /s/ James A. McNamara | |||||
James A. McNamara | ||||||
President/Principal Executive Officer | ||||||
Goldman Sachs Trust | ||||||
Date: | July 1, 2009 | |||||
By: | /s/ John M. Perlowski | |||||
John M. Perlowski | ||||||
Treasurer/Principal Financial Officer | ||||||
Goldman Sachs Trust | ||||||
Date: | July 1, 2009 |