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GOLDMAN SACHS VARIABLE INSURANCE TRUST
Goldman Sachs CORE Large Cap Value Fund
Goldman Sachs CORE International Equity Fund
Goldman Sachs Short Duration Government Fund
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Supplement dated April 1, 1999 to
Prospectus dated March 1, 1999
Under "INVESTMENT OBJECTIVES AND POLICIES -- Short Duration Government
Fund," subsections "Investment Sector" and "Credit Quality" are revised to
read as follows:
Investment Sector. The Fund invests, under normal circumstances, at least
65% of its total assets in U.S. Government Securities and in repurchase
agreements collateralized by such securities. The remainder of the Fund's
assets may be invested in non-U.S. government securities such as privately
issued Mortgage-Backed Securities, Asset-Backed Securities, municipal
securities and corporate securities. 100% of the Fund's portfolio will be
invested in U.S. dollar-denominated securities.
Credit Quality. The Fund's non-U.S Government Securities will be rated, at
the time of investment, at least BBB or Baa by one nationally recognized
statistical rating organization ("NRSRO") or, if unrated, will be
determined by the Investment Adviser to be of comparable quality.
Under "DESCRIPTION OF SECURITIES" the following sections are added:
Privately Issued Mortgage-Backed Securities. The Short Duration Government
Fund may invest in Mortgage-Backed Securities issued or sponsored by non-
governmental entities. Privately issued Mortgage-Backed Securities are
generally backed by pools of conventional (i.e., non-government guaranteed
or insured) mortgage loans. Since such Mortgage-Backed Securities normally
are not guaranteed by an entity having the credit standing of Ginnie Mae,
Fannie Mae or Freddie Mac, in order to receive a high quality rating from
the rating organizations (i.e., S&P or Moody's), they normally are
structured with one or more types of credit enhancement.
Non-U.S. Government Asset-Backed Securities. The Short Duration Government
Fund may invest in Asset-Backed Securities. The principal and interest
payments on Asset-Backed Securities are collateralized by pools of assets
such as auto loans, credit card receivables, leases, installment contracts
and personal property. Such asset pools are securitized through the use of
special purpose trusts or corporations. Principal and interest payments may
be credit enhanced by a letter of credit, a pool insurance policy or a
senior/subordinated structure.
Corporate Debt Obligations. The Short Duration Government Fund may invest
in corporate debt obligations issued by U.S. and certain non-U.S. issuers
which issue securities denominated in the U.S. dollar (including Yankee and
Euro obligations). In addition to obligations of corporations, corporate
debt obligations include securities issued by banks and other financial
institutions and supranational entities (i.e., the World Bank, the
International Monetary Fund, etc.). Corporate debt obligations are subject
to the risk of an issuer's inability to meet principal and interest
payments on the obligations. Investments in non-U.S. issuers also present
special risks as described in the Prospectus under "DESCRIPTION OF
SECURITIES -- Foreign Investments."
Municipal Securities. The Short Duration Government Fund may invest in
securities and instruments issued by state and local government issuers.
Municipal securities in which the Short Duration Government Fund may invest
consist of bonds, notes, commercial paper and other instruments (including
participation interests in such securities) issued by or on behalf of
states, territories and possessions of the United States (including the
District of Columbia) and their political subdivisions, agencies or
instrumentalities. Such securities may pay fixed, variable or floating
rates of interest. Municipal securities are often issued to obtain funds
for various public purposes, including the construction of a wide range of
public facilities such as bridges, highways, housing, hospitals, mass
transportation, schools, streets and water and sewer works. Other public
purposes for which Municipal securities may be issued include refunding
outstanding obligations, obtaining funds for general operating expenses,
and obtaining funds to lend to other public institutions and facilities.
Municipal securities in which the Short Duration Government Fund may invest
include private activity bonds, municipal leases, certificates of
participation, pre-refunded municipal securities and auction rate
securities.
The disclosure in the other parts of the Prospectus are modified, as
appropriate, to reflect the above changes.
NEWVITSTCK
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GOLDMAN SACHS VARIABLE INSURANCE TRUST
Goldman Sachs Conservative Strategy Portfolio
Goldman Sachs Balanced Strategy Portfolio
Goldman Sachs Growth and Income Strategy Portfolio
Goldman Sachs Growth Strategy Portfolio
Goldman Sachs Aggressive Growth Strategy Portfolio
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Supplement dated April 1, 1999 to
Prospectus dated March 1, 1999
Under "DESCRIPTION OF UNDERLYING FUNDS -- VIT Short Duration Government
Fund," subsections "Investment Sector" and "Credit Quality" are revised to read
as follows:
Investment Sector. Under normal circumstances, at least 65% of this
Underlying Fund's total assets will be invested in U.S. Government
Securities and in repurchase agreements collateralized by such securities.
The remainder of the VIT Short Duration Government Fund's assets may be
invested in non-U.S. government securities such as privately issued
Mortgage-Backed Securities, Asset-Backed Securities, municipal securities
and corporate securities. 100% of this Underlying Fund's portfolio will be
invested in U.S. dollar-denominated securities.
Credit Quality. The VIT Short Duration Government Fund's non-U.S Government
Securities will be rated, at the time of investment, at least BBB or Baa by
one nationally recognized statistical rating organization ("NRSRO") or, if
unrated, will be determined by the Investment Adviser to be of comparable
quality.
Under "APPENDIX A -- (1) DESCRIPTION OF INVESTMENTS AND INVESTMENT
TECHNIQUES OF THE UNDERLYING FUNDS," the following sections are revised to read
as follows:
Municipal Securities. The GST Core Fixed Income, GST High Yield and VIT
Short Duration Government Funds may invest in securities and instruments
issued by state and local governmental issuers. Municipal securities
consist of bonds, notes, commercial paper and other instruments (including
participation interests in such securities) issued by or on behalf of
states, territories and possessions of the United States (including the
District of Columbia) and their political subdivisions, agencies or
instrumentalities. Such securities may pay fixed, variable or floating
rates of interest. Municipal securities are often issued to obtain funds
for various public purposes, including the construction of a wide range of
public facilities such as bridges, highways, housing, hospitals, mass
transportation, schools, streets and water and sewer works. Other public
purposes for which municipal securities may be issued include refunding
outstanding obligations, obtaining funds for general operating expenses,
and obtaining funds to lend to other public institutions and facilities.
Municipal securities in which the GST Core Fixed Income, GST High Yield and
VIT Short Duration Government Funds may invest include private activity
bonds, municipal leases, certificates of participation, pre-refunded
municipal securities and auction rate securities.
Corporate and Bank Obligations. The Underlying Funds may invest in
obligations issued or guaranteed by U.S. or foreign corporations and banks
(VIT Short Duration Government Fund may invest in obligations which issue
securities denominated in the U.S. dollar, i.e., Yankee and Euro
obligations). Banks are subject to extensive but different governmental
regulations which may limit both the amount and types of loans which may be
made and interest rates which may be charged. In addition, the
profitability of the banking industry is largely dependent upon the
availability and cost of funds for the purpose of financing lending
operations under prevailing money market conditions. General economic
conditions as well as exposure to credit losses arising from possible
financial difficulties of borrowers play an important part in the operation
of this industry.
The disclosure in the other parts of the Prospectus are modified, as
appropriate, to reflect the above changes.
AAVITSTCK
