Fund Takes Aim At Large Stock Bogey; S&P 500 With A Twist; Managers remain true to index within sectors but alter weightings.(MUTUAL FUNDS)(MUTUAL FUND PROFILE)

Byline: MURRAY COLEMAN

Robert Jones and Melissa Brown's target is simple: outperform the market without taking big risks.

To achieve that goal for their $786.4 million Goldman Sachs Core Equity Fund, they hold many of the stocks found in the S&P 500. But they put more assets in S&P 500 stocks they think will do well and less in those they think will lag.

"We maintain most of the same characteristics of our benchmark," said Jones, 48. "Where we differ is through individual stock selection."

Added Brown, 47: "Our goal is to produce a portfolio with stocks that can give us the most opportunity to outperform."

So far in 2005, the fund was trailing its benchmark heading into Monday. It had returned -4.85% vs. S&P 500's -3.35%. The average large blend fund tracked by Morningstar was down 3.11%.

But it's early. Jones says he's still counting on many of the same names that led them in 2004 to a fourth-straight year of index- and peer-beating results.