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 811-08361
Goldman Sachs Variable Insurance Trust
(Exact name of registrant as specified in charter)
71 South Wacker Drive,
Chicago, Illinois 60606
(Address of principal executive offices) (Zip code)
Copies to:
Robert Griffith, Esq. Goldman Sachs & Co. LLC 200 West Street York, New York 10282 | Stephen H. Bier, Esq. Dechert LLP 1095 Avenue of the Americas New York, NY 10036 |
(Name and address of agents for service)
Registrant’s telephone number, including area code: (312) 655-4400
Date of fiscal year end: December 31
Date of reporting period: June 30, 2024
ITEM 1. | REPORTS TO STOCKHOLDERS. |
The Semi-Annual Report to Shareholders for the Goldman Sachs Multi-Strategy Alternatives Portfolio, Goldman Sachs U.S. Equity Insights Fund, Goldman Sachs Small Cap Equity Insights Fund, Goldman Sachs Strategic Growth Fund, Goldman Sachs Large Cap Value Fund, Goldman Sachs Mid Cap Value Fund, Goldman Sachs Mid Cap Growth Fund, Goldman Sachs International Equity Insights Fund, Goldman Sachs Core Fixed Income Fund, Goldman Sachs Trend Driven Allocation Fund, and Goldman Sachs Government Money Market Fund is filed herewith.
![Image](https://capedge.com/proxy/N-CSRS/0001193125-24-205659/g831609qythltpfmczr6sxsqovop.jpg)
Semi - Annual Shareholder Report
June 30, 2024
Goldman Sachs Variable Insurance Trust - International Equity Insights Fund
Institutional Class
Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs International Equity Insights Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
Sector Allocation (%)
Financials | 22.0% |
Industrials | 18.8% |
Health Care | 14.2% |
Information Technology | 11.5% |
Consumer Discretionary | 9.5% |
Materials | 6.7% |
Consumer Staples | 6.6% |
Energy | 2.9% |
Real Estate | 2.7% |
Other Sectors | 3.3% |
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
---|---|---|
Institutional | $42 | 0.81% |
Key Fund Statistics (as of June 30, 2024)
- Total Net Assets$105,439,872
- # of Portfolio Holdings284
- Portfolio Turnover Rate73%
- Total Net Advisory Fees Paid$415,479
Goldman Sachs Variable Insurance Trust - International Equity Insights Fund
Institutional Class
Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The sector allocation chart included herein categorizes investments using the Global Industry Classification Standard (GICS), which was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Variable Insurance Trust - International Equity Insights Fund
380987701-SAR-0624 Institutional Class
![Image](https://capedge.com/proxy/N-CSRS/0001193125-24-205659/g831609a3epjiezmzpzuhslavnut.jpg)
Semi - Annual Shareholder Report
June 30, 2024
Goldman Sachs Variable Insurance Trust - International Equity Insights Fund
Service Class
Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs International Equity Insights Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
Sector Allocation (%)
Financials | 22.0% |
Industrials | 18.8% |
Health Care | 14.2% |
Information Technology | 11.5% |
Consumer Discretionary | 9.5% |
Materials | 6.7% |
Consumer Staples | 6.6% |
Energy | 2.9% |
Real Estate | 2.7% |
Other Sectors | 3.3% |
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
---|---|---|
Service | $55 | 1.06% |
Key Fund Statistics (as of June 30, 2024)
- Total Net Assets$105,439,872
- # of Portfolio Holdings284
- Portfolio Turnover Rate73%
- Total Net Advisory Fees Paid$415,479
Goldman Sachs Variable Insurance Trust - International Equity Insights Fund
Service Class
Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The sector allocation chart included herein categorizes investments using the Global Industry Classification Standard (GICS), which was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Variable Insurance Trust - International Equity Insights Fund
380987776-SAR-0624 Service Class
![Image](https://capedge.com/proxy/N-CSRS/0001193125-24-205659/g831609fabqwtoozozatrhvrenjj.jpg)
Semi - Annual Shareholder Report
June 30, 2024
Goldman Sachs Variable Insurance Trust - Large Cap Value Fund
Institutional Class
Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Large Cap Value Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
Sector Allocation (%)
Financials | 21.2% |
Health Care | 15.7% |
Industrials | 14.0% |
Information Technology | 10.5% |
Consumer Staples | 7.4% |
Energy | 6.7% |
Materials | 6.0% |
Communication Services | 5.0% |
Real Estate | 4.6% |
Other Sectors | 8.9% |
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
---|---|---|
Institutional | $36 | 0.70% |
Key Fund Statistics (as of June 30, 2024)
- Total Net Assets$277,177,395
- # of Portfolio Holdings75
- Portfolio Turnover Rate25%
- Total Net Advisory Fees Paid$958,942
Goldman Sachs Variable Insurance Trust - Large Cap Value Fund
Institutional Class
Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The sector allocation chart included herein categorizes investments using the Global Industry Classification Standard (GICS), which was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Variable Insurance Trust - Large Cap Value Fund
380987107-SAR-0624 Institutional Class
![Image](https://capedge.com/proxy/N-CSRS/0001193125-24-205659/g831609wy6gwtoo2wuuvwwvg8apz.jpg)
Semi - Annual Shareholder Report
June 30, 2024
Goldman Sachs Variable Insurance Trust - Large Cap Value Fund
Service Class
Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Large Cap Value Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
Sector Allocation (%)
Financials | 21.2% |
Health Care | 15.7% |
Industrials | 14.0% |
Information Technology | 10.5% |
Consumer Staples | 7.4% |
Energy | 6.7% |
Materials | 6.0% |
Communication Services | 5.0% |
Real Estate | 4.6% |
Other Sectors | 8.9% |
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
---|---|---|
Service | $48 | 0.93% |
Key Fund Statistics (as of June 30, 2024)
- Total Net Assets$277,177,395
- # of Portfolio Holdings75
- Portfolio Turnover Rate25%
- Total Net Advisory Fees Paid$958,942
Goldman Sachs Variable Insurance Trust - Large Cap Value Fund
Service Class
Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The sector allocation chart included herein categorizes investments using the Global Industry Classification Standard (GICS), which was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Variable Insurance Trust - Large Cap Value Fund
380987677-SAR-0624 Service Class
![Image](https://capedge.com/proxy/N-CSRS/0001193125-24-205659/g831609sz3dhcmyvcgjwfscalfiw.jpg)
Semi - Annual Shareholder Report
June 30, 2024
Goldman Sachs Variable Insurance Trust - Mid Cap Growth Fund
Institutional Class
Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Mid Cap Growth Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
Sector Allocation (%)
Information Technology | 21.2% |
Industrials | 19.5% |
Health Care | 19.0% |
Consumer Discretionary | 12.3% |
Financials | 7.3% |
Materials | 4.3% |
Energy | 4.1% |
Communication Services | 3.6% |
Consumer Staples | 3.1% |
Other Sectors | 5.7% |
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
---|---|---|
Institutional | $42 | 0.83% |
Key Fund Statistics (as of June 30, 2024)
- Total Net Assets$60,714,781
- # of Portfolio Holdings76
- Portfolio Turnover Rate36%
- Total Net Advisory Fees Paid$247,434
Goldman Sachs Variable Insurance Trust - Mid Cap Growth Fund
Institutional Class
Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The sector allocation chart included herein categorizes investments using the Global Industry Classification Standard (GICS), which was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Variable Insurance Trust - Mid Cap Growth Fund
380987636-SAR-0624 Institutional Class
![Image](https://capedge.com/proxy/N-CSRS/0001193125-24-205659/g831609htbsoaiwgoid2klv2u08c.jpg)
Semi - Annual Shareholder Report
June 30, 2024
Goldman Sachs Variable Insurance Trust - Mid Cap Growth Fund
Service Class
Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Mid Cap Growth Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
Sector Allocation (%)
Information Technology | 21.2% |
Industrials | 19.5% |
Health Care | 19.0% |
Consumer Discretionary | 12.3% |
Financials | 7.3% |
Materials | 4.3% |
Energy | 4.1% |
Communication Services | 3.6% |
Consumer Staples | 3.1% |
Other Sectors | 5.7% |
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
---|---|---|
Service | $50 | 0.98% |
Key Fund Statistics (as of June 30, 2024)
- Total Net Assets$60,714,781
- # of Portfolio Holdings76
- Portfolio Turnover Rate36%
- Total Net Advisory Fees Paid$247,434
Goldman Sachs Variable Insurance Trust - Mid Cap Growth Fund
Service Class
Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The sector allocation chart included herein categorizes investments using the Global Industry Classification Standard (GICS), which was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Variable Insurance Trust - Mid Cap Growth Fund
380987719-SAR-0624 Service Class
![Image](https://capedge.com/proxy/N-CSRS/0001193125-24-205659/g831609xpz2ijx7ndx15oezjhmry.jpg)
Semi - Annual Shareholder Report
June 30, 2024
Goldman Sachs Variable Insurance Trust - Mid Cap Value Fund
Institutional Class
Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Mid Cap Value Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
Sector Allocation (%)
Industrials | 18.6% |
Financials | 16.7% |
Utilities | 9.7% |
Real Estate | 8.8% |
Consumer Discretionary | 8.8% |
Health Care | 8.8% |
Materials | 8.5% |
Information Technology | 8.0% |
Energy | 6.1% |
Other Sectors | 6.0% |
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
---|---|---|
Institutional | $42 | 0.82% |
Key Fund Statistics (as of June 30, 2024)
- Total Net Assets$439,768,335
- # of Portfolio Holdings96
- Portfolio Turnover Rate33%
- Total Net Advisory Fees Paid$1,716,616
Goldman Sachs Variable Insurance Trust - Mid Cap Value Fund
Institutional Class
Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The sector allocation chart included herein categorizes investments using the Global Industry Classification Standard (GICS), which was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Variable Insurance Trust - Mid Cap Value Fund
380987602-SAR-0624 Institutional Class
![Image](https://capedge.com/proxy/N-CSRS/0001193125-24-205659/g831609def7j8r8g7etmtsyk2wvm.jpg)
Semi - Annual Shareholder Report
June 30, 2024
Goldman Sachs Variable Insurance Trust - Mid Cap Value Fund
Service Class
Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Mid Cap Value Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
Sector Allocation (%)
Industrials | 18.6% |
Financials | 16.7% |
Utilities | 9.7% |
Real Estate | 8.8% |
Consumer Discretionary | 8.8% |
Health Care | 8.8% |
Materials | 8.5% |
Information Technology | 8.0% |
Energy | 6.1% |
Other Sectors | 6.0% |
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
---|---|---|
Service | $54 | 1.07% |
Key Fund Statistics (as of June 30, 2024)
- Total Net Assets$439,768,335
- # of Portfolio Holdings96
- Portfolio Turnover Rate33%
- Total Net Advisory Fees Paid$1,716,616
Goldman Sachs Variable Insurance Trust - Mid Cap Value Fund
Service Class
Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The sector allocation chart included herein categorizes investments using the Global Industry Classification Standard (GICS), which was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Variable Insurance Trust - Mid Cap Value Fund
380987743-SAR-0624 Service Class
![Image](https://capedge.com/proxy/N-CSRS/0001193125-24-205659/g831609etsbr2sdvbhf8kgowoyzu.jpg)
Semi - Annual Shareholder Report
June 30, 2024
Goldman Sachs Variable Insurance Trust - Small Cap Equity Insights Fund
Institutional Class
Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Small Cap Equity Insights Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
Sector Allocation (%)
Financials | 19.5% |
Industrials | 15.5% |
Health Care | 15.4% |
Consumer Discretionary | 13.4% |
Information Technology | 13.3% |
Energy | 5.5% |
Real Estate | 5.2% |
Materials | 4.2% |
Communication Services | 3.0% |
Other Sectors | 4.5% |
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
---|---|---|
Institutional | $42 | 0.81% |
Key Fund Statistics (as of June 30, 2024)
- Total Net Assets$131,064,491
- # of Portfolio Holdings555
- Portfolio Turnover Rate85%
- Total Net Advisory Fees Paid$443,965
Goldman Sachs Variable Insurance Trust - Small Cap Equity Insights Fund
Institutional Class
Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The sector allocation chart included herein categorizes investments using the Global Industry Classification Standard (GICS), which was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Variable Insurance Trust - Small Cap Equity Insights Fund
380987404-SAR-0624 Institutional Class
![Image](https://capedge.com/proxy/N-CSRS/0001193125-24-205659/g831609phr0xo77yadjp8r82nquc.jpg)
Semi - Annual Shareholder Report
June 30, 2024
Goldman Sachs Variable Insurance Trust - Small Cap Equity Insights Fund
Service Class
Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Small Cap Equity Insights Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
Sector Allocation (%)
Financials | 19.5% |
Industrials | 15.5% |
Health Care | 15.4% |
Consumer Discretionary | 13.4% |
Information Technology | 13.3% |
Energy | 5.5% |
Real Estate | 5.2% |
Materials | 4.2% |
Communication Services | 3.0% |
Other Sectors | 4.5% |
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
---|---|---|
Service | $54 | 1.06% |
Key Fund Statistics (as of June 30, 2024)
- Total Net Assets$131,064,491
- # of Portfolio Holdings555
- Portfolio Turnover Rate85%
- Total Net Advisory Fees Paid$443,965
Goldman Sachs Variable Insurance Trust - Small Cap Equity Insights Fund
Service Class
Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The sector allocation chart included herein categorizes investments using the Global Industry Classification Standard (GICS), which was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Variable Insurance Trust - Small Cap Equity Insights Fund
380987669-SAR-0624 Service Class
![Image](https://capedge.com/proxy/N-CSRS/0001193125-24-205659/g831609md2dxu5zi7wdwqwvz2zkj.jpg)
Semi - Annual Shareholder Report
June 30, 2024
Goldman Sachs Variable Insurance Trust - Strategic Growth Fund
Institutional Class
Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Strategic Growth Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
Sector Allocation (%)
Information Technology | 47.4% |
Consumer Discretionary | 13.2% |
Communication Services | 12.4% |
Health Care | 10.1% |
Financials | 5.7% |
Industrials | 4.4% |
Materials | 2.2% |
Real Estate | 1.6% |
Energy | 1.2% |
Other Sectors | 1.6% |
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
---|---|---|
Institutional | $39 | 0.73% |
Key Fund Statistics (as of June 30, 2024)
- Total Net Assets$403,104,814
- # of Portfolio Holdings62
- Portfolio Turnover Rate17%
- Total Net Advisory Fees Paid$1,323,285
Goldman Sachs Variable Insurance Trust - Strategic Growth Fund
Institutional Class
Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The sector allocation chart included herein categorizes investments using the Global Industry Classification Standard (GICS), which was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Variable Insurance Trust - Strategic Growth Fund
380987503-SAR-0624 Institutional Class
![Image](https://capedge.com/proxy/N-CSRS/0001193125-24-205659/g831609tty8m2cdgefcaosygmey8.jpg)
Semi - Annual Shareholder Report
June 30, 2024
Goldman Sachs Variable Insurance Trust - Strategic Growth Fund
Service Class
Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Strategic Growth Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
Sector Allocation (%)
Information Technology | 47.4% |
Consumer Discretionary | 13.2% |
Communication Services | 12.4% |
Health Care | 10.1% |
Financials | 5.7% |
Industrials | 4.4% |
Materials | 2.2% |
Real Estate | 1.6% |
Energy | 1.2% |
Other Sectors | 1.6% |
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
---|---|---|
Service | $53 | 0.98% |
Key Fund Statistics (as of June 30, 2024)
- Total Net Assets$403,104,814
- # of Portfolio Holdings62
- Portfolio Turnover Rate17%
- Total Net Advisory Fees Paid$1,323,285
Goldman Sachs Variable Insurance Trust - Strategic Growth Fund
Service Class
Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The sector allocation chart included herein categorizes investments using the Global Industry Classification Standard (GICS), which was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Variable Insurance Trust - Strategic Growth Fund
380987750-SAR-0624 Service Class
![Image](https://capedge.com/proxy/N-CSRS/0001193125-24-205659/g831609quln1o6bd7hxrm7x1ui68.jpg)
Semi - Annual Shareholder Report
June 30, 2024
Goldman Sachs Variable Insurance Trust - U.S. Equity Insights Fund
Institutional Class
Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs U.S. Equity Insights Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
Sector Allocation (%)
Information Technology | 29.6% |
Financials | 15.2% |
Health Care | 11.9% |
Industrials | 10.7% |
Communication Services | 9.7% |
Consumer Discretionary | 9.4% |
Consumer Staples | 5.3% |
Energy | 2.5% |
Real Estate | 2.1% |
Other Sectors | 2.7% |
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
---|---|---|
Institutional | $30 | 0.56% |
Key Fund Statistics (as of June 30, 2024)
- Total Net Assets$357,533,196
- # of Portfolio Holdings128
- Portfolio Turnover Rate101%
- Total Net Advisory Fees Paid$915,904
Goldman Sachs Variable Insurance Trust - U.S. Equity Insights Fund
Institutional Class
Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The sector allocation chart included herein categorizes investments using the Global Industry Classification Standard (GICS), which was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Variable Insurance Trust - U.S. Equity Insights Fund
380987206-SAR-0624 Institutional Class
![Image](https://capedge.com/proxy/N-CSRS/0001193125-24-205659/g831609g7hbe8eibj1lr2usl6vti.jpg)
Semi - Annual Shareholder Report
June 30, 2024
Goldman Sachs Variable Insurance Trust - U.S. Equity Insights Fund
Service Class
Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs U.S. Equity Insights Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
Sector Allocation (%)
Information Technology | 29.6% |
Financials | 15.2% |
Health Care | 11.9% |
Industrials | 10.7% |
Communication Services | 9.7% |
Consumer Discretionary | 9.4% |
Consumer Staples | 5.3% |
Energy | 2.5% |
Real Estate | 2.1% |
Other Sectors | 2.7% |
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
---|---|---|
Service | $41 | 0.77% |
Key Fund Statistics (as of June 30, 2024)
- Total Net Assets$357,533,196
- # of Portfolio Holdings128
- Portfolio Turnover Rate101%
- Total Net Advisory Fees Paid$915,904
Goldman Sachs Variable Insurance Trust - U.S. Equity Insights Fund
Service Class
Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
The sector allocation chart included herein categorizes investments using the Global Industry Classification Standard (GICS), which was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Variable Insurance Trust - U.S. Equity Insights Fund
380987768-SAR-0624 Service Class
![Image](https://capedge.com/proxy/N-CSRS/0001193125-24-205659/g831609alhodvurxzr0qiioulxsx.jpg)
Semi - Annual Shareholder Report
June 30, 2024
Goldman Sachs Variable Insurance Trust - Multi-Strategy Alternatives Portfolio
Institutional Class
Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Multi-Strategy Alternatives Portfolio (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
Fund Allocation (%)
Underlying Fund | 89.7% |
Exchange Traded Funds | 7.4% |
Investment Company | 1.1% |
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
---|---|---|
Institutional | $11 | 0.22% |
Key Fund Statistics (as of June 30, 2024)
- Total Net Assets$41,583,026
- # of Portfolio Holdings18
- Portfolio Turnover Rate21%
- Total Net Advisory Fees Paid$0
Goldman Sachs Variable Insurance Trust - Multi-Strategy Alternatives Portfolio
Institutional Class
Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Variable Insurance Trust - Multi-Strategy Alternatives Portfolio
380987552-SAR-0624 Institutional Class
![Image](https://capedge.com/proxy/N-CSRS/0001193125-24-205659/g831609o7lc8phtlcuoqyvsg5def.jpg)
Semi - Annual Shareholder Report
June 30, 2024
Goldman Sachs Variable Insurance Trust - Multi-Strategy Alternatives Portfolio
Service Class
Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Multi-Strategy Alternatives Portfolio (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
Fund Allocation (%)
Underlying Fund | 89.7% |
Exchange Traded Funds | 7.4% |
Investment Company | 1.1% |
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
---|---|---|
Service | $24 | 0.47% |
Key Fund Statistics (as of June 30, 2024)
- Total Net Assets$41,583,026
- # of Portfolio Holdings18
- Portfolio Turnover Rate21%
- Total Net Advisory Fees Paid$0
Goldman Sachs Variable Insurance Trust - Multi-Strategy Alternatives Portfolio
Service Class
Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Variable Insurance Trust - Multi-Strategy Alternatives Portfolio
380987545-SAR-0624 Service Class
![Image](https://capedge.com/proxy/N-CSRS/0001193125-24-205659/g831609qenrko9117ccjfjcr8a9a.jpg)
Semi - Annual Shareholder Report
June 30, 2024
Goldman Sachs Variable Insurance Trust - Multi-Strategy Alternatives Portfolio
Advisor Class
Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Multi-Strategy Alternatives Portfolio (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
Fund Allocation (%)
Underlying Fund | 89.7% |
Exchange Traded Funds | 7.4% |
Investment Company | 1.1% |
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
---|---|---|
Advisor | $31 | 0.62% |
Key Fund Statistics (as of June 30, 2024)
- Total Net Assets$41,583,026
- # of Portfolio Holdings18
- Portfolio Turnover Rate21%
- Total Net Advisory Fees Paid$0
Goldman Sachs Variable Insurance Trust - Multi-Strategy Alternatives Portfolio
Advisor Class
Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Variable Insurance Trust - Multi-Strategy Alternatives Portfolio
380987578-SAR-0624 Advisor Class
![Image](https://capedge.com/proxy/N-CSRS/0001193125-24-205659/g831609xtukdwexep99ggcrdlzsw.jpg)
Semi - Annual Shareholder Report
June 30, 2024
Goldman Sachs Variable Insurance Trust - Trend Driven Allocation Fund
Institutional Class
Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Trend Driven Allocation Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
Asset Class Exposure (%)*
Gross | Long | Short | Net | |
---|---|---|---|---|
US Treasuries | 34.7 | 34.7 | 0.0 | 34.7 |
Japanese Equities | 4.3 | 4.3 | 0.0 | 4.3 |
UK Equities | 2.9 | 2.9 | 0.0 | 2.9 |
European Equities | 5.2 | 5.2 | 0.0 | 5.2 |
US Large Cap Equities | 56.3 | 56.3 | 0.0 | 56.3 |
Cash and Short-term Investments | 72.3 | 72.3 | 0.0 | 72.3 |
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
---|---|---|
Institutional | $35 | 0.67% |
* Asset class exposure includes the impact of derivatives. "Gross Exposure" represents the sum of the absolute value of long and short notional contract values in U.S. dollars of the Fund's positions (for a given asset class), divided by the Fund's net assets exposure within each asset class. "Net Exposure" represents the net exposure within the Fund to a given asset class, calculated as the difference between long and short exposures. Short-term Investments include investment companies.
Key Fund Statistics (as of June 30, 2024)
- Total Net Assets$277,115,561
- # of Portfolio Holdings13
- Portfolio Turnover Rate1%
- Total Net Advisory Fees Paid$899,097
Goldman Sachs Variable Insurance Trust - Trend Driven Allocation Fund
Institutional Class
Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Variable Insurance Trust - Trend Driven Allocation Fund
380987610-SAR-0624 Institutional Class
![Image](https://capedge.com/proxy/N-CSRS/0001193125-24-205659/g831609ztgieh1epuxhewhp9airr.jpg)
Semi - Annual Shareholder Report
June 30, 2024
Goldman Sachs Variable Insurance Trust - Trend Driven Allocation Fund
Service Class
Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Trend Driven Allocation Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund’s future investments.
Asset Class Exposure (%)*
Gross | Long | Short | Net | |
---|---|---|---|---|
US Treasuries | 34.7 | 34.7 | 0.0 | 34.7 |
Japanese Equities | 4.3 | 4.3 | 0.0 | 4.3 |
UK Equities | 2.9 | 2.9 | 0.0 | 2.9 |
European Equities | 5.2 | 5.2 | 0.0 | 5.2 |
US Large Cap Equities | 56.3 | 56.3 | 0.0 | 56.3 |
Cash and Short-term Investments | 72.3 | 72.3 | 0.0 | 72.3 |
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
---|---|---|
Service | $48 | 0.92% |
* Asset class exposure includes the impact of derivatives. "Gross Exposure" represents the sum of the absolute value of long and short notional contract values in U.S. dollars of the Fund's positions (for a given asset class), divided by the Fund's net assets exposure within each asset class. "Net Exposure" represents the net exposure within the Fund to a given asset class, calculated as the difference between long and short exposures. Short-term Investments include investment companies.
Key Fund Statistics (as of June 30, 2024)
- Total Net Assets$277,115,561
- # of Portfolio Holdings13
- Portfolio Turnover Rate1%
- Total Net Advisory Fees Paid$899,097
Goldman Sachs Variable Insurance Trust - Trend Driven Allocation Fund
Service Class
Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Variable Insurance Trust - Trend Driven Allocation Fund
380987651-SAR-0624 Service Class
![Image](https://capedge.com/proxy/N-CSRS/0001193125-24-205659/g831609o2q60kg3nkpeno7cqwb9f.jpg)
Semi - Annual Shareholder Report
June 30, 2024
Goldman Sachs Variable Insurance Trust - Core Fixed Income Fund
Institutional Class
Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Core Fixed Income Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
Sector Allocation (%)
Mortgage-Backed Securities | 41.2% |
Corporate Bond | 25.3% |
U.S. Treasury Obligations | 18.9% |
Asset- Backed Securities | 12.8% |
Investment Company | 7.9% |
Foreign Bond | 4.7% |
Commercial Mortgage-Backed Securities | 4.1% |
Collateralized Mortgage Obligations | 3.2% |
Other Sector | 2.7% |
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
---|---|---|
Institutional | $21 | 0.42% |
Key Fund Statistics (as of June 30, 2024)
- Total Net Assets$146,546,672
- # of Portfolio Holdings709
- Portfolio Turnover Rate415%
- Total Net Advisory Fees Paid$273,716
Goldman Sachs Variable Insurance Trust - Core Fixed Income Fund
Institutional Class
Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Variable Insurance Trust - Core Fixed Income Fund
380987628-SAR-0624 Institutional Class
![Image](https://capedge.com/proxy/N-CSRS/0001193125-24-205659/g831609syf4jirekvxy1vzblbaol.jpg)
Semi - Annual Shareholder Report
June 30, 2024
Goldman Sachs Variable Insurance Trust - Core Fixed Income Fund
Service Class
Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Core Fixed Income Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
Sector Allocation (%)
Mortgage-Backed Securities | 41.2% |
Corporate Bond | 25.3% |
U.S. Treasury Obligations | 18.9% |
Asset- Backed Securities | 12.8% |
Investment Company | 7.9% |
Foreign Bond | 4.7% |
Commercial Mortgage-Backed Securities | 4.1% |
Collateralized Mortgage Obligations | 3.2% |
Other Sector | 2.7% |
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
---|---|---|
Service | $33 | 0.67% |
Key Fund Statistics (as of June 30, 2024)
- Total Net Assets$146,546,672
- # of Portfolio Holdings709
- Portfolio Turnover Rate415%
- Total Net Advisory Fees Paid$273,716
Goldman Sachs Variable Insurance Trust - Core Fixed Income Fund
Service Class
Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Variable Insurance Trust - Core Fixed Income Fund
380987727-SAR-0624 Service Class
![Image](https://capedge.com/proxy/N-CSRS/0001193125-24-205659/g831609f05h2gfztzf88htrajnlr.jpg)
Semi - Annual Shareholder Report
June 30, 2024
Goldman Sachs Variable Insurance Trust - Government Money Market Fund
Institutional Shares
Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Government Money Market Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
Sector Allocation (%)
Repurchase Agreements | 66.1% |
U.S. Treasury Obligations | 19.0% |
U.S. Government Agency Obligations | 14.3% |
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
---|---|---|
Institutional | $9 | 0.18% |
Key Fund Statistics (as of June 30, 2024)
- Total Net Assets$2,636,307,364
- # of Portfolio Holdings283
- Total Net Advisory Fees Paid$2,077,375
Goldman Sachs Variable Insurance Trust - Government Money Market Fund
Institutional Shares
Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Variable Insurance Trust - Government Money Market Fund
380987594-SAR-0624 Institutional Shares
![Image](https://capedge.com/proxy/N-CSRS/0001193125-24-205659/g831609cmgbvyo6weudglxvbuwhb.jpg)
Semi - Annual Shareholder Report
June 30, 2024
Goldman Sachs Variable Insurance Trust - Government Money Market Fund
Service Shares
Fund Overview
This semi-annual shareholder report contains important information about Goldman Sachs Government Money Market Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.
What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund’s future investments.
Sector Allocation (%)
Repurchase Agreements | 66.1% |
U.S. Treasury Obligations | 19.0% |
U.S. Government Agency Obligations | 14.3% |
What were the Fund costs for the period?
Based on a hypothetical $10,000 investment.
Class | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
---|---|---|
Service | $22 | 0.43% |
Key Fund Statistics (as of June 30, 2024)
- Total Net Assets$2,636,307,364
- # of Portfolio Holdings283
- Total Net Advisory Fees Paid$2,077,375
Goldman Sachs Variable Insurance Trust - Government Money Market Fund
Service Shares
Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.
prospectus
financial information
fund holdings
proxy voting information
Disclosure
Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.
© 2024 Goldman Sachs. All rights reserved.
No Bank Guarantee
May Lose Value
Not FDIC Insured
Goldman Sachs Variable Insurance Trust - Government Money Market Fund
380987693-SAR-0624 Service Shares
ITEM 2. | CODE OF ETHICS. |
(a) | As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the “Code of Ethics”). |
(b) | Not applicable. |
(c) | During the period covered by this report, no amendments were made to the provisions of the Code of Ethics. |
(d) | 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. |
(e) | Not applicable. |
(f) | A copy of the Code of Ethics is available as provided in Item 19(a)(1) of this report. |
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
The registrant’s board of trustees has determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its audit committee. Kathryn A. Cassidy and Michael Latham are each an “audit committee financial expert” and “independent” (as each term is defined in Item 3 of 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. |
Not applicable.
ITEM 6. | INVESTMENTS. |
Schedule of Investments is included in Item 7 of this report.
ITEM 7. | FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
Goldman Sachs Variable Insurance Trust Goldman Sachs Multi-Strategy Alternatives Portfolio Goldman Sachs Trend Driven Allocation Fund Semi-Annual Financial Statements June 30, 2024
Goldman Sachs Variable Insurance Trust
Table of Contents | Page | |||
3 | ||||
6 | ||||
Financial Statements | ||||
7 | ||||
8 | ||||
9 | ||||
10 | ||||
13 | ||||
15 | ||||
Statement Regarding Basis for Approval of Investment Advisory Contract | 29 |
GOLDMAN SACHS MULTI-STRATEGY ALTERNATIVES PORTFOLIO
Schedule of Investments
June 30, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Underlying Funds (Class R6 Shares)(a) – 89.7% |
| |||||||
Equity – 16.7% |
| |||||||
387,434 | Goldman Sachs Emerging Markets Equity Insights Fund | $ | 3,463,661 | |||||
275,495 | Goldman Sachs Global Infrastructure Fund | 3,422,500 | ||||||
4,559 | Goldman Sachs Energy Infrastructure Fund | 58,082 | ||||||
|
| |||||||
6,944,243 | ||||||||
| ||||||||
Fixed Income – 73.0% |
| |||||||
894,755 | Goldman Sachs Managed Futures Strategy Fund | 9,269,666 | ||||||
1,053,001 | Goldman Sachs High Yield Fund | 5,875,748 | ||||||
558,398 | Goldman Sachs High Yield Floating Rate Fund | 4,964,161 | ||||||
517,115 | Goldman Sachs Emerging Markets Debt Fund | 4,907,424 | ||||||
415,888 | Goldman Sachs Short Duration High Yield Fund | 3,277,197 | ||||||
226,735 | Goldman Sachs Core Fixed Income Fund | 2,054,217 | ||||||
|
| |||||||
30,348,413 | ||||||||
| ||||||||
TOTAL UNDERLYING FUNDS (CLASS R6 SHARES) |
| |||||||
(Cost $36,091,396) | 37,292,656 | |||||||
| ||||||||
Exchange Traded Funds – 7.4% |
| |||||||
21,308 | Goldman Sachs MarketBeta U.S. Equity ETF(a) | 1,592,986 | ||||||
8,847 | Goldman Sachs MarketBeta International Equity ETF(a) | 494,990 | ||||||
2,414 | Industrial Select Sector SPDR Fund | 294,194 | ||||||
2,255 | iShares 7-10 Year Treasury Bond ETF | 211,181 | ||||||
13,949 | Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 195,983 | ||||||
1,240 | Energy Select Sector SPDR Fund | 113,026 | ||||||
1,096 | Consumer Staples Select Sector SPDR Fund | 83,932 | ||||||
1,293 | iShares MSCI Mexico ETF | 73,197 | ||||||
| ||||||||
TOTAL EXCHANGE TRADED FUNDS (Cost $2,593,081) | 3,059,489 | |||||||
|
Shares | Dividend Rate | Value | ||||||
Investment Company – 1.0%(a) |
| |||||||
Goldman Sachs Financial Square Government |
| |||||||
435,505 | 5.213% | $ | 435,505 | |||||
(Cost $435,505) | ||||||||
| ||||||||
TOTAL INVESTMENTS – 98.1% (Cost $39,119,982) | $ | 40,787,650 | ||||||
| ||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES – 1.9% | 795,376 | |||||||
| ||||||||
NET ASSETS – 100.0% | $ | 41,583,026 | ||||||
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
(a) | Represents an affiliated issuer. |
| ||
Abbreviations: | ||
CHF | Swiss Franc | |
EUR | Euro | |
GBP | British Pound | |
JPY | Japanese Yen | |
USD | United States Dollar | |
SOFR | —Secured Overnight Financing Rate | |
|
The accompanying notes are an integral part of these financial statements. | 3 |
GOLDMAN SACHS MULTI-STRATEGY ALTERNATIVES PORTFOLIO
Schedule of Investments (continued)
June 30, 2024 (Unaudited) |
ADDITIONAL INVESTMENT INFORMATION |
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2024, the Portfolio had the following forward foreign currency exchange contracts:
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN
Counterparty | Currency Purchased | Currency Sold | Settlement Date | Unrealized Gain | ||||||||||||||||
| ||||||||||||||||||||
Morgan Stanley Co., Inc. | ||||||||||||||||||||
USD | 214,397 | CHF | 190,000 | 9/18/2024 | $ | 880 | ||||||||||||||
USD | 314,875 | EUR | 290,000 | 9/18/2024 | 3,104 | |||||||||||||||
USD | 311,930 | GBP | 245,000 | 9/18/2024 | 2,044 | |||||||||||||||
USD | 510,358 | JPY | 79,000,000 | 9/18/2024 | 13,338 | |||||||||||||||
| ||||||||||||||||||||
TOTAL | $ | 19,366 | ||||||||||||||||||
| ||||||||||||||||||||
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS |
| |||||||||||||||||||
Counterparty | Currency Purchased | Currency Sold | Settlement Date | Unrealized Loss | ||||||||||||||||
| ||||||||||||||||||||
Morgan Stanley Co., Inc. | ||||||||||||||||||||
CHF | 190,000 | USD | 215,409 | 9/18/2024 | (1,892) | |||||||||||||||
JPY | 31,000,000 | USD | 200,989 | 9/18/2024 | (5,956) | |||||||||||||||
| ||||||||||||||||||||
TOTAL | $ | (7,848) | ||||||||||||||||||
|
FUTURES CONTRACTS — At June 30, 2024, the Portfolio had the following futures contracts:
Description | Number of Contracts | Expiration Date | Notional Amount | Unrealized Appreciation/ (Depreciation) | ||||||||||||
| ||||||||||||||||
Long position contracts: | ||||||||||||||||
EURO STOXX 50 Index | 6 | 09/20/24 | $ | 316,530 | $ | 169 | ||||||||||
LONG GILT FUTURE SEP24 | 1 | 09/26/24 | 123,376 | 948 | ||||||||||||
S&P 500 E-Mini Index | 4 | 09/20/24 | 1,104,300 | (769) | ||||||||||||
STOXX 600 UTIL SEP24 | 4 | 09/20/24 | 78,865 | 146 | ||||||||||||
TOPIX Index | 1 | 09/12/24 | 174,684 | 1,965 | ||||||||||||
U.S. Treasury 10 Year Note | 10 | 09/19/24 | 1,098,594 | 8,332 | ||||||||||||
| ||||||||||||||||
Total Futures Contracts | $ | 10,791 | ||||||||||||||
|
4 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MULTI-STRATEGY ALTERNATIVES PORTFOLIO
ADDITIONAL INVESTMENT INFORMATION (continued) |
PURCHASED OPTIONS CONTRACTS — At June 30, 2024, the Fund had the following purchased option contracts:
Description | Exercise Rate | Expiration Date | Number of Contracts | Notional Amount | Market Value | Premiums Paid (Received) by the Fund | Unrealized Appreciation/ (Depreciation) | |||||||||||||||||||||
| ||||||||||||||||||||||||||||
Purchased Option Contracts: | ||||||||||||||||||||||||||||
Calls | ||||||||||||||||||||||||||||
3 Month SOFR | $96.38 | 12/11/2026 | 11 | $ | 27,500 | $ | 17,738 | $ | 17,076 | $ | 662 | |||||||||||||||||
3 Month SOFR | 96.63 | 09/11/2026 | 11 | 27,500 | 13,888 | 18,313 | (4,425) | |||||||||||||||||||||
3 Month SOFR | 96.38 | 09/11/2026 | 11 | 27,500 | 16,706 | 15,838 | 868 | |||||||||||||||||||||
3 Month SOFR | 96.75 | 06/12/2026 | 6 | 15,000 | 6,150 | 9,314 | (3,164) | |||||||||||||||||||||
3 Month SOFR | 96.63 | 06/12/2026 | 12 | 30,000 | 13,650 | 18,928 | (5,278) | |||||||||||||||||||||
3 Month SOFR | 96.25 | 06/12/2026 | 11 | 27,500 | 16,775 | 15,640 | 1,135 | |||||||||||||||||||||
3 Month SOFR | 96.75 | 03/13/2026 | 6 | 15,000 | 5,325 | 9,764 | (4,439) | |||||||||||||||||||||
3 Month SOFR | 96.63 | 03/13/2026 | 12 | 30,000 | 11,850 | 17,878 | (6,028) | |||||||||||||||||||||
3 Month SOFR | 96.25 | 03/13/2026 | 12 | 30,000 | 16,125 | 15,028 | 1,097 | |||||||||||||||||||||
3 Month SOFR | 97.50 | 12/12/2025 | 26 | 65,000 | 9,100 | 31,260 | (22,160) | |||||||||||||||||||||
3 Month SOFR | 96.50 | 12/12/2025 | 17 | 42,500 | 15,407 | 26,301 | (10,896) | |||||||||||||||||||||
3 Month SOFR | 96.13 | 12/12/2025 | 13 | 32,500 | 16,331 | 14,655 | 1,676 | |||||||||||||||||||||
3 Month SOFR | 97.50 | 09/12/2025 | 28 | 70,000 | 7,000 | 31,565 | (24,565) | |||||||||||||||||||||
3 Month SOFR | 96.63 | 09/12/2025 | 1 | 2,500 | 600 | 1,860 | (1,260) | |||||||||||||||||||||
3 Month SOFR | 96.50 | 09/12/2025 | 19 | 47,500 | 12,825 | 25,519 | (12,694) | |||||||||||||||||||||
3 Month SOFR | 96.00 | 09/12/2025 | 8 | 20,000 | 8,700 | 7,819 | 882 | |||||||||||||||||||||
3 Month SOFR | 97.25 | 06/13/2025 | 24 | 60,000 | 4,800 | 29,712 | (24,912) | |||||||||||||||||||||
3 Month SOFR | 96.63 | 06/13/2025 | 1 | 2,500 | 381 | 1,723 | (1,342) | |||||||||||||||||||||
3 Month SOFR | 96.25 | 06/13/2025 | 13 | 32,500 | 7,394 | 18,418 | (11,024) | |||||||||||||||||||||
3 Month SOFR | 98.00 | 03/14/2025 | 13 | 32,500 | 488 | 4,093 | (3,605) | |||||||||||||||||||||
3 Month SOFR | 97.25 | 03/14/2025 | 18 | 45,000 | 1,575 | 32,665 | (31,090) | |||||||||||||||||||||
3 Month SOFR | 97.00 | 03/14/2025 | 18 | 45,000 | 2,137 | 23,892 | (21,754) | |||||||||||||||||||||
3 Month SOFR | 96.50 | 03/14/2025 | 1 | 2,500 | 206 | 1,693 | (1,487) | |||||||||||||||||||||
3 Month SOFR | 98.00 | 12/13/2024 | 20 | 50,000 | 250 | 4,046 | (3,796) | |||||||||||||||||||||
3 Month SOFR | 97.25 | 12/13/2024 | 21 | 52,500 | 787 | 33,518 | (32,731) | |||||||||||||||||||||
3 Month SOFR | 96.25 | 12/13/2024 | 1 | 2,500 | 87 | 1,575 | (1,487) | |||||||||||||||||||||
3 Month SOFR | 97.25 | 09/13/2024 | 12 | 30,000 | 150 | 15,979 | (15,829) | |||||||||||||||||||||
3 Month SOFR | 96.00 | 09/13/2024 | 1 | 2,500 | 25 | 1,421 | (1,396) | |||||||||||||||||||||
3 Month SOFR | 95.38 | 09/13/2024 | 5 | 12,500 | 188 | 20,390 | (20,203) | |||||||||||||||||||||
3 Month SOFR | 95.25 | 09/13/2024 | 4 | 10,000 | 175 | 15,996 | (15,821) | |||||||||||||||||||||
| ||||||||||||||||||||||||||||
Total purchased option contracts | 356 | $ | 890,000 | $ | 206,813 | $ | 481,879 | $ | (275,066) | |||||||||||||||||||
|
The accompanying notes are an integral part of these financial statements. | 5 |
GOLDMAN SACHS TREND DRIVEN ALLOCATION FUND
Schedule of Investments
June 30, 2024 (Unaudited) |
Shares | Dividend Rate | Value | ||||||
Investment Companies (Institutional Shares) – 69.2%(a) |
| |||||||
Goldman Sachs Financial Square Government Fund | ||||||||
38,157,933 | 5.213% | $ | 38,157,933 | |||||
Goldman Sachs Financial Square Treasury Instruments Fund | ||||||||
39,370,346 | 5.164 | 39,370,346 | ||||||
Goldman Sachs Financial Square Treasury Obligations Fund | ||||||||
39,376,070 | 5.176 | 39,376,070 | ||||||
Goldman Sachs Financial Square Treasury Solutions Fund | ||||||||
38,895,877 | 5.183 | 38,895,877 | ||||||
Goldman Sachs VIT Government Money Market Fund | ||||||||
35,969,506 | 5.217 | 35,969,506 | ||||||
| ||||||||
Total Investment Companies (Cost $191,769,732) | 191,769,732 | |||||||
| ||||||||
Description | ||||||||
Exchange-Traded Funds – 25.1% |
| |||||||
65,865 | iShares Core S&P 500 ETF | 36,043,304 | ||||||
66,900 | Vanguard S&P 500 ETF | 33,458,697 | ||||||
| ||||||||
TOTAL EXCHANGE-TRADED FUNDS (Cost $36,418,777) | 69,502,001 | |||||||
| ||||||||
TOTAL INVESTMENTS – 94.3% (Cost $228,188,509) | $ | 261,271,733 | ||||||
| ||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES – 5.7% | 15,843,828 | |||||||
| ||||||||
NET ASSETS – 100.0% | $ | 277,115,561 | ||||||
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
(a) | Represents an affiliated issuer. |
ADDITIONAL INVESTMENT INFORMATION |
FUTURES CONTRACTS — At June 30, 2024, the Fund had the following futures contracts:
Description | Number of Contracts | Expiration Date | Notional Amount | Unrealized Appreciation/ (Depreciation) | ||||||||||||
| ||||||||||||||||
Long position contracts: | ||||||||||||||||
EURO STOXX 50 Index | 271 | 09/20/24 | $ | 14,296,611 | $ | (84,886) | ||||||||||
FTSE 100 Index | 77 | 09/20/24 | 7,993,214 | (32,491) | ||||||||||||
S&P 500 E-Mini Index | 314 | 09/20/24 | 86,687,550 | 247,957 | ||||||||||||
TOPIX Index | 69 | 09/12/24 | 12,053,235 | 126,147 | ||||||||||||
U.S. Treasury 10 Year Note | 798 | 09/19/24 | 87,667,781 | 930,436 | ||||||||||||
| ||||||||||||||||
Total Futures Contracts | $ | 1,187,163 | ||||||||||||||
|
6 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-ASSET STRATEGIES FUNDS
Statements of Assets and Liabilities
June 30, 2024 (Unaudited) |
Goldman Sachs Multi- Strategy Alternatives Portfolio | Goldman Sachs Trend Driven Allocation Fund | |||||||||||
Assets: | ||||||||||||
Investments in affiliated issuers, at value (cost $38,129,938 and $191,769,732, respectively) | $ | 39,816,137 | $ | 191,769,732 | ||||||||
Investments in unaffiliated issuers, at value (cost $990,044 and $36,418,777, respectively) | 971,513 | 69,502,001 | ||||||||||
Purchased Options, at value (premiums paid $481,879 and $–, respectively) | 206,813 | — | ||||||||||
Cash | 651,774 | 8,343,638 | ||||||||||
Foreign Currency, at value (cost $– and $219,030, respectively) | — | 219,456 | ||||||||||
Receivables: | ||||||||||||
Due from broker | 41,724 | 7,181,333 | ||||||||||
Reimbursement from investment adviser | 12,816 | 21,368 | ||||||||||
Fund shares sold | 12,255 | 278 | ||||||||||
Dividends | — | 119,316 | ||||||||||
Investments sold | — | 328,327 | ||||||||||
Unrealized gain on forward foreign currency exchange contracts | 19,366 | — | ||||||||||
Variation margin on futures contracts | 3,345 | 45,944 | ||||||||||
Other assets | 1,152 | 1,163 | ||||||||||
| ||||||||||||
Total assets | 41,736,895 | 277,532,556 | ||||||||||
| ||||||||||||
Liabilities: | ||||||||||||
Unrealized loss on forward foreign currency exchange contracts | 7,848 | — | ||||||||||
Payables: | ||||||||||||
Fund shares redeemed | 86,820 | 177,258 | ||||||||||
Distribution and Service fees and Transfer Agency fees | 11,262 | 61,601 | ||||||||||
Management fees | — | 147,978 | ||||||||||
Accrued expenses | 47,939 | 30,158 | ||||||||||
| ||||||||||||
Total liabilities | 153,869 | 416,995 | ||||||||||
| ||||||||||||
Net Assets: | ||||||||||||
Paid-in capital | 44,425,476 | 250,201,104 | ||||||||||
Total distributable earnings (loss) | (2,842,450 | ) | 26,914,457 | |||||||||
| ||||||||||||
NET ASSETS | $ | 41,583,026 | $ | 277,115,561 | ||||||||
Net Assets: | ||||||||||||
Institutional | $ | 3,832,448 | $ | 341,951 | ||||||||
Service | 13,527,098 | 276,773,610 | ||||||||||
Advisor | 24,223,480 | — | ||||||||||
Total Net Assets | $ | 41,583,026 | $ | 277,115,561 | ||||||||
Shares Outstanding $0.001 par value (unlimited number of shares authorized): | ||||||||||||
Institutional | 419,546 | 27,388 | ||||||||||
Service | 1,478,544 | 22,357,260 | ||||||||||
Advisor | 2,669,377 | — | ||||||||||
Net asset value, offering and redemption price per share: | ||||||||||||
Institutional | $ | 9.13 | $ | 12.49 | ||||||||
Service | 9.15 | 12.38 | ||||||||||
Advisor | 9.07 | — |
The accompanying notes are an integral part of these financial statements. | 7 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-ASSET STRATEGIES FUNDS
Statements of Operations
For the Six Months Ended June 30, 2024 (Unaudited) |
Goldman Sachs Multi-Strategy Alternatives Portfolio | Goldman Sachs Trend Driven Allocation Fund | |||||||||||
Investment income: | ||||||||||||
Dividends — affiliated Underlying Funds | $ | 738,198 | $ | 4,956,719 | ||||||||
Dividends — unaffiliated issuers | 7,069 | 616,228 | ||||||||||
Securities lending income, net of rebates received or paid to borrowers – affiliated issuer | 415 | — | ||||||||||
| ||||||||||||
Total Investment Income | 745,682 | 5,572,947 | ||||||||||
| ||||||||||||
Expenses: | ||||||||||||
Distribution and/or Service (12b-1) fees(a) | 55,744 | 346,676 | ||||||||||
Professional fees | 40,177 | 31,397 | ||||||||||
Custody, accounting and administrative services | 30,535 | 20,746 | ||||||||||
Management fees | 29,615 | 1,096,985 | ||||||||||
Printing and mailing costs | 21,358 | 10,461 | ||||||||||
Trustee fees | 9,640 | 7,005 | ||||||||||
Shareholder Administration fees — Service Shares | 7,921 | — | ||||||||||
Transfer Agency fees(a) | 3,949 | 27,772 | ||||||||||
Other | 1,152 | 3,902 | ||||||||||
| ||||||||||||
Total expenses | 200,091 | 1,544,944 | ||||||||||
| ||||||||||||
Less — expense reductions | (92,669 | ) | (266,032 | ) | ||||||||
| ||||||||||||
Net expenses | 107,422 | 1,278,912 | ||||||||||
| ||||||||||||
NET INVESTMENT INCOME | 638,260 | 4,294,035 | ||||||||||
| ||||||||||||
Realized and Unrealized gain (loss): | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments — unaffiliated issuers | (2,622 | ) | 4,056,005 | |||||||||
Investment — affiliated Underlying Funds | (115,481 | ) | — | |||||||||
Futures contracts | 62,811 | 14,648,264 | ||||||||||
Foreign currency transactions | (228 | ) | 9,518 | |||||||||
Forward foreign currency exchange contracts | 80 | — | ||||||||||
Written options | (194,209 | ) | — | |||||||||
Net change in unrealized gain (loss) on: | ||||||||||||
Investments — unaffiliated issuers | (35,420 | ) | 5,433,730 | |||||||||
Investment — affiliated Underlying Funds | 778,969 | — | ||||||||||
Purchased Options | (23,480 | ) | — | |||||||||
Forward foreign currency exchange contracts | 13,750 | — | ||||||||||
Foreign currency translations | (81 | ) | (89,295 | ) | ||||||||
Futures contracts | (25,133 | ) | (4,118,985 | ) | ||||||||
| ||||||||||||
Net realized and unrealized gain | 458,956 | 19,939,237 | ||||||||||
| ||||||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 1,097,216 | $ | 24,233,272 | ||||||||
|
(a) | Class specific Distribution and/or Service and Transfer Agency fees were as follows: |
Distribution and/or Service (12b-1) Fees | Transfer Agency Fees | |||||||||||||||||||||
Fund | Service | Advisor | Institutional | Service | Advisor | |||||||||||||||||
Goldman Sachs Multi-Strategy Alternatives Portfolio | $7,921 | $47,823 | $290 | $1,268 | $2,391 | |||||||||||||||||
Goldman Sachs Trend Driven Allocation Fund | 346,676 | – | 38 | 27,734 | – |
8 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-ASSET STRATEGIES FUNDS
Statements of Changes in Net Assets
|
Goldman Sachs Multi-Strategy Alternatives Portfolio | Goldman Sachs Trend Driven Allocation Fund | |||||||||||||||||||
For the Six Months Ended June 30, 2024 (Unaudited) | For the Fiscal Year Ended December 31, 2023 | For the Six Months Ended June 30, 2024 (Unaudited) | For the Fiscal Year Ended December 31, 2023 | |||||||||||||||||
From operations: | ||||||||||||||||||||
Net investment income | $ | 638,260 | $ | 1,330,560 | $ | 4,294,035 | $ | 5,886,328 | ||||||||||||
Net realized gain (loss) | (249,649 | ) | (284,280 | ) | 18,713,787 | 11,859,234 | ||||||||||||||
Net change in unrealized gain | 708,605 | 1,704,701 | 1,225,450 | 22,003,620 | ||||||||||||||||
| ||||||||||||||||||||
Net increase in net assets resulting from operations | 1,097,216 | 2,750,981 | 24,233,272 | 39,749,182 | ||||||||||||||||
| ||||||||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||
From distributable earnings: | ||||||||||||||||||||
Institutional Shares | – | (130,485 | ) | – | (8,240 | ) | ||||||||||||||
Service Shares | – | (765,139 | ) | – | (4,606,548 | ) | ||||||||||||||
Advisor Shares | – | (1,504,491 | ) | – | – | |||||||||||||||
| ||||||||||||||||||||
Total distributions to shareholders | – | (2,400,115 | ) | – | (4,614,788 | ) | ||||||||||||||
| ||||||||||||||||||||
From share transactions: | ||||||||||||||||||||
Proceeds from sales of shares | 5,622,129 | 7,733,501 | 4,767,853 | 12,946,328 | ||||||||||||||||
Reinvestment of distributions | – | 2,400,115 | – | 4,614,788 | ||||||||||||||||
Cost of shares redeemed | (3,180,809 | ) | (9,199,182 | ) | (29,898,533 | ) | (42,122,016 | ) | ||||||||||||
| ||||||||||||||||||||
Net increase (decrease) in net assets resulting from share transactions | 2,441,320 | 934,434 | (25,130,680 | ) | (24,560,900 | ) | ||||||||||||||
| ||||||||||||||||||||
TOTAL INCREASE (DECREASE) | 3,538,536 | 1,285,300 | (897,408 | ) | 10,573,494 | |||||||||||||||
| ||||||||||||||||||||
Net Assets: | ||||||||||||||||||||
Beginning of period | $ | 38,044,490 | $ | 36,759,190 | $ | 278,012,969 | $ | 267,439,475 | ||||||||||||
| ||||||||||||||||||||
End of period | $ | 41,583,026 | $ | 38,044,490 | $ | 277,115,561 | $ | 278,012,969 | ||||||||||||
|
The accompanying notes are an integral part of these financial statements. | 9 |
GOLDMAN SACHS MULTI-STRATEGY ALTERNATIVES PORTFOLIO
Financial Highlights
Selected Data for a Share Outstanding Throughout Each Period |
Goldman Sachs Multi-Strategy Alternatives Portfolio | ||||||||||||||||||||||||||||||||
Institutional Shares | ||||||||||||||||||||||||||||||||
Six Months Ended | Year Ended December 31, | |||||||||||||||||||||||||||||||
June 30, 2024 (Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 8.89 | $ | 8.81 | $ | 9.77 | $ | 9.46 | $ | 9.02 | $ | 8.51 | ||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Net investment income(a)(b) | 0.16 | 0.36 | 0.38 | 0.23 | 0.25 | 0.30 | ||||||||||||||||||||||||||
Net realized and unrealized gain (loss) | 0.08 | 0.35 | (0.99 | ) | 0.25 | 0.39 | 0.48 | |||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Total from investment operations | 0.24 | 0.71 | (0.61 | ) | 0.48 | 0.64 | 0.78 | |||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income | – | (0.63 | ) | (0.35 | ) | (0.17 | ) | (0.20 | ) | (0.27) | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 9.13 | $ | 8.89 | $ | 8.81 | $ | 9.77 | $ | 9.46 | $ | 9.02 | ||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Total Return(c) | 2.93 | % | 7.90 | % | (6.24 | )% | 5.03 | % | 7.05 | % | 9.11% | |||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 3,832 | $ | 1,979 | $ | 2,203 | $ | 2,515 | $ | 1,520 | $ | 1,309 | ||||||||||||||||||||
Ratio of net expenses to average net assets(d) | 0.22 | %(e) | 0.22 | % | 0.20 | % | 0.22 | % | 0.21 | % | 0.25% | |||||||||||||||||||||
Ratio of total expenses to average net assets(d) | 0.70 | %(e) | 0.77 | % | 0.69 | % | 1.02 | % | 1.39 | % | 1.60% | |||||||||||||||||||||
Ratio of net investment income to average net assets | 3.60 | %(e) | 3.98 | % | 4.08 | % | 2.29 | % | 2.73 | % | 3.30% | |||||||||||||||||||||
Portfolio turnover rate(f) | 21 | % | 23 | % | 199 | % | 25 | % | 5 | % | 26% | |||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests. |
(c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests. |
(e) | Annualized. |
(f) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
10 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MULTI-STRATEGY ALTERNATIVES PORTFOLIO
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
Goldman Sachs Multi-Strategy Alternatives Portfolio | ||||||||||||||||||||||||||||||||
Service Shares | ||||||||||||||||||||||||||||||||
Six Months Ended | Year Ended December 31, | |||||||||||||||||||||||||||||||
June 30, 2024 (Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 8.89 | $ | 8.81 | $ | 9.76 | $ | 9.45 | $ | 9.02 | $ | 8.52 | ||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Net investment income(a)(b) | 0.15 | 0.34 | 0.31 | 0.20 | 0.23 | 0.32 | ||||||||||||||||||||||||||
Net realized and unrealized gain (loss) | 0.11 | 0.34 | (0.95 | ) | 0.26 | 0.38 | 0.43 | |||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Total from investment operations | 0.26 | 0.68 | (0.64 | ) | 0.46 | 0.61 | 0.75 | |||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income | – | (0.60 | ) | (0.31 | ) | (0.15 | ) | (0.18 | ) | (0.25) | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 9.15 | $ | 8.89 | $ | 8.81 | $ | 9.76 | $ | 9.45 | $ | 9.02 | ||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Total Return(c) | 2.81 | % | 7.77 | % | (6.54 | )% | 4.84 | % | 6.70 | % | 8.82% | |||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 13,527 | $ | 12,055 | $ | 11,356 | $ | 6,538 | $ | 3,472 | $ | 2,857 | ||||||||||||||||||||
Ratio of net expenses to average net assets(d) | 0.47 | %(e) | 0.47 | % | 0.45 | % | 0.47 | % | 0.46 | % | 0.51% | |||||||||||||||||||||
Ratio of total expenses to average net assets(d) | 0.94 | %(e) | 1.02 | % | 0.88 | % | 1.28 | % | 1.65 | % | 1.86% | |||||||||||||||||||||
Ratio of net investment income to average net assets | 3.30 | %(e) | 3.74 | % | 3.34 | % | 2.04 | % | 2.51 | % | 3.54% | |||||||||||||||||||||
Portfolio turnover rate(f) | 21 | % | 23 | % | 199 | % | 25 | % | 5 | % | 26% | |||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests. |
(c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests. |
(e) | Annualized. |
(f) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 11 |
GOLDMAN SACHS MULTI-STRATEGY ALTERNATIVES PORTFOLIO
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
Goldman Sachs Multi-Strategy Alternatives Portfolio | ||||||||||||||||||||||||||||||||
Advisor Shares | ||||||||||||||||||||||||||||||||
Six Months Ended | Year Ended December 31, | |||||||||||||||||||||||||||||||
June 30, 2024 (Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 8.84 | $ | 8.77 | $ | 9.73 | $ | 9.42 | $ | 8.99 | $ | 8.49 | ||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Net investment income(a)(b) | 0.14 | 0.32 | 0.37 | 0.18 | 0.20 | 0.24 | ||||||||||||||||||||||||||
Net realized and unrealized gain (loss) | 0.09 | 0.34 | (1.01 | ) | 0.26 | 0.39 | 0.49 | |||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Total from investment operations | 0.23 | 0.66 | (0.64 | ) | 0.44 | 0.59 | 0.73 | |||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income | – | (0.59 | ) | (0.32 | ) | (0.13 | ) | (0.16 | ) | (0.23) | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 9.07 | $ | 8.84 | $ | 8.77 | $ | 9.73 | $ | 9.42 | $ | 8.99 | ||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Total Return(c) | 2.71 | % | 7.53 | % | (6.61 | )% | 4.66 | % | 6.56 | % | 8.60% | |||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 24,223 | $ | 24,010 | $ | 23,200 | $ | 20,585 | $ | 17,698 | $ | 15,410 | ||||||||||||||||||||
Ratio of net expenses to average net assets(d) | 0.62 | %(e) | 0.62 | % | 0.60 | % | 0.62 | % | 0.61 | % | 0.64% | |||||||||||||||||||||
Ratio of total expenses to average net assets(d) | 1.09 | %(e) | 1.17 | % | 1.09 | % | 1.44 | % | 1.79 | % | 2.01% | |||||||||||||||||||||
Ratio of net investment income to average net assets | 3.15 | %(e) | 3.58 | % | 3.99 | % | 1.89 | % | 2.28 | % | 2.61% | |||||||||||||||||||||
Portfolio turnover rate(f) | 21 | % | 23 | % | 199 | % | 25 | % | 5 | % | 26% | |||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Recognition of net investment income by the Fund is affected by the timing of declaration of dividends by the Underlying Funds in which the Fund invests. |
(c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Expense ratios exclude the expenses of the Underlying Funds in which the Fund invests. |
(e) | Annualized. |
(f) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
12 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS TREND DRIVEN ALLOCATION FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
Goldman Sachs Trend Driven Allocation Fund | ||||||||||||||||||||||||||||||||
Institutional Shares | ||||||||||||||||||||||||||||||||
Six Months Ended | Year Ended December 31, | |||||||||||||||||||||||||||||||
June 30, 2024 (Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 11.43 | $ | 10.06 | $ | 12.92 | $ | 12.61 | $ | 12.32 | $ | 11.65 | ||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Net investment income (loss)(a) | 0.20 | 0.26 | 0.07 | (0.04 | ) | 0.02 | 0.15 | |||||||||||||||||||||||||
Net realized and unrealized gain (loss) | 0.86 | 1.33 | (2.51 | ) | 2.10 | 0.52 | 1.28 | |||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Total from investment operations | 1.06 | 1.59 | (2.44 | ) | 2.06 | 0.54 | 1.43 | |||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income | – | (0.22 | ) | – | – | (0.07 | ) | (0.22) | ||||||||||||||||||||||||
Distributions to shareholders from net realized gains | – | – | (0.42 | ) | (1.75 | ) | (0.18 | ) | (0.54) | |||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Total distributions | – | (0.22 | ) | (0.42 | ) | (1.75 | ) | (0.25 | ) | (0.76) | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 12.49 | $ | 11.43 | $ | 10.06 | $ | 12.92 | $ | 12.61 | $ | 12.32 | ||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Total Return(b) | 9.27 | % | 15.85 | % | (19.00 | )% | 16.46 | % | 4.35 | % | 12.29% | |||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 342 | $ | 442 | $ | 506 | $ | 337 | $ | 289 | $ | 277 | ||||||||||||||||||||
Ratio of net expenses to average net assets | 0.67 | %(c) | 0.67 | % | 0.66 | % | 0.65 | % | 0.60 | % | 0.59% | |||||||||||||||||||||
Ratio of total expenses to average net assets | 0.86 | %(c) | 0.89 | % | 0.92 | % | 0.87 | % | 0.90 | % | 0.89% | |||||||||||||||||||||
Ratio of net investment income (loss) to average net assets | 3.34 | %(c) | 2.38 | % | 0.63 | % | (0.32 | )% | 0.13 | % | 1.18% | |||||||||||||||||||||
Portfolio turnover rate(d) | 1 | % | 10 | % | 344 | % | 12 | % | 168 | % | 61% | |||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one year are not annualized. |
(c) | Annualized. |
(d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 13 |
GOLDMAN SACHS TREND DRIVEN ALLOCATION FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
Goldman Sachs Trend Driven Allocation Fund | ||||||||||||||||||||||||||||||||
Service Shares | ||||||||||||||||||||||||||||||||
Six Months Ended | Year Ended December 31, | |||||||||||||||||||||||||||||||
June 30, 2024 (Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 11.35 | $ | 9.99 | $ | 12.86 | $ | 12.59 | $ | 12.30 | $ | 11.64 | ||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Net investment income (loss)(a) | 0.18 | 0.23 | 0.02 | (0.08 | ) | (0.01 | ) | 0.11 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) | 0.85 | 1.32 | (2.47 | ) | 2.10 | 0.51 | 1.28 | |||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Total from investment operations | 1.03 | 1.55 | (2.45 | ) | 2.02 | 0.50 | 1.39 | |||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income | – | (0.19 | ) | – | – | (0.03 | ) | (0.19) | ||||||||||||||||||||||||
Distributions to shareholders from net realized gains | – | – | (0.42 | ) | (1.75 | ) | (0.18 | ) | (0.54) | |||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Total distributions | – | (0.19 | ) | (0.42 | ) | (1.75 | ) | (0.21 | ) | (0.73) | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 12.38 | $ | 11.35 | $ | 9.99 | $ | 12.86 | $ | 12.59 | $ | 12.30 | ||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Total Return(b) | 9.07 | % | 15.57 | % | (19.16 | )% | 16.17 | % | 4.10 | % | 11.94% | |||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 276,774 | $ | 277,571 | $ | 266,934 | $ | 357,316 | $ | 335,784 | $ | 345,219 | ||||||||||||||||||||
Ratio of net expenses to average net assets | 0.92 | %(c) | 0.92 | % | 0.91 | % | 0.92 | % | 0.85 | % | 0.84% | |||||||||||||||||||||
Ratio of total expenses to average net assets | 1.11 | %(c) | 1.14 | % | 1.17 | % | 1.14 | % | 1.15 | % | 1.14% | |||||||||||||||||||||
Ratio of net investment income (loss) to average net assets | 3.09 | %(c) | 2.14 | % | 0.13 | % | (0.58 | )% | (0.12 | )% | 0.91% | |||||||||||||||||||||
Portfolio turnover rate(d) | 1 | % | 10 | % | 344 | % | 12 | % | 168 | % | 61% | |||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one year are not annualized. |
(c) | Annualized. |
(d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
14 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-ASSET STRATEGIES FUNDS
Notes to Financial Statements
June 30, 2024 (Unaudited) |
1. ORGANIZATION |
Goldman Sachs Variable Insurance Trust (the “Trust” or “VIT”) 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 | ||
Goldman Sachs Multi-Strategy Alternatives Portfolio | Institutional, Service and Advisor | Diversified | ||
Goldman Sachs Trend Driven Allocation Fund | Institutional and Service | Diversified |
Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to management agreements (the “Agreements”) with the Trust.
The Multi-Strategy Alternatives Portfolio invests primarily in a combination of domestic and international equity and fixed income underlying funds (“Underlying Funds”) which are registered under the Act, for which GSAM acts as investment adviser. Additionally, the Multi-Strategy Alternatives Portfolio may invest a portion of its assets directly in other securities and instruments, including unaffiliated exchange traded funds (“Unaffiliated Funds”). The Trend Driven Allocation Fund may invest in one or a combination of the following securities and instruments: pooled investment vehicles, including exchange-traded funds (“ETFs”) and other investment companies; equity securities of U.S. and non-U.S. issuers; U.S. fixed income securities; and derivatives that provide exposure to a broad spectrum of asset classes and geographic regions.
2. SIGNIFICANT ACCOUNTING POLICIES |
The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.
A. Investment Valuation — The valuation policy of the Funds and Underlying Funds is to value investments at fair value.
B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Income distributions are recognized as capital gains or income in the financial statements in accordance with the character that is distributed.
For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract.
C. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service and Transfer Agency fees. Expenses included in the accompanying financial statements reflect the expenses of each Fund and do not include any expenses associated with the Underlying Funds. Because the Underlying Funds have varied expense and fee levels and each Fund may own different proportions of the Underlying Funds at different times, the amount of fees and expenses incurred indirectly by each Fund will vary.
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 and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not
15 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-ASSET STRATEGIES FUNDS
Notes to Financial Statements (continued)
June 30, 2024 (Unaudited) |
2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid at least annually.
Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. 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 distributable earnings or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.
E. Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS |
U.S. GAAP defines the fair value of a financial instrument as 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 (i.e., the exit price); the Funds’ policy is to use the market approach. GAAP 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 level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy 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 significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;
Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).
The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. With respect to the Funds’ investments that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the “Valuation Designee”). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.
A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:
Underlying Funds (including Money Market Funds) — Underlying Funds include ETFs and other investment companies. Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, each Fund’s shares will correspondingly fluctuate in value. Underlying
16 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-ASSET STRATEGIES FUNDS
|
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
Funds are generally classified as Level 1 of the fair value hierarchy. To the extent that underlying ETFs are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.
Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as either due to broker/receivable for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.
Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.
i. Forward Contracts — A forward contract is a contract between two parties to buy or sell an asset at a specified price on a future date. A forward contract settlement can occur on a cash or delivery basis. Forward contracts are marked-to-market daily using independent vendor prices, and the change in value, if any, is recorded as an unrealized gain or loss. Cash and certain investments may be used to collateralize forward contracts.
A forward foreign currency exchange contract is a forward contract in which the Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked to market daily by using the outright forward rates or interpolating based upon maturity dates, where available. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.
ii. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits 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 a the Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.
iii. Options — When the Multi-Strategy Alternatives Portfolio writes call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on swap contracts.
Upon the purchase of a call option or a put option by the Fund, the premium paid is recorded as an investment and subsequently marked-to-market to reflect the current value of the option. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.
B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s investments may be determined under the Valuation Procedures. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation 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 a Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.
17 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-ASSET STRATEGIES FUNDS
Notes to Financial Statements (continued)
June 30, 2024 (Unaudited) |
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of June 30, 2024:
Goldman Sachs Multi-Strategy Alternatives Portfolio | ||||||||||||
Investment Type
| Level 1
| Level 2
| Level 3
| |||||||||
Assets | ||||||||||||
Fixed Income Underlying Fund | $ | 30,348,413 | $ | — | $ | — | ||||||
Equity Underlying Fund | 6,944,243 | — | — | |||||||||
Exchange Traded Funds | 3,059,489 | — | — | |||||||||
Investment Companies | 435,505 | — | — | |||||||||
Total | $ | 40,787,650 | $ | — | $ | — | ||||||
Derivative Type | ||||||||||||
Assets | ||||||||||||
Forward Foreign Currency Exchange Contracts(a) | $ | — | $ | 19,366 | $ | — | ||||||
Futures Contracts(a) | 11,560 | — | — | |||||||||
Purchased Options Contracts | 206,813 | — | — | |||||||||
Total | $ | 218,373 | $ | 19,366 | $ | — | ||||||
Liabilities | ||||||||||||
Forward Foreign Currency Exchange Contracts(a) | $ | — | $ | (7,848 | ) | $ | — | |||||
Futures Contracts(a) | (769 | ) | — | — | ||||||||
Total | $ | (769 | ) | $ | (7,848 | ) | $ | — | ||||
Goldman Sachs Trend Driven Allocation Fund | ||||||||||||
Investment Type
| Level 1
| Level 2
| Level 3
| |||||||||
Assets | ||||||||||||
Exchange-Traded Funds | $ | 69,502,001 | $ | — | $ | — | ||||||
Investment Companies | 191,769,732 | — | — | |||||||||
Total | $ | 261,271,733 | $ | — | $ | — | ||||||
Derivative Type
| ||||||||||||
Assets | ||||||||||||
Futures Contracts(a) | $ | 1,304,540 | $ | — | $ | — | ||||||
Liabilities | ||||||||||||
Futures Contracts(a) | $ | (117,377 | ) | $ | — | $ | — |
(a) | Amount shown represents unrealized gain (loss) at period end. |
4. INVESTMENTS IN DERIVATIVES |
The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of June 30, 2024. These instruments were used as part of the Funds’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure.
18 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-ASSET STRATEGIES FUNDS
|
4. INVESTMENTS IN DERIVATIVES (continued) |
Goldman Sachs Multi-Strategy Alternatives Portfolio | ||||||||||||
Risk | Statement of Assets and Liabilities | Assets1 | Statement of Assets and Liabilities | Liabilities1 | ||||||||
Currency | Receivables for unrealized gain on forward foreign currency exchange contracts | $ | 19,366 | Payable for unrealized loss on forward foreign currency exchange contracts | $ | (7,848) | ||||||
Equity | Variation margin on futures contracts | 2,280 | Variation margin on futures contracts | (769) | ||||||||
Interest Rate | Purchased options at value/Variation margin on futures contracts | 216,093 | — | |||||||||
Total | $ | 237,739 | $ | (8,617) |
Goldman Sachs Trend Driven Allocation Fund | ||||||||||||
Risk | Statement of Assets and Liabilities | Assets1 | Statement of Assets and Liabilities | Liabilities1 | ||||||||
Equity | Variation margin on futures contracts | $ | 374,104 | Variation margin on futures contracts | $ | (117,377) | ||||||
Interest Rate | Variation margin on futures contracts | 930,436 | — | |||||||||
Total | $ | 1,304,540 | $ | (117,377) |
1 | Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedules of Investments. Only the variation margin as of June 30, 2024 is reported within the Statements of Assets and Liabilities. |
The following table sets forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the six months ended June 30, 2024. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:
Goldman Sachs Multi-Strategy Alternatives Portfolio | ||||||||||
Risk | Net Change in | |||||||||
Statement of Operations | Net Realized Gain (Loss) | Unrealized Gain (Loss) | ||||||||
Currency | Net realized gain (loss) from forward currency exchange contracts/Net change in unrealized gain (loss) on forward currency exchange contracts | $ | 80 | $ | 13,750 | |||||
Equity | Net realized gain (loss) from futures contracts and written options/Net change in unrealized gain (loss) on futures contracts and purchased options | 72,070 | 1,823 | |||||||
Interest Rate | Net realized gain (loss) from futures and swap contracts/Net change in unrealized gain (loss) on futures and swap contracts | (203,468 | ) | (50,436 | ) | |||||
Total | $ | (131,318 | ) | $ | (34,863 | ) |
Goldman Sachs Trend Driven Allocation Fund | ||||||||||
Risk | Net Change in | |||||||||
Statement of Operations | Net Realized Gain (Loss) | Unrealized Gain (Loss) | ||||||||
Equity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | 15,548,578 | (2,083,021 | ) | ||||||
Interest Rate | Net realized gain (loss) from futures and swap contracts/Net change in unrealized gain (loss) on futures and swap contracts | (900,314 | ) | (2,035,964 | ) | |||||
Total | $ | 14,648,264 | $ | (4,118,985 | ) |
For the six months ended June 30, 2024, the relevant values for each derivative type were as follows:
19 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-ASSET STRATEGIES FUNDS
Notes to Financial Statements (continued)
June 30, 2024 (Unaudited) |
4. INVESTMENTS IN DERIVATIVES (continued) |
Average number of Contracts or Notional Amounts(a) | ||||||
Fund | Futures Contracts | Forward Contracts | Purchased Options | |||
Goldman Sachs Multi-Strategy Alternatives Portfolio | 19 | 239,152 | 384 | |||
Goldman Sachs Trend Driven Allocation Fund | 1,588 | – | – |
(a) | Amounts disclosed represent average number of contracts for futures and purchased options and notional amounts for forward contracts, based on absolute values, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the six months ended June 30, 2024. |
5. AGREEMENTS AND AFFILIATED TRANSACTIONS |
A. Management Agreement — Under the Agreement, GSAM 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 administration of the Funds’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund’s average daily net assets.
For the six months ended June 30, 2024, contractual and effective net management fees with GSAM were at the following rates:
Contractual Management Rate
| Effective Net Management Rate^ | |||||||||||||||||||||||||||
Fund | First $1 billion | Next $1 billion | Next $3 billion | Next $3 billion | Over $8 billion | Effective Rate | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Goldman Sachs Multi-Strategy Alternatives Portfolio | 0.15 | % | 0.15 | % | 0.15 | % | 0.15 | % | 0.15 | % | 0.15 | % | —%* | |||||||||||||||
| ||||||||||||||||||||||||||||
Goldman Sachs Trend Driven Allocation Fund | 0.79 | 0.71 | 0.68 | 0.66 | 0.65 | 0.79 | 0.64* | |||||||||||||||||||||
|
^ | Effective Net Management Rate includes the impact of management fee waivers of affiliated Underlying Funds, if any. The Effective Net Management Rate may not correlate to the Contractual Management Rate as a result of management fee waivers that may be in effect from time to time. |
* | The Investment Advisor has agreed to waive a portion of its management fee in order to achieve an effective net management rate as defined in the Funds’ most recent prospectus. These waivers will remain in effect through at least April 29, 2025, and prior to such date the Investment Advisor may not terminate the arrangements without approval of the Trustees. |
The Multi-Strategy Alternatives Portfolio invests in Institutional Shares of the Goldman Sachs Financial Square Government Fund and the Trend Driven Allocation Fund invests in Institutional Shares of the Goldman Sachs Financial Square Government, Goldman Sachs Financial Square Treasury Instruments, Goldman Sachs Financial Square Treasury Obligations, Goldman Sachs Financial Square Treasury Solutions and the Goldman Sachs VIT Government Money Market Funds, which are affiliated Underlying Funds. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest, except those management fees it earns from the Funds’ investments of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund. For the six months ended June 30, 2024 GSAM waived $448 and $31,257 of the Multi-Strategy Alternatives Portfolio’s and Trend Driven Allocation Fund’s management fee, respectively.
B. Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Service Shares of the Funds, has adopted a Distribution and Service Plan subject to Rule 12b-1 under the Act. Under the Distribution and Service Plan, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly, for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers, equal to, on an annual basis, 0.25% of the Funds’ average daily net assets attributable to Service Shares.
20 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-ASSET STRATEGIES FUNDS
|
5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
The Trust, on behalf of Advisor Shares of the Multi-Strategy Alternatives Portfolio, has adopted a Distribution Plan subject to Rule 12b-1 under the Act. Under the Distribution Plan, Goldman Sachs as Distributor is entitled to a fee accrued daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers, equal to, on an annual basis, 0.15% of the Multi-Strategy Alternatives Portfolio’s average daily net assets attributable to Advisor Shares.
C. Service Plans — The Trust, on behalf of Advisor Shares of the Multi-Strategy Alternatives Portfolio, has adopted a Service Plan to allow Advisor Shares to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance and administration services to their customers who are beneficial owners of such shares. The Service Plans each provide for compensation to the service organizations equal to 0.25% of the average daily net assets attributable to Advisor Shares of the Multi-Strategy Alternatives Portfolio.
D. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at an annual rate of 0.02% of the average daily net assets of Institutional, Service and Advisor Shares.
E. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Multi-Strategy Alternatives Portfolio and Trend Driven Allocation Fund are 0.204% and 0.004%, respectively. These Other Expense limitations will remain in place through at least April 29, 2025, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.
For the six months ended June 30, 2024, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:
Management | Other Expense | Total Expense | |||||||||||||
Fund | Fee Waiver | Reimbursements | Reductions | ||||||||||||
Goldman Sachs Multi-Strategy Alternatives Portfolio | $ 30,063 | $ 62,606 | $ 92,669 | ||||||||||||
Goldman Sachs Trend Driven Allocation Fund | 197,888 | 68,144 | 266,032 |
F. Line of Credit Facility — As of June 30, 2024, the Funds participated in a $1,150,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. 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 June 30, 2024, the Funds did not have any borrowings under the facility. Prior to April 19, 2024, the facility was $1,110,000,000.
G. Other Transactions with Affiliates —The Multi-Strategy Alternatives Portfolio invests primarily in Class R6 and Institutional Shares of the Underlying Funds. These Underlying Funds are considered to be affiliated with the Multi-Strategy Alternatives Portfolio. The table below shows the transactions in and earnings from investments in these Underlying Funds for the six months ended June 30, 2024:
21 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-ASSET STRATEGIES FUNDS
Notes to Financial Statements (continued)
June 30, 2024 (Unaudited) |
5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
Goldman Sachs Multi-Strategy Alternatives Portfolio
Underlying Fund | Beginning value as of December 31, 2023 | Purchases at Cost | Proceeds from Sales | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Ending value as of June 30, 2024 | Shares as of June 30, 2024 | Dividend Income | Capital Gain Distribution | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Goldman Sachs Core Fixed Income Fund |
| |||||||||||||||||||||||||||||||||||
$ | 2,061,193 | $ | 244,068 | $ | (200,000 | ) | $ | (4,523 | ) | $ | (46,521 | ) | $ | 2,054,217 | 226,735 | $ | 44,067 | $ | – | |||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Goldman Sachs Emerging Markets Debt Fund |
| |||||||||||||||||||||||||||||||||||
4,542,639 | 368,870 | – | – | (4,085 | ) | 4,907,424 | 517,115 | 118,872 | – | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Goldman Sachs Emerging Markets Equity Insights Fund |
| |||||||||||||||||||||||||||||||||||
3,134,071 | 350,000 | (350,000 | ) | 11,373 | 318,217 | 3,463,661 | 387,434 | – | – | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Goldman Sachs Energy Infrastructure Fund |
| |||||||||||||||||||||||||||||||||||
49,255 | 1,186 | – | – | 7,641 | 58,082 | 4,559 | 1,186 | – | ||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Goldman Sachs Financial Square Government Fund - Institutional Shares |
| |||||||||||||||||||||||||||||||||||
635,024 | 3,508,962 | (3,708,481 | ) | – | – | 435,505 | 435,505 | 9,423 | – | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Goldman Sachs Global Infrastructure Fund |
| |||||||||||||||||||||||||||||||||||
3,219,022 | 249,833 | – | – | (46,355 | ) | 3,422,500 | 275,495 | 49,833 | – | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Goldman Sachs High Yield Floating Rate Fund |
| |||||||||||||||||||||||||||||||||||
3,458,481 | 1,511,597 | – | – | (5,917 | ) | 4,964,161 | 558,398 | 171,597 | – | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Goldman Sachs High Yield Fund |
| |||||||||||||||||||||||||||||||||||
4,254,780 | 1,738,748 | (100,000 | ) | (2,085 | ) | (15,695 | ) | 5,875,748 | 1,053,001 | 158,748 | – | |||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Goldman Sachs Managed Futures Strategy Fund |
| |||||||||||||||||||||||||||||||||||
5,490,662 | 3,650,001 | (200,000 | ) | (26,112 | ) | 355,115 | 9,269,666 | 894,755 | – | – | ||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Goldman Sachs MarketBeta International Equity ETF |
| |||||||||||||||||||||||||||||||||||
475,349 | – | – | – | 19,641 | 494,990 | 8,847 | 8,314 | – | ||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Goldman Sachs MarketBeta U.S. Equity ETF |
| |||||||||||||||||||||||||||||||||||
1,102,650 | 959,331 | (657,458 | ) | 3,984 | 184,479 | 1,592,986 | 21,308 | 11,024 | – | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Goldman Sachs Short Duration High Yield Fund |
| |||||||||||||||||||||||||||||||||||
6,863,356 | 1,290,799 | (4,800,000 | ) | (156,964 | ) | 80,006 | 3,277,197 | 415,888 | 150,800 | – | ||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Goldman Sachs Strategic Income Fund |
| |||||||||||||||||||||||||||||||||||
1,165,702 | 5,040 | (1,162,031 | ) | 58,846 | (67,557 | ) | – | – | 9,733 | – | ||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Goldman Sachs VIT Government Money Market Fund |
| |||||||||||||||||||||||||||||||||||
536,056 | 4,601 | (540,657 | ) | – | – | – | – | 4,601 | – | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Total | $ | 36,988,240 | $ | 13,883,036 | $ | (11,718,627 | ) | $ | (115,481 | ) | $ | 778,969 | $ | 39,816,137 | $ | 738,198 | $ | – | ||||||||||||||||||
|
As of June 30, 2024, The Goldman Sachs Group, Inc. was the beneficial owner of approximately 8% of the Institutional Shares of the Trend Driven Allocation Fund.
The following table provides information about Trend Driven Allocation Fund’s investments in the Institutional Shares of the Goldman Sachs VIT Government Money Market Fund, Goldman Sachs Financial Square Government, Goldman Sachs Financial Square Treasury Instruments, Goldman Sachs Financial Square Treasury Obligations, and Goldman Sachs Financial Square Treasury Solutions Funds as of and for the six months ended June 30, 2024:
Goldman Sachs Trend Driven Allocation Fund
Underlying Fund | Beginning value as of December 31, 2023 | Purchases at Cost | Proceeds from Sales | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Ending value as of June 30, 2024 | Shares as of June 30, 2024 | Dividend Income | Capital Gain Distribution | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Goldman Sachs Financial Square Government Fund |
| |||||||||||||||||||||||||||||||||||
$ | 40,408,374 | $ | 41,538,492 | $ | (43,788,933 | ) | $ | – | $ | – | $ | 38,157,933 | 38,157,933 | $ | 1,016,155 | $ | – | |||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Goldman Sachs Financial Square Treasury Instruments Fund |
| |||||||||||||||||||||||||||||||||||
38,864,945 | 927,047 | (421,646 | ) | – | – | 39,370,346 | 39,370,346 | 1,009,168 | – | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Goldman Sachs Financial Square Treasury Obligations Fund |
| |||||||||||||||||||||||||||||||||||
38,870,537 | 927,179 | (421,646 | ) | – | – | 39,376,070 | 39,376,070 | 1,011,812 | – | |||||||||||||||||||||||||||
|
22 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-ASSET STRATEGIES FUNDS
|
5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
Goldman Sachs Trend Driven Allocation Fund
Underlying Fund | Beginning value as of December 31, 2023 | Purchases at Cost | Proceeds from Sales | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Ending value as of June 30, 2024 | Shares as of June 30, 2024 | Dividend Income | Capital Gain Distribution | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Goldman Sachs Financial Square Treasury Solutions Fund |
| |||||||||||||||||||||||||||||||||||
$ | 38,392,063 | $ | 925,460 | $ | (421,646 | ) | $ | – | $ | – | $ | 38,895,877 | 38,895,877 | $ | 1,000,588 | $ | – | |||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Goldman Sachs VIT Government Money Market Fund |
| |||||||||||||||||||||||||||||||||||
35,050,510 | 918,996 | – | – | – | 35,969,506 | 35,969,506 | 918,996 | – | ||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Total | $ | 191,586,429 | $ | 45,237,174 | $ | (45,053,871 | ) | $ | – | $ | – | $ | 191,769,732 | $ | 4,956,719 | $ | – | |||||||||||||||||||
|
6. PORTFOLIO SECURITIES TRANSACTIONS |
The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended June 30, 2024, were as follows:
Fund | Purchases | Sales | ||||
Goldman Sachs Multi-Strategy Alternatives Portfolio | $ | 11,301,635 | $ 7,546,035 | |||
Goldman Sachs Trend Driven Allocation Fund | 926,782 | 10,405,383 |
7. SECURITIES LENDING |
The Multi-Strategy Alternatives Portfolio may lend its securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and the terms and conditions contained therein, the Trend Driven Allocation Fund may lend its 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 may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.
In the event of a default by a borrower with respect to any loan, GSAL will and BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL or BNYM are unable to purchase replacement securities, GSAL and/or BNYM will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower
23 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-ASSET STRATEGIES FUNDS
Notes to Financial Statements (continued)
June 30, 2024 (Unaudited) |
7. SECURITIES LENDING (continued) |
for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of June 30, 2024, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable. The Funds did not have securities on loan as of June 30, 2024.
The Funds, GSAL and BNYM received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the six months ended June 30, 2024, are reported under Investment Income on the Statements of Operations.
The Funds did not have any securities lending activity with affiliates of Goldman Sachs for the six months ended June 30, 2024. The following table provides information about the Funds’ investment in the Government Money Market Fund for the six months ended June 30, 2024.
Fund | Beginning value as of December 31, 2023 | Purchases at Cost | Proceeds from Sales | Ending value as of June 30, 2024 | ||||||||||||
Goldman Sachs Multi-Strategy Alternatives Portfolio | $ | 6,700 | $ | 2,633,042 | $ | (2,639,742) | $ | - |
8. TAX INFORMATION |
As of the Funds’ most recent fiscal year end, December 31, 2023, the Funds’ capital loss carryforwards and certain timing differences, on a tax-basis were as follows:
Goldman Sachs Multi-Strategy Alternatives Portfolio | Goldman Sachs Trend Driven Allocation Fund | |||||||
Capital loss carryforwards: | ||||||||
Perpetual Short-Term | $ | (1,821,585 | ) | $ | — | |||
Perpetual Long-Term | (2,036,338 | ) | (21,617,307 | ) | ||||
Total capital loss carryforwards | (3,857,923 | ) | (21,617,307 | ) | ||||
Timing differences – Qualified Late Year Ordinary Loss Deferral | (6,295 | ) | — |
As of June 30, 2024, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
Goldman Sachs Multi- Strategy Alternatives Portfolio | Goldman Sachs Trend Driven Allocation Fund | |||||||
Tax Cost | $ | 40,591,165 | $ | 238,785,808 | ||||
Gross unrealized gain | 1,698,852 | 33,192,172 | ||||||
Gross unrealized loss | (1,502,367 | ) | (10,706,247) | |||||
Net unrealized gain (loss) | $ | 196,485 | $ | 22,485,925 |
The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains (losses) on regulated futures, options contracts and foreign currency contracts.
24 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-ASSET STRATEGIES FUNDS
|
8. TAX INFORMATION (continued) |
GSAM has reviewed the Funds’ tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds’ financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.
9. OTHER RISKS |
The Funds’ risks include, but are not limited to, the following:
Derivatives Risk — The Funds’ use of derivatives and other similar instruments (collectively referred to in this paragraph as “derivatives”) may result in loss, including due to adverse market movements. Derivatives, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other assets and instruments, may increase market exposure and be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying assets or instruments may produce disproportionate losses to the Funds. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not, or lacks the capacity or authority to, fulfill its contractual obligations, liquidity risk, which includes the risk that the Funds will not be able to exit the derivative when it is advantageous to do so, and risks arising from margin requirements, which include the risk that the Funds will be required to pay additional margin or set aside additional collateral to maintain open derivative positions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.
Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund or an Underlying Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in share registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund or an Underlying Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund or Underlying Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Funds or an Underlying Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that the Funds or an Underlying Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.
Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund. A sudden or unpredictable increase in interest rates may cause volatility in the market and may decrease the liquidity of the Fund’s investments, which would make it harder for the Fund to sell its investments at an advantageous time.
25 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-ASSET STRATEGIES FUNDS
Notes to Financial Statements (continued)
June 30, 2024 (Unaudited) |
9. OTHER RISKS (continued) |
Investments in Other Investment Companies Risk — As a shareholder of another investment company, including an ETF, the Funds will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. ETFs are subject to risks that do not apply to conventional mutual funds, including but not limited to the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.
Investments in the Underlying Funds Risk — The investments of the Multi-Strategy Alternatives Portfolio may be concentrated in one or more Underlying Funds (including ETFs and other registered investment companies) subject to statutory limitations prescribed by the Act or exemptive relief or regulations thereunder. The Multi-Strategy Alternatives Portfolio’s investment performance is directly related to the investment performance of the Underlying Funds it holds. The Multi-Strategy Alternatives Portfolio is subject to the risk factors associated with the investments of the Underlying Funds and will be affected by the investment policies and practices of the Underlying Funds in direct proportion to the amount of assets allocated to each. If the Multi-Strategy Alternatives Portfolio has a relative concentration of its portfolio in a single Underlying Fund, it may be more susceptible to adverse developments affecting that Underlying Fund, and may be more susceptible to losses because of these developments. A strategy used by the Underlying Funds may fail to produce the intended results.
Large Shareholder Transactions Risk — A Fund or an Underlying Fund may experience adverse effects when certain large shareholders, such as other funds, participating insurance companies, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of the Fund or an Underlying Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund or an Underlying Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund’s or an Underlying Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund’s or an Underlying Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s or Underlying Fund’s expense ratio. Similarly, large Fund or Underlying Fund share purchases may adversely affect a Fund’s or Underlying Fund’s performance to the extent that the Fund or the Underlying Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.
Liquidity Risk — A Fund or an Underlying Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund or an Underlying Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, declining prices of the securities sold, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund or an Underlying Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund or an Underlying Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s or Underlying Fund’s NAV and dilute remaining investors’ interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with the Funds’ investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund’s or Underlying Fund’s liquidity.
Market and Credit Risks — In the normal course of business, a Fund or an Underlying Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund or an Underlying Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also significantly impact a Fund and/or an Underlying Fund and their investments. Additionally, a Fund and/or an Underlying Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund and the Underlying Fund have unsettled or open transactions defaults.
26 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-ASSET STRATEGIES FUNDS
10. INDEMNIFICATIONS |
Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, 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 made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.
11. SUBSEQUENT EVENTS |
Subsequent events after the Statements of Assets and Liabilities date have been evaluated, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.
12. SUMMARY OF SHARE TRANSACTIONS |
Share activity is as follows:
Goldman Sachs Multi-Strategy Alternatives Portfolio
| ||||||||||||||||
For the Six Months Ended June 30, 2024 (Unaudited) | For the Fiscal Year Ended December 31, 2023 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Institutional Shares | ||||||||||||||||
Shares sold | 227,697 | $ | 2,039,616 | 8,153 | $ | 73,373 | ||||||||||
Reinvestment of distributions | — | — | 14,677 | 130,485 | ||||||||||||
Shares redeemed | (30,886 | ) | (280,305 | ) | (50,253 | ) | (447,734) | |||||||||
| ||||||||||||||||
196,811 | 1,759,311 | (27,423 | ) | (243,876) | ||||||||||||
| ||||||||||||||||
Service Shares | ||||||||||||||||
Shares sold | 201,292 | 1,806,091 | 470,659 | 4,228,888 | ||||||||||||
Reinvestment of distributions | — | — | 86,067 | 765,139 | ||||||||||||
Shares redeemed | (78,371 | ) | (705,376 | ) | (489,436 | ) | (4,417,319) | |||||||||
| ||||||||||||||||
122,921 | 1,100,715 | 67,290 | 576,708 | |||||||||||||
| ||||||||||||||||
Advisor Shares | ||||||||||||||||
Shares sold | 199,066 | 1,776,422 | 381,565 | 3,431,240 | ||||||||||||
Reinvestment of distributions | — | — | 170,191 | 1,504,491 | ||||||||||||
Shares redeemed | (245,797 | ) | (2,195,128 | ) | (482,187 | ) | (4,334,129) | |||||||||
| ||||||||||||||||
(46,731 | ) | (418,706 | ) | 69,569 | 601,602 | |||||||||||
| ||||||||||||||||
NET INCREASE IN SHARES | 273,001 | $ | 2,441,320 | 109,436 | $ | 934,434 | ||||||||||
| ||||||||||||||||
Goldman Sachs Trend Driven Allocation Fund
| ||||||||||||||||
For the Six Months Ended June 30, 2024 (Unaudited) | For the Fiscal Year Ended December 31, 2023 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Institutional Shares | ||||||||||||||||
Shares sold | 1 | $ | 13 | 1,130 | $ | 12,091 | ||||||||||
Reinvestment of distributions | — | — | 746 | 8,240 | ||||||||||||
Shares redeemed | (11,264 | ) | (135,662 | ) | (13,506 | ) | (144,781) | |||||||||
| ||||||||||||||||
(11,263 | ) | (135,649 | ) | (11,630 | ) | (124,450) | ||||||||||
|
27 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-ASSET STRATEGIES FUNDS
Notes to Financial Statements (continued)
June 30, 2024 (Unaudited) |
12. SUMMARY OF SHARE TRANSACTIONS (continued) |
Goldman Sachs Trend Driven Allocation Fund
| ||||||||||||||||
For the Six Months Ended June 30, 2024 (Unaudited) | For the Fiscal Year Ended December 31, 2023 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Service Shares | ||||||||||||||||
Shares sold | 403,888 | $ | 4,767,840 | 1,203,792 | $ | 12,934,237 | ||||||||||
Reinvestment of distributions | — | — | 419,923 | 4,606,548 | ||||||||||||
Shares redeemed | (2,502,031 | ) | (29,762,871 | ) | (3,895,032 | ) | (41,977,235) | |||||||||
| ||||||||||||||||
(2,098,143 | ) | (24,995,031 | ) | (2,271,317 | ) | (24,436,450) | ||||||||||
| ||||||||||||||||
NET DECREASE IN SHARES | (2,109,406 | ) | $ | (25,130,680 | ) | (2,282,947 | ) | $ | (24,560,900) | |||||||
|
28 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-ASSET STRATEGIES FUNDS
Statement Regarding Basis for Approval of Management Agreement (Unaudited)
Background
The Goldman Sachs Multi-Strategy Alternatives Portfolio and Goldman Sachs Trend Driven Allocation Fund (the “Funds”) are investment portfolios of Goldman Sachs Variable Insurance Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.
The Management Agreement was most recently approved for continuation until June 30, 2025 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 11-12, 2024 (the “Annual Meeting”).
The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. The Committee held two meetings over the course of the year since the Management Agreement was last approved. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to each Fund, such matters included:
(a) | the nature and quality of the advisory, administrative, and other services provided to the Fund and the underlying funds in which the Multi-Strategy Alternatives Portfolio invests (the “Underlying Funds”) by the Investment Adviser and its affiliates, including information about: |
(i) | the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams; |
(ii) | the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training); |
(iii) | trends in employee headcount; |
(iv) | the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and |
(v) | the parent company’s support of the Investment Adviser and its mutual fund business, as expressed by the firm’s senior management; |
(b) | information on the investment performance of the Fund and Underlying Funds, including comparisons to the performance of similar mutual funds, as provided by a third-party mutual fund data provider engaged as part of the contract review process (the “Outside Data Provider”), and benchmark performance index; and information on general investment outlooks in the markets in which the Fund and Underlying Funds invest; |
(c) | information provided by the Investment Adviser indicating the Investment Adviser’s views on whether the Fund’s peer group and/or benchmark index had high, medium, or low relevance given the Fund’s particular investment strategy; |
(d) | the terms of the Management Agreement and other agreements with affiliated service providers entered into by the Trust on behalf of the Fund; |
(e) | fee and expense information for the Fund, including: |
(i) | the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider; |
(ii) | the Fund’s expense trends over time; and |
(iii) | to the extent the Investment Adviser manages other types of accounts (such as bank collective trusts, private wealth management accounts, institutional separate accounts, sub-advised mutual funds, and non-U.S. funds) having investment objectives and policies similar to those of the Fund, comparative information on the advisory fees charged and services provided to those accounts by the Investment Adviser; |
(f) | with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund; |
(g) | the undertakings of the Investment Adviser and its affiliates to implement fee waivers and/or expense limitations; |
(h) | information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates; |
(i) | whether the Fund’s existing management fee schedule, together with the management fee schedules of the Underlying Funds, adequately addressed any economies of scale; |
(j) | a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund and/or the Underlying Funds, including the fees received by the Investment Adviser’s affiliates from the Fund and/or the Underlying Funds for transfer agency, securities lending, portfolio trading, distribution and other services, as applicable; |
(k) | a summary of potential benefits derived by the Fund and/or the Underlying Funds as a result of its relationship with the Investment Adviser; |
29 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-ASSET STRATEGIES FUNDS
Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)
(l) | information regarding commissions paid by the Fund and/or the Underlying Funds and broker oversight, an update on the Investment Adviser’s soft dollars practices, other information regarding portfolio trading, and how the Investment Adviser carries out its duty to seek best execution; |
(m) | the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers; |
(n) | the nature and quality of the services provided to the Fund and the Underlying Funds by its unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and |
(o) | the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund’s compliance program; and periodic compliance reports. |
The Trustees also received an overview of the Funds’ distribution arrangements. They received information regarding the Funds’ assets, share purchase and redemption activity, and payment of distribution and service fees, as applicable. Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Adviser and its affiliates to intermediaries that promote the sale, distribution, and/or servicing of Fund shares. The Independent Trustees also discussed the broad range of other investment choices that are available to Fund investors, including the availability of comparable funds managed by other advisers.
The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other mutual funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Funds. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of mutual fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.
Nature, Extent, and Quality of the Services Provided Under the Management Agreement
As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Funds and the Underlying Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Funds, the Underlying Funds, and their service providers operate, including developments associated with geopolitical events and economic sanctions, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees also considered information regarding the Investment Adviser’s efforts relating to business continuity planning. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds, the Underlying Funds, and the Investment Adviser and its affiliates.
Investment Performance
The Trustees also considered the investment performance of the Funds and the Underlying Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2023, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2024. The information on each Fund’s investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates, to the extent that each Fund had been in existence for those periods. The Trustees also reviewed each Fund’s investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Funds over time, and reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions.
In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Funds’ and the Underlying Funds’ risk profiles, and how the Investment
30 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-ASSET STRATEGIES FUNDS
Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)
Adviser’s approach to risk monitoring and management influences portfolio management. For the Trend Driven Allocation Fund, they noted the efforts of the Fund’s portfolio management team to continue to enhance the investment models used in managing the Fund.
The Trustees observed that the Trend Driven Allocation Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one-, three-, five-, and ten-year periods, and had outperformed the Fund’s benchmark index for the one-year period and underperformed for the three- and five-year periods ended March 31, 2024. They also noted that in December 2021 the Fund had been repositioned from the Global Trends Allocation Fund, which involved changes to the Fund’s investment strategy and name, and that in April 2015 the Fund had been repositioned from the Global Markets Navigator Fund, which involved changes to the Fund’s investment objective, investment strategy, and benchmark. The Trustees further observed that the Trend Driven Allocation Fund had experienced certain portfolio management changes in 2022.
The Trustees observed that the Multi-Strategy Alternatives Portfolio’s Institutional Shares had placed in the third quartile of the Fund’s peer group for the one-, three-, and five-year periods, and had outperformed the Fund’s benchmark index for the one- and five-year periods and underperformed for the three-year period ended March 31, 2024. They noted that the Multi-Strategy Alternatives Portfolio had experienced certain portfolio management changes in early 2022 and a benchmark index change in 2021.
Costs of Services Provided and Competitive Information
The Trustees considered the contractual terms of the Management Agreement and the fee rates payable by each Fund thereunder. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as registered mutual funds.
In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds. The analyses provided a comparison of each Fund’s management fee and (in the case of the Trend Driven Allocation Fund) breakpoints to those of a relevant peer group and category universe; an expense analysis which compared each Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing each Fund’s net expenses to the peer and category medians. The analyses also compared each Fund’s other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.
In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations with respect to the Funds and the Underlying Funds. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Funds, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Funds differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.
In addition, the Trustees noted that shareholders are able to redeem their shares at any time if shareholders believe that the Fund fees and expenses are too high or if they are dissatisfied with the performance of the Fund..
Profitability
The Trustees reviewed each Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology. Profitability data for each Fund was provided for 2023 and 2022, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.
Economies of Scale
The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Funds. For the Trend Driven Allocation Fund, the Trustees also considered the breakpoints in the fee rate payable under the Management Agreement for the Fund at the following annual percentage rates of the average daily net assets of the Fund:
31 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-ASSET STRATEGIES FUNDS
Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)
First $1 billion | 0.79 | % | ||||||
Next $1 billion | 0.71 | |||||||
Next $3 billion | 0.68 | |||||||
Next $3 billion | 0.66 | |||||||
Over $8 billion | 0.65 |
The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Trend Driven Allocation Fund and its shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Trend Driven Allocation Fund; the Fund’s recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer group; and the Investment Adviser’s undertakings to waive a portion of its management fee and to limit certain expenses of the Funds that exceed specified levels. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels. They also noted that the Investment Adviser had passed along savings to shareholders of the Trend Driven Allocation Fund, which had asset levels above at least the first breakpoint during the prior fiscal year.
For the Multi-Strategy Alternatives Portfolio, the Trustees noted that, although the Fund itself does not have breakpoints in its management fee schedule, any benefits of the breakpoints in the management fee schedules of certain Underlying Funds, when reached, would pass through to the shareholders in the Fund at the specified asset levels. The Trustees considered the amount of assets in the Multi-Strategy Alternatives Portfolio; the Fund’s recent purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and the profits realized by them; information comparing the fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer groups; and the Investment Adviser’s undertaking to limit certain expenses of the Fund and Underlying Funds that exceed specified levels. They also considered the services provided to the Multi-Strategy Alternatives Portfolio under the Management Agreement and the fees and expenses borne by the Underlying Funds and considered the Investment Adviser’s finding that the management fees payable by the Fund were not duplicative of the management fees paid at the Underlying Fund level.
Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds and/or the Underlying Funds as stated above, including: (a) transfer agency fees received by Goldman Sachs & Co. LLC (“Goldman Sachs”); (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of the Funds and certain Underlying Funds; (c) research received by the Investment Adviser from broker-dealers in exchange for executing certain transactions on behalf of certain Underlying Funds; (d) trading efficiencies resulting from aggregation of orders of the Funds or Underlying Funds with those for other funds or accounts managed by the Investment Adviser; (e) fees earned by Goldman Sachs Agency Lending (“GSAL”), an affiliate of the Investment Adviser, as securities lending agent for the Trend Driven Allocation Fund and certain Underlying Funds (and fees earned by the Investment Adviser for managing the fund in which the Trend Driven Allocation Fund’s and those Underlying Funds’ securities lending cash collateral is invested); (f) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (g) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (h) Goldman Sachs’ retention of certain fees as Fund Distributor; (i) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds and the Underlying Funds; (j) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; (k) the investment in exchange-traded funds (“ETFs”) managed by the Investment Adviser that will result in increased assets under management for those ETFs and may facilitate the development of the Investment Adviser’s ETF advisory business; and (l) the possibility that the working relationship between the Investment Adviser and the Funds’ and the Underlying Funds’ third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits
Other Benefits to the Funds and Their Shareholders
The Trustees also noted that the Funds and/or the Underlying Funds (as applicable) receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the
32 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST MULTI-ASSET STRATEGIES FUNDS
Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)
volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties on behalf of the Funds and the Underlying Funds as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Funds and the Underlying Funds because of the reputation of the Goldman Sachs organization; (g) the Funds’ and Underlying Funds’ access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; (h) the Trend Driven Allocation Fund’s and certain Underlying Funds’ ability to participate in the securities lending program administered by GSAL, as measured by the revenue received by the Funds in connection with the program; and (i) the Funds’ access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Funds’ shareholders invested in the Funds in part because of the Funds’ relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.
Conclusion
In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by each of the Funds were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until June 30, 2025.
33 |
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TRUSTEES
TRUSTEES (continued)
Gregory G. Weaver, Chair
Michael Latham
Cheryl K. Beebe
James A. McNamara
Dwight L. Bush
Lawrence W. Stranghoener
Kathryn A. Cassidy
Paul C. Wirth
John G. Chou
Joaquin Delgado
OFFICERS
Eileen H. Dowling
James A. McNamara, President
Lawrence Hughes
Joseph F. DiMaria, Principal Financial Officer,
John F. Killian
Principal Accounting Officer and Treasurer
Steven D. Krichmar
Robert Griffith, Secretary
GOLDMAN SACHS & CO. LLC
GOLDMAN SACHS ASSET MANAGEMENT, L.P.
Distributor and Transfer Agent
Investment Adviser
200 West Street, New York
New York 10282
© 2024 Goldman Sachs. All rights reserved.
VITFOFSAR-24
Goldman Sachs Variable Insurance Trust Goldman Sachs Government Money Market Fund Semi-Annual Financial Statements June 30, 2024
Goldman Sachs Government Money Market Fund
Table of Contents | Page | |||
3 | ||||
Financial Statements | ||||
9 | ||||
10 | ||||
11 | ||||
12 | ||||
14 | ||||
Statement Regarding Basis for Approval of Investment Advisory Contract | 19 |
You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a bank account or a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.
NOT FDIC-INSURED | May Lose Value | No Bank Guarantee |
GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND
Schedule of Investments
June 30, 2024 (Unaudited)
|
Principal Amount | Interest Rate | Maturity Date | Amortized Cost | |||||||||||||
U.S. Government Agency Obligations - 14.3% |
| |||||||||||||||
Federal Farm Credit Bank (FEDL01 + 0.075%) |
| |||||||||||||||
$ | 1,300,000 | 5.412 | %(a) | 09/13/24 | $ | 1,299,807 | ||||||||||
Federal Farm Credit Bank (FEDL01 + 0.140%) |
| |||||||||||||||
700,000 | 5.470 | (a) | 09/17/24 | 699,999 | ||||||||||||
200,000 | 5.472 | (a) | 11/14/24 | 199,985 | ||||||||||||
Federal Farm Credit Bank (Prime Rate - 3.000%) |
| |||||||||||||||
1,200,000 | 5.501 | (a) | 01/24/25 | 1,199,968 | ||||||||||||
2,078,000 | 5.500 | (a) | 07/28/25 | 2,078,000 | ||||||||||||
Federal Farm Credit Bank (Prime Rate - 3.020%) |
| |||||||||||||||
1,514,000 | 5.480 | (a) | 09/08/25 | 1,514,000 | ||||||||||||
Federal Farm Credit Bank (Prime Rate - 3.025%) |
| |||||||||||||||
1,265,000 | 5.472 | (a) | 03/18/26 | 1,265,711 | ||||||||||||
Federal Farm Credit Bank (Prime Rate - 3.030%) |
| |||||||||||||||
1,439,000 | 5.468 | (a) | 04/17/26 | 1,439,211 | ||||||||||||
2,378,000 | 5.470 | (a) | 04/17/26 | 2,378,348 | ||||||||||||
Federal Farm Credit Bank (Prime Rate - 3.035%) |
| |||||||||||||||
1,608,000 | 5.465 | (a) | 04/29/26 | 1,608,000 | ||||||||||||
Federal Farm Credit Bank (Prime Rate - 3.040%) |
| |||||||||||||||
1,383,000 | 5.460 | (a) | 05/21/26 | 1,383,000 | ||||||||||||
434,000 | 5.460 | (a) | 05/28/26 | 434,000 | ||||||||||||
1,118,000 | 5.460 | (a) | 06/12/26 | 1,118,000 | ||||||||||||
Federal Farm Credit Bank (Prime Rate - 3.060%) |
| |||||||||||||||
1,604,000 | 5.440 | (a) | 03/24/26 | 1,604,000 | ||||||||||||
Federal Farm Credit Bank (Prime Rate - 3.070%) |
| |||||||||||||||
2,154,000 | 5.430 | (a)(b) | 01/02/26 | 2,154,000 | ||||||||||||
Federal Farm Credit Bank (SOFR + 0.060%) |
| |||||||||||||||
500,000 | 5.409 | (a) | 07/22/24 | 499,972 | ||||||||||||
2,318,000 | 5.400 | (a) | 01/09/25 | 2,318,000 | ||||||||||||
Federal Farm Credit Bank (SOFR + 0.090%) |
| |||||||||||||||
946,000 | 5.430 | (a) | 03/07/25 | 946,000 | ||||||||||||
Federal Farm Credit Bank (SOFR + 0.110%) |
| |||||||||||||||
3,842,000 | 5.450 | (a) | 03/11/25 | 3,842,000 | ||||||||||||
Federal Farm Credit Bank (SOFR + 0.115%) |
| |||||||||||||||
993,000 | 5.455 | (a) | 12/03/24 | 993,000 | ||||||||||||
Federal Farm Credit Bank (SOFR + 0.125%) |
| |||||||||||||||
1,043,000 | 5.465 | (a) | 02/10/25 | 1,043,000 | ||||||||||||
5,863,000 | 5.465 | (a) | 03/24/25 | 5,863,000 | ||||||||||||
Federal Farm Credit Bank (SOFR + 0.130%) |
| |||||||||||||||
1,561,000 | 5.470 | (a) | 08/13/25 | 1,561,000 | ||||||||||||
Federal Farm Credit Bank (SOFR + 0.135%) |
| |||||||||||||||
1,654,000 | 5.475 | (a) | 04/29/25 | 1,654,064 | ||||||||||||
850,000 | 5.475 | (a) | 06/03/25 | 850,000 | ||||||||||||
Federal Farm Credit Bank (SOFR + 0.140%) |
| |||||||||||||||
1,978,000 | 5.482 | (a) | 11/26/24 | 1,977,770 | ||||||||||||
1,781,000 | 5.483 | (a) | 11/26/24 | 1,780,792 | ||||||||||||
2,699,000 | 5.480 | (a) | 08/22/25 | 2,699,000 | ||||||||||||
Federal Farm Credit Bank (SOFR + 0.145%) |
| |||||||||||||||
2,117,000 | 5.485 | (a) | 04/28/25 | 2,117,000 | ||||||||||||
686,000 | 5.485 | (a) | 06/27/25 | 686,000 | ||||||||||||
Federal Farm Credit Bank (SOFR + 0.150%) |
| |||||||||||||||
1,173,000 | 5.490 | (a) | 01/03/25 | 1,173,000 | ||||||||||||
807,000 | 5.490 | (a) | 02/14/25 | 807,000 | ||||||||||||
1,661,000 | 5.490 | (a) | 05/27/25 | 1,661,000 | ||||||||||||
2,003,000 | 5.490 | (a) | 12/15/25 | 2,003,000 | ||||||||||||
Federal Farm Credit Bank (SOFR + 0.155%) |
| |||||||||||||||
2,482,000 | 5.495 | (a) | 02/10/25 | 2,482,000 | ||||||||||||
1,989,000 | 5.496 | (a) | 09/15/25 | 1,988,880 | ||||||||||||
3,220,000 | 5.495 | (a) | 11/28/25 | 3,220,000 | ||||||||||||
2,463,000 | 5.495 | (a) | 12/01/25 | 2,463,000 |
Principal Amount | Interest Rate | Maturity Date | Amortized Cost | |||||||||||||
U.S. Government Agency Obligations– (continued) |
| |||||||||||||||
Federal Farm Credit Bank (SOFR + 0.160%) |
| |||||||||||||||
$ | 476,000 | 5.500 | %(a) | 01/30/25 | $ | 476,000 | ||||||||||
768,000 | 5.500 | (a) | 04/10/25 | 768,000 | ||||||||||||
2,306,000 | 5.500 | (a) | 07/21/25 | 2,306,000 | ||||||||||||
3,323,000 | 5.500 | (a) | 08/04/25 | 3,323,000 | ||||||||||||
756,000 | 5.500 | (a) | 10/27/25 | 756,000 | ||||||||||||
1,554,000 | 5.500 | (a) | 11/03/25 | 1,554,000 | ||||||||||||
Federal Farm Credit Bank (SOFR + 0.165%) |
| |||||||||||||||
3,442,000 | 5.505 | (a) | 02/06/25 | 3,442,000 | ||||||||||||
5,626,000 | 5.505 | (a) | 08/14/25 | 5,626,000 | ||||||||||||
Federal Farm Credit Bank (SOFR + 0.170%) |
| |||||||||||||||
1,909,000 | 5.510 | (a) | 01/23/25 | 1,909,000 | ||||||||||||
Federal Farm Credit Bank (SOFR + 0.180%) |
| |||||||||||||||
4,300,000 | 5.520 | (a) | 10/16/24 | 4,300,000 | ||||||||||||
2,350,000 | 5.518 | (a) | 12/19/24 | 2,350,091 | ||||||||||||
2,100,000 | 5.520 | (a) | 12/19/24 | 2,100,081 | ||||||||||||
2,500,000 | 5.520 | (a) | 01/03/25 | 2,500,000 | ||||||||||||
5,337,000 | 5.520 | (a) | 01/17/25 | 5,337,000 | ||||||||||||
784,000 | 5.517 | (a) | 04/28/25 | 784,176 | ||||||||||||
Federal Farm Credit Bank (SOFR + 0.190%) |
| |||||||||||||||
2,400,000 | 5.530 | (a) | 11/25/24 | 2,400,000 | ||||||||||||
Federal Farm Credit Bank (SOFR + 0.195%) |
| |||||||||||||||
1,804,000 | 5.535 | (a) | 06/02/25 | 1,804,000 | ||||||||||||
Federal Farm Credit Bank (SOFR + 0.200%) |
| |||||||||||||||
427,000 | 5.535 | (a) | 12/05/24 | 427,119 | ||||||||||||
Federal Home Loan Bank |
| |||||||||||||||
1,948,000 | 5.020 | 10/25/24 | 1,917,665 | |||||||||||||
1,750,000 | 5.245 | 10/25/24 | 1,722,748 | |||||||||||||
1,948,000 | 5.008 | 10/31/24 | 1,915,378 | |||||||||||||
240,000 | 5.021 | 10/31/24 | 235,981 | |||||||||||||
1,192,000 | 5.083 | 10/31/24 | 1,172,038 | |||||||||||||
336,000 | 5.121 | 10/31/24 | 330,373 | |||||||||||||
2,296,000 | 5.220 | 10/31/24 | 2,257,550 | |||||||||||||
1,750,000 | 5.243 | 10/31/24 | 1,720,694 | |||||||||||||
9,617,000 | 5.248 | 10/31/24 | 9,455,950 | |||||||||||||
1,913,000 | 5.270 | 10/31/24 | 1,880,964 | |||||||||||||
4,717,000 | 4.980 | 11/26/24 | 4,622,323 | |||||||||||||
2,334,000 | 5.225 | 11/26/24 | 2,287,153 | |||||||||||||
2,377,000 | 5.253 | 11/26/24 | 2,329,290 | |||||||||||||
2,310,000 | 5.315 | 11/26/24 | 2,263,635 | |||||||||||||
3,774,000 | 4.933 | 11/29/24 | 3,696,365 | |||||||||||||
479,000 | 4.956 | 11/29/24 | 469,147 | |||||||||||||
2,831,000 | 5.032 | 11/29/24 | 2,772,764 | |||||||||||||
3,144,000 | 5.198 | 11/29/24 | 3,079,325 | |||||||||||||
2,334,000 | 5.219 | 11/29/24 | 2,285,988 | |||||||||||||
16,776,000 | 5.226 | 11/29/24 | 16,430,903 | |||||||||||||
4,293,000 | 5.237 | 11/29/24 | 4,204,689 | |||||||||||||
926,000 | 5.288 | 11/29/24 | 906,951 | |||||||||||||
646,000 | 5.330 | 11/29/24 | 632,711 | |||||||||||||
1,680,000 | 5.209 | 12/04/24 | 1,643,964 | |||||||||||||
4,346,000 | 4.990 | 12/26/24 | 4,241,045 | |||||||||||||
2,454,000 | 5.160 | 12/26/24 | 2,394,737 | |||||||||||||
890,000 | 5.180 | 12/26/24 | 868,507 | |||||||||||||
3,558,000 | 5.188 | 12/26/24 | 3,472,075 | |||||||||||||
4,023,000 | 5.197 | 12/26/24 | 3,925,846 | |||||||||||||
2,668,000 | 5.219 | 12/26/24 | 2,603,569 | |||||||||||||
3,328,000 | 5.225 | 12/26/24 | 3,247,630 | |||||||||||||
874,000 | 5.366 | 12/26/24 | 852,893 | |||||||||||||
2,271,000 | 5.155 | 01/17/25 | 2,209,872 |
The accompanying notes are an integral part of these financial statements. | 3 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND
Schedule of Investments (continued)
June 30, 2024 (Unaudited)
|
Principal Amount | Interest Rate | Maturity Date | Amortized Cost | |||||||||||||
U.S. Government Agency Obligations– (continued) |
| |||||||||||||||
$ | 8,514,000 | 5.103 | % | 01/23/25 | $ | 8,278,812 | ||||||||||
1,088,000 | 5.134 | 01/23/25 | 1,057,945 | |||||||||||||
1,169,000 | 5.135 | 01/23/25 | 1,136,708 | |||||||||||||
3,633,000 | 5.148 | 01/23/25 | 3,532,643 | |||||||||||||
2,957,000 | 5.151 | 01/23/25 | 2,875,317 | |||||||||||||
2,838,000 | 5.153 | 01/23/25 | 2,759,604 | |||||||||||||
3,716,000 | 5.160 | 01/23/25 | 3,613,351 | |||||||||||||
1,612,000 | 5.161 | 01/23/25 | 1,567,471 | |||||||||||||
163,000 | 5.228 | 01/23/25 | 158,497 | |||||||||||||
165,000 | 5.140 | 01/24/25 | 160,330 | |||||||||||||
5,065,000 | 4.945 | 02/05/25 | 4,922,186 | |||||||||||||
5,517,000 | 5.083 | 02/10/25 | 5,353,599 | |||||||||||||
5,489,000 | 5.078 | 02/12/25 | 5,325,149 | |||||||||||||
113,000 | 5.115 | 02/14/25 | 109,572 | |||||||||||||
Federal Home Loan Bank (SOFR + 0.060%) |
| |||||||||||||||
200,000 | 5.409 | (a) | 07/01/24 | 200,000 | ||||||||||||
Federal Home Loan Bank (SOFR + 0.095%) |
| |||||||||||||||
9,345,000 | 5.435 | (a) | 03/13/25 | 9,345,000 | ||||||||||||
Federal Home Loan Bank (SOFR + 0.115%) |
| |||||||||||||||
4,910,000 | 5.455 | (a) | 11/06/24 | 4,910,000 | ||||||||||||
Federal Home Loan Bank (SOFR + 0.120%) |
| |||||||||||||||
4,755,000 | 5.460 | (a) | 01/03/25 | 4,755,000 | ||||||||||||
9,465,000 | 5.460 | (a) | 04/17/25 | 9,465,000 | ||||||||||||
Federal Home Loan Bank (SOFR + 0.125%) |
| |||||||||||||||
4,045,000 | 5.465 | (a) | 03/24/25 | 4,045,000 | ||||||||||||
1,895,000 | 5.465 | (a) | 05/28/25 | 1,895,000 | ||||||||||||
Federal Home Loan Bank (SOFR + 0.130%) |
| |||||||||||||||
9,145,000 | 5.470 | (a) | 05/09/25 | 9,145,000 | ||||||||||||
Federal Home Loan Bank (SOFR + 0.135%) |
| |||||||||||||||
4,755,000 | 5.475 | (a) | 05/02/25 | 4,755,000 | ||||||||||||
Federal Home Loan Bank (SOFR + 0.140%) |
| |||||||||||||||
4,735,000 | 5.480 | (a) | 08/25/25 | 4,735,000 | ||||||||||||
Federal Home Loan Bank (SOFR + 0.150%) |
| |||||||||||||||
5,185,000 | 5.490 | (a) | 05/28/25 | 5,185,000 | ||||||||||||
5,085,000 | 5.490 | (a) | 06/06/25 | 5,085,000 | ||||||||||||
470,000 | 5.490 | (a) | 09/02/25 | 470,000 | ||||||||||||
Federal Home Loan Bank (SOFR + 0.155%) |
| |||||||||||||||
4,575,000 | 5.495 | (a) | 07/08/25 | 4,575,000 | ||||||||||||
6,495,000 | 5.495 | (a) | 08/21/25 | 6,495,000 | ||||||||||||
4,325,000 | 5.495 | (a) | 08/22/25 | 4,325,000 | ||||||||||||
3,320,000 | 5.495 | (a) | 09/26/25 | 3,320,000 | ||||||||||||
2,365,000 | 5.495 | (a) | 11/14/25 | 2,365,000 | ||||||||||||
3,850,000 | 5.495 | (a) | 12/08/25 | 3,850,000 | ||||||||||||
Federal Home Loan Bank (SOFR + 0.160%) |
| |||||||||||||||
4,000,000 | 5.500 | (a) | 02/03/25 | 4,000,000 | ||||||||||||
7,980,000 | 5.500 | (a) | 07/10/25 | 7,980,000 | ||||||||||||
6,790,000 | 5.500 | (a) | 07/14/25 | 6,790,000 | ||||||||||||
2,920,000 | 5.500 | (a) | 07/25/25 | 2,920,000 | ||||||||||||
1,785,000 | 5.500 | (a) | 08/08/25 | 1,785,000 | ||||||||||||
Federal Home Loan Bank (SOFR + 0.165%) |
| |||||||||||||||
4,010,000 | 5.505 | (a) | 01/17/25 | 4,010,000 | ||||||||||||
Federal Home Loan Bank (SOFR + 0.190%) |
| |||||||||||||||
14,400,000 | 5.530 | (a) | 11/22/24 | 14,400,000 | ||||||||||||
U.S. International Development Finance Corp. (3 Mo. U.S. T-Bill + 0.000%) |
| |||||||||||||||
450,000 | 5.500 | (a) | 09/15/26 | 450,000 | ||||||||||||
1,725,000 | 5.500 | (a) | 03/15/30 | 1,725,000 | ||||||||||||
2,929,530 | 5.500 | (a) | 12/15/33 | 2,929,530 | ||||||||||||
| ||||||||||||||||
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS | $ | 377,978,411 | ||||||||||||||
|
Principal Amount | Interest Rate | Maturity Date | Amortized Cost | |||||||||||||
U.S. Treasury Obligations - 19.0% |
| |||||||||||||||
United States Treasury Bills |
| |||||||||||||||
$ | 2,097,700 | 5.380 | % | 07/09/24 | $ | 2,095,243 | ||||||||||
6,169,700 | 5.396 | 07/11/24 | 6,160,660 | |||||||||||||
15,136,600 | 5.370 | 08/08/24 | 15,052,718 | |||||||||||||
21,500 | 5.381 | 08/20/24 | 21,343 | |||||||||||||
178,500 | 5.405 | 10/08/24 | 175,935 | |||||||||||||
97,200 | 5.398 | 10/15/24 | 95,706 | |||||||||||||
323,300 | 5.399 | 10/15/24 | 318,329 | |||||||||||||
214,600 | 5.405 | 10/15/24 | 211,301 | |||||||||||||
391,300 | 5.376 | 10/17/24 | 385,254 | |||||||||||||
155,900 | 5.395 | 10/22/24 | 153,348 | |||||||||||||
3,698,300 | 5.390 | (b) | 10/29/24 | 3,634,554 | ||||||||||||
1,618,700 | 5.395 | (b) | 10/29/24 | 1,590,799 | ||||||||||||
2,819,700 | 5.400 | (b) | 10/29/24 | 2,771,098 | ||||||||||||
3,246,000 | 5.375 | 11/07/24 | 3,186,009 | |||||||||||||
1,561,500 | 5.381 | 11/07/24 | 1,532,641 | |||||||||||||
2,203,000 | 5.383 | 11/07/24 | 2,162,285 | |||||||||||||
385,200 | 5.387 | 11/07/24 | 378,081 | |||||||||||||
1,390,900 | 5.388 | 11/07/24 | 1,365,194 | |||||||||||||
221,400 | 5.389 | 11/07/24 | 217,308 | |||||||||||||
384,300 | 5.393 | 11/07/24 | 377,198 | |||||||||||||
55,800 | 5.394 | 11/07/24 | 54,769 | |||||||||||||
94,800 | 5.382 | 11/14/24 | 92,951 | |||||||||||||
73,300 | 5.383 | 11/14/24 | 71,870 | |||||||||||||
649,000 | 5.388 | 11/14/24 | 636,338 | |||||||||||||
305,700 | 5.392 | 11/14/24 | 299,736 | |||||||||||||
6,782,700 | 5.387 | 11/21/24 | 6,643,500 | |||||||||||||
135,900 | 5.396 | 11/21/24 | 133,111 | |||||||||||||
735,500 | 5.397 | 11/21/24 | 720,405 | |||||||||||||
60,700 | 5.398 | 11/21/24 | 59,454 | |||||||||||||
90,600 | 5.399 | 11/21/24 | 88,741 | |||||||||||||
2,496,300 | 5.401 | 11/21/24 | 2,445,069 | |||||||||||||
415,300 | 5.402 | 11/21/24 | 406,777 | |||||||||||||
722,400 | 5.407 | 11/21/24 | 707,574 | |||||||||||||
26,810,300 | 5.381 | 12/05/24 | 26,207,563 | |||||||||||||
189,400 | 5.370 | 12/19/24 | 184,767 | |||||||||||||
18,578,300 | 5.376 | 12/19/24 | 18,123,833 | |||||||||||||
2,547,900 | 5.324 | (b) | 12/26/24 | 2,483,379 | ||||||||||||
5,015,600 | 5.338 | 12/26/24 | 4,888,588 | |||||||||||||
4,756,100 | 5.360 | 12/26/24 | 4,635,660 | |||||||||||||
617,800 | 5.365 | 12/26/24 | 602,155 | |||||||||||||
13,395,400 | 5.011 | 02/20/25 | 12,986,361 | |||||||||||||
521,200 | 5.080 | 02/20/25 | 505,285 | |||||||||||||
195,100 | 5.101 | 03/20/25 | 188,245 | |||||||||||||
262,500 | 5.134 | 03/20/25 | 253,276 | |||||||||||||
2,625,000 | 5.135 | 03/20/25 | 2,532,763 | |||||||||||||
400 | 5.139 | 03/20/25 | 386 | |||||||||||||
281,100 | 5.297 | 04/17/25 | 269,790 | |||||||||||||
281,100 | 5.305 | 04/17/25 | 269,790 | |||||||||||||
276,800 | 5.155 | 05/15/25 | 264,806 | |||||||||||||
177,500 | 5.156 | 05/15/25 | 169,809 | |||||||||||||
201,200 | 5.184 | 05/15/25 | 192,482 | |||||||||||||
3,532,300 | 5.216 | 05/15/25 | 3,379,240 | |||||||||||||
21,042,100 | 5.221 | 05/15/25 | 20,130,316 | |||||||||||||
3,988,900 | 5.222 | 05/15/25 | 3,816,055 | |||||||||||||
2,630,000 | 5.260 | 05/15/25 | 2,516,038 | |||||||||||||
1,315,000 | 5.263 | 05/15/25 | 1,258,019 | |||||||||||||
2,630,000 | 5.266 | 05/15/25 | 2,516,038 | |||||||||||||
2,016,100 | 5.284 | 05/15/25 | 1,928,740 |
4 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND
Principal Amount | Interest Rate | Maturity Date | Amortized Cost | |||||||||||||
U.S. Treasury Obligations– (continued) |
| |||||||||||||||
$ | 448,300 | 5.123 | % | 06/12/25 | $ | 427,287 | ||||||||||
512,800 | 5.125 | 06/12/25 | 488,763 | |||||||||||||
290,000 | 5.143 | 06/12/25 | 276,407 | |||||||||||||
967,900 | 5.152 | 06/12/25 | 922,531 | |||||||||||||
914,300 | 5.154 | 06/12/25 | 871,443 | |||||||||||||
250,300 | 5.155 | 06/12/25 | 238,568 | |||||||||||||
1,587,100 | 5.158 | (b) | 06/12/25 | 1,512,707 | ||||||||||||
64,100 | 5.163 | (b) | 06/12/25 | 61,095 | ||||||||||||
167,900 | 5.165 | 06/12/25 | 160,030 | |||||||||||||
328,400 | 5.166 | 06/12/25 | 313,007 | |||||||||||||
2,315,200 | 5.167 | 06/12/25 | 2,206,678 | |||||||||||||
521,200 | 5.168 | 06/12/25 | 496,769 | |||||||||||||
91,600 | 5.171 | 06/12/25 | 87,306 | |||||||||||||
299,800 | 5.183 | 06/12/25 | 285,747 | |||||||||||||
7,799,000 | 5.189 | 06/12/25 | 7,433,431 | |||||||||||||
744,400 | 5.194 | 06/12/25 | 709,507 | |||||||||||||
7,969,400 | 5.244 | 06/12/25 | 7,595,844 | |||||||||||||
United States Treasury Floating Rate Note |
| |||||||||||||||
39,000 | 5.064 | 12/31/24 | 38,842 | |||||||||||||
1,644,100 | 5.066 | 12/31/24 | 1,637,445 | |||||||||||||
1,168,900 | 5.069 | 12/31/24 | 1,164,169 | |||||||||||||
1,644,100 | 5.070 | 12/31/24 | 1,637,445 | |||||||||||||
1,168,900 | 5.073 | 12/31/24 | 1,164,169 | |||||||||||||
704,100 | 5.074 | 12/31/24 | 701,250 | |||||||||||||
469,400 | 5.083 | 12/31/24 | 463,009 | |||||||||||||
352,100 | 5.084 | 12/31/24 | 350,675 | |||||||||||||
2,348,800 | 5.089 | 12/31/24 | 2,339,293 | |||||||||||||
1,174,400 | 5.109 | 12/31/24 | 1,169,646 | |||||||||||||
4,675,400 | 5.113 | 12/31/24 | 4,656,475 | |||||||||||||
1,414,100 | 5.115 | 12/31/24 | 1,408,237 | |||||||||||||
935,200 | 5.121 | 12/31/24 | 920,044 | |||||||||||||
551,400 | 5.073 | 02/15/25 | 539,511 | |||||||||||||
275,700 | 5.075 | 02/15/25 | 269,756 | |||||||||||||
2,149,000 | 4.994 | 03/31/25 | 2,131,619 | |||||||||||||
2,688,800 | 5.004 | 03/31/25 | 2,667,053 | |||||||||||||
3,029,700 | 5.198 | 06/30/25 | 2,886,105 | |||||||||||||
2,929,800 | 5.081 | 07/15/25 | 2,868,587 | |||||||||||||
1,464,900 | 5.085 | (b) | 07/15/25 | 1,434,293 | ||||||||||||
1,464,900 | 5.093 | 07/15/25 | 1,434,293 | |||||||||||||
2,929,800 | 5.095 | (b) | 07/15/25 | 2,868,587 | ||||||||||||
2,929,800 | 5.099 | 07/15/25 | 2,868,587 | |||||||||||||
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.037%) |
| |||||||||||||||
4,639,400 | 5.341 | (a) | 07/31/24 | 4,639,450 | ||||||||||||
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.125%) |
| |||||||||||||||
3,442,900 | 5.431 | (a) | 07/31/25 | 3,441,256 | ||||||||||||
14,652,900 | 5.432 | (a) | 07/31/25 | 14,645,901 | ||||||||||||
2,480,000 | 5.433 | (a) | 07/31/25 | 2,478,815 | ||||||||||||
29,438,000 | 5.436 | (a) | 07/31/25 | 29,423,940 | ||||||||||||
2,081,700 | 5.437 | (a) | 07/31/25 | 2,080,706 | ||||||||||||
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.150%) |
| |||||||||||||||
18,000,000 | 5.454 | (a) | 04/30/26 | 18,001,021 | ||||||||||||
30,003,400 | 5.455 | (a) | 04/30/26 | 30,005,101 | ||||||||||||
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.169%) |
| |||||||||||||||
6,260,000 | 5.472 | (a) | 04/30/25 | 6,260,375 | ||||||||||||
14,809,000 | 5.475 | (a) | 04/30/25 | 14,809,887 |
Principal Amount | Interest Rate | Maturity Date | Amortized Cost | |||||||||||||
U.S. Treasury Obligations– (continued) |
| |||||||||||||||
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.170%) |
| |||||||||||||||
$ | 163,800 | 5.474 | %(a) | 10/31/25 | $ | 163,635 | ||||||||||
715,400 | 5.475 | (a) | 10/31/25 | 714,678 | ||||||||||||
20,970,700 | 5.483 | (a) | 10/31/25 | 20,949,541 | ||||||||||||
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.200%) |
| |||||||||||||||
1,397,500 | 5.502 | (a) | 01/31/25 | 1,397,854 | ||||||||||||
6,700,000 | 5.503 | (a) | 01/31/25 | 6,701,697 | ||||||||||||
United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill MMY + 0.245%) |
| |||||||||||||||
1,735,600 | 5.541 | (a) | 01/31/26 | 1,736,457 | ||||||||||||
7,352,700 | 5.544 | (a) | 01/31/26 | 7,356,332 | ||||||||||||
36,938,500 | 5.545 | (a) | 01/31/26 | 36,956,748 | ||||||||||||
30,031,800 | 5.546 | (a) | 01/31/26 | 30,046,636 | ||||||||||||
42,582,800 | 5.550 | (a) | 01/31/26 | 42,603,836 | ||||||||||||
| ||||||||||||||||
TOTAL U.S. TREASURY OBLIGATIONS | $ | 500,668,759 | ||||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS | $ | 878,647,170 | ||||||||||||||
| ||||||||||||||||
Repurchase Agreements(c) - 66.1% | ||||||||||||||||
Bank of America, National Association |
| |||||||||||||||
5,000,000 | 5.340 | 07/10/24 | $ | 5,000,000 | ||||||||||||
Maturity Value: $5,134,983 | ||||||||||||||||
Settlement Date: 01/10/24 | ||||||||||||||||
Collateralized by Federal National Mortgage Association, 3.500%, due 02/01/45 to 10/01/46. The aggregate market value of the collateral, including accrued interest, was $ 5,150,000. |
| |||||||||||||||
15,000,000 | 5.430 | 01/31/25 | $ | 15,000,000 | ||||||||||||
Maturity Value: $15,656,125 | ||||||||||||||||
Settlement Date: 04/16/24 | ||||||||||||||||
Collateralized by Federal National Mortgage Association, 3.000% to 3.500%, due 01/01/45 to 09/01/46. The aggregate market value of the collateral, including accrued interest, was $15,450,000. |
| |||||||||||||||
7,000,000 | 5.310 | 04/30/25 | $ | 7,000,000 | ||||||||||||
Maturity Value: $7,367,570 | ||||||||||||||||
Settlement Date: 05/09/24 | ||||||||||||||||
Collateralized by Federal National Mortgage Association, 3.000% to 3.500%, due 09/01/46 to 10/01/46. The aggregate market value of the collateral, including accrued interest, was $7,210,000. |
| |||||||||||||||
3,000,000 | 5.350 | 05/15/25 | $ | 3,000,000 | ||||||||||||
Maturity Value: $3,156,488 | ||||||||||||||||
Settlement Date: 05/29/24 | ||||||||||||||||
Collateralized by Federal National Mortgage Association, 3.500%, due 02/01/45. The market value of the collateral, including accrued interest, was $3,090,000.
|
| |||||||||||||||
|
The accompanying notes are an integral part of these financial statements. | 5 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND
Schedule of Investments (continued)
June 30, 2024 (Unaudited)
|
Principal Amount | Interest Rate | Maturity Date | Amortized Cost | |||||||||||||
Repurchase Agreements(c) – (continued) |
| |||||||||||||||
BNP Paribas |
| |||||||||||||||
$ | 20,000,000 | 5.170 | %(d) | 07/17/24 | $ | 20,000,000 | ||||||||||
Maturity Value: $20,522,744 |
| |||||||||||||||
Settlement Date: 01/17/24 |
| |||||||||||||||
Collateralized by Federal Home Loan Bank, 3.740%, due 06/12/43, Federal Home Loan Mortgage Corp., 4.500% to 7.500%, due 07/01/24 to 08/01/37, Federal National Mortgage Association, 3.000% to 7.000%, due 01/01/31 to 09/01/52, Government National Mortgage Association, 2.500% to 6.500%, due 07/20/44 to 03/20/54, U.S. Treasury Bills, 0.000%, due 07/09/24 to 10/15/24, U.S. Treasury Bonds, 1.375% to 4.125%, due 08/15/50 to 08/15/53, U.S. Treasury Inflation-Indexed Notes, 0.125% to 0.625%, due 04/15/25 to 07/15/32, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/27 to 05/15/34, U.S. Treasury Notes, 1.250% to 4.375%, due 02/28/26 to 02/15/34 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 02/15/49 to 05/15/50. The aggregate market value of the collateral, including accrued interest, was $ 20,470,911. |
| |||||||||||||||
5,000,000 | 5.210 | (d) | 07/22/24 | $ | 5,000,000 | |||||||||||
Maturity Value: $5,131,697 |
| |||||||||||||||
Settlement Date: 01/22/24 |
| |||||||||||||||
Collateralized by U.S. Treasury Floating Rate Notes, 5.342% to 5.475%, due 07/31/24 to 10/31/25, U.S. Treasury Inflation- Indexed Notes, 0.125% to 1.625%, due 10/15/25 to 01/15/30, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/24 to 08/15/41 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 05/15/43. The aggregate market value of the collateral, including accrued interest, was $5,100,001. |
| |||||||||||||||
12,000,000 | 5.220 | (d) | 07/22/24 | $ | 12,000,000 | |||||||||||
Maturity Value: $12,316,680 |
| |||||||||||||||
Settlement Date: 01/22/24 |
| |||||||||||||||
Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 5.500%, due 02/01/50 to 08/01/53, Federal National Mortgage Association, 3.000% to 5.500%, due 05/01/39 to 12/01/52, Government National Mortgage Association, 3.000% to 7.000%, due 08/15/29 to 01/20/51, a U.S. Treasury Floating Rate Note, 5.475%, due 10/31/25, a U.S. Treasury Note, 2.250%, due 08/15/27 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/39 to 08/15/41. The aggregate market value of the collateral, including accrued interest, was $12,246,814. |
| |||||||||||||||
8,000,000 | 5.210 | (d) | 07/23/24 | $ | 8,000,000 | |||||||||||
Maturity Value: $8,210,716 |
| |||||||||||||||
Settlement Date: 01/23/24 |
| |||||||||||||||
Collateralized by U.S. Treasury Bonds, 3.375% to 4.500%, due 05/15/38 to 08/15/53, a U.S. Treasury Floating Rate Note, 5.475%, due 10/31/25, U.S. Treasury Inflation-Indexed Notes, 0.125%, due 10/15/25 to 01/15/30, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/24 to 02/15/44, U.S. Treasury Notes, 2.250% to 4.500%, due 11/15/25 to 11/30/30 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/39 to 11/15/45. The aggregate market value of the collateral, including accrued interest, was $ 8,160,000. |
|
Principal Amount | Interest Rate | Maturity Date | Amortized Cost | |||||||||||||
Repurchase Agreements(c) – (continued) |
| |||||||||||||||
BNP Paribas – (continued) |
| |||||||||||||||
$ | 12,000,000 | 5.220 | %(d) | 07/23/24 | $ | 12,000,000 | ||||||||||
Maturity Value: $12,316,680 |
| |||||||||||||||
Settlement Date: 01/23/24 |
| |||||||||||||||
Collateralized by Federal Home Loan Mortgage Corp., 3.000% to 5.500%, due 10/01/36 to 08/01/53, Federal National Mortgage Association, 2.000% to 6.500%, due 01/01/39 to 02/01/54, Government National Mortgage Association, 3.000% to 5.500%, due 02/20/49 to 07/20/53, a U.S. Treasury Bond, 6.750%, due 08/15/26, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 11/15/31 to 02/15/36, U.S. Treasury Notes, 0.500% to 3.000%, due 07/31/24 to 08/31/27 and U.S. Treasury Principal-Only Stripped Securities, 0.000%, due 11/15/39 to 05/15/40. The aggregate market value of the collateral, including accrued interest, was $12,265,087. |
| |||||||||||||||
20,000,000 | 5.180 | (d) | 07/26/24 | $ | 20,000,000 | |||||||||||
Maturity Value: $20,523,756 |
| |||||||||||||||
Settlement Date: 01/26/24 |
| |||||||||||||||
Collateralized by Federal Farm Credit Bank, 2.930%, due 02/03/42, Federal Home Loan Bank, 3.740%, due 06/12/43, Federal Home Loan Mortgage Corp., 3.000% to 5.500%, due 10/01/36 to 03/01/54, Federal National Mortgage Association, 2.000% to 7.500%, due 02/01/46 to 02/01/54, Government National Mortgage Association, 2.500% to 7.000%, due 08/15/29 to 03/20/51, a U.S. Treasury Bill, 0.000%, due 07/16/24, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/29 to 11/15/41 and U.S. Treasury Notes, 1.500% to 3.875%, due 07/31/24 to 11/30/28. The aggregate market value of the collateral, including accrued interest, was $20,484,680. |
| |||||||||||||||
10,000,000 | 5.160 | (d) | 11/13/24 | $ | 10,000,000 | |||||||||||
Maturity Value: $10,391,300 |
| |||||||||||||||
Settlement Date: 02/14/24 |
| |||||||||||||||
Collateralized by a U.S. Treasury Floating Rate Note, 5.342%, due 07/31/24, a U.S. Treasury Inflation-Indexed Note, 0.125%, due 01/15/30 and U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 08/15/32 to 11/15/37. The aggregate market value of the collateral, including accrued interest, was $10,200,000. |
| |||||||||||||||
10,000,000 | 5.170 | (d) | 11/13/24 | $ | 10,000,000 | |||||||||||
Maturity Value: $10,392,058 |
| |||||||||||||||
Settlement Date: 02/14/24 |
| |||||||||||||||
Collateralized by a U.S. Treasury Floating Rate Note, 5.342%, due 07/31/24, U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/29 to 08/15/44, a U.S. Treasury Note, 2.625%, due 02/15/29 and a U.S. Treasury Principal-Only Stripped Security, 0.000%, due 02/15/52. The aggregate market value of the collateral, including accrued interest, was $10,200,000.
|
| |||||||||||||||
| ||||||||||||||||
BofA Securities, Inc. |
| |||||||||||||||
30,000,000 | 5.370 | (d) | 01/27/25 | $ | 30,000,000 | |||||||||||
Maturity Value: $30,957,650 |
| |||||||||||||||
Settlement Date: 06/27/24 |
| |||||||||||||||
Collateralized by Federal Farm Credit Bank, 2.650% to 5.480%, due 09/26/25 to 08/03/46, Federal Home Loan Bank, 5.485%, due 01/02/26, Government National Mortgage Association, 3.000% to 6.500%, due 08/15/36 to 01/20/54, Tennessee Valley Authority, 6.750%, due 11/01/25 and a U.S. Treasury Note, 0.625%, due 11/30/27. The aggregate market value of the collateral, including accrued interest, was $ 30,733,793. |
|
6 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND
Principal Amount | Interest Rate | Maturity Date | Amortized Cost | |||||||||||||
Repurchase Agreements(c) – (continued) |
| |||||||||||||||
BofA Securities, Inc. – (continued) | ||||||||||||||||
$ | 10,000,000 | 5.380 | %(d) | 01/27/25 | $ | 10,000,000 | ||||||||||
Maturity Value: $10,319,811 | ||||||||||||||||
Settlement Date: 06/27/24 | ||||||||||||||||
Collateralized by Federal Farm Credit Bank, 1.730% to 2.870%, due 02/25/30 to 08/24/46, Federal National Mortgage Association, 0.750%, due 10/08/27, Government National Mortgage Association, 6.500%, due 05/20/54 and Tennessee Valley Authority, 3.875% to 4.625%, due 03/15/28 to 09/15/60. The aggregate market value of the collateral, including accrued interest, was $10,220,092.
|
| |||||||||||||||
| ||||||||||||||||
Citigroup Global Markets, Inc. | ||||||||||||||||
18,000,000 | 5.335 | 01/10/25 | $ | 18,000,000 | ||||||||||||
Maturity Value: $18,730,895 | ||||||||||||||||
Settlement Date: 04/11/24 | ||||||||||||||||
Collateralized by a U.S. Treasury Note, 1.250%, due 12/31/26. The market value of the collateral, including accrued interest, was $18,360,012. |
| |||||||||||||||
3,000,000 | 5.350 | 05/29/25 | $ | 3,000,000 | ||||||||||||
Maturity Value: $3,162,283 | ||||||||||||||||
Settlement Date: 05/30/24 | ||||||||||||||||
Collateralized by a U.S. Treasury Note, 0.375%, due 12/31/25. The market value of the collateral, including accrued interest, was $3,060,039.
|
| |||||||||||||||
| ||||||||||||||||
Joint Account III |
| |||||||||||||||
1,489,700,000 | 5.335 | 07/01/24 | $ | 1,489,700,000 | ||||||||||||
Maturity Value: $1,490,362,310 | ||||||||||||||||
Settlement Date: 06/28/24
| ||||||||||||||||
| ||||||||||||||||
Royal Bank of Canada |
| |||||||||||||||
7,500,000 | 5.090 | (d) | 02/21/25 | $ | 7,500,000 | |||||||||||
Maturity Value: $7,878,569 | ||||||||||||||||
Settlement Date: 03/01/24 | ||||||||||||||||
Collateralized by Federal National Mortgage Association, 4.000% to 5.500%, due 11/01/48 to 11/01/53. The aggregate market value of the collateral, including accrued interest, was $7,650,001. |
| |||||||||||||||
5,000,000 | 5.110 | (d) | 02/21/25 | $ | 5,000,000 | |||||||||||
Maturity Value: $5,254,080 | ||||||||||||||||
Settlement Date: 02/29/24 | ||||||||||||||||
Collateralized by Federal National Mortgage Association, 3.000% to 6.000%, due 10/01/45 to 08/01/59. The aggregate market value of the collateral, including accrued interest, was $5,099,999. |
| |||||||||||||||
12,000,000 | 5.030 | (d) | 02/28/25 | $ | 12,000,000 | |||||||||||
Maturity Value: $12,600,247 | ||||||||||||||||
Settlement Date: 03/07/24 | ||||||||||||||||
Collateralized by Federal Home Loan Mortgage Corp., 4.000% to 4.500%, due 07/01/47 to 05/01/49 and Federal National Mortgage Association, 3.500% to 6.000%, due 01/01/48 to 11/01/53. The aggregate market value of the collateral, including accrued interest, was $12,239,997.
|
| |||||||||||||||
|
Principal Amount | Interest Rate | Maturity Date | Amortized Cost | |||||||||||||
Repurchase Agreements(c) – (continued) |
| |||||||||||||||
Wells Fargo Securities, LLC | ||||||||||||||||
$ | 40,000,000 | 5.340 | % | 07/01/24 | $ | 40,000,000 | ||||||||||
Maturity Value: $40,017,800 | ||||||||||||||||
Settlement Date: 06/28/24 | ||||||||||||||||
Collateralized by Government National Mortgage Association, 2.000% to 7.000%, due 06/20/31 to 06/20/54. The aggregate market value of the collateral, including accrued interest, was $41,200,002. |
| |||||||||||||||
| ||||||||||||||||
TOTAL REPURCHASE AGREEMENTS | $ | 1,742,200,000 | ||||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS - 99.4% | $ | 2,620,847,170 | ||||||||||||||
| ||||||||||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.6% | 15,460,194 | |||||||||||||||
| ||||||||||||||||
NET ASSETS - 100.0% |
| $ | 2,636,307,364 | |||||||||||||
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
(a) | Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on June 30, 2024. | |
(b) | All or a portion represents a forward commitment. | |
(c) | Unless noted, all repurchase agreements were entered into on June 30, 2024. Additional information on Joint Repurchase Agreement Account III appears in the Additional Investment Information section. | |
(d) | The instrument is subject to a demand feature. Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices. | |
Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, the date of the next interest rate reset for variable rate securities, or the prerefunded date for those types of securities. |
| ||
Investment Abbreviations: | ||
FEDL01 | —US Federal Funds Effective Rate | |
MMY | —Money Market Yield | |
Mo. | —Month | |
Prime | —Federal Reserve Bank Prime Loan Rate US | |
SOFR | —Secured Overnight Financing Rate | |
T-Bill | —Treasury Bill | |
|
The accompanying notes are an integral part of these financial statements. | 7 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND
Schedule of Investments (continued)
June 30, 2024 (Unaudited) |
ADDITIONAL INVESTMENT INFORMATION |
JOINT REPURCHASE AGREEMENT ACCOUNT III— At June 30, 2024, the Fund had undivided interests in the Joint Repurchase Agreement Account III with a maturity date of July 1, 2024, as follows:
Fund | Principal Amount | Maturity Value | Collateral Value Allocation | |||||||||||||||||
| ||||||||||||||||||||
Government Money Market Fund | $1,489,700,000 | $ | 1,490,362,310 | $ | 1,534,365,732 | |||||||||||||||
|
REPURCHASE AGREEMENTS— At June 30, 2024, the Principal Amounts of the Fund’s interest in the Joint Repurchase Agreement Account III were as follows:
Counterparty | Interest Rate | Principal Amount | ||||||||
ABN Amro Bank N.V. | 5.340% | $126,782,979 | ||||||||
Bank of America, N.A. | 5.330 | 475,436,170 | ||||||||
Bank of Montreal | 5.330 | 190,174,468 | ||||||||
Credit Agricole Corporate and Investment Bank | 5.330 | 63,391,489 | ||||||||
Wells Fargo Securities, LLC | 5.340 | 633,914,894 | ||||||||
Total | $1,489,700,000 |
At June 30, 2024, the Joint Repurchase Agreement Account III was fully collateralized by:
Issuer | Interest Rate | Maturity Dates | ||||
Federal Farm Credit Bank | 1.180% | 4/20/2027 | ||||
Federal Home Loan Mortgage Corp. | 1.500% to 7.500 | 03/01/25 to 07/01/54 | ||||
Federal National Mortgage Association | 2.000 to 6.000 | 08/01/33 to 05/01/53 | ||||
Government National Mortgage Association | 2.000 to 8.500 | 08/20/25 to 04/20/64 | ||||
U.S. Treasury Notes | 0.375 to 1.375 | 07/31/27 to 12/31/28 |
8 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND
Statement of Assets and Liabilities
June 30, 2024 (Unaudited) |
Goldman Sachs Government Money Market Fund | ||||||||||
Assets: | ||||||||||
Investments based on amortized cost | $ | 878,647,170 | ||||||||
Repurchase agreements based on amortized cost | 1,742,200,000 | |||||||||
Cash | 24,483,457 | |||||||||
Receivables: | ||||||||||
Interest | 8,463,810 | |||||||||
Investments sold | 4,953,590 | |||||||||
Fund shares sold | 3,704,638 | |||||||||
Reimbursement from investment adviser | 9,333 | |||||||||
Other assets | 36,531 | |||||||||
| ||||||||||
Total assets | 2,662,498,529 | |||||||||
| ||||||||||
Liabilities: | ||||||||||
Payables: | ||||||||||
Investments purchased | 20,084,369 | |||||||||
Fund shares redeemed | 4,966,725 | |||||||||
Management fees | 344,328 | |||||||||
Distribution and Service fees and Transfer Agency fees | 201,532 | |||||||||
Accrued expenses | 594,211 | |||||||||
| ||||||||||
Total liabilities | 26,191,165 | |||||||||
| ||||||||||
Net Assets: | ||||||||||
Paid-in capital | 2,636,400,527 | |||||||||
Total distributable earnings (loss) | (93,163 | ) | ||||||||
| ||||||||||
NET ASSETS | $ | 2,636,307,364 | ||||||||
| ||||||||||
Net asset value, offering and redemption price per share | $ | 1.00 | ||||||||
Net Assets: | ||||||||||
Institutional Shares | $ | 1,860,201,875 | ||||||||
Service Shares | 776,105,489 | |||||||||
Total Net Assets | $ | 2,636,307,364 | ||||||||
Shares Outstanding $0.001 par value (unlimited number of shares authorized): | ||||||||||
Institutional Shares | 1,860,267,587 | |||||||||
Service Shares | 776,132,921 |
The accompanying notes are an integral part of these financial statements. | 9 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND
Statement of Operations
For the Six Months Ended June 30, 2024 (Unaudited) |
Goldman Sachs Government Money Market Fund | ||||||||||
Investment income: |
| |||||||||
Interest income | $ | 70,070,598 | ||||||||
Expenses: |
| |||||||||
Management fees | 2,077,375 | |||||||||
Distribution and Service fees—Service Shares | 963,412 | |||||||||
Printing and mailing costs | 367,991 | |||||||||
Transfer Agency fees(a) | 259,648 | |||||||||
Custody, accounting and administrative services | 137,282 | |||||||||
Professional fees | 36,342 | |||||||||
Trustee fees | 11,495 | |||||||||
Other | 60,889 | |||||||||
| ||||||||||
Total expenses | 3,914,434 | |||||||||
| ||||||||||
Less — expense reductions | (584,692 | ) | ||||||||
| ||||||||||
Net expenses | 3,329,742 | |||||||||
| ||||||||||
NET INVESTMENT INCOME | 66,740,856 | |||||||||
| ||||||||||
| ||||||||||
Net realized loss from investment transactions | (147,411 | ) | ||||||||
| ||||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 66,593,445 | ||||||||
|
(a) | Institutional and Service Shares incurred Transfer Agency fees of $182,582 and $77,066, respectively. |
10 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND
Statements of Changes in Net Assets
|
Goldman Sachs Government Money Market Fund
| ||||||||||
For the Six Months Ended June 30, 2024 (Unaudited) | For the Fiscal Year Ended December 31, 2023 | |||||||||
From operations: | ||||||||||
Net investment income | $ | 66,740,856 | $ | 111,961,066 | ||||||
Net realized gain (loss) from investment transactions | (147,411 | ) | 316,911 | |||||||
| ||||||||||
Net increase in net assets resulting from operations | 66,593,445 | 112,277,977 | ||||||||
| ||||||||||
Distributions to shareholders: | ||||||||||
From distributable earnings: | ||||||||||
Institutional Shares | (47,619,538 | ) | (76,620,390) | |||||||
Service Shares | (19,136,814 | ) | (35,577,989) | |||||||
| ||||||||||
Total distributions to shareholders | (66,756,352 | ) | (112,198,379) | |||||||
| ||||||||||
From share transactions (at $1.00 per share): | ||||||||||
Proceeds from sales of shares | 747,322,434 | 2,274,304,705 | ||||||||
Reinvestment of distributions | 66,715,178 | 111,955,715 | ||||||||
Cost of shares redeemed | (715,657,252 | ) | (2,361,010,400) | |||||||
| ||||||||||
Net increase in net assets resulting from share transactions | 98,380,360 | 25,250,020 | ||||||||
| ||||||||||
TOTAL INCREASE | 98,217,453 | 25,329,618 | ||||||||
| ||||||||||
Net Assets: | ||||||||||
Beginning of period | $ | 2,538,089,911 | $ | 2,512,760,293 | ||||||
| ||||||||||
End of period | $ | 2,636,307,364 | $ | 2,538,089,911 | ||||||
|
The accompanying notes are an integral part of these financial statements. | 11 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND
Financial Highlights
Selected Data for a Share Outstanding Throughout Each Period |
Goldman Sachs Government Money Market Fund | ||||||||||||||||||||||||||||||||
Institutional Shares | ||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2024 (Unaudited) | Year Ended December 31, | |||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Net investment income(a) | 0.026 | 0.050 | 0.016 | – | (b) | 0.004 | 0.021 | |||||||||||||||||||||||||
Distributions to shareholders from net investment income(c) | (0.026 | ) | (0.050 | ) | (0.016 | ) | – | (b) | (0.004 | ) | (0.021) | |||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Total Return(d) | 2.62 | % | 5.05 | % | 1.58 | % | 0.01 | % | 0.43 | % | 2.11% | |||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 1,860,202 | $ | 1,756,707 | $ | 1,834,293 | $ | 523,751 | $ | 582,216 | $ | 363,783 | ||||||||||||||||||||
Ratio of net expenses to average net assets | 0.18 | %(e) | 0.19 | % | 0.17 | % | 0.09 | % | 0.18 | % | 0.18% | |||||||||||||||||||||
Ratio of total expenses to average net assets | 0.23 | %(e) | 0.21 | % | 0.20 | % | 0.21 | % | 0.20 | % | 0.21% | |||||||||||||||||||||
Ratio of net investment income to average net assets | 5.21 | %(e) | 4.96 | % | 1.92 | % | – | %(f) | 0.35 | % | 2.06% | |||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Amount is less than $0.0005 per share. |
(c) | Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings. |
(d) | Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized. |
(e) | Annualized. |
(f) | Amount is less than 0.005%. |
12 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
Goldman Sachs Government Money Market Fund | ||||||||||||||||||||||||||||||||
Service Shares | ||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2024 (Unaudited) | Year Ended December 31, | |||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Net investment income(a) | 0.025 | 0.047 | 0.014 | – | (b) | 0.003 | 0.018 | |||||||||||||||||||||||||
Distributions to shareholders from net investment income(c) | (0.025 | ) | (0.047 | ) | (0.014 | ) | – | (b) | (0.003 | ) | (0.018) | |||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Total Return(d) | 2.50 | % | 4.79 | % | 1.37 | % | 0.01 | % | 0.27 | % | 1.86% | |||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 776,105 | $ | 781,383 | $ | 678,468 | $ | 501,008 | $ | 579,416 | $ | 350,112 | ||||||||||||||||||||
Ratio of net expenses to average net assets | 0.43 | %(e) | 0.44 | % | 0.38 | % | 0.09 | % | 0.33 | % | 0.43% | |||||||||||||||||||||
Ratio of total expenses to average net assets | 0.48 | %(e) | 0.46 | % | 0.45 | % | 0.46 | % | 0.45 | % | 0.46% | |||||||||||||||||||||
Ratio of net investment income to average net assets | 4.96 | %(e) | 4.70 | % | 1.48 | % | – | %(f) | 0.19 | % | 1.81% | |||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Amount is less than $0.0005 per share. |
(c) | Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from current or prior year earnings. |
(d) | Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions. Total returns for periods less than one full year are not annualized. |
(e) | Annualized. |
(f) | Amount is less than 0.005%. |
The accompanying notes are an integral part of these financial statements. | 13 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND
Notes to Financial Statements
June 30, 2024 (Unaudited) |
1. ORGANIZATION |
Goldman Sachs Variable Insurance Trust (the “Trust” or “VIT”) 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 Trust includes the Goldman Sachs Government Money Market Fund (the “Fund”). The Fund is a diversified portfolio under the Act offering two classes of shares — Institutional and Service Shares. Shares of the Trust are offered to separate accounts of participating life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies.
Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Fund pursuant to a management agreement (the “Agreement”) with the Trust.
2. SIGNIFICANT ACCOUNTING POLICIES |
The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. The Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.
A. Investment Valuation — The investment valuation policy of the Fund is to use the amortized-cost method permitted by Rule 2a-7 under the Act for valuing portfolio securities. The amortized-cost method of valuation involves valuing a security at its cost and thereafter applying a constant accretion or amortization to maturity of any discount or premium. Normally, a security’s amortized cost will approximate its market value. Under procedures and tolerances approved by the Board of Trustees (“Trustees”), GSAM evaluates daily the difference between the Fund’s net asset value (“NAV”) per share using the amortized costs of its portfolio securities and the Fund’s NAV per share using market-based values of its portfolio securities. The market-based value of a portfolio security is determined, where readily available, on the basis of market quotations provided by pricing services or securities dealers, or, where accurate market quotations are not readily available, on the basis of the security’s fair value as determined in accordance with the Valuation Procedures. The pricing services may use valuation models or matrix pricing, which may consider (among other things): (i) yield or price with respect to debt securities that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value.
B. Investment Income and Investments — Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost.
C. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of the Fund are allocated daily based upon the proportion of net assets of each class. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service and Transfer Agency fees. Non-class specific expenses directly incurred by the Fund are charged to the Fund, while such expenses incurred by the Trust are allocated across the Fund on a straight-line and/or pro-rata basis depending upon the nature of the expenses.
D. Federal Taxes and Distributions to Shareholders — It is the 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 and tax-exempt income and capital gains to its shareholders. Accordingly, the Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are declared and recorded daily and paid monthly by the Fund and may include short-term capital gains. Long-term capital gain distributions, if any, are declared and paid annually. The Fund may defer or accelerate the timing of the distribution of short-term capital gains (or any portion thereof).
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 the Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Fund’s net assets on the Statement of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.
The amortized cost for the Fund stated in the accompanying Statement of Assets and Liabilities also represents aggregate cost for U.S. federal income tax purposes.
14 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND
2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
GSAM has reviewed the Fund’s tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Fund’s financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.
E. Forward Commitments — A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of securities on a forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although the Fund will generally purchase securities on a forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of forward commitments prior to settlement which may result in a realized gain or loss.
F. Repurchase Agreements — Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase the securities at a mutually agreed upon date and price, under the terms of a Master Repurchase Agreement (“MRA”). During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of the Fund, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. The gross value of repurchase agreements is included in the Statement of Assets and Liabilities for financial reporting purposes. The underlying securities for all repurchase agreements are held at the Fund’s custodian or designated sub-custodians under tri-party repurchase agreements.
An MRA governs transactions between the Fund and select counterparties. An MRA contains provisions for, among other things, initiation of the transaction, income payments, events of default, and maintenance of securities for repurchase agreements. An MRA also permits offsetting with collateral to create one single net payment in the event of default or similar events, including the bankruptcy or insolvency of a counterparty.
If the seller defaults, the Fund could suffer a loss to the extent that the proceeds from the sale of the underlying securities and other collateral held by the Fund are less than the repurchase price and the Fund’s costs associated with delay and enforcement of the repurchase agreement. In addition, in the event of default or insolvency of the seller, a court could determine that the Fund’s interest in the collateral is not enforceable, resulting in additional losses to the Fund.
Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and terms and conditions contained therein, the Fund, together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates, may transfer uninvested cash into joint accounts, the daily aggregate balance of which is invested in one or more repurchase agreements. Under these joint accounts, the Fund maintains pro-rata credit exposure to the underlying repurchase agreements’ counterparties. With the exception of certain transaction fees, the Fund is not subject to any expenses in relation to these investments.
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS |
U.S. GAAP defines the fair value of a financial instrument as 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 (i.e., the exit price); the Fund’s policy is to use the market approach. GAAP 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 level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy 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 significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;
15 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND
Notes to Financial Statements (continued)
June 30, 2024 (Unaudited) |
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).
The Trustees have approved Valuation Procedures that govern the valuation of the portfolio investments held by the Fund, including investments for which market quotations are not readily available. With respect to the Fund’s investments that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the “Valuation Designee”). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation (including both the amortized cost and market-based methods of valuation) of the Fund’s investments. To assess the continuing appropriateness of pricing sources and methodologies related to the market-based method of valuation, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.
As of June 30, 2024, all investments, including repurchase agreements, are classified as Level 2 of the fair value hierarchy. Please refer to the Schedule of Investments for further detail.
4. AGREEMENTS AND AFFILIATED TRANSACTIONS |
A. Management Agreement — Under the Agreement, GSAM manages the Fund, 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 administration of the Fund’s business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of the Fund’s average daily net assets.
B. Distribution and Service (12b-1) Plan — The Trust, on behalf of the Service Shares of the Fund, has adopted a Distribution and Service Plan subject to Rule 12b-1 under the Act. Under the Distribution and Service Plan, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly, for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers, equal to, on an annual basis, 0.25% of the Fund’s average daily net assets attributable to Service Shares.
C. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Fund for a fee pursuant to a Transfer Agency Agreement. The fee charged for such transfer agency services is accrued daily and paid monthly and is equal to an annual rate of 0.02% of the Fund’s average daily net assets of Institutional Shares and Service Shares.
D. Other Expense Agreements — GSAM has agreed to limit certain “Other Expenses” of the Fund (excluding acquired fund fees and expenses, transfer agency fees and expenses, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent that such expenses exceed, on an annual basis, 0.004% of the average daily net assets of the Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Fund is not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. This Other Expense limitation will remain in place through at least April 29, 2025, and prior to such date GSAM may not terminate the arrangement without the approval of the Trustees. In addition, the Fund has entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Fund’s expenses and are received irrespective of the application of the “Other Expense” limitation described above. For the six months ended June 30, 2024, these expense reductions, including any fee waiver and Other Expense reimbursements, were as follows:
Fund
| Other Expense
| Total Expense Reductions
| ||||||||
Goldman Sachs Government Money Market Fund | $ 584,692 | $ 584,692 |
E. Contractual and Net Fund Expenses — The investment adviser may contractually agree to waive or reimburse certain fees and expenses until a specified date. The investment adviser may also voluntarily waive certain fees and expenses, and such voluntary waivers may be discontinued or modified at any time without notice. The following table outlines such fees (net of waivers) and Other Expenses (net of reimbursements and custodian and transfer agency fee credit reductions) in order to determine the Fund’s net annualized expenses for the fiscal year. The Fund is not obligated to reimburse GSAM or Goldman Sachs for prior fiscal year fee waivers and/or expense reimbursements, if any.
16 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND
4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
Institutional Shares | Service Shares | |||||||||||||||
Fee/Expense Type | Contractual rate, if any
| Ratio of net expenses to average net assets for the six months ended June 30, 2024 | Contractual rate, if any
| Ratio of net expenses to average net assets for the six months ended June 30, 2024 | ||||||||||||
Management Fee | 0.16 | % | 0.16 | % | 0.16 | % | 0.16 | % | ||||||||
Distribution and Service Fees | N/A | N/A | 0.25 | 0.25 | ||||||||||||
Transfer Agency Fees | 0.02 | 0.02 | 0.02 | 0.02 | ||||||||||||
Other Expenses | — | 0.05 | — | 0.05 | ||||||||||||
Total Annual Fund Operating Expenses | 0.23 | 0.48 | ||||||||||||||
Other Reimbursements | (0.05 | ) | (0.05 | ) | ||||||||||||
Net Expenses | 0.18% | 0.43% |
N/A — Fees not applicable to respective share class.
F. Other Transactions with Affiliates — The Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers, or common Trustees.
For the six months ended June 30, 2024, the purchase and sale transactions and related net realized gain (loss) for the Fund with affiliated funds in compliance with Rule 17a-7 under the Act were as follows:
Fund | Purchases | Sales | Net Realized Gain/(Loss) | |||||||||
Goldman Sachs Government Money Market Fund | $ 3,626,369 | $ — | $ — |
G. Line of Credit Facility — As of June 30, 2024, the Fund participated in a $1,150,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Fund based on the amount of the commitment that has not been utilized. For the six months ended June 30, 2024, the Fund did not have any borrowings under the facility. Prior to April 16, 2024, the facility was $1,110,000,000.
5. OTHER RISKS |
The Fund’s risks include, but are not limited to, the following:
Interest Rate Risk — When interest rates increase, a Fund’s yield will tend to be lower than prevailing market rates, and the market value of its investments will generally decline. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. A low interest rate environment poses additional risks to a Fund, because low yields on the Fund’s portfolio holdings may have an adverse impact on the Fund’s ability to provide a positive yield to its shareholders, pay expenses out current income, or minimize the volatility of the Fund’s NAV per share and/or achieve its investment objective. Fluctuations in interest rates may also affect the liquidity of the Fund investments.
Large Shareholder Transactions Risk — The Fund may experience adverse effects when certain large shareholders, such as other funds, participating insurance companies, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund’s NAV and liquidity. Similarly, large Fund share purchases may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would. These transactions may also increase transaction costs. In addition, a large redemption could result in the Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio.
Market and Credit Risks — In the normal course of business, the Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which
17 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND
Notes to Financial Statements (continued)
June 30, 2024 (Unaudited) |
5. OTHER RISKS (continued) |
the Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/ or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also significantly impact the Fund and its investments. Additionally, the Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.
6. INDEMNIFICATION |
Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the course of business, the Fund enters into contracts that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.
7. OTHER MATTERS |
Exemptive Orders — Pursuant to SEC exemptive orders, the Fund may enter into certain principal transactions, including repurchase agreements, with Goldman Sachs.
8. SUBSEQUENT EVENTS |
Subsequent events after the Statement of Assets and Liabilities date have been evaluated and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.
9. SUMMARY OF SHARE TRANSACTIONS |
Share activity is as follows:
Goldman Sachs Government Money Market Fund
| ||||||
For the Six Months Ended For the Fiscal Year Ended | ||||||
June 30, 2024 | December 31, 2023 | |||||
(Unaudited)
| ||||||
Shares
|
Shares
| |||||
Institutional Shares* | ||||||
Shares sold | 641,408,259 | 1,959,289,446 | ||||
Reinvestment of distributions | 47,576,939 | 76,375,080 | ||||
Shares redeemed | (585,376,079 | ) | (2,113,305,922) | |||
103,609,119 | (77,641,396) | |||||
Service Shares* | ||||||
Shares sold | 105,914,175 | 315,015,259 | ||||
Reinvestment of distributions | 19,138,239 | 35,580,635 | ||||
Shares redeemed | (130,281,173 | ) | (247,704,478) | |||
(5,228,759 | ) | 102,891,416 | ||||
NET INCREASE IN SHARES | 98,380,360 | 25,250,020 |
* Valued at $1.00 per share.
18 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND
Statement Regarding Basis for Approval of Management Agreement (Unaudited)
Background
The Goldman Sachs Government Money Market Fund (the “Fund”) is an investment portfolio of Goldman Sachs Variable Insurance Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Fund at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Fund.
The Management Agreement was most recently approved for continuation until June 30, 2025 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 11-12, 2024 (the “Annual Meeting”).
The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. The Committee held two meetings over the course of the year since the Management Agreement was last approved. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to the Fund, such matters included:
(a) | the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about: |
(i) | the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams; |
(ii) | the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training); |
(iii) | trends in employee headcount; |
(iv) | the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and |
(v) | the parent company’s support of the Investment Adviser and its mutual fund business, as expressed by the firm’s senior management; |
(b) | information on the investment performance of the Fund, including comparisons to the performance of similar mutual funds, as provided by a third-party mutual fund data provider engaged as part of the contract review process (the “Outside Data Provider”); and information on general investment outlooks in the markets in which the Fund invests; |
(c) | the terms of the Management Agreement and other agreements with affiliated service providers entered into by the Trust on behalf of the Fund; |
(d) | fee and expense information for the Fund, including: |
(i) | the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider; |
(ii) | the Fund’s expense trends over time; and |
(iii) | to the extent the Investment Adviser manages other types of accounts (such as bank collective trusts, private wealth management accounts, institutional separate accounts, sub-advised mutual funds, and non-U.S. funds) having investment objectives and policies similar to those of the Fund, comparative information on the advisory fees charged and services provided to those accounts by the Investment Adviser; |
(e) | with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund; |
(f) | the undertakings of the Investment Adviser and its affiliates to implement fee waivers and/or expense limitations; |
(g) | information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates; |
(h) | whether the Fund’s existing management fee schedule adequately addressed any economies of scale; |
(i) | a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund, including the fees received by the Investment Adviser’s affiliates from the Fund for transfer agency, distribution and other services; |
(j) | a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser; |
(k) | information regarding portfolio trading and how the Investment Adviser carries out its duty to seek best execution; |
(l) | the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and |
19 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND
Statement Regarding Basis for Approval of Management Agreement (Unaudited)(continued)
(m) | the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund’s compliance program; and periodic compliance reports. |
The Trustees also received an overview of the Fund’s distribution arrangements. They received information regarding the Fund’s assets, share purchase and redemption activity, and payment of distribution and service fees. Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Adviser and its affiliates to intermediaries that promote the sale, distribution, and/or servicing of Fund shares. The Independent Trustees also discussed the broad range of other investment choices that are available to Fund investors, including the availability of comparable funds managed by other advisers.
The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Fund and other mutual funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Fund. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of mutual fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.
Nature, Extent, and Quality of the Services Provided Under the Management Agreement
As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Fund by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Fund and its service providers operate, including developments associated with geopolitical events and economic sanctions, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees also considered information regarding the Investment Adviser’s efforts relating to business continuity planning. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Fund and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Fund and the Investment Adviser and its affiliates.
Investment Performance
The Trustees also considered the investment performance of the Fund. In this regard, they compared the investment performance of the Fund to its peers using rankings compiled by the Outside Data Provider as of December 31, 2023. The information on the Fund’s investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates.
In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Fund’s risk profile, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management.
The Trustees considered the performance of the Fund in light of its investment policies and strategies. The Trustees considered that, from March 2022 through July 2023, the Federal Reserve implemented a series of interest rate increases in response to inflationary pressures impacting the broader economy, and that, during this period, the Money Market Funds’ yield improved compared to other recent periods as a result. They noted that the Investment Adviser has subsequently been able to reduce the amount of fees waived and/or reimbursed relative to such amounts waived and/or reimbursed during recent periods, including during the near-zero interest rate environment following the market disruptions related to the COVID-19 pandemic and related actions by the Federal Reserve. The Trustees acknowledged, however, that although the Federal Reserve had signaled that it may cut interest rates in the near future, the interest rate environment remained uncertain in light of broader economic conditions and persistent inflationary concerns. The Trustees also considered that the Fund had maintained a stable net asset value per share. In light of these considerations, the Trustees believed that the Fund was providing investment performance within a competitive range for investors.
20 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND
Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)
Costs of Services Provided and Competitive Information
The Trustees considered the contractual terms of the Management Agreement and the fee rates payable by the Fund thereunder. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Fund, which included both advisory and administrative services that were directed to the needs and operations of the Fund as a registered mutual fund.
In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Fund. The analyses provided a comparison of the Fund’s management fee to those of a relevant peer group and category universe; an expense analysis which compared the Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing the Fund’s net expenses to the peer and category medians. The analyses also compared the Fund’s other expenses and fee waivers/ reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Fund.
In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Fund, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Fund differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.
In addition, the Trustees noted that shareholders are able to redeem their shares at any time if shareholders believe that the Fund fees and expenses are too high or if they are dissatisfied with the performance of the Fund.
Profitability
The Trustees reviewed the Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology. Profitability data for the Fund was provided for 2023 and 2022, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.
Economies of Scale
The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Fund.
The Trustees noted that the Fund does not have management fee breakpoints. They considered the asset levels in the Fund; the Fund’s recent purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing the contractual fee rates charged by the Investment Adviser with fee rates charged to other money market funds in the peer group; and the Investment Adviser’s undertaking to limit certain expenses of the Fund that exceed a specified level. They considered a report prepared by the Outside Data Provider, which surveyed money market funds’ management fee arrangements and use of breakpoints. The Trustees also considered the competitive nature of the money market fund business and the competitiveness of the fees charged to the Fund by the Investment Adviser.
Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund as stated above, including: (a) transfer agency fees received by Goldman Sachs & Co. LLC (“Goldman Sachs”); (b) trading efficiencies resulting from aggregation of orders of the Fund with those for other funds or accounts managed by the Investment Adviser; (c) the Investment Adviser’s ability to leverage the infrastructure designed to service the Fund on behalf of its other clients; (d) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (e) Goldman Sachs’ retention of certain fees as Fund Distributor; (f) Goldman Sachs’ ability to engage in principal transactions with the Fund under exemptive orders from the SEC permitting such trades; (g) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Fund; and (h) the possibility that the working relationship between the
21 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND
Statement Regarding Basis for Approval of Management Agreement (Unaudited)(continued)
Investment Adviser and the Fund’s third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.
Other Benefits to the Fund and Its Shareholders
The Trustees also noted that the Fund receives certain other potential benefits as a result of its relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Fund with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (e) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Fund because of the reputation of the Goldman Sachs organization; (f) the Fund’s access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (g) the Fund’s access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Fund’s shareholders invested in the Fund in part because of the Fund’s relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.
Conclusion
In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by the Fund were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and the Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit the Fund and its shareholders and that the Management Agreement should be approved and continued with respect to the Fund until June 30, 2025.
22 |
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TRUSTEES Gregory G. Weaver, Chair Cheryl K. Beebe Dwight L. Bush Kathryn A. Cassidy John G. Chou Joaquin Delgado Eileen H. Dowling Lawrence Hughes John F. Killian Steven D. Krichmar GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent TRUSTEES (continued) Michael Latham James A. McNamara Lawrence W. Stranghoener Paul C. Wirth OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Robert Griffith, Secretary GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser 200 West Street, New York New York 10282 © 2024 Goldman Sachs. All rights reserved. VITMMSAR-24
Goldman Sachs Variable Insurance Trust Goldman Sachs Core Fixed Income Fund Semi-Annual Financial Statements June 30, 2024 Goldman Sachs Asset Management
Goldman Sachs Variable Insurance Trust
Table of Contents | Page | |||
Schedule of Investments | ||||
3 | ||||
Financial Statements | ||||
19 | ||||
20 | ||||
21 | ||||
Financial Highlights | ||||
22 | ||||
24 | ||||
Statement Regarding Basis for Approval of Investment Advisory Contract | 35 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND
Schedule of Investments
June 30, 2024 (Unaudited) |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Mortgage-Backed Securities – 41.2% |
| |||||||||||||||
FHLMC |
| |||||||||||||||
$ | 2,486 | 7.500 | % | 12/01/29 | $ | 2,597 | ||||||||||
825 | 5.000 | 10/01/33 | 819 | |||||||||||||
1,174 | 5.000 | 07/01/35 | 1,165 | |||||||||||||
1,737 | 5.000 | 12/01/35 | 1,736 | |||||||||||||
357 | 5.000 | 03/01/38 | 356 | |||||||||||||
848 | 5.000 | 06/01/41 | 849 | |||||||||||||
4,238 | 4.500 | 08/01/48 | 4,050 | |||||||||||||
5,123 | 4.500 | 11/01/48 | 4,896 | |||||||||||||
540,400 | 3.000 | 09/01/49 | 470,113 | |||||||||||||
391,517 | 4.000 | 03/01/50 | 364,358 | |||||||||||||
792,953 | 4.500 | 03/01/50 | 760,176 | |||||||||||||
270,091 | 3.000 | 10/01/50 | 233,864 | |||||||||||||
902,567 | 2.500 | 02/01/51 | 743,388 | |||||||||||||
1,830,194 | 2.000 | 05/01/51 | 1,438,817 | |||||||||||||
851,819 | 2.500 | 05/01/51 | 703,508 | |||||||||||||
853,506 | 2.500 | 05/01/51 | 709,914 | |||||||||||||
1,934,626 | 2.500 | 08/01/51 | 1,608,138 | |||||||||||||
791,215 | 2.500 | 09/01/51 | 654,642 | |||||||||||||
765,639 | 4.500 | 04/01/52 | 723,943 | |||||||||||||
552,532 | 4.500 | 06/01/52 | 524,849 | |||||||||||||
366,047 | 6.000 | 12/01/52 | 372,763 | |||||||||||||
FNMA |
| |||||||||||||||
8 | 4.500 | 07/01/24 | 8 | |||||||||||||
236 | 9.000 | 11/01/25 | 236 | |||||||||||||
5,298 | 7.000 | 08/01/26 | 5,324 | |||||||||||||
2,010 | 8.000 | 10/01/29 | 2,077 | |||||||||||||
726 | 8.500 | 04/01/30 | 762 | |||||||||||||
1,373 | 8.000 | 05/01/30 | 1,402 | |||||||||||||
2,537 | 8.000 | 08/01/32 | 2,700 | |||||||||||||
3,446 | 4.500 | 08/01/39 | 3,358 | |||||||||||||
5,944 | 3.000 | 01/01/43 | 5,346 | |||||||||||||
11,794 | 3.000 | 01/01/43 | 10,606 | |||||||||||||
6,972 | 3.000 | 03/01/43 | 6,290 | |||||||||||||
18,619 | 3.000 | 03/01/43 | 16,620 | |||||||||||||
57,095 | 3.000 | 03/01/43 | 50,951 | |||||||||||||
7,328 | 3.000 | 04/01/43 | 6,565 | |||||||||||||
9,209 | 3.000 | 04/01/43 | 8,224 | |||||||||||||
13,366 | 3.000 | 04/01/43 | 11,924 | |||||||||||||
16,985 | 3.000 | 04/01/43 | 15,155 | |||||||||||||
69,859 | 3.000 | 04/01/43 | 62,335 | |||||||||||||
9,035 | 3.000 | 05/01/43 | 8,049 | |||||||||||||
34,180 | 3.000 | 05/01/43 | 30,487 | |||||||||||||
38,695 | 3.000 | 05/01/43 | 34,525 | |||||||||||||
214,048 | 4.500 | 04/01/45 | 207,140 | |||||||||||||
26,428 | 4.500 | 05/01/45 | 25,550 | |||||||||||||
124,499 | 4.000 | 02/01/48 | 116,213 | |||||||||||||
147,084 | 4.000 | 03/01/48 | 137,203 | |||||||||||||
2,679 | 4.000 | 07/01/48 | 2,498 | |||||||||||||
8,948 | 4.000 | 07/01/48 | 8,363 | |||||||||||||
240,546 | 4.500 | 07/01/48 | 229,851 | |||||||||||||
164,291 | 4.000 | 08/01/48 | 153,151 | |||||||||||||
129,413 | 5.000 | 11/01/48 | 127,875 | |||||||||||||
1,849,817 | 2.000 | 10/01/50 | 1,458,869 | |||||||||||||
422,453 | 3.000 | 10/01/50 | 366,451 | |||||||||||||
540,628 | 3.000 | 10/01/50 | 468,115 | |||||||||||||
551,342 | 3.000 | 10/01/50 | 478,254 | |||||||||||||
1,850,172 | 2.000 | 11/01/50 | 1,459,149 | |||||||||||||
72,130 | 2.500 | 03/01/51 | 60,131 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Mortgage-Backed Securities – (continued) |
| |||||||||||||||
FNMA – (continued) |
| |||||||||||||||
$ | 89,987 | 2.500 | % | 09/01/51 | $ | 74,932 | ||||||||||
356,365 | 2.500 | 10/01/51 | 296,297 | |||||||||||||
163,985 | 2.500 | 11/01/51 | 136,499 | |||||||||||||
210,713 | 2.500 | 11/01/51 | 175,130 | |||||||||||||
1,355,761 | 6.000 | 11/01/52 | 1,376,396 | |||||||||||||
855,394 | 5.500 | 04/01/53 | 847,268 | |||||||||||||
1,868,415 | 6.500 | 09/01/53 | 1,913,677 | |||||||||||||
2,000,000 | 3.000 | TBA-30yr(a) | 1,700,958 | |||||||||||||
1,000,000 | 3.500 | TBA-30yr(a) | 884,755 | |||||||||||||
1,000,000 | 4.000 | TBA-30yr(a) | 914,844 | |||||||||||||
3,000,000 | 5.500 | TBA-30yr(a) | 2,957,700 | |||||||||||||
2,000,000 | 6.000 | TBA-30yr(a) | 2,005,260 | |||||||||||||
4,000,000 | 2.500 | TBA-30yr(a) | 3,266,260 | |||||||||||||
FNMA, Series 2012-111, Class B |
| |||||||||||||||
4,413 | 7.000 | 10/25/42 | 4,639 | |||||||||||||
FNMA, Series 2012-153, Class B |
| |||||||||||||||
12,100 | 7.000 | 07/25/42 | 12,925 | |||||||||||||
GNMA |
| |||||||||||||||
735 | 7.000 | 11/15/25 | 735 | |||||||||||||
171 | 7.000 | 04/15/26 | 171 | |||||||||||||
374 | 7.000 | 04/15/26 | 374 | |||||||||||||
485 | 7.000 | 03/15/27 | 486 | |||||||||||||
197 | 7.000 | 11/15/27 | 198 | |||||||||||||
1,065 | 7.000 | 11/15/27 | 1,084 | |||||||||||||
2,261 | 7.000 | 02/15/28 | 2,282 | |||||||||||||
55 | 7.000 | 05/15/28 | 56 | |||||||||||||
974 | 7.000 | 06/15/28 | 987 | |||||||||||||
514 | 7.000 | 07/15/28 | 522 | |||||||||||||
990 | 7.000 | 07/15/28 | 1,002 | |||||||||||||
5,194 | 7.000 | 09/15/28 | 5,266 | |||||||||||||
39,409 | 6.000 | 08/20/34 | 40,682 | |||||||||||||
35,796 | 5.000 | 06/15/40 | 35,810 | |||||||||||||
149,640 | 4.000 | 08/20/43 | 141,613 | |||||||||||||
56,762 | 4.000 | 10/20/45 | 53,341 | |||||||||||||
857,397 | 4.000 | 07/20/48 | 801,434 | |||||||||||||
28,204 | 5.000 | 08/20/48 | 27,848 | |||||||||||||
92,938 | 4.500 | 09/20/48 | 89,500 | |||||||||||||
99,190 | 5.000 | 10/20/48 | 97,754 | |||||||||||||
269,147 | 5.000 | 11/20/48 | 265,251 | |||||||||||||
34,424 | 5.000 | 12/20/48 | 33,882 | |||||||||||||
216,385 | 4.500 | 01/20/49 | 207,905 | |||||||||||||
29,386 | 4.500 | 03/20/49 | 28,234 | |||||||||||||
602,811 | 3.000 | 08/20/49 | 529,517 | |||||||||||||
191,563 | 4.500 | 10/20/49 | 184,350 | |||||||||||||
392,009 | 3.000 | 03/20/50 | 343,856 | |||||||||||||
191,352 | 4.500 | 03/20/50 | 183,794 | |||||||||||||
785,803 | 3.000 | 11/20/51 | 684,850 | |||||||||||||
925,883 | 3.000 | 11/20/51 | 799,419 | |||||||||||||
901,550 | 4.500 | 09/20/52 | 857,768 | |||||||||||||
898,327 | 4.500 | 10/20/52 | 854,701 | |||||||||||||
980,315 | 7.000 | 01/20/54 | 998,748 | |||||||||||||
3,000,000 | 2.000 | TBA-30yr(a) | 2,429,209 | |||||||||||||
2,000,000 | 2.500 | TBA-30yr(a) | 1,681,142 | |||||||||||||
2,000,000 | 3.500 | TBA-30yr(a) | 1,796,314 | |||||||||||||
2,000,000 | 4.500 | TBA-30yr(a) | 1,901,142 | |||||||||||||
1,000,000 | 5.000 | TBA-30yr(a) | 973,671 | |||||||||||||
1,000,000 | 5.500 | TBA-30yr(a) | 992,150 | |||||||||||||
4,000,000 | 6.000 | TBA-30yr(a) | 4,017,188 |
The accompanying notes are an integral part of these financial statements. | 3 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND
Schedule of Investments (continued)
June 30, 2024 (Unaudited) |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Mortgage-Backed Securities – (continued) |
| |||||||||||||||
GNMA – (continued) |
| |||||||||||||||
$ | 5,000,000 | 6.500 | % | TBA-30yr(a) | $ | 5,069,431 | ||||||||||
2,000,000 | 7.000 | TBA-30yr(a) | 2,036,141 | |||||||||||||
GNMA, Series 2021-135, Class A |
| |||||||||||||||
913,567 | 2.000 | 08/20/51 | 731,578 | |||||||||||||
| ||||||||||||||||
TOTAL MORTGAGE-BACKED SECURITIES (Cost $62,169,741) | 60,375,624 | |||||||||||||||
| ||||||||||||||||
Corporate Bonds – 25.3% |
| |||||||||||||||
Aerospace/Defense – 1.0% |
| |||||||||||||||
Boeing Co. (The) |
| |||||||||||||||
50,000 | 3.450 | 11/01/28(b) | 45,256 | |||||||||||||
25,000 | 5.150 | 05/01/30(b) | 24,002 | |||||||||||||
25,000 | 3.250 | 02/01/35(b) | 19,096 | |||||||||||||
325,000 | 5.705 | 05/01/40(b) | 300,092 | |||||||||||||
100,000 | 5.805 | 05/01/50(b) | 90,287 | |||||||||||||
76,000 | 6.858 | 05/01/54(b)(c) | 77,921 | |||||||||||||
L3Harris Technologies, Inc. |
| |||||||||||||||
50,000 | 5.600 | 07/31/53(b) | 49,540 | |||||||||||||
Northrop Grumman Corp. |
| |||||||||||||||
75,000 | 3.250 | 01/15/28(b) | 70,626 | |||||||||||||
25,000 | 4.750 | 06/01/43 | 22,406 | |||||||||||||
50,000 | 5.250 | 05/01/50(b) | 47,419 | |||||||||||||
RTX Corp. |
| |||||||||||||||
50,000 | 3.950 | 08/16/25(b) | 49,152 | |||||||||||||
50,000 | 4.125 | 11/16/28(b) | 48,155 | |||||||||||||
600,000 | 6.100 | 03/15/34(b) | 631,802 | |||||||||||||
25,000 | 4.050 | 05/04/47(b) | 19,655 | |||||||||||||
|
| |||||||||||||||
1,495,409 | ||||||||||||||||
| ||||||||||||||||
Agriculture – 0.1% |
| |||||||||||||||
Archer-Daniels-Midland Co. |
| |||||||||||||||
25,000 | 3.250 | 03/27/30(b) | 22,765 | |||||||||||||
100,000 | 2.900 | 03/01/32(b) | 85,522 | |||||||||||||
|
| |||||||||||||||
108,287 | ||||||||||||||||
| ||||||||||||||||
Auto Manufacturers – 0.8% |
| |||||||||||||||
Ford Motor Credit Co. LLC |
| |||||||||||||||
215,000 | 5.850 | 05/17/27(b) | 215,199 | |||||||||||||
General Motors Co. |
| |||||||||||||||
25,000 | 4.000 | 04/01/25 | 24,676 | |||||||||||||
General Motors Financial Co., Inc. |
| |||||||||||||||
125,000 | 4.300 | 07/13/25(b) | 123,324 | |||||||||||||
125,000 | 1.500 | 06/10/26(b) | 115,774 | |||||||||||||
125,000 | 2.350 | 01/08/31(b) | 102,533 | |||||||||||||
358,000 | 2.700 | 06/10/31(b) | 296,326 | |||||||||||||
Hyundai Capital America |
| |||||||||||||||
260,000 | 5.400 | 06/24/31(b)(c) | 257,759 | |||||||||||||
|
| |||||||||||||||
1,135,591 | ||||||||||||||||
| ||||||||||||||||
Banks – 5.4% |
| |||||||||||||||
Bank of America Corp. |
| |||||||||||||||
(SOFR + 1.290%) | ||||||||||||||||
140,000 | 5.080 | 01/20/27(b)(d) | 139,118 | |||||||||||||
(TSFR3M + 1.302%) | ||||||||||||||||
85,000 | 3.419 | 12/20/28(b)(d) | 79,909 | |||||||||||||
(SOFR + 1.630%) | ||||||||||||||||
370,000 | 5.202 | 04/25/29(b)(d) | 369,346 | |||||||||||||
(SOFR + 2.150%) | ||||||||||||||||
175,000 | 2.592 | 04/29/31(b)(d) | 151,255 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds – (continued) |
| |||||||||||||||
Banks – (continued) |
| |||||||||||||||
(SOFR + 1.220%) | ||||||||||||||||
$ | 110,000 | 2.299 | % | 07/21/32(b)(d) | $ | 90,085 | ||||||||||
(SOFR + 1.830%) | ||||||||||||||||
390,000 | 4.571 | 04/27/33(b)(d) | 367,841 | |||||||||||||
| (US 5 Year CMT T-Note + 1.200%) | | ||||||||||||||
100,000 | 2.482 | 09/21/36(b)(d) | 79,848 | |||||||||||||
Bank of America Corp., GMTN |
| |||||||||||||||
(TSFR3M + 1.632%) | ||||||||||||||||
25,000 | 3.593 | 07/21/28(b)(d) | 23,792 | |||||||||||||
Bank of America Corp., MTN |
| |||||||||||||||
45,000 | 3.248 | 10/21/27(b) | 42,569 | |||||||||||||
(TSFR3M + 1.837%) | ||||||||||||||||
75,000 | 3.824 | 01/20/28(b)(d) | 72,309 | |||||||||||||
(SOFR + 1.050%) | ||||||||||||||||
400,000 | 2.551 | 02/04/28(b)(d) | 373,304 | |||||||||||||
(SOFR + 2.040%) | ||||||||||||||||
305,000 | 4.948 | 07/22/28(b)(d) | 302,501 | |||||||||||||
(TSFR3M + 1.572%) | ||||||||||||||||
50,000 | 4.271 | 07/23/29(b)(d) | 48,166 | |||||||||||||
(SOFR + 1.530%) | ||||||||||||||||
50,000 | 1.898 | 07/23/31(b)(d) | 41,157 | |||||||||||||
(SOFR + 1.330%) | ||||||||||||||||
75,000 | 2.972 | 02/04/33(b)(d) | 63,492 | |||||||||||||
(SOFR + 2.160%) | ||||||||||||||||
73,000 | 5.015 | 07/22/33(b)(d) | 71,319 | |||||||||||||
Bank of America Corp., Series L |
| |||||||||||||||
25,000 | 4.183 | 11/25/27(b) | 24,132 | |||||||||||||
Bank of America Corp., Series N |
| |||||||||||||||
(SOFR + 1.220%) | ||||||||||||||||
50,000 | 2.651 | 03/11/32(b)(d) | 42,325 | |||||||||||||
Bank of New York Mellon Corp. (The) |
| |||||||||||||||
(SOFR + 1.755%) | ||||||||||||||||
20,000 | 4.596 | 07/26/30(b)(d) | 19,539 | |||||||||||||
Citigroup, Inc. |
| |||||||||||||||
220,000 | 3.400 | 05/01/26 | 212,443 | |||||||||||||
150,000 | 4.450 | 09/29/27 | 146,225 | |||||||||||||
(SOFR + 1.422%) | ||||||||||||||||
75,000 | 2.976 | 11/05/30(b)(d) | 66,799 | |||||||||||||
(SOFR + 1.351%) | ||||||||||||||||
200,000 | 3.057 | 01/25/33(b)(d) | 169,602 | |||||||||||||
(SOFR + 2.086%) | ||||||||||||||||
165,000 | 4.910 | 05/24/33(b)(d) | 158,634 | |||||||||||||
Fifth Third Bancorp |
| |||||||||||||||
30,000 | 2.375 | 01/28/25(b) | 29,424 | |||||||||||||
Huntington Bancshares, Inc. |
| |||||||||||||||
50,000 | 4.000 | 05/15/25(b) | 49,171 | |||||||||||||
JPMorgan Chase & Co. |
| |||||||||||||||
(SOFR + 1.160%) | ||||||||||||||||
125,000 | 2.301 | 10/15/25(b)(d) | 123,739 | |||||||||||||
(TSFR3M + 1.507%) | ||||||||||||||||
100,000 | 3.960 | 01/29/27(b)(d) | 97,691 | |||||||||||||
15,000 | 3.625 | 12/01/27(b) | 14,351 | |||||||||||||
(TSFR3M + 1.599%) | ||||||||||||||||
972,000 | 3.782 | 02/01/28(b)(d) | 936,493 | |||||||||||||
(TSFR3M + 1.207%) | ||||||||||||||||
45,000 | 3.509 | 01/23/29(b)(d) | 42,554 |
4 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds – (continued) |
| |||||||||||||||
Banks – (continued) |
| |||||||||||||||
(TSFR3M + 3.790%) | ||||||||||||||||
$ | 25,000 | 4.493 | % | 03/24/31(b)(d) | $ | 24,104 | ||||||||||
(SOFR + 2.040%) | ||||||||||||||||
25,000 | 2.522 | 04/22/31(b)(d) | 21,607 | |||||||||||||
(SOFR + 1.260%) | ||||||||||||||||
150,000 | 2.963 | 01/25/33(b)(d) | 127,869 | |||||||||||||
(SOFR + 2.080%) | ||||||||||||||||
165,000 | 4.912 | 07/25/33(b)(d) | 160,286 | |||||||||||||
(SOFR + 1.620%) | ||||||||||||||||
100,000 | 5.336 | 01/23/35(b)(d) | 99,480 | |||||||||||||
M&T Bank Corp. |
| |||||||||||||||
(SOFR + 2.800%) | ||||||||||||||||
265,000 | 7.413 | 10/30/29(b)(d) | 278,792 | |||||||||||||
Morgan Stanley |
| |||||||||||||||
25,000 | 3.625 | 01/20/27 | 24,102 | |||||||||||||
20,000 | 3.950 | 04/23/27 | 19,316 | |||||||||||||
(SOFR + 1.295%) | ||||||||||||||||
213,000 | 5.050 | 01/28/27(b)(d) | 211,828 | |||||||||||||
(SOFR + 1.000%) | ||||||||||||||||
200,000 | 2.475 | 01/21/28(b)(d) | 186,444 | |||||||||||||
(SOFR + 2.076%) | ||||||||||||||||
165,000 | 4.889 | 07/20/33(b)(d) | 159,080 | |||||||||||||
(SOFR + 1.730%) | ||||||||||||||||
70,000 | 5.466 | 01/18/35(b)(d) | 69,839 | |||||||||||||
(SOFR + 1.360%) | ||||||||||||||||
150,000 | 2.484 | 09/16/36(b)(d) | 118,712 | |||||||||||||
Morgan Stanley, GMTN |
| |||||||||||||||
(TSFR3M + 1.890%) | ||||||||||||||||
25,000 | 4.431 | 01/23/30(b)(d) | 24,168 | |||||||||||||
(SOFR + 1.143%) | ||||||||||||||||
400,000 | 2.699 | 01/22/31(b)(d) | 350,644 | |||||||||||||
Morgan Stanley, MTN |
| |||||||||||||||
(SOFR + 1.152%) | ||||||||||||||||
75,000 | 2.720 | 07/22/25(b)(d) | 74,854 | |||||||||||||
(SOFR + 1.590%) | ||||||||||||||||
305,000 | 5.164 | 04/20/29(b)(d) | 303,941 | |||||||||||||
(SOFR + 3.120%) | ||||||||||||||||
50,000 | 3.622 | 04/01/31(b)(d) | 45,854 | |||||||||||||
(SOFR + 1.034%) | ||||||||||||||||
75,000 | 1.794 | 02/13/32(b)(d) | 60,280 | |||||||||||||
Truist Financial Corp., MTN |
| |||||||||||||||
(SOFR + 2.050%) | ||||||||||||||||
50,000 | 6.047 | 06/08/27(b)(d) | 50,351 | |||||||||||||
US Bancorp |
| |||||||||||||||
(SOFR + 2.020%) | ||||||||||||||||
145,000 | 5.775 | 06/12/29(b)(d) | 147,214 | |||||||||||||
Wells Fargo & Co. |
| |||||||||||||||
175,000 | 3.000 | 10/23/26 | 166,260 | |||||||||||||
Wells Fargo & Co., GMTN |
| |||||||||||||||
50,000 | 4.300 | 07/22/27 | 48,688 | |||||||||||||
Wells Fargo & Co., MTN |
| |||||||||||||||
(SOFR + 1.980%) | ||||||||||||||||
215,000 | 4.808 | 07/25/28(b)(d) | 211,880 | |||||||||||||
(SOFR + 2.100%) | ||||||||||||||||
408,000 | 4.897 | 07/25/33(b)(d) | 392,762 | |||||||||||||
(TSFR3M + 4.502%) | ||||||||||||||||
25,000 | 5.013 | 04/04/51(b)(d) | 22,792 | |||||||||||||
|
| |||||||||||||||
7,850,280 | ||||||||||||||||
|
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds – (continued) |
| |||||||||||||||
Beverages – 0.4% |
| |||||||||||||||
Coca-Cola Consolidated, Inc. |
| |||||||||||||||
$ | 98,000 | 5.450 | % | 06/01/34(b) | $ | 98,874 | ||||||||||
Constellation Brands, Inc. |
| |||||||||||||||
50,000 | 4.400 | 11/15/25(b) | 49,326 | |||||||||||||
50,000 | 3.600 | 02/15/28(b) | 47,386 | |||||||||||||
25,000 | 3.150 | 08/01/29(b) | 22,680 | |||||||||||||
100,000 | 2.250 | 08/01/31(b) | 82,077 | |||||||||||||
Keurig Dr Pepper, Inc. |
| |||||||||||||||
225,000 | 4.597 | 05/25/28(b) | 220,466 | |||||||||||||
25,000 | 3.800 | 05/01/50(b) | 18,604 | |||||||||||||
58,000 | 4.500 | 04/15/52(b) | 48,335 | |||||||||||||
|
| |||||||||||||||
587,748 | ||||||||||||||||
| ||||||||||||||||
Biotechnology – 0.6% |
| |||||||||||||||
Amgen, Inc. |
| |||||||||||||||
70,000 | 3.125 | 05/01/25(b) | 68,614 | |||||||||||||
239,000 | 5.250 | 03/02/30(b) | 240,759 | |||||||||||||
238,000 | 5.250 | 03/02/33(b) | 237,298 | |||||||||||||
Royalty Pharma PLC |
| |||||||||||||||
75,000 | 1.200 | 09/02/25(b) | 71,227 | |||||||||||||
198,000 | 5.400 | 09/02/34(b) | 192,738 | |||||||||||||
|
| |||||||||||||||
810,636 | ||||||||||||||||
| ||||||||||||||||
Building Materials – 0.4% |
| |||||||||||||||
Carrier Global Corp. |
| |||||||||||||||
150,000 | 2.493 | 02/15/27(b) | 140,452 | |||||||||||||
75,000 | 2.722 | 02/15/30(b) | 66,240 | |||||||||||||
255,000 | 5.900 | 03/15/34(b) | 266,311 | |||||||||||||
Martin Marietta Materials, Inc. |
| |||||||||||||||
175,000 | 3.200 | 07/15/51(b) | 116,495 | |||||||||||||
Masco Corp. |
| |||||||||||||||
50,000 | 1.500 | 02/15/28(b) | 43,829 | |||||||||||||
|
| |||||||||||||||
633,327 | ||||||||||||||||
| ||||||||||||||||
Chemicals – 0.3% |
| |||||||||||||||
DuPont de Nemours, Inc. |
| |||||||||||||||
50,000 | 4.493 | 11/15/25(b) | 49,328 | |||||||||||||
Ecolab, Inc. |
| |||||||||||||||
4,000 | 2.750 | 08/18/55(b) | 2,404 | |||||||||||||
Huntsman International LLC |
| |||||||||||||||
25,000 | 4.500 | 05/01/29(b) | 23,684 | |||||||||||||
International Flavors & Fragrances, Inc. |
| |||||||||||||||
75,000 | 1.832 | 10/15/27(b)(c) | 66,993 | |||||||||||||
150,000 | 2.300 | 11/01/30(b)(c) | 125,082 | |||||||||||||
50,000 | 3.268 | 11/15/40(b)(c) | 35,353 | |||||||||||||
Sherwin-Williams Co. (The) |
| |||||||||||||||
25,000 | 3.450 | 06/01/27(b) | 23,824 | |||||||||||||
50,000 | 2.950 | 08/15/29(b) | 45,067 | |||||||||||||
|
| |||||||||||||||
371,735 | ||||||||||||||||
| ||||||||||||||||
Commercial Services – 0.2% |
| |||||||||||||||
Global Payments, Inc. |
| |||||||||||||||
50,000 | 2.650 | 02/15/25(b) | 49,006 | |||||||||||||
PayPal Holdings, Inc. |
| |||||||||||||||
150,000 | 1.650 | 06/01/25(b) | 144,775 | |||||||||||||
75,000 | 2.650 | 10/01/26(b) | 70,982 | |||||||||||||
25,000 | 2.850 | 10/01/29(b) | 22,551 | |||||||||||||
S&P Global, Inc. |
| |||||||||||||||
75,000 | 4.250 | 05/01/29(b) | 72,794 | |||||||||||||
|
| |||||||||||||||
360,108 | ||||||||||||||||
|
The accompanying notes are an integral part of these financial statements. | 5 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND
Schedule of Investments (continued)
June 30, 2024 (Unaudited) |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds – (continued) |
| |||||||||||||||
Computers – 0.1% |
| |||||||||||||||
Dell International LLC / EMC Corp. |
| |||||||||||||||
$ | 52,000 | 5.850 | % | 07/15/25(b) | $ | 52,090 | ||||||||||
89,000 | 6.020 | 06/15/26(b) | 89,938 | |||||||||||||
25,000 | 5.300 | 10/01/29(b) | 25,137 | |||||||||||||
Hewlett Packard Enterprise Co. |
| |||||||||||||||
45,000 | 4.900 | 10/15/25(b) | 44,655 | |||||||||||||
|
| |||||||||||||||
211,820 | ||||||||||||||||
| ||||||||||||||||
Diversified Financial Services – 0.4% |
| |||||||||||||||
Air Lease Corp. |
| |||||||||||||||
75,000 | 3.375 | 07/01/25(b) | 73,291 | |||||||||||||
Air Lease Corp., GMTN |
| |||||||||||||||
75,000 | 3.750 | 06/01/26(b) | 72,451 | |||||||||||||
Air Lease Corp., MTN |
| |||||||||||||||
75,000 | 2.300 | 02/01/25(b) | 73,369 | |||||||||||||
75,000 | 2.875 | 01/15/26(b) | 71,955 | |||||||||||||
American Express Co. |
| |||||||||||||||
25,000 | 3.625 | 12/05/24(b) | 24,787 | |||||||||||||
Aviation Capital Group LLC |
| |||||||||||||||
50,000 | 1.950 | 01/30/26(b)(c) | 47,050 | |||||||||||||
Capital One Financial Corp. |
| |||||||||||||||
45,000 | 3.300 | 10/30/24(b) | 44,620 | |||||||||||||
Discover Financial Services |
| |||||||||||||||
75,000 | 3.750 | 03/04/25(b) | 73,974 | |||||||||||||
Intercontinental Exchange, Inc. |
| |||||||||||||||
75,000 | 3.625 | 09/01/28(b)(c) | 70,746 | |||||||||||||
Mastercard, Inc. |
| |||||||||||||||
25,000 | 3.300 | 03/26/27(b) | 23,995 | |||||||||||||
Nuveen LLC |
| |||||||||||||||
25,000 | 4.000 | 11/01/28(b)(c) | 23,938 | |||||||||||||
|
| |||||||||||||||
600,176 | ||||||||||||||||
| ||||||||||||||||
Electric – 1.1% |
| |||||||||||||||
American Electric Power Co., Inc. |
| |||||||||||||||
50,000 | 2.300 | 03/01/30(b) | 42,571 | |||||||||||||
Arizona Public Service Co. |
| |||||||||||||||
45,000 | 2.950 | 09/15/27(b) | 41,901 | |||||||||||||
Avangrid, Inc. |
| |||||||||||||||
25,000 | 3.200 | 04/15/25(b) | 24,479 | |||||||||||||
Berkshire Hathaway Energy Co. |
| |||||||||||||||
25,000 | 3.250 | 04/15/28(b) | 23,462 | |||||||||||||
50,000 | 3.700 | 07/15/30(b) | 46,512 | |||||||||||||
Dominion Energy, Inc. |
| |||||||||||||||
50,000 | 3.071 | 08/15/24(e) | 49,810 | |||||||||||||
Dominion Energy, Inc., Series C |
| |||||||||||||||
25,000 | 3.375 | 04/01/30(b) | 22,581 | |||||||||||||
Entergy Corp. |
| |||||||||||||||
45,000 | 2.950 | 09/01/26(b) | 42,680 | |||||||||||||
Exelon Corp. |
| |||||||||||||||
50,000 | 4.050 | 04/15/30(b) | 46,955 | |||||||||||||
25,000 | 4.700 | 04/15/50(b) | 21,119 | |||||||||||||
FirstEnergy Corp. |
| |||||||||||||||
100,000 | 2.650 | 03/01/30(b) | 86,789 | |||||||||||||
FirstEnergy Corp., Series B |
| |||||||||||||||
50,000 | 2.250 | 09/01/30(b) | 41,859 | |||||||||||||
Florida Power & Light Co. |
| |||||||||||||||
68,000 | 4.125 | 02/01/42(b) | 57,327 | |||||||||||||
MidAmerican Energy Co. |
| |||||||||||||||
25,000 | 3.650 | 04/15/29(b) | 23,634 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds – (continued) |
| |||||||||||||||
Electric – (continued) |
| |||||||||||||||
NextEra Energy Capital Holdings, Inc. |
| |||||||||||||||
$ | 70,000 | 1.900 | % | 06/15/28(b) | $ | 61,890 | ||||||||||
Ohio Power Co., Series P |
| |||||||||||||||
25,000 | 2.600 | 04/01/30(b) | 21,761 | |||||||||||||
Pacific Gas and Electric Co. |
| |||||||||||||||
25,000 | 2.100 | 08/01/27(b) | 22,578 | |||||||||||||
50,000 | 2.500 | 02/01/31(b) | 41,228 | |||||||||||||
25,000 | 3.300 | 08/01/40(b) | 17,777 | |||||||||||||
25,000 | 3.500 | 08/01/50(b) | 16,357 | |||||||||||||
PacifiCorp |
| |||||||||||||||
215,000 | 5.800 | 01/15/55(b) | 208,308 | |||||||||||||
Progress Energy, Inc. |
| |||||||||||||||
95,000 | 7.000 | 10/30/31 | 102,966 | |||||||||||||
Southern California Edison Co., Series A |
| |||||||||||||||
50,000 | 4.200 | 03/01/29(b) | 47,797 | |||||||||||||
Southern Co. (The) |
| |||||||||||||||
60,000 | 3.250 | 07/01/26(b) | 57,691 | |||||||||||||
Virginia Electric and Power Co. |
| |||||||||||||||
75,000 | 2.450 | 12/15/50(b) | 42,146 | |||||||||||||
Vistra Operations Co. LLC |
| |||||||||||||||
125,000 | 3.550 | 07/15/24(b)(c) | 124,837 | |||||||||||||
Xcel Energy, Inc. |
| |||||||||||||||
250,000 | 3.350 | 12/01/26(b) | 238,533 | |||||||||||||
|
| |||||||||||||||
1,575,548 | ||||||||||||||||
| ||||||||||||||||
Electronics – 0.1% |
| |||||||||||||||
Allegion U.S. Holding Co., Inc. |
| |||||||||||||||
110,000 | 5.600 | 05/29/34(b) | 110,052 | |||||||||||||
| ||||||||||||||||
Entertainment – 0.4% |
| |||||||||||||||
Warnermedia Holdings, Inc. |
| |||||||||||||||
250,000 | 4.054 | 03/15/29(b) | 230,883 | |||||||||||||
375,000 | 4.279 | 03/15/32(b) | 327,219 | |||||||||||||
|
| |||||||||||||||
558,102 | ||||||||||||||||
| ||||||||||||||||
Environmental Control – 0.4% |
| |||||||||||||||
Republic Services, Inc. |
| |||||||||||||||
100,000 | 1.750 | 02/15/32(b) | 78,563 | |||||||||||||
Veralto Corp. |
| |||||||||||||||
345,000 | 5.450 | 09/18/33(b)(c) | 344,027 | |||||||||||||
Waste Management, Inc. |
| |||||||||||||||
75,000 | 3.150 | 11/15/27(b) | 70,788 | |||||||||||||
50,000 | 1.150 | 03/15/28(b) | 43,640 | |||||||||||||
|
| |||||||||||||||
537,018 | ||||||||||||||||
| ||||||||||||||||
Food – 0.7% |
| |||||||||||||||
Campbell Soup Co. |
| |||||||||||||||
279,000 | 5.400 | 03/21/34(b) | 277,315 | |||||||||||||
General Mills, Inc. |
| |||||||||||||||
75,000 | 4.200 | 04/17/28(b) | 72,636 | |||||||||||||
J M Smucker Co. (The) |
| |||||||||||||||
179,000 | 5.900 | 11/15/28(b) | 184,367 | |||||||||||||
315,000 | 6.200 | 11/15/33(b) | 330,757 | |||||||||||||
Kraft Heinz Foods Co. |
| |||||||||||||||
95,000 | 3.750 | 04/01/30(b) | 88,721 | |||||||||||||
Mars, Inc. |
| |||||||||||||||
25,000 | 2.700 | 04/01/25(b)(c) | 24,497 | |||||||||||||
25,000 | 3.200 | 04/01/30(b)(c) | 22,844 |
6 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds – (continued) |
| |||||||||||||||
Food – (continued) |
| |||||||||||||||
Sysco Corp. |
| |||||||||||||||
$ | 25,000 | 6.600 | % | 04/01/50(b) | $ | 27,842 | ||||||||||
|
| |||||||||||||||
1,028,979 | ||||||||||||||||
| ||||||||||||||||
Gas – 0.1% |
| |||||||||||||||
East Ohio Gas Co. (The) |
| |||||||||||||||
25,000 | 1.300 | 06/15/25(b)(c) | 23,978 | |||||||||||||
25,000 | 2.000 | 06/15/30(b)(c) | 20,704 | |||||||||||||
NiSource, Inc. |
| |||||||||||||||
95,000 | 3.490 | 05/15/27(b) | 90,607 | |||||||||||||
25,000 | 3.600 | 05/01/30(b) | 22,944 | |||||||||||||
|
| |||||||||||||||
158,233 | ||||||||||||||||
| ||||||||||||||||
Hand/Machine Tools – 0.0% |
| |||||||||||||||
Stanley Black & Decker, Inc. |
| |||||||||||||||
24,000 | 4.250 | 11/15/28(b) | 23,146 | |||||||||||||
| ||||||||||||||||
Healthcare-Products – 0.5% |
| |||||||||||||||
DH Europe Finance II Sarl |
| |||||||||||||||
25,000 | 2.600 | 11/15/29(b) | 22,293 | |||||||||||||
GE Healthcare Technologies, Inc. |
| |||||||||||||||
100,000 | 6.377 | 11/22/52(b) | 108,489 | |||||||||||||
Solventum Corp. |
| |||||||||||||||
290,000 | 5.400 | 03/01/29(b)(c) | 289,104 | |||||||||||||
140,000 | 5.600 | 03/23/34(b)(c) | 137,407 | |||||||||||||
STERIS Irish FinCo UnLtd Co. |
| |||||||||||||||
75,000 | 2.700 | 03/15/31(b) | 63,895 | |||||||||||||
Stryker Corp. |
| |||||||||||||||
100,000 | 1.950 | 06/15/30(b) | 84,208 | |||||||||||||
Thermo Fisher Scientific, Inc. |
| |||||||||||||||
25,000 | 1.750 | 10/15/28(b) | 22,054 | |||||||||||||
|
| |||||||||||||||
727,450 | ||||||||||||||||
| ||||||||||||||||
Healthcare-Services – 1.5% |
| |||||||||||||||
Adventist Health System |
| |||||||||||||||
30,000 | 2.952 | 03/01/29(b) | 26,937 | |||||||||||||
95,000 | 5.757 | 12/01/34(b) | 94,856 | |||||||||||||
Banner Health |
| |||||||||||||||
120,000 | 2.338 | 01/01/30(b) | 104,076 | |||||||||||||
Baylor Scott & White Holdings, Series 2021 |
| |||||||||||||||
40,000 | 1.777 | 11/15/30(b) | 32,761 | |||||||||||||
Centene Corp. |
| |||||||||||||||
205,000 | 4.250 | 12/15/27(b) | 195,735 | |||||||||||||
110,000 | 2.625 | 08/01/31(b) | 90,012 | |||||||||||||
CommonSpirit Health |
| |||||||||||||||
225,000 | 6.461 | 11/01/52(b) | 248,585 | |||||||||||||
HCA, Inc. |
| |||||||||||||||
80,000 | 3.500 | 09/01/30(b) | 72,165 | |||||||||||||
170,000 | 5.450 | 04/01/31(b) | 169,852 | |||||||||||||
Humana, Inc. |
| |||||||||||||||
55,000 | 5.950 | 03/15/34(b) | 56,238 | |||||||||||||
18,000 | 5.500 | 03/15/53(b) | 16,731 | |||||||||||||
Rush Obligated Group, Series 2020 |
| |||||||||||||||
60,000 | 3.922 | 11/15/29(b) | 56,908 | |||||||||||||
Sutter Health, Series 20A |
| |||||||||||||||
40,000 | 2.294 | 08/15/30(b) | 34,286 | |||||||||||||
UnitedHealth Group, Inc. |
| |||||||||||||||
275,000 | 5.300 | 02/15/30(b) | 279,870 | |||||||||||||
525,000 | 5.350 | 02/15/33(b) | 531,847 | |||||||||||||
100,000 | 5.875 | 02/15/53(b) | 103,873 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds – (continued) |
| |||||||||||||||
Healthcare-Services – (continued) |
| |||||||||||||||
UnitedHealth Group, Inc. – (continued) |
| |||||||||||||||
$ | 168,000 | 5.050 | % | 04/15/53(b) | $ | 155,829 | ||||||||||
|
| |||||||||||||||
2,270,561 | ||||||||||||||||
| ||||||||||||||||
Home Builders – 0.0% |
| |||||||||||||||
Lennar Corp. |
| |||||||||||||||
70,000 | 4.750 | 11/29/27(b) | 69,021 | |||||||||||||
| ||||||||||||||||
Insurance – 0.2% |
| |||||||||||||||
American International Group, Inc. |
| |||||||||||||||
25,000 | 3.400 | 06/30/30(b) | 22,746 | |||||||||||||
Arch Capital Group US, Inc. |
| |||||||||||||||
36,000 | 5.144 | 11/01/43 | 33,012 | |||||||||||||
Berkshire Hathaway Finance Corp. |
| |||||||||||||||
75,000 | 1.850 | 03/12/30(b) | 64,087 | |||||||||||||
Marsh & McLennan Cos., Inc. |
| |||||||||||||||
50,000 | 4.375 | 03/15/29(b) | 48,874 | |||||||||||||
Principal Financial Group, Inc. |
| |||||||||||||||
50,000 | 3.100 | 11/15/26(b) | 47,577 | |||||||||||||
75,000 | 2.125 | 06/15/30(b) | 62,691 | |||||||||||||
Willis North America, Inc. |
| |||||||||||||||
25,000 | 2.950 | 09/15/29(b) | 22,399 | |||||||||||||
|
| |||||||||||||||
301,386 | ||||||||||||||||
| ||||||||||||||||
Internet – 0.7% |
| |||||||||||||||
Amazon.com, Inc. |
| |||||||||||||||
335,000 | 5.200 | 12/03/25(b) | 335,569 | |||||||||||||
45,000 | 4.800 | 12/05/34(b) | 44,680 | |||||||||||||
50,000 | 3.100 | 05/12/51(b) | 34,357 | |||||||||||||
Expedia Group, Inc. |
| |||||||||||||||
14,000 | 4.625 | 08/01/27(b) | 13,743 | |||||||||||||
35,000 | 3.800 | 02/15/28(b) | 33,313 | |||||||||||||
14,000 | 2.950 | 03/15/31(b) | 12,121 | |||||||||||||
Meta Platforms, Inc. |
| |||||||||||||||
250,000 | 3.500 | 08/15/27(b) | 240,109 | |||||||||||||
Netflix, Inc. |
| |||||||||||||||
210,000 | 5.875 | 11/15/28 | 216,407 | |||||||||||||
90,000 | 4.875 | 06/15/30(b)(c) | 88,532 | |||||||||||||
|
| |||||||||||||||
1,018,831 | ||||||||||||||||
| ||||||||||||||||
Iron/Steel – 0.0% |
| |||||||||||||||
Steel Dynamics, Inc. |
| |||||||||||||||
20,000 | 2.400 | 06/15/25(b) | 19,377 | |||||||||||||
50,000 | 1.650 | 10/15/27(b) | 44,597 | |||||||||||||
|
| |||||||||||||||
63,974 | ||||||||||||||||
| ||||||||||||||||
Lodging – 0.6% |
| |||||||||||||||
Choice Hotels International, Inc. |
| |||||||||||||||
114,000 | 5.850 | 08/01/34(b)(f) | 112,279 | |||||||||||||
Hyatt Hotels Corp. |
| |||||||||||||||
75,000 | 1.800 | 10/01/24(b) | 74,215 | |||||||||||||
365,000 | 5.500 | 06/30/34(b) | 355,118 | |||||||||||||
Marriott International, Inc. |
| |||||||||||||||
125,000 | 5.000 | 10/15/27(b) | 124,664 | |||||||||||||
91,000 | 4.875 | 05/15/29(b) | 89,847 | |||||||||||||
Marriott International, Inc., Series HH |
| |||||||||||||||
125,000 | 2.850 | 04/15/31(b) | 107,014 | |||||||||||||
|
| |||||||||||||||
863,137 | ||||||||||||||||
| ||||||||||||||||
Machinery-Diversified – 0.2% |
| |||||||||||||||
AGCO Corp. |
| |||||||||||||||
112,000 | 5.800 | 03/21/34(b) | 111,512 |
The accompanying notes are an integral part of these financial statements. | 7 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND
Schedule of Investments (continued)
June 30, 2024 (Unaudited) |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds – (continued) |
| |||||||||||||||
Machinery-Diversified – (continued) |
| |||||||||||||||
Ingersoll Rand, Inc. |
| |||||||||||||||
$ | 90,000 | 5.700 | % | 08/14/33(b) | $ | 92,090 | ||||||||||
Otis Worldwide Corp. |
| |||||||||||||||
25,000 | 2.293 | 04/05/27(b) | 23,176 | |||||||||||||
150,000 | 2.565 | 02/15/30(b) | 131,616 | |||||||||||||
|
| |||||||||||||||
358,394 | ||||||||||||||||
| ||||||||||||||||
Media – 0.6% |
| |||||||||||||||
Charter Communications Operating LLC / Charter Communications Operating Capital |
| |||||||||||||||
74,000 | 4.908 | 07/23/25(b) | 73,369 | |||||||||||||
Comcast Corp. |
| |||||||||||||||
50,000 | 3.950 | 10/15/25(b) | 49,212 | |||||||||||||
25,000 | 3.300 | 02/01/27(b) | 23,962 | |||||||||||||
75,000 | 3.300 | 04/01/27(b) | 71,726 | |||||||||||||
225,000 | 3.150 | 02/15/28(b) | 211,382 | |||||||||||||
125,000 | 4.150 | 10/15/28(b) | 121,047 | |||||||||||||
243,000 | 5.300 | 06/01/34(b) | 243,494 | |||||||||||||
25,000 | 3.750 | 04/01/40(b) | 20,316 | |||||||||||||
25,000 | 4.700 | 10/15/48(b) | 22,133 | |||||||||||||
Fox Corp. |
| |||||||||||||||
25,000 | 4.709 | 01/25/29(b) | 24,553 | |||||||||||||
|
| |||||||||||||||
861,194 | ||||||||||||||||
| ||||||||||||||||
Mining – 0.0% |
| |||||||||||||||
Newmont Corp. |
| |||||||||||||||
75,000 | 2.250 | 10/01/30(b) | 63,960 | |||||||||||||
| ||||||||||||||||
Oil & Gas – 0.1% |
| |||||||||||||||
Occidental Petroleum Corp. |
| |||||||||||||||
69,000 | 7.875 | 09/15/31 | 77,248 | |||||||||||||
Phillips 66 |
| |||||||||||||||
25,000 | 1.300 | 02/15/26(b) | 23,408 | |||||||||||||
|
| |||||||||||||||
100,656 | ||||||||||||||||
| ||||||||||||||||
Packaging & Containers – 0.0% |
| |||||||||||||||
Berry Global, Inc. |
| |||||||||||||||
50,000 | 1.570 | 01/15/26(b) | 46,988 | |||||||||||||
| ||||||||||||||||
Pharmaceuticals – 1.5% |
| |||||||||||||||
AbbVie, Inc. |
| |||||||||||||||
220,000 | 4.950 | 03/15/31(b) | 219,422 | |||||||||||||
49,000 | 4.300 | 05/14/36(b) | 45,047 | |||||||||||||
107,000 | 4.050 | 11/21/39(b) | 92,852 | |||||||||||||
91,000 | 4.250 | 11/21/49(b) | 75,732 | |||||||||||||
Becton Dickinson and Co. |
| |||||||||||||||
100,000 | 2.823 | 05/20/30(b) | 88,367 | |||||||||||||
Bristol-Myers Squibb Co. |
| |||||||||||||||
75,000 | 2.950 | 03/15/32(b) | 64,792 | |||||||||||||
175,000 | 5.200 | 02/22/34(b) | 174,670 | |||||||||||||
25,000 | 4.250 | 10/26/49(b) | 20,355 | |||||||||||||
105,000 | 6.250 | 11/15/53(b) | 112,788 | |||||||||||||
Cencora, Inc. |
| |||||||||||||||
75,000 | 3.450 | 12/15/27(b) | 70,960 | |||||||||||||
Cigna Group (The) |
| |||||||||||||||
34,000 | 2.400 | 03/15/30(b) | 29,421 | |||||||||||||
250,000 | 2.375 | 03/15/31(b) | 209,733 | |||||||||||||
85,000 | 5.125 | 05/15/31(b) | 84,371 | |||||||||||||
125,000 | 4.800 | 08/15/38(b) | 114,827 | |||||||||||||
75,000 | 4.900 | 12/15/48(b) | 65,763 | |||||||||||||
CVS Health Corp. |
| |||||||||||||||
350,000 | 2.125 | 09/15/31(b) | 280,792 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds – (continued) |
| |||||||||||||||
Pharmaceuticals – (continued) |
| |||||||||||||||
CVS Health Corp. – (continued) |
| |||||||||||||||
$ | 175,000 | 4.780 | % | 03/25/38(b) | $ | 156,250 | ||||||||||
Pfizer, Inc. |
| |||||||||||||||
75,000 | 3.450 | 03/15/29(b) | 70,990 | |||||||||||||
Zoetis, Inc. |
| |||||||||||||||
45,000 | 3.000 | 09/12/27(b) | 42,217 | |||||||||||||
150,000 | 2.000 | 05/15/30(b) | 126,354 | |||||||||||||
|
| |||||||||||||||
2,145,703 | ||||||||||||||||
| ||||||||||||||||
Pipelines – 1.0% |
| |||||||||||||||
Cheniere Energy Partners LP |
| |||||||||||||||
75,000 | 5.950 | 06/30/33(b) | 75,938 | |||||||||||||
Columbia Pipelines Operating Co. LLC |
| |||||||||||||||
240,000 | 6.036 | 11/15/33(b)(c) | 245,216 | |||||||||||||
Energy Transfer LP |
| |||||||||||||||
50,000 | 2.900 | 05/15/25(b) | 48,778 | |||||||||||||
25,000 | 5.250 | 04/15/29(b) | 24,962 | |||||||||||||
275,000 | 5.750 | 02/15/33(b) | 277,327 | |||||||||||||
5,000 | 6.000 | 06/15/48(b) | 4,825 | |||||||||||||
Kinder Morgan, Inc. |
| |||||||||||||||
275,000 | 4.300 | 03/01/28(b) | 267,078 | |||||||||||||
MPLX LP |
| |||||||||||||||
75,000 | 2.650 | 08/15/30(b) | 64,648 | |||||||||||||
35,000 | 4.500 | 04/15/38(b) | 30,549 | |||||||||||||
25,000 | 5.500 | 02/15/49(b) | 23,095 | |||||||||||||
Plains All American Pipeline LP / PAA Finance Corp. |
| |||||||||||||||
25,000 | 3.800 | 09/15/30(b) | 22,847 | |||||||||||||
Sabine Pass Liquefaction LLC |
| |||||||||||||||
29,000 | 5.625 | 03/01/25(b) | 28,943 | |||||||||||||
75,000 | 5.000 | 03/15/27(b) | 74,391 | |||||||||||||
Targa Resources Corp. |
| |||||||||||||||
55,000 | 4.200 | 02/01/33(b) | 49,500 | |||||||||||||
Western Midstream Operating LP |
| |||||||||||||||
75,000 | 3.100 | 02/01/25(b) | 73,736 | |||||||||||||
25,000 | 5.450 | 04/01/44(b) | 22,382 | |||||||||||||
20,000 | 5.300 | 03/01/48(b) | 17,173 | |||||||||||||
Williams Cos., Inc. (The) |
| |||||||||||||||
25,000 | 3.900 | 01/15/25(b) | 24,751 | |||||||||||||
35,000 | 4.000 | 09/15/25(b) | 34,340 | |||||||||||||
125,000 | 5.650 | 03/15/33(b) | 126,232 | |||||||||||||
|
| |||||||||||||||
1,536,711 | ||||||||||||||||
| ||||||||||||||||
Real Estate – 0.1% |
| |||||||||||||||
CoStar Group, Inc. |
| |||||||||||||||
100,000 | 2.800 | 07/15/30(b)(c) | 84,582 | |||||||||||||
| ||||||||||||||||
REITS – 1.4% |
| |||||||||||||||
Agree LP |
| |||||||||||||||
170,000 | 4.800 | 10/01/32(b) | 159,406 | |||||||||||||
Alexandria Real Estate Equities, Inc. |
| |||||||||||||||
25,000 | 3.375 | 08/15/31(b) | 22,026 | |||||||||||||
American Homes 4 Rent LP |
| |||||||||||||||
50,000 | 4.900 | 02/15/29(b) | 48,856 | |||||||||||||
30,000 | 2.375 | 07/15/31(b) | 24,366 | |||||||||||||
355,000 | 5.500 | 07/15/34(b) | 348,737 | |||||||||||||
American Tower Corp. |
| |||||||||||||||
100,000 | 2.400 | 03/15/25(b) | 97,633 | |||||||||||||
75,000 | 2.100 | 06/15/30(b) | 62,825 | |||||||||||||
Crown Castle, Inc. |
| |||||||||||||||
60,000 | 3.650 | 09/01/27(b) | 57,041 |
8 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds – (continued) |
| |||||||||||||||
REITS – (continued) |
| |||||||||||||||
CubeSmart LP |
| |||||||||||||||
$ | 45,000 | 4.000 | % | 11/15/25(b) | $ | 43,968 | ||||||||||
20,000 | 2.500 | 02/15/32(b) | 16,353 | |||||||||||||
Essex Portfolio LP |
| |||||||||||||||
50,000 | 3.000 | 01/15/30(b) | 44,315 | |||||||||||||
Healthcare Realty Holdings LP |
| |||||||||||||||
25,000 | 2.050 | 03/15/31(b) | 19,342 | |||||||||||||
Host Hotels & Resorts LP, Series J |
| |||||||||||||||
42,000 | 2.900 | 12/15/31(b) | 34,996 | |||||||||||||
Invitation Homes Operating Partnership LP |
| |||||||||||||||
75,000 | 2.300 | 11/15/28(b) | 66,400 | |||||||||||||
195,000 | 2.000 | 08/15/31(b) | 154,648 | |||||||||||||
Kilroy Realty LP |
| |||||||||||||||
20,000 | 4.750 | 12/15/28(b) | 18,911 | |||||||||||||
Mid-America Apartments L.P. |
| |||||||||||||||
50,000 | 1.700 | 02/15/31(b) | 40,110 | |||||||||||||
National Retail Properties, Inc. |
| |||||||||||||||
45,000 | 4.000 | 11/15/25(b) | 44,073 | |||||||||||||
Prologis L.P. |
| |||||||||||||||
25,000 | 1.750 | 07/01/30(b) | 20,681 | |||||||||||||
125,000 | 4.625 | 01/15/33(b) | 119,636 | |||||||||||||
Realty Income Corp. |
| |||||||||||||||
25,000 | 3.950 | 08/15/27(b) | 24,098 | |||||||||||||
75,000 | 3.400 | 01/15/30(b) | 68,309 | |||||||||||||
Regency Centers LP |
| |||||||||||||||
100,000 | 2.950 | 09/15/29(b) | 89,746 | |||||||||||||
Retail Opportunity Investments Partnership LP |
| |||||||||||||||
195,000 | 6.750 | 10/15/28(b) | 201,836 | |||||||||||||
UDR, Inc., MTN |
| |||||||||||||||
25,000 | 2.100 | 08/01/32(b) | 19,546 | |||||||||||||
100,000 | 1.900 | 03/15/33(b) | 75,577 | |||||||||||||
Ventas Realty LP |
| |||||||||||||||
45,000 | 3.500 | 02/01/25(b) | 44,330 | |||||||||||||
WP Carey, Inc. |
| |||||||||||||||
30,000 | 4.000 | 02/01/25(b) | 29,629 | |||||||||||||
25,000 | 3.850 | 07/15/29(b) | 23,338 | |||||||||||||
25,000 | 2.400 | 02/01/31(b) | 20,736 | |||||||||||||
|
| |||||||||||||||
2,041,468 | ||||||||||||||||
| ||||||||||||||||
Retail – 0.5% |
| |||||||||||||||
7-Eleven, Inc. |
| |||||||||||||||
100,000 | 1.300 | 02/10/28(b)(c) | 87,193 | |||||||||||||
AutoNation, Inc. |
| |||||||||||||||
83,000 | 4.500 | 10/01/25(b) | 81,663 | |||||||||||||
25,000 | 1.950 | 08/01/28(b) | 21,669 | |||||||||||||
Dollar Tree, Inc. |
| |||||||||||||||
50,000 | 4.000 | 05/15/25(b) | 49,269 | |||||||||||||
50,000 | 4.200 | 05/15/28(b) | 48,009 | |||||||||||||
Home Depot, Inc. (The) |
| |||||||||||||||
25,000 | 3.900 | 12/06/28(b) | 24,151 | |||||||||||||
150,000 | 3.250 | 04/15/32(b) | 133,050 | |||||||||||||
Lowe’s Cos., Inc. |
| |||||||||||||||
25,000 | 3.100 | 05/03/27(b) | 23,669 | |||||||||||||
75,000 | 1.700 | 09/15/28(b) | 65,540 | |||||||||||||
25,000 | 3.000 | 10/15/50(b) | 15,651 | |||||||||||||
50,000 | 4.250 | 04/01/52(b) | 39,305 | |||||||||||||
McDonald’s Corp., MTN |
| |||||||||||||||
25,000 | 4.200 | 04/01/50(b) | 19,943 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds – (continued) |
| |||||||||||||||
Retail – (continued) |
| |||||||||||||||
Starbucks Corp. |
| |||||||||||||||
$ | 100,000 | 4.000 | % | 11/15/28(b) | $ | 96,339 | ||||||||||
Tractor Supply Co. |
| |||||||||||||||
50,000 | 1.750 | 11/01/30(b) | 40,507 | |||||||||||||
Walgreens Boots Alliance, Inc. |
| |||||||||||||||
41,000 | 4.100 | 04/15/50(b) | 28,307 | |||||||||||||
|
| |||||||||||||||
774,265 | ||||||||||||||||
| ||||||||||||||||
Semiconductors – 0.5% |
| |||||||||||||||
Applied Materials, Inc. |
| |||||||||||||||
25,000 | 1.750 | 06/01/30(b) | 21,049 | |||||||||||||
Broadcom, Inc. |
| |||||||||||||||
74,000 | 4.150 | 04/15/32(b)(c) | 68,174 | |||||||||||||
100,000 | 3.419 | 04/15/33(b)(c) | 86,186 | |||||||||||||
50,000 | 3.469 | 04/15/34(b)(c) | 42,612 | |||||||||||||
162,000 | 3.137 | 11/15/35(b)(c) | 129,700 | |||||||||||||
100,000 | 3.500 | 02/15/41(b)(c) | 76,620 | |||||||||||||
Intel Corp. |
| |||||||||||||||
175,000 | 5.200 | 02/10/33(b) | 174,704 | |||||||||||||
65,000 | 5.150 | 02/21/34(b) | 64,182 | |||||||||||||
75,000 | 3.050 | 08/12/51(b) | 47,571 | |||||||||||||
|
| |||||||||||||||
710,798 | ||||||||||||||||
| ||||||||||||||||
Software – 1.4% |
| |||||||||||||||
Adobe, Inc. |
| |||||||||||||||
50,000 | 2.150 | 02/01/27(b) | 46,620 | |||||||||||||
Fiserv, Inc. |
| |||||||||||||||
25,000 | 4.200 | 10/01/28(b) | 24,031 | |||||||||||||
Intuit, Inc. |
| |||||||||||||||
25,000 | 1.350 | 07/15/27(b) | 22,523 | |||||||||||||
MSCI, Inc. |
| |||||||||||||||
180,000 | 4.000 | 11/15/29(b)(c) | 167,834 | |||||||||||||
Oracle Corp. |
| |||||||||||||||
150,000 | 4.500 | 05/06/28(b) | 147,311 | |||||||||||||
34,000 | 2.950 | 04/01/30(b) | 30,223 | |||||||||||||
175,000 | 4.650 | 05/06/30(b) | 171,436 | |||||||||||||
275,000 | 2.875 | 03/25/31(b) | 237,554 | |||||||||||||
250,000 | 6.250 | 11/09/32(b) | 264,675 | |||||||||||||
157,000 | 4.900 | 02/06/33(b) | 152,370 | |||||||||||||
225,000 | 6.900 | 11/09/52(b) | 251,498 | |||||||||||||
50,000 | 3.850 | 04/01/60(b) | 34,382 | |||||||||||||
Roper Technologies, Inc. |
| |||||||||||||||
50,000 | 4.200 | 09/15/28(b) | 48,301 | |||||||||||||
ServiceNow, Inc. |
| |||||||||||||||
125,000 | 1.400 | 09/01/30(b) | 101,483 | |||||||||||||
Take-Two Interactive Software, Inc. |
| |||||||||||||||
85,000 | 3.700 | 04/14/27(b) | 81,734 | |||||||||||||
VMware, Inc. |
| |||||||||||||||
25,000 | 1.800 | 08/15/28(b) | 21,890 | |||||||||||||
100,000 | 2.200 | 08/15/31(b) | 81,271 | |||||||||||||
Workday, Inc. |
| |||||||||||||||
75,000 | 3.500 | 04/01/27(b) | 71,737 | |||||||||||||
25,000 | 3.800 | 04/01/32(b) | 22,463 | |||||||||||||
|
| |||||||||||||||
1,979,336 | ||||||||||||||||
| ||||||||||||||||
Telecommunications – 1.6% |
| |||||||||||||||
AT&T, Inc. |
| |||||||||||||||
288,000 | 2.300 | 06/01/27(b) | 266,447 | |||||||||||||
150,000 | 4.350 | 03/01/29(b) | 145,389 | |||||||||||||
50,000 | 2.750 | 06/01/31(b) | 42,822 |
The accompanying notes are an integral part of these financial statements. | 9 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND
Schedule of Investments (continued)
June 30, 2024 (Unaudited) |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Corporate Bonds – (continued) |
| |||||||||||||||
Telecommunications – (continued) |
| |||||||||||||||
AT&T, Inc. – (continued) |
| |||||||||||||||
$ | 335,000 | 2.550 | % | 12/01/33(b) | $ | 266,280 | ||||||||||
25,000 | 4.900 | 08/15/37(b) | 23,331 | |||||||||||||
60,000 | 4.850 | 03/01/39(b) | 54,965 | |||||||||||||
75,000 | 3.500 | 06/01/41(b) | 57,376 | |||||||||||||
25,000 | 4.350 | 06/15/45(b) | 20,703 | |||||||||||||
25,000 | 5.150 | 11/15/46(b) | 23,212 | |||||||||||||
25,000 | 4.500 | 03/09/48(b) | 20,614 | |||||||||||||
25,000 | 3.650 | 06/01/51(b) | 17,655 | |||||||||||||
T-Mobile USA, Inc. |
| |||||||||||||||
49,000 | 3.500 | 04/15/25(b) | 48,177 | |||||||||||||
75,000 | 1.500 | 02/15/26(b) | 70,415 | |||||||||||||
153,000 | 3.750 | 04/15/27(b) | 147,074 | |||||||||||||
25,000 | 4.750 | 02/01/28(b) | 24,620 | |||||||||||||
175,000 | 2.050 | 02/15/28(b) | 157,097 | |||||||||||||
83,000 | 3.875 | 04/15/30(b) | 77,594 | |||||||||||||
75,000 | 2.875 | 02/15/31(b) | 64,984 | |||||||||||||
75,000 | 3.500 | 04/15/31(b) | 67,405 | |||||||||||||
500,000 | 5.200 | 01/15/33(b) | 494,829 | |||||||||||||
25,000 | 3.000 | 02/15/41(b) | 17,866 | |||||||||||||
Verizon Communications, Inc. |
| |||||||||||||||
108,000 | 4.329 | 09/21/28 | 105,003 | |||||||||||||
200,000 | 2.550 | 03/21/31(b) | 169,890 | |||||||||||||
|
| |||||||||||||||
2,383,748 | ||||||||||||||||
| ||||||||||||||||
Transportation – 0.3% |
| |||||||||||||||
Burlington Northern Santa Fe LLC |
| |||||||||||||||
25,000 | 4.050 | 06/15/48(b) | 20,194 | |||||||||||||
CSX Corp. |
| |||||||||||||||
175,000 | 3.800 | 03/01/28(b) | 168,342 | |||||||||||||
FedEx Corp. |
| |||||||||||||||
45,000 | 3.400 | 02/15/28(b) | 42,590 | |||||||||||||
75,000 | 5.250 | 05/15/50(b) | 69,942 | |||||||||||||
Union Pacific Corp. |
| |||||||||||||||
125,000 | 2.800 | 02/14/32(b) | 107,799 | |||||||||||||
|
| |||||||||||||||
408,867 | ||||||||||||||||
| ||||||||||||||||
Trucking & Leasing – 0.1% |
| |||||||||||||||
Penske Truck Leasing Co. LP / PTL Finance Corp. |
| |||||||||||||||
120,000 | 5.250 | 07/01/29(b)(c) | 119,023 | |||||||||||||
| ||||||||||||||||
TOTAL CORPORATE BONDS (Cost $39,147,504) | 37,086,248 | |||||||||||||||
| ||||||||||||||||
Asset- Backed Securities – 12.8% | ||||||||||||||||
Collateralized Debt Obligations – 0.2% | ||||||||||||||||
Arbor Realty Commercial Real Estate Notes Ltd., Series 2022- FL1, Class A (SOFR + 1.450%) |
| |||||||||||||||
250,000 | 6.783 | 01/15/37(c)(d) | 248,935 | |||||||||||||
| ||||||||||||||||
Collateralized Loan Obligations – 6.2% |
| |||||||||||||||
1988 CLO 5 Ltd., Series 2024-5A, Class A1 (TSFR3M + 1.540%) |
| |||||||||||||||
300,000 | 6.865 | 07/15/37(c)(d) | 300,000 | |||||||||||||
Allegro CLO VIII Ltd., Series 2018-2A, Class A (TSFR3M + 1.362%) |
| |||||||||||||||
305,056 | 6.690 | 07/15/31(c)(d) | 305,208 | |||||||||||||
AMMC CLO XI Ltd., Series 2012-11A, Class A1R2 (TSFR3M + 1.272%) |
| |||||||||||||||
266,406 | 6.601 | 04/30/31(c)(d) | 266,486 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Asset- Backed Securities – (continued) |
| |||||||||||||||
Collateralized Loan Obligations – (continued) |
| |||||||||||||||
Apidos CLO XV, Series 2013-15A, Class A1RR (TSFR3M + 1.272%) |
| |||||||||||||||
$ | 382,430 | 6.596 | % | 04/20/31(c)(d) | $ | 382,733 | ||||||||||
Bain Capital Credit CLO Ltd., Series 2020-1A, Class A1R (TSFR3M + 1.250%) |
| |||||||||||||||
550,000 | 6.573 | 04/18/33(c)(d) | 552,377 | |||||||||||||
Carlyle US CLO Ltd., Series 2024-2A, Class B (TSFR3M + 2.050%) |
| |||||||||||||||
400,000 | 7.375 | 04/25/37(c)(d) | 400,772 | |||||||||||||
Cathedral Lake VIII Ltd., Series 2021-8A, Class C (TSFR3M + 2.882%) |
| |||||||||||||||
200,000 | 8.208 | 01/20/35(c)(d) | 200,097 | |||||||||||||
CBAM Ltd., Series 2018-5A, Class A (TSFR3M + 1.282%) |
| |||||||||||||||
427,355 | 6.599 | 04/17/31(c)(d) | 427,620 | |||||||||||||
Cedar Funding IX CLO Ltd., Series 2018-9A, Class A1 (TSFR3M + 1.242%) |
| |||||||||||||||
206,494 | 6.566 | 04/20/31(c)(d) | 206,674 | |||||||||||||
CFIP CLO Ltd., Series 2021-1A, Class A (TSFR3M + 1.482%) |
| |||||||||||||||
700,000 | 6.806 | 01/20/35(c)(d) | 700,162 | |||||||||||||
CFIP CLO Ltd., Series 2021-1A, Class C1 (TSFR3M + 2.662%) |
| |||||||||||||||
300,000 | 7.986 | 01/20/35(c)(d) | 300,063 | |||||||||||||
Crown City CLO I, Series 2020-1A, Class A1AR (TSFR3M + 1.452%) |
| |||||||||||||||
250,000 | 6.776 | 07/20/34(c)(d) | 250,050 | |||||||||||||
Diameter Capital CLO 1 Ltd., Series 2021-1A, Class A1A (TSFR3M + 1.502%) |
| |||||||||||||||
425,000 | 6.830 | 07/15/36(c)(d) | 425,757 | |||||||||||||
Elmwood CLO IV Ltd., Series 2020-1A, Class AR (TSFR3M + 1.460%) |
| |||||||||||||||
425,000 | 6.783 | 04/18/37(c)(d) | 427,322 | |||||||||||||
GoldenTree Loan Management US CLO 19 Ltd., Series 2019-6A, Class AR (TSFR3M + 1.320%) |
| |||||||||||||||
300,000 | 6.645 | 04/20/35(c)(d) | 300,059 | |||||||||||||
GoldenTree Loan Management US CLO 19 Ltd., Series 2024- 19A, Class A (TSFR3M + 1.500%) |
| |||||||||||||||
550,000 | 6.821 | 04/20/37(c)(d) | 553,917 | |||||||||||||
HalseyPoint CLO Ltd., Series 2020-3A, Class A1A (TSFR3M + 1.712%) |
| |||||||||||||||
250,000 | 7.041 | 11/30/32(c)(d) | 250,102 | |||||||||||||
Hayfin US XII Ltd., Series 2018-8A, Class A (TSFR3M + 1.382%) |
| |||||||||||||||
163,875 | 6.706 | 04/20/31(c)(d) | 163,941 | |||||||||||||
Jamestown CLO XV Ltd., Series 2020-15A, Class A1R (TSFR3M + 1.370%) |
| |||||||||||||||
300,000 | 6.698 | 07/15/35(c)(d) | 300,130 | |||||||||||||
JP Morgan Mortgage Trust, Series 2023-HE3, Class A1 (SOFR + 1.600%) |
| |||||||||||||||
115,758 | 6.934 | 05/25/54(c)(d) | 116,483 | |||||||||||||
Marble Point CLO XVII Ltd., Series 2020-1A, Class A (TSFR3M + 1.562%) |
| |||||||||||||||
500,000 | 6.886 | 04/20/33(c)(d) | 500,493 | |||||||||||||
Mountain View CLO XV Ltd., Series 2019-2A, Class A1R (TSFR3M + 1.670%) |
| |||||||||||||||
275,000 | 7.002 | 07/15/37(c)(d) | 276,402 | |||||||||||||
OCP CLO Ltd., Series 2019-16A, Class AR (TSFR3M + 1.262%) |
| |||||||||||||||
249,273 | 6.559 | 04/10/33(c)(d) | 249,406 |
10 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Asset- Backed Securities – (continued) |
| |||||||||||||||
Collateralized Loan Obligations – (continued) |
| |||||||||||||||
Palmer Square Loan Funding Ltd., Series 2022-3A, Class A1BR (TSFR3M + 1.400%) |
| |||||||||||||||
$ | 325,000 | 6.729 | % | 04/15/31(c)(d) | $ | 325,287 | ||||||||||
Pikes Peak CLO 12 Ltd., Series 2023-12A, Class A (TSFR3M + 2.100%) |
| |||||||||||||||
350,000 | 7.425 | 04/20/36(c)(d) | 352,474 | |||||||||||||
Post CLO Ltd., Series 2018-1A, Class A (TSFR3M + 1.312%) |
| |||||||||||||||
345,585 | 6.639 | 04/16/31(c)(d) | 345,925 | |||||||||||||
Southwick Park CLO LLC, Series 2019-4A, Class A1R (TSFR3M + 1.322%) |
| |||||||||||||||
250,000 | 6.646 | 07/20/32(c)(d) | 250,323 | |||||||||||||
|
| |||||||||||||||
9,130,263 | ||||||||||||||||
| ||||||||||||||||
Diversified Financial Services – 6.4% |
| |||||||||||||||
American Express Credit Account Master Trust, Series 2022-2, Class A |
| |||||||||||||||
425,000 | 3.390 | 05/15/27 | 417,415 | |||||||||||||
Bank of America Auto Trust, Series 2023-2A, Class A2 |
| |||||||||||||||
211,725 | 5.850 | 08/17/26(c) | 211,872 | |||||||||||||
Barclays Dryrock Issuance Trust, Series 2023-1, Class A |
| |||||||||||||||
600,000 | 4.720 | 02/15/29 | 594,595 | |||||||||||||
Barclays Dryrock Issuance Trust, Series 2023-2, Class A (SOFR + 0.900%) |
| |||||||||||||||
300,000 | 6.233 | 08/15/28(d) | 301,647 | |||||||||||||
Benefit Street Partners CLO Xxx Ltd., Series 2023-30A, Class A (TSFR3M + 2.100%) |
| |||||||||||||||
350,000 | 7.424 | 04/25/36(c)(d) | 352,277 | |||||||||||||
Capital One Multi-Asset Execution Trust, Series 2022-A2, Class A |
| |||||||||||||||
200,000 | 3.490 | 05/15/27 | 196,524 | |||||||||||||
Capital One Multi-Asset Execution Trust, Series 2022-A3, Class A |
| |||||||||||||||
300,000 | 4.950 | 10/15/27 | 298,448 | |||||||||||||
Citibank Credit Card Issuance Trust, Series 2023-A1, Class A1 |
| |||||||||||||||
275,000 | 5.230 | 12/08/27 | 274,745 | |||||||||||||
Citizens Auto Receivables Trust, Series 2024-1, Class A2A |
| |||||||||||||||
475,000 | 5.430 | 10/15/26(c) | 474,511 | |||||||||||||
Discover Card Execution Note Trust, Series 2023-A1, Class A |
| |||||||||||||||
300,000 | 4.310 | 03/15/28 | 295,396 | |||||||||||||
Ford Credit Auto Lease Trust, Series 2024-A, Class A2A |
| |||||||||||||||
725,000 | 5.240 | 07/15/26 | 723,264 | |||||||||||||
Ford Credit Auto Owner Trust, Series 2023-C, Class A2A |
| |||||||||||||||
423,773 | 5.680 | 09/15/26 | 423,720 | |||||||||||||
Ford Credit Auto Owner Trust, Series 2024-1, Class A |
| |||||||||||||||
350,000 | 4.870 | 08/15/36(c)(e) | 346,493 | |||||||||||||
GM Financial Consumer Automobile Receivables Trust, Series 2023-4, Class A2A |
| |||||||||||||||
267,378 | 5.890 | 11/16/26 | 267,818 | |||||||||||||
GM Financial Consumer Automobile Receivables Trust, Series 2024-1, Class A2A |
| |||||||||||||||
450,000 | 5.120 | 02/16/27 | 448,610 | |||||||||||||
HalseyPoint CLO Ltd., Series 2023-7A, Class A (TSFR3M + 2.250%) |
| |||||||||||||||
600,000 | 7.575 | 07/20/36(c)(d) | 606,266 | |||||||||||||
Honda Auto Receivables Owner Trust, Series 2023-4, Class A3 |
| |||||||||||||||
525,000 | 5.670 | 06/21/28 | 530,129 | |||||||||||||
Hyundai Auto Lease Securitization Trust, Series 2024-A, Class A2A |
| |||||||||||||||
549,791 | 5.150 | 06/15/26(c) | 547,954 | |||||||||||||
Hyundai Auto Receivables Trust, Series 2023-A, Class A2A |
| |||||||||||||||
107,044 | 5.190 | 12/15/25 | 106,972 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Asset- Backed Securities – (continued) |
| |||||||||||||||
Diversified Financial Services – (continued) |
| |||||||||||||||
Nissan Auto Lease Trust, Series 2024-A, Class A2A | ||||||||||||||||
$ | 725,000 | 5.110 | % | 10/15/26 | $ | 722,457 | ||||||||||
Nissan Auto Receivables Owner Trust, Series 2023-A, Class A2A | ||||||||||||||||
152,443 | 5.340 | 02/17/26 | 152,376 | |||||||||||||
Santander Drive Auto Receivables Trust, Series 2023-6, Class A2 |
| |||||||||||||||
236,391 | 6.080 | 05/17/27 | 236,693 | |||||||||||||
Santander Drive Auto Receivables Trust, Series 2024-1, Class A2 |
| |||||||||||||||
229,689 | 5.710 | 02/16/27 | 229,747 | |||||||||||||
Toyota Auto Receivables Owner Trust, Series 2023-B, Class A3 |
| |||||||||||||||
550,000 | 4.710 | 02/15/28 | 545,311 | |||||||||||||
World Omni Auto Receivables Trust, Series 2023-B, Class A2A |
| |||||||||||||||
136,952 | 5.250 | 11/16/26 | 136,845 | |||||||||||||
|
| |||||||||||||||
9,442,085 | ||||||||||||||||
| ||||||||||||||||
TOTAL ASSET- BACKED SECURITIES (Cost $18,798,990) | 18,821,283 | |||||||||||||||
| ||||||||||||||||
Foreign Bonds – 4.7% |
| |||||||||||||||
Agriculture – 0.2% |
| |||||||||||||||
BAT Capital Corp. (United Kingdom) |
| |||||||||||||||
25,000 | 3.222 | 08/15/24(b) | 24,905 | |||||||||||||
100,000 | 2.259 | 03/25/28(b) | 89,581 | |||||||||||||
217,000 | 6.000 | 02/20/34(b) | 219,352 | |||||||||||||
17,000 | 4.540 | 08/15/47(b) | 13,061 | |||||||||||||
|
| |||||||||||||||
346,899 | ||||||||||||||||
| ||||||||||||||||
Banks – 2.0% |
| |||||||||||||||
Banco Santander SA (Spain) |
| |||||||||||||||
200,000 | 2.746 | 05/28/25 | 194,804 | |||||||||||||
400,000 | 6.921 | 08/08/33 | 418,095 | |||||||||||||
Barclays PLC (United Kingdom) |
| |||||||||||||||
(SOFR + 2.714%) | ||||||||||||||||
200,000 | 2.852 | 05/07/26(b)(d) | 194,983 | |||||||||||||
BNP Paribas SA (France) |
| |||||||||||||||
200,000 | 3.375 | 01/09/25(c) | 197,418 | |||||||||||||
(SOFR + 1.004%) | ||||||||||||||||
200,000 | 1.323 | 01/13/27(b)(c)(d) | 186,744 | |||||||||||||
BPCE SA (France) |
| |||||||||||||||
(SOFR + 1.730%) | ||||||||||||||||
250,000 | 3.116 | 10/19/32(b)(c)(d) | 204,384 | |||||||||||||
Credit Suisse AG (Switzerland) |
| |||||||||||||||
250,000 | 1.250 | 08/07/26 | 229,688 | |||||||||||||
HSBC Holdings PLC (United Kingdom) |
| |||||||||||||||
(SOFR + 1.538%) | ||||||||||||||||
200,000 | 1.645 | 04/18/26(b)(d) | 193,562 | |||||||||||||
ING Groep NV (Netherlands) |
| |||||||||||||||
(US 1 Year CMT T-Note + | ||||||||||||||||
1.100%) | ||||||||||||||||
200,000 | 1.400 | 07/01/26(b)(c)(d) | 191,566 | |||||||||||||
Macquarie Group Ltd. (Australia) |
| |||||||||||||||
(SOFR + 1.069%) | ||||||||||||||||
50,000 | 1.340 | 01/12/27(b)(c)(d) | 46,809 | |||||||||||||
Toronto-Dominion Bank (The) (Canada) |
| |||||||||||||||
175,000 | 4.456 | 06/08/32 | 164,914 | |||||||||||||
UBS Group AG (Switzerland) |
| |||||||||||||||
250,000 | 4.550 | 04/17/26 | 245,721 | |||||||||||||
(US 1 Year CMT T-Note + | ||||||||||||||||
1.100%) | ||||||||||||||||
200,000 | 2.746 | 02/11/33(b)(c)(d) | 163,519 |
The accompanying notes are an integral part of these financial statements. | 11 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND
Schedule of Investments (continued)
June 30, 2024 (Unaudited) |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Foreign Bonds – (continued) |
| |||||||||||||||
Banks – (continued) |
| |||||||||||||||
(SOFR + 5.020%) | ||||||||||||||||
$ | 250,000 | 9.016 | % | 11/15/33(b)(c)(d) | $ | 301,483 | ||||||||||
Westpac Banking Corp. (Australia) |
| |||||||||||||||
| (US 5 Year CMT T-Note + 2.000%) | |||||||||||||||
25,000 | 4.110 | 07/24/34(b)(d) | 23,105 | |||||||||||||
Westpac Banking Corp., GMTN (Australia) |
| |||||||||||||||
(USISOA05 + 2.236%) | ||||||||||||||||
25,000 | 4.322 | 11/23/31(b)(d) | 24,126 | |||||||||||||
|
| |||||||||||||||
2,980,921 | ||||||||||||||||
| ||||||||||||||||
Beverages – 0.3% |
| |||||||||||||||
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Belgium) |
| |||||||||||||||
232,000 | 4.700 | 02/01/36(b) | 221,066 | |||||||||||||
Anheuser-Busch InBev Worldwide, Inc. (Belgium) |
| |||||||||||||||
25,000 | 8.200 | 01/15/39 | 31,788 | |||||||||||||
40,000 | 5.450 | 01/23/39(b) | 40,551 | |||||||||||||
JDE Peet’s NV (Netherlands) |
| |||||||||||||||
150,000 | 1.375 | 01/15/27(b)(c) | 135,697 | |||||||||||||
|
| |||||||||||||||
429,102 | ||||||||||||||||
| ||||||||||||||||
Biotechnology – 0.0% |
| |||||||||||||||
CSL Finance PLC (Australia) |
| |||||||||||||||
25,000 | 3.850 | 04/27/27(b)(c) | 24,114 | |||||||||||||
| ||||||||||||||||
Coal – 0.0% |
| |||||||||||||||
Teck Resources Ltd. (Canada) |
| |||||||||||||||
18,000 | 3.900 | 07/15/30(b) | 16,700 | |||||||||||||
| ||||||||||||||||
Commercial Services – 0.3% |
| |||||||||||||||
Ashtead Capital, Inc. (United Kingdom) |
| |||||||||||||||
209,000 | 5.800 | 04/15/34(b)(c) | 207,512 | |||||||||||||
DP World Crescent Ltd., EMTN (United Arab Emirates) |
| |||||||||||||||
200,000 | 3.875 | 07/18/29 | 187,250 | |||||||||||||
|
| |||||||||||||||
394,762 | ||||||||||||||||
| ||||||||||||||||
Diversified Financial Services – 0.5% |
| |||||||||||||||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland) |
| |||||||||||||||
250,000 | 2.450 | 10/29/26(b) | 233,242 | |||||||||||||
225,000 | 3.000 | 10/29/28(b) | 204,492 | |||||||||||||
Avolon Holdings Funding Ltd. (Ireland) |
| |||||||||||||||
100,000 | 2.875 | 02/15/25(b)(c) | 97,985 | |||||||||||||
25,000 | 4.250 | 04/15/26(b)(c) | 24,274 | |||||||||||||
90,000 | 6.375 | 05/04/28(b)(c) | 91,439 | |||||||||||||
Macquarie Airfinance Holdings Ltd. (United Kingdom) |
| |||||||||||||||
30,000 | 6.400 | 03/26/29(b)(c) | 30,533 | |||||||||||||
|
| |||||||||||||||
681,965 | ||||||||||||||||
| ||||||||||||||||
Machinery-Construction & Mining – 0.1% |
| |||||||||||||||
Weir Group PLC (The) (United Kingdom) |
| |||||||||||||||
200,000 | 2.200 | 05/13/26(b)(c) | 187,606 | |||||||||||||
| ||||||||||||||||
Mining – 0.1% |
| |||||||||||||||
Glencore Funding LLC (Australia) |
| |||||||||||||||
75,000 | 1.625 | 04/27/26(b)(c) | 70,116 | |||||||||||||
150,000 | 2.625 | 09/23/31(b)(c) | 123,465 | |||||||||||||
|
| |||||||||||||||
193,581 | ||||||||||||||||
|
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Foreign Bonds – (continued) |
| |||||||||||||||
Oil & Gas – 0.1% |
| |||||||||||||||
Saudi Arabian Oil Co. (Saudi Arabia) |
| |||||||||||||||
$ | 220,000 | 3.500 | % | 04/16/29 | $ | 204,600 | ||||||||||
| ||||||||||||||||
Pipelines – 0.3% |
| |||||||||||||||
Enbridge, Inc. (Canada) |
| |||||||||||||||
111,000 | 5.700 | 03/08/33(b) | 111,873 | |||||||||||||
125,000 | 2.500 | 08/01/33(b) | 99,195 | |||||||||||||
Galaxy Pipeline Assets Bidco Ltd. (United Arab Emirates) |
| |||||||||||||||
183,156 | 2.940 | 09/30/40 | 147,441 | |||||||||||||
|
| |||||||||||||||
358,509 | ||||||||||||||||
| ||||||||||||||||
Semiconductors – 0.2% |
| |||||||||||||||
NXP BV / NXP Funding LLC / NXP USA, Inc. (China) |
| |||||||||||||||
25,000 | 3.400 | 05/01/30(b) | 22,633 | |||||||||||||
125,000 | 2.500 | 05/11/31(b) | 104,706 | |||||||||||||
125,000 | 2.650 | 02/15/32(b) | 103,923 | |||||||||||||
|
| |||||||||||||||
231,262 | ||||||||||||||||
| ||||||||||||||||
Software – 0.1% |
| |||||||||||||||
Constellation Software, Inc. (Canada) |
| |||||||||||||||
97,000 | 5.461 | 02/16/34(b)(c) | 96,942 | |||||||||||||
| ||||||||||||||||
Telecommunications – 0.5% |
| |||||||||||||||
British Telecommunications PLC (United Kingdom) |
| |||||||||||||||
230,000 | 9.625 | 12/15/30 | 280,837 | |||||||||||||
Rogers Communications, Inc. (Canada) |
| |||||||||||||||
505,000 | 3.200 | 03/15/27(b) | 479,154 | |||||||||||||
|
| |||||||||||||||
759,991 | ||||||||||||||||
| ||||||||||||||||
Transportation – 0.0% |
| |||||||||||||||
Canadian Pacific Railway Co. (Canada) |
| |||||||||||||||
25,000 | 2.050 | 03/05/30(b) | 21,334 | |||||||||||||
| ||||||||||||||||
TOTAL FOREIGN BONDS (Cost $7,265,460) | 6,928,288 | |||||||||||||||
| ||||||||||||||||
Commercial Mortgage-Backed Securities – 4.1% |
| |||||||||||||||
3650R Commercial Mortgage Trust, Series 2021-PF1, Class AS |
| |||||||||||||||
150,000 | 2.778 | 11/15/54(d) | 122,936 | |||||||||||||
ARZ Trust, Series 2024-BILT, Class A |
| |||||||||||||||
425,000 | 5.772 | 06/11/29(c) | 426,114 | |||||||||||||
BANK, Series 2019-BN21, Class A5 |
| |||||||||||||||
150,000 | 2.851 | 10/17/52 | 132,244 | |||||||||||||
BANK, Series 2021-BN32, Class A5 |
| |||||||||||||||
150,000 | 2.643 | 04/15/54 | 127,772 | |||||||||||||
BANK, Series 2022-BNK43, Class A5 |
| |||||||||||||||
200,000 | 4.399 | 08/15/55 | 188,151 | |||||||||||||
BANK, Series 2023-BNK46, Class A4 |
| |||||||||||||||
200,000 | 5.745 | 08/15/56 | 205,241 | |||||||||||||
BANK5, Series 2024-5YR7, Class A3 |
| |||||||||||||||
275,000 | 5.769 | 06/15/57 | 278,697 | |||||||||||||
BBCMS Mortgage Trust, Series 2024-5C25, Class AS |
| |||||||||||||||
210,000 | 6.358 | 03/15/57(d) | 215,051 | |||||||||||||
BBCMS Mortgage Trust, Series 2024-5C25, Class B |
| |||||||||||||||
250,000 | 6.151 | 03/15/57(d) | 250,283 | |||||||||||||
BLP Commercial Mortgage Trust, Series 2024-IND2, Class A |
| |||||||||||||||
250,000 | 6.671 | 03/15/41(c)(d) | 248,125 | |||||||||||||
BMO Mortgage Trust, Series 2023-C7, Class A5 |
| |||||||||||||||
200,000 | 6.160 | 12/15/56 | 212,872 | |||||||||||||
BX Commercial Mortgage Trust, Series 2024-XL4, Class A |
| |||||||||||||||
443,231 | 6.771 | 02/15/39(c)(d) | 441,768 |
12 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Commercial Mortgage-Backed Securities – (continued) |
| |||||||||||||||
BX Commercial Mortgage Trust, Series 2024-XL5, Class A |
| |||||||||||||||
$ | 239,746 | 6.720 | % | 03/15/41(c)(d) | $ | 238,247 | ||||||||||
BX Trust, Series 2021-ARIA, Class C |
| |||||||||||||||
50,000 | 7.089 | 10/15/36(c)(d) | 49,130 | |||||||||||||
BX Trust, Series 2022-PSB, Class A |
| |||||||||||||||
79,799 | 7.780 | 08/15/39(c)(d) | 79,600 | |||||||||||||
BX Trust, Series 2024-BIO, Class A |
| |||||||||||||||
450,000 | 6.971 | 02/15/41(c)(d) | 448,312 | |||||||||||||
BX Trust, Series 2024-PAT, Class A |
| |||||||||||||||
150,000 | 7.419 | 03/15/41(c)(d) | 149,813 | |||||||||||||
Cantor Commercial Real Estate Lending, Series 2019-CF3, Class A4 |
| |||||||||||||||
100,000 | 3.006 | 01/15/53 | 88,427 | |||||||||||||
EQUS Mortgage Trust, Series 2021-EQAZ, Class A |
| |||||||||||||||
199,996 | 6.198 | 10/15/38(c)(d) | 198,167 | |||||||||||||
Freddie Mac Multifamily Structured Pass Through Certificates, Series K-152, Class A2 |
| |||||||||||||||
200,000 | 3.780 | 11/25/32(d) | 185,646 | |||||||||||||
Freddie Mac Multifamily Structured Pass Through Certificates, Series K-161, Class A2 |
| |||||||||||||||
300,000 | 4.900 | 10/25/33 | 299,668 | |||||||||||||
Freddie Mac Multifamily Structured Pass Through Certificates, Series K510, Class A2 |
| |||||||||||||||
100,000 | 5.069 | 10/25/28(d) | 100,611 | |||||||||||||
Freddie Mac Multifamily Structured Pass Through Certificates, Series KF153, Class AS |
| |||||||||||||||
184,084 | 6.004 | 02/25/33(d) | 184,199 | |||||||||||||
GS Mortgage Securities Trust, Series 2017-GS7, Class A4 |
| |||||||||||||||
200,000 | 3.430 | 08/10/50 | 186,517 | |||||||||||||
J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class A |
| |||||||||||||||
250,000 | 3.024 | 01/05/39(c) | 223,093 | |||||||||||||
MSWF Commercial Mortgage Trust, Series 2023-2, Class A2 |
| |||||||||||||||
325,000 | 6.890 | 12/15/56 | 340,808 | |||||||||||||
TYSN Mortgage Trust, Series 2023-CRNR, Class A |
| |||||||||||||||
300,000 | 6.799 | 12/10/33(c)(d) | 309,615 | |||||||||||||
| ||||||||||||||||
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES |
| |||||||||||||||
(Cost $6,039,252) | 5,931,107 | |||||||||||||||
| ||||||||||||||||
Collateralized Mortgage Obligations – 3.2% |
| |||||||||||||||
Alternative Loan Trust, Series 2005-38, Class A1 (Federal Reserve US 12 mo. Cumulative Avg 1 yr. CMT + 1.500%) |
| |||||||||||||||
36,367 | 6.653 | 09/25/35(d) | 31,402 | |||||||||||||
Angel Oak Mortgage Trust, Series 2021-6, Class A1 |
| |||||||||||||||
64,683 | 1.458 | 09/25/66(c)(d) | 52,381 | |||||||||||||
BRAVO Residential Funding Trust, Series 2024-NQM1, Class A1 |
| |||||||||||||||
344,988 | 5.943 | 12/01/63(c)(e) | 343,910 | |||||||||||||
COLT Mortgage Loan Trust, Series 2021-2, Class A1 |
| |||||||||||||||
191,102 | 0.924 | 08/25/66(c)(d) | 153,410 | |||||||||||||
Connecticut Avenue Securities Trust, Series 2021-R01, Class 1M2 (SOFR + 1.550%) |
| |||||||||||||||
41,598 | 6.885 | 10/25/41(c)(d) | 41,845 | |||||||||||||
Connecticut Avenue Securities Trust, Series 2021-R03, Class 1M2 (SOFR + 1.650%) |
| |||||||||||||||
42,000 | 6.985 | 12/25/41(c)(d) | 42,275 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Collateralized Mortgage Obligations – (continued) |
| |||||||||||||||
Connecticut Avenue Securities Trust, Series 2022-R05, Class 2M1 |
| |||||||||||||||
(SOFR + 1.900%) |
| |||||||||||||||
$ | 25,216 | 7.235 | % | 04/25/42(c)(d) | $ | 25,448 | ||||||||||
Connecticut Avenue Securities Trust, Series 2022-R05, Class 2M2 |
| |||||||||||||||
(SOFR + 3.000%) |
| |||||||||||||||
36,000 | 8.335 | 04/25/42(c)(d) | 37,267 | |||||||||||||
Connecticut Avenue Securities Trust, Series 2023-R03, Class 2M2 |
| |||||||||||||||
(SOFR + 3.900%) |
| |||||||||||||||
30,000 | 9.235 | 04/25/43(c)(d) | 32,136 | |||||||||||||
Connecticut Avenue Securities Trust, Series 2023-R08, Class 1M2 |
| |||||||||||||||
(SOFR + 2.500%) |
| |||||||||||||||
50,000 | 7.835 | 10/25/43(c)(d) | 51,495 | |||||||||||||
Connecticut Avenue Securities Trust, Series 2024-R01, Class 1M2 |
| |||||||||||||||
(SOFR + 1.800%) |
| |||||||||||||||
100,000 | 7.135 | 01/25/44(c)(d) | 101,129 | |||||||||||||
Connecticut Avenue Securities Trust, Series 2024-R02, Class 1M2 |
| |||||||||||||||
(SOFR + 1.800%) |
| |||||||||||||||
225,000 | 7.135 | 02/25/44(c)(d) | 226,240 | |||||||||||||
Connecticut Avenue Securities Trust, Series 2024-R03, Class 2M2 |
| |||||||||||||||
(SOFR + 1.950%) |
| |||||||||||||||
100,000 | 7.285 | 03/25/44(c)(d) | 100,565 | |||||||||||||
FHLMC, Series 2021-DNA5, Class M2 (SOFR + 1.650%) |
| |||||||||||||||
15,992 | 6.985 | 01/25/34(c)(d) | 16,098 | |||||||||||||
FHLMC, Series 2022-DNA1, Class M1A (SOFR + 1.000%) |
| |||||||||||||||
62,936 | 6.335 | 01/25/42(c)(d) | 62,968 | |||||||||||||
FHLMC, Series 2022-DNA3, Class M1A (SOFR + 2.000%) |
| |||||||||||||||
23,687 | 7.335 | 04/25/42(c)(d) | 24,001 | |||||||||||||
Freddie Mac STACR REMIC Trust, Series 2024-DNA2, Class M1 |
| |||||||||||||||
(SOFR + 1.200%) |
| |||||||||||||||
457,329 | 6.535 | 05/25/44(c)(d) | 457,859 | |||||||||||||
Freddie Mac STACR REMIC Trust, Series 2024-HQA1, Class A1 |
| |||||||||||||||
(SOFR + 1.250%) |
| |||||||||||||||
440,464 | 6.585 | 03/25/44(c)(d) | 441,256 | |||||||||||||
Freddie Mac STACR REMIC Trust, Series 2024-HQA1, Class M1 |
| |||||||||||||||
(SOFR + 1.250%) |
| |||||||||||||||
274,571 | 6.585 | 03/25/44(c)(d) | 275,155 | |||||||||||||
Freddie Mac STACR REMIC Trust, Series 2024-HQA1, Class M2 |
| |||||||||||||||
(SOFR + 2.000%) |
| |||||||||||||||
125,000 | 7.335 | 03/25/44(c)(d) | 125,534 | |||||||||||||
J.P. Morgan Mortgage Trust, Series 2024-1, Class A2 |
| |||||||||||||||
368,140 | 6.000 | 06/25/54(c)(d) | 365,350 | |||||||||||||
JP Morgan Mortgage Trust, Series 2021-6, Class A3 |
| |||||||||||||||
86,400 | 2.500 | 10/25/51(c)(d) | 68,856 | |||||||||||||
JP Morgan Mortgage Trust, Series 2023-10, Class A6 |
| |||||||||||||||
42,836 | 6.000 | 05/25/54(c)(d) | 42,529 | |||||||||||||
JP Morgan Mortgage Trust Series, Series 2024-4, Class A5A |
| |||||||||||||||
150,000 | 6.000 | 10/25/54(c)(d) | 147,298 | |||||||||||||
OBX Trust, Series 2024-NQM1, Class A1 |
| |||||||||||||||
414,803 | 5.928 | 11/25/63(c)(e) | 413,894 | |||||||||||||
OBX Trust, Series 2024-NQM2, Class A1 |
| |||||||||||||||
655,887 | 5.878 | 12/25/63(c)(e) | 655,054 | |||||||||||||
OBX Trust, Series 2024-NQM4, Class A1 |
| |||||||||||||||
287,442 | 6.067 | 01/25/64(c)(e) | 288,191 | |||||||||||||
Residential Mortgage Loan Trust, Series 2019-2, Class B1 |
| |||||||||||||||
100,000 | 4.713 | 05/25/59(c)(d) | 95,788 |
The accompanying notes are an integral part of these financial statements. | 13 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND
Schedule of Investments (continued)
June 30, 2024 (Unaudited) |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Collateralized Mortgage Obligations – (continued) |
| |||||||||||||||
Wells Fargo Mortgage Backed Securities Trust, Series 2019-3, Class A1 |
| |||||||||||||||
$ | 5,485 | 3.500 | % | 07/25/49(c)(d) | $ | 4,797 | ||||||||||
| ||||||||||||||||
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS |
| |||||||||||||||
(Cost $4,745,574) | 4,724,131 | |||||||||||||||
| ||||||||||||||||
U.S. Government Agency Securities – 1.5% |
| |||||||||||||||
Federal Farm Credit Banks Funding Corp. |
| |||||||||||||||
460,000 | 2.900 | 04/12/32 | 408,753 | |||||||||||||
230,000 | 3.300 | 05/19/32 | 210,832 | |||||||||||||
130,000 | 3.500 | 09/01/32 | 119,855 | |||||||||||||
600,000 | 2.850 | 03/28/34 | 512,124 | |||||||||||||
340,000 | 3.080 | 03/30/37 | 283,013 | |||||||||||||
Federal Home Loan Banks |
| |||||||||||||||
250,000 | 3.375 | 09/10/32 | 227,160 | |||||||||||||
430,000 | 4.750 | 12/10/32 | 437,015 | |||||||||||||
| ||||||||||||||||
TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost $2,452,545) | 2,198,752 | |||||||||||||||
| ||||||||||||||||
Foreign Government Securities – 0.9% |
| |||||||||||||||
Sovereign – 0.9% |
| |||||||||||||||
Indonesia Government International Bond |
| |||||||||||||||
200,000 | 4.850 | 01/11/33(b) | 195,369 | |||||||||||||
Mexico Government International Bond |
| |||||||||||||||
400,000 | 3.250 | 04/16/30(b) | 351,500 | |||||||||||||
110,000 | 1.450 | 10/25/33(b) | 89,311 | |||||||||||||
200,000 | 4.280 | 08/14/41(b) | 154,883 | |||||||||||||
Panama Government International Bond |
| |||||||||||||||
200,000 | 6.875 | 01/31/36(b) | 195,272 | |||||||||||||
Peruvian Government International Bond |
| |||||||||||||||
50,000 | 3.230 | 07/28/21(b) | 28,125 | |||||||||||||
Republic of Poland Government International Bond |
| |||||||||||||||
120,000 | 5.125 | 09/18/34(b) | 118,032 | |||||||||||||
Romanian Government International Bond |
| |||||||||||||||
40,000 | 3.000 | 02/27/27(c) | 37,165 | |||||||||||||
10,000 | 2.124 | 07/16/31(c) | 8,624 | |||||||||||||
30,000 | 2.625 | 12/02/40(c) | 20,811 | |||||||||||||
10,000 | 4.625 | 04/03/49(c) | 8,831 | |||||||||||||
Romanian Government International Bond, EMTN |
| |||||||||||||||
50,000 | 2.875 | 03/11/29 | 49,716 | |||||||||||||
| ||||||||||||||||
TOTAL FOREIGN GOVERNMENT SECURITIES (Cost $1,445,160) | 1,257,639 | |||||||||||||||
| ||||||||||||||||
Municipal Bonds – 0.4% |
| |||||||||||||||
California – 0.1% |
| |||||||||||||||
State of California |
| |||||||||||||||
105,000 | 7.625 | 03/01/40(b) | 124,501 | |||||||||||||
| ||||||||||||||||
Florida – 0.0% |
| |||||||||||||||
State Board of Administration Finance Corp., Series A |
| |||||||||||||||
70,000 | 2.154 | 07/01/30(b) | 59,311 | |||||||||||||
| ||||||||||||||||
Illinois – 0.1% |
| |||||||||||||||
Illinois State Taxable Pension Funding GO Bonds Series 2003 |
| |||||||||||||||
23,529 | 5.100 | 06/01/33 | 23,087 |
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||||
Municipal Bonds – (continued) |
| |||||||||||||||
Illinois – (continued) |
| |||||||||||||||
State of Illinois GO Bonds |
| |||||||||||||||
$ | 85,714 | 7.350 | % | 07/01/35(b) | $ | 91,978 | ||||||||||
|
| |||||||||||||||
115,065 | ||||||||||||||||
| ||||||||||||||||
Louisiana – 0.1% |
| |||||||||||||||
Louisiana Local Government Environmental Facilities & Community Development Authority, Series 2022-ELL, Class A3 |
| |||||||||||||||
140,000 | 4.275 | 02/01/36 | 130,412 | |||||||||||||
| ||||||||||||||||
New York – 0.0% |
| |||||||||||||||
Metropolitan Transportation Authority, Series A2 |
| |||||||||||||||
25,000 | 5.989 | 11/15/30(b) | 25,543 | |||||||||||||
| ||||||||||||||||
Ohio – 0.1% |
| |||||||||||||||
American Municipal Power, Inc., Series E |
| |||||||||||||||
95,000 | 6.270 | 02/15/50(b) | 100,648 | |||||||||||||
| ||||||||||||||||
TOTAL MUNICIPAL BONDS (Cost $554,524) | 555,480 | |||||||||||||||
| ||||||||||||||||
U.S. Treasury Obligations – 18.9% |
| |||||||||||||||
U.S. Treasury Bonds | ||||||||||||||||
1,640,000 | 3.125 | (g) | 11/15/41 | 1,350,694 | ||||||||||||
1,550,000 | 2.750 | (g) | 08/15/42 | 1,191,805 | ||||||||||||
2,310,000 | 2.750 | (g) | 11/15/42 | 1,770,037 | ||||||||||||
560,000 | 4.000 | (g) | 11/15/42 | 516,162 | ||||||||||||
560,000 | 3.875 | (g) | 05/15/43 | 505,312 | ||||||||||||
610,000 | 2.000 | (g) | 02/15/50 | 370,480 | ||||||||||||
480,000 | 2.375 | (g) | 05/15/51 | 316,125 | ||||||||||||
170,000 | 2.000 | (g) | 08/15/51 | 102,133 | ||||||||||||
2,448,400 | 4.000 | (g) | 11/15/52 | 2,230,722 | ||||||||||||
1,130,000 | 4.750 | (g) | 11/15/53 | 1,168,491 | ||||||||||||
U.S. Treasury Inflation Indexed Bonds |
| |||||||||||||||
393,330 | 1.500 | (g) | 02/15/53 | 330,567 | ||||||||||||
90,463 | 2.125 | (g) | 02/15/54 | 89,607 | ||||||||||||
U.S. Treasury Notes |
| |||||||||||||||
636,000 | 0.375 | (g) | 12/31/25 | 594,735 | ||||||||||||
473,200 | 0.750 | (g) | 04/30/26 | 440,094 | ||||||||||||
1,720,000 | 0.625 | (g) | 07/31/26 | 1,582,266 | ||||||||||||
620,000 | 4.375 | (g) | 08/15/26 | 615,931 | ||||||||||||
640,000 | 0.750 | (g) | 08/31/26 | 588,650 | ||||||||||||
640,000 | 2.625 | (g) | 05/31/27 | 606,950 | ||||||||||||
660,000 | 0.500 | (g) | 06/30/27 | 586,523 | ||||||||||||
4,280,000 | 0.625 | (g) | 11/30/27 | 3,762,387 | ||||||||||||
4,360,000 | 1.250 | (g) | 03/31/28 | 3,882,444 | ||||||||||||
970,000 | 2.875 | (g) | 05/15/28 | 916,347 | ||||||||||||
1,180,000 | 1.250 | (g) | 06/30/28 | 1,044,023 | ||||||||||||
250,000 | 3.125 | (g) | 11/15/28 | 237,383 | ||||||||||||
1,280,000 | 4.250 | (g) | 06/30/29(f) | 1,274,650 | ||||||||||||
364,900 | 3.625 | (g) | 03/31/30 | 351,387 | ||||||||||||
1,280,000 | 4.250 | (g) | 06/30/31(f) | 1,272,800 | ||||||||||||
| ||||||||||||||||
TOTAL U.S. TREASURY OBLIGATIONS (Cost $29,928,868) | 27,698,705 | |||||||||||||||
|
14 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND
Shares | Dividend Rate | Value | ||||||||||||
Investment Company – 7.9%(h) |
| |||||||||||||
Goldman Sachs Financial Square Government Fund - Institutional Shares |
| |||||||||||||
11,553,084 | 5.213% | $ | 11,553,084 | |||||||||||
(Cost $11,553,084) |
| |||||||||||||
| ||||||||||||||
TOTAL INVESTMENTS – 120.9% (Cost $184,100,702) | $ | 177,130,341 | ||||||||||||
| ||||||||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS – (20.9)% | (30,583,669 | ) | ||||||||||||
| ||||||||||||||
NET ASSETS – 100.0% | $ | 146,546,672 | ||||||||||||
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
(a) | TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $32,626,165 which represents approximately 22.3% of the Fund’s net assets as of June 30, 2024. | |
(b) | Securities with “Call” features. Maturity dates disclosed are the final maturity date. | |
(c) | Exempt from registration under Rule 144A of the Securities Act of 1933. | |
(d) | Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on June 30, 2024. | |
(e) | Step coupon. | |
(f) | When-issued security. | |
(g) | Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices. |
(h) | Represents an affiliated issuer. |
| ||
Investment Abbreviations: | ||
BBSW | —Bank Bill Swap Rate | |
CLO | —Collateralized Loan Obligation | |
CMT | —Constant Maturity Treasury Index | |
CORRA | —Canadian Overnight Repo Rate Average | |
ESTRON | —Euro Short-Term Rate | |
FHLMC | —Federal Home Loan Mortgage Corp. | |
FNMA | —Federal National Mortgage Association | |
GMTN | —Global Medium Term Note | |
GNMA | —Insured by Government National Mortgage Association | |
LP | —Limited Partnership | |
Mo. | —Month | |
MTN | —Medium Term Note | |
NIBOR | —Norwegian Interbank Offered Rate | |
PLC | —Public Limited Company | |
SOFR | —Secured Overnight Financing Rate | |
SONIO | —Sterling Overnight Index Average | |
STIBOR | —Stockholm Interbank Offered Rate | |
TSFR | —Term Secured Overnight Financing Rate | |
|
| ||
Currency Abbreviations: | ||
AUD | Australian Dollar | |
CAD | Canadian Dollar | |
CHF | Swiss Franc | |
EUR | Euro | |
GBP | British Pound | |
JPY | Japanese Yen | |
NOK | Norwegian Krone | |
NZD | New Zealand Dollar | |
SEK | Swedish Krona | |
USD | United States Dollar | |
|
ADDITIONAL INVESTMENT INFORMATION |
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2024, the Fund had the following forward foreign currency exchange contracts:
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN
Counterparty | Currency Purchased | Currency Sold | Settlement Date | Unrealized Gain | ||||||||||||||||||||
| ||||||||||||||||||||||||
Morgan Stanley Co., Inc. | ||||||||||||||||||||||||
GBP | 193,093 | USD | 243,941 | 7/2/2024 | $ | 147 | ||||||||||||||||||
SEK | 2,487,253 | USD | 229,371 | 7/24/2024 | 5,562 | |||||||||||||||||||
USD | 1,091,207 | EUR | 1,008,998 | 7/30/2024 | 9,149 | |||||||||||||||||||
CAD | 324,836 | USD | 236,653 | 7/31/2024 | 954 | |||||||||||||||||||
USD | 255,820 | GBP | 202,208 | 9/27/2024 | 42 | |||||||||||||||||||
| ||||||||||||||||||||||||
TOTAL | $ | 15,854 | ||||||||||||||||||||||
| ||||||||||||||||||||||||
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS
|
| |||||||||||||||||||||||
Counterparty | Currency Purchased | Currency Sold | Settlement Date | Unrealized Loss | ||||||||||||||||||||
| ||||||||||||||||||||||||
Morgan Stanley Co., Inc. | ||||||||||||||||||||||||
USD | 255,457 | GBP | 202,208 | 7/2/2024 | (155 | ) | ||||||||||||||||||
USD | 196,987 | SEK | 2,136,078 | 7/24/2024 | (4,777 | ) | ||||||||||||||||||
EUR | 829,617 | USD | 897,211 | 7/30/2024 | (7,522 | ) | ||||||||||||||||||
USD | 232,231 | CAD | 318,766 | 7/31/2024 | (936 | ) |
The accompanying notes are an integral part of these financial statements. | 15 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND
Schedule of Investments (continued)
June 30, 2024 (Unaudited) |
ADDITIONAL INVESTMENT INFORMATION (continued) |
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)
Counterparty | Currency Purchased | Currency Sold | Settlement Date | Unrealized Loss | ||||||||||||||||||||
| ||||||||||||||||||||||||
Morgan Stanley Co., Inc. (continued) | USD | 120,217 | CHF | 108,236 | 8/19/2024 | $ | (980 | ) | ||||||||||||||||
GBP | 204,734 | USD | 259,016 | 9/27/2024 | (42 | ) | ||||||||||||||||||
| ||||||||||||||||||||||||
TOTAL | $ | (14,412 | ) | |||||||||||||||||||||
|
FORWARD SALES CONTRACTS — At June 30, 2024, the Fund had the following forward sales contracts:
Description | Interest Rate | Maturity Date (a) | Settlement Date | Principal Amount | Value | |||||||||||||||||||
| ||||||||||||||||||||||||
Federal National Mortgage Association | 4.500% | TBA-30yr | 07/15/54 | $ | (5,000,000 | ) | $ | (4,713,505 | ) | |||||||||||||||
Federal National Mortgage Association | 5.000 | TBA-30yr | 07/15/54 | (7,000,000 | ) | (6,763,792 | ) | |||||||||||||||||
Federal National Mortgage Association | 6.500 | TBA-30yr | 07/15/54 | (5,000,000 | ) | (5,088,100 | ) | |||||||||||||||||
Government National Mortgage Association | 3.000 | TBA-30yr | 07/15/54 | (1,000,000 | ) | (871,113 | ) | |||||||||||||||||
| ||||||||||||||||||||||||
Total (Proceed Receivable $17,503,438) | $ | (17,436,510 | ) | |||||||||||||||||||||
|
(a) | TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. |
FUTURES CONTRACTS — At June 30, 2024, the Fund had the following futures contracts:
Description | Number of Contracts | Expiration Date | Notional Amount | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||
| ||||||||||||||||||||
Long position contracts: | ||||||||||||||||||||
U.S. Treasury 10 Year Note | 87 | 09/19/24 | $ | 9,557,766 | $ | (54,118 | ) | |||||||||||||
U.S. Treasury 10 Year Ultra Note | 10 | 09/19/24 | 1,132,812 | 9,001 | ||||||||||||||||
U.S. Treasury 2 Year Note | 11 | 09/30/24 | 2,246,492 | 324 | ||||||||||||||||
U.S. Treasury 5 Year Note | 128 | 09/30/24 | 13,635,000 | 71,737 | ||||||||||||||||
U.S. Treasury Long Bond | 15 | 09/19/24 | 1,768,125 | (7,936 | ) | |||||||||||||||
U.S. Treasury Ultra Bond | 33 | 09/19/24 | 4,109,531 | (9,168 | ) | |||||||||||||||
| ||||||||||||||||||||
Total | $ | 9,840 | ||||||||||||||||||
| ||||||||||||||||||||
Short position contracts: | ||||||||||||||||||||
Euro Bund Future | (1) | 09/06/24 | (140,862 | ) | (1,320 | ) | ||||||||||||||
| ||||||||||||||||||||
Total Futures Contracts | $ | 8,520 | ||||||||||||||||||
|
SWAP CONTRACTS — At June 30, 2024, the Fund had the following swap contracts:
OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS
Reference Obligation/ Index | Financing Rate Received (Paid) by the Fund | Credit Spread at June 30, 2024(a) | Counterparty | Termination Date | Notional Amount (000’s) | Value | Upfront Premium (Received) Paid | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||
| ||||||||||||||||||||||||
ICE CD JWN(b) | 1.000% | 0.286% | Bank of America N.A | 12/20/2024 | 100 | $ | 286 | $ | (1,928 | ) | $ | 2,214 | ||||||||||||
General Electric | 1.000% | 1.704 | Bank of America N.A | 06/20/2026 | 175 | 2,982 | – | 2,983 | ||||||||||||||||
Markit CDX North America Investment Grade Index(b) | 1.000% | 1.434 | Bank of America N.A | 06/20/2026 | 4,775 | 68,471 | 15,567 | 52,904 | ||||||||||||||||
ICE CDX Investment Grade Index(b) | 1.000% | 1.651 | Bank of America N.A | 12/20/2026 | 2,900 | 47,881 | 45,927 | 1,953 | ||||||||||||||||
ICE CDX Investment Grade Index(b) | 1.000% | 2.101 | Bank of America N.A | 06/20/2028 | 1,008 | 21,178 | 12,977 | 8,201 | ||||||||||||||||
ICE CDX Investment Grade Index(b) | 1.000% | 2.103 | Bank of America N.A | 12/20/2028 | 1,425 | 29,971 | 22,660 | 7,311 | ||||||||||||||||
Chile Government International Bond(b) | 1.000% | 1.879 | Bank of America N.A | 06/20/2029 | 90 | 1,691 | 1,832 | (141 | ) |
16 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND
ADDITIONAL INVESTMENT INFORMATION (continued) |
OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS
Reference Obligation/Index | Financing Rate Received (Paid) by the Fund | Credit Spread at June 30, 2024(a) | Counterparty | Termination Date | Notional Amount (000’s) | Value | Upfront Premium (Received) Paid | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
ICE CDX Investment Grade Index(b) | 1.000% | 2.043% | | Bank of America N.A | | 06/20/2029 | 10,280 | $ | 210,000 | $ | 210,791 | $ | (791 | ) | ||||||||||||||||||
ICE PHI PHILIP(b) | 1.000% | 1.340 | | Bank of America N.A | | 06/20/2029 | 200 | 2,681 | 3,118 | (437 | ) | |||||||||||||||||||||
Indonesia Government International Bond(b) | 1.000% | 0.961 | | Bank of America N.A | | 06/20/2029 | 200 | 1,921 | 2,408 | (487 | ) | |||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
TOTAL | $ | 387,062 | $ | 313,352 | $ | 73,710 | ||||||||||||||||||||||||||
|
(a) | Credit spread on the referenced obligation, together with the period of expiration, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and term of the swap contract increase. |
(b) | Payments made quarterly. |
SWAP CONTRACTS — At June 30, 2024, the Portfolio had the following swap contracts:
CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS
Payments Made by the Fund(a) | Payments Received by the Fund | Termination Date | Notional Amounts (000’s) | Value | Upfront Premium (Received) Paid | Unrealized Appreciation/ (Depreciation) | ||||||||||||||
| ||||||||||||||||||||
1 Day SOFR(b) | 3.500% | 4/19/2025 | USD | 250 | $ | 3,295 | $ | (233 | ) | $ | 3,528 | |||||||||
4.746%(b) | 1 Day SOFR | 3/31/2026 | USD | 7,520 | 8,650 | – | 8,650 | |||||||||||||
1 Day SOFR(b) | 4.224 | 4/11/2026 | USD | 870 | 252 | (135 | ) | 387 | ||||||||||||
1 Day SOFR(b) | 4.427 | 4/16/2026 | USD | 1,520 | (2,574 | ) | (50 | ) | (2,524 | ) | ||||||||||
1 Day ESTRON(b) | 2.980 | 4/24/2026 | EUR | 2,990 | (517 | ) | (1,006 | ) | 489 | |||||||||||
1 Day SOFR(b) | 4.172 | 5/20/2026 | USD | 970 | 53 | (796 | ) | 849 | ||||||||||||
4.730 (b) | 1 Day SOFR | 6/30/2026 | USD | 5,070 | 21,309 | 1,921 | 19,388 | |||||||||||||
3 Month BBSW(c) | 4.000 | 9/18/2026 | AUD | 12,230 | 50,100 | – | 50,101 | |||||||||||||
3.500 (d) | CORRA | 9/18/2026 | CAD | 2,900 | (11,786 | ) | – | (11,786 | ) | |||||||||||
1 Day ESTRON(b) | 2.250 | 9/18/2026 | EUR | 580 | 7,512 | – | 7,512 | |||||||||||||
4.000 (b) | 1 Day SONIO | 9/18/2026 | GBP | 2,820 | (23,969 | ) | – | (23,969 | ) | |||||||||||
4.250 (b) | 6 Month NIBOR | 9/18/2026 | NOK | 53,160 | (6,262 | ) | 8,042 | (14,304 | ) | |||||||||||
3.000 (b) | 3 Month STIBOR | 9/18/2026 | SEK | 42,720 | 18,206 | 13,609 | 4,597 | |||||||||||||
1 Day SOFR(b) | 3.750 | 9/18/2026 | USD | 3,580 | 43,858 | – | 43,858 | |||||||||||||
3 Month BBSW(c) | 4.000 | 9/26/2026 | AUD | 930 | 3,751 | – | 3,751 | |||||||||||||
1 Day ESTRON(b) | 3.000 | 9/26/2026 | EUR | 570 | 825 | – | 825 | |||||||||||||
1 Day SONIO(b) | 4.250 | 9/26/2026 | GBP | 510 | 1,169 | (33 | ) | 1,202 | ||||||||||||
1 Day SOFR(b) | 4.250 | 9/26/2026 | USD | 690 | 1,768 | – | 1,767 | |||||||||||||
1 Day SOFR(b) | 4.335 | 11/30/2027 | USD | 3,900 | (11,002 | ) | – | (11,002 | ) | |||||||||||
1 Day SOFR(b) | 4.291 | 3/31/2028 | USD | 3,880 | (12,412 | ) | – | (12,412 | ) | |||||||||||
3.805 (b) | 1 Day SOFR | 4/13/2028 | USD | 1,860 | 2,150 | 574 | 1,576 | |||||||||||||
2.500 (b) | 1 Day ESTRON | 5/14/2028 | EUR | 3,370 | (10,337 | ) | – | (10,337 | ) | |||||||||||
1 Day SOFR(b) | 4.301 | 11/30/2028 | USD | 9,950 | (94,927 | ) | (2,629 | ) | (92,298 | ) | ||||||||||
3.750 (b) | 1 Day SONIO | 9/18/2029 | GBP | 890 | (7,667 | ) | – | (7,667 | ) | |||||||||||
12 Month BOJDTR(b) | 0.500 | 9/18/2029 | JPY | 1,128,700 | 79,727 | – | 79,727 | |||||||||||||
4.500 (d) | 3 Month NZD BKBM | 9/18/2029 | NZD | 1,470 | 4,365 | 1,458 | 2,907 | |||||||||||||
4.025 (b) | 1 Day SOFR | 4/16/2030 | USD | 2,630 | 22,432 | 76 | 22,356 | |||||||||||||
2.710 (b) | 1 Day ESTRON | 4/24/2030 | EUR | 2,280 | (1,101 | ) | 2,487 | (3,588 | ) | |||||||||||
1 Day SOFR(b) | 2.680 | 7/28/2032 | USD | 1,400 | 58,489 | – | 58,489 | |||||||||||||
3.000 (b) | 1 Day ESTRON | 11/10/2033 | EUR | 440 | 4,720 | 313 | 4,407 | |||||||||||||
1 Day ESTRON(b) | 2.535 | 1/19/2034 | EUR | 2,060 | 28,512 | – | 28,512 | |||||||||||||
2.370 (b) | 1 Day ESTRON | 1/19/2034 | EUR | 2,060 | (33,831 | ) | – | (33,831 | ) | |||||||||||
3.790 (b) | 1 Day SOFR | 5/21/2034 | USD | 1,610 | (1,274 | ) | 4,845 | (6,119 | ) | |||||||||||
4.500 (d) | 6 Month BBSW | 9/18/2034 | AUD | 100 | (265 | ) | – | (265 | ) | |||||||||||
3.250 (d) | CORRA | 9/18/2034 | CAD | 320 | (2,977 | ) | – | (2,977 | ) | |||||||||||
1.250 (b) | 1 Day SOFR | 9/18/2034 | CHF | 40 | 1,153 | 456 | 697 |
The accompanying notes are an integral part of these financial statements. | 17 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND
Schedule of Investments (continued)
June 30, 2024 (Unaudited) |
ADDITIONAL INVESTMENT INFORMATION (continued) |
CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS
Payments Made by the Fund(a) | Payments Received by the Fund | Termination Date | Notional Amounts (000’s) | Value | Upfront Premium (Received) Paid | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||
| ||||||||||||||||||||||
2.500%(b) | 1 Day ESTRON | 9/18/2034 | EUR | 1,030 | $ | (29,643 | ) | $ | – | $ | (29,643 | ) | ||||||||||
6 Month NIBOR(b) | 3.750% | 9/18/2034 | NOK | 1,420 | 146 | (816 | ) | 962 | ||||||||||||||
3 Month NZD BKBM(d) | 4.750 | 9/18/2034 | NZD | 80 | (1,069 | ) | (1,070 | ) | 1 | |||||||||||||
2.750 (b) | 3 Month STIBOR | 9/18/2034 | SEK | 4,130 | 5,954 | 6,268 | (314 | ) | ||||||||||||||
1 Day SOFR(b) | 3.750 | 9/18/2034 | USD | 260 | 3,480 | – | 3,480 | |||||||||||||||
1 Day SOFR(b) | 3.992 | 4/16/2035 | USD | 1,460 | (17,919 | ) | (240 | ) | (17,679 | ) | ||||||||||||
1 Day ESTRON(b) | 2.740 | 4/24/2035 | EUR | 1,220 | 3,501 | (3,167 | ) | 6,668 | ||||||||||||||
2.910 (b) | 1 Day SOFR | 7/28/2037 | USD | 3,440 | (116,310 | ) | – | (116,310 | ) | |||||||||||||
2.152 (b) | 1 Day ESTRON | 8/9/2037 | EUR | 1,070 | (32,357 | ) | – | (32,357 | ) | |||||||||||||
3.391 (b) | 1 Day SOFR | 5/10/2038 | USD | 630 | (11,480 | ) | – | (11,480 | ) | |||||||||||||
3.000 (b) | 1 Day ESTRON | 1/25/2039 | EUR | 880 | 2,652 | 2,955 | (303 | ) | ||||||||||||||
1 Day ESTRON(b) | 1.452 | 8/10/2042 | EUR | 2,730 | 116,149 | – | 116,149 | |||||||||||||||
1 Day ESTRON(b) | 2.500 | 1/25/2044 | EUR | 2,120 | 1,263 | (2,430 | ) | 3,693 | ||||||||||||||
1 Day SOFR(b) | 2.080 | 7/28/2047 | USD | 3,410 | 106,157 | – | 106,157 | |||||||||||||||
1.051 (b) | 1 Day ESTRON | 8/11/2047 | EUR | 1,610 | (53,171 | ) | – | (53,171 | ) | |||||||||||||
2.000 (b) | 1 Day ESTRON | 1/25/2049 | EUR | 1,270 | (701 | ) | – | (701 | ) | |||||||||||||
1 Day SOFR(b) | 2.564 | 5/11/2053 | USD | 610 | 15,703 | (976 | ) | 16,679 | ||||||||||||||
1 Day ESTRON(b) | 2.000 | 5/17/2053 | EUR | 730 | 11,737 | – | 11,737 | |||||||||||||||
1 Day ESTRON(b) | 2.500 | 11/10/2053 | EUR | 240 | (7,808 | ) | (11,975 | ) | 4,167 | |||||||||||||
1 Day SOFR(b) | 3.380 | 4/11/2054 | USD | 510 | 172 | (747 | ) | 919 | ||||||||||||||
1 Day SOFR(b) | 3.344 | 5/20/2054 | USD | 920 | 1,974 | (2,285 | ) | 4,259 | ||||||||||||||
1 Day ESTRON(b) | 2.500 | 9/18/2054 | EUR | 470 | 2,735 | (168 | ) | 2,903 | ||||||||||||||
| ||||||||||||||||||||||
TOTAL | $ | 142,560 | $ | 14,248 | $ | 128,312 | ||||||||||||||||
|
(a) | Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to June 30, 2024. |
(b) | Payments made annually. |
(c) | Payments made quarterly. |
(d) | Payments made semi-annually. |
OVER-THE-COUNTER - INTEREST RATE SWAPTIONS — At June 30, 2024, the Fund had the following purchased and written option contracts:
Description | Counterparty | Exercise | Expiration Date | Number of Contracts | Notional Amount | Market Value | Premiums Paid (Received) by the Fund | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||
Purchased Option Contracts: |
| |||||||||||||||||||||||||||||||||
Puts | ||||||||||||||||||||||||||||||||||
3M IRS | Bank of America N.A | EUR | 2.38 | 12/01/2025 | 2,670,000 | $ | 2,670,000 | $ | 7,450 | $ | 5,887 | $ | 1,563 | |||||||||||||||||||||
3M IRS | Bank of America N.A | 2.50 | 05/29/2025 | 2,630,000 | 2,630,000 | 4,780 | 3,527 | 1,253 | ||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||
Total purchased option contracts | 5,300,000 | $ | 5,300,000 | $ | 12,230 | $ | 9,414 | $ | 2,816 | |||||||||||||||||||||||||
|
Description | Counterparty | Exercise | Expiration Date | Number of Contracts | Notional Amount | Market Value | Premiums Paid (Received) by the Fund | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||
Written Option Contracts: |
| |||||||||||||||||||||||||||||||||
Puts | ||||||||||||||||||||||||||||||||||
3M IRS | Bank of America N.A | EUR | 2.40 | 12/01/2025 | (300,000 | ) | $ | (300,000 | ) | $ | (6,621 | ) | $ | (6,238 | ) | $ | (383 | ) | ||||||||||||||||
3M IRS | Bank of America N.A | 2.33 | 05/29/2025 | (290,000 | ) | (290,000 | ) | (3,961 | ) | (3,712 | ) | (249 | ) | |||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||
Total written option contracts | (590,000 | ) | $ | (590,000 | ) | $ | (10,582 | ) | $ | (9,950 | ) | $ | (632 | ) | ||||||||||||||||||||
|
| ||||
Abbreviations: | ||||
3M IRS | —3 Months Interest Rate Swaptions | |||
|
18 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND
Statement of Assets and Liabilities
June 30, 2024 (Unaudited) |
Core Fixed Income Fund | ||||||||
Assets: | ||||||||
Investments in unaffiliated issuers, at value (cost $172,547,618) | $ | 165,577,257 | ||||||
Investments in affiliated issuers, at value (cost $11,553,084) | 11,553,084 | |||||||
Purchased Options, at value (premiums paid $9,414) | 12,230 | |||||||
Cash | 2,257,639 | |||||||
Foreign Currency, at value (cost $63,742) | 63,518 | |||||||
Receivables: | ||||||||
Investments sold | 34,188,812 | |||||||
Collateral on certain derivative contracts(a) | 1,099,105 | |||||||
Interest and Dividends | 933,012 | |||||||
Fund shares sold | 43,184 | |||||||
Reimbursement from investment adviser | 28,220 | |||||||
Unrealized gain on forward foreign currency exchange contracts | 15,854 | |||||||
Unrealized gain on swap contracts | 73,710 | |||||||
Upfront payments received on swap contracts | 313,352 | |||||||
Variation margin on futures contracts | 77,976 | |||||||
Other assets | 3,201 | |||||||
| ||||||||
Total assets | 216,240,154 | |||||||
| ||||||||
Liabilities: | ||||||||
Written options, at value (premiums received $9,950) | 10,582 | |||||||
Forward sale contracts, at value (proceeds received $17,503,438) | 17,436,510 | |||||||
Unrealized loss on forward foreign currency exchange contracts | 14,412 | |||||||
Payables: | ||||||||
Investments purchased | 52,084,647 | |||||||
Management fees | 46,553 | |||||||
Distribution and Service fees and Transfer Agency fees | 21,338 | |||||||
Fund shares redeemed | 14,591 | |||||||
Accrued expenses | 64,849 | |||||||
| ||||||||
Total liabilities | 69,693,482 | |||||||
| ||||||||
Net Assets: | ||||||||
Paid-in capital | 163,176,889 | |||||||
Total distributable loss | (16,630,217 | ) | ||||||
| ||||||||
NET ASSETS | $ | 146,546,672 | ||||||
Net Assets: | ||||||||
Institutional | $ | 54,209,932 | ||||||
Service | 92,336,740 | |||||||
Total Net Assets | $ | 146,546,672 | ||||||
Shares Outstanding $0.001 par value (unlimited number of shares authorized): | ||||||||
Institutional | 5,768,230 | |||||||
Service | 9,840,041 | |||||||
Net asset value, offering and redemption price per share: | ||||||||
Institutional | $ | 9.40 | ||||||
Service | 9.38 |
(a) | Segregated for initial margin and/or collateral as follows: |
Fund | Futures | Forwards | Swaps | |||||||||
Core Fixed Income Fund | $527,863 | $(60,000) | $631,242 |
The accompanying notes are an integral part of these financial statements. | 19 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND
Statement of Operations
For the Six Months Ended June 30, 2024 (Unaudited) |
Core Fixed Income Fund | ||||||||
Investment income: | ||||||||
Interest | $ | 2,869,964 | ||||||
Dividends — affiliated issuers | 201,313 | |||||||
| ||||||||
Total Investment Income | 3,071,277 | |||||||
| ||||||||
Expenses: | ||||||||
Management fees | 279,846 | |||||||
Service fees — Service | 111,149 | |||||||
Professional fees | 61,948 | |||||||
Custody, accounting and administrative services | 39,570 | |||||||
Transfer Agency fees(a) | 13,992 | |||||||
Printing and mailing costs | 10,924 | |||||||
Trustee fees | 9,766 | |||||||
Registration fees | 231 | |||||||
Other | 2,059 | |||||||
| ||||||||
Total expenses | 529,485 | |||||||
| ||||||||
Less — expense reductions | (127,646 | ) | ||||||
| ||||||||
Net expenses | 401,839 | |||||||
| ||||||||
NET INVESTMENT INCOME | 2,669,438 | |||||||
| ||||||||
Realized and Unrealized gain (loss): | ||||||||
Net realized gain (loss) from: | ||||||||
Investments — unaffiliated issuers | (2,763,197 | ) | ||||||
Forward sales contracts | 315,215 | |||||||
Swap Contracts | 136,309 | |||||||
Forward foreign currency exchange contracts | 13,689 | |||||||
Purchased Options | 2,335 | |||||||
Written options | (1,736 | ) | ||||||
Foreign currency transactions | (2,224 | ) | ||||||
Futures contracts | (690,541 | ) | ||||||
Net change in unrealized gain (loss) on: | ||||||||
Investments — unaffiliated issuers | (499,354 | ) | ||||||
Forward sales contracts | 150,994 | |||||||
Foreign currency translations | 57,933 | |||||||
Forward foreign currency exchange contracts | 20,034 | |||||||
Purchased Options | 6,894 | |||||||
Written options | (4,219 | ) | ||||||
Futures contracts | (163,586 | ) | ||||||
Swap Contracts | (183,696 | ) | ||||||
| ||||||||
Net realized and unrealized loss | (3,605,150 | ) | ||||||
| ||||||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (935,712 | ) | |||||
|
(a) | Class specific Distribution and/or Service and Transfer Agency fees were as follows: |
Transfer Agency Fees | ||||
Fund | Institutional | Service | ||
Core Fixed Income Fund | $5,100 | $8,892 |
20 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND
Statements of Changes in Net Assets
|
Core Fixed Income Fund | ||||||||||||
For the Six Months Ended June 30, 2024 (Unaudited) | For the Fiscal Year Ended December 31, 2023 | |||||||||||
From operations: | ||||||||||||
Net investment income | $ | 2,669,438 | $ | 3,987,692 | ||||||||
Net realized loss | (2,990,150 | ) | (1,476,708 | ) | ||||||||
Net change in unrealized gain (loss) | (615,000 | ) | 4,724,168 | |||||||||
| ||||||||||||
Net increase (decrease) in net assets resulting from operations | (935,712 | ) | 7,235,152 | |||||||||
| ||||||||||||
Distributions to shareholders: | ||||||||||||
From distributable earnings: | ||||||||||||
Institutional Shares | (1,200,157 | ) | (1,301,980 | ) | ||||||||
Service Shares | (1,976,439 | ) | (2,263,048 | ) | ||||||||
| ||||||||||||
Total distributions to shareholders | (3,176,596 | ) | (3,565,028 | ) | ||||||||
| ||||||||||||
From share transactions: | ||||||||||||
Proceeds from sales of shares | 17,438,400 | 25,601,052 | ||||||||||
Reinvestment of distributions | 3,166,579 | 3,565,028 | ||||||||||
Cost of shares redeemed | (4,847,383 | ) | (8,631,963 | ) | ||||||||
| ||||||||||||
Net increase in net assets resulting from share transactions | 15,757,596 | 20,534,117 | ||||||||||
| ||||||||||||
TOTAL INCREASE | 11,645,288 | 24,204,241 | ||||||||||
| ||||||||||||
Net Assets: | ||||||||||||
Beginning of period | $ | 134,901,384 | $ | 110,697,143 | ||||||||
| ||||||||||||
End of period | $ | 146,546,672 | $ | 134,901,384 | ||||||||
|
The accompanying notes are an integral part of these financial statements. | 21 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND
Financial Highlights
Selected Data for a Share Outstanding Throughout Each Period |
Core Fixed Income Fund | |||||||||||||||||||||||||||||||||||
Institutional Shares | |||||||||||||||||||||||||||||||||||
Six Months Ended | |||||||||||||||||||||||||||||||||||
June 30, 2024 | Year Ended December 31, | ||||||||||||||||||||||||||||||||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 9.68 | $ | 9.41 | $ | 11.13 | $ | 11.53 | $ | 10.85 | $ | 10.20 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net investment income(a) | 0.19 | 0.33 | 0.21 | 0.12 | 0.18 | 0.26 | |||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) | (0.25 | ) | 0.23 | (1.77 | ) | (0.36 | ) | 0.86 | 0.69 | ||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total from investment operations | (0.06 | ) | 0.56 | (1.56 | ) | (0.24 | ) | 1.04 | 0.95 | ||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income | (0.22 | ) | (0.29 | ) | (0.16 | ) | (0.14 | ) | (0.26 | ) | (0.30 | ) | |||||||||||||||||||||||
Distributions to shareholders from net realized gains | – | – | – | (0.02 | ) | (0.10 | ) | – | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total distributions | (0.22 | ) | (0.29 | ) | (0.16 | ) | (0.16 | ) | (0.36 | ) | (0.30 | ) | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 9.40 | $ | 9.68 | $ | 9.41 | $ | 11.13 | $ | 11.53 | $ | 10.85 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total Return(b) | (0.64 | )% | 6.08 | % | (14.03 | )% | (2.06 | )% | 9.64 | % | 9.28 | % | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 54,210 | $ | 47,421 | $ | 38,157 | $ | 31,179 | $ | 25,194 | $ | 17,421 | |||||||||||||||||||||||
Ratio of net expenses to average net assets | 0.42 | %(c) | 0.43 | % | 0.41 | % | 0.41 | % | 0.41 | % | 0.44 | % | |||||||||||||||||||||||
Ratio of total expenses to average net assets | 0.60 | %(c) | 0.62 | % | 0.70 | % | 0.81 | % | 0.93 | % | 1.08 | % | |||||||||||||||||||||||
Ratio of net investment income to average net assets | 3.98 | %(c) | 3.45 | % | 2.07 | % | 1.09 | % | 1.61 | % | 2.41 | % | |||||||||||||||||||||||
Portfolio turnover rate(d) | 415 | % | 841 | % | 693 | % | 513 | % | 501 | % | 556 | % | |||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
22 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
Core Fixed Income Fund | |||||||||||||||||||||||||||||||||||
Service Shares | |||||||||||||||||||||||||||||||||||
Six Months Ended | |||||||||||||||||||||||||||||||||||
June 30, 2024 | Year Ended December 31, | ||||||||||||||||||||||||||||||||||
(Unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 9.67 | $ | 9.40 | $ | 11.13 | $ | 11.53 | $ | 10.85 | $ | 10.21 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net investment income(a) | 0.18 | 0.30 | 0.18 | 0.09 | 0.16 | 0.25 | |||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) | (0.26 | ) | 0.24 | (1.77 | ) | (0.34 | ) | 0.85 | 0.66 | ||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total from investment operations | (0.08 | ) | 0.54 | (1.59 | ) | (0.25 | ) | 1.01 | 0.91 | ||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income | (0.21 | ) | (0.27 | ) | (0.14 | ) | (0.13 | ) | (0.23 | ) | (0.27 | ) | |||||||||||||||||||||||
Distributions to shareholders from net realized gains | – | – | – | (0.02 | ) | (0.10 | ) | – | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total distributions | (0.21 | ) | (0.27 | ) | (0.14 | ) | (0.15 | ) | (0.33 | ) | (0.27 | ) | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 9.38 | $ | 9.67 | $ | 9.40 | $ | 11.13 | $ | 11.53 | $ | 10.85 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total Return(b) | (0.86 | )% | 5.83 | % | (14.28 | )% | (2.23 | )% | 9.37 | % | 9.00 | % | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 92,337 | $ | 87,480 | $ | 72,540 | $ | 71,867 | $ | 46,631 | $ | 37,524 | |||||||||||||||||||||||
Ratio of net expenses to average net assets | 0.67 | %(c) | 0.68 | % | 0.66 | % | 0.66 | % | 0.66 | % | 0.68 | % | |||||||||||||||||||||||
Ratio of total expenses to average net assets | 0.85 | %(c) | 0.87 | % | 0.95 | % | 1.06 | % | 1.18 | % | 1.35 | % | |||||||||||||||||||||||
Ratio of net investment income to average net assets | 3.72 | %(c) | 3.19 | % | 1.82 | % | 0.85 | % | 1.39 | % | 2.33 | % | |||||||||||||||||||||||
Portfolio turnover rate(d) | 415 | % | 841 | % | 693 | % | 513 | % | 501 | % | 556 | % | |||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 23 |
CORE FIXED INCOME FUND
Notes to Financial Statements
June 30, 2024 (Unaudited) |
1. ORGANIZATION |
Goldman Sachs Variable Insurance Trust (the “Trust” or “VIT”) 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 the series of the Trust that is included in this report (the “Fund”), along with its corresponding share classes and respective diversification status under the Act:
Fund | Share Classes Offered | Diversified/ Non-Diversified | ||||
Goldman Sachs Core Fixed Income Fund | Institutional and Service | Diversified |
Shares of the Trust are offered to a separate account of participating life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies.
Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Fund pursuant to a management agreement (the “Agreement”) with the Trust.
2. SIGNIFICANT ACCOUNTING POLICIES |
The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. The Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.
A. Investment Valuation — The Fund’s valuation policy is to value investments at fair value.
B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations.
For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract. Upfront payments, if any, are made or received upon entering into a swap agreement and are reflected in the Statement of Assets and Liabilities. Upfront payments are recognized over the contract’s term/event as realized gains or losses, with the exception of forward starting swap contracts whose realized gains or losses are recognized from the effective start date. For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities, and excess or shortfall amounts are recorded as income. For treasury inflation protected securities (“TIPS”), adjustments to principal due to inflation/ deflation are reflected as increases/decreases to interest income with a corresponding adjustment to cost.
C. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of the Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by the Fund are charged to the Fund, while such expenses incurred by the Trust are allocated across the Fund on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service and Transfer Agency fees.
D. Federal Taxes and Distributions to Shareholders — It is the Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, the Fund is not required to make any provisions for the payment of federal income tax. 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:
Fund | Income Distributions Declared/Paid | Capital Gains Distributions Declared/Paid | ||
Core Fixed Income Fund | Quarterly | Annually |
24 |
CORE FIXED INCOME FUND
2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. 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 the Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Fund’s net assets on the Statement of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.
E. Foreign Currency Translation — The accounting records and reporting currency of the Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statement of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS |
U.S. GAAP defines the fair value of a financial instrument as 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 (i.e., the exit price); the Fund’s policy is to use the market approach. GAAP 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 level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy 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 significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;
Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).
The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Fund, including investments for which market quotations are not readily available. With respect to the Fund’s investments that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the “Valuation Designee”). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Fund’s investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.
A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:
Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Money Market Fund”) are valued at the NAV per share of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding the Underlying Money Market Fund’s accounting policies and investment holdings, please see the Underlying Money Market Fund’s shareholder report.
25 |
CORE FIXED INCOME FUND
Notes to Financial Statements (continued)
June 30, 2024 (Unaudited) |
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service. The pricing services may use valuation models or matrix pricing, which consider: (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 securities dealers to determine current value. With the exception of treasury securities of G7 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.
i. Mortgage-Backed and Asset-Backed Securities — Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by residential and/or commercial real estate property. Asset-backed securities include securities whose principal and interest payments are collateralized by pools of other assets or receivables. The value of certain mortgage-backed and asset-backed securities (including adjustable rate mortgage loans) may be particularly sensitive to changes in prevailing interest rates. The value of these securities may also fluctuate in response to the market’s perception of the creditworthiness of the issuers.
Asset-backed securities may present credit risks that are not presented by mortgage-backed securities because they generally do not have the benefit of a security interest in collateral that is comparable to mortgage assets. Some asset-backed securities may only have a subordinated claim on collateral.
Stripped mortgage-backed securities are usually structured with two different classes: one that receives substantially all interest payments (interest-only, or “IO” and/or high coupon rate with relatively low principal amount, or “IOette”), and the other that receives substantially all principal payments (principal-only, or “PO”) from a pool of mortgage loans. Little to no principal will be received at the maturity of an IO; as a result, periodic adjustments are recorded to reduce the cost of the security until maturity. These adjustments are included in interest income.
ii. Treasury Inflation Protected Securities — TIPS are treasury securities in which the principal amount is adjusted daily to keep pace with inflation, as measured by the U.S. Consumer Pricing Index for Urban Consumers. The repayment of the original bond principal upon maturity is guaranteed by the full faith and credit of the U.S. Government.
iii. When-Issued Securities and Forward Commitments — When-issued securities, including TBA (“To Be Announced”) securities, are securities that are authorized but not yet issued in the market and purchased in order to secure what is considered to be an advantageous price or yield to the Fund. A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although the Fund will generally purchase securities on a when-issued or forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of when-issued securities or forward commitments prior to settlement, which may result in a realized gain or loss. For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Fund and cash collateral received, if any, is reported separately on the Statement of Assets and Liabilities as receivables/payables for collateral on other investments. Non-cash collateral pledged by the Fund, if any, is noted in the Schedule of Investments.
Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. The Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Fund and cash collateral received, if any, is reported separately on the Statement of Assets and Liabilities as either due to broker/receivable for collateral on certain derivative contracts. Non-cash collateral pledged by the Fund, if any, is noted in the Schedule of Investments.
Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs.
26 |
CORE FIXED INCOME FUND
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.
i. Forward Contracts — A forward contract is a contract between two parties to buy or sell an asset at a specified price on a future date. A forward contract settlement can occur on a cash or delivery basis. Forward contracts are marked-to-market daily using independent vendor prices, and the change in value, if any, is recorded as an unrealized gain or loss. Cash and certain investments may be used to collateralize forward contracts.
A forward foreign currency exchange contract is a forward contract in which the Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked to market daily by using the outright forward rates or interpolating based upon maturity dates, where available. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.
ii. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, the Fund deposits 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 Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.
iii. Options — When the Fund writes call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on swap contracts.
Upon the purchase of a call option or a put option by the Fund, the premium paid is recorded as an investment and subsequently marked-to-market to reflect the current value of the option. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.
iv. Swap Contracts — Bilateral swap contracts are agreements in which the Fund and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the OTC market and payments are settled through direct payments between the Fund and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are executed through a derivatives clearing member (“DCM”), acting in an agency capacity, and submitted to a central counterparty (“CCP”) (“centrally cleared swaps”), in which case all payments are settled with the CCP through the DCM. Swaps are marked-to-market daily using pricing vendor quotations, counterparty or clearinghouse prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss. Upon entering into a swap contract, the Fund is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a triparty account on behalf of the counterparty), which can be adjusted by any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, if any, is recorded as a receivable or payable for variation margin.
An interest rate swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals, based upon or calculated by reference to changes in interest rates on a specified notional principal amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other.
A credit default swap is an agreement that involves one party (the buyer of protection) making a stream of payments to another party (the seller of protection) in exchange for the right to receive protection on a reference security or obligation, including a group of assets or exposure to the performance of an index. The Fund’s investment in credit default swaps may involve greater risks than if the Fund had invested in the referenced obligation directly. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring and obligation acceleration. If the Fund buys protection through a credit default swap and no credit event occurs, its payments are limited to the periodic payments previously made to the counterparty. Upon the occurrence of a specified credit event, the Fund, as a buyer of credit protection, is entitled to receive an amount equal to the notional amount of the swap and deliver to the seller the defaulted reference obligation in a physically settled trade. The Fund may also receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade.
As a seller of protection, the Fund generally receives a payment stream throughout the term of the swap, provided that there is no credit event. In addition, if the Fund sells protection through a credit default swap, the Fund could suffer a loss because the value of the referenced obligation and the premium payments received may be less than the notional amount of the swap paid to
27 |
CORE FIXED INCOME FUND
Notes to Financial Statements (continued)
June 30, 2024 (Unaudited) |
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
the buyer of protection. Upon the occurrence of a specified credit event, the Fund, as a seller of credit protection, may be required to take possession of the defaulted reference obligation and pay the buyer an amount equal to the notional amount of the swap in a physically settled trade. The Fund may also pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted security or obligation. In addition, the Fund is entitled to a return of any assets, which have been pledged as collateral to the counterparty upon settlement.
The maximum potential amount of future payments (undiscounted) that the Fund as seller of protection could be required to make under a credit default swap would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations or net amounts received from a settlement of a credit default swap for the same reference security or obligation where the Fund bought credit protection.
B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of the Fund’s investments may be determined under the Valuation Procedures. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation 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 Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.
C. Fair Value Hierarchy — The following is a summary of the Fund’s investments and derivatives classified in the fair value hierarchy as of June 30, 2024:
Core Fixed Income Fund
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
| ||||||||||||
Assets | ||||||||||||
Fixed Income | ||||||||||||
Asset- Backed Securities | $ | — | $ | 18,821,283 | $ | — | ||||||
Collateralized Mortgage Obligations | — | 4,724,131 | — | |||||||||
Commercial Mortgage-Backed Securities | — | 5,931,107 | — | |||||||||
Corporate Bond | — | 37,086,248 | — | |||||||||
Foreign Bond | — | 6,928,288 | — | |||||||||
Foreign Government Securities | — | 1,257,639 | — | |||||||||
Mortgage-Backed Securities | — | 60,375,624 | — | |||||||||
Municipal Bond | — | 555,480 | — | |||||||||
U.S. Government Agency Securities | — | 2,198,752 | — | |||||||||
U.S. Treasury Obligations | 27,698,705 | — | — | |||||||||
Investment Company | 11,553,084 | — | — | |||||||||
| ||||||||||||
Total | $ | 39,251,789 | $ | 137,878,552 | $ | — | ||||||
| ||||||||||||
Liabilities | ||||||||||||
Fixed Income | ||||||||||||
Forward Sales Contracts | $ | — | $ | (17,436,510 | ) | $ | — | |||||
| ||||||||||||
Derivative Type | ||||||||||||
| ||||||||||||
Assets | ||||||||||||
Credit Default Swap Contracts(a) | $ | — | $ | 75,566 | $ | — | ||||||
Forward Foreign Currency Exchange Contracts(a) | — | 15,854 | — | |||||||||
Futures Contracts(a) | 81,062 | — | — | |||||||||
Interest Rate Swap Contracts(a) | — | 623,349 | — | |||||||||
Purchased Options Contracts | — | 12,230 | — | |||||||||
| ||||||||||||
Total | $ | 81,062 | $ | 726,999 | $ | — | ||||||
| ||||||||||||
Liabilities | ||||||||||||
Credit Default Swap Contracts(a) | $ | — | $ | (1,856 | ) | $ | — |
28 |
CORE FIXED INCOME FUND
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
Forward Foreign Currency Exchange Contracts(a) | $ | — | $ | (14,412 | ) | $ | — | |||||
Futures Contracts(a) | (72,542 | ) | — | — | ||||||||
Interest Rate Swap Contracts(a) | — | (495,037 | ) | — | ||||||||
Written Options Contracts | — | (10,582 | ) | — | ||||||||
| ||||||||||||
Total | $ | (72,542 | ) | $ | (521,887 | ) | $ | — | ||||
|
(a) | Amount shown represents unrealized gain (loss) at period end. |
For further information regarding security characteristics, see the Schedule of Investments.
4. INVESTMENTS IN DERIVATIVES |
The following table sets forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of June 30, 2024. These instruments were used as part of the Fund’s investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Fund’s net exposure.
Core Fixed Income Fund
Risk | Statement of Assets and Liabilities | Assets1 | Statement of Assets and Liabilities | Liabilities1 | ||||||||
Credit | Receivable for unrealized gain on swap contracts | $ | 75,566 | Payable for unrealized loss on swap contracts | $ | (1,856) | ||||||
Currency | Receivables for unrealized gain on forward foreign currency exchange contracts | 15,854 | Payable for unrealized loss on forward foreign currency exchange contracts | $ | (14,412) | |||||||
Interest Rate | Purchased options at value, Variation margin on futures and swaps contracts | 716,641 | Written options at value, Variation margin on futures and swaps contracts | (578,161) | ||||||||
Total | $ | 808,061 | $ | (594,429) |
1 | Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedule of Investments. Only the variation margin as of June 30, 2024 is reported within the Statement of Assets and Liabilities. |
The following tables set forth, by certain risk types, the Fund’s gains (losses) related to these derivatives and their indicative volumes for the six months ended June 30, 2024. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statement of Operations:
Core Fixed Income Fund
Risk | Statement of Operations | Net Realized Gain (Loss) | Net Change in Unrealized Gain (Loss) | |||||||
Currency | Net realized gain (loss) from forward currency exchange contracts/Net change in unrealized gain (loss) on forward currency exchange contracts | $ | 13,689 | $ | 20,034 | |||||
Credit | Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts | 95,403 | (57,666 | ) | ||||||
Interest Rate | Net realized gain (loss) from futures and swap contracts/Net change in unrealized gain (loss) on futures and swap contracts | (649,036 | ) | (286,941 | ) | |||||
Total | $ | (539,944 | ) | $ | (324,573 | ) |
29 |
CORE FIXED INCOME FUND
Notes to Financial Statements (continued)
June 30, 2024 (Unaudited) |
4. INVESTMENTS IN DERIVATIVES (continued) |
Average number of Contracts or Notional Amounts(a) | ||||||||||||
|
| |||||||||||
Fund | Futures Contracts | Forward Contracts | Swap Contracts | Purchased Options | Written Options | |||||||
Core Fixed Income Fund | 252 | 43,117,394 | 1,111,140,412 | 8,005,000 | 5,650,000 |
(a) | Amounts disclosed represent average number of futures contracts, notional amounts for forward contracts, swaptions, swap agreements, purchased and written swaptions, or shares/units outstanding for purchased options and written options, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the six months ended June 30, 2024. |
5. AGREEMENTS AND AFFILIATED TRANSACTIONS |
A. Management Agreement — Under the Agreement, GSAM manages the Fund, 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 administration of the Fund’s business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of the Fund’s average daily net assets.
For the six months ended June 30, 2024, contractual and effective net management fees with GSAM were at the following rates:
Contractual Management Rate
| ||||||||||||||
Fund | First $1 billion | Next $1 billion | Next $3 billion | Next $3 billion | Over $8 billion | Effective Rate | Effective Net Management Rate^ | |||||||
| ||||||||||||||
Core Fixed Income Fund | 0.40% | 0.36% | 0.34% | 0.33% | 0.32% | 0.40% | 0.39% | |||||||
|
^ | Effective Net Management Rate includes the impact of management fee waivers of affiliated Underlying Funds, if any. The Effective Net Management Rate may not correlate to the Contractual Management Rate as a result of management fee waivers that may be in effect from time to time. |
The Fund invests in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Fund in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Fund invest. For the six months ended June 30, 2024, GSAM waived $6,130 of the Fund’s management fee.
B. Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Service Shares of the Fund, has adopted a Distribution and Service Plan subject to Rule 12b-1 under the Act. Under the Distribution and Service Plan, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers, equal to, on an annual basis, 0.25% of the Fund’s average daily net assets attributable to Service Shares.
C. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Fund for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at an annual rate of 0.02% of the average daily net assets of Institutional and Service Shares.
D. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Fund (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of the Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Fund is not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Fund is 0.004%. These Other Expense limitations will remain in place through at least April 29, 2025, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Fund has entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Fund’s expenses and are received irrespective of the application of the “Other Expense” limitations described above.
30 |
CORE FIXED INCOME FUND
5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
For the six months ended June 30, 2024, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:
Fund | Management Fee Waiver | Other Expense Reimbursements | Total Expense Reductions | |||||||||
| ||||||||||||
Core Fixed Income Fund | $ | 6,130 | $ | 121,516 | $ | 127,646 | ||||||
|
E. Line of Credit Facility — As of June 30, 2024, the Fund participated in a $1,150,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Fund based on the amount of the commitment that has not been utilized. For the six months ended June 30, 2024, the Fund did not have any borrowings under the facility. Prior to April 16, 2024, the facility was $1,110,000,000.
F. Other Transactions with Affiliates —The following table provides information about the Fund’s investment in the Goldman Sachs Financial Square Government Fund as of and for the six months ended June 30, 2024:
Fund | Beginning value as of December 31, 2023 | Purchases at Cost | Proceeds from Sales | Ending value as of June 30, 2024 | Shares as of June 30, 2024 | Dividend Income | ||||||||||||||||||
| ||||||||||||||||||||||||
Core Fixed Income Fund | $ | 896,009 | $ | 37,956,217 | $ | (27,299,142) | $ | 11,553,084 | 11,553,084 | $ | 201,313 | |||||||||||||
|
6. PORTFOLIO SECURITIES TRANSACTIONS |
The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal period ended June 30, 2024, were as follows:
Fund | Purchase of U.S. Government and Agency Obligations | Purchases (Excluding U.S. Government and Agency Obligations) | Sales and Maturities of U.S. Government and Agency Obligations | Sales and Maturities (Excluding U.S. Government and Agency Obligations) | ||||||||||||
| ||||||||||||||||
Core Fixed Income Fund | $ | 21,724,810 | $ | 776,643,992 | $ | 8,501,668 | $ | 767,425,792 | ||||||||
|
7. TAX INFORMATION |
As of the Fund’s most recent fiscal year end, December 31, 2023, the Fund’s capital loss carryforwards and certain timing differences, on a tax-basis were as follows:
Core Fixed Income Fund | ||
| ||
Capital loss carryforwards: | ||
Perpetual Short-Term | $ (4,056,433) | |
Perpetual Long-Term | (3,071,886) | |
| ||
Total capital loss carryforwards | (7,128,319) | |
| ||
Timing differences — (straddle loss deferrals) | (55,349) | |
|
31 |
CORE FIXED INCOME FUND
Notes to Financial Statements (continued)
June 30, 2024 (Unaudited) |
7. TAX INFORMATION (continued) |
As of June 30, 2024, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
Core Fixed Income Fund | ||||
Tax Cost | $ | 184,001,241 | ||
Gross unrealized gain | 637,030 | |||
Gross unrealized loss | (7,507,930 | ) | ||
Net unrealized gain (loss) | $ | (6,870,900 | ) | |
The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains (losses) on regulated futures and foreign currency contracts, and differences in the tax treatment of market discount accretion and premium amortizations and swap transactions.
GSAM has reviewed the Fund’s tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Fund’s financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.
8. OTHER RISKS |
The Fund’s risks include, but are not limited to, the following:
Derivatives Risk — The Fund’s use of derivatives and other similar instruments (collectively referred to in this paragraph as “derivatives”) may result in loss, including due to adverse market movements. Derivatives, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other assets and instruments, may increase market exposure and be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying assets or instruments may produce disproportionate losses to the Fund. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not, or lacks the capacity or authority to, fulfill its contractual obligations, liquidity risk, which includes the risk that the Fund will not be able to exit the derivative when it is advantageous to do so, and risks arising from margin requirements, which include the risk that the Fund will be required to pay additional margin or set aside additional collateral to maintain open derivative positions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.
Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which the Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent the Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact the Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated
32 |
CORE FIXED INCOME FUND
8. OTHER RISKS (continued) |
in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that the Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.
Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by the Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund’s performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund. A sudden or unpredictable increase in interest rates may cause volatility in the market and may decrease the liquidity of the Fund’s investments, which would make it harder for the Fund to sell its investments at an advantageous time.
Investments in Other Investment Companies Risk — As a shareholder of another investment company, the Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund.
Large Shareholder Transactions Risk — The Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include the Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in the Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio. Similarly, large Fund share purchases may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.
Market and Credit Risks — In the normal course of business, the Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which the Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/ or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also significantly impact the Fund and its investments. Additionally, the Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.
Mortgage-Backed and Other Asset-Backed Securities Risks — Mortgage-related and other asset-backed securities are subject to credit/ default, interest rate and certain additional risks, including “extension risk” (i.e., in periods of rising interest rates, issuers may pay principal later than expected) and “prepayment risk” (i.e., in periods of declining interest rates, issuers may pay principal more quickly than expected, causing the Fund to reinvest proceeds at lower prevailing interest rates). Due to these risks, asset-backed securities may become more volatile in certain interest rate environments. Mortgage-backed securities offered by non-governmental issuers are subject to other risks as well, including failures of private insurers to meet their obligations and unexpectedly high rates of default on the mortgages backing the securities, particularly during periods of rising interest rates. Other asset-backed securities are subject to risks similar to those associated with mortgage-backed securities, as well as risks associated with the nature and servicing of the assets backing the securities. Asset-backed securities may not have the benefit of a security interest in collateral comparable to that of mortgage assets, resulting in additional credit risk.
33 |
CORE FIXED INCOME FUND
Notes to Financial Statements (continued)
June 30, 2024 (Unaudited) |
9. INDEMNIFICATIONS |
Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the course of business, the Fund enters into contracts that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.
10. SUBSEQUENT EVENTS |
Subsequent events after the Statement of Assets and Liabilities date have been evaluated, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.
11. SUMMARY OF SHARE TRANSACTIONS |
Share activity is as follows:
Core Fixed Income Fund
| ||||||||||||||||||||
For the Six Months Ended
June 30, 2024 (Unaudited) | For the Fiscal Year Ended
December 31, 2023 | |||||||||||||||||||
|
| |||||||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||||||
|
| |||||||||||||||||||
Institutional Shares | ||||||||||||||||||||
Shares sold | 931,810 | $ | 8,855,252 | 954,001 | $ | 8,976,795 | ||||||||||||||
Reinvestment of distributions | 125,780 | 1,190,139 | 138,907 | 1,301,980 | ||||||||||||||||
Shares redeemed | (187,481 | ) | (1,779,662 | ) | (249,018 | ) | (2,354,053 | ) | ||||||||||||
| ||||||||||||||||||||
870,109 | 8,265,729 | 843,890 | 7,924,722 | |||||||||||||||||
| ||||||||||||||||||||
Service Shares | ||||||||||||||||||||
Shares sold | 908,307 | 8,583,148 | 1,754,431 | 16,624,257 | ||||||||||||||||
Reinvestment of distributions | 209,087 | 1,976,439 | 241,675 | 2,263,048 | ||||||||||||||||
Shares redeemed | (325,638 | ) | (3,067,720 | ) | (665,325 | ) | (6,277,910 | ) | ||||||||||||
| ||||||||||||||||||||
791,756 | 7,491,867 | 1,330,781 | 12,609,395 | |||||||||||||||||
| ||||||||||||||||||||
NET INCREASE IN SHARES | 1,661,865 | $ | 15,757,596 | 2,174,671 | $ | 20,534,117 | ||||||||||||||
|
34 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND
Statement Regarding Basis for Approval of Management Agreement (Unaudited)
Background
The Goldman Sachs Core Fixed Income Fund (the “Fund”) is an investment portfolio of Goldman Sachs Variable Insurance Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Fund at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Fund.
The Management Agreement was most recently approved for continuation until June 30, 2025 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 11-12, 2024 (the “Annual Meeting”).
The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. The Committee held two meetings over the course of the year since the Management Agreement was last approved. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to the Fund, such matters included:
(a) | the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about: |
(i) | the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams; |
(ii) | the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training); |
(iii) | trends in employee headcount; |
(iv) | the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and |
(v) | the parent company’s support of the Investment Adviser and its mutual fund business, as expressed by the firm’s senior management; |
(b) | information on the investment performance of the Fund, including comparisons to the performance of similar mutual funds, as provided by a third-party mutual fund data provider engaged as part of the contract review process (the “Outside Data Provider”), a benchmark performance index, and a composite of accounts with comparable investment strategies managed by the Investment Adviser; and information on general investment outlooks in the markets in which the Fund invests; |
(c) | information provided by the Investment Adviser indicating the Investment Adviser’s views on whether the Fund’s peer group and/or benchmark index had high, medium, or low relevance given the Fund’s particular investment strategy; |
(d) | the terms of the Management Agreement and other agreements with affiliated service providers entered into by the Trust on behalf of the Fund; |
(e) | fee and expense information for the Fund, including: |
(i) | the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider; |
(ii) | the Fund’s expense trends over time; and |
(iii) | to the extent the Investment Adviser manages other types of accounts (such as bank collective trusts, private wealth management accounts, institutional separate accounts, sub-advised mutual funds, and non-U.S. funds) having investment objectives and policies similar to those of the Fund, comparative information on the advisory fees charged and services provided to those accounts by the Investment Adviser; |
(f) | with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund; |
(g) | the undertakings of the Investment Adviser and its affiliates to implement fee waivers and/or expense limitations; |
(h) | information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates; |
(i) | whether the Fund’s existing management fee schedule adequately addressed any economies of scale; |
(j) | a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund, including the fees received by the Investment Adviser’s affiliates from the Fund for transfer agency, portfolio trading, distribution and other services; |
(k) | a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser; |
(l) | information regarding portfolio trading and how the Investment Adviser carries out its duty to seek best execution; |
(m) | the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers; |
35 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND
Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)
(n) | the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and |
(o) | the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund’s compliance program; and periodic compliance reports. |
The Trustees also received an overview of the Fund’s distribution arrangements. They received information regarding the Fund’s assets, share purchase and redemption activity, and payment of distribution and service fees. Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Adviser and its affiliates to intermediaries that promote the sale, distribution, and/or servicing of Fund shares. The Independent Trustees also discussed the broad range of other investment choices that are available to Fund investors, including the availability of comparable funds managed by other advisers.
The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Fund and other mutual funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Fund. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of mutual fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.
Nature, Extent, and Quality of the Services Provided Under the Management Agreement
As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Fund by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Fund and its service providers operate, including developments associated with geopolitical events and economic sanctions, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees also considered information regarding the Investment Adviser’s effort relating to business continuity planning. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Fund and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Fund and the Investment Adviser and its affiliates.
Investment Performance
The Trustees also considered the investment performance of the Fund. In this regard, they compared the investment performance of the Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2023, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2024. The information on the Fund’s investment performance was provided for the one-, three-and five-year periods ending on the applicable dates. The Trustees also reviewed the Fund’s investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Fund over time, and reviewed the investment performance of the Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing the Fund’s performance to that of a composite of accounts with comparable investment strategies managed by the Investment Adviser.
In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Fund’s risk profile, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management.
36 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND
Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)
The Trustees observed that the Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the five- and ten-year periods, and in the third quartile for the one- and three-year periods, and had outperformed the Fund’s benchmark index for the one- and five-year periods and underperformed for the three-year period ended March 31, 2024. They also noted that the Fund had experienced certain portfolio management changes in 2021 and 2022.
Costs of Services Provided and Competitive Information
The Trustees considered the contractual terms of the Management Agreement and the fee rates payable by the Fund thereunder. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Fund, which included both advisory and administrative services that were directed to the needs and operations of the Fund as a registered mutual fund.
In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Fund. The analyses provided a comparison of the Fund’s management fee and breakpoints to those of a relevant peer group and category universe; an expense analysis which compared the Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing the Fund’s net expenses to the peer and category medians. The analyses also compared the Fund’s other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Fund.
In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Fund, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Fund differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.
In addition, the Trustees noted that shareholders are able to redeem their shares at any time if shareholders believe that the Fund fees and expenses are too high or if they are dissatisfied with the performance of the Fund.
Profitability
The Trustees reviewed the Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology. Profitability data for the Fund was provided for 2023 and 2022, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.
Economies of Scale
The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Fund. The Trustees also considered the breakpoints in the fee rate payable under the Management Agreement for the Fund at the following annual percentage rates of the average daily net assets of the Fund:
First $1 billion | 0.40% | |
Next $1 billion | 0.36 | |
Next $3 billion | 0.34 | |
Next $3 billion | 0.33 | |
Over $8 billion | 0.32 |
The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Fund and its shareholders as assets under management reach those asset levels. The Trustees considered the amount of assets in the Fund; the Fund’s recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer group; and the Investment Adviser’s undertaking to
37 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST CORE FIXED INCOME FUND
Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)
limit certain expenses of the Fund that exceed specified levels. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels.
Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund as stated above, including: (a) transfer agency fees received by Goldman Sachs & Co. LLC (“Goldman Sachs”); (b) futures commissions earned by Goldman Sachs for executing futures transactions on behalf of the Fund; (c) trading efficiencies resulting from aggregation of orders of the Fund with those for other funds or accounts managed by the Investment Adviser; (d) the Investment Adviser’s ability to leverage the infrastructure designed to service the Fund on behalf of its other clients; (e) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (f) Goldman Sachs’ retention of certain fees as Fund Distributor; (g) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Fund; (h) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; (i) the investment in exchange-traded funds (“ETFs”) managed by the Investment Adviser that will result in increased assets under management for those ETFs and may facilitate the development of the Investment Adviser’s ETF advisory business; and (j) the possibility that the working relationship between the Investment Adviser and the Fund’s third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.
Other Benefits to the Fund and Its Shareholders
The Trustees also noted that the Fund receives certain other potential benefits as a result of its relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Fund with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties on behalf of the Fund as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Fund because of the reputation of the Goldman Sachs organization; (g) the Fund’s access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (h) the Fund’s access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Fund’s shareholders invested in the Fund in part because of the Fund’s relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.
Conclusion
In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by the Fund were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and the Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit the Fund and its shareholders and that the Management Agreement should be approved and continued with respect to the Fund until June 30, 2025.
38 |
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TRUSTEES Gregory G. Weaver, Chair Cheryl K. Beebe Dwight L. Bush Kathryn A. Cassidy John G. Chou Joaquin Delgado Eileen H. Dowling Lawrence Hughes John F. Killian Steven D. Kirchmar GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent TRUSTEES (continued) Michael Latham James A. McNamara Lawrence W. Stranghoener Paul C. Wirth OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Robert Griffith, Secretary GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser 200 West Street, New York New York 10282 (C) 2024 Goldman Sachs. All rights reserved. VITFISAR-24
Goldman Sachs Variable Insurance Trust Goldman Sachs International Equity Insights Fund Goldman Sachs Large Cap Value Fund Goldman Sachs Mid Cap Growth Fund Goldman Sachs Mid Cap Value Fund Goldman Sachs Small Cap Equity Insights Fund Goldman Sachs Strategic Growth Fund Goldman Sachs U.S. Equity Insights Fund Semi-Annual Financial Statements June 30, 2024
Goldman Sachs Variable Insurance Trust
Table of Contents | Page | |||
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28 | ||||
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Statement Regarding Basis for Approval of Investment Advisory Contract | 66 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST-INTERNATIONAL EQUITY INSIGHTS FUND
Schedule of Investments
June 30, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – 97.5% |
| |||||||
Australia – 8.2% |
| |||||||
5,392 | Aristocrat Leisure Ltd. (Consumer Services) | $ | 178,559 | |||||
59,531 | BHP Group Ltd. (Materials) | 1,701,513 | ||||||
883 | BlueScope Steel Ltd. (Materials) | 11,986 | ||||||
2,403 | Brambles Ltd. (Commercial & Professional Services) | 23,189 | ||||||
8,577 | Challenger Ltd. (Financial Services) | 39,971 | ||||||
2,381 | Cochlear Ltd. (Health Care Equipment & Services) | 525,582 | ||||||
8,648 | Commonwealth Bank of Australia (Banks) | 732,584 | ||||||
27,242 | Dexus REIT (Equity Real Estate Investment Trusts (REITs)) | 117,519 | ||||||
36,572 | Fortescue Ltd. (Materials) | 520,656 | ||||||
127,860 | Glencore PLC (Materials) | 727,559 | ||||||
176,928 | Insurance Australia Group Ltd. (Insurance) | 838,735 | ||||||
48,990 | National Australia Bank Ltd. (Banks) | 1,181,406 | ||||||
14,063 | Northern Star Resources Ltd. (Materials) | 122,124 | ||||||
4,341 | Rio Tinto Ltd. (Materials) | 343,859 | ||||||
384 | Rio Tinto PLC ADR (Materials) | 25,317 | ||||||
111,913 | Scentre Group REIT (Equity Real Estate Investment Trusts (REITs)) | 231,962 | ||||||
24,663 | Suncorp Group Ltd. (Insurance) | 285,203 | ||||||
8,272 | Wesfarmers Ltd. (Consumer Discretionary Distribution & Retail) | 358,190 | ||||||
37,019 | Westpac Banking Corp. (Banks) | 670,309 | ||||||
889 | WiseTech Global Ltd. (Software & Services) | 59,100 | ||||||
|
| |||||||
8,695,323 | ||||||||
| ||||||||
Austria – 0.6% |
| |||||||
5,898 | BAWAG Group AG (Banks)*(a) | 372,843 | ||||||
6,611 | Strabag SE (Capital Goods) | 275,768 | ||||||
|
| |||||||
648,611 | ||||||||
| ||||||||
Belgium – 0.4% |
| |||||||
7,079 | KBC Ancora (Banks) | 329,189 | ||||||
3,072 | Umicore SA (Materials) | 46,230 | ||||||
|
| |||||||
375,419 | ||||||||
| ||||||||
China – 0.8% |
| |||||||
17,000 | AAC Technologies Holdings, Inc. (Technology Hardware & Equipment) | 66,515 | ||||||
204,000 | Lenovo Group Ltd. (Technology Hardware & Equipment) | 286,293 | ||||||
3,318 | Prosus NV (Consumer Discretionary Distribution & Retail)* | 117,983 | ||||||
234,500 | Yangzijiang Shipbuilding Holdings Ltd. (Capital Goods) | 424,462 | ||||||
|
| |||||||
895,253 | ||||||||
|
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Denmark – 4.4% |
| |||||||
2,234 | Genmab A/S (Pharmaceuticals, Biotechnology & Life Sciences)* | $ | 559,826 | |||||
24,588 | Novo Nordisk A/S, Class B (Pharmaceuticals, Biotechnology & Life Sciences) | 3,518,171 | ||||||
3,296 | Pandora A/S (Consumer Durables & Apparel) | 496,091 | ||||||
254 | Sydbank AS (Banks) | 13,454 | ||||||
|
| |||||||
4,587,542 | ||||||||
| ||||||||
Finland – 0.5% |
| |||||||
6,492 | Kone OYJ, Class B (Capital Goods) | 321,882 | ||||||
15,303 | Nordea Bank Abp (Banks) | 182,428 | ||||||
|
| |||||||
504,310 | ||||||||
| ||||||||
France – 8.4% |
| |||||||
4,605 | Air Liquide SA (Materials) | 794,765 | ||||||
2,310 | Coface SA (Insurance) | 32,159 | ||||||
10,985 | Danone SA (Food, Beverage & Tobacco) | 672,829 | ||||||
1,961 | Dassault Aviation SA (Capital Goods) | 355,112 | ||||||
22,515 | Dassault Systemes (Software & Services) | 846,587 | ||||||
1,083 | Edenred SE (Financial Services) | 45,932 | ||||||
6,278 | Eiffage SA (Capital Goods) | 576,989 | ||||||
8,076 | Engie SA (Utilities) | 115,651 | ||||||
2,663 | EssilorLuxottica SA (Health Care Equipment & Services) | 572,236 | ||||||
2,799 | Gecina SA REIT (Equity Real Estate Investment Trusts (REITs)) | 258,379 | ||||||
474 | Kaufman & Broad SA (Consumer Durables & Apparel) | 13,026 | ||||||
9,553 | Legrand SA (Capital Goods) | 948,185 | ||||||
421 | LVMH Moet Hennessy Louis Vuitton SE (Consumer Durables & Apparel) | 323,240 | ||||||
3,373 | Opmobility (Automobiles & Components) | 32,826 | ||||||
10,571 | Rexel SA (Capital Goods) | 273,457 | ||||||
5,796 | Safran SA (Capital Goods) | 1,221,556 | ||||||
2,539 | SEB SA (Consumer Durables & Apparel) | 260,588 | ||||||
4,693 | Thales SA (Capital Goods) | 750,731 | ||||||
9,395 | TotalEnergies SE (Energy) | 629,031 | ||||||
9,785 | Valeo SE (Automobiles & Components) | 104,634 | ||||||
|
| |||||||
8,827,913 | ||||||||
| ||||||||
Georgia – 0.1% |
| |||||||
3,731 | TBC Bank Group PLC (Banks) | 121,210 | ||||||
| ||||||||
Germany – 8.4% |
| |||||||
618 | adidas AG (Consumer Durables & Apparel) | 147,558 | ||||||
614 | Atoss Software SE (Software & Services) | 73,433 |
The accompanying notes are an integral part of these financial statements. | 3 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST-INTERNATIONAL EQUITY INSIGHTS FUND
Schedule of Investments (continued)
June 30, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Germany – (continued) |
| |||||||
22,707 | Commerzbank AG (Banks) | $ | 344,425 | |||||
5,109 | Deutsche Post AG (Transportation) | 207,461 | ||||||
28,516 | Deutsche Telekom AG (Telecommunication Services) | 716,764 | ||||||
606 | Energiekontor AG (Capital Goods) | 40,592 | ||||||
12,678 | FUCHS SE (Materials) | 452,233 | ||||||
8,558 | GEA Group AG (Capital Goods) | 355,786 | ||||||
2,778 | Hannover Rueck SE (Insurance) | 703,219 | ||||||
7,881 | Henkel AG & Co. KGaA (Household & Personal Products) | 620,055 | ||||||
2,277 | Indus Holding AG (Capital Goods) | 58,666 | ||||||
4,595 | Infineon Technologies AG (Semiconductors & Semiconductor Equipment) | 168,638 | ||||||
5,652 | Knorr-Bremse AG (Capital Goods) | 432,010 | ||||||
3,412 | Merck KGaA (Pharmaceuticals, Biotechnology & Life Sciences) | 564,261 | ||||||
1,040 | MTU Aero Engines AG (Capital Goods) | 265,152 | ||||||
2,761 | Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen (Insurance) | 1,380,377 | ||||||
1,876 | Nemetschek SE (Software & Services) | 183,148 | ||||||
3,714 | Puma SE (Consumer Durables & Apparel) | 170,584 | ||||||
5,467 | RWE AG (Utilities) | 187,547 | ||||||
7,718 | SAP SE (Software & Services) | 1,550,358 | ||||||
1,089 | Scout24 SE (Media & Entertainment)(a) | 83,204 | ||||||
290 | Siemens AG (Capital Goods) | 53,976 | ||||||
4,475 | Siemens Energy AG (Capital Goods)* | 116,684 | ||||||
|
| |||||||
8,876,131 | ||||||||
| ||||||||
Hong Kong – 1.1% |
| |||||||
4,000 | AIA Group Ltd. (Insurance) | 27,063 | ||||||
56,500 | Johnson Electric Holdings Ltd. (Automobiles & Components) | 85,274 | ||||||
55,000 | Swire Pacific Ltd., Class A (Real Estate Management & Development) | 485,573 | ||||||
225,000 | Swire Pacific Ltd., Class B (Real Estate Management & Development) | 302,023 | ||||||
26,500 | Techtronic Industries Co. Ltd. (Capital Goods) | 302,097 | ||||||
|
| |||||||
1,202,030 | ||||||||
| ||||||||
Italy – 2.2% |
| |||||||
2,595 | Azimut Holding SpA (Financial Services) | 61,160 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Italy – (continued) |
| |||||||
64,697 | Banca Mediolanum SpA (Financial Services) | $ | 712,946 | |||||
82,441 | Banco BPM SpA (Banks) | 530,574 | ||||||
8,509 | Prysmian SpA (Capital Goods) | 525,320 | ||||||
7,483 | UniCredit SpA (Banks) | 276,916 | ||||||
23,614 | Unipol Gruppo SpA (Insurance) | 234,188 | ||||||
|
| |||||||
2,341,104 | ||||||||
| ||||||||
Japan – 24.0% |
| |||||||
2,300 | Arcs Co. Ltd. (Consumer Staples Distribution & Retail) | 41,676 | ||||||
24,900 | Asahi Kasei Corp. (Materials) | 159,885 | ||||||
34,700 | Brother Industries Ltd. (Technology Hardware & Equipment) | 612,948 | ||||||
4,000 | Chubu Electric Power Co., Inc. (Utilities) | 47,253 | ||||||
12,200 | CMK Corp. (Technology Hardware & Equipment) | 45,317 | ||||||
2,200 | Daiichi Jitsugyo Co. Ltd. (Capital Goods) | 33,416 | ||||||
15,300 | Dai-ichi Life Holdings, Inc. (Insurance) | 409,732 | ||||||
24,500 | Daiwa House Industry Co. Ltd. (Real Estate Management & Development) | 623,767 | ||||||
67,700 | Daiwa Securities Group, Inc. (Financial Services) | 519,754 | ||||||
500 | Disco Corp. (Semiconductors & Semiconductor Equipment) | 190,450 | ||||||
46,000 | ENEOS Holdings, Inc. (Energy) | 237,059 | ||||||
7,800 | Feed One Co. Ltd. (Food, Beverage & Tobacco) | 46,383 | ||||||
2,100 | Food & Life Cos. Ltd. (Consumer Services) | 34,042 | ||||||
4,700 | Foster Electric Co. Ltd. (Consumer Durables & Apparel) | 52,848 | ||||||
12,200 | Fuji Oil Holdings, Inc. (Food, Beverage & Tobacco) | 214,325 | ||||||
25,600 | Fujikura Kasei Co. Ltd. (Materials) | 88,014 | ||||||
2,100 | Fujitsu General Ltd. (Consumer Durables & Apparel) | 27,232 | ||||||
15,300 | Fujitsu Ltd. (Software & Services) | 239,957 | ||||||
2,500 | GSI Creos Corp. (Consumer Discretionary Distribution & Retail) | 35,490 | ||||||
1,800 | Happinet Corp. (Consumer Discretionary Distribution & Retail) | 37,419 | ||||||
1,900 | Hitachi Construction Machinery Co. Ltd. (Capital Goods) | 50,949 | ||||||
107,400 | Honda Motor Co. Ltd. (Automobiles & Components) | 1,154,549 | ||||||
7,400 | IHI Corp. (Capital Goods) | 221,895 | ||||||
3,100 | Iino Kaiun Kaisha Ltd. (Transportation) | 24,806 |
4 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS VARIABLE INSURANCE TRUST-INTERNATIONAL EQUITY INSIGHTS FUND
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Japan – (continued) |
| |||||||
24,200 | Japan Post Holdings Co. Ltd. (Insurance) | $ | 240,541 | |||||
700 | Jeol Ltd. (Technology Hardware & Equipment) | 31,789 | ||||||
7,900 | JFE Holdings, Inc. (Materials) | 114,018 | ||||||
6,000 | JSP Corp. (Materials) | 86,373 | ||||||
6,000 | Kawasaki Kisen Kaisha Ltd. (Transportation) | 87,497 | ||||||
19,100 | KDDI Corp. (Telecommunication Services) | 505,988 | ||||||
6,600 | Kimura Unity Co. Ltd. (Commercial & Professional Services) | 71,839 | ||||||
900 | Kobe Steel Ltd. (Materials) | 11,196 | ||||||
1,200 | Kokuyo Co. Ltd. (Commercial & Professional Services) | 20,159 | ||||||
1,900 | Komatsu Ltd. (Capital Goods) | 55,498 | ||||||
6,300 | Kyowa Leather Cloth Co. Ltd. (Materials) | 31,267 | ||||||
7,300 | Kyushu Electric Power Co., Inc. (Utilities) | 75,306 | ||||||
700 | Lasertec Corp. (Semiconductors & Semiconductor Equipment) | 157,136 | ||||||
16,700 | Lintec Corp. (Materials) | 356,574 | ||||||
10,000 | Marusan Securities Co. Ltd. (Financial Services) | 67,776 | ||||||
22,200 | Mazda Motor Corp. (Automobiles & Components) | 214,030 | ||||||
11,900 | Mito Securities Co. Ltd. (Financial Services) | 42,853 | ||||||
26,300 | Mitsubishi Electric Corp. (Capital Goods) | 421,461 | ||||||
74,000 | Mitsubishi HC Capital, Inc. (Financial Services) | 489,620 | ||||||
5,300 | Mitsubishi Pencil Co. Ltd. (Commercial & Professional Services) | 83,219 | ||||||
16,600 | Mitsui OSK Lines Ltd. (Transportation) | 499,106 | ||||||
6,500 | Mizuho Leasing Co. Ltd. (Financial Services) | 45,516 | ||||||
21,100 | Modec, Inc. (Energy) | 381,455 | ||||||
54,300 | MS&AD Insurance Group Holdings, Inc. (Insurance) | 1,212,303 | ||||||
5,700 | NEC Corp. (Software & Services) | 470,002 | ||||||
2,100 | NEC Networks & System Integration Corp. (Software & Services) | 32,140 | ||||||
63,200 | NGK Insulators Ltd. (Capital Goods) | 811,511 | ||||||
2,700 | Nichimo Co. Ltd. (Food, Beverage & Tobacco) | 37,475 | ||||||
2,100 | Nippon Carbide Industries Co., Inc. (Materials) | 25,958 | ||||||
476,200 | Nippon Telegraph & Telephone Corp. (Telecommunication Services) | 450,296 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Japan – (continued) |
| |||||||
20,900 | Nippon Yusen KK (Transportation) | $ | 609,798 | |||||
2,700 | Nishimoto Co. Ltd. (Consumer Staples Distribution & Retail) | 23,658 | ||||||
19,100 | Nissin Foods Holdings Co. Ltd. (Food, Beverage & Tobacco) | 485,632 | ||||||
54,200 | Nomura Holdings, Inc. (Financial Services) | 313,077 | ||||||
30,800 | Nomura Real Estate Holdings, Inc. (Real Estate Management & Development) | 775,341 | ||||||
3,800 | Olympus Corp. (Health Care Equipment & Services) | 61,341 | ||||||
45,700 | ORIX Corp. (Financial Services) | 1,012,889 | ||||||
10,000 | Otsuka Holdings Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences) | 422,468 | ||||||
84,200 | Panasonic Holdings Corp. (Consumer Durables & Apparel) | 692,166 | ||||||
5,100 | PHC Holdings Corp. (Health Care Equipment & Services) | 37,287 | ||||||
2,500 | Plant Co. Ltd. (Consumer Staples Distribution & Retail) | 23,782 | ||||||
1,500 | Resonac Holdings Corp. (Materials) | 33,141 | ||||||
4,800 | Sakata INX Corp. (Materials) | 54,062 | ||||||
8,600 | SBI Holdings, Inc. (Financial Services) | 218,272 | ||||||
1,100 | SCREEN Holdings Co. Ltd. (Semiconductors & Semiconductor Equipment) | 99,725 | ||||||
14,300 | Seiko Epson Corp. (Technology Hardware & Equipment) | 223,553 | ||||||
8,100 | Sekisui Chemical Co. Ltd. (Consumer Durables & Apparel) | 112,449 | ||||||
5,400 | Sekisui House Ltd. (Consumer Durables & Apparel) | 120,016 | ||||||
15,700 | Sintokogio Ltd. (Capital Goods) | 112,659 | ||||||
2,200 | SoftBank Group Corp. (Telecommunication Services) | 141,507 | ||||||
8,100 | Sojitz Corp. (Capital Goods) | 197,861 | ||||||
11,700 | Solasto Corp. (Health Care Equipment & Services) | 33,968 | ||||||
11,300 | Sompo Holdings, Inc. (Insurance) | 242,088 | ||||||
15,500 | Sony Group Corp. (Consumer Durables & Apparel) | 1,320,928 | ||||||
10,800 | SPK Corp. (Consumer Discretionary Distribution & Retail) | 158,500 | ||||||
8,200 | SRA Holdings (Software & Services) | 226,790 | ||||||
36,300 | Sumitomo Electric Industries Ltd. (Automobiles & Components) | 567,533 | ||||||
9,700 | Sumitomo Heavy Industries Ltd. (Capital Goods) | 253,146 |
The accompanying notes are an integral part of these financial statements. | 5 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST-INTERNATIONAL EQUITY INSIGHTS FUND
Schedule of Investments (continued)
June 30, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Japan – (continued) |
| |||||||
10,900 | Sumitomo Mitsui Trust Holdings, Inc. (Banks) | $ | 250,495 | |||||
1,800 | Sumitomo Seika Chemicals Co. Ltd. (Materials) | 59,653 | ||||||
11,900 | T&D Holdings, Inc. (Insurance) | 207,858 | ||||||
21,000 | Taiho Kogyo Co. Ltd. (Automobiles & Components) | 106,405 | ||||||
1,800 | Takashimaya Co. Ltd. (Consumer Discretionary Distribution & Retail) | 30,400 | ||||||
91,800 | Tokai Tokyo Financial Holdings, Inc. (Financial Services) | 329,352 | ||||||
8,700 | Tokio Marine Holdings, Inc. (Insurance) | 326,938 | ||||||
8,900 | Tokyo Century Corp. (Financial Services) | 83,681 | ||||||
4,400 | Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment) | 963,162 | ||||||
1,200 | Tokyo Tekko Co. Ltd. (Materials) | 38,036 | ||||||
9,200 | Tokyu Fudosan Holdings Corp. (Real Estate Management & Development) | 61,755 | ||||||
12,100 | TOPPAN Holdings, Inc. (Commercial & Professional Services) | 335,660 | ||||||
6,700 | Toyo Tire Corp. (Automobiles & Components) | 107,526 | ||||||
3,600 | Toyoda Gosei Co. Ltd. (Automobiles & Components) | 63,617 | ||||||
13,000 | Toyota Motor Corp. (Automobiles & Components) | 266,727 | ||||||
900 | Toyota Tsusho Corp. (Capital Goods) | 17,589 | ||||||
9,400 | Trend Micro, Inc. (Software & Services) | 383,152 | ||||||
17,400 | Unicharm Corp. (Household & Personal Products) | 559,153 | ||||||
17,100 | USS Co. Ltd. (Consumer Discretionary Distribution & Retail) | 143,996 | ||||||
6,000 | Yokogawa Electric Corp. (Technology Hardware & Equipment) | 145,716 | ||||||
|
| |||||||
25,333,576 | ||||||||
| ||||||||
Netherlands – 6.3% |
| |||||||
24,088 | ABN AMRO Bank NV (Banks)(a) | 395,614 | ||||||
26 | Adyen NV (Financial Services)*(a) | 30,879 | ||||||
1,169 | ASM International NV (Semiconductors & Semiconductor Equipment) | 893,556 | ||||||
3,407 | ASML Holding NV (Semiconductors & Semiconductor Equipment) | 3,472,301 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Netherlands – (continued) |
| |||||||
2,565 | BE Semiconductor Industries NV (Semiconductors & Semiconductor Equipment) | $ | 428,487 | |||||
659 | Euronext NV (Financial Services)(a) | 61,070 | ||||||
66,540 | ING Groep NV (Banks) | 1,143,335 | ||||||
3,304 | Koninklijke Ahold Delhaize NV (Consumer Staples Distribution & Retail) | 97,227 | ||||||
1,636 | Koninklijke Philips NV (Health Care Equipment & Services)* | 41,143 | ||||||
|
| |||||||
6,563,612 | ||||||||
| ||||||||
New Zealand – 0.1% |
| |||||||
25,122 | Meridian Energy Ltd. (Utilities) | 96,248 | ||||||
| ||||||||
Norway – 0.9% |
| |||||||
6,812 | Kongsberg Gruppen ASA (Capital Goods) | 554,723 | ||||||
26,634 | Norsk Hydro ASA (Materials) | 166,049 | ||||||
12,557 | Orkla ASA (Food, Beverage & Tobacco) | 101,827 | ||||||
2,937 | Veidekke ASA (Capital Goods) | 31,469 | ||||||
5,178 | Wallenius Wilhelmsen ASA (Transportation) | 53,020 | ||||||
|
| |||||||
907,088 | ||||||||
| ||||||||
Singapore – 1.1% |
| |||||||
6,007 | Hafnia Ltd. (Energy) | 50,431 | ||||||
30,500 | Oversea-Chinese Banking Corp. Ltd. (Banks) | 323,892 | ||||||
109,600 | Singapore Technologies Engineering Ltd. (Capital Goods) | 349,004 | ||||||
19,700 | United Overseas Bank Ltd. (Banks) | 454,407 | ||||||
|
| |||||||
1,177,734 | ||||||||
| ||||||||
Spain – 1.9% |
| |||||||
10,108 | Banco Bilbao Vizcaya Argentaria SA (Banks) | 101,469 | ||||||
114,005 | Banco de Sabadell SA (Banks) | 220,104 | ||||||
35,475 | Bankinter SA (Banks) | 290,285 | ||||||
2,374 | Cellnex Telecom SA (Telecommunication Services)*(a) | 77,213 | ||||||
26,492 | Industria de Diseno Textil SA (Consumer Discretionary Distribution & Retail) | 1,314,623 | ||||||
|
| |||||||
2,003,694 | ||||||||
| ||||||||
Sweden – 3.6% |
| |||||||
819 | Alfa Laval AB (Capital Goods) | 35,865 | ||||||
27,603 | Atlas Copco AB, Class A (Capital Goods) | 518,281 | ||||||
22,794 | Atlas Copco AB, Class B (Capital Goods) | 368,062 | ||||||
1,832 | Beijer Alma AB (Capital Goods) | 35,854 |
6 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS VARIABLE INSURANCE TRUST-INTERNATIONAL EQUITY INSIGHTS FUND
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Sweden – (continued) |
| |||||||
21,511 | Essity AB, Class B (Household & Personal Products) | $ | 549,925 | |||||
12,092 | Fagerhult Group AB (Capital Goods) | 78,239 | ||||||
529 | Industrivarden AB, Class A (Financial Services) | 18,020 | ||||||
14,650 | Indutrade AB (Capital Goods) | 376,281 | ||||||
11,133 | Investor AB, Class A (Financial Services) | 302,072 | ||||||
34,087 | Investor AB, Class B (Financial Services) | 934,088 | ||||||
2,067 | Lagercrantz Group AB, Class B (Technology Hardware & Equipment) | 33,680 | ||||||
2,349 | Proact IT Group AB (Software & Services) | 34,352 | ||||||
8,564 | Saab AB, Class B (Capital Goods) | 205,749 | ||||||
12,005 | SSAB AB, Class A (Materials) | 66,115 | ||||||
17,839 | SSAB AB, Class B (Materials) | 96,728 | ||||||
7,761 | Swedbank AB, Class A (Banks) | 159,863 | ||||||
|
| |||||||
3,813,174 | ||||||||
| ||||||||
Switzerland – 6.5% |
| |||||||
27,377 | ABB Ltd. (Capital Goods) | 1,518,080 | ||||||
580 | Logitech International SA (Technology Hardware & Equipment) | 55,820 | ||||||
1,799 | Lonza Group AG (Pharmaceuticals, Biotechnology & Life Sciences) | 979,384 | ||||||
20,171 | Novartis AG (Pharmaceuticals, Biotechnology & Life Sciences) | 2,147,640 | ||||||
2,955 | Sika AG (Materials) | 843,534 | ||||||
43,621 | UBS Group AG (Financial Services) | 1,281,156 | ||||||
|
| |||||||
6,825,614 | ||||||||
| ||||||||
United Kingdom – 8.4% |
| |||||||
1,935 | 4imprint Group PLC (Media & Entertainment) | 141,998 | ||||||
23,630 | AstraZeneca PLC ADR (Pharmaceuticals, Biotechnology & Life Sciences) | 1,842,904 | ||||||
74,772 | Aviva PLC (Insurance) | 450,375 | ||||||
43,215 | BAE Systems PLC (Capital Goods) | 719,817 | ||||||
11,316 | Barclays PLC (Banks) | 29,902 | ||||||
18,310 | Beazley PLC (Insurance) | 163,537 | ||||||
3,067 | Bellway PLC (Consumer Durables & Apparel) | 97,656 | ||||||
8,671 | Bloomsbury Publishing PLC (Media & Entertainment) | 68,616 | ||||||
11,221 | Central Asia Metals PLC (Materials) | 28,582 | ||||||
629 | Clarkson PLC (Transportation) | 32,918 | ||||||
9,021 | Compass Group PLC (Consumer Services) | 245,762 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
United Kingdom – (continued) |
| |||||||
3,070 | Dunelm Group PLC (Consumer Discretionary Distribution & Retail) | $ | 41,211 | |||||
24,107 | Galliford Try Holdings PLC (Capital Goods) | 72,759 | ||||||
100,483 | HSBC Holdings PLC (Banks) | 867,371 | ||||||
10,706 | Impax Asset Management Group PLC (Financial Services) | 51,292 | ||||||
8,610 | Imperial Brands PLC (Food, Beverage & Tobacco) | 220,320 | ||||||
5,648 | Investec PLC (Financial Services) | 40,829 | ||||||
18,313 | Lancashire Holdings Ltd. (Insurance) | 142,138 | ||||||
79,754 | M&G PLC (Financial Services) | 205,033 | ||||||
3,654 | Marks & Spencer Group PLC (Consumer Staples Distribution & Retail) | 13,212 | ||||||
14,808 | Mears Group PLC (Commercial & Professional Services) | 68,604 | ||||||
67,741 | National Grid PLC (Utilities) | 756,406 | ||||||
74,326 | NatWest Group PLC (Banks) | 292,406 | ||||||
695 | Next PLC (Consumer Discretionary Distribution & Retail) | 79,312 | ||||||
7,339 | Pearson PLC (Consumer Services) | 91,643 | ||||||
14,598 | Polar Capital Holdings PLC (Financial Services) | 104,143 | ||||||
4,649 | Reckitt Benckiser Group PLC (Household & Personal Products) | 251,508 | ||||||
28,126 | Redrow PLC (Consumer Durables & Apparel) | 237,088 | ||||||
126,723 | Rolls-Royce Holdings PLC (Capital Goods)* | 727,801 | ||||||
10,082 | Sage Group PLC (The) (Software & Services) | 138,127 | ||||||
3,634 | Smiths Group PLC (Capital Goods) | 78,191 | ||||||
1,464 | SSE PLC (Utilities) | 33,062 | ||||||
139,769 | Taylor Wimpey PLC (Consumer Durables & Apparel) | 250,288 | ||||||
7,045 | Vesuvius PLC (Capital Goods) | 41,091 | ||||||
34,496 | Zigup PLC (Transportation) | 183,528 | ||||||
|
| |||||||
8,809,430 | ||||||||
| ||||||||
United States – 9.6% |
| |||||||
21,245 | BP PLC ADR (Energy) | 766,944 | ||||||
4,265 | Carnival PLC ADR (Consumer Services)* | 73,443 | ||||||
3,683 | Ferguson PLC (Capital Goods) | 706,352 | ||||||
8,252 | GSK PLC ADR (Pharmaceuticals, Biotechnology & Life Sciences) | 317,702 | ||||||
24,370 | Nestle SA (Food, Beverage & Tobacco) | 2,487,550 |
The accompanying notes are an integral part of these financial statements. | 7 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST-INTERNATIONAL EQUITY INSIGHTS FUND
Schedule of Investments (continued)
June 30, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
United States – (continued) |
| |||||||
7,807 | Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences) | $ | 2,162,998 | |||||
11,704 | Sanofi SA (Pharmaceuticals, Biotechnology & Life Sciences) | 1,128,771 | ||||||
6,672 | Schneider Electric SE (Capital Goods) | 1,599,584 | ||||||
27,573 | Shell PLC (Energy) | 993,630 | ||||||
|
| |||||||
10,236,974 | ||||||||
| ||||||||
TOTAL COMMON STOCKS (Cost $89,497,690) | 102,841,990 | |||||||
|
Shares | Description | Rate | Value | |||||||||
Preferred Stocks – 0.6% |
| |||||||||||
Germany – 0.6% | ||||||||||||
921 | FUCHS SE (Materials) | 2.61 | % | 42,102 | ||||||||
| 5,193 | Henkel AG & Co. KGaA (Household & Personal Products) | 2.22 | 462,369 | ||||||||
1,875 | Porsche Automobil Holding SE (Automobiles & Components) | 6.03 | 84,622 | |||||||||
| ||||||||||||
TOTAL PREFERRED STOCKS (Cost $534,596) |
| 589,093 | ||||||||||
| ||||||||||||
TOTAL INVESTMENTS – 98.1% (Cost $90,032,286) |
| $ | 103,431,083 | |||||||||
| ||||||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES – 1.9% |
| 2,008,789 | ||||||||||
| ||||||||||||
NET ASSETS – 100.0% |
| $ | 105,439,872 | |||||||||
|
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) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
Investment Abbreviations: | ||
ADR | —American Depositary Receipt | |
PLC | —Public Limited Company | |
REIT | —Real Estate Investment Trust |
% of | ||||
Market | ||||
Sector Name | Value | |||
Financials | 22.5 | % | ||
Industrials | 19.2 | |||
Health Care | 14.4 | |||
Information Technology | 11.7 | |||
Consumer Discretionary | 9.7 | |||
Materials | 6.7 | |||
Consumer Staples | 6.7 | |||
Energy | 2.9 | |||
Real Estate | 2.8 | |||
Communication Services | 2.1 | |||
Utilities
|
| 1.3
|
| |
TOTAL INVESTMENTS | 100.0 | % |
8 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS VARIABLE INSURANCE TRUST-LARGE CAP VALUE FUND
Schedule of Investments
June 30, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – 99.0% |
| |||||||
Aerospace & Defense – 1.9% |
| |||||||
32,851 | General Electric Co. | $ | 5,222,323 | |||||
| ||||||||
Air Freight & Logistics – 1.4% |
| |||||||
29,012 | United Parcel Service, Inc., Class B | 3,970,292 | ||||||
| ||||||||
Automobiles – 0.9% |
| |||||||
55,165 | General Motors Co. | 2,562,966 | ||||||
| ||||||||
Banks – 7.2% |
| |||||||
137,851 | Bank of America Corp. | 5,482,334 | ||||||
74,004 | Citigroup, Inc. | 4,696,294 | ||||||
48,550 | JPMorgan Chase & Co. | 9,819,723 | ||||||
|
| |||||||
19,998,351 | ||||||||
| ||||||||
Beverages – 1.6% |
| |||||||
70,428 | Coca-Cola Co. (The) | 4,482,742 | ||||||
| ||||||||
Biotechnology – 2.7% |
| |||||||
13,011 | AbbVie, Inc. | 2,231,647 | ||||||
12,368 | Amgen, Inc. | 3,864,381 | ||||||
3,628 | Biogen, Inc.* | 841,043 | ||||||
5,352 | BioMarin Pharmaceutical, Inc.* | 440,630 | ||||||
|
| |||||||
7,377,701 | ||||||||
| ||||||||
Capital Markets – 5.4% |
| |||||||
6,498 | BlackRock, Inc. | 5,116,005 | ||||||
32,733 | KKR & Co., Inc. | 3,444,821 | ||||||
31,682 | Morgan Stanley | 3,079,174 | ||||||
53,776 | Nasdaq, Inc. | 3,240,542 | ||||||
|
| |||||||
14,880,542 | ||||||||
| ||||||||
Chemicals – 2.3% |
| |||||||
9,735 | Linde PLC | 4,271,815 | ||||||
7,457 | Sherwin-Williams Co. (The) | 2,225,393 | ||||||
|
| |||||||
6,497,208 | ||||||||
| ||||||||
Commercial Services & Supplies – 0.8% |
| |||||||
13,446 | Waste Connections, Inc. | 2,357,891 | ||||||
| ||||||||
Construction Materials – 1.1% |
| |||||||
5,480 | Martin Marietta Materials, Inc. | 2,969,064 | ||||||
| ||||||||
Consumer Finance – 1.9% |
| |||||||
22,379 | American Express Co. | 5,181,858 | ||||||
| ||||||||
Consumer Staples Distribution & Retail – 2.3% |
| |||||||
92,762 | Walmart, Inc. | 6,280,915 | ||||||
| ||||||||
Containers & Packaging – 1.0% |
| |||||||
47,184 | Ball Corp. | 2,831,984 | ||||||
| ||||||||
Diversified Telecommunication Services – 2.0% |
| |||||||
292,203 | AT&T, Inc. | 5,583,999 | ||||||
| ||||||||
Electric Utilities – 1.4% |
| |||||||
112,940 | Exelon Corp. | 3,908,853 | ||||||
| ||||||||
Electrical Equipment – 2.8% |
| |||||||
14,719 | Eaton Corp. PLC | 4,615,142 | ||||||
18,331 | GE Vernova, Inc.* | 3,143,950 | ||||||
|
| |||||||
7,759,092 | ||||||||
| ||||||||
Financial Services – 4.3% |
| |||||||
14,795 | Berkshire Hathaway, Inc., Class B* | 6,018,606 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Financial Services – (continued) |
| |||||||
51,444 | Fidelity National Information Services, Inc. | $ | 3,876,820 | |||||
7,437 | Visa, Inc., Class A | 1,951,989 | ||||||
|
| |||||||
11,847,415 | ||||||||
| ||||||||
Food Products – 0.7% |
| |||||||
57,854 | Kraft Heinz Co. (The) | 1,864,056 | ||||||
| ||||||||
Ground Transportation – 1.3% |
| |||||||
11,139 | Old Dominion Freight Line, Inc. | 1,967,147 | ||||||
3,551 | Saia, Inc.* | 1,684,204 | ||||||
|
| |||||||
3,651,351 | ||||||||
| ||||||||
Health Care Equipment & Supplies – 4.9% |
| |||||||
6,012 | Align Technology, Inc.* | 1,451,477 | ||||||
68,503 | Boston Scientific Corp.* | 5,275,416 | ||||||
31,560 | Cooper Cos., Inc. (The) | 2,755,188 | ||||||
36,794 | Zimmer Biomet Holdings, Inc. | 3,993,253 | ||||||
|
| |||||||
13,475,334 | ||||||||
| ||||||||
Health Care Providers & Services – 2.0% |
| |||||||
42,070 | CVS Health Corp. | 2,484,654 | ||||||
8,290 | Humana, Inc. | 3,097,559 | ||||||
|
| |||||||
5,582,213 | ||||||||
| ||||||||
Health Care REITs – 0.5% |
| |||||||
12,880 | Alexandria Real Estate Equities, Inc. REIT | 1,506,574 | ||||||
| ||||||||
Household Products – 1.6% |
| |||||||
47,011 | Colgate-Palmolive Co. | 4,561,947 | ||||||
| ||||||||
Industrial Conglomerates – 1.9% |
| |||||||
24,325 | Honeywell International, Inc. | 5,194,361 | ||||||
| ||||||||
Industrial REITs – 1.3% |
| |||||||
31,267 | Prologis, Inc. REIT | 3,511,597 | ||||||
| ||||||||
Insurance – 2.5% |
| |||||||
24,898 | Allstate Corp. (The) | 3,975,215 | ||||||
14,039 | Marsh & McLennan Cos., Inc. | 2,958,298 | ||||||
|
| |||||||
6,933,513 | ||||||||
| ||||||||
Interactive Media & Services – 2.3% |
| |||||||
34,281 | Alphabet, Inc., Class A | 6,244,284 | ||||||
| ||||||||
Life Sciences Tools & Services – 2.2% |
| |||||||
24,649 | Danaher Corp. | 6,158,553 | ||||||
| ||||||||
Machinery – 3.8% |
| |||||||
10,238 | Caterpillar, Inc. | 3,410,278 | ||||||
15,070 | Illinois Tool Works, Inc. | 3,570,987 | ||||||
45,409 | Stanley Black & Decker, Inc. | 3,627,725 | ||||||
|
| |||||||
10,608,990 | ||||||||
| ||||||||
Media – 0.7% |
| |||||||
22,755 | Omnicom Group, Inc. | 2,041,124 | ||||||
| ||||||||
Metals & Mining – 1.5% |
| |||||||
86,631 | Freeport-McMoRan, Inc. | 4,210,267 | ||||||
| ||||||||
Multi-Utilities – 2.9% |
| |||||||
56,155 | Ameren Corp. | 3,993,182 | ||||||
67,993 | CMS Energy Corp. | 4,047,623 | ||||||
|
| |||||||
8,040,805 | ||||||||
|
The accompanying notes are an integral part of these financial statements. | 9 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST-LARGE CAP VALUE FUND
Schedule of Investments (continued)
June 30, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Oil, Gas & Consumable Fuels – 6.7% |
| |||||||
24,510 | Chesapeake Energy Corp. | $ | 2,014,477 | |||||
27,860 | EOG Resources, Inc. | 3,506,738 | ||||||
93,910 | Exxon Mobil Corp. | 10,810,919 | ||||||
15,408 | Phillips 66 | 2,175,148 | ||||||
|
| |||||||
18,507,282 | ||||||||
| ||||||||
Personal Care Products – 1.1% |
| |||||||
173,659 | Kenvue, Inc. | 3,157,121 | ||||||
| ||||||||
Pharmaceuticals – 4.0% |
| |||||||
47,607 | AstraZeneca PLC ADR (United Kingdom) | 3,712,870 | ||||||
49,668 | Johnson & Johnson | 7,259,475 | ||||||
|
| |||||||
10,972,345 | ||||||||
| ||||||||
Residential REITs – 1.4% |
| |||||||
18,754 | AvalonBay Communities, Inc. REIT | 3,880,015 | ||||||
| ||||||||
Semiconductors & Semiconductor Equipment – 5.2% |
| |||||||
2,627 | KLA Corp. | 2,165,988 | ||||||
55,420 | Marvell Technology, Inc. | 3,873,858 | ||||||
31,599 | Micron Technology, Inc. | 4,156,216 | ||||||
22,201 | Texas Instruments, Inc. | 4,318,761 | ||||||
|
| |||||||
14,514,823 | ||||||||
| ||||||||
Software – 3.7% | ||||||||
31,075 | Dynatrace, Inc.* | 1,390,295 | ||||||
32,626 | Oracle Corp. | 4,606,791 | ||||||
16,227 | Salesforce, Inc. | 4,171,962 | ||||||
|
| |||||||
10,169,048 | ||||||||
| ||||||||
Specialized REITs – 1.4% |
| |||||||
9,761 | American Tower Corp. REIT | 1,897,343 | ||||||
11,835 | Extra Space Storage, Inc. REIT | 1,839,277 | ||||||
|
| |||||||
3,736,620 | ||||||||
|
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Specialty Retail – 1.8% | ||||||||
65,237 | Foot Locker, Inc. | $ | 1,625,706 | |||||
15,387 | Lowe’s Cos., Inc. | 3,392,218 | ||||||
|
| |||||||
5,017,924 | ||||||||
| ||||||||
Technology Hardware, Storage & Peripherals – 1.6% |
| |||||||
32,274 | Dell Technologies, Inc., Class C | 4,450,907 | ||||||
| ||||||||
Textiles, Apparel & Luxury Goods – 1.0% |
| |||||||
36,017 | NIKE, Inc., Class B | 2,714,601 | ||||||
| ||||||||
TOTAL COMMON STOCKS (Cost $208,215,375) | 274,418,851 | |||||||
| ||||||||
Shares | Dividend Rate | Value | ||||||
Investment Company – 0.9%(a) |
| |||||||
Goldman Sachs Financial Square Government Fund - Institutional Shares | ||||||||
2,535,262 | 5.213% | 2,535,262 | ||||||
(Cost $2,535,262) | ||||||||
| ||||||||
TOTAL INVESTMENTS – 99.9% (Cost $210,750,637) | $ | 276,954,113 | ||||||
| ||||||||
OTHER ASSETS IN EXCESS OF | 223,282 | |||||||
| ||||||||
NET ASSETS – 100.0% | $ | 277,177,395 | ||||||
|
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) | Represents an affiliated issuer. |
Investment Abbreviations: | ||
ADR | —American Depositary Receipt | |
PLC | —Public Limited Company | |
REIT | —Real Estate Investment Trust |
10 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS VARIABLE INSURANCE TRUST-MID CAP GROWTH FUND
Schedule of Investments
June 30, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – 98.1% |
| |||||||
Aerospace & Defense – 0.5% |
| |||||||
1,671 | Woodward, Inc. | $ | 291,389 | |||||
| ||||||||
Automobile Components – 0.7% |
| |||||||
14,426 | Mobileye Global, Inc., Class A (Israel)* | 405,154 | ||||||
| ||||||||
Beverages – 1.0% |
| |||||||
8,251 | Coca-Cola Europacific Partners PLC (United Kingdom) | 601,250 | ||||||
| ||||||||
Biotechnology – 4.7% |
| |||||||
2,740 | Alnylam Pharmaceuticals, Inc.* | 665,820 | ||||||
2,413 | Biogen, Inc.* | 559,381 | ||||||
6,037 | BioMarin Pharmaceutical, Inc.* | 497,026 | ||||||
5,731 | Neurocrine Biosciences, Inc.* | 788,987 | ||||||
33,426 | Roivant Sciences Ltd.* | 353,313 | ||||||
|
| |||||||
2,864,527 | ||||||||
| ||||||||
Building Products – 2.5% |
| |||||||
4,598 | Trane Technologies PLC | 1,512,420 | ||||||
| ||||||||
Capital Markets – 5.0% |
| |||||||
6,754 | Ares Management Corp., Class A | 900,173 | ||||||
2,752 | MSCI, Inc. | 1,325,776 | ||||||
5,160 | Nasdaq, Inc. | 310,942 | ||||||
4,635 | Tradeweb Markets, Inc., Class A | 491,310 | ||||||
|
| |||||||
3,028,201 | ||||||||
| ||||||||
Chemicals – 1.4% |
| |||||||
9,286 | Ashland, Inc. | 877,434 | ||||||
| ||||||||
Construction Materials – 1.7% |
| |||||||
1,935 | Martin Marietta Materials, Inc. | 1,048,383 | ||||||
| ||||||||
Consumer Staples Distribution & Retail – 1.2% |
| |||||||
8,478 | BJ’s Wholesale Club Holdings, Inc.* | 744,708 | ||||||
| ||||||||
Containers & Packaging – 1.1% |
| |||||||
11,519 | Ball Corp. | 691,370 | ||||||
| ||||||||
Electrical Equipment – 6.4% |
| |||||||
3,574 | AMETEK, Inc. | 595,822 | ||||||
5,631 | GE Vernova, Inc.* | 965,773 | ||||||
3,905 | Rockwell Automation, Inc. | 1,074,968 | ||||||
14,236 | Vertiv Holdings Co., Class A | 1,232,410 | ||||||
|
| |||||||
3,868,973 | ||||||||
| ||||||||
Electronic Equipment, Instruments & Components – 2.2% |
| |||||||
20,114 | Amphenol Corp., Class A | 1,355,080 | ||||||
| ||||||||
Entertainment – 1.0% |
| |||||||
6,215 | Live Nation Entertainment, Inc.* | 582,594 | ||||||
| ||||||||
Financial Services – 2.3% |
| |||||||
3,399 | Corpay, Inc.* | 905,528 | ||||||
6,738 | Fidelity National Information Services, Inc. | 507,776 | ||||||
|
| |||||||
1,413,304 | ||||||||
| ||||||||
Ground Transportation – 3.0% |
| |||||||
6,606 | Old Dominion Freight Line, Inc. | 1,166,620 | ||||||
1,359 | Saia, Inc.* | 644,560 | ||||||
|
| |||||||
1,811,180 | ||||||||
|
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Health Care Equipment & Supplies – 9.0% |
| |||||||
3,459 | Align Technology, Inc.* | $ | 835,106 | |||||
6,384 | Cooper Cos., Inc. (The) | 557,323 | ||||||
5,970 | Dexcom, Inc.* | 676,879 | ||||||
2,155 | IDEXX Laboratories, Inc.* | 1,049,916 | ||||||
7,263 | Insulet Corp.* | 1,465,674 | ||||||
8,212 | Zimmer Biomet Holdings, Inc. | 891,248 | ||||||
|
| |||||||
5,476,146 | ||||||||
| ||||||||
Health Care Providers & Services – 2.4% |
| |||||||
6,475 | Cencora, Inc. | 1,458,817 | ||||||
| ||||||||
Hotel & Resort REITs – 0.9% |
| |||||||
5,699 | Ryman Hospitality Properties, Inc. REIT | 569,102 | ||||||
| ||||||||
Hotels, Restaurants & Leisure – 7.0% |
| |||||||
6,615 | Cava Group, Inc.* | 613,541 | ||||||
2,477 | Domino’s Pizza, Inc. | 1,278,949 | ||||||
4,163 | DoorDash, Inc., Class A* | 452,851 | ||||||
19,910 | DraftKings, Inc., Class A* | 759,965 | ||||||
8,636 | Yum! Brands, Inc. | 1,143,925 | ||||||
|
| |||||||
4,249,231 | ||||||||
| ||||||||
Independent Power and Renewable Electricity Producers – 1.4% |
| |||||||
9,910 | Vistra Corp. | 852,062 | ||||||
| ||||||||
IT Services – 2.3% |
| |||||||
8,060 | Cloudflare, Inc., Class A* | 667,610 | ||||||
2,884 | MongoDB, Inc.* | 720,884 | ||||||
|
| |||||||
1,388,494 | ||||||||
| ||||||||
Life Sciences Tools & Services – 2.9% |
| |||||||
651 | Mettler-Toledo International, Inc.* | 909,831 | ||||||
2,591 | West Pharmaceutical Services, Inc. | 853,450 | ||||||
|
| |||||||
1,763,281 | ||||||||
| ||||||||
Machinery – 3.3% |
| |||||||
7,511 | Fortive Corp. | 556,565 | ||||||
2,315 | ITT, Inc. | 299,052 | ||||||
8,403 | Xylem, Inc. | 1,139,699 | ||||||
|
| |||||||
1,995,316 | ||||||||
| ||||||||
Media – 2.7% |
| |||||||
16,562 | Trade Desk, Inc. (The), Class A* | 1,617,611 | ||||||
| ||||||||
Oil, Gas & Consumable Fuels – 4.1% |
| |||||||
5,079 | Cheniere Energy, Inc. | 887,962 | ||||||
2,862 | Chesapeake Energy Corp. | 235,228 | ||||||
8,648 | DT Midstream, Inc. | 614,267 | ||||||
4,969 | Hess Corp. | 733,027 | ||||||
|
| |||||||
2,470,484 | ||||||||
| ||||||||
Personal Care Products – 0.9% |
| |||||||
2,654 | elf Beauty, Inc.* | 559,251 | ||||||
| ||||||||
Professional Services – 1.2% |
| |||||||
3,090 | Equifax, Inc. | 749,201 | ||||||
| ||||||||
Real Estate Management & Development – 1.3% |
| |||||||
10,720 | CoStar Group, Inc.* | 794,781 | ||||||
| ||||||||
Semiconductors & Semiconductor Equipment – 3.0% |
| |||||||
1,832 | Entegris, Inc. | 248,053 |
The accompanying notes are an integral part of these financial statements. | 11 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST-MID CAP GROWTH FUND
Schedule of Investments (continued)
June 30, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Semiconductors & Semiconductor Equipment – (continued) |
| |||||||
17,506 | Marvell Technology, Inc. | $ | 1,223,669 | |||||
2,535 | MKS Instruments, Inc. | 331,020 | ||||||
|
| |||||||
1,802,742 | ||||||||
| ||||||||
Software – 13.7% |
| |||||||
7,735 | AppLovin Corp., Class A* | 643,707 | ||||||
1,568 | Crowdstrike Holdings, Inc., Class A* | 600,842 | ||||||
8,917 | Datadog, Inc., Class A* | 1,156,446 | ||||||
950 | Fair Isaac Corp.* | 1,414,227 | ||||||
956 | HubSpot, Inc.* | 563,839 | ||||||
4,051 | Manhattan Associates, Inc.* | 999,301 | ||||||
1,356 | Monday.com Ltd.* | 326,470 | ||||||
18,681 | Palantir Technologies, Inc., Class A* | 473,190 | ||||||
6,953 | Samsara, Inc., Class A* | 234,316 | ||||||
2,430 | Tyler Technologies, Inc.* | 1,221,755 | ||||||
3,498 | Zscaler, Inc.* | 672,281 | ||||||
|
| |||||||
8,306,374 | ||||||||
| ||||||||
Specialty Retail – 3.7% |
| |||||||
9,311 | Ross Stores, Inc. | 1,353,075 | ||||||
2,275 | Ulta Beauty, Inc.* | 877,854 | ||||||
|
| |||||||
2,230,929 | ||||||||
| ||||||||
Textiles, Apparel & Luxury Goods – 1.0% |
| |||||||
1,933 | Lululemon Athletica, Inc.* | 577,387 | ||||||
| ||||||||
Trading Companies & Distributors – 2.6% |
| |||||||
15,735 | Fastenal Co. | 988,787 | ||||||
933 | United Rentals, Inc. | 603,399 | ||||||
|
| |||||||
1,592,186 | ||||||||
| ||||||||
TOTAL COMMON STOCKS (Cost $47,391,315) | 59,549,362 | |||||||
| ||||||||
Shares | Dividend Rate | Value | ||||||
Investment Company – 2.0%(a) |
| |||||||
Goldman Sachs Financial Square Government Fund - Institutional Shares |
| |||||||
1,216,970 | 5.213% | 1,216,970 | ||||||
(Cost $1,216,970) |
| |||||||
| ||||||||
TOTAL INVESTMENTS – 100.1% (Cost $48,608,285) | $ | 60,766,332 | ||||||
| ||||||||
LIABILITIES IN EXCESS OF | (51,551) | |||||||
| ||||||||
NET ASSETS – 100.0% | $ | 60,714,781 | ||||||
|
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) | Represents an affiliated issuer. |
Investment Abbreviations: | ||
PLC | —Public Limited Company | |
REIT | —Real Estate Investment Trust |
12 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS VARIABLE INSURANCE TRUST-MID CAP VALUE FUND
Schedule of Investments
June 30, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – 99.5% |
| |||||||
Aerospace & Defense – 1.7% |
| |||||||
15,359 | L3Harris Technologies, Inc. | $ | 3,449,324 | |||||
23,807 | Woodward, Inc. | 4,151,465 | ||||||
|
| |||||||
7,600,789 | ||||||||
| ||||||||
Automobiles – 1.1% |
| |||||||
104,454 | General Motors Co. | 4,852,933 | ||||||
| ||||||||
Banks – 4.7% |
| |||||||
103,121 | Citizens Financial Group, Inc. | 3,715,450 | ||||||
55,532 | East West Bancorp, Inc. | 4,066,608 | ||||||
340,235 | Huntington Bancshares, Inc. | 4,484,297 | ||||||
32,818 | M&T Bank Corp. | 4,967,333 | ||||||
40,712 | Pinnacle Financial Partners, Inc. | 3,258,588 | ||||||
|
| |||||||
20,492,276 | ||||||||
| ||||||||
Beverages – 1.7% |
| |||||||
60,444 | Coca-Cola Europacific Partners PLC (United Kingdom) | 4,404,554 | ||||||
12,353 | Constellation Brands, Inc., Class A | 3,178,180 | ||||||
|
| |||||||
7,582,734 | ||||||||
| ||||||||
Biotechnology – 1.7% |
| |||||||
20,809 | Biogen, Inc.* | 4,823,942 | ||||||
247,712 | Roivant Sciences Ltd.* | 2,618,316 | ||||||
|
| |||||||
7,442,258 | ||||||||
| ||||||||
Building Products – 1.0% |
| |||||||
38,556 | Allegion PLC | 4,555,391 | ||||||
| ||||||||
Capital Markets – 3.3% |
| |||||||
5,084 | Ameriprise Financial, Inc. | 2,171,834 | ||||||
83,207 | Nasdaq, Inc. | 5,014,054 | ||||||
57,697 | Raymond James Financial, Inc. | 7,131,926 | ||||||
|
| |||||||
14,317,814 | ||||||||
| ||||||||
Chemicals – 3.5% |
| |||||||
76,662 | Ashland, Inc. | 7,243,792 | ||||||
28,256 | Celanese Corp. | 3,811,452 | ||||||
41,980 | RPM International, Inc. | 4,520,407 | ||||||
|
| |||||||
15,575,651 | ||||||||
| ||||||||
Communications Equipment – 0.5% |
| |||||||
5,785 | Motorola Solutions, Inc. | 2,233,299 | ||||||
| ||||||||
Construction Materials – 1.3% |
| |||||||
10,867 | Martin Marietta Materials, Inc. | 5,887,741 | ||||||
| ||||||||
Consumer Staples Distribution & Retail – 1.3% |
| |||||||
30,028 | BJ’s Wholesale Club Holdings, Inc.* | 2,637,660 | ||||||
49,004 | Performance Food Group Co.* | 3,239,654 | ||||||
|
| |||||||
5,877,314 | ||||||||
| ||||||||
Containers & Packaging – 1.7% |
| |||||||
14,942 | Avery Dennison Corp. | 3,267,068 | ||||||
68,183 | Ball Corp. | 4,092,344 | ||||||
|
| |||||||
7,359,412 | ||||||||
| ||||||||
Electric Utilities – 2.2% |
| |||||||
41,265 | Entergy Corp. | 4,415,355 | ||||||
95,572 | Eversource Energy | 5,419,888 | ||||||
|
| |||||||
9,835,243 | ||||||||
|
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Electrical Equipment – 5.0% |
| |||||||
45,711 | AMETEK, Inc. | $ | 7,620,481 | |||||
49,484 | GE Vernova, Inc.* | 8,487,001 | ||||||
21,344 | Rockwell Automation, Inc. | 5,875,576 | ||||||
|
| |||||||
21,983,058 | ||||||||
| ||||||||
Electronic Equipment, Instruments & Components – 2.5% |
| |||||||
72,747 | Cognex Corp. | 3,401,650 | ||||||
21,350 | Keysight Technologies, Inc.* | 2,919,612 | ||||||
14,907 | Zebra Technologies Corp., Class A* | 4,605,220 | ||||||
|
| |||||||
10,926,482 | ||||||||
| ||||||||
Entertainment – 1.0% |
| |||||||
32,264 | Electronic Arts, Inc. | 4,495,343 | ||||||
| ||||||||
Financial Services – 3.0% |
| |||||||
132,440 | Fidelity National Information Services, Inc. | 9,980,678 | ||||||
43,528 | Voya Financial, Inc. | 3,097,017 | ||||||
|
| |||||||
13,077,695 | ||||||||
| ||||||||
Food Products – 1.6% |
| |||||||
136,497 | Kraft Heinz Co. (The) | 4,397,933 | ||||||
28,669 | Lamb Weston Holdings, Inc. | 2,410,490 | ||||||
|
| |||||||
6,808,423 | ||||||||
| ||||||||
Ground Transportation – 1.1% |
| |||||||
12,945 | Old Dominion Freight Line, Inc. | 2,286,087 | ||||||
5,502 | Saia, Inc.* | 2,609,544 | ||||||
|
| |||||||
4,895,631 | ||||||||
| ||||||||
Health Care Equipment & Supplies – 3.1% |
| |||||||
67,539 | Cooper Cos., Inc. (The) | 5,896,155 | ||||||
72,256 | Zimmer Biomet Holdings, Inc. | 7,841,943 | ||||||
|
| |||||||
13,738,098 | ||||||||
| ||||||||
Health Care Providers & Services – 2.0% |
| |||||||
23,809 | Cencora, Inc. | 5,364,168 | ||||||
9,722 | Humana, Inc. | 3,632,625 | ||||||
|
| |||||||
8,996,793 | ||||||||
| ||||||||
Health Care REITs – 1.4% |
| |||||||
52,539 | Alexandria Real Estate Equities, Inc. REIT | 6,145,487 | ||||||
| ||||||||
Hotels, Restaurants & Leisure – 1.5% |
| |||||||
23,683 | Royal Caribbean Cruises Ltd.* | 3,775,781 | ||||||
21,590 | Yum! Brands, Inc. | 2,859,811 | ||||||
|
| |||||||
6,635,592 | ||||||||
| ||||||||
Household Durables – 1.9% |
| |||||||
54,794 | Lennar Corp., Class A | 8,211,977 | ||||||
| ||||||||
Independent Power and Renewable Electricity Producers – 1.9% |
| |||||||
360,796 | AES Corp. (The) | 6,339,186 | ||||||
25,347 | Vistra Corp. | 2,179,335 | ||||||
|
| |||||||
8,518,521 | ||||||||
| ||||||||
Industrial REITs – 0.4% |
| |||||||
61,208 | Americold Realty Trust, Inc. REIT | 1,563,252 | ||||||
| ||||||||
Insurance – 5.8% |
| |||||||
44,494 | Allstate Corp. (The) | 7,103,912 |
The accompanying notes are an integral part of these financial statements. | 13 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST-MID CAP VALUE FUND
Schedule of Investments (continued)
June 30, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Insurance – (continued) |
| |||||||
25,437 | American Financial Group, Inc. | $ | 3,129,260 | |||||
39,996 | Arch Capital Group Ltd.* | 4,035,196 | ||||||
15,744 | Arthur J Gallagher & Co. | 4,082,577 | ||||||
24,527 | Globe Life, Inc. | 2,018,081 | ||||||
98,463 | Unum Group | 5,032,444 | ||||||
|
| |||||||
25,401,470 | ||||||||
| ||||||||
Life Sciences Tools & Services – 1.9% |
| |||||||
16,691 | Agilent Technologies, Inc. | 2,163,654 | ||||||
4,421 | Mettler-Toledo International, Inc.* | 6,178,746 | ||||||
|
| |||||||
8,342,400 | ||||||||
| ||||||||
Machinery – 6.0% |
| |||||||
93,340 | Fortive Corp. | 6,916,494 | ||||||
15,366 | IDEX Corp. | 3,091,639 | ||||||
46,984 | Ingersoll Rand, Inc. | 4,268,027 | ||||||
35,199 | ITT, Inc. | 4,547,007 | ||||||
43,248 | Stanley Black & Decker, Inc. | 3,455,083 | ||||||
28,612 | Xylem, Inc. | 3,880,645 | ||||||
|
| |||||||
26,158,895 | ||||||||
| ||||||||
Metals & Mining – 2.0% |
| |||||||
67,609 | Steel Dynamics, Inc. | 8,755,366 | ||||||
| ||||||||
Multi-Utilities – 5.5% |
| |||||||
211,526 | CenterPoint Energy, Inc. | 6,553,075 | ||||||
84,569 | CMS Energy Corp. | 5,034,393 | ||||||
274,767 | NiSource, Inc. | 7,916,037 | ||||||
66,090 | Public Service Enterprise Group, Inc. | 4,870,833 | ||||||
|
| |||||||
24,374,338 | ||||||||
| ||||||||
Oil, Gas & Consumable Fuels – 6.1% |
| |||||||
30,274 | Chesapeake Energy Corp. | 2,488,220 | ||||||
35,673 | Diamondback Energy, Inc. | 7,141,378 | ||||||
92,306 | DT Midstream, Inc. | 6,556,495 | ||||||
181,496 | Marathon Oil Corp. | 5,203,490 | ||||||
22,378 | Phillips 66 | 3,159,102 | ||||||
18,065 | Targa Resources Corp. | 2,326,411 | ||||||
|
| |||||||
26,875,096 | ||||||||
| ||||||||
Passenger Airlines – 1.1% |
| |||||||
95,175 | United Airlines Holdings, Inc.* | 4,631,215 | ||||||
| ||||||||
Residential REITs – 3.4% |
| |||||||
74,663 | American Homes 4 Rent, Class A REIT | 2,774,477 | ||||||
38,740 | AvalonBay Communities, Inc. REIT | 8,014,918 | ||||||
66,974 | Equity LifeStyle Properties, Inc. REIT | 4,362,017 | ||||||
|
| |||||||
15,151,412 | ||||||||
| ||||||||
Semiconductors & Semiconductor Equipment – 3.2% |
| |||||||
137,419 | Marvell Technology, Inc. | 9,605,588 | ||||||
35,096 | MKS Instruments, Inc. | 4,582,836 | ||||||
|
| |||||||
14,188,424 | ||||||||
| ||||||||
Software – 1.1% |
| |||||||
44,347 | Dynatrace, Inc.* | 1,984,085 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Software – (continued) |
| |||||||
111,392 | Klaviyo, Inc., Class A* | $ | 2,772,547 | |||||
|
| |||||||
4,756,632 | ||||||||
| ||||||||
Specialized REITs – 3.6% |
| |||||||
26,737 | Digital Realty Trust, Inc. REIT | 4,065,361 | ||||||
23,922 | Extra Space Storage, Inc. REIT | 3,717,718 | ||||||
276,220 | VICI Properties, Inc. REIT | 7,910,941 | ||||||
|
| |||||||
15,694,020 | ||||||||
| ||||||||
Specialty Retail – 4.3% |
| |||||||
130,383 | Foot Locker, Inc. | 3,249,144 | ||||||
6,838 | RH* | 1,671,481 | ||||||
34,249 | Ross Stores, Inc. | 4,977,065 | ||||||
12,919 | Ulta Beauty, Inc.* | 4,985,054 | ||||||
74,966 | Wayfair, Inc., Class A* | 3,952,957 | ||||||
|
| |||||||
18,835,701 | ||||||||
| ||||||||
Technology Hardware, Storage & Peripherals – 0.7% |
| |||||||
43,145 | Western Digital Corp.* | 3,269,097 | ||||||
| ||||||||
Trading Companies & Distributors – 2.7% |
| |||||||
57,780 | Fastenal Co. | 3,630,895 | ||||||
12,651 | United Rentals, Inc. | 8,181,781 | ||||||
|
| |||||||
11,812,676 | ||||||||
| ||||||||
TOTAL COMMON STOCKS (Cost $360,390,281) | 437,855,949 | |||||||
| ||||||||
Shares | Dividend Rate | Value | ||||||
Investment Company – 0.4%(a) |
| |||||||
Goldman Sachs Financial Square Government Fund - Institutional Shares | ||||||||
1,645,085 | 5.213% | 1,645,085 | ||||||
(Cost $1,645,085) | ||||||||
| ||||||||
TOTAL INVESTMENTS – 99.9% (Cost $362,035,366) | $ | 439,501,034 | ||||||
| ||||||||
OTHER ASSETS IN EXCESS OF | 267,301 | |||||||
| ||||||||
NET ASSETS – 100.0% | $ | 439,768,335 | ||||||
|
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) | Represents an affiliated issuer. |
| ||
Investment Abbreviations: | ||
PLC | —Public Limited Company | |
REIT | —Real Estate Investment Trust | |
|
14 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS VARIABLE INSURANCE TRUST-SMALL CAP EQUITY INSIGHTS FUND
Schedule of Investments
June 30, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – 98.2% |
| |||||||
Aerospace & Defense – 0.3% |
| |||||||
5,813 | AerSale Corp.* | $ | 40,226 | |||||
5,826 | Kratos Defense & Security Solutions, Inc.* | 116,578 | ||||||
4,242 | Park Aerospace Corp. | 58,030 | ||||||
26,726 | Rocket Lab USA, Inc.* | 128,285 | ||||||
|
| |||||||
343,119 | ||||||||
| ||||||||
Automobile Components – 1.8% |
| |||||||
29,368 | American Axle & Manufacturing Holdings, Inc.* | 205,282 | ||||||
1,701 | Cooper-Standard Holdings, Inc.* | 21,161 | ||||||
287 | Dorman Products, Inc.* | 26,255 | ||||||
1,972 | Fox Factory Holding Corp.* | 95,031 | ||||||
73,812 | Goodyear Tire & Rubber Co. (The)* | 837,766 | ||||||
21,082 | Holley, Inc.* | 75,473 | ||||||
9,369 | Modine Manufacturing Co.* | 938,680 | ||||||
2,862 | Phinia, Inc. | 112,648 | ||||||
1,410 | Stoneridge, Inc.* | 22,504 | ||||||
947 | Visteon Corp.* | 101,045 | ||||||
|
| |||||||
2,435,845 | ||||||||
| ||||||||
Banks – 9.2% |
| |||||||
10,071 | Amalgamated Financial Corp. | 275,945 | ||||||
11,615 | Ameris Bancorp | 584,815 | ||||||
5,645 | Axos Financial, Inc.* | 322,612 | ||||||
5,580 | BancFirst Corp. | 489,366 | ||||||
13,375 | Bancorp, Inc. (The)* | 505,040 | ||||||
9,703 | BankUnited, Inc. | 284,007 | ||||||
3,325 | Banner Corp. | 165,053 | ||||||
2,820 | Business First Bancshares, Inc. | 61,363 | ||||||
3,718 | Byline Bancorp, Inc. | 88,265 | ||||||
1,043 | Capital City Bank Group, Inc. | 29,663 | ||||||
48,761 | Capitol Federal Financial, Inc. | 267,698 | ||||||
1,035 | Civista Bancshares, Inc. | 16,032 | ||||||
3,484 | Community Trust Bancorp, Inc. | 152,111 | ||||||
29,662 | CVB Financial Corp. | 511,373 | ||||||
2,569 | Financial Institutions, Inc. | 49,633 | ||||||
584 | First Bancorp, Inc. (The) | 14,512 | ||||||
19,579 | First BanCorp. (Puerto Rico) | 358,100 | ||||||
1,144 | First Bancshares, Inc. (The) | 29,721 | ||||||
11,285 | First Commonwealth Financial Corp. | 155,846 | ||||||
413 | First Financial Bancorp | 9,177 | ||||||
9,857 | First Financial Bankshares, Inc. | 291,077 | ||||||
2,862 | First Internet Bancorp | 77,331 | ||||||
11,856 | Hancock Whitney Corp. | 567,073 | ||||||
22,647 | Hanmi Financial Corp. | 378,658 | ||||||
19,671 | Heritage Financial Corp. | 354,668 | ||||||
1,721 | Home Bancorp, Inc. | 68,857 | ||||||
4,556 | Home BancShares, Inc. | 109,162 | ||||||
3,980 | HomeTrust Bancshares, Inc. | 119,519 | ||||||
6,492 | Hope Bancorp, Inc. | 69,724 | ||||||
4,028 | Independent Bank Corp. | 204,300 | ||||||
1,175 | Independent Bank Corp. | 31,725 | ||||||
9,533 | International Bancshares Corp. | 545,383 | ||||||
9,540 | Kearny Financial Corp. | 58,671 | ||||||
735 | Live Oak Bancshares, Inc. | 25,769 | ||||||
3,055 | Metrocity Bankshares, Inc. | 80,652 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Banks – (continued) |
| |||||||
12,781 | National Bank Holdings Corp., Class A | $ | 499,098 | |||||
4,278 | Northeast Community Bancorp, Inc. | 76,234 | ||||||
904 | Northrim BanCorp, Inc. | 52,107 | ||||||
12,099 | OFG Bancorp (Puerto Rico) | 453,108 | ||||||
5,679 | Old Second Bancorp, Inc. | 84,106 | ||||||
1,257 | Park National Corp. | 178,921 | ||||||
4,212 | Preferred Bank | 317,964 | ||||||
3,156 | Primis Financial Corp. | 33,075 | ||||||
1,223 | Provident Financial Services, Inc. | 17,550 | ||||||
1,296 | Red River Bancshares, Inc. | 62,195 | ||||||
12,359 | Renasant Corp. | 377,444 | ||||||
1,919 | Sierra Bancorp | 42,947 | ||||||
14,146 | Southside Bancshares, Inc. | 390,571 | ||||||
1,925 | Stock Yards Bancorp, Inc. | 95,615 | ||||||
9,007 | Texas Capital Bancshares, Inc.* | 550,688 | ||||||
1,452 | Timberland Bancorp, Inc. | 39,335 | ||||||
393 | Tompkins Financial Corp. | 19,218 | ||||||
12,839 | TrustCo Bank Corp. | 369,378 | ||||||
6,814 | UMB Financial Corp. | 568,424 | ||||||
3,620 | USCB Financial Holdings, Inc. | 46,445 | ||||||
11,575 | WesBanco, Inc. | 323,058 | ||||||
3,496 | Westamerica BanCorp | 169,661 | ||||||
|
| |||||||
12,120,043 | ||||||||
| ||||||||
Beverages – 0.5% |
| |||||||
27,660 | Primo Water Corp. | 604,648 | ||||||
| ||||||||
Biotechnology – 8.3% |
| |||||||
19,036 | 89bio, Inc.* | 152,478 | ||||||
26,474 | ACADIA Pharmaceuticals, Inc.* | 430,202 | ||||||
6,941 | Akero Therapeutics, Inc.* | 162,836 | ||||||
2,970 | Allogene Therapeutics, Inc.* | 6,920 | ||||||
17,023 | Altimmune, Inc.*(a) | 113,203 | ||||||
10,388 | Amicus Therapeutics, Inc.* | 103,049 | ||||||
4,831 | Annexon, Inc.* | 23,672 | ||||||
1,012 | Apogee Therapeutics, Inc.* | 39,822 | ||||||
3,092 | Arcturus Therapeutics Holdings, Inc.* | 75,290 | ||||||
1,738 | Arcus Biosciences, Inc.* | 26,470 | ||||||
32,738 | Ardelyx, Inc.* | 242,589 | ||||||
71,044 | Aurinia Pharmaceuticals, Inc. (Canada)* | 405,661 | ||||||
8,884 | Beam Therapeutics, Inc.* | 208,152 | ||||||
20,836 | BioCryst Pharmaceuticals, Inc.* | 128,766 | ||||||
1,508 | Biomea Fusion, Inc.*(a) | 6,786 | ||||||
2,832 | Black Diamond Therapeutics, Inc.* | 13,197 | ||||||
8,634 | Blueprint Medicines Corp.* | 930,573 | ||||||
2,622 | Bridgebio Pharma, Inc.* | 66,415 | ||||||
7,570 | Caribou Biosciences, Inc.* | 12,415 | ||||||
12,545 | Catalyst Pharmaceuticals, Inc.* | 194,322 | ||||||
585 | Celcuity, Inc.* | 9,582 | ||||||
5,815 | Celldex Therapeutics, Inc.* | 215,213 | ||||||
3,880 | CG oncology, Inc.* | 122,492 | ||||||
4,185 | Cogent Biosciences, Inc.* | 35,280 | ||||||
10,450 | Coherus Biosciences, Inc.* | 18,078 | ||||||
1,064 | Cytokinetics, Inc.* | 57,648 |
The accompanying notes are an integral part of these financial statements. | 15 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST-SMALL CAP EQUITY INSIGHTS FUND
Schedule of Investments (continued)
June 30, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Biotechnology – (continued) |
| |||||||
3,996 | Day One Biopharmaceuticals, Inc.* | $ | 55,065 | |||||
15,017 | Denali Therapeutics, Inc.* | 348,695 | ||||||
27,498 | Design Therapeutics, Inc.* | 92,118 | ||||||
31,745 | Editas Medicine, Inc.* | 148,249 | ||||||
8,090 | Erasca, Inc.* | 19,092 | ||||||
6,409 | Generation Bio Co.* | 18,073 | ||||||
14,028 | Heron Therapeutics, Inc.* | 49,098 | ||||||
1,320 | Immunovant, Inc.* | 34,848 | ||||||
5,808 | Insmed, Inc.* | 389,136 | ||||||
10,841 | Intellia Therapeutics, Inc.* | 242,622 | ||||||
13,231 | iTeos Therapeutics, Inc.* | 196,348 | ||||||
1,147 | Janux Therapeutics, Inc.* | 48,048 | ||||||
1,449 | Keros Therapeutics, Inc.* | 66,219 | ||||||
9,070 | Kodiak Sciences, Inc.* | 21,314 | ||||||
1,170 | Krystal Biotech, Inc.* | 214,859 | ||||||
4,852 | Kura Oncology, Inc.* | 99,903 | ||||||
4,250 | Larimar Therapeutics, Inc.* | 30,812 | ||||||
38,495 | MannKind Corp.* | 200,944 | ||||||
7,791 | MeiraGTx Holdings PLC* | 32,800 | ||||||
26,758 | Monte Rosa Therapeutics, Inc.* | 100,075 | ||||||
7,024 | Morphic Holding, Inc.* | 239,308 | ||||||
2,136 | Nkarta, Inc.* | 12,624 | ||||||
4,557 | Novavax, Inc.*(a) | 57,692 | ||||||
1,294 | Nurix Therapeutics, Inc.* | 27,006 | ||||||
6,048 | Nuvalent, Inc., Class A* | 458,801 | ||||||
25,514 | Poseida Therapeutics, Inc.* | 74,501 | ||||||
1,409 | Praxis Precision Medicines, Inc.* | 58,276 | ||||||
8,468 | Precigen, Inc.* | 13,379 | ||||||
4,807 | Protagonist Therapeutics, Inc.* | 166,563 | ||||||
4,317 | Prothena Corp. PLC (Ireland)* | 89,103 | ||||||
18,722 | PTC Therapeutics, Inc.* | 572,519 | ||||||
23,737 | RAPT Therapeutics, Inc.* | 72,398 | ||||||
2,433 | Recursion Pharmaceuticals, Inc., Class A* | 18,248 | ||||||
31,818 | Relay Therapeutics, Inc.* | 207,453 | ||||||
4,769 | REVOLUTION Medicines, Inc.* | 185,085 | ||||||
798 | Rhythm Pharmaceuticals, Inc.* | 32,766 | ||||||
752 | Rigel Pharmaceuticals, Inc.* | 6,184 | ||||||
10,984 | Rocket Pharmaceuticals, Inc.* | 236,486 | ||||||
4,835 | Sage Therapeutics, Inc.* | 52,508 | ||||||
4,012 | Sana Biotechnology, Inc.* | 21,906 | ||||||
3,250 | Solid Biosciences, Inc.* | 18,428 | ||||||
2,052 | SpringWorks Therapeutics, Inc.* | 77,299 | ||||||
52,139 | Sutro Biopharma, Inc.* | 152,767 | ||||||
28,305 | Taysha Gene Therapies, Inc.* | 63,403 | ||||||
21,102 | Tenaya Therapeutics, Inc.* | 65,416 | ||||||
29,877 | TG Therapeutics, Inc.* | 531,512 | ||||||
8,855 | Twist Bioscience Corp.* | 436,374 | ||||||
3,007 | Tyra Biosciences, Inc.* | 48,082 | ||||||
4,324 | Vera Therapeutics, Inc.* | 156,442 | ||||||
2,514 | Veracyte, Inc.* | 54,478 | ||||||
42,660 | Verve Therapeutics, Inc.* | 208,181 | ||||||
12,119 | Vir Biotechnology, Inc.* | 107,859 | ||||||
3,623 | Xencor, Inc.* | 68,583 | ||||||
8,577 | Y-mAbs Therapeutics, Inc.* | 103,610 | ||||||
|
| |||||||
10,904,669 | ||||||||
|
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Broadline Retail – 0.0% |
| |||||||
1,658 | Savers Value Village, Inc.* | $ | 20,294 | |||||
| ||||||||
Capital Markets – 2.0% |
| |||||||
2,267 | Brightsphere Investment Group, Inc. | 50,259 | ||||||
8,337 | Moelis & Co., Class A | 474,042 | ||||||
24,318 | Open Lending Corp.* | 135,695 | ||||||
14,496 | Patria Investments Ltd., Class A (Cayman Islands) | 174,822 | ||||||
4,037 | Piper Sandler Cos. | 929,196 | ||||||
2,056 | PJT Partners, Inc., Class A | 221,863 | ||||||
5,748 | StoneX Group, Inc.* | 432,882 | ||||||
764 | Virtus Investment Partners, Inc. | 172,549 | ||||||
|
| |||||||
2,591,308 | ||||||||
| ||||||||
Chemicals – 2.4% |
| |||||||
25,568 | Arcadium Lithium PLC (Jersey)* | 85,908 | ||||||
10,485 | Aspen Aerogels, Inc.* | 250,067 | ||||||
524 | Core Molding Technologies, Inc.* | 8,353 | ||||||
10,922 | HB Fuller Co. | 840,557 | ||||||
5,608 | Ingevity Corp.* | 245,126 | ||||||
6,922 | Innospec, Inc. | 855,490 | ||||||
5,981 | Minerals Technologies, Inc. | 497,380 | ||||||
18,124 | Orion SA (Germany) | 397,641 | ||||||
|
| |||||||
3,180,522 | ||||||||
| ||||||||
Commercial Services & Supplies – 2.6% |
| |||||||
11,265 | ABM Industries, Inc. | 569,671 | ||||||
3,055 | ACCO Brands Corp. | 14,359 | ||||||
16,519 | CECO Environmental Corp.* | 476,573 | ||||||
613 | Cimpress PLC (Ireland)* | 53,705 | ||||||
9,359 | Deluxe Corp. | 210,203 | ||||||
16,460 | Ennis, Inc. | 360,309 | ||||||
28,655 | Enviri Corp.* | 247,293 | ||||||
36,736 | Healthcare Services Group, Inc.* | 388,667 | ||||||
5,865 | Matthews International Corp., Class A | 146,918 | ||||||
3,827 | Montrose Environmental Group, Inc.* | 170,531 | ||||||
4,043 | UniFirst Corp. | 693,496 | ||||||
3,127 | Viad Corp.* | 106,318 | ||||||
|
| |||||||
3,438,043 | ||||||||
| ||||||||
Communications Equipment – 0.6% |
| |||||||
5,477 | Infinera Corp.* | 33,355 | ||||||
34,227 | NetScout Systems, Inc.* | 626,012 | ||||||
10,199 | Viavi Solutions, Inc.* | 70,067 | ||||||
|
| |||||||
729,434 | ||||||||
| ||||||||
Construction & Engineering – 3.0% |
| |||||||
1,138 | Construction Partners, Inc., Class A* | 62,829 | ||||||
3,289 | Dycom Industries, Inc.* | 555,052 | ||||||
18,323 | Fluor Corp.* | 797,967 | ||||||
9,652 | Great Lakes Dredge & Dock Corp.* | 84,744 | ||||||
3,793 | IES Holdings, Inc.* | 528,479 | ||||||
4,618 | Limbach Holdings, Inc.* | 262,903 | ||||||
4,968 | Matrix Service Co.* | 49,332 | ||||||
13,780 | Primoris Services Corp. | 687,484 |
16 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS VARIABLE INSURANCE TRUST-SMALL CAP EQUITY INSIGHTS FUND
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Construction & Engineering – (continued) |
| |||||||
7,890 | Sterling Infrastructure, Inc.* | $ | 933,703 | |||||
1,004 | Tutor Perini Corp.* | 21,867 | ||||||
|
| |||||||
3,984,360 | ||||||||
| ||||||||
Construction Materials – 0.7% |
| |||||||
10,991 | Knife River Corp.* | 770,909 | ||||||
1,428 | Summit Materials, Inc., Class A* | 52,279 | ||||||
242 | United States Lime & Minerals, Inc. | 88,131 | ||||||
|
| |||||||
911,319 | ||||||||
| ||||||||
Consumer Finance – 1.3% |
| |||||||
9,978 | Encore Capital Group, Inc.* | 416,382 | ||||||
6,792 | Enova International, Inc.* | 422,802 | ||||||
6,964 | Green Dot Corp., Class A* | 65,810 | ||||||
2,168 | Medallion Financial Corp. | 16,650 | ||||||
1,727 | Moneylion, Inc.* | 127,003 | ||||||
18,445 | Navient Corp. | 268,559 | ||||||
1,414 | PRA Group, Inc.* | 27,799 | ||||||
6,590 | Regional Management Corp. | 189,397 | ||||||
4,739 | Upstart Holdings, Inc.* | 111,793 | ||||||
729 | World Acceptance Corp.* | 90,090 | ||||||
|
| |||||||
1,736,285 | ||||||||
| ||||||||
Consumer Staples Distribution & Retail – 0.1% |
| |||||||
1,798 | Sprouts Farmers Market, Inc.* | 150,421 | ||||||
477 | Weis Markets, Inc. | 29,941 | ||||||
|
| |||||||
180,362 | ||||||||
| ||||||||
Distributors – 0.4% |
| |||||||
15,532 | A-Mark Precious Metals, Inc. | 502,771 | ||||||
968 | Weyco Group, Inc. | 29,350 | ||||||
|
| |||||||
532,121 | ||||||||
| ||||||||
Diversified Consumer Services – 1.1% |
| |||||||
53,346 | Coursera, Inc.* | 381,957 | ||||||
3,126 | European Wax Center, Inc., Class A* | 31,041 | ||||||
5,379 | Frontdoor, Inc.* | 181,756 | ||||||
114 | Graham Holdings Co., Class B | 79,749 | ||||||
9,869 | OneSpaWorld Holdings Ltd. (Bahamas)* | 151,687 | ||||||
5,704 | Strategic Education, Inc. | 631,205 | ||||||
|
| |||||||
1,457,395 | ||||||||
| ||||||||
Diversified REITs – 0.4% |
| |||||||
19,784 | American Assets Trust, Inc. REIT | 442,766 | ||||||
3,667 | Armada Hoffler Properties, Inc. REIT | 40,667 | ||||||
23,382 | NexPoint Diversified Real Estate Trust REIT | 129,302 | ||||||
|
| |||||||
612,735 | ||||||||
| ||||||||
Diversified Telecommunication Services – 0.3% |
| |||||||
6,833 | Liberty Latin America Ltd., Class A (Puerto Rico)* | 65,665 | ||||||
280,514 | Lumen Technologies, Inc.* | 308,565 | ||||||
|
| |||||||
374,230 | ||||||||
| ||||||||
Electrical Equipment – 1.9% |
| |||||||
15,637 | Array Technologies, Inc.* | 160,436 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Electrical Equipment – (continued) |
| |||||||
2,473 | Atkore, Inc. | $ | 333,682 | |||||
8,501 | Bloom Energy Corp., Class A* | 104,052 | ||||||
3,780 | Enovix Corp.*(a) | 58,439 | ||||||
62,175 | FuelCell Energy, Inc.* | 39,717 | ||||||
4,893 | NEXTracker, Inc., Class A* | 229,384 | ||||||
4,287 | NuScale Power Corp.*(a) | 50,115 | ||||||
7,205 | Plug Power, Inc.* | 16,788 | ||||||
1,319 | Powell Industries, Inc. | 189,144 | ||||||
71,574 | Shoals Technologies Group, Inc., Class A* | 446,622 | ||||||
18,437 | Thermon Group Holdings, Inc.* | 567,122 | ||||||
14,881 | TPI Composites, Inc.*(a) | 59,375 | ||||||
5,198 | Vicor Corp.* | 172,366 | ||||||
|
| |||||||
2,427,242 | ||||||||
| ||||||||
Electronic Equipment, Instruments & Components – 3.6% |
| |||||||
4,901 | Badger Meter, Inc. | 913,301 | ||||||
1,549 | Bel Fuse, Inc., Class B | 101,057 | ||||||
3,109 | Belden, Inc. | 291,624 | ||||||
590 | Benchmark Electronics, Inc. | 23,282 | ||||||
5,023 | Fabrinet (Thailand)* | 1,229,580 | ||||||
4,554 | Itron, Inc.* | 450,664 | ||||||
43,492 | Knowles Corp.* | 750,672 | ||||||
10,282 | nLight, Inc.* | 112,382 | ||||||
2,016 | Ouster, Inc.* | 19,817 | ||||||
6,896 | Sanmina Corp.* | 456,860 | ||||||
5,157 | TTM Technologies, Inc.* | 100,201 | ||||||
9,678 | Vishay Precision Group, Inc.* | 294,598 | ||||||
|
| |||||||
4,744,038 | ||||||||
| ||||||||
Energy Equipment & Services – 2.0% |
| |||||||
10,155 | Archrock, Inc. | 205,334 | ||||||
13,265 | ChampionX Corp. | 440,531 | ||||||
10,335 | Dril-Quip, Inc.* | 192,231 | ||||||
4,491 | Nabors Industries Ltd.* | 319,579 | ||||||
3,471 | Noble Corp. PLC | 154,980 | ||||||
4,910 | Oceaneering International, Inc.* | 116,171 | ||||||
7,783 | SEACOR Marine Holdings, Inc.* | 104,993 | ||||||
2,047 | Seadrill Ltd. (Norway)* | 105,420 | ||||||
8,685 | Tidewater, Inc.* | 826,899 | ||||||
31,292 | Transocean Ltd.* | 167,412 | ||||||
|
| |||||||
2,633,550 | ||||||||
| ||||||||
Entertainment – 0.7% |
| |||||||
9,392 | AMC Entertainment Holdings, Inc., Class A* | 46,772 | ||||||
50,980 | Eventbrite, Inc., Class A* | 246,743 | ||||||
18,016 | Madison Square Garden Entertainment Corp.* | 616,688 | ||||||
|
| |||||||
910,203 | ||||||||
| ||||||||
Financial Services – 3.1% |
| |||||||
2,562 | Alerus Financial Corp. | 50,241 | ||||||
28,840 | Banco Latinoamericano de Comercio Exterior SA, Class E (Panama) | 855,682 | ||||||
14,937 | Flywire Corp.* | 244,817 | ||||||
17,271 | I3 Verticals, Inc., Class A* | 381,344 | ||||||
4,611 | International Money Express, Inc.* | 96,093 |
The accompanying notes are an integral part of these financial statements. | 17 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST-SMALL CAP EQUITY INSIGHTS FUND
Schedule of Investments (continued)
June 30, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Financial Services – (continued) |
| |||||||
16,955 | Marqeta, Inc., Class A* | $ | 92,913 | |||||
2,396 | Merchants Bancorp | 97,134 | ||||||
7,593 | Mr Cooper Group, Inc.* | 616,779 | ||||||
4,584 | NCR Atleos Corp.* | 123,860 | ||||||
6,558 | NMI Holdings, Inc., Class A* | 223,234 | ||||||
27,762 | Pagseguro Digital Ltd., Class A (Brazil)* | 324,538 | ||||||
70,793 | Payoneer Global, Inc.* | 392,193 | ||||||
4,934 | Remitly Global, Inc.* | 59,800 | ||||||
4,719 | Repay Holdings Corp.* | 49,833 | ||||||
29,274 | StoneCo Ltd., Class A (Brazil)* | 350,995 | ||||||
|
| |||||||
3,959,456 | ||||||||
| ||||||||
Food Products – 0.5% |
| |||||||
1,703 | Dole PLC | 20,845 | ||||||
13,631 | Hain Celestial Group, Inc. (The)* | 94,190 | ||||||
2,602 | Lancaster Colony Corp. | 491,700 | ||||||
|
| |||||||
606,735 | ||||||||
| ||||||||
Ground Transportation – 0.2% |
| |||||||
1,104 | ArcBest Corp. | 118,216 | ||||||
2,706 | Marten Transport Ltd. | 49,926 | ||||||
3,699 | PAM Transportation Services, Inc.* | 64,252 | ||||||
|
| |||||||
232,394 | ||||||||
| ||||||||
Health Care Equipment & Supplies – 1.9% |
| |||||||
747 | Artivion, Inc.* | 19,161 | ||||||
20,307 | AtriCure, Inc.* | 462,390 | ||||||
5,267 | CONMED Corp. | 365,108 | ||||||
1,696 | CVRx, Inc.* | 20,335 | ||||||
32,196 | Embecta Corp. | 402,450 | ||||||
3,628 | Haemonetics Corp.* | 300,144 | ||||||
2,528 | Inari Medical, Inc.* | 121,723 | ||||||
1,751 | Inmode Ltd.* | 31,938 | ||||||
4,127 | iRadimed Corp. | 181,340 | ||||||
3,850 | Lantheus Holdings, Inc.* | 309,117 | ||||||
733 | LeMaitre Vascular, Inc. | 60,311 | ||||||
1,270 | Merit Medical Systems, Inc.* | 109,157 | ||||||
2,344 | Novocure Ltd.* | 40,153 | ||||||
7,370 | Pulmonx Corp.* | 46,726 | ||||||
4,996 | Varex Imaging Corp.* | 73,591 | ||||||
|
| |||||||
2,543,644 | ||||||||
| ||||||||
Health Care Providers & Services – 3.9% |
| |||||||
716 | Addus HomeCare Corp.* | 83,135 | ||||||
13,887 | agilon health, Inc.* | 90,821 | ||||||
22,809 | Alignment Healthcare, Inc.* | 178,366 | ||||||
35,710 | Brookdale Senior Living, Inc.* | 243,899 | ||||||
60,993 | Community Health Systems, Inc.* | 204,937 | ||||||
5,588 | DocGo, Inc.* | 17,267 | ||||||
25,418 | Enhabit, Inc.* | 226,729 | ||||||
2,490 | Ensign Group, Inc. (The) | 307,988 | ||||||
9,946 | Guardant Health, Inc.* | 287,241 | ||||||
1,875 | HealthEquity, Inc.* | 161,625 | ||||||
34,020 | Hims & Hers Health, Inc.* | 686,864 | ||||||
17,228 | Joint Corp. (The)* | 242,226 | ||||||
22,742 | LifeStance Health Group, Inc.* | 111,663 | ||||||
6,643 | ModivCare, Inc.* | 174,312 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Health Care Providers & Services – (continued) |
| |||||||
21,485 | Nano-X Imaging Ltd. (Israel)*(a) | $ | 157,700 | |||||
7,541 | Option Care Health, Inc.* | 208,886 | ||||||
6,739 | Pediatrix Medical Group, Inc.* | 50,879 | ||||||
18,413 | Pennant Group, Inc. (The)* | 426,997 | ||||||
20,005 | Select Medical Holdings Corp. | 701,375 | ||||||
3,371 | US Physical Therapy, Inc. | 311,548 | ||||||
35,820 | Viemed Healthcare, Inc.* | 234,621 | ||||||
|
| |||||||
5,109,079 | ||||||||
| ||||||||
Health Care REITs – 0.2% |
| |||||||
2,506 | LTC Properties, Inc. REIT | 86,457 | ||||||
2,760 | Universal Health Realty Income Trust REIT | 108,026 | ||||||
|
| |||||||
194,483 | ||||||||
| ||||||||
Health Care Technology – 0.2% |
| |||||||
7,662 | Evolent Health, Inc., Class A* | 146,497 | ||||||
14,494 | Health Catalyst, Inc.* | 92,617 | ||||||
|
| |||||||
239,114 | ||||||||
| ||||||||
Hotel & Resort REITs – 1.6% |
| |||||||
47,170 | Chatham Lodging Trust REIT | 401,888 | ||||||
68,965 | RLJ Lodging Trust REIT | 664,133 | ||||||
74,103 | Service Properties Trust REIT | 380,889 | ||||||
17,602 | Summit Hotel Properties, Inc. REIT | 105,436 | ||||||
39,329 | Sunstone Hotel Investors, Inc. REIT | 411,381 | ||||||
12,008 | Xenia Hotels & Resorts, Inc. REIT | 172,075 | ||||||
|
| |||||||
2,135,802 | ||||||||
| ||||||||
Hotels, Restaurants & Leisure – 3.8% |
| |||||||
14,148 | Cheesecake Factory, Inc. (The) | 555,875 | ||||||
12,204 | Chuy’s Holdings, Inc.* | 316,328 | ||||||
8,379 | Cracker Barrel Old Country Store, Inc.(a) | 353,259 | ||||||
530 | Dave & Buster’s Entertainment, Inc.* | 21,099 | ||||||
50,596 | Denny’s Corp.* | 359,232 | ||||||
1,827 | El Pollo Loco Holdings, Inc.* | 20,663 | ||||||
18,242 | Everi Holdings, Inc.* | 153,233 | ||||||
36,356 | International Game Technology PLC | 743,844 | ||||||
8,620 | Jack in the Box, Inc. | 439,103 | ||||||
30,935 | Life Time Group Holdings, Inc.* | 582,506 | ||||||
25,581 | Portillo’s, Inc., Class A* | 248,647 | ||||||
7,799 | RCI Hospitality Holdings, Inc. | 339,724 | ||||||
41,194 | Rush Street Interactive, Inc.* | 395,050 | ||||||
2,544 | Shake Shack, Inc., Class A* | 228,960 | ||||||
2,404 | Sweetgreen, Inc., Class A* | 72,456 | ||||||
2,793 | United Parks & Resorts, Inc.* | 151,688 | ||||||
1,046 | Xponential Fitness, Inc., Class A* | 16,318 | ||||||
|
| |||||||
4,997,985 | ||||||||
| ||||||||
Household Durables – 2.0% |
| |||||||
3,650 | Cricut, Inc., Class A* | 21,864 | ||||||
59,055 | GoPro, Inc., Class A* | 83,858 | ||||||
6,418 | Green Brick Partners, Inc.* | 367,366 |
18 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS VARIABLE INSURANCE TRUST-SMALL CAP EQUITY INSIGHTS FUND
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Household Durables – (continued) |
| |||||||
3,943 | Installed Building Products, Inc. | $ | 810,996 | |||||
5,433 | LGI Homes, Inc.* | 486,199 | ||||||
6,864 | M/I Homes, Inc.* | 838,369 | ||||||
431 | Meritage Homes Corp. | 69,758 | ||||||
|
| |||||||
2,678,410 | ||||||||
| ||||||||
Household Products – 0.5% |
| |||||||
15,530 | Energizer Holdings, Inc. | 458,756 | ||||||
992 | WD-40 Co. | 217,883 | ||||||
|
| |||||||
676,639 | ||||||||
| ||||||||
Independent Power and Renewable Electricity Producers – 0.0% |
| |||||||
425 | Ormat Technologies, Inc. | 30,472 | ||||||
| ||||||||
Industrial REITs – 0.6% |
| |||||||
90,159 | LXP Industrial Trust REIT | 822,250 | ||||||
| ||||||||
Insurance – 3.0% |
| |||||||
4,333 | Ambac Financial Group, Inc.* | 55,549 | ||||||
9,412 | Baldwin Insurance Group, Inc. (The), Class A* | 333,844 | ||||||
14,540 | CNO Financial Group, Inc. | 403,049 | ||||||
97,962 | Genworth Financial, Inc., Class A* | 591,691 | ||||||
8,610 | Goosehead Insurance, Inc., Class A* | 494,558 | ||||||
32,412 | James River Group Holdings Ltd. | 250,545 | ||||||
11,695 | Mercury General Corp. | 621,472 | ||||||
6,614 | Palomar Holdings, Inc.* | 536,726 | ||||||
2,815 | Selective Insurance Group, Inc. | 264,131 | ||||||
17,713 | Universal Insurance Holdings, Inc. | 332,296 | ||||||
|
| |||||||
3,883,861 | ||||||||
| ||||||||
Interactive Media & Services – 0.5% |
| |||||||
68,178 | fuboTV, Inc.* | 84,541 | ||||||
752 | MediaAlpha, Inc., Class A* | 9,904 | ||||||
14,178 | QuinStreet, Inc.* | 235,213 | ||||||
1,729 | Shutterstock, Inc. | 66,912 | ||||||
58,429 | Vimeo, Inc.* | 217,940 | ||||||
11,251 | ZipRecruiter, Inc., Class A* | 102,272 | ||||||
|
| |||||||
716,782 | ||||||||
| ||||||||
IT Services – 0.5% |
| |||||||
9,289 | BigCommerce Holdings, Inc., Series 1* | 74,869 | ||||||
4,346 | DigitalOcean Holdings, Inc.* | 151,024 | ||||||
9,371 | Fastly, Inc., Class A* | 69,064 | ||||||
6,051 | Hackett Group, Inc. (The) | 131,428 | ||||||
24,061 | Thoughtworks Holding, Inc.* | 68,333 | ||||||
|
| |||||||
494,718 | ||||||||
| ||||||||
Leisure Products – 0.7% |
| |||||||
19,608 | Funko, Inc., Class A* | 191,374 | ||||||
10,360 | Malibu Boats, Inc., Class A* | 363,014 | ||||||
1,561 | MasterCraft Boat Holdings, Inc.* | 29,472 | ||||||
52,668 | Peloton Interactive, Inc., Class A* | 178,018 | ||||||
18,162 | Solo Brands, Inc., Class A* | 41,409 | ||||||
|
| |||||||
803,287 | ||||||||
|
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Life Sciences Tools & Services – 0.4% |
| |||||||
24,671 | Adaptive Biotechnologies Corp.* | $ | 89,309 | |||||
3,345 | BioLife Solutions, Inc.* | 71,683 | ||||||
19,918 | Codexis, Inc.* | 61,746 | ||||||
24,986 | Cytek Biosciences, Inc.* | 139,422 | ||||||
15,514 | Maravai LifeSciences Holdings, Inc., Class A* | 111,080 | ||||||
30,257 | Pacific Biosciences of California, Inc.* | 41,452 | ||||||
1,078 | Quanterix Corp.* | 14,241 | ||||||
|
| |||||||
528,933 | ||||||||
| ||||||||
Machinery – 4.1% |
| |||||||
2,290 | Chart Industries, Inc.* | 330,539 | ||||||
8,695 | Douglas Dynamics, Inc. | 203,463 | ||||||
2,846 | ESCO Technologies, Inc. | 298,944 | ||||||
10,978 | Federal Signal Corp. | 918,529 | ||||||
5,210 | Franklin Electric Co., Inc. | 501,827 | ||||||
3,910 | Gencor Industries, Inc.* | 75,619 | ||||||
4,352 | Gorman-Rupp Co. (The) | 159,762 | ||||||
844 | Graham Corp.* | 23,767 | ||||||
3,495 | Helios Technologies, Inc. | 166,886 | ||||||
12,043 | Hillman Solutions Corp.* | 106,581 | ||||||
1,403 | John Bean Technologies Corp. | 133,243 | ||||||
1,543 | Kennametal, Inc. | 36,322 | ||||||
1,671 | Mayville Engineering Co., Inc.* | 27,839 | ||||||
1,408 | Miller Industries, Inc. | 77,468 | ||||||
6,522 | Mueller Industries, Inc. | 371,363 | ||||||
48,835 | Mueller Water Products, Inc., Class A | 875,123 | ||||||
1,655 | Omega Flex, Inc. | 84,868 | ||||||
1,343 | Proto Labs, Inc.* | 41,485 | ||||||
5,635 | SPX Technologies, Inc.* | 800,959 | ||||||
1,048 | Terex Corp. | 57,472 | ||||||
5,140 | Wabash National Corp. | 112,258 | ||||||
|
| |||||||
5,404,317 | ||||||||
| ||||||||
Marine Transportation – 0.7% |
| |||||||
19,818 | Costamare, Inc. (Monaco) | 325,610 | ||||||
2,888 | Matson, Inc. | 378,241 | ||||||
7,798 | Pangaea Logistics Solutions Ltd. | 61,058 | ||||||
36,622 | Safe Bulkers, Inc. (Monaco) | 213,140 | ||||||
|
| |||||||
978,049 | ||||||||
| ||||||||
Media – 1.3% |
| |||||||
28,162 | Entravision Communications Corp., Class A | 57,169 | ||||||
57,732 | EW Scripps Co. (The), Class A* | 181,279 | ||||||
75,199 | Gray Television, Inc. | 391,035 | ||||||
11,785 | Integral Ad Science Holding Corp.* | 114,550 | ||||||
3,433 | John Wiley & Sons, Inc., Class A | 139,723 | ||||||
8,402 | Magnite, Inc.* | 111,663 | ||||||
6,573 | National CineMedia, Inc.* | 28,856 | ||||||
13,710 | PubMatic, Inc., Class A* | 278,450 | ||||||
9,737 | TechTarget, Inc.* | 303,502 | ||||||
4,220 | Thryv Holdings, Inc.* | 75,200 | ||||||
8,166 | WideOpenWest, Inc.* | 44,178 | ||||||
|
| |||||||
1,725,605 | ||||||||
|
The accompanying notes are an integral part of these financial statements. | 19 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST-SMALL CAP EQUITY INSIGHTS FUND
Schedule of Investments (continued)
June 30, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Metals & Mining – 1.1% |
| |||||||
8,426 | Carpenter Technology Corp. | $ | 923,321 | |||||
108,753 | Hecla Mining Co. | 527,452 | ||||||
113 | Materion Corp. | 12,219 | ||||||
|
| |||||||
1,462,992 | ||||||||
| ||||||||
Mortgage Real Estate Investment Trusts (REITs) – 0.9% |
| |||||||
44,910 | Arbor Realty Trust, Inc. REIT | 644,459 | ||||||
9,247 | BrightSpire Capital, Inc. REIT | 52,708 | ||||||
4,368 | Chimera Investment Corp. REIT | 55,910 | ||||||
2,122 | Ladder Capital Corp. REIT | 23,957 | ||||||
22,325 | PennyMac Mortgage Investment Trust REIT | 306,969 | ||||||
13,720 | TPG RE Finance Trust, Inc. REIT | 118,541 | ||||||
|
| |||||||
1,202,544 | ||||||||
| ||||||||
Multi-Utilities – 1.2% |
| |||||||
20,329 | Avista Corp. | 703,587 | ||||||
15,534 | Black Hills Corp. | 844,739 | ||||||
|
| |||||||
1,548,326 | ||||||||
| ||||||||
Office REITs – 0.0% |
| |||||||
5,535 | City Office REIT, Inc. REIT | 27,564 | ||||||
| ||||||||
Oil, Gas & Consumable Fuels – 3.5% |
| |||||||
1,741 | Ardmore Shipping Corp. (Ireland) | 39,225 | ||||||
15,910 | Berry Corp. | 102,779 | ||||||
68,149 | DHT Holdings, Inc. | 788,484 | ||||||
18,195 | Dorian LPG Ltd. | 763,462 | ||||||
9,349 | Excelerate Energy, Inc., Class A | 172,396 | ||||||
2,251 | Golar LNG Ltd. (Cameroon) | 70,569 | ||||||
31,397 | Kosmos Energy Ltd. (Ghana)* | 173,939 | ||||||
2,545 | Murphy Oil Corp. | 104,956 | ||||||
151,411 | Nordic American Tankers Ltd. | 602,616 | ||||||
4,302 | PBF Energy, Inc., Class A | 197,978 | ||||||
1,246 | Peabody Energy Corp. | 27,561 | ||||||
6,612 | Scorpio Tankers, Inc. (Monaco) | 537,489 | ||||||
2,733 | Sitio Royalties Corp., Class A | 64,526 | ||||||
42,541 | Teekay Corp. (Bermuda)* | 381,593 | ||||||
7,671 | Teekay Tankers Ltd., Class A (Canada) | 527,841 | ||||||
|
| |||||||
4,555,414 | ||||||||
| ||||||||
Passenger Airlines – 0.0% |
| |||||||
8,676 | Joby Aviation, Inc.* | 44,248 | ||||||
| ||||||||
Pharmaceuticals – 0.6% |
| |||||||
804 | ANI Pharmaceuticals, Inc.* | 51,199 | ||||||
2,035 | Fulcrum Therapeutics, Inc.* | 12,617 | ||||||
9,981 | Phathom Pharmaceuticals, Inc.* | 102,804 | ||||||
16,161 | Phibro Animal Health Corp., Class A | 271,020 | ||||||
10,676 | Supernus Pharmaceuticals, Inc.* | 285,583 | ||||||
15,034 | Theravance Biopharma, Inc.* | 127,488 | ||||||
|
| |||||||
850,711 | ||||||||
| ||||||||
Professional Services – 1.0% |
| |||||||
51,845 | Conduent, Inc.* | 169,015 | ||||||
18,085 | ExlService Holdings, Inc.* | 567,146 | ||||||
3,974 | Exponent, Inc. | 378,007 | ||||||
4,185 | Franklin Covey Co.* | 159,030 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Professional Services – (continued) |
| |||||||
783 | NV5 Global, Inc.* | $ | 72,795 | |||||
27,889 | Planet Labs PBC* | 51,873 | ||||||
503 | Willdan Group, Inc.* | 14,512 | ||||||
|
| |||||||
1,412,378 | ||||||||
| ||||||||
Real Estate Management & Development – 0.6% |
| |||||||
28,326 | Compass, Inc., Class A* | 101,974 | ||||||
16,644 | Forestar Group, Inc.* | 532,441 | ||||||
12,234 | Newmark Group, Inc., Class A | 125,154 | ||||||
|
| |||||||
759,569 | ||||||||
| ||||||||
Residential REITs – 1.2% |
| |||||||
13,854 | Apartment Investment and Management Co., Class A REIT* | 114,850 | ||||||
3,202 | Centerspace REIT | 216,551 | ||||||
20,060 | NexPoint Residential Trust, Inc. REIT | 792,571 | ||||||
24,706 | UMH Properties, Inc. REIT | 395,049 | ||||||
|
| |||||||
1,519,021 | ||||||||
| ||||||||
Retail REITs – 0.5% |
| |||||||
673 | Alexander’s, Inc. REIT | 151,331 | ||||||
8,746 | Kite Realty Group Trust REIT | 195,736 | ||||||
5,516 | Macerich Co. (The) REIT | 85,167 | ||||||
2,910 | Tanger, Inc. REIT | 78,890 | ||||||
|
| |||||||
511,124 | ||||||||
| ||||||||
Semiconductors & Semiconductor Equipment – 2.0% |
| |||||||
2,360 | Aehr Test Systems* | 26,361 | ||||||
1,065 | Alpha & Omega Semiconductor Ltd.* | 39,799 | ||||||
2,796 | Ambarella, Inc.* | 150,844 | ||||||
5,923 | Axcelis Technologies, Inc.* | 842,191 | ||||||
797 | Cohu, Inc.* | 26,381 | ||||||
9,638 | FormFactor, Inc.* | 583,388 | ||||||
604 | Impinj, Inc.* | 94,689 | ||||||
3,752 | MaxLinear, Inc.* | 75,565 | ||||||
5,873 | PDF Solutions, Inc.* | 213,660 | ||||||
9,947 | Photronics, Inc.* | 245,393 | ||||||
1,734 | Power Integrations, Inc. | 121,710 | ||||||
1,390 | SiTime Corp.* | 172,888 | ||||||
|
| |||||||
2,592,869 | ||||||||
| ||||||||
Software – 6.8% |
| |||||||
5,472 | A10 Networks, Inc. | 75,787 | ||||||
24,702 | ACI Worldwide, Inc.* | 977,952 | ||||||
2,756 | Agilysys, Inc.* | 287,010 | ||||||
12,761 | Alarm.com Holdings, Inc.* | 810,834 | ||||||
13,310 | Alkami Technology, Inc.* | 379,069 | ||||||
5,581 | Altair Engineering, Inc., Class A* | 547,384 | ||||||
2,153 | C3.ai, Inc., Class A* | 62,351 | ||||||
40,282 | Cleanspark, Inc.* | 642,498 | ||||||
39,226 | Clear Secure, Inc., Class A | 733,918 | ||||||
21,173 | Clearwater Analytics Holdings, Inc., Class A* | 392,124 | ||||||
4,798 | CommVault Systems, Inc.* | 583,293 | ||||||
11,969 | Consensus Cloud Solutions, Inc.* | 205,627 | ||||||
130 | Daily Journal Corp.* | 51,282 | ||||||
26,312 | E2open Parent Holdings, Inc.* | 118,141 |
20 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS VARIABLE INSURANCE TRUST-SMALL CAP EQUITY INSIGHTS FUND
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Software – (continued) |
| |||||||
6,063 | Envestnet, Inc.* | $ | 379,483 | |||||
11,774 | Freshworks, Inc., Class A* | 149,412 | ||||||
955 | LiveRamp Holdings, Inc.* | 29,548 | ||||||
14,751 | Marathon Digital Holdings, Inc.*(a) | 292,807 | ||||||
11,835 | Olo, Inc., Class A* | 52,311 | ||||||
9,845 | OneSpan, Inc.* | 126,213 | ||||||
10,390 | Q2 Holdings, Inc.* | 626,829 | ||||||
4,505 | Red Violet, Inc.* | 114,427 | ||||||
21,621 | Riot Platforms, Inc.* | 197,616 | ||||||
3,789 | Sapiens International Corp. NV (Israel) | 128,561 | ||||||
8,027 | SEMrush Holdings, Inc., Class A* | 107,482 | ||||||
17,885 | SolarWinds Corp. | 215,514 | ||||||
2,623 | SoundThinking, Inc.* | 31,948 | ||||||
195 | SPS Commerce, Inc.* | 36,691 | ||||||
50,753 | Terawulf, Inc.* | 225,851 | ||||||
5,848 | Viant Technology, Inc., Class A* | 57,720 | ||||||
14,400 | Xperi, Inc.* | 118,224 | ||||||
12,310 | Zuora, Inc., Class A* | 122,238 | ||||||
|
| |||||||
8,880,145 | ||||||||
| ||||||||
Specialized REITs – 0.2% |
| |||||||
15,175 | Outfront Media, Inc. REIT | 217,003 | ||||||
20,140 | Uniti Group, Inc. REIT | 58,809 | ||||||
|
| |||||||
275,812 | ||||||||
| ||||||||
Specialty Retail – 3.2% |
| |||||||
3,242 | Abercrombie & Fitch Co., Class A* | 576,557 | ||||||
40,447 | American Eagle Outfitters, Inc. | 807,322 | ||||||
5,429 | Arko Corp. | 34,040 | ||||||
413 | Asbury Automotive Group, Inc.* | 94,110 | ||||||
2,448 | Buckle, Inc. (The) | 90,429 | ||||||
13,917 | Foot Locker, Inc. | 346,812 | ||||||
1,937 | J Jill, Inc. | 67,737 | ||||||
20,205 | Leslie’s, Inc.* | 84,659 | ||||||
4,111 | Revolve Group, Inc.* | 65,406 | ||||||
9,732 | Shoe Carnival, Inc. | 359,014 | ||||||
10,644 | Sleep Number Corp.* | 101,863 | ||||||
3,875 | Upbound Group, Inc. | 118,963 | ||||||
9,724 | Urban Outfitters, Inc.* | 399,170 | ||||||
20,363 | Warby Parker, Inc., Class A* | 327,030 | ||||||
1,000 | Winmark Corp. | 352,630 | ||||||
18,751 | Zumiez, Inc.* | 365,269 | ||||||
|
| |||||||
4,191,011 | ||||||||
| ||||||||
Technology Hardware, Storage & Peripherals – 0.0% |
| |||||||
1,974 | Corsair Gaming, Inc.* | 21,793 | ||||||
| ||||||||
Textiles, Apparel & Luxury Goods – 0.3% |
| |||||||
68,084 | Figs, Inc., Class A* | 362,888 | ||||||
2,755 | Wolverine World Wide, Inc. | 37,248 | ||||||
|
| |||||||
400,136 | ||||||||
| ||||||||
Tobacco – 0.4% |
| |||||||
44,403 | Vector Group Ltd. | 469,340 | ||||||
| ||||||||
Trading Companies & Distributors – 1.6% |
| |||||||
24,189 | DNOW, Inc.* | 332,115 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Trading Companies & Distributors – (continued) |
| |||||||
1,065 | DXP Enterprises, Inc.* | $ | 48,820 | |||||
11,478 | FTAI Aviation Ltd. | 1,184,874 | ||||||
1,330 | McGrath RentCorp | 141,711 | ||||||
28,174 | MRC Global, Inc.* | 363,726 | ||||||
|
| |||||||
2,071,246 | ||||||||
| ||||||||
Water Utilities – 0.0% |
| |||||||
10,562 | Cadiz, Inc.* | 32,637 | ||||||
492 | Consolidated Water Co. Ltd. | 13,058 | ||||||
1,234 | Global Water Resources, Inc. | 14,931 | ||||||
|
| |||||||
60,626 | ||||||||
| ||||||||
Wireless Telecommunication Services – 0.2% |
| |||||||
7,557 | Gogo, Inc.* | 72,698 | ||||||
1,657 | Spok Holdings, Inc. | 24,540 | ||||||
6,054 | Telephone and Data Systems, Inc. | 125,500 | ||||||
|
| |||||||
222,738 | ||||||||
| ||||||||
TOTAL COMMON STOCKS (Cost $119,087,392) | 128,713,387 | |||||||
| ||||||||
Shares | Dividend Rate | Value | ||||||
Investment Company – 0.5%(b) |
| |||||||
Goldman Sachs Financial Square Government Fund - Institutional Shares | ||||||||
658,161 | 5.213% | 658,161 | ||||||
(Cost $658,161) | ||||||||
| ||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $119,745,553) | 129,371,548 | |||||||
| ||||||||
Securities Lending Reinvestment Vehicle – 0.8%(b) |
| |||||||
Goldman Sachs Financial Square Government Fund – Institutional Shares | ||||||||
1,006,262 | 5.213% | 1,006,262 | ||||||
(Cost $1,006,262) | ||||||||
| ||||||||
TOTAL INVESTMENTS – 99.5% (Cost $120,751,815) | $ | 130,377,810 | ||||||
| ||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.5% | 686,681 | |||||||
| ||||||||
NET ASSETS – 100.0% | $ | 131,064,491 | ||||||
|
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) | Represents an affiliated issuer. |
| ||
Investment Abbreviations: | ||
PLC | —Public Limited Company | |
REIT | —Real Estate Investment Trust | |
|
The accompanying notes are an integral part of these financial statements. | 21 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST-SMALL CAP EQUITY INSIGHTS FUND
Schedule of Investments (continued)
June 30, 2024 (Unaudited) |
ADDITIONAL INVESTMENT INFORMATION |
FUTURES CONTRACTS — At June 30, 2024, the Fund had the following futures contracts:
Description | Number of Contracts | Expiration Date | Notional Amount | Unrealized Appreciation/ (Depreciation) | ||||||||||
| ||||||||||||||
Long position contracts: | ||||||||||||||
Russell 2000 E-Mini Index | 19 | 09/20/24 | $ 1,961,750 | $ 33,524 | ||||||||||
|
22 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS VARIABLE INSURANCE TRUST-STRATEGIC GROWTH FUND
Schedule of Investments
June 30, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – 99.4% |
| |||||||
Automobiles – 1.0% |
| |||||||
20,944 | Tesla, Inc.* | $ | 4,144,399 | |||||
| ||||||||
Biotechnology – 1.7% |
| |||||||
5,541 | Alnylam Pharmaceuticals, Inc.* | 1,346,463 | ||||||
4,603 | Argenx SE ADR (Netherlands)* | 1,979,474 | ||||||
10,429 | Biogen, Inc.* | 2,417,651 | ||||||
7,575 | Neurocrine Biosciences, Inc.* | 1,042,850 | ||||||
|
| |||||||
6,786,438 | ||||||||
| ||||||||
Broadline Retail – 7.0% |
| |||||||
145,432 | Amazon.com, Inc.* | 28,104,734 | ||||||
| ||||||||
Capital Markets – 1.8% |
| |||||||
50,281 | Charles Schwab Corp. (The) | 3,705,207 | ||||||
7,059 | MSCI, Inc. | 3,400,673 | ||||||
|
| |||||||
7,105,880 | ||||||||
| ||||||||
Chemicals – 1.6% |
| |||||||
5,547 | Linde PLC | 2,434,079 | ||||||
13,909 | Sherwin-Williams Co. (The) | 4,150,863 | ||||||
|
| |||||||
6,584,942 | ||||||||
| ||||||||
Commercial Services & Supplies – 0.9% |
| |||||||
19,744 | Waste Connections, Inc. | 3,462,308 | ||||||
| ||||||||
Construction Materials – 0.6% |
| |||||||
4,091 | Martin Marietta Materials, Inc. | 2,216,504 | ||||||
| ||||||||
Electrical Equipment – 1.5% |
| |||||||
14,085 | GE Vernova, Inc.* | 2,415,719 | ||||||
12,794 | Rockwell Automation, Inc. | 3,521,932 | ||||||
|
| |||||||
5,937,651 | ||||||||
| ||||||||
Entertainment – 1.5% |
| |||||||
8,844 | Netflix, Inc.* | 5,968,639 | ||||||
| ||||||||
Financial Services – 3.9% |
| |||||||
27,001 | Mastercard, Inc., Class A | 11,911,761 | ||||||
15,173 | Visa, Inc., Class A | 3,982,457 | ||||||
|
| |||||||
15,894,218 | ||||||||
| ||||||||
Ground Transportation – 0.9% |
| |||||||
20,377 | Old Dominion Freight Line, Inc. | 3,598,578 | ||||||
| ||||||||
Health Care Equipment & Supplies – 3.4% |
| |||||||
7,387 | Align Technology, Inc.* | 1,783,443 | ||||||
52,355 | Boston Scientific Corp.* | 4,031,859 | ||||||
18,287 | Insulet Corp.* | 3,690,317 | ||||||
9,880 | Intuitive Surgical, Inc.* | 4,395,118 | ||||||
|
| |||||||
13,900,737 | ||||||||
| ||||||||
Hotels, Restaurants & Leisure – 2.3% |
| |||||||
31,707 | Cava Group, Inc.* | 2,940,824 | ||||||
17,244 | DoorDash, Inc., Class A* | 1,875,802 | ||||||
51,804 | DraftKings, Inc., Class A* | 1,977,359 | ||||||
9,504 | McDonald’s Corp. | 2,421,999 | ||||||
|
| |||||||
9,215,984 | ||||||||
| ||||||||
Household Products – 0.7% |
| |||||||
16,040 | Procter & Gamble Co. (The) | 2,645,317 | ||||||
| ||||||||
Interactive Media & Services – 10.9% |
| |||||||
129,666 | Alphabet, Inc., Class A | 23,618,662 | ||||||
65,340 | Alphabet, Inc., Class C | 11,984,663 | ||||||
11,339 | Meta Platforms, Inc., Class A | 5,717,351 |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Interactive Media & Services – (continued) |
| |||||||
160,699 | Snap, Inc., Class A* | $ | 2,669,210 | |||||
|
| |||||||
43,989,886 | ||||||||
| ||||||||
IT Services – 1.3% |
| |||||||
8,725 | Accenture PLC, Class A | 2,647,252 | ||||||
17,775 | Snowflake, Inc., Class A* | 2,401,225 | ||||||
|
| |||||||
5,048,477 | ||||||||
| ||||||||
Machinery – 0.5% |
| |||||||
14,478 | Xylem, Inc. | 1,963,651 | ||||||
| ||||||||
Oil, Gas & Consumable Fuels – 1.2% |
| |||||||
28,572 | Cheniere Energy, Inc. | 4,995,243 | ||||||
| ||||||||
Personal Care Products – 0.5% |
| |||||||
19,000 | Estee Lauder Cos., Inc. (The), Class A | 2,021,600 | ||||||
| ||||||||
Pharmaceuticals – 4.9% |
| |||||||
57,438 | AstraZeneca PLC ADR (United Kingdom) | 4,479,589 | ||||||
17,055 | Eli Lilly & Co. | 15,441,256 | ||||||
|
| |||||||
19,920,845 | ||||||||
| ||||||||
Professional Services – 0.7% |
| |||||||
11,109 | Equifax, Inc. | 2,693,488 | ||||||
| ||||||||
Real Estate Management & Development – 0.5% |
| |||||||
28,392 | CoStar Group, Inc.* | 2,104,983 | ||||||
| ||||||||
Semiconductors & Semiconductor Equipment – 14.5% |
| |||||||
9,855 | Advanced Micro Devices, Inc.* | 1,598,580 | ||||||
11,341 | Enphase Energy, Inc.* | 1,130,811 | ||||||
3,522 | KLA Corp. | 2,903,924 | ||||||
75,219 | Marvell Technology, Inc. | 5,257,808 | ||||||
346,389 | NVIDIA Corp. | 42,792,897 | ||||||
24,196 | Texas Instruments, Inc. | 4,706,848 | ||||||
|
| |||||||
58,390,868 | ||||||||
| ||||||||
Software – 19.8% |
| |||||||
11,264 | Adobe, Inc.* | 6,257,602 | ||||||
30,421 | AppLovin Corp., Class A* | 2,531,636 | ||||||
55,485 | Dynatrace, Inc.* | 2,482,399 | ||||||
1,598 | Fair Isaac Corp.* | 2,378,879 | ||||||
8,247 | Intuit, Inc. | 5,420,011 | ||||||
110,669 | Microsoft Corp. | 49,463,509 | ||||||
16,204 | Oracle Corp. | 2,288,005 | ||||||
26,036 | Salesforce, Inc. | 6,693,856 | ||||||
10,722 | Workday, Inc., Class A* | 2,397,010 | ||||||
|
| |||||||
79,912,907 | ||||||||
| ||||||||
Specialized REITs – 1.1% |
| |||||||
14,205 | American Tower Corp. REIT | 2,761,168 | ||||||
2,167 | Equinix, Inc. REIT | 1,639,552 | ||||||
|
| |||||||
4,400,720 | ||||||||
| ||||||||
Specialty Retail – 2.2% |
| |||||||
21,786 | Lowe’s Cos., Inc. | 4,802,942 | ||||||
26,954 | Ross Stores, Inc. | 3,916,955 | ||||||
|
| |||||||
8,719,897 | ||||||||
|
The accompanying notes are an integral part of these financial statements. | 23 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST-STRATEGIC GROWTH FUND
Schedule of Investments (continued)
June 30, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Technology Hardware, Storage & Peripherals – 11.8% |
| |||||||
226,208 | Apple, Inc. | $ | 47,643,929 | |||||
| ||||||||
Textiles, Apparel & Luxury Goods – 0.7% |
| |||||||
9,939 | Lululemon Athletica, Inc.* | 2,968,779 | ||||||
| ||||||||
TOTAL COMMON STOCKS (Cost $166,954,152) | 400,341,602 | |||||||
| ||||||||
Shares | Dividend Rate | Value | ||||||
Investment Company – 0.4%(a) |
| |||||||
Goldman Sachs Financial Square Government Fund - Institutional Shares | ||||||||
1,777,260 | 5.213% | 1,777,260 | ||||||
(Cost $1,777,260) | ||||||||
| ||||||||
TOTAL INVESTMENTS – 99.8% (Cost $168,731,412) | $ | 402,118,862 | ||||||
| ||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.2% | 985,952 | |||||||
| ||||||||
NET ASSETS – 100.0% | $ | 403,104,814 | ||||||
|
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) | Represents an affiliated issuer. |
| ||
Investment Abbreviations: | ||
ADR | —American Depositary Receipt | |
PLC | —Public Limited Company | |
REIT | —Real Estate Investment Trust | |
|
24 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS VARIABLE INSURANCE TRUST-U.S. EQUITY INSIGHTS FUND
Schedule of Investments
June 30, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – 99.1% |
| |||||||
Aerospace & Defense – 2.0% |
| |||||||
13,614 | General Dynamics Corp. | $ | 3,949,966 | |||||
3,712 | Northrop Grumman Corp. | 1,618,246 | ||||||
9,283 | Woodward, Inc. | 1,618,770 | ||||||
|
| |||||||
7,186,982 | ||||||||
| ||||||||
Air Freight & Logistics – 1.2% |
| |||||||
32,358 | United Parcel Service, Inc., Class B | 4,428,192 | ||||||
| ||||||||
Automobile Components – 0.7% |
| |||||||
21,898 | Lear Corp. | 2,500,971 | ||||||
| ||||||||
Automobiles – 1.6% |
| |||||||
175,453 | Ford Motor Co. | 2,200,181 | ||||||
17,523 | Tesla, Inc.* | 3,467,451 | ||||||
|
| |||||||
5,667,632 | ||||||||
| ||||||||
Banks – 2.7% |
| |||||||
74,180 | Citigroup, Inc. | 4,707,463 | ||||||
1,404 | First Citizens BancShares, Inc., Class A | 2,363,788 | ||||||
12,683 | Huntington Bancshares, Inc. | 167,162 | ||||||
3,992 | JPMorgan Chase & Co. | 807,422 | ||||||
38,699 | US Bancorp | 1,536,350 | ||||||
|
| |||||||
9,582,185 | ||||||||
| ||||||||
Beverages – 0.1% |
| |||||||
9,131 | Monster Beverage Corp.* | 456,093 | ||||||
| ||||||||
Biotechnology – 3.5% |
| |||||||
2,740 | Alnylam Pharmaceuticals, Inc.* | 665,820 | ||||||
4,511 | Biogen, Inc.* | 1,045,740 | ||||||
62,100 | Gilead Sciences, Inc. | 4,260,681 | ||||||
2,654 | Moderna, Inc.* | 315,162 | ||||||
5,226 | Natera, Inc.* | 565,923 | ||||||
2,619 | Regeneron Pharmaceuticals, Inc.* | 2,752,648 | ||||||
649 | Sarepta Therapeutics, Inc.* | 102,542 | ||||||
5,673 | Vertex Pharmaceuticals, Inc.* | 2,659,049 | ||||||
|
| |||||||
12,367,565 | ||||||||
| ||||||||
Broadline Retail – 3.7% |
| |||||||
68,600 | Amazon.com, Inc.* | 13,256,950 | ||||||
| ||||||||
Capital Markets – 3.4% |
| |||||||
4,123 | Ameriprise Financial, Inc. | 1,761,304 | ||||||
20,924 | CME Group, Inc. | 4,113,658 | ||||||
700 | Coinbase Global, Inc., Class A* | 155,561 | ||||||
44,571 | Morgan Stanley | 4,331,856 | ||||||
35,589 | Robinhood Markets, Inc., Class A* | 808,226 | ||||||
15,162 | State Street Corp. | 1,121,988 | ||||||
|
| |||||||
12,292,593 | ||||||||
| ||||||||
Chemicals – 2.0% |
| |||||||
6,490 | Air Products and Chemicals, Inc. | 1,674,744 | ||||||
1,586 | Ecolab, Inc. | 377,468 | ||||||
2,610 | Linde PLC | 1,145,294 | ||||||
29,635 | RPM International, Inc. | 3,191,097 | ||||||
2,881 | Sherwin-Williams Co. (The) | 859,777 | ||||||
|
| |||||||
7,248,380 | ||||||||
|
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Commercial Services & Supplies – 1.3% |
| |||||||
5,765 | Cintas Corp. | $ | 4,036,999 | |||||
7,242 | Veralto Corp. | 691,394 | ||||||
|
| |||||||
4,728,393 | ||||||||
| ||||||||
Construction & Engineering – 0.0% |
| |||||||
1,432 | MasTec, Inc.* | 153,210 | ||||||
| ||||||||
Construction Materials – 0.0% |
| |||||||
248 | Vulcan Materials Co. | 61,673 | ||||||
| ||||||||
Consumer Finance – 1.2% |
| |||||||
18,043 | American Express Co. | 4,177,857 | ||||||
| ||||||||
Consumer Staples Distribution & Retail – 3.2% |
| |||||||
8,026 | Costco Wholesale Corp. | 6,822,020 | ||||||
6,383 | Maplebear, Inc.* | 205,149 | ||||||
28,533 | Target Corp. | 4,224,025 | ||||||
|
| |||||||
11,251,194 | ||||||||
| ||||||||
Containers & Packaging – 0.0% |
| |||||||
1,810 | Ball Corp. | 108,636 | ||||||
| ||||||||
Diversified Consumer Services – 0.1% |
| |||||||
5,580 | H&R Block, Inc. | 302,603 | ||||||
| ||||||||
Electric Utilities – 0.1% |
| |||||||
2,591 | Eversource Energy | 146,936 | ||||||
6,155 | PG&E Corp. | 107,466 | ||||||
|
| |||||||
254,402 | ||||||||
| ||||||||
Electrical Equipment – 1.3% |
| |||||||
22,752 | AMETEK, Inc. | 3,792,986 | ||||||
2,644 | Eaton Corp. PLC | 829,026 | ||||||
|
| |||||||
4,622,012 | ||||||||
| ||||||||
Electronic Equipment, Instruments & Components – 0.5% |
| |||||||
17,636 | Jabil, Inc. | 1,918,620 | ||||||
| ||||||||
Entertainment – 1.8% |
| |||||||
9,176 | Netflix, Inc.* | 6,192,699 | ||||||
43,204 | Warner Bros Discovery, Inc.* | 321,438 | ||||||
|
| |||||||
6,514,137 | ||||||||
| ||||||||
Financial Services – 5.5% |
| |||||||
23,485 | Berkshire Hathaway, Inc., Class B* | 9,553,698 | ||||||
9,979 | Equitable Holdings, Inc. | 407,742 | ||||||
27,721 | Fiserv, Inc.* | 4,131,538 | ||||||
20,886 | Visa, Inc., Class A | 5,481,948 | ||||||
|
| |||||||
19,574,926 | ||||||||
| ||||||||
Food Products – 0.1% |
| |||||||
11,060 | Darling Ingredients, Inc.* | 406,455 | ||||||
| ||||||||
Gas Utilities – 0.5% |
| |||||||
15,449 | Atmos Energy Corp. | 1,802,126 | ||||||
| ||||||||
Ground Transportation – 1.5% |
| |||||||
7,394 | Old Dominion Freight Line, Inc. | 1,305,780 | ||||||
17,856 | Union Pacific Corp. | 4,040,099 | ||||||
|
| |||||||
5,345,879 | ||||||||
|
The accompanying notes are an integral part of these financial statements. | 25 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST-U.S. EQUITY INSIGHTS FUND
Schedule of Investments (continued)
June 30, 2024 (Unaudited) |
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Health Care Equipment & Supplies – 0.2% |
| |||||||
3,427 | Penumbra, Inc.* | $ | 616,757 | |||||
| ||||||||
Health Care Providers & Services – 2.4% |
| |||||||
1,109 | Elevance Health, Inc. | 600,923 | ||||||
286 | HCA Healthcare, Inc. | 91,886 | ||||||
22,412 | Quest Diagnostics, Inc. | 3,067,755 | ||||||
3,535 | Tenet Healthcare Corp.* | 470,261 | ||||||
2,484 | UnitedHealth Group, Inc. | 1,265,002 | ||||||
16,083 | Universal Health Services, Inc., Class B | 2,974,229 | ||||||
|
| |||||||
8,470,056 | ||||||||
| ||||||||
Health Care REITs – 0.2% |
| |||||||
25,095 | Omega Healthcare Investors, Inc. REIT | 859,504 | ||||||
| ||||||||
Hotel & Resort REITs – 0.4% |
| |||||||
58,524 | Host Hotels & Resorts, Inc. REIT | 1,052,261 | ||||||
34,212 | Park Hotels & Resorts, Inc. REIT | 512,496 | ||||||
|
| |||||||
1,564,757 | ||||||||
| ||||||||
Hotels, Restaurants & Leisure – 1.3% |
| |||||||
80,599 | Carnival Corp.* | 1,508,814 | ||||||
18,700 | Chipotle Mexican Grill, Inc.* | 1,171,555 | ||||||
10,882 | Darden Restaurants, Inc. | 1,646,664 | ||||||
947 | Wingstop, Inc. | 400,259 | ||||||
|
| |||||||
4,727,292 | ||||||||
| ||||||||
Household Durables – 0.7% |
| |||||||
18,441 | D.R. Horton, Inc. | 2,598,890 | ||||||
| ||||||||
Household Products – 1.9% |
| |||||||
8,304 | Kimberly-Clark Corp. | 1,147,613 | ||||||
33,836 | Procter & Gamble Co. (The) | 5,580,233 | ||||||
|
| |||||||
6,727,846 | ||||||||
| ||||||||
Industrial Conglomerates – 0.2% |
| |||||||
7,950 | 3M Co. | 812,411 | ||||||
| ||||||||
Insurance – 2.4% |
| |||||||
11,703 | Allstate Corp. (The) | 1,868,501 | ||||||
3,806 | MetLife, Inc. | 267,143 | ||||||
21,523 | Progressive Corp. (The) | 4,470,543 | ||||||
10,348 | Travelers Cos., Inc. (The) | 2,104,162 | ||||||
|
| |||||||
8,710,349 | ||||||||
| ||||||||
Interactive Media & Services – 7.6% |
| |||||||
10,876 | Alphabet, Inc., Class A | 1,981,063 | ||||||
70,087 | Alphabet, Inc., Class C | 12,855,358 | ||||||
24,273 | Meta Platforms, Inc., Class A | 12,238,932 | ||||||
|
| |||||||
27,075,353 | ||||||||
| ||||||||
IT Services – 1.7% |
| |||||||
3,523 | Gartner, Inc.* | 1,582,038 | ||||||
12,500 | International Business Machines Corp. | 2,161,875 | ||||||
13,391 | VeriSign, Inc.* | 2,380,920 | ||||||
|
| |||||||
6,124,833 | ||||||||
|
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Leisure Products – 0.0% |
| |||||||
2,828 | Mattel, Inc.* | $ | 45,983 | |||||
| ||||||||
Life Sciences Tools & Services – 2.0% |
| |||||||
16,012 | IQVIA Holdings, Inc.* | 3,385,577 | ||||||
6,621 | Medpace Holdings, Inc.* | 2,726,859 | ||||||
632 | Mettler-Toledo International, Inc.* | 883,277 | ||||||
|
| |||||||
6,995,713 | ||||||||
| ||||||||
Machinery – 2.6% |
| |||||||
16,810 | Illinois Tool Works, Inc. | 3,983,298 | ||||||
2,715 | Lincoln Electric Holdings, Inc. | 512,158 | ||||||
8,093 | Parker-Hannifin Corp. | 4,093,520 | ||||||
3,510 | Westinghouse Air Brake Technologies Corp. | 554,755 | ||||||
|
| |||||||
9,143,731 | ||||||||
| ||||||||
Media – 0.3% |
| |||||||
114,656 | Paramount Global, Class B(a) | 1,191,276 | ||||||
| ||||||||
Oil, Gas & Consumable Fuels – 2.5% |
| |||||||
102,266 | Antero Midstream Corp. | 1,507,401 | ||||||
1,294 | Cheniere Energy, Inc. | 226,230 | ||||||
40,673 | ConocoPhillips | 4,652,178 | ||||||
25,667 | Devon Energy Corp. | 1,216,616 | ||||||
9,237 | Exxon Mobil Corp. | 1,063,363 | ||||||
8,793 | Kinder Morgan, Inc. | 174,717 | ||||||
|
| |||||||
8,840,505 | ||||||||
| ||||||||
Pharmaceuticals – 4.0% |
| |||||||
1,874 | Eli Lilly & Co. | 1,696,682 | ||||||
35,620 | Johnson & Johnson | 5,206,219 | ||||||
172,760 | Pfizer, Inc. | 4,833,825 | ||||||
13,760 | Zoetis, Inc. | 2,385,434 | ||||||
|
| |||||||
14,122,160 | ||||||||
| ||||||||
Professional Services – 0.6% |
| |||||||
9,107 | FTI Consulting, Inc.* | 1,962,832 | ||||||
| ||||||||
Residential REITs – 1.3% |
| |||||||
12,364 | AvalonBay Communities, Inc. REIT | 2,557,988 | ||||||
19,058 | Camden Property Trust REIT | 2,079,418 | ||||||
|
| |||||||
4,637,406 | ||||||||
| ||||||||
Semiconductors & Semiconductor Equipment – 10.3% |
| |||||||
2,986 | Broadcom, Inc. | 4,794,113 | ||||||
5,755 | KLA Corp. | 4,745,055 | ||||||
177,758 | NVIDIA Corp. | 21,960,223 | ||||||
760 | QUALCOMM, Inc. | 151,377 | ||||||
1,938 | Skyworks Solutions, Inc. | 206,552 | ||||||
25,646 | Texas Instruments, Inc. | 4,988,916 | ||||||
|
| |||||||
36,846,236 | ||||||||
| ||||||||
Software – 9.3% |
| |||||||
1,960 | Adobe, Inc.* | 1,088,858 | ||||||
5,400 | Crowdstrike Holdings, Inc., Class A* | 2,069,226 | ||||||
96 | HubSpot, Inc.* | 56,620 | ||||||
3,674 | Intuit, Inc. | 2,414,590 | ||||||
50,234 | Microsoft Corp. | 22,452,086 | ||||||
14,795 | Nutanix, Inc., Class A* | 841,096 |
26 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS VARIABLE INSURANCE TRUST-U.S. EQUITY INSIGHTS FUND
Shares | Description | Value | ||||||
Common Stocks – (continued) |
| |||||||
Software – (continued) |
| |||||||
18,314 | Oracle Corp. | $ | 2,585,937 | |||||
7,224 | Salesforce, Inc. | 1,857,290 | ||||||
|
| |||||||
33,365,703 | ||||||||
| ||||||||
Specialized REITs – 0.2% |
| |||||||
3,008 | Extra Space Storage, Inc. REIT | 467,473 | ||||||
| ||||||||
Specialty Retail – 1.0% |
| |||||||
23,686 | Ross Stores, Inc. | 3,442,050 | ||||||
| ||||||||
Technology Hardware, Storage & Peripherals – 7.7% |
| |||||||
131,337 | Apple, Inc. | 27,662,199 | ||||||
| ||||||||
Textiles, Apparel & Luxury Goods – 0.3% |
| |||||||
1,247 | Crocs, Inc.* | 181,987 | ||||||
867 | Deckers Outdoor Corp.* | 839,213 | ||||||
|
| |||||||
1,021,200 | ||||||||
| ||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $248,494,698) | 354,242,181 | |||||||
| ||||||||
Dividend Rate | ||||||||
Securities Lending Reinvestment Vehicle – 0.1%(b) |
| |||||||
Goldman Sachs Financial Square Government Fund – Institutional Shares | ||||||||
310,800 | 5.213% | 310,800 | ||||||
(Cost $310,800) | ||||||||
| ||||||||
TOTAL INVESTMENTS – 99.2% (Cost $248,805,498) | $ | 354,552,981 | ||||||
| ||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES | 2,980,215 | |||||||
| ||||||||
NET ASSETS – 100.0% | $ | 357,533,196 | ||||||
|
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) | Represents an affiliated issuer. |
| ||
Investment Abbreviations: | ||
PLC | —Public Limited Company | |
REIT | —Real Estate Investment Trust | |
|
The accompanying notes are an integral part of these financial statements. | 27 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS
Statements of Assets and Liabilities
June 30, 2024 (Unaudited) |
International Equity Insights Fund | Large Cap Value Fund | Mid Cap Growth Fund | Mid Cap Value Fund | |||||||||||||||||
Assets: | ||||||||||||||||||||
Investments in unaffiliated issuers, at value (cost $90,032,286, $208,215,375, $47,391,315 and $360,390,281, respectively) | $ | 103,431,083 | $ | 274,418,851 | $ | 59,549,362 | $ | 437,855,949 | ||||||||||||
Investments in affiliated issuers, at value (cost $–, $2,535,262, $1,216,970 and $1,645,085, respectively) | — | 2,535,262 | 1,216,970 | 1,645,085 | ||||||||||||||||
Cash | 1,071,264 | 591,866 | 87,049 | 634,059 | ||||||||||||||||
Foreign Currency, at value (cost $485,816, $–, $– and $–, respectively) | 484,896 | — | — | — | ||||||||||||||||
Receivables: | ||||||||||||||||||||
Foreign tax reclaims | 467,865 | 5,009 | — | — | ||||||||||||||||
Dividends | 114,772 | 187,834 | 11,191 | 508,435 | ||||||||||||||||
Reimbursement from investment adviser | 23,132 | 17,260 | 14,833 | 4,096 | ||||||||||||||||
Fund shares sold | 15,097 | 23,098 | 16,668 | 94,531 | ||||||||||||||||
Due from broker | 451 | — | — | — | ||||||||||||||||
Securities lending income | 78 | — | 38 | — | ||||||||||||||||
Investments sold | — | 7,099,890 | 3,148,928 | 32,825,750 | ||||||||||||||||
Variation margin on futures contracts | 228 | — | — | — | ||||||||||||||||
Other assets | 1,772 | 6,282 | 5,827 | 8,596 | ||||||||||||||||
| ||||||||||||||||||||
Total assets | 105,610,638 | 284,885,352 | 64,050,866 | 473,576,501 | ||||||||||||||||
| ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||
Payables: | ||||||||||||||||||||
Management fees | 68,498 | 155,173 | 39,780 | 279,377 | ||||||||||||||||
Fund shares redeemed | 23,089 | 190,042 | 31,841 | 294,875 | ||||||||||||||||
Distribution and Service fees and Transfer Agency fees | 9,616 | 41,397 | 13,013 | 31,581 | ||||||||||||||||
Investments purchased | — | 7,259,995 | 3,181,972 | 33,006,681 | ||||||||||||||||
Accrued expenses | 69,563 | 61,350 | 69,479 | 195,652 | ||||||||||||||||
| ||||||||||||||||||||
Total liabilities | 170,766 | 7,707,957 | 3,336,085 | 33,808,166 | ||||||||||||||||
| ||||||||||||||||||||
Net Assets: | ||||||||||||||||||||
Paid-in capital | 92,014,800 | 191,188,663 | 44,638,445 | 349,687,913 | ||||||||||||||||
Total distributable earnings | 13,425,072 | 85,988,732 | 16,076,336 | 90,080,422 | ||||||||||||||||
| ||||||||||||||||||||
NET ASSETS | $ | 105,439,872 | $ | 277,177,395 | $ | 60,714,781 | $ | 439,768,335 | ||||||||||||
Net Assets: | ||||||||||||||||||||
Institutional | $ | 67,663,337 | $ | 83,200,234 | $ | 1,370,732 | $ | 321,922,729 | ||||||||||||
Service | 37,776,535 | 193,977,161 | 59,344,049 | 117,845,606 | ||||||||||||||||
Total Net Assets | $ | 105,439,872 | $ | 277,177,395 | $ | 60,714,781 | $ | 439,768,335 | ||||||||||||
Shares Outstanding $0.001 par value (unlimited number of shares authorized): | ||||||||||||||||||||
Institutional | 7,056,132 | 9,087,687 | 120,266 | 19,318,564 | ||||||||||||||||
Service | 3,923,571 | 21,184,063 | 5,607,895 | 6,990,478 | ||||||||||||||||
Net asset value, offering and redemption price per share: | ||||||||||||||||||||
Institutional | $ | 9.59 | $ | 9.16 | $ | 11.40 | $ | 16.66 | ||||||||||||
Service | 9.63 | 9.16 | 10.58 | 16.86 |
28 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS
Statements of Assets and Liabilities (continued)
June 30, 2024 (Unaudited) |
Small Cap Equity Insights Fund | Strategic Growth Fund | U.S. Equity Insights Fund | ||||||||||||||
Assets: | ||||||||||||||||
Investments in unaffiliated issuers, at value (cost $119,087,392, $166,954,152 and $248,494,698, respectively)(a) | $ | 128,713,387 | $ | 400,341,602 | $ | 354,242,181 | ||||||||||
Investments in affiliated issuers, at value (cost $658,161, $1,777,260 and $–, respectively) | 658,161 | 1,777,260 | — | |||||||||||||
Investments in affiliated securities lending reinvestment vehicle, at value which equals cost | 1,006,262 | — | 310,800 | |||||||||||||
Cash | 1,985,232 | 333,466 | 3,655,178 | |||||||||||||
Receivables: | ||||||||||||||||
Investments sold | 14,068,480 | 5,575,133 | — | |||||||||||||
Fund shares sold | 109,594 | 75,181 | 42,427 | |||||||||||||
Dividends | 83,650 | 23,158 | 125,118 | |||||||||||||
Reimbursement from investment adviser | 8,551 | 17,502 | 19,941 | |||||||||||||
Due from broker | 4,655 | — | — | |||||||||||||
Securities lending income | 2,876 | — | 65 | |||||||||||||
Foreign tax reclaims | 2,224 | 2,808 | 1,006 | |||||||||||||
Variation margin on futures contracts | 18,620 | — | — | |||||||||||||
Other assets | 2,017 | 1,625 | 4,367 | |||||||||||||
| ||||||||||||||||
Total assets | 146,663,709 | 408,147,735 | 358,401,083 | |||||||||||||
| ||||||||||||||||
Liabilities: | ||||||||||||||||
Payables: | ||||||||||||||||
Investments purchased | 14,402,700 | 4,268,977 | — | |||||||||||||
Payable upon return of securities loaned | 1,006,262 | — | 310,800 | |||||||||||||
Management fees | 74,495 | 220,939 | 157,167 | |||||||||||||
Fund shares redeemed | 52,665 | 420,210 | 312,572 | |||||||||||||
Distribution and Service fees and Transfer Agency fees | 8,305 | 51,861 | 15,399 | |||||||||||||
Accrued expenses | 54,791 | 80,934 | 71,949 | |||||||||||||
| ||||||||||||||||
Total liabilities | 15,599,218 | 5,042,921 | 867,887 | |||||||||||||
| ||||||||||||||||
Net Assets: | ||||||||||||||||
Paid-in capital | 117,294,742 | 147,045,297 | 220,755,715 | |||||||||||||
Total distributable earnings | 13,769,749 | 256,059,517 | 136,777,481 | |||||||||||||
| ||||||||||||||||
NET ASSETS | $ | 131,064,491 | $ | 403,104,814 | $ | 357,533,196 | ||||||||||
Net Assets: | ||||||||||||||||
Institutional | $ | 100,742,635 | $ | 178,636,367 | $ | 310,912,405 | ||||||||||
Service | 30,321,856 | 224,468,447 | 46,620,791 | |||||||||||||
Total Net Assets | $ | 131,064,491 | $ | 403,104,814 | $ | 357,533,196 | ||||||||||
Shares Outstanding $0.001 par value (unlimited number of shares authorized): | ||||||||||||||||
Institutional | 7,679,404 | 12,171,033 | 13,641,193 | |||||||||||||
Service | 2,343,631 | 15,485,415 | 2,029,375 | |||||||||||||
Net asset value, offering and redemption price per share: | ||||||||||||||||
Institutional | $ | 13.12 | $ | 14.68 | $ | 22.79 | ||||||||||
Service | 12.94 | 14.50 | 22.97 |
(a) | Includes loaned securities having a market value of $984,377, $– and $307,544 for Small Cap Equity Insights Fund, Strategic Growth Fund and U.S. Equity Insights Fund, respectively. |
The accompanying notes are an integral part of these financial statements. | 29 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS
Statements of Operations
For the Six Months Ended June 30, 2024 (Unaudited) |
International Equity Insights Fund | Large Cap Value Fund | Mid Cap Growth Fund | Mid Cap Value Fund | |||||||||||||||||
Investment income: | ||||||||||||||||||||
Dividends — unaffiliated issuers (net of foreign withholding taxes of | ||||||||||||||||||||
$247,363, $1,200, $– and $–, respectively) | $ | 2,119,264 | $ | 2,863,928 | $ | 175,436 | $ | 4,026,841 | ||||||||||||
Securities lending income, net of rebates received or paid to borrowers – affiliated issuer | 1,346 | 484 | 770 | 16,264 | ||||||||||||||||
Dividends — affiliated issuers | — | 27,597 | 19,503 | 73,214 | ||||||||||||||||
| ||||||||||||||||||||
Total Investment Income | 2,120,610 | 2,892,009 | 195,709 | 4,116,319 | ||||||||||||||||
| ||||||||||||||||||||
Expenses: | ||||||||||||||||||||
Management fees | 427,702 | 1,016,320 | 266,402 | 1,718,978 | ||||||||||||||||
Professional fees | 54,369 | 40,536 | 44,490 | 42,452 | ||||||||||||||||
Distribution and/or Service (12b-1) fees | 47,528 | 248,701 | 74,791 | 150,869 | ||||||||||||||||
Custody, accounting and administrative services | 43,639 | 16,844 | 1,503 | 26,811 | ||||||||||||||||
Transfer Agency fees(a) | 10,560 | 28,231 | 6,124 | 44,649 | ||||||||||||||||
Trustee fees | 9,678 | 9,670 | 9,693 | 9,886 | ||||||||||||||||
Printing and mailing costs | 2,544 | 2,000 | 2,353 | 2,000 | ||||||||||||||||
Other | 1,662 | 1,114 | 1,368 | 2,377 | ||||||||||||||||
| ||||||||||||||||||||
Total expenses | 597,682 | 1,363,416 | 406,724 | �� | 1,998,022 | |||||||||||||||
| ||||||||||||||||||||
Less — expense reductions | (122,175 | ) | (146,252 | ) | (107,313 | ) | (12,557 | ) | ||||||||||||
| ||||||||||||||||||||
Net expenses | 475,507 | 1,217,164 | 299,411 | 1,985,465 | ||||||||||||||||
| ||||||||||||||||||||
NET INVESTMENT INCOME (LOSS) | 1,645,103 | 1,674,845 | (103,702 | ) | 2,130,854 | |||||||||||||||
| ||||||||||||||||||||
Realized and Unrealized gain (loss): | ||||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Investments — unaffiliated issuers | 5,674,014 | 15,820,556 | 4,118,254 | 17,737,175 | ||||||||||||||||
Futures contracts | 85,816 | — | — | — | ||||||||||||||||
Foreign currency transactions | (28,330 | ) | 57 | (34 | ) | (484 | ) | |||||||||||||
Net change in unrealized gain (loss) on: | ||||||||||||||||||||
Investments — unaffiliated issuers | 1,112,543 | 5,909,650 | (1,784,968 | ) | (1,889,409 | ) | ||||||||||||||
Futures contracts | (12,330 | ) | — | — | — | |||||||||||||||
Foreign currency translations | (41,380 | ) | (148 | ) | — | — | ||||||||||||||
| ||||||||||||||||||||
Net realized and unrealized gain | 6,790,333 | 21,730,115 | 2,333,252 | 15,847,282 | ||||||||||||||||
| ||||||||||||||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 8,435,436 | $ | 23,404,960 | $ | 2,229,550 | $ | 17,978,136 | ||||||||||||
|
(a) | Class specific Transfer Agency fees were as follows: |
Transfer Agency Fees | ||||||||||
Fund | Institutional | Service | ||||||||
International Equity Insights Fund | $6,758 | $3,802 | ||||||||
Large Cap Value Fund | 8,335 | 19,896 | ||||||||
Mid Cap Growth Fund | 141 | 5,983 | ||||||||
Mid Cap Value Fund | 32,579 | 12,070 |
30 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS
Statements of Operations (continued)
For the Six Months Ended June 30, 2024 (Unaudited) |
Small Cap Equity Insights Fund | Strategic Growth Fund | U.S. Equity Insights Fund | ||||||||||||||
Investment income: | ||||||||||||||||
Dividends — unaffiliated issuers (net of foreign withholding taxes of $3,151, $1,965 and $–, respectively) | $ | 956,800 | $ | 1,158,436 | $ | 1,929,735 | ||||||||||
Securities lending income, net of rebates received or paid to borrowers – affiliated issuer | 28,945 | 3,180 | 68 | |||||||||||||
Dividends — affiliated issuers | 27,066 | 41,932 | — | |||||||||||||
| ||||||||||||||||
Total Investment Income | 1,012,811 | 1,203,548 | 1,929,803 | |||||||||||||
| ||||||||||||||||
Expenses: | ||||||||||||||||
Management fees | 444,802 | 1,344,656 | 1,051,593 | |||||||||||||
Professional fees | 45,742 | 45,371 | 45,870 | |||||||||||||
Distribution and/or Service (12b-1) fees | 36,193 | 265,145 | 56,209 | |||||||||||||
Printing and mailing costs | 17,198 | 1,163 | 2,474 | |||||||||||||
Transfer Agency fees(a) | 12,708 | 37,878 | 33,923 | |||||||||||||
Trustee fees | 9,691 | 9,904 | 9,831 | |||||||||||||
Custody, accounting and administrative services | 6,680 | 26,040 | 18,586 | |||||||||||||
Other | 3,164 | 5,266 | 4,635 | |||||||||||||
| ||||||||||||||||
Total expenses | 576,178 | 1,735,423 | 1,223,121 | |||||||||||||
| ||||||||||||||||
Less — expense reductions | (24,134 | ) | (89,013 | ) | (219,109 | ) | ||||||||||
| ||||||||||||||||
Net expenses | 552,044 | 1,646,410 | 1,004,012 | |||||||||||||
| ||||||||||||||||
NET INVESTMENT INCOME (LOSS) | 460,767 | (442,862 | ) | 925,791 | ||||||||||||
| ||||||||||||||||
Realized and Unrealized gain (loss): | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments — unaffiliated issuers | 14,842,775 | 19,928,827 | 29,110,293 | |||||||||||||
Futures contracts | 74,143 | — | — | |||||||||||||
Foreign currency transactions | — | 10 | — | |||||||||||||
Net change in unrealized gain (loss) on: | ||||||||||||||||
Investments — unaffiliated issuers | (6,804,398 | ) | 40,480,415 | 22,478,430 | ||||||||||||
Futures contracts | (104,561 | ) | — | — | ||||||||||||
Foreign currency translations | — | (80 | ) | — | ||||||||||||
| ||||||||||||||||
Net realized and unrealized gain | 8,007,959 | 60,409,172 | 51,588,723 | |||||||||||||
| ||||||||||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 8,468,726 | $ | 59,966,310 | $ | 52,514,514 | ||||||||||
|
(a) | Class specific Transfer Agency fees were as follows: |
Transfer Agency Fees | ||||||||||
Fund | Institutional | Service | ||||||||
Small Cap Equity Insights Fund | $9,813 | $2,895 | ||||||||
Strategic Growth Fund | 16,666 | 21,212 | ||||||||
U.S. Equity Insights Fund | 29,426 | 4,497 |
The accompanying notes are an integral part of these financial statements. | 31 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS
Statements of Changes in Net Assets
|
International Equity Insights Fund | Large Cap Value Fund | |||||||||||||||||||
For the Six Months Ended | For the Fiscal Year Ended | For the Six Months Ended | For the Fiscal Year Ended | |||||||||||||||||
From operations: | ||||||||||||||||||||
Net investment income | $ | 1,645,103 | $ | 2,343,777 | $ | 1,674,845 | $ | 4,068,345 | ||||||||||||
Net realized gain | 5,731,500 | 4,703,644 | 15,820,613 | 16,204,518 | ||||||||||||||||
Net change in unrealized gain | 1,058,833 | 9,979,125 | 5,909,502 | 16,350,768 | ||||||||||||||||
| ||||||||||||||||||||
Net increase in net assets resulting from operations | 8,435,436 | 17,026,546 | 23,404,960 | 36,623,631 | ||||||||||||||||
| ||||||||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||
From distributable earnings: | ||||||||||||||||||||
Institutional Shares | — | (1,735,434 | ) | — | (8,159,428 | ) | ||||||||||||||
Service Shares | — | (836,056 | ) | — | (19,903,003 | ) | ||||||||||||||
| ||||||||||||||||||||
Total distributions to shareholders | — | (2,571,490 | ) | — | (28,062,431 | ) | ||||||||||||||
| ||||||||||||||||||||
From share transactions: | ||||||||||||||||||||
Proceeds from sales of shares | 1,721,009 | 13,433,627 | 3,727,413 | 14,789,390 | ||||||||||||||||
Reinvestment of distributions | — | 2,571,491 | — | 28,062,431 | ||||||||||||||||
Cost of shares redeemed | (9,619,672 | ) | (18,881,078 | ) | (30,652,551 | ) | (154,251,084 | ) | ||||||||||||
| ||||||||||||||||||||
Net decrease in net assets resulting from share transactions | (7,898,663 | ) | (2,875,960 | ) | (26,925,138 | ) | (111,399,263 | ) | ||||||||||||
| ||||||||||||||||||||
TOTAL INCREASE (DECREASE) | 536,773 | 11,579,096 | (3,520,178 | ) | (102,838,063 | ) | ||||||||||||||
| ||||||||||||||||||||
Net Assets: | ||||||||||||||||||||
Beginning of period | $ | 104,903,099 | $ | 93,324,003 | $ | 280,697,573 | $ | 383,535,636 | ||||||||||||
| ||||||||||||||||||||
End of period | $ | 105,439,872 | $ | 104,903,099 | $ | 277,177,395 | $ | 280,697,573 | ||||||||||||
|
32 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS
Statements of Changes in Net Assets (continued)
|
Mid Cap Growth Fund | Mid Cap Value Fund | |||||||||||||||||||
For the Six Months Ended June 30, 2024 | For the Fiscal Year Ended | For the Six Months Ended June 30, 2024 | For the Fiscal Year Ended | |||||||||||||||||
From operations: | ||||||||||||||||||||
Net investment income (loss) | $ | (103,702 | ) | $ | (121,323 | ) | $ | 2,130,854 | $ | 3,661,574 | ||||||||||
Net realized gain | 4,118,220 | 906,853 | 17,736,691 | 7,135,138 | ||||||||||||||||
Net change in unrealized gain (loss) | (1,784,968 | ) | 8,679,642 | (1,889,409 | ) | 27,802,122 | ||||||||||||||
| ||||||||||||||||||||
Net increase in net assets resulting from operations | 2,229,550 | 9,465,172 | 17,978,136 | 38,598,834 | ||||||||||||||||
| ||||||||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||
From distributable earnings: | ||||||||||||||||||||
Institutional Shares | — | (8,516 | ) | — | (10,908,507 | ) | ||||||||||||||
Service Shares | — | (381,393 | ) | — | (2,909,258 | ) | ||||||||||||||
| ||||||||||||||||||||
Total distributions to shareholders | — | (389,909 | ) | — | (13,817,765 | ) | ||||||||||||||
| ||||||||||||||||||||
From share transactions: | ||||||||||||||||||||
Proceeds from sales of shares | 2,076,116 | 13,931,487 | 7,640,245 | 172,432,600 | ||||||||||||||||
Reinvestment of distributions | — | 389,910 | — | 13,817,764 | ||||||||||||||||
Cost of shares redeemed | (5,852,295 | ) | (13,553,045 | ) | (34,841,075 | ) | (162,940,846 | ) | ||||||||||||
| ||||||||||||||||||||
Net increase (decrease) in net assets resulting from share transactions | (3,776,179 | ) | 768,352 | (27,200,830 | ) | 23,309,518 | ||||||||||||||
| ||||||||||||||||||||
TOTAL INCREASE (DECREASE) | (1,546,629 | ) | 9,843,615 | (9,222,694 | ) | 48,090,587 | ||||||||||||||
| ||||||||||||||||||||
Net Assets: | ||||||||||||||||||||
Beginning of period | $ | 62,261,410 | $ | 52,417,795 | $ | 448,991,029 | $ | 400,900,442 | ||||||||||||
| ||||||||||||||||||||
End of period | $ | 60,714,781 | $ | 62,261,410 | $ | 439,768,335 | $ | 448,991,029 | ||||||||||||
|
The accompanying notes are an integral part of these financial statements. | 33 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS
Statements of Changes in Net Assets (continued)
|
Small Cap Equity Insights Fund | Strategic Growth Fund | |||||||||||||||||||
For the Six Months Ended June 30, 2024 (Unaudited) | For the Fiscal Year Ended | For the Six Months Ended June 30, 2024 (Unaudited) | For the Fiscal Year Ended | |||||||||||||||||
From operations: | ||||||||||||||||||||
Net investment income (loss) | $ | 460,767 | $ | 806,026 | $ | (442,862 | ) | $ | (630,766 | ) | ||||||||||
Net realized gain | 14,916,918 | 2,854,416 | 19,928,837 | 17,652,535 | ||||||||||||||||
Net change in unrealized gain (loss) | (6,908,959 | ) | 16,429,567 | 40,480,335 | 92,241,985 | |||||||||||||||
| ||||||||||||||||||||
Net increase in net assets resulting from operations | 8,468,726 | 20,090,009 | 59,966,310 | 109,263,754 | ||||||||||||||||
| ||||||||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||
From distributable earnings: | ||||||||||||||||||||
Institutional Shares | – | (893,220 | ) | – | (6,080,406 | ) | ||||||||||||||
Service Shares | – | (205,539 | ) | – | (7,958,794 | ) | ||||||||||||||
| ||||||||||||||||||||
Total distributions to shareholders | – | (1,098,759 | ) | – | (14,039,200 | ) | ||||||||||||||
| ||||||||||||||||||||
From share transactions: | ||||||||||||||||||||
Proceeds from sales of shares | 9,753,159 | 13,613,836 | 15,076,722 | 93,672,409 | ||||||||||||||||
Reinvestment of distributions | – | 1,098,759 | – | 14,039,200 | ||||||||||||||||
Cost of shares redeemed | (10,793,395 | ) | (19,561,684 | ) | (38,689,228 | ) | (73,467,060 | ) | ||||||||||||
| ||||||||||||||||||||
Net increase (decrease) in net assets resulting from share transactions | (1,040,236 | ) | (4,849,089 | ) | (23,612,506 | ) | 34,244,549 | |||||||||||||
| ||||||||||||||||||||
TOTAL INCREASE | 7,428,490 | 14,142,161 | 36,353,804 | 129,469,103 | ||||||||||||||||
| ||||||||||||||||||||
Net Assets: | ||||||||||||||||||||
Beginning of period | $ | 123,636,001 | $ | 109,493,840 | $ | 366,751,010 | $ | 237,281,907 | ||||||||||||
| ||||||||||||||||||||
End of period | $ | 131,064,491 | $ | 123,636,001 | $ | 403,104,814 | $ | 366,751,010 | ||||||||||||
|
34 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS VARIABLE INSURANCE TRUST EQUITY FUNDS
Statements of Changes in Net Assets (continued)
|
U.S. Equity Insights Fund | ||||||||||||
For the Six Months Ended June 30, 2024 (Unaudited) | For the Fiscal Year Ended | |||||||||||
From operations: | ||||||||||||
Net investment income | $ | 925,791 | $ | 2,423,253 | ||||||||
Net realized gain | 29,110,293 | 13,818,506 | ||||||||||
Net change in unrealized gain | 22,478,430 | 48,928,461 | ||||||||||
| ||||||||||||
Net increase in net assets resulting from operations | 52,514,514 | 65,170,220 | ||||||||||
| ||||||||||||
Distributions to shareholders: | ||||||||||||
From distributable earnings: | ||||||||||||
Institutional Shares | – | (1,793,960 | ) | |||||||||
Service Shares | – | (188,933 | ) | |||||||||
| ||||||||||||
Total distributions to shareholders | – | (1,982,893 | ) | |||||||||
| ||||||||||||
From share transactions: | ||||||||||||
Proceeds from sales of shares | 10,531,103 | 17,073,247 | ||||||||||
Reinvestment of distributions | – | 1,982,893 | ||||||||||
Cost of shares redeemed | (29,101,574 | ) | (42,762,672 | ) | ||||||||
| ||||||||||||
Net decrease in net assets resulting from share transactions | (18,570,471 | ) | (23,706,532 | ) | ||||||||
| ||||||||||||
TOTAL INCREASE | 33,944,043 | 39,480,795 | ||||||||||
| ||||||||||||
Net Assets: | ||||||||||||
Beginning of period | $ | 323,589,153 | $ | 284,108,358 | ||||||||
| ||||||||||||
End of period | $ | 357,533,196 | $ | 323,589,153 | ||||||||
|
The accompanying notes are an integral part of these financial statements. | 35 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND
Financial Highlights
Selected Data for a Share Outstanding Throughout Each Period |
International Equity Insights Fund | |||||||||||||||||||||||||||||||||||
Institutional Shares | |||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2024 (Unaudited) |
Year Ended December 31, | ||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 8.86 | $ | 7.66 | $ | 9.16 | $ | 8.62 | $ | 8.19 | $ | 7.08 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net investment income(a) | 0.15 | 0.20 | (b) | 0.25 | (c) | 0.21 | 0.12 | 0.17 | |||||||||||||||||||||||||||
Net realized and unrealized gain (loss) | 0.58 | 1.23 | (1.49 | ) | 0.83 | 0.43 | 1.14 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total from investment operations | 0.73 | 1.43 | (1.24 | ) | 1.04 | 0.55 | 1.31 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income | – | (0.23 | ) | (0.26 | ) | (0.27 | ) | (0.12 | ) | (0.20 | ) | ||||||||||||||||||||||||
Distributions to shareholders from net realized gains | – | – | – | (0.23 | ) | – | – | (d) | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total distributions | – | (0.23 | ) | (0.26 | ) | (0.50 | ) | (0.12 | ) | (0.20 | ) | ||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 9.59 | $ | 8.86 | $ | 7.66 | $ | 9.16 | $ | 8.62 | $ | 8.19 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total Return(e) | 8.36 | % | 18.71 | % | (13.55 | )% | 12.17 | % | 6.79 | % | 18.45 | % | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 67,663 | $ | 67,221 | $ | 59,170 | $ | 63,179 | $ | 50,114 | $ | 43,632 | |||||||||||||||||||||||
Ratio of net expenses to average net assets | 0.81 | %(f) | 0.82 | % | 0.83 | % | 0.85 | % | 0.87 | % | 0.90 | % | |||||||||||||||||||||||
Ratio of total expenses to average net assets | 1.04 | %(f) | 1.10 | % | 0.99 | % | 1.14 | % | 1.37 | % | 1.31 | % | |||||||||||||||||||||||
Ratio of net investment income to average net assets | 3.20 | %(f) | 2.38 | %(b) | 3.09 | %(c) | 2.22 | % | 1.59 | % | 3.21 | % | |||||||||||||||||||||||
Portfolio turnover rate(g) | 73 | % | 162 | % | 164 | % | 167 | % | 175 | % | 146 | % | |||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounts to $0.03 per share and 0.33% of average net assets. |
(c) | Reflects income recognized from special dividends which amounts to $0.04 per share and 0.45% of average net assets. |
(d) | Amount is less than $0.005 per share. |
(e) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(f) | Annualized. |
(g) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
36 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS VARIABLE INSURANCE TRUST INTERNATIONAL EQUITY INSIGHTS FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
International Equity Insights Fund | |||||||||||||||||||||||||||||||||||
Service Shares | |||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2024 (Unaudited) |
Year Ended December 31, | ||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 8.90 | $ | 7.70 | $ | 9.20 | $ | 8.66 | $ | 8.23 | $ | 7.11 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net investment income(a) | 0.14 | 0.18 | (b) | 0.22 | (c) | 0.19 | 0.10 | 0.15 | |||||||||||||||||||||||||||
Net realized and unrealized gain (loss) | 0.59 | 1.23 | (1.48 | ) | 0.83 | 0.44 | 1.15 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total from investment operations | 0.73 | 1.41 | (1.26 | ) | 1.02 | 0.54 | 1.30 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income | – | (0.21 | ) | (0.24 | ) | (0.25 | ) | (0.11 | ) | (0.18 | ) | ||||||||||||||||||||||||
Distributions to shareholders from net realized gains | – | – | – | (0.23 | ) | – | – | (d) | |||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total distributions | – | (0.21 | ) | (0.24 | ) | (0.48 | ) | (0.11 | ) | (0.18 | ) | ||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 9.63 | $ | 8.90 | $ | 7.70 | $ | 9.20 | $ | 8.66 | $ | 8.23 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total Return(e) | 8.20 | % | 18.43 | % | (13.72 | )% | 11.81 | % | 6.53 | % | 18.23 | % | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 37,777 | $ | 37,682 | $ | 34,154 | $ | 44,372 | $ | 47,685 | $ | 48,884 | |||||||||||||||||||||||
Ratio of net expenses to average net assets | 1.06 | %(f) | 1.07 | % | 1.09 | % | 1.10 | % | 1.12 | % | 1.15 | % | |||||||||||||||||||||||
Ratio of total expenses to average net assets | 1.29 | %(f) | 1.35 | % | 1.25 | % | 1.40 | % | 1.61 | % | 1.55 | % | |||||||||||||||||||||||
Ratio of net investment income to average net assets | 2.97 | %(f) | 2.14 | %(b) | 2.74 | %(c) | 1.97 | % | 1.30 | % | 1.89 | % | |||||||||||||||||||||||
Portfolio turnover rate(g) | 73 | % | 162 | % | 164 | % | 167 | % | 175 | % | 146 | % | |||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounts to $0.03 per share and 0.33% of average net assets. |
(c) | Reflects income recognized from special dividends which amounts to $0.04 per share and 0.45% of average net assets. |
(d) | Amount is less than $0.005 per share. |
(e) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(f) | Annualized. |
(g) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 37 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
Large Cap Value Fund | |||||||||||||||||||||||||||||||||||
Institutional Shares | |||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2024 (Unaudited) |
Year Ended December 31, | ||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 8.43 | $ | 8.34 | $ | 9.97 | $ | 9.27 | $ | 9.19 | $ | 7.67 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net investment income(a) | 0.06 | 0.11 | 0.13 | 0.11 | 0.12 | 0.13 | |||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) | 0.67 | 0.93 | (0.72 | ) | 2.09 | 0.24 | 1.86 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total from investment operations | 0.73 | 1.04 | (0.59 | ) | 2.20 | 0.36 | 1.99 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income | – | (0.16 | ) | (0.13 | ) | (0.13 | ) | (0.12 | ) | (0.14 | ) | ||||||||||||||||||||||||
Distributions to shareholders from net realized gains | – | (0.79 | ) | (0.91 | ) | (1.37 | ) | (0.16 | ) | (0.33 | ) | ||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total distributions | – | (0.95 | ) | (1.04 | ) | (1.50 | ) | (0.28 | ) | (0.47 | ) | ||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 9.16 | $ | 8.43 | $ | 8.34 | $ | 9.97 | $ | 9.27 | $ | 9.19 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total Return(b) | 8.66 | % | 13.01 | % | (6.37 | )% | 24.13 | % | 3.97 | % | 25.93 | % | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 83,200 | $ | 80,219 | $ | 145,165 | $ | 179,541 | $ | 160,076 | $ | 163,814 | |||||||||||||||||||||||
Ratio of net expenses to average net assets | 0.70 | %(c) | 0.71 | % | 0.70 | % | 0.69 | % | 0.71 | % | 0.73 | % | |||||||||||||||||||||||
Ratio of total expenses to average net assets | 0.79 | %(c) | 0.79 | % | 0.80 | % | 0.79 | % | 0.81 | % | 0.83 | % | |||||||||||||||||||||||
Ratio of net investment income to average net assets | 1.35 | %(c) | 1.33 | % | 1.38 | % | 1.08 | % | 1.44 | % | 1.46 | % | |||||||||||||||||||||||
Portfolio turnover rate(d) | 25 | % | 58 | % | 46 | % | 54 | % | 58 | % | 58 | % | |||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
38 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS VARIABLE INSURANCE TRUST LARGE CAP VALUE FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
Large Cap Value Fund | |||||||||||||||||||||||||||||||||||
Service Shares | |||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2024 (Unaudited) |
Year Ended December 31, | ||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 8.44 | $ | 8.35 | $ | 9.98 | $ | 9.27 | $ | 9.19 | $ | 7.67 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net investment income(a) | 0.05 | 0.10 | 0.11 | 0.09 | 0.10 | 0.11 | |||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) | 0.67 | 0.91 | (0.72 | ) | 2.09 | 0.24 | 1.85 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total from investment operations | 0.72 | 1.01 | (0.61 | ) | 2.18 | 0.34 | 1.96 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income | – | (0.13 | ) | (0.11 | ) | (0.10 | ) | (0.10 | ) | (0.11 | ) | ||||||||||||||||||||||||
Distributions to shareholders from net realized gains | – | (0.79 | ) | (0.91 | ) | (1.37 | ) | (0.16 | ) | (0.33 | ) | ||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total distributions | – | (0.92 | ) | (1.02 | ) | (1.47 | ) | (0.26 | ) | (0.44 | ) | ||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 9.16 | $ | 8.44 | $ | 8.35 | $ | 9.98 | $ | 9.27 | $ | 9.19 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total Return(b) | 8.53 | % | 12.71 | % | (6.57 | )% | 23.93 | % | 3.73 | % | 25.61 | % | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 193,977 | $ | 200,479 | $ | 238,371 | $ | 307,721 | $ | 299,564 | $ | 306,058 | |||||||||||||||||||||||
Ratio of net expenses to average net assets | 0.93 | %(c) | 0.94 | % | 0.93 | % | 0.92 | % | 0.94 | % | 0.98 | % | |||||||||||||||||||||||
Ratio of total expenses to average net assets | 1.04 | %(c) | 1.04 | % | 1.05 | % | 1.04 | % | 1.06 | % | 1.08 | % | |||||||||||||||||||||||
Ratio of net investment income to average net assets | 1.12 | %(c) | 1.12 | % | 1.15 | % | 0.84 | % | 1.21 | % | 1.21 | % | |||||||||||||||||||||||
Portfolio turnover rate(d) | 25 | % | 58 | % | 46 | % | 54 | % | 58 | % | 58 | % | |||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 39 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP GROWTH FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
Mid Cap Growth Fund | |||||||||||||||||||||||||||||||||||
Institutional Shares | |||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2024 (Unaudited) |
Year Ended December 31,(a) | ||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.99 | $ | 9.32 | $ | 13.05 | $ | 13.93 | $ | 11.50 | $ | 10.51 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net investment loss(b) | (0.01 | ) | (0.01 | ) | (0.02 | ) | (0.07 | ) | (0.04 | ) | (0.01 | ) | |||||||||||||||||||||||
Net realized and unrealized gain (loss) | 0.42 | 1.75 | (3.38 | ) | 1.71 | 5.06 | 3.59 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total from investment operations | 0.41 | 1.74 | (3.40 | ) | 1.64 | 5.02 | 3.58 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Distributions to shareholders from net realized gains | – | (0.07 | ) | (0.33 | ) | (2.52 | ) | (2.59 | ) | (2.59 | ) | ||||||||||||||||||||||||
Net asset value, end of period | $ | 11.40 | $ | 10.99 | $ | 9.32 | $ | 13.05 | $ | 13.93 | $ | 11.50 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total Return(c) | 3.73 | % | 18.68 | % | (26.20 | )% | 11.65 | % | 44.33 | % | 34.35 | % | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 1,371 | $ | 1,408 | $ | 1,132 | $ | 483 | $ | 151 | $ | 94 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Ratio of net expenses to average net assets | 0.83 | %(d) | 0.83 | % | 0.82 | % | 0.83 | % | 0.85 | % | 0.88 | % | |||||||||||||||||||||||
Ratio of total expenses to average net assets | 1.08 | %(d) | 1.15 | % | 1.20 | % | 1.33 | % | 1.23 | % | 1.26 | % | |||||||||||||||||||||||
Ratio of net investment loss to average net assets | (0.19 | )%(d) | (0.06 | )% | (0.16 | )% | (0.47 | )% | (0.34 | )% | (0.12 | )% | |||||||||||||||||||||||
Portfolio turnover rate(e) | 36 | % | 63 | % | 59 | % | 50 | % | 71 | % | 75 | % | |||||||||||||||||||||||
|
(a) | All per share amounts representing data prior to May 17, 2019 have been adjusted to reflect a 4 to 1 reverse stock split which occurred on that date. |
(b) | Calculated based on the average shares outstanding methodology. |
(c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Annualized. |
(e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
40 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP GROWTH FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
Mid Cap Growth Fund | |||||||||||||||||||||||||||||||||||
Service Shares | |||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2024 (Unaudited) |
Year Ended December 31,(a) | ||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 10.21 | $ | 8.68 | $ | 12.20 | $ | 13.19 | $ | 11.00 | $ | 10.15 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net investment loss(b) | (0.02 | ) | (0.02 | ) | (0.03 | ) | (0.09 | ) | (0.06 | ) | (0.02 | ) | |||||||||||||||||||||||
Net realized and unrealized gain (loss) | 0.39 | 1.62 | (3.16 | ) | 1.62 | 4.84 | 3.46 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total from investment operations | 0.37 | 1.60 | (3.19 | ) | 1.53 | 4.78 | 3.44 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Distributions to shareholders from net realized gains | – | (0.07 | ) | (0.33 | ) | (2.52 | ) | (2.59 | ) | (2.59 | ) | ||||||||||||||||||||||||
Net asset value, end of period | $ | 10.58 | $ | 10.21 | $ | 8.68 | $ | 12.20 | $ | 13.19 | $ | 11.00 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total Return(c) | 3.62 | % | 18.45 | % | (26.30 | )% | 11.48 | % | 44.16 | % | 34.06 | % | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 59,344 | $ | 60,854 | $ | 51,286 | $ | 76,986 | $ | 82,134 | $ | 73,406 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Ratio of net expenses to average net assets | 0.98 | %(d) | 0.98 | % | 0.98 | % | 0.99 | % | 1.01 | % | 1.04 | % | |||||||||||||||||||||||
Ratio of total expenses to average net assets | 1.33 | %(d) | 1.40 | % | 1.51 | % | 1.43 | % | 1.48 | % | 1.51 | % | |||||||||||||||||||||||
Ratio of net investment loss to average net assets | (0.34 | )%(d) | (0.22 | )% | (0.36 | )% | (0.62 | )% | (0.50 | )% | (0.28 | )% | |||||||||||||||||||||||
Portfolio turnover rate(e) | 36 | % | 63 | % | 59 | % | 50 | % | 71 | % | 75 | % | |||||||||||||||||||||||
|
|
(a) | All per share amounts representing data prior to May 17, 2019 have been adjusted to reflect a 4 to 1 reverse stock split which occurred on that date. |
(b) | Calculated based on the average shares outstanding methodology. |
(c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Annualized. |
(e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 41 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
Mid Cap Value Fund | ||||||||||||||||||||||||||||
Institutional Shares | ||||||||||||||||||||||||||||
Six Months Ended June 30, 2024 (Unaudited) |
Year Ended December 31, | |||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||
Per Share Data | ||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 16.01 | $ | 14.89 | $ | 19.53 | $ | 17.23 | $ | 16.22 | $ | 12.89 | ||||||||||||||||
| ||||||||||||||||||||||||||||
Net investment income(a) | 0.08 | 0.14 | 0.16 | 0.09 | 0.10 | 0.13 | ||||||||||||||||||||||
Net realized and unrealized gain (loss) | 0.57 | 1.53 | (1.98 | ) | 5.20 | 1.26 | 3.93 | |||||||||||||||||||||
| ||||||||||||||||||||||||||||
Total from investment operations | 0.65 | 1.67 | (1.82 | ) | 5.29 | 1.36 | 4.06 | |||||||||||||||||||||
| ||||||||||||||||||||||||||||
Distributions to shareholders from net investment income | – | (0.16 | ) | (0.13 | ) | (0.10 | ) | (0.10 | ) | (0.13 | ) | |||||||||||||||||
Distributions to shareholders from net realized gains | – | (0.39 | ) | (2.69 | ) | (2.89 | ) | (0.25 | ) | (0.60 | ) | |||||||||||||||||
| ||||||||||||||||||||||||||||
Total distributions | – | (0.55 | ) | (2.82 | ) | (2.99 | ) | (0.35 | ) | (0.73 | ) | |||||||||||||||||
| ||||||||||||||||||||||||||||
Net asset value, end of period | $ | 16.66 | $ | 16.01 | $ | 14.89 | $ | 19.53 | $ | 17.23 | $ | 16.22 | ||||||||||||||||
| ||||||||||||||||||||||||||||
Total Return(b) | 4.12 | % | 11.42 | % | (9.99 | )% | 30.95 | % | 8.38 | % | 31.53 | % | ||||||||||||||||
| ||||||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 321,923 | $ | 326,257 | $ | 311,440 | $ | 383,315 | $ | 327,376 | $ | 335,229 | ||||||||||||||||
Ratio of net expenses to average net assets | 0.82 | %(c) | 0.84 | % | 0.83 | % | 0.83 | % | 0.84 | % | 0.87 | % | ||||||||||||||||
Ratio of total expenses to average net assets | 0.83 | %(c) | 0.85 | % | 0.85 | % | 0.85 | % | 0.90 | % | 0.90 | % | ||||||||||||||||
Ratio of net investment income to average net assets | 1.02 | %(c) | 0.96 | % | 0.89 | % | 0.46 | % | 0.68 | % | 0.85 | % | ||||||||||||||||
Portfolio turnover rate(d) | 33 | % | 92 | % | 75 | % | 63 | % | 111 | % | 89 | % | ||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
42 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS VARIABLE INSURANCE TRUST MID CAP VALUE FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
Mid Cap Value Fund | |||||||||||||||||||||||||||||||||||
Service Shares | |||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2024 (Unaudited) |
Year Ended December 31, | ||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 16.21 | $ | 15.07 | $ | 19.73 | $ | 17.39 | $ | 16.37 | $ | 13.01 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net investment income(a) | 0.06 | 0.11 | 0.10 | 0.04 | 0.06 | 0.10 | |||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) | 0.59 | 1.54 | (1.99 | ) | 5.24 | 1.28 | 3.95 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total from investment operations | 0.65 | 1.65 | (1.89 | ) | 5.28 | 1.34 | 4.05 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income | – | (0.12 | ) | (0.08 | ) | (0.05 | ) | (0.07 | ) | (0.09 | ) | ||||||||||||||||||||||||
Distributions to shareholders from net realized gains | – | (0.39 | ) | (2.69 | ) | (2.89 | ) | (0.25 | ) | (0.60 | ) | ||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total distributions | – | (0.51 | ) | (2.77 | ) | (2.94 | ) | (0.32 | ) | (0.69 | ) | ||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 16.86 | $ | 16.21 | $ | 15.07 | $ | 19.73 | $ | 17.39 | $ | 16.37 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total Return(b) | 4.01 | % | 11.11 | % | (10.23 | )% | 30.57 | % | 8.17 | % | 31.17 | % | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 117,846 | $ | 122,734 | $ | 89,460 | $ | 169,283 | $ | 158,909 | $ | 174,896 | |||||||||||||||||||||||
Ratio of net expenses to average net assets | 1.07 | %(c) | 1.09 | % | 1.08 | % | 1.08 | % | 1.09 | % | 1.12 | % | |||||||||||||||||||||||
Ratio of total expenses to average net assets | 1.08 | %(c) | 1.10 | % | 1.10 | % | 1.10 | % | 1.14 | % | 1.16 | % | |||||||||||||||||||||||
Ratio of net investment income to average net assets | 0.77 | %(c) | 0.73 | % | 0.56 | % | 0.21 | % | 0.39 | % | 0.66 | % | |||||||||||||||||||||||
Portfolio turnover rate(d) | 33 | % | 92 | % | 75 | % | 63 | % | 111 | % | 89 | % | |||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 43 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
Small Cap Equity Insights Fund | |||||||||||||||||||||||||||||||||||
Institutional Shares | |||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2024 (Unaudited) |
Year Ended December 31, | ||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 12.28 | $ | 10.40 | $ | 13.08 | $ | 13.51 | $ | 12.62 | $ | 10.37 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net investment income(a) | 0.05 | 0.08 | (b) | 0.07 | (c) | 0.05 | (d) | 0.05 | 0.06 | ||||||||||||||||||||||||||
Net realized and unrealized gain (loss) | 0.79 | 1.92 | (2.59 | ) | 3.17 | 1.03 | 2.51 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total from investment operations | 0.84 | 2.00 | (2.52 | ) | 3.22 | 1.08 | 2.57 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income | – | (0.12 | ) | (0.04 | ) | (0.08 | ) | (0.03 | ) | (0.06 | ) | ||||||||||||||||||||||||
Distributions to shareholders from net realized gains | – | – | (0.12 | ) | (3.57 | ) | (0.16 | ) | (0.26 | ) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total distributions | – | (0.12 | ) | (0.16 | ) | (3.65 | ) | (0.19 | ) | (0.32 | ) | ||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 13.12 | $ | 12.28 | $ | 10.40 | $ | 13.08 | $ | 13.51 | $ | 12.62 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total Return(e) | 6.84 | % | 19.28 | % | (19.38 | )% | 23.79 | % | 8.56 | % | 24.84 | % | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 100,743 | $ | 95,809 | $ | 87,877 | $ | 108,716 | $ | 84,887 | $ | 79,791 | |||||||||||||||||||||||
Ratio of net expenses to average net assets | 0.81 | %(f) | 0.82 | % | 0.81 | % | 0.81 | % | 0.81 | % | 0.86 | % | |||||||||||||||||||||||
Ratio of total expenses to average net assets | 0.85 | %(f) | 0.87 | % | 0.95 | % | 0.93 | % | 1.08 | % | 1.05 | % | |||||||||||||||||||||||
Ratio of net investment income to average net assets | 0.78 | %(f) | 0.75 | %(b) | 0.65 | %(c) | 0.34 | %(d) | 0.46 | % | 0.51 | % | |||||||||||||||||||||||
Portfolio turnover rate(g) | 85 | % | 152 | % | 163 | % | 172 | % | 147 | % | 125 | % | |||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounts to $0.03 per share and 0.26% of average net assets. |
(c) | Reflects income recognized from special dividends which amounts to $0.02 per share and 0.21% of average net assets. |
(d) | Reflects income recognized from special dividends which amounts to $0.03 per share and 0.22% of average net assets. |
(e) | Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(f) | Annualized. |
(g) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
44 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS VARIABLE INSURANCE TRUST SMALL CAP EQUITY INSIGHTS FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
Small Cap Equity Insights Fund | |||||||||||||||||||||||||||||||||||
Service Shares | |||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2024 (Unaudited) |
Year Ended December 31, | ||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 12.12 | $ | 10.27 | $ | 12.93 | $ | 13.39 | $ | 12.51 | $ | 10.28 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net investment income(a) | 0.03 | 0.06 | (b) | 0.05 | (c) | 0.01 | (d) | 0.02 | 0.03 | ||||||||||||||||||||||||||
Net realized and unrealized gain (loss) | 0.79 | 1.88 | (2.58 | ) | 3.14 | 1.02 | 2.49 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total from investment operations | 0.82 | 1.94 | (2.53 | ) | 3.15 | 1.04 | 2.52 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income | – | (0.09 | ) | (0.01 | ) | (0.04 | ) | – | (0.03 | ) | |||||||||||||||||||||||||
Distributions to shareholders from net realized gains | – | – | (0.12 | ) | (3.57 | ) | (0.16 | ) | (0.26 | ) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total distributions | – | (0.09 | ) | (0.13 | ) | (3.61 | ) | (0.16 | ) | (0.29 | ) | ||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 12.94 | $ | 12.12 | $ | 10.27 | $ | 12.93 | $ | 13.39 | $ | 12.51 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total Return(e) | 6.77 | % | 18.95 | % | (19.64 | )% | 23.50 | % | 8.34 | % | 24.53 | % | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 30,322 | $ | 27,827 | $ | 21,617 | $ | 22,114 | $ | 17,239 | $ | 15,742 | |||||||||||||||||||||||
Ratio of net expenses to average net assets | 1.06 | %(f) | 1.07 | % | 1.06 | % | 1.06 | % | 1.06 | % | 1.10 | % | |||||||||||||||||||||||
Ratio of total expenses to average net assets | 1.10 | %(f) | 1.12 | % | 1.20 | % | 1.18 | % | 1.33 | % | 1.30 | % | |||||||||||||||||||||||
Ratio of net investment income to average net assets | 0.53 | %(f) | 0.50 | %(b) | 0.43 | %(c) | 0.09 | %(d) | 0.22 | % | 0.27 | % | |||||||||||||||||||||||
Portfolio turnover rate(g) | 85 | % | 152 | % | 163 | % | 172 | % | 147 | % | 125 | % | |||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from special dividends which amounts to $0.03 per share and 0.26% of average net assets. |
(c) | Reflects income recognized from special dividends which amounts to $0.02 per share and 0.21% of average net assets. |
(d) | Reflects income recognized from special dividends which amounts to $0.03 per share and 0.22% of average net assets. |
(e) | Assumes investment at the NAV at the beginning of the period, reinvestment of all distributions and a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(f) | Annualized. |
(g) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 45 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
Strategic Growth Fund | |||||||||||||||||||||||||||||||||||
Institutional Shares | |||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2024 (Unaudited) |
Year Ended December 31, | ||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 12.54 | $ | 9.20 | $ | 16.63 | $ | 15.43 | $ | 11.90 | $ | 9.78 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net investment income (loss)(a) | (0.01 | ) | (0.01 | ) | (0.01 | ) | (0.05 | ) | – | (b) | 0.03 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) | 2.15 | 3.84 | (5.24 | ) | 3.46 | 4.79 | 3.43 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total from investment operations | 2.14 | 3.83 | (5.25 | ) | 3.41 | 4.79 | 3.46 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income | – | – | – | – | (0.01 | ) | (0.04 | ) | |||||||||||||||||||||||||||
Distributions to shareholders from net realized gains | – | (0.49 | ) | (2.18 | ) | (2.21 | ) | (1.25 | ) | (1.30 | ) | ||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total distributions | – | (0.49 | ) | (2.18 | ) | (2.21 | ) | (1.26 | ) | (1.34 | ) | ||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 14.68 | $ | 12.54 | $ | 9.20 | $ | 16.63 | $ | 15.43 | $ | 11.90 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total Return(c) | 17.07 | % | 41.94 | % | (32.52 | )% | 21.93 | % | 40.37 | % | 35.53 | % | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 178,636 | $ | 160,030 | $ | 122,077 | $ | 187,144 | $ | 167,930 | $ | 129,686 | |||||||||||||||||||||||
Ratio of net expenses to average net assets | 0.73 | %(d) | 0.75 | % | 0.74 | % | 0.73 | % | 0.74 | % | 0.77 | % | |||||||||||||||||||||||
Ratio of total expenses to average net assets | 0.78 | %(d) | 0.79 | % | 0.82 | % | 0.79 | % | 0.81 | % | 0.85 | % | |||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets | (0.09 | )%(d) | (0.06 | )% | (0.11 | )% | (0.27 | )% | (0.01 | )% | 0.29 | % | |||||||||||||||||||||||
Portfolio turnover rate(e) | 17 | % | 47 | % | 29 | % | 20 | % | 45 | % | 44 | % | |||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Amount is less than $0.005 per share. |
(c) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(d) | Annualized. |
(e) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
46 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS VARIABLE INSURANCE TRUST STRATEGIC GROWTH FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
Strategic Growth Fund | |||||||||||||||||||||||||||||||||||
Service Shares | |||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2024 (Unaudited) |
Year Ended December 31, | ||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 12.40 | $ | 9.12 | $ | 16.55 | $ | 15.41 | $ | 11.91 | $ | 9.78 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net investment income (loss)(a) | (0.02 | ) | (0.03 | ) | (0.05 | ) | (0.09 | ) | (0.03 | ) | 0.01 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss) | 2.12 | 3.80 | (5.20 | ) | 3.44 | 4.78 | 3.43 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total from investment operations | 2.10 | 3.77 | (5.25 | ) | 3.35 | 4.75 | 3.44 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income | – | – | – | – | – | (0.01 | ) | ||||||||||||||||||||||||||||
Distributions to shareholders from net realized gains | – | (0.49 | ) | (2.18 | ) | (2.21 | ) | (1.25 | ) | (1.30 | ) | ||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total distributions | – | (0.49 | ) | (2.18 | ) | (2.21 | ) | (1.25 | ) | (1.31 | ) | ||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 14.50 | $ | 12.40 | $ | 9.12 | $ | 16.55 | $ | 15.41 | $ | 11.91 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total Return(b) | 16.94 | % | 41.65 | % | (32.68 | )% | 21.56 | % | 39.98 | % | 35.32 | % | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 224,468 | $ | 206,721 | $ | 115,205 | $ | 262,782 | $ | 257,714 | $ | 241,375 | |||||||||||||||||||||||
Ratio of net expenses to average net assets | 0.98 | %(c) | 1.00 | % | 0.99 | % | 0.98 | % | 0.99 | % | 1.02 | % | |||||||||||||||||||||||
Ratio of total expenses to average net assets | 1.03 | %(c) | 1.03 | % | 1.07 | % | 1.04 | % | 1.06 | % | 1.10 | % | |||||||||||||||||||||||
Ratio of net investment income (loss) to average net assets | (0.34 | )%(c) | (0.31 | )% | (0.38 | )% | (0.52 | )% | (0.24 | )% | 0.04 | % | |||||||||||||||||||||||
Portfolio turnover rate(d) | 17 | % | 47 | % | 29 | % | 20 | % | 45 | % | 44 | % | |||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 47 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST U. S. EQUITY INSIGHTS FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
U.S. Equity Insights Fund | |||||||||||||||||||||||||||||||||||
Institutional Shares | |||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2024 (Unaudited) |
Year Ended December 31, | ||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 19.53 | $ | 15.88 | $ | 20.06 | $ | 20.08 | $ | 17.93 | $ | 15.03 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net investment income(a) | 0.06 | 0.15 | 0.15 | 0.18 | 0.15 | 0.21 | |||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) | 3.20 | 3.63 | (4.10 | ) | 5.61 | 2.98 | 3.57 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total from investment operations | 3.26 | 3.78 | (3.95 | ) | 5.79 | 3.13 | 3.78 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income | – | (0.13 | ) | (0.14 | ) | (0.19 | ) | (0.16 | ) | (0.23 | ) | ||||||||||||||||||||||||
Distributions to shareholders from net realized gains | – | – | (0.09 | ) | (5.62 | ) | (0.82 | ) | (0.65 | ) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total distributions | – | (0.13 | ) | (0.23 | ) | (5.81 | ) | (0.98 | ) | (0.88 | ) | ||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 22.79 | $ | 19.53 | $ | 15.88 | $ | 20.06 | $ | 20.08 | $ | 17.93 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total Return(b) | 16.69 | % | 23.81 | % | (19.74 | )% | 29.41 | % | 17.49 | % | 25.21 | % | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 310,912 | $ | 279,958 | $ | 242,239 | $ | 317,468 | $ | 267,592 | $ | 256,930 | |||||||||||||||||||||||
Ratio of net expenses to average net assets | 0.56 | %(c) | 0.57 | % | 0.56 | % | 0.55 | % | 0.56 | % | 0.58 | % | |||||||||||||||||||||||
Ratio of total expenses to average net assets | 0.69 | %(c) | 0.69 | % | 0.72 | % | 0.71 | % | 0.75 | % | 0.76 | % | |||||||||||||||||||||||
Ratio of net investment income to average net assets | 0.57 | %(c) | 0.83 | % | 0.86 | % | 0.81 | % | 0.85 | % | 1.24 | % | |||||||||||||||||||||||
Portfolio turnover rate(d) | 101 | % | 201 | % | 203 | % | 206 | % | 203 | % | 187 | % | |||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
48 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS VARIABLE INSURANCE TRUST U. S. EQUITY INSIGHTS FUND
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period |
U.S. Equity Insights Fund | |||||||||||||||||||||||||||||||||||
Service Shares | |||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2024 (Unaudited) |
Year Ended December 31, | ||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||
Per Share Data | |||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 19.71 | $ | 16.02 | $ | 20.23 | $ | 20.21 | $ | 18.04 | $ | 15.12 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net investment income(a) | 0.04 | 0.11 | 0.11 | 0.14 | 0.12 | 0.18 | |||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) | 3.22 | 3.66 | (4.13 | ) | 5.64 | 2.99 | 3.58 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total from investment operations | 3.26 | 3.77 | (4.02 | ) | 5.78 | 3.11 | 3.76 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Distributions to shareholders from net investment income | – | (0.08 | ) | (0.10 | ) | (0.14 | ) | (0.12 | ) | (0.19 | ) | ||||||||||||||||||||||||
Distributions to shareholders from net realized gains | – | – | (0.09 | ) | (5.62 | ) | (0.82 | ) | (0.65 | ) | |||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total distributions | – | (0.08 | ) | (0.19 | ) | (5.76 | ) | (0.94 | ) | (0.84 | ) | ||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 22.97 | $ | 19.71 | $ | 16.02 | $ | 20.23 | $ | 20.21 | $ | 18.04 | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Total Return(b) | 16.54 | % | 23.59 | % | (19.90 | )% | 29.11 | % | 17.27 | % | 24.93 | % | |||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||
Net assets, end of period (in 000’s) | $ | 46,621 | $ | 43,631 | $ | 41,870 | $ | 61,849 | $ | 54,149 | $ | 55,201 | |||||||||||||||||||||||
Ratio of net expenses to average net assets | 0.77 | %(c) | 0.78 | % | 0.77 | % | 0.77 | % | 0.77 | % | 0.79 | % | |||||||||||||||||||||||
Ratio of total expenses to average net assets | 0.94 | %(c) | 0.94 | % | 0.97 | % | 0.93 | % | 1.00 | % | 1.01 | % | |||||||||||||||||||||||
Ratio of net investment income to average net assets | 0.36 | %(c) | 0.62 | % | 0.64 | % | 0.60 | % | 0.63 | % | 1.03 | % | |||||||||||||||||||||||
Portfolio turnover rate(d) | 101 | % | 201 | % | 203 | % | 206 | % | 203 | % | 187 | % | |||||||||||||||||||||||
|
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 49 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS
Notes to Financial Statements
June 30, 2024 (Unaudited) |
1. ORGANIZATION |
Goldman Sachs Variable Insurance Trust (the “Trust” or “VIT”) 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 | ||
Goldman Sachs International Equity Insights Fund | Institutional and Service | Diversified | ||
Goldman Sachs Large Cap Value Fund | Institutional and Service | Diversified | ||
Goldman Sachs Mid Cap Growth Fund | Institutional and Service | Diversified | ||
Goldman Sachs Mid Cap Value Fund | Institutional and Service | Diversified | ||
Goldman Sachs Small Cap Equity Insights Fund | Institutional and Service | Diversified | ||
Goldman Sachs Strategic Growth Fund | Institutional and Service | Non-Diversified | ||
Goldman Sachs U.S. Equity Insights Fund | Institutional and Service | Diversified |
Shares of the Trust are offered to separate accounts of participating life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies.
Goldman Sachs Asset Management, L.P. (“GSAM” or the “Investment Adviser”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to a management agreement (the “Agreement”) with the Trust.
2. SIGNIFICANT ACCOUNTING POLICIES |
The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.
A. Investment Valuation — The Funds’ valuation policy is to value investments at fair value.
B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds’ investments in United States (“U.S.”) real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.
For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract.
C. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service and Transfer Agency fees.
50 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS
2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
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 and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid at least annually.
Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. 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 distributable earnings or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.
E. Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS |
U.S. GAAP defines the fair value of a financial instrument as 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 (i.e., the exit price); the Funds’ policy is to use the market approach. GAAP 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 level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy 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 significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;
Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).
The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. With respect to the Funds’ investments that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the “Valuation Designee”). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.
A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:
51 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS
Notes to Financial Statements (continued)
June 30, 2024 (Unaudited) |
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
Equity Securities — Equity securities traded on a U.S. securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.
Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under the Valuation Procedures and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.
Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Money Market Fund”) are valued at the NAV per share of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding the Underlying Money Market Fund’s accounting policies and investment holdings, please see the Underlying Money Market Fund’s shareholder report.
Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as either due to broker/receivable for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.
Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.
i. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits 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 a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.
B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s investments may be determined under the Valuation Procedures. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation 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 a Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.
52 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of June 30, 2024:
International Equity Insights Fund | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) |
| |||||||||||
Asia | $ | 121,210 | $ | 28,608,593 | $ | — | ||||||
Europe | 2,576,643 | 53,096,092 | — | |||||||||
North America | 1,158,089 | 9,078,885 | — | |||||||||
Oceania | 121,565 | 8,670,006 | — | |||||||||
Total | $ | 3,977,507 | $ | 99,453,576 | $ | — | ||||||
Large Cap Value Fund | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) |
| |||||||||||
Europe | $ | 3,712,870 | $ | — | $ | — | ||||||
North America | 270,705,981 | — | — | |||||||||
Investment Company | 2,535,262 | — | — | |||||||||
Total | $ | 276,954,113 | $ | — | $ | — | ||||||
Mid Cap Growth Fund | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) |
| |||||||||||
Asia | $ | 405,154 | $ | — | $ | — | ||||||
Europe | 601,250 | — | — | |||||||||
North America | 58,542,958 | — | — | |||||||||
Investment Company | 1,216,970 | — | — | |||||||||
Total | $ | 60,766,332 | $ | — | $ | — | ||||||
Mid Cap Value Fund | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) |
| |||||||||||
Europe | $ | 4,404,554 | $ | — | $ | — | ||||||
North America | 433,451,395 | — | — | |||||||||
Investment Company | 1,645,085 | — | — | |||||||||
Total | $ | 439,501,034 | $ | — | $ | — |
53 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS
Notes to Financial Statements (continued)
June 30, 2024 (Unaudited) |
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
Small Cap Equity Insights Fund | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) |
| |||||||||||
Africa | $ | 244,508 | $ | — | $ | — | ||||||
Asia | 1,515,841 | — | — | |||||||||
Europe | 1,847,241 | — | — | |||||||||
North America | 124,430,264 | — | — | |||||||||
South America | 675,533 | — | — | |||||||||
Investment Company | 658,161 | — | — | |||||||||
Securities Lending Reinvestment Vehicle | 1,006,262 | — | — | |||||||||
Total | $ | 130,377,810 | $ | — | $ | — | ||||||
Derivative Type | ||||||||||||
Assets | ||||||||||||
Futures Contracts(b) | $ | 33,524 | $ | — | $ | — | ||||||
Strategic Growth Fund | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) |
| |||||||||||
Europe | $ | 6,459,063 | $ | — | $ | — | ||||||
North America | 393,882,539 | — | — | |||||||||
Investment Company | 1,777,260 | — | — | |||||||||
Total | $ | 402,118,862 | $ | — | $ | — | ||||||
U.S. Equity Insights Fund | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) |
| |||||||||||
North America | $ | 354,242,181 | $ | — | $ | — | ||||||
Securities Lending Reinvestment Vehicle | 310,800 | — | — | |||||||||
Total | $ | 354,552,981 | $ | — | $ | — |
(a) | Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table. The Fund utilizes fair value model prices provided by an independent third-party fair value service for certain international equity securities resulting in a level 2 classification. |
(b) | Amount shown represents unrealized gain (loss) at period end. |
For further information regarding security characteristics, see the Schedules of Investments.
4. INVESTMENTS IN DERIVATIVES |
The following table sets forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of June 30, 2024. These instruments were used as part of the Funds’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure.
54 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS
4. INVESTMENTS IN DERIVATIVES (continued) |
Small Cap Equity Insights Fund
Risk | Statement of Assets and Liabilities | Assets1 | Statement of Assets and Liabilities | Liabilities1 | ||||||||||
Equity | Variation margin on futures contracts | $ | 33,524 | Variation margin on futures contracts | $ | — |
1 | Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedule of Investments. Only the variation margin as of June 30, 2024 is reported within the Statements of Assets and Liabilities. |
The following tables set forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the six months ended June 30, 2024. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:
International Equity Insights
Risk | Statement of Operations | Net Realized Gain (Loss) | Net Change in Unrealized Gain (Loss) | |||||||
Equity | Net realized gain (loss) from futures contracts/Net | $ | 85,816 | $ | (12,330 | ) |
Small Cap Equity Insights
Risk | Statement of Operations | Net Realized Gain (Loss) | Net Change in Unrealized Gain (Loss) | |||||||
Equity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | 74,143 | (104,561 | ) |
For the six months ended June 30, 2024, the relevant values for each derivative type were as follows:
Average number of Contracts(a) | ||||
Fund | Futures Contracts | |||
International Equity Insights Fund | 18 | |||
Small Cap Equity Insights Fund | 19 |
(a) | Amounts disclosed represent average number of contracts for future contracts, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the six months ended June 30, 2024. |
5. AGREEMENTS AND AFFILIATED TRANSACTIONS |
A. Management Agreement — Under the Agreement, GSAM 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 administration of the Funds’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund’s average daily net assets.
55 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS
Notes to Financial Statements (continued)
June 30, 2024 (Unaudited) |
5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
For the six months ended June 30, 2024, contractual and effective net management fees with GSAM were at the following rates:
Contractual Management Rate
| Effective Rate
| Effective Net Management Rate^
| ||||||||||||
Fund
|
First
| Next
| Next
| Next
| Over
| |||||||||
International Equity Insights Fund | 0.81% | 0.73% | 0.69% | 0.68% | 0.67% | 0.81% | 0.79%* | |||||||
Large Cap Value Fund | 0.72 | 0.65 | 0.62 | 0.60 | 0.59 | 0.72 | 0.68 * | |||||||
Mid Cap Growth Fund | 0.87 | 0.87 | 0.78 | 0.74 | 0.73 | 0.87 | 0.81 * | |||||||
Mid Cap Value Fund | 0.77 | 0.77 | 0.69 | 0.66 | 0.65 | 0.77 | 0.77 | |||||||
Small Cap Equity Insights Fund | 0.70 | 0.70 | 0.63 | 0.60 | 0.59 | 0.70 | 0.70 | |||||||
Strategic Growth Fund | 0.71 | 0.64 | 0.61 | 0.59 | 0.58 | 0.71 | 0.70 * | |||||||
U.S. Equity Insights Fund | 0.62 | 0.59 | 0.56 | 0.55 | 0.54 | 0.62 | 0.54 * |
^ | Effective Net Management Rate includes the impact of management fee waivers of affiliated Underlying Funds, if any. The Effective Net Management Rate may not correlate to the Contractual Management Rate as a result of management fee waivers that may be in effect from time to time. |
* | GSAM has agreed to waive a portion of its management fee in order to achieve effective net management fee rates of 0.78%, 0.68%, 0.81%, 0.68% and 0.54% of International Equity Insights Fund, Large Cap Value Fund, Mid Cap Growth Fund, Strategic Growth Fund and U.S. Equity Insights Fund, respectively. These arrangements will remain in effect through at least April 29, 2025 and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees. Prior to April 29, 2024, GSAM agreed to waive a portion of its management fee in order to achieve effective net management fee rate of 0.79% of the International Equity Insight Fund. |
The International Equity Insights, Large Cap Value, Mid Cap Growth, Mid Cap Value, Small Cap Equity Insights, Strategic Growth and U.S. Equity Insights Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest, except those management fees it earns from the Funds’ investments of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund. For the six months ended June 30, 2024, with respect to the Funds’ investments in an affiliated Underlying Fund GSAM waived $916, $595, $2,362, $837 and $1,315 of the Large Cap Value, Mid Cap Growth, Mid Cap Value, Small Cap Equity Insights and Strategic Growth Funds’ management fees, respectively.
B. Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Service Shares of each Fund, has adopted a Distribution and Service Plan subject to Rule 12b-1 under the Act. Under the Distribution and Service Plan, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers, equal to, on an annual basis, 0.25% of the Funds’ average daily net assets attributable to Service Shares. For the six months ended June 30, 2024 for the U.S. Equity Insights Fund, Goldman Sachs agreed to waive distribution and services fees so as not to exceed an annual rate of 0.21% of average daily net assets attributable to Service Shares. For the six months ended June 30, 2024 for the Mid Cap Growth Fund, Goldman Sachs agreed to waive distribution and services fees so as not to exceed an annual rate of 0.15% of average daily net assets attributable to Service Shares. These distribution and service fee waivers will remain in place through at least April 29, 2025, and prior to such date Goldman Sachs may not terminate the arrangement without the approval of the Trustees.
C. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at an annual rate of 0.02% of the average daily net assets of Institutional and Service Shares. Goldman Sachs has agreed to waive its transfer agency fee attributable to the Service Shares of the Large Cap Value Fund. This arrangement will remain in place through at least April 29, 2025, and prior to such date Goldman Sachs may not terminate the arrangement without approval of the Board of Trustees.
D. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the International Equity Insights, Large Cap Value, Mid Cap Growth, Mid Cap Value, Small Cap Equity Insights, Strategic Growth and U.S. Equity Insights Funds are 0.004%, 0.004%, 0.004%, 0.054%, 0.094%, 0.004% and 0.004%, respectively. These Other Expense limitations will remain in place through at least April 29, 2025, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. Prior to April 29, 2024, the Other
56 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS
5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
Expense limitation was 0.014% for Strategic Growth Fund. In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.
For the six months ended June 30, 2024, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:
Fund | Management Fee Waiver | Transfer Agency Waiver/Credits | Distribution and Service Fee Waiver | Other Expense Reimbursements | Total Expense Reductions | |||||||||||||||
International Equity Insights Fund | $ | 12,223 | $ | – | $ | – | $ | 109,952 | $ | 122,175 | ||||||||||
Large Cap Value Fund | 57,378 | 19,896 | – | 68,977 | 146,251 | |||||||||||||||
Mid Cap Growth Fund | 18,968 | – | 29,917 | 58,428 | 107,313 | |||||||||||||||
Mid Cap Value Fund | 2,362 | – | – | 10,195 | 12,557 | |||||||||||||||
Small Cap Equity Insights Fund | 837 | – | – | 23,297 | 24,134 | |||||||||||||||
Strategic Growth Fund | 21,371 | – | – | 67,642 | 89,013 | |||||||||||||||
U.S. Equity Insights Fund | 135,689 | – | 8,993 | 74,427 | 219,109 |
E. Line of Credit Facility — As of June 30, 2024, the Funds participated in a $1,150,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. 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 June 30, 2024, the Funds did not have any borrowings under the facility. Prior to April 16, 2024 the facility was $1,110,000,000.
F. Other Transactions with Affiliates — For the six months ended June 30, 2024, Goldman Sachs earned $8,908, $1,864 and $840 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Large Cap Value, Mid Cap Growth and Strategic Growth Funds, respectively.
The following table provides information about the Funds’ investment in the Goldman Sachs Financial Square Government Fund as of and for the six months ended June 30, 2024:
International Equity Insights Fund
Underlying Fund | Beginning value 31, 2023 | Purchases at Cost | Proceeds from Sales | Ending value as of June 30, 2024 | Shares as of June 30, 2024 | Dividend Income | ||||||||||||||||||
Goldman Sachs Financial Square Government Fund - Institutional Shares |
| |||||||||||||||||||||||
$ | 824 | $ | – | $ | (824 | ) | $ | – | – | $ | – | |||||||||||||
| ||||||||||||||||||||||||
Large Cap Value Fund
|
| |||||||||||||||||||||||
Underlying Fund | Beginning value as of December 31, 2023 | Purchases at Cost | Proceeds from Sales | Ending value as of June 30, 2024 | Shares as of June 30, 2024 | Dividend Income | ||||||||||||||||||
Goldman Sachs Financial Square Government Fund - Institutional Shares |
| |||||||||||||||||||||||
570,736 | 23,622,735 | (21,658,209 | ) | 2,535,262 | 2,535,262 | 27,597 | ||||||||||||||||||
|
57 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS
Notes to Financial Statements (continued)
June 30, 2024 (Unaudited) |
5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
Mid Cap Growth Fund
Underlying Fund | Beginning value as of December | Purchases at Cost | Proceeds from Sales | Ending value as of June 30, 2024 | Shares as of June 30, 2024 | Dividend Income | ||||||||||||||||||
Goldman Sachs Financial Square Government Fund - Institutional Shares |
| |||||||||||||||||||||||
$ | 342,086 | $ | 9,083,325 | $ | (8,208,441 | ) | $ | 1,216,970 | 1,216,970 | $ | 19,503 | |||||||||||||
| ||||||||||||||||||||||||
Mid Cap Value Fund | ||||||||||||||||||||||||
Underlying Fund | Beginning value as of December 31, 2023 | Purchases at Cost | Proceeds from Sales | Ending value as of June 30, 2024 | Shares as of June 30, 2024 | Dividend Income | ||||||||||||||||||
Goldman Sachs Financial Square Government Fund - Institutional Shares |
| |||||||||||||||||||||||
5,349,937 | 24,320,535 | (28,025,387 | ) | 1,645,085 | 1,645,085 | 73,214 | ||||||||||||||||||
| ||||||||||||||||||||||||
Small Cap Equity Insights Fund | ||||||||||||||||||||||||
Underlying Fund | Beginning value as of December 31, 2023 | Purchases at Cost | Proceeds from Sales | Ending value as of June 30, 2024 | Shares as of June 30, 2024 | Dividend Income | ||||||||||||||||||
Goldman Sachs Financial Square Government Fund - Institutional Shares |
| |||||||||||||||||||||||
2,158,240 | 9,119,360 | (10,619,439 | ) | 658,161 | 658,161 | 27,066 | ||||||||||||||||||
| ||||||||||||||||||||||||
Strategic Growth Fund | ||||||||||||||||||||||||
Underlying Fund | Beginning value as of December 31, 2023 | Purchases at Cost | Proceeds from Sales | Ending value as of June 30, 2024 | Shares as of June 30, 2024 | Dividend Income | ||||||||||||||||||
Goldman Sachs Financial Square Government Fund - Institutional Shares |
| |||||||||||||||||||||||
3,762,689 | 26,512,515 | (28,497,944 | ) | 1,777,260 | 1,777,260 | 41,932 | ||||||||||||||||||
|
6. PORTFOLIO SECURITIES TRANSACTIONS |
The cost of purchases and proceeds from sales and maturities of long-term securities for the period ended June 30, 2024, were as follows:
Fund | Purchases | Sales | ||||||
| ||||||||
International Equity Insights Fund | $ | 76,014,612 | $ | 81,835,846 | ||||
| ||||||||
Large Cap Value Fund | 70,071,559 | 97,215,063 | ||||||
| ||||||||
Mid Cap Growth Fund | 21,725,098 | 26,399,546 | ||||||
| ||||||||
Mid Cap Value Fund | 148,612,888 | 169,571,662 | ||||||
| ||||||||
Small Cap Equity Insights Fund | 108,214,405 | 107,274,842 | ||||||
| ||||||||
Strategic Growth Fund | 64,362,049 | 87,555,285 | ||||||
| ||||||||
U.S. Equity Insights Fund | 341,383,340 | 359,938,368 | ||||||
|
58 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS
7. SECURITIES LENDING |
The Large Cap Value, Mid Cap Growth, Mid Cap Value and Strategic Growth Funds may lend their securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and the terms and conditions contained therein, the International Equity Insights, Small Cap Equity Insights and U. S. Equity Insights 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 may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
The International Equity Insights, Large Cap Value, Mid Cap Growth, Mid Cap Value, Small Cap Equity Insights, Strategic Growth and U.S. Equity Insights Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.
In the event of a default by a borrower with respect to any loan, GSAL will, and BNYM may, exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL or BNYM are unable to purchase replacement securities, GSAL and/or BNYM will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of June 30, 2024, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.
Each of the Funds, GSAL and BNYM received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the six months ended June 30, 2024, are reported under Investment Income on the Statements of Operations.
The table below details securities lending activity with affiliates of Goldman Sachs:
59 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS
Notes to Financial Statements (continued)
June 30, 2024 (Unaudited) |
7. SECURITIES LENDING (continued) |
For the six months ended June 30, 2024 | ||||||||||||
Fund | Earnings of GSAL Loaned | Amounts Received by the Funds from Lending to Goldman Sachs | Amounts Payable to Goldman Sachs Upon Return of Securities Loaned as of June 30, 2024 | |||||||||
International Equity Insights Fund | $ | 142 | $ | — | $ | — | ||||||
Small Cap Equity Insights Fund | 3,192 | 594 | 56,287 | |||||||||
U.S. Equity Insights Fund | 8 | — | — |
The following table provides information about the Funds’ investments in the Government Money Market Fund for the six months ended June 30, 2024.
Fund | Beginning value as of December 31, 2023 | Purchases at Cost | Proceeds from Sales | Ending value as of June 30, 2024 | ||||||||||||
International Equity Insights Fund | $ | 46,704 | $ | 494,370 | $ | (541,074 | ) | $ | — | |||||||
Small Cap Equity Insights Fund | 802,485 | 10,712,020 | (10,508,243 | ) | 1,006,262 | |||||||||||
U.S. Equity Insights Fund | — | 1,418,385 | (1,107,585 | ) | 310,800 |
8. TAX INFORMATION |
As of the Funds’ most recent fiscal year end, December 31, 2023, the Funds’ capital loss carryforwards and certain timing differences, on a tax-basis were as follows:
International Equity Insights Fund | Large Cap Value Fund | Mid Cap Growth Fund | Mid Cap Value Fund | |||||||||||||
Capital loss carryforwards:
Perpetual Short-Term | $ | (7,012,126 | ) | $ | — | $ | — | $ | — | |||||||
Timing differences — (Real Estate Investment Trusts, late year ordinary loss deferral, and post October loss deferral) | — | — | — | (135,469 | ) | |||||||||||
Small Cap Equity Insights Fund | Strategic Growth Fund | U.S. Equity Insights Fund | ||||||||||||||
Capital loss carryforwards:
Perpetual Short-Term | $ | (10,658,539 | ) | $ | — | $ | — | |||||||||
Timing differences — (Real Estate Investment Trusts and post October loss deferral) |
| (196,458 | ) | — | 5,771 |
As of June 30, 2024, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
International Equity Insights | Large Cap Value | Mid Cap Growth | ||||||||||
Tax Cost | $ | 90,765,196 | $ | 213,161,779 | $ | 48,970,289 | ||||||
Gross unrealized gain | 14,934,150 | 69,548,873 | 13,120,465 | |||||||||
Gross unrealized loss | (2,268,263 | ) | (5,756,539 | ) | (1,324,422 | ) | ||||||
Net unrealized gain (loss) | $ | 12,665,887 | $ | 63,792,334 | $ | 11,796,043 |
60 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS
8. TAX INFORMATION (continued) |
Mid Cap Value | Small Cap Equity Insights | Strategic Growth | ||||||||||
Tax Cost | $ | 370,515,264 | $ | 121,318,881 | $ | 171,392,422 | ||||||
Gross unrealized gain | 74,870,552 | 15,576,365 | 234,080,130 | |||||||||
Gross unrealized loss | (5,884,782 | ) | (6,517,436 | ) | (3,353,690 | ) | ||||||
Net unrealized gain (loss) | $ | 68,985,770 | $ | 9,058,929 | $ | 230,726,440 | ||||||
U.S. Equity Insights | ||||||||||||
Tax Cost | $ | 250,206,705 | ||||||||||
Gross unrealized gain | 107,226,824 | |||||||||||
Gross unrealized loss | (2,880,548 | ) | ||||||||||
Net unrealized gain (loss) | $ | 104,346,276 |
The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains (losses) on regulated futures and foreign currency contracts, and differences in the tax treatment of passive foreign investment company investments.
GSAM has reviewed the Funds’ tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds’ financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.
9. OTHER RISKS |
The Funds’ risks include, but are not limited to, the following:
Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.
Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, participating insurance companies, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase
61 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS
Notes to Financial Statements (continued)
June 30, 2024 (Unaudited) |
9. OTHER RISKS (continued) |
transaction costs. In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.
Market Risk — The value of the securities in which the Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also significantly impact the Fund and its investments.
Mid-Cap and Small-Cap Risk — Investments in mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.
Non-Diversification Risk — The Strategic Growth Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in one or more issuers or in fewer issuers than diversified mutual funds. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.
10. INDEMNIFICATIONS |
Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, 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 made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.
11. SUBSEQUENT EVENTS |
All subsequent events after the Statements of Assets and Liabilities date have been evaluated, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.
62 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS
12. SUMMARY OF SHARE TRANSACTIONS |
Share activity is as follows:
International Equity Insights
| ||||||||||||||||
For the Six Months Ended June 30, 2024 (Unaudited) | For the Fiscal Year Ended December 31, 2023 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Institutional Shares | ||||||||||||||||
Shares sold | 114,124 | $ | 1,034,094 | 639,858 | $ | 5,219,587 | ||||||||||
Reinvestment of distributions | — | — | 204,169 | 1,735,435 | ||||||||||||
Shares redeemed | (648,902 | ) | (6,022,574 | ) | (975,499 | ) | (8,244,985) | |||||||||
| ||||||||||||||||
(534,778 | ) | (4,988,480 | ) | (131,472 | ) | (1,289,963) | ||||||||||
| ||||||||||||||||
Service Shares | ||||||||||||||||
Shares sold | 74,004 | 686,915 | 983,126 | 8,214,040 | ||||||||||||
Reinvestment of distributions | — | — | 97,899 | 836,056 | ||||||||||||
Shares redeemed | (383,342 | ) | (3,597,098 | ) | (1,283,597 | ) | (10,636,093) | |||||||||
| ||||||||||||||||
(309,338 | ) | (2,910,183 | ) | (202,572 | ) | (1,585,997) | ||||||||||
| ||||||||||||||||
NET DECREASE IN SHARES | (844,116 | ) | $ | (7,898,663 | ) | (334,044 | ) | $ | (2,875,960) | |||||||
| ||||||||||||||||
Large Cap Value
| ||||||||||||||||
For the Six Months Ended June 30, 2024 (Unaudited) | For the Fiscal Year Ended December 31, 2023 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Institutional Shares | ||||||||||||||||
Shares sold | 358,144 | $ | 3,206,031 | 470,506 | $ | 3,979,459 | ||||||||||
Reinvestment of distributions | — | — | 1,013,594 | 8,159,428 | ||||||||||||
Shares redeemed | (789,384 | ) | (7,102,337 | ) | (9,369,532 | ) | (80,837,315) | |||||||||
| ||||||||||||||||
(431,240 | ) | (3,896,306 | ) | (7,885,432 | ) | (68,698,428) | ||||||||||
| ||||||||||||||||
Service Shares | ||||||||||||||||
Shares sold | 58,359 | 521,382 | 1,272,592 | 10,809,931 | ||||||||||||
Reinvestment of distributions | — | — | 2,469,355 | 19,903,003 | ||||||||||||
Shares redeemed | (2,632,199 | ) | (23,550,214 | ) | (8,547,313 | ) | (73,413,769) | |||||||||
| ||||||||||||||||
(2,573,840 | ) | (23,028,832 | ) | (4,805,366 | ) | (42,700,835) | ||||||||||
| ||||||||||||||||
NET DECREASE IN SHARES | (3,005,080 | ) | $ | (26,925,138 | ) | (12,690,798 | ) | $ | (111,399,263) | |||||||
| ||||||||||||||||
Mid Cap Growth
| ||||||||||||||||
For the Six Months Ended June 30, 2024 (Unaudited) | For the Fiscal Year Ended December 31, 2023 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Institutional Shares | ||||||||||||||||
Shares sold | 14,252 | $ | 155,077 | 7,630 | $ | 75,000 | ||||||||||
Reinvestment of distributions | — | — | 826 | 8,516 | ||||||||||||
Shares redeemed | (22,102 | ) | (252,796 | ) | (1,848 | ) | (19,397) | |||||||||
| ||||||||||||||||
(7,850 | ) | (97,719 | ) | 6,608 | 64,119 | |||||||||||
|
63 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS
Notes to Financial Statements (continued)
June 30, 2024 (Unaudited) |
12. SUMMARY OF SHARE TRANSACTIONS (continued) |
| ||||||||||||||||
Mid Cap Growth
| ||||||||||||||||
For the Six Months Ended June 30, 2024 (Unaudited) | For the Fiscal Year Ended December 31, 2023 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Service Shares | ||||||||||||||||
Shares sold | 181,299 | $ | 1,921,039 | 1,487,928 | $ | 13,856,487 | ||||||||||
Reinvestment of distributions | — | — | 39,811 | 381,394 | ||||||||||||
Shares redeemed | (534,007 | ) | (5,599,499 | ) | (1,478,625 | ) | (13,533,648) | |||||||||
| ||||||||||||||||
(352,708 | ) | (3,678,460 | ) | 49,114 | 704,233 | |||||||||||
| ||||||||||||||||
NET INCREASE (DECREASE) IN SHARES | (360,558 | ) | $ | (3,776,179 | ) | 55,722 | $ | 768,352 | ||||||||
| ||||||||||||||||
Mid Cap Value
| ||||||||||||||||
For the Six Months Ended June 30, 2024 (Unaudited) | For the Fiscal Year Ended December 31, 2023 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Institutional Shares | ||||||||||||||||
Shares sold | 357,183 | $ | 5,923,088 | 1,087,704 | $ | 16,521,129 | ||||||||||
Reinvestment of distributions | — | — | 716,251 | 10,908,507 | ||||||||||||
Shares redeemed | (1,420,120 | ) | (23,440,925 | ) | (2,344,362 | ) | (35,660,701) | |||||||||
| ||||||||||||||||
(1,062,937 | ) | (17,517,837 | ) | (540,407 | ) | (8,231,065) | ||||||||||
| ||||||||||||||||
Service Shares | ||||||||||||||||
Shares sold | 102,500 | 1,717,157 | 10,020,732 | 155,911,471 | ||||||||||||
Reinvestment of distributions | — | — | 188,546 | 2,909,257 | ||||||||||||
Shares redeemed | (681,592 | ) | (11,400,150 | ) | (8,576,722 | ) | (127,280,145) | |||||||||
| ||||||||||||||||
(579,092 | ) | (9,682,993 | ) | 1,632,556 | 31,540,583 | |||||||||||
| ||||||||||||||||
NET INCREASE (DECREASE) IN SHARES | (1,642,029 | ) | $ | (27,200,830 | ) | 1,092,149 | $ | 23,309,518 | ||||||||
| ||||||||||||||||
Small Cap Equity Insights
| ||||||||||||||||
For the Six Months Ended June 30, 2024 (Unaudited) | For the Fiscal Year Ended December 31, 2023 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Institutional Shares | ||||||||||||||||
Shares sold | 547,170 | $ | 6,910,069 | 790,133 | $ | 8,849,615 | ||||||||||
Reinvestment of distributions | — | — | 77,874 | 893,220 | ||||||||||||
Shares redeemed | (672,563 | ) | (8,565,771 | ) | (1,516,093 | ) | (16,664,420) | |||||||||
| ||||||||||||||||
(125,393 | ) | (1,655,702 | ) | (648,086 | ) | (6,921,585) | ||||||||||
| ||||||||||||||||
Service Shares | ||||||||||||||||
Shares sold | 225,372 | 2,843,090 | 436,916 | 4,764,221 | ||||||||||||
Reinvestment of distributions | — | — | 18,141 | 205,539 | ||||||||||||
Shares redeemed | (177,336 | ) | (2,227,624 | ) | (264,510 | ) | (2,897,264) | |||||||||
| ||||||||||||||||
48,036 | 615,466 | 190,547 | 2,072,496 | |||||||||||||
| ||||||||||||||||
NET DECREASE IN SHARES | (77,357 | ) | $ | (1,040,236 | ) | (457,539 | ) | $ | (4,849,089) | |||||||
|
64 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS
12. SUMMARY OF SHARE TRANSACTIONS (continued) |
Strategic Growth
| ||||||||||||||||
For the Six Months Ended June 30, 2024 (Unaudited) | For the Fiscal Year Ended December 31, 2023 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Institutional Shares | ||||||||||||||||
Shares sold | 280,749 | $ | 3,766,023 | 656,479 | $ | 7,335,814 | ||||||||||
Reinvestment of distributions | — | — | 509,674 | 6,080,406 | ||||||||||||
Shares redeemed | (868,496 | ) | (11,670,797 | ) | (1,682,938 | ) | (18,954,996) | |||||||||
| ||||||||||||||||
(587,747 | ) | (7,904,774 | ) | (516,785 | ) | (5,538,776) | ||||||||||
| ||||||||||||||||
Service Shares | ||||||||||||||||
Shares sold | 853,223 | 11,310,699 | 8,395,060 | 86,336,595 | ||||||||||||
Reinvestment of distributions | — | — | 674,474 | 7,958,794 | ||||||||||||
Shares redeemed | (2,035,073 | ) | (27,018,431 | ) | (5,034,990 | ) | (54,512,064) | |||||||||
| ||||||||||||||||
(1,181,850 | ) | (15,707,732 | ) | 4,034,544 | 39,783,325 | |||||||||||
| ||||||||||||||||
NET INCREASE (DECREASE) IN SHARES | (1,769,597 | ) | $ | (23,612,506 | ) | 3,517,759 | $ | 34,244,549 | ||||||||
|
U.S. Equity Insights
| ||||||||||||||||
For the Six Months Ended June 30, 2024 (Unaudited) | For the Fiscal Year Ended December 31, 2023 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Institutional Shares | ||||||||||||||||
Shares sold | 432,593 | $ | 9,221,851 | 961,566 | $ | 16,446,636 | ||||||||||
Reinvestment of distributions | — | — | 95,934 | 1,793,960 | ||||||||||||
Shares redeemed | (1,122,685 | ) | (23,849,000 | ) | (1,984,079 | ) | (34,900,675) | |||||||||
| ||||||||||||||||
(690,092 | ) | (14,627,149 | ) | (926,579 | ) | (16,660,079) | ||||||||||
| ||||||||||||||||
Service Shares | ||||||||||||||||
Shares sold | 61,822 | 1,309,252 | 35,747 | 626,611 | ||||||||||||
Reinvestment of distributions | — | — | 10,012 | 188,933 | ||||||||||||
Shares redeemed | (246,057 | ) | (5,252,574 | ) | (446,132 | ) | (7,861,997) | |||||||||
| ||||||||||||||||
(184,235 | ) | (3,943,322 | ) | (400,373 | ) | (7,046,453) | ||||||||||
| ||||||||||||||||
NET DECREASE IN SHARES | (874,327 | ) | $ | (18,570,471 | ) | (1,326,952 | ) | $ | (23,706,532) | |||||||
|
65 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS
Statement Regarding Basis for Approval of Management Agreement (Unaudited)
Background
The Goldman Sachs Mid Cap Growth Fund, Goldman Sachs International Equity Insights Fund, Goldman Sachs Mid Cap Value Fund, Goldman Sachs Large Cap Value Fund, Goldman Sachs Small Cap Equity Insights Fund, Goldman Sachs Strategic Growth Fund, and Goldman Sachs U.S. Equity Insights Fund (the “Funds”) are investment portfolios of Goldman Sachs Variable Insurance Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.
The Management Agreement was most recently approved for continuation until June 30, 2025 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 11-12, 2024 (the “Annual Meeting”).
The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. The Committee held two meetings over the course of the year since the Management Agreement was last approved. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to each Fund, such matters included:
(a) | the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about: |
(i) | the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams; |
(ii) | the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training); |
(iii) | trends in employee headcount; |
(iv) | the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and |
(v) | the parent company’s support of the Investment Adviser and its mutual fund business, as expressed by the firm’s senior management; |
(b) | information on the investment performance of the Fund, including comparisons to the performance of similar mutual funds, as provided by a third-party mutual fund data provider engaged as part of the contract review process (the “Outside Data Provider”), a benchmark performance index, and in the case of the Mid Cap Value Fund, a composite of accounts with comparable investment strategies managed by the Investment Adviser; and information on general investment outlooks in the markets in which the Fund invests; |
(c) | information provided by the Investment Adviser indicating the Investment Adviser’s views on whether the Fund’s peer group and/or benchmark index had high, medium, or low relevance given the Fund’s particular investment strategy; |
(d) | the terms of the Management Agreement and other agreements with affiliated service providers entered into by the Trust on behalf of the Fund; |
(e) | fee and expense information for the Fund, including: |
(i) | the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider; |
(ii) | the Fund’s expense trends over time; and |
(iii) | to the extent the Investment Adviser manages other types of accounts (such as bank collective trusts, private wealth management accounts, institutional separate accounts, sub-advised mutual funds, and non-U.S. funds) having investment objectives and policies similar to those of the Fund, comparative information on the advisory fees charged and services provided to those accounts by the Investment Adviser; |
(f) | with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund; |
(g) | the undertakings of the Investment Adviser and its affiliates to implement fee waivers and/or expense limitations; |
(h) | information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates; |
(i) | whether the Fund’s existing management fee schedule adequately addressed any economies of scale; |
(j) | a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund, including the fees received by the Investment Adviser’s affiliates from the Fund for transfer agency, securities lending (in the case of the International Equity Insights Fund, Small Cap Equity Insights Fund, and U.S. Equity Insights Fund), portfolio trading, distribution and other services; |
(k) | a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser; |
66 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS
Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)
(l) | information regarding commissions paid by the Fund and broker oversight, an update on the Investment Adviser’s soft dollars practices (in the case of the Mid Cap Growth Fund, Mid Cap Value Fund, Large Cap Value Fund, and Strategic Growth Fund), other information regarding portfolio trading, and how the Investment Adviser carries out its duty to seek best execution; |
(m) | the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers; |
(n) | the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and |
(o) | the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund’s compliance program; and periodic compliance reports. |
The Trustees also received an overview of the Funds’ distribution arrangements. They received information regarding the Funds’ assets, share purchase and redemption activity, and payment of distribution and service fees. Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Adviser and its affiliates to intermediaries that promote the sale, distribution, and/or servicing of Fund shares. The Independent Trustees also discussed the broad range of other investment choices that are available to Fund investors, including the availability of comparable funds managed by other advisers.
The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other mutual funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Funds. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of mutual fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.
Nature, Extent, and Quality of the Services Provided Under the Management Agreement
As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Funds and their service providers operate, including developments associated with geopolitical events and economic sanctions, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees also considered information regarding the Investment Adviser’s efforts relating to business continuity planning. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.
Investment Performance
The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2023, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2024. The information on each Fund’s investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates, to the extent that each Fund had been in existence for those periods. The Trustees also reviewed each Fund’s investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Funds over time, and reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing the performance of the Mid Cap Value Fund to that of a composite of accounts with comparable investment strategies managed by the Investment Adviser.
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GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS
Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)
In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Funds’ risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management. In the case of International Equity Insights Fund, Small Cap Equity Insights Fund, and U.S. Equity Insights Fund, they noted the efforts of the Funds’ portfolio management team to continue to enhance the investment models used in managing the Funds.
The Trustees noted that the Mid Cap Growth Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the five-year period, and in the third quartile for the one-, three-, and ten-year periods, and had underperformed the Fund’s benchmark index for the one-, three-, and five-year periods ended March 31, 2024. They observed that the International Equity Insights Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one-, three-, and five-year periods, and in the third quartile for ten-year period, and had outperformed the Fund’s benchmark index for the one-, three-, and five-year periods and underperformed for the ten-year period ended March 31, 2024. They also noted that in April 2018 the International Equity Insight Fund had been repositioned from the Strategic International Equity Fund, which involved changes to the Fund’s investment strategy and portfolio management. The Trustees noted that the Mid Cap Value Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the three- and five-year periods, and in the third quartile for the one- and ten-year periods, and had outperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2024. They considered that the Large Cap Value Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one-, three-, and five-year periods, and in the third quartile for the ten-year period, and had outperformed the Fund’s benchmark index for the one-, three-, and five-year periods and underperformed for the ten-year period ended March 31, 2024. The Trustees observed that the Small Cap Equity Insights Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one-, three-, and ten-year periods, and in the third quartile for the five-year period, and had outperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2024. They considered that the Strategic Growth Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the five- and ten-year periods, and in the third quartile for the one- and three-year periods, and had underperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2024. The Trustees observed that the U.S. Equity Insights Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one-, three-, and ten-year periods, and in the third quartile for the five-year period, and had underperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2024.
Costs of Services Provided and Competitive Information
The Trustees considered the contractual terms of the Management Agreement and the fee rates payable by each Fund thereunder. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as registered mutual funds.
In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds. The analyses provided a comparison of each Fund’s management fee and breakpoints to those of a relevant peer group and category universe; an expense analysis which compared each Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing each Fund’s net expenses to the peer and category medians. The analyses also compared each Fund’s other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.
In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations. The Trustees also noted that certain changes were being made to existing fee waiver or expense limitation arrangements of the Mid Cap Value Fund that would have the effect of decreasing total Fund expenses, with such changes taking effect in connection with the Fund’s next annual registration statement update. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Funds, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Funds differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.
In addition, the Trustees noted that shareholders are able to redeem their shares at any time if shareholders believe that the Fund fees and expenses are too high or if they are dissatisfied with the performance of the Fund.
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GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS
Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)
Profitability
The Trustees reviewed each Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology. Profitability data for each Fund was provided for 2023 and 2022, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.
Economies of Scale
The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Funds. The Trustees also considered the breakpoints in the fee rate payable under the Management Agreement for each of the Funds at the following annual percentage rates of the average daily net assets of the Funds:
| Average Daily Net Assets | International Equity Insights Fund | Large Cap Value Fund | Mid Cap Growth Fund | Mid Cap Value Fund | Small Cap Equity Insights Fund | Strategic Growth Fund | U.S. Equity Insights Fund | ||||||||||
| ||||||||||||||||||
First $1 billion | 0.81% | 0.72% | 0.87% | 0.77% | 0.70% | 0.71% | 0.62% | |||||||||||
Next $1 billion | 0.73 | 0.65 | 0.87 | 0.77 | 0.70 | 0.64 | 0.59 | |||||||||||
Next $3 billion | 0.69 | 0.62 | 0.78 | 0.69 | 0.63 | 0.61 | 0.56 | |||||||||||
Next $3 billion | 0.68 | 0.60 | 0.74 | 0.66 | 0.60 | 0.59 | 0.55 | |||||||||||
Over $8 billion | 0.67 | 0.59 | 0.73 | 0.65 | 0.59 | 0.58 | 0.54 | |||||||||||
|
The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Funds and their shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Funds; the Funds’ recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer groups; and the Investment Adviser’s undertakings to waive a portion of its management fee (with respect to the Mid Cap Growth Fund, International Equity Insights Fund, Large Cap Value Fund, and U.S. Equity Insights Fund) and to limit certain expenses of the Funds that exceed specified levels as well as Goldman Sachs & Co. LLC’s (“Goldman Sachs”) undertaking to waive a portion of the Distribution and Service fees paid by Mid Cap Growth Fund and U.S. Equity Insights Fund. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels. They also noted that the Investment Adviser had passed along savings to shareholders of the International Equity Insights Fund, Mid Cap Growth Fund, Mid Cap Value Fund, and U.S. Equity Insights Fund, which had asset levels above at least the first breakpoint during the prior fiscal year.
Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) transfer agency fees received by Goldman Sachs; (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of the Funds; (c) research received by the Investment Adviser from broker-dealers in exchange for executing certain transactions on behalf of the Mid Cap Growth Fund, Mid Cap Value Fund, Large Cap Value Fund, and Strategic Growth Fund; (d) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (e) fees earned by Goldman Sachs Agency Lending (“GSAL”), an affiliate of the Investment Adviser, as securities lending agent for the International Equity Insights Fund, Small Cap Equity Insights Fund, and U.S. Equity Insights Fund and fees earned by the Investment Adviser for managing the fund in which the Funds’ securities lending cash collateral is invested; (f) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (g) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (h) Goldman Sachs’ retention of certain fees as Fund Distributor; (i) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; (j) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; (k) the investment in exchange-traded funds (“ETFs”) managed by the Investment Adviser that will result in increased assets under management for those ETFs and may facilitate the development of the Investment Adviser’s ETF advisory business; and (l) the possibility that the working relationship between the Investment Adviser and the Funds’
69 |
GOLDMAN SACHS VARIABLE INSURANCE TRUST FUNDS
Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)
third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.
Other Benefits to the Funds and Their Shareholders
The Trustees also noted that the Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties on behalf of the Funds as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (g) the Funds’ access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; (h) the ability of the International Equity Insights Fund, Small Cap Equity Insights Fund, and U.S. Equity Insights Fund to participate in the securities lending program administered by GSAL, as measured by the revenue received by the Funds in connection with the program; and (i) the Funds’ access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Funds’ shareholders invested in the Funds in part because of the Funds’ relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.
Conclusion
In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by each of the Funds were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until June 30, 2025.
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TRUSTEES TRUSTEES (continued) Gregory G. Weaver, Chair Michael Latham Cheryl K. Beebe James A. McNamara Dwight L. Bush Lawrence W. Stranghoener Kathryn A. Cassidy Paul C. Wirth John G. Chou Joaquin Delgado OFFICERS Eileen H. Dowling James A. McNamara, President Lawrence Hughes Joseph F. DiMaria, Principal Financial Officer, John F. Killian Principal Accounting Officer and Treasurer Steven D. Kirchmar Robert Griffith, Secretary GOLDMAN SACHS & CO. LLC GOLDMAN SACHS ASSET MANAGEMENT, L.P. Distributor and Transfer Agent Investment Adviser 200 West Street, New York New York 10282 © 2024 Goldman Sachs. All rights reserved. VITEQTYSAR-24
ITEM 8. | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
ITEM 9. | PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
ITEM 10. | REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES. |
The aggregate remuneration paid to the Funds’ trustees, officers and others, if any, is included in Item 7 of this report.
ITEM 11. | STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT. |
The Funds’ statement regarding the basis for approval of their investment advisory contract is included in Item 7 of this report.
ITEM 12. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
ITEM 13. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
ITEM 14. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not applicable.
ITEM 15. | 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 16. | 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 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 17. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
ITEM 18. | RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION. |
(a) | Not applicable. |
(b) | Not applicable. |
ITEM 19. | EXHIBITS. |
(a)(1) | Goldman Sachs Variable Insurance Trust’s Code of Ethics for Principal Executive and Senior Financial Officers is incorporated by reference to Exhibit 13(a)(1) of the registrant’s Form N-CSR filed on August 24, 2022. | |
(a)(2) | Not applicable. | |
(a)(3) | Exhibit 99.CERT. Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith. | |
(a)(4) | Not applicable to open-end investment companies. | |
(a)(5) | There was no change in the registrant’s independent public accountant for the period covered by this report. | |
(b) | Exhibit 99.906CERT. Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 filed herewith. | |
(101) | Inline Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Goldman Sachs Variable Insurance Trust | ||||
By: | /s/ James A. McNamara | |||
James A. McNamara | ||||
President/Chief Executive Officer | ||||
Goldman Sachs Variable Insurance Trust | ||||
Date: | August 23, 2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ James A. McNamara | |||
James A. McNamara | ||||
President/Chief Executive Officer | ||||
Goldman Sachs Variable Insurance Trust | ||||
Date: | August 23, 2024 | |||
By: | /s/ Joseph F. DiMaria | |||
Joseph F. DiMaria | ||||
Principal Financial Officer | ||||
Goldman Sachs Variable Insurance Trust | ||||
Date: | August 23, 2024 |